The Rise of the Underground
WSJ: Economists have long thought the underground economy -- the vast, unregulated market encompassing everything from street vendors to unlicensed cab drivers -- was bad news for the world economy. Now it's taking on a new role as one of the last safe havens in a darkening financial climate, forcing analysts to rethink their views.
At the Manek Chowk market, in this Indian city's congested center, vendors peddle everything from beans to brass pots from a row of derelict stalls as monkeys scramble overhead. One man sharpens nails using a spinning blade attached to a moving bicycle wheel. Their wages are pitiful by Western standards. But there are no layoffs at the Manek market. All anyone has to do to work there is show up and start hawking -- something more and more people are doing these days.
At the Manek Chowk market, in this Indian city's congested center, vendors peddle everything from beans to brass pots from a row of derelict stalls as monkeys scramble overhead. One man sharpens nails using a spinning blade attached to a moving bicycle wheel. Their wages are pitiful by Western standards. But there are no layoffs at the Manek market. All anyone has to do to work there is show up and start hawking -- something more and more people are doing these days.
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