Introduction

This essay discusses the role of "law" as it faces the political pressures of resource nationalism supported and financially enabled by sustained high prices. It questions whether the concept of the "rule of law" (originated in Western history and embedded in its political and social culture)[1] has any material meaning in the investor-resource state relationship. This concept of the "rule of law" with respect for individual rights against the state is embodied in contracts between the foreign investor and either directly with the host state or with its state enterprises, in ...