Espacios Públicos y Cohesión Social

=KH9;AGK
Hè:DA;GKQ
;G@=KAåF
KG;A9D
Afl]j[YeZag\]
]ph]ja]f[aYkq
gja]flY[agf]khYjY
dYY[[aŽf
BmYf;YjdgkJmarq=d]fY;Yjda$]\algj]k
=klYhmZda[Y[aŽf^gjeYhYjl]\]dHjgq][lgÉ=khY[agkH“Zda[gkq;g`]kaŽfKg[aYdÊ$\aja_a\gq[ggj\afY\g
hgjdYEmfa[ahYda\Y\\]H]Ydgd…f&=d[gfl]fa\g\]]kl]\g[me]flgk]`Ydg_jY\g_jY[aYkYdljYZYbg\]
dYk[am\Y\]kkg[aYkq\]dYkakl]eYlarY[aŽfq]dYZgjY[aŽfj]YdarY\YhgjdYk]fla\Y\]kY[Y\…ea[Ykim]
^m]jgfhYjl]\]]kl]hjgq][lg$Mfan]jka\Y\9dZ]jlg@mjlY\g\];`ad]qdY9kg[aY[aŽf9eYhgdY\]AlYdaY&
DY]\a[aŽf]klmngY[Yj_g\]dYMfan]jka\Y\9dZ]jlg@mjlY\g&
=kl]\g[me]flgk]`Yj]YdarY\g[gfdYYqm\YÕfYf[a]jY\]dY;gemfa\Y\=mjgh]YYljYn…k\]dHjg_jYeY
MjZ%9dq]feg\gYd_mfg\]Z][gfka\]jYjk]im]j]Ö]bYdYhgka[aŽf\]dYMfaŽf=mjgh]Y&
9_jY\][]egkYlg\gkdgkhYjla[ahYfl]k\]dgkk]eafYjagkj]YdarY\gk]f:Y\YdgfYqH]Ydgd…f2
Bgk]h;YmZ]l$NYdl]j;YnYddYjg$Ja[Yj\g;g^j…$EYjakY;gjl]k]$;Y[ad\Y<]E]f]r]k$;gfjY\g>]jfYf\]r$
?jY[a]dY?Yj[‰Y$AjaY?Yj[‰Y$Angff?jadda$;YlYdafY?mre~f$Bgk]hDY`gkY$FYlYdaYDarYfY$=\mYj\gDŽh]r$
Bgj_] DŽh]r$ D]gfYj\g 9jY[]fY$ FgjeY EYjYq$ 9da Emfan]$ ;dYm\ag Gjj]_g$ BgYimae Gjladd]k$ EYjafY
H]dÕfa$Bgk]hH]jY$DYm\][afY H]j]ajY$ AkYZ]d Hd~$ HYgdY JYe]ddg$ 9f\j…k JYegk$ BmYf ;Yjdgk Jmar$ DafY
KYm\g$ J]_afY K]jjYfg$ Ja[Yj\g K[Y^^$ EYj[g Kgjj]flafg$ ;jaklaYf Kgllgda[`ag$ GknYd\g Lgjj]k$ >jYfr
NYf\]jk[`m]j]f$Bg`ffqN~kim]r$;YjgdafYN]jfYd$KgfaYNaddYfm]nYq9dZYNa\Yd&
=\algj]k2BmYf;YjdgkJmar
=d]fY;Yjda
9kakl]fl]\]=\a[aŽf2NYd]jaYA[Yj\a
9mlgj]k2JgZ]jlg9jfYm\g$NYdl]j;YnYddYjg$ÞdnYjg=khafgrY$;gfjY\g>]jf~f\]r$FYlYdaYDarYfY$EYjafY
H]dÕfa$BmYf;YjdgkJmar$EYjl‰fLgjj]k$>jYfrNYf\]jk[`m]j]fq=dcafN]d~kim]r&
LjY\m[lgjYk2HYgdYJYe]ddgqNYd]jaA[Yj\a&
=\a[aŽf\]]kladg2EYj‰Y=m_]faYE]rY
<ak]gq\aY_jYeY[aŽf2EYj[]dYN]Yk
Aehj]kaŽf2?j~Õ[Y>mffq
Lg\gkdgk\]j][`gkj]k]jnY\gk&Faf_mfYhYjl]\]]klYhmZda[Y[aŽf\]Z]k]jj]hjg\m[a\Y$YdeY[]fY\Y]f
Yd_“fkakl]eY\]j][mh]jY[aŽf\]\YlgkgljYfkeala\Y]f[mYdima]j^gjeYge]\aYfl][mYdima]je]\ag
]d…[lja[g$e][~fa[g$^glg[ghaY$_jYZY[aŽfmgljgke]\agk$kaf]dh]jeakg]k[jalghj]nag\]dgk]\algj]k&
J]_akljg\]Hjgha]\Y\Afl]d][lmYd)0(.-+
AK:F21/0%1-.%0,*)%*,%+
Hjae]jY]\a[aŽf2KYflaY_g$Bmfag\]*((1
AF<A;=
;gdYZgjY[aŽfhYjYj][mh]jYj]d]khY[agh“Zda[g& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & Hj]k]flY[aŽf& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & /
Afljg\m[[aŽf & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & 1
·;m~d]khY[agh“Zda[ghYjY[m~d[am\Y\7& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & )+
EYjafYH]dÕfa
)&) HYjYmfY\]Õfa[aŽf\]]khY[agh“Zda[g& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ))&* DY[am\Y\[gfl]ehgj~f]Y2[m~d]khY[agg^j][]$[m~d]khY[agha\]& & & & & )/
Dm_Yj]k[gfl]f\a\gk$YZYjjglY\gk$YZYf\gfY\gk2
]d[gfÖa[lgljYfk^gjeY]d]khY[ag\]dY[am\Y\& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & +BmYf;YjdgkJmar
*&) =klY\g\]kalmY[aŽf&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&+/
*&* Dgk[gfÖa[lgke~k^j][m]fl]k & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & +0
*&+ Lahgk\]hjgq][lgk afl]jn]f[agf]k! & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & -(
·Afl]jn]faj]d]khY[agmjZYfghYjYeYf]bYjdgk[gfÖa[lgkkg[aYd]k
qhj]n]faj]d\]dalg7& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & -=dcafN]d~kim]rE&
+&) <]dY[gfÖa[lana\Y\kg[aYd]fdY[am\Y\& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & -/
+&* <]dYkafl]jn]f[agf]k]f]d]flgjfgmjZYfg$]fZ“kim]\Y\]
eYf]bYj[gfÖa[lana\Y\]kkg[aYd]kqhj]n]fajdY\]daf[m]f[aY& & & & & & & & & & & .1
+&+ ·Afl]jn]faj]d]khY[agmjZYfghYjYeYf]bYjdgk[gfÖa[lgk
qhj]n]faj]d\]dalg7& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & /.
·Ima…f[gfkljmq]]khY[agh“Zda[g7 & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & /1
FYlYdaYDarYfY$EYjl‰fLgjj]k$>jYfrNYf\]jk[`m]j]fq;gfjY\g>]jf~f\]r
,&)& Dgkemfa[ahagk& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & 0)
,&* DYhgda[‰Y& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & 1(
,&+ DYkgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYk& & & & & & & & & & & & & & & & & & & & & & & & & & & & & 1/
,&, =dhYjl]fYjaY\g& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & )))
HYjYmfYkmkl]flYZada\Y\\]dYkafl]jn]f[agf]k]f]d]khY[agh“Zda[g& & & & & & & & & & & )*EYjafYH]dÕfa$NYdl]j;YnYddYjgqJgZ]jlg9jfYm\g
-&) GZb]lang2kmkl]flYZada\Y\ & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & )*1
-&* Kmkl]flYZada\Y\kg[aYdq][gfŽea[Y]fdYkafl]jn]f[agf]k
]f]d]khY[agh“Zda[g& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & )+)
-&+ ;gfkljmaj]khY[agh“Zda[gkmkl]flYZd]2km_]j]f[aYkhYjY
Y\eafakljY\gj]kq[am\Y\Yfgk & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & )+0
+
Egfalgj]gq]nYdmY[aŽf[geg`]jjYea]flYk\]YhgqgYdY_]klaŽf& & & & & & & & & & & & & & ),/
ÞdnYjg=khafgrY
.&) Egfalgj]gq]nYdmY[aŽf[geg`]jjYea]flYk\]YhgqgYdY_]klaŽf& & & & ),1
.&* DY]nYdmY[aŽf\]afa[aYlanYk\]afl]jn]f[aŽf]f]d]khY[agh“Zda[g& & & & )-+
.&+ HYjla[ahY[aŽf\]dY[gemfa\Y\]f]degfalgj]gq]nYdmY[aŽf& & & & & & & & & )-.
;gf[dmkagf]k& & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & & ).+
,
;GD9:GJ9;AåFH9J9J=;MH=J9J=D=KH9;AGHè:DA;G
=kem[`ge~kdgim]fgkmf]im]Yim]ddgim]fgkk]hYjY&=kY]kmfY\]dYkhjaf[ahY%
d]k[gf[dmkagf]kim]hg\]egk]pljY]j\]dafl]j[YeZag]flj]_gZa]jfgkdg[Yd]k]afkla%
lm[agf]kim]fgk]f^j]flYegk\aYjaYe]fl]Ydlj]e]f\g\]kY^‰g\]`Y[]j\]d]khY[ag
h“Zda[gmfdm_Yj\][g`]kaŽfkg[aYd$lYflg]f9e…ja[YDYlafY[geg]f=mjghY&
=kl]\g[me]flg]k]dj]kmdlY\g\]mf^jm[l‰^]jgafl]j[YeZagq\]mf]k^m]jrghgj
dYkakl]eYlarY[aŽf\]]ph]ja]f[aYkim][j]]egkhm]\]fk]jj]hda[Y\Yk$]fkmk[ge%
hgf]fl]k^mf\Ye]flYd]k$]f\aklaflgkdm_Yj]k\]demf\g&
?jY[aYkY[gehYjlaj]dljYZYbgj]YdarY\g]fdm_Yj]klYf\aklYfl]k[gegH]Ydgd…f$
]f;`ad]3KYdlg$]fMjm_mYq3J‰eY[q9l]$]fH]j“3E]\]dd‰fq:g_gl~$]f;gdgeZaY3
J][a^]$]f:jYkad3:Y\YdgfYq:Yj[]dgfY$]f=khYYgLgjafg$]fAlYdaY$`]egkhg\a\g
\ak[mlajY[]j[Y\]djgdim]d][gjj]khgf\]bm_YjYdgk_gZa]jfgkdg[Yd]k]fdYlYj]Y
\]Y\eafakljYjdgk]khY[agk$fgkgdYe]fl][geg]fl]kfgjeYlangkkafg\afYearY%
\gj]k$d‰\]j]k$e]\aY\gj]kq$kgZj]lg\g$aehmdkgj]k\]dljYZYbghYjla[ahYlang&
=fdY[gemfY\]H]Ydgd…f$]fKYflaY_g\];`ad]$`]egkhjgegna\g[gf^m]jrY]d
hjaf[ahag\][gjj]khgfkYZada\Y\]fdY[gfkljm[[aŽf\]ZYjjagke~kk]_mjgkqYeY%
Zd]k&9k‰$hm\aegk[gfÕjeYjim]dYhYjla[ahY[aŽf]kmf]kdYZŽfaf\akh]fkYZd]hYjY
hYkYj$\]ÕfalanYe]fl]$\]k\]]d[gfÖa[lgYdY[g`]kaŽfkg[aYd]f]khY[agkh“Zda[gk
im]hj]k]flYfl]fkagf]kqhjgZd]e~la[Yk\]lahg\]da[lmYd$jY[aYd$afl]j_]f]jY[ag%
fYdgYeZa]flYd&
?]f]jYj]kljYl]_aYkim]af[]flan]fdYhYjla[ahY[aŽf[am\Y\YfYqhgl]f[aYj]dljY%
ZYbg]fj]\]kYhYj][]`gq[gegmfYj]khgfkYZada\Y\afkgkdYqYZd]hYjYdYkYmlgja%
\Y\]kdg[Yd]k&·;Žeg`Y[]jdg7=kY]kmfY\]dYkhj]_mflYkim]afl]flYj]khgf\]j
]kl]ljYZYbg[gfbmflg&DYhdYfaÕ[Y[aŽf\]]khY[agkh“Zda[gk$]d\]kYjjgddg\]hjg%
q][lgkhYjla[ahYlangk$dYYfaeY[aŽfkg[aYd$dYe]\aY[aŽf[gemfalYjaY$dYafn]jkaŽf
]faf^jY]kljm[lmjYqdYhj]n]f[aŽfkg[aYdkgfYd_mfYk\]dYkhgkaZd]kj]khm]klYk$
j]nakY\YkYim‰hgje]\ag\]]b]ehdgk[gf[j]lgk&
Mfg\]dgkgZb]langk\]dhjg_jYeYMjZÇ9d]kj]^gjrYj]d\a~dg_gqdY[gdYZgjY[aŽf
j][‰hjg[Y]flj]dYk[am\Y\]kkg[aYk$]fdYh]jkh][lanY\]\]kYjjgddYjn‰f[mdgk\aj][%
lgkq\mjY\]jgk]flj]]fla\Y\]kdg[Yd]k]mjgh]YkqdYlafgYe]ja[YfYk&Hm]\gYk]%
_mjYjim]]kl]gZb]langk]`Y[mehda\ghd]fYe]fl]$qYim]`]egkhjg^mf\arY\g
[gfYd_mfYk\]]klYk[am\Y\]kq]fla\Y\]kdYrgk\][gdYZgjY[aŽfh]jeYf]fl]]f
…kl]qgljgk~eZalgk&
Fge]im]\Ye~kim]Y_jY\][]jYdgk_gZa]jfgk]afklalm[agf]kim]`a[a]jgfhgka%
Zd]]kl]ljYZYbg&Hjae]jg$YdY;geakaŽf=mjgh]Y$_jY[aYkYkmhjg_jYeY\][ggh]jY%
-
[aŽf[gf9e…ja[YDYlafYMjZÇ9d$ima]fÕfYf[aŽ]klYafa[aYlanY3YdYk[am\Y\]kkg[aYk3
YdYk]fla\Y\]kY[Y\…ea[Ykim]hYjla[ahYjgf\]…d]$a_mYde]fl]$YgljYkafklalm[ag%
f]kim]YdgdYj_g\]dhjg[]kgk]^m]jgfkmeYf\g&
;geg YfÕljagf]k \] ]kl] YeZa[agkg hjgq][lg$ ]klYegk k]_mjgk \] im] hm]\]
]flj]_Yjdm[]kYdYj]Ö]paŽfkgZj]dYj][mh]jY[aŽf\]d]khY[agh“Zda[g$Yd\]kYjjg%
ddgmjZYfg]fdYkmjZ]keg\]jfYkqYdY[g`]kaŽfkg[aYd$Yk‰[geglYeZa…fYhgjlYj
d‰f]Yk\]Y[[aŽf[gf[j]lYk$hjgZY\Yk]aehd]e]flY\Yk\]eYf]jY]palgkY]f]k[]%
fYjagk\an]jkgk&
;dYm\agGjj]_gDYjjY‰f
9d[Yd\]\]H]Ydgd…f
.
HJ=K=FL9;AåF
9dgdYj_g\]dY`aklgjaY\]dYk[am\Y\]k$]d]khY[agh“Zda[g%hdYrYk$]klY\agk$e]j[Y%
\gk%`Y[mehda\gmfjgd[]fljYd\][g`]kaŽfkg[aYd$hjgha[aYf\gdYafl]_jY[aŽf\]
dYkh]jkgfYk\]mfYeakeYrgfY&
Kaf ]eZYj_g$ ]f dYk “dlaeYk \…[Y\Yk$ ]f =mjghY q 9e…ja[Y DYlafY q [geg [gfk]%
[m]f[aY\]dYkljYfk^gjeY[agf]k][gfŽea[Ykqkg[aYd]k]fdgk[]fljgkmjZYfgkq
kmk^]fŽe]fgk\]]ea_jY[aŽfqhjg[]kgk\]mjZYfarY[aŽf$]djgd\]d]khY[agh“Zda[g
`Y[YeZaY\g&=f…dk]_]f]jYf[gfÖa[lgkkg[aYd]k]fdgkim]em[`Ykn][]kim]\Y
\]eYfaÕ]klgdY\ak[jaeafY[aŽf…lfa[Y$jY[aYdqdY]kla_eYlarY[aŽfkg[aYdq'g][gfŽ%
ea[Y$im]fgd]h]jeal]f[mehdajkm^mf[aŽfkg[aYd&K]hjg\m[]fdm[`Yk\]hg\]j
hgjdYg[mhY[aŽfl]jjalgjaYd\]]k]]khY[ag$dYkim]hm]\]fk]jdm[`Yk]flj]hYj]k$g
hgjjYrgf]k][gfŽea[Yk$jY[aYd]k]afl]j_]f]jY[agfYd]k&
Hgj ]klY jYrŽf `Y Yme]flY\g dY h]j[]h[aŽf \] im] dgk ]khY[agk h“Zda[gk q k]ea
h“Zda[gkkgfdm_Yj]k\]afk]_mja\Y\q]p[dmkaŽf[am\Y\YfY&
HYjYYnYfrYj]fdYj][mh]jY[aŽf\]kmk]_mja\Y\$]k^mf\Ye]flYdj][gfg[]jim]
…klY]khjg\m[lg\]dYkh]jkgfYkq\]dmkgim]]ddYkd]\YfYd]khY[ag$ka_faÕ[~f%
\gdghgkalanYgf]_YlanYe]fl]&Hgj]ddg$dgk_gZa]jfgkdg[Yd]k$dYkhgda[‰Yk$dYkgj_Y%
farY[agf]k[anad]kq[gemfalYjaYk$kgfY[lgj]k[dYn]k]fdYlYj]Y\]_]f]jYjeYqg%
j]kqe]bgj]k]khY[agkh“Zda[gk&KŽdg]dljYZYbg[gfbmflg\]lg\gkdgkafngdm[jY\gk
h]jeal] [gfkljmaj$ j][mh]jYj q hjg^mf\arYj dgk ]khY[agk [gemf]k [geg ]d dm_Yj
hj]^]j]fl]]f\gf\]k]\]kYjjgddYqfmlj]]dl]ba\gkg[aYd&
=f]klYh]jkh][lanY$dYEmfa[ahYda\Y\\]H]Ydgd…f\]dYJ]_aŽfE]ljghgdalYfY\]
;`ad]\][a\aŽhjgegn]jmfhjgq][lg\]afl]j[YeZag\]]ph]ja]f[aYk]flj]_gZa]j%
fgkdg[Yd]kdYlafgYe]ja[Yfgkq]mjgh]gk]f]dl]eY\]hgd‰la[YkmjZYfYkq\]k]_m%
ja\Y\$[gf]f^gim]]fdYkafl]jn]f[agf]k[]fljY\YkkgZj]dYj]dY[aŽf]flj]]khY%
[agh“Zda[gq[g`]kaŽfkg[aYd&KmgZb]lang^m]nakaZadarYjafa[aYlanYk]palgkYkYfan]d
dg[Yd$ [gf ^m]jl] aehY[lg kg[aYd& ·;m~d]k kgf dgk ]khY[agk im] `gq dY [gemfa\Y\
[gfka\]jY h“Zda[gk$ [m~d]k kmk [gfÖa[lgk Ykg[aY\gk q im… ]kljYl]_aYk `Yf aehd]%
e]flY\g\an]jkgk_gZa]jfgkdg[Yd]k]f[gfbmflg[gfdY[gemfa\Y\hYjYkmh]jYj
]kgk[gfÖa[lgk7=klYk^m]jgfdYkhj]_mflYkim]fgk`a[aegk[am\Y\]k\]=mjghY
q 9e…ja[Y DYlafY bmflg Y ]fla\Y\]k Y[Y\…ea[Yk ]f ]d ]f[m]fljg \] dY J]\ ), \]d
hjg_jYeYMjZÇ9d&
9hj]f\]j \] gljgk q [gf gljgk ka]ehj] ]k mfY ]ph]ja]f[aY hgkalanY& Q …klY fg `Y
ka\gdY]p[]h[aŽf&9_jY\]r[gY[Y\Ymfg\]dgkkg[agk\]]kl]hjgq][lg$YdYk[am\Y%
\]k\]:Y\YdgfYq:Yj[]dgfY\]=khYY$YLgjafg\]AlYdaY$J][a^]\]:jYkad$E]\]dd‰f
q:g_gl~\];gdgeZaY$=dKYdlg\]Mjm_mYq$9l]qJaeY[\]H]j“$YdYMfan]jka\Y\
/
9dZ]jlg@mjlY\g\];`ad]qYdY9kg[aY[aŽf9eYhgdY\]AlYdaY$ima]f]k[gfÕYjgf]f
fgkgljgk[geg[ggj\afY\gj]kq\akhmka]jgf\]kmke]bgj]khjg^]kagfYd]khYjY]d
…palg\]]kl]hjgq][lg&
9mfim]]kl]ljYZYbgfg]klmng]p]flg\]dYk[gehd]ba\Y\]khjghaYk\]dY`]l]jg%
_]f]a\Y\\]dgkhYjla[ahYfl]k$d]khj]k]flYegk]kl]daZjg$^jmlg\]dYj][ghadY[aŽf
]afl]j[YeZag\]]ph]ja]f[aYkq\]dYj]Ö]paŽf\]hjg^]kagfYd]kgh]jYlangkqY[Y%
\…ea[gk\]dYk[am\Y\]kq]fla\Y\]kkg[aYk&;j]]egk`YZ]jdg_jY\gmf\g[me]flg
n]jk~lad]afl]j]kYfl]$im]hg\j~k]jmfaehgjlYfl]Yhgjl]YdYj]Ö]paŽfkgZj]]d
l]eY&
FgjeYEYjYq
;ggj\afY\gjYHjgq][lgMjZÇ9d
Emfa[ahYda\Y\\]H]Ydgd…f
0
AFLJG<M;;AåF
=dhjgq][lg
DYhj]k]fl]hmZda[Y[aŽf]k]dj]kmdlY\g\]dhjgq][lgMjZÇ9dÉ=khY[agkh“Zda[gkq
[g`]kaŽfkg[aYdÊ$\]afl]j[YeZag\]]ph]ja]f[aYk]flj]dYkfm]n][am\Y\]kkg[aYk2
H]Ydgd…f$ima]f[ggj\afŽ]dhjgq][lg39l]$:Y\YdgfY$:Yj[]dgfY$=dKYdlg$E]\]dd‰f$
J‰eY[qLgjafg&Bmflg[gf]ddYk$[gegea]eZjgkYkg[aY\gkY[Yj_g\]dY[ggh]jY%
[aŽfl…[fa[Y$hYjla[ahYjgfdY9kg[aY[aŽf9eYhgdY\]AlYdaYqdYMfan]jka\Y\9dZ]jlg
@mjlY\g$\];`ad]&
=dgZb]lang^m]j]^gjrYjdYk[geh]l]f[aYkl…[fa[Yk\]^mf[agfYjagk Yk!\]dgk_gZa]j%
fgkdg[Yd]k\]9e…ja[YDYlafYq=mjghY$hYjYÇ_jY[aYkYkmY[[aŽf%[gfk]_majim]]d
]khY[agh“Zda[g[mehdY[gfkmjgdfYlmjYd\][g`]kaŽfkg[aYd$hgfa]f\g…f^Ykak]f
j]nakYjqY\YhlYjdYkhgd‰la[YkmjZYfYk]f]dmkgqhYh]d\]dgk]khY[agkh“Zda[gk$
hYjYe]bgjYjdY[Yda\Y\\]na\Y\]kmk`YZalYfl]k]f[Y\Y[gemfa\Y\&
HYjY ]ddg ^m] afl]f[agfY\g ]d afl]j[YeZag \] hj~[la[Yk q ]ph]ja]f[aYk dg[Yd]k \]
[g`]kaŽfkg[aYdq\]j]kgdm[aŽf\][gfÖa[lgk]fdgk]khY[agkh“Zda[gk&A_mYde]fl]
k] ljYZYbŽ kgZj] dY a\]flaÕ[Y[aŽf \] dgk [gehgf]fl]k e~k afl]j]kYfl]k \] dYk
]ph]ja]f[aYk e]lg\gdg_‰Y$ ]f^gim]k! ]f l…jeafgk \] ]Õ[Y[aY$ affgnY[aŽf q
j]hda[YZada\Y\&
DYk]ph]ja]f[aYkhm]klYk]f[ge“f[mZj]fmfYZYfa[gYehdag\]j]khm]klYkYhjg%
Zd]eYkqf][]ka\Y\]kim]la]f]f]fdY[j]Y[aŽfqj]%[j]Y[aŽf\]d]khY[agh“Zda[g
kmhjaf[ahYdkYlak^Y[lgj&
=d ]k[]fYjag \]d afl]j[YeZag `Y ka\g \an]jkg& =f hjae]j dm_Yj$ [Y\Y mfg \] dgk
emfa[ahagka\]flaÕ[Ždgkhjgq][lgkq]ph]ja]f[aYk]f]d]khY[agh“Zda[gdd]nY\gk
Y[YZg]fdYk[am\Y\]k3dm]_g$^m]jgf\]kYjjgddY\gk\gk]f[m]fljgkafl]jfY[agfY%
d]k$]f:Y\YdgfY fgna]eZj]\]*((/!qH]Ydgd…f YZjad\]*((0!&DgkhjglY_gfaklYk
\]]klYk]ph]ja]f[aYk^m]jgfj]hj]k]flYfl]kemfa[ahYd]kq$hgje]\ag\]]ddgk$dgk
Y[lgj]k\]\][]fYk\]]ph]ja]f[aYk]fim]]d]khY[agh“Zda[g`Yka\g]d\]fgeafY%
\gj[ge“f\]dgkj]dYlgkqYf~dakak&Dgkafkljme]flgkhYjY]dafl]j[YeZag^m]jgf
dYkÕ[`Yk\]afn]kla_Y[aŽf_]f]jYd$dYhjg^mf\arY[aŽf_jY[aYkYdgke]\agkYm\agna%
kmYd]kqdgkj]dYlgk\]af^gjeYfl]k[YdaÕ[Y\gk&
=dhjae]jk]eafYjaglmng[geggZb]langhjgegn]j]d]f[m]fljgq\ak[mkaŽf]flj]
dgk kg[agk kgZj] dgk hjgZd]eYk \] ]khY[agk h“Zda[gk q [g`]kaŽf kg[aYd hj]k]fl]k
]f[Y\YmfY\]dYk[am\Y\]kafl]_jYfl]k&;geg\abaegk$[Y\Y[am\Y\kg[aYljYZYbŽ
hj]naYe]fl]]fdY]phda[Y[aŽf\]\an]jkgkhjgq][lgk\]afl]jn]f[aŽf]f]khY[agk
h“Zda[gk$mladarYf\gdY>a[`Y\]Afn]kla_Y[aŽf?]f]jYdq$\mjYfl]]dk]eafYjag$[Y\Y
kg[agj]YdarŽ]fhd]fYjagmfYhj]k]flY[aŽf_]f]jYd\]km[gfl]plgmjZYfg$dgk\]kY%
^‰gkhYjYdY_]klaŽf\]dgk]khY[agkh“Zda[gkqdYkhgd‰la[Yk\]]khY[agkh“Zda[gkq
1
[g`]kaŽfkg[aYd$h]jeala]f\gYdgk\]e~kkg[agkmfhjae]jY[]j[Yea]flgYdYj]Yda%
\Y\\]dgkgljgkqmf]khY[ag\]\a~dg_g&
=dk]_mf\gk]eafYjag]klmnggja]flY\gY^gjemdYjdYkd][[agf]khYjYdYhjg^mf\a%
rY[aŽf\]hjgq][lgk\]eg\g\][gfljaZmajYd\ak]g\]hgd‰la[Ykh“Zda[Ykdg[Yd]k
hYjYdgk]khY[agkh“Zda[gk$\]k\]]dhmflg\]naklY\]dY[g`]kaŽfkg[aYdq]dYf~dakak
\]dgk[gfl]plgkgj_YfarYlangk\]k\]\gf\]kgfj]YdarY\gkdgk]k^m]jrgk]f]kl]
~eZalg&DYkakl]eYlarY[aŽf\]]klYkafa[aYlanYk^m]j]YdarY\Y]ehd]Yf\gdgkna\]gk
\]]ph]ja]f[aYkk]d][[agfY\YkqdYk>a[`Yk\]Afn]kla_Y[aŽf?]f]jYd[]fljY\Yk]f
dY\]k[jah[aŽf\]d[gfl]plg^‰ka[g$kg[aYdq][gfŽea[g\]d]khY[agafl]jn]fa\g$Yk‰
[geg\]dYY[[aŽfj]YdarY\Y&
HYjY]dhjae]jl]eY$]dljYZYbglmng[gegZYk]dYj]nakaŽf\]lg\gkdgkna\]gkim]
em]kljYfdYk]ph]ja]f[aYk\]dgkemfa[ahagkhYjla[ahYfl]k]f]dhjgq][lg&;gfj]k%
h][lgYdk]_mf\g$]dljYZYbg^m]_jmhYd$hYjYYZgj\YjdYkka_ma]fl]kl]e~la[Yk]kh]%
[‰Õ[Yk2hYjla[ahY[aŽf$fgjeYlana\Y\]f]d]khY[agh“Zda[gqljYZYbg[gdYZgjYlang\]
dgk\aklaflgk\]hYjlYe]flgkYdafl]jagj\]d_gZa]jfgdg[Yd&
·Hgjim…]kaehgjlYfl]afl]j[YeZaYj]ph]ja]f[aYk7
=dafl]j[YeZag\]]ph]ja]f[aYk]kl~]f]d[]fljg\]dYaehd]e]flY[aŽf\]dhjgq][lg
\]=khY[agkH“Zda[gkq;g`]kaŽfKg[aYd&Dgim]k]`Yafl]j[YeZaY\gkgfdYkafa[aYla%
nYk[gfka\]jY\Ykafl]j]kYfl]khgjkmfgn]\Y\$h]jlaf]f[aY$j]kmdlY\gkg]f^gim]$
im]\aklaflgkemfa[ahagkgYqmflYea]flgk`Yf\]kYjjgddY\ghYjYdY[j]Y[aŽfgj]%
[j]Y[aŽf j][mh]jY[aŽf!\]]khY[agkh“Zda[gk$[geg^Y[lgj\][g`]kaŽfkg[aYdq\]
j]kgdm[aŽf\]dgk[gfÖa[lgkhjg\m[a\gk]flj]ea]eZjgk\]dY[gemfa\Y\g]flj]
…klgkq]d=klY\g&
=klY\af~ea[Y]flj]Y[lgj]kemfa[ahYd]k\]\aklaflYk[am\Y\]kgl]jjalgjagkg[mhY%
\gk\]d]khY[agh“Zda[g]kmfYlYbghYjY]f[gfljYj^gjeYkaffgnY\gjYk\]`Y[]j
[am\Y\]kYea_YZd]k$[gf]khY[agkh“Zda[gkim]^Yngj]r[YfdY[g`]kaŽfkg[aYd3Yk‰
[geg\]j]kgdn]j[gfÖa[lgk\]kYjjgddY\gk]f]ddgkq\]af[gjhgjYjYdY[gemfa\Y\
[gegmfY[lgj]fdYkgdm[aŽf\]kmkhjgZd]eYk&
DYk [dYn]k hYjY ]d afl]j[YeZag \] ]ph]ja]f[aYk ]kl~f ]f dY Zm]fY \akhgka[aŽf \]
dgk Yk! hYjla[ahYfl]k3 ]f dYk [gf\a[agf]k hYjY hjg\m[aj Yhj]f\arYb]3 ]f dY [Yda\Y\
\]dgkj]dYlgkqYf~dakak\]dgkhjgZd]eYkgf][]ka\Y\]kim][Y\Y[am\Y\%gZYjjag%
la]f]]feYl]jaY\]]khY[agh“Zda[gq\]dYk]kljYl]_aYk\]afl]jn]f[aŽfqeg\]dgk
\]_]klaŽfim]Y\ghlYhYjYj]kgdn]jdgk&=klYk[gf\a[agf]kkgfdYkim]`Yf]klY\g
hj]k]fl]k]fdgk]f[m]fljgkafl]jfY[agfYd]kgj_YfarY\gkhYjYljYfk^]jaj]ph]ja]f%
[aYk]f]deYj[g\]dhjgq][lg\]=khY[agkH“Zda[gkq;g`]kaŽfKg[aYd&
DgkZ]f]Õ[agk\]]kl]afl]j[YeZagnYf]fmf\gZd]k]fla\g&Dgk Yk!hYjla[ahYfl]k
\] dgk ]f[m]fljgk dg_jYjgf af[gjhgjYj fm]nYk ^gjeYk \] kYlak^Y[]j f][]ka\Y\]k
)(
Ykg[aY\YkYd]khY[agh“Zda[gg\]kgdm[agfYj[gfÖa[lgkhjg\m[a\gk]f…d$YdYn]r
im]lmna]jgfdYghgjlmfa\Y\\]Yhj]f\]je~k\]kmkhjghaYk]ph]ja]f[aYk&DYf][]%
ka\Y\\]kakl]eYlarYjqYfYdarYjdgj]YdarY\gYfl]k\]ljYfk^]jajdgYgljgk`arg]na%
\]fl]mf[gfbmflg\]Ykh][lgkim]h]jeYf][‰Yf]f]dkad]f[ag&
KgZj]]klYhmZda[Y[aŽf
=dhj]k]fl]l]plgj][g_]dgkYhj]f\arYb]k\]dhjgq][lg$hjg\m[lg\]dafl]j[YeZag
\]]ph]ja]f[aYk\]dYk[am\Y\]kkg[aYkqYhmflYYljYfk^gjeYjk]]fmfj]^]j]fl]
hj~[la[ghYjY]d\]kYjjgddg\]afa[aYlanYk]f]khY[agkh“Zda[gkim]Zmkim]fdY[g`]%
kaŽfkg[aYd&
=kl~]kljm[lmjY\g]fk]ak[Yh‰lmdgkim]af[dmq]f$bmflg[gfdY\ak[mkaŽfqhj]k]flY%
[aŽf\]hjghm]klYk$[mY\jgkj]kme]f\]Yd_mfgk\]dgkhjgq][lgke~kj]d]nYfl]k
afl]j[YeZaY\gk& DY lglYda\Y\ \] dYk hjghm]klYk j]nakY\Yk %]f n]jkaŽf j]kmea\Y q
[gehd]lY%$Yk‰[geg]deYl]jaYdYm\agnakmYdkgZj]dgkeakegk$]kl~\akhgfaZd]]f
`llh2''ooo&mjZYd%]khY[agkhmZda[gk&[d'*((0'
=d;Yh‰lmdg)\ak[ml]mfY\]Õfa[aŽf\]dgk]khY[agk]f]d[gfl]plgY[lmYd\]dYk[am%
\Y\]kg[[a\]flYd]k$a\]flaÕ[Yf\gdgkjgd]kim][mehd]hYjYdY[g`]kaŽfkg[aYdqkmk
hjaf[ahYd]k\]kY^‰gk3]d;Yh‰lmdg*j]nakYYd_mfgk\]dgk[gfÖa[lgke~kj][mjj]fl]k
]f]d]khY[agh“Zda[gqdYkhjaf[ahYd]k]kljYl]_aYkhYjY]f^j]flYjdgk3]d;Yh‰lmdg+
hdYfl]YdY^gjeY\]j]kgdn]jdY[gfÖa[lana\Y\g[mjja\Y]fdYk[gdgeZaYfYk[am\Y\]k
\]:g_gl~qE]\]dd‰f&
HgjkmhYjl]$]d;Yh‰lmdg,hj]k]flYdgkjgd]k\]dgkY[lgj]ke~kj]d]nYfl]k]fdY[gfk%
ljm[[aŽf\]]khY[agkh“Zda[gk[g`]kagfY\gj]k emfa[ahag$hgda[‰Yq[gemfa\Y\!3]d
;Yh‰lmdg-j][g_]dgkhjaf[ahYd]kYhj]f\arYb]k]flgjfgYdYkmkl]flYZada\Y\\]dYk
afl]jn]f[agf]k]f]d]khY[agh“Zda[g3q]d;Yh‰lmdg.hjghgf]Yd_mfYkkm_]j]f[aYk
f][]kYjaYkhYjY]degfalgj]gq]nYdmY[aŽf\]dYkafl]jn]f[agf]k&>afYde]fl]$]kl~f
[gfka_fY\YkdYk[gf[dmkagf]kYjjgbY\Ykhgj]dhjg[]kg\]\ak[mkaŽf]afl]j[YeZag
\]]ph]ja]f[aYk\]MjZÇ9dÉ=khY[agkh“Zda[gkq[g`]kaŽfkg[aYdÊ&
))
;9HALMDG
)
·;MÞD=KH9;AGHè:DA;G
H9J9;MÞD;AM<9<7
EYjafYH]dÕfa
9jimal][lYœ9kg[aY[aŽf9eYhgdYœLgjafg$AlYdaY
)+
)
),
)&) H9J9MF9<=>AFA;AåF<==KH9;AGHè:DA;G
=d]khY[agh“Zda[g]k$]fhjae]jdm_Yj$]d]khY[ag\]dY[am\Y\$\]dYhYjla[ahY[aŽf
\] dY _]fl]$ dgk [am\Y\Yfgk q [am\Y\YfYk$ ]f dgk Ykmflgk [‰na[gk& Dg h“Zda[g ]f
dY [am\Y\ ]k mfY Õ_mjY [gd][lanY$ ka]ehj] hj][YjaY q ]f [gfkljm[[aŽf$ Y[]j[Y \]d
Za]f [ge“f$ hgj [gfljYhgka[aŽf Yd ]khY[ag hjanY\g \] dgk afl]j]k]k hYjla[mdYj]k
Af]jYjlq$*((0!&
;geg ]ph]ja]f[aY$ dg h“Zda[g ]kl~ j]dY[agfY\g [gf Yim]ddg YZa]jlg Y dY nakaZa%
da\Y\ \] lg\gk Yk!$ Y Yim]ddg im] ]k \] Y[[]kg daZj]$ im] j]eal] q ]k [ge“f Y
lg\gk Yk! dgk Yk! afl]_jYfl]k \] mfY kg[a]\Y\& LYeZa…f ]f mfY \ae]fkaŽf hgd‰%
la[Y2 ]k ]d [gfl]f]\gj \gf\] ]d hg\]j q dYk j]dY[agf]k kg[aYd]k k] gj_YfarYf
Na[`]jYjl$*((0!&
=d]khY[agh“Zda[gmjZYfg]k$a_mYde]fl]$]d~eZalghjagjalYjag\]dY[am\Y\\gf\]
dgk Yk![am\Y\Yfgk Yk!$af\ana\mYde]fl]g]f_jmhg$\]kYjjgddYfkmkY[lana\Y\]k\]
g[ag$]f[m]fljg$j]dY[aŽfq\gf\]]k]na\]fl][gfeYqgj[dYja\Y\dYhdmjYda\Y\\]
]phj]kagf]k[mdlmjYd]k$j]da_agkYk$daf_–‰kla[Yk$]l[&$im]eYfaÕ]klYfdYk\a^]j]fl]k
^gjeYkq]kladgk\]na\Y&
=k]ddm_YjZ~ka[g\gf\]dY[gfnan]f[aYY\ima]j]kme~paeY]phj]kaŽfq\gf\]$YdY
n]r$k]eYfaÕ]klY\]^gjeYe~khYl]fl]]d[gfÖa[lgqdY\a^]j]f[aY&=kmf]k[]fYjag
[gehd]bg$ \gf\] dYk afl]jY[[agf]k kg[aYd]k q dY ]phj]kaŽf \] dgk \an]jkgk afl]j]%
k]k\]dYkh]jkgfYkqdgk_jmhgk]klYZd][]f$[gfkljmq]f$eg\]dYfqljYfk^gjeYfdY
a\]fla\Y\[alY\afY&
=d ]khY[ag h“Zda[g Yqm\Y \][akanYe]fl] Y [gf^gjeYj dg im] hm]\] \]fgeafYjk]
Ë[mdlmjYmjZYfYÌg$dgim]]kdgeakeg$]d[gfbmflg\][YjY[l]j]kj]Yd]kqYn][]k
aeY_afY\gkg\a^mkgkim]glgj_YfYdY[am\Y\mfYa\]fla\Y\hjghaY&DYa\]fla\Y\
mjZYfY^Yngj][]dYkg[aYdarY[aŽfq]dk]fla\g\]h]jl]f]f[aY$hm]klgim]\]Õf]YdY
[am\Y\[gegmfY]fla\Y\]fk‰eakeY$im]dY\a^]j]f[aY\]gljYk&
Dgk]khY[agkh“Zda[gkYkme]f\aklaflgkjgd]khYjY[gfljaZmajYdY[g`]kaŽfkg[aYd2
=khY[agkj][gfg[a\gk2kgfdgkdm_Yj]k]fdgk[mYd]kdgk Yk![am\Y\Yfgk Yk!k]j][g%
fg[]f [geg ea]eZjgk \] mfY [gemfa\Y\$ [j]Yf\g km `aklgjaY [gd][lanY q Y\]%
[m~f\gk]Ydgk[YeZagkqYdYaffgnY[aŽf\]dl]ba\gmjZYfg&Kafl]larYfdY`aklgjaY
\]dgk[gfl]plgk\gf\]]kl~fdg[YdarY\gkqhm]\]fk]jk‰eZgdg\]mfYrgfYg\]
lg\YdY[am\Y\&
=khY[agk\][gfnan]f[aY2hdYrYk$hYjim]kqe]j[Y\gk$im]\]k]eh]Yfmfjgd[]f%
ljYd \] [g`]kaŽf kg[aYd$ ^ge]flYf\g dY afl]_jY[aŽf \] dgk Yk! `YZalYfl]k \] mfY
)-
eakeYrgfY&Kgf%\]`][`g%]ddm_Yjhjanad]_aY\g\]mfY[am\Y\$]f]d[mYdk]]klY%
Zd][]fq[gfnan]fj]dY[agf]k$k][gfkljmq]fq]flj]dYrYfdYka\]fla\Y\]k$dgkafl]%
j]k]kqdYkljYq][lgjaYkaf\ana\mYd]k&
=khY[agk [gehd]e]flYjagk2 dY [Ydd] q dY hdYrY `Yf ka\g ka]ehj] dY hjgdgf_Y[aŽf
\]dYnana]f\Y$hjaf[ahYde]fl]]f\gf\]]klYk[m]flYf[gfmf]khY[agj]\m[a\g$
dgim]_]f]jYde]fl]g[mjj]Y^YeadaYk\]ZYbgkaf_j]kgk][gfŽea[gk&9dY[Ydd]q
dYhdYrYlg\gk Yk!la]f]fY[[]kgq\]j][`g$qg^j][]fdYhgkaZada\Y\\][j]YjY[lana%
\Y\]khYjYdYk[mYd]kfg`Yqmfdm_YjY\][mY\g]fdgk]khY[agkhjanY\gk&=f]klgk
l…jeafgkhm]\]k]jmladarY\g[gegmfafkljme]flg\]j]%]imadaZjag]fdYk\]ka_mYd%
\Y\]kkg[aYd]k&
HYjYhjg^mf\arYjmfY\]Õfa[aŽf\]dgim]]khgkaZd]]fl]f\]jhgj]khY[agh“Zda[g
afl]j]kYÕbYjk]]f]dmkgim]k]`Y[]\]…d$e~kYdd~\]dYghgka[aŽfh“Zda[g%hjanY\g$
Y[lmYde]fl] e~k \a^mkY im] ]f gljgk ege]flgk `aklŽja[gk& Dg Yfl]jagj k] \]Z]$
hgjmfYhYjl]$YdY[j][a]fl]l]f\]f[aYYdYhjanYlarY[aŽf\]dgh“Zda[gq$hgjgljY$
Yd[Yj~[l]jh“Zda[gim]Y\ima]j]f\]l]jeafY\gk]khY[agkmjZYfgk[geg$hgj]b]e%
hdg$dgk[]fljgkqdm_Yj]k[ge]j[aYd]k&
9\]e~k$]fdgk]khY[agk\]Z]hjg\m[ajk]mfYafl]jY[[aŽfka_faÕ[YlanY]flj]h]j%
kgfYkq_jmhgkq\]]ddgk\]Z]`Y[]jk]mfmkg[mYflalYlanYq[mYdalYlanYe]fl]ka_%
faÕ[Ylang&;gegYehdaYj~]d;Yhalmdg*$]klYafl]jY[[aŽffgk]eYfaÕ]klYka]ehj]
_jY[aYk Y j]dY[agf]k hgkalanYk2 lYd n]r hjg\m[] [gfÖa[lgk e~k g e]fgk dYl]fl]k$
[gf][lY\gkYdgk\aklaflgkmkgk\]d]khY[agh“Zda[gq'gYdYhj]k]f[aY\]_jmhgk
kg[aYd]keYj_afYd]k&
Bmj‰\a[Ye]fl]$]kl]lahg\]]khY[agkkgfhjgha]\Y\\]dYY\eafakljY[aŽfh“Zda[Y$
im]la]f]km\geafag$dYhgl]klY\\]j]_mdYjkmmkgq\]ÕfajdYkY[lana\Y\]kim]
hm]\]fj]YdarYjk]]f[Y\Ymfg\]]ddgkq$YdYn]r$dYgZda_Y[aŽf\]Yk]_mjYjkm^mf%
[agfYda\Y\ q eYfl]faea]flg Yk‰ [geg \] km mkg mfan]jkYd q daZj] hYjY lg\gk Yk!
dgk Yk![am\Y\Yfgkq[am\Y\YfYk&
=f dY [am\Y\ Y[lmYd$ ]f em[`gk [Ykgk ]d ]khY[ag h“Zda[g `Y h]j\a\g ]d [Yj~[l]j
YZa]jlg$ `]l]jg_…f]g q Y[[]kaZd] \] gljgk la]ehgk$ [mYf\g dY k]_j]_Y[aŽf ]jY
e]fgjqdY[Ydd]]jYmf]khY[agemdla^mf[agfYdqj][gfg[a\g\gf\]]jYf]klYZd][a%
\gk$[gffYlmjYda\Y\$]f[m]fljgkqj]dY[agf]kkg[aYd]k&DY[am\Y\]k[Y\Yn]re]fgk
mf]khY[agYeYZd]$q$]fem[`Ykg[Ykagf]k$kmk]khY[agkh“Zda[gk`Yfdd]_Y\gYk]j
dm_Yj]k\]hYkg\gf\]]k\a^‰[addY[gemfa[Y[aŽfqdYafl]jY[[aŽf&
·;m~d]kkgfdYk[YjY[l]j‰kla[Ykim]h]jeal]fYd]khY[agh“Zda[gYkmeajkm^mf[aŽf
]fdY[gfkljm[[aŽf\]a\]fla\Y\mjZYfYq[g`]kaŽfkg[aYd7
).
)&* D9;AM<9<;GFL=EHGJÞF=92
;MÞD=KH9;AGG>J=;=$;MÞD=KH9;AGHA<=
·Im…`Y[]\]mfYhdYrY$mfY[Ydd]$mfhYjim]$mf]khY[agh“Zda[ghgZdY\g$mfdm_Yj
\]afl]jY[[aŽfq\]afl]_jY[aŽf[gemfalYjaY7
Kaf \m\Y$ mf [gfbmflg \] [YjY[l]j‰kla[Yk& MfYk da_Y\Yk Yd ]khY[ag ^‰ka[g q gljYk Y
dYk [gf\a[agf]k kg[aYd]k q Y dYk j]dY[agf]k im] ]f Yim]d ]khY[ag k] [j]Yf3 [YjY[%
l]j‰kla[Ykj]dY[agfY\Ykqim]k]afÖm]f[aYfj][‰hjg[Ye]fl]&Kafhj]l]f\]j`Y[]j
mfY daklY ]p`YmklanY \] ]klYk [YjY[l]j‰kla[Yk$ q [gfka\]jYf\g im] [Y\Y af\ana\mg
hm]\]l]f]jmfYh]j[]h[aŽf\aklaflY\]mf]khY[agh“Zda[gkgZj]dYZYk]\]]\Y\q
_…f]jg$]flj]gljgk^Y[lgj]k$]khgkaZd]\]Õfaj[geg]khY[agh“Zda[gYim]dim]dY
[gemfa\Y\\]j]^]j]f[aY[gfka\]jY2
œ
œ
œ
œ
Hjghag2 ]d ]khY[ag h“Zda[g la]f] im] k]j h]j[aZa\g [geg mf Za]f [ge“f$
`Y[aY]d[mYdl]f]jmfYY[lalm\\]j]khgfkYZada\Y\q[ma\Y\g&
9[[]kaZd]q\an]jkaÕ[Y\g2lg\YkdYkh]jkgfYk$dgk_jmhgkq[gd][langk$la]f]f
im]k]flajk]]f\]j][`g\]Y[[]\]jYd]khY[agqmladarYjdg\]^gjeYk\a^]j]f%
l]k&=d]khY[ag\]Z]^Yngj][]jdYkhgkaZada\Y\]k\]]phj]kaŽfq\]a\]flaÕ[Y%
[aŽf$hYjYhjgha[aYjdYkj]dY[agf]kkg[aYd]k$]d[gfg[aea]flgqdYafl]j[gem%
fa[Y[aŽf&;gf]dla]ehg$]d]khY[agf][]kalYY\YhlYjk]YkalmY[agf]kfm]nYk
q\a^]j]fl]k$[gf]dkmÕ[a]fl]\afYeakeghYjYY[g_]jfm]nYkk]fkaZada\Y\]k
qgh[agf]k&
K]_mjg2dYkh]jkgfYkla]f]fim]k]flajk]daZj]k\]^j][m]flYjdgkafja]k_gkhYjY
kmafl]_ja\Y\qkafh]j[aZajafk]_mja\Y\]fdgk\a^]j]fl]k`gjYjagk\]d\‰Y&
>mf[agfYdqY[g_]\gj2\]k\]]dhmflg\]naklY\]dYk[YjY[l]j‰kla[Yk^‰ka[Yk$
\]Z]k]jY\][mY\gYdgkmkgk3]klYjZa]fafl]_jY\g]f]d]flgjfgmjZYfgq$
kgZj]lg\g$`YZ]jka\gh]fkY\g[gfmf[jal]jag\]^mf[agfYda\Y\$Y\]e~k\]
l]f]jmfY[Yda\Y\kmÕ[a]fl]hYjYim]dYkh]jkgfYkdg[gfka\]j]fY[g_]\gjq
j][gfgr[Yf]f…dmfYa\]fla\Y\hjghaY&HgjÕf$]k“ladim]k]Y[gf][lY\g[gf
gljgk]khY[agkh“Zda[gk$kafj]klja[[agf]k^‰ka[Yk$d]_Yd]kgl]ehgjYd]k&
DYeYqgjhYjl]\]dla]ehg$dYk[YjY[l]j‰kla[Yke]f[agfY\Yk]kl~fj]dY[agfY\Ykq
k]kgZj]hgf]fmfYk[gfgljYk hgj]b]ehdg$mf]khY[ag\]Z]k]jk]_mjghYjYk]j
[gfka\]jY\gY[[]kaZd]$gfghm]\]k]jnana\g[geghjghagkafg]k[gfka\]jY\gY[g%
_]\gj!&<]Za\gY]ddgYfYdarYj]egk[Y\Yl]eY]f\]lYdd]&
=khY[agkj][gfg[a\gk2k]fla\g\]h]jl]f]f[aYqYhjghaY[aŽf
;mYflge~kmf~j]YmjZYfYk]g^j][][gegmf~j]YnalYd$ja[Y\]j]dY[agf]kkg[aY%
d]k$q\]j]\]k\][ggh]jY[aŽfq[gfljgdaf^gjeYdYima]fdYmladarYgdY`YZalY$lYflg
e~kYim]ddY~j]Yk]j~h]j[aZa\Y[gegmfdm_Yj\gf\]k]flajk]daZj]\]egn]jk]g
im]\Yjk]$YdYn]rim]l]f]jd][gfÕYfrYq\]k]gk\][ma\Yjdg&
)/
Mfg\]dgk^Y[lgj]k[gfka\]jY\g^mf\Ye]flYd]f]d\]kYjjgddg\]mfY[gemfa\Y\
]k ]d [YhalYd kg[aYd$ [gf[]hlg emdla\ae]fkagfYd q \af~ea[g j]^]ja\g Y dY ]kljm[%
lmjY \] mfY [gd][lana\Y\$ q Y dY [gfkljm[[aŽf \] j]\]k kg[aYd]k \] [gfÕYfrY im]
h]jealYfdYnYdgjarY[aŽf\]d[gfl]plgq]d[YhalYd`meYfg&JgZ]jlHmlfYe\]Õf]
]d [YhalYd kg[aYd [geg dY [gfÕYfrY$ dYk fgjeYk [gehYjla\Yk q dY hYjla[ahY[aŽf Y
dYna\YhmZda[Y3lg\gk]d]e]flgkim][YjY[l]jarYfYdY[gemfa\Y\[‰na[Yim]hj]%
k]flYmfYgj_YfarY[aŽfkg[aYde~k]Õ[a]fl]$Y\a^]j]f[aY\]dYe]fgk[‰na[Y$\gf\]
`Yq\]k[gfÕYfrY$eYqgjja]k_gqdYkd]q]kaehm]klYk\]k\]YjjaZYkgf^~[ade]fl]
ljYfk_j]\a\Yk&
=dk]fla\g\]Y\`]kaŽf$q\]j]khgfkYZada\Y\$\]dgk`YZalYfl]khgjdgkdm_Yj]k
]fim]nan]f$`Y[]fim]]f]dnanajdY[gla\aYfa\Y\dY[gemfa\Y\[gfkljmqYmf
jgd kg[aYd& =d hjae]jg [gfkakl] ]f dY h]j[]h[aŽf im] ]d af\ana\mg la]f] \] dYk
j]dY[agf]k\]kYjjgddY\YkYdafl]jagj\]mf[gfl]plg2mf]khY[ag^‰ka[gfgYkme]
dYk [YjY[l]j‰kla[Yk \] mf l]jjalgjag ka fg `Yf ka\g [j]Y\Yk j]\]k kg[aYd]k$ [gk%
lmeZj]k$jalgkim]\]l]jeafYf[gf]d]khY[agmfYj]dY[aŽf][gfŽea[Y$kg[aYdg
Y^][lanY&Lg\g]klgh]jeal]YdYkh]jkgfYkk]flajk]hYjl]$hYjla[ahYj\][ma\Yj$q
j][gfg[]jk]]f]d]khY[ag&
Mfl]jjalgjag\gf\]$Y\]e~k\]mf[gfl]plg^‰ka[g\][Yda\Y\$k]\]kYjjgddYfj]\]k
kg[aYd]k Y[lanYk q [Yeafgk \] [g`]kaŽf$ [gemfa[Y Y ima]f dg `YZalY q Y ima]f dg
ljYfkalYmfYeYqgjh]j[]h[aŽf\]k]_mja\Y\q\]l]jeafYmf[aj[mdgnajlmgkg$Yk‰
im] dY [gemfa\Y\ afÖmq] hgkalanYe]fl] kgZj] dgk af\ana\mgk$ q dgk af\ana\mgk
afÖmq]fkgZj]dY[gemfa\Y\]fmfhjg[]kgafl]jfg\]\]kYjjgddg&
>j]fl] Y dYk [gfljY\a[[agf]k ka]ehj] e~k ]na\]fl]k ]f dYk \a^]j]fl]k j]Yda\Y\]k
dg[Yd]k$ q \] mfY eYqgj [gehd]ba\Y\ \] dY na\Y kg[aYd$ ·im… hgd‰la[Yk q Y[[agf]k
hm]\]fhjgegn]j]d\]kYjjgddg\]]klgkhjg[]kgk\]afl]_jY[aŽf$YhjghaY[aŽfqh]j%
l]f]f[aYim]Y[gehYYfdYljYfk^gjeY[aŽf^‰ka[Yqe]bgjYfdY[Yda\Y\\]na\Y7
HdYfaÕ[Y[aŽf\]]khY[agkh“Zda[gk\]klafY\gkYdmkgkg[aYd&
Em[`Ykn][]k$dgkhjgZd]eYkfY[]f]fdYYmk]f[aY\]]khY[agk]fdY[gemfa\Y\
g\]dYafY\][mY\Y[Yda\Y\\]dgkeakegk2hdYrYk$hYjim]k$hYlagkim]k]Yfh]jla%
f]fl]khYjYY[g_]jY[[agf]k[gd][lanYkqhj~[la[Ykaf\ana\mYd]k&KmhdYfaÕ[Y[aŽf
q gj_YfarY[aŽf \]Z] [gfka\]jYj dgk \a^]j]fl]k mkgk q dYk f][]ka\Y\]k \] _jmhgk
\aklaflgk bŽn]f]k$^YeaddYk$Yf[aYfgk!$]eh]rYf\ghgjmfYf~dakak[gf[j]lg\]dgk
la]ehgk\]mladarY[aŽf&
=dgZb]langla]f]im]k]jhdYfaÕ[YjdYk\a^]j]fl]k^mf[agf]k\]mf]khY[agh“Zda[g$
gj_YfarY\ghYjYk]jmfdm_Yj[YhYr\]]klaemdYj]daeY_afYjagqdYafl]jY[lana\Y\
\]kmkmkmYjagk Yk!q$]fhYjYd]dg$YhYj][]j[gegmf]khY[ag\]e]\aY[aŽfhYjYdgk
[gfÖa[lgkj]dY[agfY\gkYkmmkg&
)0
Hjgq][lgkhYjla[ahYlangk&
=d[gf[]hlg\]hYjla[ahY[aŽf]kmladarY\g[Y\Yn]re~k^j][m]fl]e]fl]$qk]^mf\Y
]f]d\]j][`g\]dYkh]jkgfYkYk]jhYjl]\]dYk\][akagf]kim]$\aj][lYgaf\aj][lY%
e]fl]$d]kYlY]f&DYkeg\Yda\Y\]khYjla[ahYlanYkla]f]f[geggZb]lang\]kYjjg%
ddYj fm]ngk e…lg\gk \] j]dY[aŽf ]flj] dgk Yk! [am\Y\Yfgk Yk! q dY Y\eafakljY[aŽf
h“Zda[Y&9deakegla]ehg$]kmfYg[YkaŽfhYjY]ph]jae]flYj[gf]pagf]k\aklaflYk$
_jY[aYk Y dY \a^]j]f[aY[aŽf \] afl]j]k]k$ f][]ka\Y\]k$ nYdgj]k q `aklgjaYk \] na\Y$
Zmk[Yf\gmfk]fla\g\]Y\`]kaŽfYdY[gd][lana\Y\q[mdlanYf\gj]dY[agf]kka_faÕ%
[YlanYk$]f[gfl]plgkim]h]jeal]f]ph]jae]flYj]dk]fla\g\][gemfa\Y\&
=fdYk\a^]j]fl]k]lYhYk\]dYhdYfaÕ[Y[aŽf%\]k\]]dYf~dakak`YklYdYk]d][[agf]k
]kljYl…_a[Yk%$ dgk hjg[]kgk hYjla[ahYlangk _YjYflarYf dY hgkaZada\Y\ \] j][g_]j
dYk j]Yd]k f][]ka\Y\]k \]d ]flgjfg Y hYjlaj \] dY h]j[]h[aŽf q [gf[a]f[aY \] dgk
\a^]j]fl]k_jmhgk\]Y[lgj]kdg[Yd]k&Af^gjeY[agf]k$f][]ka\Y\]k$nakagf]k$[gfg%
[aea]flgkaehd‰[algkq]phd‰[algkhm]\]fljYfk^gjeYjk]]fmfhYljaegfag[ge“f$
ÕfYdarY\YdYhdYfaÕ[Y[aŽf&
=pakl]f em[`Yk hj~[la[Yk im] afl]flYf afngdm[jYj Y dgk [am\Y\Yfgk kgZj] l]eYk
[gegdYhdYfaÕ[Y[aŽfYeZa]flYdqYjimal][lŽfa[Y&Hgj]b]ehdg$[gegdgem]kljYf
dYk \aklaflYk ]ph]ja]f[aYk im] em]kljY dY hj]k]fl] hmZda[Y[aŽf$ ]k hgkaZd] dd]_Yj
Yj]kmdlY\gkemqafl]j]kYfl]k_jY[aYkYdYhdYfaÕ[Y[aŽf\]mfhYjim][gfdgk Yk!
fagk Yk!\]dZYjjag n]j;Yh‰lmdg+!3fm]nYkadmeafY[agf]khdYfaÕ[Y\Yk[gfdY[gdY%
ZgjY[aŽf\]dgk Yk!j]ka\]fl]k n]j;Yh‰lmdg*!$gYmfYhdYrY[j]Y\Y[gfdY[gdYZgjY%
[aŽf\]dgk Yk!`YZalYfl]k\]dk][lgj n]ja_mYde]fl];Yh‰lmdg*!&
9\]e~k\]hgl]f[aYj]dk]fla\g\]j]khgfkYZada\Y\\][Y\Ymfg Y!$]fj]dY[aŽfY
dgk]khY[agkim]`Y[gfljaZma\gYhdYfa^a[Yj$dgkhjg_jYeYk\]hdYfa^a[Y[aŽfh]j%
eal]fmfÉ]^][lgeYfml]f[aŽfÊ$hgj]d[mYddY[gemfa\Y\[ma\Ydgim]`Y[j]Y\g
q k] hj]g[mhY hYjY im] lYeZa…f gljgk Yk! mkmYjagk Yk! mlada[]f dgk ]khY[agk \]
eYf]jY[gjj][lY&
J][mY\jg)
H]Ydgd…f$;`ad]
J][mh]jY[aŽf\]dY;mjnYGja]flYdq[gf^gjeY[aŽf\]HdYrYNaddYDg
9jja]lY&
DYhYjla[ahY[aŽfhYjY[j]Yj]khY[agkh“Zda[gkkmkl]flYZd]k&
=d “fa[g ]khY[ag h“Zda[g \]d ZYjjag ]jY mf ZYkmjYd& Dgk Yk! n][afgk Yk! k]
gj_YfarYjgf]f[gfbmflg[gf]dEmfa[ahag$hYjY\ak]Yjdg$[gfkljmajdgq
hdYflYj Ögj]k2 ]d ZYkmjYd k] ljYfk^gjeY ]f mf dm_Yj ka_faÕ[Ylang$ mlada%
rY\ghgjlg\Ykqlg\gk&
)1
Dm_YjYafl]jn]fajqgZb]lang
=khY[ag h“Zda[g mladarY\g [geg ea[jg%ZYkmjYd$ \gf\] kgf [gfkmea\Yk \jg_Yk
q Yd[g`gd q `Yf g[mjja\g \]dalgk [gfljY dYk h]jkgfYk& =f ]d ]flgjfg \]d dm_Yj
j]ka\]fe~k\])*((h]jkgfYk&
=d gZb]lang hjaf[ahYd \] ]kl] hjg_jYeY ^m] afngdm[jYj Y dgk Yk! n][afgk Yk! ]f
lg\YkdYk]lYhYk\]dYhdYfaÕ[Y[aŽf$\]k\]]d\ak]g`YklYdY[gfkljm[[aŽf\aj][lY
\]d]khY[agYj][mh]jYj&
E]lg\gdg_‰Y\]ljYZYbg
K]j]YdarYjgfj]mfagf]k]flj]dgk Yk!n][afgk Yk!q]demfa[ahag$hYjY\ak[mlaj]d
\ak]g\]d]khY[ag3Yk‰[gegj][gjja\gk\amjfgkqfg[lmjfgkhYjYa\]flaÕ[YjdY
mladarY[aŽf\]d]khY[aghgjdY[gemfa\Y\qdgkj]im]jaea]flgk\]admeafY[aŽf&
=fdY[gfkljm[[aŽf\]dYkgZjYkljYZYbYjgf\mjYfl]\gke]k]k%dgk\‰Ykk~ZY\g
q \geaf_g% YhjgpaeY\Ye]fl] -( n][afgk Yk!$ e]\aYfl] mf kakl]eY \] lmjfgk$
ea]fljYkim]\mjYfl]dYk]eYfYdgk]f[Yj_Y\gkemfa[ahYd]k[gflafmYjgf[gf
dYkY[lana\Y\]k&
AehY[lg'=^][lgdg_jY\g
DYj][mh]jY[aŽf\]d]khY[ag%j]YdarY\Y]f[ggj\afY[aŽf]flj]]demfa[ahagqdY
[gemfa\Y\% dg_jŽ _]f]jYj mf e]bgjYea]flg [gf[j]lg \] mf ]khY[ag im] hYkŽ
Yk]jka_faÕ[Ylangqhjgq][lYmfYeYqgjkmkl]flYZada\Y\\]dljYZYbgj]YdarY\g&
=d ea[jg%ZYkmjYd ^m] ljYfk^gjeY\g ]f mfY hdYrY ËYZa]jlY Y dY [gemfa\Y\Ì [gf
]imahYea]flgkaf^Yflad]kqmf]k[]fYjagYdk]jna[ag\]dgk\aklaflgk_jmhgkim]
[gfnan]f]f]dk][lgj&=f]klY]ph]ja]f[aY$dgk Yk!n][afgk Yk!kgfkmb]lgkY[langk
im]ljYZYbYfhYjYdY[gemfa\Y\$dY[mYdk]n]^gjlYd][a\Yhgj]d\]kYjjgddg\]mf
hjgq][lg[gf[j]lg&
9faeY[aŽfkg[aYd&
@Y[]fhYjl]\]]klY[Yl]_gj‰Ylg\YkdYkY[[agf]kim]afl]flYfaf\ana\mYdarYjqhjg%
egn]jfm]nYk\af~ea[Yk\]\]kYjjgddgq\]Y\`]kaŽfYfan]ddg[Yd2\]k\]dgk]n]f%
lgk[mdlmjYd]kq\]hgjlangk$`YklYdgk^]klanYd]kqdYkbgjfY\Ykl]e~la[Yk&KgfY[[ag%
f]khdYfl]Y\YkkgZj]mfYa\]Y\]\]kYjjgddgdg[Yd$[gf][lY\YkYdYk[YjY[l]j‰kla[Yk
*(
\]dgk\an]jkgk[gfl]plgkl]jjalgjaYd]kim]$]f\a^]j]fl]k]lYhYk$]phj]kYf\aklaflYk
f][]ka\Y\]k&KmÕf]k[j]YjdY[gfÕYfrYf][]kYjaYhYjYim]dgk_jmhgk\]afl]j]k]k
hj]k]fl]k]f]dl]jjalgjag%[gemfa\Y\]kdg[Yd]k$afklalm[agf]khgd‰la[YkqhjanY\Yk%
[gdYZgj]f]f]dhjg[]kg\]km\]kYjjgddgYeZa]flYd$kg[aYdg][gfŽea[g&
=khY[agk[gfY[[]kglgd]jYfl]q\an]jkaÕ[Y[aŽf
DYY[[]kaZada\Y\qdY\an]jka\Y\\]d]khY[agh“Zda[gkgf]d]e]flgk[YjY[l]j‰kla[gk
\] dYk [am\Y\]k g[[a\]flYd]k& DY ]kljYlaÕ[Y[aŽf q dYk afl]jn]f[agf]k hjg\m[a\Yk
[gfdYdd]_Y\YYdY[am\Y\\]_jmhgkqhgZdY[agf]k\a^]j]fl]k`Yf\]l]jeafY\gmf
mkg\an]jkaÕ[Y\g\]dgk]khY[agkYZa]jlgk&
DY[am\Y\jY[agfYdaklY$\]dYim]kgegk`abgk Yk!$`Yafl]flY\ghgf]jgj\]fYdY[gf%
^mkaŽf$qdYl]f\]f[aY`Yka\gdYj]klja[[aŽf\]dgk]khY[agk\]mkg[gd][lang$dYdaea%
lY[aŽf\]dYk^mf[agf]k$dYj]\m[[aŽf\]dgk]khY[agk\]kg[aYdarY[aŽf]khgfl~f]Y$
]dea]\gYdnY[‰gqYdYaf\]l]jeafY[aŽf$h]j[aZa\gk[gegh]da_jggYZYf\gfg&
Hgj]klg$]d]khY[agh“Zda[gk]`YljYfk^gjeY\g]fmfdm_Yj[Y\Yn]re~k\]^]f\a\g
q[gfljgdY\g$g`Yka\gg[mhY\ghgjgljgkY[lgj]ke~k^m]jl]k$[gegdgkYmlgkqdY
gj_YfarY[aŽf\]]n]flgklmj‰kla[gÇ[mdlmjYd]k&=fem[`gk[Ykgk$]d]khY[agh“Zda[g
\gf\]e~kk]eYfaÕ]klYdY\an]jka\Y\]k$]fj]Yda\Y\$Yim]dg[mhY\ghgjmkgkhj]%
\geafYfl]k$[geghgj]b]ehdgdY[aj[mdY[aŽfnaYjaY&
=klYY[lalm\\a^‰[ade]fl]\]bYdm_Yj]f]kl]]khY[agYd\a~dg_g]flj]\aklaflgkY[lg%
j]kqYdYafl]jY[[aŽfhgkalanYim]hm]\]fY[]j\]k\]dY\an]jka\Y\&Q$hgjdgeakeg$
fghm]\]k]jdYrgfY\gf\]]demlmg[gfg[aea]flg$]d]f[m]fljgqdYj]dY[aŽfafl]j%
h]jkgfYdq_jmhYd`YZj‰Yf\]Y[lmYj[geg\]kealaÕ[Y\gj]k\]j]Yda\Y\]kaeY_afY%
\Ykq[geg~j]Yk\][gfnan]f[aY$\]daZ]jlY\q\][gfkljm[[aŽf\][am\Y\Yf‰Y&
Hgj ]d [gfljYjag$ em[`Yk n][]k ]d ]khY[ag h“Zda[g hYkY Y k]j ]d dm_Yj \gf\] k]
[gf[j]larYfdgkea]\gkqk]eYfaÕ]klYfdgk[gfÖa[lgk n]j;Yh‰lmdg*!eglanYf\g
Y YZYf\gfYjdg Y ima]f]k la]f]f hgkaZada\Y\]k \] mladarYjdg$ hj]k[af\a]f\g \] dg
[gd][langqhYkYf\g\]dhYjim]YdbYj\‰fhjanY\g$\]dYhdYrYYd[]fljg[ge]j[aYdg
\]dZYjjagYdYmjZYfarY[aŽf$\gf\]]daf\ana\mYdakeg[Yeh]YYkmkYf[`Yk&
;mYf\g ]klg km[]\]$ ]d ]khY[ag h“Zda[g im]\Y [geg mf dm_Yj j]ka\mYd ] af\]%
k]YZd]$ j]\m[lg \] Yim]ddgk im] fg la]f]f gljYk hgkaZada\Y\]k$ hgjim] ]pakl]
mf^]fŽe]fg\]j]g[mhY[aŽf\]]ddgkhgjhYjl]\]fm]ngk_jmhgkkg[aYd]k&=f
Yd_mfgk[Ykgk$]klYj]g[mhY[aŽf\]d]khY[agYZYf\gfY\ghgjdgk Yk!Ëna]bgk Yk!Ì
[am\Y\Yfgk Yk!hjgng[YlYeZa…fhjg[]kgkhgkalangk$\]YfaeY[aŽfq\]j]nalYda%
rY[aŽf$hgjim]dYhj]k]f[aY\]fm]ngk Yk![am\Y\Yfgk Yk!$hgjlY\gj]k\][mdlmjYk
qljY\a[agf]k]fim]hm]\]]paklajmfY\a^]j]fl]h]j[]h[aŽf\]d]khY[agh“Zda[g
q \] kmk ^mf[agf]k$ emdlahda[Y dYk eg\Yda\Y\]k \] mladarY[aŽf \] dgk hYjim]k q
hdYrYk$YdYn]rim]_]f]jYfm]ngkka_fa^a[Y\gk]fdYYljaZm[aŽf\]dYk^mf[agf]k
*)
\]d]khY[ageakeg&Kaf]eZYj_g$]fgljgk[Ykgk]klYj]g[mhY[aŽfhj]g[mhYYdgk
`YZalYfl]k[]j[Yfgk$im]n]fdgk]khY[agkmladarY\gkhgj\a^]j]fl]keYf]jYk\]
afl]jY[[aŽf n]j;Yh‰lmdg*!&
Dgkafea_jYfl]kfgkgfdgk“fa[gkY[lgj]k[gfmfjgdYeZanYd]fl]]fj]dY[aŽfYd
]khY[agh“Zda[g&LYeZa…fdgkbŽn]f]kg[mhYfmfYhgka[aŽfkaeadYj2]ddgkkgf$hgjmf
dY\g$ËY_]fl]k\]nalYda\Y\Ì$ka]f\gdgkeYqgj]kmladarY\gj]k\][Ydd]k$hdYrYkqhYj%
im]k3h]jg$hgjgljgdY\g$lYeZa…fkgfdgk Yk!Y[lgj]k\]d[gfÖa[lg$^j][m]fl]e]fl]
h]j[aZa\gk[geghjaf[ahYd]kj]khgfkYZd]k\]Y[[agf]kaf[anad]kq\]kgj\]f&
L]jjalgjag[gfl]f\a\g$]f]d]khY[agh“Zda[gk]kgZj]hgf]fdYkng[]k\]Yim]ddgk Yk!
im]hjY[la[Yfmkgk\a^]j]fl]k3h]jglYeZa…f\]dYkh]jkgfYkim]mladarYfhdYrYkq
[Ydd]n]jkmkYim]ddgk Yk!im]hj]Õ]j]ffg`Y[]jdg$[gfdYafl]f[aŽf\]]nalYjmkgk
aehjghagkgkalmY[agf]k\][gfÖa[lg$im]_]f]jYfea]\gk]afima]lm\ kgZj]lg\g
]fYd_mfgk_jmhgk\]dYhgZdY[aŽf[geg$hgj]b]ehdg$dgkYf[aYfgk!&
DY[gfÕYfrYYdYim]`gqkgfddYeY\YkdYk[gemfa\Y\]kqdgk]fl]kh“Zda[gk]k
YdY[YhY[a\Y\\]j]YhjghaYjk]\]dgk]khY[agkh“Zda[gk$j][gfimakl~f\gdgkhYjY
mfYmladarY[aŽf\a^]j]f[aY\Y$[YhYr\]\a^]j]fl]kkmZb]lana\Y\]k$\]`Y[]j[gfnanaj
dgk\a^]j]fl]klahgk\]mladarY[aŽfq\][j]YjmfYeZa]fl]Y_jY\YZd]qk]_mjghYjY
\a^]j]fl]k_jmhgk\]dYhgZdY[aŽf%na]bYqfm]nY%$im]dgknan]fqdgk[jmrYf&
<]k\] ]kl] hmflg \] naklY$ ]d [gfÖa[lg fg hm]\] k]j naklg [geg mf ^Y[lgj kg[aYd
Yk]j]daeafY\g$kafg]fl]f\a\g[gegmf]d]e]flgaehgjlYfl]qhgl]f[aYde]fl]
hgkalang]fdgkhjg[]kgk\]afl]jY[[aŽf&=kf][]kYjagh]fkYjhgd‰la[Ykh“Zda[Ykim]
k]hYf_]klagfYjdgk[gfÖa[lgk]khY[aYd]k$YljaZmq]f\gnYdgjhdYfaÕ[Y\gjYdYkhj~[%
la[Yk]khgfl~f]Yk\]mkgq^jma[aŽf\]dgk]khY[agk$e]bgjYf\gdYaf[dmkaŽfkg[aYd
q[mdlmjYd&
E]\aY[aŽf[gemfalYjaY
MfY `]jjYea]flY hgkaZd] \] mkYj ]k dY e]\aY[aŽf [gemfalYjaY$ e][Yfakeg Ydl]j%
fYlang\]j]kgdm[aŽf\][gfÖa[lgk$[YjY[l]jarY\Yhgjim]dYaehd]e]flYfY_]fl]k
[gemfalYjagk& =k mfY Ydl]jfYlanY Y dY \]eYf\Y kg[aYd hgj mfY Y\eafakljY[aŽf \]
bmkla[aYe~k]Õ[Yr$lYflg]fl…jeafgk\]Y_ada\Y\$][gfge‰Yq[]j[Yf‰YYdYkh]j%
kgfYk$[geg]f[mYflgYYd[Yf[]l]jjalgjaYd$hm]k]kkmk[]hlaZd]\]k]jYhda[Y\Y]f
\a^]j]fl]k[gfl]plgkkg[ag][gfŽea[gkq[mdlmjYd]k&
Hgj ]ddg$ ]k kmeYe]fl] afl]j]kYfl] \]k\] ]d hmflg \] naklY \] km Yhda[Y[aŽf ]f
[gfl]plgkkg[aYd]k\gf\]]dY[[]kg\a_fgYdYbmkla[aY]khjgZd]e~la[g \]Za\gY
dYkhg[YkhgkaZada\Y\]k\]kgkl]f]j][gfŽea[Ye]fl]hjg[]kgkbm\a[aYd]kim]$]f
[a]jlgk[Ykgk$kgfhjgdgf_Y\gkq\]k_YklYfl]k!$hm]kh]jeal]$]fdgk[Ykgk\gf\]
fg]pakl]mfY^~ff]lYe]fl]j]anaf\a[Ylang]fdYh]jkgfY\]dY^][lY\g$dd]_YjYmfY
j]kgdm[aŽf[YhYr\]kYlak^Y[]jYdYkhYjl]k&
**
9kaeakeg$dYe]\aY[aŽf[gemfalYjaYj]khgf\]YdYf][]ka\Y\\]\glYjYdY[gemfa%
\Y\\]afkljme]flgkim]d]kh]jealYfj]kgdn]jkmkhjghagk[gfÖa[lgk$\]lYdeg\g
im]hm]\Yk]jhj]n]fa\gmfhgkaZd]^g[g\][gfÖa[lg\][gfk][m]f[aYkeYqgj]k&
=fk][lgj]knmdf]jYZd]k$dYe]\aY[aŽf[gemfalYjaYla]f]hgjgZb]langj]kgdn]jYim]%
ddgk[gfÖa[lgkhjghagk\]dYna\Y[gla\aYfYhgjdYn‰Y\]dYYjla[mdY[aŽf\]e]\aY%
\gj]kj][gfg[a\gkqnYda\Y\gkhgjdY[gemfa\Y\[gegY_]fl]kkg[aYd]k$dgk[mYd]k
la]f]f^m]jl]kf]pgkkg[aYd]k]fdY[gemfa\Y\$]fl…jeafgk\]j]\]k\]Yhgqg&
Hgj “dlaeg$ Yqm\Y Y dY ^gjeY[aŽf \] mfY [gemfa\Y\ e~k YmlŽfgeY$ im] hgj k‰
eakeYj]km]dn]hYjl]\]kmk[gfÖa[lgkn][afYd]k$kafdYf][]ka\Y\\]mladarYjdYj]\
afklalm[agfYd]pakl]fl]&;gf]ddg$dY[gemfa\Y\hYkYYl]f]jmfjgdka_faÕ[Ylang]f
km\]n]faj$[gegY[lgj]ehg\]jY\gqj]khgfkYZd]&
J][mY\jg*
Hjgq][lgHYjim]\]dYH]dd]jafY$Lgjafg$AlYdaY
E]\aY[aŽf[gemfalYjaYhYjY\YjY[[]kgYd]khY[agh“Zda[gY
[am\Y\Yfgk Yk!afea_jYfl]k
DYkÕ]klYkh]jmYfYk]f]dhYjim]egd]klYZYfYdgk`YZalYfl]k\]dZYjjag&
Dgke]\aY\gj]kY[gehYYjgfYdgk Yk!afea_jYfl]kh]jmYfgk Yk!]fkmgj_Y%
farY[aŽf^gjeYd2k][gfka_maŽe]fgkjma\gk$e]fgkZYkmjY$e~klgd]jYf[aY&
=dhjg[]kg\]afl]_jY[aŽfhm]\]]eh]rYj&
Dm_YjYafl]jn]fajqgZb]lang
K] ljYlY \] mf ]khY[ag h“Zda[g \] _jYf\]k \ae]fkagf]k$ ]f mf k][lgj \gf\]
j]ka\]f []j[Y \] )*(&((( h]jkgfYk& =k mladarY\g hgj mfY \an]jka\Y\ \] _jmhgk$
ka]f\g mfg \] ]ddgk \] afea_jYfl]k h]jmYfgk$ im] \]kYjjgddYf Y[lana\Y\]k
j][j]YlanYk q \]hgjlanYk _]f]jYf\g jma\gk egd]klgk q ZYkmjY& =d gZb]lang
hjaf[ahYd \] ]klY afl]jn]f[aŽf ^m] _]f]jYj afklYf[aYk \] e]\aY[aŽf$ dYk [mYd]k
h]jeala]jYfj]kgdn]jdgk[gfÖa[lgk\]eYf]jYhY[‰Õ[Y$lgeYf\gmfjgdY[langq
\]j][gfg[aea]flg]flj]dYkhYjl]kafngdm[jY\Yk&
E]lg\gdg_‰Y\]ljYZYbg
=f hjae]j dm_Yj$ ^m]jgf \Y\Yk Y [gfg[]j dYk \]eYf\Yk \] lg\gk dgk _jmhgk
j]d]nYfl]k\]n][afgk Yk!&>m]jgfhdYfl]Y\gkdgk[gfÖa[lgk[gf[j]lgk$qlYeZa…f
dYkf][]ka\Y\]kq[gf\a[agf]k\][Y\Y_jmhg&K]afnalŽYdYkhYjl]k]fl]fkaŽfY
j][gfg[]jk][gegkmb]lgkg_jmhgk]fa_mYd\Y\qYh]fkYj[Žeghm]\]fj]kgdn]j
dgkhjgZd]eYk\]eYf]jYkYlak^Y[lgjaYhYjYYeZYkhYjl]kqlYeZa…fhYjYlg\YdY
[gemfa\Y\&=f]klY]ph]ja]f[aY]demfa[ahaghYjla[ahŽ[geg_YjYfl]\]dgkY[m]j\gk
q^Y[adalY\gj\]j][mjkgkqk]jna[agkf][]kYjagkhYjY`Y[]jdgkkmkl]flYZd]k&
AehY[lg'=^][lg\]k]Y\g
?jY[aYk Y dY e]\aY[aŽf$ ]d _jmhg \] h]jmYfgk im] gj_YfarYZY dgk ege]flgk
\] ^]klana\Y\$ j]mfaŽf q \] kmeafakljg \] [gea\Y$ ^gjeŽ mfY Ykg[aY[aŽf& DYk
*+
Y[lana\Y\]k]khgfl~f]Yk`Yfka\g^gjeYdarY\Yk]fmfYeYfa^]klY[aŽf\][Yj~[l]j
kg[ag%[mdlmjYdqj]_dYe]flY\Yk [gf\‰Yk$`gjYjagk$eg\gk!&DYemfa[ahYda\Y\`Y
Y\YhlY\g]d~j]YhYjYhg\]jY[g_]jdYk[gf]khY[agkhYjY]klgk_jmhgkqk]jna[agk
`a_a…fa[gk]ff“e]jgkmÕ[a]fl]&<]k\]]flgf[]k[Y\Yn]jYfgk]dd]nYfY[YZg
Y[lana\Y\]k\]]f[m]fljgkg[agÇ[mdlmjYdqdgkfan]d]k\][gfÖa[lgk`YfZYbY\g&
=khY[agkk]_mjgk
=kf][]kYjaghdYfl]Yjk]$]fhjae]jdm_Yj$dY\ak[mkaŽfkgZj]dYk]_mja\Y\]f[mYd%
ima]jY\]dYk\ae]fkagf]k]fZg_Y]f]d“dlaegla]ehg2h“Zda[Y$`meYfY$mjZYfY$
[am\Y\YfY$hjanY\Y&
9[lmYde]fl]$dYka\]Yke~k[gemf]kkgZj]dYk]_mja\Y\]kl~fj]dY[agfY\Yk[gf]d
j]kh]lgYdYafl]_ja\Y\^‰ka[YqYdl]egjYim]]ddYk]Ynagd]flY\Y3kaf]eZYj_g$dY
k]_mja\Y\fg]kdYe]jYYmk]f[aY\]Y_j]kaŽfgl]egj$qYim]]dnYdgj\]dYk]_mja%
\Y\YhmflYYdY[]jl]rY\]im]Ydaf\ana\mgd]k]j~j]kh]lY\YdYafl]_ja\Y\^‰ka[Y$hka%
[gdŽ_a[Yqkg[aYd&=d]f^gim]\]dYk]_mja\Y\hjghm]klgYim‰nYe~kYdd~\]dYke“dla%
hd]k^gjeYk\]nagd]f[aYq\]daf[m]f[aY$hm]klgim]]fdYk]_mja\Y\k]bm]_YfgkŽdg
dYna\Y\]dYh]jkgfYaf\ana\mYd$kafga_mYde]fl]dY\]dYkg[a]\Y\q\]dY[am\Y\&
DYk]_mja\Y\lYeZa…f]kmf\]j][`g`meYfg$\]dgkddYeY\gk\]Ë[mYjlY_]f]jY%
[aŽfÌ3h]jl]f][]lYflgYdgkaf\ana\mgk$[gegYdYk[gemfa\Y\]kqd]kh]jeal]Yd[Yf%
rYjmfY[Yda\Y\\]na\YY[gj\]YdY\a_fa\Y\\][am\Y\Yfgk Yk!&=f]kl]k]fla\g$fg
]kkŽdgmfnYdgjbmj‰\a[g$fgjeYlangghgd‰la[g$kafglYeZa…fkg[aYd$hm]k]kdYZYk]
\]dZa]f[ge“f\]dYkkg[a]\Y\]khYjYkm[g`]kaŽf&=kmfg\]dgkhadYj]k\]dZm]f
_gZa]jfgq]kl~]fdYZYk]\]dYdaZ]jlY\q\]dYa_mYd\Y\hYjY]d\]kYjjgddghd]fgq
]imalYlang\]dYkh]jkgfYk JmarqNYf\]jk[`m]j]f$*((0!&
DYhgkaZada\Y\\]im]]d]khY[agh“Zda[g\]kYjjgdd]kmjgdhgd‰la[gq[g`]kagfY\gj
]kl~da_Y\YYkmk[gf\a[agf]k\]k]_mja\Y\2mf]khY[agafk]_mjg$gh]j[aZa\gYk‰$
\a^‰[ade]fl] hg\j~ l]f]j Yim]ddYk [YjY[l]j‰kla[Yk \] ^j][m]flY[aŽf q YfaeY[aŽf
im]]kl~f]fdYZYk]$hgjim]Yim]ddYhdYrYg[Ydd]la]f]fmfjgd\]j]^]j]f[aYhYjY
dY[gemfa\Y\qkgfdm_Yj]k\][gfkljm[[aŽf\]dY[g`]kaŽfkg[aYd&
*,
Dgim]\]l]jeafYkmk[gf\a[agf]k\]afk]_mja\Y\fgkgfkŽdgdgk]hakg\agk[jaea%
fYd]k%jgZgk$YkYdlgk[gfljYdYh]jkgfYq]dhYljaegfag%kafgim]]fljYf]fbm]_g
lYeZa…fkmk[YjY[l]j‰kla[Ykj]dYlanYkYdY\]_jY\Y[aŽfYeZa]flYdqkg[aYd&Mf]khY%
[ag \]k[ma\Y\g$ jg\]Y\g hgj ]\aÕ[agk \]hj][aY\gk q km[ag3 Yim]d \gf\] g[mjj]f
^]fŽe]fgk \] ad]_Yda\Y\ g [gf[alY dY hj]k]f[aY \] kmb]lgk im] fg d] \Yf mf mkg
YhjghaY\g$]kaf]nalYZd]e]fl]h]j[aZa\g[gegmf]khY[agafk]_mjg&
=klgdd]nYYh]fkYjim]dY\]eYf\Y\]k]_mja\Y\\]dgk Yk![am\Y\Yfgk Yk!fg]k
lYfkŽdgeglanY\YhgjmfYËafnYkaŽfÌ\aj][lY\]dY[jaeafYda\Y\$kafg]phj]kaŽf\]
mfYk]fkY[aŽfhjg\m[lg\]d[Ygk\]dYna\YmjZYfYq\]dYk[gf\m[lYk\]knaY\Yk$
Y_j]kanYk$ k]ead]_Yd]k$ im] dY [YjY[l]jarYf ]f _jYf e]\a\Y q im] ]f[m]fljYf km
e~paeYnakaZada\Y\]f]d]khY[agh“Zda[g&
>j]fl]Y[gfl]plgkafk]_mjgk$dYkh]jkgfYkj]Y[[agfYfk]_“f\aklaflYkeg\Yda\Y%
\]k2 eg\aÕ[Yf\g kmk [gf\m[lYk$ \]bYf\g \] [mehdaj Yd_mfYk Y[lana\Y\]k j]l]f%
[aŽf!gZmk[Yf\ge]\agk\]\]^]fkYg\akmYkaŽf hjgl][[aŽf!&=khgkaZd]]f[gfljYj
[gf\m[lYk]dmkanYk[geg]nalYj]f[gfljYjk]kgdgk]fYd_mfYk~j]Ykg]f\]l]jea%
fY\gkege]flgk\]d\‰Y3gY[[agf]k\]Ymlgj][dmkaŽfhgjea]\gYegn]jk]qkYdaj
kaf[gehY‰Y&
=dh]kgim]]klYk[gf\m[lYkhm]\]fYkmeaj]fmfYf~dakakkgZj]dY[Yda\Y\\]na\Y
\]dYkh]jkgfYkq]fdgkmkgk\]dY[am\Y\]f\]l]jeafY\Yk~j]Ykh]jeal]im]$emq
^~[ade]fl]$ ]klgk l]eYk ]kl…f Yd []fljg \]d \]ZYl] hgd‰la[g q e]\a~la[g kgZj] dY
k]_mja\Y\mjZYfY&
9k‰$ hjgZd]eYk \] eYfl]f[aŽf ^‰ka[Y$ \] [gfnan]f[aY ]flj] _jmhgk q dY ]k[YkY %g
]p[]kanY%^j][m]flY[aŽf\]dgk]khY[agk$l]jeafYfhYjYk]j[gdg[Y\gk]fmf~eZalg
\]]e]j_]f[aY\]k]_mja\Y\$\]Õfa\gk[geglYd]kqY^jgflY\gk[gfdgkafkljme]f%
lgkl‰ha[gk\]dYkhgd‰la[Yk\][gfljgdqj]hj]kaŽf&
=dhjgZd]eY\]dYk]_mja\Y\]f]d]khY[agmjZYfg]k]f^j]flY\g]fdY[am\Y\[gf%
l]ehgj~f]Y[gfdYk`]jjYea]flYk\]d[gfljgd^gjeYd\]dYhgda[‰Yq[gfafl]jn]f%
[agf]k\]hj]n]f[aŽfkalmY[agfYdY[lmY\gkhgje]\ag\]dYhdYfaÕ[Y[aŽf\]d]khY%
[agmjZYfg$\]dYj]_dYe]flY[aŽf\]dgkmkgkq\]d[gfljgdl][fgdŽ_a[g\]dgim]
hYkY]f…d&
=kl]lahg\]]f^gim]$]fl]f\a\g]fl…jeafgk\][gfljgd^gjeYdq[gegj]khm]klY
fgjeYlanY q l][fgdŽ_a[Y Y dY \]eYf\Y kg[aYd \] k]_mja\Y\ q Y dYk eYfa^]klY[ag%
f]k hgd‰la[Yk q e]\a~la[Yk \] YdYje] kg[aYd$ ]k mf ]f^gim] im] afl]flY afnYda\Yj
Yd_mfYk\]dYk[YjY[l]j‰kla[YkhjghaYk\]d]khY[agh“Zda[g$qYd_mfYk\]dYkhj]jjg%
_YlanYk ^mf\Ye]flYd]k \] dY [am\Y\2 ]d k]fla\g \] daZ]jlY\ af\ana\mYd$ dY Y[g_a\Y
\]d\aklaflg$dYe]r[dY`]l]jg_…f]Y&9dj]\m[ajdgkfan]d]k\]Y[g_a\Y\]dY[am\Y\$
]klYkhgd‰la[Ykla]f]f[geg[gfk][m]f[aY`Y[]jdYe]fgkmjZYfYqe]fgkljYfima%
*-
darY\gjY$hgjim]la]f\]fYnY[aYjdY\]kmk[YjY[l]j‰kla[Yk^mf\Ye]flYd]k\]hdmjY%
da\Y\$Yh]jlmjYqY[[]kaZada\Y\$hjg\m[a]f\g^jY_e]flY[aŽf$k]hYjY[aŽfqljYrY\g
\]^]fkang\]dgk[gfÕf]k&
MfY hgd‰la[Y kgZj] ]d ]khY[ag h“Zda[g im] YkmeY mfY j]khm]klY ÇlYeZa…f% Y dYk
YfkaYkkgZj]dYk]_mja\Y\&hj][akYl]f]j\gk\]Z]j]k^mf\Ye]flYd]k2YÕjeYjim]
YdY\]eYf\Y\]k]_mja\Y\fg`Yqj]khm]klYk\]ÕfalanYk3im]fg]khgkaZd]]daea%
fYj ]d ja]k_g fa kY[jaÕ[Yj dY daZ]jlY\ \] dgk Yk! [am\Y\Yfgk Yk! ]f km fgeZj]3 q ]d
\]Z]j\]Zmk[Yj[YeafgkYdl]jfYlangkim]\]fj]khm]klYk[gf[j]lYkhgjdYn‰Y\]
\a^]j]fl]ke…lg\gk2ljYfk^gjeYf\gdgkmkgk\]dgk]khY[agkh“Zda[gk]fYd_ge~k
\]fkgq[mdlmjYde]fl]ja[g$]aeY_afYf\g^gjeYk\][gfljgdkg[aYdfgj]hj]kangfa
]p[dmkanYe]fl]hgda[aYd&
DYhj]n]f[aŽfkg[aYd]k]d[gfbmflg\]dgke]\agkhYjY]daeafYj$gj]\m[aj$dgk^Y[%
lgj]k \] [jaeafYda\Y\ Y[lmYf\g kgZj] kmk [YmkYk kg[aYd]k3 k] j]YdarY hgj e]\ag
\]afl]jn]f[agf]k]fYd_mfYk~j]Yk ZYjjagkg[am\Y\]k]fl]jYk!hYjY^Yngj][]j]d
\]kYjjgddgkg[ag][gfŽea[gqe]bgjYjdYk[gf\a[agf]k\][gfnan]f[aY&Dgkhjg_jY%
eYk\]hj]n]f[aŽf[gemfalYjaYhm]\]fj]^]jajk]YdYgj_YfarY[aŽfqdY\]^]fkY\]
dY[gemfa\Y\$j][gfkljmq]f\g]d[gfljgdkg[aYdaf^gjeYd_jY[aYkYdYegnadarY[aŽf
\]dgk Yk!j]ka\]fl]k$]d\]kYjjgddg\]dY[gemfa\Y\qdY\ae]fkaŽf[gemfalYjaY$Yk‰
[gegYde]bgjYea]flg\]dYk[gf\a[agf]k\]nana]f\Ykqk]jna[agk&
=khY[agk\][Yda\Y\2\ak]gmjZYfg$^gjeYq^mf[agfYda\Y\
·;m~d ]k dY j]dY[aŽf ]flj] hdYfaÕ[Y[aŽf mjZYfY q Yjimal][lŽfa[Y \] mf ]khY[ag
h“Zda[gq]djgdim]]kl]]khY[agYkmeaj~]fdYna\Y\]dY[gemfa\Y\dg[Yd7·;Žeg
hm]\]dYhdYfaÕ[Y[aŽfqhjgq][[aŽfe]bgjYjdYk[gf\a[agf]k\]^j][m]flY[aŽf$Yfa%
eY[aŽf g k]_mja\Y\ \] mf dm_Yj7 ·;m~d ]k dY j]khgfkYZada\Y\ \] emjgk$ ]\aÕ[agk$
[Ydd]k$\]dYkh]jkgfYkim]dgk`Yf[gfkljma\gk$q\]ima]f]knan]fYdd‰7
DYkj]dY[agf]k]flj]]dYeZa]fl]mjZYfgqkmkmkgk`Yfka\ggZb]lg\]Yf~dakakq
]klm\agk$kgZj]lg\g\]k\]]dhjaf[ahag\]dgkYgk.(&Hm]\]k]j“ladj][gjj]jkaf%
l…la[Ye]fl] dY `aklgjaY \]d ]f^gim] YeZa]flYd \] dY k]_mja\Y\ mjZYfY2 ka Za]f
Yd_mfYk\]dYkj]khm]klYkg^j][a\Ykhgjdgk Yk!]ph]jlgk Yk!`Yf]klY\g\]eYkaY\g
[]j[Y\]mf\]l]jeafakegYjimal][lŽfa[g'mjZYf‰kla[g)$]klgk]klm\agk`Yf^gjbY\g
`]jjYea]flYk“lad]k]fdY[gehj]fkaŽf\]d\]kYjjgddg\]dYk\af~ea[Yk]fdgkmkgk
\]dgk]khY[agkmjZYfgk&<]deakegeg\g$`Yf`][`g]na\]fl][ŽegmfYZm]fY
hdYfaÕ[Y[aŽf$ ]f dYk ^gjeYk$ eYl]jaYd]k q ^mf[agf]k hj]naklYk hYjY mf ]khY[ag
h“Zda[g$hm]\]k]jaehgjlYfl]Ydege]flg\]hgl]f[aYjdY^j][m]f[aY\]mkgqdgk
mkgkhgkalangk$]d]e]flgkaehgjlYfl]khYjYhjgegn]jdY[g`]kaŽfkg[aYd&
)
;geghdYfaÕ[Yjq[gfkljmajmf]khY[agYhjm]ZY\]d[jae]f&J]kmdlY\a^‰[ad[]jlaÕ[Yjmf]khY[ag]f
]kl]k]fla\g$Y\a^]j]f[aY\]dgim]hm]\]`Y[]jk]]fj]dY[aŽfYdYk]_mja\Y\Yflaaf[]f\agk&
*.
