The results for the first question indicate a strong positive correlation between the growth
rate of Protestantism and economic growth.17. A one standard deviation increase in the
growth of Protestantism is associated with a 0.49 percentage point increase in average
growth. While former French colonies had significantly lower levels of Protestantism
than the British ex colonies, the growth rate of Protestantism is significantly higher in the
formerly French dependencies. The results support Grier’s hypothesis that the growth rate
of Protestantism is significantly correlated with real GDP growth, and that Protestantism
is one of many determinants of development. Controlling for Protestantism does not
significantly close the gap between the three sets of former colonies, implying that some
effect, independent of religion, is driving the difference in growth rates.
The results for the second question indicate that investment is strongly and
positively correlated with real per-capita income, while population growth is negatively
related to income levels. Ex-French colonies have lower real per capita income levels on
average than ex-British colonies. The results indicate that Protestantism is positively and
significantly correlated with real per capita income.
Grier concludes that Protestantism is correlated with growth and development. He also
finds that controlling for Protestantism does not significantly lessen the gap between
British and French and Spanish colonial development. By that we see that Grier conforms
to what Weber had theorized about Protestantism and economic development.