|PDF Title :||State Liability in Investment Treaty Arbitration|
|Total Page :||461 Pages|
|PDF Size :||2.3 MB|
|PDF Link :||Available|
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State Liability in Investment Treaty Arbitration
Indeed, following the example of the US Supreme Court in Erie—where, instead of creating an entirely new federal common law, the court decided to apply a conflict-of-laws approach which referred back to state law— arbitral tribunals should be more prepared to apply domestic law, and avoid the creation of new rules and principles that may lack basis in any formal source of law.
As explained, the predominant state in the world today is, and should continue to be, a Rechtsstaat or law-state, in which those who exercise public powers must primarily follow the program of action prescribed by domestic public law.
More importantly, as Reisman explains, ‘basic postulate of public international law is that every territorial community may organize itself as a State and, within certain basic limits prescribed by international law, organize its social and economic affairs in ways consistent with its own national values’