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Image of the quote is loading... SaveSave 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. - Quote by Thomas Sowell

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.

Thomas Sowell
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Many have blamed the gasoline shortages and long lines at filling stations in 1973 on the Arab Oil embargo of that year. However, the shortages and long lines began months before the Arab oil embargo, right after price controls were imposed.
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Information or allegations reflecting negatively on individuals or groups seen less sympathetically by the intelligentsia pass rapidly into the public domain with little scrutiny and much publicity. Two of the biggest proven hoaxes of our time have involved allegations of white men gang-raping a black woman-- first the Tawana Brawley hoax of 1987 and later the false rape charges against three Duke University students in 2006. In both cases, editorial indignation rang out across the land, without a speck of evidence to substantiate either of these charges. Moreover, the denunciations were not limited to the particular men accused, but were often extended to society at large, of whom these men were deemed to be symptoms or 'the tip of the iceberg.' In both cases, the charges fit a pre-existing vision, and that apparently made mundane facts unneces
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White liberals, instead of comparing what has happened to the black family since the liberal welfare state policies of the 1960s were put into practice, compare black families to white families and conclude that the higher rates of broken homes and unwed motherhood among blacks are due to “a legacy of slavery.” But why the large-scale disintegration of the black family should have begun a hundred years after slavery is left unexplained. Whatever the situation of the black family relative to the white family, in the past or the present, it is clear that broken homes were far more common among blacks at the end of the twentieth century than they were in the middle of that century or at the beginning of that century —even though blacks at the beginning of the twentieth century were just one generation out of slavery. The widespread and casual abandonment of their children, and of the women who bore them, by black fathers in the ghettos of the late twentieth century was in fact a painfully ironic contrast with what had happened in the immediate aftermath of slavery a hundred years earlier, when observers in the South reported desperate efforts of freed blacks to find family members who had been separated from them during the era of slavery.
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