Professor Salacuse on "The Emerging Global Regime for Investment"

Harvard International Law Journal Vol. 15

Although the 3000 international investment treaties concluded since the end of World War II are separate and distinct international legal instruments, they constitute, as a group, an emerging global regime for investment. Drawing on regime theory from the field of international re- lations, this Article examines the elements of the international investment regime, the reasons for its development, the goals that it pursues, and the challenges that it faces. While having all the characteristics of other in- ternational regimes, the investment regime also has three unique features: it has been bilaterally, rather than multilaterally, constructed; it decen- tralizes and privatizes decisionmaking processes; and it is not based on a multilateral international organization.