13. Services - AW Flashcards
(8 cards)
What is the care economy and how does it differ from the monetized economy?
The care economy includes activities addressing the physical, psychological, and emotional needs of family members, often invisible, undervalued, and unpaid. The monetized economy refers to revenue-generating activities involving market exchange and aiming for economic growth.
Examples include education, health, domestic work for the care economy and industries, finance, technology, retail for the monetized economy.
Differentiate between the care economy and the monetized economy.
Care Economy vs Monetized Economy:
* Usually invisible, undervalued, and unpaid
* Involves cooking, washing, caregiving, etc.
* Aims to strengthen social/emotional bonding
* Historically received little attention
* Women are major participants (76.2% unpaid care work per ILO)
* Positive externalities (e.g., elder care)
- Involves exchange at market rates
- Involves industries, finance, technology, retail
- Aims for economic growth, per capita income
- Receives adequate attention due to revenue
- Women are minor participants (23.5% FLPR per ILO)
- May have negative externalities (e.g., inequality)
How can monetization of the care economy lead to women’s empowerment?
Monetization can lead to recognition and visibility of women’s work, professionalization with social security, reduced time poverty for working women, address global care supply mismatch, reduce job stereotyping, increase female labor force participation, financial independence, and advance SDG 5.
It may also shift gender roles and address care deficits in families.
What are the challenges of monetizing the care economy? (Bullet points, keywords only)
Challenges include:
* Reinforces gender stereotyping
* Formalizes dual burdens
* Affordability and accessibility issues
* Ethical concerns of monetizing relationships
What is the ILO’s 5R framework for increasing women’s participation in the care economy?
The ILO’s 5R framework includes:
* Recognition
* Reduction
* Redistribution
* Rewarding
* Representation
List all the key keywords related to care economy, monetized economy, and women’s empowerment.
Keywords:
* care economy
* monetized economy
* unpaid care work
* ILO
* gender equality
* SDG 5
* time poverty
* pink collar jobs
* female labor force participation
* financial independence
* 5R framework
* recognition
* reduction
* redistribution
* rewarding
* representation
What is the way forward for increasing women’s participation in all sectors of the economy? (Bullet points, keywords only)
Way forward includes:
* Increase participation in all sectors
* Apply ILO’s Decent Work Agenda
* Focus on 5R framework
* Address care and formal sector barriers
List 4-5 value addition points that provide an edge in understanding care economy and women’s empowerment.
Value addition points:
* Recognizes unpaid care work as a barrier
* Monetization can empower women
* Professionalization brings social security
* 5R framework as a policy guide
* Links to SDG 5 and gender equality
