{"id":26237,"date":"2024-02-08T09:26:22","date_gmt":"2024-02-08T09:26:22","guid":{"rendered":"https:\/\/edukemy.com\/blog\/?p=26237"},"modified":"2024-02-08T09:26:26","modified_gmt":"2024-02-08T09:26:26","slug":"distinguish-between-care-economy-and-monetized-economy-how-can-the-care-economy-be-brought-into-a-monetized-economy-through-women-empowerment-15-marks250-words","status":"publish","type":"post","link":"https:\/\/edukemy.com\/blog\/distinguish-between-care-economy-and-monetized-economy-how-can-the-care-economy-be-brought-into-a-monetized-economy-through-women-empowerment-15-marks250-words\/","title":{"rendered":"Distinguish between \u2018care economy and \u2018monetized economy\u2019. How can the care economy be brought into a monetized economy through women empowerment? (15 Marks,250 Words)"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-gs-advance-and-mentorship-program-ampcsat?utm_source=Blog&amp;utm_medium=Link&amp;utm_campaign=GS+Advanced\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1280\" height=\"300\" src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/07\/Attempt-our-Daily-Weekly-Current-Affairs-Quiz-now-8.png\" alt=\"\" class=\"wp-image-43397\" srcset=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/07\/Attempt-our-Daily-Weekly-Current-Affairs-Quiz-now-8.png 1280w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/07\/Attempt-our-Daily-Weekly-Current-Affairs-Quiz-now-8-1170x274.png 1170w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/07\/Attempt-our-Daily-Weekly-Current-Affairs-Quiz-now-8-585x137.png 585w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-6a14b08199c5f\" class=\"ez-toc-cssicon-toggle-label\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a14b08199c5f\"  \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edukemy.com\/blog\/distinguish-between-care-economy-and-monetized-economy-how-can-the-care-economy-be-brought-into-a-monetized-economy-through-women-empowerment-15-marks250-words\/#Answer\" title=\"Answer:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\">Answer:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edukemy.com\/blog\/distinguish-between-care-economy-and-monetized-economy-how-can-the-care-economy-be-brought-into-a-monetized-economy-through-women-empowerment-15-marks250-words\/#Introduction\" title=\"Introduction:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\">Introduction:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edukemy.com\/blog\/distinguish-between-care-economy-and-monetized-economy-how-can-the-care-economy-be-brought-into-a-monetized-economy-through-women-empowerment-15-marks250-words\/#Body\" title=\"Body:&nbsp;&nbsp;&nbsp;\">Body:&nbsp;&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edukemy.com\/blog\/distinguish-between-care-economy-and-monetized-economy-how-can-the-care-economy-be-brought-into-a-monetized-economy-through-women-empowerment-15-marks250-words\/#MEASURES_TO_BRING_CARE_ECONOMY_INTO_MONETIZED_ECONOMY_VIA_WOMEN_EMPOWERMENT\" title=\"MEASURES TO BRING CARE ECONOMY INTO MONETIZED ECONOMY VIA WOMEN EMPOWERMENT:&nbsp;&nbsp;\">MEASURES TO BRING CARE ECONOMY INTO MONETIZED ECONOMY VIA WOMEN EMPOWERMENT:&nbsp;&nbsp;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edukemy.com\/blog\/distinguish-between-care-economy-and-monetized-economy-how-can-the-care-economy-be-brought-into-a-monetized-economy-through-women-empowerment-15-marks250-words\/#Conclusion\" title=\"Conclusion:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\">Conclusion:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edukemy.com\/blog\/distinguish-between-care-economy-and-monetized-economy-how-can-the-care-economy-be-brought-into-a-monetized-economy-through-women-empowerment-15-marks250-words\/#In_case_you_still_have_your_doubts_contact_us_on_9811333901\" title=\"In case you still have your doubts, contact us on 9811333901.&nbsp;\">In case you still have your doubts, contact us on 9811333901.&nbsp;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edukemy.com\/blog\/distinguish-between-care-economy-and-monetized-economy-how-can-the-care-economy-be-brought-into-a-monetized-economy-through-women-empowerment-15-marks250-words\/#Visit_our_YouTube_Channel_%E2%80%93_here\" title=\"Visit our YouTube Channel &#8211;&nbsp;here\">Visit our YouTube Channel &#8211;&nbsp;here<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Answer\"><\/span><strong>Answer:&nbsp;&nbsp;&nbsp;&nbsp;<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Introduction\"><\/span><strong>Introduction:&nbsp;&nbsp;<\/strong>&nbsp;&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The &#8220;care economy&#8221; and the &#8220;monetized economy&#8221; 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.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Body\"><\/span><strong>Body:&nbsp;&nbsp;<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table><tbody><tr><td><strong>PARAMETERS&nbsp;<\/strong>&nbsp;<\/td><td><strong>CARE ECONOMY<\/strong>&nbsp;<\/td><td><strong>MONETIZED ECONOMY<\/strong>&nbsp;<\/td><\/tr><tr><td>Nature of Work&nbsp;<\/td><td>Unpaid or underpaid caregiving, nurturing, and domestic work. E.g. housewife, nursing, etc.&nbsp;<\/td><td>Formal paid work in industries, businesses, and services. E.g. IT sectors, manufacturing sector, etc.&nbsp;<\/td><\/tr><tr><td>Value Measurement&nbsp;<\/td><td>Value is often not measured in monetary terms;it focuses on social and emotional well-being .&nbsp;<\/td><td>Value is directly measured in terms of currency; and monetary compensation.&nbsp;<\/td><\/tr><tr><td>Gender Dynamics&nbsp;<\/td><td>Historically associated with women; contributes to gender disparities.&nbsp;&nbsp;<\/td><td>Increasing gender inclusivity, with more women participating in the formal workforce.