Good day and thank you for the opportunity to provide testimony here today. I would like to first acknowledge our meeting on the traditional unceded territory of the Algonquin Anishinabe people and pay my respects to indigenous elders past, present and emerging.
It's an honour to appear today with my fellow panellists. I'm the president and CEO of the Vanier Institute of the Family. The institute is a research and education organization dedicated to understanding the diversity of families and the complexity of family life in Canada.
We are here today to discuss the critically important role women play in our families, communities, society and economy. To understand the valuable contributions women make, we need to frame women's paid and unpaid work caring for and supporting children, youth, adults and seniors within Canada's care economy. We need to deepen our understanding of and increase our investments in the care economy.
Historically, Canada, like most countries, has focused on creating a vibrant and prosperous market economy. Historically, care was largely provided by women in private homes. Today, the systems of care have become much more complex and more diverse. COVID has highlighted the strengths and vulnerabilities in our market economy and the need for a strong dynamic care economy.
Developing a strong, adaptable and vibrant post-pandemic care economy will make it possible for the Canadian government to meet domestic and international commitments and to meet or exceed public and global expectations. Today in Canada, as in most countries, care is still provided largely by women—care to family and friends, care provided through civil society, in the non-profit and philanthropic sectors and care delivered through government services such as hospitals and health science centres.
The market economy is our traditional frame of reference. A care economy is our emerging complementary intertwined economic force. The market economy has a financial focus based on the movement of financial capital and markets in businesses. The care economy has a human focus based on the movements of human capital between homes and communities. The market economy measures success by growth and wealth. The care economy measures success by growth and health.
When you buy a wheelchair, you make a purchase in the market economy. The wheelchair is a commodity. However, the occupational therapist who measures you for optimum fit, teaches you how to use it and supports you to integrate it into your life is part of the care economy. The care economy is driven by humanity and compassion, is based on dignity and respect and is framed around equity and fairness.
In the market economy, someone sells and someone buys goods or services. Goods and services have a cash or monetary value. In the care economy, someone provides and someone receives care. Care has intrinsic value. The market economy is based on cash transactions, on competition, market share and ownership. The care economy is based on relationships, compassion, sustainability and equity.
The market economy is based on private gain, measured by gross domestic product, or GDP. The care economy is based on public good, measured by gross domestic experience, also known as the human well-being index. The two economies together are required to maximize our national potential. The two economies together are core to our social and economic well-being. They are intertwined.
The two economies impact and are impacted by families. The two economies are influenced by cultural, political and environmental factors. They are interdependent. Either of the two economies can't function effectively without the other. They are like a ladder, with the two side rails being the market economy and the care economy, and the rungs of the ladder represented by the various systems—our monetary system, health care system, child care system and justice system, just to name a few.
For people to grow, to prosper and to progress up the ladder, all components need to be present and function well together. Investments in a care economy will benefit all Canadians regardless of socio-economic status, gender, abilities, immigration status or cultural background, but those who will benefit most in those investments are women.
In conclusion, if we recognize that women's unpaid and paid labour is critical for our social and economic well-being, if we frame women's contribution as part of the care economy rather than simply a subset of the market economy, and if we focus on the importance of relationships of care within the care economy, then together we will be able to optimize women's well-being.
I look forward to our conversations today. Thank you.