Factor Shares From Household Survey Data

Anuncio
Banco de México
Documentos de Investigación
Banco de México
Working Papers
N◦ 2005-05
Factor Shares From Household Survey Data
Rodrigo Garcı́a-Verdú
Banco de México
October 2005
La serie de Documentos de Investigación del Banco de México divulga resultados preliminares de
trabajos de investigación económica realizados en el Banco de México con la finalidad de propiciar
el intercambio y debate de ideas. El contenido de los Documentos de Investigación, ası́ como las
conclusiones que de ellos se derivan, son responsabilidad exclusiva de los autores y no reflejan
necesariamente las del Banco de México.
The Working Papers series of Banco de México disseminates preliminary results of economic
research conducted at Banco de México in order to promote the exchange and debate of ideas. The
views and conclusions presented in the Working Papers are exclusively the responsibility of the
authors and do not necessarily reflect those of Banco de México.
Documento de Investigación
2005-05
Working Paper
2005-05
Factor Shares From Household Survey Data*
Rodrigo Garcı́a-Verdú†
Banco de México
Abstract
This paper proposes a method for estimating the factor shares using cross sectional
household survey data containing detailed information on household income by source. The
application of this method to the case of Mexico using data from every available household
survey that is representative at the national level, yields the following results: (i) factor
shares in Mexico are much closer to those in the United States than the NIPA data suggest,
and (ii) factor shares in Mexico have been relatively constant over the time period analyzed.
The paper then develops the implications of the differences between factor shares obtained
from the NIPA data and the household survey data for some areas of economic research.
Keywords: Factor Shares, National Income and Product Accounts, Household Survey Data,
Functional Distribution of Income, Growth Accounting.
JEL Classification: E25, O47, E13
Resumen
Este trabajo propone un método para estimar las participaciones factoriales utilizando
datos de corte transversal provenientes de encuestas de hogares que contienen información
detallada del ingreso por sus fuentes. La aplicación del método al caso de México utilizando
datos de todas las encuestas representativas a nivel nacional disponibles, arroja los siguientes
resultados: (i) las participaciones factoriales en México son mucho más cercanas a las de los
Estados Unidos que lo que los datos del SCN sugiere, y (ii) las participaciones factoriales en
México han sido relativamente constantes durante el periodo analizado. El trabajo desarrolla
las implicaciones de las diferencias entre las participaciones factoriales obtenidas a partir de
los datos del SCN y de las encuestas de hogares en algunas áreas de investigación económica.
Palabras Clave: Participaciones Factoriales, Sistema de Cuentas Nacionales, Datos de Encuestas Nacionales, Distribución Funcional del Ingreso, Contabilidad del Crecimiento.
*
This paper draws partly on my joint work with Regina Weber Buch. I am grateful to Benito Berber, Sara
Castellanos, Jesús Cervantes, Daniel Chiquiar, Daniel Garcés, Alejandro Gaytán, Jesús González, William
Maloney, Lorenza Martı́nez, Manuel Ramos Francia, Manuel Santos, Luis San Vicente, Camilo Tovar, Gabriel
Vera, Dorothy Walton and seminar participants at Banco de México, CIDE, ITAM, LACEA, Universidad de
Guanajuato and the Econometric Society World Congress for very helpful comments and suggestions. I am
also grateful to Marı́a Bolio, Salvador Bonilla, Susana Cazorla, Douglas Gollin, Cynthia Mendonca, Ricardo
Paes de Barros, Diego Petrecolla, Ricardo Reyes, Graciela Ruiz and Luis Suárez for their help in obtaining
the data. Oscar Budar and Othón Moreno provided outstanding research assistance.
†
Dirección General de Investigación Económica. Email: rgarciaverdu@worldbank.org.
2753)8(7.32
%<3 =4 B63 03AB 3AB/0:7A632 3;>7@71/: @35C:/@7B73A 7< 31=<=;71A 7A B6/B B63
A6/@3A =4 7<1=;3 /11@C32 B= :/0=@ /<2 1/>7B/: /@3 @3:/B7D3:G 1=<AB/<B =D3@ B7;3
< >/@B71C:/@ 4=@ 23D3:=>32 1=C<B@73A =D3@ B63 :/AB 6/:4 13<BC@G B63 7<1=;3 A6/@3
=4 :/0=@ 6/A 033< 03BE33< BE= B67@2A /<2 B6@33 ?C/@B3@A /<2 B63 7<1=;3 A6/@3
=4 1/>7B/: 6/A 033< 03BE33< =<3 B67@2 /<2 =<3 ?C/@B3@ )67A 4/1B 1/< 03 A33<
7< B63 4=::=E7<5 I5C@3 E6716 23>71BA B63A3 BE= 4/1B=@ A6/@3A 4=@ B63 1/A3 =4 B63
*<7B32 (B/B3A 2C@7<5 B63 >3@7=2 .,85* 314*26&7.32 3+ 1403<**6 &2) 35435&7* 53>76 &6 &
6-&5* 3+ &7.32&0 2(31* .2 7-* #2.7*) !7&7*6 80%
Compensation
of Employees
Percent of National Income
70%
60%
50%
40%
30%
Corporate
Profits
20%
10%
0%
1959
1963
1967 1971
1975
1979
1983
1987 1991
1995
1999
2003
Year
(=C@13 )/0:3 O $/B7=</: 7<1=;3 0G BG>3 =4 7<1=;3 O
1=<=;71
'3>=@B =4 B63 &@3A723<B
B 7A /:A= E3:: 9<=E< B6/B B63@3 /@3 A75<7I1/<B 27Q3@3<13A /1@=AA 1=C<B@73A
7< 4/1B=@ A6/@3A =0B/7<32 CA7<5 2/B/ 4@=; B63 $/B7=</: <1=;3 /<2 &@=2C1B
,63B63@ 4/1B=@ A6/@3A /@3 3F/1B:G =@ />>@=F7;/B3:G 1=<AB/<B =D3@ B7;3 7A / ;/BB3@ =4
1=<B@=D3@AG )67A 7A / 93G 7AAC3 57D3< B63 7;>:71/B7=<A B6/B / C<7B/@G 3:/AB717BG =4 AC0AB7BCB7=<
03BE33< :/0=@ /<2 1/>7B/: 6/A 4=@ A3D3@/: 31=<=;71 ;=23:A )63 @313<B 1=<B@70CB7=<A =4 <B@/A
3<B=:7:/ /<2 (/7<B&/C: /<2 CQG /<2 &/>/53=@57=C >@=D723 3D723<13
/5/7<AB B63 6G>=B63A7A =4 / C<7B/@G 3:/AB717BG =4 AC0AB7BCB7=< /<2 B6CA 1=<AB/<B 4/1B=@ A6/@3A
)67A >/>3@ 7A 1=<13@<32 E7B6 3F>:/7<7<5 B63 A75<7I1/<B 27Q3@3<13A /1@=AA 1=C<B@73A 7< 4/1B=@
A6/@3A @/B63@ B6/< B63 @3:/B32 ?C3AB7=< =4 E63B63@ 4/1B=@ A6/@3A /@3 3F/1B:G =@ />>@=F7;/B3:G
1=<AB/<B =D3@ B7;3 4=@ /<G 57D3< 1=C<B@G
)63 B3@;A M7<1=;3 A6/@3AN/<2 M4/1B=@ A6/@3AN /@3 CA32 7<27AB7<1B:G B6@=C56=CB B63 >/>3@
11=C<BA $& C@B63@;=@3 B63A3 A6/@3A 27Q3@ 7< / AGAB3;/B71 E/G E7B6
67563@ >3@ 1/>7B/ 7<1=;3 1=C<B@73A B3<27<5 B= 6/D3 / 67563@ A6/@3 /11@C7<5 B=
:/0=@ )63A3 BE= 4/1BA /@3 >@3A3<B32 7< 75C@3 /<2 )/0:3A /1 E6716 A6=E
B63 7<1=;3 A6/@3 =4 :/0=@ 4=@ / A/;>:3 =4 1=C<B@73A /<2 B63 7<1=;3 A6/@3 =4
1/>7B/: 4=@ 27Q3@3<B 5@=C>A =4 1=C<B@73A @3A>31B7D3:G A 1/< 03 A33< 6756 >3@
1/>7B/ 7<1=;3 1=C<B@73A 6/D3 =< /D3@/53 / 67563@ :=E3@ :/0=@ 1/>7B/: A6/@3
B6/< :=E >3@ 1/>7B/ 7<1=;3 1=C<B@73A
.,85* 314*26&7.32 3+ 1403<**6 &6 & 6-&5* 3+ &2) 5*&0 4*5
(&4.7& .2 & 6&140* 3+ (38275.*6 1367 5*(*27 <*&56 &9&.0&'0*
70%
United
States
60%
Percent of GDP
50%
40%
30%
Mexico
20%
10%
0%
0
2,500
5,000
7,500
10,000
12,500
15,000
Real GDP per capita
(=C@13 =::7< 75C@3 > 17,500
20,000
"&'0* &
/>7B/:LA (6/@3 =4 <1=;3 % =C<B@73A /</2/
@/<13 3@;/<G B/:G />/< $3B63@:/<2A *! *(
D3@/53
"&'0* '
/>7B/:LA (6/@3 =4 <1=;3 "/B7< ;3@71/< =C<B@73A @53<B7</
@/H7:
67:3
=:=;07/
#3F71=
&3@C
+3<3HC3:/
D3@/53
"&'0* (
/>7B/:LA (6/@3 =4 <1=;3 /AB A7/< =C<B@73A =<5 !=<5
(7<5/>=@3
(=CB6 !=@3/
)/7E/<
D3@/53
(=C@13 &/<3:A /<2 =4 )/0:3 /@@= /<2 (/:/7#/@B7< >>
$ :: /D3@/53A @3>=@B32 /@3 A7;>:3 73 <=<E3756B32 /D3@/53A
)63 4/1B B6/B 4/1B=@ A6/@3A 6/D3 033< @3:/B7D3:G 1=<AB/<B =D3@ B7;3 6/A :32
A3D3@/: /CB6=@A B= >=ABC:/B3 B6/B B63 >@=2C1B7=< >=AA707:7B73A =4 /< 31=<=;G 1/<
03 /23?C/B3:G 23A1@7032 0G / =00=C5:/A /55@35/B3 >@=2C1B7=< 4C<1B7=< =4
B63 4=@;
E63@3 7A =CB>CB 7A B=B/: 4/1B=@ >@=2C1B7D7BG )& 7A :/0=@ 7A
1/>7B/: /<2 /<2 /@3 1=<AB/<B >/@/;3B3@A B 1/< 03 3/A7:G A6=E< B6/B E7B6
1=;>3B7B7D3 4/1B=@ ;/@93BA B63A3 BE= >/@/;3B3@A 1=@@3A>=<2 B= B63 A6/@3A =4
7<1=;3 /11@C32 B= :/0=@ /<2 1/>7B/: @3A>31B7D3:G
B 6/A 033< /@5C32 /<2 1=;;=<:G /AAC;32 7< B63 :7B3@/BC@3 B6/B B316<=:=5G
A6=C:2 03 B63 A/;3 /1@=AA 1=C<B@73A )6CA 57D3< B6/B 4/1B=@ A6/@3A /@3 4C<
2/;3<B/: B316<=:=571/: >/@/;3B3@A 7< B67A 4C<1B7=</: 4=@; 7B 7A >CHH:7<5 B6/B
4/1B=@ A6/@3A =0B/7<32 4@=; B63 $& 2/B/ 27Q3@ A75<7I1/<B:G /1@=AA 1=C<B@73A
C@B63@;=@3 3D3< 74 B63 >@=2C1B7=< >=AA707:7B73A =4 /< 31=<=;G /@3 23A1@7032
;=@3 /11C@/B3:G 0G /< /55@35/B3 >@=2C1B7=< 4C<1B7=< E7B6 / 1=<AB/<B 3:/AB717BG
=4 AC0AB7BCB7=< ( 27Q3@3<B B6/< =<3 7B 7A AB7:: >CHH:7<5 E6G B63A3 A6/@3A D/@G
A= ;C16 /1@=AA 1=C<B@73A A7<13 B63G /@3 B63 ;/7< 1/B35=@73A =4 B63 4C<1B7=</: =@
4/1B=@7/: 27AB@70CB7=< =4 7<1=;3 )6CA B63 D/@7/B7=< /1@=AA 1=C<B@73A 7< 4/1B=@
A6/@3A =0B/7<32 4@=; B63 $& 2/B/ /:A= 7;>:73A D/AB 27Q3@3<13A 7< B63 E/G
7<1=;3 7A 27AB@70CB32 03BE33< B63 BE= ;/7< 4/1B=@A =4 >@=2C1B7=<
A=:CB7=< B= B63 >CHH:3 =4 B63 1@=AA1=C<B@G D/@7/B7=< 7< 4/1B=@ A6/@3A 6/A
033< >@=>=A32 0G =::7< E6= A6=E32 B6/B =<13 B63 $& 2/B/ /@3 /2
8CAB32 4=@ B63 27Q3@3<13A 7< 6=E B63 7<1=;3 4@=; B63 A3:43;>:=G32 7A 1:/AA7I32
B63 27Q3@3<13A 7< 4/1B=@ A6/@3A /1@=AA 1=C<B@73A /@3 5@3/B:G @32C132 C@B63@
;=@3 =<13 4/1B=@ A6/@3A =0B/7<32 4@=; B63 $& 2/B/ /@3 /28CAB32 B63 D/@7/B7=<
B6/B @3;/7<A 7A <=B @3:/B32 B= B63 :3D3: =4 >3@ 1/>7B/ 7<1=;3
)63 ;3B6=2 =::7< CA32 B= /28CAB B63 $& 2/B/ @3?C7@3A B6/B /:: 7<1=;3
4@=; B63 A3:43;>:=G32 03 1:/AA7I32 7< / 1/B35=@G 23<=;7</B32 %>3@/B7<5 (C@
>:CA =4 &@7D/B3 *<7<1=@>=@/B32 <B3@>@7A3A =@ %(&* 3 B63< >@=>=A32 B6@33
E/GA =4 /28CAB7<5 B63 $& 2/B/ B= /11=C<B 4=@ B63 7<1=;3 4@=; B63 A3:4
3;>:=G32 7 /BB@70CB3 /:: %(&* B= :/0=@ 7<1=;3 77 27D723 %(&* 7<B=
:/0=@ /<2 1/>7B/: 7<1=;3 /11=@27<5 B= B63 A6/@3A 7;>:732 0G B63 $& 2/B/
/<2 777 CA3 2/B/ =< B63 1=;>=A7B7=< =4 B63 E=@94=@13 /<2 7;>CB3 E/53A B= B63
A3:43;>:=G32 CA7<5 B63 /D3@/53 E/53 4@=; B63 $& 3;>:=G33 1=;>3<A/B7=<
2/B/