&nbsp;<\/td><\/tr><tr><td>Recognition and Valuation&nbsp;&nbsp;<\/td><td>Often undervalued and lacks recognition in traditional economic frameworks. e.g. not included in GDP.&nbsp;<\/td><td>Central to economic systems, with monetary valuation and formal recognition. e.g. Mostly accounted for in GDP.&nbsp;<\/td><\/tr><tr><td>Motive&nbsp;&nbsp;<\/td><td>Embedded in the welfare of society and communities, with a focus on enhancing the quality of life and fostering social connections.&nbsp;<\/td><td>Frequently driven by the pursuit of profit, competition, and the goal of economic expansion.&nbsp;<\/td><\/tr><tr><td>Impact on Society&nbsp;<\/td><td>Crucial for individual and societal well-being, family structures, and community cohesion.&nbsp;<\/td><td>Drives economic growth, income generation, infrastructure development, and technological advancement.&nbsp;<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"MEASURES_TO_BRING_CARE_ECONOMY_INTO_MONETIZED_ECONOMY_VIA_WOMEN_EMPOWERMENT\"><\/span><strong>MEASURES TO BRING CARE ECONOMY INTO MONETIZED ECONOMY VIA WOMEN EMPOWERMENT:&nbsp;<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>A UN Women toolkit on paid and unpaid care work: from 3Rs TO 5Rs:<\/strong> follows the International Labour Organization&#8217;s \u201c5R framework for decent care work\u201d: 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.\u00a0<\/li><\/ol>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" width=\"282\" height=\"199\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/02\/image-10.png\" alt=\"monetized economy\" class=\"wp-image-26239 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 282px; --smush-placeholder-aspect-ratio: 282\/199;\" \/><figcaption>monetized economy<\/figcaption><\/figure><\/div>\n\n\n<ol class=\"wp-block-list\" start=\"2\"><li><strong>Policy Reforms: <\/strong>Enact policies recognizing and valuing unpaid care work, drawing inspiration from India&#8217;s Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) that compensates certain community and care-related activities.\u00a0<\/li><li><strong>Flexible Work Management:<\/strong> Encourage businesses to provide flexible work options accommodating women&#8217;s caregiving responsibilities, such as remote work or part-time positions, enabling them to balance work and caregiving.\u00a0<\/li><li><strong>Skilling and Training:<\/strong> 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.\u00a0<\/li><li><strong>Self-Help Groups:<\/strong> 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.\u00a0<\/li><li><strong>Maternity and Childcare Benefits: <\/strong>Strengthen maternity and childcare support for working mothers, including expanded maternity leave and affordable childcare facilities, akin to Sweden&#8217;s publicly funded childcare services and parental leave policies.\u00a0<\/li><li><strong>Entrepreneurship Opportunities:<\/strong> Encourage women&#8217;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 &#8220;Nari Shakti&#8221; grants to empower women entrepreneurs across various sectors.\u00a0<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion:&nbsp;&nbsp;&nbsp;<\/strong>&nbsp;&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-essay?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Essay\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/UPSC-Essay-Course-1280\u00d7300-1-3.svg\" alt=\"\" class=\"wp-image-42688 lazyload\" width=\"781\" height=\"182\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 781px; --smush-placeholder-aspect-ratio: 781\/182;\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_case_you_still_have_your_doubts_contact_us_on_9811333901\"><\/span><strong>In case you still have your doubts, contact us on 9811333901.<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For UPSC Prelims Resources,&nbsp;<a href=\"https:\/\/edukemy.com\/upsc-cse-prelims-resource-centre\" target=\"_blank\" rel=\"noreferrer noopener\">Click here<\/a><\/p>\n\n\n\n<p>For Daily Updates and Study Material:<\/p>\n\n\n\n<p>Join our Telegram Channel &#8211;&nbsp;<a href=\"https:\/\/t.me\/WithEdukemy4IAS\" target=\"_blank\" rel=\"noreferrer noopener\">Edukemy for IAS<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1. 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Mains Answer Writing Practice &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3mZuVxl\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Visit_our_YouTube_Channel_%E2%80%93_here\"><\/span>Visit our YouTube Channel &#8211;&nbsp;<a href=\"https:\/\/www.youtube.com\/@ShabbirsEduKemyforIAS\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>The concepts of the care economy and the monetized economy represent two distinct yet interconnected realms of economic activity. <\/p>\n","protected":false},"author":17,"featured_media":26241,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1524],"tags":[1789,142,232,145],"class_list":["post-26237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-upsc-mains-solved-paper-gs-3","tag-monetized-economy","tag-previous_year_questions","tag-upsc","tag-upsc-mains-question-paper"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/26237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/comments?post=26237"}],"version-history":[{"count":1,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/26237\/revisions"}],"predecessor-version":[{"id":26240,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/26237\/revisions\/26240"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media\/26241"}],"wp:attachment":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media?parent=26237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/categories?post=26237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/tags?post=26237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}