I will never talk about the war again

Page 1

7 L L7L

7L @66L % 4 L *6 L -,5L 5& L *4L )*@$

RM?KšRK?RR Q RR

‰ R

6** :&:9 2*+ %538 8-: 29 .26$ RM?KšRK?RR Q RR *202$ :9:#6þ *12 +:16tt -2#%:98 *202$ :9:#6þ C *12 +:16tt -2#%:98 296$2 %92#5&6þ‰ 2$2 ÿ#2,Ä€2$6$‰ -85 :*28 ‰ .59 93%6þ‰ Æ6&+5 95702$6þ :92‰ 0:*2 3Ê6þ‰ 6+5*2) *:)$6+5&‰ -205; 31:3#‰ *#2 3*,:&6þ‰ 2951*2& 34:+ :7.6$ 5)$6+‰ :$2 Z0*:‰ :'6*62 ,t-5*#‰ Ã…:/6+ 28*6þ 6$2 51:/6$2 6$0<&618 3+21 «*%) C 5-$ 9231: C :$96+ +:16tt C 5-$ 3$86$.85$ 38-591‰ 2986181 2$0 Z9./2%96+:$ = Z9./2%96+:$

= KML"KR"KMMQMT"K"O

-$5 $5/ 4 *+ E\ -RDFKLP *UDQLW O

/ +&-/@/FL L -4 L@$LG4-)4 //L E\ (OVD (NHVL|| 7KDPEHUW RR

.@556 L @HOL.@556 Lf*$OL.@556 L -G6 NL 4 $H5L-$L &*G6@$ E\ &HFLOLD 6M|KROP RO

$L7$54-H,+5@-$L5-L5& L #&@ @5@-$L E\ 9ODGDQ -HUHPLþ 5HQD 5lGOH QP

#&@ @5 HL -4 / QL -6@5@+/L- L 4*, *L 5 $L @/5-4 L*$HL 54,+5,4 E\ 6H]JLQ %R\QLN TM

& L -+-6-$@*6L *5,4 L- L5& L 6*5@-$ 5 $L5& L L*$HL5& L -/5? *4L *6 *$/L E\ âHILN 7DWOLþ OO

@-)4*G&@ / NT + $- 6 H) $5/ MO

4 *+ E\ -RDFKLP *UDQLW &5($7,9( ',5(&725 RI )lUJIDEULNHQ

72 %( +80$1 LV WR EH RQ D FRQWLQXDO MRXUQH\ RI

IDPLOLDU DQG XQ IDPLOLDU H[SHULHQFHV 7KH ZD\ ZH KDQGOH HDFK RI WKH HYHQWV RQ WKDW MRXUQH\ WUDQVIRUPV WKHP WR EHFRPH SDUWV RI RXU H[SHUL HQFH ² ZH UHZRUN RXU H[SHULHQFHV HLWKHU RQ RXU RZQ RU WRJHWK HU ZLWK RWKHUV :KDW ZH SHUFHLYH FDQ EH ERWK HQ ULFKLQJ DQG IULJKWHQLQJ UHDIILUPLQJ RU TXHVWLRQLQJ DQG SHUKDSV KDUG WR H[ SODLQ LQ DQ\ UDWLRQDO ZD\ 7KRVH H[SHULHQFHV PD\ EH EH\RQG RXU FRQVFLRXVQHVV DQG FKDOOHQJH RXU FRQFHSWLRQV LQ WKH PRVW IDQ WDVWLFDO RU KRUULI\LQJ ZD\ 7KHUH DUH PDQ\ LGHDV DQG WKHRULHV DERXW WKH KXPDQ SV\FKH IURP DQ DUUD\ RI GLIIHUHQW ILHOGV ² LQFOXGLQJ SKLORVRSK\ SV\ FKRORJ\ DQG WKH VFLHQFHV ² HDFK ZLWK LWV RZQ VSKHUH RI LQWHUHVW DQG H[SODQDWRU\ PRGHO 1HZ GLVFRYHULHV JLYH XV QHZ DQVZHUV EXW HDFK QHZ DQVZHU UDLVHV DGGLWLRQDO QHZ TXHVWLRQV DQG DV RXU XQGHUVWDQGLQJ RI RXUVHOYHV JURZV QHZ WKRXJKWV HPHUJH DERXW ZKR ZH DUH DQG KRZ ZH ZRUN ,W VHHPV WKDW WKH KXPDQ SV\FKH ZLOO UHPDLQ RQH RI WKH JUHDWHVW P\VWHULHV ZH IDFH DQG LW LV MXVW WKLV WLPHOHVV TXHVWLRQLQJ WKDW SURYLGHV WKH SRLQW RI GHSDUWXUH IRU WKH 3V\FKRVLV SURMHFW

N

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

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·V OHDGHU KDG PLVXVHG KLV SRZHU LQ YDULRXV ZD\V 2XU FRQYHUVDWLRQ UDLVHG VHYHUDO TXHVWLRQV :KDW PDGH P\ IULHQG MRLQ WKH JURXS DQG ZKDW GLG KH JHW RXW RI LW WKDW ZDV ODFNLQJ LQ KLV OLIH EHIRUH WKHQ" :KDW LV LW WKDW PDNHV D SHUVRQ JLYH XS KLP RU KHUVHOI IRU VRPHWKLQJ HOVH OLNH D FRPPXQH RU D SRZHUIXO OHDGHU" 6HYHUDO RI WKH JURXS·V PHPEHUV OHIW WKHLU MREV DQG VRPH PDGH D FOHDQ EUHDN ZLWK IDPLO\ DQG IULHQGV ,W FDOOHG LQWR TXHV WLRQ P\ RZQ FRQFHSWLRQV RI ZKDW FRQVWLWXWHV IUHHGRP DQG REOL JDWLRQ )RU H[DPSOH KRZ FDQ VXEPLVVLRQ EH WUDQVIRUPHG LQWR D IHHOLQJ RI WRWDO OLEHUDWLRQ" )URP WKH RXWVLGH WKH FRPPXQH VHHPHG OLNH D FXOW LWV PHPEHUV YLFWLPV RI D NLQG RI PDVV SV\ FKRVLV EXW IURP WKH LQVLGH , VXSSRVH WKHLU OLYHV VHHPHG FRP SOHWHO\ QDWXUDO DQG KHDOWK\ , LQWURGXFHG P\ IULHQGV DQG FROOHDJXHV DW )l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lUJIDE

7 LLL L7

M

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lUJIDEULNHQ·V XQLTXH SHUVSHFWLYH RXU WLPH DQG RXU VSDFH ² WKH VSDFH RI DUW

5*) 599659:11‰ *#2 3*,:&6þ

7 LLL L7

K

/ +&-/@/FL L -4 L@$LG4-)4 //F E\ (OVD (NHVL|| 7KDPEHUW 352-(&7 0$1$*(5

)520 ,76 ,1&(37,21 )lUJIDEULNHQ KDV EHHQ GHYHORSLQJ LWV RZQ

SDWK DQG LWV RZQ DSSURDFK WR VRFLHW\ DUFKLWHFWXUH XUEDQ SODQ QLQJ DQG DUW )lUJIDEULNHQ SRVHV TXHVWLRQV VWXGLHV LVVXHV DQG LQYLWHV LQ D EURDG VSHFWUXP RI DFWRUV WR PRYH WKH GLVFXVVLRQ IRUZDUG ,W LV LPSRUWDQW WR )l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

RQ

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

ZLOO GHDO ZLWK DVSHFWV RI WKH SURMHFW WKHPH :H ZDQW WR XWLOL]H DUW·V DVVRFLDWLYH FKDUDFWHU DQG LWV DELOLW\ WR H[SUHVV VRFLDO UHOD WLRQV DQG H[SORUH FRQWHPSRUDU\ FXOWXUH 7R VHH KRZ DUW FDQ LQ LWV RZQ ULJKW DQG QRW PHUHO\ DV LOOXVWUDWLRQ GHYHORS RXU XQ GHUVWDQGLQJ DQG NQRZOHGJH RI WKH KXPDQ SV\FKH LQ D ZD\ WKDW FDQQRW EH DFKLHYHG ZLWK VFLHQWLILF GHVFULSWLRQV )lUJIDEULNHQ ZLOO LQYLWH VHYHUDO GLIIHUHQW FXUDWRUV DUWLVWV DUFKL WHFWV RU ILOPPDNHUV HDFK RI ZKRP LQ WXUQ ZLOO PDNH DQ LQWHU SUHWDWLRQ RI WKH WKHPHV RI WKH SURMHFW 3V\FKRVLV DQG GHYHORS WKHLU WKHRUHWLFDO IUDPHZRUN WRJHWKHU ZLWK )lUJIDEULNHQ LQ GLI IHUHQW HYHQWV +HUH VWDUWLQJ ZLWK DQ H[KLELWLRQ LQ FRRSHUDWLRQ ZLWK WKH FXUDWRU 9ODGDQ -HUHPLþ ZLWK VHPLQDUV DQG WKLV FDWD ORJXH ZH DSSURDFK WKH LQGLYLGXDO·V SV\FKH LQ UHODWLRQ WR VRFLHW\ +RZ GRHV VRFLHW\ LQIOXHQFH RXU FRQFHSWLRQV YDOXHV DQG RXU ZD\ RI EHLQJ DQG DFWLQJ" 6RPH SHRSOH VD\ WKH KXPDQ SV\FKH LV RQO\ D UHIOHFWLRQ RI WKH VRFLHW\ LQ ZKLFK ZH OLYH 7KH H[KLELWLRQ WLWOHG , :LOO 1HYHU 7DON $ERXW WKH :DU $JDLQ LV RQ WKH WKHPH RI SRVW ZDU WUDXPD DQG WKH VRFLDO SV\FKRORJL FDO FRQVHTXHQFHV WKDW IROORZ :LWKLQ WKH SURMHFW 3V\FKRVLV 9ODGDQ -HUHPLþ KDV FKRVHQ WR ORRN DW VRFLHWDO SKHQRPHQD LQ WKH IRUPHU <XJRVODYLDQ FRXQWULHV DQG SURSRVHG ZRUNV IURP VHYHUDO FRQWHPSRUDU\ DUWLVWV IURP WKH %DONDQV WKDW GHDO ZLWK FROOHFWLYH SV\FKRVLV RI WKH WUDXPDWLF SRVW ZDU VRFLHW\ QHR FOHULFDOLVP DQG LWV SV\FKRWLF UROH &RQQHFWHG WR WKH H[KLELWLRQ ZH KDYH DOVR SURGXFHG WKLV FDWD ORJ ,W LQFOXGHV LQ DGGLWLRQ WR DQ LQWURGXFWLRQ WR WKH H[KLELWLRQ RI 9ODGDQ -HUHPLþ VHOHFWHG HVVD\V E\ &HFLOLD 6M|KROP SURIHVVRU RI DHVWKHWLFV DW 6|GHUW|UQ 8QLYHUVLW\ 6ZHGHQ 6H]JLQ %R\QLN WKHRUHWLFLDQ DQG 3K' FDQGLGDWH DW -\YlVN\Ol 8QLYHUVLW\ )LQODQG DQG âHILN 7DWOLþ WKHRUHWLFLDQ DQG 0$ LQ -RXUQDOLVP )DFXOW\ RI 3ROLWLFDO 6FLHQFH 6DUDMHYR %RVQLD +HU]HJRYLQD

.@556 L @HOL.@556 L f*$OL.@556 L -G6 NL 4 $H5L-$L &*G6@$ E\ &HFLOLD 6M|KROP

,1 +(5 (66$< ´7KH -HZ DV 3DULDK $ +LGGHQ 7UDGLWLRQ µ +DQQDK

$UHQGW LQWHUSUHWV WKH SRSXODULW\ RI &KDUOLH &KDSOLQ LQ WHUPV RI D WLPHO\ UHYLYDO RI ´WKH HQWUDQFLQJ FKDUP RI WKH OLWWOH SHRSOH µR &KDUOLH &KDSOLQ·V SRSXODULW\ KDV WR GR ZLWK WKH DEVROXWH DFXLW\ ZLWK ZKLFK KH SRLQWV WR WKH PLVPDWFK EHWZHHQ LQGLYLGXDO EH LQJV DQG JHQHUDO ODZV KH LV DOZD\V XQGHU VXVSLFLRQ DOZD\V D ZURQJ GRHU DOZD\V FKDVHG E\ FRSV 7KHUH LV QR SURSRUWLRQ EH WZHHQ WKH FULPH DQG WKH SXQLVKPHQW WKH SROLFH ZLOO JR DIWHU KLP IRU ZKDWHYHU KH GRHV $OZD\V DFWLQJ WKH VXVSHFW D VFKOHPLKO RU D ´FRQVFLRXV SDULDK µ &KDSOLQ SRLQWV WR WKH GLVFUHSDQF\ EH WZHHQ VWDWH DQG LQGLYLGXDO ,Q WKLV ZD\ KH HQGV XS GHSLFWLQJ D NLQG RI UHIXJHH RU D VWDWHOHVV SHUVRQ 2Q WKH RWKHU KDQG KH ZLOO DOZD\V PDQDJH WR VOLS DZD\ RU UHYHUVH IRUWXQHV VR WKDW KH FRPHV RXW XQVFDWKHG $QG WKLV LV SUHFLVHO\ ZK\ KH PDQDJHV WR FDWFK WKH GHOLJKW RI KLV DXGLHQFH DOWKRXJK &KDSOLQ SRLQWV WR WKH ´GDQJHURXV LQFRPSDWLELOLW\µ EHWZHHQ ODZV DQG LQGLYLGXDO KH PDQDJHV WR WXUQ HYHQWV DURXQG DQG KLJKOLJKW WKH VXSHULRU TXDO LWLHV RI WKH OLWWOH PDQ VXFFHHGLQJ LQ JHWWLQJ DZD\ &KDSOLQ·V SRSXODULW\ WKHQ KDV WR GR ZLWK WKH ZD\ LQ ZKLFK KH SRUWUD\V WKH VFKOHPLKO VWUDWHJ\ WKH ZD\ RI EHLQJ -HZLVK RIIHULQJ

