By A recent report by Oxfam International, titled “Takers, Not Makers,” reveals that between 1765 and 1900, the United Kingdom extracted approximately $64.82 trillion from India during colonial rule.
Of this staggering amount, about $33.8 trillion—over half—benefited the wealthiest 10% of the UK population. This sum is so vast that it could carpet the entire surface area of London nearly four times over with £50 notes.
The report highlights the profound economic impact of British colonial policies on India. In 1750, India accounted for roughly 25% of the world’s industrial output. However, by 1900, this figure had plummeted to a mere 2%
. This decline is attributed to Britain’s implementation of stringent protectionist measures against Asian textiles, which systematically undermined India’s industrial growth. Oxfam’s findings underscore the lasting legacy of colonialism in perpetuating global economic inequalities.
The report calls for a critical examination of historical injustices and advocates for reparations to address the enduring disparities resulting from colonial exploitation. However, some experts have raised concerns about the methodology and figures presented.
Critics argue that the estimated $64.82 trillion extraction may be exaggerated and that the methods used to calculate this figure are flawed. Despite these debates, the report has reignited discussions on the economic ramifications of colonialism and the ethical considerations surrounding reparations.
