G : E D GI6< : B 8Vgadh 9^Vh
:B:6 8dc[Zg„cX^V Yd \gjed YZ ji^a^oVYdgZh =dcZnlZaa Vi^c\Z h[YehZ Zb EgV\V
FhW]W \e_ fWbYe ZW [Z_‚€e Z[ (&&+ ZW 9ed\[hÂ…dY_W Ze =hkfe Z[ Kj_b_pWZeh[i >ed[om[bb ;C;7" gk[ h[kd_k kc d‘c[he h[YehZ Z[ *+& Yb_[dj[i Ze ckdZe Z[ Yedjhebe" fhel[d_[dj[i ZW ;khefW" CƒZ_e Eh_[dj[ [ Ăœ\h_YW$ KcW ZWi [ijh[bWi Ze [l[dje \e_ W Wfh[i[djW‚€e Ze ;nf[h_ed H)&&" gk[ fei# i_X_b_jW W Z_c_dk_‚€e [c cW_i Z[ (& Ze [ifW‚e ZWi iWbWi Z[ Yedjhebe" Z[l_Ze We dele Z[i[d^e ZWi ;%I gk[ f[hc_j[ kcW [ijhkjkhW l[hj_YWb$
6 :B:6 " 8dc[Zg„cX^V Yd <gjed YZ Ji^a^oVYdgZh YV =dcZnlZaa ‚ d eg^cX^eVa ZkZcid VcjVa cV :jgdeV eVgV V Xdbjc^YVYZ YZ Xdcigdad YZ egdXZhhdh# 6 Xdc[Zg„cX^V egdedgX^dcV jbV dedgijc^YVYZ �c^XV eVgV Xdc]ZXZg bZa]dg Vh iZXcdad\^Vh bV^h gZXZciZh Z eVgV WZcZÒX^Vg YV ZmeZg^„cX^V YZ XdaZ\Vh YZ jbV ^cY�hig^V! eV†h dj ZbegZhV hZbZa]VciZ#
GZaVi^kVbZciZ Vd Xa^ZciZh =dcZnlZaa! gZ\^hidj"hZ jbV kVg^ZYVYZ YZ ^cYÂ?h" ig^Vh! Xdbd edg ZmZbead V H]Zaa! :mmdcBdW^a! 7dgZVa^h! GZehda! EgZZb! HVhda! BDA Z 6`od CdWZa# D ZkZcid iZkZ Xdbd eVigdX^cVYdgZh V BIA >chigjbZcih! EZeeZga ;jX]h! >ciZg\gVe] Z HigVijh IZX]cdad\^Zh#
:hiZh ZcXdcigdh! fjZ _{ k„b hZcYd gZVa^oVYdh YZhYZ &.,*! i„b V eVg" i^XjaVg^YVYZ YZ hZgZb dg\Vc^oVYdh eZadh eg‹eg^dh ji^a^oVYdgZh! hZcYd ZhiZh gZhedch{kZ^h eZaV YZÒc^ d Ydh iZbVh eg^cX^eV^h YV Xdc[Zg„cX^V# 6 �ai^bV ZY^ d! gZVa^oVYV YZ ') V ', YZ DjijWgd Zb EgV\V! Xdcidj Xdb jb c�bZgd h[YehZ YZ )*% Xa^ZciZh dg^jcYdh YZ (- eV†hZh YV :jgdeV! B‚Y^d Dg^ZciZ Z Û[g^XV :B:6 # 8dbeVgVi^kVbZciZ Xdb V ZY^ d VciZg^dg ZhiZh c�bZgdh gZegZhZciVb jb VjbZcid YZ XZgXV YZ ', Zb iZgbdh YZ Xa^ZciZh fjZ VÓj^gVb Vd ZkZcid#
