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¸¸, .e..e¸..,..e. ._~:c~e..~:. ¸¸, .e..e¸..,..e. ._~:c~e..~:. ¸¸, .e..e¸..,..e. ._~:c~e..~:. ¸¸, .e..e¸..,..e. ._~:c~e..~:. ¸¸, .e..e¸..,..e. ._~:c~e..~:. (wage-price-wage)
_._~:c . e .. ~:.e .- :,_ .e .. c .e¸.., .e ._ · ¡
~e q:eq.. .e.~ ~qc.:. .e¸..,.~ ~qc.:..e:
e. . c .
..·:~:._ec ._e:.¸c .e..ee~_ .e¸.., ..e e~
._. .e¸..,..ee~_ .e..ee~._e.__ec ._~:c.e
..~:.~. ~_e,~., .~¸.e._e¸ee.qc. .o:ce~.,_.c. _ee
._. _..e:c.ee e .-:, e¸¸.~ eqe.e:c.ee' (cost inIla-
tion) e._. ..'_~._.
¸,, ee_._ee.ee e..c.e_ee.eee._~:c .e¸..,.e~ _.c. ¸,, ee_._ee.ee e..c.e_ee.eee._~:c .e¸..,.e~ _.c. ¸,, ee_._ee.ee e..c.e_ee.eee._~:c .e¸..,.e~ _.c. ¸,, ee_._ee.ee e..c.e_ee.eee._~:c .e¸..,.e~ _.c. ¸,, ee_._ee.ee e..c.e_ee.eee._~:c .e¸..,.e~ _.c.
(shortage-caused inflation)
ee_..e _ee.eq:__ee.e e..c.e_ee.eq:_ _ee.e
~e,e~e _ee.eeq.c.~. ~._~:c.._~:c._ec e,e._e.
_ee.e _.c.e¸¸.._ . _ee . c ._.
~.¸ ¸¸~._.~.,e _ ~ , o e . e e .c ~ , e_ e ..c .e _e, _e¸.
eeec e.c.._ec~¸¡._.c.._~:c ~e.~.c..~~: q:.e|.e
.e'.e|~_e. .e¸..,.e~_.c.e¸:.._. q.c._. _._~ ._
ecee .e:c.ee ' (bottleneck inIlation) e ._. ._e:_~._.
~:-:e ce - ~, .e~e~ee¸:.._~:c ._. .e¸.e~ . c ._.
¸,, . cc_.:.. c .~ ,ee_ . .e¸.e~.:e ¸,, . cc_.:.. c .~ ,ee_ . .e¸.e~.:e ¸,, . cc_.:.. c .~ ,ee_ . .e¸.e~.:e ¸,, . cc_.:.. c .~ ,ee_ . .e¸.e~.:e ¸,, . cc_.:.. c .~ ,ee_ . .e¸.e~.:e
(import price inflation)
.cc_.:.e e:eec.c .q..: ~,ee_.e¸:. .e¸.e~.:
..:~.| ...~,ee_.e¸:.._ ._..~:c. .cc_.:.ee_.e¸:.
.._ oe.eq..: .ec,.ee ~,ee_.e¸:.._._..~:c.
.c .c .c .c .c
.e¸..,.e~_~q._. oeee.c ee.ecc eeece|...
~_.:.~,ee _.e - .e¸.., .e ._ ._. .q:.e:cee_~._ .
¸.q,.e¸..,.e¸:. ,eeq~ e~.~e¡~ _~...: .e:c.ee
e¸¸. ee~e:.... ..~q._. _ecee e_~:.- .q:, ~_
.e¸..,.e¸:. e~ .q._ .,
¸¸, . c c _.:..c . . e .q.., .._~:c .e:c .ee ¸¸, . c c _.:..c . . e .q.., .._~:c .e:c .ee ¸¸, . c c _.:..c . . e .q.., .._~:c .e:c .ee ¸¸, . c c _.:..c . . e .q.., .._~:c .e:c .ee ¸¸, . c c _.:..c . . e .q.., .._~:c .e:c .ee
(exchange-rate caused inflation)
_.e:c.ee~e¸¸.~e:.._ e..,:~e c ._ ~.e: ~¸e _e,
.:._. e_._~._~:c.e¸:..c e¸ eeeee.~.c· ee .cc
- .c._~... e .q..,.o:.._ ~_.:.. c c .c._~.e¸:..c ..e
q:_ e,e.~¸.c..:..¸c .e¸:..cce ee_.e~ ~...,qc.
.e¸._~ ._~ ..e._ ceq._ ..·: .~ .q:~.:.._.
ee.cc- .c._~.e,e. ~¸.c..¸c .e¸:..cce ceeq
..: ee_ ..e¸.. , .e¸:. (import prices) e~ . :.._. _. e~ q:
e _e_ec._ ~_.:.~,ee_..e¸..,.e¸:.._. .~e~.:.._.
o ._~:c .ce, e .~¸.c._.c.._ .e:c.ee~e ..e._ .
¸c, ~e .., .._~:c .e:c .e e ¸c, ~e .., .._~:c .e:c .e e ¸c, ~e .., .._~:c .e:c .e e ¸c, ~e .., .._~:c .e:c .e e ¸c, ~e .., .._~:c .e:c .e e
(interest rate inflation)
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e _ ~e .. , ._~ ..,.¸c e~.,.¸c .e¸.. , ..ee~ q:_ ~.o:~
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. q:e c ee e~e :. c ce _ ~e .. ,. _e.,:._
...ce._ eee_ .._.:.~e¸¸.~e:.eeqe~_ee eeoe_e.
q._ .
.¸ .¸ .¸ .¸ .¸
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..: .e:c.ee~e¸¸.~e:..c e.-:,eece_.. ee.cc.c ee
.cc .e¸_~¸qc.cq..: .e:c.ee ~e¸¸.~e:.ee:._. e_
_~._ ee e .e. ~ _e:._.:.,:._~e|._ . ...~. ~ ~ _e:._.:.,:.
, e¸e~ ~.¸ , ~:.~:._ec ._ . .e:c .eee .-:, e ._ _.:.,:.e :
_ee .e'_~.e._ .
.¡¸c _e_.,.ee¸:.~ .e¸_~¸...: .e:c.ee._ e.
e¸~ .e:~~._.~.,_ .e¸_~¸.,q..: .e:c .e ee. c ~e¸¸.~e:.
~q ee__~.e. o~_ec .ccee.cc_ .e:c.ee~.q:e .e¸
_~¸_ee..¸c .e:c.ee~e¸¸.~e:. eee¸¸.e_.~.: .e¸_~¸q
._eee . ~o~ec.e:_e...: ~e¸¸.~e:.e¸:.~,~e .ee¸¸.
..e¸ ¸.e ~ .e|c .eee.e _e. .q:_e. .e¸_~ ¸q_.c. _ee ..._ .
. . e| .e:c .ee ~e¸ ¸.~e:.~. ~ _ec q..: ~._~:c.eq:.
e e:._. .~e¸¸.~e:..c. .._.:.e ~e:._.:._e. q _~._
eee .q:.o ..,ee ._ .
o~_ec .e:c.eee._ eee¸¸.eeee¸¸.. .¸c_e,e:
~.e~.:.ee._ .·:c~._. q.e._. o._~:c .e:c.e
e _e.,:~ _~¸.e¸q_ee..¸c ~._~:c.eq:.e~ ~~_
q:.e_ee e .-:,~e¸¸.~e:.ee. e_.~ ~e:._.:._e . ~, _e.
...e.e_ee .q:·|~o.~ e..~:.~¸ ee.e_. .¸ee.e..
e_ee .q:·|.~ -:.c ~ ~_ ._ .c ec ..¸:~ ee ..: ~o .
.c ...¸.e'.e ,e~ e, ~,..: ~e~eee¸:._ec e ~.~¸.q.e
._ .
~e:_ce..¸e..q.' ~e:ee' ...: ~e~ee .c|e:q
e¸:.~ .ec .e:c.eee.-:,~e¸¸.e¸¸.e._ .cc_~.cee.q.
ee~e:... e¸¸.~.e~.,_e_ee_ ~e:.e:c.ee' (world in-
Ilation) .ec ..'.c'._e:..,_~e|_e.
.· .· .· .· .·
~e:.e:c.ee~ _ee .e..: ~._~:c.eq:.e._ .cc
ee.cce~.~ _ee..: .e:c.e e~._~:c.eq:.e.c oee
ee_.e. .._.:...: ~._~:c.eq:.e._ ~e:~ec.~e:
~:._ec .eq :.~~¸¸..~.q:~_.c._ee_ ~e:.e:c.ee~e~
~o.e: eee¸¸._ee..._. ~._~:c.eq:..c ee_eeee:._.
eee¸¸._ee .e._.
e.,~o_ .·:·.e.e_:qce ~ .~:~e|~._~:c.
eq:.. .e|.._ ~e: .e:c.ee~ _ee .e..: eq:.. .e|._ee._e
eee .e:_e.¸~q _~._. ,c.e e:
¸., .cc_.:..c._~. ..e.q..,.o:.e¸:.~ ~qc.e¸:
o:._.c. (Iloating exchange rate)
¸¸, .q .e¸.. , .~ ~q c .e o:._.c .._~:c .q .e¸.e~ _.c .
¸,, .e:c.e ee~:.~ e,..,..q, q_qe ..: e.q:.
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.,_.c.e _eee|._ .
~e: .e:c.ee._ eoe_ ._~:c. e..~:.~. _eeo,.
