The product life-cycle theory argues that a large proportion of the world's new products had been developed by U.S. firms.

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The product life-cycle theory was developed by Raymond Vernon, who argued that a large proportion of the world's new products had been developed by U.S. firms. These products would then be exported to other countries, where they would go through a life cycle of introduction, growth, maturity, and decline. Eventually, the production of these products would be outsourced to other countries as they became more standardized and less expensive to produce.

The Product Life-Cycle Theory Argues That a Large Proportion of the World's