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CTMS Weekly brings to you the insights and lessons shared during the 2021 Int'l Care Economy Conference to reflect on the role of care economy as we face the upcoming challenges in building back better and achieving a more equal society post pandemic. Care services, both paid and unpaid, were essential when dealing with COVID-19. However they were not enough. Across the world, most care systems collapsed due to the lack care provision services that the world needed in moments of crisis. As we move forward, we ask ourselves the question: Is current care provision sufficient? In this week’s newsletter, we dive into this pressing challenge from three different perspectives: DEMAND OF CARE: How will demographic change affect care provision? QUALITY OF CARE: Will Korea introduce more care-inclusive policies for its recovery? VALUE OF CARE: How do we value unpaid work and why is it important? READ MORE HERE TOO OLD TO CARE?   Ever wondered who is going to take care of you when you get older? Prof. Bongoh Kye and Dr. Gretchen Donehower evaluate the changes in population in Korea and the United States, and explore the impact these changes can potentially have in terms of care support ratio for each respective country. Particularly for Korea, results show a concerning scenario with low fertility rates and a faster aging population, suggesting a huge deficit of care provision in the future. In light of these outcomes, our presenters dive into the importance of building strong care economies to keep up with the upcoming social and demographic demands.  THE REALITY OF THE CARING CRISIS IN KOREAN SOCIETY   Due to its strong quarantine regulations, Korea's COVID-19 contingency plan was recognized for its fast reaction and containment results. However, many people, including children, the elderly, parents, and overseas migrants, suffered from severe "care alienation" due to lacking quarantine measures. The results are concerning: One in five dual-income mothers quit their jobs to care for their children; many elderly people were isolated in nursing homes, and migrant workers were not even eligible for the disaster subsidy. As the pandemic subsides and we start rebuilding our societies, this brief reflects on the issue of the burden of care, and proposes policy ideas for the creation of a truly inclusive and caring society led by Korean researchers.   ACCESS THIS BRIEFING HERE (KOREAN)  VALUING THE NON-VALUABLE   Unpaid care work is both an important aspect of economic activity and an indispensable factor contributing to the well-being of individuals, their families and societies. Yet, it is still absent in the discussion of labor policies and economic growth. Then, the question is: How much should we pay for care work? Prof. Jayoung Yoon explains how to value non-market work and exemplifies what adding value to unpaid work would look like in real life. As she breaks down the values of unpaid work in Korea, she finds out that women still continue to produce considerable economic value at home in the form of unpaid care. In terms of opportunity cost, every minute more that a woman spends on unpaid care work represents one minute less that she could be potentially spending on market-related activities or investing in her educational and vocational skills. Thus, Prof. Yoon stretches the need to correctly estimate the economic value of unpaid work to enhance the value of care work in the market, and advocate for a more fair distribution of work.  PREVIOUS NEWSLETTERS   #4 Care Economy Post-pandemic: Economic Impact in Asia (10/25/2021) #3 COVID-19 and the Korean Society: The Importance of Care in Advancing Justice (10/18/2021) #2 COVID-19: Care for Migrant Women and the Elderly (10/08/2021) #1 Understanding the Care Economy: 2021 Int'l Care Conference Opening (10/01/2021) #0 Conference Newsletter (07/20/2021) Copyright © 2021 Center for Transnational Migration and Social Inclusion, All rights reserved. Seoul National University Graduate School of International Studies Bldg. 140 Rm. 307, 1 Gwanak-ro, Gwanak-gu, Seoul 08826, Korea T +82.2.880.9220 F +82.2.879.1496 E ctms.snu@gmail.com www.ctms.or.kr/en If you no longer wish to receive these emails, you can unsubscribe from our mailing list.