-. e..e:c.ee._ ~.c~e:..·:..:c.:._ e~ (ma-
chine) _ee.:_ee ¡ee:.e._~._. ~·.ee~:. eq.¸c in-
Ilationary spiral` e inIlationary machine` . ~.._e:c..:._.c.
_ee ..._ .
.,e· ec . .,e· ec . .,e· ec . .,e· ec . .,e· ec .
~e , ~ee .. -_e. .¡¡, ..e.
.¡ .¡ .¡ .¡ .¡
e.e :.=q. ¬±_ e÷
.q.e ~~.~ ee.e.qc.e_ ~._~qe:.c · .. e
e¸:. ee~e¸¸.e¸¸..c q.~. e.e:..q.ec._. ~._.e.q,
~qe:.c ·..ee¸:. q.e._. ~:..._.¸_e. ~._ e~ (Iine-
tuning mechanism) e_ e.e:..q.e_:qce¸:.~ ,:e_.e.o:.
_~._ .
,q.c ~.q¸¡.q:e.cc eec ._..~:c. e,e_e__
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e.e:..q.e_:qce ~eec~ e,ee.e:..q.ec e.e:..q. ~.
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e,ee.e:..q. e_:qce- .ce,.¸~~ ~.,:~ec.e
e .e :..q.e_:qc~.¸¸¸~ ee .c e ._e . .ce, _e._. e,e e.e:..q.
e c e .e :..q.~. _ e~ ._ ~:..e¸:.,, e¸e~ _e~ ~ .e¸.~~
e .e :..q.eo ~ ..: ec qc .~. .c e_ · e e.e:c .e ~. .c _ .,
._e .o:~_e_~._. .~e.. ~e:..e.qe_ · ..e
e._ e._ee .,._e .._.
ee ¸_e¸...: ee e ~e:cc . c c e ec~:. e .e:..q. ~.
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e_:qce~ ...e_~._. e_..._e: e,~~eq:o_
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_e¸~¸.:.._~ .e¸.~q..: .cce¸:.~eq:_ e.e:..q. ~.
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,:.._ o:..¸c . ..:~._ .
e c ._e_ ee _e_ - e .e :..q.e c ~ , o e ~._.~_ee e¸:.e
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.ee:ee¸:. ~....q_~._. _~._.~_eee~ ..,q:.c.
. .c.¸o:..e.q,.._. allocation oI resources e ..'._.
_. ..c.¸o:.q:_ oo.q:~.q:~_eee.._. ~~¸¸..~¸.e.
e¸:.e.._. ._e_eee.._. ~.¸¸.~e:.~¸,e.._. eee~
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q_~..._. e_ ..:.¸ce: q_~..._. .~q~q e.e:..q.
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._. _~.¸~._ .,:~e·..e'.. .e'._.
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eq:.e¸:.~ec. e_.¸c ~, .e¸..,. .ce,e . .cc_.:..c ..e
.q..,. ~e..,. .e. ~_ee .c.e:c.ee .c~¸¸¸e e._
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~e , ~ee . e,. .¡¡, ..e.
¸, ¸, ¸, ¸, ¸,
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_~._.~.,e c e.eee¸¸. ..ee:..:_e, ._. ~.e
~¸cce ,e' (work ethics) .c e.e:..q.~¸cce,e' (business
ethics) ...: ~._~:c.~q:.ee|.ec _ee-. _~._~:c.~q:
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q: _.¸.~.¸c ~~¸¸.q..._ ._.:_ee._. ~e:.e._
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q.. ~.e'e : ~._.._~_ _e. .ce, . ..e e .e. _:, ~¸e_e ._e:
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ing tendencies) e~._. eee~_ ~.~..¸:~ ~.|~:.
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ec _ee.e._. e.e:..q..ec,.qc_~.e~ e.e:eeq:. ~_ee
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q:.._ ~e,..q:~ee~ _e,._..¸e¸~_e. _. c..e.. c..:
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eee~_._. .e~.qee,e ~q ~e ,..q:~ee~ .ce,
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e ~ e,e:._ee.ce|._. o~_ec _.,q:_ eq:.¡e..~q
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e.~.|_ e~ee¸_e¸._e..cceec -q:e .~:e.q.qc.
_~.e._ .e.q.e:c,~ oe...:c.c._...: ~. ~e,
,e (social responsibility oI corporations) ~ ee_e¸_ e.e:..q.
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e ~ ee~e:..~ ~,e~_e,.¸~ ee.¸~ ~.e.e~c
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. cq, e c._ec..¸~q e|._ .
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e.e:..q.~¸cce,ee¸:.~._~:c. ~_~e...·: qc._e
_e..¸c ~.e~¸c ce,e e¸:.~._~:c .~ .~e|q.e.
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~ ~_ec~e¸ ¸.e¸¸._ec ·-ec._~._.
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~e-ee.ec ~.e.eq.¸c ec.~e-~.e' ee.~..
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e_.c..c ~.e e_e¸e._ ~._.~.,e~ q__,.._e:. ._~
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ment) ,_..e.~_ee._ . _ec.:_~._.
. qe.ee,e_~:. ~.e~ ..·:eq:._ec .¸_o:.-.
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e_.. e .c ec ~...~e:.~qe ~e:.e¸:._ec e .e:..q.e,ee ~
e.:.' .,_~._ ._ .q -.
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e=¬:¬¬e¸,..- =e¸.÷÷e.e:.=q._e±,:
e:.q..._ _e.,:~ _. ee:oee|._ .
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~e:e.e:..q.~._~:c. ...~. ~ e.e:..q.~._~:c.
e ~ ~e¡~_e ...:ee,.,.e._ qc..._e ¸e.e (invest-
ment) . ..: e~:.~ ,:.e. .~:c _~:.. .,_~q._ . ee . e cc
eeece| ... ~eqee: e.e:.e¸.~~ (stock exchange)
~._~:c .e ~ ._ . ee ,.,_~q._ .
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e_.ec_ee.e ~o~ec oeo:...: ee:- ~._e~
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~qc.~..e¸:. o~._e.._.c. (Ilight oI capital) ~._~:c.~q:
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qc.e:ec .e:_eo:.._. ee.~e_._ _._e,.:_~._
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._ec e·.~ec _e¸.e.q. ~e~e¡e_ec ~e.q
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e ~ ..¸:.¸,e.e..e._~q._. .e.e.c .e..:
q._ .
¸¸, _e_ec._e_e ~qc .~.. e..c.e (capital Ilows)
.e'ec .¸¸eo,.o:...: ~e~ee~ ..¸:.e|
.e..:_~q._.
¸c, .cc_.:.qc..._e¸e.ee~ e~e~_~_~ q:.e ee
..'_~q._. ee,_.._e:.¸c qc..._e¸e..e¸:..c
ee..e¸.c..: c,.~¸c (investor Iriendly) ~ .e .
_~q._ .
o~._e..:....: ~qc.~..e._ ~o~e|~._~:c.
eq:. ._.:~.¸~e._~:c e.c.cce¸:... _e,.:_~.e._ .
. ..: ~.¸¸¸.cceec eceq ~.¸¸¸.cce_e ~.:,_._~._.
_.¸_e.._e:.¸c~:. eee~e:.cce¸:... ~qc.~..e¸:. _e,.:
_~._~ e¸:.e|._.
. ..: ee e~e :. c c e ._ _e, _cc.:..: ~qc .~. .
e ~.: ee_eeee.e_.~_ee ~:.o:._~q._eee. ~e_e,
.:..: ~qc .~. .e¸:.~_ec ~_.:.,_ ..e .e _ec . c c _.:.e .:..:
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(Iinance) e _.¸_._e:._~:c.~ .o:.e.._. ·_:.c_._.
,¸ ,¸ ,¸ ,¸ ,¸
~e¸¸.~e:.~e¸¸.e¸¸.q._. .e·e¸~:._ec ~qc.~.. (capital)
..¸..c (loans) .c .o:~ee (grant) e_ ..e¸¸..._.
~qc.~..~._. .ee¸¸.oe._e,._. Foreign Direct In-
vestment (FDI) ..' .cc_.:.e e~,~qc..._e¸e.e.c PortIo-
lio Investment (PI) e_ _ee._ . ~~e.~ c' (FDI) e: .c c_.:.
~qc.~..ecqce~ ¸~, e~e~,..¸:oe.ee.ec,. ¸.,
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e ~ c ' (PI) qc .. ._e ¸e . e . ._ e : .c qc ._e ¸e . . e ~ .c o e
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..'._. _~:e.e:.¸¸e.c .c ..¸.e:.¸¸ee~ (bond and eq-
uity) e ..'._.
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_e_. . o~ e ¸_e¸.e~e ~e¡ ec . :..q:~ ee _e¸
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not people around development)
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e .e~.:..: ._ . ~. e~~ c e ~ ee .e :..e.
~.eee...: e¸_e¸.e~e (Jobless growth) e
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c. c. c. c. c.
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Start-up . e e_ o e . e . venture capital e , e:._
~.eqc..._e¸e..:. incubators e¸¸..e:~.e.. ¡.e:~.e..
seed capital e¸¸..¸~qc. enterprize zones ~,..¸:.ec,.e,e¸:.
OTC market (over the counter market) e.e:~ee.¸,.~e¸cc
eee.e~ .cqc...¸.c:...: .e¸.~~ high-tech e~e~
..' ~.c_ec,_.e_: high growth oe.ee,_._ec_.c.
new market niches .e¸.~ ~ .~:c .qq _.c . cultural barrier
e¡.~¸.e ~e,~e:. research triangle ..e.,_e·e,
regenerative cycle .~:c_ec..:.ec,. ~e -e~ e¸¸..~.e
e ~ ~e¡e_ee ee._.e.oe.e._.c. capital cycle ~qc.
