The question of what constitutes an "investment" "has turned out to be one of the most highly contested" issues in international investment law. Dozens of articles have been written on the subject.2 Dozens of cases have litigated and decided the question. Still, as one recent award observed, "the meaning of the term is far from... clear."
Investment Misconceived: The Investment-Commerce Distinction in International Investment Law,
Yale J. Int'l L.
Available at: https://digitalcommons.law.yale.edu/yjil/vol45/iss1/2