You are on page 1of 93

8IGGMaQ #

b#OOEPEHRHIOE
VEFMHXU^E
?\FEHR$)HIHMGMIPFUI
;]:[`dSbf[W_dWcg[^`d_`ZSUWSUWaU[q_VWaWcd`_Sd( ;]bfWV[`
SIS]`^q_W]Wdaoc[efVWdST[`V[dUWc_[^[W_e`WdemV[dafWde`S[^aSce[c
]S^[d^STW_V[U[q_ Sdfd Z[\`d Z`j( If aS]STcSVWU]ScS4 }I[ S]Yf_` VW
g`d`ec`de[W_W XS]eSVW dST[VfcoS& VW^m_VW]SS :[`d& W] UfS] VSSe`V`d
STf_VS_eW^W_eW& j _`kSZ[WcW5 j ]W dWcm VSVS~ #IS_e[SY` +4/$( 9fS_V`
W] bfW ]]WgScWda`_dST[][VSV VWdWW dST[VfcoS ^md bfW c[bfWkS& a`VWc`
XS^S& _` bfWVScm UZSdbfWSV`( ;] eS] SacW_VWcm VW] YcS_ CSWdec` _`
d`]`]`bfWVWTWZSUWc& d[_`eS^T[n_W]^`V`VWZSUWc]`aScScWU[T[c]S
Sac`TSU[q_V[g[_S!;PMEDR@QW PDWDQ#a( ,+$(
;]eW^`cVW] IWp`cWdW]ac[_U[a[`VW]SdST[VfcoS&jW]Z`^TcWbfW
SUUWVWSdWc^`VW]SV`ja]Sd^SV`S]SdW^W\S_kSV[g[_S&WdW]W\W^a]Sc
^md_`T]WVW]S`TcSVW :[`d(((
;]U`_`U[^[W_e`WiaWc[^W_eS]VW]S gWcVSVWcSa[WVSV&W_]SU`_dS'
YcSU[q_j W] dWcg[U[` V[Sc[`d S :[`d& SdWYfcS ]SUf]efcS^md W]WgSVSVW
]S^W_eW& W] S]^SjW] UfWca`((( BScWUWaU[q_VW]a`VWcV[g[_`Z`_cScm
_fWdec`d d[_UWc`d WdXfWck`d W_ TfdUS VW dST[VfcoSaScSW] fd` U`_U[W_'
kfV` VW _fWdecSd XSUf]eSVWd ^md W]WgSVSdaScSZ`_cSVW :[`d jTW_V['
U[q_ VW _fWdec`d dW^W\S_eWd( 9`^` WdeSd XSUf]eSVWd d`_ VWc[gSVSd VW
:[`d j _` Sfe`UcWSVSd& VWTWcoS_ dWc SacWU[SVSd U`^` eS]W_e`d VW :[`d
aScSdWcW^a]WSV`dW_dfdWcg[U[`(
BSd XSUf]eSVWd ^W_eS]Wd bfW W] U[W]` _`d VS VWTW_ dWc ecSeSVSd
U`^` ]`da`VWcWd^mdW]WgSV`daScSY`TWc_ScW]cW[_`VW]UfWca`( B`d
SaWe[e`dj]SdaSd[`_Wd_SefcS]WdVWTW_dWcafWde`dTS\`W] U`_ec`]VW ]S
U`_U[W_U[Sj]`dSXWUe`dWda[c[efS]Wd(((
BS cW][Y[q_ VW @WdfUc[de` _f_US VWYcSVS S bf[W_ ]S cWU[TW& _f_US
]` ZSUW cfV` ` e`caW& VWdU`cend ` acWdf^[V`& SaSd[`_SV` ` Vfc` VW
U`cSkq_( 7] U`_ecSc[`& cWX[_S W] Yfde`& dS_e[X[US W] \f[U[`& afc[X[US j
W__`T]WUW ]`daW_dS^[W_e`d ]]Wgm_V`]`dW_USfe[g[VSVS@WdfUc[de`!2L
JSF@PDQBDJDQRH@JDQ#a( +.+$(

2RPMQKR$*HIHMGMIPFUI, 3OSUMQGMSMRHIOEVEFMHXU^E
:[`d ]W V[` S IS]`^q_ ]S dST[VfcoS bfW n] VWdWSTS ^md bfW ]Sd
c[bfWkSd& ]`d Z`_`cWd ` ]S ]ScYS g[VS( BW U`_UWV[q ]` bfW ZSToS aWV['
V`4 f_S ^W_eW VWda[WceS& f_ U`cSkq_ YcS_VW j f_ Wdaoc[ef e[Wc_`( }N
,('/,-+-(-'/(*%-%&%.)'%;;; 382:35080109420 276