*<4=@BC</B3:G B63 %(&* 1/B35=@G 7A <=B /D/7:/0:3 4=@ 3D3@G 1=C<B@G B6/B
6/A B63 $& 2/B/ A= B63@3 /@3 A=;3 1=C<B@73A 4=@ E6716 7B 7A <=B >=AA70:3 B=
;/93 B63 /28CAB;3<BA >@=>=A32 C@B63@;=@3 3D3< 74 B63 %(&* 1/B35=@G E3@3
/D/7:/0:3 4=@ 3D3@G 1=C<B@G E7B6 B63 $& 2/B/ 7B 7A >=AA70:3 B6/B B63 7<1=;3
4@=; B63 7<4=@;/: 3;>:=G33A ;756B <=B 03 7<1:C232 37B63@ /A >/@B =4 ;>:=G33
=;>3<A/B7=< =@ /A >/@B =4 %(&* 0CB @/B63@ /A >/@B =4 1/>7B/: 7<1=;3
)67A >/>3@ >@=>=A3A /< /:B3@</B7D3 ;3B6=2 4=@ 3AB7;/B7<5 4/1B=@ A6/@3A B6/B
3F>:717B:G B/93A 7<B= /11=C<B B63 >@=0:3; >=A32 0G B63 7<1=;3 4@=; 3;>:=G
3@A B63 A3:43;>:=G32 /A E3:: /A 4@=; 7<4=@;/: 3;>:=G33A )67A ;3B6=2 CA3A
@3>3/B32 1@=AA A31B7=</: 6=CA36=:2 AC@D3G 2/B/ @3>@3A3<B/B7D3 /B B63 </B7=</:
:3D3: E6716 1=<B/7< 23B/7:32 7<4=@;/B7=< =< 6=CA36=:2 7<1=;3 0G A=C@13
< >/@B71C:/@ B63 ;3B6=2 @3:73A =< B63 4/1B B6/B A=;3 6=CA36=:2 AC@D3GA
1=::31B 2/B/ =< /:: A=C@13A =4 7<1=;3 73 B63 1:/AA7I1/B7=< =4 7<1=;3 A=C@13A
4@=; :/0=@ /<2 1/>7B/: 7A 3F6/CAB7D3 /<2 B6/B B63 =11C>/B7=</: 16=713 =4 3D3@G
;3;03@ =4 B63 6=CA36=:2 7A 9<=E< )6CA B63 A6/@3A =0B/7<32 4@=; B63A3 2/B/
A6=C:2 <=B 03 /Q31B32 0G B63 7<1=;3 =4 B63 7<4=@;/::G 3;>:=G32 57D3< B6/B
C@B63@;=@3 C<23@ B63 /AAC;>B7=< =4 1=<AB/<B @3BC@<A B= A1/:3 B63 BE= A6/@3A ;CAB /22
C> B= =<3 A= B63G /@3 AB7:: 1/>BC@32 0G B63 6=CA36=:2 AC@D3G C@B63@;=@3 :/0=@ 7<1=;3 4=@
B63 A3:43;>:=G32 1/< 03 7;>CB32 0/A32 =< 7<27D72C/: =0A3@D/0:3 16/@/1B3@7AB71A
1=<B/7<32 7< B63 AC@D3G AC16 /A /53 A3F 32C1/B7=< >=B3<B7/: 3F>3@73<13 3B1
)63 >/>3@ B63< />>:73A B67A ;3B6=2 B= B63 1/A3 =4 #3F71= / 1=C<B@G E63@3
B63 4/1B=@ A6/@3A =4 :/0=@ /<2 1/>7B/: /@3 /:;=AB B63 =>>=A7B3 =4 B6=A3 7< B63
*<7B32 (B/B3A < >/@B71C:/@ 7B CA3A 2/B/ 4@=; 3D3@G /D/7:/0:3 6=CA36=:2 AC@D3G
@3>@3A3<B/B7D3 /B B63 </B7=</: :3D3: 1=@@3A>=<27<5 B= B63 G3/@A /<2 B B63< 1=;>/@3A B63 4/1B=@ A6/@3A
=0B/7<32 CA7<5 B63 $& 2/B/ /<2 B63 6=CA36=:2 AC@D3G 2/B/
)63 @3AC:BA 4@=; />>:G7<5 B63 ;3B6=2 >@=>=A32 7< B67A >/>3@ A6=E B6/B 7
4/1B=@ A6/@3A 7< #3F71= /@3 ;C16 1:=A3@ B= B6=A3 7< B63 *<7B32 (B/B3A B6/< B63
$& 2/B/ AC553AB E7B6 :/0=@ /11=C<B7<5 4=@ />>@=F7;/B3:G =4 7<1=;3 /<2
1/>7B/: 4=@ B63 =B63@ /<2 77 4/1B=@ A6/@3A 7< #3F71= 6/D3 033< @3:/B7D3:G
1=<AB/<B =D3@ B63 B7;3 >3@7=2 /</:GH32
)6CA B67A >/>3@LA @3AC:BA /@3 1=<A7AB3<B E7B6 =::7<LA I<27<5 B6/B
B63 D/@7/B7=<A /1@=AA 1=C<B@73A 7< 4/1B=@ A6/@3A /@3 :/@53:G 2C3 B= 27Q3@3<13A 7<
;3/AC@3;3<B /<2 /11=C<B7<5 >@/1B713A 73 6=E B63 7<1=;3 4@=; 3;>:=G3@A
B63 A3:43;>:=G32 /<2 B6=A3 7<4=@;/::G 3;>:=G32 7A 1:/AA7I32 /<2 B= 27Q3@3<13A
7< B63 AB@C1BC@3 =4 B63 :/0=@ 4=@13 /1@=AA 1=C<B@73A @/B63@ B6/< B= 27Q3@3<13A 7<
B316<=:=5G
)63 >/>3@ B63< 23D3:=>A B63 7;>:71/B7=<A =4 B63 27Q3@3<13A 03BE33< 4/1B=@
A6/@3A =0B/7<32 4@=; B63 $& 2/B/ /<2 4@=; B63 6=CA36=:2 AC@D3G 2/B/ 7< 4=C@
/@3/A =4 31=<=;71 @3A3/@16 7 B63 4C<1B7=</: =@ 4/1B=@7/: 27AB@70CB7=< =4 7<1=;3
77 5@=EB6 /11=C<B7<5 23D3:=>;3<B /11=C<B7<5 /<2 B63 /</:GA7A =4 B63 A=C@13A
=4 5@=EB6 777 B63 1/:70@/B7=< =4 AB/B71 />>:732 53<3@/: 3?C7:70@7C; ;=23:A /<2
2G</;71 AB=16/AB71 53<3@/: 3?C7:70@7C; ;=23:A /<2 B63 1=;>CB/B7=</: 3F>3@7
;3<BA =0B/7<32 4@=; B63; /<2 7D B63 A>332 =4 1=<D3@53<13 B= B63 AB3/2G AB/B3
7< B63 <3=1:/AA71/: 5@=EB6 ;=23: /<2 B= B63 0/:/<13 5@=EB6 >/B6 7< / 1:/AA =4
3<2=53<=CA 5@=EB6 ;=23:A B 7A A6=E< B6/B B63 27Q3@3<13A 03BE33< B63 4/1B=@
A6/@3A =0B/7<32 4@=; B63 $& 2/B/ /<2 4@=; B63 6=CA36=:2 AC@D3G 2/B/ 6/D3
4/@@3/167<5 1=<A3?C3<13A 7< /:: 4=C@ /@3/A =4 31=<=;71 @3A3/@16
)63 @3AB =4 B63 >/>3@ 7A =@5/<7H32 /A 4=::=EA )63 <3FB A31B7=< 27A1CAA3A B63
;3B6=2 CA32 B= =0B/7< 4/1B=@ A6/@3A 4@=; B63 $& 2/B/ (31B7=< B63< 23
A1@703A B63 ;3B6=2=:=5G >@=>=A32 B= 3AB7;/B3 4/1B=@ A6/@3A CA7<5 B63 6=CA36=:2
AC@D3G 2/B/ /A E3:: /A A=;3 =4 7BA :7;7B/B7=<A (31B7=< 1=<B/7<A B63 3;>7@7
1/: @3AC:BA 4=@ B63 1/A3 =4 #3F71= (31B7=< 23D3:=>A A=;3 =4 B63 7;>:71/B7=<A
=4 B63 27Q3@3<13A 03BE33< 4/1B=@ A6/@3A =0B/7<32 4@=; B63 $& 2/B/ /<2 B63
6=CA36=:2 AC@D3G 2/B/ 7< B3@;A =4 B63 4/1B=@7/: 27AB@70CB7=< =4 7<1=;3 5@=EB6
/11=C<B7<5 B63 1/:70@/B7=< =4 31=<=;71 ;=23:A /<2 B63 A>332 =4 1=<D3@53<13
(31B7=< AC;;/@7H3A B63 ;/7< I<27<5A =4 B67A >/>3@ 7</::G B63 >>3<27F
23A1@703A 7< ;=@3 23B/7: B63 2/B/ CA32 7< B63 >/>3@
&(735 6-&5*6 +531 &7&
< >@7<17>:3 @=AA =;3AB71 &@=2C1B & 1/< 03 =0B/7<32 B6@=C56 B6@33
27Q3@3<B ;3B6=2A 7 B63 >@=2C1B7=< />>@=/16 77 B63 3F>3<27BC@3 />>@=/16
/<2 777 B63 7<1=;3 />>@=/16 )63 I@AB ;3B6=2 AC;A B63 D/:C3 /2232 /B 274
43@3<B AB/53A =4 >@=2C1B7=< =4 /:: ;/@93B 5==2A /<2 A3@D713A /1@=AA /:: A31B=@A
=4 B63 31=<=;G )63 A31=<2 ;3B6=2 /55@35/B3A 3F>3<27BC@3A 7< /:: I</: 5==2A
/<2 A3@D713A /<2 1:/AA7I3A B63A3 3F>3<27BC@3A /11=@27<5 B= B637@ </BC@3 =@ CA3
7<B= >@7D/B3 1=<AC;>B7=< 5@=AA 7<D3AB;3<B 5=D3@<;3<B 3F>3<27BC@3 3F>=@BA
=@ 7;>=@BA
)63 B67@2 ;3B6=2 AC;A /:: >/G;3<BA B= B63 4/1B=@A =4 >@=2C1B7=< /<2 1:/A
A7I3A B63; /A 37B63@ >/G;3<BA B= :/0=@ ;>:=G33 =;>3<A/B7=< =@ 1/>7B/:
=@>=@/B3 &@=IBA )63 4@/1B7=< =4 7<1=;3 >/72 B= 3/16 4/1B=@ 7A 1/::32 7BA
7<1=;3 =@ 4/1B=@ A6/@3 < 4/1B B67A B67@2 ;3B6=2 G73:2A / ;3/AC@3 =4 $3B $/
B7=</: <1=;3 @/B63@ B6/< / ;3/AC@3 =4 & )6CA 7< =@23@ B= =0B/7<
4/1B=@ A6/@3A 4@=; & =<3 ;CAB I@AB =0B/7< < B63=@G B= =0B/7< 4/1B=@
A6/@3A 4@=; & B63 <3FB AB3>A A6=C:2 03 4=::=E32
%0B/7< $3B =;3AB71 &@=2C1B /A B63 27Q3@3<13 03BE33< &
/<2 3>@317/B7=< %0B/7< $3B $/B7=</: &@=2C1B /A B63 27Q3@3<13 03BE33< $3B
=;3AB71 &@=2C1B /<2 $3B /1B=@ &/G;3<BA 4@=; /0@=/2
%0B/7< $3B $/B7=</: <1=;3 /A B63 27Q3@3<13 03BE33< $3B $/
B7=</: &@=2C1B /<2 $3B <27@31B )/F3A :/AA74G $3B $/B7=</: <1=;3 /A 37B63@ ;>:=G33 =;>3<A/B7=< =@
=@>=@/B3 &@=IBA < >@/1B713 B6=C56 7< =@23@ B= =0B/7< & ;=AB 1=C<B@73A CA3 =<3 =@ 0=B6
=4 B63 I@AB BE= ;3B6=2A B63 >@=2C1B7=< =@ B63 3F>3<27BC@3 />>@=/16 E67:3
=<:G / 43E 1=C<B@73A =0B/7< /< 7<23>3<23<B ;3/AC@3 =4 $3B $/B7=</: <1=;3
CA7<5 B63 B67@2 ;3B6=2 B63 7<1=;3 />>@=/16 )63 ;/7< @3/A=< 4=@ B67A 7A
B6/B 2/B/ =< =@>=@/B3 &@=IBA =<3 =4 B63 BE= ;/7< 1/B35=@73A 7<B= E6716 $3B
$/B7=</: <1=;3 7A 1:/AA7I32 /@3 A1/<B =@ /0A3<B /:B=53B63@ 4=@ ;=AB 1=C<B@73A
$3B /1B=@ &/G;3<BA 7A B63 27Q3@3<13 03BE33< >/G;3<BA @3137D32 0G @3A723<BA 4=@ 4/1B=@
A3@D713A @3<23@32 /0@=/2 /<2 >/G;3<BA ;/23 B= =B63@ 1=C<B@73A 4=@ 4/1B=@ A3@D713A @3<23@32
0G <=<@3A723<BA
<1723<B/::G B63 /0A3<13 =4 2/B/ =< =@>=@/B3 &@=IBA 7A / ;/8=@ 2@/E0/19 4=@ >=:71G
;/93@A 7< B63A3 1=C<B@73A B 7A 7;>=@B/<B B= 6756:756B B6/B 4=@ B6=A3 1=C<B@73A B6/B 2= 6/D3
3A>7B3 B63 /0=D3 ;=AB 1=C<B@73A AB7:: >@=2C13 /<2 @3>=@B / 1:/AA7I1/B7=< =4
& 03BE33< :/0=@ /<2 1/>7B/: 7<1=;3 < =@23@ B= =0B/7< B67A 27D7A7=< 1=C<
B@73A BG>71/::G =0B/7< ;>:=G33 =;>3<A/B7=< 27@31B:G /<2 =0B/7< / ;3/AC@3 =4
1/>7B/: 7<1=;3 /A / @3A72C/: )6CA 1/>7B/: 7<1=;3 7A 23I<32 /A B63 27Q3@3<13
03BE33< & =0B/7<32 CA7<5 =<3 =4 B63 I@AB BE= ;3B6=2A /<2 ;>:=G33 =;
>3<A/B7=< 3>@317/B7=< /<2 $3B <27@31B )/F3A < >@/1B713
B= =0B/7< 4/1B=@ A6/@3A 4@=; & ;=AB 1=C<B@73A 4=::=E B63 <3FB AB3>A
%0B/7< & B6@=C56 37B63@ B63 >@=2C1B7=< A723 =@ B63 3F>3<27BC@3 A723
%0B/7< ;>:=G33 =;>3<A/B7=< /<2 $3B <27@31B )/F3A 27@31B:G
%0B/7< / ;3/AC@3 =4 1/>7B/: 7<1=;3 1/::32 @=AA %>3@/B7<5 (C@>:CA
/A B63 27Q3@3<13 03BE33< & ;>:=G33 =;>3<A/B7=< /<2 $3B <27
@31B )/F3A
@=AA =;3AB71 &@=2C1B 7A B63< 1:/AA7I32 7<B= ;>:=G33 =;>3<A/B7=<
@=AA %>3@/B7<5 (C@>:CA /<2 $3B <27@31B )/F3A <3B =4 <27@31B (C0A7273A
)63 ;3/AC@3 =4 1/>7B/: 7<1=;3 4@=; B63 $& 2/B/ =0B/7<32 7< B67A E/G 7A /
@3A72C/: A= 0G 23I<7B7=< 7B 7<1:C23A =@>=@/B3 &@=IBA /A E3:: /A /:: 7<1=;3 B6/B
7A <=B 3F>:717B:G 1:/AA7I32 /A ;>:=G33 =;>3<A/B7=<
7D3< B6/B 7< :=E >3@ 1/>7B/ 7<1=;3 1=C<B@73A / :/@53 A6/@3 =4 B63 :/0=@
4=@13 /@3 BG>71/::G 37B63@ 3;>:=G3@A A3:43;>:=G32 =@ 7<4=@;/: 3;>:=G33A B637@
7<1=;3A /@3 :793:G B= 03 7<1=@@31B:G 1:/AA7I32 /A >/@B =4 B63 @=AA %>3@/B7<5
(C@>:CA E6716 /5/7< 7A =0B/7<32 /A / @3A72C/: )63 4/1B B6/B B63 67563@ >3@
1/>7B/ 7<1=;3 1=C<B@73A 6/D3 =< /D3@/53 / :=E3@ A6/@3 =4 B637@ :/0=@ 4=@13 /A
37B63@ 3;>:=G3@A A3:43;>:=G32 =@ 7<4=@;/: 3;>:=G33A 7A A6=E< 7< B63 4=::=E7<5
I5C@3
;3/AC@3A =4 =@>=@/B3 &@=IBA B63 2/B/ =< E6716 B63G /@3 0/A32 /@3 BG>71/::G =0B/7<32 B6@=C56
@/<2=; A/;>:7<5 =4 B/F @3BC@< 4=@;A )6CA B63 ;3/AC@3 =4 =@>=@/B3 &@=IBA =0B/7<32 4@=;
$&LA 2/B/ 7A /1BC/::G /< 3AB7;/B3
< 4/1B 1=C<B@73A /:A= 27Q3@ 7< B67A @35/@2 A7<13 A=;3 AC0B@/1B 23>@317/B7=< /<2 =B63@A
2= <=B
.,85* 1403<*56 &2) !*0+1403<*) %35/*56 &6 & 6-&5* 3+ 7-* &'35 35(*
&2) 5*&0 4*5 (&4.7& .2 & 6&140* 3+ (38275.*6 1367 5*(*27
<*&56 &9&.0&'0* &5382) 60%
Percent of the Labor Force
50%
40%
30%
20%
Mexico
10%
United
States
0%
0
2,500
5,000
7,500
10,000
12,500
15,000
17,500
20,000
Real GDP per capita
(=C@13 =::7< 75C@3 > )6CA =<13 B63 27Q3@3<13A 7< /11=C<B7<5 ;3B6=2=:=573A /<2 7< B63 1=;>=
A7B7=< =4 B63 :/0=@ 4=@13 /1@=AA 27Q3@3<B 1=C<B@73A /@3 1:3/@ 7B 031=;3A 3D723<B
E6G 1=C<B@73A E7B6 :=E >3@ 1/>7B/ 7<1=;3 6/D3 =< /D3@/53 / :=E3@ :/0=@ A6/@3
B6/< 6756 >3@ 1/>7B/ 7<1=;3 1=C<B@73A 7< B63 $& 2/B/ )63 ?C3AB7=< B6/B
/@7A3A </BC@/::G B63< 7A 6=E B= /28CAB B63A3 2/B/ B= 1=@@31B 4=@ B63A3 27Q3@3<13A
7< /11=C<B7<5
< =@23@ B= A=:D3 B67A ;3/AC@3;3<B >@=0:3; =::7< >@=>=A32 /28CAB
7<5 B63 $& 2/B/ 4=@ B63 27Q3@3<13 /1@=AA 1=C<B@73A 7< B63 A6/@3 =4 7<1=;3
4@=; B63 A3:43;>:=G32 < >/@B71C:/@ /:: 7<1=;3 4@=; B63 A3:43;>:=G32 A6=C:2
7< >@7<17>:3 03 7<1:C232 7< / 1/B35=@G =4 B63 $& 23<=;7</B32 %>3@/B7<5 (C@
>:CA =4 &@7D/B3 *<7<1=@>=@/B32 <B3@>@7A3A =@ %(&* G 1=<D3<B7=< =4 B63
