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Empiriquement, le protectionnisme serait à certains égards plus favorable à la croissance que le libre-échange. Il observe notamment qu'après la crise de la fin du XIXème siècle, les pays protectionnistes sont ceux qui ont bénéficié des taux de croissance les plus élevés. Il poursuit en expliquant que le libre-échange profite à la puissante dominante et note que la Grande-Bretagne n'est devenue libre-échangiste qu'après s'être industrialisée. Elle a notamment suspendu ses importations de coton en provenance d'Inde au XVIIIème siècle pour éviter la concurrence.

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