Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment Policy
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://doi.org/10.17645/pag.v10i3.5333 |
Resumo: | Much has been written about the ongoing legitimacy crisis of the global investment treaty regime and the system of investor-to-state dispute settlement (ISDS). In the European Union (EU), the proposed inclusion of investment protection provisions and ISDS in negotiations on the Comprehensive Economic and Trade Agreement (CETA) with Canada and the Transatlantic Trade and Investment Partnership (TTIP) with the United States triggered unprecedented levels of contestation. This article seeks to explain why EU responses to such contestation, in the form of an investment court system and a multilateral investment court, did not bring about a clear break away from the traditional ISDS model. Drawing on critical political economy perspectives, it regards the EU investment policy following the entry into force of the Treaty of Lisbon as deeply embedded in a broader neoliberal project mediated by material, institutional, and ideological configurations. Several factors have inhibited possibilities for more fundamental changes. The European Commission construed the lack of legitimacy as stemming from ISDS’ procedural features rather than questioning its social purpose. There has been no shift in the underlying social power balance, and no comprehensive counter-project has been proposed. The European Commission enjoys relative autonomy vis-à-vis other parts within the EU institutional ensembles and wider societal interests, allowing it to block more radical solutions. Finally, there were no clear signs of a fundamental departure from the neoliberal path in terms of wider EU economic regulation. |
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Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment PolicyCETA; crisis; embedded neoliberalism; European Union; investment court system; investment protection; ISDS; legitimacy; multilateral investment court; TTIPMuch has been written about the ongoing legitimacy crisis of the global investment treaty regime and the system of investor-to-state dispute settlement (ISDS). In the European Union (EU), the proposed inclusion of investment protection provisions and ISDS in negotiations on the Comprehensive Economic and Trade Agreement (CETA) with Canada and the Transatlantic Trade and Investment Partnership (TTIP) with the United States triggered unprecedented levels of contestation. This article seeks to explain why EU responses to such contestation, in the form of an investment court system and a multilateral investment court, did not bring about a clear break away from the traditional ISDS model. Drawing on critical political economy perspectives, it regards the EU investment policy following the entry into force of the Treaty of Lisbon as deeply embedded in a broader neoliberal project mediated by material, institutional, and ideological configurations. Several factors have inhibited possibilities for more fundamental changes. The European Commission construed the lack of legitimacy as stemming from ISDS’ procedural features rather than questioning its social purpose. There has been no shift in the underlying social power balance, and no comprehensive counter-project has been proposed. The European Commission enjoys relative autonomy vis-à-vis other parts within the EU institutional ensembles and wider societal interests, allowing it to block more radical solutions. Finally, there were no clear signs of a fundamental departure from the neoliberal path in terms of wider EU economic regulation.Cogitatio2022-08-23info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://doi.org/10.17645/pag.v10i3.5333oai:ojs.cogitatiopress.com:article/5333Politics and Governance; Vol 10, No 3 (2022): Legitimacy and Global Economic Ties; 110-1202183-2463reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPenghttps://www.cogitatiopress.com/politicsandgovernance/article/view/5333https://doi.org/10.17645/pag.v10i3.5333https://www.cogitatiopress.com/politicsandgovernance/article/view/5333/5333Copyright (c) 2022 Bart-Jaap Verbeekhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessVerbeek, Bart-Jaap2022-10-21T16:03:51Zoai:ojs.cogitatiopress.com:article/5333Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:13:47.473261Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment Policy |
title |
Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment Policy |
spellingShingle |
Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment Policy Verbeek, Bart-Jaap CETA; crisis; embedded neoliberalism; European Union; investment court system; investment protection; ISDS; legitimacy; multilateral investment court; TTIP |
title_short |
Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment Policy |
title_full |
Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment Policy |
title_fullStr |
Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment Policy |
title_full_unstemmed |
Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment Policy |
title_sort |
Embedded Neoliberalism and the Legitimacy of the Post-Lisbon European Union Investment Policy |
author |
Verbeek, Bart-Jaap |
author_facet |
Verbeek, Bart-Jaap |
author_role |
author |
dc.contributor.author.fl_str_mv |
Verbeek, Bart-Jaap |
dc.subject.por.fl_str_mv |
CETA; crisis; embedded neoliberalism; European Union; investment court system; investment protection; ISDS; legitimacy; multilateral investment court; TTIP |
topic |
CETA; crisis; embedded neoliberalism; European Union; investment court system; investment protection; ISDS; legitimacy; multilateral investment court; TTIP |
description |
Much has been written about the ongoing legitimacy crisis of the global investment treaty regime and the system of investor-to-state dispute settlement (ISDS). In the European Union (EU), the proposed inclusion of investment protection provisions and ISDS in negotiations on the Comprehensive Economic and Trade Agreement (CETA) with Canada and the Transatlantic Trade and Investment Partnership (TTIP) with the United States triggered unprecedented levels of contestation. This article seeks to explain why EU responses to such contestation, in the form of an investment court system and a multilateral investment court, did not bring about a clear break away from the traditional ISDS model. Drawing on critical political economy perspectives, it regards the EU investment policy following the entry into force of the Treaty of Lisbon as deeply embedded in a broader neoliberal project mediated by material, institutional, and ideological configurations. Several factors have inhibited possibilities for more fundamental changes. The European Commission construed the lack of legitimacy as stemming from ISDS’ procedural features rather than questioning its social purpose. There has been no shift in the underlying social power balance, and no comprehensive counter-project has been proposed. The European Commission enjoys relative autonomy vis-à-vis other parts within the EU institutional ensembles and wider societal interests, allowing it to block more radical solutions. Finally, there were no clear signs of a fundamental departure from the neoliberal path in terms of wider EU economic regulation. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-08-23 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://doi.org/10.17645/pag.v10i3.5333 oai:ojs.cogitatiopress.com:article/5333 |
url |
https://doi.org/10.17645/pag.v10i3.5333 |
identifier_str_mv |
oai:ojs.cogitatiopress.com:article/5333 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
https://www.cogitatiopress.com/politicsandgovernance/article/view/5333 https://doi.org/10.17645/pag.v10i3.5333 https://www.cogitatiopress.com/politicsandgovernance/article/view/5333/5333 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2022 Bart-Jaap Verbeek https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2022 Bart-Jaap Verbeek https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Cogitatio |
publisher.none.fl_str_mv |
Cogitatio |
dc.source.none.fl_str_mv |
Politics and Governance; Vol 10, No 3 (2022): Legitimacy and Global Economic Ties; 110-120 2183-2463 reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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