Bangladesh Defense
Saif
Senior Member
- Messages
- 15,397
- Nation
- Axis Group
The legacy of colonialism & the rise of billionaire oligarchy: a call for economic justice
In a world increasingly defined by extreme wealth and deepening inequality, the 2025 Oxfam report, "Takers, Not Makers", sheds light on the stark realities of a global economic system that perpetuates injustice. The report reveals how the wealth of the world's wealthiest individuals has skyrocketed
The legacy of colonialism & the rise of billionaire oligarchy: a call for economic justice
Matiur Rahman
Published :
Mar 18, 2025 22:39
Updated :
Mar 18, 2025 22:44
In a world increasingly defined by extreme wealth and deepening inequality, the 2025 Oxfam report, "Takers, Not Makers", sheds light on the stark realities of a global economic system that perpetuates injustice. The report reveals how the wealth of the world's wealthiest individuals has skyrocketed while billions of people continue to struggle with poverty, hunger, and the devastating impacts of climate change. At the heart of this inequality lies the enduring legacy of colonialism, a system that has shaped the modern world in ways that continue to benefit the wealthy few at the expense of the many.
The report paints a grim picture of a world where billionaire wealth is growing at an unprecedented rate. In 2024 alone, billionaire wealth increased by $2 trillion, with 204 new billionaires created-an average of nearly four new billionaires every week. This growth is three times faster than in 2023, and if current trends continue, the world could see five trillionaires within a decade. Meanwhile, the number of people living in poverty has barely changed since 1990, with 3.6 billion people still living below the World Bank's poverty line of $6.85 per day.
Contrary to the popular narrative that extreme wealth is a reward for talent and hard work, the report reveals that 60 per cent of the billionaire wealth is unearned. This wealth is derived from inheritance, cronyism, corruption, or monopoly power. In 2023, for the first time, more billionaires gained their wealth through inheritance than through entrepreneurship. This trend is creating a new aristocracy, where extreme wealth is passed down through generations, largely untaxed. Two-thirds of countries do not tax inheritance to direct descendants, and half of the world's billionaires live in countries with no inheritance tax at all.
The rise of monopolies has further exacerbated this inequality. Monopolistic corporations, such as Amazon and Aliko Dangote's cement empire, dominate markets, set prices, and exploit workers, driving up the wealth of their billionaire owners. Oxfam calculates that 18 per cent of billionaire wealth comes from monopoly power. This concentration of wealth and power in the hands of a few undermines competition, stifles innovation, and perpetuates inequality.
To understand the nature of today's inequality crisis, the report argues, we must confront the long shadow of colonialism. Colonialism, both historical and modern-day, has shaped the global economy in ways that continue to benefit the richest people in the Global North at the expense of the Global South. Historical colonialism, characterised by the formal occupation and domination of rich countries over poorer nations, was a period of brutal wealth extraction. The richest elites in colonial powers, such as the UK and Belgium, were the prime instigators and beneficiaries of this system. For example, between 1765 and 1900, the richest 10 per cent in the UK extracted $33.8 trillion (in today's money) from India alone-enough to carpet the surface area of London in ยฃ50 notes almost four times over.
The legacy of colonialism is not just a historical footnote; it continues to shape the modern world. The report highlights how the global economy is still structured to extract wealth from the Global South to the Global North. In 2023, the Global South paid over $30 million an hour to the richest 1 per cent in the Global North through the global financial system. This extraction is facilitated by global institutions such as the World Bank, the International Monetary Fund (IMF), and the United Nations Security Council (UNSC), which remain dominated by wealthy nations. For example, an average Belgian citizen has 180 times more voting power in the World Bank than an average Ethiopian.
The report underscores the profound human cost of this deeply unequal system. Colonialism and its legacies have created a world torn apart by racism, division, and exploitation. Poisonous ideas of racial hierarchy, which underpinned historical colonialism, continue to shape societies today. In Australia, a third of First Nations peoples are in the poorest 20 per cent of the population, and they earn, on average, 72 per cent of what non-Indigenous Australians earn. In South Africa, nearly 30 years after the end of apartheid, white South Africans still earn three times more than their Black counterparts.
Colonialism has also entrenched gender inequality. Women in colonised societies lost power and economic autonomy with the arrival of colonial cash crops and were excluded from the global marketplace. Customary laws enshrined during the colonial period often reinforced European notions of gender roles, and women's existing political leadership was disregarded. Today, countries that were colonised by Britain are more likely to have laws criminalising homosexuality, reflecting the imposition of colonial social norms.
