Business Studies, asked by tanvi3070, 1 year ago

product life cycle theory of international trade

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Answered by OS13

1

The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher-Ohlin model to explain the observed pattern of international trade. ... In the new product stage, the product is produced and consumed in the US; no export trade occurs.

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