Hajdu Gábor: Értékdilemmák befektetésvédelmi szerződésekben : gazdasági fejlődés kontra közérdek.
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Abstract
Foreign investment protection has reached a high level of importance over the past decades, as the world economy becomes more intertwined with each year, and capital crosses borders more and more frequently. Foreign investment protection was originally created as a means of ensuring the smooth transfer of capital, and that foreign investments made in a given country are treated well and without undue discrimination. This concept evolved into its own system over time, emphasizing various standards, the forbidding of expropriation and nationalization, and a special method of dispute resolution called investor-state dispute settlement (ISDS), which used international arbitration as a basis. This system came to be chiefly embodied by the nearly three thousand bilateral investment treaties (BITs), but this has slowly started to change with the increased emergence of other treaty types. Despite its popularity among the world’s political and business leaders, ISDS has recently come under heavy scrutiny from both the public and experts, on account of its perceived inadequacies. According to some theorists, the concept of regulatory chill comes into play here. That is, the host state will refrain from measures infringing on the interests of foreign investors, so as to avoid a costly ISDS process. The purpose of this article is thus to examine the different values present in foreign investment protection, and how these values clash with each other. The article is separated into two main parts. First, it discusses the different types of investment agreements, such as the aforementioned BITs, multilateral mixed and specialized treaties, and individual contracts made between the foreign investor and the host state. Following this, the article dwells into what different interests come into play during the negotiation of the treaties. Afterwards, the subject moves onto the discussion of ISDS and regulatory chill and its different types (internalization chill, threat chill, cross-border chill). Following this, three cases (Veolia v. Egypt, Philip Morris v. Uruguay and Copper Mesa Mining v. Ecuador) are presented as emblematic examples of three different values that often get attacked in foreign investment protection (employee rights, public health and environmental protection). In the finale of the article, the author goes over the lessons learnt over the course of the research, and what can be done by the host states to better protect their values in the face of pure economic interest and the interests of foreign investors.
| Item Type: | Conference or Workshop Item |
|---|---|
| Other title: | Value dilemmas in investment treaties : economic development versus public interest |
| Journal or Publication Title: | Jog-erkölcs-kultúra : értékdilemmák és identitások a jogrendszerekben |
| Date: | 2020 |
| Volume: | 10 |
| ISSN: | 2063-3807 |
| ISBN: | 978-963-306-722-2 |
| Page Range: | pp. 51-60 |
| Series Name: | Szegedi Jogász Doktorandusz Konferenciák |
| Language: | Hungarian, English |
| Place of Publication: | Szeged |
| Event Title: | Jog-erkölcs-kultúra : értékdilemmák és identitások a jogrendszerekben (2019) (Szeged) |
| Related URLs: | http://acta.bibl.u-szeged.hu/74894/ |
| Uncontrolled Keywords: | Kötelmi jog, Szerződés - befektetésvédelmi |
| Additional Information: | Bibliogr. a lábjegyzetekben ; összefoglalás angol nyelven |
| Subjects: | 05. Social sciences 05. Social sciences > 05.05. Law |
| Date Deposited: | 2022. Mar. 25. 11:00 |
| Last Modified: | 2023. Dec. 05. 11:25 |
| URI: | http://acta.bibl.u-szeged.hu/id/eprint/75030 |
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