I really like the review. But import substitution is considered by the vast majority of economists of all political persuasions as a bad theory. It predates JJ as well. The part about the value of the exports is right. But because increased transaction costs increase all costs, the idea that tariffs via unique currency or taxes will boost a developing economy isn't accepted. A history of the rise and decline of the idea can be found here. https://www.nber.org/system/files/working_papers/w27919/w27919.pdf
Also, I I wouldn't call her an accidental moderate, but rather a type of distributist.
I really like the review. But import substitution is considered by the vast majority of economists of all political persuasions as a bad theory. It predates JJ as well. The part about the value of the exports is right. But because increased transaction costs increase all costs, the idea that tariffs via unique currency or taxes will boost a developing economy isn't accepted. A history of the rise and decline of the idea can be found here. https://www.nber.org/system/files/working_papers/w27919/w27919.pdf
Also, I I wouldn't call her an accidental moderate, but rather a type of distributist.