PDF

ÄâNRGDQFRUR]EtW,DWRPXMHãNRGD1X
WDNGiO³
Ä-i UR]ELMX DWRP -i YtP åH Xå
5XWKHUIRUG $OH WR E\OD MHQ WDNRYi SiUDþND
VH]iHQtPYtWH"7RQLFQHQt7RPXVtEêWHQ
PDVVH -HVWOL FKFHWH Mi YiP UR]ERXUiP WXQX
ELVPXWX UR]ãWtSQH WR FHFHOê VYW DOH WR MH
MHGQR&KFHWH"³
Ä3URþE\VWHWRGODO"³
Ä-H WR YGHFN\ ]DMtPDYp³ ]PiWO VH
3URNRS Ä3RþNHMWH MDN E\FK YiP WR³ Ä'\QDPLW G\QDPLW WUKi KPRWX QD NXV\ QD
EDOYDQ\ DOH EHQ]ROWULR[R]RQLG ML UR]WUKi QD
SUiãHN XGOi MHQ PDORX GtUX DOH UUUR]GUWt
KPRWX QDQDQD VXEPLNURVNRSLFNRX SDGU"
UR]XPtWH"7RGOiGHWRQDþQtU\FKORVW+PRWD
QHPi þDV XVWRXSLW QHP$åH VH Xå DQL
UR]UR]WUKQRXW YtWH" $ Mi MMMi MVPH
VWXSRYDO GHWRQDþQt U\FKORVW $UJRQR]RQLG
&KORUDUJRQR[R]RQLG7HWUDUJRQ$SRiGGiO
3DNXåDQLY]GXFKQHP$åHXVWRXSLWMHVWHMQ
WXKê MDN MDNR RFHORYi GHVND 5R]WUKi VH QD
PROHNXO\$SRiGGiO$QDMHGQRXYiPRG
MLVWpU\FKORVWL]DþQHEULVDQFHGVQVWRXSDW
5RVWH NYDGUDWLFN\ -i NRXNiP MDNR EOi]HQ
2GNXG VH WR EHUH" .GH NGH NGH VH QDMHGQRX
Y]DOD WD HQHUJLH"³ QDOpKDO 3URNRS ]LPQLþQ
Ä7DNHNQWH³
.DUHOýDSHN.UDNDWLW
8å VSLVRYDWHO D QRYLQi ] SRþiWNX WRKRWR
VWROHWt VH YH VYpP GtOH ]DEêYDO YêEXãQLQDPL
7HKG\YQLFKYLGOYHONRXKUR]EXSUROLGVWYR
]YOiãW SDN Y UXNRX ãtOHQêFK YGF$ NWHUêP
MGH VStãH R RVREQt SUHVWLå QHå R YãHREHFQp
EODKR$POSUDYGX3LSRPHPHVLNRQHF
VYWRYp YiON\ D VYUåHQt MDGHUQêFK SXP QD
MDSRQVNi PVWD $OH SRGtYHMPH VH QD
YêEXãQLQ\ L ] Wp OHSãt VWUiQN\ .G\E\ MLFK
QHE\OR MHQ WåNR E\FKRP ]tVNiYDOL QHURVWQp
VXURYLQ\ VWDUp D QHSRWHEQp EXGRY\ E\FKRP
PXVHOLSUDFQUR]HEtUDWNRXVtþHNSRNRXVtþNX
%ULVDQFH WUKDFtVtOD
]YtDWD E\FKRP GRGQHV ORYLOL MHQ V SRPRFt
OXNX D RãWSX 9êEXãQLQ\ WXGtå SDWt PH]L
G$OHåLWp FKHPLFNp OiWN\ VH NWHUêPL Y$EHF
QLNG\ QHPXVtPH SLMtW GR StPpKR VW\NX DOH
QHREHMGHPHVHEH]QLFK
9êEXãQLQ\ MVRX FKHPLFNp OiWN\ NWHUp VH
WHSOHP QiUD]HP HOHNWULFNRX MLVNURX QHER
MLQêP YQMãtP SRGQWHP PLPRiGQ U\FKORX
H[RWHUPLFNRX UHDNFt UR]ORåt QD SO\QQp
SURGXNW\ R YHONpP REMHPX WtP Y PtVW
YêEXFKX Y]QLNi REURYVNê WODN NWHUê MH
StþLQRX GHVWUXNþQtFK ~þLQN$ 'HVWUXNþQt
~þLQN\ VL EOtåH SHGVWDYtPH QD YêEXãQLQ
NWHUiVHVWDODMDNêPVLPtWNHPVtO\YêEXãQLQ
RVWDWQtFKQD717