EZaV eg^bZ^gV kZo cV hjV ]^hi‹g^V! V dg\Vc^oV d YZhiZ ZkZcid YZX^Y^j Xdck^YVg V ^begZchV ZheZX^Va^oVYV# 6 gZk^hiV ÆgdW‹i^XVÇ [d^ d gZegZhZciVciZ edgij\j„h Z Xdbegdkdj V ^bedgi}cX^V fjZ ZhiZh ZcXdcigdh i„b eVgV dh ji^a^oVYdgZh! YZk^Yd Vd [VXid YZ egdedgX^dcVgZb jbV ^ciZchV igdXVh YZ ^YZ^Vh Z de^c^�Zh Xdb dh ZheZX^Va^hiVh YV =dcZnlZaa# Æ6 8dc[Zg„cX^V Yd <gjed YZ Ji^a^oVYdgZh =dcZnlZaa d[ZgZXZ jbV dedgijc^YVYZ �c^XV YZ gZjc^g Xa^ZciZh YZ Y^[ZgZciZh ^cY�hig^Vh YZ idYV V :B:6 eVgV V eVgi^a]V YZ ^YZ^Vh Z YVh bZa]dgZh eg{i^XVh fjZ V_jYVg d V VjbZciVg V egZhiV d XdbZgX^VaÇ! Y^hhZ EVja DgoZh`Z! k^XZ" egZh^YZciZ Z Y^gZXidg"\ZgVa YV =dcZnlZaa EgdXZhh Hdaji^dch :B:6#
6 dgYZb YZ igVWVa]dh YZhiZ Vcd ^cXaj^j VegZhZciV �Zh Ydh Xa^ZciZh! hZhh�Zh Zb hjW\gjedh hdWgZ iZXcdad\^V =dcZnlZaa! YZWViZh YZ ZheZX^Va^hiVh! jbV ZmiZchV {gZV YZ YZbdchigV d Z Zm^W^ d! ijYd cjbV Vibdh[ZgV ^c[dgbVa fjZ egdedgX^dcdj dedgijc^YVYZh YZ igVWVa]d Zb Xdc_jcid# Dh eVgXZ^gdh YV =dcZnlZaa YZhZbeZc]VgVb eVe‚^h YZ YZhiVfjZ cV Xdc[Zg„cX^V! ZcigZ ZhiZh YZhiVXVgVb"hZ dh gZegZhZciVciZh YV 7ZVg^c\Ed^ci! EZeeZga ;jX]h Z HeVo^d#
6a‚b Y^hhd! V =dcZnlZaa egdXjgV XdchiVciZbZciZ hVWZg fjV^h Vh egZd" XjeV �Zh Ydh hZjh Xa^ZciZh/Æd bV^h ^bedgiVciZ cZhiZ ZkZcid h d dh cdhhdh Xa^ZciZh Ä Vh hjVh ^YZ^Vh Z [ZZYWVX` h d YZ ^bedgi}cX^V XgjX^Va cV cdhhV XVeVX^YVYZ YZ Xdci^cjVg V YZhZckdakZg iZXcdad\^V! hZgk^ dh Z Vhh^hi„cX^V Zb X^Xadh YZ k^YV hjeZg^dgZh! YZ [dgbV V bZa]dgVg V hjV egZhiV d XdbZgX^Va cd [jijgdÇ! VÒgbdj EVja DgoZh`Z#
')
G : E D GI6< : B
H[ikce ZWi 9WhWYj[h ij_YWi [ LWdjW][di
Fhe`[Yje Z[ h[\[h dY_W [c Fehjk]Wb
8VgVXiZg hi^XV
KVciV\Zch
KZgi^XVabZciZ XdcXZW^Yd! ZXdcdb^V YZ ZheV d# ;VXidg [dgbVid YV H g^Z 8! fjZ XdbW^cV d egdXZhhd YZ >$D Z iZg" b^cV Zh YZ XVbed cjbV c^XV VhhZbWaV\Zb#
>$D b{m^bdh Zb ZheV d b c^bd/ GZYjo Xjhidh YZ XdcXZe d"Xdchigj d H^hiZbVh XdcXdggZciZh egdedgX^dcVb jbV dXjeV d YZ ZheV d * V ,* bV^dg Jb Xa^ZciZ ZhXda]Zj gZXZciZbZciZ d :meZg^dc G(%% Z hd[gZj jbV VaiZgV d YZ *(+ eVgV (*+ Vgb{g^dh! jbV gZYj d YZ ()
