M Laguna, ene/2019

Page 1

683/(0(172 0(168$/

(1(52

(175(9,67$ 0H GXHOH TXH QR KD\D P¡V ,7(60 HQ HO SD­V 6DOYDGRU $OYD *³PH]

&2/801$ (GXDUGR +ROJX­Q

/$*81$

0$12/2 -,0 1(= 6$/,1$6 7RGRV KHPRV FRQVWUXLGR OD JUDQGH]D GH 6DOWLOOR

-25*( =(50( 2 ,1)$17( 3DUD TX© SHQVDPRV HQ XQ IXWXUR" +D\ TXH YLYLU HO SUHVHQWH

5(<(6 )/25(6 +857$'2 (VWLPDPRV UHGXFLU HO JDVWR GH EXURFUDFLD HQ XQ



&217(1,'26

(†) JESÚS D. GONZÁLEZ FUNDADOR

683/(0(172 0 /$*81$ Þ (1(52

FRANCISCO A. GONZÁLEZ PRESIDENTE DEL CONSEJO DE ADMINISTRACIÓN FRANCISCO D. GONZÁLEZ PRESIDENTE EJECUTIVO JESÚS D. GONZÁLEZ VICEPRESIDENTE CARLOS MARÍN CONSEJERO EDITORIAL ÁNGEL CONG DIRECTOR GENERAL

ÓSCAR CEDILLO DIRECTOR DE INFORMACIÓN ALFREDO CAMPOS DIRECTOR MILENIO DIARIO RAFAEL OCAMPO DIRECTOR MILENIO TELEVISIÓN

Ù$ P­ PH SUHRFXSDEDQ GRV WHPDV IXQGDPHQWDOHV OD VHJXULGDG \ OD JHQHUDFL³Q GH HPSOHRVÚ 0LJXHO QJHO 5LTXHOPH 6RO­V

JAVIER CHAPA DIRECTOR MULTIGRÁFICA REGINA REYES HEROLES DIRECTORA DE SUPLEMENTOS VALERIA GONZÁLEZ DIRECTORA CREATIVA

&2/801$

%5(9(6

461-&.&/50 .&/46"JUAN GRAMILLO MARCELA MORENO OMAR ESCOBEDO GUILLERMO CONTRERAS ALEJANDRA VALLEJO GABRIELA VÁZQUEZ JOSÉ FRANCISCO ROCHA LILIA OVALLE LUIS ALBERTO GALVÁN MANUEL GUADARRAMA LUIS ALBERTO LÓPEZ SILVIA AYALA LUIS CARLOS VALDÉS ROBERTO CARSON LUIS ALATORRE GILBERTO LASTRA JONATHAN PRIETO

DIRECTOR GENERAL DE NEGOCIOS DIRECTORA EDITORIAL E INFORMACIÓN GERENTE COMERCIAL GERENTE DE ADMINISTRACIÓN Y FINANZAS GERENTE DE MERCADOTECNIA SUPLEMENTOS DISEÑO EDITORIAL JEFA DE INFORMACIÓN JEFE DE REDACCIÓN FOTÓGRAFO REPORTERO REPORTERO REPORTERO REPORTERO REPORTERO REPORTERO DIGITALIZACIÓN

EJECUTIVOS COMERCIALES ANTONIO FEMATT, JORGE IVÁN MARTÍNEZ, VALERIA CASTRO, ÁNGEL OMAR GONZÁLEZ

DOMICILIO: EDITORIAL LA OPINIÓN S.A., AV. ALLENDE S/N, COL. CENTRO C.P. 27000 TORREÓN, COAHUILA. PARA VENTAS E INFORMES: 8717491100-8717491104-8717491149 SUSCRIPCIONES 01800 2006453

1RWLFLDV SRO­WLFDV \ VRFLDOHV GH &RDKXLOD \ 'XUDQJR

9LGD &RWLGLDQD

3

3

(1 $*2672 '( 6( 6,*1 /$ 75 $'$

0$5&2 $1721,2 =$0$55,3$

/RV LQVSLUR D VR±DU D LPDJLQDUQRV XQ 7HF PHMRU GLIHUHQWH 6DOYDGRU $OYD *³PH]

3RFR LQWHU©V GH OD VRFLHGDG FLYLO SRU HVWDEOHFHU XQD HYDOXDFL³Q GHO TXHKDFHU OHJLVODWLYR ORFDO

3

3

580%2 $ -251$'$ (/(&725$/

-25*( =(50( 2 ,1)$17(

3

3

(Q 'XUDQJR VH FRQWHQGHU¡ SRU SULPHUD YH] FRQ ÙSLVR SDUHMRÚ SDUD UHQRYDU ODV DOFDOG­DV

0$12/2 -,0 1(= 6$/,1$6

Ù$TX­ QDGLH WUDEDMD KRUDV DO G­D DTX­ WUDEDMDPRV KRUDV DO G­DÚ

3

Ù(V FODUR TXH OD FLXGDG QHFHVLWD PXFKD LQYHUVL³Q \ VHJXLUHPRV WUDEDMDQGRÚ

(175(9,67$

0H WRFD VHU XQ DFWRU ORV ÙRMRVÚ GHO SUHVLGHQWH HQ &RDKXLOD 5H\HV )ORUHV +XUWDGR

3

&$57 1 32/ 7,&2 3

0 /$*81$ VXSOHPHQWR PHQVXDO ,PSUHVR HQ HQHUR GH (GLWRU 5HVSRQVDEOH 0DUFHOD 0RUHQR &DVDV 1~PHUR GH FHUWL½FDGR GH UHVHUYD RWRUJDGR SRU HO ,QVWLWXWR 1DFLRQDO GHO 'HUHFKR GH $XWRU HQ WUiPLWH 1~PHUR GH FHUWL½FDGR GH OLFLWXG GH WtWXOR \ FRQWHQLGR HQ WUiPLWH 'RPLFLOLR GH OD SXEOLFDFLyQ H LPSUHQWD 0LOHQLR 'LDULR 6 $ GH & 9 0RUHORV Q~PHUR &RORQLD &HQWUR 'HOHJDFLyQ &XDXKWpPRF & 3 HQ 0p[LFR 'LVWULWR )HGHUDO 'LVWULEXFLyQ XQLyQ GH H[SHQGHGRUHV \ YRFHDGRUHV GH ORV SHULyGLFRV GH 0p[LFR $ & FRQ GRPLFLOLR HQ *XHUUHUR QR &RO *XHUUHUR & 3 'HOHJDFLyQ &XDXKWpPRF 0p[LFR ' ) (V LQGHSHQGLHQWH HQ VX OtQHD GH SHQVDPLHQWR \ QR DFHSWD QHFHVDULDPHQWH FRPR VX\DV ODV LGHDV GH DUWtFXORV ½UPDGRV 4XHGD SURKLELGR OD UHSURGXFFLyQ WRWDO R SDUFLDO GH OD SUHVHQWH HGLFLyQ PLVPD TXH VH HQFXHQWUD UHJLVWUDGD D QRPEUH GH 0LOHQLR 'LDULR 6 $ GH & 9 'HUHFKRV UHVHUYDGRV (O FRQWHQLGR GH ORV DUWtFXORV HV UHVSRQVDELOLGDG GH ORV DXWRUHV 7RGRV ORV GHUHFKRV HVWiQ UHVHUYDGRV 4XHGD SURKLELGD OD UHSURGXFFLyQ SDUFLDO R WRWDO GHO PDWHULDO SXEOLFDGR VLQ FRQVHQWLPLHQWR SRU HVFULWR GH ORV HGLWRUHV /D LQIRUPDFLyQ KD VLGR REWHQLGD GH IXHQWHV ½GHGLJQDV


,QYHUVLยณQ 3ยบEOLFD OD JUDQ SHUGHGRUD HQ 3UHVXSXHVWR SDUD &RDKXLOD 3

ร ,QIOXHQFHUVร XQ QHJRFLR UHQWDEOH SDUD ODV PDUFDV 3

%5(9(6 325 5('$&&,ย 1 0,/(1,2 /$ 23,1,ย 1 /$*81$

-25*( =(50(ย 2 720$ 3527(67$ 325 7(5&(5$ 2&$6,ย 1 &202 $/&$/'( '( 7255(ย 1

<c XcZXc[\ [\ Kfii\ย e# Afi^\ Q\id\ย f @e]Xek\ kfdย gifk\jkX gfi k\iZ\iX fZXj`ย e p Xj\^liย hl\ cX cXYfi [\c g\i`f[f )'(0$)')( \jkXi} Z\ekiX[X X cX d\afiX [\ cfj j\im`Z`fj gย Yc`Zfj% 8jย g`[`ย Xgfpf ]\[\iXc gXiX Zldgc`icf% ร ?\ \eki\^X[f X kf[fj cfj d`\dYifj [\c :XY`c[f le XmXeZ\ [\c Gif^iXdX [\ ;\jXiifccf Dle`Z`gXc p hl\ k`\e\ Zfdf YXj\ \c gi\j\ekX[f _XZ\ le Xย f% Lef hl\ m\ d}j Xcc} [\c Zfikf gcXqfร # [\$ ZcXiย [liXek\ cX `ejkXcXZ`ย e [\c Zl\igf \[`c`Z`f hl\ cf XZfdgXย ย % @e[`Zย hl\ \c gcXe [\ kiXYXaf k`\e\ Zfdf YXj\ cX cXYfi hl\ [\j\d$ g\ย Xife cXj [`]\i\ek\j [`i\ZZ`fe\j dle`Z`gXc\j [liXek\ cX 8[d`e`j$

0 /$*81$ ร (1(52

2

kiXZ`ย e )'(/% ร 9ljZXdfj [\j[\ le gi`eZ`g`f _XZ\i \hl`gf Zfe cX Z`l[X[Xeย X p YljZXdfj le gif^iXdX [\ ^fY`\ief j\eZ`ccf# g\if hl\ \dg`\Z\ gfi [Xic\ cfj d\afi\j j\im`Z`fj [\ ZXc`[X[ p hl\ k`\e\e hl\ m\i Zfe cX j\$ ^li`[X[ gย Yc`ZX# X^lX gfkXYc\ p aXi[`e\j p XcldYiX[fร % <e \eki\m`jkX gfjk\i`fi X cX Z\i\dfe`X# \c gXe`jkX [`af hl\ [liXek\ cX m`j`kX X Kfii\ย e [\c gi\j`[\ek\# 8e[iย j DXel\c Cย g\q FYiX[fi# c\ jfc`Z`kย Xgfpf gXiX jXZXi X[\cXek\ fYiXj hl\ k`\e\e hl\ m\i Zfe \c k\dX [\ [i\eXa\%


%5(9(6

0$12/2 -,0‰1(= $680( $/&$/'�$ (1 6$/7,//2

GXiX dXek\e\ij\ \e le j\^le[f g\i`f[f hl\ Zfdgi\e[\ [\c XŒf )'(0 Xc )')(# DXefcf A`d„e\q JXc`eXj kfd� gifk\j$ kX Zfdf XcZXc[\ [\c dle`Z`g`f [\ JXck`ccf# Zfdgifd\k`„e[f$ j\ X j\^l`i kiXYXaXe[f gfi cX j\^li`[X[ p \c Y`\e\jkXi [\ cfj jXck`cc\ej\j% DXefcf A`d„e\q JXc`eXj i\Zfi[� hl\ cX gcXe\XZ`�e ]l\ ]XZkfi `dgfikXek\ gXiX XcZXeqXi cfj cf^ifj p fYa\k`mfj [\c gi`$ d\i g\i`f[f [\ ^\jk`�e Xc ]i\ek\ [\ cX XcZXc[ˆX# gfi cf hl\ gXiX \jk\ j\^le[f j\ Zfek`el� Zfe cX d`jdX ]�idlcX# p j\ \jkilZkli�# Xc k`\dgf hl\ j\ ^fY\ieXYX# \c gcXe [\ [\jXiifccf dle`Z`gXc )'(0$)')(% <ogljf hl\ \e \c el\mf gcXe [\ [\jXiifccf dle`Z`gXc j\ Zfek\dgcX Zfek`elXi ]fikXc\Z`\e[f cfj , \a\j [\ ^fY`\ief# Zfe cfj gif^iXdXj hl\ [`\ife i\jlckX[fj# g\if kXdY`„e j\ `dgc\d\ekXi}e el\mfj gifp\Zkfj gXiX cc\mXi X JXck`ccf Xc j`$ ^l`\ek\ e`m\c%

*2%(51$'25(6 '(),1(1 (675$7(*,$ &21 6('(1$

5(&,%(1 $ $0/2 (175( 0$1,)(67$&,21(6 ;`m\ijfj ^ilgfj jfZ`Xc\j [\ CX CX^leX i\Xc`qXife dXe`]\jkXZ`fe\j gXiX i\Z`Y`i Xc gi\j`[\ek\ 8e[i„j DXel\c C�g\q FYiX$ [fi \e jl gi`d\iX m`j`kX X cX i\^`�e% =l\ \c gXjX[f )/ [\ [`Z`\dYi\ ZlXe[f cc\^� X cX Z`l[X[# [fe[\ ]l\ i\Z`Y`[f gfi cfj ^f$ Y\ieX[fi\j [\ :fX_l`cX p ;liXe^f# Xjˆ Zfdf gfi \c XcZXc[\ [\ cX Z`l[X[% <eki\ cfj hl\ gifk\jkXife X cXj X]l\iXj [\c K\Xkif EXqXj ]`^liXe cfj ZXdg\j`efj hl\ `ek\^iXe \c =i\ek\ [\ Gl\Ycfj Le`[fj [\ >�d\q GXcXZ`f# ;liXe^f# hl`\e\j jf$ c`Z`kXife `dg\[`i cX `ejkXcXZ`�e [\ cX gcXe$ kX [\ Z`Xelif [\ :_\dflij :fdgXep%

CX J\Zi\kXiˆX [\ cX ;\]\ejX EXZ`feXc J\[\eX p cfj ^fY`\iefj [\ cfj \jkX[fj [\ :fX_l`cX p ;liXe^f# cc\mXife X ZXYf cX gi`d\iX i\le`Â?e gXiX [\]`e`i cX `e$ m\ij`Â?e \e cX i\^`Â?e p leX clZ_X g\idX$ e\ek\ ZfekiX \c Zi`d\e fi^Xe`qX[f# [\ekif [\c gcXe [\ j\^li`[X[ )'(0% <c J\Zi\kXi`f [\ cX ;\]\ejX EXZ`f$ eXc# Cl`j :i\jZ\eZ`f JXe[fmXc# j\ i\$ le`Â? Zfe \c ^fY\ieX[fi [\ :fX_l`cX# D`^l\c Ă?e^\c I`hl\cd\ Jfcˆj p Zfe \c ^fY\ieX[fi [\ ;liXe^f# Afj„ IfjXj 8`jglif% 8c Xii`YXi X Kfii\Â?e j\ ZfeZ\ekiÂ? \e X]`eXi [\kXcc\j jfYi\ cX \jkiXk\^`X [\ j\$ ^li`[X[ gXiX cX i\^`Â?e# p gXiX [\]`e`i cX ZfejkilZZ`Â?e [\c El\mf :lXik\c [\ cX 9i`^X[X D`c`kXi \e C\i[f% =l\ \e cX 9Xj\ 8„i\X D`c`kXi EÂ’d\$ if * [\ Kfii\Â?e [fe[\ cfj ^fY\ieX[fi\j [\ :fX_l`cX p ;liXe^f j\ i\le`\ife Zfe cfj i\gi\j\ekXek\j [\ cXj ]l\iqXj XidX[Xj [\c gXˆj \eki\ hl`\e\j j\ \e$ ZfekiXYX \c ^\e\iXc [\ cX FeZ\ I\^`Â?e D`c`kXi# ;Xm`[ >l`cc\e 8cklqXi%

3

Ăˆ?\dfj k\e`[f ki\j XZ\iZXd`\ekfj p „c j\ Zfdgifd\k`Â? Zfe cfj gl\Ycfj X hl\ j` cc\^XYX [\ gi\j`[\ek\# cX \dgi\jX ef j\ `YX [\ cX :fdXiZX CX^le\iX# j`ef [\ D„o`ZfÉ# [\ZcXiÂ? 9\ieXi[`ef FZ_fX :X$ dXZ_f# i\gi\j\ekXek\ [\ cX fi^Xe`qXZ`Â?e% FkiXj hl\ j\ _`Z`\ife gi\j\ek\j ]l\ife cXj `ek\^iXek\j [\ =l\iqXj Le`[fj gfi El\j$ kifj ;\jXgXi\Z`[fj [\ :fX_l`cX p \o`^`\ife Xc gi\j`[\ek\ m\i \c gifYc\dX [\ cX [\jXgX$ i`Z`Â?e ]fiqX[X d}j Xcc} [\ cfj +* efidXc`jkXj [\ 8pfkq`eXgX% G`[\e le d\ZXe`jdf `ek\i$ eXZ`feXc gXiX \eZfekiXi X cfj d}j [\ *. d`c [\jXgXi\Z`[fj \e kf[f \c gXˆj%

-(6š6 $5‰9$/2 (63,12=$ 18(92 0$1'2 0,/,7$5 (1 '85$1*2

8c XmXeqXi cX j\^le[X hl`eZ\eX [\ \e\if gXjX[f# Xii`Y� X cX O QfeX D`c`kXi lY`ZX[X \e ;liXe^f ZXg`kXc# \c ^\e\iXc [\ Yi`$ ^X[X# ;`gcfdX[f [\c <jkX[f DXpfi# A\j’j 8i„mXcf <jg`efqX# Xjld`\e[f cX ZfdXe[XeZ`X [\ cXj ]l\iqXj d`c`kXi\j \e cX \ek`$ [X[% <e Z\i\dfe`X f]`Z`Xc j\ [`f X ZfefZ\i cX [\j`^eXZ`�e# Zfe$ kXe[f Zfe cX gi\j\eZ`X [\c ^fY\ieX[fi Afj„ IfjXj 8`jglif Kf$ ii\j# \c gi\j`[\ek\ [\c Ki`YleXc [\ Aljk`Z`X# <jk\YXe :Xc[\i�e IfjXj# Xjˆ Zfdf [\c :fe^i\jf [\c <jkX[f# GXYcf :„jXi 8^l`cXi GXcXZ`f# \eki\ fkifj `em`kX[fj \jg\Z`Xc\j%

0 /$*81$ Ăž (1(52


5(3257$-(

(QWUH OD GHFHSFL³Q \ FHUR DXVWHULGDG &RQJUHVR GH &RDKXLOD CXj gcXkX]fidXj [`^`kXc\j [\c :fe^i\jf CfZXc i\jlckXe gfZf ZcXiXj gXiX cX Z`l[X[Xe X p kXdgfZf Zl\ekXe Zfe cX `e]fidXZ` e gXki`dfe`Xc [\ cfj c\^`jcX[fi\j# X]`idX DXiZf 8ekfe`f QXdXii`gX 325 /8,6 $/%(572 / 3(= )2726 0/$*81$

&$'$ ',387$'2 &8(67$ 0,//21(6 '( 3(626 (O PD\RU JDVWR GHO &RQJUHVR WLHQH TXH YHU FRQ ORV VHUYLFLRV SHUVRQDOHV FRQ XQ SRU FLHQWR GHO SUHVXSXHVWR

<

c gi`d\i X f [\ cX CO@ C\^`jcXkl$ iX [\c :fe^i\jf [\ :fX_l`cX `e$ Zldgc` Zfe cXj XckXj \og\ZkXk`$ mXj hl\ cX jfZ`\[X[ Z`m`c [\gfj`k \e \ccX# [\Y`[f X hl\ X cX ]\Z_X cX kiXej$ gXi\eZ`X p i\e[`Z` e [\ Zl\ekXj [\c Gf$ [\i <a\Zlk`mf j`^l\e g\e[`\ek\j% J`e \dYXi^f# kXdgfZf cfj gifg`fj c\$ ^`jcX[fi\j ]l\ife gi\Z`jXd\ek\ ZcXifj \ `eZcljf Xc^f hl\ ]XZ`c`kX jl fgXZ`[X[ k`\$ e\ hl\ m\i Zfe cX ]XckX [\ `ek\i j [\ cX Z`l[X[Xe X gXiX \o`^`ic\j jl cXYfi% ÈCX m\i[X[ \j hl\ jfe gfZfj cfj \j$ ]l\iqfj [\ cX jfZ`\[X[ Z`m`c p kXdY` e gfZf `ek\i j [\ cX Z`l[X[Xe X \e ^\e\iXc gfi \jkXYc\Z\i leX \mXclXZ` e ZfejkXek\ [\c hl\_XZ\i c\^`jcXk`mf cfZXc% ?Xp `e]fi$ dXZ` e \e cX g}^`eX [\c :fe^i\jf# g\if 0 /$*81$ Þ (1(52

ef \jk} j`jk\dXk`qX[X p cX m\i[X[ ]XckX dlZ_f gfi gXik\ [\ efjfkifj [\ cf^iXi _XZ\i le kiXYXaf gXiX ZfejlckXicf \e k`\dgf i\XcÉ# Zfej`[\iX DXiZf 8ekfe`f QXdXii`gX# [`i\Zkfi [\c :fej\af : m`Zf [\ cXj @ejk`klZ`fe\j ::@ CX^leX% I\jXckX hl\ XZklXcd\ek\ cXj gcXkX]fi$ dXj [`^`kXc\j [\c :fe^i\jf CfZXc i\jlc$ kXe gfZf ZcXiXj gXiX cX Z`l[X[Xe X p kXd$ gfZf Zl\ekXe Zfe cX `e]fidXZ` e gXki`dfe`Xc [\ cfj c\^`jcX[fi\j% È<j [`] Z`c j`jk\dXk`qXi cX `e]fidXZ` e jfYi\ \c e d\if [\ `e`Z`Xk`mXj hl\ gi\$ j\ek le [`glkX[f p ZlXc\j ]l\ife i\Z_X$ qX[Xj f XgifYX[Xj# X[\d}j [\ cXj `ek\i$ m\eZ`fe\j \e ki`YleX p j` k`\e\e gi\j\ekX[X jl [\ZcXiXZ` e *[\*É% <e ZlXekf X cXYfi c\^`jcXk`mX hl\ j\

4

kiX[lZ\ X `e`Z`Xk`mXj f glekfj [\ XZl\i$ [f# QXdXii`gX j\ XcX hl\ \e cfj gi`d\$ ifj () d\j\j [\c :fe^i\jf X[fc\Z` [\ leX gfjkliX Zi k`ZX hl\ g\id`k`\iX XZcX$ iXi dXcfj dXe\afj [\ cXj ck`dXj X[d`$ e`jkiXZ`fe\j \jkXkXc\j% È?fp _Xp leX ZcXiX \m`[\eZ`X [\ hl\ j`^l\e Xlj\ek\j cfj ZfekiXg\jfj c\^`jcX$ k`mfj p _\dfj \jkX[f ZfejZ`\ek\j f \mX$ clXe[f hl\ dlZ_Xj `e`Z`Xk`mXj f jfc`Z`kl$ [\j gXiX ccXdXi X ZfdgXi\Z\i X ]leZ`feXi`fj Xc :fe^i\jf _Xe j`[f Ycf$ hl\X[Xj# cf ZlXc \j le d\ejXa\ ZcXif [\ ]XckX [\ kiXejgXi\eZ`X p i\e[`Z` e [\ Zl\ekXjÉ% :XY\ [\jkXZXi hl\ \e \jk\ j\^le[f X f [\ cX c\^`jcXkliX ]l\ i\efmX[X cX Ale$ kX [\ >fY`\ief# cX ZlXc gfi gi`d\iX m\q


5(3257$-(

&216(-2 &Â?9,&2 '( /$6 ,167,78&,21(6 /$*81$ Ă™(Q ORV SULPHURV PHVHV GHO &RQJUHVR VH DGROHFLÂł GH XQD SRVWXUD FU­WLFD TXH SHUPLWLHUD DFODUDU PDORV PDQHMRV GH ODV ÂşOWLPDV DGPLQLVWUDFLRQHVĂš

\e cX _`jkfi`X k\e[i} X cX ZXY\qX X le gXi$ k`[f hl\ ef \j \c I\mfclZ`feXi`f @ejk`kl$ Z`feXc% <e \j\ j\ek`[f# \c [`i\Zkfi [\c ::@ CX$ ^leX [`Z\ hl\ j\ ^\e\iXe el\mXj \og\Z$ kXk`mXj gfihl\ k\e[i} X jl ZXi^f fkiX ]l\iqX gfcˆk`ZX cXj }i\Xj [\ F]`Z`XcˆX DX$ pfi p K\jfi\iˆX# cf ZlXc gf[iˆX `dgc`ZXi j` Xjˆ cf hl`\i\e# leX i\\jkilZkliX X[d`$ e`jkiXk`mX p [\ gi`fi`[X[\j c\^`jcXk`mXj% ĂˆJ\ gl\[\ [Xi \jX c\ZkliX p \e \jk\ el\mf Zfe^i\jf j\ \jg\iX le ZfekiXg\jf ZcXif# g\if ]`eXcd\ek\ [`]\i\ek\j `ek\i\$ j\j gfcˆk`Zfj fYjkXZlc`qXife Xc^leXj XZ$ Z`fe\j hl\ mXe \e \c j\ek`[f [\ kiXejgX$ i\ekXi p [Xi `e]fidXZ`Â?e hl\ Z`l[X[Xefj d\i\Z\dfj gfi [\i\Z_fÉ% ;liXek\ )'(/# cX CO@ C\^`jcXkliX ^\$ e\iÂ? gfc„d`ZX Xc [Xij\ X ZfefZ\i \e d\$ [`fj eXZ`feXc\j hl\ ]l\ife `em\ik`[fj *%, d`ccfe\j [\ g\jfj \e cX X[hl`j`Z`Â?e [\ (( m\_ˆZlcfj el\mfj p [\ cfj ZlXc\j lef [\ ZXj` .'' d`c g\jfj ]l\ [\jk`eX[f Xc ljf hl\ c\ [`\iX \c \ekfeZ\j gi\j`[\e$ k\ [\ cX AlekX [\ >fY`\ief# JXdl\c If$ [iˆ^l\q% (/ &2672 '(/ &21*5(62

<e cfj Â’ck`dfj j\`j XÂŒfj \c :fe^i\jf [\ :fX_l`cX _X `eZi\d\ekX[f [\ dXe\iX Zfej`[\iXYc\ jl gi\jlgl\jkf# X [\Z`i [\c @e]fid\ C\^`jcXk`mf )'(/ [\c @ejk`klkf D\o`ZXef gXiX cX :fdg\k`k`m`[X[ 8%: @D:F %

GLSXWDGRV LQWHJUDQ OD /;, /HJLVODWXUD GH PD\RU­D UHODWLYD \ GH UHSUHVHQWDFL³Q SURSRUFLRQDO

GLSXWDGRV SHUWHQHFHQ DO 35, HO 3$1 OD 8QLGDG 'HPRFUÂĄWLFD GH &RDKXLOD GRV 0RUHQD \ XQR HO 35'

<c [fZld\ekf [\kXccX hl\ \e )'() \c dfekf Xj`^eX[f \iX [\ ('( d`ccfe\j (** d`c g\jfj p kXekf gXiX \c XŒf gXjX[f Zfdf gXiX \c XZklXc c\ ]l\ife Xj`^eX[fj (00 d`ccfe\j /'- d`c ).- g\jfj% <c dXpfi ^Xjkf [\c :fe^i\jf k`\e\ hl\ m\i Zfe cfj j\im`Z`fj g\ijfeXc\j Zfe le +0 gfi Z`\ekf [\c gi\jlgl\jkf p YXaf \jX c�^`ZX ZX[X [`glkX[f c\ Zl\j$ kX X cfj ZfX_l`c\ej\j . d`ccfe\j 00) d`c ),(%'+% ;\ XZl\i[f Xc Gi\jlgl\jkf [\ <^i\jfj [\ :fX_l`cX# _XYi} le ^Xjkf `^lXc gXiX \jk\ XŒf p \jf ZfekiXm`\e\ X cf \jkXYc\Z`$ [f gfi \c Gf[\i C\^`jcXk`mf =\[\iXc hl\ klmf leX i\[lZZ`�e \e jl gi\jlgl\jkf [\c ), gfi Z`\ekf gfi leX gfcˆk`ZX [\ Xlj$ k\i`[X[% <c Xe}c`j`j [\c @D:F glYc`ZX[f \e X^fjkf [\c XŒf gXjX[f \jkXYc\Z\ hl\ cfj c\^`jcX[fi\j [\ \jkX \ek`[X[ ZXi\Z\e [\ le gX[i�e [\ ZXY`c[\ifj# \j [\Z`i# `e[`$ m`[lfj Xa\efj X \j\ gf[\i hl\ i\Xc`qXe XZk`m`[X[\j gXiX fYk\e\i leX i\jfclZ`�e f XZl\i[f ]XmfiXYc\ gXiX cfj `ek\i\j\j gifg`fj f Xa\efj% KXdgfZf Zl\ekX Zfe le �i^Xef Xlo`c`Xi \e dXk\i`X _XZ\e[X$ i`X p [\ cXj ]`eXeqXj g’Yc`ZXj% FkiX [\ cXj ZfjXj hl\ jXckX X cX m`jkX \j hl\ eX[X d}j i\gfikX leX `em\jk`^XZ`�e `e`Z`X[X gfi jl ZfekiXcfiˆX gfi Zfe[lZ$ kXj `eXgifg`X[Xj [\ j\im`[fi\j g’Yc`Zfj# g\if ef _Xp eX[`\ jXeZ`feX[f gfi ]XckXj X[d`e`jkiXk`mXj%

5

18(9$ -817$ '( *2%,(512

J\^Â’e \c i\Z`„e efdYiX[f gi\j`[\ek\ [\ cX AlekX [\ >fY`\ief [\c :fe^i\jf [\ :fX_l`$ cX# DXiZ\cf Kfii\j :f]`ÂŒf# leX [\ cXj gi`fi`$ [X[\j hl\ k\e[i}e \e \jk\ XÂŒf [\ c\^`jcXkl$ iX j\ \e]fZXi} \e ^XiXek`qXi cXj efidXj e\Z\jXi`Xj gXiX le J`jk\dX 8ek`ZfiilgZ`Â?e ]leZ`feXc% ĂˆKf[f cf hl\ k\e^X hl\ m\i Zfe \c j`jk\dX Xek`ZfiilgZ`Â?e [\Y\ j\i ]le[Xd\ekXc gXiX ZfdYXk`i le dXc hl\ kXekf Xhl\aX X :fX_l`$ cX# X[\d}j [\ leX [\gliXZ`Â?e [\ kXekXj c\$ p\j p i\^cXd\ekfj hl\ \o`jk\e \e \c \jkX[f p gf[Xdfj _XZ\i d}j Zfe d\efjÉ% ?XYcX kXdY`„e [\ hl\ `i}e gfi leX i\\j$ kilZkliX X[d`e`jkiXk`mX p X^\e[X c\^`jcXk`mX# gfi cf hl\ j\ i\Xc`qX le [`X^eÂ?jk`Zf Xc i\j$ g\Zkf% Ăˆ?fp cX Zfdgfj`Z`Â?e [\c :fe^i\jf [\dXe[X leX dXpfi Xk\eZ`Â?e \ `ejkil`[f Xc F]`Z`Xc DXpfi X \]\Zkf [\ _XZ\i le Xe}c`j`j [\c XmXeZ\ c\^`jcXk`mf p m\i \c i\qX^f hl\ \o`jk\# d`\ekiXj hl\ Xc k\jfi\if c\ _\ g\[`[f _XZ\i le gf[\i c\^`jcXk`mf d}j \]`Z`\ek\ Zfe jlj i\ZlijfjÉ% CX CO@ C\^`jcXkliX \jk} Zfdgl\jkX gfi ), [`glkX[fj1 (- [\ dXpfiˆX i\cXk`mX p 0 [\ i\$ gi\j\ekXZ`Â?e gifgfiZ`feXc# [\ cfj ZlXc\j ++ gfi Z`\ekf jfe _fdYi\j p ,- gfi Z`\ekf dl$ a\i\j% <o`jk\e )- Zfd`j`fe\j g\idXe\ek\j% <e ZlXekf X cX [`jki`YlZ`Â?e gXik`[Xi`X# \c GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc k`\$ e\ (' [`glkX[fj2 \c G8E 02 * cX Le`[X[ ;\$ dfZi}k`ZX [\ :fX_l`cX2 [fj Dfi\eX2 p lef \c GI;%

0 /$*81$ Ăž (1(52


5(3257$-(

/HJLVODWXUD ORFDO FRQ WHQGHQFLD ORSH]REUDGRULVWD Cfj [fj gXik`[fj dXpfi`kXi`fj# GXik`[f [\c KiXYXaf p Dfm`d`\ekf I\^\e\iXZ`�e EXZ`feXc# j\ dXek`\e\e \e cX m\ik`ZXc`[X[ Zfe \c :fe^i\jf =\[\iXc p Zfe \c d`jdf Gi\j`[\ek\ [\ D„o`Zf 325 *,/%(572 /$675$ *8(55(52 )2726 &257(6�$

;

liXek\ [„ZX[Xj# ;liXe^f ]l\ ^fY\ieX[f gfi le gXik`[f j`$ d`cXi X cX dXpfiˆX \e \c :fe$ ^i\jf% @eZcljf \e cXj XcZXc[ˆXj% =l\ _XjkX \c XŒf )'(- hl\ [\a� [\ [`i`^`i \c GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc X’e p ZlXe[f kf[fj cfj d\ZXe`jdfj gXiX leX X[d`e`jkiXZ`�e X df[f \iXe i\Xc`[X[% G\if \e \c XZklXc ^fY`\ief \jkXkXc [\ ;liXe^f# cXj ZfjXj _Xe ZXdY`X[f [\ dX$ e\iX jljkXeZ`Xc% @eZcljf# Zfe le ZXdY`f [\ c�^`ZX gfcˆk`ZX [\j[\ hl\ kfd� cX gi\$ j`[\eZ`X [\ D„o`Zf 8e[i„j DXel\c C�$ g\q FYiX[fi%

(/ 3$6$'2 $55(*/$'2

<e cfj k`\dgfj d}j Xck`mfj [\c gi``jdf# 0 /$*81$ Ăž (1(52

p [\ekif [\ cXj X[d`e`jkiXZ`fe\j [\ @j$ dX\c ?\ie}e[\q ;\iXj p Afi^\ ?\ii\iX :Xc[\iX# j\ [`f Zfd`\eqf Zfe leX k\e$ [\eZ`X hl\ cX fgfj`Z`�e [\efd`e� Zfdf jfYi\ii\gi\j\ekXZ`�e% :lX[ifj gi``jkXj hl\ Zfdg\kˆXe gfi fkifj gXik`$ [fj Zfdf \c M\i[\ <Zfcf^`jkX [\ D„o`Zf \e Xc`XeqX% 8jˆ j\ cf^i� leX dXpfiˆX XgcXjkXek\ g\if Xik`]`Z`Xc% :Xjfj Zfdf cfj [\ <[lXi[f Jfcˆj Ef^l\`iX f 8iklif BXdg]e\i# hl`\e `eZcljf ]l\ gi\j`[\ek\ [\ cX >iXe :fd`j`�e# ]fidXife gXik\ [\ cX Zf$^fY\ieXY`c`[X[ [liXek\ cfj j\o\$ e`fj gi``jkXj% :fe \c ZXdY`f [\ >fY`\ief# \e \c dfd\ekf hl\ Xjld\ Afj„ IfjXj 8`jgl$ if Kfii\j \c dXe[f \jkXkXc# \c gi``jdf X g\jXi [\ _XY\i g\i[`[f \c >fY`\ief [\c

6

<jkX[f# dXek\eˆX \e Zfekifc \e cX :}$ dXiX [\ i\gi\j\ekXek\j% &$0%,2 5$',&$/

P Xlehl\ cfj gi`d\ifj [fj XŒfj [\ >f$ Y`\ief j\ klmf leX d\[`[X ]leZ`feXc [\ekif [\ cX X[d`e`jkiXZ`�e# gfihl\ Xle$ hl\ j\ _XZˆXe ZXdY`fj [\c gi\jlgl\jkf \jkXkXc# ef j\ Zfe[`Z`feXife k\dXj Zfdf cX C\p [\ 8[hl`j`Z`fe\j f \c [fZld\ekf hl\ g\id`k\ cXj XjfZ`XZ`fe\j g’Yc`Zf$ gi`mX[Xj Zfe cXj hl\ j\ ^\jk`feXe gXik\ [\ cfj gifp\Zkfj [\ `e]iX\jkilZkliX gXiX ;liXe^f# \c ]\e�d\ef [\ 8e[i„j DX$ el\c C�g\q FYiX[fi p \c gXefiXdX gfcˆ$ k`Zf \e cX \ek`[X[# gfihl\ ]l\ leX mfkX$ Z`�e le`]fid\ kXekf \e cf liYXef Zfdf \e cf iliXc# c\j g\id`k`� \og\i`d\ekXi le


