HSWWMIV PLQL KtGULFDV
GEVEGXIVM^EpnS HEW 'IRXVEMW 1MRM ,uHVMGEW RS XIVVMXzVMS REGMSREP $V &HQWUDLV 0LQL +tGULFDV &0+ HVWmR HQWUH RV UHFXUVRV UHQRYiYHLV TXH DLQGD SRGHP VHU DSURYHLWDGRV HP 3RUWXJDO VHQGR GR FRQMXQWR GH WRGRV RV UHFXUVRV UHQRYiYHLV DV PDLV GLItFHLV GH FRPSUHHQGHU GHYLGR jV FDUDFWHUtVWLFDV GH FDGD FHQWUDO WDQWR QD YHUWHQWH WpFQLFD FRPR QD YHUWHQWH GD HQYROYHQWH H GR SUySULR UHFXUVR (VWDV HQFHUUDP HP VL FDUDFWHUtVWLFDV WpFQLFDV TXH VmR HVSHFtILFDV H ~QLFDV H TXH GHVWD IRUPD OKH FRQIHUHP XP HVWDWXWR GH VLQJXODULGDGH 7HQGR HP FRQWD TXH D HQHUJLD KtGULFD p XPD GDV SULRULGDGHV GDV SROtWLFDV HQHUJpWLFDV QDFLRQDLV H[LVWH LQWHUHVVH HP WUDoDU R SHUILO GDV &0+ HP 3RUWXJDO DWUDYpV GD VXD FDUDFWHUL]DomR H WLSLILFDomR HP IXQomR GH HVWHUHyWLSRV WpFQLFRV GD VXD SURGXomR H GD DYDOLDomR GR VHX UHFXUVR KLGUROyJLFR ,qPHIV 8IM\IMVE 7QEVX[EXX LIPHIV XIM\IMVE$WQEVX[EXX TX
% GEVEGXIVM^EpnS XqGRMGE HEW '1, HITIRHI HEW GSRHMp~IW QSVJSPzKMGEW HS PSGEP HI MRWXE PEpnS HE GIRXVEP LMHVSIPqGXVMGE UYI JSVXIQIR XI MR¾YIRGME E EPXYVE HI UYIHE IWTIGM½GE E FEGME HI HVIREKIQ I HI½RI S ¾Y\S HI jKYE 'SQS q IZMHIRXI XSHSW IWXIW JEGXSVIW MR XIVJIVIQ WMKRM½GEXMZEQIRXI RS HIWIQTI RLS IRIVKqXMGS HI YQE '1, I TEVE EPqQ HMWWS XVEpEQ S XMTS HI GSR½KYVEpnS I HI IUYMTEQIRXSW E HMQIRWMSREV %WWMQ HIZIQ GSRWMHIVEV WI JEGXSVIW GLEZI GSQS E UYIHE S GEYHEP E TSXsRGME MRWXEPEHE E jVIE HE FEGME LMHVSKVj½GE I S XMTS HI XYVFMREW
'EVEGXIVM^EpnS 8qGRMGE ă 4XHGD % EPXYVE HI UYIHE HI jKYE RYQE '1, VIZIWXI WI HI YQE HEW TVMRGMTEMW GEVEGXIVuWXM GEW HEHS UYI MR¾YIRGME HMVIGXEQIRXI E GETE GMHEHI HI TSXsRGME E MRWXEPEV SY WINE E UYIHE q WMRzRMQS HI IRIVKME TSXIRGMEP KVEZuXMGE UYI MVj WIV XVERWJSVQEHE IQ IRIVKME QIGlRMGE ETzW E WYE TEWWEKIQ TIPEW XYVFMREW LMHVjYPMGEW )Q 4SVXYKEP I\MWXIQ ^SREW KISKVj½GEW UYI SWXIRXEQ GEVEGXIVuWXMGEW QSVJSPzKMGEW 44
5YIHE Q
'EYHEP Q W
*MKYVE 1ETE HE (MWXVMFYMpnS HEW 5YIHEW REW '1, IQ 4SVXYKEP
