FOREIGN INVESTMENT PROTECTION IN MIDDLE-EARTH AND SARUMAN’S ISENGARD: INTERNATIONAL SYSTEMS OF FOREIGN INVESTMENT PROTECTION IN THE COMMON PURSUIT OF DEVELOPMENT
DOI:
https://doi.org/10.52340/jo.2024.06.07.01Keywords:
Foreign Investments, Investment Protection Mechanisms, Development AgendaAbstract
The need for international guarantees and protective mechanisms for foreign investments became evident following World War II. In 1954, a resolution initiated by the UN Secretary-General identified a significant mismatch between investment flows and regions most in need of development. This resolution encouraged investment-seeking nations to “review and enhance national legislation” to improve their investment climate and implement measures to protect and promote foreign investments within their territories.
Despite these early recommendations, foreign investment protection remains a critical challenge in global development. A key obstacle has been the absence of a universally accepted framework for resolving international investment disputes.
This article examines the limitations of current investment protection mechanisms through analysis of three major systems: the World Bank, the International Court of Justice, and the Council of Europe. The discussion enriches this analysis through
analogies drawn from selected passages in Tolkien’s literary works.
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