The Precarious Position of Developing Countries in the Application of Customary International Law to Expropriation of Foreign Properties

Abstract

This article examines the precarious position of the developing nations of the world in the application of customary international law to expropriation of foreign properties. International custom as a source of International Law as well as the concept of expropriation, its variants and the requirements for a lawful expropriation are discussed in the article. The article further attempts to discuss critically the effect of the international custom on expropriation on the developing economies. The article is concluded by maintaining that customary rules relating to expropriation of properties by the developing countries should be substituted with more liberal rules of International Investment Agreements that take care of the economic development needs of the developing countries rather than a strict application of international customs that the parties have not consented to.