Introduction

Two notable features of contemporary life are the worldwide retreat of state authority and the privatization of functions (including dispute resolution) previously performed only by governments. These related developments have spurred the unprecedented growth of international arbitration. Increased demand for the private resolution of international commercial and investment disputes testifies (1) to the desire of parties everywhere to avoid subjecting their rights and obligations to adjudication in national courts under national law, and (2) to the great extent to which ...