=dhjae]j_jmhg\]]klm\agkkgZj]dgkYkh][lgkYeZa]flYd]k\]dYk]_mja\Y\mjZYfY
]kl~[gf[]fljY\g]fdYgZjY\]dYYfljghŽdg_Y]klY\gmfa\]fk]BYf]BY[gZk&=fNa\Y
q Em]jl] ]f dYk ?jYf\]k ;am\Y\]k =klY\gmfa\]fk]k )1.)! _jY[aYk Y mfY Yl]flY
gZk]jnY[aŽf\]dk][lgj\]Fm]nYQgjc]f]dim]nan‰Y$af\ana\mYdarYYd_mfYk[YjY[l]%
j‰kla[YkYeZa]flYd]kim]`Y[]fmfZYjjagk]_mjg&9fYdarYdYkj]dY[agf]k]flj]dgk Yk!
n][afgk Yk!$dg[gehY[lg\]dl]balgkg[aYd$dYk^mf[agf]kqlahgdg_‰Yk\]dgk]\aÕ[agk&
Kmkj]kmdlY\gkhm]\]fk]jj]kmea\gk]flj]k]d]e]flgk^mf\Ye]flYd]k2
œ
œ
œ
Mf ZYjjag ]k lYflg e~k k]_mjg [mYf\g ]f …d k] \]kYjjgddYf \an]jkYk
Y[lana\Y\]k&
Mf ZYjjag ]k lYflg e~k k]_mjg [mYf\g ]pakl] mfY \]daealY[aŽf [dYjY$ ]na%
lYf\gdY^gjeY[aŽf\]Ëla]jjYk\]fY\a]Ì&
Mf ZYjjag ]k lYflg e~k k]_mjg [mYf\g dgk `YZalYfl]k hm]\]f ]b]j[alYj$ \]
eYf]jY]khgfl~f]Y$mf[gfljgdkgZj]…d&<]Yim‰dY]pa_]f[aY\]hjgq][lYj
]\aÕ[agk q ]khY[agk \] eYf]jY im] k]Y hgkaZd] Ë]d gbg kgZj] dY [Ydd]Ì& Dgk
]b]ehdgk [d~ka[gk kgf2 hjgq][lYj n]flYfYk YkgeY\Yk `Y[aY dY [Ydd]$ ]daea%
fYjgZkl~[mdgk$YjZmklgk$ggljgk]d]e]flgkim]hm]\YfdaealYjdYnaklY\]
dY[Ydd]!&
=fdgkYgkk]l]flY$]dYjimal][lgGk[YjF]oeYf`argmfhjg_jYeY\]j]\m[[aŽfq
hj]n]f[aŽf\]d[jae]fZYkY\gkgZj]]d[gf[]hlg\]Ë]khY[ag\]^]f\aZd]Ì&KmgZb]%
lang ^m] ljYfk^gjeYj ]d ljYZYbg \] BYf] BY[gZk ]f [jal]jagk gh]jYlangk hYjY mfY
hdYfaÕ[Y[aŽf\gf\]dYkhYdYZjYk[dYn]kgfl]jjalgjaYda\Y\qna_adYf[aY]khgfl~f]Y&
HYjYF]oeYf$dgk]\aÕ[agkemdlahdYfgk$mfY^m]jl]\anakaŽf\]dY^mf[agf]k$qmfY
_jYf[Yfla\Y\\]]khY[agkk]eah“Zda[gkj]hj]k]flYfmfgZkl~[mdgYdY[j]Y[aŽf\]d
]khY[ag\]^]f\aZd]&
=kl]\aY_fŽkla[gdgdd]nŽYhjghgf]jfm]ngklahgk\]ZYjjagk$]fdgk[mYd]kdgk]khY%
[agkYZa]jlgk]kl~f[dYjYe]fl]\ana\a\gk]flj]hjanY\gkqh“Zda[gk$qdgk]\aÕ[agk
la]f]fmfYegj^gdg_‰Yim]^Yngj][]lg\gdghgkaZd]dYna_adYf[aYaf^gjeYd&
Gljgk]klm\agkYfYdarYfdYË_]g_jY^‰Y\]d[jae]fÌlgeYf\g]f[m]flYdYkj]dY[agf]k
[gf]dYeZa]fl][gfkljma\ghgjgljgkhmflgk\]naklY$hgj]b]ehdgdYY[[]kaZada\Y\
\]d~j]Y&DYklYkYk\][j‰e]f]k\]jYhaYq`mjlgk]kl~femq[gf\a[agfY\Ykhgj
dY ^Y[ada\Y\ \] Y[[]kg Y mfY rgfY$ hgj dg im] ]kY nYjaYZd] ^m] Y[]flmY\Y hgj dYk
l]gj‰YkkgZj]dYghgjlmfa\Y\\]Y[[]kaZada\Y\qdYhj]k]f[aY\]n‰Yk\]]k[Yh]&=kYk
[gf[dmkagf]kkgf[gfÕjeY\Ykhgj]klm\agkj]YdarY\gkkgZj]dgk\Ylgk\]dYk]flj]%
naklYk[gfdgkljYfk_j]kgj]k&
HgjkmhYjl]$dYeYfl]f[aŽf]k]d[]fljg\]dYkYj_me]flY[agf]k\];Yl`]jaf];gd]k
q?]gj_]C]ddaf_$[jaeafŽdg_gk]klY\gmfa\]fk]kim]]dYZgjYjgfdYk]kljYl]_aYkim]
]kl~f]fdYZYk]\]dYkhgd‰la[YkkgZj]dYk]_mja\Y\]fdY[am\Y\\]Fm]nYQgjc]f
dgk“dlaegkYgk&=f>apaf_:jgc]fOaf\gok )11.!\]Õf]fmfhjg[]kghgj]d[mYd$
*/
hYjla]f\g\]dhg[geYfl]faea]flg$\]k\]]dkaehd]\]kgj\]f$dYkalmY[aŽf\]mf
~j]Yhm]\]_jY\mYde]fl]Y_jYnYjk]dd]nYf\gYmf]klY\g\]_jYfafk]_mja\Y\&
DYfgn]\Y\\]]kl]h]fkYea]flgj]ka\]]fim]kgkla]f]fdY]pakl]f[aY\]mfYj]dY%
[aŽf]flj]h]im]Yq_jYf[jaeafYda\Y\qim]$hgj]kg$Y[lmYjkgZj]dYhjae]jYhm]\]
hj]n]fajq[gfl]f]jdYk]_mf\Y&=klYj]dY[aŽflg\Yn‰Yfg`Yka\g\]egkljY\Yqk]
`YfYdl]jfY\g$\]k\]dgkË1(`YklY`gq$]klm\agkim]dY`Yf[gfÕjeY\g[gfgljgk
im]dYhgf]f]f\m\Y&<]lg\Yk^gjeYk$]degfalgj]g\]]klYk]ph]ja]f[aYk`Yj]d]%
nY\gmfYj]dY[aŽf]flj]]d\]kgj\]fmjZYfgqdYh]j[]h[aŽf\]k]_mja\Y\\]dgk Yk!
[am\Y\Yfgk Yk!$dgim]kgkla]f]dY]d][[aŽf\]Y\eafakljY[agf]kh“Zda[Ykim]hjgem]%
n]fY[[agf]khYjYdYË]daeafY[aŽf\]d\]kgj\]fÌ]fdYkhgd‰la[Yk\]k]_mja\Y\mjZYfY&
DY `aklgjaY j][a]fl] \] dYk [am\Y\]k `Y hm]klg ]f ]na\]f[aY [Žeg mfY eYdY hdY%
faÕ[Y[aŽf q mf ]k[Ykg g Ymk]fl] eYfl]faea]flg \] mf ]khY[ag mjZYfg hm]\]f
[gfljaZmajYdhjg[]kg\]\]_jY\Y[aŽf^‰ka[Yqkg[aYd\]mf~j]Y&Dgk]hakg\agke~k
[gfg[a\gk$Yn][]khj][akYe]fl]hgjim]aehda[YZYfdY\]egda[aŽf\]]\aÕ[agkg
ZYjjagk]fl]jgk$em]kljYf\]im…eYf]jYYddd]_YjYkalmY[agf]k[jala[Yk\]afnakaZa%
da\Y\kmeY\YkY]jjgj]k\]hdYfaÕ[Y[aŽfmjZYf‰kla[YqYjimal][lŽfa[Yk]`Y_]f]%
jY\gmfY\]_jY\Y[aŽf\]dl]ba\gkg[aYd&Dgeakegkm[]\][mYf\gk]]da_]$\]eg\g
j][mjj]fl]$\]klafYjhgj[agf]k\][am\Y\“fa[Ye]fl]YmfYhYjl]\]dYhgZdY[aŽf
]plj]eYe]fl]\]k^Yngj][a\Y$dgim]]kja]k_gkg\]k\]]dhmflg\]naklYkg[aYd&
=fYd_mfgk[Ykgk]fdYk[am\Y\]kdYlafgYe]ja[YfYkfg`Y`YZa\g]d][[agf]k]ima%
ng[Y\YkkafgYmk]f[aY\]hdYfaÕ[Y[aŽf&Hgj]ddgkmj_]f]khgfl~f]Ye]fl]fm]ngk
ZYjjagkqmjZYfarY[agf]k$kafk]jna[agkfa]khY[agkh“Zda[gk$g]f\gf\]…klgk]e]j%
_]f]khgfl~f]Ye]fl]]fdgk]khY[agknY[‰gk\]bY\gkhgjdYkrgfYk[gfljY‰\Yk&=klYk
Y[[agf]khjgng[Yfhjg[]kgkhjg_j]kangk\]\]_jY\Y[aŽfYeZa]flYdqkg[aYd$ka]f\g
]d]khY[agh“Zda[g$]fhjae]jdm_Yj$\gf\]]klgk^]fŽe]fgkk]`Y[]fnakaZd]k&
=d]klY\g\]\]k[ma\gq]dYZYf\gfg\]dgk]khY[agkq\]dYk]kljm[lmjYk$dgkjma\gk
egd]klgkqdYZYkmjY3qdY\]_jY\Y[aŽfkg[aYdim]hm]\][gehj]f\]j]hakg\agkj]dY%
[agfY\gk[gf]d[gfkmegq]dlj~Õ[g\]\jg_Y$dYhjgklalm[aŽf$]dnY_YZmf\Yb]$dY
e]f\a[a\Y\$]d[ge]j[agafbmklg$dgk_jmhgkYZmkangk\]h]jkgfYkqdgkY[lgknYf%
\~da[gkkgfaf\a[Y\gj]k[dYjgk\]\][dafY[aŽfYeZa]flYd]fmfZYjjag&
Dgk \gk ^]fŽe]fgk hm]\]f l]f]j mf ]kh][ljg emq Yehdag hYjY aeh]\aj im] dgk
]khY[agkh“Zda[gkhm]\Yf\]kYjjgddYjkmhjghaY^mf[aŽf\]j]^]j]fl]hYjYdY[gem%
fa\Y\&=kemq\a^‰[adim]dgk]khY[agkh“Zda[gk\gf\]`YqmfY\]_jY\Y[aŽfYeZa]f%
lYdgkg[aYdhm]\Yfk]jdm_Yj]k\]]f[m]fljggafl]_jY[aŽf&Hgj]d[gfljYjag$hg\j~f
]b]j[alYjmfjgdY[lang]fYdae]flYj]dea]\g\]dgk`YZalYfl]k2]\aÕ[agkYZYf\g%
fY\gk g \]k[ma\Y\gk$ jYqY\gk ]f dgk emjgk$ ^Yjgd]k jglgk$ [Ydd]k km[aYk hg\j~f
k]jd]‰\gkhgjdgk Yk![am\Y\Yfgk Yk!j]ka\]fl]k$gkŽdg\]hYkYb]$[gegk]Yd]k\]
YdYjeYhgj[mYljgeglanY[agf]k2
*0
œ
œ
œ
œ
DYhj]k]f[aY]fYim]ddY~j]Y\]kmb]lgkËh]da_jgkgkÌ$im]`Yfhjg\m[a\g]kYk
k]Yd]k&
DY^YdlY\][gfljgdhgjhYjl]\]dYk^m]jrYk\]gj\]f$lYflgim]dgk Yk!j]k%
hgfkYZd]k`Yfhg\a\gY[lmYjkafhjgZd]eYk&
9ZYf\gfghgjhYjl]\]dYkafklalm[agf]k$im]fgk]`Y[]f[Yj_g\]dYkgdm%
[aŽf\]dhjgZd]eY&
DY\]Zada\Y\\]dY[gemfa\Y\dg[Yd$im]fg]k[YhYr\][j]YjmfYeZa]fl]
gj\]fY\gqhjgZYZd]e]fl]Ë`gkh]\YÌYdgk]d]e]flgkh]da_jgkgk&
9 dY afn]jkY$ ]khY[agk Za]f eYfl]fa\gk q [ma\Y\gk$ ljYfkeal]f Y dgk Yk!
[am\Y\Yfgk Yk!$j]ka\]fl]kqfgj]ka\]fl]k$mfk]fla\g\]Y[g_a\YqdYhj]k]f[aY\]
mfY[gemfa\Y\[g`]kagfY\Yq[YhYr\]]b]j[alYjmf[gfljgdkgZj]kml]jjalgjag&9d
hdYfaÕ[YjmfYafl]jn]f[aŽf\]j][YdaÕ[Y[aŽf\]]khY[agkh“Zda[gkg\]~j]Yke~k
nYklYk ]f kalmY[aŽf \] \]_jY\Y[aŽf$ g Yd hdYfaÕ[Yj dY j]YdarY[aŽf \] ]khY[agk \]
fm]nY]\aÕ[Y[aŽf$]kf][]kYjag^Yngj][]jmfYafl]jY[[aŽf[YhYr\]j]khgf\]jYdYk
]pa_]f[aYk\]dY[gemfa\Y\&=khY[agkh]fkY\gkhYjYkYlak^Y[]jdYkf][]ka\Y\]kq
dYkYkhajY[agf]k\]dYkh]jkgfYkim]dgknanaj~f$^~[ade]fl]Y[[]kaZd]k$^mf[agfYd]k
hYjY\a^]j]fl]kmkgkhgjhYjl]\]\aklaflgk_jmhgk]lYjagkg\]\a^]j]fl]k_jmhgk$
l]f\j~fmfYeYqgjhjgZYZada\Y\\]dd]_YjYk]jdm_Yj]k\][gf_j]_Y[aŽfqhmflgk
\]j]^]j]f[aYhYjYdY[gemfa\Y\dg[Yd&
9\]e~k$]kaehgjlYfl]\ak]Yj]khY[agkÖ]paZd]k$^mf[agfYd]kYdgkmkgkhj]Õ_m%
jY\gk3h]jgfgj‰_a\gk$qYim]^~[ade]fl]mkgkqY[lana\Y\]k]f]d]khY[agh“Zda[g
hm]\]feg\aÕ[Yjk]]f]dla]ehg&=f“dlaeYafklYf[aY$lYeZa…fk]j‰Y“lad]f[gfljYj
dYeYf]jY\]\]bYj]khY[agYdgfghdYfaÕ[Y\g$ka]d]imadaZjag]flj]dYk]pa_]f[aYk
\]hdYfaÕ[Y[aŽfqdYk\]\]bYjmfYhYjl]\]]khY[agY\akhgka[aŽf\]dYaehj]nakaZa%
da\Y\kgf]dhmflg\]dd]_Y\Ye~k\a^‰[ad\]Yd[YfrYj&=khgkaZd]gZk]jnYj[Žeg]f]d
]khY[agh“Zda[gk]_]f]jYf^]fŽe]fgk]khgfl~f]gk2]dbYj\‰fim]dd]_YYk]j~j]Y
\]\]k[Yfkg$]dYhYj[Yea]flgim]hgjdYfg[`]]kmfYhaklY\]hYlafYb]$]djaf[Žf
\]dYhdYrYim]k]ljYfk^gjeY]fmfYhaklY\]ZYad]ÀDYaf^gjeYda\Y\\]dmkg\]d
]khY[agh“Zda[g]kaf\a[Y\gj\]nalYda\Y\q\afYeakegkg[aYd&
J][mY\jg+
E]ljghd“k E]\]dd‰f$;gdgeZaY!
E]ljghd“k]k]dkakl]eYafl]_jY\g\]ljYfkhgjl]eYkang\]e]\aYfY[YhY[a\Y\
im] e]bgjŽ dY egnada\Y\ naYd ]f dY [am\Y\ q ]d NYdd] \] 9Zmjj~$ Yjla[mdYf\g ]f
^gjeY^‰ka[YqlYja^YjaY]dE]ljg$E]ljg[YZd]qdYkjmlYk\]Zmk]kYdae]flY\gj]k&
=dkakl]eYfg]kl~^mf[agfYf\gY“f]fmf[a]fhgj[a]flg&
DYLjgf[YdnY\]k\]dYMfan]jka\Y\\]E]\]dd‰f$hgjdY[Ydd]+(`YklYdY9n]fa\Y
\]d>]jjg[Yjjad$\gf\][gflaf“Y`Y[aY]dfgjl]`YklYdY[Ydd]./ :YjjYfimaddY!$hYjY
*1
kmZajhgj]klYn‰Y`YklY]dkalagHYdgkN]j\]k$_ajYj`Y[aY]dfgjl]hgjdY[Yjj]jY,-
`YklYdd]_YjYdY[Ydd]1+qZYbYjYdg[[a\]fl]hgj]klY[Ydd]`YklYdd]_YjYdHYjim]
\]9jYfbm]r&
=dkakl]eYla]f]]klY[agf]kdg[YdarY\Yk[Y\Y-((e]ljgk[gfhYjY\YkÕbYk$dgim]
h]jeal]dY]fljY\YqkYda\Y~_adqgj_YfarY\Y\]dgk Yk!hYkYb]jgk&Kmkeg\]jfgk
Zmk]kfghm]\]f]p[]\]jdgkd‰eal]kh]jeala\gk\]n]dg[a\Y\q[m]flYf[gfdY
“dlaeY l][fgdg_‰Y \] ]eakaŽf \] _Yk]k$ ^j]fY\g q kmkh]fkaŽf$ ]flj] gljgk& 9d
egnadarYjk]hgjn‰Yk]f\gf\]fgl]f\j~fim][geh]lajhgj]d]khY[ag[gfgljgk
n]`‰[mdgk$ ZYbYj~f dgk la]ehgk \] j][gjja\g& =d j][Ym\g ]k hgj e]\ag \] mfY
lYjb]lYafl]da_]fl]$afl]_jY\Y[gf]dE]ljg&
N]Yegke~k]f\]lYdd][Žegdgk\a^]j]fl]k]d]e]flgk\]dYhdYfaÕ[Y[aŽf$dY\]Õ%
fa[aŽf \] dgk Y\gjfgk q \] dgk eYl]jaYd]k$ dYk ]d][[agf]k \] dgk [Yeafgk hm]\]f
afÖmajkgZj]]d[Yj~[l]jim]dgkdm_Yj]kYkme]fqkgZj]]dmkgim]`Y[]f\]]ddgk
dYkh]jkgfYk&
<][gjY\gmjZYfg]admeafY[aŽf&
=deg\g]fim]mf]khY[agh“Zda[gk]hj]k]flY$km^gjeY$dgkeYl]jaYd]k\gea%
fYfl]k$[Žeg]kl~admeafY\g$kgf\][akangkhYjY\]l]jeafYjkm^j][m]flY[aŽf$
]fl…jeafgk\][Yfla\Y\qlahgdg_‰Y\]h]jkgfYk&=d]e]flgk[geg]d\][gjY\g$
dYk hYnae]flY[agf]k$ dY admeafY[aŽf$ dd]_Yf Y k]j afkljme]flgk ]k]f[aYd]k \]
]kljYl]_aYkhYjYhjgegn]jmfmkgYehdagq\an]jka^a[Y\g\]mfYhdYrY$mfY[Ydd]
gmfhYjim]&
=fdgk“dlaegkYgk$dYhdYfaÕ[Y[aŽf`Yka\gmladarY\Yem[`Ykn][]khYjYYk]_mjYj
[gf\a[agf]k\]k]_mja\Y\]fdgk]khY[agkh“Zda[gk$ka_ma]f\gmfY\]dYkjmlYkhgka%
Zd]k2hgf]j]dY[]flgeYqgje]fl]]fYljY]jËZm]fY^j][m]flY[aŽfÌgYfaeY[aŽf$g]f
j][`YrYjYh]jkgfYkËaf\]k]Y\YkÌgËh]da_jgkYkÌ&DYhjae]jYd‰f]Y\]Y[[aŽfafl]flY
+(
[j]Yj]khY[agkY[g_]\gj]k$Y_jY\YZd]k$ja[gk]fg^]jlYk&DYk]_mf\Y$[gf^‰Y]f]d]%
e]flgk \akmYkangk$ im] \]kYfaeYf Y dgk Yk! ^j][m]flY\gj]k Yk! fg \]k]Y\gk Yk!&
H]jgem[`gk\]]klgk“dlaegkkakl]eYkl]jeafYfhgj\]kYfaeYjfgkgdYe]fl]Y
dgkËaf\]k]Y\gkÊkafgY[mYdima]j^j][m]flY\gj&Hgj]b]ehdg]fdYkhYjY\Ykg]klY%
[agf]kdgkYka]flgkkgfhg[gk$em[`Ykn][]k]kl~f]k[gf\a\gkq_]f]jYde]fl]kgf
af[Žeg\gk&<]Za\gY]ddg$k]h]j[aZ]mfk]fla\g\]j][`Yrg$\]`gklada\Y\hgjhYjl]
\]ddm_Yjg\]ima]fdg`Ya\]Y\g&
9 dg e]bgj$ ]k Y[gfk]bYZd] hYjlaj \]k\] dYk Y[[agf]k ]f hgkalang$ \] ËYljY[[aŽfÌ
\]deYqgjf“e]jgqnYja]\Y\\]h]jkgfYk$[gflYf\g[gf]d]^][lg\]k]_mja\Y\
\]ddm_Yj_YjYflarY\ghgjdYYfaeY[aŽf&=khgkaZd]`Y[]j\]\a^]j]fl]keYf]jYk$
Y n][]k kaehd]e]fl] mf [YeZag \] hYnae]flY[aŽf hm]\] ljYfk^gjeYj jY\a[Yd%
e]fl]mfdm_Yj&
DYk]fkY[aŽf\]Y[g_a\YY\n]jla\Y]fmfYeZa]fl]]kl~emq[gf\a[agfY\Yhgj]d
\geafagnakang\]d]khY[ag[aj[mfklYfl]qhgjdY_]f]jYd^YeadaYja\Y\[gf]dkalag&=d
hjae]j^Y[lgj\]h]f\]\aj][lYe]fl]\]dYadmeafY[aŽf3h]jgYmf]dk]_mf\ghm]\]
k]j [gf\a[agfY\g& =k ^mf\Ye]flYd g^j][]j dY hgkaZada\Y\ \] n]j q j][gfg[]j mf
dm_Yj&K][mf\YjaYe]fl]$dYadmeafY[aŽfafÖm]f[aYem[`gdYhgkaZada\Y\\]^j][m]f%
lYjdgkdm_Yj]k]fj]dY[aŽfYdgk`gjYjagk\]d\‰Y2mf]khY[agZa]fadmeafY\gh]jeal]
]d\]kYjjgddg\]Y[lana\Y\]k\mjYfl]dYk`gjYk\]lYj\]qfg[`]$hjgdgf_Yf\g]f
]dla]ehgkm^mf[aŽf[gegdm_Yj\][gf_j]_Y[aŽf&DYadmeafY[aŽfhm]\]\]l]jea%
fYjdYh]j[]h[aŽf\]mf]khY[agmjZYfg[gegY[g_]\gj$qfgkŽdghgje]\ag\]dY
Y[[aŽf^‰ka[Y%[gfkafla]f\gn]j%$kafglYeZa…fhgje]\ag\]mfYY[[aŽfaf\aj][lY$qY
im]ljYkeal]mfYaeY_]fh]j[aZa\Y[geghgkalanY\]ddm_Yj&
Mfkakl]eY\]admeafY[aŽf\]YdlY[Yda\Y\$gj]YdarY\ghYjYnYdgjarYj]kl…la[Ye]fl]
]d[gfl]plg$hm]\]eg\aÕ[Yjk]f[addYe]fl]dYaeY_]fqdYYleŽk^]jY\]mf]khY[ag&
LjYfkhgjl]k$lj~Õ[g$YhYj[Yea]flgk&
DY[aj[mdY[aŽfnaYjaY]kmfg\]dgk]d]e]flgkim][jmrYq[gfljaZmq]Y\ak]Yj]d
]khY[agh“Zda[gqim]afÖmq]kgZj]km[Yj~[l]j&Fgka]ehj]]k[gfka\]jY\g]dhgl]f%
[aYdim]dYj]dY[aŽf]flj]]khY[agh“Zda[gq[aj[mdY[aŽfnaYjaYYhgjlYhYjY[gfkljmaj
mf]khY[agh“Zda[ge~kge]fgkYfaeY\g$e~kge]fgkk]_mjg&DYdg[YdarY[aŽf\]
dYhYjY\Y\]mfYmlgZ“k$Yfl]kim]]dhYkYb]n]`a[mdYj$hm]\]k]jmf]d]e]flgY
hgf]j]fbm]_ghYjY[gfljaZmajYdY^j][m]flY[aŽfqYfaeY[aŽf\]dgkdm_Yj]k&
=dege]flg]fim]]k[j]Y\gmfhdYf\]lj~Õ[gghjgq][lY\YkljYfk^gjeY[agf]k
hYjYdYnaYZada\Y\$]kdYghgjlmfa\Y\hYjYYd[YfrYjgZb]langkkgZj]dYnanaZada\Y\\]d
]khY[agh“Zda[g&=pakl]fYkh][lgkl…[fa[gkda_Y\gkYdYgj_YfarY[aŽf\]dYkaf^jY]k%
ljm[lmjYk hgj]b]ehdg$dY[YhY[a\Y\\]kYlak^Y[]jdY\]eYf\Y\]egnada\Y\!$Ykh][%
lgk[mdlmjYd]k[gf][lY\gkYdgk[gehgjlYea]flgk\]dgkmkmYjagk dgk Yk!bŽn]f]k ]k
mfg\]dgk[Ykgk!qYkh][lgkgj_YfarYlangkda_Y\gkYj]hj]kaŽf$[gfljgdqna_adYf[aY&
+)
HgjdglYflg$]kf][]kYjaghj]n]jY[[agf]kafl]_jY\YkgZjYf\g$hgjmfdY\g$kgZj]
dgkYkh][lgkYeZa]flYd]kq^‰ka[gkÇ]flj]]ddgk$dYmZa[Y[aŽf\]dYkhYjY\Yk$]dlahg
\][gZ]jlargq\]nY_gf]kge]\agkmladarY\gk%$qkg[aYd]k$[gfÕYf\g]fdYkj]dY%
[agf]k]flj]dYkh]jkgfYk hYkYb]jgk$[gfljgdY\gj$YfaeY\gjkg[aYdÀ!hYjYafl]flYj
]daeafYj ]d [daeY \] YakdYea]flg g l]fkaŽf im] hm]\] _]f]jYj dY h]j[]h[aŽf \]
afk]_mja\Y\gdYafk]_mja\Y\j]Yd&
=fhYjla[mdYj$`Yqlj]kYkh][lgkkgZj]dgk[mYd]kafl]jn]faj2
=fhjae]jdm_Yj$dYgj_YfarY[aŽf\]dÖmbg\]dlj~Õ[g2dYhgkaZada\Y\\]Y[[]\]jYmfY
[Ydd]qdYn]dg[a\Y\[gfdYim]k]naYbYhm]\]fl]f]jem[`Yk[gfk][m]f[aYkkgZj]
dYk]_mja\Y\\]ima]f]knaYbYf]fn]`‰[mdgkeglgjarY\gkYk‰[geg\]dgkh]Ylgf]k&
A_mYde]fl]afÖmq]f]fdYemdla^mf[agfYda\Y\\]Yim]d]khY[ag3]k\][aj$kgZj]dY
hgkaZada\Y\\]im]k]YmladarY\ghgj\aklaflgklahgk\]mkmYjagk Yk!&
=fk]_mf\gdm_Yj$dgkYhYj[Yea]flgkhm]\]fk]jh]fkY\gkhYjYe]bgjYjdY[aj[mdY%
[aŽfqdYnanaZada\Y\\]dgk]khY[agk&
>afYde]fl]$hgjdgim][gf[a]jf]YdYk]_mja\Y\]fdgkljYfkhgjl]kh“Zda[gkqhja%
nY\gk ]k hj][akg afl]jn]faj [gf e]\a\Yk \] hj]n]f[aŽf q j]khgfkYZadarY[aŽf \]
[gf\m[lgj]kqhYkYb]jgk&HgjgljgdY\g$]kf][]kYjag_YjYflarYjdYY[g_a\Y\]dgk
dm_Yj]k\]]kh]jY2\]k\]`Y[]YgkYd_mfgk]klm\agkgkafkakl]fkgZj]dYf][]ka\Y\
\]hdYfaÕ[YjdYkhYjY\Yk\]dgkYmlgZmk]khYjY_YjYflarYjdYe~paeYnakaZada\Y\$
admeafY[aŽfqkm[gfkljm[[aŽf]f~j]YkfgYakdY\Yk\]dY[am\Y\ Hgdal][fa[g*((/!&
HgjdglYflg$fgkhYj][]aehgjlYfl]ngdn]jYkmZjYqYjim]mfYhdYfaÕ[Y[aŽfYl]flY
YdmkgqYdYnanaZada\Y\\]dgk]khY[agkh“Zda[gk\]Z]hgf]j]fj]dY[aŽfdYkafl]j%
n]f[agf]k[gf]d[gfl]plgmjZYfg%afl]flYf\gYk]_mjYjmfËeapÌkg[aYdqmfYemd%
la^mf[agfYda\Y\ \] dgk ]khY[agk% q ZYkYjk] ]f ]d [gf[]hlg \] Ëna_adYf[aY fYlmjYdÌ$
]k \][aj mladarYf\g lg\gk dgk afkljme]flgk Y \akhgka[aŽf h]jkgfYk$ YmlgeŽnad]k$
e]\agk\]ljYfkhgjl]kh“Zda[gk!&
+*
:A:DAG?J9>A9
;gd]k;&$C]ddaf_?&$>apaf_Zjgc]foaf\gok$>j]]Hj]kk&Fm]nYQgjc$)11.&
Aff]jYjalq$<&$=dfm]ng]khY[agh“Zda[g$=khYkY;Ydh]&EY\ja\$*((.&
BY[gZkB&$<]Yl`Yf\da^]g^_j]YlYe]ja[Yf[ala]k$NaflY_]:ggck&Fm]nYQgjc$)1.)&
F]oeYfG&$<]^]fkaZd]khY[]$EY[EaddYf&F]oQgjc$)1/*&
Hgdal][fa[g \a EadYfg Ç <aYh ] AYm$ Y [mjY \a$ HaYfaÕ[Yragf]$ \ak]_fg mjZYfg$
_]klagf]\]_dakhYrah]jdYka[mj]rrY&EYfmYd]$9_akÇ9[lagfKY^]hgdak&Ead~f$
*((.Ç*((/&
HmlfYeJ&$DYljY\aragf][ana[Yf]dd]j]_agfaalYdaYf]$Egf\Y\gja&Ead~f$)11+&
Jmar$ B& ;& q NYf\]jk[`m]j]f$ >&$ :Yk] [gf[]hlmYd \] dY k]_mja\Y\ ]f2 9jfYm\g$ J&
q EYjlaf$ D& =\k&! ;gfkgda\Y[aŽf \] dgk _gZa]jfgk dg[Yd]k ]f k]_mja\Y\
[am\Y\YfY$J]\),'MjZÇ9d$J]_aŽfLgk[YfY$h&)(%+,$*((/&
Na[`]jYl$<&$·Im…la]f]f]f[ge“fdYa\]fla\Y\$]d]khY[agh“Zda[gqdY\]eg[jY[aY7
9d_mfYkj]Ö]pagf]kkgZj]dgk[gf[]hlgk$]fK]_gnaY$G& =\&!=khY[agkH“Zda[gk
q;gfkljm[[aŽfKg[aYd$=\a[agf]kKmj&KYflaY_g\];`ad]$*((0&
++
;9HALMDG
*
DM?9J=K;GFL=F<A<GK$
9:9JJGL9<GK$9:9F<GF9<GK2
=D;GF>DA;LGLJ9FK>GJE9=D
=KH9;AG<=D9;AM<9<
BmYf;YjdgkJmar
Kg[aŽdg_gœHjg_jYeY\]K]_mja\Y\MjZYfY$
Mfan]jka\Y\9dZ]jlg@mjlY\gœKYflaY_g$;`ad]
+-
*
+.
*&) =KL9<G<=KALM9;AåF
;gegj]kmdlY\g\]mfYk]ja]\]^]fŽe]fgk][gfŽea[gk$kg[aYd]k$[mdlmjYd]kql][%
fgdŽ_a[gk$]fdYk“dlaeYk\…[Y\Ykk]`Yhjg\m[a\gmfYljYfk^gjeY[aŽf_jY\mYd\]
dYk[am\Y\]kq\]dgk]khY[agk\]dY[gla\aYfa\Y\ K]_gnaY$*((0!&LYd]k[YeZagkka]f%
lYf dYk ZYk]k \] mfY fm]nY ^gjeY \] gj_YfarY[aŽf kg[aYd q \] mf fm]ng eg\]dg
[mdlmjYd& =f dY [am\Y\ Y[lmYd$ ]d ]khY[ag h“Zda[g `Y h]j\a\g %]f em[`gk [Ykgk% ]d
[Yj~[l]jYZa]jlg$`]l]jg_…f]gqY[[]kaZd]\]gljgkla]ehgk$[mYf\gdYk]_j]_Y[aŽf
]jYe]fgj3qdY[Ydd]$mf]khY[agemdla^mf[agfYdqj][gfg[a\g\gf\]k]]klYZd][‰Yf
[gffYlmjYda\Y\]f[m]fljgkqj]dY[agf]kkg[aYd]k&=e]j_]dYk]fkY[aŽf\]im]dY
[am\Y\]k[Y\Yn]re]fgkYeYZd]qkmk]khY[agkh“Zda[gkdd]_YfYk]j]fg[Ykagf]k
dm_Yj]k\]hYkg\gf\]]k\a^‰[addY[gemfa[Y[aŽfqdYafl]jY[[aŽf&
DYk ]ph]ja]f[aYk ]mjgh]Yk q dYlafgYe]ja[YfYk j]nakY\Yk Y dg dYj_g \]d hjgq][lg
em]kljYfim]dgkYkh][lgk\][gfÖa[lana\Y\Ykg[aY\gkYdgk]khY[agkh“Zda[gkkgf
\an]jkgk&Hjaf[ahYde]fl]]kl~fj]dY[agfY\gk[gfhjg[]kgk\]]p[dmkaŽf\]_jmhgk
kg[aYd]k$hjgZd]eYk\][gfnan]f[aYYjY‰r\][`gim]k[mdlmjYd]k]a\]flalYjagk$]^][%
lgk\]mfYhdYfaÕ[Y[aŽfmjZYfYafY\][mY\Ygaf[gehd]lY$Y\]e~k\]^]fŽe]fgk
\][jaeafYda\Y\bmn]fad$lj~Õ[g\]\jg_Ykql]egj&
=klgk[gfÖa[lgk`Yf_]f]jY\gmfYme]flg[gfka\]jYZd]\]dYh]j[]h[aŽf\]afk]%
_mja\Y\\]dgk Yk!`YZalYfl]k\]dYk[am\Y\]k$]fmfYhjghgj[aŽfim]fgf][]kYjaY%
e]fl]k][gf\a[]kŽdg[gf]dfan]dgZb]lang\]g[mjj]f[aY\]\]dalgk&Mf]d]e]flg
[]fljYd]fdY[gfÖa[lana\Y\\]dgk]khY[agkh“Zda[gkmjZYfgk]kdYj]dY[aŽf]flj]dY
[j][a]fl]k]fkY[aŽf\]afk]_mja\Y\\a^mkYq]p[dmkaŽfkg[aYdbmn]fad$hgjmfdY\g$q
dY\][j][a]fl][YhY[a\Y\\]d]khY[agh“Zda[g\][mehdajmfjgd\][g`]kaŽfkg[aYdq
[am\Y\Yf‰Y$hgjgljg&<]Za\gY]ddg$hYjY]dZm]f\]kYjjgddg\]dY[am\Y\]kf][]kYjag
[gfka\]jYjlYflgkm[g`]kaŽfkg[aYd[gegkm\ak]gmjZYfg :gjbY$*((+!&
=f]d[Ykg\]dgkhY‰k]kdYlafgYe]ja[Yfgk$]pakl]mfYk]ja]\]hjg[]kgk\]\]l]jagjg
]f ]kl] k]fla\g& 9d_mfgk \] ]ddgk kgf dY afkmÕ[a]f[aY \] ]khY[agk h“Zda[gk Y\]%
[mY\gk$ ]f l…jeafgk ^‰ka[gk q YeZa]flYd]k3 ]d ja]k_g e]\agYeZa]flYd \] em[`gk
Yk]flYea]flgkmjZYfgkhj][Yjagk$dY]p[dmkaŽfkg[aYdqdYZgjYd\]\an]jkYk[gem%
fa\Y\]k$mfa\YYdY^YdlY\]\aYdg_g\]dYkg[a]\Y\[anad[gf]d=klY\g$Ydd‰\gf\]
k‰ ]pakl]f ]khY[agk h“Zda[gk Y\][mY\gk& Lg\gk ]klgk ]d]e]flgk j]hj]k]flYf mf
gZkl~[mdgaehgjlYfl]hYjYmfYZm]fY[g`]kaŽfkg[aYdqmfYe]bgj[gfnan]f[aY\]
dYkh]jkgfYkq[gemfa\Y\]k&9deakegla]ehg$lYd]k[Yj]f[aYkhjanYfYdYkg[a]\Y\
\]mfg\]dgk[YeafgkhgkaZd]khYjYhj]k]jnYjq^gjlYd][]j]dhYljaegfagq[YhalYd
kg[aYd$hYjY_]f]jYj[am\Y\Yf‰YqÈ]f“dlaegl…jeafgÈ[gfkljmajmfY\]eg[jY[aY
e~khjg^mf\Yq]^][lanY K]_gnaY$*((/!&
9kmn]r$]fdgkhY‰k]k]mjgh]gk`Yqmf\]k[gfg[aea]flg[j][a]fl]]fj]dY[aŽfYd
ËgljgÌ$Yima]fk]n]\aklaflghgjmfkaehd]e][Yfakeg\]\]^]fkYYfl]mfhgl]f[aYd
+/
ja]k_g3dgkmkgk\an]jkgk\]d]khY[aghgjh]jkgfYkq_jmhgk\a^]j]fl]k_]f]jYfmfY
\]k[gfÕYfrYafklaflanY$ZYkY\YdYeYqgj‰Y\]dYkn][]k]fhj]bma[agk&9dYY\ajYdY
\an]jka\Y\^Y[lgj]k[gegdYkkalmY[agf]k\]\]ka_mYd\Y\kg[aYd$\]_…f]jgg\][md%
lmjY$dYkhgkaZada\Y\]k\][gfÖa[lgk]emdlahda[Yf]phgf]f[aYde]fl]&=f]kl][gf%
l]plg$dYkea_jY[agf]k$[geg]^][lgaf]nalYZd]\]dY_dgZYdarY[aŽf$\]k]kljm[lmjYf
dgkeg\]dgkkg[aYd]k]afljg\m[]ffm]ngk]d]e]flgk\]l]fkaŽf]fdgke][Yfakegk
j]_mdYlgjagk\]dYkj]dY[agf]kkg[aYd]k&9k‰$]fYd_mfYkkalmY[agf]kdYafea_jY[aŽf
]kYkg[aY\Y[gfdYnagd]f[aY$dYeYqgj‰Y\]dYkn][]kkaf^mf\Ye]flgkgZb]langk&
>j]fl] Y ]klYk \an]jkYk kalmY[agf]k$ q [gfka\]jYf\g dY ^mf[aŽf im] [mehd]f dgk
]khY[agk h“Zda[gk [geg e][Yfakegk ^mf\Ye]flYd]k \] kg[aYdarY[aŽf \] dY na\Y
mjZYfY$ kmj_] mfY hj]kaŽf [gfklYfl] kgZj] dYk Ymlgja\Y\]k \] dYk [am\Y\]k hYjY
im]\]fj]khm]klYke~k]Õ[a]fl]kq]Õ[Y[]kYdYk\]eYf\Yk\]k]_mja\Y\qZa]f%
]klYj \] dgk Yk! [am\Y\Yfgk Yk! q \] dgk l]jjalgjagk ZYbg km Y\eafakljY[aŽf MF%
@YZalYl$*((*2*!&
ÉKm \akljaZm[aŽf e~k g e]fgk \]ka_mYd$ km [gf[]h[aŽf Yjla[mdY\gjY g ^jY_e]f%
lY\gjY \]d l]ba\g mjZYfg$ km Y[[]kaZada\Y\ q km hgl]f[aYd \] []fljYda\Y\$ km nYdgj
kaeZŽda[g$kmhgdanYd]f[aY$dYafl]fka\Y\\]kmmkgkg[aYd$km[YhY[a\Y\hYjY[j]Yj
g[mhY[aŽf$km[YhY[a\Y\hYjY^ge]flYjfm]ngkËh“Zda[gkÌ$dYYmlg]klaeYq]dj][g%
fg[aea]flgkg[aYd$km[gfljaZm[aŽfhYjY\YjËk]fla\gÌYdYna\YmjZYfY$kgfka]ehj]
ghgjlmfa\Y\]kim]fmf[Y`YZj‰Yf\]\]kYhjgn][`Yjk]hYjYhjgegn]jdgk\]j][`gk
q gZda_Y[agf]k hgd‰la[Yk$ kg[aYd]k q [‰na[Yk [gfklalmlanYk \] dY [am\Y\Yf‰YÊ :gjbY$
*((+2*+%*,!&
*&* DGK;GF>DA;LGKEÞK>J=;M=FL=K
=fdY…hg[Y\]dY_dgZYdarY[aŽf$dY[am\Y\]k]dl]jjalgjagZ~ka[g\]dY\an]jka\Y\&=k
]f]d]khY[agh“Zda[g\gf\]…klYe]bgjk]hgf]]fbm]_g$qYim]hgj\]Õfa[aŽf]k
]ddm_Yj\gf\]]demlmg[gfg[aea]flg$]d]f[m]fljgqdYj]dY[aŽfafl]jh]jkgfYdq
_jmhYd\]Z]j‰YfY[lmYj[geg\]kealaÕ[Y\gj]k\]j]Yda\Y\]kaeY_afY\Ykq[geg
]khY[agk \] [gfnan]f[aY$ daZ]jlY\ q [gfkljm[[aŽf \] [am\Y\Yf‰Y& Kaf ]eZYj_g$
em[`Yk n][]k k] hjg\m[] ]d ]^][lg [gfljYjag$ q dgk im] la]f]f hgkaZada\Y\]k \]
`Y[]jdg YZYf\gfYf ]d ]khY[ag h“Zda[g q hj]k[af\]f \] dg [gd][lang$ hYkYf\g \]d
hYjim]YdbYj\‰fhjanY\g$\]dYhdYrYYd[]fljg[ge]j[aYdg\]dZYjjagYdYk[gemfa%
\Y\]k[]jjY\Yk$im]\Yf\g]d]khY[agh“Zda[g[gegmfdm_Yj\][gfÖa[lg$j]ka\mYd]
af\]k]YZd]$j]\m[lg\]Yim]ddgkim]fgla]f]fgljYkhgkaZada\Y\]k&
=d [gf^da[lg ]kl~ \]l]jeafY\g hgj dY [mdlmjY \] dYk hYjl]k$ ]fl]f\a\Y [geg ]d
[gfbmflg \] ]ph]ja]f[aYk q nYdgj]k im] dYk h]jkgfYk Y[memdYf Y dg dYj_g \]
kmna\Yqim][gf^gjeYfkmeYf]jY\]k]flaj$h]fkYjqY[lmYjq$]f“dlaeYafk%
+0
lYf[aY$kmnakaŽf\]dYj]Yda\Y\&JYrY$j]da_aŽfk]pg$g[mhY[aŽf$hY‰kgrgfY_]g%
_j~^a[Y$ kalmY[aŽf kg[ag ][gfŽea[Y$ ]l[&$& kgf ^Y[lgj]k im] \]l]jeafYf dY Y\k%
[jah[aŽf Y mfY [mdlmjY [gf[j]lY$ q$ \]fljg \] ]ddY$ Y mfY kmZ[mdlmjY ]kh][‰^a[Y&
=na\]fl]e]fl]$]klgkfgkgf[gf[]hlgk]kl~la[gk$kafgh]je]YZd]kYe“dlahd]k
af^dm]f[aYkqeg\a^a[YZd]k&
=f l…jeafgk kg[aYd]k$ dY l]fkaŽf hm]\] hjg\m[ajk] Y fan]d afl]jh]jkgfYd$ afl]j g
afljY_jmhYdqkmkeglanY[agf]khm]\]fk]jh]jkgfYd]k$j]dY[agfYd]kg\][gemfa%
[Y[aŽf$q]kljm[lmjYd]k&HYjYim]kmjbY\]Z]`YZ]j[geh]l]f[aYhgjj][mjkgkeYl]%
jaYd]kgkaeZŽda[gkqk]\]Õf]fgkŽdghgj]deglangim]dghjgng[Y$kafglYeZa…f
hgj dY h]j[]h[aŽf im] la]f]f dYk hYjl]k im] afl]jY[l“Yf& =k f][]kYjag im] km k!
[YmkY k!k]Y f!h]j[aZa\Y k!qk]fla\Y k!hgjmfYg\gk\]dYkhYjl]k[gegmfYkalmY%
[aŽfim]kmhgf]mfYYe]fYrYhYjYkmkafl]j]k]kgf][]ka\Y\]k&=kl]k]flaea]flg
hm]\]gZ]\][]jYjYrgf]kgZb]lanYkqj]Yd]k$g\]Z]jk]Yh]j[]h[agf]kh]jkgfYd]k
f]_YlanYk$Yhj]bma[agkim]hj]\akhgf]fYmfYY[lalm\\]^]fkanYqYmfk]flaea]flg
\] ja]k_g hgl]f[aYd im] ^Yngj][]f ]d \]k]f[Y\]fYea]flg \]d [gfÖa[lg& Hg\j‰Y
`YZdYjk]$]f]kgk[Ykgk$\][gfÖa[lgkaeY_afYjagk$]fdYe]\a\Yim]fg]pakl]fdYk
[YmkYkgZb]lanYZd]kim]dgkbmklaÕim]f&
=kf][]kYjag[gfka\]jYjYd[gfÖa[lg[gegYd_gaf`]j]fl]Ylg\Ykg[a]\Y\$fYlmjYd
]af]nalYZd]$]phj]kaŽf\]dY\an]jka\Y\$eglgj\][YeZagq\]e]bgj‰Y]fkalmY[ag%
f]k afY\][mY\Yk g im] fg ]kl~f kmÕ[a]fl]e]fl] j]km]dlYk3 ]k f][]kYjag hYjY ]d
\]kYjjgddg\][mYdima]j[gd][lana\Y\$im]hjg_j]kY$[YeZaYqYnYfrY[mYf\gZmk[Y
q]f[m]fljYkgdm[agf]kYkmkhjgZd]eYk&Hgjdgeakeg$fg]khgkalangfaf]_Ylangq
k‰mf]d]e]flg]kljm[lmjYdq]kljm[lmjY\gj\]dYna\Y]f[gemfa\Y\q[mYf\gla]f]
kgdm[aŽfhm]\]\Yjj]kmdlY\gkZ]f]Õ[agkgk&HgjdglYflg$dY^gjeY\]_]klagfYjdg
]kdYZYk]hYjYYk]_mjYjj]kmdlY\gkhgkalangkgf]_Ylangk&èfa[Ye]fl]Ykmea]f\g
]klg$afl]flYf\g]fl]f\]jdgqYfYdar~f\gdg]khgkaZd]g^j][]jmfYYdl]jfYlanYim]
h]jealYkmh]jYjdgq_]f]jYjdYf][]kYjaYkYlak^Y[[aŽf\]dgkafl]j]k]kqf][]ka\Y%
\]k\]dYkhYjl]k&
DY \ae]fkaŽf q [gf[]h[aŽf [gemfalYjaY \]d [gf^da[lg$ ]kh][aYde]fl] \] Yim]d
im] YhYj][] ]f ]d ]khY[ag h“Zda[g mjZYfg$ YhmflY \aj][lYe]fl] Y dY _]klaŽf
Ydl]jfYlanYqdg]fla]f\][gegmfhjg[]kgafl]jY[langj]_mdY\gj\]dYkj]dY[ag%
f]kkg[aYd]k$[gfmfY^mf[aŽfkg[aYdhgkalanY$]phj]kaŽf\]dY\an]jka\Y\^j]fl]Y
mfY\]l]jeafY\YkalmY[aŽf\][Yj]f[aYg\][gf^da[lg\]afl]j]k]k&K]_“f[Žeg
dY[gemfa\Y\_]klagf]kmk[gf^da[lgkgZl]f\j~fj]kmdlY\gkhgkalangkgf]_Yla%
ngkim]j]^gjrYj~fg\a^a[mdlYj~fdY[gfnan]f[aYqYqm\Yj~fgfgYdY[g`]kaŽf
kg[aYd&
9 [gflafmY[aŽf$ ]phda[Yegk Zj]n]e]fl] dgk lahgk \] [gfÖa[lgk \aY_fgkla[Y\gk q
dYk^gjeYk\]afl]jn]fajdgk&
+1
<]l]jagjgmjZYfg
DYj~ha\Y]phYfkaŽf\]dYk[am\Y\]k$dY[j][a]fl]mjZYfarY[aŽf$qdY[gf[]fljY[aŽf
\]dYhgZdY[aŽfqY[lana\Y\]k]fdgkf“[d]gkmjZYfgk[]fljYd]k$hjg\m[]fdY\]kYjla%
[mdY[aŽf]fdYhdYfaÕ[Y[aŽf$mkgqeYfl]faea]flg\]dgk]khY[agk]pl]jagj]k&=klgk
`][`gkkgfYd_mfYkeYfa^]klY[agf]k[mdlmjYd]kj]kmdlYfl]k\]mfhjg[]kg\]ljYfk%
^gjeY[aŽf][gfŽea[Yql]jjalgjaYdYkg[aY\YkYdY_dgZYdarY[aŽf >]jf~f\]r$)11+!&
=kl] [gfÖa[lg ]kl~ j]^]ja\g Yd YZYf\gfg ^‰ka[g \] k][lgj]k g ZYjjagk \] dY [am\Y\
hgj]fn]b][aea]flg\]dYhgZdY[aŽf$\]l]jagjg\]dY]\aÕ[Y[aŽf$af^jYnana]f\Y$\]Õ%
[a]fl]af^jY]kljm[lmjYmjZYfY$Ymk]f[aY\]k]jna[agkqeYj_afYda\Y\$]dim]hm]\]
dd]_YjY\]k]eZg[Yj]fdY\]kljm[[aŽf^‰ka[Y\]dgk]\aÕ[agk$\]d]khY[agmjZYfgq
]d\]l]jagjg\]dY[gfnan]f[aYkg[aYd Jge]jg$*(()!&=klYkalmY[aŽf]kl~YZgj\Y\Y
]fdgk[Ykgk\]:Yj[]dgfY$\gf\]k]Yhda[ŽdYD]q\]E]bgjY\]:Yjjagk n]jj][mY\jg
ka_ma]fl]!&
J][mY\jg,
:Yj[]dgfY$=khYY
D]q\]E]bgjY\]:YjjagkqHm]Zdgk
MfYafl]jn]f[aŽfafl]_jYdhYjY]f^j]flYj]d\]l]jagjgmjZYfg
>j]fl]Yd\]l]jagjgkg[aYdq][gfŽea[g$]d9qmflYea]flghjghmkgmfhdYf
ljYfkn]jkYd \] j][mh]jY[aŽf& K] ljYZYbY lYflg kgZj] ]d ]khY[ag h“Zda[g
[geg kgZj] dYk nana]f\Yk$ ]f dY j][mh]jY[aŽf ][gfŽea[Y q dY hjgeg[aŽf
kg[aYd&
Dm_YjYafl]jn]fajqgZb]lang
:YjjagHm]ZdgK][g$\gf\]j]ka\]f[]j[Y\],(&(((h]jkgfYk&<]]ddYk$Ydj]\]\gj
\] )(&((( hjgna]f]f \] hY‰k]k ]pljY%[gemfalYjagk \]Za\g$ hjaf[ahYde]fl]$ Y dY
\akhgfaZada\Y\qZYbghj][ag\]nana]f\Yk nana]f\YknY[‰Yk$\]l]jagjY\Ykq[gf
mfY hgZdY[aŽf YmlŽ[lgfY ]fn]b][a\Y!& =kl] ZYjjag k] [YjY[l]jarY hgj mfY YdlY
\]fka\Y\\]eg_j~Õ[Yq\]Õ[a]fl]k]khY[agkh“Zda[gk&
=dgZb]langhjaf[ahYd^m]j]YdarYjmfYafl]jn]f[aŽfh“Zda[Y\]_jYf\]k\ae]fkagf]k$
]f\an]jkYk~j]Yk\]dZYjjag2Y[[]kgYnana]f\Yk\]eYqgj[Yda\Y\3e]bgjYea]flg$
[ma\Y\g q YehdaY[aŽf \] dgk ]khY[agk h“Zda[gk3 af[]flang Y dY _]f]jY[aŽf \]
k]jna[agk&Lg\g]ddg[gf]dÕf\]_]f]jYjmfYj][mh]jY[aŽf][gfŽea[Yqkg[aYd
\]dZYjjag&
E]lg\gdg_‰Y\]ljYZYbg
=d 9qmflYea]flg \]kYjjgddŽ mf hdYf \] ljYZYbg Y _jYf ]k[YdY ]f ]d ZYjjag$
dYk nana]f\Yk$ dgk ]khY[agk h“Zda[gk$ dgk k]jna[agk ka]f\g dgk hjaf[ahYd]k dgk
kYfalYjagk$]\m[Ylangk$[ge]j[aYd]k$_mZ]jfYe]flYd]kq\]kYdm\!&=f_]f]jYd$^m]
mfYj][mh]jY[aŽfaf^jY]kljm[lmjYd\]dZYjjag$_]f]jY\Y\]k\]dYYmlgja\Y\dg[Yd&
,(
AehY[lg'=^][lg\]k]Y\g
?jY[aYk Y dY D]q \] E]bgjY \] :Yjjagk q Hm]Zdgk im] j]ima]j]f mfY Yl]f[aŽf
]kh][aYd$]d9qmflYea]flg\]:Yj[]dgfYq]d<]hYjlYe]flg\]Hgd‰la[YL]jjalgjaYd
qGZjYkH“Zda[Yk\]dY?]f]jYdalYl\];YlYdmfqY`Yf\glY\gYdZYjjag\]Hm]Zdg
K][g\]mfYafl]jn]f[aŽf[]fljY\Y]fdgkka_ma]fl]k[Yehgk2
œ E]bgjY\]d]khY[agh“Zda[gq\glY[aŽf\]]khY[agkn]j\]k&
œ J]`YZadalY[aŽf\]dgk]d]e]flgk[gemf]k\]dgk]\aÕ[agk&
œ HjgnakaŽf\]]imahYea]flgkhYjY]dmkg[gd][lang&
œ >ge]flg\]dYkgkl]faZada\Y\\]d\]kYjjgddg
œ Af[gjhgjY[aŽf \] dYk l][fgdg_‰Yk \] dY af^gjeY[aŽf ]f dgk ]\aÕ[agk hYjY
h]jealajdYafklYdY[aŽf\][YZd]Y\gmgljgkkakl]eYk&
œ 9[[]kaZada\Y\qkmhj]kaŽf\]ZYjj]jYkYjimal][lŽfa[Yk&
=d\]l]jagjg]kl~j]dY[agfY\g[gfdgkka_ma]fl]khYljgf]k\]gZkgd]k[]f[aYmjZYfY
JgbYk]l&Yd&$*((,!2
œ
œ
œ
GZkgd]f[aY ^mf[agfYd2 S\] ]\aÕ[agk q ]khY[agk h“Zda[gkU kmj_] [mYf\g mfY
]kljm[lmjYqYfg[mehd]dYk^mf[agf]khYjYdYk[mYd]k^m]\ak]Y\Y&
GZkgd]f[aY^‰ka[Y2\]l]jagjg\]dY]kljm[lmjY$afklYdY[agf]kgl]jeafY[agf]k
\]dgk]\aÕ[agkYdhmflg\]im]…klgkqYfgla]f]fdY[YhY[a\Y\\]Y[g_]jdYk
^mf[agf]khYjYdYk[mYd]k]kl~f\]klafY\gk&
GZkgd]f[aY][gfŽea[Y2k]hjg\m[][mYf\gqYfgkgfj]flYZd]kdgkmkgkgja%
_afYd]k \] mf ]\aÕ[ag \]Za\g Y dY \af~ea[Y \]d e]j[Y\g mjZYfg \] km]dg
KYZYlafa$*(((!&
=f ]d [Ykg \] dYk [am\Y\]k dYlafgYe]ja[YfYk$ em[`Yk n][]k km[]\]$ e~k im] mf
\]l]jagjgmjZYfg$mfYfgjeYda\Y\\]dYhj][YjarY[aŽf\]dgk]khY[agkaf^gjeYd]k$
[gfklalmq…f\gk]dYkkgdm[agf]khYj[aYd]k]fkgdm[agf]k\]ÕfalanYk$Yfl]dg[mYddY
j][mh]jY[aŽfmjZYfY]ke~kZa]fmfY[gfkljm[[aŽf^gjeYdqY\][mY\Y\]dgk]khY%
[agkmjZYfgk$[gegdgem]kljY]d[Ykg\]Fm]ngKYdlgFm]ng$]f=dKYdlg$Mjm_mYq
n]jj][mY\jgka_ma]fl]!&
,)
J][mY\jgKYdlg$Mjm_mYq
Hjgq][lgËFm]ngKYdlgFm]ngÌ
J][mh]jY[aŽfhYjla[ahYlanY\]]khY[agh“Zda[g]f]dZYjjagKYdlgFm]ng&
9fl]dYf][]ka\Y\\]mfYh]jkh][lanYafl]_jYd\]dZYjjagq\]km\]l]jagjg$
dgk n][afgk ^m]jgf afnalY\gk Y hYjla[ahYj \]d e]bgjYea]flg \]d ]khY[ag
h“Zda[g&
Dm_YjYafl]jn]fajqgZb]lang
=f ]d ZYjjag KYdlg Fm]ng$ mfg \] dgk e~k hgZdY\gk \] dY [am\Y\ q \gf\] k]
\]khdYrYf\a^]j]fl]k_jmhgk$j]ka\]fYdj]\]\gj\])(&(((h]jkgfYk&<mjYfl]nYjagk
Ygk$]d9qmflYea]flg`Yj]YdarY\gljYZYbgkhYj[aYd]kq^g[YdarY\gk]fk][lgj]kq
hjgZd]e~la[Yk]kh][‰Õ[Yk$h]jgfgmfYafl]jn]f[aŽfYeYqgj]k[YdY]afl]_jYd&
=dgZb]langhjaf[ahYd]kdYhjghm]klY\]mfYj]nYdgjarY[aŽf\]d]khY[agh“Zda[g
[geg]d]e]flg_]f]jY\gj\]dY[g`]kaŽfkg[aYd\]dZYjjag&
E]lg\gdg_‰Y\]ljYZYbg
>m] j]YdarY\g mf lahg \] afl]jn]f[aŽf im] Y^][lŽ
Y dY lglYda\Y\ \]d ZYjjag q Y dgk afl]j]k]k \] kmk
\aklaflgk[gehgf]fl]k$hgjdgim]^m]\]kYjjgddY\Y
\]eYf]jY[gfbmflY[gfdYhgZdY[aŽf&=k\][aj$]d dY!
n][afg Y!lmngmfjgdY[langlYflg]fdY\]Õfa[aŽf\]
dYk e]bgjYk Yd ]khY[ag h“Zda[g$ [geg ]f ]d ljYZYbg
[gf[j]lg\]dYj][mh]jY[aŽf&
AehY[lg'=^][lg\]k]Y\g
Dgk ]^][lgk \] ]klY afl]jn]f[aŽf kgf \an]jkgk& =f hjae]j dm_Yj dgk ljYZYbgk
e]bgjYjgfdgk]khY[agkh“Zda[gk$q[gegdY[gemfa\Y\bm_ŽmfjgdY[langq]f
dYlgeY\]\][akagf]k$]dn‰f[mdg]flj]]ddYq]d]khY[agh“Zda[gk]hjg^mf\arŽ$
dg [mYd h]jeal] j]ka_faÕ[Yj Yd ]khY[ag q l]f]j eYqgj]k hjgZYZada\Y\]k \]
kmkl]flYZada\Y\&
H]j[]h[aŽf\]afk]_mja\Y\$[j‰e]f]kq\]dalgk
DYafk]_mja\Y\mjZYfY]kmfYe]r[dY\]af]klYZada\Y\]k3dYkh]jkgfYd]k [gehd]bgk$
Yfka]\Y\]k$\m\Yk!$dYk]pl]jfYk ]ehd]gkhj][Yjagk$]p[dmkaŽf$eg\]dgkkg[aYd]kZYkY%
\gk]f]d[gfkmegq]f]de]j[Y\g[gegj]_mdY\gj\]dYkj]dY[agf]kkg[aYd]k!qdYkna[%
laearY\gjYk k]jn‰[laeYk[gf[j]lYk\]jgZgk$Ye]fYrYkmgljYk^gjeYk\]nagd]f[aY!&
@gqk]nan]mfhjg_j]kangk]flaea]flg\]afk]_mja\Y\_]f]jYdarY\Y]fdY[am\Y\$dg
im]aehY[lY\aj][lYe]fl]kgZj]dY[YhY[a\Y\\][g`]kaŽf\]dgk]khY[agkh“Zda%
[gk&<a[`Yk]fkY[aŽfk]hjg\m[]YhYjlaj\]mf[a[dgf]_Ylang$\gf\]dYnagd]f[aY
,*
qdY[jaeafYda\Y\[j][a]fl]]f]klgk]khY[agkla]f][geg[gfk][m]f[aYdYYlgea%
rY[aŽf kg[aYd$ ]d \][dan] \] dY hYjla[ahY[aŽf$ ]d [gfka_ma]fl] YZYf\gfg \] \a[`gk
dm_Yj]kqdYZYbY[Yda\Y\qY[[]kgYdgkk]jna[agkh“Zda[gkmjZYfgk&DYnagd]f[aYq
dY[jaeafYda\Y\]jgkagfY]d[YhalYdkg[aYdq\adYha\Ydgkhg[gkj][mjkgkim]dgk Yk!
`YZalYfl]khgk]]fhYjYmfYe]bgj[Yda\Y\\]na\Y&
DYkg[a]\Y\\]eYf\Yk]_mja\Y\3h]jgdY\]daf[m]f[aYq]dl]egjkg[YnYf]d\]j]%
[`gZ~ka[g\]dYkh]jkgfYkYnanaj]fhYrq_grYjhd]fYe]fl]\]mf`~ZalYlk]_mjg
q kmkl]flYZd]& DY nagd]f[aY q dY afk]_mja\Y\ Ye]fYrYf \aj][lYe]fl] dY na\Y ]f
kg[a]\Y\$ dY [g`]kaŽf kg[aYd q ]d \]kYjjgddg kmkl]flYZd] \] dgk ]khY[agk h“Zda[gk
NYf\]jk[`m]j]f]l&Yd$*((,!&Em[`Ykn][]kdYj]khm]klYY]klY\]eYf\Y]kdYk]_j]%
_Y[aŽf\]dgk]khY[agkh“Zda[gk$dY\ak[jaeafY[aŽfqna[laearY[aŽf_dgZYd\][gd][la%
ngkq_jmhgk$]dea]\gYdY\a^]j]f[aY$dYhjanYlarY[aŽf\]dYkY[lana\Y\]k[gla\aYfYk
qdYhjghaY[gfÕ_mjY[aŽfq]kljm[lmjY\]d]khY[agh“Zda[gmjZYfg&=dea]\gafÖmq]
\aj][lYe]fl]]fdY[gf^gjeY[aŽfq]f]dmkg]khY[aYd$qdYgZk]kaŽfhgjdYk]_mja%
\Y\h“Zda[Y$kaf[gfka\]jYjdYafl]_jYda\Y\\]d^]fŽe]fg$af\m[]Yim]]d[gfljgd
kg[aYdqdYj]hj]kaŽfk]YfdYkj]khm]klYk[j][a]fl]kYdgk[gfÖa[lgkmjZYfgk&
=f ]d [Ykg \] E]\]dd‰f$ \]k\] mf ]f^gim] \] j][mh]jY[aŽf afl]_jYd \] ZYjjag k]
Zmk[Žkmh]jYj]dea]\g]f]d]khY[agh“Zda[g n]jj][mY\jgka_ma]fl]!&
J][mY\jg.
E]\]dd‰f$;gdgeZaY
Hjgq][lgË=d;]fljgnan]Ì
DYj][YdaÕ[Y[aŽf^‰ka[Y[geghj]kmhm]klghgjmf]khY[agh“Zda[g
Y[[]kaZd]qk]_mjg&
=d []fljg \] E]\]dd‰f ]k mfg \] dgk ]khY[agk e~k \]fkgk Ç\] h]jkgfYk q
\]hjgZd]eYkÇ\]dY[am\Y\2`YZalYfl]k]fkalmY[aŽf\][Ydd]$hjgklalm[aŽf$
[ge]j[aYfl]kaf^gjeYd]k&&&É=d;]fljgnan]Ê]kmfafl]flg\]hgf]j]fgj\]f
]kl]]khY[ag[YŽla[g]eh]rYf\ghgj]d]khY[agh“Zda[g&
Dm_YjYafl]jn]fajqgZb]lang
=d[]fljg\]dY[am\Y\\]E]\]dd‰f]kmf]khY[ag\gf\]e~k\].&(((`YZalYfl]k]f
kalmY[aŽf\][Ydd]nan]fq'g\]YeZmdYfhgjkmkn‰Yk$e~k\]-&((([ge]j[aYfl]k
af^gjeYd]k g[mhYZYf af\]Za\Ye]fl] ]d ]khY[ag h“Zda[g q []j[Y \] +&(((
h]jkgfYk ]klYZYf ]fnm]dlYk ]f kalmY[agf]k \] hjgklalm[aŽf g ]phdglY[aŽf
k]pmYdaf^Yflad&
DY egnada\Y\ h]YlgfYd q dY k]_mja\Y\ naYd la]f]f ]f ]d []fljg mfg \] dgk
hmflgk[j‰la[gkq]kaff]_YZd]im]\mjYfl]Ygk`Yka\gmfY[YŽla[YËl]jeafYd
\] ljYfkhgjl]Ì$ mfY \] dYk rgfYk \] dY [am\Y\ [gf eYqgj]k hjgZd]eYk e]\ag
YeZa]flYd]kq\gf\]dYlYkY\]`gea[a\agk]kdYe~kYdlY\]lg\YdY[am\Y\&
,+
=dgZb]langhjaf[ahYd^m]]d\]kYjjgddg\]aehgjlYfl]kgZjYk^‰ka[Yk2]de]bgjYea]flg
\] dY egnada\Y\ lYflg \] n]`‰[mdgk [geg \] h]Ylgf]k!$ dY [gfkgda\Y[aŽf \]d
]khY[ag h“Zda[g [geg ]k[]fYjag hYjY ]d ]f[m]fljg q dY hjgl][[aŽf \]d e]\ag
YeZa]fl]qlYeZa…fdYeYfl]f[aŽf\]dgk]imahYea]flgkqk]jna[agkh“Zda[gk&
E]lg\gdg_‰Y\]ljYZYbg
DY^gjeY\]hm]klY]fhj~[la[Y\]]klgkhjgq][lgkkmj_aŽ\]k\]]d_gZa]jfg\]
E]\]dd‰f$q]klmngZYkY\Y]f]d\]kYjjgddg\]\an]jkYkgZjYk^‰ka[Ykgja]flY\YkY
\Yjd]e~kgj\]fYd^mf[agfYea]flg\]dYrgfY[]fljg\]dY[am\Y\&
AehY[lg'=^][lg\]k]Y\g
=dhjg_jYeYË=d;]fljgnan]Ìla]f]]flj]gljYke]lYkdY[gfkljm[[aŽfq[gfkgda\Y[aŽf
\] dgk ka_ma]fl]k hYjim]k2 afl]jn]f[aŽf ^‰ka[Y \]d HYjim] Fgjl]$ HYjim] BYj\‰f
:gl~fa[g$ HYjim] =phdgjY$ ;]fljg ;‰na[g KYf Dgj]frg q HdYrY \] ;akf]jgk3 dY
^gjemdY[aŽf\]mfhjgq][lgmjZYfgafl]_jYdim]hjgem]nY]d\]kYjjgddg\]dgk
]b]k;YjYZgZgqdYHdYqYqdYY\][mY[aŽfqYjla[mdY[aŽf\][mYljgcadŽe]ljgk\]
[Ydd]k$Yf\]f]kq]khY[agkh“Zda[gk\]dgk[gjj]\gj]kmjZYfgkqhYjim]k]f]d
[mYlja]fag&
:mk[Y\]kYjjgddYjafa[aYlanYkim][gf[a]jl]fdgkhmflgke~knalYd]k\]d[]fljg$
hgje]\ag\]Y[[agf]k^‰ka[Ykq\]_]klaŽf]f[YeafY\YkYl]b]j]kl]l]jjalgjag]
afl]_jYjdg\]k\]]d]khY[agh“Zda[g$dgk]imahYea]flgk$dYegnada\Y\$dY[mdlmjY$
dY]\m[Y[aŽf$dY[a]f[aY$dYl][fgdg_‰YqdYj][mh]jY[aŽf\]dYnana]f\Y]flg\gk
fan]d]k kg[ag][gfŽea[gk$ e]\aYfl] dY ^gjemdY[aŽf ] aehd]e]flY[aŽf \]d HdYf
=kh][aYd\]d;]fljg&
Af[dmq] lYeZa…f ]d e]bgjYea]flg q Y\][mY[aŽf \] [YdrY\Yk ]flj] KYf <a]_g q
dgk hm]fl]k$ ]d Yjj]_dg \] Yf\]f]k q \]d k]hYjY\gj []fljYd$ ]flj] 9j_]flafY q
9eY\gj3 q dY j]hgka[aŽf \] j]\]k \] k]jna[ag2 \glY[aŽf \] egZadaYjag mjZYfg ]
admeafY[aŽfh]YlgfYd$hYkgkh]YlgfYd]k$[gdg[Y[aŽf\]d‰f]Yl~[ladhYjYh]jkgfYk
[gfegnada\Y\qnakaŽfj]\m[a\YkqYjZgjarY[aŽf&
LYeZa…f ^m] j]YdarY\g ]d [YeZag \] dYk hdY[Yk \] [gf[j]lg \] dY n‰Y$ dY
j]gj_YfarY[aŽf \] dgk Yf\]f]k Ydaf]Yf\g hYjY\]jgk$ eŽ\mdgk \] n]flYk q
~jZgd]k$ \]kh]bYf\g dgk Yf\]f]k hYjY ]d Yhjgn][`Yea]flg \] ]kl] ]khY[ag
hgj hYjl] \] dgk Yk! h]Ylgf]k Yk!& =f ]d k]hYjY\gj []fljYd ^m]jgf afklYdY\Yk
ËegflYYkÌ\][gdgj]k[gf]dÕf\]aeh]\aj]dhYkg\]dgkh]Ylgf]khgj]de]\ag
\]dYn‰YqeglanYjdgkY[jmrYjhgjdgkhYkgkh]YlgfYd]kq\akeafmajYk‰dYlYkY\]
Y[[a\]fl]k]f]klYn‰Y&
;gflYeafY[aŽf]afkYdmZja\Y\
=flg\YkdYk[am\Y\]k]pakl]fhjgZd]eYk\][gflYeafY[aŽf]afkYdmZja\Y\3hgj
]b]ehdg$dY[gflYeafY[aŽf\]dYaj]q]djma\g$dgkZYkmjYd]k\]\]kh]j\a[agkkŽda%
\gkaf[gfljgdY\gkgdY[gflYeafY[aŽf\]dgk[mjkgk\]Y_mY&<a[`gk^]fŽe]fgk
,,
[gfklalmq]fmfY\a^a[mdlY\]fdgk]khY[agkh“Zda[gk$hm]kla]f]fj]h]j[mkagf]k
aehgjlYfl]kkgZj]dYkYdm\$\a^‰[ad]k\]\]l]jeafYjh]jgim]\]Z]fk]jlgeY\Yk
]f[m]flY&
9eZYkkalmY[agf]kmjZYfYk]kl~fYkg[aY\YkY[gfÖa[lgk]f]d]khY[agh“Zda[g]fdY
e]\a\Yim]\]kY^‰YfdYkmkl]flYZada\Y\YeZa]flYdqkg[aYd[alY\afYqj]kljaf_]fdYk
[YhY[a\Y\]k\]\]kYjjgddg\]dgk Yk!`YZalYfl]k&=f]kl]k]fla\g$dYkmkl]flYZada\Y\
la]f]j]dY[aŽf[gfmfYeajY\Ykg[ag][gdŽ_a[Y$j]^]ja\YlYflgYdYeYfl]f[aŽf\]
dYkg[a]\Y\%[geg`][`gkg[aYdq`meYfg%$[gegYdkakl]eY][gdŽ_a[ggZag^‰ka[g$
qdYkj]dY[agf]k]flj]YeZgk ?Yddghaf$*((+!&9kmn]r$dY[gfÖa[lana\Y\mjZYfY\]
dgk ]khY[agk h“Zda[gk ]k ljYfkn]jkYd Y \an]jkYk \ae]fkagf]k$ ]f im] dY [gflYea%
fY[aŽf]afkYdmZja\Y\YhYj][]f\]klY[Y\Yk&=f]kl]k]fla\g$Hgd†k]qKlj]f *(((!
hjghgf]fim]hYjYk]jYeZa]flYde]fl]kmkl]flYZd]k$dYk[am\Y\]kqdgk]khY[agk
h“Zda[gklYeZa…f\]Z]fk]jdgkg[aYde]fl]&<a[`Ykmkl]flYZada\Y\kg[aYd]kl~\]Õ%
fa\Yhgjmf\]kYjjgddgq[j][aea]flg[gehYlaZd][gfdY]ngdm[aŽfYjegfagkY\]dY
kg[a]\Y\[anad$hjgegna]f\gmfe]\agYeZa]fl]im][gfljaZmqYYdY[g`YZalY[aŽf
[mdlmjYdqkg[aYd\]\an]jkgk_jmhgkea]fljYkim]$Ydeakegla]ehg$]khjgegna\Y
dYafl]_jY[aŽfkg[aYd$e]bgjYf\gdY[Yda\Y\\]na\Y\]dgk_jmhgkkg[aYd]k Hgd†k]q
Klj]f$*(((2)-%).!&
DYkmkl]flYZada\Y\kg[aYdhgf]…f^Ykak]fdYafl]_jY[aŽf\]dgkY[lgj]kkg[aYd]k$q
la]f][gegeYqgj\]kY^‰gkmh]jYjdgkhjg[]kgk\]]p[dmkaŽfkg[aYd&<]Za\gY]ddg$
kgf\]klY[YZd]kdgk]k^m]jrgk\]kYjjgddY\gk]fH]Ydgd…f$\gf\]hgje]\ag\]dY
j][mh]jY[aŽfhYjla[ahYlanY\]]khY[agkh“Zda[gk^m]jgf]daeafY\gkea[jgZYkmjYd]k
n]jj][mY\jgka_ma]fl]!&
J][mY\jg/
H]Ydgd…f$;`ad]
HdYrY\]JYeŽf;Yjfa[]j
DYhYjla[ahY[aŽfhYjY[j]Yj]khY[agkh“Zda[gkkmkl]flYZd]k&
=d “fa[g ]khY[ag h“Zda[g \]d ZYjjag ]jY mf ZYkmjYd& Dgk Yk! n][afgk Yk! k]
gj_YfarYjgf q$ ]f [gfbmflg [gf ]d Emfa[ahag$ dg \ak]Yf$ [gfkljmq]f q
hdYflYfÖgj]k&>afYde]fl]$]dZYkmjYddd]_YYk]jmfdm_Yjka_faÕ[Ylangq
mladarY\ghgjlg\Ykqlg\gk&
Dm_YjYafl]jn]fajqgZb]lang
J][mh]jYjmf]khY[agh“Zda[gmZa[Y\g]fmfk][lgj\]e~k\])*((j]ka\]fl]k$
\gf\] ]pakl]f hgZdY[agf]k \] YdlY nmdf]jYZada\Y\ kg[aYd& =d dm_Yj ]jY mladarY\g
[geg ea[jgZYkmjYd$ hgj dg im] k] `YZ‰Yf eYkaÕ[Y\g hdY_Yk \] jYlgf]k im]
[gflYeafYjgf lg\g ]d k][lgj& 9kaeakeg$ dY gk[mja\Y\ \]d dm_Yj [gfÕ_mjYZY mf
]khY[ag[gfhg[Yna_adYf[aYim]^Y[adalŽdYg[mjj]f[aY\]\]dalgk&
,-
=dgZb]langhjaf[ahYd\]]kl]hjg_jYeY^m]afngdm[jYjYdgk Yk!n][afgk Yk!]flg\Yk
dYk]lYhYk\]dYhdYfaÕ[Y[aŽf$\]k\]]d\ak]g`YklYdY[gfkljm[[aŽf\aj][lY\]d
]khY[agYk]jj][mh]jY\g&
E]lg\gdg_‰Y\]ljYZYbg
=dEmfa[ahag]flYZdŽ[gfn]jkY[agf]k[gfdgk Yk!n][afgk Yk!\]dk][lgjj]kh][lg\]
dYhgkaZada\Y\\]j][mh]jYj]kl]]khY[ag3]af\Y_Ž]fdY\akhgka[aŽfq[YhY[a\Y\]k
gj_YfarYlanYk]pakl]fl]k]fdY[gemfa\Y\hYjYj]YdarYjdg\]^gjeY[gfbmflY&
=dhjgq][lg[ge]frŽ[gfdYj]YdarY[aŽf\]j]mfagf]k]fdYkim]hYjla[ahYjgfdY
BmflY\]N][afgkqdgk]f[Yj_Y\gkemfa[ahYd]k\]dHjg_jYeY\]J][mh]jY[aŽf\]
=khY[agkH“Zda[gk J=H!$]kh][‰Õ[Ye]fl]\]d~j]Y\]Gh]jY[agf]k&=dgZb]lang\]
]klYkj]mfagf]k[gfkaklaŽ]fY[gj\Yj]d\ak]g\]d]khY[ag$ka]f\gdYa\]Y\]ZYk]
im]]kl][gf[gj\YjY$hgjmfYhYjl]$[gfdYkf][]ka\Y\]k\]dgk Yk!n][afgk Yk!q$
hgjgljY$im]^m]jYmf\ak]gYjeŽfa[gqY\][mY\gYdgkj][mjkgk\akhgfaZd]k
]f ]d Emfa[ahag& =f dY [gfkljm[[aŽf \] dYk gZjYk ljYZYbYjgf dgk \‰Yk k~ZY\g q
\geaf_gdgk Yk!n][afgk Yk!$e]\aYfl]lmjfgk3ea]fljYkim]\mjYfl]dYk]eYfY
dgk]f[Yj_Y\gkemfa[ahYd]k[gflafmYZYfdYkY[lana\Y\]k&
AehY[lg'=^][lg\]k]Y\g
DY j][mh]jY[aŽf \]d ]khY[ag$ j]YdarY\Y ]f [ggj\afY[aŽf ]flj] ]d Emfa[ahag
q dY [gemfa\Y\$ dg_jŽ _]f]jYj mf e]bgjYea]flg [gf[j]lg \] mf ]khY[ag
ljYfk^gje~f\gdg]fka_faÕ[Ylang$dgim]hjgq][lYmfYeYqgjkmkl]flYZada\Y\\]d
ljYZYbgj]YdarY\g&;gegj]kmdlY\g\]]kl]hjg[]kghYjla[ahYlang^m][gfkljma\Y
mfYhdYrY[gfbm]_gkaf^Yflad]k$]k[YgkqdmeafYjaYk$im]h]jeal]f]d]f[m]fljg
\]lg\gk Yk!dgk Yk!n][afgk Yk!\]dYrgfYj][mh]jY\Y&=f]klY]ph]ja]f[aY$dgk Yk!
n][afgk Yk!^m]jgfkmb]lgkY[langkim]ljYZYbYjgfhYjYdY[gemfa\Y\$dY[mYdk]
nag^gjlYd][a\Yhgj]d\]kYjjgddg\]]kl]ljYZYbg]kh][‰Õ[g&
Mkg\]d]khY[ag[gemfalYjag [gfnan]f[aY!
=d ]khY[ag h“Zda[g ]k ]d dm_Yj \] ]f[m]fljg \] dYk h]jkgfYk$ im] hj]k]jnY$ hjg%
em]n]qgj_YfarYdY[gemfa[Y[aŽf]flj]_]fl]\a^]j]fl]$h]jeala]f\gdY_]f]jY%
[aŽf\]dgkn‰f[mdgkkg[aYd]kq\][gfkljm[[aŽf\]dYa\]fla\Y\ K]_gnaYqGna]\g$
,.
