Investment Treaty Arbitration and the Development of International Investment Law as a ‘Collective Value System’: A Synopsis of a New Synthesis
Journal of World Investment and Trade, Vol.10, No. 6, pp. 921-935, December 2009
15 Pages Posted: 5 Dec 2011
Date Written: December 1, 2009
Abstract
After a critical account of the development of international investment arbitration (ITA) and ensuing rules of international investment law (IIL), this article examines the emerging design of IIL as a distinct substantive regime on the international plane. This is followed by an analysis of the views of known scholars on the determination of substantive rules of IIL highlighting the controversies within the ITA system. Then, after noting the problems arising out of the conflicting ITA awards and the complicated nexus of state obligations, the article argues that the solution to the ITA systemic problems is in finding a new foundation for the system based on solid substantive rules and collective values. In conclusion, a road map has been advanced for the accomplishment of this collective value system.
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