The "Calvo doctrine" originated here and for a long time they maintained that no international customary standard of treatment for foreign investors existed.
From North-South Divide to Private-Public Debate: Revival of the Calvo Doctrine and the Changing Landscape in International Investment Law.
Part II details how the Hull Doctrine fell out of grace with the international community and explores the competing doctrine, the Calvo Doctrine, which developing countries supported following the world wars.
Many developing states in Latin America adopted the Calvo Doctrine, a competing approach to the Hidl Doctrine.
(16) In this context, the experiences include: (i) non-discrimination under the Calvo Doctrine; (ii) the notorious "unequal treaties" signed between the Great Powers on the one part and semi-independent, quasi-colonized states on the other; (17) (iii) the League of Nations mandates; and (iv) the U.S.
With the exception of the Drago Doctrine, (26) which had a more limited ambit, the Calvo Doctrine traditionally was the guiding principle of the Latin American approach(es) towards international law and politics.
It touches on important elements from the 19th and early 20th centuries, such as, the era of gunboat diplomacy, the attempts to assert the Calvo Doctrine
, the development of investment principles within the doctrine of diplomatic protection of alien property, and the creation of the Hull Formula.
the Calvo doctrine. (163) Carlos Calvo, from Argentina, created the
Calvo doctrine as a response to the diplomatic reactions to
Today, the popularity of the Calvo Doctrine
is on the decline and in many Latin American countries has been negated by treaties and codes permitting alternative forums for lawsuits.(83) In the arbitration context, there are many national codes that permit arbitration of disputes and recognition of domestic and foreign awards.(84) In fact, Latin American countries do not distinguish between domestic and foreign arbitration in determining the national laws that apply to a certain dispute.(85) What is lacking, though, is an extensive judicial interpretation of the national arbitration laws governing the enforcement of arbitration agreements and awards.(86) This absence makes it difficult to predict with an appropriate degree of certainty how a national court will handle a given case.(87)
An examination of the notorious Calvo Doctrine will show the extent of this departure.
The international law doctrine most easily associated with Latin America is the Calvo Doctrine.(21) Although there was considerable resistance outside Latin America to the doctrine, especially by commentators in the United States, the Calvo Doctrine has had an important influence on Latin American law and on the development of Latin American notions of sovereignty.(22)