V[` :[`d S IS]`^q_ dST[VfcoS& j acfVW_U[S ^fj YcS_VW& j S_UZfcS VW


U`cSkq_ U`^` ]S ScW_S bfW Wdem S ]S `c[]]S VW] ^Sc( GfW XfW ^Sj`c ]S
dST[VfcoSVW IS]`^q_bfW]SVWe`V`d]`d`c[W_eS]Wd&jbfWe`VS]SdST['
VfcoSVW ]`d WY[aU[`d( N Sf_ XfW ^md dST[`bfWe`V`d ]`d Z`^TcWd((( j
XfW_`^TcSV`W_ecWe`VSd]Sd_SU[`_WdVWS]cWVWV`c~#+ HWjWd.4,3'-+$(
J`V`d ]`d[dcSW][eSd}eW^[Wc`_S]cWj&a`cbfWg[Wc`_bfWZSToSW_n]
dST[VfcoSVW:[`daScS\fkYSc~#+ HWjWd-4,2$(B`dU`cSk`_WdVW]afWT]`
dWg`]g[Wc`_ZSU[SIS]`^q_& U`^`ZSToS_ dWYf[V`S:Sg[V& j ]W`TWVW'
UoS_W_e`VSd ]SdU`dSd( }IS]`^q_((( XfWSX[c^SV`W_dfcW[_`5 j@WZ`gm
df:[`dXfWU`_n]&j ]WW_YcS_VWU[qd`TcW^S_WcS~#,9cq_[USd +4+$(
:fcS_eW ^fUZ`d Sp`d ]S g[VS VW IS]`^q_ bfWVq dWpS]SVS a`c df
VWg`U[q_ S :[`d& df [_eWYc[VSV j dfd ac[_U[a[`d X[c^Wd& Sdo U`^` a`c
df Wdec[UeS`TWV[W_U[SS ]`d ^S_VS^[W_e`d VW :[`d( ;cS n] bf[W_ W_US'
TWkSTS e`VS W^acWdS [^a`ceS_eW j ^S_W\STS dST[S^W_eW ]`d _WY`U[`d
cW]SU[`_SV`d U`_ W] cW[_`( If c[bfWkS j dST[VfcoS5 ]`d ^SY_oX[U`d WV['
X[U[`d j `TcSd arT][USd bfW U`_decfjq VfcS_eW ]`d ac[^Wc`d Sp`d VW df
cW[_SV`5 ]S W_WcYoS& a[WVSV&\fde[U[S j ^SY_S_[^[VSV bfW ^S_[XWdeSTS
W_dfdaS]STcSdjZWUZ`d& ]WU`_bf[deSc`_]S]WS]eSVVWdfddrTV[e`dj]S
SV^[cSU[q_j W]Z`^W_S\WVW ]`dY`TWc_S_eWdVW^fUZSde[WccSd(
;]_`^TcWVW@WZ`gmXfWYcS_VW^W_eWZ`_cSV`VfcS_eW ]Sac[^WcS
aSceWVW]cW[_SV`VWIS]`^q_( BSdST[VfcoSj]S\fde[U[ScWgW]SVSda`cW]
cWj SeWde[YfSTS_ S_eW e`VSd ]Sd _SU[`_Wd ]S WiUW]W_U[S VW ]`d Sec[Tfe`d
VW] :[`d S bf[W_ dWcgoS( :fcS_eW f_ e[W^a` ?dcSW] XfW U`^` ]S ]fk VW]
^f_V`jafd`VW^S_[X[Wde` ]SYcS_VWkSVW@WZ`gm( BSY]`c[SgWcVSVW'
cS VW IS]`^q_ VfcS_eW ]S ac[^WcS aSceW VW df cW[_SV` _` Wdec[TSTS W_
df dST[VfcoS d`TcWdS][W_eW& dfd c[bfWkSd XSTf]`dSd ` df WieW_d` a`VWc
j XS^S& d[_` W_ ]S Z`_cS bfW cWa`ceSTS S] _`^TcW VW] :[`d VW ?dcSW]
^WV[S_eWW]fd`dST[`bfWZSUoSVW ]`dV`_WdVW]U[W]`(
7 ^WV[VS bfW ecS_dUfccoS_ ]`d Sp`d j Sf^W_eSTS ]S XS^S VW
IS]`^q_&ac`Ufcqn]Z`_cScS:[`d[_UcW^W_eS_V`dfX`ceS]WkS^W_eS]j
Wda[c[efS]W[^aSce[W_V`VWU`_e[_f`S`ec`d]SdTW_V[U[`_WdbfWcWU[ToS(
DSV[W U`^acW_VoS ^W\`c bfW n] bfW W] XSg`c VW @WZ`gm ]W ZSToS VSV`
a`VWc& dST[VfcoS j U`^acW_d[q_& j bfW Wd`d V`_Wd ]W WcS_ `e`cYSV`d
aScSbfWafV[WdWU`^f_[UScS]^f_V`W]U`_`U[^[W_e`VW]HWjVWcWjWd
!%;PMEDR@QW PDWDQ#aa( ,,&,-$(