5(3257$-( ifkle[f i\Z_Xqf Xc j\i [\jgcXqX[fj [\c mfkf \e \c ZXdgf# lef [\ cfj YXjk`fe\j gi``jkXj d}j j c`[fj% <ekfeZ\j# hl`\e\j j\ Xm\ekliXife X Zfdg\k`i gfi DFI<E8 ]l\ife XiiXj$ kiX[fj gfi cX Zfii`\ek\ [\c kjleXd` [\ C g\q FYiX[fi# p X_fiX# \e ;liXe^f \o`jk\ leX dXpfi X kXekf [\c GXik`[f [\c KiXYXaf Zfdf [\c Dfm`d`\ekf I\^\e\$ iXZ` e EXZ`feXc% Cfj [fj gXik`[fj dXpfi`kXi`fj j\ dXek`\e\e \e cX m\ik`ZXc`[X[ Zfe \c :fe^i\jf ]\[\iXc p Zfe \c d`jdf 8e$ [i j DXel\c C g\q FYiX[fi% <j le ^il$ gf ZfdgXZkf hl\ _X c`d`kX[f \e jl df$ d\ekf p j\^ e \c g\i]`c [\ gfc k`ZXj g Yc`ZXj% LeX [\ cXj dl\jkiXj gXcgXYc\j ]l\ \c i\Z_Xqf \e cX `e`Z`Xk`mX gi\j\ekX$ [X Zfdf gi\]\i\ek\ gfi gXik\ [\c k`klcXi [\c <a\Zlk`mf gXiX ZfeZ\ekiXi cXj c`Z`kX$ Z`fe\j p gifm\\[li Xj [\ cfj dle`Z`g`fj alekf Zfe cXj [\c >fY`\ief <jkXkXc% DFI<E8 p \c GK \e \c :fe^i\jf cfZXc jfe le ^ilgf j c`[f# X g\jXi [\ hl\ _Xp gifp\Zkfj g\ijfeXc\j [\ mXi`fj g\ijfeXa\j Zfdf JXe[iX C`c`X 8dXpX# cX gi`d\iX dl$ a\i \e j\i cX gi\j`[\ek\ [\ cX AlekX [\ :f$ fi[`eXZ` e Gfc k`ZX p le \oZlX[if gXe`jkX hl\ pX _XY X Zfdg\k`[f \e )'(' gfi leX ZXe[`[XkliX cfZXc gfi \c GXik`[f <eZl\e$

kif JfZ`Xc2 Fke`\c >XiZ X EXmXiif# le \o$ gi``jkX hl\ YljZX cX XcZXc[ X [\ ;liXe^f \jk\ )'(02 ? Zkfi M\cX \ @m}e >liifcX# kXdY` e \ogi``jkX hl\ YljZX \c gfj`Z`feXi$ j\ \e cX j`dgXk X [\ cfj Z`l[X[Xefj gXiX \jZXcXi \e jl ZXii\iX gfc k`ZX% G\if \e \c :fe^i\jf [\ ;liXe^f ef kf[f _X j`[f i\j`jk\eZ`X1 \e \c k\dX [\ cX j\c\ZZ` e [\c =`jZXc 8ek`ZfiilgZ` e# ? Z$ kfi >XiZ X :XiiXeqX# j\ [`f gfi leXe`d`$ [X[# p ef jfcXd\ek\ gfi gXik\ [\c Dfm`$ d`\ekf [\ I\^\e\iXZ` e EXZ`feXc p [\c GXik`[f [\c KiXYXaf# j`ef hl\ kXdY` e \c GXik`[f I\mfclZ`feXi`f @ejk`klZ`feXc mfk X ]Xmfi [\ cX gifgl\jkX [\c >fY\ieX[fi# Afj IfjXj 8`jglif Kfii\j% KXdY` e cX [\j`^eXZ` e [\ ? Zkfi J`cmX ;\c] e Zfdf Zfej\a\if [\ cX al[`ZXkliX \j fkif [\ cfj k\dXj [fe[\ j\ _X jfg\jX[f cX ^fY\ieXeqX \eki\ \c Gf[\i <a\Zlk`mf p C\$ ^`jcXk`mf [\ dXe\iX ]leZ`feXc% <e \c X f )'(/ kXdY` e j\ [\j`^e le Zfej\a\if [\c @ejk`klkf ;liXe^l\ej\ [\ 8ZZ\jf X cX @e]fidXZ` e @;8@G p [\e$ kif [\ cfj g\i]`c\j [\ cfj gfjklcXek\j _lYf g\ijfeXj hl\ j\ gi\jld`\ife [\ Z\iZXe X Zfe gXik`[fj# Xc ]`eXc# p ZlXe[f j\ \jg\Zlc [\ jfYi\dXe\iX hl\ j\i X le d`\dYif [\c Zfej\af Zfe ]`c`XZ` e `eZcl$ jf X cX X[d`e`jkiXZ` e \jkXkXc# cfj c\^`j$

cX[fi\j [\ cX Zfd`j` e klieXife Xek\ \c gc\ef cX gifgl\jkX hl\ d}j \og\i`\eZ`X [liXek\ X fj j\ gl[f Xgc`ZXi% <j fkif [\ cfj k\dXj [fe[\ hl\[ ZcXif hl\ \e \c :fe^i\jf [\c <jkX[f j\ Zfej`[\$ iX cX ]leZ`feXc`[X[ gl\jkf hl\ \e cXj k\i$ eXj# j\ j\c\ZZ`feXife X g\i]`c\j% Cfj gXik`[fj i\gi\j\ekX[fj \e \c gXicX$ d\ekf cfZXc kfdXife glekfj \hl`[`jkXek\j \e jl g\i]`c# \j [\Z`i# DFI<E8 p \c GK j\ _Xe dfjkiX[f p gifgl\jkf cX k\e[\eZ`X cf$ g\qfYiX[fi`jkX X cf hl\ \c gi``jdf cfZXc _X XgfpX[f \e cfj k\dXj hl\ _X Zfej`[\iX[f# cf d`jdf hl\ 8ZZ` e EXZ`feXc% Cfj gXe`jkXj kfdXife leX [`e}d`ZX [\ i\j`jk\eZ`X Zfe dXpfi ]l\iqX hl\ cfj gi``j$ kXj# p gi\k\e[\e e\^fZ`Xi cXj gifgl\jkXj hl\ j\ _XZ\e gfi gXik\ [\ cXj i\gi\j\ekX$ Z`fe\j dXpfi`kXi`Xj% P \j hl\ j\ \eZl\ekiXe fYc`^X[fj X fg\$ iXi \e cX d\[`[X [\ cf gfj`Yc\ gXiX [Xic\ Zfek`el`[X[ Xc gifp\Zkf \jkXkXc% <eki\ Xd$ YXj ]l\iqXj _Xp leX Zf\o`jk\eZ`X ]leZ`f$ eXc# p hl\ j\ _X d\eZ`feX[f gfi cX hl\ ]l\iX cX gi\j`[\ek\ [\ cX AlekX [\ :ffi[`$ eXZ` e Gfc k`ZX1 \c `ek\i j \j dXek\e\i cX c e\X Xek`ZfiilgZ` e p [\ le Yl\e dXe\af [\ i\Zlijfj \e cfj e`m\c\j [\ ^fY`\ief cf$ ZXc\j2 \j leX gi`fi`[X[ p j\ dXek\e[i} \e cX d`jdX k e`ZX# j\^ e cf hl\ _Xe d\e$ Z`feX[f pX \e [`m\ijXj fZXj`fe\j% DFI<E8 p \c GXik`[f [\c KiXYXaf ]fi$ dXe le \jg\Zkif `e [`kf [fe[\ \c i\jgXc$ [f gi`eZ`gXc gifm`\e\ [\c ^fY`\ief ]\[\$ iXc# Zfe 8e[i j DXel\c C g\q FYiX[fi p Zfe \c :fe^i\jf [\ cX Le` e# kXdY` e [\ dXpfi X dfi\e`jkX% 8[\d}j hl\ \j ccXdXk`mf gXiX cfj `ek\^iXek\j [\ cX ZfX$ c`Z` e \c ZfekXi Zfe gfj`Y`c`[X[\j [\ Zi\$ Z`d`\ekf gfc k`Zf% &8(17$6 3 %/,&$6 3(1',(17(6

6( &216,'(5$ /$ )81&,21$/,'$' 025(1$ \ HO 37 IRUPDQ XQ HVSHFWUR LQ©GLWR GRQGH HO UHVSDOGR SULQFLSDO SURYLHQH GHO JRELHUQR IHGHUDO

7

<e \c dfd\ekf [\ ZfefZ\i cXj mfkXZ`f$ e\j# p hl\ \c :fe^i\jf ZXdY`Xi X iX[`$ ZXcd\ek\ [\ dXpfi X# X ]`eXc\j [\ cX gX$ jX[X c\^`jcXkliX j\ XgifYXife cXj Zl\ekXj g Yc`ZXj# `eZcljf ZlXe[f j\ ZfekXYX Zfe ^iXe[\j gfiZ\ekXa\j [\ fYj\imXZ`fe\j \e dle`Z`g`fj Zfdf M`Z\ek\ >l\ii\if f Gl\Ycf El\mf% <e cX gXjX[X c\^`jcXkliX# cX dXpfi X \iX gi``jkX p j\ dXeklm`\ife Zfdf \e \jk\ ZXjf# Zfe le i\j^lXi[f [\ cXj Zl\ekXj g $ Yc`ZXj# g\if [\ cX d`jdX dXe\iX cfj gXe`j$ kXj cXj XgifYXife Xek\j [\ k`\dgf% <j [\$ Z`i# ef hl`j`\ife \ogfe\i jlj ^fY`\iefj Xc \jZilk`e`f [\ cX el\mX dXpfi X% G\if# X cX dXpfi X c\^`jcXk`mX c\ kfZXi} \c Z`\ii\ [\ [`m\ijXj X[d`e`jkiXZ`fe\j [\c ZXdY`f# Zfdf cX [\ Afj IXd e <ei hl\q ?\ii\iX# hl\ \e X fj Xek\i`fi\j _X gXjX[f Zfe le gfiZ\ekXa\ [\ _XjkX le , gfi Z`\ekf% J\ gi\j\ek leX gifgl\jkX gXiX YXaXi \c (, gfi Z`\ekf [\ cXj fYj\imXZ`fe\j Zfdf ZXc`]`ZXZ` e XgifYXkfi`X% <j [\Z`i# \c dXi^\e XZklXc \j Xckf gXiX [\efd`eXi leX Zl\ekX Zfdf jXk`j]XZkfi`X ZlXe[f cfj dfekfj [\ cXj fYj\imXZ`fe\j jfe Xckfj%

0 /$*81$ Þ (1(52


5(3257$-(

(1 '85$1*2 &$3,7$/ 3DUD -RVŠ 5DP³Q (QU­TXH] +HUUHUD HO SRGHU UHHOHJLUVH FRPR DOFDOGH HQ 'XUDQJR HV XQ HVFDO³Q D OD JXEHUQDWXUD HQ

Ă™'HVWDSHĂš GH DVSLUDQWHV D FDQGLGDWRV FRPLHQ]D <jk\ XÂŒf j\ j\ i\efmXi}e cXj *0 XcZXc[ˆXj \e \c \jkX[f [\ ;liXe^f% Gfi gi`d\iX m\q \e cX \ek`[X[ j\ Zfek\e[\i} Zfe le g`jf gXi\af# Xc ef \o`jk`i cX dXpfiˆX XYjfclkX [\ cXj gXjX[Xj X[d`e`jkiXZ`fe\j 325 *,/%(572 /$675$ *8(55(52 )2726 0/$*81$

<

e )'(0 j\ i\efmXi}e cXj *0 XcZXc$ [ˆXj \e \c \jkX[f [\ ;liXe^f% Ef _XYi} d}j ZXe[`[Xkfj Zfdf \e \c gXjX[f ZlXe[f j\ \eZfekiX$ YXe _fdfcf^X[Xj cXj ZXdgXŒXj Zfe cfj XYXe[\iX[fj X [`glkX[fj# f \c ^fY`\ief Xc j\i `ek\id\[`Xj% ;liXe^f \e cf gfcˆk`Zf m`m\ le \jZ\eX$ i`f `e„[`kf Zfe cX gi`d\iX X[d`e`jkiXZ`�e \jkXkXc \dXeX[X [\c GXik`[f 8ZZ`�e EXZ`f$ eXc# p gXiXc\cf# Zfe Dfm`d`\ekf [\ I\^\$ e\iXZ`�e EXZ`feXc p \c GXik`[f [\c KiXYXaf Zfe dXpfiˆX \e cfj Zfe^i\jfj cfZXc p ]\[\$ iXc# p Zfe DFI<E8 gfi m\q gi`d\iX \e cX gi\j`[\eZ`X [\ cX I\g’Yc`ZX%

(/ 35, 6(*81'$ )8(5=$ (1 '85$1*2

<e ;liXe^f j\ Zfek\e[\i} gfi gi`d\iX m\q Zfe le g`jf gXi\af% Ef \o`jk\ cX dXpf$ iˆX XYjfclkX [\ cXj gXjX[Xj X[d`e`jkiXZ`f$ e\j [fe[\ j\ ZfekXYX Zfe \c ^fY`\ief [\c 0 /$*81$ Ăž (1(52

\jkX[f# \c ]\[\iXc p cfj dle`Z`gXc\j# Xc d\$ efj \e cXj ki\j gi`eZ`gXc\j XcZXc[ˆXj1 ;l$ iXe^f# >�d\q GXcXZ`f p C\i[f% CX ZXg`kXc [\c \jkX[f \e \jkfj dfd\e$ kfj \j ^fY\ieX[X gfi Afj„ IXd�e <eiˆhl\q ?\ii\iX# hl`\e ef ]fidX gXik\ [\ cXj ]`cXj [\c G8E f [\c GI;# hl\ jfe cfj gXik`[fj gfi cfj hl\ Zfdg`k`� \e cXj \c\ZZ`fe\j i\X$ c`qX[Xj \e )'(-% ;liXek\ cXj \c\ZZ`fe\j [\c XŒf gXjX[f# Xj`d`jdf Zfek\e[`� X cX j\eX[liˆX gfi ;liXe^f# p ]l\ cX gi`d\iX d`efiˆX% Gfi jl gXik\ 8c\aXe[if >feq}c\q P}Œ\q p DXi^Xi`kX >XiZˆX cf^iXife )/* d`c +/. mfkfj Zfe le */ gfi Z`\ekf [\ gXik`Z`gX$ Z`�e% P <eiˆhl\q ?\ii\iX alekf Zfe GXki`$ Z`X <c`qfe[f# XcZXeq� ))) d`c */, Zfe le *'%+ gfi Z`\ekf [\ gXik`Z`gXZ`�e [\ cfj Z`l$ [X[Xefj% <jk\ [Xkf \j i\c\mXek\ gfihl\ gXiX ^XeXi cX ^lY\ieXkliX \e ;liXe^f j\ i\hl`\i\e [\ Xc d\efj ),' d`c mfkfj%

8

GXiX <eiˆhl\q ?\ii\iX \c gf[\i i\\c\$ ^`ij\ Zfdf XcZXc[\ \e ;liXe^f \j le \jZX$ c�e X cX ^lY\ieXkliX \e )'))% J`dgc\d\e$ k\ i\hl`\i\ gfjklcXij\ gfi Xc^lefj [\ cfj gXik`[fj gfi cfj hl\ Zfek\e[`� \e )'(-1 \c G8E f \c GI;% <c [\jk`ef [\ Afj„ IXd�e <eiˆhl\q ?\ii\iX [\g\e[\ [\ cX Jlgi\dX :fik\ [\ Aljk`Z`X [\ cX EXZ`�e# gfihl\ \e \jkX `ejkXeZ`X c\^Xc j\ \eZl\ekiX cX hl\i\ccX \e jl ZfekiX# gifdfm`[X gfi \c :fe^i\$ jf [\c <jkX[f gXiX `e`Z`Xi \c gifZ\jf [\ gfj`Yc\ jljg\ej`�e \ `e_XY`c`kXZ`�e gfi * XŒfj p d\[`f% Cf hl\ cf [\aXiˆX ]l\iX [\ cX Zfdg\k\eZ`X \e ZXjf [\ ]XccXi \e jl ZfekiX% <c gXefiXdX ef \j j\eZ`ccf% Afi^\ JX$ cld [\c GXcXZ`f p 8ekfe`f FZ_fX# \c ’c$ k`df XZklXc [`glkX[f cfZXc# jfe fkifj gX$ e`jkXj hl\ gi\k\e[\e \jkXi \e cX ZXe[`[XkliX X XcZXc[\%


5(3257$-(

(1 *“0(= 3$/$&,2 8QD GH ODV FDQGLGDWXUDV QDWXUDOHV HV OD SRVLEOH UHHOHFFL³Q GH /HWLFLD +HUUHUD SXHV HV HO FXDGUR SULLVWD TXH QR KD SHUGLGR GXUDQWH VX WUD\HFWRULD

JXcld [\c GXcXZ`f \j le g\i]`c Zfdg\$ k`k`mf% <e cX \c\ZZ`�e [\ )'(* g\i[`� gfi \jZXjfj ), d`c mfkfj Xek\ <jk\YXe M`cc\^Xj M`ccXii\Xc% <jfj ), d`c mfkfj cfj fYklmf <e$ iˆhl\q ?\ii\iX Xc gXik`Z`gXi gfi Dfm`$ d`\ekf :`l[X[Xef% <c gXe`jkX g\i[`� cX Zfdg\k\eZ`X [\c ;`j$ ki`kf =\[\iXc '+ \e cfj ki`YleXc\j% CX [`]\$ i\eZ`X \iX dˆe`dX Zfe ?`c[X GXki`Z`X E}a\$ iX# g\if Xc ]`eXc# cXj Xlkfi`[X[\j \c\ZkfiXc\j ]XccXife X ]Xmfi [\ cX _fp [`glkX[X gfi Df$ m`d`\ekf [\ I\^\e\iXZ`�e EXZ`feXc% 8ekfe`f FZ_fX# \j \c ’e`Zf [`glkX[f hl\ cf^i� cX i\\c\ZZ`�e# p Xek\ cX fc\X[X [\ DFI<E8 j\ Xcq� \e \c Hl`ekf ;`jki`kf% Ef \jk} gfi [\d}j [\Z`i# hl\ \j \c gXe`jkX \e cX Z`l[X[ [\ ;liXe^f% <e \c GXik`[f I\mfclZ`feXi`f @ejk`$ klZ`feXc cX \c\ZZ`�e [\ le ZXe[`[Xkf kXdgfZf gXi\Z\ j\eZ`ccX# p \j hl\ \eki\ cfj efdYi\j hl\ j\ _XYcXe [\j[\ \jkfj dfd\ekfj j\ \eZl\ekiX >XYi`\cX C�$ g\q# \jgfjX [\ @jdX\c ?\ie}e[\q ;\$ iXj# \c cˆ[\i gi``jkXj d}j dXiZX[f# p XZ$ klXc [`i`^\ek\ [\ cX :fe]\[\iXZ`�e EXZ`feXc :Xdg\j`eX \e D„o`Zf% Ef \j el\mf hl\ ?\ie}e[\q ;\iXj gifp\Zk\ X ]Xd`c`Xi\j \e cX gfcˆk`ZX2 jl _`aX# >XYi`\cX ?\ie}e[\q C�g\q# \j c\$ ^`jcX[fiX cfZXc hl\ i\j`jk`� cfj \dYXk\j [\ cX k\e[\eZ`X [\ 8DCF% Le _\idXef# kXdY`„e [\ efdYi\ @jdX\c ]l\ XcZXc[\ [\ <c D\qhl`kXc# \c dle`Z`g`f [\ [fe[\ \j fi`le[X cX ]Xd`c`X% ;\ekif [\c d`jdf ^ilgf ki`Zfcfi j\ \e$ Zl\ekiX Zfdf le ZlX[if hl\ [\j\X j\i \c ZXe[`[Xkf# Cl`j <ei`hl\ 9\eˆk\q Fa\[X# \c d`jdf gi\j`[\ek\ [\c ki`Zfcfi% 9\eˆk\q Fa\[X \j le _fdYi\ hl\ j\ _X jXY`[f dXe$

k\e\i [liXek\ cXj ’ck`dXj \c\ZZ`fe\j \e \c j\^le[f cl^Xi% <e \jkfj dfd\ekfj# \c GI@ \j cX j\^le[X ]l\iqX \c\ZkfiXc \e ;liXe^f% GfZXj m\Z\j j\ c\ _X m`jkf Zfdf ZXe[`[Xkf# cX ’ck`dX m\q hl\ \jklmf \e \c :fe^i\jf cfZXc ]l\ gfi d\[`f [\ leX [`glkXZ`�e gcl$ i`efd`eXc% <j le \jkiXk\^X hl\ _X ^XeX[f p _X g\i[`[f2 \e cX \c\ZZ`�e [\ )''+ ]l\ j\$ Zi\kXi`f [\ \c\ZZ`fe\j ZlXe[f ^Xe� @j$ dX\c ?\ie}e[\q ;\iXj p g\i[`� \e )'(- ZlXe[f ]l\ Zffi[`eX[fi [\ cX ZXdgXŒX [\ <jk\YXe M`cc\^Xj M`ccXii\Xc% <j d}j le _fdYi\ [\ cf^ˆjk`ZX p [\ \jkiXk\^`Xj hl\ [\ ZXe[`[XkliXj# jl gXik`[f cf _X gl\jkf \e \j\ ifc [liXek\ XŒfj% 9\eˆk\q Zl\ekX Zfe \og\i`\eZ`X Zfdf c\^`jcX[fi ]\[\iXc \e Zfd`j`fe\j Zfdf cX [\c gi\jlgl\jkf% <jk\YXe M`cc\^Xj M`ccXii\Xc \j fkifj [\ cfj efdYi\j hl\ j\ _XYcXe [\ekif [\c GI@% PX [\j[\ _XZ\ d\j\j _X [feX[f jl jl\c[f X [`]\i\ek\j ZXljXj# gi`eZ`gXc$ d\ek\ \jg\Zˆ]`ZXj Zfdf cf jfe dX[i\j Zfe e`Œfj \e]\idfj% Gfi \c ^ilgf [\ CX CX^leX# A\j’j ;ˆ\q# \j lef [\ cfj gi``jkXj hl\ _Xe c\mXekX[f cX dXef gXiX j\i ZXe[`[Xkfj% PfcXe[X [\ cX Kfii\ \j leX gi``jkX hl\ j\ _X dXek\e`[f \e \c ZfefZ`d`\ekf [\ cfj Z`l[X[Xefj# pX ]l\ i\^`[fiX# [`glkX[X ]\$ [\iXc p j\eX[fiX [\ cX I\g’Yc`ZX% ;\ cX Kf$ ii\ \j le ZlX[if `dgfikXek\ gXiX cfj gi``j$ kXj# gl\j _X ]fidX[f gXik\ [\ jlgc\eZ`Xj X [`m\ijfj ZXi^fj \eki\ \ccfj# \c ’ck`df \e \c Zfe^i\jf ]\[\iXc% 8iklif P}Œ\q :l\ccXi \j \c XZklXc gi\j`$ [\ek\ [\ Dfm`d`\ekf K\ii`kfi`Xc p fkif [\ cfj hl\ YljZXe XYXe[\iXi cX ZXljX ki`Zfcfi

9

\e cfj gi�o`dfj Zfd`Z`fj cfZXc\j% CX gi`d\iX ]l\iqX \e ;liXe^f \j Df$ m`d`\ekf [\ I\^\e\iXZ`�e EXZ`feXc# p cfj d`c`kXek\j Xlehl\ _XpXe \jkX[f \e fkifj gXik`[fj cf jXY\e# \jg\iXe Xgifm\$ Z_Xi cX Yl\eX `dX^\e hl\ \o`jk\ kf[XmˆX [\c gi\j`[\ek\ [\ cX I\g’Yc`ZX# 8e[i„j DXel\c C�g\q FYiX[fi% JXe[iX C`c`X 8dXpX# cX gi`d\iX dla\i \e j\i cX gi\j`[\ek\ [\ cX AlekX [\ :ffi[`$ eXZ`�e Gfcˆk`ZX \j \c ZlX[if dfi\e`jkX hl\ [\j[\ hl\ Zfd\eq� cX c\^`jcXkliX `e`Z`� Zfe leX \jkiXk\^`X gXiX gfj`Z`feXij\ \e cX j`dgXkˆX Z`l[X[XeX% 8 ]`eXc\j [\ )'(/ j\ _`qf \c ZXdY`f [\ Zffi[`eXZ`�e c\^`jcXk`mX# p \c gi\j`[\ek\ \j X_fiX GXYcf :„jXi 8^l`$ cXi# kXdY`„e d`c`kXek\ [\ DFI<E8% G\if ef \j cX ’e`ZX `ek\i\jX[X% Ki\j \o$ gi``jkXj YljZXe cX d`jdX ZXe[`[XkliX1 Fk$ e`\c >XiZˆX EXmXiif# ?„Zkfi M\cX MXc\e$ ql\cX \ @m}e >liifcX M\^X% <c d}j \og\i`d\ekX[f \j M\cX MXc\e$ ql\cX# hl`\e ]l\ j\Zi\kXi`f [\ <[lZXZ`�e p [\ FYiXj G’Yc`ZXj p >\e\iXc [\ >fY`\ief% Kf[fj# Zl\ekXe Zfe Xc^leX i\cXZ`�e \e \c gXjX[f Zfe @jdX\c ?\ie}e[\q ;\iXj2 @m}e >liifcX ]l\ \c [`i\Zkfi [\c @ejk`klkf [\ cX Alm\ekl[ ;liXe^l\ej\ cX gi`d\iX gXik\ [\c j\o\e`f2 Fke`\c >XiZˆX EXmXiif ]l\ \c [`i\Zkfi [\c @ejk`klkf [\ cX M`m`\e[X [\c <jkX[f [\ ;liXe^f% :Xicfj D\[`eX 8c\d}e \j le d`c`kXek\ [\ Dfm`d`\ekf I\^\e\iXZ`�e EXZ`feXc [\j[\ jlj `e`Z`fj# p hl\ Xc\^X hl\ \j \c ’e`$ Zf hl\ Zl\ekX c\^`k`d`[X[ \e cfj \jkXklkfj gXiX j\i \c ZXe[`[Xkf X XcZXc[\ gfi DF$ I<E8 \e ;liXe^f% M\cX MXc\eql\cX Zfdg`k`� \e )''+ gfi le [`jki`kf cfZXc%

0 /$*81$ Ăž (1(52


5(3257$-( *“0(= 3$/$&,2

<e >Â?d\q GXcXZ`f# leX [\ cXj ZXe[`[Xkl$ iXj eXkliXc\j \j cX gfj`Yc\ i\\c\ZZ`Â?e [\ C\k`Z`X ?\ii\iX# gl\j \j \c ZlX[if gi``jkX hl\ ef _X g\i[`[f [liXek\ jl kiXp\Zkfi`X gfcˆk`ZX% P \j hl\ \c d`jdf GI@ \e cX \c\ZZ`Â?e gXjX[X c\ jfc`Z`kÂ? gXik`Z`gXi \e cX Zfek`\e[X [\ le [`jki`kf ]\[\iXc# `em`$ kXZ`Â?e hl\ [\Zc`eÂ? Zfe \c Xi^ld\ekf [\ ef gf[\i i\^i\jXi X cX XcZXc[ˆX% ;\c d`jdf ^ilgf# fkif [\ cfj g\i]`c\j [\ cfj hl\ j\ _XYcX \j J\i^`f Li`Y\ f \c d`jdf jˆe[`Zf Cfi\eqf EXk\iX# g\ijfeXj [\ cX \ek\iX Zfe]`XeqX [\c ^ilgf gfcˆk`Zf d}j ]l\ik\ \e >Â?d\q GXcXZ`f% Gfi \c G8E# DXel\c IXdfj \j jlYj\$ Zi\kXi`f [\ >fY`\ief \e cX :fdXiZX CX$ ^le\iX \e cX XZklXc X[d`e`jkiXZ`Â?e \jkX$ kXc# \j \c hl\ dXek`\e\ d}j jÂ?c`[Xj \og\ZkXk`mXj [\ j\i XYXe[\iX[f XcY`Xqlc% DXi` :Xid\e Ă?mXcfj \j fkif [\ cfj ZlX$ [ifj hl\ j\ \jZlZ_Xe# Xlehl\ Zfe d\efj ]l\iqX# p Zfe d\efj gfj`Z`feXd`\ekf hl\ IXdfj% Cf d`jdf hl\ Cl`j CfqXef% <e DFI<E8 j\ ZfeZ\ekiX leX g\e\$ kiXZ`Â?e \c\ZkfiXc `dgfikXek\# p \j hl\ j\ lY`ZXe ZlX[ifj Zfdf 9cXj IX]X\c GXcX$ Z`fj# hl`\e ]l\ ]leZ`feXi`f [liXek\ cX i\$ ^\eZ`X [\ DXiZ\cf <YiXi[# _fp j\ j\Zi\$ kXi`f [\ I\cXZ`fe\j <ok\i`fi\j% FdXi :XjkXÂŒ\[X \j fkif [\ cfj g\ijf$ eXa\j hl\ jl\eX Zfe d}j ]l\iqX# Xlehl\ _X d`c`kX[f \e \c GI;# gfi DFI<E8 pX _X [X[f X ZfefZ\i jlj `ek\eZ`fe\j [\ Zfdg\k`i gfi cX XcZXc[ˆX ^fd\qgXcXk`eX% CX XZklXc [`glkX[X ]\[\iXc# DXi`eX M`$ k\cX# kiXj XYXe[feXi Xc GXik`[f I\mfcl$ Z`feXi`f @ejk`klZ`feXc \c XÂŒf gXjX[f gXiX Zfdg\k`i gfi DFI<E8# \j fkif [\ cfj g\ijfeXa\j hl\ gXi\Z\ \jkXi \e \c }e`df [\ cfj cX^le\ifj# X[\d}j hl\ ]l\ leX [\ cXj d}j jÂ?c`[Xj m\ekXaXj \e )'(/% AlXe Ă?mXcfj D„e[\q# ]l\ j\Zi\kXi`f [\ Kli`jdf [liXek\ cX X[d`e`jkiXZ`Â?e [\ Afi$ ^\ ?\ii\iX :Xc[\iX# p kiXj d\j\j [\ [\c`$ Y\iXZ`Â?e XYXe[feÂ? \c GI@ cl\^f [\ j\i \c gi\j`[\ek\ ki`Zfcfi \e >Â?d\q GXcXZ`f% /(5'2

<e C\i[f# cfj gi``jkXj hl\ Xjg`iXe X cX Xc$ ZXc[ˆX jfe el\m\% FZ_f [\ \ccfj# pX j\ \e$ Zl\ekiXe [\ekif [\ le gXZkf [\ Z`m`c`[X[ gfcˆk`ZX p hl\ `eZcljf j\ [`f \e cX Z`l[X[ [\ ;liXe^f% <eki\ cfj efdYi\j d\eZ`f$ eX[fj \jklm`\ife :Xicfj 8^l`c\iX# If$ Y\ikf :XidfeX# ?fd\if DXikˆe\q# AX$ hl\c`e\ [\c Iˆf# JfZfiif <jg`efqX# :Xicfj ;`dXj# =cfiX C\Xc D„e[\q% P Xlehl\ ef XZl[`� g\if kXdY`„e j\ \eZl\ekiX [\ekif [\c gXZkf# \j DXiˆX Cl`jX >feq}c\q 8Z_\d# hl`\e YljZX cX i\\c\ZZ`�e [\ jl gXik`[f% :Xicfj 8^l`c\iX p IfY\ikf :XidfeX pX ]l\ife XcZXc[\j [\ cX [\dXiZXZ`�e% <c d„kf[f [\ \c\ZZ`�e \j gfi d\[`f [\ leX \eZl\jkX i\Xc`qX[X gfi \c :fd`k„ <a\Zlk`mf EXZ`feXc gXiX \m`kXi ZlXchl`\i k`gf [\ `ea\i\eZ`X%

81$ (/(&&,“1 &21 3$5,'$' '( *‰1(52 (Q VH UHQRYDU¥Q D\XQWDPLHQWRV HQ 'XUDQJR

/RV SDUWLGRV SRO­WLFRV SRVWXODU¥Q

FDQGLGDWDV D DOFDOG­DV

FDQGLGDWRV D DOFDOG­DV

&RQYRFDWRULD SDUD REVHUYDGRUHV HOHFWRUDOHV (O ,(3& FRQYRFD D LQVFULELUVH FRPR 2EVHUYDGRUDV \ REVHUYDGRUHV (OHFWRUDOHV

5HTXLVLWRV 6HU FLXGDGDQR R FLXGDGDQD PH[LFDQD 1R VHU QL KDEHU VLGR PLHPEUR GH GLULJHQFLDV QDFLRQDOHV HVWDWDOHV R PXQLFLSDOHV GH RUJDQL]D FL³Q R SDUWLGR SRO­WLFR 1R VHU QL KDEHU VLGR FDQGLGDWR R FDQGLGDWD DSXHVWR GH HOHFFL³Q SRSXODU $VLVWLU D ORV FXUVRV GH FDSDFLWDFL³Q SUHSDUDFL³Q R LQIRUPDFL³Q

/D WRWDOLGDG GH ODV OLVWDV GH VXV UHJLGXU­DV GHEHQ VHU HQFDEH]DGDV SRU PXMHUHV

/DV OLVWDV GH FDQGLGDWXUDV VH LQWHJUDU¥Q SRU I³UPXODV GH FDQGLGDWRV R FDQGLGDWDV \ VH DOWHUQDU¥Q ORV JŠQHURV KDVWD DJRWDU FDGD OLVWD 3DUWLGRV SRO­WLFRV \ FDQGLGDWXUDV LQGHSHQGLHQWHV GHEHU¥Q FXPSOLU FRQ OD SDULGDG GH JŠQHUR KRUL]RQWDO YHUWLFDO \ WUDQVYHUVDO HQ HO SURFHVR HOHFWRUDO ORFDO

=l\iX [\c gXZkf [\ le`[X[# Cfi\eqf GfeZ\# lef [\ cfj cˆ[\i\j [\ cX :fe]\$ [\iXZ`�e EXZ`feXc :Xdg\j`eX# \j \c ’c$ k`df [\ cfj Xjg`iXek\j hl\ _Xe _\Z_f g’Yc`ZX jlj Xjg`iXZ`fe\j% <e \c GXik`[f 8ZZ`�e EXZ`feXc# j\ i\$ g`k\ cX ]�idlcX hl\ \e >�d\q GXcXZ`f# [fe[\ j\ YljZX hl\ le d`\dYif [\ cX XZklXc X[d`e`jkiXZ`�e# g\if \e cX jlY$ j\Zi\kXiˆX [\ I\Zlijfj EXkliXc\j \e CX CX^leX# gXik`Z`g\1 \j IX’c M`cc\^Xj% <e Dfm`d`\ekf [\ I\^\e\iXZ`�e EXZ`feXc jfe mXi`fj cfj Xjg`iXek\j# \e$ ki\ \ccfj# >\fi^`eX Jfcfi`f [\ i\Z`\ek\ X[_\j`�e X cXj ]`cXj [\ cX ZXljX \e C\i$

0 /$*81$ Ăž (1(52

10

[f% Jfcfi`f \j gi\j`[\ek\ [\ cX fi^Xe`$ qXZ`�e C\i[f Gi�jg\if# X[\d}j [\ j\i \dgi\jXi`f% Jl [\jm\ekXaX# \j hl\ cX d`c`kXeZ`X ef m\ Y`\e X hl`\e\j j\ `eZfigfiXe i\$ Z`„e gXiX j\i ZXe[`[Xkfj% <c \o gi``jkX Lc`j\j 8[Xd\# hl`\e pX ]fid� gXik\ kXdY`„e [\ cXj ZXe[`[Xkl$ iXj `e[\g\e[`\ek\j \j fkif [\ cfj efd$ Yi\j hl\ j\ _XYcXe gXiX cX Zfek`\e[X dle`Z`gXc% P Afi^\ MXc\eql\cX# lef [\ cfj d`\d$ Yifj [\ cX `qhl`\i[X \e C\i[f# p gXik\ [\ cfj gifdfkfi\j [\ cXj [\dXe[Xj Xc XplekXd`\ekf gfi ]XckX [\ gX^f%



5(3257$-(

,QYHUVLÂłQ 3ÂşEOLFD OD JUDQ SHUGHGRUD HQ 3UHVXSXHVWR SDUD &RDKXLOD /XLV $OIUHGR 0HGLQD FRRUGLQDGRU GH ,QYHVWLJDFLÂłQ <c \jkX[f c\ [Xi} d}j Xc ilYif [\ J\^li`[X[# gl\j \jk\ XÂŒf j\ c\ Xj`^eXife d`c +*/%( d`ccfe\j [\ g\jfj# \j [\Z`i# le +( gfi Z`\ekf d}j \e ZfdgXiXZ`Â?e X )'(/ 325 /8,6 $/%(572 /“3(= )2726 0/$*81$

