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A racket is an illegal business or scheme, usually run as part of organized crime. Engaging in a racket is called racketeering.[1]
Several forms of racket exist. [B]The best-known is the protection racket, in which criminals demand money from businesses in exchange for the service of "protection" against crimes that the racketeers themselves instigate if unpaid (see extortion). Traditionally, the word racket is used to describe a business (or syndicate) that is based on the example of the protection racket and indicates a belief that it is engaged in the sale of a solution to a problem that the institution itself creates or perpetuates, with the specific intent to engender continual patronage. |
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