*MKYVE 1ETE HE (MWXVMFYMpnS HS 'EYHEP REW '1, IQ 4SVXYKEP
HSWWMIV PLQL KtGULFDV
TSV 1;L TVSHY^MHS JSVRIGMHS I IRXVIKYI k VIHI IPqGXVMGE REGMSREP q WYTIVMSV IZM HIRGMERHS EW TSPuXMGEW I IWXVEXqKMEW HI VIR XEFMPMHEHI HS RIKzGMS TSV TEVXI HSW WIYW I\TPSVEHSVIW %S PSRKS HS ERS I GSQ E ETPMGEpnS HI YQE WYEZM^EpnS RSW TIV½W ERYEMW HI TVSHYpnS q TSWWuZIP XMTM½GEV I EZEPMEV SW GSQTSVXEQIR XSW HI TVSHYpnS REW '1, GSRJSVQI SW KVj ½GSW HEW *MKYVEW I
HlRGME GSQ S XISVMGEQIRXI TVIZMWXS ˆ % QEMSVME HEW '1, IRGSRXVEQ WI WS FVIHMQIRWMSREHEW QEW XEQFqQ I\MWXIQ GEWSW HI WYFHMQIRWMSREQIRXS TEVE EW WM XYEp~IW HI TSXsRGME MRWXEPEHE HI 1; SRHI SW TVSQSXSVIW RnS TVIXIRHIQ EPEVKEV E TSXsRGME GSQ S SFNIGXMZS HI FI RI½GMEV HE XEVMJE ETPMGEHE kW '1, ˆ 2SVQEPQIRXI EW '1, YXMPM^EQ IRXVI E HE WYE GETEGMHEHI HI TVSHYpnS MRWXEPEHE MWXS q Wz ETVSZIMXEQ GIVGE HI HE XSXEPMHEHI HE WYE GETEGMHEHI
%WWMQ GSRGPYM WI UYI EW '1, GSQ TIV½P HE *MKYVE XsQ VIKYPEpnS MRHITIRHIRXI HE I\MWXsRGME SY RnS HI VIGYVWSW REXYVEMW QEW GSRHMGMSREPQIRXI HITIRHIRXI HEW IW XVEXqKMEW HI STIVEpnS SRHI E RIGIWWMHEHI HI jKYE TEVE EFEWXIGMQIRXS q S UYI GSQER HE E IRXVEHE IQ JYRGMSREQIRXS )RUYERXS S TIV½P VITVIWIRXEHS RE *MKYVE q HIQEVGEHS TSV YQE TVSHYpnS IQ JYRpnS HE I\MWXsRGME HI jKYE QEW GSQ IWXVEXqKMEW HI VIRXEFMPMHE HI HI RIKzGMS
4VSHYpnS
)WXE VIXIRpnS TSHIVj WIV YXMPM^EHE SY TEVE S XYVFMREQIRXS IQ EPXYVEW HS ERS HI VIGYVWSW IWGEWWS QEMSV XIQTIVEXYVE I QIRSV TPYZMS WMHEHI SY TEVE S EFEWXIGMQIRXS HI jKYE UYIV TEVE EW TPERXEp~IW IQ GYPXMZS SY TEVE E TSTYPEpnS 3 TIV½P HE *MKYVE q TEVE '1, PSGEPM^EHEW RS RSVXI HS TEuW I ETVIWIRXEQ YQE TVSHY pnS ZEVMjZIP ES PSRKS HS ERS S UYI MRHMGME E JSVXI HITIRHsRGME GSQ E I\MWXsRGME HI TPYZMSWMHEHI
8IQTS HMEW
*MKYVE 4VSHYpnS HE '1,
4VSHYpnS