RN

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

D SDWK RI LGHQWLILFDWLRQ EHWZHHQ WKRVH WKDW DUH QRW -HZLVK DQG WKRVH WKDW DUH 7KH FDSDFLW\ RI WKH DXGLHQFH WR LGHQWLI\ ZLWK &KDSOLQ ZRXOG WKHQ FRQVLVW LQ WKH ´OLWWOH <LGµ EHFRPLQJ WKH ´OLWWOH PDQµ ² FRQIURQWLQJ WKH JDS EHWZHHQ VWDWH DQG LQGLYLGXDO $UHQGW ZURWH WKH WH[W RQ &KDSOLQ LQ DW D WLPH ZKHQ WKH PDJQLWXGH RI WKH JHQRFLGH RI WKH -HZLVK SHRSOH ZDV VWLOO XQ NQRZQ $W DURXQG WKH VDPH WLPH VKH SXEOLVKHG DQRWKHU WH[W RQ WKH VLWXDWLRQ RI WKH UHIXJHH LQ ZKLFK VKH IDPRXVO\ FDOOHG WKH UHIXJHH WKH ´YDQJXDUGµ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´OLWWOH SHRSOHµ VKRXOG HYHQ H[ LVW LV LQ IDFW D FUHDWLRQ FDXVHG E\ WKH LGHRORJ\ RI WKH QDWLRQ VWDWH :H PD\ LQWHUSUHW WKH ´OLWWOH PDQµ DV D V\PSWRP RI D EURDGHU LGHRORJLFDO PRYHPHQW LI ZH DUH WR IROORZ WKH NLQG RI DUJXPHQWDWLRQ WKDW $UHQGW KDV SXUVXHG LQ WKH ODVW FKDSWHU RI 7KH 2ULJLQV RI 7RWDOLWDULDQLVP :KDW VLJQLILHV WRWDOLWDULDQ UH JLPHV DERYH DOO LV WKDW WKH\ KDYH VXFFHHGHG LQ FUHDWLQJ D VRFLHW\ LQ ZKLFK SHRSOH DUH OHVV PHDQLQJIXO WKDQ WKH LGHRORJ\ WKH\ KDYH FUHDWHG ,GHRORJLHV DUH QRW WRWDOLWDULDQ LQ WKHPVHOYHV WKH\ EHFRPH WRROV RI WHUURU :K\ GLG 0DU[LVP DQG UDFLVP LQ WKH IRUP RI 1D]LVP ZLQ WKH EDWWOH RI DOO ²LVPV" 2QFH WKH\ ZHUH DSSOLHG WR WKH ORJLF RI WRWDOLWDULDQ WKLQNLQJ $UHQGW DUJXHV WKH\ PDQDJHG WR FRPSOHWH WKH JRDO RI WRWDOLWDULDQLVP WKH VXS SUHVVLRQ RI LQGLYLGXDOLW\ IRU DQ DEVWUDFW LGHD RI PDQNLQG WKH

7 LLL L7

RM

VXSSUHVVLRQ RI H[SHULHQFH IRU DQ LQIDOOLEOH H[SODQDWLRQ WKH VXS SUHVVLRQ RI FRPPRQ SUHMXGLFH IRU D IRRO SURRI SUHGLFWDELOLW\ $IWHU WKH ZDU UDFLVP DQG 0DU[LVP PD\ KDYH IDLOHG DV GRPLQDW LQJ LGHRORJLHV LQ VWDWH V\VWHPV EXW WKH\ DUH VWLOO DOLYH DQG ZHOO LQ RWKHU IRUPV :KDW $UHQGW·V FULWLTXH RI WKH QDWLRQ VWDWH IURP WKH V KDV GHPRQVWUDWHG LV WKDW WKHUH LV QRWKLQJ LQ WKH YHU\ LGHD RI WKH QDWLRQ VWDWH WKDW FRXOG SURWHFW XV IURP WKH IDLOXUH RI VRYHUHLJQW\ ,Q WKH HQG WKH VWDWH PD\ HYHQ WXUQ DJDLQVW LWVHOI DV RFFXUV DOVR LQ )RXFDXOW·V DQDO\VLV RI WKH VWDWH WKDW EHJLQV NLOOLQJ LWV RZQ FLWL]HQV D WKDQDWRSROLWLFV 1RWKLQJ PD\ SURWHFW XV IURP DQ LGHRORJ\ WKDW EHJLQV HDWLQJ LWV RZQ VXEMHFWV 7KH LGHD RI ´OLWWOH SHRSOHµ RU D ´OLWWOH PDQµ LQ FRQIOLFW ZLWK WKH V\VWHP LV DQ H[SUHVVLRQ WKDW KDV EHHQ FR RSWHG E\ SRSXOLVWV IURP DOO FDPSV 5LJKW ZLQJ H[WUHPLVP LQ SDUWLFXODU KDV DS SHDOHG WR WKH ´OLWWOH SHRSOHµ DV YLFWLPL]HG E\ D WRR JHQHURXV LP PLJUDWLRQ SROLF\ IRU LQVWDQFH :KDW GLIIHUHQWLDWHV VXFK UKHWRULF IURP &KDSOLQ·V ´OLWWOH PDQµ LV WKDW KH LV LQVHSDUDEOH IURP D ´OLW WOH <LG µ &KDSOLQ ZDV D JUHDW FULWLF RI 1D]LVP %XW KH ZDV QRW -HZLVK +H PD\ KDYH FUHDWHG D FKDUDFWHU WKDW DSSHDUHG -HZLVK DQG DW WKH WLPH ZKHQ $UHQGW ZURWH KHU DUWLFOH KH ZDV JHQHUDOO\ FODLPHG E\ -HZLVK FLQHPDJRHUV DV RQH RI WKHLU RZQ +RZHYHU LQ $UHQGW·V UHDGLQJ DQG WKLV LV VRPHWKLQJ WKDW VKH ZLOO VWDWH RYHUWO\ ODWHU RQ KLV DFWXDO RULJLQV DUH RI QR LPSRUWDQFH &KDS OLQ·V ZRUN LV WR EH LQVHUWHG LQ D -HZLVK WUDGLWLRQ RI 6FKOHPLKO KRRG ,Q WKLV ZD\ KHU DUJXPHQW RQ WKH ´OLWWOH SHRSOHµ LQ KHU UHDGLQJ RI &KDSOLQ LV FRQVWUXFWHG LQ WKH VDPH ZD\ DV WKH DUJX PHQW RQ WKH YDQJXDUG UHIXJHH ,W LV QRW RQO\ &KDUOLH &KDSOLQ ZKR LV WR EH FRQVLGHUHG D ´OLWWOH <LGµ RU D ´OLWWOH PDQ µ ,I KH LV RQH ZH DUH DOO ´OLWWOH SHRSOHµ DQG WKHUHIRUH DOO ´OLWWOH <LGV µ 3HU KDSV WKLV LV SUHFLVHO\ ZKDW &KDSOLQ VDZ $UHQGW·V REVHUYDWLRQV RQ UHIXJHHV DUH FRQVWUXFWHG LQ WKH VDPH ZD\ 7KH VWDWHOHVV -HZ RI WKH V LV QRW WKH RQO\ UHIXJHH DPRQJ XV &KDSOLQ LV LQ IDFW SRLQWLQJ RXW D GHVWLQ\ WR FRPH IRU PDQ\

RL

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

(XURSHDQV 3HUKDSV WKLV LV D IXWXUH ZKHUH ZH ´OLWWOH SHRSOHµ DOO DUH DOO UHIXJHHV 7KLV LV QRW RQO\ WR EH FRQVLGHUHG D FDWDVWURSKH 7KH IDFW WKDW VXFK D VFHQDULR LV FRQFHLYDEOH FRQVWLWXWHV D IRXQ GDWLRQ IRU D QHZ EHJLQQLQJ $UHQGW KHUVHOI KRZHYHU VDZ WKLV SRVVLELOLW\ FRPH WR DQ HQG LQ &KDUOLH &KDSOLQ·V RZQ FLQHPDWLF DUWZRUN WR EH FRQVLGHUHG ´RQH RI WKH PRVW VLQJXODU SURGXFWV RI PRGHUQ DUW µP :KHQ WKH FLQHPDWLF LGHDO RI WKH OLWWOH PDQ EHFDPH OHVV DSSHDOLQJ WR WKH JHQHUDO DXGLHQFH &KDSOLQ KDG WR FKDQJH KLV ZD\V 7KH DUW RI WKH UHIXJHH FKDQJHG LQWR 7KH 'LFWDWRU 7KH FKDUP ZDV WKHUHE\ ORVW IRU PRVW RI KLV DXGLHQFH DQG KLV DUWZRUN ZDV QR ORQJHU XQGHUVWRRG 7KLV ZDV D GHYHORSPHQW WR EH GHSORUHG DOWKRXJK QRW IRU DUWLVWLF UHDVRQV 7KH HWKLFDO DQG SROLWLFDO SRVVLELOLWLHV RI WKH FULWLTXH RI 1D]LVP ZHUH PRUH ZRUNDEOH LQ WKH IRUP RI WKH ´OLWWOH PDQ µ ,I ZH DUH DOO VXVSHFWV RU DOO UHIXJHHV ZKR JHWV WR GLFWDWH" 3HUKDSV WKH PRPHQW IRU ODXJKWHU KDV FRPH DQG JRQH %XW WKH GHYHORSPHQW FRQFHLYHG E\ $UHQGW DQG &KDSOLQ DOLNH KDV QRW FHDVHG WR SURGXFH LWV ´OLWWOH SHRSOHµ LQ RQH IRUP RU DQRWKHU

R 2$$2- 9:$08= -: :; 21 2962-= 600:$ 9206865$ 6$ :;61- 5'62* 8306:1 &5* N 5 Q B 49 RKTTA 4 KK Q 9:$08 2$$2- RKTP : 9:/3.::1 -: :$592- 539$2* R"Q :; 59+ 44 R "RT P 9:$08 -: :; 21 2962- 4 RRR

218 60: 859)‰

.59 93%6þ

$L7$54-H,+5@-$L5-L 5& L #&@ @5@-$ E\ 9ODGDQ -HUHPLþ 5HQD 5lGOH

7+( (;+,%,7,21 , :LOO 1HYHU 7DON $ERXW WKH :DU $JDLQR VKRZV DU

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´SRVW ZDU FRQGLWLRQµ DQG LQ D SHULRG RI ´VRFLDO WUDQVLWLRQ µ ,W ZDV H[SHFW HG WKDW WKH VRFLHWLHV ZRXOG TXLFNO\ UHWXUQ WR QRUPDO DQG WKDW ´QRUPDOL]DWLRQµ ZRXOG WKHQ OHDG WR VWDELOLW\ HFRQRPLF SURVSHUL W\ DQG (XUR $WODQWLF LQWHJUDWLRQ RI WKH ZKROH UHJLRQ ,QVWHDG EXUGHQHG ZLWK WKH KHULWDJH RI WKH V· H[WUHPH QDWLRQDOLVP DQG WKH QHZ HFRQRPLF VWUDWLILFDWLRQ RI QHR OLEHUDO FDSLWDOLVP DI WHU WKH V PRVW FRXQWULHV RI WKH IRUPHU <XJRVODYLD DUH LQ D VWDWH RI QHRFRORQLDO GHSHQGHQF\ DQG LQQHU FULVLV ,Q VXFK FRP SOH[ SROLWLFDO DQG VRFLDO FRQWH[WV WKHUH DUH D YDULHW\ RI GLIIHUHQW SRVLWLRQV LQ ZKLFK WHVWLPRQLHV RI ZDU WUDXPD DUH WUDQVODWHG

QT

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

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´SROLWLFV RI FRPSDVVLRQ µ KXPDQ ULJKWV DQG KXPDQLWDULDQLVP 7KHLU DUW ZDV H[SHFWHG WR WDNH DQ DFWLYH UROH LQ WKH SURFHVV RI WUDQVFHQGLQJ WKH WUDXPD RI ZDU DQG ´FXULQJµ VRFLHW\ ,Q WKLV PDWUL[ DUW LV LQ WKH VHUYLFH RI GRPLQDQW SDUDGLJPV EHFDXVH LW LV H[SHFWHG WKDW WKURXJK LW WUDXPD FRXOG EH VXEOLPDWHG RU WUDQVFHQGHG 7KH PRVW FRPPRQ ZD\ RI GHDOLQJ ZLWK WKH WUDXPD RI ZDU LQ WKH SXEOLF VSKHUH RI WKH VRFLHWLHV RI WKH IRUPHU <XJRVODYLD KRZHYHU ZDV WR NHHS VLOHQW DERXW LW ²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ãLþ·V DQG /DQD ÿPDMÄ€DQLQ·V YLGHR SHUIRUPDQFH , :LOO 1HYHU 7DON $ERXW WKH :DU $JDLQ ZKLFK UHIHUV WR WKH SRVW ZDU VLWXDWLRQ LQ %RVQLD DQG

7 LLL L7

QO

+HU]HJRYLQD ,Q WKH YLGHR WKH WZR DUWLVWV SURPLVH HDFK RWKHU QRW WR WDON DERXW WKH ZDU DQ\PRUH UHSHDWLQJ WKH VDPH VHQWHQFH RYHU DQG RYHU 7KH ZRUN LV DQ HPRWLRQDO VWDWHPHQW RQ WKH IDFW WKDW PRUH WKDQ ILIWHHQ \HDUV DIWHU WKH 'D\WRQ 3HDFH $JUHHPHQW WKH ZDU UHPDLQV D FHQWUDO H[SHULHQFH LQ WKH GLYLGHG FRXQWU\ $QRWKHU DUWLVW ZKR GHDOV ZLWK WKH GLUHFW H[SHULHQFH RI ZDU DQG YLROHQFH LV $OPD 6XOMHYLþ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þ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ÀLYNR *UR]GDQLþ *HUD FDVWV WKH 6HUELDQ 3DWULDUFK 3DYOH LQ WKH UROH RI WKH PHWHRU YLFWLP

QN

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

,Q WKH ODVW GHFDGH VHYHUDO DWWHPSWV WR RUJDQL]H *D\ 3DUDGHV LQ %HOJUDGH DQG =DJUHE KDYH IDLOHG ,Q %HOJUDGH LQ WKH SD UDGH ZDV DWWDFNHG DQG D ODUJH QXPEHU RI SHRSOH ZHUH LQMXUHG ,Q KLV SLHFH (DVW 6LGH 6WRU\ ,JRU *UXELþ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

7 LLL L7

QM

RŠ 6** :&:9 2*+ %538 8-: 29 .26$ 61 8-: 868*: 5/ 2 ;59+ 5/ 298 %) 0:*2 3Ê6þ 2$0 2$2 ÿ#2,Ä€2$6$Š QŠ -: *29.:18 ;291 6$ 9:':$8 3954:2$ -61859) ;:9: 8-: ;291 6$ 8-: /59#:9 3.51*2&62‰ ;-6'- 855+ #59: 8-2$ R ‰ *6&:1 /95# RKKR 85 Q RŠ -: 0:1893'865$ 5/ 8-: '68) 5/ 3+5&29 6$ 952862‰ 8-: 16:.: 5/ 292,:&5 6$ 51$62 2$0 :97:.5&6$2‰ 8-: '5$':$892865$ '2#4 6$ #291+2‰ 2$0 8-: .:$5'60: 6$ 9:%9:$6'2 29: 8-: #518 -5996%*: :&:$81 5/ 8-: ;291 5/ 8-: $6$:86:1Š PŠ 1)'-5*5.6'2* 8923#2 61 2 8)4: 5/ 02#2.: 85 8-: -3#2$ 41)'-: 8-28 5''391 21 2 9:13*8 5/ 2 8923#286' :&:$8Š 396$. 2 ;29‰ 8923#286' 16832865$1 6$'*30: %58- 069:'8 /6.-86$. 2$0 14:$06$. 86#: 6$ 8-: ;29 75$:Š 1)'-5*5.6'2* 8923#2 '2$ '231: 2'38: 9:2'865$1 85 189:11‰ ;-6'- #2) *:20 85 4518" 8923#286' 189:11 061590:9 B AŠ 5#: 18286186'1 1828: 8-28 6$ 8-: '686:1 2$0 29:21 8-28 ;:9: :(451:0 85 069:'8 0:1893'865$‰ 21 61 8-: '21: ;68- 3+5&29 2$0 292,:&5‰ 2 &218 #2,5968) -21 15#: /59# 5/ 189:11"9:*28:0 41)'-5*5.6'2* 061590:9Š 539':= 29 923#2 :$8:9 -884=??;298923#2Š59.? 6$0:(Š4-4 *2$.E:$ TŠ (2..:92865$ 8-953.- -)4:9"'5#6'2* 16832865$1‰ :14:'62*" *) 6$ #211 '3*839:‰ :Š.Š 6$ 318396'2•1 /6*#1 5/ 8-: RKK 1Š

