Substantive protection under investment treaties: a legal and economic analysis
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
Cambridge
Cambridge Univ. Press
2014
|
| Edition: | 1. publ. |
| Series: | Cambridge studies in international and comparative law
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Literaturverz. S. 365 - 392 |
| Physical Description: | XXX, 396 S. |
| ISBN: | 9781107042414 |
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| 245 | 1 | 0 | |a Substantive protection under investment treaties |b a legal and economic analysis |c Jonathan Bonnitcha |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Cambridge |b Cambridge Univ. Press |c 2014 | |
| 300 | |a XXX, 396 S. | ||
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| 490 | 0 | |a Cambridge studies in international and comparative law | |
| 500 | |a Literaturverz. S. 365 - 392 | ||
| 502 | |a Zugl.: Oxford, Univ., Diss., 2012 | ||
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Contents
Acknowledgements P^ge
xv
List of abbreviations
xviii
Table of arbitral awards and cases
xx
Cases
xx
Investor-state arbitral awards
xxi
Other arbitral awards jryij
Table of treaties
xxvi
і і
Table of UN documents
xxx
Introduction
1
1.1 Abrief
history of investment treaties
2
1.2
The scope of the inqvriry
4
1.2.1
The evaluation of levels of protection
derived from existing arbitral jurisprudence
5
1.2.2
The prospective evaluation of legal rules
6
1.2.3
Exceptions to substantive protections
7
1.2.4
Evaluation from a general, impartial
perspective
8
1.3
Outline of the argument
11
Л.ШЇ
ЅТЈѓИСОЈТп
OX eXlSOnjPJ
OrîDS.'iïï
'IG
?,.!
introduction
iu
7.2
Assumptions and premises in social scientific
scholarship on investment, treaties V/
Я.2.1
'Rational actor' theories explaiuiug why
states sign investnient treaties
1.7
2.2,?,
Theories explaining the content of
investment treaties
18
vii
Vlil
CONTENTS
2.2.3
Summary of
social
scientific scholarship
20
2.3
Criticisms of investment treaties
21
2.3.1
Historical methodology and critique
21
2.3.2
Comparative methodology and critique
22
2.3.3
Razian
rule of law norms as a basis for
critique
30
2.3.4
Sovereignty as a basis for critique
31
2.3.5
Human rights norms as a basis for critique
33
2.3.6
Environmental norms as a basis for critique
37
2.4
Justifications for investment treaties and
investment treaty protections
39
2.4.1
Realisation of treaties' purpose as a basis for
justification
39
2.4.2
Consent as a basis for justification
41
2.4.3
Norms of good governance as a basis for
justification
42
2.5
The role of secondary norms in debate about
investment treaties
45
2.6
Synthesis of existing debate, as it relates to
investment treaty protections
48
A framework for evaluating different levels of
investment treaty protection
52
3.1
Introduction
52
3.2
Methodology: the relationship between theory
and evidence
53
3.2.1
The influence of the
Nev/
Haven school of
law and economics
54
3.2.2
To what extent do the decisions of arbitral
tribunals constitute evidence?
57
3.3
Investment treaty protections as liability rules
58
3.4
Efficiency
-
net economic benefits (or costs)
6?,
3.4.1
The concept
o f
efficiency
62
3.4.2
The relationship between efficiency and
other consequences
63
3.4.3
Theory and evidence in the efficiency
analysis
65
3.4.4
Free markets and competitive equality: a
basic efficiency analysis 6b
3.4.5
Efficient government and investor conduct
68
CONTENTS
ІХ
3.4.6
Property rights and efficiency: the
Coase
theorem
80
3.4.7
Summary of efficiency
82
3.5
Distributive consequences
-
the fair allocation of
economic costs and benefits
83
3.5.1
Evidence and theory in the analysis of
distributive consequences
84
3.5.2
The nature and extent of the distributive
consequences of investment treaty
protections
84
3.5.3
Evaluating the distributive consequences of
investment treaties
87
3.5.4
A theory of'compensatory' justice cannot
expiam
why compensation should be paid
for some losses caused by the state but not
others
89
5.5.
S
Libertarian theories of distributive justice
91
3.5.6
Egalitarian theories of distributive justice
92
3.5.7
Utilitarian theories of distributive justice
94
3.5.8
Political process theories and distributive
justice
97
3.5.9
Summary of distributive consequences of
investment treaties
101
3.6
Attraction of foreign direct investment
102
3.6.1
Is additional FDI normatively desirable?
