You are on page 1of 363

$V]DEDGNĘPĦYHVHNPĦN|GpVHHJ\

NRUWiUVWDQ~V]HPpYHO
32WWR+HU]RJ&DUO$OH[DQGHUYRQ:UWWHPEHUJHJ\LNHDOHJMREE
WDQ~NQDNDV]i]DGHOHMpWĘODN|]HSpLJpVMyLVPHUĘMHDV]DEDG
NĘPĦYHVHNQHN
6]HUHQFVpVQHN WDUWRPPDJDPKRJ\ELUWRNRPEDQ YDQQ\LOYi
QRVHOĘDGiVDDPLWEHQDEHXURQLNRORVWRUEDQWDUWRWW D V]D
EDGNĘPĦYHVVpJUĘO(]D]HOĘDGiVQpKiQ\ROGDODVGHV]tQHVpVD
P~OWW|UWpQHWHQHPFVDNpOĘKDQHPUiYLOiJtWDKiWWHUpUHpVDV]D
EDGNĘPĦYHVHN DNWLYLWiViUD pV RO\DQ W|UWpQHOPL EHIRO\iVXNUD
DPLO\HWQRUPiOSROJiUQHPLVVHMW

2GRYRQ:UWWHPEHUJ26%DW\D
Ä32WWR+HU]RJ&DUO$OH[DQGHUYRQ:UWWHPEHUJKHUFHJ
PiUFLXVpQ+HU]RJ$OEUHFKWKHUFHJpV0DUJDUHWKHYRQ:UW
WHPEHUJKHUFHJQĘ$XV]WULDIĘKHUFHJQĘMH¿DNpQWV]OHWHWWDVWXWW
JDUWLKHUFHJLNRURQi]iVLSDORWiEDQ
pVN|]|WW&DUO$OH[DQGHU3RW]GDPEDQpOWV]OHLYHO
DKRODSMDD]GtV]V]i]DGORYDVViJLEULJiGSDUDQFVQRNDYROW
pVN|]|WWDFVDOiG.DVVHOEDQWDUWy]NRGRWWDPtJD]DSDJHQH
UiOLVNpQWYH]HWWHDSRURV]KDGVHUHJHWPiUFLXVpQDV]
OHWpVQDSMiQD¿DWDOKHUFHJHW D KDJ\RPiQ\QDNPHJIHOHOĘHQNLQH
YH]WpNKDGQDJJ\iEHQpUHWWVpJL]HWW
$] HOVĘ YLOiJKiERU~EDQ ¿DWDO WLV]WNpQW D Q\XJDWL IURQWRQ pV
2ODV]RUV]iJEDQYHWWUpV]WPLQWWLV]WNDUiFVRQ\iQNLQHYH]
WpNIĘKDGQDJJ\iEDQNLQHYH]WpNV]i]DGRVVi(J\DNQDURE
EDQiVVRUiQKiERU~VVHEHVOpVWV]HQYHGHWWPDMGNLWQWHWpVHNHWND
SRWWEDQDIRUUDGDORPNLW|UpVHNRUE~FV~WYHWWDNDWRQDViJ
WyOpVD]$OWVKDXVHQNDVWpO\EDN|OW|]|WW

V]HSWHPEHUpQD¿DWDO+HU]RJMHO|OWOHWWDEHXURQLEHQ
FpVDSiWViJNRORVWRUiEDQ
IHEUXiUiQ2GRWHVWYpUQpYHQNH]GWHPHJDQRYLFLiWX
ViW)RJDGDOPiWIHEUXiUpQWHWWHOH
DXJXV]WXVpQ5D\PXQG1HW]KDPPHU26%pUVHNSDS
SiV]HQWHOWH´

Ä3DWHU2GRYRQ:UWWHPEHUJHOĘDGiVD
DEHXURQLNRORVWRUEDQ  ´
ª)ĘWLV]WHOHQGĘXUDNPpO\HQWLV]WHOWXUDLPpVK|OJ\HLP(OĘDGi
VRPWpPiMDÄDV]DEDGNĘPĦYHVVpJ´
$ V]DEDGNĘPĦYHV QpY D N|]pSNRUEyO V]iUPD]LN DEEyOD NRU
EyODPLNRUDOHJQDJ\REEGyPRNDWpVV]pNHVHJ\Ki]DNDWpStWHWWpN
$]LO\HQNDWHGUiOLVRNHJ\NpWpYV]i]DGDODWW pSOWHNpV D]pStWp
VLWHUOHWHNPHOOHWWNXQ\KyNiOOWDNDPHO\HNEHQDNĘIDUDJyNpVD
NĘPĦYHVHNYpJH]WpNPXQNiMXNDW$NĘPĦYHVHNpVDNĘIDUDJyND
KHO\LFpKHNEHQHJ\HVOWHNėNYpJH]WpNDQHKp]GXUYDNĘIDUDJyL
PXQNiW$QJOLiEDQDV]i]DGEDQÄURXJKPDNHU´QHNKtYWiNĘNHW
D]D] Q\HUVHQGROJR]y NĘPĦYHVHNQHN(]HNPHOOHWW YROWDN PpJD
V]DEDGNĘIDUDJyNpVNĘPĦYHVHNėNNpV]tWHWWpND]RNDWDPXQNi
NDWDPHO\HNHWNĘEĘONHOOHWWNLIDUDJQLDV]pSV]REURNDWDEODNRNDW
DJyWLNXVNĘFVLSNp]HWHWpVPLQGHQWDPLKR]]iWDUWR]LN$]ĘpSt
WpVLNXQ\KyLNLVDGyPRNpVNDWHGUiOLVRNPHOOHWWiOOWDNGHĘNQHP
YROWDNKHO\KH]N|W|WWHNPLQWDGXUYDPXQNiWYpJ]ĘNKDQHPV]D
EDGRQHOYRQXOWDNHJ\LNKHO\UĘODPiVLNUDDKROYDODPLWOpWUHNHO
OHWW KR]QLXN (]HNHW D V]DEDG NĘPĦYHVHNHW$QJOLiEDQ  N|
UOÄIUHHVWRQHPDNHU´QHNQHYH]WpND]D]V]DEDGNĘPĦYHVHNQHN
ėN QHP FpKHNEHW|P|UOWHN KDQHPV]HUYH]HWHNEH.XQ\KyLNDW
ÄORJHV´QHNKtYWiNDQJROXOHEEĘOOHWWDÄORJH´SiKRO\
6DMiW |OW|]HWN VDMiW W|UYpQ\N V]RNiVDLN pV KDJ\RPiQ\DLN
YROWDN

$V]DEDGNĘPĦYHVVpJPHJDODStWiViQiOH]HNDV]DEDGNĘPĦYHV
NXQ\KyNYROWDNDSpOGDNpSHN$]HOVĘV]DEDGNĘPĦYHVHNÄV]LPER
OLNXVV]DEDGNĘPĦYHVHNQHN´QHYH]WpNPDJXNDW6]HOOHPLWHPS
ORPRWDNDUWDNOpWUHKR]QLPpJSHGLJD]HPEHUOHONpEHQDWLV]WDpV]
D WLV]WD HPEHULHVVpJ WHPSORPiW$] HPEHUEHQDQHPHVVpJHWpV D
MyWDNDUWiNNLIHMOHV]WHQLHJ\WLV]WiQpV]HQDODSXOyHUN|OFV|WDNDUWDN
OpWUHKR]QLPHO\QHNV]DEDGQDNNHOOOHQQLHDW|UYpQ\HNV]RNiVRN
D]HUN|OFVpVDKDJ\RPiQ\RNPLQGHQN|WHOpNpWĘOWHUPpV]HWIHOHWWL
|U|NpVLVWHQLNDSFVRODWQpONO
$] HPEHUOHJ\HQDEV]RO~WV]DEDG D PDJD pOHWH V]RNiVDL pV
pOHWV]HPOpOHWHXUD
$]HPEHUDYpJVĘpUWpNpVĘDOHJIHOVĘ6DMiWEHOiWiVDV]HULQW
V]DEDGRQLUiQ\tWMDDYLOiJRW DIUDQFLDIRUUDGDORPV]DEDGViJIRJDO
PD 
0LNRU NHOHWNH]HWW DV]DEDGNĘPĦYHVVpJ"$]D]iOOtWiV KRJ\ D
V]DEDGNĘPĦYHVVpJDJ|U|JpVHJ\LSWRPLPLV]WpULXPRNEyODWLWNRV
NXOWXV]RNEyO6DODPRQNLUiO\WyOYDJ\DMHUX]ViOHPLWHPSORPpSt
WpVWĘOVĘWQpKiQ\DQD]WLVJRQGROMiNKRJ\1RpEiUNiMiWyOHUHGH]
PLQGDV]i]DGRWURPEDKDPLVtWiVD(]]HODNDUWDNDV]DEDG
NĘPĦYHVVpJQHNĘVLKtUQHYHWDGQL0iUEDQDVWUDVVEXUJLV]p
NHVHJ\Ki] NDWROLNXV NiSOiQMD *UDQGLGLHU DW\D WXGRPiQ\RVDQ OH
OHSOH]WHH]HNQHND]iOOtWiVRNQDNDKDPLVViJiW
$V]DEDGNĘPĦYHVVpJHW$QJOLiEDQDODStWRWWiNDIHOYLOiJRVRGiV
NRUiEDQDPLNRUD]HPEHU,VWHQOpWpWpVD]|U|NNpYDOyViJRWNH]G
WHWDJDGQL$PLNRUV]DEDGJRQGRONRGyNDNDUWDNOHQQLpVPLQGHQ
NDSFVRODWRW WDJDGQL D WHUPpV]HWIHOHWWLYHO pV D] LVWHQLYHO DPLNRU
DEV]RO~WHPEHUL V]DEDGViJEDQ DNDUWDNpOQL$ V]DEDGNĘPĦYHVHN
DODStWyMDKiURPDQJROIpU¿YROW
$] HOVĘ D ZHVWPLQVWHUL DSiWViJ SURWHVWiQV XGYDUL OHONpV]H
7KHRSKLO'HVDJXLOOHW(EEHQD]DSiWViJEDQNRURQi]WiND]DQJRO
NLUiO\RNDW

$PiVRGLNDODStWy*HRUJ3DLQHDSURWHVWiQVyNRUNXWDWy(J\
yNRUNXWDWyDV]i]DGVWtOXViEDQQDJ\RQIDQWi]LDJD]GDJPLQ
GHQHONpS]HOKHWĘOHJHQGiUDpStWpVH]pUWDEV]RO~WWXGRPiQ\WDODQ
*HRUJ 3LHQ QDJ\RQ VRN N|Q\YHW tUW$ ORQGRQL EULW P~]HXPEDQ
PHJWDOiOWDP H]HNHW D PĦYHNHW pV YpOHWOHQV]HUĦHQ IHOQ\LWRWWDP
HJ\HW*HRUJ3DLQHDPyURNDQpJHUHNNHOHWNH]pVpUĘOV]yOyWDQXO
PiQ\iWWDOiOWDPRWW9DODKROÏFHiQLiEDQĘPDJDVHPWXGMDKRO
YROWHJ\V]LJHWDV]LJHWHQyULiVKROOyNpOWHN(J\V]HUHJ\KDMy]i
WRQ\UDIXWRWWDV]LJHWSDUWMiQVFVDNHJ\V]Ħ]OiQ\PHQHNOWPHJ
H]DOiQ\KR]]iPHQWHJ\KROOyKR]pVHEEĘODNDSFVRODWEyOV]OHW
WHNDQpJHUHNDIHNHWpNDPyURN,WWLVOiWV]LNPLO\HQV]tQHVIDQ
Wi]LiMDYROWD]~UQDN
$ V]DEDGNĘPĦYHVHN KDUPDGLN DODStWyMD -DPHV $QGHUVRQ D
ORQGRQL6]HQW-DPHV3DODVW XGYDUL WHPSORPiQDN SURWHVWiQV SUp
GLNiWRUD
ėNKiUPDQDODStWRWWiNDV]DEDGNĘPĦYHVVpJHW$KiURP~ULGH
MpEHQPpJOpWH]HWWD]HUHGHWLV]DEDGNĘPĦYHVHNV]|YHWVpJH$UH
IRUPiFLyYDOPHJV]ĦQWDQDJ\NDWHGUiOLVRNpStWpVHGH$QJOLiEDQ
IHQQPDUDGWDV]DEDGNĘPĦYHVHNpVPĦYpV]HNV]|YHWVpJH
(]HNHWDV]|YHWVpJHNHWPLQWPiUHPOtWHWWNSiKRO\RNQDNQH
YH]WpN HO PRGHUQ NLIHMH]pVVHO pOYH XUDN WiUVDViJiQDN D NOXEMD
YROW|VV]HM|YHWHOHLNHQEĘYHQIRJ\DV]WRWWDNDONRKROW$QpJ\Si
KRO\|VV]HYRQiViYDOEHQDKiURPDODStWyOpWUHKR]WDDQDJ\
SiKRO\W )RJDGyDOLEiKR])RJDGyDNRURQiKR]%RUR]yDUy
PDLDNKR]%RUR]yD] DOPDIiKR] 1DJ\SiKRO\D]DOPDIiKR] 
$]DODStWiVQDSMiQDN.HUHV]WHOĘ6]HQW-iQRVQQHSpWYiODV]
WRWWiN  M~QLXV pW PpJSHGLJ RO\DQ PHJJRQGROiVEyO
KRJ\.HUHV]WHOĘ6]HQW-iQRVV]OHWpVpYHONH]GĘG|WWDNHUHV]WpQ\
VpJHJ\~MLGĘV]DNVXJ\DQ~J\~MLGĘV]DNN|YHWNH]LND]HPEHUL
VpJW|UWpQHOPpEHQDV]DEDGNĘPĦYHVVpJOpWUHM|WWpYHO$V]DEDGNĘ
PĦYHVVpJV]LJRU~DQN|YHWWHDUpJLpStWpVLSiKRO\RNPLQWiMiW,QDV
NpQWNH]GWHVHJpGNpQWIRO\WDWWDPDMGPHVWHUOHWW$J\ĦOpVKHO\
VpJpW SiKRO\QDN KtYWiN PiU DNNRU LV 0iU D] DODStWiVQiO U|JW|Q

SUyEiONR]WDN PDJDVDEE IRNR]DWRNDWLV EHYH]HWQLD] ~J\QHYH]HWW
V]DEDGNĘPĦYHVHNGHH]NH]GHWEHQQHPVLNHUOW
EHQDODStWRWWiN$QJOLiEDQD]HOVĘSiKRO\WUH/RQ
GRQEDQpVN|UQ\pNpQPiUSiKRO\YROW$.RQWLQHQVHQD]HOVĘ
SiKRO\W3iUL]VEDQEHQDODStWRWWDHJ\DQJROQHPHV$]HOVĘ
SiKRO\W1pPHWRUV]iJEDQEHQ+DPEXUJEDQDODStWRWWDHJ\
DQJROQDJ\NHUHVNHGĘEDQDQDJ\V]DEDGJRQGRONRGypV,V
WHQWJ~Q\ROyDNpVĘEEL,,)ULJ\HVSRURV]NLUiO\D]~Q1DJ\)UL
J\HVIHOYpWHWWHPDJiWDSiKRO\EDEHQ,,)ULJ\HV%HUOLQEHQ
PHJDODStWRWWDDÄ+iURPI|OGJRO\yKR]´SiKRO\W(]DSiKRO\PpJ
PDLVOpWH]LN
$ SiKRO\ QHPVRNiUD HOYHV]WHWWH YRQ]HUHMpW 9pJO HJ\ROGDO~
pVXQDOPDVOHWWDKKR]KRJ\OHONpEHQV]HOOHPLWHPSORPpStWpVWYp
JH]]HQpVIHQQiOOWDYHV]pO\HDQQDNKRJ\D]HJpV]V]DEDGNĘPĦ
YHVVpJV]pWHVLN$SiKRO\RNYH]HWĘPHVWHUHL~M|WOHWHNHWNHUHVWHN
KRJ\D V]DEDGNĘPĦYHVVpJQHNOHQGOHWHW DGMDQDN (]pUWNHUHVWpN
D]HJ\LSWRPLpVJ|U|JWLWNRVNXOWXV]RNDWPLV]WpULXPRNDWXWiQR]
WDNLQQHQV]iUPD]LND]DPHJiOODStWiVKRJ\DSiKRO\RNWLWRN]DWRV
NXOWXV]RNEyOHUHGQHN'HH]VHPVHJtWHWW
$NNRUD]]DOIRO\WDWWiNKRJ\DSiKRO\RNDWHPSORPRVORYDJRN
XWyGDL'HH]VHPVHJtWHWW(NNRUNHOHWLPLV]WpULXPRNpVNHOHWLWLW
NRVV]HUYH]HWHNJ\DNRUODWDLWJ\ĦMW|WWpN|VV]HpVD]WKLWWpNKRJ\D
V]DEDGNĘPĦYHVVpJ~MpOHWUHNHOGHKLiED
pVN|]|WWIHQQiOOWDYHV]pO\HDQQDNKRJ\DV]DEDG
NĘPĦYHVVpJYpJOHJHVHQPHJVHPPLVO$]DQJOLDL¶NHOHWpVQ\X
JDW¶SiKRO\DPHJEt]WDD]VLGy0RUULQWDV]DEDGNĘPĦYHVVpJ~MMi
V]HUYH]pVpYHO
(]D0RUULQHOĘV]|UHJ\~MVWUXNW~UiWpStWHWWIHO$SiKRO\W
IRNR]DWUDRV]WRWWD$]DOVyIRNR]DWRNWĘOLJWDUWRWWDN(]HNiO
WDOiQRVIRNR]DWRNFpOMXND]HPEHUHNpVDWLV]WDHPEHULHVVpJ KX
PDQL]PXV 

%HOpSpVNRUHVNWNHOOHWWWHQQLNKRJ\HJpV]pOHWNEHQN|WHOH
]LN PDJXNDWKRJ\ IHOWpWOHQHQJHGHOPHVVpJJHOWDUWR]QDN DQDJ\
PHVWHUQHNpVD]iUXOiVpUWYDJ\NLOpSpVpUWKDOiORVtWpOHWHWV]DEKDW
QDNNLUiMXN
$N|YHWNH]ĘFVRSRUWWĘOLJWDUWH]HNPDJDVDEEIRNR]D
WRNYROWDN D]~J\QHYH]HWWERVV]~IRNR]DWRN (]HNQHN D] HPEH
UHNQHND]YROWDIHODGDWXNKRJ\YLJ\i]]DQDND]DOVyEEFVRSRUWRN
EDQOpYĘNUHKRJ\D]RNQHEHV]pOMHQHNRVWREDViJRWQHIHFVHJMH
QHNNLWLWNRNDWYDJ\MHOHQWVpNKDD]RNQHPPĦN|GQpQHNHJ\WW
+DVRQOyNpSSHQDKKR]DKRJ\+LWOHUELURGDOPiEDQDEL]DOPLHP
EHUHNNHOWHWWHNPLQGHQNLQHNNpPNHGQLNHOOHWWPLQGHQNLXWiQ7H
KiWH]HNYROWDNDERVV]~IRNR]DWRNpVPLQGHQV]DEDGNĘPĦYHViO
ODQGyIpOHOHPEHQpOWKRJ\YDODPHO\LNpV]UHYHV]LKDEXWiQYLVHO
NHGHWWYDJ\YDODPLO\HQKLEiWN|YHWHWWHOpVH]D]pOHWpEHNHUOKHW
1DJ\RQN|QQ\HQM|WWDKDOiO0iUDOHJNLVHEEKĦWOHQVpJYDJ\V]D
EiO\WDODQViJHVHWpQLVKLGHJYpUUHOPHJJ\LONROWiNDSiKRO\WiUVDW
(UUHpStWHWWHH]D0RUULQDOHJIHOVĘYH]HWĘIRNR]DWRNDWWyO
LJ(]YROWDWXODMGRQNpSSHQLJUpPLXPDPHO\LUiQ\tWRWWDDSi
KRO\WNLWĦ]WHDFpORNDWV]pWRV]WRWWDDPXQNiWpVDOHJIHOVĘEEIHO
YLJ\i]yNWyONH]GYHPLQGHQNLQHNSDUDQFVROW(QQHND0RUULQQDN
V]LJRU~V]HUYH]HWHYROWD]DOVyIRNR]DW~DNDERVV]~YDJ\WHUURU
IRNR]DW~DNpVDOHJPDJDVDEEYH]HWpV&pOWNHOOHWWDGQLQHNLNPHUW
H]DV]HOOHPLWHPSORPpStWpVQHPPHJQ\HUĘ$]WPRQGWiNDFpOD]
HPEHUHNDEV]RO~WV]DEDGViJD.LNRUOiWR]]DH]WDV]DEDGViJRW"$]
HOVĘD]iOODPPLQWHJ\NRUD]DEV]RO~WPRQDUFKLiNYROWDN$IHMH
GHOHPW|UYpQ\HNHWKR]KDWiUR]DWRNDWpVH]]HONRUOiWR]]DDEV]RO~W
V]DEDGViJRPDWWHKiWIHONHOOYHQQLDKDUFRWD]iOODPPDODIHMHGH
OHPPHOV]HPEHQPHUWĘD]DNLQHPDGQHNHPWHOMHVV]DEDGViJRW
$PiVRGLNDNLDV]DEDGViJRWNRUOiWR]]DDSiSDpVDNDWROL
NXV(J\Ki]7RYiEEiDUyPDLSVS|NDSiSDpVDNDWROLNXV(J\
Ki]LVWHQLHUHGHWHWKLUGHW-p]XV.ULV]WXV,VWHQ¿~LPHJEt]DWiViW$
V]DEDGNĘPĦYHVVpJ PLQGHQ ,VWHQQHO NDSFVRODWRV GROJRW HOYHW