(GAB3; =4 $/B7=</: 11=C<BA 7<1=;3 4@=; B63 A3:43;>:=G32 7A <=B B= 03 1:/A
A7I32 /A :/0=@ 7<1=;3 0CB 7<AB3/2 A6=C:2 03 1:/AA7I32 7< B63 %(&* 1/B35=@G
)63 @/B7=</:3 4=@ B67A 7A B6/B B63 7<1=;3 4@=; B63 A3:43;>:=G32 7A D3@G
27P1C:B B= 1:/AA74G 7<B= / >/@B 1=@@3A>=<27<5 B= :/0=@ /<2 / >/@B 1=@@3A>=<27<5
B= 1/>7B/: /A ;=AB =4 B63 A3:4 3;>:=G32 2= <=B 27AB7<5C7A6 B63;A3:D3A 03BE33<
B63A3 BE= A=C@13A =4 7<1=;3 7< B637@ /11=C<B7<5
=::7< B63< >@=>=A32 B6@33 ;3B6=2A 4=@ /28CAB7<5 B63 $& 2/B/
B= /11=C<B 4=@ B63 7<1=;3 4@=; B63 A3:43;>:=G32 7 /BB@70CB3 /:: %(&* B=
:/0=@ 7<1=;3 77 27D723 %(&* 7<B= :/0=@ /<2 1/>7B/: 7<1=;3 /11=@27<5 B= B63
A6/@3A 7;>:732 0G B63 $& 2/B/ /<2 777 CA3 2/B/ =< B63 1=;>=A7B7=< =4 B63
E=@94=@13 /<2 7;>CB3 E/53A B= B63 A3:43;>:=G32 CA7<5 B63 /D3@/53 E/53 7< B63
$& 3;>:=G33 1=;>3<A/B7=< 2/B/
%<13 B63A3 /28CAB;3<BA /@3 ;/23 B= B63 $& 2/B/ B63 1@=AA1=C<B@G D/@7/
B7=< 7< 4/1B=@ A6/@3A 7A 5@3/B:G @32C132 C@B63@;=@3 B63 27Q3@3<13A B6/B @3;/7<
/4B3@ B63 /28CAB;3<BA B= B63 2/B/ /@3 <=B @3:/B32 B= >3@ 1/>7B/ 7<1=;3 )67A
AC553ABA B6/B 27Q3@3<13A /1@=AA 1=C<B@73A 7< 4/1B=@ A6/@3A /@3 :/@53:G 2C3 B= 274
43@3<13A 7< ;3/AC@3;3<B /<2 /11=C<B7<5 >@/1B713A 73 6=E B63 7<1=;3 4@=;
3;>:=G3@A B63 A3:43;>:=G32 /<2 B6=A3 7<4=@;/::G 3;>:=G32 7A 1:/AA7I32 7< B63
$& 2/B/ /<2 B= 27Q3@3<13A /1@=AA 1=C<B@73A 7< B63 1=;>=A7B7=< =4 B63 :/0=@
4=@13 @/B63@ B6/< B= 27Q3@3<13A 7< B316<=:=5G
*<4=@BC</B3:G ;/<G 1=C<B@73A 2= <=B 6/D3 =@ @3>=@B B63 %(&* 1/B35=@G
A= 7B 7A 7;>=AA70:3 B= /28CAB B63 $& 2/B/ #=@3=D3@ 7B 7A >=AA70:3 B6/B A=;3 =4
B63 @3;/7<7<5 27Q3@3<13A /1@=AA 1=C<B@73A 7< 4/1B=@ A6/@3A /4B3@ B63 $& 2/B/
6/D3 033< /28CAB32 4=@ 27Q3@3<13A 7< 6=E B63 7<1=;3 4@=; B63 A3:43;>:=G32 7A
1:/AA7I32 1=C:2 03 2C3 B= @3:/B32 ;3/AC@3;3<B /<2 /11=C<B7<5 >@=0:3;A AC16
/A 27Q3@3<13A /1@=AA 1=C<B@73A 7< B63 7<1=;3 4@=; B6=A3 7<4=@;/::G 3;>:=G32
"-* &6* 3+ *;.(3
#3F71= 7A =<3 =4 B63 1=C<B@73A 4=@ E6716 B63 %(&* 1/B35=@G 7A <=B /D/7:
/0:3 <AB3/2 / 1:/AA7I1/B7=< 7A >@=D7232 7< B63 $& 2/B/ /11=@27<5 B= E6716
& 7A 27D7232 7<B= B6@33 1/B35=@73A ;>:=G33 =;>3<A/B7=< @=AA %>3@/B7<5
(C@>:CA /<2 $3B <27@31B )/F3A
,67:3 A3D3@/: =B63@ 1=C<B@73A >@=D723 / A7;7:/@ 0@3/92=E< =4 & #3F71= 7A
/ >/@B71C:/@:G 7<B3@3AB7<5 1/A3 4=@ A3D3@/: @3/A=<A 7@AB 23A>7B3 7BA 53=5@/>671/:
>@=F7;7BG /<2 7BA AB@=<5 1=;;3@17/: /<2 7<D3AB;3<B B73A B= B63 *<7B32 (B/B3A
B63 4/1B=@ A6/@3A =4 B63A3 BE= 1=C<B@73A =0B/7<32 4@=; B63 $& 2/B/ 27Q3@
AC0AB/<B7/::G < 4/1B /A B63 4=::=E7<5 B/0:3 /<2 I5C@3 A6=E #3F71=LA A6/@3A
/@3 /:;=AB B63 =>>=A7B3 =4 B6=A3 7< B63 *<7B32 (B/B3A
< (>/<7A6 B63A3 B6@33 1/B35=@73A /@3 9<=E< /A ",4<5,9(*0I5 +, :(3(90(+6: ?*,+,5;,
9<;6 +, 7,9(*0I5 /<2 ;96: 47<,:;6: ( 3( 96+<**0I5
"&'0* /1B=@ (6/@3A /:1C:/B32 4@=; B63 $& 2/B/
=;>3<A/B7=< =4 ;>:=G33A
/>7B/: <1=;3
.3/@
#3F71=
*(
#3F71=
*(
D3@/53
(=C@13A C3<B/ 23 &@=2C117V< (7AB3;/ 23 C3<B/A $/17=</:3A 23 #TF71= <AB7BCB=
$/17=</: 23 AB/2UAB71/ 3=5@/4U/ 3 <4=@;SB71/ $ /<2 )/0:3 O $/B7=</:
7<1=;3 0G BG>3 =4 7<1=;3 O
1=<=;71 '3>=@B =4 B63 &@3A723<B
/>7B/: 7<1=;3 1=@@3A>=<2A B= @=AA %>3@/B7<5 (C@>:CA 7< #3F71= /<2 B= =@>=@/B3
&@=IBA 7< B63 *<7B32 (B/B3A
.,85* 314*26&7.32 3+ 1403<**6 &2) 5366 4*5&7.2, !854086 &6 & 6-&5*
3+ .2 *;.(3 &2) 314*26&7.32 3+ 1403<**6 &2) 35435&7*
53>76 &6 & 6-&5* 3+ &7.32&0 2(31* .2 7-* #2.7*) !7&7*6
80%
Gross Operating
Surplus in Mexico
Percent of GDP and of National Income
70%
Compensation of
Employees in the
United States
60%
50%
Compensation of
Employees in
Mexico
40%
30%
Corporate Profits
in the United
States
20%
10%
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
0%
Year
(=C@13A C3<B/ 23 &@=2C117V< (7AB3;/ 23 C3<B/A $/17=</:3A 23 #TF71= $
/<2 )/0:3 O $/B7=</: 7<1=;3 0G BG>3 =4 7<1=;3 O
1=<=;71
'3>=@B =4 B63 &@3A723<B
#=@3=D3@ 23A>7B3 B63 7<1@3/A7<5 7<B35@/B7=< =4 B63 #3F71/< /<2 B63 *(
31=<=;73A =D3@ B63 >/AB 231/23 0357<<7<5 7< E7B6 B63 3</1B;3<B =4 B63
$=@B6 ;3@71/< @33 )@/23 5@33;3<B $) B63@3 7A <= 3D723<13 7< B63
$& 2/B/ B6/B B63 4/1B=@ A6/@3A =4 B63 BE= 1=C<B@73A 6/D3 031=;3 ;=@3 A7;7:/@
)63 27A1@3>/<1G 7< 4/1B=@ A6/@3A 03BE33< #3F71= /<2 B63 *( 6/A 7< 4/1B 033<
<=B7132 4=@ A=;3 B7;3 7< B63 :7B3@/BC@3 /A 3F3;>:7I32 0G B63 4=::=E7<5 ?C=B3
4@=; !36=3 /<2 !36=3 B5, +0:;<9)05. -,(;<9, 6- ;/, ,?0*(5 +(;( *647(9,+ ;6 ;/, %#
+(;( 0: ;/, +0E,9,5*, ),;>,,5 ;/, :/(9, 6- 9,;<95: ;6 *(70;(3 05 ;/,
5(;065(3 05*64, 6- ;/, ;>6 *6<5;90,: 5 ,?0*6 ;/0: 5<4),9 0:
()6<; 7,9*,5; ;9033065 6<; 6- ;6;(3 -(*;69 05*64, 6- ;903
3065 >/,9,(: 05 ;/, %50;,+ #;(;,: 0; 0: ()6<; 7,9*,5; 5,
=@ 3D723<13 /0=CB B63 7<1@3/A7<5 7<B35@/B7=< /<2 AG<16@=<7H/B7=< =4 B63 *( /<2 #3F7
1/< 31=<=;73A /4B3@ A33 67?C7/@ /<2 '/;=A @/<17/ C3D/A #3AA;/163@ /<2
,3@<3@ /<2 )=@@3A /<2 +3:/ (7796(*/ ;6 /(5+305. ;/,:, +(;(D;/, 65, ;(2,5 05 ;/, 46+,3: +0:
*<::,+ /,9,D0: ;6 (**,7; ;/, +(;( (; -(*, =(3<, (5+ ;6 *(30)9(;, ;/,
796+<*;065 -<5*;065: (**69+05.3@ 56;/,9 (7796(*/ 0: ;6 3662 -69
9,(:65: >/@ ;/, ;>6 *(70;(3 :/(9,: (9, :6 +0E,9,5; #64, 76::0)030
;0,: (9, +0E,9,5; ;9,(;4,5; 6- ;/, ,(9505.: 6- :,3-,4736@,+ >692,9:
05 ;/, ;>6 *6<5;90,: +0E,9,5; *6476:0;065 6- 5(;065(3 6<;7<; /0./,9
4656763@ 9,5;: 05 ,?0*6 (5+ 469, )3(*2 4(92,; 3()69 05 ,?0*6
'/(;,=,9 ;/, *(<:, 69 *(<:,: ;/, *647(9()030;@ 6- +(;( (*96:: *6<5
;90,: 0: 6)=06<:3@ ( :,906<: 0::<, ;/(; 9,8<09,: 469, 9,:,(9*/C
7D3< B6/B 4/1B=@ A6/@3A /@3 93G B316<=:=571/: >/@/;3B3@A /A E3:: /A B63
BE= ;/7< 1/B35=@73A =4 B63 4C<1B7=</: =@ 4/1B=@7/: 27AB@70CB7=< =4 7<1=;3 7B 7A
>CHH:7<5 E6G B63G 27Q3@ A= ;C16 /1@=AA B63A3 BE= 1=C<B@73A < B63 E=@2A
=4 =::7< M,6G E=C:2 B63 >@=2C1B7=< B316<=:=5G 27Q3@ A= 5@3/B:G
03BE33< B63 *<7B32 (B/B3A /<2 #3F71= E63@3/A 7B 27Q3@A A= :7BB:3 03BE33< B63
*<7B32 (B/B3A /<2 3@;/<G =@ />/<N
B 7A E3:: 9<=E< B6/B A3:43;>:=G;3<B /<2 7<4=@;/: 3;>:=G;3<B 7< #3F71=
/@3 E723A>@3/2 =@ 3F/;>:3 2C@7<5 B63 >3@7=2 1:=A3 B= =4
B63 :/0=@ 4=@13 7< B63 1=C<B@G E/A A3:43;>:=G32 /<=B63@ E3@3 3;>:=G
3@A =@ 3<B@3>@3<3C@A E67:3 /@=C<2 =4 A/:/@732 E=@93@A E3@3 3;>:=G32
7<4=@;/::G
11=@27<5 B= B63 =P17/: AB/B7AB71A B63 ;/5<7BC23 =4 B63 7<4=@;/:
A31B=@ =4 B63 #3F71/< 31=<=;G /D3@/532 =4 & 2C@7<5 /<2
E/A @3:/B7D3:G 1=<AB/<B =D3@ B67A >3@7=2 )63A3 4/1BA /@3 23>71B32 7< B63 <3FB
I5C@3A
(33 5*<,:;( (*065(3 +, 473,6 $ =@ $/B7=</: ;>:=G;3<B (C@D3G <AB7BCB=
$/17=</: 23 AB/2UAB71/ 3=5@/4U/ 3 <4=@;SB71/ $ (3:43;>:=G32 E=@93@A /@3 B3@;32
$9()(1(+69,: 769 <,5;( 9670( 3;>:=G3@A =@ 3<B@3>@3<3C@A /@3 B3@;32 (;965,: E67:3 B6=A3
1=<A723@32 /A 7<4=@;/: 3;>:=G33A E=@9 E7B6=CB / E@7BB3< 1=<B@/1B =@ E7B6 / B3;>=@/@G 1=<
B@/1B ,67:3 B67A :/AB 23I<7B7=< 7A /@07B@/@G =B63@ /:B3@</B7D3 23I<7B7=<A AC16 /A B63 /0A3<13
=4 A=17/: A31C@7BG 03<3IBA G73:2 / A7;7:/@ A6/@3
< 4/1B B63 @3:/B7D3 1=<AB/<1G =D3@ B7;3 =4 B63 A6/@3 =4 B63 7<4=@;/: A31B=@ 7A 1=<A7AB3<B
E7B6 B63 @3:/B7D3 AB/07:7BG =4 B63 7<1=;3 A6/@3A =4 ;>:=G33 =;>3<A/B7=< /<2 @=AA %>3@
/B7<5 (C@>:CA 7< B63 $&LA 2/B/ (33 $ C3<B/ (/BT:7B3 23: (C0A31B=@ <4=@;/:
23 :=A =5/@3A
.,85* 1403<*56 !*0+1403<*) &2) 2+351&0 1403<**6 &6 & 6-&5* 3+ 7-*
&'35 35(* .2 *;.(3 Verbal or
Temporary
Contract
30%
Self Employed
20%
15%
10%
Employers or
Enterpreneurs
5%
Year-Quarter
(=C@13 <1C3AB/ $/17=</: 23 ;>:3= $ $
2004-III
2004-II
2004-I
2003-IV
2003-III
2003-II
2003-I
2002-III
2002-IV
2002-II
2002-I
2001-IV
2001-III
2001-II
2001-I
2000-III
2000-IV
2000-II
1999
0%
1998
Percent of the Labor Force
25%
.,85* 2+351&0 !*(735 3+ 7-* *;.(&2 (3231< &6 & 6-&5*
3+ 7-* "37&0 $&08* ))*) 3+ 7-* (3231< Percent of Total Value Added
14%
12%
10%
8%
6%
4%
2%
0%
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Year
(=C@13 C3<B/ (/BT:7B3 23: (C0A31B=@ <4=@;/: 23 :=A =5/@3A $
)6CA 57D3< B63 /11=C<B7<5 ;3B6=2=:=5G 4=::=E32 7< 1=<AB@C1B7<5 #3F71=LA
$& /<2 57D3< B63 ;/5<7BC23 =4 A3:43;>:=G;3<B /<2 7<4=@;/: 3;>:=G;3<B
7< B63 :/0=@ 4=@13 7B 7A <=B >CHH:7<5 E6G 3;>:=G33 1=;>3<A/B7=< /A / A6/@3 =4
& 7A @3:/B7D3:G A;/:: 7< #3F71=
< 4/1B B63 :=E A6/@3 =4 3;>:=G33 1=;>3<A/B7=< /<2 B63 1=@@3A>=<27<5:G
6756 A6/@3 =4 @=AA %>3@/B7<5 (C@>:CA 7< & 7A / 1=;;=< >63<=;3<=< 7<
=B63@ 1=C<B@73A 7< "/B7< ;3@71/ E7B6 A7;7:/@ 16/@/1B3@7AB71A B= #3F71= 7<1:C2
7<5 A7;7:/@ >3@ 1/>7B/ 7<1=;3 :3D3:A /<2 /11=C<B7<5 ;3B6=2=:=573A )67A 4/1B
E6716 1/< 03 A33< 7< )/0:3 0 7A /:A= 23>71B32 7< B63 4=::=E7<5 I5C@3A E6716
A6=E B63A3 A6/@3A 4=@ B63 1/A3 =4 @53<B7</ @/H7: /<2 67:3 4=@ B63 ;=AB @313<B
G3/@A 4=@ E6716 B63 $& 2/B/ /@3 /D/7:/0:3
.,85* 314*26&7.32 3+ 1403<**6 &2) 5366 4*5&7.2, !854086
&6 & 6-&5* 3+ .2 5,*27.2& 80%
70%
Gross Operating
Surplus
Percent of GDP
60%
50%
40%
Compensation of
Employees
30%
20%
10%
0%
1980
1981
1982
1983
1984
1985
1986
1987
Year
(=C@13A 7AB@70C17V< C<17=</: 23: <5@3A= 7@3117V< $/17=</: 23 C3<B/A
$/17=</:3A $$ <AB7BCB= $/17=</: 23 AB/2UAB71/ G 3<A=A $
.,85* 314*26&7.32 3+ 1403<**6 &2) 5366 4*5&7.2, !854086
&6 & 6-&5* 3+ .2 5&=.0 60%
Gross Operating
Surplus
50%
Percent of GDP
40%
Compensation of
Employees
30%
20%
10%
0%
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
Year
(=C@13A =<B/ 2/ '3<2/ 7@3B=@7/ 23 &3A?C7A/A 3>/@B/;3<B= 23 =<B/A
$/17=</7A <AB7BCB= @/A7:37@= 23 3=5@/4U/ 3 AB/2UAB71/ .,85* 314*26&7.32 3+ 1403<**6 &2) 5366 4*5&7.2, !854086
&6 & 6-&5* 3+ .2 -.0* 70%
Gross Operating
Surplus
60%
Percent of GDP
50%
40%
Compensation of
Employees
30%
20%
10%
0%
1985
1987
1989
1991
1993
1995
1997
1999
2001
Year
(=C@13A C3<B/ 23 3<3@/17V< 23: <5@3A= C3<B/A 1=<V;71/A <B35@/2/A <C/@7=
