Investment treaties are some of the most controversial but least understood instruments of global economic governance. Public interest in international investment arbitration is growing and some developed and developing countries are beginning to revisit their investment treaty policies. The Political Economy of the Investment Treaty Regime synthesises and advances the growing literature on this subject by integrating legal, economic, and political perspectives. Based on an analysis of the substantive and procedural rights conferred by investment treaties, it asks four basic questions. What are the costs and benefits of investment treaties for investors, states, and other stakeholders? Why did developed and developing countries sign the treaties? Why should private arbitrators be allowed to review public regulations passed by states? And what is the relationship between the investment treaty regime and the broader regime complex that governs international investment? Through a concise, but comprehensive, analysis, this book fills in some of the many "blind spots" of academics from different disciplines, and is the first port of call for lawyers, investors, policy-makers, and stakeholders trying to make sense of these critical instruments governing investor-state relations.
يضع بول كروغمان خريطة للطريق المؤدية إلى الإصلاح، وكروغمان هو الاقتصادي الأكثر قراءة لما يكتب على نطاق واسع في العالم، وهو واحد من أكثر المعلقين السياسيين تأثيراً. ويطوف كروغمان في كل اتجاه على قرن من التاريخ، من الاقتصاد السياسي للعصر المموّه، وهو الذي يبدو مألوفاً جداً في هذه الأيام، إلى كوارث سنوات بوش، التي يجادل المؤلف في أنها كانت محتومة بعد أن فازت حركة المحافظين بالسيطرة الكاملة على حكومة الولايات المتحدة. ويبين المؤلف أنه لا (الطبقة الوسطى) التي ترعرع فيها جيل ازدهار المواليد في أمريكا، ولا (أمة حكومة القلة) التي صرنا إليها على نحو متزايد طوال الجيل الماضي تطورا تطوراً طبيعياً، وكلاهما أنشئ ـ إلى حد كبير ـ بفعل خطط سياسية حكومية مستهدية بحركات سياسية منظمة. ويشرح كيف أن المدافعين عن اللامساواة استغلوا الانقسامات الثقافية والعرقية لمصلحتهم، في حين وجد المصلحون طرقاً لتجسير تلك الانقسامات، ويجادل في أن الوقت قد حان من أجل عصر عظيم للإصلاح. وأخيراً وليس آخراً، فإن الكتاب يلخص برنامجاً للتغيير، ويبين البرنامج كيف أن الرعاية الصحية الشاملة تستطيع أن تكون الملمح الرئيس لبرنامج إصلاح جديد، تماماً مثلما كان الضمان الاجتماعي هو لباب برنامج الإصلاح الجديد (نيوديل). ويشرح البرنامج ما الذي يمكن عمله لتضييق فجوة الثروة والدخل، ويبين كيف أن تحالفاً سياسياً جديداً يستطيع في آن معاً أن يدعم الإصلاح، وأن يكون مدعوماً بالإصلاح، وهو ما يجعل مجتمعنا لا مجرد مجتمع أكثر تساوياً بل أكثر ديمقراطية أيضاً. ويعد كتاب (ضمير ليبرالي) بأن يعيد تشكيل الحوار العام حول خطط السياسة الأمريكية الاجتماعية، وأن يصير عملاً معيارياً ومحكاً مرجعياً لجيل كامل.
Central Asia has emerged as potentially the most important new hydrocarbon province in decades. Among the countries whose natural resources are now the focus of world attention, Kazakhstan is very much in the front rank. The scale and strategic importance of its reserves mean that it is set to become one of the key players in the global market. Realising that potential depends on many factors, not least its legal treatment of the oil and gas industry. The contributors to this volume consider the various dimensions of that legal treatment, including investment and contractual issues, dispute settlement, transport and refining, environmental issues, and taxation. The importance of the international context for Kazakhstan's domestic law is a key feature of this book, as is a concern with identifying existing problems and suggesting the most fruitful direction for reform. The book will be of interest to practitioners and academics working in the specific field as well as in the more general area of legal relations between the oil and gas industry and transition economies. Ilias Bantekas is Reader in Law at the University of Westminster, London, UK. He has written widely in the field of international law and won the International Committee of the Red Cross Paul Reuter prize in 2000. Visiting Fellow at Harvard Law School (2003-04). John Paterson is Reader in Law at the University of Westminster, London, UK. He has written on the regulation of the oil and gas industry and acts as a consultant to the OECD Nuclear Energy Agency. Maidan Suleimenov is Professor of Law at the Kazakh State Academy of Law and Adilet Higher Law School, Almaty, Kazakhstan. He was directly involved in Kazakhstan's accession to the Energy Charter Treaty and has also been responsible for legislative drafting in the field.
