New research by the renowned economist Utsa Patnaik - just published by Columbia University Press - deals a crushing blow to popular belief that India benefited from Britain. Drawing on nearly two centuries of detailed data on tax and trade, Patnaik calculated that Britain drained a total of nearly $45 trillion from India during the period 1765 to 1938. Thus Britain was developed by wealth from India. It's a staggering sum. For perspective, $45 trillion is 17 times more than the total annual gross domestic product of the United Kingdom today. It happened through the trade system. Prior to the colonial period, Britain bought goods like textiles and rice from Indian producers and paid for them in the normal way - mostly with silver - as they did with any other country. But something changed in 1765, shortly after the East India Company took control of the subcontinent and established a monopoly over Indian trade. Here's how it worked. The East India Company began collecting tax
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