8XQIV$+HIHMGMIPFUI, 8EYIUHEHIUEIHXGEGMaQ
IS]`^q_ dW [_eWcWdq WdaWU[S]^W_eW W_ ]SZ[de`c[S_SefcS]&aWc` dfd
[_gWde[YSU[`_Wd _` dW ][^[eSc`_Sf_ d`]` cS^` VW] dSTWc( CWV[S_eWf_
WdefV[` V[][YW_eW VW e`VSd ]Sd U`dSd UcWSVSd& S_[^SVSd W [_S_[^SVSd&
`Tefg`f_U`_UWae` U]Sc` VW] 9cWSV`c( ;_ ]Sd XfWckSd VW ]S_SefcS]WkS&
W_W]^f_V`^[_WcS]jS_[^S]&jW_e`V`mcT`]&ScTfde`jX]`c&gWoSf_S
cWgW]SU[q_ VW ]S dST[VfcoSVW :[`d& Sbf[W_ U`_`UoSj S^STS USVSgWk
^mdS^WV[VSbfWdWWdX`ckSTSa`cSacW_VWc(
BSdST[VfcoSbfW:[`d [_da[cSTSSIS]`^q_dWWiacWdSTSW_US_e`d
VWS]STS_kSjW_^fUZ`dac`gWcT[`d( }Nac`afd`ecWd ^[]aScmT`]Sd5 j

dfd gWcd`d XfWc`_ ^[] j U[_U`( JS^T[n_ V[dWceq VW ]`d mcT`]Wd& VWdVW
W] UWVc` VW] BoTS_` ZSdeS W] Z[d`a` bfW _SUW W_ ]S aScWV( 7d[^[d^`
V[dWceq VW ]`d S_[^S]Wd& VW ]Sd SgWd& VW ]`d cWae[]Wd& jVW ]`d aWUWd~ #+
HWjWd.4-,& --$(
;_ ]`dac`gWcT[`d VW IS]`^q_ dW WiacWdS_ac[_U[a[`d VW f_Sg[VS
dS_eS W [_eW_e`d W]WgSV`d5 ac[_U[a[`d _SU[V`d VW] U[W]` bfW ]]WgS_ S ]S
a[WVSV5 ac[_U[a[`d bfW VWTW_ cWY[cUSVSSUe` VW ]Sg[VS( <fW ]S S^a][S
V[Xfd[q_ VW Wde`d ac[_U[a[`d j W] cWU`_`U[^[W_e` VW :[`d U`^` 7bfW]
Sbf[W_aWceW_WUWe`VSS]STS_kSjZ`_`c& ]`bfWZ[k`VW]`dU`^[W_k`d
VW] cW[_SV` VW IS]`^q_ f_S na`US VW W]WgSU[q_ ^`cS] eS_e` U`^` VW
ac`daWc[VSV^SeWc[S](
;dUc[T[q n]4 }8[W_SgW_efcSV` W] Z`^TcW bfW ZS]]S ]S dST[VfcoS&
j bfW `Te[W_W ]S [_eW][YW_U[S4 a`cbfW df ^WcUSVWcoS Wd ^W\`c bfW ]S
^WcUSVWcoS VW ]Sa]SeS& j dfd Xcfe`d ^md bfW W] `c` X[_`( Cmd acWU[`dS
Wd bfW ]Sda[WVcSdacWU[`dSd5 je`V` ]` bfWafWVWd VWdWSc& _` dWafWVW
U`^aScScSW]]S(BScYfcSVWVoSdWdemW_df^S_`VWcWUZS5W_df[kbf[Wc'
VSc[bfWkSd j Z`_cS( Ifd US^[_`d d`_ US^[_`d VW]W[e`d`d& j e`VSd dfd
gWcWVSdaSk( ;]]SWdmcT`]VWg[VSS]`dbfWVWW]]SdWSdW_4 jT[W_SgW_'
efcSV`dd`_]`dbfW]S^S_e[W_W_~#Fc`gWcT[`d -4+-'+2$(
}IST[VfcoS S_eW e`V`4 SVbf[WcW dST[VfcoS4 j S_eW e`VS ef a`dWd[q_
SVbf[WcW[_eW][YW_U[S~#Fc`gWcT[`d.41$( };]ac[_U[a[`VW ]SdST[VfcoSWd
W]eW^`cVW@WZ`gm~#IS]^` +++4+*$( };]eW^`cVW@WZ`gmWdST`ccWUWc
W]^S]5 ]Sd`TWcT[Sj]SScc`YS_U[S&jW]^S]US^[_`j]ST`USaWcgWcdS&
ST`ccWkU`~#Fc`gWcT[`d24+-$Y;PMEDR@QW PDWDQ#aa( ,-&,.$(

