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The Future of International Investment Protection Law: The Promotion of Sustainable (Economic) Development as a Public Good

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Chapter Summary

For many decades international investment protection law struggled with the issue of finding a balance between a host state's interest in retaining its regulatory flexibility and investor protection. This chapter aspires to demonstrate a paradigm shift in international investment protection law that calls for the promotion of sustainable (economic) development as a public good, consequently affecting the role that non-economic public interests play in setting the scope of investment protection standards. The chapter consists of three main parts and focuses on: the object and purpose of international investment protection law, namely, the promotion of economic development, its current meaning, arguing that economic development is a generic term, and sustainable development is a corrective principle to the allegedly generic term of economic development. Finally, the study concludes with the effect of the clarified object and purpose of investment law on the choice of methodologies of applying the vague indirect expropriation standard.

Keywords: economic development; international investment protection law; investment protection standards; promotion; public good



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