Constitución Política de la Monarquía Española. Cádiz 1812 (2012)

342.02
E6 E578c
1812
España [Constitución Política. 1812]
Constitución Política de la Monarquía Española : Cádiz 1812 / Manuel González
Oropeza… et. al. ; presentación José Alejandro Luna Ramos. -- México: Tribunal Electoral
del Poder Judicial de la Federación, 2012.
300 pp.
Edición facsimilar.
ISBN 978-607-708-103-6
1. Constitución de Cádiz. 2. Constituciones – España. 3. Constitución Política – 1812.
4. Historia constitucional. I. González Oropeza, Manuel. II. Paoli Bolio, Francisco José. III.
Barragán Barragán, José. IV. Luna Ramos, José Alejandro. V. Título
Edición 2012.
D.R. © Tribunal Electoral del Poder Judicial de la Federación.
Carlota Armero núm. 5000, colonia CTM Culhuacán,
Delegación Coyoacán, México, DF, CP 04480,
Tels. 5728-2300 y 5728-2400.
Coordinación: Centro de Capacitación Judicial Electoral.
Edición: Coordinación de Comunicación Social.
Las opiniones expresadas son responsabilidad exclusiva de los autores.
ISBN 978-607-708-103-6
Impreso en México.
Se agradece la invaluable colaboración de la biblioteca del Instituto de Investigaciones Dr. José
María Luis Mora por proporcionar los archivos digitales de la Constitución Política de la Monarquía
Española usados en la presente edición.
Índice
',
Gi\j\ekXZ`e
Afj„8c\aXe[ifCleXIXdfj
(*
Gi\j\eZ`X[\:}[`q\e(/)+%
<cZfejk`klZ`feXc`jdfd\o`ZXef
DXel\c>feq}c\qFifg\qX
*.
CX:fejk`klZ`e[\:}[`q
pjlgifp\ZZ`e\ecX:fejk`klZ`e
]\[\iXcp[\cfj\jkX[fj
=iXeZ`jZfAfj„GXfc`9fc`f
+,
DXj`mXm`^\eZ`X[\cXjc\p\j^X[`kXeXj
\eD„o`Zf[\jgl„j[\ZfejldX[X
jl`e[\g\e[\eZ`X
Afj„9XiiX^}e9XiiX^}e
-*
(00
=XZjˆd`c%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX
<jgXŒfcXgifdlc^X[X\e:}[`qX(0
[\dXiqf[\(/()
;fZld\ekfj_`jki`Zfj
\e\cZfek\okfefmf_`jgXef%
8Z\imf[\c8iZ_`mf>\e\iXc
[\cXEXZ`e
Presentación
@eiƒ7b[`WdZheBkdWHWcei
8
c Zldgc`ij\ \c Y`Z\ek\eXi`f [\ cX \og\[`Z`e [\ cX
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX#d\$
afiZfefZ`[XZfdf:fejk`klZ`e[\:}[`qf[\(/()#
i\jlckXfgfiklef[\jkXZXicX`dgfikXeZ`Xhl\\jk\[fZl$
d\ekfklmf[\ekif[\jlZfek\okf_`jki`Zf#XjˆZfdf\ecfj
XŒfjpZ`iZlejkXeZ`Xjgfcˆk`ZXjgfjk\i`fi\j#[X[fhl\Y`\e
gl\[\Zfej`[\iXij\ZfdfdX[i\[\kf[XjcXjZfejk`klZ`f$
e\j`Y\ifXd\i`ZXeXj%
;\Y\i\jXckXij\\c_\Z_f[\hl\cXjZfik\j\okiXfi[`eX$
i`Xjhl\c\[`\ifefi`^\ej\`ek\^iXifeZfei\gi\j\ekXek\j
gifm\e`\ek\j [\ cfj [`jk`ekfj i\`efj [\ <jgXŒX# \e d\[`f
[\cXZi`j`jgfcˆk`ZXhl\X]\ZkXYXcXjfY\iXeˆXpcX\jkXY`c`$
[X[[\cgXˆj#`emX[`[fgficXj]l\iqXjeXgfc\e`ZXj#Zfe\c
kifefljligX[fgfiAfj„9feXgXik\pcXi\j`jk\eZ`X_\if`ZX
[\cgl\Ycf\jgXŒfc#XidX[f\e^l\ii`ccXjliYXeXjpiliXc\j#
YXaf\cdXe[f[\a\]\j`dgifm`jX[fj%
8ek\\jkXj`klXZ`ej\]l\ifeZfe]fidXe[falekXj^lY\i$
eXk`mXjhl\kiXkXife[\fi^Xe`qXipZffi[`eXicXi\j`jk\eZ`X#
X[al[`Z}e[fj\\eZX[XZXjfcXi\gi\j\ekXZ`eeXZ`feXc#hl\
[\dfd\ekfefgf[ˆXXjld`i\eg\ijfeX\ci\p=\ieXe[f
M@@# c\^ˆk`df dfeXiZX _`jgXef i\k\e`[f gfi EXgfc\e \e
9XpfeX%
!
DX^`jkiX[fgi\j`[\ek\[\cK<GA=%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
-
<ej\gk`\dYi\[\(/'/j\]le[cXAlekX:\ekiXc>lY\ieXk`mX[\8iXeal\q#
ZlpXXlkfi`[X[]l\i\ZfefZ`[Xgfi\cm`ii\p[\cXEl\mX<jgXŒX#G\[if[\>X$
i`YXp%<jk\Zl\igfZfc\^`X[f\og`[`#\c))[\\e\ifj`^l`\ek\#le[\Zi\kf\e\c
hl\j\dXe`]\jkXYXhl\cfji\`efj[\cXj@e[`Xj]fidXYXegXik\[\cXdfeXi$
hlˆX\jgXŒfcXp#gficfd`jdf#[\YˆXek\e\ii\gi\j\ekXZ`e\ecXAlekX:\ekiXc#
gficfhl\j\[\Y\iˆXgifZ\[\iX\c\^`ilei\gi\j\ekXek\gfiZX[XZXg`kXeˆX
^\e\iXcpm`ii\`eXkf%
J\jfc`Z`k#\ekfeZ\j#Xkf[fjcfjXplekXd`\ekfj#cX[\j`^eXZ`e[\leZXe$
[`[Xkf#\cXYfi}e[fj\leXi\cXZ`e[\cXhl\i\jlck`ejXZlcX[f[feD`^l\c[\
CXi[`q}YXcpLi`Y\#Zi`fccf`cljkiX[fkcXoZXck\ZX#[\jkXZX[fXYf^X[fhl\^fqXYX
[\^iXei\ZfefZ`d`\ekf#kXekf\eD„o`Zf#Zfdf\e<jgXŒX%<jk\g\ijfeXa\gXj
X`ek\^iXicXalekX%@eZcljfZlXe[f„jkX\jkXYc\Z`\c:fej\af[\I\^\eZ`X#\e
\e\if[\(/('#CXi[`q}YXc]fidgXik\[\cd`jdf%
<jkfjXZfek\Z`d`\ekfj[\dl\jkiXecXgXik`Z`gXZ`e[\cfjd\o`ZXefj[\j[\
\cdfd\ekf`e`Z`Xc[\cXZ„c\Yi\XjXdYc\Xhl\i\[XZkXiˆXcX:fejk`klZ`e[\
(/()%<]\Zk`mXd\ek\#gi\j`feX[fjgfi\cXmXeZ\[\c\a„iZ`kf]iXeZ„j#cfjd`\d$
Yifj[\cXAlekX:\ekiXcklm`\ifehl\i\]l^`Xij\\e\cGl\ikf[\:}[`q#Xg\$
jXi [\ hl\ „jk\ j\ \eZfekiXYX jfd\k`[f Xc Xj\[`f [\c `emXjfi% Gfi \jfj [ˆXj
j\\og`[`cXZfemfZXkfi`XgXiX\c\^`ii\gi\j\ekXek\jXcXj:fik\j>\e\iXc\jp
<okiXfi[`eXi`Xj#hl\j\glYc`Z\ecX>XZ\kX[\cX:`l[X[[\D„o`Zf#\c(-[\
dXpf[\(/('%
<ecXZfemfZXkfi`Xj\\jkXYc\ZˆXhl\\ecfjXplekXd`\ekfj[\cXjZXg`kXc\j
gifm`eZ`Xc\j j\ [\j`^eXiˆX leX k\ieX X jl^\i\eZ`X [\ cfj i\^`[fi\j p [\ \ccX
i\jlckXiˆX\c\^`[f#gfi\cgc\ef[\cfjd`\dYifj[\cXplekXd`\ekf#\ci\gi\j\e$
kXek\gifm`eZ`XcZfii\jgfe[`\ek\%8ci\jg\Zkf#\c_`jkfi`X[fi<ie\jkfC\df`e\
XÔidX1È¿EfgfZfjXjg`iXek\jdfekXifem\i[X[\iXjZXdgXŒXjgi\\c\ZkfiXc\j#
hl\Xlehl\_fpgXi\qZXei`j`Yc\j#hl\efcfjfe#j`im`\ifegficfd\efjgXiX
d\i\Z\icXZfeZ`\eZ`XZ`egfcˆk`ZX[\cd\o`ZXefd\[`fÉC\df`e\(0./#(.)* %
;\\jkXdXe\iX#]l\ife\c\^`[fj(-pcl\^f)'i\gi\j\ekXek\j[\cXEl\mX
<jgXŒX#\eki\cfjhl\i\jlckgXik`ZlcXid\ek\`dgfikXek\[feD`^l\cIXdfj
8i`qg\#gficXGifm`eZ`X[\:fX_l`cXpK\oXj#hl`\egXjX[f\ck`\dgfj\iˆXZf$
efZ`[fZfdf\cFWZh[Z[b<[Z[hWb_iceC[n_YWde%@^lXcd\ek\#[\jkXZXifeZfdf
i\gi\j\ekXek\j`e[`Xefjg\ijfeXa\jZfdf[feJ\YXjk`}e<jgfe[XpFcX\Z_\X#
fi`le[f [\ JXe DXiZfj KlokcX# _fp KlokcX >lk`„ii\q# [`jk`e^l`[f XYf^X[f [\
cXj I\Xc\j 8l[`\eZ`Xj [\ D„o`Zf p [\ >lXk\dXcX# [\]\ejfi [\ cXj k`\iiXj
[\cfj`e[`fjZ_XdlcXj2\c[fZkfiAfj„J`d\e[\LiˆX9\iil\Zfjp>Xc`e[f#aX$
c`jZ`\ej\hl\j\[`jk`e^l`Zfdfgi\Zlijfi[\cX^iXi`jdfd\o`ZXef#p\c[fZkfi
Afj„<[lXi[f[\:}i[\eXjpIfd\if#Xhl`\ej\Zfej`[\iXFWZh[Z[b;ijWZeZ[
Zfdf i\mfclZ`feXi`X¿CX :fejk`klZ`e [\j[\ \c glekf [\ m`jkX [\ leX
dfeXihlˆXXYjfclk`jkX#j`^e`ÔZleXfYiXi\mfclZ`feXi`X%FYj\imX[XX
kiXm„j[\ci\glYc`ZXe`jdfhl\jli^`\e8d„i`ZX#\iXleXfYiXdf[\$
iX[X#gfi\jf#j`klX[X\ejlaljkfd\[`f#j`^e`ÔZleXfYiX[\i\]fidX
IXYXjX)''+ %
GfifkiXgXik\#X’e\jk\dX[\[`jZlj`e\eki\cfj\jg\Z`Xc`jkXjcX`eÕl\eZ`X
ÇpcXgifgfiZ`e[\cXd`jdXÇ[\cX:fejk`klZ`e]iXeZ\jX[\(.0(hl\XYfc`
cXdfeXihlˆXp\jkXYc\Z`cXI\g’Yc`ZX%Cfhl\gl\[\fYj\imXij\\jhl\\e\c
j\ef[\\jkXjZfik\j\okiXfi[`eXi`Xjj\\e]i\ekXifeki\jZfii`\ek\jgfcˆk`ZXj#cX
[\cfjXYjfclk`jkXjdfe}ihl`ZfjfZfej\imX[fi\j#hl\gl^eXYXegfidXek\e\i
\cfi[\egi\mXc\Z`\ek\\ecX„gfZX[\fif[\cXdfeXihlˆXYfiYe`ZX#cX[\cfj
`cljkiX[fjdf[\iX[fj#hl\gifgfeˆXei\]fidXj`dgfikXek\j#g\ifj`egfe\i\e
i`\j^fcXjfc`[\q[\cgf[\ii\Xc#pcX[\cfjc`Y\iXc\jglifj#hl\YljZXYXe`d$
gc\d\ekXii\]fidXjgif]le[Xj#Xj\d\aXeqX[\cfji\mfclZ`feXi`fj]iXeZ\j\j%
8[\d}j#\ed\[`f[\kf[f\ccfj\kiXkXYX[\i\jfcm\icXgl^eXgcXek\X[X\e\c
el\mfZfek`e\ek\#\eki\cfj`ek\i\j\j[\cfjg\e`ejlcXi\jpcfj[\c^ilgfjfZ`f$
gfcˆk`Zf\d\i^\ek\i\gi\j\ekX[fgficfjZi`fccfj#cfhl\XcXgfjki\[\i`m\ecX
^l\iiX[\`e[\g\e[\eZ`X[\cfj[`jk`ekfji\`efj[\@e[`Xj%
GXiX cfj i\gi\j\ekXek\j gifm\e`\ek\j [\ cX El\mX <jgXŒX ]l\ gXik`ZlcXi$
d\ek\dfc\jkf\ogc`ZXiXek\\jXXjXdYc\XcfjjlZ\jfjfZlii`[fj\e\ci\`efX
gXik`i[\cXZfejg`iXZ`e[\(/'/\e\cXplekXd`\ekf[\cXZ`l[X[[\D„o`Zf#
\eZXY\qX[Xgfi\cc`Z\eZ`X[f=iXeZ`jZfGi`df[\M\i[X[pIXdfjp\cgfjk\i`fi
c\mXekXd`\ekf`ejli^\ek\\e(/('%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
¿cX fYiX [\ :}[`q ef gl\[\ lY`ZXij\# e` Zfdf kiX[`Z`feXc`jkX# e`
.
CleXIXdfj
JWXWiYe"gfijlgifgl\jkX[\Zfejk`kl`icf\eleXel\mXgifm`eZ`X%EffYjkXek\#
\j[\efkXij\hl\[\cfj(/*[`glkX[fjZfejk`klp\ek\j#(*'\iXe\jgXŒfc\jp,*
Xd\i`ZXefj#cfhl\`e[`ZXcX[\jgifgfiZ`e\ecXZfe]fidXZ`e[\\jkXdX^eX
XjXdYc\X#XjˆZfdfcf[`]ˆZ`chl\\iXgXiXcfji\gi\j\ekXek\j[\cfji\`efj[\
@e[`Xj_XZ\igi\mXc\Z\i\e\ccXjljglekfj[\m`jkX%
;\jgl„j[\cXi^fjpXgXj`feX[fj[\YXk\j#\ecfjhl\\eXc^lefjdfd\ekfj
]l\ife^XeXe[fk\ii\efcXj[\dXe[Xji\`m`e[`ZXkfi`Xj[\cfji\gi\j\ekXek\j
[\ cXj @e[`Xj# X g\jXi [\c ZˆiZlcf \jki\Z_f p [fd`eXek\ [\ cfj _`jgXefj# ]l\
aliX[Xjfc\de\d\ek\cX:fejk`klZ`e[\:}[`q#hl\ZfejkX[\('kˆklcfjp*/+
XikˆZlcfj#\c(0[\dXiqf[\(/()%
;\\ccXXÔidX\cZfejk`klZ`feXc`jkX<d`c`fF%IXYXjX1
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
/
:fej`[\iXe[f\jk\\jZ\eXi`f#ZXiXZk\i`qX[fgfi^iXm\j\e]i\ekXd`\ekfjgf$
cˆk`ZfjpcXgi\j`ehl\\a\iZˆX\ecXd`jdXj\[\[\cXXjXdYc\X\c\a„iZ`kf`emX$
jfi#ZfYiXedXpfi[`d\ej`ecfjXcZXeZ\jfYk\e`[fjgfi\jkX:fejk`klZ`e%
8c^lefj[\\ccfjjfecfjj`^l`\ek\j1j\fkfi^X\c\jkXklj[\Z`l[X[XefXcfj
Xek`^lfjj’Y[`kfj[\ci\`efXik%(/ #cXjfY\iXeˆXi\j`[\\j\eZ`Xcd\ek\\ecX
eXZ`eXik%*² #cXeXZ`e\jk}fYc`^X[XXgifk\^\icXc`Y\ikX[Z`m`c#cXgifg`\[X[
pcfj[\d}j[\i\Z_fjc\^ˆk`dfj[\kf[fjjlj`e[`m`[lfjXik%+² #j\\jkXYc\Z\
cX[`m`j`e[\gf[\i\jXikj%(,X(. #cXYXj\gXiXcXi\gi\j\ekXZ`eeXZ`feXc
\jcXd`jdX\eXdYfj_\d`j]\i`fjXik%)/ #j\\jkXYc\Z\lej`jk\dX`e[`i\Zkf
[\\c\ZZ`fe\j#Xki\je`m\c\j#gXiXi\efmXiZX[X[fjXŒfjXcfj[`glkX[fj\ecXj
Zfik\jfi[`eXi`XjXikj%*+X('* #j\Zfejk`klp\led\[`f`dgl^eXk`mfm\iYXc
p[`i\ZkfXek\cXd\jX[`i\Zk`mX[\ZXj`ccXZfii\jgfe[`\ek\#gXiXhl\cfjZ`l$
[X[Xefj[\eleZ`\e`ek\ekfj[\Xd\eXqXjfZf_\Z_fi\jg\ZkfXcX\d`j`e[\
jlj mfkfj Xikj% +0# .) p /. # hl\[X Xj\ekX[f \c j`jk\dX [\ XlkfZXc`ÔZXZ`e
[\\c\ZZ`fe\jXikj%((X((. #`^lXcd\ek\#hl\[XZfeÔ^liX[f\ci„^`d\edle`$
Z`gXc#hl\`eZclp\cXj\c\ZZ`fe\jXgcliXc`[X[[\mfkfj\eki\cfjm\Z`efj[\ZX[X
cl^XiXikj%*'0X*)* #kXdY`„ej\\jkXYc\Z\lei„^`d\e[\gifm`eZ`Xjp[\
[`glkXZ`fe\jgifm`eZ`Xc\j#i\efmXYc\d\[`Xek\\c\ZZ`fe\jZX[X[fjXŒfjXikj%
*)+X**. #j\dfjkigi\fZlgXZ`egficX\[lZXZ`eg’Yc`ZXpj\fi[\ehl\
\ekf[fjcfjgl\Ycfjj\\jkXYc\Z`\iXleX\jZl\cX[\gi`d\iXjc\kiXjXik%*-- #(
\jkfi\jlckgXik`ZlcXid\ek\`dgfikXek\j`j\kfdX\eZl\ekXhl\gXiX(/('j\
ZXcZlcXhl\[\cfj(,d`ccfe\j#\ee’d\ifi\[fe[fj#[\_XY`kXek\j\ecXEl\mX
<jgXŒX#jcf*'d`cjXYˆXec\\ip\jZi`Y`i%
<jkXj[`jgfj`Z`fe\jkiXkXife[\gfe\ij\\egi}Zk`ZX\ecXd\[`[X[\cfgf$
j`Yc\ p# [\ \jkX jl\ik\# \c [fd`e^f )0 [\ efm`\dYi\ [\ (/() j\ \]\ZklXife
\c\ZZ`fe\jil`[fjXjp[\jfi[\eX[XjgXiX\c\^`i[`glkX[fjXcXjZfik\jfi[`eX$
i`Xj#d`\ekiXj\cgXˆjXi[ˆX\egc\eX^l\iiX`ejli^\ek\%<cZdglkfZfeZclpX
cXj)'1*'_fiXjpi\jlckXife\c\Zkfj\ejldXpfiˆXi\gi\j\ekXek\j[\c^ilgf
Zi`fccf%
8cXm\q#\dXeX[Xj[\\jkX:fejk`klZ`e]l\ife[\Zi\kX[XjXc^leXjc\p\j
gXik`ZlcXid\ek\ `dgfikXek\j \e dXk\i`X gfcˆk`ZX# Zfdf cX [\ XplekXd`\ekfj
Zfejk`klZ`feXc\jdXpf[\(/() #cX[\\oZclj`e[\\Zc\j`}jk`Zfj\eZXi^fjdl$
e`Z`gXc\jkXdY`„e[\dXpf[\(/() pcX[\i\jgfejXY`c`[X[[\\dgc\X[fjg’$
Yc`ZfjdXiqf[\(/(* %
CX:fejk`klZ`e[\:}[`q\jklmfm`^\ek\\ecXEl\mX<jgXŒXXgXik`i[\j\gk`\d$
Yi\[\(/()#j`Y`\ecl\^f]l\jljg\e[`[Xgfi\cm`ii\p=iXeZ`jZfAXm`\iM\e\^Xj#
(
M„Xj\:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX#\eK\eX(0/(#-'pjj %
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
0
CleXIXdfj
Xlehl\cl\^fi\jkXYc\Z`[X\eXc^leXj[\jljgXik\jgfi\cm`ii\p=„c`oDXiˆX:Xcc\aX#
ZfeZi\kXd\ek\\ecfhl\_XZ\XcXj\c\ZZ`fe\j[\XplekXd`\ekfj#[\[`glkX[fj
X :fik\j fi[`eXi`Xj p [\ i\gi\j\ekXek\j [\ cXj AlekXj Gifm`eZ`Xc\j# Xjˆ Zfdf \e
cXfi^Xe`qXZ`e[\cfjki`YleXc\j%EffYjkXek\#\c[\Zi\kf[\c+[\dXpf[\(/(+
`dgljf[\el\mfcXdfeXihlˆXXYjfclkXX]Xmfi[\=\ieXe[fM@@#Zfecfhl\hl\[
XYif^X[XcX:fejk`klZ`e[\(/()#g\ifgXiXdXiqf[\(/)'pd\[`Xek\\cki`le]f
[\cXi\Y\c`e[\8jkli`Xj#\eZXY\qX[XgfiIX]X\c[\I`\^f#]l\e\Z\jXi`fgfe\icX[\
el\mf\em`^fi#p\ecXEl\mX<jgXŒX#XcjXY\ij\kXc[\Z`j`e#cXjZ`l[X[\j[\:Xd$
g\Z_\pM\iXZilqj\X[\cXekXifeXaliXicX#gficfhl\\cm`ii\pAlXeIl`q[\8gf[XZX
_`qfcfgifg`f\c*([\dXpf[\\j\d`jdfXŒf%
Le gfZf [\jgl„j Ç`e[`i\ZkXd\ek\Ç jl Zfek\e`[f# Zfej`[\iX[f \ekfeZ\j
gficfjj`dgXk`qXek\j[\c^ilgfg\e`ejlcXiZfdfg\c`^ifjfpc`Y\iXc#`eÕlp[\
dXe\iX`dgfikXek\gXiXcc\mXiXZXYfcXZfejldXZ`e[\cX^l\iiX[\`e[\g\e$
[\eZ`X%
?fp#X)''XŒfj[\kXc\jXZfek\Z`d`\ekfj#\eZfekiXdfji\jg\Zkf[\\jkX
ZXikX]le[Xd\ekXc#kf[XmˆXdlpm`mXcXgfc„d`ZX\eki\jljgifdfkfi\jpjlj
[\kiXZkfi\j#cfhl\i\jXckXjlZXi}Zk\i[\m\i[X[\if_`kf\eZlXekf_XZ\XcX
clZ_Xgficf^iXiel\mfj\jgXZ`fj[\c`Y\ikX[p[\[\dfZiXZ`X%
GXiXXc^lefj#]XckmXcfigXiXiX[`ZXc`qXid}jjljXcZXeZ\j2gXiXfkifj#jf$
YiXl[XZ`XgXiX`^lXcXigi\iif^Xk`mXjZfecfj^ilgfj[\gf[\i%=l\dlpk`Y`X#
[`Z\elefj2]l\dlp\oki\dfjX#[`Z\efkifj%
GXiX\cZXjf\jg\ZˆÔZf[\D„o`Zf#Xc^lefjkiXkX[`jkXjcXi\ZfefZ\eZfdf
cXgi`d\iXZfejk`klZ`e[\cgXˆj#[X[fhl\#X[\d}j[\hl\\ejl\cXYfiXZ`e
klm`\ifegXik`Z`gXZ`ecfj[`glkX[fj[\cXEl\mX<jgXŒX#kXdY`„e\jZ`\ikfhl\
\jklmfm`^\ek\gi}Zk`ZXd\ek\_XjkXcXmˆjg\iX[\cXZfejldXZ`e[\cX`e[\$
g\e[\eZ`X%
Hl\[XZcXifhl\\c[\i\Z_fZfejk`klZ`feXcd\o`ZXef_XccXjliXˆqgi`d`^\e`X
\ecX:fejk`klZ`ec`Y\iXc[\:}[`q#XleZlXe[f\jm\i[X[hl\cXgi`d\iXZfej$
k`klZ`e\cXYfiX[X\oZclj`mXd\ek\gfid\o`ZXefj]l\\c;\Zi\kf:fejk`klZ`feXc
gXiXcXC`Y\ikX[[\cX8d„i`ZXD\o`ZXeX#ZfefZ`[XkXdY`„eZfdf:fejk`klZ`e
[\8gXkq`e^}ef[\(/(+#`ejg`iX[X\e\cg\ejXd`\ekf[\c^\e\iXcˆj`dfDfi\$
cfj#hl\#j`e\dYXi^f#klmfleX`eÕl\eZ`X[`i\ZkX[\c:fejk`klp\ek\^X[`kXef#cf
hl\gl\[\Xgi\Z`Xij\gXik`ZlcXid\ek\\ejl\jkilZkliXZfd`Z`Xcgifgl\jkX\e
XdYfjk\okfj]le[Xd\ekXc\j#eXZ`[fj\ed\[`f[\j\e[Xj^l\iiXjc`Y\ikXi`Xj%
<jY`\ejXY`[fhl\cX:fejk`klZ`e^X[`kXeXi\gi\j\ekcXfgfikle`[X[#dlp
j`^e`ÔZXk`mXgXiXcX„gfZX#[\XZi\[`kXi[`glkX[fjXcXj:fik\j>\e\iXc\j[\cX
d\kigfc`%8[\d}j#Zfejk`klp\leXZXikXZfej`[\iX[X[\k\e[\eZ`Xc`Y\iXcZfe
Xgfik\jmXe^lXi[`jkXj#hl\\jkXYc\Z`Xc^lefjgi`eZ`g`fjpefidXjhl\`dgXZ$
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
('
kXife#[\dXe\iX[`i\ZkX#gi`d\if\ecXEl\mX<jgXŒXpcl\^f\ecfjgi`d\ifj
dfd\ekfj[\cD„o`Zf`e[\g\e[`\ek\%J`imXe[\\a\dgcfcfjgfjklcX[fjj`^l`\e$
k\j1`^lXc[X[[\kf[fjcfj_fdYi\jXek\cXc\p#cXi\gi\j\ekXZ`ec\^`jcXk`mX\e
Zfik\j[\XdYfj_\d`j]\i`fj#alekfZfecXgXik`Z`gXZ`e[\cfji\`efj[\8d„i`ZX
\ecfji^Xefj[\cGf[\i<a\Zlk`mfÇZfej\af[\\jkX[fpj\Zi\kXiˆXj[\[\jgX$
Z_fÇ# Xjˆ Zfdf cX Zfe]fidXZ`e [\ i^Xefj gfcˆk`Zfj gifm`eZ`Xc\j# Zfdf a\]\j
gfcˆk`Zfj#alekXjgifm`eZ`Xc\j#XplekXd`\ekfjpi^Xefjal[`Z`Xc\j%
<j`dgfikXek\i\Zfi[Xicfhl\j\ŒXcX>`fmXee`JXikfi`\e\cj\ek`[f[\hl\
\cZfeZ\gkfÈc`Y\iXc\jÉ]l\XZlŒX[f\ecfjXŒfj(/('p(/((#aljkfXek\j[\gif$
dlc^Xij\cX:fejk`klZ`e[\:}[`qJXikfi`(00*#(0+ %
<jkX:fejk`klZ`e\ogi\jX\ejlXikˆZlcfgi`d\ifhl\ÈCXEXZ`e\jgXŒfcX
\jcXi\le`e[\kf[fjcfj\jgXŒfc\j[\XdYfj_\d`j]\i`fjÉp\ejlXikˆZlcf
k\iZ\ifhl\ÈCXjfY\iXeˆXi\j`[\\j\eZ`Xcd\ek\\ecXEXZ`e#pgficfd`jdf#
g\ik\e\Z\ X „jkX# \oZclj`mXd\ek\# \c [\i\Z_f [\ \jkXYc\Z\i jlj c\p\j ]le[X$
d\ekXc\jÉ# gi`eZ`g`fj Y}j`Zfj gXiX cX Zfe]fidXZ`e [\ le Xlk„ek`Zf [\i\Z_f
Zfejk`klZ`feXc%
8g\jXi[\cXi\j`jk\eZ`Xhl\fYm`Xd\ek\j\gi\j\ekgXiXjl\a\iZ`Z`fgfi
gXik\[\cfj^ilgfjgi`m`c\^`X[fj#\c*'[\j\gk`\dYi\[\(/()#ZfdfpXj\_X
[`Z_f#]l\aliX[X\eD„o`ZfpZfe\ccf\eki\em`^fi\cgi`d\ij`jk\dX[\df$
Zi}k`Zf\c\ZkfiXc[\8d„i`ZX%<]\Zk`mXd\ek\#[\XZl\i[fZfejljfi[\eXd`\e$
kfj#j\\jkXYc\Z`[\`ed\[`Xkflej`jk\dX\c\ZkfiXc]le[X[f\eki\j]Xj\j#X
jXY\i1alekXj\c\ZkfiXc\j[\gXiifhl`X#alekXj\c\ZkfiXc\j[\gXik`[fpalekXj
\c\ZkfiXc\j[\gifm`eZ`X%
<jk\ j`jk\dX \c\ZkfiXc `e[`i\Zkf [\ ki\j e`m\c\j j\ YXjXYX \e cX ZlckliX p
\e cX [`m`j`e gfcˆk`ZX [\ cfj i\`efj \jgXŒfc\j% CX gXiifhl`X \iX cX Z„clcX [\
kf[f\cgifZ\jf\c\ZkfiXc#Zfejk`kl`[XgfileXZ`iZlejZi`gZ`e[\k`gfi\c`^`fjf$
X[d`e`jkiXk`mf#\e[fe[\cfjZ`l[X[Xefjj\i\leˆXe[\jgl„j[\leXd`jXgXiX
\]\ZklXi cX mfkXZ`e [\ (( Zfdgifd`jXi`fj# hl\ X jl m\q \c\^`iˆXe Xc \c\Zkfi
gXiifhl`Xc%
Cfj\c\Zkfi\jgXiifhl`Xc\j]fidXYXegXik\[\cXjalekXj[\gXik`[f#hl\`e$
k\^iXYXeleXle`[X[k\ii`kfi`XcZfeZ`\ikXj`d`c`kl[XcXZklXc[`jki`kf\c\ZkfiXc%
=`eXcd\ek\# cXj alekXj [\ gXik`[f \c\^ˆXe X cfj \c\Zkfi\j hl\ _XYiˆXe [\
ZfeZlii`iXcXZXg`kXc[\leX[\k\id`eX[Xgifm`eZ`XgXiX\c\^`i[`glkX[fjXcXj
:fik\j>\e\iXc\j#Zfej\[\\e<jgXŒX%
<jgfikf[fcfXek\i`fihl\j\]le[Xd\ekXZfej`[\iXiXcX:fejk`klZ`e[\
:}[`qZfdfleXek\Z\[\ek\_`jki`Zf[`i\Zkf[\cj`jk\dX\c\ZkfiXcd\o`ZXef#
C\df`e\#<ie\jkf%(0./%È<cc`Y\iXc`jdf\jgXŒfcpcX`e[\g\e[\eZ`X[\D„o`ZfÉ%
<e>_ijeh_WZ[Cƒn_Ye"kfdfM@@@%D„o`Zf1JXcmXk%
IXYXjX#<d`c`f%)''+%BW[lebkY_ŒdYedij_jkY_edWbZ[Cƒn_Ye"J\i`\;fZki`eXAl$
iˆ[`ZX(0+%D„o`Zf1@ejk`klkf[\@em\jk`^XZ`fe\jAliˆ[`ZXj$LE8D%
JXikfi`#>`fmXee`%(00*%µGkƒ[ibWZ[ceYhWY_W5D„o`Zf1Ki`YleXc=\[\iXc<c\Z$
kfiXc%
K\eXIXdˆi\q#=\c`g\%(0/(%B[o[i\kdZWc[djWb[iZ[Cƒn_Ye"[„Z`dX\[%D„o`$
Zf1Gfii’X%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
=l\ek\jZfejlckX[Xj
((
CleXIXdfj
gficfhl\\jgi\Z`jfXZl[`i#\e]fidXi\]\i\eZ`Xc#XjlZfek\e`[f\eY’jhl\[X
[\`[\ek`[X[pildYf%
Gfi \jX iXqe# \c Ki`YleXc <c\ZkfiXc [\c Gf[\i Al[`Z`Xc [\ cX =\[\iXZ`e#
Xk\ekfX]fd\ekXicXZlckliX[\dfZi}k`ZX#XgfikX\jkX\[`Z`eZfed\dfiXk`mX
]XZj`d`cXi [\ cX hl\ ]l\ gXiX D„o`Zf jl gi`d\iX Zfejk`klZ`e# kf[XmˆX Zfdf
gXik\`ek\^iXek\[\c`dg\i`f\jgXŒfc#XÔe[\hl\j\gifg`Z`\jlc\ZkliXpjl
i\Õ\o`e%<jk\\a\iZ`Z`fefjfcXd\ek\k`\e\Ôe\jXZX[„d`Zfj#j`efkXdY`„e[\j$
ZlYi`i#d}jXcc}[\jlc\ZkliX#cXgi\fZlgXZ`ehl\dfk`mcXgXik`Z`gXZ`e[\
cfj Zfe^i\j`jkXj `e[`Xefj \e jlj XZXcfiX[Xj j\j`fe\j# gXiX \eZfekiXi Xjˆ le
glekf`e`Z`Xc[\clZ_X#m`eZlcXZ`epZfdgifd`jfhl\X_fiXcc\mXXcXjel\mXj
^\e\iXZ`fe\jXZfejfc`[XileX[\dfZiXZ`XZlpXjiXˆZ\jgif]le[Xjjli^\e[\
cfjd`jdfjfiˆ^\e\j[\el\jkiXi\Xc`[X[eXZ`feXc%
Presencia de Cádiz
en 1824.
El constitucionalismo
mexicano1
CWdk[b=edp|b[pEhef[pW
J
`\e[fcXjel\m\[\cXdXŒXeX[\c)+[\j\gk`\dYi\[\(/('#Zfd\eqX$
ifecXjj\j`fe\j[\cXj:fik\j\e:}[`qZfecXgi\j\eZ`X[\('+[`glkX$
[fj% :fd\eqXYXe leXj :fik\j hl\ Zfejk`klp\e kf[f le gXiX[`^dX \e
cX_`jkfi`Xle`m\ijXc[\cgXicXd\ekXi`jdf#XcXcY\i^XiXi\gi\j\ekXek\j[\cfj
k\ii`kfi`fj hl\ Zfe]fidXYXe \c Xek`^lf `dg\i`f% <e \jkXj gi`d\iXj j\j`fe\j#
cX [`glkXZ`e Xd\i`ZXeX \jkXYX Zfdgl\jkX gfi )0 i\gi\j\ekXek\j# \eki\ cfj
ZlXc\j_XYˆXj`\k\jlgc\ek\jefmf_`jgXefj1Afj„DXiˆX:flkf#=iXeZ`jZfDle`$
ccX# 8e[i„j JXmXi`\^f# JXcmX[fi JXedXikˆe# FZkXm`Xef FYi\^e# D}o`df DXc$
[feX[fpAfj„DXiˆX>lk`„ii\q[\K\i}e#Zfdfhl\[Xj\ekX[f\e\c:_Wh_eZ[
bWii[i_ed[iZ[b9ed]h[ieZ[bei:_fkjWZeiZ['.'&#'.')%<cZXjf[\lef[\cfj
[`glkX[fj gifg`\kXi`fj# \c [\c efmf_`jgXef gfi :fX_l`cX# Afj„ D`^l\c IXdfj
8i`qg\#)cfZfej`[\ifleYl\e\a\dgcfgXiX`e`Z`Xid`gXik`Z`gXZ`e#gl\j\e
\jk\g\ijfeXa\j\Zfeal^Xe#gfilecX[f#cXgXj`egficXgifm`eZ`X[\fi`^\e
(
<cgi\j\ek\XikˆZlcf]fidXi}gXik\[\cXd\dfi`X[\cXÈJ„gk`dXD\jXI\[fe[XjfYi\Aljk`Z`X
:fejk`klZ`feXc\ecXj<ek`[X[\j=\[\iXk`mXjÉ#i\Xc`qX[X\e>lX[XcXaXiX#AXc`jZf#\c))p)*[\j\gk`\dYi\[\
)'((%
!
;fZkfi\e;\i\Z_fgficXLE8D2\j`em\jk`^X[fik`klcXi[\c@ejk`klkf[\@em\jk`^XZ`fe\jAliˆ[`ZXj[\
cXLE8D\`em\jk`^X[fieXZ`feXce`m\c@@@[\cJ`jk\dXEXZ`feXc[\@em\jk`^X[fi\j%8ZklXcd\ek\\jdX^`jkiX[f
[\cXJXcXJlg\i`fi[\cKi`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e%
)
IXdfj8i`qg\cc\^XX:}[`q\c)/[\]\Yi\if[\(/((#XYfi[f[\ceXmˆf`e^c„j;b_cfbWYWXb[#kiXj
leXXqXifjX\c\ZZ`e\ecXEl\mX<jgXŒX%
p#gfi\cfkif#legifp\Zkf[\eXZ`eZfe`[\Xc\jd}jXdgc`fjYXjX[fj\e\c
df[\cf]\[\iXc`jkX[\^fY`\ief#[\X_ˆhl\XIXdfj8i`qg\j\c\ccXd\\cÈGX$
[i\[\c]\[\iXc`jdfÉ\eD„o`Zf%
@eiƒC_]k[bHWcei7h_pf[0gXiX[`^dX
[\\c\ZZ`e[\le[`glkX[fefmf_`jgXef
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(+
<c`e^i\jf[\IXdfj8i`qg\XcXm`[Xgfcˆk`ZX\ecXEl\mX<jgXŒX#Zfdfi\gi\$
j\ekXek\[\jlk\ii`kfi`f\ecXj\c\ZZ`fe\j[\(/('#\j[`^eX[\leXefm\cX[\
Xm\ekliXj%
KiXjcfjjlZ\jfj\ecXG\eˆejlcX\e(/'/pcX`[\XeXgfc\e`ZX[\ZfemfZXi
XcXj:fik\j\jgXŒfcXj\e9XpfeX#j\XYi`cXgfj`Y`c`[X[[\gXik`Z`gXZ`e[\
cfj_XY`kXek\j[\cXjgfj\j`fe\j[\lckiXdXi#8d„i`ZXp8j`X#\ecX\cXYfiXZ`e
[\ cX gi`d\iX :fejk`klZ`e [\c I\`ef [\ <jgXŒX% <jX ]l\ cX gi`d\iX m\q hl\
lei\gi\j\ekXek\Xd\i`ZXef\iX`em`kX[fXcXgXik`Z`gXZ`e[\cgl\Ycf\ecXj
[\Z`j`fe\j gfcˆk`ZXj [\c i\`ef% CXj `[\Xj aljeXkliXc`jkXj iXZ`feXc`jkX p c`Y\iX$
c\j[\JXdl\cGl]\e[fi]#AlXe?\`e\Z`fp?l^f>ifZ`f#\ekfiefXcfi`^\e[\c
gf[\ipcXjfY\iXeˆXgfglcXi#XjˆZfdfcXj[\cYXie[\Dfek\jhl`\l#AlXeAX$
ZfYfIfljj\Xl#MfckX`i\pDXel\cAfj„J`„p…j#jfYi\cXj\gXiXZ`e[\gf[\i\j
pcXi\gi\j\ekXZ`e[\cgl\Ycf#]l\ifegl\jkXj\ecX[`jZlj`egXiX\eZfekiXi
cXd\afii\jgl\jkXXcXZi`j`jhl\j\\jkXYXm`m`\e[f\ecXg\eˆejlcX%
<c]iXZXjf[\c<jkXklkf[\9XpfeX[\i`m\e[`m\ijfjdfm`d`\ekfjhl\j\
Zi\Xife\ecXg\eˆejlcX#]fidXe[falekXjcfZXc\jpgifm`eZ`Xc\j#ZfdfcXj[\
8jkli`Xj#MXc\eZ`XpJ\m`ccX#\eki\fkiXj#cXjZlXc\ji\`m`e[`ZXYXecXÔ^liX[\c
[\gl\jkf=\ieXe[fM@@#i\Z_XqXYXecX[\Y`c`[X[[\cXAlekXJlgi\dXp[\cX
AlekX[\:Xjk`ccX#X[\d}j[\jfd\k\iX[`jZlj`ecXXlj\eZ`X[\ci\ppcXdXe\$
iX[\Zfej\imXi\ci\`ef_XjkXjli\^i\jf#Xgfp}e[fj\\ecXjC\p\j=le[Xd\e$
kXc\j[\cI\`ef#ZfdfcXjI_[j[B[o[i[\8c]fejfOfcXjB[o[iZ[9Wij_bbW"p#[\
]fidXgif^i\j`mX#cXgfj`Y`c`[X[[\ZfemfZXiX:fik\jXkf[fjcfj`ek\^iXek\j
[\ci\`efgXiXcX\cXYfiXZ`e[\leX:fejk`klZ`e#ZfdfcfgifgfeˆX\c;ijWjkje
Z[8WoedW"g\ifZfefkiXÔeXc`[X[%
8ek\\jkXj`klXZ`e[\`e[\g\e[\eZ`XpclZ_X[\cgl\Ycf\jgXŒfci\jg\ZkfXc
gf[\i[\Afj„9feXgXik\#\c(([\X^fjkf[\(/'/\c:fej\af[\:Xjk`ccX`emXc`[
cXjXY[`ZXZ`fe\j[\jljdfeXiZXjplefj[ˆXj[\jgl„jgifZcXdi\p_dWXi[dj_W
X=\ieXe[fM@@2Zfe]fid\XmXeqXYXecfj[ˆXj#XcXji`mXc`[X[\j\eki\cfjXckfj
dXe[fjd`c`kXi\j#hl\\dgi\e[ˆXeXZZ`fe\jj`eZffi[`eXZ`e#j\jldXYXcX[\
cX[`m\i^\eZ`Xgfcˆk`ZXjfYi\cXi\]fidX[\cj`jk\dX[\c8ek`^lfI„^`d\ep\c
jli^`d`\ekf [\ i\ZcXdXZ`fe\j gXik`ZlcXi\j \e ZX[X k\ii`kfi`f# Xc XdgXif [\c
*
DXikˆe[\>XiXp#\e\cFheo[YjeZ[:[Yh[jeieXh[h[ijWXb[Y_c_[djeoYedleYWjeh_WZ[9ehj[ieYed#
ikbjWWbfW‡i"[\c(*[\dXpf[\(/'0#j\ŒXcXÈCXj]fidXj`ej`[`fjXj[\cX:fejk`klZ`e[\9XpfeXefYXjkXe
X[`j]iXqXi\c[\jgfk`jdfc\^Xc`qX[fhl\gfikf[X\ccXi\jg`iX2\ecX\jgXŒfcX#cXmfclekX[g’Yc`ZXpc\^Xcp
jlÔZ`\ek\d\ek\\ogi\jX[Xj\i}cXc\p#c`d`kXe[f\c^fY`\iefjlj]leZ`fe\jXcfjk„id`Zfjhl\\e\cfi[\e
gfcˆk`Zfc\_Xj\ŒXcX[fcXeXkliXc\qX2cXjZfej\Zl\eZ`Xj[\cXleX#[`^eXj\ekf[f[\cX]l\ek\[\`e`hl`[X[
[\[fe[\[`dXeXe#_Xej`[f\cifYf#\c\jkiX^f#cXil`eXpcX[\jfcXZ`e[\gcfiXYc\[\cfj_fdYi\jp[\cfj
gl\Ycfj#XZlpX]\c`Z`[X[j\[\ZˆX[\jk`eX[X2cXfkiX#]le[X[X\e\cZ`d`\ekf[\cXm`ikl[pZfdgiX[XXZfjkX
[\cfj\j]l\iqfjd}j^\e\ifjfj[\cgXki`fk`jdf#k\e[i}gfii\jlckX[fj`e[l[XYc\jcXc`Y\ikX[p]\c`Z`[X[[l$
iX[\iX[\cXeXZ`e\jgXŒfcX%Éye]Xj`jXŒX[`[f%=l\ek\1_kkg1&&Y`Y%Z\imXek\jm`iklXc%Zfd&j\imc\k&J`im\FYiXj&
Z(/()&'(,0*0-*/.0'**/+.++''*,&g''''''(%_kd@V(V:fejlckX[X\c)'[\]\Yi\if[\)'() %
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
(,
>feq}c\qFifg\qX
Zc`dX [\ ]\[\iXc`jdf [\ ]XZkf ]Xmfi\Z`[f [\j[\ cXj [`]\i\ek\j alekXj gifm`e$
Z`Xc\j%8g\jXi[\\ccf#leXZl\i[f^\e\iXcg\id`k`Zfejk`kl`i\e8iXeal\q#\c
),[\j\gk`\dYi\[\(/'/#cX[\efd`eX[XAlekXJlgi\dX>lY\ieXk`mXZfe*,
d`\dYifjpgi\j`[`[Xgfi\cd`e`jkif[\DliZ`X#Afj„DfŒ`efpI\[fe[f#Zfe[\
[\=cfi`[XYcXeZX%<jkXÈAlekXJlgi\dX:\ekiXcp>lY\ieXk`mX[\cI\`efÉ]l\\c
i^Xefhl\XZldlccfjgf[\i\j\a\Zlk`mfpc\^`jcXk`mf[liXek\cXfZlgXZ`e
eXgfc\e`ZX[\<jgXŒX%;\j[\jljZfd`\eqfj#\ecXj\j`ehl\cXalekXZ\c\Yi
\c.[\fZklYi\[\(/'/j\gifgljfleXZfemfZXkfi`X[\:fik\j#cXZlXc[\YˆX
efdYiXileXi\^\eZ`Xhl\XcY\i^XiXcXjfY\iXeˆX[\ci\p[liXek\jlXlj\eZ`X#
Zfdfcf[`jgfeˆXecXjC\p\j[\GXik`[Xj%
<e J\m`ccX# \c (, [\ XYi`c [\ (/'0# \c [`glkX[f gfi 8iX^e# Cfi\eqf :Xcmf
[\IfqXj#\cXYfileXgifgl\jkX[\ÈZfemfZXkfi`X[\cXj:fik\jp\cXYfiXZ`e
Zfejk`klZ`feXcÉ:Xcmf[\IfqXj(/'0 cXZlXc]l\YXjkXek\Y`\ei\Z`Y`[X#p[\`e$
d\[`Xkf\cj\Zi\kXi`f[\cXalekX#DXikˆe[\>XiXp#pjlZfcXYfiX[fi#Afj„DXel\c
Hl`ekXeX#j\\eZXi^Xife[\i\[XZkXicXd`elkX[\[\Zi\kf[\ZfemfZXkfi`XX
:fik\j#\ecXhl\j\gcXjdXYXj`ekXglafj\c`[\Xi`fc`Y\iXc[\jljXlkfi\j1_XYˆX
hl\ZfemfZXiX:fik\jZfe\cfYa\kf[\hl\„jkXj\cXYfiXj\eleX:fejk`klZ`ehl\
kiXa\j\cX]\c`Z`[X[Xci\`ef%*Cfhl\\efkiXjgXcXYiXjj`^e`ÔZXYXifdg\i\cXe$
k`^lfi„^`d\eXcZi\XileX:fejk`klZ`ehl\]l\iXcX\ogi\j`e[\cXmfclekX[
eXZ`feXcpef[\legXjX[fXehl`cfjX[f#\ehl\cXmfclekX[[\ci\p\iXcXc\p#
\ehl\ÈZXccXipfY\[\Z\iÉ\iXcXefidX2X_fiX#cX`[\Xi\]fid`jkXZfd\eqXYXX
kfdXi]fidX[\j[\cfjd`jdfjZ`d`\ekfj[\cXj\[\[\cXdfeXihlˆX2\j[\Z`i#
\e cX ZXY\qX [\c i\`ef# cX eXZ`e \jgXŒfcX% ;liXek\ cXj j`^l`\ek\j j\dXeXj#
cXgifgl\jkXj\Zfem`ik`\eleH[Wb:[Yh[je"Xchl\j\c\_XYˆXX[alekX[fle
g\hl\ŒfdXe`Ô\jkf\e\chl\j\[\ZcXiXYXecXj`ek\eZ`fe\jhl\[\YˆXecc\mXi
cfj[`glkX[fj[\cXjpXd\eZ`feX[Xj:fik\j:fejk`klZ`feXc\j%<jk\[fZld\e$
kf# ccXdX[f:[Yh[jeieXh[h[ijWXb[Y_c_[djeoYedleYWjeh_WZ[9ehj[i[nf[Z_Ze
fehbW@kdjWIkfh[cW]kX[hdWj_lWZ[bH[_deÇ9edikbjWWbfW‡iÈ"[\c))[\dXpf
[\(/'0#gifgfeˆXfÔZ`Xcd\ek\cXZ\c\YiXZ`e[\\jkXXjXdYc\XZfejk`klp\ek\
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(-
gXiX\cXŒf(/('#X[\d}j[\cXZi\XZ`e[\leXÈ:fd`j`e[\:fik\jÉ#gi\j`[`[X
gfi>XjgXiD\cZ_fi[\Afm\ccXefj#cXZlXcgi\gXiXiˆXcXji\]fidXje\Z\jXi`Xj
gXiXgf[\icc\mXiXk„id`efcXjZfik\j%;\dXe\iXgfjk\i`fij\gifdlc^Xi}ecX
?dijhkYY_Œdgk[Z[X[h|eXi[hlWhi[fWhWbW[b[YY_ŒdZ[Z_fkjWZeiZ[9ehj[i(—[\
\e\if[\(/(' pcX?dijhkYY_ŒdfWhWbWi[b[YY_ed[ifeh7cƒh_YWo7i_W\e]\Yi\if
[\(/(' #\jkX’ck`dX[\\efid\kiXjZ\e[\eZ`Xpg`\[iX[\kfhl\gXiXcfjXmX$
kXi\j[\IXdfj8i`qg\%
CX\og\[`Z`e\ecXEl\mX<jgXŒX[\\jkX?dijhkYY_ŒdfWhWbWi[b[YY_ed[ifeh
7cƒh_YWo7i_W[`jgljfhl\cfjXplekXd`\ekfj[\cXjZXg`kXc\j[\kf[XjcXjgif$
m`eZ`Xj\jgXŒfcXj\c`^`\iXe#`eZclp\e[fcXjXd\i`ZXeXjp=`c`g`eXj#gfid\[`f
[\leX\c\ZZ`e[`i\ZkX#Xki\j`e[`m`[lfj#Èphl\\eki\cfjd`jdfjj\jfik\\X
hl`\e_XYi}[\j\i\c[`glkX[fhl\i\gi\j\ek\Xjlgifm`eZ`XXek\\cgXicXd\e$
kf\jgXŒfcfZfik\jÉ%+8cZfdle`ZXi[`Z_f[\Zi\kfXcX8l[`\eZ`X[\D„o`Zf#cX
i\^\eZ`Xi\`k\iXhl\Ècfj[fd`e`fj[\8d„i`ZXp8j`XjfegXik\j`ek\^iXek\j[\
cXdfeXihlˆXÉ2,XcfjZlXc\jc\jZfii\jgfe[\ecfjd`jdfj[\i\Z_fjp#\eZfej\$
Zl\eZ`X#[\Y\edXe[Xijlj[`glkX[fjXcZfe^i\jfeXZ`feXc%
<c[\Zi\kf]l\i\gif[lZ`[fgficX8l[`\eZ`X[\D„o`ZfÇXg\jXi[\jlji\$
j\imXjÇ\c(/[\dXpfj`^l`\ek\%CXjZ`l[X[\jefmf_`jgXeXjhl\gXik`Z`gXife
\egi`d\igifZ\jf\c\ZkfiXc]l\ifecXjZXg`kXc\j[\cXj[`\Z`j`\k\gifm`eZ`Xj\e
cXj hl\ \jkXYX [`m`[`[f \ekfeZ\j \c i\`ef [\ cX El\mX <jgXŒX cl\^f [\ cXj
[`jgfj`Z`fe\jYfiYe`ZXj[\d\[`X[fj[\cj`^cf OM@@@#hl\fi^Xe`qXifeXci\`ef
\e `ek\e[\eZ`Xj# [\ cXj ZlXc\j ki\j \iXe gifm`eZ`Xj `ek\ieXj ]l\ife D„o`Zf#
>lX[XcXaXiX#MXccX[fc`[[\D`Z_fXZ}e #Gl\YcX#M\iXZilq#D„i`[X[\PlZXk}e #
>lXeXalXkf# JXe Cl`j Gfkfjˆ# QXZXk\ZXj# KXYXjZf# Hl\i„kXif# KcXoZXcX# El\mf
I\`ef[\C\epFXoXZX#XjˆZfdfcXj`ek\ieXj[\JfefiX#;liXe^fp:fX_l`cX2
\j[\Z`i#(.gifm`eZ`Xj%
KiXjcXi\gif[lZZ`e[\cXZfemfZXkfi`X#\edXpf#leXjj\dXeXj[\jgl„j
cc\^X\jk\[\Zi\kfXcXGifm`eZ`X[\:fX_l`cX#ZfcfZ}e[fj\\ecfjj`k`fjg’Yc`Zfj
[\j`^eX[fjgXiX\ccf\eGXiiXj#JXck`ccf#DfeZcfmXpfkiXjgfYcXZ`fe\j%JXck`ccf
\iXcX’e`ZXgfYcXZ`ehl\k\eˆXXplekXd`\ekf2gfi\ccf#\c^fY\ieX[fi8ekfe`f
:fi[\if[`jgljfÈhl\Rj\TefdYiXiXXcfjki\j`e[`m`[lfjd}j`[e\fjpZXgX$
Z\j[\\ekiXi\e\cjfik\fj\^’ecXj`ejkilZZ`fe\j[\cXZfemfZXkfi`XÉ#p\c)+
[\ alc`f \c XplekXd`\ekf [\j`^e X Afj„ ;fd`e^f Cg\q [\ C\kfeX# [fZkfiXc
+
@ejkilZZ`egXiXcXj\c\ZZ`fe\jgfi8d„i`ZXp8j`X(+[\]\Yi\if[\(/(' #_kkg1&&Y`Y%Z\imXek\j$
m`iklXc%Zfd&j\imc\k&J`im\FYiXj&Z(/()&0'),(.*)(')*.',0-,,+-.0&g''''''(%_kd@V'V:fejlckX[X\c)'[\
]\Yi\if[\)'() %
,
@Yˆ[\d%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
(.
>feq}c\qFifg\qX
[\cfY`jgX[f[\FXoXZX#XAfj„D`^l\cIXdfj8i`qg\#ZliX[\cI\Xc[\9fiYe
XdYfjeXk`mfj[\JXck`ccf #p=iXeZ`jZf8ekfe`f>lk`„ii\q#[\JXekXDXiˆX[\cXj
GXiiXj%:`eZf[ˆXj[\jgl„j#j\i\le`\ife\eDfeZcfmX\c^fY\ieX[fi:fi[\ifp
cfjXcZXc[\jAfj„D\cZ_fiJ}eZ_\qEXmXiifpAfj„M`ccXii\Xc#X[\d}j[\mXi`fj
fÔZ`Xc\j#hl`\e\jÈZfdfj\XZfjkldYi\\e\jkfjjfik\fj#cfjefdYi\j\jkXYXe
^lXi[X[fj\eleaXiifpj\g\[ˆXXlee`Œfhl\jXZXiXlef[\\ccfj%8jˆj\_`qf
Xhl\c [ˆX p \c efdYi\ hl\ i\jlck ]l\ \c [\ Afj„ D`^l\c IXdfj 8i`qg\ C\\
(0/+ É%
<cgifZ\jf[\\c\ZZ`ej\cc\mXZXYfj`egifYc\dXj2j`e\dYXi^f#Zfdfj\$
ŒXcXE\kk`\C\\9\ejfe#Èkf[X\jkX\c\ZZ`eklmfcl^Xij`ehl\„c`ek\im`e`\iXÉ#
\jd}j#e`j`hl`\iXj\\ek\i#gl\jj\_XccXYXÈi\Zcl`[fÉ[\j[\\c(,[\ale`f
\ecXZ`l[X[[\D„o`Zf\e\c:fem\ekf[\cfjZXid\c`kXj[\jZXcqfj%¶<cdfk`mf6
Jl\e\d`jkX[Zfe\cfY`jgfGi`df=\c`Z`XefDXiˆe[\GfiiXj#hl`\ej\[\j\d$
g\ŒXYXZfdfZlXikffY`jgf[\C`eXi\j%<ccfjj\ZfefZ`\ife\e(/'*#ZlXe[f
DXiˆe[\GfiiXjc\\eki\^cXji[\e\jjX^iX[Xj[\cgi\jY`k\iX[f\ecXZ`l[X[
[\D„o`Zf2XgXik`i[\\ekfeZ\j„cj\\eZXi^[\hl\\eZX[XZfeZlijfhl\
gXik`Z`gXYXIXdfj8i`qg\#\em\q[\cf^iXiled\afiZXi^f#\ci\jlckX[f]l\iX
È[\jXc\ekX[fiÉ%G\j\X\jfj[\jZXcXYifj#IXdfj8i`qg\Zfek`eljlj\jkl[`fj#p
\c)0[\efm`\dYi\[\(/'.j\gi\j\ek\ecXI\XcLe`m\ij`[X[[\>lX[XcXaXiX
gXiX\oXd`eXij\Zfdfc`Z\eZ`X[f\e:}efe\j#pled\jd}jkXi[\\e\c\oX$
d\e[\[fZkfiX[f#fYk\e`„e[fcf\cgi`d\if[\\e\if[\(/'/%;\eX[Xj`im`
jl\dg\Œf\e\c\jkl[`f#gl\j\cfY`jgfDXiˆe[\Gfii\jg\ij`jkˆX\ejlXe`$
dX[m\ij`e_XZ`X„c2\cgi`d\if[\dXpf[\(/('#IXdfj8i`qg\jfc`Z`kXcfY`j$
gfÈc`Z\eZ`XgXiXjXc`i[\cfY`jgX[fgXiXi\Zlg\iXijXcl[pjld\afi`ek\i„jÉ#X
cfZlXcj\e\^#g`[`„e[fc\[`]\i`ijljfc`Z`kl[p\ogc`ZXicfjdfk`mfj[\„jkX%8c
gXi\Z\i#9\ejfeZfej`[\ihl\IXdfj8i`qg\\jkXYXpX`ek\i\jX[f\ecXjZl\j$
k`fe\jgfcˆk`ZXjkiXjcfjjlZ\jfj\ecXg\eˆejlcXp\cXplekXd`\ekf[\D„o`Zfle
gXi[\XŒfjXki}j#[\X_ˆjl`ek\eZ`e\egXik`Z`gXi\e\jkfjdfd\ekfj%
IXdfj 8i`qg\ [\Z`[` jXc`i [\ jl ZliXkf j`e g\id`jf [\c fY`jgf \ `i X cX
i\jfcm\ijljÈe\^fZ`fjÉXcXZ`l[X[[\D„o`Zf%Jcfc\\jZi`Y`leXZXikXX[$
m`ik`„e[fc\hl\„jkfjefX[d`kˆXe[\dfiXpcXcc\^X[X[\cgi\jYˆk\if=iXeZ`jZf
Ki\m`ŒfXI\Xc[\9fiYec\g\id`kˆXe\eZXi^Xij\[\cZliXkf[liXek\jlXlj\e$
Z`X#Xlehl\c\Xm`jXYXX„jk\gXiXhl\efj\c\ZlcgXiX%
<jkXjXc`[X]l\kfdX[Xgfi\cfY`jgfDXiˆe[\Gfii\jZfdfleXÈ]l^XÉ#p
Xjˆ cf `e]fidf Xc XiqfY`jgf p m`ii\p =iXeZ`jZf AXm`\i [\ C`qXeX p 9\Xldfek#
hl`\e\c.[\ale`fdXe[Xgi\_\e[\iXc]l^`k`mfIXdfj8i`qg\#gfiXlj\ekXij\
Èj`ec`Z\eZ`X[\jl[`fZ\jXefÉ#pgXiX\c(,[\\j\d\jpX_XYˆXj`[fi\d`k`[f
XcZfem\ekf[\cfjZXid\c`kXj[\jZXcqfj%IXdfj8i`qg\gi\j\ek[fZld\ekfj
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(/
jfYi\cXjXZZ`fe\j[\cfY`jgf\ejlZfekiX#gficfhl\\cÔjZXcAfj„9\p\[\:`j$
e\ifj`e]fidXC`qXeXhl\È\cZliX_XYˆX\]\ZklX[f¡jlm\e`[XX\jkXZ`l[X[
Zfe\cfYa\kf[\i\gi\j\ekXijlj[\i\Z_fjjfYi\mXi`fjgXik`ZlcXi\j¡pYXafkXc
jlgl\jkf# Zfej`[\iXYX hl\ ¡ef [\Y\ ZfeZ\gklXij\ le m\i[X[\if ]l^`k`mf¡É#
X[\d}j[\i\Zfd\e[XicXXdgc`XZ`e[\cXii\jkf[\dXe\iXhl\gl[`\iXjXc`i
[liXek\cXdXŒXeXpkXi[\[\cZfem\ekfgXiXhl\i\jfcm`\iXjljXjlekfj%9\e$
jfej\ŒXcXhl\lef[\cfjXjlekfjhl\i\jfcmˆXIXdfj8i`qg\\ecXZ`l[X[[\
D„o`Zf]l\jl`e^i\jfXcI\Xc:fc\^`f[\8Yf^X[fj[\D„o`Zf#\e[fe[\gi\$
j\ekjl\oXd\e\c+[\X^fjkf#pgXiX\c)'[\cd`jdfd\j]l\`eZfigfiX[f
Zfdfled`\dYifd}j%
<cm`ii\pC`qXeXXZ\gkcXi\Zfd\e[XZ`epXlkfi`qcXjXc`[X[\IXdfj8i`$
qg\2„jk\#m`\e[fhl\jlje\^fZ`fj[\dfiXYXedlZ_f#g`[`jli\^i\jfXcZl$
iXkf#Xek\cfZlXcXZZ\[\\cm`ii\pXiqfY`jgf%Efk`ÔZX[fDXiˆe[\GfiiXj[\cXj
[\Z`j`fe\j[\C`qXeX#c\`e]fidX\c*'[\alc`fÈhl\j`e\dYXi^f[\cfhl\k\eˆX
\ogl\jkfXcX<oZ\c\eZ`X8iqfY`jgfjfYi\\c^\e`fi\mfckfjf\`ehl`\kf[\c;i%
;e%D`^l\cIXdfj8i`qg\#ef_XccXYX¡`eZfem\e`\ek\Xc^lefgXiXhl\\c<oZdf%
Pccdf8iqfY`jgfc\g\id`k`\iX\ci\^i\jfhl\jfc`Z`kXYX%¡É8lehl\\cXiqfY`jgf
[`fÔeXcXi\Zclj`e[\IXdfj8i`qg\\c(([\alc`f#\jkXefk`Z`Xc\]l\`e]fidX[X
_XjkX\c)([\X^fjkf#pXcd`jdfk`\dgfc\efk`ÔZXifeÈhl\_XYˆXj`[f\c\^`[f
[`glkX[fgficXgifm`eZ`X[\:fX_l`cXXcXj:fik\j<okiXfi[`eXi`Xj[\<jgXŒXÉ%
8cjXY\iDXiˆe[\GfiiXj\ci\jlckX[f[\cX\c\ZZ`e#È[\`ed\[`Xkf\jZi`$
Y`XcXiqfY`jgf$i\pleXX`iX[Xgifk\jkXZfekiXcX\c\ZZ`e[\IXdfj8i`qg\É#
Zfej`[\iXe[fhl\\iX`ealjkfhl\\cXZkf[\cZliX[\cI\Xc[\c9fiYehl\[XiX
`dgle\#\j[\Z`i#jl]l^X[\cZliXkf#p[\dXe[XYXhl\cf[\klm`\iXed}jk`\d$
gf\ecXZXg`kXc%8i^ld\ekXYXhl\È\cefdYiXd`\ekf[\IXdfj8i`qg\Zfdf
[`glkX[f\jkXYXZfekiXcX[\ZcXiXZ`e[\cX[\ZcXiXkfi`Xhl\gif_`YˆX¡gifgf$
e\igXiX\jk\\dgc\fXjla\kf¡hl\klm`\iX¡kXZ_Xc\^Xc#hlXc\jcXi\Zclj`ep
gifZ\[`d`\ekfal[`Z`Xc[\d`fi[\eZfekiX[`Z_fIXdfj¡É#p„cd`jdfXZl[`iˆX
XcJlgi\df:fej\af[\cXI\^\eZ`XgXiX\ogfe\icXelc`[X[[\jl\c\ZZ`eC\\
(0/+#,)' %
GfijlgXik\#IXdfj8i`qg\jfc`Z`kg\idXe\Z\i\e\cZfem\ekf_XjkXi\le`i
cfjk\jk`dfe`Xc\jpgil\YXjhl\i\hl\iˆXgXiXgXik`iX<jgXŒXZfdf[`glkX[f
[\ÈjlgXki`XÉ#:fX_l`cX#gXiXgcXek\XiXccˆcfjgifYc\dXj[\jli\^`epfYk\e\i
jfclZ`fe\j%-Jfc`Z`kXcm`ii\pC`qXeXcXjZ\ik`ÔZXZ`fe\je\Z\jXi`XjgXiXXZi\$
,
;\Y\ [\jkXZXij\ cX \oZ\gZ`feXc d\dfi`X [\ IXdfj 8i`qg\ jfYi\ :fX_l`cX# k`klcX[XJ[ij_ced_e
Z[bfeZ[h[OdijhkYY_ed[igk[i[Z_[hedWbI[‹eh:eYjeh:edC_]k[bHWceiO7h_pf[YeceWfeZ[hWZe[d9ehj[i
;njhWehZ_dWh_WiZ[bIkfh[ce9edi[`eZ[H[][dY_W"ZWZefeh[b7okdjWc_[dje9Wf_jkbWhZ[[ijWl_bbWZ[IWbj_bbe"
YeceWZ[djhei[[nfh[iW$7‹eZ['.''"fehZkfb_YWZe$8[\d}j[\[\jZi`Y`icXGifm`eZ`X@ek\ieX[\Fi`\ek\
:fX_l`cX#K\oXj#El\mfC\epEl\mfJXekXe[\i #IXdfj8i`qg\jfc`Z`kXYXel\mfj[\i\Z_fjgfcˆk`ZfjgXiXjl
k`\iiXeXkXc#\eki\\ccfj\c\jkXYc\Z`d`\ekf\eJXck`ccf[\leXalekXjlg\i`fihl\cc\mXiX\cefdYi\[\È^lY\i$
eXk`mXÉ#Zfdgl\jkX[\j`\k\d`\dYifj[fj[\:fX_l`cX#[fj[\El\mfC\e#[fj[\El\mfJXekXe[\iplef
[\K\oXj #pÈhl\\ecXjZXg`kXc\j[\ZX[XleX[\cXjZlXkifgifm`eZ`Xj[\\jkXYc\Z`\j\ealekXjjlYXck\ieXj#
`ek\^iX[Xjgfilee’d\if[\m\Z`efjhl\fjZ`cXiˆX\eki\ki\jpZ`eZf%M„Xj\kXdY`„eIXdfj(0//#('. %
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
(0
>feq}c\qFifg\qX
[`kXijli\gi\j\ekXZ`e\ecXjZfik\j2effYjkXek\#\c)-[\j\gk`\dYi\C`qXeX
[\Z`[`Ègfe\ikf[f\cgifYc\dX\edXefj[\ci\Z`„ecc\^X[fm`ii\p=iXeZ`jZf
OXm`\iM\e\^Xj#hl`\eled\j[\jgl„j[\Z`[`hl\IXdfj8i`qg\j\kiXjcX[XiX
X<jgXŒX#ÈZfecXYi\m\[X[hl\gi\m`\e\cXjI\Xc\ji[\e\j[\cXjlekfÉ%8Ôe\j
[\efm`\dYi\gXik\ildYfXM\iXZilq#p[\X_ˆj\\dYXiZX\c)/[\[`Z`\dYi\
X<jgXŒX#\e\ceXmˆf`e^c„jÈ<c`dgcXZXYc\É#cc\^Xe[fX:}[`q\c)/[\]\Yi\if
[\(/((C\\(0/+#,)) %
<e:}[`q#cX:fd`j`e`e[`ZÈhl\ef_XYˆX[l[X[\cX\c\ZZ`eÉ#g\ifefÈ_X$
YˆXi\Z`Y`[f[XkfjgXiXhl\alq^Xj\j`jl\c\ZZ`e_XYˆXj`[f_\Z_X\ecX]fidX
[\Y`[XÉ#g\j\XcXjZXikXj[\cm`ii\p#[\cfj^fY\ieX[fi\jp[\cXeleZ`f\ecX
>XZ\kX[\c(0[\\e\if[\(/((hl\`dgi`dˆXjljefdYi\jZfdf[`glkX[fj%ÈEf
fYjkXek\#cXj:fik\jmfkXifeX]Xmfi[\cXX[d`j`e[\cfj[fj[`glkX[fjp\c)(
[\dXiqf[\(/((IXdfj8i`qg\kfdXYX\caliXd\ekfZfdfd`\dYif[\Xhl\ccX
XjXdYc\X%ÉCfj[fZld\ekfjhl\XZi\[`kXYXejlZXi^f\cgf[\ipcXj`ejkilZ$
Z`fe\j[\cXplekXd`\ekf[\JXck`ccf cfji\Z`Y`\c(([\alc`f[\(/((#p[\`ed\$
[`Xkfcfjgi\j\ekXcX:fd`j`e[\gf[\i\j#hl\\c('[\X^fjkfcfjXgifY2
_XYˆXkiXejZlii`[fpXleXŒf[\j[\jl\c\ZZ`e%9\ejfejlgfe\hl\\cfY`jgf
DXiˆe[\GfiiXjhl`q}`dg`[`\c\emˆf\og\[`kf[\cfj[fZld\ekfj#fY`\e#hl\
\c>i`kf[\;fcfi\jgl[f_XY\i`ek\i]\i`[f\e\cZfii\f\eki\JXck`ccfpcXZ`l[X[
[\D„o`Zf#[\dfiXe[f\c\emˆf[\cXjZi\[\eZ`Xc\j[\IXdfj8i`qg\%Cfhl\ef
[\dfie`[\ZXp]l\cX`ed\ejXmfclekX[[\cXgifm`eZ`X[\:fX_l`cX#\e[fe$
[\j\Zfd\eqXifeXi\le`icfj]fe[fjjlÔZ`\ek\jgXiXjl]iX^Xicfj^Xjkfj[\c
m`Xa\[\jli\gi\j\ekXek\X:}[`q#ZfeÈcXjXckXj\jg\iXeqXj[\cXplekXd`\ekfp
cXgifm`eZ`XXek\cXfgfikle`[X[[\hl\cXmfq[\le[`glkX[feXkXcj\fp\iX\e
cXj:fik\jp\e<jgXŒXÉC\\(0/+#,)+ %
;\`e[l[XYc\Yi`ccXek\qi\jlckcXgXik`Z`gXZ`e[\IXdfj8i`qg\\e:}[`q#
\e[fe[\efjcf\ogljfjlJ[ij_ced_e\eefm`\dYi\[\(/((\e\chl\\e]Xk`q
jlgifgl\jkX[\[\j`^eXi\eZX[Xgifm`eZ`XleX[`glkXZ`egifm`eZ`Xc\eZXi^X$
[X[\cXX[d`e`jkiXZ`e#hl\kiXjjl[`jZlj`e\ecXjZfik\j#j\XgifY[\ekif
[\cgifp\Zkf[\:fejk`klZ`e#ZlpfkˆklcfM@j\i\Ô\i\Xc^fY`\ief`ek\ief[\
cXjgifm`eZ`Xjpgl\Ycfj#j`efhl\kXdY`„ej\fYj\j`fe\ele`iYXaflejfcf
^fY`\iefXcXjgifm`eZ`Xj[\:fX_l`cX#El\mfC\e#El\mfJXekXe[\ipK\oXj#cf
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)'
ZlXcfYklmfXcZi\Xij\cXGifm`eZ`X@ek\ieX[\Fi`\ek\#\e(/()%Jlj\cfZl\ek\j
Xi^ld\ekfjpcXÔid\qX[\cXjZXljXjefmf_`jgXeXjc\^iXea\Xifeeld\ifjfjgXi$
k`[Xi`fj#cfZlXcc\g\id`k`fZlgXicXgi\j`[\eZ`X[\cXj:fik\j\eleXfZXj`e%
J`Y`\e\jZ`\ikfhl\IXdfj8i`qg\`dglcjXXc^leXji\]fidXjXcXj`klXZ`e
[\jlgifm`eZ`X\ecXEl\mX<jgXŒX#efd\efjm}c`[f\jhl\XgXik`i[\(/)(#
kiXjmXi`fjXŒfj[\gi`j`e\eMXc\eZ`X#.ml\cm\X`dgfe\ijlj`[\Xjgfcˆk`ZXj#
g\ifpXefZfdfle[`glkX[fefmf_`jgXef#j`efZfdflei\gi\j\ekXek\[\cX
el\mXeXZ`e#/ZlpXj`[\Xji\YXjXejlgifm`eZ`Xpj\ml\cm\eeXZ`feXc\j%Gfi
X_fiXjcfcf[\afXefkX[f2d}jX[\cXek\i\kfdXi„\jk\glekf%
=`eXcd\ek\cXcXYfi[\cXj:fik\j[\:}[`qg\id`k`cXZi\XZ`e[\cX9edi#
j_jkY_Œd"hl\ j\ jXeZ`fe \c (0 [\ dXiqf [\ (/()# d`\ekiXj hl\ \e cX El\mX
<jgXŒX]l\jXeZ`feX[X\c*'[\j\gk`\dYi\[\cd`jdfXŒf%<jkXZfejk`klZ`e
fkfi^XYX Xdgc`fj gf[\i\j X cXj :fik\j# i\[lZˆX \c gXg\c [\c i\p \e \c gf[\i
\a\Zlk`mf#gifZcXdXYXcXjfY\iXeˆXgfglcXi#[\Zi\kXYXcXc`Y\ikX[[\gi\ejXp
[\\ogi\j`e#pkXdY`„eXYfcˆXcX@ehl`j`Z`e#g\if\oZclˆX[\cXZfe[`Z`e[\
Z`l[X[XeˆXXcXjZXjkXj%EffYjkXek\#\jkXYc\ZˆXcXgXi`[X[[\cXjZfcfe`XjZfe
cXd\kigfc`\ecfhl\i\jg\ZkXXi\gi\j\ekXZ`e[\Zfik\jp[`jki`YlZ`e[\
\dgc\fjX[d`e`jkiXk`mfj%Gfigi`d\iXm\qj\gi\Z`jXcXdXe\iX\ehl\j\Zfe$
]fidXi}ecXj:fik\j#XkiXm„j[\cfj[`glkX[fjefdYiX[fjgficfjZ`l[X[Xefj%
Lef[\cfjk\dXjXii`YXj\ŒXcX[fj\j[\efkXYc\kiXjZ\e[\eZ`XgXiXel\jkiX
\ogfj`Z`e#d\g\id`kf[\jkXZXicfXZfek`elXZ`e%
CXc`Y\ikX[[\`dgi\ekX#^„e\j`j
[\cXc`Y\ikX[p[\cfjXZkfj[\Z\ejliX
<cYi`k}e`ZfA\i\dˆXj9\ek_Xd#gX[i\[\cLk`c`kXi`jdf#i\jlckXk\e\ileXmXc`fjX
gXik`Z`gXZ`e\elef[\cfjk\dXjhl\dXpfi`dgfikXeZ`Xk\e[i}e\ecX:fej$
k`klZ`e^X[`kXeX1cXc`Y\ikX[[\`dgi\ekX%Pj\ŒXcfhl\\jlef[\cfjk\dXj
[\dXpfi`dgfikXeZ`Xgfihl\gi\Z`jXd\ek\]l\lef[\cfj[\i\Z_fjhl\ZXj`
.
