Kyla G.

Gozum SOCSCI_032-T1 2/28/2024

REACTION PAPER:
THE BLACK MARKET

The video discussing the black market and black money highlights the negative impacts that these
unlawful actions have on society and economic systems. It details crimes linked to the black market such
as fraud, prostitution, drug production, smuggled goods, and human trafficking that damage communities
all over the globe. These unlawful enterprises exploit individuals and function beyond the boundaries of
legal regulations.

The economic consequences outlined in the video are particularly alarming. The widening wealth
gap, loss of government revenue, underestimation of the economy, improper distribution of scarce
resources, and the erosion of societal moral standards are sobering consequences of black market activities.
Such illicit practices not only undermine the foundations of a fair and just society but also impede economic
growth by diverting funds away from legitimate channels.

Conclusively, the video emphasizes an urgent call for a vigorous system that monitors and restrains
illicit activities in the black market. To disassemble these criminal networks, we must strengthen law
enforcement and boost international cooperation. We must collectively act towards reducing social and
economic costs tied to the black market, thereby nurturing a global community marked by equity and
transparency. We must address these issues, not just for our own, but for the greater good.