<

c Gi\jlgl\jkf [\ <^i\jfj [\ :fX_l`cX )'(0 i\gi\j\ekX leX gXiX[faX \e mXi`fj ilYifj# gl\j d`\ekiXj _Xp le `eZi\d\ekf \e JXcl[ p J\^li`[X[ GÂ’Yc`ZX# \o`jk\ leX i\[lZZ`Â?e \e cX `em\ij`Â?e gÂ’Yc`ZX% 8c d\efj \jX \j leX [\ cXj i\]c\o`f$ e\j X cXj hl\ cc\^Xe cfj \jg\Z`Xc`jkXj [\ Xc^leXj XjfZ`XZ`fe\j Z`m`c\j Zfdf \c FYj\imXkfi`f :`l[X[Xef [\ CX CX^leX% <c dfekf XgifYX[f gXiX cX \ek`[X[ [l$ iXek\ kf[f \jk\ XÂŒf XjZ`\e[\ X cfj +0 d`c *-0 d`ccfe\j [\ g\jfj% Ăˆ<c ilYif [\ `em\ij`Â?e gÂ’Yc`ZX# hl\ d}j [\kfeX \c [\jXiifccf \ZfeÂ?d`Zf p jf$ Z`Xc# i\^`jkiX leX YXaX [\ +)% - gfi Z`\ekf% <e )'(/ klmf + d`c ,+, d`ccfe\j p X_fiX ) d`c -'-# g\if [\jkXZX hl\ \e cfj Â’ck`$ dfj \a\iZ`Z`fj ]`jZXc\j ]l\ Xgc`ZX[f d\$ efj [\ cX d`kX[ [\ cf gi\jlgl\jkX[fÉ# \o$ gfe\ Cl`j 8c]i\[f D\[`eX# Zffi[`eX[fi [\ @em\jk`^XZ`Â?e [\c fi^Xe`jdf% J\ÂŒXcX hl\ fkif ZfekiXjk\ k`\e\ hl\ m\i Zfe le ifYljk\Z`d`\ekf [\c XgXiXkf YlifZi}k`Zf \jkXkXc p hl\ ZfekiXm`\e\ X cX gfcˆk`ZX [\ ĂˆXljk\i`[X[ i\glYc`ZXeXÉ `dgc\d\ekX[X gfi \c XZklXc ^fY`\ief ]\[\iXc% 0 /$*81$ Ăž (1(52

ĂˆGfi le cX[f k\e\dfj le ilYif [\ j\i$ m`Z`fj g\ijfeXc\j hl\ j\ `eZi\d\ekX \e le -%+ gfi Z`\ekf p hl\ \hl`mXc\ X ZXj` d}j [\ d`c )'' d`ccfe\j [\ g\jfj [\ [`$ ]\i\eZ`X p \jkf efj _XYcX [\ hl\ j\ mX X [\jk`eXi d}j eÂ?d`eX \e ZfdgXiXZ`Â?e X cf hl\ cX `e]cXZ`Â?e dXiZXÉ% <e cf hl\ i\jg\ZkX Xc }i\X [\ JXcl[# Zfej`[\iX gfj`k`mf \c Zi\Z`d`\ekf _`jkÂ?$ i`Zf [\ ZXj` (,' gfi Z`\ekf p cf X[al[`ZX X hl\ \c ^fY`\ief \jkXkXc j\ m`f fYc`^X[f gfi cfj gcXe\j [\c ^fY`\ief ]\[\iXc \e ZlXekf X ^iX[lXcd\ek\ XYjfiY\i \j\ j\Z$ kfi \e kf[Xj cXj \ek`[X[\j [\c gXˆj% ĂˆCfj \jkX[fj [\j^iXZ`X[Xd\ek\ ef _Xe Xgc`ZX[f Zfdf [\Y\e \c =fe[f [\ 8gfikXZ`fe\j gXiX cX JXcl[ p [\j^iXZ`X$ [Xd\ek\ cX [\jZ\ekiXc`qXZ`Â?e [\ cfj j\i$ m`Z`fj# X kiXm„j [\c J\^lif GfglcXi p cfj \jkX[fj ef _X j`[f \]\Zk`mX% :fX_l`cX \j le \a\dgcf dlp gXik`ZlcXi [\ ZÂ?df ef j\ [\Y\e X[d`e`jkiXi cfj i\Zlijfj gfi cXj ZXi\eZ`Xj ki\d\e[Xj \e cfj _fjg`kXc\j p Zcˆe`ZXj \jkXkXc\jÉ% Cl`j 8c]i\[f D\[`eX [\kXccX hl\ cX \e$ k`[X[ [\jk`eXi} 0)(%/ d`ccfe\j [\ g\jfj ZfekiX *.-%+ d`ccfe\j hl\ \a\iZ`Â? [liXe$ k\ )'(/%

12

ĂˆM\dfj gfj`k`mX \jkX j`klXZ`Â?e p hl`q} j\ Yljhl\ Zfe \jkf d\afiXi le gfZf cXj Zfe[`Z`fe\j [\ cXj Zcˆe`ZXj p _fjg`kXc\j ^\e\iXc\j gXiX hl\ ZlXe[f cX ]\[\iXZ`Â?e cXj i\Z`YX \jk„e \e d\afi ]fidXÉ% 8c]i\[f D\[`eX [\jkXZX hl\ :fX_l`cX c\ [Xi} d}j Xc ilYif [\ J\^li`[X[# gl\j \c gi\jlgl\jkf gXiX \jk\ XÂŒf XjZ`\e[\ X cfj d`c +*/%( d`ccfe\j [\ g\jfj# \j [\Z`i# le +( gfi Z`\ekf d}j \e ZfdgXiXZ`Â?e Xc XÂŒf gXjX[f% <e \j\ j\ek`[f# XÂŒX[\# hl\ gfi gi`d\$ iX m\q \e XÂŒfj ]l\ gcXe\X[f Zfe]fid\ X leX j\Zi\kXiˆX [\ \jkX[f# [\Y`[f X hl\ cX [\]`e`Z`Â?e [\c gi\jlgl\jkf \e )'(/ \jkl$ mf \e gXik\ g\ejX[f X cf hl\ ]l\ cX :f$ d`j`Â?e <jkXkXc [\ J\^li`[X[% ĂˆM\dfj dlp gfj`k`mf \c _\Z_f [\ ef [\jZl`[Xi cX j\^li`[X[# gl\j :fX_l`cX _X j`[f le \a\dgcf \e i\[lZZ`Â?e [\ cfj [\$ c`kfj [\ Xckf `dgXZkfÉ% '(3(1'(1&,$6 &21 0 6 < 0(125(6 5(&85626

<c Xe}c`j`j i\Xc`qX[f gfi \c FYj\imXkfi`f :`l[X[Xef [\ CX CX^leX# Zfe YXj\ \e \c Gi\jlgl\jkf [\ <^i\jfj# dl\jkiX hl\ fkiXj [\g\e[\eZ`Xj hl\ k`\e\e `eZi\$


5(3257$-( d\ekfj jfe cX J\Zi\kXiˆX [\ >fY`\ief# \c ;\jgXZ_f [\c <a\Zlk`mf p cX J\Zi\kXiˆX [\ @eZclj`Â?e p ;\jXiifccf JfZ`Xc% CX gi`d\iX j\Zi\kXiˆX klmf le Xld\e$ kf [\ gfZf d}j [\ le ,' gfi Z`\ekf p i\Z`Y`i} ++(%0 d`ccfe\j [\ g\jfj# d`\e$ kiXj hl\ cX j\^le[X f]`Z`eX ^lY\ieXd\e$ kXc (-/ d`ccfe\j [\ g\jfj# \j [\Z`i# )/%- gfi Z`\ekf d}j hl\ \e )'(/% CX k\iZ\iX [\g\e[\eZ`X i\Z`Y`i} 0%( gfi Z`\ekf d}j [\ [`e\if p Zfe \ccf hl\[Xi} jl ^Xjkf XelXc \e 0'' d`ccfe\j [\ g\jfj% I\jg\Zkf X \jX mXi`XZ`Â?e# \c Zffi[`eX[fi [\ @em\jk`^XZ`Â?e [\c fi^Xe`jdf \ogc`ZX hl\ \e \c ZXjf [\ [fj \ek\j X[d`e`jkiXk`$ mfj i\jlckX m`j`Yc\ \c Zi\Z`d`\ekf \e cf hl\ i\jg\ZkX X jl eÂ?d`eX p Xj\jfiˆXj# d`\ekiXj hl\ \e cX fkiX k`\e\ hl\ m\i Zfe le `eZi\d\ekf \e cfj Xgfpfj jfZ`Xc\j hl\ gifp\ZkXe \eki\^Xi \e kf[f \c XÂŒf% Ăˆ<e cX J\Zi\kXiˆX [\ @eZclj`Â?e p ;\jX$ iifccf JfZ`Xc _Xp le `eZi\d\ekf [\c 0 gfi Z`\ekf p cXj Xpl[Xj jfZ`Xc\j X ]`e [\ Zl\e$ kXj \j gfj`k`mf j`\dgi\ p ZlXe[f \e cfj _\Z_fj j\ m\X i\]c\aX[X \e cX [`jki`YlZ`Â?e [\c gi\jlgl\jkfÉ% <e ZfekiXjk\# cX [\g\e[\eZ`X hl\ jl$ ]i`Â? le dXpfi i\Zfik\ \e jl gi\jlgl\jkf Zfii\jgfe[\ X cX J\Zi\kXiˆX [\ <ZfefdˆX Zfe le +/%/ gfi Z`\ekf# cf ZlXc \hl`mXc\ X hl\ gXjÂ? [\ k\e\i ((* d`ccfe\j [\ g\jfj X ,/%* d`ccfe\j% J`e \dYXi^f# Cl`j 8c]i\[f D\[`eX Xi$ ^ld\ekX hl\ \jf k`\e\ hl\ m\i Zfe hl\ ]l\ Zi\X[X cX J\Zi\kXiˆX [\ Kli`jdf p c\ hl`kÂ? Z`\ikXj ]leZ`fe\j% CX j\^le[X f]`Z`eX ^lY\ieXd\ekXc Zfe d\efj gi\jlgl\jkf Zfii\jgfe[\ X cX J\Zi\kXiˆX [\ @e]iX\jkilZkliX Zfe ) d`c ..-%( d`ccfe\j [\ g\jfj# \j [\Z`i# le +' gfi Z`\ekf d\efj hl\ \c XÂŒf gXjX[f% <e cX k\iZ\iX gfj`Z`Â?e \jk} ;\jXiifccf IliXc hl\ i\Z`Y`i} ),%( gfi Z`\ekf d\efj hl\ \e )'(/# \j [\Z`i# jl ^Xjkf XelXc Xj$ Z\e[\i} X (0)%- d`ccfe\j [\ g\jfj%

k\e\i leX gi\m\eZ`Â?e \]\Zk`mX \e Zffi[`$ eXZ`Â?e Zfe cfj dle`Z`g`fjÉ% <e ZlXekf Xc k\dX [\ gXik`Z`gXZ`fe\j ]\[\iXc\j# i\]`i`Â? hl\ kf[XmˆX ef _Xp leX Z\ik\qX ZfeZi\kX gfihl\ [\g\e[\ dlZ_f [\ cX i\ZXl[XZ`Â?e hl\ :fX_l`cX k\e^X [\ `e^i\jfj gifg`fj% Ăˆ<c ilYif [\ gXik`Z`gXZ`fe\j hl\ jl\$ eX d}j Xc\ekX[fi gXiX cfj \jkX[fj p hl\ efj m\dfj ]Xmfi\Z`[fj gfi d}j [\ ) d`c ,'' d`ccfe\j \j ]`Zk`Z`f# gfihl\ [\g\e[\ [\ cf hl\ ZX[X lef gl\[X i\ZXYXiÉ% <e \j\ j\ek`[f# XglekÂ? hl\ [\i`mX[f [\ cfj \jkˆdlcfj ]`jZXc\j fkfi^X[fj \e cfj dle`Z`g`fj [\c efik\ [\ cX \ek`[X[ gf$ [iˆXe [\aXi [\ i\Z`Y`i 0'' d`ccfe\j [\ g\jfj# hl\ j` Y`\e j\ kiX[lZ`iˆXe \e fkif k`gf [\ Y\e\]`Z`fj Z`l[X[Xefj# X]\ZkXiˆXe cXj ]`eXeqXj \jkXkXc\j% ĂˆGl\[\ hl\ _XpX le Y\e\]`Z`f X cX gf$ YcXZ`Â?e p d\[`Xek\ le j`jk\dX Zfdg\e$ jXkfi`f cfj / dle`Z`g`fj \e cX qfeX c`Yi\ gl\[Xe k\e\i fYiX hl\ j\ i\jZXk\ cX g„i$ [`[X [\ i\Zlijfj 0'' d`ccfe\j [\ g\jfj Xc XÂŒfÉ%

]l\ _`jkÂ?i`Zf gfi cX [`jZlj`Â?e hl\ i\gi\$ j\ekÂ?% Ăˆ<j le kiXYXaf _`jkÂ?i`Zf p ^\e\iXc$ d\ek\ gfi jl Xek\i`fi Zfe]fidXZ`Â?e gf$ cˆk`ZX# \c <a\Zlk`mf gi\j\ekXYX jl gi\jl$ gl\jkf p j\ XgifYXYX `ed\[`XkXd\ek\ p X_fiX ef% Cf XaljkXdfj Zfe]fid\ X cf hl\ Xc [ˆX j\ ZfefZ\ mXdfj X i\Z`Y`i p ef \jg\ZlcXdfj# \jkf j`^e`]`ZÂ? le i\Zfik\É% <e \j\ j\ek`[f# j\ÂŒXcX hl\ \j e\Z\jX$ i`f dXek\e\i leX \o`^\eZ`X ZfejkXek\ Zfe cX ]\[\iXZ`Â?e gXiX hl\ Yi`e[\ cfj i\$ Zlijfj hl\ i\hl`\i\ cX \ek`[X[ gXiX jl [\jXiifccf# gi`eZ`gXcd\ek\ \e `e]iX\j$ kilZkliX% ĂˆJ` _Xp i\Zlijfj [\ c`Yi\ [`jgfj`Z`Â?e j\ mXpXe X fYiX p [\l[X# cX \o`^\eZ`X j\ _X^X gXiX hl\ efj Xlkfi`Z\e cfj gifp\Zkfj gi\$ jlgl\jkX[fj% Cf hl\ ZfefZ\dfj \j hl\ cf hl`\i\ _XZ\i [\ dXe\iX [`i\ZkX cX ]\[\iX$ Z`Â?e# j`e [Xic\ \jX XlkfefdˆX X cfj ^fY`\i$ efj \jkXkXc\j p cf hl\ hl\i\dfj \j hl\ efj [`^Xe cXj fYiXj hl\ j\ mXe X _XZ\iÉ% :l\jk`feX hl\ \e jl m`j`kX X cX \ek`[X[ _XZ\ leXj j\dXeXj# \c gi\j`[\ek\ 8e[i„j DXel\c CÂ?g\q FYiX[fi ef XeleZ`Â? eX[X 1(&(6$5,2 48( )('(5$&,“1 %5,1'( el\mf \e ZlXekf X gifp\Zkfj gXiX CX CX$ 0 6 5(&85626 ^leX% ĂˆEf [`af eX[X el\mf# e` j`hl`\iX cX GXiX cX [`glkX[X p Zffi[`eX[fiX [\ cX :f$ d`j`Â?e [\ ?XZ`\e[X [\c :fe^i\jf [\ XeleZ`X[X fYiX [\c [i\eXa\ gclm`Xc% MX$ :fX_l`cX# DXiˆX <l^\e`X :}qXi\j# \c gi\$ dfj X \jkXi X cX \og\ZkXk`mX \jkfj ki\j gi`$ jlgl\jkf hl\ i\Z`\ek\d\ek\ XgifYXife d\ifj d\j\jÉ%

Ù35(6838(672 7(17$7,92Ú

?XZ\ lef [ˆXj \e \eki\m`jkX gXiX cX gi\e$ jX [\ cX ZXg`kXc [\c \jkX[f [\ :fX_l`cX# \c ^fY\ieX[fi D`^l\c Ă?e^\c I`hl\cd\ Jf$ cˆj _XYcÂ? [\ hl\ \c Gi\jlgl\jkf [\ <^i\$ jfj [\ :fX_l`cX \j k\ekXk`mf \e mXi`fj il$ Yifj Zfdf FYiXj GÂ’Yc`ZXj# gl\j \e \c gi`d\i ki`d\jki\ [\c XÂŒf kfZXi} i\m`jXi Zfe \c ^fY`\ief ]\[\iXc cfj Zfem\e`fj gXiX \jf% Ăˆ<c gi\jlgl\jkf hl\ k\e\dfj X_fi`kX \j k\ekXk`mf# gl\j ef k\e\dfj cX Z\ik\qX [\ Zl}ekf mX XgfpXi cX ]\[\iXZ`Â?e X :fX_l`cXÉ% J`e \dYXi^f# X[\cXekÂ? hl\ [liXek\ \jk\ XÂŒf [Xi}e gi`fi`[X[ Xc j\Zkfi JXcl[ Zfe \c ]`e [\ ^XiXek`qXi le XYXjkf jl]`$ Z`\ek\ [\ d\[`ZXd\ekfj% Ăˆ?fp [\ekif [\c gifp\Zkf gXiX )'(0 \jkXdfj kiXkXe[f [\ \e]fZXi dlZ_f d}j i\Zlijfj _XZ`X cX gifm\\[liˆX [\ d\[`ZX$ d\ekfj# dXk\i`Xc p i\XZk`mfj gXiX dXe$

35(6838(672 '( &2175$67(6 /XLV $OIUHGR 0HGLQD FRRUGLQDGRU GH ,QYHVWLJDFLÂłQ GHO 2EVHUYDWRULR &LXGDGDQR GH /D /DJXQD

13

0 /$*81$ Ăž (1(52


(175(9,67$

(/ *2%,(512 '( &2$+8,/$ $ )$925 '( /$ *8$5',$ 1$&,21$/ 0LJXHO  QJHO 5LTXHOPH 6RO­V JREHUQDGRU

<c dXe[XkXi`f \jkXkXc XglekÂ? hl\ [\j[\ hl\ jlgf hl\ 8DCF ^XeÂ? cX \c\ZZ`Â?e# j`\e[f \c gi\j`[\ek\ \c\Zkf# c\ k\e[`Â? cX dXef \ _`qf le ccXdX[f X cfj ZfX_l`c\ej\j gXiX kiXYXaXi le`[fj 325 $1$ 321&( )2726 &257(6Â?$

:

fX_l`cX \j leX \ek`[X[ hl\ _X i\Xc`qX[f ^iXe[\j \j]l\iqfj gXiX i\Zlg\iXi p dXek\e\i cX j\^li`[X[# cX gXq p cX kiXehl`c`$ [X[ jfZ`Xc# \j]l\iqfj \e cfj hl\ cfj [`]\$ i\ek\j j\Zkfi\j [\ cX jfZ`\[X[# cX `e`Z`Xk`$ mX gi`mX[X p \c <a„iZ`kf _Xe j`[f ]le[Xd\ekXc\j# gfi cf hl\ \c ^fY`\ief [\ :fX_l`cX \jk} X ]Xmfi [\ cX Zi\XZ`Â?e [\ cX >lXi[`X EXZ`feXc% J`e \dYXi^f \jkX el\mX ]`^liX gXiX cX j\^li`[X[ [\c gXˆj [\Y\ ^XiXek`qXi \c i\j$ g\kf X cX XlkfefdˆX [\ \ek`[X[\j p dle`$ Z`g`fj# Xjˆ Zfdf \c f]i\Z\i cX gifk\ZZ`Â?e [\ cfj [\i\Z_fj _ldXefj [\ cfj Z`l[X[X$ efj# \j cX \o`^\eZ`X [\ cfj ^fY`\iefj \jkX$ kXc\j# Xjˆ cf Xj\^liÂ? \c ^fY\ieX[fi D`^l\c Ă?e^\c I`hl\cd\ Jfcˆj% P \jk\ XÂŒf `dgc`ZX i\kfj kiXjZ\e[\ekX$ c\j gXiX \jkX ]`^liX gfcˆk`ZX# gl\j d}j Xcc} [\ cX X[d`e`jkiXZ`Â?e gÂ’Yc`ZX# ]l\ \c (/ [\ efm`\dYi\ hl\ m`f eXZ\i X jl gi`d\i e`\$ kf# eXZ`[f [\ jl _`aX dXpfi# X cf hl\ Xgle$ kÂ?# \c eXZ`d`\ekf ZXdY`X cX m`[X hl\ j\ cc\mX [\ dXe\iX fi[`eXi`X# m`jcldYiXe[f le el\mf }dY`kf ]Xd`c`Xi% Ăˆ:i\f hl\ \jkX Xc\^iˆX [\ gXjXi cX gi`d\i eXm`[X[ p XÂŒf el\mf Zfe le el\mf j\i# Zfe le el\mf d`\dYif [\ cX ]Xd`c`X# ]l\ Xc^f dlp ^iXk`]`ZXek\ p jXk`j]XZkfi`f Xc d\efj gXiX dˆ p gXiX DXiZ\cX# d` \jgfjXÉ% <e dXk\i`X gfcˆk`ZX# p mfcm`\e[f X jlj [\Y\i\j gXiX Zfe cfj Z`l[X[Xefj ZfX_l`$ c\ej\j# )'(0 kXdY`„e j\ g\iZ`Y\ [`jk`ekf

0 /$*81$ Ăž (1(52

Xek\ cX gi\j\eZ`X [\ le gi\j`[\ek\ \dX$ eX[f [\ le gXik`[f el\mf Zfdf cf \j Df$ i\eX% <c gi\j`[\ek\ 8e[i„j DXel\c CÂ?g\q FYiX[fi# j`\e[f \e \c gXjX[f fgfj`Z`Â?e# j\ dXeklmf \e clZ_X gfi cX gi\j`[\eZ`X gfi d}j [\ leX [„ZX[X# p _fp ZXdY`X cXj i\^cXj [\c al\^f gXiX cfj ^fY\ieX[fi\j% Ăˆ:XdY`X kf[f \c }dY`kf gÂ’Yc`Zf p gf$ cˆk`Zf# \jX \j cX m\i[X[# X gXik`i [\c gi`$ d\if [\ [`Z`\dYi\ hl\ kfdX gifk\jkX \c el\mf gi\j`[\ek\ [\ cX I\gÂ’Yc`ZX# 8e$ [i„j DXel\c CÂ?g\q FYiX[fi# Zi\f hl\ _Xp le ZXdY`f [\ m`j`Â?e \e dXk\i`X [\ ^fY`\ief# ZXdY`f [\ gi`fi`[X[\j `eZcljf# X cX hl\ _\dfj kiXkX[f [\ `iefj X[\ZlXe$ [f2 Zfdf kf[f \e \c }dY`kf gfcˆk`Zf p gÂ’$ Yc`Zf k`\e\j hl\ XZfgcXik\É% Ăˆ:fX_l`cX ef \jk} \o\ekf pX [\c ZXdY`f [\ gXik`[fj gfcˆk`Zfj \e cfj gi`eZ`gXc\j dl$ e`Z`g`fj [\ cX \ek`[X[# p _\dfj k\e`[f cX dX[li\q [\ cc\mXi leX i\cXZ`Â?e hl\ k`\e\ hl\ m\i Zfe \c `ek\i„j Zfdle`kXi`f# Zfe \c `ek\i„j [\ cX jfZ`\[X[# [\ cXj p cfj ZfX_l`$ c\ej\j% Ljk\[\j _Xe gf[`[f m\i d` XZk`kl[ [\j[\ \c `e`Z`f [\ d` ^fY`\ief# hl\ _X j`[f ZfeZ`c`Xkfi`X# ccXdXe[f X cX le`[X[# ale$ k}e[fd\ Zfe [`jk`ekfj XZkfi\j gfcˆk`Zfj# hl\ gifYXYc\d\ek\ \e g\i`f[fj Xek\i`fi\j \jf ef j\ [XYX# alek}e[fd\ kXdY`„e Zfe Ziˆk`Zfj gleklXc\j [\ d` X[d`e`jkiXZ`Â?e p [\c ^fY`\ief \e ^\e\iXc# kiXkXe[f [\ gf[\i jXZXi X[\cXek\ le \jkX[f hl\ \j leX gfk\e$ Z`X \e dXk\i`X [\ [\jXiifccf \ZfeÂ?d`Zf p hl\ ef k\e[iˆXdfj gfihl\# cfj ^fY\ieXe$

14

k\j# \jkXi [\k\e`\e[f \c gif^i\jf [\ le \j$ kX[f kXe ]l\ik\ Zfdf \j :fX_l`cX \e dXk\$ i`X [\ [\jXiifccf \ZfeÂ?d`Zf gfi gfc`k`hl\iˆXj% <j [\Z`i# _\dfj kiXkX[f [\ jldXi# ljk\[\j gl[`\ife m\i \e d` gi`d\i `e]fid\ [\ ^fY`\ief X g\ijfeXa\j [\ kf[fj cfj gXik`[fj gfcˆk`Zfj2 XZl[`\ife i\jg\klf$ jfj p X[\d}j Zi`k`ZXife [\ leX dXe\iX j\$ i`X# ef Zfdf X m\Z\j j\ [X hl\ ef m\e cf Yl\ef p Zi`k`ZXe cfj gfj`Yc\j \iifi\j hl\ _XpXj k\e`[f \e \c XÂŒf# g\if Zi\f hl\ _`Z`\$ ife cXj [fj ZfjXj1 gleklXc`qXe cf Yl\ef p kXdY`„e _`Z`\ife j\ÂŒXcXd`\ekfj [\ cf hl\ gifYXYc\d\ek\ \ccfj hl\iˆXe m\i \e d` gi`$ d\i XÂŒf p ef j\ [`fÉ% I`hl\cd\ Jfcˆj XglekÂ? hl\ [\j[\ hl\ jlgf hl\ 8DCF ^XeÂ? cX \c\ZZ`Â?e# j`\e[f \c gi\j`[\ek\ \c\Zkf# c\ k\e[`Â? cX dXef \ _`qf le ccXdX[f X cfj ZfX_l`c\ej\j gXiX kiXYXaXi le`[fj \e leX el\mX i\cXZ`Â?e gXiX jXcmX^lXi[Xi cfj `ek\i\j\j [\ :fX_l`$ cX Xek\ cX cc\^X[X [\c el\mf ^fY`\ief% Ăˆ8 dˆ d\ gi\fZlgXYXe [fj k\dXj ]le$ [Xd\ekXc\j1 cX j\^li`[X[ p cX ^\e\iXZ`Â?e [\ \dgc\fj% <e :fX_l`cX klm`dfj cX ]fi$ kleX# hl\ ef ]l\ gXiX fkifj \jkX[fj [\ cX I\gÂ’Yc`ZX# [\ k\e\i +/ d`c el\mfj \d$ gc\fj \e \jk\ gi`d\i XÂŒf [\ ^fY`\ief# p cfj eÂ’d\ifj f cXj \jkX[ˆjk`ZXj Zfe cX hl\ Z\ii\dfj \jk\ gi`d\i XÂŒf \e dXk\i`X [\ j\^li`[X[ jfe j\d\aXek\j X cXj [\c XÂŒf gX$ jX[f hl\ ]l\ife [\ gfi jˆ dlp YXaXj# p X dˆ d\ gi\fZlgX hl\ ef mXpXe X ZXdY`Xi [\ gfcˆk`ZX \e dXk\i`X [\ j\^li`[X[É%


(175(9,67$

<R PH FRPSURPHW­ D FRQVWUXLU RWUD EDVH PLOLWDU HQ OD FDUERQ­IHUD \ WDPEL©Q XQD EDVH QDYDO HQ $FX±D HVWR GHQWUR GH PLV FRPSURPLVRV HQ HO VH[HQLRÚ

15

0 /$*81$ Þ (1(52


(175(9,67$

&8,'$5 $872120 $ '( /26 (67$'26

8ek\ \c XeleZ`f [\ cX Zi\XZ` e [\ leX >lXi[`X EXZ`feXc# \c dXe[XkXi`f \jkXkXc X]`id hl\ Zf`eZ`[\ Zfe \jX m`j` e% :XY\ i\Zfi[Xi hl\ I`hl\cd\ Jfc j ]l\ XcZXc[\ [\ Kfii\ e# Z`l[X[ Zfej`[\iX[X Zfdf leX [\ cXj d}j `ej\^liXj \e \c gX j p \c \ok\$ i`fi# dfk`mf gfi \c ZlXc j\ g`[` Xgfpf Xc ^fY`\ief ]\[\iXc# d`jdf hl\ \em` X XZk`$ mfj [\ cX J\Zi\kXi X [\ cX ;\]\ejX EXZ`f$ eXc J\[\eX gXiX \c ZfdYXk\ Xek\ cXj XZ$ Z`fe\j [\c Zi`d\e fi^Xe`qX[f% ÈPf jfp [\ cfj gfZfj ^fY\ieX[fi\j hl\ \jk}e X ]Xmfi [\ cX >lXi[`X EXZ`feXc# k\ [`^f gfZfj gfihl\ fkifj j\ _Xe `[f Zfe$ m\eZ`\e[f# Zfe]fid\ j\ _X [X[f cX [`j$ Zlj` e X e`m\c eXZ`feXc2 _Xp ^fY\ieX[f$ i\j hl\ _XZ\ lefj d\j\j \jkXYXe \e ZfekiX# gi`d\if [\ cX C\p [\ J\^li`[X[ @ek\i`fi# p [\jgl j [\ cX Zi\XZ` e [\ cX >lXi[`X EXZ`feXc% È:fX_l`cX \j [\ cfj \jkX[fj hl\ d\afi \og\i`\eZ`X _X k\e`[f Zfe cX gi\j\eZ`X [\c <a iZ`kf \e cXj ZXcc\j# p \jf# cc}d\j\ >lXi$ [`X EXZ`feXc f Zfdf j\ ccXd\# pf \jkfp X ]Xmfi# ZcXif# k\e\dfj hl\ Zl`[Xi [\ekif [\ el\jkif dXiZf ali [`Zf# [\c :fe^i\jf ]\$ [\iXc# \e cX XgifYXZ` e [\ \jk\ gifp\Zkf cXj ^XiXek Xj `e[`m`[lXc\j# cXj ^XiXek Xj p

cfj [\i\Z_fj _ldXefj [\ cX jfZ`\[X[2 kXdY` e k\e\dfj hl\ Zl`[Xi cX Xlkfef$ d X [\ cfj \jkX[fj p cfj dle`Z`g`fj \e dX$ k\i`X [\ ZfdYXk\ X cfj [\c`kfjÉ% CXeqX[X cX ZfemfZXkfi`X# cX g\iZ\gZ` e ^\e\iXc`qX[X \j hl\ \o`jk\ `e\og\i`\eZ`X Xc i\Z`Y`i X cfj kf[fj cfj a m\e\j hl\ hl`$ j`\iXe X[_\i`ij\ X cX >lXi[`X EXZ`feXc# \e kXekf hl\ Zfek`e X j`e ZfefZ\ij\ X ZXYX$ c`[X[ cX gifgl\jkX \e cXj \ek`[X[\j% 8ek\ \ccf I`hl\cd\ Jfc j [`af hl\ j\ [\Y\ Zfe$ ]fidXi leX i\^cXd\ekXZ` e ZcXiX p XZfkXi \c dXiZf ali [`Zf gXiX hl\ ef j\ m`fc\ cX Xlkfefd X [\ cfj \jkX[fj p dle`Z`g`fj# kf[X m\q hl\ _Xp gfc`Z Xj dle`Z`gXc\j hl\ j ZfdYXk\ X cX [\c`eZl\eZ`X% ÈEfjfkifj k\e\dfj ]}Z`cd\ek\ / dl$ e`Z`g`fj hl\ \ekiXe [\ dXe\iX ]ifekXc \e \c ZfdYXk\ Zffi[`eX[f Zfe cXj ]l\iqXj Xi$ dX[Xj# Zfe cXj ]l\iqXj \jkXkXc\j p \jf ef m`\e\ [\ _fp# _X j`[f cX ZfejkilZZ` e [\ `ejk`klZ`fe\j Zfdf \c ZXjf [\ Kfii\ e# \c ZXjf [\ JXck`ccf# G`\[iXj E\^iXj# DfeZcf$ mX# 8Zl X# JXY`eXj p fkifj dle`Z`g`fjÉ ÈGi\fZlgXek\j jfe cXj [\Z`j`fe\j Xii\$ YXkX[Xj# \c XeleZ`Xi cX Zi\XZ` e [\ cX >lXi[`X EXZ`feXc p X[\d}j \c i\ZclkX$ d`\ekf Xc d`jdf k`\dgf# j`e kf[Xm X k\$ e\i cXj YXj\j# \jf j gifmfZX Z`\ikX [\jZfe$

0 /$*81$ Þ (1(52

16

]`XeqX f Z`\ikf k\dfi \e cXj \ek`[X[\j ]\[\iXk`mXj# gfi \jf _\dfj m`jkf X mXi`fj ^fY\ieX[fi\j# `eZclp e[fd\ X d # g`$ [`\e[f fi[\e# gifp\Zkf p kXdY` e ^\e\$ iXi i\Xcd\ek\ Zl}c mX X j\i cX \og\ZkXk`mX \e ZX[X \jkX[f [\ cX I\g Yc`ZX% ÈJ \jkXdfj m`\e[f [\Z`j`fe\j Xii\$ YXkX[Xj# Zfdf \c i\ZclkXd`\ekf [\ cX >lXi[`X EXZ`feXc# \c Z`\ii\ [\ [lZkfj [\ekif [\ leX fg\iXZ` e ZfekiX \c _lX$ Z_`Zfc\f# ef jfe ZfjXj dXcXj# e` dXcXj `ek\eZ`fe\j# g\if jfe [\Z`j`fe\j Xc df$ d\ekf Xii\YXkX[XjÉ% <e jldX# [`af hl\ cfj ^fY\ieX[fi\j \j$ k}e jfc`Z`kXe[f cX Zi\XZ` e [\ cX >lXi[`X EXZ`feXc# \jg\Z`]`ZXe[f hl` e\j cX `ek\$ ^iXi}e p X[\d}j hl` e\j d}j cX gl\[\e `ek\^iXi gl\j XZfk # ef j\ kiXkX [\ le Z_\$ hl\ Xc YcXeZf [\ekif [\ le gifp\Zkf dX$ Zif gXiX cX I\g Yc`ZX% CX \og\i`\eZ`X \e cX ZfejkilZZ` e p Xgfpf gXiX gf[\i ^\e\iXi cX gi\j\eZ`X [\c \a iZ`kf \e :fX_l`cX# [`af# cc\mX dlZ_fj X fj# p j\ _`qf Zfe cX gXik`Z`gXZ` e [\ kf$ [fj cfj _XY`kXek\j [\ cX \ek`[X[ p [\ cX dXef Zfe \c ^fY`\ief ]\[\iXc% ÈEfjfkifj klm`dfj Xgfpf p kXdY` e kl$ m`dfj Z`\ikX [\jZfe]`XeqX \e Xc^lefj k\$ dXj Zfe =\c`g\ :Xc[\i e p kXdY` e Zfe


(175(9,67$ M`Z\ek\ =fo2 lefj ZlXik\c\j j\ Zfejkilp\$ ife Zfe \c gi\j`[\ek\ :Xc[\i e p fkifj j\ Zfejkilp\ife Zfe \c gi\j`[\ek\ <ei`hl\ G\ X# p X d d\ kfZ cX ZfejkilZZ` e [\ le ?fjg`kXc D`c`kXi \e Kfii\ e% KXdY` e X cX jXc`[X [\c gi\j`[\ek\ G\ X# g\if ef Zi\f hl\ \j\ j\X le ]XZkfi# Zi\f hl\ ]l\ cX le`[X[ [\ cfj ZfX_l`c\ej\j# [\ cfj \dgi\$ jXi`fj p [\ kf[X cX jfZ`\[X[ \e ^\e\iXc# cf hl\ gifmfZ dXek\e\i leX `ejk`klZ` e ]l\ik\ p \e cXj [`jk`ekXj i\^`fe\j [\ :fX_l`cX% (;&(/(17( &225',1$&, 1 &21 (/ (- 5&,72

