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36 Colum. J. Transnat'l L. 501 (1998)
Investment Liberalization and Economic Development: The Role of Bilateral Investment Treaties

handle is hein.journals/cjtl36 and id is 507 raw text is: Articles INVESTMENT LIBERALIZATION AND ECONOMIC DEVELOPMENT: THE ROLE OF BILATERAL INVESTMENT TREATIES KENNETH J. VANDEVELDE* This Article analyzes the role of Bilateral Investment Treaties (BITs) in promoting the twin goals of liberalization and development. The Author discusses the extent to which BITs contribute to the creation of a liberal investment regime and the place of BITs in economic development. Though liberal- ization may not be essential to economic development, states seeking to develop economically may have little alternative as a practical matter other than to embrace the kinds of policies that a BIT requires. The article then examines the question of whether such policies should be codified in a BIT. The Author concludes that the stabilization promised by the BIT is at the very core of genuine liberalization. Developing states that resist long-term commitments to liberalization such as those embodied in the BITs may find that they are not on a liberal path at all. I. BITs As INSTRUMENTS OF LIBERALIZATION ............ 504 A. The Elements of a Liberal Investment Regime ...... 504 B. The Substance of the BITs ...................... 506 1. Investment Security ....................... 506 2. Investment Neutrality ...................... 510 3. Market Facilitation ........................ 513 4. Summary ............................... 514 II. THE ROLE OF BITs iN ECONoMIc DEVELOPMENT ........ 514 A. BITs Only Partially Liberalize Investment Policy .... 515 B. Liberalization May Not Accomplish the Desired * Dean and Professor of Law, Thomas Jefferson School of Law.

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