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Practising VirtueInside International Arbitration$
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David D. Caron, Stephan W. Schill, Abby Cohen Smutny, and Epaminontas E. Triantafilou

Print publication date: 2015

Print ISBN-13: 9780198739807

Published to Oxford Scholarship Online: January 2016

DOI: 10.1093/acprof:oso/9780198739807.001.0001

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The Deal with BITs

The Deal with BITs

What the Parties Thought They Would Get, What They Thought They Were Giving Up to Get It, and What They Got

Chapter:
(p.543) 32 The Deal with BITs
Source:
Practising Virtue
Author(s):

O Thomas Johnson

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198739807.003.0033

This chapter first considers what developing and developed countries thought they were getting, and what they thought they were giving, when they entered into bilateral investment treaties (BITs). It then reviews what the evidence shows these countries in fact got and gave, and ends by considering what developed and developing countries are doing now that they better understand the deal they struck. While the jury is still out on the economic effects of BITs, BITs have managed to create, by introducing investor-state arbitration, a dispute settlement mechanism that is far superior to available alternatives, such as diplomatic protection and dispute settlement in domestic courts. The principal contribution of investment treaties therefore lies in their contribution to international dispute settlement.

Keywords:   developing countries, developed countries, bilateral investment treaties, investor-state arbitration, dispute settlement mechanism, international dispute settlement, investment treaty arbitration

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