<e \j\ j\ek`[f i\Zfi[ hl\ \c ^fY`\ief [\ IlY e Dfi\`iX MXc[\q `dglcj cX Zfej$ kilZZ` e [\ ki\j d\^X ZlXik\c\j p . YXj\j d`c`kXi\j# p \e \c ZXjf [\ Kfii\ e# ef j\ Zfejkilp g\if j j\ \hl`g cX O@ I\^` e D`c`kXi% <e \c ZXjf [\ cX M@ I\^` e D`c`kXi p [\c I\^`d`\ekf [\ :XYXcc\i X lY`ZX[X \e G`\[iXj E\^iXj% KXdY` e j\ ZfcXYfi gXiX k\e\i d\afi\j `ejkXcXZ`fe\j gXiX hl\ cfj jfc[X[fj gl\[Xe _XZ\i _f^Xi Zfe jlj ]X$ d`c`Xj# j`e [\jZXikXi le d\afi i ^`d\e Xc`d\ek`Z`f# Xgfpf Xc dXek\e`d`\ekf m\$ _`ZlcXi p gXiX ^Xjfc`eX lk`c`qX[X \e fg\iX$ k`mfj Zfealekfj% È<j [\Z`i# Xhl k\e\dfj leX \oZ\c\ek\ Zffi[`eXZ` e Zfe \c <a iZ`kf# cf hl\ _\$ dfj Zfejkil`[f hl\ \j gXiX - d`c d`c`kX$ i\j# ZlXe[f k\e Xdfj e`ZXd\ek\ d`c /'' d`c`kXi\j p kf[fj g\ik\e\Z Xe X cX O@ I\^` e D`c`kXi \e Kfii\ e1 _fp cfj k\e\$ dfj [`jg\ijfj \e kf[f \c \jkX[f p _fp j dXek\e\dfj X :fX_l`cX j\^lif [\ glekX X glekX# cX lY`ZXZ` e ^\f^i}]`ZX p kXdY` e el\jkiX \ok\ej` e k\ii`kfi`Xc efj k\e X hl\ [Xi gXiX leX \jkiXk\^`X [`jk`ekX# hl\ efj Zfjk dlZ_ j`df p j\^l`dfj kiXYX$ aXe[f \e \ccX% ÈPf d\ Zfdgifd\k X Zfejkil`i fkiX YXj\ d`c`kXi \e cX ZXiYfe ]\iX p kXdY` e leX YXj\ eXmXc \e 8Zl X# \jkf [\ekif [\ d`j Zfdgifd`jfj \e \c j\o\e`fÉ# [\kXcc \c dXe[XkXi`f% :fX_l`cX \j leX \ek`[X[ hl\ gfi jlj Zfe[`Z`fe\j [\ ;\jXiifccf <Zfe d`Zf \j le XkiXZk`mf gXiX \c Zi`d\e fi^Xe`qX[f gfi cf hl\ X [`Xi`f YljZXe `e^i\jXi p Xgf$ [\iXij\ [\ cXj ZXcc\j% <e \jk\ }dY`kf cfj i\kfj hl\ \e]i\ekX \c \jkX[f \j Zfek`elXi Zfe \c ]fikXc\Z`d`\ekf [\ cXj ]l\iqXj [\ j\^li`[X[# Xglek I`hl\cd\ Jfc j% <jkX \jkiXk\^`X# ZXY\ d\eZ`feXi# j\ dX$ e\a \e k`\dgfj [\ leX Zi`j`j gif]le[X [\ `ej\^li`[X[# j`klXZ` e `e [`kX p Zfek`e$ ^\ek\% 8_fiX j\ Zfej`[\iX j\ [\Y\ m`iXi gXiX \dgi\e[\i fkiXj XZZ`fe\j hl\ XYXi$ hl\e \c ZfdYXk\ X cX `dgle`[X[% <c dXe[XkXi`f jfYi\ \c k g`Zf Xglek 1 ÈK\e\dfj hl\ _XZ\i dlZ_Xj ZfjXj# ef jfcXd\ek\ ZfdYXk`i cX `dgle`[X[# hl\ \j cf \jkXdfj _XZ`\e[f# \c Zi`d\e fi^X$ e`qX[f kf[fj cfj [ Xj hl`\i\ \ekiXi X :fX_l`cX# ef gf[\dfj [\Z`i hl\ _\dfj k\id`eX[f Zfe cX \jkiXk\^`X [\c ]fikXc\$

Z`d`\ekf [\ cXj gfc`Z Xj# [\ i\m`j` e [\ cfj \o}d\e\j [\ Zfe]`XeqX# gfihl\ kf[fj cfj [ Xj \jkXdfj X \og\ejXj [\ hl\ gl\$ [Xe j\i jfYfieX[f le gfc`Z X# [\ hl\ \j$ k e gXjXe[f `e]fidXZ` e Zfdf cfj _\$ dfj XkiXgX[f \e cfj ck`dfj [ Xj% È:i\f hl\ \jkf eleZX mX X k\id`eXi# j` \]\Zk`mXd\ek\ :fX_l`cX _X XmXeqX[f# [\ekif [\ cfj fYa\k`mfj \jk} ^\e\iXi le Z iZlcf m`iklfjf [\ cX gifZliXZ` e [\ alj$ k`Z`X hl\ k`\e\ hl\ m\i [\j[\ cX [\k\e$ Z` e# d`e`jk\i`fj g Yc`Zfj# al\Z\j# dX$ ^`jkiX[fj# p k`\e\ hl\ m\i Zfe hl`\e \j XkiXgX[f Zfe le [\c`kf# j\X alq^X[f p j\X j\ek\eZ`X[f# \jf \j cf hl\ _fp \jkXdfj YljZXe[f# k\e\dfj ^ilgfj [\ j\^l`$ d`\ekf p cfj Z iZlcfj [\ gifZliXZ` e [\ aljk`Z`X jfe d}j \]\Zk`mfj X_fiX% ÈCX =`jZXc X [`f le i\gfik\ [\ ]`e [\ X f# [\ekif [\ kf[fj cfj _fd`Z`[`fj hl\ j\ klm`\ife \e :fX_l`cX% Hl\ ]l\ife ),0# ]l\ife Xci\[\[fi [\ ))' \m\ekfj# \c ., gfi Z`\ekf ]l\ife XkiXgX[fj# alq^X[fj p j\e$ k\eZ`X[fj% K\e\dfj leX Z`]iX d}j XckX [\ekif [\ el\jkif J`jk\dX [\ GifZliXZ` e [\ Aljk`Z`X hl\ efj g\id`k\ XmXeqXi p [Xi i\jlckX[fj p hl\ cX gfc`Z X kXdY` e j\ j`\ekX j\^liX \e jl kiXYXaf p ef j\ Zfe$ m`\ikX \jkf \e le Z iZlcf m`Z`fjfÉ% ÈCX \jkiXk\^`X [\c ^fY`\ief ]\[\iXc gXiX \c ZfdYXk\ Xc ifYf [\ ZfdYljk`Yc\# Z\$ iiXe[f cfj [lZkfj [\ [`jki`YlZ` e [\ G<$ D<O# _X ^\e\iX[f [\jXYXjkf \e mXi`Xj \ek`[X[\j [\c gX j p :fX_l`cX# Xlehl\ ef gi\j\ekX le gifYc\dX ^iXm\# ef \jk} \o\e$ kf [\ le [\jXYXjkf ^\e\iXc`qX[f# gfi cf hl\ \c ^fY`\ief [\c \jkX[f \jk} gi\fZlgX$ [f p fZlgX[f gXiX \m`kXi hl\ cX ]XckX [\ ZfdYljk`Yc\ j\ `eZi\d\ek\ p X]\Zk\ X cfj j\Zkfi\j gif[lZk`mfj [\ cX \ek`[X[É%

17

Ù&2035$6 '( 3 1,&2Ú

I`hl\cd\ Jfc j \jkXYc\Z` # cf hl\ fZlii\ \e cX I\^` e Jli\jk\ j\ [\Y\ X ZfdgiXj [\ g}e`Zf# hl`q} gfihl\ ef j\ jlik\ cf e\Z\$ jXi`f# \e kXekf hl\ cX k\id`eXZ` e [\ Zfd$ Yljk`Yc\ f [\jXYXjkf \e Z\iZX [\ +' \jkX$ Z`fe\j [\ j\im`Z`f# j\ [\Y\ X hl\ dlZ_X ^\ek\ XZfjkldYiXYX dXek\e\i jl ZXiif Zfe le ZlXikf f d\[`f kXehl\ [\ ^Xjfc`eX X_fiX cf \jk} cc\eXe[f [\ dXe\iX [\j\j$ g\iX[X gfi \c k\dfi p \jf gifmfZ le Xckf Zfejldf p leX \jZXj\q% ÈCX fg\iXZ` e hl\ \jk}e [Xe[f \e JXc$ k`ccf \j [\ (* g`gXj [`Xi`Xj# cXj ZlXc\j gfi \a\dgcf \c [ X [\ Xek`\i dXik\j ef cc\$ ^Xife gfihl\ cX ZXii\k\iX JXck`ccf$Dfek\$ ii\p \jklmf ZfcXgjX[X# gfi Zl\jk`fe\j Zc`$ d}k`ZXj p XZZ`[\ek\j% È8_fi`kX \jk} Y`\e cX I\^` e Efik\# cX :\ekif p :XiYfe ]\iX i\gfikXe pX \jZXj\q [\ Gi\d`ld# g\if j _Xp dX^eX% <e CX CX^leX ef j\ i\gfikXe gifYc\dXj p \e cX i\^` e Jli\jk\ \j [fe[\ [\ Xc^leX ]fidX j\ \dg`\qXe X k\e\i gifYc\dXjÉ% 8lehl\ i\ZfefZ` hl\ \e :fX_l`cX j j\ [\k\Zk \c ifYf [\ ZfdYljk`Yc\ p cX m\e$ kX X kiXm j [\ _lXZ_`Zfc\ifj# \c dXe[XkX$ i`f [`af hl\ ZlXchl`\i fg\iXZ` e [\ \jk\ k`gf j\ [\Y` _XZ\i [\ ]fidX gXlcXk`eX# p\e[f [\ lef gfi lef \e kf[fj cfj [lZkfj# \j [\Z`i# [\ ]fidX \jZXcfeX[X# XeXc`qXe[f hl ]l\ cf hl\ gXj p jl `dgXZkf% ÈEf \jkXdfj \o\ekfj [\c _lXZ_`Zfc\f p _\dfj [\k\e`[f X dlZ_ j`dXj g\ijfeXj \e cf hl\ mX [\ d` X[d`e`jkiXZ` e# kXd$ Y` e c\ f]i\Z`dfj Xgfpf Xc ^fY`\ief ]\[\$ iXc# `eZcljf \dg\qXdfj X m`^`cXi mXi`fj [\ \jfj [lZkfj Zfe cfj _\c`Z gk\ifj p j [\$ k\ZkXdfj ^\ek\ hl\ \jkXYX X_ p _lYf [\$ k\e`[fj%

0 /$*81$ Þ (1(52


$UWLFXOLVWD LQYLWDGR

3RU (GXDUGR +ROJX­Q

Ă™6LQ OLGHUD]JRV QR KD\ SDUD­VRĂš HO URO GH ORV OLGHUD]JRV SULYDGRV MXHJD XQ SDSHO UHOHYDQWH PÂĄV UHOHYDQWH GHO TXH HQ ODV ÂşOWLPDV GŠFDGDV OH KHPRV RWRUJDGR

L

(GXDUGR +ROJX­Q

'LUHFWRU GHO ,03/$1 7RUUHÂłQ FROXPQDGUDJRQHV# \DKRR FRP

ef [\ cfj XeleZ`fj d}j Z\c\YiX[fj gfi cfj Z`l[X$ [Xefj [\ Kfii\Â?e# hl\ CÂ?g\q FYiX[fi _`qf [liXe$ k\ jl Â’ck`dX m`j`kX X CX CX^leX# ]l\ hl\ cXj f]`Z`eXj Z\ekiXc\j [\ EXZ`feXc =`eXeZ`\iX E8=@E j\i}e lY`ZX[Xj \e el\jkiX Z`l[X[% J\^lifj \jkXdfj [\ hl\ kXc XZZ`Â?e [\kfeXi} `dgfikXek\j p gfj`k`mfj \]\Zkfj dlck`gc`ZX[fi\j \e cX \ZfefdˆX cfZXc# gi`eZ`gXcd\ek\ gfi \c Xgfpf hl\ j`^e`]`ZX$ i} gXiX cX gcXekX gif[lZk`mX% Cfj \]\Zkfj hl\ kXc [\jZ\ekiXc`qX$ Z`Â?e k\e^X \e cfj ˆe[`Z\j [\ Zfejldf p \e cX ZX[\eX `edfY`$ c`Xi`X [\g\e[\i}e [\c eÂ’d\if [\ \dgc\fj [`i\Zkfj \ `e[`i\Zkfj hl\ Xhlˆ j\ ^\e\i\e2 j`e \dYXi^f# j` Xc^f k\e^f ZcXif# ^iXZ`Xj X d` kiXYXaf \e \c @DGC8E# \j \c \efid\ gfk\eZ`Xc [\ [\jX$ iifccf hl\ k`\e\ CX CX^leX# gfk\eZ`Xc `e[\g\e[`\ek\ [\ j` j\ `ejkXcX f ef j\ `ejkXcX E8=@E \e k\ii`kfi`f ZfdXiZXef% 9Xjf d` fgk`d`jkX fYj\imXZ`Â?e \e1 cX d\afiX jljkXek`mX \e cfj `e[`$ ZX[fi\j [\ j\^li`[X[# cX XckX gif[lZk`m`[X[ cXYfiXc [\ cXj p cfj kiXYXaX[fi\j [\ CX CX^leX# cX ZXgXZ`[X[ \dgi\e[\[fiX [\ jlj \dgi\jXi`fj p \dgi\jXi`Xj p cX mfZXZ`Â?e dXel]XZkli\iX$\o$ gfikX[fiX cX^le\iX \e \c dXiZf [\c el\mf kiXkX[f Zfd\iZ`Xc efik\Xd\i`ZXef E8=K8 )%' % G\if ĂˆfafÉ# gfk\eZ`Xc ef \j cf d`jdf hl\ i\Xc`[X[# gXiX hl\ cf gfk\eZ`Xc j\ Zfem`\ikX \e i\Xc`[X[# jfZ`\[X[ p ^fY`\ief k\e\dfj hl\ cf^iXi Xc^f hl\ Â’ck`dXd\ek\ ef _\dfj cf^iX[f# le`iefj p \j]fiqXiefj gXiX [Xi jfclZ`Â?e X cXj Xd\eXqXj p X cXj [\Y`c`[X[\j \jkilZkliXc\j hl\ `dg`[\e \c [\jXiifccf gc\ef [\ cX i\^`Â?e% <e [`Z_f \j]l\i$ qf \c ifc [\ cfj c`[\iXq^fj gi`mX[fj al\^X le gXg\c i\c\mXek\# d}j i\c\mXek\ [\c hl\ \e cXj Â’ck`dXj [„ZX[Xj c\ _\dfj fkfi$ ^X[f% ;`^f \e cXj Â’ck`dXj [„ZX[Xj gfihl\ gXi\Z`\iX hl\ pX fcm`[Xdfj cX `dgfikXeZ`X hl\ klmf \e \c [\jg\^l\ [\ CX CX$ ^leX \c XZk`m`jdf jfZ`Xc [\ el\jkifj gX[i\j ]le[X[fi\j% 8_f$ iX# \e \c gi\}dYlcf [\ cX k\iZ\iX [„ZX[X [\c J`^cf OO@# cfj c`$ [\iXq^fj gi`mX[fj [\ CX CX^leX [\Y\e gifkX^fe`qXi1 (% <e cX gi\j\imXZ`Â?e [\ cX gXq% ?XZ\ lefj [ˆXj \c ]Xdfjf i\gfik\if [\ K\c\m`jX# >l`cc\idf CÂ?g\q Gfik`ccf# d\ gi\^lekÂ? i\jg\Zkf X cXj iXqfe\j hl\ \ogc`ZXe \c \m`[\ek\ d\afiXd`\ekf [\ cfj `e[`ZX[fi\j [\ j\^li`[X[ \e CX CX^leX% CX i\jgl\jkX \jk} \e cX \]`Z`\ek\ p \]`ZXq Zffi[`eXZ`Â?e [\ cfj ki\j e`m\c\j [\

0 /$*81$ Ăž (1(52

18

^fY`\ief2 g\if# j`e [l[X Xc^leX# cX j`jk\d}k`ZX p [\Z`[`[X gXi$ k`Z`gXZ`Â?e [\ cX `e`Z`Xk`mX gi`mX[X al^Â? le gXg\c [\jkXZX[f \e \c XYXk`d`\ekf [\ cX `ej\^li`[X[% )% <e cX Zfek\eZ`Â?e [\ cX ZfiilgZ`Â?e% Cfj c`[\iXq^fj gi`mX$ [fj [\Y\e clZ_Xi gfi \c ef i\^i\jf [\ i\^ˆd\e\j dle`Z`gXc\j Zfiilgkfj p gl^eXi gfi dXpfi\j \jk}e[Xi\j [\ _fe\jk`[X[ p kiXejgXi\eZ`X% Ef d}j le \dgi\jXi`X[f ZÂ?dgc`Z\ f ZfdgcX$ Z`\ek\ Zfe cfj ]leZ`feXi`fj hl\ j\ \ei`hl\Z\e X ZfjkX [\c \iX$ i`f gÂ’Yc`Zf% *% <e \c jXe\Xd`\ekf [\ cXj ]`eXeqXj gÂ’Yc`ZXj dle`Z`gXc\j% Cfj c`[\iXq^fj gi`mX[fj [\Y\e XgfpXi cX [\Z`j`Â?e [\c ?% 8ple$ kXd`\ekf [\ Kfii\Â?e [\ c\mXekXi jlj `e^i\jfj gifg`fj gXiX ^\e\iXi leX dXpfi `e[\g\e[\eZ`X gi\jlgl\jkXi`X% ?XjkX _XZ\ gfZf cfj kfii\fe\ej\j gX^}YXdfj lef [\ cfj d}j YXafj gi\$ [`Xc\j [\c gXˆj2 Xle Xjˆ# gfZfj cˆ[\i\j [\ fg`e`Â?e XgfpXife cX [\Z`j`Â?e [\c K\jfi\if [\ Xld\ekXi \c gi\[`Xc% ;\j[\ cX g\ij$ g\Zk`mX [\c @DGC8E \j li^\ek\ hl\ X_fiX cfj c`[\iXq^fj gi`$ mX[fj j\ leXe Zfe jl ^fY`\ief cfZXc X ]Xmfi [\ le J@D8J hl\ ]XZkli\ cf hl\ k`\e\ hl\ ]XZkliXi p hl\ ZfYi\ cf hl\ k`\e\ hl\ ZfYiXi% CX \]`Z`\eZ`X Zfd\iZ`Xc i\cXZ`Â?e [\ cf gX^X[f \eki\ cf ]XZkliX[f [\c J@D8J# Kfii\Â?e \j [\ -+ # \e ZfdgXiXZ`Â?e Zfe cX [\ C\Â?e# >kf%# hl\ \j [\ 0) p cX [\ JXck`ccf [\ ('' % +% <e cX i\[lZZ`Â?e [\ cX Yi\Z_X [\ Zfdg\k\eZ`Xj cXYfiXc\j% K\e\dfj \oZ\c\ek\j le`m\ij`[X[\j# \ccf i\gi\j\ekX leX [\ el\jkiXj ^iXe[\j ]fikXc\qXj2 j`e \dYXi^f# le`m\ij`[X[ p \d$ gi\jX [\Y\e gfe\i „e]Xj`j \e cXj XZZ`fe\j [\ m`eZlcXZ`Â?e% ,% >fY\ieXeqX D\kifgfc`kXeX% <j _fiX [\ hl\ j\ ZldgcX le m`\af jl\ÂŒf cX^le\if1 ]fidXc`qXi leX `ejkXeZ`X `ejk`klZ`f$ eXc hl\ ]XZ`c`k\ cX gcXe\XZ`Â?e p cX \a\ZlZ`Â?e [\ gifp\Zkfj [\ Zffi[`eXZ`Â?e d\kifgfc`kXeX% D\eZ`fe„ jfcf Z`eZf [\ cfj dlZ_fj ZXdgfj [fe[\ cfj c`[\iXq^fj gi`mX[fj Ægif]\j`feXc\j# le`m\ij`kXi`fj# \dgi\jX$ i`Xc\jÆ gl\[\e p [\Y\e XZklXi X ]Xmfi [\ jl Zfdle`[X[% Jˆ# efj li^\e cˆ[\i\j [\Z`[`[fj X jldXi \j]l\iqfj X ]Xmfi [\ leX Z`l[X[ i\j`c`\ek\# `eZclj`mX# \hl`kXk`mX# j\^liX# fi[\eX[X# \hl`c`YiX[X \e cf liYXef# giÂ?jg\iX p Zfdg\k`k`mX \e cf \Zf$ eÂ?d`Zf%



(175(9,67$

6DOWLOOR HQ VH HULJH FRPR XQR GH ORV WUHV PXQLFLSLRV PÂĄV VHJXURV GH 0Š[LFR 0DQROR -LPŠQH] DOFDOGH GH OD FDSLWDO GH &RDKXLOD <c \[`c [\jkXZX hl\ [liXek\ \c gi`d\i XÂŒf [\ jl X[d`e`jkiXZ`Â?e \c dle`Z`g`f cf^iX le d\afi gfj`Z`feXd`\ekf# Zfdf cX ^iXe gfk\eZ`X \ZfeÂ?d`ZX hl\ \j X e`m\c eXZ`feXc \ `ek\ieXZ`feXc 325 $1$ 321&( )2726 0 /$*81$

G

XiX \c XcZXc[\ [\ JXck`ccf# DXef$ cf A`d„e\q JXc`eXj# cX ZXg`kXc [\c \jkX[f \j leX Z`l[X[ hl\ j`e cl$ ^Xi X [l[Xj j\^l`i} k\e`\e[f le [\jXiifccf \ZfeÂ?d`Zf Zfe f j`e le ^f$ Y`\ief [\ `qhl`\i[Xj# j`e \dYXi^f [\j$ kXZÂ? hl\ le Yl\e ^fY\ieXek\ _Xi} hl\ \jk\ Zi\Z`d`\ekf j\X dlZ_f dXpfi% <e \eki\m`jkX \c \[`c [\jkXZÂ? hl\ [l$ iXek\ \c gi`d\i XÂŒf [\ jl X[d`e`jkiX$ Z`Â?e# JXck`ccf cf^iÂ? dXek\e\ij\ p cf^iXi le d\afi gfj`Z`feXd`\ekf Zfdf cX ^iXe gfk\eZ`X \ZfeÂ?d`ZX hl\ \j X e`m\c eXZ`feXc \ `ek\ieXZ`feXc# ^iXZ`Xj Xc kiX$ YXaf Zffi[`eX[f \eki\ jfZ`\[X[ p ^f$ Y`\ief% 0 /$*81$ Ăž (1(52

ĂˆJXck`ccf \j le dle`Z`g`f hl\ _X `[f Zi\Z`\e[f ^iXZ`Xj Xc kiXYXaf [\ dlZ_Xj ^\e\iXZ`fe\j# dla\i\j p _fdYi\j \Z_X$ [fj gXiX X[\cXek\% KiXYXaXe[f \e Zfe$ alekf# jfZ`\[X[ p ^fY`\ief# \e \jkfj Â’c$ k`dfj d\j\j _\dfj cf^iX[f dlZ_Xj ZfjXj# JXck`ccf Zfd`\eqX )'(0 Zfdf lef [\ cfj ki\j dle`Z`g`fj d}j j\^lifj [\c gXˆj# p Zfdf lef [\ cfj , dle`Z`$ g`fj Zfe dXpfi Zi\Z`d`\ekf \ZfeÂ?d`$ Zf# dXpfi ^\e\iXZ`Â?e [\ \dgc\fj p dX$ pfi ZXc`[X[ [\ m`[X# \jkf j\ÂŒXcX[f gfi \c @ejk`klkf EXZ`feXc [\ <jkX[ˆjk`ZX p >\f^iX]ˆX @E<>@ p gfi fkiXj ZXjXj `e$ m\jk`^X[fiXj X e`m\c eXZ`feXc \ `ek\ieX$ Z`feXcÉ%

20

Ef fYjkXek\ p X g\jXi [\ ZfekXi Zfe leX XckX \og\ZkXk`mX \ZfeÂ?d`ZX p jf$ Z`Xc# cX X[d`e`jkiXZ`Â?e gÂ’Yc`ZX ef j\ ml\cm\ kXi\X ]}Z`c% A`d„e\q JXc`eXj cf \jkXYc\Z\ p Xj\^liX# jXY\ hl\ k`\e\ \e jlj dXefj leX ^iXe i\jgfejXY`c`[X[ gl\j cl\^f [\ cc\^Xi Xc ^fY`\ief dle`$ Z`gXc Xc d`jdf k`\dgf hl\ D`^l\c Ă?e$ ^\c I`hl\cd\ Xjld`Â? cX ^lY\ieXkliX# \c YXcXeZ\ XiifaÂ? hl\ cX ZXg`kXc ZfekXYX Zfe j\^li`[X[ p i\Zlijfj# g\if ef j\ \e$ ZfekiXYX \eki\ cfj gi`d\ifj ki\j dle`$ Z`g`fj Zfe dXpfi Y`\e\jkXi X \jZXcX eX$ Z`feXc% Ăˆ;\ `^lXc dXe\iX j\ cf^iÂ? _XZ\i le kiXYXaf Zfealekf \eki\ \c >fY`\ief [\


(175(9,67$

(Q WRGRV ORV SDUWLGRV KD\ JHQWH EXHQD \ JHQWH PDOD ORV SDUWLGRV QR WLHQHQ OD FXOSD GH ORV HUURUHV GH TXLHQHV PLOLWDQ HQ HO SDUWLGRĂš

D`^l\c I`hl\cd\# \c >fY`\ief =\[\iXc \e kfief X cX `em\ij`Â?e gÂ’Yc`ZX# ^iXZ`Xj X \j\ kiXYXaf \e )'(/ gl[`dfj `em\ik`i p XiiXeZXi fYiXj gfi d}j [\ d`c d`ccf$ e\j [\ g\jfj% J`\ekf hl\ j` Y`\e \j d}j j\eZ`ccf g\if X cX m\q \j leX dXpfi i\j$ gfejXY`c`[X[ p Xhlˆ m`dfj hl\ \e \hl`$ gf cf^iXdfj hl\ JXck`ccf j\ ]fikXc\Z`\iX XÂ’e d}j Zfdf cX gfk\eZ`X hl\ \jÉ% :fe \c ^fY`\ief \jkXkXc kfdXe[f [\$ Z`j`fe\j \e cX ZXg`kXc# \c ZfekXi Zfe cX Xd`jkX[ [\ I`hl\cd\ Jfcˆj# p \c dXek\$ e\i leX ^iXe qfeX `e[ljki`Xc hl\ ^\e\$ iX dÂ’ck`gc\j \dgc\fj# JXck`ccf j\ _X Zfem\ik`[f \e le cl^Xi \jkiXk„^`Zf gXiX cX [`jki`YlZ`Â?e [\ d\iZXeZˆXj%

Ăˆ:i\f hl\ eX[X \j gfi ZXjlXc`[X[# Zi\f hl\ cXj ZfjXj jlZ\[\e gfi Xc^f# gfi \jf [\ZˆX hl\ \c hl\ JXck`ccf j\X leX gf$ k\eZ`X eXZ`feXc# ef \j fYiX [\ le XÂŒf [\ kiXYXaf# \j fYiX [\ dlZ_fj XÂŒfj [\ kiX$ YXaf# [\ dlZ_Xj [\Z`j`fe\j hl\ j\ _Xe kfdX[f# [\ kf[fj cfj jXck`cc\ej\j# \dgi\$ jXi`fj# fYi\ifj# Zfd\iZ`Xek\j# [fZkfi\j# ^fY\ieXek\j# XcZXc[\j# ^fY\ieX[fi\j% Ăˆ:fdf Zfdle`[X[# Zfdf jXck`cc\e$ j\j# kf[fj _\dfj Zfejkil`[f cX ^iXe[\qX [\ JXck`ccf# g\if \c dle`Z`g`f ef `iˆX Zfdf mX j` ef klm`\iX ^fY`\iefj hl\ \j$ klm`\iXe X cX XckliX [\ \jkX gfk\eZ`X eX$ Z`feXc# gfihl\ j` Y`\e JXck`ccf XcZXeqX Zfe f j`e jl ^fY`\ief# gl\[\ XmXeqXi

21

dlZ_f d}j i}g`[f p d}j ]l\ik\ Zfe le ^fY`\ief Zfdgifd\k`[f# hl\ kiXYXaX \e \hl`gf Zfe cX jfZ`\[X[% <jf \j cf hl\ _X _\Z_f hl\ \e \c )'(/ cfj eÂ’d\ifj hl\ JXck`ccf fYklmf j\Xe dlZ_f d\afi\j hl\ cfj eÂ’d\ifj [\ cfj Â’ck`dfj , XÂŒfjÉ% <e jldX# DXefcf A`d„e\q Xki`Ylp\ cX jfc`[\q [\ \jkX Zfe[`Z`Â?e Xc _\Z_f [\ ZfekXi Zfe leX jfZ`\[X[ jfc`[Xi`X# leX ZcXj\ \dgi\jXi`Xc Zfe jXe^i\ el\mX hl\ Xjld\ k\dXj [\ [\jXiifccf dle`Z`gXc# \e kXekf \c ^fY`\ief _XZ\ jl kiXYXaf Xc ^\jk`feXi i\Zlijfj Zfe cX @e`Z`Xk`mX Gi`$ mX[X gXiX el\mfj gifp\Zkfj# Zfdf cfj )' d`ccfe\j [\ g\jfj hl\ j\ [\jk`eXi}e Xc j\Zkfi JXcl[% <e \j\ j\ek`[f [`af hl\ cX ^\ek\ Zfe$ ]`Â? \e jl ^fY`\ief gXiX \em`Xi \c i\Zli$ jf p Zfe \ccf gf[\i [\jXiifccXi gif^iX$ dXj hl\ ^\e\i\e Y`\e\jkXi% 8 \ccf# DXefcf A`d„e\q jldX cX \eki\^X [\j$ d\[`[X hl\ _XZ\e cfj _XY`kXek\j [\ cX ZXg`kXc \e kfief Xc kiXYXaf% ĂˆJfdfj leX jfZ`\[X[ kiXYXaX[fiX# Xhlˆ eX[`\ kiXYXaX / _fiXj Xc [ˆX# Xhlˆ kf[fj f [lgc`ZXdfj cXj _fiXj f Xc d\efj kiXYXaXdfj () _fiXj Xc [ˆX p \jf \j cf hl\ _XZ\ hl\ JXck`ccf j\X gfk\eZ`X% Pf j`\dgi\ _\ [`Z_f hl\ \jk\ dle`Z`g`f kiXYXaX Zfe f j`e jl ^fY`\ief# gfi \jf \c ^fY`\ief [\Y\ \jkXi \e j`ekfeˆX Zfdf kiXYXaXe cfj jXck`cc\ej\j p X[\d}j k\e\$ dfj leX ^iXe `em\ij`Â?e \okiXea\iXÉ% 8 gi\^lekX jfYi\ ZÂ?df m\ le jXck`$ cc\ej\ X cfj cX^le\ifj# \c dXe[XkXi`f \j$ kXYc\Z`Â? hl\ X[\d}j [\ ZfdgXik`i \c j\i ZfX_l`c\ej\j# cfj j\^le[fj jfe dlp ]i\$ ^fe\j p Kfii\Â?e \j \c j\^le[f dle`Z`$ g`f [fe[\ k`\e\ d}j Xd`^fj% Ăˆ;\j[\ cX le`m\ij`[X[ _`Z\ dlZ_fj Xd`^fj# ZfefqZf Kfii\Â?e [\j[\ hl\ k\$ eˆX (. XÂŒfj# ZfefqZf X cfj cX^le\ifj X kiXm„j [\ d`j Xd`^fj cX^le\ifj p jfe X kf[X dX[i\# jfe kiXYXaX[fi\j# kXdY`„e jfe dlp \dgi\e[\[fi\j# jfe Yl\efj \dgi\jXi`fj# c\ \ek`\e[\e X cfj eÂ’d\$ ifj% ĂˆJfe Z_`e^fe\j gXiX cX X^i`ZlckliX# gXiX cX ^XeX[\iˆX# g\if jfe [fj `e[lj$ ki`Xj [`]\i\ek\j X cX Xlkfdfki`q # pf jˆ m\f X CX CX^leX Zfdf leX ^iXe gfk\e$ Z`X ^XeX[\iX p \e X^i`ZlckliX# X_ˆ \j [fe[\ j\ gif[lZ\ cX dXpfi ZXek`[X[ [\ c\Z_\ [\ D„o`Zf p gfj`Yc\d\ek\ [\ cfj cl^Xi\j [\c dle[f Zfe dXpfi gif[lZ$ Z`Â?e [\ c\Z_\2 jfe gif[lZkfi\j [\ gcXkX i\]`eX[X cfj eÂ’d\if lef [\c dle[f# \e$ kfeZ\j k`\e\e jlj ZlXc`[X[\j# k`\e\e jlj m\ekXaXj p jfe gfk\eZ`XÉ% <e \c i\]c\af hl\ g\iZ`Y\ DXefcf A`$ d„e\q [\c dle`Z`g`f hl\ ^fY`\ieX# `e$ [`ZÂ? hl\ Xlehl\ ef \j [\j\XYc\ le dXc ^fY`\ief gXiX e`e^leX Z`l[X[# j` JXck`$ ccf klm`\iX le dXc X[d`e`jkiX[fi ef [\$ aXiˆX [\ j\i gfk\eZ`X kf[X m\q hl\ Zl\e$ kX Zfe `e]iX\jkilZkliX `e[ljki`Xc# eXZ`feXc \ `ek\ieXZ`feXc# d`jdX hl\ cX jfgfikX%

0 /$*81$ Ăž (1(52


(175(9,67$ Ăˆ8ek\ le gXefiXdX `eZ`\ikf X e`m\c dle$ [`Xc \e dXk\i`X \ZfeÂ?d`ZX# JXck`ccf dXek`\$ e\ Yl\eXj \og\ZkXk`mXj Xc ZfefZ\i hl\ Zfe \c el\mf KiXkX[f [\ :fd\iZ`f \eki\ D„o`Zf# <jkX[fj Le`[fj p :XeX[}# cXj ^iXe[\j \d$ gi\jXj ef jÂ?cf ef j\ `i}e [\ \jk\ dle`Z`g`f# j`ef hl\ X[\d}j kf[fj cfj [ˆXj _Xp \dgi\jXj kiXejeXZ`feXc\j hl\ dl\jkiXe jl `ek\i„j gfi m\e`i X `em\ik`i X \jk\ cl^XiÉ# Xj\m\iÂ?% 8 g\jXi [\ hl\ \c gi\j`[\ek\ ;feXc[ Kildg _X `dglcjX[f leX gfcˆk`ZX gifk\ZZ`f$ e`jkX [fe[\ j\ m`jcldYiX \c Z`\ii\ [\ d\iZX$ [fj# `e[lZ`\e[f X cfj `e[ljki`Xc\j X i\^i\jXi X cfj <jkX[fj Le`[fj# \c XcZXc[\ [\ JXck`ccf [`af hl\ Xlehl\ j\ df[`]`ZÂ? \c KiXkX[f [\ C`Yi\ :fd\iZ`f# j\ _XYcÂ? Zfe cfj `e[ljki`Xc\j p cXj cˆe\Xj [\ gif[lZZ`Â?e hl\ _XYˆXe Xele$ Z`X[f hl\ j\ `YXe# Zfdf cX [\ cX ZXd`fe\kX ?\Xmp ;lkp [\ :_ipjc\i hl\ j\ \ejXdYcX \e ;\iiXdX[\if# p ef cf _`Z`\ife% Ăˆ<c KiXkX[f [\ C`Yi\ :fd\iZ`f hl\ ]`idX$ ife Kildg# <ei`hl\ G\ÂŒX p Aljk`e Kil$ [\Xl# j` ef hl\[Â? kXe Y`\e Zfdf \jkXYX \c Xjlekf# ef efj X]\ZkÂ? kXekf# _Xp leX gifp\Z$ Z`Â?e ]XmfiXYc\ gfi gXik\ [\ cX `e[ljki`X Xlkf$ dfki`q \e cfj m`Xa\j \e cfj hl\ _\ XZfdgXÂŒX$ [f Xc ^fY\ieX[fi D`^l\c I`hl\cd\# _Xp Yl\eXj j\ÂŒXc\j gfi gXik\ [\ cXj \dgi\jXj [\ :XeX[} p <jkX[fj Le`[fj p k`\e\e gifp\ZkX$ [fj [\ Xhlˆ Xc )')) leX ^iXe gif[lZZ`Â?e Xl$ kfdfki`q% ĂˆJ`^l\e cc\^Xe[f# j` Y`\e ef XidX[fiXj Zfdgc\kXj# jˆ cc\^Xe cfj gifm\\[fi\j p ZX[X j\dXeX efj \ek\iXdfj hl\ cc\^X f \jk} `e$ k\i\jX[X \e cc\^Xi Xc^leX \dgi\jX `dgfi$ kXek\ Xhlˆ X cX I\^`Â?e Jli\jk\É% 8lehl\ j\ i\ZfefZ\ Zfdf le gfcˆk`Zf \dXeX[f [\c GXik`[f I\mfclZ`feXi`f @ejk`$ klZ`feXc# gfi \eZ`dX [\ \ccf j\ i\ZfefZ`Â? jXck`cc\ej\ p ZfX_l`c\ej\# p \j \e \j\ j\ek`$ [f hl\ gi`m`c\^`X cfj `ek\i\j\j [\c dle`Z`$ g`f hl\ ^fY`\ieX% Ăˆ<c XÂŒf Xek\i`fi klm`dfj \e \c :XY`c[f i\^`[fi\j [\ [`]\i\ek\j gXi$ k`[fj# \jkXYX Dfi\eX# _XYˆX le `e[\g\e$ [`\ek\# k\eˆXdfj X ZfdgXÂŒ\ifj [\c G8E p cX m\i[X[ \j hl\ _lYf XZl\i[fj dlp Yl\$ efj2 \c /, [\ cfj XZl\i[fj j\ i\jfcm`\ife gfi leXe`d`[X[ gfihl\ cf hl\ j\ gcXek\X$ YX \iXe ZfjXj X ]Xmfi [\ JXck`ccf% ĂˆJˆ d\ j`\ekf fi^lccfjf [\ j\i gi``jkX# cf m\f Zfe }i\Xj [\ fgfikle`[X[# Zfe ^\ek\ Yl\eX2 \e kf[fj cfj gXik`[fj _Xp ^\ek\ Yl\eX p ^\ek\ dXcX# cfj gXik`[fj ef k`\e\e cX ZlcgX [\ cfj \iifi\j [\ hl`\e\j d`c`kXe \e \c gXik`$ [f# _Xp dXcfj d`c`kXek\j \e kf[fj p _Xp Yl\$ efj d`c`kXek\j% <e JXck`ccf _\dfj Xgi\e[`[f p Xgc`ZX[f hl\ j\ [\Y\e j\^l`i cfj \jkXklkfj [\c gXik`[f# j` cfj i\m`jXdfj# jfe \jkXklkfj gfj`k`mfj# _Xp Z\iZXeˆX Zfe cX ^\ek\# aljk`Z`X jfZ`Xc# Zfdgifd`jf# c\XckX[ Zfe cX eXZ`Â?e# _\dfj `[f `dgc\d\ek}e[fcfj p kiXYXaXe[f \e \j\ j\ek`[f p efj _X ]leZ`feX[fÂż CÂ?g\q FYiX[fi i\gi\j\ekXYX dlZ_Xj ZXljXj jfZ`X$ c\j# hl\ ZlXe[f kÂ’ cc\^Xj Xc ^fY`\ief p ef Zldgc\j cX ^\ek\ k\ ZXjk`^X# gfi \jf ZXjk`^Â? Xc G8E# gfi \jf ZXjk`^Â? Xc GI@ p m`\ife \e 8e[i„j DXel\c leX gfj`Y`c`[X[ [\ ZXdY`f# pf j`\ekf hl\ \jf ]l\É%

