14 December 2018   Leave a comment

Research by economist Utsa Patnaik has calculated how much money flowed from India to Great Britain during the period of British colonial rule from 1765 to 1938.  Patnaik estimates that “Britain drained a total of nearly $45 trillion from India during that period.  Al Jazeera characterizes Patnaik’s conclusions in this way:

“Yet during the entire 200-year history of British rule in India, there was almost no increase in per capita income. In fact, during the last half of the 19th century – the heyday of British intervention – income in India collapsed by half. The average life expectancy of Indians dropped by a fifth from 1870 to 1920. Tens of millions died needlessly of policy-induced famine.

“Britain didn’t develop India. Quite the contrary – as Patnaik’s work makes clear – India developed Britain.”

The common argument that colonialism was beneficial to the colonies is profoundly wrong.  But was there any reason to believe that powerful states would ever engage in altruistic behavior?

 

The British Raj

 

 

Global financial markets slumped today as data from China indicated that the world’s second largest economy was slowing down dramatically.  The slowdown is rippling through many other economies, such as Japan and Germany, and suggests that the efforts by China to stimulate the economy through easier credit was not having much of an effects.  There are many reasons for the slowdown and many analysts believe that the uncertainties associated with the trade disputes between the US and China is having a significant effect on investment decisions.

Posted December 14, 2018 by vferraro1971 in World Politics

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