The document discusses the Calvo Doctrine regarding the level of protection foreign investors should receive in a host state. It presents the views of the Mexican government, which argued that foreigners should receive equal treatment as nationals ("equality"), versus the U.S. view that foreigners deserve protections consistent with international justice standards. It outlines Carlos Calvo's argument that foreigners accepting the advantages of investing in a country must also accept the risks, and should not expect privileged protection or appeal to their home state, but rather local courts. The doctrine asserts the same rights and legal protections for foreigners as nationals.