The Treaty of Lisbon (2009) has brought foreign direct investment (FDI) within the scope of the European Union's common commercial policy (CCP). In light of this development, this book analyses the internal and external dimension of EU law and policy in the field of FDI. It takes four perspectives: (i) the operation of the internal market mechanism to direct investment; (ii) the implications of the Lisbon amendments to the CCP under Article 207 TFEU for the Union's competence and practice in the field of FDI; (iii) the interaction between EU law and Member States' bilateral investment treaties (BITs) with third countries; (iv) the interplay between EU law and BITs that are currently in force between two Member States (intra-EU BITs). The book focuses on the extent to which the European Union operates as a Single Market for EU and non-EU investors. In doing so, it analyses the EU and international regulatory framework on the admission, treatment and protection of FDI within, to and from the Single European Market. It uses close jurisprudential analysis and examines the context, purpose and evolution of EU legal integration in the field of FDI. It thereby traces the principles underlying the European international economic order in the field of FDI.
States reject inequality when they choose to ratify the International Covenant on Economic, Social and Cultural Rights (ICESCR), but to date the ICESCR has not yet figured prominently in the policy calculus behind States' international economic decisions. This book responds to the modern challenge of operationalizing the ICESCR, particularly in the context of States' decisions within international trade, finance, and investment. Differentiating between public policy mechanisms and institutional functional mandates in the international trade, finance, and investment systems, this book shows legal and policy gateways for States to feasibly translate their fundamental duties to respect, protect, and fulfil economic, social and cultural rights into their trade, finance, and investment commitments, agreements, and contracts. It approaches the problem of harmonizing social protection objectives under the ICESCR with a State's international economic treaty obligations, from the designing and interpreting international treaty texts, up to the institutional monitoring and empirical analysis of ICESCR compliance. In examining public policy options, the book takes into account around five decades of States' implementation of social protection commitments under the ICESCR; its normative evolution through the UN Committee on Economic, Social and Cultural Rights, and the Committee's expanded fact-finding and adjudicative competences under the Optional Protocol to the ICESCR; as well as the critical, dialectical, and deliberative roles of diverse functional interpretive communities within international trade, finance, and investment law. Ultimately, the book shoes how States' ICESCR commitments operate as the normative foundation of their trade, finance, and investment decisions.
Increased economic interdependencies and trade flows between states, innovations in information technology and computer networks, a global shift toward market economies and regional and multilateral trade arrangements, have all led to an increasingly globalized world economy. The Forces of Economic Globalization: Challenges to the Regime of International Commercial Arbitration examines some of the challenges facing the regime of international commercial arbitration in the contemporary global economy. It considers the debates concerning the transformation of the global order and the role of nation states within the context of international commercial arbitration. Issues discussed include the transformative effect of economic globalization, the role of the epistemic community and the increased institutionalization within the international arbitral regime, the nationalization of international commercial arbitration and the denationalization and harmonization trends, the competitive nature of legislative reform, convergence and divergence in the international arbitral process, multilateralism and regionalism, market modernization and transnationalism, globalization and lex mercatoria, and the development of online arbitration schemes in cyberspace. This book seeks to analyze the inner penetration of a form of world polity or transnational order ? comprised of part epistemic community, institutional networks, national laws and multilateral conventions, norms, rules, principles and transnational ideology ? on the traditional notion of state sovereignty within the international arbitral regime. The book will interest practitioners and academics with an interest in international commercial arbitration.
The treatment of foreign investors and of their investments on the territory of a host State is often subject to a bilateral investment treaty (BIT) signed by the national State of the investors and the host State. These BITs usually contain a clause in which the two States offer fair and equitable treatment (FET) to the foreign investors on their territory. Moreover, this clause has become a norm of customary law, implying that investors may rely on it even outside the context of the BIT. Foreign investors whose rights under this clause have not been respected may bring the State in front of an international tribunal. This book analyses not only the conventional and customary framework se the FET clause but also its scope and all its applications in the existing case law. This book tackles the standard of fair and equitable treatment by applying four conceptual frames: the legal basis of FET, its nature as a standard, its content and finally the implications of its breach. The first two chapters explore the two classical sources of international law as possible sources for FET. The main sources of FET lie in a rich conventional framework, mainly bilateral and regional. Yet the high number of BITs does not appear to offer a uniform model of FET clauses, quite the opposite; the book offers a classification of the FET clauses found in more than 400 BITs. Having concluded that the conventional framework is essential to FET, the book turns to the examination of the possible customary character of FET and argues that the view equating FET with the International Minimum Standard is erroneous and it limits the scope of FET. Alternatively, it suggests that the FET standard is an independent standard of customary nature. Then the book looks at the nature of FET, that of being a standard and retains three direct consequences for its meaning: its flexibility, the absence of a fixed content and its evolutionary character. With these three characteristics in mind, it proceeds to the third conceptual framework, the content of FET. Although no fixed content may be given to it, it identifies and develops each one of those situations in which the FET standard has already been applied. Finally, the last conceptual framework aims at discussing the final act of a FET claim, i.e. the amount of compensation awarded. It argues that FETis a standard which balances the interests and behaviours of both the States and the investors, at the stage of compensation.