Part IV The International Legal Framework, 14 The Treatification of International Investment Law
From: The Three Laws of International Investment: National, Contractual, and International Frameworks for Foreign Capital
Jeswald W. Salacuse
- International economic law — Specialized treaty frameworks — Law of treaties — BITs (Bilateral Investment Treaties) — Object & purpose (treaty interpretation and) — International organizations — Regional organizations
As a result of the perceived deficiencies of the customary international law applicable to foreign investments, discussed in the preceding chapter, international investors in the mid-twentieth century had no assurance that investment arrangements and contracts made with host country governments would not be subject to unilateral change by those governments at some later time. In fact, they did experience expropriations, nationalizations, and forced renegotiation of contracts on many occasions. 1 As a result, foreign investments at that time, particularly in...