International investment law and arbitration is one of the fastest-developing areas of international law. It is an area that combines elements of treaty and customary international law, public policy, and private dispute resolution. In the past decades, there has been a dramatic increase in the number of bilateral investment treaties and other agreements with investment-related provisions, followed by a sharp rise in the number of disputes between private investors and sovereign states under those specialized legal regimes. The rise of international investment law and arbitration has generated a new and exciting practice area in global law firms, where teams of lawyers act on behalf of investors against sovereign states, or defending sovereign states against investor claims, before international arbitral tribunals. This course will cover four broad areas: (I) the historic, theoretical and policy grounds underpinning international investment law; (II) the substantive obligations and standards governing the investor-state relationship; (III) the growth of investor-state arbitration and its impact on international law; and (IV) the wider issues of fairness and functionality of investment treaty law and investor-state dispute resolution. The course uses materials from international investment treaty texts, case law, and commentaries to enable students to evaluate and apply legal doctrine to future situations. The course will highlight different and sometimes conflicting interpretations and decisions in the area, and invite students to analyze, discuss, and form their own views on key issues. Students may choose between a series of weekly response papers, or a larger research paper, and will serve as discussion facilitators along with the instructor. After the term begins, students accepted into the course can transfer from section (01) into section (02), which meets the R requirement, with consent of the instructor. Elements used in grading: Class participation and paper(s).