Economic critique of colonialism (economic critique (Drain theory (they…
Economic critique of colonialism
indian intellectuals, though, knew about colonialism, had a positive attitude towards British as, they taought it would bring modernization development from advanced society of British
but, in the later half of the nineteen century, Indian intellectuals started realizing the true nature of economical impact of colonialism in India.
the critique and understanding the nature of british colonialism's economics impact was one of the greatest contributions to the freedom struggle.
Indian leaders agitated for alternative path of development and making poverty, against policy of foreign capital and free-trade and ruin of traditional handicraft industryl.
they saw poverty as man made and can be eradicated through economic development.the topic of poverty also served unite different regions and sections of india.
they organised powerful intelectual agitation against every important economic policies of British.
indian leaders strongly believed that modernization, indian capitalist enterprise and industrialization was primary requirment for economic development.
they understood that Indian economy was made subordinate to that of British through foreign investment, free trade. it transformed India into supplier of raw goods and market of British traders and companies.
they also strongly believed that industrilization should be initiated from indian capital not foreign.
these political workers/leaders and journalist analysed every economic policy., issues and the nature of them in detaild and conclude colonialism was main obstacle to economic development of india.
they saw foreign capital as evil, which replaces and suppress indian capital and further strengthen british hold on india.
many leaders such as dadabai naroji, ICS romesh chandra dutt, justice mahadev govind ranade, g.v joshi, g. subramaniyam iyer, g.k gokhale, and other
nationalist leader also saw the political harmfulness of foreign capital. foreign capital makes interests, demands and security of investers more important making foreign rule strong.
Another major problem nationalists highlighted was that of prgressive decline of traditional handicraft industry. nor it was accident, they said it was reslut of deliberate policy guided by interest of foreign manufactures against indian. tha nature of import and export went a drastic change.
they also criticised the British finances. they argued taxes are often raised that overburden poor. and let many foreign capitalists go tax-free.. they demanded for reduction of land-revenues, removal of salt tax andimposition of income tax and import duties on luxurious goods which rich and middle class consume.
they also condemned expenditure on army and vast expenses of expansion overseas. they also pointed no to very less expenditure on welfare.
they declered, the drain was main cause of india's poverty..
the drain theory could easily be understood the economic essence of colonialishm. this was also easiest wat to understand the transfer of wealth form one nation to other. the poor also related to this sentiment by their daily experience with zamindars, landrevenue collectors,moneylenders etc.
they even calculated it to be one half of revenue collected.
it sowed the seed of nationalism and gaver rise to modern national movement
dadabai naroji, al large sum of wealth and capital was
or drained to Britain in form of salaries pensions of British civil military officials working in india, interests on loans taken by Indian govt, profits to British companies, home charges, expenses of indian govt in Britain
IT eroded the moral and idealogical superiority of British which they preached and justified the colonialism.
the power of British is just not physical force but also itz moral superiority they maintained for ex. the benefit of British rules was usually first chapter in schools.
further nationlists later used this drain nature of colonialism and linked it tthe political subordination of india.. thus demaded sharing of political porwer and control on indian finances..
economic development was chief justification of brithsh rule.. it totally destroyed this claim. it shook moral foundation of british.
British took pride in their contribution to indian in regard of railways and telegraph network. but it only further accelerated drain of national wealth by reaching even farther inside india.. and India didn't have any benifit of backward linkage benifit of lailways usually development of iron and steel industry.. Teligraph only further helped maintain law and order better thus strengthening the hold of brithsh even more.