102
3.6.2
Evidence and theory on the relationship
between investment treaty protections and
FDI
104
3.6.3
Empirical evidence on the relationship
between BITs and FDI
105
3.6.4
Theoretical insights on investment
protection and FDI
109
3.6.5
The interaction between investment treaty
protections, FDi and other measures
affecting the investment climate
і
1 2
ЗЉЉ
Summary of
FDï
1.13
3.7
Regulatory chill: consequences for the realisation
of human rights and for environmental
conservation
113
X
CONTENTS
3.7.1
The relationship of regulatory chill to other
consequences
114
3.7.2
Evidence and theory in the regulatory chill
inquiry
115
3.7.3
Theoretical debate about regulatory chill in
the existing literature
116
3.7.4
Assessing empirical evidence of regulatory
chill
118
3.7.5
The possibility of more complex effects on
government decision-making
127
3.7.6
The consequence of regulatory chill for
human rights and environmental
conservation
129
3.7.7
Summary
o f
regulatory chill
13 2
3.8
Respect for the rule of law
133
3.8.1
Theory and evidence on investment treaty
protections and the rule of law
134
3.8.2
Empirical evidence of the impact of
investment treaties on the rule of law in
host states
136
3.8.3
Theories on the relationship between
investment treaties and respect for the rule
of law
136
3.8.4
Formulating hypotheses about the
relationship between levels of investment
treaty protection and the rule of law
137
3.8.5
Summary of the rule of law
139
3.9
The boundaries of the framework
139
3.9.1
The impact of investment treaty protections
on host and on home states
140
3.9.2
Rationales for investment treaties that are
unrelated to the consequences of
investment treaty protections
141
3.10
Conclusion
141
4
Fair and equitable treatment
і
43
4.1
Introduction
143
4.2
Foundational doctrinal issues in the
interpretation of the
FET
standard
146
4.2.1
The drafting of
FET
clauses
146
CONTENTS Xl
4.2.2
FET:
customary international
ław
minimum
standard or autonomous treaty standard?
148
4.2.3
Is it legitimate to abstract from textual
variation in
FET
provisions in an analysis of
FET
decisions?
153
4.2.4
Other standards equivalent to the
FET
standard
156
4.3
Parameters: the scope of the
FET
standard and the
limitations of this chapter
156
4.3.1
Conduct of a state's judicial institutions that
breaches the
FET
standard
157
4.3.2
Conduct that breaches the
FET
standard
because it is discriminatory
158
4.3.3
Conduct that breaches the standard because
it is in bad faith
160
4.4
The elements of
FET
161
4.4.1
The taxonomy of the elements of
FET
used in
this chapter
16
j
4A.7, A unified
j
uris
prudential theory of
FET?
164
4.4.3
Fact-specific reasoning and the
FET
standard
166
4.5
Legitimate expectations
167
4.5.1
The legal rights approach
170
4.5.2
The representations approach
175
4.5.3
The stability approach
184
4.5.4
The business plan approach
190
4.5.5
Summary: the four interpretations of the
legitimate expectations element of
FET
194
4.6
Procedural review of government conduct under
the
FET
standard
194
4.6.1
Geniti: a
narrow approach
197
4.6.2
Chemtura: an intermediate approach
199
4.6.3
Teemed: an exacting approach
7,06
4.6.4
Summary: the three interpretations of the
procedural element of
FET
2ΊΌ
4.7
Substantive review of
governmen t
conduct uncie
r
the
FET
ξ
tanda
rd
?. 1
0
4.7.1
Tlie
'no substantive review" approach 2\.2
4.7.2
Reasonableness review in general
2
ili
4.7.3
Reasonableness review: the margin of
apprécia
tion
approach
216
ХИ
CONTENTS
4.7.4
Reasonableness review: the
politics-as-irrationality approach
220
4.7.5
The proportionality approach to substantive
review
224
4.7.6
Summary: the four interpretations of the
substantive element of
FET
227
4.8
Conclusion
227
Indirect expropriation
229
5.1
Introduction
229
5.2
Expropriation provisions of investment treaties
231
5.2.1
Indirect expropriation and variation in
treaty text
232
5.2.2
Indirect expropriation in customary
international law
235
5.2.3
What is an investment, and why does it
matter? 23 b
5.2.4
The requirements for an expropriation to be
legal, including compensation
240
5.3
The taxonomy
241
5.3.1
The taxonomy used in this chapter
242
5.3.2
Can arbitral decisions be explained by a
unified
j
urisprudential theory of indirect
expropriation?
243
5.3.3
Fact-specific reasoning and indirect
expropriation
245
5.3.4
Are decisions dealing with the expropriation
of contracts distinct?
245
5.4
The effects structure of inquiry
247
5.4.1
The Metalclad approach: effect on economic
value
248
5.4.2
The Pope
&
Talbot
approach: substantial
deprivation of property interests ?,51
5.4.3
The effect of appropriation: an alternative
approach?