~..._eee investment iquidity qc..._e¸e.o:.e~ .c_e,.e:
q, .e~_.c. spin oIIs .ce¡.:.. e¸:. social cost oI
Iailures e.o:c ..: ~ e - e¸:.._~:c ~e¸:.~ ~,:. q..:eq e
c, c, c, c, c,
social model volatility ~._e:c.~._e,_~_.c. role model e_e
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oe _e_ e, e .q ..: ~ , ..¸:o e . e e . e c, .e ~ ee e ,
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start up e ..'._. venture capital .._. ..'._.
_. eec.ec,.o.o:c.e ._ ~eee_: ,_.
e_: ~,_..c~e¸:. ~¸e.~¸c_~._. e_:~ ~qc.e__
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(low tech) e ee_.
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o.o:c . eee~e e - ,_ .e_: ~eee_: ~.c ~e, ..e'
ec _~e ~ e_e|.ee_.
c, c, c, c, c,
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eeq ee e e..:c.o:..c e ~ ~qc .~. ..e e..:~ .¸c .¸e ..:
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e.e:..q.e_:qcee¡.~ eee~ee¸:. .e'o,..:.eq,
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_~e-_~.e._ ,_.e_: ~eee_: .~:c..~:c.
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q ~, . c c e c . .e.,_:, ~.e: e¸:.e¸:.~ ~. e|
e,e¸:.o. .e.c.o:.._ .¸e.~.e.o:.
._ ~ .c., .e:e . ~ e. c ._.
¸.c, e,o__ee.e e,_ece__ee.e ~.q._~...: ee
~.¸~ ~.¸:~¸..: .,q:e . c ~.~ ~. e .~:c .
e , .eq, ~._...~¸:.o:~ .,:~ . ~..:~ ~~
e ~ e_..:~.e.qe_.
¸.., ~c e:e,~ee,e._ ..e~e.. .~.e.q.
e,e . c .ec .e,e e ~ ~._.. qe_ _ee ._ ~..¸:~
_~e ~ . ~e ..: .~¸:.o:~ .,:~ . ~..:~
~~ e ~ e_ ..:~.e.qe_.
ec.e~:. oe_e_e,e.e¸:.._ ~,..¸:oe.ee
.ec,. e~e,_.e_:oe.ee.ec,.e.c ee.¸¡._ ~e.q~
e|ccee.~ o ~ ._ ~_e ~ .e:_e_.c._ee e|._.
_.,q:_ ee _e_ ~ , ..¸:o e . e e . e c, .. c e~ e . e c, .
e e¸_e¸..q.e~ e·.~ec.~ ~._.._ ..:cq~qe_...:
e..¸~_ec ~o~e c .q..:.. _.c._ee._~:c. .e.¸e.e. e|
._ . ~e .qe c e _ec o.o:c e ¸_e ¸.q, e..¸~ eqe|.e.
e_ . ec _ee.e e ¸_e ¸... c c e e c eee ~ee¸:. .~ .~
.~.~.c ~¸e~¸e_e,_e, .e'o,..:q,e: ~.~~.e¸:.
¸c ¸c ¸c ¸c ¸c
~.e:q .e._. eoe~.~ ~.e: eee ~e o.o:c. .e
~e .,.¸¸¸e_~_.c .ec_ee-.
. e e~.~ ~. e : . e c, . eec o .o:c q, e : ~:-:q .
e¸:.. c ~.~ ~. e.~:c . q. ce ~.e'e c e e_ .,..: ~.¸~
_ee._. eee~.~~.e: ~¸e.~¸ce~.ee~ ~.ee~
eqq.c._ec _ee.. ~e:.o._e. .eq~cq..: ~._.~.,e
_ee._. ee:.eo_ .e:.eo_ . ._ _e,e:e~.q:
e - e~:.~ec. _eee|.ee_. ..·:e: ee_.~e¸¸.~e:.
~.ee~ eocq, e..e,..c_.c.ec_ee._. ~e¸¸.~e:..e
e ocoe.e_.c. (product innovation) ~ e.e.c_~.e.
e_ . ec ~.~ ~. e¸:. q _~.e~:e oe _e_ ~, ..¸:oe
.ee.ec,. e~e,_.e_:oe.ee.ec,..c ~.e~.,.
eo cee.e'ec ~._..q..: .e c,.e _ec e ¸_e¸.e.e~.e..:
.e.~ ..¸:~.e.. e|.¸c ~o~ec.e:_e...: ~.¸~e~
e¸~_._ _ee e q: e_ee e ~.~ec_e~ee|._.
~o~ e|..:c .e|.~ ~. e:, e e ...¸~ . e qe e c ~._.. _
.q..:._.c. _eee|._. eoee, ...¸~e: e·.~ ~e-e~
~._..~:..e._ e¸_e¸..eq:-e _ _ee-. .e ee,...¸~e:
.¸eee e ._e.,: e e.~c _e.,:eqe e , ..o:._.c. _eee|._.
.,e· ec . .,e· ec . .,e· ec . .,e· ec . .,e· ec .
~e , ~e e ¡ ee . .¡¡, . . e . ~e , ~e e ¡ ee . .¡¡, . . e . ~e , ~e e ¡ ee . .¡¡, . . e . ~e , ~e e ¡ ee . .¡¡, . . e . ~e , ~e e ¡ ee . .¡¡, . . e .
¸. ¸. ¸. ¸. ¸.
¬¿ , .± .e.÷ ~÷ e ÷:._
~:q.cce._ .cc_.:.~qc.~..e ~ ~ce.eq ..¸c.,_~-.
..·:e : . c c _.:.qc .. ._e ¸e . e ~e ~ ~_e ¸c ~. c e¸:. _ec .o, .,_.c .
ec _ee._. e~._. .cc_.:.qc..._e¸e.e .~._. .cc_.:.
qc ..._e¸e . e ~_e¸c_ee.,_~._.
.c c_.:.qc .. ._e¸e ..e~._. ~.:.~.:. c ~. q:e
e ~ _~__~e~_~-. ...¸:e.:-. e...¸:.¸c e.:.e.
_. e ~ _~_~_ _~q:ec._. ~qe.~:.q: _~_ _~._ ee e
.e. _e,..,._~__~._ eee.e .e.c.e._e. .¸,_~__~._
eee.e. e e,ee~¸ e_:.:.e|e|.c .. .:e~.¸~ _e . _~_
_.c ._ee-.
_...: e_:.:.e|._ e~.¸~,_.e~ e.e:..q.
e_:qce~ e~.¸~.e._~e|._. ec.e~.¸~,_.e~ qc ...
_e¸e. e .·.~.q:e_e~_,. (investment risk indicator) e ..'
_~._. ~ c ~:~ c e ~e.~:~..'. c._ .
~c~:~cec .~.cq: e.e:..q.ee~.: o_.c.
e ~ .¸~ ._ eee . c c .q.~ ._ . ~.¸~ ee.¸~ ~_ee o_ .c .
e¡ .e:.o:.._ .
._eeq: ~c~:~cec ~.¸~ .c .¸~ e|.:._.
,c.e e : .~:~e|~e c._ee-.
¸., .e:c.e e ¸~,.e¸.. , .e~_.c .,
¸¸ ¸¸ ¸¸ ¸¸ ¸¸
¸¸, ~e .. ,.e¸:.
¸,, e¸_e ¸.e e .e~ . , . (growth)
¸,, .~¸:.o:~.,:~. ~._..~..:~~~ e¸:.
¸.e.e, . ee.~c .~. e .q.e,e e._ e ¸,
¸¸, ~.e.e:. ¸e_e~.c ~.e.e:.q:.e|.ee ~e|
~cc ,
¸c, e¸¸, ~.qe ~e, ~e:.e¸:.
¸¸, e.e :..q.e c ~e .q cc.q:~e~e~ee¸:.
¸·, _e_ec ._e_e .~ ,~~c e_ e~_. e.._.:~ e
¸¡, .cc.q.~._e:c.~._e,e (political volatility).c
¸.c, e.e:..q...:~- e_~_e~._.~., (business
conIidence level) e e_ _ee-.
e c ._e_ ee _e_ . cc .q:~ e_e ¸e . e . c c _.:.qc .. ._e ¸e . .
e._ ~o~.e:_ee| .c .¸~e ~ ~._.._ eeqc..._e¸e. e_
.cc- ~.,~o:.e~ ~~.e_~__~e|._. ecee_ ~:q
.cc~:...~e~ ee. cce.~ ~.e' e~.¸~_~_ o:._e . _ee
e|. e e_.
~.¸¸¸e_:qc e ~ .e: _ee| .c .¸~ ~_ec ~.¸~ee .¸~ ~
._. oeee.._~...-. _._e: e,..~:c..,..:eqe'
(hidden cost) ~._~:c._ee._. ~:q.cc~e¸:.~_e:.ec ..¸:.
..'..' .~:.qe._e:._e: .:·.e..:·eee~:. ~.,
e¸:..-. o ~_ec .q :ce.ceq e. c e.e¸:.c o:...: eq ee ~
._. ~.,_~.e:..._. _eqee ~ e,..~:c ..,..: eqe
e¸:.e ..'_~e|._. o._~:c .·.~.q:e_e ~_,.oec _
eqe e ~ ._. o_ . c.e¡.e:.. _~._ .
e_ . ec _ee .e .e: _ee|~.¸~ e ~ ee .¸~ e ~. ~ ~e e
.e._~e|._. .~¸:c.e:.e.eeec ~ee.e..~. ~.¸~
¸, ¸, ¸, ¸, ¸,
ee.¸~ eec .c eee¸:. ~e¸:....e._~-. ~_e_q_~._eqe|.
e_.ec q.e ee.¸~e.~q..: ~eee~ .e|c._ ee.e|c.
