Care Economy vs. Monetized Economy:
|Aspect||Care Economy||Monetized Economy|
|Definition||Revolves around unpaid or underpaid work, primarily shouldered by women, essential for human well-being.||Involves activities with monetary transactions and GDP contributions.|
|Nature of Work||Encompasses tasks like child-rearing, elderly care, and household chores.||Includes formal jobs, businesses, and services.|
|Recognition||Often remains unrecognized in national accounts.||Tracked and valued in economic terms.|
|Gender Disparity||Women disproportionately contribute, often without pay or social recognition.||Sees more balanced gender participation.|
|Economic Impact||Foundational for the functioning of societies but its economic value remains largely invisible.||Directly impacts national economic indicators.|
|Transition Potential||With the right interventions, care work can be integrated into the monetized economy.||Already a recognized and integral part of the national and global economy.|
Empowering Women to Integrate Care Economy into Monetized Economy:
- Policy Interventions: Recognize, reduce, and redistribute unpaid care work through policies, promoting gender equality and sustainable growth.
- Financial Inclusion: Support women’s access to financial services, enabling them to transform care activities into income-generating ventures.
- Skill Development: Equip women with skills to transition from care roles to formal employment or entrepreneurship.
- Social Awareness: Challenge and change societal norms that undervalue care work, emphasizing its economic potential.
- Government Initiatives: Launch schemes promoting women’s participation in the workforce, ensuring they receive fair compensation for care-related tasks. copyright©iasexpress.net
- Technological Solutions: Introduce innovations that reduce the time and effort required for care tasks, freeing women for monetized activities.
The care economy, while foundational to societal well-being, remains undervalued. Recognizing its significance and empowering women can bridge the gap between care and monetized economies, fostering holistic economic growth.