 In the 1950s, it was widely assumed that the traditional or the informal economy would shift into the modern, more formal economy with mass industrialization. But the world we're living in now is not like that. We've had a number of changes in how labor is organized. We've had specialized flexibilization. We have the movement of capital and we have subcontracting of production. So the world is not the world that we thought of in the 1950s. And we now have to recalibrate our thinking to recognize that the informal employment is normal in most countries, especially in the developing but also emerging countries, and to retool our policy responses accordingly. Like it or not, we live in a world of informality, of informal employment, as the major share of labor markets. And it's not going to shift because we're simply not creating enough formal jobs to move many people out of informal wage or self-employment.