which of following ranges best identifies the amount of weath that the british empire extracted from india
It is difficult to accurately quantify the amount of wealth extracted from India by the British Empire, as it varied over the course of their colonial rule. However, scholars have estimated different ranges for the economic impact on India:
1. £9 trillion ($45 trillion) - This estimate by economist Utsa Patnaik includes both direct exploitation and indirect costs such as the loss of domestic markets and deindustrialization.
2. £44 million ($61 million) per year - Shashi Tharoor, an Indian politician and author, argues that this amount was extracted from India during British rule.
3. 16% of global GDP at its peak - Historian Angus Maddison suggests that India's share of global GDP declined significantly under British rule, which reflects the economic impact on the country.
4. Unable to Determine - Due to the complexities of colonial economics and varying estimates, it is challenging to ascertain an exact figure for the amount of wealth extracted.
To answer your question, let's evaluate the different ranges that have been proposed for the amount of wealth extracted from India by the British Empire. It's important to note that estimating the exact figure is challenging due to the complex economic systems and historical factors involved. However, historians have provided approximate ranges based on their research. Here are three commonly mentioned ranges:
1. Moderate Estimate: £9 trillion to £45 trillion
- This range is based on the calculations by economist Utsa Patnaik, who estimates that India suffered an annual drain of about 4% of its GDP during the colonial rule (1757-1947). The cumulative wealth extraction, when adjusted for inflation and interest, falls within this range.
2. Higher Estimate: £45 trillion to £98 trillion
- Shashi Tharoor, an Indian politician, suggests a higher estimate of the wealth extracted. He argues that India's share of the world economy was reduced from around 23% to 3% under British rule. Using this comparison, he estimates a larger figure for the amount of wealth taken from India.
3. Upper Bound Estimate: £120 trillion to £200 trillion
- Some scholars, like Jason Hickel, believe that even the higher estimates might not fully reflect the total economic impact and exploitation experienced by India. They argue that systemic impoverishment and extensive appropriation of resources should lead to an even larger range.
Please note that these estimates are based on different methodologies and historical perspectives, and the exact amount of wealth extracted from India during British colonial rule remains a topic of debate.
To determine the amount of wealth that the British Empire extracted from India, we need to consider historical data and estimates. The following ranges are commonly cited by historians and economists:
1. $45 trillion to $100 trillion: Some scholars argue that the British Empire extracted an enormous amount of wealth from India over the course of nearly 200 years of colonial rule. They estimate that the total value of wealth drained from India during this period ranges from $45 trillion to an astounding $100 trillion.
2. $9 trillion to $45 trillion: Another range suggests a lower estimate, ranging from $9 trillion to $45 trillion. This estimate takes into account factors such as monetary value, resource exploitation, trade imbalances, and other economic indicators.
3. $1 trillion to $5 trillion: A more conservative estimate places the amount of wealth extracted at around $1 trillion to $5 trillion. This range is based on a narrower focus on specific economic indicators and colonial practices.
It's important to note that these estimates vary significantly due to different methodologies, data sources, and interpretations. Additionally, calculating the exact amount of wealth extracted from India is complex and can be subjective. Therefore, any single number can be seen as an approximation rather than an exact figure.