23 C3<B/A $/17=</:3A D/@7=CA G3/@A 3>/@B/;3<B= 23 C3<B/A $/17=</:3A
3@3<17/ 23 <4=@;/17V< 3 <D3AB75/17V< AB/2UAB71/ /<1= 3<B@/: 23 67:3
*<4=@BC</B3:G #3F71= /<2 D/@7=CA =B63@ 1=C<B@73A 2= <=B >@=D723 2/B/ =<
%(&* /<2 =<:G 27D723 & 7<B= ;>:=G33 =;>3<A/B7=< @=AA %>3@/B7<5
(C@>:CA /<2 $3B <27@31B )/F3A A / @3AC:B B63 >@=0:3; =4 6=E B= /28CAB
B63 4/1B=@ A6/@3A =0B/7<32 4@=; B63 $& 2/B/ @3;/7<A )63 4=::=E7<5 A31B7=<
=CB:7<3A / ;3B6=2 4=@ =0B/7<7<5 4/1B=@ A6/@3A 4@=; 6=CA36=:2 AC@D3G 2/B/ B6/B
3F>:717B:G B/93A 7<B= /11=C<B B63 >@=0:3; =4 B63 7<1=;3 4@=; B63 A3:43;>:=G32
/A E3:: /A 4@=; B6=A3 3;>:=G32 7<4=@;/::G
&(735 6-&5*6 +531 386*-30) !859*< &7&
)63 7<B3@/1B7=< 03BE33< 6=CA36=:2 AC@D3G 2/B/ /<2 /55@35/B3 2/B/ 7A <=B
<3E =CA36=:2 AC@D3G 2/B/ /@3 BG>71/::G 1=::31B32 :3AA 4@3?C3<B:G B6/< B63
$& 2/B/ 35 3D3@G BE= B= ID3 G3/@A )6CA B63G /@3 <=B CA32 27@31B:G 7<
>CBB7<5 B=53B63@ B63 ?C/@B3@:G /<2 G3/@:G $& 2/B/
$3D3@B63:3AA 6=CA36=:2 AC@D3G 2/B/ /@3 @35C:/@:G CA32 B= 16319 B63 1=<A7A
B3<1G =4 B63 $& 2/B/ < >/@B71C:/@ B63 5@=EB6 @/B3 =4 B=B/: 3F>3<27BC@3A
=0B/7<32 4@=; B63 6=CA36=:2 AC@D3G 2/B/ 7A @35C:/@:G 1=;>/@32 B= B63 5@=EB6
@/B3 =4 1=<AC;>B7=< 4@=; B63 $& 2/B/ /A 7A B63 1=;>=A7B7=< =4 3F>3<27BC@3A
0G 1/B35=@73A E7B6 B63 1=;>=A7B7=< =4 1=<AC;>B7=<
=<D3@A3:G B63 $& 2/B/ /@3 CA32 B= 1=;>:3;3<B B63 6=CA36=:2 AC@D3G
2/B/ 7< B63 1=<AB@C1B7=< =4 1=<AC;3@ >@713 7<2713A >/@B71C:/@:G 7< B63 3AB7;/B7=<
=4 B63 3F>3<27BC@3 A6/@3A =4 13@B/7< 7B3;A B6/B /@3 9<=E< B= 03 C<23@@3>=@B32
7< B63 6=CA36=:2 AC@D3G 2/B/ AC16 /A /:1=6=: /<2 B=0/11=
)63 16=713 =4 E63B63@ B= CA3 ;71@=2/B/ AC16 /A B63 6=CA36=:2 AC@D3G 2/B/ =@
I@; =@ >:/<B:3D3: 2/B/ =@ /55@35/B3 2/B/ AC16 /A B63 $& 7< =@23@ B= =0B/7<
3AB7;/B3A =4 B63 >/@/;3B3@A <33232 B= 1/:70@/B3 27Q3@3<B 31=<=;71 ;=23:A 6/A
033< :/@53:G 2/B/2@7D3< < >/@B71C:/@ A=;3 >/@/;3B3@A 6/D3 033< =0B/7<32
4@=; B63 $& 2/B/ 57D3< B6/B B63G /@3 @3/27:G 1=;>CB/0:3 4@=; B63; )67A
6/A 033< B63 1/A3 C> B= <=E E7B6 B63 :/0=@ /<2 1/>7B/: A6/@3A =4 7<1=;3 #=@3
1=;>:71/B32 >/@/;3B3@A E6716 1/<<=B 03 27@31B:G =0B/7<32 4@=; B63 $& 2/B/
/@3 37B63@ 3AB7;/B32 4@=; ;71@=2/B/ =@ /@3 =0B/7<32 4@=; >@3D7=CA ;71@=31=<=
;3B@71 ABC273A )67A 7A B63 1/A3 4=@ 3F/;>:3 E7B6 B63 7<B3@B3;>=@/: 3:/AB717BG
=4 AC0AB7BCB7=<
)63@3 7A 7< >@7<17>:3 <= @3/A=< E6G 4/1B=@ A6/@3A 1/<<=B 03 3AB7;/B32 4@=;
;71@=2/B/ ,63B63@ B63 $& 2/B/ =@ B63 6=CA36=:2 AC@D3G 2/B/ /@3 CA32 B=
=0B/7< / 57D3< >/@/;3B3@ B63 @3AC:BA =0B/7<32 4@=; 3/16 BG>3 =4 2/B/ ;/G 27Q3@
A75<7I1/<B:G #=@3=D3@ B63 1=;>CB/B7=</: 3F>3@7;3<BA 4@=; 1/:70@/B32 ;=23:A
/@3 A=;3B7;3A 6756:G A3<A7B7D3 B= B63 /1BC/: 16=713 =4 B6/B >/@/;3B3@ )6CA
4/1B=@ A6/@3A /@3 7;>=@B/<B >/@/;3B3@A E6=A3 ;3/AC@3;3<B 23A3@D3A 1/@34C:
/BB3<B7=<
)63 B63=@3B71/: 0/A7A 0367<2 B67A ;3B6=2=:=5G 7A AB@/756B4=@E/@2 )63 I@AB
>/@B @3:73A =< B63 4C<2/;3<B/: 723<B7BG =4 </B7=</: 7<1=;3 /<2 >@=2C1B /1
1=C<B7<5 /11=@27<5 B= E6716 B=B/: =CB>CB =@ >@=2C1B7=< =4 /< 31=<=;G A6=C:2
03 723<B71/: B= B=B/: 3F>3<27BC@3 =4 B63 31=<=;G E6716 7< BC@< A6=C:2 03 723<
B71/: B= B=B/: 7<1=;3 =4 B63 31=<=;G )67A 723<B7BG 7A BG>71/::G 23>71B32 7< B63
17@1C:/@ J=E ;=23: E6716 A6=EA B6/B 57D3< B6/B /:: 4/1B=@A =4 >@=2C1B7=< /@3
C:B7;/B3:G =E<32 0G B63 6=CA36=:2 A31B=@ 7< / ;/@93B 31=<=;G B=B/: =CB>CB 7A
723<B71/: B= B=B/: 3F>3<27BC@3 /<2 B= B=B/: 7<1=;3
)63 A31=<2 >/@B 7A AB/B7AB71/: A/;>:7<5 B63=@G < >/@B71C:/@ 6=CA36=:2 AC@
D3G 2/B/ 1=::31B32 B6@=C56 @/<2=; =@ AB@/B7I32 A/;>:7<5 B6/B /@3 @3>@3A3<B/B7D3
=4 B63 >=>C:/B7=< /B B63 </B7=</: :3D3: 7< >@7<17>:3 1/< 03 CA32 B= =0B/7< C<07
/A32 /<2 1=<A7AB3<B 3AB7;/B3A =4 /<G >=>C:/B7=< >/@/;3B3@ =4 7<B3@3AB < B67A
1/A3 B63 >=>C:/B7=< >/@/;3B3@A =4 7<B3@3AB B6/B <332 B= 03 3AB7;/B32 /@3 B63
4@/1B7=<A =4 B=B/: 7<1=;3 B6/B /11@C3 B= :/0=@ /<2 1/>7B/:
,3 <3FB >@=>=A3 B6@33 27Q3@3<B 3AB7;/B=@A =4 B63 A6/@3 =4 :/0=@ 7< B=B/:
'35/@27<5 B63 :/BB3@ />>@=/16 /<A3< /<2 319;/< 6/D3 1@7B717H32 B63 1/:70@/B7=<
;3B6=2=:=5G A7<13 B63@3 7A / E723 D/@73BG =4 >=7<B 3AB7;/B3A =4 B63 A/;3 >/@/;3B3@ /D/7:/0:3
7< 27Q3@3<B ABC273A )6CA =<3 1/<<=B A>3/9 =4 ;/, 3:/AB717BG =4 AC0AB7BCB7=<
A 3F>:/7<32 7< (31B7=< /0=D3 7<1=;3 7A <=B 723<B71/: B= =CB>CB /<2 B= 3F>3<27BC@3 <
>/@B71C:/@ $3B /1B=@ &/G;3<BA $3B <27@31B )/F3A /<2 3>@317/B7=< 6/D3 B= 03 AC0B@/1B32
4@=; 7< =@23@ B= =0B/7< $3B $/B7=</: <1=;3 =@ B63 A/93 =4 A7;>:717BG 7< B63 4=::=E7<5
A31B7=<A E3 75<=@3 B67A 27Q3@3<13 /<2 @343@ 7<27AB7<1B:G B= 7<1=;3 /<2 =CB>CB
7<1=;3 *<23@ 1=<AB/<B @3BC@<A B= A1/:3 7<1=;3 A6=C:2 03 3F6/CAB32 03BE33<
>/G;3<BA B= :/0=@ /<2 1/>7B/: A= B63 1/>7B/: A6/@3 1/< 03 =0B/7<32 /A / @3A72C/:
=<13 B63 :/0=@ A6/@3 6/A 033< 3AB7;/B32 )6CA C<23@ B67A /AAC;>B7=< =<3 <332
=<:G 3AB7;/B3 B63 >/@/;3B3@ 1=@@3A>=<27<5 B= B63 A6/@3 =4 7<1=;3 B6/B /11@C3A
B= :/0=@
)63 @3/A=< E6G B6@33 3AB7;/B=@A =4 / A7<5:3 >/@/;3B3@ /@3 >@=>=A32 7A
BE=4=:2 7@AB E63< CA7<5 ;71@=2/B/ B63@3 /@3 BG>71/::G ;/<G E/GA =4 =0
B/7<7<5 /< 3AB7;/B3 =4 / A7<5:3 >/@/;3B3@ /<2 B67A >/>3@ 7A <= 3F13>B7=< )63
/>>@=/16 B/93< 63@3 7A B= >@3A3<B /A ;/<G 3AB7;/B3A /A B63 2/B/ /::=E =<3 B=
=0B/7< /<2 :3B B63 @3/23@ =@ CA3@ 231723 E6716 =<3 7A ;=@3 />>@=>@7/B3
(31=<2 B63 >@3A3<13 =4 / :/@53 4@/1B7=< =4 6=CA36=:2A B6/B @3>=@B 6/D7<5
H3@= 7<1=;3 A=;3B67<5 BG>71/: 7< 6=CA36=:2 AC@D3G 2/B/ 5@3/B:G 7<1@3/A3A B63
AB/<2/@2 3@@=@ =4 B63 3AB7;/B3A )= /22@3AA B67A 7AAC3 E3 >@=>=A32 /< 3AB7;/B=@
B6/B 3F1:C23A 6=CA36=:2A 7< B63 B=> /<2 0=BB=; =4 B63 7<1=;3 27AB@70CB7=< A=
B6/B B63A3 6=CA36=:2A E7:: <=B A93E B63 ;3/< ,3 <3FB 23A1@703 3/16 3AB7;/B=@
"3B 03 B=B/: 6=CA36=:2 7<1=;3 4@=; /:: :/0=@ A=C@13A 03 B=B/: 6=CA3
6=:2 7<1=;3 /<2 03 B63 E3756B =4 3F>/<A7=< 4/1B=@ E63@3 7A B63 7<23F =4
6=CA36=:2A ,3 1/< B63< =0B/7< B6@33 27Q3@3<B 3AB7;/B3A =4 >/@/
;3B3@ </;3:G B63 A6/@3 =4 :/0=@ 7< B=B/: 7<1=;3 )63 I@AB 3AB7;/B=@ 7A 57D3<
0G
)67A 3AB7;/B=@ /22A C> B=B/: :/0=@ 7<1=;3 /1@=AA /:: 6=CA36=:2A /<2 B63<
27D723A 7B 0G B63 AC; /1@=AA /:: 6=CA36=:2A =4 B=B/: 7<1=;3 < B67A A3<A3
B63 I@AB 3AB7;/B=@ E3 >@=>=A3 4=@ B63 :/0=@ A6/@3 7A B63 =<3 B6/B ;=@3 1:=A3:G
@3A3;0:3A B63 E/G B67A A6/@3 7A 1/:1C:/B32 CA7<5 B63 $& 2/B/ %<3 =4 B63
2@/E0/19A =4 B67A 3AB7;/B=@ 7A B6/B 7B 7A 3?C7D/:3<B B= E3756B7<5 3/16 6=CA36=:2LA
:/0=@ A6/@3 0G B6/B 6=CA36=:2LA 7<1=;3 /A / A6/@3 =4 B63 B=B/: 7<1=;3 =4 /::
6=CA36=:2A A AC16 7B 57D3A 27A>@=>=@B7=</B3 E3756B B= 6=CA36=:2A E7B6
7D3< B6/B B63 I@AB 3AB7;/B=@ 7A / @/B7= =4 A/;>:3 ;3/<A B63 D/@7/<13 =4 B67A 3AB7;/B=@
;/G 03 4=C<2 CA7<5 B63 23:B/ ;3B6=2 < >/@B71C:/@ 7BA D/@7/<13 7A 57D3< 0G B63 4=::=E7<5
3F>@3AA7=<
=@ ;=@3 23B/7:A A33 =:203@53@ < =@23@ B= A33 B67A :3B 03 B63 B=B/: 7<1=;3 =4 /:: 6=CA36=:2A %<3 1/< B63< ;C:B7>:G
/<2 27D723 B63 <C;3@/B=@ =4 B63 3AB7;/B=@ 0G B63 B=B/: 7<1=;3 =4 3/16 6=CA36=:2 B= =0B/7<
6756 7<1=;3 ;=AB =4 E6716 BG>71/::G 6/D3 / :=E3@ :/0=@ A6/@3 B6/< B63 /D3@/53
6=CA36=:2
< =@23@ B= /22@3AA B67A >@=0:3; E3 /:A= CA3 B63 4=::=E7<5 3AB7;/B=@
)67A A31=<2 3AB7;/B=@ I@AB 1=;>CB3A B63 :/0=@ A6/@3 4=@ 3/16 6=CA36=:2 /<2
B63< /D3@/53A B63A3 A6/@3A /1@=AA /:: 6=CA36=:2A 57D7<5 B63 A/;3 E3756B B= 3/16
6=CA36=:2 < B67A A3<A3 B67A 3AB7;/B=@ 57D3A / 03BB3@ 3AB7;/B3 =4 B63 :/0=@
A6/@3 =4 B63 BG>71/: =@ @3>@3A3<B/B7D3 6=CA36=:2 *<4=@BC</B3:G B67A 3AB7;/B=@
7A /:A= /Q31B32 /:B6=C56 B= / :3AA3@ 3FB3<B B6/< B63 I@AB =<3 0G B63 >@3A3<13
=4 / :/@53 <C;03@ =4 6=CA36=:2A E6= @3>=@B /< 7<1=;3 =4 H3@=
< =@23@ B= /22@3AA B67A >@=0:3; E3 /:A= CA3 B63 4=::=E7<5 3AB7;/B=@
E63@3 7A B63 A3B =4 6=CA36=:2A :=1/B32 03BE33< B63 B6 /<2 B63 B6 >3@
13<B7:3A =4 B63 7<1=;3 27AB@70CB7=< )67A :/AB 3AB7;/B=@ =4 B63 A6/@3 =4 :/0=@
7< B=B/: 7<1=;3 7A 723<B71/: B= B63 A31=<2 =<3 3F13>B B6/B B63 /D3@/53 7A B/93<
8CAB 4=@ B6=A3 6=CA36=:2A :=1/B32 7< B63 ;722:3 =4 B63 7<1=;3 27AB@70CB7=< )63
>C@>=A3 =4 B67A :/AB 3AB7;/B=@ 7A B6/B B63 3AB7;/B3 E7:: <=B 03 /Q31B32 0G 3FB@3;3
=0A3@D/B7=<A >/@B71C:/@:G 0G B6=A3 6=CA36=:2A B6/B @3>=@B H3@= 7<1=;3 A= B6/B
B63 AB/<2/@2 3@@=@A =4 B63 3AB7;/B3A ;/G 03 ;=@3 @3/A=</0:3
.1.7&7.326 3+ 7-* 53436*) *7-3)303,<
,63< 23/:7<5 E7B6 6=CA36=:2 AC@D3G 2/B/ 7B 7A <313AA/@G B= /22@3AA 13@B/7<
>@=0:3;A E6716 2= <=B /@7A3 E63< CA7<5 /55@35/B3 2/B/ AC16 /A B63 $& )63@3
/@3 /B :3/AB 4=C@ @3/A=<A E6G B63 4/1B=@ A6/@3A =0B/7<32 4@=; B63A3 3AB7;/B3A
1=C:2 27Q3@ 4@=; B6=A3 7< B63 >=>C:/B7=< )63A3 @3/A=<A A6=C:2 03 A33< /A
:7;7B/B7=<A =4 B63 2/B/ /<2 B63 >@=>=A32 ;3B6=2=:=5G )63 4=C@ ;/7< >@=0:3;A
/@3 7 A/;>:7<5 3@@=@ 77 ;7AA7<5 =@ 7<1=;>:3B3 2/B/ 777 ;3/AC@3;3<B 3@@=@
/<2 7D 27Q3@3<13A 7< B63 @343@3<13 >3@7=2 ,3 <3FB 23A1@703 3/16 =4 B63;
0@73JG /<2 27A1CAA 6=E B63G ;/G /Q31B B63 @3AC:BA =4 B63 3AB7;/B7=<
< B63 1/A3 =4 A/;>:7<5 3@@=@ 7B 7A E3:: 9<=E< B6/B /:: A/;>:32 2/B/ 6/D3 /
AB/B7AB71/: 3@@=@ /AA=17/B32 E7B6 B63 4/1B B6/B B63G /@3 AC0A3BA =4 B63 >=>C:/B7=<
)63 ;/5<7BC23 =4 B67A 3@@=@ 1/< 03 ?C/<B7I32 B6@=C56 B63 AB/<2/@2 3@@=@ E6716
7A / 4C<1B7=< =4 B63 D/@7/<13 /<2 =4 B63 A7H3 =4 B63 A/;>:3 CA32 )= B63 3FB3<B
B6/B B63 A/;>:3 A7H3A =4 B63 6=CA36=:2 AC@D3GA CA32 E3@3 16=A3< B= 3<AC@3 B63
@3>@3A3<B/B7D3<3AA =4 B63 A/;>:3 B63 AB/<2/@2 3@@=@A A6=C:2 <=B /Q31B B63 A75
<7I1/<13 =4 B63 3AB7;/B3A $3D3@B63:3AA B63 >@3D/:3<13 7< B67A BG>3 =4 AC@D3G =4
4 @3>@3A3<BA B63 @/<2=; D/@7/0:3 4=@ B=B/: 7<1=;3 E3 A3:31B B63 D/:C3A /<2 AC16
B6/B /<2 /<2 B63< I<2 B63 ;3/< 4=@ 6=CA36=:2A E6=A3
7<1=;3 :73A 7< B63 A3B 6=CA36=:2A E6= @3>=@B /< 7<1=;3 =4 H3@= 5@3/B:G 7<1@3/A3A B63 AB/<2/@2 3@@=@ =4