WHKiWH]HQD]DODSRQWHOMHVHQOHDNDUMDJ\Ę]QLD](J\Ki]DWpV
DSiSiW
0LYHOH]HQNtYOD](J\Ki]KLUGHWL,VWHQ7t]SDUDQFVRODWiWW|U
YpQ\HNHW pV HOĘtUiVRNDW DG NRUOiWR]]D DEV]RO~W V]DEDGViJRPDW
7HKiWD](J\Ki]DWDSiSiWPHJNHOOVHPPLVtWHQL
/HWWHJ\V]LJRU~V]HUYH]HWOHWWHJ\FpODIHMHGHOHPQHNDSi
SiQDN D] (J\Ki]QDN D PHJVHPPLVtWpVH pV H]]HO D] HJpV] V]D
EDGNĘPĦYHVVpJPHJOHWWPHQWYHÒMMipSOW~MpOHWHWOHKHOWHNEHOp
-HOOHP]ĘKRJ\DIUDQFLDIRUUDGDORPEDQEHQPLQGHQYH]H
WĘIRUUDGDOPiUV]DEDGNĘPĦYHVYROWDNLNIHOYHWWpNDKDUFRWDIHMH
GHOHPPHODWUyQQDOpVD]ROWiUUDO+DPDURVDQIHOLVPHUWHQpKiQ\
IHMHGHOHPPLO\HQYHV]pO\WMHOHQWWUyQMXNUDpVNRUPiQ\XNUDDV]D
EDGNĘPĦYHVVpJ(]pUWKRJ\PHQWVpNKDWDOPXNDWĘNLVPHJSUy
EiOWDNEHNDSFVROyGQL
/iWWXNPiUKRJ\1DJ\)ULJ\HVV]DEDGNĘPĦYHVOHWWQDSMDLQN
EDQLVOiWMXN$QJOLiEDQDKRODONRWPiQ\V]HULQWDNLUiO\QDNDNLUi
O\LSiKRO\QDJ\PHVWHUpQHNNHOOOHQQLHËJ\YDQH]D]pV]DNLiOOD
PRNEDQLV(J\V]HUPHJNpUGH]WHPD]|UHJ*XVWDY$GROINLUiO\WyO
KRJ\LUiQ\tWKDWHJ\RUV]iJRWPLQWNLUiO\HJ\RO\DQV]RFLDOLVWDRU
V]iJEDQPLQW6YpGRUV]iJVĘD]WYiODV]ROWD
Ä0LQWNLUiO\QDNQLQFVPLWPRQGDQRPH]WDNRUPiQ\YpJ]LGH
pQPLQGHQVYpGSiKRO\QDJ\PHVWHUHYDJ\RNpVH]]HOPLQGHQPL
QLV]WHUUH RUV]iJJ\ĦOpVL NpSYLVHOĘUH DNLNQHN WHUPpV]HWHVHQ V]D
EDGNĘPĦYHVHNQHNNHOOOHQQLNUiNpQ\V]HUtWKHWHPDNDUDWRPDWpV
SDUDQFVROKDWRNQHNLN0LQW6YpGRUV]iJNLUiO\DDSiKRO\VHJtWVp
JpYHODSiKRO\RNI|O|WWNRUPiQ\R]KDWRN$]WiQD]WLVPHJNpUGH]
WHPKRJ\HQJHGPpQ\HNHWNHOOHWWHWHQQLHVĘtJ\YiODV]ROW,JHQ
D]LVNROiWD]pOHWHWOHKHWĘVpJV]HULQWOLEHUDOL]iOQLDKi]DVViJMRJRW
PLQWUpJHQYROWPHJNHOOWDUWDQLPLQGHQEHQV]DEDGViJRWNHOODGQL
DV]DEDGNĘPĦYHVQHN
0iUDGDUPVWDGWL SURWHVWiQV SUpGLNiWRU EiUy YRQ6WDUN IHOLV
PHUWHKRJ\DNHUHV]WpQ\iOODPUDYHV]pO\W MHOHQWDV]DEDGNĘPĦ

YHVVpJ (] D EiUy YRQ 6WDUN LIM~NRUiEDQ OHONHV V]DEDGNĘPĦYHV
YROWpVKDROYDVVXNSUpGLNiFLyLW±DGDUPVWDGWLN|Q\YWiUEDQIHO
OHOKHWĘN|WHWPHO\HNERPEDWiPDGiVN|YHWNH]WpEHQPHJVHP
PLVOWHN±PLQGHQSUpGLNiFLy D V]DEDGNĘPĦYHVVpJUĘO V]yOW (]
OHQQH D PHJYiOWiV EHWHOMHVHGpVH D] HPEHU DEV]RO~W V]DEDGViJD
PiUQLQFVV]NVpJ,VWHQUHeVH]DSUpGLNiWRUDV]DEDGNĘPĦYHV
VpJPHOOHWWSUpGLNiOWpVEHV]pOWPtJQHPDIUDQFLDIRUUDGDORPLGH
MpQOiWWDKRJ\DNLUiO\W;9,/DMRVWpV0iULD$QWRLQHWWHWOHIHMH]
WpNDV]DEDGNĘPĦYHVHNYpJH]WHNYHON(NNRUIHOLVPHUWHKRJ\
D V]DEDGNĘPĦYHVVpJPLO\HQ YHV]pO\HV D]iOODPUDeV H]D]HP
EHUIHOpEUHGWpVWHOMHVIRUGXODWRWWHWWQRYHPEHUpQU|SOD
SRWERFViWRWWNLDPHO\EHQDV]DEDGNĘPĦYHVVpJHWDSiKRO\WPLQW
$QWLNULV]WXVW QHYH]L PHJDPHO\ PLQGHQ HPEHULUHQG pV HUN|OFV
PHJURQWyMDpVD]HPEHULVpJV]iPiUDDOHJQDJ\REEYHV]pO\WMHOHQ
WL(]DU|SLUDWDNNRUQDJ\KDWiVWJ\DNRUROWD]HPEHUHNUHpVVR
NDNQDNNLQ\tOWDV]HPH1pKiQ\QDSSDODU|SLUDWPHJMHOHQpVHXWiQ
YRQ6WDUNEiUyEHPHQWD+RIJDUWHQpWWHUHPEHKRJ\V]RNiVV]HULQW
PHJLJ\DGpOXWiQLNiYpMiWURVV]XOOHWWpVHJ\yUDP~OYDPHJKDOW
EHQD1DJ\)UDQFLD2ULHQWSiKRO\±H]YROWDYH]HWĘSi
KRO\ 3iUL]VEDQ ± EHMHOHQWHWWH Ä$ V]DEDGNĘPĦYHVVpJ QHP YLOiJ
Qp]HWYDJ\V]HOOHPLLUiQ\]DWDV]DEDGNĘPĦYHVVpJDM|YĘYDOOiVD
0LQGHQYDOOiVDNHUHV]WpQ\VpJDNO|QE|]ĘNHUHV]WpQ\J\OHNH
]HWHND]VLGyYDOOiVPLQGHOIRJWĦQQLDWLV]WDHPEHULHVVpJYDOOiVD
DV]DEDGNĘPĦYHVVpJOHV]DM|YĘpYV]i]DGRNpYH]UHGHNYDOOiVD´
;,,.HOHPHQSiSDLVKDPDUIHOLVPHUWHPLO\HQYHV]pO\HVHND
V]DEDGNĘPĦYHVHN D YDOOiVUD0iUEDQ NLDGRWW HJ\ EXOOiWD
V]DEDGNĘPĦYHVHNHOOHQpVEHMHOHQWHWWHDKDUFRWPHUWD]RNPLQ
GHQ NHUHV]WpQ\ YDOOiV pV D] D]RQ DODSXOy HUN|OFV HOOHQ YDQQDN
;,,/HySiSD  DUUyOEHV]pOWKRJ\NLN|]|VtWLND]RNDW
DNDWROLNXVRNDWDNLNDV]DEDGNĘPĦYHVHNKH]YDJ\PHOOpNV]HUYH
]HWHLNKH]WDUWR]QDN$SiSDHJ\LPiWLVPHJIRJDOPD]RWWDV]DEDG
NĘPĦYHVHNPLDWW pV HOUHQGHOWH KRJ\PLQGHQQDS DV]HQWPLVHD
FVHQGHVV]HQWPLVHXWiQHONHOOLPiGNR]QL(]D6]HQW0LKiO\LPD

$V]i]DGHOVĘNpWKDUPDGiEDQDV]DEDGNĘPĦYHVVpJPpJQHP
]HWLMHOOHJHW|OW|WW0LQGHQRUV]iJQDNVDMiWSiKRO\DYROWPpJQHP
OpWH]HWWYLOiJSiKRO\pVYLOiJQDJ\PHVWHUKDQHPPLQGHQRUV]iJQDN
PHJYROWDVDMiWSiKRO\D$SiKRO\RNN|]WDYH]HWĘV]HUHSHW)UDQ
FLDRUV]iJEDQ3iUL]VEDQD1DJ\2ULHQWSiKRO\MiWV]RWWD
0RVW EHPXWDWRP |Q|NQHNPLO\HQ EHIRO\iVVDOYROWDN D YLOiJ
W|UWpQpVHLUHDSiKRO\RN(KKH]YLVV]DNHOOQ\~OQLDHVKiERU~
KR]UHDQpPHWIUDQFLDKiERU~KR]1pPHWROGDORQDSRURV]
9LOPRVNLUiO\YROWDNpVĘEEL,9LOPRVFViV]iUDSRURV]SiKRO\
QDJ\PHVWHUH$W|EELIHMHGHOHPQHPYROWV]DEDGNĘPĦYHV:UW
WHPEHUJEHQDV]DEDGNĘPĦYHVVpJEHLVYROWWLOWYD$PLNRUD]HJ\H
VOWQpPHWKDGVHUHJQDJ\FVDSiVWPpUWDIUDQFLiNUD~J\OiWV]RWW
KRJ\)UDQFLDRUV]iJQDNQLQFVPHQHNYpVH(NNRUDIUDQFLDQDJ\Si
KRO\D*UDQGVHLJQHXUGHOD)UDQFHN|]EHOpSHWW$IUDQFLDÄ1DJ\
2ULHQWSiKRO\´UHQGHOHWHWNOG|WWDSRURV]9LOPRVNLUiO\V]DEDG
NĘPĦYHV WHVWYpUQHNpV PHJSDUDQFVROWDKRJ\D]RQQDO KDMWVDQDN
YpJUHHJ\~MKDGPĦYHOHWHWpVD]HJ\HVOWQpPHWFVDSDWRNDWYRQMiN
YLVV]DD5DMQiQW~OUD'HDSRURV]NLUiO\H]WWHUPpV]HWHVHQ¿J\HO
PHQ NtYOKDJ\WD$]HJ\HVOWVHUHJHNWRYiEE Q\RPXOWDNHOĘUH
EHNHUtWHWWpNpVPHJV]iOOWiN3iUL]VW
-|WWDPiVRGLNUHQGHOHW$)UDQFLD*UDQG2ULHQWSiKRO\DSR
URV]SiKRO\WHVWYpUWDV]DEDGNĘPĦYHVEtUyViJHOpLGp]WHPHUWQHP
WHOMHVtWHWWHDSiKRO\SDUDQFViW$SRURV]NLUiO\DNLN|]EHQQpPHW
FViV]iUOHWWHUUHVHPUHDJiOWpVQHPLVYiODV]ROW$NNRUD*UDQG
2ULHQWGHOD)UDQFHNLPRQGWD9LOPRVSRURV]NLUiO\NLN|]|VtWpVpW
pVKDOiOUDtWpOWHPLYHOQHPIRJDGRWWV]yWDSiKRO\QDN$YLOiJPLQ
GHQ V]DEDGNĘPĦYHVpWN|WHOH]WpN KRJ\ KDOHKHWĘVpJNYDQ9LO
PRVSRURV]NLUiO\RQKDMWViNYpJUHDKDOiORVtWpOHWHW$NLUiO\J\LO
NRVViJUDYDOyIHOEXMWiVW,9LOPRVQHPYLVHOWHHO,O\HVPLWDYDV
NDQFHOOiU%LVPDUFNVHPWĦUWHO%LVPDUFNHOUHQGHOWHDQpPHWV]D
EDGNĘPĦYHVHNOHYiOiViWDIUDQFLDpVPiVNOI|OGLSiKRO\WyOPpJ
DOHJWiYRODEELNDSFVRODWRWLVPHJWLOWRWWDYHON$V]DNtWiVWNtPp
OHWOHQOYpJKH]YLWWpN

$ QpPHW V]DEDGNĘPĦYHVVpJ HJ\IDMWD MyWpNRQ\ViJL LQWp]PpQ\
OHWW7HOMHVHQiWDODNXOW$SROLWLNiUyOWHOMHVHQOHNHOOHWWPRQGDQLD
PpJVDMiWRUV]iJiEDQYDJ\DN|]|VVpJHNEHQLV9DVV]LJRUUDOJRQ
GRVNRGRWWDUUyO%LVPDUFNKRJ\DW|UYpQ\HNHWEHWDUWViN,9LOPRV
FViV]iUOHPRQGRWWDSRURV]SiKRO\QDJ\PHVWHULWLV]WVpJpUĘOGHSi
KRO\WHVWYpUPDUDGWPLQWD¿DDNpVĘEEL)ULJ\HVFViV]iUPLYHOHV
NMHHJpV]pOHWpUHDSiKRO\KR]N|W|WWH
)ULJ\HVFViV]iUNpUWHPLQGNpW¿iWDNpVĘEEL,,9LOPRVFViV]iUW
pV+HQULNHWKRJ\VRKDQHOHJ\HQHNV]DEDGNĘPĦYHVHNPHUW DNL
V]DEDGNĘPĦYHVOHV]HJpV]pOHWpEHQDQDJ\SiKRO\IRJMDpVUDE
V]ROJiMDOHV]
,,9LOPRVVRKDQHPOHWWV]DEDGNĘPĦYHV
$IUDQFLDQDJ\SiKRO\±OiWYDD]HVYHUHVpJpWKRJ\D
QpPHWSiKRO\iWDODNXOWpVMyWpNRQ\ViJEDIRJRWWYDJ\LV1pPHWRU
V]iJEDQQHPWXGWDHOpUQLDFpOMiWQHPWXGWDPHJG|QWHQLDPRQDU
FKLiWpVQHPWXGWDOHYiOWDQLDIHMHGHOPHWD]DEV]RO~WV]DEDGViJHO
pUpVHpUGHNpEHQ±H]pUW$XV]WULDIHOpIRUGXOWDPHO\V]|YHWVpJEHQ
iOOW1pPHWRUV]iJJDO$ IUDQFLD QDJ\SiKRO\D]W UHPpOWH KRJ\ Wi
PDGiVRNNDODOiiVVDD]RV]WUiNPDJ\DUPRQDUFKLiWPDMGPHJG|Q
WLD]WpVEHYH]HWLDV]DEDGNĘPĦYHViOODPRWeVD]WiQLQQHQPHJWi
PDGKDWMiN1pPHWRUV]iJRW(NNRU$XV]WULiEDQ)HUHQF-y]VHIFVi
V]iUXUDONRGRWWDNLWQpSHLYDOyEDQV]HUHWWHNPHUWQpSHLDW\MDYROW
$SiKRO\PRVWPHJSUyEiOWDDOLEHUDOL]PXVVHJtWVpJpYHODÄWUyQW
pVD]ROWiUW´PHJURKDPR]QL$XV]WULiEDQW|UYpQ\WLOWRWWDDV]DEDG
NĘPĦYHVSiKRO\W(]DUHQGV]HUHVWiPDGiVDWUyQpVD]ROWiUHOOHQ
DOLEHUDOL]PXVD]HOĘKtUQ|N|NpVD]HOĘKDGVHJtWVpJpYHOW~OODVVDQ
KDODGW(UUHDSiKRO\HJ\LJD]LV]DEDGNĘPĦYHVPHJROGiVWWDOiOWNL
5XGROIRW$XV]WULD¿DWDONRURQDKHUFHJpWPHJNHOOQ\HUQLDV]D
EDGNĘPĦYHVHNV]iPiUD(OĘV]|UPHJSUyEiOWiN5XGROIRWD]DSMi
WyO)HUHQF-y]VHIWĘOHOLGHJHQtWHQL$FViV]iUQDNPpJNRUPiQ\R]
QLDNHOOHWW$NNRUQHPDSDUODPHQWQHPDPLQLV]WHUHNKDQHPD
FViV]iUNRUPiQ\]RWWH]pUWQHPVRNLGHMHPDUDGWDFVDOiGMiUD5X

GROIIĘKHUFHJI|O|WWpEEWHKHWVpJHV IpU¿YROW NLPDJDVOyPHVV]H
PHQĘV]HOOHPLVpJGH|U|NOHWHVHQPHJOHKHWĘVHQWHUKHOW=VHQLDOL
WiVDN|]HOiOOWD]ĘUOWVpJKH]DV]OĘNpVDQDJ\V]OĘNURNRQKi
]DVViJDPLDWWPRUiOLVDQHUĘVHQWHUKHOWYROW5XGROIHUN|OFVLOHJPiU
NRUiQHOWpYHO\HGHWW5XGROIDQ\MDDV]HOOHPHV(U]VpEHWFViV]iUQp
QDJ\RQOLEHUiOLVYROWYDOOiVDODQJ\RVpVHJ\Ki]HOOHQHVQp]HWHNHW
YDOORWW
5XGROIRWOLEHUiOLVDWHLVWDWDQiURNpVQHYHOĘNWDQtWRWWiNpVQH
YHOWpN%HOpROWRWWiNDOLEHUiOLVpVUHMWHWWV]DEDGNĘPĦYHVHV]PpNHW
pVIHOIRJiVRNDW5XGROIQDN QHPYROW HUN|OFVLWDUWiVD/HONLLVPH
UHWOHQXGYDULRUYRVRNpVXGYDURQFRNDNLNWLWRNEDQV]DEDGNĘPĦ
YHVHNYROWDNWiPRJDWWiN5XGROIHUN|OFVLHOWpYHO\HGpVHLW$PLNRU
5XGROIpYHVQDJ\NRU~OHWWDWLWNRVV]DEDGNĘPĦYHVN|U|N~J\
LQWp]WpNKRJ\5XGROIRW$QJOLiEDNOGMpN
$XV]WULiQDNpV$QJOLiQDNN|]|VpUGHNHOWVpJNYROWD/HYDQWH
QpO )|OGN|]L WHQJHUL NHOHWL SDUWYLGpN  pV D 6]XH]L FVDWRUQiQiO
$QJOLiEDQDNNRUD]DJJ9LNWyULDNLUiO\QpXUDONRGRWW)LDDNpVĘE
EL9,,(GZDUGDW|UYpQ\HNQHNPHJIHOHOĘHQWiYROWDUWRWWDPDJiW
DSROLWLNiWyO$YDOyViJEDQD]RQEDQPLQGLJRWWYROWDSROLWLNDN|
]HOpEHQėYROWD]pYV]i]DGHJ\LNOHJWHKHWVpJHVHEESROLWLNDLNX
OLVV]DWRORJDWyMD$QJOLiEDQDONRWPiQ\RVPRQDUFKLDYDQ$SDUOD
PHQWDNDELQHWNRUPiQ\R]DNLUiO\UHSUH]HQWiO$QJOLiEDQFVDN
HJ\NLHPHONHGĘHV]ĦNLUiO\WXGWLWNRVKDWDORPVHJtWVpJpYHOYDOy
EDQNRUPiQ\R]QL
9,,(GZDUG NLHPHONHGĘV]HOOHPYROW7XGWD KRJ\ D V]DEDG
NĘPĦYHVVpJDOHJQDJ\REEOHN]GKHWHWOHQWLWNRVKDWDORP(]pUWĘ
LV V]DEDGNĘPĦYHV OHWWDSiKRO\QDJ\PHVWHUHYROWpVD]W PRQG
WDPDJiQDNPLQWV]DEDGNĘPĦYHVpVNLUiO\D]RUV]iJRWpVDYLOi
JRWĘIRJMDLUiQ\tWDQL$QpKiQ\KyQDSRVDQJOLDLWDUWy]NRGiVDDODWW
5XGROIQDNDpYHVWUyQ|U|N|VQHNQHPYROWV]yUDNR]WDWyKRJ\
PLQGLJD]DJJNLUiO\QĘYHOWiUVDORJ)LDWDODEEEDUiWRNDWNHUHVHWWpV
DNNRU9,,(GZDUGN|]HOHGHWWKR]]i