7 LLL L7

QK

$GHOD -XãLþ DQG /DQD ÿPDMĀDQLQ , :,// 1(9(5 7$/. $%287 7+( :$5 $*$,1 9LGHR SHUIRUPDQFH +' YLGHR FRORU VRXQG PLQ VHF 3KRWRV 6WLOOV IURP WKH YLGHR , :LOO 1HYHU 7DON $ERXW WKH :DU $JDLQ &RXUWHV\ RI WKH $UWLVWV

68- 8-: &60:5 4:9/59#2$': 6** :&:9 2*+ %538 8-: 29 .26$ 0:*2 3Ê6þ 2$0 2$2 ÿ#2,Ā2$6$ 092; 288:$865$ 85 8-: 4518";29 16832865$ 6$ 51$62 2$0 :97:" .5&6$2 95# 8-:69 4:915$2* :(" 4:96:$': 8-:) '5#: 85 8-: '5$" '*3165$ 8-28 68 61 6#45116%*: $58 85 82*+ 2%538 8-: ;29 6$ :&:9)02) *6/: 1 '-6*09:$ 8-: 2986181 *6&:0 8-953.- 8-: 16:.: 5/ 292" ,:&5 ;68- 8-:69 9:*286&:1 2$0 /96:$01 2$0 8-:) ;:9: '5$/95$8:0 ;68- 2 #2,59 *511 6$ 8-:69 *6/: 8-: 0:28- 5/ 9:*286&:1 2$0 /96:$01

$ 8-:69 298618 1828:#:$8 2%538 8-: 46:': 3Ê6þ 2$0 ÿ#2,Ā2$6$ 12)= $ 8-61 4:9/59#2$': ;: 29: 89)6$. 85 :(451: 2** 8-: 45116%*: :#5" 865$1 ;: -2&: 2%538 8-61 /2'8 %38 2*15 85 456$8 538 06//:9:$8 214:'81

5/ 82*+6$. 2%538 8-: ;29 13'- 21 -5; $2865$2*618 42986:1 31: '5$" 182$8 9:#6$0:91 5/ 8-: ;29 6$ 8-: #:062 85 -5*0 5$85 45;:9 2$0 /5#:$8 $2865$2*61# 2#5$. 8-: 4:54*: 5/ 8-: /59#:9 3.51*2&62 1 68 451" 16%*: $58 85 82*+ 2%538 8-: ;29 -) 05 ;: 05 68 2$0 ;-:$ ;6** 68 1854 6** ;: 1854 -53*0 ;: 1854

P

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

/DQD ÿPDMÄ€DQLQ DQG $GHOD -XãLþ %('7,0( 6725,(6

,QVWDOODWLRQ ZLWK VRXQG 3KRWR 'HMDQ 9ODGLþ &RXUWHV\ RI WKH $UWLVWV

:086#: 8596:1 61 2 153$0 46:': 6$182**:0 ;68-6$ 2$ 2986186' 9:" '5$1893'865$ 5/ 1:&:92* 86$) ':**29 955#1Š 8 9:/:91 85 *6/: 0396$. 8-: RPKO"02) 16:.: 5/ 292,:&5‰ ;-:$ 4:54*: 153.-8 1-:*8:9 /95# 8-: 1-:**6$. 6$ 8-: 1#2** %21:#:$8 142':1 5/ 8-: '68)•1 %36*06$.1Š 8 86#:1 3$2%*: 85 *:2&: 8-:1: ':**291 /59 02)1 2$0 ;::+1‰ 4:54*: 18298:0 85 /59# 2 14:'62* '5#" #3$68) ;68- 681 5;$ 93*:1 2$0 139" &6&2* 1)18:#1‰ 1-296$. :&:9)" 8-6$. 85.:8-:9 š /550‰ '*58-6$.‰ -2446$:11‰ 2$0 #61:9)Š -: 2986181 '5**:'8:0 238-:$86' 18596:1 /95# 4:54*: 8-:) +$5;‰ ;68-538 495#486$. 59 '599:'86$. 8-:69 145$82$:531 #:#596:1 5/ 8-: 86#: 6$ 8-: ':**291Š 68- 8-61 24" 4952'- 8-:) .:8 2 &296:8) 5/ 06/" /:96$. 6$06&6032* 4:914:'86&:1 5$ 2 -618596'2* :&:$8‰ ;-6*: 451" 6$. 8-: <3:1865$ 5/ ;-6'- :&:$81

59 #:#596:1 29: 2'832**) 5/ -61" 8596'2* 9:*:&2$':Š ;29: 8-28 8-: -61859) 5/ 51$62 2$0 :97:.5&6$2 61 ;9688:$ /95# 06//:9:$8 45*686" '2**) 5445168: 4516865$1‰ 3Ê6þ 2$0 ÿ#2,Ä€2$6$ 092; 288:$865$ 85 8-: 6$06&6032* :(4:96:$': 5/ 8-: ;29 2$0 89) /95# 8-61 456$8 85 3$0:9" 182$0 8-: -3#2$ '242'68) 85 20248 85 8-: #518 :(89:#: 16832865$1Š

&XUDWRU +DUDOG 6]HHPDQQ VSRQWDQHRXVO\ NLVVHV $OPD 6XOMHYLþ·V IRUHKHDG GXULQJ KHU XQH[SHFWHG SHUIRUPDQFH DW WKH H[KL ELWLRQ %ORRG DQG +RQH\ 0XVHXP (VVO 9LHQQD

7 LLL L7

PP

$OPD 6XOMHYLþ +2/< :$55,25(66

3HUIRUPDQFHV &RXUWHV\ RI WKH $UWLVW

59 8-: 4218 8:$ ):291‰ 5$: 5/ 8-: #518 9206'2* 51$62$ 298" 6181‰ *#2 3*,:&6þ‰ -21 %::$ .6&6$. 3$2$$53$':0 4:9/59#2$':1 5/ 5*) 299659:11 28 :(-6%6865$ 54:$6$.1Š 6$': 8-: /6918 136" '60: 2882'+ %) 2 ;5#2$ 6$ 8-: RKL 1‰ ;5#:$ -2&: %:'5#: 6$'9:21" 6$.*) 2'':48:0 21 136'60: %5#%" :91 2$0 2'+$5;*:0.:0 21 #298)91 6$ 8-: 92$+1 5/ 1*2#6' ,6-206181Š 68- -:9 4:9/59#2$':‰ *#2 3*,:&6þ '-2**:$.:1 8-: 1*2#54-5%6' 2$0 41)'-586' '5$06865$ 5/ ;:18:9$ -961862$ 15'6:86:1 2$0 9:#6$01 31 5/ 8-: '5$1:<3:$':1 5/ 13'- -51" 86*686:1‰ -2&6$. -:91:*/ ;68$:1" 1:0 8-: ;29 6$ 8-: 2*+2$1 2$0 8-: .:$5'60: 5/ 51$62$ 31*6#1Š $58-:9 5/ 3*,:&6þ•1 *5$."8:9# 495,:'81 B5$.56$. 16$': RKKNA 61 8-: 0:#6$6$. 5/ #6$:/6:*01 6$ 4518";29 51$62 2$0 :97:.5&6$2Š -: '5**:'81 8-: 156* 8-28 ;21 3$0:9 8-: #6$:1‰ :(-6%681 68 2$0 1-29:1 68 21 2 .6/8 5/ ;29$6$.Š

8 8-: 54:$6$. 5/ 8-: :(-6%6865$ 28 Z9./2%96+:$‰ 3*,:&6þ 4:9" /59#1 21 2 /:#2*: 136'60: %5#%" :9‰ ;2*+6$. %:8;::$ 8-: &6168591Š

PT

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

,JRU *UXELþ ($67 6,'( 6725<

7ZR FKDQQHO YLGHR LQVWDOODWLRQ FRORU VRXQG SRVWHU DQG SKRWRV =DJUHE %HOJUDGH 3KRWR 9LGHR DQG SURGXFWLRQ VWLOOV IURP WKH (DVW 6LGH 6WRU\ E\ ,JRU *UXELþ $UFKLYH IRRWDJH =DJUHE ² )DGH ,Q %HRJUDG ² 79 % E\ 6WHIDQ 2UODQGL 6WRMDQRYVNL &RXUWHV\ RI WKH $UWLVW

5#54-5%62 (:$54-5%62 $:5'*:96" '2*61# 2$0 6$85*:92$': 85;290 2$) 06//:9:$8 15'62* .9534 29: :&:9)02) -290'59: 9:2*686:1 6$ 8-: 15'6:86:1 5/ 8-: /59#:9 3" .51*2&62 2$0 4298 5/ 2 '5#4*:( 4518 ;29 1)$095#: : ;68$:11 8-: 892$16865$ 0396$. 8-: RKK 1 /95# 8-: #6*682$8 839%5"$2865$" 2*61# 5/ 8-: 6*5Ê:&6 þ :92 6$ :9%62 59 8-: 3 ā #2$ :92 6$ 952862 85 2 $:5*6%:92* 9:2*68) ;68- 2** 681 15'62* 0616$8:.92" 865$ 2$0 2$82.5$61#1 $ Q R 2$ 288:#48 85 59.2$67: 2 .2) 42920: 6$ :*.920: /26*:0 95341 5/ /21'6181 '*:96'2* $2" 865$2*6181 2$0 /558%2** -55*6" .2$1 #2$2.:0 85 0614:91: 8-: 42920: 2$0 2 *29.: $3#%:9 5/ 4:54*: ;:9: 6$,39:0 2.9:% 298618 .59 93%6 þ 12)1 8-28 8-: 26# 5/ -61 46:': 218 60: 859) ;21 85 82'+*: 8-: <3:1865$ 5/ 8-: 96.-81 5/ 1:(3" 2* #6$59686:1 6$ 2 15'6:8) 8-28

9:2'81 &65*:$8*) 85 2$) 1-5; 5/ 06&:9168) ;21 -5996/6:0 %) 8-: '93:* 9:145$1: 5/ '6867:$1 85 8-: 2'" 86&6181 ://5981 6$ 0:#2$06$. :<32* 96.-81 /59 -5#51:(32*1 0396$. 8-: 2) 2920:1 6$ :*" .920: 6$ Q R 2$0 2.9:% 6$ Q Q 56$. 8-953.- 8-: 05'3#:$8:0 #28:962* 2/8:9;2901 '53*0 -290*) %:*6:&: ;-28 12; 8:9" 96/6:0 %) 8-: /59': 5/ %9382*68) 149:20 2#5$. 8-: 4:54*: 5$*) %:" '231: 5/ 8-:69 06//:9:$':1 *5$. ;68- '-59:5.924-:91 2$0 02$':91 0:'60:0 85 '9:28: 02$': 6$8:9&:$865$1 5$ 8-: &:9) 14581 ;-:9: 8-: :&:$81 855+ 4*2': 6$ %58- '686:1 -61 ;21 2 ;2) 5/ 13..:186$. 8-: 49:1:$': 5/ 2 &6&60 '9:286&: /59': &:9) #3'- 2+6$ 85 8-: 9:16182$': #5&:" #:$8 8-28 61 89)6$. 85 '-2$.: 8-: 6$85*:92$8 '5$1:9&286&: 15" '6:8) 6$85 2 %:88:9 5$:

-205; 31:3# 49:1:$81 8-: 9:" :$2'8#:$8 5/ 2 4:9/59#2$': %) 2951*2& 34:+ 868*:0 *:48

$0:9 8-: -5851 5/ 6**:0 6$ 8-: 291 6$ ( 3.51*2&62 2$0 8-: 6$182**2865$ :8:5968: 26$ %) Æ6&+5 95702$6þ :92 -205; 31:3# 61 2$ 2*8:9$286&: $5$"6$18683865$2* #31:3# 2$0 298 '5**:'865$ 6$68628:0 %) '392859 2$0 298 -6185962$ *2&+5 6#586" ,:&6þ 6$ 8-: RKM 1 -: -205; 31:3# '5#4961:1 8-: #518 /2#531 ;59+1 5/ 3.51*2&62$ '5$':4832* 298 B/95# 8-: M 1 85 8-: 49:1:$8A ;-6'- 892': 2$0 49:06'8 8-: :(" 89:#: '5$06865$1 5/ 8-: K 1 2$0 Q 1 5#: 5/ 8-: 2986181 9:4" 9:1:$8:0 6$ 8-: -205; 31:3# 29: 296$2 %92#5&6þ 2Ê2 50516,:&6þ 92.2$ 246þ *20:$ 86*6$5&6þ 95+38 2$0 2951*2& 34:+

7 LLL L7

PM

-DURVODY 6XSHN , 6/(37 81'(5 7+( 3+2726 2) .,//(' ,1 7+( :$56 ,1 (; <8*26/$9,$

5H HQDFWPHQW RI WKH SHUIRUPDQFH DQG SKRWRV 3KRWR FRS\ULJKW 6KDGRZ 0XVHXP &RXUWHV\ RI 6KDGRZ 0XVHXP DQG WKH IDPLO\ RI WKH DUWLVW

2951*2& 34:+ B%Š RKOQ 0É2'6‰ 0Š Q K 5&6 20A ;21 2 &6132* 298618 2$0 ;968:9 2$0 5$: 5/ 8-: #518 6#45982$8 9:1:29'-:91 6$ 8-: /6:*0 5/ :(4:96#:$82* 298 6$ 5" ,&506$2 2$0 3.51*2&62Š -: 9:" :$2'8#:$8 5/ -61 ;59+ 61 2 896%" 38: 85 -61 1:96:1 5/ 4:9/59#2$':1 :$868*:0 *:48ŠŠŠ‰ ;-6'- 34:+ %:.2$ 4:9/59#6$. 6$ 43%*6' 2$0 298 142':1 6$ 8-: :29*) :6.-8" 6:1Š 6$': '-6*0-550 -: 13//:9:0 /95# *3'60 09:2#1 2''5#42$6:0 %) 1*::4 4292*)161 2$0 92460 &6%92" 865$1 5/ 8-: %50)Š 28:9 -: *:29$:0 85 6$8:$865$2**) 2'-6:&: '5$" 1'6531 09:2#6$. 1828:1 2$0 43%" *61-:0 $58:1 2%538 -61 09:2#1Š 95# 8-: 18298 5/ 8-: ;29 6$ 3.5" 1*2&62‰ 34:+ ;21 '9686'2* 5/ 8-:

/2'8 8-28 8-: #2,5968) 5/ :9%6" 2$ 15'6:8)‰ 6$'*306$. #26$189:2# 2986181 2$0 6$8:**:'832*1‰ ;:9: $58 4958:186$.‰ 6.$596$. 8-: #6*6829) 2'865$1 :9%62 ;21 '5$" 03'86$. 6$ 51$62‰ 952862‰ 2$0 515&5Š $ -61 495':1132* 29861" 86' 492'86':‰ 34:+ 4:9/59#1 2 1:&:9: '9686'61# 5/ 8-: 15'6:8) 2$0 681 13449:1165$ 5/ 8-:1: :&:$81 5/ -59959Š

7 LLL L7

PK

ÀLYNR *UR]GDQLþ *HUD 0(7(25,7( 5$,1

,QVWDOODWLRQ 3KRWR FRS\ULJKW 6KDGRZ 0XVHXP &RXUWHV\ RI 6KDGRZ 0XVHXP

:8:5968: 26$ 61 5$: 5/ 2 1:96:1 5/ 6$182**2865$1 2$0 1'3*4839:1 0:&:*54:0 6$ 8-: '5$8:(8 5/ 2 %9520:9 98 495,:'8 B6$ :9" %62$ 454 #:2$1 496:18A Æ6&+5 95702$6þ :92 #2+:1 &616%*: 8-: '5$89206'865$1 6$-:9:$8 6$ 8-: '5$8:#45929) 9:*6.6531 15'62* 2$0 45*686'2* /59':1 8-28 1-24: :&:9)02) *6/: 6$ :9%62 :92 18298:0 8-: 98 495,:'8 21 2$ 2986186' 061'31165$ ;68- '39" 9:$8 4518"15'62*618 2$0 892$16" 865$2* 9:206$.1 5/ 8-: 8923#286' 95*: 5/ 9:*6.6531 '5$06865$1 6 : 8-51: 5/ 8-: '-39'- 21 2$ 6$186" 83865$ 6$ 8-: :9%62$ 15'6:8) $: 5/ 8-: /6918 ;59+1 /95# 8-: 98 1:96:1 61 :8:5968: 26$ BQ OA 6$1469:0 %) 2 46:': %) 2396765 288:*2$ 8-28 1-5;:0 54: 5-$ 23*

1893'+ 05;$ %) 2 .62$8 #:8:59 $ 5*2$0 ;-:9: 68 ;21 :(-6%68:0 6$ Q 28:*" *2$ 1 ;59+ 495&5+:0 1895$. 061" 24495&2* /95# 8-: #:#%:91 5/ 8-: 5*61- 429*62#:$8 38 6$ :9%62 28:**2$ 1 46:': ;53*0 -2&: 29531:0 :(2'8*) 8-: 5445168: 9:2'865$

16$': ;-28 '2$ %: 13%&:916&: 6$ 5$: 15'62* '5$8:(8 '2$ -2&: <368: 8-: 5445168: ://:'8 6$ 2$" 58-:9 -61 61 ;-) :92 3$0:9" 82+:1 2$ 2986186' 892$1*2865$ 2$0 6$18:20 5/ 8-: 54: 6$182**1 8-: :9%62$ 289629'- 2&*: 6$ 8-: 95*: 5/ 8-: #:8:59 &6'86# :92 1 ;59+ 495&5+:0 .9:28 '5$" 895&:91) 2$0 0:%28: 6$ :9%62$ 15'6:8) -: .52* 5/ 8-61 ;59+ 6$ 8-: *5'2* :9%62$ '5$8:(8 ;21 85 6$&68: 8-: :9%62$ 98-505( -39'- 85 9:/59# 681:*/ 2$0 85 9:":(2#6$: 681 2'86&686:1 2$0 /3$'865$ 0396$. 8-: %9:2+"34 2$0 ;291 6$ 3.51*2&62 -:9: 61 2$ :11:$862* 06//:9:$': 6$ 8-: #2" 8:962* 2$0 8-: ;2) 6$ ;-6'- 8-61 ;59+ 61 4:9/59#:0 21 '5#429:0 85 288:*2$ 1 %:'231: :92 4:9" /59#1 -61 '296'2839:0 1'3*4839:1 21 2 42950) :&:$ 6$ -61 '-56': 5/ #28:962*1 B9:')'*2%*: #28:96" 2*1 4*218:9 59 ;69:A

T

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

1LNROD\ 2OH\QLNRY 7+( <($56 2) 7+( %21(&586+(5 48((1

:DOO SDLQWLQJV 3KRWR 7KH 25*< GHWDLO DFU\OLF PXUDO SDUW RI WKH VKRZ &KWR 'HODW" %HWZHHQ 7UDJHG\ DQG )DUFH 60$57 3URMHFW 6SDFH $PVWHUGDP UHVHDUFK JURXS 2OHJ -RXUDYOHY 'PLWU\ 9LOHQVN\ 1LNROD\ 2OH\QLNRY

6+5*2) *:)$6+5& 426$81 $2992" 86&: #392*1 6$ 8-: 89206865$ 5/ 2&2$8".290: 49542.2$02 59 8-: :(-6%6865$ 6** :&:9 2*+ %538 8-: 29 .26$ 28 Z9./2%" 96+:$ -: 0:&:*541 2 #:$2.:96: 5/ 16832865$1 2$0 6#2.:1 '5$$:'" 8:0 85 8-: -618596'2* '-95$5*5.) 5/ ;29"9:*28:0 :&:$81 6$ (" 3.5" 1*2&62 5#%6$6$. 426$86$. 2$0 '5**2.:1 5/ 496$8:0 4-585 #28:" 962*1 ;68- 2 0602'86' 244952'- 2''5906$. 85 8-: 9:*:&2$': 5/ -61"

8596'2* #28:962*61# *:)$6+5& 1 '5$':4832* #392*1 '53*0 %: 1::$ 21 2 893: :(2#4*: 5/ '5$8:#45" 929) *:/8618 49542.2$02 -:$ 8-6$+ 2%538 8-: 298 ;59+:9 1 4*2': 6$ '5$8:#45929) 9:2*68) 3$:(4:'8:0 46'839:1 /*21- %:/59: #) :):1= 2 45:8 859'-6$. 2$ 3.*) 5//6': %36*06$. 6$ 8-: '68) ':$8:9 59 2$ 298618 -61 /2': '5&:9:0 %) 2 %2$02$2 %:6$. 299:18:0 %) 1:&:$ '541 28 2 0:#5$1892865$ *6+: 8-:1: 46'839:1 596$. 61 8-: 298618 ;-5 -21 '5$&6$':0 -6#1:*/ 8-28 -61 4*2': 61 6$ 8-: 183065 /95# :*:&:$ 6$ 8-: #59$6$. 85 1:&:$ 6$ 8-: :&:$6$. $0 /6$: 61 8-: 45:8 ;-5 05:1$ 8 #:9:*) 95'+ 8-:

$8:9$:8 59 '*3% 1*2# ;68- -61 ;5901 %38 0:&58:1 -6#1:*/ 85 2'86&61#

B 6+5*2) *:)$6+5& 6$ $ 9542" .2$02 6$ 98 :48:#%:9 Q R A

7 LLL L7

/DQD ÿPDMÄ€DQLQ DQG ,JRU *UXELþ :20$1 :,7+ $ &$1'/(

+' 9LGHR FRORU VRXQG PLQ VHF 3KRWR 6WLOOV IURP :RPDQ :LWK D &DQGOH &RXUWHV\ RI WKH $UWLVWV

8 8-: :$0 5/ 8-: $6.-8 8-: '2$" 0*: 06:1 538Š $ 8-: *6.-8 5/ 02;$‰ 8-: 9:/*:'865$ 5/ 8-: /2': &2$" 61-:1 2;2)Š 286:$':‰ 4:91618:$':‰ 2$0 189:$.8- %:.6$ 85 -2$. 5&:9 0::4 1'291 5/ 8-: -599591 5/ ;29Š -: /6*# 61 &:986'2**) '5#451:0 ;68- 2 '-62951'395 ://:'8 9:#6" $61':$8 5/ 426$86$. 8:'-$6<3:1 /59 56* 5$ '2$&21Š -: /6*# 61 :6.-8::$ #6$38:1 *5$. 2$0 1-58 6$ 2 16$.*: 82+:Š -: '5#4516865$ 1-5;1 2 ;5#2$ 16886$. %:/59: 2 ;6$05;Š -: 5$*) 58-:9 5%,:'8 6$ 8-: 1':$: 61 2 '2$0*:Š -61 *5$. 1-58 '24839:1 8-: .:$8*: '-2$.: /95# $6.-8 6$85 02)‰ 8-: %698- 5/ 2 $:; 02;$Š $ 8-: &60:5 ;: '2$ 1:: 8-: '5#4516865$ 9:/*:'8:0 6$ 8-: ;6$05;Š 1 02;$ 244952'-:1‰ 8-: 9:" /*:'865$ 5/ 8-: ;5#2$•1 /2': 6$ 8-: ;6$05; 1*5;*) /20:1‰ 9:4*2':0 %) 8-: $28392* *2$01'24: 538160:Š :(8 %) 2$2 ÿ#2,Ä€2$6$ 2$0

.59 93%6þ

TR

TQ

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

&KWR 'HODW" 3$57,6$1 621*63,(/ %(/*5$'( 6725<

9LGHR FRORU VRXQG PLQ 3KRWR 3URGXFWLRQ VWLOOV E\ &KWR 'HODW" &RXUWHV\ RI WKH $UWLVWV 5HDOLVHG E\ 2OJD (JRURYD 7VDSO\D GLUHFWRU 9ODGDQ -HUHPLþ 5HQD 5lGOH 'PLWU\ 9LOHQVN\ VFULSW DQG VWDJH GHVLJQ $UWHP ,JQDWRY FDPHUD DQG OLJKWLQJ 1DWDO\D 3HUVKLQD *OXNO\D FRVWXPH GHVLJQ 1LQD *DVWHYD FKRUHRJUDSK\

-: &60:5 298612$ 5$.146:*= :*.920: 859) 61 8-: 1:'5$0 6$ 2 1:96:1 5/ -85 :*28 •1 15$." 146:*1Š 82.:0 6$ 2$ 2%2$05$:0 /2'859) /95# RK8- ':$839)‰ 68 9:/:91 85 2'832* :&:$81 6$ :9%62 6$ 8-: ):29 Q K 2$0 892$1451:1 8-:# 6$85 2 #59: 3$6&:912* 15$." 146:* 2%538 5449:11591 2$0 8-: 5449:11:0Š -: 1:886$. 61 2 8)4" 6'2* 4518";29 2$0 4518"892$16" 865$2* 15'6:8) 6$ ;-6'- 06//:9:$8 49582.5$6181 /59#3*28: 8-:69 182$01Š 59+:91‰ "2'86&6181‰ ;29 &:8:92$1‰ 2$0 ;5#:$ /95# 2 #6$5968) .9534 182$0 2.26$18 '599348 45*686'62$1‰ ;29 495/6" 8::91‰ 2$0 %316$:11 8)'55$1Š

$ 8-: 15$.146:*1‰ -85 :*28 9:"244*6:1 #:8-501 /95# 9:'-8•1 :46' 4*2)1 85 '9:28: 2 '5$8:#45"

929) /59# 5/ 0602'86'2* /6*#Š '86$. 21 4:915$6/6:0 -618596'2* '5$1'6531$:11‰ 2 '-569 5/ 42986" 12$1 961:$ /95# 8-: 0:28- '5#" #:$81 5$ 8-: 16832865$Š -: ;59" +:9•1 061839%6$. 28896%38:‰ 2 *29.: 2#43828:0 %*550) /6$.:9‰ 2.26$ 9:/:91 85 2 9:2* :&:$8 6$ ;-6'- 2 ;59+:9 ;-5 -20 *:0 $3#:" 9531 -3$.:9 1896+:1 '38 5// -61 /6$.:9 85 4958:18 5$ %:-2*/ 5/ 8-: &6'86#1 5/ '96#6$2* 496&28672" 865$ 8-28 /59':1 '5#42$6:1 6$85 %2$+9348')Š $ 8-: :$0‰ #539$6$. 2%538 8-: *2'+ 5/ 3$68) 6$ 8-: 42986'3*29 /6.-81 5/ 8-: 5449:1" 1:0‰ 8-: 4298612$1 *:2&: 8-: 182.: 6$ 1:29'- /59 $:; '5#920:1Š

7 LLL L7

TO

0DULQD $EUDPRYLþ 5+<7+0

EODFN DQG ZKLWH SKRWRJUDSKV ZLWK OHWWHUSUHVV WH[W SDQHO SXEO 3KRWR 5K\WKP &RS\ULJKW 0DULQD $EUDPRYLþ &RXUWHV\ RI 0DULQD $EUDPRYLþ $UFKLYHV DQG 6HDQ .HOO\ *DOOHU\ 1<

$: 5/ 8-: #518 9206'2* :29*) 4:9/59#2$':1 5/ 296$2 %92#5&6þ ;21 -)8-# QŠ $ RKMT‰ 6$ /95$8 5/ 2$ 2306:$': .28-:9:0 6$ 8-: 2**:9) 5/ 5$8:#45929) 98 6$ 2.9:%‰ 1-: 855+ 2 46** 49:" 1'96%:0 /59 '28285$62Š :9 %50) 9:2'8:0 &65*:$8*) 85 8-: 093.‰ :(4:96:$'6$. 1:6739:1 2$0 3$'5$" 895**2%*: #5&:#:$81Š /:; #6$" 38:1 *28:9 1-: 855+ 2$58-:9 46**‰ 49:1'96%:0 /59 2..9:116&: 2$0 0:49:11:0 4:54*:‰ 2$0 -:9 %50) '53*0$•8 #5&: 28 2**Š 68- 8-61 4:9/59#2$': 1-: ;2$8:0 85 %96$. -:9 %50) 6$85 3$49:06'82%*: 41)'-5" 4-)16'2* 1828:1 B#31'*: 1421#1‰ 061" 596:$82865$‰ :8'ŠA 2$0 85 8:18 8-: *6#681 5/ -:9 %:6$.Š

/8:9 8-: 1830:$8 4958:181 5/ RKNL‰ 2$0 8-953.-538 8-: 1:&:$" 86:1‰ 3.51*2&62 /2':0 8-: 0:" '*6$: 5/ 15'62*618 60:21Š -:9: ;21 9:.65$2* $2865$2*61# 2$0 9:" &6165$61#Š $: :*:#:$8 5/ 15'6" :8) 6$8:$0:0 85 *6%:92*67: 8-: #29+:8 6$ 9:145$1: 85 2 1-5982.: 5/ ,5%1Š $ 13'- 2 15'62* 139" 953$06$.‰ 495.9:116&: 6$8:**:'" 832*1‰ )53$. /6*##2+:91‰ 2$0 '5$" ':4832* 2986181‰ 2#5$. 8-:# 2" 96$2 %92#5&6þ‰ ;:9: 0:#5$189286$. 14:'6/6' 9206'2*61# 6$ 8-:69 ;59+Š