8dcigdaVYdg 8(%% kZgi^XVabZciZ XdcXZW^Yd
8dcigdaVYdg YZ egdXZhhd Xdb V bV^dg XVeVX^YVYZ/ b^c^b^oV d c bZgd YZ XdcigdaVYdgZh cZXZhh{g^dh b^c^b^oV V XdbeaZm^YVYZ YV ZmZXj d ^ciZ^gVbZciZ Zkdaj Yd! hZb fjVafjZg YZ [Va]V
9^gZX d dWa fjV YZ &- \gVjh c^XV YV H g^Z 8
<ZgZ d Ójmd YZ XVadg edg idYd d Vgb{g^d/ gZYjo edcidh fjZciZh fjZ edYZb ZcXjgiVg V k^YV Ydh b Yjadh
<_h[mWbb YZ Xdcigdad H g^Z 8
6hhZ\jgV V Y^hedc^W^a^YVYZ Yd h^hiZbV Vd egdiZ\Zg XdcigV ZcX]ZciZh YZ bZchV\Zch Z cZ\Vg ViVfjZh#
EgdiZX d Z gZhiVWZaZX^bZcid Vj" idbVi^oVYdh
EZgb^iZ Vdh Xa^ZciZh gZXjeZgVg Z gZhiVWZaZXZg V ^c[dgbV d Zb XZgXV YZ jbV ]dgV! Z c d Zb Y^Vh 6 ^cdeZgVX^dcVa^YVYZ edYZ XjhiVg V jbV ZbegZhV jbV b Y^V YZ '*#%%% Y aVgZh edg ]dgV
Ie\jmWh[ Z Vhh^hi cX^V eVgV deZgV Zh egdXZhhjV^h
GZYjo eZgYVh YZk^Yd V egdXZY^bZcidh deZgVi^kdh ^cVYZfjVYdh# D Xdch gX^d 6HB VÒgbV fjZ dh Zggdh YZ deZgVYdg Xdc" ig^WjZb eVgV &) YZ idYdh dh ^cX^YZciZh
HjedgiV d ZemdbeWZ YZ b^Xgdegd" \gVbV d eVgV idYdh dh b Yjadh YZ >$D YV H g^Z 8! c d cZXZhh^iV YZ VaiZgV Zh YZ ]VgYlVgZ Z hjedgiV b^\gV d YjgVciZ egdXZhhdh
GZYjo d iZbed eVgV VXijVa^oVg d h^hiZbV Xdb cdkVh [jc" X^dcVa^YVYZh Z d[ZgZXZ [{X^a b^\gV d eVgV V VXijVa^oV d hZ\j^ciZ hZb fjVafjZg ^cdeZgVX^dcVa^YVYZ
IZgb^cV Zh kZgi^XV^h YZ XVWaV\Zb
GZYjo dh Xjhidh YV ^chiVaV d YV XVWaV\Zb Vhh^b Xdbd dh YV bVcjiZc d
6a^bZciV d gdWjhiV eVgV XVYV b Yj" ad hZb fjVafjZg [Va]V0 egdiZX d YZ >$D Z XdcigdaVYdg XdbeaZid
GZYjo V ^cdeZgVX^dcVa^YVYZ/ Ã d XdcigdaVYdg Z d >$D Xdci^cjVb V deZgVg Vi (% b^cjidh Xdb jbV WViZg^V YZ Va^bZciV d Vjm^a^Vg deX^dcVa
:B:6 '%%+