The economic engines of extraction continue to drive inequality. Global supply chains and export processing industries, often dominated by multinational corporations, exploit workers in the Global South, particularly women. Wages in the Global South are between 87 per cent and 95 per cent lower than wages in the Global North for work of equal skill. Between 1995 and 2015, the Global North extracted $242 trillion from the Global South through unequal exchange, perpetuating dependence and exploitation.
The report concludes with a powerful call for systemic change to address the root causes of inequality and injustice. It argues that the fight against modern-day colonialism must be a central focus of global efforts to create a more equitable world. Governments and institutions must take bold action to radically reduce inequality, repair the wounds of historical colonialism, and end systems of modern-day exploitation.
First, governments must set global and national goals to reduce inequality. The report proposes a global inequality goal that dramatically reduces inequality between the Global North and the Global South, with the incomes of the richest 10 per cent no higher than the poorest 40 per cent. This would require progressive taxation, investment in public services, and policies to ensure fair wages and labour rights.
Second, former colonial governments must acknowledge and formally apologise for the crimes committed under colonialism and provide reparations to the victims. The cost of these reparations should be borne by the wealthiest individuals and corporations that have benefited the most from colonialism. Reparations are not just about financial compensation; they are about restitution, rehabilitation, and ensuring that such injustices are never repeated.
Third, global institutions such as the IMF, the World Bank, and the UN must undergo radical governance reforms to end the dominance of wealthy nations and corporations. These institutions must prioritise the needs of the Global South and promote economic sovereignty, fair trade, and sustainable development. The report also calls for the repeal of unequal free trade policies and the promotion of South-South cooperation to reduce reliance on former colonial powers.
Finally, the report emphasises the need to tax the richest to end extreme wealth. Global tax policy should be reformed to ensure that the richest individuals and corporations pay their fair share, with the proceeds used to fund public services, reduce inequality, and address the impacts of climate change.
The "Takers, Not Makers" report is a stark reminder of the deep-rooted inequalities that continue to shape our world. It challenges us to confront the legacy of colonialism and the systems of exploitation that perpetuate inequality today. The rise of billionaire wealth, built on extraction and privilege, stands in stark contrast to the struggles of billions of people living in poverty.
But the report also offers hope. It shows that inequality is not inevitable; it is the result of policy choices and systems that can be changed. By taking bold action to reduce inequality, repair the wounds of colonialism, and create a more just global economy, we can build a future where everyone has the opportunity to thrive. The fight for economic justice is not just a moral imperative; it is a necessary step towards a more equitable and sustainable world. As the report reminds us, the time for action is now.
Dr Matiur Rahman is a researcher and development worker.
Matiur Rahman
Published :
Mar 18, 2025 22:39
Updated :
Mar 18, 2025 22:44
In a world increasingly defined by extreme wealth and deepening inequality, the 2025 Oxfam report, "Takers, Not Makers", sheds light on the stark realities of a global economic system that perpetuates injustice. The report reveals how the wealth of the world's wealthiest individuals has skyrocketed while billions of people continue to struggle with poverty, hunger, and the devastating impacts of climate change. At the heart of this inequality lies the enduring legacy of colonialism, a system that has shaped the modern world in ways that continue to benefit the wealthy few at the expense of the many.
The report paints a grim picture of a world where billionaire wealth is growing at an unprecedented rate. In 2024 alone, billionaire wealth increased by $2 trillion, with 204 new billionaires created-an average of nearly four new billionaires every week. This growth is three times faster than in 2023, and if current trends continue, the world could see five trillionaires within a decade. Meanwhile, the number of people living in poverty has barely changed since 1990, with 3.6 billion people still living below the World Bank's poverty line of $6.85 per day.
Contrary to the popular narrative that extreme wealth is a reward for talent and hard work, the report reveals that 60 per cent of the billionaire wealth is unearned. This wealth is derived from inheritance, cronyism, corruption, or monopoly power. In 2023, for the first time, more billionaires gained their wealth through inheritance than through entrepreneurship. This trend is creating a new aristocracy, where extreme wealth is passed down through generations, largely untaxed. Two-thirds of countries do not tax inheritance to direct descendants, and half of the world's billionaires live in countries with no inheritance tax at all.
The rise of monopolies has further exacerbated this inequality. Monopolistic corporations, such as Amazon and Aliko Dangote's cement empire, dominate markets, set prices, and exploit workers, driving up the wealth of their billionaire owners. Oxfam calculates that 18 per cent of billionaire wealth comes from monopoly power. This concentration of wealth and power in the hands of a few undermines competition, stifles innovation, and perpetuates inequality.