-6@5@+/L- L 4*, *L 5 $L @/5-4 L *$HL 54,+5,4 6H]JLQ %R\QLN

:5,7,1*6 21 75$80$ DUH LQ PRVW FDVHV EDVHG RQ D ´SV\FKRORJLFDO´

GLVFRXUVH RI VXFK LPSRVVLELOLW\ RSDTXHQHVV DQG HOXVLYHQHVV WKDW LW SUHFOXGHV DQ\ IXUWKHU HODERUDWLRQ RI WKH LVVXH LQ WKH ILHOG RI SROLWLFV DQG LGHRORJ\ 6SRQWDQHRXV NQRZOHGJH RI WKLV GLVFRXUVH UDQJHV IURP WKH XWLOLWDULDQLVP RI HQJLQHHUHG SRS SV\FKR DQDO\ VLV WR WKH KXPDQLVP RI UHFXSHUDWLQJ HQGDQJHUHG SHUVRQDO FRP PXQLFDWLRQV DQG UHODWLRQV 3UDFWLFDOO\ WKHVH DSSURDFKHV LQVLVW RQ ´DFWLQJ RXWµ WKLV SDLQIXO DQG GLIILFXOW HOXVLYHQHVV DV )UHXG ZRXOG VD\ &RQWUDU\ WR WKLV SRVLWLRQ , ZLOO LQVLVW RQ ´ZRUNLQJ WKURXJKµ WUDXPD ZKLFK HVSHFLDOO\ IRU WKHRUHWLFLDQV DQG DUWLVWV OLNH PH ZLOO SURYLGH DQ RSSRUWXQLW\ WR DUULYH DW SROLWLFDO DQG SKLORVRSKL FDO SRVLWLRQV LQ ZKLFK LW LV SRVVLEOH WR UHVLVW SRSXOLVW DSSURDFKHV 'XH WR WKH OLPLWHG VSDFH WR GHDO ZLWK WKLV VHQVLWLYH LVVXH , VWDUW ZLWK D GLUHFW TXHVWLRQ :KDW LV WKH UHODWLRQ EHWZHHQ WUDXPD DQG LGH RORJ\" ([DPLQLQJ LGHRORJ\ FDQ RSHQ IDU UHDFKLQJ SRVVLELOLWLHV IRU WKRXJKW RQ WKH WRSLF RI WUDXPD DV ZHOO :H FDQ EHJLQ ZLWK DQ DVVHUWLRQ E\ -DVPLQD +XVDQRYLþ ,W LV LP SRUWDQW WR SURYLGH D FULWLTXH DQG DSSUDLVDO RI WKRVH JHVWXUHV WKDW HV

TL

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

FDSH WKH SRVW SROLWLFDO ELQG RI WKH FXOWXUH RI ´H[FHSWLRQ WUDXPD WHUURUµ WKDW SHUVLVW GHVSLWH DOO VWDWH EXLOGLQJ DQG GHPRFUDWL]LQJ HI IRUWV LQYROYLQJ D KRVW RI LQWHUQDWLRQDO DQG QDWLRQDO DJHQFLHV DQG JOREDOL]LQJ SURFHVVHV LQFOXGLQJ ´(XURSHDQL]DWLRQµ R 7KLV LV D YHU\ FRQFLVH GHVFULSWLRQ RI WKH SUREOHPDWLF WKH FXOWXUDOL]DWLRQ RI WUDXPD ZKLFK LV WKH VDPH DV FXOWXUDOL]DWLRQ RI SROLWLFV LV D FRQFHSWLRQ RI WUDXPD EDVHG RQ XWLOLWDULDQ WKHUDSHXWLF UHJLPHV RI DSROLWLFDOQHVV DQG LGHRORJ\ RU LQ +XVDQRYLþ·V ZRUGV WKH ´GRPLQDQW V\PEROLF DQG LGHRORJLFDO RUGHUVµ RI ´HPSW\ SROLWLFV µ 7KH LPPHGLDWH TXHVWLRQ WKDW HPHUJHV IURP WKLV FRQFUHWH GH VFULSWLRQ RI WKH VLWXDWLRQ LV +RZ LV LW SRVVLEOH WR ´SROLWLFDOO\ WKLQNµ RU ´DUWLVWLFDOO\ SURGXFHµ DERXW WUDXPD ZKHQ LW LV FDXVHG E\ WKH H[WUHPH VLWXDWLRQ LQ ZKLFK ODQJXDJH LV FRQILVFDWHG" 'RHV QRW WKLV H[FHVV LPSO\ WKDW WUDXPD FRXOG EH KDQGOHG RQO\ ZLWK FDUQDOLW\ RU VHQVXDOLW\ ZKHUH WKH ´WKLQNLQJµ LV UHSODFHG ZLWK WKH ´IHHOLQJµ DQG ZKHUH WKH ERGLHV DUH OHIW DV DEVROXWH DQG VROH EHDUHUV RI ´WUXWKµ DIWHU DOO WKH VXEWUDFWLRQV GRQH" 7KH XVX DO FRQFOXVLRQ RI WKLV FDUQDOLVWLF DSSURDFK LV WKDW WKH WUDXPD WL]HG ERGLHV RI WKH UDSHG DQG WKH ERQHV RI WKH NLOOHG DUH FRQ FUHWH HOHPHQWV WR EH WDNHQ LQWR DFFRXQW LQ FRQWUDVW WR WKH DE VWUDFW VRFLRORJLVP RI WKHRUHWLFDO PLQGV Q $ IXUWKHU LQWHQVLILFD WLRQ RI WKLV DSSURDFK LV WKH FODLP WKDW WKHUH LV QR SRVVLELOLW\ RI GHWRXU LQ WKH FDVH RI WUDXPD $QRWKHU SUREOHPDWLF ZLWK WKH ´SROLWLFL]DWLRQ RI WUDXPDµ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

7 LLL L7

TK

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´LGHRORJLFDO UROHµ RI WUDXPD DV WKH µW\SLFDO P\WKV RI RULJLQ ZKLFK LV P\WKRORJL]HG KLVWRU\ RI HYHU\ SHRSOH µT $FFRUGLQJ WR /D&DSUD WUDXPD DV D YHU\ QHJDWLYH H[SHULHQFH FDQ EH WKH EDVLV SDUDGR[LFDOO\ IRU D SRVLWLYH IRXQGDWLRQ RI FRO OHFWLYH DQG SHUVRQDO LGHQWLWLHV :H FDQ KHDU WKH HFKR RI )RX FDXOW KHUH RI KLV JHQHUDO FODLP WKDW SURJUHVV LPSOLHV SRZHU UH ODWLRQV UHSUHVVLRQ DQG VDGLVP EXW ZLWK D PRUH VXEWOH VRFLRORJ LFDO UHIOHFWLRQ WKDW WUDXPD FDQ EH WKH IRXQGDWLRQ RI RU IXQGD PHQWDO WR D FROOHFWLYH LGHQWLWLHV VXFK DV QDWLRQDO LGHQWLWLHV :KHQ H[DFWO\ GRHV WUDXPD EHFRPH WKH IRXQGDWLRQ IRU D QDWLRQ" 'RHV WKLV KDSSHQ ZKHQ WKH JURXS RU FROOHFWLYH RI KXPDQ VXE MHFWV XQLWH LQ WKHLU QHJDWLYH H[SHULHQFH WR ´DFW RXWµ DV D QDWLRQ" ,V LW WKHQ SRVVLEOH WKDW WKLV QDWLRQDO IRUP SURGXFHG E\ WKH WUDX PDWLF H[SHULHQFH DW RQH SRLQW JHQHUDWHV QHZ WUDXPDV WKDW ZLOO IXUWKHU JHQHUDWH QHZ ´QDWLRQDO IRUPV µ ZKLFK ZLOO LQWURGXFH QHZ WUDXPDV "O 7KH FDFRSKRQ\ RI WKHVH TXHVWLRQV LPSOLHV WKDW WUDXPD LV PRUH WKDQ LW DSSHDUV WR EH ,W LV HYHQ SRVVLEOH WR VD\ WKDW WUDXPD LV IRXQGDWLRQDO DW DQRWKHU OHYHO DV D VFKLVP FXW GLYLVLRQ GLVXQLW\ RU VHSDUDWLRQ ² WKDW WUDXPD LV QRW RQO\ D IRXQGDWLRQ IRU QDWLRQDO

O

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

P\WK EXW JHQHUDOO\ D IRXQGDWLRQ IRU WKH P\WK RI KXPDQ VXEMHFW /H&DSUD ZKR LV DZDUH RI WKH FRQVHTXHQFHV RI SKLORVRSKL]LQJ RQ WUDXPD FDOOV IRU VSHFLI\LQJ WZR GLIIHUHQW IRUPV RI WUDXPD VWUXFWXUDO DQG KLVWRULFDO WUDXPD $FFRUGLQJ WR KLP WKH LGHRORJ LFDO UROH RI WUDXPD LV GXH WR WKH HIIHFWV RI KLVWRULFDO WUDXPD ZKLFK DUH EDVHG RQ ORVV 6WUXFWXUDO WUDXPD LV GHHSHU WUDQV KLV WRULFDO DQG RPQLSUHVHQW RU DV KH H[SODLQV ´HYHU\RQH LV VXEMHFW WR VWUXFWXUDO WUDXPDµN DQG LW ´DSSHDUV LQ GLIIHUHQW ZD\V LQ DOO VRFLHWLHV DQG DOO OLYHV µM +H ILQGV SKLORVRSKLFR SV\FKR VRFLRORJL FDO H[SODQDWLRQV IRU WKLV WUDXPD LQ IDFWRUV VXFK DV VHSDUDWLRQ IURP WKH P RWKHU WKH SDVVDJH IURP QDWXUH WR FXOWXUH WKH HUXS WLRQ RI WKH SUH RHGLSDO RU SUH V\PEROLF LQ WKH V\PEROLF WKH HQ WU\ LQWR ODQJXDJH DOLHQDWLRQ IURP VSHFLHV EHLQJ HWF ,Q VKRUW VWUXFWXUDO WUDXPD LV DEVHQFH WKDW LV HYHU\ZKHUH DQG ZKDW LV PRVW LPSRUWDQW LW LV D ´SUHFRQGLWLRQ IRU WKH KLVWRULFDO WUDXPD µL ,Q SUDFWLFH WKLV PHDQV WKDW ZLWKRXW VWUXFWXUDO WUDXPD KLVWRUL FDO WUDXPD ZRXOG QRW KDYH WKH JUDQGHXU RI LWV RZQ K $QRWKHU SUDFWLFDO LPSOLFDWLRQ RI WKLV SURSRVLWLRQ LV WKDW ´LGHRORJ\µ UH VLGHV LQ WKH VSKHUH RI KLVWRULFDO WUDXPD ZKLFK LQ RWKHU ZRUGV PHDQV WKDW SROLWLFV RI IDVFLVP RU RI FRPPXQLVP JHQHUDWLQJ KLVWRULFDO WUDXPDV DUH DG KRF PDQLIHVWDWLRQV RI GDLO\ KXPDQ PLV FRQGLWLRQV ZKLFK FDQ HDVLO\ EH UHFXSHUDWHG %XW VWUXF WXUDO WUDXPD DV HWHUQDO DQG DERYH WKH FRQVFLRXVO\ SURGXFHG KX PDQ LGHRORJLHV ´PD\ QRW EH FXUHG EXW RQO\ OLYHG ZLWK LQ YDULRXV ZD\V µR ,Q RUGHU WR DYRLG WKLV KDOIZD\ WKHRUL]LQJ RI WKH LGHRORJLFDO UROH RI WUDXPD ZH KDYH WR WDNH RQH PRUH VWHS DQG PDNH WKH IROORZ LQJ FODLP WKH LGHRORJLFDO IRXQGDWLRQ RI WUDXPD LV QRW LWV KLVWR U\ EXW LWV VWUXFWXUH 7KLV SURSRVDO ZLOO EULQJ XV FORVHU WR WKH WKHRU\ RI LGHRORJ\ SURSRVHG E\ $OWKXVVHU ´LGHRORJ\ GRHV QRW KDYH DQ KLVWRU\µ DQG FRQVHTXHQWO\ ZRXOG SURYLGH D WKHRUHWLFDO DSSDUDWXV IRU PDWHULDOLVWLF DQG DEVWUDFW DQDO\VLV RI WUDXPD

7 LLL L7

OR

R 21#6$2 312$5&6þ 3*839: 5/ 923#2 2$0 0:$868) 5*686'1= 9686'2* 92#:1 2$0 #2$'642859) :$1:1 5/ 3*8392* 2$0 $5;*:0.: 9503'865$ 6$ 3*8392* 0:$868) 5*686'1 6$ B 518"A 92$16865$2* 5'6:86:1 :01 6*5-$6þ C &5%" 5+6' $186838: /59 $8:9$2865$2* :*2865$1 2.9:% Q RR 4 NO Q 3å2$ 2+2&:,:& 1 /6*#1 :14:'62**) ;::8 5&6: BRKMTA ;-6'- 61 3132**) 6$8:949:8:0 21 2 /6*# 2%538 8-: 8923#2 '231:0 %) /21'61# 2$0 '5##3$61# 29: 2 /2&5968: 5/ 8-61 '29$2* 8-6$+6$. 244952'- 14:'62**) 21 8-:5967:0 %) 59926$ 5986#:9 6$ -:9 %55+ :9959 2$0 5)= -: 6*#1 5/ 3å2$ 2+2&:,:& B $6&:9168) 5/ 6$$:1582 9:11 Q KA P -61 16832865$ 61 /53$0 6$ #2$) /6*#1 $: '2$ 9:'2** 6**5 5$8:'59&5 1 82*62$" 3.51*2&62$ '5"49503'865$ 245 BRKOKA 2451 59 :;61- '53$'6*1 6$ 8-: '5$':$892865$ '2#41 -20 8-61 +6$0 5/ 2#%6.3531 16832865$ 38 186** 8-:69 '5#4*:( 16832865$ 61 '231:0 %) 8-: 0:8:9#6$:0 276 45*6') 8-28 .:$:928:0 8-: '5$06865$1 /59 %58- 8-: +2451 2$0 8-: 49615$:91 2$0 8-: 6$18683865$ 5/ 8-: '5$':$892865$ '2#41 T 5#6$6'+ 2 2492 923#2 %1:$': 511 6$ 9686'2*

$<369) QO 3##:9 RKKK 4 MQT O -: 60:5*5.6'2* '-292'8:9 5/ 8-61 82385*5.6'2* <3:1865$ 6$ 9:*2865$ 85 $2865$2*61# 61 %:18 2$2*)7:0 %) 86:$$: 2*6%29 6$ -61 %55+ 2': 2865$ *211= #%6.3531

