Was colonialism a waste for Britain?
Just speaking from an impassive perspective. I've been learning a lot about the British Empire and now I actually can't tell if it was actually a positive for Britain.
For one, the whole thing about creating settler colonies just looked like a massive waste? The government had to subsidise them hugely and expend enormous amounts of time, money, and resources to deliver ship people from like Scotland all the way to the other side of the world to a distant colony like Australia or New Zealand and also defend them with ships/forts. And when the settlers do come, they get an even worse deal than if the government had just traded with the natives. Native tribes are willing to pay handsomely for just a few muskets and get ripped off whereas in an anglicised settler colony Britain just earns a tiny bit of extra money from its mercantilist policies. Wouldn't a model similar to the Portuguese and the Congo king have been better economically? It really seems like building those colonies was a lot more expensive than just trading.
I guess one argument would be that it would increase the number of Britons in the world and more population would help in a war. But in that case, wouldn't the opportunity cost of losing the people exported to other colonies be the same as what they're gaining? The same person shipped off to Canada might've also bred within mainland Britain and increased the population regardless? At least in my view, the British isles having like 60 million people in 1914 would be much more useful than having 80 million Britons dispersed all across the world.
Another argument I could think of is that perhaps colonisation was done to prevent other rival powers from accessing certain resources and thus increasing their relative power. But to me that would just be rent seeking - if the returns are modest, one isn't actually shifting the power balance.
The British East India Company was infamous for being a massive financial burden. And with all the money spent on maintaining the colony and paying the army/civil service to maintain it, most of them just ended up....buying up real estate back home in England anyways. It was all circular.