KiXj\ci\^i\jf[\=\ieXe[fM@@Xcgf[\i\e(/(+#IXdfj8i`qg\\j\eZXiZ\cX[fgfijlj`[\Xj
c`Y\iXc\j\`e[\g\e[\ek`jkXj#g\idXe\Z`\e[f\e\cdfeXjk\i`fZXiklaf[\GfikX:f\cc`#\e9„k\iX#Z\iZX[\
MXc\eZ`X%<jc`Y\iX[fgficXjZcXj\jgfglcXi\jmXc\eZ`XjXci\`ejkXliXij\cX:fejk`klZ`e^X[`kXeX#\e(/)'%
/
<jkXe[f\e<jgXŒX#\j\c\ZkfgficXjel\mXjZfik\jpj\Zfem`\ik\\e\cgifdfkfi[\cX[\j`^eX$
Z`e[\cc`Y\iXcAlXeF¡;fefa’gXiX\cZXi^f[\el\mfa\]\gfcˆk`Zf\ecXEl\mX<jgXŒX#XZZ`ehl\]Xmfi\Z\i}
cX`e[\g\e[\eZ`X[\D„o`Zf\e\j\d`jdfXŒf[\(/)(%;\i\^i\jf\eD„o`Zf#\j\c\Zkf[`glkX[fgfi:fX_l`cX
gXiX\cGi`d\i:fe^i\jf:fejk`klp\ek\#p\e(/)*gi\j`[\cXZfd`j`ehl\]fidlcX\cgifp\Zkf[\:fejk`klZ`e
=\[\iXc%<cgifp\ZkfZfejk`klZ`feXc#XgifYX[fZXj`ˆek\^iXd\ek\gXiXcX:fejk`klZ`e[\(/)+#]l\\cXYfiX[f
gfiIXdfj8i`qg\#hl`„e[\]\e[`\c]\[\iXc`jdfp]l\gi\Zlijfi[\cdle`Z`g`fc`Yi\%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
)(
>feq}c\qFifg\qX
[\ dXe\iX `ed\[`XkX ]l\ife jljg\e[`[fj Çf d\afi [`Z_f# eleZX ]l\ Xgc`ZX$
[fÇ\ecXEl\mX<jgXŒX%CX8l[`\eZ`X[\D„o`Zf#\ejli\gi\j\ekXZ`eXcXj
:fik\j\c(/[\efm`\dYi\[\(/(*#j\ŒXc1Èefj\gl\[\\a\ZlkXiXZklXcd\ek\
j`ekiXjkfieXiXc<jkX[fÉ>feq}c\qFYi\^e(0()#\e>d\q[\CXiX(00.#(. %
Ef[\Y\dfjfcm`[Xihl\cXc`Y\ikX[[\`dgi\ekX]l\gXiXD„o`Zf\cd\[`f[\
\ogi\j`e`ejli^\ek\#p[\j[\jljfiˆ^\e\jcXgi\ejX\jklmfXjfZ`X[XZfecX
c`Y\ikX[%<jgfi\ccfhl\cfjm`ii\p\j=iXeZ`jZfOXm`\iM\e\^XjpAlXeIl`q[\
8gf[XZXkfdXifemXi`Xjd\[`[XjgXiX\m`kXicXgc\eXm`^\eZ`X[\cXc`Y\ikX[
[\`dgi\ekXhl\fkfi^XYXcX:fejk`klZ`e[\:}[`q#Zfdf\cXZl\i[f[\c,[\
[`Z`\dYi\ [\ (/() 9Xe[f [\ jljg\ej`e \e =\ie}e[\q )''-# /-$0( # gfi \c
ZlXcj\jljg\e[`\jXc`Y\ikX[Zfejk`klZ`feXc#Ègfi\cXYljfd}j\jZXe[Xcfjf
_\Z_f[\\ccX\ecfjg\i`[`Zfjp[\d}jgXg\c\j`dgi\jfjÉ#\e]iXeZXXclj`e
XcXjefk`Z`XjpZfd\ekXi`fjhl\Afj„AfXhlˆe=\ie}e[\q[\C`qXi[`glYc`ZXYX
\ejlg\i`[`Zf;bf[diWZehc[n_YWdef:XicfjDXiˆX[\9ljkXdXek\\ejl\[`$
Z`e[\;b`k]k[j_bbe$8dYfjg\ijfeXa\j]l\ife\eZXiZ\cX[fjgfimXi`fjd\j\j
XcZl\jk`feXicXji\jki`ZZ`fe\j[\cXjXlkfi`[X[\jm`ii\`eXc\jg\j\XcXc`Y\ikX[
hl\fkfi^XYXcX:fejk`klZ`e%
I\j`[`\e[f\eCfe[i\j#9\ek_XdklmfZfekXZkfZfemXi`fjXd\i`ZXefj#\e$
ki\\ccfj\cjl[Xd\i`ZXef=iXeZ`jZf[\D`iXe[X#hl`\e\e(/'/c\jfc`Z`kÈcX
i\[XZZ`e[\leXgifgl\jkX[\c\pJ^[Fhefei[ZbWm gXiXM\e\ql\cX\e[fe[\
j\\jkXYc\Z`\iXecfjgi`eZ`g`fjpYXj\jhl\i\^lcXiXecXc`Y\ikX[[\`dgi\ekX
\e[`Z_fgXˆj2ÉIXdˆi\q)''0 %9\ek_XdkiXYXa\e\ck\dX[liXek\X^fjkfp
j\gk`\dYi\[\(/('#X[`Z`feXe[fXc^leXj`[\XjXjlgifgl\jkX[\c\pZfefZ`[X
ZfdfJ^[fWhj_YkbWh9eZ[i#\ecXhl\ZfeZ\gklXc`qXYXXjg\Zkfji\cXZ`feX[fjZfe
\c[\i\Z_fXcXc`Y\ikX[[\`dgi\ekX%D`iXe[XgXik`XM\e\ql\cXj`ecc\mXiZfe$
j`^fcXgifgl\jkX[\9\ek_Xd#Zfej`jk\ek\\e[fjgXik\jJ^[Fhefeii[ZbWm
pJ^[FWhj_YkbWh9eZ[i g\ifX’eXjˆgf[\dfjk\e\iZfefZ`d`\ekf[\jlXi^l$
d\ekXZ`e#Y}j`ZXd\ek\j\ŒXcXhl\cXc`Y\ikX[[\`dgi\ekX[\Y\Zfej`[\iXij\
ZfdfÈleXc`Y\ikX[]le[Xd\ekXc\ecXZfejfc`[XZ`e[\cfj\jkX[fj[\dfZi}$
k`Zfjgfij\ilegf[\idf[\iX[fi[\c^fY`\iefp[\cXj`ejkXeZ`Xj[\gf[\i#p
hl\gfi\jk\dfk`mfcfjgfj`Yc\jdXc\jhl\gl\[XeZXljXi[`Z_X]XZlckX[ef
gl\[\e\ogc`ZXijlc`d`kXZ`e%ÉIXdˆi\q)''0#(-0 %<efg`e`e[\9\ek_Xd#
ÈcXc`Y\ikX[[\`dgi\ekXgl\[\mlce\iXiZ`\ikfj[\i\Z_fj#gfi\a\dgcf#ZlXe[f
d\[`Xek\ leX glYc`ZXZ`e j\ gifÔ\iX leX ZXclde`X f leX `eali`X hl\ Xk\ek\
ZfekiXcXi\glkXZ`e[\leX`ejk`klZ`e[\^fY`\ief#le]leZ`feXi`fg’Yc`Zffle
gXik`ZlcXi%GfikXekf#[`Z_Xc`Y\ikX[gl\[\j\ii\^lcX[XgXiXgi\m\e`icfj\m\e$
klXc\jXk\ekX[fjXfkifj[\i\Z_fjpgfihl\Zfej`[\iX9\ek_Xdhl\\e[\i\Z_f
c|ilWb[bWfh[l[dY_Œdgk[bWiWdY_Œd$Gfi\e[\#p\eZfejfeXeZ`XZfe\jkX`[\X#
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
))
\cali`jkX`e^c„ji\Zlii\Xj`jk\dXk`qXic\^Xcd\ek\leXj\i`\[\i\hl`j`kfjhl\
^XiXek`Z\e\cgc\ef\a\iZ`Z`f[\cXc`Y\ikX[[\`dgi\ekXj`ecc\^XiXmlce\iXicfj
[\i\Z_fj[\cfj[\d}jÉ%0
9\ek_Xd Zfej`[\iXYX hl\ cfj d\[`fj \jZi`kfj# Xc glYc`ZXi p [`]le[`i cXj
`[\Xj#gfj\ˆXe^iXegf[\i\`eÕl\eZ`XZfdfjlZ\[ˆX\ecXEl\mX<jgXŒX2[\
X_ˆcXji\jki`ZZ`fe\j[\cfjm`ii\p\jgXiXXgc`ZXi\jXc`Y\ikX[\e(/() #pi\jki`e$
^`i\j\[\i\Z_fi\jlckXYXj\iÈle^iXm\Xk\ekX[fZfekiXcX[\dfZiXZ`Xd`jdXÉ%
GXiX hl\ XcZXeqXiXe dXpfi [`]lj`e jlj gifgl\jkXj \e cXj :fik\j [\ :}[`q#
9\ek_Xd\em`leXZfg`X[\\ccXjXAfj„DXiˆX9cXeZfN_`k\#\[`kfi[\;b;i#
fW‹eb"leg\i`[`ZfglYc`ZX[f\eCfe[i\j\ec\e^lX\jgXŒfcX#jXc`\e[fXcXclq
[\dXe\iXY`c`e^•\\e\e\if[\(/((%J`e\dYXi^f#efgXjXiˆXeX[XZfe\jk\
gifp\Zkf#gl\j:}[`q#gfijlgXik\#pX_XYˆX[`jZlk`[f\ck\dX\eki\j\gk`\dYi\
pefm`\dYi\[\(/('#pgXiX\c('[\efm`\dYi\cXj:fik\j\jkXYc\ZˆXecXc`Y\i$
kX[[\gi\ejX%
<j_XjkX(/(-ZlXe[f9\ek_Xdml\cm\XXeXc`qXicXc`Y\ikX[[\`dgi\ekX\e
jlfYiXJ|Yj_YWiZ[bWiWiWcXb[Wib[]_ibWj_lWi"\e[fe[\È\ogfe\hl\\je\Z\$
jXi`fhl\cXÈfg`e`eg’Yc`ZXÉj\]fid\gfid\[`f[\cXglYc`Z`[X[[\cXj[`j$
Zlj`fe\jgXicXd\ekXi`XjlcXXgifYXZ`e[\cXjc\p\jhl\cXji\^lcXeÉIXdˆi\q
)''0#(-. %
:lXkifXŒfj[\jgl„j#9\ek_XdglYc`ZX9edi[`eigk[Z_h_][WbWi9ehj[ioWb
fk[Xbe[ifW‹eb"kiXj\ek\iXij\[\cX[\k\eZ`e[\le\[`kfihl\glYc`ZZiˆk`ZXj
Xcj`jk\dX[\gfc`ZˆX[\DX[i`[%
LeX ’ck`dX Xclj`e X \jk\ k\dX XgXi\Z\ \e \c c`Yif <WbWY_Wi feb‡j_YWi" [\
(/)+#\e\chl\j\ŒXcX1ÈGXiXZ\iiXi\cgXjfXcXjXZljXZ`fe\j`ealjkXj\`e’k`c\j#
[\a}e[fcf\og\[`kfgXiXcXjaljkXjp’k`c\j#j\e\Z\j`kXleXZfdgc\kX#\oXZkX#
[\k\id`eX[Xpgi\Z`jX[\Ôe`Z`e[\ck„id`efd\[`Xek\\chl\_XpX[\ZXc`Ô$
ZXij\[\XYlj`mf#`eZfii\Zkffgi\mXc\ek\g\ie`Z`fjf\cljf[\cXgi\ejX%<jkX
[\Ôe`Z`e_XYiˆX[\j\i\jkXYc\Z`[XgfiXhl\ccfj\ehl`\e\ji\j`[\\cgf[\ijl$
gi\df[\c<jkX[f%EleZX_Xj`[f[X[X_XjkXX_fiXpefgf[iˆXiXqfeX[Xd\ek\
\jg\iXij\[\hl`\e\j[\k\ekXe\jk\gf[\i#gl\j#\jkXYc\Z`„e[fcXj#c`d`kXiˆXejl
gf[\iˆfpg\ial[`ZXiˆXejlgifg`f`ek\i„jÉ9\ek_Xd(00'#(-/ %
:fdfgf[\dfjX[m\ik`i#kXekfgXiX9\ek_XdZfdfgXiXcfj[`glkX[fj\e
cXj:fik\j[\:}[`q#cXc`Y\ikX[[\`dgi\ekXi\jlckXYX]le[Xd\ekXcgXiXcX[`$
]lj`e#[`jZlj`epgXik`Z`gXZ`e[\kf[fjcfj`ek\^iXek\j[\c`dg\i`f\e\jkX
0
IXdˆi\q )''0# (-*$+ 1 È9\ek_Xd [`j\ŒX le gifZ\[`d`\ekf Zfdgc\af hl\ i\cXZ`feX X cfj hl\
k`\e\e\c[\i\Z_fXcXc`Y\ikX[[\`dgi\ekXZfecXi\jgfejXY`c`[X[hl\j\[\i`mX[\cXgfj`Yc\mlce\iXZ`e[\
cXi\glkXZ`e[\leXg\ijfeXfleX`ejk`klZ`egfi[`]XdXZ`efZXclde`XÉ%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
el\mX\kXgXgfcˆk`ZX2g\if9\ek_XdmXd}jXcc}#XcZfej`[\iXihl\\jXc`Y\ikX[
\jY}j`ZXgXiXZfejfc`[XiXcfj\jkX[fj[\dfZi}k`ZfjZfjXhl\effZliiˆX\e
\c`dg\i`f\jgXŒfc #Xlehl\[\Xc^leXdXe\iXkXdY`„egf[ˆXmlce\iXiZ`\ikfj
[\i\Z_fjXcXk\ekXiZfekiXcXi\glkXZ`e[\Xc^leX`ejk`klZ`e#]leZ`feXi`ff
`e[`m`[lf #('gficfZlXcXjfZ`X#[\dXe\iX`e[`jfclYc\#cXc`Y\ikX[[\`dgi\ekX
ZfecXi\jgfejXY`c`[X[hl\j\[\i`mX[\cXgifYXYc\kiXej^i\j`e[\cXi\glkX$
Z`e[\leX`ejk`klZ`e#le]leZ`feXi`fple`e[`m`[lfgficXjZXclde`XjZfd\$
k`[Xj\ejlZfekiX%
CXc`Y\ikX[[\`dgi\ekX]l\\cm\_ˆZlcf[\\ogi\j`egXiXcXj[\d}jc`Y\i$
kX[\j\eel\jkifgXˆj2j`e\dYXi^f#\cgf[\iˆfpkiXjZ\e[\eZ`X[\\jk\d\[`f
jl^`i`XcXjXlkfi`[X[\jhl\cXc\^`jcXZ`ei\^lcX[fiXk\e[`\iXd}jXc`d`kXi
jl\a\iZ`Z`fhl\X[\Ôe`ijleXkliXc\qXpXcZXeZ\j>d\q(00.#)' %<jgfi\ccf
hl\XcXgXi[\cXc`Y\ikX[[\`dgi\ekXjli^\\cZfeZ\gkf[\Z\ejliX#(([\]fi$
dXkXchl\:XicfjDXiˆX[\9ljkXdXek\fg`ehl\cX`ek\eZ`e[\\jkXYc\Z\icX
c`Y\ikX[[\`dgi\ekX\e<jgXŒXÈk\eˆXZfdf}dY`kfi\jki`e^`[fcXg\eˆejlcXp
efj\g\ejXYXXgc`ZXi\ecXjZfcfe`Xj#gl\j\cZfcfe`Xa\i\hl\iˆX#gXiXgi\j\i$
mXijlj\^li`[X[#\c`d`eXicXjc`Y\ikX[\jÉ>d\q(00.#(0$)' %<j_XjkX\c))[\
X^fjkf[\(/)'ZlXe[fj\\jkXYc\Z\\ecXEl\mX<jgXŒXcXfYc`^XZ`e[\i\d`k`i
XcXJ\Zi\kXiˆX[\:}dXiX[\cM`ii\`eXkfÈki\j\a\dgcXi\j[\kf[fjcfj`dgi\jfj
hl\j\glYc`ZXj\e\e\ck\ii`kfi`fYXafjlali`j[`ZZ`eÉ#\ekXekfhl\cXcXYfi[\
Zfej`^eXZ`eÈ[\cfjXYljfj[\`dgi\ekX\jkXiˆXZfeÔX[X#[fe[\]leZ`feXj\
cXAlekXGifm`eZ`Xc#Xlei\gi\j\ekXek\[\cfjXplekXd`\ekfj#hl`\ei\Z`Y`\c
efdYi\[\ÔjZXc[\`dgi\ekX2\jkX[`jgfj`Z`ej`^l`m`^\ek\\eD„o`ZfZlXkif
XŒfj[\jgl„j%;\Y\k\e\ij\gi\j\ek\hl\\c8ZkX:fejk`klk`mX[\cX=\[\iXZ`e
[\\e\if[\(/)+#\ejlXikˆZlcf*(\jkXYc\Z`hl\Èkf[f_XY`kXek\[\cX=\$
)*
9\ek_Xdj\ŒXcXhl\È\eZXjf[\gi\j\ekXij\leXk\ekX[fZfekiXcXi\glkXZ`e[\leXg\ijfeX[\
]fidX`ealjk`ÔZX[Xj\k\e[i}cXgfj`Y`c`[X[[\\a\iZ\icX[\]\ejX[\jlefdYi\d\[`Xek\cXd`jdXgi\ejX#cf
hl\j\ZfefZ\df[\ieXd\ek\Zfdf\c[\i\Z_f[\Èi\Zk`ÔZXZ`eÉ#pX[\d}j\cgf[\i\eal`Z`XiXcg\i`[`Zf
gficXf]\ejXZfd\k`[X%ÉIXdˆi\q)''0#(-*#efkX() %
((
:\ejliX1gifm`\e\[\cXgXcXYiXcXk`eXY[dieh#ZlpfkiXYXafZfej`jkˆX\ejlg\im`jXi\cZfdgfikX$
d`\ekf[\cg’Yc`ZfpcXdfiXcp#gficfkXekf#Z\ejliXYXecX]fidX[\XZklXi%:\ejliX\jcX`ek\im\eZ`ehl\
giXZk`ZX\cZ\ejfi\e\cZfek\e`[ff\ecX]fidX[\leXfYiXXk\e[`\e[fXiXqfe\j`[\fc^`ZXj#dfiXc\jf
gfcˆk`ZXj%<e\jk\ZXjf#j\kiXkX[\cXjlgi\j`e[\fg`e`fe\jZfekiXi`XjXcXXZklXZ`e[\c^fY`\ief%Ef[\Y\$
dfjfcm`[Xihl\[\j[\\c\jkXYc\Z`d`\ekf[\cKi`YleXc[\cJXekfFÔZ`f[\cX@ehl`j`Z`e\ecXEl\mX<jgXŒX#
\e(,.(#cXjXlkfi`[X[\j\Zc\j`}jk`ZXjjlg\im`jXifecX`ekif[lZZ`e[\dXk\i`Xc\j`dgi\jfjÇi\c`^`fjfjp&f
gfcˆk`ZfjÇZfekiXi`fjXcX]\pcXjZi\\eZ`XjZXkc`ZXj2Xc^lefjk\okfj[\ZXi}Zk\igfcˆk`Zf]l\ifeZ\ejliX[fj#
gfihl\d`eXYXe\cgf[\i[\ci\p#Zfdf;bFh‡dY_f[#[\E`Zfc}jDXhl`Xm\cf\e\cj`^cfOM@#pXgXik`i[\cj`^cf
OM@@@ZlXchl`\ifYiX[\cfj\eZ`Zcfg\[`jkXj#[\AlXeAXZfYfIfljj\Xl#\eki\fkifj%8lehl\Xek\j[\cXjlgi\$
j`e[\cX@ehl`j`Z`e\ecXEl\mX<jgXŒX\e\cY`\e`f(/(*$(/(+#gficXm`^\eZ`X[\cX:fejk`klZ`e^X[`kXeX#
jl cXYfi _XYˆX j`[f d\efi% 8c i\^i\jXi Xc gf[\i =\ieXe[f M@@# jl XZk`m`[X[ j\ Z\eki d}j \e cfj \jZi`kfj
gfcˆk`Zfjhl\XkXZXYXeXci\phl\\eZl\jk`fe\ji\c`^`fjXj%J\jlgi`d\jlcXYfi\e(/)'#Xci\`ejkXliXij\cX
:fejk`klZ`e[\(/()%:]i%K`\ief(0-+#(').$))0 %
>feq}c\qFifg\qX
('
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)+
[\iXZ`ek`\e\c`Y\ikX[[\\jZi`Y`i#`dgi`d`ipglYc`ZXijlj`[\Xjgfcˆk`ZXj#j`e
e\Z\j`[X[[\c`Z\eZ`X#i\m`j`efXgifYXZ`eXek\i`fiXcXglYc`ZXZ`e#YXafcXj
i\jki`ZZ`fe\jpi\jgfejXY`c`[X[[\cXjc\p\j#É()pd}jkXi[\\cXikˆZlcf(-([\
cX:fejk`klZ`e[\(/)+(*i\`k\icf\jkXYc\Z`[f\e:}[`q\e(/()#Zfej`[\iXe[f
]le[Xd\ekXccXc`Y\ikX[[\`dgi\ekXp\c`d`eXe[fcXc`Z\eZ`Xgi\m`X%8lehl\cX
c\p[\`dgi\ekXj\\a\iZ`i\Xcd\ek\XgXik`i[\cX`e[\g\e[\eZ`X#efgl\[\
[\aXi[\j\ŒXcXij\hl\XgXik`i[\\ekfeZ\j#ZfdfpXcf_\dfjj\ŒXcX[f#j\
Zfej`^eXcXgi\fZlgXZ`e[\cfj^fY`\iefj]\[\iXc`jkXjgficfjXYljfjp\oZ\jf
hl\\iXe\Z\jXi`fc`d`kXi#\jXjˆhl\\cgi`d\i`e]fid\hl\Xcl[\XcXc`Y\ikX[
[\`dgi\ekX\j[\(/),#\jZi`kfgfiJ\YXjk`}e:XdXZ_f#hl`\eXgfpX[f\ecXj
`[\Xj[\9\ek_Xd#j\ŒXcXÈcXgfj`Y`c`[X[[\\jkXYc\Z\icˆd`k\jZfekiX\cXYljf
[\\jkXc`Y\ikX[p[\Xgc`ZXig\eXjZfekiXcfj`e]iXZkfi\j[\\jfjcˆd`k\j%É>$
d\q(00.#)($) 8gXik`i[\\ekfeZ\jZfd\eqXiˆX\ccXi^fZXd`ef[\cXZ\ejliX
hl\\ejfdYi\Z`cXeXZ`\ek\c`Y\ikX[[\`dgi\ekX\eel\jkifgXˆj#j\ŒXcXe[f
cfjXYljfjhl\j\_`Z`\ife[\\jk\^iXeY`\e#Zfem`ik`„e[fcf\ele^iXedXc
>d\q(00.#)) %(+
;\cX:fejk`klZ`e[\:}[`q
XcX:fejk`klZ`e[\(/)+%
;\cXi\gi\j\ekXZ`egifm`eZ`Xc
XcXi\gi\j\ekXZ`eeXZ`feXc
CXÔ^liX[\IXdfj8i`qg\\jk}m`eZlcX[XXleel\mfZfeZ\gkf#^\e\iX[f\e\c
d`jdf:}[`q#g\ifZlpXji\g\iZlj`fe\jk\e[i}edXpfi`dgXZkf\e\c:fe^i\jf
:fejk`klp\ek\[\(/)+1\c[\cXh[fh[i[djWY_ŒddWY_edWb$J`Y`\e\jZ`\ikfhl\
cX:fejk`klZ`e[\(/()Xj\^liXYXhl\le[`glkX[fi\gi\j\ekXYXXcXeXZ`e
\ek\iX#jlXek\Z\[\ek\gi\m`fef\iXXjˆ2ZlXe[fj\\og`[`cXZfemfZXkfi`XX
:fik\j\e(/('#gi\[fd`eXYX\eki\cfjXd\i`ZXefj\ci\^`feXc`jdf#\j[\Z`i#cfj
[`glkX[fj\c\ZkfjYljZXYXe\ogfe\icXgifYc\d}k`ZX[\jljgifm`eZ`XjpfYk\$
e\icfjd\[`fjgXiXi\jfcm\icfj#pIXdfj8i`qg\\j\cd}jZcXif\a\dgcf[\\ccf%
<e\jk\Xjg\Zkf#cfjXd\i`ZXefj]fidXYXele^ilgf_fdf^„e\f]i\ek\Xjlj
()
8ZkX:fejk`klk`mX[\cX=\[\iXZ`e1_kkg1&&nnn%fi[\eali`[`Zf%^fY%do&:fejk`klZ`fe&(/)+8%g[]
:fejk`klZ`e=\[\iXc[\cfj<jkX[fjLe`[fjD\o`ZXefj#\ejlXikˆZlcf(-(#]iXZZ`e@M#j\ŒXcXhl\
cfj<jkX[fjk`\e\cXfYc`^XZ`eÈ;\gifk\^\iXjlj_XY`kXek\j\e\cljf[\cXc`Y\ikX[hl\k`\e\e[\\jZi`Y`i#
`dgi`d`ipglYc`ZXijlj`[\Xjgfcˆk`ZXj#j`ee\Z\j`[X[[\c`Z\eZ`X#i\m`j`efXgifYXZ`eXek\i`fiXcXglYc`$
ZXZ`e2Zl`[Xe[fj`\dgi\[\hl\j\fYj\im\ecXjc\p\j^\e\iXc\j[\cXdXk\i`XÉ%_kkg1&&nnn%ali`[`ZXj%leXd%
do&`e]ali&c\^&Zfej_`jk&g[]&(/)+%g[]
(+
<egXcXYiXj[\lej\Zi\kXi`f[\cX„gfZX#AlXeAfj„<jg`efjX[\cfjDfek\ifj1È\cXYljf[\le
^iXeY`\e#cfZfem`\ik\\ele^iXedXcÉ%?XZ`XÔe\j[\cXgi`d\iX[„ZX[X[\cX@e[\g\e[\eZ`XmXi`fj\jkX[fj
Zfdgi\e[`\ifecX`dgfikXeZ`X[\\jkXc`Y\ikX[#i\XZZ`feXe[fZfekiXcXj[`jgfj`Z`fe\j]\[\iXc\jhl\gi\k\e$
[ˆXec`d`kXicX#ZfdfjlZ\[`ZfeQXZXk\ZXj%
(*
(,
8c^leXjgifm`eZ`XjXd\i`ZXeXj#gXik`ZlcXid\ek\[\Jl[Xd„i`ZX#efcc\mXifeXZXYfcXj\c\ZZ`fe\j
gfihl\j\\e]i\ekXifeXcgifYc\dX[\Zfej\^l`icfj]fe[fje\Z\jXi`fjgXiXhl\jli\gi\j\ekXek\\dgi\e$
[`\iX\cm`Xa\pjl\jkX[ˆX\ecXg\eˆejlcX#gl\jj\kiXkXYX[\le^XjkfZfej`[\iXYc\%8c^leXj#Xlehl\\]\Z$
klXife\c\ZZ`fe\j#kXi[XifekXekf\eZfej\^l`i\c[`e\ifhl\jlj[`glkX[fjgi\Ôi`\ifeefjXc`i#gl\jcc\^XiˆXe
dlpkXi[\XcXj:fik\j<okiXfi[`eXi`Xj%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
),
>feq}c\qFifg\qX
gXi\jg\e`ejlcXi\j#gl\jjlj[\dXe[Xj\iXej`d`cXi\jp\jkXYXele`[fjXek\
cfj^iXm\jgifYc\dXjgcXek\X[fj#[\dfjkiXe[fhl\#\e\]\Zkf#i\gi\j\ekXYXe
Xcfj_XY`kXek\j[\cXjZfcfe`XjXd\i`ZXeXjpÔc`g`eXj#p#gficfkXekf#\o`^ˆXe
leXgXi`[X[i\jg\ZkfXcfji\gi\j\ekXek\j[\cXd\kigfc`#hl\k\eˆXedXpfi
i\gi\j\ekXk`m`[X[%
Effcm`[\dfjhl\Xc^leXj[\cXjgifm`eZ`Xjefgl[`\ifeZ\c\YiXi\c\ZZ`f$
e\j# p cf hl\ \iX g\fi# ZXj` e`e^lef [\ cfj [`glkX[fj Xd\i`ZXefj cc\^XiˆX X
k`\dgfXcXj:fik\j<okiXfi[`eXi`Xj#gficfZlXcj\Zfej`[\ihl\jli\gi\j\e$
kXZ`egf[iˆXj\i\c\^`[X\eki\cfji\j`[\ek\j[\Xhl\ccXjgifm`eZ`XjXm\Z`e[X$
[fj\e:}[`q%(,<jXjˆhl\jli^\cX`[\X[\cfjjlgc\ek\jlckiXdXi`efj#j`jk\dX
hl\ [\ `ed\[`Xkf ]l\ i\Z_XqX[f gfi cfj Xd\i`ZXefj# hl`\e\j e\^Xife kf[X
i\gi\j\ekXk`m`[X[Xcfjjlgc\ek\j#XZlj}e[fcfj[\Èi\gi\j\ekXek\jgfimfcle$
kX[Xa\eX¿\c\^`[fjgfileglŒX[f[\Xm\ekli\ifjj`eZXi}Zk\ie`i\gi\j\ekX$
Z`eÉI`\l$D`ccXe (0// %CXAlekX:\ekiXcpcXI\^\eZ`X\iXeZfejZ`\ek\j[\cXj
[`ÔZlckX[\j[\\jk\j`jk\dX[\jlgc\eZ`Xj#g\ifXek\cXli^\eZ`X[\`e`Z`XicXj
j\j`fe\jpcX^iXm\Xlj\eZ`X[\le^iXee’d\if[\gifg`\kXi`fj#j\\jk`glc
hl\cfj[`glkX[fjXd\i`ZXefj\c\^`[fj[\YˆXeX[d`k`ij\\ecXj:fik\j\ecl^Xi
[\cfjjlgc\ek\jZfe]fid\]l\iXecc\^Xe[f#pd\afiX’e#\c)'[\X^fjkf[\
(/(' cX I\^\eZ`X \d`k` le jlgc\d\ekf \ogc`ZXk`mf \e \c ZlXc gi\Z`jXYX hl\
[\YˆXeZfej`[\iXij\Zfdfi\gi\j\ekXek\jXd\i`ZXefjefjcfXcfj\jgXŒfc\j
Xd\i`ZXefj#j`efkXdY`„eXcfj`e[ˆ^\eXj#d\jk`qfj[\`e[`fp\jgXŒfc pXcfj
\jgXŒfc\j \lifg\fj Xm\Z`e[X[fj \e 8d„i`ZX# \oZclp\e[f# Zfdf j`\dgi\# X
cXjZXjkXj%
;liXek\ cXj gi`d\iXj `ek\im\eZ`fe\j# cfj [`glkX[fj Xd\i`ZXefj _`Z`\ife
]l\ik\jZiˆk`ZXjXcj`jk\dX\c\ZkfiXc[`jZi`d`eXkfi`fXgc`ZX[fgXiXjljgifm`eZ`Xj#
cfZlXci\gi\j\ekXYXleXd\efii\gi\j\ekXk`m`[X[Xd\i`ZXeXXek\cXj:fik\j#
p\eZfej\Zl\eZ`X#g\id`kˆXhl\_lY`\iXleX[\j`^lXci\gi\j\ekXZ`e#[\kXc
dXe\iXhl\efj\cf^iXYXleXi\XcgXik`Z`gXZ`e[\cXeXZ`e#dfefgfc`qXe$
[fcXmfkXZ`eX]Xmfi[\cXg\eˆejlcX%<j[\Z`i#cX`ejlÔZ`\ek\i\gi\j\ekXZ`e
Xd\i`ZXeXd\idXYX\cXgfpfjlÔZ`\ek\gXiX[`jZlk`ipXgifYXicfjgifYc\dXj
pjfclZ`fe\jhl\cfjk\ii`kfi`fjXd\i`ZXefjk\eˆXe#dlp[`]\i\ek\jXcfjg\e`e$
jlcXi\j%EffYjkXek\cfjgifYc\dXjhl\\e]i\ekXifecfj[`glkX[fjXd\i`ZXefj#
Zfej`[\ifhl\\o`jk\leglekfd\[lcXihl\jli^\[\\ccfj1j`Y`\ejlj[\dXe$
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)-
[Xjj\Z`iZlejZi`YˆXeXc}dY`kfk\ii`kfi`Xc[\jljgifm`eZ`Xj#gifekfj\jlg\iX
\jk\fYjk}ZlcfpZfd`\eqXeXXjld`icX`[\X[\hl\jfecfjh[fh[i[djWdj[iZ[
ikidWY_ed[i"Ècfj\c\^`[fjgficfjXplekXd`\ekfji\^`feXc\jXZklXifej\^’ele
ZfeZ\gkf[\i\gi\j\ekXZ`ed}jk\ii`kfi`Xc¿#\iXe\jg\Z`Xcd\ek\j\ej`Yc\jXcX
Ëfg`e`eÊ[\jljgX`jXefj#Zfdfj`klm`\iXehl\i\e[`ic\jZl\ekXXcÔeXc`qXijl
dXe[Xkf%:X[Xlef_XYcXYX\eefdYi\[\jlgifg`Xgifm`eZ`X#pefj\Zfej`[\$
iXYXXlkfi`qX[fXÈljligXiÉcXmfq[\fkiXgifm`eZ`Xhl\efc\_XYˆX\c\^`[fe`
[X[f`ejkilZZ`fe\jÉI`\l$D`ccXe (0//#-, %
GXi\Z`\iXhl\cXj:fik\j[\:}[`q\em\q[\`ek\^iXiXcfjXd\i`ZXefjXjl
`[\X[\kf[flei\`ef#c\jg\id`k`i\ZfefZ\ij\\ecXj:fik\jZfdf`ek\^iXek\j
[\jljgifg`XjeXZ`fe\j#phl\cfj[`glkX[fj_XYˆXej`[f\c\^`[fjZfdfjljm\i$
[X[\ifji\gi\j\ekXek\j#jlmfqXek\cXd}o`dXXlkfi`[X[[\c`dg\i`f\jgXŒfc%
:fej`[\ifhl\\jXgXik`i[\\ekfeZ\jhl\cfj[`glkX[fjXd\i`ZXefjZfd`\eqXe
X`[\ek`ÔZXij\pXefZfdfcfji\gi\j\ek\j[\leXgifm`eZ`X#lek\ii`kfi`ffleX
ZXg`kXeˆX#j`ef[\kf[XleXeXZ`e#ZlpfjgifYc\dXj\iXej`d`cXi\jpi\hl\iˆXe
[\leXi\jgl\jkX\og\[`kX#cXZlXcefcf^iXYXe#p\jfXZi\Z\ekXYXjl`eZfe]fi$
d`[X[%8lehl\_lYfXc^leXj`[\Xj\ogl\jkXjgficfjXd\i`ZXefjpXgifYX[Xj
\e:fik\j<okiXfi[`eXi`Xj#cXdXpfiXgfikXZ`e`[\fc^`ZX\e\ccXj#i\`k\if#\j
\ci\ZfefZ`d`\ekf[\hl\cfj[`glkX[fjXd\i`ZXefjefjcfi\gi\j\ekXYXeX
leXgifm`eZ`X#j`efhl\jfYi\jlj\jgXc[Xji\ZXˆXcXi\gi\j\ekXZ`e[\kf[XleX
eXZ`e#g\iÔc}e[fj\XjˆcX`[\X[\`[\ek`[X[#[\XlkfefdˆX#phl`q}j#[\`e[\$
g\e[\eZ`X% <e fg`e`e [\ I`\l$D`cc}e1 ÈGXiX cfj [`glkX[fj# cX `e[\g\e[\eZ`X
gfcˆk`ZX\iXleXXck\ieXk`mXgfj`Yc\j`cXd\kigfc`efjXk`j]XZˆXjlji\`m`e[`ZX$
Z`fe\j#g\ifefleXd\kXhl\j\aljk`ÔZXiX\ejˆ%CXi\gi\j\ekXZ`ei\^`feXc
hl\\ccfjXjldˆXephl\\iXgi`fi`kXi`XgXiXjlj\c\Zkfi\j#`dg`[`legcXek\X$
d`\ekfËeXZ`feXcÊ[\cfjgifYc\dXjÉI`\l$D`ccXe (0//#.) %
GXiX(/)(#Xki}jhl\[XcXclZ_Xp[\]\ejX[\c[`glkX[fefmf_`jgXefIXdfj
8i`qg\\ecXj:fik\j[\<jgXŒXX]Xmfi[\leXdXpfiXlkfefdˆX\ecXjgifm`e$
Z`XjXd\i`ZXeXjpleXgXi`kXi`Xi\gi\j\ekXZ`e[\jl[`glkXZ`eXek\jljgXi\j
g\e`ejlcXi\j2X_fiX#pX\ejlk`\iiX#\c[`glkX[fZfX_l`c\ej\XYf^XgficXdX$
e\iX[\Zfejfc`[XileXi\g’Yc`ZX]\[\iXc\eD„o`Zf#[\Zi\XicXj`ejk`klZ`fe\j
hl\jfjk\e[i}eXcXel\mXeXZ`e#[\gifgfe\ileX[`m`j`egifm`j`feXc[\cX
i\g’Yc`ZX\e\jkX[fj#[\\jkXYc\Z\ilej`jk\dXY`ZXd\iXcpgi\j`[\eZ`Xc`jkXp#
Zfekf[f\ccf#[\j\igfj`Yc\#Zfej\^l`i\cd`jdf„o`kfhl\cfj<jkX[fjLe`[fj
cf^iXifekiXjjl`e[\g\e[\eZ`X#d}j[\*'XŒfjXki}j%
KXekfIXdfj8i`qg\Zfdffkifj[`glkX[fjefmf_`jgXefj#kiXjjl\og\i`\e$
Z`X\ecXj:fik\j[\:}[`q[\(/()p(/)'#j\XmfZXifekXekfX[\YXk`iZfdfX
Zfejkil`iXcXeXZ`e2X_fiXjˆj\kiXkXYX[\\a\iZ\i\cgXg\c[\h[fh[i[djWdj[i
<c]\[\iXc`jdfd\o`ZXef\jleX`ejk`klZ`ehl\j\[\Ôe`ZfeZXiXZk\i\jgif$
g`fj#`eÕl`[f\e^iXed\[`[XgficXjZ`iZlejkXeZ`Xjgi\[fd`eXek\j\eel\jkif
gXˆj%Effcm`[\dfjhl\\c]\[\iXc`jdfd\o`ZXefklmfjl`eÕl\eZ`X\ecX\og\$
i`\eZ`X[\cfj<jkX[fjLe`[fj#Xlehl\efgl\[\ZfdgXiXij\el\jkiXj`klXZ`e
ZfecXjZ`iZlejkXeZ`Xj[\cXjZfcfe`Xjhl\j\_XYˆXeZfe]\[\iX[f\e\j\gXˆj
[\j[\(...%
8cj\ileX`ejk`klZ`egfcˆk`ZX[\^iXeZfdgc\a`[X[#\c]\[\iXc`jdfefgl[f
j\i `d`kX[f [\ dXe\iX c`k\iXc \e D„o`Zf >feq}c\q Fifg\qX (0/-# +.0$,'' %
Gfi gi`eZ`g`f [\ Zl\ekXj# \c ]\[\iXc`jdf \e cfj <jkX[fj Le`[fj _X j`[f fYiX
]le[Xd\ekXc[\cXj[\Z`j`fe\jal[`Z`Xc\j[\\j\gXˆj#cfZlXcef_Xj`[f\cZXjf
\eD„o`Zf#pXhl\\cgi\j`[\ek\#\c:fe^i\jfpcfj\jkX[fj_XekfdX[fgXik\
XZk`mX\ejl[\jXiifccf%<je\Z\jXi`fgi\Z`jXihl\e`\e(./.e`_XZ`X(/)+#cfj
<jkX[fjLe`[fj_XYˆXecc\^X[fX[`clZ`[XicXji\Xc\jZfej\Zl\eZ`Xj[\jlj`j$
k\dX]\[\iXc#gl\j\jf]l\kXi\X[\cXZfejkilZZ`eal[`Z`XcgXicXd\ekXi`X[\
cX:fik\Jlgi\dX%<e(.0*#\e\cZXjf:_`j_fcdmj%>\fi^`X#cX:fik\Jlgi\dX
[\ cX Le`e \eal`Z`XYX X le \jkX[f jfY\iXef% <e (/'0# \e Le`k\[ JkXk\j mj%
G\k\ij#c\e\^Xc\jkX[f[\G\eejpcmXe`X]XZlckX[Xc^leXgXiX`ek\igi\kXicXj
c\p\j ]\[\iXc\j%(- :fe DZ:lccfZ_ mj% DXipcXe[# [\Z`[`[f \e (/(0# \c ^fY`\ief
]\[\iXcZfeÔidjlgf[\i\Zfed`ZfXkiXm„j[\leYXeZfeXZ`feXc#Xg\jXi[\
cXjgifk\jkXj[\cfj\jkX[fj%<e>`YYfejmj%F^[\e#gXiX(/)+#cX:fik\Jlgi\$
dXXÔidcXjlgi\dXZˆX[\cX]\[\iXZ`egXiXi\^lcXi\cZfd\iZ`fE\ndp\i
(0-/ %P\jkXZX[\eX[\[\Z`j`fe\jj`^l\_XjkXcXjZfeZ\gZ`fe\j[\]\[\iXc`jdf
Zffg\iXk`mf[\I`Z_Xi[E`ofepIfeXc[I\X^Xe_XZ`X\c’ck`dfk\iZ`f[\cj`^cf
OO>feq}c\qFifg\qX(00,#)( %
(-
Le`k\[JkXk\jm%G\k\ij0LJ((,(/'0 %K_XkAl[^\I`Z_Xi[G\k\ijj_flc[Y\fYc`^\[kfXZklgfe
XdXe[Xdljfini`k\e]fiZ`e^k_\al[^\d\ekf]X]\[\iXcXgg\XcjZflik`e]Xmfif]>`[\feFcdjk\X[#\kXc%#
[\jg`k\XZfeÕ`Zk`e^[\Z`j`feYpG\eejpcmXe`Xj:flikf]8[d`iXckp%K_\[\Z`j`fe\jkXYc`j_\[k_XkXjkXk\ZXe$
efkXeelck_\al[^\d\ekjefi[\k\id`e\k_\ali`j[`Zk`fef]L%J%]\[\iXcZflikj%=l\ek\1_kkg1&&nnn%\efk\j%
Zfd&Xd\i`ZXe$Zflik$ZXj\j&le`k\[$jkXk\j$m$g\k\ij:fejlckX[X\c)'[\]\Yi\if[\)'() %
).
>feq}c\qFifg\qX
<c]\[\iXc`jdfpcXjlgi\dXZˆX
Zfejk`klZ`feXc
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Z[bWDWY_Œd$GXiX\ccf]l\e\Z\jXi`f`ejkXcXicXJfY\iXeXAlekXGifm`j`feXc>l$
Y\ieXk`mX# hl\ klmf gfi gi`eZ`gXc \eZfd`\e[X Èi\jfcm\i cfj Xjlekfj g’Yc`Zfj
`eXgcXqXYc\jpfi^Xe`qXi\cgi`d\i:fe^i\jfÉK\efi`f)''0#)'( %GXiXdˆ#\o`j$
k\e[fjk\dXji\c\mXek\jhl\IXdfj8i`qg\gfe[i}X[`jZlj`e\e\cgiˆjk`ef
:fe^i\jfD\o`ZXef1\c]\[\iXc`jdfpcXjlgi\dXZˆXZfejk`klZ`feXc\ecXel\mX
eXZ`e%
Cfj Xek`]\[\iXc`jkXj d\o`ZXefj j\ \eZXi^Xife [\ [`]le[`i cX `[\X [\ hl\
D„o`Zf]l\È[\jcldYiX[fÉgfi\c\a\dgcf[\<jkX[fjLe`[fj#ZlXe[fgl\Ycf
p^fY`\iefjfe\ek`[X[\jZfdgc\kXd\ek\[`]\i\ek\j%CX`ejk`klZ`e]\[\iXcef
gl\[\Zfej`[\iXij\\jk}k`ZXpZfejfc`[X[XgfileXd\iX[`jgfj`Z`eZfejk`kl$
Z`feXc#cfZlXcgXi\Z\j\icXZi\\eZ`X[\hl`\e\j#Xp\ip_fp#Xj\^liXehl\\c
]\[\iXc`jdfd\o`ZXef\jleXdXcX`d`kXZ`e[\c\jkX[fle`[\ej\%<ei\`k\iX[Xj
fZXj`fe\j_\j\ŒXcX[fhl\\jkfef\jXjˆ#jcfj\kiXkX[\leX\hl`mfZX[X`e$
k\igi\kXZ`eLY`XiZf)'')#)+0 %(.
D„o`Zf#[\j[\le`e`Z`f#c`d`kcXj]XZlckX[\jÔjZXc\j[\c^fY`\ief]\[\iXcpgi`m`$
c\^`\cGf[\iC\^`jcXk`mfjfYi\cfjfkifj[fjgf[\i\j%<ei`hl\9li^fjj\ŒXcX1
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)/
¿\cdf[\cf]\[\iXc`jkXhl\X[fgkX\c<jkX[fd\o`ZXef[`Ô\i\lekXekf
\ecXjZ`iZlejkXeZ`Xjfi`^`eXc\j[\cdf[\cfXd\i`ZXef%
<cdf[\cfXd\i`ZXef]l\le\j]l\iqfgfiZ\ekiXc`qXicfhl\gXi\ZˆXdlp
k\e[`\ek\X]iX^d\ekXij\fX[\jZ\ekiXc`qXij\\ejljZfcfe`Xj%<eZXd$
Y`f#\eD„o`Zf\jle\j]l\iqfgfi[\jZ\ekiXc`qXi#gficfhl\\c]\[\iX$
c`jdfj\Zfejk`klpZfdfleX]fidXhl\#j`\e[f`eefmX[fiX#g\id`kˆX
\j\\a\iZ`Z`f[\[\jZ\ekiXc`qXZ`e#g\ifXcXm\qcf^iXcXgi\j\imXZ`e#
cX`ek\^iXZ`e[\c<jkX[fd\o`ZXef#XgXik`i[\cXjXek`^lXgifm`eZ`Xj#
[\jgl„jkiXj]fidX[Xj\e\jkX[fj#XgXik`i[\c8ZkX=\[\iXc[\cZfdgif$
d`jf]\[\iXc[\c*([\\e\if[\(/)+9li^fj(00,#(*, %
<eel\jkifgXˆj#\cj`jk\dX]\[\iXc`jkXj`^e`ÔZcXZfejfc`[XZ`e[\cX@e[\$
g\e[\eZ`X#XcZfe]\i`ic`Y\ikX[pXlkf^fY`\iefefjcfXc^fY`\iefZfcfe`Xc[\
cXZ`l[X[[\D„o`Zf#j`efXcXjgXik\jd}jX]\ZkX[Xj[\cgXˆjgfi\cZfcfe`Xa\#
cXjgifm`eZ`Xjd`jdXj#Zfdf\e]}k`ZXd\ek\cfjfc`Z`kXifecfj[`glkX[fjXd\$
i`ZXefj\e:}[`q#p#[\dXe\iXd}j\jg\ZˆÔZX#\c[`glkX[fgfi:fX_l`cX#Afj„
D`^l\cIXdfj8i`qg\%GXiX(/)*#mXi`fjXplekXd`\ekfjp\jkX[fj#kiXjcX]Xcc`[X
`ejkXliXZ`e[\c@dg\i`fgfi8^ljkˆe[\@kliY`[\#XY`\ikXd\ek\\o`^ˆXe\cgif$
eleZ`Xd`\ekf gfi \c ]\[\iXc`jdf 9li^fj (00,# (- 2(/ YljZXYXe `dgcXekXi \c
(.
<cXlkfij\ŒXcXhl\ÈcXk\j`j[\hl\\c]\[\iXc`jdfd\o`ZXefk`\e\jlfi`^\e\e\c\jkX[fle`[\ej\
ZXi\Z\[\]le[Xd\ekXZ`e2Xlehl\jˆgl\[\XÔidXij\hl\\c]\[\iXc`jdf[\Xhl\cgXˆj`eÕlpXcZfejk`kl$
p\ek\[\(/)+É%LeX[\cXjgi`eZ`gXc\jXÔidXZ`fe\j[\dlZ_fjXlkfi\j\jhl\cfjZfejk`klp\ek\jd\o`ZXefj
m`\ife\e\c]\[\iXc`jdfleX]fidXgXiX\m`kXi\c[\jd\dYiXd`\ekf[\cgXˆj#gl\jk\eˆXe\ed\ek\\c]\[\$
iXc`jdfhl\\e(..-]fidXcfj<jkX[fjLe`[fjphl\gXiXcXjgi`d\iXj[„ZX[Xj[\cj`^cfo`oZfeÔidXYXcX
Yl\eXilkX[\\j\df[\cfXgc`ZX[fgficfjefik\Xd\i`ZXefj%
(/
<e cX fYiX [\ Afj„ 9XiiX^}e k`klcX[X Fh_dY_f_eiieXh[[b\[Z[hWb_icec[n_YWde0'.(*"j\ _X [\$
dfjkiX[fhl\XkiXm„j[\cdfm`d`\ekf[\(/)*[\cXj[`glkXZ`fe\jgifm`eZ`Xc\j[\AXc`jZf#D`Z_fXZ}e#JXe
Cl`jGfkfjˆ#Hl\i„kXif#QXZXk\ZXj#>lXeXalXkf#Gl\YcX#FXoXZXpPlZXk}e#\cj`jk\dX]\[\iXc]l\\o`^`[fgXiX
el\jkif gXˆj% <jk\ dXe`Ô\jkf [\ (/)* \ogc`ZX cX c\^`k`d`[X[ [\ jl gifeleZ`Xd`\ekf gfi \c j`jk\dX ]\[\iXc%
Xlkf^fY`\iefpc`Y\iXij\[\leZ\ekifgfcˆk`ZfZlpXj`klXZ`egfZfZXdY`XYX2
j\YljZXYXefjcfcX`^lXc[X[[\cXjgifm`eZ`Xj#j`efjlgXik`Z`gXZ`egXi`kXi`X
\ecfjXjlekfj[\cXEXZ`e#\jXjˆhl\[\YˆXeZldgc`ij\mXi`Xjgi\d`jXjgXiX
`eZc`eXij\gfi\cj`jk\dX]\[\iXc1
X :X[Xgifm`eZ`Xj\Zfem\ik`iˆX\ele\jkX[f`e[\g\e[`\ek\%
Y <jkX `e[\g\e[\eZ`X j\ dXe`]\jkXiˆX \e i^Xefj [\ ^fY`\ief gifg`fj# cX [`glkXZ`egifm`eZ`Xcj\kiXej]fidXiˆX#[\dXe\iX`ed\[`XkXpj`eZfikXg`$
]fikleX`ek\ieXj%
[ CX=\[\iXZ`ej\iˆXlegXZkfhl\j\ZfeZi\kXiˆX\e\c8ZkX:fejk`klk`mX[\
cX=\[\iXZ`e%
\ <cfYa\kf[\cX=\[\iXZ`ej\iˆX\a\iZ\i[\Zfd’eZfej\ek`d`\ekfZ`\ikfj
Xki`Ylkfj[\cXjfY\iXeˆX#]le[Xd\ekXcd\ek\cX[\]\ejXp\cXj\^liXd`\e$
kf[\cXgXqg’Yc`ZX%
] CXZfcldeXm\ik\YiXchl\jfgfikXiˆXkf[X\jk\Xe[Xd`Xa\j\iˆXleX:fej$
k`klZ`e# le [fZld\ekf jlgi\df Xc ZlXc kf[fj cfj `ek\^iXek\j [\ cX ]\$
[\iXZ`e[\Y\iˆXei\jg\kXipXZl[`i\eZXjf[\Zfekifm\ij`X#\j[\Z`i#cX
:fejk`klZ`e[\c<jkX[f#ZfeZXiXZk\iˆjk`ZXjj`d`cXi\j#pXcXm\q[`]\i\ek\j#
XcXZi\X[X\e<jkX[fjLe`[fj%
8g\jXi[\hl\cX:fejk`klZ`e\jkX[fle`[\ej\`ejg`i\cgi`d\ii„^`d\e
Zfejk`klZ`feXc [\ D„o`Zf# ef _lYf e`e^’e gi\Z\gkf \ogi\jf j`d`cXi Xc [\ cX
jlgi\dXZˆX \e \c 8ZkX :fejk`klk`mX e` \e cX :fejk`klZ`e [\ (/)+% <e XdYfj
[fZld\ekfjj\\jkXYc\Z`cXjfY\iXeˆX[\cXeXZ`epefj\XZ\gkcXjfY\iXeˆX
[\cfj\jkX[fj\ecX]fidX\ehl\j\[`jZlk`\ecfj<jkX[fjLe`[fj#kXcZfdfcf
\ogi\j\ejlmfkf\c[`glkX[f8c\aXe[if:Xig`f#\c)([\efm`\dYi\[\(/)*%
<c8ZkXpcX:fejk`klZ`e[\(/)+#[\Xgc`ZXZ`eZfealekX#ZfeÔ\i\eXc:fe$
^i\jf>\e\iXc\cZfekifc[\cXZfejk`klZ`feXc`[X[p\cZXi}Zk\i[\jlgi\df`ek„i$
gi\k\[\cX:fejk`klZ`e=\[\iXc#X[`]\i\eZ`X[\cfj<jkX[fjLe`[fj#\e[fe[\
\jkXj]leZ`fe\jj\Xiif^XifeXcGf[\iAl[`Z`Xc[\j[\legi`eZ`g`f%;\kXcjl\ik\
@^lXchl\\e(/'/#Zfdf\cXplekXd`\ekf[\D„o`ZfXcgifeleZ`Xij\gficX`e[\g\e[\eZ`X#\e(/)*#Xek\
cXk\id`eXZ`e[\[fjXc`XeqXj#cXgi`d\iXZfe<jgXŒXXkiXm„j[\cX`e[\g\e[\eZ`X#pcXj\^le[XZfeD„o`Zf#
XkiXm„j[\c[\iifZXd`\ekf[\@kliY`[\#j\_XYˆX\c`d`eX[f%<e`^lXc\jk„id`efjj\\ogi\jXYXCl`jHl`ekXeXi#X
kiXm„j[\le\jZi`kfk`klcX[fH[f‘Xb_YW\[Z[hWb#`dgi\jf\e>lX[XcXaXiX#\c)([\ale`f[\(/)*%
)0
>feq}c\qFifg\qX
Z 8cj\i`e[\g\e[`\ek\#Xc\jkX[fc\Zfdg\k\iˆXgifdfm\ijlgifjg\i`[X[p
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
jXj#\eGf[\iC\^`jcXk`mfp\ca\]\gfcˆk`Zfjlg\i`fi\e^fY\ieX[fi%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
*'
hl\cXj’e`ZXj[`jgfj`Z`fe\jZfek\e`[Xj\ecfjgi`d\ifjk\okfjeXZ`feXc\j[\
:fejk`klZ`ej\i\Ô\i\eXhl\ÈcXj:fejk`klZ`fe\jefgf[i}efgfe\ij\X\jkX
8ZkXe`Xcfhl\\jkXYc\qZXcX:fejk`klZ`eÔeXcXikˆZlcf)+[\c8ZkX:fejk`klk`$
mX É#Xhl\È\c:fe^i\jfi\jl\cm\cXj[l[Xjhl\fZliiXejfYi\cX`ek\c`^\eZ`X[\
cfjXikˆZlcfj[\\jkX:fejk`klZ`ep\c8ZkX:fejk`klk`mXXikˆZlcf(-,[\cX:fej$
k`klZ`e É#p[\hl\cfj\jkX[fjk`\e\ecXfYc`^XZ`e[\^lXi[Xip_XZ\i^lXi[Xi
cXjc\p\j^\e\iXc\j[\cXLe`epcfjkiXkX[fjZ\c\YiX[fjZfeZlXchl`\igfk\eZ`X
\okiXea\iXXikˆZlcf(-([\cX:fejk`klZ`e29li^fj(00,#((/$0 %
G\ifkXdgfZf[\Yf[\aXi[\jlYiXpXihl\el\jkif]\[\iXc`jdfj\\ek\e[`
Y`cXk\iXc2\j[\Z`i#efjcfXZ\gk\cZfekifc[\c:fe^i\jf^\e\iXcjfYi\cfj\j$
kX[fj#j`edXpfi[`jZi\gXeZ`X#j`efhl\cXj\ek`[X[\j]\[\iXk`mXji\ZcXdXife
kXdY`„eleZfekifci\ZˆgifZfjfYi\cXjXlkfi`[X[\j]\[\iXc\j%;\\jkXdXe\iX#
\cZfekifc[\cXZfejk`klZ`feXc`[X[[\cXjc\p\jj\ZfeԍXc:fe^i\jf%
CXZl\jk`e[\cXk`klcXi`[X[[\cXjfY\iXeˆXhl\[`eZfeZcljX#pZfe\ccX#cX
[l[X[\j`cfj[`glkX[fji\gi\j\ekXYXeXcXeXZ`efXjlj\jkX[fjÉM}qhl\q
)'')#,*) #(0g\ifZfd\eqkXdY`„ecXZiˆk`ZX]\ifqXc]\[\iXc`jdf#Xcj\ŒXcXi
hl\È[\jle`iˆXcfhl\_XYˆX\jkX[fle`[fÉ2\efkiXjgXcXYiXj#È\cj`jk\dX]\[\iXc
`ejk`klZ`feXc`qXYXcX]iX^d\ekXZ`eZfejfc`[X[XgficXji\]fidXjYfiYe`ZXj#\c
c`Y\iXc`jdf\jgXŒfcpcX`e[\g\e[\eZ`X¿i\jgfe[ˆXkXdY`„eXcXkiX[`Z`ei\$
^`feXc#XcXj[`d\ej`fe\j[\ck\ii`kfi`fpXcX]XckX[\Zfdle`ZXZ`fe\jM}qhl\q#
)'')#,*) É#j\k\dˆXgficX]l\ik\Z\ekiXc`qXZ`e_\i\[X[X[\cX:fcfe`X#g\if
kXdY`„eXcX`[\X[\hl\Xc^lefj\jkX[fjj\[\ZcXiXiXeeXZ`fe\j`e[\g\e[`\e$
k\jp[\aXiXe[\]fidXigXik\[\cX=\[\iXZ`e%
<jkfjZfdgc\afj\c\d\ekfj^\e\iX[fj\ecfj<jkX[fjLe`[fjZfd\eqXifeX
\a\iZ\ileXefkXYc\`eÕl\eZ`X\eD„o`Zf#pg\id`k`\ifeXIXdfj8i`qg\\d`k`i#
\eefm`\dYi\[\(/)*#Xek\\cgc\ef[\cX8jXdYc\XC\^`jcXk`mX#jlFheo[YjeZ[
7YjW9edij_jkj_lW"hl\Zfek\eˆX*-XikˆZlcfj#\cZlXcj`im`[\YXj\gXiXcXXgif$
YXZ`e#\c*([\\e\if[\(/)+#[\c8ZkX:fejk`klk`mX[\cX=\[\iXZ`e#d\[`Xek\
cX ZlXc cX ÈeXZ`e Xjld` cX jfY\iXeˆX# g\if ZfdgXik`[X Zfe \jkX[fj c`Yi\j#
jfY\iXefj\`e[\g\e[`\ek\j#\ecfhl\\oZclj`mXd\ek\kfZXiXXjlX[d`e`jkiX$
Z`ep^fY`\ief`ek\i`fi#cfZlXcc\Xj\^liX\jk\`cljki\ZfX_l`c\ej\\ckˆklcf
[\ÈGX[i\[\c]\[\iXc`jdfd\o`ZXefÉ%GXiXfZklYi\[\\j\XŒfj\gifdlc^XcX
9edij_jkY_Œd<[Z[hWbZ[bei;ijWZeiKd_ZeiC[n_YWdeiK\eX(000#(-/ %
(0
Effcm`[\dfjhl\leXj`klXZ`ej`d`cXiZfd\eqXi\Õ\aXij\\ecXj:fik\j<okiXfi[`eXi`Xj[\:}$
[`q\e(/()#cfZlXc]l\leXc`Z`\ek\gXiXhl\cfj[`glkX[fjXd\i`ZXefj[\cfj[`m\ijfjk\ii`kfi`fj[\lckiXdXi
j\i\ZfefZ`\iXeZfdfgXik\j[\lejfcfk\ii`kfi`f#hl\d}jkXi[\j\i}ecXj[`m\ijXjeXZ`fe\jXd\i`ZXeXj%
<j`e[l[XYc\cXkiXjZ\e[\eZ`X[\cXj:fik\j^X[`kXeXj\e\cdle[fXd\i`ZXef
[\cj`^cfO@O#gl\j]l\\cdfkfi[\dlZ_fjZXdY`fjp\c`dglcjfgXiXcX`e[\g\e$
[\eZ`X[\cXjZfcfe`Xj%J`e\dYXi^f#\o`jk\eXc^lefj\c\d\ekfjhl\#Xlehl\j\
^\jkXife\e\jk\dfd\ekf#cXdX^e`kl[[\jlji\g\iZlj`fe\jj\m\iˆXXc^lefj
XŒfj[\jgl„j2cXc`Y\ikX[[\\ogi\j`epXj\ŒXcX[X\jkXejcfle\a\dgcf[\
\ccf2j`Y`\ek`\e\i\c\mXeZ`XgXiXcX:fejk`klZ`e[\(/()#eleZXj\gljf\em`$
^fi\ecXEl\mX<jgXŒX#pX’eXjˆcXZfejX^iXZ`e[\\jXc`Y\ikX[#Xlehl\]l\iX
\ek\fiˆX#j\Zfejk`klp\eleg`cXi[\el\jkiX:fejk`klZ`e[\(/)+%:fdf\jk\
\a\dgcf#\o`jk\efkifjhl\hl`\ifj\ŒXcXi#gl\jXlehl\:}[`qcfj^\e\i#D„o`$
ZfcfjX[fgk[liXek\cXj[`jZlj`fe\j[\cgi`d\i:fe^i\jf:fejk`klp\ek\1cfj
[\i\Z_fj_ldXefjÇ\ek`„e[Xj\cXc`Y\ikX[[\`dgi\ekXf[\\ogi\j`e Ç#cX
`^lXc[X[\eki\cfjXd\i`ZXefjÇ`eZcl`[fjcfj`e[ˆ^\eXjÇp\jgXŒfc\j\oZcl`[Xj
cXjZXjkXj #)'cXjlgi\j`e[\]l\ifj#cXjljg\ej`e[\cX@ehl`j`Z`e#cX]fidX
[\^fY`\ief[\jZfeZ\ekiX[f#cXfi^Xe`qXZ`egfcˆk`ZX[\c<jkX[f^\e\iX[X[\j$
[\cXgifgl\jkX[\IXdfj8i`qg\[\cXj[`glkXZ`fe\jgifm`eZ`Xc\j\e(/(( #cX
jlgi\dXZˆXZfejk`klZ`feXccXZlXcpXj\ŒXcXdfj#g\if\e]Xk`qXdfjhl\pXef
j\kiXkX[\cgf[\i[\k\ekX[f\ejcfleXg\ijfeXÇ\ci\pÇ#j`ef\ecX:fejk`$
klZ`e #pcXefd\efj`dgfikXek\[`jgfj`Z`eZfejk`klZ`feXc[\\jkXYc\Z\icX
`ejkilZZ`e\ekf[f\ci\`ef#\e]Xk`qXe[fhl\cX:fejk`klZ`e[\YˆX\ej\ŒXij\p
\ogc`ZXij\\ecXjle`m\ij`[X[\jpfkifjZ\ekifj[\\ej\ŒXeqXjlg\i`fi%)(
<ckˆklcf@O[\cX9edij_jkY_ŒdFeb‡j_YWZ[bWCedWhgk‡W;ifW‹ebW"[\(/()#\e
jljXikˆZlcfj*--X*.(#pX_XZ\leX\ogcˆZ`kXd\eZ`eXcX`ejkilZZ`eg’Yc`ZX#
Xlehl\kXdY`„eXcl[\Xck\dX[\cXc`Y\ikX[[\`dgi\ekXp\ogi\j`e#kXekf\e
\cXikˆZlcf*-/Zfdf\e\c*.(#cfjZlXc\jj\ŒXcXe1
8ik%*-/
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
FkiXji\g\iZlj`fe\j[\cXj:fik\j[\:}[`q
\e\c}dY`kfgfcˆk`ZfXd\i`ZXef
*(
[f\ogc`ZXij\cX:fejk`klZ`egfcˆk`ZX[\cXDfeXihlˆX\ekf[XjcXjle`$
)'
CXgfYcXZ`ee\^iXef]l\Zfej`[\iX[X\ecXj[`jZlj`fe\j#gl\jXcj\i\jZcXmXef^fqXYX[\e`e^l$
eXZfej`[\iXZ`e2cXjiXqXjXlkZkfeXjXd\i`ZXeXj#ccXdX[fj^\e„i`ZXd\ek\`e[ˆ^\eXj#jˆ]l\ifeX[d`k`[Xj#
alekfZfecfj\lifg\fjpcfjd\jk`qfj%EffYjkXek\#[\Y\i\jXckXij\\c_\Z_f[\hl\kXekfD`^l\c?`[Xc^f
ZfdfAfj„DXiˆXDfi\cfjZfej`[\iXifeX\jk\^ilgfZfdfgXik\[\cXjfZ`\[X[Xd\i`ZXeXd\o`ZXeX #gfi
\ccfXYfcˆXecX\jZcXm`kl[hl\g\jXYXjfYi\cX^iXedXpfiˆX[\\ccfj%
)(
EffYjkXek\#cXI\XcpGfek`ÔZ`XLe`m\ij`[X[[\D„o`ZfZi\cX9|j[ZhWieXh[9edij_jkY_Œd\e(/)'#
j`\e[f9c}jFj„j\cgi`d\iZXk\[i}k`Zf\e`dgXik`icX2\jkX:}k\[iX[\:fejk`klZ`ej\`e`Z`\c)/[\[`Z`\dYi\
[\(/)'%<cc`Z\eZ`X[fFj„j\iXXYf^X[f[\cXI\Xc8l[`\eZ`XK\ii`kfi`Xc[\cXEl\mX<jgXŒX#i\Zkfi[\c:fc\$
^`f[\JXekXDXiˆX[\Kf[fjcfjJXekfj#j\Zi\kXi`f[\cXAlekXGifm`eZ`Xc[\:\ejliX\jkXYc\Z`[X\ecXZXg`kXc
[\c m`ii\`eXkf# \eki\ fkiXj XZk`m`[X[\j% :]i% Dfi\ef (0--# /.,$0''% ;`jgfe`Yc\ \e cX [`i\ZZ`e \c\Zkie`ZX
_kkg1&&nnn%ali`[`ZXj%leXd%do&glYc`ZX&c`Yi\m&i\m&]XZ[\ido&Zfek&-*&eka&eka0%g[]
>feq}c\qFifg\qX
<cgcXe^\e\iXc[\\ej\ŒXeqXj\i}le`]fid\\ekf[f\ci\pef#[\Y`\e$
m\ij`[X[\jp\jkXYc\Z`d`\ekfjc`k\iXi`fj#[fe[\j\\ej\ŒXecXjZ`\eZ`Xj
\Zc\j`}jk`ZXjpgfcˆk`ZXj%
R¿T
8ik%*.(
Kf[fjcfj\jgXŒfc\jk`\e\cXc`Y\ikX[[\\jZi`Y`i#[\`dgi`d`ipglYc`ZXi
jlj`[\Xjgfcˆk`ZXjj`ee\Z\j`[X[[\c`Z\eZ`X#i\m`j`efXgifYXZ`eXc^l$
eXXek\i`fiXcXglYc`ZXZ`e#YXofcXji\jki`ZZ`fe\jpi\jgfejXY`c`[X[\j
hl\\jkXYc\qZXecXjc\p\j%>Xi]XefpG}iXdf(0/.#00$(''
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
*)
8dYfjXikˆZlcfj#\ed`fg`e`e#jfe`e[`jfclYc\jpe\Z\jXi`fjgXiXleXgc\$
eXc`Y\ikX[#gl\jgXiXleXZfdgi\ej`epZXYXcZldgc`d`\ekf[\cX:XikX=le$
[Xd\ekXc[\cI\`ef#f[\c<jkX[f#\e\cZXjf[\el\jkifgXˆjXgXik`i[\(/)+#\j
e\Z\jXi`fhl\j\\ogc`hl\\ecXjle`m\ij`[X[\j\`ejk`klZ`fe\j[\\[lZXZ`ejl$
g\i`fijlZi\XZ`e#]leZ`feXd`\ekfpXgc`ZXZ`e#gXiXhl\XjˆcXjfZ`\[X[gl\[X
^fqXi[\jlj[\i\Z_fjpZfefZ\i[\jljfYc`^XZ`fe\j%))P\jkf\jgi\Z`jXd\ek\
cf hl\ cXj [`jZlj`fe\j \e :}[`q j\ekXife gXiX cX gfjk\i`[X[1 Zfdgi\e[\i cX
`dgfikXeZ`X[\cXjlgi\dXZˆXZfejk`klZ`feXc#kXee\Z\jXi`Xhl\\iXle[\Y\i
[\ci\`ef[`mlc^XicX_XZ`Xkf[XcXjfZ`\[X[#phl„d\afihl\XkiXm„j[\cX\[l$
ZXZ`eg’Yc`ZX%
:fdf_\j\ŒXcX[f#\ecXj:fik\j<okiXfi[`eXi`Xj[\:}[`q#\eki\(/('p(/()#
j\^\jkXifeeld\ifjXjZfii`\ek\j[\g\ejXd`\ekf#ZlpXd}j]\Zle[XfYiX]l\
\ci\ZfefZ`d`\ekfXcfj[`glkX[fjXd\i`ZXefjZfdf`ek\^iXek\j[\ci\`ef#XcX
gXi[\cfjg\e`ejlcXi\j#pd\afiX’e#`[\ek`ÔZXicfjZfdfm\i[X[\ifji\gi\j\e$
kXek\j[\jlji\jg\Zk`mXjeXZ`fe\jWc[h_YWdWi\e<jgXŒX%CfjgifYc\dXjgXiX
j\igXik\[\cXj:fik\j#XjˆZfdfcX[`jgXi`[X[\ecXi\gi\j\ekXZ`e]i\ek\X
jljZfekiXgXik\jg\e`ejlcXi\jpcXj\jZXjXji\jgl\jkXjXjljg\k`Z`fe\j\iXe
ZfjX[\cgXjX[f2X_fiXpXj\_XYˆXe\eZfekiX[fZfejli\Xc`[X[#XjldˆXegc\$
eXd\ek\\cgXg\chl\jljeXZ`fe\j_XYˆXe[\gfj`kX[f\e\ccfj#jldXYXejlj
[\dXe[Xj i\^`feXc\j Zfe cXj eXZ`feXc\j# p k\id`eXife gfi Xjld`i le gXg\c
dlZ_f d}j ^iXe[\ hl\ \c hl\ fi`^`eXcd\ek\ _lY`\iXe [\j\dg\ŒX[f% <j Xjˆ
hl\i\jlckd}j]}Z`c#mXi`fjXŒfj[\jgl„j#pX]i\ek\XcX`e[\g\e[\eZ`X[\jlj
))
<jgfi\ccfhl\cXjXlkfi`[X[\jefmf_`jgXeXjj\dXeklm`\ifeZXlk\cfjXj[\gifdlc^XicX:fej$
k`klZ`e[\:}[`q#\egXik`ZlcXicfjm`ii\p\jM\e\^Xjp8gf[XZX2\cgi`d\if[\\ccfjXkiXm„j[\cefd\efj
Z„c\Yi\8WdZeZ[ikif[di_ŒdZ[bWb_X[hjWZZ[_cfh[djW[ddk[lW;ifW‹W"[\c,[\[`Z`\dYi\[\(/()#hl\
kXekfjgifYc\dXjgifmfZX=\ie}e[\q[\C`qXi[`pX9ljkXdXek\%L_ZikfhWf$'&$
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
**
>feq}c\qFifg\qX
Zfii\jgfe[`\ek\j eXZ`fe\j# \ogfe\i cXj [\dXe[Xj p YljZXi i\jgl\jkXj gXiX
\jXjel\mXj]leZ`fe\j#Zfdf[`glkX[fj]i\ek\XcXd}o`dXcXYfi[\cXeXZ`e1
`ek\^iXek\j[\c:fe^i\jf:fejk`klp\ek\#cfjgX[i\j[\cXgi`d\iX:fejk`klZ`e
[\ cX eXZ`e d\o`ZXeX% El\jkif gXˆj Zfek Zfe lef [\ \jfj \okiXfi[`eXi`fj
_fdYi\j#hl\#m\eZ`\e[fcfjfYjk}Zlcfj`dgl\jkfj[\j[\\cm`ii\`eXkf#cf^i
\c\mXicXmfq[\cXGifm`eZ`X[\:fX_l`cX\e:}[`q#p[\jgl„j\c\mcXmfq[\
cX eXZ`e \ek\iX Xek\ \c :fe^i\jf :fejk`klp\ek\ hl\ \cXYfi cX :fejk`klZ`e
]\[\iXc[\(/)+%<j\_fdYi\\j\cGX[i\[\c]\[\iXc`jdfd\o`ZXef#Afj„D`^l\c
IXdfj8i`qg\#leZfX_l`c\ej\efmf_`jgXef\e:}[`q#pleZfX_l`c$k\oXefc[n_#
YWde\eD„o`Zf%
=l\ek\jZfejlckX[Xj
8ZkX :fejk`klk`mX [\ cX =\[\iXZ`e% _kkg1&&nnn%fi[\eali`[`Zf%^fY%do&
:fejk`klZ`fe&(/)+8%g[]:fejlckX[X\c)'[\]\Yi\if[\)'() %
9XiiX^}e#Afj„%(0/+%Fh_dY_f_eiieXh[[b\[Z[hWb_icec[n_YWde"'.(*$D„o`Zf1
;\gXikXd\ekf[\c;`jki`kf=\[\iXc%
9\ek_Xd#A\i\dˆXj%(00'%<WbWY_Wifeb‡j_YWi$DX[i`[1:\ekif[\<jkl[`fjGfcˆk`$
Zfjp:fejk`klZ`feXc\j%
9li^fj >XiZˆX# <ei`hl\% (00,% È<eki\m`jkX Zfe \c ^fY\ieX[fi [\c \jkX[f [\
Hl\i„kXif#,[\X^fjkf[\(00,1=\[\iXc`jdfpGfcˆk`ZX=`jZXcÉ#\e9hŒd_#
*+
YWb[]_ibWj_lW$ãh]WdeZ[_d\ehcWY_ŒdZ[bWBL?B[]_ibWjkhW*#XŒf@M#el\mX
„gfZXale`f$alc`f %
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
:Xcmf [\ IfqXj# Cfi\eqf% (/'0% Fhefei_Y_Œd Z[ 9Wble Z[ HepWi Z[ YedleYW#
jeh_W Z[ bWi 9ehj[i o [bWXehWY_Œd Yedij_jkY_edWb" (, [\ XYi`c% _kkg1&&Y`Y%
Z\imXek\jm`iklXc%Zfd&j\imc\k&J`im\FYiXj&Z(/()&0'),(.*('0)*.',0
-+,+-.0&g''''''(%_kd@V(V:fejlckX[X\c)'[\]\Yi\if[\)'() %
:fejk`klZ`e =\[\iXc [\ cfj <jkX[fj Le`[fj D\o`ZXefj% _kkg1&&nnn%ali`[`ZXj%
leXd%do&`e]ali&c\^&Zfej_`jk&g[]&(/)+%g[] :fejlckX[X \c )' [\ ]\Yi\if
[\)'() %
;\Zi\kf jfYi\ i\jkXYc\Z`d`\ekf p ZfemfZXkfi`X [\ :fik\j \og\[`[f gfi cX
AlekX Jlgi\dX ^lY\ieXk`mX [\c I\`ef È:fejlckX Xc gXˆjÈ )) [\ dXpf
[\ (/'0 % _kkg1&&nnn%Z\imXek\jm`iklXc%Zfd&fYiX$m`jfi&[\Zi\kf$jfYi\$
i\jkXYc\Z`d`\ekf$p$ZfemfZXkfi`X$[\$Zfik\j$\og\[`[f$gfi$cX$alekX$
jlgi\dX$^lY\ieXk`mX$[\c$i\`ef$ZfejlckX$Xc$gX`j$))$[\$dXpf$[\$(/'0$$'&
_kdc&:fejlckX[X\c)'[\]\Yi\if[\)'() %
<[`Zkfp;\Zi\kfÔaXe[f\ce’d\if[\[`glkX[fjjlgc\ek\j[\cXj[fj8d„i`ZXj
p[\cXjGifm`eZ`XjfZlgX[Xjgfi\c\e\d`^fp[`ZkXe[fi\^cXjgXiX\jkX
\c\ZZ`e#()[\j\gk`\dYi\[\(/('%
=\ie}e[\q[\C`qXi[`#Afj„AfXhlˆe%)''-%7c_]ei"[d[c_]eioYec[djWh_ijWi#
mfc%(%D„o`Zf1LE8D%
>Xi]XefJ}eZ_\q#IX]X\cpAlXeIXde[\G}iXdf8i^•\cc\j%(0/.%BW9edi#
j_jkY_Œd=WZ_jWdWZ['.'("gi\j\ekXZ`e[\IX]X\cIfd}e>l\ii\if#*±\[%
('/g%d}j\[`Z`e]XZj`d`cXi[\(('g%:}[`q1;`glkXZ`e[\:}[`q%
>d\q [\ CXiX# =\ieXe[f# \k Xc% (00.% ;ijkZ_ei ieXh[ bW b_X[hjWZ Z[ fh[diW
[dCƒn_Ye$ :lX[\iefj Zfejk`klZ`feXc\j D„o`Zf$:\ekifXd„i`ZX )-# (+' g%
D„o`Zf1leXd&:\ekif[\<jkl[`fj:fejk`klZ`feXc\jD„o`Zf$:\ekifXd„i`ZX&
:fik\[\:fejk`klZ`feXc`[X[[\>lXk\dXcX&GifZliX[fi[\;\i\Z_fj?ldX$
efj[\>lXk\dXcX%
>feq}c\q FYi\^e# Cl`j% (0()% BW 9edij_jkY_Œd Z[ 9|Z_p" D„o`Zf# 8>E# (0()#
kfdf@@#g#)(.#WfkZ=\ieXe[f>d\q[\CXiX[jWb$(00.%;ijkZ_eiieXh[
bWb_X[hjWZZ[fh[diW[dCƒn_Ye$ :lX[\iefj Zfejk`klZ`feXc\j D„o`Zf$:\e$
kifXd„i`ZX )-# (+' g% D„o`Zf1 LE8D&:\ekif [\ <jkl[`fj :fejk`klZ`feXc\j
D„o`Zf$:\ekifXd„i`ZX&:fik\[\:fejk`klZ`feXc`[X[[\>lXk\dXcX&GifZl$
>feq}c\q Fifg\qX# DXel\c% (0//% È?`jkfi`X [\ [fj `eÕl\eZ`XjÉ% :ffi[% 9\X$
ki`q9\ieXc%C[ceh_WZ[b?L9ed]h[ieZ[>_ijeh_WZ[b:[h[Y^e'/.,%D„o`$
Zf1LE8D%
ÇÇÇ(00,%;b<[Z[hWb_ice":%<jkl[`fj_`jki`Zfj,*#.-'g%D„o`Zf#LE8D$@@A%
_kkg1&&Y`Y%Z\imXek\jm`iklXc%Zfd&j\imc\k&J`im\FYiXj&Z(/()&'(,0*0-*
/.0'**/+.++''*,&g''''''(%_kd@V(V:fejlckX[X\c)'[\]\Yi\if[\
)'() %
_kkg1&&nnn%ccl`jm`m\j%Zfd&j\imc\k&J`im\FYiXj&_`jk&'*-0/*(/.0'*'*0.*
'/0'.0&g''''''(%_kd@V'V:fejlckX[X\c)'[\]\Yi\if[\)'() %
?dijhkYY_Œd fWhW bWi [b[YY_ed[i feh 7cƒh_YW o 7i_W (+ [\ ]\Yi\if [\ (/(' # _kkg1&&Y`Y%Z\imXek\jm`iklXc%Zfd&j\imc\k&J`im\FYiXj&Z(/()&0'),(.*)(
')*.',0-,,+-.0&g''''''(%_kd@V'V:fejlckX[X\c)'[\]\Yi\if[\)'() %
?dijhkYY_Œd gk[ Z[X[h| eXi[hlWhi[ fWhW bW [b[YY_Œd Z[ Z_fkjWZei Z[ 9Œhj[i"
D„o`Zf#i\`dgi\jf\ecX:XjX[\8i`qg\#(/('#)'g%9`Yc`fk\ZXEXZ`feXc#
=fe[fCX]iX^lX(-.C8=%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
iX[fi[\;\i\Z_fj?ldXefj[\>lXk\dXcX%
C\\9\ejfe#E\kk`\%(0/+%ÈCX\c\ZZ`e[\Afj„D`^l\cIXdfj8i`qg\XcXj:fi$
k\j[\:}[`q\e(/('É#\e>_ijeh_Wc[n_YWdW+#mfc%OOO@@@XYi`c$ale`f 1(*)%
D„o`Zf1<c:fc\^`f[\D„o`Zf%
*,
9ehj[ieYedikbjWWbfW‡i"(*[\dXpf[\(/'0%
Dfi\ef#;Xe`\c%(0--%ÈCXgi`d\iXZ}k\[iX[\;\i\Z_f:fejk`klZ`feXc\eD„o`$
ZfÉ% H[l_ijWZ[bW<WYkbjWZZ[:[h[Y^eZ[Cƒn_Ye-* p -+# kfdf OM@# al$
c`f$[`Z`\dYi\ 1 /.,$0''% ;`jgfe`Yc\ \e1 _kkg1&&nnn%ali`[`ZXj%leXd%do&
glYc`ZX&c`Yi\m&i\m&]XZ[\ido&Zfek&-*&eka&eka0%g[]ZfejlckX[X\c/[\dXi$
qf[\)'() %
E\ndp\i#I%B\ek%(0-/%J^[Ikfh[c[9ekhjkdZ[hCWhi^WbbWdZJWd[o%K_\8?D
8d\i`ZXe?`jkfipJ\i`\j%El\mXPfib1K_fdXjP%:ifn\cc:fdgXep%
>feq}c\qFifg\qX
DXikˆe[\>XiXp%Fheo[YjeZ[:[Yh[jeieXh[h[ijWXb[Y_c_[djeoYedleYWjeh_WZ[
Hl`ekXeXi# Cl`j% (/)*% H[f‘Xb_YW\[Z[hWb# >lX[XcXaXiX# )( [\ ale`f% 9`Yc`fk\ZX
EXZ`feXc#=fe[fCX]iX^lX().-C8=%
IXdˆi\q:c\m\j#>feqXcf8%)''0%ÈCfjXikˆZlcfjjfYi\c`Y\ikX[[\`dgi\ekX[\
9\ek_XdpD`^l\c8ekfe`f:Xif1[`m\i^\eZ`Xjp\m\eklXc\jZfii\jgfe[\e$
Z`XjÉ#\eH[l_ijW:[h[Y^eZ[b;ijWZe))#ale`f (,0$/)%
IXdfj8i`qg\#Afj„D`^l\c%(/(($J[ij_ced_eZ[bfeZ[h[OdijhkYY_ed[igk[i[
Z_[hedWbI[‹eh:eYjeh:edC_]k[bHWceiO7h_pf[YeceWfeZ[hWZe[d9eh#
j[i;njhWehZ_dWh_WiZ[bIkfh[ce9edi[`eZ[H[][dY_W"ZWZefeh[b7okdjW#
c_[dje9Wf_jkbWhZ[[ijWl_bbWZ[IWbj_bbe"YeceWZ[djhei[[nfh[iW$7‹eZ[
'.''"fehZkfb_YWZe$
*-
ÇÇÇ%(0//%Fh[i[dY_WZ[HWcei7h_pf[[dbWi9ehj[iZ[9|Z_p'.((#:lX[\iefj[\c
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
8iZ_`mf)+#('.g%D„o`Zf1>fY`\ief[\c<jkX[f[\El\mfC\e&J\Zi\kXiˆX
[\8[d`e`jkiXZ`e&8iZ_`mf>\e\iXc[\c<jkX[f%
I`\l$D`ccXe# DXi`\$CXli\% (0//% ÈCfj [`glkX[fj Xd\i`ZXefj \e cXj :fik\j [\
:}[`q1\c\ZZ`epi\gi\j\ekXk`m`[X[É#\eGk_djeY[dj[dWh_e(+%,*$.)%DX$
[i`[1Le`m\ij`[X[:fdgclk\ej\%
K\eXIXdˆi\q#=\c`g\%(000%B[o[i\kdZWc[djWb[iZ[Cƒn_Ye"[`i\ZZ`ep\]\d„$
i`[\j[\=\c`g\K\eX#))±\[%XZklXc`qX[X%D„o`Zf1Gfii’X%
K\efi`f8[Xd\#8ekfe`f%)''0%=kh_Z_o7bYeY[h$:_fkjWZeZ[WcXei^[c_i\[#
h_ei$:[bWi9ehj[iZ[;ifW‹WWb9ed]h[ie<[Z[hWbC[n_YWde$;\g\i`f[`jkXj#
,+-g%<jgXŒX1Hlfild%
K`\ief>Xcm}e#<ei`hl\%(0-+$7YjWiZ[bWi9ehj[iZ[9|Z_p")mfcj%#9`Yc`fk\ZX
Gfcˆk`ZXKXlilj.%DX[i`[1KXlilj%
LY`XiZfDXc[feX[f#AlXe9ilef%)'')%;b\[Z[hWb_ice[dCƒn_YeobeifheXb[#
cWiieY_Wb[iZ[bfW‡i")0*g%D„o`Zf1D`^l\cÝe^\cGfii’X&8jfZ`XZ`e[\
Xcldefjp\oXcldefj[\gfj^iX[f\e;\i\Z_f#8%:%
QfiX`[XM}qhl\q#Afj\ÔeX%)'')%Cfjgi`d\ifjkifg`\qfj%<e>_ijeh_W=[d[hWb
Z[Cƒn_Ye",).$,/)%FYiXgi\gXiX[Xgfi\c:\ekif[\<jkl[`fj?`jki`Zfj#
m\ij`e)'''#+±i\`dg%#(('+g%Zfe`clj%pdXgXj%D„o`Zf1<c:fc\^`f[\
D„o`Zf$:\ekif[\<jkl[`fj?`jki`Zfj%
La Constitución de Cádiz
y su proyección
en la Constitución federal
y de los estados1
<hWdY_iYe@eiƒFWeb_8eb_e
;
Gi\}dYlcf_`jki`Zf
\j[\cfjgi`d\ifjXŒfj[\cj`^cfO@OZ`iZlcXYXegficX8d„i`ZX_`jgXeX
X`i\j[\`e[\g\e[\eZ`X#hl\gifekfj\Zfem`ik`\ife\ekfid\ekXj%<e
cXj[`jk`ekXjZfcfe`Xj_XYˆX^ilgfj[\g\ijfeXj`cljkiX[Xj#fZfe`ek\i„j
[\`cljkiXij\#hl\YljZXYXe`e]fidXZ`ejfYi\cXfi^Xe`qXZ`e[\c<jkX[f#cXj
el\mXj`ejk`klZ`fe\jg’Yc`ZXjp\c\a\iZ`Z`f[\cfj[\i\Z_fjgfcˆk`Zfjgc\efjgfi
cXjg\ijfeXj%DlZ_fjpXhl\iˆXeXYXe[feXicXZfe[`Z`e[\j’Y[`kfjhl\jcf
XZXkXe#pXjld`icX[\Z`l[X[XefjZfec`Y\ikX[\j#[\i\Z_fjpi\jgfejXY`c`[X$
[\j%<e\jXji\le`fe\jj\fk\XYXecXjclZ\j[\cgif^i\jfpj\i\Zfd\e[XYXe
c\ZkliXj[\c`YifjjfYi\i\`m`e[`ZXZ`fe\j\jZi`kfjgfiMfckX`i\pcfj\eZ`Zcfg\$
[`jkXj#gfiCfZb\#Dfek\jhl`\l#Ifljj\Xlpfkifjg\ejX[fi\j%CX@cljkiXZ`ecc\$
^XYXXcXjZfeZ`\eZ`Xj[\cfjZi`fccfj`e[`Xefjp[\cfjd\jk`qfjd}j\[lZX[fj
\ecfjj\d`eXi`fj#hl\\iXe\ekfeZ\jcfjj`k`fj[fe[\j\`dgXikˆXcfhl\_fp
ccXdXdfj\[lZXZ`ejlg\i`fi%
:i\fhl\\jZfem\e`\ek\Xk`jYXi#Xlehl\j\XYi\m\d\ek\#\cgXefiXdXgfcˆ$
k`Zf[fjXŒfjXek\j[\hl\j\ZfemfZXiXXcXj:fik\j[\:}[`q#\cXŒf[\(/'/%<jf
efjg\id`k`i}\ek\e[\icfhl\\jkXYXfZlii`\e[f\eel\jkiXgXik\[\8d„i`$
(
!
