Experimenting with international investment law: Initiatives from the global south

Andrew Lang, Nicolás M. Perrone

Resultado de la investigación: Contribución a los tipos de informe/libroCapítulorevisión exhaustiva

3 Citas (Scopus)

Resumen

Introduction: Beginning around a decade ago or so, a window of opportunity arose for countries in the Global South to rethink the rules governing international investment protection. While criticisms of the current system of international investment law have been around for some time, they became particularly strong in the economic turmoil of the years after the 2008 global economic crisis. For one thing, it became clear that empirical support for the claim of a correlation between investment treaties and foreign investment flows – one of the fundamental claims on which international investment law rests – was very thin at best, non-existent at worst. For another, a series of awards addressing sensitive matters of public policy gave new force to the argument that investment arbitrators privilege foreign investor expectations over the environment and human rights, and lead to some form of regulatory chill. And, importantly, such criticisms intensified just as many Global South countries were enjoying the benefits of higher commodity prices, giving them the freedom economically to experiment with initiatives on foreign investment that could be more favourable to their interests. The chapters in this volume show how a variety of different Southern governments has tried to take advantage of this window. As the chapters by Morosini and Sanchez Ratton, Forere and Nedumpara illustrate, Brazil, South Africa and India are all seeking to reshape significantly their rules of engagement with multinational corporations and home states – each country in its own way, reflecting its specific priorities, strategies and development goals. On the other hand, Polanco Lazo’s study of the Chilean experience is illustrative of the approach of many other Southern countries – including, for instance, those of the Pacific Alliance – which have decided for one reason or another to abide by the rules defined by the major economies, and to pursue a policy of more limited experimentation within the terms and parameters of the existing system. It is very much an open question whether any serious, enduring change will emerge from the current period of experimentation. In our view, the role that China chooses to play in the coming years will be crucial. As Bath shows, this country is an exception amongst Global South countries in no longer being solely in the position of a rule-taker.

Idioma originalInglés
Título de la publicación alojadaReconceptualizing International Investment Law from the Global South
EditorialCambridge University Press
Páginas284-292
Número de páginas9
ISBN (versión digital)9781316996812
ISBN (versión impresa)9781107190030
DOI
EstadoPublicada - 1 ene 2017
Publicado de forma externa

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