Take the lens off the camera, turn the breech-lock mount (you may have to press on the little leaf spring beneath next to the mounting stud) counterclockwise as far as you can, grab the aperture lever at 6:00 on the lens and push counterclockwise until it stops (will take a moderate amount of presure). Now, when you turn the aperture ring, the aperture should open and close. If not, then something inside the lens is broken.
I have a old chome-nose FD 100/2.8 that occasionally does the same thing. At times it works, other times it refuses to stop down no matter what aperture I set.
Can your lens be fixed? Probably, but it may be cheaper to buy aother FD 50/1.4. Since digital took over the world, you can get FD optics for a song.
Jim Bielecki