*(((!& DY ljYfk^gjeY[aŽf mjZYf‰kla[Y \] dgk “dlaegk Ygk$ bmflg [gf dgk [YeZagk
\]eg_j~Õ[gkqkg[aYd]kqdgkhjg[]kgkea_jYlgjagk$`Yf^Yngj][a\geg\aÕ[Y[agf]k
]kljm[lmjYd]k]fdgk]khY[agkh“Zda[gk&@gqmfY_jYf\an]jka\Y\\]h]jkgfYk[gfna%
n]f]fmfYeakeY[gemfa\Y\\]n][afgkqn][afYk$[gf[gklmeZj]kqeYf]jYk\]
nanaj\a^]j]fl]k]flj]k‰dgim]$]fg[Ykagf]k$hm]\]_]f]jYjaf[gehYlaZada\Y\]kg
kalmY[agf]k\][gfÖa[lg]fdY[gfnan]f[aYn][afYd&
HYjY dgk Yk! bŽn]f]k \] [gfl]plgk e~k [gfÖa[langk$ ]d ]khY[ag ]k ]d l]jjalgjag \]
j]^]j]f[aY3]k\][aj$]d[gfbmflg\]dgkdm_Yj]kim][gfklalmq]f]d~eZalgnalYd&DY
ea[jg%[gemfa\Y\hYkYYk]jmf^m]jl]\akhgkalang_]f]jY\gj\]a\]fla\Y\$qYim]
]ddgk Yk! k] \]Õf]f ]f j]dY[aŽf q ghgka[aŽf Y gljgk _jmhgk q rgfYk \] dY [am\Y\$
kgZj]dYZYk]\]ddm_Yj\]gja_]f$]fhYjla[mdYjYdZYjjagg[Ydd]Yim]h]jl]f][]f&
HYjYdgkYf[aYfgk$hgjkmhYjl]$dYhYjla[ahY[aŽf]fdYna\Y\]dZYjjagg]fdgk]n]f%
lmYd]k []fljgk \] Ykg[aY[aŽf ^Yngj][] dY hgkaZada\Y\ \] j]mfajk] q \] `YZdYj& Hgj
]ddg$\gf\]]d]khY[agh“Zda[g[Yj][]\]mfYY\][mY\Yg^]jlY\]kg[aYdarY[aŽf$dY
[gfnan]f[aY]kl~daealY\Yqdgk]khY[agke]fgk[gehYjla\gk)&
Mf[gfÖa[lg\][gfnan]f[aYhm]\]\]Z]jk]Ydgk\an]jkgklahgk\]mkg\]mf]khY%
[agh“Zda[g%hgj]b]ehdg$g[agqj]ka\]f[aY%qYim]]klg[gfljYhgf]Ydgk\aklaflgk
Y[lgj]k]d]khY[ag$Yd_mfgkj]ka\]fl]k$gljgkmkmYjagk\]lj~fkalg&Mfk]_mf\glahg
\] [gfÖa[lg \] [gfnan]f[aY k] hjg\m[] hgj hYljgf]k [mdlmjYd]k \a^]j]fl]k im]$
^j]fl]Ymfeakeglahg\]mkg j]ka\]f[aY$hgjfgeZjYjmfg!$_]f]jYl]fkagf]k]f
]dgj\]fkg[aYd\]d]khY[agh“Zda[g&=klYkalmY[aŽfk]hjg\m[]lYflgafl]j_]f]jY%
[agfYde]fl] [gfÖa[lgk]flj]bŽn]f]kq_]fl]Y\mdlY![geg]flj]`YZalYfl]k[gf
\aklaflggja_]fim][g`YZalYf]fmfeakegZYjjag&
J][mY\jg0
:Yj[]dgfY$=khYY
Hjgq][lgBYj\af]k\]E]\al]jj~f]Y
Afl]jn]f[aŽfafl]_jYdhYjY]de]bgjYea]flg\]dY[gfnan]f[aY&
·Im]hYkY[mYf\gfagkqfaYk$bŽn]f]k$Y\mdlgkeYqgj]k$emb]j]k$]afea%
_jYfl]kima]j]fmladarYj]deakegbYj\‰f7Hgje]\ag\]dYYfaeY[aŽfkg[aYd
q [ggj\afYf\g \]k\] ]d ZYjj]f\]jg `YklY ]d _mYj\aY mjZYfg k] YhmflY Y
mfYafl]jn]f[aŽfafl]_jYdim]dg`Y_Ymf]khY[ag\]lg\gkqlg\Yk&
Dm_YjYafl]jn]fajqgZb]lang
=f ]kl] [Ykg k] ljYlŽ \] ]khY[agk h“Zda[gk kalmY\gk ]f ]d afl]jagj \] nYjagk
Zdgim]k\]]\a^a[agk\]lalmdYja\Y\hjanY\Y$dgkim]`Y[]f\]hYflYddY&=kl~f
]feYj[Y\gk ]f mfY rgfY j]dY[agfY\Y [gf dY Y[lana\Y\ [ge]j[aYd2 e]j[Y\g
emfa[ahYd\]dYEYjafYq[ge]j[agk\]dY[Ydd]EYj]\]<]m\]dHgjl&=f]kl]
)
`llh2''ooo&[YkYd\]djYnYd&gj_'AFLA=khYfqgd&h\^
,/
k][lgj$dgk Yk!n][afgk Yk!h]j[aZ‰YfdY]pakl]f[aY\]~j]Ykkm[aYkq\]k[ma\Y\Yk$
lYflg ]f ]d afl]jagj \] dgk bYj\af]k [geg ]f dgk hYkaddgk \] [gf]paŽf [gf ]d
]pl]jagj&9\]e~k$`YZ‰YmfYljYk_j]kaŽfh]jkakl]fl]\]dYfgjeYlanYhgjhYjl]
\] dgk Yk! ]f[Yj_Y\gk Yk! \] dgk dg[Yd]k kalmY\gk ]f dY rgfY$ jma\gk q h]d]Yk
]flj]bŽn]f]kYYdlYk`gjYk\]dYeY\jm_Y\Y$im]]jYfmfYegd]klaY[gfklYfl]
hYjYdgk`YZalYfl]k\]dZYjjag&
=dgZb]langhjaf[ahYd]klmnggja]flY\gYj]nakYjdgk\a^]j]fl]kmkgk\]d]khY[ag$
hYjY^Y[adalYjmfYZm]fY[gfnan]f[aY]flj]dgk Yk!mkmYjagk Yk!&
E]lg\gdg_‰Y\]ljYZYbg
=f ]klY ]ph]ja]f[aY$ dY Emfa[ahYda\Y\ afl]flŽ ^Y[adalYj dY Zm]fY [gfnan]f[aY
Zmk[Yf\g dY [gehda[a\Y\ q ]d [gehjgeakg \]d n][af\Yjag hYjY ]d [gfljgd q
Zm]f mkg \] ]kl] ]khY[ag& K] Zmk[Ž [ggj\afYj dYk \a^]j]fl]k Y[lmY[agf]k ]f
]d]khY[agh“Zda[g$j]nakYf\gdY^j][m]f[aY\]hYkg$dgk`gjYjagkq]dlahg\]
eYimafYjaY[gfdYim]k]`Y[]fdgkk]jna[agk\]daeha]rY$hYjYY[gj\Yj]fim…
`gjYjagk]jYe~k]^][lanYqf][]kYjaY…klY&
>afYde]fl]$^m]j]nakY\YdYrgfY%j]khgfkYZada\Y\\]HYjim]kqBYj\af]k%hYjY
YfYdarYj dgk mkgk \]l]jeafY\gk ]f ]ddY q Y[gj\Yj hgkaZd]k [YeZagk hYjY dY
e]bgjY\]d]khY[ag&
AehY[lg'=^][lg\]k]Y\g
=d hjgq][lg dg_jŽ \afYearYj ]d mkg \]d ]khY[ag \] dgk bYj\af]k hgj e]\ag \]
\an]jkgk af[]flangk$ hjaf[ahYde]fl]2 _jY[aYk Y dY hjg_jYeY[aŽf \] Y[lana\Y\]k
^YeadaYj]k]af^Yflad]kqYdYhjgeg[aŽf\]]kl]]khY[aghYjYim]dYk]fla\Y\]k
\]dYrgfYk]aehdaim]f]f\a[`Yhjg_jYeY[aŽf&HYjYd]dYe]fl]$^m]^ge]flY\g
]d mkg ^YeadaYj \] ]klgk bYj\af]k
dgk \geaf_gk hgj dY eYYfY$ \]
eYf]jY \] [gfn]jlaj ]d ]khY[ag
]f mf dm_Yj \] ]f[m]fljg hYjY
hY\j]k$ eY\j]k q fagk Yk! \]d
k][lgj& 9kaeakeg$ ^m] [jm[aYd ]f
]d \]kYjjgddg \] dY ]ph]ja]f[aY dY
[ggj\afY[aŽf [gf gljgk k]jna[agk
g \]hYjlYe]flgk q dY j]nakaŽf \]
\an]jkgk Ykh][lgk \] dgk bYj\af]k
]imahYea]flgk$]l[&!&
=p[dmkaŽf\]_jmhgk\]afea_jYfl]k
Dgk[j][a]fl]kÖmbgkea_jYlgjagk$[geg]^][lgaf]nalYZd]\]dY_dgZYdarY[aŽf$j]]k%
ljm[lmjYfdgkeg\]dgkkg[aYd]k]afljg\m[]ffm]ngk]d]e]flgk\][gfÖa[lg]fdgk
e][Yfakegk\]j]_mdY[aŽf\]dYkj]dY[agf]kkg[aYd]k&=klYkalmY[aŽf]khYjla[mdYj%
,0
e]fl]Y_m\Y]fdgkhY‰k]k]mjgh]gk$Ymf[mYf\g]fDYlafgYe…ja[YdYea_jY[aŽf
afljY]afl]jj]_agfYd%\]Za\gY[gfÖa[lgkYjeY\gkqZ“kim]\Y\]e]bgj]kghgjlm%
fa\Y\]k%lYeZa…f]kmf^]fŽe]fgaehgjlYfl]&
Kg[aYde]fl]k]hjg\m[]dY\a[glge‰Y\]$hgjmfYhYjl]$]fl]f\]j]d^]fŽe]fg\]
dY afea_jY[aŽf [geg [gfk][m]f[aY \]d kmZ\]kYjjgddg q dY hgZj]rY$ \] dY ^YdlY \]
]ph][lYlanYk]fdgkhY‰k]k\]gja_]fq$hgjgljY$j]khgfkYZadarYjYdgk Yk!afea_jYf%
l]k%]kh][aYde]fl]Ydgkajj]_mdYj]k%$\]lg\glahg\]eYd]k2YZYjYlYj]dljYZYbg$ima%
l~jk]dgYdYhgZdY[aŽfYmlŽ[lgfY$[ghYjdgkk]jna[agkkg[aYd]k$k]jdgk[YmkYfl]k\]d
Yme]flg\]dY\]daf[m]f[aY$]flj]gljgkhjgZd]eYk&
=dYk]flYea]flg\][gemfa\Y\]khjg[]\]fl]k\]9e…ja[Y$9kaY$Þ^ja[Yg=mjghY\]d
=kl]hjgng[Y]fdYhgZdY[aŽf\]dYk[am\Y\]k]mjgh]YkmfYk]fkY[aŽf\]h…j\a\Y\]
a\]fla\Y\$\]dgknYdgj]k$hj~[la[Ykqd]f_mYim]\YZYf[g`]j]f[aYYkmh]j[]h[aŽf
\]dYj]Yda\Y\q^mf\Ye]flYZYfmfk]flaea]flg[gd][langZ~ka[g\]k]_mja\Y\&@Y
a\g_]f]j~f\gk]mfYnakaŽf\]dYafea_jY[aŽf[gegmf^]fŽe]fgad]_YdqeYkang$
im]Yl]flY[gfljYdYkg[a]\Y\\]dZa]f]klYj$im]hjgng[YdYafk]_mja\Y\[am\Y\YfY
q[m]klagfYdYa\]fla\Y\&
=klYeajY\Y]kl]j]glahY\Y\]d^]fŽe]fgea_jYlgjag]f[m]fljY]phj]kaŽfe~k
[dYjY ]f dgk l]jjalgjagk mjZYfgk \] eYqgj [gf[]fljY[aŽf \] afea_jYfl]k dgk
im]$_]f]jYde]fl]$kgfYim]ddgk\gf\]nan]dYhgZdY[aŽfYmlŽ[lgfY[gfe]fgj
fan]d kg[aYd$ [mdlmjYd q ][gfŽea[g& Kmj_]f kalmY[agf]k Y n][]k [j‰la[Yk$
hgjim] dY ^jY[lmjY …lfa[Y q [mdlmjYd im]\Y kmh]jhm]klY Y dY ^jY[lmjY kg[aYd
hj]]pakl]fl]$ ka]f\g …klY mfY kalmY[aŽf [ge“f Y dYk [am\Y\]k ]mjgh]Yk q
dYlafgYe]ja[YfYk&
=k ]f ]d ]khY[ag h“Zda[g \] ]klgk ZYjjagk$ Y e]fm\g ]f dYk h]ja^]jaYk mjZYfYk$
\gf\]YhYj][]mfYeYqgjk]_j]_Y[aŽf&=kl]^]fŽe]fg]khjgng[Y\ghgjdY[j]%
[a]fl] [gf[]fljY[aŽf \] _jmhgk \] afea_jYfl]k ]f ]khY[agk j]\m[a\gk [geg
dŽ_a[Y\]Ymlghjgl][[aŽf&;geg[gfk][m]f[aY\]dY[gf[]fljY[aŽf]khY[aYd\]
afea_jYfl]k k] hjg\m[]$ hgj mf dY\g$ mfY eYqgj \]k[gf^aYfrY Yfl] ]d k]fla%
ea]flg\]\]k]kljm[lmjY[aŽfqh…j\a\Y\]dhjghag]khY[agq\]dYYfla_mYa\]fla%
\Y\\]dZYjjag[geg]khY[aghjghagqj][gfg[a\ghgjhYjl]\]dgk Yk!n][afgk Yk!
YmlŽ[lgfgk Yk!& Hgj ]d gljg$ Yd dY! ]pljYfb]jg Y! d] [m]klY em[`g ]f[gfljYj g[Y%
kagf]kqdm_Yj]khYjYkmYmlg%j]hj]k]flY[aŽf[mdlmjYd$[geg[gfk][m]f[aY\]dYk
\a^a[mdlY\]knaf[mdY\YkYdj][gfg[aea]flg\]dh]jeakg\]]klY\‰YqljYZYbgq$]f
_]f]jYd$Yd]klYlmkbmj‰\a[g&
=klYkkalmY[agf]kk]eYfa^a]klYf]f\an]jkgk[gf^da[lgkhgj]d]khY[ag[geg$hgj
]b]ehdg$dgkhjglY_gfarY\gkhgjbŽn]f]kafea_jYfl]k]fdYh]ja^]jaY\]:Y\YdgfY
;YlYdmY$ =khYY!& ;geg em]kljY ]d j][mY\jg ka_ma]fl]$ ^m] j]YdarY\g mf ljY%
ZYbg[gf]ddgk Yk!hYjYdYafl]_jY[aŽfqkg[aYdarY[aŽfYdafl]jagj\]mfZYjjag&
,1
J][mY\jg1
:Y\YdgfY$;gemfa\Y\9mlŽfgeY\];YlYdmY$=khYY
Hjgq][lg;YkYd\]BŽn]f]k\]KYflg;jaklg
9faeY[aŽf\]bŽn]f]khYjYkgdm[agfYj[gfÖa[lgk]f]d]khY[agh“Zda[g
=f mf ZYjjag hgZj]$ [gf hjgZd]eYk \] afl]_jY[aŽf q eYj_afYda\Y\$ k]
Yhm]klYhgj]d^mlmjg&LjYZYbYf\g[gffagk$faYkqbŽn]f]k]khjgegna\Y
mfYmladarY[aŽfj]kh]lmgkY\]d]khY[ag[ge“f&
Dm_YjYafl]jn]fajqgZb]lang
=d]khY[agafl]jn]fa\g[gfkakl]]fdY[j]Y[aŽf\]mfY[YkY\]bŽn]f]k$mfYdm\gl][Y
af^Yfladqmfgk]khY[agk\]mkg[gd][lang]f]dZYjjag&DYkh]jkgfYkim]Y[m\]f
e~k^j][m]fl]e]fl]Y]ddgkkgf$eYqgjalYjaYe]fl]$fagk Yk!qbŽn]f]k&LYeZa…f
hYjla[ahYfYd_mfYk\]dYk^YeadaYk\]dgk Yk!fagk Yk!&=d`gjYjaghj]^]j]fl]]kdY
lYj\]gdYfg[`]$]fhYjla[mdYj\mjYfl]dgkÕf]k\]k]eYfY&;gd][langk\]bŽn]f]k
qY\mdlgkmladarYf]d[YkYd[gegdm_Yj[gemfalYjag\]]f[m]fljg&
=d gZb]lang hjaf[ahYd \]d hjgq][lg [gfkaklaŽ ]f dY \afYearY[aŽf \] ljYZYbgk
afl]_jYd]k gja]flY\gk Y bŽn]f]k q fagk Yk! \]d ZYjjag$ hYjY [j]Yj hjg[]kgk \]
kg[aYdarY[aŽfqhYjla[ahY[aŽf\]]ddgk Yk!&
E]lg\gdg_‰Y\]ljYZYbg
=d Emfa[ahag q dY ]fla\Y\ bmn]fad \ak]Yjgf [gfbmflYe]fl] ]d hjgq][lg& DYk
Y[lana\Y\]khjg_jYeY\Yk\]^gjeY_]f…ja[Ykgf2kYda\Yk[mdlmjYd]kq]p[mjkagf]k$
lYdd]j]k\]^gjeY[aŽf$lYdd]j]k\]k]fkaZadarY[aŽf$kghgjl]Yhjgq][lgkhmflmYd]k
\][gd][langk\]dZYjjag$Y[lana\Y\]kd“\a[Yk$[mdlmjYd]kq\]g[ag&DYkY[[agf]k
aehda[YfmfYafl]jn]f[aŽfafl]_jYd$lYflg\]daf\ana\mg[geg\]dZYjjag&
AehY[lg'=^][lg\]k]Y\g
=klY ]ph]ja]f[aY dg_jŽ ljYZYbYj [gf bŽn]f]k q fagk Yk!$ _jY[aYk Y \an]jkYk
Y[lana\Y\]kj][j]Y[agfYd]kq[mdlmjYd]k$hgl]f[aYf\gmf]khY[ag\]kg[aYdarY[aŽf
qhYjla[ahY[aŽf\]eg[j~la[Y&
*&+ LAHGK<=HJGQ=;LGK AFL=JN=F;AGF=K!
;geg qY `]egk admkljY\g [gf dY \]k[jah[aŽf \] \aklaflgk hjgq][lgk$ dgk [gfÖa[%
lgkmjZYfgkkgfYkmea\gkhgjdgkemfa[ahagk\]^gjeY\aklaflY$\]Y[m]j\gYdYk
[YjY[l]j‰kla[Yk\]dY[am\Y\$dY_gn]jfYfrY*aeh]jYfl]$dgkj][mjkgk\akhgfaZd]kq
dY]kh][aÕ[a\Y\\]dgk]khY[agkh“Zda[gk&=khgkaZd]$]flg\g[Ykg$[Yl]_gjarYjdYk
afl]jn]f[agf]k]f[af[gl]eYk\aklaflgk2
*
=kl]]kmf[gf[]hlg\]j][a]fl]\a^mkaŽfim]\]ka_fYjdY]Õ[Y[aY$[Yda\Y\qZm]fYgja]flY[aŽf\]
dYafl]jn]f[aŽf\]d=klY\g&LYeZa…fk]mladarY]dl…jeafg_gZa]jfgj]dY[agfYd3q]fem[`Ykg[Ykag%
f]k$dYhYdYZjY_gZ]jfYf[aY&
-(
J][gfn]jkaŽfq\afYearY[aŽfmjZYfY2dY[gehd]ba\Y\\]d\]l]jagjgmjZYfg\]dgk
]khY[agk h“Zda[gk aehda[Y \ae]fkagf]k lYflg kg[aYd]k ]ehgZj][aea]flg!$ ][g%
fŽea[Yk hj][YjarY[aŽf \]d ]ehd]g!$ `aklŽja[Yk ^gjeYk \] hgZdYea]flg! q ^‰ka[Yk
gZkgd]k[]f[aY^mf[agfYd!&<]Za\gY]ddg$]kmf^Y[lgj[ge“fY\an]jkgkhjgq][lgk
]dhjghgf]je]\a\Ykafl]_jYd]k$im]af[dmqYfbmflg[gf]de]bgjYea]flg^‰ka[g$km
j]Y[lanY[aŽf]f\aklaflgk~eZalgk$lYd]k[geg]dhgl]f[aYd][gfŽea[g$[ge]j[aYd$
g dYZgjYd3 ]\m[Ylang$ dY [Yda\Y\ \] dYk nana]f\Yk q dY afl]_jY[aŽf kg[aYd$ _jY[aYk Y
e]\a\Ykkmkl]flYZd]k\]k\]dYh]jkh][lanYe]\agYeZa]flYd&
Af^jY]kljm[lmjY2 \]Za\g Y dgk _jYn]k hjgZd]eYk \] \]ka_mYd\Y\ kg[ag][gfŽea[Y
q\…Õ[al\]]khY[agkh“Zda[gk]fem[`Yk[am\Y\]k$kgfhjghm]klYke]\a\YkhYjY
e]bgjYjdY[g`]kaŽfkg[aYdhgje]\ag\]dY[gfkljm[[aŽf\]_jYf\]kgZjYk\]af^jY%
]kljm[lmjY$im]e]bgj]fdgkk]jna[agkmjZYfgklYd]k[geg[gf][lana\Y\qk]jna[agk
h“Zda[gk$]flj]gljgk&<a[`gkhjgq][lgknYf\aja_a\gkYrgfYkhgZj]k$g\]hjaea\Yk
][gfŽea[Ye]fl]$ \] dY [am\Y\ q ]kl~f gja]flY\gk Y hjg\m[aj mf `~ZalYl mjZYfg
im]h]jealYe]bgjafl]_jY[aŽfqeYqgjk]_mja\Y\&K]ljYZYbY\]k\]mfY\ae]fkaŽf
^‰ka[Y\]dYaf^jY]kljm[lmjY$kafYhj][aYjk]Y[lana\Y\]kkg[aYd]kg[gemfalYjaYkYkg%
[aY\Yk&Kgfj]YdarY\Ykafl]jn]f[agf]kim]$]f]d[Ykg\]dYk[am\Y\]kdYlafgYe]ja%
[YfYk$YhmflYfYkmh]jYj]d\…Õ[al^‰ka[gq[mYflalYlang\]d]khY[agh“Zda[g&
J]nalYdarY[aŽf \] ]khY[agk h“Zda[gk2 lg\gk dgk hjgq][lgk ljYZYbYf ]f ]d e]bgjY%
ea]flgmjZYfg\]dm_Yj]kim]`Yfh]j\a\g[YhY[a\Y\\]g^j][]j[g`]kaŽfkg[aYd$
\]k\]mfY]k[YdYZYjjaYd Y]p[]h[aŽf\]dgkhjgq][lgk\]dY[am\Y\\]E]\]dd‰f!&
?jY[aYk Y dY hYjla[ahY[aŽf \] n][afgk q n][afYk j]ka\]fl]k Ydj]\]\gj \]d ]khY[ag$
k] mladarY dY ^mf[agfYda\Y\ \]d dm_Yj hYjY hgl]f[aYj ]d ]f[m]fljg q dY Zm]fY [gf%
nan]f[aY ]flj] ]ddgk& E]\a\Yk \] hj]n]f[aŽf kalmY[agfYd$ e]bgjYea]flg mjZYfg q
hj]n]f[aŽf kg[aYd [gemfalYjaY h]jeal]f dY j][mh]jY[aŽf \] ]khY[agk afk]_mjgk$
j]Y[lanYf\gdYk[YhY[a\Y\]k[am\Y\YfYkhYjYdg_jYjim]k]Yhjgha]f\]d]khY[ag
h“Zda[g& <a[`Yk [YhY[a\Y\]k k] ljYZYbYf \]k\] ]d afngdm[jYea]flg \] n][afgk q
n][afYkj]ka\]fl]kYdj]\]\gj\]dgk]khY[agk$af[dmq]f\gYdgk Yk!fagk Yk!&
E]\aY[aŽf\][gfÖa[lgk2]f=mjghYq^j]fl]YhjgZd]eYk\][gfnan]f[aY]f]khY%
[agkh“Zda[gk]flj]hgZdY[aŽfYmlŽ[lgfYqdYafea_jYfl]$kgfY\ghlY\Yke]\a\Yk
\] hj]n]f[aŽf [gemfalYjaY& =f Yd_mfgk [Ykgk$ ]klYk e]\a\Yk ]kl~f Ykg[aY\Yk Y
mfYfm]nY^gjeY\][gf[]ZajdYj]dY[aŽfhgda[‰Y%`YZalYfl]k_jY[aYkYdYhgda[‰Y\]
Ëhjgpaea\Y\]kljYl…_a[YÌ+$[geg]f:Y\YdgfY$q]fgljgkYdYhj]n]f[aŽfkalmY[ag%
fYdq'ge]bgjYea]flgmjZYfg&@Yfka\gdg_jY\gk\aklaflgkfan]d]k\]YhjgpaeY[aŽf
afl]j[mdlmjYd$e]\aYfl]]kljYl]_aYk\]f]_g[aY[aŽfqY[m]j\g\]fgjeYk\][gfna%
n]f[aY]flj]dgk_jmhgk&=pakl]f[Ykgk]f:Y\YdgfYqLgjafg\gf\]k]`YljYZYbY\g
\aj][lYe]fl][gf_jmhgk\]afea_jYfl]k]fl]eYk\]nana]f\YqljYZYbg$Ykg[aY\gk
Ydgk[gfÖa[lgk]f]d]khY[agh“Zda[g&=f]d~eZalg\]nana]f\Y`Yka\gj]YdarY\g
+
=d;Yhalmdg,$]fkmhmflg,&*$hjg^mf\arY]kl]l]eY&
-)
mf[gfljgd\]hakgk \]hYjlYe]flgk!]ehY\jgfY\gkqY[[agf]khYjY\akeafmajdY
kgZj]g[mhY[aŽf \] …klgk$ e]\aYfl] Y[m]j\gk [gf dY hgZdY[aŽf afea_jYfl]3 ]f dg
dYZgjYd k] `Y afl]flY\g hjgegn]j ]d hgl]f[aYd ][gfŽea[g \] [a]jlYk Y[lana\Y\]k
af^gjeYd]khgje]\ag\]dafngdm[jYea]flg\aj][lg\]dgk_jmhgkafea_jYfl]kim]
dYkdd]nYfY[YZg&
Hj]n]f[aŽfkg[aYd2YhYj][]f]kljYl]_aYk\]hj]n]f[aŽf[gemfalYjaY[geg^g[g\]
dYk afl]jn]f[agf]k hYjY ]f^j]flYj \an]jkgk [gfÖa[lgk ]f ]d ]khY[ag h“Zda[g& MfY
d‰f]Y\]hj]n]f[aŽfim]e]j][]k]j\]klY[Y\Y]kdY]kljYl]_aYhYjYhj]n]fajq\ak%
eafmaj ]d [gfkmeg \] \jg_Yk q dY hjgda^]jY[aŽf \] hYf\addYk [Ydd]b]jYk hgj dY n‰Y
\]d^gjlYd][aea]flg\]dYhYjla[ahY[aŽfbmn]fad&9kmn]r$dgk[gfÖa[lgk\][gfnan]f%
[aY ]flj] _jmhgk \] \aklaflYk fY[agfYda\Y\]k$ hjaf[ahYde]fl] dg_jYf ]f^j]flYjk]
e]\aYfl]dYmladarY[aŽf\]dgk]khY[agkh“Zda[gk\]dk][lgj&Hgj]b]ehdg$e]\aYfl]
dY^gjeY[aŽf\]mfY[geakaŽf\]\afYearY[aŽf\]]khY[agkh“Zda[gkhYjYj]YdarYj
Y[lana\Y\]kj][j]YlanYk$\]hgjlanYkq[mdlmjYd]k[gfbŽn]f]kqY\mdlgk Yk!\]dZYjjag$
g_jY[aYkYdljYZYbg\]Y_]fl]k]\m[Y\gj]k Yk!im]gj_YfarYfkYda\Yk[mdlmjYd]kq
]p[mjkagf]k$lYdd]j]k\]^gjeY[aŽfqk]fkaZadarY[aŽf$Y[lana\Y\]kd“\a[Yk$[mdlmjYd]k
q\]g[ag&
9[gflafmY[aŽf$hj]k]flYegkmfYeYljarim]em]kljYdYk\ae]fkagf]k\]d[gfÖa[lg
]f]d]khY[agh“Zda[g&=kl~]dYZgjY\Y[gegk‰fl]kak\]dYk]ph]ja]f[aYkj]YdarY\Yk
]f]d]khY[agh“Zda[ghgjhYjl]\]dYkfm]n][am\Y\]kkg[aYk\]dhjgq][lg=khY[agk
H“Zda[gkq;g`]kaŽfKg[aYd,&
=f]d]b]n]jla[YdYhYj][]fdgk\aklaflgklahgk\][gfÖa[lgkYkg[aY\gkYdgk]khY[agk
h“Zda[gk im] ^m]jgf \]k[jalgk hgj dYk [am\Y\]k kg[aYk$ [gjj]khgf\a]fl]k Y \]l]%
jagjgq\][dan]mjZYfg3[j‰e]f]k$\]dalgkqh]j[]h[aŽf\]afk]_mja\Y\3[gflYeafY%
[aŽf]afkYdmZja\Y\3[gfnan]f[aYq$hgj“dlaeg$afea_jY[aŽf&
=f]d]b]`gjargflYd$dYk]ph]ja]f[aYk]kl~f[dYkaÕ[Y\Ykk]_“flahgdg_‰Yk\]hjgq][%
lgk3]k\][aj$YhYjlaj\]d]d]e]flg[]fljYdim]hj]l]f\a]jgfafl]jn]faj]f[Y\YmfY
\]]ddYk&=f]kl][Ykg$dgkhjgq][lgknYj‰Yf]flj]afa[aYlanYk\]j][gfn]jkaŽfq\afY%
earY[aŽfmjZYfY$gZjYk\]af^jY]kljm[lmjY$hjg[]kgk\]j]nalYdarY[aŽf\]]khY[agk
h“Zda[gk$\]e]\aY[aŽf\][gfÖa[lgkq\]hj]n]f[aŽfkg[aYd&
,
;gegqY`]egk\a[`g$dYdaklYlglYd\]hjgq][lgk$km\]k[jah[aŽf_]f]jYdqj]kmea\Y$]af^gjeY[aŽf
Ym\agnakmYd]f]d[Ykg\]dgkhjgq][lgke~k]eZd]e~la[gk$hm]\]k]j]f[gfljY\Y]f`llh2''ooo&
mjZYd%]khY[agkh“Zda[gk&[d'*((0'
-*
EYljar
<ae]fkagf]k\]d[gfÖa[lg]f]d]khY[agh“Zda[g
Lahg\]
hjgq][lg
Lahg\]
[gfÖa[lg
J][gfn]jkaŽf
q\afYearY[aŽf
mjZYfY
KYdlg
œ:YjjagKYdlgFm]ng
<]l]jagjg
mjZYfg
J][a^]
œHjgb]lg?]kl‚g]
>gjeY„‚ghYjYme
9eZa]fl]KYm\~n]d]
K]_mjg
Af^jY]kljm[lmjY
E]\]dd‰f
œ=d;]fljgNan]
œHYjim]BmYf]k
œE]ljghdmk
œHMA;gemfY)+
œHMAFgjgja]flYd
:Yj[]dgfY
œD]q\]:Yjjagk
J]nalYdarY[aŽf\]
]khY[agkh“Zda[gk
E]\aY[aŽf\]
[gfÖa[lgk
:Yj[]dgfY
œ:Yjja=\m[Y\gj
@gjlk\]Kl&HYm
:Yj[]dgfY
œ:Yjja=\m[Y\gj
:]kgk$\aY_fŽkla[g
hYjla[ahYlang
JaeY[
œ>ge]flglmjakeg
]fdY9dYe]\Yq
9dj]\]\gj]k$[gfj]h&
[mdlmjYd]k
Lgjafg
œ;Yk[afY
Jg[[Y^jYf[Y
œHYjim]9jjangj]
E]\]dd‰f
œHYjim]=phdgjY
œHYjim]k:aZdagl][Y
Lgjafg
œ:Ykk]\aKlmjY
Hj]n]f[aŽfkg[aYd
JaeY[
œ<]khj][YjarY[aŽf
H]j[]h[aŽf\]
Afk]_mja\Y\$
[j‰e]f]kq
\]dalgk
9l]
œHYnae]flY[aŽf\]
[Ydd]Dgk;dYn]d]k
œMjZYfarY[aŽfKYflY
JgkalY
H]Ydgd…f
œKYda\YE]ljgDYk
Lgjj]k
9l]
œHYjim]DgkDYmj]d]k
9l]
œLYdd]j]khjg\m[la%
ngkhYjYbŽn]f]k\]
Ydlgja]k_gkg[aYd
:Yj[]dgfY
œ=khY[ag]eZd]e~%
la[gHYkY_]LjafalYl
N]ddY
JaeY[
œL]Yljg[geg]kljY%
l]_aY\]hj]n]f[aŽf
\]dYnagd]f[aY
Lgjafg
œHYjim]NYd]flafg
E]\]dd‰f
œHYjim]kDaf]Yd]k
œHdYf\]dHgZdY\g
:Yj[]dgfY
œ=khY[ag]eZd]e~%
la[gKgdYj;'9ddgrY
H]Ydgd…f
œHdYrY;gd]_ag
DYHm]jlY
œHdYrYJYeŽf
;Yjfa[]j
œ;Yf[`Ylj]k
œHdYrYDgkEYj]k
œ;mjnYGja]flYd
;gflYeafY[aŽf
]AfkYdmZja\Y\
Mkg\]d]khY[ag
[gemfalYjag
;gfnan]f[aY!
9l]
œ;gfkljm[[aŽf\]
haklYkqYk^YdlY\g\]
[Ydd]k
œ;gfkljm[[aŽf\]mf
Zgmd]nYj\
œ9k^YdlY\g\]mfY
Yn]fa\Y
:Yj[]dgfY
H]Ydgd…f
œBYj\af]k\]dY
œ>]jaY\]9jja]lY
E]\al]jjYf]Y
œAfl]jagj\]eYfrYfY
œBYj\af]k\]
=je]kk]f\Y\]
;Yj[YkkgfY
œHdY„Y\]d<aYeYfl
9l]
œLYdd]j\][gf^][%
[aŽfNY[YE][~fa[Y
:Y\YdgfY
œ;YfJaZŽ
Lgjafg
œHdYrY9amgdY
<gfYl]ddg
:Yj[]dgfY
œHdYrYGk[Y
=p[dmkaŽf\]
_jmhgk\]
Afea_jYfl]k
:Y\YdgfY
œHdYrY9flgfag
EY[`Y\g
œE]\aY[aŽf
œKYfJgim]
:Yj[]dgfY
œ=d;Yehaddg\]dY
Naj_]f
Lgjafg
œHYjim]H]dd]jafY
œHgjlYHYdYrrg
-+
:Y\YdgfY
œHaklYhgda\]hgjlanY
œ;YkYdBŽn]f]k
KYflg;jaklg
:A:DAG?J9>á9
:gjbY$B&DY[am\Y\[gfimaklY\Y$9daYfrY=fkYqg&EY\ja\$*((+&
<Yna\$E&$;gfljgdMjZYfg&DY=[gdg_‰Y\]dEa]\g$Najmk&:Yj[]dgfY$*(()&
>]jf~f\]r$9&$<]K[`add]jK&Na]flg]f=khY[agkMjZYfgk&:m]fgk9aj]k2KA;qL%>9<M
M:9$)11+&
?Yddghaf$?&$Kgkl]faZada\Y\q<]kYjjgddgKgkl]faZd]$mf]f^gim]kakl…ea[g&KYflaY_g$
;]hYd&K]ja]E]\ag9eZa]fl]q<]kYjjgddgF³.,$*((+&=f`llh2''ooo&][dY[&
[d'[_a%Zaf'_]lHjg\&Ykh7ped5'hmZda[Y[agf]k'ped'.'),*-.'H),*-.&pedpkd5'
\eYY`'lhd'h1^&pkdZYk]5']kYd['lhd'lgh%Zgllge&pkdl
@Yjn]q$<&$=khY[agk\]]kh]jYfrY$=\a[agf]k9cYd&EY\ja\$*((+&
DY`gkY$ B& E&$ =khYa mjZ~ a k]_mj]lYl& MfY YhjgpaeY[aŽ \]k \] dÌ=fim]klY \]
Na[laearY[aŽ \] :Yj[]dgfY$ GZk]jnYlgja :Yj[]dgfY2 J]naklY :Yj[]dgfY'
Kg[a]\Y\f³))&9qmflYea]flg\]:Yj[]dgfY$*((,&
Gj\]fYfrY\]e]\a\YkhYjY^ge]flYjq_YjYflarYjdY[gfnan]f[aY[am\Y\YfY]f]d
]khY[agh“Zda[g\]:Yj[]dgfY&9qmflYea]flg\]:Yj[]dgfY$*((.&
Hgd†k]$ E& q Kl]jf$ J&$ Mf\]jklYf_af_ l`] F]o Kg[ag[mdlmjYd <qfYea[k g^ ;ala]k2
[gehYjYlan] mjZYf hgda[q af Y _dgZYd [gfl]pl& =f Hgd†k]$ E& q Kl]jf$ J& L`]
kg[aYdkmklYafYZadalqg^[ala]k&Mfan]jkalqg^LgjgflgHj]kk&hh+Ç+0&Lgjgflg$
*(((&
JgbYk$=&$Jg\j‰_m]rNaddY]k[mkY$=&qO]_]daf$=& [gdYZgjY\gj]k!$Ngdn]jYd[]fljg&DY
j][mh]jY[aŽf\]~j]YkmjZYfYk[]fljYd]k$=\algjaYd9d^Yge]_Y$?jmhg=\algj&
:Yf[gAfl]jYe]ja[Yfg\]<]kYjjgddg$:A<$E…pa[g$*((,&
Jge]jg EgjY_Yk$ ;&$ ;am\Y\$ ;mdlmjY q Lmjakeg2 ;Yda\Y\ q 9ml]fla[a\Y\& =f A9H@&
:gd]l‰f\]dAfklalmlg9f\Ydmr\]dHYljaegfag@aklŽja[g&<gkka]j2Lmjakeg]f
;am\Y\]k@aklŽja[Yk&F³+.$K]naddY$hh&)((%)(1$*(()&
K]_gnaY$G&qGna]\g$=&=khY[agkh“Zda[gk]fdY[am\Y\q]dZYjjag&=fK]_gnaY$G&3
<Yk[Yd$?& ]\algj]k!&=khY[agh“Zda[g$hYjla[ahY[aŽfq[am\Y\Yf‰Y&;gd][[aŽf
=klm\agkKg[aYd]k$=\a[agf]kKmj&KYflaY_g\];`ad]$*(((&
NYf\]jk[`m]j]f$ >&$ Dmf][c]$ 9&$ EYj[mk$ E& q :m^^Yl$ B& H&$ Hgd‰la[Yk \] K]_mja\Y\
;am\Y\YfY ]f =mjghY q 9e…ja[Y DYlafY& Mfan]jka\Y\ 9dZ]jlg @mjlY\g$
<anakaŽf\]K]_mja\Y\;am\Y\YfY&KYflaY_g\];`ad]$*((,&
NYjagkYmlgj]k&DY;am\Y\q]dEa]\g$NAA;gdgimag\]?]g_jY^‰YMjZYfY&Mfan]jka\Y\
\]?ajgfY&?ajgfY$=khYY$*((-&
-,
+
;9HALMDG
·AFL=JN=FAJ=D=KH9;AGMJ:9FG
H9J9E9F=B9JDGK;GF>DA;LGK
KG;A9D=KQHJ=N=FAJ=D<=DALG7
=dcafN]d~kim]rE&
Afn]kla_Y\gjœ;A<K%;]fljg\]Afn]kla_Y[agf]kkgZj]
<af~ea[YKg[aYdœMfan]jka\Y\=pl]jfY\g\];gdgeZaY
--
+
-.
DY_gZ]jfYfrYmjZYfY`Y]fljY\gY^gjeYjhYjl]\]dd]f_mYb]\]dgk[a]fl‰Õ[gkq
\]dgkj]khgfkYZd]k\]dY[am\Y\&MfYhjae]jYYhjgpaeY[aŽf\]dl…jeafgafkaf“YdY
a\]Y\][gfka\]jYjdY[gegafn]jkYe]fl]hjghgj[agfYdYdY[gfÖa[lana\Y\mjZYfY&
9\]e~k$]fZm]fYhYjl]$dYk[gfÖa[lana\Y\]kmjZYfYkk][gfkljmq]f]f]d]khY[ag
h“Zda[g$]f]d]khY[ag\]dg[gd][lang$]fdY[am\Y\$im][gaf[a\]]fem[`g[gf]d
]flgjfg\]dYaf^jY]kljm[lmjYmjZYfY ljYfkhgjl]$hYjim]k$]\aÕ[agkh“Zda[gk$]l[&!&
Ka dg Yfl]jagj ]k [a]jlg$ [gfkljmaj _gZ]jfYfrY mjZYfY q eYf]bYj dYk [gfÖa[lana\Y%
\]kkg[aYd]k]fdY[am\Y\lYeZa…fhYkYhgjafl]jn]fajYhjghaY\Ye]fl]]d]khY[ag
h“Zda[g$kadYe]lY]ke~kYhjghaY[aŽf\]…dhgjdgkY[lgj]kkg[aYd]kq\][gfk]_maj
mfYeYqgj[g`]kaŽfkg[aYd&
=fmfYZ“kim]\Yafa[aYd\]\a~dg_g]flj]\a[`YkYhjgpaeY[agf]k$YhYjlaj\]Yd_mfYk
]ph]ja]f[aYk \] [am\Y\]k Yf\afYk ]kl] \g[me]flg hjghgf] mfY \ak[mkaŽf kgZj]
dYk[gfÖa[lana\Y\]k]fdY[am\Y\qkgZj]dYkafl]jn]f[agf]k]f]d]khY[agh“Zda[gq
]d]flgjfgmjZYfgim]`Yfa\gljYkkmYhjghaY[aŽf[am\Y\YfYq]de]bgjYea]flg\]
dYk[gf\a[agf]k\]k]_mja\Y\[am\Y\YfYq[gfnan]f[aY$[gfdg_jgkqhjgZd]eYkY“f
hgj ]nYdmYj \] eYf]jY \]ÕfalanY& Hgkl]jagje]fl] YZgj\Y ]d l]eY \] dY afl]jn]f%
[aŽf]f]d]khY[agh“Zda[gkgZj]dYZYk]\]dY]ph]ja]f[aY[gdgeZaYfY&
+&) <=D9;GF>DA;LANA<9<KG;A9D=FD9;AM<9<
:j]n]afljg\m[[aŽfYd[gf[]hlg\][gfÖa[lgkg[aYd
=d [gf[]hlg \] [gfÖa[lg kg[aYd$ [mYdima]jY k]Y km fYlmjYd]rY$ ljY\a[agfYde]fl]
hgk]] mfY [gffglY[aŽf f]_YlanY g hYlgdŽ_a[Y K[`]ddaf_$ )1.(!& =k [gfka\]jY\g
Ëaf\]k]YZd]Ì g ]phj]kaŽf \] dg ËYfŽea[gÌ$ ]f l…jeafgk ^mf[agfYd]k& Kaf ]eZYj_g$
e“dlahd]kj]Ö]pagf]kl]Žja[Yk]afn]kla_Y[agf]k]f[a]f[aYkkg[aYd]k`YfegkljY\g
im]]kmf]d]e]flgkaf]imYfgf\]dYk\af~ea[Ykkg[aYd]k$af`]j]fl]YdY]kljm[lm%
jY[aŽf\]dYkkg[a]\Y\]kqYd_mfYkn][]k“ladhYjYkmZm]f^mf[agfYea]flg ;gk]j$
)1-.3>j]mf\$)10+!&HgjgljYhYjl]$Yk‰[geghm]\]k]j\]kljm[lgj$gljYkn][]k]k
[gfkljm[lang <]mlk[`$)11,!&Kaf\]bYj\]dY\g]dafl]j…k]fdgk]^][lgkgdYk[gffg%
lY[agf]k\]d[gfÖa[lg]fl…jeafgk\]\Ygk$\ak^mf[agf]kgh]jbma[agk$]d[gfÖa[lg
\]Z]k]jYZgj\Y\g[geghYjl]]kljm[lmjYd$\af~ea[Y]afl]_jYfl]\]dYgj_YfarY%
[aŽfkg[aYd&
DYk[a]f[aYkkg[aYd]k^g[YdarYf]d[gfÖa[lgkg[aYd]fl…jeafgk\]dhYh]dim]bm]_Y
]f Ykh][lgk [geg dY ^gjeY[aŽf \] [dYk]k kg[aYd]k$ dY ]kljm[lmjY[aŽf kg[ag%]khY%
[aYd$dYgj_YfarY[aŽfkg[aYd$]dj…_ae]fhgd‰la[ggdY]kljm[lmjY[aŽf][gfŽea[Y&Q]f
lgjfgYd[gfÖa[lgk]afl]j]kYf]fkmk\a^]j]fl]k\ae]fkagf]kq]k[YdYk$\]k\]dY
dg[Yd`YklYdYafl]jfY[agfYd$]fdYk^m]jrYk]f[gfÖa[lgqdgk^Y[lgj]kim][gfljaZm%
-/
q]fYdeakeg$q]fdY]ngdm[aŽf\]dlg\gq\]kmkhYjl]k&=f]dYZgj\Yb]\]d[gfÖa[lg
kg[aYd$mfY\]dYk\ae]fkagf]kim]e~kafl]j…k\]kha]jlYkgfdYkeYfa^]klY[agf]k
\]nagd]f[aY&
Afl]j]kYj~lYeZa…fdg[gf[]jfa]fl]YdYkj]khm]klYkim][gfl]plgkkg[ag[mdlmjYd]k
\an]jkgk\YfYdYk\a^]j]fl]k^gjeYk\][gfÖa[lgkg[aYd&Hgj]ddg]pakl]ffme]jgkgk
ljYZYbgkkgZj]^gjeYk\]eYf]bYj]d[gfÖa[lglYd]k[gegdYe]\aY[aŽf$dYj]kgdm%
[aŽfl]ehjYfYqdYf]_g[aY[aŽf&A_mYde]fl]kmj_aj~]dafl]j…khgjdYemdlahda[a\Y\
\][gfÖa[lgk2YeZa]flYd]k$\]d~eZalghjanY\g$da_Y\gkYd[YhalYdakeg$Ydgj\]fY%
ea]flgl]jjalgjaYd$YdYhjg\m[[aŽf\]]khY[ag$YdY_]klaŽf\]dgkl]jjalgjagk$]l[&
J]^]jajk]Yd[gfÖa[lgkg[aYd]k`YZdYj\]mfYkh][lg[]fljYd$Yehdagq[gehd]bg\]
dYgj_YfarY[aŽfkg[aYdqh]jeal]e“dlahd]kn]flYfYk\]]fljY\Y$fgkŽdg\]k\]mfY
lahgdg_‰Y\][gfÖa[lgkkafg\]k\]dYYhj]`]fkaŽf\]kmk\a^]j]fl]kYkh][lgk[gf
\a^]j]fl]kZYk]k\ak[ahdafYjaYk&=kl]\g[me]flgYZgj\Yj~Yd_mfgk\]]klgkYkh][%
lgk$kgZj]lg\gdgkda_Y\gkYdl]jjalgjagqYdY[am\Y\$qim]hm]\]f]klYjj]dY[agfY%
\gk[gfdgkl]eYk\]dY_gZ]jfYfrY\]dYk]_mja\Y\[am\Y\YfY&
;am\Y\q[gfÖa[lg
;am\Y\q[gfÖa[lgnYf\]dYeYfg&;geg\a[]Ka_fYj]dda )111!$dYk[am\Y\]k]kl~f
d]bgk\]k]jÉkakl]eYk]imadaZjY\gk\]j]dY[agf]k`meYfYkafl]_jY\Ykqk]j]fYk2Yd
[gfljYjag$dYk[am\Y\]k`Yfka\gka]ehj]]dhmflg\]e~paeYl]fkaŽf\]lg\gkak%
l]eYkg[aYd$Y[YmkY\]dYeYj[Y\Y\]Õfa[aŽf\]dljYZYbgim]dYk[YjY[l]jarY$\]dY
afl]j\]h]f\]f[aY\]dYk^mf[agf]kq\]dYflY_gfakeg\]dgkafl]j]k]kim]\]]ddYk
\]janYfÊ&
Dg[a]jlg]kim]$[gfhg[Yk]p[]h[agf]k$dY[am\Y\la]f\]Yk]j]nYdmY\Y[Ykaka]e%
hj]\]eYf]jYf]_YlanYhgjdY_jYf[Yfla\Y\\]hjgZd]eYkim]YdZ]j_Y2\]k\]dYk
\aÕ[mdlY\]k\]kmkkakl]eYk^mf[agfYd]khjghagk egnada\Y\$Ömbgk\]af^gjeY[aŽf$
]l[&!$ hYkYf\g hgj dYk \aÕ[mdlY\]k ]f dY hjgnakaŽf \] Za]f]k q k]jna[agk h“Zda[gk
kYdm\$ ]\m[Y[aŽf$ nana]f\Y$ k]jna[agk h“Zda[gk \gea[adaYjagk! q dgk YeZa]flYd]k$
`YklYdd]_YjYYim]ddgkj]dY[agfY\gk[gfdY[gfnan]f[aYqdYafk]_mja\Y\&
9lg\gdgYfl]jagj$`Yqim]kmeYjmfY[gfÖa[lana\Y\kg[aYdaf`]j]fl]YdYgj_Yfa%
rY[aŽfkg[aYd$[gegqY\abaegk$im]]fdY[am\Y\Yd[YfrYfan]d]kafkgkh][`Y\gk]f
[Yfla\Y\$\an]jka\Y\q[gehd]ba\Y\qim]afÖmq]]fdgkhjgZd]eYke]f[agfY\gk&
Dgkhka[Ždg_gklYeZa…fe]f[agfYf]d]klj…kYkg[aY\gYmfY[]d]jY\gjaleg\]na\Y$
dY \]hj]kaŽf$ ]d YakdYea]flg q dY h…j\a\Y \] a\]fla\Y\ [geg [gehda[Y[agf]k hjg%
haYk\]dYna\Y[alY\afY&Lg\g]klg[gfklalmq]dgim]Yd_mfgkYmlgj]k\]fgeafYf
ÉhYlgdg_‰Ykg[aYdmjZYfYÊ&
HYjY?gg\q )100$[alY\g]fKa_fYj]dda$)111!$dY[am\Y\fmf[Y]ka_mYdhYjYlg\gk Yk!
kmk`YZalYfl]k&Hgj]ddg$dY[gfÖa[lana\Y\kg[aYd]kkmk[]hlaZd]\]Ykae]lj‰Ykq`]l]%
-0
jg_]f]a\Y\]k&=ke~k$]fdY[am\Y\Y[lmYddYkghgjlmfa\Y\]k\]mfgk Yk!hm]\]f
ka_faÕ[YjdYk[gfÖa[lana\Y\]k\]gljgk Yk!&HYjY:gjbY *((+!$dYj]dY[aŽf]flj][gf%
Öa[lg q [am\Y\ ]k [dYjY q hYjY YZgj\YjdY j]lgeYj~ lj]k _jYf\]k d‰f]Yk \] Yf~da%
kak \] dY fm]nY j]Yda\Y\ mjZYfY2 dY ^jY_e]flY[aŽf ]khY[aYd$ dY \]k]kljm[lmjY[aŽf
kg[aYdq]d\]ZadalYea]flg\]dhYh]d\]d=klY\g&DYk[alYkka_ma]fl]k]phgf]f\a[`gk
hdYfl]Yea]flgk2
Lj]k d‰f]Yk \] Yf~dakak \] dYk fm]nYk j]Yda\Y\]k mjZYfYk k]_“f :gjbY
*((+!
É À! fg `Yq mfY [am\Y\ Ë]e]j_]fl]Ì \a^mkY q \ak[gflafmY [geg “fa[Y j]Yda\Y\&
K‰ im] `Yq mfY l]f\]f[aY Y dY ^jY_e]flY[aŽf \]d l]jjalgjag$ [gf rgfYk emq
Yjla[mdY\YkqgljYkeYj_afY\Yk$[gf~j]Yk\]fkYkqhgdanYd]fl]kqgljYk\]ZYbY
\]fka\Y\ q YdlY `geg_]f]a\Y\$ [gf dm_Yj]k ^m]jl]k q gljgk \…Zad]k& =k \][aj$
dY [am\Y\%j]_aŽf mjZYfY ]k emq [gehd]bY q ]kl~ kge]la\Y$ [geg qY k] \abg$ Y
\af~ea[Yk [gfljY\a[lgjaYk& DY j]nYdgjarY[aŽf \] dY [am\Y\ Ë\]fkYÌ$ \]d e]\ag
YeZa]fl]mjZYfg$\]dYeaplmjYkg[aYdq^mf[agfYd$\]dYafl]j[mdlmjYda\Y\ À!]k
dYgljY[YjY\]dY[am\Y\\akh]jkYqk]_e]flY\Y&
ÉLYehg[g nYd] dY [gf^mkaŽf ]flj] dYk emq j]Yd]k \af~ea[Yk \] k]_j]_Y[aŽf
kg[aYd]f]d]khY[ag$\]\]k]kljm[lmjY[aŽf\]j]dY[agf]kkg[aYd]k[gfkljma\Yk]f
dY[am\Y\eg\]jfY$[gfdYl]kak\]dYaf]nalYZd]\mYdarY[aŽf\]dY[am\Y\=mjghY
qe~kY“f]f=klY\gkMfa\gkq9e…ja[YDYlafY\]mfYme]flg\]dY\]ka_mYd\Y\
kg[aYd$mf]ehgZj][aea]flg\]hYjl]\]dgkk][lgj]ke]\agkqmfYme]flg\]dgk
_jmhgk\]e~kYdlgkqe~kZYbgkaf_j]kgk À!&
ÉQhgj“dlaeg$kgZj]]d\]ZadalYea]flg\]dYafl]jn]f[aŽf\]d=klY\g$fgkhYj][]
im] fg \]Z] ]fl]f\]jk] [geg mf YZYf\gfg \] dY [am\Y\ Yd daZj] e]j[Y\g kaf
e~k& =k [a]jlg im] dY l]f\]f[aY \geafYfl] ]f em[`gk [Ykgk ]k aehmdkYj ËdY
[am\Y\\]dgkhjgeglgj]kÌqim]dY[ggh]jY[aŽfËh“Zda[g%hjanY\YÌ`Yk]jna\g]f
\]eYkaY\Yk g[Ykagf]k hYjY ^Yngj][]j afl]j]k]k e~k hjanY\gk im] h“Zda[gk& =d
\]ZadalYea]flg\]d=klY\gla]f]kaf]eZYj_geYfa^]klY[agf]k\an]jkYk&HgjmfY
hYjl]]dhdYf]Yea]flgljY\a[agfYd$e~kfgjeYlangh]jge]fgkgh]jYlang$`Yka\g
kmklalma\gYn][]khgj]ddYpakeg$Ymfim]]fgljYkg[Ykagf]kk]`Yf]f[gfljY\g
^ŽjemdYk afl]j]kYfl]k Ymfim] Y“f hg[g \]kYjjgddY\Yk$ [geg ]d hdYf]Yea]flg
]kljYl…_a[g$ ]d hdYf%hjg_jYeY%hjgq][lg$ ]l[& Hgj gljY hYjl]$ dY hjanYlarY[aŽf \]
em[`gkk]jna[agkh“Zda[gkq\]hjg_jYeYk\]nana]f\Ykg[aYdfgka]ehj]k]`Y
naf[mdY\g fa em[`g e]fgk Y [gf\a[agf]k \] j]n]jkaZada\Y\ q \] [gfljgd im]
_YjYflarYk]f km mfan]jkYda\Y\ q ]d [mehdaea]flg \] dgk gZb]langk \] afl]j…k
_]f]jYd&Dg[mYdfg]kf][]kYjaYe]fl]af`]j]fl]YdY[gf[]kaŽf\]dY_]klaŽf\]
[a]jlgkk]jna[agkghjg_jYeYkYdk][lgjhjanY\ggYdl]j[]jk][lgj&Fggdna\]egk
Y\]e~k im] hYjY ]d -( hgj [a]flg YhjgpaeY\Ye]fl] \] dY hgZdY[aŽf emf\aYd
dY nana]f\Y q dgk k]jna[agk Z~ka[gk fg dgk g^j][]f fa ]d =klY\g fa ]d e]j[Y\g
[YhalYdaklY$kafgim]kgfj]kmdlY\g\]mfhjg[]kg\]Ymlghjg\m[[aŽfÊ&
-1
DY[am\Y\YdZ]j_YmfYk]ja]\][gfljYhgka[agf]kq\aYd…[la[Yk&Hgj]b]ehdg$dYim]
]pakl][gfklYfl]e]fl]]flj]dYk]k^]jYkh“Zda[YqhjanY\Y3qYim]ddY]flj][dYk]k
kg[aYd]k \a^]j]fl]k& HYjY Ka_fYj]dda )111! dYk [am\Y\]k q dYk e]ljŽhgdak ka_m]f
ka]f\gdgk]khY[agk[gd][langk\akhgfaZd]khYjYdYk[dYk]kkmZYdl]jfYk3]k\][aj$dgk
“fa[gk\gf\]]khgkaZd]`Y[]j[aj[mdYjdYaf^gjeY[aŽfq[gfkljmajkakl]eYkkg[aY%
d]k\]j]d]nYf[aYfme…ja[Y&:gjbYnYe~kYdd~$q]phda[Yim]dYk\aYd…[la[YkmjZYfYk
k] \]kYjjgddYf hgj e]\ag \] mfY [gf^jgflY[aŽf \] nYdgj]k$ ngdmflY\]k hgd‰la[Yk$
afl]j]k]k ][gfŽea[gk q \]eYf\Yk kg[aYd]k& =ddg h]jeal] Yn]flmjYjk] Y [gfka\]%
jYjim]dY[am\Y\$hgjfYlmjYd]rY$]k]k]f[aYde]fl]\aYd…[la[Y&Q$]fdgkl…jeafgk
\]deakeg:gjbY$k]ljYlYe]fgk\]d[gfÖa[lgkg[aYdkae…lja[gq]kljm[lmjYdhjghag
\]dYkg[a]\Y\af\mkljaYd$im]\][gfljY\a[[agf]kljYfkn]jkYd]kYd[gfbmflg\]dgk
_jmhgkkg[aYd]k n]j[alYka_ma]fl]!&
<aYd…[la[YkmjZYfYkk]_“f:gjbY *((+!
ÉDYk \aYd…[la[Yk mjZYfYk k] \]kYjjgddYf Y ljYn…k \] mfY [gf^jgflY[aŽf \]
nYdgj]k$ ngdmflY\]k hgd‰la[Yk$ afl]j]k]k ][gfŽea[gk q \]eYf\Yk kg[aYd]k&
Fm]kljYk [gf[dmkagf]k k] \a^]j]f[aYf \] dYk \] gljgk Ymlgj]k [gf dgk im]
[gehYjlaegk_jYfhYjl]\]kmkYf~dakak$[geg9k[`]j$;Ykl]ddk$F]d%dg$Af\gnafY$
@Yjn]q$ ?g\Yj\$ Eal[`]dd$ ]l[& im] lYehg[g [gaf[a\]f lg\gk ]flj] ]ddgk!$ ]f
im] ]f^YlarYegk e~k$ fgk hYj][]$ dYk \ae]fkagf]k [gfljY\a[lgjaYk \] dgk
Y[lmYd]k hjg[]kgk mjZYfgk$ e]lYhgdalYfgk$ [geg \aj‰Y 9k[`]j& =k [a]jlg im]
]fem[`gk[YkgkhYj][]\geafYjdYl]f\]f[aYYdY[am\Y\\a^mkY$Yd\]kYjjgddg
mjZYfg e]\aYfl] dgk hjg\m[lgk im] k]d][[agfY ]d e]j[Y\g$ Y dY Y[]flmY[aŽf
\] dY \]ka_mYd\Y\ kg[aYd$ Yd YZYf\gfg \]d ]khY[ag h“Zda[g$ Y dY [gfn]jkaŽf
\]d[am\Y\Yfg]f[da]fl] [gehjY\gj\]Za]f]kg\]k]jna[agk! À!H]jgfgkŽdg
kYZ]egkim]l]f\]f[aYfg]k\]klafg$im]fg`YqmfY^YlYda\Y\mfa\aj][[agfYd
afeYf]fl]YdY]ngdm[aŽfkg[aYd$kafgim]Y\]e~khg\]egkgZk]jnYj]d[Yj~[l]j
[gfljY\a[lgjag gZb]lanYe]fl]$ [gfÖa[lang kmZb]lanYe]fl]$ \] dgk hjg[]kgk
mjZYfgk]f[mjkg&Fgk]ljYlYlYflg\]d[gfÖa[lgkg[aYdkae…lja[gq]kljm[lmjYd
hjghag \] dY kg[a]\Y\ af\mkljaYd$ [geg \] [gfljY\a[[agf]k ljYfkn]jkYd]k Yd
[gfbmflg \] dgk _jmhgk kg[aYd]k$ Ymfim] dgk nYdgj]k ] afl]j]k]k hm]\]f l]f]j
h]kgj]dYlanYe]fl]\aklaflg]f[Y\Ymfg\]]ddgk&
DYk hgd‰la[Yk mjZYfYk \geafYfl]k hm]\]f ^Yngj][]j dY [g`]kaŽf kg[aYd q dY
afl]_jY[aŽf[mdlmjYd$h]jgem[`Ykn][]k$hgjkm\]Zada\Y\gkmnaf[mdY[aŽfYdgk
Y_]fl]k][gfŽea[gk[YhalYdaklYkqYdgk_jmhgkkg[aYd]khjanad]_aY\gk$^Y[adalYf
dYk\af~ea[Yk\mYdarY\gjYk&=f]kl][Ykg]dl]jjalgjagYhYj][][geg]d]khY[ag\]
dYËdm[`Y\][dYk]kÌ\]dka_dgPPAÊ&
=fdY[am\Y\[gfl]ehgj~f]Y:gjbY *((+!gZk]jnYim]ÉdYkaf[]jla\meZj]kYkg%
[aY\YkYd]ehd]g$dYegnada\Y\kg[aYdgdYY[lana\Y\][gfŽea[Y$dYk\a^a[mdlY\]k
hYjYY[]hlYjq[gfnanaj[gf[gd][langkafea_jY\gk[mdlmjYde]fl]\aklaflgkqim]
]fljYf]f[geh]l]f[aYk]f]dl]jjalgjagq]dljYZYbg$dYafk]_mja\Y\À$dYk\][akag%
.(
f]khgd‰la[Ykq][gfŽea[Ykim]Y^][lYfdYna\Y\]dgk[am\Y\YfgkÀÊkgf^]fŽe]%
fgk [gf[j]lgk im] Y^][lYf$ \] eYf]jY \aklaflY Y dgk Yk! [am\Y\Yfgk Yk! \Yf\g
ha] Y [gf^da[lgk kg[aYd]k& =f lg\g [Ykg$ k] ljYlY \] mfY [gf^da[lana\Y\ mjZYfY
[gehd]bY$ [gf nakgk \] YeZanYd]f[aY& K]_“f :gjbY$ ]f dYk \]eYf\Yk hm]\]f
l]f]j]phj]kaŽfj]anaf\a[Y[agf]kkg[aYd]kd]_‰laeYk$h]jglYeZa…fY[lalm\]k[gf%
k]jnY\gjYk$\]^]fkgjYk\]hjanad]_agk&
MfY_jYfhYjl]\]dgk[gfÖa[lgk[alY\afgk]kl~‰flaeYe]fl]Ykg[aY\YYdgk[gehgj%
lYea]flgkkg[aYd]kmjZYfgk$im]la]f]fdm_Yj]fmfY[am\Y\\gf\]$k]_“f9k[`]j
*(()!Ék]emdlahda[YfdYkhgkaZada\Y\]k\]]d][[aŽf]flg\gkdgkYkh][lgk\]dYna\Y
mjZYfY$]fdYdg[YdarY[aŽf\]Y[lana\Y\]kq\]ljYZYbgk$]fdYkj]dY[agf]kh]jkgfYd]k
q]f]ddm_Yj\]j]ka\]f[aY$g[agq]fdYna\YYkg[aYlanYghgd‰la[YÊ&=klYemdlahda[Y%
[aŽf\]hgkaZada\Y\]khYjYem[`gk Yk![am\Y\Yfgk k!lYeZa…fYehdaÕ[YdYkhgkaZada%
\Y\]k\]afl]jY[[aŽf]flj]af\ana\mgkq_jmhgk]fdY[am\Y\$g[geghg\j‰Y\][ajk]$
]flj]l]jjalgjaYda\Y\]k&Qlg\g]ddgljY][gfka_gdY]n]flmYda\Y\\]mfYme]flg\]
dYkj]dY[agf]k[gfÖa[lanYk&
@YZj‰Yim]l]f]j]f[m]flYYd_mfYkj][a]fl]k^gjeYk\]afl]jY[[aŽf]flj]dgk Yk!
[am\Y\Yfgk Yk!]f]d]khY[agh“Zda[g\]dY[am\Y\$Yjla[mdY\YkYmfYk]ja]\]Ykh][%
lgk\]dYkg[a]\Y\[gfl]ehgj~f]Yqim]kgf^m]fl]\][gfÖa[lana\Y\kg[aYd2
œ
œ
œ
œ
?]f]jYdarY[aŽf \] fm]ngk e]\agk q ^gjeYk \] [gemfa[Y[aŽf q [gfkmeg$
im] la]f\]f Y [gfkgda\Yj dY Ymlgfge‰Y af\ana\mYd& 9llYda *((.! [gehd]%
e]flY]klYa\]Y[gf]dhdYfl]Yea]flg\]dgk\]kYjjgddgkl][fgdŽ_a[gkim]$]f
_]f]jYd$`YfZmk[Y\gdYYmlgfge‰Yaf\ana\mYd&Q:gjbY]k[jaZ] *((+!2ÉLg\g
]ddgdaZ]jYhgl]f[aYde]fl]Ydaf\ana\mg\]d_jmhg^YeadaYj$n][afYd$kg[aYd À!
\] mf la]ehg j‰_a\g q j]h]lalang$ h]jg Y[]fl“Y dYk \]ka_mYd\Y\]k kg[aYd]k$
l]jjalgjaYd]k]af\ana\mYd]kÊ&
;YeZagk][gfŽea[gkqkmk]^][lgkkg[aYd]kkgZj]]dljYZYbgqdY^gjeY]f
im]]kl~[gehm]klYdYhgZdY[aŽfY[lanY&=klgk`Yf[gfljaZma\gY[j]YjmfY
kg[a]\Y\af\ana\mYdarY\Yq^jY_e]flY\Y$]fdY[mYdkgffgjeYd]k^]fŽe]fgk
\]hj][YjarY[aŽfdYZgjYd3_jYf\]kÖmbgkea_jYlgjagk$[gfdgkhjgZd]eYkYhY%
j]bY\gk\]dhjg[]kg\]afea_jY[aŽfqY\YhlY[aŽf\]dYkkg[a]\Y\]kj][]hlg%
jYk\]dgkÖmbgk3\]kdg[YdarY[aŽfaf\mkljaYd$mfa\YYdYh…j\a\Y\]\af~ea[Yk
][gfŽea[Yk ]f Yd_mfgk kalagk [gfkgda\Y\gk3 emdlahda[Y[aŽf \] ^gjeYk \]
]p[dmkaŽfkg[aYd$]l[&
Eg\aÕ[Y[agf]k ]f dYk ]kljm[lmjYk kg[aYd]k ljY\a[agfYd]k [geg dY ^YeadaY&
DYk fm]nYk ^gjeYk \] gj_YfarY[aŽf ^YeadaYj ]f dY [am\Y\ %[geg dY ^YeadaY
egfghYj]flYd$ dYk hYj]bYk \]d eakeg k]pg g af[dmkg ]d `g_Yj \] mfY kgdY
h]jkgfY% ]fljYf ]f [gfÖa[lg [gf dYk ^gjeYk ljY\a[agfYd]k \] dY ^YeadaY
ZahYj]flYd&
Egnada\Y\]fdY[am\Y\[geg^m]fl]\]]klj…kq\][gfÖa[lgk]fdYna\Y[gla%
\aYfY&DY[am\Y\_dgZYd\]k[jalYhgjKYkk]f *(()!aehda[YmfY_jYf\af~ea[Y
.)
afl]jfY]fl…jeafgk\]egnada\Y\&H]jgdgkj]im]jaea]flgk\]dY[am\Y\fg
nYfka]ehj]Y[gehYkY\gk[gfdYkY\][mY[agf]k]fl…jeafgk\]af^jY]kljm[%
lmjYg\]hgd‰la[Yk\]dla]ehgim]j]_md]f$hYjY\akeafmajg`Y[]je~k^~[a%
d]k$dgk\]khdYrYea]flgk[gla\aYfgk&DYhgZdY[aŽfY[lanYla]f]mfYegnada\Y\
\an]jkaÕ[Y\Yim]_]f]jYfm]nYk\]eYf\Ykhgjdgim]]kl]^Y[lgj]k^m]fl]
\]fm]nYkk]_j]_Y[agf]kkg[aYd]k$af]ima\Y\]k$YeZa]fl]\]]klj…kq[gflY%
eafY[aŽfYkg[aY\YYdgk[geZmklaZd]k^Žkad]kim]Y“fka_m]fhjaeYf\g]f
_jYf[Yfla\Y\\]mjZ]k&
H]fkYf\g]fdY[am\Y\\]hY‰k]k\]kYjjgddY\gk$:gjbY *((+!j]kme]dYkalmY%
[aŽf \] dY ka_ma]fl] eYf]jY2 É À!]klY l]Žja[Y emdlahda[a\Y\ \] egnada\Y\]k$
\]]khY[agkq\]la]ehgk\]dY[am\Y\Yf‰Y]klYflgmf^Y[lgj\]\]eg[jYla%
rY[aŽf\]dYna\YmjZYfYhYjYmfYhYjl]\]dYhgZdY[aŽf[gegmfY[YmkY\]
fm]nYk\]ka_mYd\Y\]k&=fdYY[lmYdkg[a]\Y\mjZYfYk]]phj]kYf\]ka_mYd%
\Y\]k l]jjalgjaYd]k$ kg[aYd]k q [mdlmjYd]k im] [geZafY\Yk jgeh]f [gf ]d
ealg\]dYafl]_jY[aŽf[am\Y\YfY À!&9hYj][]mffm]nghjgd]lYjaY\gmjZYfg
`]l]jg_…f]g$ hj][YjarY\g$ eYd hY_Y\g$ ]b…j[alg \] j]k]jnY$ Y n][]k ad]_Yd
afea_jYfl]k$dgkkafhYh]d]k!$gljYkn][]k^jmkljY\g]fkmk]ph][lYlanYk dgk
bŽn]f]kË[mYdaÕ[Y\gkÌim]fghm]\]fY[[]\]jYdfan]d\]na\Y\]kmkhY\j]k!&
=fdY[am\Y\ghmd]flYdYg^]jlY\][gfkmeg]kafY[[]kaZd]Yafea_jYfl]kq
YbmZadY\gk$YbŽn]f]kqY\]kg[mhY\gk&:gdkYk\]hgZj]rYq\]afea_jY[aŽf
[g]pakl]f[gfË~j]Yk_dgZYdarY\Ykgkl]flgkYkÌÊ&
MfYh]jkh][lanY\]dY[gfÖa[lana\Y\mjZYfY]fdYk[am\Y\]k
Yf\afYk2mf[Ykg][mYlgjaYfg
Mf\Y *((,! YZgj\Y É]d jgkljg Y[lmYd \] dY [gfÖa[lana\Y\ mjZYfYÊ ]f =[mY\gj
l]fa]f\g]f[m]flY[mYljg]d]e]flgk^mf\Ye]flYd]k2
œ
œ
œ
œ
]dlahg\][gfÖa[lgk
dYj]dY[aŽf[gfdgkYflY_gfakegk_]f]jYd]k\]dYkg[a]\Y\
dYhj]k]f[aY\]Y[lgj]k[Yeh]kafg%af\‰_]fYk
]d [Yj~[l]j \] dgk kmb]lgk im] k] [gf^gjeYf Yd [Ydgj \] ]klgk [gfÖa[lgk
mjZYfgk&
;gegk]`Ynaklge~kYjjaZY$dgk[gfÖa[lgkkg[aYd]k]fdY[am\Y\hm]\]fgZ]\][]j
Y \af~ea[Yk ZYklYfl] \a^]j]fl]k& Mf\Y *((,! j][gfg[] lj]k lahgk hjaf[ahYd]k ]f
=[mY\gj&Hjae]jg$dgkÉ[gfÖa[lgkmjZYfgkdg[YdarY\gkÊ$]k\][aj$Yim]ddgkj]dY[agfY%
\gk[gfdYna\Y]fdY[am\Y\q[gf]deYf]bgdg[Yd\]\a[`Yj]Yda\Y\&K]_mf\g$dgk
[gfÖa[lgknaf[mdY\gk[gf]b]k\][gf^jgflY[aŽf_]f]jYd]k\]dYkg[a]\Y\[gegmf
lg\g$]fdgk[mYd]kdgkY[lgj]kmjZYfgk]kl~fafngdm[jY\gk&Dgkegnaea]flgkkg[aY%
d]k[Yeh]kafgkgaf\‰_]fYkla]f]fYdY[am\Y\[gegmfkalag\][gfÖm]f[aYhYjY
kmkY[[agf]k[gd][lanYkqYd_mfgkY[lgj]kmjZYfgkhYjla[ahYf\]\a[`gk]khY[agk$
[geghYjl]\]degnaea]flgkg[aYd&Q$l]j[]jg$dgk[gfÖa[lgkim]fgf][]kYjaYe]fl]
.*
la]f]fim]n]j[gfdYk[am\Y\]kg[gfdgkY[lgj]k\]dYna\YmjZYfY$hYjYdgkim]dY
[am\Y\]k]khY[ag\]eYfa^]klY[aŽfqYehdaÕ[Y[aŽf&=klg`Y[]im]gljYkj]Yda\Y\]k
qhjgZd]eYkk]nYqYf[gfnajla]f\g]fhYjl]\]dYna\Y[gla\aYfY\]dYk[am\Y\]k&
KgZj]dYj]dY[aŽf]flj]dY[gfÖa[lana\Y\mjZYfY[gfdgkYflY_gfakegk_]f]jYd]k\]
dYkg[a]\Y\$Mf\Y *((,!em]kljYim]dY[gfÖa[lana\Y\fY[agfYd]f=[mY\gjla]f]
mf h]kg aehgjlYfl] ]f dgk [gfÖa[lgk mjZYfgk lYflg ]f l…jeafgk [mYflalYlangk
[geg]fj]^]j]f[aYYdYnYja]\Y\\]afngdm[jY\gkq\]daehY[lgkgZj]dYna\Y[gla%
\aYfYmjZYfY&DgkY[lgj]kmjZYfgk af\‰_]fYk$ljYZYbY\gj]k$]klm\aYfl]k$eY]kljgk$
emb]j]k$YeZa]flYdaklYk$[jaklaYfgk$]l[&!lgeYfhYjla\g]flgjfgYdgk]b]kgYdYk
hgka[agf]k\]dYflY_gfakegkg[aYd\][Yj~[l]j_]f]jYdgfY[agfYdq$hgj]kYeakeY
n‰Y$k][gfna]jl]f]fY[lgj]kfY[agfYd]k&
DYkhgdYjarY[agf]k$dgk[gfÖa[lgkqdYk_jYf\]k\ak[mkagf]k\]dhY‰k]feYl]jaYhgd‰%
la[Y$][gfŽea[Ygkg[aYdeg\aÕ[YfdY[gfÖa[lana\Y\mjZYfY$[gegaf\a[YMf\Y2ÉY
lYdhmflg]kdY[]fljYda\Y\\]]klgk]b]k\][gfÖa[lg$im]af[dmkgdYkl]e~la[Yke~k
ËljY\a[agfYd]kÌgËdg[Yd]kÌ k]jna[agk$hgj]b]ehdg!k]n]fYljYn]kY\Ykqj][gfklalma%
\Ykhgj]ddgkÊ&
KgZj]dYhj]k]f[aY\]Y[lgj]k[Yeh]kafg%af\‰_]fYk]fdYl]fkaŽfeYfaÕ]klY]fdY
mjZ]$]kf][]kYjag[gfklYlYjdYj]dY[aŽf$g]dnYkg[gf\m[lgj$]flj]dY[gfÖa[lana\Y\
mjZYfYqdgk[gfÖa[lgk]fdYkrgfYkjmjYd]k)3im]hgf]\]eYfaÕ]klg]d`][`g\]
im]dYk\af~ea[Ykq[gfÖa[lana\Y\]kmjZYfYkka_m]f$\]mfYmgljY^gjeY$]fj]dY%
[aŽfYn][]k\aj][lY[gfYim]ddYk\]demf\gjmjYd&
<a[`g\]gljYeYf]jY$hYjY]fl]f\]jYd_mfYk[gfÖa[lana\Y\]k]fdY[am\Y\em[`Yk
n][]k`Yqim]gja]flYj]dYf~dakak`Y[aY]demf\gjmjYd$[Yeh]kafggaf\‰_]fY&Ka$
hgjmfdY\g$]klYh]jkh][lanY\]dY[gfÖa[lana\Y\]fdYmjZ]la]f]\aÕ[mdlY\]kfYlm%
jYd]k hYjY ]d eYf]bg \] [gfÖa[lgk mjZYfgk$ \Y\Y dY [geh]l]f[aY [aj[mfk[jalY \]
dYkYmlgja\Y\]kmjZYfYkYdl]jjalgjagafl]jfg\]dY[am\Y\$hgjgljYhYjl]h]jeal]dY
[gfkgda\Y[aŽf\]dkmb]lgfY[agfYdgkmhjYl]jjalgjaYd$e~kYdd~\]dYÉ[am\Y\YemjY%
ddY\YÊqh]jeal]dY[gfkgda\Y[aŽf\]mfYmfa\Y\hgd‰la[Y]flj]mjZYfgk k!qjmjYd]k&
HYjYMf\Y *((,!$É[mYf\gdY[am\Y\k][gfna]jl]]f]k[]fYjag\]dYY[[aŽf\]Y[lg%
j]k q kmb]lgk fg mjZYfgk$ k] nm]dn] e~k ^Y[laZd] ]d Y[]j[Yea]flg ]khajalmYd ]flj]
dgkY[lgj]kgja_afYjagk\]dY[am\Y\qYim]ddgkgljgkim]lgeYfdY[am\Y\[gegmf
]k[]fYjag \] kmk Y[[agf]k2 dY []j[Yf‰Y ^‰ka[Y Y[]j[Y lYeZa…f dYk afima]lm\]k q dYk
hjghm]klYk$qhm]\]fhjg\m[ajk]Y[]j[Yea]flgk\]kmkj]kh][lanYk]kh]jYfrYk À!Ê
KgZj]]d[Yj~[l]j\]dgkkmb]lgk[gf^gjeY\gkYd[Ydgj\]]klgk[gfÖa[lgkmjZYfgk$Mf\Y
*((,!j][gfg[]lj]klahgk\]Y[lgj]kim][gfkljmq]fl]jjalgjaYda\Y\]k\a^]j]fl]k2
)
J]nakl]]klgeYqgjafl]j…kYdj][gj\Yjim]mfY\]dYk\]Õfa[agf]k\]dgmjZYfgk]\]kYjjgddY]f
[gfljYhgka[aŽf\]dgjmjYd&
.+
œ
œ
œ
Mf hjae]j _jmhg ]f lgjfg Y [gfÖa[lgk dg[Yd]k$ [gf Y[[agf]k dg[YdarY\Yk q
`gjargfl]kdaealY\gkYkmk]khY[agkafe]\aYlgk\]Y[lmY[aŽfq\]\]eYf\Y&
=f_]f]jYd$fgkgZj]hYkYfdgkeYj[gk]klYZd][a\gk\][gf\m[lYkg[aYdqk]
\]k]fnm]dn]f\]fljg\]dgh]jeala\ggdgaf\m[a\g3kmk^gjeYk\][gfl]klY%
[aŽfgdY[j]Ylana\Y\kg[aYd$[gfhg[Yk]p[]h[agf]k$]kl~f[aj[mfk[jalYkYdg
]klja[lYe]fl]f][]kYjag&9d_mfgkhm]\]fnaf[mdYjk]YdYkY[[agf]k[gd][la%
nYk_]f]jYd]k\]dgk]b]k[]fljYd]k\][gfÖa[lana\Y\fY[agfYd$[geghYjl]\]
dYkegnadarY[agf]khghmdYj]kYehdaYk&
Mf k]_mf\g _jmhg la]f] mfY j]^]j]f[aY fY[agfYd g _]f]jYd& Kgf _jmhgk
h]im]gk^g[YdarY\gk$hgj]b]ehdg$]fhjgl]klYk[gfljY\]dYGE;g]d9d[Y$
Yk‰[gegY^Yngj\][YmkYkYeZa]flYd]k&Em[`Ykn][]kljYZYbYf\]k\]mfY
_]f]jYda\Y\ a\]gdŽ_a[Y$ fg f][]kYjaYe]fl] Yjla[mdY\Y [gf f][]ka\Y\]k q
YkhajY[agf]kafe]\aYlYk\]dYna\Y[gla\aYfY&
=f]dl]j[]j_jmhg]kl~fYim]ddgkY[lgj]kim]Ykme]f\gZd]kj]^]j]f[aYk2dg
dg[YdqdgfY[agfYd$dghYjla[mdYjqdg_]f]jYd$dY][gfge‰YqdYhgd‰la[Y&=klgk
Y[lgj]k [gf\m[]f Y[[agf]k j]dY[agfY\Yk [gf \]eYf\Yk hYjla[mdYj]k3 h]jg
Yjla[mdY\YkYkalmY[agf]kq[gf\a[agf]k_]f]jYd]kim]Y^][lYfYmfYeYqg%
j‰Y&=fdYrYfdgk[gfÖa[lgkhYjla[mdYj]k[gfdgk[]fljYd]k&=f=[mY\gj$k]_“f
Mf\Y *((,!$Éna]f]f\]k\]Y^m]jY\]dYk[am\Y\]k2k]ljYlY\]degnaea]flg
af\‰_]fYim] À!k][gfna]jl]]fhmflg\]j]^]j]f[aY$]fafnalY[aŽfYdY[j]Y%
lana\Y\qYdYYmlgfge‰YhYjYdgkY[lgj]kmjZYfgk$im]]f]klgkege]flgkk]
hj]k]flYfe~kZa]f\akh]jkgkqYakdY\gkÊ&
DYd][lmjY\]d[gfÖa[lgkg[aYd\]k\]dYh]jkh][lanYl]jjalgjaYd
=d Yf~dakak \]d [gfÖa[lg kg[aYd l]jjalgjaYde]fl] dg[YdarY\g ]kl~ ‰flaeYe]fl] j]dY%
[agfY\g[gfdYfg[aŽf\]hjgpaea\Y\*&9fYdarYjdgk[gfÖa[lgk\]k\]]k]~f_mdgh]j%
eal]mZa[YjdY\ae]fkaŽf_]g_j~Õ[Y]f]d[]fljg\]dYj]Ö]paŽf&
<]k\] mfY h]jkh][lanY kakl…ea[Y$ mf [gfÖa[lg fg YhYj][] hgj mfY “fa[Y [YmkY&
K]_“f Egfjgq >gmjfa]j )11/!$ ]f _]f]jYd ]pakl] k‰ mf ]n]flg \]k]f[Y\]fYfl]
im]afl]jna]f]]fmfege]flg]f]d[mYd`Yqmfkakl]eY]f[m]klagfYea]flgqmf
kakl]eY]e]j_a]f\g&Ka]klg]k[a]jlg$[gfg[]j]d^]fŽe]fg\]k]f[Y\]fYfl]hm]\]
dd]nYjY\]k[mZjajdYk[YmkYk\]d[gfÖa[lg&HgjgljYhYjl]$mf[a]jlglahg\]]n]flg
fgf][]kYjaYe]fl]nYY\]k]f[Y\]fYjkakl]e~la[Ye]fl]mf[gfÖa[lg$fa]deakeg
lahg\][gfÖa[lg&Km]^][lg\]h]f\]\]ddm_Yjq\]dafklYfl]&=fl…jeafgkl]jjalgjaY%
d]k$]klgka_faÕ[Yim]]d]klY\ghj]nag\]mfkakl]eYaf[a\]]fdY]e]j_]f[aYgfg
\]deakeg&=fl]f\]jmf[gfÖa[lgaehda[YdY[gehj]fkaŽf\]d]klY\g\]dkakl]eY]f
im]YhYj][]g$[geghdYfl]YfD][gmjl&:Ym\]dd] *((,!$dgkYljaZmlgk\]dkakl]eY
im]YdZ]j_Y\a[`g[gfÖa[lg]fmfl]jjalgjag&
*
Hjgpaea\Y\ka_faÕ[Yn][af\Y\]f]d]khY[ag&
.,
Dgk ]n]flgk ]khY[aYd]k+ hm]\]f ]klYj ]f ]d gja_]f \] mfY l]fkaŽf q dY [Yl]_gj‰Y
j]kmdlY YhjghaY\Y hYjY YfYdarYj dgk \]l]jeafYfl]k l]jjalgjaYd]k \] mf [gfÖa[lg
kg[aYddg[YdarY\g&=d]n]flg]khY[aYdkmj_]]fmfl]jjalgjag\]daealY\g]afljg\m[]
mffm]ng]d]e]flg$im]eg\aÕ[YdYgj_Yfa%
rY[aŽfq]d]imadaZjag\]dkakl]eYl]jjalgjaYd&
Hm]\] k]j mf hjgq][lg ]kh][‰Õ[g$ mf aeY%
_afYjag$ mf \ak[mjkg$ dY Y[[aŽf \] mf Y[lgj
]kh][‰Õ[g$ mf [YeZag ]f Yd_mfY nYjaYZd]
][gfŽea[Y g kg[aYd$ g dY ]ngdm[aŽf \] mf
hjg[]kg kg[ag%[mdlmjYd& Q k]j~ dY hjgpaea%
\Y\YY[lgj]k]kh][‰Õ[gk\]dkakl]eYdYim]
\]l]jeafYj~$ ]f em[`gk [Ykgk$ ]d \]k]f[Y%
\]fYea]flg\]d[gfÖa[lg&
·;Žeg afÖm]f[aY ]d kakl]eY l]jjalgjaYd ]d
\]kYjjgddg\]mf[gfÖa[lg7K]_“fD][gmjl
:Ym\]dd] *((,!dYYhYja[aŽf\]mf[gfÖa[lgq
kmafl]fka\Y\\]h]f\]f\]dYkhjgha]\Y\]k
l]jjalgjaYd]k \]d kakl]eY ]f ]d im] k] \]kY%
jjgddY&=f[gfÖa[lgkkg[aYd]k\]mfl]jjalgjag
\]l]jeafY\g$ im] ]f^j]flYf mfY [gemfa%
\Y\^j]fl]Y^]fŽe]fgk]pl]jagj]k$]khgka%
Zd]\]l]jeafYjdY[YhY[a\Y\\]afngdm[jYea]flgg\]j]Y[[aŽf\]mfY[gemfa\Y\
]f^mf[aŽf\][mYljgaf\a[Y\gj]k2j]\]k\]kg[aYdarY[aŽf$h]jÕdkg[ag%][gfŽea[g\]
dgk Yk!`YZalYfl]k$YhjghaY[aŽfl]jjalgjaYd]a\]fla\Y\[mdlmjYd&
MfY[Yl]_gjarY[aŽf\][gfÖa[lgk]f]dl]jjalgjag
=f ]d l]jjalgjag q ]f ]d ]khY[ag h“Zda[g dgk [gfÖa[lgk kg[aYd]k hm]\]f j]khgf\]j
Y \a^]j]fl]k jYrgf]k q \af~ea[Yk& 9 hYjlaj \] mfY k‰fl]kak \] dgk ljYZYbgk \] dY
>mf\Y[aŽf :m]f ?gZa]jfg q dY =k[m]dY Kmh]jagj \] 9\eafakljY[aŽf H“Zda[Y =kYh
*((,!$[geg\]dKakl]eYMfaÕ[Y\g\]Af^gjeY[aŽf]fNagd]f[aYq<]daf[m]f[aY\]
dY KmZk][j]lYjaY \] ?gZa]jfg \] :g_gl~ KMAN< *((/! mfY [dYkaÕ[Y[aŽf \] [Yj~[%
l]jgh]jYlanghYjYa\]flaÕ[Yjdgk[gfÖa[lgk]f]dl]jjalgjagq]f]d]khY[agh“Zda[g
hm]\]af[dmajdYkka_ma]fl]k[Yl]_gj‰Yk2
)&
+
;gfÖa[lgk]fdYkj]dY[agf]kafljY]klYlYd]k2Zm]fYhYjl]\]dgk[gfÖa[lgk]f
dY[am\Y\kmj_]]f ]d ~eZalg\] dYkeakeYkafklalm[agf]k&=f_]f]jYd$YhY%
j][]fhgj[`gim]k]flj]fan]d]kgY_]f[aYk\]d_gZa]jfg3hgj[gdakagf]k\]
[geh]l]f[aYk]flj]hg\]j]k$k][lgj]kqY_]f[aYk]klYlYd]kqhgjdYYhda[Y%
[aŽf\]afkljme]flgk\]afl]jn]f[aŽf[gegdgkY[lgj]kbm\a[aYd]k$dYhdYf]Y%
[aŽfqdYYka_fY[aŽf\]j][mjkgk&
Mf]n]flg]khY[aYd]kmfYh]jlmjZY[aŽf\]dYgj_YfarY[aŽf\]mfkakl]eYl]jjalgjaYd =H==K$*(((!&
Mfkakl]eYl]jjalgjaYd$Ykmn]raf[dmq]afhmlk$gmlhmlk$gZb]langkqmfYk]ja]\]hjg[]kgk&
.-
*&
+&
,&
,
;gfÖa[lgk ]f dYk j]dY[agf]k =klY\g%kg[a]\Y\2 ]e]j_]f ]f dY afl]jY[[aŽf
]flj][am\Y\Yfgk Yk!qgj_YfarY[agf]kkg[aYd]k[gfdYafklalm[agfYda\Y\]klY%
lYd&=klY]kmfYj]Yda\Y\\]kmqg[gfÖa[lanY$hm]kka]ehj]`YqmfYkalmY[aŽf
\]j][dYegqhj]kaŽf\]k\]dYkg[a]\Y\kgZj]]d=klY\g&DYeY_falm\$na_]f%
[aYqlahg\][gfÖa[lgk_]f]jY\gk]f]deYj[g=klY\g%kg[a]\Y\$]kl~fj]dY%
[agfY\gk[gfdY[YhY[a\Y\im]l]f_Y]d=klY\g\]_YjYflarYjdgk\]j][`gk
im]g^j][]Ylg\gk Yk!dgk Yk!afl]_jYfl]k\]dYkg[a]\Y\qYdY[YhY[a\Y\\]
af[dmajafl]j]k]k]kh][‰Õ[gk\]dgk[gd][langkkg[aYd]k]fdYY_]f\Yh“Zda[Y&
Dgk[gfÖa[lgk\]]klY[Yl]_gj‰Ykmj_]fYdj]\]\gj\]lj]kn‰f[mdgk[gfklalm%
langk\]dYj]dY[aŽf2]dn‰f[mdg^mf[agfYd%im…`Y[]]d=klY\gqim…`Y[]dY
kg[a]\Y\ dgkhYjla[mdYj]k!%$]k\][aj$dYË\anakaŽf\]dljYZYbgÌ]flj]=klY\gq
kg[a]\Y\3 ]d n‰f[mdg eYl]jaYd$ ]k \][aj$ dY \akljaZm[aŽf \]d ]p[]\]fl] kg[aYd
]flj]]d=klY\gqdYkg[a]\Y\$[Žegk]j]hYjl]dYjaim]rYqima…fYhgjlYim…
j][mjkgk]flj]dgk\aklaflgkfan]d]k\]_gZa]jfg$dYk\aklaflYkdg[Yda\Y\]kg
hYjl]k\]dl]jjalgjagmjZYfgqdYk\an]jkYk[dYk]kkg[aYd]k3q]dn‰f[mdg\]dY
Ymlgja\Y\q]dhg\]j2dY\akljaZm[aŽf\]hg\]j]flj]]d=klY\gqdYkg[a]\Y\$
dgim]]imanYd]Yim…eYf\Yqim…[gfljgdY]d=klY\gqkgZj]im…eYf\Yq
im…[gfljgdYdYkg[a]\Y\&
;gfÖa[lgk]fdYkYdl]jY[agf]kim]_]f]jYdYhYjYafklalm[agfYda\Y\2k]\Yf]f
]dY[[agfYj\]gj_YfarY[agf]kad]_Yd]kim]Y[l“Yf]f[gfljYghYjYd]dYe]fl]
Yd=klY\ghYjY\akhmlYjd]qkmhdYflYjkmhg\]j]f]dl]jjalgjag&9\]e~k\]dYk
hgkaZd]k\]janY[agf]kgeYfa^]klY[agf]k\]nagd]f[aYim]hm]\Yaehda[Yj$k]
ljYlY\]mfhjg[]kg\]YhjghaY[aŽfq]b]j[a[ag\]dhg\]j3mfY^gjeY\]\gea%
fY[aŽfghg\]jYZkgdmlgkghgjlY\Yqj]hjg\m[a\Y_jY[aYkYdYkÕkmjYkim]
\]bY ]d =klY\g ]f km Y[[aŽf kgZj] ]d l]jjalgjag& Em[`gk \] ]kgk j]kima[agk
YhYj][]fYkg[aY\gkYdYaf]ima\Y\qYd\]kgj\]f\]d\]kYjjgddg][gfŽea[g
]f]dl]jjalgjag&=klgk[gfÖa[lgkaehY[lYfq\aklgjkagfYf&]feYqgjge]fgj
hjghgj[aŽf&]dkakl]eYhgd‰la[g$dYY\eafakljY[aŽf\]d=klY\g$dYgj_YfarY[aŽf
kg[aYdq]d\]kYjjgddg][gfŽea[g&DYkeYÕYkg_jmhgk\][jaeafYda\Y\gj_Y%
farY\YYn][]kY[l“Yf]f]kl]~eZalg&
;gfÖa[lgk ]f dYk j]dY[agf]k ]flj] _jmhgk q Y[lgj]k kg[aYd]k2 YhYj][]f
]f dYk j]dY[agf]k ]flj] \a^]j]fl]k _jmhgk \] Y[lgj]k kg[aYd]k& =flj] ]ddgk$
]k hgkaZd] a\]flaÕ[Yj [gfÖa[lana\Y\]k n][afYd]k g [gemfalYjaYk hYf\addY$
ZYjjYkZjYnYk$hjgZd]eYkafljY^YeadaYj]kg]f]d]flgjfg]k[gdYj!$[gfÖa[la%
na\Y\]kYkg[aY\YkYljYfkY[[agf]kqlj~Õ[gk ]flgjfgYd]ph]f\ag\]da[gjq
g\]\jg_Yk$Yd[ge]j[ag\]h]jkgfYk$\]YjeYk$\][gfljYZYf\g!3[gfÖa[la%
na\Y\]kYkg[aY\YkYkalagk\][gf[]fljY[aŽf\]Y[lana\Y\[ge]j[aYd ]plgj%
kagf]k$Y_aglakegk$\]daf[m]f[aY[ge“f$jma\gk$hjgZd]eYk[gfn]f\]\gj]k
YeZmdYfl]k$]flgjfgYhdYrYk\]e]j[Y\g!3[gfÖa[lana\Y\]kYkg[aY\YkYdY
]p[dmkaŽf kg[aYd q dY aflgd]jYf[aY hjgZd]eYk …lfa[gk$ afea_jY[agf]k$ fagk
]fdY[Ydd]$h]jkgfYkkaf\gea[adagÕbg$aflgd]jYf[aY^j]fl]Ydk][lgjD?:L, g
^j]fl]YbŽn]f]k!&
D]kZaYfYk$_Yqk$Zak]pmYd]kqljYfk_]f]jaklYk
..