~e e q :_~_e, -. e e .e|c . ~e e e¸:..¸c .·.~. q:e ,_ .e|.._ .
ee .e|c. ~ee,_..¸c .·.~.q:ee¸:.e|._. ._e:c._e,.~ .
e q ._~ .e.¸eq:._.
~e e .e.e .e.,_ . ¡ee:_eq.¸c .e:c .e e ~e c ._ .e:c .e e
. ,. ..¡¡ q:.c.,.q.¸c .c ee .e.o:.e|._. oe . eq:.c.,.
e.ec. eeeee..¸:.:..~e|._. ~e..,.~._. _,_.
~ec. e~._. e¸_e¸.e e.e~e~ec.~e~ e~q:ece
·¸. e ..' e c ._e_~ , oe e, e .~ ._ee-. ee q:. c .,.e .e c.
ee e e e e ..e.. :.e|._ .
. c c .q.~._e:c .~. _e, e .~ ,~ ~ c e_ e~ _. e .._.:~ e
e.e:..q.ec ~e.q~ cc.q:~e~e~e e¸¸,~.qe~e,~e:.
e¸:. ~.e.e:.e_e~.c ~.e.e:.q:.e|.e.c .~¸:.o:~
.,:~. ~..:~ ~~ e . c ee .~ _e ~._.~.,e . c .~ e ,.
ee. ,.ee.,..: .ec.e:.q:e- ~_ece~ ~._.._ e~
_~__e. ~ee.e._~e|._.
.,:~ . .~.¸~_ec ..: e .e :..q...:~- e _~_ e ~._.
~.,.c ee .~.¸c ..., e ~,_ ._ec e~_~e|._ .
_e~,_.~ eqc e.e: ~c ~~~ ..~~e ¸ (Frank
Small & Associate) ~ ~:q . cc ~:.. .~e ~ ee ee.e_
e~.¸~o:._e. _eee|._. e_~_e~_,. (conIidence index)
e..'-. _ee ee.e ~_ ,.~ ~. ._e¸_ ~o~ e c.e:_e..:
.·.~. q:e_e~_,.ec ~ee .e.o:._.c . _eee|._ .
e_~_e~_,.e c ¸., _e_ ec..e¸.~~ ¸¸, _e_ee ~ ,
.e¸.~~ ¸,, ~,o~.c ~.q:c.ee:- ¸,, ~_ee ¸¸, ~e-
¸, ¸, ¸, ¸, ¸,
- ~.:.~.:.c ¸c, ec._e_e.e :..q.- ~.:.~.:e~
e.¸ , e¸:.~_ee .eeeo:.e|._.
_. e~.¸~q..: e_~_e~_,.~q ee~,e._
·, ee ~c.,.q:.._ ·¸ ee e...q:.._ ¸¸ ee oc.
._ ¸c ee .e:c~q.e:.._ c¸ ee e.eec._ c¸ ee
e.__ec ~.... ~eee¸:. q_~._. ~ee.~:c.._ .cc
._ e _~_ e ~_, .~:..~:c.q:_e._ . ee ,_.. .¸c e .e :..q.
..:~- e_~_e~:._~.q:~ _ee|._.
~o~ e c .e: _e. ..: .·.~. q:e _e~_ , .. c e _~_ e
~_,.e~_ec ~_.:.~_,.ee.~._. ......,~,~ e~
.¸~_~__~...-. _~_,.e: ~e-ee.~ .:e_~:.ec
e_ ._~.¸~e ~.e'ec e_. e .qe_~.,_.e .e:_e.e._ .
~,:·e~e~ e.qe.¸~e¸:. (concern Ior Iuture) e ..'_~
._ .
_e .q e e ~_ , .._ .·.~. qe _e~_ , .. c ee .e. .·.
~.q:e_e~_,.e: ee ...~ _.¸__~_ _.c._ee_ e.qe e~_,.
e: ~ e-ee.e~ ee~e-- .q¸~.:.~.:.c ee.~_
.._.:._~__.c. _ee.e._. . ._.:.e .qe_.c._ee ._.
e .q e e ~_ , .e c ~.¸~ .. .¸~ e|._ . ,c .e e : .~:~ e|
~e c ._ee ._ .
¸., ec.~¸e ..: _e ¸c .ce
¸¸, _ec e:...: ~e..,.e¸:.
¸,, .c.:.. _ ._e..c .e (cash Ilow)
¸,, ~ , _~e.ee_ .eqe .c ee_ .q. ce
¸¸, .ce,e..¸_.c. ~¸_.c. (devaluation)
¸c, e...:~..: ce.~:. (insuIIicient demand)
¸¸, c,..:ce .ec, ..c ~,ee_. ~.e ~e.ec,.
¸¸ ¸¸ ¸¸ ¸¸ ¸¸
~q, (speed oI service or deliveries)
¸·, . cc .q.ee__c e e
¸¡, e~e.ec,. e_cee.~ ee¸:. (industrial unrest)
¸.c, ~.e .e:.q. ce. c . e~:..q:c.. ~:.. c
¸.., ~_.:.~.~ .e¸:.e e__ee ._.
~o~.e:_ee| ~.¸~eec._. ee.¸~e.~_ ~ee
e¸:. .e._~e|._. ._.,:~ .e:_ee|~.¸~ .. .¸~ ~,~
e_._~.¸~e ec ~. ~ e.qee|.,_.e.e...: ~.e.~
._e. .e:_e_~q, _ee e|._. ·e~.¸~ ~.e' ~. ~e .q e .,_.
._e_~__~e _ee-.
. _ee..q: . c c_.:. qc .. ._e¸e . e_ .e ._ ._ ..~:c .
_e¸e . o:._e ._ee . e ._._ ..~:c .
¸., .·.~. q:e _e~_ , .
¸¸, e _~_ e~_ ,.. c
¸,, e .q e e~_ , .e ~
e¸~ _._e_ee · ..|~ .o:~ _~_ .,_~e|._ . _~_ , .~
.~e_e¸_ .ccee. ccec ~qc.~...:..q:~ _e¸e..ce.c
_e¸e._e..¸c._. _e,,e .e..ce.c...: ~.¸~e~ ~...
~,~ .¸,... ._ee_~e|._.
e_ . ec _ee .e .e: _ee| ~_ , .. .e|.._ _e_ e c .e .e :..q.
.ec,.qce¸:.~e~._. .e._,.~_ee ~..cceeq.ee_
e e _~__ ee.c.e:~ ._.¸. ~qe|._.
.,e· ec . .,e· ec . .,e· ec . .,e· ec . .,e· ec .
~e , ~e e .c -_e . .¡¡, . . e . ~e , ~e e .c -_e . .¡¡, . . e . ~e , ~e e .c -_e . .¡¡, . . e . ~e , ~e e .c -_e . .¡¡, . . e . ~e , ~e e .c -_e . .¡¡, . . e .
¸c ¸c ¸c ¸c ¸c
=-´~:.,. ÷e~ =e÷ e~
..'.:.,.~ e_eecce:._~e, qe|.ee_. o._~:c _.,q:
_ ..'.:.,. e_..e|~.,_.e ee.¸~_~e . .q.._e.._.
..'.:.e e_.e_e .q:c.ce_~.,_..._ ~e~~:.
.¸, o:.e|e_ .
~·e ._~:c . ..: _~e ._ .~ .e ¸_e.,:e¸:. _ee
.,..:._~:c _ee-. ...~.q.e_~.._ ~ee¸:.q.. ..
e.q, . ._ ~ee¸:.._. ., e .q:e ~.,..:._~:c _ee-.
ce.~:..c .q:c..~:. ce.~:..c .q:c..~:. ce.~:..c .q:c..~:. ce.~:..c .q:c..~:. ce.~:..c .q:c..~:.
..'.:.,.._ ~,.e¸..,.~ .ec ce.~:..c .q:c ..
~:..e'e c e e_ q.e e_ e ~._.. e, ...¸~ ee . _e¸o:..c -.
o ~_ec _ce.~:..c .q:c..~:.e~ ~.¸¸e~.¸eeq .e
. e .e .e . c _e¸o:.._ e _._ . .~_e.e, ..o:.q, . ¡ .e_ .
_e,...¸~.eqe~ec. e~e_ee.¸c ..'.:.,.._
..'.:.c ·e..:~q.,_....: ~.¸~.c ..'.:.e~
·e ..:~ . .¸c _~.,_ .. ..: ~.¸~e .e'e c e e_ .e|~.,
e_ .: _ee._.
~~e_ .cc_.:..c _~._~e~e~e¡e..e¸¸.q.,.¸c .
e_.eee ~_.:.~_.:...: ~e,~e:..c ~.~~.e¸:.q.,
.¸c ce.~:..c .q:c..~:.e ~c~:..¸c. e¡_e¸cee: ee
e¸~.,e_.: _ee._.
o ._~:c _~._.~.,e¸ ¸.ec ..'.:..e .q.., .e: ce
¸¸ ¸¸ ¸¸ ¸¸ ¸¸
.~:. .q:c..~:. ¸.e¸.~~, .e'ec ee_._o~ ~e~
.¸¸e.¸e._ e.q:.e.e'ec ee_e|.ee_. e...,..:_ee
o,..,e e¸:.e_. _e...,.._ .e¸.~~.,.~ ocee._
eoc ee._. ..: ~.¸~e: ee~_ _ee e|. ee_ .
e,e . .e¸¸ . e,e . .e¸¸ . e,e . .e¸¸ . e,e . .e¸¸ . e,e . .e¸¸ .
