Book contents
- Cambridge Compendium of International Commercial and Investment Arbitration
- Cambridge Compendium of International Commercial and Investment Arbitration
- Copyright page
- Contents
- Figures
- Tables
- Contributors
- Preface
- Part I Foundations
- Part II Public Law Questions Relating to Arbitration
- 6 Human Rights in International Commercial and Investment Arbitration
- 7 Democracy and International Investment Law
- 8 Investment Arbitration and the Rule of Law
- 9 Arbitration and the Development of Law
- Part III Stakeholders in Arbitration
- Part IV Applicable Law
- Part V Jurisdiction of the Arbitrator
- Part VI The Arbitral Tribunal
- Part VII Procedural Questions in Arbitration
- Part VIII Role of State Courts in Arbitration
- Part IX Awards
- Part X Post-Award Issues
- Part XI Legal Concepts
- Part XII Areas of Concern
- Part XIII Arbitration and Related Fields
- Part XIV EU Law and Arbitration
7 - Democracy and International Investment Law
from Part II - Public Law Questions Relating to Arbitration
Published online by Cambridge University Press: 18 February 2023
- Cambridge Compendium of International Commercial and Investment Arbitration
- Cambridge Compendium of International Commercial and Investment Arbitration
- Copyright page
- Contents
- Figures
- Tables
- Contributors
- Preface
- Part I Foundations
- Part II Public Law Questions Relating to Arbitration
- 6 Human Rights in International Commercial and Investment Arbitration
- 7 Democracy and International Investment Law
- 8 Investment Arbitration and the Rule of Law
- 9 Arbitration and the Development of Law
- Part III Stakeholders in Arbitration
- Part IV Applicable Law
- Part V Jurisdiction of the Arbitrator
- Part VI The Arbitral Tribunal
- Part VII Procedural Questions in Arbitration
- Part VIII Role of State Courts in Arbitration
- Part IX Awards
- Part X Post-Award Issues
- Part XI Legal Concepts
- Part XII Areas of Concern
- Part XIII Arbitration and Related Fields
- Part XIV EU Law and Arbitration
Summary
A current critique in international investment law is the presumed lack of democratic legitimacy: Investment tribunals exercise public authority and take indirect influence on public law-making. Awards might create a ‘regulatory chill’ on the respondent’s parliament in enacting legislation; the adjudicatory powers of investment tribunals might affect policy options and thereby democratic space. This contribution highlights different aspects to improve the legitimacy of international investment law. The need for legitimization refers to persons and institutions as well as to measures adopted by these persons or institutions. All of this results in different reference points of democratic legitimization which are examined separately: international investment agreements; investment contracts especially with stabilization clauses; adjudicators as well as tribunal’s powers and decisions adopted; appointment procedures of arbitrators; the consent to arbitration as well as the determination of the applicable law are generally based on agreements or contracts - these requiring inter alia democratic legitimization. Moreover, in the ongoing reform debate a further institutionalization of investment law, the appointment of permanent judges, a concretization of protection standards, a higher personal legitimization to counter a lack of material legitimacy are discussed.
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- Publisher: Cambridge University PressPrint publication year: 2023
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