<cgi\j\ek\XikˆZlcf]l\glYc`ZX[fXek\i`fid\ek\\e>Xc\XeX)'(( %
@em\jk`^X[fi[\c@ejk`klkf[\@em\jk`^XZ`fe\jAliˆ[`ZXj[\cXLE8D%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
*/
ZXhl\[fd`eXYXekf[XmˆXcfj\jgXŒfc\j%<iXleX[fd`eXZ`ehl\ZcXiXd\ek\
\jkXYXg\i`Zc`kXe[f%<j\XŒf#\c\a„iZ`kf]iXeZ„j[\EXgfc\e`emX[`<jgXŒX
pZfe[lafXcXXY[`ZXZ`e[\cdfeXiZX:Xicfj@MX]Xmfi[\jl_`af=\ieXe[f#
gXiX[\jgl„j\Z_XiXki}j\jX[\Z`j`ep\eki\^XicXZfifeXX9feXgXik\#Zl$
pXjkifgXjj\_XYˆXegfj\j`feX[f[\cXG\eˆejlcX@Y„i`ZX%<ekfeZ\j#EXgfc\e
`ejkXc\e\ckifef\jgXŒfcXjl_\idXefAfj„#ZfefZ`[fZfdf F[f[8ej[bbW#
gfijljjXY`[XjXÔZ`fe\jXcZf_c`ZXj%GfZf[\jgl„j[\\jX\eki\^X[\cgf[\i
[\cfj9fiYfe\j#gX[i\\_`af]l\ifeZXgkliX[fj\eXYi`c#ZlXe[f_lˆXe_XZ`X
cX]ifek\iXZfe=iXeZ`X%KXc\jXZfek\Z`d`\ekfj`dglcjXifecXfi^Xe`qXZ`e[\cX
i\j`jk\eZ`Xgficfj\jgXŒfc\jg\e`ejlcXi\j#hl\efXZ\gkXYXecX`ek\im\eZ`e
[\cZfijf#gfid}jhl\\jkXYXeZX[X[ˆXd}jXZfi[\jZfe\cg\ejXd`\ekfc`$
Y\iX[fi[\cfji\mfclZ`feXi`fj]iXeZ\j\j%:li`fjXd\ek\#cfj\jgXŒfc\j[\cXj
[`m\ijXjk\e[\eZ`Xj#^\ek\[\cgl\YcfpXi`jkZiXkXj#c`Y\iXc\jpZfej\imX[fi\j
]l\ifele`[fjgficXe\Z\j`[X[[\ZfdYXk`iXcfj`emXjfi\j%
<e \j\ d`jdf XŒf ]Xkˆ[`Zf# Zlpfj k\ii`Yc\j XZfek\Z`d`\ekfj `YXe X k\e\i
i\g\iZlj`fe\j\ecXjZfcfe`Xj[\lckiXdXi#_XYˆXc\mXekXd`\ekfjgfi[fhl`\i#
Zfdfgc}jk`ZXd\ek\efji\Zl\i[XcX[iXd}k`ZX\jZ\eX[\c]lj`cXd`\ekf[\c)[\
dXpf#gcXjdX[Xgfi\cg`ekfic`Y\iXcpgXki`fkX[\<jgXŒX#=iXeZ`jZf[\>fpX
pClZ`\ek\j%KXdY`„e\e\j\XŒf[\(/'/#J`de9fcˆmXi#\cd}ji\ZfefZ`[fp
m`c`g\e[`X[f XZkfi [\ cX `e[\g\e[\eZ`X [\ cfj gXˆj\j Xd\i`ZXefj# \dg\q X
gi\gXiXi \c dfm`d`\ekf c`Y\ikX[fi# _XY`\e[f \ek\e[`[f hl\ cXj Zfe[`Z`fe\j
gXiX cf^iXicf \jkXYXe [X[Xj p hl\ gf[ˆX \eZfekiXi Xc`X[fj \eki\ cfj Xd\i`$
ZXefjpcfj\lifg\fj%9fcˆmXi[`i`^`cXclZ_X[\`e[\g\e[\eZ`X[\j\`jgXˆj\j
jl[Xd\i`ZXefjp\jklmf\eZfekXZkfZfeD„o`ZfpjlclZ_X`ejli^\ek\%:fdf
jXY\dfj#9fcˆmXihl\iˆXfi^Xe`qXileX^iXei\g’Yc`ZXhl\X^ilgXiXXcfjgXˆ$
j\j_`jgXefXd\i`ZXefj#g\ifZfdf„cd`jdf[`af\ejldfd\ekf#\jXkXi\X]l\
ZfdfÈXiXi\e\cdXiÉ%
KXdY`„e \e \j\ XŒf \jkXYXe ^\jk}e[fj\ \e cX El\mX <jgXŒX cfj ^ilgfj
hl\clZ_XiˆXegficX`e[\g\e[\eZ`X%:`\ekfj[\jXZ\i[fk\j#Xc^lefjd`c`kXi\jp
_XjkX^fY\ieXek\jefmf_`jgXefjgcXe\XYXe\cdfm`d`\ekf`ejli^\ek\%Cf`YXX
\eZXY\qXi\eleXgi`d\iX\kXgX[feD`^l\c?`[Xc^fp:fjk`ccX#ZliX[\;fcfi\j#
>lXeXalXkf%<ei\Xc`[X[#cXZfejg`iXZ`ec`Y\ikXi`Xk\eˆXjlXj`\ekfpZfe[lZZ`e
\emXi`XjgfYcXZ`fe\j`dgfikXek\j[\cYXaˆf1Hl\i„kXif[fe[\^fY\ieXYXecfj
Zfii\^`[fi\j[feD`^l\c;fdˆe^l\qpjl\jgfjX[fŒXAfj\]XFik`q[\;fdˆe$
^l\q 2JXeD`^l\c\c>iXe[\[\[fe[\\iXeXkliXc\c^\e\iXc@^eXZ`f8cc\e[\ 2
p;fcfi\j#>lXeXalXkf#cl^Xi\ehl\j\[`f\c]Xdfjf^i`kf[\`e[\g\e[\eZ`X\
`e`Z`cXclZ_X%?`[Xc^f\iXleXZX[„d`Zf[\cX@^c\j`X#hl\_XYˆX[\jXiifccX[f
[`m\ijXjXZk`m`[X[\j[\XgfpfdXk\i`Xcp\jg`i`klXcgXiXjlgl\Ycf#`eZcl`[XcX
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
*0
GXfc`9fc`f
[\i\Zkfi[\c:fc\^`f[\JXeE`Zfc}j#\ecXZ`l[X[[\MXccX[fc`[#_fpDfi\c`X%
?XYˆXc\ˆ[f`ek\ejXd\ek\XcfjXlkfi\j]le[Xd\ekXc\j[\cX@cljkiXZ`e]iXe$
Z\jX \ `e^c\jX% ?XYcXYX [fj `[`fdXj `e[ˆ^\eXj# ŒXŒ’ p gli„g\Z_X# cf hl\ c\
gfj`Y`c`kXYX\jkXiZ\iZX[\cX^\ek\d}j_ld`c[\#hl\cfXgfp\ecXclZ_X`e[\$
g\e[\ek`jkX%8[\d}j#[fd`eXYX`[`fdXj\okiXea\ifjZfdf\ccXkˆe#\c]iXeZ„jp
\c`kXc`Xef#hl\c\g\id`kˆXeZfdle`ZXij\Zfe\cg\ejXd`\ekfc`Y\ikXi`f%
<e\j\XŒfZcXm\[\(/'/#gl\j#j\\dg\qXj\ek`ilemXZˆf[\gf[\ipleX
^iXe`ehl`\kl[\ecXd\kigfc`\jgXŒfcXp\ecXjZfcfe`Xj[\lckiXdXi2kXdY`„e
\dg\qXgifdfm\ij\#gXiXc\cXd\ek\#ledfm`d`\ekfgXiXfi^Xe`qXicXm`[X
g’Yc`ZX[\cfjel\mfjgXˆj\j[\dXe\iX[`jk`ekX#i\`m`e[`ZXe[fcXjc`Y\ikX[\jp
[\i\Z_fj]le[Xd\ekXc\jgXiXjljZ`l[X[Xefj%>ilgfj`dgfikXek\j[\Zi`fccfj
pd\jk`qfj[\cfj[fd`e`fjlckiXdXi`efjZfd\eqXife#[\j[\cl\^f#Xg\ejXi\e
jlfi^Xe`qXZ`egfcˆk`ZXgifg`X%
Fkif]XZkfihl\\ogc`ZXcXZfejg`iXZ`e[\`e[\g\e[\eZ`Xhl\j\^\jkX\e
cXjZfcfe`Xj#[\dXe\iXdlpj`^e`ÔZXk`mX\ecXEl\mX<jgXŒX#gl\[\Xki`Yl`ij\
XcXgfcˆk`ZX[\`dgl\jkfjhl\cXX[d`e`jkiXZ`eYfiYe`ZXm\eˆXXgc`ZXe[f%<e
\]\Zkf#Zfdfjfjk`\e\Cl`jM`ccfif\ejlXe}c`j`j[\cXi\mfclZ`e[\`e[\g\e$
[\eZ`X1È8gi`eZ`g`fj[\cj`^cfO@O#cXEl\mX<jgXŒXjld`e`jkiXYXXcXd\kigfc`
ki\jZlXikXjgXik\j[\ckfkXc[\c`e^i\jf[\cXjZfcfe`XjÉM`ccfif(0,*#)- %<e
cfjgi`d\ifjXŒfj[\cj`^cfO@Oj\i\j`ek`\ecXdXpfigXik\[\\ccXjcX\oXZZ`e
[\`dgl\jkfj1j\\dYXiZXifeX<jgXŒXXelXcd\ek\Xci\[\[fi[\('d`ccfe\j[\
g\jfjgfi\j\ZfeZ\gkf%@dX^`e\dfj\c[`j^ljkf[\cXjfc`^XihlˆXjefmf_`jgX$
eXj#hl\m\ˆXe`ij\^iXegXik\[\jlji\ZlijfjXcgXˆjhl\cfj[fd`eXYX%GXik`$
ZlcXid\ek\jli^ˆXcXi\Y\c[ˆX\eki\cfj[l\Œfj[\cXj^iXe[\j_XZ`\e[Xj#hl\\iXe
d}j[\Z`eZfd`c#XjˆZfdf\eki\cfj`e[ljki`Xc\jd`e\ifjpk\ok`c\j#pd`\dYifj
[\cZc\ifhl\[\k\ekXYXecXdXpfigXik\[\cXjk`\iiXj[\cXEl\mX<jgXŒX%
8jˆgl\j#XcjfYi\m\e`icX`emXj`e]iXeZ\jXX<jgXŒX#pZXcZlcXihl\j\iˆX
\c`dg\i`f[\EXgfc\e\chl\\dg\qXiˆXXZXgkXi\jfji\Zlijfj#cfjj’Y[`kfj
[\cXjZfcfe`Xj_`jgXeXj\dg\qXifeXg\ejXi\ejlgifg`f^fY`\ief#Xlehl\
cf\eZXY\qXiX=\ieXe[fM@@#_\i\[\if[\:Xicfj@M#Xchl\f]i\Z`\ifem\e`iX
^fY\ieXicXZfcfe`XdXpfipd}jgif[lZk`mX[\8d„i`ZX%
8ek\cXfZlgXZ`e]iXeZ\jX#cfj\jgXŒfc\jc`Y\iXc\j]fidXifealekXjgifm`e$
Z`Xc\jp[\jXiifccXifecXi\j`jk\eZ`X%;fjXŒfj[\jgl„ji\le`\ife\e:}[`q#kf$
[XmˆXk\ii`kfi`fc`Yi\[\cX`emXj`e]iXeZ\jX#le^ilgf[\c`Y\iXek\gXiXle`ÔZXi
cXclZ_XgficXjlg\im`m\eZ`X[\<jgXŒXpjlj[fd`e`fj%PXi\le`[XcXXjXdYc\X
^X[`kXeXZfe\j\gifgj`kf#cfj[`glkX[fj[\Z`[`\ife_XZ\ileXel\mXZfejk`$
klZ`ehl\\ogi\jXiXZcXiXd\ek\jlj`ek\i\j\j%CXj:fik\j#Zfdfj\ccXdXYXXc
Zl\igfgfcˆk`Zfhl\j\i\le`gXiX[\c`Y\iXijfYi\\c]lklif[\<jgXŒXpjljZf$
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
+'
cfe`Xj[\lckiXdXi#klm`\ifeleX`ek\^iXZ`e\jg\Z`Xchl\c\j[`fleZfek\e`[f
ZcXif[\i\gi\j\ekXZ`e[\dfZi}k`ZX%J\kiXkXYX[\leXj:fik\jkiXej]fidX[Xj#
gfihl\Xek\i`fid\ek\j\_XYˆXe`ek\^iX[fpi\le`[f\e<jgXŒX#p]l\ife\e
i\Xc`[X[leZfej\af[\ci\p#Zfejk`kl`[fgfij\Zkfi\jkiX[`Z`feXc\j1cfjfY`jgfj
p[`^eXkXi`fj\Zc\j`}jk`Zfj#cfjefYc\jpcfji\gi\j\ekXek\jdle`Z`gXc\j[\m`$
ccXjpZ`l[X[\j%<ej\gk`\dYi\[\(/('#ZlXe[fj\i\’e\ecXj:fik\j[\:}[`q#
X^i\^Xe i\gi\j\ekXek\j [\ cXj alekXj gifm`eZ`Xc\j# hl\ \iXe Yifk\j Z`l[X[X$
efjphl\fi^Xe`qXifecXi\j`jk\eZ`X[\cgl\Ycfgfigi`d\iXm\q#\eiXqe[\
le[`glkX[fgfiZX[XZ`eZl\ekXd`c_XY`kXek\j#`eZcl`[fjcfj[`glkX[fj[\cXj
gifm`eZ`XjXd\i`ZXeXj%<eki\cfjd}j[\jkXZX[fj[`glkX[fj[\el\jkiXi\^`e
\jklm`\ifeClZXj8cXd}e#D`^l\cIXdfj8i`qg\#Afj„DXi`XefD`Z_\c\eX#Afj„
D`^l\c>li`[`p8cZfZ\ipD`^l\c>feq}c\qCXjk`i`%CXZfe]fidXZ`e[\cXj:fik\j
[\:}[`qpcXZi`j`j\ed\[`f[\cXhl\j\ZfemfZXifeZfe[la\ifeXcXfi^Xe`$
qXZ`e [\ cX XjXdYc\X gif^i\j`jkX d}j `dgfikXek\ [\ _XYcX _`jgXeX \e \j\
dfd\ekf%Jlj[\c`Y\iXZ`fe\jpcXj[`jgfj`Z`fe\jjlg\i`fi\jhl\XgifYXifecX
_`Z`\ife`ejg`iX[fiX[\cX@e[\g\e[\eZ`X%
<ecX:fejk`klZ`e^X[`kXeXj\`[\ek`ÔZXYXZfdfXZkfipj\i\ZfefZˆXgfi
gi`d\iXm\qXcgl\Ycf#j`Y`\ekf[XmˆXefj\c\cc\^XYXX[\Ôe`iZfdf\cjfY\$
iXef%CXXki`YlZ`e^X[`kXeX[\jfY\iXeˆX]l\_\Z_XXcXeXZ`e%G\ifcfd}j
`dgfikXek\ ]l\ hl\ \e cX ZXikX [\ :}[`q j\ \jkXYc\Z`\ife Xc^lefj [\i\Z_fj
]le[Xd\ekXc\j [\ cX g\ijfeX1 cX gifg`\[X[ gi`mX[X XikˆZlcf +² # \c [\i\Z_f
[\ efk`ÔZXZ`e [\ i\jgfejXY`c`[X[\j p [\ Xl[`\eZ`X XikˆZlcfj )/. p )0' # cX
gif_`Y`Z`e[\ckfid\ekfXikˆZlcf*'* #cX`em`fcXY`c`[X[[\c[fd`Z`c`fXikˆZlcf
*'- pcXc`Y\ikX[[\gi\ejXpglYc`ZXZ`eXikˆZlcf*.( %El\jkiXgi`d\iX:fej$
k`klZ`e[\(/)+cXji\Zf^\kf[Xj%
@e]cl\eZ`Xj[\cX:fejk`klZ`e[\:}[`q
\eel\jkifjgXˆj\jcXk`efXd\i`ZXefj
>cfjfXZfek`elXZ`eXc^leXj[\cXj`eÕl\eZ`Xjj`^e`ÔZXk`mXj[\cX:fejk`klZ`e
[\:}[`q\ecfjgXˆj\j_`jgXefXd\i`ZXefjp\egXik`ZlcXi\e\cel\jkif#kXekf
\ecX:fejk`klZ`e]\[\iXcZfdf\ecXj[\cfj\jkX[fj#ZlXe[f„jkfjcXj]l\ife
\cXYfiXe[f%CXj`eÕl\eZ`Xj[\:}[`qhl\[\jkXZfj\i\Ô\i\e]le[Xd\ekXcd\e$
k\XcXfi^Xe`qXZ`e[\c<jkX[feXZ`feXc#cXfi^Xe`qXZ`e[\cXX[d`e`jkiXZ`e
g’Yc`ZXp\cGf[\iC\^`jcXk`mf%
›
?XY\i[\gfj`kX[fcXjfY\iXeˆX\ecXeXZ`e#Zfdfcf_`Z`\ifecfj
Zfejk`klp\ek\j^X[`kXefj#]l\legXjf[\Z`j`mfgXiXcXZfe]fidX$
Z`e[\dfZi}k`ZX[\cfjgXˆj\j[\8d„i`ZXCXk`eX%<jX[\Z`j`ecc\$
›
›
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
›
+(
GXfc`9fc`f
›
mXYX\cd\ejXa\[\cX\c`d`eXZ`e[\cdfeXiZXZfdfk`klcXi[\cX
jfY\iXeˆX%;\aXYXj`ej\ek`[f_XYcXi[\ci\pZfdflejfY\iXef%P
ZfYiXj`^e`ÔZXZ`ecX`[\ek`[X[[\leXZfdle`[X[#Zfdfcf\jcX
eXZ`e#hl\j\`[\ek`ÔZXgfi\c\d\ekfjZfdle\j1cXc\e^lX#cXi\$
c`^`e#cXg\ik\e\eZ`XXlek\ii`kfi`fpfkifjZlckliXc\jhl\j\mXe
Zfejkilp\e[fgficXi^fjk`\dgfj%J\_XYcX[\j[\\ekfeZ\j[\leX
eXZ`ejfY\iXeX%
CX:fejk`klZ`e[\:}[`qkXdY`„eefj_`qfXmXeqXi_XZ`X\cj`jk\$
dXi\gi\j\ekXk`mf#gfihl\j`cXeXZ`e\jk}]fidX[XgficXjg\ijf$
eXjhl\cX`ek\^iXe#\j\e\ccXj#f\ejlji\gi\j\ekXek\j#hl\i\j`[\
cXjfY\iXeˆX%?Xp\e:}[`qle^\id\ehl\gcXek\X\cgi`eZ`g`f[\
leX[\dfZiXZ`Xi\gi\j\ekXk`mX%;\_\Z_f#cX:fejk`klZ`e[\:}[`q
j\lk`c`qX\ecXel\mXeXZ`ed\o`ZXeX#i\Z`„e`e[\g\e[`qX[X#gXiX
ZfemfZXiZfejljgifZ\[`d`\ekfjXcgi`d\i:fejk`klp\ek\fi`^`eXc
[\el\jkiX_`jkfi`X%
CXj:fik\j[\:}[`qj\Zfejk`klp\ifeZfdfGf[\iC\^`jcXk`mfXikˆZl$
cf(, #ZfeXdgc`Xj]XZlckX[\j%:lXe[f=\ieXe[fM@@#\e(/)'#j\m\
fYc`^X[fXÔidXicX:XikX^X[`kXeX#cXj:fik\jfi[`eXi`Xjj\Zfe$
m`\ik\e \e leX `ejk`klZ`e \a\ gXiX \c ]leZ`feXd`\ekf [\c <jkX[f
\jgXŒfc#kiXej]fid}e[fcf\eleXdfeXihlˆXZfejk`klZ`feXcp#gfi
kXekf#df[\iX[X%CX[`i\ZZ`egfcˆk`ZX]le[Xd\ekXc[\c<jkX[fhl\$
[XgfilefjXŒfj\ecXj:fik\j#pX_ˆj\`eZlYXcX]fidXZ`e[\le
i„^`d\egXicXd\ekXi`f%
<e \c :fejk`klp\ek\ ^X[`kXef j\ gif[lZ\ leX [`jZlj`e dlp Xd$
gc`X#Xgifgj`kf[\cX]fidXhl\X[fgkXiˆXcXX[d`e`jkiXZ`eg’Yc`$
ZX%CXdXpfigXik\[\cfj[`glkX[fjg\e`ejlcXi\jj\`eZc`eXgficX
fi^Xe`qXZ`e Z\ekiXc`qX[X# p le Yl\e e’d\if [\ cfj [`glkX[fj
Xd\i`ZXefj j\ `eZc`eX gfi le j`jk\dX [\jZ\ekiXc`qX[f% Cfj [`gl$
kX[fj\jgXŒfc\ji\gl[`XecX[\jZ\ekiXc`qXZ`eXi^ld\ekXe[fhl\
Zfe[lZ`iˆXXlej`jk\dX]\[\iXcZfdf\c\jkX[fle`[\ej\f\cjl`$
qf%Cfj[`glkX[fjXd\i`ZXefjhl\d}j[\jkXZXe\ecX[\]\ejX[\
cX fi^Xe`qXZ`e [\jZ\ekiXc`qX[X ]l\ife cfj d\o`ZXefj D`^l\c IX$
dfj8i`qg\pAfj„D`^l\c>li`[`p8cZfZ\i#p\cZ_`c\ef=\ie}e[\q
[\C\`mX%<cd}jX^l[f\`eZ`j`mf\ejljXi^ld\ekXZ`fe\j]l\IX$
dfj8i`qg\#Xhl`\egfi\jfj\c\Zfej`[\iX\cgX[i\[\c]\[\iXc`j$
dfd\o`ZXef%8g\jXi[\jlj`ek\ejXjXi^ld\ekXZ`fe\j#ki`le]X\e
\c:fejk`klp\ek\\cgifp\ZkfZ\ekiXc`jkX1j\Zfej`[\iXhl\gl\[\e
dXe\aXij\d}jX[\ZlX[Xd\ek\[\j[\<jgXŒX%
<c\jkXYc\Z`d`\ekf[\cXj[`glkXZ`fe\jgifm`eZ`Xc\jXYi\cXgl\ikX
XcX]fidXZ`e\eD„o`ZfpfkifjgXˆj\j`Y\ifXd\i`ZXefj[\cj`jk\$
+)
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
›
dX]\[\iXc%CfjZfejk`klp\ek\jm\e\e\ccXjjcfX^\ek\j[\c^fY`\i$
ef \jgXŒfc# d`\ekiXj hl\ cfj Zfejk`klp\ek\j Xd\i`ZXefj cXj m\e
ZfdfZ}dXiXj[\i\gi\j\ekXZ`ek\ii`kfi`Xc%<jfjZl\igfjZfejk`$
klp\e#\ecXgi}Zk`ZX[\[`m\ijXjgifm`eZ`Xj[\lckiXdXi#lef[\cfj
`dglcjfjdXpfi\jXcj`jk\dX]\[\iXchl\\eel\jkifgXˆjXZXYX`d$
gfe`„e[fj\%CX:fejk`klZ`e[fZ\XŒ\iX[`fX\jXj[`glkXZ`fe\j]X$
ZlckX[\jXdgc`Xj#efjcf\e\cfi[\ec\^`jcXk`mf#j`ef[\^\jk`e
gXiX]fd\ekXicXX^i`ZlckliXpcX\[lZXZ`e%<jkXj\iXecXjXZk`m`$
[X[\jdXpfi\j\ehl\gf[ˆXg\ejXij\%CXX^i`ZlckliX\iXcXhl\
d}jjXk`j]XZkfi\jdXk\i`Xc\jgif[lZˆXXcj\i_ldXefgXiXjljfj$
k\e`d`\ekf#pcX\[lZXZ`ecXhl\]fd\ekXYXcXjZfe[`Z`fe\jdXpf$
i\jgXiX\c[\jXiifccf[\jl`ek\c`^\eZ`XpcXZfe[lZZ`eX[\ZlX[X
pi\jgfejXYc\[\jlXcY\[iˆf%
;\mXi`XjdXe\iXjcX:fejk`klZ`e[\:}[`qgifdfm`kXekfcXj`e$
[\g\e[\eZ`Xj[\cfjgXˆj\j[\8d„i`ZXCXk`eXZfdf\c\jkXYc\Z`$
d`\ekf[\cXji\g’Yc`ZXj[\ZX[Xlef[\\ccfj%J`Y`\ecXZXikX[\
:}[`qjfjklmfleXdfeXihlˆX#„jkX]l\df[\iX[XgficX:fejk`kl$
Z`e d`jdX% CX dfeXihlˆX Zfejk`klZ`feXc k`\e\ j\d\aXeqX \e [`$
m\ijfjXjg\ZkfjZfecXj]fidXji\glYc`ZXeXjhl\j\`YXeX`dgfe\i
\ecfjk\ii`kfi`fj[\lckiXdXi%<ecX8d„i`ZXpX`e[\g\e[`\ek\#cX
dfeXihlˆXk`\e\gfZXjgfj`Y`c`[X[\j#Zfdfcfm`dfj\e\c\]ˆd\$
if^fY`\ief[\8^ljkˆe@%cfjZfeZ\gkfjpcXgifk\ZZ`eXcXjc`Y\i$
kX[\j]le[Xd\ekXc\j[\cj\i_ldXefgi\m`jkfj\ecX:fejk`klZ`e
^X[`kXeX[`]ˆZ`cd\ek\gf[ˆXe`e[lZ`iXel\jkifjgXˆj\jXZ\Œ`ij\X
cfjgXkife\j[\leXdfeXihlˆX%8d„i`ZX#k\ii`kfi`f[\cfj^iXe[\j
\jgXZ`fjpcXj]fid`[XYc\j`clj`fe\jlkg`ZXj#Zfek`e\ek\[\cd\j$
k`qXa\ hl\ gifg`Z`X cX gcliXc`[X[ p cX Zfe]iXk\ie`qXZ`e [\ cfj [`jk`ekfj#\jkXYXccXdX[XgfidlZ_fjZfeZ\gkfjXcXfi^Xe`qXZ`e
i\glYc`ZXeX%Cfj[`glkX[fjXd\i`ZXefjcf_XZ\egXk\ek\gi`d\if
\ecfj[\YXk\j[\c:fejk`klp\ek\^X[`kXef2[\jgl„j#\ejljgXˆj\j
pX`e[\g\e[`\ek\j#Zfeki`Ylp\eX]fidXii\g’Yc`ZXj%
8lehl\[\dXe\iXgXiZ`Xc#cX:fejk`klZ`e[\:}[`q\jklmfm`^\ek\\e[fj
dfd\ekfj_`jki`Zfj[\cXEl\mX<jgXŒX1(/()p(/)'%<eleXgi`d\iX\kXgX#
\eÈkf[XjcXj<jgXŒXjÉ#ZfdfcXjccXd\c:fejk`klp\ek\^X[`kXef`eZclp\e[f\e
\ccXjXcXjZfcfe`Xj[\lckiXdXi#_XjkX(/(+%<j\XŒf]l\[\jZfefZ`[Xgfi\ci\p
=\ieXe[fM@@#hl\ZcXiXd\ek\i\Z_XqjlZfek\e`[fc`Y\iXc[\ZfdYXk\XcXY$
jfclk`jdf%G\if\cd\eZ`feX[fdfeXiZXefk`\e\d}ji\d\[`fhl\XZ\gkXicXp
aliXicX\e(/)'#ZlXe[fj\`dgfe\\e<jgXŒX\cdfm`d`\ekf[\c^\e\iXcI`\^f%
<eD„o`Zf#pXi\ZfefZ`[XcX`e[\g\e[\eZ`Xp[\iifZX[f\cGi`d\i@dg\i`f[\
@kliY`[\#cX:XikX^X[`kXeXj\lk`c`qXgXiXZfemfZXiXcXj\c\ZZ`fe\j[\cgi`d\i
:fejk`klp\ek\#ZfdfpX[\ZˆXXek\j%
+*
GXfc`9fc`f
?Xphl\XZ\gkXihl\j`Y`\e\eel\jkifgXˆjcXdfeXihlˆXefk`\e\lecl^Xi
eXkliXcgXiXjl[\jXiifccfgfcˆk`Zf#e`j`hl`\iX\ejlm\ij`eZfejk`klZ`feXc#_Xp
Xc^leXjZXiXZk\iˆjk`ZXj[\c^fY`\iefdfe}ihl`Zfhl\gl[`\ifeÔckiXij\pgi\$
j\imXij\cXi^Xd\ek\\ecXgi}Zk`ZXgfcˆk`ZX[\el\jkifgXˆjp#\e^\e\iXc#\ecfj
j`jk\dXjgi\j`[\eZ`Xc`jkXjhl\j\`dgcXekXife\ekf[XcXi\^`ecXk`efXd\i`$
ZXeX%<eD„o`Zf#cXÔ^liX[\8ekfe`fCg\q[\JXekX8eeXhl\gi\k\e[`#Zfe
]XZ_X[Xi\glYc`ZXeX#i\gi\j\ekXilegXg\c`dg\i`Xc#efji\Zl\i[X\jXk\e[\e$
Z`Xhl\XÕfileXpfkiXm\q\eel\jkifjgXˆj\j`Y\ifXd\i`ZXefj%<jXÔ^liX
^ifk\jZXhl\]fd\ekX\cZlckfXcXg\ijfeXc`[X[pcX`dX^\eeXgfc\e`ZXXcX
hl\jfdfjkXegifZc`m\jcfjcXk`efjjli^\pml\cm\Xjli^`i\eel\jkifjgXˆj\j%
CX]l\iqX[\XdY`Z`fjfjcˆ[\i\jZfdfGfiÔi`f;ˆXq#c\jg\id`k\cXi^fjg\i`f[fj
[\^fY`\ief#gXi\Z`[fjXcfj[\cXjdfeXihlˆXjXYjfclkXj[\<lifgX%<eZlXekf
gl\[\ei\YXjXecfjcˆd`k\j[\jldXe[Xkfp[\jlj]leZ`fe\j#pj\gifcfe^Xe
\e\cgf[\i%
D`iXe[f\e\jkfj[ˆXjXcXk`\iiX[\cc`Y\ikX[fiJ`de9fcˆmXigf[\dfjZfe$
ÔidXicf%<cZXl[`cc`jdfj\_X[X[fYXaf[`jk`ekfjj`^efj`[\fc^`Zfjp\e[`m\i$
jXj„gfZXj%<eD„o`Zfcc\^XdfjXk\e\icXZfe[`Z`ehl\j\_XZXiXZk\i`qX[fgfi
Xc^lefjZfdf[\gi\j`[\eZ`Xc`jdfXYjfclkf#phl\Xc^’e_`jkfi`X[fi_XccXdX[f
[\cXÈgi\j`[\eZ`X`dg\i`XcÉ%<jkXjk\e[\eZ`Xjg\ijfeXc`jkXjefj[\aXec\ZZ`fe\j
`dgfikXek\jgXiXkiXkXi[\jlg\iXilegi\j`[\eZ`Xc`jdfZfe\chl\ef_\dfj
gf[`[fXmXeqXie`Zfejkil`i`ejk`klZ`fe\jd}jgc\eXd\ek\[\dfZi}k`ZXjpi\gl$
Yc`ZXeXjpXcXm\qZfedXpfi\ÔZXZ`XgXiXcX^fY\ieXeqX%:i\fhl\\jkXdfj\e
\cZXd`efgXiXgifg`Z`Xileel\mfj`jk\dXZfe\c\d\ekfjgXicXd\ekXi`fjgXiX
gifg`Z`Xile^fY`\iefi\jgfejXYc\pZfdg\k\ek\#\e\chl\cXj[`jk`ekXj]l\iqXj
k\e^Xe\c\jkˆdlcf[\ZfdgXik`i\cgf[\ip\jkXYc\qZXelei„^`d\eZfe^fY\i$
eXY`c`[X[[\dfZi}k`ZX#Zfdf\chl\j\gcXek\\ejldfd\ekf\e:}[`q%
GfZfXgfZf#\ecX[`jZlj`eXZX[„d`ZXhl\Xm\Z\jcc\^XX[\Ôe`icX[`jZl$
j`eg’Yc`ZX#cXjm\ekXaXj[\lej`jk\dXZfe\c\d\ekfjgXicXd\ekXi`fjj\mXe
gfe`\e[f [\ dXe`Ô\jkf% G\if cfj d\[`fj dXj`mfj [\ `e]fidXZ`e ef k`\e\e
`ek\i„j\elej`jk\dX[\\jXeXkliXc\qXgfihl\ZXeZ\cXiˆXmXi`fj[\jljgi`m`c\$
^`fj\`e`hl`[X[\j\ecXjhl\j\dl\m\edlZ_fj[\jlj[l\Œfj%<jkXXj`^eXkliX
j`^l\g\e[`\ek\gXiXZlijXicX\e\c]lklif`ed\[`Xkf[\el\jkifZfek`e\ek\%P
d}j\jg\ZˆÔZXd\ek\\e\cJ\eX[fp\e\c:fe^i\jfkf[f%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
K\e[\eZ`Xjg\ijfeXc`jkXj
\e\c\a\iZ`Z`f[\cgf[\i
:fdf m\e# ef g`\i[f cX fgfikle`[X[ gXiX `dglcjXi cX `[\X [\ leX c\p [\
d\[`fjdXj`mfj[\`e]fidXZ`e#hl\\c:fe^i\jf[\Y\gifZ\jXigfihl\jl\d$
Yi`e\jk}kf[XmˆX`em\ieXe[f\eÈcXZfe^\cX[fiXÉ#Zfdfj\[`Z\\e\cc\e^lXa\
gXicXd\ekXi`f[\el\jkifgXˆj%:fe\jkX’ck`dXi\Õ\o`eZfek\dgfi}e\X#hl\
[„el\mXm`[XXcfgi\m`jkf\e\cXikˆZlcf*.([\cX:fejk`klZ`e[\:}[`q#)Zfe$
Zclpfd``ek\im\eZ`e%
=l\ek\jZfejlckX[Xj
>Xc\XeXGXki`Z`X%)'((%;bYedij_jkY_edWb_icec[n_YWde$?dÔk[dY_WiYedj_d[djW#
++
b[iojhWiWjb|dj_YWi%D„o`Zf1J`^cfOO@<[`kfi\j&J\eX[f[\cXI\g’Yc`ZX%
M`ccfif# Cl`j% (0,*% ;b fheY[ie _Z[ebŒ]_Ye Z[ bW h[lebkY_Œd Z[ ?dZ[f[dZ[dY_W$
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
D„o`Zf1Le`m\ij`[X[EXZ`feXc8lkefdX[\D„o`Zf%
)
<cXikˆZlcfZ`kX[f[`Z\1ÈKf[fjcfj\jgXŒfc\jk`\e\ec`Y\ikX[[\\jZi`Y`i#`dgi`d`ipglYc`ZXijlj
`[\Xj gfcˆk`ZXj# j`e e\Z\j`[X[ [\ c`Z\eZ`X# i\m`j`e f XgifYXZ`e Xc^leX Xek\i`fi X cX glYc`ZXZ`e# YXaf cXj
i\jki`ZZ`fe\jpi\jgfejXY`c`[X[\jhl\\jkXYc\qZXecXjc\p\jÉ%
Masiva vigencia de las
leyes gaditanas en México
después de consumada
su independencia1
@eiƒ8WhhW]|d8WhhW]|d
8
@[\X^\e\iXc
c \oXd`eXi cX _`jkfi`X [\c [\i\Z_f \e D„o`Zf# \j Zfd’e m\i Zdf j\
_XZ\\c\j]l\iqfgfi\jkl[`Xicfhl\j\jl\c\ccXdXi\c[\i\Z_f[\cfj
[`]\i\ek\jgl\YcfjXYfiˆ^\e\jXj\ekX[fjjfYi\cX^\f^iX]ˆX[\el\jkif
gXˆj%;\j[\cl\^f#kXdY`„ej\\jkl[`X\cccXdX[f[\i\Z_f`e[`Xef#[`ZkX[f[\j$
[\cXd`jdXd\kigfc`[\DX[i`[%
Cc\mX[fj gfi cXj Zi\\eZ`Xj i\mfclZ`feXi`Xj# X’e cfj XYf^X[fj p cfj \jg\$
Z`Xc`jkXjcc\^XeXg\ejXihl\#gfi\]\Zkf[\cc\mXekXd`\ekfXidX[fp#\ekf[f
ZXjf#gfi\]\Zkf[\cXd`jdX[\ZcXiXZ`e[\`e[\g\e[\eZ`X#j\ifdg\ekf[fj
cfjcXqfjZfe\c`dg\i`f\jgXŒfc#\dg\qXe[fgficfjmˆeZlcfjaliˆ[`Zfj`dgl\j$
kfjgficX]l\iqX#\ek„id`efjm\i[X[\ifj[\jlj`^e`ÔZXZ`efi`^`eXccXk`eX[\
ZX[\eXj%
J\\jk}#gfikXekf#\ecXZi\\eZ`X[\hl\\jXkiXm„j[\c[\i\Z_ff[\cXj
efidXjaliˆ[`ZXjZfdfj\dXk\i`Xc`qXcXfgi\j`e[\cZfehl`jkX[fijfYi\cfj
(
<cgi\j\ek\XikˆZlcf]l\glYc`ZX[fXek\i`fid\ek\\e:fcfd\iM`X[\c#8ekfe`f%)'((%BWiYehj[iZ[
9|Z_p"bW9edij_jkY_ŒdZ['.'(obWi_dZ[f[dZ[dY_WidWY_edWb[i[d7cƒh_YW":fc\ZZ`e8dX[`j#MXc\eZ`X1<[`kf$
i`XcL^Xi`kpLGM%
!
<jgif]\jfi$`em\jk`^X[fi[\c@ejk`klkf[\@em\jk`^XZ`fe\jAliˆ[`ZXj[\cXLe`m\ij`[X[EXZ`feXc8l$
kefdX[\D„o`Zf#@em\jk`^X[fiEXZ`feXce`m\c@@@[\cJ`jk\dXEXZ`feXc[\@em\jk`^X[fi\j[\c:FE8:PK%
gl\Ycfjjfd\k`[fjphl\„jkfj#leXm\qX[hl`i`[Xjlc`Y\ikX[#^ljkfjXd\ek\
i\^i\jXi}eX^fY\ieXij\gfi\c[\i\Z_ffi`^`eXi`fhl\\eZX[XZXjf_XpXek\e`[f%
¶Hl„ \j cf hl\ fZlii\ \e \c ZXjf d\o`ZXef6 ¶:l}c \j \c ;\i\Z_f hl\ j\
[\ZcXiX\em`^fi#`eZcljfgfifYiX[\cXccXdX[X:fejk`klZ`e[\8gXkq`e^}e#f
:fejk`klZ`e[\cX`ejli^\eZ`Xd\o`ZXeX[\(/(+p#[\jgl„jgfiYfZX[\cXjXl$
kfi`[X[\jhl\]l\ifejljk`klp\e[fXcXj\jgXŒfcXj6@em`kXdfjXcc\ZkfiXj\^l`i
\e\cj`^l`\ek\gcXek\Xd`\ekf%
CXjlgl\jkXilgkliX
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
+-
CXZi\\eZ`X[\leXkfkXcilgkliXXgXik`i[\cdfm`d`\ekfi\mfclZ`feXi`f\o`jk\p
j\dXe`Ô\jkX[\[`]\i\ek\jdXe\iXj%EfjfkifjmXdfjX[fZld\ekXicXXgXik`i
[\cfhl\j\[`Z\\ele\og\[`\ek\al[`Z`Xi`f[\(/-/%J\kiXkX[\leX]\Z_X
i\Xcd\ek\Xc\aX[X[\cX[\ZcXiXZ`e[\`e[\g\e[\eZ`X(/)( #pd}jXc\aX[X[\c
`e`Z`f[\cX`ejli^\eZ`X(/(' %
<c \og\[`\ek\ g\ik\e\Z\ Xc \eal`Z`Xd`\ekf [\ hl\ ]l\ fYa\kf \c ^\e\iXc
>d\q:l\imf#^fY\ieX[fi[\c\jkX[f[\AXc`jZf#gfi_XY\i[\jfY\[\Z`[f\c
dXe[Xkf[\leal\q[\XdgXifhl\cfZfed`eXYXXjljg\e[\ileXfi[\e[\
]lj`cXd`\ekf [\ Z`\ikfj _fdYi\j [\k\e`[fj \e ÕX^iXeZ`X Zfdf XjXckXek\j
[\ZXd`efj%J\kiXkX[\leXZXljXhl\pX_XYˆXcc\^X[fXcd}jXckfki`YleXc[\
D„o`Zf#cXJlgi\dX:fik\[\Aljk`Z`X[\cXEXZ`e%Pcfjk\jk`dfe`fjhl\mXdfj
XkiXejZi`Y`ijfecfj[\cXYf^X[f[\]\ejfi[\>d\q:l\imfp[\cd`jdˆj`df
ÔjZXc[\cXZXljX%<cXYf^X[f\iX8c]fejfCXeZXjk\iAfe\j1
J\iˆX#gl\j#leXYjli[fgi\k\e[\ihl\\ecXXZklXcZfe[`Z`egfcˆk`ZX
[\D„o`Zfgl[`\iXe]le[Xij\[\Xc^leXdXe\iX\jkXZcXj\[\al`Z`fj\e
[`jgfj`Z`fe\jhl\#ZfdfcXi\]\i`[X#X]\ZkXeXjldf[f[\j\i#\jkXe[f
ZXcZX[Xjgi\Z`jXd\ek\jfYi\\ci„^`d\e[\hl\cf[\j\dYXiXq\c_\$
Z_f[\jl`e[\g\e[\eZ`X#i„^`d\ehl\#gfifkiXgXik\#_\dfjjljk`kl`[f
Zfefkifhl\efj\jgifg`fp\ek\iXd\ek\[`m\ijf%Efd\[\k\e^f\e
i\]lkXi kXe \okiXŒX _`gk\j`j# gfihl\ ef jlgfe`„e[fcX `dX^`eXYc\ \ee`e^’eZ\i\YifY`\efi^Xe`qX[f#j\iˆX_XZ\ile`ejlckfXcXji\Zfef$
Z`[XjclZ\j[\\jk\ki`YleXc#\c[`jkiX\ijlXk\eZ`ej`hl`\iX\e\oXd`$
eXicX>d\q(/-/#/' %
:fdfj\Xgi\Z`X#\jleXfYa\Z`edlp[liX#gl\jj\Xki\m\XZXc`ÔZXi[\
[\jZ\i\YiX[fjXcfjj\Œfi\jd`e`jkifj[\Xhl\ccXJlgi\dX:fik\d\o`ZXeXgfi
_XY\i`emfZX[fZfdfm`^\ek\pXgc`ZXYc\leXc\p]XdfjX\og\[`[XgficXj:fi$
k\j[\:}[`q\c)+[\dXiqf[\(/(*#cXZlXci\^lcXYXcXi\jgfejXY`c`[X[[\cfj
al\Z\jp[\ZlXc\jhl`\iXfkifj]leZ`feXi`fjg’Yc`Zfjhl\m`fcXiXecX:fejk`kl$
Z`e%<cÔjZXc[\cXZXljX#hl\gXjXgfij\ileYl\eXYf^X[fpY`\eZfefZ`[f
\e\cd\[`f#@^eXZ`f8ckXd`iXef#[`Z\1
E`Zfei\cXZ`eXcfj[\c`kfjhl\\jg\Z`ÔZX#j\[\Y\#\efg`e`e[\cÔj$
Z`[fgfileXc\pel\jkiXgfjk\i`fi#gfihl\_XY`\e[fj`[fZfej\Zl\eZ`X
pgXik\[\lej`jk\dXgfcˆk`ZfpX[d`e`jkiXk`mf[`]\i\ek\#_Xej`[fZfd$
gc\kXd\ek\[\if^X[XjgficXj`ejk`klZ`fe\jhl\\e\jkfji[\e\jj\_X
[X[fel\jkiXI\g’Yc`ZX>d\q(/-/#/) %
CfjZ`kXdfjZfdf\a\dgcfjgXiX`cljkiXicfjk„id`efj\ehl\j\jl\c\gcXe$
k\XicX`[\X[\cXilgkliX[\cgl\Ycfhl\[\ZcXiXjl`e[\g\e[\eZ`XZfei\jg\Zkf
Xc`dg\i`fXchl\\jklmfjfd\k`[f%@cljkiXe#gl\j#cfj[`Z_fj[\hl`\e\ji\Z_X$
qXecXd\iXgfj`Y`c`[X[[\cXm`^\eZ`X[\le[\i\Z_ffgi\jfi#leXm\qXcZXeqX[X
cX`e[\g\e[\eZ`X#XjˆZfdf[\hl`\e\jd\iXd\ek\jlgfe\e#j`egi\fZlgXij\
\e[\dfjkiXi[`Z_Xjlgfj`Z`e#hl\\cgXˆj#Xc`e[\g\e[`qXij\#gXjXjljk`kl`i
cXc\^`jcXZ`e\o`jk\ek\#d\[`Xek\cX\og\[`Z`e[\c\p\jgifg`Xj#Zfdf\ecˆe\X
[\_`gk\j`jgf[ˆXpj\[\YˆX_XZ\i%
;\gXjfm\dfjkXdY`„eZdfj\`cljkiXcXm`^\eZ`Xp\]\Zk`mXXgc`ZXZ`e\e
\j\XŒf[\(/-/[\\jXc\p\jgXŒfcX[\(/(*#cXZlXc\jk}jfYi\m`m`\e[fdlZ_fj
XŒfj[\jgl„j[\[`Z_X`e[\g\e[\eZ`X%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
ZXc#Zfej`[\iXi\em`^fi\eki\efjfkifj#j`ef\j\ogi\jXd\ek\\jkXYc\$
+.
CXc\pZl\jk`feX[X\e\c\og\[`\ek\[\(/-/#cfd`jdfhl\fkiXjdlZ_ˆj`dXj
p]XdfjXjc\p\j#\dg\qXe[fgficXjI_[j[FWhj_ZWi"j\^lˆXe\em`^figi\Z`jX$
d\ek\gfihl\jlm`^\eZ`X]l\i\ZfefZ`[XpXZ\gkX[XgfiYfZX[\cXjgifg`Xj
Xlkfi`[X[\jd\o`ZXeXj#Zfdfcfg\[ˆXecfj[fjXYf^X[fjd\eZ`feX[fj%
<e\]\Zkf#k\e\dfj[\ZcXiXZ`fe\j_\Z_XjZfe\cZXi}Zk\i[\m`^\eZ`XgXiX
kf[f\cgXˆjpk\e\dfj[\ZcXiXZ`fe\j[\m`^\eZ`XgXiXZX[Xlef[\cfj(0\jkX$
[fjhl\ÔidXife\cXZkXZfejk`klk`mX[\cX]\[\iXZ`ed\o`ZXeX\c*([\\e\if
[\(/)(%GXjXdfjXZ`kXicXjgfij\gXiX[f%
9XiiX^}e9XiiX^}e
CXj[\ZcXiXZ`fe\j[\m`^\eZ`X
CXj[\ZcXiXZ`fe\j^\e\iXc\j
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
+/
CXj[\ZcXiXZ`fe\j[\m`^\eZ`Xhl\k`\e\eZXi}Zk\i^\e\iXcj\iˆXeXhl\ccXj_\$
Z_XjgficXjXlkfi`[X[\jhl\#XgXik`i[\cdfm`d`\ekf[\`ejli^\eZ`X[\(/('#
j\ ]l\ife [Xe[f \e D„o`Zf _XjkX [\jgl„j [\ ZfejldX[X jl `e[\g\e[\eZ`X
\e(/)(%
<jkXj[\ZcXiXZ`fe\j#Zfdfm\i\dfj\ej\^l`[X#jfeZcXiXj#gi\Z`jXjpZXk\$
^i`ZXj#pkf[Xj\ccXj#gfilecX[f#[\ZcXiXe#[\j[\cl\^f#cXm`^\eZ`X[\cX:fej$
k`klZ`e\jgXŒfcX[\:}[`q[\(/()#pZfe\ccXj\dXek`\e\m`^\ek\cX\jkilZkliX
gfcˆk`ZXhl\\e\ccXj\ZfejX^iXpcXm`^\eZ`X[\kf[XjXhl\ccXjc\p\j\og\[`[Xj
gfi[`Z_Xj:fik\jhl\efj\fglj`\iXeXcX]fidX[\^fY`\iefX[fgkX[Xgfi\c
gXˆjhl\j\`YX`e[\g\e[`qXe[f#p#gfifkifcX[f#j\dXek`\e\m`^\ek\\cZfe$
alekf[\cfi[\eXd`\ekf\jgXŒfchl\m\eˆXXgc`Z}e[fj\\ecXEl\mX<jgXŒX%?\
Xhlˆ\ck\efi[\cXj[\ZcXiXZ`fe\j^\e\iXc\j1
A) SEGÚN LA CONSTITUCIÓN DE APATZINGÁN
<ckˆklcffi`^`eXchl\cc\mXcXccXdX[X:fejk`klZ`e[\8gXkq`e^}e\j\c[\:[#
Yh[jeYedij_jkY_edWbfWhWbWb_X[hjWZZ[bW7cƒh_YWc[n_YWdW"jXeZ`feX[f\e8gX$
kq`e^}e\c[ˆX))[\fZklYi\[\(/(+%J\c\hl`jf#X[\d}j#[Xi\cZXi}Zk\i[\
:fejk`klZ`egifm`j`feXc#\ekXekfleXi\gi\j\ekXZ`eeXZ`feXc#hl\j\iˆXZfe$
mfZX[XgXiXkXc\]\Zkf#efXgifYXiXcfhl\\cXikˆZlcf)*.[\efd`eXcX:fejk`$
klZ`eg\idXe\ek\[\cXeXZ`e%
J\kiXkX[\le[fZld\ekfjfc\de\#[\leX:fejk`klZ`e#kXcZfdfcX[fZ$
ki`eX d\o`ZXeX cX _X [\efd`eX[f# i\jg\kXe[f \c j\ek`i [\ cfj _„if\j hl\ cX
XgifYXife%:fejkX#gfiXjˆ[\Z`icf#[\[fj^iXe[\jgXik\j#j\ŒXcX[Xjd\[`Xek\
\c\dgc\f[\cfje’d\ifjifdXefj%CXgi`d\iXgXik\cc\mX\ckˆklcf[\gi`eZ`$
g`fjf\c\d\ekfjZfejk`klZ`feXc\jpZfdgi\e[\cfj+(gi`d\ifjXikˆZlcfj#cfj
ZlXc\jj\[`m`[\e\ej\`jZXgˆklcfj%CXj\^le[XgXik\cc\mX\ckˆklcf[\]fidX
[\^fY`\iefpZfii\[\cXikˆZlcf+)_XjkX\cÔeXc[\ck\okf#hl\ZfeZclp\\e\c
XikˆZlcf)+)#[`m`[`[fj`^lXcd\ek\\eZXgˆklcfj#hl\\ekfkXcjfe))%
J\i\jg\kXcX[`m`j`egfcˆk`ZXpk\ii`kfi`Xcgi\m`jkX\ecX:fejk`klZ`e\jgX$
ŒfcX[\:}[`q%GXiXZldgc`d\ekXicX]fidX[\^fY`\iefi\glYc`ZXefj\Zi\Xe
ki\j^iXe[\jZfigfiXZ`fe\j#\cJlgi\df:fe^i\jfd\o`ZXef#\cJlgi\df^f$
Y`\iefp\cJlgi\dfKi`YleXc[\Aljk`Z`X#ZlpXfi^Xe`qXZ`ep]leZ`feXd`\ekf
\ji\^lcX[fZfe[\k\e`d`\ekfgfi[`Z_fk\okfZfejk`klZ`feXc%
P#gficfhl\_XZ\Xel\jkifk\dX#j\[\ZcXiXe\em`^ficXjc\p\j[\cXek`^lf
^fY`\ief#\egXcXYiXj[\cXikˆZlcf)'-#hl\_XYcX[\cXj]XZlckX[\j[\cfjal\$
Z\j[\cfjiXdfj[\aljk`Z`Xp[\gfc`ZˆX#m`^\eZ`Xhl\i\`k\iX\cXikˆZlcf)((#hl\
_XYcX[\cXjc\p\jhl\j\_Xe[\fYj\imXi\ecXX[d`e`jkiXZ`e[\aljk`Z`X1
B) SEGÚN EL PLAN DE IGUALA
<jkXdfjpXXcXjXckliXj[\c)+[\]\Yi\if[\(/)(#hl\\jcX]\Z_Xhl\cc\mX\jk\
[fZld\ekf%<c_fdYi\]l\ik\\eD„o`Zf\j[fe8^ljkˆe[\@kliY`[\#hl\\jk}Xc
]i\ek\[\legf[\ifjf\a„iZ`kfphl\#jfYi\kf[f#Xgifm\Z_cXZ`iZlejkXeZ`X\j$
g\Z`XcgficXhl\XkiXm\jXYXcXg\eˆejlcX`Y„i`ZX[\jgl„j[\cc\mXekXd`\ekf[\c
^\e\iXcI`\^f#gXiXg\ejXihl\D„o`Zfgf[ˆXj\gXiXij\[\<jgXŒX[\dXe\iX
gXZˆÔZX#ccXdXe[f`eZclj`m\X^fY\ieXiXle[`jk`e^l`[fd`\dYif[\cX]Xd`c`X
i\Xc\jgXŒfcX#j`^l`\e[fkXcm\q\c\a\dgcf[\cfjYiXj`c\Œfj%
@kliY`[\#gfifkifcX[f#eleZXj`dgXk`qZfe\cdfm`d`\ekf`ejli^\ek\#Xc
hl\ZfdYXk`#[`Z\#pXchl\mfcm\iˆXXZfdYXk`ij`jfYi\m`m`\iXecfjXcqX[fj%
9`\e#\ejlGcXe[\@^lXcX#hl\pXXgXi\Z\Zfdf\cgi`d\igXjfgXiXZfejfc`[Xi
cX`[\X[\`dg\i`fhl\XYi`^XYX#c\\dfj1
8ik%(,%Kf[fjcfjiXdfj[\c<jkX[fp\dgc\X[fjg’Yc`Zfj#jlYj`jk`i}e
Zfdf\e\c[ˆX#pjcfj\i}ei\dfm`[fjcfjhl\j\fgfe^XeX\jk\gcXe
Dfek`\cp;lXik\(/-.#+. %
)
Efjfkifj#\e9XiiX^}e(0.(#+*.pjj#_XZ\dfj\c\oXd\e[\\jkXgXik\[\cX:fejk`klZ`e[\
8gXkq`e^}e%
+0
9XiiX^}e9XiiX^}e
:XY\kXdY`„e[\jkXZXihl\\jk\d`jdf[\Zi\kfc\[\[`Z[fjZXgˆklcfjXcal`Z`f
[\i\j`[\eZ`X#\cOM@@@p\cO@O#XikˆZlcfj[\c)()Xc)*(%M`\e\XhlˆleXdX^eˆÔZXi\^cX$
d\ekXZ`e[\cXd\afi`ejk`klZ`e[\c[\i\Z_f`e[`Xef\edXk\i`X[\i\jgfejXY`c`$
[X[[\cfj]leZ`feXi`fjg’Yc`Zfjp#\egXik`ZlcXi#ZfdfjXcmX^lXi[X[\cfj[\i\Z_fj
i\ZfefZ`[fjgfi\cZl\igf[\c\p\jXgc`ZXYc\j[liXek\\cg\iˆf[fZfcfe`Xc%:fe\jkX
i\^lcXZ`e#\m`[\ek\d\ek\#hl\[XekXdY`„e\ekf[fjlm`^ficXj`eeld\iXYc\jc\p\j
jfYi\al`Z`fj[\i\j`[\eZ`X# )`eZcl`[Xj\eki\fkifjZl\igfj\ecXEfmˆj`dXI\Zfg`cX$
Z`e[\(/',%
Ef_XZ\]XckXgfe[\iXidlZ_fcX`dgfikXeZ`Xhl\X[hl`\i\\jkX[\ZcXiXZ`e
[\m`^\eZ`X[\cXjc\p\j[\cXek`^lf^fY`\ief#gfigifm\e`i[\YfZXeX[Xd\efj
hl\[\el\jkifj_„if\jeXZ`feXc\j#cfjhl\i\Xcd\ek\[`\ifejljXe^i\YljZXe$
[fcX`e[\g\e[\eZ`X[\D„o`Zf%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8ik%)((%D`\ekiXjhl\cXjfY\iXeˆX[\cXeXZ`e]fidX\cZl\igf[\c\$
p\jhl\_Xe[\jljk`kl`iXcXjXek`^lXj#g\idXe\Z\i}e„jkXj\ekf[fjl
m`^fi#X\oZ\gZ`e[\cXjhl\gfi\cgi\j\ek\pfkifj[\Zi\kfjXek\i`fi\j
j\ _XpXe [\if^X[f p [\ cfj hl\ \e X[\cXek\ j\ [\if^l\e Dfek`\c p
;lXik\(/-.#*. %
8Zfek`elXZ`e\cXikˆZlcf)'[\ZˆX1
8ik%)'%@ek\i`dj\i\’e\ecXj:fik\j#j\gifZ\[\i}\ecfj[\c`kfjZfe
kfkXcXii\^cfXcX:fejk`klZ`e\jgXŒfcXDfek`\cp;lXik\(/-.#+. %
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
,'
<cgifg`f@kliY`[\gXjXi}X]fidXileXalekX\jg\Z`Xchl\cc\mX\cefdYi\
fÔZ`Xc[\IeX[hWdW@kdjWFhel_i_edWb=kX[hdWj_lW"Zfdgl\jkXgfi^iXe[\jg\i$
jfeXc`[X[\jphl\i\Z`Y`iˆX\c\eZXi^f[\\cXYfiXipXgifYXicXZfemfZXkfi`X
gXiXi\le`i[`Z_XjZfik\jd\o`ZXeXjZfe\cZXi}Zk\i[\Zfejk`klp\ek\j%Pj\i}
[\\jkXalekX[\cXhl\kfdXi\dfj\ck\iZ\i[fZld\ekfgXiX`cljkiXi#leXm\q
d}j#\jkXZcXj\[\[\ZcXiXZ`fe\j[\m`^\eZ`X[\cXjc\p\jZfcfe`Xc\j\e\cD„o`$
Zf`e[\g\e[`\ek\%
C) SEGÚN LA SOBERANA JUNTA
PROVISIONAL GUBERNATIVA
CXalekX\dg\qXj\j`feXi\c[ˆX))[\j\gk`\dYi\[\cd`jdfXŒf[\(/)(p
j\klmfj`\dgi\ZfdfjfY\iXeX#\ecfjk„id`efj\ehl\cXjZfik\j^\e\iXc\j
p\okiXfi[`eXi`Xj[\:}[`qcf_XYˆXej`[f#pXhl\#\eki\fkifj\oki\dfj#j\Zfe$
[lZ\eZfeXg\^fXci\^cXd\ekfhl\j\[`\ifeXhl\ccXjZfik\j\e(/('#c`^\iX$
d\ek\X[\ZlX[fgXiXD„o`Zf%
8gfZfj[ˆXj[\_XY\i`e`Z`X[fjljkiXYXafj#\jkXalekXXgifYle[\Zi\kf\c
[ˆX,[\fZklYi\[\cd`jdfXŒf[\(/)(#\e\chl\\eZfekiXdfjcfjj`^l`\ek\j
gifeleZ`Xd`\ekfj1
CXJfY\iXeXAlekXGifm`j`feXc>lY\ieXk`mX[\c`dg\i`fd\o`ZXef#Zfe$
j`[\iXe[f hl\ [\j[\ \c dfd\ekf \e hl\ [\Zi\k jfc\de\d\ek\ jl
`e[\g\e[\eZ`X[\<jgXŒX#[\Y\\dXeXi[\cd`jdf`dg\i`f#kf[XcXXl$
kfi`[X[hl\e\Z\j`kXgXiX\c\a\iZ`Z`f[\cXX[d`e`jkiXZ`e[\aljk`Z`Xp
[\d}j]leZ`fe\jg’Yc`ZXj#_Xk\e`[fXY`\e_XY`c`kXipZfeÔidXiXkf[Xj
cXjXlkfi`[X[\j\eZXc`[X[[\gfiX_fiX#pZfeXii\^cfXcGcXe[\@^lXcX
pKiXkX[fj[\cXM`ccX[\:i[fYX#gXiXcXc\^`k`d`[X[[\c\a\iZ`Z`f[\jlj
]leZ`fe\ji\jg\Zk`mXjDfek`\cp;lXik\(/-.#)(0$))' %*
8ek\efjfkifjk\e\dfjleXjfc\de\p\ogi\jX_XY`c`kXZ`e[\`ejk`klZ`fe\j
pXlkfi`[X[\jgXiXhl\Zfek`e’\ecXYfiXe[fp\a\iZ`\e[fjli\jg\Zk`mfd`e`j$
k\i`f[\Zfe]fid`[X[ZfecXjc\p\j_XjkX\ekfeZ\j\em`^fi%
*
;`Z_fjkiXkX[fj#\ejlXikˆZlcf()#`e[`ZXehl\cXd`jdXAlekXGifm`j`feXc>lY\ieXk`mX^fY\ieXi}
Zfe]fid\XcXjc\p\jm`^\ek\j%
[\c\^Xe[f`ek\i`eXd\ek\\c\a\iZ`Z`f[\cGf[\i<a\Zlk`mf\ecXjg\ijf$
eXjhl\Zfdgfe\ecXXZklXcI\^\eZ`Xp\cal[`Z`Xi`f\ecfjKi`YleXc\j
hl\ XZklXcd\ek\ \o`jk\e# f hl\ j\ efdYi\e \e X[\cXek\# hl\[Xe[f
lefjpfkifjZl\igfji\jgfejXYc\jXek\cXeXZ`egfi\ck`\dgf[\jl
X[d`e`jkiXZ`eZfeXii\^cfXcXjc\p\jDfek`\cp;lXik\(/-.#))/ %
;\jgl„j#\c[ˆX)-\cd`jdf:fe^i\jf\d`k`le[\Zi\kf[`Z`\e[fhl\
<cjfY\iXef:fe^i\jf:fejk`klp\ek\D\o`ZXefZfeÔidXgfiX_fiXXkf$
[fjcfjki`YleXc\jpaljk`Z`Xj\jkXYc\Z`[fj\e\c`dg\i`f#gXiXhl\Zfek`$
e’\eX[d`e`jkiXe[faljk`Z`Xj\^’ecXjc\p\jm`^\ek\jDfek`\cp;lXik\
(/-.#))0 %
8cf\ogl\jkf#j\[\Y\`e[`ZXihl\\jk\gi`d\i:fe^i\jf_`qfgifg`f#gXiXjl
^fY`\ief`ek\i`fi#\ci\^cXd\ekf[\cXj:fik\j[\:}[`q[\(/(*9XiiX^}e(0./ %
E) SEGÚN EL SEGUNDO CONGRESO
CONSTITUYENTE MEXICANO
J\kiXkX[\c:fe^i\jfhl\gi\gXipXgifY\cXZkXZfejk`klk`mX[\cX]\[\iXZ`e
[\c*([\\e\if[\(/)+p#[\j[\cl\^f#XgifYcXgi`d\iX:fejk`klZ`ed\o`ZX$
eX[\c+[\fZklYi\[\(/)+%
I\jg\Zkf[\el\jkifk\dX#i\jlckXhl\[liXek\cXj\j`e[\c[ˆX)[\\e\if
[\(/)+p[`jZlk`„e[fj\leXikˆZlcfX[`Z`feXc#gXiXhl\Ô^liXj\Zfdf]XZlckX[
ZlXikX [\ cXj [\c Zfe^i\jf ^\e\iXc# cX [\ gifk\^\i p Xii\^cXi cX c`Y\ikX[ [\
`dgi\ekX#QXmXcX_`qfcXj`^l`\ek\gi\^lekX1j`j\\ek\e[ˆXhl\[Xi[\if^X[X
gfi\cXZkXZfejk`klk`mXkf[XcX:fejk`klZ`e\jgXŒfcX#gl\j\ekXcZXjf\iXe\$
,(
9XiiX^}e9XiiX^}e
CXJfY\iXeXAlekXGifm`j`feXc>lY\ieXk`mXZldgc`jl\eZfd`\e[XpXek\j[\
[`jfcm\ij\ [\a `ejkXcX[f cf hl\ \j gXiX efjfkifj \c gi`d\i :fe^i\jf :fej$
k`klp\ek\d\o`ZXef\c[ˆX)+[\]\Yi\if[\(/)+%:fdfcf_`Z`\iXecXjZfik\j
\jgXŒfcXj[\:}[`q#„jk\:fe^i\jf_XZ\lefjgi\Z`jfjgifeleZ`Xd`\ekfj#dlp
jfc\de\jp[\cXdXpfi`dgfikXeZ`X\j\d`jdf[ˆX)+[\]\Yi\if[\(/))9X$
iiX^}e(0/'#kfdf@@ %
8jXY\i#hl\j\\eZl\ekiX`ejkXcX[fc\^ˆk`dXd\ek\Zfdf:fe^i\jfZfejk`kl$
p\ek\d\o`ZXef#hl\cXjfY\iXeˆXi\j`[ˆX\ecXeXZ`ed\o`ZXeX#hl\kXdY`„e
i\j`[\[`Z_XjfY\iXeˆX\e\jk\:fe^i\jfZfejk`klp\ek\#phl\1
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
D) SEGÚN EL PRIMER CONGRESO
CONSTITUYENTE
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
,)
Z\jXi`fXŒX[`ic\dlZ_XjZfjXj#p[\cfZfekiXi`fgf[ˆXfd`k`ij\cX]XZlckX[[\
hl\j\kiXkX%
8Zfek`elXZ`e#?\ii\iX#[`glkX[fgfiM\iXZilq#Zfek\jkk\oklXcd\ek\hl\[\cX
:fejk`klZ`e\jgXŒfcX[\YˆX\ek\e[\ij\[\if^X[fcfhl\]l\j\ZfekiXi`fXcXZkX% +
KXc m\q gfi \ccf# gfi Zfej`[\iXi hl\ cX :fejk`klZ`e [\ :}[`q hl\[XYX \e
m`^fi#Zfdfc\^`jcXZ`ejlgc\kfi`X#j`Xjˆgf[\dfj\ogi\jXiefj#XIf[iˆ^l\q[\
JXeD`^l\c\ejlJ[hY[hW]k‡W`kZ_Y_Wb"f9eb[YY_ŒdZ[b[o[iZ[c|i\h[Yk[dj[kie
[dbWWZc_d_ijhWY_ŒdZ[`kij_Y_W"glYc`ZX[X\eD„o`Zf\e(/,'#c\gXi\Z`dlp
Zfii\Zkf`eZcl`i[\k\id`eX[fjXikˆZlcfj[\Xhl\ccX:fejk`klZ`ejfYi\[`m\ijXj
^XiXekˆXj[\cfjgi\jfj%
<jk\d`jdf:fe^i\jf#gXiXjl^fY`\ief`ek\i`fi#_`qfjlpfj`dgc\pccXeX$
d\ek\\ci\^cXd\ekf^X[`kXef[\c+[\j\gk`\dYi\[\(/(*#p[\jgl„jXgifY#
j`^l`\e[fdlp[\Z\iZX\ck\okf^X[`kXef#lei\^cXd\ekfgXiX\c^fY`\ief`ek\$
i`fi[\cfjZfe^i\jfjfi[`eXi`fj]\[\iXc\j#\cZlXc#Zfec`^\iXjdf[`ÔZXZ`fe\j#
\jklmf\em`^fi_XjkXÔeXc\j[\cj`^cfO@O%
:fdfj\Xgi\Z`X#\jk\:fe^i\jfk\id`e[\Zfejk`kl`i#gfiXjˆ[\Z`icf#XcgXˆj
YXafcX]fidX[\leX]\[\iXZ`e#cXZlXc#gfilecX[f#\j\cj`jk\dXhl\X_fiX
j`^l\m`^\ek\\eD„o`Zf#phl\#gfifkifcX[f#X[d`k\_XZ`X\c`ek\i`fi[\[`Z_X
]\[\iXZ`e\cj`jk\dX[\\jkX[fjc`Yi\j`e[\g\e[`\ek\jpjfY\iXefj%
Gfi \ccf d`jdf# `dgfikX m\i Zdf kXdY`„e _XZ`X \c `ek\i`fi [\ \jkfj (0
\jkX[fj#cfjhl\`e`Z`Xcd\ek\ÔidXife\cXZkXZfejk`klk`mX[\cX]\[\iXZ`e[\c
[ˆX*([\\e\if[\(/)+#j\_XZ\ecXd`jdX[\ZcXiXZ`e[\m`^\eZ`X#gi`d\if[\
cXgifg`X:fejk`klZ`e\jgXŒfcX[\(/()Zfdf:fejk`klZ`egifm`j`feXc#\j[\Z`i#
d`\ekiXjj\[XecXjlpXgifg`X2\ej\^le[fcl^Xij\dXek`\e\cXd`jdX\j$
kilZkliXgfcˆk`ZXhl\j\ZfejX^iXYX\e[`Z_X:fejk`klZ`e[\:}[`q#p#\ek\iZ\i
cl^Xi#j\[\aXem`^\ek\jkf[XjcXj[\d}jc\p\jXek`^lXj#Zfdfj\[`Z\\eXc^l$
eXj[\\jkXj[\ZcXiXZ`fe\j%M\Xdfj\jkXj[\ZcXiXZ`fe\j%
CXj[\ZcXiXZ`fe\j_XZ`X\c`ek\i`fi[\cfj\jkX[fj
=l\ife(0cfj\jkX[fjhl\ÔidXife\cXZkXZfejk`klk`mX[\cX]\[\iXZ`ed\o`$
ZXeX [\c *( [\ \e\if [\ (/)+# Zfejfc`[Xe[f Xjˆ cX `[\X [\ leX fi^Xe`qXZ`e
i\glYc`ZXeX#[\ZXi}Zk\i]\[\iXc#gXiXcfjd\o`ZXefj#[\jgl„j[\cfj]Xcc`[fj
`ek\ekfj[\8^ljkˆe[\@kliY`[\gfi]fidXile`dg\i`f%
K\e\dfj#gfikXekf#(0gifZ\jfj_`jki`Zfj[\]fidXZ`eYXafcXjZXiXZk\$
iˆjk`ZXj#i\ZfefZ`[Xj\e[`Z_XXZkXfgXZkf[\le`e#[\\jkX[fjc`Yi\j`e[\g\e$
[`\ek\jpjfY\iXefj\ekf[fcfi\cXk`mfXjli„^`d\e`ek\ief%
+
M„Xj\\e9XiiX^}e(0.+#gi\gXiXZ`e#@ekif[lZZ`epefkXj[\cXlkfi%<jk\Zfd\ekXi`fj\_`qf
[liXek\cXj\j`e[\c[ˆX)[\\e\if[\(/)+%
A) EN EL CASO DE JALISCO
MXdfjXd\eZ`feXile]Xdfjf[fZld\ekf#hl\cc\mX\cefdYi\]fidXc[\FbWd
Fhel_i_edWb[\c)([\ale`f[\(/)*phl\#\ei\Xc`[X[#\jleXm\i[X[\iXgifZcXdX[\
i\Y\c`e ]i\ek\ Xc ^fY`\ief `ejkXcX[f \e cX Z`l[X[ [\ D„o`Zf# leX gifZcXdX
[\`e[\g\e[\eZ`Xp[\Xlkf[\k\id`eXZ`ejfY\iXeX\e\c<jkX[f%
<e„cm\dfjhl\#gi`d\if#j\ZfeÔidXXkf[XjcXjXlkfi`[X[\jZ`m`c\j#\Zc\$
j`}jk`ZXjpd`c`kXi\jgXiXhl\Zfek`e’\e\a\iZ`\e[fjlj]leZ`fe\j\ekXekfef
j\fglj`\iXeXcel\mf\jkX[f[\ZfjXjZi\X[fgficfjgifeleZ`Xd`\ekfjgXiX
Zfem\ik`ij\\ele\jkX[fc`Yi\\`e[\g\e[`\ek\%
;\jgl„jj\[\ZcXiXZfdfZfejk`klZ`egifg`X#d`\ekiXjj\\d`k\cXgXik`ZlcXi[\c
\jkX[f#XcX:fejk`klZ`e[\(/()pcXm`^\eZ`X[\kf[fjcfj[\d}jZl\igfj[\c\p\j
\jgXŒfcXj#\ekf[fXhl\ccfhl\efgl^e\Zfe\cgi\j\ek\gcXe% ,
8ik% (/% <c <jkX[f j\ ^fY\ieXi} gfi cX :fejk`klZ`e \jgXŒfcX p c\p\j
m`^\ek\j#\ekf[fXhl\ccfhl\efgl^e\Zfe\cgi\j\ek\GcXe%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
P#ZfdfY`\ejXY\dfj#ZX[Xlef[\[`Z_fj(0\jkX[fjk`\e\jlgifg`X_`jkf$
i`X[\kiXej]fidXZ`eXgXik`i[\cXj\jkilZkliXjgfcˆk`ZXjhl\`dgljfcXm`^\e$
Z`X\eD„o`Zf[\cX:fejk`klZ`e\jgXŒfcX[\:}[`q%
;\ekif [\ \jX _`jkfi`X gXik`ZlcXi# [\Y\dfj j`klXi cX c`Yi\ [\ZcXiXZ`e [\
Zl}c\jk\eˆXehl\j\icXjc\p\jhl\[\YˆXefYj\imXij\_XZ`X\c`ek\i`fi[\jl
i„^`d\ejfY\iXef%
Efjfkifj#X_fiX#gficXc`d`kXZ`e[\c\jgXZ`f[`jgfe`Yc\#efmXdfjXZ`kXi
cXj[\ZcXiXZ`fe\j[\m`^\eZ`Xhl\\eZX[XZXjfj\_XZ\e#j`efhl\eX[Xd}j
Z`kXi\dfj[fj\a\dgcfj#if^}e[fc\Xcc\Zkfihl\k\e^XXY`\ekfdXiefkX[\
fkifjkiXYXafjel\jkifj[\[`ZX[fjXc\jkl[`f[\\jk\d`jdfk\dX%
,*
8ik% (-%$<c Gf[\i Al[`Z`Xc [\c <jkX[f# j\ \a\iZ\i} gfi cXj Xlkfi`[X[\j
_XjkXX_fiX\jkXYc\Z`[Xj%<cKi`YleXc[\cX8l[`\eZ`X[\k\id`eXi}\e\c
’ck`dfi\Zlijf\ecXi\jg\Zk`mXjXcXcfjXjlekfjal[`Z`Xc\j[\c<jkX[f#
Zfii\jgfe[`\ek\jXcXali`j[`ZZ`efi[`eXi`X%
,
<jkXdXk\i`X_Xj`[f\jkl[`X[XZfe[\kXcc\\e9XiiX^}e(0./#(+.pjj%Gfi\a\dgcf#cX8l[`\eZ`X
[\>lX[XcXaXiXj\i}kiXej]fidX[X\e\cJlgi\dfKi`YleXc[\Aljk`Z`X[\c<jkX[f2\ca\]\jlg\i`figfcˆk`Zf#
hl\\jHl`ekXeXi#]l\efdYiX[fgi`d\i^fY\ieX[figifm`j`feXc[\cel\mf\jkX[f[\AXc`jZf%KXdgfZfcfj
XplekXd`\ekfjjl]i\edf[`ÔZXZ`eXc^leX%
9XiiX^}e9XiiX^}e
8[\d}j#i\jg\Zkf[\cgf[\ial[`Z`XcpcfjXplekXd`\ekfj#j\[`Z\1
8ik%(.%CfjXplekXd`\ekfjp[\d}jZfigfiXZ`fe\jpXlkfi`[X[\j#kXekf
Z`m`c\j#Zfdfd`c`kXi\jp\Zc\j`}jk`ZXj#Zfek`elXi}e[\j\dg\ŒXe[fcXj
]leZ`fe\jhl\c\j\jk}eZfd\k`[Xj%
B) EN EL CASO DE OAXACA
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
,+
FXoXZX\dg\q#ZfdfAXc`jZf#jlgifZ\jf[\kiXej]fidXZ`e_XZ`X\cd\j[\
ale`f[\cd`jdfXŒf[\(/)*%:fdffZlii`\ekf[XcXEl\mX<jgXŒX#cXfi^X$
e`qXZ`e[\\jkXgifm`eZ`Xj\Zfii\jgfe[ˆXXcg`\[\cXc\kiXZfecf[`jgl\jkf
gficX:fejk`klZ`e[\:}[`qpcXc\^`jcXZ`e\jgXŒfcX\dXeX[X[\cXjd`jdXj
Zfik\j%
@eZcljf#gfileZfd\ekXi`fXgXi\Z`[f\e\cg\i`[`ZfÜ]k_bWC[n_YWdW"jXY\$
dfjhl\FXoXZXj`^l`\c\a\dgcf[\AXc`jZf#gifZcXd}e[fj\`e[\g\e[`\ek\p
\i`^`„e[fj\\ei\g’Yc`ZX]\[\iXc%-
<cgi`d\i[ˆX[\ale`f[\(/)*klm`\ifecl^Xi\e8ek\hl\iXcXji\le`fe\jp
dXe`]\jkXZ`fe\j kˆg`ZXj [\c gifeleZ`Xd`\ekf X ]Xmfi [\ cX i\g’Yc`ZX ]\[\iXc
p[\j\gXiXZ`e[\D„o`Zf%
CX;`glkXZ`e\eZXY\qXcXjXjg`iXZ`fe\jgfglcXi\j%J\efdYiXAlekXJlg\i`fi
>lY\ieXk`mX%PXek\cXdXjXgfglcXi#i\g\k`dfj#Xlkfi`[X[\jZ`m`c\jpd`c`kXi\j#
XZfi[Xife_XZ\iljf[\jleXkliXc\`e[`jg\ejXYc\jfY\iXeˆX#.p#\eki\fkifjgle$
kfj#j\XgifYXifecXjYXj\jgifm`j`feXc\jZfehl\j\\dXeZ`gcXgifm`eZ`X[\
FXoXZX#Zfdfi\qX\c\gˆ^iX]\g\i`f[ˆjk`Zf[\;bÜ]k_bW[\c(([\ale`f%?\Xhlˆcfj
glekfjgi`eZ`gXc\j1
)%<efi[\eXjljfY\iXeˆX#cX\a\iZ\\oZclj`mXp]\[\iXcd\ek\2
*%GXiX\c\a\iZ`Z`f[\kXc\j]leZ`fe\j#`ejkXcXi}leZfe^i\jfgifm`eZ`Xchl\
cXZfejk`klpXjfYi\cXjYXj\jgi\Z`jXj[\c`Y\ikX[#`^lXc[X[#gifg`\[X[p
j\^li`[X[%
,%<eki\kXekf\jkfj\m\i`ÔZXi\le`e[\cZfe^i\jf #i\j`[`i}\cdXe[f[\
cXjXidXj\e\c:fdXe[Xek\>\e\iXc[\cXGifm`eZ`Xp\ecXAlekXJlg\i`fi
>lY\ieXk`mX#cfjhl\XYiXqXecfj[\d}jiXdfj%
/%CXjc\p\jm`^\ek\jhl\efj\Xefgl\jkXjXcj`jk\dXjfegi\Z`jXd\ek\
cXjhl\i`aXe_XjkXhl\\cZfe^i\jf[\k\id`e\fkiXZfjX%
0%CXjgifm`[\eZ`Xjhl\\dXe\e[\D„o`Zf#pXefi\^`i}e#pXcfjXZklX$
c\j[`glkX[fjhl\Xccˆi\j`[\e#j\c\jdXe[Xi}fi[\egXiXhl\j\i\k`i\e
j`eXYfeXic\j[`\kXjgfi\ck`\dgf[\jl[\dfiXmfclekXi`X%
-
.
