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From North-South Divide To Private-Public Debate: Revival Of The Calvo Doctrine And The Changing Landscape In International Investment Law, Wenhua Shan

Northwestern Journal of International Law & Business

After dominating Latin American states for over a century, the Calvo Doctrine has been widely described as "dead," particularly in the wake of the global tide of economic liberalization that began in the 1990s. However, some recent moves within and beyond Latin America suggest that this principle is not dead, but on the resurgence. The "Revival of Calvo" phenomenon signals a change of direction in international investment law: neo-liberalism no longer dominates international investment law-making, and a more balanced, and perhaps also a more conservative and nationalistic approach, is gaining ground. This Article explores these recent events and analyzes to …