{"text":"Price controls almost invariably produce black markets, where prices are not only higher than the legally permitted prices, but also higher than they would be in a free market, since the legal risks must also be compensated. While small-scale black markets may function in secrecy, large-scale black markets usually require bribes to officials to look the other way.","author":"Thomas Sowell","tags":["anarcho-capitalism","anarchy","ancap","austrian-economics","austrian-school-of-economics","capitalism","coercion","evil","free-market","freedom","government","liberty","regulations","socialism","statism","voluntaryism"],"id":5716,"author_id":"Thomas+Sowell"}