7ULWROQHEROL717WULQLWURWROXHQMH
NU\VWDOLFNi OiWND NWHUi QD YQMãt SRGQW
]YêãHQRX WHSORWX UHDJXMH SUXGNRX R[LGDFt
SRGOHURYQLFH
12 &+ 21
12
&21+&
3L YêEXFKX Y]QLNDMt SO\QQp OiWN\ ] NJ
717 VH XYROQt SLEOLåQ GP SO\QX 7R
QHQt PQRKR SRNXG WR VURYQiPH V R[LGHP
XKOLþLWêPXYROQQêPSLKRHQtNJþHUQpKR
XKOt GP D GRNRQFH DQL WHSHOQRX
HQHUJLLXYROQQRXSLR[LGDFLWULWROX0-
QHO]H StOLã VURYQiYDW VH VSDOQêP WHSOHP
NLORJUDPX þHUQpKR XKOt 0- 9 þHP WHG\
VSRþtYiQLþLYiVtODYêEXãQLQNG\åMDNRSDOLYD
E\E\O\SUDNWLFN\QHSRXåLWHOQp"
2GSRYMHMHGQRGXFKi=DWtPFRXKOtKRt
SNQ SRPDOX R[LGDFH WULWROX SUREKQH
EKHP ]ORPNX VHNXQG\ $ L WDN PDOi
XYROQQi HQHUJLH Y WDN NUiWNpP þDVH ]Yêãt
WHSORWXSURVWHGtDåQDƒ&SLWDNRYpWR
WHSORW SUXGFH Y]URVWH REMHP SO\QQêFK
SURGXNW$ Då SDWQiFWLQiVREQ D WtP SiGHP L
WODNQDVWDLWLVtFHPHJDSDVNDO$DG$VOHGNHP
MHSHWODNRYiGHWRQDþQtYOQDNWHUiVHRGPtVWD
YêEXFKX ãtt YHONRX U\FKORVWt L PHWU$
]D VHNXQGX 7DNRYi WODNRYi YOQD SDN QLþt
YãHFRMt]$VWDQHYFHVW
9êEXãQLQVHQHXåtYiMHQYHYRMHQVWYtDOHL
Y PQRKêFK SU$P\VORYêFK RERUHFK WåED
QHURVWQêFK VXURYLQ SURNRSiYiQt WXQHO$
~SUDYD WHUpQX GHVWUXNFH VWDUêFK D
QHSRWHEQêFK EXGRY D MLQêFK REMHNW$ D SUR
PQRKp RVRE\ MVRX SURVWHGNHP NRQtþNX
VSRUWRYQtVWHOEDP\VOLYRVW
9êEXãQêFK
OiWHN
]QiPH
PQRKR
9ê]QDPQp MVRX YãDN MHQ W\ NWHUp MVRX
GRVWDWHþQ FLWOLYp QD LQLFLDFL Y\YROiQt
YêEXFKX NWHUp MVRX GRVWDWHþQ RGROQp Y$þL
QiUD]$P D WHSORW NWHUp MVRX EH]SHþQp SL
PDQLSXODFL D VNODGRYiQt NWHUp MVRX VQDGQR
Y\URELWHOQp 7FK Xå QHQt WDN PRF
3URMGPH VL WHG\ QHMYê]QDþQMãt ]iVWXSFH
MHGQRWOLYêFKVNXSLQ
NROHP Då PHWU$ ]D VHNXQGX ýHUQê
SUDFKMHYHOPLRGROQêY$þLQiUD]XSLSRXåLWt
NJ]iYDåtH[SORGXMHDåSLGRSDGRYpYêãFH
QDG FP =iNODGQt UR]NODGQp URYQLFH SUR
H[SOR]LSUDFKXMVRX
.12 + & + 6 → . 6 + &2 + 1 .12 + & + 6 → . &2 + . 62 +
+. 6 + &2 + &2 + 1 SLYêEXFKXYãDNY]QLNiLVSRXVWDMLQêFK
SURGXNW$QDS1+&2+6&+DGDOãt
7XKp ]SORGLQ\ SDN WYRt MHGQDN XVD]HQLQ\ Y
PtVW YêEXFKX SURWR VH PXVHO\ VWHOQp
]EUDQ NWHUp SRXåtYDO\ QiERMQLFH V þHUQêP
SUDFKHP GtYH WDN þDVWR þLVWLW MHGQDN MVRX
SRGVWDWRX KXVWpKR ãHGREtOpKR GêPX = NJ
þHUQpKR SUDFKX Y]QLNQH SU$PUQ J
WXKêFK ]SORGLQ D GP SO\Q$ 7HSORWD Y