B63 3AB7;/B3A < =@23@ B= /22@3AA B67A 7AAC3 B63 >/>3@ >@=>=A3A B6@33 /:B3@</
B7D3 3AB7;/B=@A B63 B67@2 =4 E6716 7A /< /D3@/53 =D3@ 6=CA36=:2A 7< B63 ;722:3
=4 B63 7<1=;3 27AB@70CB7=< /<2 7A B6CA <=B /Q31B32 0G B63 >@3D/:3<13 =4 H3@=3A
< B63 1/A3 =4 ;7AA7<5 =@ 7<1=;>:3B3 2/B/ B67A 1=C:2 03 2C3 37B63@ B= B63
@3A>=<23<B B63 7<B3@D73E3@ =@ B63 1=27<5 >@=13AA )63 ;=AB B@=C0:3A=;3 7A B63
1/A3 =4 <=<@3A>=<A3 0G B63 @3A>=<23<B A :=<5 /A <=<@3A>=<A3A /@3 @/<2=;
B67A A6=C:2 <=B 03 / >@=0:3; =B63@ B6/< @32C17<5 B63 3Q31B7D3 A7H3 =4 B63 A/;>:3
$3D3@B63:3AA 74 67567<1=;3 6=CA36=:2A OE6716 BG>71/::G 6/D3 / 67563@ A6/@3 =4
B637@ 7<1=;3 4@=; 1/>7B/:O /@3 :3AA :793:G B= @3A>=<2 B= B63 AC@D3G B6/< :=E
7<1=;3 6=CA36=:2A B63< B63 3AB7;/B3 =4 B63 :/0=@ 1/>7B/: A6/@3 E7:: 03 07/A32
C>E/@2A 2=E<E/@2A )67A 7A /< 3F/;>:3 =4 B63 ;=@3 53<3@/: >@=0:3; =4
A3:31B7=< 07/A =@ A3:4A3:31B7=< 07/A
< B63 1/A3 =4 ;3/AC@3;3<B 3@@=@ 7B 7A E3:: 9<=E< B6/B 6=CA36=:2 AC@D3G 2/B/
/@3 BG>71/::G ;3/AC@32 E7B6 3@@=@ 2C3 37B63@ B= B63 @3A>=<23<B B63 7<B3@D73E3@
=@ B63 1=27<5 >@=13AA *<:3AA B63 2/B/ 53<3@/B7<5 >@=13AA =4 B67A ;3/AC@3;3<B
3@@=@ 7A 23A1@7032 0G / ;3/< H3@= <=@;/: 27AB@70CB7=< 1:/AA71 ;3/AC@3;3<B
3@@=@ B63 3@@=@A E7:: <=B 1/<13: =CB /<2 B63 @3AC:B7<5 3AB7;/B3A ;/G 03 07/A32
7</::G B63@3 7A B63 >@=0:3; =4 B63 @343@3<13 >3@7=2 )63 1=<13>BA =4 &
=@ </B7=</: 7<1=;3 @343@ B= J=E D/@7/0:3A 4=@ / 57D3< >3@7=2 BG>71/::G / G3/@ =@
3F/;>:3 & @343@A B= /:: I</: ;/@93B 5==2A /<2 A3@D713A >@=2C132 7< / 57D3<
G3/@ < 1=<B@/AB B63 2/B/ 1=::31B32 0G / 6=CA36=:2 AC@D3G @343@ B= / A6=@B3@
>3@7=2 BG>71/::G @343@@32 B= /A B63 @3>=@B7<5 >3@7=2 E6716 7A <=B <313AA/@7:G
B63 >3@7=2 7< E6716 B63 I3:2E=@9 E/A >3@4=@;32 < >/@B71C:/@ B63 AC@D3GA
BG>71/::G /A9 ?C3AB7=<A /0=CB B63 7<1=;3 /11@C32 2C@7<5 / >3@7=2 =4 A3D3@/:
;=<B6A 034=@3 B63 AC@D3G E67:3 7< B63 1/A3 =4 3F>3<27BC@3A B63 @343@3<13 >3@7=2
7A ;C16 ;=@3 @313<B CAC/::G / 43E E339 034=@3 B63 AC@D3G < B63 1/A3 =4 B63
$A B63 AC@D3G ?C3AB7=<</7@3 6/A / @343@3<13 >3@7=2 03BE33< =<3 /<2 A7F
;=<B6A 23>3<27<5 =< B63 ?C3AB7=< /A932
7D3< B6/B :/0=@ 7<1=;3 BG>71/::G 6/A /< 7;>=@B/<B A3/A=</: 1=;>=<3<B
B63< B63 @3AC:BA =4 B63 BE= ;3B6=2A <332 <=B 1=7<1723 C<:3AA B63 @343@3<13 >3@7=2
7A B63 A/;3 < B63 1/A3 =4 #3F71= :/0=@ 7<1=;3 7A BG>71/::G 67563@ 7< B63 :/AB
;=<B6 =4 B63 G3/@ 2C3 B= 6=:72/G@3:/B32 1=;>3<A/B7=< G3/@3<2 0=<CA3A )67A
;=<B6 7A <=B 1/>BC@32 7< B63 AC@D3G A= B63 3AB7;/B3 =4 B63 :/0=@ 1/>7B/: A6/@3
E7:: 03 07/A32 2=E<E/@2A C>E/@2A $3D3@B63:3AA B63 A3/A=</: 1=;>=<3<B =4
:/0=@ 7<1=;3 7< #3F71= 7A =<:G @3:3D/<B 4=@ 4=@;/: 3;>:=G33A A= 7B 7A <=B :793:G
B= 7<B@=2C13 / A75<7I1/<B 07/A 7< B63 3AB7;/B3A
14.5.(&0
*68076
)63 4=::=E7<5 B/0:3 /<2 I5C@3 >@3A3<B B63 ;/7< @3AC:BA =4 B63 >/>3@ )/0:3
1=<B/7<A B63 B6@33 3AB7;/B3A 4=@ 3/16 =4 B63 AC@D3GA 1=<A723@32 )63 AB/<2/@2
3@@=@A /@3 7< 7B/:71A 03:=E 3/16 >=7<B 3AB7;/B3 A 1/< 03 A33< 4@=; B63 B/0:3 /<2
B63 /11=;>/<G7<5 I5C@3 4/1B=@ A6/@3A 7< #3F71= 3AB7;/B32 4@=; B63 6=CA36=:2
AC@D3G 2/B/ 6/D3 033< @3:/B7D3:G AB/0:3 =D3@ B63 >3@7=2 1=<A723@32 #=@3 7;>=@B/<B:G B63A3 A6/@3A /@3 ;C16 1:=A3@ B= B63 A6/@3A =4 23D3:=>32 1=C<
B@73A 7<1:C27<5 B63 *<7B32 (B/B3A /<2 B63 =B63@ % 1=C<B@73A B6/< B6=A3
=0B/7<32 CA7<5 B63 $& 2/B/
.,85* &'35?6 !-&5* 3+ 2(31* +531 386*-30) !859*< &7& 90%
Alfa 3
Percent of Total Income
80%
70%
Alfa 1
60%
50%
Alfa 2
40%
30%
20%
10%
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
0%
Year
(=C@13 %E< 1/:1C:/B7=<A CA7<5 2/B/ 4@=; B63 $/B7=</: <1=;3 /<2 F>3<27BC@3
=CA36=:2 (C@D3GA 4=@ B63 G3/@A "&'0* &'35?6 !-&5* +531
386*-30) !859*< &7& .3/@ AB7;/B3
9*5&,*
(=C@13 %E< 1/:1C:/B7=<A CA7<5 2/B/ 4@=; B63 $/B7=</: <1=;3 /<2 F>3<27BC@3
(C@D3GA 4=@ B63 G3/@A $ (B/<2/@2 3@@=@A /@3 03:=E B63 3AB7;/B3A 7< 7B/:71A
)63 :/AB 1=:C;< 7< )/0:3 A6=EA B6/B =< /D3@/53 =D3@ B63 >3@7=2 B=
B63 A6/@3 =4 :/0=@ 7< B=B/: 7<1=;3 =0B/7<32 4@=; B63 6=CA36=:2 AC@D3G
2/B/ CA7<5 B63 I@AB BE= 3AB7;/B=@A 6/A 033< /@=C<2 E67:3 B63 A6/@3 =4
1/>7B/: 7< B=B/: 7<1=;3 6/A 033< /@=C<2 < 4/1B B63 /D3@/53 =4 B63 @3AC:BA
=0B/7<32 CA7<5 B63 I@AB BE= 3AB7;/B=@A /@3 D3@G A7;7:/@ A ;3<B7=<32 /0=D3
B63 AB/<2/@2 3@@=@A =4 B63 3AB7;/B3A /@3 27A>@=>=@B7=</B3:G :/@53 ;/7<:G 2C3 B=
B63 :/@53 4@/1B7=< =4 6=CA36=:2A B6/B @3>=@B H3@= 7<1=;3
< 1=<B@/AB B63 @3AC:BA =0B/7<32 CA7<5 B63 B67@2 3AB7;/B=@ /@3 A75<7I1/<B:G
67563@ /<2 B63 AB/<2/@2 3@@=@A /@3 /< =@23@ =4 ;/5<7BC23 A;/::3@ )67A A6=C:2
<=B 03 AC@>@7A7<5 57D3< B63 E/A B63 B67@2 3AB7;/B=@ E/A 1=<AB@C1B32
)6CA B63 @3AC:BA AC>>=@B B63 6G>=B63A7A B6/B 7B 7A 27Q3@3<13A 7< ;3/AC@3;3<B
>@/1B713A /<2 7< B63 1=;>=A7B7=< =4 B63 :/0=@ 4=@13 /1@=AA 1=C<B@73A @/B63@ B6/<
27Q3@3<13A 7< B316<=:=5G B6/B 3F>:/7< B63 27Q3@3<13A @3>=@B32 7< 4/1B=@ A6/@3A
03BE33< 23D3:=>32 /<2 23D3:=>7<5 1=C<B@73A < B67A A3<A3 B63A3 @3AC:BA /@3
1=<A7AB3<B E7B6 =::7<LA I<27<5A /:B6=C56 B63 ;3B6=2A CA32 0G B63 BE=
>/>3@A /@3 1=;>:3B3:G 27Q3@3<B A E7:: 03 /@5C32 7< B63 <3FB A31B7=< B63
7;>:71/B7=<A =4 B63A3 27Q3@3<13A 7< /B :3/AB 4=C@ /@3/A =4 31=<=;71 @3A3/@16 /@3
4/@ @3/167<5
140.(&7.326
)67A A31B7=< 23D3:=>A A=;3 =4 B63 7;>:71/B7=<A =4 B63 27Q3@3<13A 7< 4/1B=@
A6/@3A 4@=; B63 $& 2/B/ /<2 B6=A3 =0B/7<32 4@=; B63 6=CA36=:2 AC@D3G 2/B/
< >/@B71C:/@ B67A A31B7=< 27A1CAA3A 4=C@ /@3/A =4 31=<=;71 @3A3/@16 E63@3 B63
27Q3@3<13A 7< 4/1B=@ A6/@3A 6/D3 7;>=@B/<B 7;>:71/B7=<A 7 B63 4C<1B7=</: =@
4/1B=@7/: 27AB@70CB7=< =4 7<1=;3 77 5@=EB6 /11=C<B7<5 23D3:=>;3<B /11=C<B7<5
/<2 B63 /</:GA7A =4 B63 A=C@13A =4 5@=EB6 777 B63 1/:70@/B7=< =4 AB/B71 />>:732
53<3@/: 3?C7:70@7C; ;=23:A 2G</;71 AB=16/AB71 53<3@/: 3?C7:70@7C; ;=23:A /<2
B63 1=;>CB/B7=</: 3F>3@7;3<BA =0B/7<32 4@=; B63; /<2 7D B63 A>332 =4 1=<
D3@53<13 B= B63 AB3/2G AB/B3 7< B63 <3=1:/AA71/: 5@=EB6 ;=23: =@ B= / 0/:/<132
5@=EB6 >/B6 7< / 13@B/7< 1:/AA =4 3<2=53<=CA 5@=EB6 ;=23:A
&(735.&0 .675.'87.32 3+ 2(31*
)63 ;=AB 27@31B 7;>:71/B7=< =4 B63 27Q3@3<13A 7< 4/1B=@ A6/@3A =0B/7<32
4@=; B63 $& 2/B/ /<2 4@=; B63 6=CA36=:2 AC@D3G 2/B/ 1=<13@<A 31=<=;71
7<3?C/:7BG A7<13 B63 4/1B=@ A6/@3A =4 :/0=@ /<2 1/>7B/: /@3 B63 ;/7< 1/B35=@73A
=4 B63 4/1B=@7/: =@ 4C<1B7=</: 27AB@70CB7=< =4 7<1=;3 )63 27Q3@3<13A 7< 4/1B=@
A6/@3A 7;>:732 0G B63 $& 2/B/ B/93< /B 4/13 D/:C3 7;>:G B6/B B63 A6/@3 =4
:/0=@ 7A ;C16 :=E3@ 7< 1=C<B@73A E7B6 :=E >3@ 1/>7B/ 7<1=;3
A / @3AC:B B63 1=<D3<B7=</: E7A2=; 6/A 033< B6/B 7< #3F71= O/A 7< ;C16 =4
B63 @3AB =4 "/B7< ;3@71/O 1/>7B/: 7A ;C16 ;=@3 3F>:=7B/B7D3 B6/< 7< 23D3:=>32
1=C<B@73A A7<13 7B =0B/7<A =@ M3FB@/1BAN / :/@53@ A6/@3 =4 7<1=;3 /A M1=@>=@/B3
>@=IBAN A /@5C32 /0=D3 B63 A6/@3 =4 1/>7B/: 7< B=B/: 7<1=;3 =0B/7<32 4@=;
B63 $& 2/B/ 2=3A <=B 1=@@3A>=<2 B= 1=@>=@/B3 >@=IBA )63 7;>:71/B7=< =4 B63
4/1B=@ A6/@3A =0B/7<32 CA7<5 B63 6=CA36=:2 AC@D3G 2/B/ 7A B6/B 1/>7B/: /<2 :/0=@
7< 4/1B @3137D3 /0=CB B63 A/;3 A6/@3 =4 7<1=;3 /A 7< 1=C<B@73A E7B6 67563@ >3@
1/>7B/ 7<1=;3
53:7- ((3827.2,
< B63 5@=EB6 /11=C<B7<5 :7B3@/BC@3 /<2 B63 A=C@13A =4 5@=EB6 ;3B6=2=:=5G
B63 @3AC:BA =4 B63A3 /11=C<B7<5 3F3@17A3A 1@C17/::G 23>3<2 =< B63 4/1B=@ A6/@3A
CA32 < 4/1B /A3::7 A6=EA CA7<5 / <C;3@71/: 3F/;>:3 B6/B B63A3 5@=EB6
/<2 23D3:=>7<5 /11=C<B7<5 3F3@17A3A /@3 ;=AB A3<A7B7D3 B= B63 7<1=;3 A6/@3 >/
@/;3B3@ B63 =B63@A 037<5 B63 7<7B7/: 1/>7B/: AB=19 B63 23>@317/B7=< @/B3 3B1
< B67A A31B7=< E3 ?C719:G @3D73E B63 5@=EB6 /11=C<B7<5 ;3B6=2=:=5G /<2 @33F
/;7<3 B63 @3AC:BA =4 B63 A=C@13A =4 5@=EB6 3F3@17A3A 4=@ #3F71= 7< :756B =4 B63
@3AC:BA =0B/7<32 /0=D3
(=;3 @313<B /<2 7<JC3<B7/: 3F/;>:3A =4 B63A3 5@=EB6 /11=C<B7<5 3F3@17A3A /@3 #/<97E
'=;3@ /<2 ,37: /<2 3@</<93 /<2 W@9/G</9 /;=<5 =B63@A
B 7A CA34C: B= 0357< E7B6 / 53<3@/: >@=2C1B7=< 4C<1B7=< =4 B63 4=@;
G B/97<5 B63 :=5/@7B6;71 23@7D/B7D3 =4 B63 4C<1B7=< /0=D3 =<3 1/< =0B/7<
/< 3F>@3AA7=< 4=@ B63 5@=EB6 @/B3 =4 =CB>CB /A / 4C<1B7=< =4 B63 5@=EB6 @/B3A =4
)& :/0=@ /<2 1/>7B/:
AAC;7<5 1=;>3B7B7D3 4/1B=@ ;/@93BA /<2 B63 /0A3<13 =4 3FB3@</:7B73A A=
B6/B A=17/: @3BC@<A B= 3/16 4/1B=@ 1=7<1723 E7B6 B63 =0A3@D32 >@7D/B3 @3BC@<A B63
;/@57</: >@=2C1BA =4 :/0=@ /<2 1/>7B/: A6=C:2 03 3?C/: B= B637@ @3<B/: >@713A
11=@27<5 B= B67A 3F>@3AA7=< B63 5@=EB6 @/B3 =4 =CB>CB 1/< 03 231=;>=A32
7<B= / >/@B B6/B 7A /BB@70CB/0:3 B= B63 5@=EB6 @/B3 =4 )& / >/@B B6/B 7A /B
B@70CB/0:3 B= B63 5@=EB6 @/B3 =4 :/0=@ /<2 / >/@B B6/B 7A /BB@70CB/0:3 B= B63
5@=EB6 @/B3 =4 1/>7B/: E63@3 B63 5@=EB6 @/B3 =4 3/16 4/1B=@ 7A E3756B32 0G 7BA
@3A>31B7D3 A6/@3 7< =CB>CB
< B63 3F>@3AA7=< /0=D3 B63 5@=EB6 @/B3A =4 =CB>CB /<2 :/0=@ /@3 @3/27:G
=0A3@D/0:3 4@=; B63 2/B/ < B63 1/A3 =4 1/>7B/: / A3@73A 1/< 03 1=<AB@C1B32
4@=; 2/B/ =< 7<D3AB;3<B CA7<5 A3D3@/: ;3B6=2=:=573A 7<1:C27<5 B63 >3@>3BC/:
7<D3<B=@G ;3B6=2 7</::G =<3 1/< =0B/7< B63 5@=EB6 @/B3 =4 )& /A B63 274
43@3<13 03BE33< B63 5@=EB6 @/B3 =4 =CB>CB /<2 B63 5@=EB6 @/B3A =4 :/0=@ /<2
1/>7B/: E3756B32 0G B637@ @3A>31B7D3 A6/@3A 7< =CB>CB
)63A3 :/AB BE= 3F>@3AA7=<A /@3 7;>=@B/<B A7<13 B63G A6=E B6/B 4/1B=@ A6/@3A
3D3< 74 B63G /@3 <=B 1=<AB/<B =D3@ B7;3 /@3 93G 7< =0B/7<7<5 B63 5@=EB6 @/B3
=4 )& )6CA 3D3< 74 =<3 2=3A <=B /AAC;3 / =00=C5:/A >@=2C1B7=< 4C<1
B7=< 4/1B=@ A6/@3A >/@B:G 23B3@;7<3 B63 @3AC:BA =4 B63 5@=EB6 /<2 23D3:=>;3<B
/11=C<B7<5 3F3@17A3A
< /:B3@</B7D3 4=@; =4 231=;>=A7<5 B63 5@=EB6 @/B3 =4 =CB>CB B3@;32 B63
2C/: />>@=/16 =0B/7<A B63 5@=EB6 @/B3 =4 )& 4@=; B63 =0A3@D32 5@=EB6 @/B3A
=4 4/1B=@ >@713A )67A />>@=/16 0357<A E7B6 B63 723<B7BG =4 =CB>CB /<2 4/1B=@
