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Article: Legitimacy Crisis and the ISDS Reform in a Political Economy Context

TitleLegitimacy Crisis and the ISDS Reform in a Political Economy Context
Authors
KeywordsISDS Reform
Legitimacy
Consent
Democracy
Sovereignty
Issue Date2022
PublisherYijun Institute of International Law. The Journal's web site is located at http://www.yijuninstitute.org/journal/
Citation
Journal of East Asia and International Law, 2022, v. 15 n. 1, p. 31-60 How to Cite?
AbstractThe variation of countries’ industrial policies and political strategies in a multipolar world brings the investor-state dispute settlement (ISDS) regime to a crossroad. Backlash to the inconsistency, non-transparency, partiality and unfairness of the ISDS regime results from the states’ changing interests and policy priorities, including the rising awareness of democracy. In pursuing the benefits of multilateralism, a multilateral investment court can serve as an alternative to the current investment arbitration regime. States need to clarify the scope of consent based on their political economic considerations. Substantial investment protection standards can be different, whereas the principle of proportionality can serve as an approach to the balance between investment protection and states’ policy arrangements. Meanwhile, there should be efforts to align the interpretation and application of key provisions, possibly through interpretation notes and an appellate body that reviews arbitral decisions, to generalise implicit consensus and to broaden collective acceptance of the regime.
DescriptionHybrid open access
Persistent Identifierhttp://hdl.handle.net/10722/316218
ISSN
2023 Impact Factor: 0.2
2023 SCImago Journal Rankings: 0.107
SSRN

 

DC FieldValueLanguage
dc.contributor.authorLi, SP-
dc.contributor.authorWei, S-
dc.date.accessioned2022-08-31T04:50:20Z-
dc.date.available2022-08-31T04:50:20Z-
dc.date.issued2022-
dc.identifier.citationJournal of East Asia and International Law, 2022, v. 15 n. 1, p. 31-60-
dc.identifier.issn1976-9229-
dc.identifier.urihttp://hdl.handle.net/10722/316218-
dc.descriptionHybrid open access-
dc.description.abstractThe variation of countries’ industrial policies and political strategies in a multipolar world brings the investor-state dispute settlement (ISDS) regime to a crossroad. Backlash to the inconsistency, non-transparency, partiality and unfairness of the ISDS regime results from the states’ changing interests and policy priorities, including the rising awareness of democracy. In pursuing the benefits of multilateralism, a multilateral investment court can serve as an alternative to the current investment arbitration regime. States need to clarify the scope of consent based on their political economic considerations. Substantial investment protection standards can be different, whereas the principle of proportionality can serve as an approach to the balance between investment protection and states’ policy arrangements. Meanwhile, there should be efforts to align the interpretation and application of key provisions, possibly through interpretation notes and an appellate body that reviews arbitral decisions, to generalise implicit consensus and to broaden collective acceptance of the regime.-
dc.languageeng-
dc.publisherYijun Institute of International Law. The Journal's web site is located at http://www.yijuninstitute.org/journal/-
dc.relation.ispartofJournal of East Asia and International Law-
dc.subjectISDS Reform-
dc.subjectLegitimacy-
dc.subjectConsent-
dc.subjectDemocracy-
dc.subjectSovereignty-
dc.titleLegitimacy Crisis and the ISDS Reform in a Political Economy Context-
dc.typeArticle-
dc.identifier.emailLi, SP: sl944@connct.hku.hk-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.hkuros700004097-
dc.identifier.volume15-
dc.identifier.issue1-
dc.identifier.spage31-
dc.identifier.epage60-
dc.publisher.placeKorea, Republic of-
dc.identifier.ssrn4166446-
dc.identifier.hkulrp2022/43-

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