0:$8686:1 B'5"238-59:0 ;68- 2**:918:6$A :915 5$05$ RKKR N 2 2492 4 MQP M %60 4 MQQ L %60 4 MQT K -: 8923#28676$. :&:$81 6$ -618596'2* 8923#2 '2$ %: 0:" 8:9#6$:0 B/59 :(2#4*: 8-: :&:$81 5/ 8-: -52-A ;-6*: 1893'" 8392* 8923#2 B*6+: 2%1:$':A 61 $58 2$ :&:$8 %38 2$ 2$(6:8)" 49503'6$. '5$06865$ 5/ 45116%6*68) 9:*28:0 85 8-: 458:$862* /59 -618596'2* 8923#28672865$ 2 2492 6%60 4 MQO R %60 4 MQM

:8:5968: 26$ Æ6&+5 95702$6þ :92

& L -+-6-$@*6L *5,4 L- L5& L 6*5@-$L 5 $L5& L L*$HL 5& L -/5? *4L *6 *$/ âHILN 7DWOLþ

<XJRVODYLDR DQG WKH ODWHU SURFHVV RI WUDQVLWLRQ WRZDUG IUHH PDUNHW FDSLWDOLVP 6RXWKHDVW HUQ (XURSH LV XVXDOO\ LQWHUSUHWHG LQ D FRQWH[W WKDW DW EHVW DG GUHVVHV WZR FRQFHSWV QDWLRQDOLVPQ DQG DOOHJHGO\ LQGLVFULPLQDWH FDSLWDOLVP 7KHVH DUH WKHUHIRUH SRVLWLRQHG DV WKH UHJLRQ·V PDLQ FRQFHSWV RI VRFLDO RUJDQL]DWLRQ 2Q WKH RWKHU KDQG WKH VXSSOH PHQWDWLRQ RI WKHVH WZR PRGHOV DQG WKHLU WHQGHQF\ WR PHUJH WR JHWKHU LV EHLQJ LJQRUHG LQ WKH PDLQVWUHDP GLVFRXUVH ² RU HOVH LQWHUSUHWHG E\ FULWLFV LQ ULJRURXV WHUPV WKDW WHQG WR VHH QDWLRQ DOLVP DV SUREOHPDWLF LI RYHU HPSKDVL]HG DQG FDSLWDOLVP DV VDY DJH RQO\ LI LW LV LQ VRPH UXGLPHQWDU\ ´XQGHUGHYHORSHGµ VWDWH '8( 72 7+( 9,2/(17 GLVVROXWLRQ RI

7KH (XURSHDQ 8QLRQ DV D SROLWLFDO FRQJORPHUDWHP RU (XURSH DV DQ LGHD ZDV DQG LV LQVWLWXWLRQDOO\ DQG SROLWLFDOO\ KHDYLO\ LQ YROYHG LQ WKH UHJLRQ·V GLVSXWHV ,WV UROH LQ WKH IRUPHU <XJRVOD

ON

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

YLD LQ FRPELQDWLRQ ZLWK WKH SROLWLFDO WHQGHQFLHV DQG PDMRU FXO WXUDO SDWWHUQV LQ WKH UHJLRQ JLYHV D SLFWXUH RI WKH UHODWLRQ EH WZHHQ (XURSH DQG WKH %DONDQV DV D FRORQLDO UHODWLRQVKLS +HQFH LQVWHDG RI LPSHULDO DQG RU PLOLWDU\ FRQTXHVW RI WKH FRO RQ\ WKH FRQWHPSRUDU\ FRORQLDO RUGHU PDQDJHG WR LQWHJUDWH IRXQGLQJ LQ WKLV FDVH HWKQLF YLROHQFH DV D SURJUHVVLRQ WRZDUGV WKH GHEW EDVHG QHROLEHUDO HFRQRP\ WKDW VHUYHV WKH FRORQLDOLVW EHVW ZKLOH PDQDJLQJ WR HTXDWH ´QDWLRQDOµ OLEHUDWLRQ ZLWK OLEHU DWLRQ RQO\ WRZDUGV WKH FRORQLDOLVWV· :HVWHUQ (XURSHDQ LQWHU SUHWDWLRQ RI PRGHUQLW\ DQG RU SURJUHVV ,Q KLV DQDO\VLV RI FRORQLDO UHODWLRQV $FKLOH 0EHPEH GLVWLQ JXLVKHG WKUHH IRUPV RI YLROHQFH RQ ZKLFK FRORQLDO VRYHUHLJQW\ UHVWHG ´7KH ILUVW RQH ZDV WKH IRXQGLQJ YLROHQFH LWV VXSUHPH ULJKW ZDV LQ LWV FDSDFLW\ WR DVVXPH WKH DFW RI GHVWUR\LQJ VL PXOWDQHRXVO\ WKH VXSUHPH GHQLDO RI ULJKW µT 7KLV LV QRW WR LPSO\ WKDW WKH (XURSHDQ 8QLRQ FUHDWHG WKH YLR OHQFH LQ H[ <XJRVODYLD EXW WKDW WKH (8·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·V UROH LQ LQWHUSUHWLQJ SRVW ZDU VRFLDO DQWDJRQLVPV LV QRW ZHOFRPHG E\ WKH (8 LWVHOI

7 LLL L7

OM

-XVW DV HPSW\ UKHWRULFDO VXSSRUW RI KXPDQ ULJKWV ZDV H[HUFLVHG GXULQJ WKH ZDUV WKDW VXSSRUW ZDV GLVORFDWHG WR D OHYHO RI FXO WXUH ZKHUH UHVSRQVLELOLW\ IRU WKH WUDXPD ZRXOG EH FRPSHQVDWHG RQO\ WKURXJK UHFRJQLWLRQ RI FXOWXUDO SURGXFWV WKDW UHIOHFWHG WKH LVVXH 7KLV VHHPV WR KDYH EHHQ WKH FDVH ZKHQ WKH %RVQLDQ PRY LH *UEDYLFD ZKLFK GHDOW ZLWK SRVW ZDU UDSH WUDXPD LVVXHV ZRQ WKH *ROGHQ %HDU DW WKH %HUOLQ )LOP )HVWLYDO LQ 2WKHUZLVH LQ WKH FDVH RI WKH µ5HDGPLVVLRQ $JUHHPHQWµ WKDW DV ,YDQD 0DUMDQRYLþ QRWHG ´WKH 6HUELDQ JRYHUQPHQW VLJQHG ZLWK *HUPDQ\ DV SDUW RI WKH SURFHVV RI (8 LQWHJUDWLRQ DQG WKDW DO ORZHG *HUPDQ\ QXPHURXV LQVWDQWDQHRXV EUXWDO GHSRUWDWLRQV RI UHIXJHHV DV\OXP VHHNHUV DQG VR FDOOHG LOOHJDO LPPLJUDQWV RULJLQDWLQJ IURP 6HUELD EDFN WR 6HUELDµM PLJKW EH VHHQ DV D UH IOHFWLRQ RI D VSHFLILF FRORQLDO UHODWLRQ LQ ZKLFK WKH (8·V DS SURDFK LV FRQGLWLRQHG QRW E\ WKH SURWHFWLRQ RI KXPDQ ULJKWV EXW RQ WKH FRQWUDU\ E\ WKH ZLOOLQJQHVV RI FHUWDLQ JRYHUQPHQWV WR VXSSUHVV WKRVH ULJKWV )UHQFK UDFLVW GHSRUWDWLRQ RI WKH 5RPD FRPPXQLW\ LQ WKLV VHQVH VHUYHV DV DQ H[DPSOH WKDW ORFDO %DONDQ HOLWHV YLHZ ZLWK DGPLUDWLRQ DQG UHDG DV D JUHHQ OLJKW WR SHUSHW XDWH VLPLODU UDFLVW SURVHFXWLRQV +HQFH WKH VXSUHPH GHQLDO RI ULJKW PHDQW WKDW WKH SULYLOHJHV LP SOLHG E\ FLYLO ULJKWV ZHUH DW ILUVW GHQLHG E\ QDWLRQDOLVWV ZKR FRQ QHFWHG WKHP LQWULQVLFDOO\ WR HWKQLF LGHQWLWLHV FRUUXSWHG QHWZRUNV DQG OR\DOWLHV $QG VHFRQG DIWHU WKH HWKQLF GLYLVLRQV ZHUH SDFL ILHG EXW QHYHU UHVROYHG WKRVH FLYLO ULJKWV EHFDPH RQO\ WKH ULJKW WR LQWHJUDWH LQWR D QHROLEHUDO SURGXFWLRQ SURFHVV $V D UHVXOW DV FHQGDQFH LQ WKH VRFLDO KLHUDUFK\ EHFDPH GHSHQGHQW RQ FRPSOLFLW\ HLWKHU ZLWK HWKQLF OR\DOW\ RU ZLWK WKH WHQGHQFLHV WKDW LQVWLWX WLRQDOL]H DQG RU HQGRUVH QHROLEHUDO LQVWLWXWLRQV DQG HWKLFV WUDQV IRUPLQJ YLFWLPV RI ZDU LQWR YLFWLPV RI QHROLEHUDO H[SORLWDWLRQ 0EHPEH QRWHG ´$ VHFRQG IRUP RI YLROHQFH ZDV SURGXFHG EH IRUH DQG DIWHU RU DV SDUW DQG SDUFHO RI WKH FRQTXHVW DQG KDG WR

OL

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

GR ZLWK OHJLWLPL]DWLRQ ,WV IXQFWLRQ ZDV WR JLYH WKLV RUGHU PHD QLQJ WR MXVWLI\ LWV QHFHVVLW\ DQG XQLYHUVDOL]LQJ PLVVLRQ ² LQ VKRUW WR KHOS SURGXFH DQ LPDJLQDU\ FDSDFLW\ FRQYHUWLQJ WKH IRXQGLQJ YLROHQFH LQWR DXWKRUL]LQJ DXWKRULW\ µL 7KLV PHDQW WKDW QRW RQO\ ZDV WKH (XURSHDQ UHFRJQLWLRQ RI FHU WDLQ UHJLPHV WKURXJK (XUR $WODQWLF LQWHJUDWLRQ DOVR D UHFRJQL WLRQ RI WKH ZD\ WKRVH UHJLPHV DFTXLUHG FRQWURO RYHU WKH PHDQV RI SURGXFWLRQ EXW WKDW UHFRJQLWLRQ DOVR LPSOLHG WKDW QHROLEHUDO FDSLWDOLVW H[SORLWDWLRQ VKRXOG EH DFFHSWHG LQ WKH SXEOLF GLV FRXUVH DV ERWK D µQHFHVVDU\µ SDUW RI PRGHUQL]DWLRQ DQG D ´VDO YDWLRQµ IURP HWKQLF FRQIOLFW $ FRORQLDO LPDJLQDU\ LQ WKH %DO NDQV IXQFWLRQV DV D P\WK WKDW SDFLILHV WKH QDWLRQDOLVWLF DQG QHR OLEHUDO DJHQGD LQ D IDVKLRQ WKDW VXEYHUWV DQ\ FODVV EDVHG VWUXJ JOH E\ LPSRVLQJ UHOLJLRXV HWKQLF DQG UDFLDO PDWUL[HV RI GLIIHU HQWLDWLRQ DV WKH EDVLV IRU VRFLDO FRQIOLFW DQG WKH UHDOL]DWLRQ RI VRFLHW\ LQ JHQHUDO $ QHZ WHOHYLVLRQ DG LQ ZKLFK WKH &URDWLDQ JRYHUQPHQW SUR PRWHV WKH (8 ZLWK WKH VORJDQ ´(8 ² 7X 3ULSDGDPRµ ´(8 ² 7KLV LV :KHUH :H %HORQJµ LPSOLHG WKDW LQWHJUDWLRQ ZLWK (X URSH VKRXOG QRW GHSHQG RQ WKH HIIRUW D VRFLHW\ PDNHV LQ LWV RU JDQL]DWLRQ EXW UDWKHU RQ WKH FRQFHSW RI ´EHORQJLQJ µ ZKLFK PHDQV WKDW PHUH HWKQLF RU UHOLJLRXV GLVWLQFWLRQ LV ´SRVLWLYHµ LQ LWVHOI 6LPSO\ VWDWHG &URDWLD·V JRYHUQPHQW DQG LWV PRUDO PD MRULW\ VHHV LWV FRXQWU\ DV EHORQJLQJ WR (XURSH EHFDXVH WKH PD MRULW\ RI LWV SRSXODWLRQ LV ZKLWH &KULVWLDQ ² LW·V DV VLPSOH DV WKDW 6LQFH WKH (8·V VWUXFWXUDO UDFLVP LV EDVHG RQ D VLPLODU PD WUL[ DQG VLQFH WKH (8 UHFRJQL]HG &URDWLD·V XWWHUO\ FRUUXSWHG DQG QRQ IXQFWLRQDO VWDWH DV ´DGHTXDWHµ IRU (8 LQWHJUDWLRQ K LW VHHPV WKDW WKH ZRUOG OHVV XQNQRZQ WR WKH PRUDO PDMRULW\ LQ (XURSHR LV EHLQJ SULYLOHJHG H[DFWO\ EHFDXVH LW IDLOHG DV D VRFL HW\ DQG EHFDXVH LW SURVSHUHG DV D FRUUXSW &KULVWLDQ IXQGDPHQ WDOLVW EXW FRQVXPHU VRFLHW\

7 LLL L7

OK

7KLV LV D SXUHO\ FRORQLDO UHODWLRQVKLS WKDW DOORZV (XURSH·V RZQ UDFLVP WR EH VLWXDWHG DV D VXSHU QDUUDWLYH WKDW SURYLGHV D QHXWUDO GHPRFUDWLF XQLYHUVDO FODVVLILFDWRU\ PDWUL[ FDSDEOH RI UDWLRQDO L]LQJ WKH FDSLWDOLVW RUGHU WR GHWHUPLQH WKH DPRXQW RI SULYLOHJH WR EH DIIRUGHG D JLYHQ VRFLHW\ EXW RQO\ LQ FRPPRGLILFDWLRQ RI WKDW VRFLHW\ 0EHPEH GHVFULEHG D WKLUG IRUP RI IRXQGLQJ YLROHQFH ´)DOOLQJ ZHOO VKRUW RI ZKDW LV SURSHUO\ FDOOHG ¶ZDU · LW UHFXUUHG DJDLQ DQG DJDLQ LQ WKH PRVW EDQDO DQG RUGLQDU\ VLWXDWLRQV ,W WKHQ FU\VWDOOL]HG WKURXJK D JUDGXDO DFFXPXODWLRQ RI QXPHURXV DFWV DQG ULWXDOV ² LQ VKRUW SOD\HG VR LPSRUWDQW D UROH LQ HYHU\ GD\ OLIH WKDW LW HQGHG XS FRQVWLWXWLQJ WKH FHQWUDO FXOWXUDO LPDJL QDU\ WKDW WKH VWDWH VKDUHG ZLWK VRFLHW\ DQG WKXV KDG DQ DXWKHQ WLFDWLQJ DQG UHLWHUDWLQJ IXQFWLRQ ´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² GLVSHQVDEOH OLYHV +RZHYHU LW LV QRW RQO\ ELR SROLWLFV EXW DOVR QHFURSROLWLFV WKDW KDYH LQIOXHQFHG WKH SRVW ZDU VLWXDWLRQ LQ H[ <XJRVODYLD 1HFURSROLWLFV DFFRUGLQJ WR $FKLOOH 0EHPEH LV D ´VXEMXJDWLRQ RI OLIH WR WKH SRZHU RI GHDWKµRQ DQG LQ WKLV VHQVH IXQFWLRQV DV ERWK D SDFLILFDWLRQ RI HWKQLF FOHDQVLQJ WKH +DJXH 7ULEXQDO LV SURVHFXWLQJ .DUDGçLþ DQG 0ODGLþ IRU JHQR FLGH ZKLOH WKHLU FUHDWLRQ WKH 5HSXEOLF RI 6USVND FRQWLQXHV WR EH PRQR HWKQLF HQWLW\ DQG D KXPLOLDWLRQ RI LWV YLFWLPV WKURXJK ULW XDOV WKDW UHZDUG FRPSOLFLW\ LQ JHQRFLGH DV ZKHQ 'XWFK VROGLHUV ZHUH DZDUGHG PHGDOV IRU DQ ´LPSRVVLEOHµ PLVVLRQ LQ 6UHEUHQLFD WKDW VDZ VRPH SHRSOH VODXJKWHUHG EHIRUH D KHOSOHVV 81 IRUFH RP