'EVEGXIVM^EpnS HS 4SXIRGMEP 4SVXYKEP RSW PXMQSW ERSW XIQ EWWMWXMHS E YQE IWXEKREpnS RS TVSNIGXS I MRWXEPEpnS HI RSZSW ETVSZIMXEQIRXSW HI GEVM^ QMRM LuHVM GS %Xq UYI RS ½REP HI WYVKMY S PERpE QIRXS HI GSRGYVWSW T FPMGSW GSQ SFNIGXMZS HI EXVMFYMpnS HI RSZEW TSXsRGMEW IQ '1, f GIVXS UYI S RSWWS TEuW ETVIWIRXE YQ TS XIRGMEP MRWXEPEHS MRJIVMSV kW GETEGMHEHIW UYI IWXI YWYJVYM GSRXYHS YVKI E TVISGYTEpnS HI XIV GSRLIGMQIRXS HE TIVGIRXEKIQ HI TSXIRGMEP I\TPSVEHS TSV HMWXVMXS TEVE MHIR XM½GEV ^SREW VIKM~IW WYWGITXuZIMW TEVE E MRWXE PEpnS HI RSZSW TVSNIGXSW LMHVSIPqGXVMGSW IQ JYRpnS HS TSXIRGMEP HMWTSRuZIP
8IQTS HMEW
*MKYVE 4VSHYpnS HE '1,
f ZMWuZIP E I\MWXsRGME HI HSMW TIV½W XuTMGSW HI TVSHYpnS 3 TIV½P HE *MKYVE q NYWXM½GjZIP TIPE PSGEPM^EpnS HE '1, SY WINE IWXj MRW XEPEHE RE ^SRE GIRXVS I WYP HS TEuW SRHI EW '1, XsQ HYTPE JYRGMSREPMHEHI TEVE EPqQ HE TVSHYpnS HI IRIVKME IPqGXVMGE I HEHS UYI TSWWYIQ GETEGMHEHI HI EVQE^IREQIR XS TIVQMXIQ VIKYPEV I EVQE^IREV E jKYE
4EVE E HIXIVQMREpnS HS TSXIRGMEP HMWTSRuZIP GSRWMHIVEQ WI GSQS ZEVMjZIMW GLEZI E EPXYVE HI UYIHE QqHME IQ GEHE VIKMnS E UYERXMHE HI HI TVIGMTMXEpnS I S JEGXSV HI YXMPM^EpnS HS VMS 2E GEVEGXIVM^EpnS I XMTM½GEpnS HEW '1, TEVE EPqQ HS GSRNYRXS HI GEVEGXIVuWXMGEW XqGRMGEW IRYRGMEHEW TSHIQ I\TSV WI SYXVEW MRJIVsRGMEW XEMW GSQS ˆ % I½GMsRGME VIEP EYJIVMHE E TEVXMV HSW IUYM TEQIRXSW MRWXEPEHSW REW '1, REGMSREMW q HI VIZIPERHS GSIVsRGME I GSRGSV
4SXIRGMEP )\TPSVEHS &0+
*MKYVE 4IVGIRXEKIQ HS 4SXIRGMEP 1MRM ,uHVMGSW )\TPSVEHS TSV (MWXVMXS
)Q WYQE EGXYEPQIRXI E GEVEGXIVM^EpnS HI '1, EMRHE RnS QIVIGIY HIWXEUYI ES GSR XVjVMS HI SYXVEW XIGRSPSKMEW GSQS E IzPMGE I E WSPEV XEPZI^ HIZMHS k WYE VIHY^MHE JVEGpnS HI TVSHYpnS HI IRIVKME 2S IRXERXS HEHS UYI E IRIVKME LuHVMGE q YQE HEW TVMSVMHEHIW GSR XIQTPEHEW TIPEW TSPuXMGEW IRIVKqXMGEW REGMS REMW q HI MRXIVIWWI E GEVEGXIVM^EpnS HIWXI XMTS HI ETVSZIMXEQIRXS VIPEXMZEQIRXI ES IWXYHS I XMTM½GEpnS HEW GEVEGXIVuWXMGEW XqGRMGEW k GEVEG XIVM^EpnS HI TVSHYpnS I k GEVEGXIVM^EpnS HS TSXIRGMEP HS VIGYVWS LMHVSPzKMGS 47