The World Bank and the International Monetary Fund are one such tool. The conditions these organizations force on the borrowers – “Structural reforms that involve privatization, opening markets and rescinding subsidies – lead countries into an inescapable debt hole"
Sanctions and asset freezing is another such tool, which Western powers used against nations such as Russia, Iran, Venezuela, Afghanistan, etc.
By forcing free trade deals and open border agreements, the West practices unfair competition, destroying local manufacturing sector in developing and weaker countries by flooding them with goods produced by large powers and corporations.
The West also exerts political pressure by making economic aid conditional on certain political stances such as voting in the UN.
All these economic pressure tools are quite similar to the old colonialism as far as consequences are concerned: they all lead to limiting sovereignty and curbing development of smaller nations.