9,,(GZDUGFViEtWyDQEDUiWViJRVpVV]HUHWHWUHPpOWyYROWU|YLG
LGĘDODWW PHJQ\HUWH PDJiQDN5XGROIRW9,,(GZDUGWHUPpV]HWH
VHQPLQGHQNiURVV]HQYHGpO\QHNKyGROW.|QQ\ĦSUpGiQDNEL]R
Q\XOWD]HUN|OFVLWDUWiVQpONOL5XGROIRWDIpNWHOHQHUN|OFVWHOHQVpJ
|UYpQ\pEHYLQQL$PLNRU5XGROI PiUWHOMHVHQHOPHUOWD]HUN|O
FVLIHUWĘEHQ9,,(GZDUGPLQW]VDUROyOpSHWWIHO0LWIRJPRQGD
QLDNDWROLNXV%pFVPLWIRJV]yOQLDSiG)HUHQF-y]VHIKDPHJ
KDOOMDPLO\HQHUN|OFVWHOHQpOHWHWpOV]WHLWWpVPLO\HQWpYHO\JpVH
LG YDQQDN" (GZDUG HJ\UH MREEDQ NpWVpJHNEH NHUJHWWH D V]HJpQ\
5XGROIRW$PLQWPHJOiWWDKRJ\HQQHND¿DWDOHPEHUQHNQLQFVHU
N|OFVLWDUWiVDQHPLVPHULDNLXWDWD]WPRQGWDQHNLOpJ\Q\XJRGW
VHP%pFVVHP$XV]WULDVHPDSiG)HUHQF-y]VHIQHPIRJVHPPLW
PHJWXGQLDUUyOKRJ\pOV]WHLWWKDEHOpSV]DSiKRO\EDKDV]DEDG
NĘPĦYHV OHV]HO 5XGROI DNL DOLJ YROW YDOOiVRV DNLQHN QHP YROW
MHOOHPH H]W D NLXWDW YiODV]WRWWD pV V]DEDGNĘPĦYHVOHWW (GZDUG
EHYH]HWWHĘWDSiKRO\EDpV5XGROIKiURPKyQDSDODWWYpJLJMiUWDD
WHOMHVV]DEDGNĘPĦYHVpOHWSiO\iWLQDVWyONH]GYHDOHJPDJDVDEEIR
NR]DWLJpVPDJDLVDSiKRO\QDJ\PHVWHUHOHWW$]DQJROSiKRO\WyO
PHJEt]iVWNDSRWW)HODGDWDD]YROWKRJ\DPpO\HQYDOOiVRVNDWR
OLNXVDSMiW)HUHQF-y]VHIHWOHWDV]tWVDDWUyQUyOpVĘPDJDOM|QD
WUyQUD(]]HONDSXWQ\LWDSiKRO\QDN$XV]WULiKR]pVD]RV]WUiNPD
J\DUPRQDUFKLiKR]tJ\$XV]WULDV]DEDGNĘPĦYHViOODPOHV]
5XGROI YLVV]DWpUW %pFVEH pV WLWRNEDQ PHJNH]GWH D PXQNiW
0HJJ\Ę]ĘGpVHHOOHQYROWGHPLYHOJ\HQJHYROWpVDSiKRO\ HJ\
SLOODQDWUDVHPWpYHV]WHWWHV]HPHOĘOQ\RPiVDODWWWDUWRWWDNH]GWH
HOĘNpV]tWHQLD]DSMDHOOHQLIRUUDGDORPWHUYpW5XGROID]WDPDJEt
]iVWNDSWDKRJ\KDV]QiOMDIHODPLQGLJUHEHOOLV0DJ\DURUV]iJRW
5XGROIQDN LWW VRN KtYH pV V]LPSDWL]iQVD YROW 0DJ\DURUV]iJ VH
JtWVpJpYHODFViV]iUKDWDOPiWPHJOHKHWQHG|QWHQL0LQGHQWDOHJ
DSUyEEUpV]OHWHNLJNLGROJR]WDN$PDJ\DURUV]iJLNDWRQDLYH]HWĘN
N|]pEHpStWHWWHNV]DEDGNĘPĦYHVHNHW$]YROWDV]RNiVKRJ\PLQ
GHQKyQDSEDQHJ\PiVLNH]UHGYHWWHiWD]ĘUVpJHW%pFVEHQ(]D]
ĘUH]UHGWDUWRWWĘUVpJHWD+RIEXUJEDQ6FK|QEUXQQEDQDKRODFVi

V]iU)HUHQF-y]VHIODNRWWD%DOOKDXVWpUHQDNOJ\PLQLV]WpULXP
QiOpVPiVPLQLV]WpULXPRNQiO(J\KyQDSLJHJ\RV]WUiNH]UHGD]
WiQHJ\FVHKYDJ\HJ\ERVQ\iNYDJ\HJ\URPiQYDJ\HJ\PD
J\DUPLQGLJYiOWRWWiNHJ\PiVW0DJ\DURUV]iJRQRO\DQH]UHGHWiO
OtWRWWDNNLDPHO\EHQYDODPHQQ\LWLV]WWLV]WKHO\HWWHVpVDNDWRQiN
QDJ\UpV]HV]DEDGNĘPĦYHVYROW(]D]H]UHGpUNH]HWW%pFVEH(J\
YH]pQ\V]yUDDPDJ\DUVHUHJQHNHONHOOHWWYROQDIRJQLDFViV]iUW
OHIRJODOQLDPLQLV]WHUHNHWpV5XGROIRWNLNLiOWDQLFViV]iUQDN
$]XWROVySLOODQDWEDQ5XGROIQDNH]WD]iUXOiVLWHUYpWIHOIHGH]
WpNPpJSHGLJD]RV]WUiNWLWNRVV]ROJiODWDPHO\QDJ\RQMyOGROJR
]RWW$UHQGĘUVpJPpJD]QDSDNDWRQDLSDUDQFVQRND]|UHJWHUOHWL
WiERUQDJ\$OEHUWKHUFHJHOpYLWWHDKDWDORPiWYpWHOWHUYpWpVĘDE
EDQDSLOODQDWEDQHOG|QW|WWHKRJ\H]WDPDJ\DUVHUHJHWHOV]iOOtW
MDpVOHIHJ\YHU]LKHO\HWWNPLQGHQKRYiFViV]iUKR]KĦFVDSDWRNDW
iOOtW)HUHQF-y]VHIFViV]iUQDN FVDNiOWDOiQRVWiMpNR]WDWiVWDGRWW
)HUHQF -y]VHIV]iPiUD KDOiOiLJUHMWpO\YROWPLpUW OĘWWH OHPDJiW
5XGROI *\DQtWRWW YDODPLW GHDWHOMHV LJD]ViJRW VRKD VHQNL QHP
PRQGWDPHJQHNL
5XGROIGpOXWiQKiURPyUDNRUWXGWDPHJKRJ\HOiUXOWiNDWHU
YpWpVDKDGVHUHJLVWXGUyOD0H\HUOLQJEHXWD]RWWRWWWDOiOWDV]H
UHOPpW9HWVHUUiWpVH]D¿DWDOOiQ\D]WPRQGWDQHNLÄ0HJDNDURN
YHOHGKDOQLKRJ\HJ\WWPHQMQND]|U|NNpYDOyViJED´1HPNp
WHONHGWHNDEEDQKRJ\DQOĘWWHOH PDJiW 5XGROIPHUWV]HOOHPLOHJ
QHPYROWQRUPiOLV$]iJ\PHOOHWWIHOiOOtWRWWHJ\IHV]OHWHWPHJ
J\~MWRWWNpWJ\HUW\iWV]HQWHOWYL]HWWHWWHOpD]WiQHJ\WNU|WKRJ\
SRQWRVDQ WXGMRQFpOR]QL(]XWiQHJ\Uy]VDI]pUWWHNHUWD NH]pUH
9HWVHUUDQDN V]HQWHOWYL]HW DGRWWOHOĘWWHPDMG D VDMiW KDOiQWpNiED
HUHV]WHWWHDJRO\yW
(]]HOOH]iUXOWDPH\HUOLQJLWUDJpGLDpVDV]DEDGNĘPĦYHVVpJQHN
D]RQUHPpQ\HKRJ\HJ\RV]WUiNPDJ\DUV]DEDGNĘPĦYHViOODPRW
KR]]DQDNOpWUH

5XGROI EHQ EHN|YHWNH]HWW KDOiOiYDO PHJV]ĦQW D OHKHWĘ
VpJH DQQDN KRJ\ D V]DEDGNĘPĦYHVHN J\RUVDQ ELUWRNED YHJ\pN
$XV]WULiW
eUGHNHVHNDE~FV~OHYHOHNDPLNHW5XGROItUW(J\HWtUWD]DQ\Mi
QDN(U]VpEHWFViV]iUQpQDNDPHO\EHQPLQGHQWOHtUW(J\PiVRGL
NDWtUWDNpWOiQ\WHVWYpUpQHN(]DWHVWYpUHNQHNtUWOHYpOPHJPDUDGW
$PiVLNOHYHOHWDFViV]iUQpHOpJHWWH
$]EHQDWHVWYpUHNQHN tUW OHYpOEHQ 5XGROID]WtUMDÄ+D
DSiQNPHJKDOD]RQQDOKDJ\MiWRNHOD]RUV]iJRWDNNRUM|QDQDJ\
YLOiJKiERU~$XV]WULDpV1pPHWRUV]iJHOOHQD]WiQDPRQDUFKLDEX
NiVDPDMGDYLOiJIRUUDGDORPpVPLQGHQQHNYpJHOHV]´EHQ
ĘPiUOiWWDHOĘUHD]HOVĘYLOiJKiERU~WPHUWLVPHUWHDV]DEDGNĘPĦ
YHVHNWHOMHVWHUYpW
0LXWiQDV]DEDGNĘPĦYHVHN PHVWHUNHGpVHDPH\HUOLQJLWUDJp
GLiYDOYpJHWpUWDV]DEDGNĘPĦYHVHNLVPpW1pPHWRUV]iJUDLUiQ\t
WRWWiN¿J\HOPNHW+DPDURVDQ,,9LOPRVFViV]iUNHUOWDWUyQUD
9HOHPiUQHPOHKHWHWWD]WDNRPpGLiWIRO\WDWQLDPLW5XGROIIDOWHW
WHNPHUW9LOPRVWUyQ|U|N|VPpJJ\HUHNYROW'H9,,(GZDUGLWWLV
WDOiOWHJ\NLXWDW$]YROWDWHUYHKRJ\EHNHUtWL1pPHWRUV]iJRWWHO
MHVHQHOV]LJHWHOLDV]RPV]pGQpSHNWĘOpVDPHJIHOHOĘSLOODQDWEDQ
KiERU~WUREEDQWNL/HYHUL1pPHWRUV]iJRWPHJG|QWLDPRQDUFKL
iWpVDNNRU1pPHWRUV]iJEDQpV$XV]WULiEDQLVXUDORPUDNHUOQHN
DV]DEDGNĘPĦYHVHN
(GZDUGUiM|WWKRJ\DMyQpPHWRURV]NDSFVRODWRNDWNHOOPHJ
]DYDUQL0LNOyVRURV]FiUQHPYROWV]DEDGNĘPĦYHVGHI|O|WWpEE
J\HQJHIpU¿YROWPLQGHQHPEHUQHNLJD]DWDGRWWpVDNLXWROVyNpQW
PHQWNLDV]REiEyOYpJODQQDNYROWLJD]DpVH]PLQGLJD]DQJRO
N|YHWYROW9,,(GZDUGURNRQLNDSFVRODWRNUpYpQYpJORGiLJMX
WRWWKRJ\2URV]RUV]iJRW1pPHWRUV]iJHOOHQIRUGtWRWWD
2ODV]RUV]iJEDQ D QDJ\SiKRO\ WHOMKDWDORPPDO UHQGHONH]HWW$
QHPV]DEDGNĘPĦYHV,,9LNWRU(PPDQXHODNLVÄEDPELQR´QHP

V]DEDGNĘPĦYHV GH D QDJ\SiKRO\ MiWpNV]HUH 6HPPLW VHP WHKH
WHWWpV2ODV]RUV]iJD]RQQDONpV]HQiOOWD1pPHWRUV]iJJDOV]HPEH
QLiUXOiVUDpVEHDYDWNR]iVUD
)UDQFLDRUV]iJEDQ9,,(GZDUGDQDJ\SiKRO\ERVV]~MiWV]tWRWWD
IHOÒMUDpV~MUDDIUDQFLiNV]HPpUHYHWHWWpNÄ1HPIHOHMWKHWLWHNHO
D]HVpYHWDPHJDOi]WDWiVWKRJ\(O]iV]/RWDULQJLiWHOYHWWpN
tJ\NpV]tWHWWHHOĘKRJ\DERVV]~YiJ\1pPHWRUV]iJLUiQWHJ\UHQD
J\REEOHJ\HQ´
$VHPOHJHV%HOJLXPEDQ$QJOLDHJ\NLVWHOHSOpVHQWLWNRVV]HU
]ĘGpVW N|W|WW %HOJLXPPDO PLV]HULQW D] DQJRO FVDSDWRN KiERU~
HVHWpQ6HHEUJJHEHQODQGROKDVVDQDNËJ\NpV]tWHWWpNHOĘ1pPHW
RUV]iJpV$XV]WULDN|]SRQWLKDWDOPDLQDNEHNHUtWpVpWpVPHJVHP
PLVtWpVpW
$EDONiQL]ĦU]DYDUDYLOiJ V]DEDGNĘPĦYHVHLQHN QDJ\PHJOH
SHWpVWRNR]RWW$]WKLWWpNKRJ\DOLEHUDOL]PXVPLDWW$XV]WULDIR
NR]DWRVDQV]pWERPOLNpVPDJiWyO|VV]HRPOLNKDKiERU~OHQQHeV
HJ\V]HUFVDND]DJJ)HUHQF-y]VHIDODNMDPHOOHWWRWWiOOWHJ\HUĘV
¿DWDOHPEHUDWUyQ|U|N|V)HUHQF)HUGLQiQG
5|YLGLGĘDODWWHQQHND]VHQLiOLVIpU¿QDNYDVHQHUJLiYDOVLNHUOW
HJ\WĘNpSHVWHQJHUpV]HWHWV]HUYH]QLD]$GULiUDÒMMiV]HUYH]WHD
V]iUD]I|OGLKDGVHUHJHW.tPpOHWOHQOKDUFROWDWUyQ|U|N|VD]RV]W
UiNUHQGHWOHQVpJJHOpVNpQ\HOHPV]HUHWHWWHOV]HPEHQ$UpJLNXN
NLUiO\L pVFViV]iUL KDGVHUHJEH~MV]HOOHPLVpJHWYH]HWWHN EH$]
iOODPLJD]JDWiVEDpVD SROLWLNiED LVEHOHQ\~OW PLQGHQWW pUH]KH
WĘYROWDWLV]WDFpOWXGDWRVNHPpQ\Np]pVEHIRO\iVDD]RV]WUiN
PDJ\DUPRQDUFKLiED~MpOHWHWDNDUWOHKHOQL$]LO\HQV]HPpO\LVpJ
W|QNUHWHKHWLDYLOiJV]DEDGNĘPĦYHVHNWHUYpWH]pUWHONHOOWĦQQLH
$]  Q\DUiQ D VYiMFL /DXVDQQHEDQ UHQGH]HWW V]DEDGNĘ
PĦYHV NRQJUHVV]XVRQ HOKDWiUR]WiN KRJ\ )HUHQF )HUGLQiQGQDN
PHJ NHOO KDOQLD$V]DEDGNĘPĦYHVHN RO\DQ V]pJ\HQWHOHQHNYRO
WDNKRJ\D KDOiORVtWpOHWHW HONOGWpN)HUHQF)HUGLQiQGIHOHVpJp
QHN6RSKLHYRQ+RKHQEHUJIĘKHUFHJQĘQHN+iODDEpFVLUHQGĘU

VpJpEHUVpJpQHNDJ\LONRVViJEDQQHPVLNHUOWĘV]pQ
DV]DEDGNĘPĦYHVHNLVPpWNRQJUHVV]XVWWDUWRWWDN/DXVDQQHEDQ$
KDOiORV tWpOHWHW ~MUD HONOGWpN 6RSKLH KHUFHJQĘQHN D]]DO D PHJ
MHJ\]pVVHOÄ(]~WWDO)HUHQF)HUGLQiQGQHPNHUOLHODVRUViWPHJ
NHOOKDOQLD´
$ KtUKHGW V]DEDGNĘPĦYHV SiUL]VL PpGLXP 0DGDPH 'HIHYUH
3iUL]VEDQQ\tOWDQPHJMyVROWDUH)HUHQF)HUGLQiQGKDOiOiWpV
YpJO D YLOiJKiERU~W (OM|WW  M~QLXVD pV D ERV]QLDL RV]WUiN
PDQĘYHU
)HUHQF)HUGLQiQGQDNPLQWDKDGVHUHJIĘSDUDQFVQRNiQDNNHO
OHWWLUiQ\tWDQLDH]WDPDQĘYHUWDFViV]iUKHO\HWW6RNiLJKDOODQLVHP
DNDUWHUUĘOPHUWEL]WRVDQpUH]WHKRJ\%RV]QLiEyOVRKDW|EEpQHP
IRJpOYHKD]DWpUQL9pJOHOG|QW|WWHKRJ\%RV]QLiEDXWD]LN$]W
PRQGWDPDJiQDNÄ1HNHPPLQWIĘSDUDQFVQRNQDNPHQQHPNHOO
QHNHPNHOOYH]HWQHPDPDQĘYHUWPLQGHJ\EiUPLW|UWpQMpNLV´
)HOHVpJH+RKHQEHUJKHUFHJQĘYHOHDNDUWXWD]QLGHNH]GHWEHQ
DWUyQYiURPiQ\RVDVHPPLHVHWUHVHPDNDUWHEEHEHOHHJ\H]QLPD
UDGMRQDJ\HUHNHNNHOHJ\LO\HQPDQĘYHUQpODVV]RQ\RNQDNVHPPL
NHUHVQLYDOyMXNQLQFV'HD]DVV]RQ\IHOYLOiJRVtWRWWDKRJ\EL]WRVDQ
PHUpQ\OHWHWN|YHWQHNHORWWDNDUOHQQLpVNLDNDUWDUWDQLPHOOHWWH
+iURPQDSSDODJ\LONRVViJHOĘWWOiWWDPXWROMiUDDWUyQ|U|N|VW
$QDJ\Ä9LULEXV 8QLWLV´ HJ\VpJIpU¿D  KDGLKDMyQM|WWOH D]$G
ULiUD $NNRU WLV]W YROWDP %ULRQL V]LJHWpQ YROWDP V]DEDGViJRQ
PHUWWGĘEHWHJYROWDPDKROPRVW7LWRH]DFVLUNHIRJyWDUWy]NR
GLN$NNRUXWD]RWWHOHOĘWWHPDWUyQ|U|N|V0pJWiYLUDWR]RWWKRJ\
KDPLQGHQMyOPHJ\~MUDIHOM|QpVPHJOiWRJDWPLQNHW1\ROFQDS
SDONpVĘEEXJ\DQD]RQDKDMyQM|WWGHPiUKROWDQĘWpVIHOHVpJpW
+RKHQEHUJKHUFHJQĘWPLQGNHWWĘWPHJJ\LONROWiN6]DUDMHYyEDQ
$EEDQ D] LGĘEHQ PLNRU D J\LONRVViJ W|UWpQW 6]DUDMHYyEDQ
D IUDQFLD SiKRO\ QDJ\PHVWHUH )UDQN &DUYH IUDQFLD iOODPHOQ|N
6]HQWSpWHUYiURQYROWpVD]XWROVyPHJiOODSRGiVRNDWN|W|WWHPHJ
D]RURV]RNNDODKiERU~PHJNH]GpVpUH6]iPXQNUDHNNRUPLQGHQ