=d]e]flgkhYjY]dYf~dakak\]dgk[gfÖa[lgkl]jjalgjaYd]k
<]l]jeafYjmfYhjgZd]e~la[Y]fl…jeafgk\][gfÖa[lana\Y\aehda[Yj][gfg[]jdgk
[gfÖa[lgk]pakl]fl]k]fdYj]dY[aŽf^gjeYdgaf^gjeYd\]Y[lgj]k&=kf][]kYjagj][g%
fg[]jdYk[gf\a[agf]kgZb]lanYkgkmZb]lanYkim]\]Õf]f]d[gfÖa[lg$dYj]dY[aŽffg
YjeŽfa[Y$dY\ak^mf[aŽfgdY[gfljY\a[[aŽf&DY=kYhqdY>mf\Y[aŽf:m]f?gZa]jfg
*((,!hjghgf]fmf_jmhg\][gf\a[agf]khYjYj][gfg[]jdY n]j;mY\jg)!&
;mY\jg)
;gf\a[agf]khYjYj][gfg[]jdY[gfÖa[lana\Y\;gf\a[agf]kgZb]lanYk
;gf\a[agf]kkmZb]lanYk
;gfg[aea]flg[gfk[a]fl]\]dgkgljgkY[lgj]k
]kljYl…_a[gk&
H]j[]h[aŽf\]dËgljgÌg\]dgkËgljgkÌ[geg[gf%
ljYjagkg[gfljYhYjl]k&
GZb]lgkim]afl]j]kYfYdgk\a^]j]fl]kY[lgj]k&
H]j[]h[aŽf\]gZb]lgk\]afl]j…k[ge“f[geg
af\anakaZd]kg\]Y[[]kg]p[dmq]fl]&
EgnadarY[aŽfkaemdl~f]Y ]f]dla]ehg!qkgZj]
]deakeg]khY[agkg[aYd$`Y[aYdgkgZb]lgk\]
afl]j…k&
H]j[]h[aŽf\]egnadarY[aŽf\]dYhYjl][gfljYjaY
`Y[aY]dgZb]lang\]afl]j…k[ge“f[gegYe]fY%
rYkYhjghaYkhj]l]fkagf]k&
=ehj]f\aea]flg\]Y[[agf]kl]f\a]fl]kYdaea%
lYj$f]mljYdarYjg]daeafYjgh[agf]k\]Y[[]kg
\]dËgljgÌ`Y[aYgZb]lgk\]afl]j…k[ge“f&
<]k[gfÕYfrY]f_]klgkghjghm]klYk\]dËgljgÌ&
=f^j]flYea]flgqj]khm]klY[gf[j]lYYY[[agf]k
]ehj]f\a\YkhgjgljgY[lgjhYjYdaealYj$f]mljY%
darYjg]daeafYjkmkgh[agf]k\]Y[[]kgYdgZb]lg
\]afl]j…k&
K]flaea]flg\]`gklada\Y\ge]fgkhj][ag`Y[aY
Y[[aŽf\]gljgkY[lgj]k&
Eg\aÕ[Y[agf]k[gf[j]lYk\]dYk[aj[mfklYf[aYk
afa[aYd]k[geg[gfk][m]fl]\]Y[[agf]k\]d
ËgljgÌ&
K]flaea]flg\]Y^][lY[aŽfhgjdYkY[[agf]k\]d
ËgljgÌ
Eg\aÕ[Y[aŽf\]dYk[aj[mfklYf[aYkafa[aYd]k\]d
ËgljgÌhgje]\ag\]Y[[agf]khjghaYk&
=kl‰emdg_jY[aYkYdgkËhjgZd]eYkÌ[YmkY\gkYd
ËgljgÌ&
Mfhjg[]\aea]flghYjYj][gfg[]jdY[gfÖa[lana\Y\hm]\]hYjlaj\][jal]jagk[geg
dgk \]d [mY\jg Yfl]jagj3 kaf ]eZYj_g$ gljgk lj]k ]d]e]flgk j]kmdlYf aehgjlYfl]k
hYjY dY [YjY[l]jarY[aŽf \]d [gfÖa[lg2 km ]phj]kaŽf l]jjalgjaYd$ [Žeg Y^][lY Y dgk
Ömbgkq\af~ea[Ykkg[aYd]kqdYY^][lY[aŽfYdgkhjg[]kgk\]lgeY\]\][akagf]k&Hgj
]ddg$mfYn]ra\]flaÕ[Y\gkdgk[gfÖa[lgk]khj][akg[YjY[l]jarYjdgk&=dljYZYbgj]Yda%
rY\ghgj=kYhqdY>mf\Y[aŽf:m]f?gZa]jfg *((,!hjghgf]mfYk]ja]\]nYjaYZd]k
n]j ;mY\jg *! hYjY Yl]f\]j ]f dY [YjY[l]jarY[aŽf \] dgk [gfÖa[lgk \] \a^]j]fl]k
lahgkim]hm]\]fY^][lYj]dl]jjalgjagq]d]khY[agh“Zda[g&
-
)(
9\YhlY\g\]=kYh>mf\Y[aŽf:m]f?gZa]jfg$*((,&
./
;mY\jg*
=d]e]flgk\]dYeYljarhYjYdY[YjY[l]jarY[aŽf\][gfÖa[lgkq\]kmk^Y[lgj]k
\]eYf]bg.
.
=d]e]flgk
<]Õfa[aŽf
<ae]fkaŽf
Af\a[Yim…^m]fl]\][gfÖa[lana\Y\]kYZYj[Y\Y]f]dYf~dakak&
HdYfgk\]j]dY[aŽf
Em]kljYf]fj]dY[aŽfYim…[Yehgk_jm]kgk\]hjgZd]e~%
la[Yk]j~fkmk[jalYkdYk[gfÖa[lana\Y\]kim]YZYj[Yj~[Y\Y
\ae]fkaŽf&
>Y[lgj]k\]hjgZd]e~la[Y
<]kY_j]_Yf]a\]flaÕ[Yfdgkhmflgkfg\Yd]kim]\Yfgja_]fY
dYkË~j]Yk\]hjgZd]e~la[YÌ]f[Y\Y\ae]fkaŽf&
Þj]Yk\]hjgZd]e~la[Y
=kl~fj]^]ja\YkYeYj[gk$]fdgkim]km[]\]fdYkkalmY[agf]k\]
hjgZd]e~la[Y\][Y\Y\ae]fkaŽf&
KalmY[agf]khjgZd]e~la[Yk
K]YdYfe][Yfakegk$j]\]k$kakl]eYk$[gf\a[agf]k$fan]d]k$
[aj[mfklYf[aYkghYljgf]kim]_]f]jYfdYk[gfÖa[lana\Y\]kYk]j
ljYlY\Yk]f[Y\Y\ae]fkaŽf&
HjgZd]eYk[gf[j]lgk
=kh][aÕ[YfqdaklYfdgk`][`gkYfŽeYdgk$\ak^mf[agfYd]kq[gf%
ljY\a[lgjagkim]kmj_]f\]dYkkalmY[agf]khjgZd]e~la[Yk&
9_]fl]kqY_]f[aYkY^][lY\gk
A\]flaÕ[YfdgkY[lgj]kgkmb]lgk kg[aYd]k$][gfŽea[gkgafkla%
lm[agfYd]k!afngdm[jY\gk]f[Y\YhjgZd]eY$qY[gf[j]lYe]fl]
\]Õfa\g&
;gfÖa[lgk\]Õfa\gk
KgfYim]ddYkkalmY[agf]khgkaZd]k\]Ykmeaj[geg[gfÖa[lgk$dYk
im]k]kmkljY]f\]dmfan]jkg\]ËhjgZd]eYk[gf[j]lgkÌ&
;YjY[l]jarY[aŽf\][gfÖa[lgk
Gj_YfarYfdgk[gfÖa[lgkhgjh]j‰g\gk`aklŽja[gkYhjghaY\gkhYjY
]dYf~dakak3]klYZd][]fq[YdaÕ[Yf^j][m]f[aY YakdY\g$]khgj~\a[g$
j][mjj]fl]$h]jeYf]fl]!3dg[YdarY[aŽf ^g[Yd$dg[Yd$j]_agfYd$
fY[agfYd!3e]\agk\]]phj]kaŽf nagd]f[aY^‰ka[Y$Y[[agf]k\]hj]%
kaŽfkaf^m]jrY^‰ka[Y$e]\aY[aŽfafklalm[agfYd$eaplgk!3…f^Ykak
\]aehY[lg ][gfŽea[g$kg[aYd$hgd‰la[g$\]k]_mja\Y\[am\Y\YfY$
k]_mja\Y\fY[agfYdq'g\]^]fkY$eaplg![gZ]jlmjY\]daehY[lg
l]jjalgjaYd dg[Yd$\akljalYd$j]_agfYdqfY[agfYd!]afl]fka\Y\ ZYbY$
e]\aYZYbY$e]\aY$e]\aYYdlY$YdlY!\][Y\Y[gfÖa[lg&
H]jeal]fgZk]jnYj]ngdm[aŽfql]f\]f[aY&
>Y[lgj]k\]eYf]bg
J][gfg[]fdgk]d]e]flgk\]dgk[mYd]k\]h]f\]]deYf]bg
\][Y\Ymfg\]dgk[gfÖa[lgka\]flaÕ[Y\gk\]fljg\][Y\Y
\ae]fkaŽf&
9[[]kgYdgk^Y[lgj]k\]eYf]bg
;YdaÕ[YfdY[YhY[a\Y\\]Y[[]kg\][Y\YafklYf[aYl]jjalgjaYdY
dgk^Y[lgj]k\]l]jeafYfl]khYjY]deYf]bg\][Y\Y[gfÖa[lg&
=kl]‰l]e[gfka\]jYdgkfan]d]kemfa[ahYd$\akljalYd$\]hYjlYe]f%
lYdqfY[agfYd$Yk‰[geglj]k_jY\gk2ZYbg$e]\aYfg$Ydlg&
MladarY\gkhgj=kYh>mf\Y[aŽf:m]f?gZa]jfg *((,!]fYf~dakak\][gfÖa[lana\Y\l]jjalgjaYd]f
;gdgeZaY&
.0
HYjY[YjY[l]jarYjdgk[gfÖa[lgkkg[aYd]k]fdY[am\Y\hjghaYe]fl]\a[`Y$lYeZa…f
k]j~“ladl]f]j]f[m]flYdgkhdYfl]Yea]flgk\]Mf\Y *((,!ima]fafkakl]]fim]
hm]\]fj]khgf\]jY\a^]j]fl]kl]jjalgjaYda\Y\]k$\]k\]dg[Yd]k`YklY_dgZYd]k&MfY
eajY\Y_]f]jYdY]ddgkh]jeal]a\]flaÕ[Yj\an]jkgklahgk\]Y[lgj]khj]k]fl]k]f
dgk[gfÖa[lgk2
œ
œ
œ
œ
œ
9[lgj]kmjZYfgk dg[Yd]k!]f[gfÖa[lgkdg[Yd]k mjZYfgk!&
9[lgj]kmjZYfgk]f[gfÖa[lgkfY[agfYd]k&
9[lgj]kfgmjZYfgk]f[gfÖa[lgkfY[agfYd]k$\]fljg\]]k[]fYjagkmjZYfgk&
;gfÖm]f[aY \] Y[lgj]k mjZYfgk q fg mjZYfgk ]f [gfÖa[lgk fY[agfYd]k
\]fljg\]]k[]fYjagkmjZYfgk&
9[lgj]kfgmjZYfgk]f]k[]fYjagkmjZYfgk$[gfj]dY[aŽfY[gfÖa[lgkim]fg
la]f]fgja_]f]fdYk[am\Y\]k&
9]klYlahgdg_‰Yl]flYlanY]khgkaZd]Y_j]_YjdY[Yl]_gj‰Y\]ËY[lgj]kfgmjZYfgk]f
[gfÖa[lgkdg[Yd]kÌ$Yk‰[gegdY[geZafY[aŽf\]Yd_mfYk\]]ddYk&
+&* <=D9KAFL=JN=F;AGF=K=F=D=FLGJFGMJ:9FG$=F
:èKIM=<9<=E9F=B9J;GF>DA;LANA<9<=KKG;A9D=KQ
HJ=N=FAJD9<=DAF;M=F;A9
DY afl]jn]f[aŽf ]f ]d ]khY[ag h“Zda[g hYjY eYf]bYj [gfÖa[lana\Y\]k kg[aYd]k q
hj]n]fajdYafk]_mja\Y\km]d]kmkl]flYjk]]fdYkl]gj‰Yk\]dY\][akaŽfjY[agfYdq
\]dYkY[lana\Y\]kjmlafYjaYk&DgkljYZYbgk\]dYhj]n]f[aŽfkalmY[agfYdq\];jae]
Hj]n]flagfLjgm_`=fnajgfe]flYd<]ka_f ;HL=<!]f9e…ja[YDYlafY$aehmdkY\gk
hgj]d;HL=<%J]_aŽf\];`ad]/$qdgkljYZYbgk\]EY[Yj]fYJYm *((,!afljg\m[]f]d]%
e]flgkl]Žja[gk]f]klYh]jkh][lanY&HgjgljYhYjl]$dYkafl]jn]f[agf]k[gfg[a\Yk
]f[am\Y\]k[geg:g_gl~qE]\]dd‰f$aehda[Yf]na\]f[aYim]h]jeal]]klYZd][]j
YnYf[]kqj]lgk]f\a[`Ykj]dY[agf]k&
K]_“f ;jYo^gj\ )110!$ dY l]gj‰Y \] dY \][akaŽf jY[agfYd Yhda[Y\Y Yd Yf~dakak \] dY
afk]_mja\Y\ q ]d [jae]f kmhgf] YZgj\Yjdgk [geg hjg[]kgk ngdmflYjagk$ kmkl]f%
lY\gk]fmfY\][akaŽfjY[agfYdhgjhYjl]\]dgkg^]fkgj]k&=f_]f]jYd$[gfka\]jY
im]dYk\][akagf]kkgflgeY\YkljYk`Y[]jmfZYdYf[][gklg%Z]f]Õ[ag$qmf[~d[mdg
\]dja]k_ghgjhYjl]\]d\][akgj$k]_“fk]YfkmkgZb]langkq_YfYf[aYk]kh]jY\Yk$
q l]fa]f\g ]f [m]flY ]d ]k^m]jrg j]im]ja\g& <] ]klY eYf]jY$ ka `mZa]jY Y[lgj]k
jY[agfYd]k]fmf[gfÖa[lgkg[aYdg]fmf\]dalg$afl]jn]faj]f]d]flgjfg\]\a[`g
[gfÖa[lgkg[aYdg\]\a[`ghjg[]kg\]da[langhg\j‰Yaf[a\aj]f\akmY\aj]d[gehgjlY%
ea]flg[gfÖa[langq\]da[lang\]dY[lgj&
/
N]jooo&[hl]\&[d&
.1
<]k\] dY h]jkh][lanY \] dY l]gj‰Y \] Y[lana\Y\]k jmlafYjaYk$ ]d ]khY[ag mjZYfg
YhYj][][geg]dl]dŽf\]^gf\g$kmeY\YdY^YdlY\]na_adYf[aY$Ydim][gf[mjj]f
n‰[laeYkqY_j]kgj]khgl]f[aYd]k\akhm]klgkY[ge]l]jmf\]dalg&KadYjmlafY]f
mf ]khY[ag h“Zda[g af[gjhgjY dY hj]k]f[aY [gfklYfl] \] [am\Y\Yfgk Yk!$ ]klg
[gfklalmq]mf]d]e]flg\]Ëna_adYf[aYfYlmjYdÌ[gegdY\]fgeafYfdgk]ph]jlgk
\] dY l]gj‰Y \]d ;HL=<& F]dkgf$ hgj ]b]ehdg$ )10.$ )11-! hjghgf] dY fg[aŽf \]
Ë_mYj\a~fÌ g Ëna_‰YÌ im] hm]\]$ [gf km kgdY hj]k]f[aY$ af`aZaj dY g[mjj]f[aY \]d
[jae]f&LjYZYbgk[gegdgk\]:Ydcaf@gmd\]f )10+!km_a]j]fim]dYhj]k]f[aY
\]^mf[agfYjagkmfa^gjeY\gk]fdY[Ydd]af`aZ]]d\]dalgq$Y\a[agfYde]fl]$]nalY
dYh]j[]h[aŽf\]afk]_mja\Y\&=f]kl][Ykg$
dYl]gj‰Y\]dYkY[lana\Y\]kjmlafYjaYkhm]\]
k]jnaj [geg ]phda[Y[aŽf [gehd]e]flYjaY&
GljYk h]jkh][lanYk hj]^a]j]f `YZdYj \] dY
YhjghaY[aŽf \]d ]khY[ag h“Zda[g hgj hYjl]
\]dY[am\Y\Yf‰Y[geg]d]e]flg\akmYkang
\]\]dalgkq[gf^da[lana\Y\]kkg[aYd]k&
Hgj ]b]ehdg$ ]f dY hjaf[ahYd n‰Y [ge]j[aYd
\] :g_gl~$ %dY ;Yjj]jY K…hlaeY% `Y ka\g
\]kYjjgddY\g É]d k]hlaeYrgÊ$ im] [gfkakl]
]f im] dY [Ydd] ]k []jjY\Y Y dY [aj[mdY[aŽf
\] YmlgeŽnad]k q ]d [ge]j[ag h]jeYf][]
YZa]jlg `YklY lYj\] ]f dY fg[`]& DY [Ydd]
]k$ dal]jYde]fl]$ ËlgeY\YÌ hgj ead]k \]
[am\Y\Yfgk Yk! dgk im] kgf ]flj]l]fa\gk$
Y\]e~k$ hgj dY afl]jn]f[aŽf \] YjlaklYk&
DY ]na\]f[aY `Y egkljY\g im]$ h]k] Y dY
_jYf [gf[mjj]f[aY \] h]jkgfYk$ \mjYfl]
dgkÉk]hlaeYrgkÊ\akeafmq]^m]jl]e]fl]]dh]im]gjgZg[Ydd]b]jg$]fmfYrgfY
j]hmlY\Y hgj ]kl] \]dalg& MfY eglanY[aŽf hgkaZd] hYjY \]kYjjgddYj ]klY Y[lana%
\Y\ `Y ka\g ^Y[adalYj ] af\m[aj dY lgeY \]d ]khY[ag h“Zda[g hgj hYjl] \] dgk Yk!
[am\Y\Yfgk Yk!&=fdYdŽ_a[Y\]>]dkgf$hg\j‰Yka_fa^a[YjmfYme]flg\]dYna_a%
dYf[aY[am\Y\YfYkgZj]]kl]]khY[agqdY\akmYkaŽfkgZj]hgkaZd]kY_j]kgj]k&=f
gljYdŽ_a[Y$dgim]k]]klYj‰Y\]kYjjgddYf\g]kmf]kim]eY\][gfnan]f[aYq[md%
lmjY[am\Y\YfYim]\akmY\]Ydgk Yk!\]daf[m]fl]k&
;mYf\g dY l]gj‰Y \] dYk Y[lana\Y\]k jmlafYjaYk YZgj\Y ]d ]flgjfg g ]d kalag \]
g[mjj]f[aY \]d \]dalg [geg mfY \] dYk nYjaYZd]k ^mf\Ye]flYd]k$ lYeZa…f
afljg\m[]eYqgjafl]j…khgjdgkYljaZmlgk]khY[aYd]kqkalmY[agfYd]k\]d\]dalg&
<]Y`‰im]nYjagkYmlgj]k`YqYfhjghm]klgn‰f[mdgk]flj]dYl]gj‰Y\]\][akaŽf
jY[agfYdqdY\]Y[lana\Y\]kjmlafYjaYk&9hYjlaj\]]klg$dYj]dY[aŽf]flj]]khY[agk$
\ak]g$Yjimal][lmjY$mjZYfakeg$e]\agYeZa]fl]q\]dalgYhYj][][gegmfl]eY
\]afl]j…k&
/(
DYk\gkl]gj‰YkYfYdarY\Yk[gf[aZ]fYd\]dalg[gegmfYkh][lgËfgjeYdÌ$im]^gjeY
hYjl]\]dYkjmlafYk\]dYna\Ykg[aYd[gfl]ehgj~f]Y&Hgj]ddg?YjdYf\ )11.!n]]d
[jae]f[gegmfja]k_gim]hm]\]k]j[Yd[mdY\g$hj]n]fa\gg[gfljgdY\gqfg[geg
mfYhYlgdg_‰YegjYd&=klYYhjgpaeY[aŽffg]kl~Yd]bY\Y\]e“dlahd]kj]Ö]pagf]k
l]Žja[Yk]afn]kla_Y[agf]k]f[a]f[aYkkg[aYd]kim]YZgj\YfdY[gfÖa[lana\Y\kg[aYd
[gegmf]d]e]flgkaf]imYfgf\]dYk\af~ea[Ykkg[aYd]k$af`]j]fl]YdY]kljm[lm%
jY[aŽf\]dYkkg[a]\Y\]k ;gk]j$)1-.3>j]mf\$)10+!&=klYh]jkh][lanY`Y[]hgkaZd]
[jmrYj[dYjYe]fl]]dYf~dakak\]d\]dalg[gf]d\]dYk[gfÖa[lana\Y\]kkg[aYd]k$[geg
afl]flY]kl]l]plg&
DgkhjgZd]eYk\]d\]khdYrYea]flg\][gfÖa[lgkq\]dalgk
DYk afl]jn]f[agf]k ]f ]d ]khY[ag h“Zda[g hYjY eYf]bYj [gfÖa[lgk kg[aYd]k g hj]%
n]faj \]dalgk$ hm]\]f Y\gd][]j \] mf ]^][lg \] \]khdYrYea]flg& Kgf ^]fŽe]fgk
]khY[ag%l]ehgjYd]kim]k]hm]\]fhj]k]flYjYdafl]jn]fajmfkalag]fdYZ“kim]\Y
\]\akeafmajdYghgjlmfa\Y\\]g[mjj]f[aY\]da[lanY&=f]kl][Ykg$]kaf`aZa\gmf
\]l]jeafY\g\]dalg$h]jg]d^]fŽe]fgk]\]khdYrYYmf[gfl]plge~k^YngjYZd]&<]
`][`g$]klY]kmfY\]dYk[j‰la[Yke~k^j][m]fl]kYdYkafl]jn]f[agf]k\]dYhj]n]f%
[aŽfkalmY[agfYd\]d[jae]f&
=d ]^][lg \] \]khdYrYea]flg hm]\] lgeYj \a^]j]fl]k ^gjeYk$ af[dmkg Y n][]k \]
eYf]jYkaemdl~f]Y2
œ
œ
œ
œ
œ
=khY[aYd2dgkeakegk[gfÖa[lgkg\]dalgkg[mjj]f]fkalagk\a^]j]fl]kdm]_g
\]dYafl]jn]f[aŽf&
L]ehgjYd2dgkeakegk[gfÖa[lgkg\]dalgkY^][lYfYdYkeakeYkh]jkgfYkg
dYkeakeYkn‰[laeYkYgljY`gjY&
L~[la[g2[YeZaY]deg\mkgh]jYf\a\]d\]dalggdY\af~ea[Y\]d[gfÖa[lg&KŽdg
`YqemlY[aŽf&
;YeZag\]ZdYf[g2]f]d[Ykg\]\]dalgk$]deakeg^]fŽe]fgk]ljYkdY\YY
gljgZdYf[g&
Lahg\][jae]f2dgkeakegkg^]fkgj]kj]YdarYf[YeZagk]fdYfYlmjYd]rY\]dY
Y[lana\Y\\]da[lanY0&
=dYf~dakak]khY[aYd\]Yd_mfgk\]dalgk\]YdlYg[mjj]f[aY]f:g_gl~`Y\]egkljY\g
Yd_mfgk\]]klgk^]fŽe]fgk\]\]khdYrYea]flg&=dljYZYbg\]Egj]fg *((-!kgZj]
]daehY[lg\]dLjYfkead]fag1 ]fdYkalmY[aŽf[jaeafYd\]dY9n]fa\Y;YjY[Ykqkmk
n][af\Y\]kem]kljYim]$]f]dh]j‰g\g)111%*((*$`mZg[YeZagkka_faÕ[Ylangk]f]d
[gehgjlYea]flg\]\]dalgk[geg]dYljY[gY]klYZd][aea]flgk[ge]j[aYd]k %/0$*!$
YljY[gYh]jkgfYk %1($,!$`gea[a\agk %1-$*!$`mjlg\]n]`‰[mdgk %0/$)!$jgZgY
]klYZd][aea]flgk[ge]j[aYd]k %0-$+!$jgZgYh]jkgfYk %0/$1!$jgZgYj]ka\]f[aYk
%0*$-!q]f]d[jae]fY_j]_Y\g %0.$+!&KaZa]f]klYafl]jn]f[aŽfmjZYf‰kla[Yh]j%
0
1
;Yl]_gj‰YkafkhajY\Yk]fJ]hh]lg )1/.!q@YcaeJ]f_]jl )10)!&
Kakl]eY\]Zmk]kYjla[mdY\gk\]:g_gl~&
/)
ealaŽ]kl]j]kmdlY\gkgZj]]klYYn]fa\Y$dYk[a^jYk\]dgkeakegk\]dalgkegkljYjgf
Yme]flgkka_faÕ[YlangkhYjY]deakegh]j‰g\gYfYdarY\g]fdY;Yjj]jY)+$n‰YhYjY%
d]dYYdYafl]jn]fa\Y&
Gljg\]dgk`algkmjZYf‰kla[gk\]:g_gl~`Yka\gdY[gfkljm[[aŽf\]dhYjim]L]j[]j
Ead]fag]f]d[]fljg\]dY[am\Y\ n]j^glg_jY^‰Yk!$rgfYmjZYf‰kla[Ye]fl]emq\]l]%
jagjY\Y]fdY[mYdk]`YZ‰Yf[gf[]fljY\g]ph]f\agk\]]klmh]^Y[a]fl]kqmfY_jYf
[Yfla\Y\\]Y[lana\Y\]k\]da[lanYk$af[dma\g]d`gea[a\ag&=dYf~dakak\]dY[gf[]f%
ljY[aŽf\]d`gea[a\agYfl]kq\]khm…kkm_a]j]mf]^][lg\]\]khdYrYea]flg\]]klY
Y[lana\Y\\]da[lanY`Y[aYgljgkkalagkYdj]\]\gj\]]klYrgfY$Yfla_mYe]fl]\]fg%
eafY\Y =d ;Yjlm[`g n]j eYhYk Yfl]k q \]khm…k!& Hgj dg \]e~k$ ]d hYjim] L]j[]j
Ead]fagY“f\aklYem[`g ]f*((0!\]`YZ]jka\gYhjghaY\ghgjdY[am\Y\Yf‰Yq\]
]klYjY[gehYY\g\]mfhjg[]kg\][gfnan]f[aYq[mdlmjY[am\Y\YfY&
)
*
+
,
K][m]f[aYl]ehgjYd\]afl]jn]f[agf]k\]dYgh]jY[aŽfHYjim]L]j[]jEad]fag *((+%*((-!&
9d[Yd\‰YEYqgj\]:g_gl~!
/*
EYhY)
;gf[]fljY[aŽf\]`gea[a\agk]frgfYk\]d[]fljg\]:g_gl~Yfl]kq\]khm…k
\]dYgh]jY[aŽfmjZYf‰kla[YHYjim]L]j[]jEad]fag
KALAGH9JIM=
L=J;=JEAD=FAG
@GEA;A<AGK=FDG;9DA<9<=K<=D;=FLJG
;GF;=FLJ9;AåFHGJ<=FKA<9<)111
@GEA;A<AGK=FDG;9DA<9<=K<=D;=FLJG
;GF;=FLJ9;AåFHGJ<=FKA<9<*((-
>m]fl]2KMAN<%Kakl]eYMfaÕ[Y\g\]Af^gjeY[aŽfkgZj]Nagd]f[aYkq<]daf[m]f[aYk\]:g_gl~&
=f[mYflgYdgk\]khdYrYea]flgk\]lahgl~[la[gg[jaeafYd$]f:g_gl~]d`mjlgY
ZYf[gk hj~[la[Ye]fl] `Y \]kYhYj][a\g& Kaf ]eZYj_g$ q ^j]fl] Yd Yme]flg \] dY
k]_mja\Y\ \] dYk ]fla\Y\]k ZYf[YjaYk$ dgk _jmhgk \]da[lmYd]k im] Yfl]k k] \]\a%
[YZYfY]klYhj~[la[Ygja]flYjgfkmY[[aŽf`Y[aYdYkh]jkgfYkim]j]lajYf\af]jg
]fdgkZYf[gk$`Y[a]f\gk]_maea]flgkYkmkn‰[laeYk$]fdgim]]f;gdgeZaYk]`Y
\]fgeafY\gaf^gjeYde]fl]ËÖ]l]gÌ&
=khY[agkmjZYfgkYhjghaY\gknk]khY[agkmjZYfgkYakdY\gk
DgkljYZYbgk\]BY[gZk )1.*!qY`YZ‰YfegkljY\g[Žeg]f]dmjZYfakeg]klY\g%
mfa\]fk]\]dgkYgkk]k]flYYd_mfgkhjgq][lgkhj]k]flYZYfhjgZd]eYk[geg]d
YakdYea]flg$im]hg\‰Yfdd]_YjY_]f]jYjl]egj&9hYjlaj\]kmkYf~dakak]eh‰ja[gk
]klYYmlgjY`Yhjghm]klgim]$Ye~k[geZafY[aŽf\]mkgk\]dkm]dgim]afljg\mr%
[YfmfY[a]jlY\af~ea[Y]f]dl]jjalgjagmjZYfg$e~k^~[ade]fl]dgk Yk!j]ka\]fl]k
hg\j~f gZk]jnYj dg im] hYkY ]f km ]flgjfg ] afl]_jYjk] Yd eakeg$ l]fa]f\g ]f
[m]flYlj]ka\]Yk2
œ
œ
œ
MfY[dYjY\]eYj[Y[aŽf]flj]dgk]khY[agkh“Zda[gkqhjanY\gk&
DY]pakl]f[aY\]Ëgbgk]fdY[Ydd]Ìim]eaj]fdgim]g[mjj]qim]h]jl]f]r[Yf
Ydgk Yk!hjgha]lYjagk Yk!fYlmjYd]k\]d]khY[agh“Zda[g&
MfmkgqYhjghaY[aŽf[gfklYfl]\]d]khY[agh“Zda[g&
BY[gZkYhmflYYd\]kYjjgddg\]mfYYhjghaY[aŽf\]d]khY[agh“Zda[g[geg$]f“dlaeY
afklYf[aY$ dY ZYk] \] dY [gfnan]f[aY kg[aYd2 ÉMfY Zm]fY [gemfa\Y\ ]f dYk [Ydd]k
/+
eYf]bYmfeYjYnaddgkgZYdYf[]]flj]dY\]l]jeafY[aŽf\]dYkh]jkgfYk\]l]f]jhja%
nY[a\Y\]k]f[aYdqkmk\]k]gkkaemdl~f]gk\]\a^]j]fl]k_jY\gk\][gflY[lg&=kl]
ZYdYf[]k]\Yhgjh]im]gk\]lYdd]k^‰ka[gkeYf]bY\gkk]fkaZd]e]fl]$hjY[la[Y\gk
qY[]hlY\gklYffgjeYde]fl]im]k]\Yfhgj_YjYflarY\gkÊ& BY[gZk$)1.*!&=d]b]e%
hdg\]dÉk]hlaeYrgÊ]f:g_gl~lYeZa…fkajn]hYjYadmkljYj]klYh]jkh][lanY&
9`gjYZa]f$]k[a]jlgim]]de][Yfakeg\]na_adYf[aYfYlmjYdkgdgfgZYklYhYjY`Y[]j
k]_mjgk dgk ]khY[agk h“Zda[gk [geg dg km_a]j]f Daf\]f )11/! q JYek]q )10*!& Kaf
]eZYj_g$dY]na\]f[aYem]kljYim]dY^YdlY\]]kl]]d]e]flg]f]d\ak]gmjZYf‰kla[g
qYjimal][lŽfa[gk‰hm]\][gfljaZmajYkalmY[agf]k\]af[anada\Y\$[gegg[mjj]]fdYk
kgdm[agf]k\]nana]f\Y\]afl]j…kkg[aYd^jYf[]kYk Ë[al…kÌ!\gf\]$Y\]e~k\]gljgkhjg%
Zd]eYk\]‰f\gd]kg[aYdq\]afl]_jY[aŽf\][gemfa\Y\]khjaf[ahYde]fl]\]]ea_jYf%
l]k$`Yfg[mjja\g]f^]fŽe]fgk[j‰la[gk\]nagd]f[aYmjZYfYdgk“dlaegkYgk&
Afl]jn]f[aŽf]f]d]khY[agmjZYfghYjYe]bgjYjdY[gfnan]f[aYq
\akeafmajdY[gfÖa[lana\Y\kg[aYd
=d dY![am\Y\Yfg Y!YhjghaY\g Y!\]d]khY[agh“Zda[g\]kYjjgddYmfYhjgh]fkaŽfYdY
[gfnan]f[aYqYdeYf]bg\]dgk[gfÖa[lgkkg[aYd]k&DY]na\]f[aY]fE]\]dd‰fYk‰dg
\]bY]flj]n]j&<]k\]*((,$]klY[am\Y\[gdgeZaYfY`Yka\ggZb]lg\]_jYf\]kafl]j%
n]f[agf]kmjZYf‰kla[Yk]frgfYkeYj_afYd]k$im]af[dmq]faf^jY]kljm[lmjYh“Zda[Y
eg\]jfY q ]kl…la[Ye]fl] \] _jYf ^Y[lmjY$ im] `Yf ka\g hYjl] \] dgk Hjgq][lgk
MjZYfgkAfl]_jYd]k HMA!qim]`Yf[gfljaZma\gY[gfkljmajfm]nYk[gf\a[agf]k\]
[gfnan]f[aY q \] Ymlg]klaeY ]f [gemfa\Y\]k im]$ `aklŽja[Ye]fl]$ `YZ‰Yf ka\g
\]bY\Yk\]dY\g\]d\]kYjjgddg\]dY[am\Y\&
=f]kYkrgfYkafl]jn]fa\Yk$dYk[a^jYk\]dYnagd]f[aY`YZ‰Yf[gfljaZma\gYgkYlj~k
Y`Y[]j\]…klYmfY\]dYk[am\Y\]ke~knagd]flYk\]demf\g&=f]kl]h]j‰g\g$q]f
dY[gemfYfgjgja]flYd\]E]\]dd‰f$`Yfka\g\]kYjjgddY\Yk_jYf\]kafl]jn]f[agf]k
mjZYf‰kla[Yk$ im] af[dmq]f mf kakl]eY \] ljYfkhgjl] h“Zda[g hgj [YZd]$ Yk‰ [geg
mfY _jYf ZaZdagl][Y \ak]Y\Y hgj mf Y^Y%
eY\gYjimal][lgafl]jfY[agfYdqfme]jgkgk
hYk]gkh]YlgfYd]kqhYjim]k n]j^glgk!&
HYjim] \] dY HYr q dY ;mdlmjY$ [gfla_mg Y dY ]klY[aŽf
9f\Ydm[‰Y \]d E]ljg[YZd]& 9kk]ke]fl g^ KY^]lq Yf\
K][mjalqAkkm]kafKdmeMh_jY\af_AfalaYlan]k$E]\]ddaf%
;Yk]Klm\q&
)(
=klYkafl]jn]f[agf]kmjZYfYkq\]j][mh]%
jY[aŽf\]d]khY[agh“Zda[gkgfha]rYk[dYn]
\] mf _jYf hjgq][lg mjZYf‰kla[g afl]_jYd
im] `Y [gfljaZma\g$ ]f [gfbmflg [gf mfY
k]ja]\]Y[[agf]kkg[aYd]kq][gfŽea[Yk$Y
e]bgjYj dY [Yda\Y\ \] na\Y \] dgk Yk! `YZa%
lYfl]k hgZj]k \] dY rgfY$ Yme]flYj dgk
fan]d]k\]h]jl]f]f[aYq[gfnan]f[aYq\ak%
eafmajdYnagd]f[aY)(&
N]j`llh2''ooo&]\m&_gn&[g'eY[jg&h`h7[g\5+
/,
J][mh]jY[aŽf mjZYf‰kla[Y \]d [gjj]\gj \] lgjj]k \]d
E]ljg[YZd]2 hYk]g mjZYfg 9f\Ydm[‰Y [Ydd] )(/& 9kk]ke]fl
g^ KY^]lq Yf\ K][mjalq Akkm]k af Kdme Mh_jY\af_ AfalaYlan]k$
E]\]ddaf%;Yk]Klm\q&
J][mh]jY[aŽf mjZYf‰kla[Y HYk]g [Ydd] )(.& 9kk]ke]fl g^
KY^]lq Yf\ K][mjalq Akkm]k af Kdme Mh_jY\af_ AfalaYlan]k$
E]\]ddaf%;Yk]Klm\q&
=fdYeakeYrgfYfgjgja]flYd\]E]\]dd‰f$dY]ph]ja]f[aY\][gfkgda\Y[aŽf`YZalY%
[agfYd]fBmYf:gZg)) n]j^glg![gfkaklaŽ]fmfhjg_jYeY\]e]bgjYea]flgafl]_jYd
im][gfka\]jŽY[lana\Y\]k\]]klYZadarY[aŽfqj][mh]jY[aŽfYeZa]flYd\]dYea[jg%
[m]f[Y$j]hgka[aŽf\]j]\]k\]k]jna[agkh“Zda[gk$Y\][mY[aŽf\]]khY[agkh“Zda%
[gk$]imahYea]flg[gemfalYjag$j]Yk]flYea]flg]fnana]f\Ykfm]nYk]f]deakeg
kalagqd]_YdarY[aŽf\]nana]f\Yk&
=fkm^gjemdY[aŽf$]kl]hjgq][lghYjlaŽ
\]mf]b]j[a[ag\]hdYf]Y[aŽfhYjla[ahY%
lanY[gfdY[gemfa\Y\ n]j^glg!$]fim]
^m]jgfa\]flaÕ[Y\gk[jal]jagk\]\ak]g
]khY[aYd im] [gfljaZmq]jgf Y af[dmaj dY
hj]n]f[aŽf \]d \]dalg& Hgj ]b]ehdg$ dY
[gemfa\Y\hdYfl]Žim]lg\Y[Ydd]\]Z‰Y
l]f]j ]fljY\Y q kYda\Y hm]k dgk [Ydd]bg%
f]kkafkYda\Y^Y[adalYfdY[gf[]fljY[aŽf
\] Y[lana\Y\]k \] [gfkmeg \] \jg_Y q
_]f]jYfl]egj]flj]dgk Yk!`YZalYfl]k& Hjgq][lg \] [gfkgda\Y[aŽf `YZalY[agfYd k][lgj BmYf :gZg$
A_mYde]fl]$ dgk `YZalYfl]k \]d k][lgj ;gemfY Fgjgja]flYd \] E]\]dd‰f& 9kk]ke]fl g^ KY^]lq Yf\
j][ge]f\Yjgf im] dYk ^Y[`Y\Yk \] dYk K][mjalqAkkm]kafKdmeMh_jY\af_AfalaYlan]k$E]\]ddaf%;Yk]
Klm\q&
nana]f\Ykj][mh]jY\Yk\]Z‰Yfk]j[gfla%
fmYk$ q ]nalYj ]khY[agk q j]kima[agk ]flj] dYk [YkYk& ;gf ]klg ^m]jgf ]nalY\Yk dYk
]kimafYk g dm_Yj]k im] af\mb]jYf Y ljYfk]“fl]k af[anad]k Y mladarYj ]kgk ]khY[agk
[gegZYgkh“Zda[gk$kalmY[aŽfim]_]f]jYaf[geg\a\Y\$eYdgkgdgj]k$fg^Y[adalY
dYYhjghaY[aŽf\]dkalaghgjhYjl]\]dgk Yk!`YZalYfl]kq[mYf\g`YZ‰Yfg[mjja\g
[gfljaZm‰YfYim]]f]klY[gemfa\Y\Yme]flYjYdYh]j[]h[aŽf\]afk]_mja\Y\&
))
H]im]gZYjjageYj_afYd]ad]_Yd\]]kl]k][lgj&
/-
HYjla[ahY[aŽf[am\Y\YfY]fdYhdYf]Y[aŽf\]dhjgq][lg\][gfkgda\Y[aŽf`YZalY[agfYd\]dk][lgj\]BmYf:gZg2
YdYarima]j\Y$YkYeZd]Y[gemfalYjaYqYdY\]j][`Y$LYdd]j\]ËAeY_afYjagkÌ ^glg\]ooo&]\m&_gn&[g!&
+&+ ·AFL=JN=FAJ=D=KH9;AGMJ:9FGH9J9E9F=B9J
DGK;GF>DA;LGKQHJ=N=FAJ=D<=DALG7
·Afl]jn]faj]d]khY[agmjZYfghYjYeYf]bYjdgk[gfÖa[lgkqhj]n]faj]d\]dalg7DY
j]khm]klY]kk‰&H]jg[gfeYla[]k&
DYl]gj‰YqdY]na\]f[aYem]kljYfim]`YqhgkaZada\Y\\]gZl]f]jZm]fgkj]kmdlY%
\gk3kaf]eZYj_g$dYl]gj‰Yfg]phda[Ylg\g[gehd]lYe]fl]&Dgk[gfÖa[lgkkg[aYd]k
]fdY[am\Y\fgk]\]Z]f]p[dmkanYe]fl]Yd]flgjfgmjZYfg&G[mjj]f]f…d&
=flgf[]k$`YZj‰Yim]eYlarYj2[mYf\gdYk[gfÖa[lana\Y\]kkg[aYd]kqdgk\]dalgkfg
kŽdgg[mjj]f]f]d]khY[agh“Zda[gkafgim]k]\]Z]f$]fZm]fYhYjl]$YdYk[YjY[%
l]j‰kla[YkgYd\ak]ggYd]^][lg\]deakeg$dYafl]jn]f[aŽf\Yj~j]kmdlY\g&=f[Ykg
[gfljYjag$fgg[mjjaj~Yk‰&Q\Y\gim]dYk[gfÖa[lana\Y\]kkg[aYd]k]fdY[am\Y\j]k%
hgf\]fY\a^]j]fl]klahgdg_‰YkqY\aklaflgkgj‰_]f]k$af[dmkg]pljY%mjZYfgk$`YZj~
im]l]f]j[ma\Y\g\]fghj]l]f\]jkgdm[agfYjmf[gfÖa[lgeY[jg[gfdY[gfkljm[%
[aŽf\]mfYZaZdagl][Yg\]mfhm]fl]$hgj]b]ehdg&
9\]e~k$dY]na\]f[aYem]kljYim]fgZYklY[gfl]f]jdYZm]fYa\]Y\]afl]jn]faj
]d]khY[agmjZYfg&@Yqim]`Y[]jdg\]eg\g^‰ka[g$h]jglYeZa…fkg[aYde]fl]&Q\]
eYf]jYafl]_jY\Y$[geg]f]d[Ykg\]dgkHjgq][lgkMjZYfgkAfl]_jYd]k\]E]\]dd‰f&
=f[Ykg[gfljYjag$dgim]hm]\]_]f]jYjk]]kmf]^][lg\]\]khdYrYea]flg$[geg
\]em]kljYfdgk\gk[Ykgke]f[agfY\gk\]:g_gl~&
LYeZa…fdY]na\]f[aY]phj]kYim]]khgkaZd]hYkYj\]dYl]gj‰YYdYhj~[la[Y]feYl]%
jaY\]hYjla[ahY[aŽf[am\Y\YfY$[geg]f]d[Ykg\]BmYf:gZg&;mYf\g`YqhYjla%
[ahY[aŽf ]f dgk hjgq][lgk \] YhjghaY[aŽf \]d ]khY[ag h“Zda[g$ lYeZa…f `Yq e~k
hgkaZada\Y\]k\][gfkljmajmfk]fla\g\]YhjghaY[aŽf&Af[dmkgkafem[`gkj][mjkgk
q[gfZm]fYaeY_afY[aŽf$[geg]f]d[Ykg\]dÉk]hlaeYrgÊ]f:g_gl~&
/.
Mf[ge]flYjagÕfYd2dgk]b]ehdgk\ak[mla\gk\]eYf]jYkge]jYh]jeal]fhj]k]f%
lYj dY Yjla[mdY[aŽf ]flj] afl]jn]f[aŽf ]f ]d ]khY[ag h“Zda[g q eYf]bg \] dYk [gf%
Öa[lana\Y\]kkg[aYd]kqhj]n]f[aŽf\]dYafk]_mja\Y\]fdYk[am\Y\]k\]:g_gl~q
E]\]dd‰f& <] lg\Yk ^gjeYk `Yq im] \][aj im] Y“f ]k f][]kYjag j][mjjaj Y ]nYdmY%
[agf]k hjg^mf\Yk im] h]jealYf a\]flaÕ[Yj e]bgj dgk e][Yfakegk im] ]phda[Yf
\a[`Ykj]dY[agf]kq]dn]j\Y\]jgh]kg\]dYkeakeYk]fdgkj]kmdlY\gkgZl]fa\gk&G$
af[dmkg$[gehj]f\]jhgjim…fg`Yf^mf[agfY\gZa]fg`Yfl]fa\g]^][lgkaf]kh]%
jY\gk$[mYf\gYk‰`YqYg[mjja\g&
:A:DAG?J9>A9
9k[`]j$>&$D]kfgmn]Ymphjaf[ah]k\]dXmjZYfake]&DX9mZ]$HYjak&
9llYda$B&$Mf]Zj†n]`aklgaj]\]dXYn]faj&>YqYj\$h~_&,*+&HYjak$*((.&
:Ydcaf$ K& @gmd\]f$ H&$ J]\m[af_ ^]Yj g^ [jae] l`jgm_` g[[mhYlagfYd hj]k]f[]&
;jaeafYdBmkla[]Yf\:]`Ynagj$ngd&)($Fg&)$)+%++$)10+&
:gjbY$B&$DY[am\Y\[gfimaklY\Y&9daYfrY=\algjaYd$h~_&*0+&EY\ja\$*((+&
;gk]j$D&9&$D]k^gf[lagfk\m[gfÖalkg[aYd$HM>$h~_&)0+& LjY\m[[aŽf\]L`]^mf[lagfk
g^kg[aYd[gfÖa[l$)1-.!&HYjak$)10*&
;jYo^gj\$9&$;jae]hj]n]flagfYf\[geemfalqkY^]lq$hgdala[k$hgda[a]khjY[la[]k$
Dgf_eYf;jaeafgdg_qK]ja]k&Dgf\j]k$)110&
;mjZ]l$ B&$ ;gfÖa[lgk _dgZYd]k$ nagd]f[aYk dg[Yd]k& ;Yh‰lmdg )& DY jY‰r \]d [gfÖa[lg$
h~_k&*)%.(&*((/&
<]mlk[`$ E&$ ;gfkljm[lan] [gfÖa[l j]kgdmlagf2 Hjaf[ahd]k$ ljYafaf_$ Yf\ j]k]Yj[`&
BgmjfYdg^Kg[aYdAkkm]k$ngd-($f˜)$h~_k&)+%+*&)11,&
=H==K =[gd] <g[lgjYd] Kljm[lmj]k ]l <qfYeaim]k KhYlaYd]k!$ =n…f]e]fl khYlaYd&
DÌ=khY[]?…g_jYh`aim]$f˜+$hh&)1+%)11&*(((&
=K9H>mf\Y[aŽf:m]f?gZa]jfg$;gfÖa[lana\Y\l]jjalgjaYd]f;gdgeZaY$h~_&,,.&
:g_gl~$*((,&
>]dkgf$E&$Dafcaf_[jaeafYd[`ga[]k$jgmlaf]Y[lanala]k$af^gjeYd[gfljgd$Yf\[jaeafYd
gml[ge]k&=f;gjfak`$<&:&$;dYjc]$J&N& =\k!$L`]J]Ykgfaf_[jaeafYd2JYlagfYd
[`ga[]h]jkh][lan]kgfg^^]f\af_&Khjaf_]j%N]jdY_$h~_k&))1%)*0Fm]nYQgjc$
)10.&
WWWWW $L`gk]o`g\ak[gmjY_][jae]&=f=[c$B&O]ak\mj\$<& ]\k&!&;jae]Yf\hdY[]&
Egfk]q$FQ2;jaeafYdBmkla[]Hj]kk&Fm]nYQgjc$)11-&
>j]mf\$B&Kg[agdg_a]\m[gfÖal$HM>$h~_&+/1&HYjak$)10+&
?YjdYf\$ <&$ L`] daealk g^ l`] kgn]j]a_f klYl]2 kljYl]_a]k g^ [jae] [gfljgd af
[gfl]ehgjYjq kg[a]lq& :jalak` BgmjfYd g^ ;jaeafgdg_q +. ,!$ h~_k& ,,-%/)&
)11.&
//
BY[gZk$B&$<]Yl`g^da^]g^_j]YlYe]ja[Yf[ala]k$NaflY_]:ggck&Fm]nYQgjc$)1.*&
D][gmjl$ 9& :Ym\]dd]$ ?&$ ;gfÖalk \ÌYe…fY_]e]fl ]l hjgpaeal… kg[aYd]2 mf]
j……nYdmYlagf&Afl]jfYlagfYdBgmjfYdg^KmklYafYZd]<]n]dghe]fl&*((,&
Daf\]f$J&$:mad\af_YkY^]jkg[a]lq2[jae]hj]n]flagfafj]ka\]flaYd]fnajgfe]flk&
;YfY\YEgjl_Y_]Yf\@gmkaf_;gjhgjYlagf ;E@;!&GllYoY$)11/&
E]d]$ H&$ ;gfÖalk ]l [gfljgn]jk]k2 \] fgmn]dd]k k[†f]k \] hjg\m[lagf l]jjalgjaYd]7
;gddgim] =khY[]k ]l kg[a…l…k Ymbgmj\Ì`ma& DY _…g_jYh`a] kg[aYd] \Yfk d]k
k[a]f[]kkg[aYd]k]l\YfkdÌY[lagf&J]ff]k$*((,&
Egfjgq$E&>gmjfa]j$9&$>a_mj]k\m[gfÖal&Mf]YfYdqk]kqkl…eaim]\]kkalmYlagfk
[gfÖa[lm]dd]k$HM>$h~_&**)HYjak$)11/&
Egj]fg$ 9&B&$ AehY[lg \] LjYfkead]fag ]f ]d [jae]f \] dY 9n]fa\Y ;YjY[Yk q kmk
n][af\Y\]k&<g[me]flgk\]d;]\]$Mfan]jka\Y\\]dgk9f\]k&:g_gl~&*((-&
JYek]q$E&$;alq%[]flj][jae]2l`]k[gh]^gjkalmYlagfYdhj]n]flagf&HYh]j)($@ge]
G^Õ[]$J]k]Yj[`Yf\HdYffaf_Mfal&Dgf\j]k$)10*&
JYm$ E& K]_mja\Y\ [am\Y\YfY q ]khY[ag mjZYfg j]ka\]f[aYd2 na_adYf[aY fYlmjYd ]f
d‰eal]k \] YhjghaY[aŽf [gemfalYjaY& =\a[aŽf Afl]jfY& KYflaY_g \] ;`ad]$
*((,&
KYkk]f$K&$&L`]_dgZYd[alq&F]oQgjc$Dgf\gf$Lgcqg&Hjaf[]lgf$Hjaf[]lgfMfan]jkalq
Hj]kk&Hjaf[]lgf$=klY\gkMfa\gk$*(()&
K[`]ddaf_ L ;&$ L`] kljYl]_q g^ [gfÖa[l& ;YeZja\_]$ E92 @YjnYj\ Mfan]jkalq Hj]kk&
@YjnYj\$=klY\gkMfa\gk$)1.(&
Ka_fgj]dda$9&$9fljghgdg_‰YMjZYfY&9fljghgk%M&9mlŽfgeYE]ljghgdalYfY$h~_&*-*&
E…pa[g$)111&
KMAN<$ @gea[a\agk ]f dg[Yda\Y\]k \]d ;]fljg& ;gf[]fljY[aŽf hgj \]fka\Y\ )111
q *((-& EYhY KMAN<%Kakl]eY mfaÕ[Y\g \] af^gjeY[aŽf kgZj] nagd]f[aYk q
\]daf[m]f[aYk\]:g_gl~&KYflY>]\]:g_gl~$*((-&
WWWWW $ ;gfÖa[lana\Y\]k kg[aYd]k ljYZYbY\Yk hgj ]d KMAN<& =f `llh2''ooo&[]Y[k[&
_gn&[gKYflY>]\]:g_gl~$*((/&
Mf\Y$ E&$ =d fm]ng jgkljg \] dY [gfÖa[lana\Y\ mjZYfY ]f ]d =[mY\gj& =f Lgjj]k
JaZ]ajg$9&$=djgkljgmjZYfg\]9e…ja[YDYlafY&GjgkljgmjZYfg\Y9e…ja[Y
DYlafY&;dY[kg$;gfk]bgDYlafgYe]ja[Yfg\];a]f[aYkKg[aYd]k&9[[]kgYdl]plg
[gehd]lg2 `llh2''ZaZdagl][YnajlmYd&[dY[kg&gj_&Yj'Yj'daZjgk'jmjYd)'jmjYd)&`le&
;am\Y\9mlŽfgeY\]:m]fgk9aj]k$9j_]flafY$*((,&
H~_afYko]Z[gfkmdlY\Yk2
`llh2''ooo&[hl]\&[d
`llh2''ooo&]\m&_gn&[g
`llh2''ooo&[]Y[k[&_gn&[g
`llh2''ZaZdagl][YnajlmYd&[dY[kg&gj_&Yj
/0
,
;9HALMDG
·IMAzF;GFKLJMQ=
=KH9;AGHè:DA;G7
FYlYdaYDarYfYœEYjl‰fLgjj]kœ>jYfr
NYf\]jk[`m]j]fœ;gfjY\g>]jf~f\]r
/1
,
0(
,&) DGKEMFA;AHAGK
FYlYdaYDarYfY
LjYZYbY\gjYKg[aYdœHjg_jYeY\]K]_mja\Y\MjZYfY
Mfan]jka\Y\9dZ]jlg@mjlY\gœKYflaY_g\];`ad]
9hYjlaj\]dgk[YeZagk]f]d]khY[agh“Zda[g]fdYk[am\Y\]k[gfl]ehgj~f]Yk$k]
nm]dn]j]d]nYfl]j]Ö]pagfYjkgZj][m~d]k]djgd\]d=klY\g]f_]f]jYdq\]demfa%
[ahag$]fhYjla[mdYj$]fdYhm]klY]feYj[`Y\]mfYhgd‰la[YmjZYfY]f^g[Y\Y]fdY
[gfkljm[[aŽf\]]khY[agkh“Zda[gk[g`]kagfY\gj]k&HYjY]ddg]kf][]kYjag[gfka\]%
jYj\aklaflgk]d]e]flgk2]d\]kYjjgddg\]hjg[]kgk\]_]klaŽfmjZYfYdg[Yd$\]hYj%
la[ahY[aŽf\]dYkgj_YfarY[agf]kkg[aYd]kq\]dY[gemfa\Y\fggj_YfarY\Y$bmflg
[gf]d]ehg\]jYea]flg\]dgk\aklaflgkY[lgj]kkg[aYd]kqdYgZl]f[aŽf\]hj~[la%
[Ykkmkl]flYZd]k]afklalm[agfYdarY\Yk&
=demfa[ahagqkmjgd]fdY_]klaŽf\]dgk]khY[agkh“Zda[gk
<]k\]dYhgka[aŽf\]d=klY\g^j]fl]Ydgk]khY[agkh“Zda[gk]kY\][mY\g\]Õfajk][gf
mfYgja]flY[aŽfdg[Yd$qYim]dYkafklalm[agf]kdg[Yd]khgk]]fmfYeYqgjnaf[mdY[aŽf
[gfdgk`YZalYfl]kqgj_YfarY[agf]k\]mfl]jjalgjag\]l]jeafY\g&=f]kl]k]fla\g$]d
emfa[ahag]kdYafklYf[aY\]_gZa]jfgim]hm]\]dg_jYjmfY[gemfa[Y[aŽfe~k\aj][lY
qÖma\Y[gfdY[gemfa\Y\$h]jeala]f\gdY_]f]jY[aŽf\][gfÕYfrYqhgkaZadalYf\gkm
af[gjhgjY[aŽf]fdYj]kgdm[aŽf\]dgk[gfÖa[lgk Gna]\gq9Zg_YZaj$*(((!&
<]]klY^gjeY$dYk]ph]ja]f[aYkafl]jfY[agfYd]kZYkY\Yk]fdYhj]n]f[aŽf[gemfa%
lYjaYqdYhYjla[ahY[aŽf%]f[mYflg]kljYl]_aYkhYjY]f^j]flYjdgk[gfÖa[lgkmjZYfgk%
`YfgZl]fa\g]palgkgkj]kmdlY\gk MF%@YZalYl$*((*!&<a[`g…palg]kl~naf[mdY\gq
k]^mf\Ye]flY$]f_jYfe]\a\Y$hgjkmaehd]e]flY[aŽfYfan]ddg[Yd$[gfka\]jYf\g
[gegZYk]Yd_mfYk[YjY[l]j‰kla[Yke‰faeYk$[gegljYfkhYj]f[aY$j]khgfkYZada\Y\
q]Õ[a]f[aY&Kaf\a[`gk]kl~f\Yj]ke‰faegk$k]n]f[gehjge]la\YkdYk[gf\a[agf]k
\]h]j\mjYZada\Y\\]dYkhgd‰la[Yk\]hj]n]f[aŽf&
<]fljg\]dYk[YjY[l]j‰kla[Yk[gemf]k\]]klYk]ph]ja]f[aYk]khgkaZd]e]f[agfYj
dgkka_ma]fl]k]d]e]flgk[dYn]k&
=fhjae]jdm_Yj$im]dYkYmlgja\Y\]kdg[Yd]kYkmeYfmfjgd\]da\]jYr_g$[gfdY[YhY%
[a\Y\\]\a^mf\ajh]\Y_Ž_a[Ye]fl]mfYnakaŽfhgd‰la[Yim][gf\mr[Y]dhjg[]kg\]
afl]jn]f[aŽf]d[mYd$hYjYk]j]^][lang$\]Z]]klYjZYkY\g]fmf\aY_fŽkla[ghYjla[ahY%
lang\]dYkf][]ka\Y\]kdg[Yd]k&=f]kl]k]fla\g$`YqmfY[dYjY\anakaŽf\]dljYZYbg[gf
]d_gZa]jfgfY[agfYd$im]aehda[YYmlgfge‰Yh]jgim]fg]p[dmq]dY[gdYZgjY[aŽf&
Dm]_g$\]k\]dYhj]n]f[aŽf[gemfalYjaY$k]]f^YlarY]djgdqdYhYjla[ahY[aŽf\]dgk
Y[lgj]k \] dY [gemfa\Y\ dg[Yd ]f ]d \ak]g$ aehd]e]flY[aŽf q ]nYdmY[aŽf \] dY
hgd‰la[YmjZYfY&<]fljg\]]kl]]f^gim]$dgk\aklaflgkY[lgj]khgd‰la[gk$kg[aYd]kq
0)
][gfŽea[gkkgfnaklgk[geg[ghjg\m[lgj]k\]k]_mja\Y\$dgim]aehda[Yj][gfg[]j$
aehd‰[alYe]fl]$im]]d=klY\gfg]k]d“fa[g]fdY\]Õfa[aŽf]aehd]e]flY[aŽf\]dYk
hgd‰la[Yk$qYim]dY[gfkljm[[aŽf\]k]_mja\Y\]kj]khgfkYZada\Y\\]lg\gkdgkY_]f%
l]k\]d=klY\g$af[dma\g]dfan]ddg[YdqlYeZa…f\]dYkafklalm[agf]k\]dYkg[a]\Y\
[anadq]dk][lgjhjanY\g$bmflg[gfdgk`YZalYfl]kafngdm[jY\gk&
9\]e~k]khj][akgdY]pakl]f[aY\]mfYfgjeYlanYÖ]paZd]qgja]flY\gjY$hYjYim]
k]Y mf afkljme]flg Y\YhlYZd] Y dgk [gfl]plgk ]kh][‰Õ[gk$ qY k]Y \] fan]d ea[jg g
eY[jgkg[aYd$qim][gfljaZmqYYgj_YfarYjdYdYZgjdg[Yd$]fn]r\]gZklY[mdarYjdY&
GljgYkh][lgj]d]nYfl][gfkakl]]f]d[Yj~[l]j[gemfa[Ylang\]dYhgd‰la[Y$im]\]Z]
YhmflYjY\gk^g[gkhjaf[ahYd]k2hgjmfdY\g]kl~dY[gemfa[Y[aŽfh]\Y_Ž_a[Y$\aja%
_a\YYdY[gemfa\Y\afl]jfY$\aj][lYe]fl]Z]f]Õ[aY\Yhgj]dhjg[]kg\]afl]jn]f%
[aŽfmjZYfYq$hgjgljg$dY[gemfa[Y[aŽfYdj]klg\]dYkg[a]\Y\$im]Zmk[YafÖmaj]f
dYhgd‰la[Yh“Zda[Yqkmk]f^gim]k&
Hgj“dlaeg$dYkafa[aYlanYk\]Z]fk]jemdlak][lgjaYd]k$dgim]af[dmq]dY[ggj\afY[aŽf
q\akhgka[aŽfY[ggh]jYj\]dgk\aklaflgkk]jna[agkdg[Yd]k$hYjY_]f]jYjj]kmdlY\gk
kaf…j_a[gkim]]f^j]fl]fdY[gehd]ba\Y\\]dgk[gfÖa[lgkmjZYfgkqim]h]j\mj]f&
Dd]nYf\gY[YZgafa[aYlanYkdg[Yd]kim][mehdYf[gfdYk[YjY[l]j‰kla[Yke]f[agfY\Yk
k]j~hgkaZd]_YjYflarYjdgk\]j][`gkYdY[am\Y\qYdYk]_mja\Y\&=dhjae]jg[gfka\]jY
dYYhjghaY[aŽf\]dgk]khY[agkh“Zda[gkhgjlg\gk Yk!3q]d\]j][`gYdYk]_mja\Y\hj]%
kmhgf]dYY[]hlY[aŽf\]dY\an]jka\Y\$\]dYYdl]ja\Y\$q]pa_]mfhjg[]kgh]\Y_Ž_a[g
hYjY dg_jYj dY Y[]hlY[aŽf \] dYk \a^]j]f[aYk _]f]jY[agfYd]k$ \] _…f]jg$ …lfa[Yk$ \]
[gehgjlYea]flgk]pmYdgj]da_agkgq$Ydeakegla]ehg$eg\Yda\Y\]k\]j]kgdm[aŽf
\]hgkaZd]k[gfÖa[lgk]f]kl]]khY[ag&
Dg Yfl]jagj kmhgf] _]f]jYj dgk ]khY[agk h“Zda[gk \] ]f[m]fljg Y\][mY\gk Y dYk
f][]ka\Y\]kd]_‰laeYk\]dgk\aklaflgk_jmhgkim][gehgf]fdY[am\Y\$q]klYZd][]j
[a]jlYk[gf\a[agf]k\]hjgl][[aŽfim]h]jealYfj]dY[agf]k[anadarY\Yk&=ddgj]ima]j]
[gfkljmajqY[gj\Yj^gjeYk\]j]kgdm[aŽf\][gfÖa[lgkY\][mY\YkYdYk\]eYf\Ykq
f][]ka\Y\]k\]dgk_jmhgk$YdYn]rim]Ö]paZd]khYjYY\YhlYjk]Ydgk[YeZagkim]
g[mjj]fh]jeYf]fl]e]fl]]fdY\af~ea[Y[alY\afY&
=d\]j][`gYdYk]_mja\Y\aehda[YdY[YhY[a\Y\\]nanaj]fmfYeZa]fl]\gf\]dgk\]j]%
[`gk`meYfgkkgfj]kh]lY\gk&Hgj]b]ehdg$]d\]j][`g\]dgk Yk!bŽn]f]kYl]f]j]khY%
[agkqhg\]jeYfa^]klYjk]\]^gjeYkhjghaYkg]d\]j][`g\]eafgj‰Ykj]da_agkYk$…lfa[Yk
gk]pmYd]kYl]f]jdm_Yj]k\]j]mfaŽf$\][gfe]egjY[aŽfg\]Õ]klYhjghagk&Dg\a[`g
fgka_faÕ[YdYYmk]f[aY\][gfÖa[lgk$Yn][]knagd]flgk$kafge~kZa]fdY[YhY[a\Y\
\]j]_mdYjdgkhgje]\ag\]mfY]\m[Y[aŽf[gd][lanYh]jeYf]fl]$\][gfljgdkg[aYd$q
kgZj]lg\g$_jY[aYkY^gjeYk\]hj]n]f[aŽfim]h]jealYfj]\m[ajdYk[YmkYk\]dYnagd]f[aY
qj]]\m[YjYima]f]kl~]fkalmY[aŽf\]nmdf]jYZada\Y\ JmarqNYf\]jk[`m]j]f$*((/!&
0*
Mf]b]ehdg\]afa[aYlanYafl]j]kYfl]]kdYdd]nY\YY[YZghgj]dEmfa[ahag\]JaeY[$
]fDaeY$H]j“&=f]ddY$ljYZYbYf\g[gf_jmhgkq[gehY‰Yk\]l]Yljg]pakl]fl]k]f
]dZYjjagqhgje]\ag\]dY^gjeY[aŽf\]egfalgj]k Yk!\]l]Yljg^m]hjgha[aY\YdY
hj]n]f[aŽf]fbŽn]f]k\]dYnagd]f[aY[Ydd]b]jY n]jj][mY\jgka_ma]fl]!&
J][mY\jg)(
J‰eY[%H]j“
L]Yljg]f;]fljg@aklŽja[g\]JaeY[
Hj]n]f[aŽf[gemfalYjaY[gfljY]dhYf\addYb]
=fmf[]fljg`aklŽja[gemq\]l]jagjY\ghjgda^]jYfdYkhYf\addYk·hm]\]]d
l]YljgYqm\YjYdgk Yk!bŽn]f]kYmladarYj\]eYf]jYe]bgj]dhjghagla]ehg
q]dhjghag]khY[ag7
Dm_YjYafl]jn]fajqgZb]lang
=kmf[]fljg`aklŽja[gYdlYe]fl]\]l]jagjY\g&=fkmkYdj]\]\gj]kj]ka\]f[]j[Y\]
,-((`YZalYfl]kqY[m\]flmjaklYk$hjaf[ahYde]fl]]fdYk`gjYk\]dmrfYlmjYd&<]Za\g
Ykm[gf\a[aŽf\]<akljalg9fla_mgim]fg`Yka\gj]fgnY\gmjZYfYe]fl]$]dJ‰eY[
]f^j]flY$ \]k\] la]ehg Ylj~k$ _jYn]k hjg[]kgk \] `Y[afYea]flg$ lm_mjarY[aŽf$
\]l]jagjg `YZalY[agfYd$ q \]d e]\ag YeZa]fl] ]f _]f]jYd$ kgZj] lg\g ]f dY rgfY
\]fgeafY\Y;]fljg@aklŽja[g$ka]f\gdgke~kY^][lY\gk
dgk Yk!fagk Yk!$Y\gd]k[]fl]kqbŽn]f]k&Dgkhjaf[ahYd]k
hjgZd]eYk kg[aYd]k kgf ]d Yme]flg \]d [gfkmeg q
ea[jg%[ge]j[aYdarY[aŽf \] \jg_Yk q dY hjgda^]jY[aŽf \]
hYf\addYk&
=dgZb]langhjaf[ahYd^m]^gjlYd][]jdYhYjla[ahY[aŽfbmn]fad
]f]khY[agkim]hjgem]n]fdYhj]n]f[aŽf\]dYnagd]f[aY
q]d^ge]flg\]dY[mdlmjY\]hYr]f]d\akljalg&
E]lg\gdg_‰Y\]ljYZYbg
Hgje]\ag\]Y[lana\Y\]kl]YljYd]kk]j~^Yngj][a\g]d\]kYjjgddg\][YhY[a\Y\]k
]f]klYhgZdY[aŽf]f]dmkghjg\m[lang\]kmla]ehgqdYhYjla[ahY[aŽfY[lanY]f
dgk]khY[agkim]dYEmfa[ahYda\Y\qgljYkafklalm[agf]kd]kg^j][]f&
HYjYdg_jYjdg^m]^gjeY\gmf]d]f[gYjl‰kla[g\]Y\gd]k[]fl]kqbŽn]f]k[geg
hjgeglgj]k\]dYhYr&9\]e~kdgkhY\j]k\]^YeadaY^m]jgfk]fkaZadarY\gkkgZj]
dYhj]n]f[aŽf\]dYnagd]f[aYbmn]fad$hjgha[aYf\gim]afngdm[jYjYfYkmk`abgk Yk!
]fdgk\a^]j]fl]k]khY[agkbmn]fad]k&
AehY[lg'=^][lg\]k]Y\g
DY hjgeg[aŽf \]d Yjl] q dY [mdlmjY kgf Ydl]jfYlanYk \] hYjla[ahY[aŽf q
kg[aYdarY[aŽf\]fagk Yk!$Y\gd]k[]fl]kqbŽn]f]k$im]^ge]flYj~f]d\]kYjjgddg
bmn]fad&=d]^][lg\]k]Y\g]khj]n]fajhjgZd]eYk$]f]kh][aYddYaf[gjhgjY[aŽf\]
Y\gd]k[]fl]kqbŽn]f]kYdYkhYf\addYk&
0+
KaZa]f]khgkaZd]a\]flaÕ[Yj]fdYk]ph]ja]f[aYkkgZj]]khY[agkh“Zda[gkYd_mfgk
]d]e]flgk[dYn]kim]\Yf[m]flY\]dgkhjg[]kgkim]h]jeal]f_]f]jYj[g`]kaŽf
kg[aYd$lYeZa…f]kaehgjlYfl]l]f]j]f[m]flY[a]jlgk]d]e]flgkgZklY[mdarY\gj]k&
<a[`Yk kalmY[agf]k kgf [gemf]k ]f dgk [Ykgk ]klm\aY\gk q \]Z]f k]j kgjl]Y\Yk
hYjYgZl]f]jafa[aYlanYkhYjla[ahYlanYkq]Õ[Y[]k&
=flj]]ddgk`Yqim][gfka\]jYjdYkdaealY[agf]k\]dYkafl]jn]f[agf]k\]dYY\eafak%
ljY[aŽfdg[YddYkim]$^j][m]fl]e]fl]$kgfj]YdarY\Yk[gfmfYh]jkh][lanYk][lgjaY%
daklYgYakdY\Y$\]Y[m]j\gYdYke]lYk\][Y\Yk][lgj'\]hYjlYe]flg$qkafl]f\]j
`Y[aYdY[gehd]e]flYja]\Y\]afl]jk][lgjaYda\Y\$dgim]j]\m[]]daehY[lg\]dYk
Y[[agf]kdg[Yd]kYdfgYZYj[YjdY[gehd]ba\Y\\]dgk[gfÖa[lgkmjZYfgk&
=klg_]f]jY\]k[ggj\afY[agf]k]fdYaehd]e]flY[aŽf\]afa[aYlanYk]fdgk]khY[agk
h“Zda[gk\]k\]dgkeakegk\]hYjlYe]flgk\]d_gZa]jfgdg[Yd$hjg\m[lg\]j]klja[%
[agf]khgd‰la[g%Y\eafakljYlanYk$^jY_e]flY[aŽf\]dY]kljm[lmjYgj_YfarYlanY$^YdlY
\]da\]jYr_gqYmk]f[aY\]mfYnakaŽf]kljYl…_a[Yim]fgh]jeal]dYljYfkn]jkYda\Y\
\]dYY[[aŽfemfa[ahYd&=klg]kY[]flmY\ghgjdY^YdlY\]]imahgk[gf^gjeY[aŽf
l…[fa[Y Y\][mY\Y$ af]klYZada\Y\ ]f km afl]jagj \]Za\g Y [YeZagk h]jeYf]fl]k$
YeZa_–]\Y\q[gf^mkaŽf]fdgkjgd]kq^mf[agf]k\][Y\Ygj_Yfakeg$im]hj]k]f%
lYfmfY^m]jl]\]h]f\]f[aYhgd‰la[Y\]dfan]dfY[agfYd&
=fl…jeafgk\]dY]kljm[lmjYemfa[ahYd$YhYj][]mfeg\]dgZmjg[j~la[g]p[]kanY%
e]fl]gja]flY\g]fdgkhjg[]\aea]flgk$im]fg[gfka\]jYdYj]d]nYf[aY\]dgkhjg%
\m[lgk]fl…jeafgk\]_]klaŽf&9kmn]r]kfglgjaYmfYh]jkh][lanYË_YjYflaklYÌ\]
dYY\eafakljY[aŽfh“Zda[Y$im]Yka_fYmfjgdhjglY_Žfa[gYd=klY\g$\]bYf\gYd dY!
