Calvo Is Back! Changing Sovereignty and Evolutionary Investment Law in a Leaving and Return of the State Paradigm

∗ Research Fellow & Ph.D. Candidate at East China University of Political Science and Law. LL.B. & LL.M. (ECUPL). ORCID: https://orcid.org/0000-0003-4435-2123. The author may be contacted at: ecupl_fengshuo@163.com/Address: No. 1575, Wanhangdu Road, Shanghai, P.R. China. ∗∗ Corresponding Author. KoGuan Distinguished Professor of Law, Shanghai Jiao Tong University Law School; L. Bates Lea Visiting Professor of Law, Michigan Law School. LL.B. & LL.M. (ECUPL), LL.M. (Michigan), LL.M. (Cantab), Ph.D. (LSE). ORCID: https://orcid.org/0000-0002-6935-1365. The author may be contacted at: shenwei@sjtu.edu.cn/ Address: No.1954 Huashan Road, Shanghai, P.R. China. The authors thank Thomas Stanton, Carrie Shu Shang and Casey Watters for their comments on an earlier draft of this article and Clara Lewis for her excellent editorial input. Part of the early draft was presented in Michigan Law School’s Business Law Series Talks and Xiamen University Law School’s International Law Series Talks. The authors are grateful for helpful comments and suggestions made by Congyan Cai, Huiping Chen, Fang Fang, Edward Fox, Adam C. Prichard, Gabriel Rauterberg, the participants in these two workshops. This work was supported by the major projects of the National Social Science Foundation under Grant 20ZDA062 and 19ZDA167. The authors bear sole responsibility for the article. All the website cited in this article were last visited on October 20, 2020. Shuo Feng & Wei Shen