LQYHVWLJDomR H WHFQRORJLD
QEMW TVz\MQSW HE JSXSWWuRXIWI EVXM½GMEP RSZE JSVQE HI GETXYVE I EVQE^IREQIRXS HE IRIVKME WSPEV 'HFRUUHX HQWUH RV GLDV H GH 0DUoR GH HP $QDKHLQ &DOLIyUQLD D UHXQLmR QDFLRQDO GD %QIVMGER 'LIQMGEP 7SGMIX] RQGH IRL DSUHVHQWDGR XP HVWXGR TXH VHJXQGR RV DXWRUHV LUi UHYROXFLRQDU D IRUPD FRPR VH HQFDUD D HQHUJLD VRODU WDQWR DR QtYHO GD SURGXomR GH HQHUJLD HOpFWULFD EHP FRPR GR VHX DUPD]HQDPHQWR 6HQGR XP DVVXQWR DFHUFD GD SURGXomR UHQRYiYHO FDPLQKR TXH PXLWRV FRQVLGHUDP VHU D ~QLFD DOWHUQDWLYD HQHUJpWLFD FRP IXWXUR UHIRUoDGD SHOR FUHVFHQWH SUHoR GR SHWUyOHR H SHOD Pi LPDJHP TXH R GHVDVWUH GH )XNXVKLPD HVWi D SDVVDU DFHUFD GD HQHUJLD QXFOHDU ID] DXPHQWDU R LQWHUHVVH SRU HVWH WLSR GH QRWtFLDV 4IHVS *SRXI (SGIRXI HS -7)0 TJSRXI$HIIE MWIP MTP TX
%TIWEV HI XIV WMHS ETVIWIRXEHE IQ 1EVpS HI Nj IQ QIEHSW HI ETEVIGIY RE TYFPMGEpnS SRPMRI 1-8RI[ YQE RSXuGME EGIVGE HI YQE HIWGSFIVXE UYI WYTSWXEQIR XI MVME VIZSPYGMSREV S QSHS GSQS TSHIVu EQSW EVQE^IREV IRIVKME WSPEV HIWGSFIVXE IWXE JIMXE TIPS 4VSJIWWSV (ERMIP 2SGIVE VIW
*MKYVE 4VSJIWWSV (ERMIP 2SGIVE *SRXI LXXT @@[IF QMX IHY
66
TSRWjZIP TIPS 2SGIVE´W 0EFSVEXSV] I YQ HSW WIYW QIQFVSW 1EXXLI[ /ERER 7IKYRHS S WIY EVXMKS ±7SPEV TS[IV LEW EP[E]W FIIR E PMQMXIH JEV SJJ WSPYXMSR 2S[ [I GER WIVMSYWP] XLMRO EFSYX WSPEV TS[IV EW YRPMQMXIH ERH WSSR² MRWTMVEHSW RS TVSGIWWS HE JSXSWWuRXIWI HEW TPERXEW GVMEVEQ YQ TVSGIWWS VIZSPYGMSRjVMS TEVE JE^IV E WITEVEpnS HE jKYE IQ 3\MKq RMS I ,MHVSKqRMS I HIWWI QSHS ±EVQE^IREV IRIVKME IPqGXVMGE TEVE UYERHS RnS Lj 7SP² 7IKYRHS IPI E IRIVKME WSPEV XIQ QEMSV TS XIRGMEP HS UYI UYEPUYIV SYXVE JSRXI HI IRIV KME TEVE VIWSPZIV SW TVSFPIQEW IRIVKqXMGSW QYRHMEMW 2YQE LSVE E XSXEPMHEHI HE VEHME pnS WSPEV UYI EXMRKI E 8IVVE WIVME WY½GMIRXI TEVE EFEWXIGIV EW RIGIWWMHEHIW IRIVKqXMGEW QYRHMEMW HYVERXI YQ ERS 4EVE SW PIMXSVIW JEQMPMEVM^EHSW GSQ S XIQE I