Remittances that are dispatched home by migrant workers have become second largest financial inflow to so many developing countries. This much hyped up & demonized phenomena in some countries is no novice as migration of workers to disparate parts of the world & them sending a part of their income back to their homelands has always been prevalent in history. For instance, imperial Spain that invaded vast swathes of western hemisphere resulted in being vast number of Spanish & other Europeans trickle into the colonies (Adam, 1989, p 45-71). This often resulted in Spanish workers sending money back to Spain. Countries like Ireland heavily depended on international remittances as Irish people constantly left their shores to look for greener patches of North America & Australian continent. Many countries like Italy, Spain, and Argentina subsequently enacted laws in this regard.
Remittance in history:-
British Empire, the biggest empire in history of humankind that controlled about 25% of the world expanded, resulted in large number of British people being sent overseas for exploration & military campaigns. A large number these nomads received sums of money from their relatives back home in Britain. These were among the initial instances that led to the development of phenomena of ‘’remittance.’’ There were remittance men of different sorts in those times. A younger man trying to escape the dominating presence of elder siblings or father to create his own wealth & self worth was referred to as ‘’successful remittance man.’’ He would usually take small sums of money to start his living initially & then give up family help as he earned his own living. There were also ‘’dark-side remittance men’’, the ones that were useless, spoiled or the type of drunks that were usually paid to stay away from the family (Burda, 1993, p 452-461).