Neoliberal Market Rationality: The Driver of International Investment Law

Neoliberalism is an ideological project characterised as being pro-market, pro-investor, and based on an instrumental rationality, which has re-shaped the relationship between societies, governments and the market, leading to standardising conducts and practices.In this form, neoliberal ideology has permeated throughout all of global society, ensuring that everything is seen through the lens of economic rationality. Accordingly, in this paper I will argue that neoliberalism is an ideological project that has played an essential part in shaping international investment law and creating a proinvestor regime with strong protection of property rights and contractual relationships, limiting the ability of host states to regulate in matters of public interest.