Vanderbilt Journal of Transnational Law

First Page



One noticeable development in the field of International Economic Law during the last decade since the United Nations ushered in the new era of an economic world order has been the growing literature on the law of investments, especially in respect to developing economies. International Economic Law itself is a recent specialist off-shoot of general public international law, having been nurtured and popularized as a subject of separate university discipline in its own right within the last 30 years or so by Schwarzenberger among others. Notable, generally, among the specialized studies on international investments law are Worthley's Expropriation in Public International Law and Schwarzenberger's Foreign Investments and International Law, in which topics such as the expropriation and nationalization of foreign property as well as the appropriate treatment of such property in the place of its investment under customary international law are examined in detail.

The process of decolonization and the consequent emergence of the right of self-determination have focused the attention of students of international law on this new area, and studies like The Legal Problem of Foreign Investment in Developing Countries (1965) by Nwogugu began to appear. More specialized studies devoted to individual developing countries, such as Proehl's Foreign Enterprise in Nigeria (1965) and Suckow's Nigerian Law and Foreign Investments (1966) have since followed. If one were to regard the Market as an economic unit, Dr. Eze's book, The Legal Status of Foreign Investments in the East African Common Market, would seem to belong to this genre.