The maturing of international investment law as a discrete area of practice and study is evident in this volume of papers on the substantive standards of investment protection. These papers were presented at a conference held in 2007 at the University of Vienna by the International Law Association Committee on the Law of Foreign Investment. This book takes its place within the recent flowering of academic studies on the substantive principles of international investment law, including Professor Rudolf Dolzer and Professor Christoph Schreuer's short introduction to the subject, Principles of International Investment Law (OUP, Oxford, 2008); Professor Gus Van Harten's critique in Investment Treaty Arbitration and Public Law (OUP, Oxford, 2007); Professor Campbell McLachlan, Laurence Shore and Matthew Weiniger's International Investment Arbitration: Substantive Principles, (OUP, Oxford, 2007); and the recent monograph by Zachary Douglas, The International Law of Investment Claims, (CUP, Cambridge, 2009). This book also contains a contribution by Professor Thomas Wälde, who sadly died in the autumn of 2008.

Two highlights are the chapters on ‘National Treatment’ and ‘Most-Favoured-Nation (MFN) Treatment’ by Professor Andreas Ziegler. He argues that these standards, ‘are both relative standards as they do not specify the exact treatment to be accorded but rather create a non-discrimination obligation to nationals or individuals of other nations’(p 60). Anna Joubin-Bret echoes this argument in her chapter on admission and establishment in the context of investment protection. Her view is that, once admitted, foreign investment is granted full national treatment, MFN treatment, and protection—‘since the entry and establishment of foreign investment is within the complete discretion of the host country, there is no need for exceptions' (p 12). Katia Yannaca-Small gives a full analysis of the ‘Fair and Equitable Treatment’ (FET) standard, noting that the lack of clarity surrounding this standard means that it is the most often invoked treaty standard in investor-State arbitration. The universality of its inclusion in investment treaties and contested content of the standard has led to its use as a foundation of liability by tribunals where no unlawful expropriation has occurred. Although some have called FET ‘expropriation-lite’, Yannaca-Small's conclusion is that the protection of the investor's legitimate expectations is emerging as a key aspect of the FET standard.

A common analytical theme amongst the papers is that the recent practice of arbitral tribunals has been to broaden the application of the traditional principles of international law on which the standards of investment protection are founded. So, Professor Guiditta Cordero Moss notes in her paper that the standard of ‘Full Protection and Security’ has evolved a broader scope that goes beyond the physical protection granted by police to ‘a more abstract kind of security’ (p 131) such as fair access to judicial process. Similarly, Dr Veijo Heiskanen suggests in his paper that the standard of ‘Arbitrary and Unreasonable Measures’ may have acquired a valuation function to compensate investors for state conduct falling short of an expropriation. But this broadening of the legal concepts has not been universally to the advantage of the investor: another trend noted by Christoph Schreuer ‘is a growing sympathy on the part of tribunals for regulatory measures in the public interest’(p 2).

The papers in this volume add substantial academic value with their discussion of the burgeoning case law from arbitral tribunals. The contributors of these papers provide a sophisticated and helpful discussion of the standards of investment protection. This book is worthy of attention by every international lawyer with an interest in this area.