7<1=;3 >/G;3<BA
7Q3@3<B7/B7<5 0=B6 A723A =4 B67A 723<B7BG E7B6 @3A>31B B= B7;3 G73:2A
(33
/@@= /<2 (/:/7#/@B7< 7D727<5 0=B6 A723A =4 B67A :/AB 3?C/B7=< 0G 57D3A /< 3F>@3AA7=< 4=@ B63
5@=EB6 @/B3 =4 =CB>CB /A / 4C<1B7=< =4 B63 A6/@3E3756B32 5@=EB6 @/B3 =4 7<>CBA
/<2 B63 A6/@3E3756B32 5@=EB6 @/B3 =4 4/1B=@ >@713A
'35@=C>7<5 B3@;A =<3 1/< =0B/7< /< 3F>@3AA7=< 4=@ B63 5@=EB6 @/B3 =4 )&
/A / 4C<1B7=< =4 B63 5@=EB6 @/B3 =4 4/1B=@ >@713A E63@3 3/16 4/1B=@ >@713 7A
E3756B32 0G B6/B 4/1B=@LA A6/@3 7< =CB>CB
)6CA 7B 7A 7;>=@B/<B B= <=B713 B6/B 4/1B=@ A6/@3A /@3 /:A= 93G 7< 23B3@;7<7<5
B63 5@=EB6 @/B3 =4 )& E63< B63 2C/: />>@=/16 7A CA32
7D3< B63 3;>7@71/: 3D723<13 >@=D7232 /0=D3 0=B6 4@=; B63 $& 2/B/ /<2
4@=; B63 6=CA36=:2 AC@D3G 2/B/ B6/B 4/1B=@ A6/@3A 6/D3 033< @3:/B7D3:G 1=<AB/<B
=D3@ B7;3 /<2 E7B6=CB :=AA =4 53<3@/:7BG 7B 7A 63:>4C: B= E=@9 E7B6 / =00
=C5:/A >@=2C1B7=< 4C<1B7=< =4 B63 4=@;
@=; B67A 3F>@3AA7=< =<3 1/< =0B/7< B63 :3D3: =4 )& /A / 4C<1B7=< =4 =CB>CB
:/0=@ /<2 1/>7B/: /A E3:: /A =4 4/1B=@ A6/@3A
< B67A 1/A3 4/1B=@ A6/@3A /@3 1=<AB/<B =D3@ B7;3 /<2 3?C/: B= B63 3F>=<3<BA
=4 :/0=@ /<2 1/>7B/: 7< B63 >@=2C1B7=< 4C<1B7=< )63 3F>@3AA7=< 4=@ B63 5@=EB6
@/B3 =4 )& /A / 4C<1B7=< =4 B63 5@=EB6 @/B3A =4 =CB>CB B63 BE= 7<>CBA /<2 B63
4/1B=@ A6/@3A 1/< 03 =0B/7<32 0G B/97<5 B63 :=5/@7B6;71 23@7D/B7D3 =4 3?C/B7=<
=@ 0G AC0AB7BCB7<5 B63 1=<AB/<B 4/1B=@ A6/@3A 7<B= 3?C/B7=< *<23@ B63 /AAC;>B7=< =4 1=<AB/<B @3BC@<A B= A1/:3 B63 3F>@3AA7=< A7;>:7I3A
4C@B63@ B=
3I<3 =CB>CB >3@ 1/>7B/ /<2 1/>7B/: >3@ 1/>7B/ /A /<2 ,3 1/< B63< @3/@@/<53 /<2 3F>@3AA B63 3?C/B7=< /0=D3 7< 7<B3<A7D3 =@ >3@ 1/>7B/
B3@;A /A
11=@27<5 B= B67A 3?C/B7=< B63 5@=EB6 @/B3 =4 )& 7A 3?C/: B= B63 5@=EB6
@/B3 =4 =CB>CB >3@ 1/>7B/ ;7<CA B63 5@=EB6 @/B3 =4 1/>7B/: >3@ 1/>7B/ E3756B32
0G B63 A6/@3 =4 1/>7B/: 7< B=B/: =CB>CB B 7A 3D723<B 4@=; B67A 3?C/B7=< B6/B
74 B63 A6/@3 =4 1/>7B/: 7A =D3@3AB7;/B32 B63< B63 5@=EB6 @/B3 =4 )& E7:: 03
C<23@3AB7;/B32
)67A 4/1B E=C:2 3F>:/7< E6G 7< #3F71= /<2 =B63@ "/B7< ;3@71/< 1=C<B@73A
B63 5@=EB6 @/B3 =4 )& 6/A 033< 4=C<2 B= 03 <35/B7D3 4=@ A3D3@/: >3@7=2A B
E=C:2 /:A= A=:D3 B63 27P1C:BG 7< 7<B3@>@3B7<5 / ACAB/7<32 4/:: 7< )& E6716
7;>:73A / M:7B3@/: 4=@53BB7<5 =4 B316<=:=5GN 7< B63 E=@2A =4 /@@= /<2 (/:/7
#/@B7< )= 3F>:=@3 B67A 7AAC3 4C@B63@ 3?C/B7=< E7:: 03 CA32 7< B63
<3FB A31B7=< B= /AA3AA B63 27Q3@3<13A 7< B63 @3AC:BA =4 B63 5@=EB6 /11=C<B7<5
3F3@17A3 CA7<5 4/1B=@ A6/@3A 4@=; B63 $& /<2 4@=; B63 6=CA36=:2 AC@D3G 2/B/
4=@ B63 1/A3 =4 #3F71=
"-* &6* 3+ *;.(3
< B63 1/A3 =4 "/B7< ;3@71/ :U/A >@=D723A / 1=;>@363<A7D3 /</:GA7A
=4 B63 A=C@13A =4 5@=EB6 4=@ A3D3< 31=<=;73A 7< B63 @357=< 7<1:C27<5 #3F71=
%<3 =4 B63 ;/7< 1=<1:CA7=<A @3/1632 7A B6/B 1/>7B/: E/A B63 ;/7< A=C@13 =4
5@=EB6 =D3@ B63 >3@7=2 7< /:: =4 B63 1=C<B@73A /</:GH32 )63 @3AC:BA
63 =0B/7<32 E3@3 :/@53:G 1=<I@;32 0G (/<B/3::/ E6= >3@4=@;32 / A7;7:/@
/</:GA7A 4=@ B63 1/A3 =4 #3F71= < >/@B71C:/@ B63 :/BB3@ 2=1C;3<BA #3F71=LA
5@=EB6 3F>3@73<13 2C@7<5 B63 >3@7=2 /<2 @3/163A A7;7:/@ 1=<1:CA7=<A
7< B63 A3<A3 B6/B 1/>7B/: /11=C<B32 4=@ ;=AB =4 B63 5@=EB6 @/B3 =4 >3@ 1/>7B/
=CB>CB < >/@B71C:/@ 63 4=C<2 B6/B 1/>7B/: >3@ 1/>7B/ /11=C<B32 4=@ 1:=A3 B=
=4 B63 5@=EB6 @/B3 =4 @3/: & >3@ 1/>7B/ =D3@ B63 >3@7=2 E67:3
)& /11=C<B32 4=@ B63 =B63@ <=B63@ 93G 4/1B 2=1C;3<B32 0G :U/A 4=@ B63 "/B7< ;3@71/< 1=C<B@73A
/</:GH32 /<2 (/<B/3::/ 7< B63 1/A3 =4 #3F71= 7A B6/B B63@3 6/A 033< / ;/8=@
A:=E2=E< 7< B63 5@=EB6 @/B3 =4 B63 @357=<LA @3/: & /4B3@ < B63 1/A3 =4
#3F71= 4@=; C<B7: @3/: & >3@ 1/>7B/ 5@3E /B /< /D3@/53 =4 >3@ /<<C; < 1=<B@/AB 4@=; C<B7: @3/: & >3@ 1/>7B/ 5@3E /B /<
/D3@/53 =4 >3@ /<<C; )63 3D=:CB7=< =4 @3/: >3@ 1/>7B/ & 7A 23>71B32
7< B63 <3FB I5C@3
)63A3 5@=EB6 @/B3A /@3 1/:1C:/B32 CA7<5 B63 2/B/ 7< B63 ,=@:2 &3<< )/0:3 +3@A7=< 0G 3AB=< (C;;3@A /<2 B3< .,85* *&0 4*5 (&4.7& .2 *;.(3 9.1
Ln of real GDP per capita
8.9
8.7
8.5
8.3
8.1
1950
1952
1954
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
7.9
Year
(=C@13 ,=@:2 &3<< )/0:3 +3@A7=< 0G 3AB=< (C;;3@A /<2 B3< 7D3< B67A A6/@> A:=E2=E< 7< B63 5@=EB6 @/B3 =4 @3/: & >3@ 1/>7B/ A=;3
=4 B63 ?C3AB7=<A B6/B </BC@/::G /@7A3 /@3 ,6/B >@=2C132 B67A A:=E2=E< ,6716
4/1B=@ =@ 4/1B=@A =4 >@=2C1B7=< E3@3 @3A>=<A70:3 =@ E/A )& B63 1C:>@7B
)63 @3137D32 9<=E:3253 23@7D32 4@=; B63 5@=EB6 /11=C<B7<5 ;3B6=2=:=5G
/<2 A=C@13A =4 5@=EB6 3F3@17A3A CA7<5 B63 4/1B=@ A6/@3A 4@=; B63 $& 2/B/ 7A
BE=4=:2 7@AB 1/>7B/: 6/A 033< B63 :/@53AB 1=<B@70CB=@ B= =CB>CB 5@=EB6 7<
"/B7< ;3@71/ (31=<2 B63 A:=E2=E< =@ 4/:: 7< B63 5@=EB6 @/B3 =4 >3@ 1/>7B/
& /4B3@ E/A ;/7<:G B63 @3AC:B =4 / A6/@> 4/:: 7< B63 5@=EB6 @/B3 =4 )&
< 4/1B 4=@ A3D3@/: G3/@A B63 5@=EB6 @/B3 =4 )& 7A 4=C<2 B= 03 <35/B7D3 =B6
1=<1:CA7=<A :/@53:G @3AB =< B63 @3:/B7D3:G :/@53 7<1=;3 A6/@3 =4 1/>7B/: 7< #3F71=
/<2 =B63@ "/B7< ;3@71/< 1=C<B@73A E6716 /11=@27<5 B= B63 $& 2/B/ 6/A
033< /@=C<2 =< /D3@/53
,3 <3FB @3>3/B B63 5@=EB6 /11=C<B7<5 3F3@17A3 23A1@7032 7< B63 >@3D7=CA
A31B7=< 0CB CA7<5 B63 4/1B=@ A6/@3A =0B/7<32 4@=; B63 6=CA36=:2 AC@D3G 2/B/
)63 2/B/ 4=@ =CB>CB :/0=@ /<2 1/>7B/: 4=@ B67A 3F3@17A3 E3@3 =0B/7<32 4@=;
B63 &3<< ,=@:2 )/0:3 +3@A7=< A= 7B 1/< 03 3/A7:G @3>:71/B32
)63 B=B/:
>=>C:/B7=< 7< B63 1=C<B@G 7A CA32 /A / >@=FG 4=@ B63 :/0=@ 4=@13 E67:3 1/>7B/: 7A
(33
3AB=< (C;;3@A /<2 B3< 1=<AB@C1B32 4@=; B63 7<D3AB;3<B A3@73A CA7<5 B63 >3@>3BC/: 7<D3<B=@G ;3B6=2
A B63 <3FB B/0:3 /<2 I5C@3 A6=E B63 @3AC:BA 4@=; B63 5@=EB6 /11=C<B7<5
3F3@17A3A CA7<5 B63 $& 2/B/ /<2 B63 6=CA36=:2 AC@D3G 2/B/ AB/<2 7< A6/@>
1=<B@/AB
"&'0* !385(*6 3+ 53:7- .2 *;.(3 />7B/: (6/@3A
&3@7=2 @=EB6 '/B3A
(=C@13 %E< 1/:1C:/B7=<A CA7<5 2/B/ 4@=; B63 ,=@:2 &3<< )/0:3 +3@A7=< 0G
3AB=< (C;;3@A /<2 B3< $ &3@13<B 1=<B@70CB7=<A /@3 03:=E B63 5@=EB6 @/B3A 7< 7B/:71A
,3 /AAC;3 /< /<<C/: 23>@317/B7=< @/B3 =4 /<2 /< 7<7B7/: 1/>7B/:=C>BCB @/B7= =4
/>>@=F7;/B3:G *<23@ B63A3 /AAC;>B7=<A B63 B7;3 A3@73A 4=@ B63 <D3AB;3<B (6/@3 =4 '3/:
@=AA =;3AB71 &@=2C1B 7;>:73A /< /D3@/53 1/>7B/:=CB>CB @/B7= =4 2C@7<5 B63 >3@7=2
.,85* "37&0 &(735 53)8(7.9.7< .2 *;.(3 700
600
Labor share =
0.66
Index (1950=100)
500
400
300
Labor share =
0.34
200
100
1950
1952
1954
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
0
Year
(=C@13 %E< 1/:1C:/B7=<A CA7<5 2/B/ 4@=; B63 ,=@:2 &3<< )/0:3 +3@A7=< 0G
3AB=< (C;;3@A /<2 B3< )63 BE= ;/7< 7;>:71/B7=<A =4 CA7<5 B63 4/1B=@ A6/@3A =0B/7<32 4@=; B63
6=CA36=:2 AC@D3G 2/B/ 7< B67A 5@=EB6 /11=C<B7<5 3F3@17A3 /@3 /A 4=::=EA 7@AB
1/>7B/: >3@ 1/>7B/ 6/A /11=C<B32 4=@ :3AA B6/< =4 B63 5@=EB6 @/B3 =4 @3/:
& >3@ 1/>7B/ 7< #3F71= =D3@ B63 >3@7=2 E67:3 )& 6/A /11=C<B32
4=@ /@=C<2 (31=<2 B63 A:=E2=E< =0A3@D32 7< #3F71= 2C@7<5 B63 A E/A 7<2332
;/7<:G B63 @3AC:B =4 / A6/@> 4/:: 7< B63 5@=EB6 @/B3 =4 )& /4B3@ E6716
1=<B7<C32 C> C<B7: $3D3@B63:3AA @/B63@ B6/< 3F6707B7<5 / <35/B7D3 5@=EB6
@/B3 7< B63 >3@7=2 )& 5@=EB6 E/A 7< 4/1B >=A7B7D3 #=@3=D3@ )&
5@3E /B /0=CB >3@ /<<C; 7< B63 >3@7=2 E6716 7A 67563@ B6/<
B63 /D3@/53 =4 4=@ B63 E6=:3 A/;>:3 >3@7=2
)6CA 7< 1=<B@/AB B= B63 5@=EB6 ;7@/1:3A 3F>3@73<132 0G A3D3@/: (=CB6 /AB
A7/< 31=<=;73A 2C@7<5 B63 A /<2 A E6716 E3@3 ;/7<:G B63 @3AC:B =4
1/>7B/: 233>3<7<5 7< #3F71= B63 ;/7< 2@7D3@ =4 5@=EB6 2C@7<5 B63 A/;3 >3@7=2
E/A )& )63 4/:: 7< B63 5@=EB6 @/B3 =4 >3@ 1/>7B/ & 7< #3F71= 2C@7<5 B63
LA O/ >3@7=2 1=;;=<:G 9<=E< /A B63 :=AB 231/23O E/A /:A= :/@53:G B63 @3AC:B
=4 / 4/:: 7< )& $3D3@B63:3AA B63 5@=EB6 @/B3 =4 )& E/A >=A7B7D3 7< B63 >3@7=2
/<2 5@3E @/>72:G 7< B63 >3@7=2 (33
.=C<5 4=@ 3D723<13 =< B63 (=CB6 /AB A7/< 5@=EB6 3F>3@73<13
&0.'5&7.32
#/<G 1/:70@/B32 31=<=;71 ;=23:A /<2 B63 <C;3@71/: 3F>3@7;3<BA =0B/7<32
4@=; B63; @3:G =< /< /55@35/B3 >@=2C1B7=< 4C<1B7=< BG>71/::G =4 B63 =00
=C5:/A 4=@; )6CA 4/1B=@ A6/@3A /@3 93G >/@/;3B3@A 7< B63 1/:70@/B7=< =4
AB/B71 /A E3:: /A 2G</;71 AB=16/AB71 53<3@/: 3?C7:70@7C; ;=23:A C@B63@
;=@3 B63 @3AC:BA =4 B63A3 1/:70@/B7=< 3F3@17A3A /<2 B63 <C;3@71/: 3F>3@7;3<BA
=0B/7<32 4@=; B63; /@3 =4B3< 6756:G A3<A7B7D3 B= B63 4/1B=@ A6/@3A CA32
A ;3<B7=<32 /0=D3 B63@3 7A <= E723:G /5@332 ;3B6=2=:=5G /0=CB E6716 7A
B63 ;=AB />>@=>@7/B3 ;3B6=2 B= =0B/7< B63 93G >/@/;3B3@A <33232 B= 1/:70@/B3
B63A3 ;=23:A < A=;3 7<AB/<13A B63G /@3 =0B/7<32 4@=; B63 $& 2/B/ AC16 /A
E7B6 B63 4/1B=@ A6/@3A < =B63@A B63G /@3 =0B/7<32 4@=; B63 6=CA36=:2 AC@D3G
2/B/ AC16 /A E7B6 B63 7<B3@B3;>=@/: 3:/AB717BG =4 AC0AB7BCB7=<
)63 7;>:71/B7=< =4 B63 4/1B=@ A6/@3A =0B/7<32 CA7<5 B63 6=CA36=:2 AC@D3G
2/B/ 7A B6/B B63 1=<1:CA7=<A 2@/E< 4@=; B63A3 1/:70@/B7=< 3F3@17A3A ;/G 03 37B63@
@37<4=@132 2307:7B/B32 =@ =D3@BC@<32 23>3<27<5 =< 3/16 ;=23: ,3 <3FB :==9
/B / D3@G A7;>:3 ;=23: /<2 3F>:=@3 B63 1=<A3?C3<13A =4 B63 27Q3@3<13A 7< 4/1B=@
A6/@3A =0B/7<32 E7B6 B63 $& 2/B/ /<2 B63 6=CA36=:2 AC@D3G 2/B/
&(735 !-&5*6 &2) 7-* @8(&6 &5&)3;A
< / D3@G 7<JC3<B7/: >/>3@ "C1/A /@5C32 B6/B B63 =0A3@D32 27Q3@
3<13A 7< >3@ 1/>7B/ 7<1=;3 /1@=AA 1=C<B@73A 7;>:G 27Q3@3<13A 7< @/B3A =4 @3BC@<
B= 1/>7B/: B6/B /@3 4/@ B== :/@53 B= 03 1=<A7AB3<B E7B6 =0A3@D32 1/>7B/: J=EA
C<23@ B63 /AAC;>B7=< B6/B B63@3 7A 1/>7B/: ;=07:7BG < >/@B71C:/@ 63 CA32 /
A7;>:3 <C;3@71/: 3F/;>:3 E6716 /AAC;32 / 1=;;=< 1=<AB/<B @3BC@<A B= A1/:3
B316<=:=5G /1@=AA 1=C<B@73A )67A =0A3@D/B7=< B3@;32 B63 M"C1/A &/@/2=FN
6/A :32 B= / A3@73A =4 >=B3<B7/: 3F>:/</B7=<A B6/B 1=C:2 /11=C<B 4=@ B67A />>/@3<B
>CHH:3
< B67A 3F3@17A3 =<3 0357<A E7B6 / 1=;;=< =00=C5:/A >@=2C1B7=< 4C<1
B7=< =4 B63 4=@;
