The purpose of this work is to examine the impact of Bilateral Investment Treaties (BITs) as instruments governing the treatment of foreign investment. The historical doctrinal divide between capital- exporting and capital importing states (Hull Rule versus Calvo Doctrine) is highlighted at length, especially within the context of multilateral failures and bilateral successes that culminated with BITs proliferating as the customary International Law on International Investment.The consensus on BITs is an achievement that presents a paradox. The work also looks at the significant...