Investment liberalization and economic cooperation between countries assured the steady growth of FDI. However, the turbulence of the 2007-8 economic crisis increased risk for overseas investment, prompting many countries to “go it alone”. The crisis highlighted systemic tensions that the current neoliberal global investment regime seems unable to resolve, sowing discord among countries dependent on global investment for growth and development. This paper begins with the fundamental observation that the world has moved on from 1945 and posits that the first half of the 21st century should witness the gradual, managed formation of a new global investment framework. Governance theory should make contribution to the stability and predictability of global economy as it does in the global trade regime.
References
[1]
Alonso, J. A., & Ocampo, J. A. (2015). Global Governance and Rules for the Post-2015 Era: Addressing Emerging Issues in the Global Environment. London: Bloomsbury Publishing.
[2]
Alvarez, J. E. (2011). The Return of the State. Minnesota Journal of International Law, 20, 223.
[3]
Barnett, M., & Duvall, R. (2004). Power in Global Governance (Vol. 98). Cambridge: Cambridge University Press. https://doi.org/10.1017/CBO9780511491207
[4]
Beaulac, S. (2003). The Social Power of Bodin’s Sovereignty and International Law. Minnesota Journal of International Law, 4, 1.
[5]
Cai, C. Y. (2009). China-US BIT Negotiations and the Future of Investment Treaty Regime: A Grand Bilateral Bargain with Multilateral Implications. Journal of International Economic Law, 12, 457-506. https://doi.org/10.1093/jiel/jgp020
[6]
Cai, C. Y. (2018). The Leaving and Return of the State and the Future of International Law. Chinese Review of International Law, No. 4, 1.
[7]
Caporaso, J. A. (1981). Industrialization in the Periphery: The Evolving Global Division of Labor. International Studies Quarterly, 25, 347-384. https://doi.org/10.2307/2600579
[8]
Cassese, A. (2012). States: Rise and Decline of the Primary Subjects of the International Community. In The Oxford Handbook of the History of International Law (pp. 39-70). Oxford: Oxford University Press. https://doi.org/10.1093/law/9780199599752.003.0003
[9]
Cooper, R. J. (2004). The Beijing Consensus. Foreign Policy Centre. http://www.google.fr/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiSt7qgvYjq AhWvGaYKHY9FDKAQFjACegQIBRAB&url=http%3A%2F%2Fwww.chinaelections.org%2 Fuploadfile%2F200909%2F20090918021638239.pdf&usg=AOvVaw0QdIl8pLbCV0kltSS2H7xv
[10]
Globerman, S., & Shapiro, D. (2002). Global Foreign Direct Investment Flows: The Role of Governance Infrastructure. World Development, 30, 1899-1919. https://doi.org/10.1016/S0305-750X(02)00110-9
[11]
Graham, E. M., & Marchick, D. (2006). US National Security and Foreign Direct Investment. Washington DC: Peterson Institute Press.
[12]
Gross, B. (2010). How to Play the Yield Curve. Investment News.
[13]
Haggard, S., & Simmons, B. A. (1987). Theories of International Regimes. International Organization, 41, 491-517. https://doi.org/10.1017/S0020818300027569
[14]
Henkin, L. (1970). How Nations Behave. Law and Foreign Policy. VRü Verfassung und Recht in übersee, 2, 387-392. https://doi.org/10.5771/0506-7286-1969-3-387
[15]
Hewson, M., & Sinclair, T. J. (1999). Approaches to Global Governance Theory. Albany, NY: SUNY Press.
[16]
Hoekman, B. M., & Mavroidis, P. C. (2015). Embracing Diversity: Plurilateral Agreements and the Trading System. World Trade Review, 14, 101-116. https://doi.org/10.1017/S1474745614000378
[17]
Hoffmann, S. (2002). Foreword to the Second Edition: Revisiting the Anarchical Society. In H. Bull (Ed.), The Anarchical Society: A Study of Order in World Politics (3rd ed., p. 11). Basingstoke: Palgrave.
[18]
Jachtenfuchs, M., & Kohler-Koch, B. (2003). Governance and Institutional Development.
[19]
Keohane, R. O. (2001). Governance in a Partially Globalized World. American Political Science Review, 95, 1-13. https://doi.org/10.1017/S0003055401000016
[20]
Kupchan, C. A. (2012). America’s Place in the New World. New York Times, 7.
[21]
Linn, J. F., & Tiomkin, D. (2006). The New Impetus towards Economic Integration between Europe and Asia. Asia Europe Journal, 4, 31-41. https://doi.org/10.1007/s10308-006-0046-6
[22]
Qin, Y. Q. (2010). International Society as a Process: Institutions, Identities, and China’s Peaceful Rise. The Chinese Journal of International Politics, 3, 129-153.
[23]
Rodrik, D. (2011). The Globalization Paradox: Democracy and the Future of the World Economy. New York: WW Norton & Company. https://doi.org/10.1355/ae28-3k
[24]
Sauvant, K. P. (2017). China Moves the G20 toward an International Investment Framework and Investment Facilitation. In J. Chaisse (Ed.), China’s Three-Prong Investment Strategy: Bilateral, Regional, and Global Tracks (pp. 1-22). London: Oxford University Press. https://doi.org/10.1093/oso/9780198827450.003.0017
[25]
Schreuer, C. (2005). Calvo’s Grandchildren: The Return of Local Remedies in Investment Arbitration. The Law & Practice of International Courts and Tribunals, 4, 1-17. https://doi.org/10.1163/1571803053498899
[26]
Stephen, M. D. (2014). Rising Powers, Global Capitalism and Liberal Global Governance: A Historical Materialist Account of the BRICs Challenge. European Journal of International Relations, 20, 912-938. https://doi.org/10.1177/1354066114523655
[27]
Strange, S. (1996). The Retreat of the State: The Diffusion of Power in the World Economy. Cambridge: Cambridge University Press. https://doi.org/10.1017/CBO9780511559143
[28]
Unctad, U. (2017). World Investment Report 2017: Investment and the Digital Economy. In United Nations Conference on Trade and Development (p. 17). Geneva: United Nations.
[29]
Xu, C. (2010). A Commentary and Critical on the Recent International Investment Disputes Arbitration: To Introduce the Theory of Global Governance. The Jurist, 153, 143-153. https://doi.org/10.1093/cjip/poq007
[30]
Zakaria, F. (2013). The Rise of the Rest. In Debating a Post-American World (pp. 42-51). Abingdon-on-Thames: Routledge.
[31]
Zones, S. E. (2019). United Nations Conference on Trade and Development (UNCTAD). World Investment Report (WIR).