PtVWYêEXFKXMHNROHPƒDåƒ&D
SL YêEXFKX NJ VH XYROQt WHSOR SLEOLåQ
N-
7UKDYLQ\
3RXåLWt þHUQpKR SUDFKX GQHV MLå SDWt
7UKDYLQ\ VH SRXåtYDMt N YêURE WUKDFtFK KLVWRULL-HQY\MtPHþQVHSRXåtYiMDNRQiSO
QiORåt SUR GRO\ ORP\ N SOQQt OHWHFNêFK GR VSHFLiOQtFK GUXK$ PXQLFH 9 SU$P\VOX
SXP PLQ D MLQêFK SURVWHGN$ ERMRYp VORXåt GQHV MHQ N ~þHO$P NGH VWDþt MHQ PDOi
WHFKQLN\
EULVDQFH NiFHQt SDH]$ WUKiQt OHG$ DWG
-HKR YHONRX YêKRGRX MH MHKR OiFH QDSURWL
ýHUQêVWHOQêSUDFK
WRPX QHYêKRGRX MH YHONi QiFK\OQRVW N
1HMVWDUãt WUKDYLQRX NWHUi MH YODVWQ QDYOKiQtDWtPPRåQRVWVHOKiQt
VWHOLYLQRX MH EH]SRFK\E\ þHUQê VWHOQê
SUDFK 3RGVWDWRX WpWR OiWN\ NWHUi E\OD MDNR 7UKDYLQ\QDEi]LN\VHOLQ\SLNURYp
WUKDYLQD SL GREêYiQt XKOt SRSUYp SRXåLWD Y
-HGQRX]GQHVQHStOLãSRXåtYDQêFKWUKDYLQ
%DQVNp âWLDYQLFL QD 6ORYHQVNX GQH EH]QD MH N\VHOLQD SLNURYi WULQLWURIHQRO
Y\QDOH]HQ E\O YãDN Xå Y ýtQ PQRKR NWHUi ]D QRUPiOQtFK SRGPtQHN WYRt åOXWp
VWROHWt SHGWtP MH PHFKDQLFN\ SURPtFKDQi KRNp MHGRYDWp NU\VWDON\ NWHUp MVRX YH YRG
VPV GXVLþQDQX OHGNX GUDVHOQpKR UR]SXVWQp D SL U\FKOpP ]DKiWt Y\EXFKXMt
GHYQpKR XKOt D VtU\ Y SRPUX 9êURED WpWR OiWN\ VH SURYiGt QLWUDFt IHQROX
/HGHN ]GH S$VREt MDNR N\VOtNDWi VXEVWDQFH QHER QLWUDFt N\VHOLQ\ IHQROVXOIRQRYp 6ROL
NWHUi XU\FKOXMH KRHQt GHYQpKR XKOt VtUD N\VHOLQ\ SLNURYp SLNUDQ\ MVRX MHãW
VORXåt SRX]H N U\FKOpPX ]DSiOHQt VPVL D YêEXãQMãt 7tP YãDN DGD YêEXãQLQ
XU\FKOXMHMHMtKRHQt
RGYR]HQêFK RG N\VHOLQ\ SLNURYp QHNRQþt
ýHUQê SUDFK UR]GOXMHPH QD SUDFK ]UQQê 5HDNFt V FKORULGHP IRVIRUHþQêP WRWLå Y]QLNi
YHOLNRVW]UQRGPPDåQDGPPSRGOH SLNU\OFKORULG NWHUê UHDNFt V 1+ GiYi
~þHOX D SUDFK SULVPDWLFNê þL OLVRYDQê ]UQND SLNUDPLG WULQLWURDQLOLQ FRå MVRX
SUDFKX WYRt SUDYLGHOQi OLVRYDQi WOtVND
12
12
3UDFK VH ]DåHKXMH SODPHQHP QHER MLVNURX
1+ 21
&+
2+
21
WHSORWDVDPRY]QtFHQtMHNROHPƒƒ&9
RWHYHQpP SURVWRUX NOLGQ KRt QD]HOHQDOêP
12
12
SODPHQHPYX]DYHQpPSURVWRUXSR]DSiOHQt
H[SORGXMH 5\FKORVW YêEXFKX VH SRK\EXMH
2EU.\VHOLQDSLNURYiDSLNUDPLG
åOXWp YH YRG QHUR]SXVWQp NU\VWDON\ NWHUp
WYRtY\VRFHYêEXãQRXOiWNX
&+2+
2++&&&+2+
+12
&+2+
'\QDPLW\