~e:.e'ec ~~e~.e..'._ .cc_.:..c ..e.q.
e,e.c ee.~_e. e,e..e¸¸.o,.~:..,._~:c. ~,¡. ec_e.
._ .
eoe~e¸¸.~e:.e: ·:~.¸¸e~.¸ee¸eq ·:~e~ee¸eq
.e.e.e.e . eo:...: .cc_.:..c ..e.q.e,ee¸¸.
_ee._. .e¸.~~ec .e|~._~ec. .q:c.ce_~eec _ee
._. ~qc.e¸:o:.._e,e (Iree Iloat) e..'._.
.ee~e¸¸.~e:.e: .cc_.:..c..e.q.~ ~e.q~ ..c
¡. ~e~.¸¸e~c o:...: e,e_ee._. _e,eec ..e.q.
.,.~ e...eeeo:.._. Iixed exchange rate system e
..'._ .
eee~e¸¸.~e:.e: eoe.c .ee~e¸¸.~e:._~:. ~_e:.
e,e_ee._. _~_e:.ee~:. ~eee¸:...e._. e¸¸.e.._.
e,eee e,eee e,eee e,eee e,eee
e_~:...e~ ._e:c...~..: e,e_e_- .cc_.:..c
..e.q.e,e._ ~_ec~:._ec ~qc.e¸:._ e,ee ocq..:
._. e~e_ ~e~o,..e.e~ e.e..._ ~_e:.e,ee
.eee. c ._ . .e._ . .e e e_~._.
._ ~qc ee ce~ e, e _e_ e c . c c _.:..c . . e .q.. , .
e ._ ..e¸¸.q.._. eoe.,.e: e,eee·-~ eq:.cc
¸· ¸· ¸· ¸· ¸·
e...eeeo:...:.,. .ee.,.e: .ce.e.q._:, (swap
centres) eec .,e¡.e|~..:.,. eee.,.e: .e:c..,.e
_ee_~._ .
.¡¡, ..e .ec·:.~,ee_ _..e¸¸...: .,.e~
ee .e|c .ee e_ .e_. .e|c.e_.. ~ ..._ . ..·:e: eq:.cc
e...,.~ e¸~.e..~_.c._ee-. ee.~e_._ .cc_.:..c
.,.e~ .e¸.~~ec .e|~_~._~ec. e_.e.e_.e
._~_:. ~._.
o ,._.e¸:_.c ..: o ,._.e¸:_.c ..: o ,._.e¸:_.c ..: o ,._.e¸:_.c ..: o ,._.e¸:_.c ..:
._~_:._~ec._~_.¸c e,e_e_._ e...,.e,e
~ e,.e._ ~qc.e¸:e,e~ ec. ~._e e.eq:q e|-.
.q:ec .e¸.~ ~.,.'. q:_ ~·e~q:~ . .,_.e
.~.e¸.e._~_..:~.| eee¸¸..e¸q._. .e¸.~~.._e:
~o~ec .e:_e...: .ce.e.q._:, (swap centres) e~
. . ._.
_.ce.e.q._:,eec ee,.,~.e|~..: .,.e~
e¸e.e¸_ e., .cc_.:..c.e|~.e¸.~_ee .eee_.c._ee-.
. ..: .c e. e.q._:,e¸:.. cc .¸ce c.cc . eq.e. e_.
~e..¸~e¸:._ec ~,.eo:.-. ._ec .ce.e.q._:,e¸:..
cc.q:~~e:...e._ ~e._~.'~ ee,_.eee ..:c.e.
_~q.e._. o~_ec _.ce.e.q._:,e~ ~:-:ece~
o,..¸¸eo:._~._ec __:,eec .e|~..:.,.e~ ...
~e:..c._._. q._. ~:-:ece~ cc~e:...:.,.._
e~e.e¸.~~ ec .e|~.c .e|~ o ~..: .,.o~ e¸:..,ee
_e,._ . overvaluation e ..'-.
¸¡ ¸¡ ¸¡ ¸¡ ¸¡
._eeq: .e|~._...:.,.~_ec ~e._~...:c._e.e
. q:.cc_.:..ce ~ qq.c_~.__ee_ o,..¸¸e. ~qc.e¸:e,e
(managed Iloat)e .ce,~~_ee.e~ ,:e_.e.o:._~._.
~e._~..~q_.c.._ ee,_.eee~:._ec ~.,.~:~
_.c.e_-e_._. ._e:_~._. e_.ec_ee.e _e¸ ~._e:c.
~. .e_.c.~ ec _~¸. _~._.
.·:ce~¸ .·:ce~¸ .·:ce~¸ .·:ce~¸ .·:ce~¸
.cc_.:..c ..e.q.~e_ _~._~e~e~eq.¸c .cc_.:.
.c.,.._ .ee¸¸.q.:ee-. ec .e: eq:.cce...,..c ~_ec
.e|~.,. . eee .e:c . . ,.e e_ _ee._ .
eq:.cc . , .. c ~_ec .e|~ . , .e . e e~ :.¸c ~:. . . e .q.
.,.._ .·:c~¸._e . . c-. .e¸.~~.e|~ .e¸..,.. c ,.ee
._e . . c -.
~~e_ .,..e. .e~:_.:..,.¸c~:. ..e.q..,.
._ .·:ce~¸.e:.e. .e¸.~~.e|~.e¸..c e. e_ee.,_ee
e.. c-. ec.- ..·:e: . cc_.:..c eq:.cc e....e.q.
.,.._ ~_ec.,.o~ e _.e¸._~..,_.c.~ _,._.c._ee ._.
ee ,_.._e:.¸c eq:.cc e ... . e.q.. , .._ .·:c
e~¸e: e,e.~ ee_eco:.q: .q:~.e._. overvaluation e
..'-.
_. .·:ce~¸e : e,e ._eco:.q:.q:~.,.¸c ~o . ~
...ee: .cc_.:.e .:.q:~qc..._e¸e..eec _eee_. ,c.e
~e ,c.e.ee.:._ .cc_.:..c~e~ e,e._~._~..e.q
._ ..·:_ee.:.._. ee,_...¸c .:.q:~ qc..._e¸e.q,
eq e~. ,_~ ......_ ~.e :e .~ .q:~ . :..e._ .
·c ·c ·c ·c ·c
. , ._ec . ee e e, e ..¸ . , ._ec . ee e e, e ..¸ . , ._ec . ee e e, e ..¸ . , ._ec . ee e e, e ..¸ . , ._ec . ee e e, e ..¸
o._~:c .cc_.:.qc..._e¸e.e~ ~_e,~., e..¸¸qe.
..: .cc~e.qe¸:.~e _._ee.:.eq,~.c: ,_..e..e.e.
~ e. e.. .q..¸e~¸c . ._~q._.
eoe,_ ..e .e : eq:.cc e ... , .~ e ._e c .e._.c ._ee ._ .
.e_.eee eq:.cce...,.~ ~_ec.,.~ec. _ee.~_.c.
_ee ._.
. e e,_ ..e .e : eoe,_ ..e .e c ~,_ .. .. c ~e¸:. ~~¸¸ .
cc..: .ce,e..¸_.c. (devaluation) ec _ee.e._. o~_ec
. c c _.:..c _~ ._~e .q.¡e..e ~ ._. _ec .c.e._~q._.
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e, e ~ , _e¸,e e ._ e, e . o ~.e' ..·:eq:..q.q:
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. c ._ . qc . c .,e q._ . o ~e:. e, e ~ , _e¸,e e ._ .~ .e ¸
c|..c ~e¸¸..:..q.c|.·~ e_e_ ee_.:.e._. .~.e¸
.c ~e¸¸ ..:..q.c|.~ .: .~~c~._~:c._e.:._.
o~_ec o.o..,..,. .o.c .cc.q.~c.qc..q.
(apolitics) ~ ._ . .~ ~ c _e¸.:._ ~ .e¸q._ . ¡ee: .e:c
.~:c ~eec .e:c.~:c. .e:c.~:c.:.e._ e.e:..q.
¡, ¡, ¡, ¡, ¡,
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. c c .q.~_ec _ec _~_-.,
o ~_ec .e¸.~~e .e:..q.e,e ~q ..e.¸e ..:.:_~.¸c
. ~e¸:. .¸e ..:.:.~:c . e .e.. c .¸c _e_ . ~e¸:.._ . c c .q.
~ e ecce:._~.e:e_eee. o._~:c e~e .~.c~.q.
._ . .e~ .¸e..:.~:c .e.e..q..:_ee._e .~qoe
.:_.c.._. q.e._. .o~ .cc.q.ec eecce:..:_.c.~
e .qe ._ .~ q .e.:.e..
·e.e,e. ·e.e,e. ·e.e,e. ·e.e,e. ·e.e,e.
. .e .¸e ..:.:._ ~.| ·:_ee e_ ,_ .. ..: _e.,:
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e~eee cce:.e ~.,.~:c.e|._. e_:qce~._. _
_e.,:.e'ec e,...¸~~e¸¸.e¸¸. _e¸_~._.
. .e .¸e..:.:._ ~.| ·e . e e.:e e¸ ¸..e .e'e. .
_~e.c ee.¸¡._ ~e.,. .ee.e:c. qe.¸e,e.c~.
