A new record by Oxfam International, titled’ Buyers, No Makers,’ reveals remarkable figures on money extracted from India by Britain during the colonial period, claiming that$ 64.82 trillion was taken between 1765 and 1900. Of this,$ 33.8 trillion, which is more than half of the total wealth, adjusted for today’s value, is said to have enriched the UK’s richest 10 %.
Released at the World Economic Forum‘s annual meeting in Davos, the statement pointed out colonialism’s profound effect on inequality and financial systems. ” Histories of injustice and disorders of pillage, pioneered during the time of historical colonialism, continue to form modern life”, Oxfam said.
Additionally, the report made it clear that imperial practices promoted structural prosperity extraction from the Global South to the International North, which was advantageous to a select elite. The report claimed that this has resulted in a greatly uneven world, a world torn asunder by prejudice, and a universe that continues to systematically remove money from the Global South to mostly benefit the wealthiest people in the Global North.
Wealth recovery from India
According to Oxfam, the prosperity that India alone has accumulated by Britain was almost carpet London’s area area in £50 notes nearly four times. This had nearly four times the floor area of London in British pound 50 notes, according to the document.
The wealth extraction, Oxfam claimed, not only enriched the wealthiest 10 % but also majorly benefited Britain’s emerging middle class, which received 32 % of this income.
Effects on India’s economy and society
The report details how India’s share of global industrial output dropped precipitously from 25 % in 1750 to just 2 % by 1900, primarily due to Britain’s protectionist policies targeting Asian textiles. This remarkable decrease can be attributed to Britain’s use of strict protectionist laws against Asian textiles, which have consistently harmed India’s potential for industrial growth, the report continued.
Unexpectedly, changes to imperial trade patterns during World War I sparked commercial development in colonies, revealing how external shocks partially eased imperial suppression.
Multinational and imperial abuse
Additionally, Oxfam traced imperial routines to the founding of companies like the British East India Company. ” The concept of personal multinational companies, bankrolled by wealthy shareholders, was a solution of the imperial era”, Oxfam stated, adding that these corporations employed personal armies to reduce weight.
The East India Company only had an army of 260, 000 soldiers, twice the size of Britain’s peace troops, who engaged in land displacement and violent suppression.
Continuing Disparities
According to the review, the wage disparities between the Global South and the International North are 87 to 95 % lower than those between the two countries. Additionally, it made mention of the exploitation of natural resources and the subpar working conditions in foreign companies ‘ supply chains.
Oxfam even targeted global organizations like the WTO and World Bank for sustaining inequity. According to the report,” the inequality that these countries experience now is significantly related to imperial making.”
Colonialism’s lasting effects
Oxfam furthermore addressed the political divisions entrenched during colonial law, such as race, religion, and vocabulary. For example, it pointed out that just 0.14 % of India’s family languages are used as methods of education.
The statement also made mention of the devastating Bengal hunger of 1943, which reportedly resulted in three million deaths. According to Oxfam,” Rice trade restrictions during World War Two, supported by bigoted thinking, appear to have significantly contributed to or contributed to the Bengal famine.”
Global South problems
Oxfam extensive how colonialism’s tradition continues to influence people solutions, education, and health in the Global South. It cited infringers, as seen in the event of henna, and the widespread exploitation of resources.
Oxfam sums up its report, which stated that global inequality is deeply rooted in traditional practices of recovery and oppression, by calling colonialism’s impact a “fruit from the poisoned tree.”