9HOPL ]QiPêPL WUKDYLQDPL MVRX
&+212
G\QDPLW\ GQHV QHMSRXåtYDQMãt SU$P\VORYp
212+&&&+212
WUKDYLQ\ MHMLFKå ~þLQQRX VORåNRX MH
&+212
JO\FHULQWULQLWUiW QHVSUiYQ QLWURJO\FHULQ
ÒþLQN\WpWROiWN\]REUD]XMHFKHPLFNiURYQLFH
ýLVWê SURGXNW Pi IRUPX EtOêFK NU\VWDON$
GHWRQDþQtKRYêEXFKXJO\FHULQWULQLWUiWX
7HFKQLFNê WDMH SL ƒ& Y WåNê
EH]EDUYê ROHM -H QHUR]SXVWQê YH YRG PiOR
&+212
UR]SXVWQê Y DONRKROX D HWKHUX 3RXåtYi VH N
&212+2
&+212
YêUREUR]EXãHNSURWRåHNHVYpPXY]SODQXWt
&+212
SRWHEXMHSRGVWDWQPpQD]LGXYL]GiOHQHå
=D ]PtQNX VWRMt åH JO\FHULQWULQLWUiW MH
EH]EDUYiNDSDOLQDNWHUiVHQRUPiOQSRXåtYi RVWDWQt WUKDYLQ\ 1LWURSHQWX O]H SRXåtW L MDNR
QDStNODGYOpNDVWYtDOHWHSUYHSRQDSXãWQp W]Q WHUPRSODVWLFNRX UR]EXãNX NG\ MH YH
VPVL V åHODWLQRYDQRX QLWURFHOXOy]RX WDWR
SRUp]QtKPRW\YS$YRGQtP1REHORYSDWHQWX
E\OD MDNR SRUp]Qt KPRWD SRXåLWD KOLQND VPV MH ]D KRUND SODVWLFNi D VQDGQR
QLWURJO\FHULQHP VH SURPQt Y QHEH]SHþQRX SFKRYDWHOQi ]D VWXGHQD WXKQH Y WYUGRX
KPRWX 'iOH VH SRXåtYi MDNR YêERUQi WUKDFt
OiWNX
QiSO GR PXQLFH ]YOiãW SDN WDP NGH MH
]DSRWHEt Y\VRNp EULVDQFH 1HYêKRGX
3ODVWLFNpWUKDYLQ\
9 VRXþDVQp GRE KRMQ SRXåtYDQêPL QLWURSHQW\MHYãDNMHMtYHONiFLWOLYRVWQHO]HMt
WUKDYLQDPL MVRX WUKDYLQ\ SODVWLFNp ] QLFKå MH SURWR QDKUD]RYDW WULWRO 9 SU$P\VOX VH
YQDãLFKNUDMtFKXUþLWQHM]QiPMãtP6HPWH[ SRXåtYi SHGHYãtP YH YêEXãQp VPVL
Y\UiEQê 6\QKHVLt DV 3DUGXELFH 6WHMQi SHQWULQLW FRå MH ]WXKOê UR]WRN ILUPD Y\UiEt L MLQRX SODVWLFNRX WUKDYLQX SHQWULWX Y QLWURJO\FHULQX þtPå VH
GRViKQHSUiYSODVWLFLW\DQDYtFY\VRNpWUKDFt
SHQWULW
3HQWULWSHQWDHU\WKULWWHWUDQLWUiWQLWURSHQWD VtO\DGHWRQDþQtU\FKORVWL
SHQWDU\W KLSHU\WK MH VSROX V KH[RJHQHP 6WHOLYLQ\
QHMG$OHåLWMãt SODVWLFNRX WUKDYLQRX 3RSUYp
6WHOLYLQ\ VH SRXåtYDMt N SOQQt QiERM$
E\O SLSUDYHQ QLWUDFt SHQWDHU\WKULWROX Y URFH SLVWROtSXãHNVDPRSDO$GODGDOãtFKSDOQêFK
-HKR ]iNODGQt VXURYLQD VH Y\UiEt ]EUDQt +ODYQtP UR]GtOHP PH]L WUKDYLQDPL D
]YOiãWQt StSDGHP DOGRORYp NRQGHQ]DFH ] VWHOLYLQDPL MH ]S$VRE H[SOR]H 8 WUKDYLQ
IRUPDOGHK\GX D DFHWDOGHK\GX Y SRPUX WHQWR GM SUREtKi SRPRFt GHWRQDþQt UHDNFH
SLEOLåQ 7D VH SDN QLWUXMH ]DWtPFR X VWHOLYLQ H[SOR]LYQtP KRHQtP
