Reciprocity and the Regulatory Function of International Investment Law

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Jason Yackee has proposed two important, attractive, and politically plausible reforms to the international investment law system: (i) a "notice and comment" style procedure to allow states to comment on draft tribunal awards before they are issued, and (ii) a "legislative veto" procedure by which state constituents could annul the legal or precedential value of tribunal decision. This response critiques Yackee's administrative agency analogy and argues that we are more likely to find profitable institutional insights from multijurisdictional common law tort systems. But it endorses his proposals on alternative theoretical grounds and argues that they offer an attractive response to the slow-burn crisis of legitimacy that has dogged the regime for more than a decade.