Cabinet minister Kemi Badenoch on Wednesday, May 1, insisted that colonialism and the slave trade played a
“minor role” in Britain’s economic development.
The Nigerian born Business Secretary and Equalities Minister said that UK’s economic success is instead the result of ‘British ingenuity and industry’ as she welcomed a new book by a rightwing think tank.
Despite the British Empire once being geographically the largest the world has ever seen, political economist Kristian Niemietz claimed Britain’s growth was not financed by the slave trade or its imperial possessions.
Writing for the Institute of Economic Affairs, Dr Niemietz has argued that colonialism made only a
‘minor contribution’ to Britain’s economic development,
‘and quite possibly none at all’, with the benefits outweighed by the military and administrative cost of running an empire.
He added that the trans-Atlantic slave trade was no more important to the British economy than sheep-farming or brewing, and most trade was with North America and Western Europe rather than the colonies, even if some individuals did become ‘very rich’ from
‘overseas engagement.
Writing in support of the work, Mrs Badenoch said the book was ‘a welcome counterweight to simplistic narratives that exaggerate the significance of empire and slavery to Britain’s economic development.
According to DailyMail, she said: “This paper… shows it was British ingenuity and industry, unleashed by free markets and liberal institutions, that powered the Industrial Revolution and our modern economy.
It is these factors that we should focus on, rather than blaming the West and colonialism for economic difficulties and holding back growth with misguided policies.”
This comes weeks after she att@cked claims Britain is only wealthy because of ‘colonialism and white privilege’. She told the CityUK international conference the establishment of Parliamentary democracy and the rule of law was at the heart of the country’s success. logja
She highlighted that financial services ‘exploded’ after the Glorious Revolution of 1688, when James Il was deposed by Parliament and a swathe of reforms were brought in under Mary Il and William of Orange.
She said the ideas that took root in England eventually ‘spread around the world, sometimes freely sometimes not, but eventually they do lift billions out of poverty and lead to unimagined wealth globally’.
