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Vol 24 No 7 July/August 2019

Book of the Month

Cover of The Law and Practice of International Finance: Set of 9 Volumes

The Law and Practice of International Finance: Set of 9 Volumes

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Protection of Legitimate Expectations in Investment Treaty Arbitration: A Theory of Detrimental Reliance


ISBN13: 9781108474283
Published: February 2019
Publisher: Cambridge University Press
Country of Publication: UK
Format: Hardback
Price: £85.00



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This book evaluates the core of the concept of legitimate expectations from first principles in moral philosophy. It adopts an unconventional approach by examining this topic from a deep, philosophical perspective and delves into the debates on the binding nature of promise in moral philosophy. It then develops a doctrinal structure for the standard of protection.

The author places the key premise of the book on the possibility of deriving firm conclusions from the debate and on creating a set of precise and prescriptive "guidelines of the application of legitimate expectations". The features of this book are threefold: first, a significant body of literature on moral philosophy is assimilated; second, core philosophical principles are extracted and expressed as a normative framework to resolve concrete cases; third, the author analysed a vast number of investment treaty awards against the underlying framework.

Subjects:
International Investment Law, Arbitration and Alternative Dispute Resolution
Contents:
Part I. Why Do We Need a Theory of Legitimate Expectations?:
1. Introduction
2. The formalist conception of legitimate expectations and different paradigms of the investment treaty regime: a critique
Part II. What is the Theory of Legitimate Expectations?:
3. Theoretical foundations for the use of moral philosophy of promise and conceptualisation of legitimate expectations
4. The voluntarist conception of legitimate expectations and enforcement of sovereign promise
5. 'Letting investors down', protection of trust, and assurance conception of legitimate expectations
6. Protecting against investors' detrimental reliance: reliance conception of legitimate expectations
7. In search of the most suitable conception of legitimate expectations
Part III. What is the Application of the Theory of Legitimate Expectations?:
8. Normative consequences of the reliance theory of legitimate expectations
9. Rethinking remedies for a breach of legitimate expectations: corrective justice and reliance damages.