One can see why this idea has taken off again: it sits at the intersection of two of the most voguish ideologies of our time, namely, woke progressivism and anti-capitalism. It is a story about white people – white men, mostly – oppressing non-white people, which also doubles up as an “original sin” story of capitalism.
But is it actually true that imperialism makes countries richer? Does imperialism make economic sense?
This question was already hotly debated at the heyday of imperialism. Adam Smith believed that the British Empire would not pass a cost-benefit test.