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This article examines fundamental principles and objectives of relevance to States that enter into treaties for the protection of foreign investment. Leaving aside matters of idealism and principled governance, the author suggests that the obvious policy objective is access to international capital at the lowest possible cost. Investors are rational: to insist that those who act in the name of governments have an unfettered right to alter the terms of investment in the alleged public interest would lead to tragic disempowerment and dependence. If States were incapable of giving reliable promises—because their misconceived ‘sovereignty’ renders them powerless to do so—the policy objective of attracting foreign investment would be illusory.
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