VITRAUXPERATTA #522)#5,5-ª!24%3!.!,ªª !,&2%$/ª%34%"!.ª0%2!44! 3DUWLFLSDHQOD)HULD1DFLRQDOH,QWHUQDFLRQDOGH$UWHVDQtDVUHDOL]DGDHQHO3UHGLR )HULDU&yUGRED (VWXGLR GLVHxR HMHFXFLyQ \ PRQWDMH GH ORV YLWUDOHV GH OD ,JOHVLD 0DUtD 5H\QD %DUULR5HVLGHQFLDO$PpULFD&yUGRED 5HVWDXUDFLyQ GH ORV YLWUDOHV GHO %DQFR 6RFLDO GH &yUGRED SRU HQFDUJR GH OD (PSUHVD&RQVWUXFWRUD³$QWRQLR%HFKDUD´ (VWXGLRGLVHxRHMHFXFLyQ\PRQWDMHGHOYLWUDOXELFDGRHQHO2UDWRULRGHO,QVWLWXWR &DUGLROyJLFR0RGHORGH&yUGRED 3ULPHU3UHPLR&DWHJRUtD9LWUDX[HQOD;)HULD,QWHUQDFLRQDOGH$UWHVDQtDV3UHGLR )HULDU&yUGRED 5HVWDXUDFLyQGHORVYLWUDOHVGHOD,JOHVLD6DQ-RVpGH%DUULR$OEHUGL&yUGRED 3XEOLFDFLyQGHODUWtFXOR³9LGULR&RORU\3ORPR´HQODUHYLVWD³8WLOtVLPD1´HQOD FLXGDGGH%XHQRV$LUHVGHIHFKDGHMXQLRGHHVHDxR 3ULPHU3UHPLRGH+RQRU&DWHJRUtD9LWUDX[HQOD;,)HULD,QWHUQDFLRQDOGH$UWHVDQtDV 3UHGLR)HULDU&yUGRED 5HVWDXUDFLyQGHODWRWDOLGDGGHORVYLWUDOHVGHO%DQFR,QGHSHQGHQFLDDFWXDOPHQWH %DQFR%LVHOHQHOFHQWURGHODFLXGDGGH&yUGRED 3UHPLR 0D\RU GH $UWHVDQtDV $UWHVDQR $UWt¿FH \ 3ULPHU 3UHPLR &DWHJRUtD 9LWUDX[HQOD;,,)HULD,QWHUQDFLRQDOGH$UWHVDQtDV3UHGLR)HULDU&yUGRED 5HDOL]DFLyQ\UHVWDXUDFLyQGHODWRWDOLGDGGHORVYLWUDOHVGHOD&OtQLFD6DQ$QGUpV LQDXJXUDGDHVHDxRHQODFDOOH$YHOODQHGDFHQWURGHODFLXGDGGH&yUGRED (VWXGLR GLVHxR HMHFXFLyQ \ PRQWDMH GHO YLWUDO ³&DPSDQDV FRQ *RORQGULQDV´ FRORFDGRV HQ ODV SXHUWDV TXH GDQ DO EDOFyQ YRODGL]R GHO 0XVHR (FOHVLiVWLFR 'HiQ *UHJRULR )XQHV ³2ELVSR 0HUFDGLOOR´ DVLPLVPR VH UHDOL]y XQD H[SRVLFLyQ GH VXV REUDV SRUHOWHUPLQRGHGRVPHVHV 5HVWDXUDFLyQ GH ORV YLWUDOHV GHO ,QVWLWXWR 2IWDOPROyJLFR &yUGRED %DUULR 1XHYD &yUGRED%RXOHYDU&KDFDEXFR 5HVWDXUDFLyQ GH ORV YLWUDOHV GHO WHFKR FLHOR UDVR VHJXQGR SDWLR GH OD$OLDQ]D )UDQFHVDFDOOH$\DFXFKRHQHOFHQWURGHODFLXGDGGH&yUGRED 