This volume provides the first theoretical examination of the concept of arbitration. It explores the place of arbitration in the legal process, offering a challenging yet accessible overview of the field and its theoretical underpinnings.

1. Arbitral Omnipotence? ; 1.1 The magic of arbitration ; 1.2 The generous impulse ; 1.3 What is a successful arbitration? ; 1.4 What law creates arbitration? ; 1.5 What law does arbitration create? ; 2. The public challenge ; 2.1 The old debate: contractual or judicial? ; 2.2 A better premise: sui generis ; 2.3 Protecting the weak ; 2.4 Arbitrability ; 2.5 Public policy ; 3. Private challenges: disappointed litigants ; 3.1 Authority to decide jurisdiction ; 3.2 Jurisdiction v. admissibility ; 3.3 Severability ; 3.4 The right to be heard ; 3.5 Asymmetries ; 4. Private challenges: third parties ; 4.1 Beneficiaries or obligors in contract ; 4.2 Members of associations ; 4.3 Shareholders ; 4.4 Creditors ; 5. Ethical challenges ; 5.1 Money ; 5.2 Influence ; 5.3 Self-aggrandizement ; 5.4 Fitness to serve ; 6. International challenges ; 6.1 Clashes of culture ; 6.2 Inherent inequality of the parties ; 6.3 Inherent advantages of some parties ; 6.4 Private power v. the public interest? ; 7. Arbitration unbound? ; 7.1 The erosion of state power ; 7.2 The power vacuum filled ; 7.3 A fluid legal universe ; 7.4 Is this law? ; 8. Freedom and empowerment ; 8.1 Self-governance ; 8.2 Virtuous circles ; 8.3 The future

Regardless of whether it is characterized as theoretical or practical, if the measure of any book is whether it is rigorous in approach, illuminates its subject with fresh ideas, and compels you to re-examine what you took for granted, then this gracefully written book is exemplary ... it is analytical and rigorous in its approach, rather than anecdotal and platitudinous ... I highly recommend this important book. It is destined to be read and deliberated over for many years to come.

The first volume to provide a theoretical examination of arbitration, which is increasingly common, especially in disputes between investors and states Written by one of the world's most eminent international arbitration practitioners and scholars Explores why individuals, companies, and States might choose to go to arbitration rather than through conventional litigation Examines the public, private, and ethical challenges facing arbitration, and assesses its potential benefits

Jan Paulsson holds the Michael Klein Distinguished Scholar Chair at the University of Miami School of Law, and frequently acts as advocate or arbitrator in international disputes. For 20 years, he headed the international arbitration and public international law groups at the law firm Freshfields.

The first volume to provide a theoretical examination of arbitration, which is increasingly common, especially in disputes between investors and states Written by one of the world's most eminent international arbitration practitioners and scholars Explores why individuals, companies, and States might choose to go to arbitration rather than through conventional litigation Examines the public, private, and ethical challenges facing arbitration, and assesses its potential benefits