This chapter seeks to summarize the economic debates that took place in Peru between 1845 and 1854. In particular, the chapter focuses on the dilemma over selecting the economic policy that was better suited for the country’s future progress – protectionism or free trade. On examining this time period, it can be seen that a first phase of protectionist preponderance was followed, after 1850, by free trade hegemony in the following decades. However, the main objective of this chapter is the analysis of the economic discussion in itself, particularly the arguments used by those involved in it. The chapter uses the Critical Discourse Analysis (CDA) framework, with particular emphasis on Van Dijk’s concept of the ideological square (1993, 1997, 2008). It is expected that the analysis of the arguments over economic policies can provide new insights for understanding the economic shift that took place during this period.