Western society will need to go through an adjustment period where it suddenly cannot trade for goods with managerial services anymore. This will make most things very expensive in the West and it will force the Western colonies to simultaneously abandon many settlements while also developing more extractive industry. The extractive industry ramp up in the colonies will result in violent conflict with the indigenous folks and there will need to be international intervention to prevent genocides. All of this will result in a shrinking of the colonies, resulting in a concentrating of the colonists in less space, which will proletarianize them further as they need to build productive forces to meet their needs, which will turn them into productive members of the global proletariat and establish them as equal trading partners, eventually.
It's going to take time. The colonies of the West will go through the worst adjustments. But Western Europe will also have to adjust as well, and they will more easily proletarianize and overthrow their legacy royalties and aristocracies in order to lessen the burden.