This book examines the debate surrounding the future of "waged work" and the growth of an informal economy. After detailed research, Offe and Heinze argue that although "being employed" is held to be the normal psychological, social and economic state of affairs, the experiences of recent decades, and the persistent crisis of employment, have shown that the nature of waged work, or exchanging time for money, is being transformed. The authors examine the two institutionalized sectors of employment - private housholds and the labour market - and explain how an informal economy has emerged within which goods and services are exchanged, not for money but for mutual assistance, co-operation and payment in kind.