Abstract
Abstract The aim of the chapter is to trace the origin and evolution of the expropriation provision in modern investment treaties. Two main findings stem from the present analysis. First, the original aim of the expropriation provision in modern investment treaties was to afford foreign investors a wide level of protection vis-à-vis a host State’s conduct that deprived the investor of the value of its investments. Second, while many investment treaty tribunals have initially adhered to this broad understanding in line with the ‘sole-effect’ doctrine, an increasing number of investment tribunals have recently adopted a more cautious approach, both restricting the notion of expropriatory effect and increasing the relevance of the public policy of the allegedly expropriatory measure (pursuant to the ‘police powers’ doctrine).
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