6HGLFWDQFXUVRVGHFDSDFLWDFLyQHQHO&LUFXOR7UHQWLQRGHODFLXGDGGH&yUGRED HQFDOOH2QFDWLYR%DUULR*UDO3D] 6HGLFWDQFXUVRVVREUHGLVWLQWDVWpFQLFDVSDUDODHODERUDFLyQGHYLWUDOHVHQOD8QLyQ GH(PSOHDGRVGHOD&RQVWUXFFLyQ$UJHQWLQDFLWDHQ%DUULR&R¿FR&yUGRED 5HVWDXUDFLyQ GH ORV YLWUDOHV GHO %DQFR %RVWRQ 6XFXUVDO 1XHYD &yUGRED$YGD +LSyOLWR,ULJR\HQ (VWXGLR GLVHxR HMHFXFLyQ \ PRQWDMH GH ORV YLWUDOHV GHO7HPSOR (YDQJpOLFR GH OD FLXGDGGH'HDQ)XQHV&yUGRED 'LVHxR\HMHFXFLyQGHOYLWUDOHQOD3DUURTXLD6DQ)HUPtQGH%DUULR/D)UDQFHHQOD FDOOH&LXGDGGHO%DUFR&yUGRED (VWXGLRGLVHxRHMHFXFLyQ\PRQWDMHGHOYLWUDORMLYDODOHJyULFRDO-XELOHRGHODxR HQOD,JOHVLD6DQ-RVpGH%DUULR$OEHUGL&yUGRED 5HVWDXUDFLyQGHORVYLWUDOHVFRUUHVSRQGLHQWHVDODVYHQWDQDVGHO&DVWLOOR0RQVHUUDW GHODORFDOLGDGGH8QTXLOOR&yUGRED (VWXGLR HMHFXFLyQ \ PRQWDMH GHO YLWUDO ³&DVWLOOR GH 9LJDO]DQR´*UXSSR 6SRUWLYR &XOWXUDOH3qUJLQH7UHQWR,WDOLD 5HDOL]DFLyQ\PRQWDMHGHO9LWUDO&LHOR5DVRGHO1RYLFLDGR&ROHJLR3DXOD0RQWDO 'LVHxRGHO,QJ5DIDHO*DQGROIR&LXGDGGH&yUGRED 5HDOL]DFLyQ\PRQWDMHGHODWRWDOLGDGGHORVYLWUDOHVGHOD(UPLWDHQ/D6HUUDQtD&DVD GH5HWLUR)HPHQLQR2SXV'HL'LVHxRGHO,QJ5DIDHO*DQGROIR6LHUUDVGH&yUGRED 6HFRPLHQ]DHOGHVPRQWDMHGHODWRWDOLGDGGHORVYLWUDOHVSDUDVXUHVWDXUDFLyQGHOD %DVtOLFDGHOD&LXGDGGH9LOODGHO5RVDULR&yUGRED (VWXGLR GLVHxR HMHFXFLyQ \ PRQWDMH GHO YLWUDO ³6DQ -RVp 2EUHUR´HQ OD ,JOHVLD 3DUURTXLDO1XHVWUD6HxRUDGHO/XMiQORFDOLGDGGH&RORQLD7LUROHVD&yUGRED 5HDOL]DFLyQ \ PRQWDMH GHO YLWUDO ³ÈQJHOHV FRQ (VFXGRV´ HQ OD %DVtOLFD GH 6DQWR 'RPLQJRFHQWURFLXGDGGH&yUGRED 5HVWDXUDFLyQGHODWRWDOLGDGGHORVYLWUDOHVGHOD&DSLOODGH/D6DQWtVLPD7ULQLGDG H[+RVSLWDOGH1LxRVFHQWURFLXGDGGH&yUGRED (VWXGLRGLVHxRHMHFXFLyQ\PRQWDMHGHRFKRPHWURVFXDGUDGRVGHYLWUDX[HQOD SDUWHSRVWHURVXSHULRUGHODOWDUHQOD,JOHVLD3DUURTXLDO1XHVWUD6HxRUDGHORV'RORUHV\ 