Being governed by a Colonial power is exactly what many nations today experience under the monetary hegemony of the USA. It is still government - just one operated from a foreign jurisdiction that has power over the colony. My country was a colony of Britain until post WW2 coming to be monetarily and militarily a tribute state to the USA. The USA has many such quasi colonies that are effectively subservient militarily and monetarily- namely the EU, UK, Canada, NZ Australia, Japan and S.Korea. All pay tribute and are subject to the dictates and demands of the imperial USA Empire- and US citizens enjoy billions in the bounty from this modern Empires hegemony over other nations. Colonial governments tend to extract wealth and exploit the resources of their colonies but also provide markets and governance models so there good and bad aspects- regardless the government of nations is fundamental to the wealth of nations - whether that government is via Imperial overlords or self government. The truth is there are fuck all nations today not to some extent held over by USA or China. How many truly sovereign nations are free of external powers? Very very few.