Britain is rich because of India.

Britain is rich because of India. Economic Loss In 1993 Belgian economist Paul Bairoch presented a detailed study of the world economy. In Economics and World History: Myths and Paradoxes he said that in the year 1750 China’s share of global GDP was 33 percent, India’s 24.5 percent, and the combined share of Britain and the US was two percent. In order to investigate Bairoch’s claims, the OECD constituted the Development Institute Studies under professor Angus Maddison of the University of Groningen. The data Maddison compiled showed India had the largest economy on the planet for 1700 of the past 2000 years. From 1 CE to 1000 CE, India had a 32 percent share of global GDP. During the second millennium, Islamic invasions disrupted economic activity, and India yielded the top spot to China. Still, India’s share remained at 28-24 percent between 1000 CE and 1700 CE. By 1947, when India became free, the country’s GDP comprised around three percent of the global economy. Here’s how it happened.