6DQ0DUWtQGH3RUUHVGHO%DUULR0DUTXpVGH6REUHPRQWH&yUGRED 6HFRQFOX\HFRQODREUDGHUHVWDXUDFLyQ\PRQWDMHGHGLHFLVLHWHJUDQGHVYHQWDQDOHV GH OD %DVtOLFD 0HQRU 1XHVWUD 6HxRUD GHO 5RVDULR GH OD &LXGDG GH 9LOOD GHO 5RVDULR &yUGRED &DEHGHVWDFDUTXHORVWUDEDMRVFLWDGRVVRQVRODPHQWHORVSHUWHQHFLHQWHVDHQWLGDGHV UHOLJLRVDV\S~EOLFDV "REVEªRESE×AªHISTØRICAªDEªLOSªVITRALESªENªLAª EDADªMEDIAªYªENªLAª!RGENTINA &XDQGRVHKDEODGHORVYLWUDOHVDQWLJXRVQRKD\TXHROYLGDUVHGHORVURVHWRQHVGHODV &DWHGUDOHV JUDQGHV YHQWDQDOHV FLUFXODUHV FRORFDGRV JHQHUDOPHQWH VREUH ODV SXHUWDV UHSUHVHQWDQGRXQDJUDQURVDDEVWUDFWDFX\RHVTXHPDDSHQDVLQVLQXDGRHUDODFUX] HVWRV YHQWDQDOHV DSDUHQWHPHQWH GHFRUDWLYRV VLQ VLJQL¿FDFLyQ SUHFLVD HUDQ FRPR OD H[SUHVLyQPiVRFXOWDGHORGLYLQRSRUHOORSDUHFtDOOHJDUODOX]GHOFLHORKDVWDHODOPDGH ORV¿HOHVHVLQWHUHVDQWHUHFRUGDUTXHSDUD'DQWH³HOKRPEUHPHGLHYDOSRUH[FHOHQFLD´OD YLVLyQGHOSDUDtVRDVXPHDO¿QDODIRUPDGHXQDURVDGHOX]ORVURVHWRQHVFRORULGRVGHODV &DWHGUDOHVVHUtDQSDUDORV¿HOHVXQDUHSUHVHQWDFLyQGHOFLHORGHORVELHQDYHQWXUDGRV /DLQGHVFLIUDEOH&DWHGUDOGH&KDUWUHVFULVWDOHVFRQVLGHUDGRV~QLFRHQHOPXQGRIXHURQ UHDOL]DGDVFRQPH]FODVDOTXtPLFDVDFWXDOPHQWHGHVFRQRFLGDV /DVYLGULHUDVGHOD&DWHGUDOGH/HRQVHGLFHTXHHVODPHMRUFROHFFLyQHVSDxRODGH YLGULHUDVGHOVLJOR;,,,KD\HQOD&DWHGUDOYHQWDQDOHV\WUHVJUDQGHV5RVHWRQHVHO FDWiORJRGHHVWDVYLGULHUDVRUGHQDGRVSRUFLFORVHVPRQyWRQR\H[WHQVRSHURQHFHVDULR SRUODGRFXPHQWDFLyQTXHSHUPLWHFRQRFHUORVQRPEUHV\IHFKDVGHDOJXQRVPDHVWURV YLGULHURVTXHGDQGRHOGHVFRQVXHORGHVDEHUTXHODVYLGULHUDVGHOVLJOR;,,FRQVHUPX\ LPSRUWDQWHVVRQXQDJUDQPLQRUtDPXWLODGDSRUUHVWDXUDFLRQHV &RPR DVLPLVPR VXUJHQ HQ WRGD (XURSD ORV YLWUDOHV GH +DPEXUJR \ (VWUDVEXUJR HQ $OHPDQLD&RUN\&DQWHUEXU\HQ,QJODWHUUD6LHQD$VLV\2YLHGRHQ,WDOLD /RV KLVWRULDGRUHV