Define the care economy. Discuss the role of the care economy in the national economy in the era of a globalized economy in developing nations

The Care Economy: Definition and Role in Developing Nations

Defining the Care Economy

The care economy encompasses all economic activities related to the provision of care for individuals, including services for children, the elderly, and the sick, as well as household management and support. This sector includes both formal care—such as childcare centers, nursing homes, and home health care services—and informal care, which is often provided by family members or friends. The care economy is vital for maintaining the well-being of individuals and families, supporting workforce participation, and enabling broader economic stability.

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