Author: Katharina Diel-Gligor**
Published: June 2012
In the last few decades, there has been a remarkable realignment of international attitudes towards the concept of international investment: In the 1970s, a rather skeptical, even hostile perception dominated in the majority of developing countries, and as a reaction, strict regimens were imposed and only limited market access was granted to foreign investors. However, during the 1980s and 1990s, this antagonistic stance toward international investment was overcome by the increasing awareness of its importance as an instrument for furthering economic development. A fundamental reorientation by the capitalimporting nations coupled with the advancing ideas of an open market economy, the growing tendency towards privatization, and the globalization of business have led to a remarkable increase in the quantity of and competition in international investment. Within this context, Foreign Direct Investment (“FDI”) has been growing dramatically, reaching over two billion USD in the world in 2007, and has only been slowed by the impact of the financial crisis. Another result of this dramatic increase is the growing number of bilateral and multilateral …
*Notes and Comments
**Attorney-at-Law (New York), LL.M. (Columbia), Maîtr. en dr. (Paris XII), Mag. iur. (Mainz). The author is a PhD candidate at University of Heidelberg. She is grateful to Prof. Katharina Pistor, Michael I. Sovern Professor of Law at Columbia University School of Law, and Prof. Hans Smit, Stanley H. Fudd Professor of Law at Columbia Univeristy School of Law, for their help and input to this student note elaborated during her LL.M. studies at Columbia Law School. She is also thankful for the encouraging support received by Elizabeth Cooper, Managing Editor of ARIA. The views expressed and mistakes made are the author’s alone.