By SIMON CONSTABLE
The shadow economy is perhaps best described by the activities of those operating in it: work done for cash, where taxes aren’t paid, and regulations aren’t strictly followed.
Most of the businesses operating in the shadow economy aren’t what most people would think of as criminal enterprises, says Cristina Terra, professor of economics at Essec Business School in France, and author of the book “Principles of International Finance and Open Economy Macroeconomics.”
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