N

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

,Q DQ\ FDVH QHFURSROLWLFV LQ WKLV FRQWH[W FRXOG EH VHHQ DV D GLV FRXUVH WKDW PDQDJHG WR DFTXLUH FRQWURO RYHU OLIH E\ OHJLWLPL]LQJ RI WKH UHVXOWV RI WKH GHVWUXFWLRQ RI OLIH LQ ZDU DQG DIWHUZDUGV E\ LPSRVLQJ WKH FLUFXODWLRQ RI FDSLWDO DV WKH FHQWUDO FRQFHUQ RI VRFLHW\ &RQVHTXHQWO\ WKLV SURGXFHG YLFWLPV ERWK RI ZDU DQG RI WKH QHROLEHUDO SURGXFWLRQ SURFHVV DQG PDGH WKHP YLFWLPV RI ´FLUFXPVWDQFHVµ UDWKHU WKDQ RI HODERUDWH KLHUDUFKLHV RI H[SORL WDWLRQ DQG FRORQLDO UHODWLRQVKLSV VWUXFWXUHG WKURXJK WKH FRRS HUDWLRQ RI FRPSOLFLW ORFDO HOLWHV DQG D FRORQLDO (XURSHDQ 8QLRQ WKDW SHUYHUVHO\ HQRXJK SRVHV DV D XQLYHUVDO QRQ LGHRORJLFDO DJHQW RI PRGHUQLVW VDOYDWLRQ

7 LLL L7

NR

RŠ :94:8928:0 496#296*) %) :9%62$ 2$0 952862$ $2865$2*618"/21'618 495,:'81 26#:0 28 8-: '9:2865$ 5/ #5$5" :8-$6' 1828:1Š QŠ -61 61 8-: '-23&6$618‰ /21'618 +6$0 5/ $2865$2*61#‰ $58 8-: $2865$2*61# ;68- 2$86"6#4:962*6181 2.:$02Š PŠ 9 21 2 '5$.*5#:928: 5/ '5*5$62* $:5"*6%:92* 6$8:9:181Š TŠ '-6**: %:#%:‰ $ 8-: 518'5*5$) B $6&:9168) 5/ 2*6/59$62 9:11‰ Q RŠA 4Š QOŠ OŠ -884=??;;;Š2#$:18)Š59.?:$?$:;1"2$0"34028:1?9:4598?;5#:$" 924:0"0396$."%51$62"-:97:.5&6$2"'5$/*6'8";2686$.",3186':" Q K KP ‰ 2'':11:0 3*) T‰ Q RRŠ NŠ %60Š MŠ -884=??896$68)Š03+:Š:03?.*5%2*18306:1?;4'5$8:$8?34*5201? Q R ? L? 29,2$5&6' PŠQŠ40/‰ 2'':11:0 3*) O‰ Q RRŠ LŠ '-6**: %:#%:‰ $ 8-: 518'5*5$) B $6&:9168) 5/ 2*6/59$62 9:11‰ Q RŠA 4Š QOŠ KŠ ) '*516$. 5/ 8-: 6$8:.92865$ $:.5862865$1Š R Š -68: :18:9$ -961862$68)Š RRŠ '-6**: %:#%:‰ $ 8-: 518'5*5$) B $6&:9168) 5/ 2*6/59$62 9:11‰ Q RŠA 4Š QOŠ RQŠ '-6**: %:#%:‰ :'9545*686'1 6$ 3%*6' 3*839: RO?R‰ Q P‰ 4Š PKŠ RPŠ -884=??;;;Š61$Š:8-7Š'-?61$? 399:$8" //2691? :'3968)" 28'-? :826*? 581OKRETLLL'22 "%P0%"RTNR"KL%K":Q :M%K'RP0TC* $.E:$C60EORLP ‰ 2'':11:0 3*) O‰ Q RRŠ

:086#: 8596:1 2$2 ÿ#2,Ä€2$6$ 2$0 0:*2 3Ê6þ

NT

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

0DULQD $EUDPRYLþ E %HOJUDGH OLYHV DQG ZRUNV LQ 1HZ <RUN 6KH LV RQH RI WKH SLRQHHUV RI SHUIRUPDQFH DUW 6KH VWDUWHG KHU DUW FDUHHU LQ %HOJUDGH LQ WKH HDUO\ V ZLWK D JURXS RI FRQ FHSWXDO DUWLVWV /DWHU VKH PRYHG WR $PVWHUGDP ZKHUH VKH ZRUNHG WRJHWKHU ZLWK DUWLVW 8OD\ 7KH UHFHQW IDPRXV ZRUN 7KH $UWLVW ,V 3UHVHQW IURP ZDV SHUIRUPHG IRU PRUH WKDQ KRXUV DW 0R0$ 1HZ <RUN ZKHUH $EUDPRYLþ KDG D UHWURVSHFWLYH RI KHU SHUIRUPDQFHV ,Q DW WKH WK 9HQLFH %LHQQLDO $EUDPRYLþ UHSUHVHQWHG 0RQWHQHJULQ 3DYLOLRQ ZLWK WKH FRQFHSW RI WKH 0$&&2 &HWLQMH ² 0DULQD $EUDPRYLþ &RPPXQLW\ &HQWUH 2ERG &HWLQMH $PRQJ PDQ\ DZDUGV VKH JRW WKH *ROGHQ /LRQ $ZDUG DW WKH WK 9HQLFH %LHQQLDO LQ

6H]JLQ %R\QLN E 3UL]UHQ .RVRYR OLYHV DQG ZRUNV LQ +HOVLQNL +H LV 3K' FDQGLGDWH DW 8QLYHUVLW\ RI -\YlVN\Ol ZKHUH KH ZRUNV RQ WKH WRSLF RI &XOWXUDO 3ROLWLFV RI %ODFN :DYH LQ 6R FLDOLVW <XJRVODYLD %R\QLN·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

7 LLL L7

NO

&KWR 'HODW" :KDW LV WR EH GRQH" ZZZ FKWRGHODW RUJ LV D SODW IRUP IRXQGHG LQ HDUO\ LQ 3HWHUVEXUJ E\ D ZRUN JURXS RI DUWLVWV FULWLFV SKLORVRSKHUV DQG ZULWHUV IURP 3HWHUVEXUJ 0RV FRZ DQG 1L]KQ\ 1RYJRURG ZLWK WKH JRDO RI PHUJLQJ SROLWLFDO WKHRU\ DUW DQG DFWLYLVP 7KH SODWIRUP·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iQHR 6HYLOOD 0020$ 0RVFRZ +DXV GHU .XOWXUHQ GHU :HOW %HUOLQ 'DV 3RWRVt 3ULQ]LS 0XVpH G /$UW 0RGHUQH GH OD 9LOOH GH 3DULV (WDWV GH O·$UWLILFH WK %LHQQLDO RI 6\GQH\ WK ,QWHUQDWLRQDO ,VWDQEXO %LHQQLDO QG %LHQQLDO RI &RQWHPSRUDU\ $UW 7KHVVDORQLNL

/DQD ÿPDMÄ€DQLQ E 6DUDMHYR %RVQLD DQG +HU]HJRYLQD JUDGXDWHG IURP WKH $FDGHP\ RI )LQH $UWV 6DUDMHYR $O WKRXJK VKH ZDV IRUPDOO\ WUDLQHG D VFXOSWRU VKH XVHV D YDULHW\ RI PHGLD OLNH YLGHR SHUIRUPDQFH LQVWDOODWLRQV VLWH VSHFLILF ZRUNV DQG VRXQG LQVWDOODWLRQV ÿPDMÄ€DQLQ LV FR IRXQGHU RI WKH $VVRFLDWLRQ IRU $UW DQG &XOWXUH &UYHQD DQG PHPEHU RI WKH $V VRFLDWLRQ RI 9LVXDO $UWLVWV RI %RVQLD DQG +HU]HJRYLQD VLQFH

NN

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

6KH KDV SDUWLFLSDWHG LQ PDQ\ LQWHUQDWLRQDO H[KLELWLRQV UHFHQW LQFOXGHV 1*%. %HUOLQ 6SDFHVKLS <XJRVODYLD $UW3RLQW *DO OHU\ .XOWXU.RQWDNW $XVWULD 9LHQQD , $GYRFDWH )HPLQLVP VW 7LPH 0DFKLQH %LHQQDOH RI &RQWHPSRUDU\ $UW .RQMLF &HQWHU IRU &RQWHPSRUDU\ $UW 7HO $YLY 3URORQJHG ([SRVXUH (O 3DU TXHDGHUR %RJRWi &RORPELD 'HFRORQLDO $HVWKHWLFV *DOOHU\ $WRSLD ² ILOP YLGHRNXQVW 2VOR 1RUZD\ *DOOHU\ 3 /MX EOMDQD *OREDO 6RXWK

ÃŒLYNR *UR]GDQLþ *HUD E 9UãDF 6HUELD OLYHV DQG ZRUNV

LQ 1RYL 6DG DQG 9Uã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

,JRU *UXELþ E =DJUHE &URDWLD HQUROOHG LQ LQ D FRXUVH RI SKLORVRSK\ DQG ODWHU SV\FKRWKHUDSHXWLF HGXFDWLRQ EDVHG RQ *HVWDOW DQG 7UDQVDFWLRQDO DQDO\VLV $V D YLVXDO DUWLVW VLQFH KH KDV PDLQO\ SURGXFHG VLWH VSHFLILF LQWHUYHQWLRQV LQ SXEOLF VSDFHV ZLWK WKH DLP RI LQYROYLQJ RWKHUV LQ WKH FUHDWLYH

7 LLL L7

NM

SURFHVV 6LQFH KDV *UXELþ EHHQ ZRUNLQJ DV D SURGXFHU DQG MRXUQDOLVW DW )DGH ,Q D VWXGLR IRU DFWLYLVW YLGHR RQ WKH SURGXF WLRQ RI GRFXPHQWDULHV 79 UHSRUWV DQG VRFLDOO\ FRPPLWWHG 79 DGYHUWLVLQJ +LV PRVW LPSRUWDQW SURMHFWV DQG DFWLRQV LQ SXEOLF VSDFH /LEHUDWLRQ 5LWXDOV =DJUHE &DOO IRU WKH ZLWK GUDZDO RI WKH =DJUHE 6WXGHQW &HQWHU PDQDJHPHQW =DJUHE %ODFN 3HULVW\OH 6SOLW =DJUHE %RRN DQG 6RFLHW\ =D JUHE 12 ., 7(.$ =DJUHE ,JRU *UXELþ KDV H[KLELWHG ZRUOGZLGH LQFOXGLQJ VKRZV DW 0068 5LMHND DQG )RQGD]LRQH %HYLODFTXD /D 0DVD 9HQLFH 9ROXPH &ROOHFWLRQ 7KH 1DWLRQDO 0XVHXP LQ :DUVDZ 0802. 9LHQQD *HQGHU &KHFN WK ,QWHUQD WLRQDO ,VWDQEXO %LHQQLDO $SH[DUW *DOOHU\ 1HZ <RUN /RRNLQJ $ZU\ QG %LHQQLDOH 7LUDQD 0DQLIHVWD )UDQNIXUW

9ODGDQ -HUHPLþ LV FXUDWRU DQG DUWLVW OLYHV DQG ZRUNV LQ %HOJUDGH 6HUELD ,Q KLV FXUDWRULDO DQG DUWLVWLF SUDFWLFH KH UHVHDUFKHV WKH LQWHUVHFWLRQ EHWZHHQ FRQWHPSRUDU\ DUW DQG SROLWLFDO DFWLYLVP -HUHPLþ KROGV 0)$ JUDGXDWHG IURP WKH 8QLYHUVLW\ RI $UWV %HO JUDGH 6LQFH KH ZRUNV WRJHWKHU ZLWK 5HQD 5lGOH DV DUWLVW GXR 7KH\ DUH IRXQGHU RI %LUR %HRJUDG DQ DVVRFLDWLRQ WKDW JLYHV SODWIRUP IRU FULWLFDO SUDFWLFH WKDW VWHS EH\RQG FRQYHQWLRQDO IRUPV RI FRQWHPSRUDU\ DUW FXOWXUDO DQG VRFLDO UHVHDUFK RU DFWLYLVP 9ODGDQ -HUHPLþ ZDV GLUHFWRU RI WKH *DOOHU\ '2% RI WKH FLW\·V FXOWXUDO FHQWHU LQ %HOJUDGH +H KDV FXUDWHG PRUH WKDQ WKLUW\ H[KLELWLRQV LQ ORFDO DQG LQWHUQDWLRQDO FRQWH[WV DQG ZDV RQH RI WKH LQLWLDWRUV RI WKH SURMHFW &DOO WKH :LWQHVV QG 5RPD 3DYLOLRQ DW WKH WK 9HQLFH %LHQQLDO 9ODGDQ -HUHPLþ DQG 5HQD 5lGOH KDG VROR H[KLELWLRQV LQ %HOJUDGH 3DULV +DPEXUJ +HOVLQNL 7URQGKHLP DQG 1RYL 6DG DQG PDQ\ JURXS H[KLEL

NL

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

WLRQV +LV ZRUNV DUH LQ WKH FROOHFWLRQ RI 08'$0 /X[HPEXUJ 9DQ $EEHPXVHXP (LQGKRYHQ DQG 0XVHXP 5HLQD 6RILD 0DGULG 5HFHQWO\ FXUDWHG H[KLELWLRQV DQG SURMHFWV LQFOXGHV , :LOO 1HYHU 7DON $ERXW WKH :DU $JDLQ )lUJIDEULNHQ 6WRFNKROP 2Q 8VH 9DOXH RI $UW %DEHO $UW 6SDFH 7URQGKHLP 4XHHU 6DORQ &XO WXUDO &HQWUH RI %HOJUDGH %DONDQ ([RWLF 2QGUHM %URG\ .ULVWRIHU 3DHWDX &XOWXUDO &HQWHU '2% %HOJUDGH