YLOiJRVYROW0RVWNH]GĘGLN$]RV]WUiNUHQGĘUVpJDGDWJ\ĦMWpVHD
V]DUDMHYyLJ\LONRVViJXWiQYLOiJRVDQNLPXWDWWDKRJ\DWUyQ|U|N|VW
DV]HUESiKRO\SDUDQFViUDJ\LONROWiNPHJ$XV]WULDHUUHXOWLPiWX
PRWDGRWW6]HUELiQDN$XV]WULDN|YHWHOLKRJ\D]RV]WUiNUHQGĘU
VpJD]|VV]HHVNYĘNHWV]HUEI|OG|QQ\RPR]KDVVDNLpVWDUWy]WDW
KDVVDOH
$NNRUXWD]WDPIHO%ULRQLEyOÄ0LUD0DU´NDVWpO\EDDPLWDPH
[LNyLFViV]iUpStWHWWpVDNpVĘEELRV]WUiN.iURO\FViV]iUDQ\MiQiO
YROWDPOiWRJDWyEDQ/HMiUWD]XOWLPiWXP'pOXWiQKiURPyUDNRUD
EpFVL NOJ\PLQLV]WpULXP WHOHIRQRQ N|]|OWH KRJ\ %HOJUiG HOIR
JDGWDD]XOWLPiWXPRW0LQGHQNLIHOOpOHJ]HWWWHKiWQHPOHV]KiER
U~(VWHNRU LVPpWFVHQJHWW DWHOHIRQpVDNOJ\PLQLV]WpULXP
N|]|OWHKRJ\%HOJUiGHOXWDVtWRWWDD]XOWLPiWXPRWpVKDGDW]HQW
5HMWpO\HOĘWWiOOWXQNH]KRJ\OHKHWVpJHV'pOXWiQyUDNRUHOIR
JDGWiND]XOWLPiWXPRWPDMGHVWHNRUHOXWDVtWRWWiN
$PLNRU D QpPHWpV RV]WUiN FVDSDWRNEHQ EHYHWWpN %HO
JUiGRW±D]pQFVDSDWRPLVRWWYROW$NNRUIpQ\NHUOWDUHMWpO\UHD
V]HUEiOODPLDUFKtYXPEDQYROWDUHMWYpQ\PHJIHMWpVH$V]HUENRU
PiQ\HOIRJDGWDD]XOWLPiWXPRWPHUWDV]HUENDELQHWQpKiQ\WDJ
MDQHPYROWV]DEDGNĘPĦYHV$]WPRQGWiNH]DJ\LONRVViJ QDJ\
DOMDVViJ PHJ NHOO DGQXQN D] RV]WUiNRNQDN D OHKHWĘVpJpW DQQDN
KRJ\NLQ\RPR]]iNDJ\LONRVRNDW
$EHOJUiGLQDJ\SiKRO\HEEHQDEHOHHJ\H]pVEHQQDJ\YHV]pO\W
OiWRWWDYLOiJV]DEDGNĘPĦYHVVpJpUHQp]YH
$EHOJUiGLQDJ\SiKRO\ MRJJDOIpOW PHUWD]RV]WUiN UHQGĘUVpJ
IHOIHGWHYROQDDYLOiJV]DEDGNĘPĦYHVVpJ WLWNRV KiOy]DWiW7pQ\
V]HUĦHQEHEL]RQ\tWRWWDYROQDKRJ\DQJ\LONROWDWWDPHJDWUyQ|U|
N|VW)HUHQF)HUGLQiQGRWDYLOiJV]DEDGNĘPĦYHVVpJ(]pUWDEHOJ
UiGLQDJ\SiKRO\H]HQDQDSRQD]HJpV]V]HUYH]HWQDJ\PHVWHUpWĘO
HOĘV]|UiOODStWKDWWDPHJW|UWpQHOPLOHJKRJ\DSiKRO\QDNYDQHJ\
YLOiJQDJ\PHVWHUH(J\¿DWDOpYN|UOLRURV]QDNWiYLUDWR]RWW
DNDXNi]XVL7LÀLVEHpVLVPHUWHWWHDKHO\]HWHW$YLOiJQDJ\PHVWHU

HUUHD]WDWiYLUDWRWNOGWHÄ9HV]pO\YDQIHOIHGLNWLWNRVKiOy]DWXQ
NDWHOXWDVtWDQLD]XOWLPiWXPRWKDGDW]HQQL´
$]XOWLPiWXPV]HUEHOXWDVtWiVDpVDKDG]HQHWXWiQIHOXWD]WDP
JPXQGHQL )HOVĘ$XV]WULD ELUWRNDLQNUDpVRWWWDOiONR]WDP.iURO\
IĘKHUFHJJHOD]~MWUyQ|U|N|VVHODNpVĘEEL.iURO\FViV]iUUDO
(J\ PHJEHV]pOpVUĘO M|WW DPHO\HW )HUHQF -y]VHIIHO IRO\WDWRWW
%DG,VFKOEHQpV.iURO\IĘKHUFHJD]WPRQGWDKRJ\UHJJHOpUNH]HWW
%pFVEH2URV]RUV]iJEyODKLYDWDORVN|]OHPpQ\2URV]RUV]iJQHP
IRJEHDYDWNR]QLQHPIRJKiERU~]QLOHNHOOUi]QLDV]HUEHNHWD]
WiQKDJ\QLĘNHWIXWQL2URV]RUV]iJHJ\NLFVLW]|U|JQLIRJDNDUG
GDOGH6]HUELDPLDWWVRKDQHPIRJKiERU~EDERFViWNR]QL
0LDODWWiWQ\~MWRWWiN)HUHQF-y]VHIFViV]iUQDNDKLYDWDORVN|]
OHPpQ\WD]RURV]KDGVHUHJPiUIHOYRQXOW1pPHWRUV]iJpV$XV]W
ULDKDWiUiQ.pWQDSSDONpVĘEEEHN|YHWNH]HWWDV]DEDGNĘPĦYHVVpJ
SDUDQFViUDDPLWPiUDEHOJUiGLDNWiNEDQPHJWDOiOWXQND]RURV]
KDG]HQHW$XV]WULiQDN$]WiQM|WWHNDKDG]HQHWHNHJ\PiVXWiQ
pVKDGQDJ\NpQWFVDSDWRPPDONLYRQXOWDPDKDUFPH]ĘUH
$QDJ\QpPHWJ\Ę]HOPHNXWiQQ\XJDWRQpVNHOHWHQpVDUiN|
YHWNH]ĘiOOyKiERU~EDQ~J\WĦQWKRJ\DYLOiJV]DEDGNĘPĦYHVVp
JpQHNWHUYHL DQpPHWpVD] RV]WUiNNHUHV]WpQ\PRQDUFKLiNPHJ
G|QWpVpUHNXGDUFEDIXOODGWDN
Q\DUiQWDUWRWWDDYLOiJV]DEDGNĘPĦYHVVpJHDNRQJUHVV]X
ViW )UDQFLDRUV]iJEDQYDOyV]tQĦOHJ %RUGHDX[EDQ$KHO\]HW OiW
WiQDIUDQFLiNPHJiOODStWRWWiNKRJ\DN|]SRQWLKDWDOPDNWUyQMDLW
pV ROWiUiW QHP NDWRQDL HV]N|]|NNHONHOO OHG|QWHQL.DWRQDL J\Ę
]HOPHNNHO QHP OHQQH HOpUKHWĘ$NNRU D NRQJUHVV]XV HOG|QW|WWH
KRJ\IRUUDGDOPLSROLWLNDLDNQDPXQNiYDONHOO1pPHWRUV]iJEDQpV
$XV]WULiEDQDPRQDUFKLDEXNiViWHOpUQL
(WWĘONH]GYHPHJNH]GĘG|WWD]RNQDNDIRUUDGDOPiUJ\Q|N|N
QHNDWHYpNHQ\VpJHDNLNDVHPOHJHV6YiMFRQDVHPOHJHV'iQL
iQpV6YpGRUV]iJRQiWM|WWHNEH1pPHWRUV]iJEDpV$XV]WULiED

ĘV]pQD%RGHQVHHQpOQHPPHVV]H.UHVVERQQWyOIRJWiN
HOD]HOVʁJ\Q|N|W-|WWHJ\FVyQDNNpWHPEHUUHOHJ\LNNiWWX
GRWWPHQQLDPiVLNDWHOIRJWiNpVD]HJpV]FVyQDNWHOHYROWIRUUD
GDOPLSURSDJDQGDDQ\DJJDO$KiERU~IRO\WDWyGRWW
EHQDPLROGDOXQNYH]HWĘN|UHLEHQYLOiJRVYROWKRJ\ND
WRQDLHUĘYHOPiUQHPWXGMiNPHJQ\HUQLDKiERU~W&VDNDSRURV]
WiERUQRNLNDUYROW DKiERU~IRO\WDWiVDPHOOHWW$NNRU ;9%HQH
GHNSiSDN|]EHOpSHWWpVEpNHMDYDVODWRWWHWW;9%HQHGHNEpNHMD
YDVODWDHJpV]HQHJ\pUWHOPĦYROWYLVV]DPHQQLD]HVKDWiULJ
IHOpStWHQLDOHURPEROWYLGpNHNHWpVH]]HOYpJH1LQFVPHJV]iOOiV
QLQFVWHUOHWHNHOFVDWROiVDQLQFVKiERU~VNiUSyWOiVVHPPL
(QJHPHJ\LNFVDSDWUpV]EĘOiWKHO\H]WHNDPiVLNEDpVYpOHWOH
QODQDJ\IĘKDGLV]iOOiVUDNHUOWHP2WWOiWWDPiOOQLDSiO\DXGYD
URQ 3DFHOOL EtERURVW ;,,3LXV  DNLW pQ PiU LVPHUWHP 6YiMFEyO
0HJNpUGH]WHPWĘOHPLWFVLQiOLWWVD]WPRQGWDÄ,GHNOGWHNKRJ\
iWDGMDPDFViV]iUQDNDEpNHMDYDVODWRWpVHOĘWHUMHVV]HP;9%HQH
GHNEpNHMDYDVODWiW´
1pKiQ\ QDSLJ GROJRP YROW D YH]pUNDUQiO pV OiWKDWWDPKRJ\
PLO\HQJ\RUVDQNH]GWHN;9%HQHGHNEpNHMDYDVODWDHOOHQGROJR]
QL7pYHGpVEĘOKR]]iPNHUOWDSRURV]QDJ\SiKRO\U|SODSMD(E
EHQD]iOOWKRJ\3RURV]RUV]iJ1pPHWRUV]iJVRKDQHPIRJDUyPDL
SiSiWyOEpNHMDYDVODWRWHOIRJDGQL(]WDEpNHMDYDVODWRWPLQGHQHV]
N|]]HOPHJNHOOHWWKL~VtWDQL
,,9LOPRVFViV]iUNH]GHWEHQWHOMHVHQPHOOHWWHYROWD]RQRNEyO
KRJ\DUHQJHWHJYpUWpVHPEHUpOHWHWPHJNtPpOMHEpNpWN|W|WWYROQD
0LFKDHOLVYROWDELURGDOPLNDQFHOOiUHJ\QDJ\VHQNLDNLPDJD
LVV]DEDGNĘPĦYHVYROW.DWRQDLROGDORQ/XGHQGRUIIQHPYROWV]D
EDGNĘPĦYHVGHPDNDFVDEEDWHOVHPOHKHWNpS]HOQLeOPpQ\YROW
V]iPRPUDDYH]pUNDUWLV]WMHLN|]WOHQQLpOYH]WHP(]D/XGHQGRUII
D]W PRQGWD Ä*\Ę]QN VLNHUO PLQGHQW PHJWHV]QN´ 'H KRJ\
KRJ\DQD]WVHQNLQHPWXGWD

7HKiWDSiKRO\D]HJ\LNROGDORQH]DFV|N|Q\|V/XGHQGRUIID
PiVLNROGDORQ6LNHUOWHOLQWp]QLNKRJ\H]WDNHGYH]ĘEpNHDMiQ
ODWRWHOXWDVtWViN
$ KiERU~IRO\WDWyGRWW$KiERU~V tQVpJHJ\UH QDJ\REEOHWW D
QpSHOpJHGHWOHQVpJHLVIRNR]yGRWW(J\V]HUFVDNPHJMHOHQWHNDSR
OLWLNDLYH]HWĘNN|]|WWDV]DEDGNĘPĦYHVHNDYH]HWĘV]RFLiOGHPRN
UDWiNN|]|WWDSiKRO\NpSYLVHOĘLYROWDNOiWKDWyN
 Q\DUiQ:LOVRQ DPHULNDL HOQ|N$PHULND PLQGHQ SiKR
O\iQDNDPHULNDLQDJ\PHVWHUHSRQWRVEpNHDMiQODWRWWHWW(SRQ
WRNHJ\LNHD]YROWKRJ\1pPHWRUV]iJEDQpV$XV]WULiEDQPHJNHOO
G|QWHQLDPRQDUFKLiWDNNRUEpNHOHV]
QRYHPEHUpQIRUUDGDOPDWUREEDQWRWWDNNL0HJG|QW|W
WpN D PRQDUFKLiW D]XWiQIHJ\YHUV]QHWHW NDSWXQN$] LGĘ WiMWD
IHJ\YHUV]QHWLEL]RWWViJEDQYROWGROJRPpVPiUD]HOVĘWDOiONR
]iVQiO D] DGGLJ HOOHQVpJHVWiERUQRNRNNDOPHJ WXGWXN iOODStWDQL
KRJ\:LOVRQQDNH]D]HJpV]SRQWMDDOHJQDJ\REEFVDOiVYROWD
PiVLNROGDORQHJ\HWOHQHJ\SRQWHOIRJDGiViWVHPNtYiQWiN
'H HOpUWpN FpOMXNDW D NHUHV]WpQ\ PRQDUFKLiNDW VLNHUOW PHJ
G|QWHQL(]pUW QRYHPEHU HPLQGHQV]DEDGNĘPĦYHV SiKRO\QDN
QQHSPHUWD]HOVĘNRPRO\IDODWiWW|UWpND](J\Ki]ROWiUiKR]YH
]HWĘ~WRQ
$ N|YHWNH]Ę pYHNEHQ D QDJ\SiKRO\ HOpJ RNRV YROW pV QHP
DNDUWD1pPHWRUV]iJEDQ D]RQQDO NpQ\V]HUUHOEHYH]HWQLDV]DEDG
NĘPĦYHVYLOiJQp]HWHW/DVVDQNHOOHWWHUUHDQpSHWIHONpV]tWHQL(OĘ
V]|UPpJHUĘV YDOOiVLWUHOPHWPXWDWWDN PLQGHQOHKHWVpJHVNHG
YH]PpQ\W HOĘQ\W pV V]DEDGViJRW PHJDGWDN D NDWROLNXV (J\Ki]
QDN$]WiQPHJNDSWXNDOHKHWĘVpJHWDNRORVWRURNV]DEDGPĦN|Gp
VpUHpVNRQNRUGiWXPRWN|W|WWHN
9RQ:LUWKDNpVĘEELYH]pULJD]JDWyPHVpOWHQHNHPKRJ\3DXO
6FKZDU]DNLNpVĘEE1pPHWRUV]iJ1HZ<RUNLIĘNRQ]XOMDYROWpV
PDJDLVHJ\SiKRO\QDJ\PHVWHUHD]WPRQGWDÄ0LSiKRO\WHVWYp

UHNPLQGHQWPHJDGWXQNQHNWHNOHKHWPLQGHQHWHND](J\Ki]WHOMHV
V]DEDGViJDPHUWDPLDNQDPXQNiQNRGiLJPHQWKRJ\PLPiUSRQ
WRVDQWXGMXNDQDSRWPLNRURPOLN|VV]HD](J\Ki]pVHJ\WROOYR
QiVVDOHOYHV]QNPLQGHQWDPLWDGWXQNQHNWHNpV1pPHWRUV]iJEDQ
IHOpStWMN DV]DEDGNĘPĦYHVELURGDOPDW´(]XJ\DQQHPVLNHUOW
GHHKKH]DV]DEDGNĘPĦYHVELURGDORPKR]PLQGHQWHOĘNpV]tWHWWHN
0LQGHQKRYi D] iOODPL iOOiVKHO\HNUH pV KLYDWDORNED D YH]HWĘ
KHO\HNUH V]DEDGNĘPĦYHVHNHW KR]WDN 1DJ\SiKRO\RN DODNXOWDN
%HUOLQ PHJPDUDGW )UDQNIXUW :LHVEDGHQ 6WXWWJDUW +HLOEURQQ
VWELV0LQGHQWWDODNXOWDNNLVSiKRO\RN
$NNRU%HXURQEDPHQWHPN|]HOHEEUĘOPHJQp]KHWWHP%HXURQ
N|U]HWpW .LV SiKRO\RN YROWDN 6LJPDULQJHQEHQ ,O]LJKRIHQEHQ
%DOLQJHQEHQ6WHWWHQEHQ,UUHQGRUIEDQ7XWWOLQJHQEHQ
$V]DEDGNĘPĦYHVVpJD]DEV]RO~WV]DEDGViJRWKLUGHWWHpVQp
PHWWHUOHWHNHQH]YROWDOHJQDJ\REEKLEDDPLWYDODKDHON|YHWWHN
PHUWD]DVKiERU~XWiQDJ\Ę]WHVHNH]WDV]DEDGViJRW
HOOHQQNKDV]QiOWiNQDJ\RQHOQ\RPWDNPLQNHW(POpNV]HPDEOR
NiGUDDPLPpJpYLJWDUWRWWD9HUVDLOOHVLV]HU]ĘGpVN|YHWNH]Wp
EHQpVH]QpPHWFVHFVHPĘpOHWpEHNHUOWPHUWQHPWXG
WDNWHMHWDGQLQHNLNVWE
$V]|YHWVpJHVHNQHNH]DKDWiUWDODQUiQNQHKH]HGĘQ\RPiVDHO
OHQQ\RPiVWYiOWRWWNLpVH]YROWDQHP]HWLV]RFLDOL]PXV(OĘV]|U
2ODV]RUV]iJEDQD]WiQM|WWDIDVL]PXVpV0XVVROLQLD]WPRQGWDD
QHP]HWN|]LHUĘNHOQ\RPWiNDIDVL]PXVWpVDQDFLRQDOL]PXVW(]HN
D]HUĘNDV]DEDGNĘPĦYHVHNpVD]VLGyN
0XVVROLQL GUDV]WLNXV HV]N|]W YiODV]WRWW2ODV]RUV]iJEDQ DSi
KRO\RN HOLQWp]pVpUH$ WLWNRVUHQGĘUVpJJHO PLQGHQ SiKRO\WHVWYpUW
OHWDUWy]WDWWDWRWW0LQGHQSiKRO\W EH]iUWDN D UHQGĘUVpJ HONRE]RWW
PLQGHQWpVPLQGHQSiKRO\WHVWYpUEHDNLWHOIRJWDNDIDVLV]WiNHJ\
OLWHUULFLQXVRODMDW|QW|WWHNËJ\LQWp]WpNHO2ODV]RUV]iJEDQD]HJpV]
V]DEDGNĘPĦYHVVpJHW