N\VHOLQRX GXVLþQRX MGH R HVWHULILNDFL -DNR VWHOLYLQD E\O SRSUYp SRXåLW YêãH
1LWUDFH MH VLOQ H[RWHUPQt D SURWR Y\åDGXMH SRSVDQê þHUQê VWHOQê SUDFK .RQFHP VLOQp FKOD]HQt 7HSORWD SL QLWUDFH VH Pi
VWROHWt E\O YãDN QDKUD]HQ ~þLQQMãtPL SUDFK\
SRK\ERYDWPD[LPiOQNƒ&SLY\ããtFK
EH]GêPQêPL MHMLFKå ]iNODGHP MVRX QLWUiW\
WHSORWiFK FHOi UHDNFH REY\NOH NRQþt H[SOR]t
FHOXOy]\QLWURJO\FHULQQHERGLJO\NRO
FHOpVPVL
1LWURFHOXOy]D
1HMYê]QDPQMãt ] WFKWR OiWHN VWHOQi
EDYOQD MH SRVWDYHQi QD WULQLWUiWX FHOXOy]\
&HOXOy]D QHEROL EXQLþQLQD MH StURGQtP
SRO\VDFKDULGHP NWHUê VH Y\VN\WXMH Y
EXQþQêFK VWQiFK URVWOLQQêFK SOHWLY 3UR
YêUREX QLWURFHOXOy]\ MH SRXåLWHOQi SRX]H
FHOXOy]D EDYOQQi D GHYQi &HOXOy]D
EDYOQQiE\ODYêKUDGQtVXURYLQRXDåGRURNX
-H QHMþLVWãtP ]GURMHP FHOXOy]\ Y
StURG REVDKXMH Mt SLEOLåQ D SR
Y\YDHQt]HGQêPK\GUR[LGHPVRGQêPQHER
Y\EOHQt FKOyUHP VH ]tVNi SURGXNW R REVDKX
FHOXOy]\Då%H]Y\þLVWQtYãDNQHO]H
FHOXOy]X QLWURYDW QHER" StWRPQRVW QHþLVWRW
YHIRUPKHPLFHOXOy]VQLåXMHVWDELOLWXUHDNFH
D P$åH GRNRQFH Y\YRODW VDPRYROQê Y]EXFK
&HOXOy]D GHYQi VH SRXåtYi Då RG SUYQt
VYWRYp YiON\ NG\ E\O QHGRVWDWHN FHOXOy]\
EDYOQQp
5R]KRGXMtFt QD NYDOLW VWHOLYLQ\ MH REVDK
GXVtNX YRMHQVNi QLWURFHOXOy]D VH QDStNODG
GOt QD VWHOQRX EDYOQX REVDK 1 DVL
DEDYOQXNRORLGRYRXREVDK1
DVL
6WHOQi EDYOQD Y RWHYHQpP SURVWRUX KRt
MDNR SDOLYR DOH Y X]DYHQpP SURVWRUX
QiERMQLFH VH SR ]iåHKX RNDPåLW ]Yêãt WODN
S$VREHQtP ]YêãHQpKR WODNX VH KRHQt VWHOQp
EDYOQ\ SHPQt QD YHOPL U\FKOp H[SOR]LYQt
KRHQt 7ODN GRViKQH KUDQLFH SLEOLåQ
03D NG\ VH ]DOLVRYDQi VWHOD XYROQt ]
QiERMQLFHDKODYH]EUDQRSRXãWtSRGWODNHP
SLEOLåQ 03D U\FKORVWt Då PHWU$]DVHNXQGX
&+212
2
212
2
212
2EU=iNODGQtEXNDQLWURFHOXOy]\
'DOãtGUXK\EH]GêPQêFKSUDFK$
3UDFK\ QLWURJO\FHULQRYp REVDKXMt YHGOH
QLWURFHOXOy]\ MHãW StGDYHN QLWURJO\FHULQX
5~]QêPREVDKHPQLWURJO\FHULQXVH
GRVDKXMH YHONp SHVWURVWL GUXK$ D EDOLVWLFNêFK
YODVWQRVWt WFKWR SUDFK$ 3L REVDKX
QLWURJO\FHULQX QDG VH GRVDKXMH YHONp
YêEXãQp VtO\ D WHSORW\ WHQWR SUDFK VH QD]êYi
EDOLVWLW Y\QDOH]HQê $OIUHGHP 1REHOHP D
GQHVVHXåStOLãQHSRXåtYi9PLQXORVWLYãDN
