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Introduction

The ‘care economy’ and the ‘monetized economy’ are two separate yet interrelated aspects of the broader economic system. While the monetized economy involves activities that are directly paid for and measured in GDP, the care economy involves unpaid or underpaid work, often performed by women, that is crucial for the well-being of families and communities. According to the ILO, the value of unpaid care work (monetary value equivalent to the minimum wage) would be 0.4 percent of the GDP for men and 3.1 percent of the GDP for the unpaid work done by women

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Differences Between ‘Care Economy’ and ‘Monetized Economy’

Bringing Care Economy into Monetized Economy Through Women Empowerment

• Blockchain-Verified Skill Credentials: Platforms like Accredible are already using blockchain to verify academic credentials. This can be adapted for caregiving skills, adding credibility to unpaid care work done by women.
• Care Economy Digital Platforms: Similar to Uber and TaskRabbit, specialized platforms like Care.com could be expanded to include a broader range of care services, providing more monetized opportunities for women caregivers.
• Providing social protection: Women who are engaged in care work should be provided with social protection measures such as health insurance, maternity benefits, and pension schemes. This will ensure their financial security and enable them to contribute to the monetized economy.
• Encouraging entrepreneurship: Women should be encouraged to start their own businesses in the care economy. This will provide them with an opportunity to become self-employed and contribute to the monetized economy. Lijjat Papad
• Providing access to finance: Women who are engaged in the care economy should be provided with access to finance. This will enable them to invest in their businesses and expand their operations, thereby contributing to the monetized economy. Use of SHG can be effective here .
• Social Impact Bonds for Care: The success of Social Impact Bonds in sectors like girl’s education in Rajasthan could be translated into the care economy. Funds from these bonds can be allocated to pay caregivers for community services, providing them with a stable income.
• Skill training: For shifting industrial demands and nature of jobs. Also, men should be trained for helping in care economy as well.
• Care Economy Co-operatives: Mondragon Corporation in Spain is a successful example of a worker co-op model. A similar structure could help caregivers negotiate better terms, securing a stable income for women.
• AI-Enhanced technology use : Platforms like LinkedIn use AI algorithms for job matching. A similar AI model could be used for caregiver matching, ensuring compatibility between caregivers and recipients.
• Tokenization of Care Work: Cryptocurrencies like Bitcoin provide a framework for tokenization. Implementing a similar structure for care work can allow women to earn tokens that are redeemable for goods, services, or even fiat currency.
• Global Care Exchange Programs: Au pair programs have been successful in offering international childcare opportunities. Extending this to other forms of care work can broaden horizons and enhance earning prospects for women caregiv

Conclusion

These strategies, backed by real-world examples, pave the way for innovative integration of the care economy into the monetized economy. The central idea is to leverage existing technologies and financial mechanisms to provide women with fair compensation, recognition, and better opportunities in caregiving roles, thus empowering them economically and socially.

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