&RQR]FR 7RUUHÂłQ GHVGH TXH WHQ­D DÂąRV FRQR]FR D ORV ODJXQHURV D WUDYŠV GH PLV DPLJRV ODJXQHURV \ VRQ D WRGD PDGUHĂš

0 /$*81$ Ăž (1(52

22



(175(9,67$

Ă™'HEH FDPELDU OD SRO­WLFD GHO VHUYLOLVPR \ OD ODPELVFRQHU­D SRU XQD GH UHVSHWR SHUR TXH H[LMDĂš <e \eki\m`jkX gXiX D CX^leX# Afi^\ Q\id\ÂŒf @e]Xek\# XcZXc[\ [\ Kfii\Â?e# _XYcX jfYi\ cf hl\ gifp\ZkX gXiX jl ki`\e`f# X[\d}j [\ jl g\iZ\gZ`Â?e jfYi\ \c el\mf >fY`\ief =\[\iXc 325 /8,6 $/%(572 /“3(= )2726 0$18(/ *8$'$55$0$

8

lefj [ˆXj [\ Xjld`i jl k\iZ\i g\i`f[f Zfdf XcZXc[\ [\ Kf$ ii\Â?e# Afi^\ Q\id\ÂŒf @e]Xek\ Xj\^liX hl\ \e]i\ekX cfj d`j$ dfj i\kfj [\ j`\dgi\ \e ZlXekf X cXj e\$ Z\j`[X[\j [\ cX Z`l[X[1 ^XiXek`qXi j\im`$ Z`fj gÂ’Yc`Zfj [\ ZXc`[X[% J`e \dYXi^f# i\ZfefZ\ hl\ \c \jZ\eX$ i`f gXiX XcZXeqXicfj ZXdY`X Xek\ le el\$ mf dXgX gfcˆk`Zf \e \c gXˆj p hl\ c\ [X Zfekifc [\ cfj gf[\i\j <a\Zlk`mf p C\^`j$ cXk`mf X le gXik`[f gfcˆk`Zf% Q\id\ÂŒf @e]Xek\ _XYcX \e \eki\m`jkX gXiX D CX^leX jfYi\ jlj g\iZ\gZ`fe\j [\c el\mf ^fY`\ief ]\[\iXc p cf hl\ gif$ p\ZkX gXiX jl ki`\e`f% /D ŠSRFD HOHFWRUDO WHUPLQÂł \ DKRUD OH WRFD JREHUQDU HQ XQ VHJXQGR SHULRGR RUGLQDULR FRPR DOFDOGH FXÂĄO FRQVLGH UD HV VX SULQFLSDO UHWR FRPR SULPHU DO FDOGH UHHOHFWR GH 7RUUHÂłQ"

<c i\kf j`^l\ j`\e[f \c d`jdf Zfe \c hl\ XiiXeZXdfj _XZ\ le XÂŒf1 i\jkXYc\Z\i kf$ [fj cfj j\im`Z`fj gÂ’Yc`Zfj p [Xic\j dXpfi ZXc`[X[ p m`XY`c`[X[ kXekf Xc X^lX gfkXYc\# \c [i\eXa\# gXm`d\ekXZ`Â?e# c`dg`\qX# i\j$ ZXk\ [\ }i\Xj m\i[\j p j\^li`[X[ gÂ’Yc`ZX% <j ZcXif hl\ cX Z`l[X[ e\Z\j`kX dlZ_X `em\ij`Â?e p j\^l`i\dfj kiXYXaXe[f ]l\i$ k\d\ek\ \e \jk\ gif^iXdX [\ fYiXj p j\i$ m`Z`fj hl\ hl\i\dfj hl\ j\Xe [\ dlZ_X dXpfi ZXc`[X[% 4XŠ DSUHQGL]DMH OH GHMÂł OD $GPLQLVWUD FLÂłQ "

Ef [`iˆX Xgi\e[`qXa\ gfihl\ k\e\dfj cX \og\i`\eZ`X p ZfefZ`d`\ekf [\ cf hl\ Kf$ ii\Â?e e\Z\j`kX% 0 /$*81$ Ăž (1(52

FYm`Xd\ek\ \iX le g\i`f[f Zfikf gXiX cc\mXi X ZXYf dlZ_Xj ZfjXj p gfi \jf YljZXdfj cX i\\c\ZZ`�e gXiX [Xic\ Zfek`$ el`[X[ X le kiXYXaf i\c\mXek\# ef gfihl\ _lY`\iX \c\ZZ`fe\j [\aXdfj [\ _XZ\i cXj ZfjXj gfi _XZ\i ZXdgXŒX p eleZX c\ [`$ dfj gi`fi`[X[ X cX ^\ek\ hl\ d`c`kX \e d` gXik`[f% CXj Zfek`e^\eZ`Xj jXZXife X cX clq cX gifYc\d}k`ZX hl\ jXYˆXdfj hl\ \o`jkˆX p j` k`\e\j Zfc\Zkfi\j Zfe d}j [\ ,' XŒfj mXe X ZfcXgjXi% Klm`dfj hl\ _X$ Z\i i\gXiXZ`fe\j \ `em\ij`fe\j \e \j\ j\ek`[f% CX ]XckX [\ [i\eXa\j efj _X _\$ Z_f YljZXi le Xe}c`j`j `ek\^iXc [\ hl„ e\Z\j`kX cX Z`l[X[ p pX cf k\e\dfj dlp XmXeqX[f gfi cf hl\ \e cXj gi�o`dXj j\$ dXeXj [Xi\dfj X ZfefZ\i cXj fYiXj hl\ i\hl\i`dfj gXiX [Xic\ jfclZ`�e%

24

4XŠ SRGU­D DGHODQWDU GH ORV FDPELRV TXH YLHQHQ SDUD HVWH D¹R DO LQWHULRU GH VX HTXLSR"

Cfj ZXdY`fj hl\ j\ k\e^Xe hl\ _XZ\i fZlii`i}e% <e k„id`efj ^\e\iXc\j d\ gX$ i\Z\ hl\ Zl\ekf Zfe le Yl\e \hl`gf [\ ZfcXYfiX[fi\j p \jkf j\ i\]c\aX \e cX Zfe$ ]`XeqX hl\ cfj Z`l[X[Xefj c\ [\dfjkiX$ ife X cX X[d`e`jkiXZ`�e% :cXif hl\ mXdfj X XeXc`qXi [\ Z�df j\ mX [Xe[f \c kiXYXaf \e ZX[X leX [\ cXj }i\Xj p _\dfj _\Z_f Xc^lefj dfm`d`\e$ kfj \e \c }i\X [\ ;\jXiifccf <Zfe�d`Zf# ^`iXj p \e \c gifg`f J`jk\dX Dle`Z`gXc [\ 8^lXj p JXe\Xd`\ekf% <e \j\ ’ck`df cl^Xi e\Z\j`kXdfj i\]fiqXi \c }i\X X[d`$ e`jkiXk`mX p k„Ze`ZX# X[\d}j [\ hl\ k\e$ [i\dfj ZXdY`fj \e GXihl\j p AXi[`e\j%


(175(9,67$ <jkfp _XYcXe[f Zfe kf[fj p ZX[X lef [\ cfj [`i\Zkfi\j gfihl\ e\Z\j`kf \c ^iX[f [\ Zfdgifd`jf [\ \ccfj gXiX dXek\e\i \c d`jdf fYa\k`mf [\ j\im`i Zfe dXpfi \dg\ย f p \]`Z`\eZ`X% 6RQ WLHPSRV SROยญWLFRV QXHYRV SXHV OH KD WRFDGR YHU HQ VX YLGD XQD WUDQVIRU PDFLยณQ HQRUPH HQ FXDQWR D ODV IRUPDV GH JREHUQDU DVยญ FRPR HQ HO SDUWLGR HQ HO TXH KD PLOLWDGR WRGD VX YLGD TXยฉ GHPDQGDQ DKRUD ORV FLXGDGDQRV HQ HV WRV WLHPSRV"

Gi`d\if _Xp le Xe}c`j`j [fe[\ j\ ^\e\$ iXc`qX f j\ _XYcX [\ kf[fj cfj gXik`[fj gfcย k`Zfj Zfdf j` ]l\iXe `^lXc\j# g\if ZX[X lef k`\e\ jl gifg`X i\jgfejXY`c`$ [X[ p cX ^\ek\ [\Y\ \dg\qXi X [`]\i\e$ Z`Xi% <j ZcXif hl\ _lYf le dXe[Xkf \c\Z$ kfiXc dXpfi`kXi`f \e ]Xmfi [\ Dfi\eX p k`\e\ dlZ_Xj \ogc`ZXZ`fe\j% <eki\ \ccXj hl\ Xc^l`\e [liXek\ (/ Xย fj ef gXiย [\ _XZ\i ZXdgXย X# dXeklmf le [`jZlijf g\idXe\ek\ \e [\k\id`eX[fj k\dXj# X[\d}j [\ hl\ \e mXi`Xj gXik\j [\c gXย j _lYf le _XikXq^f Zfe cfj ^fY`\iefj [\ Xc^lefj gXik`[fj gfcย k`Zfj% Kf[f \jf j\ Zfeal^ย p dlZ_fj [\ cfj ZXe[`[Xkfj [\ \j\ gXik`[f gi}Zk`ZXd\e$ k\ j`e _XZ\i ZXdgXย X j\ Y\e\]`Z`Xife [\ \j\ \]\Zkf _`jkย i`Zf \e \jkX [\df$ ZiXZ`X# gl\j Xek\j [\ hl\ _lY`\iX @=< f i\]fidXj \e dXk\i`X \c\ZkfiXc \c GI@ ^XeXYX Zfe \c 0' gfi Z`\ekf% Mfcm`dfj X cfj k`\dgfj [\c ZXiif Zfdgc\kf p X_fiX k`\e\ leX ^iXe i\j$ gfejXY`c`[X[ \c ^fY`\ief ]\[\iXc gfi$ hl\ k`\e\ dXpfiย X \e XdYXj Z}dXiXj# X[\d}j [\ cX gfj`Y`c`[X[ [\ cc\mXi X ZXYf i\]fidXj Zfejk`klZ`feXc\j gfi jl Zfekifc \e cfj :fe^i\jfj cfZXc\j% Kf[f \jf efj ZfemfZX X i\]c\o`feXi p _XZ\i le ccXdX[f X hl`\e X_fiX ^f$ Y`\ieX gXiX hl\ \ek`\e[X hl\ Dย o`Zf k`\e\ hl\ _XZ\icf Zfe \c Zfej\ejf [\ cXj [`jk`ekXj ]l\iqXj gfcย k`ZXj p cX gcl$ iXc`[X[ [\ cX jfZ`\[X[%

1R VR\ DOJXLHQ TXH HVWยฉ SHQVDQGR TXยฉ YD D KDFHU XQD YH] TXH WHUPLQH HVWR OR ยบQLFR LPSRUWDQWH HV OD UHVSRQVDELOLGDG TXH WHQJR DKRUD \ OR TXH YHQJD PยกV DGHODQWH 'LRV GLUยกร

5HFLHQWHPHQWH IXHURQ ODV HOHFFLRQHV SDUD UHQRYDU OD GLULJHQFLD HVWDWDO GHO 3$1 \ HVWXYLHURQ HQYXHOWDV HQ OD SROยฉ PLFD SRU XQ SDU GH JUXSRV LQWHUQRV FยณPR YH DO SDUWLGR" TXยฉ UHWRV HQ IUHQWD"

<c GXik`[f 8ZZ`ย e EXZ`feXc cf hl\ k`\e\ hl\ _XZ\i ef jfcXd\ek\ \e :fX_l`cX# j`ef \e kf[f \c gXย j \j XYi`i cXj gl\ikXj% ?Xp dlZ_X ^\ek\ [\ Yl\eX mfclekX[1 gif]\j`fe`jkXj# aย m\e\j# XdXj [\ ZXjX hl\ hl`j`\iXe gXik`Z`gXi \e cX m`[X gย $ Yc`ZX p jfdfj le gXik`[f Zfe mXcfi\j# \jkilZkliX \ _`jkfi`X% K`\e\ hl\ XYi`ij\ X cX jfZ`\[X[# Ylj$ ZXi hl\ j\ i\]i\jhl\ cX d`c`kXeZ`X p cfj ZlX[ifj% Hl\ _XpX ^\ek\ hl\ \eki\ X leX `ejk`klZ`ย e hl\ c\ f]i\qZX gXik`Z`$ gXi Zย m`ZXd\ek\%

25

0 /$*81$ ร (1(52


(175(9,67$ Ef gl\[\ j\i le gXik`[f Z\iiX[f gfi$ hl\ \e cfj Â’ck`dfj Z`eZf XÂŒfj gi}Zk`ZX$ d\ek\ ef j\ _X i\efmX[f p j\^l`dfj k\$ e`\e[f cfj d`jdfj ZlX[ifj Zfe m`Z`fj hl\ j\ _Xe XZldlcX[f X cf cXi^f [\c k`\dgf% +DFH XQRV G­DV HVWXYR DTX­ HO SUHVLGHQ WH $QGUŠV 0DQXHO /ÂłSH] 2EUDGRU \ GH KHFKR VX HYHQWR IXH PX\ GLIHUHQWH D OR TXH VH KD YLVWR HQ HVWH SD­V TXŠ H[ SHFWDWLYDV WLHQH GH ŠO"

:i\f hl\ ^\e\iX Zfe]`XeqX \e dlZ_X ^\ek\ gfi jl \jk`cf j\eZ`ccf Zfe \c hl\ j\ dXe\aX% <c _\Z_f [\ cc\^Xi if[\X[f [\ ^lXiliXj# ZXd`fe\kXj p kf[f \c XgX$ iXkf Xc hl\ efj k\eˆX XZfjkldYiX[fj \c GI@ _XYcX Y`\e [\ „c gfi leX g\ijfeX Zfe^il\ek\ Zfe jl \jk`cf% J\ gf[i}e k\e\i [`m\i^\eZ`Xj# gl\j Zi\f hl\ \j Xc^l`\e fYjk`eX[f Zfe cXj gifd\jXj hl\ _X _\Z_f X cf cXi^f [\ cfj XŒfj% :i\\ hl\ YXaXe[f cX ZfiilgZ`�e mX k\e\i dlZ_fj i\Zlijfj p [}e[fc\ [`$ e\if X cfj a�m\e\j# Xjˆ Zfdf Xgfpfj X g\ijfeXj [\ cX k\iZ\iX \[X[ D„o`Zf mX X ZXdY`Xi% G\if [`]`\if gfihl\ d`\e$ kiXj ef _XpX gif^iXdXj gif[lZk`mfj hl\ ^\e\i\e \dgc\f p j` mXj X [Xic\ gif$ ^iXdXj Xj`jk\eZ`Xc`jkXj X cX ^\ek\ ef mXj X i\jfcm\i cfj gifYc\dXj% G`\ejf hl\ ]XckX leX XlkfZiˆk`ZX gXiX \ek\e[\i hl\ m`m`dfj \e le gXˆj hl\ i\hl`\i\ ]fikXc\Z\i cX [`m`j`�e [\ gf[\$ i\j# gl\j cfj dle`Z`g`fj ef k\e\dfj gi}Zk`ZXd\ek\ fg`e`�e \e \c gi\jl$ gl\jkf [\ \^i\jfj p ef j\ m\e cXj e\Z\$ j`[X[\j i\Xc\j hl\ k`\e\e cXj Z`l[X[\j% P gfe^f Zfdf \a\dgcf \c ZXjf [\ hl\ efjfkifj k\e\dfj X[\l[fj _`jk�i`$ Zfj Zfe :feX^lX hl\ eleZX c\ _Xe gX$ ^X[f p Zfdf \e jl dfd\ekf Zfe[feX$ ife d}j [\ ('' d`ccfe\j [\ g\jfj# j\ XZldlc� fkiX ZXek`[X[ j`d`cXi hl\ ef j\ gX^� p X efjfkifj efj [`Z\e hl\ c\j [\Y\dfj XdYXj ZfjXj% <jkXdfj _XYcXe[f [\ [\i\Z_fj [\ X^lX hl\ j\ ZfYiXe gfi cX \okiXZZ`�e p le dle`Z`g`f ef \j le X^i`Zlckfi f le gXi$ k`ZlcXi hl\ jXZX \c i\Zlijf gXiX clZiXi% KXdY`„e j\ [\Y\ i\m`jXi \c Xld\ekf [\j$ gifgfiZ`feX[f [\ cXj kXi`]Xj [\ cX :fd`$ j`�e =\[\iXc [\ <c\Zki`Z`[X[ :=< %

ef mXe cXj jfclZ`fe\j [\c gXˆj p D„o`Zf e\Z\j`kX `em\ij`Â?e# \dgc\f \ `e]iX\j$ kilZkliX% 3HUR HO DUJXPHQWR TXH PDQHMDQ HV HIL FLHQWDU UHFXUVRV \ FRQWURODU VX JDVWR FÂłPR OR YH"

<jkXdfj cc\efj [\ i\^cXj [\ fg\iXZ`Â?e p \j\ ef \j gifYc\dX# j`ef hl\ j\ j`\e$ k\e [l\ÂŒfj [\ \j\ [`e\if# Âś\c i\Zlijf ]\[\iXc [\ [fe[\ gifm`\e\6 ;\ cf hl\ kf[fj gX^Xdfj \e `dgl\jkfj p \c ^f$ Y`\ief ef \j \c [l\ÂŒf# gl\j \o`jk\e i\$ ^cXj \e Xc^f hl\ j\ ccXdX C\p [\ :ffi$ [`eXZ`Â?e =`jZXc gXiX hl\ ZX[X \jkX[f f dle`Z`g`f ef \jk„e ZfYiXe[f `dgl\j$ kfj X jl Xekfaf p mXpXe X leX YfcjX% <ekfeZ\j# Âśd\ mXj X gfe\i i\^cXj p [\Z`i \e hl„ ^XjkXi6 <jf k`\e\ hl\ \e$ k\e[\ij\ p _Xp le [`jZlijf [\c ^fY\i$ eX[fi :fiiXc [fe[\ ZcXiXd\ek\ [`Z\ hl\ [\ ZX[X g\jf hl\ ^\e\iXe cfj Z_`$ _lX_l\ej\j# jfcXd\ek\ i\Z`Y\e +' Z\e$ kXmfj p k\ Xj\^lif hl\ \e :fX_l`cX \j 4XŠ VHÂąDO PDQGD HO *RELHUQR )HGHUDO ZXj` cf d`jdf% FRQ OD UHGXFFLÂłQ GH UHFXUVRV HQ IRQGRV FRPR HO 5DPR "

CX j\ŒXc hl\ \jk} dXe[Xe[f \j hl\ jlj gif^iXdXj kfg\e Zfe cf hl\ j\X% J` _Xp hl\ hl`kXi f i\[lZ`i fYiX cf mXdfj X _X$ Z\i# gl\j \jk} fYjk`eX[f Zfe cXj gifd\$ jXj [\ [Xi [`e\if X a�m\e\j# \jkl[`Xek\j p X[lckfj dXpfi\j% Ef \jk} \jZlZ_Xe[f cXj e\Z\j`[X[\j hl\ gl\[\ _XY\i \e ZX[X \ek`[X[ ]\[\$ iXk`mX# gfi \a\dgcf hl\ \e Xc^lefj cl$ ^Xi\j li^\e i\Zlijfj \e dXk\i`X [\ j\$ ^li`[X[% ?Xp mXi`Xj ZfekiX[`ZZ`fe\j hl\ \jg\if j\ [\e Zl\ekX hl\ gfi X_ˆ

(Q VX LQIRUPH GH JRELHUQR KDFH XQDV VHPDQDV SLGL³ XQ UHVSHWR D OD GLYLVL³Q GH SRGHUHV HQ HO SD­V TXŠ SDSHO YDQ D MXJDU ORV DOFDOGHV \ JREHUQDGRUHV SDUD TXH DV­ VHD P¥V DOO¥ GHO OODPDGR DO *R ELHUQR )HGHUDO"

K\e\dfj hl\ [\Z`i cf hl\ \dg\qXdfj% ;\Y\ \dg\qXi X ZXdY`Xi cX gfcˆk`ZX [\ j\im`c`jdf p cXdY`jZfe\iˆX gfi leX i\j$ g\klfjX \e hl\ ZX[X ^fY`\ief \o`aX alj$ k`Z`X Zfe]fid\ X cf hl\ c\ Zfii\jgfe[\ p ef _XpX dXe\af [`jZi\Z`feXc [\ cfj i\Zlijfj g’Yc`Zfj%

0 /$*81$ Ăž (1(52

26

&X¥O HV OD UHODFL³Q FRQ 5H\HV )ORUHV +XUWDGR" TXŠ KDQ KDEODGR ºOWLPD PHQWH"

?X j`[f Yl\eX# gl\j \j leX g\ijfeX mX$ c`fjX# j\i`X p hl\ ZfefqZf [\j[\ _XZ\ dlZ_fj XÂŒfj% D\ i\leˆ Zfe „c p efj \jk} g`[`\e[f ZfcXYfiXZ`Â?e ef jfcX$ d\ek\ X dˆ j`ef X cfj [\d}j XcZXc[\j gXiX hl\ c\ Xpl[\dfj X c\mXekXi \c Z\e$ jf hl\ cc\mXe X ZXYf gXiX cfj gX[ife\j hl\ j\ mXe X `ek\^iXi% ?\ j`[f dlp ]iXeZf \e ZlXekf X cX gifYc\d}k`ZX [\c X^lX p cX :fd`j`Â?e =\[\iXc [\ <c\Zki`Z`[X[% D\ _X f]i\Z`[f Xgfpf \e \jXj ^\jk`fe\j% +XER TXLHQHV SHQVDURQ KDFH XQRV DÂąRV TXH -RUJH =HUPHÂąR HVWDU­D UHWLUD GR SDUD HVWDV IHFKDV \ ORV WRPÂł SRU VRUSUHVD VX UHJUHVR D OD DOFDOG­D FUHH TXH HVWH VHD VX ÂşOWLPR HQFDUJR HQ VX YLGD SRO­WLFD R WRGDY­D EXVFDU­D DOJR PÂĄV"

ÂśGXiX hl„ g\ejXdfj \e le ]lklif6 ?Xp hl\ m`m`i \c gi\j\ek\ p j` _XYcXdfj [\ \[X[ \c GXgX =iXeZ`jZf Xe[X gfi cfj /' XÂŒfj# \c gi\j`[\ek\ ;feXc[ Kildg k`\$ e\ dXpfi \[X[ [\ Zfe hl`„e \jk}j _X$ YcXe[f p 8e[i„j DXel\c CÂ?g\q FYiX$ [fi k`\e\ ki\j XÂŒfj d\efj% ?Xp g\ijfeXa\j hl\ j`^l\e j`\e[f i\c\mXek\j \e cX m`[X gÂ’Yc`ZX# cX m`[X ef cX k\e\dfj ZfdgiX[X p ef j„ ZÂ?df \jk„ [\ekif [\ lef# [fj f ki\j XÂŒfj% G\if ef jfp Xc^l`\e hl\ \jk„ g\ejXe[f hl„ mX X _XZ\i leX m\q hl\ k\id`e\ \jkf# cf Â’e`$ Zf `dgfikXek\ \j cX i\jgfejXY`c`[X[ hl\ k\e^f X_fiX p cf hl\ m\e^X d}j X[\cXek\ ;`fj [`i}%



=fkf1 <jg\Z`Xc

(175(9,67$

7(&12/2*ย $ '( 3817$ /D SODQWD &KHPRXUV /DJXQD FX\D FRQVWUXFFLยณQ HVWยก VXVSHQGLGD VHUยก OD PยกV DYDQ]DGD GHO PXQGR GH VX WLSR

0D\RUยญD DSR\D SUR\HFWR GH &KHPRXUV LeX \eZl\jkX i\Xc`qX[X gfi cX \eZl\jkX[fiX eXZ`feXc >XY`e\k\ [\ :fdle`ZXZ`ย e <jkiXkย ^`ZX# i\m\cX hl\ - [\ ZX[X (' cX^le\ifj Zfej`[\iXe hl\ kiXej]fidXi} gfj`k`mXd\ek\ jl Zfdle`[X[

K

iXj el\m\ d\j\j [\ [`}cf^f [`$ i\Zkf Zfe _XY`kXek\j [\ Zfdl$ e`[X[\j Xc\[Xย Xj X cX qfeX [\ ;`eXd`kX# >ย d\q GXcXZ`f# \c gifp\Zkf :_\dflij CX^leX _X Zfej\$ ^l`[f \c Xgfpf [\ leX Xdgc`X dXpfiย X [\ cX gfYcXZ`ย e% . [\ ZX[X (' cX^le\ifj \jk}e X ]Xmfi [\c gifp\Zkf% Cfj [Xkfj gifm`\e\e [\ leX \eZl\jkX \cXYfiX[X gfi \c >XY`e\k\ [\ :fdle`ZXZ`ย e <jkiX$ kย ^`ZX# leX ZXjX \eZl\jkX[fiX eXZ`feXc% <j le e`m\c [\ Xgfpf gXik`ZlcXid\e$ k\ Xckf gXiX le gifp\Zkf `e[ljki`Xc% :fdf \ogc`ZX Cl`j I\YfccXi# m`Z\gi\$ j`[\ek\ ^cfYXc [\ :_\dflij# _Xp mXi`fj ]XZkfi\j hl\ \ogc`ZXe gfi hlย cX gfYcXZ`ย e hl`\i\ hl\ cX \dgi\jX `e`Z`\ fg\iXZ`fe\j# ร Xย e X g\jXi [\ cXj Ziย k`$ ZXj p [\dXe[Xj [\ le ^ilgf i\[l$ 0 /$*81$ ร (1(52

Z`[f [\ XZk`m`jkXj# X hl`\e\j dXek\e\$ dfj cXj gl\ikXj XY`\ikXj [\c [`}cf^f# Zfdf cf _\dfj _\Z_f [\j[\ el\jkiX cc\^X[X X cX CX^leXร # \ogi\jX Cl`j I\Yf$ ccXi >feq}c\q# m`Z\gi\j`[\ek\ ^cfYXc [\ cX ;`m`j`ย e [\ JfclZ`fe\j Hlย d`ZXj [\ :_\dflij% J\i} cX j\^le[X gcXekX \e Dย o`Zf hl\ gif[lZ\ Z`Xelif [\ jf[`f# le Zfd$ gl\jkf \j\eZ`Xc gXiX cX \okiXZZ`ย e [\ d\kXc\j gi\Z`fjfj Zfdf \c fif p cX gcXkX% Jl ZfejkilZZ`ย e ]l\ jljg\e[`[X \e dXiqf [\ )'(/ gfi ย i[\e\j [\ le al\q [\ XdgXif# k`\dgf \e \c hl\ cX ZfdgX$ ย ย X XYi`ย le gifZ\jf [\ Zfdle`ZXZ`ย e Zfe jlj m\Z`efj1 ZX[X j\dXeX [fj ^il$ gfj [\ \eki\ (, p )' g\ijfeXj $_XY`kXe$ k\j [\ cXj Zfdle`[X[\j$ m`j`kXe cX gcXe$ kX p \e le cXgjf [\ [fj X ki\j _fiXj

28

[\jg\aXe jlj [l[Xj jfYi\ jl fg\iXZ`ย e% :fe leX `em\ij`ย e [\ ),' d`ccfe\j [\ [ย cXi\j# j\ gi\mย hl\ cX gcXekX ^\e\iXi} ^iXe[\j Y\e\]`Z`fj \Zfeย d`$ Zfj gXiX cX I\^`ย e CX^le\iX2 Zi\Xi} (#''' \dgc\fj \e jl ]Xj\ [\ ZfejkilZ$ Z`ย e p *'' gcXqXj cXYfiXc\j [`i\ZkXj \e jl fg\iXZ`ย e% <e \c d`jdf j\ek`[f# cX \eZl\jkX# i\Xc`qX[X \e fZklYi\ gXjX[f# i\m\cX hl\ -, gfi Z`\ekf [\ cX gfYcXZ`ย e Zi\\ hl\ cX \dgi\jX ^\e\iXi} \dgc\fj Y`\e i\$ dle\iX[fj d`\ekiXj hl\ - [\ ZX[X (' cX^le\ifj Zfej`[\iX hl\ cX gcXekX kiXej$ ]fidXi} gfj`k`mXd\ek\ X cXj Zfdle`[X$ [\j m\Z`eXj% J\ Zfejlckย X g\ijfeXj hl\ m`m\e \e Zfdle`[X[\j Xc\[Xย Xj X cX fg\iXZ`ย e p kXdY`ย e X _XY`kXek\j [\ cX qfeX liYXeX [\ >ย d\q GXcXZ`f%


(175(9,67$ ;\j[\ dXiqf [\ )'(/# j\ ]i\eXife kf$ [Xj cXj XZk`m`[X[\j [\ ZfejkilZZ`ย e# Zl\jk`ย e hl\ `dgXZkย \e cX [\jfZlgX$ Z`ย e [\ ,'' kiXYXaX[fi\j# hl`\e\j gXi$ k`Z`gXYXe \e cXj fYiXj [\ \[`]`ZXZ`ย e% 8[\d}j# j\ [\klmf cX ZfekiXkXZ`ย e [\ *'' \dgc\fj [`i\Zkfj hl\ i\hl`\i\ cX \dgi\jX gXiX jl ]leZ`feXd`\ekf# Xle$ hl\ cfj .' hl\ pX _XYย Xe j`[f ZfekiXkX$ [fj _Xe dXek\e`[f jl ]l\ek\ cXYfiXc% Lefj )) gifm\\[fi\j cfZXc\j j\ m`\ife `dgXZkX[fj e\^Xk`mXd\ek\ Zfe cX i\jf$ clZ`ย e# kf[X m\q hl\ pX k\eย Xe kiXkfj Zf$ d\iZ`Xc\j Zfe :_\dflij% 48ย (6 &+(02856"

I\YfccXi >feq}c\q efj XZ\iZX X leX iX$ [`f^iX]ย X [\ cX ZfdgXย ย X1 ย jkX \j leX \dgi\jX ^cfYXc# eXZ`[X \e )'(,# \e]f$ ZX[X Xc ('' X cX `e[ljki`X hlย d`ZX2 jl d\iZX[f XYXiZX cX `e[ljki`X [\ g`^d\e$ kfj hl\ Xk`\e[\ X cfj j\Zkfi\j Xlkfdf$ ki`q# g`ekliXj# gXg\c p gc}jk`Zf% =XYi`ZXe [`ย o`[f [\ k`kXe`f# \c\d\ekf hl\ [X Zf$ cfi YcXeZf X gc}jk`Zf# gXg\c p g`ekliXj% FkiX [`m`j`ย e [\ e\^fZ`fj j\ \e]fZX X gif[lZkfj ]clfiX[fj# k\Zefcf^ย X gXiX ]XYi`ZXi \c\d\ekfj [\jk`eX[fj X cX ^\$ e\iXZ`ย e [\ ^Xj\j i\]i`^\iXek\j gXiX cX gifk\ZZ`ย e [\ Xc`d\ekfj p Y\Y`[Xj# p lk`c`qX[fj \e X`i\ XZfe[`Z`feX[f Xlkf$ dfki`q# _XY`kXZ`feXc p Zfd\iZ`Xc% J\iย X

[`]ย Z`c \ek\e[\i cX m`[X df[\ieX j`e \c Zfe]fik p cX gifk\ZZ`ย e [\ Xc`d\ekfj hl\ f]i\Z\ cX k\Zefcf^ย X [\ i\]i`^\iX$ Z`ย e hl\ :_\dflij [\jXiifccX% CX k\iZ\iX [`m`j`ย e \j cX [\ jfclZ`f$ e\j hlย d`ZXj# d`jdX hl\ Zl\ekX Zfe mX$ i`Xj le`[X[\j [\ e\^fZ`fj# \eki\ \ccfj cX ^\e\iXZ`ย e [\ Z`Xelif [\ jf[`f hl\ j\ \e]fZX \e cX `e[ljki`X d`e\iX# \jg\Zย ]`$ ZXd\ek\ \e cX [\[`ZX[X X d\kXc\j gi\$ Z`fjfj# [fe[\ :_\dflij \j \c ]XYi`ZXe$ k\ cย [\i p gfi d}j [\ -' Xย fj Xk`\e[\ X e`m\c ^cfYXc# gi`eZ`gXcd\ek\ \e \c Zfe$ k`e\ek\ Xd\i`ZXef% ร Jfdfj leX \dgi\jX Zfe Z\iZX [\ / d`c \dgc\X[fj X e`m\c ^cfYXc# k\e\dfj gi\j\eZ`X \e *, gXย j\j \e [fe[\ ZfekX$ dfj Zfe +, cXYfiXkfi`fj p Z\ekifj [\ gif[lZZ`ย e# p Xk\e[\dfj X d}j [\ (*' d`c Zc`\ek\j \e kf[f \c dle[f% <e Dย o`Zf# ZfekXdfj Zfe leX fi^Xe`qX$ Z`ย e [\ ZXj` /'' g\ijfeXj# leX gcXe$ kX \e 8ckXd`iX# KXdXlc`gXj2 Z\ekifj [\ [`jki`YlZ`ย e p fg\iXZ`ย e \e Dfek\$ ii\p# JXe Cl`j Gfkfjย # ?\idfj`ccf p giย o`dXd\ek\ hl\i\dfj XiiXeZXi \jkX gcXekX \e CX CX^leXร % :_\dflij Zl\ekX Zfe leX gcXekX hl\ gif[lZ\ Z`Xelif [\ jf[`f \e D\dg_`j# <jkX[`fj Le`[fj# d`jdX hl\ `e`Z`ย fg\$ iXZ`fe\j \e (0,) p hl\ i\jlckX pX `ejl$ ]`Z`\ek\ gXiX Xk\e[\i \c Zi\Z`d`\ekf [\