$GHOD -XãLþ E 6DUDMHYR %RVQLD DQG +HU]HJRYLQD JUDG XDWHG SULQWPDNLQJ IURP WKH $FDGHP\ RI )LQH $UWV LQ 6DUDMHYR LQ 0RVWO\ ZRUNLQJ ZLWK YLGHR DUW YLGHR SHUIRUPDQFH DQG VLQFH UHFHQWO\ ZLWK VRXQG LQVWDOODWLRQ +HU PRVW LPSRUWDQW DUW ZRUNV DUH FRQQHFWHG WR WKH ZDU DQG SRVW ZDU VLWXDWLRQ LQ %RV QLD DQG +HU]HJRYLQD DQG DUH GHHSO\ URRWHG LQWR KHU SHUVRQDO H[ SHULHQFHV $GHOD -XãLþ ZRQ WKH SUL]H 7KH EHVW \RXQJ %RVQLDQ DUWLVW DZDUG <9$$ LQ ZKLFK DPRQJ RWKHU WKLQJV LQFOXGHG UHVLGHQF\ DW ,6&3 LQ 1HZ <RUN 6LQFH WZR \HDUV VKH LV DOVR ZRUNLQJ LQ FROODERUDWLRQ ZLWK DUWLVW /DQD ÿPDMÄ€DQLQ $GHOD -XãLþ LV D PHPEHU DQG FR IRXQGHU RI 2UJDQL]DWLRQ IRU &XOWXUH DQG $UW &UYHQD 6HOHFWLRQV RI WKH UHFHQW H[KLELWLRQV LQFOXGHV &HQWHU IRU &RQ WHPSRUDU\ $UWV &HOMH &RQWLQXLW\ 9LGHRQDOH .XQVWPXVHXP %RQQ 0DQLIHVWD 0XUFLD (O 3DUTXHDGHUR %RJRWD 'HFRORQLDO $HVWKHWLFV 7KH 5HG +RXVH 6RILD 7UDQVLWODQG *DOOHU\ 3 /MXEOMDQD *OREDO 6RXWK 7UDQVPHGLDOH &ROOHJLXP +XQJDUL FXP %HUOLQ

7 LLL L7

NK

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kQHD 3RUWR 0XVpH G /$UW 0RGHUQH GH OD 9LOOH GH 3DULV 0$0 $5& 3DULV 7KH %DOWLF 7ULHQQLDO RI ,QWHUQD WLRQDO $UW 9LOQLXV *DOHULH +ODYQtKR 0Ä—VWD 3UDK\ 3UDJXH WK %LHQQDOH RI 6\GQH\ WK ,VWDQEXO %LHQQLDO &HQWUR SHU O /$UWH &RQWHPSRUDQHD /XLJL 3HFFL 3UDWR 7KH 6WDWH 7UHW\DNRY *DOOHU\ 0RVFRZ

6KDGRZ 0XVHXP LV DQ DOWHUQDWLYH QRQ LQVWLWXWLRQDO 0XVHXP DQG DUW FROOHFWLRQ LQLWLDWHG E\ FXUDWRU DQG DUW KLVWRULDQ 6ODYNR 7LPRWLMHYLþ LQ WKH V 7KH 6KDGRZ 0XVHXP FRQVLVWV RI WKH PRVW IDPRXV DUWZRUNV RI WKH FRQFHSWXDO <XJRVODYLDQ DUW IURP V XQWLO WRGD\ WKDW WUDFHV DQG SUHGLFWV WKH H[WUHPH FRQGLWLRQV RI WKH V DQG 6RPH RI WKH DUWLVWV UHSUHVHQWHG LQ 7KH 6KDGRZ 0XVHXP DUH 0DULQD $EUDPRYLþ 5DãD 7RGRVLMHYLþ 'UDJDQ 3DSLþ 0ODGHQ 6WLOLQRYLþ 7URNXW -DURVODY 6XSHN

M

7L @66L % 4L *6 L -,5L5& L *4L )*@$F

&HFLOLD 6M|KROP LV SURIHVVRU RI DHVWKHWLFV DW 6|GHUW|UQ 8QL YHUVLW\ 6KH LV WKH DXWKRU RI DPRQJ RWKHU ZRUNV 7KH $QWLJRQH &RPSOH[ (WKLFV DQG WKH ,QYHQWLRQ RI )HPLQLQH 'HVLUH 6WDQIRUG 8QLYHUVLW\ 3UHVV DQG .ULVWHYD DQG WKH 3ROLWLFDO 5RXW OHGJH 6KH LV FXUUHQWO\ ZRUNLQJ RQ D ERRN RQ +DQQDK $UHQGW DQG DHVWKHWLFV

$OPD 6XOMHYLþ E LQ .DNDQM DQG JUHZ XS LQ 6DUDMHYR %RV QLD DQG +HU]HJRYLQD VWXGLHG DW WKH )DFXOW\ RI /DZ )DFXOW\ RI 3KLORVRSK\ DQG $FDGHP\ RI )LQH $UWV LQ 6DUDMHYR *UDGXDWH DQG SRVW JUDGXDWH VWXGLHV LQ VFXOSWXUH IURP WKH $FDGHP\ RI )LQH $UWV 6DUDMHYR DQG SRVW JUDGXDWH VWXGLHV LQ FRQWHPSRUDU\ SKLORVRSK\ IURP WKH )DFXOW\ RI 3KLORVRSK\ LQ 6DUDMHYR 6XOMHYLþ LV SURIHVVRU DW WKH $FDGHP\ RI )LQH $UWV LQ 6DUDMHYR %RVQLD DQG +HU]HJRYLQD DQG DW WKH ,QWHUQDWLRQDO 8QLYHUVLW\ LQ 1RYL 3D]DU DQG 1Lã 6HUELD +HU PRVW LPSRUWDQW SHUIRUPDQFHV DQG SURMHFWV DUH SHUIRUPHG DQG H[KLELWHG DW 020$ 1HZ <RUN 7KH $JH RI $ZDUHQHVV 6DUDMHYR &HQWHU IRU &RQWHPSRUDU\ $UW 8QGHU &RQVWUXF WLRQ , %LHQDO GH 9DOHQFLD 7KH %RG\ RI $UW .XQVW KDOOH )ULGHULFLDQXP .DVVHO ,Q GHQ 6FKOXFKWHQ GHV %DONDQ 0XVpH G·$UW PRGHUQH GH 6DLQW (WLHQQH 3DVVDJH G·(XURSH 0XVHXP (VVO 9LHQQD %ORRG +RQH\ %pWRQVD ORQ 0XVHXPV4XDUWLHU 9LHQQD &HQWUH IRU &RQWHPSRUDU\ $UW *GDQVN $UWLVW DQG :HDSRQ 7ULHQQDOH %RYLVLD 0L ODQR 6FKORVV (VWHUKi]\ (LVHQVWDGW &HQWUDO (XURSH 5HYLVL WHG ,, 0$56 0RVFRZ $UWLVWV DQG 6ROGLHUV VW 7LPH 0DFKLQH %LHQQDOH RI &RQWHPSRUDU\ $UW .RQMLF %,+

7 LLL L7

MR

-DURVODY 6XSHN E 2GçDFL ²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

âHILN 7DWOLþ LV D WKHRUHWLFLDQ IURP %RVQLD +HU]HJRYLQD 0$ LQ -RXUQDOLVP )DFXOW\ RI 3ROLWLFDO 6FLHQFHV 6DUDMHYR FXUUHQWO\ 3K' LQ KXPDQLWLHV VRFLRORJ\ DW WKH 8QLYHUVLW\ RI =DJUHE &URDWLD +LV WKHRUHWLFDO ZRUN KDV D IRFXV RQ SROLWLFDO SKLORVR SK\ FXOWXUH DQG VRFLRORJ\ 7DWOLþ ZULWHV UHJXODUO\ IRU WKH SODW IRUP MRXUQDO 5HDUWLNXODFLMD /MXEOMDQD 6ORYHQLD DQG 8OWUD ZHE XOWUDLQSXW FRP +LV SXEOLFDWLRQV LQFOXGH D QXPEHU RI HVVD\V LQ WKH ILHOG SXE OLVKHG LQ 6ORYHQLD %RVQLD &URDWLD 6HUELD *HUPDQ\ $XVWULD ,WDO\ 5RPDQLD DQG WKH 86 LQ %RVQLDQ 6ORYHQLDQ *HUPDQ DQG (QJOLVK 5HFHQW SXEOLFDWLRQV LQFOXGH WKH ERRN %LRSROLWLFV 1HF URSROLWLFV DQG 'H FRORQLDOLW\ FR DXWKRUHG ZLWK 0DULQD *UçLQLþ 3DYLOOLRQ %XFKDUHVW WKH HVVD\ 5HGHILQLWLRQ RI 'HPRFUDF\ DV 5H LQYHQWLRQ RI &DSLWDOLVP 2GMHN PDJD]LQH 6DUDMHYR WKH DUWLFOH ,PSOLFDWLRQV RI &KDXYLQLVW 'RJPD·V 'DQL PDJD]LQH 6DUDMHYR DQG WKH HVVD\ WLWOHG 7KH 7UDQVJUHVVLRQ &HQWHU IRU *OREDO 6WXGLHV DQG +XPDQLWLHV 'XNH 86

-85 :*28 298612$ 5$.146:*Š :*.920: 859)

)RU IUXLWIXO GLVFXVVLRQV DQG JRRG DGYLFH ZH ZDQW WR WKDQN 3HWDU $WDQDFNRYLþ +,6725,$1 1LOV &ODHVVRQ $57,67 3HU +DPLG *KDWDQ 3+' 0(',&$/ '2&725 -RQDWDQ +DELE (QJTYLVW &85$725 $57 7+(25(7,&,$1 -DQ +LHWDOD 3+' &$1','$7( DW WKH 'HSDUWPHQW RI &ULWLFDO 6WXGLHV 6FKRRO RI $UFKLWHFWXUH DQG WKH %XLOW (QYLURQPHQW 5R\DO ,QVWLWXWH RI 7HFKQRORJ\ DQG DGYLVRU WR )lUJIDEULNHQ *|UDQ +|JEHUJ 3+' 0(',&$/ '2&725 &RPELQHV ZRUN DV D FKLOG SV\FKLDWULVW DQG UHVHDUFKHU VSHFLDOL]LQJ LQ SRVW WUDXPD UHDFWLRQV %M|UQ 1RUEHUJ &85$725 352-(&7 0$1$*(5 5HQD 5lGOH $57,67 -DFRE 6WDEHUJ $662&,$7( 352)(6625 RI FRPSDUDWLYH OLWHUDWXUH DQG FDQGLGDWH RI WKH 6ZHGLVK 3V\FKRDQDO\WLFDO $VVRFLDWLRQ 5REHUW 6WDVLQVNL &85$725 $57 &5,7,& 6ODYNR 7LPRWLMHYLþ &85$725 $57 +,6725,$1 )UDQ]LVND <ODQGHU 36<&+2$1$/<67 0(',&$/ '2&725 $QQLND gKUQHU &85$725 $57 +,6725,$1

7KH SURMHFW LV EHLQJ FDUULHG RXW ZLWK ILQDQFLDO VXSSRUW IURP WKH 6ZHGLVK ,QVWLWXWH

$ FROODERUDWLRQ EHWZHHQ

Hereby, a statement that depicts my wish to distance my self radically from Cecilia Sjoholm's text "Little Yid,Little Man, Little People: Arendt on Chaplin" which as a part of I Will Never Talk About the War Again catalog (Fargfabriken, Sept. 2011. pg. 15 - 18.) follows. In other words, this is why I withdrew my text. D ige st: Distancing from the "Little Yid,Little Man, Little People: Arendt on Chaplin" text by Cecilia Sjoholm is needed on my behalf because the text implied that "Marxism and racism" (where the author stated "Why did marxism and racism [in the form of Nazism] win the battle of all isms?")1 should be or were treated as equal "totalitarian" projects which did not only name principle ideas of Marxism and utterly criminal core principles of racism (and nazism) as being the same, but it made, or tended to make relative the structural racism of today's liberal democratic capitalism, its neocolonial nature and ultimately its "free market" totalitarianism. Elaboration: As first, Sjoholm's text is unacceptable to me because it, almost immediately, in the title implied that the concept of "little people" is universal as a pretext to a proto-victim of totalitarian regimes, hence, equalizing "little people" in the First world and the Third world. Contemporary predicament of "Little people" in the Third world by far surpasses (in practical reality and in a degree of harshness of that reality ) the predicament of the same people in the First world of capital and in most cases those predicaments were created by totalitarian neocolonial tendencies practiced exactly by the First world's liberal capitalism, not some uncanny "totalitarian" regime more precisely, by capitalism and colonialism of the First world, not some shady -ism. As Sjoholm stated " If we are all suspects, or all refugees, who gets to dictate?" The implication of "all being in the same mess" does not stand as an argument in my opinion because the concept of "all being in the same trouble", as well as "universal predicament" of "little man" is extremely hard to pinpoint or arguably state in the context of global socio-political topology. Although it might sound simplistic, but there are those who got killed en masse and those who lose the possibility to get a job or, metaphorically said, to obtain latest edition of iPhone. As second, putting "Marxism and racism" in the same context as if those were or are being mere "totalitarian" regimes is unacceptable by my self because I found such a statement to be a reflection of a lack

1

Cecilia Sjoholm, Little Yid,Little Man, Little People: Arendt on Chaplin (I Will Never Talk About the War Again, Fargfabriken exhibition catalog, Stockholm, 2011.) pg. 16

of profound analysis of the fundamental distinctions between those ideologies. On the other hand, such equalizations (though not just in this particular case) might be seen in line with the representational practices exercised by contemporary European populist strategies and politics that, with more or less sophistication, rehabilitate fascism with liberal dimension under the guise of equalization of all "totalitarian ideologies." Sjoholm's rhetorical question " Why did Marxism and racism (in the form of Nazism) win the battle of all - isms?" implied that some "battle of all - isms" existed, which is at best a frivolous point of approach to theory of ideology and as second, as stated, it seemed that "racism in the form of Nazism" to be a problem, but racism (neocolonial agenda's, racist immigration policies etc.) in the form of liberalism and hideous "democratic populism" does not seem to be a problem, nor it was tackled as "totalitarianism" in this text. As third and final, it seems that the concept of "totalitarianism" in the text in matter is being conceived as the "totalitarianism of the state" (nation state or otherwise) pointed against "an individual." In general, if the European populism (in majority of cases based on white Christian fundamentalism) and its strategy of making relative of the European genocidal colonial past, of Holocaust, of structural racism and utter tolerance of today's Israel's far - right government actions is not being tackled (in any serious text), liberal capitalist glorification of the "individual" should not be regarded as something "more socially or politically valuable" then being a mere ideological strategy. Hence, the neoliberal "liberation of an individual" should be seen and/or interpreted within a context of liberal capitalist dogma, as reading of Arendt (the suppression of individuality for an abstract idea of mankind), in general context, might have suggested. After all, I recon and argument that every idea of mankind is abstract, but it is the politics, society and after all ideology in its core sense, not an individual, a refugee, family or a "little man," that make it into a political, sovereign, functional and more equal society. Šef ik Tatlić

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.