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Two arguments often used as justification for inheritance 

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Two arguments often used as justification for inheritance 

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1. Any regulation and thus an infringement of the rights of the testator represents a violation of the decedents property rights.

2. It is a natural right to freely dispose of ones property and any restriction thus constitutes a violation.

However, both arguments are based on the assumption that property rights indeed extend beyond one’s death and in that sense flawed.

Under the assumption that the intention to bequeath constitutes a significant motive for productivity, especially in later years of life, an argument is made that limiting or even abolishing inheritance would result in disincentivizing the aforementioned productivity of prospective decedents. Furthermore, restriction on inheritance could cause increased spending and decreased saving, and consequently decreased investment during old age. However, the inheritance of significant amounts reduces productivity in heirs as the need for individual market success diminishes.

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Financial Times. URL: https://www.ft.com/content/4a04096e-5ef9-11ea-ac5e-df00963c20e6

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Emphasizes the much broader role of lawyers in common law compared to civil law

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Since we did not focus on the impact of COVID-19 on the issue of care-work in our essay and our peers would have enjoyed a more detailed outlook, we provide you with a source that deals with current developments:

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Because of the differences in the two systems, lawyers in common law enjoy a much wider scope of influence than their civil law counterparts: Lawyers in common law are able to creatively interpret the law in the interests of wealthy, private clients whereas lawyers in civil law merely apply appropriate remedies in court cases. Especially with the emergence of mega-law firms, lawyers in common law are therefore able to influence the development of the economy and contribute to the widening wealth gap amidst the COVID-19 pandemic much more than lawyers in civil law.

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We are thankful for the overall  positive feedback and agree that it would have been nice to give a longer outlook in the conclusion as well as another example illustrating the differences between countries with self-paid and state-funded care work.
Taking the word limit into account, we could not go into as much depth as we sometimes would have liked, but nevertheless believe that our essay manages to give a good general overview of the question whether care-work should be commodified.

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To give a cohesive overview of the nowadays highly relevant issue of care-work we introduce the topic with a short definition and historical overview. We then focus on our main research questions:

Should care work be commodified? What are the pros & cons and different viewpoints?

What is the impact of the commodification of care-work on gender inequality?

To illustrate our argumentation we provide a comparison between two countries with different levels of state intervention and their approach to  providing care-work.

The literature and studies we use represent various different approaches to the topic and are all relevant and up-to-date.

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Common Law:
Low-earning individuals are less able to detach from contractual obligations and suffer the consequences for much longer compared to their wealthy counterparts
Civil Law:
Equal application of legal remedies and procedures → does not actively contribute to the wealth gap

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Lawyers in common law systems enjoy a much wider scope of influence on the economy compared to their civil law counterparts.

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Interested in Central bank digital currencies?

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Interested in Central bank digital currencies?

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We would recommend the following video ⬇

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Why Central Banks Want To Get Into Digital Currencies

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Critical reflection on the Peer Review 🔍

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Critical reflection on the Peer Review 🔍

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Reflecting on the provided feedback by our colleagues we have taken into account the following criticism:

◽ The shorter length of the introduction, which we mainly treated as brief introduction, could have been more explicit right from the start. This is something that we address more carefully in the future

◽ We do notice that some sentences may exhibit additional or non-relevant information and we will be aiming to be more succinct

◽ Some discrepancies might have appeared partially due to the fact that multiple people have worked on this essay and therefore different types of terminology were used, but we will keep this regard in our minds for next time

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◽ There is a high likelihood that new regulations will be placed on Cryptocurrencies

◽ Cryptocurrencies are unlikely to replace fiat currencies if their energy inefficiency is not addressed

◽ We will likely see some form of digital currencies issued by central banks in the upcoming years

◽ So far, cryptocurrency values are not used as a day to day value. To help spread the use of those values Nuri (formerly Bitwala) enters into the scene. Giving their clients the possibility to have a credit card that coverts directly their ordinal value into Bitcoin.

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Nuri gives you everything you need to grow your wealth: A top-notch bank account, debit card and safe access to the world of cryptocurrency.

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◽ Cryptocurrencies are quite a contemporary and heated topic with a lot of articles and new information being published almost every day. It was a bit challenging filtering out all the materials we have prepared for the essay.

◽ We had to economize words in our essay in the end. We had a lot of things we wanted to mention but had to take out a few sentences and compress some of the sentences so we would fit into the word limit.

◽ As is mentioned in the point above, we could not really mention topics that are in some way related to cryptocurrencies or blockchain e.g. NFTs (Non Fungible Tokens) because they would occupy quite a substantial amount of space to be fully elaborated on.