KDQ REVHUYDGR TXH HO DUWH GH ORV YLWUDOHV WXYR XQ ÀRUHFLPLHQWR FDVL UHSHQWLQR\GHFD\yDOFDERGHXQVLJORHQHOVLJOR;,,ODVYLGULHUDVVHPXOWLSOLFDURQFRQ VLQJXODUUDSLGH] éHQXQDVRODJHQHUDFLyQOOHJDURQDODF~VSLGHGHVXHVSOHQGRUFRPRVLDFDEDUDQGH GHVFXEULUODPDJLDGHODUWHORVPDHVWURVYLGULHURVFRPSXVLHURQVXVVLOXHWDV\¿JXUDVFRQ XQD DXGDFLD MDPiV LJXDODGD SRU ORV SLQWRUHV SDUD VHJXLU GLGiFWLFDPHQWH OD HYROXFLyQ GHORVYLWUDOHVVXQDFLPLHQWRVXHVSOHQGRUVXGHFDGHQFLD\VXUHVXUUHFFLyQSRGHPRV GHFLU TXH HO PiV DQWLJXR GH ORV YLWUDOHV FRQVHUYDGRV GH RFFLGHQWH HV XQD FDEH]D GH &ULVWR VLJOR ;, TXH HVWi HQ :LVVHPEXU MXQWR DO 5LQ HQ FX\R GLEXMR SULPLWLYR HV IiFLO GHDGYHUWLUODLQÀXHQFLDGHORVPDQXVFULWRVFDUROLQJHRV(OGLEXMRVLPSOHODYLROHQFLDGH VXV FRORUHV OXPLQRVRV FRQYLHUWHQ D ORV YLWUDOHV HQ DOJR QXQFD YLVWR HQ OD KLVWRULD GHO DUWH GHVSXpV FRPR VL ORV YLWUDOLVWDV VH KXELHUDQ ROYLGDGR GH OD JORULRVD PDWHULD TXH PDQHMDEDQSDUHFtDQHPSHxDGRVHQUHSURGXFLUORVFXDGURVGHORVSLQWRUHVODV¿JXUDV VHUHFDUJDEDQGHGHWDOOHVHOGLEXMRSUHWHQGHPRVWUDUVRPEUDV\GHJUDGDFLRQHVDVtVH HPSLH]DDLQVLQXDUODGHFDGHQFLDGHOR¿FLR 3HUR FRPR XQ IHQyPHQR FXULRVR HQ OD HYROXFLyQ GH ODV DUWHV FRQ HO 5HQDFLPLHQWR )ORUHQFLDDVXPHODYDQJXDUGLDGHOFHQWURGHDFWLYLGDGHVGHVSXpVVHWUDVODGDD9HQHFLD LQVHUWiQGRVHHQORVPHUFDGRVGHOUHVWRGH(XURSD2ULHQWH\HOUHVWRGHOPXQGR (Q OD$UJHQWLQD ORV YLWUDOLVWDV TXH VH LQLFLDURQ FRQ HO R¿FLR IXHURQ PD\RULWDULDPHQWH LQPLJUDQWHV &DWDODQHV KDFH DSUR[LPDGDPHQWH DxRV DXTXH DOJXQRV KLVWRULDGRUHV GLFHQTXHVHLQVWDODURQDTXtKDFHPiVGHWUHVVLJORVYLYLyVXHVSOHQGRUHQODGpFDGD GHO (QOD&LXGDGGH%XHQRV$LUHVFXHQWDFRQXQDGHODVREUDVPiVKHUPRVDV³/D&DWHGUDO 6WHOD 0DULV´ GLVHxDGD \ HMHFXWDGD SRU HO 0DHVWUR$QWRQLR (VWUXFK XWLOL]DQGR OD PLVPD