Question.
Distinguish between "care economy" and "monetize economy". How can the care economy be brought into a monetized economy through women's empowerment?
(UPSC 2023 General Studies Paper 3 (Main) Exam, Answer in 150 words)
Answer.
The "care economy" refers to the unpaid or underpaid work involved in caring for others like child care, elder care, domestic work, and emotional support.
The "monetized economy" refers to paid work in the formal market, which includes in manufacturing and service sectors.
The following are differences between "care economy" and "monetize economy":
The major objective of the "Care Economy" is to take care, not to make a profit; whereas the objective of the "monetize economy" is to make a profit, not care.
The contribution of the "care economy" is not included in GDP whereas the contribution of the "monetize economy" is included in GDP.
Housewives and nurses are examples of workforces of the "care economy" whereas engineers, doctors, and teachers are examples of workforces of the "monetized economy".
"care economy" ensures the well-being of the society and helps the "monetized economy" whereas "monetized economy" ensures the production of goods and services.
The following ways "care economy" be brought into a "monetized economy, through women's empowerment:
Recognition and Valuation:
There is a need to recognize the economic and social importance of women in caregiving and domestic responsibilities.
Skill Development:
Empower women by providing training and resources to enhance their caregiving skills, making them better equipped to enter the formal job market to start their caregiving businesses.
Equal Opportunities:
There is a need to provide equal access to economic opportunities for women. There is a need to address gender-based discrimination.
Supportive Policies:
Parental care leave and childcare leave should be provided to women to support work-life balance. This enables women to engage in both paid work and caregiving responsibilities.
Financial inclusion:
Ensure that women have access to financial resources, including loans and credit, to facilitate their entry into the monetized economy.
In summary, women can be empowered through recognition of their work, equal opportunities, and policy support, so that they can actively participate in the monetized economy while still contributing to and benefitting from the care economy.
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