Against the Rules: The Big Short Companion From Slate Money: “The Business of Black Markets”
11 snips
Apr 1, 2026 Mariana van Zeller, an investigative journalist who embeds with black and gray markets, guides listeners through the hidden economies that touch everyday life. She describes how illicit firms use marketing, HR and legal work to scale, how corruption and laundering enable cartels, and why many turn to illegal work amid limited opportunities.
AI Snips
Chapters
Transcript
Episode notes
Hidden Third Is Largely Untaxed Economic Activity
- Black and gray markets make up roughly 30–35% of the global economy and largely reflect lost tax revenue rather than just illicit goods.
- Mariana van Zeller cites street vendors and untaxed online sales as part of the 'hidden third' that deprives public services of funding.
Criminal Firms Use Modern Marketing And HR
- Cartels and smuggling operations run like firms with marketing, HR, and legal advisers to exploit legal loopholes.
- King Coyote used WhatsApp and word-of-mouth success stats to attract clients for border crossings.
Risk Drives Wages In Illicit Markets Too
- Pay in black markets tends to reflect risk: higher-risk illegal work often pays more, mirroring legal labor-risk compensation.
- Mariana notes illegal gambling grows even after legalization because privacy and tax avoidance sustain demand.