WpFQLFDGHOHPSORPDGRGHOVLJOR;,,OHGHPDQGyFLQFRDxRVKDFHUHVWDPDJQL¿FDREUD D (QODDFWXDOLGDGVHUHDOL]DQLQ¿QLGDGHVGHREUDVKDVWDOtPLWHVTXL]iVQXQFDDOFDQ]DGR HQODKLVWRULDGHODDUTXLWHFWXUDODVYLGULHUDKDQORJUDGRXQHVSDFLRSURSLRFRPRREUDGH DUWHHQHVWDLQWHUPLQDEOHFRQMXQFLyQGHFULVWDOHPSORPDGR\FRORUHDGRSRUHOORFDGDGtD DGTXLHUHPD\RUSURWDJRQLVPR\YLVWRVLGDGHQODGHFRUDFLyQPRGHUQD %,ª6)$2)/ -ATERIASªPRIMASª (VWi FRQVWLWXLGR SULQFLSDOPHQWH SRU WUHV HOHPHQWRV XQ YLWUL¿FDQWH VtOLFH XQ IXQGHQWH VRVDSRWDVDXQHVWDELOL]DQWHFDO /DVtOLFHDXPHQWDODGXUH]DGHOYLGULRVXEULOOR\ODUHVLVWHQFLDDORVDJHQWHVDWPRVIpULFRV \TXtPLFRVGLVPLQX\HQGRVXIXVLELOLGDG /DFDODXPHQWDDVLPLVPRODGXUH]DGHOYLGULRKDFLpQGRORPDVUHVLVWHQWHDORVDJHQWHV TXtPLFRVSHURXQH[FHVRGHHOODRULJLQDHOIHQyPHQRGHGHVYLWUL¿FDFLyQ /DVRVD\ODSRWDVDIDFLOLWDQVXIXVLELOLGDGODSRWDVDHQH[FHVRKDFHTXHHOYLGULRVHD JLURVFySLFR /D DO~PLQD DXPHQWD OD GXUH]D OD UHVLVWHQFLD \ OD SODVWLFLGDG GHO YLGULR IDFLOLWDQGR VX HODERUDFLyQSHURGLVPLQX\HVXIXVLELOLGDG\SURYRFDHOIHQyPHQRGHGHVYLWUL¿FDFLyQ /DPDJQHVLDDPLQRUDVXIXVLELOLGDGPiVTXHODFDODXQTXHPHQRVTXHODDO~PLQD (Oy[LGRGHSORPRLQFUHPHQWDODIXVLELOLGDGHOEULOOR\HOSRGHUUHIULJHUDQWHGHOYLGULRVL ELHQGLVPLQX\HVXGXUH]D (OiFLGREyULFRDXPHQWDVXIXVLELOLGDG\VXEULOORLPSLGLHQGRODGHVYLWUL¿FDFLyQ (OiFLGRIRVIyULFRLPSLGHTXHHOiFLGRÀXRUKtGULFRDWDTXHDOYLGULRGHOTXHIRUPDSDUWHHQ HVWDGRGHIRVIDWRiFLGRGHFDOFLR #/,/2)$/ª$%,ª6)$2)/ /DDFFLyQTXHHMHUFHQGLYHUVDVVXVWDQFLDVVREUHHOFRORUGHOYLGULR Ï[LGRGHFREDOWR(OYLGULRFRQVRVDDGTXLHUHXQDFRORUDFLyQYLROHWDDPDULOOHQWRFRQSRWDVD D]XOYHUGRVRFRQSORPRD]XO Ï[LGRGHFREUH(OYLGULRFRQVRVDWRPDHOFRORUD]XOYHUGRVRFRQSRWDVDD]XOEULOODQWH FRQSORPRYHUGH 2[LGXORGHFREUH(OYLGULRFRQVRVDRFRQSRWDVDSUHVHQWDXQFRORUVDQJUHS~USXUDFRQ SORPRXQURMRVDQJUH Ï[LGRGHFURPR(OYLGULRVRQVRVDDGTXLHUHXQWRQRYHUGHPDQ]DQDFRQSRWDVDYHUGH