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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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Of Wit, Wisdom, and Balance in International Law

Of Wit, Wisdom, and Balance in International Law

Reflections on the Tokyo Resolution of the Institut de Droit International

(p.706) 42 Of Wit, Wisdom, and Balance in International Law
Practising Virtue

Pierre-Marie Dupuy

Julie Maupin

Oxford University Press

This chapter deals with the Tokyo Resolution of the Institut de droit international (IDI) on the ‘Legal Aspects of Recourse to Arbitration by an Investor against the Authorities of the Host State under Inter-State Treaties’. It begins with an overview of the purpose and structure of the Tokyo Resolution, with particular emphasis on its overarching themes of coherence and balance. It then examines similarities and differences between the provisions of the resolution, as adopted, and Judge Brower’s prior expressed views on several important ‘general issues’ that arise in connection with the interpretation and application of international investment treaties. Next, it considers five specific ‘substantive issues’ addressed by the IDI, namely: the definition of investment, umbrella clauses, most-favoured-nation (MFN) clauses, clauses addressing expropriation, and the fair and equitable treatment of investors by host governments. The chapter concludes with some brief reflections on the proper place of wit, wisdom, and balance within international law.

Keywords:   Tokyo Resolution, investment treaty arbitration, international treaties, foreign direct investment, bilateral investment treaties, international law

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