COVER -- HALF-TITLE -- TITLE -- COPYRIGHT -- DEDICATION -- CONTENTS -- PREFACE -- LIST OF FIGURES -- TABLE OF TREATIES, DRAFT INSTRUMENTS, AND RELATED DOCUMENTS -- Multilateral treaties -- Bilateral treaties -- Draft instruments and other non-binding instruments and related material -- TABLE OF CASES -- Permanent Court of International Justice -- International Court of Justice -- International Tribunal for the Law of the Sea -- GATT/WTO Dispute Settlement Body -- European Court of Human Rights -- European Court of Justice -- Iran-United States Claims Tribunal -- Arbitral awards and decisions by claims commissions -- Decisions of Domestic Courts -- I Introduction: globalization and international investment law -- A International investment law as a building block of the global economy -- B International investment law, economic ideology and hegemony -- C The choice between bilateralism and multilateralism -- D Investment treaties - instruments of bilateralism or elements of a multilateral system? -- E The multilateralization of international investment law on the basis of bilateral treaties -- F The course of the argument -- II The dynamics of multilateralism and bilateralism in international investment relations -- A The state of international investment law until 1945 -- 1 Customary international law -- 2 Treaty rules -- (a) Treaties of friendship, commerce, and navigation -- (b) Treaties establishing equality of opportunity in certain territories -- B The failures of multilateralism I: 1945-1974 -- 1 The Havana Charter - 1948 -- 2 OECD Draft Convention on the Protection of Foreign Property - 1967 -- C The rise of bilateral and regional investment treaties -- D Limited success of multilateralism: ICSID and MIGA -- 1 The International Centre for Settlement of Investment Disputes (ICSID) -- 2 The Multilateral Investment Guarantee Agency (MIGA).

E The failures of multilateralism II: 1990-2004 -- 1 Earlier attempts to introduce investment issues into the GATT/WTO -- 2 The OECD Multilateral Agreement on Investment (MAI) - 1998 -- 3 Multilateral investment rules in the WTO: Doha - Cancun - and beyond -- F Conclusion -- III Treaty negotiation and multilateralization of international investment law -- A The standard content of bilateral investment treaties -- 1 The scope of application of BITs -- 2 Substantive investor rights conferred under BITs -- (a) Non-discrimination, national treatment and MFN treatment -- (b) Fair and equitable treatment and full protection and security -- (c) Protection against direct and indirect expropriation -- (d) Umbrella clauses -- (e) Capital transfer provisions -- 3 Dispute settlement mechanisms under BITs -- B The dynamics of treaty negotiation: the creation of homogeneous treaty texts -- 1 The entrenchment of bilateralism in multilateral settings -- (a) The use of model treaties -- (b) Multilateral draft conventions as guidance for model BITs -- (c) Multilateral treaties as frameworks for BITs -- 2 Uniformity of investment rules and transaction costs -- 3 Uniformity of investment rules and North-South hegemony -- C Multilateralism and the specific interest in uniform investment rules -- 1 Investment cooperation, comparative advantage and competition in a global market -- 2 Multilateral investment rules and negative externalities -- 3 Multilateral investment rules and international relations -- D Conclusion -- IV Multilateralization through most-favored-nation treatment -- A Historical and doctrinal background of MFN clauses -- 1 The structure of MFN clauses -- 2 The historical development of MFN clauses -- 3 Codification on MFN clauses by the International Law Commission -- B Multilateralizing substantive investment protection.

