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This monograph considers the ramifications of the legal regime that governs transborder capital flows. This regime consists principally of a network of some 3,000 investment treaties, as well as a growing body of arbitral decisions. Professor Alvarez contends that the contemporary international investment regime should no longer be described as aspecies of territorial â€œempireâ€ imposed by rich capital exporters on capital importers. He examines the evolution of investment treaties and investor-State jurisprudence constante and identifies the connections between these and general trends within public international law, including the increased resort to treaties (â€œtreatificationâ€), growing risks to the lawâ€™s consistency (â€œfragmentationâ€), and the proliferation of forms of international adjudication (â€œjudicializationâ€). Professor Alvarez also considers whether the regimeâ€™s efforts to â€œbalanceâ€ the needs of non-State investors and sovereigns ought to be characterized as â€œglobal administrative lawâ€, as a form of â€œconstitutionalizationâ€, or as an increasingly human-rights-centred enterprise.