Discuss Vernon’s 1966 Product Life Cycle model

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a. Discuss Vernon’s 1966 Product Life Cycle model as a means of explaining the evolution and sequencing of international production. (3 marks)
b. What role does technology, innovation, and economies of scale play in the model? (1 mark)
c. How well does this model explain the trade and locational effects of TNCs? (2 marks)
d. What are the model’s major weaknesses? (1 mark)

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