[am\Y\Yfg Y!]fmfk]_mf\gfan]d&
HgjgljYhYjl]$dY^Yk]\]]nYdmY[aŽf\]hgd‰la[Yk]fdYY_]f\Ydg[Ydla]f\]Yk]j[gf%
^mkYqYeZanYd]fl]&=klg]kl~naf[mdY\gYd`][`g\]im]]d_gZa]jfgdg[Ydkm]d]Ykg%
[aYj\]eYkaY\g]d_jY\g\]kYlak^Y[[aŽf\]dY[am\Y\Yf‰Y]fj]dY[aŽfYmfYhgd‰la[Y
h“Zda[Y[gf]dj]kmdlY\g]^][langim]k]gZla]f]&ÉDY[]j[Yf‰Y_gZa]jfg%[am\Y\Yfgk
[j]Y\aÕ[mdlY\]khYjY\a^]j]f[aYjdYYhjgZY[aŽf[am\Y\YfYq]daehY[lg\]mfhjg%
_jYeYemfa[ahYdÊ ;YZj]jg$*((+]f<]dYEYrY$>]jf~f\]rqFYnYjjg$*((,$h&/0!&
9k‰$]khgkaZd]dd]nYjY[YZgmfYhgd‰la[YmjZYfYY[lanYqhYjla[ahYlanY$]fdYe]\a\Y
im]]paklYngdmflY\hgd‰la[YhYjYj][gfg[]jdgk]d]e]flgkgZklY[mdarY\gj]kYfl]k
e]f[agfY\gk q hYjY ljYZYbYj ]f [gfbmflg hYjY kmZkYfYjdgk$ lYflg Yd afl]jagj \]d
emfa[ahag[geg[gf]dj]klg\]dYkafklalm[agf]kqgj_YfarY[agf]kdg[Yd]k&
Emfa[ahagqf][]ka\Y\\]mfYhgd‰la[YhYjla[ahYlanY
<]k\] ]d ]f^gim] \] [ghjg\m[[aŽf \] k]_mja\Y\$ mfY hgd‰la[Y mjZYfY \]Z]j‰Y
af[]flanYj q ^ge]flYj dY hYjla[ahY[aŽf \] dY [gemfa\Y\ gj_YfarY\Y q fg gj_Yfa%
rY\Y$ [gfka\]j~f\gdYk [geg Y[lgj]k ^mf\Ye]flYd]k \]d hjg[]kg \] \aY_fŽkla[g
0,
\]dgk[gfÖa[lgk]fdgk]khY[agkh“Zda[gkqhdYfaÕ[Y[aŽf]aehd]e]flY[aŽf\]dYk
]kljYl]_aYkhYjY]f^j]flYjdgk&
=kh][aYde]fl]]f]d[Ykg\]dgkk][lgj]k]p[dma\gk$dgk Yk![am\Y\Yfgk Yk!Éj]ima]%
j]f\]]khY[agkim]hgkaZadal]fkmafl]_jY[aŽf$]f[m]fljg]afl]jj]dY[aŽfkg[aYd$q
la]f]f\]j][`gYhYjla[ahYjY[lanYe]fl]]fdYk\][akagf]kim]Y^][lYfdYgj_YfarY%
[aŽf\]km`~ZalYlqdY[Yda\Y\\]kmk]khY[agkh“Zda[gkÊ K]_gnaY$G&*((/$h&)()!&
9hYjlaj\]]kl]ljYZYbg[gfbmflgk]YnYfrY]fdY[gfkljm[[aŽf\][gfÕYfrY]fdY
[am\Y\Yf‰Yhgje]\ag\]hjg[]kgkim][j]Yfkaf]j_aYkqj]kgfYf[aYk]f]ddY&ÉDgk
[am\Y\Yfgk YhgqYf hgd‰la[Yk h“Zda[Yk fg lYflg hgjim] kYlak^Y_Yf kmk afl]j]k]k$
kafghgjjYrgf]kq]eg[agf]k&DYkYhgqYfkaehd]e]fl]hgjim]dYk`Yf]fl]f\a\g&
Q]fl]f\]j\Ye~k\]j][`gYna_adYjqj][dYeYjÊ Eg[cmk9&*((/$h&)*(!&
DYkkaf]j_aYkj]^]ja\Ykk]ljY\m[]f]f]d^gjlYd][aea]flg\]dda\]jYr_gqdY[YhY[a%
\Y\\]Y[[aŽf\]dYkgj_YfarY[agf]kkg[aYd]k3]dj]^gjrYea]flg\]dY[gfnan]f[aY
]flj]dgk Yk!n][afgk Yk!3Yme]flg\]dY[YhY[a\Y\\]dg_jYjY[m]j\gk]flj]Y[lgj]k
dg[Yd]kqeYqgjYmlgfge‰Y\]dY[gemfa\Y\]fdY_]klaŽf\]kmkhjgZd]eYk&HYjY
im]lYd]k]^][lgkl]f_Yfdm_Yj$]kf][]kYjagim]dgkY_]fl]kaehda[Y\gkh]jeYf]r%
[Yfq[mehdYf[gfdgk[gehjgeakgkY\imaja\gk K]_gnaY$G&*((/$h&)(*!&
DgYfl]jagj$]fl…jeafgk[gf[j]lgk$j]ima]j]\]afkljme]flgkfgjeYlangk$af^gjeY%
langkq\][ggh]jY[aŽfim]h]jealYfqhjgem]nYf]dhjg[]kghYjla[ahYlang$lYd]k
[geg [gfk]bgk q j]_dYe]flgk \] hYjla[ahY[aŽf$ q hj]kmhm]klgk hYjla[ahYlangk$
]flj]gljgk :gjbY$*((+!&
=f]d[Ykg\]d\aY_fŽkla[ghYjla[ahYlang$]kl]\]Z]]klYjda\]jY\ghgjmf]imahgl…[%
fa[g hjgY[lang$ im] [gfka\]j] ]d afngdm[jYea]flg q ljYZYbg eYf[gemfY\g ]flj]
hYjla[ahYfl]kdg[Yd]k$hYjYegnadarYjYdgkY[lgj]kmjZYfgkq[gfkljmaj[gemfa\Y\$
gj_Yfar~f\gdY$_]f]jYf\gYk‰[YhY[a\Y\]kq]ehg\]jYea]flg&<]]klY^gjeYk]j~
hgkaZd]]klYZd][]jmf[gfk]fkgaf[dmkangkgZj]dYkf][]ka\Y\]kqhjagja\Y\]k\]dY
[gemfa\Y\\]afl]j…k$dgk]imahgk\]d_gZa]jfgdg[Ydqdgkhjghagkn][afgk&
9k‰$dYkhjghm]klYk]dYZgjY\Yk]klYj~f]fkaflgf‰Ykg[ag][gfŽea[Yq[mdlmjYd[gf
]d[gfl]plgdg[Yd$Yd[gfka\]jYjdYa\]flaÕ[Y[aŽf\]dgkj][mjkgkdg[Yd]k][gfŽea%
[gk$kg[aYd]kqkaeZŽda[gk$j]kh]lYf\gdYfgjeYlana\Y\q]feYj[~f\gk]]fdYkhjag%
ja\Y\]khYjYhdYfaÕ[YjY[[agf]kafe]\aYlYkq\]e]\aYfgqdYj_ghdYrg&
<]k\]]d[jal]jag\]kmkl]flYZada\Y\\]mfYhgd‰la[YmjZYfYhYjla[ahYlanYk]j]ima]j]$
]f]k]gj\]f2É>gjlYd][]jdgk]khY[agkh“Zda[gk[geg]k[]fYjagkhYjY]d]f[m]fljg
qdYafl]jY[[aŽf YfaeY[aŽf\]ddm_Yj!3[gehjge]l]jYdY[am\Y\Yf‰Y]fkm_]klaŽf
hYjYYk]_mjYjkmmkg [YhY[alY[aŽf\]dY[gemfa\Y\!3qYjla[mdYjYY[lgj]k$Y[[agf]k
qj][mjkgkhYjYghlaearYjdY_]klaŽf À!Ê K]_gnaY$G&*((/$h&)(*!&
0-
=fkmeY$e]\aYfl]]d]ehg\]jYea]flg$dYkgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYk
bmflg[gfdgk Yk!n][afgk Yk!fggj_YfarY\gkk][gfklalmq]f]fYdaY\gk\]d_gZa]jfg
dg[Yd$]fY[lgj]kYhjghaY\gk\]dgk]khY[agkh“Zda[gkq$hgj]f\]$j]khgfkYZd]k\]
kmk]_mja\Y\&
MfY afa[aYlanY im] YhmflY ]f ]d k]fla\g hdYfl]Y\g ]k dY \]kYjjgddY\Y ]f J][a^]$
:jYkad&K]_“f]khgkaZd]Yhj][aYj]f]dna\]g\]hjg^mf\arY[aŽf\]dhjgq][lg `llh2''
ooo&mjZYd%]khY[agkh“Zda[gk&[d'*((0'!$hYjl]\]dY^gjeY[aŽfq[YhY[alY[aŽfYbŽn]%
f]k%af[dma\gk Yk!Yim]ddgk Yk!]fkalmY[aŽf\][Ydd]%aehda[Y]d\aY_fŽkla[gqj]\a%
k]g\]dgk]khY[agkh“Zda[gk$hYjYj]]nYdmYj]dmkg\]dl]jjalgjag\]eg\ge~kY^‰f
Ykmkf][]ka\Y\]k&
Dgk\]kY^‰gk\]mf]f^gim]\][g`]kaŽfkg[aYd\]k\]]demfa[ahag
9Zgj\Yj]egkdgkjgd]k]kh][‰Õ[gkim]\]Z]j‰Y[mehdaj]kl]gj_Yfakeg$qdgkhjaf%
[ahYd]k \]kY^‰gk im] \]Z] ljYZYbYj hYjY \a[`g hjghŽkalg$ l]fa]f\g hj]k]fl] dgk
]d]e]flgk [dYn]k \] dYk ]ph]ja]f[aYk ]klm\aY\Yk q dYk \aÕ[mdlY\]k im] hj]k]flY
dY_]klaŽfemfa[ahYd%[geg_YjYfl]\]d\]j][`gYdYk]_mja\Y\]fdY[am\Y\%hYjY
]f^j]flYjY\][mY\Ye]fl]dY[gehd]ba\Y\\]dgk[gfÖa[lgkmjZYfgk&
=fhjae]jdm_Yj$aehda[Y]d\]kYjjgddg\][YhY[a\Y\]k\]_gZ]jfYfrY$[gfka\]jYf\g
dYk ^gjeYk \] j]dY[agfYjk]$ [gfk]fkmYj$ dd]_Yj Y Y[m]j\gk ] af[gjhgjYj dY eYqgj
[Yfla\Y\qYdgke~kaehgjlYfl]kY[lgj]kim]\]fkmkl]flYZada\Y\$j]khYd\gqeYkY
[j‰la[YYmfYhgd‰la[Y N]d~kim]r$*((.!&=kl]hjg[]kg]k[jm[aYdhYjYim]dYkafa[aYla%
nYkdg_j]fdgkj]kmdlY\gk]kh]jY\gkqh]jeYf]r[Yf&
9kmn]r$la]f]fmf[Yj~[l]j\af~ea[g$\gf\]dYk[geh]l]f[aYkqj]khgfkYZada\Y\]k
\]dYkYmlgja\Y\]kdg[Yd]kq\]kmkYkg[aY\gk]fdY_]klaŽfmjZYfYk]\]Z]fljYfk%
^gjeYjhYjYY\YhlYjk]Ydgk[YeZagk\]dgk[gfl]plgkdg[Yd]k MF%@YZalYl$*((*!$dg
im]h]jeal]dY[gfkgda\Y[aŽf\]hj~[la[Yk\]eg[j~la[YkqdY[gfkljm[[aŽf\]mfY
_gZ]jfYfrY]klYZd]]f\a[`gk]khY[agk ;YZj]jg$*((+]f<]dYEYrY$>]jf~f\]rq
FYnYjjg$*((,$h&.)!&
;geg eglgj \] dY ]kljYl]_aY dg[Yd$ ]d jgd ^mf\Ye]flYd \]d emfa[ahag ]k l]f]j dY
j]khgfkYZada\Y\\]hjgq][lYjmfYhgd‰la[Yim][gfklalmqYmfYhgjl]YdY[g`]kaŽf
kg[aYdqYdY[Yda\Y\\]na\Y$bmflg[gfdY[YhY[a\Y\\]Yjla[mdYj\a[`Yhgd‰la[Y[gf
]d[gfbmflg\]dhjgq][lgemfa[ahYd&<]Z]hjgegn]jmfYY[[aŽfafl]jk][lgjaYd$im]
]f^j]fl]dY[gehd]ba\Y\\]dgk[gfÖa[lgkmjZYfgk[gfafa[aYlanYkafl]_jYd]kdd]nY%
\YkY[YZghgj]imahgkemdla\ak[ahdafYjagk$q[gfdYhYjla[ahY[aŽf\]mfY\an]jka\Y\
\]Y[lgj]kkg[aYd]kqhgd‰la[gk&
HgjgljYhYjl]$dY[gemfa[Y[aŽf\]dgkj]kmdlY\gk\]dYkafa[aYlanYkmjZYfYkj]Yda%
rY\Yk]k[dYn]hYjYafÖmaj]fdYkh]j[]h[agf]k\]dgk Yk!`YZalYfl]k\]dY[am\Y\$
j]kh][lg\]dYk]_mja\Y\]fdgk]khY[agkh“Zda[gk&ÉDgim]ha]fkYfdYkh]jkgfYkq
0.
kmY[lalm\`Y[aY]ddY]kl~fegd\]Y\gk]f]dla]ehghgjdYaf^gjeY[aŽfim][gjj]\]
Zg[Y]fZg[Yqdgkj]hgjlYb]k\]dgke]\agk\][gemfa[Y[aŽf$]flj]gljgk^Y[lgj]k&
;YeZaYj]klYkY[lalm\]kqh]j[]h[agf]k]kmfhjg[]kgim]j]ima]j]mfY]kljYl]_aY
\] [gemfa[Y[agf]k im] Yhgq] dgk [YeZagk q dgk kmkl]fl] ]f ]d la]ehgÊ EYfmYd
@YZalYl$h&)(.!&Q]kj]khgfkYZada\Y\\]demfa[ahagnakaZadarYjdgkj]kmdlY\gk\]km
_]klaŽfhYjYhgl]f[aYj]daehY[lg\]dgkdg_jgkYd[YfrY\gk&
=d jgd \]d emfa[ahag \]Z] Y\][mYjk] Y dYk [YjY[l]j‰kla[Yk ]kh][‰Õ[Yk \] dYk j]Yda%
\Y\]kim]k]\]kYjjgdd]f]fdgk\aklaflgk[gfl]plgkmjZYfgk&=f]kl]k]fla\g$fg
]pakl]fe…lg\gkmf‰ng[gkhYjY]f^j]flYjdgk[gfÖa[lgkmjZYfgk&
=f]d[Ykg\]dYeYqgj‰Y\]dYk_jYf\]k[am\Y\]k]mjgh]Yk$dYkl]fkagf]k_]f]jY\Yk
hgj dY [gfnan]f[aY ]flj] \aklaflYk [mdlmjYk ]kl~f hj]k]fl]k& É=d \ak[mjkg kgZj] ]d
\]j][`gYdY\a^]j]f[aYq]dnYdgj\]dYlgd]jYf[aY]khg[g]Õ[Yr[mYf\gdY[gfna%
n]f[aY[gla\aYfY]f]dl]jjalgjag ]dZYjjag$dY[Ydd]$dY]fljY\Y\]dY]k[Yd]jY!\]na]f]
mfY[gf^jgflY[aŽf\]afl]j]k]kq[gehgjlYea]flgkim]YhYj][]f[gegaf[gehY%
laZd]kÊ :gjbY$B&$*((+!&=f]klgk]khY[agk^j][m]fl]e]fl]kmj_]f[gfÖa[lgkhgj]d
]f^j]flYea]flg[mdlmjYd]flj]dYhgZdY[aŽfYmlŽ[lgfY$im]\]Õ]f\]kmk\]j][`gk
[geg[am\Y\YfgkfY[agfYd]kqim]fgY[]hlYdYk\a^]j]f[aYk[mdlmjYd]kq\]afl]j]%
k]k[gfdYhgZdY[aŽfafea_jYfl]&
HYjY ]d emfa[ahag ]k mf \]kY^‰g ljYZYbYj kgZj] hjgZd]eYk \] [gfnan]f[aY ]flj]
_jmhgk [mdlmjYd]k emq \aklaflgk3 kaf ]eZYj_g$ e]\aYfl] dY hYjla[ahY[aŽf [geg
e][Yfakeg^mf\Ye]flYd]khgkaZd]dd]_YjYY[m]j\gkkgZj]fgjeYkZ~ka[Yk\]j]k%
h]lg$lgd]jYf[aYqmkg[gehYjla\g\]d]khY[ag$d]_alaeYf\gdYkf][]ka\Y\]k]afl]%
j]k]k\][Y\Y_jmhg&Dgj]d]nYfl]]k]klm\aYjdY[gehd]ba\Y\]f[Y\Y[Ykg$]a\]f%
laÕ[Yj]d[`gim]\]afl]j]k]k\]dgk_jmhgk$hYjYhjghgf]jj]khm]klYkim]dg_j]f
[gf[adaYjdYk\a^]j]f[aYk[mdlmjYd]k]pakl]fl]kql]f\]j`Y[aYmfY[gfnan]f[aYYjeŽ%
fa[YqhY[‰Õ[Yim]k]Yj]kmdlY\g\]mfljYZYbg\aYdŽ_a[gq]\m[Ylang&
=f]d[Ykg]kh][‰Õ[g\]dgkhjgZd]eYk\][gfnan]f[aYYjY‰r\][gfÖa[lgk[mdlmjY%
d]k]a\]flalYjagk$]d_gZa]jfgdg[Ydhgk]]dYj]khgfkYZada\Y\\]É À!`Y[]j]^][lang
]d \]j][`g Y dY k]_mja\Y\ ]f dY [am\Y\$ ]k \][aj$ ]d \]j][`g Y dgk ]khY[agk h“Zda%
[gkhjgl][lgj]k&H]jghYjYlg\gk&Kaf]p[dmkagf]kÊ :gjbY$B&$*((+2*0!&=ddgaehda[Y
hj]klYj k]jna[agk \] [Yj~[l]j kg[aYd$ kYfalYjag q ]\m[Ylang Y dY hgZdY[aŽf afea%
_jYfl]]f]deYj[g\]mfYhgd‰la[Y[dYjYq_]f]jgkY\][mglYk3\][geZYl]YdYk
eYÕYkim]ljYÕ[Yf[gfdYkh]jkgfYk3\]j]Y_jmhYea]flg^YeadaYjq\]Y[g_a\Y\]
j]^m_aY\gk Yk!qYkadY\gk Yk!3\]j][dmlYea]flg\]^mf[agfYjagkqY_]fl]kh“Zda[gk
\]gja_]fafea_jY\gq$hjaf[ahYde]fl]$\]j]_mdY[aŽfÖ]paZd]\]dgk Yk!j]ka\]fl]k&
=klgk]gZk]jnY]f]d[Ykg\]dYMfa\Y\\];gfnan]f[aY\]dY?mYj\aYMjZYfY\]
:Y\YdgfY$im]e]\aYfl]Y[[agf]k\aYdŽ_a[Ykq]\m[YlanYk]f^j]flYdgk[gfÖa[lgk
_]f]jY\gk]fdgk]khY[agkh“Zda[gk]flj]dgk Yk![am\Y\Yfgk Yk!YmlŽ[lgfgkqdYk
[gemfa\Y\]kafea_jYfl]k&
0/
Hgj“dlaeg$]kf][]kYjaga\]flaÕ[Yj\]l]jeafY\gk\]kY^‰gk$hj]k]fl]k]fdYk]ph]%
ja]f[aYkj]YdarY\YkqhjagjalYjagk\]YZgj\Yj2
œ
œ
œ
œ
œ
œ
;ggh]jY[aŽf]flj]dgk\aklaflgk\]hYjlYe]flgkemfa[ahYd]kqdYhdmjYda\Y\
\]Y[lgj]k\]dYkg[a]\Y\[anad$\]dk][lgj][gfŽea[gq\]de]j[Y\g$Yk‰[geg
\]dfan]dfY[agfYd$hYjY^Y[adalYjq[gf\m[ajhjg[]kgkmjZYfgkaf[dmkangk$im]
\]l]jeaf]f [Žeg k]j~f lgeY\Yk dYk \][akagf]k hgd‰la[Yk q ]dYZgjY\Yk dYk
fgjeYkkg[aYd]k\][gfnan]f[aY\]eg[j~la[Y&
=klYZd][aea]flg\]j]\]k`gjargflYd]kq[gfkljm[[aŽf\][gfk]fkgj]kh][lg
\]nakagf]k[gehYjla\YkkgZj]hjgZd]eYk$hjagja\Y\]kq]kljYl]_aYkYaehd]%
e]flYjhYjY]f^j]flYjdgk&=klgkY[m]j\gk\]Z]fk]jYkmea\gkfgkŽdghgj
]d dY!d‰\]j ]kY!dg[Ydqkm]imahgl…[fa[g$kafglYeZa…fhgjdgk Yk!kg[agk Yk!
im]l]f\j~fmfjgd[dYn]]fdY]kljYl]_aY$af[dma\gk Yk!dgk Yk!`YZalYfl]k\]
dY[gemfa\Y\&
J][gfg[aea]flg\]dYafl]j\]h]f\]f[aY]flj]dgk\aklaflgkY[lgj]kafngdm%
[jY\gkqim]_]f]j]f[gehjgeakgk]flj]dY[gemfa\Y\$]d_gZa]jfgdg[Ydq
fY[agfYd$hYjYim]dYkafa[aYlanYkh]j\mj]f&
>mf[agfYjZYbgdYdŽ_a[Y\][gehd]e]flYja]\Y\]flj]dgk\aklaflgkk]jna[agk
dg[Yd]k&DYhgd‰la[Y\]hj]n]f[aŽfj]ima]j]mf]f^gim][gehYjla\gq[g`]%
j]fl][gfdYk\]e~khgd‰la[Ykkg[aYd]k$hYjYYZgj\YjdYemdla[YmkYda\Y\\]
dgk[gfÖa[lgkmjZYfgk]af[gjhgjYjY\][mY\Ye]fl]Ydgk\aklaflgk_jmhgk
afl]j]kY\gk&
Kgkl]faZada\Y\ÕfYf[a]jY&DY]ph]ja]f[aYafl]jfY[agfYd`YegkljY\gim]mfg
\]dgkja]k_gkeYqgj]k\]dYkZm]fYkhj~[la[Yk]kkmYZYf\gfghgj^YdlY\]
j][mjkgk ÕfYf[a]jgk ]f la]ehgk j]Yd]k& Dgk j][mjkgk `meYfgk q ][gfŽea%
[gkdg[Yd]kkm]d]fk]jafkmÕ[a]fl]k$hgjdgim]]kj][ge]f\YZd][gfk]_maj
]dYhgqg\]d_gZa]jfg[]fljYdq\]dk][lgjhjanY\g$Yk]_mjYf\gdY]pakl]f[aY
\]ÕfYf[aYea]flghYjYlg\YkdYk^Yk]k\]aehd]e]flY[aŽf\]dYkafa[aYlanYk
q$_jY[aYkYd[gÕfYf[aYea]flg$Yme]flYj]dfan]d\][gehjgeakg$\]afl]j\]%
h]f\]f[aYqe]bgjYj]d[gfljgd\]dgk_Yklgk&
Afklalm[agfYdarY[aŽf\]dYhYjla[ahY[aŽfqdYhj]n]f[aŽf[gegdŽ_a[Yk\]dY
_]klaŽf dg[Yd& =k f][]kYjag af[gjhgjYj j]^gjeYk afklalm[agfYd]k$ hgd‰la[Yk q
d]_Yd]kYdYk[YhY[a\Y\]kqj][mjkgkdg[Yd]k$Y\]e~k\]h]jeYf]fl][YhY%
[alY[aŽf$ Y[lmYdarY[aŽf$ kakl]eYlarY[aŽf q ]nYdmY[aŽf \] dYk ]ph]ja]f[aYk
j]YdarY\Yk&
J]kh][lg\]d“dlaeghmflg$[YZ]j][Yd[Yjim]lg\gkdgk]k^m]jrgkj]YdarY\gkkŽdg
la]f]fk]fla\gkakmkaehY[lgkkgf\mjY\]jgkqk]dg_jYfafklYdYj]fdY[gla\aYf]a%
\Y\&èfa[Ye]fl]Yk‰hg\]egkYk]_mjYjim]…klgkk]j~f[YhY[]k\]_]f]jYj[Ye%
Zagkqim]dgkhjg_jYeYkYhda[Y\gknYfYk]j]palgkgk&É À!=fdYhj~[la[Yk]ljYlY
\]im]lYflg]f]dY[lmYj\]dY[gemfa\Y\[geg]f]d\]dgk_gZa]jfgkdg[Yd]kdgk
l]eYkk]af[gjhgj]f[geghjagja\Y\]k]fkmk]b]k\]Y[[aŽf$]kim]eYkqhj~[la[Yk
gj_YfarY[agfYd]kÊ EYfmYd\]@~ZalYl$h&)(*!&;mYf\gdgk]f^gim]khYjla[ahYlangk
00
hYkYf\]dfan]d\]dgkhjgq][lgkYd\]dYkhgd‰la[Yk$k]lgeY[gf[a]f[aY\]im]ÉdY
hYjla[ahY[aŽfkŽdghm]\]k]j]^][lanYkaaf[a\]]f]d[YeZagafklalm[agfYdÊ ?Yn]flY$
*((+]f<]dYEYrY$>]jf~f\]rqFYnYjjg$*((,$h&1(!&
DYafklalm[agfYdarY[aŽf]kmfhjg[]kghjg_j]kang$im]k]\]kYjjgddY\mjYfl]lg\Yk
dYk ]lYhYk \] dY hgd‰la[Y$ q [mqg gZb]lang ]k ^gjeYj mf ]imahg d]_alaeY\g& [YhYr
\] egfalgj]Yj lg\g ]d hjg[]kg$ lYflg Y fan]d hgd‰la[g [geg l…[fa[g& =f ]d hdYfg
hgd‰la[g]kj]d]nYfl]]dYhgqg\]ima]f]klgeYf\][akagf]kYmfYdlgfan]d\]dgk
kg[agk[dYn]k$hYjYdYafk]j[aŽf\]dYhgd‰la[YmjZYfY\]fljg\]demfa[ahag&9kmn]r$
]d]imahgl…[fa[g\]Z]ajk][gfkljmq]f\g]fmfhjg[]kgim]aehda[Y^mf\Ye]flYd%
e]fl]dY^gjeY[aŽfkakl]e~la[Y$]d[gfg[aea]flg\]dYj]Yda\Y\dg[Ydq]dYhj]f\a%
rYb]kgZj]dgkj]kmdlY\gk\]dYkhgd‰la[Ykaehd]e]flY\Yk EYfmYd@YZalYl$h&++!&
=f]dhjg[]kg\]k[jalg]k^mf\Ye]flYddYnakaŽf\]dYkYmlgja\Y\]kqkmjgd]fdY
[ggj\afY[aŽf \] dgk Y[lgj]k$ q km j]kmdlY\g ]k _]f]jYj mfY eYqgj YhjghaY[aŽf
[gd][lanY\]d]khY[agh“Zda[g\]dgkZYjjagk$\gf\]ÉYeZgkk]^gjlYd][]fqYhgqYf
emlmYe]fl]Ç[am\Y\Yfgk^m]jl]k$[gf[a]fl]k$j]khgfkYZd]k$Y[langkq[gehjge]%
la\gk$ bmflg [gf _gZa]jfgk \]eg[j~la[gk ^m]jl]k$ af[dmq]fl]k$ YZa]jlgk$ Yl]flgk$
[YhY[]k\]]k[m[`Yjq\Yjj]khm]klYkÊ ?Yn]flY$*((+]f<]dYEYrY$>]jf~f\]rq
FYnYjjg$*((,21)!&
9kmn]r$dgYfl]jagjYme]flYdYk]_mja\Y\\]dgk Yk!`YZalYfl]k&=fdYe]\a\Y]f
im]dYkYmlgja\Y\]kdg[Yd]k$]f[gfbmflg[gfdY[gemfa\Y\$kgfYdaY\gkqljYZYbYf
[ggj\afY\Ye]fl]j]kh][lg\]dgk[gfÖa[lgk[gla\aYfgk$k]hgl]f[aYfdYk[YhY[a\Y%
\]k\]YeZgkhYjYe]bgjYj]dlahg\]mkgqdY[gfnan]f[aY]fdgk]khY[agkh“Zda[gk&
=klg_]f]jYmf[‰j[mdgnajlmgkg\gf\]dgk]khY[agkh“Zda[gkk]hgka[agfYf[geg
afklYf[aYke~kaf[dmkanYkq\]eg[j~la[Yk&
01
,&* D9HGDA;á9
;gfjY\gBgYim‰f>]jf~f\]rBmkl]k
Kmh]jafl]f\]fl]B]^]\]dYHgda[‰YDg[Yd%?mYj\aYMjZYfY\]:Y\YdgfY
;YlYdmY%=khYY
Mffm]ng]f^gim]hYjYmfYfm]nYkg[a]\Y\2dYhjgpaea\Y\
]kljYl…_a[Y
DYhgda[‰Y]kmfg\]dgkY[lgj]k\]klY[Y\gk]f]d]k[]fYjag\]dgk]khY[agkh“Zda%
[gkqkmj]dY[aŽf[gfdYk]_mja\Y\q$]fdYY[lmYda\Y\$dgk[YeZagkY[Y][a\gk]f]d
mkg\]]kgk]khY[agkhgjfm]kljYkkg[a]\Y\]k]kl~fhdYfl]Yf\ggljgkj]lgkhYjY
km\]k]eh]ghjg^]kagfYd&@Yfkmj_a\gfm]nYk\]eYf\Ykqfm]ngk\]kY^‰gkim]
d]gZda_YfYj]nakYjkmhYh]d[gegafklalm[aŽfqd][gf\m[]fY\aklaflYkhjghgka[ag%
f]kgj_YfarYlanYk$YÕf\]fgim]\YjgZkgd]lYqhg\]jg^j][]jmfk]jna[ag“ladYmfY
[am\Y\Yf‰Ye~k]pa_]fl]qja_mjgkY[gfdYkafklalm[agf]k\]eg[j~la[Yk&
DYk^gjeYkhgda[aYd]k[d~ka[Yk\]YZgj\Yj]dljYZYbg]f]dl]jjalgjagq]f]d]khY[ag
h“Zda[g `Yf ]klY\g ZYkY\Yk ]f \gk d‰f]Yk \] Y[[aŽf2 mf ljYlYea]flg hmjYe]fl]
j]Y[lang$ kghgjlY\g hgj mfa\Y\]k hgda[aYd]k [YhY[]k \] afl]jn]faj j~ha\Ye]fl]
Yfl]mf[gfÖa[lgq$]f]de]bgj\]dgk[Ykgk$mf[gehd]e]flg\]hjgpaea\Y\$[gf
mfY ZYk] \] \]khda]_m] ]p[dmkanYe]fl] [gemfalYjag$ g Ëhgda[‰Y [gemfalYjaYÌ$ lYd
[gegk]l]gjarYZY]fdgkYgk0( LjgbYfgoa[r$J&q:m[im]jgmp$:3)&11(!&
H]jg$]kgfg]kkmÕ[a]fl]hYjY\Yjj]khm]klYYdYkf][]ka\Y\]kY[lmYd]k&DYeakaŽf
kg[aYd\]dYhgda[‰Yhm]\]k]_majka]f\gdYeakeYim]`Y[]Yd_mfgkYgk%ÉYd[YfrYj
]deYqgj_jY\g\][g`]kaŽf\]dYhgZdY[aŽfhYjYgZl]f]jmffan]dŽhlaeg\][Yda%
\Y\\]na\YÊ%$kaf]eZYj_gdYk[gflaf_]f[aYk$q]flj]]ddYk]kh][‰Õ[Ye]fl]dY[YjY[%
l]jarY[aŽf\]d]flgjfg$`Yf[YeZaY\g$hgjdgim]k]j]ima]j]ffm]nYk^ŽjemdYk\]
gh]jYlanarY[aŽfhgda[aYd >]jf~f\]r$;&B&3*&((0!&
DYknYjaYZd]k\][gflaf_]f[aYkgf^Y[lgj]k]pl]jfgkim]afÖmq]f\]eYf]jY\aj][lY
kgZj]dYkgj_YfarY[agf]kq[gf\a[agfYfkm^gjeY\]ljYZYbYj&K]_“fkmaehgjlYf[aY$hm]%
\]fl]jeafYjaf[a\a]f\g]f]d\ak]g\]dYk]kljm[lmjYkim]dYk[gfÕ_mjYf EaflrZ]j_$
@3 )&10/!& 9d_mfYk \] ]klYk nYjaYZd]k bm_Yj~f mf hYh]d aehgjlYfl] ]f dY [j]Y[aŽf q
[YjY[l]jarY[aŽf\]dYkmfa\Y\]k[gfim]dYhgda[‰Yk]]kljm[lmjY]f[Y\Y…hg[Y&
<] eg\g ]kh][aYd$ hYjY dY hgda[‰Y j]kmdlYf [gflaf_]fl]k Yd_mfYk [aj[mfklYf[aYk
]pl]jfYkYdYhjghaY^m]jrY$lYd]k[gegdY\akhgka[aŽf][gfŽea[Y\]dYY\eafakljY%
[aŽfh“Zda[Yim]\]Z]kgkl]f]jdY3dY]\Y\\]dYgj_YfarY[aŽfq\]kmkafl]_jYfl]k3
]dkakl]eYl…[fa[g[gfim]ljYZYbY3dYd]_akdY[aŽf3]dlYeYg\]dYgj_YfarY[aŽfq$\]
eYf]jY\]l]jeafYfl]$]d]flgjfg\gf\]\]kYjjgddYkmhjaf[ahYdY[lana\Y\\]^gjeY
hj]n]flanY2]d]khY[agh“Zda[g&
1(
=klYknYjaYZd]kk]j~f\][akanYk]f]d\ak]gqdY[gfkljm[[aŽf\]kmk]kljm[lmjYk$ka
]kim]dYhgda[‰Y\]k]Y]klYjYdaf]Y\Y[gfdY\]eYf\YqdYj]Yda\Y\\]dYkg[a]\Y\&
Ka ]kh]jYf Yd[YfrYj mf Ydlg j]f\aea]flg$ dgk [m]jhgk hgda[aYd]k \]Z]f ]f[gfljYj
mfY[gfkakl]f[aY]flj]]ddYkqdY]kljm[lmjYim]k][gfÕ_mjY[gfdYk\a^]j]fl]kmfa%
\Y\]khgda[aYd]k >]jf~f\]r$;&B&3*&(()!&
9dYknYjaYZd]kqYe]f[agfY\Yk$`Yqim]YY\ajgljY[aj[mfklYf[aY\][Yj~[l]j]k]f%
[aYd2dYn]dg[a\Y\[gfdYim]k]hjg\m[]fdgk[YeZagkYfan]dkg[aYd]fdYk“dlaeYk
\…[Y\Yk& =kl] ^]fŽe]fg [gf\a[agfY Y lg\Yk dYk gj_YfarY[agf]k$ lYflg h“Zda[Yk
[geghjanY\Yk$dYkim]]flg\gege]flg\]Z]fk]j[gfk][m]fl]k[gfdYj]Yda\Y\
qfgeYfl]f]j^gjemdY[agf]kim]`YqYfim]\Y\ggZkgd]lYk&<]dg[gfljYjag$mfYk
hm]\]fh]j\]jkmmlada\Y\kg[aYd3qgljYk$\]kYhYj][]j\]de]j[Y\g&Hg\]egk[gf%
[dmajim]]fdgkYdZgj]k\]dka_dgPPA$]khY[agh“Zda[gqn]dg[a\Y\\][YeZagkg[aYd
kgf\]l]jeafYfl]khYjY[gfkljmaj[gfY[a]jlglYeZa…fdYk]kljm[lmjYk\]dgk[m]j%
hgkhgda[aYd]k&
DYkhgda[‰Ykk]]f[m]fljYf[gfj]Yda\Y\]kemq\af~ea[Ykq[gfmf]flgjfgl]jjalg%
jaYdim]km]d]k]j[gehd]bgqemq\an]jkaÕ[Y\glYflg]fj]dY[aŽfYkmk[YjY[l]j‰k%
la[Yk[gegYdgkhjgZd]eYkim]]f…dkmj_]f&HYjY\Yjj]khm]klYYlg\Yk]kYk[aj%
[mfklYf[aYk$\]Z]f[j]Yj]kljm[lmjYkgj_~fa[Ykafl]_jY\Ykhgjem[`Ykmfa\Y\]k$
\]k[]fljYdarYjdgkk]jna[agkq$]kh][aYde]fl]$]klm\aYj]d[jal]jag[gf]d[mYdk]`Yf
\][j]Yj]klYkmfa\Y\]k&Hgj[gfka_ma]fl]$]kl~gZda_Y\YYj]hdYfl]Yjkmhgka[agfY%
ea]flgl]jjalgjaYd&
DY\akqmflanY[d~ka[Y]jY]flj]]d[gfljgd\]dl]jjalgjagg]d[gfljgd\]dYhgZdY[aŽf3
]k\][aj$ka[gfdY]kh]jYfrY\]_YjYflarYjdYk]_mja\Y\]f]d]khY[agh“Zda[g`YZ‰Y
im]\ana\aj]dl]jjalgjag]fk]_e]flgkqYka_fYjd]khgda[‰Ykg\]l]jeafYjhgZdY[ag%
f]k\]ja]k_gYdYkim]]jYf][]kYjag[gfljgdYj&DYh]jkh][lanYY[lmYd$ZYkY\Y]f]d
eg\]dg\]Ëhjgpaea\Y\]kljYl…_a[YÌ$afljg\m[]mfYfm]nYnakaŽf$kmkl]flY\Y]fdYk
f][]ka\Y\]k\]d[am\Y\Yfg%[da]fl]q]fdgkhjgZd]eYkim]d]Y^][lYfYdd‰\gf\]k]
]f[m]fljY$qk]_“f[Y\YjgdghYh]dim]\]Z]]b][mlYj]f[Y\Yege]flg&Mf]b]e%
hdg\]]klg]kdYafl]jn]f[aŽf\]dYMfa\Y\\];gfnan]f[aYMjZYfY\]:Y\YdgfY]f
dYHdYrY9flgfagEY[`Y\g$[gegem]kljY]dka_ma]fl]j][mY\jg&
J][mY\jg))
:Y\YdgfY$=khYY
Hjgq][lgHdYrY9flgfagEY[`Y\g
DYe]\aY[aŽf[gemfalYjaYq]djgd\]dYhgda[‰Y\]hjgpaea\Y\
?alYfgk$afea_jYfl]kqYfla_mgk`YZalYfl]knan]f[g\gY[g\g]fmfZYjjag
h]ja^…ja[g emq \]fkg q dY hdYrY k] ljYfk^gjeY ]f ]d ^g[g \] [gfÖa[lg2
·hm]\]dY?mYj\aYMjZYfYk]jdYe]\aY\gjY7
1)
Dm_YjYafl]jn]fajqgZb]lang
AehgjlYfl]]khY[agh“Zda[gmZa[Y\g]flj]\gkZYjjagkhjaf[ahYd]k ZYjjagk\]dY
KYdmlaDd]Õ$[gfYdj]\]\gj\].,&-((`YZalYfl]k!$Y…dY[m\]fh]jkgfYk\]gja_]f
jmeYfg%_alYfg$ im] `Yf [gfn]jla\g ]klY hdYrY ]f km dm_Yj \] [gf[]fljY[aŽf$
\gf\]kYZ]fim]`YZalmYde]fl]`Yqgljgk[gehYljaglYk&<]deakegeg\g$mf
_jmhgj]\m[a\g\]bŽn]f]k\]k]ehd]Y\gk$\]gja_]ffY[agfYd$`YmZa[Y\g]f]klY
hdYrYkmdm_Yj\]]f[m]fljg&<]Za\gYdYhj]k]f[aY\]]klgkfm]ngkkmb]lgk$`Y
`YZa\gmfYZYf\gfg\]ddm_YjhgjhYjl]\]dYkh]jkgfYkbmZadY\YkYmlŽ[lgfYk$
im] na]jgf [Žeg dY hdYrY É\] lg\Y dY na\YÊ ]jY g[mhY\Y hgj ]pljYfb]jgk im]
fg k]_m‰Yf dYk eakeYk ÉhYmlYk [mdlmjYd]kÉ& DY ^YdlY \] [gemfa[Y[aŽf$ g Za]f
dY f][]ka\Y\ \] afl]je]\aY[aŽf ]f dY j]kgdm[aŽf \]d hjgZd]eY$ dd]nŽ Y dY
[gfng[YlgjaY\]eYfa^]klY[agf]khghmdYj]khgjdY\akhmlY\]dl]jj]fgh“Zda[g&
=flj] dgk _jmhgk \] bŽn]f]k lYeZa…f k] `Yf hjg\m[a\g ]f[gfljgfYrgk hgj dY
\akhmlY\]dmkgqg[mhY[aŽf\]dgk]khY[agkh“Zda[gk$qYk]Yf\][Yj~[l]jYZa]jlg
%[gegdYkhdYrYk%$gZa]f[]jjY\g$[geg]d[]fljgbmn]fad\]dZYjjag$gdYkeakeYk
]fla\Y\]k[‰na[Ykim]g^j][]f]khY[agk\]hjgeg[aŽf]fkmkafklYdY[agf]k&
=d hjaf[ahYd gZb]lang ]kl~ gja]flY\g Y dY j]kgdm[aŽf hY[aÕ[Y \] dgk [gfÖa[lgk
]flj]dYhgZdY[aŽfYmlŽ[lgfYqdYafea_jYfl]&
E]lg\gdg_‰Y\]ljYZYbg
=f mfY hjae]jY ^Yk]$ q hYjY [YdeYj dgk ~faegk$ ^m] ghgjlmfY dY hj]k]f[aY \]
h]jkgfYd\]dY?mYj\aYMjZYfYmfa^gjeY\Y&DYhjgZd]e~la[Y]klYZY[]fljYZY]f
dY ]pakl]f[aY \] h]jkgfYk \] gja_]f jmeYfg$ \] ]lfaY _alYfY$ [gf aehgjlYfl]k
daealY[agf]k][gfŽea[Ykq\][gemfa[Y[aŽfn]jZYd&9dnanajhjŽpaegk$[]fljYjgf
kmhmflg\]j]mfaŽf]fdYhdYrY9flgfagEY[`Y\g$\Y\gim]dY[gfÕ_mjY[aŽf\]d
l]jjalgjagfgh]jeal]gljgdm_Yj&
=fmfYk]_mf\Y^Yk]$k]gZk]jnŽim]]d^g[g\]dgk[gfÖa[lgkk]gja_afYZY]fdYk
nana]f\Yk\]dYkh]jkgfYk]pljYfb]jYk&>m]]^][lmY\gmfljYZYbg]f]ddYkj]kh][lg
Y[anakeg$`a_a]f]qkYfa\Y\$Yk‰[gegYfgjeYkZ~ka[Yk\][gehgjlYea]flg$dYk
im]\a]jgf^jmlg&
1*
DY l]j[]jY ^Yk] h]jealaŽ im] dgk j]ka\]fl]k dg[Yd]k ngdna]jYf Y dY hdYrY q
]fl]f\a]jYfim]\]Z]f[gehYjlajdY[gfdgk Yk!afea_jYfl]k&
AehY[lg'=^][lg\]k]Y\g
=kl] hjgq][lg afl]flY$ ]f hjae]j dm_Yj$ ]klYZd][]j mfY ^gjeY \] j]kgdm[aŽf
hY[aÕ[Y\][gfÖa[lgk[gemfalYjagk]flj]dYhgZdY[aŽfYmlŽ[lgfYqdYafea_jYfl]&
=f]k]hjg[]kg$]dgZb]lang]kim]YeZYkhYjl]kk]j][gfgr[Yf[gegn][afgkg
_jmhgkim]\]Z]f[gfnanajYjeŽfa[Ye]fl]$[gf\]j][`gkqj]khgfkYZada\Y\]k
]f dYk Y[[agf]k q [gf\m[lYk im] \]kYjjgdd]f& =f ]kl] k]fla\g$ k] `Y afl]flY\g
jgeh]j [gf Yim]ddYk ZYjj]jYk im] fg h]jeal]f `Y[]j mfY [gemfa\Y\ \]
lg\gk Yk!$[YjY[l]jarY\Yhgjkm[g`]kaŽfkg[aYd&
LjY\a[agfYde]fl]$ dY ]kljm[lmjY \] dgk [m]jhgk hgda[aYd]k k] Y_jmhYZY kgZj] dY
ZYk]\]dYk`YZada\Y\]kl…[fa[Ykhgda[aYd]kq$]fg[Ykagf]k$]flgjfgYdgkhjg[]kgk
afl]jfgk&LYeZa…f]jYfk]_ma\gk[jal]jagk_]g_j~Õ[gk$\]la]ehgg\]dm_Yj$ka]f\g
]klgk“dlaegkdgkmladarY\gkhjaf[ahYde]fl]]f]d\]khda]_m]l]jjalgjaYd&=dhjgZd]eY
^m]]f^g[Y\g$lYeZa…f$h]fkYf\g]fdgkaf\ana\mgkim]g[mhYZYf]d]khY[ag&=f
Fm]nYQgjc$]klY\akljaZm[aŽf^m]hjghm]klY[gegmfY]kljm[lmjY[aŽfhjY_e~la[Y$
im]Zmk[YZYaj\aj][lYe]fl]Ydf“[d]g\]dhjgZd]eY$q\gf\]dg[]fljYdfg]jYmfY
Yka_fY[aŽf\]l]jjalgjag$kafgmfYYka_fY[aŽf\]hgZdY[aŽfegd]klYim]`YZ‰Yim]
\]kl]jjYj& =d j]kmdlY\g ^m] e~k Za]f hg[g Y[]jlY\g$ \ak[jaeafYlgjag$ q YhYjlY\g
\]dYj]kgdm[aŽf\]dYml…fla[ghjgZd]eY&Hgjdg\]e~k$dgim]k]h]jka_m]fg]kdY
]p[dmkaŽf$kafgdYaf[dmkaŽf&Hgj]ddg$]feg\gYd_mfghg\]egk[gf[dmajim]]kYk
hjghm]klYk[gfljaZmq]jYfYdn]j\Y\]jggZb]lang\]dY[g`]kaŽfkg[aYd&
9dh]fkYjY`gjY]fl…jeafgk\][da]fl]q]f]khY[agh“Zda[g$kaima]j]k]j]Õ[a]fl]
dYhgda[‰Y\]Z]Ydl]jYj]klgk[jal]jagkqh]fkYj]f]kljm[lmjYk[YhY[]k\]j]khgf%
\]jYdgkhjgZd]eYkim]]klgk Yk![am\Y\Yfgk Yk!nYfY]f[gfljYj]f]k]]khY[ag
h“Zda[g ?gd\kl]af$@&)&11(!$l]fa]f\g]f[m]flYim]dYemlY[aŽf\]dgkhjgZd]eYk
k]hjg\m[aj~[gf_jYfn]dg[a\Y\&J]kmdlYmfYZm]fY]kljYl]_aY]klYZd][]jmfa\Y\]k
Z~ka[Ykim]Yla]f\]fhjgZd]eYk[gf[j]lgkghjg_jYeYk\]ljYZYbg\]l]jeafY\gk
hYjY$Yfl]hjgZd]eYk[gf[j]lgkq[]j[Yfgk$[gfk]_majj]Y[[agf]ke~kj~ha\Yk$e~k
jaim]rY\]j]khm]klYqmfeYqgj]kl‰emdghjg^]kagfYd$qYim]h]jeal]fdYaf[gj%
hgjY[aŽf\]e~k[]j]Zjgk]fdYlgeY\]\][akagf]kq^Yngj][]fdY[j]Ylana\Y\q]d
\]kYjjgddg\]dYkh]jkgfYke~kafl]da_]fl]kq[j]YlanYk\]dYgj_YfarY[aŽf&=fmf
[gfl]plg hjg^]kagfYdarY\g$ hgkaZadalY Y dgk Y_]fl]k hgf]j ]f ^mf[agfYea]flg$ \]
eYf]jYeglanY\gjY$kmk`YZada\Y\]kq[YhY[a\Y\]khjg^]kagfYd]k&
@gq[mYf\g$hgj]d[gfljYjag$k]afkakl]]feYfl]f]jmf\]khda]_m]l]jjalgjaYd]p[dm%
kanYe]fl][gfmfa\Y\]k\ana\a\Yk]f\a^]j]fl]krgfYk$dgkj]kmdlY\gk]kl~fka]f\g
e~khgZj]kim]]fgljgkege]flgk$hgj\a^]j]fl]k[aj[mfklYf[aYkqhgjdYknYjaY%
Zd]k \] [gflaf_]f[aY Yfl]jagje]fl] e]f[agfY\Yk$ im] YhYj][]f [geg ^Y[lgj]k
1+
\]l]jeafYfl]k\]]klY\akeafm[aŽf\]dY]Õ[a]f[aYhgda[aYd&<]]ddYk$q\]eYf]jY
]kh][aYd$`Yqim]\]klY[Yj\gk2dYk\aÕ[mdlY\]k][gfŽea[Yk\]dYY\eafakljY[aŽf
h“Zda[YhYjYeYfl]f]jmff“e]jg\]]^][langkhgda[aYd]kkmÕ[a]fl]$YÕf\]kgkl]%
f]j]d\]khda]_m]l]jjalgjaYdf][]kYjag[gfYim]d\ak]g$q]fk]_mf\gdm_Yjmfmkg
\a^]j]fl]\]d]khY[agh“Zda[g$im]Y`gjYfg^Y[adalY[gegYfl]kdYhjgpaea\Y\\]
dgk Yk!Y_]fl]khgda[aYd]k[gfdgk Yk![am\Y\Yfgk Yk!qfg_YjYflarYim]dgk Yk!Y_]f%
l]k]kl…fka]ehj]\gf\]\]n]j\Y\]d[am\Y\Yfg Y!ka]fl]im]dgk Yk!f][]kalY&
Mf ]b]ehdg \] Y\YhlY[aŽf Y ]klY fm]nY h]jkh][lanY ]k dY hgda[‰Y dg[Yd Ç ?mYj\aY
MjZYfY\]dY[am\Y\[YlYdYfY\]:Y\YdgfY&KgZj]dYZYk]\]mfeg\]dggj_YfarY%
lang\]fgeafY\ghgj]klYgj_YfarY[aŽf[gegËhjgpaea\Y\]kljYl…_a[YÌ$]kl][m]jhg
hgda[aYdk]]kljm[lmjY\]^gjeY\a^]j]fl]YdY[d~ka[Y$\]eYf]jYÖ]paZd]qY\YhlY%
lanY ]f ]d l]jjalgjag& 9\]e~k \] eYfl]f]j Yd_mfYk \] dYk mfa\Y\]k ljY\a[agfYd]k$
im]hYljmddYfdgkZYjjagk]fYmlgeŽnad]k$dYhgda[‰Ydg[Yd\]:Y\YdgfYj]afl]jhj]lY
kmhj]k]f[aYhYjY]dljYZYbg]f]dl]jjalgjagqhdYfl]YmfY]kljYl]_aY[gfkakl]fl]
]f [gfÕ_mjYj dYk mfa\Y\]k ]f j]dY[aŽf [gf dgk hjgZd]eYk im] ]f [Y\Y [Ykg kgf
\]l][lY\gk&DYkfm]nYkmfa\Y\]kj]YdarYfmfljYZYbg\]fgeafY\g\]Ëea[jg]kh]%
[aYda\Y\ÌkgZj]dYZYk]\]d[gfg[aea]flghjg^]kagfYdqdYaf\Y_Y[aŽfaf_]fagkY\]
kgdm[agf]k hYjY [Y\Y hjgZd]eY hdYfl]Y\g$ Zmk[Yf\g [Yda\Y\ q Zm]fYk hj~[la[Yk
>]jf~f\]r$;&B&3*&((0!&
Ka]d“fa[g[YeZaggh]jY\g^m]jYdY^gjeY\]]kljm[lmjY[aŽf$hg\‰Yegkim]\Yjfgk
[gf mfY nakaŽf ]klj][`Y hYjY Y^jgflYj dYk kgdm[agf]k \]k]Y\Yk& DY fm]nY ]kljm[%
lmjY`Y\]^Y[adalYjdYgja]flY[aŽf\]dljYZYbggk]jna[aghj]klY\g`Y[aY]dhjgZd]eY
]kh][‰Õ[g3h]jghgjk‰kgdY]kafkmÕ[a]fl]&<]Z]$hgjlYflg$af[gjhgjYjmfYnakaŽf
]kljYl…_a[YqmfljYZYbgl~[la[ghYjYYZgj\YjkmY[[aŽf&
;geg]dgZb]langhgda[aYd]kj]kgdn]j\]eYf]jY]Õ[a]fl]]dhjgZd]eY$\]Z]`Y[]j
mfk]_maea]flg\]…d$`YklYim]kmeafgjY[aŽfgÕfYdarY[aŽfh]jealYf\][ajim]
dY [g`]kaŽf kg[aYd q dY [Yda\Y\ \] na\Y ]kl~f _YjYflarY\Yk ]f mf ]khY[ag h“Zda[g
im]$Yfl]k\]dYafl]jn]f[aŽf$]klYZY\]l]jagjY\g&=k]de…lg\g\]ljYZYbg\]dYk
mfa\Y\]kdgim]\a^]j]f[aYdYkj]khm]klYkÕfYd]k\]dgkj]kmdlY\gk[d~ka[gk&=d^mf%
\Ye]flg\]dj]kmdlY\gÕfYdjY\a[Y]fdYaf[gjhgjY[aŽf\]hj]kmhm]klgkl~[la[gk
q\]]kljYl]_aYkYe]\aghdYrg\]j]kgdm[aŽf\]hjgZd]eYk$hdYfl]Y\YkYdafl]jagj
\] dYk mfa\Y\]k& Dgk Yk! Y_]fl]k ka_m]f mfY k][m]f[aY gh]jYlanY ZYkY\Y ]f \a^]%
j]fl]k^Yk]k2\]l][[aŽf\]dhjgZd]eYq\]l]jeafY[aŽf\]kmeY_falm\$]klaeY[aŽf
\]j][mjkgkf][]kYjagkhYjYY^jgflYjdgq$ÕfYde]fl]$\]l]jeafY[aŽf]kljYl…_a[Yq
l~[la[YkhYjY]f[gfljYjmfYkgdm[aŽf&
=dj]kmdlY\g]kh]jY\g\]Z]k]jka]ehj]dYÕfYdarY[aŽf\]dhjgZd]eYqfg]kl~[gf%
l]ehdY\g[gegj]kmdlY\gÕfYdkmljYkhYkgYgljgk]jna[ag$afklalm[aŽfg\]hYjlY%
e]flg&K]]pa_]Yk‰mfk]_maea]flg\]l]jeafYfl]$im]\]Z][gehj]f\]jmfYkalmY%
[aŽfafa[aYdqmfYkalmY[aŽfÕfYdj]kmdlYfl]&Dgkhgda[‰Ykfgla]f]f$f][]kYjaYe]fl]$
1,
kgdm[agf]kg[geh]l]f[aYkhYjYdY[gehd]ba\Y\\]dYkkalmY[agf]kim]hjg\m[]]d
hjgZd]eY$ q k] km]d] \][aj im] dY hgda[‰Y fg ]k ka]ehj] mfY afklalm[aŽf ÕfYdaklY$
ka fg mfY \]janY\gjY3 h]jg `Yf \] k]j [YhY[]k \] \afYearYj$ g Yjla[mdYj$ dY aehda%
[Y[aŽf\]dgkim]k‰dYkla]f]f$YÕf\]Yd[YfrYj]dj]kmdlY\gÕfYd&DYYh]jlmjYYdY
hYjla[ahY[aŽf\]dgkaehda[Y\gkq\]gljgkhgkaZd]kY[lgj]k]k\]l]jeafYfl]&Dgk
hjaf[ahagk \] ljYfkhYj]f[aY$ hj]n]f[aŽf q hjgY[lana\Y\ kgf [gfl]ehdY\gk [geg
]d]e]flgk Z~ka[gk \] dY afl]jn]f[aŽf& Dgk Yk! hgda[‰Yk \]Z]f ^Y[adalYj kgdm[agf]k$
Zmk[YjYjj]_dgk$Y[m]j\gkgYhjgpaeY[agf]kim]hm]\YfY[]hlYjdYkhYjl]kaehda%
[Y\Ykq$]f“dlaeYafklYf[aY$afl]jn]faj[gY[lanYe]fl]kadYkalmY[aŽfdgj]ima]j]&
=fg[Ykagf]k$dgke][Yfakegkim]h]jeal]fdYkgdm[aŽfk][gfka_m]fhgje]\ag
\]dËhYjl]fYjaY\gÌ n]jYhYjlY\gkmZka_ma]fl]!\aja_a\g3]fgljYk$hjg[]\]fY[[ag%
f]kaf^gjeYlanYk]af[dmkg^gjeYlanYkg]\m[YlanYk&=dYZYfa[g\]kgdm[agf]kim]
hm]\]fY\eafakljYj]kYehdag$lYflg[geg]d\]dgkj][mjkgkhgkaZd]k\]gZl]f]j
\] km hjghaY Y[[aŽf g \] dY afl]jn]f[aŽf \] gljYk afklalm[agf]k& =f \]ÕfalanY$ k]
ljYlY\]af[gjhgjYjlg\glahg\]^ŽjemdYkn~da\YkhYjY^Y[adalYjdYj]kgdm[aŽf\]dgk
[gfÖa[lgk q j]klYZd][]j dY [g`]kaŽf ]f dgk ]khY[agk h“Zda[gk$ dY [gfnan]f[aY q dY
ljYfimada\Y\n][afYd&
Mf]b]ehdg\]dljYZYbg\]dY?mYj\aYMjZYfY\]:Y\YdgfYZYkY\g]f]kl]eg\]dg
\]afl]jn]f[aŽf$]k]de]f[agfY\g\]dYHdYrY\]9flgfagEY[`Y\g$kalmY\Y]f]d
ZYjjag \] dY KYdm\& J]eg\]dY\Y q e]bgjY\Y kmZklYf[aYde]fl]$ ]kl] dm_Yj Y[YZŽ
_]f]jYf\gmfhjgZd]eY\]_jYfj]d]nYf[aYkg[aYdhgjdYYhYja[aŽf\]gljgfm]ng
^]fŽe]fg$]d\]dYea_jY[aŽf&DYhYjY\gbY[gfkakl]]fim]mfYhdYrYj]eg\]dY\Yq
j][mh]jY\YfgY[YZYhjg\m[a]f\gdY[Yda\Y\\]na\Y]kh]jY\Yhgjdgk Yk!n][afgk Yk!
\]Za\gYim]$h]k]YeYfl]f]jmfYk]fkY[aŽf\]hjgha]\Y\kgZj]\a[`g]khY[ag$dg
`YfYZYf\gfY\g&Dgk Yk!j][a…fdd]_Y\gk Yk!$hgjkmhYjl]$f][]kalYfmladarYjdghYjY
`maj\]d`Y[afYea]flg]fim]k]`YddYf]fkmknana]f\Yk&
DY[gfnan]f[aYj]kmdlY[gehda[Y\YYd[gfljYhgf]jk]eg\gk\]na\Yq[gklmeZj]k
\a^]j]fl]k q$ j~ha\Ye]fl]$ k] hjg\m[] mf j][`Yrg kg[aYd `Y[aY dgk Yk! fm]ngk Yk!
mkmYjagk Yk! im] k] eYfaÕ]klY ]f ^gjeY \] \]eYf\Y Y dY hgda[‰Y \] dY im] k]
j]ima]j]im]Y[l“]\]eYf]jYYmlgjalYjaYqË[gflmf\]fl]Ì[gfljY]ddgk&Dgim]dgk
n][afgke~kYfla_mgkha\]f]kim]dYhgda[‰Yk]mfY[gf]ddgk$[geghYjl]j]im]%
ja]fl]$ ]f [gfljY \] dgk fm]ngk& DY hgda[‰Y \]l][lY im] dg im] g[mjj] ]f dY hdYrY
]kj]Ö]bg\]dgim]km[]\]]f]dk]fg\]dYk[gemfa\Y\]kn][afYd]k$hgjdgim]]k
f][]kYjagmfljYlYea]flgafl]_jYd\]dhjgZd]eY&
=fmfkakl]eY\]eg[j~la[g[d~ka[g$dYhgda[‰Y`YZj‰YeYfa^]klY\gkmaf[YhY[a\Y\
\] \Yj j]khm]klY Yd hjgZd]eY$ g `YZj‰Y k]YdY\g km ^YdlY \] [geh]l]f[aYk hYjY
j]YdarYj mfY afl]jn]f[aŽf$ Yd fg ]f[gfljYjk] ^j]fl] Y ad‰[algk h]fYd]k m gljg lahg
\]af^jY[[agf]k&Dgk Yk![am\Y\Yfgk Yk!\]eYf\Yfl]k`YZj‰Yfafl]jhj]lY\gim]dY
hgda[‰Yd]kYZYf\gfYZYgfgd]k]k[m[`YZY&Dgkj]khgfkYZd]khgd‰la[gk\]dYhgda%
1-
[‰Y`YZj‰Yfkm^ja\g$]fhjae]jdm_Yj$dYhj]kaŽf\]]kgk[am\Y\Yfgk]flgjfgYmfY
\]eYf\Y\]k]jna[aghgda[aYdq$\]khm…k$kmaf[gehj]fkaŽfhgjim]dgkn][afgkk]
`YZj‰Yf k]fla\g eYd Yl]f\a\gk g [gfka\]jYj‰Yf im] km Y[lmY[aŽf hYjY ]f[gfljYj
mfYkgdm[aŽf]jYmfYml…fla[g^jY[Ykg&
=f:Y\YdgfY$hgj]d[gfljYjag$kgZj]dYZYk]\]]kl][gf[]hlg\]hgda[‰Y\]Ëhjgpa%
ea\Y\ ]kljYl…_a[YÌ q \]k\] ]d \]khda]_m] l]jjalgjaYd$ ^m] [j]Y\Y dY Mfa\Y\ \]
;gfnan]f[aY M;G!hYjYljYlYj]kh][‰Õ[Ye]fl]]dhjgZd]eYqZmk[YjdYkhgkaZd]k
kgdm[agf]k&DYmfa\Y\ZYkYkmY[lmY[aŽf]fdYafl]jY[[aŽf[gfdYkhYjl]kaehda[Y\Yk
]f]dhjgZd]eYqkmgZb]lang]k\YjmfYj]khm]klYÕfYdqfg\]janYj&
HYjY[mehdajdg$Yjla[mdŽ\a^]j]fl]k]kljYl]_aYk$ka]f\gdYhjaf[ahYd]daf^gjeYjYdYk
hYjl]kq`Y[]jim]k]YhgkaZd][gfbm_YjdgkYkh][lgk[mdlmjYd]k[gfdYj]Yda\Y\]f
dYfm]nYmZa[Y[aŽf\]dgkj][a…fdd]_Y\gk&K]ljYlŽ\]im]lg\gk Yk!Y\ima]jYfdY
[gf\a[aŽf\]n][afgk Yk!$qk]Yfj][gfg[a\gkhgj]dgljg&DYaf^gjeY[aŽfqdY]fk]%
YfrYkgfdYZYk]hjaf[ahYd\]dY]kljYl]_aY$Ymfim]fg]kl~f\]k[YjlY\Ykl~[la[Yk
\][gjj][[aŽf\]af^jY[[agf]kq\][gf\m[lYkljYfk_j]kgjYk$kak]hjg\m[]f&=dhYh]d
\]dhgda[‰Yka_m]ka]f\g[dYjYe]fl]]d\]Y_]fl]\]dYYmlgja\Y\q]kj][gfg[a\g
[geglYd3h]jg$Y\]e~k$]k]dj]^]j]fl]\]dY[gemfa\Y\hYjY[gfk]_majkgdm[agf]k
Yfl]kmkhjgZd]eYk\][gfnan]f[aY&
Dgk Yk! Y_]fl]k hm]\]f _]klagfYj hjgZd]eYk \] ]k[gdYjarY[aŽf$ af^gjeY[aŽf q
Y[[]kgYk]jna[agk3h]jglYeZa…f]pa_]fj]khm]klYkYdYkhYjl]k$]kh][aYde]fl]\]
hYjla[ahY[aŽf]fdYkmh]jY[aŽf\]dYk\aÕ[mdlY\]kqdgkhjgZd]eYk&<]khm…k\]\gk
Ygk\]afl]jn]f[aŽf\]dYM;G]fdYhdYrY\]9flgfagEY[`Y\g$q[Ydd]kY\qY[]f%
l]k\]dZYjjag\]dYKYdm\\]:Y\YdgfY$\]dlglYd\])/.nana]f\Yk[YmkYfl]k\]hjg%
Zd]eYk$\aY_fgkla[Y\YkYhjaf[ahagk\]*((.$Yafa[agk\]*((0lYfkŽdgk]j]_akljY%
ZYfk]ak]fdYkim]k]k]_m‰Yfhjg\m[a]f\gkalmY[agf]k\]^YdlY\][gfnan]f[aY[gf
]dj]klg\]dgk Yk![am\Y\Yfgk Yk!&
=fdYY[lmYda\Y\$dYMfa\Y\ka_m]ljYlYf\gdgkhjgZd]eYk\][gfnan]f[aY]fgljgk
ZYjjagk\]dY[am\Y\$[gfÖa[lgk]f_]f]jYdhjg\m[a\gkhgj[YmkYk\a^]j]fl]kYdYk
Yim‰e]f[agfY\Yk3kaf]eZYj_g$dYe]lg\gdg_‰Y\]ljYZYbgka_m]ka]f\gdYeakeY&
DYHgda[‰YDg[Yd\]:Y\YdgfY[m]flY$Y\]e~k$[gfgljYkmfa\Y\]kl]jjalgjaYd]k\]\a%
[Y\Yk Yd ljYlYea]flg ]kh][‰Õ[g \] hjgZd]eYk$ [geg dY Mfa\Y\ \]d ;anakeg M;A!$
dYMfa\Y\\]E]j[Y\gkqRgfYk;ge]j[aYd]k ME=!q\]kYjjgddYhjg_jYeYk[gfdY
eakeY e]lg\gdg_‰Y \aja_a\gk `Y[aY \a^]j]fl]k hjgZd]eYk [geg ~eZalg ]k[gdYj$
nagd]f[aY\ge…kla[Y$af\ak[ahdafYnaYjaYqhjgZd]eYk\]dYl]j[]jY]\Y\$]flj]gljYk
l]e~la[Yk&
1.
,&+ D9KGJ?9FAR9;AGF=KKG;A9D=KQ;GEMFAL9JA9K
EYjl‰fLgjj]k
Kg[aŽdg_gœHjg_jYeY\]K]_mja\Y\MjZYfYœMfan]jka\Y\9dZ]jlg@mjlY\g
KYflaY_g\];`ad]
DY afl]jY[[aŽf hjg\m[a\Y ]flj] dgk \aklaflgk Y[lgj]k \] dY [am\Y\ [YjY[l]jarY dYk
^gjeYk\][g`]kaŽfkg[aYdim]]d]khY[agh“Zda[g]k[YhYr\]hjg\m[aj&=f]kl]hjg%
[]kg$dY[gemfa\Y\%j]hj]k]flY\YhgjdYkgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYk%
bm]_Ymfjgd^mf\Ye]flYd&
<a[`g jgd k] `Y ljYfk^gjeY\g Y dg dYj_g \]d la]ehg& =f [gehYjY[aŽf [gf gljgk
ege]flgk`aklŽja[gk$]fdYY[lmYda\Y\]pakl]fj]dY[agf]kkg[aYd]k\an]jkaÕ[Y\Ykq
YehdaYk]f]dk]fg[gemfalYjag$dg[mYde]jeYdYhjg^mf\a\Y\qj]kakl]f[aY\]]kgk
f]pgk&Kaf]eZYj_g$]kYeakeY\an]jka\Y\_]f]jYfm]ngk]khY[agk\]gj_YfarY[aŽf
kg[aYd$dgk[mYd]k\]Z]fk]j[gfka\]jY\gkhYjYdY\]Õfa[aŽf\]djgd\]dY[gemfa\Y\
]fdY[gfkljm[[aŽf\]]khY[agkh“Zda[gkgja]flY\gkYhgl]f[aYjdY[g`]kaŽfkg[aYd&
DY gj_YfarY[aŽf kg[aYd q [gemfalYjaY q ]d ]khY[ag h“Zda[g `Yf \]Za\g ]f^j]flYj
\an]jkYkljYfk^gjeY[agf]k$lYflgYfan]d\]k]fla\g[geg\]k\]]djgdim]d]k`Yka\g
glgj_Y\g]&af[dmkg$\]dY^gjeY]fim]k]eYl]jaYdarYf]fdYj]Yda\Y\&DYjY\a[YdarY%
[aŽf\]dgkhjg[]kgk\]af\ana\mYdarY[aŽf[gfl]ehgj~f]gk$hgjgljYhYjl]$`Ye]j%
eY\gdYhgl]f[aYqka_faÕ[Y[aŽf\]dYkgj_YfarY[agf]k[gemfalYjaYk]f_]f]jYd&
9\]e~k$ É]d egnaea]flg eg\]jfg ]f dY hjae]jY ealY\ \]d ka_dg q dYk hgd‰la[Yk
h“Zda[Yk]fdYk]_mf\YealY\`Yf[gf^a_mjY\gmfmjZYfakegim]k]`Y[gf^mf%
\a\g [gf dY nana]f\Y q [gf dYk gZjYk h“Zda[Yk n‰Yk$ hm]fl]k$ Y[[]kgk3 ]k \][aj$
[gemfa[Y[agf]k!& =d `Y[]j [am\Y\ [geg hjg\m[lg afl]_jYd ] afl]_jY\gj im]\Ž
gdna\Y\gq[gf]ddg]d]khY[agh“Zda[g&Ghgjdge]fgkj]d]_Y\gYmfjgdk][mf\Y%
jagÊ :gjbY$)1102)-!&=k\][aj$ima]f]khgkaZadalYfdY_]f]jY[aŽf\]dgk]khY[agk
h“Zda[gk lYflg ]d =klY\g [geg dgk gj_Yfakegk hjanY\gk! dg `Y[]f \] eYf]jY
eYj_afYd%g[gdYl]jYd%YdY[gfkljm[[aŽf\]\a^]j]fl]kgZjYkh“Zda[YkghjanY\Yk&
=ddghj][YjarY$Ymfe~k$dYj]dY[aŽfhgkaZd]]flj]dYkgj_YfarY[agf]kkg[aYd]kq
[gemfalYjaYkq]d]khY[agh“Zda[g&
=f]klYeakeY\aj][[aŽf$dYgj_YfarY[aŽfkg[aYdq[gemfalYjaYY[lmYd]kl~[gehm]klY
hgjj]dY[agf]kkg[aYd]ke“dlahd]kqYehdaYk$dg[mYdhjgng[Ymf\]ZadalYea]flg\]
]ddYk eakeYk& =k hgj ]klg im] [gf[]hlgk [geg Ëjgehaea]flg \]d l]ba\g kg[aYdÌ g
Ë[jakak\]dY[g`]kaŽfkg[aYdÌ$`YflgeY\g^m]jrY]f]d“dlaegla]ehg :gjbY$*((+!&
Kaf ]eZYj_g$ ]k f][]kYjag gZk]jnYj ]klY [jakak \] dY kg[a]\Y\ mjZYfY [geg mfY
ghgjlmfa\Y\$dgim]h]jealaj‰Y[gfka\]jYj]kl]hjg[]kg[gegmfYafklYf[aY\][gf%
kgda\Y[aŽf\]mfYfm]nY^gjeY\]\]kYjjgddYjdYkj]dY[agf]kkg[aYd]k&=f]kl]k]f%
1/
la\g$]d]khY[agh“Zda[gkmj_][gegYim]ddm_Yj[ge“f$\]lg\YkdYkh]jkgfYk$]f
\gf\][j][]qk]fmlj]dY[g`]kaŽfkg[aYd&
DYj]nYdgjarY[aŽf\]d]khY[agh“Zda[gjY\a[Y$hj][akYe]fl]$]fkgdm[agfYj]klY^jY%
_ada\Y\ \]d l]ba\g kg[aYd2 É=d ]khY[ag h“Zda[g lYeZa…f la]f] mfY \ae]fkaŽf kg[ag%
[mdlmjYd&=kmfdm_Yj\]j]dY[aŽfq\]a\]flaÕ[Y[aŽf$\][gflY[lg]flj]dYk_]fl]k$
\]YfaeY[aŽfmjZYfY$Yn][]k\]]phj]kaŽf[gemfalYjaY&DY\af~ea[YhjghaY\]dY
[am\Y\qdgk[gehgjlYea]flgk\]kmk_]fl]khm]\]f[j]Yj]khY[agkh“Zda[gkim]
bmj‰\a[Ye]fl]fgdgkgf$gim]fg]klYZYfhj]naklgk[geglYd]k$YZa]jlgkg[]jjY%
\gk$ \] hYkg g Y dgk im] `Yq im] ajÊ :gjbY$ )1102 )-!& DYk h]jkgfYk$ dgk n][afgk q
n][afYk]fmf\]l]jeafY\gl]jjalgjag$`Y[]f[gemfa\Y\\]mfY^gjeYg\]gljY$
mkYfdgk]khY[agkh“Zda[gk\akhgfaZd]kq]kf][]kYjagim]]paklYfdYkafklYf[aYkg
eYj[gk]f\gf\]dYhYjla[ahY[aŽf[am\Y\YfYk]\]kYjjgdd]qkmkl]fl]&
HYjla[ahY[aŽf[am\Y\YfY
DYhYjla[ahY[aŽf[am\Y\YfY\]Z]k]jaf[]flanY\Y]fkmke~kYehdaYk^gjemdY[ag%
f]k$af[dmq]f\gY_jmhgkim]ljY\a[agfYde]fl]`Yf]klY\g^m]jY\]d~eZalg\]ljY%
ZYbg[gemfalYjag&=f]kl]k]fla\g$dY\an]jka\Y\\]_jmhgkgea[jg%[gemfa\Y\]k
\]fljg\]mfY[gemfa\Y\\]Z]k]jhgl]f[aY\YqhYjY]ddg]kf][]kYjagaf[dmajdgk
]f]dljYZYbg[gemfalYjag[gla\aYfg&=k[dYn]_]f]jYj]kljYl]_aYkim]h]jealYfdY
[YhY[alY[aŽf fg kŽdg \] d‰\]j]k [gemfalYjagk kafg lYeZa…f \] n][afgk q n][afYk
im]fgjeYde]fl]]kl~f^m]jY\]d~eZalg\aja_]f[aYd3Yk‰[ge]frYj~Yk]j\]kYjjg%
ddY\YmfY[gemfa\Y\]ehg\]jY\Yq$[gf]ddg$]kl]ljYZYbg\]bY\]k]jYkakl]f[aY%
daklY2dY[gemfa\Y\]ehg\]jY\Yk][gfna]jl]]fmfY[lgjaf^gjeY\g$hjgY[langq
j]khgfkYZd]\]dljYZYbghgkaZd]\]j]YdarYj&
HjgZYZd]e]fl]$]f]dljYZYbg\aj][lg[gfgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYk
kmj_aj~fa\]Ykqk]flaea]flgk\]YflYg$\][mYf\gdYgj_YfarY[aŽfkg[aYdq[gem%
falYjaY]jYhgl]fl]q]klYZYda_Y\Y]klj][`Ye]fl]YmfY\g[ljafYgYmfhYjla\g
hgd‰la[g&;YjY[l]jarY\Ykhgjk]jYdlYe]fl]j]hj]k]flYlanYk\]dYhgZdY[aŽf$]fmf
\]l]jeafY\g l]jjalgjag$ kmk gZb]langk ^mf\Ye]flYd]k ^m]jgf dd]_Yj Y k]j gj_Yfak%
egk^gjeY\gj]k\][am\Y\Yfgk$Y\]e~k\]j]hj]k]flYjkmk\]eYf\Yk[gd][lanYk&
9kaeakeg$Ydd‰dYhYjla[ahY[aŽf\]dY[gemfa\Y\]jY[gla\aYfY$hgjdg[mYddYkY[lmY%
d]k hjgZd]e~la[Yk kgZj] dY [gfng[YlgjaY q hYjla[ahY[aŽf [am\Y\YfY fg ]pakl‰Yf
[gegmf\]kY^‰g]fk‰eakeg&
<] ]klY gj_YfarY[aŽf kg[aYd q [gemfalYjaY \] YflYg kmj_]f \an]jkgk ealgk im]
afÖmq]f]fdY^gjeY]fim]dYkafklalm[agf]kmgj_Yfakegkh“Zda[gkk]j]dY[agfYf
[gfdYgj_YfarY[aŽfkg[aYdq[gemfalYjaYY[lmYd&Hgj]ddg$]fhjae]jdm_Yj$\]Z]egk
jgeh]j[gf]klYealaÕ[Y[aŽf\]dYgj_YfarY[aŽfkg[aYdq[gemfalYjaY$hYjYhg\]j
gZk]jnYjdY]f]d[gfl]plgq[gfdYk[YjY[l]j‰kla[Ykim]dY\]Õf]f`gq&=f]kl]k]f%
la\gqhYjYYd_mfgkafn]kla_Y\gj]k$\]k\]Õf]k\]dgk¢/(]kl~]f[mjkgmfegna%
ea]flg kg[aYd im] hj]k]flY mfY fm]nY ^gjeY \] \]kYjjgddYj gj_YfarY[agf]k q \]
10
_]f]jYj hYjla[ahY[aŽf$ dY im] \]fgeafYf ËYkg[aYlanakegÌ& =kl] egnaea]flg Éima]%
ZjY [gf dYk ljY\a[agfYd]k ^gjeYk \] dY gj_YfarY[aŽf q hYjla[ahY[aŽf kg[aYd na_]f%
l]k`YklYdY\…[Y\Yk\]dgk¢/(2Yim]ddYkZYkY\Yk]fafklalm[agf]kb]jYjimarY\Ykq
]kljm[lmjY\Yk]flgjfgYgZb]langk_]f]jYde]fl]emqYehdagk$[gfjalmYd]k]klja[%
lgk\]af[gjhgjY[aŽfqj][`Yrg&DYfm]nY^gjeY\]gj_YfarY[aŽf$hgj]d[gfljYjag
hjgem]n] j]dY[agf]k `gjargflYd]k$ Ö]paZd]k$ ]flj] h]jkgfYk im] ha]fkYf _dgZYd%
e]fl]qim]Y[lmYf\]eYf]jY[gd][lanY]f]d~eZalgdg[Yd À!Ê Gna]\gq9Zg_YZaj$
*(((2*(!&
DYhYjla[ahY[aŽf\]dYk\an]jkYkgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYkhm]\]k]j
\]de~kYehdaglahg$hgjdg[mYd]khj][akg_]f]jYje]lg\gdg_‰Yk\]ljYZYbg[gf%
bmflYk$ nYda\Y\Yk q d]_alaeY\Yk hgj dY [gemfa\Y\& ;mYf\g ]d ljYZYbg ljYlY kgZj]
mf]khY[agh“Zda[g$]dafngdm[jYea]flg\]dY[gemfa\Y\%]fkmk\a^]j]fl]k]phj]%
kagf]k2hYjla[ahY[aŽf\aj][lY$[gjj]khgfkYZada\Y\$Õk[YdarY[aŽfqegfalgj]g]fdYk
\a^]j]fl]k]lYhYk\]dhjgq][lggafl]jn]f[aŽf%_]f]jYmfk]flaea]flg\]h]jl]f]f%
[aY[gf]d]khY[ag$im]h]jeal]eYqgjkmkl]flYZada\Y\YkmZm]fmkg&
;YZ]\]klY[Yjim]]d[gf[]hlg\][am\Y\Yf‰Yk]`Yeg\aÕ[Y\gYljYn…k\]dgkYgk$
q im] dgk \]j][`gk [gfklalm[agfYd]k q [am\Y\Yfgk qY `Yf ka\g ^mf\Ye]flY\gk$
Ymfim] kaf ]eZYj_g `gq dY hj]g[mhY[aŽf [dYn] \]Z] k]j _YjYflarYjdgk$ hYjY im]
k] ljY\mr[Yf ]f hj~[la[Yk [am\Y\YfYk im] h]jealYf hgl]f[aYj hjaf[ahYde]fl] ]d
\]kYjjgddgdg[Yd K]jjYfg$)11/!&
·;Žeghg\]egkaf[]flanYjdYhYjla[ahY[aŽf[am\Y\YfY7
HYjYdg_jYj]kl]gZb]lang]kf][]kYjag$hjae]jg$[gflYj[gfdY\akhgka[aŽf]afl]j…k
\]d_gZa]jfgdg[Yd emfa[ahag$YqmflYea]flg$Yd[Yd\‰Y!hgjim]ÉdYhYjla[ahY[aŽf[am%
\Y\YfY\]h]f\]]f_jYfe]\a\Y\]dYngdmflY\hgd‰la[Y\]d_gZa]jfgdg[Yd$\]km
]kladg\]j]dY[aŽf[gfdYhgZdY[aŽf$\]dgkafkljme]flgkfgjeYlangk$af^gjeYlangk
q\][ggh]jY[aŽf À!&Ê :gjbY$*((+2+*,!q$k]_mf\g$]k[dYn]\]kYjjgddYj]kljYl]_aYk
im]_]f]j]fdgkeYj[gkqe][Yfakegkh]jlaf]fl]kY]kl]gZb]lang&
=kljYl]_aYkim]h]jeal]f]af[]flanYfdYhYjla[ahY[aŽf[am\Y\YfY)
œ
œ
œ
œ
œ
œ
œ
)
J]_dYe]flgk \] hYjla[ahY[aŽf$ gÕ[afYk \] af^gjeY[aŽf$ jY\ag q l]d]nakaŽf
dg[Yd]k&
9hgqgYdYkYkg[aY[agf]k[am\Y\YfYkqhYjl]fYjaY\gk&
;gfk]bgk\]hYjla[ahY[aŽf[am\Y\YfY&
HdYf]kghjg_jYeYkqhj]kmhm]klgk&
Afkljme]flgk\]\]eg[jY[aY\aj][lY&
Afkljme]flgk\]hYjla[ahY[aŽfaf\ana\mYd&
E]\aY[aŽfqhj]k]f[aY\]mfgeZm\keYf \]^]fkgj\]dhm]Zdg!&
>m]fl]2:gjbY$*((+2+*,%+*.
11
HYjY]d=klY\g$dYhYjla[ahY[aŽf[am\Y\YfY]k^mf\Ye]flYd$qYim]]kmfYn‰Y`Y[aY
]d\]kYjjgddgkg[aYd2]kmfeglgjim]h]jeal]]d\]kYjjgddgkg[aYd$_]f]jYf\g]khY%
[agkgafklYf[aYk\][ggh]jY[aŽf]flj][am\Y\Yf‰Yq=klY\g$eglanYYdYkh]jkgfYk$
dYkka_faÕ[Y[gegY_]fl]kj]d]nYfl]kq_]f]jY[YhY[a\Y\hj~[la[Y]fdYkgdm[aŽf
\]hjgZd]eYk[gf[j]lgkq[gehd]bgkim]hm]\Yfhj]k]flYjk]]fmf\]l]jeafY\g
l]jjalgjag @ajk[`eYf$)10.!&
=k aehgjlYfl] im] dYk gj_YfarY[agf]k
kg[aYd]kq[gemfalYjaYkhYjla[ah]fY[la%
nYe]fl] ]f dgk \an]jkgk hjg[]kgk im]
hm]\Yf \]kYjjgddYjk] ]f mf l]jjalgjag&
HjgY[lana\Y\
Kaf ]eZYj_g$ ]kY hYjla[ahY[aŽf %lYf
Af[dmkaŽf
j]im]ja\Y hgj ]d =klY\g%$ \]Z] ]klYj
J]khgfkYZada\Y\
hj]naYe]fl] \]Õfa\Y hgj dYk hjghaYk
>d]paZada\Y\
gj_YfarY[agf]k& HYjY ]ddg$ ]k hj][akg
H]jlaf]f[aY
im]dYkhjghaYkgj_YfarY[agf]kkg[aYd]k
LjYfkhYj]f[aY
q[gemfalYjaYkk]h]j[aZYf[gegY[lg%
Ghgjlmfa\Y\
j]kj]d]nYfl]k$[gfmfjgd[]fljYd]fdY
aehd]e]flY[aŽf \] hgd‰la[Yk g hjgq][%
lgk&=klY\]Õfa[aŽf$aehgjlYlYflghgj[Žeg\]kYjjgddYj~fkmhYjla[ahY[aŽf]fmf
\]l]jeafY\ghjgq][lgghgd‰la[Y$[geghgjim][gfka\]jYdY`aklgjaYim]Yfl][]\]
YdYgj_YfarY[aŽf$Yk‰[geghgjkmhjgq][[aŽfY^mlmjg&9k‰hm]\]fafl]jh]dYjYdgk
gj_Yfakegkh“Zda[gkqhjanY\gk\]eYf]jYe~khgl]fl]$Yqm\Yf\gY\akeafmajdY
Ykae]lj‰Y\]hg\]j]pakl]fl]]fdYj]dY[aŽf]flj][gemfa\Y\$=klY\gqgj_Yfakegk
hjanY\gk&
Hjaf[ahagk\]dYhYjla[ahY[aŽf
[am\Y\YfY*2
œ
œ
œ
œ
œ
œ
œ
;ŽegY[]j[Yjk]YdYkgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYk
DYk \a^]j]fl]k ]kljYl]_aYk \] Y[]j[Yea]flg `Y[aY dYk gj_YfarY[agf]k kg[aYd]k
q [gemfalYjaYk ]kl~f gja]flY\Yk `Y[aY ]d ljYZYbg dg[Yd3 ]k \][aj$ kmhgf]f mfY
dYZgjdg[YdarY\Y]fmfl]jjalgjag\]l]jeafY\g&=f]klYdŽ_a[Y\]af[]flang\]dY
hYjla[ahY[aŽf [am\Y\YfY ]k f][]kYjag nakmYdarYj im… gj_YfarY[agf]k kg[aYd]k q
[gemfalYjaYk]pakl]f]fmfl]jjalgjag&=f]kl]hmflg]k[dYn]gZk]jnYjdYk\]k\]
h]jkh][lanYk\an]jkYk&
9dege]flg\]ljYZYbYj[gf]ddYk$]khgkaZd]\]l][lYj\a^]j]f[aYkj]d]nYfl]k]f
dYk gj_YfarY[agf]k kg[aYd]k q [gemfalYjaYk$ dYk im] ]pa_]f mf Y[]j[Yea]flg q
mf\]kYjjgddg\]ljYZYbg\an]jka^a[Y\ghgjhYjl]\]dgkgj_Yfakegkh“Zda[gk&=f
]kl] k]fla\g$ ]k ^Y[laZd] ]f[gfljYj \aklaflgk [jal]jagk im] h]jealYf a\]fla^a[Yj
dYk gj_YfarY[agf]k q _jmhgk ]pakl]fl]k ]f mf l]jjalgjag$ qY k]Y k]_“f ]d gZb]%
langim]h]jka_m]f j][j]Ylang$[mdlmjYd$\]hgjlang$hgd‰la[g$]l[&!$km[gehgka[aŽf
`geZj]kemb]j]k$Yf[aYfgk$bŽn]f]k$]l[&!gkm]kljm[lmjY n]jla[Yd$`gjargflYd!$
]flj]gljgk[jal]jagk&
*
>m]fl]2Gna]\gq9Zg_YZaj$*(((2+)%+*
)((
=klYk\a^]j]f[aY[agf]kkgfaehgjlYfl]k$qYim]h]jeal]fYdgkgj_Yfakegkh“Zda%
[gk\]kYjjgddYj]f^gim]kq]kljYl]_aYk\]ljYZYbg\aklaflYkk]_“f]dlahg\]gj_Y%
farY[aŽfg_jmhg&MkmYde]fl]Yim]ddYkgj_YfarY[agf]kg_jmhgke~kYd]bY\gk\]d
~eZalg ljY\a[agfYd \] j]hj]k]flY[aŽf [gemfalYjaY la]f]f mfY eYqgj \aÕ[mdlY\
hYjYj]dY[agfYjk][gf]d_gZa]jfgdg[Ydq[]fljYd]$af[dmkg$[gfgljYkgj_YfarY[ag%
f]kkg[aYd]kq[gemfalYjaYke~k^gjeYd]k&
Hgj]b]ehdg$_]f]jYde]fl]dgk_jmhgkbmn]fad]kkgf\][Yj~[l]je~k`gjargflYd$q
fgla]f]fmfhj]ka\]fl]gmfk][j]lYjagqkagZk]jnYegkYdgk Yk!fagk Yk!]khg[g
hjgZYZd]n]jim]]ddgk]kl…fËgj_YfarY\gk Yk!Ì&9fl]]ddg]kf][]kYjagim]dgkgj_Y%
fakegk h“Zda[gk Ö]paZada[]f kmk ^gjeYk \] j]dY[agfYea]flg q [gfng[YlgjaY Y dYk
gj_YfarY[agf]kg_jmhgk]pakl]fl]k]fmfl]jjalgjag&
Af\]h]f\a]fl]e]fl]\]kmk[YjY[l]j‰kla[Yk$km]pakl]f[aYh]jeal]hgl]f[aYj\an]j%
kYk^gjeYk\][YhalYdkg[aYd&Q$ea]fljYk]klYkgj_YfarY[agf]kg_jmhgkk]Yfe~k
\]fkgk$]ke~khjgZYZd]im]dgk Yk![am\Y\Yfgk Yk!]kl…f\akhm]klgk]afl]j]kY\gk
]fljYZYbYjhgj]dZa]f[ge“f&
<aklaflgkhY‰k]k$dm_Yj]k\aklaflgk2gj_YfarY[agf]kkg[aYd]kq
[gemfalYjaYk\an]jkYk
=d[gfl]plg$dY`aklgjaYqdYk[gf\a[agf]kY[lmYd]kkgf\a^]j]fl]k]f[Y\Yj]_aŽf$
hY‰kg[am\Y\$qdYkhYjla[mdYja\Y\]k\]mfl]jjalgjagkgfdYknYjaYZd]kim]\]Õf]f
dY ]pakl]f[aY \] dYk gj_YfarY[agf]k kg[aYd]k q [gemfalYjaYk q ]d \]kYjjgddg q mkg
im]k]\YYd]khY[agh“Zda[g&9fl]]ddg]kf][]kYjag\a^]j]f[aYjYdYgj_YfarY[aŽf
[gemfalYjaY]mjgh]Y\]dYdYlafgYe]ja[YfY&
=f]d[Ykg]mjgh]g$dYgj_YfarY[aŽfkg[aYdq[gemfalYjaYla]f]mfjgdhjglY_Žfa[g
]f ]d \]kYjjgddg \] dYk \a^]j]fl]k hgd‰la[Yk q ]kljYl]_aYk hjgn]fa]fl]k lYflg \]d
=klY\g[geg\]d~eZalghjanY\g&DYkg[a]\Y\[anad[m]flY[gf]d\]kYjjgddg\]mfY
[mdlmjY[am\Y\YfYe~khjg^mf\Y$im]d]h]jeal]hgka[agfYjk][gegY_]fl][dYn]
[gfeYqgj^Y[ada\Y\&LYflgdYkgj_YfarY[agf]kh“Zda[Yk[gegdYkhjanY\Ykdg_jYf
\]kYjjgddYje]lg\gdg_‰Yk\]ljYZYbge~k]klYZd]kq^jm[l‰^]jYk[gfdY[gemfa\Y\3
]k\][aj$]pakl]mfYeYqgjË[gklmeZj]Ì]fdYj]dY[aŽfim]]flYZdYfdYk\a^]j]fl]k
gj_YfarY[agf]k kg[aYd]k q [gemfalYjaYk [gf dgk \an]jkgk gj_Yfakegk h“Zda[gk q
hjanY\gk&
DgkY[lgj]kY[l“Yf[geg[gd][lgj]k\]afklYf[aYk\]dl]jjalgjag$\]kYjjgddYf\gdY
[YhY[a\Y\\]egnadarYjdYYl]f[aŽfh“Zda[Yq\]hjgegn]j]dafl]j…k\]dgk]fl]k
h“Zda[gk kgZj] dYk ljYfk^gjeY[agf]k \]d l]jjalgjag& @gq dYk gj_YfarY[agf]k kg[aY%
d]k\aja_]feYqgjYl]f[aŽfYdYkl]e~la[Ykaf`]j]fl]kYdZa]f]klYjqYdY[Yda\Y\
\]na\Y\]dYk[am\Y\]kq$\]k\]]kl]hmflg\]naklY$afl]j[]hlYfmfafl]j…k\]dYk
[gemfa\Y\]khYjY]d\]kYjjgddgdg[Yd\]dgkl]jjalgjagkq\]dgk]khY[agkh“Zda[gk
EY_fY_`a$*(((!&
)()
H]jg]pakl]fYd_mfYk[jala[a\Y\]k&KafZa]fmfY\]kmk[YjY[l]j‰kla[Yk]kdY[YhY%
[a\Y\\]afngdm[jYjYehdagk]kljYlgk\]hgZdY[aŽf$kgZj]lg\g]fege]flgk[j‰%
la[gk q kgZj] Yd_mfYk l]e~la[Yk emq k]fla\Yk ]f dY ghafaŽf hmZda[Y3 Yd eakeg
la]ehg[`g[Yf[gfdY\a^a[mdlY\\]\]kYjjgddYjmfYhYjla[ahY[aŽfe~k[gflafmY2
em[`Yk n][]k `Yq \a^a[mdlY\]k ]f afngdm[jYj \] eYf]jY ]klYZd] Y dgk \a^]j]f%
l]kkmb]lgk$]fhYjla[mdYjYim]ddgk\]dgk]kljYlgke]\ag%ZYbgk\]dYhgZdY[aŽf&
DYY\`]kaŽfqhYjla[ahY[aŽf]fdYkgj_YfarY[agf]kkg[aYd]k]kl~daealY\YYmfY
eafgj‰Y\]kmb]lgkh]jl]f][a]fl]kY_jmhgkkg[aYd]k`geg_…f]gk&
=f]d[gfl]plgdYlafgYe]ja[Yfg$dYkgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYkkgf
\af~ea[Yk$h]jge]fgk]ph]jae]flY\Ykim]dYk]mjgh]Yk&DY]e]j_]f[aY\]dgk
j]_‰e]f]k eadalYj]k ]f \an]jkgk hY‰k]k \] DYlafgYe…ja[Y \…[Y\Y \] dgk ¢/(!$
ka_fa^a[ŽmfYkakl]e~la[Y\]kYhYja[aŽf\]dYkg[a]\Y\[anad$]phj]kY\YYfl]k]f
mfY\an]jka\Y\\]gj_YfarY[agf]kkg[aYd]kq[gemfalYjaYk&=dhjg^mf\gkad]f[aY%
ea]flg\]dY[am\Y\Yf‰YdYlafgYe]ja[YfYka_fa^a[ŽmfYh…j\a\Y\]dY[mdlmjY[am%
\Y\YfYq$hgj]f\]$]djgd\]dY[gemfa\Y\im]\Žj]\m[a\g&=f]klYk[gf\a[agf]k
e~khj][YjaYk]f[gfljYegkmf~eZalg\gf\]dY[gemfa\Y\gj_YfarY\Y dgkËkaf
nana]f\YÌ$ Ëkaf ]\m[Y[aŽfÌ$ ]l[&! hm\g k]_maj$ h]k] Yd [gfl]plg _]f]jY\g hgj dYk
\a[lY\mjYk&
Hj][akYe]fl]]dYZYf\gfg$gdYYmk]f[aY$\]d=klY\g]fhjgZd]e~la[Ykkg[aYd]k
\] kmZkakl]f[aY$ `arg f][]kYjag im] dY [gemfa\Y\ k] gj_YfarYjY$ g [gflafmYjY
gj_YfarY\Y$hYjYdg_jYjkYlak^Y[]j ]fdYe]\a\Y\]dghgkaZd]!Yd_mfYkf][]ka\Y%
\]keYl]jaYd]kZ~ka[Yk]fdYhgZdY[aŽf Ydae]flY[aŽf2gddYk[gemf]k3nana]f\Y2
lgeYk\]l]jj]fgk$]flj]gljgk!&=klYgja]flY[aŽfhm]\]k]jgZk]jnY\Y]f\a^]%
j]fl]kh]jag\gk]$af[dmkg$]f]dhj]k]fl]qYim]j]kakl]fgj_YfarY[agf]kkg[aY%
d]k\]]kl]lahg&
=kl]eakeg[Yj~[l]jhj][Yjag\]dYkgj_YfarY[agf]k]pakl]fl]kÇq$hgjdgeakeg$
\]dl]jjalgjag%hj]k]flYgljghjgZd]eY2]d[da]fl]dakeg]flj]_gZa]jfgkdg[Yd]kg
[]fljYd]kqdY[gemfa\Y\$im]aehda[Ymfaf[]flangh]jn]jkgYd\]kYjjgddgkg[aYd
\]dY[gemfa\Y\&<]kYjjgddY\ghj]^]j]fl]e]fl]]fdg[Yda\Y\]kemqhgZj]k$hj]%
[YjarYYdYkgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYk&Af[dmkgdYkafl]jn]f[agf]kg
ljYZYbgkim]hj]k]flYf[YjY[l]j‰kla[Yk\]Ykakl]f[aYdakeg$hm]\]fajkg[YnYf\g
dY[gf^aYfrYq]d\afYeakeg\]dY[gemfa\Y\]fmf\]l]jeafY\gl]jjalgjag&
=f]klgk[Ykgk$]d\]kY^‰g\]dY[gemfa\Y\hm]\]k]j`Y[]j^j]fl]Y]klgkaf[]f%
langk h]jn]jkgk$ ^gjlYd][a]f\g ]d [Yj~[l]j [gemfalYjag q gj_YfarY\g E]jcd]f$
)11/!&DYa\]fla\Y\$dY[gf^aYfrYq]d[gehjgeakg[gemfalYjagkkgf]k]f[aYd]k
]fdYj]kakl]f[aY\]dYk[gemfa\Y\]kËhgZj]kÌ$Yfl]dYeYfahmdY[aŽfqdY[gghlY%
[aŽf\]dgk_gZa]jfgkmgj_Yfakegk$lYflg\]dk][lgjh“Zda[g[geg\]dhjanY\g&
)(*
;gf[]hlgk[dYn]k$e]bgj]k]kljYl]_aYk$]ph]ja]f[aYkj]d]nYfl]k
=d\]kYjjgddg\]hjgq][lgkghgd‰la[Yk\][Yj~[l]jmjZYfg]fdgk]khY[agkh“Zda[gk
\]mf\]l]jeafY\gl]jjalgjag$]pa_]dY[j]Y[aŽfqYhda[Y[aŽf\]fm]ngk[gf[]hlgk$
im]h]jealYf[gf[j]larYjdgkgZb]langk]afl]f[agf]k]f]kljYl]_aYkqY[[agf]k&
Mfg\]]kgk[gf[]hlgk[dYn]k]k]d]ehg\]jYea]flg\]dY[gemfa\Y\&HdYfl]YdY
f][]ka\Y\\]j]nYdgjarYj]djgd\]dY_]fl][gemfalYjag[geg^mf\Ye]flYd]flg\Yk
dYk ]lYhYk Y \]kYjjgddYj ]f dY aehd]e]flY[aŽf \] mfY \]l]jeafY\Y hgd‰la[Y$ hjg%
_jYeY$hdYfg]kljYl]_aY&<]k\]dYa\]flaÕ[Y[aŽf\]dYhjgZd]e~la[Y$hYkYf\ghgj]d
\aY_fŽkla[g$dYk]d][[aŽf\]dY]kljYl]_aYqkmaehd]e]flY[aŽf$`YklYdY]nYdmY[aŽf
q]dk]_maea]flg&HYjYdg_jYjim]dY[gemfa\Y\]kl…hj]k]fl]]flg\Yk]klYk]lYhYk
[gegmfY[lgjj]d]nYfl]im]\][a\]qim]lYeZa…f]kj]khgfkYZd]$]kf][]kYjag
[YhY[alYjdYqglgj_Yjd]eYqgjYmlgfge‰Y&=f]kl]k]fla\g$]d]ehg\]jYea]flg]k
mf [gf[]hlg im] YhmflY Y ^gjeYj mfY [gemfa\Y\ af^gjeY\Y$ j]khgfkYZd]$ [gf
eYqgj]kj][mjkgk `meYfgkq][gfŽea[gk!q$hgjdgeakeg$e~kYmlŽfgeY&
MfZm]fY]ph]ja]f[aYkgZj][Žeg]d_gZa]jfgdg[YdnYafklYdYf\g[geh]l]f[aYk]f
dY[gemfa\Y\$[gf]dgZb]lang\]im]…klYk]YhYjl‰[ah]\]dgkhjg[]kgk\]kYjjgddY%
\gk]fkml]jjalgjag$]kdY\]kYjjgddY\Y]fJ][a^]$:jYkad n]jj][mY\jgka_ma]fl]!&9dd‰
]kl~]f[mjkgdYafa[aYlanY?]klaŽf\]Hjgq][lgkq;YhY[alY[aŽfhYjYmf9eZa]fl]
K]_mjgqKYdm\YZd]$[gfkakl]fl]]f_]f]jYjY[[agf]k\]Yjla[mdY[aŽf$^gjeY[aŽfq
[YhY[alY[aŽf \] n][afgk q n][afYk$ hYjY im] k] ljYfk^gje]f ]f Y_]fl]k kg[aYd]k&
:mk[Y\]kYjjgddYjmfe]bgjYea]flg\]d]khY[agmjZYfg[gfdYhYjla[ahY[aŽf\]dY
[gemfa\Y\$dgim]dYaf[]flanYYdYYhjghaY[aŽf\]d]khY[agqd]\YmfYeYqgjkmk%
l]flYZada\Y\Ydhjgq][lg&
J][mY\jg)*
J][a^]$:jYkad
Hjgq][lg]f]d:Yjjag;YfYdBY[Yj]raf`g
?]klaŽfq^gjeY[aŽf\]bŽn]f]khYjYmfYeZa]fl]kYdm\YZd]qk]_mjg
>j]fl]YdYk[gf\a[agf]kkg[aYd]kqYeZa]flYd]kY\n]jkYk2·^gjeYjYdgk Yk!