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◽ Governments are not in favour of accepting cryptocurrencies since these undermine the states sovereignty

◽ Due to the huge energy inefficiency of most cryptocurrencies there is doubt if they would be viable replacement of fiat currencies

◽ Although bitcoin claims itself as an independent form of currency, we find out that it is deeply related to other social phenomena as it is one itself.

◽ From a demographical perspective mostly young people with certain political ideologies are interested in promoting cryptocurrencies

◽ Referring to Fichte, German philosopher, a value should provide stability and security. From a financial perspective cryptocurrencies are very fluctuating when it comes to price (1 Bitcoin = 40,160.00$ at the time of creating this Padlet) as can be seen from the graph below ⬇

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◽ Instead of relying on banks to keep track of records, cryptocurrencies utilize the technology called Blockchain for the recording of payments

◽ This use of the blockchain technology allows it to be "disembedded" from the traditional banking system

◽ In his peer-to-peer payments network, all transactions between participants are verified for their legitimacy

◽  This is done in the course of the so-called mining process by solving extremely complex cryptographical problems

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Bitcoin explained: How do cryptocurrencies work? - BBC News

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Lawyers: stronger obligation to the state

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Lawyers: more driven by commercial purposes

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Retrieved May 22, 2021, from https://www.cornerstoneondemand.com/rework/sites/default/files/ccb_mans_search_for_meaning_jpg.jpg

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The informal economy is a complex phenomenon and influenced by a myriad of socioeconomic factors.

Informal economic activities are not as "bad" as they are commonly portrayed. On the contrary, they have a double social functionality and contribute to the economic viability of many countries.

Thus, governments have to strike the right balance between tolerating and combating the informal economy which is undoubtedly a difficult task.

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As delineated in our peer feedback, there was an imbalance such that we focused noticeably more on the phenomena in the common law system and did not specify distinctive patterns in civil law. However, this was due to the nature of the two legal systems—while lawyers in common law experienced a series of entrepreneurial developments in their roles, those of lawyers in civil law have remained relatively consistent. This reasoning could also be applied to other phenomena such as their respective impacts on the economy and on the wealth gap. We did, however, try to accommodate this critique by presenting these two systems more equally in this Padlet without excluding critical points.

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The neoliberal market model is the dominating ideological framework in todays world.

The main critique is that it increases inequality in wealth instead of reducing it.

In times of a crisis, there is the willingness to interfere with markets and the neoliberal principles.

This was the case in the 2008 financial crisis and in the current health crisis with increased government spending to compensate for losses.

Overall, government spending as part of the GDP has increased in the past decades. This indicates that the neoliberal system is changing in terms of increased state spending and more interference by the state.

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Rising inequality is the price that must be paid for rising growth: all income groups have experienced some gains, although people with high incomes have gained the most. Increasing inequalities are related and inevitable in a developing and expanding neoliberal market model.

Reasons of growing income inequalities:

Neoliberalism as a policy model, is characterized by advocating the control of economic factors to the private sector from the public quarter and rests on two fundamental planks:  Increased competition and through privatization. According to recent reports of the International Monetary Fund (2020), Unfortunately, faced with irrefutable evidence - instead of delivering growth, some neoliberal policies have increased inequality and have not delivered as expected.

Types of inequalities:

lifetime inequality (inequality in an individual's income throughout his life)

wealth inequality (distribution of wealth among households or individuals at a given point in time)

inequality of opportunity (the impact on income of circumstances beyond an individual's control, such as family socio-economic status, gender, or ethnicity)

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In crises situations like the corona pandemic, a so called ‘emergency Keynesianism’ can be observed. Heavy state interventions first in form of lockdowns and later in form of aid packages to stimulate a growth in the economy again. The collapse of the medical system and social insecurities were a bigger threat than a possible recession.

Due to the unpopularity of fiscal policy, economy after crises is stabilized by the central banks to a heavy part. In the long run this strategy might lead to further economic crises. A more Keynesian approach might be a better method.

This can be considered as a historical decline of Neoliberalism. There are tendencies to more regulation, stabilization and security.

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Neoliberalism: The resurgence of the 19th-century economic structure, characterized by privatization and deregulation.

Why did it become hegemonic?
Several explanations:

Markets naturally operate best in a liberal way, therefore the postwar era is the historically specific one, not the neoliberal. --> Advocated by Hayek, Friedman and others in the Mont Pelerin Society.

Keynesian framework could not explain the 70's stagflation in the US.                                      --> Full employment is not goal anymore.

--> Shift towards monetarism

Redistribution is not as popular as believed.                                  -->The "median voter theorem"  is not supported empirically.