<eÜ]k_bWC[n_YWdW[\c(([\ale`f[\(/)*%
M„Xj\8ZkX[\FXoXZX\eÜ]k_bWC[n_YWdW[\c)*[\ale`f[\(/)*%
Zfem\eZ`[fj[\cXlk`c`[X[#e\Z\j`[X[pZfem\e`\eZ`Xhl\\e\c[ˆXj\k`\e\
[\cXj\gXiXZ`e[\c^fY`\ief#hl\[\jfp\e[fcXfg`e`e^\e\iXc#[\dfj$
kiX[XgficXj\e„i^`ZXj[\dfjkiXZ`fe\j[\mXi`Xjgifm`eZ`Xj#efjgfe\\e
cX gi\Z`j`e [\ [\ZcXiXiefj gfi c`Yi\j [\ kXc [\g\e[\eZ`X p gfi Zfej\$
Zl\eZ`X\eXgk`kl[#pi\jfclZ`e[\Zfejk`kl`iefjgfiefjfkifjd`jdfj2j`e
hl\gfi\jkfj\\ek`\e[Xhl\kXcZXjfefjj\gXiX[\cXj`dgi\jZi`gk`Yc\j
i\cXZ`fe\jZfehl\cXdX[i\eXkliXc\qXefjk`\e\le`[fjZfdfZ`l[X[Xefj
[\leXeXZ`e% ()
CX[`glkXZ`eZfek`elXYX\ej\j`eg\idXe\ek\[\Y`[fXckldlckfgfglcXi#
hl\^i`kXYXhl\efj\[\dfiXj\e[`Z_Xji\jfclZ`fe\j#hl\j\[\ZcXiXj\\c^f$
Y`\iefgifm`j`feXc`e[\g\e[`\ek\[\D„o`Zf#g`[`\e[fhl\[\_\Z_fj\[\ZcXi\
i\g’Yc`ZX ]\[\iX[X% <e \]\Zkf# j\ XgifY cX gifgfj`Z`e [\ hl\ FXoXZX \iX `e$
[\g\e[`\ek\#pc`Yi\XYjfclkXd\ek\#Zfejk`klp„e[fj\\ei\g’Yc`ZX]\[\iX[XZfe
kf[XjcXj[\d}jgifm`eZ`Xj[\c`dg\i`f%(*
/
0
('
((
()
(*
<e7]k_bWC[n_YWdW[\c(([\ale`f[\(/)*%
<e[`Z_X8ZkX#m„Xj\\eÜ]k_bWC[n_YWdW[\c))[\ale`f[\(/)*%
<e[`Z_X8ZkX#g\if\eÜ]k_bWC[n_YWdW[\c)*[\ale`f[\(/)*%
<eÜ]k_bWC[n_YWdW[\c[ˆX)*[\ale`f[\(/)*%
@Yˆ[\d%
<eÜ]k_bWC[n_YWdW#[\c[ˆX)+[\ale`f[\(/)*%
,,
9XiiX^}e9XiiX^}e
Cfjdfk`mfjX[lZ`[fjZf`eZ`[\e\e\c]fe[fZfecfj\ogl\jkfjXc_XYcXijfYi\
\cgifeleZ`Xd`\ekf[\PlZXk}e1cX[`glkXZ`ej\i\’e\li^\ek\d\ek\gfihl\g\$
c`^iXYXcXkiXehl`c`[X[g’Yc`ZX%0
<jk\g\c`^ifZfej`jkˆX\ehl\leXgXik\[\cgl\Ycfhl\iˆXZfejk`kl`ij\\ei\g’$
Yc`ZX]\[\iX[X1Èhl\gfi\jkX`e[`ZXZ`ej\g`[`Xcji%>\]\gfcˆk`Zfjlgi\j\eZ`X\e
\ccX#gXiXcfhl\j\c\\em`leXZfd`j`e#ZfecXhl\m`efpj\c\[`afhl\\ogcfiX$
j\cXmfclekX[[\cfjZ`l[X[Xefj#^\]\j#fÔZ`Xc\jpkifgX[\^lXie`Z`e%%% È%('
<c a\]\ gfcˆk`Zf j\ i\’e\ Zfe cX kifgX p# [\jgl„j [\ [\c`Y\iXi# j\ [`i`^\ X cX
;`glkXZ`epc\[`Z\1È\e\ccX_\m`jkfZfejfeXek\\cmfkfd`c`kXiZfe\c[\cgl\Ycf#
ZfdfcfdXe`Ô\jkX\ck\jk`dfe`f[\cXXZkXhl\[\Y`[Xd\ek\XZfdgXŒXM%J%
gXiX jlj [\c`Y\iXZ`fe\jÉ%(( <jkX XZkX ]l\ ÔidX[X gfi kf[fj cfj fÔZ`Xc\j [\ cX
kifgX#pj\[`Z\hl\1
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
(,%Cfj\e\d`^fj[\ZcXiX[fj[\cj`jk\dXj\i}e\ogXki`X[fjj`Z [\cXgif$
m`eZ`X#gi\m`X]fidXZ`e[\ZXljXpaljk`ÔZXZ`e[\c[\c`kf%/
8ik%+%<jk\<jkX[f\jc`Yi\pjcfi\ZfefZ\i}Zfecfj[\d}j[\cXeXZ`e
d\o`ZXeXcXji\cXZ`fe\j[\]iXk\ie`[X[#Xd`jkX[#pZfe]\[\iXZ`e#hl\
[\k\id`e\cX:fejk`klZ`e^\e\iXc%
8ik%-%Jl^fY`\iefj\i}gfglcXi#i\gi\j\ekXk`mf#]\[\iX[f%
8ik%.%GfiX_fiXp_XjkX\cXii\^cf[\cX:fejk`klZ`e^\e\iXc[\cXeXZ`e
pcXgXik`ZlcXi[\c<jkX[f#hl\[Xe\ejlm`^fip]l\iqXcX:fejk`klZ`e#cXj
c\p\j#i[\e\jpi\^cXd\ekfjhl\_XjkX_fp_Xei\^`[fpefj\fgfe^Xe
Xcj`jk\dX[\`e[\g\e[\eZ`X%
8ik% /% Kf[Xj cXj Xlkfi`[X[\j Zfek`elXi}e [\j\dg\ŒXe[f cXj ]leZ`fe\j
hl\c\j\jk„eZfe]\i`[Xj%
8ik%((%Efj\[Xi}cX:fejk`klZ`e[\c<jkX[f_XjkXhl\jXc^XcX^\e\iXc[\
cXEXZ`ed\o`ZXeX%(.
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
,-
<c[ˆX*[\ale`fj\Zfdle`ZX\eZ`iZlcXi\cXZl\i[fkfdX[fXkf[fjcfjgl\Ycfj
[\cXXek`^lXgifm`eZ`X%(+P\c)/[\cd`jdfd\jZ\jXYXcXalekX#Xc[\aXi`ejkXcX[f
\c:fe^i\jf:fejk`klp\ek\#(,\cZlXcZfd\eqXj\j`feXi\c-[\alc`f#]\Z_X[\jl
gi`d\i[\Zi\kf%
Gfi\jk\[\Zi\kfj\ZfeÔidXYX\cZ\j\[\cXAlekXJlg\i`fiXikˆZlcf( 2j\
ZfeÔidXYXXj`d`jdfXkf[XjcXjXlkfi`[X[\jXikˆZlcf) 2pcXg\im`m\eZ`X[\cXj
c\p\j_XjkX\ekfeZ\j\em`^fiXikˆZlcf* 2GfiX_fiXhl\[Xe\ejlm`^fipm`^\eZ`X
cX:fejk`klZ`e>\e\iXcpc\p\jpi[\e\jpi\^cXd\ekfjhl\_XjkX_fp_Xei\^`[f
pefj\fgfe^XeXcj`jk\dX[\`e[\g\e[\eZ`Xpi\g’Yc`ZX]\[\iXc%(8[\d}j# j\ XgifYXife cXj YXj\j gXiX \c ^fY`\ief [\c \jkX[f# \e kXekf \iX
XgifYX[XcXgifg`X:fejk`klZ`e[\cXeXZ`epcXgXik`ZlcXi[\c\jkX[f1
Jl`eZfigfiXZ`eXcXjZfc\ZZ`fe\j
[\c\p\jd\o`ZXeXj
8_ˆ\jk}\ck`gf[\[\ZcXiXZ`fe\jhl\#gXiXZfej`[\iXi\em`^fi\eD„o`ZfleX
c\p\d`k`[XgficXjXlkfi`[X[\j\jgXŒfcXj#[\YˆXe_XY\ij\gif[lZ`[fgfigXik\
[\cXjd`jdXjXlkfi`[X[\jd\o`ZXeXj%
LeXj[\ZcXiXZ`fe\j#Zfdf_\dfjm`jkf#]l\ife\d`k`[XjgficXjXlkfi`[X[\j
^\e\iXc\jgXiXkf[XXhl\ccX^\f^iX]ˆXhl\`e`Z`Xcd\ek\hl`jfZfejk`kl`ij\YXaf
(+
(,
(-
(.
<e7]k_bWC[n_YWdW[\c0[\alc`f[\(/)*%
DXe`Ô\jkf[\cXgifg`XAlekX#glYc`ZX[f\eÜ]k_bWC[n_YWdW[\c0[\alc`f[\(/)*%
<jk\ZXjf_Xj`[f\jkl[`X[f\e9XiiX^}e(0./#(*0%
CXjYXj\j[\hl\_XYcX\c[\Zi\kfgl\[\em\ij\\eÜ]k_bWC[n_YWdW[\c(*[\X^fjkf[\(/)*%
?\ Xhlˆ \c kˆklcf Zfdgc\kf [\ \jkX fYiX1 9eb[YY_Œd Z[ bei Z[Yh[jei o ŒhZ[d[i
Z[bWi9ehj[i[ifW‹ebWi"gk[i[h[fkjWdl_][dj[i[dbWH[f‘Xb_YWZ[bei;ijWZei
Kd_ZeiC[n_YWdei$
:fdfpXcf_\dfj[`Z_f#]l\glYc`ZX[XgficX`dgi\ekX[\>Xcm}e\e(/)0
pi\`dgi\jXi\Z`\ek\d\ek\gficXJlgi\dX:fik\[\Aljk`Z`X[\cXEXZ`e[\
dXe\iX]XZj`d`cXi#\e)''-%¶Phl„ZcXj\[\c\p\jjfecXjhl\Xhlˆj\i\Zf^\e
gifm\e`\ek\j[\cXj:fik\j[\:}[`q6
Jfekf[fjcfj[\Zi\kfjpi[\e\j#Zfe\oZ\gZ`e[\Xhl\ccXjc\p\jhl\Z_f$
ZXYXe[`i\ZkXd\ek\Zfe\cd\dfiXYc\GcXe[\@^lXcX#pel\mffi[\e[\ZfjXj
hl\„cZi`#\egXcXYiXj[\cX\jg\Z`\[\gicf^fhl\\jZi`Y\\cgifg`f\[`kfi#
hl`\e#i\Ôi`„e[fj\Xkf[f\c]\ed\ef[\cXi\Z\gZ`e[\c[\i\Z_f\jgXŒfcleX
m\qZfejldX[XcX`e[\g\e[\eZ`X#XŒX[\1
Kf[XjcXj[\d}jhl\_XYˆXe\dXeX[f[\cfji\p\j[\<jgXŒX#p[\cX
jfY\iXeXXlkfi`[X[hl\_XjkXXhl\c[ˆXj\_XYˆXi\ZfefZ`[f#j\ XZX$
kXifepj\i\jg\kXife2cfjgc\`kfjj\[\Z`[`\ifegfi\ccXj2cXaljk`Z`Xj\
X[d`e`jkiZfe]fid\X\ccXj2pcfjd\o`ZXefjXaljkXifeXjlk\efijl
m`[X jfZ`Xc% ;\ Xhlˆ i\jlck hl\ cfj Z[`^fj \jgXŒfc\j# X cfj hl\ X’e
ef_Xj`[f[X[fjlYjk`kl`ifkifj\ek\iXd\ek\eXZ`feXc\j#jfeYljZX[fj
Zfe\dg\Œfgficfjal\Z\j#cfjgif]\jfi\jpX’ecfjj`dgc\jZ`l[X[Xefj#
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
CXZfc\ZZ`e[\>Xcm}e[\(/)/
,.
9XiiX^}e9XiiX^}e
cX`[\X[\le`dg\i`f#[\j[\El\mfD„o`Zf_XjkXcX]ifek\iXZfeGXeXd}#Xc
jli%FkiXj[\ZcXiXZ`fe\j]l\ifepX_\Z_XjgXiX\c`ek\i`fi[\ZX[XleX[\cXj
gifm`eZ`Xjp#\ejlZXjf#\jkX[fj%
CXm`^\eZ`X[\cXjc\p\j[\:}[`q\e\cD„o`Zf`e[\g\e[`\ek\#alekfZfe\c
Zfealekf[\cXjc\p\j\jgXŒfcXj[\cX:fcfe`X#]l\i\Xcd\ek\leXm`^\eZ`XdX$
j`mX%P#\egXik`ZlcXi#kf[fjcfjXYf^X[fjcfjXYˆXe#`eZcl`[f8c]fejfCXeZXjk\i
Afe\j#gfihl\kf[Xj\jkXj[\ZcXiXZ`fe\jjfejfc\de\jp#jfYi\kf[f#gfihl\
kf[Xj\jXjc\p\j[\ZcXiX[Xj\em`^fi#[\_\Z_f#efjcfj\\eZl\ekiXe`eZfigf$
iX[XjX[`]\i\ek\jZfc\ZZ`fe\j[\c\p\jd\o`ZXeXj#j`efhl\X[\d}jj\\jklm`\$
ifeXgc`ZXe[fkf[fj[ˆXjgficXjXlkfi`[X[\j#Zfdfcf[\dl\jkiX\c\og\[`\ek\
\e\chl\gXik`Z`gX[`Z_fXYf^X[f%
<o`jk\emXi`Xj[\\jkXjZfc\ZZ`fe\j%EfjfkifjX_fiXeX[Xd}jmXdfjXd\e$
Z`feXiki\j1cX[\>Xcm}e#hl\jfcXd\ek\j\i\Ô\i\XcXjc\p\j\og\[`[XjgficXj
:fik\j[\:}[`q2cXjccXdX[XjGXe[\ZkXj[\If[iˆ^l\q[\JXeD`^l\cpcX]Xdf$
jXZfc\ZZ`e[\;lYc}epCfqXef#hl\]l\_\Z_Xgfi\eZXi^f[\c^fY`\ief%
Zfdfhl\\e\ccfj\eZl\ekiXecXefidX[\jljXZZ`fe\j#cX^XiXekˆX[\
jlji\ZˆgifZfj[\i\Z_fjpcXi\^cX[\jljgifZ\[`d`\ekfj%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
,/
D\afiefj\gf[ˆXe[\Z`icXjZfjXj%<jkXZfc\ZZ`eZfejkX[\)(-g}^`eXj%J\
kiXkX[\leX\[`Z`edlpY`\eZl`[X[Xpdlp’k`c#jfYi\kf[fgfi\cˆe[`Z\#Zif$
efc^`ZXd\ek\fi[\eX[f#[\[\Zi\kfjpi[\e\jhl\j\`eZfigfiXe#XjˆZfdf
gfi\cˆe[`Z\XeXcˆk`Zf[\dXk\i`Xjhl\kiX\XcÔeXc%
<jleXZfc\ZZ`egi`mX[X#[\dXe\iXhl\\cgifg`f\[`kfiefjX[m`\ik\hl\#\e
i`^fi#jfcXd\ek\\c:fe^i\jf[\cXLe`ep#\ejlZXjf#cfjZfe^i\jfj[\ZX[X
\jkX[fgl\[\e[\ZcXiXiXlk„ek`ZXd\ek\Zl}c\jc\p\ji`^\epZl}c\jef%Pjfe#
\eki\[\Zi\kfjpi[\e\j#leXj(/'[`jgfj`Z`fe\j#[\leZfek\e`[fm\i[X[\iX$
d\ek\`ek\i\jXek\#gl\jj\`eZclp\eXc^leXj[\(/(+p[\(/)(%Kf[Xj#Zfdf
`e[`ZX\ckˆklcf[\cXZfc\ZZ`e#i[h[fkjWdl_][dj[i$
CXjFWdZ[YjWi^_ifWde#c[n_YWdWi
CXjFWdZ[YjWi^_ifWde#c[n_YWdWi\jleXfYiXZc}j`ZX[\c;\i\Z_fd\o`ZXef[\c
j`^cfO@O#[\[feAlXeE%If[iˆ^l\q[\JXeD`^l\c%=l\glYc`ZX[X\e(/*0p\e
(/,)%D}ji\Z`\ek\d\ek\_Xj`[fi\`dgi\jXgfiDXiˆX[\cI\]l^`f>feq}c\q#\e
(0/'p(00(%
¶Hl„jfecXjGXe[\ZkXj_`jgXef$d\o`ZXeXj6GXiXcfjgifgj`kfj[\\jk\kiX$
YXaf#jfecfhl\`e[`ZX\cjlYk`klcX[f[\cXd`jdXfYiX#hl\kiXejZi`Y`dfj1
Fj\X:[`^f>\e\iXcZfdgi\ej`mf[\cXjc\p\j^\e\iXc\j#’k`c\jpm`mXj
[\cXjJ`\k\GXik`[Xj#I\Zfg`cXZ`eEfmˆj`dX#cX[\@e[`Xj#Xlkfjpgif$
m`[\eZ`XjZfefZ`[Xjgfi[\Dfek\dXpfip9\c\ŒXpZ„[lcXjgfjk\i`fi\j
_XjkX\cXŒf[\(/)'#Zfe\oZclj`e[\cXjkfkXcd\ek\`e’k`c\j#[\cXj
i\g\k`[Xj2p[\cXj\ogi\jXd\ek\[\if^X[Xj%(/
Ef\o`jk\d\afik\jk`dfe`fjfYi\cXi\Z\gZ`e[\cXjc\p\j\jgXŒfcXj#ZXj$
k\ccXeXjp[\@e[`Xj\e\cD„o`Zf`e[\g\e[`\ek\hl\\jkXfYiX[\lef[\cfj
ali`jkXjd}j]Xdfjfj[\cj`^cfO@Od\o`ZXef%
If[iˆ^l\q[\JXeD`^l\ceXZ\\eGl\YcX\e(/'/pdl\i\\e(/..%CX\[`$
Z`e[\(0/'pcX[\(00(jfei\gif[lZZ`fe\j[\cX\[`Z`e[\(/,)%
(/
:fdf[\Z`dfj#\ck\okfkiXejZi`kfg\ik\e\Z\Xckˆklcf[\cXfYiX2gfikXekf#m`\e\\ecXgfikX[X[\
„jkX%<cgifg`fXlkfi#\ecXgXik\`ekif[lZkfi`X#\ogc`ZX\cj\ek`[f[\cXi\Zfg`cXZ`ep\cfi[\ej\^l`[f%
<ecXB[]_ibWY_Œdc[n_YWdW"[\;lYc}epCfqXef
]XckX[\c\pd\o`ZXeX#k`\e\e]i\Zl\ek\Xgc`ZXZ`e\eel\jkifjki`YleXc\j%
<e\jkXZfc\ZZ`ej\\eZl\ekiX`eZfigfiX[f\ck\okf[\cX:fejk`klZ`e[\(/()
p#\eki\fkiXjdlZ_Xj#cX]XdfjXc\p[\)+[\dXiqf[\(/(*#hl\\jcXhl\\jk}
Xgc`ZXe[fcXJlgi\dX:fik\Xci\f[\]\e[`[fgfi[fe8c]fejfCXeZXjk\iAfe\j%
8df[f[\ZfeZclj`e
:fdfj\Xgi\Z`X#cXi\Z\gZ`e\e\cD„o`Zf`e[\g\e[`\ek\[\c;\i\Z_f\jgXŒfc
\jdlpXdgc`X%GXi\Z`\iXhl\#XcXgfjki\#Xhl\ccXjZfik\jeX[Xd}j_lY`\iXe
kiXYXaX[fgXiXD„o`Zf%
=XckXdlZ_fkf[XmˆXgfi_XZ\i%CX_`jkfi`X\jk}X_ˆ#\jg\iXe[fel\jkiXm`$
j`kX#pXj\Xhl\efjXZ\ihl\dfjX\ccXZfecXj[l[XjpcXjdXcXj`[\Xj[\[fe
8c]fejfCXeZXjk\iAfe\j#hl`\eefjcfXÔidXYXcX`dgfj`Y`c`[X[[\cXm`^\eZ`X
[\cXjc\p\j[\cfgi\jfi#j`efhl\ZXc`ÔZX[\[\jZ\i\YiX[fjXhl`\e\jg\ejXiXe
kXc\jZfjXj2pXj\Xhl\efjkfhl\i\gXjXi\jX_`jkfi`XZfeel\jkifjXcldefj
\eZcXj\%
<jdXe`Ô\jkfhl\cfj^fY`\iefjd\o`ZXefjefgl[`\ifeZXdY`Xi[`Z_Xjc\$
p\j#ZfdfkXdgfZfgl[`\ifeZXdY`XicXj`ejk`klZ`fe\jgfcˆk`ZXj#aliˆ[`ZXjpjf$
Z`Xc\jhl\\ccXjZi\Xife%8_ˆ\jk}ekf[XmˆXm`mXj\eki\efjfkifj#Xc^leXj\ekXe
Yl\e\jkX[fhl\j\XekfaXed\afi\jhl\cXjd}ji\Z`\ek\j%
,0
9XiiX^}e9XiiX^}e
DlZ_Xj[\cXjc\p\j[\\jkXXjXdYc\X:fik\j<jgXŒfcXj[\:}[`q _Xej\im`$
[f[\YXj\XcXc\^`jcXZ`egXki`X2pXc^leXjX’e[\jgl„j[\kXekfjXŒfj#gfi
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
J`e cl^Xi X [l[Xj# \jkXdfj Xek\ cX Zfc\ZZ`e d}j `dgfikXek\ [\ kf[Xj# gfi
jlXcZXeZ\pjlZfek\e`[f#gi\gXiX[Xgfi[fj^iXe[\jZfejk`klZ`feXc`jkXj#[fe
Afj„DXiˆXCfqXefp[feDXel\c;lYc}e%
CXfYiX[\CfqXefp;lYc}e`e`Z`jlglYc`ZXZ`e\e(/.-%J\kiXkX[\leX
Zfdg`cXZ`efÔZ`Xc#Zfdfcf_\dfj[`Z_f#pZfek`\e\leXcXi^Xc`jkX[\c\p\j
\jgXŒfcXjp#\egXik`ZlcXi#[\cXj\og\[`[XjgficXj:fik\j[\:}[`q#`eZclp\e[f
jl:fejk`klZ`e#gfihl\#[`Z\ecfjXlkfi\j1
=l\ek\jZfejlckX[Xj
(/)/$9eb[YY_ŒdZ[Yedij_jkY_ed[iZ[bei;ijWZeiKd_ZeiC[n_YWdei"ki\jkfdfj%
D„o`Zf1@dgi\ekX[\>Xcm}e%
(/)0%9eb[YY_ŒdZ[beiZ[Yh[jeioŒhZ[d[iZ[bWi9ehj[iZ[;ifW‹Wgk[i[h[fk#
jWdl_][dj[i[dbWH[f‘Xb_YWZ[bei;ijWZeiKd_ZeiC[n_YWdei%D„o`Zf1@d$
gi\ekX[\>Xcm}e%
9XiiX^}e#Afj„%(0.(%;b@k_Y_eZ[h[i_Z[dY_W[d[beh_][dYedij_jkY_edWbZ[b`k_Y_e
Z[WcfWhec[n_YWde$MXc\eZ`X1Le`m\ij`[X[[\MXc\eZ`X%
ÇÇÇ%(0.+9hŒd_YWiZ[b7YjW9edij_jkj_lW$@ekif[lZZ`epefkXj[\Afj„9XiiX$
-'
^}e%D„o`Zf1:}dXiX[\;`glkX[fj%
ÇÇÇ%(0./%@ekif[lZZ`eXc]\[\iXc`jdfd\o`ZXef%CX]fidXZ`e[\gf[\i\j\e
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(/)+%D„o`Zf1Le`m\ij`[X[EXZ`feXc8lkefdX[\D„o`Zf%
ÇÇÇ%(0/'%7YjWiYedij_jkY_edWb[ic[n_YWdWi'.('#'.(*"('kfdfj%D„o`Zf1@d$
gi\ekX[\cXLE8D%
ÇÇÇ%Kfdf@%È;`Xi`f[\cXjj\j`fe\j[\cXJfY\iXeXAlekXGifm`j`feXc>lY\ieX$
k`mX[\c@dg\i`fd\o`ZXef%@dgi\ekX[\MXc[„j%D„o`Zf%(/)(É%<[`Z`e]XZ$
j`d`cXi%@ekif[lZZ`e[\Afj„9XiiX^}e%
ÇÇÇ%Kfdf@@%È8ZkXj[\c:fe^i\jf:fejk`klp\ek\d\o`ZXef%@dgi\ekX[\MXc$
[„j#D„o`Zf%(/))É%<[`Z`e]XZj`d`cXi%@ekif[lZZ`e[\Afj„9XiiX^}e%
ÇÇÇ%Kfdf@@@%È8ZkXj[\c:fe^i\jf:fejk`klp\ek\D\o`ZXef%@dgi\ekX[\MXc$
[„j#D„o`Zf%(/))É%
ÇÇÇ%Kfdf@M%È8ZkXj[\c:fe^i\jf:fejk`klp\ek\D\o`ZXef%@dgi\ekX[\MXc$
[„j%D„o`Zf%(/)*É%
ÇÇÇ%KfdfM%È;`Xi`f[\cXjj\j`fe\j[\c:fe^i\jf:fejk`klp\ek\[\D„o`Zf#
D„o`Zf%(/)*%@dgi\ekX[\MXc[„jÉ%<[`Z`e]XZj`d`cXi%@ekif[lZZ`e[\Afj„
9XiiX^}e%
ÇÇÇ%KfdfM@%ÈJ\j`fe\j\okiXfi[`eXi`Xj[\c:fe^i\jf:fejk`klp\ek\Zfedf$
k`mf[\cXii\jkf[\Xc^lefjj\Œfi\j[`glkX[fj%D„o`Zf%(/))%@dgi\ekX[\
DXi`Xef[\Q’Œ`^XpFek`m\ifj%D„o`Zf%(/)*É%<[`Z`e]XZj`d`cXi%@ekif$
[lZZ`epefkXj[\Afj„9XiiX^}e%
ÇÇÇ%KfdfM@@%È;`Xi`f[\cXAlekXEXZ`feXc@ejk`klp\ek\[\c@dg\i`fD\o`ZXef%
D„o`Zf%(/))%@dgi\ekX[\MXc[„jÉ%
ÇÇÇ%KfdfM@@@%È;`Xi`f[\cXjj\j`fe\j[\c:fe^i\jf:fejk`klp\ek\[\cX=\[\$
iXZ`ed\o`ZXeX%<[`Z`e_\Z_Xgfi\eki\^XjÉ%J\i\gif[lZ\e]XZj`d`cXi$
d\ek\cXjj\j`fe\jZfii\jgfe[`\ek\jXcd\jXYi`c[\(/)+%@ekif[lZZ`e[\
Afj„9XiiX^}e%
ÇÇÇ%Kfdf@O%È;`Xi`f[\cXjj\j`fe\j[\c:fe^i\jf:fejk`klp\ek\[\cX=\[\$
iXZ`ed\o`ZXeX%<[`Z`e_\Z_Xgfi\eki\^XjÉ%J\i\gif[lZ\e]XZj`d`cXi$
d\ek\cXjj\j`fe\jZfii\jgfe[`\ek\jXcd\jdXpf[\(/)+%
ÇÇÇ%KfdfO%È;`Xi`f[\cXjj\j`fe\j[\c:fe^i\jf:fejk`klp\ek\[\cX=\[\$
iXZ`ed\o`ZXeX%<[`Z`e_\Z_Xgfi\eki\^XjÉ%J\i\gif[lZ\e]XZj`d`cXi$
d\ek\cXjj\j`fe\jZfii\jgfe[`\ek\jXcfjd\j\j[\ale`fpalc`f[\(/)+%
Gi\j\ekXZ`e[\Afj„9XiiX^}e%
d`e`jkiXZ`eG’Yc`ZXp:`\eZ`XjGfcˆk`ZXjpJfZ`Xc\j[\cXLe`m\ij`[X[8lk$
efdX[\c<jkX[f[\D„o`Zf%
ÇÇÇ%(0/+Y%Fh_dY_f_eiZ[\[Z[hWb_icec[n_YWde0'.(*$D„o`Zf1;\gXikXd\ekf
[\c;`jki`kf=\[\iXc%
ÇÇÇ%(00-%7b]kdeiWfehj[ifWhWbW^_ijeh_WZ[bh[\h[dZec_d_ij[h_Wb%>lX[XcXaX$
iX1Le`m\ij`[X[[\>lX[XcXaXiX%
ÇÇÇ% )'''X% ;bFheY[ie^_ijŒh_YeZ[\ehcWY_ŒdZ[bi[dWZec[n_YWde$ D„o`Zf1
Gleb\iBfcfi%
ÇÇÇ%)'''Y%7b]kdWiYedi_Z[hWY_ed[iieXh[beiYkWjheh[YkhieiZ[WcfWheh[#
]kbWZeifehbWii_[j[fWhj_ZWi$>lX[XcXaXiX1Le`m\ij`[X[[\>lX[XcXaXiX%
ÇÇÇ%)''0%=WhWdj‡WifheY[iWb[i[dbW9edij_jkY_ŒdZ[9|Z_pobWiYedij_jkY_ed[i
beYWb[ic[n_YWdWi'.(*#'.(-$>lX[XcXaXiX1Le`eCXk`eX%
>d\q:l\imf#8ekfe`f%(/.(%:eYkc[djei_cfehjWdj[iZ[bfheY[ieZ[b]eX[h#
dWZehYedij_jkY_edWbZ[@Wb_iYe$D„o`Zf1C`Yi\iˆX#k`gf^iX]ˆXpc`kf^iX]ˆX[\
A%M%M`ccX[X%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
ÇÇÇ%(0/+X%;bf[diWc_[dje\[Z[hWb_ijWc[n_YWde0'.(*$KfclZX1=XZlckX[[\8[$
Dfek`\cp;lXik\#@j`[if8ekfe`f%(/-/%:[h[Y^ef‘Xb_Yec[n_YWde"kfdf@%D„o`$
-(
9XiiX^}e9XiiX^}e
Zf1@dgi\ekX[\c>fY`\ief#\eGXcXZ`f#[`i`^`[XgfiAfj„DXiˆXJXe[fmXc%
Facsímil.
Constitución Política
de la Monarquía Española
promulgada en Cádiz
a 19 de marzo de 1812
-,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
--
-.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
-/
-0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
.'
.(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
.)
.*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
.+
.,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
.-
..
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
./
.0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
/'
/(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
/)
/*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
/+
/,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
/-
/.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
//
/0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
0'
0(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
0)
0*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
0+
0,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
0-
0.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
0/
00
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(''
('(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(')
('*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
('+
(',
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
('-
('.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
('/
('0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(('
(((
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(()
((*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
((+
((,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
((-
((.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
((/
((0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
()'
()(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
())
()*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
()+
(),
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
()-
().
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
()/
()0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(*'
(*(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(*)
(**
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(*+
(*,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(*-
(*.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(*/
(*0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(+'
(+(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(+)
(+*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(++
(+,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(+-
(+.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(+/
(+0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(,'
(,(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(,)
(,*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(,+
(,,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(,-
(,.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(,/
(,0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(-'
(-(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(-)
(-*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(-+
(-,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(--
(-.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(-/
(-0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(.'
(.(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(.)
(.*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(.+
(.,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(.-
(..
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(./
(.0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(/'
(/(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(/)
(/*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(/+
(/,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(/-
(/.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(//
(/0
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(0'
(0(
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(0)
(0*
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(0+
(0,
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(0-
(0.
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
(0/
Documentos históricos
en el contexto novohispano.
Acervo del Archivo General de la Nación
8Œf
:fek\e`[f
I\]\i\eZ`X
(/('
AlekXJlg\i`fi[\:}[`qXcfj
Xd\i`ZXefj\jgXŒfc\jjfYi\
cfjjlZ\jfj[\8e[XclZˆX
8>E#@ejk`klZ`fe\j
pJ\m`ccX%GifZcXdX)/[\
]\Yi\if%
:fcfe`Xc\j#>fY`\ief
m`ii\`eXc#@dgi\jfj
FÔZ`Xc\j',- #
:fek\e\[fi(*#Mfcld\e
*'#<og\[`\ek\.%(']faXj
`dgi\jXj%
J\XeleZ`Xhl\cXXlkfi`[X[[\cXAlekX:\ekiXcj\[\gfj`kXX_fiX\ecXI\^\eZ`X%
I\]\i\eZ`XXD`^l\c[\CXi[`q}YXcpLi`Y\#i\gi\j\ekXek\Xd\i`ZXefefmf_`jgXef %
I\j\ŒX[\cfjjlZ\jfjfZlii`[fj\ecXg\eˆejlcX\eki\(/'0p(/('%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;fZld\ekf(
)'(
C8ALEK8JLG<I@FI;<:8;@Q
8C88D<I@:8<JG8zFC8
<ecXg\c`^ifjXZi`j`jhl\XZXYX[\jl]i`icXdfeXihlˆX#hlXe[fXjXckX[X[\leX
elY\[\[\j^iXZ`Xj\ejl[\]\ejX\ok\i`fi#cXj]XZZ`fe\jp\c]i\e\jˆd`eXYXe
`ek\i`fid\ek\ jlj Z`d`\ekfj gXiX hl\ j\ [\jgcfdXj\ Xc jl\cf2 hlXe[f cX
Zfe]lj`e p \c [\jfi[\e ef [\oXYXe Xc gXi\Z\i j\e[X Xc^leX hl\ j\^l`i \e
d\[`f[\ccXY\i`ekf[\cfjjlZ\jfjp[\cdfm`d`\ekfkldlcklXi`f[\cXjgXj`fe\j2
\cgl\Ycf[\:}[`q#hl\gl\jkfgficXeXkliXc\qXpcX]fikleX`ed\[`XkXd\ek\
XckfiY\cc`ef#_Xk\e`[fcXjl\ik\[\j\ileX[\cXjgi`eZ`gXc\jZfcldeXj\ehl\
j\_Xejfjk\e`[fcXle`[X[p\jg\iXeqXj[\c\jkX[f#fj_XYcXX_fiXgfid\[`f
[\ jl AlekX jlg\i`fi# gXiX \ek\iXifj [\ cX m\i[X[ [\ cfj XZfek\Z`d`\ekfj#
dXe`]\jkXifj cX j\i`\ [\ jlj fg\iXZ`fe\j# p dfjkiXifj \c ildYf gfi [fe[\
ml\jkiXc\XckX[[\Y\j\^l`iefjgXiXcXjXcmXZ`fe[\cXg}ki`X%
CX ]XdX cc\mXi} } ml\jkifj fˆ[fj hl\ cfj ]iXeZ\j\j _Xe g\e\kiX[f \e cX
8e[XclZˆX2hl\_XefZlgX[f}J\m`ccX#hl\j\_Xe[`cXkX[f_XjkX\cdXihl\
cXXlkfi`[X[jfY\iXeX[\gfj`kX[X\ecXAlekX:\ekiXccf\jk}X_fiX\ele:fej\af
[\I\^\eZ`X#phl\el\jkifj\j]l\iqfj[\Y\eZfd\eqXi[\el\mf}fi^Xe`qXicX
d}hl`eX[\cXi\j`jk\eZ`X#ZfekiX\c\e\d`^f%CX`ed\ej`[X[[\cX[`jkXeZ`X#
cX [`m\ij`[X[ [\ c\e^lXj gfi [fe[\ cfj _\Z_fj gXjXe# cX dXc`^e`[X[ hl\ cfj
m`Z`X#\ck\iifihl\cfjXYlckX#kf[fZfeki`Yl`i}}cc\eXi[\jfigi\jXp[\[fcfi
ml\jkifj}e`dfj#pefZ\jXi\`j[\gi\^lekXi1¶gfihl„d\[`f#gfihlXcZXd`ef
cXjc`jfe^\iXj\jg\iXeqXjhl\Xek\jj\ZfeZ`Y`\ifej\_XeZfem\ik`[f\eleX
g\ijg\Zk`mXkXeki`jk\[\i\m\j\j„`eZ\ik`[ldYi\j6
J`e [l[X cfj \jgXŒfc\j ef _XYˆXdfj j`[f YXjkXek\ ZXjk`^X[fj kf[XmˆX [\
\jkfjm\`ek\XŒfj[\[\^iX[XZ`fe#pcfj\]\Zkfj[\gcfiXYc\j[\cXk`iXeˆXhl\
_\dfjZfej\ek`[f\e\jk\k`\dgffd`efjfj\[\oXej\ek`iXle\ed\[`f[\c
^iXeZXi}Zk\ihl\_\dfj[\jgc\^X[f\eel\jkiXi\mfclZ`fe%<jkX\jcXZXljX
fi`^`eXc[\el\jkifj\iifi\j#[\el\jkifji\m\j\j#[\hl\j\_XpXedXcf^iX[f
el\jkiXj\jg\iXeqXj#p[\hl\j\_XpXefYjZli\Z`[fcfjXcYfi\j[\gifjg\i`[X[
Zfehl\[\k`\dgf\ek`\dgfefj_X_XcX^X[fcX]fikleX%
;\j_\Z_f \e cfj ZXdgfj [\ FZXŒX \c \o„iZ`kf d}j gf[\ifjf hl\ j\ _X
fgl\jkf}cfj]iXeZ\j\j\e\jkX^l\iiX#XaljkX[XcXgXq\eki\8ljki`Xp=iXeZ`X#
>\ifeX i\e[`[X# p kf[Xj cXj ]l\iqXj \e\d`^Xj X^fcgX[Xj } J`\iiXdfi\eX2 \iX
ZcXif hl\ cfj \e\d`^fj `emX[`\e[f cX 8e[XclZˆX p [\jkilp\e[f \c ^fY`\ief
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Gl\Ycfj[\8d\i`ZX1
)'*
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)'+
hl\i`Xe[XiZ`dX}jljg\im\ijfj[\j`^e`fj#pZfdgc\kXicXil`eX[\c\jkX[f%Jfcf
d\[`[Xj[\leZXi}Zk\igif[`^`fjfgfijlZ\c\i`[X[pjl]l\iqXgf[`Xej\im`i}
Zfek\e\i\ckfii\ek\hl\Xd\eXqXYX%G\ifcXAlekXjlgi\dXpX[\jXlkfi`qX[X
ZfecXj[\j^iXZ`Xjhl\_XY`Xej\^l`[f}kf[Xjjljfg\iXZ`fe\j#dXcfY\[\Z`[X#
g\i[`[XcXZfeÔXeqX#pcc\mXe[fZfej`^f\c[\jXc`\ekf[\jldXcX]fikleX2efk\eˆX
dXefjgXiXfYiXie`g`\jgXiXZXd`eXi%CX]l\iqX`ii\j`jk`Yc\[\cXjZfjXjcX_XYˆX
Zfe[lZ`[f X \jkX \oki\d`[X[ XdXi^X2 p hlXe[f cfj ]iXeZ\j\j \oZ\j`mXd\ek\
jlg\i`fi\j\ee’d\ifXcXjkifgXjhl\[\]\e[ˆXecXjJ`\iiXjifdg`\ifegfi\ccXj#
\c[`j^ljkf[\cfjgl\YcfjpXdXe`Ô\jkf\emfZ\jp\ehl\i\ccXjXeleZ`XYXXcX
AlekX\cdfd\ekf[\jlZ\jXZ`fe`e\m`kXYc\%
G\if\jkXZ\jXZ`fehl\gfi\cY`\e[\c\jkX[fpZfej\imXZ`fe[\jlle`[X[
[\YˆXj\imfclekXi`Xpjfc\de\#}Ôe[\hl\cXXlkfi`[X[hl\j\\jkXYc\Z`\j\
gfi\ccX]l\j\c\^ˆk`dXple`m\ijXcd\ek\i\ZfefZ`[X#\jklmf}i`\j^f[\g\i[\i
\jkfjZXiXZk\i\je\Z\jXi`fjpjX^iX[fj%?XYˆXcXAlekXjXc`[f[\J\m`ccXgXiX
kiXjcX[Xij\ } cX @jcX [\ C\fe# j\^le cf k\eˆX XeleZ`X[f Xek\i`fid\ek\2 cfj
]iXeZ\j\jj\XZ\iZXYXe2p\e\jk\dfd\ekf[\Zi`j`j\cgl\Ycf[\Xhl\ccXZ`l[X[
X^`kX[fgfi\ck\iifipgfi\c\jgˆi`kl[\]XZZ`fej\kldlckl[\j^iXZ`X[Xd\ek\#
ZcXd ZfekiX cX Xlkfi`[X[ \jkXYc\Z`[X# p cc\e Zfe jlj ^i`kfj cfj gl\Ycfj p
Z`l[X[\j[\8e[XclZˆX%
Fp„ifecfjcfjYl\efjZfe\jgXekf#cfjgil[\ek\jZfe`e[`^eXZ`fe%K\d`\ife
lefj p fkifj m\i \c \jkX[f ÕfkXe[f j`e k`dfe Xc^lef Xc XiY`ki`f [\c _liXZXe
[\ cXj gXj`fe\j# p [\j_\Z_f \e cfj _fii`Yc\j mXZˆfj hl\ c\ Xd\eXqXe% <e kXc
`eZ\ik`[ldYi\#[`jl\ckfjXcgXi\Z\icfjcXqfjgfcˆk`Zfjhl\le\ecfj[`]\i\ek\j
d`\dYifj [\ cX i\g’Yc`ZX2 ZX[X gifm`eZ`X# ZX[X Z`l[X[# ZX[X m`ccX k\e`X hl\
kfdXi gXik`[f gfi jˆ jfcX# p Xk\e[\i gfi jˆ jfcX } jl gfc`ZˆX# Zfej\imXZ`fe p
[\]\ejX% :}[`q [\j[\ \jk\ `ejkXek\ [\Y` Zfej`[\iXij\ \e leX j`klXZ`e
gXik`ZlcXip[`jk`ekX[\kf[XjcXj[\d}jZ`l[X[\j[\<jgXŒX%JlgfYcXZ`e#jl
fglc\eZ`X#cXji\cXZ`fe\j`ed\ejXj[\jlZfd\iZ`f#cXj`e^lcXi`[X[p]l\iqX[\
jlgfj`Z`fe[\Y`\ifeg\ijlX[`icXhl\\e\ccX`YXe}Zfejk`kl`ij\cXjgi`eZ`gXc\j
\jg\iXeqXj[\c\jkX[f%:i\pj\ZfeiXqfe\cfYa\kf[\dXpfiXk\eZ`fegXiXcfj
gXki`fkXj\jgXŒfc\j#\ccXqfdXj`dgfikXek\[\le`[X[ZfecX8d\i`ZX#p\c`ek\i\j
pcX\jg\ZkXZ`fe[\kf[X<lifgX%<cildYfhl\\ccXj`^l`\j\#cfjj\ek`d`\ekfjhl\
dXe`]\jkXj\[\YˆXej\igi`eZ`g`fj[\Zfe[lZkXpj\e[\if[\ZfeÔXeqXgXiXfkifj
gl\Ycfj%DXpfi\ji\ZlijfjcX`dgfe`XedXpfi\jfYc`^XZ`fe\j2pgl\jkfhl\gfi
ZlcgX[\cfj_fdYi\j#gfii`^fi[\cX]fikleX\c`eZ\e[`fj\XZ\iZXYX}jli\Z`ekf#
\iX]l\iqXhl\gXiXXkXaXic\dfjkiXj\leZXi}Zk\iZfii\jgfe[`\ek\}jl[`^e`[X[
pgf[\iˆf%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8jˆ]l\%;\j[\\cdfd\ekfhl\fphl\cfj\e\d`^fj_XY`Xe`emX[`[fcX
8e[XclZˆXpj\\eZXd`eXYXe}J\m`ccX#\cgl\Ycf\em\q[\XYXk`ij\_`qfm\ileX
\e\i^ˆX[`^eX\ekf[f[\cXXl^ljkXZXljX}ZlpX[\]\ejXj\_XZfejX^iX[f%
?XYcjfcXcXmfq[\cgXki`fk`jdf#pZXccXifekf[XjcXj`clj`fe\j[\cXXdY`Z`fe%
>\]\jpjlYXck\iefj}gfiÔX[XYXedl\jkiXj[\[\jgi\e[`d`\ekfp^\e\ifj`[X[%
;` \c gi`d\i \o\dgcf [\ \ccf \c ^fY\ieX[fi [\ cX gcXqX# hl\ Xc XeleZ`Xi Xc
XplekXd`\ekfcXm\ekXaX[\c\e\d`^fp\cg\c`^if[\8e[XclZ`X#j\dXe`]\jk
gifekf } i\j`^eXi \c dXe[f \e hl`\e \c gl\Ycf klm`\j\ dXpfi ZfeÔXeqX#
i\j\im}e[fj\j\im`i}cXg}ki`X\eZXc`[X[[\j`dgc\jfc[X[f%EfcfZfej`ek`
\cXplekXd`\ekf#e`}efdYi\[\cgl\Ycf\cjˆe[`Zfhl\cfi\gi\j\ekX\e„c2p\c
>\e\iXc#hl\kXekXjgil\YXj[\[\j`ek\i\j#[\mXcfip[\gXki`fk`jdf_X[X[f
\e\cZlijf[\\jkXi\mfclZ`fe#hl\[el\mXd\ek\\eZXi^X[f[\cXXlkfi`[X[
d`c`kXipgfcˆk`ZX[\cXgcXqXgficXmfclekX[[\cgl\Ycf#hl\XdXjlZXi}Zk\i#
ZfeÔX\ejljkXc\ekfj#pi\jg\kXjljm`ikl[\j%
DXj gXiX hl\ \c ^fY`\ief [\ :}[`q klm`\j\ kf[X cX i\gi\j\ekXZ`e c\^Xc
p kf[X cX ZfeÔXeqX [\ cfj Z`l[X[Xefj# Zlpfj [\jkˆefj dXj gi\Z`fjfj j\ c\
ZfeÔXe#j\gifZ\[`}g\k`Z`fe[\cgl\Ycfpgifgl\jkX[\jljˆe[`Zf#X]fidXi
leXalekX[\^fY`\ief#hl\efdYiX[Xjfc\de\pc\^Xcd\ek\gficXkfkXc`[X[
[\cm\Z`e[Xi`f#i\le`\j\cfjmfkfj#i\gi\j\ekXj\cXjmfclekX[\j#pZl`[Xj\[\
cfj`ek\i\j\j%M\i`ÔZj\Xjˆ#pj`eZfemlcj`fe#j`eX^`kXZ`fe#j`ekldlckf#Zfe\c
[\ZfifpZfeZ`\ikfhl\Zfem`\e\X_fdYi\jc`Yi\jp]l\ik\j#_Xej`[f\c\^`[fj
gfikf[fjcfjm\Z`efj#\jZf^`[fj[\\eki\kf[fj#p[\jk`eX[fjXcY`\e[\kf[fjcfj
`e[`m`[lfjhl\Zfdgfe\e_fpcXAlekXjlg\i`fi[\:}[`q1AlekXZlpX]fidXZ`e
[\Y\i} j\im`i [\ df[\cf \e X[\cXek\ X cfj gl\Ycfj hl\ hl`\iXe \c\^`ij\ le
^fY`\iefi\gi\j\ekXk`mf[`^ef[\jlZfeÔXeqX%
;\j[\ \c dfd\ekf [\ jl `ejkXcXZ`fe m`f cXj \efid\j [`ÔZlckX[\j hl\
k\e`X[\cXek\[\jˆ#palij`e\dYXi^fZfii\jgfe[\i}cXj\jg\iXeqXj[\jlj
Zfd`k\ek\j% ;„jg\ŒXYXej\ cfj ]iXeZ\j\j Zfe jl `dg\klfj`[X[ XZfjkldYiX[X
}m\ij`gf[`Xejfigi\e[\i\jk\\dgfi`fhl\kXekfZf[`Z`Xe%;\cXek\[\\ccfj#
kiX`[fj \e cXj XcXj [\c k\iifi#  jXZl[`[fj gfi \c f[`f# m\e`Xe d`ccXi\j [\
]l^`k`mfjhl\efk\e`XefkifXj`cfe`fkifi\]l^`fhl\:}[`q1[\ekif\cgl\Ycf#
Xe`dfjf j` p ZfeÔX[f \e jl Y`qXii`X p \eklj`Xjdf# g\if i\Z\cfjf [\c XkiXjf
\ehl\j\_XccXYXecXjfYiXj[\[\]\ejX#`eZ`\ikf[\c„o`kf[\jlj\j]l\iqfj#
p\ogl\jkfgficfd`jdf}cfjg\c`^ifj[\cX\]\im\jZ\eZ`X2i\j`jk`ipi\Z_XqXi
} cfj lefj# XZf^\i } cfj fkifj# Xj\^liXi p ]fikXc\Z\i Xc ’ck`df2 gifm\\i } cX
j\^li`[X[ \ok\i`fi# dXek\e\i [\ekif cX kiXehl`c`[X[# Zl`[Xi [\ hl\ ef ]Xck\
eX[X}leXgfYcXZ`fepXkXe`ed\ejX#]l\ifecfjfYa\kfjXi[lfjp^iXmˆj`dfj
}hl\cXAlekXklmfhl\Xgc`ZXijlXk\eZ`fe#p\ehl\k`\e\cXjXk`j]XZZ`e[\
)',
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)'-
Xj\^liXihl\_XjkXX_fiXjljgifm`[\eZ`Xjpjljd\[`[Xj_Xecf^iX[fle\]\Zkf
Zfii\jgfe[`\ek\}jlq\cf%
;` Xc `ejkXek\ cX dXpfi XZk`m`[X[ Xc Xc`jkXd`\ekf ^\e\iXc [\ kf[fj cfj
m\Z`efj#\oZ`kjl\eklj`XjdfgXiXhl\ZfeZlii`\j\e}cXZfeZclj`fe[\cX^iXe
YXk\iˆXhl\[\Ô\e[\\ok\i`fid\ek\XcXZ`l[X[gficXgXik\[\c8ii\Z`]\#dXe[
[\dfc\i\cZXjk`ccf[\JXekX:XkXc`eX#gXiXhl\cfj]iXeZ\j\jefgl[`\j\efYjkil`i
[\j[\„ccX\ekiX[XpjXc`[X[\cXYX_ˆX#ZfemfZZfegi\d`fjpi\Zfdg\ejXj
} kf[fj cfj _fdYi\j [\ dXi# gXiX \c XidXd\ekf [\ cXj ]l\iqXj jlk`c\j hl\
kXekf[\Y\eZfeki`Yl`i}el\jkiXi\j`jk\eZ`X2pZfecXjd\[`[Xjpgifm`[\eZ`Xj
kfdX[XjgXiXcXgfc`ZˆXXc`d\ekXi`X[\cgl\Ycf#cfjm`m\i\jpdXek\e`d`\ekfj
[\kf[XjZcXj\jj\_XccXe\ele\jkX[fkXc#hl\el\jkifj\e\d`^fj#[l\Œfj[\
cXZfjkXp}iY`kifj[\\ok\e[\ij\[fe[\hl`\i\e#efcfj[`j]ilkXee`Zfed}j
YXiXkliX#e`\edXpfiXYle[XeZ`X%
DXj\jkXjXk\eZ`fe\jc`d`kX[Xj}cXj\^li`[X[p[\]\ejX[\cgl\Ycf[\:}[`q
ef[`jd`el`Xe\c^iXm\Zl`[X[fhl\[\j[\\cdfd\ekf[\jlZi\XZ`eXhl\oXYX
XcXAlekX%:fek\e`[X\ecfjcˆd`k\j[\jl`ejk`klkf#j`egi\k\e[\i[Xic\p\j}
cfj fkifj gl\Ycfj# p [\j\Z_Xe[f kf[X `[\X [\ jlgi\dXZˆX# kXe Xa\eX [\ jl
ZXi}Zk\ip[\jljgi`eZ`g`fj#Zfdfg\ial[`Z`Xc}cXZXljXg’Yc`ZX2[\j\XYXZfe
Xej`X\c`ejkXek\\ehl\cXXlkfi`[X[jfY\iXeXXgXi\Z`\j\ZfecX[\Y`[X]l\iqX
p \e\i^ˆX# p j\ dfjkiXj\ \c Z\ekif [\ cXj fg\iXZ`fe\j [\ kf[f \c i\pef% Ef
kXi[\jk\`ejkXek\\ecc\^Xi1cfj`e[`m`[lfj[\cXAlekXjlgi\dX#}g\jXi[\cXj
ZfekiX[`ZZ`fe\jpX’e[\jX`i\jhl\jl]i`\ife\ejlm`Xa\[\gXik\[\cfjgl\Ycfj
X^`kX[fj#gl[`\ifei\le`ij\\ecX@jcX[\C\e%8ccˆm`\ifehl\\cgf[\ihl\_XYˆXe
\o\iZ`[f_XjkX\ekfeZ\j#pXj`eXZZ`fe\ejljdXefj#[\Y`XkiXej]\i`ij\}fkiXj#
gXiXhl\gl[`\j\jXcmXicXg}ki`X%:fem\eZ`[X[\\jkXe\Z\j`[X[#`ejkil`[Xgfi
cXmfq[\kf[fjcfjYl\efj\jgXŒfc\j#pgficXc\ZZ`fe[\cfjjlZ\jfjd`jdfj#
cXAlekXjlgi\dXk\id`ejlj]leZ`fe\jZfe\cXZkfjfc\de\hl\ X\ccXjfcX
Zfii\jgfe[`X#Zi\Xe[fle:fej\af[\I\^\eZ`X#}hl`\ekiXjcX[cXXlkfi`[X[
jfY\iXeX [\ hl\ \jkXYX i\m\jk`[X% Cfj `e[`m`[lfj efdYiX[fj gXiX ]fidXic\
]l\ife\cI\m\i\e[fFY`jgf[\Fi\ej\;%G\[if[\Hl\m\[fpHl`ekXef#cfj
j\Œfi\j;%=iXeZ`jZf[\JXXm\[iX#;%=iXeZ`jZfOXm`\i[\:XjkXŒfj#;%8ekfe`f
[\<jZXŒf#p\ei\gi\j\ekXZ`fe[\cXj8d„i`ZXj\cJ\Œfi;%<jk\YXe=\ie}e[\q
[\C\fe#hl\_XY`\e[fi\eleZ`X[fjl\eZXi^fgficX[\Y`c`[X[[\jljXcl[#j\
jlYjk`klp\e\cj\Œfi;%D`^l\c[\CXi[`q}YXcpLi`Y\#\c\Zkf\ecl^Xijlpf%
<ed\[`f[\cX`eZ\ik`[ldYi\pZfe]lj`fe[\cfj[`XjXek\i`fi\jYi`ccgfi
Ôelef[\Xc\^i`Xp[\\jg\iXeqX%M`cXAlekX[\:}[`q\jkXYc\Z`[fle^fY`\ief
dXj Zfej`^l`\ek\ } el\jkiXj c\p\j p } el\jkiXj ZfjkldYi\j# p jfYi\ kf[f
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
dXj}gifgj`kfgXiXZfe[lZ`i\c\jkX[f\ecfjk`\dgfjYfiiXjZfjfjhl\efj
XÕ`^\e%M`c\Zfdgl\jkf[\cXjg\ijfeXjdXjXZ\gkXj}cfjfafj[\cg’Yc`Zf#\e
hl`\e\jcXeXZ`e\jk}XZfjkldYiX[XXi\jg\kXipX[d`iXi\cq\cf#cXZfeÔXeqX
pcXm`Zki`X%M`\ecX\c\ZZ`e[\cJ\ŒfiCXi[`qXYXcgXiXi\gi\j\ekXek\[\cX
8d\i`ZX\c\ZZ`ehl\\ccX_XYˆX`emfZX[fZfejlj[\j\fjpgi\gXiX[fkXcm\q
Zfe\cXckfXgi\Z`fhl\_XZ\[\jljgi\e[Xj\d`e\ek\j leel\mfpgi\Z`fjf
cXqfgXiX\jki\Z_XicX]iXk\ie`[X[[\jlj[fd`e`fjZfecfj[fd`e`fj[\<jgXŒX%
M`\eÔe}kf[XjcXjXlkfi`[X[\j#}kf[fjcfjYl\efjZ`l[X[XefjZfek\dgcXi
\jkX^iXeefm\[X[ZfecXi\jkXliXZ`fe[\el\jkiXjZfjXj2pXZfi[\Zfe\ccfjp
Zfejljgifg`fjgi`eZˆg`fj#i\ZfefZ`Xc:fej\af[\I\^\eZ`XZfdf[\gfj`kXi`f
[\cXXlkfi`[X[jfY\iXeX#palifY\[\Z\ic\ZfdfXcdfeXiZX\eZlpfefdYi\
_X[\dXe[Xi%
Efk\d\cXAlekXhl\\jk\ki`Ylkf[\i\jg\kf[X[fXcfjjlgi\dfjdX^`jkiX[fj
[\cXeXZ`fej\Xki`YlpXgfieX[`\}X[lcXZ`ee`}c`jfeaX%CXgfj`Z`fe\ehl\j\
_XpXejlj`e[`m`[lfj#cX}ckXZfeÔXeqX[\hl\\jk}ei\m\jk`[fj#cXjZ`iZlejkXeZ`Xj
g\ijfeXc\j hl\ c\j Xj`jk\e# cX gifk\jkX jfc\de\ hl\ _Xe _\Z_f p ml\cm\e }
_XZ\i [\ ef hl\i\i e` X[d`k`i gi\d`f e` i\Zfdg\ejX Xc^leX gfi cX \efid\
]Xk`^XpXckXi\jgfejXY`c`[X[[\hl\j\_XeZXi^X[f#Xc\aXe[\dXj`X[Xd\ek\
kf[X`[\X[\fYj\hl`fj\imˆcgXiX[\k\e\ij\}i\YXk`icX%<e\ca’Y`cfhl\cXZXY\
gfilejlZ\jfkXe[\j\X[fpgfileXj\c\ZZ`fe\jkXeXZ\ikX[Xj#cXAlekXef
_XZ\d}jhl\dXe`]\jkXi]iXeZXpj`eZ\iXd\ek\jljj\ek`d`\ekfj%·Gl\[Xe\ccfj
\ok\e[\ij\ZfecXd`jdXle`]fid`[X[gfikf[XjcXjgifm`eZ`Xj[\<jgXŒX#gfi
kf[fjcfj}dY`kfj[\cX8d„i`ZX<e\ccfj\jk}eZ`]iX[fj\cZi„[`kfpdXa\jkX[
[\c^fY`\ief#cXfY\[`\eZ`XXjljdXe[Xkfj#\c\]\Zkf[\jljgifm`[\eZ`Xj#cX
Zfej`jk\eZ`XpjXcmXZ`e[\cXdfeXihlˆX%
:i\p\ife cfj ]iXeZ\j\j jfigi\e[\iefj Zfe jl Z\c\i`[X[ `dg\klfjX \e
\jkX \jg\Z`\ [\ Zfii\i`X hl\ _Xe _\Z_f gfi cfj ZXdgfj Xe[XclZ\j# p j\ m\e
XYjfclkXd\ek\YlicX[fj\ejl\jg\iXeqX%G\ejXYXe[\jkilp\e[f\c^fY`\ief
jld\i^`iefj\ecXXeXihlˆX#p}jljfafjp}g\jXijlpf_Xem`jkfkiXj]\i`ij\j`e
X^`kXZ`epj`em`fc\eZ`X\cgf[\ijfY\iXef}fkiXel\mXXlkfi`[X[d}jm`^fifjX
pk\d`Yc\gXiX\ccfj%:fekXifepXgfijlpfjcfjglekfjgi\Z`fjfj[\cX@jcXp
:X[`q#phlXe[fcc\^Xife}cXZfjkX[\cfZ„Xefcfj_XccXife[\]\e[`[fjgfi\c
\o„iZ`kf [\ <oki\dX[liX Xc dXe[f [\c ^\e\iXc [lhl\ [\ 8cYlihl\ihl\# hl\
mfcgi\Z`g`kX[Xd\ek\}jljfZfiif2}hl\[\jgl„jj\_Xele`[feld\ifjfj
i\]l\iqfj [\ el\jkifj Xc`X[fj `e^c\j\j p gfikl^l\j\j% 8j` \jkX gcXqX hl\
g\ejXYXe `e[\]\ejX# `e[\g\e[`\ek\d\ek\ [\ cX ]l\iqX [\ jl gfj`Z`fe# k`\e\
gXiX_XZ\ic\j]i\ek\le\o„iZ`kfgf[\ifjfhl\[\ekif[\gfZfj[ˆXjXjZ\e[\i}
)'.
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)'/
Xd}j[\+'d`c_fdYi\j%GXiXaXZkXij\[\fZlgXi}J\m`ccXpfkiXjZ`l[X[\j
XY`\ikXjp[\jXidX[Xj[\8e[XclZˆX#gXiXm\e`iXcXfi`ccX[\cdXiX\eZfekiXi
Zfe \jk\ [\j\e^XŒf _Xe [\jXdgXiX[f cX dXpfi gXik\ [\ cfj glekfj hl\
fZlgXYXe#pkf[f\ci\`ef[\Gfikl^Xc#\c[\>Xc`Z`X#\cgi`eZ`gX[f[\8jkli`Xj#
MXc\eZ`X#DliZ`X#<oki\dX[liXZfekf[XjjljgcXqXj]l\ik\j#p^iXegXik\[\
C\fe#:Xjk`ccXj#8e[XclZ`Xj#8iX^fep:XkXclŒXj\_XccXec`Yi\j[\jlk`i}e`Zfp
XYfii\Z`[fpl^f%<ekf[Xj\jkXjgifm`eZ`Xjj\i\]l\iqXecfj\o„iZ`kfjhl\_X`
\o`jk\ek\j#j\]fidXefkifjel\mfj#pgl\[\[\Z`ij\hl\cfj\e\d`^fjZfejl
dfm`d`\ekfef_Xe_\Z_ffkiXZfjXhl\XŒX[`iefj\e\i^`XpXld\ekXiel\jkiXj
]l\iqXjgXiXi\j`jk`icfj%
J`^l`\e[f j`e \dYXi^f \c `dglcjf [\ jl XZfjkldYiX[X `ejfc\eZ`X j\ _Xe
Xki\m`[f X `ek`dXi } cX AlekX hl\ i\ZfefqZX Xc i\p ljligX[fi% DXj cX AlekX
[\j[\ŒXe[fkf[XZfek\okXZ`e`e’k`cpXpjlg\iÕlXZfe\jkfj_fdYi\j`e`hlfj#
c\j_Xi\jgfe[`[fhl\9|Z_pÓ[b|beifh_dY_f_eigk[^W`khWZe"deh[YedeY[ejhe
H[ogk[|<;HD7D:EL??1p_Xj\^l`[fkiXehl`cXd\ek\jljkXi\Xjj`e_XZ\iZXjf
[\jljgifd\jXj#e`k\d\ijljXd\eXqXj%
¶P gfi hl„ cXj k\d\iˆX6 ¶Gljf XZXjf cX eXkliXc\qX } :X[`q \eki\ cX k`\iiX
p \c dXi gXiX hl\ [\jZfefZ`\e[f \jk\ `ed\ejf Y\e\ÔZ`f YXoXj\ \c Zl\ccf
`^efd`e`fjXd\ek\}cXj\im`[ldYi\#ZfdfleXZ`l[X[XY`\ikXp[\jXidX[X6<c
ZfYXi[\hl\kXcg`\ej\ml\cmXcfjfafj}cfj[\jg\[XqX[fjdlifj[\QXiX^fqX
p>\ifeX2\e\ccfjm\i}\jZi`kXjlfYc`^XZ`feZfeZXiXZk\i\j[\jXe^i\2\ccfjc\
\ej\ŒXi}eZfdf[\Y\i\j`jk`i}cfj]iXeZ\j\j\c<jgXŒfchl\hl`\iX_XZ\ij\[`^ef
[\\jk\efdYi\pZldgc`iZfe\c^iXealiXd\ekfhl\_`qf\e\cgi`eZ`g`f[\\jkX
e\Z\jXi`XZfek`\e[X%J`>\ifeXpQXiX^fqX_lY`\ife[\i\e[`ij\XcÔe}cXjXidXj
\e\d`^Xj#Xg\jXi[\cfj\j]l\iqfj[\jlj_\if`Zfj[\]\ejfi\j2j`cXj`klXZ`fep
[`jgfj`Z`fe[\\jkXjgcXqXj#j`cX]XckX[\jfZfiifj_`Z`\ife`e’k`c\j\jkfjjlYc`d\j
\j]l\iqfj2 \c fZ„Xef hl\ Zfe jlj X^`kX[Xj fcXj Z`Œ\ el\jkiXj dliXccXj# efj
dl\jkiX\cZXd`ef[\cXi\j`jk\eZ`XpcXm`Zkfi`X#p[`Z\YiXdXe[f}cfj]iXeZ\j\j#
hl\\jgfi[\d}j\cˆdg\kl[\jlglaXeqXZfekiXcXZ`l[X[[\8cZ`[\j%
Jˆ#gl\Ycfj[\8d„i`ZX1:}[`qj\c`jfe^\X[\XYXk`icXglaXeqX[\cfj\e\d`^fj#
p[\j\iccXdX[XXc^le[`XcXi\jkXliX[fiX[\cXg}ki`X%8hl`\jk}ecfjki`YleXc\j#
Xhl` cXj Xlkfi`[X[\j Xhl` kXekfj gXki`kXj ]l^`k`mfj hl\ _Xe XYXe[feX[f X
d`c\jjlj_f^Xi\j#pgi\]\i`[fcXki`jk\g\ijg\Zk`mX[\legfim\e`i`eZ`\ikf}
cX j\im`[ldYi\ 8hlˆ \jkX \c e\im`f [\ cX ^l\iiX1 Xhlˆ j\ _X \jki\Z_X[f dXj
el\jkiXle`feZfecXeXZ`fe9i`k}e`ZX2[\j[\Xhlˆj\jfZfii\}cXjgifm`eZ`Xj
c`Yi\jgXiXjfjk\e\ij\ZfekiXcfjk`iXefj#pdXek\e\i\jkXZfek`\e[Xefd\efj
^cfi`fjXhlXe[fcXX[m\ij`[X[efjg\ij`^l\#hl\hlXe[fefjZfifeXcX]fikleX2
Xhlˆ\eÔej\c\mXekXi}<jgXŒX[\jlj`e]fikle`fjj`kf[fjcfj\jgXŒfc\jefj
`^lXcXe\eXZk`m`[X[p\eq\cf%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
:}[`qfj_XYcX#gl\Ycfj[\8d„i`ZX#pZfeÔXhl\jljmfZ\jj\iXefˆ[Xj[\
\jfjgXˆj\jZfecXX[_\j`fep]iXk\ie`[X[hl\j\[\Y\e}cfjmˆeZlcfj\jki\Z_fj
hl\cXle\eZfemfjfkifj%¶<ehl„Z`l[X[#\ehl„gl\ikf#\ehl„}e^lcfgfi
i\dfkfp\jZfe[`[fhl\j\Xefk`\e\:}[`qX_ˆleZfii\jgfejXc#legXi`\ek\le
Xd`^f6Gfikf[f\cle`m\ijfj\\ok`\e[\eel\jkiXji\cXZ`fe\j[\Zfd\iZ`f#[\
Xd`jkX[[\jXe^i\#p\j]l\iqXhl\cXjmfZ\j[\el\jkiXc\XckX[pgXki`fk`jdf
\oZ`k\e\c`ek\i„j[\kf[fjcfj_fdYi\jYl\efj[\cle`m\ijf%·F_Xd\i`ZXefj
Cfjd`jdfj[\i\Z_fjk\e\`jhl\[\]\e[\i#\cd`jdfi\phl\c`Y\ikXi#cXjd`jdXj
`ealjk`Z`Xjhl\jXk`j]XZ\i%@^lXcX[fjXcXd\kigfc`\e[\i\Z_fjpgi\iif^Xk`mXj#
ccXdX[fj\e\jk\`ejkXek\gfi\c:fej\af[\I\^\eZ`XXZfeZlii`iZfeml\jkifj
[`glkX[fj Xc Zfe^i\jf eXZ`feXc# pX _XY\`j X[hl`i`[f j`e jXe^i\ p j`e g\c`^if
\cZXi}Zk\idXj\d`e\ek\pY\ccf[\hlXekfjgl\[\k\e\i\c_fdYi\jfZ`Xc\e\c
dle[f% ?XZ\fj# gl\Ycfj [\ 8d„i`ZX# d\i\Z\[fi\j [\ „c2 j\^l`[ le`[fj }
efjfkifjZfe\cd`jdf\jgˆi`kl[\c\XckX[p[\q\cfhl\fj_Xe`eÕXdX[f[\j[\
\c `ejkXek\ \e hl\ jlg`jk\`j el\jkiX i\jfclZ`e ^\e\ifjX% M\e`[ } Xpl[Xiefj
Zfe ml\jkif :fej\af# } `cljkiXiefj Zfe ml\jkiX \og\i`\eZ`X# } jfjk\e\iefj
Zfeml\jkifq\cf%Cfj[\jk`efj[\cfj[fjdle[fj[\g\e[\e[\\jk\ZfeZlijf
jfc\de\#le`m\ijXc2pcXj^\e\iXZ`fe\jm\e`[\iXjfjXZcXdXi}eZfdfXefjfkifj
[\]\ejfi\j#c\^`jcX[fi\j#gX[i\j[\cXg}ki`X%
M\[hl}ekfefjZl\jkX}cfj\jgXŒfc\j\jkXjX^iX[Xgi\iif^Xk`mX%;fcfi\j#
X]Xe\jpjXZi`ÔZ`fj`ed\ejfjefjgi\j\ek\jkXclZ_X#hlXe[fZfekXe[\j`^lXc\j
]l\iqXj efj cXeqXdfj } cX Xi\eX2 kf[XmˆX ef _\dfj i\Zf^`[f d}j hl\ X]Xe#
jXZi`ÔZ`fjp[fcfi\j%<ckfii\ek\[\cX[\mXjkXZ`fekf[fcfcc\mXZfej`^fd\efj
el\jkiXZfejkXeZ`Xm`iklfjX2ef_Xpk„id`ef#ef_XpZXdgf\ekf[f\ci\pefhl\
ef\jk„i\^X[fZfeel\jkiXjXe^i\1cXjgifm`eZ`Xjj\m\e\o_XljkXj#cfjgl\Ycfj
Xiil`eX[fj#cXjZXjXj[\j`\ikXj#_lp\e[\\ccXjcXj]Xd`c`Xjhl\ef\jZlZ_Xe[f
d}jhl\jlf[`f}cfj\e\d`^fjj\XYXe[feXe}cXm\ekliXgficfjg}iXdfjp
cXjj\cmXj2}gi\Z`f[\cjfj`\^fp[\cfj_XY\i\jj\ZfdgiXcXc\aXeˆX#pkf[fjj\
\eZl\ekiXei`ZfjZfekXc[\efj\i]iXeZ\j\j%CX<lifgXhl\Xke`kXefjd`iX
j\\jgXekX[\kXekfjl]i`i%¶JXY\`j#gl\Ycfj[\8d„i`ZX#cfhl\efj[}]l\iqX
pi\j`jk\eZ`X6Gl\j\jcXZ\ik`[ldYi\hl\k\e„dfj[\hl\ZfecXZfejkXeZ`X
efj_Xi„dfj`em\eZ`Yc\j2\j\cgi\d`f_\idfjfhl\efjX^lXi[X[\jgl\j[\
kXe^\e\ifjXZXii\iX%<Z_X[fjZfdfpX\jk}ecfjZ`d`\ekfj}el\jkiXc`Y\ikX[
Z`m`c#p}el\jkiXg\i]\ZZ`ejfZ`Xc#ZfemfZX[XleXi\gi\j\ekXZ`e^\e\iXc[\cX
dfeXihlˆXgXiXj\ekXicXjfYi\YXj\jhl\XÔXeZ\egXiXj`\dgi\jlgifjg\i`[X[
„ `e[\g\e[\eZ`X# ¶hl„ \jgXŒfc _XYi}# j` d\i\Z\ \c efdYi\ [\ _fdYi\# hl\
gi\Ô\iX\c[\jXc`\ekfm`c[\cXj\im`[ldYi\}cfjefYc\jX]Xe\jhl\jfegi\Z`f
[\cX[`^e`[X[hl\mX}X[hl`i`i6DlZ_fmXc\#jˆ#dlZ_fZl\jkX%<cdle[fcf
)'0
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)('
_Xm`jkf1„jk\ZXc`q[\XdXi^liXhl\k\e\dfj\ecfjcXY`fjef]l`dfjefjfkifj
cfjhl\cfXgc`ZXdfj}\ccfj1fkifjefj_Xem`fc\ekX[f}^ljkXic\#ppX\j]l\iqX
hl\ c\ Xgli„dfj _XjkX \c ]fe[f j\^lifj [\ \eZfekiXi \e „c cX c`Y\ikX[# p cX
`e[\g\e[\eZ`X2hl`q}cXdl\ik\#g\ifZ`\ikXd\ek\cX_feiX%
KXc\j _Xe j`[f# gl\Ycfj [\ 8d„i`ZX# \e „jkXj [`]ˆZ`c\j Z`iZlejkXeZ`Xj \c
gifZ\[`d`\ekf#cfj[\j\fj#pcXj\jg\iXeqXj[\cgl\Ycf[\:X[`qpjlAlekX[\
>fY`\ief1cXZfej\imXZ`e[\cXdfeXihlˆX#cX^cfi`X[\c\jkX[f#pcXXgifYXZ`e
[\cfjYl\efjjfe\c’e`Zf^XcXi[e}hl\jlXdY`Z`feXjg`iX%
:X[`q)/[\]\Yi\if[\(/('%
=iXeZ`jZfM\e\^Xj%
;fd`e^f8ekfe`fDlŒfq%
8ekfe`f[\cX:ilq%
=iXeZ`jZf[\9ljkXdXek\p>l\iiX%
D`^l\cCfYf%
Cl`j>Xi^fccf%
KfdXj@jkli`q%
JXcmX[fi>Xiqfe%
=\ieXe[fA`d\e\q[\8cYX%
Afj\]Il`qpIfd}e%
Afj\]@^eXZ`fCXqZXef%
=iXeZ`jZf<jZl[\if@jXj`%
Afj\]J\iiXefJXeZ_\q%
8e^\cDXik`e[\@i`YXii\e%
D`^l\cQldXcXm\%
Afj\]DfccX%
DXel\cD`Z_\f%
8ekfe`f8ii`X^X%
G\[if8ekfe`f[\8^l`ii\%
DXel\cDXiˆX[\8iZ\#j\Zi\kXi`f%
Beif[gk[‹eicel_c_[djeigk[i[ikiY_j|hed[dI[l_bbWoWb]kdeiejheifk[Xbei
Z[ [ijW 7dZWbkY_W" Z_cWdWZei Z[b j[hheh gk[ _d\kdZ‡W [d Wgk[bbei fh_c[hei
_dijWdj[ibW_dlWi_edZ[bei[d[c_]ei"ol[h_ÓYWZeiWbj_[cfec_ice[dgk[bW
@kdjW9[djhWbi[jhWibWZWXWZ[iZ[Wgk[bbWYWf_jWb|bW?ibWZ[B[Œd"deiZ[nWhed
feh jh[i Œ gkWjhe Z‡Wi YWi_ i_d ]eX_[hde" o [nfk[ijei | kdW WdWhgk‡W0 [d jWd
Yh‡j_YWiY_hYkdijWdY_Wi"ofWhWgk[de\WbjWi[Wkjeh_ZWZgk[Z_h_]_[i[bWZ[\[diWZ[
[ijWfbWpW"i[\ehcŒ[ijW@kdjWikf[h_ehZ[=eX_[hde"gk[Z[iZ[bk[]ei[eYkfŒ
[djecWhc[Z_ZWiefehjkdWifWhWh[Y^WpWhWb[d[c_]e1f[he\[b_pc[dj[l_cei
cko fhedje" gk[ h[kd_ZW bW @kdjW 9[djhWb [d bW ?ibW" o h[YedeY_[dZe bW kh][dj[
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
d[Y[i_ZWZZ[fed[hbWih_[dZWiZ[bWcedWhgk‡W[dcWdeiWYj_lWigk[bb[dWi[dbW
YedÓWdpWdWY_edWb"decXhŒkd9edi[`eZ[H[][dY_Wgk[]eX[hdWi[|decXh[Z[
dk[ijheWcWZeH[_[bI[‹eh:<;HD7D:EI;FJ?CE"YkoWZ_ifei_Y_edWd|be]W|be
gk[Z_YjWddk[ijhWiB[o[ioZ[i[WZWZ[jeZei"\kƒh[Y_X_ZeYed[b[djki_WicecWi
l_le"oYece[bWdkdY_ecWib_ied`[heZ[fhŒif[heiikY[iei$;ijWY_kZWZi_[cfh[
b[Wb|beifh_dY_f_eigk[^W`khWZe"i[Yed]hWjkbŒoZ_Œfh_iW|h[YedeY[h[dZ_Y^e
9edi[`e Z[ H[][dY_W [b Z[fŒi_je Z[ bW Wkjeh_ZWZ ieX[hWdW" Wb gk[ feh jWdje
fh[ijŒ[ijW@kdjW[b^ec[dW][Z[ÓZ[b_ZWZoeX[Z_[dY_W"oeYkfWZWZ[iZ[jWd
\[b_pcec[dje[dWkn_b_WhbeYedYkWdjeicƒZ_eib[ik]_[h[ikWcehfWjh_Œj_Ye"o
b[fh[ijW[ij[deXb[l[Y_dZWh_e"de^WY[cWigk[i[]kdZWhbWih[YjWi_dj[dY_ed[i
Z[I$C$1oZ[i[eiWZ[gk[[d[ieifW_i[ii[Yedieb_Z[bWkd_edo\hWj[hd_ZWZ_dYbko[
|L$bWWZ`kdjWfheYbWcW[dgk[fed_[dZeZ[cWd_Ó[ijebeidejWXb[iikY[ieigk[
^WdeYkhh_Ze"i[[n^ehjW|jeZei|gk[h[kd_[dZeikilebkdjWZ[ioZ[i[eiWbei
Z[b ikfh[ce 9edi[`e Z[ H[][dY_W" fed]Wd [d iki cWdei Wi‡ Yece deiejhei be
^WYƒcei"jeZeibeic[Z_eigk[d[Y[i_jWfWhWYkcfb_hbWi]hWdZ[ieXb_]WY_ed[i
gk[^W`khWZeZ[iWblWhbWfWjh_Wo[Y^WhYedbWh[kd_edZ[bWifhŒn_cWi9ehj[i[b
Y_c_[djei[]kheZ[dk[ijhW_dZ[f[dZ[dY_Wo\[b_Y_ZWZ$Beil‡dYkbeiZ[iWd]h["Z[
h[bWY_ed[ioZ[_dj[h[i[i[ijh[Y^WdcWigk[Yedd_d]kdeejhefk[XbebeiZ[[ij[o
[i[h[_de"oWi_[ijW@kdjWi[l[cWieXb_]WZWgk[d_d]kdWejhW|h[f[j_h|L$gk[
bWkd_ed"\hWj[hd_ZWZoeX[Z_[dY_WZ[bWiZei;ifW‹Wii[h|d[bfh[iW]_ei[]khe
Z[bWl_Yjeh_W$
Dk[ijhei[‹eh]kWhZ[|L$ckY^eiW‹ei$
9|Z_p(.Z[\[Xh[heZ['.'&$
<hWdY_iYeL[d[]Wi$
;nY[b[dj‡i_cei[‹ehWhpeX_ifel_hh[oZ[Cƒn_Ye$
)((
;fZld\ekf)
:fek\e`[f
(/('
;`m\ijXjefkXjjfYi\
cXjgifZcXdXjhl\j\
\d`k`\ifegfiAfj„
9feXgXik\#cXjZlXc\j
]l\ifehl\dX[Xjgfi
dXef[\cm\i[l^f#
j\^’e`ejkilZZ`fe\j[\
cXI\Xc8l[`\eZ`X[\
D„o`Zf%
I\]\i\eZ`X
8>E#@ejk`klZ`fe\j:fcfe`Xc\j#
>fY`\iefm`ii\`eXc#@dgi\jfj
FÔZ`Xc\j',- #:fek\e\[fi
(*#Mfcld\e*'#<og\[`\ek\
)+%MXi`Xj]faXj`dgi\jXj%
?faX(%CXI\Xc8l[`\eZ`X_XZ\i\]\i\eZ`XXcXjj\[lZkfiXjgXcXYiXj[\Afj„
EXgfc\e%(-[\ale`f[\(/('%=`idX[\G\[if:XkXe`#>lcc\idf[\8^l`ii\
pKfd}j>feq}c\q:Xc[\ie%
?faX)%CXI\Xc8l[`\eZ`Xi\jl\cm\hl\\cm\i[l^fhl\d\cXgifZcXdX[\c
I\pAfj„%(-[\ale`f[\(/('%
?faX*%GifZcXdX[\cKi`YleXc[\cJXekfFÔZ`fjfYi\cXjgXcXYiXj[\Afj„
EXgfc\e%))[\XYi`c[\(/('%=`idX[fgfi9\ieXi[f[\GiX[fpFY\a\if#
@j`[ifJX`eq[\8c]Xifp9\Xldfek#DXel\c[\=cfi\j%
?faX+%GifZcXdX[\8iqfY`jgfM`ii\p[\D„o`ZfZfekiXcfj\e^XŒfjg„iÔ[fj
[\cfj9feXgXik\j%=`idX[\=iXeZ`jZfOXm`\iC`qXeXp9\Xldfep#m`ii\p[\
D„o`Zf%),[\XYi`c[\(/('%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8Œf
)(*
C8I<8C8L;@<E:@8;<D<O@:F
:fek`elXe[fZfecfjq\cfjfjD`e`jkifj[\cI\pel\jkifJ\ŒfijljÔ\c\j[\jm\cfj
Zfe\cfYa\kf[\ZfikXi\ejliX`qcfjg\ie`Z`fjfj\]\Zkfj[\cXj\[lZZ`fe[\
el\jkifj \e\d`^fj# _Xe i\d`k`[f } \jk\ Jlg\i`fi >fY`\ief leX GifZcXdX
[\ Afj\] EXgfc\fe# hl\ j\ [`Z\ I\p [\ <jgXŒX p [\c :fek`e\ek\ 8d„i`ZX#
`dgi\jX#j\^lej\jlgfe\#\eDX[i`[}*[\FZklYi\[\cXŒfgio`dfXek\i`fi#
[`i`^`[XXc:c\if\e^\e\iXc[\cXj8d„i`ZXj<jgXŒfcXj2ple\o\dgcXi`dgi\jf
[\Xee`dfj`e]\Z_Xhl\_XYcXZfecfj:`l[X[Xef[\8d„i`ZX%
8dYfjgXg\c\j\jkXecc\efj[\cXjd`jdXj^ifj\iXjjlgfj`Z`fe\j#d\ek`iXj
]Xcj\[X[\j# p [\ mXeXj „ `ejlcjXj gifd\jXj# j\d\aXek\j } cXj hl\ j\ _XccXe
`e[`ZX[Xj\e\c9Xe[fhl\dXe[glYc`ZXi\c<odf%„@ccdfJi%8iqfY`jgfM`ii\p
Xek\Z\jfi\e),[\8Yi`c’ck`df#Zfedfk`mf[\cXGifZcXdXhl\_XYˆXcc\^X[f
}jljdXefj2j`\e[f\cfYa\kf[\kf[fj`ejlckXicXdlpXZi\[`kX[XÔ[\c`[X[[\
cfj_XY`kXek\j[\cXj8d„i`ZXjZfecXXki\m`[Xgi\k\ej`e[\hl\i\ZfefqZXe\c
[fd`e`f[\\jk\I\pelcf#efd„efjXYfii\Z`Yc\p[\k\jkXYc\hl\jl_\idXef
\c`e]Xd\EXgfc\fe9feXgXik\%
<e\ci\]\i`[f9Xe[fdXe`]\jk\cZ`kX[f<odf%\@ccdf%Ji%8iqfY`jgfM`ii\p
cX g\eX } hl\ aljkXd\ek\ _XYˆX Zfe[\eX[f cX GifZcXdX } hl\ j\ ZfekiX\# p
cXj [\dXj [\k\id`eXZ`fe\j p X[m\ik\eZ`Xj hl\ \jk`d Zfem\e`\ek\ _XZ\i
} cfj Ô[\cˆj`dfj _XY`kXek\j [\ \jkfj [fd`e`fj2 p _XY`\e[f i\jl\ckf \jkX
I\Xc 8l[`\eZ`X >fY\ieX[fiX giXZk`ZXi cf d`jdf Zfe cXj hl\ _X i\Z`Y`[f#
[\k\id`eXe[fj\hl\d\ekXdY`\egfidXef[\cM\i[l^f\c[`X[\cX]\Z_X\e
cXGcXqXdXpfi]i\ek\[\cI\XcGXcXZ`f#i\`k\iXe[fcXjgi\m\eZ`fe\jXek\i`fi\j
gXiX hl\ ef j\ c\Xe e` Z`iZlc\e cXj hl\ kXc m\q _XpXe gf[`[f `ekif[lZ`i \e
\jk\ I\pef cfj m`c\j X^\ek\j [\c `ekiljf# p i\g`k`\e[f cXj gifd\jXj hl\
j\ _`Z`\ife } cfj hl\ Zfe[lZ`[fj [\ jl q\cf p fYc`^XZ`fe\j cfj g\ij`^l`\i\e
p [\eleZ`Xi\e1 dXe[X \jkX gifg`X I\Xc 8l[`\eZ`X >fY\ieX[fiX hl\ j\
glYc`hl\ gfi \c gi\j\ek\ 9Xe[f# p hl\ gXiX hl\ cc\^l\ } efk`Z`X [\ kf[fj#
j\ Z`iZlc\e cfj \a\dgcXi\j Zfii\jgfe[`\ek\j } cfj Ki`YleXc\j# DX^`jkiX[fj#
>\]\jpD`e`jkifj}hl`\e\jkfZXjl`ek\c`^\eZ`XpfYj\imXeZ`X%;X[f\eD„o`Zf
X(-[\ale`f[\(/('%
G\[if:XkXe`
>l`cc\idf8^l`ii\
KfdXj>feqXc\q:Xc[\ife
GfidXe[Xkf[\J%8%cXI\Xc8l[`\eZ`X>fY\ieX[fiX
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
>fY\ieX[fiX[\cI\pef[\El\mX<jgXŒX
)(,
VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)(-
I\d`k\}M%\jkXI\Xc8l[`\eZ`X>fY\ieX[fiXgXiXcfjÔe\jZfii\jgfe[`\ek\j
\o\dgcXi\j [\c 9Xe[f hl\ _X dXe[X[f glYc`ZXi _XZ`\e[f efkfi`f _XY\i
i\jl\ckfj\hl\d\egfidXef[\M\i[l^fleXel\mXGifZcXdX[\cI\pAfj\]p
leXee`df`dgi\jfhl\_Xecc\^X[f}jljdXefj%
;`fj^lXi[\}M%dlZ_fjXŒfj%D„o`Zf(-[\ale`f[\(/('
>l`cc\idf[\8^l`ii\
KfdXj>feqXc\q:Xc[\ife
VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV
DEIBEI?DGK?I?:EH;I7FEIJEB?9EIYedjhWbW^[hƒj_YWfhWl[ZWZo7feijWi‡W"
[dbW9_kZWZZ[C[n_Ye"[ijWZei"ofhel_dY_WiZ[[ijWDk[lW;ifW‹W"=kWj[cWbW"
D_YWhW]kW"?ibWi<_b_f_dWi"iki:_ijh_jeio@kh_iZ_YY_ed[i"feh7kjeh_ZWZ7feijŒb_YW"
H[Wb"oEhZ_dWh_W"$Y$
8kf[Xj#pZlXc\jhl`\iXg\ijfeXj[\ZlXchl`\i\jkX[f#^iX[f#pZfe[`Z`e#
gi\\d`e\eZ`X#[`^e`[X[hl\j\Xe#\o„ekfjfef\o„ekfj#m\q`efj#pdfiX[fi\j#
\jkXek\j#p_XY`kXek\j\ecXj:`l[X[\j#M`ccXj#pCl^Xi\j[\\jk\el\jkif[`jki`kf#
p}ZX[Xlef[\Mfj%JXcl[\eel\jkifJ\ŒfiA\jlZi`jkf#hl\\jm\i[X[\iXjXcl[#p
}cfjel\jkifjdXe[Xd`\ekfjÔid\d\ek\fY\[\Z\ipZldgc`i%
J89<;1HL<AFJ<=E8GFC<FE?8K<E@;FC8K<D<I@;8;[\kfZXi[\j[\
DX[i`[ jl ifeZX kifdg\kX gXiX \oZ`kXi } cX i\m\c`fe d}j `e]Xd\# } cX dXj
\efid\kiX`Z`fe#p}leX_fii\e[X8eXihlˆX}cfjÔ\c\jgl\Ycfj[\cX8d„i`ZX
\jgXŒfcX# gfi d\[`f [\ leX GifZcXdX# gXikf `^lXcd\ek\ [\k\jkXYc\ gfi jl
`dg`\[X[#Zfdfgfijl`^efiXeZ`XXle[\c`[`fdX:Xjk\ccXef#\ehl\efj_XYcX#
hlXekfdXj#\ecXgfc`k`ZX#p[\i\Z_fg’Yc`Zfle`m\ijXc#]\Z_X\e[fj[\FZklYi\
[\c XŒf gifo`df gXjX[f1 <e \ccX j\ jlgfe\ el\jkif c\^`k`df JfY\iXef1 Efj
\o_fikX } cX jld`j`e2 efj f]i\Z\ cfj Zl`[X[fj [\ le GX[i\ Xdfifjf2 p efj
Xd\eXqX#j`i\j`jk`dfj#ZXjk`^Xiefj#Zfdfjlgfe\]XcjXd\ek\_XY\icf\o\ZlkX[f
Zfeel\jkifj_\idXefj[\cXD\kigfc`%GXiX[Xi#\ejlZfeZ\gkf#]l\iqX}cX
[\Y`c`[X[[\jlmfq#c\^`k`d`[X[}jljfŒX[XXlkfi`[X[#pjfdYiX[\\jkXY`c`[X[
}jlk`i}e`Zfkifef#Xc\^XcX[\ZXekX[Xi\eleZ`X[\9XpfeX#hl\ZfedXjiXqfe
gf[\dfj[\Z`ihl\\c\ejlgifZcXdXi\jg\Zkf[\el\jkifXdX[f=<IE8E;F
J<GK@DF hl\c\_X]fidX[fle]XekXjdX[\I\p#p_\Z_f\cal^l\k\pcl[`Yi`f
[\kf[XcXEXZ`fe<jgXŒfcX19`\eZfefZ\\cg„iÔ[f#hl\j\cXfi[\ecX]lk`c`[X[
[\\jk\]le[Xd\ekfgXiXc\^`k`dXicXljligXZ`fe2[\Y`XjXY\ihl\cX<jgXŒX#
j`\dgi\Ô\c}jlj[\Y\i\j#Xgfp}cX=iXeZ`XcXelc`[X[[\cXi\eleZ`X#hl\
\oZclˆX[\\jk\kifef}=\c`g\hl`ekf#ZfekiXcXjgi\k\ej`fe\j[\cXXl^ljkX:XjX
[\8ljki`X#j`ehl\X[fc\Z`\j\[\cfjm`Z`fj#Zfehl\\jk}j\ccX[XcXhl\_`Z`\ife
el\jkifjI\p\j\e9XpfeX2pm`\e[f`^lXcZfej\Zl\eZ`X#ZfejkXeZ`XpXledXpfi
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
_\if`Z`[X[\ejfjk\e\icfj[\i\Z_fj[\jlI\p#pcfjccXdXd`\ekfj[\jljC\p\j
XcKifef#Zfd\k\cX]Xcj\[X[[\gfe\i\eYfZX[\el\jkifXdX[f=<IE8E;F
J<GK@DFleX\o_fikXZ`e}cfj\jgXŒfc\j#`e[`^eX[\kXeXl^ljkfdfeXiZX#gfi
\cc\e^lXa\Y}iYXif\ehl\\jk}ZfeZ\Y`[X#pgfi[\^iX[Xic\[\cXjI\Xc\j[fk\j#
[\hl\\jk}X[fieX[XjlXcdX%<e\]\Zkf\jk}j\dYiX[f\jk\=fcc\kf#[`^ef[\cX
ÔidX[\Afj\EXgfc\fe#[\\ogi\j`fe\jhl\[\e`^iXecXZfe[lZkX[\el\jkifj
i\p\j2 cX g`\[X[ \[`ÔZXek\ [\c <jkX[f <Zc\j`}jk`Zf# J\ZlcXi# p I\^lcXi2 p cX
Y\e\ÔZ\eZ`XdX^eˆÔZX[\el\jkifjEfYc\j#hl\]l\ifej`\dgi\\cXgfpf[\c
Kifef#p[\c8ckXi#gXiXZfeZcl`icXe\Z\j`[X[\ehl\\jkXdfj[\XZf^\iefjYXaf
[\ jlj 9Xe[\iXj# p [\ cXj [\ jl _\idXef# gXiX Zfe[lZ`iefj } cX m\i[X[\iX
>cfi`X%G\ifj\\e^XŒX#j`_Xcc\^X[fXZi\\i#hl\cfjgl\Ycfj[\8d„i`ZXjfe
kXe[„Y`c\j#hl\i\eleZ`\egfileX`e[`^eXjl^\jk`eXjlgXki`X#XjlI\p#p
}jlj_\idXefj[\cXD\kigfc`1<jleXd`jdX\edlZ_fjcXjXe^i\hl\Zfii\
gfijljm\eXj2p\ekf[fjleXcXI\c`^`fehl\gif]\jXej`ekfc\iXeZ`X[\j\ZkXj2
pk`\e\egi\jkX[f\cd`jdfaliXd\ekfjfc\de\[\i\ZfefZ\igfijlc\^`k`df
I\p X =<IE8E;F J<GK@DF# p \e jl [\]\Zkf Xc hl\ c\^`k`dXd\ek\ c\ [\YX
jlZ\[\i2 p ZlXe[f c\ gi\jkXife ^ljkfjfj# pX jXY`Xe cXj ]fiqX[Xj i\eleZ`Xj [\
9XpfeX#hl\\jkf[f\cXgfpf[\cfjEXgfc\fe\j2JXY\eX[\d}j#hl\i\ZfefZ\i
Xc`ekiljfAfj„#\j_XZ\iZfdgXŒˆXZfecX=iXeZ`XgXii`Z`[X\ekf[fjjlj[\c`kfj#
p\ecfj[\c`dgˆfEXgfc\fejl\dg\iX[fi#hl\jlY`XjlKifefj`e[l[X\e
ZXjk`^f [\ jl i\^`Z`[`f# hl\ cX `e]XdXi} [\ ^\e\iXZ`e \e ^\e\iXZ`fe% Hl\
i\ZfefZ\i`Xe le I\p `e[`^ef Xle [\ j\i MXjXccf [\ jl XdX[f =<IE8E;F
J<GK@DF2 p ÔeXcd\ek\ hl\ \e \c _\Z_f [\ i\ZfefZ\ic\ gfi jfY\iXef#
gXik`Z`gXi`XeXc^le[`X[\cfjZXjk`^fj#hl\Zi\\dfj[\Zi\kX[fjgfi\cJ\Œfi#
ZfekiX\jkX]Xd`c`X[\mXjkX[fiX#`dg`X#pjXe^l`eXi`X%Gl\jhl\¶Efc\YXekXiX
\ek`\dgffgfiklefA_\lj#p?XqX\c\j#hl\\dglŒ\ecX\jgX[XZfekiX\c]Xdfjf
EXgfc\fe#Zfdfcf\o\Zlk\eJ`i`X#p\e@jiX\c6Gfi]\c`Z\j#hl\c\_XpXejXc`[f
_XjkXXhlˆjljd\[`[Xj#pgi\ZXlZ`fe\j#[\hl\_XZ\kXekfd\i`kf\ecXGifZcXdX
jl _\idXef Afj„# XZXjf leX jX\kX [`jgXiX[X j`e fYa\kf [\k\id`eX[f# g\if
[`i`^`[XgficXdXef[`m`eX#hl\eleZXp\iiX^fcg\#c\_\i`iX[\dl\ik\#Zfdf
_`i`Xc@dgˆf8Z_XY#}g\jXi[\c[`j]iXq#Zfehl\hl`jfj\i[\jZfefZ`[f\ecX
9XkXccXZfekiX9\eX[X[2cfZ`\ikf\j#hl\gfidXjhl\j\gifcfe^l\ejlj[ˆXj
[\k\iifi#p[\jfcXZ`fe#k`\e\ZfekiXjˆ\jk\fi}Zlcf[`m`ef1L_Z[_cf_kc[b[lWjkc"
[j ikf[h [nWbjWjkc ikf[h Y[Zhei B_XWd_" jhWdi_l_" [j [YY[ ded [hWj$"" ;\ jl
Zldgc`d`\ekf#p\o\ZlZ`eefj\\jZXgXi}Afj\kXedXcmX[f#Zfdfjl_\idXef
\c<dg\iX[fi#gl\jefg\i[feXd\[`f[\hlXekfjjl^`\i\cX`dg`\[X[#gXiX
cc\mXiX[\cXek\cXljligXZ`e%Lef#pfkifgXi\Z\#hl\_Xe_\Z_fgXZkfZfecX
dl\ik\# p Zfe]\[\iXZ`e Zfe JXkXeXj# gXiX hl\ ef c\j ]Xck\e _fdYi\j# kXe
)(.
