UK’s Wealthiest 10% Benefited Most from India’s Wealth
During Colonial Era.

Los Angeles/Jan 20, 2025
NRIpress.club/Ramesh/A.Gary Singh
Released just before the World Economic Forum’s Annual Meeting, the report highlights the enduring impact of colonialism on global inequality. Citing extensive studies and research, Oxfam argues that modern multinational corporations are rooted in colonial systems, perpetuating economic exploitation through global supply chains, especially in the Global South.
Unequal Wealth Distribution
The wealth extracted from India primarily enriched Britain’s elites. Oxfam calculates that 52% of this wealth went to the top 10%, while 32% further benefited a rising middle class. Meanwhile, India’s share of global industrial output plummeted from 25% in 1750 to a mere 2% by 1900, largely due to Britain's protectionist policies, which undermined Indian industries like textiles.
Multinational Corporations: Colonial Tools of Extraction
Oxfam underscores that colonialism set the foundation for today’s multinational corporations. The East India Company, a pioneer of corporate colonialism, wielded private armies, controlled vast territories, and extracted resources for the benefit of British shareholders. Modern corporations, the report argues, continue this legacy by exploiting cheap labor in the Global South, where wages remain up to 95% lower than in the Global North for equivalent work.
The Role of Slavery and Resource Exploitation
Oxfam’s report links the fortunes of many of Britain’s richest families to slavery and colonial compensation schemes. The British East India Company’s monopoly on opium production in India exemplified this exploitation, with the drug trade fueling Britain's third-largest revenue source after land taxes and salt. Even today, regions historically involved in poppy cultivation show worse social indicators, such as lower literacy rates and inadequate public services.
Colonialism’s Long Shadow
The report connects colonial policies to systemic inequalities that persist today. For instance, the caste system in India was institutionalized under British rule, while gender, religion, and language divisions were exploited to cement control. The British government’s role as a “colonial drug pusher” during the opium trade and its policies that exacerbated famines, like the Bengal famine of 1943, further underscore the devastating human cost of colonialism.
Ongoing Global Inequality
Oxfam draws parallels between historical colonialism and modern global systems, highlighting how international institutions, like the WTO and World Bank, often prioritize the interests of the Global North. For example, during the COVID-19 pandemic, the Global North successfully opposed a proposal by India and South Africa to waive intellectual property restrictions on vaccines and treatments, despite support from over 100 countries.
A Call for Justice
Oxfam’s report calls attention to the long-lasting impacts of colonialism, from economic disparities to health crises rooted in starvation and exploitation. It urges the international community to address these inequities and recognize the colonial origins of modern economic and social systems.
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