Oxfam Report Reveals UK’s Colonial-Era Wealth Extraction from India
A recent report by Oxfam International has shed light on the extensive economic exploitation of India by the United Kingdom during the colonial period. Between 1765 and 1900, the UK extracted approximately $64.82 trillion from India, with the wealthiest 10% of the British population receiving around $33.8 trillion, accounting for 52% of the total wealth extracted. This immense transfer of wealth significantly contributed to the prosperity of the UK’s elite, while simultaneously impoverishing India.
The report, titled ‘Takers, Not Makers,’ was released ahead of the World Economic Forum Annual Meeting in Davos. It emphasizes that the repercussions of colonialism continue to influence global economic disparities today. Oxfam highlights that the modern multinational corporation has its roots in colonial enterprises, such as the East India Company, which played a pivotal role in the economic subjugation of colonies. These corporations often operated with impunity, leading to widespread exploitation and resource extraction.
Beyond the wealthiest 10%, the burgeoning middle class in the UK also benefited from colonialism, receiving about 32% of the wealth extracted from India. This influx of resources fueled the UK’s industrial growth and economic development, while India experienced a stark decline in its economic standing. Notably, India’s contribution to the global industrial output plummeted from approximately 25% in 1750 to a mere 2% by 1900, a decline attributed to Britain’s protectionist policies against Asian textiles and the systematic deindustrialization of India.
The Oxfam report underscores the enduring impact of colonialism on present-day global inequality. It argues that the historical extraction of wealth has left lasting scars on former colonies, manifesting in persistent poverty and underdevelopment. The report calls for a re-examination of global economic structures and advocates for reparative measures to address the historical injustices inflicted upon colonized nations.
In conclusion, Oxfam’s findings highlight the profound economic consequences of colonialism, illustrating how the UK’s extraction of wealth from India not only enriched a select segment of British society but also contributed to long-term economic disparities that continue to affect both nations.
