Blackwell Reference Online

Extract

The term gray market formerly described a market outside of the normal market in which goods that are in short supply are sold at a premium. Gray markets were (and still are) found in countries suffering distribution problems, wars, extreme inflation, embargoes or trade sanctions, or shortages of various goods for a number of other reasons. The gray market has come to mean the market for illegal copies or knock‐offs of popular products. Gray markets (sometimes called parallel markets) are common in Southeast Asia and Eastern Europe, although gray market goods show up in virtually every country. See also black market ... log in or subscribe to read full text