Short answers, pulled from the story.
The Leontief Paradox is the finding that the United States, despite being a capital-rich economy, was exporting labour-intensive products and importing capital-intensive ones. This contradicted the prediction of the Heckscher-Ohlin theorem, which held that capital-rich countries should export capital-intensive goods. The paradox demonstrated the limited predictive value of the H-O model.
The Bretton Woods Agreement required signatory nations to maintain their currencies at a fixed exchange rate with the United States dollar, and the United States government undertook to buy gold on demand at thirty-five dollars per ounce. Most signatory nations also maintained strict controls over their citizens' use of foreign exchange. The system ended in 1971 when the United States suspended the convertibility of the dollar.
The World Bank estimated in 2004 that removing all trade restrictions would yield benefits of more than five hundred billion dollars a year by 2015. Separately, OECD economists calculated that cutting all agricultural tariffs and subsidies by fifty per cent would add twenty-six billion dollars to annual world income.
The Stolper-Samuelson theorem states that trade lowers the real wage of a country's scarce factor of production, while protection from trade raises it. It is treated as a corollary of the Heckscher-Ohlin theorem and predicts that in a capital-rich country, open trade would depress the returns to labour.
Influential studies published in 1950 by Argentine economist Raul Prebisch and British economist Hans Singer suggested that the prices of agricultural products tend to fall relative to the prices of manufactured goods. This terms-of-trade deterioration transfers wealth from developing countries, which export agricultural goods, to developed countries, which export manufactured goods. The findings have been confirmed by subsequent studies, though their cause remains disputed.
A Copenhagen Consensus study estimated that if the share of foreign workers grew to three per cent of the labour force in rich countries, global benefits would reach 675 billion dollars a year by 2025. However, evidence from the United States and the United Kingdom suggested the economic benefits to receiving countries are relatively small.