V Admission and Establishment
Rudolf Dolzer, Christoph Schreuer
- Law of treaties — BITs (Bilateral Investment Treaties) — International economic law — Standards of treatment — Investment ‘in accordance with host state law’ — Specialized treaty frameworks
In the late 1980s there was a growing international consensus that economic liberalism promised more growth and innovation than economic protectionism within closed national or regional borders. A now famous paper by J Williamson provided a list of conditions for successful economic growth, which eventually came to be known as the ‘Washington Consensus’.1 The 1980s were considered, from a development perspective, as the ‘lost decade’ in Latin America and Africa, which led to more poverty, economic stagnation, and fiscal disorder, mainly due to inward-looking,...