SUR ]YêãHQt YêEXãQRVWL PtYDO L StGDYHN GL
QHER WULQLWURWROXHQX =D YiON\ E\O
QHGRVWXSQê QLWURJO\FHULQ ~VSãQ QDKUD]HQ
GLJO\NROHPY]QLNO\WDNSUDFK\GLJO\NRORYp
7DVNDYLQ\
7DVNDYLQ\ MVRX PLPRiGQ FLWOLYp
YêEXãQLQ\ SRXåtYDQp SHGHYãtP N YêURE
W]Q LQLFLiWRU$ UR]QWHN UR]EXãHN NWHUp
Y\YROiYDMt]iåHKVWHOLYLQQHERUR]QWWUKDYLQ
.QHMSRXåtYDQMãtPWDVNDYLQiPSDWtD]LG
RORYQDWê 3E1 RQD L VDPRWQi N\VHOLQD
D]RYi+1 MHVLOQiWDVNDYLQDDWDVNDYiUWX"
QHEROL IXOPLQiW UWX"QDWê +J&12 7\WR
OiWN\ H[SORGXMt MLå SL SRXKpP ~GHUX D
SRXåtYDMt VH SURWR QD YêUREX ]iSDOHN GR
QiERMQLF 1iUD] ~GHUQtNX SLVWROH Y\YROi
H[SOR]LWDVNDYLQ\NWHUi]DåHKQHVWHOLYLQXY
QiERMQLFL 7HSUYH SDN VH XYROXMH VWHOD MDN
MLåE\ORSRSViQRYêãH
= SHGFKR]tKR RGVWDYFH WHG\ Y\SOêYi åH
WDVNDYLQ\ Y\åDGXMt QHMYtFH SR]RUQRVWL SL
PDQLSXODFLVQLPL
-DGHUQp]EUDQ
=YOiãWQt NDSLWRORX YêEXãQLQ MVRX OiWN\
Y\XåtYDMtFt HQHUJLH MDGHUQpKR ãWSHQt
%RKXGtN VH åiGQp ] WFKWR YêEXãQLQ
QHSRXåtYDMt MDNR WUKDYLQ\ Y ÄFLYLOX³ DOH
YêKUDGQDWHMHVORYRERKXåHOYtFHQHåQD
PtVW YH YRMHQVWYt 1XNOHiUQt ]EUDQ VH DGt
PH]L ]EUDQ KURPDGQpKR QLþHQt D VWiOH
RKURåXMt H[LVWHQFL OLGVWYD QD =HPL 9
VRXþDVQp GRE VH VLFH VQDåt VYWRYp YHOPRFL
]DEUiQLW YêURE D XFKRYiYiQt WFKWR
QHEH]SHþQêFK YFt U$]QêPL VPORXYDPL
DYãDNVWiW\VPpQUR]YLQXWêPKRVSRGiVWYtP
D RGOLãQRX PHQWDOLWRX MDNR WHED ,QGLH
YHHMQSURKODãXMtåHVH]iVREXMtQXNOHiUQtPL
KODYLFHPL D EDOLVWLFNêPL UDNHWDPL NWHUp W\WR
VPUWtFt QiORåH GRYHGRX GRSUDYLW QD RSDþQRX
VWUDQX]HPNRXOH9DURYiQtPE\VHQiPPO
VWiW NRQHF VYWRYp YiON\ NG\ E\O\ D VUSQD VYUåHQ\ QD MDSRQVNi PVWD
+LURãLPX D 1DJDVDNL GY MDGHUQp SXP\ 3R
WpWR XGiORVWL VLFH -DSRQVNR NDSLWXORYDOR DOH
QDVWUDQQHYLQQêFKMDSRQVNêFKRE\YDWHOE\OR
WpPWLVtFPUWYêFKDGDOãtGHVtWN\WLVtFOLGt
E\O\ R]iHQ\ FRå MLP ]S$VRELOR WUYDOp
]GUDYRWQt SRãNR]HQt QD MHMLFKå QiVOHGN\
XPtUDMt OLGp GRGQHV 5R]KRGQ WHG\ VWRMt QDG
SUREOpPHP MDGHUQêFK ]EUDQt D SRXåtYiQt
MDGHUQpKR ãWSHQt Y$EHF FKYLONX ]DXYDåRYDW
$E\FKRP SRFKRSLOL EOtåH WXWR SUREOHPDWLNX
SRGtYHMPH VH QD SRGVWDWX QXNOHiUQtFK ]EUDQt
RþLPDFKHPLN$
9êEXãQp DWRPRYp ERPE\ ]iNODGQtKR W\SX
SUDFXMt QD SULQFLSX QHt]HQp D SHNRWQp
