Rethinking the International Investment Law System

The debate over investor-state dispute settlement (ISDS) has been increasingly contentious, while at the same time becoming less focused on the substantive issues involved. This article seeks to provide a balanced critique of ISDS, emphasizing three main points: (1) foreign investment today is often courted by host governments, rather than treated badly; (2) in today's globalized world, the distinction between 'foreign' and 'domestic' investment is less clear; and (3) international judicial review is a controversial idea that should be pursued with some caution. It also suggests alternative approaches to dealing with any negative treatment that foreign investors face.