..: ~.,:~ ec. e_:ee e~ .¸e..:.:.¸c e_.e.e
.¸c_~e_e ._~._. .e.eee~ e_.e:ce_~e_e
. ._ .
~o~ec qe.¸e,e.c~ e,e_e_ .¸e..:.:.¸c
.~e¸:.._ .e.eee~ e_ee.e.:_~.ee_. _ee.e
.¸~e~._. e.e.. _e_._..e.q.ee_e .e:~,.oe.
._ . eoe e.e :..q..e.ee .,:~ . cc.q..e.ee.
e. e,e~,_e¸,ee~ ee e¸¸.._e:.:._. ..e
.¸e ..:.:.¸c . ~e¸:.._ . c c .q.~ e e cce:._~. e e_ ee e .
..·:e : e .e :..q.. e .e e . c . c c .q.. e .e e e e : .~ . c eq:
¡, ¡, ¡, ¡, ¡,
eq . ..¸: e ~.,_ec ~,_ .~~¸¡ ...:~ .:q e_ e . _.c ._ee .e
._. ¸.¸e ..:.:.¸c e_ ~..¸:c.e:..,.:e_...: e~:.
e¸¸. _ee e, e._,.
e_. ec _ee.e e_. e, e_,_. e..c....e. .~.e¸
~.o:~ ~o:.e ~ .e:c _~_ q¡ .e_ .~-:q -.
e·.:e~ c,. e·.:e~ c,. e·.:e~ c,. e·.:e~ c,. e·.:e~ c,.
_.,q:_ ~.¸¡..c _ ~e:·-e e.e:..q.e_:qce-
~_ecee.~ ec _e. ._ . ~e: ·-e e.e:..q.e_:q c~.¸ ¸¸._
~:q- ~ee.q .c ee.~_e . .~ qe ~ q:.e.e: o e. _~-.
_. ~ q e oec e·.:e~c, . (virtuous circle) . ..:
~_eceee|.._. e|cc._. .·:·.e.ec ..~¸¸.e~c,. (vi-
cious circle) ._e. q._. ~.e:ee: e.e:..q._ . .~¸¸.ee.
cc_ee..¸c ee._e.ee. .c ~.c~ .~e~cc.:._
..·:_ee -.
¡ee: cc.c.e ~¸.c._ee ._~e|e . cc.c~¸.¸c ce
~:..e~¸e_. ce~:.~¸.¸c ~,ee_..e e.q:c.q e~~.,
e_ . _. ee_.e¸:.e.q:c.q e ~ ~.,._ec ~,oe.ec,.e ~
..¸:_eeqe_. _. ..¸:_ee.¸c ~.e.e:..e ~.e.~e
_eee_. ~.e.~ee¸:..:q:e .~e¸:.- cc.c.c ce~:.e
._. eee,ee._ ~¸.c..:¡.e_. _.,_._ec ·¸:.~.
.~.e, ~_.c.e¸¸. .e'e_ .
.~:c.~¸¸.¸e· .:,.e'.:_ee ..¸c._. ~.:.ee:ec
.~:c.~¸¸.e._ ee. _e.ee. .c~.~e~ .e'.:eq._.
_~e.cee.~_ .·:·.e.e_:qce~ .e¸.~~e.e:..q.-
e· .:e~ c,.~ ~o.. .., .e: _e_~._ .
.e¸.~~e.e:..q.~ e.|.ec.e..~.¸c .cce~:.c
¡¸ ¡¸ ¡¸ ¡¸ ¡¸
~,.e .q. ~¸e_e, e .e~.:e_. _. . cce~:.c ~ ,.e
.q. ~¸e_e,e.e~ e¸_e¸..:e._~:c e.e:..q. e¸_e¸.e.e~.:
e_. _. e.e:..q. e ¸_e¸.e.e~.:..:._~:c .ee¡..¸c.-
cc .c ._. e~.:e_ . . ee ¡ ..¸c.-cc .c ._ . e e¸¡ .(poverty
line) ~ .~¸:_ee.:.e_. ¸.ee¸¡.e: ee¡..¸c.cc.c ee.e
..'.: ¸cc .~:~~ ..._,.
_.ee¸¡.~ _ee.~¸: .:._e.._e: ..e ..ee,.
e:. ~.co .q:~~ ,_~._ ~. e:eec_ee -. _. .q:~.:
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ec .e : .cc.q.eec|.~ e~¸c . .· ee,_.._e:.¸c _c|.~
¡c ¡c ¡c ¡c ¡c
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eee|ee,e .e_.eee eee|e ~ee.e.~:~_ ~qc.qc
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o._~:c eee|ee,e_ec ~qc.qce,e~ o.o:c...:
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q._. .~.~ _e.._e:q.¸c ee e|ee,e_ec ~qc.qce,e~
o.o:c.¸c .e ~.qe·~. ¡.e_.q.,.:.eq: ~._~:c.eq
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e¸:.e_e . . c._ .
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eec|.._ .e c.-. ~e.¸~_ee._ . ..: ~.¸~ .c ~.:.e
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e.e :..q.e¸_e¸.e.c ~e ~:-:q ce,e·~ .q¸.¸:..c..: ~.:.
~.:e~ e,_e,e,e:..ce e. q eq . ..: ~.¸~~ ._.
o_ . c .e¡ .e:.q, q .:e|. e e_ .
¡¸ ¡¸ ¡¸ ¡¸ ¡¸
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o~_ec ,q.c ~.q¸¡.q:e.cceec ~,_e¸,e.c .qe
.ee._ e.~.q.e~ .ee.,_~q..:~.¸~ .qe.e
e,e ~ ._ ..~:c . . qe .e . e ~.qe' e,e~ ._ ..~:c . e e
e - .ec,.e¡ee eee¸~.,_~q..:~.¸~ o.~:...¸:e:
e|e- ,:e_e~ ._e:c.ee.,_~q..: ~.¸~ e._e~ ._.
o_.c.e¡ .e:._~_ q, . .:.e e_e e._~._ .
..._e: e,e ee~,e.c .:~.ccee ~,_e¸,e
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o_ e ~ q, _ee e|._. . ..: . cc .q.ee c|.~ .~e..¸c ~:.
,c .e - ~.q. .e._ ~.e:e q .e e_ eee .e.
~.¸¸¸~ e,e_e_e c .~q..|c...:ce- ~.~
~qe.c ,c .e~e.,.¸c ._e:c...c..: ~.¸~~ ._.
o_ . c .e¡.e:.q, . ...:o:.._.
e_. ec_ee.e ~:...~ _.¸_ ._e:q.¸c .e¸.~~ e.e:..q.
- .cc.q.e ee._ e,e ee~,e .:~.c ._e:~~q.e:.
e e c , e .o .e: _ee .e'. e e_ e ., e, .q._. _~ e .c ee .~
_ ee~,e~ .cc.q.eec|. .~.._~:c. ~qe~_e~ _e..:
._e: ~._e:~_ecq._e .qe_.
.e¸.~~e.e:..q.- .cc.q..·:·.e.._ ~¸, ~:q.cc
eece eee¸¸._ee_e, -. ee.e.
.,e· ec . .,e· ec . .,e· ec . .,e· ec . .,e· ec .
~e ¸ ~e e . _.· e . .¡¡, . . e . ~e ¸ ~e e . _.· e . .¡¡, . . e . ~e ¸ ~e e . _.· e . .¡¡, . . e . ~e ¸ ~e e . _.· e . .¡¡, . . e . ~e ¸ ~e e . _.· e . .¡¡, . . e .
¡· ¡· ¡· ¡· ¡·
eg~÷÷¸_±,=e¸.÷÷
~,e_.e¸.~~ c,..:ce.e¸.~~ ~.e.e:..e¸.~~ .c
._~..e¸.~~ee_ .e¸.~~.e ~e¸¸.e¸¸.q_~..q: ·_:.q.
.e¸.~~ (Iinancial market) ~._. eee¸¸.ee·:.: ~.q._~.
.._. ·_:.q..e¸.~~ e.e:c ec.· .e¸.~~ e .e:..q. ~._.
.ceq: e_ee. ce ~._e:~. e¸:.ec q.:_~-.
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oe_e_ _ ._e:.c._ ~.¸~ee.¸~e: ·_:.q..e¸.~~-
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_ .qc.._e:q.¸c ·_:.q..e¸.~~ec ~ee ~ec._~. ...e¸¸.
e|cc._~:c . ~,¡..o:.e .: _ee._ . ,c.ee:
.. ~~e.e¸.~~ (equity market)
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q c ._ee|e_ .
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~e_ .e - ~eq e e:e ._. e|cc -.
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_~._. .e·e¸~:._ec ~e¸:.ec~e-_~.e¸:. e~eee¸:.
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e e e ec e:qc .ec . c._e. e ee e.e: qee:e ~ ~.q:c.~ce
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e.e: ~ ee .¸, .ec e:qc .eec. c...: ~ e -e - e.e:
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._' e ._e:.:_~_.c._ee-.
~._~..e¸.~~ ~._~..e¸.~~ ~._~..e¸.~~ ~._~..e¸.~~ ~._~..e¸.~~
_.,q:_ ~._~..e¸.~~...:e~:.~ ...,~.e:e
_ec ._e:_.c._ee._. ~._~.~ .q:c..¸.q.e._. ce._.
e ~._. ce -.
¡ee: ~e-ee.._ ~._~..eqeq:q-. .,:ceqe_
.cc .cc .cc .cc .cc
~._~.e~ e.ec .c.e:. .¸c ·_:.q..e¸.~~_ .q:c..q
.e._. ee..e:q._. ..¸:. ,. (discount) _ec .q:c .qe_.
eee, ~e-ee.._ ~._~..eec.,-. _~._~.
e~._. .q:c .. q.e._. cee_.~ _~._~.e ~ e ~.e
.e.. ~-. ~e ~._ ~:._ec _~ e-- ~~ e e.e:qee:
e~ ..·:e_ _~._~ec. ..e.q._.