HW]RYp MDGHUQp UHDNFH âWSHQtP QMDNpKR
QHVWDELOQtKR L]RWRSX WåãtKR NRYX QiUD]HP
QHXWURQX VH MiGUR S$YRGQt OiWN\ ãWSt QD GY
MiGUD DWRP$ R PHQãt DWRPRYp KPRWQRVWL ]D
XYROQQt XUþLWpKR SRþWX QHXWURQ$ NWHUp ãWSt
GDOãtMiGUDDYHONpKRPQRåVWYtHQHUJLH
9 StSDG MDGHUQêFK ERPE ]iNODGQtKR
W\SX W\SX $ERPE\ VH Y\XåtYi SHGHYãtP
QiVOHGXMtFtãWSQpUHDNFH
8+ Q → %D+ .U + Q + 0H9
WRWR YãDN ]REUD]XMH Då NRQHþQp ãWSHQt
PH]LWtP
MH
VSRXVWD
UDGLRDNWLYQtFK
PH]LSURGXNW$ 1NG\ P$åH EêW XUDQ QDKUD]HQ XUDQHP QHER L]RWRSHP 3X SURGXNWHP NRQHþQpKR ãWSHQt MVRX SDN
L]RWRS\RORYD
-DGHUQi UHDNFH SUREKQH Då Y RNDPåLNX
NG\ VH OiWND QDFKi]t Y WDN]YDQpP
QDGNULWLFNpP PQRåVWYt 'REH XVNODGQQi
MDGHUQiERPEDMHSUDNWLFN\QHãNRGQiSURWRåH
REVDKXMH QNROLN REY\NOH GY RGGOHQêFK
NDSVOt YêNRQQp OiWN\ Y SRGNULWLFNêFK
PQRåVWYtFK 7HSUYH SL QDYHGHQt QD FtO VH
SRPRFt RE\þHMQp REY\NOH SODVWLFNp WUKDYLQ\
QDUXãt GOtFt SHSiåN\ OiWND VH SDN EXGH
QDFKi]HW Y QDGNULWLFNpP PQRåVWYt D GRMGH N
VDPRYROQp HW]RYp MDGHUQp UHDNFL 1LþLYê
~þLQHN QXNOHiUQtFK ERPE WNYt SHGHYãtP Y
QiUD]RYp WODNRYp YOQ Y XYROQQp HQHUJLL
NWHUi VH SURMHYt MDNR YOQD WHSHOQpKR ]iHQt
WDWR YOQD Pi WHSORWX Då QNROLN GHVtWHN
PLOLRQ$ VWXS$ &HOVLD YH Y\VRFH
SURQLNDYpP MDGHUQpP ]iHQt NWHUp VH
XYROXMH D Y UDGLRDNWLYQtP ]DPRHQt
RY]GXãt 9êEXãQi VtOD $ERPE MH Då NW
717
ýDVRYê
PHFKDQLVPXV
9êEXãQLQD
3RGNULWLFNpREMHP\
ãWSQpQiORåH
2EU6FKpPD$ERPE\
=YOiãWQtP W\SHP MH YRGtNRYi ERPED
+ERPED Y Qtå MH MDNR ]GURMH HQHUJLH
]QHXåLWRWHUPRQXNOHiUQtUHDNFHNWHUiSUDFXMH
QD SHVQ RSDþQpP SULQFLSX QHå $ERPED MiGUDDWRP$GYRXOHKþtFKSUYN$VHVNOiGDMtY
MiGUR DWRPX SUYNX WåãtKR 9 +ERPEiFK VH
SRXåtYi V\QWp]\ GHXWHULD D WULWLD QD KHOLXP
NWHUiSUREtKiSRGOHURYQLFH
++ + → +H+ Q + 0H9
XVNXWHþQQt WpWR UHDNFH MH YãDN ]DSRWHEt
REURYVNi WHSORWD DE\ VH OiWND QDFKi]HOD Y
SOD]PDWLFNpP VNXSHQVWYt þHKRå VH GRVDKXMH
H[SOR]t ]DEXGRYDQp PHQãt $ERPE\ ÒþLQN\
+ERPE\ MVRX Y SRURYQiQt VH VWHMQ YHONRX
$ERPERX QNROLNDQiVREQ YWãt Då 0W
717 5i]RYi WODNRYi YOQD ERt GRP\ GR
Y]GiOHQRVWL NLORPHWU$ D QHVPtUQp WHSHOQp
]iHQtGRNiåH]DSiOLWKRODYpSHGPW\DåGR