:b '%%(! V =dcZnlZaa >cYjhign Hdaj" i^dch [d^ hZaZXX^dcVYV eZaV IgVXiZWZa :c\^cZZg^c\ >ciZgcVi^dcVa! cd 8dc" h gX^d Yd :begZ^iZ^gd :#E#8#! eVgV jbV hdaj d YZ VjidbV d VWgVc" \ZciZ ^cXaj^cYd d :meZg^dc E@H ib EgdXZhh @cdlaZY\Z HnhiZb ib YV =dcZnlZaa! d ;V^a HV[Z 8dcigdaaZg ;H8 Z YZiZXidgZh YZ [d\d Z \{h# :hiV hdaj d [d^ ^beaZbZciVYV cd cdkd iZgb^cVa YZ ^bedgiV d YZ <CA <{h CVijgVa A^fjZ[Z^id YV IgVch\Vh 6iaVci^Xd Zb H^cZh# 6 hdaj d YZ VjidbV d ^ciZ\gVYV YV =dcZnlZaa eZgb^iZ Vd iZgb^cVa YZ H^cZh YV IgVch\Vh 6iaVci^Xd [jcX^dcVg Zb hZ\jgVc V! Xdb V bV^dg ZÒX^ cX^V deZgVi^kV edhh kZa Z ZaZkVYV Y^hedc^W^a^YVYZ# 6h hdaj Zh 6ci^">cigjh d! YZ 8dcigdad Yd 6XZhhd Z d <Zhidg YZ K^YZd 9^\^iVa YV =dcZnlZaa [dgVb! cV VaijgV! ZcXdbZcYVYVh VigVk h YZ jb XdcigVid! Zb hZeVgVYd! Xdb V =dcZnlZaa 6jidbVi^dc VcY 8dcigda Hdaji^dch# 6 =dcZnlZaa ZmZXjidj V XdcÒ\jgV d XdbeaZiV Yd h^hiZbV Z egdedgX^dcdj hZgk^ dh cd adXVa Xdbd Vhh^hi cX^V cV bdciV\Zb! Xdb^hh^dcVbZcid Z Vhh^hi cX^V cd VggVcfjZ# D iZgb^cVa YZ H^cZh h^ijVYd cV XdhiV Via}ci^XV edgij\jZhV! Vegdm^bVYVbZciZ V &*% `b V hja YZ A^hWdV! ^c^X^dj Vh hjVh deZgV Zh cd ^c X^d YZ '%%)# 8dch^hiZ Zb ^chiVaV Zh edgij{g^Vh YZ gZXZe d Z YZhXVggZ\VbZcid YZ cVk^dh bZiVcZ^gdh! Yd^h iVcfjZh YZ VgbVoZcV\Zb YZ <CA! ^chiVaV Zh YZ egdXZhhVbZcid YZ <CA Z YZ YZheVX]d YZ \{h cVijgVa eVgV jb \VhdYjid YZ ZmedgiV d# :hiZ iZgb^cVa YZ ^bedgiV d YZ <CA YZ ided egdbdkZ V Vea^XV d kVhiV Z ZÒX^ZciZ YZ \{h cVijgVa ejgd cV EZc chjaV >W g^XV# ÇKc fhe`[Yje Z[ijW cW]d_jkZ[ h[gk[h_W kcW j[Ydebe]_W Z[ WkjecW e gk[ e\[h[Y[ii[ _dj[hef[hWY_edWb_ZWZ[ ikf[h_eh [ j_l[ii[ W YWfWY_ZWZ[ Z[ i[ [nfWdZ_h Yec Wi _dijWbW [i$ D[Y[ii_jWlW jWcX c Z[ Yk_ZWh ZWi d[Y[i# i_ZWZ[i [if[Y ÓYWi Z[ kc j[hc_dWb Z[ =DB$ 7 >ed[om[bb i[hl_k WcXWi [ijWi d[Y[ii_ZWZ[i Yec e i[k h[f[hj h_e Yecfb[je Z[ e\[hjWiÈ! YZXaVgdj [dciZ YV IgVXiZWZa#
D egd\gVbV YV Xdc[Zg cX^V ^cXaj^ V^cYV mehai^efi eg{i^Xdh