9EUWIV%"HIHMGMIPFUI,3MOOEPEHRHIOEVEFMHXU^E
{Gfn eW^Sd VW ^WV[eSU[q_ acWdW_eS_ ]Sd ISYcSVSd ;dUc[efcSd S ]S
^W_eW z:q_VWafWVW_ZS]]ScdWeW^SdVWU`_eW^a]SU[q_^mdW]WgSV`d6
z:q_VWZSjeW^SdeS_ [_eW_dS^W_eW [_eWcWdS_eWd6 z;_bfn dW_e[V` d`_
e`VSd ]Sd [_gWde[YSU[`_Wd VW ]S U[W_U[S Zf^S_S U`^aScST]Wd W_ dfT]['
^[VSVj^[deWc[`U`_ ]SU[W_U[SVW ]S8[T][S6 z:q_VWZSjS]Y` bfWSdo
^fWgS]SXfWckSVW] [_eW]WUe`Sf_aW_dS^[W_e`ac`Xf_V`jdWc[`6
I[aWc^[e[^`dbfW]S8[T][S_`dZST]W&_`dW_dWpScm]`bfW_[_Yf_S
`ecSU`dSafWVWW_dWpS^`d( FWc` {Sj dWWdaSU[S]S^W_eWW_UfS]bf[Wc
`ecSU`dS& WiUWae`]SFS]STcSVW:[`d( BS][eWcSefcSd[_gS]`c&]SdZ[de`'
c[Sd X[Ue[U[Sd d`_ g`cSk^W_eW VWg`cSVSd& ^[W_ecSd ]S 8[T][S& U`_ e`V`d
dfd eWd`c`d VW gWcVSV dSYcSVS& aWc^S_WUW VWdUf[VSVS d`TcW _fWdecSd
^WdSd( I[dWZ[U[WcSVW]SFS]STcSISYcSVS]ScWY]SVW]Sg[VS&cWX[_Scm&
W]WgScm j dS_e[X[UScm( ;d ]S g`k VW :[`d S] Z`^TcW( zBW acWdeScW^`d
SeW_U[q_6
}BS Wia`d[U[q_ VWefd aS]STcSd S]f^TcS5 ZSUW W_eW_VWcS ]`d d[^'
a]Wd~( B`d m_YW]Wd Wdem_ \f_e` S] bfW WdUfVc[pS ]Sd ;dUc[efcSd aScS
[^acWd[`_Sc W []f^[_Sc ]S ^W_eW( ;] ^S_VSe` VW 9c[de` V[c[Y[V` S ]`d
V[dUoaf]`d ZSUW^[]`UZ`U[W_e`d Sp`d4 };dUfVc[pSV ]Sd ;dUc[efcSd5 a`c'
bfW Sg`d`ec`d `d aScWUW bfW W_ W]]Sd eW_n[d ]Sg[VS WeWc_Sj W]]Sd d`_
]SdbfWVS_eWde[^`_[`VW^o~& e[W_WZ`jaScS_`d`ec`d[YfS]XfWckSbfW

W_e`_UWd#8DLQ@IDQN@P@JMQI_TDLDQ#aa( ,/.& ,//$(


;dem[d]fUZS_V`a`c]SU`c`_SVWg[VS((( L[g[VaScSSYcSVScS]bfW
`dU`_d[VWcqVWeS_e`gS]`cbfWW_ecWYqS@Wdrd&df>[\`f_[Yn_[e`&aScS
dS]gSc`d VWgfWdec`daWUSV`d((( CS_eW_WVd[W^acW W_^W_eWW]aW_dS'
^[W_e`VWbfW]`bfWWd_WUWdSc[`ZSUWc&VWTWZSUWcdWT[W_( :WaW_VWV
VW :[`daScS `TeW_WcdST[VfcoS& VW ^`V` bfW_` VWdS_[^n[d S_[_Yf_S
S]^SW_W]T[W_ZSUWc( ETcSVU`_9c[de`W_]SU`_VfUU[q_VW]SdS]^Sd
ZSU[Sn]((( >SUWVe`V` ]`bfW W^acW_Vm[d VW ]S^W\`c^S_WcSa`d[T]W(
@Wdrd Wd gfWdec` IS]gSV`cj U`_X[SV W_ n] aScSbfW `d SjfVW VoS SVoS&
VW^`V`bfW_`dW^Tcn[d U[kSpSd& d[_` ]STfW_Sd[^[W_eWVW]cW[_`(((
:WTn[d SacW_VWc S ^[cSc U`_ ]S ^W_eW eS_e` U`^` U`_ ]`d `\`d(
:WTn[dWVfUScW]\f[U[`aScSbfW_`dWSVnT[]W[_WX[U[W_eW( :WTn[d`cSc
W_ TfdUS VW V[cWUU[q_ j U`_X[Sc gfWdec`d US^[_`d S] IWp`c( :WTn[d
UWccScW] U`cSkq_ Se`VS _WUWVSVj aWUSV`& j STc[c]` S e`VS [_X]fW_U[S
UW]Wde[S]( :WTn[dW^a]WSc]S^Sj`caSceWVW]e[W^a`j]Sd`a`cef_[VSVWd
W_W]VWdScc`]]`VWf_UScmUeWcd[^nec[U`Y5HIMQDGHI@QCD1HMQ#a(,2/$(
>SjZ`^TcWdbfWdWWdXfWckS_a`cdWc`c[Y[_S]Wd&bfWdWa`_W_a`c
W_U[^S VW ]` bfW Wdem WdUc[e`( F`c ]` eS_e`& df dST[VfcoS Wd _WUWVSV(
:WdUfTcW_ a`c SVW]S_eSV` U`dSd SV^[cST]Wd& [VWSd bfW cWgW]S_ bfW
Wdem_^fjSecSdSV`dW_]SU`^acW_d[q_VW]Sg`]f_eSVjVW]`dac`aqd['
e`dVW:[`d( Fc`UfcS_V` d[^a][X[USc` VWdW_cWVSc]`d^[deWc[`d`Uf]e`d
VfcS_eW d[Y]`d S]`d ^`ceS]Wd& d`_U`^`f_Z`^TcW bfWX`cUW\WSe`caW'
^W_eWW_W]]`V`& [_USaSkVW ][TWcScdW&jbfW& d[_W^TScY`&V[UWS`ec`d
Uq^`dS][cVW]^ScXS_Y`d`W_bfWdWW_UfW_ecS_( ;deSWdf_ScWacWdW_'
eSU[q_SVWUfSVSVW ]`d Z`^TcWdbfWecSeS_VW U`ccWY[c]`dWcc`cWdVW ]S
8[T][S( DSV[WafWVW^W\`cSc]S8[T][SdfY[c[W_V`]`bfWW] IWp`cbf[d`
VWU[c`]`bfWVWTWcoSZSTWcV[UZ`(((
& :[`d W_ecWYq S Z`^TcWd X[_[e`d ]SacWaScSU[q_ VW df FS]STcS V[g['
_S^W_eW[_da[cSVS( ;deSFS]STcS&V[dec[Tf[VSW_V`d][Tc`d&W]7_e[Yf`j
W]DfWg`JWdeS^W_e`d&WdW]][Tc`YfoSaScS]`dZST[eS_eWdVWf_^f_V`
USoV`&][Tc`]WYSV`SW]]`daScSbfW&^WV[S_eWdfWdefV[`j]S`TWV[W_U[S
S dfd [_decfUU[`_Wd& _[_Yf_S S]^Sa[WcVSdfUS^[_` S] U[W]` Y8DLQ@IDQ
QDJDBRMQ#e( +&aa( +2& +3$(
D`_WUWd[em[d[cZSdeS]`dU`_X[_WdVW]Se[WccSaScSTfdUScdST[VfcoS&
afWd:[`dWdemUWcUS( D`d`_]SdUSaSU[VSVWdbfWa`dWn[dZ`j&`]SdbfW
eW_Vcn[d W_ ]` Xfefc`& ]Sd bfW`d VScm_ni[e`( ;d ]` bfWW] IWp`cafWVW
ZSUWca`cg`d`ec`d( DWUWd[eS^`deW_Wcf_SU`_X[S_kS^fUZ`^W_`cW_
]`bfWW]Z`^TcWafWVWZSUWc&jf_SU`_X[S_kS^fUZ`^Sj`cW_]`bfW
:[`dafWVWZSUWca`cUSVSS]^SbfWUcWW( l]S_ZW]SbfWWieW_Vm[dZSU[S
n]]S^S_` VW ]S XW( 7_ZW]SbfW WdaWcn[d YcS_VWd U`dSd VWn]( 7_ZW]S
VSc`d [_eW][YW_U[SSdo W_ ]Sd U`dSd ^SeWc[S]Wd U`^` W_ ]Sd Wda[c[efS]Wd(
l]afWVWSYfkScW][_eW]WUe`( FfWVW[^aSce[ceSUe`jZST[][VSV( ;^a]WSV
gfWdec`d eS]W_e`d W_ W] ecSTS\`5 aWV[V S :[`d dST[VfcoS& j `d dWcm VSVS
Y;@J@AP@QCDTHC@CDJ4P@L8@DQRPM#a( ++,$(