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)(/
g\im\ijfj Zfdf \ccfj# gXiX gfe\icfj \e \o\ZlZ`fe% 8jfdYiX# hl\ _XpX
<jgXŒfc\j# Xlehl\ gfZfj# kXe j`e _feiX# Zfdf j`e I\c`^`fe# hl\ ef ]fid\e
\jZilglcf\ef]i\Z\ij\}\o\ZlkXicfj[\j`^e`fj[\leK`iXef#g\im`ik`\e[f}jlj
_\idXefj#pg\ijlX[`\e[fcfj}jla\kXij\}cXel\mX;`eXjk`X#hl\cXm`fc\eZ`X#
„`ii\c`^`ehl`\i\`ekif[lZ`i\e\cKifef<jgXŒfc2g\ifgl\j`d`kXecXZfe[lZkX
[\]\ifZ`[X[#pXgfjkXj`X[\c`dg`fAXjfe#\jg\i\ejlÔe[\jXjkiX[f2]l^`k`mf#
mX^f[\:`l[X[\e:`l[X[#XYfii\Z`[f[\kf[fjgfi[\j\ikfi#pkiXej]l^X[\cXj
C\p\j#gfikiX`[fi#pdfikXc\e\d`^f[\cXGXki`X#pjljZfeZ`l[X[Xefjdli`\e
CXZ\[\dfe`X# j`e hl\ eX[`\ ccfiXiX jl dl\ik\# p gi`mX[f [\ j\glckliX# ]l„
XiifaX[fXc:Xdgfjl`e]Xd\:X[}m\i%M\[XhlˆcXgil\YX%<ecX`ejkilZZ`e#hl\
Zfdle`ZXXc8^\ek\gi`eZ`gXc#hl\k`\e\pX\ecfj<jkX[fjLe`[fj[\8d„i`ZX#
gXiX jlYc\mXi \jkfj ;fd`e`fj gfi d\[`f [\ jlj <d`jXi`fj# hl\ [\Y\i}e
i\ZfefZ\igfi>\]\j}lefjm`c\j#p[\jeXkliXc`qX[fj\jgXŒfc\j#[`Z\0:[X[hWd
bei9ec_i_edWZei^WY[hi[[ij_cWhZ[ifkƒiZ[bei=eX[hdWZeh[ioCW]_ijhWZeiZ[
bWiFhel_dY_Wi"Z[bei9khWiFWhheYei"oFh[bWZeiH[b_]_eiei"fheYkhWdZegk[ƒijei
[d bWi Yed\[i_ed[i f[hikWZWd o WYedi[`[d W bei F[d_j[dj[i" gk[ b[i Yedl_[d[
WZ^[h_hWbWi_Z[WiZ[b;cf[hWZehDWfeb[ed"^WY_[dZeb[iYh[[h"gk[[i[cX_WZe
Z[bWcWdeZ[:_eifWhWYWij_]WhbWj_hWd_Wo[beh]kbbeZ[beiCedWhYWi1ogk[[i
kd f[YWZe cehjWb" gk[ de WZc_j[ f[hZed" [b h[i_ij_hi[ W bW lebkdjWZ Z_l_dW0 i[
WXij[dZh|d"fhei_]k["c_i9ec_i_edWZeiZ[^WXbWhYedjhWbW?dgk_i_Y_Œd"o;ijWZe
;Yb[i_Wij_Ye1Wdj[iX_[dZ[X[h|d[dikiYedl[hiWY_ed[iWfeoWhbWd[Y[i_ZWZZ[
Wgk[b IWdje Jh_XkdWb" o [b fhel[Y^e Z[b i[]kdZe$ G\if cf ^iXZ`fjf \j# hl\ ef
[l[X[\c\]\Zkf[\\jkXj\[lZZ`fe#Xj\^liXe[f#hl\cX8d\i`ZX\jlegl\Ycf
Y}iYXif2 m\[# jXZ\i[fk\j [\c 8ck`j`df# \c X^iXm`f hl\ fj _XZ\ \jk\ k`iXef \e
YljZXifj gfi `ejkild\ekfj [\ jlj g\im\ijXj d`iXj2 jf`j ZfX[alkfi\j [\
A\jlZi`jkf#gXiXi\[lZ`icXjXcdXj}jlgi`eZ`g`f#hl\\j;`fjgXiXhl`\e]l\ife
Zi`X[Xj2jf`jal\Z\j#gXiXZfe[\eXi#pXYjfcm\icfj[\c`kfj2Jf`jd„[`Zfj#gXiX
ZliXicXj\e]\id\[X[\j\jg`i`klXc\j2pdX\jkifj#gXiX\ej\ŒXicX[fZki`eX[\cX
@^c\j`X2p\jk\g\im\ijffj\oZ`kX#Xhl\XYXe[fe„`jcXj]leZ`fe\j[\ml\jkif
d`e`jk\i`f#pg\im`ik}`jjljfÔZ`fj#[\jZXii`Xe[fXcXjXcdXj[\ml\jkifZXi^f#p
Zfe[lZ`„e[fcXjXcgi\Z`g`Z`fgfi\c[\c`kf#p\c\iifi%KXc\j\cI\p#XdX[fjÔ\c\j#
hl\j\fjf]i\Z\gfid\[`f[\jlGifZcXdXXjXZXifj[\cX[\^iX[XZ`e#\ehl\
fj _X jld\i^`[f \c DfeXhl`jdf# \c ]XeXk`jdf p cX `^efiXeZ`X# hl\ jfe cfj
efdYi\jhl\[XXc[\jm\cfZfehl\ml\jkifjZ\cfjfjGXjkfi\jfj\ej\ŒXe\c
k\dfi[\;`fj#pfjdXek`\e\e\ecfjZXd`efj[\jlaljk`Z`X2pXml\jkiX[fZ`c`[X[
\e f`icfj# p giXZk`ZXi jlj Zfej\afj% GXiX j\[lZ`ifj# p fZlckXi \c cXqf hl\ fj
gi\gXiX#kiXkXXcXAlekXJlgi\dX#hl\efj^fY`\ieX#ZfdfleXFc`^XihlˆX[\
_fdYi\jXdfk`eX[fj#hl\g\ikliYXecXhl`\kl[[\ci\`ef#pZfeZfekiX[`ZZ`e
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
dfejkilfjX}jljgi`eZ`g`fj#pg\im\ijffYa\kf#fji\Zfd`\e[XXcJXekfFÔZ`f2
g\ifefjfkifj#hl\\jkXdfj[\Z\ek`e\cXjgficXC\p#pgfi\cI\p#c\i\jgfe[\dfj
\e]Xmfi[\el\jkif>fY`\ief#[\jlc\^`k`d`[X[pi\Zk`kl[#cfhl\<cˆXjZfek\jk
Xci\p?XZXYX`^lXc`dgifg\i`f0Ded[]ejkhXWl_?ihW[b"i[Zjk"[jZeckiFWjh_i
jk_$Ef#ef\jcXAlekXJlgi\dX#e`cfj_\if`Zfj<jgXŒfc\j#hl\ccXdXj`ejli^\ek\j#
cfjhl\kliYXecXhl`\kl[[\<jgXŒX#j`efkl#pcXm`cZXjX[\kl?\idXef%<c
JXekfFÔZ`f[\cX@ehl`j`Z`fe[\El\mX<jgXŒXefe\Z\j`kX#hl\i\Zfd`\e[\jjl
lk`c`[X[pe\Z\j`[X[#p_Xikfk\g\jXiXhlXe[fj\gXj#hl\\e\c<[`Zkf^\e\iXc
[\]\j\dXe[XXcfjg\e`k\ek\j#hl\[\eleZ`\e}cfj:fe]\jfi\j#p;`i\Zkfi\j
hl\c\j\ej\Œ\e#p[\efg`e`e#[\hl\efc\jfYc`^X\caliXd\ekf[\Ô[\c`[X[#
pgifdl\mXecXj\[`Z`eZfekiX\cKifef%<jkXfYc`^XZ`fej\i\efmf\eel\jkif
\[`Zkf[\).[\X^fjkf[\(/'/#pcXi\efmXdfj\e\jk\gfij`XZXjf#cfhl\;`fj
efhl`\iX#e`g\id`kX#ÕXhl\XXc^le:fe]\jfi#pj\XYXe[\i`qXZfeklgXik`[f#„
`ek\eZ`fe\j%;`Z_XGifZcXdX#p:fg`X[\cX@ejkilZZ`fegljf\eel\jkiXjdXefj
\cq\cfm`^`cXek\[\c<odf%„@ccdf%Jfi%8\qfY`jgfM`ii\p[\\jkXEl\mX<jgXŒX
\oZ`kXe[f el\jkif Xgfjkc`Zf d`e`jk\i`f# gXiX hl\ Xgc`ZXj\dfj cXj Z\ejliXj
Zfem\e`\ek\j#gXiXi\Zf^\icfj\o\dgcXi\j#hl\j\_lY`\i\e\jgXiZ`[f#hl\
gl\[Xe\jgXiZ`ij\[\[`Z_XGifZcXdX#hlXchl`\iXfkifgXg\c`eZ\e[`Xi`f#
j\[`Z`fjf [\ jl ZcXj\% Kf[fj \jkXe gif_`Y`[fj \e cX i\^cX (- [\c @e[`Z\
<ogli^Xkfi`f#\eel\jkif<[`Zkf[\(*[\dXiqf[\(.0'#p\e\cZ`kX[f[\).[\
X^fjkf [\ (/'/# \e hl\ [\ZcXiXdfj Zfdgi\e[`[X \jkX `e[`^eX# p j\[`Z`fjX
GifZcXdX%
PgXiXcXdXj\oZkXfYj\imXeZ`X#pZldgc`d`\ekf[\cfZfek\e`[f\e\c<[`Zkf
>\e\iXc[\=\#\ecfjXek\i`fid\ek\Z`kX[fj#p[\cfji\jg\kXYc\j\eZXi^fj[\c
>fY`\ief2Gfi\ck\efi[\cgi\j\ek\fj\o_ikXdfj#i\hl\i`dfj#pdXe[Xdfj\e
m`ikl[[\JXekXFY\[`\eZ`X#pjfcXg\eX[\<oZfdle`fedXpfibWj³i[dj[dj_³"
pg\Zle`Xi`XXel\jkifXiY`ki`f#hl\[\j[\\c[ˆX#hl\\jk\el\jkif\[`Zkf]l\i\
c\@[f#p#glYc`ZX[f#f[\„cjlg`„i\[\j[\ZlXchl`\iXdXe\iX#_XjkXj\`j[ˆXj
j`^l`\ek\j cfj hlXc\j fj [Xdfj gfi ki\j k\id`efj# p \c lck`df g\i\ekfi`f kiX_`^X`j#\o_`YX`j#pgi\j\ek\`jcXjfYi\[`Z_XGifZcXdX#phlXchl`\iXfkifGXg\c
j\[`Z`fjf `dgi\jf#  dXeljZi`kf# Xek\ Efj#  Xek\ cfj :fd`jXi`fj [\c JXekf
FÔZ`f]l\iX[\\jkX:fik\#[\eleZ`Xe[fXcfjhl\cfjjlg`\i\e#pfZlckXi\e#
pXcXjg\ijfeXjhl\gifgX^l\eZfegifgfj`Z`fe\jj\[`Z`fjXj#pj\[lZk`mXj\c
\jgˆi`kl[\@e[\g\e[\eZ`X#J\[`Z`e#pjla\Z`eXcI\p`ekiljfAfj„EXgfc\fe2
p}cfjZfe]\jfi\jhl\XYi`^l\e#Xgil\Y\e#`ejg`i\e#pefdXe[\e[\eleZ`Xi
j\d\aXek\jj\ek`d`\ekfj2pcfZfekiXi`f_XZ`\e[f#cfj[`Z_fjk„id`efjgXjX[fj#
cfjhl\ZfekldXZ\j#pi\Y\c[\j]l\i\[\j\eef_XZ\i#pZldgc`icfjljf[`Z_f%
Efj [\j[\ X_fiX gXiX \ekfeZ\j# p [\j[\ \ekfeZ\j gXiX X_fiX gfe\dfj# p
)(0
gifdlc^Xdfj\emfj#p\eZX[Xlef[\mfjcX[`Z_Xj\ek\eZ`X[\<oZfdle`fe
dXpfi#pfj_XY\dfjgfi`eZlijfj#\ecXj[`Z_Xj:\ejliXj#pg\eXj#p\ecXj[\
XckX kiX`Z`fe% P fj Xg\iZ`Y`dfj hl\ gifZ\[\i\dfj ZfekiX mfj X cX \a\ZlZ`e
[\\ccXj#Zfdf_XccXi\dfjgfi[\i\Z_f%<ek\jk`dfe`f[\cfZlXcdXe[Xdfj[Xi#
p[`dfj\jkXel\jkiXZXikXÔidX[X[\el\jkifjefdYi\j#j\ccX[XZfe\cJ\ccf
[\cJXekfFÔZ`fpi\]i\e[X[X[\lef[\cfjJ\Zi\kXi`fj[\cj\Zi\kf[\\c%;X[X
\ecX@ehl`j`Z`e[\D„o`Zf}m\`ek\p[fj[\8Yi`c#[\d`cfZ_fZ`\ekfj[`\q%
))'
:h$:$8[hdWhZeZ[FhWZeoEl[`[he$
B_Y$:$?i_ZeheIW_dpZ[7b\Whe"o8[Wkcedj
:h$:$CWdk[bZ[<beh[i
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
GfidXe[X[f[\cJXekfFÔZ`f%:h$:$@eiƒ7djed_eZ[7]k_hh[pWXWb"I[Yh[jWh_e$
EX[`\c\hl`k\#g\eX[\\oZfdle`edXpfi%
;bi[bbeZ[bjh_XkdWb$Æ;nkh][Zec_d[_kZ_YWYWkiWcjkWc$
GIF:C8D8
;<C8IQF9@JGFM@II<P
;<DyO@:F
:FEKI8CFJ<E>8zFJGyI=@;FJ
;<CFJ9FE8G8IK<J
;%=I8E:@J:FO8M@<I;<C@Q8E8
9<8LDFEK#gficX^iXZ`X[\;`fjp[\cXJXekXJ[\8gfjkc`ZX8iqfY`jgf[\
D„o`Zf#[\c:fej\af[\J%D#M`ii\p#>fY\ieX[fip:Xg`kXe^\e\iXc[\\jkXE%<%#
Gi\j`[\ek\ [\ jl I\Xc 8l[`\eZ`X# Jlg\i`ek\e[\ek\ >\e\iXc JlY[\c\^X[f [\
I\Xc?XZ`\e[X#D`eXj#8qf^l\jpIXdf[\cKXYXZf#al\q:fej\imX[fi[\„jk\#
Gi\j`[\ek\[\jlI\XcAlekX#pJlY[\c\^X[f^\e\iXc[\:fii\fj\e\cd`jdf
i\`ef%Z%
?XY`\e[f [`jgl\jkf cX Gifm`[\eZ`X [`m`eX# hl\ gXiX hl\ ef \jk„e fZlckfj
cfj [\j`^e`fj [\giXmX[fj [\ el\jkifj \e\d`^fj# cc\^Xj\ X d`j dXefj gfi
Zfe[lZkfjel\mfjleXGifZcXdX`dgi\jX\eDX[i`[#\c[ˆX)[\FZklYi\lck`df#
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
\ehl\mXc`\e[fj\Afj\]EXgfc\fe[\cfj\e^XŒfj#ÔZZ`fe\jp]Xcj\[X[\jZfe
hl\„cpjl_\idXefEXgfc\fe9feXgXik\_XeZfej\^l`[f`emX[`ipk`iXe`qXi
Xc^leXj[\cXjgifm`eZ`Xj[\<jgXŒX#pXiif^Xe[fj\\c`e[\Y`[fpmXefk`klcf[\
I\p[\Xhl\ccfjp\jkfj[fd`e`fj#j\Xki\m\Xgi\k\e[\ihl\c\i\ZfefqZXegfi
kXccfjÔ[\cˆj`dfj_XY`kXek\j[\cXj8d„i`ZXj#Zfdfj`Zlg`\iX\ejljefYc\jp
c\Xc\jZfiXqfe\jhl\gifjk`klp\e[fcXI\c`^`ejXekXhl\gif]\jXe#YfiiXj\e
[\\ccfjcX`dX^\ed`cm\Z\jXdXYc\[\jlm\i[X[\if#c\^ˆk`dfpXl^ljkfI\p
pj\ŒfieXkliXc[fe=<IE8E;FM@@gXiX`ejZi`Y`icXjXZi`c\^X#[\jgi\Z`XYc\p
XYfii\Z`Yc\ [\c `ekiljf2 _XY`\e[f cc\^X[f# i\g`kf# X d`j dXefj \jk\ `e]Xd\
gXg\c#p[\j\Xe[f\e\c`ejkXek\\ehl\cfi\Z`Yˆm\icf[\mfiX[fgficXjccXdXj#
_\[`jgl\jkfZfe\cle}e`d\gXi\Z\i[\cfjJ\Œfi\jD`e`jkifj[\cI\Xc8Zl\i[f
hl\ j\ hl\d\ g’Yc`ZXd\ek\# Zfdf mX X _XZ\ij\ X_fiX d`jdf \e ]fidX [\
aljk`Z`XpgfidXef[\m\i[l^fZfdfZfii\jgfe[\%
<o\ZlkX[f\jk\XZkfgifg`f[\d`j[\Y\i\jp[\d``emXi`XYc\Ô[\c`[X[Xc
I\pd`j\Œfi[fe=<IE8E;FM@@#gXi\ZˆXZfej`^l`\ek\Zfem\ik`id`Xk\eZ`e}
\o_fikXi}cfj_XY`kXek\jkf[fj[\\jk\I\pef}hl\dXek\e^Xe`e[\c\Yc\jcfj
j\ek`d`\ekfj[\cXdfihl\gif]\jXeXJ%D%2g\ifZfefZ`\e[f#ZfdfZfefqZf
gfidlck`kl[[\\og\i`\eZ`Xj#hl\j\iˆX_XZ\iZfe\jkfleX^iXm`fefkfi`f}jl
i\c`^`fe#}jlc\XckX[pXjlgXki`fk`jdf#d\ZfekiX`^f’e`ZXd\ek\}\eZXi^Xi}
kf[fjp}ZX[Xlef\egXik`ZlcXi#hl\j`cXZXjlXc`[X[cXdXc`Z`X[\el\jkifj
\e\d`^fj`ekif[la\j\\e\jkfjX]fikleX[fjgXˆj\jXc^lefXc^lefj\o\dgcXi\j
[\ cX i\]\i`[X GifZcXdX#  ZlXchl`\iX fkif gXg\c j\[lZk`mf „ `eZ\e[`Xi`f [\
`^lXcfi`^\e#efjfcfcfXYfd`e\ep[\k\jk\eZfdfcf_XiXej`e[l[X j`efhl\
cf\eki\^l\e`ed\[`XkXd\ek\XcAl\q[\jlm\Z`e[X[k\ii`kfi`fhl\[\Y\i}
i\d`k`icf}\jk\Jlg\i`fi>fY`\iefj`eg„i[`[X[\dfd\ekfj gXiXef`eZlii`i#
Zfdf\eZXjfZfekiXi`f`eZlii`i`Xe\e\c\efidˆjˆdf[\c`kf[\c\jXDXa\jkX[2
gifZliXe[fX[\dXjZfe\cq\cfp\eklj`XjdfkXegifg`fj[\lefjmXjXccfjkXe
c\Xc\j#[\jZlYi`ip[\cXkXiXcfj\jgˆXj#j\[lZkfi\j`ekif[lZkfi\j[\kXem`c\j
c`Y\cfj#YXaf\cZfeZ\gkf[\hl\_XY`\e[fpfXY`\ikfZfe[`ZkXd\e[\cgifg`f
I\Xc8Zl\i[f#leXjlYjZi`gZ`fe[\X[`\qg\jfj#pjlYjZiˆkfd\\cgi`d\ifZfe
[`\qXZZ`fe\jgXiX]fe[fj[\gi\d`fjXcfjhl\[\jZlYi`\i\ep\eki\^Xi\e}
kXc\jdXcmX[fj#j\^iXk`ÔZXi}pgi\d`Xi}Xchl\cfm\i`Ôhl\#j\^’ecXZXc`[X[#
Zfe[`Z`ep[\c`kf[\cjla\kfhl\j\Xgi\e[`\i\%
P gXiX hl\ cc\^l\ X efk`Z`X [\ kf[fj# dXe[f hl\ glYc`ZX[Xj \jkXj
gifm`[\eZ`Xjgfi9Xe[f\e\jkXZXg`kXc#p\ecXj[\d}j:`l[X[\j#M`ccXjpCl^Xi\j
))(
[\\jk\I\pef#j\Z`iZlc\ecfj\o\dgcXi\jZfii\jgfe[`\ek\j}cfjKi`YleXc\j#
DX^`jkiX[fj#>\]\jpD`e`jkifj}hl`\e\jkfhl\jl`ek\c`^\eZ`XpfYj\imXeZ`X%
;X[f\e\cGXcXZ`fI\Xc[\D„o`ZfX),[\8Yi`c[\(/('%
<c8iqfY`jgfM`ii\p%=iXeZ`jZfAXm`\iC`qXeXp9\Xldfek
GfidXe[X[f[\J%<%@%
Afj\]@^eXZ`fE\^i\`ifjpJfi`X%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)))
8Œf
:fek\e`[f
I\]\i\eZ`X
(/('
GifZcXdX[\cm`ii\p
M\e\^Xj\ehl\j\\o`kXX
cfjXm`kXek\j[\\ccXgXiX
hl\\ok`e^XecXf[`fjX
i`mXc`[X[[\Xd\i`ZXefjp
\lifg\fjj`Z %
8>E#@ejk`klZ`fe\j
:fcfe`Xc\j#>fY`\ief
m`ii\`eXc#@dgi\jfj
FÔZ`Xc\j',- #
:fek\e\[fi(*#
Mfcld\e*'#
<og\[`\ek\0%.]faXj
`dgi\jXj%
<jk\[fZld\ekf\jleXi\]\i\eZ`XXcXi`mXc`[X[hl\j\dXe`]\jk[liXek\
cXj\c\ZZ`fe\j[\gi`eZ`g`fj[\(/('%=`idX[fgfi\cm`ii\p=iXeZ`jZfOXm`\i
M\e„^Xji_Y %)*[\j\gk`\dYi\[\(/('%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;fZld\ekf*
))*
:fej\^l`[f \e cX ]fidXZ`fe [\c Jlgi\df :fej\af [\ I\^\eZ`X [\ <jgXŒX „
@e[`Xj#hl\XefdYi\[\el\jkifX[fiX[fI\ppJ\Œfi;FE=<IE8E;F<CM@@
^fY`\ieX\cI\pef#\c[\j\f^\e\iXc[\cXeXZ`fehl\Xjg`iXYXX[\gfj`kXijl
ZfeÔXeqX \e leX Xlkfi`[X[ ZfeZ\ekiX[X Zfe]fid\ } el\jkiXj c\p\j# p d}j
} gifgj`kf hl\ cX Xek\i`fi AlekX :\ekiXc gXiX [\jgc\^Xi Xhl\ccX \e\i^ˆX
p XZk`m`[X[ hl\ jfe e\Z\jXi`Xj X Ôe [\ Zfe[lZ`i cX EXZ`e \e cXj Ziˆk`ZXj
Z`iZlejkXeZ`Xj\ehl\j\\eZl\ekiX2gi`eZ`g`Xhl\cZl\igfi\gi\j\ekXek\[\cX
Xlkfi`[X[JfY\iXeX}[`i`^`ijljd`iX[XjgXk\ieXc\jpY\e„ÔZXj_XZ`Xkf[XjcXj
gXik\j[\el\jkiX[`cXkX[XDfeXihl`XgXiX[`jg\ejXic\j\cXlo`c`fpgifk\ZZ`e
hl\i\jg\Zk`mXd\ek\gl[`\j\ee\Z\j`kXi%
<eki\ cXj hl\ dXj ccXdXife jl Xk\eZ`e ]l\ leX \jk\ `dgfikXek\ I\pef#
ZlpX ]\iXZ`[X[# i`hl\qX p [\dXj hlXc`[X[\j Xgi\Z`XYc\j hl\ cf ZXc`ÔZXe c\
_XZ\egi\]\i\ek\fYa\kf[\cXZf[`Z`X#XdY`Z`fepmfiXZ`[X[[\ck`iXefEXgfc\fe
P[\j\fjfJ%D%[\gfe\i}ZlY`\ikf\jk\gX`j[\leX`emXj`fehl\cXi\[lo\j\X
cXdXj`ejl]i`Yc\k`iXe`X#[\\jkXYc\Z\i\e„ccfjgi`eZ`g`fj[\aljk`Z`Xp\hl`[X[
hl\gl[`\j\e\c\mXicf}cXgifjg\i`[X[[\hl\\jjljZ\gk`Yc\#p[\i\efmXip
\jki\Z_XiZX[Xm\qdXjcfjjX^iX[fjmˆeZlcfjhl\cfle\e}cXdX[i\GXki`X1\eki\
fkiXjgifm`[\eZ`Xjhl\_XkfdX[fpkfdXi}fgfikleXd\ek\#klmfcX[`^eXZ`fe
[\efdYiXid\}dˆgfiM`ii\p[\\jk\I\pef#gXiXhl\g\ijlX[`[fpg\e\kiX[f
pf[\jlj`cljkiX[XjpaljkXj`[\Xj#gl[`\j\Zfeki`Yl`iXjli\Xc`qXZ`fe%8lehl\
\jkX \c\ZZ`fe _feiXYX [\dXj`X[f d`j Zfikfj d„i`kfj p kXc\ekf# jlgc`hl„ j`e
\dYXi^fgfiki\jm\Z\j}J%D%d\g\id`k`\j\Zfek`elXid`jj\im`Z`fj\ecfj
<o„iZ`kfj#gfihl\d\\iXdlpj\ej`Yc\[\oXicXG\eˆejlcX\efZXj`fe\ehl\
cfjg„iÔ[fj\e\d`^fj[\el\jkiX`e[\g\e[\eZ`XZfd\kˆXe\e\ccXkXejXZiˆc\^Xj
gif]XeXZ`fe\jpXk\ekX[fj%J%D%efklmfXY`\eZfe[\jZ\e[\i}d`jj’gc`ZXj#
p pf ef gl[\ kfdXi fkif gXik`[f hl\ fY\[\Z\i Z`\^Xd\ek\ jlj jlg\i`fi\j
dXe[Xkfj#Zfejfc}e[fd\ZfecX`[\X[\j\i\c`ejkild\ekf[\hl\j\mXc`XJ%D%
gXiX\jkXYc\Z\i\e\jk\I\pef\ci[\e#cX\hl`[X[pcXaljk`Z`X\ecf`ek\i`fi#p
\ci\jg\kfpZfej`[\iXZ`egXiXZfecfj\okiXe^\ifj#hl\jfep_Xej`[fj`\dgi\
cfjdXjm\_\d\ek\j[\j\fj[\cXle`m\ijXc`[X[[\cXEXZ`fe%<jkXjd`iXjkXe
jXcl[XYc\j#kXeY\e„ÔZXjpkXealjkXj#_XefZlgX[fZfejkXek\d\ek\d`Xk\eZ`e
[\j[\ d` efdYiXd`\ekf gXiX j\im`i \jk\ M`ii\peXkf% PX d\ c`jfe^\XYX pf
Xek`Z`gX[Xd\ek\ [\ j\i \c `ejkild\ekf [\ ml\jkiX gifjg\i`[X[ p j\^li`[X[1
ZfekXYX Zfe hl\ j`\e[f [Z`c\j X d`j `ej`elXZ`fe\j# \oZ`kXi`X ZX[X m\q d}j
\emfjfkifjXhl\cXdfi}cXdX[i\GXki`Xhl\_Xj`[fj`\dgi\ml\jkiX[`m`jX2
pd\gifd\k`Xhl\^l`X[fj#Zfdf\ccX#gficfjgi`eZ`g`fj_\if`Zfjhl\cX_Xe
Zfe[lZ`[f\ecXclZ_Xk\ii`Yc\hl\ZfeXjfdYifpX[d`iXZ`fe[\cdle[fjfjk`\e\
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
<CM@II<P;<EL<M8<JG8z88KF;FJJLJ?89@K8EK<J
)),
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
))-
ZfekiX\cdXj`e]Xd\k`iXefhl\mfd`kXifecfjXY`jdfj2fgfe[i`X`jleX9Xii\iX
`dg\e\kiXYc\}jljgifp\ZkfjcfZfj\`ej\ejXkfj[\le`m\ijXcljligXZ`e%·G\if
hlXc_Xj`[fd`[\jZfejl\cfXcm\i[\jmXe\Z\ij\Xhl\ccXX^iX[XYc\g\ijg\Zk`mX
hl\\iX\cfYa\kf[\d`jXe_\cfj#p\cÔeX[fe[\j\[`i`^\ekf[fjd`jgXjfjp
gifm`[\eZ`XjJˆ<jgXŒfc\jXd\i`ZXefj#d`j\ek`d`\ekf\j`e\ogc`ZXYc\#pX^iXmX
dlZ_f dXj d` [fcfi cX Zfej`[\iXZ`e [\ hl\ jf`j mfjfkifj d`jdfj cfj hl\
fjfgfe„`j}ml\jkiX]\c`Z`[X[%;\j\fjf[\ZliXiml\jkifjdXc\jp[\m\eZ\i
kf[ffYjk}Zlcfhl\j\fgfe^X}\ccX#[\j[\d`\ekiX[X\e\jkX:Xg`kXcd\_\
fZlgX[fZfejkXek\d\ek\\eZfefZ\iml\jkiXj`klXZ`e#pd`ZfiXqfe_}j`[f
g\e\kiX[f[\cdXpfij\ek`d`\ekfXcZfefZ\icXi`mXc`[X[#[`m`j`fep\c\jgˆi`kl
[\ gXik`[f hl\ i\peX \eki\ mfjfkifj% <jk\ dXc# j` gfi [\j^iXZ`X Zfek`elXj\#
j\i`X\cgi`eZ`g`f[\el\jkiXil`eX#j\iˆX\c]fd\ekf[\leX`ealjkXf[`fj`[X[
\eki\ g\ijfeXj hl\ [\Y\e XdXij\# _Xi`X [\c I\pef le k\Xkif [\ Ziˆd\e\j p
[\jfcXZ`fe\j# p XZXYXiˆX j`\e[f kf[fj mˆZk`dXj [\ el\jkiX `eZfej`[\iXZ`e
p gi\jX j\^liX [\c k`iXef% P } m`jkX [\ kXekXj p kXe ]XkXc\j Zfej\h•\eZ`Xj#
¶jlYj`jk`i}cXfgfj`Z`e\eki\<lifg\fjp8d\i`ZXefj6¶:fek`elXi}ed`iXe[fj\
Zfdf \e\d`^fj cfj hl\ k`\e\e kXekfj dfk`mfj [\ XdXij\ p Xgi\Z`Xij\6 ¶Ef
jfdfjkf[fjmXjXccfj[\led`jdfDfeXiZX#d`\dYifj[\led`jdfZl\igf
jfZ`Xc p gXik\ [\ Xhl\ccX efYc\ p Z`iZlejg\ZkX EXZ`fe <jgXŒfcXhl\ j`\dgi\
_} [X[f kXekfj \a\dgcfj [\ gle[fefi p [\ ^\e\ifj`[X[# p hl\ \e \c [`X \j
cX le`ZX gfk\eZ`X \lifg\X hl\ c`Yi\ [\c \em`c\Z`d`\ekf p _ld`ccXZ`fe \e hl\
pXZ\ecXj[\dXj#_}]fidX[fcX_\if`ZXi\jfclZ`fe[\i\j`jk`iXck`iXefhl\kf[f
`ek\ekXkiXjkfieXicf6gl\j¶gfihl\efefjXdXdfjZfdf_\idXefj6¶Gfihl\
efi\le`dfjel\jkifj\j]l\iqfj#el\jkiXj`ek\eZ`fe\jpel\jkifj[\j\fjgXiX
[\jkil`i Xc \e\d`^f [\ el\jkiX `e[\g\e[\eZ`X# p \jkXYc\Z\i \e cf `ek\i`fi cX
YXj\[\el\jkiXm\i[X[\iX]\c`Z`[X[6
J`[Z`c\j}d`mfqgXk\ieXc#j`^l`X[fj[\cXiXqfepdfm`[fj[\ml\jkif
gifg`f `ek\i„j gfe\`j k„id`ef } \jXj ]le\jkXj [`j\ej`fe\j# pf fj XeleZ`f cX
dXpfigifjg\i`[X[pj\^li`[X[#gXiXZlpXZfej\ZlZ`eef_XYi}`eZfdf[`[X[\j
hl\d\Xii\[i\ee`[`ÔZlckX[\jhl\efgifZli\m\eZ\i%
G\if j` Xc ZfekiXi`f# jlYj`jk`j fZlgX[fj \e `ealjkXj f[`fj`[X[\j hlXe[f
ml\jkiXG}ki`X\o`^\kXe`dg\i`fjXd\ek\ml\jkiXXk\eZ`fepml\jkifjjXZi`ÔZ`fj#
j`ef`d`kX`j}cfj_\if`Zfj<jgXŒfc\jml\jkifj_\idXefjhl\ZfdYXk\e\ecX
G\eˆejlcXgfijlc`Y\ikX[„`e[\g\e[\eZ`Xhl\}cXgi`d\iXefk`Z`X[\_XccXij\cX
GXki`X\eg\c`^iffcm`[Xejljhl\aXj#_XZ\eZXccXijlji\j\ek`d`\ekfj#pd`iXe[fj\
kf[fj_`afj[\leXd`jdXdX[i\\eeX[Xg`\ejXej`ef\ei\le`ijlj\j]l\iqfj
gXiX _XZ\i ]i\ek\ Xc \e\d`^f2 pf fj gifefjk`Zf dXc\j k\ii`Yc\j# ZXcXd`[X[\j
`eXl[`kXj#hl\fjjld\i^`iˆXeXkf[fj\eleXY`jdf[\d`j\i`Xj%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
PX k\e\`j } cX m`jkX \e Xc^leXj gXik\j [\ \jk\ I\pef le gi`eZ`g`f [\ cfj
dXc\j [\ hl\ `ek\ekf c`Y\ikXifj% 8c^lefj _fdYi\j [\jcldYiX[fj Zfe ]XcjXj
`[\XjXgfpX[Xj\eml\jkiX[`m`j`fepi`mXc`[X[#gifZliXeXck\iXi\ci[\eg’Yc`Zf
pjld\i^`iefj\ecfj\jgXekfjfjdXc\ji\mfclZ`feXi`fj%
<jkfpdlpg\ijlX[`[f[\cf[\jgi\Z`XYc\hl\jfejlj[\j`^e`fj#phl\ef
gl\[\ek\e\i\cXgfpf[\e`e^le_fdYi\j\ejXkf%Ef[l[fledfd\ekf#hl\
kf[fmfcm\i}Xci[\eXcgi\j\ekXij\cXjkifgXjhl\[\jk`efXZfek\e\i\cZlijf
[\Xhl\ccfj\oZ\jfj%·G\ifZl}ekf\jd`j\ek`d`\ekfXcZfej`[\iXihl\ml\jkiX
[`m`j`fe\j\c]fd\ekf[\\jkfjdXc\j#phl\\ccXd\gfe\\ecXki`jk\e\Z\j`[X[
[\hl\cXjgi`d\iXjgifm`[\eZ`Xj[\d`dXe[fj\[`i`aXeX_XZ\i[\iiXdXicX
jXe^i\[\el\jkifjZfeZ`l[X[Xefj
PfXgliXi„cfjd\[`fj[\[lcqliXpg\ijlXj`feXek\j[\\Z_XidXef[\cfj[\cX
]l\iqXp\ci`^fi#g\ijlX[`[f[\hl\cXdXpfigXik\[\cXjg\ijfeXjZfdgc`ZX[Xj\e
cfji\]\i`[fj\oZ\jfj_}ej`[fj\[lZ`[XjgficfjdXc`ek\eZ`feX[fj#\e^XŒX[Xj
gficXg\ijg\Zk`mX[\leX]XcjX]\c`Z`[X[2g\if#j`\jkfjd\[`fj]l\i\e`elk`c\j#d\
mXc[i„[\kf[fjhlXekfjcXXlkfi`[X[hl\\o\iqfgfe\\ed`jdXefjgXiX`dgfe\i
Xcfj[\c`eZl\ek\j\cZXjk`^fhl\cXjC\p\jgi\jZi`Y\eZfekiXcfjXcYfifkX[fi\j[\c
i[\eg’Yc`Zf%¶Phl`\ejXY\j`\cgi`eZ`g`f[\Xhl\ccfj[\ji[\e\j\j\cd`jdf
k`iXefEXgfc\fe#hl\[\jZfeÔXe[f[\Xgf[\iXij\[\mfjfkifjgficX]l\iqX[\
cXjXidXj#\emˆXjlj`e]\ieXc\jd`e`jkifjgXiXhl\`e]le[`\e[f\eki\efjfkifjcX
i`mXc`[X[#cX[\jle`fep\c[\jfi[\e#m\e^XdfjXZX\i\eleX[\Y`c`[X[hl\efj
gifgfiZ`fe\gXiXj\igi\jXj\^liX[\jliXgXZ`[X[6¶Efk\e\`jleXgfpf[\\jkX
m\i[X[\ecfjmXi`fj\d`jXi`fjjlpfjhl\_Xej`[fXgi\_\e[`[fj\e\jkfjI\pefj6
¶P[Xi\`jcl^Xi}hl\j\cf^i\ejljg\im\ijXj`[\Xj#j`\e[fmfjfkifj`ejkild\ekfj
[\ jl g\iÔ[`X6 ¶J\iˆX cX 8d„i`ZX# \jkX j\^le[X p gi\[`c\ZkX _\idXeX [\ cX
Xek`^lX<jgXŒX#cXhl\Xld\ekXj\jljZfeÕ`Zkfj#cXhl\j\fglj`\j\}cX^cfi`fjX
\dgi\jX[\jfjk\e\i\c_fefi#cXZfdle`e[\g\e[\eZ`XpcX`ek\^i`[X[[\jlj
[fd`e`fj#pcXhl\ZfcdXj\\cZXc`q[\jljXdXi^liXj\ecXXgliX[XfZXj`fe[\
m\ij\XZfd\k`[Xgfile\e\d`^fkXegf[\ifjfZfdf`ealjkf6Ef\j[\k\d\i
[\mfjfkifjj\d\aXek\Zfe[lZkX%CXÔ[\c`[X[kXeXZi`jfcX[XZfehl\j`\dgi\cfj
_XY\`jdXe\aX[f#\c`ek\i„jhl\\ekf[fk`\dgfdXe`]\jkX`jgficXgifjg\i`[X[
[\cXDX[i\G}ki`X#pcfj`ed\ejfjp^\e\ifjfjXlo`c`fjZfehl\kXec`Y\iXcd\ek\
cX_XY\`jjfZfii`[fpjfZfii„`j\ekf[Xjjlje\Z\j`[X[\j#jfelej\^lif^XiXek\
[\ml\jkiXZfe[lZkXlck\i`fi#pfkifjkXekfj[\i\Z_fj}d`ZfeÔXeqX%J`kXc\jjfe
cXjZXc`[X[\jhl\]fidXeml\jkifZXi}Zk\i#j`ZfefZ\`jhl\\cY`\e[\cXG}ki`X
\j\cefik\hl\[\Y\^l`XicXjXZZ`fe\j[\kf[fYl\e:`l[X[Xef#pj`fj_XY„`j
Zfem\eZ`[f[\hl\Xhl\c^iXe[\fYa\kfefgl\[\Zfej\^l`ij\j`e\cjXZi`ÔZ`f[\
cXjg\ijfeXc`[X[\jhl\fj[`m`[\epj`ecXi\le`e[\kf[fjml\jkifj\j]l\iqfj
_}Z`Xled`jdfÔe#Z\j\epX\ek\iXd\ek\ml\jkiXj[`j\ej`fe\j#XZ}Y\j\kf[f
)).
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
))/
\jgˆi`kl[\gXik`[f#pef_XpXdXj\dlcXZ`fehl\cXefYc\p^\e\ifjX[\\oZ\[\ij\
\e\cj\im`Z`f[\cXG}ki`X%
;\ \jkX jl\ik\ i\eXZ`\e[f \eki\ efjfkifj \c Xdfi p cX Zfe]iXk\ie`[X[#
p i\le`\e[f kf[Xj el\jkiXj clZ\j p \j]l\iqfj# j\ Zfej\imXi} cX g’Yc`ZX
kiXehl`c`[X[ Zfe cX \jg\iXeqX [\ hl\ cXj i\]fidXj p el\mXj `ejk`klZ`fe\j
hl\ _Xe [\ j\i \c \]\Zkf [\ cXj jXY`Xj d\[`kXZ`fe\j \e hl\ j\ fZlgX 
j\ fZlgXi} dlp gifekf cX i\jg\kXYc\ 8jXdYc\X [\ cXj :fik\j eXZ`feXc\j#
gifgfiZ`feXi}e X \jk\ I\pef cX dXpfi gifjg\i`[X[ p j\^li`[X[%
P \eki\ kXekf j\ cf^iXe Xhl\ccXj Xg\k\Z`[Xj i\jlckXj# gfe\[ kf[X ml\jkiX
ZfeÔXeqX\ecXaljk`ÔZXZ`fe#`ek\^i`[X[pjXY`[li`X[\ci\jg\kXYc\Zl\igfhl\
XZklXcd\ek\ [`i`^\ cX eXZ`e# [\c Jlgi\df :fej\af [\ I\^\eZ`X# Zfdgl\jkf
[\>\e\iXc\j#ZlY`\ikfj[\_\i`[Xjp[\^cfi`X1[\leD`e`jkifm\ijX[f\ecfj
e\^fZ`fjd}j`dgfikXek\j[\cXDfeXihlˆX1[\leDX^`jkiX[feXZ`[f\eml\jkif
jl\cfp\jZf^`[fgfimfjfkifjgXiXi\gi\j\ekXifjpgfi’ck`df#[\leGiˆeZ`g\
[\cX@^c\j`X#df[\cf[\c\g`jZfgX[f#hl\e\^X[f}cfjd}jYi`ccXek\jXjZ\ejfj[\
jlZXii\iX#}hl\c\[\jk`egficX]XdX[\jljm`ikl[\j\ci\c`^`fjˆj`dfpgil[\ek\
DfeXiZX\cJi%;%:}icfj@@@#XZl[\X_fiX}ZfejX^iXicfj’ck`dfj[ˆXj[\jlm`[X
\efYj\hl`f[\el\jkiXJXekXI\c`^`e#[\el\jkifX[fiX[fI\pp[\el\jkiX
ZXiX G}ki`X% KXc\j jfe cXj g\ijfeXj hl\ Zfdgfe\e \c Zl\igf i\gi\j\ekXek\
[\cXJfY\iXe`X#}ZlpXaljk`ÔZXZ`egf[\`jXZl[`igfi\ci\d\[`f[\ml\jkifj
dXc\j# `ek\i`e j\ m\i`ÔZXe cXj jXcl[XYc\j i\]fidXj hl\ [\Y\`j \jg\iXi [\ cX
jXY`[li`X#`cljkiXZ`fepgXki`fk`jdf[\cfji\gi\j\ekXek\jhl\_XY„`j\em`X[fXc
i\jg\kXYc\:fe^i\jfeXZ`feXc[\:ik\j%
?XY`kXek\j[\cXEl\mX<jgXŒX1fY\[`\eZ`XpZfeÔXeqX#\ecXjXlkfi`[X[\j
hl\fj^fY`\ieXe#ple`fe#XdfipZfe]iXk\ie`[X[\eki\kf[fjmfjfkifj#jfecXj
gi\e[Xjhl\fj\oˆ^\leM`ii\phl\fjXdX#gXiXhl\d\i\qZX`jj\i[`^efj[\c
Xgi\Z`fp^iXk`kl[[\ml\jkifjZfeZ`l[X[XefjpcXX[d`iXZ`ep\em`[`X[\kf[f
\cle`m\ijf%
D„o`Zf)*[\J\gk`\dYi\[\(/('%
$=iXeZ`jZfAXm`\iM\e„^Xj%
$DXel\cM\c}qhl\q[\C\e%
8Œf
:fek\e`[f
I\]\i\eZ`X
(/('
<o_fikXZ`ehl\cfj
;`glkX[fjgXiXcXj
gio`dXj:fik\j#_XZ\e
Xcfj_XY`kXek\j[\cXj
Gifm`eZ`Xj[\El\mX
<jgXŒX%
8>E#@ejk`klZ`fe\j
:fcfe`Xc\j#
>fY`\iefm`ii\`eXc#
@dgi\jfjFÔZ`Xc\j
',- #:fek\e\[fi
(*#Mfcld\e*(#
<og\[`\ek\)%(,
]faXj`dgi\jXj%
J\_XZ\Xclj`eXcZXlk`m\i`f[\=\ieXe[fM@@pjle\Z\j`[X[[\c`Y\ikX[2
i\]\i\eZ`XXcXgi\j\eZ`X[\cXi\gi\j\ekXZ`eXd\i`ZXeX\e<lifgX\e
cXj:fik\j %*[\fZklYi\[\(/('%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;fZld\ekf+
))0
<O?FIK8:@äE
HL<CFJ;@GLK8;FJG8I8C8JGIäO@D8J:äIK<J#?8:<E8CFJ
?89@K8EK<J;<C8JGIFM@E:@8J;<C8EL<M8<JG8z8%
8Œf[\(/('
;`jZi\kfj# al`Z`fjfj p Ô\c\j _XY`kXek\j [\ cXj gifm`eZ`Xj [\ \jk\ _\idfjf p
]\c`Zˆj`dfi\pef1hlXe[f`dg\c`[fj[\cq\cfgficXi\c`^`e#[\cXdfiXcXg}ki`X#
p [\c [\j\f [\ cX ]lkliX g\idXe\ek\ ]\c`Z`[X[ [\ \jkfj gX`j\j gi`m`c\^`X[fj#
\jkXYXeml\jkifjI\gi\j\ekXek\j\eZik\jXc\^i\j\e\cjXZi`ÔZ`fhl\_XZ`Xe
[\jlZfdf[`[X[phl`\kl[#gfihl\`YXe\eml\jkifefdYi\}gifZliXicXdXpfi
^cfi`X[\cJ\Œfi#\cZXYXc\jgc\e[fipcljki\[\cX_\i`ZXeXZ`e\jgXŒfcX#cX
c`Y\ikX[[\leGi`eZ`g\kXe[`^efZfdf[\j^iXZ`X[f#cXle`m\ijXcgifjg\i`[X[
[\XdYXj<jgXŒXj#phl\hl\[}iXe`e[\c\Yc\d\ek\\jZi`kXj\ecfj]Xjkfj[\cX
_`jkfi`XcXj[\dfjkiXZ`fe\j[\cXi\c`^`fj`[X[#gXki`fk`jdf#Ô[\c`[X[p_\if`jdf
[\\jk\m\eklifjfk\ii\ef2hlXe[f`dgXZ`\ek\jgfi\ccf^if[\kXejlYc`d\j
„ `dgfikXek\j Ôe\j# j`e \dYXi^f [\c [fcfi eXkliXc [\ Xc\aXij\ [\ mfjfkifj#
cc\mXYXeZfeXdXi^liXcfjgi\Z`jfjdfd\ekfj[\[`cXZ`fe\ejldXiZ_X#gfi
cf hl\ i\kXi[XYXe \c `ejkXek\ [\ gi\j\ekXij\ \e <lifgX cX i\gi\j\ekXZ`fe
8d\i`ZXeX# [\jgl\j [\ m\eZ`[fj kiXYXafj p g\c`^ifj [\ k`\iiX p dXi# Zfdf
le \o\dgcXi [\ Ô[\c`[X[# [\ gXki`fk`jdf# [\ Zi`jk`Xe[X[ p [\ efYc\qX1 cfj
[\k\jkXYc\jdfm`d`\ekfjZfehl\Xc^lefjdXcXZfej\aX[fjpk\d\iXi`fj#_Xe
g\ikliYX[f\edlpgfZfjcl^Xi\jcXkiXehl`c`[X[pi[\eg’Yc`Zf#cfj\jki\Z_Xe
}Zfd\eqXicXj]leZ`fe\j[\jlXckf\eZXi^f#[`i`^`„e[fj\}mfjfkifjd`jdfj%
Ef \j \jkf jlgfe\i \e mfjfkifj X’e \c dXj c`^\if gi`eZ`g`f [\c dXc# hl\
kf[fj[\k\jkXdfj1\jj`jfcfZfe]fikXifjgXiXhl\^cfi`fjXd\ek\g\i]\ZZ`fe\`j
\cY`\ekXejXekXd\ek\Zfd\eqX[f1\jg\[`ifjhl\ZfecXZfejkXeZ`X\eml\jkifj
gifZ\[\i\j^\e\ifjfjpefYc\j#_X^X`jm\iXcle`m\ijf#hl\\cp\iif[\k\jkXYc\
[\lefjgfZfjjfcfjˆim\gXiXXZi`jfcXip_XZ\ihl\Yi`cc\dXj cXÔ[\c`[X[p
m`ikl[^\e\iXc[\cXEl\mX<jgXŒX#Zfdf_Xj\im`[f}cX[\cXXek`^lX\cef
_XY\i `d`kX[f } cfj hl\ [\j^iXZ`X[Xd\ek\ gi\mXi`ZXife1 p ÔeXcd\ek\ hl\
m`^fi`Z„`j cX mfq [\ el\jkiX i\gi\j\ekXZ`fe Zfe cX Zfej\imXZ`fe [\ ml\jkif
\dg\ŒfgficXjXekXZXljX#phl\_X^X`jcfhl\g`[\[\kf[fjcXi\c`^`fe#cX
g}ki`X#\c_fefipml\jkifm\i[X[\if`ek\i\j%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
D„o`Zf1<EC8@DGI<EK8;<8I@QG<%
:FEC88GIF98:@FE;<CJLG<I@FI;<>F9@<IEF
)*(
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)*)
JfcXd\ek\cXjfY\iY`Xgl\[\_XZ\iZi\\iXc_fdYi\hl\jljg\ejXd`\ekfj
pd\[`[XjjfeZXgXZ\j[\d\afiXicXjZfjXjgficfjZXd`efjd`jdfjhl\cX
\jg\i`\eZ`X_XXZi\[`kX[f#gifg`fj’e`ZXd\ek\gXiX\dg\fiXicXj#pf]ljZ}e[fc\
cXiXqecfgi\Z`g`k\e}XY`jdfj[\dXc\j%<dgi\e[\ZfeXiif^XeZ`X2g\if\jkX
j`im\jcfgXiX[XŒXiX`eeld\iXYc\jp_XZ\imˆZk`dX[\cX[\j^iXZ`XX’eXc
jfY\iY`fd`jdf%
CXjXekXi\c`^`fe#fYiXe[f[lcZ\d\ek\jfYi\el\jkifj\jg`i`klj#\jcXhl\
Zfe[lZ\Xc_fdYi\gfigi`eZ`g`fjj`\dgi\aljkfj#j`\dgi\Y\e„ÔZfj#j`\dgi\
jXcl[XYc\j%<cXdfipi\jg\kf};`fj#p\cXdfipZfdgXj`fe}jlj_\idXefj#
jfejlj[fjYXj\jpjfYi\\ccXjj\c\mXekXjc`[Xd\ek\\cX[d`iXYc\\c\[`ÔZ`f
[\ cX jfZ`\[X[ Zi`jk`XeX p Z`m`c% :fe jfcf \jkfj gi`eZ`g`fj XÔidX cX Xlkfi`[X[
p gifk\o\ cX aljk`Z`X1 le\ } cfj _fdYi\j p cfj _XZ\ fYiXi le`[fj \c Y`\e [\
kf[fj%J`e\ccXcXXlkfi`[X[efj\i\jg\kX#p\cm`Z`fki`le]X2j`e\ccXefi\peX\c
XdfigXZ`\ek\#^\e\ifjfp[\ZXi`[X[#pleXg\hl\ŒXZ_`jgXXYiXjXp[\mfiX
\c_\idfjfZXdgf[\leXjfZ`\[X[Õfi\Z`\ek\%<ccX]le[X[X\ecXm\i[X[ef
kfc\iXgi\k\okfjgXiXfYiXi\cdXcZfe[`j`dlcf}cfjfafj[\cfj_fdYi\j#p
\k\ieXd\ek\Zfe[\eXkf[XkiXej^i\j`e[\jljjXekXj„`eXck\iXYc\jd}o`dXj%
<o`^\Zfe`dg\i`f#gfi\ci\jg\kf};`fj#cXÔ\cfYj\imXeZ`X[\cfjaliXd\ekfj
gi\jkX[fj\ejljXekfefdYi\#p[\hlXekfe\Z\j`kXjlZXYXcZldgc`d`\ekf1
[\dXe[X\cXYfii\Z`d`\ekf[\kf[XXZZ`feg\ZXd`efjX#pdXj[\c\jZ}e[Xcf2
pZcXdXgfi\cfi`^\e[\cX]\c`Z`[X[Zfdle#hl\\jcXjXekXle`fe\eki\cfj
_fdYi\j%¶Pkf[f\jkfefj\m\ZfeZlcZX[fj`efkfdX`j\dg\Œf\e`dg\[`i
\cgif^i\jf[\Xhl\ccfjdfm`d`\ekfj1j`efcfkfdX`j\ejf]fZXicXg\im\ijX
j\d`ccX[\cX[`jZfi[`X6
<ccX\jcXhl\_X_\Z_fYljZXigi\k\okfjgXiXc\mXekXi\jkXe[Xik\\ehl\
ZfejkX \jZi`kf cf ZfekiXi`f [\ cf hl\ j\ fYiX% J\ [`Z\ hl\ m`mX cX i\c`^`fe Xc
d`jdf k`\dgf hl\ j\ m`fcXe jl dfiXc p jlj gi\Z\gkfj1 hl\ m`mX \c [\j\X[f
=\ieXe[f#Xcd`jdfk`\dgfhl\j\gfe\ed\[`fjgXiX[\Y`c`kXicX]l\iqX[\
jljXidXj#cX[\]\ejX[\jlj\jkX[fj1phl\dl\iX\cdXc^fY`\ief#}\cd`jdf
k`\dgf hl\ j\ hl`\i\ m`m`i j`e e`e^lef# gfi hl\ aXdXj cf k`\e\ cX XjfeX[X p
Zfe]lj`fe% Jfcf j`im\ \jkX gXiX ]XZ`c`kXi Xc k`iXef le`m\ijXc [\ cX i\c`^`fe
p[\c\jkX[fcfhl\kXekf_X[\j\X[f#p\j[`m`[`icXXek`^•X[\cXEl\mX<jgXŒX#
gXiXhl\Xhl„ccXjlZldYXj`ecfjjfZfiifj[\\jkX2\jkXefj\jfjk\e^Xj`ecXj
XidXj[\Xhl„ccX#pXdYXjj\Xegi\jX[\jlk`iXe`X#[\cgf[\i[\fkiXeXZ`fe
XidX[Xpgf[\ifjX%Le`[XjXdYXjki`le]Xi}egfiÔeZfe\c]Xmfi[\cZ`\cf#p
cf^iXi}e cX ZfifeX [\ jlj ]Xk`^Xj2 g\if j\gXiX[Xj# _fp j\i} cX leX ZXljX [\
cX [\j^iXZ`X [\ cX fkiX# gXiX hl\ dXŒXeX \jkX d`jdX Zffg\i\ } cX il`eX [\
Xhl\ccf#phl\[\egXiXj`\dgi\j\glckX[XjcX^cfi`XpcXc`Y\ikX[[\XdYXj%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
<jkX\jcXm\i[X[#p\e^XŒfcfZfekiXi`f#pgfikXekfcXg}ki`X\o`^\hl\gfi
kf[fjXiY`ki`fjj\gifZli\cXZfej\imXZ`fe[\cXkiXehl`c`[X[p[\cXle`fe%Gfi
d\[`f[\„jkXj\ki`YlkXi}};`fj\cZlckfgXZˆÔZfpjfc\de\hl\cX\eefYc\Z\1
j\Zl`[Xi}[\cXjYl\eXjZfjkldYi\j#hl\_XZ\e}cfj\jkX[fjÕfi\Z`\ek\jp
i\jg\kXYc\j1j\]fidXi}\cel[f`e[`jfclYc\#hl\kXekf`ii`kXXc\e\d`^fZfdle#
gfi`dg\e\kiXYc\}jlkiX`[fiX\jgX[X1pj\Zfej\imXi}k\ijfpj`edXeZ_X\c
_fefi[\\jkfjÔ[\cˆj`dfjpZi`jk`Xefji\pefj%
<ccfj[\Y`\ifecX]\c`Z`[X[[\cZi`jk`Xe`jdf}cfji\c`^`fjfj\j]l\iqfj[\cfj
DfeXiZXj\jgXŒfc\j1\ccfj_Xegif^i\jX[fYXofjljj}Y`Xjc\p\j#p[\<jgXŒX
i\Z`Y`\ifecXjXe^i\pcXefYc\qX[\cfj\jgXŒfc\jXd\i`ZXefj#hl`\e\j_XjkX
cfj[`Xjgi\j\ek\j_XeZfii\jgfe[`[f}jld\kigfc`ZfejlXdfi#jl[fZ`c`[X[
pjljXiY`ki`fj#i\jlckXe[f[\\jkX_\idXe[X[pXc`XeqXcX]\c`Z`[X[^\e\iXc%
KXdXŒfY`\eefgl\[\[\jXk\e[\ij\j`e`^efd`e`Xp[\j_fefi%GfiY`\e\j[\
d\efjZfej`[\iXZ`feg`[\cXgil[\eZ`XZfej\imXicXle`fep[\jgi\Z`Xihl\aXj#
hl\gl\[\e^cfi`fjXd\ek\[`j`gXij\\ek`\dgfjdXjfgfiklefj%;\]\e[\i}cfj
gX[i\j[\cXfgi\j`fepj\im`[ldYi\1jfZfii\icfj\ejle\Z\j`[X[#pXZi\[`kXi
j`\dgi\cX^iXk`kl[\jcfXYc\\ecfj_`afj#}dXj[\j\ifYc`^XZ`fe#Zfdfcf\j
\ecfjgX[i\jgifZliXicXjm\ekXaXj[\\jkfj#p\e\cgifk\ZkficXj[\cZc`\ek\#
p\ekf[fj[\]\e[\icfhl\]fidXjl\jgc\e[fipjl^cfi`X%JfekXe\jki\Z_fj
cfjmˆeZlcfjhl\cXeXkliXc\qXpcXjc\p\j_Xe\jkXYc\Z`[f\eki\XdYfj#hl\\j
`dgfj`Yc\j`dX^`eXi_fefi`^efd`e`X\elefhl\efj\XkiXjZ\e[\ek\}cfj
fkifj%8jˆZffg\iXiZfekf[fjjljXiY`ki`fjcfj\jgXŒfc\j[\XdYfjdle[fj}
cXcXl[XYc\le`fehl\cfj_XZfej\imX[f#\jk`dYi\[\cXeXZ`e\ek\iX#p[\cX
jXekXi\c`^`fe#hl\_fpdXjhl\eleZX#g`[\cXZfej\imXZ`fe[\cfj\jki\Z_fj
cXqfj[\cXZXc`[X[\eY\e\ÔZ`f[\\ccXd`jdXp[\c`ek\i\jjc`[f[\hlXekfj
k\e\dfjcX[`Z_X[\gif]\jXicX%
;\j^iXZ`X[XcXEl\mX<jgXŒXj`\e\ccXcc\^}iXe}[fd`eXicX[`m`j`fe\j%J\
f]ljZXi}e jlj ^cfi`Xj2 j\ ]iljkiXi}e jlj \jg\iXeqXj1 p j\ XZXYXi} jl `ek\i\j%
Efjfegi\[`ZZ`fe\j]le\jkXj[\}e`dfjXÕ`^`[fj1jfe[fZki`eXjj\ekX[Xj\e
\cc`YifdX^`jkiXc[\cX\jg\i`\eZ`X%<j[\dXj`X[f^iXe[\gXiXi\]\i`ihlXekf
Zfek`\e\2g\ifXc^leXZfjX[\cXji\Z`\ek\jgf[\dfjkiX\iXcXd\dfi`XgXiX
Zfem\eZ`d`\ekf%D`iX[}=iXeZ`X#}\jkXeXZ`fe#}cXhlXcjljZ`\eZ`Xj#jljXik\j#
jlj `e[ljki`Xj p jlj XidXj _XY`Xe _\Z_f ZXj` }iY`kiX [\c dle[f# p [\Z`[efj
¶_XjkXhlXe[f[liXifejlj^cfi`Xj#phlXc]l„cX„gfZX\ehl\j\m`fgi`mX[XZfe
`^efd`e`X[\\ccXj6¶Ef\jm\i[X[hl\[liXifed`\ekiXjhl\j\Zfej\imle`[X#
i\jg\kXe[f cXj gfk\jkX[\j# m\e\iXe[f cXj c\p\j# dXek\e`„e[fj\ kiXehl`cX# p
j`\e[fj}Y`X_XjkXcfjk„id`efjhl\[\ZˆXJXeGXYcf#\jkf\j#cfj[\cXaljkX
jfYi`\[X[6¶Ef\j\m`[\ek\hl\[\j[\hl\XYiXq\cgXik`[f[\cX[`m`j`fep
efm\[X[ j\ Zfem`ik` \e fYa\kf [\ [\k\jkXZ`fe# p hl\ gfi hl\i\i dfjkiXij\
)**
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)*+
dXjj}Y`X[\cfhl\Zfem`\e\#jfcfZXlj}jˆp}fkiXjeXZ`fe\jdl\ik\[\
d`ccfe\j [\ _fdYi\j ki`jk\ Zfej\hl\eZ`X [\ kf[X i\mfclZ`fe # [\mXjkXZ`fe
[\ gifm`eZ`Xj# il`eX [\ \jkX[fj# p hl\ gfi lck`df \c [\ZXekX[f gifp\Zkf [\
leX c`Y\ikX[ `dX^`eXi`X cf ZfeZclp\iX Zfe _XZ\ij\ m`cd\ek\ \jZcXmX [\c
_fdYi\d}jXYfii\Z`Yc\#gfihl\pXefgf[`Xjl]i`icfjdXc\jhl\c\ZXljXYX
\c]\id\ekf[\jl[`m`j`fe#pgfihl\kXi[\p}ZfjkXjlpXZfefZ`hl\ef\j
gfj`Yc\hl\cfj_fdYi\jgl\jkfj\edfm`d`\ekf#\oXckX[fcXXdY`Z`e[\ZX[X
lefgl\[Xegfe\iÔe}cXi\Y\c`fep[\jZfeZ`\ikf#ZfdfZfe]\j}jlg\jXilef[\
cfj]XZZ`feXi`fjd`jdfj6<jkX\jm\i[X[[\_\Z_f#phl\eX[`\gl\[\e\^Xij`
fYj\imXZfe_ld`c[X[cXd`j\i`X[\c_fdYi\%<ejli\k`if#pgi\fZlgX[fg`\ejX
]}Z`cpjla\kXYc\}i[\eledfm`d`\ekfgfglcXihl\kiXjkfieXlej`jk\dXjfZ`Xc
pX \jkXYc\Z`[f# p j` gfi gi\Z`g`kXZ`fe cf \dgi\e[\# [\jgi\Z`Xe[f cfj d\[`fj
hl\j`im`\iXegXiXleXgXZˆÔZXiXZ`feXci\]fidX[\XYljfjp[\]\Zkfj#m`\e\
} _XccXij\ `dgc`ZX[f \e dXc\j j`e i\d\[`f# j`e Zfej\^l`i jl Ôe# p hl\[Xe[f
gfiXlkfi[\dXpfi\j\oZ\jfj%CXjfY\iY`X[\c_fdYi\pjljgXj`fe\jleXm\q
jl\ckXjefj\jla\kXe}cXd`jdXiXqfehl\Xek\jj\im`X[\]i\ef#pi\j`jk`\e[f
kf[X jla\Z`fe cX jlYfi[`eXZ`fe ]XckX gfi ^iX[fj# Zfdf pX j\ fp\ [\ \jfj
_fdYi\jhl\j\_Xei\ml\ckf#pm`\e\}i\jlckXi[\cX`dX^`eXZ`fe[\i\]fidX
\cle`m\ijXckiXjkfief%
GfZfjjfecfjcl^Xi\j}[fe[\_Xcc\^X[fcXccXdXhl\j\[\j\XXgX^Xi2g\if
\e\ccfjj\fYj\imXec}^i`dXj#m\aXZ`fe\j#fgi\j`fepil`eXj#p}fkifjXd\eXqX
cX e\Z\j`[X[ p \c _XdYi\# Zfej`^l`\ek\ } cX [\jkilZZ`fe [\ cfj j\dYiX[fj#
hl\ pX _Xe Zfejld`[f cfj YX^X^\j [\ cfj i\mfckfjfj# p \e hl\ Zfdf \e cX
[`cXg`[XZ`fe[\fkifjY`\e\j#j\i}eg\ial[`ZX[fjdlZ_fj_`afj[\cgXˆjgfi\c
[\i\Z_f[\jlZ\[\i}jljgX[i\j#cfjhl\Zfej\imXe[fjlji`hl\qXjgl[`\iXe
gifgfiZ`feXic\j leX jl\ik\ dXj m\ekXafjX p Yi`ccXek\% ¶P ef j\i} `ek\i\j [\
kf[fjgifZliXiZfem`mX[`c`^\eZ`X\ok`e^l`i\jXdXc[`kX[`jZfi[`Xhl\cfZXljX
kf[f#hl\f]\e[\}cXi\c`^`fe#hl\[\jkilp\cXg}ki`Xp]Xmfi\Z\}jl\e\d`^f#
hl\dXeZ_X\c_fefip[\jkilp\el\jkifm\i[X[\if`ek\i\j6
Jˆ#jˆ#pgfikXekfkf[fjZffg\iXdfjXkXe`dgfikXek\fYa\kf#j\^leel\jkifj
XiY`ki`fj%JXZ\i[fk\j#XeleZ`X[Zfem`^ficXc\p[\A\jlZi`jkf#c\pkf[X[\Xdfi
p [\ ZXi`[X[# c\p hl\ gfi cf d`jdf gi\jZi`Y\ ef \c Xdfi hl\ k`\e\e Xle cfj
<ke`Zfj#j`efkXdY`\e\c[\cfj\e\d`^fj#hl\g`[\\m`k\dfj_XjkXcXjgXcXYiXj
hl\f]\e[\e#gfihl\jfe[`Z\J%GXYcf#’k`c\jjfcfgXiXcXjlYm\ij`fe%I\g\k`[
\c\o\dgcf[\cJ\Œfijl]i`[fpg\i[feXe[f`eali`XjpdXejfpjlXm\X’e\ecXj
gXcXYiXj[\Zfii\ZZ`fe%@ejg`iX[\ekf[XjgXik\j\cXdfidlklf%
Al\Z\j# GX[i\j p I\Zkfi\j `eZlcZX[cf kXdY`\e Zfe [`jZi\Z`fe% J’Y[`kfj#
gi\jkX[ml\jkifjf`[fjZfe[fZ`c`[X[XcfjZfej\afj[\cXi\c`^`fepcXjXY`[li`X#
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
hl\fjcfg`[\egXiXml\jkifgifm\Z_f%Kfd\dfjkf[fj\dg\Œf\efcm`[Xip
[\jk\iiXijfYi\efdYi\jhl\efj[`m`[Xe%Jl\e\jfcfcXXdXYc\mfq[\Zi`jk`Xef
\jgXŒfc# hl\ efj [`Z\ hlXekf efj `ek\i\jX% <jgXŒX \j leX# Xlehl\ k\e^X
[`m\ijXjgifm`eZ`Xj#le`[Xj[`jkXek\j1cXi\c`^`fe\jleX#Xlehl\_XpX\e\ccX
[`]\i\ek\j\jkX[fj1pgficfd`jdfkf[fjjfdfj_\idXefjgfii\c`^`epgfi
fi`^\e1kf[fj_`afj[\cX@^c\j`Xp[\A\jlZik`jkf#gXiXhl`\eef_Xp[`jk`eZ`fe
[\al[ˆfe`[\^i`\^f#p[\kf[fjcfjmXjXccfj[\led`jdfJfY\iXef#\eZlpf
mˆeZlcf efj \ecXqX# X[\d}j [\ cXj iXqfe\j `ej`elX[Xj [\ cX eXkliXc\qX p cX
gfcˆk`ZX#cX[\ci\c`^`fjfaliXd\ekfhl\ZfdfkXc\j_\dfjgi\jkX[f%
Ef \j aljkf e` gil[\ek\ gfi d\[`f [\ Zfemlcj`fe\j g\c`^ifjXj YljZXi
i\d\[`f } hl\aXj hl\ cf k`\e\e \og\[`kf \e cX gXq p _\idXe[X[# ’k`c } cX
i\c`^`fe# e\Z\jXi`X } cX g}ki`X# Zfem\e`\ek\ Xc _fefi „ `e[`jg\ejXYc\ gXiX
el\jkifm\i[X[\if`ek\i\j#_fp\jg\Z`Xcd\ek\hl\cXGifm`[\eZ`Xefj_Xgl\jkf
Xc]i\ek\le>\]\hl\k\e[i}#efjXki\m\dfj}Xj\^liXicf#leX[lcZ\jXk`j]XZZ`fe
[\\ok\e[\i_XjkX[fe[\gl\[XcXZc\d\eZ`XZfecfjXii\g\ek`[fj%
EfZ\ii\`j#gl\j#cfjf`[fjÔ[\c`j`dfj_XY`kXek\j[\\jkXjgifm`eZ`Xj#}cX
mfq[\ml\jkifjI\gi\j\ekXek\j1ml\jkiX[fZ`c`[X[[Xi}dXj\ÔZXZ`X}el\jkiX
i\gi\j\ekXZ`e#p\ccXalekX\ecXjZik\jZfecX[\cXjfkiXjgifm`eZ`Xj#_Xi}hl\
j\ m\Xe ki`le]Xek\j Zfe [\m`[X `^lXc[X[ cfj [\i\Z_fj [\ kf[Xj cXj gXik\j
hl\Zfdgfe\ecXdfeXihlˆX1hl\kf[fjhl\[\ej`edfk`mf[\hl\aX#^fY\ieX[fj
gfic\p\jj}Y`Xj#\ehl\jfcfi\jgcXe[\qZXcX\hl`[X[#aljk`Z`X„`dgXiZ`Xc`[X[#
hl\jfecfjÔe\j[\cXZfe^i\^XZ`fe[\\ccXj#[\Zi\kX[XgXiX^cfi`X[\;`fjp
[\jljXekXi\c`^`fe#Y`\e[\cXg}ki`X#_fefi[\cXeXZ`fe\ek\iX#pÔid\qX[\c
jc`[f`ek\i„j[\kf[fj%D„o`ZfpFZklYi\*[\(/('%
)*,
8Œf
:fek\e`[f
I\]\i\eZ`X
(/((
;\Zi\kf[\c)+[\j\gk`\dYi\
[\(/('\d`k`[f\e:}[`q#
i\gif[lZ`[f\eD„o`Zf\e(/((
gfi=iXeZ`jZfOXm`\iM\e\^Xj%
8>E#@ejk`klZ`fe\j
:fcfe`Xc\j#>fY`\ief
m`ii\`eXc#9Xe[fj'(( #
Mfcld\e)'*#<og\[`\ek\
)'%)]faXj`dgi\jXj%
CX ZfemfZXkfi`X X :fik\j ef jcf j\ i\Ô\i\ X cfj \jgXŒfc\j eXZ`[fj \e
8d„i`ZXp8j`X#j`efkXdY`„eXÈcfj[fd`Z`c`X[fjpXm\Z`e[X[fj\eXhl\ccfj
gXˆj\j#pXj`d`jdf[\cfj@e[`fjp[\cfj_`afj[\<jgXŒfc\j„@e[`fj¿É(0
[\[`Z`\dYi\[\(/('%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;fZld\ekf,
)*.
