Emergence & Dynamism in International Organizations: ICSID, Investor-State Arbitration & International Investment Law
Puig, Sergio, Georgetown Journal of International Law
TABLE OF CONTENTS I. INTRODUCTION II. EVOLUTION IN FOUR ACTS: MINIMALISM, AMBITION, IDEALISM AND PRAGMATISM A. Minimalism: ICSID as "Lex Fori" 1. Expanding Membership: UNCTAD Recommends "Both Adherence to and Use of the Convention" 2. A Slow Start: Success "Should Not be Measured by the Number of Disputes Submitted" B. Ambition: ICSID as "Instrument of International Public Policy" 1. Specialization: "Very Different Disputes" 2. De-politicization: "A Superior Solution to the Calvo Doctrine" a. We Need to "Diversify Representation of Nationalities of ICSID Tribunals" b. The Abstention of Courts is "Essential to the Proper Implementation of the Convention" c. Annulment: "A Viable and Useful Dispute Resolving Instrument is in Peril" 3. Stabilization: A "Role in Improving the Investment Climate" a. MIGA and ICSID Reduce "Political Risk as a Barrier to Investment" b. The Guidelines on the Treatment of FDI were "Praised by Business Organizations" C. Idealism: ICSID as "Progressive Development of Law Governing Investment" 1. Transparency: A Form of Contestation of the Investor-state Mode of Dispute Settlement a. "Transparency---Not Secrecy--Should be the Rule, and Not the Exception" b. We Shall "Adapt Regulations and Rules to Respond to Many Changing Demands" 2. International Judicialization: Constraining the Regulatory Activity of Governments a. The Malleable Boundaries of Investor-state Arbitration b. "An ICSID Appeals Facility?" 3. Retrenchment: From Public Policy to Dissemination of Knowledge a. The Defeat of the Multilateral Agreement on Investment b. Not the Only but "the Leading Center for the Resolution of Investment Disputes" D. Pragmatism: ICSID as a "Leader in Administration of International Investment Disputes" 1. Procedural Efficiency: "Investors and States Might Lose Interest in ICSID" a. "ICSID's Financial Self-Sufficiency" b. The Amendments of 2006: "New Criticisms of Process, Calls for Change" 2. The Second Step of Judicialization: Transnational Legal Process a. Predictability: "Annulment Remains an Exceptional Remedy" b. Compliance: "Award Should be Complied With as Final Judgment of the Final Court" c. Neutrality: "Commitment to Diversity [and] Conflict-of-Interest Avoidance" 3. Delinking ICSID and the Development Mission: Secretary-General A "Full-Time Job" III. CONCLUSION A. ICSID and the Development of International Investment Law B. ICSID and Long-Term Institutional Dynamics 1. Top-Down Process: Transnational Institution Building 2. Bottom-Up Process: Judicialization as Equilibrium 3. Some Resulting Recommendations C. ICSID and IOs in Complicated Political Environments
Almost a half-century after the advent of the International Centre for Settlement of Investment Disputes (ICSID or the Centre), the institution of the World Bank (WB) is almost synonymous with the field of international investment law. Yet, how and why this confluence developed is a gap in the rich literature dealing with this remarkably influential international organization (IO).
This Article addresses this gap and trains new attention on a critical and under-scrutinized factor associated with the development of modern international investment law: the legal, political, and bureaucratic dynamics that …
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Emergence & Dynamism in International Organizations: ICSID, Investor-State Arbitration & International Investment Law. Contributors: Puig, Sergio - Author. Journal title: Georgetown Journal of International Law. Volume: 44. Issue: 2 Publication date: Winter 2013. Page number: 531+. © 2008 Georgetown University Law Center. COPYRIGHT 2013 Gale Group.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.