Step 1: Concept Identification:
The query requires identifying the theatre practitioner credited with developing the 'V' effect concept.
Step 2: Elaboration:
The 'V' effect, known in German as Verfremdungseffekt, signifies an "alienation" or "distancing" effect. This is the core theoretical tenet of German playwright and director Bertolt Brecht's "Epic Theatre." The objective of the V-effect is to render the familiar unfamiliar, thereby discouraging emotional audience identification with characters and instead promoting critical, intellectual engagement with the social and political themes of the play.
Step 3: Conclusion:
Bertolt Brecht is the proponent of the Theory of the 'V' effect.