<hWdY_iYeNWl_[hL[dƒ]Wi
GfidXe[X[f[\J%<%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;FE =I8E:@J:F O8M@<I M<E<>8J ;< J88M<;I8# If[iˆ^l\q [\ 8i\eqXeX#
>•\d\j#DfiX#GXZ_\Zf#;XqX#pDXc[feX[f#:XYXcc\if[\cFi[\e[\:XcXkiXmX#
K\e`\ek\>\e\iXc[\cfjI\Xc\j<o„iZ`kfj#M`ii\p#>fY\ieX[fip:Xg`k}e>\e\iXc[\
\jkX E% <%# Gi\j`[\ek\ [\ jl I\Xc 8l[`\eZ`X# Jlg\i`ek\e[\ek\ ^\e\iXc
JlY[\c\^X[f [\ I\Xc ?XZ`\e[X# D`eXj# 8qf^l\j p IXdf [\c KXYXZf# Al\q
:fej\imX[fi[\„jk\#Gi\j`[\ek\[\jlI\XcAlekX#pJlY[\c\^X[f^\e\iXc[\
:fii\fj\e\cd`jdfI\pef%
:FEI\XcFi[\e[\)'[\8^fjkf’ck`dfd\Zfdle`ZX\c<odf%Ji%;%E`ZfcXj
DXiˆX[\J`\iiX\cI\Xc;\Zi\kfj`^l`\ek\\og\[`[f\e\cd`jdf[ˆX%
È GXiX \m`kXi kf[X \hl`mfZXZ`e \e cX `ek\c`^\eZ`X [\c I\Xc ;\Zi\kf [\ (+
[\=\Yi\if[\\jk\XŒfZfemfZXe[f;`glkX[fj[\cfj;fd`e`fj<jgXŒfc\j[\
8d„i`ZX p 8j`X gXiX cXj gio`dXj :ik\j# j\ _X j\im`[f [\ZcXiXi \c :fej\af
[\I\^\eZ`X[\<jgXŒX„@e[`Xj\eefdYi\[\cI\pel\jkifJ\Œfi;%=<IE8E;F
M@@#hl\ef[\Y\\ek\e[\ij\cXZfemfZXkfi`XZfdfjl\eX#[\cfj<jgXŒfc\jeXZ`[fj
\e8d„i`ZXp8j`X#j`efkXdY`\e[\cfj[fd`Z`c`X[fjpXm\Z`e[X[fj\eXhl\ccfj
gX`j\j#pXjˆd`jdf[\cfj@e[`fjp[\cfj_`afj[\<jgXŒfc\j„@e[`fj2\eZlpX
m`ikl[#j`}lefj’}fkifjefj\c\j_lY`\j\k\e`[fgi\j\ek\jgXiXcXj\c\ZZ`fe\j#
[\ZcXiX J% D% ef _XY\i j`[f jl I\Xc }e`df \oZcl`i kXe Y\e\d„i`kfj MXjXccfj
XZi\\[fi\j}cXZfej`[\iXZ`fehl\c\jgif]\jX#p[`^efj[\cXi\gi\j\ekXZ`fehl\
[\Y\e^fqXi\e\c:fe^i\jfEXZ`feXc#Zfdfm\i[X[\ifj<jgXŒfc\j8d\i`ZXefj#
Xj\^li}e[fc\jZfekf[XcXj`eZ\i`[X[hl\Xe`dX}\jk\aljkf>fY`\iefhl\jl
`ek\eZ`fe\jZfej\imXic\j\c^fq\pgfj\j`fe[\jljc\^ˆk`dfj[\i\Z_fj2g\if
j`\eXc^leXGifm`eZ`Xj\_lY`\j\e_\Z_fcXj\c\ZZ`fe\jZfekiX\ck\efi[\\jkX
[\ZcXiXZ`fe#ef\jcXmfclekX[[\J%D%`e_XY`c`kXicXj}Ôe[\\m`kXi[\dfiXj
p g\ial`Z`fj2 i\j\im}e[fj\ efdYiXi  i\d`k`i } cXj :ik\j hlXe[f j\ _Xcc\e
Zfe^i\^X[Xj#\cefdYiXd`\ekf[\;\]\ejfi\jhl\i\gi\j\ek\e\e\ccXj}cfj
@e[`fj#`ek\i`ehl\j\Xii\^cX\cd„kf[fZfehl\[\Y\i}e\ccfjd`jdfj\c\^`ijlj
i\gi\j\ekXek\j%K\e[i\`jcf\ek\e[`[f#pcfZfdle`ZXi\`j}hl`\eZfii\jgfe[X%4
G\[ifFY`jgf[\Fi\ej\#Gi\j`[\ek\%4OXm`\i:XjkXŒfj%48ekfe`f[\<jZXŒf%4
D`^l\c[\CXi[`qXYXcpLi`Y\%48;%E`ZfcXjDXiˆX[\J`\iiX%É
PgXiXhl\cc\^l\}efk`Z`X[\kf[fjdXe[fj\glYc`hl\gfi9Xe[f\e\jkX
:Xg`kXcpj\i\d`kXe\o\dgcXi\j[\„cXkf[fjcfj8plekXd`\ekfj\c\ZkfiXc\j#p
}cfjKi`YleXc\jpDX^`jkiX[fj}hl`\e\jkfhl\jl`ek\c`^\eZ`XpfYj\imXeZ`X%
;X[f\e\cI\XcGXcXZ`f[\D„o`Zf}(0[\[`Z`\dYi\[\(/('%Ç
)*0
8Œf
:fek\e`[f
I\]\i\eZ`X
(/((
;\Zi\kfj[\c)+[\j\gk`\dYi\[\(/('
\d`k`[fj\e:}[`q#i\gif[lZ`[fj\e
D„o`Zf\e(/((gfi=iXeZ`jZfOXm`\i
M\e\^Xj%
8>E#@ejk`klZ`fe\j
:fcfe`Xc\j#
>fY`\ief
m`ii\`eXc#9Xe[fj
'(( #Mfcld\e
)'*#<og\[`\ek\
)'%)]faXj
`dgi\jXj%
?faX(%J\_XZ\\ogcˆZ`kXcX`em`fcXY`c`[X[[\cXjfg`e`fe\j\ogi\jX[Xjgfi
cfj;`glkX[fj\ecXj:fik\j[\:}[`q%).[\dXiqf[\(/((%
?faX)%J\XeleZ`Xhl\efj\i\ZfefZ\ecfjXZkfj#kiXkX[fj#Zfem\e`fjp
kiXejXZZ`fe\jhl\_XpXÔidX[f=\ieXe[fM@@[liXek\jlZXlk`m\i`fe`jl
i\eleZ`X\e9XpfeX%*'[\XYi`c[\(/((%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;fZld\ekf-
)+(
;FE=I8E:@J:FO8M@<IM<Ey>8J
[\ JXXm\[iX# If[i`^l\q [\ 8i\eqXeX# >•\d\j# DfiX# GXZ_\Zf# ;XqX p
DXc[feX[f#:XYXcc\if[\cFi[\e[\:XcXkiXmX#K\e`\ek\>\e\iXc[\cfjI\Xc\j
<o„iZ`kfj# M`ii\p# >fY\ieX[fi# :Xg`kXe ^\e\iXc [\ \jkX E% <%# Gi\j`[\ek\ [\
jl I\Xc 8l[`\eZ`X# Jlg\i`ek\e[\ek\ ^\e\iXc# JlY[\c\^X[f [\ I\Xc ?XZ`\e[X#
D`eXj#8qf^l\jpIXdf[\cKXYXZf#Al\q:fej\imX[fi[\„jk\#Gi\j`[\ek\[\jl
I\XcAlekX#pJlY[\c\^X[f^\e\iXc[\:fii\fj\e\cd`jdfI\pef%
:fe]\Z_X[\*'[\Efm`\dYi\’ck`dfd\Zfdle`ZX\c<odf%Ji%;%E`Zfc}j
DXi`X[\J`\iiX#D`e`jkif[\<jkX[fp[\c;\jgXZ_fle`m\ijXc[\>iXZ`XpAljk`Z`X#
cXI\XcFi[\ej`^l`\ek\%
È<odf%Ji%4;FE=<IE8E;FM@@#gficX^iXZ`X[\;`fjI\p[\<jgXŒXp[\
cXj @e[`Xj# p \e jl Xlj\eZ`X p ZXlk`m`[X[# \c :fej\af [\ I\^\eZ`X Xlkfi`qX[f
`ek\i`eXd\ek\#}kf[fjcfjhl\cXgi\j\ek\m`\i\ep\ek\e[`\i\e#jXY\[1hl\\e
cXj:ik\j^\e\iXc\jp\okiXfi[`eXi`XjZfe^i\^X[Xj\ecXI\Xc@jcX[\C\fej\
i\jfcm`p[\Zi\kcfj`^l`\ek\1
Gfi\c;\Zi\kf[\)+[\J\k`\dYi\gio`df#[\ZcXiXifecXj:ik\j^\e\iXc\j
p\okiXfi[`eXi`Xj#hl\cXjg\ijfeXj[\cfj;`glkX[fj[\:ik\jjfe`em`fcXYc\j#
i\j\imXe[f j\ŒXcXi \c df[f Zfe hl\ gf[i`X `ek\ekXij\ ZfekiX cfj d`jdfj
ZlXchl`\iXZZ`egXiX\ci\^cXd\ekf^\e\iXchl\`YX}\jkXYc\Z\ij\1p_XccXe[fj\
pX ]fidXc`qX[f p XgifYX[f \c i\^cXd\ekf# p k\e`\e[f \e Zfej`[\iXZ`e cXj
:ik\j hl\ aXdXj [\Y\ dfc\jkXij\ e` `ehl`\kXij\ } cfj ;`glkX[fj gfi cXj
fg`e`fe\jp[`Zk}d\ehl\dXe`Ô\jk\e#gXiXhl\k\e^XcXc`Y\ikX[hl\\jkXe
`e[`jg\ejXYc\d\ek\gi\Z`jX\ecfj[\c`ZX[fje\^fZ`fjhl\cXEXZ`feZfeÔX}jl
Zl`[X[f#pj`ecXhl\efgf[iˆXe\ogc`ZXij\cfj^iXmˆj`dfjXjlekfj[\c<jkX[f
}hl\k`\e\ehl\Xk\e[\i1_XeZfeÔidX[f\ecXj\j`feg’Yc`ZX[\Xp\i).[\
Efm`\dYi\cX`em`fcXY`c`[X[[\cXjg\ijfeXj[\cfj;`glkX[fj#p[\ZcXiXe#hl\ef
gf[i}`ek\ekXij\ZfekiXcfjd`jdfjXZZ`fe#[\dXe[X#e`gifZ\[`d`\ekfXc^lef
\ee`e^lek`\dgfpgfie`e^leXXlkfi`[X[#[\ZlXchl`\iZcXj\hl\j\X#gfijlj
fg`e`fe\j p [`ZkXd\e\j% Hl\ e`e^leX Xlkfi`[X[# [\ ZlXchl`\i ZcXj\ hl\ j\X#
gl\[X\ek\e[\igifZ\[\iZfekiXcfj;`glkX[fjgfijljkiXkfjpgXik`ZlcXi\j
XZZ`fe\j[liXek\\ck`\dgf[\jl\eZXi^f#pleXŒfdXj[\jgl\j[\ZfeZcl`[f%
Hl\hlXe[fj\_XpX[\gifZ\[\iZ`m`cZi`d`eXcd\ek\#[\fÔZ`f#}`ejkXeZ`X
[\gXik\ZfekiXXc^’e;`glkX[f#j\efdYiXi}gficXj:ik\jleKi`YleXchl\
Zfe Xii\^cf } [\i\Z_f jlYjkXeZ`\ p [\k\id`e\ cX ZXljX# ZfejlckXe[f } cXj
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
9Xe[fjGlYc`ZX[fj\e\jkX:Xg`kXc[\Fi[\e[\cjlg\i`fi>fY`\ief
[\j[\(([\=\Yi\if[\(/((_XjkX/[\8Yi`c[\(/()
)+*
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)++
:ik\j cX j\ek\eZ`X Xek\j [\ jl \o\ZlZ`fe2 p hl\ cXj hl\oXj p XZljXZ`fe\j
ZfekiXZlXchl`\i;`glkX[fj\gi\j\ekXi}egfi\jZi`kf}cXj:ik\j#pd`\ekiXj
j\[\c`Y\i\jfYi\\ccf#j\i\k`iXi}\c;`glkX[f`ek\i\jX[f[\cXjXcX[\j\j`fe\j#
pgXiXmfcm\i\jg\iXi}i[\e[\cXj:ik\j%K\e[iXcf\ek\e[`[f\c:fej\af[\
I\^\eZ`XgXiXjlZldgc`d`\ekf#phl\j\`dgi`dX\jk\;\Zi\kf#glYc`hl\pZ`iZlc\
4Afj„DfiXc\j>Xcc\^f#Gi\j`[\ek\4DXel\cCloXe#;`glkX[fJ\Zi\kXi`f%4Afj„
DXik`e\q#;`glkX[fJ\Zi\kXi`f%I\Xc@jcX[\C\fe)/[\Efm`\dYi\[\(/('%
P gXiX cX [\Y`[X \o\ZlZ`fe p Zldgc`d`\ekf [\c ;\Zi\kf gi\Z\[\ek\# \c
:fej\af[\I\^\eZ`Xfi[\eXpdXe[X}kf[fjcfjKi`YleXc\j#Aljk`Z`Xj#>\]\j#
>fY\ieX[fi\jp[\dXjXlkfi`[X[\j#Xj`Z`m`c\jZfdfd`c`kXi\jp\Zc\j`}jk`ZXj[\
ZlXchl`\iZcXj\p[`^e`[X[#hl\c\^lXi[\e#_X^Xe^lXi[Xi#Zldgc`ip\o\ZlkXi
\e kf[Xj jlj gXik\j% K\e[i„`jcf \ek\e[`[f# p [`jgfe[i\`j cf e\Z\jXi`f } jl
Zldgc`d`\ekf% 4G\[if 8^Xi# Gi\j`[\ek\%4 DXihl\j [\c :Xjk\cXi%4 Afj„ DXi`X
Gl`^JXdg\i%4<ecXI\Xc@jcX[\C\e})/[\Efm`\dYi\[\(/('%48;%E`Zfc}j
DXi`X[\cXJ`\iiX%È
;\i[\e[\J%8%cfkiXjcX[f}M%<%gXiXjl`ek\c`^\eZ`XpgleklXcZldgc`d`\ekf%
P}Ôe[\hl\cc\^l\}efk`Z`X[\kf[fj#dXe[fj\glYc`hl\gfi9Xe[f\e
\jkX :Xg`kXc p [\dXj :`l[X[\j# M`ccXj p Cl^Xi\j [\c I\pef# i\d`k`„e[fj\ cfj
\o\dgcXi\j XZfjkldYiX[fj } cfj J\Œfi\j @ek\e[\ek\j# Gi\cX[fj# Ki`YleXc\j#
>\]\jpD`e`jkifj}hl\Zfii\jgfe[\%;X[f\e\cI\XcGXcXZ`f[\D„o`Zf#}(.
[\DXiqf[\(/((%
<hWdY_iYeNWl_[hL[dƒ]Wi
GfidXe[X[f[\J%<oZ%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;FE=I8E:@J:FO8M@<IM<Ey>8J
[\ JXXm\[iX# If[i`^l\q [\ 8i\eqXeX# >•\d\j# DfiX# GXZ_\Zf# ;XqX p
DXc[feX[f#:XYXcc\if[\cFi[\e[\:XcXkiXmX#K\e`\ek\>\e\iXc[\cfjI\Xc\j
<o„iZ`kfj# M`ii\p# >fY\ieX[fi p :Xg`kXe ^\e\iXc [\ \jkX E% <%# Gi\j`[\ek\ [\
jl I\Xc 8l[`\eZ`X# Jlg\i`ek\e[\ek\ ^\e\iXc# JlY[\c\^X[f [\ I\Xc ?XZ`\e[X#
D`eXj#8qf^l\jpIXdf[\cKXYXZf#Al\q:fej\imX[fi[\„jk\#Gi\j`[\ek\[\jl
I\XcAlekX#pJlY[\c\^X[f^\e\iXc[\:fii\fj\e\cd`jdfI\pef%
<c<odf%Ji%;%Afj„[\?\i\[`X#J\Zi\kXi`f[\<jkX[fp[\c;\jgXZ_fLe`m\ijXc
[\cX>l\iiX#Zfe]\Z_X[\('[\<e\if’ck`dfd\_Xi\d`k`[f\cI\Xc;\Zi\kf
hl\j`^l\%
;FE=<IE8E;FM@@gficX^iXZ`X[\;`fj#I\p[\<jgXŒXp[\cXj@e[`Xj#p
\ejlXlj\eZ`XpZXlk`m`[X[\c:fej\af[\I\^\eZ`X#Xlkfi`qX[f`ek\i`eXd\ek\#
}kf[fjcfjhl\cXjgi\j\ek\jm`\i\ep\ek\e[`\i\e#jXY\[1hl\\ecXj:ik\j
^\e\iXc\jp\okiXfi[`eXi`Xj#Zfe^i\^X[Xj\ecXI\Xc@jcX[\C\fe#j\i\jfcm`p
[\Zi\kcfj`^l`\ek\1
CXj:ik\j^\e\iXc\jp\okiXfi[`eXi`Xj#\eZfe]fid`[X[[\jl[\Zi\kf[\)+
[\J\k`\dYi\[\cXŒfgio`dfgXjX[f#\ehl\[\ZcXiXifeelcXjp[\e`e^le
mXcficXji\eleZ`Xj_\Z_Xj\e9XpfeXgfi\cc\^ˆk`dfI\p[\<jgXŒXp[\cXj
@e[`Xj\cJi%;FE=<IE8E;FM@@#efjfcfgfi]XckX[\c`Y\ikX[#j`efkXdY`\egfi
ZXi\Z\i[\cX\j\eZ`Xcˆj`dX„`e[`jg\ejXYc\Z`iZlejkXeZ`X[\cZfej\ek`d`\ekf
[\cXEXZ`fe2[\ZcXiXe#hl\efi\ZfefZ\i}e#pXek\jY`\ek\e[i}epk`\e\egfi
elcf p [\ e`e^’e mXcfi e` \]\Zkf kf[f XZkf# kiXkX[f# Zfem\e`f  kiXejXZZ`fe#
[\hlXchl`\iZcXj\peXkliXc\qXhl\_XpXej`[f]l\i\efkfi^X[fjgfi\cI\p#
d`\ekiXjg\idXe\qZX\e\c\jkX[f[\fgi\j`fep]XckX[\c`Y\ikX[\ehl\j\
_XccX#pXj\m\i`Ôhl\jlfkfi^Xd`\ekf\e\cgXˆj[\c\e\d`^f#pX[\ekif[\
<jgXŒX# j`\dgi\ hl\ \e \jk\ ZXjf j\ _Xcc\ jl I\Xc g\ijfeX if[\X[X [\ cXj
XidXj#YXof\c`eÕlof[`i\Zkf`e[`i\Zkf[\cljligX[fi[\jl:fifeX#gl\j
aXdXjc\Zfej`[\iXi}c`Yi\cXEXZ`fe#e`c\gi\jkXi}fY\[`\eZ`X_XjkXm\ic\\eki\
jlj Ô\c\j j’Y[`kfj \e \c j\ef [\c :fe^i\jf EXZ`feXc# hl\ X_fiX \o`jk\  \e
X[\cXek\\o`jk`\i\#[\c>fY`\ief]fidX[fgficXj:ik\j%;\ZcXiXeXj`d`jdf
hl\kf[XZfekiXm\eZ`e}\jk\[\Zi\kfj\i}d`iX[XgficXEXZ`feZfdfleXZkf
_fjk`cZfekiXcXGXki`X#hl\[Xe[f\cZfekiXm\ekfii\jgfejXYc\}kf[f\ci`^fi
[\cXjc\p\j%P[\ZcXiXegfi’ck`dfcXj:ik\j#hl\cX^\e\ifjXEXZ`fe}hl`\e
i\gi\j\ekXe ef [\oXi} le dfd\ekf cXj XidXj [\ cX dXef# e` [Xi} fˆ[fj }
gifgfj`Z`fe[\XZfdf[Xd`\ekfZfeZ`\ikf#[\hlXchl`\ieXkliXc\qXhl\]l\i\#
Zfdfefgi\Z\[XcXkfkXc\mXZlXZ`e[\<jgXŒXpGfikl^XcgficXjkifgXjhl\
kXe`e`hlXd\ek\cXj_Xe`emX[`[f#gl\jcXj:ik\j\jk}ei\jl\ckXjZfecXEXZ`fe
)+,
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)+-
\ek\iX}g\c\Xi`eZ\jXek\d\ek\_XjkX[\oXiXj\^liX[XjcXI\c`^`fejXekX[\
jlj dXpfi\j# cX c`Y\ikX[ [\ jl XdX[f DfeXiZX# p cX XYjfclkX `e[\g\e[\eZ`X
„ `ek\^i`[X[ [\ cX DfeXihlˆX% K\e[i}cf \ek\e[`[f \c :fej\af [\ I\^\eZ`X2 p
gXiXhl\j\XZfefZ`[fpfYj\imX[fgleklXcd\ek\\ekf[XcX\ok\ej`e[\cfj
[fd`e`fj \jgXŒfc\j# cf _Xi} Xjˆ `dgi`d`i# glYc`ZXi p Z`iZlcXi$7bedie9W‹[Ze"
Gi\j`[\ek\%4 @eiƒ CWhj‡d[p" ;`glkX[f J\Zi\kXi`f%4 @eiƒ 7pdWh[p# ;`glkX[f
J\Zi\kXi`f%4;X[f\ecXI\Xc@jcX[\C\fe}([\<e\if[\(/((%48c:fej\af[\
I\^\eZ`X%
P gXiX cX [\Y`[X \o\ZlZ`fe p Zldgc`d`\ekf [\c [\Zi\kf gi\Z\[\ek\# \c
:fej\af[\cXI\^\eZ`Xfi[\eXpdXe[X}kf[fjcfjKi`YleXc\j#Aljk`Z`Xj#>\]\j#
>fY\ieX[fi\jp[\dXj8lkfi`[X[\j#XjˆZ`m`c\jZfdfd`c`kXi\jp\Zc\j`}jk`ZXj#
[\ ZlXchl`\iX ZcXj\ p [`^e`[X[# hl\ c\ ^lXi[\e# _X^Xe ^lXi[Xi# Zldgc`i p#
\o\ZlkXi\ekf[XjjljgXik\j%K\e[i\`jcf\ek\e[`[fp[`jgfe[i\`jcfe\Z\jXi`fX
jlZldgc`d`\ekf%@eWgk‡d8bWa["Gi\j`[\ek\3F[ZheZ[7]Wh$3=WXh_[b9_iYWh3$<e
cXI\Xc@jcX[\C\fe},[\<e\if[\(/((%48;fe<lj\Y`f9Xi[Xo`p8qXiX%
;\i[\e[\J%8%cfkiXjcX[f}M%<%gXiXjl`ek\c`^\eZ`XpgleklXcZldgc`d`\ekf%
I\Xc@jcX[\C\fe}<e\if-[\(/((%4;ki[X_e8WhZWn_o7pWhW$
PgXiXhl\cc\^l\}efk`Z`X[\kf[fj#dXe[fhl\glYc`ZX[fgfi9Xe[f\e
\jkX :Xg`kXc# p \e cXj [\dXj :`l[X[\j# M`ccXj p Cl^Xi\j [\c [`jki`kf [\ \jk\
M`ii\peXkf# j\ i\d`kXe cfj Zfii\jgfe[`\ek\j \o\dgcXi\j } cXj g\ijfeXj }
hl`\e\jZfii\jgfe[XgXiXjl`ek\c`^\eZ`XpfYj\imXeZ`X%;X[f\eD„o`Zf}*'
[\XYi`c[\(/((%
<hWdY_iYeNWl_[hL[d[]Wi
GfidXe[X[f[\J%<%
8Œf
:fek\e`[f
I\]\i\eZ`X
(/()
GifZcXdX X cfj _XY`kXek\j
[\lckiXdXi%
8>E#@ejk`klZ`fe\j:fcfe`Xc\j#
@e[`]\i\ek\M`ii\`eXc#:XaXj
*'''$*000#:XaX*.)-#
<og\[`\ek\''-%+]faXj
`dgi\jXj%
I\]\i\eZ`XXcfj_\Z_fj\ecXg\eˆejlcXcl\^f[\cki`le]f[\cfj\jgXŒfc\jp
jljXc`X[fj\eJXcXdXeZXjfYi\cfj]iXeZ\j\j%J\i\`k\iXcXÔ[\c`[X[_XZ`X
=\ieXe[fM@@pcXgXq\jkXYc\Z`[XgfiIlj`XpJl\Z`XZfe@e^cXk\iiX#Xc`X[X
[\cfj\jgXŒfc\j%*'[\X^fjkf[\(/()%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;fZld\ekf.
)+.
=`[\c`j`dfj _XY`kXek\j [\ 8d„i`ZX p 8j`X# p mfjfkifj cfj hl\ \okiXm`X[fj
_XY\`jj\^l`[fcXjj\e[Xj[\cXg\im\ij`[X[1f`[kf[fjcXmfq[\ml\jkiXDX[i\
GXki`X% PX jXY\`j hl\ _XZ\ dXj [\ hlXkif XŒfj hl\ [\ leX i\^`e \okiXŒX
m`efle[\jZfefZ`[fk`iXef#hl\`ekif[lZ`„e[fj\[fcfjXd\ek\\eki\efjfkifj
Zfii\jgfe[` m`cd\ek\ } cX j`eZ\iX Xd`jkX[ Zfe hl\ cf i\Z`Y`dfj% 8c ]i\ek\
[\[fjZ`\ekXjd`cYXpfe\kXjefjf]i\Z`cXgXq#glYc`Z\c[\Zi\kf[\el\jkiX
gifjZi`gZ`fe#pZi\p[XiefjcX]\c`Z`[X[gi\j\ek}e[fefj\cj\ccfXYfd`eXYc\
Zfehl\j\_XY`X[\dXiZXiel\jkiXg\ig\klX\jZcXm`kl[%<ekf[f\jk\[`cXkX[f
k`\dgf jlj jXe^l`eXi`Xj p eld\ifjXj c\^`fe\j# j`\dgi\ dXkXe[f p j`\dgi\
j\[`\ekXj [\ cX jXe^i\ \jgXŒfcX# ef _Xe jXZX[f d}j ]ilkf hl\ jl gifg`X
Zfe]lj`e#p_XY\icc\mX[f\jkXclZ_XXc’ck`df^iX[f[\[\j\jg\iXZ`fe#\ehl\
\c<jgXŒfc#iXY`fjfpgfj\`[f[\leXaljkX]li`X#gi\Ô\i\Z`\^fjldl\ik\Zfdf
_XpX[\[XicX}ek\jXlejXk„c`k\[\jlfgi\jfi<c`ed\ejfgf[\i[\\jk\k`iXef
Zfem\ik`[f[\le^fcg\ZfekiX\jkXEXZ`fegfYi\#[„Y`cpXYXe[feX[X#pgfi
kXekf k`\dgf i\j`jk`[f# gil\YX [\dXj`X[f ZcXiXd\ek\ jl _\if`ZX i\jfclZ`fe#
[\cXhl\e`legXjfi\kifZ\[\i}%8dXj[\j\`jZ`\ekfjd`c_fdYi\jhl\_X
`ekif[lZ`[fgficfjG`i`e\fj_Xfgl\jkfmXcfi^iXe[\#p}cXjdXpfi\j[\j^iXZ`Xj
dXpfi jl]i`d`\ekf% ;\iifkX[fj cfj <jgXŒfc\j d`c m\Z\j# p [`jg\ijfj gfi cfj
dfek\j p ccXeliXj# pX gXi\ZˆX _XY\i [\jXgXi\Z`[f \c YXclXik\ [\ cX c`Y\ikX[2
dXjledfek\Z`ccf\jZfe[`[f#leXXc[\X[\jgi\Z`XYc\\iX\cXj`cfpglekf[\
i\le`fe[fe[\j\mfcm`X}g\c\XiZfe\eklj`Xjdfp\eZXie`qXd`\ekf1gXcdfX
gXcdf_X`[f\c<jgXŒfc[\]\e[`\e[fcX_\i\[X[[\jljgX[i\jpjlc`Y\ikX[2
p hlXe[f \c k`iXef# m`\e[f pX cXj ZfcldeXj [\ ?„iZlc\j# Zi\p XZXYX[X cX
Zfehl`jkX#j\\eZfekiZfeledlif`e\ogl^eXYc\#hl\ef_Xgf[`[f\jZXcXi#p
hl\j`im`\e[f[\XYi`^fXc>fY`\iefj\_XZfejfc`[X[f\jk\#_X_\Z_f]i\ek\}
jljXd\eXqXj#_Xfi^Xe`qX[fi\jg\kXYc\j\o„iZ`kfj#p\jki\Z_X[XdXjpdXjcX
Ô\cp_\if`ZXXc`XeqX[\cX@e^cXk\iiX#_XZfej\^l`[fcX^cfi`X`edfikXc[\hl\
cX EXZ`fe \ek\iX# Zfe kf[fj jlj i\gi\j\ekXek\j# j\ i\le`\j\e \e :ik\j# p
j\ccXj\eZfejljj}Y`XjpXZ\ikX[Xj[\Z`j`fe\jcXc`Y\ikX[\jgXŒfcX%
<e d\[`f [\ kXekfj jlZ\jfj j`^l\ cX clZ_X# p hlXe[f \c k`iXef# gfe`\e[f
X cX ZXY\qX [\ jlj \o„iZ`kfj cfj dXi`jZXc\j dXj ]Xdfjfj# _XZ\ cfj dXpfi\j
\j]l\iqfj#\cmXc`\ek\<jgXŒfcZfedXj\dg\ŒfaliXjlc`Y\ikX[2p\ecXki`jk\
p [\j\jg\iX[X j`klXZ`fe \e hl\ c\ _Xe gl\jkf# „c d`jdf j\ _X j\ŒXcX[f \c
’e`Zf d\[`f [\ Zfej\^l`icX1 } cX ^\e\iXZ`fe gi\j\ek\ j\ j\^l`i} fkiX# p [\
\jkXleXel\mX#hl\i\Zfi[Xi}}jlj_`afjpe`\kfjcX^l\iiX[\j`\k\j`^cfjhl\
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
GIF:C8D8
8CFJ?89@K8EK<J;<LCKI8D8I
)+0
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
),'
jfjklm`\ifeel\jkifjgX[i\j1}jl\o\dgcf_X[\hl\[Xim\e^X[XcXjXe^i\[\
cfj<jgXŒfc\jgficfj<jgXŒfc\jd`jdfj#p_XjkX\ecXj\ekiXŒXj[\cXd`jdX
=iXeZ`X_\dfj[\YljZXigXiXel\jkifZfejl\cf}el\jkifXdX[f=<IE8E;F2
jl_\idXefpkˆf#p}cXjZ}iZ\c\jfYjZliXj[fe[\^`d\eXdXiiX[fjp[\iiXdXe
jljc}^i`dXjel\jkifj`cljki\jgi`j`fe\ifj_\dfj[\cc\mXiel\jkiXjXidXj%<c
_XdYi\# cX [\jel[\q p cX [\jfcXZ`e \j \c \jg\Zk}Zlcf hl\ f]i\Z\ Xc dle[f
\jkXEXZ`fe#hl\\ed\[`f[\kXekfj[\jXjki\jXjfdYiXgfijlZfejkXeZ`X\e
\cgX[\Z\i#pjlefdYi\ZXd`eXZfe^cfi`X#p\jgifeleZ`X[fZfei\jg\kf\ecfj
gXˆj\jdXji\dfkfj[\cfiY\%
G\if·<jgXŒfc\j[\8d„i`ZXp8j`X<ed\[`f[\kXeZil\cX[`ZZ`fe\jkX
dX[i\ GXki`X Zfem`\ik\ jlj fafj _XZ`X mfjfkifj# p ef gl\[\ i\Zfi[Xi j`e cX
dXpfiXdXi^liXcXki`jk\j`klXZ`e\ehl\fj_Xegl\jkfXc^lefj`eki`^Xek\j
XdY`Z`fjfj#hl\_Xej\[lZ`[fml\jkif[Z`cZfiXqe#XYljXe[f[\cXjXek`[X[
[\el\jkiXjX^iX[XI\c`^`fe1gfj\ˆ[X[\cdXj`ek\ejf[fcfigfi\c\okiXmˆf[\
Xc^lefj gl\Ycfj# ef g`\i[\ Xle cX ZfejfcX[fi \jg\iXeqX [\ gf[\i XkiX\icfj
pXYi`^XicfjY\e`^eXd\ek\\ejlj\ef#gXiXhl\}lek`\dgf#ple`[fj#j\Xe
gXikˆZ`g\j[\cX^cfi`X`edfikXcp[\cX]\c`Z`[X[hl\}ZfjkX[\kXekfjjXZi`ÔZ`fj
[\jXe^i\j\cXYiX#gfid}jm\Z\jhl\fji\g`kXecfjhl\j\m\e[\egfiml\jkifj
Xd`^fjhl\pXcX<jgXŒXg\i\Z`1jXY\[hl\aXdXji\e[`i}jlZl\ccfXcpl^f
k`iXef[\EXgfc\fe%KXdgfZfmfcm\i}}j\i\cal^l\k\[\lemXc`[fe`d\efj\c
gXki`dfe`f[\leI\p#hl\dXj_XYi}[\^fY\ieXiZfdfgX[i\Xdfifjf[\jlj
gl\Ycfj#hl\ZfdfDfeXiZX[\jgk`Zf%:fecXjXidXj#\cmXcfipcXZfejkXeZ`X
i\j`jk`i}}Xhl\c2ZfecXj}Y`X:fejk`klZ`fehl\XZXYX`j[\m\ijXeZ`feX[X#\jk}
} ZlY`\ikf [\ cX XiY`kiXi`\[X[ p [\c ZXgi`Z_f% CXj `[\Xj c`Y\iXc\j p Y\e„ÔZXj
X[fgkX[XjZfekXekXdX[li\qgfiel\jkiXj:ik\jXYi\ele[\c`Z`fjfpXd\ef
ZXdgf[\\em`[`XYc\gifjg\i`[X[%<c<jgXŒfcc`Yi\#jlgl\jkfhl\pXcfjfdfj
kf[fj#jXY\pXhl`\e\j#hlXc\jjl[`^e`[X[#phlXc\jjfejlj[\i\Z_fj2jXY\
hl\ k`\e\ Xj\^liX[X \oZclj`mXd\ek\ jl i\c`^`fe p jl j`jk\dX [\ ^fY`\ief
_\i\[`kXi`f#p_XaliX[f}=<IE8E;FM@@gfijlI\p#[\dXiZXe[fkXdY`\ecX
cˆe\X[\jljlZ\j`fe2jXY\hl\ef_X[\]XckXic\\cXek\dliXc[\jlc`Y\ikX[
\ecXi\le`feXelXc[\cXj:ik\j#}hl\kf[fjcfj<jgXŒfc\jjfe`^lXcd\ek\
ccXdX[fj2jXY\hl\_X[\j\iXc`m`X[f[\kXekXjZfeki`YlZ`fe\jZfehl\j\c\
XYildXYX#pZlpfXc`m`f_XY\`jj`[fmfjfkifjcfjgi`d\ifj}[`j]ilkXicf2pjXY\
\eÔehl\jljc\p\jZ`m`c\jpZi`d`eXc\jc\_Xe[\Xj\^liXijl_XZ`\e[X#jl_fefi
pjlc`Y\ikX[`e[`m`[lXc%Kf[fal\q#kf[fd`e`jkifpkf[f\dgc\X[f\jk}jla\kf
gficX:fejk`klZ`fe}cXdXj\jki\Z_Xi\jgfejXY`c`[X[1c\\[cXZfei\Õ\o`fep
[\k\e`[Xd\ek\#hl\fjd`e`jkiXi}clZ\jZXgXZ\j[\XZXccXicXjhl\aXjhl\_XjkX
Xhlˆ_XY\`jgif[lZ`[fZfe\cZfejl\cf[\cgio`dfi\d\[`f[\kXekfjdXc\j
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
jl]i`[fj%=`oX[ml\jkiXi\Õ\o`fe\ehl\leX[\cXjgi`d\iXjXk\eZ`fe\j[\cXj
:ik\j_Xj`[fcXZi\XZ`fe[\leD`e`jkif[\LckiXdXi#hl\\oZclj`mXd\ek\j\
_X[\\dgc\Xi\e\cgif]le[f\jkl[`f[\cfjd\[`fj[\_XZ\ifj]\c`Z\j1Zfe
jfcf\Z_XileXj`dgc\fa\X[XjfYi\jljXki`YlZ`fe\j#ZfeZ\Y`i\`jcX`[\Xd}j
c`jfea\iX#p\ejlYfjhl\afm\i\`jkiXqX[f\chlX[if[\ml\jkiX]lkliXjl\ik\#
dXj ]\c`q j`e [l[X hl\ cX hl\ Zfe \e^XŒf _Xe f]i\Z`[f } cfj `eZXlkfj \jfj
]i\e„k`ZfjXdY`Z`fjfjhl\gifp\ZkXeml\jkiXj\gXiXZ`e%
<c^fY`\iefgfcˆk`Zfp\Zfed`Zf[\cXjgifm`eZ`Xj[\8d„i`ZX\e^\e\iXcj\i}
[\cX`ejg\ZZ`e[\\jk\D`e`jk\i`f#hl\Zfdfgi`d\ifYa\kf[\jlXki`YlZ`fe
XYiXqXi}cX\[lZXZ`feg’Yc`ZX%<jkX\jcXYXj\[\cX]\c`Z`[X[[\c_fdYi\\e
jfZ`\[X[# p \c >fY`\ief# ZfefZ`\e[f jl `dgfikXeZ`X# Zi\\ j\i [\ jl gi`d\iX
Xk\eZ`fegifk\^\i#Xld\ekXipi\[lZ`i}d\afij`jk\dXcXj\jZl\cXj[\gi`d\iXj
c\kiXj#[fe[\j\_Xe[\gcXekXi\ecfjam\e\jcXjgi`d\iXjj\d`ccXj[\cXjm`ikl[\j
dfiXc\j%CfjZfc\^`fj#cXjle`m\ij`[X[\j#XZX[\d`Xjp[\dXj\jkXYc\Z`d`\ekfj
[\Z`\eZ`XjpY\ccXjXik\jXYi`i}elecld`efjfZXdgf#[fe[\j\[\jXiifccXi}e
pZfd\eqXi}e}]\Zle[XicfjkXc\ekfjhl\i\Z`Y`\ifecXjgi`d\iXjc\ZZ`fe\jp
d}o`dXj [\ cX gl\i`c`[X[% Kf[f jl ZfeXkf j\i} gifZliXi \c ]fd\ekf [\ \jfj
j\d`eXi`fj[\cXjZ`\eZ`Xj#[fe[\cfj8d\i`ZXefj#Zlck`mXe[fjljX[d`iXYc\j
kXc\ekfj#Yi`ccXi}e\ed\[`f[\cfjj}Y`fj[\cXj[\dXjeXZ`fe\j%
CXX^i`ZlckliX#\cZfd\iZ`fpcX`e[ljki`X\ekf[fjjljiXdfj#Zfdfhl\\e
\ccfjZfej`jk\cXi`hl\qXpgifjg\i`[X[[\legXˆj#ccXdXekf[XcXXk\eZ`fe[\c
>fY`\ief1cXjjfZ`\[X[\jgXki`k`ZXj\jkXYc\Z`[Xj#pcXjhl\j\\jkXYc\Z\i}e\e
cXjgi`eZ`gXc\jZ`l[X[\jZfe\cfYa\kf[\`id\afiXe[fcfjZfefZ`d`\ekfj[\cXj
gif[lZZ`fe\j[\ZX[XgXˆj#jlgcXekXZ`epZlck`mf#cXj]}Yi`ZXj[\Xc^f[fe\j#[\
hl\kXekfXYle[XecXj8d„i`ZXj#\cZfd\iZ`f[\Zl\ifjpjlZlik`[f2\cc`ef#\c
Z}ŒXdfpcXj\[X2\cXq’ZXi#ZXZXfpZX]„#phlXekffkifj]ilkfjgi\Z`fjfjgl\[Xe
gif[lZ`iml\jkiXj]„ik`c\jZXdg`ŒXj#kf[f\jk}}ZXi^f[\\jk\D`e`jk\i`f#gXiX
hl\`ejkil`[fgfijlZfe[lZkf#k\e^XcXjXk`j]XZZ`ep\cgf[\i[\Zfeki`Yl`i
Zfe jlj d\[`[Xj Xc Xld\ekf [\ ml\jkiX i`hl\qX p gifjg\i`[X[2 cfj ZXd`efj#
gl\ek\j#ZXeXc\j#XZ\hl`Xj#cX^leXjphlXekfgl\[X]XZ`c`kXi\cdlklfZfd\iZ`f
[\cXjgifm`eZ`Xjpgl\Ycfj\eki\jˆ#j\i}kf[f[\jlgXik`ZlcXiXki`YlZ`e%
CXd`e\iˆX#\jkXgXik\\oZclj`mX[\cXj8d„i`ZXj#cfj_fjg`kXc\j%:XjXj[\
d`j\i`Zfi[`X#_fjg`Z`fj#phlXekf\jkXYc\Z`d`\ekf_XpXpj\Xgfj`Yc\\[`ÔZXi
gXiXXc`m`Xi}cfjgl\Ycfj#Xc\aXicX_f^XqXe\iˆXpd\e[`Z`[X[#jfefkifjkXekfj
fYa\kfj ’k`c\j p Y\e„ÔZfj hl\ _Xe k\e`[f } cX m`jkX cXj :ik\j ^\e\iXc\j p
\okiXfi[`eXi`Xj# Zfdf Zfej\Zl\eZ`X ]fiqfjX [\ jl j}Y`X :fejk`klZ`fe# gXiX
gifgfiZ`feXifjleZ’dlcf[\Y`\e\j#hl\j`jXY\`jXgifm\Z_Xicfjm`eZlcXi\`j\e
\ccfjml\jkiXg\ig\klX]\c`Z`[X[#hl\kiXejd`k`[X}ml\jkifje`\kfjY\e[\Z`i}e
j`\dgi\cX_\i\eZ`XkXei`ZXp]\Zle[Xhl\c\j[\oXifejljgX[i\j%
),(
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
),)
G\ifjfYi\kf[fcfhl\d}jXk\eZ`fed\i\Z\Xc>fY`\ief\jcXe\Z\j`[X[
[\c]fd\ekf[\cXjd`j`fe\j\ekf[fjcfjgXˆj\j[\8d„i`ZXp8j`X%C\afj[\
e\Z\j`kXi\c>fY`\ief\jkˆdlcfjgXiXkiXYXaXiZfeX]Xe\ekXe^iXe[\\dgi\jX#
k\e[i}cXdXpfiZfdgcXZ\eZ`X\e[\[`ZXij\Zfe\dg\ŒfXleXZcXj\[\kiXYXaf
hl\c\_X[\gifgfiZ`feXicX`ek\i`fijXk`j]XZZ`fehl\ZXljX\e\c_fdYi\cX
Y\e\ÔZ\eZ`X%CXZfem\ij`e[\`e[`fj#pi\[lZZ`fe[\ki`YljjXcmX^\jp\iiXek\j
} cX m`[X jfZ`Xc# \j \c gi`d\if p gi`eZ`gXc `ejk`klkf [\ cfj d`j`fe\ifj# p eX[X
_Xp\e\cdle[fd}ji\Zfd\e[XYc\hl\m\i}lefj_fdYi\j[\[`ZX[fjgfi
gif]\j`fe}_XZ\i]\c`Z\j#pjXZXi[\cXj[\j^iXZ`Xj}fkifj_fdYi\j[\j[\jl
eXZ`d`\ekf%
<eÔe#cfj@e[`fj#\jXgi\Z`fjXgfiZ`fe[\_fdYi\jhl\_XY`kXcX8d„i`ZX#
_`afjgi\[`c\Zkfj[\cXdX[i\GXki`X#ccXdXeZfegi\]\i\eZ`Xkf[XcXXk\eZ`fe
p \jd\if [\c >fY`\ief# p kf[Xj jlj d\[`[Xj j\ [`i`^\e } _XZ\ic\j j\ek`i cf
g\e\kiX[fhl\j\_XccX[\jljm\i[X[\iXje\Z\j`[X[\j#pZfehlXekXjfc`Z`kl[
[\j\Xcfjd\[`fj[\jlXc`m`fp]\c`Z`[X[%DlZ_fk`\dgf_XZ\hl\jljg`iXgfi
\ccX#pccfiXcfjdXc\jhl\gl\[Xe_XY\ijl]i`[f2g\ifle\jk„i`cj\ek`d`\ekfef
c\XkiX\i`Xe`e^leXjXk`j]XZZ`fe1jlgifekfi\d\[`f\jcfhl\gf[i}Zfdgc\kXi
jlj[\j\fj#pcXjgi`d\iXjd\[`[Xj}\jk\ÔepXcXjm\`j`e[`ZX[Xj\e\cc`^\if
Yfjhl\af[\cXjXki`YlZ`fe\j[\cel\mfD`e`jk\i`f#hl\Zfdf`e[\g\e[`\ek\jp
j\gXiX[Xj[\ccXg\eˆejlcX#efhl\[Xe`Xle\ci\q\cfhl\j\k\eˆX}ek\j[\hl\
cfje\^fZ`fj[\LckiXdXi\iXegfjk\i^X[fj}cfj[\cXg\eˆejlcX%
CX Yi`ccXek\ g\ijg\Zk`mX hl\ fj f]i\Z\ \c >fY`\ief# Ô\c\j 8d\i`ZXefj p
_XY`kXek\j [\ \jfj i\pefj „ `jcXj# Xc _XZ\ifj gi\j\ek\j cXj Xki`YlZ`fe\j [\c
el\mf D`e`jk\i`f# ccXdXi}e ml\jkiX Xk\eZ`fe j` d\[`kX`j [\ hlXekX \ok\ej`fe
jfeZXgXZ\j#pj`Xk\e[\`j}cXc`Y\iXc`[X[[\`[\XjX[fgkX[Xjgfigi`eZ`g`fp
]le[Xd\ekf[\el\jkiX:fejk`klZ`fe%Ef_Xp\ecXm`[Xg’Yc`ZXp[fd„jk`ZX[\c
_fdYi\ZfjXhl\Zfeki`YlpX[\Xc^leXdXe\iX}jl]\c`Z`[X[#hl\efj\_Xcc\
Zfdgi\e[`[X\ecXjXk\eZ`fe\j[\\jk\D`e`jk\i`f%<c>fY`\iefj\gifd\k\hl\
j\i}i\Z`Y`[XjlZi\XZ`eZfekf[XjcXjdl\jkiXjhl\j\d\i\Z\[\lem\i[X[\if
Xgi\Z`f[\kf[fjcfj_XY`kXek\j[\LckiXdXi%:i\\Xcd`jdfk`\dgf_XY\i[X[f
leXgil\YX[\hl\ef`ek\ekXc`jfea\XiZfemXeXj\jg\iXeqXj}cfj8d\i`ZXefj#
j`ef hl\ g\e\kiX[f [\ jlj e\Z\j`[X[\j# kiXkX j\i`Xd\ek\ p j\ [\jm\cX \e
YljZXi cfj d\[`fj [\ i\d\[`XicXj# \jkXYc\Z`\e[f le Zfe[lZkf \oZclj`mf gfi
[fe[\c\m\e^XecfjZfefZ`d`\ekfj[\kf[fjcfjgXˆj\j#gfii\dfkfjhl\\jk\e#
p[`ZkXicXjdXjY\e„ÔZXjgifm`[\eZ`Xj#phl\dXjZfeki`YlpXe}jli\d\[`f%
8jˆ hl`\i\ Zfdg\ejXi [\c df[f gfj`Yc\ cX c\XckX[ Ôid\ [\ lefj# p _XZ\i
ZfefZ\i } fkifj# j\Xe j\[lZkfi\j  `efZ\ek\j j\[lZ`[fj Zfe cX j\gXiXZ`fe#
hl\ jfcf dXek\e`„e[fj\ le`[fj } \jkX GXki`X \j \c ’e`Zf df[f [\ [`j]ilkXi
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
cXgXqpcX]\c`Z`[X[#hl\aXdXjcf^iXi}ej`^l`\e[fcfjg\im\ijfjZfej\afj[\
cfjhl\cXf]i\Z\ed\qZcX[XZfejXe^i\#g\ij\ZlZ`epdl\ik\%CXm\i[X[\iX
`e[\g\e[\eZ`XcX^fqXi}Xhl\chl\i\leXjlj\j]l\iqfjZfeel\jkiXj^cfi`fjXj
XidXj1cXgXq#cXc`Y\ikX[pcX]\c`Z`[X[cXj[`j]ilkXi}\chl\Zfeefjfkifjali\p
fY\[\qZXcXj}Y`X:fejk`klZ`fehl\efjXZXYXe[\[Xiel\jkifji\gi\j\ekXek\j%
Mfjfkifjhl\gfi[\j^iXZ`X_XY\`j\og\i`d\ekX[fcfjdXc\j[\leX^l\iiXZ`m`c#
hl\cc\mXZfej`^f\cf[`fp\cm`c[\j\f[\cXm\e^XeqX#Xle\eki\cfjhl\dXjj\
XdXe2cX[\jfcXZ`e#\cjXhl\f2m\[hl`\efj\e^XŒX2j`\chl\}kXekXZfjkXgfi
jXZ`XijlXdY`Z`fe`ek\ekX[fd`eXifj#cX<jgXŒXml\jkiXDX[i\#hl\\ed\[`f
[\jlXÕ`ZZ`ekiXYXaX\eml\jkifY\e\ÔZ`f#\jkl[`X\cdf[f[\_XZ\ifjY`\e#fj
Zfem`[XZfecXgXq#pfjf]i\Z\\c’ck`dfjXZi`ÔZ`fgfiml\jkiX]\c`Z`[X[%
Cfj hl\ fj _Xe XclZ`eX[f Xj\^li}e[ffj cX gifk\ZZ`e [\ @e^cXk\iiX gXiX
cc\mXi X[\cXek\ \c gifp\Zkf [\ cX j\gXiXZ`fe# fj _Xe \e^XŒX[f# g\if \c hl\
k\e^X_fefipleXm\i[X[\iX`[\X[\cX^cfi`X[\le^iXegl\Ycf#_X[\d`iXij`e
`e[`^eXZ`fehl\Xjˆj\hl`\iXefYjZli\Z\ipZfe]le[`icXjX[d`iXYc\jm`ikl[\j
[\legl\Ycf_\if`Zf#Xhl`\ekXekf[\Y\cXEXZ`e\jgXŒfcX#\eZlpX[\]\ejX#
pgfiZlpX`ek\^i`[X[efg\i[feXjXZi`ÔZ`f#m\ik`\e[fjlgifg`XjXe^i\gXiX
hl\Zfej`^Xjlc`Y\ikX[%CX@e^cXk\iiX_XY\`j[\\ek\e[\ihl\#c„afj[\gifk\^\i
ml\jkifj\okiXmˆfj#_XdXe`]\jkX[fZfecXdXpfiZcXi`[X[pj`eZ\i`[X[hl\ef\j
ZfdgXk`Yc\cXXc`XeqX#hl\ZfemˆeZlcfjkXejX^iX[fjp\jki\Z_fj_XZfekiXˆ[f
ZfecX<jgXŒX#\cZfej\ek`icXj\gXiXZ`e[\e`e^leX#e`Xle[\cXdXjg\hl\ŒX
gXik\[\jlk\ii`kfi`f%JlZXljXcX_X`[\ek`ÔZX[fZfecXel\jkiX#pcfjZXdgfj
[\ JXcXdXeZX XZXYXe [\ [Xiefj cX gil\YX dXj i\Z`\ek\ [\ \jkX m\i[X[# [\
hl\j\i}e\ecX_`jkfi`X\k\iefjk\jk`^fj\cCfi[N\cc`e^kfe#;lhl\[\:`l[X[$
If[i`^f#hl\ZfeZ`eZl\ekXd`cXc`X[fj\c))[\Alc`f[\(/()_X_ld`ccX[fcXj
jfY\iY`Xj }^l`cXj [\ EXgfc\fe% Ef fYjZli\Z\i}e gfi d}j hl\ cf gi\k\e[Xe
cfj\e\d`^fj[\cXXc`XeqX[\<jgXŒXp[\@e^cXk\iiXZfeGfikl^XccfjjlZ\jfj
Yi`ccXek\j [\ \jk\ [ˆX ]\c`q1 cfj „Zfj [lcZ\j [\ cX c`Y\ikX[ hl\ i\jl\eXe \e
DX[i`[[\j[\\c()[\X^fjkf1cfjZ}ek`Zfj[\Xc\^iˆX[\:}[`q#ki\`ekXd\j\j
j`k`X[X#ppXj`e\e\d`^fj}jl]i\ek\[\j[\\c),[\cd`jdf1cfjkiXejgfik\j[\
i\^fZ`af}hl\j\\eki\^Xifecfj_XY`kXek\j[\J\m`ccX\c).#pcXdXpfigXik\
[\cX<jgXŒXZXj`c`Yi\#jfe_\Z_fjhl\efXcZXeqXi}e}[\jÔ^liXicXjdXc`^eXj
Xik\j [\ EXgfc\fe2 e` cX <jgXŒX gf[i} d\efj hl\ dXe`]\jkXi gXiX j`\dgi\
jlX^iX[\Z`d`\ekfgfi[\Y\icfjXc\dg\ŒfZfehl\cX@e^cXk\iiXg\c\Xgfijl
c`Y\ikX[1 Xjˆ j\i`X `dg\i[feXYc\ k\d\i`[X[# [\jgl\j hl\ m\dfj el\jkifj
ZXdgfj i\^X[fj Zfe cX gi\Z`fjX jXe^i\ [\ el\jkifj m`Zkfi`fjfj Xc`X[fj# [Xi
cl^Xi Xle } cX d}j i\dfkX jfjg\Z_X [\ hl\ ef j\Xe j`eZ\iXj cXj i\g\k`[Xj
gifk\jkXj[\efgifk\^\icX`ejlii\ZZ`fe[\cfj8d\i`ZXefj%
),*
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
),+
=`eXcd\ek\#Ô\c\j8d\i`ZXefj#ef\j\jkXjfcXjXk`j]XZZ`feZfecXhl\Zl\ekX
\e\c[ˆXcXEXZ`epjl>fY`\iefhl\fj_XYcX%8ZXYX\jk\[\i\Z`Y`i[\fÔZ`f#ef
jfcfcXefk`Z`X[\cXgXq[\cXIlj`XpJl\Z`XZfecX@e^cXk\iiX#j`efkXdY`„ecX[\
cXXc`XeqX[\Xhl\ccX^iXeGfk\eZ`XZfecX<jgXŒX2p\cdX^e}e`df<dg\iX[fi
8c\oXe[ifi\ZfefZ\}el\jkif[\j^iXZ`X[fDfeXiZX=<IE8E;FM@@#}cXj:ik\j
^\e\iXc\jp\okiXfi[`eXi`Xj[\cXEXZ`fepcX:fejk`klZ`fejXeZ`feX[Xgfi\jkXj%
<jk\^fcg\[\cXdXjÔeXgfcˆk`ZXf]i\Z\cXjc`jfea\iXj\jg\iXeqXj[\cXmXi`XZ`fe
p[`m\ijfXjg\Zkfhl\[\Y\gif[lZ`i\eki\efjfkifj#p\ekf[XcX<lifgX#kXe
]\c`qpX]fikleX[fjlZ\jf#\ehl\_Xk\e`[fkXekXgXik\\jk\>fY`\ief%
CX I\^\eZ`X [\c I\pef Zi\\ [\ jl [\Y\i _XZ„ifjcf Xjˆ gi\j\ek\# gXiX
hl\ k\e`\e[f } cX m`jkX \jkfj _\Z_fj# [\ ZlpX m\i[X[ ef gf[i\`j [l[Xi# fj
[\j\e^XŒ\`jZ\iiXe[fml\jkifjf`[fj}cX\e^XŒfjXpj\[lZkfiXmfq[\\jfj
i\mfclZ`feXi`fjXgjkfc\jhl\fjgi\[`ZXegXqp]\c`Z`[X[%
Mfcm\icfj\okiXm`X[fjXcj\ef[\ml\jkiXGXki`X#hl\\ccXjXYi}i\Zfdg\ejXi
ZfeljliXml\jkif_ld`c[\Xii\g\ek`d`\ekf%:}[`q*'[\X^fjkf[\(/()Ç;b
:kgk[Z[b?d\WdjWZe"Gi\j`[\ek\%
8Œf
:fek\e`[f
I\]\i\eZ`X
(/()
8m`jfhl\IXde>lk`„ii\q
_XZ\jfYi\cXgi\m\eZ`e[\
<cG\ejX[fiD\o`ZXefgXiX
gifZ\[\iXAlekXj\c\ZkfiXc\j
gfigXiifhl`Xj%
8>E#@ejk`klZ`fe\j
:fcfe`Xc\j#>fY`\ief
m`ii\`eXc#@dgi\jfj
FÔZ`Xc\j',- #
:fek\e\[fi(*#Mfcld\e
*'#<og\[`\ek\,)%)]faXj
`dgi\jXj%
<jZi`kf[\IXde>lk`„ii\q[\cDXqfgXiX\c\ZZ`fe\jgXiifhl`Xc\j[\
(/(*#[\XZl\i[fXci\Xc[\Zi\kf[\c)*[\dXpf[\(/()%)-[\efm`\dYi\
[\(/()%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;fZld\ekf/
),,
CXgi\m\eZ`ehl\j\_XZ\\e\cG\ejX[fid\o`ZXefe’d%/#[\hl\\cgi`d\i
[fd`e^f[\[`Z`\dYi\j\_X[\gifZ\[\i}cXjalekXj\c\ZkfiXc\jgfigXiifhl`Xj#
j\^le\cXikˆZlcf*.#ZXg`klcf*[\cX:fejk`klZ`fegXiX\c\^`iZfdgifd`jXi`fj#p
hl\„jkfjefdYi\e\c\Zkfi\jgXiifhl`Xc\jZ%\jk}\hlˆmfZX#gfihl\jlXlkfi
_X gifZ\[`[f j`e ZfefZ`d`\ekf [\c i\Xc [\Zi\kf [\ )* [\ dXpf [\ \jk\ XŒf#
glYc`ZX[fgfiYXe[f\e('[\fZklYi\#\ehl\j\dXe[Xhl\cXjZik\jfi[`eXi`Xj
XYiXepZ\c\Yi\ejljgi`d\iXjj\j`fe\j\c[ˆX([\fZklYi\[\(/(*#gXiXZlpf
\]\Zkf j\ `ejkXc leX alekX gi\gXiXkfi`X \e hl\ j\ kiXk [\ cX ]fidXZ`e [\
Z\ejfj#[`m`j`fe[\gXik`[fj#pcf[\d}jhl\fi[\eX\ci\Xc[\Zi\kf#Zfdfj\
glYc`ZXi} gfi YXe[f hl\ j\ \jk} `dgi`d`\e[f gfi \c jlg\i`fi ^fY`\ief% Cf
hl\j\Xm`jXXcg’Yc`ZfgXiXhl\efZfe]le[Xcfhl\jfealekXjgXiifhl`Xc\j
gXiX\c\^`i\c\Zkfi\j[\XcZXc[\j#i\^`[fi\jpgifZliX[fi\jjˆe[`Zfj#}hl\j\
ZfemfZXe\c[fd`e^f)0[\cgi\j\ek\d\j#ZfecXj[\\c\Zkfi\jgXiX[`glkX[fj
\eZik\j#hl\_X[\j\i\cfYa\kf[\c`e[`ZX[fYXe[f%D„o`Zf)-[\efm`\dYi\
[\(/()%
HWced=kj_[hh[p
Z[bCWpe$
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8M@JF8CGL9C@:F
),.
;%I8DFE>LK@<II<Q;<CD8QF#
:fii\^`[fip>\]\gfcˆk`Zf[\\jkX:Xg`kXc#@ek\e[\ek\[\\ccXp[\jlGifm`eZ`X#
pAl\q:fej\imX[fi[\cfjGifg`fjpI\ekXj[\cXE%:%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
),/
GFI hlXekf \e Zldgc`d`\ekf [\c
Xik`Zlcf*(+[\cX:fejk`klZ`fegfcˆk`ZX
[\ cX DfeXihlˆX <jgXŒfcX# p [\c I\Xc
;\Zi\kf[\)*[\DXpf’ck`df#glYc`ZX[f
gfi9Xe[f\e(,[\FZklYi\#j\[\Y\e
efdYiXi \e \c gio`df ;`Z`\dYi\
[fj 8cZXc[\j# [`\q p j\`j I\^`[fi\j
p [fj GifZliX[fi\j Jˆe[`Zfj gXiX \c
@cljki\ 8plekXd`\ekf [\ \jkX E% :% }
Ôe [\ hl\ Zfd`\eq\e X \o\iZ\i jlj
<dgc\fj[\j[\hl\j\XeefdYiX[fjp
\ekf[f\cXŒf[\(/(*#pgXiX\jkfj\
_Xe[\\c\^`im\`ek\pZ`eZf<c\Zkfi\j#
j\^’e \c Xik% *(* p \c -% [\c i\]\i`[f
I\Xc ;\Zi\kf \e AlekXj GXiifhl`Xc\j
Zfe]fid\ Xc / [\c lck`df1 gfi kXekf#
\e fY\[\Z`d`\ekf [\c Jlg\i`fi
;\Zi\kf[\c<oZdfJi%M`i\p[\(.[\
\jk\ d\j# gfi \c gi\j\ek\ ZfemfZf#
Z`kf p \dgcXqf } kf[fj p ZX[X lef
[\cfjm\Z`efj[\\jkX:Xg`kXchl\j\
_Xcc\e\e\c\o\iZ`Z`f[\cfj[\i\Z_fj
[\ :`l[X[Xef# gXiX hl\ \c [`X )0 [\
\jk\d\j#j\leXe\ecfjgXiX^\jhl\
j\ \ogi\jXi}e# [\ jlj i\jg\Zk`mXj
GXiifhl`Xj } cXj j`\k\ [\ cX dXŒXeX
Zfe\cfYa\kf[\efdYiXi<c\Zkfi\j#}
ZlpfÔeZX[Xlefcc\mXi}\ecXd\ek\
 gfi \jZi`kf \c efdYi\ [\c jl^\kf
} hl`\e hl`\iX [Xi jl mfkf# hl\ j\X
kXdY`\e :`l[X[Xef \e \o\iZ`Z`f [\
jlj[\i\Z_fjpdXpfi[\m\`ek\pZ`eZf
XŒfj# [\ gifm`[X[ p ZfefZ`d`\ekf#
ZXgXq [\ \c\^`i 8cZXc[\j# I\^`[fi\j
p GifZliX[fi\j Jˆe[`Zfj Xgkfj hl\
[\j\dg\Œ\e cfj <dgc\fj [\ Aljk`Z`X
p[\I\glYc`ZXhl\j\c\jZfeÔXeZfe
\o}Zk`kl[ p Ô[\c`[X[# Zfdf hl\ \e
\jkf j\ `ek\i\jX \c Y`\e [\c <jkX[f
p [\c G’Yc`Zf# j`e hl\ j\ \ek`\e[X cX
ZfeZlii\eZ`X } cXj AlekXj Zfdf le
XZkf Z\i\dfe`Xc j`ef fYc`^Xkfi`f#
gfi _XY\ij\ aliX[f jfc\de\d\ek\
^lXi[Xi cX :fejk`klZ`fe# p j\ kiXkX
eX[X d\efj hl\ [\ \o\ZlkXi lefj
[\ jlj dXj `dgfikXek\j Xik`Zlcfj2
gifm`e`„e[fj\ } cfj :`l[X[Xefj hl\
[\ \ccfj d`jdfj j\ _X [\ efdYiXi
\e ZX[X AlekX le J\Zi\kXi`f# X hl`\e
\c Gi\j`[\ek\ ]iXehl\Xi} \e \c XZkf
cfj Xlo`c`fj [\ XdXel\ej\j p c`Yifj
gXiXmfkfj p gXiX cX XZkX# p } Ôe [\
\m`kXidXpfiZfeZlii\eZ`XefXj`jk`i}e
e`gfiZli`fj`[X[cXjdl^\i\j#e`Œfjp
cfjam\e\jhl\efk\e^XecXi\]\i`[X
ZXc`[X[ [\ m\Z`efj# e` cfj `e[`m`[lfj
hl\\jk„ejljg\ejfjgi`mX[fj[\cfj
[\i\Z_fj [\ :`l[X[Xefj# Zfe Xii\^cf
Xc ZXgˆklcf +% [\ cX :fejk`klZ`fe hl\
} cX c\kiX j\ Zfg`X gXiX `ek\c`^\eZ`X
[\kf[fj1
:[bei9_kZWZWdei;ifW‹eb[i$
8IK% (/% Jfe :`l[X[Xefj Xhl\ccfj
<jgXŒfc\jhl\gfi}dYXjcˆe\XjkiX\e
jl fi`^\e [\ cfj ;fd`e`fj <jgXŒfc\j
k\ii`kfi`f\jgXŒfc#j`eZfd`j`e
8IK% ))% 8 cfj <jgXŒfc\j hl\ gfi
c`Z\eZ`X[\c^fY`\ief%
hlXchl`\iX cˆe\X jfe _XY`[fj p
i\glkX[fjgfifi`^`eXi`fj[\cX8]i`ZX 8IK% ),% <c \o\iZ`Z`f [\ cfj d`jdfj
c\j hl\[X XY`\ikX cX gl\ikX [\ cX [\i\Z_fjj\jljg\e[\%
m`ikl[ p [\c d\i\Z`d`\ekf gXiX j\i
:`l[X[Xefj1 \e jl Zfej\hl\eZ`X cXj
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
[\ XdYfj _\d`j]\i`fj# p \jk}e :ik\jZfeZ\[\i}eZXikX[\:`l[X[Xef
Xm\Z`e[X[fj \e ZlXchl`\i gl\Ycf [\ }cfjhl\_`Z`\i\ej\im`Z`fjZXc`ÔZX[fj
cfjd`jdfj;fd`e`fj%
} cX gXki`X#  } cfj hl\ j\ [`jk`e^Xe
gfijlkXc\ekf#Xgc`ZXZ`fepZfe[lZkX#
8IK% (0% <j kXdY`„e :`l[X[Xef \c Zfe cX Zfe[`Z`fe [\ hl\ j\Xe _`afj
\okiXe^\if hl\ ^fqXe[f pX [\ cfj [\ c\^`k`df dXki`dfe`f [\ gX[i\j
[\i\Z_fj[\<jgXŒfc#fYklm`\i\[\cXj `e^\elfj2 [\ hl\ \jk\e ZXjX[fj Zfe
:ik\jZXikX\jg\Z`Xc[\:`l[X[Xef%
dl^\i`e^\elX#pXm\Z`e[X[fj\ecfj
;fd`e`fj [\ cXj <jgXŒXj# p [\ hl\
8IK%)'%GXiXhl\\c\okiXe^\ifgl\[X
\o\iqXe Xc^leX gif]\j`fe# fÔZ`f 
fYk\e\i [\ cXj :ik\j \jkX ZXikX#
`e[ljki`XZfeleZXg`kXcgifg`f%
[\Y\i} \jkXi ZXjX[f Zfe <jgXŒfcX#
p _XY\i kiXˆ[f  ÔoX[f \e cXj 8IK%)*%Jfcfcfjhl\j\Xe:`l[X[Xefj
<jgXŒXjXc^leX`em\eZ`e`e[ljki`X gf[i}efYk\e\i<dgc\fjDle`Z`gXc\j
Xgi\Z`XYc\#  X[hl`i`[f Y`\e\j iXˆZ\j p \c\^`i gXiX \ccfj \e cfj ZXjfj
gfi cfj hl\ gX^l\ leX Zfeki`YlZ`e j\ŒXcX[fjgficXc\p%
[`i\ZkX#\jkXYc\Z`[fj\e\c:fd\iZ`f
ZfeleZXg`kXcgifg`fpZfej`[\iXYc\} 8IK% )+% CX ZXc`[X[ [\ :`l[X[Xef
al`Z`f [\ cXj d`jdXj :ik\j#  _\Z_f <jgXŒfcj\g`\i[\1
j\im`Z`fjj\ŒXcX[fj\eY`\ep[\]\ejX
(% Gfi X[hl`i`i eXkliXc\qX \e
[\cXEXZ`fe%
gXˆj\okiXe^\if%
8IK% )(% Jfe Xjˆ d`jdf :`l[X[Xefj
)% Gfi X[d`k`i \dgc\f [\ fkif
cfj _`afj c\^ˆk`dfj [\ cfj \okiXe^\ifj
^fY`\ief%
[fd`Z`c`X[fj \e cXj <jgXŒXj# hl\
_XY`\e[f eXZ`[f \e cfj ;fd`e`fj
*% Gfi j\ek\eZ`X \e hl\ j\
<jgXŒfc\jef_XpXjXc`[feleZX]l\iX
`dgfe^Xe g\eXj XÕ`Zk`mXj 
j`e c`Z\eZ`X [\c ^fY`\ief# p k\e`\e[f
`e]XdXek\j# j` ef j\ fYk`\e\
m\`ek\ le XŒfj Zldgc`[fj j\ _XpXe
i\_XY`c`kXZ`fe%
Xm\Z`e[X[f\elegl\Ycf[\cfjd`jdfj
;fd`e`fj# \o\iZ`\e[f \e „c Xc^leX
+% Gfi _XY\i i\j`[`[f Z`eZf
gif]\j`e#fÔZ`ff`e[ljki`X’k`c%
XŒfj Zfej\Zlk`mfj ]l\iX [\c
),0
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)-'
(% <e m`ikl[ [\ `ek\i[`ZZ`e CXgi`d\iXAlekX[\cXGXiifhl`X[\c
al[`Z`Xcgfi`eZXgXZ`[X[]ˆj`ZX JX^iXi`f# cX gi\j`[`i} \c >\]\ gfcˆk`Zf
dfiXc%
hl\ \j \c @ek\e[\ek\ :fii\^`[fi#
p j\ k\e[i} \e cfj gfikXc\j [\ cX
)% Gfi \c \jkX[f [\ [\l[fi ;`glkXZ`fe%
hl\YiX[f#  [\ [\l[fi } cfj
ZXl[Xc\jg’Yc`Zfj%
CXJ\^le[XAlekX[\[`Z_XGXiifhl`X
[\cJX^iXi`f#cXgi\j`[`i}\cI\^`[fi;%
*% Gfi \c \jkX[f [\ j`im`\ek\ DXel\c[\:l\mXjDfeifp>l\ii\ifp
[fd„jk`Zf%
ClpXe[f#pj\Z\c\YiXi}\ecXGcXql\cX
[\Jkf%;fd`e^f%
+% Gfiefk\e\i\dgc\f#fÔZ`f
df[f[\m`m`iZfefZ`[f%
CX K\iZ\iX AlekX [\ [`Z_X GXiifhl`X
[\cJX^iXi`f#cXgi\j`[`i}\c8cZXc[\[\
cXD\jkX;%=iXeZ`jZf8iq`gi\jk\#pj\
k\e[i} \e cX GcXql\cX [\c :fc\^`f [\
-% ;\j[\\cXŒf[\(/*'#[\Y\i}e cXjE`ŒXj%
jXY\ic\\ip\jZi`Y`icfjhl\[\
CX hlXikX AlekX [\ [`Z_X GXiifhl`X
el\mf\eki\e\e\c\o\iZ`Z`f[\
[\c JX^iXi`f# cX gi\j`[`i} \c K\e`\ek\
cfj[\i\Z_fj[\:`l[X[Xef%
C\kiX[f;%=\ieXe[f=\ie}e[\q[\J%
8IK%)-%JfcfgficXjZXljXjj\ŒXcX[Xj JXcmX[fi#pj\k\e[i}\ecXGcXql\cX[\
\e cfj [fj Xik`Zlcfj gi\Z\[\ek\j# cX Xpl[X [\ GXiifhl`X [\ J% G\[if p
j\ gl\[\e g\i[\i f jljg\e[\i cfj J%GXYcf%
,% Gfi _XccXij\
Zi`d`eXcd\ek\%
gifZ\jX[f
[\i\Z_fj[\:`l[X[XefpefgfifkiXj%
CX GXiifhl`X [\c JX^iXi`f \c\^`i}
hlXkif <c\Zkfi\j# p gfi \c Zi\Z`[f
e’d\if[\]\c`^i\j\jhl\Zfdgi\e[\#
j\[`m`[`i}\ehlXkifj\j`fe\jalekXj
gXiX hl\ cfj :`l[X[Xefj ZfeZliiXe
ZfeZfdf[`[X[}cXhl\\jk„`ed\[`XkX
}jl[fd`Z`c`f#p_XY`\e[fj\_\Z_f\c
jfik\f hl\ gi\m`\e\ cX :fejk`klZ`fe
[\cfjJi\j%Al\Z\jhl\[\Y\egi\j`[`i
cXj AlekXj# j\ _Xe [\k\id`eX[f cfj
Gi\j`[\ek\jpgXiX^\jhl\j`^l\e%
CX AlekX [\ cX GXiifhl`X [\ J%
D`^l\c hl\ efdYiXi} [fj <c\Zkfi\j#
cX gi\j`[`i} \c I\^`[fi ;% DXel\c
=iXeZ`jZf[\cQ\kif#hl\j\j`klXi}\e
cXGcXql\cX[\cXGXaX%
CX [\ cX GXiifhl`X [\ JXekX :XkXc`eX
hl\ efdYiXi} [fj <c\Zkfi\j# j\i}
gi\j`[`[Xgfi\cI\^`[fi;%DXel\c[\
>XdYfX# p j\ k\e[i} \e cX ZXcc\ [\c
9Xlk`jk\i`f[\[`Z_XGXiifhl`X%
CX[\cXJXekXM\iXZilqhl\efdYiXi}
[fj <c\Zkfi\j# cX gi\j`[`i} \c I\^`[fi
CX [\ J% GXYcf hl\ efdYiXi} [fj
<c\Zkfi\j#j\i}gi\j`[`[Xgfi\c8cZXc[\
Fi[`eXi`f;%AlXe8ekfe`f:fY`Xe\ecX
GcXql\cX`ed\[`XkX}cXGXiifhl`X%
CX [\ 8ZXkcXe hl\ efdYiXi} le
<c\Zkfi#\ejlGcXql\cXj\i}gi\j`[`[X
gfi\cI\^`[fi;%C\e@^eXZ`fG`Zf%
GfidXe[X[f[\J%J%
@eiƒ9WbWf‡pCWj[i$
<jZi`YXefdXpfi[\:XY`c[f%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;%Afj„DXi`X[\<Z_Xm\#pj\k\e[i} CX [\c JXckf [\c 8^lX hl\ efdYiXi}
\ecXGcXql\cX[\[`Z_XGXiifhl`X%
[fj <c\Zkfi\j# j\i} gi\j`[`[X gfi \c
I\^`[fi ;% Afj„ DXiˆX =X^lX^X# p
CX [\ Ji% J% Afj„ hl\ efdYiXi} [fj j\ k\e[i} \e `ed\[`XZ`e [\ [`Z_X
<c\Zkfi\j#cXgi\j`[`i}\cI\^`[fi;%AfXhl`e GXiifhl`X%
:XYXcc\if[\cfjFc`mfj#pj\k\e[i}\ecX
GcXql\cX[\cXd`jdXGXiifhl`X%
CX [\ cX GXcdX hl\ efdYiXi} le
<c\Zkfi#\ejlGcXql\cX#cXgi\j`[`i}\c
CX [\ JXekX 8eX hl\ efdYiXi} le 8cZXc[\Fi[`eXi`f;%AlXe:\imXek\jp
<c\Zkfi# j\i} gi\j`[`[X gfi \c i\^`[fi GX[`ccX%
;%8ekfe`fD„e[\qGi`\kf#pj\k\e[i}
\ejli\jg\Zk`mXGcXql\cX%
CX [\ J% 8ekfe`f [\ cXj ?l\ikXj hl\
efdYiXi} le <c\Zkfi# cX gi\j`[`i} \c
CX [\ JXekX :ilq hl\ efdYiXi} [fj I\^`[fi ;% 8^ljkˆe [\c I`m\if# hl`\e
<c\Zkfi\j# cX gi\j`[`i} \c I\^`[fi ;% j\j`klXi}\ecXG`cX[\cXKcXogXeX%
=iXeZ`jZfDXe`XfpKfihl\dX[X#pj\
k\e[i} \e cX GcXql\cX [\ cX i\]\i`[X PgXiXhl\cc\^l\}efk`Z`X[\kf[fj#
GXiifhl`X%
dXe[f j\ Ôo\ \jk\ 9Xe[f \e cXj
\jhl`eXj [\ cXj ZXcc\j gi`eZ`gXc\j [\
CX [\ J% J\YXjk`}e hl\ efdYiXi} \jkX:Xg`kXc#p\ecXj[\cXjGXiifhl`Xj#
[fj <c\Zkfi\j# j\i} gi\j`[`[X gfi \c \eZXi^Xe[f}cXjg\ijfeXjhl\j\gXe
I\^`[fi ;% ;fd`e^f DXiˆX Gfqf# p c\\i# `ejkilpXe [\ jl Zfek\e`[f } cfj
j\k\e[i}\ecXGcXql\cX8ki`f[\cX hl\ ef j\gXe# } Ôe [\ hl\ eX[`\
d`jdXGXiifhl`X%
`^efi\ cf hl\ j\ gi\m`\e\% ;X[f \e
D„o`Zf}).[\efm`\dYi\[\(/()%
CX [\ JXekX DXi`X hl\ efdYiXi} le
<c\Zkfi#j\i}gi\j`[`[Xgfi\cI\^`[fi
HWcŒd=kj_ƒhh[pZ[bCWpe
;% =iXeZ`jZf Afj„ [\ Liilk`X \e cX
GcXql\cXhl\c\Zfii\jgfe[\%
)-(
8Œf
:fek\e`[f
I\]\i\eZ`X
(/(*
CXj:fik\j>\e\iXc\j
p<okiXfi[`eXi`Xj
[\Zi\kXecX`ejkilZZ`e
gXiX\c^fY`\ief
\Zfed`Zf$gfcˆk`Zf[\
cXjgifm`eZ`Xj%
8>E#@ejk`klZ`fe\j
:fcfe`Xc\j#@e[`]\i\ek\
M`ii\`eXc#:XaXj+'''$
+000#:XaX+(/*#
<og\[`\ek\)'%(.