bŽn]f]k[gegY_]fl]kkg[aYd]k[YeZaYj~]d^mlmjg\]dZYjjag7
Dm_YjYafl]jn]fajqgZb]lang
=d ZYjjag \]d ;YfYd BY[Yj]raf`g ]kl~ ]f dY [m]f[Y \]d Jag :]Z]jaZ] ]f dY J]_aŽf
E]ljghgdalYfY \] J][a^]& DY _jYf eYqgj‰Y \] kmk `YZalYfl]k ljYZYbY ]f ]ehd]gk
af^gjeYd]k$hj][Yjagkq\]ZYbY[YdaÕ[Y[aŽf$qYk]Y[gegljYZYbY\gjYk\ge…kla[Ykm
gZj]jgk\]dY[gfkljm[[aŽf&A_mYde]fl]]pakl]mfYdlgfme]jg\]\]k]ehd]Y\gk Yk!$
mfZYbgfan]d]\m[Y[agfYd +-\]dgk Yk!b]^]k Yk!\]`g_Yjhgk]]fkŽdglj]kYgk\]
]klm\agk!&=kmf~j]Y\]YdlY]p[dmkaŽfkg[aYd$h]jkakl]f[aY[jŽfa[Y\][gf\a[agf]k
\]hgZj]rYqZYbYkhgkaZada\Y\]k\]afk]j[aŽf]fdY[am\Y\^gjeYd&
)(+
=d hjaf[ahYd gZb]lang \] ]kl] hjgq][lg ^m] hj]n]faj dY nagd]f[aY ]f ]d ZYjjag$
Ykg[aY\Y Y dY ]p[dmkaŽf q Y dY \]ka_mYd\Y\ kg[aYd$ _jY[aYk Y dY [gfkljm[[aŽf \]
mf ]khY[ag ^‰ka[g gj_YfarY\g q kmkl]flYZd] \]k\] ]d hmflg \] naklY kg[aYd q
YeZa]flYd&
E]lg\gdg_‰Y\]ljYZYbg
=dhjgq][lgYhmflŽYhgl]f[aYjY[[agf]k\]Yjla[mdY[aŽf$^gjeY[aŽfq[YhY[alY[aŽf
\] Y_]fl]k q Y[lgj]k kg[aYd]k im] Y[l“Yf ]f ]d ZYjjag& Hjghmkg \Yj mfY nakaŽf
afl]_jYd q ljYfkn]jkYd im] Y[l“] ljYfk^gjeYf\g ]d ]khY[ag mjZYfg$ qY k]Y
e]bgjYf\gkmaf^jY]kljm[lmjYg]fljYZYbgkkg[aYd]k\]hjgeg[aŽfqYhjghaY[aŽf
\]]kl]]khY[agmjZYfghgjhYjl]\]dYhgZdY[aŽf&
AehY[lg'=^][lg\]k]Y\g
;geg[gfk][m]f[aY\]]kl]hjg[]kgk]]kh]jY_YjYflarYj]dljYZYbg$dY]\m[Y[aŽf$
]d \]hgjl]$ dY hj]k]jnY[aŽf YeZa]flYd$ dY hjgeg[aŽf \] kYdm\ q dY [gf[a]f[aY
[am\Y\YfY\]mfY_]klaŽfhYjla[ahYlanY&
Mfk]_mf\g[gf[]hlgim]`YlgeY\g^m]jrY]fdYk“dlaeYk\…[Y\Yk]kdYaf[dmkaŽf
\] fm]ngk _jmhgk kg[aYd]k& J]^]j]fl] Y dgk Y[lgj]k \]d ]khY[ag h“Zda[g$ afl]_jYj
Y fm]ngk _jmhgk$ [gd][lana\Y\]k q gj_YfarY[agf]k hj]k]fl]k ]f mf \]l]jeafY\g
l]jjalgjag]k]k]f[aYd&
=klgk _jmhgk Ëfm]ngkÌ %emb]j]k$ fagk Yk!$ Yf[aYfgk Yk!$ afea_jYfl]k$ eYj_afYd]k%
]jYfafnakaZd]khYjY]d=klY\gq]de]j[Y\gq$]f\a^]j]fl]k~eZalgkq^Y[]lYk$fg
]jYflgeY\gk]f[m]flY[gegY[lgj]kj]d]nYfl]k$[gf`aklgjaY$nakagf]k]afl]j]k]k
\aklaflgk&Lg\YkdYkh]jkgfYkim]`YZalYf]fmf\]l]jeafY\gl]jjalgjag qlYeZa…f
Yim]ddYkim]fgf][]kYjaYe]fl]j]ka\]f]f…d!$dg[gfkljmq]fqd]YljaZmq]fka_faÕ%
[Y\gk&Dgk_jmhgkg[gd][lana\Y\]k^gjeY\YkqljYfk^gjeY\Yk]f]k]l]jjalgjagkgf
Y[lgj]kj]d]nYfl]k$qYim]nYf[gfkljmq]f\gqka_faÕ[Yf\g]k]dm_Yjim]hm]\]
k]jmfZYjjag$mfY[mY\jY$mfhYjim]$]l[&
;geg ^m] \a[`g$ dY [g`]kaŽf kg[aYd k] \]kYjjgddY hj]^]j]fl]e]fl] ]f ]d ]khY[ag
h“Zda[g$hgjdgim]j]k[YlYjdYknakagf]k$f][]ka\Y\]k]afl]j]k]k\]ËgljgkÌ_jmhgk
)(,
]pakl]fl]k]fmf\]l]jeafY\gl]jjalgjagYqm\YYj][gehgf]jg^gjlYd][]j]dl]ba\g
kg[aYd& =k [dYn] af[dmaj fg kŽdg Yd _jmhg \aja_]f[aYd hj]k]fl] ]f mf \]l]jeafY\g
l]jjalgjag$ kafg [gfng[Yj Y gljgk Y_]fl]k im] j]hjg\mr[Yf dgk [gfg[aea]flgk ]f
k][lgj]ke~kYd]bY\gk\]d_jmhg\]\aja_]fl]kkg[aYd]k&=d\]kY^‰g]kdYaf[dmkaŽf\]
_jmhgkim]ljY\a[agfYde]fl]fg`Yfka\g[gfka\]jY\gk bŽn]f]k$Y\mdlgkeYqgj]k$
fagk$ afea_jYfl]k!& Em[`gk \] ]ddgk fg ]kl~f gj_YfarY\gk \] ^gjeY ljY\a[agfYd$
hgj dg im] ]pakl]f \aÕ[mdlY\]k hYjY ]flYZdYj j]dY[aŽf ]flj] ]d YhYjYlg h“Zda[g q
]klgkfm]ngk_jmhgkmgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYk&Af[dmkghg\]egk
[gfka\]jYj im] dY hjghaY ]pakl]f[aY \] _jmhgk gj_YfarY\gk ]k mf gZkl~[mdg hYjY
hg\]jaf[dmaj$hgj]b]ehdgYdgk Yk!fagk Yk!im]fgdg]kl~f&=f]k][Ykg$dYkafkla%
lm[agf]kh“Zda[Yk\]Z]fÖ]paZadarYjqY\YhlYjkmk[YfYd]k\][gemfa[Y[aŽfhYjY
[gfng[Yjq[gfka\]jYjdYknakagf]k$j]Ö]pagf]kqka_faÕ[Y\gkim]mf\]l]jeafY\g
_jmhghm]\Yhj]k]flYj&=fj]dY[aŽfYdYaf[dmkaŽf\]dgk Yk!fagk Yk!]fhjgq][lgk
\]e]bgjYea]flgmjZYfghg\]egke]f[agfYj]dhjgq][lg\]j][mh]jY[aŽfmjZYfY
\]dHYjim]\]dNYd]flafg$\]Lgjafg$AlYdaY n]jj][mY\jgka_ma]fl]!&
=f]kl][Ykg$]d9qmflYea]flg\][a\aŽ\]kYjjgddYj]dhdYf\]j][mh]jY[aŽf\]dhYjim]
af[dmq]f\gYdY[gemfa\Y\$]kh][aYde]fl]Ydgk Yk!fagk Yk!\]]k]k][lgj$ima]f]k
]flj]_Yjgfa\]Yk[gf[j]lYkqhjgq][lYjgf[Žeg\]Z‰Ye]bgjYjk]]kl]aehgjlYfl]
]khY[agh“Zda[g$_jY[aYkYmfafl]fkgljYZYbg[gfbmflg[gfdgk Yk!Yjimal][lgkj]k%
hgfkYZd]k\]dhjgq][lg&
J][mY\jg)+
Lgjafg$AlYdaY
Hjgq][lg\]mf9j]Y\]Bm]_gk]f]dHYjim]\]dNYd]flafg
HdYfaÕ[Y[aŽfhYjla[ahYlanY[gfdgk Yk!fagk Yk!hYjYhjgegn]jdY
afl]_jY[aŽf
;gf dgk Yk! fagk Yk! dgk Yk! Yjimal][lgk Yk! \ak]Yf ]khY[agk e~k [j]Yla%
ngk$gja_afYd]kqY\YhlY\gkYdYk]pa_]f[aYk\]h]im]gk Yk!qY\mdlgk Yk!&
=dhjgq][lg\]mf~j]Y\]bm]_gk]fmfhYjim]`aklŽja[ghm]\]\]n]faj]f
eglgj\]dYafl]_jY[aŽfqj]_]f]jY[aŽf&
Dm_YjYafl]jn]fajqgZb]lang
=d~j]Y\]afl]j…k\]dhjgq][lg]khYjl]\]dhYjim]h“Zda[g\]dNYd]flafg&=fdYrgfY
j]ka\]f$ g \]kYjjgddYf kmk Y[lana\Y\]k$ e~k \] +/&((( `YZalYfl]k& DYk h]jkgfYk
im]mladarYf]dHYjim]\]dNYd]flafgh]jl]f][]fY_jmhgk\aklaflgk$\]h]f\a]f\g
\]dYk`gjYk\]d\‰Y2hgjdYeYYfYqdYlYj\]kgZj]lg\g`Yqfagk Yk!$bŽn]f]k$
Yf[aYfgk Yk! q ]klm\aYfl]k mfan]jkalYjagk Yk!3 \mjYfl] dYk `gjYk fg[lmjfYk kgf
dgk Yk!mkmYjagk Yk!\]dgk\aklaflgkdg[Yd]kYZa]jlgk]fdYrgfY&<Y\g]d]d]nY\g
f“e]jg\]mkmYjagk Yk!$]d~j]Yj]kmdlYk]jeYd]imahY\Yq$Y\]e~k$Ye]fm\g
]k gZb]lg \] Y[lgk nYf\~da[gk$ da_Y\gk Y dY hj]k]f[aY \] ^]fŽe]fgk \] ea[jg
)(-
[jaeafYda\Y\qYdYn]flY\]\jg_Yk]fdYk`gjYkfg[lmjfYk&=dgZb]langhjaf[ahYd
\]]kl]hjgq][lgYhmflYYim]dgk Yk!fagk Yk!hYjla[ah]f]fdYhdYfaÕ[Y[aŽfq
\ak]g\]dhYjim]$[gf]dÕf\]hjgegn]jdYafl]_jY[aŽfkg[aYd&
E]lg\gdg_‰Y\]ljYZYbg
=f mf ljYZYbg ]f [gfbmflg ^m]jgf \]kYjjgddY\gk lYdd]j]k \] hdYfaÕ[Y[aŽf
hYjla[ahYlanY ]flj] dgk Yk! Yjimal][lgk Yk! emfa[ahYd]k q dgk Yk! bŽn]f]k q
fagk Yk! \]d ZYjjag& DY ]dYZgjY[aŽf l…[fa[Y \]d hjgq][lg j]kh]lŽ kmk a\]Yk q
fg ^m] Ydl]jY\g ]d [gfl]plg \] j]^]j]f[aY$ kafg ]pYdlY\Yk kmk hgl]f[aYda\Y\]k
fYlmjYd]k$]fZ“kim]\Y\]mf]imadaZjag]flj]^YflYk‰Yqj]Yda\Y\$]flj]\]k]gk
qn‰f[mdgk\]^Y[laZada\Y\&DYhdYfaÕ[Y[aŽf\]d]khY[agd“\a[g`Yka\gj]YdarY\Y
[gfdY[gf[a]f[aY\]im]k]]klYZYljYZYbYf\gkgZj]mfdm_Yj]kh][aYdqim]ja\g
hgj dgk Yk! [am\Y\Yfgk Yk!& ;gf ]d gZb]lang \] \ak^jmlYj \]d e]\ag YeZa]fl]$
^m] [j]Y\g mf hjgq][lg [gf ]khY[agk hYjY ]d bm]_g daZj]$ im] ]klaemd]f dgk
k]fla\gkqdYh]j[]h[aŽfl~[ladqim]^Yngj]r[Yf]dbm]_g[j]Ylang$]degnaea]flg
q dY Ymlgfge‰Y& 9fl]k \] [ge]frYj dY hdYfaÕ[Y[aŽf ]b][mlanY dgk j]kmdlY\gk
\]d hjgq][lg ^m]jgf hj]k]flY\gk Y fagk Yk! q bŽn]f]k q$ e~k lYj\]$ `mZg mfY
hj]k]flY[aŽfh“Zda[Y\]dhjgq][lg&
AehY[lg'=^][lg\]k]Y\g
DYaf[dmkaŽf\]dgk Yk!fagk Yk!]f]d\ak]gqhdYfaÕ[Y[aŽf\]dYj][mh]jY[aŽf
\] ]kl] ]khY[ag h“Zda[g$ \ag [YZa\Y Y a\]Yk fgn]\gkYk$ [j]YlanYk$ dYk [mYd]k
k] ljYfk^gjeYjgf ]f dgk ]imahYea]flgk im] ]ddgk Yk! eakegk mkYj~f& =k mfY
hjghm]klY \]klafY\Y Y im] dY [gemfa\Y\ mk] q [ma\] ]d hYjim]$ hgj dg im]
[gfka\]jYj Y dgk Yk! fagk Yk! h]jeal] hjgq][lYj Yd hYjim] Y ^mlmjg$ hgjim] dY
hjŽpaeYhgZdY[aŽfY\mdlY]klYj~da_Y\YYd]khY[ag]afl]_jY\Ykg[aYde]fl]&
Mfl]j[]j[gf[]hlg[dYn]]kdY[gjj]khgfkYZada\Y\&MfY[gemfa\Y\]ehg\]jY\Y$
im][gfka\]jYYdYeYqgj[Yfla\Y\\]_jmhgk$[gd][lana\Y\]kmgj_YfarY[agf]k
]pakl]fl]k$ ]k [YhYr \] [gehj]f\]j dY f][]ka\Y\ \] ljYZYbYj [gfbmflYe]fl]
)(.
q \] [gehYjlaj j]khgfkYZada\Y\]k q ja]k_gk$ ]f hgk \] mf gZb]lang ]f [ge“f$
[gf dYk \]e~k afklalm[agf]k q gj_YfarY[agf]k h“Zda[Yk q kg[aYd]k& =kY ]k dY
[gjj]khgfkYZada\Y\&
=k \][aj$ dY [gemfa\Y\ q$ hgj ]f\]$ dgk \an]jkgk _jmhgk im] dY [gehgf]f lgeYf
mf jgd Y[lang ]f ]d \]kYjjgddg \] mf hjgq][lg$ \gf\] k] Ykme] im] dY hjgZd]e~%
la[YYj]kgdn]j]klYj]Y\]lg\gk&=f]d[Ykg\]dYk]_mja\Y\[am\Y\YfY$]dljYZYbg
[gfbmflg]flj]hgda[‰Yk$_gZa]jfg emfa[ahagk!q[gemfa\Y\]k^mf\Ye]flYd]fdY
aehd]e]flY[aŽf\]hdYf]kg]kljYl]_aYkdg[YdarY\Yk]fmf\]l]jeafY\gl]jjalgjag&
MfY ]ph]ja]f[aY j]d]nYfl] ]f l]eYk \] [gjj]khgfkYZada\Y\ q \] af[dmkaŽf \]
fm]ngk_jmhgkkg[aYd]k]k]dhjgq][lg:Yjja=\m[Y\gj]fdgkBYj\af]k@gjlkKlHYmd$
:Yj[]dgfY$=khYY n]jj][mY\jgka_ma]fl]!&=f]klY]ph]ja]f[aYmf_jmhg\]afea%
_jYfl]k][mYlgjaYfgk`Y[‰YfeYdmkg\]mf]khY[agh“Zda[g\][Yj~[l]jZgk[gkg
kalmY\g]fdYk[]j[Yf‰Yk\]mfZYjjag ;am\Y\E]ja\aYfY!&9dd‰dd]nYZYfY[YZgY[lana%
\Y\]kj][j]YlanYkfg[anYk af_]klYYZmkanY\]Z]Za\YkYd[g`Žda[Yk$Yhm]klYkad]_Y%
d]k$n]flYq[gfkmeg\][gea\YfgYmlgjarY\Y$j]YdarY[aŽf\]^g_YlYkq[gflYeafY%
[aŽf\]d]khY[aghjg\m[lg\]dYZYkmjY_]f]jY\Y!&
J]khgf\a]f\g Y mfY \]eYf\Y \] \an]jkgk Y[lgj]k j]d]nYfl]k \] dY dg[Yda\Y\$ ]d
9qmflYea]flg \][a\aŽ \]kYjjgddYj \an]jkYk ]kljYl]_aYk \] af^gjeY[aŽf$ af[]flang
\]dZm]fmkg\]d]khY[agh“Zda[g ^YeadaYj$\]hgjlang!$k]_maea]flgqna_adYf[aYYd
[gd][langim]mladarYZYdYrgfY&=kl]ljYZYbg[gfdY[gemfa\Y\dg_jŽ\Yjd]mfmkg
Y\][mY\gYd]khY[agh“Zda[g$fgaehgfa]f\gmfYgj\]fYd_jmhgafea_jYfl]$kafg
]klYZd][a]f\g Y[m]j\gk [gfk]fkmY\gk [gf ]k] [gd][lang q ]f \gf\] ]d ]khY[ag
im]\ŽlglYde]fl]\akhgfaZd]hYjYk]jmladarY\g\]mfYZm]fYeYf]jY&=klY]ph]%
ja]f[aY dg_jŽ \Yj j]d]nYf[aY Yd _jmhg afea_jYfl]$ _]f]jYj [gjj]khgfkYZada\Y\ \]d
eakegqYhjghaY[aŽf\]d]khY[agh“Zda[gYdim]lg\gk Yk!\a]jgfZm]fmkg$hgjdg
[mYddYhjgZYZada\Y\\]kmkl]flYZada\Y\\]dYafa[aYlanY]ke~kYdlY&
J=;M9<JG),
:Yj[]dgfY$=khYY
Hjgq][lg:Yjja=\m[Y\gj]fdgkBYj\af]k@gjlkKl&HYmd
HYjla[ahY[aŽfqYfaeY[aŽfhYjYe]bgjYjdY[gfnan]f[aY
=dh]im]ghYjim]\]dZYjjag]jY]ddm_Yj\]]f[m]fljghYjYkmb]lgkeYj%
_afYd]k&
DY Emfa[ahYda\Y\$ [gdYZgjYf\g [gf mfY Ykg[aY[aŽf im] ljYZYbY [gf fagk q
bŽn]f]k$ afl]flŽ j]klalmajdg Y n][afgk Yk!& Fagk Yk! q Y\mdlgk Yk! hdYfaÕ[Yjgf
mfY ~j]Y \] bm]_gk$ mf ]khY[ag hYjY dgk h]jjgk$ `m]jlgk [ma\Y\gk hgj dgk Yk!
Yf[aYfgk Yk$]khY[agkeYk^mf[agfYd]kqY[g_]\gj]k&
)(/
Dm_YjYafl]jn]fajqgZb]lang
DgkbYj\af]k]kl~f]f]d[…flja[gZYjjag\]dJYnYd$[Yj]fl]\]]khY[agn]j\]&;gf
mfYkmh]j^a[a]\])$(1Ce&$]kmfg\]dgkZYjjagke~khgZdY\gk\]:Yj[]dgfY$
[gf []j[Y \] -(&((( `YZalYfl]k$ q dm_Yj \] Y[g_a\Y \] dYk \aklaflYk gdYk
ea_jYlgjaYk&Dgkhakgkkgfe~kh]im]gkq]kl~fe~kkgZj]g[mhY\gkim]dY
e]\aY\]dY[am\Y\qdY\jg_YlmngYdd‰mfY_jYfj]h]j[mkaŽf$dgim]Y[j][]flŽ
dYk kalmY[agf]k \] eYj_afYda\Y\ \] km hgZdY[aŽf& Kaf \m\Y ]klgk ]d]e]flgk
j]ljgYdae]flYf]deYd]klY\g\]dhYjim]qkm\ak^mf[agfYda\Y\$dgim]kmeY\g
Y dYk kalmY[agf]k \] eYj_afYda\Y\ hj]k]fl]k ]f ]d ZYjjag \jg_Y\a[[aŽf$
h]jkgfYk kaf l][`g$ afea_jYfl]k af\g[me]flY\gk Yk!$ e]fgj]k afea_jYfl]k
fg Y[gehYY\gk Yk!$ ]l[&! Y^][lYZY ka_fa^a[YlanYe]fl] km \af~ea[Y& =d
hjaf[ahYdhjgZd]eY]kim]dgkbYj\af]kfgj]hj]k]flYZYfmf]khY[ag\]dgk Yk!
n][afgk Yk!qfgg^j][‰Yfmfmkgkg[aYd&
=d hjaf[ahYd gZb]lang \] ]kl] hjgq][lg ^m] j][mh]jYj mf hYjim]$ hgj e]\ag \]
dY hYjla[ahY[aŽf [am\Y\YfY q \] dY _]f]jY[aŽf \] afklYf[aYk af[dmkanYk \] dgk
\a^]j]fl]k_jmhgkhj]k]fl]k]f]dk][lgj$[gf]dÕf\]e]bgjYjdY[gfnan]f[aY&
E]lg\gdg_‰Y\]ljYZYbg
=dhjgq][lgkmj_aŽ\]dEmfa[ahag]afl]flŽj][mh]jYjmfh]im]ghYjim]$_jY[aYk
YdYhYjla[ahY[aŽf\]dY[gemfa\Y\&;gfkm\]kYjjgddg$dYhYjla[ahY[aŽfk]YZjaŽY
fm]ngk_jmhgkdgk[mYd]khYkYjgfYk]jkmb]lgkaf[dma\gk]fdY[gemfa\Y\&
AehY[lg'=^][lg\]k]Y\g
=d hjgq][lg :Yjja =\m[Y\gj ljYZYbY hYjY dY e]bgjY \] dY [gfnan]f[aY ]f ]d
]khY[agh“Zda[g&Hjgem]n]mfmkgkg[aYdq[gemfalYjag\]dYkhdYrYk\]dZYjjag$
[gfkljmq]f\gmfYa\]fla\Y\hgkalanY%ZYkY\Y]fdY\an]jka\Y\%$qmkYdY[Ydd][geg
]khY[ag\]]f[m]fljg$j]dY[aŽfqg[mhY[aŽf]flj]n][afgk Yk!&LjYZYbY]fhjg[]kgk
\] hYjla[ahY[aŽf hYjY dY e]bgjY \] ]khY[agk h“Zda[gk [gf[j]lgk$ ]f dgk [mYd]k
mf \aY_fŽkla[g hYjla[ahYlang kajn] \] ZYk] hYjY hjgegn]j dY aehda[Y[aŽf ]f ]d
hjg[]kg3]mladarYdYgZk]jnY[aŽf\mjYfl]lg\g]dhjg[]kg$hYjY`Y[]jk]_maea]flg
\]dgk[YeZagk$\af~ea[Yk\]mkgqj]dY[agf]kim]Y[gfl][]f]f]d]khY[ag&MfY
)(0
[geakaŽf`Yk]_ma\gdYke]bgjYk]faf^jY]kljm[lmjYk$eYfl]faea]flgqdaeha]rY&
<]klY[Yegk dY hjgl][[aŽf q [a]jj] \] Y[[]kgk$ dY [gfkljm[[aŽf \] mfY lYjaeY
h]jeYf]fl]$dYYh]jlmjY\]mfYl]jjYrY\]ZYj$dYYehdaY[aŽf\]dYadmeafY[aŽf$
[gdg[Y[aŽf\]ZYjYf\addYk\]k]_mja\Y\$[gfkljm[[aŽf\]mfY~j]YhYjYh]jjgk$dY
YehdaY[aŽf\]df“e]jg\]hYh]d]jYkq\]dYkdYZgj]k\]daeha]rY&
;gf j]dY[aŽf Y l]eYk \] [gfÖa[lg n][afYd$ Yd_mfgk emfa[ahagk [`ad]fgk `Yf j]Y%
darY\g ]ph]ja]f[aYk \] e]\aY[aŽf [gemfalYjaY$ [geg ]kljYl]_aY \] hj]n]f[aŽf
\] \]dalgk$ ]f dYk [mYd]k `Y ka\g hgkaZd] gZk]jnYj mf _jYf afngdm[jYea]flg \] dY
[gemfa\Y\]fdYj]kgdm[aŽfYdl]jfYlanY\][gfÖa[lgkn][afYd]k$Zmk[Yf\gim]k]Yf
j]km]dlgkhgjdY[gemfa\Y\$Yfl]k\]im]Y\ima]jYfeYqgj_jYn]\Y\&DYj]kgdm[aŽf
l]ehjYfY\]dgk[gfÖa[lgkh]jeal]$hgjmfYhYjl]$\]k[gf_]klagfYjdYj]\afklalm%
[agfYdqkg[aYd ljaZmfYd]k$hgda[‰Y$emfa[ahagk!q$hgjgljY$hgl]f[aYjYdY[gemfa\Y\
[gegmfY]fla\Y\e~kYmlŽfgeY&
=kf][]kYjage]f[agfYjim]]klYk]ph]ja]f[aYkkgfj][a]fl]kq`Yf\]Za\gkmh]%
jYj\an]jkgk\]kY^‰gk&Mfg]kdg_jYjafklYdYj]d[gf[]hlg\]e]\aY[aŽf[gemfalYjaY
[gegmfYYdl]jfYlanYnYda\Y\Yqd]_alaeY\YhYjYdgim]]k^mf\Ye]flYd]dYhgqg
\]dYYmlgja\Y\ Yd[Yd\] Y!$[geakYjag!q]d]klYjnakaZadarY\gk]fdYj]\afklalm[agfYd
q kg[aYd k]j [gfg[a\Y hgj dYk \]e~k afklalm[agf]k q h]jkgfYk im] ]pakl]f ]f mf
\]l]jeafY\gl]jjalgjag!&
Mf [mYjlg [gf[]hlg j]d]nYfl] ]f dY hm]klY ]f hj~[la[Y \] hjgq][lgk mjZYfgk ]f
]khY[agkh“Zda[gk]kdYYhjghaY[aŽf&=djgdY[lang\]dYkh]jkgfYkg[am\Y\Yfgk Yk!
]fkm\]kYjjgddgglgj_YmfYeYqgj[]j[Yf‰Y\]dY[gemfa\Y\[gf]dgZb]langZmk%
[Y\g$dgim]im]\Y[dYjg]fYim]ddgkhjgq][lgk\]j][mh]jY[aŽfq'ge]bgjYea]flg
\]]khY[agkh“Zda[gk&=f]kgk[Ykgk$]klYY[lmY[aŽf_jmhYd_]f]jYmfk]flaea]flg
\]YhjghaY[aŽf[gf]d]khY[age]bgjY\ggj][mh]jY\ghgjdgim]hYkYYk]jka_faÕ%
[YlanghYjYima]f]k`YfhYjla[ahY\g&
=k_]f]jY\gmfk]flaea]flg\]h]jl]f]f[aY[gf]d]khY[ag$]d[mYd]kl~\glY\g\]
ka_faÕ[Y[agf]kqnYdgjY[agf]khgjhYjl]\]n][afgkqn][afYk&LYd[gegdg`]egk
gZk]jnY\g ]f dYk ]ph]ja]f[aYk hj]k]flY\Yk$ ]d afngdm[jYea]flg \] dY [gemfa\Y\
[gfdY_]f]jY[aŽfgj][mh]jY[aŽf\]dgk]khY[agkh“Zda[gk]k[dYn]$qYim]dY[ge%
hjge]l]Y\Yjd]mfZm]fmkg&=ke~k$]klYnaf[mdY[aŽfaf[]flanYgYqm\YYdYa\]fla%
\Y\\]dY[gemfa\Y\$hjg^mf\arYdgkf]pgk$\afYearYdYkj]dY[agf]kkg[aYd]k\]dYk
h]jkgfYkq$hgjdglYflg$fmlj]Ydl]ba\gkg[aYd&Mf]khY[agh“Zda[gka_faÕ[Ylang$[gf
]d[mYddgkn][afgkqn][afYkk]a\]flaÕ[Yf$[j]Y[gemfa\Y\&
Mfimaflg[gf[]hlg[dYn]]f]d\]kYjjgddg\]hjgq][lgkghgd‰la[YkmjZYfYk]f]khY%
[agkh“Zda[gk$]k[gfk][m]f[aY\]d\]kYjjgddg\]dgkYfl]jagj]k2dYkmkl]flYZada\Y\&
MfY[gemfa\Y\]ehg\]jY\Y$[gfj]hj]k]flY[aŽf\]mfY\an]jka\Y\\]_jmhgkg
)(1
[gd][lana\Y\]k ]k \][aj$ \] h]jkgfYk \aklaflYk!$ im] Ykme] mfY j]khgfkYZada\Y\
[gfbmflY]fdYj]kgdm[aŽf\]\an]jkYkhjgZd]e~la[Yk$im]dg_jYYhjghaYjk]\]dgk
]khY[agkh“Zda[gkhgje]\ag\]]kljYl]_aYkhYjla[ahYlanYk$_]f]jYmfYeYqgjkmk%
l]flYZada\Y\Ydhjgq][lgghjgq][lgkim]k]Yfj]YdarY\gk]fmfYdg[Yda\Y\&
=d[gklg\]kmkl]flYjhjgq][lgkYdgk[mYd]kdY[gemfa\Y\fg`Y]klY\gnaf[mdY\Y
]kemqYdlg&=f[YeZag$dYkmkl]flYZada\Y\j]khYd\Y\Y]fdY[gemfa\Y\\akeafmq]
dgk[gklgkq\Ye~k]Õ[Y[aYYdgkgZb]langkdg_jY\gk&=f]kl]hmflg$ea]fljYke~k
afngdm[jY\Y]a\]flaÕ[Y\Y]kl…dY[gemfa\Y\$]fj]dY[aŽfYmf\]l]jeafY\g]khY%
[agh“Zda[g$eYqgjk]j~dYhjgZYZada\Y\\]kmkl]flYZada\Y\\]dgkhjgq][lgkim]Y`‰
k]Yf]b][mlY\gk&
))(
,&, =DH9JL=F9JA9<G
>jYfrNYf\]jk[`m]j]f
<aj][lgjœHjg_jYeY\]K]_mja\Y\MjZYfYœMfan]jka\Y\9dZ]jlg@mjlY\g
KYflaY_g\];`ad]
DgkY[lgj]kim][gfkljmq]f]d]khY[agh“Zda[g%YqmflYea]flg$hgda[‰Y$_gZa]jfg[]f%
ljYd$_jmhgk\][ge]j[aYfl]k$dY[gemfa\Y\ _jmhgkbmn]fad]k$\]emb]j]k$]l[&$!%kgf
dgkddYeY\gkYYkg[aYjk]$Y[ggj\afYjkmkY[[agf]k]flgjfgYgZb]langkZmk[Y\gk$Y
]klYZd][]jdYkYdaYfrYkim]_]f]j]fe]bgj]k[gf\a[agf]khYjY]d]fjaim][aea]flg
\]dl]ba\gkg[aYd&DYkYdaYfrYk_]f]jY\Yk]flj]]klgkkg[agk[gehd]e]flYjagkkgf
Yim]ddYkim]h]jeal]fdY[g`]kaŽfkg[aYd]f]d]khY[agh“Zda[g3h]jgem[`Ykn][]k
g[mjj]f\]eYf]jYYakdY\Yq$hgj]ddg$af]Õ[a]fl]&
=f eYl]jaYk \] hj]n]f[aŽf$ `gq \gk `][`gk fm]ngk k] `Yf aehm]klg hjg_j]kanY%
e]fl]]fYim]ddgkhY‰k]k]f\gf\]dYhj]n]f[aŽf[gfklalmq]mfYhgd‰la[Y]^][lanY&
Hgj mfY hYjl]$ k] hYkŽ \] mfY hj]n]f[aŽf hj]\geafYfl]e]fl] h]fYd Y mfY e~k
kg[aYd q kalmY[agfYd$ ]f dY [mYd dY k]_mja\Y\ \] dYk [gd][lana\Y\]k ]k [gfka\]jY\Y
mfZa]f[ge“f&=f]klYh]jkh][lanY$]d=klY\g%im]eYfla]f]mfjgd^mf\Ye]flYd%
fg]ke~k]d“fa[gim]afl]jna]f]]fdY^gjemdY[aŽffa]fdYaehd]e]flY[aŽf\]
dYkhgd‰la[Yk\]hj]n]f[aŽf&<an]jkgkY[lgj]k\]dYkg[a]\Y\[anad`Yfdd]_Y\gYk]j
[ghjg\m[lgj]k \] k]_mja\Y\ Yd dY\g \]d =klY\g& =d ]b]ehdg e~k ]na\]fl] \] ]klg
]k]dYme]flg]kh][lY[mdYj\]dkakl]eY\]k]_mja\Y\hjanY\g$im]Y[l“YhYjYd]dY%
e]fl]YdYkhgda[‰Ykq$Yn][]k$dYkkmZklalmq]&H]jglYeZa…fdg]kdgkhjg_jYeYk\]
hj]n]f[aŽf]palgkgk\]hY‰k]k[geg9mkljYdaY$:jYkad$;YfY\~$;gdgeZaY$==MMqdY
MfaŽf=mjgh]Y$\gf\]dYkg[a]\Y\[anadbm]_YmfhYh]d]k]f[aYd&
HgjgljYhYjl]$`gq]kY[]hlY\YdYa\]Y\]im]dY[jaeafYda\Y\$dYkaf[anada\Y\]kg
dgk YZmkgk ]f dgk ]khY[agk h“Zda[gk kgf ^]fŽe]fgk emdla[YmkYd]k$ \]janY\gk \]
dYhj]k]f[aY\]e“dlahd]k^Y[lgj]k\]ja]k_g[mqgkaehY[lgkk]]flj]dYrYf&DYj]k%
hm]klYY]klYkalmY[aŽf$im]jaf\][gehd]bYdYY[[aŽfhj]n]flanY$]k]dYZgj\Yb]\]d
[gfbmflg\]^Y[lgj]k\]ja]k_g$dgim]aehda[YmfljYlYea]flgemdlak][lgjaYd&
=dfgmkg\]eg[j~la[gÇhgjlg\gkqlg\Ykq]fk]_mja\Y\%\]dgk]khY[agkh“Zda[gk$
\]janYlYflg\]Y[[agf]k]kh][mdYlanYk$\][gehgjlYea]flgkbmn]fad]k\]hYf\addYk
im] afl]flYf YhjghaYjk] mf ]khY[ag$ \] dY n]flY \] \jg_Yk$ \] dY eYdY [gfkljm[%
[aŽfg\]deYdeYfl]faea]flg\]]klgk]khY[agk$\]dYhjanYlarY[aŽf\]Yd_mfgk\]
]ddgk$\]dYaf]Õ[a]f[aY\]dgkk]jna[agkemfa[ahYd]kghgda[aYd]k$\]dYaflgd]jYf[aY
^j]fl]Y_jmhgk…lfa[gkgeafgj‰Yk$]l[&9Zgj\Yj]kl][gfbmflg\]^Y[lgj]k\]ja]k%
_gk aehda[Y mf ]f^gim] emdlak][lgjaYd [YhYr \] ]f^j]flYj ]klY emdla[YmkYda\Y\&
DaealYjk]Y]eZ]dd][]j]khY[agkh“Zda[gk$kafhj]g[mhYjk]\]ima]fdgkmkY$l]f\j~
)))
hg[g]^][lg3qhgf]jadmeafY[aŽfYdd‰\gf\]]d]khY[ag]kgk[mjgkajn]kŽdgka`Yq
mfafngdm[jYea]flg[gemfalYjagq'ghgda[aYdhYjYhj]k]jnYjdYk]_mja\Y\&Hgjim]
mf]khY[agj]fgnY\ggadmeafY\ghm]\]k]jnajlYflgYima]fn]f\]\jg_Yk[gegY
ima]fima]j]hYk]Yjk]gbm_YjYdd‰&
=d]f^gim]\][ghjg\m[[aŽf\]dYk]_mja\Y\j]khgf\]Y]klYk\gkl]f\]f[aYk[gf%
l]ehgj~f]Yk&Ka_faÕ[Yim]mfYk]ja]\]Y[lgj]k\]dYkg[a]\Y\[anadafl]jna]f]fq
Y\ghlYfmfYZgj\Yb]\]dgkhjgZd]eYk]f^gjeYemdlak][lgjaYd&9\]e~k$\gf\]]d
]kim]eY \] [ghjg\m[[aŽf ^mf[agfY$ ]klgk Y[lgj]k Y[]hlYf im] [Y\Y afklalm[aŽf
gkg[ag[ghjg\m[lgj[gfka\]j]im]kmhjghagY[lmYj]khYjl]lYflg\]dhjgZd]eY
[geg\]dYkgdm[aŽf2hgj]b]ehdg$mfYeYdYhgd‰la[Yemfa[ahYd`Y[‰YdgkhYf\addYk
hm]\][gf\m[ajYim]]klYkljYfk^gje]fYd_mfgk]khY[agkh“Zda[gk]fl]jj]fgk\]
[geZYl]nagd]flgk&
=f mf ]f^gim] im] Ykme] dY [ghjg\m[[aŽf [geg j]khm]klY af]dm\aZd] Y dY emd%
la[YmkYda\Y\ \] dY [jaeafYda\Y\$ mfg \] dgk afkljme]flgk ]Õ[Y[]k \] ljYZYbg %fg
ka]ehj]Yd[YfrYZd]%]kdYYkg[aY[aŽfZYbgdY^gjeY\]hYjl]fYjaY\g hYjlf]jk`ah!&
=klY]kmfY^gjeY\]YdaYfrY]flj]kg[agk[gehd]e]flYjagkim]Zmk[YfmfgZb]%
lang[ge“f$]f]kl][Ykg$dYhj]n]f[aŽf&
·Ima]f]kkgfdgkkg[agkfYlmjYd]k\]]kl]hYjl]fYjaY\g7
=pakl]f\gklahgk\]hYjl]fYjaY\g&=f]d[gfl]plg\]hj]n]f[aŽfdg[YdYfaeY\Y
hgjdYemfa[ahYda\Y\$mfg\]]ddgkj]“f]Ydgkhjaf[ahYd]kY[lgj]k\]dYhj]n]f%
[aŽfYdj]\]\gj\]demfa[ahag3]kl~[gfklalma\ghjaf[ahYde]fl]hgjdYkË[gemfa%
\Y\]k \] afl]j]k]kÌ \] dY emfa[ahYda\Y\ g \] dgk gj_Yfakegk im] ljYZYbYf ]f
]ddY&Hgj[gemfa\Y\]k\]afl]j…k]fl]f\]egkÉdgk_jmhgk\]h]jkgfYkim][ge%
hYjl]f mf afl]j…k g mfY [YjY[l]j‰kla[Y im] d]k [gf^a]j] mfY ghafaŽf hYjla[mdYj
]f eYl]jaY \] [jaeafYda\Y\ g \] km hj]n]f[aŽfÉ >]km$ *((0$ +(!& =klg k] Yhda[Y
lYflgYh]jkgfYkim]kgfn‰[laeYk\]dY[jaeafYda\Y\ [ge]j[aYfl]kgegjY\gj]k
\] ~j]Yk [gf lYkY \] \]daf[m]f[aY YdlY!$ Y _jmhgk im] kgf n‰[laeYk q na[laeY%
jagk%bŽn]f]k%h]jgim]eYfa^a]klYfmfafl]j…k]f[gehjge]l]jk]]fhj]n]fajdY
\]daf[m]f[aY$Y_jmhgk\]emb]j]kim]Zmk[Yfhj]n]fajdYnagd]f[aY\ge]…kla[Y
NA>!$ Y _jmhgk eafgjalYjagk im] dm[`Yf hgj km af[dmkaŽf kg[aYd$ Y hgda[‰Yk im]
]kl~f]f[Yj_Y\gk\]dYk]_mja\Y\$]l[&
FgjeYde]fl]$mfYemfa[ahYda\Y\im][gf\m[]mfhjg[]kg\]]dYZgjY[aŽf]aehd]%
e]flY[aŽf \] mfY ]kljYl]_aY hj]n]flanY k] `Y[] Y[gehYYj hgj [gYda[agf]k \]
kg[agk\]]kl]lahg$im]hYjla[ahYf\]k\]]d\aY_fŽkla[gafa[aYd`YklYdYaehd]e]f%
lY[aŽfq]nYdmY[aŽf\]dY]kljYl]_aYdg[Yd&
=dk]_mf\glahg\]hYjl]fYjaY\g]kYim]dj]^]ja\gYdYYkg[aY[aŽfYdj]\]\gj\]
mfhjgZd]eY\]k]_mja\Y\hj][akgq[aj[mfk[jalg&MfY]ph]ja]f[aYY[gfka\]jYj
]fj]dY[aŽfY]kl]lahg]k]dhjgq][lg>]jaYEg\]dg\]9jja]lY$\]kYjjgddY\g]f
))*
dY [gemfY \] H]Ydgd…f$ J]_aŽf E]ljghgdalYfY \] ;`ad]& =f ]kl] hjgq][lg$ dY
Ykg[aY[aŽf ]flj] ]d Emfa[ahag q ]d _jmhg \] [ge]j[aYfl]k \] dY ^]jaY h]jealaŽ
e]bgjYj]d^mf[agfYea]flg\]…klY$lYflgYfan]dgj_YfarYlang[gegaf^jY]kljm[%
lmjYd&;gf]ddgk]dg_jŽeafaearYjdYk]pl]jfYda\Y\]kf]_YlanYkim]hjgng[YZYkm
^mf[agfYea]flg$^m]jgfj]_mdYjarY\gkdgkh]jeakgkY[ge]j[aYfl]k]af[]flanŽ
]d da\]jYr_g hgkalang Yd afl]jagj \]d _jmhg eakeg& 9kaeakeg$ ^m]jgf _]f]jY\Yk
Y[[agf]k hj]n]flanYk ]f lgjfg Yd ]klYZd][aea]flg \] dg[YlYjagk ad]_Yd]k q Y dY
hajYl]j‰Y&
J][mY\jg)H]Ydgd…f$;`ad]
Hjgq][lg>]jaYEg\]dg\]9jja]lY
Mkg\]d]khY[ag[gemfalYjag [gfnan]f[aY!&E]\aY[aŽf\][gfÖa[lgk
=demfa[ahagqdgk[ge]j[aYfl]kYkg[aY\gk]fdY>]jaY\]9jja]lYljYZYbYjgf
[gfbmflYe]fl][gf]dgZb]lang\]e]bgjYjqhgl]f[aYj]d^mf[agfYea]flg
\]dY^]jaY&FgkŽdge]bgj]k[gf\a[agf]khYjYdgk[ge]j[aYfl]k$kafglYe%
Za…fhYjYdYhgZdY[aŽfj]ka\]fl]qdgk[da]fl]k&
Dm_YjYafl]jn]fajqgZb]lang
DY hgZdY[aŽf j]ka\]fl] ]f dYk Mfa\Y\]k N][afYd]k F³ )* q F³ )+ ]f dYk [mYd]k
]kl~ mZa[Y\Y dY ^]jaY Yd[YfrY Y dgk )(&.), `YZalYfl]k& Q dYk nana]f\Yk \] dgk Yk!
n][afgk Yk!im]$]kh][‰Õ[Ye]fl]$jg\]YfdY^]jaYZgj\]YfdYk0&(((&=f]dk][lgj
k]afklYdYZYflj]klahgk\]^]jaYk$dYkim]aehda[YZYfYhjgpaeY\Ye]fl]Y)&0((
[ge]j[aYfl]k2 mfY Ë^]jaY daZj]Ì+ ^gjeY\Y hgj [ge]j[aYfl]k \] ^jmlYk$ n]j\mjYk
q h]k[Y\gk3 mfY Ë^]jaY h]jkYÌ,$ [gehm]klY hgj [ge]j[aYfl]k \] Yjl‰[mdgk \]
YZYjjgl]k$ hYim]l]j‰Y q jghY3 q mfY Ë^]jaY \] [Y[`mj]gkÌ-\] [ge]j[aYfl]k im]
n]f\]f\an]jkgkYjl‰[mdgk]f\]kmkgg\]k]_mf\YeYfg&9\]e~k$`YqmfY^]jaY
fgYmlgjarY\Y$im][gjj]khgf\]Ydgkhm]klgk[dYf\]klafgk$\]h]jkgfYkim]fg
hgk]]fhYl]fl]fahY\jŽf&<mjYfl]dYk]eYfY$Y]ddYY[m\]f\m]Yk\][YkYq$
]dÕf\]k]eYfY$dgk Yk!mkmYjagk Yk!Yme]flYf[gfY\mdlgkeYqgj]k$`geZj]kq
emb]j]kim]ljYZYbYf$bŽn]f]kqfagk Yk!&
=dgZb]langhjaf[ahYd^m][j]Yjmf]khY[agmjZYfghgda^mf[agfYdim]k]YmfYhgjl]
\]nYdgjmjZYfgYdZYjjagfgkŽdg\mjYfl]dgk\‰Yk\]^]jaY$kafgim]lYeZa…flg\Y
dYk]eYfY&
+
,
-
K]_“fdYkgj\]fYfrYkemfa[ahYd]k$]f;`ad]k]ddYeYË^]jaYdaZj]ÌYddm_Yj\]klafY\g]fdgk\‰Ykq
`gjYkim]\]l]jeaf]]demfa[ahag$hYjY]d]b]j[a[ag\]d[ge]j[ag\]hjg\m[lgkY_j‰[gdYkqYjl‰[m%
dgk\]\an]jkggja_]fim]j]Yda[]fdgk^]jaYfl]k&
=f;`ad]k]ddYeYË^]jaYh]jkYÌYlg\YYim]ddYn]flYh“Zda[Yq[Ydd]b]jY\gf\]hm]\Yfk]j]f[gfljY%
\gkdgke~k\an]jkgkgZb]lgk&Kma\]Y$e~kim]kmfgeZj]$]kl~afkhajY\Y]fdgke]j[Y\gk kg[gk!
~jYZ]k&
GZb]lgk\]k][`Y\gkhgjmfYkh]jkgfYk$im]hm]\]fk]j“lad]khYjYgljYk&
))+
E]lg\gdg_‰Y\]ljYZYbg
=d <]hYjlYe]flg \] Afkh][[aŽf q ]d <]hYjlYe]flg =[gfŽea[g \]d Emfa[ahag
dd]nYjgf Y [YZg dY ]kljYl]_aY \] ljYZYbYj ]f [gfbmflg [gf dgk [ge]j[aYfl]k
\]dY>]jaY\]9jja]lYhYjYY[lmYdarYjdYGj\]fYfrYEmfa[ahYd\]>]jaYkDaZj]q
H]jkY$ _]f]jYf\g dYk [gf\a[agf]k hYjY [gf^gjeYj mfY É^]jaY eg\]dgÊ$ ]khY[ag
hYjYlg\gk Yk!dgk Yk!n][afgk Yk!q[ge]j[aYfl]k$im]h]jealYe]bgjYjdYaeY_]f
mjZYfY\]dY[gemfYqYme]flYjdYhdmknYd‰Y\]dk][lgj&
=f[mYflgYdYkY[lana\Y\]kj]YdarY\Yk$dYhjae]jY[gfkaklaŽ]f]d]ehY\jgfYea]flg
\]dgkhm]klgk\]dgk[ge]j[aYfl]kq]fdYj]_mdYjarY[aŽf\]dYkhYl]fl]k\]dgk Yk!
[ge]j[aYfl]k^Ydd][a\gk Yk!&=feYjrg\]*((/k]hmkg]feYj[`YdYe]lg\gdg_‰Y
\] e]kYk \] ljYZYbg [gf dgk Yk! \]d]_Y\gk Yk!$ Yd eakeg la]ehg im] ]d ;]fljg
Qmfmk$\]d<]hYjlYe]flg\]<]kYjjgddg=[gfŽea[gEmfa[ahYd$\]kYjjgddŽlYdd]j]k
\] [YhY[alY[aŽf Y dgk Yk! fm]ngk Yk! [ge]j[aYfl]k YmlgjarY\gk Y afklYdYjk]
]f dY ^]jaY& LYeZa…f ^m] j]YdarY\Y dY bgjfY\Y \] [YhY[alY[aŽf É>gjlYd][a]f\g
da\]jYr_gkÊ q$ hgj “dlaeg$ ]d hjae]j ;YZad\g 9Za]jlg$ [gf dY hYjla[ahY[aŽf \]
lg\gk Yk!dgk Yk![ge]j[aYfl]k\]dY^]jaYhYjYnYda\Yj]dljYZYbgdd]nY\gY[YZg
j]kh][lg\]dYgj\]fYfrY&
AehY[lg'=^][lg\]k]Y\g
;j]Yjmf]khY[agmjZYfghgda^mf[agfYdim]k]YmfYhgjl]\]nYdgjYdZYjjagfgkŽdg
\mjYfl]dgk\‰Yk\]^]jaY$kafgim]lYeZa…flg\YdYk]eYfY&;gfkljmajmf\ak]g
im]h]jealY[gfn]jlajYdY^]jaY]fmfdm_Yjim]hgl]f[a]dYk[YjY[l]j‰kla[Yk\]d
ZYjjag$ q j]kh]l] q [gfkljmqY fm]ngk dm_Yj]k \] h]jeYf]f[aY hYjY dYk rgfYk
j]ka\]f[aYd]k [gdaf\Yfl]k& >abYj mf gj\]fYea]flg h]jeYf]fl] im] hm]\Y
]^][lanarYjdgkYkh][lgk\]afklYdY[aŽfqg[mhY[aŽf\][Y\Ymfg\]dgkhm]klgk
q]fkm[gfbmflg&
=f YeZgk lahgk$ ]d hYjl]fYjaY\g k] \a^]j]f[aY \] mfY [gdYZgjY[aŽf hmflmYd
%[geg Y[]hlYj hYjla[ahYj ]f mfY eYj[`Y ]phdgjYlgjaY kaf Ykmeaj gljg [gehjg%
eakg%q\]mfY[gf[]jlY[aŽfim]aehda[Yf]_g[aYjYd_mfgkY[m]j\gk$]fim]km
^afYda\Y\nYe~kYdd~$YdZmk[Yj]dgZb]lang\]k]_mja\Y\[gehYjla\g&=f]d[Ykg
\]dhYjl]fYjaY\g\]dYk[gemfa\Y\]k\]afl]j…kemfa[ahYd]kdYaehd]e]flY[aŽf
\]mfY]kljYl]_aYqkm[gfkgda\Y[aŽf3q]f]d[Ykg\]d]khY[ag[gflYeafY\ghgj
n]jl]\]jgkad]_Yd]k$[gfk]_maj]khY[agkk]_mjgkY[[]kaZd]kYlg\gkqj]YhjghaY%
\gkhgjdgk Yk!n][afgk Yk!&
;YjY[l]j‰kla[Yk\]dhYjl]fYjaY\g
HYjY^mf[agfYjqk]j]^a[Yr$]dhYjl]fYjaY\gf][]kalY[gYda[agf]k\]kg[agk[ge%
hd]e]flYjagkq]nalYjlYflg]d[mgl]gkg[aYdghgd‰la[g \akljaZm[aŽf\]j][mjkgk$
[Yj_gk$ hjgq][lgk ]f jYrŽf \] afl]j]k]k h]jkgfYd]k g hgd‰la[gk! [geg dY j]h]%
la[aŽf \] kg[agk im] la]f]f dYk eakeYk [YjY[l]j‰kla[Yk$ hgjim] hj][akYe]fl]
)),
]fdY[gehd]e]flYja]\Y\jY\a[YmfY\]kmk^m]jrYkYdh]jealajim]_jmhgk[gf
afl]j]k]k\an]jkgkk]mfYfYdj]\]\gj\]mfgZb]lang[ge“f$YhgjlYf\gkmk]ph]%
ja]f[aYkhjghaYk&Af[dmkg[mYf\glg\gkdgkk][lgj]kafngdm[jY\gkd]glgj_m]fY
\]l]jeafY\g]khY[agmfka_fa^a[Y\g\aklaflg$]ke~k]^a[YrmfajmfYYkg[aY[aŽf
bmn]fad$ ]demfa[ahag$ dYhgda[‰Y$]d k][lgj hjanY\g\] [ge]j[aYfl]k$k][lgj]k \]
naf[mdY\gkYdYka_d]kaYkqdgk Yk!egjY\gj]k Yk!\]ddm_Yj]flgjfgYdmkg\]eg%
[j~la[g \] mf ]khY[ag h“Zda[g& DY [gehd]e]flYja]\Y\ h]jeal] mfY Y[[aŽf \]
dYj_ghdYrg$]fdY[mYdk]j]khgfkYZadarYlYflgYdYkg[a]\Y\[anad[gegYd=klY\g
[]fljYdgdg[Yd&
=klY[gehd]e]flYja]\Y\h]jeal]ljYZYbYj]fj]\]k2[Y\Ykg[agla]f]kmkhjghagk
[gflY[lgkqj]\]k$hgjdglYflghm]\]YhgjlYjdgkYdY[gYda[aŽfqYk]Y]fl…jea%
fgk\][geh]l]f[aYgj]kh][lg\]dgkY[m]j\gklgeY\gk&MfYYkg[aY[aŽfbmn]fad
hm]\] [gfljgdYj hgkaZd]k \aklmjZagk \] hYjl] \] dgk _jmhgk bmn]fad]k dd]_Yf\g
Y Y[m]j\gk im] dY hgda[‰Y g ]d emfa[ahag fg hg\j‰Yf gZl]f]j$ [geg fg haflYj
fm]ngk _jY^^alak ]f ]d ]khY[ag j]k[YlY\g$ Y e]fgk \] [gflYj [gf ]d Y[m]j\g q
[gfk]fkg\]dgk Yk!egjY\gj]k Yk!qY[YeZag\]dmkg\]mfYk]\]$hgj]b]ehdg&
DY [gehd]e]flYja]\Y\ lYeZa…f ]k aehgjlYfl] ]f ^mf[aŽf \] dgk [gf^da[lgk
]pakl]fl]k]fdYrgfY&=b]ehdgk\]nYda\]r]aehY[lg\]]kgkhYjl]fYjaY\gkkgf
dYk [gYda[agf]k bŽn]f]k q Y\mdlgk ljYZYbYf\g hgj dY j][mh]jY[aŽf q Yd ]eZ]dd]%
[aea]flg\]mf]khY[agh“Zda[gim]kajn]YYeZgk_jmhgk3Yim]ddYk]fim]Ykg%
[aY[agf]k \] emb]j]k q \] `geZj]k ljYZYbYf ]f dY dm[`Y [gfljY dY NA>3 g ]flj]
_jmhgkkg[aYd]k\][dYk]k\an]jkYkhYjYdYj][mh]jY[aŽf\]mf]khY[ag\]klafY\g
YdYk^YeadaYk&
HYjY^mf[agfYj$]khj][akgim]]klgkY[m]j\gkl]f_Yfmfe‰faeg\]^gjeYda\Y\
q\]\a^mkaŽf2mfY[m]j\g^ajeY\g[gfj]khgfkYZada\Y\]khj][akYk]ke]bgjim]
mfg n]jZYd ka]ehj] kmb]lg Y afl]jhj]lY[aŽf q e~k []j[Yfg Y dY kaehd] [gf[]j%
lY[aŽf&H]jg$mfY[m]j\g^ajeY\g]fh“Zda[g[gehjge]l]em[`ge~kim]mfg
^ajeY\g]fmfYg^a[afYemfa[ahYd&=klgkY[m]j\gk\]Z]f]phda[alYjdgk[gehjg%
eakgk j]khgfkYZada\Y\]k$^afYf[aYea]flg$[Yd]f\Yjag!\][Y\Ykg[agqdYkeg\Y%
da\Y\]k \] n]ja^a[Yjdgk& MfY ]ph]ja]f[aY \gf\] k]Y hgkaZd] gZk]jnYj [Žeg dgk
Y[m]j\gk[gfljY‰\gkhgjlg\YkdYkhYjl]kkgfj]kh]lY\gkYk]_mjYmfY\][mY\g
fan]d\][gehjgeakg&=kl]]k]d[Ykg\]dhjgq][lgÉDY[am\Y\\m]je]fgdY\]k%
ha]jl]kÊ$\]kYjjgddY\g]f:Y\YdgfY$=khYY&=f]kl][Ykg$]d9qmflYea]flgj]Y%
darŽY[[agf]k]flgjfgY\akeafmajYd_mfYk[gf\m[lYk\]ja]k_g]fdYhgZdY[aŽf
bmn]fad$]fmfl]jjalgjag\]\a[Y\gYdYj][j]Y[aŽfq]dg[agfg[lmjfg ZYj]k$\ak%
[gl][Yk$]l[&!
))-
J][mY\jg).
:Y\YdgfY$=khYY
Hjgq][lgDY;am\Y\<m]je]fgdY<]kha]jl]k
Hj]n]f[aŽfhYjYbŽn]f]kqmkg[gfk[a]fl]\]kmla]ehg\]g[ag
=d 9qmflYea]flg _]f]jŽ Y[[agf]k \] [Yj~[l]j hj]n]flang hYjY \akeafmaj
[gf\m[lYk\]ja]k_g]fbŽn]f]k]fmfl]jjalgjag\]\a[Y\gYdg[ag&DgkbŽn]%
f]k$[gfka\]jY\gk[gegkg[agk]f]kl]hjgq][lg$k]j]khgfkYZadarYf\]kmk
Y[[agf]kq[gf]ddghj]na]f]f[gf\m[lYk\]ja]k_g&
Dm_YjYafl]jn]fajqgZb]lang
RgfYaf\mkljaYd$\]klafY\YYdg[ag$[gfhg[Y`YZalYZada\Y\$Ymfim]bmflgY]ddY
]pakl]fZYjjagk[gf*+&*((`YZalYfl]k$YhjgpaeY\Ye]fl]&
DYkhjaf[ahYd]kY[lana\Y\]k[ge]j[aYd]kqk]jna[agkhj]k]fl]k]fdYrgfY\]g[ag$
q\mjYfl]dgk`gjYjagkfg[lmjfgk$kgf\ak[gl][YkqZYj]kemka[Yd]k&DYrgfY]k
\] [Yj~[l]j ]klja[lYe]fl] af\mkljaYd$ h]jg jg\]Y\Y \] \a^]j]fl]k f“[d]gk \]
nana]f\Yk& DYk h]jkgfYk im] Y[m\]f e~k ^j][m]fl]e]fl] Y ]kl] ]khY[ag kgf
bŽn]f]k$\]]flj])0Y*-YgkeYqgjalYjaYe]fl]&
=d gZb]lang hjaf[ahYd ]klmng gja]flY\g Y \akeafmaj dYk [gf\m[lYk \] ja]k_g
]flj]]ddgk&
E]lg\gdg_‰Y\]ljYZYbg
=dhjgq][lg[ge]frŽ[gfmf]klm\ag\]dYkhjgZd]e~la[Yk$\]l]jeaf~f\gk]im]
]d[gfÖa[lg“fa[g]jY]dnYf\Ydakeg]fdYk`gjYk\]kYda\Y\]dgkdg[Yd]k\]g[ag&
=fhjae]jdm_Yj$hYjYe]bgjYjdYh]j[]h[aŽf\]afk]_mja\Y\\]dgk Yk!n][afgk Yk!
^m] Yme]flY\Y dY hj]k]f[aY hgda[aYd$ q hgl]f[aY\Y dY admeafY[aŽf YjlaÕ[aYd
\mjYfl]dYfg[`]qdYdaeha]rY]f]d]flgjfg&
=fk]_mf\gdm_Yj$k]ljYZYbŽ]fdY[gf[a]f[aY[aŽf\]dgkbŽn]f]k$[gfnakalYkq
[`YjdYk ]f dgk afklalmlgk$ [YehYYk af^gjeYlanYk ]f \aYjagk$ jY\ag q l]d]nakaŽf3
q nakalYk Y []fljgk \] j]`YZadalY[aŽf \] h]jkgfYk [gf eafmknYd‰Yk ^‰ka[Yk Y
)).
[gfk][m]f[aY\]Y[[a\]fl]k\]lj~Õ[ghgj[gfkmeg\]Yd[g`gd&=fdYrgfY\]g[ag
lYeZa…f^m]jgf]^][lmY\Ykj]hj]k]flY[agf]k\]Y[[a\]fl]k$[gfdYY[lmY[aŽf\]
dgkk]jna[agk\]]e]j_]f[aY$q[gfk][m]f[aYk\]…klgk&
=fl]j[]jdm_Yj$^m]jgfafklYdY\gk[gfljgd]khgda[aYd]k]fdYkn‰Yk\]Y[[]kgYdY
rgfY\]g[ag$Yk‰[gegk]j]^gjrŽdYhj]k]f[aYhgda[aYd]f]d[gdaf\Yfl]ZYjjag\]
;YfqY\Ž$im]km^j‰YdgkY[lgknYf\~da[gk&
AehY[lg'=^][lg\]k]Y\g
E]bgjYjdYh]j[]h[aŽf\]dYk]_mja\Y\\]dgk Yk!n][afgk Yk!3af^gjeYjYbŽn]f]k
q]flj]_Yjhjghm]klYk]\m[YlanYk]f[gd]_agkq\akeafmaj\]dja]k_ghYjYdgk Yk!
hjghagk Yk!bŽn]f]k&
9mfim]fgdYkmklalmq]$]dhYjl]fYjaY\g^Y[adalYdYhYjla[ahY[aŽfqj]khgfkYZadarY[aŽf
[am\Y\YfY&=kaf“ladljYlYj\]j][j]YjdYhYjla[ahY[aŽf\]lg\gkdgk Yk!egjY\gj]k Yk!
]frgfYk\gf\]dY[gfÕYfrYfg]k]^][lanY]flj]`YZalYfl]k dgim]]k[ge“f]f
em[`gkZYjjagk\]mfY[am\Y\^jY_e]flY\Y!q\gf\]dYkgj_YfarY[agf]kZYjjaYd]kg
dg[Yd]kkgfhg[gj]hj]k]flYlanYk\]lg\YdY[gemfa\Y\&9hYjlaj\]dYk[gYda[agf]k
k]_]f]jYmfYaeY_]f\]k]ja]\Y\$im]j][gfkljmq]dY[gfÕYfrYegkljYf\gim]dY
Ykg[aY[aŽf^gjlYd][]Ydgk Yk!egjY\gj]k Yk!&
<]k\] ]klY Y[[aŽf [gd][lanY ]k hgkaZd] ]kh]jYj im] dgk `YZalYfl]k ]eha][]f Y
j][mh]jYjdY[gf^aYfrYqhYjla[ah]f]fdYlgeY\]\][akaŽf&@Yqim]afkaklaj]f
]kl] Ykh][lg2 e~k im] dY kaehd] YhjgZY[aŽf g afngdm[jYea]flg ]f dY lgeY \]
\][akagf]k$dYhYjla[ahY[aŽf\]dYk[gemfa\Y\]kdg[Yd]k]feYl]jaY\]k]_mja\Y\
ka_fa^a[Y$Yfl]lg\g$kmj]khgfkYZadarY[aŽf&@Yq]f]kl]Ykh][lgmfaehgjlYfl]
[YeZag[mYdalYlang&
=dhYjl]fYjaY\gh]jeal]mf]^][lgemdlahda[Y\gj\]daehY[lg\]kmhgd‰la[YYmfY
Ykg[aY[aŽf g afklalm[aŽf im] fg k]j‰Y hgkaZd] \] Yd[YfrYj ka ljYZYbYjY kgdY& Mf
]b]ehdgj]d]nYfl]]fdYYkg[aY[aŽf\]\gkgj_Yfakegkgja]flY\gk`Y[aYmf^af
[ge“f]kmfY]ph]ja]f[aY\]kYjjgddY\Y]fLgjafg$AlYdaY&=f]klY[am\Y\^m]j]Yda%
rY\g]dhjgq][lg;Yk[afYJg[[Y>jYf[Y\gf\]]d9qmflYea]flgk]Ykg[aŽ[gfmf
_jmhg\][ge]j[aYfl]k\]dYrgfY&=f]kl]hjgq][lg^m]j][mh]jY\Y]afl]_jY\Y
Yd]khY[agmjZYfg\]dZYjjagmfYYfla_mY_jYfbYYZYf\gfY\Y$dYim]^m][gfn]j%
la\Y]fmf[]fljg[mdlmjYdqj][j]Y[agfYdim]\afYearŽYdZYjjag$]flj]_Yf\gmf
dm_Yj\]]khYj[aea]flgYdgk Yk!j]ka\]fl]k$Y\mdlgk Yk!eYqgj]k]fkmeYqgj‰Y&
9\]e~k$[gfdYhYjla[ahY[aŽf\]d_jmhg\][ge]j[aYfl]kk]]kljm[lmjŽmfYafk%
lYf[aYim]_]f]jYj][mjkgkim]hm]\]fh]jealajmfYeYqgjkmkl]flYZada\Y\\]d
]khY[ag&
))/
J][mY\jg)/
Lgjafg$AlYdaY
Hjgq][lgJ][YdaÕ[Y[aŽf\]dY;Yk[afYJg[[Y
Hjg[]kgke~k]Õ[Y[]kqj]kmdlY\gk\]e~kaehY[lg
LjYZYbYj[ggj\afY\YqYkg[aY\Ye]fl]]flj]\gkge~kgj_Yfakegkhgl]f[aY
dYdYZgjYj]YdarYj$_]f]jYhjg[]kgke~k]Õ[Y[]kqmf]^][lgemdlahda[Y\gj
\]d aehY[lg im] dg_jY Yd_mfY afl]jn]f[aŽf g ljYZYbg& ;Y\Y afklalm[aŽf g
_jmhgafngdm[jY\g\]kYjjgddYdYklYj]YkhYjYdYk[mYd]k]kl~e~k[YhY[a%
lY\YqeglanY\Y&
Dm_YjYafl]jn]fajqgZb]lang
=f ]klY rgfY j]ka\]f []j[Y \] *-&((( h]jkgfYk$ hjaf[ahYde]fl] Y\mdlgk Yk!
eYqgj]k$q]f]ddY]pakl]fh]im]gk[ge]j[agkqYd_mfgkhm]klgk\]Yjl]kYf‰Yk3
q]fdYkY^m]jYk$mf~j]Yaf\mkljaYd&=dhjgq][lg\]dY_jYfbY$]f^mf[agfYea]flg
\]k\] *((/$ ]kl~ gja]flY\g Y dY ^YeadaY q Y
dgk Yk! Y\mdlgk Yk! eYqgj]k j]ka\]fl]k& Km
`gjYjag nY \]k\] dYk 0&(( `YklY dYk *,&((
`gjYk$\]dmf]kYk~ZY\g&Dgk\geaf_gYZj]
kŽdg ]f ]p[]h[agf]k& Dgk hjgZd]eYk e~k
aehgjlYfl]k\]d~j]Yhm]\]fk]jj]kmea\gk
]f mfY k]fkY[aŽf \] YakdYea]flg \]d ZYjjag
[gfj]kh][lgYdY[am\Y\3dY]d]nY\Yhj]k]f[aY
\] Yf[aYfgk Yk!$ dY eYqgj‰Y kgdgk Yk! [gf
\…Zad]k f]pgk kg[aYd]k q [gf mfY j]flY
emq ZYbY3 dY \]_jY\Y[aŽf ^‰ka[Y \] dgk hakgk
hghmdYj]k q \] Yd_mfYk ~j]Yk hmZda[Yk3 e~k
dYhj]k]f[aY\]lj~Õ[g\]\jg_Yk]fYd_mfgk
dm_Yj]k&
=dgZb]langhjaf[ahYd^m]j][YdaÕ[YjdYYfla_mY
_jYfbY mZa[Y\Y ]f ]klY rgfY YdlYe]fl]
\]l]jagjY\Y$]f\gf\]j]ka\]mfYhgZdY[aŽf
]fn]b][a\Y&
E]lg\gdg_‰Y\]ljYZYbg
=d hjgq][lg MjZYf j][Yda^a[Y[aŽf _dgZYd \]d ~j]Y \] EajY^agja Fgj\! `Y
\]l]jeafY\g dYk [gf\a[agf]k hYjY ngdn]j Y hgf]j ]f eYj[`Y dY na\Y kg[aYd
\]d ZYjjag q hYjY mf afngdm[jYea]flg Y[lang \] dYk Ykg[aY[agf]k hj]k]fl]k&
DY ;Yk[afY Jg[[Y^jYf[Y$ q km eg\]dg \] _]klaŽf hmZda[g'hjanY\g$ `Yf
j]hj]k]flY\g mf aehgjlYfl] ]b]ehdg ]f [mYflg kmb]lg [YhYr \] \Yj
[gflafma\Y\ Yd \]kYjjgddg dg[Yd \]d ZYjjag ]f mfY \ae]fkaŽf im] fg `Y
ka_fa^a[Y\gafl]jn]f[agf]k]pljYgj\afYjaYk&
))0
AehY[lg'=^][lg\]k]Y\g
DY ;Yk[afY Jg[[Y ^jYf[Y ]k mf fm]ng []fljg [mdlmjYd q j][j]Ylang3 mf ]khY[ag
\gf\] nanaj \] eYf]jY Y[lanY ]d ZYjjag$ mf dm_Yj Y[g_]\gj \gf\] ]f[gfljYjk]$
hYkYj]dla]ehgdaZj]q[mdlanYjkmkhjghagkafl]j]k]k&Mf[]fljg[‰na[gaffgnY\gj
im] fg la]f] gljgk ]b]ehdgk ]f dY [am\Y\$ mf dm_Yj h]fkY\g hYjY im] dgk Yk!
[am\Y\Yfgk Yk! k]Yf hjglY_gfaklYk$ \gf\] dgk nYdgj]k eYk aehgjlYfl]k k]Yf
dY hYjla[ahY[aŽf q dY Y[g_a\Y q dY `gkhalYda\Y\& =flj] dYk e“dlahd]k Y[lana\Y\]k
im]k]dd]nYfY[YZg]fdY_jYfbY$`Yqafa[aYlanYk\]dYkla]f\Ykl]e~la[Yk la]f\Y
[ge]j[ag bmklg$ ]khY[ag emb]j]k$ la]f\Y \]d Za]f]klYj$ la]f\Y ^YeadaYk!3 mf
af[mZY\gj \] a\]Yk q hjgq][lgk3 [mjkgk \] \aklaflgk lahgk3 ]khY[agk \]\a[Y\gk
Y dYk Ykg[aY[agf]k q Y dgk _jmhgk af^gjeYd]k& =d Ykh][lg e~k affgnY\gj ]k ]d
`][`g\]im]dd]nYdY_]klaŽfmfY>mf\Y[aŽf]fHYjla[ahY[aŽf[gfklalma\YhgjdY
;am\Y\ ]d9qmflYea]flg!qdYY_jmhY[aŽf\]Ykg[aY[agf]kdg[Yd]k&=deg\]dg\]
_]klaŽfhmZda[g'hjanY\g]kl~ZYkY\Y]fmfY\an]jka\Y\\]Y[lana\Y\]kdm[jYlanYk
\] lahg [ge]j[aYd$[gfdYkim]]kh]jYf[gfk]_maj]dkmkl]flg][gfŽea[g\]dY
^mf\Y[aŽf&
=dhYjl]fYjaY\ghm]\]_]f]jYjmfYfm]nY[mdlmjY\][gdYZgjY[aŽf&>j]fl]YdY^jmk%
ljY[aŽfim][YmkYdYYmk]f[aY\]gj_YfarY[agf]k\]ZYk]hg\]jgkYk$YdYZYf\gfg
\]k][lgj]khghmdYj]khgjhYjl]\]afklalm[agf]kafl]je]\aYk%[gegdgkhYjla\gk
hgd‰la[gkgdgkk][lgj]k\]a_d]kaYkkg[aYde]fl][gehjge]la\gk%fm]nYkhj~[la[Yk
\]Ykg[aY[aŽfim]hYjl]f\]dYk[gemfa\Y\]k\]afl]j…khm]\]fj]_]f]jYjeg\Y%
da\Y\]k\an]jkYk\][ggh]jY[aŽfq[j]Yj[gfÕYfrY&DgkYf~dakak\];jYo^gj\kgZj]
dYkalmY[aŽfaf_d]kY]f]dh]j‰g\g\]Lgfq:dYajq$]fhYjla[mdYj$kmafkakl]f[aY]f
dYafmlada\Y\\]afl]flYj\]j][gfkljmajdgkdYrgkljY\a[agfYd]kgj_YfarYlangk\]dY
[dYk]gZj]jY$`Yf]na\]f[aY\g]kl]Ykh][lg&
=pa_]f[aYkq\aÕ[mdlY\]k\]dhYjl]fYjaY\g
=dhYjl]fYjaY\g]khYjl]\]dY[mdlmjY\]dYf]_g[aY[aŽf3]k\][aj$\]dgk[gehjgea%
kgk]flj]Y[lgj]k&Hgj]f\]$kmhgf]mfYngdmflY\\]dd]_YjYY[m]j\gkkmh]jYf\g
dgk]_g‰kegkafklalm[agfYd]k HYimaf$*((-!dgim]aehda[YlYeZa…fmf[YeZag[md%
lmjYd$]k\][aj$dYYh]jlmjYYmfY^gjeY\][gdYZgjY[aŽf]fdY[mYd]dda\]jYr_g]k
[gehYjla\g$kafim]]klgka_faÕim]YljaZmajYdgkgljgkkg[agkdYj]khgfkYZada\Y\
\]dgk^jY[Ykgk&
=kaehgjlYfl]dY[gflafma\Y\\]dgk Yk!j]hj]k]flYfl]k\]dYk\an]jkYkafklalm[ag%
f]kqdYhm]klY]f]na\]f[aY\]\]dgkY[m]j\gkqZ]f]Õ[agkhYjYlg\gk Yk!$e~k
im]\]dgk^jY[Ykgk&=dhYjl]fYjaY\gfgka_faÕ[YYmk]f[aY\]da\]jYr_g[dYjghYjY
[a]jlYkY[lana\Y\]k%Ymfim]]k\]k]YZd]im]Yk‰k]Y%qYim]]kY[]hlY\gim]dYafk%
lalm[aŽf]fe]bgj]k[gf\a[agf]k\]da\]jYjmfhjg_jYeYgmfhjgq][lgYkmeY]klY
[gf\a[aŽf$kafim]]klgka_faÕim]hYjYdgk\]e~kmfYh…j\a\Y\]hjglY_gfakeg&=f
]klgjY\a[YkmeYqgj\aÕ[mdlY\&
))1
9hYjlaj\]km]klm\ag]f;YfY\~$\gf\]em[`gkhYjl]fYjaY\gk`Yfl]fa\g…palg$K&
HYimaf`Ya\]flaÕ[Y\ggZkl~[mdgk[gegdY[Yj]f[aY\]Ö]paZada\Y\qdgkda\]jYr_gk
afnYkgj]k \] Yd_mfYk gj_YfarY[agf]k q kmk \]d]_Y\gk Yk!& =klY kalmY[aŽf kmj_]$ Y
e]fm\g$ ]f dYk YdaYfrYk ]flj] ]d k][lgj h“Zda[g q gj_YfarY[agf]k \] dY kg[a]\Y\
[anad&DYk]pa_]f[aYk\]j]kmdlY\gkhgjhYjl]\]d=klY\g$kmhg\]jÕfYf[a]jgqkg[ag%
hgd‰la[g]ehmbYfYe]fm\gYdda\]jYr_gafnYkang&
Dgk]f^gim]kghm]klgkYj][gf[adaYj[gfklalmq]flYeZa…fmfhjgZd]eYhYjla[mdYj%
e]fl]Y_m\g&Mf]b]ehdg\]j]dY[agf]k[gehda[Y\YkYhYj][]]fdY[gdYZgjY[aŽf
]flj]hgda[‰Ykqkg[a]\Y\[anad$hgj]d`][`g\]im]dYhgda[‰Y\]Z]$Ye]fm\g$Y[lmYj
]fkalmY[aŽf\]mj_]f[aY$ea]fljYkdYkgj_YfarY[agf]k\]dYkg[a]\Y\[anadljYZYbYf
]fmfYh]jkh][lanY\]eYqgjhdYrg&DYk[mdlmjYkhgda[aYd]kqYim]ddYk\]dYkg[a]\Y\
[anadkgf\aklYfl]kq[Yj][]f\]]khY[ag\]]f[m]fljg\gf\]k]YhgkaZd]\aYdg_Yj&
GljYk \aÕ[mdlY\]k [gemf]k kgf ]d la]ehg \]\a[Y\g Yd hYjl]fYjaY\g$ dY hj~[la[Y
gja]flY\YYZmk[Yjkgdm[aŽf\]dgkhjgZd]eYk$dYhj][Yja]\Y\ÕfYf[a]jYqdgk[Ye%
Zagk]fdYk]kljm[lmjYk&
=k]na\]fl]im]dgkhYjl]fYjaY\gkmf]fY_jmhgkqY[lgj]kim]fgla]f]fmf[Yha%
lYd\]hg\]jkaeadYj&K]`Y\a[`gim]]d=klY\g]ke~khgl]fl]im]lg\gkdgkgljgk
Y[lgj]k3 kaf ]eZYj_g$ ]f mfY h]jkh][lanY \] [gehd]e]flYja]\Y\ ]k aehgjlYfl]
nYdgjarYjdgk\an]jkgkhg\]j]kim][Y\Ykg[aghgk]]&
;gf[dmkagf]k
=d]khY[agh“Zda[gdghjg\m[]fdYkh]jkgfYkq]dmkgim]…klYkd]\]fdgka_faÕ[Y
[gegk]_mjggafk]_mjg$af[dmkangg]p[dmq]fl]$afl]_jY\gjgk]_j]_Y\gj&Dgk_gZa]j%
fgkdg[Yd]k$dYkhgda[‰Yk$dYkgj_YfarY[agf]kkg[aYd]kq[gemfalYjaYk dY[gemfa\Y\!
kgfdgkY[lgj]k[dYn]k]fdYlYj]Y\]_]f]jYjeYqgj]kqe]bgj]k]khY[agkh“Zda[gk&
KŽdg]dljYZYbg[gfbmflg\]lg\gkdgk Yk!afngdm[jY\gk Yk!h]jeal][gfkljmaj$j][m%
h]jYjqhjg^mf\arYjdgk]khY[agkh“Zda[gk[geg]ddm_Yjhj]^]j]fl]\gf\]k]\]kY%
jjgddY q fmlj] ]d l]ba\g kg[aYd& Hgj ]ddg ]ph]ja]f[aYk [geg dYk e]f[agfY\Yk ]f ]d
hj]k]fl]l]plg$dd]nY\YkY[YZg]f\a^]j]fl]k[am\Y\]k\]demf\g$kgfmf]b]ehdg
Yk]_maj]fhjgZd]e~la[YkmjZYfYkim]kgf_dgZYd]k&
=k hj][akg [gehj]f\]j dYk ]kljYl]_aYk q e]lg\gdg_‰Yk qY hm]klYk ]f hj~[la[Y ]f
gljYk [am\Y\]k q dg[Yda\Y\]k q [gfl]plmYdarYjdYk Y dYk hYjla[mdYja\Y\]k \] [Y\Y
l]jjalgjag&9k‰k]j~hgkaZd]_]f]jYj]khY[agkh“Zda[gkk]_mjgk$af[dmkangk]afl]_jY%
\gj]k$\gf\]dYkh]jkgfYkhm]\Yf`Y[]j[gemfa\Y\&
=dhYjl]fYjaY\ghm]\]k]jmfafkljme]flghgl]fl]$im]_]f]j]mfY[mdlmjY\an]jkY
\]dYk]_mja\Y\^ge]flYf\gkm[ghjg\m[[aŽf&Kmhgf]dYY[]hlY[aŽfhjg_j]kanY\]
dYhYjla[ahY[aŽf\]Y[lgj]k\]dYkg[a]\Y\[anad$[gfkmk[YjY[l]j‰kla[YkhjghaYk$]f
dYkhgd‰la[Yk\]k]_mja\Y\]f^gjeY\][gYda[agf]k[gfdgkemfa[ahagkqdgk=klY\gk&
)*(
=klY[mdlmjY]k\a^‰[adqd]flY\]afklYdYj$h]jg^Y[adalYdYj]khgfkYZadarY[aŽf\]dgk
kg[agkqdgk Yk![am\Y\Yfgk Yk!$gZda_YYkmh]jYj]_g‰kegkafklalm[agfYd]kq^Y[adalY
dYljYfkhYj]f[aY3YdYn]rim]h]jeal]j]Y\][mYjhgd‰la[Ykafklalm[agfYd]k[gfka\]%
jY\Yk[gegaflg[YZd]k&DgkhYjl]fYjaY\gkhm]\]f[gfljaZmajY\]kYjjgddYj]d[Yha%
lYd\]_gZ]jfYfrY\]dgkkg[agkdg[Yd]k$Yme]flYf\gkmd]_alaea\Y\qkmY[[]kgY
j][mjkgkq[gfg[aea]flgk& <&KYfk>Y„gf$*((-!
Mfg \] dgk afkljme]flgk e~k ]^][langk hYjY dg_jYj ]klgk hYjl]fYjaY\gk kgf dgk
Y[m]j\gkkgZj]dYZYk]\]\aY_fŽkla[gk\]kalmY[agf]kim]j]ima]j]fla]ehg$h]jg
im]_]f]jYf[gfk]fkgk3q$hgjgljYhYjl]$dgkda\]jYr_gkdg[Yd]k[YhY[]k\]aehgf]j
mfY]^][lanY[gdYZgjY[aŽfYdj]\]\gj\]mfYnakaŽf[ge“f&
:A:DAG?J9>á9
:gjbY$Bgj\a$DY;am\Y\;gfimaklY\Y$9daYfrY=\algjaYd&EY\ja\$*((+&
WWWWW $ ;am\Y\Yf‰Y q =khY[ag H“Zda[g$ J]naklY 9eZa]fl] q <]kYjjgddg& Ngd& PAN
F“e]jg+$hh&)+%**&$)110GZl]fa\g\]k\]`llh2''ooo&[aheY&[d'J9<')110'+W
:gjbY&h\^
;YZj]jg$ =fjaim]$ Dgk [YeZagk ]f dY Y_]f\Y \] hgd‰la[Yk h“Zda[Yk ]f ]d ~eZalg
emfa[ahYd2 mfY nakaŽf afljg\m[lgjaY& =f2 <] dY EYrY$ ?gfrYdg3 >]jf~f\]r$
EYj_YjalY3 FYnYjjg$ An~f [gehadY\gj]k!& AffgnY[aŽf q [am\Y\Yf‰Y ]f dY
_]klaŽf l]jjalgjaYd2 ]d jgd \] dgk emfa[ahagk& J]kmdlY\gk \]d K]eafYjag
j]YdarY\g ]f Hmq]`m] q Gkgjfg Ç ;`ad]$ \a[a]eZj] *((+& HmZda[Y\g hgj ]d
Hjg_jYeY ;am\Y\Yf‰Y q ?]klaŽf Dg[Yd& >mf\Y[aŽf hYjY dY Kmh]jY[aŽf \] dY
HgZj]rY&KYflaY_g\];`ad]$eYqg\]*((,&
;jYo^gj\ 9\Ye$ L`] Dg[Yd ?gn]jfYf[] g^ ;jae] 9hh]Ydk lg ;geemfalq Yf\
HYjlf]jk`ahk$;dYj]flgfHj]kk&Gp^gj\$)11/
<mjklgf$Bg`f$;YhalYdKg[aYdÇHYjl]\]dHjgZd]eY$HYjl]\]dYKgdm[aŽf&KmhYh]d]f
dYh]jkakl]f[aYq]fdYkmh]jY[aŽf\]dYhgZj]rY]f9e…ja[YDYlafYq]d;YjaZ]$
;]hYd&KYflaY_g\];`ad]$*(()&
=[c$Bg`fqKh]deYf$OaddaYe )&10/!HjgZd]eKgdnaf_2HjgZd]e%Gja]fl]\hgda[af_af
F]ohgjlF]ok$Hgda[]J]k]Yj[`>gjme
>]jf~f\]r$;gfjY\gB&$DYhgda[‰Y$dYkg[a]\Y\q]d^mlmjg&:gd]l‰fE&=&H&$ngd)f³-$
Mfan]jka\Y\\]:Yj[]dgfY&:Yj[]dgfY$)11,&
WWWWW $=dhg\]j]fdYHgda[‰Y L]kak\g[lgjYd!$Mfan]jka\Y\\]:Yj[]dgfY$*(()&
WWWWW $=deg\]dg\]hjgpaea\Y\]kljYl…_a[Y2?]klaŽf]kljYl…_a[YhYjYmfYhgda[‰Y
gja]flY\Y Y dY [gfnan]f[aY& =f =d hYh]d \] dY hgda[‰Y ]f dY [gfnan]f[aY$
[gehadY\g hgj ?Yjjgk A& ] Qa_m]r$ 9& ;]flj] \] J][]j[Y L`geYk :][c]l$
Mfan]jka\Y\9ZY\GdaZYÇ;=M&:Yj[]dgfY$*((0&
)*)
WWWWW $?]klaŽf]kljYl…_a[Y\]dYhgda[‰Y2dYhjgpaea\Y\]kljYl…_a[Y&=fHj]n]f[aŽfq
eg\]dghgda[aYd=\&E&EYjl‰f&:Yj[]dgfY$*((0&
>]dkgf$ EYj[mk q ;dYj[c$ JgfYd\$ :mkaf]k Yf\ [jae] hj]n]flagf$ ;jaeafYd Bmkla[]
Hj]kk$Egfk]q&Fm]nYQgjc$)11/&
>gjg =mjgh]g hYjY dY K]_mja\Y\ MjZYfY$ ?m‰Y kgZj] dYk Ym\algjaYk dg[Yd]k \]
k]_mja\Y\$K…[mjal…hmZdaim]&;YfY\~$*((0&
?YjdYf\<Yna\$L`]Daealkg^l`]Kgn]j]a_fKlYl]&:jalak`BgmjfYdg^;jaeafgdg_q$+.2
hh&,,-%,/)$)11.&
?Yn]flY$Bg`f$@Y[aYmfY_]klaŽfhYjla[ahYlanY\]dgkYkmflgkh“Zda[gkdg[Yd]k2k]ak
hjghm]klYkhYjYdY\ak[mkaŽf&=f2<]dYEYrY$?gfrYdg3>]jf~f\]r$EYj_YjalY3
FYnYjjg$ An~f [gehadY\gj]k!& AffgnY[aŽf q [am\Y\Yf‰Y ]f dY _]klaŽf
l]jjalgjaYd2 ]d jgd \] dgk emfa[ahagk& J]kmdlY\gk \]d K]eafYjag j]YdarY\g
]f Hmq]`m] q Gkgjfg Ç ;`ad]$ \a[a]eZj] *((+& HmZda[Y\g hgj ]d Hjg_jYeY
;am\Y\Yf‰Y q ?]klaŽf Dg[Yd& >mf\Y[aŽf hYjY dY Kmh]jY[aŽf \] dY HgZj]rY&
KYflaY_g\];`ad]$eYqg\]*((,&
?gd\kl]af$@]jeYf$HjgZd]eGja]fl]\Hgda[af_$E[?jYo@add&Fm]nYQgjc$)11(&
@ajk[`eYf$9dZ]jlG&$=d9nYf[]]f;gd][lana\Y\&=ph]jae]flgkhghmdYj]k]f9e…ja[Y
DYlafY$>gf\g\];mdlmjY=[gfŽea[Y&E…pa[g$)11+&
EY_fY_`a$9dZ]jlg&Adhjg_]llgdg[Yd]$:gddYla:gjaf_`a]ja&Lgjafg$AlYdaY$*(((&
EYjlaf$EYfm]d$DYhjg^]kaŽf\]hgda[‰Y$;=AKkPPA&EY\ja\$)11(&
E]jcd]f$ <]fak$ Gj_YfarY[aŽf [gemfalYjaY q hj~[la[Y hgd‰la[Y& DYk g[mhY[agf]k
\] la]jjYk ]f ]d [gfmjZYfg \] :m]fgk 9aj]k& Fm]nY Kg[a]\Y\ Fjg& ),1
EYqg%Bmfag )11/$ hh& ).*%)//)11/& GZl]fa\g \]k\]2 `llh2''ooo&fmkg&
gj_'mhdgY\'Yjla[mdgk'*-11W)&h\^
EaflrZ]j_$@]fjq$DY]kljm[lmjY[aŽf\]dYkgj_YfarY[agf]k$9ja]d&:Yj[]dgfY$)10/&
Gna]\g$ =fjaim]3 9Zg_YZaj$ Pae]fY$ HYjla[ahY[aŽf [am\Y\YfY q ]khY[ag h“Zda[g
;Yh‰lmdgA!Ê&S9jl‰[mdgU&=fK]_gnaY$Gd_Y3<Yk[Yd$?madd]jeg ]\algj]k!&=khY[ag
h“Zda[g$ hYjla[ahY[aŽf q [am\Y\Yf‰Y$ =\a[agf]k Kmj$ )² ]\a[aŽf&KYflaY_g \]
;`ad]$*(((&GZl]fa\g\]k\]2`llh2''ooo&kalagkmj&[d'j&h`h7a\5*1.&
HYimafKgh`a]$D]hYjl]fYjaYl\YfkdYhj]n]flagf\m[jae]]feada]mmjZYaf2d]k\…Õk
\¢mf] [mdlmj]  [gfkgda\]j& ;YfY\aYf BgmjfYd g^ ;jaeafgdg_q Yf\ ;jaeafYd
Bmkla[]$ngd,/$fg*hh&+)/%++-$*((-&
Hjg_jYeY\]dYkFY[agf]kMfa\YkhYjYdgk9k]flYea]flgk@meYfgk&@]jjYea]flYk
hYjYmfY_]klaŽfmjZYfYhYjla[ahYlanY&SDaZjgU&;gd][[aŽfEYfmYd]k&2=\a[agf]k
Kmj$)²]\a[aŽf&KYflaY_g\];`ad]$*((*3GZl]fa\g\]k\]2`llh2''ooo&kalagkmj&
[d'j&h`h7a\50-&S;gfkmdlY\g]f2)1%)*%*((0U&
Jmar$ B& ;& q NYf\]jk[`m]j]f$ >&& :Yk] [gf[]hlmYd \] dY k]_mja\Y\& =f2 9jfYm\g$
J& q EYjlaf$ D& =\k&! ;gfkgda\Y[aŽf \] dgk _gZa]jfgk dg[Yd]k ]f k]_mja\Y\
[am\Y\YfY&J]\),'MjZÇ9d$J]_aŽfLgk[YfY$h&)(%+,&$*((/&
KYfk>Y„gf<Yfa]d$<]dYhj…n]flagf]l\]dYk…[mjal…2j…Ö]pagfkkmjdY_gmn]jfYf[]
)**
\mjYZd] \] dY k…[mjal… \]k [gdd][lanal…k& =f ;YfY\aYf BgmjfYd g^ ;jaeafgdgq
Yf\;jaeafYdBmkla[]$ngd,/$fg*hh&,.+%,/1$*((-&
K]_gnaY$Gd_Y ]\algjY!&=khY[agkh“Zda[gkq[gfkljm[[aŽfkg[aYd&@Y[aYmf]b]j[a[ag
\] [am\Y\Yf‰Y&SDaZjgU& =\a[agf]k Kmj$ )² ]\a[aŽf& KYflaY_g \] ;`ad]$ *((/&
GZl]fa\g \]k\]2 `llh2''ooo&kalagkmj&[d'j&h`h7a\501*& S;gfkmdlY\g ]f2
*.%)*%*((0U&
K]jjYfg$ ;dYm\aY$ HYjla[ahY[aŽf kg[aYd q [am\Y\YfY& Mf \]ZYl] \]d ;`ad]
[gfl]ehgj~f]g$Ea\]hdYf&KYflaY_g\];`ad]$)110&
LjgbYfgoa[r$JgZ]jlq:m[im]jgmp$:gffa]$ ;geemfalqHgda[af_$9[gfl]ehgjYjq
H]jkh][lan]$9f\j]kgfHmZdak`af_&;af[affYla$)11(&
)*+
-
;9HALMDG
H9J9MF9KMKL=FL9:ADA<9<
<=D9KAFL=JN=F;AGF=K
=F=D=KH9;AGHè:DA;G
EYjafYH]dÕfaœNYdl]j;YnYddYjg
JgZ]jlg9jfYm\g
)*-
-
)*.