AAC;7<5 1=;>3B7B7D3 4/1B=@ ;/@93BA B63 @/B3 =4 @3BC@< B= 1/>7B/: ;CAB
3?C/: B63 ;/@57</: >@=2C1B =4 1/>7B/:
(C0AB7BCB7<5 4=@ 1/>7B/: 4@=; 3?C/B7=< =<3 @3/163A /< 3F>@3AA7=< 4=@
B63 @/B3 =4 @3BC@< =< 1/>7B/: /A / 4C<1B7=< =<:G =4 =CB>CB >3@ 1/>7B/
(33 4=@ 3F/;>:3 !36=3 /<2 (3@@/ /<2 !36=3 /<2 !36=3 / 0
)63 ;=23:A 7< B63A3 >/>3@A /@3 1/:70@/B32 CA7<5 B63 4/1B=@ A6/@3A =0B/7<32 CA7<5 B63 $&
2/B/ 4@=; #3F71= 23A>7B3 B63 A75<7I1/<B 27Q3@3<13A E7B6 B63 >/@/;3B3@A =0B/7<32 CA7<5 B63
$& 2/B/ 4@=; B63 *(
(33 4=@ 3F/;>:3 3@5=37<5 !36=3 !36=3 /<2 (=B= / 0 )63 ;=23: 7< B63A3
>/>3@A 7A 1/:70@/B32 CA7<5 /A 4/1B=@ A6/@3A B63 BG>71/: >/@/;3B3@A =0B/7<32 CA7<5 B63 $&
2/B/ 4@=; 1=C<B@73A E7B6 6756 >3@ 1/>7B/ 7<1=;3 AC16 /A B63 *(
7D3< B63 /AAC;>B7=< =4 / 1=;;=< B316<=:=5G /1@=AA 1=C<B@73A B63 /0=D3
3F>@3AA7=< 7;>:73A B6/B B63 @/B7= =4 B63 @/B3A =4 @3BC@< B= 1/>7B/: 03BE33< BE=
1=C<B@73A /<2 7A / 4C<1B7=< =4 B63 @/B7= =4 =CB>CBA >3@ 1/>7B/ /<2 B63 1=;
;=< A6/@3 =4 1/>7B/: 7< =CB>CB :B6=C56 "C1/A /AAC;32 B63 A/;3 B316<=:=5G /1@=AA 1=C<B@73A 7< 67A <C
;3@71/: 3F/;>:3 63 /D=7232 B63 7AAC3 =4 B63 27Q3@3<13A 7< 4/1B=@ A6/@3A =0B/7<32
4@=; B63 $& 2/B/ 0G B/97<5 / A7;>:3 /D3@/53 =4 A6/@3A 7< <27/ /<2 B63
*( )67A 7;>:717B:G /AAC;3A B6/B <37B63@ 1=C<B@GLA A6/@3A /@3 1=@@31B /<2 CA3A
7<AB3/2 /< M/D3@/53N B316<=:=5G
)63 ;/7< 7;>:71/B7=< =4 4/1B=@ A6/@3A =0B/7<32 CA7<5 B63 6=CA36=:2 AC@D3G
2/B/ 7A B6/B 74 B63A3 A6/@3A /@3 7< 4/1B D3@G A7;7:/@ /1@=AA 1=C<B@73A B63< B63
"C1/A &/@/2=F 031=;3A 3D3< 6/@23@ B= @3A=:D3 )67A 7A 74 4/1B=@ A6/@3A /1@=AA
1=C<B@73A /@3 A7;7:/@ /<2 B63G /@3 /1BC/::G 1:=A3@ B= B6=A3 =4 6756 >3@ 1/>7B/
7<1=;3 1=C<B@73A B63< B63 >/@/2=F ;756B 03 6/@23@ B= A=:D3 A7<13 B63 7;>:732
27Q3@3<13A 7< @/B3A =4 @3BC@< /@3 3D3< :/@53@ B6/< >@3D7=CA:G =0B/7<32
)= 7::CAB@/B3 B67A >=7<B E3 =0B/7< B63 27Q3@3<13A 7< @/B3A =4 @3BC@< B= 1/>7B/:
7;>:732 0G B63 =0A3@D32 27Q3@3<13A 7< @3/: =CB>CB >3@ E=@93@ 7< B63 *<7B32
(B/B3A #3F71= /<2 <27/ :: B63 2/B/ /@3 =0B/7<32 4@=; B63 &3<< ,=@:2 )/0:3
+3@A7=< /<2 1=@@3A>=<2 B= /D3@/53A 2C@7<5 B63 >3@7=2 "&'0* .B*5*2(*6 .2 &7*6 3+ *7852 140.*) '< 7-* '6*59*)
.B*5*2(*6 .2 *&0 87487 *5 %35/*5 '*7:**2 7-* #! &2)
2).& &2) '*7:**2 7-* #! &2) *;.(3 9*5&,* 7Q3@3<13 7< '%' />7B/: (6/@3 #!2).&
#!*;.(3
(=C@13 %E< 1/:1C:/B7=<A CA7<5 2/B/ 4@=; B63 ,=@:2 &3<< )/0:3 +3@A7=< 0G
3AB=< (C;;3@A /<2 B3< '/B63@ B6/< ?C3AB7=<7<5 B63 /AAC;>B7=<A B6/B :/G 0367<2 B63 3F3@17A3 35 / 1=;;=<
B316<=:=5G 1=;>:3B3 1/>7B/: ;/@93BA >3@431B 1/>7B/: ;=07:7BG B63@3 6/A 033< / A3@73A =4
>/>3@A E7B6 3F>:/</B7=<A E6716 ;/G /11=C<B 4=@ B63 >/@/2=F (33 4=@ 3F/;>:3 '37<6/@B /<2
'=5=Q %<3 7;>=@B/<B 27Q3@3<13 03BE33< B63 3F3@17A3 >@3A3<B32 63@3 /<2 7< "C1/A 7A B6/B
63 CA3A =0A3@D32 27Q3@3<13A 7< & >3@ 1/>7B/ E67:3 B67A >/>3@ CA3A 27Q3@3<13A 7< =CB>CB
>3@ E=@93@ )67A 7A A= A7<13 >@3AC;/0:G 4=@375< 7<D3AB=@A /@3 7<B3@3AB32 7< 27Q3@3<13A 7< B63
>@=2C1B7D7BG =4 1/>7B/: @/B63@ B6/< 7< 27Q3@3<13A 7< :7D7<5 AB/<2/@2A /1@=AA 1=C<B@73A
!4**) 3+ 329*5,*2(*
%<3 I</: 7;>:71/B7=< B6/B 1/< 03 23@7D32 4@=; B63 27Q3@3<13A 7< 4/1B=@
A6/@3A =0B/7<32 CA7<5 B63 $& 2/B/ /<2 B63 6=CA36=:2 AC@D3G 2/B/ 1=<13@<A
B63 A>332 =4 1=<D3@53<13 < >/@B71C:/@ B63 A>332 =4 1=<D3@53<13 B= B63 AB3/2G
AB/B3 7< B63 <3=1:/AA71/: 5@=EB6 ;=23: /<2 B= B63 0/:/<132 5@=EB6 >/B6 7<
/ 1:/AA =4 3<2=53<=CA 5@=EB6 ;=23:A 23>3<2A /;=<5 =B63@ >/@/;3B3@A =<
B63 1/>7B/: A6/@3 '31/:: B6/B B63 1=<1/D7BG =4 / =00=C5:/A >@=2C1B7=<
4C<1B7=< 7< E6716 =CB>CB /<2 1/>7B/: /@3 3F>@3AA32 7< >3@ 1/>7B/ B3@;A 7A 57D3<
0G B63 1/>7B/: A6/@3 )6CA B63 67563@ B63 A6/@3 =4 1/>7B/: B63 :3AA 1=<1/D3 B63
>@=2C1B7=< 4C<1B7=< /<2 B63 A:=E3@ B63 A>332 =4 1=<D3@53<13
)63 3;>7@71/: 3D723<13 4@=; 1@=AA1=C<B@G 5@=EB6 @35@3AA7=<A A6=EA B6/B
B63 A>332 =4 /0A=:CB3 1=<D3@53<13 03BE33< "/B7< ;3@71/< 1=C<B@73A /<2 B63
5@=C> =4 /2D/<132 1/>7B/:7AB 1=C<B@73A E63< B63@3 7A 3D723<13 =4 1=<D3@53<13
/B /:: 6/A 033< D3@G A:=E #=@3=D3@ 1=<D3@53<13 7< >3@ 1/>7B/ & AB=>>32
/:B=53B63@ =@ 3D3< @3D3@A32 /4B3@ )63 4/1B B6/B >3@ 1/>7B/ & 7< "/B7<
;3@71/ 6/A 033< 4/::7<5 4=@ A=;3 B7;3 @3:/B7D3 B= B6/B 7< B63 *<7B32 (B/B3A
/<2 B6/B B67A 231:7<3 /113:3@/B32 /4B3@ 7A 23>71B32 7< B63 4=::=E7<5 I5C@3
.,85* *&0 4*5 (&4.7& .2 9&5.386 (38275.*6 &6 & 4*5(*27&,* 3+ 5*&0
4*5 (&4.7& .2 7-* #2.7*) !7&7*6 100%
90%
U.S.
Canada
80%
Percent
70%
Europe
60%
Japan
50%
NICs
40%
30%
20%
Latin America
Asean 4
10%
1950
1952
1954
1956
1958
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
0%
Year
(33 %@B75C37@/ /<2 (/<B=A 4=@ / 1:/AA =4 3<2=53<=CA 5@=EB6 ;=23:A 7< E6716 B63
A>332 =4 1=<D3@53<13 B= B63 0/:/<132 5@=EB6 >/B6 23>3<2A =<:G =< B316<=:=571/: /<2 <=B =<
>@343@3<13 >/@/;3B3@A
(=C@13 ,=@:2 &3<< )/0:3 +3@A7=< 0G 3AB=< (C;;3@A /<2 B3< $ "/B7< ;3@71/ 7A /< C<E3756B32 /D3@/53 =4 @3/: & >3@ 1/>7B/ 7< @53<B7</
=:7D7/ @/H7: 67:3 =:=;07/ =AB/ '71/ 1C/2=@ #3F71= &/@/5C/G &3@C
*@C5C/G /<2 +3<3HC3:/ $A 7A /< C<E3756B32 /D3@/53 =4 @3/: & >3@ 1/>7B/ 7<
=<5 !=<5 !=@3/ (7<5/>=@3 /<2 )/7E/< ($ 7A /< C<E3756B32 /D3@/53 =4
@3/: & >3@ 1/>7B/ 7< <2=<3A7/ #/:/GA7/ &67:7>>7<3A /<2 )6/7:/<2
)63 ;/7< 7;>:71/B7=< =4 B63 4/1B=@ A6/@3A 3AB7;/B32 CA7<5 B63 6=CA36=:2
AC@D3G 2/B/ 4=@ E6716 B63 1/>7B/: A6/@3 =0B/7<32 7A :=E3@ B6/< E63< B63 $&
2/B/ E3@3 CA32 7A B6/B B63 :/19 =4 1=<D3@53<13 7< >3@ 1/>7B/ & 7A <=B 2C3 B=
27Q3@3<13A 7< B316<=:=5G )67A 4/1B 7< BC@< AC553ABA B6/B "/B7< ;3@71/< ;/G
03 1=<D3@57<5 B= / :=E3@ :3D3: AB3/2G AB/B3 =@ B= / :=E3@ 5@=EB6 0/:/<132 5@=EB6
>/B6 7< E6716 1/A3 B63 />>@=>@7/B3 1=<D3@53<13 1=<13>B E=C:2 03 1=<27B7=</:
1=<D3@53<13 :B3@</B7D3:G 7B ;/G AC553AB B6/B /< 3<2=53<=CA 5@=EB6 ;=23:
4=@ E6716 B63@3 7A <= 1=<D3@53<13 7< >3@ 1/>7B/ & ;/G 03 / 03BB3@ 23A1@7>B7=<
=4 B63 >@=13AA =4 B63 3D=:CB7=< =D3@ B7;3 =4 >3@ 1/>7B/ & /1@=AA @357=<A
32(086.326
)63 >/>3@ /BB3;>B32 B= 3F>:/7< E6G 4/1B=@ A6/@3A 27Q3@ A= A75<7I1/<B:G
/1@=AA 1=C<B@73A /<2 >@=>=A32 / ;3B6=2 4=@ A=:D7<5 B63 >@=0:3; >=A32 0G B63
7<1=;3 4@=; B63 A3:43;>:=G32 /<2 B6=A3 3;>:=G32 7<4=@;/::G A AC16 7B 0C7:2A
C>=< B63 E=@9 =4 =::7< 0G >@=D727<5 /< /:B3@</B7D3 ;3B6=2 B= =0B/7<
4/1B=@ A6/@3A )63 @3AC:BA =4 B63 >/>3@ 1=<I@; =::7<LA 1=<1:CA7=< B6/B 7B 7A
27Q3@3<13A 7< /11=C<B7<5 ;3B6=2=:=573A /<2 7< B63 1=;>=A7B7=< =4 B63 :/0=@
4=@13 @/B63@ B6/< B316<=:=5G B6/B 3F>:/7< B63 27Q3@3<13 7< 4/1B=@ A6/@3A /1@=AA
1=C<B@73A
)67A >/>3@ I@AB @3D73E32 7< A=;3 23B/7: B63 ;3B6=2=:=5G CA32 7< 1=<AB@C1B
7<5 B63 $& 2/B/ /1@=AA 1=C<B@73A B E/A /@5C32 B6/B =<13 B63 27Q3@3<13A
7< B63 ;3B6=2=:=573A /@3 C<23@AB==2 /<2 57D3< B63 :/@53 A6/@3 =4 3;>:=G3@A
A3:43;>:=G32 /<2 7<4=@;/: 3;>:=G33A 7< B63 :/0=@ 4=@13 7< 23D3:=>7<5 1=C<B@73A
7B 7A <=B >CHH:7<5 E6G 4/1B=@ A6/@3A 4@=; B63 $& 2/B/ 27Q3@ A= ;C16 /1@=AA
1=C<B@73A
)63 >/>3@ >@=>=A32 / ;3B6=2=:=5G 1=<A7AB7<5 =4 CA7<5 @3>3/B32 1@=AA A31
B7=</: 6=CA36=:2 AC@D3G 2/B/ @3>@3A3<B/B7D3 /B B63 </B7=</: :3D3: E6716 1=<B/7<
/< 3F6/CAB7D3 1:/AA7I1/B7=< =4 7<1=;3 0G A=C@13 B B63< 3AB7;/B32 B63A3 A6/@3A
4@=; B63A3 ;71@=2/B/ CA7<5 B6@33 27Q3@3<B 3AB7;/B=@A
)63 ;3B6=2=:=5G E/A />>:732 B= B63 1/A3 =4 #3F71= CA7<5 3D3@G 6=CA36=:2
AC@D3G /D/7:/0:3 @3>@3A3<B/B7D3 /B B63 </B7=</: :3D3: 2C@7<5 B63 >3@7=2 B E/A /@5C32 B6/B #3F71= 7A / >/@B71C:/@:G 7<B3@3AB7<5 1=C<B@G A7<13
4/1B=@ A6/@3A 4@=; B63 $& 2/B/ E3@3 /:;=AB B63 =>>=A7B3 =4 B6=A3 7< B63
*<7B32 (B/B3A 23A>7B3 B637@ 53=5@/>671/: >@=F7;7BG /<2 AB@=<5 1=;;3@17/: /<2
7<D3AB;3<B B73A
< /:: B6@33 1/A3A 7B E/A 4=C<2 B6/B B63@3 /@3 :/@53 27Q3@3<13A 7< B63 4/1B=@
A6/@3A =0B/7<32 CA7<5 B63 $& 2/B/ /<2 B6=A3 =0B/7<32 CA7<5 B63 6=CA36=:2
AC@D3G 2/B/ < >/@B71C:/@ 7B E/A 4=C<2 B6/B 4/1B=@ A6/@3A 7< #3F71= /@3 ;C16
1:=A3@ B= B6=A3 7< B63 *<7B32 (B/B3A B6/< B63 $& 2/B/ AC553AB E7B6 :/0=@
/11=C<B7<5 4=@ /0=CB /<2 1/>7B/: 4=@ /0=CB =4 7<1=;3 #=@3=D3@ 7B
E/A 4=C<2 B6/B 4/1B=@ A6/@3A 7< #3F71= 6/D3 033< @3:/B7D3:G 1=<AB/<B =D3@ B7;3
2C@7<5 B63 >3@7=2 /</:GH32 )63A3 @3AC:BA /@3 1=<A7AB3<B E7B6 =::7<LA I<27<5A B6/B B63 D/@7/
B7=< /1@=AA 1=C<B@73A 7< 4/1B=@ A6/@3A /@3 2C3 B= 27Q3@3<13A 7< 6=E 1=C<B@73A
/11=C<B 4=@ B63 7<1=;3 4@=; B63 A3:43;>:=G32 /<2 B6=A3 3;>:=G32 7<4=@;/::G
B 7A 7;>=@B/<B B= 6756:756B B6/B B63 A/;3 @3AC:B 7A =0B/7<32 CA7<5 / 27Q3@3<B
;3B6=2=:=5G A A6=E< 034=@3 B63 27Q3@3<13A 7< B63 4/1B=@ A6/@3A =0B/7<32
4@=; B63 $& 2/B/ /<2 4@=; B63 6=CA36=:2 AC@D3G 2/B/ 6/D3 7;>:71/B7=<A 7<
A3D3@/: /@3/A =4 31=<=;71 @3A3/@16 7<1:C27<5 B63 4C<1B7=</: 27AB@70CB7=< =4 7<
1=;3 5@=EB6 /<2 23D3:=>7<5 /11=C<B7<5 1/:70@/B7=< =4 31=<=;71 ;=23:A /<2
B63 A>332 =4 1=<D3@53<13 B= B63 AB3/2G AB/B3 =@ B= / 0/:/<132 5@=EB6 >/B6
*+*5*2(*6
<B@/A &=: MA B63 *( 55@35/B3 &@=2C1B7=< C<1B7=< =00
=C5:/A $3E AB7;/B3A =4 B63 :/AB717BG =4 (C0AB7BCB7=<N 65;90)<;065: ;6
(*96,*65640*: +=: AAC3 @B71:3 >@7: /@@= '=03@B /<2 -/D73@ (/:/7#/@B7< *65640* 96>;/ <2
27B7=< )63 #7B &@3AA /;0@7253 #
3<B=:7:/ (/;C3: /<2 7::3A (/7<B&/C: MF>:/7<7<5 #=D3;3<BA 7<
B63 "/0=@ (6/@3N 65;90)<;065: ;6 (*96,*65640*: +=: AAC3 @B71:3 >@7: 3@5=37<5 '/>6/3: &/B@719 !36=3 )7;=B6G !36=3 /<2 '/7;C<2=
(=B= / M 31/23 "=AB /<2 =C<2 #3F71= /<2 67:3 7< B63 AN
",=0,> 6- *65640* @5(40*: >> 3@5=37<5 '/>6/3: &/B@719 !36=3 )7;=B6G !36=3 /<2 '/7;C<2=
(=B= 0 M&=:71G@7D3< &@=2C1B7D7BG 7< 67:3 /<2 #3F71= 7< B63 A
/<2 AN 4,90*(5 *65640* ",=0,> &/>3@A /<2 &@=13327<5A >> 3@</<93 3< ( /<2 '343B ( W@9/G</9 MA @=EB6 F=53<=CA
)/97<5 #/<97E '=;3@ /<2 ,37: (3@7=CA:GN 7< " (*96,*65640*: 55<(3
3< ( 3@</<93 /<2 !3<<3B6 '=5=Q 32A )63 #) &@3AA /;0@7253