_,_.~ ~._~..c ~~e._.c. (debt-equity swap)
e ..'._. . cc~....- .cc_.:.._~._ee~._. _,_ ._ec
e e.ee.c_~-. ¡ee: ~e :·-~ ¡.e._ ·q:e..c ~:·¸c
e.,:..ccee .cc_.:.._~._ee~ _.ccee .cc ec~e_~.
e¸:.. c ~_.:.e · . ~e c ~e - _~ .e - e.e: q e e:e _ec . .e.
. ~ ._ . . . ._ e : _e_ e._~._e ~ e e e - e .e :..q.~e ~e_ .
e e e.e:qee:e_ec .e.~_.c.ec _ee._.
e~e:~e._e.e¸.~~ e~e:~e._e.e¸.~~ e~e:~e._e.e¸.~~ e~e:~e._e.e¸.~~ e~e:~e._e.e¸.~~
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e¡.e:.._ e : ~._~:c .q e|._ .
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e.e: q e e:.e¸.~ ~ _ ~.c e._e.¸c e ~ e:~ e ._e . e c, .·~
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qee:.e¸.~~. _ee.e ·,..e¸.~~._ee.e ~._e...:c q~
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.e e~._~:c.e: e ~ e:~e ._e. ec,.._ .e q _. e
c, .e ocq..:._. ·_:.q..e¸.~ ~ .e:cec ..:..:~.|
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.c. .c. .c. .c. .c.
_ee .e _e, .q:c .o e _.c ._ee .e .c _e, .e: q. e ~ .:_.c .e ~ . .
._. liquidity .~:c.._e ._~._.
e.~.| e~e:~e._e.ec,..c ·-.ec,.e._
ee.:.e_. .~ ee .:..:._~:c ._ . e ~ e:~ e._e.e¸.~~
~ ·_:.q..e¸.~~oo__ e¡ .e:._~_.c. _eee,q:._ .
·,..e¸.~~ ·,..e¸.~~ ·,..e¸.~~ ·,..e¸.~~ ·,..e¸.~~
~.q._~.. ._ee .:..: ·_:.q..e¸.~~e : ·,..e¸.~ ~
_ee-. ·,..._e: .c..¸.e:.¸¸e ..·:ec _ee._. debt in-
strument e ._e:_~._. .c..¸._.c.ec_ee-.
_.c..¸.~:e.e:.¸¸ee~ ~e.q~._. oe-. ¡ee:
e_~:...e~ _e,e:.cc.e: ee·-~ ~e.q.ce~e:.¸¸e
.ee¸¸.~ oe.q:c .. ~._~ . _~e|.ee_.
~¸e .c,ccc e,.c ~¸e .c,cccc e, .ce~e:.¸¸e
(treasury bonds) e~ ...ee:.¸¸e.c c|..ee:.¸¸eee_ .ee¸¸.
.~: e_ .e. cee.c._~:c. ._~:_c:o:..¸~ qe|._ .
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o ~_ec ~e.~ .ec~ee_~e .e.~: ~e.~.e' cc.c
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. ._e:c..q:c..¸.c.cq e|._. convertibility e ..'-.
~o~.e:_ee| .cece:.¸¸eee: ~e.q~ _e_.eo
e .c..¸.c:._.c.ec _eee|._. _.ce~e:.¸¸ee~ .._e:c.
.q:c ..¸. c q ._ . ._ ..·:e: ~o~ e c .e: _e.~ . e e qq,
._~._ee~ ~.¸ , e.q. .q:c.oeee.c._ ..·:ec _ee._.
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e|-. _·,.e._._. .._e:c ..q:c..¸.c q_~.e._. o
.c¸ .c¸ .c¸ .c¸ .c¸
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_~e|._.
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q: _e_ec._.: oe.q:c..¸._._. q-. ~e:~.¸ _e,_
oe.q:c.._._. q._. e.~.| ·,.e~ ~e:~. ¸ oe
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e.:. .e|cee:.c_ec .eeee.:.. .cc_.:..c ee.._ec
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e_ee .
o ._~:c ·,...¸c _e_ec..c_ec .e¸..eeeo:...:
·,..c .cc_.:..c_ec .e¸..eeeo:...: ·,.ee_ .ee¸¸.
q._~:c. .o:.q:._. .cc_.:..c_ec .e¸..ee e..: ·,.
e~ Ioreign currency denomination e ..'._.
~:q.e¸.~~ ~:q.e¸.~~ ~:q.e¸.~~ ~:q.e¸.~~ ~:q.e¸.~~
~:q_ ·,..e¸.~~._ eee,o.e¸_e¸.e.e~.:._.
~e.,. e.e~_.c._ee_ ~eee¸_e¸.e (miracle growth) e._.
..'.,_~._.
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...eo:.e .._. _e_ec..c._ .c c_.:..c~_ee. ~.e
e~ ._e:c... c..: ~._.~., (Iree convertibility) eq .¸c
_e_ec..ceeqe_ec .e:_eo:...: ·,.e ._ .cce~: ·,.
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.., .., .., .., ..,
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ec.,_..e e_~:...e~ _e.e..:....: ~:.e.cc_.:..q.
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q.q.~ e_.~e.ee.~_ee .e:_eo:.._~o _ee-. .e
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_e~._ ~.,.e:._ ~.,~q_~.¸c. _e_c._e ._e:
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e.e:..q..e'.ee~ .¸ee_e..¸c._. _e¸,~.qe~ .~:c_ec
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._~:c ~:q~¸:.e- e.e:..q.e,e._ _e¸,~q~ee ~qc.qc
e,e (bureaucratic capitalism) e|e .ee_~._._. q.:
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eee, _e¸,~.qe e. q:.~._. ~q_~.¸c._e_c..:
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..c ..c ..c ..c ..c
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e¸:. _e_.¸.:._.
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e_.~e.e_.e¸¡. ¡e..ee c ~.,.e¸:.e¸-.
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e_ e¸:.e_. _~ . ..: _e¸, ~.qe_ ~. .~_ee
e_ . e¸ e_e,. c .e.
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e¸:. ~., ..ee _e,., .,.¸ , ec ee,_ .._e:.¸c
instant communication _eeo, ..,.¸,e c . ._ee
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. ..: .._ee .¸~ ~ .e:.e:.ce.e' ~. ,
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_e¸eo ~.:.e.: q e_.
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_e,_e,._e:c..cq-. _._~ .e¸:.e¸:c.e (Ilex-
ibility) e ..'._ . e. ..e .e' e~:.~. ee qe
e : e., e .e :..q..~:c _ec e - ..: .¸~ ._ .¸c _e,
_.c. (speed) .c .e¸:.e¸:c.eeec _ee._e..
·e..:~~ee.o~._._e:._e: ~¸:.e-
..¸ ..¸ ..¸ ..¸ ..¸
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..: .¸c_e,e.c .e¸:.e¸:c .ee~ e_e_ee..c_
·¸e._ee .,_~-.
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economy) _ee.:._ . ~e :. .. cq:.e¸.~~ ec
~_e ¸c ~. c ._ ~. , eq:e ._ .o, -. _ec .o,
-. ~e¸¸..: _e_ ec..e¸.~ ~o~ ~_e,ee .o:c
e~ _e¸cq-.
_~.¸~.cee.~_ .e.e.c..c._ ~.¸~e:
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e,e:. ...: ..·:eq:.q-. _e¸,~.qe~ ._ . e oc e,¡.
e,e:..e' ~._.._ _eceeqe_e . .:_~._. entrepreneur-
ial government e ..'_~._.
. qc .._e:q.¸c ~e .q._ e .e :..q.., qe_ ~ , ._ .,
qe_ eo c . cee. q qe_.
~:-:e c ee c|. ~:-:e c ee c|. ~:-:e c ee c|. ~:-:e c ee c|. ~:-:e c ee c|.
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..· ..· ..· ..· ..·
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_~q._. _~.¸~~ ~._~:c._e¸_ ~¸:..cce- .cc.q.
e.e:..q.~ ~:-:ecc|. e (authoritarianism)~~ _ee_~._.
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~:-:ec eec|.e ·¸e.e ~.e oee _e_e~qq_~_e,._.
_._~ authoritarian pluralism e..'._.
_.,q:_ . c c .q...|c ...:c . c e_:q c e ~_~:.e c ~_cc .
~. _ee.:_~._. ~.¸¸¸..|c...:ce~ ~:-:eceec|.._
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_ee e, q:._.
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e .c ~.e:.~.c.e._. ¡ee: ec~:e e,e: c,_~..~e
e._ e .ee c . cc. ~._~ee . :.qc. e .e:..q.e ¸_e ¸.e .e~
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~¸c..e|. ..: ..·:e¸¸. _.c|.e¸:. .e..._.
e.eec._ ~:-:ec c|..e:. .ee.e:c. e:.~e
..:cq~.:..e._~:c ec._e_e.e:..q.ee... .¸e_.¸~¸._e.
e c._e_·_: ~.e:e¸:.e¸:.._. e:.~e~ ..o e.:..._ec
.-q:.-.¸~.c .c.,:ee: ~.e:_ec.o,_e. .e.e.e
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o~._.~.,ec e,e:c,_~. .~ee~ ~:-:ecc|.
