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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 (Hardcover)
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The Evolution of International Arbitration - Judicialization, Governance, Legitimacy (Hardcover)
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The development of international arbitration as an autonomous legal
order is 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 using original data 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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