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The First Bilateral Investment TreatiesU.S. Postwar Friendship, Commerce, and Navigation Treaties$
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Kenneth J. Vandevelde

Print publication date: 2017

Print ISBN-13: 9780190679576

Published to Oxford Scholarship Online: April 2017

DOI: 10.1093/acprof:oso/9780190679576.001.0001

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(p.1) Introduction
The First Bilateral Investment Treaties

Kenneth J. Vandevelde

Oxford University Press

The Roosevelt-Truman administrations conceived a foreign investment policy that sought to project New Deal liberalism onto the world, in part through the negotiation of FCN treaties with new investment-related provisions based on rule of law principles in the U.S. Constitution and on the free enterprise system. The New Deal liberalism underlying these provisions recognized that the state has the power and an obligation to regulate the economy, but subject to rule of law principles. These FCN treaty provisions would form the basis for the modern network of thousands of international investment agreements. The negotiation of the U.S. postwar FCN treaties is thus the birthing moment of one of the most important developments in international economic law in the twentieth century. This book tells the story of that moment, drawing upon some 32,000 pages of negotiating history in the National Archives.

Keywords:   Roosevelt, Truman, New Deal liberalism, U.S. Constitution, rule of law, free enterprise, power to regulate, negotiating history, National Archives

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