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_~¸.e¸.q._. e.eec.e e q:e e~eec~ ~:-:ecc|.-
. .~¸¸.e~ e.eec~ _ec._ec.o,o, .e:.q_e. _ee.,_ .,:~
..¡ ..¡ ..¡ ..¡ ..¡
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._ .
..qc.e: .cc.q._ee.e e.e:..q._ee.e e,e.eee.~
ee..e .¸c _.cc- .e¸_~¸.q..: .c.,:.c .-q:.- .¸~
e ~._. o~.c.. o_.c.e¡.e:.qe_...: ~.¸~ _ee
e|._ .
..e ._ e...¸: e.qq:e ~.,e¸:...:..e (age oI
uncertainty) _ee-. _. ..eec ·:~e¸ ~_~c.eq ..: ..·:
e¸ ¸. o:cq..·:e¸¸ . ._e:e . e e.~:c ._e e.c ..¸:.e. _..·:
e¸¸. ._e:..,_.c.e~ e_:qce~ _-e_:,_.e~_ee ..·:
o:._~._. e¸:...:~:._ec .q:c_~._ .
c|.e .e'.e e¸:. c|.e .e'.e e¸:. c|.e .e'.e e¸:. c|.e .e'.e e¸:. c|.e .e'.e e¸:.
o:.e|.e: ~¸:.e _e¸ e.e:..q.e¸_e¸.e.e~.:q._
e: .e:e_ e,~,..: e.e:..q..e'.e ~qeqee~ ~.¸,e
.¸ee.c..:._~:ce ._. ...eo:._~._. .e'.e.e
~._~:c. ......_~._.
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ec .~:~e|~.e .:qe¸:. q_~._e .._.
¸., e.e:..q..e'.eeec c|.e eo:.e|. non-ideo -
logical policies e ._e:_~._.
¸¸, .~.e¸~¸~¸ _~_._. .~.e¸~~¸¸.e.e:.~
_~_ ._ . .~ .e ¸e.:,c|.' (pragmaticism) .e'
~._.._ .e'.ee ~ .¸e e_.c._ee-.
¸,, .e'.ee ~ .¸eeq:ec .e¸:.e¸:c.e (Ilexibility)
~ ~._..._. ~ee~ e:.ec....: .e'.e
.¸c .¸c .¸c .¸c .¸c
e ~.e' ~_e,. . ~_ee ..e:e¡_ee._. ~e:.
_ec eq:q .¸c._ . _e,_e,_ec._ ~.¸,e. .
~ee.~~¸,~e.' (hangover) e¸¸.~ e.e. _e,_e,qc.
ee._. ~e.._e.~:c ~e:.~ oee..:~. ._e:c._e,._e:c..
eq:q.¸c ._ . _e,_e,._e:c ...~._. reversible . ._e:._.
.~:~e.e._.c. .~:~e.e._.c. .~:~e.e._.c. .~:~e.e._.c. .~:~e.e._.c.
.q:ec eee~_ e·¸..q..,..: .e'.ee~ .¸ee
~¸c..e._ ~.¸,e¸:. q. ._~._. e_cc.e| c,.e|._.
idiosyncratic policy e ._e:_~._. ~:-:q..|c...:c.e.
e- ee,..e|~.. o.o..,..,. .¸ee..: .e'.ee¸:.
~¸:.e.e:..q.eec ~.e:e¸:.e¸:. .e'.._~ .o:~_e_~-.
.~.cq: e_:qce~ _~.¸~._ ~e..eq:eeee|e
.e .e.o:._~._ .
o~_ec .c.~ .~:~.q._.c.' (making the winner)
. ..: .e'.ee~._. .¸eee._~._. ¸e~:.qee: ~e:
·-~ ..e..: e~:.qe_eee|._., ee:e¸¸e:~¸..: e.e:.
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e : ee e¸ ¸._ee -. . ..: ~o .. ~ e e e ~ eec .q ._ .e.o e ._
~ eee¸ ¸._ee.e._. _. ee¸¸.~,~ .ee~e¸¸.~e:.e~ ~¸:.
e .e:..q.e _ ococq :.q:. _ec.:.,.._. ...:.: .e'.c
.,-.
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e_ee.. .cc.q.~q._. ~.,~.q:e _~.e:..._~:c.~
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e .e.:_~-. e, .e ~.c ~.q.~ ee_ec _e¸c .c.e_~-.
.¸. .¸. .¸. .¸. .¸.
. q: .~:~ .e.e:._e. e .e :..q._e¸ce e _ . c .~:c e, e..e.
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~¸:.e- e.e:..q. ~e.,.e.e~.._e: ~q_~.¸c.
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. ..e _~._.
_~.¸~.e'_ e_:qce ~ . e ~_cc.ee:.. _~..: ._.
e__ce ..:..|c...:ce (stability oI leadership) e ~.¸¸¸~
oe_e_ _e. ._e:..:_.c.~e . :..|c., ¸_~._ .,_~._.
..|c...:cee__c e.q..._e: ~,_e¸,e.ccee ..|c.
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e~ec .o~ .~._~_.,qe_ ~. e:ee¸¸..e.:. e.qe _~
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. e~_~._.
e_.ec_ee.e .e.e.e.e ~.e¸~_~¸e~q
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.~qocq:.e¡_.: ·q:.. ~.~e,e¸ee e ~e.,.:._e.
._ .,:~ _._. ~..:c.~ ...q_ee_ ~ .~eqe_ ..·:
e¸¸.._ e.~.| _e~.._ee.:.e|_e.
.¸¸ .¸¸ .¸¸ .¸¸ .¸¸
_.ec..c., .e:e._ ~¸:..cce ec._. ·e~,~
.e e_ .: _ee ..q: ..|c ...:c e e_ _c e .q.~ ~e , ..q:~ .~:c
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.,..: .ec...e_ .qe,.e:..ceq: ~._~:c.eqe e,..q
._ .
~c~:..~:c...: ..|c...:ce (strong leadership)
. ._e:.¸c eee¸¸._ee.c._. .|.e:ce strongman e_eee ·,
e ~q¡.e_ ~.e :e ~ qc .q¡.e_ .
ee .ec|.c|. ee .ec|.c|. ee .ec|.c|. ee .ec|.c|. ee .ec|.c|.
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~.q._e : .~:c...:.~-: _ee e|._.
_~:.. ...·:e_.¸~._ ~¸:.e- ~e.,. e.e~
eec ~.q._~...: ~ee~ec.e e|cce¸e_ .._e ~.q-.
e_:qce ~._ . e c._e_ee_e_- e.e:..q.~ . ..e.¸c
_~.¸~~ ~....e.e¡ .e:._~._.
_.,q:_ .e.eq:.e'.:..: .e.. , .e : ~:.. ...·:e _
.¸~ q.~:c e_. _e¸.e_~.,_. ~:.....·:e_.¸~ q.e
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.¸, .¸, .¸, .¸, .¸,
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_e_.¸~¸, .e:.q.. c e_:.q..ec, .e¸:. o.o:c .e._.c .e ~:._ec
_e_.. o~:. .~¸,e.e~: .e'.e~qeqe~.e' ..·:e_
.¸~ qq.e_~._e .._.
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q_ ~:.....·:e_.¸~~ _ee.e'.e.c. ._e .._. _
~.¸~.cee.~_ e,e~,_e¸,e oe....|c...:c_~. ee¡.
._ e,e_e__ ~,_e¸,eeee..: ~c~:.ee¸:..c _ .c.
......ee¸:. _e¸. eq, ....:.e.._. ,c.~ _,_..e.~
.e~.qe,_._ec _.c......._.c. (democratic dialogue) e
._e:._. ...: _..|c...:c_~ .e: .cc.q.ec_ec.e'e e_~:
.c ~e.e¸:~ . :..q._ .
~.¸¸¸..: ..|c...:ce ~ _e_.~e¸:..c _. c .......e
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~:.....·:e_.¸~ qe,_.._ ~:q.c e.q.e~~e e.
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_e.,:e : ~:qe,. e: ·:~ . . e|.,_ .e ~...e e
~e~~¸ .e...:~.| ~._ee: eeeee_.o~e.:_.c.ec
_ee.e._. ~.e:cc|..e.: ._e:..,_~._. ee.ec|.c|.
._e:..,_~._. e_.ec_ee.e _e_.~e¸:..c _.c.ecec_
..·:e_.¸~q.~:c e _~_.c .._ e· .:ec _ee -.
.¸, .¸, .¸, .¸, .¸,
..ee.q. .ee~.c. ..ee.q. .ee~.c. ..ee.q. .ee~.c. ..ee.q. .ee~.c. ..ee.q. .ee~.c.
o~_ec ~¸:.e- e.e:..q. .cc.q.eee.c ee .~_
.cc.q..ee_:qce- ...e.¸~ee :._. eecce:.e.~:c.
.,._~ . . .e .c ._.
,c.e~ ~:q~¸:.e~ ~e:·-e_:qce ... eoe
e¸¸..~ ~c~c~..c .eee¸¸..~ ~c~c~.ee_ e.·
~_.:.,_.eee¸ ¸._ec . -.
ec.e: ~:q~¸:.e- ..ee.:e (modernization) ~
ec._.:.ee_e:_~__.c._ee._. _. ec._.:.ee_e:q:_ ~.c
. e .c . -.
eoe~.c e: ~:-:e c c|.~ ~.e:~e, . .e _ ..ee
.~:c _e¸.e..:~.c_ee-. Iirst stage modernization e
..'._ . _~.c e c ~:-:~ ....|._~ .e¸:.~_ee .e:.e:. .
. .e _~._ .
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