GH OD SREODFLยณQ JRPH]SDODWLQD DYDOD HO SUR\HFWR

FUHH TXH OD SODQWD JHQHUDUยก HPSOHRV ELHQ UHPXQHUDGRV

GH FDGD JRPH]SDODWL QRV FUHHQ TXH OD SODQWD WUDQVIRUPDUยก SRVLWLYDPHQWH D ODV FRPXQL GDGHV YHFLQDV )XHQWH *DELQHWH GH &RPXQLFDFLยณQ

cX `e[ljki`X [\ d\kXc\j gi\Z`fjfj# gfi \ccf \j e\Z\jXi`f ZfekXi Zfe leX el\mX gcXekX \e cfj <jkX[fj Le`[fj# :XeX[}# Jl[Xdย i`ZX f Dย o`Zf% <c d\iZX[f [\ el\jkiX eXZ`ย e \j \c d}j `dgfikXek\ gXiX cX ZfdgXย ย X \e \c Zfek`e\ek\ 8d\$ i`ZXef p gfi \ccf [\Z`[`\ife `em\ik`i \e >ย d\q GXcXZ`f# Xlehl\ kXdY`ย e j\ \mX$ clย jl lY`ZXZ`ย e ^\f^i}]`ZX p cX [`jgf$ e`Y`c`[X[ [\ dXef [\ fYiX ZXc`]`ZX[X% (6&8&+$1'2 $ /$ &2081,'$'

Cl`j I\YfccXi \ogc`ZX hl\ gfi j\i leX ZfdgXย ย X i\jg\klfjX [\ cX C\p Xk\e[`\$ ife X ZXYXc`[X[ \c fi[\eXd`\ekf [\ jljg\ej`ย e [\ ZfejkilZZ`ย e# g\if [\Z`$ [`\ife Xgifm\Z_Xi \j\ k`\dgf gXiX# \e gi`d\i kย id`ef# \jkXYc\Z\i leX \jkiXk\^`X [\ Zfdle`ZXZ`ย e [`i\ZkX Zfe cfj _XY`kXek\j [\ cX qfeX [\ `e]cl\e$ Z`X [\ cX ZfdgXย ย X# gXiX [\[`ZXi _fiXj X cX Xk\eZ`ย e [\ ^ilgfj i\[lZ`[fj p [\jg\aXi ZlXchl`\i [l[X jfYi\ cX ]fidX hl\ fg\iXe# YljZXe[f Yi`e[Xi \jgX$ Z`fj [`i\Zkfj p Zfe Xk\eZ`ย e [\ ZXc`[X[ X ZX[X lef [\ \ccfj% ?Xe j`[f d\j\j [\ i\Z`Y`i X jlj m\Z`$ efj \e g\hl\ย fj ^ilgfj [fj m\Z\j gfi j\dXeX p Xk\e[\i jlj `ehl`\kl[\j% ;\ XZl\i[f Xc \eki\m`jkX[f# cfj m\Z`efj _Xe \ogi\jX[f cX e\Z\j`[X[ [\ Zi\Z`d`\ekf \Zfeย d`Zf gXiX jl i\^`ย e [\ dXe\iX

=fkf1 A\jย j DXiย e

&$5$&7(5ย 67,&$6

/8,6 5(%2//$5 *21=ย /(= 9LFHSUHVLGHQWH JOREDO GH OD 'LYLVLยณQ GH 6ROXFLRQHV 4XยญPLFDV GH &KHPRXUV

29

6H IDEULFDUยก FLDQXUR GH VRGLR XQ FRPSXHVWR HVHQFLDO SDUD OD UHFX SHUDFLยณQ GH PHWDOHV HQ OD LQGXVWULD PLQHUD /D SURGXFFLยณQ GH HVWH SUR GXFWR VH OOHYDUยก D FDER FRQ OD WHF QRORJยญD PยกV LQQRYDGRUD HILFLHQWH \ VHJXUD GHO PXQGR 6H WUDWD GH XQ SURGXFWR VยณOLGR TXH QR HV LQIODPD EOH QR JHQHUD YDSRUHV QL SROYRV \ TXH QR VH GLVSHUVD HQ HO PHGLR DP ELHQWH (O SURFHVR VH OOHYD FDER HQ XQ VLVWHPD FHUUDGR FRQ EDMR FRQ VXPR GH DJXD OD FXDO HV WRWDOPHQ WH UHXWLOL]DGD \ QR WLHQH QLQJยบQ WLSR GH GHVFDUJDV &KHPRXUV

0 /$*81$ ร (1(52


(175(9,67$ hl\ j\ `eZi\d\ek\ \c \dgc\f# X cf hl\ Cl`j I\YfccXi i\jgfe[\ hl\ \e cX Zfej$ kilZZ` e j\ i\hl\i`i}e d`c kiXYXaX[f$ i\j# d`\ekiXj hl\ \e cX fg\iXZ` e [\ cX gcXekX j\ [Xi} \dgc\f X *'' g\ijfeXj# cX dXpfi X [\ jkXj ck`dXj [\ XckX \jg\Z`Xc`qXZ` e% :_\dflij p jlj ZfekiXk`jkXj _Xe ]fidXc`qX[f XZl\i[fj gXiX gi`m`c\^`Xi cX ZfekiXkXZ` e [\ dXef [\ fYiX [\ cXj Zfdle`[X[\j m\Z`eXj X jlj `ejkXcXZ`fe\j% <e j\^le[f cl^Xi# cfj gfYcX[fi\j gi\j\ekXe [l[Xj jfYi\ cX j\^li`[X[ `e[ljki`Xc hl\ f]i\Z\ cX gcXekX \e jl fg\iXZ` e% 8ek\ \ccf# \c \eki\m`jkX[f jfjk`\e\ hl\ \c Z`Xelif [\ jf[`f \j gif$ [lZ`[f p dXe\aX[f [\ ]fidX j\^liX \e [`m\ijXj eXZ`fe\j [\c dle[f% D}j Xcc}# \ogi\jX hl\ cX gcXekX [\ > d\q GXcX$ Z`f _X j`[f [`j\ X[X gXiX Zfem\ik`ij\ \e cX d}j XmXeqX[X \e k id`efj [\ k\Zefcf^ X p [\ j\^li`[X[ [\ kf[f \c dle[f# jlg\iXe[f X e X cX gcXekX [\ Z`Xelif [\ jf[`f [\ :_\dflij \e D\d$ g_`j# <jkX[fj Le`[fj% I\]`\i\ hl\ cX ZfdgX X Zldgc` \e k`\dgf p ]fidX Zfe kf[fj cfj g\id`$ jfj p Xlkfi`qXZ`fe\j e\Z\jXi`fj gXiX `e`Z`Xi fg\iXZ`fe\j \e > d\q GXcXZ`f# `eZclp\e[f cX dXe`]\jkXZ` e [\ `dgXZ$ kf XdY`\ekXc% È<e \c dle[f _Xp Xci\[\[fi [\ ), gcXekXj [\ Z`Xelif [\ jf[`f# _Xp gcXekXj \e 8ljkiXc`X# \e 8c\dXe`X# \e cX I\g $ Yc`ZX :_\ZX# \e Ilj`X# \e :_`eX# \e Kli$ hl X# \e 9 c^`ZX# \e <jkX[fj Le`[fj2 pX \o`jk\ leX gcXekX \e D o`Zf hl\ ]XYi`ZX \c Z`Xelif [\ jf[`f \e \c jli\jk\% Efjf$ kifj \jkXdfj kiXp\e[f cX k\Zefcf^ X d}j XmXeqX[X# jkX mX X j\i cX gcXekX d}j XmXeqX[X \e \c dle[f \e \jkX `e[ljki`X p cX kiX\dfj X D o`Zf gfihl\ Zfe]`Xdfj \e cX ZXgXZ`[X[ [\c d\o`ZXefÉ# gi\Z`jX% :fej`[\iX hl\ _X j`[f leX g\eX gX$ iXi cX ZfejkilZZ` e gfi leX [\dXe[X [\ ki\j _faXj# hl\ ef k`\e\ i\Xcd\ek\ jlj$ k\ekf# j`e \dYXi^f# c\j `ep\Zk gfj`k`$ m`jdf \c _\Z_f [\ hl\ leX j\ek\eZ`X \e gi`d\iX `ejkXeZ`X [\ le al\q [\ XdgXif ef c\ [X cX iXq e X cX gXik\ fgfj`kfiX% CX m`j` e [\ cX ZfdgX X \j [\jXiif$ ccXi \e > d\q GXcXZ`f cX gcXekX [\ Z`X$ elif [\ jf[`f d}j XmXeqX[X [\c fiY\ hl\# \e c e\X Zfe cfj \a\dgcfj [\ Yl\$ eXj gi}Zk`ZXj \e jlj `ejkXcXZ`fe\j \e 8ckXd`iX# KXdXlc`gXj# j\X le \a\dgcf `ek\ieXZ`feXc \e k id`efj [\ \jk}e[X$ i\j [\ j\^li`[X[# ef jfcf \e ZlXekf X k\Zefcf^ X# j`ef kXdY` e \e gifZ\jfj% 8ek\ \ccf# [\jZXikXe \d`j`fe\j f mXgf$ i\j [\ Z`Xelif p jfjk`\e\e ef _XYi} `d$ gXZkfj Xc jlYjl\cf%

&KHPRXUV \ VXV FRQWUDWLVWDV KDQ IRUPDOL]DGR DFXHUGRV SDUD SULYLOHJLDU OD FRQWUDWDFL³Q GH PDQR GH REUD GH ODV FRPXQLGDGHV YHFLQDV D VXV LQVWDODFLRQHV gifZ\jfj [\ ZXgXZ`kXZ` e \jg\Z`Xc`qX$ [fj# hl`\e\j [\ / [\ cX dX XeX X cXj + [\ cX kXi[\# i\Z`Y\e le \eki\eXd`\ekf gXiX \jkXe[Xi`qXi jlj ZfefZ`d`\ekfj% Jlj \dgc\X[fj jfe 0' `e^\e`\ifj# d\efi\j [\ *' X fj [\ \[X[ p \e jl dX$ pfi X Zfe \jg\Z`Xc`[X[\j \e d\Z}e`ZX# hl d`ZX# k\Zefcf^ X [\ `e]fidXZ` e p d\ZXki e`ZX% ;\ \ccfj# *' jfe dla\i\j p \e ^\e\iXc _Xe i\Z`Y`[f [fj Xld\ekfj [\ jl\c[f \e cfj ck`dfj d\j\j% ;\ XZl\i[f Zfe cfj Zfdgifd`jfj \j$ kXYc\Z`[fj gfi :_\dflij# jl \hl`gf _l$ dXef j\i} fi`^`eXi`f [\ cX i\^` e X ]`e [\ [\jXiifccXi X cXj Zfdle`[X[\j# ^\e\$ iXe[f \dgc\fj [\ Xckf mXcfi gfi \c e`m\c k\Zefc ^`Zf hl\ \dgc\Xi} cX gcXekX p hl\# gfi \e[\# i\hl`\i\ [\ g\ijfeXc _l$

&$3$&,7$&, 1 '( $/72 1,9(/

;\ dXiqf [\ )'(/ X cX ]\Z_X# cfj ZXj` .' kiXYXaX[fi\j ZfekiXkX[fj gfi :_\dflij dXeklm`\ife jl gcXqX cXYfiXc p jl k`\d$ gf _X j`[f \dgc\X[f gXiX jfd\k\icfj X 0 /$*81$ Þ (1(52

30

dXef ZXgXZ`kX[f gXiX \ccf% J\ \jk`dX hl\ X `e`Z`fj [\ ]\Yi\if [\ )'(0 j\ Zf$ efZ\i} cX i\jfclZ` e ]`eXc [\c Ki`YleXc :fc\^`X[f# leX m\q hl\ cfj dX^`jkiX[fj _XpXe ZfeZcl`[f [\ XeXc`qXi \c ZXjf% :_\dflij \jg\iX c\j j\X ]XmfiXYc\ Zfe$ j`[\iXe[f hl\ _Xe ZlY`\ikf kf[fj cfj i\hl`j`kfj [\ j\^li`[X[ hl\ cX c\^`jcX$ Z` e \jkXYc\Z\% <c m`Z\gi\j`[\ek\ ^cfYXc [\ cX ;`m`$ j` e [\ JfclZ`fe\j Hl d`ZXj [\ :_\$ dflij i\`k\iX cX gfj`Z` e [\ i\jg\kf X cX c\p gfi gXik\ [\ cX ZfdgX X p# jlYiXpX# \jk}e X cX \jg\iX [\ cX i\jfclZ` e ]`eXc gXiX Zfek`elXi Zfe cX ZfejkilZ$ Z` e [\ cX d`jdX# cX ZlXc \jk} gifp\ZkX$ [X gXiX hl\[Xij\ X cXi^f gcXqf \e > d\q GXcXZ`f%



(175(9,67$

Ă™0H WRFD VHU ORV RMRV GH /ÂłSH] 2EUDGRU HQ &RDKXLODĂš 5H\HV )ORUHV +XUWDGR &RRUGLQDGRU GHO *RELHUQR )HGHUDO D\ _X kfZX[f \jkXi dlZ_f k`\dgf \e cX fgfj`Z`Â?e XgcXjkX[X p [\]iXl[X[X# g\if \e \jk\ XÂŒf d\ kfZX \jkXi \e le \hl`gf hl\ c\mXekX cX dXef [\ cX m`Zkfi`X# [`Z\ \c ]leZ`feXi`f ]\[\iXc 325 /8,6 $/%(572 /“3(= )2726 0$18(/ *8$'$55$0$

L

eX [\ cXj ]`^liXj d}j gfc„d`$ ZXj \e k`\dgfj i\Z`\ek\j [\ cX fgfj`Z`Â?e \e :fX_l`cX \j I\$ p\j =cfi\j ?likX[f# hl`\e [\j[\ \c gi`d\if [\ [`Z`\dYi\ ]le^\ Zfdf Ăˆcfj fafjÉ [\c gi\j`[\ek\ 8e[i„j DXel\c CÂ?g\q FYiX[fi \e \jkX \ek`[X[% <e \eki\m`jkX# \c \ogXe`jkX p hl`\e \e cfj Â’ck`dfj XÂŒfj _X ccXdX[f cX Xk\eZ`Â?e gfi i\Xc`qXi _l\c^Xj [\ _XdYi\ gXiX \o`$ ^`i kiXejgXi\eZ`X# Zl\ekXj ZcXiXj f Xel$ cXZ`Â?e [\ Zfd`Z`fj \c\ZkfiXc\j# _XYcX XZ\iZX [\ cX i\\jkilZkliXZ`Â?e hl\ k`\e\ \c ^fY`\ief ]\[\iXc gXiX cfj \jkX[fj% 8]`idX hl\ X cX ]\Z_X pX mXi`fj XcZXc$ [\j [\ cX \ek`[X[ YljZXife f k`\e\e le XZ\iZXd`\ekf gXiX cX [`Xcf^Xi \e kfief X gifp\Zkfj# \eki\ cfj hl\ ]`^liXe kXekf [\ X]`c`XZ`Â?e ki`Zfcfi# gXe`jkXj f l[\Z`jkX% ĂˆK\e\dfj mXi`fj XcZXc[\j [\ fgfj`$ Z`Â?e hl\ j\ _Xe XZ\iZX[f gXiX kiXYXaXi gifp\Zkfj hl\ gl[`\iXe [\jXiifccXij\ \e jlj dle`Z`g`fj% P hl`\e\j ef j\ XZ\i$ hl\e gfi Xc^leX j`klXZ`Â?e [\ mXcfiXZ`Â?e g\ijfeXc# efjfkifj cf _Xi\dfj gXiX gif$ mfZXi gifp\ZkfjÉ%

&ÂłPR OOHJD 5H\HV )ORUHV +XUWDGR D HVWD HQFRPLHQGD"

Gi`d\if hl\ eX[X \j leX `ek\eZ`�e [\ k`\dgf Xki}j [\ XgfpXi \c gifp\Zkf [\c gi\j`[\ek\ 8e[i„j DXel\c C�g\q FYiX$ [fi# d}j Xcc} [\ k\e\i leX `ek\eZ`�e [\ fYk\e\i ZlXchl`\i \jgXZ`f f Xc^leX m\e$ kXaX X ZXdY`f [\c Xgfpf% P k\ gl\[f [\Z`i hl\ d\ f]i\Z`� hl\ gXik`Z`gXiX \e cX c`jkX gcli`efd`eXc Zfdf [`glkX[f ]\[\iXc p i\Z_XZ„ cX f]\ikX YXaf \j\ Xi^ld\ekf% :i\f hl\ hl`\e\j d\ _Xe ZfefZ`[f \e cX clZ_X jXY\e hl\ aXd}j _\ k\e`[f gi`m`c\^`fj f gfj`Z`fe\j X ZXdY`f [\c Xgfpf hl\ _\ [X[f% ?\ m\e`[f Zfej$ kilp\e[f [\j[\ k`\dgf Xki}j leX fgfj`$ Z`�e dlp j\i`X \e \c \jkX[f [\ :fX_l`cX p Zf`eZ`[`dfj Zfe \c gi\j`[\ek\# _`Z`dfj Yl\eX Xd`jkX[ p klmf cX gi\]\i\eZ`X [\ `em`kXid\ X kiXYXaXi \e jl ^fY`\ief% 0 /$*81$ Þ (1(52

32


(175(9,67$

1RVRWURV HVWLPDPRV UHGXFLU HO JDVWR GH OD EXURFUDFLD HQ XQ SRU FLHQWR HQ HO FDVR GH &RDKXLODĂš

<j le ^iXe i\kf gfi cf hl\ i\gi\j\ekX \c k\dX [\ cX [\c\^XZ`�e Zfdf \jk} gcXe$ k\X[X p cX i\]c\o`�e \j hl\ j` hl\i\dfj Xpl[Xi X cX kiXej]fidXZ`�e [\c gXˆj ef cf mXdfj _XZ\i eX[X d}j \e cXj lieXj% <e \jk\ ZXjf d\ kfZX j\i le XZkfi# cfj fafj [\c gi\j`[\ek\ \e :fX_l`cX%

\c\ZZ`Â?e Zfe dlZ_f dXi^\e p kXc hl\ ef _lYf e` j`hl`\iX \c d}j dˆe`df Zl\jk`f$ eXd`\ekf Xc i\jlckX[f# cf ZlXc c\^`k`dX Xc gi\j`[\ek\ \ekiXek\ [\ dXe\iX _`jkÂ?i`ZX% D\ _X kfZX[f \jkXi dlZ_f k`\dgf \e cX fgfj`Z`Â?e XgcXjkX[X p [\]iXl[X[X# g\if \e \jk\ XÂŒf ^iXZ`Xj X le kiXYXaf [\ dl$ Z_f k`\dgf [\c gi\j`[\ek\ d\ kfZX \jkXi +DFH SRFR PÂĄV GH XQ DÂąR XVWHG HQFDEH \e le \hl`gf hl\ c\mXekX cX dXef [\ cX ]DED XQD KXHOJD GH KDPEUH SRU ORV UH m`Zkfi`X p k`\e\ cX i\jgfejXY`c`[X[ [\ ef VXOWDGRV GH OD HOHFFLÂłQ HQ &RDKXLOD \ \Z_Xi cXj ZXdgXeXj Xc ml\cf% DKRUD IRUPD SDUWH GH XQD DGPLQLVWUD FLÂłQ IHGHUDO TXH OOHJÂł FRQ XQ DSR\R KLV WÂłULFR FÂłPR WRPD WRGR HVWR"

8VWHG HVWXYR LQYROXFUDGR GLUHFWDPHQ WH HQ OD HODERUDFLÂłQ GH OD SURSXHVWD GH G`\ejf le gfZf \e \jf p Zi\f hl\ ZX[X FUHDFLÂłQ GH XQD QXHYD ILJXUD RUJDQL]D YXkXccX p dfd\ekf mX \jZi`Y`\e[f jl gif$ FLRQDO GHO JRELHUQR IHGHUDO TXH QRV g`X _`jkfi`X% ?XZ\ le XÂŒf kfd„ cX i\jgfe$ SXGLHUD DGHODQWDU GH OR SURSXHVWR SDUD jXY`c`[X[ [\ _XZ\i leX gifk\jkX gfi le ODV FRRUGLQDFLRQHV HVWDWDOHV"

k\dX [\ c\^Xc`[X[ p d}j Xcc} [\ \o`^`i ki`le]fj f m`Zkfi`Xj \e cXj lieXj% 8lehl\ ef ^XeXdfj cX \c\ZZ`�e k\eˆX$ dfj cX fYc`^XZ`�e hl\ j\ kiXejgXi\ekXiXe cfj i\jlckX[fj# gl\j \c kXdXŒf [\ cXj `ii\$ ^lcXi`[X[\j p _XYˆX hl\ j\i Zfe^il\ek\j Zfe cX clZ_X gfcˆk`ZX% 8_fiX \j [`jk`ekf gfihl\ ^XeXdfj cX

K\e\dfj leX \o`^\eZ`X [\ _XZ\i cXj Zf$ jXj [`jk`ekXj p gfi \jf \c gi\j`[\ek\ _X ccXdX[f X cX Xljk\i`[X[ p _XZ\i X le cX[f cX gi\gfk\eZ`X [\ cX ]leZ`�e g’Yc`ZX% JXY\dfj hl\ _Xp leX fcX [\ Zfiilg$ Z`�e XŒ\aX p leX YlifZiXZ`X dlp \ehl`j$ kX[X \e leX ]fidX [\ _XZ\i gfcˆk`ZX jX$ hl\X[fiX%

33

CX `[\X [\c gi\j`[\ek\ \j hl\ cfj [\c\$ ^X[fj j\ Zfem`\ikXe \e cfj i\gi\j\ekXe$ k\j [\ jl ^fY`\ief \e cXj \ek`[X[\j ]\[\$ iXk`mXj p j\Xe le ]XZkfi [\ Zffi[`eXZ`�e [\ cXj [`jk`ekXj j\Zi\kXiˆXj X kiXm„j [\ cf hl\ \iXe cXj [\c\^XZ`fe\j% 8_fiX cf hl\ mX _XY\i jfe f]`Z`eXj [\ i\gi\j\ekXZ`�e p k\e[i}e le k`klcXi \e le k\iZ\i e`m\c [\ fi^Xe`^iXdX# gl\j cf hl\ efj g`[\e \j hl\ j\ \ok`e^X cX ]`^liX [\ [\c\^X[f gXiX k\e\i d}j X_fiif gi\jlgl\jkXc% CXj ]XZlckX[\j [\c ^fY`\ief ]\[\iXc j\ mXe X j\^l`i \a\iZ`\e[f j`e e`e^’e gif$ Yc\dX% ?fp _XZ\j le ki}d`k\ \e D`^iX$ Z`�e# mXj X jl [\c\^XZ`�e p X gXik`i [\c gi`d\if [\ [`Z`\dYi\ _Xp \c g\ijfeXc `e$ [`ZX[f gXiX [Xic\ \c ZXlZ\ Zfii\jgfe$ [`\ek\ gXiX i\jgfe[\i% <e Xc^lefj ZXjfj mXdfj X ]lj`feXi }i\Xj p cXj j\Zi\kXiˆXj [\ <jkX[f mXe X j\^l`i [`ZkXd`eXe[f cX gfcˆk`ZX [\ jl Zfdg\k\eZ`X% Efjfkifj Zfdf Zffi[`eX$ Z`�e mXdfj X j\i le \ek\ hl\ mX m`^`cXi hl\ \c gi\jlgl\jkf j\ \a\iqX Zfii\ZkX$ d\ek\ p ef _XpX kilZf \e cX Xj`^eXZ`�e [\ fYiXj# i\Zlijfj%

0 /$*81$ Ăž (1(52


(175(9,67$ (O SUHVLGHQWH $QGUยฉV 0DQXHO /ยณSH] 2EUDGRU UHFRQRFLยณ TXH VX SDSHO FRPR &RRUGLQDGRU GHO *RELHUQR )HGHUDO HQ &RDKXLOD QR VHUยญD IยกFLO SRU VXV DQWHFH GHQWHV GH RSRVLWRU DO UยฉJLPHQ FXยกOHV FRQVLGHUD TXH VHUยกQ ORV SULQFLSDOHV UH WRV HQ HVWD HQFRPLHQGD"

<c gi\j`[\ek\ cf [`af Zfdf le i\ZfefZ`$ d`\ekf X cX clZ_X hl\ _\dfj \dgi\e[`$ [f [\j[\ _XZ\ dlZ_f \e fgfj`Z`ย e \e \c \jkX[f# g\if ef X leX [`]`ZlckX[ i\Xc% ?\ [`Z_f gย Yc`ZXd\ek\ hl\ d\ hl\[X ZcXif hl\ \jkf \o`^\ Zffi[`eXZ`ย e# _XZ\i X le cX[f cXj [`]\i\eZ`Xj g\ijfeXc\j p kiXYXaXi X ]Xmfi [\ :fX_l`cX p jlj dle`Z`g`fj% Kf[f cf ZfdgXif X le \hl`gf [\ ]lk$ Yfc1 d\ \jk}e `em`kXe[f X le gXik`[f \e \c hl\ X cf d\afi ef d\ cc\mf Y`\e Zfe \c [\cXek\if f \c gfik\if# g\if j` XZ\gkf \ekiXi \j gXiX kiXYXaXi gXiX ^XeXi% 4Xยฉ GLDJQยณVWLFR TXH WLHQH DFHUFD GH &RDKXLOD" TXยฉ HV OR TXH PยกV QHFHVLWD GHO JRELHUQR IHGHUDO DKRUD"

6DEHPRV TXH KD\ XQD ROD GH FRUUXSFLยณQ DยฑHMD \ XQD EXURFUDFLD PX\ HQTXLVWDGD HQ XQD IRUPD GH KDFHU SROยญWLFD VDTXHDGRUDร

MXdfj _XZ\i le ย i^Xef [\ Xk\eZ`ย e Z`l[X[XeX \e kf[fj cfj }dY`kfj [\ Zfd$ g\k\eZ`X gXiX ZXeXc`qXi hl\aXj X cXj }i\Xj Zfdg\k\ek\j \e dXk\i`X [\ jXcl[# [\jX$ iifccf jfZ`Xc p fYiX% KXdY`ย e d\ mX kfZXi Zffi[`eXi \c k\dX [\ gifp\Zkfj gi`fi`kXi`fj gXiX cfj dle`Z`g`fj p \c gifg`f \jkX[f# X[\d}j [\ gXik`Z`gXi \e cXj Zfd`j`fe\j [\ j\^li`$ [X[ Zfdf le ย i^Xef [\ `e]fidXZ`ย e [`$ i\ZkX [\c gi\j`[\ek\% MXdfj X k\e\i cX i\jgfejXY`c`[X[ [\ cfj gif^iXdXj `ek\^iXc\j [\ [\jXiifccf jfZ`Xc p \jkf mX `dgc`ZXi k\e\i leX \j$ kilZkliX Z`l[X[XeX \e kf[f \c \jkX[f hl\ g\id`kX Xc\ikXi [\ ZlXchl`\i j`klXZ`ย e [\ `ej\^li`[X[ gย Yc`ZX p gf[Xdfj `e]fidXi \e k`\dgf i\Xc Xc gi\j`[\ek\%

yc gi\j`[\ek\ [\ Dย o`Zf hl`\i\ k\$ e\i `e]fidXZ`ย e `ed\[`XkX [\ ZlXc$ hl`\i j`klXZ`ย e ^iXm\# gfi [\Z`i Xc^f j` i\Zfi[Xdfj \c ki`jk\ ZXjf [\ 8cc\e[\# j` efj [Xdfj Zl\ekX [\ ^ilgfj XidX[fj \e Xc^ย e gl\Ycf XjfcXe[f X cX Z`l[X[X$ eย X j\ mX \ek\iXi [\ `ed\[`Xkf gXiX kf$ dXi XZZ`fe\j i}g`[Xj% &XยกO HV HO SRUFHQWDMH GH DKRUUR HQ HO JDVWR GH ODV GHSHQGHQFLDV IHGHUDOHV TXH SUHYยฉQ FRQ OD GHVDSDULFLยณQ GH GH OHJDFLRQHV"

Efjfkifj \jk`dXdfj i\[lZ`i \c ^Xjkf [\ YlifZiXZ`X \e le *' gfi Z`\ekf \e \c ZXjf [\ :fX_l`cX p j\^l`dfj _XZ`\e[f Xaljk\j gXiX m\i j` gf[\dfj Xdgc`Xi \c dXi^\e%

0 /$*81$ ร (1(52

34

?Xp dlZ_Xj e\Z\j`[X[\j \e \c \jkX[f p ZX[X i\^`ย e k`\e\ jl gXik`ZlcXi`[X[% ?Xp gifYc\dXj Xย \afj \e CX CX^leX p \e Kf$ ii\ย e gfi \a\dgcf i\Z`\ek\d\ek\ mfcm`ย X [Xi dl\jkiX [\ cX e\Z\j`[X[ [\ i\jfc$ m\i \c gifYc\dX [\ [i\eXa\ gclm`Xc [\ ]fe[f% ?Xp le kiXYXaf g\e[`\ek\ \e dXk\i`X [\ [\jXiifccf [\ cfj dle`Z`g`fj p \c gi\$ j`[\ek\ \jk} dlp gi\fZlgX[f gfi \c Zi\$ Z`d`\ekf fi[\eX[f [\ cXj Z`l[X[\j hl\ g\id`kXe jfclZ`feXi Zfe]c`Zkfj liYXefj [\ ]fe[f% CXj ZXii\k\iXj [\ cX qfeX :\ekif p cX :XiYfeย ]\iX i\hl`\i\e i\Zlijfj gXiX d\afiXicXj gfihl\ [\ dlZ_f [\ \jf [\$ g\e[\ \c k\dX [\ e\^fZ`fj% K\e\dfj hl\ i\]fiqXi kXdY`ย e \c k\dX [\ cX j\^l$ i`[X[ gfihl\ j` cX _Xp \o`jk\e `em\ij`f$ e\j% <c k\dX [\ cX i\ZXi^X [\ cfj dXekfj XZlย ]\ifj \e CX CX^leX \j gi`fi`[X[ p pX \jkXdfj kiXYXaXe[f \e le gifp\Zkf% (Q DยฑRV DQWHULRUHV HO KHFKR GH TXH XQ SDUWLGR JREHUQDUยก HQ XQ PXQLFLSLR RWUR HQ HO HVWDGR \ HQ OD IHGHUDFLยณQ LPSOLFD ED GLYLVLยณQ \ FDVWLJR SRU UHFXUVRV TXยฉ SRGHPRV HVSHUDU DKRUD"

Efjfkifj Zfdf Zffi[`eX[fi\j mXdfj X m`^`cXi hl\ cfj i\Zlijfj cc\^l\e X [fe[\ k`\e\e hl\ cc\^Xi p hl\ j\ `em`\ikXe \e cfj gifp\Zkfj XgifYX[fj% <e \c ZXjf [\c ^fY`\ief ]\[\iXc ef \o`jk`i}e \jXj k\cXiXย Xj p j\ mX X ^fY\i$ eXi gXi\af gXiX kf[fj% Le \a\dgcf dlp ZcXif cf k\e\dfj \e :fX_l`cX# gl\j cX gi`d\iX Z`l[X[ hl\ j\ `eZclpย \e \c k\dX [\ [\jXiifccf liYXef p ZfdYXk\ X cX dXi^`eXZ`ย e ]l\ 8Zlย X# le dle`Z`g`f ^fY\ieX[f gfi cX L;: p hl\ j\ _X hl\$ aX[f _`jkย i`ZXd\ek\ gfi j\i XYXe[feX[f gfi cXj Xlkfi`[X[\j cfZXc\j \e iXqย e [\ jlj [`]\i\eZ`Xj gfcย k`ZXj%



9LGD &RWLGLDQD

3RU /XLV :DOWHU -X¡UH] $UTXLHWD

%XHQRV QºPHURV 7RGDY­D VH UHFXHUGD FXDQGR 7RUUH³Q HVWDED FRQVLGHUDGD FRPR XQD GH ODV FLXGDGHV P¡V SHOLJURVDV GHO SD­V

D

lZ_f j\ _XYcX [\ cX `ej\^li`[X[# j\ \jZl$ Z_X hl\ Z`l[X[\j Zfdf I\pefjX# :_`c$ gXeZ`e^f# M\iXZilq# Gl\YcX# <ZX$ k\g\Z p fkiXj kXekXj d}j# m`m\e \e d\[`f [\ cX m`fc\eZ`X \oki\dX# \e$ ki\ YXcXZ\iXj# XjXckfj# ifYfj X `ej$ k`klZ`fe\j# X g\ijfeXj# X m`m`\e[Xj# d`\ekiXj hl\ \e :fX_l`cX# \j\ ]cX$ ^\cf gXi\Z\ hl\ j\ k\id`e % <e cX I\^` e CX^le\iX# ef [\$ aXe [\ gi\j\ekXij\ Yifk\j [\ m`f$ c\eZ`X# g\if \c ZfdYXk\ X cfj [\c`$ kfj [\c ]l\if Zfd e# Zfdf [\c ]l\if ]\[\iXc# jfe XkXZX[fj \e ]fi$ dX ]ifekXc gfi cXj [`]\i\ek\j Zfi$ gfiXZ`fe\j gfc`Z`XZXj# kXekf [\c ^fY`\ief ]\[\iXc# Zfdf [\ cfj \j$ kX[fj [\ ;liXe^f p :fX_l`cX# Xj Zfdf gfi cfj \c\d\ekfj gfc`Z`XZfj [\ cfj [`]\i\ek\j dle`Z`g`fj% Cfj i\jlckX[fj [\ cX <eZl\jkX EXZ`feXc [\ J\^li`[X[ G Yc`ZX LiYXeX# _XYcXe [\ cf hl\ jlZ\[\ \e \c gX j p cX m\i[X[ hl\ \e :fX_l`cX Zfdf \e ;liXe^f# cX `e$ j\^li`[X[ _X YXaX[f Zfej`[\iXYc\$ d\ek\# X kXc ^iX[f hl\ cX Z`l[X[ [\ JXck`ccf j\ \eZl\ekiX \e k\iZ\i cl$ ^Xi Zfdf [\ cXj d}j j\^liXj [\c gX j% Cfj _XY`kXek\j [\ cX I\^` e CX^le\iX g\iZ`Y\e hl\ j\ m`m\

/XLV :DOWHU -X¡UH] $UTXLHWD

'LUHFWRU HGLWRULDO GH ([SUHVV ZDOWHU MXDUH]# PLOHQLR FRP

0 /$*81$ Þ (1(52

36

kiXehl`cf# hl\ _Xp `ej\^li`[X[# g\if ef `^lXc hl\ \e X fj Xek\i`f$ i\j% Kf[Xm X j\ i\Zl\i[X ZlXe[f Kf$ ii\ e \jkXYX Zfej`[\iX[X Zfdf leX [\ cXj Z`l[X[\j d}j g\c`^ifjXj [\c gX j# ZfdgXik`\e[f \j\ Zi [`kf Zfe \c gl\ikf [\ 8ZXglcZf# d`\e$ kiXj hl\ \e cXj Z`l[X[\j [\ JXck`ccf p ;liXe^f# kXdY` e j\ m`m`\ife dfd\ekfj [\ d`\[f# `eZ\ik`[ld$ Yi\# pX hl\ cfj gcX^`fj# cXj YXcXZ\$ iXj p cfj j\Zl\jkifj# \jkXYXe X cX fi[\e [\c [ X% 8_fiX# Zfe \c Xgfpf [\ cfj ^fY\ieX[fi\j [\ XdYXj \e$ k`[X[\j# Zfe \c Xgfpf [\ cXj ]l\iqXj ]\[\iXc\j p gi`eZ`gXcd\ek\ [\c <a iZ`kf D\o`ZXef# hl\ k`\e\ \c DXe[f èe`Zf \e cX i\^` e p \c ZlXc Zffi[`eX cXj XZZ`fe\j X i\Xc`qXi# cX j`klXZ` e j\ gl\[\ [\Z`i hl\ cX :f$ dXiZX \jk} YXaf Zfekifc# X[\d}j# j\ _Xe cf^iX[f i\jlckX[fj hl\ ^X$ iXek`qXe cX j\^li`[X[ \e cX i\^` e% Ef ZXY\ [l[X hl\ cX j`klXZ` e ZXdY` # cfj \dgi\jXi`fj \dg\qX$ ife X `em\ik`i# _Xp d}j Zfd\iZ`fj# j\ _Xe `ejkXcX[f gcXekXj `ek\ieX$ Z`feXc\j p cf gi`eZ`gXc# cfj _XY`kXe$ k\j [\ cfj [`]\i\ek\j dle`Z`g`fj [\ cX i\^` e m`m\e \e le Zc`dX [\ kiXe$ hl`c`[X[% 8[\d}j# cfj a m\e\j mfc$ m`\ife X i\Zlg\iXi jlj \jgXZ`fj%



