61. M. Sornarajah. Resistance and Change in the International Law on Foreign Investment
- Author:
- Harm Schepel
- Publication Date:
- 10-2015
- Content Type:
- Journal Article
- Abstract:
- In 1994, Muthucumaraswamy Sornarajah published the first edition of his treatise, The International Law on Foreign Investment. There, he sought to demonstrate that investment law as a separate branch of international law was ‘in the process of development’ and could and should be isolated for separate study. Organizing his material from the disparate sources of domestic law, contract-based arbitration and public international law along the overarching tension between the interests of developing countries and those of traditionally capital-exporting states, his stated aim was to ‘help in the identification of the nature of the disputes’, which would lead, in turn, to the ‘formulation of acceptable solutions’. The treatise was a well-timed pioneering effort that rightfully earned the author a lasting reputation as one of the founding fathers and towering figures of the academic discipline. There seems to be no one better placed, then, to ask, 20 years on, what happened or, rather, what went wrong. Investment law has developed with breathtaking speed into a (very) separate branch of international law – yes – but almost entirely on the waves of treaty-based investor–state arbitration, which has all but eclipsed contractual and domestic processes, at least in terms of academic interest. And this system has, in the eyes of Sornarajah and many others, rather spectacularly failed to lead to ‘acceptable solutions’, especially for developing countries.
- Topic:
- International Law, Treaties and Agreements, Foreign Direct Investment, Neoliberalism, and Book Review
- Political Geography:
- Europe and United States of America