在葡萄牙，1990年代后期不断膨胀的贸易赤字带来了竞争力减退，至今还在等待从下一轮周期中复苏。

Portugal's ballooning trade deficit in the late 1990s was a symptom of declining competitiveness and the economy has yet to recover from the subsequent bust.

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当他在各领域—包括消费者行为、财政学、国际贸易、商业周期—辛勤耕耘时，总是遭遇到一些类似的、屈从于数学技巧的同一局限的问题。

As he laboured in each field-consumer behaviour, public finance, international trade, business cycles-he encountered similar problems, which yielded to the same set of mathematical techniques.

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弗农只是用产品周期理论来解释国际贸易和投资的流向，却没有深入到其背后的原因。

Vernon used product life cycle explain foreign trade and investment but didn't give the inside reasons.

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