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Shifting Paradigms in International Investment LawMore Balanced, Less Isolated, Increasingly Diversified$
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Steffen Hindelang and Markus Krajewski

Print publication date: 2016

Print ISBN-13: 9780198738428

Published to Oxford Scholarship Online: April 2016

DOI: 10.1093/acprof:oso/9780198738428.001.0001

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Investment Protection and Sustainable Development

Investment Protection and Sustainable Development

What Role for the Law of State Responsibility?

(p.204) IX Investment Protection and Sustainable Development
Shifting Paradigms in International Investment Law

Helmut Philipp Aust

Oxford University Press

This chapter analyses the suggestions of UNCTAD’s Investment Policy Framework for Sustainable Development (IPFSD) in the field of remedies and State responsibility. The contribution gives a brief overview of the legal consequences for wrongful conduct as they are set forth in general international law. This provides the ground for an analysis of the varied practice of international investment tribunals. The contribution challenges a central suggestion of the IPFSD: its aversion against restitution as the remedy which is the most detrimental for concerns of sustainable development may not always be warranted. In particular, the chapter argues against the resurrection of State sovereignty in the name of sustainable development. The contribution holds that the necessary debate about investment protection and sustainable development should take place on the level of the primary rules of international law and not on the level of the secondary rules, to which the law of State responsibility belongs.

Keywords:   Investment protection, remedies, State responsibility, compensation, restitution, sustainable development, rule of law

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