$ KLWOHUL QpPHW QHP]HWL V]RFLDOL]PXV D]W WDUWRWWD PLQGHQHN
HOĘWWDQHP]HWN|]LV]HUYH]HWHNDEĦQ|V|ND]VLGyNDV]DEDGNĘ
PĦYHVHNpVDNDWROLNXV(J\Ki]0HJpOWNPLO\HQEHVWLiOLVPy
GRQMiUWHOD]VLGyNNDODV]DEDGNĘPĦYHVHNNHOpVDNDWROLNXV(J\
Ki]]DOV]HPEHQLV
EHQEHWLOWRWWiNDV]DEDGNĘPĦYHVHNPĦN|GpVpW$WHQ
JHO\iOODPRN V]DEDGNĘPĦYHVHNWĘO PHQWHVHN YROWDN 7HUPpV]H
WHVHQQHPWHWV]HWWDYLOiJV]DEDGNĘPĦYHVVpJpQHNH]DYHUHVpJD
N|]SRQWLKDWDOPDNEDQ$QDJ\WĘNHDQHP]HWN|]L]VLGyViJDOL
EHUDOL]PXV D V]DEDGJRQGRONR]yN D] LVWHQWDJDGyN PLQGHQ
HV]N|]]HO |VV]HIRJWDN KRJ\D WHQJHO\KDWDOPDNDW PHJVHPPL
VtWVpN)UDQNOLQ5RRVHYHOW$PHULNDHOQ|NHIRNR]DW~V]DEDG
NĘPĦYHV EDQ WLWNRV NRQIHUHQFLiWKtYRWW |VV]H:DVKLQJWRQ
EDQ+LYDWDORVDQtJ\V]yOW¶$YLOiJSROLWLND~MLUiQ\D¶5RRVHYHOW
DNNRU tJ\ EHV]pOW Ä(XUySD V]iPXQNUD pUGHNWHOHQ LWW QLQFV PiU
PLWNHUHVQL(]WD](XUySiWVRKDQHPIRJMXNV]DEDGNĘPĦYHViO
ODPPiWHQQL7~OVRNDNXOWXUiOLVW|UWpQHOPLHPOpNDPHO\NRUOi
WR]PLQNHW´
$]WiQ5RRVHYHOWD]WPRQGWDÄ(JpV](XUySiWQHPFVDN1pPHW
RUV]iJRW2ODV]RUV]iJRW$XV]WULiWKDQHPHJpV](XUySiWERPED
WiPDGiVVDONHOOPHJVHPPLVtWHQL(XUySiEyOVLYDWDJRWNHOOFVLQiO
QL 6HPPLQHP PDUDGKDW PHJD NXOW~UKHO\HNEĘOKRJ\ VHQNLQH
YiJ\MRQW|EEp(XUySiED$PHULNDpVPiVRUV]iJRNQDJ\NDWRQDL
JD]GDViJLpVSpQ]J\LHUHMpW.HOHWÈ]VLiEDNHOOGREQL(]DV]D
EDGNĘPĦYHVHNM|YHQGĘRUV]iJD(]HNHWD]RUV]iJRNDWUpJLYDOOi
VDLNNDODPHO\HNLQNiEEFVDNOiWV]DWRNH]HNHWWXGMXNPLPHJQ\HU
QLDV]DEDGNĘPĦYHVVpJV]iPiUD(]HNEĘOOHV]DPLYLOiJELURGDO
PXQNDPLWD]WiQJD]GDViJLODJpVSpQ]J\LOHJPDUDGpNWDODQXONL
WXGXQNKDV]QiOQL´
'H5RRVHYHOWHOV]iPtWRWWDPDJiW0HJNH]GĘG|WWDKiERU~RU
V]iJXQNHJ\UpV]HURPPiYiOWGHQHPĘKDQHP6]WiOLQJ\Ę]|WW
$PLWPHJDNDUWDNQ\HUQLKRJ\È]VLiEyOV]DEDGNĘPĦYHVYLOiJEL
URGDOPDWKR]]DQDNOpWUHRGDOHWW2URV]RUV]iJOHWWDQDJ\J\Ę]WHV

$ YLOiJ V]DEDGNĘPĦYHVVpJH D]W KLV]L KRJ\ EH WXGMD IRJQL D
EROVHYL]PXVWpVXUDOQLWXGMDFpOMDLpUGHNpEHQ
$EEyO LQGXOQDN NL KRJ\ PLQGNHWWĘ HOYHWL D WHUPpV]HWIHOHWWLW
QLQFVV]iPXNUD,VWHQ|U|NNpYDOyViJpVWHUPpV]HWI|O|WWLNDSFVRODW
$YLOiJV]DEDGNĘPĦYHVVpJD]HPEHUDEV]RO~WV]DEDGViJiWDNDUMD
$EROVHYL]PXVV]HULQWD]iOODPPLQGHQD]HJ\HVHPEHUVHPPL
(]YROWD]DSLOODQDWDPLNRUHOYiOWDND]~WMDLN
$PtJD]YROWDFpOKRJ\+LWOHUWpVDN|]SRQWLKDWDOPDNDWPHJ
VHPPLVtWVpNPLQGNpWKDWDORPHJ\PiVPHOOHWWKDODGW(J\WWVĘW
DEROVHYL]PXVIHOKDV]QiOWDDV]DEDGNĘPĦYHVVpJHWFpOMDLHOpUpVpUH
(]WOiWMXNEHQ%XOJiULiEDQDPLNRUEHYRQXOWDND]RURV]RN
D]RNDWDV]DEDGNĘPĦYHVHNHWDNLNQDJ\V]HUHSHWMiWV]RWWDNNRU
PiQ\UDOWHWWpN$PtJRWWYROW%RULV]FiUDNLNHUHV]WpQ\DODSRNRQ
iOOWDV]DEDGNĘPĦYHVHNQHPWXGWDNXUDONRGQLGHDYH]HWĘV]HOOH
PLV]HPpO\LVpJHNPiUV]DEDGNĘPĦYHVHNYROWDN3pOGiXODV]y¿DL
RUWRGR[SiWULiUNDD]WiQD]|VV]HVQDJ\J\YpGQpKiQ\EtUyDYH
]HWĘWXGyVRNPLQGV]DEDGNĘPĦYHVHNYROWDNpVKDOiORVHOOHQVpJHL
YROWDND]RUWRGR[LiQDNWHKiWDEXOJiUJ|U|JNHUHV]WpQ\VpJQHN
$EEDQ DSLOODQDWEDQDPLNRU D]RURV]RN EHPDVtUR]WDNDV]D
EDGNĘPĦYHVHNH]HNHWNRUPiQ\EDOWHWWpN1pKiQ\KpWDODWW%XO
JiULiEDQDWHOMHVNHUHV]WpQ\YH]HWpVW HOWiYROtWRWWiNEHVWLiOLV Py
GRQPHJ|OWpN$PLNRUH]HNDV]DEDGNĘPĦYHVHNEHIHMH]WpNPXQ
NiMXNDWD]RURV]RNHJ\pMV]DNDD]|VV]HVV]DEDGNĘPĦYHVWHOIRJ
WiNpVWDUNyO|YpVVHOHOLQWp]WpN$]XWiQPiUĘNYROWDNDYH]HWĘN
(]DNHWWĘDV]DEDGNĘPĦYHVVpJpVDEROVHYL]PXVQHPMiUQDN
Np]DNp]EHQ $V]HU]ĘPHJMHJ\]pVH$Y|U|VViUNiQ\QHNLDGWD±
DYDGiOODWQDN±HUHMpWpVWUyQMiWpVQDJ\KDWDOPiW-HO (]HN
NHWWHQKDOiORVHOOHQVpJHNEiUPLQGNHWWĘXJ\DQDQQDND]~UQDND
ViWiQQDNDV]ROJiMD $V]HU]ĘPHJMHJ\]pVHDPDU[LVWDNRPPX
QL]PXVDYDOyViJEDQ DV]DEDGNĘPĦYHVVpJNpS]ĘGPpQ\HpVV]|
YHWVpJHVHPLQWNpVĘEEPpJLJD]ROMXN

$  pY DODWW DPLNRU V]iPĦ]HWpVEHQ pOWHP 6SUROO SVS|N D
URWWHQEXUJL HJ\Ki]PHJ\pEH KHO\H]HWW DKRO ¿DWDOHPEHUHN LIM~
ViJL YH]HWĘMH YROWDP0L VYiERNPHJOHKHWĘVHQ QHKp]IHMĦHNYD
J\XQNWHKiWQHPKDMORQJWXQND]ÄLVWHQL´$GROIHOĘWWPpJNHYpVEp
6FKLUDFKHOĘWWKDQHPHJ\V]HUĦHQFVDN|VV]HWDUWRWWXND¿DWDOViJRW
EDQ :UWWHPEHUJEĘO EHQ SHGLJ HJpV] 1pPHWRUV]iJ
EyOV]iPĦ]WHN+DWpYLJ6YiMFEDQD]XWiQNLOHQFpYLJ$PHULNiEDQ
pOWHPeVDNNRUYROWFVDNLJD]iQDONDOPDPDV]DEDGNĘPĦYHVHNHW
HJpV]HQN|]HOUĘOWDQXOPiQ\R]QL$PHULNDDWLSLNXVV]DEDGNĘPĦ
YHVHV]PpNUHIHOpSOW RUV]iJ $V]HU]ĘPHJMHJ\]pVHOGD MHOpW
D SLUDPLVWD]HJ\GROOiURVRQ DPHO\HW V]DEDGNĘPĦYHV DODSHOYHN
V]HULQWNRUPiQ\R]QDN$PHULNiWeV]DN$PHULNiWDERVWRQLQDJ\
SiKRO\pVD/DID\HWWH*UDQG2ULHQWDODStWRWWD
$]DPHULNDLiOODPiOWDOiQRVViJEDQHOLVPHUL,VWHQWKLYDWDORVDQ
HJ\HWOHQYDOOiVWVHPLVPHUHO1HPW|UĘGLND](J\Ki]]DOIHOHNH
]HWWHOYDJ\V]HNWiNNDO$YDOOiVLN|]|VVpJHNQHPNDSQDNWiPRJD
WiVW7RWiOLVDQHOYDQYiODV]WYDD]iOODPD](J\Ki]WyO
$ Q\LOYiQRV LVNROiNEDQ WLORV D KLWWDQWDQtWiV $ Q\LOYiQRV LV
NROiNpSOHWHLEHQWLORVKLWWDQWWDQtWDQL(]HNHWFVDNPDJiQLQWp]
PpQ\HNEHQOHKHWPHJWHQQL(]pUWYDQQDN$PHULNiEDQPLQGHQWW
HJ\Ki]LLVNROiN
$YDOOiVWDKLYDWDORVpOHWEĘOWHOMHVHQNL]iUWiND]HOQ|NEHLNWD
WiViWNLYpYH+DD](J\HVOWÈOODPRNHOQ|NpWEHLNWDWMiND](YDQ
JpOLXPUDNHOOHVNWWHQQLDPHJIHOHOĘPHWRGLVWDEDSWLVWDPLQLV]
WHUWDUWMDDNNRUD]HVNV]|YHJHWĘSHGLJMREENH]pYHOD](YDQJp
OLXPRWEDONH]pYHODV]DEDGNĘPĦYHVNDQDODWpVDV]DEDGNĘPĦYHV
N|Q\YHW
$YDOOiVDJD]GDViJLpOHWEĘONLYDQ]iUYDFVDNHJ\SDUDQFVRODW
YDQDPLtJ\V]yOÄDVDMiWpUGHNHP´$]RNRVDEEHUĘVHEEpUYp
Q\HVODJ\HQJpEEW|QNUHPHJ\
$SROLWLNDLpOHWEHQQLQFVKHO\HDYDOOiVQDNRWWFVDNDSiUWYDJ\
D]iOODPpUGHNHV]iPtW

1LQFViOODPLPRUiO$V]DEDGNĘPĦYHViOODPLYH]HWpVQHNWLSL
NXVSpOGiMD3HDUO+DUERUHVHWH(POpNH]QHNDPLNRU3HDUO+DUERU
EDQD]DPHULNDLÀRWWiWDMDSiQUHSOĘJpSHNPHJVHPPLVtWHWWpN(U
UĘO N|Q\Y LVMHOHQW PHJ D] DPHULNDL ÀRWWDDGPLUiOLVD7KHREDOG
tUWD DNL DNNRU WRUSHGyW LUiQ\tWRWW (OPRQGMD D] HVHPpQ\W DPL
3HDUO+DUERUEDQW|UWpQWeQLViWpOWHPpVPHJHUĘVtWKHWHPKRJ\
D] DPLW7KHREDOGDGPLUiOLV tUPHJIHOHO D YDOyViJQDN$ N|Q\Y
FtPHÄ3HDUO+DUERUXWROVyWLWND´
5RRVHYHOWPLQWOiWWXNEDQDKiERU~PHOOHWWG|QW|WWGHD]
DPHULNDLQpSQHNPiUD]HOVĘYLOiJKiERU~EyOLVHOHJHYROW
+RJ\OHKHWDQpSHWDKiERU~PHOOpiOOtWDQL"ÒJ\KRJ\QHP]HWL
NDWDV]WUyIiWNRQVWUXiOXQND]IHONRUEiFVROMDDQpSGKpWpVKDUDJ
MiWDNNRUEHOHOHKHWYLQQLDKiERU~ED5RRVHYHOWH]pUWPHJSUyEiOWD
LQJHUHOQLDMDSiQRNDW$NNRUpQLV:DVKLQJWRQEDQYROWDPpVHQ
QHNPLQGHQQDSWDQ~MDYROWDP*RQGRVNRGQRPNHOOHWWDPHQHNO
WHNUĘOWHKiWDNOJ\LKLYDWDOEDQYROWDPKRJ\Yt]XPRWNDSMDQDN
pVRWWOiWKDWWDPKRJ\ERVV]DQWMiNDMDSiQRNDW
(OĘV]|UPLQGHQKLWHOW]iUROWDND]WiQDMDSiQRNKDMyLWKDKiER
U~VDQ\DJRNDWYLWWHNOHOĘWWpN$]WiQXOWLPiWXPRNDWNOGWHNHJ\
UHW|EEHWN|YHWHOYHDMDSiQRNWyO$MDSiQRNQDNDKiERU~QHPYROW
tQ\NUHQHPYROWDNUiIHONpV]OYHpVQHPDNDUWDNKiERU~W0LQ
GLJ PHJSUyEiOWDN HQJHGQL (J\PiV XWiQ M|WWHN PLQLV]WHUHN GH
QHPVHJtWHWW$MDSiQRNOiWWiNKRJ\$PHULNDKiERU~WDNDUWHKiW
MREEKDIHONpV]OQHNUi7HUPpV]HWHVHQDMDSiQRNQDNLVPHJYROWD
WLWNRVNyGMXNWLWNRVtUiVXNDPLYHOPR]JyVtWRWWDND]~QSRHUYHO
FRGHPHUWDNpNDMDSiQFViV]iULV]tQH]YROWDWLWNRVNyG
(KKH]JpSHLNYROWDNDPLQ~J\tUWiNDV]|YHJHWPLQWHJ\tUyJp
SHQPRQGMXNSOÄDWRNLyLKHO\ĘUVpJPR]JyVtWVRQ´DPLNRUH]WOH
tUWiNPLQWHJ\V]iPROyJpSHQQpKiQ\V]RUPHJIRUGtWRWWiNpVDEH
WĦN|VV]HNHYHUHGWHN$]WiQPpJHJ\V]HUPHJIRUGtWRWWiNPLQGHQ
EHWĦK|]PiVV]iPM|WW$]WiQ~MUDPHJIRUGtWRWWiNLVPpWPHJYiO
WR]WDNDV]iPRNpVtJ\WRYiEEpVYpJOHJ\V]|YHJM|QNLWDJROiV

QpONO0LQGHQV]yKR]PLQGHQEHWĦK|]NO|QE|]ĘV]iPRNDWKH
O\H]WHNEH$OHJMREEPDWHPDWLNXVVHPWXGWDNLERJDUiV]QL
1HP WXGRP KRJ\WXGWiN D]DPHULNDLDN HOpUQL KRJ\DWLWNRV
JpSHNN|]ONHWWĘWPHJV]HUH]]HQHNYDOyV]tQĦOHJ-DSiQEDQLVYROW
QpKiQ\ ÄEHFVOHWHV HPEHU´ DNL ÄEL]RQ\RV HOOHQV]ROJiOWDWiV´ IH
MpEHQHJ\LO\HQV]HUNH]HWHWHOWQWHWHWW,JHQNHWWĘ$PHULNiEDNH
UOW(J\LNHW3RUVLGRUEDQYDJ\0DNDWRUEDQIHOiOOtWRWWiNpVPHJ
VHPPLVtWHWWpNPLNRUDMDSiQRNM|WWHN$PiVLNDW:DVKLQJWRQEDQ
D)HKpU+i]EDQiOOtWRWWiNIHO(]XWiQ5RRVHYHOWFVDSDWiOORPiVWOp
WHVtWHWW 6DQ)UDQFLVFyEDQD NDOLIRUQLDLSDUWRQNLQWDV]LJHWHNHQ
WHQJHUpV]iOORPiVRNRQpVHOOiWWDWLV]WHNNHO1HPYROWDNNDWRQiN
FVDNWLV]WHN(]HNDWLV]WHNHJ\HGOD]HOQ|NLUiQ\tWiVDDODWWiOOWDN
PLQWDWHOMHVKDGHUĘIĘSDUDQFVQRNDL7HKiWVHPDWHQJHUQDJ\VHP
DWiERUQRNVHPDKRQYpGHOPLPLQLV]WpULXPQHPWXGRWWPHJHUUĘO
VHPPLWpVQHPWXGRWWN|]EHOpSQL9pJONO|QE|]ĘUiGLy]HQH
WHNEHNH]GWHN$GXSODNyGGDOPHJIHMWHWWpNDWLWNRVtUiVWpVH]M|WW
NLÄ0R]JyVtWiVDFVDSDWRNDWPR]JyVtWViN´$KtUHNHW5RRVHYHOW
QHPDGWDWRYiEEQiODPDUDGWDN
(J\UH MREEDQ ERVV]DQWRWWD D MDSiQRNDW KRJ\$PHULND HJ\UH
W|EEN|YHWHOpVVHOOpSI|OYpJOHJ\XOWLPiWXPRWDGRWWQHNLNDPL
HJ\V]HUĦHQ-DSiQ|QJ\LONRVViJiWMHOHQWHWWH(UUHDMDSiQRNYLVV]D
YRQXOWDN$]XWiQHJ\UHW|EEUiGLy]HQHWM|WWHJ\V]HUFVDNRGDiOOW
DÀRWWDpVHONH]GĘG|WW
5RRVHYHOWPLQGHQWWXGRWW$3HDUO+DUERUL*RUGRQIĘSDUDQFV
QRNpV7VFKLQJWHQJHUQDJ\VHPHVHWWDIHMpUH eV]UHYHWWpNKRJ\
HONH]GĘG|WWDKiERU~$WHQJHUQDJ\U|JW|QD]HJpV]ÀRWWiWKDJ\WD
NLIXWQLpVV]pWRV]WRWWDĘNHWPHUWHJ\OpJLWiPDGiVN|YHWNH]WpEHQ
HJpUIRJyEDNHUOQpQHN
*RUGRQIĘSDUDQFVQRNPHJYiOWR]WDWWDDKDGLiOODSRWRWDOpJYp
GHOPLKHO\HNHWHOIRJODOWiNDJpSIHJ\YHUHNHWNpV]HQOpWEHKHO\H]
WpNPLQGHQ KDGLNpV]OWVpJEHQ YROW 0HJWXGMD H]W 5RRVHYHOW pV
HONH]GQDJ\RQNiURPNRGQLD]HJpV]ÀRWWDM|MM|QYLVV]DPDUDG

