How international development institutions approach to socio-economic rights: the strange case of World Bank’s ICSID

International investment arbitration is at crossroads with socio-economic rights. IIA is a fragmented regime where foreign investor could claim compensation for damages because the regulatory capacity of the State. Since the International Covenant of Economic Social and Cultural Rights entry into force an increasing set of standards creates a realm of global constitutional governance. This paper goal is to find international legal ways to connect the IESR advocacy and ICSID investment arbitration. In that way it tries to develop a set of global legal standards to be applied by arbitrators as a part of a transnational legal order that balances the discretionary interpretative power of the arbitration community and the necessity to protect people rights. In such a fashion the paper analyzes World Bank perspective regarding rights and economic development and examines how the IESR global set of rules are part of a transnational legal order that constrains the power of arbitrators.