Bilateral Investment Treaties: History, Policy, and Interpretation

1 INTRODUCTION 1.1 The Core Principles of the BITs 1.2 The Content of the BITs 1.3 The Plan of this Book 1.4 Citations to BITs, Awards and Literature 1.5 Apologies, Alibis and Acknowledgements 2 HISTORY 2.1 The Colonial Era: 1500-1944 2.1.1 The Emergence of a Global Economy: 1820-1914 2.1.2 The Global Economy Collapses: 1914-1944 2.2 The Cold War Era: 1944-1989 2.3 The Global Era: 1990 - Present 3 POLICY 3.1 Economic Liberalism 3.1.1 Microeconomic Theory 3.1.2 Macroeconomic Theory 3.2 The Critique of Economic Liberalism 3.3 Development Economics 3.4 The Empirical Evidence 3.4.1 Foreign Investment and Growth 3.4.2 Foreign Investment and Inequality 3.4.3 Environmental and Labor Concerns 3.5 The Role of BITs 3.5.1 Promoting a Liberal Investment Regime 3.5.2 Promoting the Rule of Law 3.6 The Effect of BITs 4 SCOPE 4.1 Introduction 4.2 The Definition of Investment 4.2.1 Structure and Policy 4.2.2 Origins 4.2.3 Arbitral Practice 4.3 The Definition of Investor 4.3.1 Structure and Policy 4.3.2 Origins 4.3.3 Arbitral Practice 4.4 The Temporal Application of a BIT 4.5 Exceptions 4.5.1 The Essential Security Interests Exception 4.5.2 The Taxation Exception 5 REASONABLENESS 5.1 Introduction 5.2 Fair and Equitable Treatment 5.2.1 Structure and Policy 5.2.2 Origins 5.2.3 Arbitral Practice 5.3 Unreasonable or Discriminatory Measures 5.3.1 Structure and Policy 5.3.2 Origins 5.3.3 Arbitral Practice 5.4 The International Minimum Standard 6 SECURITY 6.1 Introduction 6.2 Fair and Equitable Treatment 6.3 Full Protection and Security 6.3.1 Structure and Policy 6.3.2 Origins 6.3.3 Arbitral Practice 6.4 Observance of Obligations 6.4.1 Structure and Policy 6.4.2 Origins 6.4.3 Arbitral Practice 6.5 Expropriation 6.5.1 Structure and Policy 6.5.2 Origins 6.5.3 Arbitral Practice 6.6 War and Civil Disturbance 6.6.1 Structure and Policy 6.6.2 Origins 6.6.3 Arbitral Practice 6.7 Currency Transfers 6.7.1 Structure and Policy 6.7.2 Origins 6.7.3 Arbitral Practice 6.8 Preservation of Rights 7 NONDISCRIMINATION 7.1 Introduction 7.2 Most Favored Nation and National Treatment 7.2.1 Structure and Policy 7.2.2 MFN Treatment: Origins 7.2.3 MFN Treatment: Arbitral Practice 7.2.4 National Treatment: Origins 7.2.5 National Treatment: Arbitral Practice 7.3 War and Civil Disturbance 7.4 Unreasonable or Discriminatory Measures 7.5 Fair and Equitable Treatment 7.6 The International Minimum Standard 8 TRANSPARENCY 8.1 Introduction 8.2 Publication 8.3 Information Exchange 8.4 Participation in Decision Making 8.5 Fair and Equitable Treatment 9 ACCESS 9.1 Introduction 9.2 The Economics of an Open Capital Account 9.3 Establishment 9.3.1 Structure and Policy 9.3.2 Origins 9.3.3 Arbitral Practice 9.4 Currency Transfers 9.5 Performance Requirements 9.6 Entry and Sojourn 9.7 Employment 10 DUE PROCESS 10.1 Introduction 10.2 Investor-State Dispute Resolution 10.2.1 Structure and Policy 10.2.2 Origins 10.2.3 Arbitral Practice 10.2.3.2 Submission of the Dispute to Local Remedies 10.3 State-State Dispute Resolution 10.3.1 Structure and Policy 10.3.2 Origins 10.3.3 Arbitral Practice 10.4 Denial of Justice 10.4.1 Treaty Texts 10.4.2 Arbitral Practice