]faXj`dgi\jXj%
CXZfg`X[\`dgi`d\\c(.[\]\Yi\if[\(/(+%J\XZfdgXŒX[\fkifj\jZi`kfj
i\cXZ`feX[fj%;\dXiqfXj\gk`\dYi\[\(/(*%Fkifj\jZi`kfj[\(/)'%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;fZld\ekf0
)-*
BWi9Œhj[i][d[hWb[io[njhWehZ_dWh_WiZ[Yh[jWdbei_]k_[dj[0
@EJKIL::@FE
G8I8<C>F9@<IEF<:FEäD@:F$GFCàK@:F;<C8JGIFM@E:@8J
:8GàKLCF@%
8IK% (% <jkXe[f } ZXi^f [\ cfj 8plekXd`\ekfj [\ cfj gl\Ycfj cX gfc`ZˆX [\
jXclYi`[X[pZfdf[`[X[#[\Y\i}eZl`[Xi[\cXc`dg`\qX[\cXjZXcc\j#d\iZX[fj#
gcXqXj g’Yc`ZXj p [\ cX [\ cfj _fjg`kXc\j# Z}iZ\c\j p ZXjXj [\ ZXi`[X[  [\
Y\e\ÔZ\eZ`X2m\cXijfYi\cXZXc`[X[[\cfjXc`d\ekfj[\kf[XZcXj\2Zl`[Xi[\hl\
\eZX[Xgl\Ycf_XpXZ\d\ek\i`fZfem\e`\ek\d\ek\j`klX[f2Zl`[XiXj`d`jdf
[\cX[\j\ZXZ`fe#Y`\e[\[XiZlijf}cXjX^lXj\jkXeZX[Xj`ejXclYi\j2pgfi
’ck`df#[\i\dfm\ikf[fcfhl\\e\cgl\Ycf\ejlk„id`efgl\[XXck\iXicX
jXcl[g’Yc`ZXcX[\cfj^XeX[fj%
8IK%)%Cfj8plekXd`\ekfj\em`Xi}eXc>\]\gfcˆk`Zf[\cXGifm`eZ`XZX[Xki\j
d\j\j leX efkX [\ cfj eXZ`[fj# ZXjX[fj p dl\ikfj \e \c gl\Ycf# \ok\e[`[X
gfi \c :liX  :liXj G}iifZfj Zfe \jg\Z`ÔZXZ`fe [\ j\ofj p \[X[\j# [\ ZlpX
efkX Zfej\imXi} \c 8plekXd`\ekf le i\^`jkif2 p Xj`d`jdf leX efk`Z`X [\ cX
ZcXj\[\\e]\id\[X[\j[\cfjhl\_Xe]Xcc\Z`[f#\ok\e[`[Xgfi\c]XZlckXk`mf
]XZlckXk`mfj%
8IK%*%J`j\dXe`]\jkXj\\e\cgl\YcfXc^leX\e]\id\[X[i\`eXek\\g`[„d`ZX#
[Xi}\c8plekXd`\ekf`ed\[`XkXd\ek\Zl\ekXXc>\]\gfcˆk`ZfgXiXhl\j\kfd\e
kf[XjcXjZfii\jgfe[`\ek\jd\[`[Xj#}Ôe[\ZfikXicfjgif^i\jfj[\cdXc#p
Xlo`c`XiXcgl\YcfZfecfjd\[`ZXd\ekfjp[\dXjjfZfiifjhl\gl\[Xe\Z\j`kXi#
Xm`j}e[fc\\e\c’ck`dfZXjfj\dXeXcd\ek\#XleZfedXpfi]i\Zl\eZ`Xj`\c
>\]\gfcˆk`Zfcfi\hl`i`\j\#[\c\jkX[f[\cXjXcl[g’Yc`ZXp[\cXdfikXe[X[hl\
j\efk\%
8IK% +% GXiX Zl`[Xi \e ZX[X gl\Ycf [\ cX jXcl[ g’Yc`ZX \e cfj ZXjfj [\ hl\
_XYcX\cXikˆZlcfgi\Z\[\ek\#j\]fidXi}ZX[XXŒfgfi\c8plekXd`\ekf#[fe[\
\c m\Z`e[Xi`f cf g\id`kX# leX AlekX [\ JXe`[X[# Zfdgl\jkX [\c 8cZXc[\ (%— 
hl`\ejljm\Z\j_X^X#[\c:liXG}iifZfd}jXek`^lf#[fe[\_lY`\j\dXj[\lef
dXj]XZlckXk`mfj#[\lefdXjI\^`[fi\jp[\leffdXjm\Z`efjj\^lecX
\ok\ej`fe[\cXgfYcXZ`fepfZlgXZ`fe\jhl\fZliiXe2gl[`\e[f\c8plekXd`\ekf
mfcm\i}efdYiXicfjd`jdfjI\^`[fi\jpm\Z`efj#pXld\ekXi\ce’d\if\ecX
AlekXZlXe[f\cZXjfcfi\hl`\iX%<jkXAlekX[\JXe`[X[j\^fY\ieXi}gficfj
i\^cXd\ekfj\o`jk\ek\jfhl\\eX[\cXek\\o`jk`\i\e2p\ecXjgifm`[\eZ`Xj[\
dXpfiZfej`[\iXZ`fegifZ\[\i}ZfeXZl\i[f[\c8plekXd`\ekf%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
:[bWieXb_]WY_ed[iZ[bei7okdjWc_[djei
)-,
8IK% ,% GXiX gifZliXi cX Zfdf[`[X[ [\c gl\Ycf Zl`[Xi} \c 8plekXd`\ekf# gfi
d\[`f [\ gifm`[\eZ`Xj \Zfed`ZXj# Zfe]fid\j } cXj c\p\j [\ ]iXehl`Z`X p
c`Y\ikX[#[\hl\\jk„jlik`[fXYle[Xek\d\ek\[\Zfd\jk`Yc\j[\Yl\eXZXc`[X[2
Zl`[Xi}Xj`d`jdf[\hl\\jk„eY`\eZfej\imX[XjcXj]l\ek\jg’Yc`ZXj#p_XpXcX
Zfem\e`\ek\XYle[XeZ`X[\Yl\eXjX^lXj#kXekfgXiXcfj_fdYi\j#ZfdfgXiXcfj
Xe`dXc\j2kXdY`„e\ok\e[\i}jlZl`[X[f}hl\\jk„e\dg\[iX[XjpXcldYiX[Xj
cXjZXcc\j\ecfjgl\Ycfj\ehl\gl[`\i\j\i2p\eÔe#[\hl\\jk„e_\idfj\X[fj
cfjgXiX^\jg’Yc`Zfj\eZlXekfcfg\id`kXecXjZ`iZlejkXeZ`Xj[\ZX[Xgl\Ycf%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)--
8IK% -% :l`[Xi} ZX[X 8plekXd`\ekf [\ cfj ZXd`efj iliXc\j p [\ kiXm\jˆX [\
jl k\ii`kfi`f# p [\ kf[Xj Xhl\ccXj fYiXj g’Yc`ZXj [\ lk`c`[X[# Y\e\ÔZ\eZ`X ’
fieXkfhl\g\ik\e\qZXegi\Z`jXd\ek\Xck„id`ef[\jlali`j[`ZZ`fe#phl\j\
[`i`aXe X cX lk`c`[X[ p Zfdf[`[X[ [\ jl m\Z`e[Xi`f \e gXik`ZlcXi# ZlXchl`\iX
hl\ j\X cX eXkliXc\qX [\ \jkXj fYiXj# Xii\^c}e[fj\ j`e \dYXi^f X cXj c\p\j
d`c`kXi\jcfjXplekXd`\ekfj[\Xhl\ccfjgl\Ycfjhl\j\XegcXqXj[\^l\iiX#
\ehl\j\_Xcc\eZXjk`ccfjgl\jkfj]fik`ÔZX[fj%<ecfjZXd`efj#ZXcqX[Xj#
XZl\[lZkfjlfkiXjZlXc\jhl`\iXfYiXjg’Yc`ZXjhl\g\ik\e\qZXe}cXGifm`eZ`X
\e^\e\iXc#Zl`[Xi}\c8plekXd`\ekf[\cgl\Ycfgfi[fe[\gXjXi\e#}[fe[\
j\ \ok\e[`\i\e \jkXj fYiXj g’Yc`ZXj# [\ [Xi fgfikleXd\ek\ Xm`jf Xc >\]\
gfcˆk`Zf[\ZlXekfZi\p\i\[`^ef[\jlXk\eZ`fegXiX\cZfem\e`\ek\i\d\[`f2p
k\e[i}X[\dXjXhl\ccX`ek\im\eZ`ehl\c\]l\i\Zfd\k`[Xgfi\c>\]\gfcˆk`Zf
[\cXGifm`eZ`X2pcfd`jdf[\Y\i}\ek\e[\ij\[\cXjfYiXjg’Yc`ZXjeXZ`feXc\j#
ZfdfZXii\k\iXj^\e\iXc\jpfkifj\jkXYc\Z`d`\ekfjg’Yc`Zfj#hl\gfi`ek\i\jXi
XcI\`ef\e^\e\iXc_Xe[\\jkXiXcZl`[X[f[\c>fY`\ief#hl\\eZXi^Xi}}ZX[X
Gifm`eZ`X}ZX[X8plekXd`\ekf#cfhl\\eZX[XZXjfk\e^XgfiZfem\e`\ek\%
8IK%.%GXiX[\j\dg\ŒXicfhl\gi\m`\e\\cg}iiX]f-[\cXik%*)([\cX:fejk`klZ`fe#
Zl`[Xi}\c8plekXd`\ekf[\cfj_fjg`kXc\jpZXjXj[\\ogj`kfjf[\Y\e\ÔZ\eZ`X#
hl\j\dXek\e^Xe[\cfj]fe[fj[\cZfdle[\cgl\Ycf#YXafcXji\^cXjhl\gXiX
\ccf\jklm`\i\e[X[Xj#fj\[`\i\egfi\c>fY`\ief2g\if\ecfj\jkXYc\Z`d`\ekfj
[\\jkXZcXj\#hl\]l\i\e[\]le[XZ`fegXik`ZlcXi[\Xc^leXg\ijfeX#]Xd`c`X
ZfigfiXZ`e#hl\\jklm`\i\e\eZXi^X[fjgfi\c>fY`\ief}g\ijfeXjZl\igfj
gXik`ZlcXi\j# Zfe jla\Z`fe } i\^cXd\ekfj# jfcf kfZXi} Xc 8plekXd`\ekf# j`
fYj\imXi\XYljfj#[XigXik\[\\ccfjXc>\]\gfcˆk`ZfgXiX\cZfem\e`\ek\i\d\[`f2
g\ifj`eg\ikliYXi[\df[fXc^lef\e\c\a\iZ`Z`f[\jlji\jg\Zk`mXj]leZ`fe\j}
cfj;`i\Zkfi\j#8[d`e`jkiX[fi\jp[\dXj\dgc\X[fj\e\ccfj%
8IK%/%<ecfjdfek\jpgcXekˆfj[\cZfdle#\jkXi}}ZXi^f[\c8plekXd`\ekfcX
m`^`cXeZ`XpZl`[X[fhl\gi\jZi`Y\cX:fejk`klZ`fe#gifZliXe[fZfekf[f\jd\if
cXZfej\imXZ`epi\gfYcXZ`e[\\ccfjZfecXdXj\oXZkXfYj\imXeZ`X[\cfj
i\^cXd\ekfjhl\i`^\e\ecXdXk\i`X#\ekf[fXhl\ccfhl\ef\jk„[\if^X[ff
df[`ÔZX[fgfic\p\jgfjk\i`fi\j%
8IK% ('% CXj d\[`[Xj ^\e\iXc\j [\ Yl\e ^fY`\ief hl\ [\YXe kfdXij\ gXiX
Xj\^liXipgifk\^\icXjg\ijfeXjpY`\e\j[\cfj_XY`kXek\j#j\i}eXZfi[X[Xj
\e\c8plekXd`\ekf#p\a\ZlkX[Xjgfi\c8cZXc[\8cZXc[\j2g\ifkXekf\e\jkXj
gifm`[\eZ`Xj Zfdf \e cXj hl\ cfj 8cZXc[\j \jk}e Xlkfi`qX[fj gfi cXj c\p\j }
kfdXigfijˆgXiXZfej\imXi\ci[\epcXkiXehl`c`[X[[\cfjgl\Ycfj#j\i}e
Xlo`c`X[fjgfi\c8plekXd`\ekf#pgfiZX[Xlef[\jlj`e[`m`[lfjZlXe[fgXiX
\ccfj\Xei\hl\i`[fj%
8IK% ((% <jkXi} } ZXi^f [\ ZX[X 8plekXd`\ekf cX X[d`e`jkiXZ`fe „ `em\ij`fe
[\ cfj ZXl[Xc\j [\ Gifg`fj p 8iY`ki`fj# Zfe]fid\ } cXj c\p\j p i\^cXd\ekfj
\o`jk\ek\j#  hl\ \e X[\cXek\ \o`jk`\i\e# efdYiXe[f le [\gfj`kXi`f \e cX
]fidXhl\gi\m`\e\cX:fejk`klZ`fe%J`\c8plekXd`\ekfe\Z\j`kXi\gXiX^Xjkfj
g’Yc`Zfj#[\fYa\kfj[\lk`c`[X[Zfdle#[\Xc^leXZXek`[X[dXj[\cXjhl\
c\ \jklm`\i\e Xj`^eX[Xj [\ \jkfj ]fe[fj# XZl[`i} Xc >\]\ gfcˆk`Zf# _XZ`„e[fc\
gi\j\ek\cXlk`c`[X[e\Z\j`[X[[\c^Xjkf2kf[fcfhl\„jk\Zfdle`ZXi}}cX
;`glkXZ`fegifm`eZ`Xc%
8IK% ()% <e \c ZXjf [\ hl\ cXj fYiXj g’Yc`ZXj [\ Zfdle lk`c`[X[ \o`aXe dXj
]fe[fj[\cfjhl\gif[lqZXecfjGifg`fjp8iY`ki`fj[\cgl\Ycf#j\jfc`Z`kXi}e
cfje\Z\jXi`fj[\cdf[fhl\gi\m`\e\cX:fejk`klZ`fe%
8IK% (*% 8Z\iZX [\c i\gXik`d`\ekf p i\ZXl[XZ`fe [\ cXj Zfeki`YlZ`fe\j hl\
Zfii\jgfe[Xe } ZX[X gl\Ycf# fYj\imXi} \c 8plekXd`\ekf cf hl\ j\ gi\m`\e\
\e cX :fejk`klZ`fe p \e cXj c\p\j  `ejkilZZ`fe\j hl\ \o`jkXe#  \e X[\cXek\
\o`jk`\i\e%
8IK% (+% :l`[Xi} \c 8plekXd`\ekf [\ kf[Xj cXj \jZl\cXj [\ gi`d\iXj c\kiXj
p [\dXj \jkXYc\Z`d`\ekfj [\ \[lZXZ`fe hl\ j\ gX^l\e [\ cfj ]fe[fj [\c
Zfdle2q\cXe[f\cYl\e[\j\dg\Œf[\cfjdX\jkifj#pdlp\jg\Z`Xcd\ek\\c
gleklXc Zldgc`d`\ekf [\ cf hl\ gi\m`\e\ \c Xik% *-- [\ cX :fejk`klZ`fe# gfi
cfhl\[\Y\i}kXdY`„e\ej\ŒXij\}c\\i}cfje`Œfj#p[`jgfe`\e[fj\[fk\e
Zfem\e`\ek\d\ek\cfjdX\jkifj[\cfj]fe[fj[\cZfdle#gi\m`XcXXgifYXZ`e
[\c>fY`\ief#fˆ[f\c`e]fid\[\cX;`glkXZ`fegifm`eZ`Xc2\e[\]\Zkf[\\jkfj
]fe[fj#cfjhl\cX;`glkXZ`feXZl\i[\ZfecXj]fidXc`[X[\jhl\gi\m`\e\\cXik%
*))[\cX:fejk`klZ`fe%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8IK% 0% KXdY`„e \jkXi}e Xc Zl`[X[f [\ ZX[X 8plekXd`\ekf cfj gj`kfj#
\ek\e[`„e[fj\\e\jkfjglekfjZfe\c>\]\gfcˆk`Zf[\cXGifm`eZ`X#pfYj\imXe[f
cXjc\p\j`ejkilZZ`fe\jhl\i`^Xe\ecXdXk\i`X2pi\jg\Zkf[\cfjGj`kfjhl\
j`\e[f [\ ]le[XZ`fe gXik`ZlcXi \jk}e \eZXi^X[fj } cX [`i\ZZ`e [\ g\ijfeXj
ZfigfiXZ`fe\j[\k\id`eX[XjYXafi\^cXd\ekfj#j\\ek\e[\i}cfd`jdfhl\
hl\[Xgi\m\e`[f\e\cXik%.[\\jk\ZXgˆklcfgXiXcfj[\dXj\jkXYc\Z`d`\ekfj
[\]le[XZ`fegXik`ZlcXi%
)-.
8IK% (,% <e cX \a\ZlZ`e [\ cf hl\ jfYi\ \c ]fd\ekf [\ cX X^i`ZlckliX# cX
`e[ljki`Xp\cZfd\iZ`fgi\m`\e\cX:fejk`klZ`fe#Zl`[Xi}dlpgXik`ZlcXid\ek\
\c8plekXd`\ekf[\gifdfm\i\jkfj`dgfikXek\jfYa\kfj#i\dfm`\e[fkf[fjcfj
fYjk}ZlcfjpkiXYXjhl\j\fgfe^Xe}jld\afiXpgif^i\jf%
8IK%(-%;\Y\i}ZX[X8plekXd`\ekfi\e[`iXelXcd\ek\Zl\ekXj[fZld\ekX[Xj
X cX ;`glkXZ`fe gifm`eZ`Xc# [`i`^`\e[fcXj gfi d\[`f [\c >\]\ gfcˆk`Zf# [\ cX
i\ZXl[XZ`fe f `em\ij`fe [\ cfj ZXl[Xc\j hl\ X[d`e`jki\e# Zfe Xii\^cf X cXj
c\p\j„`ejkilZZ`fe\j%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)-/
8IK%(.%:l`[Xi}Xj`d`jdfZX[X8plekXd`\ekf[\]fidXipi\d`k`iXelXcd\ek\
Xc >\]\ gfcˆk`Zf [\ cX Gifm`eZ`X leX efk`Z`X [\c \jkX[f \e hl\ j\ _Xcc\e cfj
[`]\i\ek\jfYa\kfjhl\hl\[Xegl\jkfj}jlZl`[X[f%
8IK%(/%J`Xc^lem\Z`efj\j`ek`\i\X^iXm`X[fgfigifm`[\eZ`Xj\Zfed`ZXj
^lY\ieXk`mXj[X[Xjgfi\c8plekXd`\ekfgfi\c8cZXc[\#jfYi\ZlXchl`\iX[\
cfjfYa\kfjhl\hl\[Xe`e[`ZX[fj#[\Y\i}XZl[`iXc>\]\gfcˆk`Zf#hl`\egfijˆ#
fp\e[f}cX;`glkXZ`fegifm`eZ`XcZlXe[fcfklm`\i\gfiZfem\e`\ek\#i\jfcm\i}
^lY\ieXk`mXd\ek\ kf[X [l[X# j`e hl\ gfi \jkfj i\Zlijfj j\ \o`aX [\i\Z_f
Xc^lef%
8IK% (0% <c 8cZXc[\ gi`d\i efdYiX[f [\ cfj 8plekXd`\ekfj [\ cXj ZXY\qXj
[\ gXik`[f \e [fe[\ ef _lY`\i\ >\]\ gfcˆk`Zf jlYXck\ief# _Xi} Z`iZlcXi Zfe
gleklXc`[X[ } cfj [\dXj [\ jl k\ii`kfi`f cXj i[\e\j hl\ \c >\]\ gfcˆk`Zf c\
Zfdle`hl\ gXiX j\i Z`iZlcX[Xj% Cfj i\jg\Zk`mfj 8cZXc[\j [\ cfj gl\Ycfj [\c
gXik`[f Z\ik`ÔZXi}e gfi \c j\Zi\kXi`f [\c 8plekXd`\ekf _XY\icXj i\Z`Y`[f# p
i\d`k`i}ecXjZ\ik`ÔZXZ`fe\jXc8cZXc[\[\cXZXY\qX[\gXik`[f#p„jk\Xc>\]\
gfcˆk`Zf2j`\e[fi\jgfejXYc\jlefjpfkifj[\cXdfifj`[X[hl\j\efk\\ecX
Z`iZlcXZ`fe[\cXji[\e\j#\ecXi\d`j`fe[\cfjZ\ik`ÔZX[fj%
8IK% )'% Cfj 8cZXc[\j Zfdle`ZXi}e `ed\[`XkXd\ek\ Xc 8plekXd`\ekf cXj
i[\e\jhl\[\YXeglYc`ZXij\#p\ej\^l`[XcXj_Xi}glYc`ZXi\e\cgl\Ycfgfi
cfjd\[`fjXZfjkldYiX[fj%
8IK% )(% <c j\Zi\kXi`f [\c 8plekXd`\ekf# hl\ ef _X [\ j\i e`e^lef [\ jlj
`e[`m`[lfj2}d\efjhl\cXZfik\[X[[\cm\Z`e[Xi`fj\XlefYjk}Zlcf}al`Z`f
[\cX;`glkXZ`fegifm`eZ`Xc#gf[i}j\ii\dfm`[fgfi\c8plekXd`\ekfZlXe[f
cf\jk`dXi\Zfem\e`\ek\#Zfe\cZfej\ek`d`\ekf[\cXd`jdX;`glkXZ`fe2pcf
hl\„jkX[\Z`[XjfYi\\cgXik`ZlcXi#j\k\e[i}gfi[\Ôe`k`mXd\ek\i\jl\ckf#p
efj\X[d`k`i}i\ZlijfXc^lef%GXiXmXi`XicX[fkXZ`fehl\gfii\^cXd\ekf
ZfjkldYi\k\e^X\cJ\Zi\kXi`f#[\Y\i}\c8plekXd`\ekffYk\e\icXXgifYXZ`e
[\cX;`glkXZ`fegifm`eZ`Xc#p[\jgl\j[\Y\i}i\ZX\icX[\c>fY`\ief#j`eZlpX
Xel\eZ`Xefgf[i}_XZ\ij\Xck\iXZ`fe\e\jk\glekf%
8IK% )*% <c ’ck`df ;fd`e^f [\ Efm`\dYi\ [\ (/(* \e LckiXdXi# p \c ’ck`df
;fd`e^f[\J\k`\dYi\[\(/(+\ecXG\eˆejlcX#@jcXjpgfj\j`fe\jX[pXZ\ek\j#
p Xjˆ jlZ\j`mXd\ek\ ZX[X [fj XŒfj# \e hl\ [\Y\e Z\c\YiXij\ cXj AlekXj
\c\ZkfiXc\j [\ gXiifhl`X [\ hl\ _XYcX \e \c ZXg% *# kˆk% * [\ cX :fejk`klZ`fe#
\chl\gi\j`[X\c8plekXd`\ekf[\ZX[Xgl\Ycf[\Y\i}#YXafcXdXj\jki\Z_X
i\jgfejXY`c`[X[#Xm`jXi}cfjm\Z`efjgficfjd\[`fjhl\\jk„e\eljf#[\hl\
\e \c gio`df ;fd`e^f j\ _Xe [\ Z\c\YiXi# Zfe Xii\^cf } cX :fejk`klZ`fe# cX
AlekXAlekXj\c\ZkfiXc\j[\gXiifhl`X#gXiXefdYiXi\c\c\Zkfi\c\Zkfi\j
hl\Zfii\jgfe[XeXcgl\Ycf#phl\_Xe[\ZfeZlii`i\e\c[ˆXj\ŒXcX[fgficX
d`jdX:fejk`klZ`fe}cXj\c\ZZ`fe\j[\gXik`[f%8\jk\\]\Zkf\chl\gi\j`[X\c
8plekXd`\ekfc\ZfemfZXi}\e\c[ˆX\ehl\_X[\[Xij\\jk\Xek`Z`gX[fXm`jf
}cfjm\Z`efj#gXiXhl\\e\cd`jdf8plekXd`\ekfj\[\j`^e\ecXjg\ijfeXj
hl\ZfeXii\^cf}cfhl\gi\m`\e\\cXik%+-[\cX:fejk`klZ`fe#[\YXegi\j`[`i
cXjAlekXj\c\ZkfiXc\j[\gXiifhl`X%:\c\YiX[Xjhl\j\Xe\jkXjAlekXj#[Xi}\c
hl\gi\j`[X\c8plekXd`\ekfgXik\Xc>\]\gfcˆk`Zf[\cXGifm`eZ`X[\_XY\ij\
\a\ZlkX[f%
8IK%)+%:X[X8plekXd`\ekfZl`[Xi}[\hl\cfjYX^X^\j#XcfaXd`\ekfjp[\dXj
jld`e`jkifjgXiXcXkifgXj\i\gXikXeZfe`^lXc[X[p\hl`kXk`mXd\ek\\eki\cfj
m\Z`efj#Zfe]fid\XcXfi[\eXeqXpi\^cXd\ekfj#pXj`d`jdf[\hl\j\fYj\im\
cXdXj\oXZkXZl\ekXpiXqfegXiXcfjZfii\jgfe[`\ek\jXYfefj%<ekf[fj\jkfj
glekfjfYj\imXi}\c8plekXd`\ekfZfe\jZilglcfj`[X[cXji[\e\jhl\i\Z`YX
[\c>\]\gfcˆk`Zfjlg\i`fif[\cjlYXck\ief%
8IK%),%Gfi’ck`dfg\ik\e\Z\}cfj8plekXd`\ekfjZl`[Xi[\kf[fjcfj[\dXj
fYa\kfj hl\ c\j \jk}e \eZfd\e[X[fj gfi c\p\j# i\^cXd\ekfj ’ fi[\eXeqXj
dle`Z`gXc\j\ekf[fcfhl\efj\fgfe^X}cXgi\j\ek\`ejkilZZ`e%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8IK%))%<jkXi}XZXi^f[\ZX[X8plekXd`\ekf#YXafjli\jgfejXY`c`[X[#Zl`[Xi
[\hl\j\i\el\m\ejlj`e[`m`[lfj\e\ck`\dgf#df[fp]fidXhl\gi\m`\e\cX
:fejk`klZ`fep\c[\Zi\kf[\)*[\dXpf[\(/()#[Xe[fgXik\Xc>\]\gfcˆk`Zf
[\ _XY\icf Xjˆ \a\ZlkX[f2 [\Y`\e[f efdYiXij\ gfi ZX[X AlekX gXiifhl`Xc
[fj\jZilkX[fi\jgXiXhl\ZfeZliiXe}kf[fjcfjXZkfj[\cX\c\ZZ`feZfe\c
Gi\j`[\ek\pJ\Zi\kXi`f#pZl`[Xe[fdlpgXik`ZlcXid\ek\\c8plekXd`\ekf[\
hl\j\Xm`j\}kf[fjcfjm\Z`efjZfeXek`Z`gXZ`fejlÔZ`\ek\\c[ˆX[\cX\c\ZZ`fe
gfi Xhl\c d\[`f hl\ \jklm`\i\ \e ljf# gXiX hl\ ZfeZliiXe } \ccX% GXiX cX
\c\ZZ`e[\cfj`e[`m`[lfj[\c8plekXd`\ekf#cfj\c\Zkfi\jefdYiXi}e[\\eki\
\ccfjd`jdfj[fjhl\_X^Xe[\\jZilkX[fi\j%
)-0
:8GàKLCF@@%
:[bWieXb_]WY_ed[ioYWh]eiZ[bWi:_fkjWY_ed[ifhel_dY_Wb[i
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
).'
8IK%@%J`\e[f[\cZXi^f[\cXj;`glkXZ`fe\jgifm`eZ`Xc\jZl`[Xi[\c\jkXYc\Z`d`\ekf
[\8plekXd`\ekfj\ecfjgl\Ycfj[fe[\efc\_XpX#\ecfjk„id`efjhl\gi\m`\e\
\cXik%**,[\cX:fejk`klZ`fe#[\Y\i}ekfdXiiXqfe\oXZkX[\cm\Z`e[Xi`f[\
ZX[Xgl\Ycf[fe[\_XpX[\\jkXYc\Z\ij\8plekXd`\ekf#gXiXhl\j`cc\^Xi\gfi
jˆZfejlZfdXiZX}cXjd`cXcdXj#j\\jkXYc\qZX[\j[\cl^f2pj`efcc\^Xi\
}\j\e’d\if#g\ifgfifkiXjiXqfe\j[\Y`\eg’Yc`ZfZfem`e`\i\\jkXYc\Z\icf#
j\]fid\\c\og\[`\ek\`ejkilZk`mfhl\cXj_X^XZfejkXi1\jk\\og\[`\ek\p\c
hl\cX;`glkXZ`fe]fid\kXdY`\e`ejkilZk`mXd\ek\#pgi„m`fjcfjZfem\e`\ek\j
`e]fid\j[\cfjgl\YcfjZfdXiZXefjjfYi\j\ŒXcXd`\ekf[\k„id`ef}ZlXchl`\i
gl\Ycf[fe[\_XpX[\\jkXYc\Z\ij\[\el\mf8plekXd`\ekf#j\i}ei\d`k`[fj
gfi\c>\]\gfcˆk`Zf#Zfe\cgXi\Z\i[\cXd`jdX;`glkXZ`feXc>fY`\ief%
8IK%)%Cl\^fhl\j\Zfdle`hl\}ZX[XGifm`eZ`X\ci\gXik`d`\ekf_\Z_fgficXj
:ik\j[\cXjZfeki`YlZ`fe\jhl\[\YXgX^XiZX[XleX#Zl`[Xi}\c@ek\e[\ek\
Zfejl:fekX[liˆX#[\_XZ\i\caljkfi\gXik`d`\ekf[\cZlgfhl\Zfii\jgfe[X}
ZX[Xgl\Ycf2cfgXjXi}}cX;`glkXZ`fegifm`eZ`XcgXiXhl\\jkXc\`ek\im\e^Xp
Xgil\Y\#j`c\_XccX\hl`kXk`mf2p\c@ek\e[\ek\c\Z`iZlcXi}}cfjgl\Ycfj#pZl`[Xi}
[\jl\a\ZlZ`fe#_XZ`„e[fcXcc\mXi}\]\Zkf#j`_lY`\i\[\dfiX#gficfjd\[`fj
c\^Xc\jhl\\jk\e\jkXYc\Z`[fj%Cfd`jdfj\fYj\imXi}gXiX\ci\gXik`d`\ekf
[\ Zfeki`YlZ`fe\j \okiXfi[`eXi`Xj# } d\efj hl\ _XpX le d„kf[f \jg\Z`Xc
\jkXYc\Z`[fgficXc\p#\eZlpfZXjfk\e[i}cX;`glkXZ`feXhl\ccX`ek\im\eZ`e
hl\[\k\id`e\ecXj:ik\j%
8IK%*%Kf[Xhl\aXi\ZcXdXZ`ehl\_X^Xecfjgl\YcfjjfYi\X^iXm`fj\e\c
i\gXik`d`\ekf[\cZlgf[\Zfeki`YlZ`fe\jhl\c\j_XpXZXY`[f#j\[`i`^`i}gfi
d\[`f [\c >\]\ gfcˆk`Zf } cX d`jdX ;`glkXZ`fe gifm`eZ`Xc# hl`\e j`e g\ial`Z`f
[\ hl\ j\ cc\m\ } \]\Zkf \c i\gXik`d`\ekf _\Z_f# \oXd`eXi} dX[liXd\ek\
cX i\ZcXdXZ`fe# p ZfeÔidXi}  i\]fidXi} \c i\gXik`d`\ekf gXiX cX [\Y`[X
`e[\de`qXZ`fe \e \c i\gXik`d`\ekf `ed\[`Xkf2 kf[f j`e lck\i`fi i\Zlijf% ;\c
d`jdfdf[fcXjhl\aXj[\cfjgXik`ZlcXi\jjfYi\X^iXm`fj\e\ci\gXik`d`\ekf
hl\ } ZX[X lef _XpX _\Z_f \c 8plekXd`\ekf [\ jl gl\Ycf# j` Xhl\c ef cXj
_lY`\j\ jXk`j]\Z_f# j\i}e [`i`^`[Xj } cX ;`glkXZ`fe gifm`eZ`Xc gfi d\[`f [\c
>\]\ gfcˆk`Zf# gXiX hl\ Zfe cX [\Y`[X `ejkilZZ`e cXj i\jl\cmX j`e lck\i`fi
i\Zlijf% Cf d`jdf j\ fYj\imXi} Zfe cXj i\ZcXdXZ`fe\j p [l[Xj hl\ fZliiXe
jfYi\XYXjkfj#d`\ekiXjjlYj`jkXe#j`\dgi\hl\\jkXjZfej\im\e\cZXiXZk\i[\
^lY\ieXk`mXj%@^lXcd\ek\i\jfcm\i}gfiX_fiX#pd`\ekiXjcXj:ik\jfkiXZfjX
ef[\k\id`eXi\e#\em`ikl[[\cXik%*,.[\cX:fejk`klZ`fe#kf[XjcXj[l[Xjp
hl\aXjhl\j\jljZ`kXi\e#\ecfjgl\Ycfjgfi\cgl\Ycfd`jdfgfigXik`ZlcXi\j
jfYi\\ci\ZclkXd`\ekfi\\dgcXqfgXiX\c\a„iZ`kf#gfi\cd`jdfd„kf[f[\
hl\_XYcX\jk\XikˆZlcfgXiXcXjZfeki`YlZ`fe\j2j`eg\ial`Z`f[\hl\cXXlkfi`[X[
d`c`kXi\a\iqXcX`ek\im\eZ`eZfem\e`\ek\XZ\iZX[\cXXgk`kl[pifYljk\q[\cfj
`e[`m`[lfj%
8IK%,%J`\e[f[\cZXi^f[\cX;`glkXZ`fegifm`eZ`Xcm\cXijfYi\cXYl\eX`em\ij`fe
[\ cfj ]fe[fj [\ Gifg`fj p 8iY`ki`fj [\ cfj gl\Ycfj# p \oXd`eXi jlj Zl\ekXj
j\^legi\m`\e\cX:fejk`klZ`fe#[\Y\i}e\jkXjgXjXi}cX:fekX[liˆX[\Gifg`fj
p8iY`ki`fj[\cXGifm`eZ`XgXiXhl\cXj\oXd`e\p^cfj\%<jkX:fekX[liˆX[Xi}
[\jgl\jZl\ekX}cX;`glkXZ`fegXiXhl\gfe^Xjlm`jkfYl\ef#j`cXj_XccXj\
[fZld\ekX[XjpZfe]fid\j}cXjc\p\jpi\^cXd\ekfj2pZfe\jkfji\hl`j`kfj
j\ gXjXi}e } cX XgifYXZ`e [\c >\]\ gfcˆk`Zf jlg\i`fi% <jk\ _Xi} ]fidXi gfi
cX d`jdX :fekX[liˆX le Ôe`hl`kf ^\e\iXc Zfdgi\_\ej`mf [\ cXj Zl\ekXj [\
kf[fjcfjgl\Ycfj[\cXGifm`eZ`X#pc\i\d`k`i}ZX[XXŒfXc>fY`\iefgXiXjl
ZfefZ`d`\ekfp\]\Zkfjhl\gl\[XeZfem\e`i%<e\jk\Ôe`hl`kf^\e\iXc[\Y\i}e
ZfejkXicXXgifYXZ`e[\c>\]\gfcˆk`Zfjlg\i`fip\cm`jkfYl\ef[\cX;`glkXZ`fe
gifm`eZ`Xc#Zfe\ogi\j`fe[\cfjZXl[Xc\jjfYiXek\jhl\\o`jkXe\eZXaX#p\e
cX]fidXhl\gi\m`\e\cX`ejkilZZ`ehl\i`^\%Gficfi\cXk`mf}LckiXdXi#cXj
;`glkXZ`fe\j gifm`eZ`Xc\j gfe[i}e \c m`jkf Yl\ef \e cXj Zl\ekXj [\jgl\j [\
\oXd`eX[Xj p ^cfjX[Xj# [\c df[f hl\ j\ _XccX \jkXYc\Z`[f gfi fi[\eXeqXj#
gXjXe[fj\`^lXcd\ek\}cXXgifYXZ`fe[\c>\]\gfcˆk`Zfjlg\i`fi%
8IK%-%:lXe[fle8plekXd`\ekf_lY`\i\i\Zlii`[f}cX;`glkXZ`fegifm`eZ`Xc#
\e\cdf[fpgXiXcfjÔe\j[\hl\kiXkX\cXik%@@[\cZXg%@—[\\jkX`ejkilZZ`e#
gf[i}cX;`glkXZ`fe#\ecfjk„id`efjhl\c\gXi\qZX#ZfeZ\[\iXc8plekXd`\ekf
cX ]XZlckX[ [\ [`jgfe\i [\ cX ZXek`[X[ hl\ jfc`Z`k\ [\c ]fe[f [\ Gifg`fj p
8iY`ki`fj#ZfekXchl\ef\oZ\[X\c[lgcf[\cXhl\c\\jk„j\ŒXcX[XgXiX^Xjkfj
\okiXfi[`eXi`fjpXck\iXYc\j2g\ifj`\oZ\[`\i\#j\jfc`Z`kXi}gfid\[`f[\c>\]\
gfcˆk`ZfcXXgifYXZ`e[\c>fY`\ief#XZfdgXŒXe[f}cXjfc`Z`kl[\c`e]fid\[\
cX;`glkXZ`fe%<eLckiXdXigfiiXqe[\cX[`jkXeZ`X#ZlXe[ffZliiX\jk\’ck`df
ZXjf#efj\e\Z\j`kXi}cXc`Z\eZ`X[\c>fY`\ief#pYXjkXi}\ejlcl^Xi\c\ogi\jf
Zfej\ek`d`\ekf[\c>\]\gfcˆk`Zfjlg\i`fi%
8IK%.%CXjZl\ekXj[\gj`kfj#d`\ekiXj\jkfjjlYj`jkXe#j\i}e\oXd`eX[Xjp
^cfjX[XjgficXjZfekX[liˆXj[\Gifg`fjp8iY`ki`fj#p\e\ccXji\ZX\i}\cm`jkf
Yl\ef[\cX;`glkXZ`fep[\jgl\jj\gXjXi}eXcXXgifYXZ`e[\c>\]\gfcˆk`Zf%
J\i\d`k`i}XelXcd\ek\Xc>fY`\iefleÔe`hl`kf^\e\iXc#\ecX]fidXpgXiXcfj
\]\Zkfjhl\hl\[Xe\ogi\jX[fj\e\cXik%,%—[\\jk\ZXgˆklcf%
8IK%/%:lXe[ffZlii`\i\hl\cfjXiY`ki`fj\jkXYc\Z`[fjgXiXcXZfejkilZZ`fe[\
fYiXjel\mXji\gXiXZ`fe[\cXjXek`^lXj[\lk`c`[X[Zfdle[\cXGifm`eZ`X#ef
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8IK% +% K\e[i} cX ;`glkXZ`fe gifm`eZ`Xc le J\Zi\kXi`f efdYiX[f gfi \ccX#
Zfe]fid\gi\m`\e\cX:fejk`klZ`fe%CX[fkXZ`fe[\cJ\Zi\kXi`fj\i}gifgl\jkX
gficX;`glkXZ`fe#pZfe\c`e]fid\[\c>fY`\ief#XgifYX[XgficXj:ik\j%<c
J\Zi\kXi`fgf[i}j\ii\dfm`[fgficX;`glkXZ`eZfeXel\eZ`X[\c>fY`\ief%
).(
XcZXeZ\e}ZlYi`icfj^Xjkfj#cX;`glkXZ`feGifm`eZ`XcgXiXgifm\\ij\[\]fe[fj#
gifZ\[\i}gfi\cd„kf[fp\ecfjk„id`efjhl\gi\m`\e\cX:fejk`klZ`fe%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
).)
8IK%0%<jkXi}}ZXi^f[\cX;`glkXZ`feGifm`eZ`Xcm\cXijfYi\cXZfej\imXZ`fe
[\cXjfYiXjg’Yc`ZXjp\jkXYc\Z`d`\ekfj[\Y\e\ÔZ\eZ`X[\Zfdlelk`c`[X[[\
cX gifm`eZ`X# p gifdfm\i _XZ`„e[fcf gi\j\ek\ Xc >fY`\ief# cX ZfejkilZZ`e
[\ el\mXj fYiXj# cX ]fidXZ`e [\ ZlXchl`\iX \jkXYc\Z`d`\ekf Y\e\ÔZ`fjf [\
^\e\iXc lk`c`[X[ p dlp j\ŒXcX[Xd\ek\ cX eXm\^XZ`e `ek\i`fi [\ cX d`jdX
gifm`eZ`X# [fe[\ _lY`\i\ gifgfiZ`fe% J` \c \jkXYc\Z`d`\ekf g’Yc`Zf ]l\j\ [\
]le[XZ`fegXik`ZlcXipi\^`[fgfii\^cXjpX\jkXYc\Z`[Xj#j\c`d`kXi}cXm`^`cXeZ`X
[\cX;`glkXZ`fegifm`eZ`Xc}cfhl\j\gi\m`\e\\e\cgXiiX]f/%²[\cXik%**,[\
cX:fejk`klZ`fe%KfZXkXdY`„eXcX;`glkXZ`fem\cXi\ecXfYj\imXeZ`X[\cfhl\
j\gi\m`\e\}cfj8plekXd`\ekfj\ecfjXikˆZlcfj-#.p/[\cZXg%@%—[\\jkX
`ejkilZZ`fe%<ecXjfYiXjeXZ`feXc\jhl\gfijl\ok\ej`fe`dgfikXeZ`X#pgfi
`ek\i\jXi Xc i\`ef \e ^\e\iXc \jk}e `ed\[`XkXd\ek\ } ZXi^f [\c >fY`\ief# p
gfikXekf\dgi\e[`[Xj}ZfjkX[\c<iXi`fEXZ`feXc#k\e[i}ecXj;`glkXZ`fe\j
Gifm`eZ`Xc\j i\jg\Zk`mXd\ek\ Xhl\ccX `ek\im\eZ`fe \jg\Z`Xc hl\ c\j [`\i\ \c
>fY`\iefpX[\dXjXhl\ccXm`^`cXeZ`X^\e\iXc\em`ikl[[\cXZlXc[\Y\eXm`jXi
Xc>fY`\ief[\cfjXYljfjhl\fYj\imXi\e#j`e\ekifd\k\ij\\ee`e^’eZXjf\e
cX[`i\ZZ`fe[\cXjfYiXj#e`\dYXiXqXi[\df[fXc^lef}jlj[`i\Zkfi\j%
8IK%('%<c]fe[f[\hl\ljXi}cX;`glkXZ`feGifm`eZ`XcgXiXcXi\gXiXZ`fe[\
fYiXj g’Yc`ZXj [\ cX Gifm`eZ`X  ZfejkilZZ`fe [\ cXj el\mXj p [\d}j ^Xjkfj
[\ \ccX# j\i} \c jfYiXek\ [\ Gifg`fj p 8iY`ki`fj [\ cX d`jdX# [\jgl\j [\
jXk`j]\Z_Xj cXj e\Z\j`[X[\j [\ cfj gl\Ycfj% CXj Zl\ekXj [\ cX `em\ij`fe Xjˆ
[\\jkfj]fe[fjZfdf[\cfjXiY`ki`fjel\mfjhl\cXj:ik\jZfeZ\[Xe#j\i}
\oXd`eX[fj gfi cX ;`glkXZ`fe Gifm`eZ`Xc# Zfdf cX :fejk`klZ`fe gi\m`\e\2
i\d`k`[Xj [\jgl\j Xc >fY`\ief gXiX hl\ cXj _X^X i\ZfefZ\i p ^cfjXi gfi cX
:fekX[liˆX dXpfi [\ :l\ekXj# p ÔeXd\ek\ gi\j\ekX[Xj } cXj :ik\j gXiX jl
XgifYXZ`fe%<ecXjGifm`eZ`Xj[\LckiXdXi#[\jgl\j[\\oXd`eX[XjcXjZl\ekXj
gficX;`glkXZ`feGifm`eZ`Xcpgl\jkfgfi\ccX\cm`jkfYl\ef#j\fYj\imXi}gXiX
jl\oXd\ep^cfjX\cd\kf[fhl\Xcgi\j\ek\i`^\#i\d`k`„e[fcXjgfi’ck`df}
cXj:ik\jgXiXjlXgifYXZ`fe%
8IK%((%CX[`glkXZ`egifm`eZ`XcXlo`c`Xi}Xc>\]\gfcˆk`ZfZlXe[ffZlii`\i\\e
Xc^’e gl\Ycf [\ cX Gifm`eZ`X ZlXchl`\i \e]\id\[X[ ZfekX^`fjX  \g`[„d`ZX%
<e cX ZXg`kXc [\ ZX[X Gifm`eZ`X _XYi} leX AlekX [\ JXe`[X[# Zfdgl\jkX [\c
>\]\ gfcˆk`Zf# [\c @ek\e[\ek\# [\c I\m\i\e[f FY`jgf  jl m`ZXi`f ^\e\iXc# p
\eXlj\eZ`X[\XdYfj[\lef[\cfjg}iifZfj[\cgl\Ycfgi\Ôi`\e[f\cd}j
Xek`^lf#[\le`e[`m`[lf[\cX;`glkXZ`fep[\ce’d\if[\]XZlckXk`mfjpm\Z`efj
hl\ \jkX \jk`d\ Zfem\e`\ek\% <jkX AlekX [\ JXe`[X[ \e \c [\j\dg\Œf [\
jlj ]leZ`fe\j fYj\imXi} cfj i\^cXd\ekfj \o`jk\ek\j# \e ZlXekf ef \jk„e
[\if^X[fjgficXZfejk`klZ`epi\jfclZ`fe\jgfjk\i`fi\j%
8IK%(*%:X[X;`glkXZ`fegifm`eZ`XcZl`[Xi}[\]fidXi\cZ\ejfpcX\jkX[ˆjk`ZX
[\ jl Gifm`eZ`X Zfe cX dXpfi \oXZk`kl[# mXc`„e[fj\ gXiX \ccf [\ kf[Xj cXj
efk`Z`Xjhl\cfj8plekXd`\ekfj[\Y\ei\d`k`ig\i`[`ZXd\ek\Xc>\]\gfcˆk`Zf#
p[\kf[fjcfj[\d}j[Xkfjhl\gfid\[`f[\cd`jdf[\Y\i}eg\[`ij\#j\^le
j\e\Z\j`k\#p}kf[XjpZlXc\jhl`\iXg\ijfeXj#ZfigfiXZ`fe\jgl\Ycfj%<jkfj
Z\ejfj p gcXefj [\ \jkX[ˆjk`ZX j\i}e gleklXcd\ek\ i\d`k`[fj Xc >fY`\ief# p
X[\d}jZX[X;`glkXZ`feZfej\imXi}\ejlXiZ_`mfkf[Xj\jkXjefk`Z`Xj%
8IK%(+%GXiX]fd\ekXicXX^i`ZlckliX#cX`e[ljki`X#cXjXik\jp\cZfd\iZ`f#cX
;`glkXZ`fe Gifm`eZ`Xc# gi\j\ekXi} Xc >fY`\ief cfj gcXe\j p gifp\Zkfj hl\ c\
gXi\qZXed}jfgfiklefj%
8IK%(,%GXiX[\j\dg\ŒXicX;`glkXZ`feGifm`eZ`Xc\cZXi^fhl\c\\jk}_\Z_f\e
cfjg}iiX]fj-p0[\cXik%**,[\cX:fejk`klZ`fe#[\Y\i}i\Zlii`iXcXj:ik\jXc
>fY`\iefgficXi\gXiXZ`fe[\cfjXYljfj[\hl\k\e^Xefk`Z`X#gi\j\ek}e[fc\j
[Xkfj jlÔZ`\ek\j p Y`\e ZXc`ÔZX[fj# j`e hl\ Zfe gi\k\okf [\ \jkfj \eZXi^fj
gl\[X`ekifd\k\ij\\ecXj]leZ`fe\j[\cfj\dgc\X[fjg’Yc`Zfj%
8IK% (-% 8[\d}j [\ cf hl\ j\ gi\m`\e\ \e \c g}iiX]f (' [\c Xik% **, [\ cX
:fejk`klZ`fe# Zl`[Xi}e cXj ;`glkXZ`fe\j [\ LckiXdXi [\ hl\ cfj _XY`kXek\j
[`jg\ijfj\ecfjmXcc\jpdfek\j#\ecfjgXiX^\j\ehl\\jkffZliiX#j\i\[lqZXe
}m`m`i\egfYcX[f#\eZfe]fid`[X[[\cf[`jgl\jkfgficXjc\p\j2gifgfe`\e[f
Xc>fY`\iefcXjd\[`[Xjhl\\jk`d\dXjfgfikleXj#}Ôe[\]XZ`c`kXic\jk`\iiXj
pd\[`fj[\Zlck`mXicXj#ZfeXii\^cf}cf[`jgl\jkfgficXj:ik\j\e\c[\Zi\kf
[\+[\\e\if[\\jk\XŒf%
8IK%(.%;\Y`\e[fcX;`glkXZ`feGifm`eZ`XcZfejlckXiZfe\c>fY`\iefp\jg\iXi
jlXlkfi`qXZ`egXiXkf[XjcXjgifm`[\eZ`Xj\ehl\cXc\p\o`^\\jk\i\hl`j`kfp
\e^\e\iXcgXiXkf[fjcfjZXjfjpd\[`[Xj[\dXpfi`dgfikXeZ`X#j\[`i`^`i}e
kf[fj jlj i\Zlijfj p Zfdle`ZXZ`fe\j gfi \c Zfe[lZkf [\c >\]\ gfcˆk`Zf jl
gi\j`[\ek\%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8IK%()%M\cXi}cX;`glkXZ`fejfYi\\cZldgc`d`\ekf[\cfhl\\jk}gi\m\e`[f}
cfj8plekXd`\ekfjXZ\iZX[\c\jkXYc\Z`d`\ekf[\\jZl\cXj[\gi`d\iXjc\kiXj\
`ejkilZZ`e[\cXalm\ekl[#Zfe]fid\XcfjgcXe\jXgifYX[fjgfi\c>fY`\ief%
CX;`glkXZ`feGifm`eZ`Xc#gfiX_fiXp_XjkXhl\j\Xgil\Y\cX;`i\ZZ`fe>\e\iXc
[\\jkl[`fj#_Xi}\oXd`eXi#j`gl[`\i\j\i#\ejlgi\j\eZ`XgficXjg\ijfeXjhl\
k\e^XgfiZfem\e`\ek\#cfjhl\Xjg`i\e}j\idX\jkifjg’Yc`Zfj[\c\\i#\jZi`Y`i
pZfekXi#gifZliXe[fhl\i\leXecfjhl\_Xe[\j\iXgifYX[fjcXZfdg\k\ek\
`ejkilZZ`fe}cXdfiXc`[X[dXjXZi\[`kX[X%CXd`jdX;`glkXZ`feXgifYXi}\jkfj
dX\jkifj2p\ckˆklcf[fe[\_X[\ZfejkXi\jk\i\hl`j`kfj\i}ÔidX[fgfi\c>\]\
gfcˆk`Zf# gfi le `e[`m`[lf [\ cX ;`glkXZ`fe p i\]i\e[X[f gfi \c j\Zi\kXi`f [\
\jkX1j\[\jgXZ_Xi}^iXk`jpj\im`i}gXiX\a\iZ\i\jkX\ej\ŒXeqX\eZlXchl`\i
gl\Ycf[\cXGifm`eZ`X%
).*
8IK%(/%CXj;`glkXZ`fe\jGifm`eZ`Xc\jk\e[i}e\ckiXkXd`\ekf[\;nY[b[dY_W%
:8GàKLCF@@@%
:[bei=[\[ifeb‡j_Yei
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
).+
8IK%(%<jkXe[f\c>fY`\iefgfcˆk`Zf[\ZX[XGifm`eZ`Xj\^le\cXik%*)+[\cX
:fejk`klZ`fe#}ZXi^f[\c>\]\jlg\i`figfcˆk`ZfefdYiX[fgfi\cI\p\eZX[X
leX[\\ccXj#i\j`[\\e„ccXjlg\i`fiXlkfi`[X[[\ekif[\cXGifm`eZ`XgXiXZl`[Xi
[\cXkiXehl`c`[X[g’Yc`ZX#[\cYl\ei[\e#[\cXj\^li`[X[[\cXjg\ijfeXjp
Y`\e\j[\jlj_XY`kXek\j#[\cX\a\ZlZ`e[\cXjc\p\jpi[\e\j[\c>fY`\ief2
p \e ^\e\iXc [\ kf[f cf hl\ g\ik\e\Z\ Xc i[\e g’Yc`Zf p gifjg\i`[X[ [\
cXGifm`eZ`X2pXjˆZfdfj\i}i\jgfejXYc\[\cfjXYljfj[\jlXlkfi`[X[#[\Y\i}
j\i kXdY`\e gleklXcd\ek\ i\jg\kX[f p fY\[\Z`[f [\ kf[fj% Ef jfcf gf[i}
\a\ZlkXi^lY\ieXk`mXd\ek\cXjg\eXj`dgl\jkXjgficXjc\p\j[\gfc`ZˆXpYl\e
>fY`\ief# j`ef hl\ k\e[i} ]XZlckX[ [\ `dgfe\i p \o`^`i dlckXj } cfj hl\ c\
[\jfY\[\qZXec\]Xck\eXci\jg\kf#p}cfjhl\kliY\e\ci[\e\cjfj`\^f
g’Yc`Zf%
8IK% )% ?XjkX hl\ j\ m\i`Ôhl\ cX Zfem\e`\ek\ [`m`j`e [\ cXj Gifm`eZ`Xj [\c
i\`ef#[\hl\_XYcX\cXik%(([\cX:fejk`klZ`fe#_XYi}le>\]\gfcˆk`Zf\ekf[Xj
Xhl\ccXj\ehl\_XpX;`glkXZ`feGifm`eZ`Xc%
8IK% *% Gf[i} _XY\i le >\]\ gfcˆk`Zf jlYXck\ief Xc [\ cX Gifm`eZ`X \e cfj
gi`eZ`gXc\jgl\ikfj[\dXihl\efj\XeZXY\qXj[\Gifm`eZ`X#„`^lXcd\ek\\e
cXjZXg`kXc\j[\gXik`[f[\gifm`eZ`Xjdlp[`cXkX[XjdlpgfYcX[Xj[fe[\\c
^fY`\iefalq^l\j\iZfem\e`\ek\\jkXYc\Z\icfjgXiXcXd\afi[`i\ZZ`fe[\cfj
e\^fZ`fjg’Yc`Zfj#[\jgl\j[\_XY\ifˆ[f}cX;`glkXZ`feGifm`eZ`Xci\jg\Zk`mX
pXc:fej\af[\<jkX[f#p[Xe[fgXik\}cXj:ik\jgXiXjlXgifYXZ`fe%
8IK%+%:X[X>\]\gfcˆk`Zfjlg\i`fik\e[i}lej\Zi\kXi`fefdYiX[fgfi\cI\p
cXI\^\eZ`X[\cI\`ef#p[fe[\gXi\qZXZfem\e`\ek\#\cjlYXck\iefjlYXck\iefj
[\cXJ\Zi\kXiˆXhl\j\XeXYjfclkXd\ek\`e[`jg\ejXYc\j#jfYi\Zlpfe’d\ifp
jl\c[fj\ogfe[i}\c>fY`\ief}cXj:ik\jcfhl\c\gXi\qZXgXiXjlXgifYXZ`fe2
\ek\e[`„e[fj\hl\\c[\cJ\Zi\kXi`fefYXaXi}[\(,%'''i\Xc\je`gXjXi}[\+'%
8IK% ,% <c ZXi^f [\ >\]\ gfcˆk`Zf \jkXi} gfi i\^cX ^\e\iXc j\gXiX[f [\
cX ZfdXe[XeZ`X [\ cXj XidXj \e ZX[X Gifm`eZ`X2 g\if \e cXj gcXqXj hl\
j\ _XccXi\e Xd\eXqX[Xj [\c \e\d`^f  \e ZlXchl`\iX ZXjf \e hl\ cX
Zfej\imXZ`fe  i\jkXYc\Z`d`\ekf [\c i[\e g’Yc`Zf p [\ cX kiXehl`c`[X[
p j\^li`[X[ ^\e\iXc Xjˆ cf i\hl`\iXe# gf[i} \c >fY`\ief# X hl`\e \jk}
\eZXi^X[X gfi cX :fejk`klZ`fe cX j\^li`[X[ `ek\i`fi p \ok\i`fi [\c <jkX[f#
i\le`ik\dgfiXcd\ek\\cdXe[fgfcˆk`ZfXcd`c`kXi#[Xe[fZl\ekX}cXj:ik\j
[\cfjdfk`mfjhl\gXiX\ccf_XpXk\e`[f%
8IK%.%<cjl\c[f[\cfj>\]\jgfcˆk`Zfj\ecXG\eˆejlcXefYXaXi}[\,'%'''i\Xc\j
XelXc\j#e`gXjXiX[\(''%'''#Xii\^c}e[fj\\eZX[Xgifm`eZ`Xcfhl\[\ekif
[\\jkXYXj\[\YXg\ik\e\Z\i}ZX[Xlef#Xk\e[`[XcX\ok\ej`fe[\cdXe[fp
cXjZ`iZlejkXeZ`XjgXik`ZlcXi\j[\cgXˆj2g\ifd`\ekiXj\o`jkXecXjgi\j\ek\j[\
g\eli`Xg’Yc`ZX#e`e^lefgf[i}[`j]ilkXidXj[\+'%'''i\Xc\j%:lXe[fcc\^Xi\
\cZXjf[\cZfii\jgfe[`\ek\j\ŒXcXd`\ekf[\jl\c[f#cfgifgfe[i}\c>fY`\ief
}cXj:ik\j#gXiXhl\ZfejlXgifYXZ`fehl\[\[\Ôe`k`mXd\ek\\jkXYc\Z`[f%
<c>\]\gfcˆk`Zf[\cX:ik\k\e[i}[\jl\c[f()'%'''i\Xc\j%<cjl\c[f[\cfj
>\]\j gfcˆk`Zfj jlYXck\iefj j\ j\ŒXcXi} ZlXe[f j\ Xgil\Y\ gfi cXj :ik\j \c
\jkXYc\Z`d`\ekf[\ZX[Xlef[fe[\Zfem\e^X#gi\m`f\cgXi\Z\i[\c>fY`\ief#
hl\c\i\^lcXi}gfi\cgi`eZ`g`fhl\hl\[X\jkXYc\Z`[fgXiXcfj>\]\jgfcˆk`Zfj
jlg\i`fi\j#i\ZXp\e[fcXXgifYXZ`e[\cXjd`jdXj%GXiX\cj\ŒXcXd`\ekf[\
jl\c[fj[\\jkfj\dgc\X[fj#[\cfjJ\Zi\kXi`fjpjlYXck\iefj\eLckiXdXi#\c
>fY`\ief gi\j\ekXi} } cXj :ik\j gXiX jl XgifYXZ`fe cX ZlfkX hl\ Zi\X dXj
Zfem\e`\ek\\jkXYc\Z\i#Xk\e[`[Xjkf[XjcXjZ`iZlejkXeZ`Xj%
8IK%/%Cfj>\]\jgfcˆk`Zfj[\cXjGifm`eZ`Xjk\e[i}e\ckiXkXd`\ekf[\I[‹eh‡W"
}d\efjhl\c\jZfii\jgfe[XfkifdXpfigfiXc^leXfkiXiXqfe%<c>\]\gfcˆk`Zf
[\cX:fik\#hl\\a\iqX\jk\[\jk`ef\egifg`\[X[#k\e[i}#d`\ekiXjc\fYk\e^X#
\ckiXkXd`\ekf[\;nY[b[dY_W%
8IK%0%Cfj>\]\jgfcˆk`Zfj[\cXjGifm`eZ`XjpcfjjlYXck\iefjgf[i}eZfek`elXi
\e \c dXe[f gfi le k`\dgf `e[\k\id`eX[f# j\i i\dfm`[fj  kiXjcX[X[fj }
mfclekX[pal`Z`f[\c>fY`\ief#k\e`\e[fj`\dgi\}cXm`jkXcXlk`c`[X[g’Yc`ZXp
\cd\afij\im`Z`f[\c<jkX[f%
8IK%('%<eZXjf[\mXZXek\#pd`\ekiXjj\gifm\X#\eZXjf[\`dgfj`Y`c`[X[
k\dgfiXc [\c >\]\ gfcˆk`Zf [\ cX Gifm`eZ`X# _Xi} jlj m\Z\j \c @ek\e[\ek\# j`
ef j\ _XccXi\ [\j`^eX[X [\ Xek\dXef gfi \c >fY`\ief cX g\ijfeX hl\ [\YX
[\j\dg\ŒXi \c ZXi^f% :lXe[f fZliiXe `^lXc\j ZXjfj Zfe cfj >\]\j gfcˆk`Zfj
jlYXck\iefj#_Xi}cXjjlpXj\c8cZXc[\gi`d\iefdYiX[f[\cXZXg`kXcgl\Ycf
[fe[\_XpX>\]\gfcˆk`ZfjlYXck\ief%
8IK%((%GXiXj\iefdYiX[f>\]\gfcˆk`Zfj\i\hl`\i\_XY\ieXZ`[f\ek\ii`kfi`f
<jgXŒfc#j\idXpfi[\),XŒfj#^fqXi[\Yl\eZfeZ\gkf\e\cg’Yc`Zf#_XY\i
XZi\[`kX[f[\j`ek\i„j#dfiXc`[X[#X[_\j`eXcX:fejk`klZ`fep}cX`e[\g\e[\eZ`X
pc`Y\ikX[gfcˆk`ZX[\cXEXZ`fe#j`ehl\j`imX[\`dg\[`d\ekf\chl\j\XeXkliXc
[\cXgifm`eZ`XgXik`[f\ehl\_XpX[\\a\iZ\ijlj]leZ`fe\j%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8IK% -% <c >\]\ gfcˆk`Zf k\e[i} jl i\j`[\eZ`X fi[`eXi`X \e cX ZXg`kXc [\ cX
Gifm`eZ`X# [\Y`\e[f _XccXij\ gi\Z`jXd\ek\ \e \ccX \e cfj [ˆXj j\ŒXcX[fj gfi
cX:fejk`klZ`fegXiX\cefdYiXd`\ekf[\cfj<c\Zkfi\j[\GXik`[f[\cXZXg`kXc#
[\ cfj ;`glkX[fj [\ :ik\j p ;`glkXZ`fe Gifm`eZ`Xc# p kXdY`\e \e cXj „gfZXj
p[ˆXj\ehl\\jk„i\le`[XcX;`glkXZ`feGifm`eZ`Xc#}ZlpXjj\j`fe\j[\Y\i}
Xj`jk`iZfdf`e[`m`[lfGi\j`[\ek\%
).,
8IK%()%:l`[Xi}\c>\]\gfcˆk`Zf[\hl\j\gifZ\[X[\j[\cl\^fXcefdYiXd`\ekf
[\ cfj 8plekXd`\ekfj# Zfe Xii\^cf } cX :fejk`klZ`fe p } cX c\p [\ )* [\
dXpf [\ (/()# Zfdf kXdY`\e [\ hl\ cXj \c\ZZ`fe\j gXiX \jkfj j\ m\i`Ôhl\e
g\i`[`ZXd\ek\Zfdf\jk}dXe[X[f%
8IK% (*% <c >\]\ gfcˆk`Zf gi\j`[`i} j`e mfkf \c 8plekXd`\ekf [\ cX ZXg`kXc [\
cXGifm`eZ`X#p[\cd`jdfdf[f\cjlYXck\ief\c8plekXd`\ekf[\cXZXg`kXc
gl\Ycf\e[fe[\k\e^Xjli\j`[\eZ`X2g\iflefpfkifk\e[i}emfkfgXiX[\Z`[`i
\eZXjf[\\dgXk\%:lXe[f\c>\]\gfcˆk`Zfjlg\i`fi\cjlYXck\iefj\_XccXi\e
gfiZlXchl`\iXiXqe\eXc^’egl\Ycf[\jlgifm`eZ`XgXik`[f#gf[i}egi\j`[`i
\c8plekXd`\ekfj`\dgi\hl\cfZi\XeZfem\e`\ek\%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
).-
8IK%(+%:fdfgi\j`[\ek\[\cX;`glkXZ`feGifm`eZ`XcZl`[Xi}\c>\]\gfcˆk`Zf
[\cXGifm`eZ`X[\hl\j\^lXi[\\cdXpfii[\e\e\cdf[f[\kiXkXij\cfj
e\^fZ`fj2 hl\ \jkX [\j\dg\Œ\ jlj fYc`^XZ`fe\j p \eZXi^fj2 p hl\ j\ i\leX
\ecXj„gfZXjhl\pX\jk}e`e[`ZX[Xj#\ehl\cf\o`aXecfje\^fZ`fj#Y`\e
cX e\Z\j`[X[ [\ kiXkXi [\ Xc^lef gXik`ZlcXi hl\ fZliiX \e cX Gifm`eZ`X#  j\
\eZXi^l\gfi\c>fY`\iefj`\dgi\hl\j\X[\cXeXkliXc\qX[\Xhl\ccfj\ehl\
\c:fej\afpcX`ek\im\eZ`fe[\cX;`glkXZ`fej\Xei\hl\i`[fjgficXjc\p\j
i\^cXd\ekfj#gficXZfem\e`\eZ`Xg’Yc`ZX}al`Z`f[\cd`jdf>\]\%
8IK% (,% 8 Ôe [\ Xj\^liXi Zfem\e`\ek\d\ek\ cX i\jgfejXY`c`[X[ gfi cXj
gifm`[\eZ`Xj hl\ j\ kfd\e \e cX Gifm`eZ`X# p [\ [Xi X cX \a\ZlZ`fe [\
cXjd\[`[Xj^lY\ieXk`mXjkf[XcXle`]fid`[X[p\e\i^ˆXhl\jfekXee\Z\jXi`Xj#
j\fYj\imXi}\ecfje\^fZ`fjhl\j\kiXk\egficX;`glkXZ`fe#hl\ZlXe[fm\ij\e
\ecX`ek\im\eZ`fepXgifYXZ`fe[\Zl\ekXjp\ci\gXik`d`\ekf[\Zfeki`YlZ`fe\j
j\ \ek`\e[X XZfi[X[f gfi cX ;`glkXZ`fe Xhl\ccf \e hl\ Zfem`e`\i\ cX dXpfi
gXik\ [\ cfj mfZXc\j# p \e \jkfj ZXjfj cX i\jgfejXY`c`[X[ i\ZX\i} jfYi\ cX
;`glkXZ`fe2 g\if ZlXe[f j\Xe [\ Xhl\ccfj \e hl\ \jklm`\i\ \eZXi^X[f } cXj
;`glkXZ`fe\jgficX:fejk`klZ`fecXjc\p\jjfcf\cZl`[Xi#m\cXigifdfm\i#
 ]fd\ekXi cXj ZfjXj g\ik\e\Z`\ek\j Xc Y`\e g’Yc`Zf# cX Xlkfi`[X[ gXiX cXj
i\jfclZ`fe\j p cX i\jgfejXY`c`[X[ j\i} kf[X [\c >\]\ gfcˆk`Zf# fp\e[f \e cfj
ZXjfjj\ŒXcX[fjp^iXm\j\cZfej\af[\cX;`glkXZ`fe#pmXc`„e[fj\[\jljclZ\jj`e
g\ial`Z`f[\cXjgifekXjgifm`[\eZ`Xj^lY\ieXk`mXjhl\gl\[X\o`^`icXli^\eZ`X[\
cXjfZlii\eZ`Xj%
8IK% (-% <c >\]\ gfcˆk`Zf j\i} \c ’e`Zf Zfe[lZkf [\ Zfdle`ZXZ`e \eki\ cfj
8plekXd`\ekfj p cX ;`glkXZ`fe Gifm`eZ`Xc# Zfdf Xj`d`jdf \eki\ \jkX p \c
^fY`\ief# Xc hl\ i\d`k`i} gXiX cX [\k\id`eXZ`fe Zfdg\k\ek\ cfj gifp\Zkfj#
gifgl\jkXj#`e]fid\jpgcXe\jhl\Xhl\ccX]fidXi\jfYi\cfjfYa\kfj\eZXi^X[fj
} jl m`^`cXeZ`X# hl\[Xe[f i\jgfejXYc\ [\ ZlXchl`\iX fd`j`fe  [`cXZ`fe hl\
_`Z`\i\Zfe\cÔe[\hl\efcc\^l\eXc>fY`\ief%
8IK%(.%Jfcf\c>\]\gfcˆk`ZfZ`iZlcXi}gfikf[XcXGifm`eZ`Xkf[XjcXjc\p\jp
[\Zi\kfjhl\j\\og`[`\i\egfi\c>fY`\ief#_XZ`\e[fj\glYc`hl\e\ecXZXg`kXc
8IK%(/%:feXii\^cf}cfgi\m\e`[f\e\c[\Zi\kf[\(+[\XYi`cgio`dfgXjX[f#
\c >\]\ jlg\i`fi gfcˆk`Zf [\ ZX[X gifm`eZ`X \a\iZ\i} \e \ccX cX ]XZlckX[# hl\
\ecfjZXjfjpk„id`efjhl\\ogi\jXcXgiX^d}k`ZX[\('[\XYi`c[\(/'*\a\iZˆXe
cfjgi\j`[\ek\j[\cXj:_XeZ`cc\iˆXjp8l[`\eZ`Xj#p\cI\^\ek\[\cX[\8jkli`Xj#
ZfeZ\[`\e[fe\^Xe[f}cfj_`afj[\]Xd`c`XcXc`Z\eZ`XgXiXZXjXij\%
8IK%(0%<cI\pcXI\^\eZ`X\ejlZXjfgf[i}e[\c\^Xi}cfj>\]\jgfcˆk`Zfj[\
LckiXdXi\c\a\iZ`Z`f[\cXj]XZlckX[\j[\cI\XcgXkifeXkf2j\^lepZfdf_XjkX
X_fiXj\_XgiXZk`ZX[fZfecfj^fY\ieX[fi\j[\Xhl\ccXjgifm`eZ`Xj\ekf[Xjl
\ok\ej`fe#Zfe]fid\}cXjc\p\jp[`jgfj`Z`fe\jgfjk\i`fi\j%
8IK% )'% Cfj >\]\j gfcˆk`Zfj# Zfdf gi`d\ifj X^\ek\j [\c >fY`\ief \e cXj
gifm`eZ`Xj#gf[i}e\a\iZ\i\e\ccXjcX]XZlckX[hl\ZfeZ\[\XcI\p\cg}iiX]f
@@[\cXik%(.)[\cX:fejk`klZ`fe\ejfcf\cZXjfhl\Xccˆj\gi\m`\e\%KXdY`\e
gf[i}eXii\jkXi}cfjhl\j\_Xcc\e[\c`ehl`\e[f`e]iX^Xek`2g\if\e\jkfjZXjfj
cfj^\]\jgfcˆk`Zfj\eki\^Xi}ecfji\fj}[`jgfj`Z`e[\cAl\qZfdg\k\ek\\e\c
gi\Z`jfk„id`ef[\m\`ek\pZlXkif_fiXj%
8IK%)(%;\Y\i}\c>\]\gfcˆk`Zfi\d`k`iXc>fY`\iefZX[XXŒfle\jkX[f[\cfj
eXZ`[fj#ZXjX[fjpdl\ikfj\ekf[XcXGifm`eZ`X#gXiXhl\\c>fY`\iefgl\[X
k\e\i}cXm`jkX\eZXjfe\Z\jXi`fcfji\jlckX[fj^\e\iXc\jjfYi\\jkXdXk\i`X
\ekf[f\ci\`ef%
8IK% ))% :lXe[f fZlii`\i\ \e Xc^leX gXik\ \g`[\d`X  \e]\id\[X[\j
ZfekX^`fjXj\e[„d`ZXj#\c>\]\gfcˆk`ZfkfdXi}gfijˆ#[\XZl\i[fZfecX
AlekX[\JXe`[X[#pXle[\cX;`glkXZ`feGifm`eZ`Xc#j`j\_XccXi\i\le`[X#kf[Xj
cXj d\[`[Xj Zfem\e`\ek\j gXiX XkXaXi \c dXc p gXiX gifZliXi cfj fgfiklefj
Xlo`c`fj%;Xi}]i\Zl\ek\d\ek\Xm`jfXc>fY`\ief[\cfhl\fZliiX\e\jk\glekf#
[\ cXj gi\ZXlZ`fe\jhl\ j\ kfd\e# p [\cfj jfZfiifj hl\j\ e\Z\j`k\e2 p Xj`
d`jdfc\`ejkil`i}[\cfhl\cfj]XZlckXk`mfj[\cXAlekXGifm`eZ`Xc[\jXe`[X[
fg`eXi\ejfYi\cXeXkliXc\qX[\cdXcpjld„kf[fZliXk`mf#[\cfj\]\Zkfjhl\
j\fYj\im\ep[\cXdfikXe[X[[`Xi`Xhl\j\efk\%
8IK%)*%:fii\jgfe[\Xc>\]\gfcˆk`Zf\cZfefZ`d`\ekf[\cfji\Zlijfj[l[Xj
hl\ fZliiXe jfYi\ \c\ZZ`fe\j [\ cfj fÔZ`fj [\ 8plekXd`\ekf# p cXj [\Z`[`i}
^lY\ieXk`mXd\ek\pgfimˆX`ejkilZk`mX#j`egc\`kfe`Zfek`\e[Xal[`Z`Xc%<chl\
`ek\ekXi\[\Z`i[\elc`[X[[\cXj\c\ZZ`fe\j#[\kXZ_Xj\e\cefdYiXd`\ekf
[\ Xc^lef# [\Y\i} _XZ\icf \e \c gi\Z`jf k„id`ef [\ fZ_f [ˆXj [\jgl„j [\
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
[\ cX Gifm`eZ`X# p j\ \ek\i\ [\ \ccXj cX ;`glkXZ`fe Gifm`eZ`Xc# p Zl`[Xe[f [\
i\d`k`icXjc\p\jp[\Zi\kfj}cfj>\]\jgfcˆk`ZfjjlYXck\iefj#j`cfj_lY`\i\#gXiX
hl\cfj_X^XeZ`iZlcXi\ejlk\ii`kfi`f#}cfj8cZXc[\jgi`d\ifj[\cXjZXY\qXj
[\gXik`[fgXiX\cd`jdf\]\Zkf%J`\e[f[\cXi\jgfejXY`c`[X[[\c^\]\gfcˆk`Zf
cXZ`iZlcXZ`fe[\cXjc\p\jp[\Zi\kfj#\o`^`i}i\Z`Yfj[\Xhl\ccXjXlkfi`[X[\j}
hl`\e\jcfjZfdle`ZXi\%
)..
