The concepts of the care economy and the monetized economy represent two distinct yet interconnected realms of economic activity. The care economy encompasses the unpaid and often undervalued work of caregiving, which includes activities such as childcare, eldercare, domestic work, and emotional support. In contrast, the monetized economy refers to the formal market-based economy where goods and services are bought and sold, and labor is compensated monetarily. While the care economy is essential for sustaining individuals, families, and communities, it is frequently marginalized within traditional economic frameworks that prioritize financial transactions and profit generation.
Answer:
Introduction:
The “care economy” and the “monetized economy” represent two separate dimensions of economic activity that significantly influence societies and livelihoods.Historically, women have primarily fueled the care economy, making it imperative to empower women for the seamless integration of the care economy into the monetized economy.
Body:
| PARAMETERS | CARE ECONOMY | MONETIZED ECONOMY |
| Nature of Work | Unpaid or underpaid caregiving, nurturing, and domestic work. E.g. housewife, nursing, etc. | Formal paid work in industries, businesses, and services. E.g. IT sectors, manufacturing sector, etc. |
| Value Measurement | Value is often not measured in monetary terms;it focuses on social and emotional well-being . | Value is directly measured in terms of currency; and monetary compensation. |
| Gender Dynamics | Historically associated with women; contributes to gender disparities. | Increasing gender inclusivity, with more women participating in the formal workforce. |
| Recognition and Valuation | Often undervalued and lacks recognition in traditional economic frameworks. e.g. not included in GDP. | Central to economic systems, with monetary valuation and formal recognition. e.g. Mostly accounted for in GDP. |
| Motive | Embedded in the welfare of society and communities, with a focus on enhancing the quality of life and fostering social connections. | Frequently driven by the pursuit of profit, competition, and the goal of economic expansion. |
| Impact on Society | Crucial for individual and societal well-being, family structures, and community cohesion. | Drives economic growth, income generation, infrastructure development, and technological advancement. |
MEASURES TO BRING CARE ECONOMY INTO MONETIZED ECONOMY VIA WOMEN EMPOWERMENT:
- A UN Women toolkit on paid and unpaid care work: from 3Rs TO 5Rs: follows the International Labour Organization’s “5R framework for decent care work”: Recognize, reduce, and redistribute unpaid care work, and reward and represent paid care work by promoting decent work for care workers and guaranteeing their representation, social dialogue.
- Policy Reforms: Enact policies recognizing and valuing unpaid care work, drawing inspiration from India’s Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) that compensates certain community and care-related activities.
- Flexible Work Management: Encourage businesses to provide flexible work options accommodating women’s caregiving responsibilities, such as remote work or part-time positions, enabling them to balance work and caregiving.
- Skilling and Training: Develop women-focused training and skill development programs just like PradhanMantriKaushalVikasYojana (PMKVY), National Apprenticeship Promotion Scheme (NAPS), Jan ShikshanSansthan (JSS), Craftsmanship Training Scheme (CTS) preparing them for roles in healthcare, education, and caregiving, leading to formal employment opportunities.
- Self-Help Groups: Foster the creation of self-help groups for women to engage in collective economic activities like micro-enterprises and agricultural cooperatives, following models like JEEVIKA in Bihar and Kudumbshree in Kerala.
- Maternity and Childcare Benefits: Strengthen maternity and childcare support for working mothers, including expanded maternity leave and affordable childcare facilities, akin to Sweden’s publicly funded childcare services and parental leave policies.
- Entrepreneurship Opportunities: Encourage women’s entrepreneurship in the care economy, supporting the establishment of small businesses like daycare centres, nursing services, and home healthcare agencies. For instance, the Indian government offers “Nari Shakti” grants to empower women entrepreneurs across various sectors.
Conclusion:
Hence, A report by the INTERNATIONAL LABOUR ORGANIZATION in 2018 shows that, globally, women perform 76.2% of total hours of unpaid care work, more than three times as much as men. In Asia and the Pacific, this figure rises to 80%. Hence, it is important to recognize the selfless service of half the population of the planet and give their due.
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