Introduction

The Investment Treaty Arbitration System (ITAS) is currently under strong criticism. One of the main concerns is the lack of consistency of the arbitral awards' interpretation of the investment treaty substantive protections to solve disputes between the States and Investors. Therefore, the ITAS is under a thorough process of evaluation and evolution. In order to understand the roots and extension of the lack of consistency's concern, it is necessary to understand the process of evolution of the ITAS in relation to the design and interpretation of the investment treaty ...