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Disintegration and Change in the International Law on Foreign Investment

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  • Muthucumaraswamy Sornarajah

Abstract

Resistance to the law made through expansionist interpretation of investment treaties by arbitral tribunals has led to the disintegration of the resulting structure of investment protection. The creation of an inflexible system of investment protection through arbitral interpretation undermines the exercise of power of states to take measures to protect the public interest. The process of disintegration of this unjust system must be hastened through the creation of new norms that ensure that obligatory rules deter the misconduct of multinational investors. If investment treaties are necessary, the regulatory power of states to promote the public interest should be given priority over investment protection.

Suggested Citation

  • Muthucumaraswamy Sornarajah, 2020. "Disintegration and Change in the International Law on Foreign Investment," Journal of International Economic Law, Oxford University Press, vol. 23(2), pages 413-429.
    • Handle: RePEc:oup:jieclw:v:23:y:2020:i:2:p:413-429.
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    File URL: http://hdl.handle.net/10.1093/jiel/jgaa014
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