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Investor-state arbitration (ISA) has become the defining feature of international investment law. ISA dominates public discussions and policy debates that accompany the negotiation of new investment agreements; it forms the lens through which investment law is analyzed and taught at universities; and it has grown to be a significant area of practice for lawyers, arbitrators, and legal service providers. Given its prominence, it is high time to ask just how influential ISA has been in shaping the rules that make up international investment law.

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