RYQE TVMQIMVE ERjPMWI ETEVIRXIQIRXI IWXI TVSGIWWS RnS XVE^ME REHE HI RSZS LSNI IQ HME Nj q TSWWuZIP EVQE^IREV IRIVKME TVSHY^M HE EXVEZqW HS 7SP RE JSVQE HI ,MHVSKqRMS I 3\MKqRMS TVSHY^MHSW EXVEZqW HI YQ IPIGXVS PM^EHSV TEVE QEMW XEVHI WIV GSRWYQMHS RYQE TMPLE HI GSQFYWXuZIP I HIWWI QSHS SFXIV WI IRIVKME IPqGXVMGE QIWQS UYERHS RnS Lj 7SP 2S IRXERXS WI TIRWEVQSW UYI SW WMWXIQEW JSXSZSPXEMGSW ETVIWIRXEQ VIRHMQIRXSW IRXVI
SW I SW I SW IPIGXVSPM^EHSVIW MRHYW XVMEMW IRXVI I S VIRHMQIRXS XSXEP HE GSRZIVWnS GMJVE WI IRXVI SW I SW ZE PSVIW QYMXS FEM\SW I GSQ GYWXSW TVSMFMXMZSW %WWMQ XSVRE WI MRXIVIWWERXI EREPMWEV E IYJS VME UYI IWXE HIWGSFIVXE IWXj E HIWTIVXEV 4SV I\IQTPS .EQIW &EVFIV 4VSJIWWSV HI &MSUYu QMGE RS -QTIVMEP 'SPPIKI SJ 0SRHSR I PuHIV RS IWXYHS HE JSXSWWuRXIWI GEVEGXIVM^SY E HIWGS FIVXE HI 2SGIVE I /ERER GSQS ±YQ WEPXS KMKERXI TEVE E TVSHYpnS HI IRIVKME PMQTE PMZVI HI 'EVFSRS I RYQE IWGEPE QEGMpE²
1qXSHS TVSTSWXS TSV 2SGIVE I /ERER MRWTMVEHS RE JSXSWWuRXIWI 7IKYRHS E TYFPMGEpnS ²7SPEV )RIVK] 7YTTP] ERH 7XSVEKI JSV XLI PIKEG] ERH 2SRPIKE] ;SVP HW² ETIWEV HI S ,MHVSKqRMS WIV GSRWMHIVEHS S GSQFYWXuZIP E HM½GYPHEHI HI SFXIRpnS HS 3\MKqRMS E TEVXMV HE jKYE XIQ WMHS E TVMRGMTEP FEVVIMVE TEVE YQE IPIGXVzPMWI QEMW I½GMIRXI 2IWWI WIRXMHS SW GSQTSRIRXIW GLEZI HS TVSGIWWS TVSTSWXS TSV 2SGIVE I /ERER WnS SW GEXEPMWEHSVIW UYI TVSHY^MVnS S 3\MKqRMS 5YERHS ETVIWIRXEVEQ EPKYRW VIWYPXEHSW IQ
LQYHVWLJDomR H WHFQRORJLD
1%-7 46Ì<-137 (% *38377È28)7) %68-*-'-%0 23:% *361% () '%4896% ) %61%>)2%1)283 (% )2)6+-% 730%6
HS FEWXERHS HITSMW QIVKYPLEV IQ jKYE I I\TSV k VEHMEpnS WSPEV WYFWXMXYMRHS EWWMQ SW GYWXSW EWWSGMEHSW GSQ S QzHYPS HI YQ TEMRIP JSXSZSPXEMGS (IWXI QSHS 2SGIVE I E WYE IUYMTE GSRWIKYMVEQ HIWIRZSPZIV YQ XMTS HI WMWXIQE UYI SW GMIRXMWXEW TVSGYVEZEQ MQMXEV Lj QYMXS XIQTS E JSXSWWuRXIWI HEW TPERXEW )WXEW ±JSPLEW EVXM½GMEMW² GSRWIKYIQ HMWWSGMEV EW QSPqGYPEW HE jKYE ETIREW GSQ E IRIVKME HS 7SP EPqQ HMWWS ETVIWIRXEQ YQE QEMW ZEPME IQ VIPEpnS ESW WMWXIQEW XVEHMGMSREMW E UYEPMHEHI HE jKYE 2SW IPIGXVSPM^EHSVIW E jKYE XIQ HI WIV TYVE IR UYERXS GSQ E XIGRSPSKME ETVIWIRXEHE TSHI WIV YXMPM^EHE jKYE HI YQ VMS SY QIWQS E HS QEV 9QE GSQTEVEpnS GSQ S TVSGIWWS HE JSXSWWuRXIWI ENYHEVj E GSQTVIIRHIV S TVSGIWWS HI WIRZSPZMHS 'SQS WI TSHI ZIV RE *MKYVE HYVERXI E JSXSWWuRXIWI EW TPERXEW YWEQ E PY^ WSPEV TEVE WITEVEV E QSPqGYPE HE jKYE IQ 3\MKqRMS I IQ ,MHVSKqRMS JSXzPMWI )WWEW QSPqGYPEW HI ,MHVSKqRMS TSV WYE ZI^ NYRXEQIRXI GSQ S '3 MVnS GVMEV IRIVKME WIRHS S 3\MKqRMS IRZMEHS TEVE E EXQSWJIVE 'SQTEVERHS E JSXSWWuRXIWI GSQ E WSPYpnS TVSTSWXE TSV 2SGIVE E KVERHI HMJIVIRpE VIWMHI RS JEGXS HI RnS LEZIV TVIWIRpE HI '3 TEVE VIEKMV GSQ S ,MHVSKqRMS HEu TSHIV WIV EVQE^IREHS
XSVREV I\XVIQEQIRXI TIVMKSWSW WI RnS JS VIQ STIVEHSW GSRZIRMIRXIQIRXI (E TIWUYMWE VIEPM^EHE GSRGPYuQSW UYI WI XVE XE ETEVIRXIQIRXI HI YQ EZERpS RS WIRXMHS HI GSRWIKYMV YQE JSVQE WIKYVE I FEVEXE HI JE^IV E IPIGXVzPMWI % MRXIKVEpnS HIWXE XIGRS PSKME GSQ WMWXIQEW JSXSZSPXEMGSW I TMPLEW HI GSQFYWXuZIP TSHIVj PIZEV E RSZEW XIGRSPSKMEW IRIVKqXMGEW MRXIKVERHS YQ ETVSZIMXEQIRXS WSPEV I EVQE^IREQIRXS GSQ TSWWMFMPMHEHI HI QSFMPMHEHI 2S IRXERXS RnS RSW TEVI GI UYI WINE YQE RSZE JSVQE QEMW I½GMIR XI HI GSRZIVWnS HE IRIVKME WSPEV E WSPYpnS HI GSRZIVWnS HI VEHMEpnS IQ IPIGXVMGMHEHI GSRXMRYE E WIV E HEW XIGRSPSKMEW JSXSZSPXEMGEW I\MWXIRXIW 3 TVSGIWWS q XSXEPQIRXI EVXM½ GMEP IQ REHE YXMPM^ERHS TVSGIWWSW FMSPzKMGSW HE JSXSWWuRXIWI UYI q YQE HMJIVIRXI PMRLE HI MRZIWXMKEpnS QYMXS QEMW PSRKuRUYE TEVE GSRWIKYMV ETVSZIMXEV E JSXzPMWI REXYVEP TEVE I\XVEMV S ,MHVSKqRMS 'SRGPYuQSW UYI q YQ TVSKVIWWS MRXIVIW WERXI QEW RnS QMPEKVSWS GSQ QEMW EPKYRW EZERpSW WMKRM½GEXMZSW RE VIHYpnS HI TVIpSW I RS MRGVIQIRXS HE I½GMsRGME TSHIVIQSW XIV IWTIVERpE UYI WYVNEQ RSZSW TVSHYXSW XIGRSPzKMGSW GSQ FIRIJuGMSW TEVE E KIVEpnS HMWXVMFYuHE HI IPIGXVMGMHEHI I ETPMGEp~IW FE WIEHEW IQ XIGRSPSKME HS ,MHVSKqRMS