9M]UGROIV%# HIHMGMIPFUI, 8RVFIQIJMGMRVHIOEVEFMHXU^E


7Tc[V ]S 8[T][S S_eW ]`d\qgW_Wd& V[c[Y[V df SeW_U[q_ S ]`d eWd`c`d
`Uf]e`d bfW W]]S W_U[WccS& W_dWpSV]Wd S TfdUSc dfd\`jSd VW gWcVSV& j
`TeW_Vcm_W]]`df_SXfWckS[_eW]WUefS]bfW_`a`Vcm[^aSce[c]WdW]Wdef'
V[`VWe`V`]`bfWSTScUS]SX[]`d`XoS( B`dYcS_VWdeW^SdbfW]S8[T][S
ecSeS& ]SV[Y_S dW_U[]]Wk VW dfd VWU]ScSU[`_Wd [_da[cSVSd& ]`deW^Sd W]W'
gSV`d bfW acWdW_eS S ]S ^W_eW& ]S ]fk aW_WecS_eW j U]ScS bfW X]fjW VW]
ec`_` VW :[`d jS]f^TcSW] W_eW_V[^[W_e`& VWdScc`]]Scm_ ]Sd XSUf]eSVWd
VW ]S^W_eW ZSdeSf_af_e` bfWV[XoU[]^W_eWafWVW dWc U`^acW_V[V` j
bfW _f_US dWcm a]W_S^W_eW Wia][USV` Y8DLQ@IDQN@P@ JMQI_TDLDQ# aa(
,/,&,/-$(
;_ df aS]STcS W] dWp`c W_f^WcS ]`d V`_Wd j ]Sd YcSU[Sd bfW d`_
[_V[daW_dST]WdaScSe`V`d ]`d bfW dWcW]SU[`_S_U`_df`TcS( l] _`_`d
W_dWpS S [Y_`cSc W] U`_`U[^[W_e` ` S VWdacWU[Sc ]S WVfUSU[q_5 a`c'
bfW UfS_V` Wd U`_ec`]SVS a`c W] S^`c j W] eW^`c VW :[`d& ]S Uf]efcS
[_eW]WUefS] Wd f_S TW_V[U[q_5 d[_ W^TScY` ndeS _` dW acWdW_eS U`^`
]S US][X[USU[q_ ^md [^a`ceS_eW aScS W] dWcg[U[` VW :[`d( @Wdrd VW\q VW
]SV` S ]`d Z`^TcWd dST[`d VW df e[W^a`& ]`d Z`^TcWd VW WVfUSU[q_ j
a`d[U[q_& a`cbfW WcS_ eS_ `cYf]]`d`d j eW_oS_ eS_eS dfX[U[W_U[S W_ df
VWUS_eSVS dfaWc[`c[VSV& bfW _` a`VoS_ d[^aSe[kSc U`_ ]S Zf^S_[VSV
bfWdfXcoS&j]]WYScSdWU`]ST`cSV`cWdU`_W]>`^TcWVWDSkScWe(;_df
XS_Se[d^` VWdVWpSTS_ W] ZWUZ` VW dWc W_dWpSV`d a`c 9c[de`( ;] dWp`c
@Wdrdbf[WcWeW_WccW]SU[`_SV`dU`_df`TcSSZ`^TcWdbfWSacWU[W_WdS
`TcS U`^` dSYcSVS5 W_e`_UWd W]]`d afWVW_ U``aWcSc U`_ :[`d( IWcm_
US_S]Wd d[_ `TdecfUU[q_ a`c ]`d UfS]Wd X]fjS df YcSU[S( B`d Sec[Tfe`d
VW 9c[de` afWVW_ dWc [^aSce[V`d r_[US^W_eW S ]`d bfW VWdU`_XoS_ VW
do ^[d^`d( B`d Xcfe`d VW ]S gWcVSVWcS dST[VfcoS g[W_W_ d`]S^W_eW VW
9c[de`Y>DQRHKMLHMQN@P@JMQKHLHQRPMQ#aa( ,0,&,0-$(
7]SVbf[c[c]SdST[VfcoSVW]`dTST[]`_[`d&:S_[W]jdfdU`^aSpWc`d
efg[Wc`_ ^fUZ` ^md ni[e` bfW ]`d VW^md WdefV[S_eWd5 aWc` df dSTWc
_` ]Wd ]]WYq a`c USdfS][VSV((( IW cW]SU[`_Sc`_ U`_ ]S <fW_eW VW e`VS
dST[VfcoS& W Z[U[Wc`_ VW] U`_`U[^[W_e` VW :[`d W] Xf_VS^W_e` VW df
WVfUSU[q_( 9`_XW&`cSc`_a`cdST[VfcoSjg[g[Wc`_VWSUfWcV`U`_dfd
`cSU[`_Wd( IWU`]`USc`_V`_VW:[`da`VoSTW_VWU[c]`d( ;g[eSc`_]`bfW
ZSTcoSVWT[][eSV`dfd XSUf]eSVWd&jSac`gWUZSc`_e`VS`a`cef_[VSVaScS
XS^[][Sc[kScdW U`_ e`V`d ]`d cS^`d VW] dSTWc( I[Yf[Wc`_ ]Sd cWY]Sd VW
]Sg[VSbfW_`a`VoS_^W_`dbfWVSc]WdXfWckS[_eW]WUefS]( Fc`UfcSc`_
SVbf[c[c U`_`U[^[W_e` U`_ f_ ac`aqd[e`4 W] VW a`VWcZ`_cSc S :[`d(((
7 X[_ VW VWdeSUScdW U`^` cWacWdW_eS_eWd VW ]S cW][Y[q_ gWcVSVWcS W_
^WV[` VW ]Sd XS]dSd cW][Y[`_Wd VW] aSYS_[d^`& _WUWd[eSTS_ eW_Wc f_
[_eW]WUe`U]Sc`jaWcXWUU[`_Scf_UScmUeWcUc[de[S_`( N:[`d^[d^`XfW
df CSWdec`( EcS_V` U`_deS_eW^W_eW& WdefV[S_V` U`_U[W_kfVS^W_eW j
^S_eW_[n_V`dWW_cW]SU[q_U`_W]?_g[d[T]W&S_Vfg[Wc`_U`_:[`dU`^`
]`Z[k`;_`UY0MLEJHBRMW T@JMP#a( ,.1$(

