Colonialism's Cost: Oxfam's Unearthing of A Century-Long Plunder

Oxfam's report reveals the UK extracted $64.82 trillion from India during colonial rule, concentrating wealth in the richest. Highlights the ongoing impacts of colonial legacy spanning economic dependency, racial division, exploitation by multinational corporations, and persisting inequities in the Global North-South dynamics in economy and society.

A damning report by Oxfam International highlights the staggering economic extraction from India by the UK during colonial rule, with an estimated $64.82 trillion amassed between 1765 and 1900. Of this, $33.8 trillion was funneled to the wealthiest 10%, drastically skewing the wealth distribution in favor of the elite.

The report, released ahead of the World Economic Forum Annual Meeting, underscores the enduring inequalities etched by colonialism, asserting that modern multinational corporations perpetuate similar exploitative practices. It claims that wealth extraction and economic dependency derived from this colonial past continue to shape contemporary global economic dynamics.

Oxfam underscores the colonial legacy's impact on today's world, including the racial and economic segregations still evident in the Global North-South divide. By tracing the roots of multinational corporations back to entities like the East India Company, the report accentuates how colonial practices laid groundwork for present-day inequities.

(With inputs from agencies.)