A PROPOSAL FOR A NEW NORMATIVE APPROACH TO INVESTMENT ARBITRATION AND THE NATIONAL RULE OF LAW

Abstract

Transnational visions of how rule of law and good governance should look like on the national plane are a development of last couple of decades. This article argues that international investment arbitration has been in effect utilized as a tool for promoting such visions, despite their controversial practical record so far. In order to capitalize on the potential that investment arbitration does possess, the proposal is made for a normative turn that would encompass focusing on promoting rule of national law as opposed to the rule of investment law.