;] IS]gSV`cVW]^f_V``XcWUWW]V`_VW]Sg[VSWeWc_SS]`dVWdUS'
cc[SV`d( 9`_f_SU`^aSd[q_Sf_^Sj`cbfW]SVWf_aSVcWeWccW_S]bfW
aWcV`_SSdfZ[\`VWdUScc[SV`&SccWaW_e[V`j dfXc[W_eW( @WdrdTfdUSf_S
cWdafWdeSSdfd `XcWU[^[W_e`dVWS^`cjaWcVq_( 9]S^SS]`d WccS_eWd4
}L`]gW`d S ^o& j j` ^W g`]gWcn S g`d`ec`d~ #CS]SbfoSd -41$( I[ W]
aWUSV`c _` WdUfUZS ]S g`k VW ^[dWc[U`cV[S bfW ]` ]]S^S U`_ e[Wc_` j
U`^aSd[g` S^`c& df S]^S bfWVScm W_ ]Sd e[_[WT]Sd( I[ VWdSac`gWUZS
]S`a`cef_[VSVbfWdW ]WacWdW_eSjaWcd[deWW_ df^S]SU`_VfUeS&W_W]
^`^W_e` ^W_`d WdaWcSV`& ]S [cS VW :[`d USWcm d`TcW n]( };] Z`^TcW
bfW cWacW_V[V` W_VfcWUW ]S UWcg[k& VW cWaW_eW dWcm bfWTcS_eSV`& j _`
ZSTcm aScS n] ^WV[U[_S~ #Fc`gWcT[`d ,34+$((( };] eW^`c VW @WZ`gm Wd
W] ac[_U[a[` VW ]S dST[VfcoS~ #Fc`gWcT[`d 34+*$ ;d W] Xf_VS^W_e` VW ]S
U`ccWUeS WVfUSU[q_( B`d bfW& eW_[W_V` f_S `a`cef_[VSV XSg`cST]W& _`
ZSjS_SacW_V[V`WdeSac[^WcS]WUU[q_&_`d`]`Wdem_VWdUS][X[USV`daScS
W]dWcg[U[`W_]SUSfdSVW]IWp`c&d[_`bfWd`_f_U]Sc`aWc\f[U[`aScS]S
U`^f_[VSVW_]SbfWg[gW_(
IS]`^q_ WiZ`ceS S ]`d\qgW_Wd4 }EjW& Z[\` ^o`& ]S [_decfUU[q_ VW
ef aSVcW& j _` VWdacWU[Wd ]S V[cWUU[q_ VW ef ^SVcW5 a`cbfW SV`c_` VW
YcSU[S dWcmSefUSTWkS&j U`]]ScWd SefUfW]]`((( BS dST[VfcoSU]S^SW_
]SdUS]]Wd4((( L`]gW`dS^[cWacW_d[q_5ZWSbfoj`VWccS^Scn^[Wdaoc[ef
d`TcWg`d`ec`d&j`dZScndSTWc^[daS]STcSd~#Fc`gWcT[`d +42&35,*',-$
Y>DQRHKMLHMQN@P@J@HFJDQH@#e(.&aa( ,*/&,*0$(