7 fh n_cW Yed\[h dY_W Z[Yehh[h| [c I[l_b^W Z[ Z YZbdchigV Zh iZXcda \^XVh Vd k^kd# ') W ', Z[ Del[cXhe Z[ (&&,$ 7ZcZ[ X^dh"X]VkZ eVgV dh YZaZ\VYdh :higjijgV YV Xdc[Zg cX^V :B:6
9ZhXdWg^g Xdbd dh hZjh ]db ad\dh jaigVeVhhVb dh YZ"
8VYV Y^V XdbZ V Xdb jbV HZhh d <ZgVa eVgV idYdh dh
hVÒdh Y^{g^dh Z ^beaZbZciVb ZhigVi \^Vh eVgV bZa]dgVg dh
ji^a^oVYdgZh! hZ\j^YV edg HZhh Zh YZ >ciZgZhhZ :heZX^Va
gZhjaiVYdh XdbZgX^V^h0
hdWgZ YZhZckdak^bZcidh iZXcda \^Xdh XdcYjo^YVh eZaV
IdbVg Xdc]ZX^bZcid Yd ZhfjZbV iZXcda \^Xd YV =dcZn"
=dcZnlZaa# 6h HZhh Zh Yd 8a^ZciZ h d VegZhZciVYVh
lZaa Z iZg V dedgijc^YVYZ YZ [dgcZXZg ^c[dgbV Zh hdWgZ
eZadh ji^a^oVYdgZh YV =dcZnlZaa fjZ YZhXgZkZb Vh hjVh
V hZaZX d YZ eg^dg^YVYZh Zb gZaV d Vd ^ckZhi^bZcid cd
ZmeZg^ cX^Vh Xdb Vh Vea^XV Zh iZXcda \^XVh YZhiV# EVgV
YZhZckdak^bZcid Z eZhfj^hV YV ZbegZhV0
Va b YZhhVh hZhh Zh YZ ^ciZgZhhZ Xdbjb V idYdh dh
>ciZgV\^g Xdb XdaZ\Vh ji^a^oVYdgZh! YV \Zhi d Z [VWg^Xd YZ iZXcdad\^V =dcZnlZaa! Vhh^b Xdbd Xdb eZhhdVa YZ
YZaZ\VYdh! Zm^hi^g d iVbW b egd\gVbVh eVgV ^cY hig^Vh
egd_ZXidh Z Vhh^hi cX^V Zb hZhh Zh ^c[dgbV^h! VWZgiVh0
ZheZX ÒXVh#
6kVa^Vg V bV^h gZXZciZ iZXcdad\^V eZaV eVgi^X^eV d Zb YZbdchigV Zh eg{i^XVh Z ZmeZg^ cX^V YZ h^bjaV Zh Y^c}b^XV gZV^h#
HZhh Zh Zb hjW\gjedh! \gjedh bV^h gZYjo^Ydh dg^Zc" iVYdh edg bdYZgVYdgZh [dgbVYdh! egdedgX^dcVb Vdh
Egd\gVbV YZ eVgXZg^Vh Z ZkZcidh hdX^V^h
ji^a^oVYdgZh V dedgijc^YVYZ YZ eVgi^a]Vg edcidh YZ k^hiV
D egd\gVbV YV Xdc[Zg cX^V Zc\adWV iVbW b VXi^k^YVYZh eVgV eVgXZ^gdh fjZ VXdbeVc]Zb dh YZaZ\VYdh | Xdc"
Z ZmeZg^ cX^Vh VXZgXV YZ fjZhi Zh ^cYjhig^V^h cjb Vb"
[Zg cX^V! Z jbV fjVci^YVYZ YZ ZkZcidh hdX^V^h ^cXaj^cYd d _VciVg YV Xdc[Zg cX^V Z V gZXZe d YZ WdVh"k^cYVh#
W^ZciZ gZaVmVYd Z ^c[dgbVa# 8dciVXid/ =dcZnlZaa Edgij\Va AYV Õ IZa#/ (*& '&) ')* %%% Õ ;Vm/ (*& '&) ')* %..
'+