The practice, principles, or ideology of smuggling and illegal trade; the system or activity of contraband commerce.
From 'contraband' plus '-ism' (a system, belief, or practice), following the pattern of words like 'patriotism' or 'heroism' that describe ideological systems or widespread practices.
The '-ism' suffix is typically used for ideologies or widespread systems—using it for 'contrabandism' elevates smuggling to the level of an organized philosophy, which reveals how Victorian writers sometimes attempted to make illicit practices sound more systematic and grandiose.
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