glYc`ZX[XcX\c\ZZ`fe#pgXjX[fXhl\cefj\X[d`k`i}cXhl\aX2g\if\ee`e^le
ZXjfj\jljg\e[\i}[XicXgfj\j`e}cfjefdYiX[fj\e\c[ˆXj\ŒXcX[fgficX
c\p}gi\k\okf[\cfji\Zlijfjphl\aXjhl\j\`ek\ek\e%
8IK%)+%GXiXhl\gl\[Xk\e\i\]\Zkf#j`Xc^leXm\qfZlii`\i\Zfeli^\eZ`X
\e^iXe[`jkXeZ`X#cX]XZlckX[hl\cX:fejk`klZ`fe[}XcI\p\e\cXik%**-[\
jljg\e[\i}cfj`e[`m`[lfj[\cXj;`glkXZ`fe\jgifm`eZ`Xc\jZlXe[fXYljXi\e
[\ jlj ]XZlckX[\j# cfj >\]\j gfcˆk`Zfj j\ c`d`kXi}e \e \jkX gXik\ } \a\ZlkXi
gleklXcd\ek\ cXj i[\e\j hl\ gi\m\ek`mXd\ek\ c\j _XpX Zfdle`ZX[f \c
>fY`\ief%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)./
8IK%),%KfZXXc>\]\gfcˆk`ZfXgifYXicXjZl\ekXj[\Gifg`fp8iY`ki`fjp[\cfj
Gj`kfj#hl\i\d`kXecfj8plekXd`\ekfj#[\jgl\j[\gl\jkf\cm`jkfYl\efgficX
;`glkXZ`fegifm`eZ`Xc2p\eZXjf[\k\e\iXc^le`eZfem\e`\ek\\ejlXgifYXZ`fe2
ZfejlckXi}Zfe\c>fY`\iefgXiXcXi\jfclZ`feZfem\e`\ek\%
8IK% )-% Gifgfe[i} \c >\]\ gfcˆk`Zf Xc >fY`\ief kf[fj cfj d\[`fj hl\ Zi\X
Zfem\e`\ek\j gXiX \c ]fd\ekf [\ cX X^i`ZlckliX# cX `e[ljki`X p \c Zfd\iZ`f# p
kf[fZlXekfj\X’k`cpY\e\ÔZ`fjf}cXGifm`eZ`X%
8IK% ).% J`\e[f \c >\]\ gfcˆk`Zf i\jgfejXYc\ [\c Yl\e i[\e `ek\i`fi [\ cX
Gifm`eZ`X#i\hl\i`i}[\c:fdXe[Xek\d`c`kXi[\\ccX\cXlo`c`f[\cX]l\iqXXidX[X
hl\e\Z\j`k\gXiXZfej\imXii\jkXYc\Z\icXkiXehl`c`[X[[\cXjgfYcXZ`fe\jp
cXj\^li`[X[[\cfjZXd`efj%
8IK% )/% KfZXi} Xc >\]\ gfcˆk`Zf m`jXi p \og\[`i# Zfe]fid\ } cXj c\p\j# cfj
gXjXgfik\j\ecXjGifm`eZ`Xj]ifek\i`qXj}cfjm`X^\ifjhl\m\e^XemXpXe}
gXˆj\okiXe^\if2pXjˆcfj^\]\jgfcˆk`ZfjZfdfcfj8cZXc[\j#ZX[Xlef[\gfi
jˆ# gf[i}e ZfeZ\[\icfj# p cf _Xi}e ^iXk`j } cfj hl\ m`X^\e gfi cXj Gifm`eZ`Xj
`ek\i`fi\j ZlXe[f cf g`[Xe cfj `ek\i\jX[fj#  ZlXe[f \c >fY`\ief cf _XpX
[`jgl\jkfgXiXZfej\imXi\ci[\epj\^li`[X[g’Yc`ZX2g\if\e cXd`c`Z`Xj\
fYj\imXi}cfgi\m\e`[f\ecXfi[\eXeqXp[\Zi\kfjhl\}\ccXg\ik\e\qZXe%
8IK% )0% GXiX ]fidXi \c gifZ\jf hl\ c\ \jk} \eZXi^X[f gfi \c Xik% )-( [\ cX
:fejk`klZ`fe# gf[i} Xj\jfiXij\ \c >\]\ gfcˆk`Zf [\ le c\kiX[f [\ ZfefZ`[X
`ejkilZZ`fepgifY`[X[#pZfeZcl`[fc\i\d`k`i}XcJlgi\dfKi`YleXc[\Aljk`Z`X#
Z\jXe[f[\j[\\jk\glekf\ekf[X[`c`^\eZ`Xlck\i`fi%
8IK%*'%G\ik\e\Z\Xc>\]\gfcˆk`ZfcXjlg\i`fi`ejg\ZZ`ejfYi\cfjiXdfj[\
YX^X^\j#XcfaXd`\ekfjpjlYj`jk\eZ`Xjhl\[\YXe[Xij\}cXjkifgXj1Xii\^c}e[fj\
}cfhl\gi\m\e^XcXfi[\eXeqX^\e\iXc[\c\a„iZ`kf#cfji\^cXd\ekfj#Y`\ecXj
i[\e\jhl\i\Z`Y`\i\[\c>fY`\ief\e\a\ZlZ`e[\cXjc\p\j#p\ek\e[`„e[fj\
Zfecfj8plekXd`\ekfjp8cZXc[\j[\cfjgl\Ycfj\eZlXekfjZXjfjfZliiXegXiX
]XZ`c`kXi\cj\im`Z`f%
8IK%*(%:l`[Xi}\c>\]\gfcˆk`Zf[\hl\\cgcXe\jkX[ˆjk`Zf[\cXGifm`eZ`X#hl\
„c[\Y\i\d`k`iXc>fY`\ief\e\cd\j[\<e\if[\ZX[XXŒf#pZlpX]fidXZ`e
\jk}\eZXi^X[X}cX;`glkXZ`fegifm`eZ`Xc#Zfdgi\_\e[Xkf[fjcfjfYa\kfjhl\
\cd`jdf>fY`\iefc\`e[`hl\#j`eg\ial`Z`f[\XŒX[`ikf[XjcXjefk`Z`Xjp[Xkfj
hl\Zi\XZfem\e`\ek\j%
8IK% **% <c >\]\ gfcˆk`Zf jlYXck\ief j\i} \c Zfe[lZkf gfi [fe[\ \c jlg\i`fi
[\ cX Gifm`eZ`X Zfdle`ZXi} cXj c\p\j# [\Zi\kfj p i[\e\j hl\ _lY`\i\e [\
glYc`ZXij\ \e jl k\ii`kfi`f# Zl`[Xe[f [\ jl fYj\imXeZ`X# p [\ dXek\e\i \c
i[\epkiXehl`c`[X[[\cfjgl\Ycfj#gXiXcfZlXcgf[i}mXc\ij\[\cXgi\d`f#
[\cXii\jkfpdlckXj#[\cdf[fhl\hl\[X\ogi\jX[fgXiXcfj>\]\jjlg\i`fi\j2
pg\[`i}\cXlo`c`f[\cX]l\iqX#j`]l\i\e\Z\jXi`f#ZfejlckXe[fcXj[l[Xjhl\
j\c\f]i\qZXe#Xc>\]\[\cXGifm`eZ`X#p_XZ`\e[fZldgc`icXji[\e\jhl\\jk\
Zfdle`ZXi\%<edXk\i`X[\Zl\ekXjj\c`d`kXi}}i\d`k`icXj[\cfjgl\Ycfj[\
jlk\ii`kfi`f}cX:fekX[liˆX[\Gifg`fp8iY`ki`fj[\cXGifm`eZ`X2pefgf[i}
\dgi\e[\ie`e^leXfYiXg’Yc`ZXj`eefk`Z`XpZfej\ek`d`\ekf[\c>\]\gfcˆk`Zf
jlg\i`fi% J\i} \c Zfe[lZkf gfi [fe[\ j\ \ek`\e[Xe cfj 8plekXd`\ekfj [\ jl
k\ii`kfi`fZfe\c>\]\gfcˆk`ZfpcX;`glkXZ`fegifm`eZ`Xc%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
8IK%*)%<ecfjXŒfj\ehl\[\YXeZ\c\YiXij\ZfeXii\^cf}cX:fejk`klZ`fecXj
AlekXj\c\ZkfiXc\j[\GXiifhl`XgXiXcX\c\ZZ`fe[\;`glkX[fj[\:ik\j#[\Y\i}
\c>\]\gfcˆk`Zf[\cXGifm`eZ`X#YXafjli\jgfejXY`c`[X[#Z`iZlcXi}cfd\efjle
d\j Xek\j [\c [ˆX \e hl\ _Xe [\ Z\c\YiXij\ cXj Z`kX[Xj AlekXj \c\ZkfiXc\j#
lei\Zl\i[f}kf[XcXGifm`eZ`X[\cXfYc`^XZ`feZfejk`klZ`feXc[\gifZ\[\i}
\jkXj\c\ZZ`fe\j\e\c[ˆXp]fidXgi\jZi`kfjgficX:fejk`klZ`fe%<jk\i\Zl\i[f
ef j\i} j`e \dYXi^f e\Z\jXi`f gXiX hl\ \e kf[fj cfj gl\Ycfj j\ gifZ\[X }
\jkXj\c\ZZ`fe\j[\cdf[fhl\\jk}dXe[X[f\ecX:fejk`klZ`fep\e\cXik%)*
[\cZXg%([\\jkX@ejkilZZ`e%
8IK%*+%Kf[Xgifm`[\eZ`X^lY\ieXk`mXjfYi\hl\aXj#[l[Xji\ZcXdXZ`fe\j[\
gl\YcfjfgXik`ZlcXi\j#j\\og\[`i}]hWj_i\ecXGifm`eZ`X%
).0
8IK%*,%<c>\]\gfcˆk`Zfgi\j`[`i}kf[XjcXj]leZ`fe\jg’Yc`ZXj2pZlXe[fZfeZliiX
cX;`glkXZ`fegifm`eZ`Xc#\jkXk\e[i}cl^Xigi\]\i\ek\Xc8plekXd`\ekf%:l`[Xi}
\c >\]\ gfcˆk`Zf [\ hl\ j\ Z\c\Yi\e Zfe \c Zfem\e`\ek\ [\Zfif p \e cfj [ˆXj
j\ŒXcX[fjcXj]leZ`fe\jg’Yc`ZXjhl\_lY`\i\e[\Zi\kX[fcXj:ik\j#phl\cf
d`jdfj\\a\Zlk\gficfj8plekXd`\ekfj\ecfjgl\Ycfj%4Cfk\e[i}\ek\e[`[f
cXI\^\eZ`X[\cI\pef#p[`jgfe[i}cfe\Z\jXi`f}jldXjgleklXcZldgc`d`\ekf#
_XZ`„e[fcf`dgi`d`i#glYc`ZXipZ`iZlcXi%4=cfi\eZ`f:Xjk`ccf#Gi\j`[\ek\%4Afj„
;fd`e^f Ilj# ;`glkX[f J\Zi\kXi`f%4 DXel\c >fpXe\j# ;`glkX[f J\Zi\kXi`f%4
;X[f\e:}[`q})*[\Ale`f[\(/(*%48cXI\^\eZ`X[\cI\`ef%
;iYef_W$Cƒn_Ye'-Z[<[Xh[heZ['.'*$3>kcWdW
;FEAL8EIL@Q;<8GF;8:8P<C@Q8#CFG<Q;<C<KFE8PCXjhl\k`#:fe[\[\c
M\eX[`kf#>iXe:ilq[\cXjäi[\e\jd`c`kXi\jpeXZ`feXc\j[\JXe=\ieXe[fp
JXe?\id\e\^`c[f#:fd\e[X[fi[\9XccX^Xp8c^Xi^X\ecX[\:XcXkiXmX#p[\
cX:fe[\ZfiXZ`e[\cXC`j[\cM\e[„#K\e`\ek\>\e\iXc[\cX8idX[XeXZ`feXc#
M`i\p# >fY\ieX[fi# :Xg`kXe >\e\iXc p >\]\ jlg\i`fi gfcˆk`Zf [\ \jkX E% <%#
Jlg\i`ek\e[\ek\^\e\iXcJlY[\c\^X[f[\cX?XZ`\e[Xg’Yc`ZX#D`eXjpIXdf
[\cKXYXZf#Al\q:fej\imX[fi[\„jk\#Gi\j`[\ek\[\jlAlekX#pJlY[\c\^X[f
^\e\iXc[\:fii\fj\e\cd`jdfI\`ef#Z%
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)/'
J`\e[f cX mfclekX[ [\ J% D% hl\ j\ fYj\im\ \e \jk\ I\`ef cX :fejk`klZ`fe
gfcˆk`ZX [\ cX DfeXihlˆX <jgXŒfcX gifdlc^X[X gfi cXj :ik\j ^\e\iXc\j p
\okiXfi[`eXi`Xj\e\cXŒf[\(/()#p_XY`„e[fj\pXglYc`ZX[fpaliX[f\e\jkX
:Xg`kXc\eZldgc`d`\ekf[\cI\Xc[\Zi\kf[\(-[\DXiqf’ck`df#Z`kX[f\e9Xe[f
[\*([\DXpfgio`dfgXjX[f#„`ej\ikf\ecX>XZ\kX[\\jk\>fY`\iefe’d\if
-/[\*[\\jk\d\j#[\Y\eZ\jXicfjXZklXc\j8plekXd`\ekfjpjlYjk`kl`ij\\e
jlcl^Xicfj:fejk`klZ`feXc\j#j\^’ecfgi\m\e`[fgfi[`Z_Xj:ik\jZfeXii\^cf
}cfjXikˆZlcfj*()#*(*p*(+\e[\Zi\kf[\)*[\DXpf[\(/()#p’ck`dXd\ek\
gfiJ%D%\ecfjjlpfj[\0p(.[\DXiqf[\\jk\XŒfhl\j\_XccXe`ej\ikfj
\ecXj>XZ\kXj[\DX[i`[e’d\ifj*,p+*[\('p(.[\cgifg`fDXiqf#pZlpf
k\efi\j\cj`^l`\ek\1
:[Yh[je[nf[Z_ZefehbWi9Œhj[i[d()Z[CWoeZ['.'($
È;fe=\ieXe[f#M@@gficX^iXZ`X[\;`fjpgficX:fejk`klZ`fe[\cXDfeXihl`X
<jgXŒfcX#I\p[\cXj<jgXŒXj#p\ejlXlj\eZ`XpZXlk`m`[X[cXI\^\eZ`X[\cI\`ef
efdYiX[XgficXj:ik\j^\e\iXc\jp\okiXfi[`eXi`Xj#}kf[fjcXjhl\cXgi\j\ek\
m`\i\ep\ek\e[`\i\e#iWX[Z0Hl\cXj:ik\j_Xe[\Zi\kX[fcfj`^l`\ek\1
È CXj :ik\j ^\e\iXc\j p \okiXfi[`eXi`Xj Zfem\eZ`[Xj [\ hl\ ef `ek\i\jX
d\efjXcY`\epkiXehl`c`[X[[\cXj]Xd`c`Xjhl\}cXgifjg\i`[X[[\cXEXZ`fe
\c hl\ j\ \jkXYc\qZXe 8plekXd`\ekfj Zfe cX dXpfi Yi\m\[X[ \e Xhl\ccfj
gl\Ycfj# hl\ ef _XY`„e[fcfj k\e`[f _XjkX Xhlˆ# Zfem`\e\ hl\ cfj k\e^Xe \e
X[\cXek\#ZfdfkXdY`\e\chl\gXiX\m`kXicXj[l[Xjhl\gl[`\iXejljZ`kXij\
\ecX\a\ZlZ`fe[\cfjXeZ`feX[fgficX:fejk`klZ`fe#j\\jkXYc\qZXleXi\^cX
le`]fid\gXiX\cefdYiXd`\ekf#]fidX[\\c\ZZ`fepe’d\if[\jlj`e[`m`[lfj#
[\Zi\kXe1
(%— :lXchl`\iX gl\Ycf hl\ ef k\e^X 8plekXd`\ekf# p ZlpX gfYcXZ`e ef
cc\^l\ } d`c XcdXj# p hl\ gfi jlj gXik`ZlcXi\j Z`iZlejkXeZ`Xj [\ X^i`ZlckliX#
`e[ljki`XgfYcXZ`feZfej`[\i\hl\[\Y\k\e\i8plekXd`\ekf#cf_Xi}gi\j\ek\
}cX;`glkXZ`e[\cXGifm`eZ`X#gXiXhl\\em`ikl[[\jl`e]fid\j\gifm\Xcf
Zfem\e`\ek\gfi\c>fY`\ief%
)%— Cfj gl\Ycfj hl\ ef j\ _Xcc\e Zfe \jkXj Z`iZlejkXeZ`Xj# j\^l`i}e
X^i\^X[fj}cfj8plekXd`\ekfj}hl\cf_Xe\jkX[f_XjkXXhlˆ#d`\ekiXjhl\
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
cXd\afiX[\jl\jkX[fgfcˆk`Zfef\o`aXfkiXgifm`[\eZ`X1X^i\^}e[fj\XcdXj
`ed\[`Xkf\ejlGifm`eZ`Xcfjhl\j\]fidXi\eel\mXd\ek\#pcfj[\jgfYcX[fj
Zfeali`j[`ZZ`e%
*%— ;\Y`\e[f Z\jXi \e m`ikl[ [\ cfj gi\m\e`[f \e \c XikˆZlcf *() [\ cX
:fejk`klZ`fecfjI\^`[fi\jp[\dXjfÔZ`fjg\ig\klfj[\8plekXd`\ekf#cl\^f
hl\ j\ i\Z`YX p glYc`hl\ \e ZX[X gl\Ycf cX :fejk`klZ`fe p \jk\ [\Zi\kf# j\
gXjXi} } \c\^`i } gcliXc`[X[ XYjfclkX [\ mfkfj \e cX ]fidX hl\ j\ \jkXYc\Z\
\e cfj XikˆZlcfj *(* p *(+# Xjˆ \e cfj gl\Ycfj \e hl\ kf[fj k\e^Xe cX [`Z_X
ZlXc`[X[ [\ g\ig\klfj# Zfdf \e cfj hl\ cX k\e^Xe Xc^lefj jfcXd\ek\# \e cX
`ek\c`^\eZ`X[\hl\\ecfjgl\Ycfj\ehl\gl\[Xm\i`ÔZXij\\jkX\c\ZZ`feZlXkif
d\j\jXek\j[\ZfeZcl`ij\\cXŒf#j\i\efmXi}\eÔe[\[`Z`\dYi\[\cd`jdfcX
d`kX[#jXc`\e[fcfj’ck`dXd\ek\efdYiX[fj2g\if\eXhl\ccfjgl\Ycfj\ehl\
j\_X^XcX\c\ZZ`feZlXe[f]Xck\ed\efj[\ZlXkifd\j\jgXiXXZXYXij\\cXŒf#
j\^l`i}ecfj\c\^`[fj\ejl\eZXi^f_XjkXÔe[\cXŒfj`^l`\ek\#\ehl\Z\jXi}
cXd`kX[%
+%—:fdfefgl\[\[\aXi[\Zfem\e`ihl\_XpX\eki\\c>fY`\ief[\cgl\Ycf
pjlm\Z`e[Xi`fXhl\ccXgifgfiZ`fehl\\jZfdgXk`Yc\Zfe\cYl\ei[\epd\afi
X[d`e`jkiXZ`fe#_XYi}le8cZXc[\#[fjI\^`[fi\jpleGifZliX[fijˆe[`Zf\ekf[fj
cfjgl\Ycfjhl\efgXj\e[\[fjZ`\ekfjm\Z`efj2le8cZXc[\#ZlXkifI\^`[fi\jp
leGifZliX[fi\ecfjhl\k\e`\e[f\ce’d\if[\[fjZ`\ekfjm\Z`efj#efgXj\e
[\hl`e`\ekfj2le8cZXc[\#j\`jI\^`[fi\jpleGifZliX[fi\ecfjhl\cc\^Xe[f
}hl`e`\ekfjefgXj\e[\d`c2[fj8cZXc[\j#fZ_fI\^`[fi\jp[fjGifZliX[fi\j
jˆe[`Zfj\ecfjhl\[\j[\d`cefgXj\e[\ZlXkifd`c#pj\Xld\ekXi}\ce’d\if
[\I\^`[fi\j}[fZ\\ecfjhl\k\e^XedXpfim\Z`e[Xi`f%
,%—<ecXjZXg`kXc\j[\cXjGifm`eZ`Xj_XYi}}cfd\efj[fZ\I\^`[fi\j#pj`
_lY`\i\d}j[\[`\qd`cm\Z`efj_XYi}[`\qpj\`j%
-%— J`^l`\e[f \jkfj d`jdfj gi`eZ`g`fj gXiX _XZ\i cX \c\ZZ`e [\ \jkfj
\dgc\fj#j\\c\^`i}e\ele[ˆX]\jk`mf[\cd\j[\;`Z`\dYi\gficfjm\Z`efj
hl\j\_Xcc\e\e\c\a\iZ`Z`f[\cfj[\i\Z_fj[\Z`l[X[Xefel\m\<c\Zkfi\jZfe
cfjgl\Ycfjhl\efcc\^l\e}d`c#[`\qpj`\k\\ecfjhl\cc\^Xe[f}d`cefgXj\e
[\Z`eZfd`c#pm\`ek\pZ`eZf\ecfj[\dXpfim\Z`e[Xi`f%
.%— ?\Z_X \jkX \c\ZZ`fe j\ ]fidXi} \e fkif [ˆX ]\jk`mf [\ [`Z_f d\j [\
;`Z`\dYi\#ZfecXYi\m\[X[hl\g\id`k\ecXjZ`iZlejkXeZ`Xj#cXAlekX[\<c\Zkfi\j
gi\j`[`[Xgfi\c>\]\gfcˆk`Zf[\[`Z_f#j`cf_lY`\i\#pj`efgfi\cdXjXek`^lf[\
cfj8cZXc[\j#p\e[\]\Zkf[\\jkfjgfi\cI\^`[fidXjXek`^lf#gXiXZfe]\i\eZ`Xi
jfYi\cXjg\ijfeXjhl\gl\[XeZfem\e`igXiX\cd\afi^fY`\ief[\cgl\Ycf#p
efgf[i}[`jfcm\ij\j`e_XY\iZfeZcl`[fcX\c\ZZ`fe#cXZlXcj\\ok\e[\i}\ele
c`Yif[\jk`eX[f}\jk\\]\Zkf#j\ÔidXi}gfi\cGi\j`[\ek\p\cJ\Zi\kXi`f#hl\
j\i}\cd`jdf[\c8plekXd`\ekf#pj\glYc`ZXi}`ed\[`XkXd\ek\%
)/(
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)/)
/%— GXiX ]XZ`c`kXi \c efdYiXd`\ekf [\ <c\Zkfi\j# gXik`ZlcXid\ek\ [fe[\
leXeld\ifjXgfYcXZ`ecX[`m`j`fe[`jkXeZ`X[\cfjgl\YcfjgXiifhl`Xj
hl\ _Xe [\ X^i\^Xij\ gXiX \jkXYc\Z\i jl 8plekXd`\ekf# gf[iˆX _XZ\icf
\dYXiXqfjf# j\ ]fidXi}e alekXj [\ gXiifhl`X Zfdgl\jkXj [\ kf[fj cfj
Z`l[X[Xefj[fd`Z`c`X[fj\e\ccXj#hl\[\Y\i}ej\iZfemfZX[fjZfeXek\i`fi`[X[#
pgi\j`[`[Xji\jg\Zk`mXd\ek\gfi\c>\]\gfcˆk`Zf#8cZXc[\I\^`[fi#pZX[XleX
efdYiXi}\ce’d\if[\<c\Zkfi\jhl\c\Zfii\jgfe[XZfegifgfiZ`feXckfkXc
i\cXk`mf}cXgfYcXZ`fe[\kf[Xj#[\Y`„e[fj\\ok\e[\icXXZkX[\\c\ZZ`fe\e\c
c`Yifhl\j\[\jk`eXi\}\jk\Ôe#pÔidXij\gfi\cGi\j`[\ek\p\cJ\Zi\kXi`fhl\
j\efdYiXi\%
0%— Ef gf[i} _XY\i alekX [\ gXiifhl`X \e cfj gl\Ycfj hl\ ef cc\^l\e }
Z`eZl\ekXm\Z`efj2pcfjhl\j\_Xcc\e\e\jk\ZXjfj\le`i}e\eki\jˆZfe\c
dXj`ed\[`XkfgXiX]fidXicX2g\ifcXk\e[i}ekf[fjXhl\ccfjhl\_XpXe\jkX[f
_XjkX Xhlˆ \e gfj\j`fe [\ efdYiXi <c\Zkfi\j gXiX cX \c\ZZ`fe [\ Aljk`Z`X#
8plekXd`\ekf;`glkX[fj[\cZfdle%
('%J`effYjkXek\cfgi\m\e`[f\e\cXikˆZlcfgi\Z\[\ek\kf[XmˆXi\jlckXi\
dXpfi\ce’d\if[\gXiifhl`Xjhl\\c[\cfj<c\Zkfi\jhl\Zfii\jgfe[Xe#j\
efdYiXj`e\dYXi^fle<c\ZkfigfiZX[XgXiifhl`X%
((% J` \c e’d\if [\ gXiifhl`Xj ]l\i\ d\efi hl\ \c [\ cfj <c\Zkfi\j hl\
[\YXeefdYiXij\#ZX[XgXiifhl`X\c\^`i}lef#[fjd}j#_XjkXZfdgc\kXi\c
e’d\ifhl\j\i\hl`\iX2g\ifj`]XckXi\Xlele<c\Zkfi#c\efdYiXi}cXgXiifhl`X
[\dXpfigfYcXZ`fe2j`kf[XmˆX]XckXi\fkifc\efdYiXi}cXhl\j`^X\edXpfi
gfYcXZ`fe#pXjˆjlZ\j`mXd\ek\%
()% :fdf gl\[\ jlZ\[\i hl\ _XpX \e cXj Gifm`eZ`Xj [\ LckiXdXi Xc^lefj
gl\Ycfj hl\ gfi jlj gXik`ZlcXi\j Z`iZlejkXeZ`Xj [\YXe k\e\i 8plekXd`\ekf
gXiXjl>fY`\ief2g\ifZlpfjm\Z`efjef\jk„e\e\c\a\iZ`Z`f[\cfj[\i\Z_fj
[\Z`l[X[Xef#gf[i}ej`e\dYiX^f\e\jk\ZXjf\c\^`i\eki\jˆcfjfÔZ`fj[\
8plekXd`\ekfYXafcXji\^cXjgi\jZi`kXj\e\jkXc\pgXiXcfj[\dXjgl\Ycfj%
(*%Cfj8plekXd`\ekfjefk\e[i}e\eX[\cXek\8j\jfi\jZfeefdYiXd`\ekf
p[fkXZ`eÔaX%Cfk\e[i}\ek\e[`[fcXI\^\eZ`X[\cI\`efgXiXjlZldgc`d`\ekf#p
cf_Xi}`dgi`d`iglYc`ZXipZ`iZlcXi%
Afj\DXiˆX>lk`\ii\q[\K\i}e#Gi\j`[\ek\%4
Afj\[\QfiiXhlˆX#;`glkX[fJ\Zi\kXi`f%4
AfXhl`e;ˆXq:Xe\aX#;`glkX[fJ\Zi\kXi`f%4
;X[f\e:X[`q})*[\DXpf[\(/()%4
8cXI\^\eZ`X[\cI\`ef%É
H[Wb:[Yh[jeZ[/Z[cWhpe‘bj_ce$
?Z[cZ['-Z[bc_ice$
ÈGXiX\m`kXicX[l[Xhl\gl\[\fZlii`i\ecXj\c\ZZ`fe\j[\`e[`m`[lfjhl\
[\Y\eZfdgfe\icfj8plekXd`\ekfj:fejk`klZ`feXc\j#dXe[X[Xj_XZ\igfid`
;\Zi\kf[\0[\\jk\d\j#_\k\e`[f}Y`\e[\ZcXiXi#Zfe]fid}e[fd\Zfe\c
gXi\Z\i[\cXAlekXGifm`j`feXc#hl\gl\[Xej\ii\\c\^`[fjgXiX\cgi\j\ek\XŒf
cfjd`jdfjhl\\c[\(/(+]l\ife8cZXc[\j#I\^`[fi\jpGifZliX[fi\jJˆe[`Zfj#
\eZfej`[\iXZ`e}_XY\id\[`X[fkf[f\ck`\dgfpXled}j[\chl\j\e\Z\j`kX#
j\^le\cXikˆZlcf*(-[\cX:fejk`klZ`fegfc`k`ZX[\cXDfeXihlˆX<jgXŒfcXgXiX
mfcm\i}j\i\c\^`[fj%É
PgXiXhl\cc\^l\}efk`Z`X[\kf[fj#dXe[fj\glYc`hl\gfi9Xe[f\e\jkX
:Xg`kXcp\ecXj[\dXj:`l[X[\j#M`ccXjpcl^Xi\j[\cI\`ef#i\d`k`„e[fj\cfj
\a\dgcXi\j XZfjkldYiX[fj } cfj Ki`YleXc\j# DX^`jkiX[fj p >\]\j } hl`\e\j
Zfii\jgfe[X jl `ek\c`^\eZ`X p fYj\imXeZ`X2 j\ŒXcXe[f# Zfdf j\ŒXcf# \c
gio`df;fd`e^f(/[\\jk\d\j}cXjj`\k\[\jldXŒXeXgXiXhl\\e\ccXj\
]fid\e\e\jkX:Xg`kXccXjAlekXj[\GXiifhl`XjdXe[X[XjZ\c\YiXiXc\]\Zkf#
\a\Zlk}e[fj\\ecXgifg`X]fidXhl\j\_`Z`\ife\e\cXŒf[\(/()#\eZXi^Xe[f
hl\\ecX\a\ZlZ`e[\\jkfjXZkfjj\fYj\im\cX[\Y`[X]fidXc`[X[#i[\ep
Z`iZlejg\ZZ`fehl\Zfii\jgfe[\gXiXjld\afi[\j\dg\Œf#Zfdfcf\jg\if[\
cXXZi\[`kX[Xgifm`[X[pXdfiXci[\e[\\jk\Ô\cm\Z`e[Xi`fp\c[\cXj[\dXj
:`l[X[\j#M`ccXjpcl^Xi\j[\cI\`ef%;X[f\eD„o`Zf}(+[\ale`f[\(/)'%3
;b9edZ[Z[bL[dWZ_je$
<oZdf%ji%4<c\eZXi^X[f[\c;\jgXZ_f[\cXJ\Zi\kXiˆX[\cX>fY\ieXZ`fe
[\cXG\eˆejlcXd\_XgXik`Z`gX[fZfe]\Z_X[\*([\FZklYi\gio`dfgXjX[f
cfhl\j`^l\1
:fe\jkX]\Z_X[`^f}cfj>\]\jgfc`kˆZfjjlg\i`fi\j[\cXG\eˆejlcX„`jcXj
X[pXZ\ek\jcfhl\j`^l\%4:fe]\Z_X[\(0[\DXpf[\\jk\XŒfd\[`^\ife
cfjJ\Zi\kXi`fj[\cXj:ik\j^\e\iXc\jp\okiXfi[`eXi`Xjcfj`^l`\ek\%4DXik`e
G\iXc\j Dfeifp# I\^`[fi [\ cX M`ccX [\ :\ZcXm`e# _X \ogl\jkf } cXj :ik\j
^\e\iXc\j p \okiXfi[`eXi`Xj hl\ \eki\ cfj `e[`m`[lfj hl\ Zfdgfe\e Xhl\c
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
È GXiX hl\ \c j`jk\dX :fejk`klZ`feXc hl\ _\ X[fgkX[f p aliX[f k\e^X
cX dXiZ_X i}g`[X p le`]fid\ hl\ Zfii\jgfe[\# _\ i\jl\ckf f`i } cX AlekX
Gifm`j`feXc#pZfe]fid}e[fd\Zfejl[`ZkXd\e#hl\\ekf[fjcfjgl\Ycfj[\cX
DfeXihlˆXj\_X^Xe`ed\[`XkXd\ek\cXj\c\ZZ`fe\j[\8cZXc[\jp8plekXd`\ekfj
:fejk`klZ`feXc\j#ZfeXii\^cf\ekf[f}cfgi\m\e`[f\ecX:fejk`klZ`fegfc`k`ZX
jXeZ`feX[X\e:}[`q#p}cfj[\Zi\kfjhl\[\\ccX\dXeXep\jkXYc\Z\e\cdf[f
p]fidX[\m\i`ÔZXi[`Z_Xj\c\ZZ`fe\j%É
)/*
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)/+
8plekXd`\ekf#_XpgXi`\ek\j\e^iX[fj`ed\[`Xkfj#XjˆkXdY`„eZfdfcfj_lYf
\e\c8plekXd`\ekfhl\Z\j\eÔe[\[`Z`\dYi\’ck`df#p\eki\cfj`e[`m`[lfj
[\ XdYfj# `e[`ZXe[f Zfe \jk\ dfk`mf cX gfj`Y`c`[X[ [\ hl\ kXc\j ZXi^fj j\
g\ig\kl\e\eleXjd`jdXj]Xd`c`Xj1\em`jkX[\\ccf_Xek\e`[f}Y`\e[\ZcXiXi#
hl\ef\jkXe[f[\if^X[XgficX:fejk`klZ`fecXc\pjfYi\gXi\ek\jZfjhl\[\Y\
^lXi[Xij\\ecX\c\ZZ`fe[\cfj`e[`m`[lfj[\cfj8plekXd`\ekfj#jfeelcXj\e
\jkXgXik\cXjhl\j\_XpXe_\Z_fZfekiXjlk\efi#[\Y`„e[fj\efdYiXigficfj
d`jdfj\c\Zkfi\jfkifj`e[`m`[lfj\ei\\dgcXqf[\cfjhl\ZfeXii\^cf}[`Z_X
c\p ef [\Y`\ife j\i efdYiX[fj2 p hl`\i\ J% D% hl\ cX I\^\eZ`X [\c I\`ef cf
_X^XjXY\iXjˆXc8plekXd`\ekf[\:\ZcXm`e%?XY`\e[fXZl[`[fgfjk\i`fid\ek\
\c GifZliX[fi Jˆe[`Zf [\ cX M`ccX [\ 8cd\e[iXc\af g`[`\e[f j\ Zfdle`hl\
} Xhl\c 8plekXd`\ekf cX \ogi\jX[X [\ZcXiXZ`e [\ J% D% [\ (0 [\ DXpf# j\
_X j\im`[f J% 8% i\jfcm\i j\ Z`iZlc\ } kf[Xj cXj gifm`eZ`Xj [\c I\`ef# p \e jl
Zfej\Zl\eZ`X cf gXik`Z`gf } M% J% gXiX jl `ek\c`^\eZ`X p Zldgc`d`\ekf \e cfj
ZXjfjhl\fZliiXe\e\jXGifm`eZ`X%4;\`^lXci[\ecXkiXjcX[fXM%J%gXiX
cfj\]\ZkfjZfem\e`\ek\j\e\cD`e`jk\i`f[\jl`ek\i`efZXi^f%É4;\i[\e[\cX
I\^\eZ`X[\cI\`efcXZfdle`Zf}M%gXiXhl\k\e`„e[fcf\ek\e[`[fZl`[\[\jl
fYj\imXeZ`X#glYc`Z}e[fcf}\jk\Ôe#\e\c[`jki`kf[\jldXe[fpZ`iZlc}e[fcf
XcX;`glkXZ`eGifm`eZ`Xcp8plekXd`\ekfj[\jlZfdgi\_\ej`fe#p[\_XY\icf
\a\ZlkX[f[Xi}M%<%Zl\ekXfgfikleXd\ek\%
;FE=<C@OD8I@8:8CC<A8;<CI<P#9IL;<I#CFJ8;8#=CFI<J#:Xdg\Œf#
Dfek\if [\ <jg`efjX# DXi`jZXc [\ :Xdgf [\ cfj <a„iZ`kfj EXZ`feXc\j# M`i\p#
>fY\ieX[fi p :Xg`kXe ^\e\iXc [\ \jkX E% <%# Gi\j`[\ek\ [\ jl 8l[`\eZ`X#
Jlg\i`ek\e[\ek\^\e\iXc#JlY[\c\^X[f[\cX?XZ`\e[Xg’Yc`ZX#D`eXj#8qf^l\j
p IXdf [\c KXYXZf# Al\q Zfej\imX[fi [\ „jk\# Gi\j`[\ek\ [\ jl AlekX# p
JlY[\c\^X[f^\e\iXc[\:fii\fj\e\cd`jdfI\`ef%
:feI\Xcäi[\e[\-[\FZklYi\’ck`df#Zfdle`ZX[X}\jk\M`i\peXkfgfi
Zfe[lZkf[\cJlgi\dfD`e`jk\i`f[\cX>fY\ieXZ`fe[\LckiXdXi#j\_Xi\Z`Y`[f
\ci\Xc[\Zi\kf[\ck\efij`^l`\ek\%
È;fe=\ieXe[fM@@gficX^iXZ`X[\;`fj#pgficX:fejk`klZ`fegfc`k`ZX[\
cXDfeXihlˆX<jgXŒfcX#I\p[\cXj<jgXŒXj#p\ejlXlj\eZ`XpZXlk`m`[X[cX
I\^\eZ`X [\c I\`ef efdYiX[X gfi cXj :ik\j ^\e\iXc\j p \okiXfi[`eXi`Xj# }
kf[fj cfj hl\ cXj gi\j\ek\j m`\i\e p \ek\e[`\i\e1 iWX[Z hl\ cXj :ik\j _Xe
[\Zi\kX[fcfj`^l`\ek\%
È K\e`\e[f \e Zfej`[\iXZ`fe cXj :ik\j ^\e\iXc\j p \okiXfi[`eXi`Xj# hl\
cXjC\p\j#cfj]l\ifjgXik`ZlcXi\j#cXjFi[\eXeqXjdle`Z`gXc\j[\cfjGl\Ycfj#
cX gi}Zk`ZX p ZfjkldYi\ ^\e\iXcd\ek\ fYj\imX[X# p cfj jX^iX[fj :}efe\j#
Gfi \c Jlgi\df D`e`jk\i`f [\ cX >fY\ieXZ`fe [\ LckiXdXi j\ d\ _X
Zfdle`ZX[f Zfe ]\Z_X [\ (' [\ Efm`\dYi\ ’ck`df cX I\Xc äi[\e [\c k\efi
j`^l`\ek\%
È <oZdf% ji%4 ?XY`\e[f efkX[f cX I\^\eZ`X [\c I\`ef hl\ dlZ_fj
8plekXd`\ekfj :fejk`klZ`feXc\j [\ cXj Gifm`eZ`Xj [\ LckiXdXi# Xc [Xi Zl\ekX
[\ jl `ejkXcXZ`fe# ef _Xe \em`X[f k\jk`dfe`f [\c XZkX \e hl\ [\Y\ ZfejkXi
\jk\ jlZ\jf# p hl\ fkifj ef cf _Xe m\i`ÔZX[f kf[XmˆX# } g\jXi [\ ZlXekf j\
_Xfi[\eX[f\e\cXjlekf#j\_Xj\im`[fi\jfcm\i#}Ôe[\ef[Xicl^Xi}cfj
dlZ_fjg\ial`Z`fjhl\gl[`\iXefi`^`eXij\[\j\d\aXek\fd`j`fe#gi\m\e^f}
M%<%hl\`ed\[`XkXd\ek\[`jgfe^X\c\em`f[\\jkXjd`jdXjXZkXjgfigi`eZ`gXc
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
gif_`Y\e}cfj<Zc\j`}jk`Zfj\a\iZ\ifÔZ`fj[\Aljk`Z`Xp:fej\a\#gXiXhl\Zfe
dXpfilk`c`[X[[\cfjGl\Ycfj#gl\[Xe[\[`ZXij\\ek\iXd\ek\}[\j\dg\ŒXicXj
jX^iX[Xj]leZ`fe\j[\jld`e`jk\i`f#j`e`dgc`ZXij\gfiXhl\ccfjZXi^fjZ`m`c\j
\ei\jgfejXY`c`[X[\jX^\eXj[\jlmfZXZ`fe#phl\cfjjla\kXi`XeXc]l\if[\cfj
C\^fj2p[\j\Xe[fhl\j\c\jk\e^X\ecXj\c\ZZ`fe\jXhl\ccXZfej`[\iXZ`fehl\
j\d\i\Z\egficX[`^e`[X[[\jl\jkX[fp[\dXj\jk`dXYc\jZ`iZlejkXeZ`Xjhl\
\e\ccfjZfeZlii\e#_Xem\e`[f\e[\Zi\kXip[\Zi\kXe1Hl\cfj <Zc\j`}jk`Zfj
j\ZlcXi\jhl\j\_Xcc\e\e\c\a\iZ`Z`f[\cfj[\i\Z_fj[\:`l[X[Xef#k\e^Xe
mfq XZk`mX p gl\[Xe [Xi jl mfkf \e cXj \c\ZZ`fe\j [\ cfj 8plekXd`\ekfj
Zfejk`klZ`feXc\j2g\ifefgf[i}ej\iefdYiX[fje`\c\^`[fjgXiXe`e^lefÔZ`f
[\ 8plekXd`\ekf e` :fej\af% K\e[i}cf \ek\e[`[f cX I\^\eZ`X [\c I\`ef gXiX
jlZldgc`d`\ekf#pcf_Xi}`dgi`d`i#glYc`ZXipZ`iZlcXi%48e[i\j8e^\c[\cX
M\^X@e]Xeqfe#Gi\j`[\ek\%4AlXeE`ZXj`f>Xcc\^f#;`glkX[fJ\Zi\kXi`f%4AlXe
9\ieXi[fF>XmXe#;`glkX[fJ\Zi\kXi`f%;X[f\e:}[`q})([\J\k`\dYi\[\
(/()%48cXI\^\eZ`X[\cI\`ef%
È Gfi kXekf# dXe[Xdfj } kf[fj cfj Ki`YleXc\j# Aljk`Z`Xj# >fY\ieX[fi\j p
[\dXj 8lkfi`[X[\j# Xjˆ Z`m`c\j Zfdf d`c`kXi\j p \Zc\j`}jk`ZXj# [\ ZlXchl`\iX
ZcXj\p[`^e`[X[#hl\^lXi[\ep_X^Xe^lXi[Xi#Zldgc`ip\a\ZlkXi\cgi\j\ek\
:[Yh[je \e kf[Xj jlj gXik\j% K\e[i\`jcf \ek\e[`[f gXiX jl Zldgc`d`\ekf# p
[`jgfe[i\`jj\`dgi`dX#glYc`hl\pZ`iZlc\%4<c;lhl\[\c@e]XekX[f%4AfXhl`e[\
Dfjhl\iXp=`^l\ifX%4@^eXZ`fIf[i`^l\q[\I`mXj%4<e:}[`q})-[\J\k`\dYi\
[\(/()%48;feAfj„G`qXiif%É
P gXiX hl\ cc\^l\ } efk`Z`X [\ kf[fj# dXe[f j\ glYc`hl\ gfi 9Xe[f \e
\jkX:Xg`kXcp[\dXj:`l[X[\j#M`ccXjpCl^Xi\j[\c[`jki`kf[\\jk\M`i\peXkf#
Z`iZlc}e[fj\ cfj \a\dgcXi\j [\ \jk`cf } cfj Ki`YleXc\j# :l\igfj# >\]\j#
DX^`jkiX[fjp[\dXjg\ijfeXjXhl`\e\jkfhl\jl`ek\c`^\eZ`XpfYj\imXeZ`X%
;X[f\eD„o`Zf}/[\8Yi`c[\(/(*%4<[b_n9Wbb[`W$
)/,
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)/-
p[lgc`ZX[fZfii\jgfe[`\ek\j}cfji\jg\Zk`mfj8plekXd`\ekfj[\c[`jki`kf[\jl
dXe[f%4@^lXcd\ek\hl`\i\J%8%hl\cfjd\eZ`feX[fj8plekXd`\ekfjZfe]fid\
}cfgi\m\e`[fgfiglekf^\e\iXc\eI\XcFi[\e[\0[\8^fjkf[\\jk\XŒf#
[`i`aXe\ecfjlZ\j`mfgfiZfe[lZkf[\M%<%kf[fjcfji\Zlijfj#\ogfj`Z`fe\jp
\jZi`kfjhl\k\e^Xehl\_XZ\iXc>fY`\iefjlgi\dfZfecXd`iX[\hl\\em`jkX
[\\ccfjgl\[XM%<%dXe`]\jkXijl[`Zk}d\ep[XiXce\^fZ`fkf[XcX`ejkilZZ`e
p ZcXi`[X[ hl\ e\Z\j`k\ XZ\iZX [\ cXj dXk\i`Xj hl\ Zfek\e^X \e Y\e\ÔZ`f
[\cXZljXg’Yc`ZX#\m`kXe[f[\\jkXdXe\iX\c`e[`jg\ejXYc\i\kXi[fhl\j\
\og\i`d\ekXi`X j` } ]XckX [\ \jk\ i\hl`j`kf _lY`\j\ hl\ [\k\e\i \c Zlijf [\c
\og\[`\ek\_XjkXhl\cc\^Xj\\c`e]fid\p[\dXj[`c`^\eZ`Xjhl\\em`jkX[\„c
]l\j\`e[`jg\ejXYc\g\[`i}M%<%gXiX\cXZ`\ikfhl\[\j\XJ%8%\ekf[Xjjlj
i\jfclZ`fe\j%É
PcXkiXjcX[f}M%gXiXhl\Z`iZlcXe[fcX}cfj8plekXd`\ekfj[\c[`jki`kf[\
\jXGifm`eZ`XZl`[\[\jlgleklXcZldgc`d`\ekf%
;`fj^lXi[\XM%dlZ_fjXŒfj%D„o`Zf/[\X^fjkf[\(/(+%49Wbb[`W$
;%=\ieXe[fM@@%gficX^iXZ`X[\;`fjpgficX:fejk`klZ`e[\cXDfeXihlˆX
<jgXŒfcX# I\p [\ cXj <jgXŒXj# p \e jl Xlj\eZ`X p ZXlk`m`[X[ cX I\^\eZ`X [\c
I\`ef#efdYiX[XgficXj:ik\j^\e\iXc\jp\okiXfi[`eXi`Xj#}kf[fjcfjhl\
cXj gi\j\ek\j m`\i\e p \ek\e[`\i\e# iWX[Z0 Hl\ cXj :ik\j _Xe [\Zi\kX[f cf
j`^l`\ek\14 ## CXj :fik\j ^\e\iXc\j p \okiXfi[`eXi`Xj# ef hl\i`\e[f gi`mXi }
cfj I\^`[fi\j p [\dXj `e[`m`[lfj [\ cfj Xek`^lfj 8plekXd`\ekfj# hl\ _XpXe
Z\jX[f  Z\jXi\e \e m`ikl[ [\ cX ]fidXZ`fe [\ cfj el\mfj hl\ \jkXYc\Z\ cX
:fejk`klZ`fe# [\ Xhl\ccXj [`jk`eZ`fe\j hl\ gfi iXqfe [\ kXc\j ^fqXYXe p c\j
\jkXYXe c\^ˆk`dXd\ek\ [\ZcXiX[Xj# _Xe k\e`[f } Y`\e [\Zi\kXi cf j`^l`\ek\1
CfjI\^`[fi\jp[\dXj`e[`m`[lfj[\cfjXek`^lfj8plekXd`\ekfjÔ\c\j[\cXj
<jgXŒXj\ekf[XcXDfeXihlˆXZfej\imXi}ecfj_fefi\j#kiXkXd`\ekfpljf[\
le`]fid\[\hl\i\jg\Zk`mXd\ek\\jklm`\j\e\egfj\j`feXck`\dgf[\Z\jXi
gficX]fidXZ`fe[\cfj8plekXd`\ekfj:fejk`klZ`feXc\j%
Cfk\e[i}\ek\e[`[fcXI\^\eZ`X[\cI\`efgXiX[`jgfe\i[\jlZldgc`d`\ekf
pcf_Xi}`dgi`d`i#glYc`ZXipZ`iZlcXi%4@eWgk_dCWd_Wk"Gi\j`[\ek\%4@kWdCWh_W
>[hh[hW#;`glkX[fJ\Zi\kXi`f%4@eiƒCWh_W9ekje#;`glkX[fJ\Zi\kXi`f%4;X[f\e
:}[`q})+[\DXiqf[\(/(*%È48cXI\^\eZ`X[\cI\`ef%4GfikXekf#dXe[Xdfj
}kf[fjcfjKi`YleXc\j#Aljk`Z`Xj#>\]\j#>fY\ieX[fi\jp[\d}jXlkfi`[X[\j#Xjˆ
Z`m`c\jZfdfd`c`kXi\jp\Zc\j`}jk`ZXj#[\ZlXchl`\iZcXj\p[`^e`[X[#hl\^lXi[\e
p_X^Xe^lXi[Xi#Zldgc`ip\a\ZlkXi\cgi\j\ek\[\Zi\kf\ekf[XjjljgXik\j%4
K\e[i\`jcf\ek\e[`[fgXiXjlZldgc`d`\ekfp[`jgfe[i„`jj\`dgi`dX#glYc`hl\
pZ`iZlc\%4B$Z[8ehXŒd":Xi[\eXc[\JZXcX8iqfY`jgf[\Kfc\[f#Gi\j`[\ek\%4
Gfi \c Jlgi\df D`e`jk\i`f [\ cX >fY\ieXZ`fe [\ LckiXdXi j\ d\ _X
Zfdle`ZX[f Zfe ]\Z_X [\ + [\ ;`Z`\dYi\ ’ck`df cX I\Xc fi[\e j`^l`\ek\%4
<oZdf%ji%4<cji%J\Zi\kXi`f[\cX>fY\ieXZ`fe[\cI\`efgXiXcXG\eˆejlcX„
`jcXj X[pXZ\ek\j d\ _X Zfdle`ZX[f \c [\Zi\kf hl\ j`^l\%4 CXj :ik\j gXiX
[\jmXe\Z\i cXj [l[Xj fZlii`[Xj \e Xc^lefj 8plekXd`\ekfj# j\ _Xe j\im`[f
[\ZcXiXip[\Zi\kXiZfe]fid\Xc\jgˆi`kl[\c;\Zi\kf[\)*[\DXpf[\(/()#cf
j`^l`\ek\1CXgi`d\iXi\efmXZ`ehl\j\_X^X[\cXd`kX[[\cfj8plekXd`\ekfj
Zfejk`klZ`feXc\j#j\m\i`ÔZXi}Z\jXe[fcfj’ck`dfj[\jlj`e[`m`[lfj\e\ci[\e
[\cefdYiXd`\ekf#j\^’ej\gi\m`\e\\e\cXikˆZlcf*²[\[`Z_f;\Zi\kf2g\if
ef [\Y`\e[f gfi k`klcf Xc^lef g\ig\klXij\ cfj gi`d\ifj efdYiX[fj# Z\jXi}
j`\dgi\\ecXj\c\ZZ`fe\jj`^l`\ek\jcXd`kX[Zfdgl\jkX[\cfjdXjXekˆ^lfj%4
Cf k\e[i} \ek\e[`[f cX I\^\eZ`X [\c I\`ef gXiX jl Zldgc`d`\ekf# p cf _Xi}
`dgi`d`i#glYc`ZXipZ`iZlcXi%;X[f\eJXe=\ieXe[f}).[\Efm`\dYi\[\(/(*%4
<hWdY_iYe JWYed" Gi\j`[\ek\%4 C_]k[b 7djed_e Z[ PkcWbWY|hh[]k_" ;`glkX[f
J\Zi\kXi`f%4F[Zhe7bYWdjWhW[\ 8ZfjkX# ;`glkX[f J\Zi\kXi`f%%4 8 cX I\^\eZ`X
[\cI\`ef%
GfikXekfdXe[XdfjXkf[fjcfjKi`YleXc\j#Aljk`Z`Xj#>\]\j#>fY\ieX[fi\jp
[\dXj8lkfi`[X[\j#XjˆZ`m`c\jZfdfd`c`kXi\jp\Zc\j`}jk`ZXj#[\ZlXchl`\iZcXj\
p[`^e`[X[#hl\^lXi[\ep_X^Xe^lXi[Xi#Zldgc`ip\a\ZlkXi\cgi\j\ek\;\Zi\kf
\ekf[XjjljgXik\j%4K\e[i\`jcf\ek\e[`[fp[`jgfe[i„`jj\`dgi`dX#glYc`hl\
pZ`iZlc\%4B$Z[8ehXŒd":Xi[\eXc[\JZXcX8iqfY`jgf[\Kfc\[f#Gi\j`[\ek\%4
F[ZheZ[7]Wh$3=WXh_[b9_iYWh$4\eJXe=\ieXe[f})0[\Efm`\idYi\[\(/(*%4
8;feAlXe8cmXi\q>l\iiX%É
ÈCfZfdle`Zf}M%<%#[\i[\e[\cXI\^\eZ`X[\cI\`efgXiXjl`ek\c`^\eZ`X
p Zldgc`d`\ekf p } ]ˆe [\ hl\ Z`iZlcXe[fcf } cX ;`glkXZ`e Gifm`eZ`Xc p
8plekXd`\ekfj#Zfdgi\_\e[`[fj\e\c[`jki`kf[\jldXe[f#cffYj\im\eZfecX
[\Y`[X\oXZk`kl[#[Xe[fZl\ekX[\jli\Z`Yf%
<oZdf% ji%Ç Gfi \c D`e`jk\i`f [\ cX >fY\ieXZ`fe [\ cX G\eˆejlcX j\ d\
_X gXjX[f \e ), [\ \jk\ d\j \c ;\Zi\kf j`^l`\ek\%Ç;% =\ieXe[f M@@# gfi cX
^iXZ`X [\ ;`fj p gfi cX :fejk`klZ`fe [\ cX DfeXihlˆX <jgXŒfcX# I\p [\ cXj
<jgXŒXj# p \e jl Xlj\eZ`X p ZXlk`m`[X[ cX I\^\eZ`X [\c I\`ef efdYiX[X gfi
cXj:ik\j^\e\iXc\jp\okiXfi[`eXi`Xj#}kf[fjcfjhl\cXjgi\j\ek\jm`\i\ep
\ek\e[`\i\e#iWX[Z0Hl\cXj:ik\j_Xe[\Zi\kX[fcfhl\j`^l\14ÈCXj:ik\j
^\e\iXc\j p \okiXfi[`eXi`Xj# gXiX i\jfcm\i cXj [l[Xj hl\ j\ _Xe gifgl\jkf
gfimXi`Xj8lkfi`[X[\j\eZXi^X[Xji\jg\Zk`mXd\ek\[\c^fY`\ief\Zfed`Zf
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
F[ZheZ[7]Wh%4=WXh_[b9_iYWh$4<e:}[`qX)-[\DXiqf[\(/(*%48;%G\[if
CXYiX[fi%4;iYef_W$D„o`Zf[\J\k`\dYi\[\(/(*%4>kcWdW$
)/.
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)//
gfcˆk`Zf [\ cXj Gifm`eZ`Xj# _Xe k\e`[f } Y`\e [\Zi\kXi cXj i\^cXj j`^l`\ek\j14
Gi`d\iX% CXj g\ijfeXj hl\ gfi i\^cXd\ekf jlYjk`klpXe } cfj @ek\e[\ek\j \e
jlj[\jk`efj#_Xi}ecXjm\Z\j[\\jkfj\ecXj;`glkXZ`fe\jgifm`eZ`Xc\j#g\ifef
gf[i}egi\j`[`icXj%4J\^le[X%E`e^lemfZXc[\8plekXd`\ekfgf[i}efdYiXi
jlYjk`klkf#e`XleZfeXZl\i[f[\cd`jdf8plekXd`\ekf#[\Y`\e[f\cI\^`[fi
I\^`[fi\jdXjdf[\iefjjlgc`icXjXlj\eZ`Xj#\e]\id\[X[\jpmXZXek\j[\c
GifZliX[fiGifZliX[fi\jJˆe[`Zfj#XjˆZfdf[\Y\ejlgc`icXj[\cfj8cZXc[\j
\c I\^`[fi  I\^`[fi\j dXj Xek`^lfj% J` cc\^Xi\ \c ZXjf [\ hl\ j\ jljg\e[X
kf[f \c 8plekXd`\ekf#  cX dXpfi gXik\ [\ \c# [\Y\i}e fZlgXi jl cl^Xi cfj
[\ cXj i\jg\Zk`mXj ZcXj\j [\c XŒf Xek\i`fi _XjkX hl\ j\Xe c\^`k`dXd\ek\
[\ZcXiX[fj `e_}Y`c\j#  i\gl\jkfj \e jlj fÔZ`fj%Ç K\iZ\iX% Cfj hl\ \a\iqXe
ZXi^fj ZfeZ\^`c\j gl\[\e j\i \c\^`[fj ;`glkX[fj [\ :ik\j#  `e[`m`[lfj [\
cX ;`glkXZ`e Gifm`eZ`Xc2 g\if \e \c _\Z_f d`jdf [\ kfdXi gfj\j`e [\ jlj
el\mfjZXi^fjhl\[XemXZXek\jcfjhl\Xek\jfYk\eˆXe#\ek\e[`„e[fj\Xjˆ\e
cXG\eˆejlcX#p\eLckiXdXicl\^fhl\\dgi\e[Xe\cm`X^\gXiXjlj[\jk`efj%Ç
:lXikX%J`]XckXi\Xc^’e<c\ZkfigXiX_XZ\i\ci\\dgcXqf[\cXjmXZXek\jhl\
fZliiXe\ecfj8plekXd`\ekfj#j\^’e\c;\Zi\kf[\('[\DXiqf[\\jk\XŒf#j\
_Xi}ej`e\dYXi^fcXj\c\ZZ`fe\jgXiXcXmXZXek\mXZXek\j[\c8plekXd`\ekf
gfi cfj [\dXj <c\Zkfi\j# j`\dgi\ hl\ \o`jkX \c dXpfi e’d\if2 ]fid}e[fj\
’e`ZXd\ek\el\mXjAlekXj[\GXiifhl`X\ecfjZXjfj\ehl\]Xck\cXDXpfiˆX#p
gXiXefdYiXijfcXd\ek\cfjhl\i\jk\e_XjkXcXZfii\jgfe[`\ek\kfkXc`[X[[\
<c\Zkfi\j%Ç Hl`ekX% Cfj `e[`m`[lfj hl\ j\Xe efdYiX[fj gXiX i\\dgcXqXi cXj
mXZXek\j[\8plekXd`\ekffZlgXi}e\c’ck`dfcl^Xi#hl\[Xe[f[\dXjXek`^lfj
cfjhl\Xek\j\o`jk`Xe%ÇJ\okX%J\jlgi`d\ecfjjl\c[fjhl\\eXc^lefjgl\Ycfj
[\cXDfeXihlˆX[`j]ilkXYXecfj8cZXc[\j#I\^`[fi\jpGifZliX[fi\jJˆe[`Zfj#
p cfj hl\ \e X[\cXek\ j\ efdYi\e gXiX \jkfj ZXi^fj# cfj [\j\dg\ŒXi}e
^iXkl`kXd\ek\pj`e\dfcld\ekfXc^lef%ÇCfk\e[i}\ek\e[`[fcXI\^\eZ`X[\c
I\`ef#p[`jgfe[i}cfe\Z\jXi`f}jlZldgc`d`\ekf#_XZ`„e[fcf`dgi`d`i#glYc`ZXi
p Z`iZlcXi%4 8e[i\j DfiXc\j [\ cfj I`fj# Gi\j`[\ek\%Ç =\id`e [\ :c\d\ek\#
;`glkX[f J\Zi\kXi`f%Ç AlXe DXel\c JlYi`\# ;`glkX[f J\Zi\kXi`f%4 ;X[f \e
:}[`qX(([\8^fjkf[\(/(*%Ç8cXI\^\eZ`X[\cI\`efÉ%ÇGfikXekfdXe[Xdfj
}kf[fjcfjKi`YleXc\j#Aljk`Z`Xj#>\]\j#>fY\ieX[fi\jp[\dXj8lkfi`[X[\j#Xjˆ
Z`m`c\jZfdfd`c`kXi\jp\Zc\j`}jk`ZXj#[\ZlXchl`\iZcXj\p[`^e`[X[#hl\^lXi[\e#
p_X^Xe^lXi[Xi#Zldgc`ip\a\ZlkXi\cgi\j\ek\;\Zi\kf\ekf[XjjljgXik\j%Ç
K\e[i\`jcf\ek\e[`[fgXiXjlZldgc`d`\ekf#p[`jgfe[i\`jj\`dgi`dX#glYc`hl\
pZ`iZlc\%ÇC%[\9fiYe#:Xi[\eXc[\JZXcX#8iqfY`jgf[\Kfc\[f#Gi\j`[\ek\%Ç
G\[if[\8^Xi%Ç>XYi`\c:`jZXi%Ç<e:}[`q}(*[\8^fjkf[\(/(*%Ç8;feAlXe
8cmXi\q>l\iiX%Ç;\i[\e[\J%8%cfZfdle`Zf}M%<%gXiXhl\Z`iZlcXe[fcf}
cX ;`glkXZ`fe Gifm`eZ`Xc p 8plekXd`\ekfj [\c [`jki`kf [\ cXj Gifm`eZ`Xj [\ jl
dXe[fjlg\i`fi#cfk\e^Xe\ek\e[`[fpfYj\im\e\ecXgXik\hl\}ZX[Xlef
Zfii\jgfe[X#[}e[fd\Zl\ekX[\jli\Z`YfpZ`iZlcXZ`fe%;`fj^lXi[\}M%<%
dlZ_fjXŒfj%:}[`q)/[\8^fjkf[\(/(+%ÇAfj\C`dfekX%ÇJi%M`i\p[\El\mX
<jgXŒX%
Gfi \c Jlgi\df D`e`jk\i`f [\ cX >fY\ieXZ`fe [\ LckiXdXi j\ d\ _X
Zfdle`ZX[fZfe]\Z_X[\/[\Efm`\dYi\’ck`dfcXI\Xcäi[\ej`^l`\ek\%
È<oZdf% ji%Ç <e *( [\ FZklYi\ gifo`df gXjX[f d\ _X gXik`Z`gX[f \c
\eZXi^X[f[\c;\jgXZ_f[\cXJ\Zi\kXi`X[\cX>fY\ieXZ`fe[\cXG\eˆejlcXcf
hl\j`^l\1$CfjJ\Zi\kXi`fj[\cXj:ik\j#d\[`Z\eZfe]\Z_X[\(/[\cXZklXc
cfj`^l`\ek\%$CXj:ik\j#\ek\iX[Xjgfi\cfÔZ`f[\cXek\Z\jfi[\M%J%[\/[\
8^fjkfgio`df#[\cXjfc`Z`kl[gifdfm`[Xgfi\c:fekX[fi[\Gifg`fjp8iY`ki`fj
[\\jkXGifm`eZ`X#[\[\j\dg\ŒXicXj]leZ`fe\jgi`mXk`mXj[\cfjJ\Zi\kXi`fj#[\
cfj>\]\jgfcˆk`Zfjp;`glkXZ`fe\jgifm`eZ`Xc\j\ecfi\jg\Zk`mfX[`Z_fjiXdfj
gficXjiXqfe\jhl\\ogljf2j\_Xej\im`[fi\jfcm\i#hl\\c:fekX[fi[\Gifg`fj
p8iY`ki`fjef[\Y\j\iJ\Zi\kXi`f[\cX;`glkXZ`feGifm`eZ`Xc%P[\fi[\e[\
J% 8% cf kiXjcX[f } M% J% gXiX cfj \]\Zkfj Zfem\e`\ek\j \e \c D`e`jk\i`f [\ jl
`ek\i`efZXi^fÉ
ÈCfZfdle`Zf}M%<%[\i[\e[\cXI\^\eZ`X[\cI\`efgXiXjlZldgc`d`\ekf#
p } Ôe [\ hl\ Z`iZlc}e[fcf } cX ;`glkXZ`fe Gifm`eZ`Xc p [\dXj } hl`\e\j
Zfii\jgfe[X# j\ fYj\im\ gleklXcd\ek\# [Xe[f Zl\ekX [\ jl i\Z`Yf È P cf
kiXjcX[f}M%gXiXjl`ek\c`^\eZ`X%
Gfi \c Jlgi\df D`e`jk\i`f [\ cX >fY\ieXZ`fe [\ LckiXdXi j\ d\ _X
Zfdle`ZX[fZfe]\Z_X[\(*[\Alc`f’ck`dfcXI\Xcäi[\e[\ck\efij`^l`\ek\%
È<oZdf%ji%ÇGXiXhl\cfj8plekXd`\ekfj:fejk`klZ`feXc\j[\cfjGl\Ycfj
[\ cXj Gifm`eZ`Xj [\ LckiXdXi gifZ\[Xe \e \c \a\iZ`Z`f [\ jlj Xki`YlZ`fe\j
Zfe\cXZ`\ikfpj\^li`[X[hl\Zfii\jgfe[\}cfjaljkfj[\j\fj[\cXI\^\eZ`X
[\c I\`ef# p j\ \m`k\e hl\aXj# i\ZcXdXZ`fe\j p XiY`kiXi`\[X[\j \e cfj hl\ j\
dXe\aXecfj]fe[fjg’Yc`Zfjp[\g\e[Xe[\\ccfj2j\_Xj\im`[fi\jfcm\iJ%8%
hl\gfid\[`f[\cfj>\]\jgfc`k`Zfjj\_X^XjXY\igfiZ`iZlcXi\j}kf[fjcfj
i\]\i`[fj8plekXd`\ekfj#hl\cfjjl\c[fj#j\XeZlXc\j]l\i\e#hl\Xj`^e\e
Xld\ek\e}jljJ\Zi\kXi`fj\eljf[\cX]XZlckX[hl\c\jZfeZ\[\cX:fejk`klZ`fe
p JfY\iXefj ;\Zi\kfj [\ cXj :ik\j# [\Y\e fYk\e\i cX XgifYXZ`fe Jlg\i`fi#
Zfejlck}e[fcfgfidXef[\cfjd`jdfj>\]\jZfek\jk`dfe`f[\cXZl\i[fhl\
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;i9ef_W$Cƒn_YeZ[7Xh_bZ['.'*$Æ>kcWdW$
)/0
_X^Xe } cX I\^\eZ`X [\c I\`ef gfi \jkX J\Zi\kXi`X [\ cX >fY\ieXZ`e [\ d`
`ek\i`efZXi^f%
;\i[\e[\J%8%cfgXik`Z`gf}M%<%gXiXjl`ek\c`^\eZ`X#phl\Z`iZlc}e[fcf}
kf[fjcfj8plekXd`\ekfj[\c;`jki`kf[\jldXe[fjlg\i`fi#Zl`[\[\jlgleklXc
Zldgc`d`\ekf#[Xe[fZl\ekX[\jli\Z`YfpZ`iZlcXZ`e%É
PcXkiXjcX[f}M%gXiXjl`ek\c`^\eZ`Xp\]\ZkfjZfej`^l`\ek\j%
;`fj^lXi[\}M%dlZ_fjXŒfj%D„o`Zf(0[\=\Yi\if[\(/(+%Ç<[b_n9Wbb[`W$
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)0'
Gfi \c Jlgi\df D`e`jk\i`f [\ cX >fY\ieXZ`fe [\ LckiXdXi j\ d\ _X
Zfdle`ZX[fZfe]\Z_X[\(*[\Alc`f’ck`dfcXI\Xcäi[\e[\ck\efij`^l`\ek\%
È<oZdf%ji%Ç<cji%J\Zi\kXi`f[\<jkX[fp[\c;\jgXZ_f[\cX>fY\ieXZ`fe
[\cXG\eˆejlcX#d\_XgXik`Z`gX[fZfe]\Z_X[\-[\\jk\d\j#cfhl\ZfecX[\
(,[\Ale`fgifo`dfgXjX[fZ`iZlc}cfj>\]\jgfcˆk`Zfjjlg\i`fi\j[\cXd`jdX
G\eˆejlcX„@jcXjX[pXZ\ek\j#p\jcfj`^l`\ek\%É
È Cfj J\Zi\kXi`fj [\ cXj :ik\j ^\e\iXc\j p \okiXfi[`eXi`Xj d\ [`Z\e Zfe
]\Z_X[\(*[\cZfii`\ek\cfhl\j`^l\1
È?XY`\e[f XZl[`[f ’ck`dXd\ek\ } cXj :ik\j ^\e\iXc\j p \okiXfi[`eXi`Xj
;fe Afj„ >feqXc\q GXi[f# Gif[liX[fi Jˆe[`Zf [\ DliZ`X# \ogfe`\e[f [l[Xj
j\d\aXek\j}cXjhl\fZlii`\ifeXc8plekXd`\ekf[\\jkX:`l[X[#jfYi\j`cfj
GifZliX[fi\jJˆe[`Zfj[\Y\iˆXeefk\e\imfkf\ecfj8Zl\i[fj[\8plekXd`\ekf#
j\_Xej\im`[fi\jfcm\i#hl\j\_X^X\ok\ej`mXgfii\^cX^\e\iXc}kf[fjcfj[\c
I\`ef#cX[\ZcXiXZ`feZfdle`ZX[X}cXI\^\eZ`X\e('[\Efm`\dYi\’ck`dfZfe
i\jg\Zkf}cfZfejlckX[fgfi\c[\:}[`q1\jkf\j#hl\e`cX:fejk`klZ`feZfeZ\[\
mfkf \e cfj 8plekXd`\ekfj } cfj >\]\j gfc`k`Zfj# e` gl\[\e [\aXi [\ k\e\icf#
j\^le\ccX#cfj8cZXc[\jpcfjGifZliX[fi\jJˆe[`Zfj%È
ÈPcfkiXjcX[f}M%J%[\i[\e[\J%8%gXiXjl`ek\c`^\eZ`XpZldgc`d`\ekf#
phl\gXiXcfjd`jdfj\]\ZkfjcfZfdle`hl\pZ`iZlc\}cfjXplekXd`\ekfj[\c
[`jki`kf[\\jXGifm`eZ`X%É
È;\cXd`jdXi[\ecfkiXjcX[f}M%<%gXiXcfjÔe\jhl\\e\ccXj\\ogi\jXe#
[Xe[fZl\ekX[\jli\Z`YfpZ`iZlcXZ`fe%É
PcfkiXjcX[f}M%gXiXjl`ek\c`^\eZ`Xp\]\ZkfjZfej`^l`\ek\j%
;`fj^lXi[\}M%dlZ_fjXŒfj%D„o`Zf))[\]\Yi\if[\(/(+%$9Wbb[`W$
;fe=\ieXe[fM@@#gficX^iXZ`X[\;`fjpgficX:fejk`klZ`fe[\cXDfeXihlˆX
<jgXŒfcX#I\p[\cXj<jgXŒXj#p\ejlXlj\eZ`XpZXlk`m`[X[cXI\^\eZ`Xgifm`j`feXc
[\cI\`ef#efdYiX[XgficXj:ik\j^\e\iXc\jp\okiXfi[`eXi`Xj#}kf[fjcfhl\cXj
gi\j\ek\jm`\i\ep\ek\e[`\i\e#iWX[Z0Hl\cXj:fik\j_Xe[\Zi\kX[fcfhl\j`^l\1
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
ÈCXj :ik\j ^\e\iXc\j p \okiXfi[`eXi`Xj# hl\i`\e[f hl\ \c e’d\if [\
`e[`m`[lfj[\hl\[\Y\eZfdgfe\ij\cfj8plekXd`\ekfji\jg\Zk`mfj[\kf[fj
cfjgl\Ycfj[\cXDfeXihlˆXj\_Xcc\j`\dgi\Zfdgc\kf#pZfe\cÔe[\[`j`gXi
cXj [l[Xj hl\ gl\[\e jljZ`kXij\ jfYi\ \c df[f [\ i\\dgcXqXi cXj mXZXek\j
hl\fZliiXe#[\Zi\kXe1@%—:lXe[fXZX\Z`\i\cXdl\ik\[\Xc^’eI\^`[fi#j\
efdYiXi}\ejlcl^Xifkifgficfj’ck`dfj<c\Zkfi\j#\cZlXcj\im`i}jlZXi^f
kf[f \c k`\dgf hl\ Zfii\jgfe[`X [\j\dg\ŒXicf Xc hl\ _lY`\j\ ]Xcc\Z`[f%
)%—<jkX[\ZcXiXZ`fej\\ek\e[\i}gfii\^cX^\e\iXcgXiXkf[fjcfjfÔZ`fj[\
8plekXd`\ekf hl\ mXZXi\e% Cf k\e[i} \ek\e[`[f cX I\^\eZ`X gifm`j`feXc [\c
I\`ef2p[`jgfe[i}jlZldgc`d`\ekf#_XZ`„e[fcf`dgi`d`i#glYc`ZXipZ`iZlcXi%Ç
AfXhl`eDXe`Xl#Gi\j`[\ek\%ÇAlXeDXi`X?\ii\iX#;`glkX[fJ\Zi\kXi`f%ÇAfj„
DXi`X:flkf#;`glkX[fj\Zi\kXi`f%Ç;X[f\e:}[`q}('[\dXiqf[\(/(*%Ç8cX
I\^\eZ`Xgifm`j`feXc[\cI\`ef%É
GfikXekfdXe[Xdfj}kf[fjcfjKi`YleXc\j#Aljk`Z`Xj#>fY\ieX[fi\j#>\]\j
p[\dXj8lkfi`[X[\j#XjˆZ`m`c\jZfdfd`c`kXi\jp\Zc\j`}jk`ZXj#[\ZlXchl`\iX
ZcXj\p[`^e`[X[#hl\^lXi[\ep_X^Xe^lXi[Xi#Zldgc`ip\a\ZlkXi\cgi\j\ek\
;\Zi\kf \e kf[Xj jlj gXik\j% K\e[i„`jcf \ek\e[`[f gXiX jl Zldgc`d`\ekf# p
[`jgfe[i\`jj\`dgi`dX#glYc`hl\pZ`iZlc\%ÇC%[\9fiYfe#:Xi[\eXc[\JZXcX#
8iqfY`jgf[\Kfc\[f#Gi\j`[\ek\%ÇG\[if[\8^Xi%Ç>XYi`\c:`jZXi%Ç<e:}[`q}
()[\DXiqf[\(/(*%Ç8;feG\[ifCXYiX[fi%4;i9ef_W$
)0(
8Œf
:fek\e`[f
I\]\i\eZ`X
(/(*
I\XcFi[\e[\c(,[\
efm`\dYi\[\(/()
jfYi\i\gXik`d`\ekf
[\k`\iiXjX`e[`fj
gfid\[`f[\cXj
[`glkXZ`fe\j%
8>E#@ejk`klZ`fe\j
:fcfe`Xc\j#>fY`\ief
m`ii\`eXc#Fg\iXZ`fe\j
[\>l\iiX'/( Mfcld\e)'*#
<og\[`\ek\*%)]faXj
`dgi\jXj%
J\[\ZcXiXhl\gfiI\XcFi[\eÈcXj;`glkXZ`fe\jGifm`eZ`Xc\j¿j\[\[`hl\e
j\^’e mXpXe \jkXYc\Z`„e[fj\ Zfe kf[X gi\]\i\eZ`X X \jk\ `ek\i\jXek\
fYa\kf# gifZ\[`„e[fj\ `ed\[`XkXd\ek\ X i\gXik`i cXj k`\iiXj X cfj `e[`fj
Zfe]fid\ Xc \jgˆi`kl [\ cXj JXY`Xj C\p\j# Fi[\e\j p ;\Zi\kfj \og\[`[fj
jfYi\\cXjlekf¿É)-[\XYi`c[\(/(*%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
;fZld\ekf('
)0*
I\d`kf}M%J%gXiXjl`ek\c`^\eZ`XpÔe\jZfej`^l`\ek\j)\o\dgcXi\j[\c9Xe[f
hl\_\dXe[X[fglYc`ZXiZfe`ej\iZ`fe[\cXI\XcFi[\e[\(,[\Efm`\dYi\
’ck`dfjfYi\i\gXik`d`\ekfj[\k`\iiXj`cfj@e[`fjgfid\[`f[\cXji\jg\Zk`mXj
;`glkXZ`fe\jGifm`eZ`Xc\j%
;`fj^lXi[\}M%J%dlZ_fjXŒfj%D„o`Zf)/[\8Yi`c[\(/(*%
:Xcc\aX%
;FE=<C@OD8I@8:8CC<A8;<CI<P#9il[\i#CfjX[X#=cfi\j#:Xdg\Œf#Dfek\if
[\<jg`efjX#DXi`jZXc[\:Xdgf[\cfj<o„iZ`kfjEXZ`feXc\j#M`i\p#>fY\ieX[fi
p:Xg`kXe^\e\iXc[\\jkXE%<%#Gi\j`[\ek\[\jl8l[`\eZ`X#Jlg\i`ek\e[\ek\
^\e\iXcJlY[\c\^X[f[\cX?XZ`\e[Xg’Yc`ZX#D`eXj#8qf^l\jpIXdf[\cKXYXZf#
Al\q:fej\imX[fi[\„jk\#Gi\j`[\ek\[\jlAlekX#pJlY[\c\^X[f^\e\iXc[\
:fii\fj\e\cd`jdfI\pef%
Gfi\cD`e`jk\i`f[\cX>fY\ieXZ`fe[\
LckiXdXi j\ d\ _X Zfdle`ZX[f Zfe
]\Z_X(,[\Efm`\dYi\’ck`dfcXI\Xc
Fi[\ej`^l`\ek\%
È<odf%J\Œfi%4:fdfj\Xlef[\cfj
d\[`fjdXjXe}cf^fjXcXgifjg\i`[X[
[\\jfjGl\YcfjcXfYj\imXeZ`X[\cXj
[`]\i\ek\jC\p\jpI\Xc\j:„[lcXjhl\
fi[\eXecfji\gXik`d`\ekfj[\k`\iiXj#
p \jg\Z`Xcd\ek\ [\c ;\Zi\kf [\ cXj
:ik\j^\e\iXc\jp\okiXfi[`eXi`Xj[\
0[\cZfii`\ek\#\ehl\j\gi\jZi`Y\e
cXj i\^cXj YXof [\ cXj hlXc\j [\Y\e
m\i`ÔZXij\ \jkfj i\gXik`d`\ekfj2 p
j`\e[f [\ i\Z\cXi hl\ cX \jZXj\q
p d`j\i`X# hl\ \j Zfej`^l`\ek\ } cX
g\ikliYXZ`fe[\ci[\ep[\cjfj`\^f
g’Yc`Zf# j\X \e \c [ˆX \e dlZ_fj
[\ \ccfj le fYjkXZlcf gXiX hl\ gfi
Xhl\cd\[`fj\[„}cXX^i`ZlckliX\c
]fd\ekf hl\ e\Z\j`kX# ef _X gf[`[f
[\oXi[\ccXdXi\jk\`dgfikXek\glekf
cXXk\eZ`fe[\cXI\^\eZ`X[\cI\pef#
hl\[\j\Xe[fhl\cXgifekX\o\ZlZ`fe
[\ kXe jXY`Xj [\k\id`eXZ`fe\j _X^X
j\ek`i } cfj Gl\Ycfj jlj jXcl[XYc\j
\]\Zkfj# _X d\[`kX[f [\k\e`[Xd\ek\
\e cfj d\[`fj d}j Zfe]fid\j hl\
gf[i`Xe X[fgkXij\ gXiX hl\ Xjˆ j\
m\i`Ôhl\%<ejlZfej\Zl\eZ`X_Xk\e`[f
}Y`\ei\jfcm\i1(—%Hl\\eZfe]fid`[X[
[\ cf [`jgl\jkf gfi \c XikˆZlcf ,—% [\c
i\]\i`[f ;\Zi\kf# cXj ;`glkXZ`fe\j
Gifm`eZ`Xc\j [\ kf[X cX 8d„i`ZX p jlj
@jcXj#Zfdf\eZXi^X[Xj\jg\Z`Xcd\ek\
gfi cX :fejk`klZ`fe gfcˆk`ZX [\ cX
DfeXihlˆX#[\cZl`[X[fpgifk\ZZ`fe[\
cXX^i`ZlckliX#j\[\[`hl\ej\^lemXpXe
\jkXYc\Z`„e[fj\Zfekf[Xgi\]\i\eZ`X
}\jk\`ek\i\jXek\fYa\kf#gifZ\[`\e[f
`ed\[`XkXd\ek\}i\gXik`icXjk`\iiXj
} cfj @e[`fj Zfe]fid\ Xc \jgˆi`kl [\
cXj jXY`Xj C\p\j# Fi[\e\j p ;\Zi\kfj
\og\[`[fjjfYi\\cXjlekf#pj\^lecXj
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
Ih$:$C_]k[b8WjWbbW$
)0,
Ki`YleXc<c\ZkfiXc[\cGf[\iAl[`Z`Xc[\cX=\[\iXZ`e
)0-
gXik`ZlcXi\j i\^cXj hl\ \e \c d`jdf
XikˆZlcfj\_XZ\e%)²Hl\cXjd`jdXj
;`glkXZ`fe\jgl\[Xe_XZ\iljf#[fe[\
cXe\Z\j`[X[cf\o`aX#[\cfj]fe[fj[\
cXj:XoXj[\:fdle`[X[[\@e[`fj#gXiX
_XY`c`kXic\j[\cXjZXek`[X[\je\Z\jXi`Xj
gXiXgfe\iZfii`\ek\jjljj\d\ek\iXj#
\o\Zlk}e[fcfZfecXdXpfi\ZfefdˆX#
p YXof cX dXeZfdle`[X[ [\ kf[fj
cfjhl\[`j]ilk\e[\\jk\Y\e\ÔZ`f#p
Zfe cX fYc`^XZ`fe [\ i\`ek\^iXicXj }
cfj [fj XŒfj% *² Hl\ \e cfj Gl\Ycfj
hl\ ef k\e^Xe ]fe[fj [\ :XoXj [\
:fdle`[X[# j\ jlgcXe [\ cfj d}j
`ed\[`Xkfj \e hl\ cfj _XpX# p YXof
cX dXeZfdle`[X[ p i\jgfejXY`c`[X[
[\i\`ek\^if\e\cd`jdfk`\dgfgfi
cfjm\Z`efj[\cGl\Ycfhl\cfji\Z`YX#
_XY`c`kXe[f Xc \]\Zkf } cXj d`jdXj
;`glkXZ`fe\j% +²% Hl\ Xc k`\dgf
[\ _XZ\i \jkXj cfj i\gXik`d`\ekfj#
_X^Xe \ek\e[\i } cfj @e[`fj# hl\
[\Y\e cXYiXi p Zlck`mXi cXj k`\iiXj
gfi jˆ d`jdfj# j`e gf[\i m\e[\icXj#
e`\dg\ŒXicXj#YXof[\cXZXc`[X[[\
hl\j`cf\o\ZlkXj\e#[\oXj\egXjXi
[fjXŒfjj`ej\dYiXicXj#j\i\gXik`i}e
}fkifj@e[`fj`e[ljki`fjfjpXgc`ZX[fj%
,²% Hl\ gXiX hl\ \jkfj ]fe[fj j\
[`jki`YlpXe YXof cX ]fidXc Zl\ekX
p iXqfe Zfii\jgfe[`\ek\# Xii\^c\e
cXj d`jdXj ;`glkXZ`fe\j le d„kf[f
j\eZ`ccf p ZcXif Zfe \c hlXc gl\[X
cc\mXij\ kXekf [\ cfj ]fe[fj hl\ j\
jlgc\e[\leXj:XoXj}fkiXj#Zfdf[\
cfjgi„jkXdfjhl\_X^Xe}cfjGl\Ycfj
hl\ k\e^Xe :XoX gifg`X% -² Hl\ cXj
;`glkXZ`fe\jZl`[\e\o}ZkXd\ek\[\c
i\`ek\^if [\ kf[Xj \jkXj ZXek`[X[\j#
Zldgc`[fj hl\ j\Xe cfj gcXqfj1
[Xe[fZl\ekX}jlk`\dgf}J%8%[\c
i\jlckX[f [\ \jkXj gifm`[\eZ`Xj# „
`e[`ZXe[f cXj [\dXj hl\ k\e^Xe gfi
Zfem\e`\ek\gifgfe\i%.²%Hl\Zl`[\e
Xj`d`jdf[\hl\j\\jkXYc\qZXe:XoXj
[\:fdle`[X[\ecfjGl\Ycfjhl\ef
cXj k\e^Xe# _XZ`\e[f hl\ j`\dYi\e
[\ :fdle`[X[ Xc^leXj k`\iiXj hl\
j\ [\[`ZXi}e } \jk\ fYa\kf# Zlpfj
gif[lZkfj cˆhl`[fj j`imXe [\ ]fe[fj
gXiX[`Z_Xj:XoXj#\eZfe]fid`[X[[\
cf[`jgl\jkf\ecXC\p0k`k%*(#c`Y%)
[\ cX I\Zfg`cXZ`e% /² Hl\ gXiX hl\
cf^i\e cfj @e[`fj cfj Y\e\ÔZ`fj hl\
c\j [`jg\ejX \c \jgˆi`kl p c\kiX [\ cX
C\p )(# c`Y% -# k`k% @# ]fid\e kXdY`„e
cXj ;`glkXZ`fe\j lefj i\^cXd\ekfj
j\eZ`ccfj p ZcXifj# hl\ i\d`k`i}e }
\jkXJ\Zi\kXiˆX[\cX>fY\ieXZ`fe[\
LckiXdXi gXiX cX XgifYXZ`e [\ J%
D%# Zfe cfj hl\ gl\[Xe cXj Aljk`Z`Xj
q\cXi p Zl`[Xi [\ hl\ cfj EXkliXc\j
j\ [\[`hl\e } j\dYiXi p Zlck`mXi
jlj k`\iiXj# p \jkXYc\Z\i \e \ccXj cfj
iXdfj [\ X^i`ZlckliX [\ hl\ j\Xe
ZXgXZ\j# Zfdf \c :XZXf# :X]„# 8Œ`c#
>iXeX p [\dXj ]ilkfj% P 0²% Hl\ cfj
II% 8iqfY`jgfj p FY`jgfj \oZ`k\e \c
q\cf[\jlj:liXjp;fZki`e\ifj#gXiX
hl\X[\d}j[\[XiZldgc`d`\ekf}cf
hl\ j\ c\j \eZXi^X \e \c XikˆZlcf /²%
[\c d\eZ`feX[f ;\Zi\kf# gifZli\e
\jk`dlcXicfj Zfe jl g\ijlXj`fe Xc
d`jdf Ôe# Xj\^li}e[fc\j hl\ \c
>fY`\iefZfe\jkXjd\[`[XjefkiXkX
dXjhl\[\jl]\c`Z`[X[#p[\\m`kXicX
P gXiX hl\ cc\^l\ } efk`Z`X [\
kf[fj# dXe[f hl\ j\ glYc`hl\ gfi
9Xe[f \e \jkX :Xg`kXc# p \e cXj
[\dXj:`l[X[\j#M`ccXjpCl^Xi\j[\c
I\pef# i\d`k`„e[fj\ cfj \o\dgcXi\j
XZfjkldYiX[fj } cfj Ki`YleXc\j#
DX^`jkiX[fj# >\]\j p D`e`jkifj }
hl`\e\jZfii\jgfe[Xjl`ek\c`^\eZ`Xp
fYj\imXeZ`X%;X[f\eD„o`Zf})/[\
8Yi`c[\(/(*
<ƒb_n9Wbb[`W$
GfidXe[X[f[\J%<%
:fejk`klZ`eGfcˆk`ZX[\cXDfeXihlˆX<jgXŒfcX%:}[`q(/()
gfYi\qX#Xgifm\Z_}e[fj\XjˆkXdY`\e
cfj Y`\e\j hl\ cX eXkliXc\qX _X
[\iiXdX[fjfYi\jljgXˆj\j%
È Cfj i\jlckX[fj [\ \jkXj
[`jgfj`Z`fe\j [\Y\e j\i [\ cX dXpfi
`eÕl\eZ`X \e cX gifjg\i`[X[ [\ jlj
_XY`kXek\j# p gfi cf d`jdf ZfeÔX cX
I\^\eZ`X [\c I\pef \e \c q\cf [\ M%
<%# hl\ j\^’e mXpXe \jkXYc\Z`„e[fj\
\e cfj Gl\Ycfj [\ jl dXe[f cXj
;`glkXZ`fe\j Gifm`eZ`Xc\j# [`jgl\jkXj
gfi cX :fejk`klZ`fe gfc`k`ZX [\ cX
DfeXihlˆX# c\j gXik`Z`gXi} \jkX
i\jfclZ`fe#\eZXi^}e[fc\jjlgleklXc
\o\ZlZ`fe%
È ;\ i[\e [\ J% 8% cf Zfdle`Zf
} M% <% gXiX jl `ek\c`^\eZ`X p
Zldgc`d`\ekf%É
)0.
Constitución Política de la Monarquía Española. Cádiz 1812.
Se terminó de imprimir en abril de 2011
en Impresora y Encuadernadora Progreso, S.A. de C.V. (IEPSA),
Calzada San Lorenzo 244, Paraje San Juan,
CP 09830, México, DF
Su tiraje fue de 1,500 ejemplares.