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UK Extracted Half of India’s Wealth During Colonial Rule: Oxfam Report
Introduction
Oxfam International's latest report, Takers, Not Makers, presented at the World Economic Forum in Davos, highlights the massive wealth extraction from India by the UK during colonial rule. The report emphasizes how colonial practices created economic inequalities that still impact the world today. Between 1765 and 1900, India’s wealth of $64.82 trillion in today’s value was drained by Britain, with $33.8 trillion benefitting the richest 10% of the UK.
Colonial Wealth Extraction
The wealth extraction, enough to carpet London four times over with £50 notes, significantly benefited the UK’s elite. The richest 10% in the UK gained 52% of this income, while the emerging middle class received another 32%. Meanwhile, India’s share of global industrial output fell from 25% in 1750 to 2% by 1900 due to protectionist policies against Indian textiles, systematically crippling its industrial growth.
Role of Multinational Corporations
Colonialism also gave birth to multinational corporations. The East India Company, for instance, not only controlled India’s economy but also maintained a private army of 260,000 soldiers—double the size of Britain’s peacetime army. These corporations engaged in violence, land dispossession, and monopolistic practices, creating global financial systems centered on colonial powers like Britain.
Modern multinational corporations continue to reflect this colonial legacy, exploiting cheap labor in the Global South while maximizing profits for shareholders in the Global North. Workers in supply chains experience poor conditions, low wages, and limited rights. Today, wages in the Global South are 87%-95% lower than in the Global North for equivalent work.
Impact on India’s Society and Economy
During British rule, India’s caste system was formalized, reinforcing divisions. The British also exploited India’s resources and population for profit, such as industrial-scale opium production. The East India Company’s monopoly on opium in eastern India funded colonial rule, while its export to China contributed to the Opium Wars. Regions involved in opium production suffered from poor infrastructure and literacy rates, impacts that persist today.
The report highlights 59 million excess deaths in India under British rule between 1891 and 1920, including the Bengal famine of 1943. Racist policies, such as grain import restrictions during World War II, led to starvation and famine, claiming three million lives. Such cycles of deprivation may explain higher rates of obesity and diabetes in populations affected by colonial-era famines.
Global South Exploitation
The inequality rooted in colonialism persists today. Wealth remains concentrated among elites in former colonies, often separated from poverty-stricken populations by barriers like electric fences and golf courses. The Global South continues to face challenges such as biopiracy—unauthorized use of local resources. For example, a U.S. company patented neem extract, a natural remedy used in India for over 2,000 years, but the patent was eventually revoked.
Modern colonial systems, like global supply chains, continue wealth extraction. The World Trade Organization (WTO) and financial institutions favor the Global North, as seen during the COVID-19 pandemic when rich nations opposed South Africa and India’s proposal to waive intellectual property rights on vaccines. The World Bank and other agencies finance private hospitals in countries like India, where 37% of citizens face catastrophic healthcare costs, perpetuating inequality.
Military and Infrastructure Neglect
During the East India Company’s rule, 75% of expenditures went to military spending, while only 3% was allocated to public works like irrigation. This neglect worsened famines and agricultural productivity. The use of force and prioritization of profit over welfare has remained a legacy in the Global South.
Call for Change
Oxfam’s report stresses that colonialism’s legacy continues to shape global inequality, exploitation, and resource extraction. It urges global powers to address these inequities and ensure fair representation for the Global South in decision-making bodies. Addressing these historical injustices is essential to creating a more equal and sustainable world.
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