Elites might have more power to influence politics, so that it benefits them.

Voters might not be perfectly rational and utility maximizing.

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Although a great variety of different approaches for measuring the informal economy have been designed, we can see that none of them are able to measure the informal economy accurately, as they all lack in certain aspects.

All these approaches have their benefits and drawbacks, with combining multiple approaches one could try to create an estimation, however, the reality is that the estimation will be far from the actual number. These challenges when trying to measure the informal economy arise from the fact that the informal economy itself is a massive, multifaceted
construct which is deeply intertwined with various parts of the economy and the society.

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There is a strong interrelationship between economic activities and electricity consumption and that can serve as a method to estimate the size of the informal economy.

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This approach links payment to quality of work and examines whether the income component for decent work is met.

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Looks at economy from a macroeconomic perspective to deduce size of the informal market.

Advantages:
- No need for surveys
- Data already exists, just needs to be processed using a model
- Many models exist and can be compared
- Can calculate size of informal economies of different time periods, if data exists.
- Data needed in wealthy counties is already relatively accurate
- Change in size of informal market can be predicted by changes in fiscal and monetary policy

Disadvantages:
- Not a reliable method for less economically developed countries due to imprecise data
- Different macroeconomic models lead to significantly different outcomes.
- Assumes cash is always being used.
- Assumes a base year where informal activity is said to be insignificant
- Illegal and informal activity can’t be differentiated, and illegal business can skew the size of informal economies.

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Tries to approximate the monetary volume of the informal economy in a region

Provides estimates based on information disclosed in surveys

the questions are solely about consumption not partaking
--> higher likelihood of truthful answers

The estimates are in absolute numbers

There are a couple disadvantages/biases

The Surveys must be evaluated individually
--> very time consuming

Assumes that informal economy mainly occurs on a very small economic scale

Needs to be related to other estimates for more precise view of bigger picture

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"Very small Enterprises" (VSEs) used as indicators for informal activities

since defined as having less than 10 workers --> believed that it's easier for them to escape controls of the government

makes non-recording income and other informal activities possible

Can be seen as probable indicator of informal activities but is subject to 2 contrary biases:

VSEs are overestimated since not all very small firms employ informal activities

On the other hand, there are fully informal VSEs of which there is no governmental record at all

--> not clear to what extent the two biases balance each other out

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= estimates the percentage of the total or economically active population that works in the informal economy based on specific employment categories

--> certain categories of people are more likely to contribute to the informal economy

International Labour Office (ILO) categorizes the following forms of employment as employment in the informal sector:

not incorporated (no a legal identity separate owners, lack of complete accounts)

have few workers or are unregistered (<5 employees)

produced goods and services t are markable and meant for sale or barter

other categories:

people working “on the side” while still receiving unemployment benefits

occupationally inactive (not working and not looking for work)

enterprises not considered as employees of the informal sector:

agricultural enterprises

domestic and personal services provided by unpaid household members

volunteer services rendered to the community

Disadvantage:

mentioned categories are not always a reliable indicator of informal economy (could be caused by other factors standing in no relation with informal economy)

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Our Approach & Definition -Informal Economy

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Our Approach & Definition -Informal Economy

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Informal Economy: “economic activities, processes, and practices that are not
organized according to the regular rules, customs, and norms of capitalist economic
institutions”

Heterodox Scholars -> view it negatively as they say it focusses on “the dynamics of exploitation and underdevelopment”
Mainstream Economists -> focus on the “entrepreneurial potential of
informal workers and their informal enterprises”

Various different measures are used and we will analyze some and reflect upon their ability to measure the Informal Economy.

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To what extent is the informal economy measurable?

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Informal economies opportunity depends

1. Regulatory capacity of the state

2. Social structure/societies cultural resources

Examples of cases:

India with both functionalities: low human capital and liberalised economy. Informal economy by size 86% of GDP.

Post-soviet informality derives from “lack of individual trust to strangers [..]” leading to “[..]distrust of formal institutions”. Informal economy - multifunctional informal structures, means for social inclusion.

Corruption positive relationship with informal economy

Post-soviet block within EU has relatively lower informal employment

Paradox of state control
Increasing levels of regulation do not decrease the informal economy overall.

Reasons of EUs informality although relatively low:

Social actor approach (gap between state and civil moral gap)

Low tax morale -  government effectiveness, rule of law and control of corruption (positive relationship).

Good citizenship motive (engaging and establishing social connections)

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In our essay we examined the role and impact work had in different time periods from a socio-ecological perspective. Structurally, we divided the paragraphs according to socio-metabolic regimes in which we analysed the happenings in the different stages focusing on

- their effects on the environment

- the occurring inequalities

- and time-period-depending individual aspects

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- we found it somewhat difficult to write an essay that, even throughout the needed but quite long historic paragraphs, engages well with the reader.

