Raymond Vernon

Raymond Vernon was an American economist best known for his work on international trade and investment. He developed the "Product Life Cycle" theory, which explains how a product’s market evolves over time, impacting where it is produced and sold. According to this theory, products start in high-income countries, gain popularity, and eventually move production to lower-cost countries as they mature. Vernon's ideas help explain globalization and changes in competitive advantages among nations. His insights remain influential in understanding business strategy and global economic dynamics.