1 Importing more favorable investor rights -- 2 Limits to the operation of MFN clauses -- (a) Explicit restrictions of the scope of application of the MFN clause -- (b) Restrictions to MFN clauses based on the scope of application of the basic treaty -- 3 Circumventing restrictions of MFN treatment -- C Multilateralizing procedural investment protection -- 1 Circumventing admissibility-related access restrictions to investor-State dispute settlement -- (a) Shortening waiting periods: Maffezini v. Spain -- (b) Multilateralizing benefits without extending disadvantages: cherry-picking in Siemens v. Argentina -- (c) Subsequent arbitral jurisprudence -- 2 Struggling to base jurisdiction on MFN clauses -- (a) Salini v. Jordan -- (b) Plama v. Bulgaria -- (c) Subsequent jurisprudence -- (d) Acceptance of basing jurisdiction on MFN clauses: RosInvest Co v. Russia -- D Multilateralizing arbitral jurisdiction -- 1 MFN clauses and treaty interpretation -- 2 International jurisprudence supporting a broad application of MFN clauses -- 3 The object and purpose of investment treaties -- 4 Equal competition and investor-State dispute settlement -- 5 Jurisdiction and compliance with treaty obligations -- 6 Must the State's consent to arbitrate be "clear and unambiguous"? -- 7 MFN clauses and treaty-shopping -- 8 MFN treatment and public policy restrictions -- E Conclusion: MFN treatment - securing the future of multilateralism -- V Multilateralization and corporate structuring -- A Shareholder protection in international investment law -- 1 Companies incorporated in the host State -- 2 Minority shareholder protection -- 3 Indirect investments in multilevel corporate structures -- 4 The scope of protection of shareholders -- 5 Multilateralization of investment protection through shareholder protection.

B "Hiding behind the corporate veil": corporate structuring and corporate nationality -- 1 Defining corporate nationality -- 2 Assuming third-country nationality -- 3 Dual nationals and corporate structuring -- 4 Protecting host State reinvestments -- 5 Corporate structuring and treaty-shopping -- C Conclusion -- VI Multilateral enforcement of international investment law -- A Investment treaty arbitration as a compliance mechanism -- 1 Bilateralism in traditional international law compliance structures -- (a) The mediation of foreign investors through an inter-State prism -- (b) Structural insufficiencies of diplomatic protection -- (c) Distinction between State and investor interests -- 2 The empowerment of investment tribunals -- (a) The investor's right to seek damages -- (b) The limited influence of States on the arbitral process -- (c) Limited review of arbitral awards -- (d) Recognition and enforcement of arbitral awards -- 3 Multilateralizing investment protection through investor-State arbitration -- B Investment treaty arbitration as a mechanism for resolving uncertainty in international investment relations -- 1 The vagueness of investor rights -- 2 The dissolution of rule making and rule application -- 3 NAFTA digression: the effectiveness of Notes of Interpretation -- (a) The impending threat of institutional conflict: Pope & Talbot v. Canada -- (b) Post-Pope & Talbot: dynamic adjustments of customary international law -- C Conclusion -- VII Multilateralization through interpretation: producing and reproducing coherence in investment jurisprudence -- A The potential for inconsistencies in investment treaty arbitration -- 1 Incoherence and fragmentation in international dispute resolution -- 2 Fragmentation in international investment law: multiplicity of sources, multiplicity of proceedings.

3 Arbitration: an embryonic institutional design -- 4 The non-existence of stare decisis in international investment law -- 5 Conclusion -- B Interpretation methods and the unity of the system's sources -- 1 Bilateralism and multilateralism in treaty interpretation -- (a) Bilateralism in treaty interpretation -- (b) Multilateralism in treaty interpretation -- 2 Multilateralization through cross-treaty interpretation in investment arbitration -- (a) The use of third-country BITs of the contracting States -- (b) The use of wholly unrelated third-country BITs -- 3 The use of model treaties in interpretation -- 4 Teleological interpretation of BITs -- 5 Conclusion -- C The system's operative unity: the emergence of a system of de facto precedent in investment treaty arbitration -- 1 The functions of precedent in concurring awards -- (a) Analogizing with earlier decisions -- (b) Precedent as a means of clarification of BIT provisions -- (c) Abbreviation of reasoning -- (d) The creation of de facto stare decisis: precedent and standard setting -- (e) Transfer of the law-making function from States to tribunals -- (f) Conclusion -- 2 Unity of investment law and conflicting decisions -- (a) Cases of open dissent -- (b) Distinction of facts as an instrument to uphold unity -- (c) Reconciling conflicts through conflict rules -- (d) Unity in investment jurisprudence by concealing dissent -- 3 Conclusion -- D Conclusion: the emergence of a system of international investment law through interpretation -- VIII Conclusion: multilateralization - universalization - constitutionalization -- A Summary: the multilateralization of international investment law -- B Toward a universal regime of investment protection -- C The constitutional function of international investment law -- BIBLIOGRAPHY -- INDEX.