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.
Industry Reviews
Amidst a sea of conflicting counsel comes a balanced yet hard punching analysis of the international investment treaty regime. With incisive analysis from the perspectives of economics, law and political science, the authors deliver a singularly important work of clarity at a critical time for global economic order. With as much a domestic perspective as an international one, the authors illuminate highly politicised questions with a fairness that is refreshing. As nationalist tendencies rise in several corners of the globe, this volume is must read for policymakers. * Professor David D. Caron, member of The Iran-United States Claims Tribunal *
This is the essential introduction to the field that we have been waiting for: a comprehensive account of the international investment regime that integrates law with economic theory and political analysis. The authors have produced a seamless interdisciplinary study, laying out the state of knowledge on investment treaties in clear and accessible language, while pointing the way for future research. I expect that it will become a standard resource for students, scholars, and participants in the investment regime. Highly recommended! * Professor Tom Ginsburg, University of Chicago *
This is a unique book on the political economy of investment treaties. It combines the rigor of academic research with the exploration of a highly salient public policy debate. By stepping back from the details of investment treaties and arbitrations, the authors construct a compelling argument on how the structure and implications of these collection of treaties and rulings create an investment treaty regime. This is a must read for anyone interested in the study of foreign direct investment or how globalization shapes the policies of nation-states. * Professor Nathan M. Jensen, University of Texas at Austin *
The intense debates on investment arbitration and investment treaty regimes often provide more heat than light. Both supporters and detractors refer to conflicting studies and alternative facts in ways that makes it hard for those not already committed to make up their minds. The authors of this work have taken a hard look at the political economy of foreign investment and have been able to produce the most expansive fact-based background study combining the relevant legal, political and economic aspects. Their point has not been to provide advocacy for this or that position but to assist experts and decision-makers to form their views by reference to a realistic assessment of the relevant arguments. This is the best study of the functioning and effects of investment regimes to date. * Professor Martti Koskenniemi, University of Helsinki *
A balanced and accessible study of the Investment Treaty Regime that will advance the global debate over foreign investors' role in economic, political and legal development. It clarifies complex issues, introduces non-specialists to a key institution, and proposes an ambitious agenda for future research. * Professor Susan Rose-Ackerman, Yale University *