7XIYIV # HIIQIUR, f:RROYMHIV


B`d bfW ac`XWdS_ S^Sc S :[`d j cWgWcW_U[Sc ]Sd U`dSd dSYcSVSd j
d[_ W^TScY` VW\S_ VWdUW_VWc]S^W_eW S U`dSd dfaWcX[U[S]Wd W [ccWS]Wd&
dW U`]`US_ W_ W] eWccW_` VW ISeS_md j ZSUW_ df `TcS( I[ ]`d\qgW_Wd
WdefV[SdW_ ]Sd Y]`c[`dSd`TcSd VW:[`d W_ ]S_SefcS]WkSjdf^S\WdeSVj
a`VWcU`^`dWZS]]S_cWgW]SV`dW_dfFS]STcS&Sg[gScoS_jW]WgScoS_dfd
XSUf]eSVWd U`_ WdSacmUe[US( HWU[T[coS_ f_ g[Y`cbfW _SVSeW_VcoS bfW
gWcU`_]SScc`YS_U[S( F`c]SU`_eW^a]SU[q_VW]Sd^ScSg[]]SdVW]a`VWc
V[g[_` ]S^W_eW SacW_VWcm ]S^md VfcSjS ]SgWk^mdre[] VWe`VSd ]Sd
]WUU[`_Wd4 bfW]SdST[VfcoSZf^S_S& d[_`Wdem][YSVSS]?_X[_[e`jdS_e['
X[USVSa`c]SYcSU[SVW 9c[de`& Wd _WUWVSV Y8DLQ@IDQN@P@JMQI_TDLDQ#
F' ,/+$(
;_ ]Se`^S VW @Wc[Uq& W] a`VWc`d` =W_WcS] VW ]`d W\ncU[e`d a]S_Wq
]STSeS]]SU`_eS_eSdW_U[]]WkbfW_[_Yr_dWcZf^S_`afV`Sec[Tf[cdW]S
Y]`c[S(D[_Yf_S^S_`Zf^S_SVWToSVWcc[TSc]`d^fc`dVW]SU[fVSV&_`
XfWcSbfWW]Z`^TcWdWSec[TfjWcS]SY]`c[SVW]Sg[Ue`c[S(JS^T[n_Z`j&
_[_Yr_dWcZf^S_`VWTWSec[Tf[cdW]SY]`c[SVW]ecSTS\`bfW]]WgWSUST`(
I`]`W]IWp`cVWTWdWc^SY_[X[USV`( {EZ&d[]`dZ`^TcWdU`^acW_V[WcS_
]S_WUWd[VSVVWTfdUScS:[`daScScWU[T[c[_decfUU[`_Wd(((
BS VWT[][VSV VW ]`d Z`^TcWd W_U`_ecScm XfWckS j SjfVS d`TcW'
_SefcS]Wd W_ USVS U`_X][Ue` dWgWc` aScS cWS][kSc ]Sd ZSkSpSd VW ]S
E^_[a`eW_U[S& j ]S aWcdWgWcS_U[S W_ ]S XW j ]S aWcXWUeS U`_X[S_kS W_

#"

:[`d SdWYfcScm_ W] ni[e`( C[W_ecSd ]S S_e[YfS U`_XWVWcSU[q_ VW] ^S]
Wdem`cYS_[kSVSU`_ecSW]]`d& n] ]Wd ^S_VSbfW dWS_ gS][W_eWd j XfWceWd
jbfW ]fUZW_gS]Wc`dS^W_eWa`cbfWe[W_W_f_U[W]`bfWYS_Sc&je[W_W_
W_dfdX[]SdS7]Yf[W_bfWWd^mdbfWf_m_YW]& W]a`VWc`d`=W_WcS] VW
]`dW\ncU[e`dbfWU`_VfUW ]`dW\ncU[e`dVW]U[W]`( ;_`USd[q_VW ]Se`^S
VW @Wc[Uq& _[_Yf_` VW ]`d W\ncU[e`d VW ?dcSW] afV` S]STScdW VW ZSTWc
fdSV` df XfWckSX[_[eSaScSVWcc[TSc]`d ^fc`d VW ]SU[fVSV& d[_`bfWW]
Fco_U[aW VW] W\ncU[e` VW @WZ`gma]S_Wq WdSTSeS]]S U`_ ]S^Sj`c dW_U['
]]Wk&aScSbfWW]IWp`cd`]`cWU[T[WcS]SY]`c[SjW]Z`^TcW_`dWWiS]eScS
S do ^[d^`( :[`d _`d ZS ac`^We[V` e`V` a`VWc5 a`cbfW ]S ac`^WdS Wd
aScSg`d`ec`djgfWdec`dZ[\`d&jaScSe`V`d]`dbfWWdem_^fjV[deS_eWd&
eS_e`dU`^`W] IWp`c]]S^W(
:WTWZSTWcf_SXWjf_SU`_X[S_kSU`_e[_fSdW_W]9Sa[em_VW_fWd'
ecS dS]gSU[q_( :WTW^`d `TWVWUWc dfd qcVW_Wd( BSd aScWVWd VW @Wc[Uq
USjWc`_U`^`cWdf]eSV`VW`TWVWUWcqcVW_Wd!0MLEJHBRMW T@JMP#a( ++2$(
:[`d `TcScm ^ScSg[]]Sd a`c SbfW]]`d bfW U`_XoW_ W_ n]( I[ ]`d
bfW ac`XWdS_ dWc df afWT]` _` e[W_W_ ^md XfWckS Wd a`cbfW U`_XoS_
VW^Sd[SV`W_dfac`a[SdST[VfcoSj_`aWc^[eW_bfWW] IWp`ccWgW]W df
a`VWcW_ df TW_WX[U[`( l] SjfVScm S dfd XoW]Wd Z[\`d W_ e`VSd ]Sd `US'
d[`_Wd d[VWa`d[eS_e`VSdfU`_X[S_kSW_n]j]W`TWVW_d[_UfWde[`_Sc]`
!>DQRHKMLHMQN@P@J@HFJDQH@#e(.&a( +0-$(

,('/,-+-(-'/(*%-%&%.)'%;;; 382:35080109420 276

##

You might also like