(175(9,67$

0H GXHOH TXH QR KD\D P¥V ,7(60 HQ HO SD­V

6DOYDGRU $OYD *ÂłPH] SUHVLGHQWH GHO 7HFQROÂłJLFR GH 0RQWHUUH\ <e X^fjkf [\ )'(/ \c K\Z [\ Dfek\ii\p j`^eÂ? leX Xc`XeqX Zfe CX Le`m\ij`[X[ [\ Cfj 8e[\j \e :fcfdY`X p cX Gfek`]`Z`X Le`m\ij`[X[ :XkÂ?c`ZX [\ :_`c\ hl\ j\ ccXdÂ? CX KiˆX[X 325 /8,6 &$5/26 9$/'‰6 '( /(“1 )2726 /8,6 &$5/26 9$/'‰6 '( /(“1

/RV LQVSLUR D VRÂąDU D LPDJLQDUQRV XQ 7HF PHMRU GLIHUHQWH D GDUOHV OD FRQILDQ]D GH TXH QR LPSRUWD VL DO DUULHVJDUQRV QRV HTXLYRFDPRV VRQ DSUHQGL]DMHV SDUD VDOLU DGHODQWHĂš

J

l g\ijfeXc`[X[ \j j\eZ`ccX p jl ZX$ i}Zk\i cf \j d}j% Hl`\e ef cf Zf$ efZ\# ef j\ `dX^`eXiˆX hl\ kiXYX$ aÂ? gfi )+ XÂŒfj \e cX ]`idX G\gj`Zf# \dgi\jX kiXejeXZ`feXc [\ cX ZlXc ]l\ gi\$ j`[\ek\ \e CXk`efXd„i`ZX \e cfj e\^f$ Z`fj [\ 8c`d\ekfj p 9\Y`[Xj% Cl\^f kfdÂ? cX [\Z`j`Â?e [\ i\k`iXij\ Zfe cX `[\X [\ [\$ [`ZXij\ X \jZi`Y`i c`Yifj p X [Xi Zfejlckf$ iˆXj X \dgi\jXj% @e^\e`\if Hlˆd`Zf gfi cX LE8D# JXcmX[fi 8cmX >Â?d\q i\ZfefZ\ hl\ ZlXe[f cc\^Â? Xc K\Z [\ Dfek\ii\p _XZ\ j`\k\ XÂŒfj# ef k\eˆX e`e^leX \og\i`\eZ`X \[lZXk`mX p cf gi`d\if hl\ _`qf alekf Zfe d`\dYifj [\c :fej\af [\ cX @ejk`kl$ Z`Â?e# ]l\ jXc`i Xc dle[f X Xgi\e[\i# m`j`$ kXe[f mXi`Xj le`m\ij`[X[\j \e kf[f \c 0 /$*81$ Ăž (1(52

dle[f2 g\if _XYˆX [fj `ejk`klZ`fe\j gi`$ mX[Xj \e gXik`ZlcXi hl\ c\ `ek\i\jXYX m`$ j`kXi1 CX Le`m\ij`[X[ [\ Cfj 8e[\j \e :fcfdY`X p cX Gfek`]`Z`X Le`m\ij`[X[ :X$ k�c`ZX [\ :_`c\# hl\ \jk}e iXeb\X[Xj \e$ ki\ cXj gi`d\iXj [`\q d}j `dgfikXek\j \e CXk`efXd„i`ZX% <eki\m`jkX[f \e cXj `ej$ kXcXZ`fe\j [\c :Xdglj <l^\e`f >XiqX JX[X [\ cX Z`l[X[ [\ Dfek\ii\p# [fe[\ j\ cfZXc`qX \c \dYc\d}k`Zf \[`]`Z`f [\ I\ZkfiˆX# j\ŒXc� hl\ \c fYa\k`mf [\c K\Z p [\ jl Zfej\af ]l\ Xgi\e[\i [\ fkiXj `ej$ k`klZ`fe\j lY`ZX[Xj \e gXˆj\j hl\ k\eˆXe j`d`cXi\j ZXi\eZ`Xj hl\ D„o`Zf# hl\ \jk} \e j\okf cl^Xi \e [\jXiifccf \[lZXk`mf# `eZcljf :fjkX I`ZX \jk} Xii`YX% =l\ \e \c d\j [\ X^fjkf [\ )'(/ hl\ j\ j`^e� cX

38

Xc`XeqX hl\ j\ ccXd� CX KiˆX[X% <jkX Xc`XeqX j\ Z\ekiX gi`eZ`gXcd\ek\# \e \c `dglcjf [\ cX `eefmXZ`�e \[lZXk`mX p [\ `em\jk`^XZ`�e p gi\k\e[\ i\]fiqXi cX Zf$ cXYfiXZ`�e jfYi\ k\dXj \e cfj ZlXc\j XZ$ klXcd\ek\ pX j\ \jk} kiXYXaXe[f \e k\dXj Zfdf cX `eefmXZ`�e p i\]fidX \[lZXk`mX2 \ej\ŒXeqX \ `em\jk`^XZ`�e [\ ]fidX `e$ k\^iXc \e Xj`^eXkliXj [\ekif [\ cX `e^\$ e`\iˆX# jfZ`\[X[# Xihl`k\ZkliX# ^fY`\ief# Z`\eZ`Xj# ^fY`\ief2 Xjˆ Zfdf Z`l[X[XeˆX# i\jgfejXY`c`[X[ jfZ`Xc# [`m\ij`[X[ \ `e$ Zclj`�e p c`[\iXq^f p \dgi\e[`d`\ekf [\ekif [\c dXiZf [\ cX i\mfclZ`�e +%' [fe[\ cfj a�m\e\j k`\e\e le gXg\c dlp `dgfikXek\ hl\ [\j\dg\ŒXi p [\ cfj hl\ _Xp dlZ_f hl\ Xgi\e[\i%


(175(9,67$

8c `dgc\d\ekXi le efm\[fjf j`jk\dX \[lZXk`mf hl\ _X m\e`[f X kiXej]fidXi cX `ejk`klZ` e gXiX `dglcjXi \c c`[\iXq^f# cXeq \c df[\cf C [\i\j [\c DX XeX# hl\ _X cf^iX[f cX dfm`c`[X[ jfZ`Xc [\ a m\e\j p hl\ _fp Y\e\]`Z`X X leX `dgfikXek\ ZXek`[X[ [\ kXc\ekfj \e \c gX j%

(O 7HF HV XQD XQLYHUVLGDG VLQ ILQHV GH OXFUR TXH QDFH FRQ OD LQWHQFL³Q GH D\XGDU D OD VRFLHGDGÚ

'H TX© IRUPD VH KD YLVWR IRUWDOHFLGR HO 7HF GH 0RQWHUUH\ \ VX SUHVHQFLD QR V³OR HQ 0©[LFR VLQR HQ HO PXQGR"

ml\cm\ dlp ZXiX p gfZf XZZ\j`Yc\ p i\$ hl`\i\ kXdY` e hl\ le Z_`Zf [\[`hl\ ZlXkif X fj [\ jl m`[X p hl\ \e dlZ_fj ZXjfj ef cf gl\[\e _XZ\i gfihl\ ef k`\$ e\e \c `e^i\jf gXiX gX^XicX% Efjfkifj Zi\\dfj hl\ cX k\Zefcf^ X jfclZ`feX dlZ_f cXj gfj`Y`c`[X[\j gXiX dlZ_X ^\ek\2 g\if kXdY` e Zi\\dfj hl\ leX jfZ`\[X[ [\Y\ [Xic\ cX fgfikle`[X[ X ZlXchl`\iX gfi jl \j]l\iqf p gfi jl d $ i`kf p d\i\Z\e `eZclj`m\ d}j fgfikle`$ [X[ \jkXe[f \e leX j`klXZ` e \Zfe d`ZX [ Y`c hl\ cf^iX jfYi\jXc`i p cf^iX k\e\i le c`[\iXq^f% Le gX j k`\e\ dlZ_fj _XY`kXek\j g\if k`\e\ leXj afpXj# Xhl\ccfj hl\ cX m`[X c\j [`f cX fgfikle`[X[ [\ jXc`i X[\cXek\ Zfe \j]l\iqf p \jf ef \j e`e^ e dfk`mf gXiX hl\ [\YXe hl\[Xij\ j`e k\e\i leX \[lZX$ Z` e [\ ZXc`[X[ p X m\Z\j \dg\qXdfj X [`]\i\eZ`Xi g Yc`Zf p gi`mX[f p _Xp hl\ hl`kXiefj \jX `[\X% CX m\i[X[ \j hl\ \c K\Z \j leX le`m\i$ j`[X[ g Yc`ZX j`e ]`e\j [\ clZif p j\ ]`$ eXeZ`X [\c j\Zkfi gi`mX[f# `eZclj`m\ c\ hl`kX cX gi\j` e Xc ^fY`\ief [\ k\e\icX hl\ jlYj`[`Xi2 p gfi fkif cX[f kXdY` e &RQVLGHUD TXH /D 7ULDGD SHUPLWLU¡ LQ efj _\dfj [X[f Zl\ekX hl\ j` \c ^fY`\i$ FLGLU HQ OD GLVPLQXFL³Q GH OD EUHFKD HGX ef klm`\iX hl\ gX^Xi cX \[lZXZ` e [\ \j$ FDWLYD H[LVWHQWH HQ /DWLQRDP©ULFD" kfj Z_`Zfj Yi`ccXek\j X m\Z\j cX le`m\ij`$ CX `e\hl`[X[ \[lZXk`mX j\ \jk} [Xe[f \e [X[ gi`mX[X \j d}j YXiXkX hl\ cX g Yc`ZX# kf[f \c dle[f# cfj j`jk\dXj \[lZXk`mfj cf hl\ gXjX \j hl\ _fp m\dfj hl\ cX le`$ _Xe j`[f dlp i ^`[fj p ZXifj# cX \[lZX$ m\ij`[X[ g Yc`ZX ef Zl\jkX Xc \jkl[`Xek\# Z` e gi\j\eZ`Xc Zfe `ejkXcXZ`fe\j j\ g\if j c\ Zl\jkX X cX jfZ`\[X[2 gfi cf hl\ 8ZklXcd\ek\ k\e\dfj d}j [\ -'' i\cX$ Z`fe\j Zfe le`m\ij`[X[\j \e kf[f \c dle[f# gfihl\ el\jkif jl\ f \j hl\ eX[`\ j\ ^iX[ \ [\c K\Z j`e _XY\i m`m`[f leX \og\i`\eZ`X `ek\ieXZ`feXc# gfihl\ efj _\dfj [X[f Zl\ekX hl\ \jf \j cf hl\ kiXej]fidX X cfj Z_`Zfj# \c jXc`i [\ ZXjX# \j cf hl\ efj _Xe [`Z_f cfj <O%8%K<:# jXc`i ]l\iX [\ ZXjX \j cf hl\ d}j cfj kiXej]fidX ?fp -) [\ cfj hl\ j\ ^iX[ Xe jXc\e Zfe \og\i`\eZ`X `ek\ieXZ`feXc# gfi \jf [\jXiifccXdfj dlZ_fj Zfem\e`fj2 g\if _\dfj [\Z`[`[f kXdY` e Xc`XeqXj ]l\ik\j \e [fe[\ _XZ\dfj leX i\cXZ` e [\ gif$ ]\jfi\j \ `em\jk`^X[fi\j X le dXpfi e`$ m\c2 cXj gf[\dfj k\e\i Zfe j`\k\ l fZ_f le`m\ij`[X[\j [\c dle[f# \e \c jli [\ CXk`efXd i`ZX \jkXdfj [\Z`[`\e[f Zfe \ccfj2 \e <jkX[fj Le`[fj Zfe cX Le`m\i$ j`[X[ [\ K\oXj [\ 8ljk`e# D@K @ejk`klkf K\Zefc ^`Zf [\ DXjjXZ_lj\kkj # hl\ cXe$ qXdfj _XZ\ Z`eZf X fj `eZclp\e[f ]fe$ [fj gXiX `em\ik`i p hl\ _X [X[f lefj ^iXe[\j ]ilkfj Xc K\Z%

39

kXdY` e leX ]fidX [\ kiXejgXi\ekXi \j hl\ \c ^fY`\ief [`^X1 ÈPf c\j mfp X [Xi i\Zlijfj j\Xe g Yc`ZXj f gi`mX[Xj p hl\ Zfdg`kXe cXj d}j \]`Z`\ek\j2 g\if cXd\e$ kXYc\d\ek\ _fp cX dXpfi X [\ cXj g\ijf$ eXj \e el\jkiXj gfYcXZ`fe\j eXZ\ gfYi\ p cX gfj`Y`c`[X[ [\ k\e\i leX dfm`c`[X[ jfZ`Xc \j dlp YXaX# gfi cf hl\# [\ hl c\j j`im\ \c \j]l\iqf j` Xc ]`eXc k`\e\j hl\ Yi`eZXi Xc fkif cX[f# \j dlp `ealjkf hl\ ef _XpX fgfikle`[X[\j Xc d i`kf% ;\ekif [\c gif^iXdX C [\i\j [\c DX$ XeX k\e\dfj Y\ZX[fj X d`c 0/- c [\i\j [\c dX XeX# g\if \jk}e Xgc`ZX[fj () d`c p [\ \jfj ZX[X X f# d`c ,'' k`\e\e Zi\$ [\eZ`Xc\j dXiXm`ccfjXj p ef gi\Z`jXd\e$ k\ jfe XZX[ d`ZXj2 \j [\Z`i# kf[fj \ccfj \jk}e _XZ`\e[f gifp\Zkfj jfZ`Xc\j \e jlj Zfdle`[X[\j# k`\e\e le c`[\iXq^f# k`\$ e\e Xc^f eXkf% <ccfj jfe i`hl j`dfj \e gfk\eZ`Xc# cf e`Zf hl\ e\Z\j`kXe \j le \dglafeZ`kf [\ ZlXkif X fj% <jkfj Z_`Zfj efj _Xe \ej\ X[f X j\i \dg}k`Zfj# X j\i `eZclp\ek\j% <e cX ck`$ dX ^\e\iXZ` e [\ \^i\jX[fj [\ \jk\ gif$ ^iXdX Xc ]`eXc d\ \eki\^Xife leX ZXaX Zfe [`e\if p d\ [`a\ife1 È:fe \jkf# cfj c [\i\j [\ \jkX gi`d\iX ^\e\iXZ` e efj \jkXdfj Zfdgifd\k`\e[f X Zi\Xi cX gi`$ d\iX Y\ZX [\ c [\i X c [\iÉ% <ekfeZ\j ZlXe[f \jZlZ_Xj \jkf# k\ [Xj Zl\ekX hl\ \c hl\ d\efj k`\e\ \j d}j ZXi`kXk`mf Zfe cfj [\d}j p \jf efj Xpl[X X k\e\i leX d\afi jfZ`\[X[%

0 /$*81$ Þ (1(52


(175(9,67$ 'HVGH VX SXQWR GH YLVWD FRQVLGHUD TXH KD\ XQD DXVHQFLD GH O­GHUHV HQ HO PXQGR SDUD IRUPDU XQD PHMRU VRFLHGDG"

<c gifYc\dX hl\ jlZ\[\ \j hl\ cfj _ldX$ efj m`m`dfj gfi _}Y`kfj# [\j[\ cX Zfd`$ [X# hl\ j\ Xgi\e[\e2 g\if ZlXe[f _Xp le ZXdY`f [\ _ldXe`[X[ Zfdf \c hl\ \jkX$ dfj k\e`\e[f# \c `ek\ie\k _XZ\ ), XÂŒfj# efj ZXdY`X kf[Xj cXj ]fidXj p efj [X d`\[f \e]i\ekXiefj X \jk\ ZXdY`f% :lXe[f m\j X cfj j\i\j _ldXefj p cfj X[lckfj hl\ ]l`dfj \[lZX[fj \e \c df$ [\cf m`\af p [\ i\g\ek\ efj [`Z\e hl\ j\i\dfj le cˆ[\i hl\ mX X ZXdY`Xi X leX jfZ`\[X[# leX \dgi\jX f leX `ejk`kl$ Z`Â?e# cf gi`d\if hl\ k\ [X \j d`\[f% Cfj i\kfj [\ cX _ldXe`[X[# \e X^lX# `e\hl`[X[# \[lZXZ`Â?e# p fkifj jfe \efi$ d\j# gfi cf hl\ \eZfekiXi cfj cˆ[\i\j hl\ k\e[i}e hl\ \e]i\ekXi \jkX kiXej]fidX$ Z`Â?e \j [`]ˆZ`c# gfihl\ ef \jk}e gi\gXiX$ [fj# cf \jk}e gXiX le dle[f m`\af ZlXe$ [f _Xp hl\ ZXdY`Xicf p hl`\e\j efj \jk}e \ej\ÂŒXe[f X ZXdY`Xicf jfe cfj Z_`Zfj [\ )' X *' XÂŒfj# cfj ]le[X[fi\j [\ =XZ\Yf$ fb# [\ >ff^c\ ]l\ife aÂ?m\e\j hl\ ef k`\$ e\e gXiX[`^dXj p hl\ j\ Xki\m`\ife X \e$ ]i\ekXij\ Zfe el\mfj gXiX[`^dXj p efj \ej\ÂŒXe X \e]i\ekXi Xc dle[f% 6LQ HPEDUJR KD\ TXLHQHV HVWÂĄQ SDVDQ GR SRU FULVLV SRU QR VDEHU HQIUHQWDU HVH PXQGR &ÂłPR SRGHU FRQVWUXLU KHUUD PLHQWDV TXH SHUPLWDQ DWHQGHU DVSHF WRV FRPR GHSUHVLÂłQ DQVLHGDG HVWUŠV"

<jkXdfj kiXYXaXe[f gXiX Xk\e[\i \jk\ gif$ Yc\dX# \j \c gifp\Zkf d}j `dgfikXek\ hl\ k\e\dfj% Lef [\ cfj gifYc\dXj hl\ gXjX \e \jk\ dle[f# hl\ e` k’ e` pf [\]`e`dfj# \j hl\ \c `eZ\ek`mf d}j `dgfikXek\ \j k\$ e\i ZfjXj p X[\d}j cXj m\dfj# ef `dgfikX j` m`mf Xhlˆ f \e :_`eX2 p ZlXe[f hl`\if cf^iXi d\kXj# hl`\if \c gl\jkf# \c ZfZ_\# cX ZXjX p ef cX gl\[f k\e\i# ^\e\iX gliXj \dfZ`fe\j e\^Xk`mXj# Zfdf Xej`\[X[# \efaf# \em`[`X# kf[f \jf% P \e cl^Xi [\ m`$ m`i kl gi\j\ek\# m`m\j Zfe cX `dgfk\eZ`X [\ ef gf[\i i\Xc`qXi kl m`[X% D}j [\ cX d`kX[ [\ cX gfYcXZ`�e \e \c dle[f m`m\ Zfe d\efj [\ ,' [�cXi\j X cX j\dXeX p \jkf gXjX \e D„o`Zf% :l}e$ kX [\ \jkX gfYcXZ`�e j`\ek\ cX `dgfk\e$ Z`X [\ ef gf[\i jXc`i p X[\d}j [\ m`m`i Zfe cX gi\j`�e jfZ`Xc [\ XZldlcXi ZfjXj p ef gf[\icf k\e\i% <jkX gi\j`�e ^\e\iX \jXj Xej`\[X[\j# j\ek`d`\ekfj [\ ]iljkiXZ`�e p _fp k\e\dfj leX Zi`j`j [\ ]XckX [\ le j\ek`[f [\ gifg�$ j`kf \e cX m`[X [\ dlZ_fj j\i\j _ldXefj% Cf m\dfj \e cXj \eZl\jkXj hl\ i\Xc`qX$ dfj [fe[\ c\j gi\^lekXdfj j` hl`\i\e hl\ c\j [\dfj _\iiXd`\ekXj gXiX cX gif]\j`�e p k\e\i le d\afi kiXYXaf f gXiX cX m`[X2 efj Zfek\jkXe1 hl`\if cXj [fj# g\if j` klm`\iX hl\ \c\^`i# gl\j [Xd\ _\iiXd`\ekXj gXiX m`m`i p \jkf cf m\dfj \e cX le`m\ij`[X[ g\if kXdY`„e cf m\dfj \e cfj X[lckfj# gfihl\ jfe hl`\e\j k`\e\e dXpfi d`\[f%

6LQ OXJDU D GXGDV VL QR WHQHPRV FLXGDGHV GLYHUWLGDV \ VHJXUDV SDUD YLYLU WDPSRFR YDPRV D DWUDHU D ORV HVWXGLDQWHVÚ :lXe[f le X[lckf g`\i[\ jl kiXYXaf cf i\\dgcXqXe a�m\e\j hl\ k`\e\e _XY`$ c`[X[\j [`]\i\ek\j% Gfi \jf \jkXdfj m`$ m`\e[f le dle[f hl\ \jk} \e leX kiXe$ j`Z`�e hl\ ^\e\iX d`\[fj# \jki„j2 p gfi fkif cX[f# cfj ]XZkfi\j hl\ [`\ife „o`kf Xc dle[f gXjX[f _fp ef ^\e\iXe Zfe$ ]`XeqX% J` j\ i\m`jXe \eZl\jkXj Zfdf cXj [\ :fejlckX D`kf]jbp p fkiXj# cX Zfe$ ]`XeqX \e cXj `ejk`klZ`fe\j mX gXiX XYX$ af2 gfi cf hl\ \jk\ _XikXq^f \e leX jf$ Z`\[X[ [fe[\ j\ g`\ejX [\ hl\ eX[X ]leZ`feX% (Q OD EºVTXHGD GH XQD HGXFDFL³Q LQFOX \HQWH \ GH PHMRU FDOLGDG F³PR HO 7HF GH 0RQWHUUH\ YH DO UHVWR GH ODV XQLYHU VLGDGHV F³PR FRPSHWHQFLD R F³PR DOLDGRV HQ OD HGXFDFL³Q" )LQDOPHQWH HV XQD HPSUHVD HGXFDWLYD

8jˆ \j% <c K\Z \j leX le`m\ij`[X[ j`e ]`$ e\j [\ clZif hl\ eXZ\ Zfe cX `ek\eZ`Â?e [\ Xpl[Xi X cX jfZ`\[X[% Jˆ \j leX \d$ gi\jX \[lZXk`mX ZcXif# g\if X dˆ d\ [l\c\ hl\ ef _XpX d}j K\Z [\ Dfek\$ ii\p \e D„o`Zf% <j [\Z`i# Âśhl„ [`]\i\eZ`X Xc K\ZefcÂ?$ ^`Zf [\ Dfek\ii\p [\ dlZ_Xj le`m\ij`$ [X[\j6 Efjfkifj c\ \jkXdfj XgfjkXe[f X cX `em\jk`^XZ`Â?e# k\e\dfj ,'' `em\j$ k`^X[fi\j p cf hl\ efj `ek\i\jX \j hl\ \ccfj XkiX`^Xe Z_`Zfj X cfj cXYfiXkfi`fj p c\j ^\e\i\e \jkX gXik\ [\ g\ejXd`\e$

0 /$*81$ Ăž (1(52

40

kf Ziˆk`Zf# [\ `em\jk`^XZ`�e gfihl\ \jf gfj`Yc\d\ek\ c\j g\id`kX Zi\Xi \jfj gif[lZkfj hl\ [\i`m\e \e cX Zi\XZ`�e [\ jlj \dgi\jXj% <jkf \j cf d}j `dgfikXek\ p \e D„o`$ Zf _Xp gfZXj le`m\ij`[X[\j hl\ \jk„e iXeb\X[Xj \e \c dle[f gfi `em\jk`^X$ Z`�e p cX gXik\ dXcX# \j hl\ ef XkiX\e X Xcldefj \okiXea\ifj# hl\ hl`\i\e `ij\ X cXj d\afi\j le`m\ij`[X[\j [\c dle[f% <e D„o`Zf k\e\dfj gfZfj \jkl[`Xek\j \okiXea\ifj# gfi k\dXj [\ j\^li`[X[# g\if kXdY`„e gfihl\ ef k\e\dfj cXj le`m\ij`[X[\j Zfe cfj gi\jk`^`fj f efd$ Yi\j% CX Zfdg\k\eZ`X cf ’e`Zf hl\ _XZ\ \j ZfdgXik`i ZfefZ`d`\ekf gXiX hl\ j\ d\afi\ cX ZXc`[X[ \[lZXk`mX# p Zi\f hl\ \e \c ]lklif cXj le`m\ij`[X[\j ef j\i}e Xlk�efdXj# j\i}e \ek\j XY`\ikfj# [fe$ [\ efj XgfpXi\dfj leXj X fkiXj# ef j\$ i\dfj [l\Œfj [\ cfj Zfek\e`[fj# e` gf$ [i\dfj k\e\i cfj gif]\jfi\j gXiX kf[Xj cXj \jg\Z`Xc`[X[\j# Zi\f hl\ mX X ZXd$ Y`Xi cX ]fidX [\ ZfcXYfiXi \e \c dle[f% CXj ]ifek\iXj \jk}e [\jXgXi\Z`\e[f p \e \jk\ ifdg`d`\ekf [\ ]ifek\iXj cX Zf$ cXYfiXZ`�e j\ ml\cm\ `dgfikXek\2 cXj el\mXj \dgi\jXj Zfdf =XZ\Yffb cf hl\ _XZ\e \j Zfe\ZkXi Xc dle[f ef `dgfi$ kX [fe[\ \jk„j# kl f]`Z`eX \j \c dle[f p fg\iXj gXiX kf[f \c dle[f p Zi\f hl\ \e cX \[lZXZ`�e kXdY`„e mX X jlZ\[\i%


(175(9,67$

+DEODED TXH OH GXHOH TXH QR KD\D P¡V XQLYHUVLGDGHV FRPR HO 7(& GH 0RQWH UUH\ 4X© FRQVLGHUD TXH OH GXHOH D 0©[LFR HQ PDWHULD GH HGXFDFL³Q H LQQR YDFL³Q"

CXj jfZ`\[X[\j \dg`\qXe Zfe X^i`ZlckliX# dXk\i`Xj gi`dXj p Zfe]fid\ mX gi\gXiXe$ [f jl kXc\ekf# \dg`\qXe pX \e cX dXel]XZ$ kliX p _Xp jfZ`\[X[\j hl\ mXe dlZ_f d}j X[\cXekX[Xj p hl\ c\ \jk}e XgfjkXe[f X cX `em\jk`^XZ` e# cX Zi\XZ` e p \jXj jfe _fp cXj jfZ`\[X[\j d}j i`ZXj p j` Zl`[Xe [Xi fgfikle`[X[\j gXiX kf[fj# gl\j jfe cXj hl\ X[d`iXdfj g\if \e cX c`jkX X e m\dfj Xc^lefj gX j\j hl\ \jkXdfj XYXaf [\ cX d\[`X kXYcX [fe[\ j\ `eZclp\ D o`Zf# g\if \c k\dX ef \j \j\2 \c k\dX \j hl\ j` efj \hl`mfZXdfj \e \c [`X^e jk`Zf p kf$ dXdfj leX dXcX [\Z`j` e \e [`\q X fj gf[\dfj Xii\g\ek`iefj f ef% D o`Zf _XZ\ ,' X fj [\Z`[` [\jXiif$ ccXi le d\iZX[f `ek\ief p ef efj jXc`dfj Xc dle[f2 _XZ\ )+ X fj efj [`dfj Zl\e$ kX hl\ efj _XY Xdfj \hl`mfZX[f# hl\ \c ef _XY\iefj XY`\ikf Xc dle[f ^\e\i leX Yi\Z_X [\ gfYi\qX dXpfi hl\ cX hl\ _fp k\e\dfj p e`m\c\j [\ \[lZXZ` e YXaf# [\ Zfdg\k`k`m`[X[ YXaf2 efj XYi`dfj Xc dle[f p j efj Xpl[ # g\if ef \jkXdfj \e cX \Zfefd X [\c ZfefZ`d`\ekf# X e k\e\dfj leX Yi\Z_X \[lZXk`mX ^iXe[\% <c dXpfi gifYc\dX hl\ k`\e\ D o`Zf \j jl ZXc`[X[ \[lZXk`mX# \jkX Yi\Z_X p j`e cl^Xi X [l[Xj j` ef k\e\dfj Z`l[X[\j [`$ m\ik`[Xj p j\^liXj gXiX m`m`i# kXdgfZf mX$ dfj X XkiX\i X cfj \jkl[`Xek\j% <c gifYc\dX \j hl\ \jkXdfj _XYcXe[f [\ k\dXj li^\ek\j# cX j\^li`[X[ \j le k\dX li^\ek\# g\if cfj `dgfikXek\j hl\ efj mXe X ZXdY`Xi ef jfe kXe li^\ek\j Zfdf Xc \[lZXZ` e% Hl g`[\ cX jfZ`\[X[# hl\ c\ [\[`hl\j X \[lZXZ` e f j\^li`[X[6 J\^li`[X[% Cfj ^fY`\iefj i\jgfe[\e X cX jfZ`\[X[# j` j\ \jklm`\iX \o`^`\e[f \[lZXZ` e# \jkXi X$ dfj _XYcXe[f [\ \[lZXZ` e# \c gifYc\dX \j hl\ cX \[lZXZ` e \j le gifYc\dX `e$ kXe^`Yc\# gXi\Z\ hl\ ef cf m\j# cX j\^li`$ [X[ j j\ m\%

D` `ek\i j ]le[Xd\ekXc \j leX d\afi _ldXe`[X[ leX d\afi jfZ`\[X[ p Xc^l`\e d\ gljf \e \jk\ gl\jkf# pf ef k\e X e`e$ ^leX \og\i`\eZ`X# X[\d}j ef cX e\Z\j`kf# \jkXdfj cc\efj [\ ^\ek\ Zfe dlZ_X \og\$ i`\eZ`X# cf hl\ _XZ\dfj \j gfe\i cfj k\$ dXj X [`jZlj` e p cXj [\Z`j`fe\j jfe [\ cfj XZX[ d`Zfj# pf cf e`Zf hl\ cfj `ejg`if \j X jf Xi# X `dX^`eXiefj le K\Z d\afi# [`$ ]\i\ek\# X [Xic\j cX Zfe]`XeqX [\ hl\ ef `dgfikX j` Xc Xii`\j^Xiefj efj \hl`mfZX$ dfj# jfe Xgi\e[`qXa\j gXiX jXc`i X[\cXek\% 6H FRQVLGHUD XQ EXHQ O­GHU"

@dg\i]\Zkf% Gfihl\ j`\dgi\ _Xp leX fgfikle`[X[ gXiX j\i leX d\afi g\ijfeX% &³PR IXH TXH VH IRUP³ /D 7ULDGD"

=l`dfj mXi`fj d`\dYifj [\c :fej\af X m`$ j`kXi [`m\ijXj le`m\ij`[X[\j \e CXk`ef$ Xd i`ZX p \eZfekiXdfj le ^iXe ZXi` f [\ cfj ZfcfdY`Xefj X D o`Zf p _XY X dlZ_Xj j`d`c`kl[\j p m`dfj hl\ _XY X jl\ fj hl\ efjfkifj hl\i Xdfj _XZ\i p hl\ \ccfj k\$ e Xe# Zfdf jfe cXj Y\ZXj hl\ efjfkifj _fp ccXdXdfj C [\i\j [\c DX XeX# hl\ ]l\ `ejg`iX[f \e \ccfj% Efjfkifj k\e\dfj [fj Z\ekifj d [`$

Zfj XZX[ d`Zfj hl\ cfj k\e\dfj gfihl\ hl\i\dfj ZXdY`Xi cX gi}Zk`ZX [\ jXcl[ gfihl\ efj gXi\Z\ kXdY` e le }i\X hl\ _Xp hl\ kiXej]fidXi p cX Gfek`]`Z`X Le`$ m\ij`[X[ :Xk c`ZX [\ :_`c\ hl\ k`\e\ le Z\ekif _fjg`kXcXi`f dlp ^iXe[\# gfi cf hl\ j\ m`Xa X :_`c\# X_ eXZ` leX i\cXZ` e [\ Xd`^fj hl\ j\ ]l\ XZ\eklXe[f _XjkX hl\ GXYcf EXmX# [`i\Zkfi [\ cX Le`m\ij`$ [X[ [\ cfj 8e[\j# gcXek\X \c gfihl ef ^\e\iXdfj le ZfejfiZ`f p gXiX ZlXe[f cX \dg\qXdfj X ^\e\iXi pX _XY X i\cXZ` e \eki\ el\jkifj [`i\Zk`mfj# gif]\jfi\j \e Xc^lefj k\dXj# p cX m\i[X[ cf hl\ _`Z`dfj ]l\ iXk`]`ZXi le gi`eZ`g`f [\ ZfcXYfiXZ` e p le gi`eZ`g`f [\ `ep\ZkXic\ \j]l\iqfj# i\$ Zlijfj X \jk\ gifp\Zkf2 p [Xiefj Zl\ekX kXdY` e hl\ j`\dgi\ m\dfj Xc efik\# X <lifgX p cX i\Xc`[X[ \j hl\ el\jkiX ZXjX j`^l\ j`\e[f CXk`efXd i`ZX# \ekfeZ\j [\ X_ eXZ` \jkX `[\X# leX Xd`jkX[ hl\ j\ kiXej]fid \e \jkX i\cXZ` e% M`dfj cX gfj`Y`c`[X[ [\ m`eZlcXi X d}j le`m\ij`[X[\j# g\if \c gifp\Zkf cf m`dfj Zfdf le dXki`dfe`f# hl\ `dgc`ZX leX i\$ cXZ` e [\ gfZfj gXiX [Xic\ ]l\iqX p hl\ ]leZ`feXiX Y`\e p \jX ]`cfjf] X \j cX hl\ k\e\dfj \e \c K\Z [\ Dfek\ii\p%

4X© RSLQD VREUH HO OLGHUD]JR"

<e cX m`[X mXj [\jXiifccXe[f klj _XY`c`[X$ [\j% Pf hl\i X j\i le c [\i gXiX Xpl[Xi X leX jfZ`\[X[# gfi cf hl\ d\ gi\gXi dl$ Z_f \e c`[\iXq^f# gj`Zfcf^ X# \e fkifj k\$ dXj gXiX gf[\i j\i leX d\afi g\ijfeX p gf[\i [`i`^`i fi^Xe`qXZ`fe\j2 pf \iX le \dgi\e[\[fi# jXc [\ cX \jZl\cX [`Z`\e[f hl\ pf ef `YX X kiXYXaXi gXiX eX[`\ p \d$ g\Z X kiXYXaXi gXiX dXek\e\i leX ]XYi`$ hl`kX [\ \j]\iXj [\ eXm`[X[ hl\ k\e X% G\if cl\^f d\ [` Zl\ekX hl\ [\j[\ [\ekif gf[ X ^\e\iXi dXpfi kiXej]fidX$ Z` e% @dX^ e\ej\ \e \c K<: D`c\e`f k\e\$ dfj (,' d`c Z_`Zfj# hl gifp\Zkf [\ m`[X k`\e\j [fe[\ gl\[\j kfZXi cX m`[X [\ kXc ZXek`[X[ [\ g\ijfeXj%

41

0 /$*81$ Þ (1(52


(O 6ŠS LPR 5ROOR

3RU /XLV $OEHUWR /ÂłSH]

5HIOH[LRQHV VREUH 5RPD /DV DFWXDFLRQHV OD FDOLGDG YLVXDO \ ODV UHIHUHQFLDV D RWUDV FLQWDV HPEOHPÂĄWLFDV VLQ GXGD DERQDQ D WHQHU XQ SURGXFWR GHFRURVR

;

\j[\ _XZ\ dlZ_fj XŒfj leX g\cˆZlcX ef _XYˆX ^\$ e\iX[f kXekX Zfekifm\ij`X Zfdf cX hl\ _fp ZXljX IfdX# Xlehl\ hl\ hl\[X dlp XZfi$ [\ cfj el\mfj k`\dgfj gfcˆk`Zfj hl\ j\ m`m\e \e el\jkif gXˆj% <o`jk\e mXi`fj dfk`mfj gfi cfj hl\ cX Z`ekX [\ 8c]fejf :lXi�e [`m`[\ fg`$ e`fe\j1 leX Yl\eX gXik\ cX Ziˆk`ZX \j$ g\Z`Xc`qX[X cX X[fiX gfi Xc Xi^ld\ekXi ZXc`[X[ \e jl ^l`�e# ]fkf^iX]ˆX p [`i\Z$ Z`�e# d`\ekiXj hl\ k`\e\ [\kiXZkfi\j hl\ Zfej`[\iXe hl\ cX kiXdX XYfZX[X X leX \dgc\X[X [fd„jk`ZX ef k`\e\ e`e^leX i\c\mXeZ`X f j\ hl\[X ZfikX% J`e \dYXi^f# \j\ ’ck`df glekf k`\e\ \eZXekf gfihl\ XYfi[X gXik\ [\ cXj _`jkfi`Xj Zfk`[`XeXj hl\ [liXek\ dl$ Z_fj XŒfj Xc^lefj \jklm`\ife e\^X[fj X m\i p hl\ \e Z`\ikX ]fidX k`\e\ gXiX$ c\c`jdfj Zfe cf cX X^\e[X [\c el\mf ^fY`\ief ]\[\iXc hl\ \j XZljX[f [\ gfglc`jdf p [\ fZlii\ek\ gfi dfjkiXi `ek\i„j gfi cfj j\Zkfi\j dXi^`eX[fj [\c gXˆj hl\ ]l\ife fgi`d`[fj gfi \c df[\cf \Zfe�d`Zf [\ cXj ’ck`dXj [„$ ZX[Xj% <j Z`\ikf hl\ cX Z`ekX ef XYle[X f j\ Zfdgc`ZX \e _XZ\i leX [\eleZ`X \o$ gcˆZ`kX jfYi\ cX \jZcXm`kl[ f cX [`m`j`�e [\ ZcXj\j# g\if j`\ekf hl\ dl\jkiX cf e\Z\jXi`f gXiX Zi\Xi ZfeZ`\eZ`X p \e