MDQDNDNLN|WĘEHQQHPIXWKDWQDNNL*RUGRQPLQGHQPR]JyVtWiVL
SDUDQFViWYLVV]DYRQWDDPXQLFLyWQHPYROWV]DEDGNpV]OWVpJLiO
ODSRWEDQWiUROQL$JpSIHJ\YHUHNHWHONHOOHWWWQWHWQL(]tJ\IRO\
WDWyGRWWWRYiEE
(OM|WWGHFHPEHUpVD]XWROVyUiGLy]HQHW(]WSRQWRVDQWXG
WD5RRVHYHOWKRJ\DMDSiQÀRWWDPHJIRJpUNH]QLVRNH]HUUHS
OĘJpSHYDQQpKiQ\yUDP~OYDPHJIRJMiNWiPDGQL3HDUO+DUERUW
.LQJDGPLUiOLVWHQJHUDODWWMiUyNDWLQGtWRWWD]DPHULNDLDNDNLN
H]WDÀRWWiWM|QQLOiWWiNUiGLyMHOHNHWDGWDN(NNRU5RRVHYHOW]D
YDUyiOORPiVRNDWiOOtWRWWI|OKRJ\]DYDUMiNDUiGLyDGiVRNDWKRJ\
D]DGPLUDOLWiVPHJQHWXGMD(NNRUM|WWDWiPDGiV$]DPHULNDLDN
HOĘ]ĘHVWHQDJ\QQHSHWOWHNDPDWUy]RNNDWRQiNWLV]WHNPLQG
EHYROWDNU~JYD
+DMQDOL|WNRUM|WWDMDSiQUHSOĘJpSHNHOVĘKXOOiPDUHS
OĘJpSQLQFVOpJYpGHOHPVHPPL$ÀRWWiWDMDSiQRND]XWROVyKDMy
LJPHJVHPPLVtWHWWpNFVDNHJ\WRUSHGyFVyQDNPDUDGW¿DWDO
DPHULNDLWHQJHUpV]pVNDWRQDYHV]HWWRGDeVD]XWiQH]DNpSPXWDWy
5RRVHYHOWDUiGLyKR]PHQWpVtJ\V]yOWDQHP]HWKH]0LQNHWDEp
NHV]HUHWĘQpSHW~J\WiPDGWDNPHJDMDSiQRNKRJ\PpJFVDNQHP
LVVHMWHWWN¿DWRNWHVWYpUHWHNIpUMHWHNIHNV]LNKROWDQ3HDUO
+DUERUEDQ0LWWHJ\QN"7HUPpV]HWHVHQD]HJpV]SDUODPHQWD]W
Y|OW|WWH+iERU~W+iERU~WeVLWWYROWDKiERU~0LQGHQNLPHJ
IRQWROWD NLGROJR]WiN IHOiOGR]WDN  HPEHUW VDMiWKRQ¿WiUVDL
NDWKRJ\DQpSKiERU~WDNDUMRQ(]DWLSLNXVV]DEDGNĘPĦYHVPR
UiOÄ0LQGHQHV]N|]KHO\HVKRJ\HOpUKHVVHPFpORPDW´©
(]]HO PHJV]DNtWMXN 3 2GR YRQ :UWWHPEHUJ EHV]iPROyMiW
PHUWPiUPLQGHQOpQ\HJHVSROLWLNDLHVHPpQ\HOKDQJ]RWWDPLEH
YH]HWWHD;;V]i]DGRW


$]XWROVySiSD
$ SRNRO KDWDOPDL WiPDGiVW IRJQDN LQWp]QL D 3pWHU iOWDO DODStWRWW
(J\Ki]HOOHQKRJ\PHJVHPPLVtWVpN±H]WPRQGWD-p]XV3pWHUQHN
DPLNRUĘW(J\Ki]DV]LNOiMiXOYiODV]WRWWD3iOLVHOĘUHPHJM|YHQ
G|OWH DPLNRU D] HIH]XVL HJ\Ki]N|]VpJ YpQHLYHO SVS|N|N  N|
]|OWHÄ7XGRPKRJ\WiYR]iVRPXWiQUDJDGR]yIDUNDVRNW|UQHN
UiWRNpVQHPNHJ\HOPH]QHNDQ\iMQDN D](J\Ki]QDN 6ĘWPpJ
N|]WHWHN PHJMD] (J\Ki] N|]|VVpJpEĘO  LV WiPDGQDN RO\DQRN
DNLN FVDOiUG EHV]pGGHO PDJXNKR] DNDUMiN FViEtWDQL D WDQtWYi
Q\RNDW KtYĘNHW ´ $S&VHO
(]HNDUDJDGR]yIDUNDVRNYDJ\EiUiQ\EĘUEHE~MWDWRWWIDUNDVRN
-iQRV MHOHQpVHLQHN N|Q\YpEHQ D]W D ÄYDGiOODWRW´ V]LPEROL]iOMiN
DPHO\DI|OGEĘOHPHONHGLNNL -HO NpWV]DUYDYDQPLQWDEi
UiQ\QDN DSVS|N|NPLWUiMiWV]LPEROL]iOMD GH~J\EHV]pOPLQW
D ViUNiQ\ (] ÄD] HJ\Ki]L V]DEDGNĘPĦYHVVpJ   DPHO\ PLQGH
QHNHOĘWWDKLHUDUFKLDWDJMDLN|]|WWWHUMHGWHO0iULD)DWLPiEDQPiU
EHQN|]|OWHDPLNRUHOĘUHMHOH]WHÄ$ViWiQHJpV]HQD](J\
Ki]pOpUHLVEHORSyG]LN´
3VS|NLpVEtERURVLSDOiVWRW|OWHQHNURPEROyDQpVERPODV]Wy
DQKDWQDNDYDOyGLNDWROLNXVKLWUH5yPDHOOHQDWDQtWyKLYDWDOHO
OHQpVDSiSDHOOHQLUiQ\XODWpQ\NHGpVN(]HNSVS|NLpVEtERURVL
PpOWyViJJDOEtUyLJD]LEiUiQ\EĘUEHE~MWDWRWWIDUNDVRN(]HND]HP
EHUHNWHUPpV]HWHVHQPHJWDOiOKDWyND]HYDQJpOLNXVSURWHVWiQVHJ\
Ki]PDJDVKLYDWDODLEDQLV$]DIHODGDWDDV]DEDGNĘPĦYHVHNQHN
KRJ\DOHONHNHWURPOiVEDYLJ\pNDPLNRUEiOYiQ\LPiGiVUDNpV]WH
WLNĘNHW(]Q\LOYiQXOWPHJD]HJ\NRULNHUHV]WpQ\1\XJDWEpNpEHQ
pOĘpVMyOpWLWiUVDGDOPiQDNXWyEELpYpEHQDPHO\EHQ~MNRU
V]HOOHPHWIRUPiOWDN~J\PLQWDMyOpWV]DEDGV]HUHOHPKRPRV]H
[XDOLWiVYDJ\RQRVRGiVpOYKDMKiV]DW,VWHQQpONOL|QPHJYDOyVt
WiVNL]iUyODJDI|OGLpOHWpOYH]HWHD],VWHQQHO(J\Ki]]DOpVDQQDN
SDUDQFVDLYDOV]HPEHQLÄQDJ\NRU~ViJ´(]]HOV]HPEHQD]HJ\Ki]L

V]DEDGNĘPĦYHVVpJFpOMD.ULV]WXVQDNpVD]ė(J\Ki]iQDN DUyPDL
NDWROLNXVSiSiKR]KĦ(J\Ki] DPHJVHPPLVtWpVHDPLNRU~MEiO
YiQ\WDONRWHJ\KDPLV.ULV]WXVWpVHJ\KDPLVHJ\Ki]DW$KDPLV
HJ\Ki]pVDKDPLV.ULV]WXVEiOYiQ\DHJ\ KDPLV |NXPHQpEHQIH
MH]ĘGLNNLNO|Q|VHQ1pPHWRUV]iJEDQVUJHWLNDKRODV]i]DG
EDQD]HOVĘHJ\Ki]V]DNDGiVW|UWpQW
(]D]|NXPHQpD]]DOIRJODONR]LNKRJ\DNDWROLNXV(J\Ki]DW
HOV]DNtWVD5yPiWyODSiSiWyOpVDWDQtWyKLYDWDOWyOpVPLQGHQNH
UHV]WpQ\N|]|VVpJHWHJ\HVtWVHQ(]]HOHOpUQpNKRJ\3pWHU SiSD 
V]LNOiMiW HOWiYROtWDQiN DPHO\UH -p]XV pStWHWWH (J\Ki]iW 'H H]
QHPIRJVLNHUOQLPHUW-p]XVEL]WRVtWRWWD3pWHUWKRJ\(J\Ki]iQD
SRNRONDSXLVHPIRJQDNHUĘWYHQQL0LQGHQHVHWUH.ULV]WXVPLV]WL
NXVWHVWpQHN 3iO D](J\Ki]QDNXJ\DQD]WD]XWDWNHOOYpJLJMiUQLD
PLQW DODStWyMiQDN .LJ~Q\ROMiN PHJYHWLN OG|]LN NLV]ROJiOWDW
MiNHOiUXOMiNpVNHUHV]WUHIHV]tWLNGHFVDND]pUWKRJ\PHJWLV]WXO
MRQDWpYWDQRNWyODKDPLVSUyIpWiNWyOpVDEiUiQ\EĘUEHE~MWIDUND
VRNWyOpVGLFVĘVpJHVHQIHOWiPDGMRQ
(]DPpO\pUWHOPHDQQDNDPLNRU-p]XVD]WPRQGWDÄ1HPQD
J\REEDV]ROJDXUiQiO+DHQJHPOG|]WHNWLWHNHW (J\Ki] LVO
G|]QLIRJQDN´ -Q
.RUXQNXWROVyKDUFDDPHO\PiUN|]HOYDQDKD]XJViJQDNpV
KLW UyPDL NDWROLNXV KLW  LJD]ViJiQDN KDUFD OHV] eV H] DKRJ\ D
6]HQWtUiVPRQGMDYpUHVOHV]-iQRVtUMDÄ$NLPiVWIRJViJEDKXU
FROIRJViJEDNHUODNLNDUGGDO|ONDUGpOHQKXOOHO(]D]DODSMDD
V]HQWHNiOOKDWDWRVViJiQDNpVKĦVpJpQHN´ -HO
$EEDDNRUEDMXWRWWXQNDPLNRUPiUQHPYDJ\XQNPHVV]HHWWĘO
$PLNRU 3iO D]RNUyO D] HVHPpQ\HNUĘO tUW DPHO\HNQHN -p]XV
YLVV]DWpUWHHOĘWWPHJNHOOW|UWpQQLD]WPRQGWDÄ6HPPLNpSSHQHO
QH iPtWVDQDN WLWHNHW KLV]HQ HOĘEE EH NHOO N|YHWNH]QLH D] HOSiU
WROiVQDN KLWHOYHV]WpVH pVQ\LOYiQYDOyYiNHOOOHQQLHDEĦQHP
EHUpQHNDNiUKR]DW¿iQDND]HOOHQVpJQHNDNL,VWHQI|OpHPHONH
GLNpVPLQGDI|OpDPLV]HQW6ĘW,VWHQWHPSORPiEDQ UyPDLNDWR

OLNXV(J\Ki]EDQ IRJODOKHO\HWVD]WiOOtWMDPDJiUyOKRJ\,VWHQ´
7HVV]±H]D]HOM|YHQGĘ$QWLNULV]WXVYDJ\D]HOM|YHQGĘ~M
YLOiJUHQGYLOiJNRUPiQ\GLNWiWRUD
eVDNNRUQDJ\RQpUGHNHVHWPRQGRWWNL3iOÄ7XGMiWRND]WLVPL
NpVOHOWHWLIHOOpSpVpQHNLGHMpW$JRQRV]ViJWLWNDPiUWHYpNHQ\FVDN
DQQDNNHOOPpJD]~WEyOHOWĦQQLHDNLNpVOHOWHWL$NNRUPDMGPHJ
MHOHQLNDJRQRV]«´ 7HVV]
.L ÄD]´ DNLW IpOUH NHOO iOOtWDQL DNL KiWUiOWDWMD D]$QWLNULV]WXV
PHJMHOHQpVpW"
3pWHUDV]LNODpV3pWHUV]pNpEHQOHYĘXWyGMDDSiSD
$W|UYpQ\VpUWpVKDWDOPDPiUPĦN|GLNPRQGWD3iOH]D]HJ\
Ki]LV]DEDGNĘPĦYHVVpJDPHO\DKDPLV|NXPHQpYHODKLWERP
ODV]WiViYDOD](J\Ki]pVDSiSDViJV]pWURPEROiViYDONpV]tWLHOĘ
D]$QWLNULV]WXVPHJMHOHQpVpW
+DD]HJ\Ki]LV]DEDGNĘPĦYHVVpJQHNVLNHUOD OHJW|EE NDWR
OLNXVW5yPiWyODSiSiWyOpVDWDQtWyKLYDWDOWyOHOWiYROtWDQLKRJ\~M
.ULV]WXVWpVHJ\~MHJ\Ki]DWN|YHVVHQpVHJ\iOWDOiQRV|NXPHQL
NXVHJ\Ki]KR]FVDWODNR]]RQNLQ\tOLNDNDSXD]$QWLNULV]WXVV]H
PpO\pQHNDPHJMHOHQpVHHOĘWW


$SVS|NLNRQIHUHQFLiN
$QHP]HWLSVS|NLNRQIHUHQFLiNQHPWDUWR]QDNDUyPDLKLHUDUFKLD
V]HUNH]HWpKH]$ PiVRGLN9DWLNiQL ]VLQDW XWiQ KD]DWpUWHN D SV
S|N|NpVPHJDODStWRWWiNDVDMiWQHP]HWLNRQIHUHQFLiMXNDW(J\UH
MREEDQ~J\IHMOHV]WHWWpNKRJ\D9DWLNiQN|]SRQWLV]HUHSpWJ\HQ
JtWVpN
'U0D\SURIHVV]RUW|EEHNN|]WNLIHMWL RNWyEHULHOĘ
DGiViEDQ Ä$]~MVWtOXV~SVS|NLNRQIHUHQFLiNPiUQHPFVDND]
LQIRUPiFLyDWDQiFVDGiVpVHJ\H]WHWpVJUpPLXPDLKDQHPMHOHQWĘV
EURNUiFLiYDOUHQGHONH]ĘDSSDUiWXVRN$]HJ\HVSVS|N|NIHOHWW
iOOyVDMiWKLHUDUFKLiYDOUHQGHONH]ĘLQWp]PpQ\HND]HJ\HVRUV]i
JRNEDQ D KLHUDUFKLiQDN WpQ\OHJHV LUiQ\PXWDWiVW Q\~MWy HV]N|]HL
FF 0LQWPLQGHQJUpPLXPDSVS|NLNRQIHUHQFLDFV|N
NHQWLD]HJ\HVHNIHOHOĘVVpJpWDW|PHJEHQH]EL]WRVtWYDYDQ$N|
]|VHQHON|YHWHWWKLEiND]HJ\HVHPEHUHNQHNQHPUyKDWyNIHO´
Ä,VPHUHN RO\DQ SVS|N|NHW DNLN QpJ\V]HPN|]W HOPRQGMiN
KRJ\ĘNPiVNpSSHQG|QW|WWHNYROQDPLQWDNRQIHUHQFLDKDQHNLN
PDJXNQDNNHOOHWWYROQDG|QWHQLN´ $KLWiOODSRWiKR]ROG
$] DNNRUL 5DW]LQJHU EtERURV YLOiJRVDQ OiWWD H]W D Q\LOYiQYD
Oy IRO\DPDWRW D GHPRNUDWL]iOyGiVKR] Ä0L WDQ~VtWKDWMXN KRJ\
DSVS|NV]HPpO\HVIHOHOĘVVpJHPHJV]ĦQLND]iOWDOKRJ\DNRO
OHNWtYG|QWpVKR]DWDODQRQLPLWiViEDEHOHROYDG(]RO\DQPHJ
V]ĦQWHWpVDPLUHDW|UWpQHOHPEHQPpJQHPYROWSpOGD´ $V]LN
ODROG 
5DW]LQJHUEtERURV PD;9,%HQHGHNSiSD V]HULQWD]LO\HQPD
JDWDUWiVVDOIHQQiOODYHV]pO\HDQQDNKRJ\HOYpV]D]]HQHWPDJMD
D] |U|PKtU OpQ\HJH  Ä6RN SVS|NL NRQIHUHQFLiQ D FVRSRUWV]HO
OHP pV D Q\XJRGW pOHW pV D PHJDONXYiV XWiQL YiJ\ D W|EEVpJHW
RGDMXWWDWMDKRJ\D]DNWtY«NLVHEEVpJYpOHPpQ\pWHOIRJDGMD´ $
KLWiOODSRWiKR]ROG

-RXUQHWVYiMFLEtERURVRO\DQSVS|N|NUĘOEHV]pOWDNLNV]iQDO
PDVPyGRQNLV]ROJiOWDWRWWDNDPLWPDJXNRNR]WDN´ 89.
ROG
1HPIHOWpWOHQO YHV]WĘKHO\DPL D SiSiW YiUMD KDQHP D KHO\L
(J\Ki]DNIHOHPHONHGpVHDPHO\HNGHPRNUDWLNXVDQV]HUYH]ĘGQHN
$](J\HVOWÈOODPRNUyPDLNDWROLNXVSiWHUH3HWHU0DODFKL%
0DUWLQ|WSiSDV]ĦNN|UpKH]WDUWR]RWW;,,3LXV]WyO,,-iQRV3iOLJ
Ä$]XWROVySiSD´FtPĦKtUHVUHJpQ\pEHQUHJpQ\IRUPiEDQtU,,
-iQRV3iOKLYDWDOLLGHMpUĘOKRJ\PLO\HQVRNPDJDVUDQJ~YDWLNiQL
EtERURVGROJR]LNDSiSDpVD](J\Ki]HOOHQD]~MYLOiJUHQGV]HO
OHPpEHQ(]HQNtYOHEEHQDIHOWĦQpVWNHOWHWWL]JDOPDVUHJpQ\pEHQ
YLOiJRVViWHV]LKRJ\VRNPDJDVUDQJ~SUHOiWXVDV]DEDGNĘPĦYH
VHNN|]pWDUWR]LN(]DKHO\]HWPiUUpJyWDLVPHUWOHJDOiEELVD]RN
V]iPiUDDNLN¿J\HOHPPHONtVpULND],VWHQDQ\D]HQHWHLWDPLNRU
ėD]WPRQGMDKRJ\ÄDViWiQPiUDKLHUDUFKLDpOpUHNHUOW´'HNL
PHUHPPRQGDQLKRJ\DOHJW|EENDWROLNXVQDNHUUĘOIRJDOPDVLQFV
$NL 0DODFKL 0DUWLQ N|Q\YpQHN NLMHOHQWpVHLW W~O]RWWQDN WDUW
MD JRQGROMRQ %HQMDPLQ 'LVUDHOL NLMHOHQWpVpUH DNL D]W PRQGWD
KRJ\ ÄD] HPEHUHN DNLN NRUPiQ\R]QDN PLQNHW HJpV]HQ PiVRN
PLQW JRQGROMXN´ .pVĘEE PpJ EHV]pOQL IRJXQN D]RNUyO D PDJDV
SR]LFLyWEHW|OWĘHPEHUHNUĘODNLNMHOHQYLOiJXQNDWVEHQQHPLQNHW
LUiQ\tWDQDNVPRQGDQLYDOyQNDWWpQ\HNNHOWiPDV]WMXNDOi
(]HQNtYOD]DPHULNDLSiWHUD]WLVOHtUMDKRJ\DQV]RURQJDWWiN
DQDJ\KDWDOP~EtERURVRN,,-iQRV3iOSiSiWKRJ\PRQGMRQOHKL
YDWDOiUyOeUGHNHVHUUĘOD%LOG=HLWXQJIHEUXiULV]iPiEDQ
PHJMHOHQW HJ\ N|]OHPpQ\ DPHO\EHQ$QGUHDV (QJOLVFK YDWLNiQL
WXGyVtWyW|EEHNN|]WH]WtUWD
Ä.pV]O,,-iQRV3iOLQNiEENpQ\V]HUĦVpJEĘOPLQWDNDUYDD
J\RUVYLVV]DOpSpVUH"0LOHJ\HQDSiSiYDO"$NpUGpVPHJRV]WMD
DNDUGLQiOLVRNDW$]HJ\Ki]IHMHGHOPHNUpJHQFVDNVXJGROy]WDN
PRVWYLV]RQWNRPRO\YLWiNYDQQDN0LXWiQD9DWLNiQPiVRGLNHP

