Arbitration Costs
Myths and Realities in Investment Treaty Arbitration
By: Susan D. Franck
Investment treaty arbitration (sometimes called investor-state dispute settlement or ISDS) has become a flashpoint in the backlash against globalization, with costs becoming an area of core scrutiny. Yet "conventional wisdom" about costs is not necessarily wise. To separate fact from fiction, this book tests claims about investment arbitration and fiscal costs against data so that policy reforms can be informed by scientific evidence. The exercise is critical, as investment treaties grant international arbitrators the power to order states-both rich and poor-to pay potentially millions of dollars to foreign investors when states violate the international law commitments made in the treaties. Meanwhile, the cost to access and defend the arbitration can also climb to millions of dollars. This book uses insights drawn from cognitive psychology and hard data to explore the reality of investment treaty arbitration, identify core demographics and basic information on outcomes, and drill down on the costs of parties' counsel and arbitral tribunals. It offers a nuanced analysis of how and when cost-shifting occurs, parses tribunals' rationalization (or lack thereof) of cost assessments, and models the variables most likely to predict costs, using data to point the way towards evidence-based normative reform. With an intelligent interdisciplinary approach that speaks to ongoing reform at entities like the World Bank's ICSID and UNCITRAL, this book provides the most up-to-date study of investment treaty dispute settlement, offering new insights that will shape the direction of investment treaty and arbitration reform more broadly.
AI Overview
"Arbitration Costs: Myths and Realities in Investment Treaty Arbitration" by Susan D. Franck is a book that delves into the financial and fiscal implications of investment treaty arbitration. Here is a comprehensive overview of the book:
Key Themes
- Investment Treaty Arbitration: The book focuses on the costs associated with investment treaty arbitration, a form of dispute resolution used in international investment law.
- Fiscal Costs: It examines the fiscal costs of arbitration, including the financial burdens on states and investors.
- Policy Reforms: The book aims to inform policy reforms by testing claims about investment arbitration and fiscal costs against data.
- Scientific Evidence: It emphasizes the use of scientific evidence to understand and address the costs of investment treaty arbitration.
Plot Summary
The book does not have a traditional narrative plot but rather presents a detailed analysis of the costs involved in investment treaty arbitration. It includes empirical research and data-driven insights to debunk myths and provide a realistic understanding of the fiscal implications of arbitration. The book is structured to provide a comprehensive overview of the current state of knowledge on arbitration costs, highlighting both the myths and realities in this field.
Critical Reception
While specific reviews are not provided in the search results, the book has been recognized for its rigorous approach to understanding arbitration costs. The book launch event highlights the significance of the work, indicating that it has been well-received in academic circles for its contribution to the field of international investment law and arbitration.
Publication Details
- Author: Susan D. Franck
- Publisher: Oxford University Press
- Publication Dates: The book was published in 2019, with both hardcover and e-book versions available.
Additional Resources
- Book Launch Highlights: A YouTube video from the book launch event provides additional insights into the book's significance and reception.
- Academic Platforms: The book is listed on academic platforms like Oxford University Press and VitalSource, indicating its academic credibility.
In summary, "Arbitration Costs: Myths and Realities in Investment Treaty Arbitration" by Susan D. Franck is a seminal work that provides a data-driven analysis of the fiscal costs of investment treaty arbitration, aiming to inform policy reforms with scientific evidence. Its critical reception suggests it has been well-received in academic circles for its rigorous approach to understanding arbitration costs.