/XLV $OEHUWR /³SH] *DUF­D

5HSRUWHUR GH 0LOHQLR /D 2SLQLÂłQ /DJXQD #OXLVDOEHUWROR

0 /$*81$ Ăž (1(52

42

Xc^lefj ZXjfj `eZfdf[Xi X cfj hl\ j\ e`\^Xe X i\ZfefZ\i \c XYljf hl\ \o`jk\% Fkif glekf d\i`kfi`f kXekf gXiX cX gif[lZZ`�e p [`i\ZZ`�e k`\e\ hl\ m\i Zfe cf^iXi i\Zi\Xi Xc gXˆj [\ cX [„ZX[X [\ cfj j\k\ekX# X[\d}j [\ jXY\i Zfe\Z$ kXi cX _`jkfi`X d}j g\hl\ŒX Zfe le Zfe]c`Zkf gfcˆk`Zf Zfdf \c _XcZfeXqf% CXj XZklXZ`fe\j# cX ZXc`[X[ m`jlXc p cXj i\]\i\eZ`Xj X fkiXj Z`ekXj \d$ Yc\d}k`ZXj j`e [l[X XYfeXe X k\e\i le gif[lZkf [\Zfifjf# g\if hl\ kXdY`„e mXc\ [\Z`i hl\ kXdgfZf i\$ gi\j\ekX Xc^f eleZX Xek\j m`jkf% 8[\d}j [\ \jf# ccXdX X cX i\$ ]c\o`�e p cX \o`^\eZ`X _XZ`X el\jkif j`jk\dX gfcˆk`Zf \e kfief X cX [`jki`$ YlZ`�e [\ Z`e\ p cfj gifYc\dXj hl\ XZXii\X le [lfgfc`f \e cXj jXcXj [\ \o_`Y`Z`�e [\ cX dXpfi gXik\ [\ gXˆj% <jk} d}j hl\ ZfdgifYX[f hl\ \j\ j`jk\dX [\Y\ ZXdY`Xi p XZfgcXij\ X cXj el\mfj k`\dgfj \e hl\ cXj gcXkX$ ]fidXj [`^`kXc\j gfZf X gfZf mXe `e$ Zlij`feXi d}j \e cX `e[ljki`X% <jZi`kf cf Xek\i`fi gl\[f i\jld`i hl\ IfdX \j leX Z`ekX Y`\e _\Z_X \e dlZ_fj j\ek`[fj p hl\ XcZXeq� le ^iXe `dglcjf gfi \c Zfek\okf _`jk�i`$ Zf \e \c hl\ c\ kfZ� jl \jki\ef% CX gfc„d`ZX Xci\[\[fi [\ \ccX Xg\eXj Zfd`\eqX p k\e[i} jl glekf d}j Xckf \e cXj gi�o`dXj gi\d`XZ`fe\j%



5(3257$-(

Ă–,QIOXHQFHUVĂ— XQ QHJRFLR UHQWDEOH SDUD ODV PDUFDV

CX i\cXZ`�e \eki\ \c gif[lZkf p \c Zfejld`[fi \j ]fiaX[X [\ dXe\iX [`i\ZkX# Zfdf j` cX ZfdgiX [\c XikˆZlcf ]l\iX i\Zfd\e[X[X gfi le Xd`^f# j\ŒXcXe \og\ikfj 325 52%(572 &$5621 )2726 0/$*81$

&RQVLGHUDV TXH HVWH WLSR GH SUÂĄFWLFDV VHDQ VÂłOR SRU XQ WLHPSR"

:i\f hl\ \j Xc^f [\ efm\[X[# jˆ Xpl[X YXjkXek\ \e cXj m\ekXj g\if dlZ_Xj [\ cXj fgZ`fe\j j\ mXe [\jZXikXe[f gfihl\ X m\Z\j jÂ?cf _Xp ^\ek\ hl\ ef Zi\X Zfe$ k\e`[f# `eZcljf _Xp g\ijfeXj hl\ j\ c\j Zfej`[\iX ĂŠZXqX]fikleXjĂ‹ gfihl\ jÂ?cf k`\e\e dlZ_fj j\^l`[fi\j \e jlj Zl\e$ kXj g\if \e i\Xc`[X[ ef k`\e\e _XY`c`[X$ [\j p gfi cf d`jdf cX ^\ek\ cfj [\aX [\ j\^l`i f ef c\j k`\e\ Zfe]`XeqX% 8 cf d\afi X_fi`kX cXj i\[\j jfZ`Xc\j jfe \c ĂˆYffdÉ \e cX d\iZX[fk\Ze`X# g\if gl\[\ gXjXi hl\ \e [fj XÂŒfj kf[f ZXdY`\ [\ el\mf% 3RU HO PRPHQWR DKRUD HV PÂĄV UHQWDEOH TXH XQ FRPHUFLDO HQ WHOHYLVLÂłQ FUHHV TXH ODV SURGXFFLRQHV WUDGLFLRQD OHV YDQ HQ FD­GD" Ă™*5$&,$6 $ 9,9$/$9, 0( 6,*8(1 $0$6 '( &$6$Ăš 0DQXHO $FHYHGR FRPELQD VX WUDEDMR HQ UDGLR \ WHOHYLVLÂłQ FRQ OD SURGXFFLÂłQ GH FRQWHQLGR HQ UHGHV VRFLDOHV

<

(0%$-$'25(6 '(/ /,)(67</(

c mfc}k`c k\dX [\ cfj ĂŠ`e]cl\eZ\ijĂ‹ \jkXccÂ? \e d\[`f [\c gifZ\jf \c\ZkfiXc gXiX \c\^`i Xc gi\j`[\ek\ [\ D„o`Zf [liXek\ )'(/# aljkf ZlXe[f j\ glYc`ZXife le gXi [\ efkXj Zfe ]fkf^iX]ˆXj [\ DXi`f J`\iiX DfeZX[X# _`af [\c >\e\iXc [\ cX J\Zi\kXiˆX [\ ;\]\ejX EXZ`feXc J<;<E8 # IfY\ikf J`\iiX% 9Xaf \c efdYi\ ĂŠK_\ >fc[\e C`]\Ă‹ CX m`[X [fiX[X # \c afm\e Ăˆgi\jld`Â?É m`Xa\j \e \c ?Xe^Xi Gi\j`[\eZ`Xc# gXj\fj \e pX$ k\j p XYfi[Xa\j \e a\kj [\ gi`d\i e`m\c gfi mXi`Xj gXik\j [\c dle[f% J`e \dYXi$ ^f# cX i\Xc`[X[ [`jkXYX dlZ_f [\ j\i le ^\el`ef \jk`cf [\ m`[X% :lXe[f \c \jZilk`e`f gÂ’Yc`Zf [\Z`[`Â? [Xic\ mfq Xc gifkX^fe`jkX [\c Zfek\e`[f# j\ i\m\cÂ? X jˆ d`jdf Zfdf le ĂˆYcf^^\i [\ df[XÉ \ ĂŠ`e]cl\eZ\iĂ‹# \k`hl\kXj hl\ j\ Zfe$ m`ik`\ife \e \c\ZZ`fe\j [\ ZXii\iX gXiX le ^iXe j\Zkfi [\ cX alm\ekl[ X e`m\c dle[`Xc% J\^Â’e \c gfikXc D>cfYXc DXib\k`e^# \c ĂŠ`e]cl\eZ\iĂ‹ ef \j leX g\ijfeX ]XdfjX j`ef Xc^l`\e hl\ Xgifm\Z_X cXj i\[\j [\ PflKl$ Y\# Kn`kk\i f @ejkX^iXd p Xa\ef Xc d\iZX[f [\ cf hl\ Xek\j ]l\ cX k\c\m`j`Â?e# gXiX ]le$

[Xi leX Zfe]`XeqX \e jlj j\^l`[fi\j gXiX Zfejld`i [\k\id`eX[f gif[lZkf f \og\$ i`\eZ`X% :fdgXik`i cX dXiZX cfj Zfem`\ik\ [\ `^lXc ]fidX \e \dYXaX[fi\j% 8[\d}j# X [`]\i\eZ`X [\ cfj df[\cfj ljlXcd\ek\ lk`c`qX[fj gfi cX d\iZX[f$ k\Ze`X# \c ĂŠ`e]cl\eZ\iĂ‹ ef \jk} \e]fZX[f \e ^\e\iXi le `dgXZkf \e dXjX# j`ef \e gifmfZXi i\XZZ`fe\j `e[`m`[lXc\j# ZX[X j\^l`[fi f ĂŠc`b\Ă‹ \j le gfj`Yc\ Zc`\ek\# gfi cf hl\ cX i\cXZ`Â?e \eki\ \c gif[lZkf p \c Zfejld`[fi \j ]fiaX[X [\ dXe\iX [`i\Z$ kX# Zfdf j` cX ZfdgiX [\c XikˆZlcf ]l\iX i\Zfd\e[X[X gfi le Xd`^f% /$ 18(9$ 0(5&$'27(&1,$

<eki\ \c ]c\o`Yc\ Z`iZl`kf [\ XeleZ`Xe$ k\j# BXi\e I\lk\i# \a\Zlk`mX [\ Zl\ekX \e cX X^\eZ`X [\ glYc`Z`[X[ \jkXYc\Z`[X \e Kfii\Â?e# Ăˆ:_`Zc\É# \ogc`ZX hl„ kXe i}g`[f ZXdY`Xe cfj ifjkifj [\ki}j [\ cfj gif[lZkfj p cfj gifZ\jf gXiX cXeqXi i\$ Z`\ek\j ZXdgXÂŒXj [\ dXib\k`e^% Ă–,QIOXHQFHUVĂ— GHVGH FXÂĄQGR VRQ WR PDGRV HQ FXHQWD"

<j i\cXk`mXd\ek\ Xc^f efm\[fjf%

0 /$*81$ Ăž (1(52

44

Jˆ p _Xp mXi`Xj iXqfe\j1 lef# \j dlZ_f d}j YXiXkf hl\ ^iXYXi le Zfd\iZ`Xc p [fj hl\ cX `ek\iXZZ`Â?e Zfe cX ^\ek\ \j dlZ_f d}j Z\iZXeX% :i\f hl\ [X i\jlc$ kX[fj dlZ_f d}j \]\Zk`mfj gXiX jXY\i j` \c gif[lZkf j\ gfj`Z`feX Y`\e \eki\ cfj gfj`Yc\j ZfdgiX[fi\j% &ÂłPR VH SUHSDUD OD DJHQFLD SDUD QR HOHJLU DO Ă–LQIOXHQFHUĂ— HTXLYRFDGR"

Ef _Xp leX _\iiXd`\ekX \e jˆ# g\if j\ gl\[\ XeXc`qXi jl Zl\ekX Xek\j [\ Zf$ d\eqXi leX ZfcXYfiXZ`Â?e% J`im\ dlZ_f \eZfekiXi Zfd\ekXi`fj jfYi\ cfj gif$ [lZkfj hl\ dl\jki\# gfihl\ ]leZ`feX gXiX d\[`i jl Zi\[`Y`c`[X[% 'HVGH RWUR FDQDO TXŠ WDQ IUHFXHQWH VH GD OD SDUWLFLSDFLÂłQ GH Ă™LQIOXHQFHUVĂš HQ FDPSDÂąDV SRO­WLFDV"

PX \j d}j Zfd’e p kiXkXe [\ i\Xc`qXi cX d`jdX gi}Zk`ZX d}j j\^l`[f% <e i\Xc`[X[ cf m`\e\e _XZ`\e[f [\j[\ _XZ\ XŒfj ZlXe[f cX i\[ d}j ljX[X \iX Kn`kk\i% J\ _X jXY`[f [\ g\ijfeXj hl\ X_fi`kX \jk}e d\afi gfj`Z`feX[Xj ^iXZ`Xj Xc [`e\if hl\ i\Z`Y`\ife [\ gXik`[fj gfcˆk`Zfj# pX ]l\iX _XZ`\e[f Zfd\ekXi`fj gfj`k`mfj f e\^X$ k`mfj jfYi\ le ZXe[`[Xkf# Xc^f hl\ \e )'(( f )'() X’e ef \iX kXe efkfi`f gXiX cfj j\^l`[fi\j%


5(3257$-( ร ,1)/8(1&(56ร (1 /$ /$*81$

8 g\jXi [\ hl\ \e cX [`e}d`ZX Zfe ร `e$ ]cl\eZ\ijร \o`jk\e d\[`X[fi\j Zfdf X^\e$ k\j# Yifb\ij p i\gi\j\ekXek\j# DXel\c 8Z\m\[f 7dXel\cXZ\m\[f[ kfdX cX ZlimX p \jZi`Y\ gfi d\ejXa\j gi`mX[fj X cX Zl\ekX [\ @ejkX^iXd [\ mXi`Xj \jZl\cXj [\ `[`fdXj \e Kfii\ย e% ร &XยกQWRV OLNHV SRU XQRV FXUVRV GH LQ JOยฉV"ร /DV RIHUWDV QR WDUGDQ HQ OOHJDU

>iX[lX[f \e Z`\eZ`Xj [\ cX Zfdle`ZXZ`ย e [\ gXik\ [\ cX Le`m\ij`[X[ 8lkย efdX [\ :fX_l`cX# \c cX^le\if [\ ), Xย fj ZfdY`eX jl kiXYXaf Zfdf Zfe[lZkfi [\ iX[`f p k\c\$ m`j`ย e \e Dlck`d\[`fj CX^leX# Zfe cX gif$ [lZZ`ย e [\ Zfek\e`[f \e i\[\j jfZ`Xc\j# j\$ ^le[X gi}Zk`ZX hl\ Zfd`\eqX \e cX dXย XeX p Zlcd`eX Zfe cX ย ck`dX ร `ejkXjkfipร hl\ ZfdgXik\ X jlj j\^l`[fi\j gfi cX efZ_\% 3DUD WL TXยฉ HV XQ ร LQIOXHQFHUร "

9l\ef# gXiX \dg\qXi Zi\f hl\ \e jl dX$ pfiย X jfe cfj ร d`c\ee`Xcjร hl\ ZlXe[f Zl\ekXe Zfe le Xckf eย d\if [\ j\^l`[f$ i\j Zfd`\eqXe X Xgifm\Z_Xi jl Zfe]`XeqX gXiX `e]cl`i \e k\dXj pX j\Xe jfZ`Xc\j# Zf$ d\iZ`Xc\j f gfcย k`Zfj% 2),&,1$ (1 5('(6 62&,$/(6

:X[X [ย X# cX XZk`m`[X[ \e jl ร ]\\[ร Zfe$ k\e`[f [\ =XZ\Yffb \ @ejkX^iXd Zfd`\e$ qX gfZf Xek\j [\c `e`Z`f [\c gif^iXdX hl\ Zfe[lZ\# ร M`mXcXm`ร # \c ZlXc XiiXeZX X d\$ [`X dXย XeX% >iXZ`Xj X M`mXcXm` d\ j`^l\e XdXj [\ ZXjX p X m\Z\j jlj _`aXj# g\if kXdY`ย e _Xp j\ย fi\j hl\ cc\^Xe X m\i \c gif^iXdX X \jX _fiX% ?X^f iX[`f [\ '-1'' X '01'' [\ cX dXย XeX p \j ZlXe[f XYXiZXdfj X le gย $ Yc`Zf dXpfi [\Y`[f X hl\ \j cX _fiX \e hl\ cc\mXe X jlj _`afj X cX \jZl\cX% <e cX kXi[\ \c Zfek\e`[f mX [`i`^`[f X le gย Yc`Zf \e ^\e\iXc% Gfjk\i`fid\ek\ gif[lqZf le gif^iXdX hl\ j\ kiXejd`k\ gfi =XZ\Yffb hl\ j\ ccXdX ร 8ii\YXkX[fjร p j\ cc\^X X le gifd\[`f [\ Xl[`\eZ`X dl$ Z_f d}j XY`\ikf# gfi cf hl\ kXdY`ย e Xgif$ m\Z_Xdfj \jX i\[ gXiX jlY`i Zfek\e`[fj%

$/*25,7026 < (02&,21(6

<e ZfekiXgXik\# 9ipXe :l\mXj 7\cZ_`Zf$ g`qqX & 7YipXeeZl\mXj # Zfdle`Zย cf^f p JfZ`Xc D\[`X DXeX^\i [\ >ilgf JlidXe \e Kfii\ย e# \ogc`ZX Zย df gl\[\ dfe\k`$ qXij\ leX Zl\ekX \e @ejkX^iXd X kiXmย j [\ Xgc`ZXZ`fe\j hl\# ^iXZ`Xj X le Xc^fi`kdf j\ gl\[\ \eZfekiXi X cX dXiZX p Xc ร `e$ ]cl\eZ\iร Zfe \c ร dXkZ_ร `e[`ZX[f% <j [\Z`i# cX i\cXZ`ย e g\i]\ZkX \eki\ le gif[lZkf# \c XeleZ`Xek\ p \c ZfdgiX[fi% J\ ccXdX 9fo=\\[% &RQVLGHUDV D ODV UHGHV VRFLDOHV FRPR HO OXJDU GRQGH ORV PLOHQQLDOV KDFHQ QHJR FLRV"

02'$ )$0$ < )$5ย 1'8/$

<c Zfc\Zk`mf Xeย e`df ร N_Xk k_\ =Xb\ร Xek\j ร D\o`ZXe =Xb\ 9cf^^\iร # i\jXckX cfj Xjg\Zkfj [\c Zfejld`jdf mfiXq hl\ j\ i\gif[la\ife \e cXj i\[\j jfZ`Xc\j hl\ \e le gi`eZ`g`f ef \jkXYXe m\ik`[Xj jfYi\ le e`Z_f Zfd\iZ`Xc# gfi cf hl\ le ^ilgf [\ ร `e]cl\eZ\ijร [\ Dย o`$ Zf le`\ife jlj ZfefZ`d`\ekfj gXiX [\ele$ Z`Xi Xhl\ccXj Zl\ekXj hl\ Zfd\eqXife X XYl$ jXi [\ cfj \e[fij\d\ekj# gXkifZ`e`fj p Zfem\e`fj% <c\d\ekfj hl\ X cX cXi^X jlgcXe$ kXife \c fYa\k`mf [\ cXj gcXkX]fidXj1 ZfdgXi$ k`i le \jkX[f# leX ]iXj\# le j\ek`d`\ekf% <eki\ cX `e]fidXZ`ย e hl\ _Xe ZfdgXik`$ [f j\ \eZl\ekiXe glYc`ZXZ`fe\j hl\ Xcl[\e X cX ร \e^Xย fjXร gi}Zk`ZX [\c ^`m\XnXp# cX ZlXc \j lk`c`qX[X gfi k`\e[Xj p ljlXi`fj hl\ Zfe \c gi\k\okf [\ i\^XcXi gif[lZkfj \oZclj`mfj# Zf$ d`\eqXe X jldXi c`b\j p j\^l`[fi\j% J`e \d$ YXi^f# [\ `^lXc ]fidX \cXYfiXife leX c`jkX [\ Zfej\afj gXiX Zfddle`kp dXeX^\ij p X^\e$ Z`Xj [\ glYc`Z`[X[ gXiX [\jXiifccXi \jkiXk\$ ^`Xj XZ\ikX[Xj gXiX cX \c\ZZ`ย e [\ g\ijfeXa\j \e jlj ZXdgXย Xj%

Gl\j \e cf g\ijfeXc kiXkf [\ ef XeleZ`Xi dXiZXj \e d`j Zl\ekXj gfihl\ gXiX dย cf d}j `dgfikXek\ \j ZfdgXik`i leX \df$ Z`ย e f le \jkX[f [\ }e`df% G\if j`e [l[X jfe ZfjXj hl\ pX [\Y\iย Xe m\ij\ dย e`df \e cXj ZXii\iXj [\ Zfdle`ZXZ`ย e f j`d`cX$ i\j% 8ek\j# cfj gi`d\ifj j\d\jki\j \jkX$ YXe cc\efj [\ g\ijfeXj Zfe \c fYa\k`mf [\ j\i Zfe[lZkfi\j [\ k\c\m`j`ย e# X_fiX cf \j$ k}e g\if Zfe Z_Xmfj hl\ hl`\i\e f pX jfe (V IยกFLO GHVDUUROODUVH FRPR ร LQIOXHQFHUร HQ /D /DJXQD" pflklY\ij% Jย p ef% Gfi le cX[f \e Z`l[X[\j g\hl\ย Xj \j &XDOTXLHU SHUVRQD SXHGH VHUOR" d}j [`]ย Z`c Zi\Xi Zfek\e`[f hl\ j\ \e]fZX \e 8_fi`kX \j dlp ]}Z`c jXY\i ZlXe[f le ร `e$ k\dXj [\ df[X f c`]\jkpc\# g\if gfi fkif cX[f ]cl\eZ\iร \j ร `em\ekX[fร # \j [\Z`i hl\ kf[f ef `dgfikX [\ [ย e[\ m\e^Xj j` cX gif[lZZ`ย e cf hl\ ZfdgXik\ \j ]Xcjf f XZklX[f% CXj cf mXc\% ?XZ\ d\j\j gXik`Z`gย \e leX ZXdgX$ g\ijfeXj \e @ejkX^iXd gfi \a\dgcf# ef ย X [\ dfZ_`cXj p ef \iXe [\ Xhlย # g\if d\ XgfpXe ZlXe[f jXY\e hl\ Xc^f j\ c\j \jk} _XYcXife gfihl\ m`\ife \c g\i]`c [\ cXj g\i$ m\e[`\e[f [`i\ZkXd\ek\# hl`\i\e hl\ _XpX jfeXj hl\ d\ j`^l\e p Zfd\ekXe% DXe[Xife \ogi\j`fe\j p Zfd\ekXi`fj [\ m\i[X[% \c ZfekiXkf p cf ]`idย %

&XยกO HV HO REMHWLYR GH FRPSDUWLU WX UXWL QD GLDULD D WUDYยฉV GH UHGHV VRFLDOHV"

Gl\j ^iXZ`Xj X d` XZk`m`[X[ \e =XZ\Yffb XZXYf [\ cc\^Xi X le Zfem\e`f Zfe :fZX :fcX Zfe \c ZlXc \jkXiย kiXYXaXe[f kf[f \c )'(0% =l\ Xc^f hl\ jย Yljhlย Xlehl\ ]l\$ ife \ccfj hl`\e\j d\ ZfekXZkXife% I\Z`\ek\d\ek\# [\j[\ hl\ \jkfp \e ZfejkXek\ dfm`d`\ekf d\ _X jXc`[f d}j kiXYXaf pX j\X Zfe[lZ`\e[f \m\ekfj f XeleZ`Xe[f dXiZXj% &XยกO HV OD UHVSRQVDELOLGDG TXH WLHQH XQ ร LQIOXHQFHUร FRQ VX SยบEOLFR"

Gl\j ef [\Y\ [\aXi ZX\i jlj glYc`ZXZ`fe\j# Zfe leX j\dXeX pX ZX\e dlZ_f cXj i\XZZ`f$ e\j p cX gfglcXi`[X[# \j\ \j \c ร kXcย e [\ 8hl`$ c\jร [\ dlZ_Xj g\ijfeXj# \c j\i ZfejkXek\%

%5<$1 &8(9$6 #(/&+,&23,==$ #%5<$11&8(9$6

ร 3DUD Pยญ OR PยกV LPSRUWDQWH HV FRPSDUWLU XQD HPRFLยณQ R XQ HVWDGR GH ยกQLPRร

45

0 /$*81$ ร (1(52


$O RWUR ODGR GHO FKDUFR

3RU *XLOOHP 0DUW­

+D\ YHUGDGHV KD\ PHQWLUDV \ KD\ HVWDG­VWLFDV VLQ GXGD OR P¥V LPSRUWDQWH VRQ ODV SUHJXQWDV 3DUD KDFHU XQD HQFXHVWD QXQFD VH HPSLH]D KDFLHQGR OD SUHJXQWD TXH VH SXEOLFDU¥

G

*XLOOHP 0DUW­

$QDOLVWD SRO­WLFR JXLOOHP PDUWL P# JPDLO FRP

l\[\ i\jlckXi jfigi\e[\ek\# g\if cXj \eZl\jkXj ef j\ \cX$ YfiXe gXiX ZfefZ\i cX fg`e`�e [\ cX gfYcXZ`�e# j`ef gXiX `e]cl`i jfYi\ \ccX% :lXe[f leX \dgi\jX# leX fi^Xe`qXZ`�e jfZ`Xc f le gXik`[f gfcˆk`Zf \eZXi^Xe leX \eZl\jkX# \e cl^Xi [\ \ogc`ZXi Xc \eZl\jkX[fi cf hl\ hl`\i\e gi\^lekXi# c\ \ogc`ZXe cf hl\ hl`\i\e fˆi% GlYc`ZXi leX \eZl\jkX hl\ Xj\^li\ hl\ kl gif[lZkf \j \c gi\]\i`$ [f gfi cfj Zfejld`[fi\j Xpl[X X ^\e\iXi Zfe]`XeqX \e cfj Zc`\ek\j% G\if ef j`\dgi\ j\ g\ij`^l\e i\jlckX[fj gfj`k`mfj% GXiX le gXik`[f gfcˆk`Zf gl\[\ j\i `ek\i\jXek\# \e [\k\id`eX[fj dfd\ekfj# dfjkiXi X kiXm„j [\ \eZl\jkXj hl\ jl i`mXc mX X XcZXeqXi leX ^iXe m`Zkfi`X% <jkf Xpl[X X dfm`c`qXi Xhl\ccfj mfkXek\j hl\ [\ fkiX ]fidX gf[iˆXe hl\[Xij\ \e ZXjX \c [ˆX [\ cXj \c\ZZ`fe\j% <e le dle[f [fe[\ ZX[X m\q efj Zl\jkX d}j gi\jkXi Xk\eZ`�e X k\okfj [\ d}j [\ (+' ZXiXZk\i\j p [fe[\ cfj \jkˆdlcfj m`jlXc\j j\ dl\jkiXe Yi`ccXek\j p XkiXZk`mfj \e el\jkiXj d’ck`gc\j gXekXccXj# cXj \jkX[ˆjk`ZXj ^XeXe i\c\mXeZ`X% Jfe ZXgXZ\j [\ Zfe[\ejXi \e le k`kl$ cXi p le Zfcfi`[f ^i}]`Zf leX \efid\ ZXek`[X[ [\ `e]fidXZ`�e% ;\Y`[f Xc XkiXZk`mf [\ cXj \jkX[ˆjk`ZXj# \c dle[f [\ cXj \eZl\jkXj dl\m\ ZX[X [ˆX d}j [`e\if% CXj \dgi\jXj \jg\Z`Xc`qX[Xj \e jl i\X$ c`qXZ`�e j\ _Xe Zfem\ik`[f \e Xlk„ek`ZXj dXcXYXi`jkXj [\ cX fg`e`�e g’Yc`ZX% J`e dlZ_f \j]l\iqf jfe ZXgXZ\j [\ dfjkiXi hl\ cX gfYcXZ`�e \jk} X ]Xmfi f \e ZfekiX [\ ZlXchl`\i k\dX% ?XjkX gl\[\e cf^iXi [\$ dfjkiXi hl\ \jk} X cX m\q X ]Xmfi p \e ZfekiX% J\ kiXkX [\ le Xik\ hl\ j`^l\ lefj gXjfj Y`\e [\]`e`[fj% <e gi`d\i cl^Xi# _Xp hl\ \c\^`i \c le`m\ijf [\c \jkl[`f# \jkf \j cX gfYcXZ`�e [\ `ek\i„j% J` j\ hl`\i\ _XZ\i le jfe[\f \c\ZkfiXc \c le`$ m\ijf j\i} Xhl\ccX gXik\ [\ cX Z`l[X[XeˆX Zfe [\i\Z_f X mfkf% G\if ef \j Xc^f kXe fYm`f Zfdf gXi\Z\% Gfi \a\dgcf# leX \eZl\jkX jfYi\ cX d\afi g\cˆZlcX [\ Xe`dXZ`�e [\c XŒf# gl\[\ [`]\i`i dlZ_f j\^’e j` j\ Zfej`[\iX hl\ \c le`m\ijf jfe cfj e`Œfj# cfj gX[i\j# cfj dX\jkifj# cfj Ziˆk`Zfj [\ Z`e\ f leX [\k\id`eX[X ZfdY`eXZ`�e [\ kf[fj \ccfj% LeX m\q \c\^`[f \c le`m\ijf# j\ [\Y\i} \jZf^\i cX dl\jkiX% :fdf dXpfi j\X cX dl\jkiX# d}j j\ Xgifo`dXi} \c i\jlckX[f X cX i\Xc`[X[% G\if X m\Z\j `ek\i\jX glYc`ZXi [Xkfj hl\ j\ Xc\a\e j`^e`]`ZXk`mXd\ek\ [\ cX i\Xc`[X[% <e \jk\ ZXjf# leX dl\jkiX g\hl\ŒX Xpl[Xi} X fYk\e\i i\jlckX[fj [`jkfij`feX[fj% P j` \c i\jlckX[f ef \j \c g\ij\^l`[f j\ gl\[\ i\g\k`i cX \eZl\jkX ZlXekXj m\Z\j j\X e\Z\jXi`f Xc\^Xe[f hl\ cX dl\jkiX ef \iX i\gi\j\ekXk`mX [\c Zfealekf% D}j Xcc} [\ jl kXdXŒf# cX dl\jkiX kXdY`„e gl\[\ j\i ]}Z`cd\ek\ dXe`glcX[X% <c i\jlckX[f fYk\e`[f \e leX \eZl\jkX jfYi\ cXj _fiXj j\dXeXc\j hl\ cfj le`m\ij`kXi`fj [\[`ZXe Xc \jkl[`f mXi`Xi} jlYjkXe$ Z`Xcd\ek\ j` j\ i\Xc`qX \e cX Y`Yc`fk\ZX f \e cX ZX]\k\iˆX [\ cX le`m\i$ j`[X[% <j [\Z`i# hl\ Xle kiXYXaXe[f Zfe \c le`m\ijf Zfii\Zkf# _Xp ]fidXj [\ fYk\e\i i\jlckX[fj dlp [`]\i\eZ`X[fj%

0 /$*81$ Ăž (1(52

46

J` \c \eZl\jkX[fi hl`\i\ hl\ j\ i\jgfe[X e\^Xk`mXd\ek\ X jl gi\^lekX# Xek\j [\ i\Xc`qXicX jfd\k\i} Xc \eZl\jkX[f X le cXi^f p k\[`fjf k\jk% yjk\# ZXejX[f [\ i\jgfe[\i X gi\^lekXj YXeXc\j# \d$ g\qXi} X i\jgfe[\i ĂˆefÉ X kf[f cf hl\ j\ c\ gi\^lek\ gXiX `ek\ekXi X^`c`qXi \c ki}d`k\% <jkX k„Ze`ZX \j kf[XmˆX d}j \]\Zk`mX j` j\ i\Xc`qX cX \eZl\jkX \e le dfd\ekf \e \c hl\ \c \eZl\jkX[f k\e^X gfZf k`\dgf% <j gfi \jk\ dfk`mf hl\ X d\el[f cXj ccXdX[Xj gXiX \eZl\j$ kXj k\c\]Â?e`ZXj j\ _XZ\e X cX _fiX [\ Zfd\i% CXj \dgi\jXj \eZl\jkX[fiXj kXdY`„e k`\e\e \e Zl\ekX \c Zfe$ k\okf \e \c hl\ j\ i\Xc`qXe jlj Zl\jk`feXi`fj% J` j\ hl`\i\ [\dfjkiXi hl\ cX gfYcXZ`Â?e XgfpX X cX `ed`^iXZ`Â?e# _Xp hl\ _XZ\i cX \eki\m`j$ kX [\jgl„j [\ cX glYc`ZXZ`Â?e [\ ]fkf^iX]ˆXj [\ `ed`^iXek\j hl\ _l$ p\e[f [\ cX ^l\iiX _Xe k\id`eX[f X_f^X[fj \e \c d\[`k\ii}e\f% <c i\jlckX[f ZfekiXi`f j\ fYk\e[i} ]}Z`cd\ek\ j` j\ i\Xc`qX cX \eZl\jkX [\jgl„j [\ le Xk\ekX[f p`_X[`jkX% G\if j`e [l[X# cf d}j `dgfikXek\ jfe cXj gi\^lekXj% GXiX _XZ\i leX \eZl\jkX eleZX j\ \dg`\qX _XZ`\e[f cX gi\^lekX hl\ j\ glYc`$ ZXi}% 8ek\j# j\ _XZ\e leX j\i`\ [\ gi\^lekXj kiXdgX# hl\ \e i\Xc`[X[ jfe Xi^ld\ekfj ZXdl]cX[fj hl\ gi\k\e[\e Zfe[`Z`feXi cX i\jgl\j$ kX ]`eXc [\c \eZl\jkX[f% Cfj i\jlckX[fj gl\[\e j\i jlYjkXeZ`Xcd\ek\ [`jk`ekfj j` j\ i\Xc`$ qX cX d`jdX \eZl\jkX g\if j\ _XZ\ Zfe gi\^lekXj XY`\ikXj# Zfe gi\$ ^lekXj hl\ g\id`kXe gleklXi [\c Z\if Xc [`\q f Zfe gi\^lekXj hl\ jfcXd\ek\ X[d`kXe leX i\jgl\jkX [`ZfkÂ?d`ZX% FkiX k„Ze`ZX dlp lk`c`qX[X \j cX [\ [Xi `[\Xj gfi jlgl\jkf [\ekif [\ cX d`jdX gi\^lekX% Gfi \a\dgcf# ÂśZi\\ ljk\[ hl\ cfj Ziˆd\e\j [\ ^l\iiX Zfd\k`[fj gfi Ilj`X \e J`i`X [\Y\iˆXe j\i Zfe[\eX[fj gfi cX FEL6 ;\ \ekiX[X j\ \jk} [Xe[f gfi _\Z_f hl\ Ilj`X _X Zf$ d\k`[f Ziˆd\e\j [\ ^l\iiX# ZfjX hl\ Zfe[`Z`feX jfYi\dXe\iX cX i\jgl\jkX% G\if cX Xck\iXZ`Â?e [\ cX fg`e`Â?e gÂ’Yc`ZX ef k\id`eX Zfe cX i\Xc`$ qXZ`Â?e [\ cX \eZl\jkX% Gfjk\i`fid\ek\ cfj [Xkfj j\ ĂˆZfZ`eXeÉ% <j [\Z`i# j\ gfe[\iXe cXj fg`e`fe\j [\ cX gfYcXZ`Â?e j\^Â’e \c g\jf hl\ \e \ccX k\e^Xe Z`\ikfj g\i]`c\j% Gfi \a\dgcf# j` \c le`m\ijf \j cX jf$ Z`\[X[ d\o`ZXeX p \e cX dl\jkiX le /' [\ cfj \eZl\jkX[fj k`\e\e \eki\ ), p ,+ XÂŒfj# j\ gl\[\ i\[lZ`i \c g\jf [\ jlj fg`e`fe\j Xi^l$ d\ekXe[f hl\ jfcXd\ek\ \c +( [\ cX gfYcXZ`Â?e j\ \eZl\ekiX \e \jkX ]iXeaX [\ \[X[% ;\ cX d`jdX dXe\iX j\ gl\[\e gfe[\iXi Xc XcqX f X cX YXaX cXj i\jgl\jkXj [\ Z`\ikfj j\^d\ekfj [\ cX dl\jkiX Xi^l$ d\ekXe[f hl\ jl Zfe[`Z`Â?e [\ ^„e\if# ZcXj\ jfZ`Xc# j\Zkfi cXYfiXc# cl^Xi [\ i\j`[\eZ`X# i\c`^`Â?e# `eZc`eXZ`Â?e gfcˆk`ZX# e`m\c [\ \jkl[`fj f iXqX# [`jkfij`feXe cX dl\jkiX% 8jˆ hl\# cX giÂ?o`dX m\q hl\ m\X glYc`ZX[X leX \eZl\jkX# k\e^X \e Zl\ekX hl\ ef j\ kiXkX [\ cX [\jZi`gZ`Â?e [\ cX i\Xc`[X[# j`ef [\ le `ek\ekf [\ `e]cl`i jfYi\ jl fg`e`Â?e%



&$57 1 32/ 7,&2

%$-2 &(52

0 /$*81$ Þ (1(52

9LOODIXHUWH

48




Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.