Nicolás M. Perrone
This article examines an influential narrative of foreign investor rights and the international investment regime. It draws on twenty-five of the World Investment Reports (
David D. Caron, Stephan W. Schill, Abby Cohen Smutny and Epaminontas E. Triantafilou (eds.), Practicing Virtue: Inside International Arbitration. Oxford: Oxford University Press, 2015. Pp. 816. $245. ISBN 9780198739807.
Bryant G. Garth
This book, dedicated to Charles N. Brower, a prominent international arbitrator, provides a window into the field of international commercial arbitration. It is a depiction and embodiment of the state of what can be called ‘insiders’ international arbitration. It purports to be about ‘practicing virtue,’ providing keys to the actual work of international arbitrators as depicted by an important segment of them. But the scholarship of arbitrators performs multiple functions, including self-promotion, criticism of competitors from outside, unification of the field, and bolstering the legitimacy of the field, among others. The book is therefore not only about the practice of virtue as this community sees it. It is also about ‘dealing in virtue’ – seeking to maintain the market for precisely what this group has to offer.
This article analyses the various ways in which investment law raises questions of change. It distinguishes between changes in international investment norms, and changes in a host state’s regulatory system which is subject to the control of such norms, and explains how these different manifestations of change relate to the distinct yet interrelated issues of interpretation and application. The article explains why, given features of the contemporary investment regime, on questions of interpretation, concerning the content of international investment norms, arbitrators operate within wider processes of law-development over which states, as treaty masters, also exercise significant influence. In contrast, arbitrators dominate the process of applying international investment norms to particular investor-state disputes to determine whether changes in a host state’s regulatory system breach applicable investment norms. This claim is demonstrated in relation to the two most prominent investment treaty standards: fair and equitable treatment, and the protection against indirect expropriation.
This article discusses Israel’s
This article analyses the investor-centeredness in the regulatory and operative framework of political risk insurance arrangements. The dominant approach to the concept of political risk is profoundly market oriented and the operation of political risk arrangements, based on this approach, involves mechanisms of investment climate surveillance and supervision that further foster investor-centered values. This article argues that the authority of the agents that provide political risk insurance is dependent on the continued promotion of such values. In order to maintain their underwriting business, investment insurers are responsive to investors’ demand for a favorable investment climate in the host country and financial securities in the event of loss or damage – even when these demands are not legitimate. This is illustrated with reference to the operation of a major political risk insurance provider, the U.S. government agency Overseas Private Investment Corporation.
Matthew Happold and Relja Radović
This article considers the extent to which foreign investors in Member States of the Economic Community of West African States (