State Measures Affecting the Property of Foreign Investors: Expropriation or Regulation ?

Abstract

The erosion of the borders and market barriers, the reduction in the costs of transportation and communications which are driving forces of globalization are making the world smaller. Advances in economy, technology and politics create interdependence between countries. Corporations, as well as individuals, have important responsibilities to achieve the general raising welfare and sustainable development. Today there is no question on the significance of foreign investments on economic development. Especially for the developing countries whose economic development depends to a large extent on private foreign capital, it is so important to create a satisfactory and stable climate for the flow of foreign investment. There has been a general tendency in international protection of foreign property to transfer domestic norms of property protection on to the international sphere. The fundamental purpose of this movement is to promote the economic development by ensuring the high standard protection to foreign investment.

References

1. Akinsaya, A.A., the Expropriation of Multinational Property in the Third World, 1980
2. American Law Institute, Restatement of the Law Third, the Foreign Relations of the United States, USA, Ameri- can Law Institute Publishers, Vol. 1, 1987
3. Brazell, L., The Energy Charter Treaty: Some Observa- tions on its International Context and Internal Structure, The Energy Charter Treaty: an East-West Gateway for Investment and Trade / edited by Thomas W. Wälde, Bodansky, UN General Assembly Resolutions: Expropria- tion of Foreign Property, University of Georgia School of Law, Class 16 Brownlie, I., Public International Law, 2003, 6th Edition
4. Bubb & Ackerman, BITs and Bargains: Strategic Aspects of Bilateral and Multilateral Regulation of Foreign Investment, International Review of Law and Econom- ics, 2007, Vol.27
5. Cheng, B., United Nations Resolutions on Outer Space: Instant International Customary Law Cotula, L., Regulatory Takings, Stabilization Clauses and Sustainable Development, 2008, OECD Global Forum on
6. International Investment, OECD Investment Division Damrosh & Henkin & Pugh & Schacter & Smit, Inter- national Law Cases and Materials 4th Edition, 2001
7. Dolzer R. & Schreuer C., Principles of International Investment Law, Oxford University Press, 2008
8. Dolzer, R., Indirect Expropriations: New Developments?, , N.Y.U. Environmental Law Journal v.11 Fietta, S., Expropriation and the “Fair and Equitable” Standard, Journal of International Arbitration, 2006