To understand the nature of today's inequality crisis, the report argues, we must confront the long shadow of colonialism. Colonialism, both historical and modern-day, has shaped the global economy in ways that continue to benefit the richest people in the Global North at the expense of the Global South. Historical colonialism, characterised by the formal occupation and domination of rich countries over poorer nations, was a period of brutal wealth extraction. The richest elites in colonial powers, such as the UK and Belgium, were the prime instigators and beneficiaries of this system. For example, between 1765 and 1900, the richest 10 per cent in the UK extracted $33.8 trillion (in today's money) from India alone-enough to carpet the surface area of London in ยฃ50 notes almost four times over.
The legacy of colonialism is not just a historical footnote; it continues to shape the modern world. The report highlights how the global economy is still structured to extract wealth from the Global South to the Global North. In 2023, the Global South paid over $30 million an hour to the richest 1 per cent in the Global North through the global financial system. This extraction is facilitated by global institutions such as the World Bank, the International Monetary Fund (IMF), and the United Nations Security Council (UNSC), which remain dominated by wealthy nations. For example, an average Belgian citizen has 180 times more voting power in the World Bank than an average Ethiopian.
The report underscores the profound human cost of this deeply unequal system. Colonialism and its legacies have created a world torn apart by racism, division, and exploitation. Poisonous ideas of racial hierarchy, which underpinned historical colonialism, continue to shape societies today. In Australia, a third of First Nations peoples are in the poorest 20 per cent of the population, and they earn, on average, 72 per cent of what non-Indigenous Australians earn. In South Africa, nearly 30 years after the end of apartheid, white South Africans still earn three times more than their Black counterparts.
Colonialism has also entrenched gender inequality. Women in colonised societies lost power and economic autonomy with the arrival of colonial cash crops and were excluded from the global marketplace. Customary laws enshrined during the colonial period often reinforced European notions of gender roles, and women's existing political leadership was disregarded. Today, countries that were colonised by Britain are more likely to have laws criminalising homosexuality, reflecting the imposition of colonial social norms.
The economic engines of extraction continue to drive inequality. Global supply chains and export processing industries, often dominated by multinational corporations, exploit workers in the Global South, particularly women. Wages in the Global South are between 87 per cent and 95 per cent lower than wages in the Global North for work of equal skill. Between 1995 and 2015, the Global North extracted $242 trillion from the Global South through unequal exchange, perpetuating dependence and exploitation.
The report concludes with a powerful call for systemic change to address the root causes of inequality and injustice. It argues that the fight against modern-day colonialism must be a central focus of global efforts to create a more equitable world. Governments and institutions must take bold action to radically reduce inequality, repair the wounds of historical colonialism, and end systems of modern-day exploitation.
First, governments must set global and national goals to reduce inequality. The report proposes a global inequality goal that dramatically reduces inequality between the Global North and the Global South, with the incomes of the richest 10 per cent no higher than the poorest 40 per cent. This would require progressive taxation, investment in public services, and policies to ensure fair wages and labour rights.
Second, former colonial governments must acknowledge and formally apologise for the crimes committed under colonialism and provide reparations to the victims. The cost of these reparations should be borne by the wealthiest individuals and corporations that have benefited the most from colonialism. Reparations are not just about financial compensation; they are about restitution, rehabilitation, and ensuring that such injustices are never repeated.
Third, global institutions such as the IMF, the World Bank, and the UN must undergo radical governance reforms to end the dominance of wealthy nations and corporations. These institutions must prioritise the needs of the Global South and promote economic sovereignty, fair trade, and sustainable development. The report also calls for the repeal of unequal free trade policies and the promotion of South-South cooperation to reduce reliance on former colonial powers.
Finally, the report emphasises the need to tax the richest to end extreme wealth. Global tax policy should be reformed to ensure that the richest individuals and corporations pay their fair share, with the proceeds used to fund public services, reduce inequality, and address the impacts of climate change.
The "Takers, Not Makers" report is a stark reminder of the deep-rooted inequalities that continue to shape our world. It challenges us to confront the legacy of colonialism and the systems of exploitation that perpetuate inequality today. The rise of billionaire wealth, built on extraction and privilege, stands in stark contrast to the struggles of billions of people living in poverty.
But the report also offers hope. It shows that inequality is not inevitable; it is the result of policy choices and systems that can be changed. By taking bold action to reduce inequality, repair the wounds of colonialism, and create a more just global economy, we can build a future where everyone has the opportunity to thrive. The fight for economic justice is not just a moral imperative; it is a necessary step towards a more equitable and sustainable world. As the report reminds us, the time for action is now.
Dr Matiur Rahman is a researcher and development worker.