# /A3::7 @/<13A1= M)63 #7AA7<5 <>CB 11=C<B7<5 4=@ @=AA=C<B@G
<1=;3 7Q3@3<13AN ;7;3= /@D/@2 *<7D3@A7BG $=D3;03@ 4=@B61=;7<5
(5+)662 6- *65640* 96>;/
67?C7/@ /<73: /<2 #/<C3: '/;=A@/<17/ M7:/B3@/: )@/23 /<2
CA7<3AA G1:3 (G<16@=<7H/B7=< D723<13 4@=; #3F71= /<2 *<7B32 (B/B3A #/<
C4/1BC@7<5 <2CAB@73AN ,=@97<5 &/>3@ 7@3117V< 3<3@/: 23 <D3AB7
5/17V< 1=<V;71/ /<1= 23 #3F71= %1B=03@ C3D/A :4@32= #75C3: #3AA;/163@ /<2 :38/<2@= ,3@<3@ M#/1@=
31=<=;71 (G<16@=<7H/B7=< 03BE33< #3F71= /<2 7BA $) &/@B<3@AN #7;3=
%P13 =4 B63 6734 1=<=;7AB 4=@ "/B7< ;3@71/ /<2 B63 /@7003/< )63 ,=@:2
/<9 ,/A67<5B=< CQG =6< /<2 6@7A &/>/53=@57=C M @=AA=C<B@G ;>7@71/:
<D3AB75/B7=< =4 B63 55@35/B3 &@=2C1B7=< C<1B7=< (>317I1/B7=<N 6<95(3 6*65640* 96>;/ +=: AAC3 #/@16 >> *65640* ",769; 6- ;/, 9,:0+,5; *( =D3@<;3<B &@7<B7<5 %P13
,/A67<5B=< :U/A +U1B=@ #6<9*,: 6- 96>;/ #;<+@ 6- #,=,5 (;05 4,90
*(5 *65640,: C<2/17V< 23: )C1C;/< /<2 <B3@</B7=</: 3<B3@ 4=@ 1=<=;71
@=EB6 ( &@3AA (/< @/<17A1= =:203@53@ @B6C@ ( 6<9:, 05 *6564,;90*: /@D/@2 *<7D3@
A7BG &@3AA /;0@7253 #
=::7< =C5:/A M3BB7<5 <1=;3 (6/@3A '756BN 6<95(3 6- 630;0*(3
*6564@ +=: $= >@7: >> /<A3< "/@A &3B3@ /<2 /;3A 319;/< M)63 ;>7@71/: =C<2/
B7=<A =4 /:70@/B7=<N 6<95(3 6- *65640* ,9:7,*;0=,: +=: $= ,7<B3@
>> 3AB=< :/< '=03@B (C;;3@A /<2 3BB7</ B3< ,55 '693+ $()3,
&,9:065 3<B3@ 4=@ <B3@</B7=</: =;>/@7A=<A /B B63 *<7D3@A7BG =4 &3<<
AG:D/<7/ *& %1B=03@ =CB6/993@ 3<2@719 ( M)63 &/@3B= 7AB@70CB7=< /<2 B63 =00
=C5:/A &@=2C1B7=< C<1B7=< 7< 1B7D7BG </:GA7AN ",=0,> 6- *65640* #;<+
0,: +=: -- $= >> <AB7BCB= $/17=</: 23 AB/2UAB71/ 3=5@/4U/ 3 <4=@;SB71/ <,5;(
#(;G30;, +,3 #<):,*;69 5-694(3 +, 36: 6.(9,: C3<B/A >=@ (31B=@3A <AB7BC
17=</:3A (7AB3;/ 23 C3<B/A $/17=</:3A 23 #TF71= $ !36=3 &/B@719 /<2 )7;=B6G !36=3 / M &@7;3@ =< (B/B71 >
>:732 3<3@/: ?C7:70@7C; #=23:AN ,+,9(3 ",:,9=, (52 6- 055,(7630: !<(9
;,93@ ",=0,> (>@7<5 +=: $= >>
!36=3 &/B@719 /<2 )7;=B6G !36=3 0 M/>BC@7<5 $)LA
;>/1B ,7B6 >>:732 3<3@/: ?C7:70@7C; #=23:AN ,+,9(3 ",:,9=, (52 6055,(7630: !<(9;,93@ ",=0,> (>@7<5 +=: $= >>
!36=3 )7;=B6G /<2 /7;3 (3@@/&C163 M 3<3@/: ?C7:70@7C;
</:GA7A =4 &@713 =<B@=:A /<2 (C0A7273A =< ==2 7< #3F71=N 6<95(3 6- ,=,3
674,5; *65640*: +=: AAC3 %1B=03@ >> !36=3 )7;=B6G /<2 /7;3 (3@@/&C163 M =;>CB/B7=</: 3<
3@/: ?C7:70@7C; #=23: E7B6 <2=53<=CA *<3;>:=G;3<B < </:GA7A =4 B63
7A1/: '34=@; 7< #3F71= 6<95(3 6- <)30* *65640*: +=: AAC3 %1B=03@ >> !G2:/<2 7<< /<2 2E/@2 &@3A1=BB M)63 =;>CB/B7=</:
F>3@7;3<B < 1=<=;3B@71 )==:N 6<95(3 6- *65640* ,9:7,*;0=,: +=:
$= ,7<B3@ >> "C1/A '=03@B @ M,6G =3A<LB />7B/: :=EA @=; '716 B=
&==@ =C<B@73AN 4,90*(5 *65640* ",=0,> +=: AAC3 &/>3@A /<2 &@=
13327<5A =4 B63 C<2@32 /<2 (31=<2 <<C/: #33B7<5 =4 B63 ;3@71/< 1=<=;71
AA=17/B7=< #/G >> %@B75C37@/ (/:D/2=@ /<2 #/<C3: ( (/<B=A M%< B63 (>332 =4 =<
D3@53<13 7< <2=53<=CA @=EB6 #=23:AN 4,90*(5 *65640* ",=0,> +=:
$= C<3 >> &7193BBG )6=;/A /<2 ;;/<C3: (/3H M<1=;3 <3?C/:7BG 7< B63
*<7B32 (B/B3A N !<(9;,93@ 6<95(3 6- *65640*: +=: $= 30@C/@G >> '37<6/@B /@;3< # /<2 !3<<3B6 ( '=5=Q M(3@7/: 34/C:B /<2 B63
K&/@/2=FL =4 '716B=&==@ />7B/: :=EAM 4,90*(5 *65640* ",=0,> &/>3@A
/<2 &@=13327<5A =4 B63 ;3@71/< 1=<=;71 AA=17/B7=< +=: >> (/<B/3::/ C:7= M1=<=;71 @=EB6 7< #3F71= (3/@167<5 4=@ :C3A
=4 7BA (:=E2=E<N ;7;3= <AB7BCB= )31<=:V571= CBV<=;= 23 #TF71= )#
#3F71= 7BG #3F71= $=D3;03@ )=@@3A :03@B= /<2 RA1/@ +3:/ M)@/23 7<B35@/B7=< /<2 AG<16@=
<7H/B7=< 03BE33< B63 0CA7<3AA 1G1:3A =4 #3F71= /<2 B63 *<7B32 (B/B3A 69;/
4,90*(5 6<95(3 6- *65640*: (5+ 05(5*, +=: AAC3 313;03@ >> O
,303@ C16 '357</ 7AB@70C17V< /1B=@7/: 23: <5@3A= 3< #TF71=
*< ABC27= =;>/@/B7D= / &/@B7@ 23 743@3<B3A #3B=2=:=5U/A
)3A7A 23 "713<17/BC@/ 3>/@B/;3<B= 23 1=<=;U/ *<7D3@A72/2 03@=/;3@71/</
#3F71= 7BG #3F71= #/G .=C<5 :EG< M)63 )G@/<<G =4 $C;03@A =<4@=<B7<5 B63 (B/
B7AB71/: '3/:7B73A =4 B63 /AB A7/< @=EB6 F>3@73<13N !<(9;,93@ 6<95(3 6*65640*: +=: AAC3 C5CAB >> O
&7& 44*2).;
)67A />>3<27F 23A1@703A 7< ;=@3 23B/7: B63 27Q3@3<B 6=CA36=:2 AC@D3GA =<
E6716 B63 3AB7;/B7=<A /@3 0/A32 )63 >/>3@ CA3A 2/B/ 4@=; B6@33 5@=C>A =4
6=CA36=:2 AC@D3GA 7 B63 (C@D3G =< /;7:G <1=;3A /<2 F>3<27BC@3A 7<
#3F71= 77 B63 $/B7=</: =CA36=:2 <1=;3 /<2 F>3<27BC@3 (C@D3G
/<2 777 B63 A3@73A =4 $/B7=</: =CA36=:2 <1=;3 /<2 F>3<27BC@3 (C@D3GA
=@ $A 4=@ B637@ /1@=<G; 7< (>/<7A6 1=@@3A>=<27<5 B= B63 G3/@A /<2 < 3D3@G 1/A3 B63 AC@D3GA /@3
@3>@3A3<B/B7D3 /B B63 </B7=</: :3D3: B 7A 7;>=@B/<B B= C<23@A1=@3 B6/B B63A3 /@3
<=B B63 =<:G 7<1=;3 /<2 3F>3<27BC@3 6=CA36=:2 AC@D3GA 7< #3F71= $3D3@B63:3AA
B63G /@3 B63 =<:G 6=CA36=:2 AC@D3GA @3>@3A3<B/B7D3 /B B63 </B7=</: :3D3: E7B6
B63 2/B/ /D/7:/0:3 /B B63 6=CA36=:2 /<2 B63 7<27D72C/: :3D3:A < 1=<B@/AB =:23@
AC@D3GA BG>71/::G =<:G >@=D723 B/0C:/B7=<A C@B63@;=@3 B63A3 AC@D3GA /@3 B63
;=AB A7;7:/@ 7< B3@;A =4 ;3B6=2=:=5G /<2 B63@34=@3 B63 ;=AB CA34C: 4=@ B63
>C@>=A3 =4 1=;>/@7<5 4/1B=@ A6/@3A /1@=AA 27Q3@3<B B7;3 >3@7=2A ,3 <3FB
3F>:/7< 3/16 5@=C> =4 AC@D3GA 7< ;=@3 23B/7:
)63 (C@D3G =< /;7:G <1=;3A /<2 F>3<27BC@3A 7< #3F71= E/A 1=<
2C1B32 0G B63 /<9 =4 #3F71= #3F71=LA 13<B@/: 0/<9 BA ;/7< >C@>=A3 E/A
B= 1=::31B 2/B/ 7< =@23@ B= 3AB7;/B3 7<1=;3 /<2 >@713 3:/AB717B73A 4=@ 13@B/7<
/5@71C:BC@/: >@=2C1BA )63 (C@D3G E/A 1/@@732 =CB 0G B63 3>/@B;3<B =4
&@=5@/;;7<5 /<2 C253B E7B6 B63 1=::/0=@/B7=< =4 B63 /<9 =4 #3F71= :
B6=C56 7B 6/A B63 3F/1B A/;3 </;3 /A B63 AC0A3?C3<B $ AC@D3GA 1/@@732
0G B63 $/B7=</: (B/B7AB71A <AB7BCB3 =@ $ 7B 7A B@3/B32 A3>/@/B3:G A7<13 B63G
2= <=B 6/D3 B63 A/;3 AB@C1BC@3 )63A3 BE= AC@D3GA E3@3 B63 >@31323<B =4 B63
$ AC@D3GA )63G CA3 B63 A/;3 ;3B6=2=:=5G /:B6=C56 7< 53<3@/: B63G
1=<B/7< :3AA 7<4=@;/B7=< =@ B63 >C@>=A3 =4 B67A >/>3@ /:: B63 2/B/ <33232 /@3
1=<B/7<32 7< 3D3@G AC@D3G ,3 <3FB 23A1@703 B63 $ AC@D3GA 7< ;=@3 23B/7:
)63 $A /@3 / A3@73A =4 6=CA36=:2 AC@D3GA 1=::31B32 />>@=F7;/B3:G 3D3@G
BE= G3/@A 0G $ A7<13 )63G >@=D723 7<4=@;/B7=< =< B63 A=17= 31=
<=;71 16/@/1B3@7AB71A =4 B63 6=CA36=:2 7<1:C27<5 0C253B/@G 2/B/ /A E3:: /A
7<4=@;/B7=< =< B63 16/@/1B3@7AB71A =4 B63 2E3::7<5 )63G 1=<AB7BCB3 B63 :=<53AB
@C<<7<5 6=CA36=:2 AC@D3GA 1=::31B32 CA7<5 / 1=;;=< ;3B6=2=:=5G A/;>:7<5
A163;3 /<2 ?C3AB7=<</7@3
'35/@27<5 B63 A/;>:7<5 A163;3 /:: AC@D3GA CA3 / AB@/B7I32 BE=AB/53 A/;
>:7<5 A163;3 < B63 I@AB AB/53 B63@3 7A / @/<2=; A3:31B7=< =4 :=1/:7B73A E63@3/A
7< B63 A31=<2 AB/53 B63 A/;>:7<5 C<7BA /@3 B63 >@7D/B3 2E3::7<5A E67:3 B63 C<7BA
5*<,:;(
:6)9, 5.9,:6: @ (:;6: (4030(9,: ,5 G?0*6 (*065(3 +, 5.9,:6 @ (:;6 +, 36: 6.(9,:
$ AB/<2A 4=@ 5*<,:;( (*065(3 +, 5.9,:6 @ (:;6 +, 36: 6.(9,:
)63A3 /@3 <=B B63 =<:G 6=CA36=:2 7<1=;3 /<2 3F>3<27BC@3 AC@D3GA /D/7:/0:3 7< #3F71=
$3D3@B63:3AA B63G /@3 B63 ;=AB 1=;>/@/0:3 7< B3@;A =4 ;3B6=2=:=5G /<2 B63@34=@3 B63 ;=AB
CA34C: 4=@ B63 >C@>=A3 =4 /</:GH7<5 B63 3D=:CB7=< =4 7<1=;3 A6/@3A =D3@ B7;3
(5*6 +, G?0*6
#,*9,;(9H( +,
96.9(4(*0I5 @ 9,:<7<,:;6
5:;0;<;6 (*065(3 +, :;(+H:;0*( ,6.9(-H( , 5-694F;0*(
5*<,:;(
=4 =0A3@D/B7=< /@3 B63 6=CA36=:2A /<2 B637@ ;3;03@A < /:: 1/A3A B63 A/;>:3
7A @3>@3A3<B/B7D3 /B B63 </B7=</: :3D3: /A E3:: /A /B B63 @C@/: :3AA B6/< 7<6/07B/<BA /<2 C@0/< 7<6/07B/<BA =@ ;=@3 :3D3:A
)63A3 AC@D3GA CA3 /A A/;>:7<5 4@/;3A B63 ;=AB @313<B 2313<<7/: 13<ACA =@
B63 ;7213<ACA 1=C<B )63 A/;>:7<5 >@=>=@B7=< D/@73A /1@=AA AC@D3GA 0CB 7A
/@=C<2 )63 23I<7B7=<A =4 E6/B 1=<AB7BCB3A / 790=(;, +>,3305.: /<2
/ /6<:,/63+ /@3 1=<A7AB3<B /1@=AA AC@D3GA )63 /D3@/53 @3A>=<A3 @/B3 4=@ B63
AC@D3G 7A /@=C<2 :: AC@D3GA E3@3 1=::31B32 2C@7<5 B63 B67@2 ?C/@B3@ =4 B63 1=@@3A>=<27<5 G3/@
BG>71/::G 03BE33< B63 A31=<2 E339 =4 C5CAB /<2 B63 A31=<2 E339 =4 $=D3;03@
)67A 16/@/1B3@7AB71 =4 B63 AC@D3GA 3<AC@3A B637@ 1=;>/@/07:7BG =D3@ B7;3 B= B63
3FB3<B B6/B 7<1=;3 A3/A=</: >/BB3@<A /@3 1=<AB/<B
#=AB 7<4=@;/B7=< 7A 1=::31B32 B6@=C56 / 27@31B >3@A=</: 7<B3@D73E E7B6 B63
63/2 =4 B63 6=CA36=:2 =D3@ / A3D3<2/G >3@7=2 )63 @343@3<13 >3@7=2 23>3<2A
=< B63 >/@B71C:/@ ?C3AB7=< /A932 < B63 1/A3 =4 :/0=@ 7<1=;3 /:: ?C3AB7=<A
@343@ B= 3/16 =4 B63 A7F;=<B6 >3@7=2 >@7=@ B= B63 ;=<B6 E63< B63 >3@A=< E/A
7<B3@D73E32
A ;3<B7=<32 034=@3 B63 1/B35=@73A =4 7<1=;3 7<1:C232 /@3 3F6/CAB7D3 /<2
B637@ 23I<7B7=< 7A 1=<A7AB3<B =D3@ B7;3 =CA36=:2 7<1=;3 7A 27D7232 7<B= BE=
;/7< 27D7A7=<A 7 <3B 6=CA36=:2 7<1=;3 /<2 77 I</<17/: /<2 1/>7B/: 7<1=;3
$3B 6=CA36=:2 7<1=;3 7A B63< 27D7232 7<B= B63 4=::=E7<5 1/B35=@73A 7<1=;3 4@=;
E=@9 7<1=;3 4@=; =<3LA =E< 0CA7<3AA3A 7<1=;3 4@=; 1==>3@/B7D3A 7<1=;3 4@=;
1=;>/<73A 7<1=;3 4@=; I@;A B6/B E=@9 /A 1=;>/<73A 7<1=;3 4@=; B63 @3<B
=4 >@=>3@BG /<2 B@/<A43@A /<2 =B63@ 7<1=;3 )63 E=@9 1/B35=@G 7A 4C@B63@
27D7232 7< B63 4=::=E7<5 1/B35=@73A 7 E/53A A/:/@73A =@ 2/7:G >/G 77 >7313
@/B3 >/G 777 1=;;7AA7=<A /<2 B7>A 7D =D3@B7;3 >/G D G3/@3<2 0=<CA D7
7<13<B7D3A D77 /E/@2A D777 @3E/@2A =@ >@7H3A 7F 0=<CA F 3FB@/E/53
D/1/B7=< 0=<CA =B63@ 1/A6 03<3IBA /<2 A6/@3 =4 >@=IBA
,5:6 ,5,9(3 +, 6)3(0I5 @ &0=0,5+( /<2 65;,6 +, 6)3(0I5 @ &0=0,5+( @3A>31
B7D3:G
5.9,:6: 5,;6: +,3 /6.(9 /<2 ,9*,7*065,: A5(5*0,9(: @ +, *(70;(3
5.9,:6: 5,;6: 769 9,4<5,9(*065,: (3 ;9()(16 5.9,:6: 5,;6: +, 5,.6*06: 796706: 5.9,:6:
5,;6: 769 *667,9(;0=(: 5.9,:6: 5,;6: 769 9,5;( +, 3( 79670,+(+ $9(5:-,9,5*0(: /<2 ;96:
05.9,:6: *6990,5;,:
#<,3+6: #(3(906: 6 695(3 ,:;(16 640:065,: @
96705(: 69(: ?;9(: .<05(3+6
5*,5;0=6: 9(;0A*(*065,: 6 9,406: 656 ,9*,7*0I5 +0*065(3 6 #6)9,:<,3+6 904(:
&(*(*065(3,: @ ;9(: 9,:;(*065,: ,5 -,*;0=6 /<2 ",7(9;6 +, %;030+(+,:
Descargar