While Vernon's theory is useful for explaining the pattern of international trade in the modern world,its relevance during the period of American global dominance seemed more limited.

Question

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Vernon's theory of the product life cycle was developed in the 1960s and 1970s, during a time when American firms dominated global markets. Thus, the theory is most relevant to that time period, rather than the present day where global economic power is more evenly distributed among countries.

While Vernon's Theory Is Useful for Explaining the Pattern of International