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保護主義使用關稅或其他武器來壓制外國競爭。現有理論認為這些措施可以實現有效配置、最優福利和淨收益。在統一及反駁了不同理論之後,本書証明,對一種外國產品徵稅,也等於同時對多種國內產品徵稅;對一種國內產品進行補貼,也等於同時對多種外國產品進行補貼。中庸之道,從關稅或補貼回歸自由貿易必定是非常有利可圖的。