EHUH$QJHOR6RGDQR  Q\LOYiQRVDQV]yEDKR]WDDWpPiWPLQW
HJ\FVDWWDQyVSRIRQM|WWDYiODV]*LRYDQQL%DWWLVWDWyO  DYLOiJ
SVS|NpQHNYH]HWĘMpWĘO$]WPRQGWD5RVV]t]OpVUHYDOOYLV]
V]DOpSpVUĘOEHV]pOQL(]DQQiOLVURVV]DEEPLYHODSiSDFVDNPHJ
Ii]RWW«´
$PpGLiQDNH]DEHV]iPROyMDPHJPXWDWMDQHNQNPLO\HQPpU
WpNĦKDWDOPLKDUFIRO\LNDSiSiKR]KĦpVDSiSDHOOHQHVHUĘNN|
]|WW
$KDUPDGLNIDWLPDLWLWRNDPHO\HW,,-iQRV3iOKR]Q\LOYiQRV
ViJUDEHQHJ\IHKpUUXKiVSVS|NUĘOV]yODNLDSiSDDPLQW
DOHURPEROWKi]DNpVVRNI|OG|QIHNYĘKDORWWN|]|WWPiVHJ\Ki
]LDNNDOHJ\KHJ\UHPHJ\IHODPHO\QHNWHWHMpQHJ\NHUHV]WiOO$
SiSDOHWpUGHODNDWRQiNOHO|YLNpVYHOHHJ\WWDW|EELSDSRWpVOD
LNXVWLV(]DMHONpSHD]HON|YHWNH]ĘHJ\Ki]OG|]pVQHNpVDKtYĘN
OG|]pVpQHN
$KROODQGOiWQRNQĘ,GD3HHUGHPDQpVNDSRWW]HQH
WHNHWpVOiWRPiVRNDW6]Ħ]0iULiWyO(]HNHWLGĘN|]EHQD](J\Ki]
LVHOLVPHUWH$6]HQW6]Ħ]Ä0LQGHQQpSHN$VV]RQ\iQDN´QHYH]WH
PDJiW $N|Q\YD0LULDP9HUODJNLDGyQiOMHOHQWPHJ
0iULD D]W PRQGWD D OiWQRNQDN Äh]HQHWHLP YDOyGLViJD DNNRU
EL]RQ\RVRGLNEHDPLNRUDYLOiJRQPLQGPHJYDOyVXO´
9DOyEDQD]]HQHWHNN|]OVRNPiUW|UWpQHOHPPpYiOW
$SiSDHOOHQLKDUFUDXWDOYDPiMXVpQ SQN|VG 0iULD
D]WPRQGWDÄ5yPiEDQKDUFOHV]DSiSDHOOHQeQ ,GD SVS|
N|NHWOiWRNOQLDSiSDN|UOD]XWiQH]WKDOORPª.DWDV]WUR
IiOLV©´
PiUFLXViQ K~VYpW ,GDDN|YHWNH]ʁ]HQHWHWpVOi
WRPiVW NDSMD Ä0RVW D SiSiW OiWRP PHJHUĘVtWHWW WHVWĘUVpJJHO
0iV V]HPpO\HNLV YDQQDNN|UO|WWHÒJ\ WĦQLNKRJ\SDSRN
SVS|N|NpVNDUGLQiOLVRN0tJD]$VV]RQ\DSDSRNUDPXWDW
D]W PRQGMD ª&VDSGiN pV NHOHSFpN© 0LXWiQ D]$VV]RQ\ H]W

PRQGWDUiPSLOODQW1HKp]IHOKĘNJ\OHNH]QHND6]HQW3pWHU
WHPSORPI|O|WW$]$VV]RQ\PLQGD]RNKR]V]yODNLNDSiSDN|
UOOQHNª/HJ\HWHNLJD]ViJRVDNpVFVHOHNHGMHWHNDWDQtWiVRN
V]HULQW)HGMpWHNHODV]HPHWHNHWpVV]iOOMDWRNPDJDWRNED©´
PiMXVpQ,GD]HQHWHWNDSÄ+DUF´ ROG 0RVWD
6]HQW3pWHUED]LOLNiWOiWRP2WWODSiSDOHKDMWRWWIĘYHON|UO|WWH
DWHVWĘUVpJėNHWLVDEDUODQJEDiOOtWMiND]$VV]RQ\QDJ\3EHWĦW
tUOHVI|Op;EHWĦW(]WDMHOHWDOiEiKR]IHNWHWLHOpMHDNHUHV]WHW
KRVV]DEEV]iUiYDOI|OIHOpWHKiWIRUGtWYD$]$VV]RQ\NpUGH]L+RO
YDQQDNDNDWRQiLG PHJMWHVWĘU|N "$SiSDIHOWDUWRWWXMMDNNDOO
I|O|WWHDÄKDUF´0LQGLJW|EEKDUFRWOiWRN0RVWPDJDVVYHJHN
EHQNDWRQiNDWOiWRNDSiSDP|J|WWiOOQL0LQGHJ\LNIHOHPHOLNpW
XMMiW
$IHOVʁ]HQHWEHQpV]UHYHKHWĘKRJ\0iULDKRVV]DEEV]iUiYDO
I|OIHOpWHKiWIRUGtWYDiOOtWMDDNHUHV]WHW(]V]LPEROL]iOMDDÄ3pWHU
NHUHV]WHW´PLYHO3pWHUW5yPiEDQIHMMHOOHIHOpIHV]tWHWWpNNHUHV]W
UH(]D]WMHOHQWHQpKRJ\D]XWROVySiSiQDNLVH]WDVRUVRWNHOOHQH
HOV]HQYHGQLH1HPIHOWpWOHQMHOHQWLD]WKRJ\NHUHV]WUHIHV]tWLNKD
QHPPiVPyGRQVHPPLVtWKHWLNPHJ
+RJ\NHUHV]WUHIHV]tWpVOHQQHD]DPLDSiSiUDYiUSLOODQDWQ\L
ODJDOLJHONpS]HOKHWĘEiU,,-iQRV3iOEHQPHUpQ\OHWiOGR
]DWiXOHVHWWGHDWiPDGiVV]HUHQFVpVYpJHWpUW9DOyV]tQĦEEKRJ\
DSiSiW5yPiEyOHOĦ]LNPHUW,GD3HHUGHPDQQDN0iULDDX
JXV]WXViQ ROG H]WD]]HQHWHWDGWD,GD2ODV]RUV]iJRWOiW
MDpVHV]DYDNDWKDOOMDÄ6~O\RVQ\RPiVQHKH]HGLNUipVpQYLOi
JRVDQOiWRP2ODV]RUV]iJRW0LQWKDERU]DV]WyQDJ\YLKDUW|UQHNL
I|O|WWH2GDNHOO¿J\HOQHPpVH]WKDOORPªV]iPĦ]HWpV©0LQWKD
NHUHV]WOPHQQpN2ODV]RUV]iJRQpVFVDSiVRNDWNHOOHQHNLPpUQHP
$NNRU~MEyOKDOORPª&VDSiVFVDSiVUDN|YHWNH]LN©´
9HV]pO\H]WHWYH YDQ D SiSD SULPiWXVD D KHO\L (J\Ki]DN SV
S|NVpJHN IHOHPHONHGpVHHVHWpQDPHO\HNGHPRNUDWLNXVDQV]HUYH
]ĘGQHNHOXWDVtWMiNDSDSViJpVDODLNXVRNN|]|WWLNRUOiWRNDW|QiO

OyDQKR]QDNOpWUHGRJPiWpVWHOMHVHQIJJHWOHQtWHQLDNDUMiNPDJX
NDW5yPiWyO+DPHJpUHWWD]LGĘDSVS|NLNRQIHUHQFLiNW|EEVpJL
V]DYD]DWWDOHOG|QWKHWLNKRJ\IJJHWOHQHGQHNDSiSDLSULPiWXVWyO
DXJXV]WXViQ,GiQDNPpJDN|YHWNH]ĘOiWRPiVDYROW

Ä7LWNRVOpVD9DWLNiQEDQ´
Ä0RVWQDJ\WHUPHWOiWRND9DWLNiQEDQRWWODSiSD9DODPLIRO\D
PDWEDQOHKHWD9DWLNiQEDQ7LWNRVOpVHNHWWDUWDQDNH]W|EEV]|U
PHJLVPpWOĘGLN7LWRNEDQWDOiONR]QDN$]$VV]RQ\UiPXWDWYDODNL
UHpVpQEHOVĘOHJPHJpUWHPH]DPHULNDLNOG|WW$SiSDHOĘWWUHQ
JHWHJSDStU0LQGHQUĘOWiMpNR]WDWMiNDSiSiW0LQGHQUĘOEHV]iPRO
QDNQHNLDPLW|UWpQLNÒJ\QHYH]HWWEpNHKRQROGHDYDOyViJEDQ
QHPtJ\YDQ0LQGH]iOFi]iVDYLOiJHOĘWW´
$NLV9HWWZHLVV6LHYHUQLFKN|]|VVpJEHQD]DDFKHQLHJ\Ki]PH
J\pEHQYROWHGGLJD]XWROVy0iULDMHOHQpV1pPHWRUV]iJEDQ$ND
WROLNXV(J\Ki] PpJ QHPLVPHUWHHOKDHOLVPHUQpNFVRGDOHQQH
1pPHWRUV]iJDKDUPDGLNKHO\HQiOO)UDQFLDRUV]iJpV2ODV]RU
V]iJP|J|WWDQ\LOYiQRV0iULDMHOHQpVHNJ\DNRULViJDV]HPSRQW
MiEyO0tJ2ODV]RUV]iJEDQpV)UDQFLDRUV]iJEDQW|EE0iULDMHOH
QpVW SpOGiXO/RXUGHV DKHO\L(J\Ki]HOLVPHUW1pPHWRUV]iJEDQ
HJ\HWOHQHJ\MHOHQpVWVHPIRJDGWDNHODKHO\L(J\Ki]DNWHUPpV]HW
I|O|WWLQHN(QQHNVRNRNDOHKHWDPLUĘOLWWPRVWQHPDNDURNEH
V]pOQLKHO\KLiQ\PLDWW
1HNHP V]HPpO\ V]HULQW DQpONO KRJ\ D] (J\Ki] tWpOHWpQHN
HOpEHDNDUQpNYiJQLDVLHYHUQLFKLMHOHQpVDEV]RO~WKLWHOHV(]WVHP
DNDURPKHO\KLiQ\PLDWWPHJLQGRNROQLpVPHJKDODGQiDN|Q\YWH
PDWLNiMiW
$]]HQHWHNHJ\LNHIHEUXiUpQ6LHUQLFKEHQHPOpNH]WHW
D]DXJXV]WXViQ,GD3HHUGHPDQQDNDGRWW]HQHWUHDKROD
6]Ħ]DVLHYHUQLFKLOiWQRNQĘQHN0DQXHOD6WUDFNQDNHJ\OiWRPiV
EDQ D]W PRQGWD Ä,PiGNR]]DWRN J\HUPHNHLP LPiGNR]]DWRN D]

(J\Ki]pUW,PiGNR]]DWRNDSiV]WRURNpUW,PiGNR]]DWRN1pPHWRU
V]iJpUW´eVOiWRP 0DQXHOD6WUDFN DKRJ\Uy]VDI]pUHY|U|VHQ
NH]GYLOiJtWDQL0iULDVtUWpVHJ\tUiVWPXWDWRWWQHNHP'HQHP
WXGWDPIHOLVPHUQLPLYROWD]Ä)LDPD]WPRQGMDQHNHPDQ\iPQH
VtUM$]HJ\Ki]DPHO\EHQpQHJpV]HQEHQQHYDJ\RNPHJIRJWLV]
WXOQL(] N|]EHQPXWDWWDDW|EEROGDODVtUiVW PiUQHPOHV]W|EEp´
+DDKHO\L(J\Ki]DNDPLQGHQNRULSVS|NLNRQIHUHQFLDW|EE
VpJpYHO~J\V]DYD]QDNKRJ\PiUQHPIRJDGMiNHODSiSDLSULPi
WXVWDNNRUEHN|YHWNH]LNDPLWD6]HQW6]Ħ]DSiV]WRUJ\HUHNHNQHN
DPiUHOLVPHUWIUDQFLD/D6DOHWWHEHOLMHOHQpVEHQPRQGRWWD](J\
Ki]UyOÄ5yPDHOIRJMDYHV]WHQLDKLWpWpVD]$QWLNULV]WXVV]pN
KHO\HOHV]´
$NNRUD]LVYDOyUDYiOLNDPLW3iOM|YHQG|OWD.ULV]WXVYLVV]D
WpUpVHHOĘWWLLGĘUHÄ+LV]HQHOĘEEEHNHOON|YHWNH]QLHD]HOSiUWR
OiVQDNHVQ\LOYiQYDOyYiNHOOOHQQLHDEĦQHPEHUpQHNDNiUKR]DW
¿iQDND]HOOHQVpJQHNDNL,VWHQI|OpHPHONHGLNHVPLQGDI|OpDPL
V]HQW6ĘW,VWHQWHPSORPiEDQ 9DWLNiQ IRJODOKHO\HWVD]WiOOtWMD
PDJiUyOKRJ\,VWHQ´ 7HVV] $NNRUHOWiYROtWMiNDSiSiW
PHUWD]LGĘNYpJpQDÄWLWNRVKDWDORP´D]HJ\Ki]LV]DEDGNĘPĦYHV
VpJD]RQPHVWHUNHGLNKRJ\HOWiYROtWVDDSiSiWDV]LNOiWDNLDND
GiO\R]]DD]$QWLNULV]WXVPHJMHOHQpVpW+DH]PHJW|UWpQLNDNNRU
3iO V]DYDLYDO pOYH Ä$NNRU D W|UYpQ\VpUWĘ HPEHU PLQGHQNL HOĘWW
OiWKDWyOHV]´


$]LGĘMHOHL
)DXV]WLQDQĘYpUDNLW,,-iQRV3iOEHQDYDWRWWV]HQWWpU|YLG
GHODKDOiODHOĘWWEDQ-p]XVWyOH]WD]]HQHWHWNDSWDÄ1pSHG
EĘOHJ\V]LNUiWIRJRNIHOpOHV]WHQLDNLYLVV]DWpUWHPHWIRJMDHOĘNp
V]tWHQL´
(]D)DXV]WLQDQĘYpUQHNDGRWWDV]HQHWU|J]tWHWWPLYHO
H]DOHQJ\HOQĘYpUQDSOyWtUWDPHO\HNLJD]ROMiNDVIHOMHJ\
]pVHLW
$]KRJ\NLH]DV]LNUDDNLHOĘNpV]tWL-p]XVYLVV]DWpUWpWH]WHO
MHVHQYLOiJRV$PiUHOKXQ\W,,-iQRV3iODNL.ULV]WXVNtYiQVi
JiQDNPHJIHOHOĘHQ,VWHQLUJDOPDVViJiQDNQQHSpWDMiQGpNR]WDD]
(J\Ki]QDN
-p]XVD]XWROVyLGĘNUĘOV]yOyEHV]pGpEHQDSRVWRODLQDNDMHUX
]ViOHPLWHPSORPOHURPEROiViWM|YHQG|OL 0W 
$WHPSORPRWEHQDUyPDLDNYDOyEDQOHURPEROWiNGHDOH
URPEROiVHOVĘVRUEDQQHPHUUĘOV]yOWKDQHPDSRNROKDWDOPDLQDN
WiPDGiViUyOD3pWHUiOWDODODStWRWW(J\Ki]HOOHQDYpJVĘLGĘNEHQ
PHUW-p]XVMHOHNUĘOEHV]pOWDPHO\HNDYpJVĘLGĘNK|]pVD]ėYLV]
V]DWpUpVpKH]YH]HWQHN
$WDQtWYiQ\RNHUUHPHJNpUGH]WpNÄ0RQGGPHJQHNQNPLNRU
OHV]H]"6PLOHV]DMHOHHOM|YHWHOHGQHNpVDYLOiJYpJpQHN"´ 0W
  0HJMHJ\]pV$]XWROVyLGĘNQHPDYLOiJYpJpWMHOHQWLKD
QHPYLOiJXQNWHOMHViWDODNXOiViWDKRJ\-p]XVPRQGWDÄeQ~MMip
StWHNPLQGHQW´ (UUH-p]XVDWDQtWYiQ\DLQDNDN|YHWNH]ĘYiODV]W
DGWD Ä,VWHQRUV]iJiQDNH]WD]|U|PKtUpWSHGLJKLUGHWLNPDMGD]
HJpV]YLOiJRQEL]RQ\ViJXOPLQGHQQHP]HWQHN&VDNDNNRUM|QHOD
YpJ´ 0W
,,-iQRV3iOEDQHJ\NRQIHUHQFLiQDSDSRNHJpV]YLOiJRQ
YDOyHYDQJHOL]iFLyMiYDONDSFVRODWEDQEHMHOHQWHWWHÄ$](YDQJpOL

XPRWVRNQHKp]VpJpVDNDGiO\R]WDWiVHOOHQpUHD]HJpV]YLOiJRQ
KLUGHWLN´
(]D]WMHOHQWHQpKRJ\-p]XVV]DYDLV]HULQWHOpUNH]WQND]LGĘN
YpJpKH] 0RVW YiOLN pUWKHWĘYp KRJ\ pSSHQ H] D SiSD DNL W|EE
PLQW  ]DUiQGRNXWDW WHWW D YLOiJED IiUDGKDWDWODQXO KLUGHWWH D]
(YDQJpOLXPRWeVH]W|UHJHQV~O\RVEHWHJHQpVXWROVyHUHMpYHOLV
PHJWHWWH
3RQWRVDQHPOpNV]HPPpJDUUDDPLNRUEHQDKDOiODXWi
QLJ\iV]V]HUWDUWiVRQDNRSRUVyMDD6]HQW3pWHU%D]LOLNDHOĘWWLWpUHQ
YROWIHOiOOtWYDpVDWpYpNRPPHQWiWRURNDUUyOEHV]pOWHNKRJ\ÄHJ\
NO|Q|VV]pOWiPDGW´(]DV]pOD]WHUHGPpQ\H]WHKRJ\DNRSRUVy
UDWHWW6]HQWtUiVWPHO\D](YDQJpOLXPRNQiOYROWNLQ\LWYDROGDOUyO
ROGDOUDiWODSR]WDHJpV]HQD]XWROVyROGDOLJ$WpYpNRPPHQWiWRURN
LVNO|Q|VQHNWDOiOWiNpVH]WDV]LWXiFLyWPiVQDSDPpGLiEDQIHO
QDJ\tWYDOHKHWHWWOiWQL,VWHQ~WPXWDWiVDYROWYDJ\YpOHWOHQ"


0HJKDWypOPpQ\HP
eQLVPLQWVRNDQPiVRND]RQDYpOHPpQ\HQYROWDPKRJ\,,-i
QRV3iOSiSDOHV]D]XWROVySiSD OiVG0DODFKL%0DUWLQDW\DD
9DWLNiQEHQQIHQWHVpQHNUHJpQ\HÄ$]XWROVySiSD´ 0HJHUĘVtWHWWH
GHQHPG|QW|WWHHO H]WHJ\YLGHyIHOYpWHODPLWD]pV]DNVSDQ\RO
RUV]iJLJDUDEDQGiOL0iULDMHOHQpVHN  ]HQHWHLUĘONp
V]tWHWWHN
$YLGHyDUUyOV]iPROEHKRJ\DKiURPOiWQRNHJ\LNH&RQFKLWD
*RQ]DOHVEDQD]WD]]HQHWHWNDSWD0iULiWyOKRJ\;;,,,-i
QRVSiSDXWiQPpJKiURPSiSDN|YHWNH]LNXWiQDHOM|QD]LGĘNYpJH
$NNRUtJ\OHWWYROQD9,3iOSiSD,-iQRV3iOSiSD±QDSLJ
±pV,,-iQRV3iOSiSD
$PLNRUD]~MSiSiW;9,%HQHGHNHWPHJYiODV]WRWWiNEHNHOO
YDOODQRPQDJ\RQPHJOHSĘGWHPGH|UOWHPLV
$SiSDYiODV]WiVHVWpMpQQDJ\RQNpVĘQ~J\yUDN|UOPHQ
WHP D] HVWL LPiUD $ Uy]VDI]pU HOĘWW YDJ\ DODWW OHONL SiUEHV]p
GHWIRO\WDWRN-p]XVVDOYDJ\6]Ħ]0iULiYDO7|EEHNN|]WOpOHNEHQ
PHJNpUGH]WHP0iULiWyOPLEHQWpYHGWHP PHUWPHJYROWDPUyOD
J\Ę]ĘGYHKRJ\D]XWROVyLGĘNHOĘWWLXWROVySiSD,,-iQRV3iO$PL
H]XWiQN|YHWNH]HWWQDJ\RQPHJKDWyYROWV]iPRPUD
1HPKDOORWWDPKDQJRWYDJ\KDVRQOyWGHHJ\VXJDOODWRWNDSWDP
YDJ\DKRJ\PRQGDQLV]RNWiNÄ9LOiJRVViJJ\~OWD]pUWHOPHPEHQ´
+DV]DYDNNDODNDUQiPOHtUQLD]WPRQGDQiPD]HV]HPD-HOHQpVHN
N|Q\YHYHUVHLUHLUiQ\XOW-HOpV$EEDQDSLOODQDW
EDQWXGWDPPLWMHOHQWHWWpVDSiSDYiODV]WiVVDONDSFVRODWEDQHJ\
YiODV]YROWFVDN;9,%HQHGHN
-HO±DY|U|VViUNiQ\QDNDPDU[LVWDNRPPXQL]PXVQDN,V
WHQpVHJ\Ki]HOOHQHVKDWDOPD
-HO±DWHQJHULYDGiOODWDV]DEDGNĘPĦYHVVpJ