255
5.4.4
Summary: the effects structure of inquiry
255
ΰ.ΰ
The exception structure of inquiry
256
5.5.1
The Methanex approach: a police powers
carve-out
256
5.6
The balancing structure of inquiry
260
CONTENTS
ХШ
5.6.1
The Teemed approach: proportionality
balancing
261
5.6.2
The US annex approach: characterisation as
a technique for balancing
263
5.7
Conclusion
271
Application of the framework and conclusions
273
6.1
Introduction
273
6.2
The framework:
abrief
recapitulation
274
6.3
To what extent should the
FET
standard protect
investors' legitimate expectations?
275
6.3.1
The business plan approach versus the
stability approach
7,76
6.3.2
The stability approach versus the
representations approach
279
6.3.3
The representations approach versus the
legal rights approach
283
6.3.4
Conclusion: the most desirable level of
protection of legitimate expectations
288
6.4
To what extent should the
FET
standard provide
for procedural review of government conduct?
7,88
6.4.1
The narrow approach versus the
intermediate approach
289
6.4.2
The intermediate approach versus the
exacting approach
293
6.4.3
Conclusion: the most desirable level of
protection from procedural unfairness
297
6.5
To what extent should the
FET
standard provide
for substantive review of government conduct?
298
6.5.1
The margin of appreciation approach versus
the politics-as-irrationality approach
298
6.5.2
The margin of appreciation approach versus
the proportionality approach
304
6.5.3
The margin of appreciation approach versus
che 'no
substantive review' approach.
309
6.5.4
Conclusion: the most: desirable level of
protection from substantive irrationality
313
6.6
Which of the five levels of protection against
Indirect expropriation is the most desirable?
315
XIV CONTENTS
6.6.1
The Metalclad approach versus the Pope
Ь
Talbot
approach
316
6.6.2
The US annex approach versus the Teemed
approach
320
6.6.3
The Methanex approach versus the US annex
approach versus the Pope
&
Talbot
approach
324
6.6.4
Conclusion: the most desirable level of
protection from indirect expropriation
330
6.7
Overall conclusions
330
6.8
Summary
335
7
Implications of the conclusions
336
7.1
Introduction
336
7.2
The implications for states: drafting, amendment
and clarification of investment treaties
337
7.2.1
The case for reconsidering existing treaty
practice
337
7.2.2
The range of options available to states
338
7.2.3
The perspective of a single state
339
7.2.4
Drafting the substantive protections of new
investment treaties
341
7.2.5
Amendment of existing treaties
344
7.2.6
Interpretative statements clarifying the
meaning of existing investment treaties
348
7.3
The implications for arbitrators and practitioners:
the interpretation of existing treaties
350
7.3.1
The characterisation and significance of a
treaty's 'object and purpose'
351
7.3.2
The influence of'extra-legal' factors on
interpretation in practice
357
7.4
Conclusion
362
8
The future of debate about investment treaties
363
Bibliography
index
393 |
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| spelling | Bonnitcha, Jonathan Verfasser aut Substantive protection under investment treaties a legal and economic analysis Jonathan Bonnitcha 1. publ. Cambridge Cambridge Univ. Press 2014 XXX, 396 S. txt rdacontent n rdamedia nc rdacarrier Cambridge studies in international and comparative law Literaturverz. S. 365 - 392 Zugl.: Oxford, Univ., Diss., 2012 Wirtschaftsrecht (DE-588)4066510-0 gnd rswk-swf Auslandsinvestition (DE-588)4003772-1 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Auslandsinvestition (DE-588)4003772-1 s Wirtschaftsrecht (DE-588)4066510-0 s DE-604 Digitalisierung UB Passau - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027622587&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bonnitcha, Jonathan Substantive protection under investment treaties a legal and economic analysis Wirtschaftsrecht (DE-588)4066510-0 gnd Auslandsinvestition (DE-588)4003772-1 gnd |
| subject_GND | (DE-588)4066510-0 (DE-588)4003772-1 (DE-588)4113937-9 |
| title | Substantive protection under investment treaties a legal and economic analysis |
| title_auth | Substantive protection under investment treaties a legal and economic analysis |
| title_exact_search | Substantive protection under investment treaties a legal and economic analysis |
| title_full | Substantive protection under investment treaties a legal and economic analysis Jonathan Bonnitcha |
| title_fullStr | Substantive protection under investment treaties a legal and economic analysis Jonathan Bonnitcha |
| title_full_unstemmed | Substantive protection under investment treaties a legal and economic analysis Jonathan Bonnitcha |
| title_short | Substantive protection under investment treaties |
| title_sort | substantive protection under investment treaties a legal and economic analysis |
| title_sub | a legal and economic analysis |
| topic | Wirtschaftsrecht (DE-588)4066510-0 gnd Auslandsinvestition (DE-588)4003772-1 gnd |
| topic_facet | Wirtschaftsrecht Auslandsinvestition Hochschulschrift |
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