Oxfam Report Reveals UK's Historical Wealth Extraction from India during Colonialism

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A new report from Oxfam International has highlighted the staggering economic impact of British colonialism on India, estimating that the United Kingdom extracted approximately USD 64.82 trillion from India between 1765 and 1900. The report, released ahead of the World Economic Forum Annual Meeting, asserts that around USD 33.8 trillion of this wealth benefitted the richest 10% in the UK.

The findings illustrate that colonialism's main beneficiaries extended beyond the wealthiest individuals to include the newly emergent middle class, which received an additional 32% of the wealth extracted from India. Oxfam's report titled 'Takers, not Makers' argues that the wealth disparities seen today are rooted in the legacies of inequality established during colonial times.

In addition, the report claims that the modern multinational corporation has origins in colonial exploitation, citing the East India Company as a prime example. Oxfam also points out ongoing inequalities in global labor markets, revealing that wages in the Global South remain significantly lower than those in the Global North for similar work.

The report further discusses the historical context of wealth extraction through strict policies that devastated India's industrial capabilities, with industrial output plummeting from 25% to just 2% of global figures by 1900. Oxfam's findings also address the ramifications of colonialism on public health and education in India, linking current social issues to historical injustices.

Overall, the report underscores the influence of colonialism on modern economic inequalities and raises critical questions regarding the responsibilities of wealthier nations toward those affected by their historical actions.

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