The article considers the history and theoretical approaches to the study of the phenomenon "shadow economy". We show current research problems of this phenomenon. We prove the need to separate the shadow economy from criminal economy because under current circumstances of development, the shadow economic activity has a positive function: it helps to smooth out inadequate economic conditions. We mark out a wide range of different models of relations between states and the informal economy. We found out that practically any economic system has an informal sector of the economy.
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