In most countries governed by free economy, and more than most in a mixed economy like the Indian, nothing could be farther from the truth. Black market during the last few decades has been a way of life. In conjunction with black money, as an ancillary but nevertheless a very potent force, the black market, in the Indian sub-continent for instance, has become a hydra-headed economic monster. The strategies that it deploys, the currency and produce that it controls, and the socio-economic repercussions that it fosters, today form a definite branch of economics. The behaviour pattern of the price spiral has been widely governed by hoarding, money-jumping, speculation, stock-piling and underhand procurement and release of commodities under the economic forces of the black market, substantially governed by black money. A theory of the black market may take shape in the trail of the Joan Robinson-Chamberlin-Triffin'sequence of the theories of monopolistic competition.