Tag: corruption

Black Money: On Marxism and Corruption

En route with my daughter to the Purim Carnival, I stopped at my friends Greg and Manu‘s house. Manu’s mother Toshi is visiting from India, and we got to talking about corruption scandals there. Specifically, what people do with money they’ve gotten illegally. Toshi called it “black money”—a phrase I hadn’t heard before. Turns out, it’s a fairly common term.  Here’s one definition: Proceeds, usually received in cash, from underground economic activity. Black money is earned through illegal activity and, as such, is not taxed. Recipients of black money must hide it, spend it only in the underground economy, or attempt to give it the appearance of legitimacy through illegal money laundering. Talking about the kind of hoarding people engage […]