EULOODQWHFRQy[LGRGHSORPRDPDULOORURML]R Ï[LGRGHXUDQLR(OYLGULRFRQVRVDWRPDXQFRORUD]XOYLRODGRRVFXURFRQSRWDVDYLROHWD DPDWLVWDFRQSORPRYLROHWDURML]R 3HUy[LGR GH PDQJDQHVR(O YLGULR FRQ VRVD DVXPH XQ FRORU YLROHWD RVFXUR FRQ SRWDVD YLROHWDDPDWLVWDFRQSORPRYLROiFHRURVDGR Ï[LGRGHQtTXHO(OYLGULRFRQVRVDDGTXLHUHXQFRORUYHUGHDPDULOOHQWRFRQSRWDVDDPDWLVWD RVFXURFRQSORPRYLROHWDD]XODGR Ï[LGR GH KLHUUR (O YLGULR FRQ VRVD SUHVHQWD XQD FRORUDFLyQ YHUGH ERWHOOD FRQ SRWDVD YHUGHERWHOODDPDULOOHQWRFRQSORPRYHUGHDPDULOOHQWRRVFXUR Ï[LGR GH RUR(O YLGULR FRQ VRVD WRPD XQ FRORU D]XO RVFXUR FRQ SRWDVD \ SORPR URMR \ URVD Ï[LGRGHSODWD(OYLGULRFRQVRVD\SRWDVDDGTXLHUHXQFRORUDPDULOORFODURGHVSXpVGHVX UHGXFFLyQTXHGDHQWRQRDQDUDQMDGR &DUEyQ\D]XIUH(OYLGULRFRQVRVDSUHVHQWDXQFRORUDPDULOORFODURFRQSRWDVDDPDULOOR RURFRQSORPRQHJUR $QWLPRQLRGHSORPR(OYLGULRFRQVRVDDGTXLHUHXQDFRORUDFLyQEODQFDRSDFDFRQSRWDVD EODQFDGLiIDQDFXDQGRVHWUDEDMDDDOWDWHPSHUDWXUDFRQSORPRDQDUDQMDGRRSDFR ,QÀX\HQPRGL¿FDQGRODFRORUDFLyQODQDWXUDOH]DGHOYLGULRODWHPSHUDWXUDODGXUDFLyQGH ODIXVLyQ\HOJUDGRGHR[LGDFLyQGHODVVXVWDQFLDVFRORUHDGDVFXDQWRPiVEODQFRVHDHO YLGULRWDQWRPiVLQWHQVDVHUiODFRORUDFLyQ\YLFHYHUVD /RVSULQFLSDOHVy[LGRVHPSOHDGRVSDUDFRORUHDUORVYLGULRVVRQORVVLJXLHQWHV Ï[LGRGHFREUH\VDOHVGHRUR URMR\URVD Ï[LGRGHFREDOWR $]XO %Ly[LGRGHPDQJDQHVR YLROHWD %Ly[LGRGHFREUH D]XOFHOHVWH Ï[LGRGHFURPRYHUGHHVPHUDOGD Ï[LGRGHKLHUUR\SURWy[LGRGHFREUH YHUGHERWHOOD Ï[LGRGHXUDQLRDPDULOORFRQUHÀHMRVYHUGRVRV #/-").!#)/.ª$%ª#/,/2%3ª&/2-!3ª9ª%3425#452!3 ,!ª)-!').!#)».ª#2%!ª9ª2%#2%!ª#/.ª3%.4)-)%.4/ª9ª0!3)».ª @+(55$0,(17$6 D75(),/$'25$'(3/202 E&257$9,'5,208/7,)81&,Ï1 F+2512(/(&75,&2 @&85626 @5(67$85$&,21(6 @75$%$-263$57,&8/$5(6 @(;326,&,21)(5,$ $57(6$1,$6