*MKYVE (MEKVEQE WMQTPM½GEHS HE JSXSWWuRXIWI *SRXI [[[ RIX\TPMGE GSQ
'SQS IQ UYEPUYIV HIWGSFIVXE GMIRXu½GE I\MWXI WIQTVI UYIQ TSRLE EPKYQEW VIWIVZEW TSV I\IQTPS .SLR 8YVRIV UYI GSRWIKYMY SW TVMQIMVSW EZERpSW RIWXE jVIE GSRWMHIVE IWXIW VI WYPXEHSW MRXIVIWWERXIW QEW VIPIQFVE UYI Nj I\MWXIQ IPIGXVSPM^EHSVIW GSQIVGMEMW GSQ QEMSV I½GMsRGME HS UYI S TVSTSWXS TVMRGMTEPQIRXI WI JEPEVQSW IQ GIRjVMSW MRHYWXVMEMW 1EW RIWXI GEWS SW IPIGXVSPM^EHSVIW XsQ IPIGXVzPMXSW EPGEPMRSW SY jGMHSW UYI RIGIWWMXEQ HI GSRLIGMQIRXS IWTIGMEPM^EHS TEVE PMHEV GSQ IPIW IQ WIKYVERpE 4IPS UYI RS GEWS HI MRWXEPEp~IW VIWMHIRGMEMW WnS RIGIWWjVMSW WMWXIQEW QEMW WIKYVSW I WMQTPIW GSQ E YXMPM^EpnS HI YQ IPIGXVzPMXS QIRSW TIVMKSWS XEP GSQS S FSVEXS HI 2uUYIP 4EVE EPqQ HMWWS q IWWIRGMEP TIRWEV RS WMWXIQE HI EVQE^IREQIRXS UYIV IQ XIVQSW HI PIKMWPEpnS UYIV IQ WIKYVERpE YQE ZI^ UYI WI TSHIQ
68
2S ½REP RnS TSHIQSW HIM\EV HI ETVIWIRXEV YQE VI¾I\nS EGIVGE HS QSHS HI XVEFEPLEV HEW MRWXMXYMp~IW EQIVMGEREW EPqQ HI ETSMSW IWXEXEMW IWXI TVSNIGXS VIGIFIY YQ GSRXVM FYXS HI QMPL~IW HI HzPEVIW HE 'LIWSRMW *EQMP] *SYRHEXMSR YQE JYRHEpnS ½PERXVzTM GE TVMZEHE GVMEHE TIPE JEQuPME 'LIWSRMW TEVE ETSMEV MRZIWXMKEpnS RS HSQuRMS HS EQFMIR XI I HEW IRIVKMEW VIRSZjZIMW 3FZMEQIRXI UYI IWXEW GSRXVMFYMp~IW HI TVMZEHSW I HI JYRHEp~IW ENYHEQ HI WSFVIQERIMVE E UYI SW )9% IWXINEQ RE PMRLE HE JVIRXI HS HI WIRZSPZMQIRXS GMIRXu½GS 8EQFqQ ES FSQ IWTuVMXS EQIVMGERS IWXE HIWGSFIVXE Nj PIZSY k GVMEpnS HI YQE IQTVIWE GLEQEHE 7YR 'EXEP]XM\ UYI TVIXIRHI GSQIVGMEPM^EV IWXI WMWXIQEW RSW TVz\MQS HSMW ERSW IWXERHS Nj IQ RIKSGMEp~IW GSQ S KVYTS MRXIVREGMSREP 8EXE UYI IWXj MRXIVIWWEHS RE XIGRSPSKME IW TIVERHS WI EPKYQEW MRWXEPEp~IW RE ÈRHME EXq ES ½REP HI