Oxfam Report Reveals UK's Colonial Exploitation of India Yielded $64.82 Trillion

A recent report by Oxfam International reveals that the United Kingdom extracted approximately $64.82 trillion from India over the course of a century, between 1765 and 1900, with nearly $33.8 trillion benefiting the wealthiest 10%. This report, titled "Takers, not Makers," was released just ahead of the World Economic Forum Annual Meeting, highlighting ongoing global inequities.

According to Oxfam, the profound economic disparity rooted in colonial practices has created enduring legacies of inequality. The report underscores that historical colonization not only facilitated the rise of modern multinational corporations, characterized by exploitative practices but also systematically stripped wealth from the Global South to enrich the Global North. Oxfam calls this a consequence of a colonial system that continues to perpetuate economic injustice today.

The findings indicate that the wealth extracted from India could cover the surface area of London nearly four times with £50 notes. This economic deprivation also contributed to a significant decline in India's industrial output from 25% of the global total in 1750 to just 2% by 1900, largely due to restrictive British policies.

The report further examined the social ramifications of colonialism, including the formalization of caste systems and exploitation of various divisions within society. Oxfam asserts that the consequences of colonial rule still resonate, contributing to persistent inequality, with wages in the Global South being substantially lower than those in the Global North for similar work.

Oxfam highlights the ongoing impacts of these historical injustices, stating that poverty and wealth disparities remain strikingly evident in countries formerly under colonial rule. The report concludes with a call to recognize and address the long-term effects of colonialism to move towards a more equitable future.