=f mf [Yh‰lmdg im] dd]nY [geg l‰lmdg É[gf\a[agf]k \] kmkl]flYZada\Y\Ê$ nYegk Y
]eh]rYj[gfafljg\m[aj]dl…jeafgkmkl]flYZada\Y\$hm]klgim]]k\a^‰[ad]f[gfljYj
mfY\]Õfa[aŽfim]l]f_Ymf[gfk]fkgj][gfg[a\g&
=dl…jeafgk]gja_afY]f]d~eZalg\]dY][gdg_‰Y$\gf\]]kl~j]^]ja\gYd]imadaZjag
\]mfY]kh][a][gfdgkj][mjkgk\]km]flgjfg&HYjYim]mfhjg[]kgk]Ykmkl]flY%
Zd]\]Z]mladarYjdgkj][mjkgkfYlmjYd]kYmfjalegim]h]jealYkmj]_]f]jY[aŽf\]
^gjeYfYlmjYd&=fdgkYgk.(qË/($^m]\a^mf\a\g]d[gf[]hlg$[mYf\gk]hmkg]f
j]dY[aŽf]deg\]dg\]\]kYjjgddg\]dYkg[a]\Y\[YhalYdaklYg[[a\]flYd[gf]de]\ag
YeZa]fl] Af^gje]kgZj]dgkd‰eal]k\]d\]kYjjgddg$;dmZ\aJgeY$)1/*!&
DY\]Õfa[aŽfe~k\a^mf\a\Y%j]^]ja\YYd[gf[]hlg\]\]kYjjgddgkmkl]flYZd]%]kdY
hjghm]klYhgj]dAf^gje]:jmfl\dYf\]f)10/&HdYfl]Yim]É]d\]kYjjgddgkgkl]faZd]
]k Yim]d im] kYlak^Y[] dYk f][]ka\Y\]k \]d hj]k]fl]$ kaf [gehjge]l]j dY [YhY[a%
\Y\\]im]dYk^mlmjYk_]f]jY[agf]khm]\YfkYlak^Y[]jkmkhjghaYkf][]ka\Y\]kÊ
;geakaŽfEmf\aYd\]dE]\ag9eZa]fl]q\]d<]kYjjgddg$)100!&
=k\a^‰[ad]f[gfljYjmfYY[]h[aŽf\]kakl]eYkmkl]flYZd]mfan]jkYde]fl][gehYj%
la\Y$hgjim]]kmf[gf[]hlghgda^Y[…la[g$im]af[dmq]dYlglYda\Y\\]dYkY[lana\Y%
\]k`meYfYkqhm]\]$hgjdglYflg$k]j\]Õfa\gkŽdg]fmfYh]jkh][lanY\]\a~dg_g
]flj]nYdgj]k&Hgj]b]ehdg$Yhda[Y\gYmfkakl]eY[gehd]bg[geg]dmjZYfg$l]f\j~
im] ^mf\Yjk] ]f mfY nakaŽf ljYfkn]jkYd im] af[dmqY dYk lj]k \ae]fkagf]k2 kg[aYd$
][gfŽea[Yq][gdŽ_a[Y&
DY [am\Y\ kmkl]flYZd] ]klYj‰Y \]Õfa\Y [geg ]d hgdg mjZYfg É\gf\] dgk dg_jgk
Yd[YfrY\gk]f]d\]kYjjgddgkg[aYd$][gfŽea[gq^‰ka[gkgfh]j\mjYZd]k&MfY[am\Y\
kmkl]flYZd]hgk]]mfYg^]jlY[gflafmY\]dgkj][mjkgkfYlmjYd]k]fdgkim]ZYkY
km\]kYjjgddg qdgkmladarYYmffan]d\]kmkl]flYZada\Y\!&MfY[am\Y\kmkl]flYZd]
eYfla]f]mfYk]_mja\Y\h]jeYf]fl]^j]fl]Ydgkja]k_gkYeZa]flYd]kim]hm]\]f
Ye]fYrYjkm\]kYjjgddg h]jeala]f\gkŽdgfan]d]k\]ja]k_gkY[]hlYZd]k&Ê FY[agf]k
Mfa\Yk%@YZalYl$*(((2*!&
=k e~k ^j][m]fl] im] dYk [am\Y\]k [gfl]ehgj~f]Yk fg k]Yf kmkl]flYZd]k& G$ e~k
Za]f$]khgkaZd]\][ajim]kaZa]fdYY[lmYd[jakak\]kmkl]flYZada\Y\]k_]f]jY\Yhgj]d
eg\]dg\]Y[memdY[aŽfYk]flY\ghjaf[ahYde]fl]]fdYk[am\Y\]k B]fck$E&$:mjlgf$
=&$qOaddaYfk$C&$)11.!&=f]ddYklYeZa…fk]_]klYfdY\ae]fkaŽfgh]jYlanYhYjY]de]bg%
jYea]flg\]dY[Yda\Y\\]na\Y Bgj\~f$*((+!qdYke]bgj]khj~[la[YkhYjYmf\]kYjjgddg
kgkl]faZd]$j]kmdlY\g\]dYYkg[aY[aŽf]^][lanY]flj]dgk Yk![am\Y\Yfgk Yk!$]dhg\]j
hgd‰la[g%afklalm[agfYd$qdgkY_]fl]khjanY\gk FY[agf]kMfa\YkÇ@YZalYl$*((,!&
BmklYe]fl] [gf ]kl] ]f^gim]$ dYk afl]jn]f[agf]k ]f ]d ]khY[ag h“Zda[g hm]\]f
]fl]f\]jk] [geg ]ph]jae]flY[agf]k \] ]kY \ae]fkaŽf gh]jYlanY q lYdd]j]k \]
Zm]fYkhj~[la[Yk&
)*/
<]fljg \]d hj]k]fl] Hjgq][lg MjZÇ9d im]\Y [dYjg ]d ]d]e]flg \] dY kmkl]flYZada%
\Y\[gegmfl]eYljYfkn]jkYdq[ge“f&<a[`YkalmY[aŽf]k]na\]fl]Ydj]nakYjdYk
]ph]ja]f[aYkhj]k]flY\YkhgjdYk[am\Y\]kkg[aYk$Ymfj]Õja…f\gk]Y[gfl]plgk[gf
[YjY[l]j‰kla[Yk^‰ka[Yk$kg[aYd]kqj]dY[agfYd]k\a^]j]fl]k]flj]]ddYk&
=fmfgkhg[gk[Ykgk$dYk]ph]ja]f[aYkhj]k]flY\Ykla]f]fj]dY[aŽf\aj][lY[gf]d
kYf]Yea]flgYeZa]flYd2hdYf]k\]kYf]Yea]flg\]dl]jj]fg]fmf~j]Yaf\mkljaYd
gYjj]_dg\]dYjaZ]jY\]mfj‰g&=klgkhjgq][lgk`Y[]f]na\]fl]dY^m]jl]j]dY[aŽf
]flj]kmkl]flYZada\Y\YeZa]flYdqkg[aYd[mYf\g`Yqim]afl]jn]faj]f]d]khY[ag
h“Zda[g2mfYk]]flj]dYrY[gfdYgljY$qhm]\]k]jmfe]\aghYjYYd[YfrYjdYgljY&
Hgj]b]ehdg$hYjla[ahYf\g]fljYZYbgk\]kYf]Yea]flg\]kmhjghagl]jjalgjag%dY
]daeafY[aŽf\]mfea[jg%ZYkmjYdhYjY\]ngdn]jmfYhdYrYYdZYjjagÇmfY[gemfa%
\Y\hm]\]]klYZd][]jj]dY[agf]k$\]k]f[Y\]fYjhjg[]kgk\]af[dmkaŽf$\Yj^gjeYY
kmk]pa_]f[aYk3]f[gf[dmkaŽf$dg_jYjaehgjlYfl]kj]kmdlY\gklYeZa…f]fl…jeafgk
\]kmkl]flYZada\Y\kg[aYd n]jJ][mY\jgk)$/q'g)*!&
@YqmfYk]_mf\Ylahgdg_‰Y\]]ph]ja]f[aY$\gf\]dYafl]jn]f[aŽf]kl~[gf[]fljY\Y
Çhjaf[ahYde]fl]%]fdYk\af~ea[Ykkg[aYd]kq\][gemfa\Y\3h]jgaf[dmq]lYeZa…f
Y[[agf]k\]ljYfk^gjeY[aŽf^‰ka[Y\]dgkdm_Yj]kqhm]\]YkmeajmfY[gffglY[aŽf
\]j][YdaÕ[Y[aŽfYeZa]flYd\]d]khY[ag hgj]b]ehdgdYhdYfaÕ[Y[aŽf\]mf~j]Y\]
bm]_g]fmfhYjim]$[gegdgem]kljYfdgk[YkgkegkljY\gk]fdgkJ][mY\jgk,$.
q'g)+!&
Hgj“dlaeg$`YqmfYlahgdg_‰Y\]]ph]ja]f[aYkim]hj]n…fafl]jn]f[agf]k\]lahg
kg[aYd$[gf]dgZb]lang\]j]\m[aj]dfan]d\][gf^da[lg\]fljg\]mf\]l]jeafY\g
]khY[ag h“Zda[g$ g ]f mfY hYjl] \] …d& =f dY [Yka lglYda\Y\ \] dgk [Ykgk$ ]klgk
hjgq][lgk`Yfka\gdd]nY\gkY[YZg[gfdYhYjla[ahY[aŽf\]dgkY[lgj]kkg[aYd]k
j]dY[agfY\gk[gf]k][gfl]plg&=f]klgk[Ykgk]dgZb]langhjaf[ahYd]kdYkmkl]f%
lYZada\Y\kg[aYd&
=f ]klYk h~_afYk ]phdgjYj]egk e~k ]f hjg^mf\a\Y\ ]d jgd \] dY kmkl]flYZada\Y\
]f dYk hgd‰la[Yk hYjY ]d ]khY[ag h“Zda[g$ [gf Yl]f[aŽf ]kh][‰Õ[Y ]f dY \ae]fkaŽf
kg[aYd$im]Ykme]mfjgdYZkgdmlYe]fl][]fljYd]fdYkafl]jn]f[agf]kim]YhmflYf
Ye]bgjYjdY[g`]kaŽf\]dY[gemfa\Y\&
)*0
-&) G:B=LANG2KMKL=FL9:ADA<9<
EYjafYH]dÕfa
9jimal][lY
9kg[aY[aŽf9eYhgdY
DY j]dY[aŽf ]flj] ]khY[ag h“Zda[g q hgd‰la[Yk \] hdYfaÕ[Y[aŽf [gffglY ljY\a[ag%
fYde]fl]]d_gZa]jfg\]dY[am\Y\$]fl]f\a…f\gdg[gegY[lana\Y\\]j]_mdY[aŽf$
f]_g[aY[aŽfqhjg\m[[aŽf\]Za]f]kq]khY[agkh“Zda[gk&Kaf]eZYj_g$`gq]d[gf%
l]plgkg[aYd`Y[YeZaY\gq]klYegk\]kgja]flY\gk^j]fl]Ymfgkmkgk\]d]khY[ag
\a^]j]fl]kq[gfljY\a[lgjagk&
Kgf]klYZd][a\gkfm]ngk^]fŽe]fgk$j]kmdlY\g\]mfY[j][a]fl]\an]jka\Y\2[Ye%
ZaYfdgk]kladgk\]na\Yq\]ljYZYbg$dYk^gjeYk\]mladarYjq[gfkmeajdYk[am\Y\]k$
Yk‰[gegdYgj_YfarY[aŽf\]dla]ehgqdYkj]dY[agf]k]flj]dgk_jmhgkqdgkaf\ana%
\mgk&=dkakl]eY\]dgk]khY[agkh“Zda[gk]kkge]la\gYmfY]na\]fl]j][gfÕ_mjY%
[aŽf$ljYfk^gje~f\gdg]fdm_Yj\]\akhmlY$gZb]lg\]YljaZm[aŽf\]nYdgj]kqka_fa%
Õ[Y[agf]k\aklaflgk&
>j]fl]Y]klYkljYfk^gjeY[agf]k$]e]j_]dYf][]ka\Y\\]mfh]fkYea]flgmjZYfg
im]hjg\mr[Ye…lg\gkq`]jjYea]flYkhYjYdYkhgd‰la[Ykh“Zda[Yk&=khj][akgY[la%
nYjhjgq][lgkhYjY]dl]jjalgjag$hjg[]kgk\]j]_]f]jY[aŽfkaf_]fljaÕ[Y[aŽf YZmj%
_m]kYea]flg!$hj~[la[Yk\]hYjla[ahY[aŽfqf]_g[aY[aŽfkgZj]dgkmkgk\]d]khY[ag
q\]\a~dg_g]flj]dgkaf\ana\mgk&
DY Yjla[mdY[aŽf q dY \an]jkaÕ[Y[aŽf \]d ]khY[ag h“Zda[g `Y ka\g ]d []fljg nalYd \]
dY [am\Y\ g[[a\]flYd& =d ]khY[ag h“Zda[g `Y ka\g nana\g [geg mfY hjgdgf_Y[aŽf
j]dY[agfYd$]pl]jagjq[gehd]e]flYjaY\]d]khY[aghjanY\g&DY[am\Y\]mjgh]Y`Y
ka\g\]Õfa\Y[gegdm_Yj\]Y[g_a\Y\]hgZdY[agf]k\an]jkYkhgj`aklgjaYq[mdlmjY&
?jmhgkqh]jkgfYk\aklaflYkg[mhYZYf~j]Yk\]l]jeafY\Yk\]dY[am\Y\q[gehYj%
l‰Yfdgk]khY[agkYZa]jlgk$kgZj]lg\g]fg[YkaŽf\]Õ]klYkqe]j[Y\gk&
LYeZa…fdgk]khY[agkmjZYfgk[gfl]ehgj~f]gkka_m]fka]f\g[YlYdarY\gj]kq$Yd
eakegla]ehg$e]\agkhYjYdY]phj]kaŽfqdYkmZb]lana\Y\kg[aYd$dm_Yj]k\gf\]dYk
a\]fla\Y\]kk]]f[m]fljYfqk]]f^j]flYf$nakaZd]k]fmf]k[]fYjag\gf\]dgk[ge%
hgjlYea]flgkkg[aYd]kfgka]ehj]kgfhj]\]l]jeafYZd]k&
=f]kl]k]fla\g$]d]khY[ag\]na]f]h“Zda[ghgjdYj]_dYe]flY[aŽf\]dYhdmjYda\Y\
\]dgkmkgkq\]dYkafl]jY[[agf]ke~kim]hgjdYkfgjeYkim]]klYZd][]f[Žeg
]kl]\]Z]k]jmladarY\g&DY\ae]fkaŽfh“Zda[Yk]eYfaÕ]klY[gegj]kmdlY\gaf[dm%
kang\]hjg[]kgk\]f]_g[aY[aŽf&Mfdm_Yj]kh“Zda[g[mYf\gdgkim]k]j]dY[agfYf
`Y[]f]ph]ja]f[aY\]dY[ghj]k]f[aYq\]dY[gfnan]f[aY&=d[gfÖa[lgÇ]flj]_jmhgk
)*1
kg[aYd]kg[gfdYYmlgja\Y\h“Zda[YÇfg]k$hgjdglYflg$mf]d]e]flgkg[aYdim]
^gjrgkYe]fl]\]Z]k]j]daeafY\g$kafgmf]d]e]flgaehgjlYfl]q[gfmfhgl]f[aYd
hgkalang]fdgkhjg[]kgk\]afl]jY[[aŽf&
=k f][]kYjag hdYfl]Yj hgd‰la[Yk h“Zda[Yk im] k]hYf eYf]bYj dgk [gfÖa[lgk ]f ]d
]khY[ag2hYjY]klg]kf][]kYjagYljaZmajmfY^mf[aŽfYdYkhj~[la[Yk]khgfl~f]Yk\]
mkgqg[mhY[aŽf\]dgk]khY[agk$Yk‰[geg^Yngj][]j^gjeYk\]hYjla[ahY[aŽf]^][%
lanYk]af[dmkanYk$hYjY`Y[]jkmkl]flYZd]kdgk]^][lgkim]dYkljYfk^gjeY[agf]k\]
dY[am\Y\[gfl]ehgj~f]Yla]f]fkgZj]dgk]khY[agkh“Zda[gk&
@YZj‰Y lYeZa…f im] hj]_mflYjk] \] ima…f ]k j]Yde]fl] ]d ]khY[ag h“Zda[g$ q \]
ima]f\]Z]j‰Yk]j3ka]pakl]f$Ymfim]\]^gjeYdYl]fl]$]pa_]f[aYk\]mkgk\aklaflgk3
ka`Yq$Ymfim]\]^gjeYaf]phj]kY\Y$f][]ka\Y\]k\a^mkYk\]mkgk\a^]j]fl]kq[md%
lmjYde]fl]\]fkgk$Ydgkim]k]YhgkaZd]YljaZmajnYdgjj]dY[agfYdq\]ea[jgkg[aYda%
\Y\3qka]khgkaZd][gfkljmajeYhYkim]j][gfgr[YfgYljaZmqYfYd]khY[agh“Zda[g
mfY\an]jkaÕ[Y[aŽfhgjfan]d]k$\gf\]dgkmkgk\a^]j]fl]kfgk]Yfe]jYe]fl]^mf%
[agfYd]kg\][gfkmegqfgk]Yf^gjeYdarY\gk\]eYf]jYj‰_a\Y&
Mf]f^gim]\]]kl]lahg$im]YhmflYYdYkmkl]flYZada\Y\kg[aYd\]d]khY[agh“Zda[g$
la]f]im]hjghgf]jk]dgkka_ma]fl]kgZb]langk2
œ
œ
œ
œ
œ
œ
œ
œ
ljYZYbYjkgZj]dYj]n]jkaZada\Y\\]dYkY[[agf]k$\]eYf]jYim]fm]ngkmkgk
\]d]khY[agh“Zda[gfgdaeal]fhgkaZd]khjg[]kgk\]j][gfn]jkaŽf$[gfYZ]j%
lmjY`Y[aY]d^mlmjg&
<]kj]_dYe]flYj ]d mkg \] dgk ]khY[agk$ dg_jYf\g j]kgdn]j dgk [gfÖa[lgk q
`Y[a]f\gim]]klgkk]Yf[gehj]fkaZd]kqY[g_]\gj]k&
Afn]flYjfm]ngkmkgk\]dgk]khY[agkh“Zda[gk$]klaemdYf\gdYaeY_afY[aŽf
\]dYkh]jkgfYk$j]khgf\a]f\gYkmkf][]ka\Y\]kaf]phj]kY\Ykq]fk]~f\g%
d]khgkaZada\Y\]kaf]kh]jY\Yk&
AeY_afYj e][Yfakegk \] j]_mdY[aŽf im] daeal]f ]d ]khY[ag hjanYlarY\g \]
dgkYmlgeŽnad]k&
AehmdkYjhjg[]kgk\]hYjla[ahY[aŽf]af[dmkaŽf&
9[lanYjafl]jn]f[agf]kim]j][gfgr[Yf$YZa]jlYe]fl]$dY\an]jkaÕ[Y[aŽf\]
dgk]khY[agkh“Zda[gkqkm]kh][aÕ[a\Y\hgje]\ag\]afkljme]flgkim]hjg%
hgf_YfmfYj]_dYe]flY[aŽfY\eafakljYlanYÖ]paZd]&
=klaemdYjmfmkg\]d]khY[agh“Zda[gim]eYfaÕ]kl]jaim]rY[mdlmjYdqmfY
mladarY[aŽfhd]fY]flg\YkdYk`gjYk\]d\‰Y&
J]klalmaj Yd mkg h“Zda[g lg\gk dgk ]khY[agk [gemf]k q dgk ]khY[agk
af\]Õfa\gk&
)+(
-&* KMKL=FL9:ADA<9<KG;A9DQ=;GFåEA;9=FD9K
AFL=JN=F;AGF=K=F=D=KH9;AGHè:DA;G
NYdl]j;YnYddYjg
9jimal][lg
9qmflYea]flg\]Lgjafg$AlYdaY
=d[gf[]hlg\]kmkl]flYZada\Y\km]d]mladarYjk]em[`g[gfj]^]j]f[aYYdYkhgd‰la[Yk
h“Zda[Ykq$]fhYjla[mdYj$YdYkhgd‰la[Yk\]j]_]f]jY[aŽfmjZYfYq\]afl]jn]f[aŽf
]f]d]khY[agh“Zda[g&
=f kmk \aklaflgk ka_faÕ[Y\gk$ kaf ]eZYj_g$ km \a^mkaŽf la]f] \a^]j]f[aYk& Ka Y dYk
hYdYZjYk [dYn] Ë]khY[ag h“Zda[gÌ$ k] d]k Ykg[aY ]d Y\b]lang Ëkg[aYdÌ$ dY Z“kim]\Y ]f
Afl]jf]lhjg\m[]+&+,(j]kmdlY\gk]fd]f_mYalYdaYfY$),&,((]faf_d…kq1+0&(((]f
[Ykl]ddYfg3 Yd Ykg[aYjd] Yd Y\b]lang Ë][gfŽea[gÌ$ YhYj][]f -&,0( j]kmdlY\gk ]f alY%
daYfg$ ).&,(( ]f af_d…k q +--&((($ ]f [Ykl]ddYfg& =f [YeZag$ Yd mladarYj ]d Y\b]lang
ËYeZa]flYdÌ$ l]f]egk j]kh][lanYe]fl] *+-&((($ 00&)(( q *01&((( j]kmdlY\gk& =k mf
\]k]imadaZjagfglYZd]&
=k hgkaZd] ]eh]rYj hgj \][aj im] dgk \aklaflgk fan]d]k \] kmkl]flYZada\Y\ kg[aYd
q ][gfŽea[Y ]f dY gj_YfarY[aŽf \]d ]khY[ag h“Zda[g ]kl~f j]dY[agfY\gk [gf dY
[gf[]h[aŽf \] dgk \aklaflgk eg\]dgk \] \]kYjjgddg mjZYfg ]mjgh]g$ ]klY\gmfa%
\]fk]q]d\]dYk_jYf\]ke]ljŽhgdak\]9e…ja[YDYlafY$Þ^ja[YqGja]fl]!&=f]klgk
eg\]dgk]pakl]f\aklaflgk]imadaZjagk]fdYj]dY[aŽf]flj]nYdgjkg[aYd\]d]khY[ag
h“Zda[g [gegdm_YjhgkaZd]\]j]dY[aŽf]flj]dgk`YZalYfl]k!$nYdgj]kl…la[g [Yda%
\Y\\]dhYakYb]mjZYfg!qnYdgj][gfŽea[g$]fdgj]^]ja\gY _YklgkhYjY!]b][m[aŽf
qeYfl]faea]flg&
<]l]jeafYj]daehY[lg]fdgk\a^]j]fl]kl…jeafgk]k$]flgf[]k$mfY[m]klaŽfZYk%
lYfl][gehd]bY$im]fghm]\]k]j_]f]jYdarY\Yfakaima]jYYfan]d\][Y\Y[am\Y\2
ZYkl][gfh]fkYjYim…hm]\]fk]jYljaZma\gk\aklaflgknYdgj]k]f\a[`gklj]k~eZa%
lgk]flj]~j]Yk]f]d[]fljg\]dY[am\Y\qgljYke]fgk[…flja[Ykg$e]bgj$]flj]
~j]Yk[gf^m]jl]YljY[langlmj‰kla[gqgljYk\]klafY\YkY^mf[agf]k\a^]j]fl]k&
@Y[a]f\g j]^]j]f[aY ]kh][aYde]fl] Y dgk fan]d]k [mYdalYlangk ]kl…la[g q kg[aYd!$
dY ]nYdmY[aŽf \] dY kmkl]flYZada\Y\ Y\ima]j] ^m]jl]k [gffglY[agf]k \] kmZb]lana%
\Y\&Hgj]b]ehdg$kadaealYegk]d]khY[ag\]Yf~dakakYdY[Yda\Y\^‰ka[Y\]dhYakYb]
mjZYfg$qlgeYf\g[geg“fa[g[jal]jag]dj]kh][lg\]d_]famkdg[a$k]_mjYe]fl]]k
hgkaZd]]f[gfljYje“dlahd]k[gf[]h[agf]k\]ËZYbgaehY[lgÌ2`Yqima]fa\]YdarYdY
eae]larY[aŽf\]dYkafl]jn]f[agf]kqima]f$hgjdg[gfljYjag$YdYZYdYf][]ka\Y\\]
]na\]f[aYjlg\Yafl]jn]f[aŽfim]fgk]Y\]dYeakeY…hg[Y&
)+)
<]k\]]dhmflg\]naklY\]dYkmkl]flYZada\Y\kg[aYd$af[dmkg[mYf\gdYljYfk^gjeY%
[aŽf j]kmdlY k]j mf bm]_g \] kmeY hgkalanY$ Y e]fm\g k] ljYlY \] mfY gh]jY[aŽf
\gf\]lYeZa…f`Yq[gehgf]fl]kf]_Ylangk&=klghgjim]$\]eYf]jY[Yka_]f]jYd$
fghg\]egkYÕjeYjim]\]]paklajmf\]l]jeafY\gklYlmkimg]kl]hgj$\]Õfa[aŽf$
k]Y Žhlaeg)& =d \]khdYrYea]flg `Y[aY mf ]imadaZjag \a^]j]fl]$ hYjY mf Y[lgj im]
]kl~Y[gklmeZjY\gYgljg]imadaZjagYfl]jagj$l]f\j~ka]ehj]mfaehY[lgf]_Ylang
qdYafl]jn]f[aŽfk]j~]nYdmY\Y[gegfgkgkl]faZd]&
LgeYf\g ]klYk fglYk hj]daeafYj]k [geg hmflgk \] hYjla\Y$ YfYdarYj]egk im…
ka_faÕ[Y\gk hm]\] Ykmeaj ]d l…jeafg kmkl]flYZada\Y\ q \]Õfaj]egk ]d jgd \] dgk
\aklaflgkY[lgj]k]fdYh]j[]h[aŽf\]dgknYdgj]kj]dYlangk\]]ddY$\]eYf]jYim]
]dhjg[]kg\]ljYfk^gjeY[aŽfk]Ykmkl]flYZd]\]eYf]jYkakl…ea[Y3]k\][aj$hYjY
dYj]\\]j]dY[agf]k]flj]e“dlahd]kY[lgj]k$qfgkŽdg]fj]dY[aŽfYkmk\a^]j]fl]k
[YhY[a\Y\]kj]anaf\a[YlanYk&
Hgj ]klY jYrŽf$ lYeZa…f$ ]f l…jeafgk _]f]jYd]k fg hYj][] l]f]j em[`g k]fla\g
k]hYjYj dY kmkl]flYZada\Y\ kg[aYd \] dY ][gfŽea[Y Y\]e~k$ ·[Žeg hm]\]f k]j
e]\a\gkdgk[gkl]k][gfŽea[gk\]mfY]k[YkYkmkl]flYZada\Y\kg[aYd7!&HYj][]j‰Y
e~k[gjj][lg`YZdYj\]kmkl]flYZada\Y\kg[aYd \gf\]$bmklYe]fl]$\]Z]fj]n]dYjk]
dgk \aklaflgk ka_faÕ[Y\gk hgkalangk q f]_Ylangk im] dYk h]jkgfYk YljaZmq]f Y dYk
ljYfk^gjeY[agf]k!q\]mfYnaYZada\Y\ÕfYf[a]jY$]k\][aj$\][Žegdgkhjgq][lgk\]
ljYfk^gjeY[aŽfhm]\]f]f[gfljYjdgkj][mjkgkÕfYf[a]jgkf][]kYjagkhYjYkmj]Y%
darY[aŽf&<]gljYhYjl]$ghgjlmfgke][Yfakegk\]ÕfYf[aYea]flghm]\]fe]bgjYj
]dfan]d\]kmkl]flYZada\Y\&KadYkmkl]flYZada\Y\kg[aYd\]janY$\aj][lYe]fl]$\]dgk
ka_faÕ[Y\gkim]kgfYljaZmaZd]kYdYkljYfk^gjeY[agf]k$fg[YZ]\m\Yim]dYk\ak%
laflYk^gjeYk\]ÕfYf[aY[aŽf[gfljaZmq]fYdY[gfkljm[[aŽf\]]klgkka_faÕ[Y\gk&
=eha]rYYeYfa^]klYjk]dYYj_me]flY[aŽf[]fljYd\]]kl][Yh‰lmdg$im]dd]nYY[gf%
ka\]jYj]d[gf[]hlg\]kmkl]flYZada\Y\[gfj]^]j]f[aYYdÉhjg\m[lg\][gehd]bgk
hjg[]kgk\]]kljYlaÕ[Y[aŽfim]la]f]fim]n]jlYflg[gfdYkafl]jn]f[agf]k]fdY
egj^gdg_‰Y^‰ka[Y\]dgkdm_Yj]k$[geg[gfdYYljaZm[aŽfY…klYk\]ka_faÕ[Y\gk^mf%
[agfYd]kqkaeZŽda[gkÊ E]dY$*((.!&
=klgke“dlahd]kka_faÕ[Y\gk\Yfgja_]fY[gfÖa[lgkim][gfklalmq]fmfYhj]kaŽf
`Y[aYdY_]f]jY[aŽf\]hjg[]kgkljYfk^gjeYlangk\]d]khY[agh“Zda[g&=d[gfÖa[lg
]k]daf\a[Y\gj\]dYhj]k]f[aY\]mfYj]\\]fkY$im]]kmfnYdgjhYjY[mYdima]j
gj_YfarY[aŽf hgj [gfk][m]f[aY$ hYjY [mYdima]j kg[a]\Y\! q j]hj]k]flY$ k]_mjY%
e]fl]$mfYghgjlmfa\Y\&
)
=d[gf[]hlg^m]km_]ja\ghgjmfY[`YjdY\]dhka[gl]jYh]mlYJgZ]jlgE]jdg\mjYfl]mfk]eafYjag
gj_YfarY\g]fF~hgd]khgjdYK[gjkg;ggh]jYlanY<]\Ydmk&=klYYÕjeY[aŽfj]kmdlYn~da\Y]fmf
[gfl]plg\][gehd]ba\Y\$hgjdg[mYdk]kmhgf]f][]kYjaYe]fl]im][Y\Ykmhm]klg]k]phj]kY\g
hgjmfgZk]jnY\gjim]j]hj]k]flYmfhmflg\]naklY]kh][‰Õ[g&
)+*
;dYkaÕ[Yj]egkdYk\aklaflYk]kljm[lmjYkhgkaZd]k\]dgkkakl]eYk$hgfa]f\g]fj]dY%
[aŽfdgkY[lgj]kkg[aYd]k]fmf_j~Õ[g[gf\gk]b]k$\gf\]]fdYkgj\]fY\Yk]kl~
j]hj]k]flY\YdY[g`]kaŽfkg[aYd \…Zad%\]fkY!q]fdYkYZk[akYkdYhjgh]fkaŽfYY[la%
nYjj]dY[agf]k\]lahgfg[gdYZgjYlang%[gdYZgjYlang]flj]dgkY[lgj]k\]dkakl]eY&
=d]kim]eY]k]dka_ma]fl]2
J]\]k
<]fkYk
;gfÖa[lg
;ggh]jY[aŽf
Ghgka[aŽf
;gdYZgjY[aŽf
EYj_afY[aŽf
;gfljYlg
J]\]k
<…Zad]k
DY kalmY[aŽf e~k ^YngjYZd] hYjY \]k]f[Y\]fYj hjg[]kgk \] ljYfk^gjeY[aŽf \]d
]khY[agh“Zda[g[gfhjgZYZada\Y\\]…palg]kYim]ddY\gf\]hj]nYd][]fhjg[]kgk
\]l]jjalgjaYdarY[aŽf JY^^]kl]af$)10,!$q$hgjdglYflg$dY^gjeY[aŽf\]j]\]kkg[aY%
d]k\]fkYk[gfhjgh]fkaŽfYYjjYa_Yjk]]f]dl]jjalgjag*&DYeglanY[aŽfYd[YeZagqY
dYljYfk^gjeY[aŽfkmj_]\]YljaZmajka_faÕ[Y\gk\a^]j]fl]k ghgka[aŽf!hgjhYjl]\]
\aklaflgkY[lgj]kkg[aYd]k$dgim]dd]nYYdYhj]k]f[aY\][gfÖa[lgk$dgkim]hm]\]f
k]j[gfka\]jY\gk[gegmfYghgjlmfa\Y\e~kim][gegmfYYe]fYrY&
Em[`ge~kk]jaY$q[gfja]k_g\]j]kmdlYjafkgkl]faZd]$]kdYkalmY[aŽf\gf\]hj]%
nYd][]fhjg[]kgk\]\]kl]jjalgjaYdarY[aŽf \]j]\]k\]fkYkYj]\]k\…Zad]k!&=kmf
^]fŽe]fgim]dd]nYYdYk]hYjY[aŽf[dYjY q^‰ka[Y!\]d]khY[aghjanY\g\]d]khY[ag
h“Zda[g h]fkYegk]fdYkemjYddYkYdj]\]\gj\]dYk[YkYk\]DgkÞf_]d]kZa]f\]k%
[jalYkhgj<Ynak]f)11+!2]f]dhjae]jgk]]klYZd][]fdYkj]dY[agf]k$ea]fljYkim]]d
k]_mf\g]kYim]d\]klafY\gYdgkeYj_afY\gk$\gf\]]khj][akgim]\Yjk]]de]fgj
la]ehg hgkaZd] gljY n]r l]f]egk ae~_]f]k \] =klY\gk Mfa\gk$ \] dgk kaf l][`g
\]EYf`YllYf!&Dgkhjg[]kgk\]\]kl]jjalgjaYdarY[aŽf`Y[]fim]k]Y[Y\Yn]re~k
*
=khgkaZd]`YZdYj\]l]jjalgjag$e~kZa]fim]\]la]jjY$kŽdg]fhj]k]f[aY\]j]\]kkg[aYd]kYjjYa%
_Y\Yk&DYhjae]jYY[[aŽfim]^gjeYmfYj]\kg[aYd]kdY\]fgeafY[aŽf\]mfdm_Yj Lmj[g$)100!$
`][`gim]h]jeal]dY[gemfa[Y[aŽf]flj]k]j]k\a^]j]fl]k[gfmfYj]^]j]f[aY\]lahg]khY[aYd&
)++
aehjgZYZd]dYafl]jhj]lY[aŽfqdYYhj][aY[aŽf\]d]khY[agh“Zda[g[gegÉdm_Yj]f
[ge“fÊ <Yfk]jg*((*!&
<]lg\YkeYf]jYk$q\]Y[m]j\g[gfJY^^]kl]af )10,!hg\]egk\][ajim]]dhjg[]kg
\]\]kl]jjalgjaYdarY[aŽffg]kajj]n]jkaZd]$kafge~kZa]fmfY^Yk]\]mfY\af~ea[Y
[aj[mdYjim]Ydl]jfY]kl]lahg\]hjg[]kgk[gfYim]ddgk\]j]l]jjalgjaYdarY[aŽf&KgZj]
lg\ghgj]kl]eglangj]kmdlYf][]kYjagqhgkaZd]afl]jn]faj]dhjgq][lg$h]jgkŽdgka
]kl]]kj]kmdlY\g\]mfYafl]fkYkaf]j_‰Y]flj]\aklaflgklahgk\][gfg[aea]flgkq
\]bYYZa]jlYdYhYjla[ahY[aŽf\]dgkY[lgj]kkg[aYd]k]fdY]k[]fYmjZYfY&
=f]d]kim]eY\]YjjaZY$dYk\af~ea[Yk\]\]kl]jjalgjaYdarY[aŽfql]jjalgjaYdarY[aŽf
hm]\]fn]jk][geg]khajYd]kim]hYkYf\]mfk]eahdYfgYgljg&=fhYjla[mdYj$]k
hgkaZd]d]]jdgkhjg[]kgk\]\]kl]jjalgjaYdarY[aŽf[gegmfY\akh]jkaŽf\]dYkj]\]k
kg[aYd]k$Y[gfk][m]f[aY\][gfÖa[lgkfgj]km]dlgk&=d[a[dgla]f]mfegnaea]flg
[gfljYjagYdgkhmfl]jgk\]dj]dgb&Kaf]eZYj_g$dY[YhY[a\Y\\]_]klagfYjdgk[gf%
Öa[lgkhm]\]eg\aÕ[Yj]klY\aj][[aŽf$\]eYf]jYim]dYj]kgdm[aŽf\]d[gfÖa[lg
hm]\Y\Yjk]]f]dk]eahdYfgim]j]hj]k]flY\af~ea[Yk\]lahg[gdYZgjYlang&H]jg
]kf][]kYjagim]]klgg[mjjY]fmf[gfl]plg[gfklalma\ghgjY[[agf]kYjjYa_Y\Yk
]f]dl]jjalgjag&Hgj]klYjYrŽf$]d]khY[agh“Zda[gla]f]mfjgd^mf\Ye]flYd]fdY
[gfkljm[[aŽf\]mfk]fla\g[ge“f eYcaf_[geegfk]fk]lg_]l`]j!&
J]\]k
<]fkYk
;ggh]jY[aŽf
nY
jjalgjaYda
r
kl]
Y d a r Y [ a Ž f a f
gja
Ghgka[aŽf
]
fl
p
aŽf] [dmq]
Y[
[dm
ka
;gfÖa[lg
;gdYZgjY[aŽf
]
al
jj
<]
L
EYj_afY[aŽf
;gfljYlg
J]\]k
<…Zad]k
=f]kl]“dlaeghjg[]kg$]f\aj][[aŽf`gjYjaY$]dY[lgjkg[aYd$]fkmkemdlahd]k^gjeYk
\]k]jÉ\]Yd_mfYeYf]jYq]fYd_“fege]flg2Y!hjg\m[]l]jjalgjag3Z!mkYl]jjalg%
jag3[!Y[lanY$\]kYjjgddYql]jeafYj]dY[agf]k[gfgljgkY[lgj]kkg[aYd]kYljYn…k\]d
l]jjalgjagÊ Lmj[g$)100!&
)+,
<]djYrgfYea]flg\]kYjjgddY\g`YklYYim‰$k]\]janYim]dYkmkl]flYZada\Y\kg[aYd
\]dYkljYfk^gjeY[agf]k\]d]khY[agh“Zda[gfg\]Z]k]j]nYdmY\Y]fl…jeafgkkgdg
l…[fa[gk$ kafg e~k Za]f hgj e]\ag \]d \]kYjjgddg \] dYk j]dY[agf]k ]flj] Y[lgj]k
kg[aYd]kq\]dhjg[]kg\][j]Y[aŽf\]mfk]fla\g[ge“f&LYeZa…fdYk^gjeYk\]hdY%
faÕ[Y[aŽf hYjla[ahYlanYk$ im] Y e]fm\g j]hj]k]flYf hdYfl]Yea]flgk hmjYe]fl]
\]eY_Ž_a[gk$\]Z]fk]jY[lanY\YkkŽdghgj]klYjYrŽfq[gf]kl]gZb]lang2dYZ“k%
im]\YqdY[gfkljm[[aŽf\]Ëdm_Yj]k[gemf]kÌ$\]ka_faÕ[Y\gk\]dl]jjalgjagq\]d
]khY[agh“Zda[gim]k]Yf[gehYjla\gk$e~kim]hgjdY]b][m[aŽf\]mfhjgq][lg\]
Yjimal][lmjYmjZYfYZa]f`][`g&DYhdYfaÕ[Y[aŽfhYjla[ahYlanYh]jeal]im]im]\]f
[dYjgkdgkjgd]k\]dgk\aklaflgkY[lgj]kkg[aYd]k$jgd]kim]\]Z]fim]\Yjk]hYjY%
\gk\]dYk[geh]l]f[aYkl…[fa[Yk af\ana\mY[aŽf\]daealY[agf]k$Z“kim]\Y\]dYk
kgdm[agf]k!&
<]]kYeYf]jY$dYk]hYjY[aŽf\]dY]k^]jYhjanY\Y ]fhYjla[mdYj$dYnana]f\Yq]d]\a%
Õ[ag\gf\]k]j]ka\]$h]jgfg“fa[Ye]fl]!\]dY]k^]jYh“Zda[Y ]d]khY[agYZa]jlg
Y\akhgka[aŽf!h]jg$e~k]f_]f]jYd$dYk]hYjY[aŽf]flj]dgk\aklaflgkmkgk\]dl]jja%
lgjag \gf\] nanaj$ hjg\m[aj$ `Y[]j [ge]j[ag$ ljYfkhgjlYjk]! ]k mf _jYf gZkl~[mdg
Y dY ljYfk^gjeY[aŽf \]d ]khY[ag h“Zda[g ]f l…jeafgk Ékmkl]flYZd]kÊ NaddYkYfl] ]
LYeYjal$)10*!&Fg[YZ]\m\Y\]im]dY[gfkljm[[aŽf\]mfYj]bY]fdgkbYj\af]k\]d
ZYjjag]nalY]d[gfÖa[lg]flj]h]jjgkqfagk$h]jgaeha\]dYY[lanY[aŽf\]j]dY[ag%
f]k$dY[gfkljm[[aŽf\]mfk]fla\g[ge“fhgj]d[mYddgkYegkka]flYf[geg\]Z]j
fYlmjYd j][g_]j dgk ]p[j]e]flgk \] kmk h]jjgk q dgk fagk Yhj]f\Yf Y fg l]f]j
ea]\g\]]klgkYfaeYd]kqYfgegd]klYjdgklaj~f\gd]k]djYZg&
LYflg]fdYk[am\Y\]k]klY\gmfa\]fk]k[geg]fdYk]mjgh]Yk`YqmfYZ“kim]\Y
\]dk]fla\g\]k]_mja\Y\_jY[aYkYe][Yfakegk\]j][‰hjg[Y]p[dmkaŽf\]dgk\a^]%
j]fl]kmkgk\]dl]jjalgjag$\]lYd^gjeYim]$Ye]fm\g$k]\]kYlYf^]fŽe]fgk\]
Ymlg]p[dmkaŽf E]dY$*((+!2lYeZa…fYd_mfgk]khY[agkl‰ha[gk\]dY]k^]jYh“Zda[Y
kgfj]_mdY\gk[gf]fljY\Ykj]k]jnY\Ykhgje]\ag\]dj][gfg[aea]flgaf\ana\mYd&
La]f] hYjla[mdYj ka_faÕ[Y\g ]d [Ykg \] Yd_mfgk []fljgk `aklŽja[gk im]$ [geg ka
^m]jYf mfY [am\Y\ Yfla_mY$ la]f]f emjYddYk ]d][ljŽfa[Yk im] j]_mdYf ]d Y[[]kg
\]dgk[g[`]kk]_“fdYk`gjYk$q[Y\Yn]re~k]kl~f\ana\a\gk]f~j]Ykl]e~la[Yk2
dYk[Ydd]k[ge]j[aYd]k$]d~j]Y\]dYkÕfYfrYkq\]dYkgÕ[afYk$]d[]fljg[mdlmjYdq
lmj‰kla[g&;Y\Y~j]YY\ima]j]dY[YjY[l]j‰kla[Y\]rgfYk]hYjY\Y\]dj]klg$im]nan]
k]_“f\]l]jeafY\gk[a[dgk\]la]ehgqim]\YYb]fYYd[gfl]plg&
=f[gf[dmkaŽf$dYkY[[agf]k\]ljYfk^gjeY[aŽf\]]khY[agh“Zda[gim]hm]\]f[me%
hdaj[gfY\][mY\gkfan]d]k\]kmkl]flYZada\Y\kgfYim]ddYk[YhY[]k\]\]kYlYjhjg[]%
kgk\]l]jjalgjaYdarY[aŽfaf[dmq]fl]$\]^Yngj][]jhjg[]kgk\]ËYhjghaY[aŽfÌ+[gd][lanY
hgjhYjl]\]dgk Yk!`YZalYfl]kq\][gfkljmajj]dY[agf]kafl]j^mf[agfYd]k&
+
LYdn]rk]Ykmh]jÖmgj][gj\Yjim]]dl…jeafgYhjghaY[aŽfk]mkYYim‰[gf]dka_faÕ[Y\g\]Ék]flaj
[geghjghagÊ$qfg[geghgk]kaŽf^‰ka[Y&
)+-
DY]k[YdY\]]klYkafl]jn]f[agf]k]k$Ye]fm\g$dYea[jgmjZYfYhgjim]]kdYa\Žf]Y
hYjYj]hj]k]flYj\]eYf]jYe~k]na\]fl]dYkj]dY[agf]k]flj]dgk\aklaflgkY[lgj]k&
=klgfg]p[dmq]dYf][]ka\Y\\]hjgegn]jlYeZa…fgh]jY[agf]kY_jYf]k[YdY$h]jg
]klYkkgf[Ykahgj\]Õfa[aŽfËfgkgkl]faZd]kÌ$qYim]j]hj]k]flYf_jYf\]kaffgnY%
[agf]k\]dYk]kljm[lmjYkmjZYfg%kg[aYd]k&DY]k[YdYea[jgmjZYfY$hgjdg[gfljYjag$
hm]\]É[j]YjmfYj]dY[aŽfaffgnYlanY]flj]]d]khY[agmjZYfgqdYY[[aŽf]fim]k]
\]kYjjgddY]f]ddg$kafZgjjYjlg\YkdYk`m]ddYk\]dYkj]dY[agf]kYfl]jagj]kÊ E]dY$
*((.!]fmfhjg[]kg\]\][YflYea]flg\]dËk]fla\g[ge“fÌ&
9\]e~k$af[dmkg\]k\]]dhmflg\]naklY\]dYkmkl]flYZada\Y\^afYf[a]jY$Y]klY
]k[YdYj]kmdlYe~kk]f[addg]f[gfljYjj][mjkgkhYjY]ehj]f\]jhjg[]kgkka_fa%
^a[Ylangk&LYeZa…fhm]\]k]jka_fa^a[YlanY$ka]khYjl]\]dgkhjg[]kgk\]k[jalgk
YjjaZY$mfYh]im]Yafl]jn]f[aŽf\]j][Yda^a[Y[aŽf\]d]khY[ag$im]fgf][]kal]
j][mjkgk]p[]kangk&=fdYk]ph]ja]f[aYkljY\a[agfYd]k$dYkljYfk^gjeY[agf]k\]d
]khY[agh“Zda[gkgf^afYf[aY\Yk[gfYhgjl]kh“Zda[gk3h]jg]kl][YfYdfg^Yng%
j][] hj~[la[Yk \] YhjghaY[aŽf hgj hYjl] \] dgk Yk! [am\Y\Yfgk Yk!& =klg hYj][]
Y“fe~k]na\]fl][mYf\gdYkafl]jn]f[agf]kkgfdd]nY\YkY[YZg\aj][lYe]fl]
hgj dYk ]ehj]kYk im] [gfkljmq]f dgk
]\a^a[agk ]fAlYdaYhgjdYn‰Y\]aehm]k%
HYjl]fYjaY\g h“Zda[g%hjanY\g2 mf eg\]dg lgk \] [gfkljm[[aŽf!& DY Z“kim]\Y \]
emqafl]j]kYfl]]k]dmladarY\g]fdgkhY‰k]k
[YfYd]k \] ^afYf[aYea]flg \aj][lg
Yf_dgkYbgf]k2 ]d ;geemfalq Aehjgn]e]fl
hm]\]h]jealajmf[gfljgdeYqgj qhgj
<aklja[l ;A<!$ [mqY n]jkaŽf [ge]j[aYd
dglYflg]ke~k^~[adim]k]\]f[Ykgk
:mkaf]kk Aehjgn]e]fl <aklja[l$ :A<! `Y
\] l]jjalgjaYdarY[aŽf! hgj hYjl] \] dgk
l]fa\g]kh][aYd…palg&
Y[lgj]kkg[aYd]kkgZj]dYkafn]jkagf]k
K] ljYlY \] mf hYjl]fYjaY\g h“Zda[g%
]fdY[Yda\Y\mjZYfY&
hjanY\g im]$ ]f mf ~j]Y \]l]jeafY\Y$
]klYZd][] afljg\m[aj mf aehm]klg im]
YhmflY Yd e]bgjYea]flg \] dY [Yda\Y\
YeZa]flYd& Dgk [gfljaZmq]fl]k kgf
dgk Yk! hjgha]lYjagk Yk! \] dgk afem]Zd]k&
=kl~ [dYjg im] mfY afa[aYlanY lYd \]Z]
]klYj j][gfg[a\Y hgj dY Ymlgja\Y\
Y\eafakljYlanY$ qY im] kmk ~eZalgk
\] afl]jn]f[aŽf la]f]f j]dY[aŽf [gf
]d ]khY[ag h“Zda[g& Fm]nY Qgjc la]f]
.( \] ]klgk gj_Yfakegk Y[langk$ [gf
hj]kmhm]klgk im] nYf \]k\] -+&(((
\ŽdYj]k`YklY\][]fYk\]eaddgf]k&
MfY j][a]fl] fgjeY \]d =klY\g alY%
daYfg fgna]eZj]*((0!`Yafljg\m[a\g
dYhgkaZada\Y\\]im]dgkY[lgj]kkg[aY%
d]khm]\Yfhjghgf]jq[gkl]Yjhjgq][%
lgk\]j][mh]jY[aŽfmjZYfY&DYfgjeY
hj]n…im]ÉhYjYdYj]YdarY[aŽf\]gZjYk
\]afl]j…kdg[Yd$_jmhgk\][am\Y\Yfgk
gj_YfarY\gk hm]\]f hj]k]flYj Y dY
]fla\Y\ l]jjalgjaYd [geh]l]fl] hjg%
hm]klYkgh]jYlanYkj]YdarYZd]kY[gjlg
hdYrg$ af\a[Yf\g [gkl]k q e]\agk \]
^afYf[aY[aŽf$ kaf [gklg hYjY ]d ]fl]
h“Zda[gÊ&
>j]fl] Y k]e]bYfl] [gehjgeakgk ]k hgkaZd] glgj_Yj Z]f]Õ[agk Õk[Yd]k& Kaf
]eZYj_g$]klYfgjeY]klg\Yn‰Yemq_]f…ja[Yqk]j~f][]kYjag\Yjmdl]jagj]khgj%
)+.
e]fgjarY[agf]k,]fdgkj]_dYe]flgkim]dYk[am\Y\]khm]\]f\a[lYj&QY`Y`YZa\g
Yd_mfYk ]ph]ja]f[aYk2 k] `Yf Y[lanY\gk hYljg[afagk$ kgZj] lg\g ]f j]dY[aŽf [gf
gZjYk\]eYfl]faea]flg&
=deYfl]faea]flg\]d]khY[agh“Zda[ghm]\]j]hj]k]flYjmfaehgjlYfl]]d]e]flg
]f dY ^gjeY[aŽf \] hjg[]kgk \] l]jjalgjaYdarY[aŽf& DYk hj~[la[Yk \] hdYfaÕ[Y[aŽf
hYjla[ahY\Yim]`Yfl]fa\ge~k…palgkgfdYkim]hj]n…f`YklYdYYmlg[gfkljm[%
[aŽf\]dgk]\aÕ[agk&Kaf]eZYj_g$kgZj]lg\g]fdgkhY‰k]k[gf][gfge‰Ye~k\]kY%
jjgddY\Y$dYkfgjeYk\]k]_mja\Y\]f]dljYZYbg`Y[]fim]dYhYjla[ahY[aŽf\]dgk Yk!
[am\Y\Yfgk Yk! ]f dYk gZjYk eakeYk k]Y \a^‰[ad& =d ljYZYbg \] eYfl]faea]flg hgj
hYjl]\]Ykg[aY[agf]k\]n][afgk Yk!hm]\][gfljaZmajYdY^gjeY[aŽf\]mfk]fla\g
\]h]jl]f]f[aY&
;geg [gf[dmkagf]k \] ]kl] Y[~hal]$ hg\]egk \][aj im] ]d ]khY[ag h“Zda[g ]k mf
]d]e]flg []fljYd \] dY gj_YfarY[aŽf mjZYfY$ kge]la\g Y [gflafmgk [YeZagk$ \]
fYlmjYd]rY ^‰ka[Y fm]ngk hjgq][lgk$ eYfl]faea]flgk!$ q j]dYlangk Y dgk \aklaflgk
ka_faÕ[Y\gkim]Y\ima]j]$YhYjlaj\]dgkhmflgk\]naklY\]dgk\an]jkgkY[lgj]k
kg[aYd]kim]dgnan]f&=klYkljYfk^gjeY[agf]kkgfaf\a[Y\gj]khjanad]_aY\gk\]dYk
Y[lalm\]k\]dgkY[lgj]k$dYkim]hm]\]fk]j[dYkaÕ[Y\Yk[gegY[[agf]kim]Ëhjg%
\m[]fl]jjalgjagÌqY[[agf]kim]Ëfa]_Yfl]jjalgjagÌ&=klYk“dlaeYkla]f\]fYk]hYjYj
\] ^gjeY ZjmlY emjYddYk$ j]bYk$ ZYjj]jYk Yjimal][lgfa[Yk$ lgjfaim]l]k! ]d ]khY[ag
h“Zda[g\]dhjanY\g$kgfmladarY\Ykhjaf[ahYde]fl]hgj]dk]_mf\gqla]f]j]\m[]f
Yde‰faegdYkj]dY[agf]kkg[aYd]k&Hgj]kg[gfka\]jYegkim]mfYY[[aŽf]kkmkl]f%
lYZd] [mYf\g$ af[dmkg hjgnafa]f\g \] kalmY[agf]k \] [gfÖa[lg$ fg daealY dY afl]%
jY[[aŽf kafg hjg\m[] ^]fŽe]fgk \] l]jjalgjaYdarY[aŽf$ e]\aYfl] dY [gfkljm[[aŽf
\]ka_faÕ[Y\gk[gehYjla\gk&;gf]kl]]f^gim]$dYZ“kim]\Y\]dYkmkl]flYZada\Y\
ÕfYf[a]jY\]dYkafl]jn]f[agf]k ÕfYf[aYea]flg[gehYjla\g$hYjla[ahY[aŽf\aj][lY
YdY[gfkljm[[aŽfqYdeYfl]faea]flg\]dYkgZjYk!hm]\]k]jlYeZa…f\][akanYhYjY
Yd[YfrYj]dgZb]lang&
,
L]fa]f\g[ma\Y\g\]im]Y[[agf]k\]]kl]lahgfg\]k]f[Y\]f]f^]fŽe]fgk\]hjanYlarY[aŽfq
]kh][lY[mdYjarY[aŽfYfan]dmjZYfg&
)+/
-&+ ;GFKLJMAJ=KH9;AGHè:DA;GKMKL=FL9:D=2
KM?=J=F;A9KH9J99<EAFAKLJ9<GJ=KQ;AM<9<9FGK
JgZ]jlg9jfYm\g
Kg[aŽdg_g
9kg[aY[aŽf9eYhgdY$AlYdaY
DY[gfkljm[[aŽfhYjla[ahYlanY\]d]khY[agh“Zda[gÇ]fl]f\a…f\gdY[gegmfhjg[]kg
f][]kYjag \] f]_g[aY[aŽf ]flj] afl]j]k]k$ f][]ka\Y\]k q mkgk \a^]j]fl]k% j]kmdlY
k]jmfafkljme]flghgje]\ag\]d[mYd]khgkaZd]`Y[]jim]]d]khY[agh“Zda[gk]Y
kg[aYdq][gfŽea[Ye]fl]kmkl]flYZd]&Kaf]eZYj_g$dYhYjla[ahY[aŽf\]dY[gem%
fa\Y\]fdYhdYfaÕ[Y[aŽf\]d]khY[agh“Zda[g]k$Ye]fm\g$mfhjg[]kgdYj_g$[ge%
hd]bgqY_glY\gj&KgZj]lg\g$]kmfhjg[]kgim]fghm]\]j]\m[ajk]Y^gjeYk]^‰e]%
jYk\]afngdm[jYea]flg\]dgk Yk![am\Y\Yfgk Yk!]fdY[gfkljm[[aŽf\][gfk]fkg
]flgjfgY\][akagf]kfg\]dlg\gljYfkhYj]fl]k&
9 dg dYj_g \] dgk Ygk `Y im]\Y\g ]f ]na\]f[aY [Žeg ]d ^]fŽe]fg hYjla[ahYlang
la]f]mfYj]dY[aŽfYeZanYd]fl][gf]dhg\]jq[gf]d[YeZagqim]$\]hgjk‰$fg
ka]ehj] ]k mf hjg[]kg hgkalang q \] ]eYf[ahY[aŽf& MfY eajY\Y [j‰la[Y `Y[aY dgk
hjg[]kgkhYjla[ahYlangkfghm]\]]nalYj\]klY[Yj[ŽegYn][]k]klgkkgfmladarY\gk
hYjY[j]Yj[gfk]fkgqj]\m[ajdY[gfÖa[lana\Y\kg[aYd&
HgjgljYhYjl]$]fdgim][gf[a]jf]Ydgkeg\gk\]hYjla[ahY[aŽf\]dgk[am\Y\Y%
fgk$k]fglY[Žeg]fdYk^gjeYk\]Y_j]_Y[aŽf\]dYkZYk]kS_jYkkjgglkUÇ[geg$
hgj ]b]ehdg$ dgk [geal…k ]khgfl~f]gk% \]Za\g Yd ZYbg fan]d \] ]kljm[lmjY[aŽf
q Yd Zm]f YjjYa_Yea]flg dg[Yd$ `Yq mfY ^m]jl] l]flY[aŽf Y [gfka\]jYjk] [geg
j]hj]k]flYfl]kfYlmjYd]k\]dYkafklYf[aYk\]dl]jjalgjag$[gegkadYj]hj]k]flY%
lana\Y\^m]jYmfYhjgha]\Y\af`]j]fl]\]dYh]jl]f]f[aYYmfdm_Yj&=fj]Yda\Y\$
dYj]hj]k]flYlana\Y\fg]kfmf[Ymf]d]e]flgafe]\aYlg$kafgka]ehj]mfj]kmd%
lY\ge]\aY\g\]hjg[]kgk^gjeYd]kd]_‰laegk$qim]la]f][Yj~[l]jhjgnakagfYd
q emlYZd]& DY hYjla[ahY[aŽf fg f][]kalY kŽdg eglanY[agf]k$ afl]j]k]k q ngdmf%
lYjakeg kafg lYeZa…f$ q kgZj] lg\g$ \akhgkalangk hYjla[ahYlangk fg daealY\gk Y
_jmhgk\]afl]j…kemq]kljm[lmjY\gk&
9]kl]hmflg$]k]na\]fl]im]$\]dYk^gjeYk]fim]k]\]kYjjgddYdYj]dY[aŽf]flj]
Y\eafakljY[agf]kh“Zda[YkqY[lgj]kdg[Yd]k$\]h]f\]fem[`Yk\]dYkhgkaZada\Y%
\]k\]…palg\]dgkhjg[]kgkhYjla[ahYlangkq\]dYkljYfk^gjeY[agf]k\]mfdm_Yj
j][gfg[a\gqnana\g]f[mYflgh“Zda[g&@Yq$hgjdglYflg$Yd_mfgk]d]e]flgkim]
\]Z]j‰Yf gja]flYj dY Y[[aŽf \] ]klgk \gk Y[lgj]k `Y[aY ]d gZb]lang [ge“f \] dY
ljYfk^gjeY[aŽfhgkalanY\]dgkl]jjalgjagk&=klgk]d]e]flgkkgf2
)+0
;gfg[]jdgkdm_Yj]k2[gehYjY[aŽf]flj]\Ylgkqh]j[]h[agf]k
DY [gfkljm[[aŽf \] mf ]khY[ag h“Zda[g hgf] [geg [gf\a[aŽf hj]naY ]d [gfg[a%
ea]flg\]dl]jjalgjag\gf\]]kl]k]kal“Y&=kf][]kYjag[gfg[]jdg]fkmk]d]e]f%
lgk^‰ka[gk$kg[aYd]kq][gfŽea[gk$Yk‰[gegkm]ngdm[aŽf`aklŽja[Y [Žegk]`Ya\g
[gfkljmq]f\gYdgdYj_g\]dla]ehg$]fdgj]^]ja\gYdYk]\aÕ[Y[agf]kqYdY[gemfa%
\Y\$im…hjg[]kgkq\af~ea[Ykk]`Yf\]kYjjgddY\g!&=kaehgjlYfl]j][gfkljmaj[gf
[dYja\Y\dYkhgd‰la[Ykh“Zda[Ykim]la]f]fdm_Yj]f…dq[gehj]f\]j]dka_faÕ[Y\g\]
dYkljYfk^gjeY[agf]kim]`Yfg[mjja\g$mladarYf\g`]jjYea]flYk]Õ[Y[]kqYjla[m%
dY\Yk\]gZk]jnY[aŽf&
=kf][]kYjag$kgZj]lg\g$im]]d[gfg[aea]flg\]dm_Yj]kqhjgZd]eYkk]Y]dj]kmd%
lY\g \] hjg[]kgk \] afl]j[YeZag ]f dgk im] [gfÖmqYf dY kmhm]klY g j]Yd gZb]la%
na\Y\ \]d Ë\YlgÌ$ hj]k]flY\Y hgj dY Y\eafakljY[aŽf h“Zda[Y$ [gf dY ]ph]ja]f[aY
kmb]lanY$ ]k \][aj$ [gf dY aeY_]f im] \] ^gjeY \a^mkY ]pakl] \]d l]jjalgjag& =klYk$
Y e]fm\g$ k] ]f[m]fljYf Y jY‰r \] dYk h]la[agf]k \] hjgl]klY q hYjla[ahY[aŽf \]
dgk Yk![am\Y\Yfgk Yk!$ima]f]khm]\]feYfa^]klYj$af[dmkg$[a]jlYY_j]kana\Y\&
;gfkljmajmfhjgq][lg2afl]_jY[aŽf\]dYkhgd‰la[Yk]afl]jY[[aŽfafklalm[agfYd
9^jgflYj dY [gfkljm[[aŽf \] mf ]khY[ag h“Zda[g ka_faÕ[Y \]Õfaj mf hjgq][lg \]
e]\aYfgYdYj_ghdYrg&KgZj]lg\g]f]dege]flg]f]dim]fgk]f[gfljYegk[gf
mf]khY[ag[j‰la[gg[gfÖa[lang$]kaehgjlYfl]hdYfaÕ[YjmfY]kljYl]_aY]fdY[mYd
k]\]kYjjgddYjYfdYkhgd‰la[Ykh“Zda[Yk&<]gljYeYf]jY$]pakl]]dja]k_g\]im]dYk
Y[[agf]k]ehj]f\a\Ykim]\]f]fafl]jn]f[agf]khmflmYd]kqfgk]YhgkaZd]kmeYj
dgkj]kmdlY\gkhjg\m[a\gk&
DY f][]ka\Y\ \] [gfkljmaj mf hjgq][lg hdYfl]Y dY []fljYda\Y\ \] dY afl]_jY[aŽf
]flj]dYkhgd‰la[Ykh“Zda[YkqdYafl]jY[[aŽf]kljYl…_a[Y]flj]dgk\aklaflgkk][lgj]k
qY_]f[aYkim]la]f]fhg\]j\]afl]jn]f[aŽfkgZj]dgkdm_Yj]k&Kafg`Yq^gjeY\]
gZl]f]jmfYafl]jY[[aŽf]flj]dgkkmb]lgkqk][lgj]kim]la]f]f[geh]l]f[aYafk%
lalm[agfYd$]k\a^‰[adim]k]YhgkaZd]dg_jYjhjg[]kgk\]afngdm[jYea]flgqhYjla[a%
hY[aŽf\]dgk Yk![am\Y\Yfgk Yk!im]hm]\Yfk]jafl]jhj]lY\Yk[geg]ph]ja]f[aYk
hgkalanYk\]afl]j[YeZagqf]_g[aY[aŽf&
LjYfkhYj]flYjdY[gemfa[Y[aŽf]flj]Ymlgja\Y\q[am\Y\Yfgk Yk!
=fdYj]dY[aŽf]flj]Ymlgja\Y\h“Zda[Yq[am\Y\Yfgk Yk!$`Yqim]]d]_ajdYljYfkhY%
j]f[aY&DgkhjgZd]eYkj]dY[agfY\gk[gf]d]khY[agh“Zda[gkgfYe]fm\gk[gehd]%
bgk2]kY[gehd]ba\Y\la]f]im]k]j\][dYjY\YYZa]jlYe]fl]q[gehYjla\Y$lgeYf\g
]f[m]flYim]dYkh]j[]h[agf]k\]dgkY[lgj]kdg[Yd]kkgfhYjl]\]dhjgZd]eYq'g
\]kmhgkaZd]kgdm[aŽf&Hgj]kg]kf][]kYjagim]dYYmlgja\Y\h“Zda[Y[gemfaim]km
hjgpaea\Y\Ydgk Yk![am\Y\Yfgk Yk!$j][gfg[a]f\gdgkhjgZd]eYkqeYfa^]klYf\g
im]k]`Y[][Yj_g\]]ddgk&9deakegla]ehg$]kf][]kYjaghj]k]flYjdgk^]fŽe]fgk
]fkmbmklYhjghgj[aŽfqdd]nYjYdY[gemfa\Y\YdY[gehj]fkaŽfqY[]hlY[aŽf\]
dgk[YeZagk&
)+1
Dgk hjgZd]eYk q dYk hgkaZd]k afl]jn]f[agf]k \]Z]f k]j hj]k]flY\Yk q \]ZYla\Yk
kaf kaehdaÕ[YjdYk$ kaf \]bYj \] af[dmaj ]d]e]flgk [j‰la[gk$ daealY[agf]k$ n‰f[mdgk q
la]ehgk\]]b][m[aŽf&KŽdg\]]klYeYf]jYdgk Yk![am\Y\Yfgk Yk!nYfYk]flajim]
j]Yde]fl]kgfhYjl]\]dYZ“kim]\Y\]kgdm[agf]k2]dY\eafakljY\gjh“Zda[gqYfg
]keajY\g[gegYd_ma]fim]fgg^j][]dYkj]khm]klYkh]\a\Yk$kafg[gegmfafl]j%
dg[mlgjim]Y^jgflYmfhjgZd]eY\a^‰[ad$im]lYdn]rfghm]\Ykgdm[agfYjk]\]dlg\g$
q[mqYkgdm[aŽf]kl~[gf\a[agfY\Yhgj[gehd]bYkj]dY[agf]k]flj]dgkj][mjkgk\ak%
hgfaZd]kqdYhdmjYda\Y\\]dYk[geh]l]f[aYkafklalm[agfYd]k&
;gfkljmajmfYj]dY[aŽf]kljm[lmjY\Y]flj]Y[lgj]kdg[Yd]k]afklalm[agf]k
=d [am\Y\Yfg g [am\Y\YfY im] hjgem]n] g hYjla[ahY ]f afl]jn]f[agf]k ]f ]d
]khY[agh“Zda[gZmk[Ymfafl]jdg[mlgj^aYZd]]fdYafklalm[aŽf$Yd_ma]f\akhm]klg
Y afngdm[jYjk] ]f dY Z“kim]\Y \] mfY kgdm[aŽf \mjY\]jY& Ima]f]k \][a\]f
[gehjge]l]jk]hYjYe]bgjYj]dl]jjalgjag\gf\]nan]f$[gfka\]jYfaehgjlYfl]
]f[gfljYj]fdgkY\eafakljY\gj]kh“Zda[gk]deakeg[gehjgeakg$eYfa^]klY\g
]fmfYhj]k]f[aY[gfklYfl]$]fdY[YhY[a\Y\\]fgh]j\]jk]]fdYkm[]kaŽf\]
dgkY[gfl][aea]flgk$]fdY\akhgfaZada\Y\Y[gemfa[Yjq$]fYd_mfgk[Ykgk$lYe%
Za…fY[gehYjlajdYhdYfa^a[Y[aŽf\]hjgq][lgkYj]YdarYj&Dg[gfljYjag%mfYhj]%
k]f[aYg[YkagfYdg\]k_YfY\Y[gfj]khm]klYkim]fgkgf[dYjYk%dd]nYYdgk Yk!
[am\Y\Yfgk Yk!Yh]j\]jdY[gf^aYfrYqYlgeYj]d[Yeafg\]dYaf\a^]j]f[aYg\]
dYhjgl]klYYlg\Y[gklY&
9kmeajj]khgfkYZada\Y\
Fgk]ha\]Ykmf[aŽf\]j]khgfkYZada\Y\“fa[Ye]fl]Ydgk Yk!Y\eafakljY\gj]k Yk!
h“Zda[gk Yk!$kafglYeZa…fYdgk Yk![am\Y\Yfgk Yk!&DYngr\]dgk Yk!`YZalYfl]k\]
mf ~j]Y hjgZd]e~la[Y$ Yd [gea]frg _]f]jYde]fl] k] eYfaÕ]klY \] ^gjeY j]anaf%
\a[YlanY2k]j][dYeYmf]khY[ag[geghjghag]f]dege]flg]f]dim]qYfg]kl~
\akhgfaZd]hgjim]gljYkh]jkgfYkg[gkYkdg`Yfa\gg[mhYf\g&HYjYim]$YhYjlaj
\]dYj]anaf\a[Y[aŽf$k]\]k]f[Y\]f]mfhjg[]kg\]ljYfk^gjeY[aŽf$]kf][]kYjag
hYkYjhgjmfYYkmf[aŽf\]j]khgfkYZada\Y\2kafgka\]flaÕ[Yegk]fmfdm_Yj$`Yq
im]]klYj\akhm]klgkY`Y[]jk][Yj_g\]km[gehd]ba\Y\&
Kmkl]flYjdYjY[agfYda\Y\kaff]_YjdY]eg[aŽf
>j]fl]Ymf]khY[agh“Zda[gim]hj]k]flYmfYkalmY[aŽf[j‰la[Y$]d dY![am\Y\Yfg Y!
im]\][a\]afl]jn]fajhm]\]lgeYj\gk[Yeafgk2…d\]dYËjY[agfYda\Y\Ì$g]d\]ËdYk
]eg[agf]kÌ&=d[Yeafg\]dYk]eg[agf]kj]kmdlYe~kafe]\aYlgq]khgfl~f]g$kgZj]
lg\g[mYf\g]dl]jjalgjag\gf\]mfgnan]]kl~]f[gf\a[agf]k\]]e]j_]f[aYim]
Y^][lYfYdYna\Yh]jkgfYd$k]_mja\Y\gkYdm\$qj]ima]j]afl]jn]f[agf]kjY\a[Yd]k
im]fgka]ehj]]kl~f]fdYkhgkaZada\Y\]kg]fdYkafl]f[agf]k\]dYkafklalm[agf]k3
]klYgja]flY[aŽf[gfdd]nY]dja]k_g\]im]$\]b~f\gk]dd]nYjhgjdYgdY]eg[agfYd$
k]Yf j][dYeY\Yk afl]jn]f[agf]k im]$ Ymfim] hYj]r[Yf ljY]j kgdm[agf]k \]Õfala%
nYk$la]f]fmfnYdgje]jYe]fl]kaeZŽda[gg[gfdd]nYf$af[dmkg$]dh]da_jg\]kYdaj
\]dgkd‰eal]k\]dYd]_Yda\Y\&
),(
=d [Yeafg jY[agfYd aehda[Y ]d]_aj mf hjg[]kg _jY\mYd q hjg_j]kang im] YhmflY Y
Yd[YfrYjj]kmdlY\gk]f]de]\aYfgq[gjlghdYrg&Aehda[YlYeZa…fdYY[lalm\YgZk]j%
nYj]dhjg[]kg]fkm[gfbmflg$]nYdmYf\gdgkj]kmdlY\gkq[gehYjYf\g]dËYfl]kÌq
]dË\]khm…kÌ$kafdaealYjk]Y[gfka\]jYjdYkgdm[aŽf\]dhjgZd]eY]fl…jeafgkYZkgdm%
lgk&Kaf]eZYj_g$dYjY[agfYda\Y\fghm]\]k]jaehm]klY$dYY\eafakljY[aŽfh“Zda[Y
fghm]\]h]\ajdY[geg[gf\alagkaf]imYfgf$q]dhjg[]kg\]f]_g[aY[aŽf]flj]
Ymlgja\Y\h“Zda[Yq[am\Y\Yfgk Yk!la]f]im]lgeYj]f[m]flYlYeZa…fdY\ae]f%
kaŽf]eg[agfYd&
;gfkljmaj]ph]ja]f[aYk[gd][lanYk
Mf]khY[aghjgZd]e~la[ghj]k]flYYe]fm\gmf[gfbmflg\][gfÖa[lgk]flj]Y[lg%
j]kdg[Yd]k\an]jkgkq[gfdYkafklalm[agf]k&=d]k[]fYjagYn][]k]kZgjjgkgqj]kmdlY
aehgjlYfl]\]Õfajmfhjg[]\aea]flg]kljm[lmjY\g$im]afngdm[j]YY\eafakljY\g%
j]kqY[lgj]kdg[Yd]k[gf^mf\Ye]flg]fdYljYfkhYj]f[aYj][‰hjg[Y&
;Y\Y mfg la]f] kmk hjghaYk ]ph]ja]f[aYk3 h]jg ]k hgkaZd] afl]flYj [gehYjlaj
Yim]ddYk\][Yj~[l]j[gd][lang$hjgegna]f\gqnYdgjYf\g]djgd\]dgk\aklaflgk
Y[lgj]k afngdm[jY\gk$ Yk‰ [geg a\]fla^a[Yf\g gZb]langk [gehYjla\gk& =f ]kl]
hjg[]kgdgkd‰\]j]kaf^gjeYd]k$]k\][ajdYkh]jkgfYkim]la]f]fe~k`]jjYea]f%
lYkim]gljgk Yk!qYim]ddYk[gfmfYhj]\akhgka[aŽfhYjla[mdYjY[mdlanYjdYkj]dY%
[agf]k$hm]\]fk]jj][gfg[a\Yk[gegkmb]lgkhjanad]_aY\gk$]fdYe]\a\Y]fim]
^Y[adal]f dgk hjg[]kgk \] \a~dg_g q fg ima]jYf Ykmeaj mf jgd \] j]hj]k]flYfl]
]p[dmkang\]dgk Yk!n][afgk Yk!&
HYkYj]dj]d]ng
Dgkd‰\]j]kaf^gjeYd]k$egnadarY\gk\]^gjeY]khgfl~f]Y^j]fl]YmfhjgZd]eY$
hm]\]f [gfkgda\Yj km Y[[aŽf YehdaYf\g ]d _jmhg afngdm[jY\g ]f ]d hjg[]kg g
[gehYjla]f\gkm]ph]ja]f[aY[gfgljYkh]jkgfYkim]hg\j~fkgkl]f]jd]kqkmZk%
lalmajdgk [mYf\g k]Y f][]kYjag& =klg ]k Y“f e~k ka_fa^a[Ylang Yd ljYlYjk] \] mf
j]d]ng]flj]h]jkgfYkim]la]f]f]\Y\$gja_]fq[mdlmjYk\a^]j]fl]k$hgjim]]na%
\]f[aY ]d nYdgj \] dYk \a^]j]f[aYk hj]k]fl]k& =k aehgjlYfl] im] dYk ^gjeYk \]
hYjla[ahY[aŽfim]\]fYZa]jlYkqfgk]Yf[gf^mf\a\Yk[gf^gjeYk\]hYjla[ahY%
[aŽf]p[dmkanY&
Af\ana\mYjdgkafl]jdg[mlgj]k
Em[`Yk n][]k$ ]d dY! [am\Y\Yfg Y! im] \][a\] g[mhYjk] \] km l]jjalgjag$ `YklY
]k] ege]flg k] `Y \]\a[Y\g Y gljYk [gkYk ]k hjg^]kgj Y! ]ehd]Y\g Y!$ ]l[&!3
hgjdglYflg\]Z]\]k[mZjaj[m~d]kkgfdgk[YeafgkY]ehj]f\]jhYjYYd[YfrYj
kmgZb]langq[m~d]kkgfdYkh]jkgfYkYima]f\aja_ajk]3Yk‰eakeg$\]Z]Yhj]f\]j
Yj][gfg[]jkadYkj]khm]klYkj][aZa\Ykkgfn]j\Y\]jYk&L]f]jmf Y!afl]jdg[mlgj Y!
^aYZd] h]jeal] afn]jlaj ]f]j_‰Yk q j][mjkgk ]f dY \]^afa[aŽf \] mf hdYfg'hjg%
q][lg \] afl]jn]f[aŽf3 \] gljY eYf]jY$ ]klYk k]_maj~f hm]klYk ]f dY ^Yk]
\]Z“kim]\Y&
),)
=nalYjj]nakagfakegkqkmhj]kagf]k
=fmfYkalmY[aŽfhjgZd]e~la[Y$qYmfe~k\]]e]j_]f[aY$hm]\]hYkYjim]k]Yf
j]afl]jhj]lY\gkdgkhjg[]kgk\]eYf]jY^mf[agfYdYdgZb]lang\][Y\Ymfg$h]j%
\a]f\gdYgZb]lana\Y\&Hm]\]km[]\]j$hgj]b]ehdg$im]mfl]jjalgjag[gfmf[gf%
^da[lgk]Y\]k[jalg^YdkYe]fl][gegmf~j]YkafhjgZd]eYk`YklY]k]ege]flg$
kmhjaea]f\ghYjl]k\]km`aklgjaYhYkY\Y&Kaf]eZYj_g$]kf][]kYjagj][mh]jYj
Ë]d `adg \] dY e]egjaYÌ$ j][gj\Yj dY na\Y \] dgk l]jjalgjagk q dgk [YeZagk g[mjja%
\gk&LYeZa…fhm]\]km[]\]jim]]fdY[gemfa[Y[aŽf[gfdYkafklalm[agf]kk]Yf
lgeY\Yk ]f [m]flY kŽdg dYk j]khm]klYk im] [gjj]khgf\]f Y dYk ]ph][lYlanYk ]
a_fgjY\YkdYkdaealY[agf]kgdgkla]ehgkl…[fa[gk\]]b][m[aŽfim]dYY\eafak%
ljY[aŽfhdYfl]Y&
;gfka\]jYjdY[gehd]ba\Y\qdYh]jkh][lanY`aklŽja[Y]kaf\akh]fkYZd]hYjY]nYdmYj
dgkj]kmdlY\gk\]dhjg[]kg]f]dim]k]]kl~lgeYf\ghYjl]&
=nYdmYj]dhjg[]kg
Afl]jn]faj ]f mf ~j]Y hjgZd]e~la[Y fg ka]ehj] hm]\] l]f]j [geg gZb]lang dY
kgdm[aŽf\]dhjgZd]eY&E~kYe]fm\gk]ljYlY\]afl]flYje]bgjYjdYkalmY[aŽf
qZYbYj]dfan]d\][gf^da[lg&9\]e~k$hm]\]`YZ]j[gfk][m]f[aYkaf]kh]jY\Yk]
aehgjlYfl]k \] [gfka\]jYj2 mfY [gemfa\Y\ egnadarY\Y hYjY `Y[]jk] [Yj_g \]
kmhjghagl]jjalgjagl]f\j~lYeZa…fdYghgjlmfa\Y\\][j]Yjgj]^gjrYjdYkj]dY%
[agf]k$\]dd]nYjY[YZgmfhjg[]kg\][am\Y\Yf‰Y$im]nYYk]jmfhYljaegfag
[ge“f$q\]Y\imajaj[gfg[aea]flgkim]hm]\]fk]jj]afn]jla\gk]fgljgkdm_Y%
j]k m gljgk l]eYk& =k ^mf\Ye]flYd hgf]j \] j]da]n] lYeZa…f ]klgk j]kmdlY\gk3
\]gljYeYf]jY$`Yqja]k_gk\]`Y[]jmfZYdYf[]afbmklYe]fl]f]_Ylang\]dhjg%
[]kgdd]nY\gY[YZg&
=dk]fla\g“dlaeg\]]klYk[gfka\]jY[agf]kj]ka\]]fj][gfg[]j[geg^mf\Ye]f%
lYd%]fmf~j]Y\]\a~dg_g]^][lang]flj][am\Y\Yfgk Yk!qYmlgja\Y\]kdg[Yd]k%]d
afl]flg\]ljYfk^gjeYjdYdŽ_a[Y\]dh]\aj$\]d[gf^da[lg$g\]dYË^YdkYÌhYjla[ahY%
[aŽf&=klgima]j]\][ajim]]k[]fljYd]dhjghŽkalg\]egn]j]d]b]\]dY[m]klaŽf$
hYkYf\g\]mfYj]dY[aŽf\]eYf\Y%j]khm]klYYmf\a~dg_g\gf\]dYkh]la[agf]k
fgkgfkaehda^a[Y\YkqdYkj]khm]klYkfgj]km]dn]f]dhjgZd]eY&K]ljYlY\][j]Yj
mf\a~dg_g\gf\]dYhgd‰la[Y$_jY[aYkYdYf]_g[aY[aŽf$afl]flYj]klalmajdY[ge%
hd]ba\Y\\]dYk[aj[mfklYf[aYkYdgk Yk![am\Y\Yfgk Yk!&=fmf[gfl]plg\gf\]k]
ha]fkY im] hm]\Y `YZ]j kgdm[agf]k k]f[addYk$ ]k aehgjlYfl] ]na\]f[aYj q [ge%
hYjlajdY[gehd]ba\Y\&DY[gfkljm[[aŽf\]hjg[]kgk\gf\]k]f\Ykj]khgfkYZada%
\Y\]kk]^mf\Yf]fdYljYfkhYj]f[aYq]f]dj]kh]lg$g^j][]Yd dY![am\Y\Yfg Y!qY
dYkafklalm[agf]kmfYaehgjlYfl]ghgjlmfa\Y\hYjY\Yjk]fla\gYdY]ph]ja]f[aY
\][am\Y\Yf‰Y&
Mf]b]ehdgafl]j]kYfl]\][Žeghm]\]f[jaklYdarYjdYk\ae]fkagf]kk]YdY\Yk]k
dY]ph]ja]f[aY\]dhjgq][lg9j]fY$]f9l]$H]j“$\]k[jalgY[gflafmY[aŽf&
),*
J][mY\jg)0
9l]ÇH]j“
Hjgq][lg9j]fYmfYfm]nYkg[a]\Y\
Mf[]fljg]\m[Ylangqj]_dYkhYjYhj]n]fajhjgZd]eYk\][gfnan]f[aY
9mlggj_YfarY[aŽf[gemfalYjaYhYjYmfYe]bgj[gfnan]f[aYq[ma\Y\g\]d
]khY[agh“Zda[g2\]k\]dYlgeY\]mfl]jj]fgfY[]mffm]ngZYjjag&HYjY
hj]n]faj hjgZd]eYk \] [gfnan]f[aY q \]_jY\g dY [gemfa\Y\ k] gj_YfarY
[gfj]_dYkq[gfdY[gfkljm[[aŽf\]mf[]fljg]\m[Ylang&
Dm_YjYafl]jn]fajqgZb]lang
=f dY K]eYfY KYflY \] *((+$ nYjagk ead]k \] hgZdY\gj]k Yk! ]ea_jY\gk Yk! \]
dYka]jjY$\]Za\gYdgk[gfÖa[lgk[gf]d_jmhg_m]jjadd]jgK]f\]jgDmeafgkg$k]
[gf_j]_Yjgf]fdgkYdj]\]\gj]k\]mf_jYfl]jj]fgim]h]jl]f][‰YYd;gmfljq
;dmZ& Dgk afl]flgk hYjY \]kYdgbYjdgk ^m]jgf af“lad]k q dgk Yk! hgZdY\gj]k Yk!
l]jeafYjgfim]\~f\gk]]f]kl]l]jj]fgim]$hgkl]jagje]fl]$d]k^m]n]f\a\g]f
mfeaddŽf\]\ŽdYj]k$im]hY_Yjgf\Yf\gM)&(-(hgjhgZdY\gj Y!&
Hgjk]jmfYrgfY\]dYim]]jY]pljY‰\YYj]fYhYjYdYaf\mkljaY\][gfkljm[[aŽf$
]dl]jj]fg]klYZYlglYde]fl]\]kfan]dY\g&
=d gZb]lang hjaf[ahYd \] ]kl] hjgq][lg [gfkaklaŽ ]f dY Ymlggj_YfarY[aŽf \] dY
[gemfa\Y\$]fhgk\]mfYe]bgj[gfnan]f[aYq\]_]f]jYj]khY[agkh“Zda[gkYd
k]jna[ag\]lg\gk Yk!&=f]klY]ph]ja]f[aYk]\]kYjjgddŽdY[gfkljm[[aŽf\]mfY
]k[m]dY$]fdY[mYddY[gemfa\Y\la]f]mfjgd]k]f[aYd&
E]lg\gdg_‰Y\]ljYZYbg
DY[gemfa\Y\$hgje]\ag\]\an]jkgke][Yfakegk\]hYjla[ahY[aŽf$]klYZd][aŽ
mf j]_dYe]flg \] [gfnan]f[aY im] \]Z] k]j j]kh]lY\g hgj lg\gk Yk! dgk Yk!
j]ka\]fl]k\]9j]fY3kmaf[mehdaea]flg]k[Ykla_Y\g&Q$Yfl]dYhj][Yja]\Y\\]
k]jna[agk q ]imahYea]flgk$ dY [gemfa\Y\ k] gj_YfarŽ hYjY j]khgf\]j Y ]kYk
f][]ka\Y\]kZ~ka[Ykl]fa]f\glg\gk Yk!]d\]Z]j\]ljYZYbYjhYjY]ddg_jg\]dgk
gZb]langkhjghm]klgk&
AehY[lg'=^][lg\]k]Y\g
;j]Y[aŽf \] mf []fljg ]\m[Ylang2 \]k\] mf afa[ag 9j]fY \ag _jYf aehgjlYf[aY
Y dY ]\m[Y[aŽf3 dY hjm]ZY e~k hYdhYZd] q [gf[j]lY \] ]ddg ]k im] Y“f [mYf\g
kmk hgZdY\gj]k Yk! ka_m]f nana]f\g ]f [`grYk \] eY\]jY$ [gf kmk ]k^m]jrgk q
]d Yhgqg \] dY emfa[ahYda\Y\ \] 9l]$ ]f lYd kŽdg [af[g Ygk \] ]pakl]f[aY `Yf
dg_jY\g [gfkljmaj$ ]f eYl]jaYd kŽda\g$ mf []fljg ]\m[Ylang ^gjeY\g hgj \gk
hYZ]ddgf]k \] lj]k hakgk \gf\] ^mf[agfY mfY ]k[m]dY im] hj]klY k]jna[agk \]
]\m[Y[aŽfHjaeYjaYqK][mf\YjaY&?jY[aYkYdfm]ng[]fljg]\m[Ylang$dYk^YeadaYk
fg\]Za]jgfdd]nYjYkmk`abgk Yk!^m]jY\]dhgZdY\g$[gfmf[gfkakl]fl]Y`gjjg
\]la]ehgq\af]jg&9\]e~k$`Yf]pl]f\a\gdYj]\\]Z]f]Õ[aYjagk Yk!$qYim]]f
),+
]klYkYmdYk`Yfka\gaehd]e]flY\YkdYk\]fgeafY\YkË=k[m]dYkhYjYHY\j]kÌ$k]
\a[lYf[`YjdYkhYjYdYbmn]flm\$\]hjae]jgkYmpadagkqkgZj]kYdm\hYjYemb]j]k
qY\mdlgkeYqgj]k&
9\gh[aŽf \] j]_dYk2 \]k\] ]d afa[ag ^m]jgf ]klYZd][a\Yk mfY k]ja] \] fgjeYk
\][gf\m[lYkemq]klja[lYk$im]`Yfe]bgjY\gfglYZd]e]fl]dY[gfnan]f[aYq
dY[Yda\Y\\]na\Y\]dgk Yk!hgZdY\gj]k Yk!&K]ljYlY\]mflglYd\]lj][]j]_dYk
hYjY[Y\Yk][lgj&Kaf]klYj]k[jalYk]pakl]fgljYkj]_dYkim]ja_]fdYna\Y\aYjaY$
[gegdY\]fghgf]je“ka[YYfan]d]kYdlgkhYjYfgh]jbm\a[Yj]d\]k[Yfkg\]
dgk Y!n][afgk Yk!&MfY\]dYke~kaehgjlYfl]kqhgd…ea[Yk]kdYhjg`aZa[aŽf\]d
[gfkmeg\]dYd[g`gd]flg\Y9j]fY$qYim]]fH]j“`Yqmf‰f\a[]\]h]jeakana\Y\
emqYdlg[gf]dYd[g`gd]dim]$af[dmkg$]khYjl]\]dgke][Yfakegkkg[aYd]k\]
kg[aYdarY[aŽf q []d]ZjY[aŽf& DY k]n]jY Yhda[Y[aŽf \] ]klY fgjeY `Y h]jeala\g
j]\m[aj fglgjaYe]fl] dgk hjgZd]eYk \] nagd]f[aY \]janY\gk \]d Yd[g`gdakeg q$
[gegYl]kla_mYfdYkemb]j]k$gj\]fYjdYk][gfge‰Yk^YeadaYj]k&;gf[a]fl]k\]
im]Yd]jjY\a[Yj]dYd[g`gd]klYZYfkmhjaea]f\gmfY\]dYkn~dnmdYk\]]k[Yh]
\] mfY hgZdY[aŽf [gf em[`gk hjgZd]eYk$ dgk Yk! hgZdY\gj]k Yk! \a]jgf _jYf
aehgjlYf[aYYdYkhj~[la[Ykj][j]YlanYk2lg\gkdgk\geaf_g$\]khm…k\]dYbgjfY\Y
\] daeha]rY ]f dY im] hYjla[ahY lg\Y dY [gemfa\Y\$ ]eha]rYf dYk bgjfY\Yk
\]hgjlanYkim]k]\]kYjjgddYf]flj]dYk1\]dYeYYfYqdYk-\]dYlYj\]&
:A:DAG?J9>A9
<Yfk]jg =&$ A Édmg_`a [gemfaÊ \]a _jYf\a ]n]fla& 9dd]kl]f\g ad hYd[gk[]fa[g
l]jjalgjaYd] h]j Lgjafg *((.$ af =& <Yfk]jg ] 9& K]_j] ]\algj]k!$ Ad l]jjalgjag
\]a _jYf\a ]n]fla& JaÖ]kkagfa ] ja[]j[`] _mYj\Yf\g Y Lgjafg *((.$ f“e]jg
egfg_j~Õ[g\]d:gdd]llafg\]ddYKg[a]l?]g_jYÕ[YAlYdaYfY$k]ja]PAA$NAA$,$
hh&0.)%01,$*((*
),,
<YnakE&$DY[all\aimYjrg&Af\Y_af]kmd^mlmjgYDgk9f_]d]k$EYfa^]klgDaZja&JgeY$
)11+&
E]dY9&$?dakhYrahmZZda[a2dYk[]fY]_daYllgja$afNaddYfla?& ]\algj!$;all]hjg_]llg&
Hj]%l]kla \a mjZYfakla[Y jaÖ]kkanY$ hh& -1%.0$ =\alja[] ;gehgkalgja& :gdg_fY$
*((.&
WWWWW ]\algj!$DY[allYfkag_]fY&D][jgfY[`]]admg_`a\]ddÌafka[mj]rrYmjZYfYY
Lgjafg$Da_mgja$FYhgda&*((+&
JY^^]klaf ;&$ L]jjalgjaYdarrYragf]$ \]l]jjalgjaYdarrYragf]$ jal]jjalgjaYdarrYragf] ]
af^gjeYragf]$ af 9& Lmj[g ]\algj!$ J]_agf] ] j]_agfYdarrYragf]$ hh& .1%0*&$
9f_]da&EadYfg$)10,&
Lmj[g9&$N]jkgmfl]gjaY_]g_jYÕ[Y\]ddY[gehd]kkal$Mfa[ghda&EadYfg$)100&
NaddYkYfl]L&]LYeYjalD&?&$@Y[aYmfY[am\Y\`YZalYZd]$EajY_mYfg&EY\ja\$)10*&
),-
;9HALMDG
.
