Around the World

World Black Market Booms

We all know black market goods are available all over the world, but what you may not know is that if you add up all revenue generated from un-taxed business it would equal the second largest economy of the world, behind only the United States.

This off-the-books economy is referred to as System-D, a name that grew out of French speaking parts of Africa and the Caribbean where the practice has been prevalent for years. The D is short for débrouillard, a French word used to describe particularly effective and motivated people.

In 2012 nearly half of the worlds labor force is employed by System-D and those numbers are growing steadily, as are the revenues it generates.

On Around the World, Christiane Amanpour sits down with Journalist Robert Neuwirth, a pioneer in the study of the System-D economy and author of the book Stealth of Nations: The Global Rise of the Informal Economy

Loading...
  • Scottish opinion poll knocks the British pound

    LONDON (AP) — The British pound slipped sharply after an opinion poll showed that those advocating Scottish independence from the United Kingdom have gained ground, a little more than two weeks before the vote.

  • Prepare for a swoon, but not because it’s September
    Prepare for a swoon, but not because it’s September

    Will history repeat itself this September? Big institutional investors such as Blackstone and Wells Capital Management have expressed concern that the summer rally could grind to a halt.

  • Chris Brown pleads guilty to assault in Washington
    Chris Brown pleads guilty to assault in Washington

    WASHINGTON (AP) — Chris Brown pleaded guilty on Tuesday to punching a man in the face outside a Washington hotel, an assault that occurred while the singer was on probation for attacking his then-girlfriend Rihanna.

  • As woes mount, economic stats vanish in Venezuela
    As woes mount, economic stats vanish in Venezuela

    Prices keep rising in Venezuela, economic activity is sputtering and shops struggle to fill their shelves. The last time the central bank and the national statistics institute published the annual inflation figure was in May, when the indicator rose to 61 percent, the highest in Latin America. "This destroys the credibility of the central bank. There has never been this kind of a delay for as long as we have been measuring inflation," said economist Jose Guerra, a former economic research chief at the bank.

  • Philippine troops pull 'greatest escape' in Golan
    Philippine troops pull 'greatest escape' in Golan

    BEIRUT (AP) — Under cover of darkness, 40 Filipino peacekeepers escaped their besieged outpost in the Golan Heights after a seven-hour gunbattle with Syrian rebels, Philippine officials said Sunday. Al-Qaida-linked insurgents still hold captive 45 Fijian troops.

  • Take my sweat, please: Tennis' gross ritual
    Take my sweat, please: Tennis' gross ritual

    NEW YORK (AP) — In a sport known for its genteel traditions, tennis has one increasingly common ritual that stands apart for its ickiness — the passing of the sweat-soaked towel. 

  • World 'losing battle' to contain Ebola
    World 'losing battle' to contain Ebola

    International medical agency Medecins sans Frontieres said Tuesday the world was "losing the battle" to contain Ebola as the United Nations warned of severe food shortages in the hardest-hit countries. MSF told a UN briefing in New York that world leaders were failing to address the epidemic and called for an urgent global biological disaster response to get aid and personnel to west Africa. Leaders are failing to come to grips with this transnational threat," said MSF international president Joanne Liu. "The (World Health Organization) announcement on August 8 that the epidemic constituted a 'public health emergency of international concern' has not led to decisive action, and states have essentially joined a global coalition of inaction."

  • Ukraine accuses Russia of 'undisguised aggression' as rebels advance

    By Pavel Polityuk and Polina Devitt KIEV/MOSCOW (Reuters) - Ukrainian President Petro Poroshenko accused Russia on Monday of "direct and undisguised aggression" which he said had radically changed the battlefield balance as Kiev's forces suffered a further reverse in their war with pro-Moscow separatists. In the latest in a string of setbacks in the past week, Ukraine's military said it had pulled back from defending a vital airport in the east of the country, near the city of Luhansk, where troops had been battling a Russian tank battalion. Poroshenko said in a speech there would be high-level personnel changes in the Ukrainian armed forces, whose troops fled a new rebel advance in the south which Kiev and its Western allies say has been backed up by Russian armored columns. Russian President Vladimir Putin, who called on Sunday for immediate negotiations on the "statehood" of southern and eastern Ukraine, blamed Kiev's leadership for refusing to enter into direct political talks with the separatists.

Loading...