Originally from Alternatives to the High Cost of Litigation

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International commercial arbitration has a distinguished past, a vibrant present and a promising future. That is a lot to cover in a single short essay, and I will not give all three eras equal billing.

So far as the past of arbitration is concerned, historians of arbitration point to precursors in the practices of ancient times, of medieval times and of more recent past centuries—all of which left a legacy upon which modern-day international arbitration has been built. 

Historians find in all periods what can only be described as surprisingly extensive reliance for the resolution of disputes on private adjudication anchored in the consent of the parties. International arbitration is not only historically tied to the resolution of private international disputes, it also has a deeply distinguished pedigree in the resolution of disputes among States.

But international arbitration in its current incarnation is a relatively recent phenomenon, and its ascension is, quite frankly, nothing short of dramatic. The prominence of arbitration in international dispute resolution is undeniable. Simply put, international commercial arbitration is a thriving phenomenon, becoming over recent decades the premier method for the resolution of international commercial disputes.