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Despite promises of increased direct development assistance, private investment flows are potentially the most significant source of development capital flowing into developing countries: as measured by UNCTAD, foreign direct investment (FDI)expanded in 2000 to a global total of US$1.3 trillion, with developing countries receiving 19% of the total. This paper argues for developing an alternative and more comprehensive approach to investment regulation, including clear minimum standards for corporate responsibility and substantive rules that more carefully balance the need to protect foreign investors from mistreatment against the rights of all governments to regulate int he public interest according to national priorities.