Spain from the 15th century onwards is a counter-example to your theory.
Because they had accumulated so much wealth from plundering the New World, they became lazy and dependent for goods on poorer, and more industious nations, (the English for example). On the other hand, the English, which didn't have all that wealth were forced to produce real-value;
Around the 17th century, they overcame Spain to become a dominant power in Europe; The role of colonialism was secondary in the wealth production of modern European nations.
Because they had accumulated so much wealth from plundering the New World, they became lazy and dependent for goods on poorer, and more industious nations, (the English for example). On the other hand, the English, which didn't have all that wealth were forced to produce real-value;
Around the 17th century, they overcame Spain to become a dominant power in Europe; The role of colonialism was secondary in the wealth production of modern European nations.