A recent report by Oxfam International, titled “Takers, Not Makers,” has brought to light the staggering economic impact of British colonialism on India. The study reveals that between 1765 and 1900, Britain extracted an estimated $64.82 trillion from India, adjusted to today’s value. Notably, more than half of this wealth, approximately $33.8 trillion, enriched the UK’s wealthiest 10%, while 32% benefited Britain’s emerging middle class.
Decline of India’s Industrial Output
The report underscores the detrimental effects of British policies on India’s industrial sector. In 1750, India accounted for about 25% of the global industrial output. However, by 1900, this figure had plummeted to a mere 2%. This sharp decline is attributed to Britain’s stringent protectionist measures against Asian textiles, which systematically stifled India’s industrial growth.
Modern Implications and Calls for Reparations
Oxfam emphasizes that the economic disparities rooted in colonialism continue to influence present-day global inequality. The report advocates for reparations to communities that were enslaved and colonized, asserting that the current economic system remains skewed in favor of the wealthiest individuals, particularly in the Global North. Oxfam’s analysis indicates that the richest 1% have accumulated nearly two-thirds of all new wealth created since 2020, amounting to $42 trillion.
Debate Among Scholars
The methodology and conclusions of the report have sparked debate among scholars. Professor Tirthankar Roy from the London School of Economics criticized the report’s methods, describing them as a “display of mindless illiteracy.” He contends that the claims of economic extraction are exaggerated and not supported by rigorous analysis.
Historical Context of Wealth Extraction
The concept of wealth extraction during colonial times is not new. Historical accounts have documented how colonial powers, including Britain, systematically transferred wealth from colonies to the metropole. In India, policies such as the deindustrialization of the textile sector and heavy taxation contributed to this economic drain. The Jagat Seths, a prominent Indian banking family in the 18th century, were so wealthy that they lent money to the British, highlighting the significant economic resources that were present in India prior to colonial exploitation.
Ongoing Discussions on Reparations
The call for reparations is gaining traction in various parts of the world. In India, figures like Shashi Tharoor have previously advocated for Britain to acknowledge and compensate for the economic and human costs of colonialism. While the idea has sparked intellectual debates, it has yet to translate into concrete political action or widespread public support.
Conclusion
Oxfam’s “Takers, Not Makers” report sheds light on the profound economic impact of British colonialism in India, quantifying the wealth extracted and its beneficiaries. While the figures presented have ignited scholarly debate, the report serves as a crucial reminder of the long-lasting effects of colonial exploitation. It also underscores the importance of addressing historical injustices to understand and mitigate present-day economic inequalities.
Santosh Kumar is a Professional SEO and Blogger, With the help of this blog he is trying to share top 10 lists, facts, entertainment news from India and all around the world.