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    Home / News / India News / UK's richest 10% extracted half India's wealth during colonialism: Oxfam
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    UK's richest 10% extracted half India's wealth during colonialism: Oxfam
    UK's richest 10% reaped 52% of the total loot of colonialism

    UK's richest 10% extracted half India's wealth during colonialism: Oxfam

    By Snehil Singh
    Jan 20, 2025
    10:46 am

    What's the story

    According to Oxfam International's latest report, Takers, not Makers, the United Kingdom looted an eye-watering $64.82 trillion from India during its colonial rule between 1765 and 1900.

    The report, released at the World Economic Forum Annual Meeting in Davos, adds that this wealth mainly enriched the UK's richest 10%, who received $33.8 trillion or 52% of the total loot.

    Wealth shift

    Colonialism's impact on wealth distribution and industrial output

    The report further highlights colonialism greatly benefited the rising middle class, which got 32% of the income looted from India.

    It observes a drastic change in global industrial output; in 1750, India contributed roughly 25% of the global industrial output but by 1900 it had fallen to a mere 2%.

    Oxfam blames Britain's protectionist policies against Asian textiles for the decline.

    Trade influence

    Colonial trade patterns and their impact on industrial growth

    Oxfam's report also highlights that disruptions in colonial trade patterns during World War One temporarily boosted industrial growth in colonies.

    It notes that private multinationals often spearheaded colonial expansion and profited immensely from it.

    Some even employed their own armies to suppress rebellions, further highlighting the extent of their power and influence.

    Corporate legacy

    Legacy of colonialism in modern multinational corporations

    The Oxfam report argues that many of today's wealthiest in the UK can trace their wealth back to slavery and colonialism.

    It describes the British state as a "colonial drug pusher," with opium production in India significantly contributing to British revenue.

    The report also discusses biopiracy and claims fossil fuel exploitation began during colonial times, continuing today and exacerbating climate change.

    Persistent disparities

    Colonialism's role in current global inequalities

    The report ends by stressing on persistent inequalities stemming from colonial history. It urges addressing these systemic problems to build a fairer world.

    "Legacies of inequality and pathologies of plunder, pioneered during the time of historical colonialism, continue to shape modern lives," Oxfam said.

    The body also slammed partnerships between development finance institutes and private capital from the North for pushing the privatization of public services.

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