Cultural Heritage in International Investment Law and Arbitration

Can States Adopt Protectionist Cultural Policies? What Are The Limits, If Any, To State Intervention In Cultural Matters? A Wide Variety Of Cultural Policies May Interfere With Foreign Investments, And A Tension Therefore Exists Between The Cultural Policies Of The Host State And Investment Treaty Provisions. In Some Cases, Foreign Investors Have Claimed That Cultural Policies Have Negatively Affected Their Investments, Thereby Amounting To A Breach Of The Relevant Investment Treaty. This Study Maps The Relevant Investor-state Arbitrations Concerning Cultural Elements And Shows That Arbitrators Have Increasingly Taken Cultural Concerns Into Consideration In Deciding Cases Brought Before Them, Eventually Contributing To The Coalescence Of General Principles Of Law Demanding The Protection Of Cultural Heritage-- The Original Idea For This Book Came About In 2007 During The Time I Spent As A Researcher At The European University Institute In Florence, Italy. Not Only Is Florence A World Heritage Site Of Ineffable Beauty But It Was Also A Financial Capital During The Renaissance Period, Home To Philosophical Inquiry And Capital Flows, Religious Iconoclasm And Supreme Artistic Expression, Power Struggles And Influential Political Thinking-- Cultural Heritage In International Law -- International Investment Law -- The World Heritage And Foreign Direct Investment -- Underwater Cultural Heritage And Foreign Direct Investment -- Cultural Diversity, Intangible Heritage And Foreign Direct Investment -- When Cultures Collide : Foreign Direct Investment, Natural Resources And Indigenous Heritate In International Investment Law -- Investing In Culture. Valentina Vadi, Lancaster University And New York University. Includes Bibliographical References (pages 297-332) And Index. Cover Half-title page Title page Copyright page Dedication Contents Foreword Preface Acknowledgements Table of Instruments Table of Cases Investment Arbitration International Regional National Abbreviations Cultural heritage in international investment law and arbitration Introduction Chapter plan Methodological framework of the book Part I Cultural heritage and foreign direct investments: defining and connecting the two fields 1 Cultural heritage in international law Introduction 1.1 Defining cultural heritage 1.2 The legal paradigms 1.3 The cultural property paradigm 1.4 Cultural heritage as a global public good 1.5 Human rights approaches 1.6 Good cultural governance 1.7 The linkage paradigm 1.8 Culture and development Conclusions 2 International investment law Introduction 2.1 Historical background: multilateral failures and bilateral successes 2.2 Substantive standards of protection 2.2.1 Expropriation 2.2.2 The sole effects doctrine and the police powers doctrine 2.2.3 Historic preservation and the takings analysis 2.3 The settlement of disputes between foreign investors and states 2.4 Main procedural features of investor–state arbitration 2.5 Conflicting paradigms 2.6 The legitimacy crisis of international investment law and arbitration Final remarks Part II When cultures collide: cultural heritage and foreign direct investment When cultures collide: cultural heritage and foreigndirect investment Introduction 3 The world heritage and foreign direct investment Introduction 3.1 The world heritage and its governance 3.2 Mapping contemporary heritage policy discourse 3.3 Cultural heritage disputes 3.4 Expropriation claims 3.5 Compensation claims 3.6 Fair and equitable treatment 3.7 Discrimination 3.8 New trends 3.9 Critical assessment Conclusions 4 Underwater cultural heritage and foreign direct investment Introduction 4.1 The concept of underwater cultural heritage 4.2 International law and underwater archaeology 4.3 Dispute settlement mechanisms 4.4 International investment law as a further layer of regulation 4.5 Critical assessment Conclusions 5 Cultural diversity, intangible heritage and foreign direct investment Introduction 5.1 Cultural diversity 5.2 The Convention on Cultural Diversity 5.3 Intangible cultural heritage 5.4 The tension between cultural diversity, intangible heritage and economic globalization 5.5 Fair and equitable treatment 5.6 Discrimination 5.7 Performance requirements 5.8 Compensation 5.9 Critical assessment Conclusions 6 When cultures collide: Foreign direct investment, natural resources and indigenous heritage in international investment law Introduction 6.1 The notion of indigenous cultural heritage 6.2 The protection of indigenous cultural heritage in international law 6.3 When cultures collide 6.4 Expropriation claims 6.5 Fair and equitable treatment 6.6 Discrimination 6.7 Full protection and security 6.8 Critical assessment Conclusions Part III Investing in culture Investing in culture Introduction 7 Investing in culture Introduction A. De lege lata 7.1 Negotiating cultural disputes 7.2 Corporate responsibility to respect cultural heritage 7.3 The applicable law in investor–state arbitration 7.4 Ordre public culturel 7.5 Treaty interpretation 7.6 The standards of review 7.7 Conflict and reconciliation of norms in investor–state arbitration B. De lege ferenda 7.8 Cultural exceptions 7.9 Cultural impact assessments Conclusions Conclusions Bibliography Books Articles Newspaper Articles Documents of International Organizations Index Can states adopt protectionist cultural policies? What are the limits, if any, to state intervention in cultural matters? A wide variety of cultural policies may interfere with foreign investments, and a tension therefore exists between the cultural policies of the host state and investment treaty provisions. In some cases, foreign investors have claimed that cultural policies have negatively affected their investments, thereby amounting to a breach of the relevant investment treaty. This study maps the relevant investor-state arbitrations concerning cultural elements and shows that arbitrators have increasingly taken cultural concerns into consideration in deciding cases brought before them, eventually contributing to the coalescence of general principles of law demanding the protection of cultural heritage"-- Provided by publisher "The original idea for this book came about in 2007 during the time I spent as a researcher at the European University Institute in Florence, Italy. Not only is Florence a world heritage site of ineffable beauty but it was also a financial capital during the Renaissance period, home to philosophical inquiry and capital flows, religious iconoclasm and supreme artistic expression, power struggles and influential political thinking