Yeah, but by that point you pretty much rule the world.
One viable tactic is sulphur withholding. Just take over all the sulphur-producing provinces, and set to buy. Suddenly, no one can make ammunition, small arms, explosives, or artillery. Therefore, no new divisions and no new fancy ships.
Another, more indirect tactic is dye withholding, which is easy to do in the beginning of the game if you're the British Empire. Suddenly, no one can make clothes, so no one can promote craftsmen, clerks, clergymen, or capitalists, as they all need reg. clothes or lux. clothes. Of course, once Dye Factories are discovered, this is circumvented. So it is best to get dye monopoly as early as possible.