No, this piece is arguing that there isn't data to support that the imperial core proletariat is accepting the 'spoils of imperialism' as a consolation prize.

Here's a section from the piece that goes over the data.

Imperialist investment, particularly in the global South, represents a tiny portion of global capitalist investment. (19) Foreign direct investment makes up only 5% of total world investment – that is to say, 95% of total capitalist investment takes place within the boundaries of each industrialized country.

Of that five percent of total global investment that is foreign direct investment, nearly three-quarters flow from one industrialized country – one part of the global North – to another. Thus only 1.25% of total world investment flows from the global North to the global South. It is not surprising that the global South accounts for only 20% of global manufacturing output, mostly in labor-intensive industries such as clothing, shoes, auto parts and simple electronics.

Data for profits earned by U.S. companies overseas do not distinguish between investments in the global North and global South. For purposes of approximation, we will assume that the 25% of U.S. foreign direct investment in labor-intensive manufacturing in Africa, Asia and Latin America produces profits above those earned on the 75% of U.S. foreign direct investment in more capital-intensive production in western Europe, Canada and Japan. It is unlikely, however, that more than half of the profits earned abroad by US companies are earned in the global South.

Thus, assigning 50% of foreign profits of U.S. companies to their investments in the global South probably biases the data in favor of claims that these profits constitute a significant source of total U.S. wages. Yet even accepting such a biased estimate, the data (Table I and Graph I) for the period 1948–2003 supports Ernest Mandel’s assertion that U.S. profits from investment in the global South “constitute a negligible sum compared to the total wage bill of the American working class.” (20)

Prior to 1995 total profits earned by U.S. companies abroad exceeded 4% of total U.S. wages only once, in 1979. Foreign profits as a percentage of total U.S. wages rose above 5% only in 1997, 2000 and 2002, and rose slightly over 6% in 2003. If we hold to our estimate that half of total foreign profits are earned from investment in the global South, only 1–2% of total U.S. wages for most of the nearly 50 years prior to 1995 – and only 2–3% of total U.S. wages in the 1990s – could have come from profits earned in Africa, Asia and Latin America.

Such proportions are hardly sufficient to explain the 37% wage differentials between secretaries in advertising agencies and “labor aristocracy” machinists working on oil pipelines, or the 64% wage differentials between janitors in restaurants and bars and automobile workers. (21)

Does this analysis mean that imperialism – rooted in the export of capital (and capitalist class relations) across the globe – has no impact on profits and wages in the global North? No – but the impact is quite different from what the labor aristocracy thesis predicts.

In Capital, Volume III (22), Marx recognized that foreign investment was one of a number of “countervailing” tendencies to the decline of the rate of profit. Put simply, the export of capital from the global North to the global South, especially when invested in production processes that are more labor intensive than those found in the advanced capitalist countries, tends to raise the mass and rate of profit in the North. There is indeed some evidence that foreign profits – from investments in both the global North and global South – constitute an important counter tendency to declining profits in the United States.

Profits earned abroad by U.S. companies as a percentage of total U.S. profits (Table I and Graph I) have risen fairly steadily since 1948, rising from a low of 5.19% in 1950 to a high of 30.56% in 2000. (23) The proportion of U.S. profits earned abroad jumped sharply after the onset of the long-wave of stagnation in 1966, jumping from 6.43% in 1966 to 18.36% in 1986.

Even more indicative is the relationship between annual percentage changes in domestic and foreign U.S. profits (Table II). In a number of years (1967–1970, 1972–1974, 1978–1980, 1986–1990, 1994–1995, 1997–2001, 2003), the annual percentage change for foreign profits was higher than the annual percentage change for domestic profits. In some of these years (1967, 1969–1970, 1974, 1979–1980, 1989, 1998, 2000–2001), total profits earned in the U.S. declined while total profits earned abroad increased.

Higher profits result in more investment across the board in the industrialized countries. More investment eventually brings a growing demand for labor (within limits set by investment in newer, more capital intensive technology), falling unemployment and rising wages for all workers in the industrialized capitalist countries.

Put simply, this means that imperialist investment in the global South benefits all workers in the global North – both highly paid and poorly paid workers. Higher profits and increased investment mean not only more employment and rising wages for “aristocratic” steel, automobile, machine-making, trucking and construction workers, but also for lowly paid clerical, janitorial, garment and food processing workers. As Ernest Mandel put it, “the real ‘labor aristocracy’ is no longer constituted inside the proletariat of an imperialist country but rather by the proletariat of the imperialist countries as a whole.” (24) That “real ‘labor aristocracy’” includes poorly paid immigrant janitors and garment workers, African-American and Latino poultry workers, as well as the multi-racial workforce in auto and trucking. (25)

Clearly, these “benefits” accruing to the entire working class of the industrialized countries from imperialist investment are neither automatic nor evenly distributed. Rising profits and increased investment do not necessarily lead to higher wages for workers in the absence of effective working- class organization and struggle.

During the post-World War II long wave of expansion, the industrial unions that had arisen during the mass strike wave of 1934–37 were able to secure rising real wages both for their own members and the bulk of the unorganized working classes. However, since 1973, the labor movement in the United States and the rest of the industrial countries has been in retreat.

Real wages for U.S. workers, both union and nonunion, have fallen to about 11% below their 1973 level, despite strong growth beginning in the late 1980s. (26) Higher than average profits have accrued, first and foremost, to capital, allowing increased investment; and to the professional-managerial middle class in the form of higher salaries.

Nor are the “benefits” of increased profitability and growth due to imperialist investment distributed equally to all portions of the working class. As we will see below, the racial-national and gender structuring of the labor market result in women and workers of color being concentrated in the labor-intensive and low-wage sectors of the economy.

Whatever benefits all workers in the global North reap from imperialist investment in the global South are clearly outweighed by the deleterious effects of the expansion of capitalist production on a world scale. This is especially clear today, in the era of neoliberal “globalization.”

Although industry is clearly not “footloose and fancy free” as some theorists of globalization claim – moving from one country to another in search for the cheapest labor (27) – the removal of various legal and judicial obstacles to the free movement of capital has sharpened competition among workers internationally, to the detriment of workers in both the global North and South.

The mere threat of moving production “off-shore,” even if the vast majority of industrial investment remains within the advanced capitalist societies, is often sufficient to force cuts in wages and benefits, the dismantling of work rules and the creation of multi-tiered workforces in the United States and other industrialized countries. Neoliberalism’s deepening of the process of primitive accumulation of capital – the forcible expropriation of peasants from the land in Africa, Asia and Latin America – has created a growing global reserve army of labor competing for dwindling numbers of fulltime, secure and relatively well paid jobs across the world.

Put simply, the sharpening competition among workers internationally more than offsets the “benefits” of imperialism for workers in the global North. (28)