- the coordination of writing an essay without being able to meet in person was something we still have to get used to. Fortunately, since everyone contributed well, we feel like we could manage this problem well.

- in the end, we had to shorten the essay since we would have had too many words/pages otherwise. This was also a difficulty at first.

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Group 4- Informal Economy - double functionality

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60% drop in earnings of  informal economy workers

lockdown measures resulting in an increase in relative poverty

COVID 19 exacerbates dangers of sickness, injury or death due to missing access to medical coverage or income protection

Consequences of COVID 19 on the informal economy

reduction of income

financial crisis and closing of MSMES

expansion of informal economy and relocation of jobs

--> improved Social Security as a solution

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Widening Wealth Gap Amidst the COVID-19 Pandemic

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Widening Wealth Gap Amidst the COVID-19 Pandemic

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Common Law:

Emphasizes the usage of uncodified law and precedents from judicial decisions

Law made by judges and advocates

Civil Law:

Based on legislative decisions and continuously updated legal codes

Law made by professors and legislators

For additional information:

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Although the initial purpose of law was to regulate other institutions, the continuous development of law has transformed it into a conduct which other institutions must abide by.
→ The type of legal system is a significant determinant of the course of development of a country's economy!

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We appreciate the comprehensive feedback that we had obtained from our opponents. Based on the feedback, we had a rigorous discussion within our group and reflected on areas that could be improved. These areas are:

A smoother transition between the sections

A broader analysis of concepts that the reader might not be familiar with

We have made a strong effort in researching the topic and tried our collective best to produce an informative essay.

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Capitalism: “an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.”

Privatisation: "the transfer of a business, industry, or service from public to private ownership and control."

Sovereignity: "the authority of a state to govern itself or another state."

Hyperglobalization: "the dramatic change in the size, scope, and velocity of globalization that began in the late 1990s and that continues into the beginning of the 21st century."

Panama Papers: "11.5 million leaked documents that detail financial and attorney–client information for more than 214,488 offshore entities"

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How can we conceive of national financial systems?

What are the defining aspects of a financial system?

How do financial systems change and evolve?

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In 2020, the pandemic delivered a major shock and many areas of life changed drastically. People started working from home and the difference between work and leisure became blurred to them.

Others, on the other hand, lost their jobs altogether, and even though they have lots of free time, it cannot be counted as leisure, as it makes them feel unfulfilled, stressed and uncertain about the future.

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Global South

constitutes 93% of all informal workers

the informal labor is de facto a norm

the survival criterion is the main aspect motivating the individuals to enter the informal market

the aspect of social networks and ease of entry is very strong

the engagement in informal labor is the strongest in times of economic crises and reforms

Global North

the informal economy is rather an exception

criterion of autonomy and flexibility is the main aspect motivating the individuals to enter the informal market

the survival criterion is not significant

is a space giving individuals more entrepreneurial freedom but also more space for tax and law evasion

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Aka the “grey” economy, it comprises the vast range of economic activities, jobs, workers and enterprises that are not regulated & protected by the state

Not taxed and usually not accurately included in a country’s GDP calculations

Contrary to popular belief, it does not include illegal activities such as drug trafficking or prostitution

Informality has become a common, embedded feature of many developing countries and emergent in post-industrial economies.

More than 2 billion workers, representing 61.2% of the world’s employed population, are in informal employment

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The informal economy is highly dependent on social ties since state regulations are missing (Paradox of Embeddedness)

Large informal sectors rather arise in densely networked societies than in individualistic ones.

Employment status and gender influence the well-being of informal workers.

Industrial outworkers and generally, women are the groups most exposed to the risk of exploitation and poverty.

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Development banks do not aim for profit maximization.
They are established primarily to provide infrastructure for the economic development of a country, often in less developed ones.

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Investment banks are intermediaries between companies, who want to raise money, and investors, who want to invest money. They help corporations raise long-term capital by:

Issuing company bonds (debt);

Issuing company shares (equity).

Nowadays, investments banks also offer additional services such as assistance in initial public offerings (IPOs), mergers or acquisitions.

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Commercial banks are the financial intermediaries between savers and borrowers. Its main functions are:

Accepting deposits;

Giving out loans.

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provision of cheap labor for the formal economy leading to:

✅ lower production costs for firms

✅ lower consumption costs for individuals

contribution to the viability of the economy as a whole

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creation of work and income for the low-skilled masses

"cushioning" function to prevent criminal behavior