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International arbitration is one of the main mechanisms to settle cross-border disputes between states, private commercial actors, and private and public entities. Yet its theoretical penetration is incomplete. This book, by arbitrators, counsel, and scholars, provides fundamental theoretical insights into international arbitration.

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International arbitration has developed into a global system of adjudication, dealing with disputes arising from a variety of legal relationships: between states, between private commercial actors, and between private and public entities. It operates to a large extent according to its own rules and dynamics - a transnational justice system rather independent of domestic and international law.

In response to its growing importance and use by disputing parties, international arbitration has become increasingly institutionalized, professionalized, and judicialized. At the same time, it has gained significance beyond specific disputes and indeed contributes to the shaping of law. Arbitrators have therefore become not only adjudicators, but transnational lawmakers. This has raised concerns over the legitimacy of international arbitration.

Practising Virtue looks at international arbitration from the ´inside´, with an emphasis on its transnational character. Instead of concentrating on the national and international law governing international arbitration, it focuses on those who practise international arbitration, in order to understand how it actually works, what its sources of authority are, and what demands of legitimacy it must meet. Putting those who practise arbitration into the centre of the system of
international arbitration allows us to appreciate the way in which they contribute to the development of the law they apply. This book invites eminent arbitrators to reflect on the actual practice of international arbitration, and its contribution to the transnational justice system.

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David D. Caron is Dean and Professor of Law at The Dickson Poon School of Law, King´s College London, and is a Barrister and Arbitrator with 20 Essex Street Chambers.

Stephan W. Schill is Professor of International and Economic Law and Governance at the University of Amsterdam and Editor-in-Chief of the Journal of World Investment and Trade.

Abby Cohen Smutny is a Partner of the law firm White & Case LLP where she co-heads the firm´s international arbitration practice in the Americas and heads the firm´s public international law practice.

Epaminontas E. Triantafilou is Of Counsel in the International Arbitration Group of Quinn Emanuel Urquhart & Sullivan LLP and Co-Managing Editor of the World Arbitration & Mediation Review.

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