2023
0
Answer:
| Approach:
Introduction
Body
Conclusion
|
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
Body
Differences Between ‘Care Economy’ and ‘Monetized Economy’
|
Aspect |
Care Economy |
Monetized Economy |
| Nature of Work | The work in the care economy often involves unpaid tasks such as childcare, eldercare, and household chores. These activities are essential for the well-being of families and communities but are usually not compensated. | In the monetized economy, work revolves around the production of goods and services that are exchanged for money. These include jobs in sectors like manufacturing, services, and technology. |
| Recognition | Work in the care economy is not officially accounted for in national GDP statistics, rendering it “invisible” despite its importance. | Jobs in the monetized economy contribute directly to GDP and other economic indicators. These roles are officially recognized as ‘work’ in economic reports. |
| Gender Participation | The care economy is predominantly female-driven, with women disproportionately responsible for caregiving and housework. | The monetized economy, although still skewed, has a more balanced gender distribution across different sectors and roles. |
| Skill Level | The care economy often requires emotional labour, patience, and multitasking, skills that are generally not certified or formally taught. | The monetized economy frequently requires specialized skills and qualifications that are recognized through formal education and certification. |
| Benefits | Emotional and social benefits may accrue from work in the care economy, but these activities do not offer financial compensation. | Employment in the monetized economy comes with financial benefits such as salaries, bonuses, and opportunities for wealth accumulation. |
| Economic Value | The economic value of the care economy is largely unmonetized and hence invisible. This often leads to a lack of policy focus and investment in this area. | The value created in the monetized economy is tangibly measured and therefore easier to assess, manage, and invest in. |
| Taxation | Activities in the care economy are not subject to taxation since no formal income is generated from these services. | Income and profits generated in the monetized economy are subject to various forms of taxation, contributing to public finances. |
| Stability | Tasks in the care economy tend to be long-term and consistent, often stretching over many years, such as caring for a child or elderly parent. | Jobs in the monetized economy can be temporary, seasonal, or contractual, often lacking the long-term stability found in care work. |
| Hours | The care economy often operates on a flexible but demanding schedule. Caregiving responsibilities can be unpredictable and require around-the-clock attention. | The monetized economy usually operates within defined hours, with opportunities for overtime and additional compensation for extended work. |
| Regulation | The care economy is largely unregulated, leaving caregivers without a safety net or formal legal protections. | The monetized economy is subject to various regulations, including labour laws and occupational safety standards, providing a level of protection for workers. |
Bringing Care Economy into Monetized Economy Through Women Empowerment
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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