9. Freidman, S., Expropriation in International Law, The London Institute of World Affairs, 1953
10. Frigo, M., Peaceful Enjoyment of Possessions, Expropria- tion and Control of the Use of Property in the System of the European Convention on Human Rights, Italian Yearbook of International Law 2000, v.10, p45-69
11. Ginsburg, T., International Substitutes for Domestic Institutions: Bilateral Investment Treaties and Gover- nance, International Review of Law and Economics, , No.25 Guzman A.T., Why LDCs Sign Treaties That Hurst Them: Explaining the Popularity of Bilateral Investment Trea- ties, Virginia Journal of International Law, 1998, Vol. 38
12. Heindl, J., Toward a History of NAFTA’s Chapter 11, Berkeley Journal of International Law, Vol.24:2, 2006
13. Horowitz, M. The Transformation of American Law 1960
14. International Covenant on Civil and Political Rights, December 16, 1966
15. International Covenant on Economic, Social and Cultural Rights, December 16, 1966
16. Kobrin, S.J., The MAI and the Clash of Globalizations, Journal of Foreign Policy, Washington, DC, No.112, 1998
17. Kronfol, Z.A. , Protection of Foreign Investment, A Study in International Law, 1972
18. Kunoy, B., The Notion of Time in ICSID’s Case Law on Indirect Expropriation, 2006, Journal of International Arbitration, p.339
19. Kurtz, J., Jean Monnet Working Paper, A General Invest- ment Agreement in the WTO? Lessons from Chapter of NAFTA and the OECD Multilateral Agreement on Investment, NYU School of Law, 2002
20. Laing, E.A., International Economic Law and Public Order in the Age of Equality, Law and Policy in Inter- national Business, 1980, Vol.12
21. Lillich, R.B., International Law of State responsibility for Injuries to Aliens, 1983
22. MAI Consolidated Text and Commentary, April 1998
23. Mayeda, G., Playing Fair: The Meaning of Fair and Equi- table Treatment in Bilateral Investment Treaties, Journal of World Trade, Vol.42 No: 2, 2007
24. Newcombe, A., Regulatory Expropriation, Investment Protection and International Law: When Is Government Regulation Expropriatory and When Should Compensa- tion Be Paid? 1999
25. Norton, P.M., Back to the Future: Expropriation and the Energy Charter, The Energy Charter Treaty: an East-West Gateway for Investment and Trade / Edited by Thomas W. Wälde, 1996
26. OECD Working Papers on International Investment, Number 2004/4, Indirect Expropriation and the Right to Regulate in International Investment Law, September
27. OECD, Multilateral Agreement on Investment, Docu- mentation from the Negotiations, Introduction OECD News Release, October 23, 1998
28. Penrose & Joffe & Stevens, Nationalization of Foreign- Owned Property for a Public Purpose: An Economic Perspective on Appropriate Compensation, The Modern Law Review Vol. 55, May 1992
29. Radu, A., Foreign Investors in the EU-Which “Best Treat- ment?” Interactions between Bilateral Investment Trea- ties and EU Law, 2008, European Law Journal, v.14, no.2
30. Reisman, W. M.,& Sloane, R.D., Indirect Expropriation and Its Valuation in the BIT Generation, 2004, British
31. Yearbook of International Law, vol.74, Roth, H., the Minimum Standard of International Law Applied to Aliens, 1949 International Affairs, Royal
32. Institute of International Affairs 1944-, Vol. 27, No. , April, 1951
33. Ruffert, M. , The Protection of Foreign Direct Investment by the European Convention on Human Rights, German Yearbook of International Law,2000, v.43, p.116-148
34. Salacuse, BIT by BIT: The Growth of Bilateral Investment Treaties and their Impact on Foreign Investment in Developing Countries, 1990
35. Sohn & Baxter, Recent Codifications of the Law of State responsibility for Injuries to Aliens, 1974
36. Sornarajah, M., the International Law on Foreign Invest- ment, Cambridge University Pres, 1999
37. Sullivan & Salacuse, Do BITs Really Work?: An Evalua- tion of Bilateral Investment Treaties and Their Grand Bargain, Harvard International Law Journal, Winter , Vol. 46, No.1 Tiryakioglu, B., the Protection of Foreign Direct Investment under International Law, Ankara, 2003
38. Tobin & Ackerman, Foreign Direct Investment and the Business Environment in Developing Countries: the Impact of Bilateral Investment Treaties, Yale Law School, Center for Law, Economics and Public Policy Research Paper No: 293, May 2, 2005
39. UNCTAD, International Investment Rule Setting: Trends, Emerging Issues and Implications, January 5, 2007
40. UNCTAD, Taking of Property, UNCTAD Series on issues in international investment agreements, 2000
41. UNGA Resolution 3281, 29th Session, December 12
42. UNGA Resolution 3201, 29th Session, 1974
43. UNGA Resolution 1803, 17th Session, December 14
44. Waelde, T., International Investment under the 1994
45. Energy Charter Treaty. Legal, Negotiating and Policy Implications for International Investors within Western and Commonwealth of Independent States/Eastern European Countries, Journal of world trade Vol. 29. No.5. October, 1995. p. 5-72.
46. Wagner, J.M., International Investment, Expropriation and Environmental Protection, Golden Gate University law Review, 1999, Vol.29
47. Wallace, R. M.M. , International Law, Fifth Edition, London, Sweet & Maxwell, 2005
48. World Bank Guidelines 1992 World Bank Guidelines
49. Vol.II, Legal Framework for the Treatment of Foreign Investment, 1992
50. Zamora, S., Is There Customary International Economic Law? Reproduced in Prof. Hoffmeister’s PILC 2007-2008
51. Session Lecture Materials (Footnotes) See Dolzer R. & Schreuer C., supra note 2, Annexes p. 379 See Dolzer R. & Schreuer C supra note 2, Annexes p.370 See Dolzer R. & Schreuer C supra note 2, Annexes p.391