Taking Local Expectations Seriously: A Fresh Start for Foreign Investment Governance?

Forthcoming in J.D. Haskell, A. Rasulov (Eds.) New Voices and New Perspectives in International Economic Law (Springer 2020).

17 Pages Posted: 23 Mar 2018 Last revised: 27 Nov 2019

See all articles by Nicolás M. Perrone

Nicolás M. Perrone

Escuela de Derecho, Universidad de Valparaíso

Date Written: March 20, 2018

Abstract

The international investment regime is one of the most controversial areas of international law. Although there are a number of proposals to reform this regime, most of them are centred on safeguarding states’ right to regulate. This article claims that this approach overlooks important political economy challenges. By looking at foreign investor rights through the lenses of property law and theory, this article shows that the international investment regime privileges foreign investors’ expectations to the detriment of local actors. The costs and risks of foreign investment can exceed negative externalities, as these projects can also undermine local rights and values. A successful reform, therefore, needs to take local expectations seriously.

Keywords: International Investment Law, Foreign Investment, International Economic Law, Local Communities

Suggested Citation

Perrone, Nicolas Marcelo, Taking Local Expectations Seriously: A Fresh Start for Foreign Investment Governance? (March 20, 2018). Forthcoming in J.D. Haskell, A. Rasulov (Eds.) New Voices and New Perspectives in International Economic Law (Springer 2020)., Available at SSRN: https://ssrn.com/abstract=3144452

Nicolas Marcelo Perrone (Contact Author)

Escuela de Derecho, Universidad de Valparaíso ( email )

Chile

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