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Books > Law > International law > Settlement of international disputes > International arbitration
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The Evolution of International Arbitration - Judicialization, Governance, Legitimacy (Paperback)
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The Evolution of International Arbitration - Judicialization, Governance, Legitimacy (Paperback)
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The development of international arbitration as an autonomous legal
order comprises one of the most remarkable stories of institution
building at the global level over the past century. Today,
transnational firms and states settle their most important
commercial and investment disputes not in courts, but in arbitral
centres, a tightly networked set of organizations that compete with
one another for docket, resources, and influence. In this book,
Alec Stone Sweet and Florian Grisel show that international
arbitration has undergone a self-sustaining process of
institutional evolution that has steadily enhanced arbitral
authority. This judicialization process was sustained by the
explosion of trade and investment, which generated a steady stream
of high stakes disputes, and the efforts of elite arbitrators and
the major centres to construct arbitration as a viable substitute
for litigation in domestic courts. For their part, state officials
(as legislators and treaty makers), and national judges (as
enforcers of arbitral awards), have not just adapted to the
expansion of arbitration; they have heavily invested in it,
extending the arbitral order's reach and effectiveness.
Arbitration's very success has, nonetheless, raised serious
questions about its legitimacy as a mode of transnational
governance. The book provides a clear causal theory of
judicialization, original data collection and analysis, and a
broad, relatively non-technical overview of the evolution of the
arbitral order. Each chapter compares international commercial and
investor-state arbitration, across clearly specified measures of
judicialization and governance. Topics include: the evolution of
procedures; the development of precedent and the demand for appeal;
balancing in the public interest; legitimacy debates and proposals
for systemic reform. This book is a timely assessment of how
arbitration has risen to become a key component of international
economic law and why its future is far from settled.
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