Report “Takers not Makers: The Unjust Poverty and Unearned Wealth of Colonialism” Published by Oxfam

Report “Takers not Makers: The Unjust Poverty and Unearned Wealth of Colonialism” Published by Oxfam

The report highlights the stark contrast between the soaring wealth of billionaires and the ongoing poverty faced by billions of people worldwide, who continue to experience multiple crises.

Key Findings of the Report:

• Rise in Billionaires: In 2024, the wealth of billionaires increased at a rate three times faster than in 2023.
• Global Poverty: Over 3.5 billion people still live on less than $6.85 per day, while the wealthiest 1% now hold more wealth than 95% of the global population.
• Colonial Inheritance: Much of the extreme wealth accumulated by the ultra-rich is attributed to colonialism.
  • Between 1765 and 1900, the UK drained $64.82 trillion from India, with $33.8 trillion benefiting the top 10%.
• Colonialism: Colonialism is both a historical (Historical Colonialism) and a modern (Neo-Colonialism) phenomenon.

Impact of Historical Colonialism on Present-Day Inequality:

• Exploitation and profound economic inequality.
• Border conflicts resulting from arbitrary colonial divisions.
• Social divisions, including racism, concentrated landholdings in the Global South, poor health indicators, and disparities in research and funding.

Colonial Legacy in Contemporary Times (Neo-Colonialism):

• Digital Colonialism: Dominance of digital resources by corporations from the Global North.
• Exploitative Corporate Structures: Multinational corporations (MNCs) exploiting workers in the Global South for profit.
• Unequal Power in Global Institutions: Informal domination of global governance institutions by the Global North.

Wealth Drain from India During the Colonial Period: According to Dadabhai Naoroji’s "Drain of Wealth" theory, the wealth drain from India involved several key components:

• High Taxes: Excessive land revenue drained agricultural income.
• Trade Exploitation: India supplied raw materials and purchased British goods, undermining local industries. In 1750, India contributed 25% to global industrial output, but by 1900, this had fallen to just 2%.
• Other Components: Home Charges (Indian revenue funding British administration), sending profits back to Britain, currency manipulation, and more.

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