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Joe Studwell's book "How Asia Works" explains how to do protectionism well (as how Asian tigers and others did it)

1. Land reform so that people can generate money from farming and generate financial surplus.

2. Controlled domestic finance sector protected from external competition..

3. Export oriented manufacturing where products are exposed to global competition but financing comes from domestic sources. This kind of partial protection allows capital accumulation even when products are inferior at first.

Asian countries that failed in the first step never became tigers or are still trying. Incidentally China had partial land reform that started from bottom up (illegally) but was later accepted.