ABSTRACT
The protection of cultural heritage, a fundamental public interest that is closely connected to fundamental human rights, is deemed to be among the best guarantees of international peace and security. Economic globalization has spurred intense dialogue and interaction among nations, potentially promoting cultural diversity and providing the funds to recover and preserve cultural heritage. However, this phenomenon can also jeopardize cultural heritage. Foreign direct investments in the extraction of natural resources can change cultural landscapes, destroy monuments, and erase memories. In parallel, international investment law constitutes a legally binding and highly effective regime that demands that States promote foreign direct investment. Does the existing legal framework adequately protect cultural heritage vis-à-vis the economic interests of foreign investors? To address this question, this study complements traditional tools of legal analysis with a novel theoretical perspective. On the one hand, this study relies on the philosophy of Simone Weil (1909–1943), one of the most important thinkers of the 20th century, to examine how cultural and economic forces can be balanced in international law. Her thought can help clarify concepts and principles used in law, reflect on what law should be, and identify future directions for the field. This chapter thus relies on her philosophy for investigating the interplay between foreign investments and cultural heritage in international investment law and arbitration. At the same time, this study also examines recent arbitrations and proposes three legal tools to foster a better balance between economic and cultural interests in international investment law and arbitration.
