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The role of informal economies in shaping world systems
The role of informal economies in shaping world systems
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
The role of informal economies in shaping world systems
The global economy is comprised of both formal and informal economies, with the latter often taking place outside the scope of government regulation and oversight. The informal economy includes a wide range of economic activities, such as street vending, unregistered small businesses, and under-the-table work. Despite being typically overlooked by policymakers and international institutions, the informal economy plays an essential role in shaping the world system, particularly in developing countries where it is a crucial source of livelihood for many people.
In the global South, the informal economy often represents the majority of economic activity. According to the International Labour Organization (ILO), informal employment accounted for 61% of all employment in the world in 2018, and in developing countries, the figure was even higher, with up to 90% of employment in the informal sector. This highlights the significant impact of informal economies on the world system.
In many cases, people engage in informal work out of necessity, rather than choice. For example, in areas where formal employment opportunities are scarce or where there is limited access to credit, starting a small business or working informally may be the only viable option for many individuals. Furthermore, informal work often provides an important safety net for those who are excluded from formal social protection systems, such as migrants and women.
Despite its importance, the informal economy is often undervalued and disregarded by policymakers and international institutions. This lack of attention is partly due to the challenges associated with measuring and regulating informal economic activity. Informal workers are often not covered by labor laws and are excluded from social protection systems. They may also lack access to credit, making it difficult for them to grow their businesses or invest in their education or training.
The lack of recognition of the informal economy has significant implications for global development. The informal economy is a significant contributor to economic growth and job creation in many developing countries. In countries such as India and the Philippines, the informal economy is estimated to account for up to half of the Gross Domestic Product (GDP). By ignoring the informal economy, policymakers may be missing out on significant opportunities to foster economic growth and reduce poverty.
Furthermore, the informal economy plays a vital role in global trade, particularly in developing countries where small businesses and informal traders are often the main players in local and regional trade. Many informal traders operate across borders, contributing to the growth of cross-border trade and international economic integration. Informal trade also provides an essential source of income for many low-skilled workers, who are often excluded from formal employment opportunities.
However, the informal economy also poses significant challenges for the world system. Informal work is often associated with low pay, poor working conditions, and a lack of job security. Informal workers may also be exposed to significant health and safety risks, such as exposure to hazardous chemicals or the risk of workplace accidents. Furthermore, informal workers are often excluded from social protection systems, leaving them vulnerable to economic shocks such as the loss of income due to illness or injury.
To address these challenges, policymakers and international institutions need to take a more holistic approach to the informal economy. This includes recognizing the value of informal work and providing greater support and protection to informal workers. This could include providing access to credit, offering training and education opportunities, and ensuring that informal workers have access to social protection systems.
Furthermore, policymakers need to work with informal workers and their organizations to develop policies that support their economic and social rights. This could include recognizing informal workers’ right to organize and form trade unions, as well as promoting policies that encourage the formalization of informal work.
In conclusion, the informal economy plays a significant role in shaping the world system, particularly in developing countries where it is a crucial source of livelihood for many people. However, the informal economy also poses significant challenges, such as low pay, poor working conditions, and a lack of
The role of informal economies in shaping world systems
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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