Will we now see the fault in export oriented development theory?

The global economic crisis is probably going to get (much) worse before it gets better. The demand for goods and services in rich countries is going to continue decreasing, and thus the demand for exports from developing nations will be weak. The United States has had a huge demand for imports, not only because of the greed of its people, but also because the U.S. dollar has been overvalued for years, making imports cheap for U.S. consumers. It seems very likely that the dollar will now go down in value. If so, U.S. exports will be enhanced, and the U.S. productive might will come into competition with developing nations for export markets.

Over the past several decades development theorists have encouraged developing countries to move away from import substitution strategies toward export promotion strategies for economic development. The change in strategy has been part of liberalization, and part of a historic trend towards globalization. I wonder if the global crisis will uncover a flaw in the export promotion strategy.