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Define Leontief Paradox:

This is one of those theories that talks about the internationalization and the process that is involved. Internationalization is a process in which there is an increased level of involvement of the enterprises in the international scenario or the international market. There is no definition that is given for this but there are a number of theories that do talk about it.

On the other hand, localization is the process in which there are the enterprises that are competing in the local market rather than in the international scenario. There are a number of theories that talk about these internationalization and the localization issues, They include the trade theories, the traditional approaches and the other theories too.

The trade theories include the absolute cost advantage by Adam Smith, 1776,  Comparative cost advantage by David Ricardo, 1817, Gravity model of trade by Walter Isard, 1954, Heckscher-Ohlin model by Eli Heckscher, 1966 & Bertil Ohlin, 1952,  Leontief paradox by Wassily Leontief, 1954,  Linder hypothesis by Staffan Burenstam Linder, 1961, Location theory, Market imperfection theory by Stephen Hymer, 1976 & Charles P. Kindleberger, 1969 & Richard E. Caves, 1971, New Trade Theory, Specific factors model.

The second one is the way of the traditional approaches which included the diamond model by Michael Porter, Diffusion of innovations by Rogers, 1962, 3.3 Eclectic paradigm by John H. Dunning, Foreign direct investment theory,  Monopolistic advantage theory by Stephen Hymer, Non-availability approach by irving B. Kravis, 1956, technology gap theory of trade by Posner, uppsala model.There are other theories too that talk about this internationalization and also about the localization. They include the behavioural theory of the firm by Richard M. Cyert & James G. March, 1963; Yair Aharoni, 1966, Contingency theory, Contract theory, Economy of scale, Internalisation theory by Peter J. Buckley & Mark Casson, 1976; Rugman, 1981,  Product life cycle theory by Raymond Vernon, 1966, Transaction cost theory, Theory of the growth of the firm by Edith Penrose, 1959.

There are people who are very much interested in taking their business in to the international arena. They have to have the capacity to think globally and not just in the local terms. They should be very much interested in the global aspects and must be able to understand business at that level. They should be able to appreciate many good things that are happening in the field already and also should be able to make opinions about the same, rather than being mere spectators. They should be able to maintain a good quality level, which would be able to push them further into the business.