GAR Volume 13 - Issue 5
In mathematics, ‘chaos theory’ is based on the premise that small changes in the status quo can result in much larger, seismic differences later. The flapping of a butterfly’s wings in China can eventually lead to a tornado in Texas, the theory goes.
Over the years, contrasting arbitral awards and decisions have been handed down that, although arguably small considered in isolation, have now created a tornado of discord and disharmony in arbitral case law.
In our cover story, Emmanuel Gaillard tells us that we shouldn’t fear the “chaos” – a perfect judge, applying a predictable and immutable law, is “naïve and an illusion” and will stop the field from developing, the French arbitrator argues.
We also take a look at the “new NAFTA” and the impact the deal will have on investor–state dispute settlement in its signatory states, the United States, Canada and Mexico, and we review proposals by ICSID to amend its rules for the first time in 12 years – including new provisions on transparency, arbitrator disclosure, security for costs and third-party funding.
Our magazine ends with a tribute to Chilean arbitrator and academic Francisco Orrega Vicuña, a giant in the arbitration community who sadly passed away in October. His reputation both as an arbitrator and as a man were evidenced by the numerous and moving tributes from his friends and colleagues. We were unable to fit all of them into this issue, but a full collection can be found on our website.
In this magazine:
- Gaillard’s chaos theory
- The “new NAFTA”: What does it mean?
- ICSID’s new draft rules
- GAR Live Look-back: Hong Kong
- Obituary: Francisco Orrego Vicuña, 1942–2018
- GAR Live: Energy
- GAR Live: New York
- GAR Live: Istanbul