Oxfam’s recent report, “Takers, not Makers,” sheds light on the staggering amount of wealth extracted by the UK from colonial India. According to the rights group, between 1765 and 1900, the UK extracted a total of $64.82 trillion from India, with a significant portion of this wealth benefiting the richest 10% of Britons.
The Scale of Extraction: $64.82 Trillion from Colonial India
Oxfam claims that the wealth extracted from colonial India by the British was enough to reshape not only global economies but also the very structure of British society. Of the $64.82 trillion, approximately $33.8 trillion was claimed by the top 10% of the wealthiest Britons, illustrating a massive inequality in how the proceeds of colonial exploitation were distributed.
In a striking comparison, Oxfam points out that the total amount extracted from India would be enough to carpet the entire surface area of London nearly four times with £50 notes. This stark visual representation underscores the sheer magnitude of colonial wealth extraction.
Middle Class and Colonial Wealth
The report highlights that the newly emerging middle class in the UK was the second-largest beneficiary of this wealth, receiving approximately 32% of the total extracted income. This reinforces the idea that not just the elite but also a growing middle class in Britain saw significant economic benefits from the colonial period.
The wealth accumulated by these groups was often directly tied to compensation paid to the wealthiest enslavers during the abolition of slavery, showcasing how colonial structures of exploitation continued to shape modern wealth distributions.
Destruction of Indian Industry
Oxfam’s report also critiques British colonial policies for their role in the decline of India’s industrial output. Prior to colonial rule, India accounted for around 25% of global industrial output in 1750. By 1900, that figure had plummeted to just 2%. Oxfam attributes this dramatic fall to British-imposed protectionist policies that dismantled India’s thriving textile industry, further consolidating the British economy at the expense of India’s.
The Opium Trade and Colonial Exploitation
The report also casts a harsh light on the role of the British in the opium trade, accusing them of being “drug pushers” who used the industrial-scale cultivation of poppy in eastern India to maintain control over their colonies. The opium trade, Oxfam argues, directly contributed to the Opium Wars with China, further entrenching Britain’s colonial dominance and fueling the country’s wealth accumulation.
Modern Corporations and Colonial Legacies
Oxfam draws connections between historical colonial practices and modern multinational corporations. The group argues that the exploitative structures established during the colonial era continue to influence contemporary global economics, with modern corporations resembling the East India Company in terms of their monopolistic and extractive practices.
The report states that “legacies of inequality and pathologies of plunder” that were pioneered during the colonial period continue to shape the modern world. One of the most glaring examples, according to Oxfam, is the vast wage gap between workers in the Global South and the Global North, with wages in the South being up to 95% lower for work of equal skill.
Conclusion: The Deep-Rooted Impact of Colonial Exploitation
Oxfam’s report serves as a powerful reminder of the lasting consequences of colonial exploitation. The wealth extracted from India not only enriched a small portion of British society but also played a pivotal role in the rise of modern capitalism, multinational corporations, and economic inequality that still persists today.
By revealing the deep connections between historical colonialism and contemporary global inequality, the report underscores the need for continued dialogue about reparations and the long-term effects of exploitation.