EGFALGJ=GQ=N9DM9;AåF
;GEG@=JJ9EA=FL9K<=9HGQG
9D9?=KLAåF
ÞdnYjg=khafgrY
;jaeafŽdg_gœMfan]jka\Y\9dZ]jlg@mjlY\gœ;`ad]
),/
.
),0
.&) EGFALGJ=GQ=N9DM9;AåF;GEG@=JJ9EA=FL9K<=
9HGQG9D9?=KLAåF
DY _]klaŽf \] mf hjg_jYeY$ hjgq][lg g$ e~k ]f _]f]jYd$ \] dYk hgd‰la[Yk \] mfY
]ehj]kYg_gZa]jfg$la]f]]f]degfalgj]gqdY]nYdmY[aŽfY\gk\]kmkhjaf[ahYd]k
`]jjYea]flYk\]Yhgqg&
=degfalgj]ggk]_maea]flg[gfkakl]]f]dYf~dakakh]jaŽ\a[g\]dY]b][m[aŽf\]mf
hjgq][lg$[gf]dgZb]lg\]]klYZd][]j]d_jY\g]fim]dYklYj]Yk$Y[lana\Y\]k$[jgfg%
_jYeY\]ljYZYbg$hj]klY[agf]kqj]kmdlY\gkkgf[mehda\Yk\]Y[m]j\gYdghdYfaÕ%
[Y\g Ka]ehjg$)111!&
DYj]Yda\Y\kmh]jYYehdaYe]fl]dgim]$Yhjagja$]khgkaZd]hj]n]j]af[gjhgjYj]f
dYhdYfaÕ[Y[aŽfq$hgjdglYflg$]kfgjeYdim]\mjYfl]dY]b][m[aŽf\]mfhjgq][lg
k]Yhj][akg`Y[]jYbmkl]kYd\ak]ggja_afYdqYd[jgfg_jYeY\]ljYZYbg&;YeZaYj
Ykh][lgk\]dghdYfaÕ[Y\gafa[aYde]fl]fgj]hj]k]flYmfhjgZd]eY3dghjgZd]e~%
la[g]klgeYj\][akagf]kkafdYaf^gjeY[aŽfkmÕ[a]fl]g\]^gjeYafghgjlmfY&=k
Yim‰ \gf\] ]d egfalgj]g ]k mfY `]jjYea]flY nalYd \] Yhgqg Y dY _]klaŽf$ Yd k]j
km ^mf[aŽf ]d hjghgj[agfYj af^gjeY[aŽf [gfÕYZd]$ kmÕ[a]fl] q ghgjlmfY kgZj]
]d ^mf[agfYea]flg \] mf hjgq][lg$ hYjY \akeafmaj ]d ja]k_g \] lgeYj \][akagf]k
]imang[Y\Yk&
·Hgjim…]kf][]kYjagegfalgj]Yjmfhjgq][lg7
Hgjim]À
œ
œ
œ
œ
œ
œ
Hjghgj[agfYmfYZYk]hYjYdYlgeY\]\][akagf]kkgZj]dYkeg\aÕ[Y[agf]k
im]k]Yf][]kYjag`Y[]jYdhjgq][lg$qYk]ljYl]\]j]YbmklYjdYmladarY[aŽf\]
j][mjkgk$eg\aÕ[YjdY]k[YdY\]hjagja\Y\]k]afljg\m[ajY[lana\Y\]kfm]nYk&
<YeYqgjÖ]paZada\Y\qY_ada\Y\Ykm_]klaŽf&
9qm\YYd_]j]fl]$gYdY\eafakljY\gj$YegkljYjj]kmdlY\gk&
9qm\YY[gehj]f\]jq]phda[YjYdgk\]e~kdgim]km[]\]]f]dhjgq][lgqhgj
im…k]dg_jYfgfgdgkj]kmdlY\gk]kh]jY\gk&
9qm\YYhj]k]flYjYj_me]flgk]f^Yngj\]dgk[YeZagkf][]kYjagk&
9qm\YY^ge]flYjdY[gfÕYfrYYfan]d\]dYYdlY_]j]f[aY$g\]dYYdlY\aj][[aŽf
\]d gj_Yfakeg h“Zda[g afngdm[jY\g$ q [gf dgk gj_Yfakegk \] ÕfYf[aY[aŽf
Ykg[aY\gk&
:jaf\YeYqgj]kghgjlmfa\Y\]khYjYk]jnajZa]fYdYhgZdY[aŽf\]klafYlYjaY$
hgjim]]d]^][lgkgZj]dYeakeY]kYfYdarY\g]f^gjeYj]al]jY\Y&
>m]fl]2GHK$)111&
),1
=dk]_maea]flggegfalgj]ghm]\]k]jafl]jfgg]pl]jfg&=kafl]jfg[mYf\gdgj]Y%
darYf ima]f]k ]b][mlYf mf hjg_jYeY g hjgq][lg3 [geg [gfljYhYjla\Y$ ]k ]pl]jfg
[mYf\g dg ]^][l“Yf Y_]fl]k im] la]f]f j]khgfkYZada\Y\]k Y\eafakljYlanYk q'g
ÕfYf[a]jYk kgZj] …d$ Y“f [mYf\g fg hYjla[ahYf \aj][lYe]fl] ]f km ]b][m[aŽf$ q
ima]f]k la]f]f afl]j…k ]f kmk j]kmdlY\gk q YhgjlYf nYdgj Y_j]_Y\g Y dgk hjg\m[%
lgk& =flj] dgk hjae]jgk ]kl~f dgk eafakl]jagk q k]jna[agk h“Zda[gk im] ]pl]jfYda%
rYf dY ]b][m[aŽf \] kmk hjgq][lgk3 q$ ]flj] dgk k]_mf\gk$ km]d]f ]klYj _jmhgk \]
[am\Y\Yfgk Yk!gj_YfarY\gk Yk!&
MfYhjghm]klYZ~ka[YqljY\a[agfYd\]egfalgj]g\]Z]a\]flaÕ[Yjdgkhjaf[ahYd]k
af\a[Y\gj]kYfan]d\]gZb]langk$hjg\m[lgkqY[lana\Y\]k]fmf[aY\gk]fdYhdYfa%
Õ[Y[aŽf&<]]klYeYf]jYk]j~f[mZa]jlYk~j]Yk]kljYl…_a[Yk\]dhjgq][lg[gegdY
ÕfYf[a]jY$dYk\]Za]f]kqk]jna[agkq[gZ]jlmjY&
HYjY \]kYjjgddYj dgk [gehgf]fl]k Z~ka[gk \] dY hjghm]klY \] egfalgj]g ]k “lad
]ehd]YjmfYEYddY\]N]jaÕ[Y[aŽf3]k\][aj$mfYhjghm]klY\]gj\]fYea]flghYjY
[gfka_fYjdYk]kh][aÕ[Y[agf]kf][]kYjaYkhYjYdYn]jaÕ[Y[aŽfqmkg\]dgkaf\a[Y\g%
j]kk]d][[agfY\gk]f]dk]_maea]flg\][Y\Yhjg_jYeYghjgq][lg&
Dgk [gf[]hlgk [gfl]fa\gk ]f dY EYddY \] N]jaÕ[Y[aŽf kgf Yim]ddgk im] hYj][]f
[]fljYd]k$ lYflg ]f dY \]Õfa[aŽf l…[fa[Y \] dgk af\a[Y\gj]k [geg ]f dYk [YjY[l]%
j‰kla[Yk\]dgkhjg_jYeYkghjgq][lgk\]afn]jkaŽf&DYk]d][[aŽf\]ÕfalanY\]dgk
af\a[Y\gj]k[gjj]khgf\]Ydgk_]klgj]k\][Y\Yhjgq][lg$\]Y[m]j\gYdYkhYjla[m%
dYja\Y\]kim]hj]k]fl]]fkmgh]jY[aŽfgeg\g\]k]_maea]flg&
DgkYkh][lgkim]\]Z]fk]j[gfka\]jY\gk]fdYEYddY\]N]jaÕ[Y[aŽf\]af\a[Y\g%
j]kkgfdgkka_ma]fl]k2
œ
œ
œ
Ege]flg\]n]jaÕ[Y[aŽf2]klYZd][]]dege]flg]fim]]k]^][lmY\YdYn]ja%
Õ[Y[aŽf&Hm]\]]klYjj]^]ja\YYege]flgk]kh][‰Õ[gk\]dYg$gY[mYdima]j
mfa\Y\l]ehgjYdYhda[Y\YY\][mY\Ye]fl]q[g`]j]fl][gfdYgh]jY[aŽf\]d
hjg_jYeY g hjgq][lg k]e]klj]$ e]k$ k]eYfY$ ]l[&!& =k aehgjlYfl] im]$ Yd
\]Õfaj]dege]flg$k]Yf[gfka\]jY\YkfgkŽdgdYk[YjY[l]j‰kla[Yk\]daf\a%
[Y\gj$kafglYeZa…fmf^Y[lgj\]j]Ydakeg kafem[`Y]pa_]f[aY$falYehg[g
dYpg$ ka]ehj] `Yq im] ]klYZd][]j \]kY^‰gk hgkaZd]k \] k]j Yd[YfrY\gk hgj
dgk Yk!j]khgfkYZd]k!&
H]jag\a[a\Y\2 aehda[Y \]l]jeafYj [Y\Y [m~flg la]ehg hYj][] h]jlaf]fl] q
j]YdaklYj]h]lajdYn]jaÕ[Y[aŽf&<]l]jeafY]djYf_g\]la]ehg]f]d[mYd]d
af\a[Y\gj]kj]hj]k]flYlangq$Yda_mYdim]]f]dYkh][lgYfl]jagj$…kl]\]Z]
k]j]klYZd][a\g\]eYf]jYj]YdaklY&
>m]fl]\]n]jaÕ[Y[aŽf2[gjj]khgf\]YdYmfa\Y\$h]jkgfY$kalmY[aŽfgj]_ak%
ljgim]\]Z]k]jgZk]jnY\YhYjYn]jaÕ[Yj]daf\a[Y\gj&=kdY^m]fl]hjaeYjaY
\]\gf\]gZl]f]jaf^gjeY[aŽf&
)-(
œ
J]khgfkYZd]2af\a[Y]dafl]_jYfl]\]dhjgq][lgim]la]f]dYj]khgfkYZada\Y\
\]im]dYn]jaÕ[Y[aŽfk]Yj]YdarY\Y]fdgkege]flgkq[gfdYh]jag\a[a\Y\
im][gjj]khgf\Y&LYeZa…f\]Za]jYY\eafakljYjdYaf^gjeY[aŽfj][gd][lY\Y
j]_akljYjdY$]fnaYjdY$af_j]kYjdYYmfkakl]eY\]af^gjeY[aŽf$]l[&!&
Hjg[]\aea]flg2 \]lYddY dY eg\Yda\Y\ \] gZk]jnY[aŽf hgj e]\ag \] dY [mYd
k]j~gZl]fa\Yq'ghjg[]kY\YdYaf^gjeY[aŽf&KgfdYkl…[fa[Yk\]gZl]f[aŽf
\]af^gjeY[aŽf2gZk]jnY[aŽf\aj][lY$j]nakaŽf\]eYl]jaYd]k[jalg$]f[m]klY$
]flj]naklY$]l[&
;gZ]jlmjYl]jjalgjaYd2h]jeal]\]l]jeafYj[m~d]kdYZYk]l]jjalgjaYdim]k]j~
Ykmea\Y]f]dj]kh][langaf\a[Y\gj&LYeZa…fhm]\]Yhda[Yjk]hYjYmfa\Y\]k
hjg_jYe~la[Yk$ka[gjj]khgf\]&
œ
œ
EYddY\]N]jaÕ[Y[aŽf\]Af\a[Y\gj]k
Af\a[Y\gj]k
Ege]flg\]
n]jaÕ[Y[aŽf
H]jag\a[a\Y\
>m]fl]\]
n]jaÕ[Y[aŽf
;gZ]jlmjY
l]jjalgjaYd
J]khgfkYZd]
Hjg[]\aea]flg
)&
*&
+&
,&
-&
.&
HgjkmhYjl]$dY]nYdmY[aŽfh]jeal]^gjemdYjbma[agk\]nYdgjkgZj]dY]Õ[a]f[aYq
]^][lana\Y\hj]k]fl]g^mlmjY\]mfhjg_jYeYghjgq][lg$kgZj]dYZYk]\]af\a[Y\g%
j]kim]ea\Yf]ddg_jg\]kmkgZb]langkqim]`Yfka\g\]l]jeafY\gkhj]naYe]fl]&
=pakl]f\aklaflgklahgk\]]nYdmY[aŽf$k]_“f]dege]flg]fim]k]Yj]YdarY\Y…klY
qima]fdYj]YdarY&DY]nYdmY[aŽfhm]\]k]j]pYfl]g]phgkl$k]_“fdY]lYhY\]d[a[dg
\]mfhjgq][lgYdY[mYd]kl~Ykg[aY\Y3]afl]jfYg]pl]jfY$k]_“fima]fdYj]YdarY&
=f dY ]lYhY \] hj]afn]jkaŽf$ ]k j]YdarY\Y dY ]nYdmY[aŽf ]p Yfl] \] mf hjgq][lg$
hYjY\]l]jeafYjkakYlak^Y[]j]imakalgk\]j]flYZada\Y\^mlmjY$[gklg'aehY[lgg\]
]kl~f\Yj]kZYkY\gk]f[jal]jagk\]h]jlaf]f[aY$[g`]j]f[aYqkmkl]flYZada\Y\&Hgj
dglYflg$kmkj]kmdlY\gkk]j~fmladarY\gkhYjY\][a\ajkgZj]dYe]bgjYdl]jfYlanY\]
afn]jkaŽf]flj]hjgq][lgkYdl]jfYlangk&
DY]nYdmY[aŽf]pYfl]]kl~afl]_jY\YYdgkhjg[]kgk\]Yka_fY[aŽf\]j][mjkgk]fdY
eYqgjhYjl]\]dgkhY‰k]kdYlafgYe]ja[Yfgkq]mjgh]gk$]kh][aYde]fl]]f]d[Ykg
\]dgkhjgq][lgk\]afn]jkaŽf]faf^jY]kljm[lmjY$[gegkm]d]fk]jdYkafa[aYlanYk\]
]khY[agkh“Zda[gk&MfY]ph]ja]f[aYaffgnY\gjY]f]kl]k]fla\g]kdYaehmdkY\Yhgj
)-)
]d?gZa]jfg\];`ad]$im]`Yaf[gjhgjY\gdYhYjla[ahY[aŽf[am\Y\YfYYkmkhjg[]kgk
\]]nYdmY[aŽf]pYfl]\]dgkhjgq][lgk\]]khY[agkh“Zda[gkim]^gjeYfhYjl]\]d
Kakl]eYFY[agfYd\]Afn]jkagf]k&
=fdY]lYhY\]]b][m[aŽfmgh]jY[aŽfla]f]dm_YjdY]nYdmY[aŽf]phgkl$im]hm]\]
j]YdarYjk]]f[mYdima]jege]flg$\]k\]im][gea]frYdY]flj]_Y\]Za]f]kqk]j%
na[agkYdgk Yk!Z]f]Õ[aYjagk Yk!qfgkŽdg\]khm…k\]im]`YÕfYdarY\g$[gegkm]d]
h]fkYjk] ;g`]fq>jYf[g$*((/!&Kmkj]kmdlY\gkhm]\]fhgf]jl…jeafgYfla[ahY\g
Ymfhjgq][lg]f]b][m[aŽf$\][a\ajkgZj]km[gflafma\Y\gdYeg\aÕ[Y[aŽf\]Yd_m%
fgk\]kmk[gehgf]fl]k&
MfY\]dYk]nYdmY[agf]k]phgkle~kj]im]ja\Ykq$Ydeakegla]ehg$e]fgkj]YdarY%
\Yk\]Za\gYkmYdlg[gklgq]pa_]f[aYe]lg\gdŽ_a[Y$]kdY]nYdmY[aŽf\]aehY[lg&
=ddY Zmk[Y e]\aj$ q ]ealaj mf bma[ag \] nYdgj$ ]d aehY[lg dg_jY\g hgj ]d hjgq][lg
hgje]\ag\]dY]flj]_Y\]kmkhjg\m[lgk&=daehY[lg[gjj]khgf\]YdYeY_falm\
[mYflalYlanY\]d[YeZagim]]ph]jae]flY]dhjgZd]eYgf][]ka\Y\afkYlak^][`Y\]
dYhgZdY[aŽf$gZb]langYljaZmaZd]Ydhjgq][lg ;g`]fq>jYf[g$*((/!&DYk[YjY[l]j‰k%
la[Yk e~k ]kh][‰Õ[Yk im] Y\imajaj~ dY ]nYdmY[aŽf \] aehY[lg hm]\]f k]j \]Õfa%
\Yk\mjYfl]dYgh]jY[aŽf&Kaf]eZYj_g$]khgkaZd]%q[gfn]fa]fl]%\]ÕfajYhjagja]d
ege]flg]fim]k]j~]^][lmY\Y$[gf]dÕf\]hj]hYjYjdYk[gf\a[agf]kl…[fa[Ykq
ÕfYf[a]jYkhYjYkmj]YdarY[aŽf&
DY]nYdmY[aŽfhm]\]k]jafl]jfY$[mYf\gdYaehd]e]flYfkmkhjghagk]b][mlgj]k3
q]pl]jfY$[mYf\gdYj]YdarYfY_]fl]kim]fghYjla[ahYf]fkm]b][m[aŽf&=flj]dYk
n]flYbYk\]dY]nYdmY[aŽfafl]jfY]kl~fdYjaim]rY\]af^gjeY[aŽfhYjYdYafl]jhj]%
lY[aŽf\]dgk\YlgkqdYhgkaZada\Y\\]gja]flYj]dhjgq][lgghjg_jYeY`Y[aYYkh][%
lgke~kk]fkaZd]khYjYdgk]b][mlgj]k\aj][lgkqmkmYjagk MF>H9$*((,!&DYhjaf[ahYd
n]flYbY\]dY]nYdmY[aŽf]pl]jfYjY\a[Y]fim]k]d]YljaZmq]eYqgjgZb]lana\Y\]f
dYafl]jhj]lY[aŽf\]dgk\Ylgk]af\]h]f\]f[aY]fdY^gjemdY[aŽf\][gf[dmkagf]k
qj][ge]f\Y[agf]k&
=d egfalgj]g q ]nYdmY[agf]k im] k] [gfl]ehdY j]YdarYj \mjYfl] ]d `gjargfl] \]
aehd]e]flY[aŽf\]dhjgq][lghm]\]k]j]phj]kY\g]fmfYd‰f]Y\]la]ehg\mjYfl]
dYhdYfaÕ[Y[aŽf&=f]ddY`Yqim]k]YdYjdgkege]flgk]fim]k]j~j]YdarY\YdY]nY%
dmY[aŽf&;mYf\gfgk]Yfh]jeYf]fl]k$[geg]degfalgj]g$]kf][]kYjagaf\a[Yjmf
ege]flghmflmYdqfghj]l]f\]jegkljYj]ddYhkg\]la]ehgim]\mjYj~]d]klm\ag&
D‰f]Y\]la]ehg\]dY]nYdmY[aŽf
Egfalgj]g
9gk
(
)
*
=nYdmY[aŽf\]kYlak^Y[[aŽf
+
=nYdmY[aŽf\]aehY[lg
)-*
.&* D9=N9DM9;AåF<=AFA;A9LAN9K<=AFL=JN=F;AåF=F=D
=KH9;AGHè:DA;G
DYkhj~[la[Yk]nYdmYlanYk
DYhj~[la[Y]nYdmYlanY\]hjgq][lgkgafa[aYlanYk\]afl]jn]f[aŽf\]d]khY[agh“Zda[g
la]f]j]Yda\Y\]k\akhYj]k$k]_“f]dege]flg]fim]]kj]YdarY\Y&=k[ge“fim]dgk
_gZa]jfgkfY[agfYd]k$^]\]jYd]kqdg[Yd]k`Y_Yf]nYdmY[agf]k\]hjgq][lgk\]]kl]
lahghYjY\][a\ajkgZj]dYYka_fY[aŽf\]j][mjkgkhYjYkm]b][m[aŽf ]nYdmY[aŽf]p
Yfl]!&HYjY]ddg$[ge“fe]fl]j][mjj]fYe]lg\gdg_‰Yk\]Yf~dakak[gklg%]Õ[a]f[aY
q'g emdla[jal]jag ]klYZd][a\Yk q \a^mf\a\Yk [gf Yfl]jagja\Y\ Y dY ^gjemdY[aŽf \]
dgkhjgq][lgk&
=d fan]d \] kgÕkla[Y[aŽf \] dgk hjg[]kgk \] Yka_fY[aŽf \] j][mjkgk q \]d Yf~dakak
]nYdmYlanghjghaYe]fl]lYd\]h]f\]]fdg^mf\Ye]flYd\]dY]k[YdY\]afn]jkaŽf
afngdm[jY\Y]fdgkhjgq][lgkq\]dYeYfl]f[aŽf\]dYg^]jlYhjg_jYe~la[Y]f]d
la]ehg&=f]d[Ykg\]hjgq][lgk\]Ydlg[gklg$]pakl]fkakl]eYk[gfe]lg\gdg_‰Yk
ZYklYfl]\]kYjjgddY\Ykim]^gjeYfhYjl]\]d‰f]Yk\]afn]jkaŽf$eYfl]fa\Ykhgj
em[`gkYgk[geghm]\]fk]jdY[gfkljm[[aŽf\]`gkhalYd]k$]k[m]dYk$[Yjj]l]jYk
g$]f]d[Ykg\]dgk]khY[agkh“Zda[gk$hYjim]k$hdYrYkqhYk]gkh]YlgfYd]k&HYjYdgk
hjgq][lgk\]ZYbg[gklg$qim]Y\]e~kj]khgf\]fYhgd‰la[Ykemq[YeZaYfl]k$dYk
e]lg\gdg_‰Yk\]]nYdmY[aŽfkm]d]fk]je~kkaehd]k&
=dKakl]eYFY[agfYd\]Afn]jkagf]k\];`ad]la]f]mfYdYj_YljY\a[aŽf]fdY]nYdmY%
[aŽf]pYfl]\]hjgq][lgk\]afn]jkaŽf^‰ka[Yim]hgklmdYfYÕfYf[aYea]flgh“Zda[g&
9…daf_j]kYfhjgq][lgkfY[agfYd]kqdg[Yd]k^gjemdY\gkq]nYdmY\gk\]Y[m]j\g
Yj]im]jaea]flgkl…[fa[gkhj]]klYZd][a\gk&Dgkhjgq][lgkim][mehd]f[gf]ddgk
kgf j][ge]f\Y\gk hYjY km ÕfYf[aYea]flg& Ka k] ljYlY \] dgk hjgq][lgk \] [gfk%
ljm[[aŽf q j][mh]jY[aŽf \] ]khY[agk h“Zda[gk$ ]pakl] mfY _m‰Y [gf gja]flY[agf]k
_]f]jYd]khYjYkm^gjemdY[aŽfim]af[dmq]eYl]jaYk[geg2[gf[]hlgk\]]khY[ag
h“Zda[g$]khY[agmjZYfg]eZd]e~la[g$hYkgkh]YlgfYd]k$egfme]flgkh“Zda[gkq
gljgk3a\]flaÕ[Y[aŽf\]dlahg\]hjgq][lgkaf[dma\gkhYjY]dk][lgj3a\]flaÕ[Y[aŽf
\]fgjeYlanYk]kh][‰Õ[Ykim]j]_mdYfYd_mfYkd‰f]Yk\]ÕfYf[aYea]flg3gZb]langk
Ydgk[mYd]k\]Z]f]klYjgja]flY\gkdgkhjgq][lgk3qj]im]jaea]flgk\]af^gjeY[aŽf
hYjYdYhj]k]flY[aŽf\]dgkhjgq][lgkk]_“fhgklmd]fYdY]lYhY\]\ak]gg]b][m%
[aŽf af[dma\YdY]nYdmY[aŽf!&=f]d[Ykg]kh][‰Õ[g\]dgkhjgq][lgkhj]k]flY\gkYd
Hjg_jYeY\]=khY[agkH“Zda[gk [gf[mjkYZd]!`Yfka\g]klYZd][a\gkhYj~e]ljgk\]
[YdaÕ[Y[aŽfim]h]jeal]fhjagjarYjdgkhjgq][lgkim][mehd]f[gfdgkj]imakalgk
l…[fa[gkkgda[alY\gk& Eafakl]jag\]HdYfaÕ[Y[aŽfÇEa\]hdYf%&;`ad]$*((1!&
)-+
HYj~e]ljgk\];YdaÕ[Y[agf]fHjgq][lgk\]
J][mh]jY[aŽfqE]bgjYea]flg\]=khY[agkH“Zda[gk
Hjg_jYeY\]=khY[agkh“Zda[gk!
œ
œ
œ
œ
œ
œ
œ
œ
=ehdYrYea]flg lYeYghgZdY[agfYd\]dY[gemfY!&
Þj]Y\]afÖm]f[aY f“e]jg\]`YZalYfl]k]f]d~j]Y\]afÖm]f[aY!&
Fan]dkg[ag][gfŽea[g hgj[]flYb]\]hgZdY[aŽfhgZj]gaf\a_]fl]]fj]dY[aŽf
YdYj]_aŽf!&
LYeYg kmh]jÕ[a]lglYd\]d]khY[agh“Zda[gYafl]jn]faj!&
<ak]g Y\YhlY[aŽf Yd ]flgfg kg[aYd$ l]jjalgjaYd$ e]\agYeZa]flYd q
eYl]jaYda\Y\!&
9hgjl]\]demfa[ahag k]_“fhgj[]flYb]kmh]jagjYde‰faeg]pa_a\g!&
9fla_–]\Y\\]hgklmdY[aŽf f“e]jg\]n][]kim]`Yka\ghgklmdY\g!&
=khY[agk h“Zda[gk hYljaegfaYd]k ]ehdYrYea]flg ]f ~j]Yk mjZYfYk
hYljaegfaYd]k!&
>m]fl]2J]kgdm[aŽf=p]flYF³*&)*0&Eafakl]jag\]Nana]f\YqMjZYfakeg\];`ad]&
=feYl]jaY\]]nYdmY[aŽf]phgkl$dYj]Yda\Y\]klglYde]fl]\a^]j]fl]$hgjim]]k
mfY hj~[la[Y hg[g `YZalmYd$ [Yka af]pakl]fl]& 9k‰ im]\Y ]f ]na\]f[aY [mYf\g$ hgj
]b]ehdg$dgkafl]_jYfl]k\]mfhYf]d\]]nYdmY[aŽf\]dHjg_jYeY\]J]`YZadalY[aŽf
\]=khY[agkH“Zda[gk]b][mlY\g]f;`ad]$kgkla]f]fim]fg]pakl]af^gjeY[aŽfj]d]%
nYfl] im] h]jealY ]nYdmYj ]d \]k]eh]g \]d hjg_jYeY$ \]Za\g Y im] fg ]pakl]
mfY ^mf[aŽf \] k]_maea]flg q ]nYdmY[aŽf kakl]e~la[Y hgj hYjl] \] dY Mfa\Y\
J]khgfkYZd])&Kafaje~kd]bgk$]f]deYj[g\]dhjgq][lgim]\Ygja_]fY]kl]daZjg
=khY[agk h“Zda[gk q ;g`]kaŽf Kg[aYd! ^m]jgf [YlYkljY\Yk ,1 afa[aYlanYk aehmdkY%
\Ykhgjfm]n]emfa[ahagk\]\aklaflgkhY‰k]k\]9e…ja[YDYlafY$=khYY]AlYdaYq
dYafe]fkYeYqgj‰Y\]]ddYkfg`Yfka\gkge]la\YkYmfY]nYdmY[aŽf^gjeYdim]
\]l]jeaf][m~d]k`Yfka\gkmk]^][lgk$]d[YeZag]f]dhjgZd]eYgf][]ka\Y\im]
hj]l]f\‰Yj]kgdn]jgeala_Yj$ka`Yfka\g[mehda\gkdgkgZb]langkhjghm]klgkq]d
fan]d\]kYlak^Y[[aŽf\]dgkmkmYjagk&
=k\][aj$k]\]k[gfg[]]fim…e]\a\YdYHdYrYJYeŽf;Yjfa[]j]fH]Ydgd…f ;`ad]!
`Y \]bY\g \] k]j mf dm_Yj afk]_mjg q km[ag$ hYjY [gfn]jlajk] ]f mf ]khY[ag \]
]f[m]fljg\]dgk Yk!n][afgk Yk!3[m~d]k]daehY[lgqfan]d\]kYlak^Y[[aŽf\]ima]%
f]k`Y[]fmkg\]dgk]khY[agkafl]jn]fa\gkhgje]\ag\]dhjg_jYeY=d;]fljgNan]$
]fE]\]dd‰f ;gdgeZaY!3ka`Ye]bgjY\g]d[ma\Y\g\]degZadaYjagmjZYfg$dY`a_a]f]
qdY[gfnan]f[aY]fdYHdYrY9flgfagEY[`Y\g]f:Y\YdgfY =khYY!3g$]f_]f]jYd$
kadYkhdYrYk$hYjim]kq]khY[agkmjZYfgkafl]jn]fa\gkkgfg[mhY\gkhYjYdgkÕf]k
hjghm]klgkq]fdYeY_falm\\]k]Y\Y$kakgfmladarY\gkhgj\aklaflgk_jmhgk]lY%
)
K‰fl]kak]b][mlanY\]dY=nYdmY[aŽf\]dHjg_jYeY\]J]`YZadalY[aŽf\]=khY[agkH“Zda[gk&<aj][[aŽf
\]Hj]kmhm]klg$ <ahj]k!$Eafakl]jag\]@Y[a]f\Y&;`ad]$*((,&
)-,
jagk$kaYme]flYdYk]fkY[aŽf\]k]_mja\Y\$kak]j]YdarYfY[lana\Y\]kim]^Yngj]%
[]fdY[gfnan]f[aY$kadgkbm]_gkaf^Yflad]kkgfk]_mjgkhYjYkmkmkmYjagk$kak]`Yf
a\]flaÕ[Y\gdYkZm]fYkhj~[la[Yk$dYkeYdYkqdYkim]`Yqim]eg\aÕ[Yj$]fÕf$kadgk
hjgq][lgkgY[[agf]kla]f]fdY]^][lana\Y\Zmk[Y\YhYjYim]dgk]khY[agkh“Zda[gk
k]YfdgkËdm_Yj]kÌim]\]Z]fk]j&
F][]ka\Y\\]]nYdmY[aŽf]phgkl]fhjgq][lgkgY[[agf]kim]
afl]jna]f]f]d]khY[agh“Zda[g
L]Žja[Ye]fl]$dY]nYdmY[aŽf]phgkl\]Za]jYk]je]fgkf][]kYjaY]fdYe]\a\Yim]
kgf h]j^][[agfY\gk dgk kakl]eYk \] Yka_fY[aŽf \] j][mjkgk q$ ]f hYjla[mdYj$ dYk
e]lg\gdg_‰Yk\]]nYdmY[aŽf]pYfl]&@YZj‰YmfYl]f\]f[aYY]b][mlYjmfhgj[]f%
lYb][Y\Yn]reYqgj\]hjgq][lgk]palgkgk$dgim]hjg_j]kanYe]fl]`Yj‰Ye]fgk
f][]kYjaY dY ]nYdmY[aŽf \] kmk j]kmdlY\gk ] aehY[lgk$ qY im] ]klYj‰Yf _YjYflarY%
\gk\]Yfl]eYfg&Kaf]eZYj_g$…klYfg]kf][]kYjaYe]fl]dYl]f\]f[aYY[lmYdq$
Ymfim]dg^m]jY$dYh]j^][[aŽf]f]klYeYl]jaYfg]khgkaZd]$hgjdgim]ka]ehj]`Yq
]khY[aghYjYe]bgjYjdg`][`g&
DYkj~ha\YkljYfk^gjeY[agf]k\]d]khY[agmjZYfg$dY[gehd]ba\Y\\]dYna\Y]fdY
[am\Y\$ dY eYj_afYda\Y\$ ]d \]l]jagjg \] dY [g`]kaŽf kg[aYd q dY ^YdlY \] j][mjkgk
hgf]fgZkl~[mdgk\a^‰[ad]k\]ÖYfim]Yj]fdYlYj]Y\][gfkljmaj]khY[agkh“Zda[gk
h]jlaf]fl]k$\]Zm]fY[Yda\Y\qkmkl]flYZd]khgjla]ehgkjYrgfYZd]k&Hgj]klgfg
]k]pljYYdYhjgda^]jY[aŽf\]]khY[agkh“Zda[gkYZYf\gfY\gk$afk]_mjgk$km[agk$
\]kljma\gk$ kmZmladarY\gk g hg[g Y[[]kaZd]k$ q dY [gflafmY f][]ka\Y\ \] ]b][mlYj
hjgq][lgkhYjYj][mh]jYj]klgk]khY[agk&9eZgkkgfaf\a[agk\]im]`Yq[gkYkim]
fg]kl~fka]f\gZa]f`][`Ykq[gfklalmq]f$YdYn]r$mfddYeY\g\]Yl]f[aŽfkgZj]
dYf][]ka\Y\\]]nYdmYjdg`][`g]f]kl]~eZalg&
=f]d[Ykg\]dgkhjgq][lgkj]_akljY\gk]f]deYj[g\]dHjgq][lg\]=khY[agkH“Zda[gk
q ;g`]kaŽf Kg[aYd$ hm]\] [gfklYlYjk] dY ]pakl]f[aY \] ]nYdmY[agf]k [gfkakl]fl]k
]f]d[gfl]g\]Y[lana\Y\]kj]YdarY\Yk[gegË]df“e]jg\]afl]jn]f[agf]k\]dae%
ha]rYÌ$Ë]df“e]jg\]Y[[agf]kYhda[Y\YkhYjYim]]dhYkY\argfgk]nYf\Yda[]Ì$q\]
hjg\m[lgkdg_jY\gk[geg]df“e]jg\]~jZgd]khdYflY\gkg\]e]ljgk[mY\jY\gk
[gfkljma\gk& Kgf hg[gk dgk ]b][mlgj]k im] af^gjeYf dY ]pakl]f[aY \] ]kl] lahg \]
]nYdmY[agf]k3Y“fYk‰kgfZYklYfl]e~kim]Yim]ddYk[]fljY\Yk]fdYe]\a[aŽf\]
dgkj]kmdlY\gk]aehY[lgk&LYeZa…f`Yqaf^gjeY[aŽfkgZj]dY]pakl]f[aY\]e]lg\g%
dg_‰YkhYjla[ahYlanYk\]]nYdmY[aŽf$[gegdY]pakl]f[aY\];geal…k\]K]_maea]flgq
=nYdmY[aŽfafl]_jY\gkhgjj]hj]k]flYfl]kn][afYd]kq\]gj_Yfakegkh“Zda[gk&Kgf
]nYdmY[agf]kqe]lg\gdg_‰Ykf][]kYjaYk3h]jgYdYn]rafkmÕ[a]fl]k[geg]nYdmY%
[aŽf]phgklqYim]fgdg_jYf]klYZd][]jdgk[YeZagk]fdgkhjgZd]eYkgf][]ka\Y%
\]kim]\a]jgfgja_]fYdgkhjgq][lgkfadY[Yda\Y\\]dgkhjg[]kgkafngdm[jY\gk&
<Y\gk]klgkYfl][]\]fl]k$dY]nYdmY[aŽf]phgklk]aehgf][gegmfYf][]ka\Y\
hYjYe]bgjYjdY[Yda\Y\\]dgkhjgq][lgk\]]khY[agkh“Zda[gk$e]bgjYjkmkj]kmdlY%
)--
\gk]Çaf\aj][lYe]fl]%hYjYh]j^][[agfYjdYke]lg\gdg_‰Yk\]]nYdmY[aŽf]pYfl]
YdYkim]kgfkge]la\gk&;geg[gfljYhYjla\Y$kmYmk]f[aY]d]nY]dja]k_g\][gfk%
ljmaj]khY[agkh“Zda[gkim]fg[mehd]f[gfdgkÕf]khjghagk&
.&+ H9JLA;AH9;AåF<=D9;GEMFA<9<=F=DEGFALGJ=GQ
=N9DM9;AåF
Egfalgj]gq]nYdmY[aŽf[geg^gjeY\]hYjla[ahY[aŽf[am\Y\YfY]f
dYkhgd‰la[YkhmZda[Yk
DYhYjla[ahY[aŽf[am\Y\YfY]fdYkhgd‰la[Ykh“Zda[Ykq$]flj]]ddYk$]fdYkim][gfkla%
lmq]fdYg^]jlYhjg_jYe~la[Y$_]f]jYmfYehdag[gfk]fkgl…[fa[g%hgd‰la[g$Ymfim]
]fdYhj~[la[Ykgfem[`gkdgkgZkl~[mdgkim]dYj]kljaf_]f&
DYaf^gjeY[aŽf`Y[aYdgk Yk![am\Y\Yfgk Yk!km]d]k]j[gfka\]jY\Y[gegmfY^gjeY
\] hYjla[ahY[aŽf$ Ymfim] fg aehda[Y f][]kYjaYe]fl] im] [mehdY mf j]imakalg
^mf\Ye]flYd \] ]ddY$ dY Ëafl]jn]f[aŽfÌ g Ëafngdm[jYea]flgÌ \]d dY! [am\Y\Yfg Y! ]f
]d \]kYjjgddg \] dY hgd‰la[Y& 9“f Yk‰$ dY af^gjeY[aŽf fg \]bY \] k]j mfY [gf\a[aŽf
Z~ka[YhYjYhgkaZadalYjdYhYjla[ahY[aŽf&
DY ^gjeY ]f im] dgk Y! [am\Y\Yfgk Yk! hm]\]f `Y[]j ]^][lanY km hYjla[ahY[aŽf ]k
_jY[aYkYdgkka_ma]fl]khjg[]kgk2
Y!
;gfkmdlang2 ]d dY! [am\Y\Yfg Y! Y[l“Y [geg mf Y! af^gjeYfl] im] ]phj]kY
kmk \]eYf\Yk$ f][]ka\Y\]k$ YkhajY[agf]k$ bma[agk m gljg lahg \] ghafagf]k
fgnaf[mdYfl]k[gfdYlgeY\]\][akagf]k&Dgke][Yfakegkgafkljme]flgk
im][ge“fe]fl]kgfmladarY\gk]f]kl]hjg[]kgkgfdgk]klm\agk\]\aY_%
fŽkla[g$[gfkmdlYk[am\Y\YfYkq]nYdmY[agf]khYjla[ahYlanYk]fim]Õ_mjYf
[gegaf^gjeYfl]k[YdaÕ[Y\gk&
Z!
;g_]klaŽf2 ]k mfY ^gjeY \] hYjla[ahY[aŽf ]f dY im] ]d dY! [am\Y\Yfg Y!
gj_YfarY\g Y!$bmflg[gfY_]fl]k\]d=klY\g$Ykme]j]khgfkYZada\Y\]k]fdY
]b][m[aŽf\]hjgq][lgk$qYk]YY[lmYf\g[gegZ]f]Õ[aYjagk%]b][mlgj]k Yk!g
hYjla[ahYf\g]fafklYf[aYk\][ggj\afY[aŽf&
[!
J]kgdmlangk2kmhgf]dYhYjla[ahY[aŽf\]d dY![am\Y\Yfg Y!]fdYlgeY\]\][a%
kagf]k$\mjYfl]dY]lYhY\]^gjemdY[aŽf\]dYhgd‰la[Y$hjg_jYeYghjgq][lg$
\mjYfl] km aehd]e]flY[aŽf g$ af[dmkg$ mfY n]r im] `Y [gf[dma\g& 9d_mfgk
e][Yfakegk\]hYjla[ahY[aŽfj]kgdmlanYkgfdgkhd]Zak[algk$dgkhj]kmhm]k%
lgk hYjla[ahYlangk$ dYk e]kYk \] f]_g[aY[aŽf$ bgjfY\Yk \] hdYfaÕ[Y[aŽf$
[YZad\gkq\aj][lgjagkg[gfk]bgkafklalm[agfYd]k&
)-.
DY hYjla[ahY[aŽf \] dgk Yk! [am\Y\Yfgk Yk! [geg j][]hlgj]k \] af^gjeY[aŽf q ]f
hjg[]kgk [gfkmdlangk [gfklalmq]f dYk ^gjeYk e~k [gemf]k \] afngdm[jYea]flg
[am\Y\Yfg&=f[YeZag$dY[g_]klaŽfqdYhYjla[ahY[aŽf]fhjg[]kgkj]kgdmlangkkgf
^gjeYkem[`ge~k]k[YkYkq\a^‰[ad]k\]gh]jY[agfYdarYj&
DY hYjla[ahY[aŽf [am\Y\YfY ]f dY ^gjemdY[aŽf ] aehd]e]flY[aŽf \] dYk hgd‰la[Yk
h“Zda[Yk ]k e~k ]Õ[Yr j][mjja]f\g Y afkljme]flgk [geg ]d egfalgj]g q ]nYdmY%
[aŽf[gfbmflY&=degfalgj]ghYjla[ahYlang]kl~afk]jlg]fdgkhjg[]kgk\][g_]klaŽf
[gegmfafkljme]flg\][gfljgdqYhgqgYdY]b][m[aŽf\]hjg_jYeYkqhjgq][lgk
im]^gjeYfhYjl]\]dYg^]jlYh“Zda[Y&
=degfalgj]ghm]\]k]jafl]jfg$[mYf\gdgk Yk![am\Y\Yfgk Yk!kgf[g]b][mlgj]k Yk!
\] dgk hjgq][lgk3 g ]pl]jfg$ [mYf\g fg hYjla[ahYf ]f km ]b][m[aŽf h]jg kgf
mkmYjagk Yk!\aj][lgk Yk!\]kmkhjg\m[lgk3g$fgka]f\gmkmYjagk$\]kYjjgddYfj]dY%
[agf]k\][gfljgd\]dYkhgd‰la[YkhmZda[Yk]f_]f]jYd&
=f eYl]jaY \] egfalgj]g ]pl]jfg$ mfY ]ph]ja]f[aY fgn]\gkY ]f DYlafgYe…ja[Y
]k dY \]kYjjgddY\Y hgj ]d _gZa]jfg e]pa[Yfg$ im] `Y aehmdkY\g dY j]YdarY[aŽf
\]d Egfalgj]g ;am\Y\Yfg [geg ^gjeY \] \Yj [mehdaea]flg Y dY D]q >]\]jYd \]
LjYfkhYj]f[aYq9[[]kgYdYAf^gjeY[aŽfH“Zda[Y?mZ]jfYe]flYd&=kl]afkljme]flg
h]jeal]im]gj_YfarY[agf]k\]dYkg[a]\Y\[anad$g_jmhgk\][am\Y\Yfgk Yk!$hm]\Yf
%hgjafnalY[aŽfgafa[aYlanYhjghaY%j]YdarYj]degfalgj]g\]Yd_“fhjg_jYeYghgd‰%
la[Yh“Zda[Y$]fl]f\a]f\gim]]kl][gfkakl]]fdYÉj]YdarY[aŽf\]]b]j[a[agkkakl]%
e~la[gk$af\]h]f\a]fl]kqhdYfaÕ[Y\gkhYjYgZk]jnYj$\Yjk]_maea]flgqhjghgf]j
e]bgjYkkgZj]Ykh][lgk[gegdYeYf]jY]fim]dgkk]jna\gj]kh“Zda[gklgeYf\][a%
kagf]kqmladarYfdgkj][mjkgkh“Zda[gk3[Žegk]_]f]jYfq[m~d]kkgfdgkj]kmdlY\gk
\]dY_]klaŽfh“Zda[Y$kmYh]_gYdeYj[gd]_Ydq]d[mehdaea]flg\]e]lYkqhdYf]k
]kljYl…_a[gk$]flj]gljgkÊ K>H$*((-!&
·Hgjim…j]YdarYj]b]j[a[agk\]egfalgj]g[am\Y\Yfg7
Hgjim]À
œ
œ
œ
œ
œ
œ
>Y[adalYfdYj]f\a[aŽf\][m]flYkqdYljYfkhYj]f[aY]fdY_]klaŽfh“Zda[Y&
H]jeal]f]b]j[]j]d\]j][`gYdYaf^gjeY[aŽfhYjYe]bgjYj]dfan]d\]na\Y\]
dY[am\Y\Yf‰Y&
9qm\YfYe]bgjYjdY[Yda\Y\\]dgkk]jna[agkh“Zda[gk&
H]jeal]f[geZYlajq\]fmf[aYjdY[gjjmh[aŽf&
>Y[adalYfdYhYjla[ahY[aŽf]f]d\ak]g\]hgd‰la[Yk\]_gZa]jfgim]j]khgf\Yf
YdYkf][]ka\Y\]kj]Yd]k\]dgk Yk![am\Y\Yfgk Yk!&
H]jeal]fY[lmYdarYjk]]fl]eYk\]afl]j…k&
>m]fl]2K][j]lYjaY\]dY>mf[aŽfH“Zda[Y$*((-&
)-/
=k hgkaZd] afk]jlYj dY ]nYdmY[aŽf hYjla[ahYlanY lYflg ]f dgk hjg[]kgk [gfkmdla%
ngk [geg ]f dgk \] [g_]klaŽf$ \]h]f\a]f\g \] dY ^mf[aŽf im] [mehdYf dgk Yk!
[am\Y\Yfgk Yk!]f]ddY&KaY[l“Yf[gegaf^gjeYfl]k$kmhYjla[ahY[aŽfk]afk]jlY]f
hjg[]kgk\]lahg[gfkmdlangk3]f[YeZag$kaY\]e~k\]YhgjlYjaf^gjeY[aŽfhYjla%
[ahYf]fkmYf~dakakq`Y[]fmkg\]]ddY$kmY[lmY[aŽf]kl~kalmY\Y]f]dfan]d\]dY
[g_]klaŽf&9kmn]r$YeZgkafkljme]flgkk]afk]jlYf]fdgkhjg[]kgkj]kgdmlangk$
YhgjlYf\gafkmegkhYjYdYlgeY\]\][akagf]k&
Egfalgj]gq]nYdmY[aŽfhYjla[ahYlanY$
k]_“fhjg[]kgk\]hYjla[ahY[aŽfq[a[dg\]hjgq][lgk
Hjg[]kg\]hYjla[a%
hY[aŽf[am\Y\YfY
=lYhYk\]d[a[dg\]dgkhjgq][lgk
;gfkmdlang
=nYdmY[aŽfhYjla[ahYlanY]pYfl][gf[am\Y\Yfgk Yk![gegaf^gjeYfl]k
Hj]afn]jkaŽf
;g_]klaŽf
Gh]jY[aŽf
œ
œ
Egfalgj]g
=nYdmY[aŽfhYjla[ahYlanY]phgkl[gf
[am\Y\Yfgk Yk![gegaf^gjeYfl]k$YfYdaklYkq
mkmYjagk Yk!\]dYaf^gjeY[aŽf&
J]kgdmlang
MladarYdgkj]kmdlY\gk\]degfalgj]gqdY]nYdmY[aŽf[gegafkmeghYjYdYlgeY
\]\][akagf]k
Af^gjeY[aŽf
E‰faegljYfkn]jkYd
Egfalgj]gq]nYdmY[aŽfhYjla[ahYlanY]fhjgq][lgk\]]khY[agk
h“Zda[gk
;mYf\g ]d egfalgj]g q dY ]nYdmY[aŽf afngdm[jYf Y dgk Yk! [am\Y\Yfgk Yk!$ g Y dY
[gemfa\Y\$YhgjlYfmf\gZd]Z]f]Õ[ag2^Yngj][]fdYh]jlaf]f[aY$[Yda\Y\qkmkl]f%
lYZada\Y\\]dgkj]kmdlY\gk\]dgkhjg_jYeYkqhjgq][lgk3q[gfljaZmq]fYd]ehg%
\]jYea]flg\]dgk Yk![am\Y\Yfgk Yk!&=kl]lahg\]Z]f]Õ[agk]k[ge“fY[mYdima]j
lahg\]hjgq][lgk3kaf]eZYj_g$]f]d[Ykg\]dYkafn]jkagf]k]fgZjYk^‰ka[Yk$[geg
[ge“fe]fl]g[mjj]]f]d[Ykg\]dgk]khY[agkh“Zda[gk$]degfalgj]gq]nYdmY[aŽf
[gemfalYjaYla]f]fYd_mfgk]^][lgkhYjla[mdYje]fl]nYdagkgk&
=fhjae]jdm_Yj$dgkhjgq][lgk\]]khY[agkh“Zda[gk_]f]jYde]fl][gfkakl]f]fmfY
afn]jkaŽf\]j][mjkgkim]gja_afYgZjYk^‰ka[Yk\]mkgh“Zda[g&;mYf\g]fkm[gfk%
ljm[[aŽf fg `Y hYjla[ahY\g dY [gemfa\Y\$ Yme]flY ]d ja]k_g \] im] k]Yf naklYk
[gegYd_g]pl]jfg$\]ËgljgkÌqfg\]ËfgkgljgkÌ3im]\Yf\g$hgjdglYflg$^m]jY\]
km ]k^]jY \] j]khgfkYZada\Y\$ q \]bYf\g ]d [ma\Y\g q eYfl]f[aŽf \] dY hdYrY$ ]d
hYjim]$ dgk bYj\af]k$ dYk [Ydd]k$ ]d egZadaYjag mjZYfg g ]d ]imahYea]flg d“\a[g ]f
eYfgk\]dgkemfa[ahagkg\]d=klY\g$qYim]ËhYjY]kghY_Yegkaehm]klgkÌ&
=fk]_mf\gdm_Yj$dYhYjla[ahY[aŽf\]dY[gemfa\Y\]f]degfalgj]gqdY]nYdmY[aŽf
[gfklalmq]mfhjg[]kg\]Yhj]f\arYb]af\ana\mYdq[gd][langkgZj]dYj]dY[aŽf[gf
)-0
gljgkY[lgj]k$qe]\aYfl]]d[mYddYkh]jkgfYkgZla]f]feYqgj[gf[a]f[aY\]kmk
hmflgk^m]jl]kq\…Zad]k$\]kmkj]Yda\Y\]kkg[aYd]ke~kYehdaYk$\]dgkÕf]k\]d
hjgq][lg q \]d nYdgj ÕfYf[a]jg q kaeZŽda[g \] kmk hjg\m[lgk MF>H9$ *((,!& =kl]
hjg[]kg]ehg\]jYYdY[gemfa\Y\$Ykmkgj_YfarY[agf]kqd‰\]j]k$dgim]^Yngj][]
dYkj]dY[agf]kim]$]fmfeYj[g\]eg[j~la[g$\]Z]f]klYZd][]j[gfafklalm[agf]k
h“Zda[Yk\mjYfl]dY]b][m[aŽf\]dhjgq][lgq$[gfhgkl]jagja\Y\Y…d$[mYf\gkmjbYf
[gfÖa[lgkgk]]b]jrYf\]eYf\Ykj]^]ja\Ykdgk]khY[agkh“Zda[gk\]km]flgjfg&
DYk ^gjeYk \] hYjla[ahY[aŽf \] dY [gemfa\Y\ ]f ]d egfalgj]g q dY ]nYdmY[aŽf
hm]\]f nYjaYj k]_“f dY ]k[YdY \]d hjgq][lg q ]d lahg \] hYjla[ahY[aŽf im] ]f
…dla]f]&
=degfalgj]g\]mfhjgq][lg\]]khY[agkh“Zda[gk[gf^m]jl]afn]jkaŽf]faf^jY]k%
ljm[lmjY$[geghm]\]k]jdY[gfkljm[[aŽf\]mfhYjim]$]kemq\aklaflgYdegfa%
lgj]g \] mfY afa[aYlanY \]klafY\Y Y j]nalYdarYj ]d mkg \] mf ]khY[ag h“Zda[g hgj
e]\ag\]dYj]YdarY[aŽf\]Y[lana\Y\]k]f\a[`g]khY[agq\]dYhYjla[ahY[aŽf\]dY
[gemfa\Y\&
=degfalgj]g\]dgk_jYf\]khjgq][lgk\]afn]jkaŽfka_m]gja]flY[agf]kZYklYfl]
[d~ka[Yk&Dgk]b][mlgj]k\]dYkgZjYkeYfla]f]fmfh]jeYf]fl]j]_akljg\]dYkY[la%
na\Y\]kim]j]YdarY\Ykqmf[gfljgd\]d[jgfg_jYeY\]ljYZYbgq\]dgk_Yklgk&Hgj
km hYjl]$ ]d gj_Yfakeg im] ]flj]_Y ]d ÕfYf[aYea]flg k] g[mhY \] kmh]jnakYj ]d
YnYf[]]fdY]b][m[aŽf\]dYkgZjYkq\][gfljgdYj]d[mehdaea]flg\]dYk]kh][aÕ%
[Y[agf]kl…[fa[Yk&
DY af[gjhgjY[aŽf \] dY [gemfa\Y\ ]f ]d egfalgj]g \] hjgq][lgk \] _jYf ]fn]j%
_Y\mjY f][]kalY Ö]paZada\Y\ e]lg\gdŽ_a[Y q ngdmflY\ \] f]_g[aY[aŽf$ qY im]
\]Z] j]YdarYjk] ]f [ggj\afY[aŽf [gf dgk j]khgfkYZd]k q ]b][mlgj]k \]d hjgq][lg$
ka_ma]f\ghYj~e]ljgk\aklaflgkYdgkljY\a[agfYd]kqhm]\]\]janYj]fj]im]jaea]f%
lgk`Y[aYdYYmlgja\Y\im]Ye]jal]fmfYf]_g[aY[aŽf&=degfalgj]ghYjla[ahYlang
\]]kl]lahg\]hjgq][lgkhm]\]j]YdarYjk]hgjhYjl]\]\aja_]fl]kn][afYd]kgda\]%
j]kfYlmjYd]kY[m\a]f\gh]jaŽ\a[Ye]fl]Yddm_Yj\]dYkgZjYkq[]fljYf\gkmYl]f%
[aŽf]fYkh][lgk[geg2dYaf[gjhgjY[aŽf\]dgkYhgjl]kim]dY[gemfa\Y\hm\a]jY
`YZ]j `][`g ]f dY ]lYhY \] \ak]g3 dYk Zj][`Yk l]ehgjYd]k ]flj] ]d YnYf[] j]Yd
\]dYkgZjYkq]dhdYfaÕ[Y\g3dgkhjgZd]eYkim]dgkljYZYbgk]kl~fhjg\m[a]f\g]f
dYna\Y[gla\aYfY\]dgk Yk!n][afgk Yk!qkmkhgkaZd]kkgdm[agf]k3dY]flj]_Y\]dY
af^gjeY[aŽfj][g_a\YYkmkj]hj]k]flY\gk Yk!gn][afgk Yk!]f_]f]jYd3dY]flj]_Y
^gjeYd\]kmk[gf[dmkagf]kYdgkj]khgfkYZd]k\]dhjgq][lg3qdYf]_g[aY[aŽf\]kmk
j]im]jaea]flgk$ka^m]jYf][]kYjag&
;mYf\gk]ljYlY\]mfhjgq][lgh]im]g$\gf\]dYafn]jkaŽf]ke]fgj]afl]_jYf%
l]k \] dY [gemfa\Y\ hYjla[ahYf ]f km ]b][m[aŽf$ ]d egfalgj]g [gemfalYjag la]f]
[YjY[l]j‰kla[Yk\aklaflYkYdYfl]jagj&=f]klgk[Ykgk$\]Z]]klYjY\YhlY\gYdY]k[YdY
)-1
\]dhjgq][lgqYdgkj][mjkgk]pakl]fl]k2[ge“fe]fl]fg]khgkaZd][gflYj[gfkg^l%
oYj] hYjY YdeY[]fYj af^gjeY[aŽf$ afkljme]flgk \] j][gd][[aŽf \] af^gjeY[aŽf
fa[gf[gfg[aea]flgkl…[fa[gk\]egfalgj]g$]l[&HYjY]kl]lahg\]afa[aYlanYk$]d
egfalgj]g_]f]jYde]fl][gfkakl]]fdYj]YdarY[aŽf\]j]mfagf]kh]jaŽ\a[Yk\gf\]
j]hj]k]flYfl]k\]dgk]imahgk\]ljYZYbgaf^gjeYfkgZj]dYkY[lana\Y\]kq_Yklgk
j]YdarY\gk$kgf[gehYjla\gkdgkhjgZd]eYk]pakl]fl]k$k]Zmk[Yfkgdm[agf]kYdgk
hjgZd]eYkqhdYfaÕ[Y]dh]j‰g\gka_ma]fl]\]Y[lana\Y\]k&
=f dY ]nYdmY[aŽf hYjla[ahYlanY ]p hgkl$ dY [gemfa\Y\ q$ hYjla[mdYje]fl]$ dgk Yk!
mkmYjagk Yk!$hm]\]fY[lmYjaf^gjeYf\gkgZj]]dfan]d\]kYlak^Y[[aŽf[gf]d]khY%
[ag h“Zda[g [gfkljma\g g e]bgjY\g q dYk hYjl]k im] dg [gehgf]f$ ]phj]kYj kmk
]ph][lYlanYk ^mlmjYk j]kh][lg \] \a[`g ]khY[ag$ af^gjeYj kgZj] d][[agf]k Yhj]f%
\a\Yk]fYim]ddgim]d]k`Y[YZa\ghYjla[ahY[aŽfqnYdgjYj]dljYZYbgj]YdarY\ghgj
\aklaflgkY[lgj]kim]`YfhYjla[ahY\g]f]dhjg[]kg&
Mffan]dkmh]jagj\]afl]jn]f[aŽf\]dY[gemfa\Y\]f]dhjg[]kg]nYdmYlangg[mjj]
[mYf\gfgkŽdg]flj]_Yfaf^gjeY[aŽfhYjYim]gljgk`Y_Yfmkg\]]ddY$kafgim]
YfYdarYf dY af^gjeY[aŽf q YhgjlYf bma[agk q j][ge]f\Y[agf]k kgZj] ]d hjgq][lg&
=kl]lahg\]hYjla[ahY[aŽfhgjhYjl]\]dY[gemfa\Y\\akeafmq]]dja]k_g\]afkYlak%
^Y[[aŽfq$hgjdglYflg$Yme]flYdYkhgkaZada\Y\]k\]mkg\]d]khY[agqdYj]kgdm[aŽf
\][gfÖa[lgk&
N]flYbYk \] dY hYjla[ahY[aŽf [gemfalYjaY ]f dY hdYfaÕ[Y[aŽf q
j]YdarY[aŽf\]dk]_maea]flgqdY]nYdmY[aŽf
œ
œ
œ
œ
?YjYflarYim]dgk`YddYr_gk\]dk]_maea]flgqdY]nYdmY[aŽfqkmafl]jhj]lY[aŽf
_mYj\]fj]dY[aŽf[gfdYk[gf\a[agf]kdg[Yd]k&
;j]Y]fdgkafl]j]kY\gkmfk]fla\g\]hjgha]\Y\j]kh][lg\]dgkj]kmdlY\gk
\]dk]_maea]flgqdY]nYdmY[aŽf$[gfdgim]hjgem]n]kmhYjla[ahY[aŽf]f]d
hjg[]kg\]lgeY\]\][akagf]k&
H]jeal]im]dgkafl]j]kY\gk[gehj]f\Yfe]bgjdYk]kljYl]_aYkqhjg[]kgk\]
]b][m[aŽf\]dhjgq][lg$dgk]k^m]jrgkafngdm[jY\gk$dYkhjgZd]eYkkmj_a\gkq
dYkh]j[]h[agf]kim]\]]ddgkla]f]fdYkhYjl]k3im…kmjl]]^][lgqim…fg$q
hgjim…&
;gfljaZmq]Yde]bgjYea]flg\]dY[gemfa[Y[aŽfqdY[gdYZgjY[aŽf]flj]dgk
Y_]fl]kim]ljYZYbYf]f\a^]j]fl]kfan]d]k\]aehd]e]flY[aŽf\]dhjgq][lg&
>m]fl]29\YhlY\g\]MF>H9$*((,&
).(
:A:DAG?J9>A9
9mZ]d$ Bm\q& EYfmYd \] ]nYdmY[aŽf hYjla[ahYlanY \]d hjg_jYeY& ;Yl`gda[ J]da]^
K]jna[]kq;`ad\KmjnanYdL][`fa[YdKmhhgjl&>]Zj]jg$*(((&
;g`]f$ =& q >jYf[g$ J&$ ?]klaŽf kg[aYd2 [geg dg_jYj ]Õ[a]f[aY ] aehY[lg ]f dYk
hgd‰la[Ykkg[aYd]k&Ka_dgPPA=\algj]k&E…pa[g$*((/&
<aj][[aŽf \] Hj]kmhm]klg$ Eafakl]jag \] @Y[a]f\Y$ K‰fl]kak =b][mlanY \] dY
=nYdmY[aŽf \]d Hjg_jYeY \] J]`YZadalY[aŽf \] =khY[agk H“Zda[gk& ;`ad]$
*((,&
Eafakl]jag\]HdYfaÕ[Y[aŽf$FAH*()(ÇK][lgjemdlak][lgjaYdÇ<]kYjjgddgmjZYfg&
Kakl]eYFY[agfYd\]Afn]jkagf]k&;`ad]$*((0&
GHK$EYfmYd\]egfalgj]g\]dY]b][m[aŽf\]hjgq][lgk&9Zjad$)111&
K][j]lYj‰Y\]dY>mf[aŽfH“Zda[Y$?m‰YhYjY]degfalgj]g[am\Y\Yfg&E…pa[g$*((-&
Kakl]eY\]Af^gjeY[aŽf$Egfalgj]gq=nYdmY[aŽf\]Hjg_jYeYkKg[aYd]k Ka]ehjg!$
?]klaŽf afl]_jYd \] hjg_jYeYk kg[aYd]k gja]flY\Y Y j]kmdlY\gk& >gf\g \]
;mdlmjY=[gfŽea[Y&9j_]flafY$)111&
MF>H9$;gfbmflg\]`]jjYea]flYk\]hdYfaÕ[Y[aŽf$k]_maea]flgq]nYdmY[aŽf\]d
Y\eafakljY\gj\]hjg_jYeYk&9_gklg$*((,&
).)
/
;9HALMDG
;GF;DMKAGF=K
).+
/
).,
;GF;DMKAGF=K
Afl]j[YeZag\]]ph]ja]f[aYkqYhj]f\arYb]k
DYj]Ö]paŽfkgZj]]d]khY[agh“Zda[gqdY[g`]kaŽfkg[aYdj]mfa\Y]f]kl]daZjgh]j%
eal]hdYfl]YjYd_mfYk[gfklYlY[agf]kaehgjlYfl]khYjY]d\ak]g]aehd]e]flY%
[aŽf\]hgd‰la[Ykdg[Yd]k$lYflg]f]d~j]Y\]hj]n]f[aŽf$\]hjgq][lgkq]khY[agk
h“Zda[gk$[geg\]hgd‰la[YkmjZYfYk$]fmfk]fla\ge~kYehdagq_]f]jYd&
=fhjae]jdm_Yj$dgk]khY[agkh“Zda[gk]kl~f]fdY]f[jm[abY\Y$]fmfY[am\Y\qmf
emf\gmjZYfg[YeZaYfl]q\af~ea[g&Dgkjgd]k\]afl]_jY[aŽfhgd‰la[Yq[g`]kaŽf
kg[aYdim]d]k^m]jgfYljaZma\gk[gfYfl]jagja\Y\kgf`gqe~kmf\]kY^‰gim]mf
`][`gj]Yd&<]Za\gY]ddg$]khj][akgdg_jYjkm[]fljYda\Y\]fdYkhgd‰la[YkmjZYfYk$
\]Za\gYdYf][]ka\Y\\]\glYjdg\][gf\a[agf]kkg[aYd]kq^‰ka[YkY\][mY\YkhYjY
afl]_jYjYdgkfm]ngk Yk![am\Y\Yfgk Yk! fagk$faYk$bŽn]f]k$emb]j]k$ea_jYfl]k$
hgZj]kmjZYfgk$]flj]gljgk!$q\][gfn]jlajdg]fmf]khY[ag[g`]kagfY\gj$\gf\]
]d[gfÖa[lg\…hYkgYd]f[m]fljg[gf]dgljgqYdemlmgj][gfg[aea]flg$hgjkgZj]
dY k]hYjY[aŽf$ dY k]_j]_Y[aŽf q ]d ]kla_eY$ im] g[mjj]f ]f em[`gk \] dgk [Ykgk
j]nakY\gk&
Faf_“f[gfÖa[lg$hgj_jYn]im]k]Y$[gf\m[]YkalmY[agf]kajj]n]jkaZd]k$[gegdg
admkljYf\an]jkgk]b]ehdgk]fdYk[am\Y\]k]mjgh]YkqdYlafgYe]ja[YfYk&=klgk[gf%
Öa[lgk]kl~f[Yj_Y\gk\]]eg[agfYda\Y\$^Y[lgjim]dgkj]khgfkYZd]kh“Zda[gkqdYk
[gemfa\Y\]k\]Z]fYkmeaj[gegmf[gehgf]fl]\]dY_]klaŽf\]dYhgd‰la[Y\]
]khY[agh“Zda[g&=f]kl]k]fla\g$dYhgd‰la[Yj]ima]j]\]mf]f^gim]afl]_jY\gq\]
[geh]l]f[aYkemdla\ak[ahdafYjaYk$\gf\]dY_]klaŽf\]dgk]khY[agkh“Zda[gkaehda%
im] hjg[]kgk \] Yhj]f\arYb] [gd][lang$ \] j]kgdm[aŽf \] [gfÖa[lgk q \] YhjghaY%
[aŽf\]dY[am\Y\hgjkmk`YZalYfl]k&9kmn]r$]klY_]klaŽfg^j][]ghgjlmfa\Y\]k
\]affgnY[aŽfq\]kYjjgddgkg[aYdqmjZYfg$Y\]e~k\]l]f]jmfnYdgjkaeZŽda[g$]f
l…jeafgk\]a\]fla\Y\[gemfalYjaY$\]\a_faÕ[Y[aŽf\]d]khY[agq\]dY[am\Y\q\]
YnYf[]`Y[aYdYa_mYd\Y\kg[aYd&
=fk]_mf\gdm_Yj$hYjYdg_jYjkmgZb]lang\][g`]kaŽfkg[aYd$dY_]klaŽf\]dgk]khY%
[agk h“Zda[gk \]Z] Ykmeaj dY hYjla[ahY[aŽf [geg [gehgf]fl] []fljYd& =klY mf]
YdY_]fl]$dYj]khgfkYZadarY\]kmhjghaY[am\Y\qdYgZda_YYkalmYjk]]fmfhjg%
[]kg\]\a~dg_g[gfdYkYmlgja\Y\]kh“Zda[Yk&J]nYdgjarYdYhgd‰la[YqdY\ae]fkaŽf
\]_gZa]jfg\]dY[am\Y\[gege]\aY\gjY\]dgk[gfÖa[lgk…lfa[gk$\]_…f]jg]
afl]j_]f]jY[agfYd]k&
Kaf]eZYj_g$hYjYim]dYhYjla[ahY[aŽfk]Y]Õ[Yr$[gegÕfgafkljme]flg\]mfY
hgd‰la[Yh“Zda[YmjZYfY$]k]k]f[aYdim]dYkYmlgja\Y\]kqdYk[gemfa\Y\]kYkmeYf
km \ae]fkaŽf \] hjg[]kg q \] Yhj]f\arYb] \]d [YeZag h]jeYf]fl]& DY hYjla[ahY%
[aŽf\]h]f\]$]f_jYfhYjl]$\]dY[mdlmjY\]eg[j~la[Yhj]]pakl]fl]]fdY[am\Y\q
).-
]fdYk[gemfa\Y\]kim]dY[gehgf]fqla]f][geg[gf\a[aŽfim]ima]fegfalgj]Y
]dhjg[]kg%k]YmfY_]fl]hgd‰la[ggl…[fa[g%l]f_Y[dYja\Y\kgZj]]d[Yj~[l]jaf[dm%
kang]p[dmq]fl]\]dgk[jal]jagk\]hYjla[ahY[aŽf$Yk‰[geg\]dYj]d]nYf[aY\]ÕbYj
j]_dYkhj][akYk$im]Yhmfl]fYd]ehg\]jYea]flg\]dY[gemfa\Y\&
Dgk [gfl]fa\gk \] dY hYjla[ahY[aŽf aehda[Yf ]d j][gfg[aea]flg \] afl]j]k]k \ak%
laflgk q hgl]f[aYde]fl] [gfÖa[langk$ dg [mYd [gfdd]nY Y[]hlYj dY \an]j_]f[aY q ]d
[gehjgeakg h]jeYf]fl]$ lgeYf\g [gf[a]f[aY \] dg im] k] hm]\] q k] ]kl~ \ak%
hm]klgYhY[lYj$ql]fa]f\g[geg]b]]dZa]f[ge“f&9\]e~k$mfY\]dYk]pa_]f[aYk
^mf\Ye]flYd]k\]dYhYjla[ahY[aŽf]kdY\a^mkaŽf\]mfYaf^gjeY[aŽf\][Yda\Y\q
ljYfkhYj]fl]&
=fl]j[]jdm_Yj$`Yqim]l]f]j]f[m]flYim]fg`Yqj][]lYkhYjY]dljYZYbg]fdgk
]khY[agkh“Zda[gk&FgdYk`Yqhgjim]]pakl]f[gfl]plgkdg[Yd]k$[mdlmjYd]k]`aklŽ%
ja[gk \an]jkgk& Af[dmkg ^]fŽe]fgk _]f…ja[gk$ [geg dY ea_jY[aŽf$ Ykme]f ^gjeYk
q ]phj]kagf]k \aklaflYk q la]f]f [YmkYk \aklaflYk2 ]f dYk [am\Y\]k ]mjgh]Yk$ ]k
emdla[mdlmjYd q ]kl~ []fljY\Y ]f e]bgjYj dYk [gf\a[agf]k ][gfŽea[Yk3 ea]fljYk
im] dY ea_jY[aŽf j]_agfYd ]f DYlafgYe…ja[Y em[`Yk n][]k ]k hjg\m[lg \] dgk
[gfÖa[lgk hgd‰la[gk$ dY _m]jjaddY q ]d fYj[glj~Õ[g$ [gfnajla]f\g Y kmk hjglY_gfak%
lYke~kim]ea_jYfl]k$]f\]khdYrY\gk&=klYk\a^]j]f[aYk[gf\a[agfYfdYk^gjeYk
\]j]kgdn]jdY[g`]kaŽfkg[aYd$hgjim]`YqmfYeYljar[mdlmjYdqd]f_mY[ge“f]f
DYlafgYe…ja[Y$kalmY[aŽfim]fgk]hjg\m[]]f=mjghY$dgim]\]l]jeafYdYkY[[ag%
f]k]ehj]f\a\Yk&
<]eg\gim]]kdY[gfl]plmYdarY[aŽfkg[ag][gfŽea[Yq[mdlmjYddYim]\]l]jeafY
dY ]kljYl]_aY$ dY fgjeYlana\Y\$ dYk eg\Yda\Y\]k \] Y[[aŽf afe]\aYlYk q \] dYj_g
hdYrg$ka]ehj]]f]deYj[g\]mfeg\]dg\]\]eg[jY[aYaf[dmkanY&
;geg[mYjlg]d]e]flg$j]eYj[Yf\gdYa\]Y\]im]fg`Yqj][]lYk$]khj][akgk]Y%
dYjdY]pakl]f[aY\]]d]e]flgk]kljm[lmjYfl]k\]dYkafl]jn]f[agf]k&=flj]dgke~k
aehgjlYfl]k\]klY[Yf2
œ
HjglY_gfakegaf\akh]fkYZd]\]dgkY[lgj]kkg[aYd]k
9mlgja\Y\dg[Yd$_jmhgkkg[aYd]kafngdm[jY\gkqY“f_jmhgk[gfÖa[langk&Fg
`Yq\]eg[jY[aYkafhjglY_gfakegj]Yd&<]Za\gY]ddg]kf][]kYjagj]eYj[Yj
im]dYhYjla[ahY[aŽf\]dgkY[lgj]kfmf[Y]kmfÕf]fk‰eakeg]f]d[gfÖa[lg
im]\Ygja_]fYdYafl]jn]f[aŽf&9d[gfljYjag$dYhYjla[ahY[aŽf]fdY_]klaŽf
\]d [gfÖa[lg ]k h]j[aZa\Y [geg mf e]\ag hYjY ]\m[Yj ]f dY hYjla[ahY[aŽf
\]eg[j~la[Yim]]k]dhjglY_gfakeg\]mfYkg[a]\Y\[anad]ehg\]jY\Y&
=f dYk j]Yda\Y\]k ]mjgh]Yk k] ljYlY \] ljYZYbYj lYeZa…f hYjY dY af\ana\mY%
[aŽf\][YfYd]kqfm]nYkeg\Yda\Y\]khYjYafngdm[jYj\a^]j]fl]kkmb]lgk\]
dYkg[a]\Y\[anad$\Y\YdYeYqgj\aÕ[mdlY\]faf[dmajdYk[gemfa\Y\]k]fdgk
hjg[]kgkhYjla[ahYlangk&
)..
œ
œ
œ
œ
œ
FgjeYlana\Y\Ö]paZd]qgja]flY\gjY
=kf][]kYjaYmfYfgjeYlana\Y\im]Zmkim]Y\YhlYjk]Ydgk[gfl]plgkea[jg
g eY[jg& DY fgjeYlana\Y\ ]k h]j[aZa\Y [geg mf afkljme]flg q hYjY fY\Y
[gegmfÕf]fk‰eakeg&=f]klYd‰f]Y$dYkgZj]fgjeYlana\Y\\]dgk]khY[agk$
]fYd_mfgk[Ykgk]mjgh]gk$]kh]j[aZa\Y[gegmfgZkl~[mdge~kim]mfafk%
ljme]flgY\][mY\ghYjYdY_]klaŽf\]dgk]khY[agkh“Zda[gk$qYim]em[`Yk
n][]kaf`aZ]dY]khgflYf]a\Y\\]dgkY[lgj]kkg[aYd]k&
Hj]k]f[aYaehj]k[af\aZd]\]dY\ae]fkaŽf[gemfa[YlanY
=flg\YkdYk]ph]ja]f[aYk`YqmfYf][]ka\Y\\]af^gjeYj$lYflgYdY[gemfa%
\Y\afl]jfY [gemfa[Y[aŽfh]\Y_Ž_a[YYd_jmhgZ]f]Õ[aY\g![gegYdj]klg
\] dY kg[a]\Y\ [gemfa[Y[aŽf ]kljYl…_a[Y! kgZj] dgk gZb]langk$ hjg[]kgk q
j]kmdlY\gk \] dYk afl]jn]f[agf]k ]f ]d ]khY[ag h“Zda[g& ;gf ]ddg k] Zmk[Y
afÖmajkgZj]dYkgljYkhgd‰la[Ykh“Zda[YkqmjZYfYkqkmk]f^gim]k$hYjYljYf%
kalYj\]k\]mfYnakaŽfhYl]jfYdaklY\]dgkY[lgj]kkg[aYd]k$`Y[aYmf]f^gim]
ljYfkn]jkYd\]dYhYjla[ahY[aŽf$]d]ehg\]jYea]flgqdYkmkl]flYZada\Y\&
;ghjg\m[[aŽf\]dY[am\Y\
Mfg\]dgkgZb]langk]flg\YkdYkafl]jn]f[agf]k]k j]![gfkljmajmfY[am\Y\
\gf\]]dY[lgjkg[aYd\]ÕfYdgkhYj~e]ljgk\]hjg\m[[aŽf\]dY[am\Y\&HYjY
]ddg$]k^mf\Ye]flYddY[ghjg\m[[aŽf\]k]_mja\Y\[geg^gjeY\][am\Y\Y%
f‰Yhd]fYqdaZj]$im]aehda[YfgkŽdgdYljYfkn]jkYda\Y\%jYjYkn][]kdg_jY\Y
hd]fYe]fl]$h]jgka]ehj]Zmk[Y\Ygf]_g[aY\Y%kafglYeZa…fdY[YhY[a\Y\
\] eg\aÕ[Yj dY hjghaY ]kljm[lmjY afklalm[agfYd hYjY dg_jYj dgk gZb]langk
Zmk[Y\gk& =f dgk [Ykgk YfYdarY\gk$ ]f dY Hgda[‰Y \] :Y\YdgfY ^m] [j]Y\Y dY
Mfa\Y\\];gfnan]f[aYq$]f]dJaeY[mkYjgfmfYh]\Y_g_‰Y\an]jkY\aja_a\Y
Yd dY!bgn]f\]dY[Ydd]&
;am\Y\Yf‰Ylgd]jYfl]
=dgZb]lang]k]f[aYdqhjg_j]kang\]lg\gkdgkhjg[]kgk]kdYZ“kim]\Y\]mf Y!
[am\Y\Yfg Y!j]khgfkYZd]qim]Y[]hl]dY\an]jka\Y\&=kl]]k]dgZb]lang\]
dYafklYmjY[aŽf\]hjg[]kgkh]\Y_Ž_a[gk$im]la]f\]fY]\m[Yjgj]]\m[YjY
dgk Yk!hjglY_gfaklYk$h]jeala]f\gim][j]]f`YZada\Y\]kqgja]fl~f\gd]k&=d
hjg[]kg]\m[Ylang`Y[aYdY[am\Y\Yf‰Ylgd]jYfl]j]ima]j]\][am\Y\Yfgk Yk!
im]fg]kl…fYkakla\gkfa]f[]jjY\gk]fmfYkmZ[mdlmjYgeYj_afYda\Y\&=d
hjg[]kg\]af[dmkaŽf]kdg_jY\g_jY[aYkY\a[`ghjglY_gfakegqhgj]ddgdgk
[Ykgk\]hjglY_gfakeg\]k\]dYaf^Yf[aYkgfmf]b]ehdgfglYZd]&
D]_alaeY[aŽfhjg_j]kanY\]dYkafklalm[agf]k
=fdYe]\a\Yim]kgf[ghjg\m[lgjYk\][am\Y\q\]k]_mja\Y\$dYemfa[ahY%
da\Y\$hgda[‰Yg^YeadaYk]d]_alaeYf]f]dhjg[]kg&=f]d[gfl]plg]mjgh]g$mf
ljYZYbg hYjla[ahYlang ]f dgk ]khY[agk h“Zda[gk hm]\] h]jealaj j][mh]jYj dY
j]dY[aŽfh“Zda[g%[am\Y\Yfgim]k]`Y\]k\aZmbY\g[gfdgkYgk&KgZj]lg\g
)./
dY^YdlY\]g[Ykagf]k\][gf^jgflgqdY\aklYf[aY]flj][am\Y\Yfgk Yk!qafkla%
lm[agf]k`Yhjgng[Y\gmfY\]k[gfÕYfrYim]]kf][]kYjag\]bYjYlj~k&
Hgj“dlaeg$dgklahgk\]j]khm]klYkim][Y\YmfY\]dYk[am\Y\]k\]kYjjgddY^j]fl]
Ydgk\]kY^‰gk\][g`]kaŽf\]dgk]khY[agkh“Zda[gkj]khgf\]fYh]jkh][lanYk[ge%
hd]e]flYjaYk n]jlYZdYÕfYd!&
<]mfdY\g$dY[am\Y\dYlafgYe]ja[YfY\]Z]`Y[]j^j]fl]YdY[Yj]f[aY\]]khY[agk
h“Zda[gk$Yfan]d]k\]afkYdmZja\Y\q\YgYeZa]flYdqYdY^YdlY\]hj]k]f[aY\]d
=klY\g]fdgkZYjjagke~khgZj]k\]dY[am\Y\&9fl]]klYkalmY[aŽf$]d]f^gim]\]
afl]jn]f[aŽf[YfYdarYdgkYdlgkfan]d]k\]hYjla[ahY[aŽfkg[aYdÇ]fl…jeafgk[gehY%
jYlangk[gfdYk[am\Y\]k]mjgh]YkÇim]$hgjgljYhYjl]$kgf\][j][a]fl]kj]kh][lg
\]\…[Y\YkYfl]jagj]k&9kmn]r$dYafl]jn]f[aŽf\]dgk]khY[agkh“Zda[gk]fdYk[am%
\Y\]kdYlafgYe]ja[YfYk[gfdd]nY]dËhY_g\]mfY\]m\Yh]f\a]fl]Ì3dYaf[dmkaŽf\]
lg\gkdgkk]_e]flgkkg[aYd]k]fdY[am\Y\&<]Za\gY]ddgkgff][]kYjaYkafn]jkag%
f]k[mYflagkYk$]f^gim]kfgn]\gkgk\]ljYZYbgq$hgjkgZj]lg\g$[]fljY\gk]fdY
af[dmkaŽfkg[aYd&
<]d gljg dY\g$ dYk [am\Y\]k ]mjgh]Yk \]Z]f `Y[]j ^j]fl] Yd \]l]jagjg mjZYfg$ dY
gZkgd]k[]f[aY\]kmk[]fljgkmjZYfgkgdY^mf[agfYda\Y\\]kmkh]ja^]jaYk&9\]e~k$
la]f]fim]Y^jgflYj]dhjgZd]eY\]mfmladargemdlalYj_]lqemdla^mf[agfYd\]d]khY%
[agh“Zda[gim]$Yn][]k$]k[jmrY\ggmkY\ghgjmfkŽdg_jmhg\][am\Y\Yfgk Yk!$
h]j\a]f\g dY [YjY[l]j‰kla[Y \] ]khY[ag \] [gf^jgflg q ]f[m]fljg& Bmflg [gf ]ddg$
\]Z] `Y[]j ^j]fl] Y dY af[dmkaŽf kg[aYd$ kgZj] lg\g [mdlmjYd q fgjeYlanY \] dgk
ea_jYfl]k$hgfa]f\g]fhj~[la[YdYemdla[mdlmjYda\Y\qdY\an]jka\Y\&>j]fl]Y]ddg$
dgk [gfÖa[lgk ]f dgk ]khY[agk h“Zda[gk kgf dY ]phj]kaŽf \] mf ^]fŽe]fg eYqgj$
[gegeYqgj]klYeZa…fdY^gjeY]fim]dgk[gfÖa[lgkk]j]km]dn]f]f]d]khY[ag
h“Zda[g$mfYk]YdhYjYdY[am\Y\]fkm[gfbmflg&
).0
LAHGK<=
;GF>DA;LG
LAHGK<=J=KHM=KL9K
;GFL=PLG
=khY[agk\]l]%
jagjY\gk^‰ka[Yq
kg[aYde]fl]
=ehg\]jYea]flg\]dY[gemfa\Y\
Õf\]dYkakl]f[aYdakeg]afa[ag\]d
hjglY_gfakegmjZYfg!
;YeZag[mdlmjYdhgje]\ag\]dY[am%
\Y\Yf‰Yj]khgfkYZd]$\]dYaf[dmkaŽf
\]$qYhYjlaj\]$dgk_jmhgke~k[gf%
Öa[langk2qfgjeYlana\Y\]\m[YlanY
EajY\YljYfkn]jkYd\]d]khY[ag
h“Zda[g\]k\]dYafn]jkaŽf\]d
_gZa]jfgdg[Yd
Afn]jkagf]kh“Zda[Yk_YladdYfhjg%
[]kgk\]\afYearY[aŽfmjZYfY]f
[gfl]plgk\][a[dgk][gfŽea[gk
najlmgkgk&
Af[dmkaŽf\]$qYhYjlaj\]$dgk_jmhgk
e~k[gfÖa[langk2bŽn]f]k
J]\ak]g\]d]khY[agmjZYfgYhYjlaj
\]dgkbŽn]f]k[geghjglY_gfaklYk
Af[dmkaŽfYhYjlaj\]dgk Yk!fagk Yk!
[geg]pa_]f[aY\]eg[j~la[Y
;gfl]plgdg[Yd\]ljYfk^gjeY[aŽf
\]dYk[YjY[l]j‰kla[Yk\]dY[am\Y\
hYkYb]\][am\Y\af\mkljaYdY[am\Y\
\]k]jna[agkghYkYb]\][am\Y\Y
e]ljŽhgda!
Af[dmkaŽf\]$qYhYjlaj\]$dgk
_jmhgke~k[gfÖa[langk2\]ZYjjagk
eYj_afY\gk
;gfljgd$j][gf[adaY[aŽf$j]fgnY[aŽfq
eg\]jfa\Y\^mf[agfYd
Kmkl]flYZada\Y\
YeZa]flYdqkg[aYd
LjYfkn]jkYda\Y\]fdYj]khm]klYq
hjglY_gfakeg\]dY[gemfa\Y\q$]f
]kh][aYd$\]dgkbŽn]f]k
;j][aea]flgY[]d]jY\g\]dY[am\Y\
kaf[gf\a[agf]k\]kmkl]flYZada\Y\&
HYkgYdY[am\Y\af[dmkanYq
kmkl]flYZd]
Mkg\]d]khY[ag
[gemfalYjag
Af[dmkaŽf\]dgkY[lgj]kYhYjlaj\]
dYe]\aY[aŽf[gemfalYjaYq\]dmkg
afl]_jY\g\]dgk]khY[agk
<]j][`gYdY[am\Y\[gegZYk]\]
dYj]kgdm[aŽf\]dgk[gfÖa[lgk]flj]
Y[lgj]k
=p[dmkaŽf\]
ea_jYfl]k
J]kh]lg]af[dmkaŽf\]dY\an]jka\Y\
J]^]j]f[aY[gfl]plmYdYdeg\]dg
afl]_jY\gj\]dY[am\Y\]mjgh]Y
FgjeYlana\Y\Ö]paZd]qgja]flY\gjY
LjYfka[aŽf\]dYkgZj]fgjeYlana\Y\
YdY[m]j\gq]d[gehjgeakg
Afklalm[agf]kY\YhlY\YkYdgkfm]ngk
hjgZd]eYk\]d]khY[agh“Zda[g
>d]paZada\Y\q[YeZag\]dYafl]jn]f%
[aŽfh“Zda[Y
H]j[]h[aŽf\]afk]%
_mja\Y\$[j‰e]f]k
q\]dalgk hj]k]f%
[aY\]hYf\addYb]$
ZYf\Yk$ka[Yjagk!
).1