Colorism predates the modern era in nearly all cultures.

During the Elizabethan era England, women used Venetian Ceruse, a mixture of white lead and vinegar, to paint their faces and necks chalk-white even though it caused hair loss, skin corrosion, and muscle paralysis.

In the early phases of globalization and during the great divergence, white/Western societies began to see themselves as the nobles of the world and their colonies as the inferior laborers. Essentially, it is what you're describing but on a global scale. This further entrenched colorism globally.

Reversals of this mindset have only happened in the past 75 years.