Distinguish between ‘care economy’ and ‘monetised economy’. How can care economy be brought into the monetised economy through women’s empowerment?
The 'monetised economy' is what we typically measure and discuss—the world of goods and services that have a market price, from software to steel, all contributing to the GDP. It’s the visible engine of economic activity. In contrast, the 'care economy' is the invisible foundation upon which the monetised economy is built. It comprises the unpaid, often unrecognised, labour of caring for children, the elderly, and the home. This work, overwhelmingly performed by women, is essential for social well-being but remains outside our national accounts.
The key distinction lies in recognition and remuneration. While the monetised economy rewards work with a wage, the care economy runs on social obligation and love, with no direct financial return.
Bringing the care economy into the monetised fold is intrinsically linked to women’s empowerment. It's about transforming essential, unpaid work into recognised, paid professions. This can be achieved through several pathways:
- Formalising Care Services: Empowering women to establish and run professional daycare centers, crèches, and elder-care facilities. Government support through subsidies, easy credit, and skill training can catalyse this shift. This not only creates jobs but also frees up other women to join the formal workforce.
- Valuing Domestic Work: Creating a formal market for domestic workers with defined wages, social security, and fair working conditions, empowering them economically.
- Supporting Women Entrepreneurs: Promoting businesses that monetise traditional care skills, such as tiffin services or home-based healthcare support, through schemes like the Mudra Yojana.
- Policy Interventions: Enforcing mandatory workplace crèches and incentivising companies that support their employees' caregiving responsibilities.
By valuing and monetising care, we don’t just empower women economically; we make our economy more holistic, resilient, and just.
Answered By:
Sarvesh Jha
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Important Questions from GS3
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