Y]GiOHQRVWL NLORPHWU$ RG PtVWD YêEXFKX
8YRORYDQê QHXWURQ MH VRXþiVWt W]Q
QHXWURQRYpKR]iHQtNWHUpQLþtYãHåLYp
=YOiãWQtP W\SHP YRGtNRYp ERPE\ MH
ERPED NREDOWRYi -GH Y SRGVWDW R NODVLFNRX
+ERPEX SRX]H MH RENORSHQD SOiãWP ]
NREDOWX &R ] QKRå VH SL YêEXFKX VWiYi
UDGLRDNWLYQtL]RWRS &R VSRORþDVHPUR]SDGX
URNX NWHUê VH RGSDt D YWUHP UR]QHVHQ
]DPRt GORXKRGRE RY]GXãt D WHUpQ QHER"
Y\VtOiåLYRWXQHEH]SHþQpγ]iHQt
1HXWURQRYi ERPED Pi QDUR]GtO RG
SHGFKR]tFK W\S$ XPOH VQtåHQp GHVWUXNþQt
~þLQN\ D Y]QLNOi HQHUJLH VH SHPQt QD
LQWHQ]LYQt γ]iHQt D QHXWURQRYp ]iHQt
5HDNFH
8UDQ
'HXWHULXP
WULWLXP
+PRWQRVW
8YROQQi
HQHUJLH
NJ
-
[
[
N:K
[
[
6YtWt:
åiURYND
9]RURYi
GRPiFWQRVW
OHW
OHW
6URYQiQt 2KiWtYRG\
]QD
VXKOtP
ƒ&
WXQ
PLOLRQ$OLWU$
'REDSRNWHURXEXGHVYtWLWZDWWRYiåiURYNDQHS HWUåLWSLþHUSiQtHQHUJLH]NJOiWN\
'REDSRNWHURXE\E\ORPRåQp]iVRERYDWGRPiFQRVWVStNRQHP:
0QRåVWYtþHUQpKRXKOtNWHUpXYROQtVWHMQpPQRåVWYtHQHUJLHMDNRNJGDQpOiWN\
2EMHPYRG\NWHUêE\E\ORPRåQpXYROQQRXHQHUJLtRKiW]QDƒ&
WYRHQp SURXGHP QHXWURQ$ NWHUp UR]UXãXMH
WNiQ åLYêFK RUJDQLVP$ D ]DVDåHQp RVRE\
XPtUDMt EKHP QNROLND KRGLQ GQ$ DOH L OHW
EH]PRåQRVWLY\OpþHQt
= SHGFKR]tFK RGVWDYF$ Y\SOêYi MDN MH
MDGHUQi UHDNFH NG\å VH GRVWDQH GR
QHVSUiYQêFK UXNRX QHEH]SHþQi D åH MHMt
QiVOHGN\MVRXGORXKRGREpDMHQYHOPLREWtåQ
VHOLNYLGXMt6WDþtVLMHQXYGRPLWMHGQRGXFKp
VURYQiQtNWHUpXND]XMHWDEXONDQDQiVOHGXMtFt
VWUiQFH
7HQWRGRNXPHQWQHSURãHOåiGQRXMD]\NRYRXNRUHNWXURX=DFK\E\QHVHVLFHRGSRYGQRVW
DXWRUDOHQHGiYHMWHPXWRWROLNQDMHYR7LVN67$5/&VD]ED$PL3UR
YHOLNRVWGRNXPHQWXN%SRþHWVWUiQHNSRþHWVORYFRåMH]QDN$8]iYUND
WRKRWRGRNXPHQWXE\ODSURYHGHQDNHGQL.YWHQY'NXML
=iYUHP VL SLSRPHPH MHGQX ]QiPRX
VNXWHþQRVW L PDOp PQRåVWYt YêEXãQLQ\
NWHUpOLGVWYXXãHWtQHERXVQDGQtSUiFLPi
PQRKHP YWãt Yê]QDP QHå VHEHVLOQMãt
ERPEDSRXåLWiSURWLþORYNX
3RXåLWp]GURMH
/LWHUDWXUD
0DMOHQ .RQVWDQWLQRYVNLM 1Hå RGVWDUWXMH
UDNHWD
+HOHQDD(GXDUGâNRGRYL8åYtPSURþ
=GHQN2SDYD&KHPLHNROHPQiV
9LFHQWH 6HJUHOOHV =EUDQ NWHUp ]DViKO\
GRYêYRMHOLGVWYD
.DUHOýDSHN.UDNDWLW
6YWRYpY\QiOH]\YGDWHFK
=YOiãWQt GtN SDWt 3HWH 0DFKRYp
SHUVRQDOLVWFHILUP\6\QWKHVLDDV3DUGXELFH
]DSRVN\WQXWpPDWHULiO\DYQRYDQêþDV