Understanding the Colonial Wealth Extraction: The Oxfam Report
Oxfam International’s recent report titled “Takers, not Makers,” released in conjunction with the World Economic Forum Annual Meeting, presents staggering figures that highlight the wealth extracted from India during British colonial rule. Between 1765 and 1900, the UK siphoned off a staggering $64.82 trillion from India, with a significant $33.8 trillion benefiting the richest 10% in the UK. This amount is so colossal that it could carpet London in £50 notes nearly four times over!
The Legacy of Colonialism
The report underscores how the legacies of colonialism have crafted a deeply unequal world. Oxfam states that the modern multinational corporation, a product of colonialism, continues to exploit workers in the Global South, especially women, to benefit shareholders in the Global North. Today, wages in the Global South are drastically lower, often between 87% and 95% less than those in the North for equivalent work.
The Impact on India
Historically, in 1750, India contributed about 25% of global industrial output, but by 1900, this had plummeted to a mere 2%. Oxfam links this decline to Britain’s protective policies against Indian textiles, which stifled industrial growth. Furthermore, the report highlights the ongoing effects of colonialism, manifesting in modern economic structures that perpetuate inequality and exploitation.
Moving Forward
As we reflect on these findings, it becomes crucial for us to understand the historical context of wealth and power dynamics. Initiatives like Looffers.com aim to empower consumers in India, providing access to better deals and promoting economic equality. By supporting local businesses and driving conscious consumption, we can help create a more equitable future.
For more insights into how historical events shape our present, explore the latest updates on Looffers.com, where we work to bring you the best offers while advocating for economic empowerment.