-HO±DPiVLNDV]iUD]I|OGLYDGiOODWDPHO\QHNNpWV]DU
YDYROWPLQWD%iUiQ\QDNGH~J\EHV]pOPLQWDViUNiQ\(]DEi
UiQ\EĘUEHE~MWDWRWWIDUNDVD](J\Ki]EDEHKDWROyHJ\Ki]LV]DEDG
NĘPĦYHVVpJ$SiSDYiODV]WiVVDONDSFVRODWRVMHOHQWĘVpJHDN|YHW
NH]ĘYROW,,-iQRV3iOSiSDYROWKLYDWRWWDY|U|VViUNiQ\DPDU
[LVWDNRPPXQL]PXVHOOHQLKDUFUD7|UWpQHOPLWpQ\KRJ\,,-iQRV
3iOMHOHQWĘVV]HUHSHWMiWV]RWWD6]RYMHWXQLypVD9DUVyL6]HU]ĘGpV
IHOERPOiViEDQ0LFKDHO*RUEDFVRYD6]RYMHWXQLyXWROVyPLQLV]
WHUHOQ|NH W|EEV]|U Q\LOYiQRVDQ HOLVPHUWH KRJ\ D OHQJ\HO SiSD
G|QWĘV]HUHSHWMiWV]RWWD6]RYMHWXQLypVFVDWOyVDL|VV]HRPOiViEDQ
7HKiWDOHQJ\HOSiSDYROWKLYDWRWWDPDU[LVWDNRPPXQL]PXVHO
OHQLKDUFUD'HD](J\Ki]W|EELHOOHQVpJHDV]DEDGNĘPĦYHVVpJD]
HOVĘYDGiOODWpVD]HJ\Ki]LV]DEDGNĘPĦYHVVpJDPiVRGLNYDGiOODW
DKDPLVERPODV]Wy|NXPHQpMpYHOPpJKiWUDYDQ(]DKDUFPpJD]
(J\Ki]HOĘWWiOOpVHUUHD]XWROVySiSDKLYDWRWW+RJ\;9,%HQH
GHNQpPHWSiSDQHPYpOHWOHQ(]WNpVĘEEPpJOiWQLIRJMXN
.LFVLWEĘYHQSUyEiOWDPPHJpUWHWQLD]WDPLWD]LPDDODWWHJ\
PiVRGSHUFDODWWIHOIRJWDP(]XWiQIHOKtYWDP$OEUHFKW:HEHUWDNL
DÄ:(72.LDGy´QiOGROJR]LN (]DNLDGyKR]WDIRUJDORPED1p
PHWRUV]iJEDQDYLGHy¿OPHW*DUDEDQGDOUyO $WHOHIRQEHV]pOJHWpV
EHQ IHOKtYWDP :HEHU ~U ¿J\HOPpW DUUD KRJ\ D YLGHy V]|YHJH D
KiURPSiSiUyO;9,%HQHGHNSiSDPHJYiODV]WiViYDOQLQFVUHQG
EHQ:HEHU~UHOPDJ\DUi]WDKRJ\DKiURPSiSiUyOV]yOy UpV]D
Ä*DUDEDQGDO]HQHWH´FtPĦYLGHyEDQYDOyEDQKLEDpVKRJ\ĘWXG
HUUĘO
EDQ$OEUHFKW:HEHUV]HPpO\HVHQMHOHQYROW*DUDEDQGDOEDQ
DPLNRU&RQFKLWD*RQ]DOHVOiWQRNDV]OĘKi]iEDQD]]HQHWHWNDS
WDD6]Ħ]DQ\iWyO$&RQFKLWiQDNDGRWW]HQHWV]yV]HULQWtJ\KDQJ
]RWWÄ;;,,,-iQRVSiSDXWiQPiUFVDNKiURPSiSDOHV]GHWXODM
GRQNpSSHQH]QpJ\SiSDGHpQHJ\HWQHPV]iPtWRNEHOH PHJMD
QDSLJXUDONRGy,-iQRV3iOSiSiW ´(]WD]]HQHWHW±PRQGWD
:HEHU±UpV]OHWHVHQPHJtUWXNDQDJ\IHOWĦQpVWNHOWĘÄ*DUDEDQGDO
±,VWHQPXWDWyXMMD´FtPĦN|Q\YEHQ

$PHJYHUWSiV]WRU
$SiSD3pWHUXWyGDpVPLQW3pWHUXJ\DQRO\DQI|OGLKHO\WDUWyMD-p
]XVQDN
0LYHODUyPDLNDWROLNXV(J\Ki]-p]XVPLV]WLNXVWHVWHXJ\DQD]W
D]XWDWMiUMDDPLW-p]XV0HUW-p]XVKHO\WDUWyMDD]WDVRUVRWV]HQ
YHGLHODPLWD]ÒUYDJ\3pWHU0LQGNHWWHQNHUHV]WHQKDOWDNPHJ«
pVDNLD]XWROVySiSD"
$PLNRU-p]XVDKDOiODHOĘWWLQDSWDQtWYiQ\DLYDOD]2ODMIiNKH
J\pUHPHQWIHONpV]tWHWWHĘNHWDNHUHV]WUHIHV]tWpVUHDPLUH=DNDUL
iVSUyIpWDM|YHQG|OpVHLVXWDO =DN pVPRQGWDQHNLNÄËUYD
YDQXJ\DQLVPHJYHUHPDSiV]WRUWVHOV]pOHGQHNDQ\iMMXKDL´
0W   (]W M|YHQG|OWH PHJ D] LGĘN YpJpUH LV$] LGĘN YpJH
SiV]WRUiQDNDSiSiQDNXJ\DQH]OHV]DVRUVD$NLVQ\iMQDNYDJ\
D]Ä$VV]RQ\´ PDUDGpNXWyGDLQDNPLQWD-HOPRQGMDHJ\
LGHLJSiV]WRUSiSDQpONONHOOPDUDGQLD


$](J\Ki]NpWRV]ORSD
%RVFR6]HQW-iQRVPiMXViQDN|YHWNH]ĘW|UWpQHWHWPH
VpOWHHO¿DLQDN 7XULQEDQ 
Ä.pS]HOMpWHNHOKRJ\HJ\WHQJHUSDUWMiQiOOXQNYDJ\PpJLQ
NiEEHJ\PDJiQ\RVV]LNOiQDKRQQDQDOiEXQNDODWWLWDODMRQNtYO
VHKRO PiVKRO QHP OiWXQN V]iUD]I|OGHW$ PHVV]H WHQJHUHQ PHJ
V]iPOiOKDWDWODQXOVRNKDMyWLVPHUQNIHOPHO\HNWHQJHULFVDWiUD
NpV]OĘGQHN$ KDMyN RUUD YDVEyO NpV]OW WHVWN iJ\~NNDO SXV
NiNNDOpVPLQGHQIpOHPiVIHJ\YHUUHOYDQIHOV]HUHOYH
0LQG HJ\ QiOXN VRNNDO QDJ\REE KDMy (J\Ki]  IHOp N|]HOHG
QHNDPLWPHJSUyEiOQDNpOHVRUUXNNDOIHOVpUWHQLPDMGPHJJ\~MWD
QLpVPLQGHQPiVPyGRQPHJNiURVtWDQL
$QDJ\KDMyWV]iPRVNLVHEEFVyQDNN|YHWLPHO\HNSDUDQFVRW
NDSQDNWĘOHpVDIHMHGHOPLKDMyWD]HOOHQVpJHVÀRWWDHOOHQYpGLN
(UĘVHOOHQV]pOOHONHOOPLQGHN|]EHQPHJN]GHQLNpVDIHONDYDUW
WHQJHULV±~J\WĦQLN±DWiPDGyNDWVHJtWLHOOHQN
$WiYROEDQDWHQJHUN|]HSpQQHPPHVV]HHJ\PiVWyONpWKDWDO
PDVRV]ORSiOO$]HJ\LNHWD],PPDFXODWDV]REUDNRURQi]]DDNLQHN
OiEDLQiOHJ\WiEOiQDN|YHWNH]ĘIHOLUDWYDQHOKHO\H]YHª$X[LOLXP
FKULVWLDQRUXP© DNHUHV]WpQ\HNVHJtWVpJH DPiVRGLNVRNNDOPD
JDVDEEpVKDWDOPDVDEERV]ORSRQHJ\QDJ\RQQDJ\RVW\iWOiWXQN
DODWWDHJ\WiEOiQDN|YHWNH]ĘV]DYDNNDOª6DOXVFUHGHQWLXP© DKt
YHNGY|VVpJH 
$SiSDDQDJ\KDMyNDSLWiQ\DNpQWIHOLVPHULD]HOOHQVpJGKpWpV
H]]HOD]WDYHV]pO\WDPHO\EHV]|YHWVpJHVHLNHUOWHN(]pUWDNtVpUĘ
FVyQDNRNNRUPiQ\RVDLWDPDJDKDMyMiUDKtYMDWDQiFVNR]iVUD'HD
YLKDUHJ\UHKHYHVHEEOHV]DSDUDQFVQRNRNQDNYLVV]DNHOOWpUQLN
FVyQDNMDLNUD0LNRUDV]pOYpV]HJ\NLVVpHOFVHQGHVODSiSDPi
VRGV]RULVPDJiKR]KtYDWMDĘNHW(NNRUDYLKDUKLUWHOHQ~MUDNLW|U
$SiSDDNRUPiQ\NHUpNQpOiOOpVPLQGHQHUHMpYHOPHJSUyEiOMDKD

MyMiWDNpWRV]ORSN|]pNRUPiQ\R]QLPHO\HQVRNKRUJRQ\WpVQDJ\
NDPSyWU|J]tWHWWHN
$] HOOHQVpJHV KDMyN PHJNH]GLN D WiPDGiVW pV D SiSD KDMyMiW
HODNDUMiNVOO\HV]WHQLÒMUDpV~MUDPHJSUyEiOQDNpJĘDQ\DJRWD
QDJ\KDMyIHGpO]HWpUHKDMtWDQLpVPLQGHQiJ\~MXNEyOJRO\y]iSRUW
]~GtWDQDNUi
$]HOOHQVpJHVKDMyNV]HQYHGpO\HVKDUFDpVPLQGHQIHJ\YHUN
EHYHWpVH HOOHQpUH WiPDGiVXN QHP MiU HUHGPpQQ\HO PHUW D SiSD
KDMyMiQDNVLNHUOV]DEDGRQpVEL]WRVDQiWV]HOQLHDWHQJHUWKRORWW
PLQGHQROGDOUyONRPRO\WiPDGiVRNQDNYDQNLWpYHGHDOpNHNHW
DKRJ\ NHOHWNH]QHN HJ\ OiJ\ V]HOOĘ PHO\ D] RV]ORSRNEyO WiPDG
D]RQQDOEHW|PL$WiPDGyNKDMyLQIHOUREEDQQDND]iJ\~FV|YHND
KDMyNRUUDV]pWW|ULNVRNKDMyPHJUHSHGpVHOVOO\HGDWHQJHUEHQ
(NNRU D]RQEDQ D SiSiW KLUWHOHQ HJ\ JRO\y WDOiOMD HO 6HJtWĘL
PHJWiPDV]WMiN XJ\DQ pV ~MUD WDOSUD iOOtWMiN GH KDPDURVDQ HJ\
~MDEEO|YHGpNLVHOWDOiOMDPLUHKROWDQKDQ\DWOLNDI|OGUH$]HOOHQ
VpJHVÀRWWiQHNNRUD]|U|PpVDJ\Ę]HOHPULYDOJiVDV]iOOIHO$Si
SDLKDMyQ|VV]HVHUHJOHWWSDUDQFVQRNRND]RQEDQDNNRUDJ\RUVDViJ
JDOYiODV]WMiNPHJD]~MSiSiWKRJ\D]HOĘ]ĘKDOiOiUyOV]yOyKtUD]
~MRQQDQPHJYiODV]WRWWQDNQHYpYHOHJ\LGĘEHQMXWHOD]HOOHQVpJ
KH](UUHH]HNPLQGHQEiWRUViJXNDWHOYHV]WLNDSiSDLKDMySHGLJ
PLQGHQQHKp]VpJHWOHJ\Ę]YHEL]WRVDQ~V]LNiWDNpWRV]ORSN|]|WW
DKROKRUJRQ\WWXGYHWQL
$]HOOHQVpJPHQHNOGHIHMYHV]WHWWVpJNEHQHJ\PiVQDNPHQ
QHNpVHOVOO\HGQHN$SiSDLKDMyNLVNtVpUĘFVyQDNMDLWHOMHVHUĘEĘO
V]LQWpQDNpWRV]ORSKR]HYH]QHNDKRONLN|WQHN$WHQJHUHQQDJ\
FV|QGKRQRO«´
0LNRU'RQ%RVFRLGiLJpUWD]HOEHV]pOpVEHQPHJNpUGH]WHNp
VĘEELXWyGMiW'RQ0LFKDHO5XDOHHQGĘUHQGIĘQ|N|WÄ0LDYpOH
PpQ\HGHUUĘODW|UWpQHWUĘO"´

'RQ5XDtJ\YiODV]ROWÄÒJ\JRQGRORPKRJ\DSiSDKDMyMDD]
(J\Ki]PHO\QHNĘDIHMH$W|EELKDMyD]HPEHUHNHWDWHQJHUD
YLOiJRWMHONpSH]L$]RNDNLNDQDJ\KDMyWYpGLNDSiSDKĦVpJHV
N|YHWĘLDW|EELHND]ĘHOOHQVpJHLDNLNPLQGHQHV]N|]]HOPHJSUy
EiOMiNPHJVHPPLVtWHQLD](J\Ki]DW$NpWRV]ORSV]HULQWHP0i
ULDWLV]WHOHWpWpVDV]HQW(XFKDULV]WLiWMHOHQWLN´
'RQ%RVFRH]WYiODV]ROWDÄ-yOEHV]pOWpO$]HOOHQVpJHVKDMyN
D](J\Ki]OG|]ĘLWMHOHQWLN$OHJV~O\RVDEEV]HQYHGpVHNHWNpV]t
WLNHOĘD](J\Ki]V]iPiUD$]DPLHGGLJYROWV]LQWHVHPPLDKKR]
NpSHVWDPLM|QQLIRJ&VDNNpWHV]N|]PDUDGV]iPXQNUDD]tJ\
NHOHWNH]HWW]ĦU]DYDUEyOYDOyPHJPHQHNOpVUHD],VWHQ$Q\MiQDN
WLV]WHOHWHpVDJ\DNRULV]HQWiOGR]iV´
$6]HQW(XFKDULV]WLDpV D6]HQW6]Ħ]DNDWROLNXV(J\Ki]NpW
QDJ\RV]ORSDėNDPRGHUQHNpVD](J\Ki]HOOHQVpJHLQHNIĘWiPD
GiVLSRQWMDL+DĘNHWOHJ\Ę]LND](J\Ki]DWLVOHJ\Ę]LN
+RJ\ H] D NpW RV]WORS D 6]HQW (XFKDULV]WLD pV D] ,VWHQDQ\D
KRJ\PLO\HQMHOHQWĘVpJJHOEtUD](J\Ki]V]iPiUDH]WD6]HQWtUiV
NLMHOHQWpVHLpV|VV]HIJJpVHLDODSMiQN|]HOHEEUĘOLVPHJYLOiJtWMXN


0iULDG|QWĘV]HUHSH,VWHQ
GYWHUYpQHNPHJYDOyVtWiViEDQ

$PiVRGLNRV]ORS
6RN NHUHV]WpQ\ V]iPiUD D] ,VWHQDQ\D D ELEOLDL NDUiFVRQ\L W|UWp
QHWEHQ -p]XV V]OHWpVpUH NRUOiWR]yGLN -iV]RO LVWiOOy .LV -p]XV
3URWHVWiQVpVPiVNHUHV]WpQ\N|]|VVpJHN0iULiWPLQW-p]XVV]
OĘDQ\MiWIRJDGMiNHO$QDJ\REEWLV]WHOHWHWYHOHV]HPEHQJ\DQDN
YiVVDO pV EL]DOPDWODQViJJDO NtVpULN V]HULQWN IHQQiOO D YHV]pO\H
DQQDNKRJ\D]LUiQWDpU]HWWWLV]WHOHW-p]XV.ULV]WXVWNLFVLQ\tWL
0iULiW QHP LPiGMXN ~J\ PLQW ,VWHQW KDQHP FVXSiQ WLV]WHO
MNPLQWN|]YHWtWĘWLVWHQL)LiKR]-p]XV.ULV]WXVKR]ėD]DOi]D
WRVV]ROJiOypVFVDNHJ\HWDNDU-p]XV.ULV]WXVKR]YH]HWQLPLQNHW
$PLNRU*iEULHODUNDQJ\DOPHJMHOHQW1HNLKRJ\N|]|OMHYHOH
KRJ\ ,VWHQ )LiQDN DQ\MD OHV] H V]DYDNNDO N|V]|QW|WWH Ä1H IpOM
0iULD.HJ\HOPHWWDOiOWiO,VWHQQpO«´ /N 
$],VWHQDQ\DV]HUHSHQHPFVDNDV]OHWpVUHNRUOiWR]yGLNDEHW
OHKHPLLVWiOOyEDQKDQHPG|QWĘV]HUHSHYDQ,VWHQGYWHUYpEHQD
NHUHV]WpQ\VpJV]iPiUD(]W,VWHQpVD](J\Ki]HOOHQVpJHLLVWXG
MiNDNLNH]pUWXWDVtWMiNHOpVWiPDGMiN0iULiWpVD](XFKDULV]WLiW
0iULDD]ÒMV]|YHWVpJ1RpEiUNiMDD](J\Ki]DQ\MDpVpSSHQQDS
MDLQNEDQDYpJVĘKDUFW|UWpQpVHLEHQOHV]MHOHQWĘVpJHDQQDNKRJ\
0iULiKR]WDUWR]XQNHYDJ\VHP$N|YHWNH]ĘROGDODNRQPHJSUy
EiOMXNH]WDPHJiOODStWiVWELEOLDL|VV]HIJJpVHNNHOpVD%LEOLDNL
MHOHQWpVHLYHOLJD]ROQL
$PLNRU-p]XVD]WPRQGMDÄeQYDJ\RND]$OIDpVD]ÏPHJD
DNH]GHWpVDYpJ´ -HO DNNRUD]WDNDUMDPRQGDQLKRJ\D]
HJpV]HPEHULW|UWpQHOHPUipSO$NHUHV]WpQ\VpJW|UWpQHWHV]iPi
UD$Q\MD0iULDKDVRQOyNpSSHQ$OIDpVÏPHJD

ėiOODNHUHV]WpQ\VpJNH]GHWpQpVG|QWĘDODNPLQWDSRNDOLSWL
NXVÄ1DSED|OW|]|WW$VV]RQ\´NRUXQNYpJpQ
$ MHOHQOHJL W|UWpQHOPL KHO\]HWQHN D] D NXOFVNpUGpVH KRJ\ D]
HPEHUD]RNN|]pDV]HUHQFVpWOHQHNN|]pIRJHWDUWR]QLDNLN3iO
V]HULQWDYDJ\LVDÄYDGiOODW´pVKDPLVSUyIpWDDURPOiV¿iQDN
DMHOpWYLVHOLND]WHOIRJDGMiNVH]iOWDO|U|NUHHOYHV]QHNYDJ\0i
ULDROWDOPDpVYH]HWpVHDODWWPHJPHQHNOQHN
Ä2OWDOPDGpVSDOiVWRGDOiIXWXQN,VWHQQHNV]HQW$Q\MD´±LPiG
NR]]iNDUyPDLNDWROLNXV(J\Ki]KtYHL6RNFtPPHOWLV]WHOLN0i
ULiWDNDWROLNXV(J\Ki]EDQ$]ÒMV]|YHWVpJ1RpEiUNiMiQDNLVQH
YH]L$KRJ\DEiUND1RpWpVKR]]iWDUWR]yLWPHJYpGWHD]iUWyO~J\
OHV]D]RNNDOLVDNLNWLV]WHOLN0iULiWpVNH]GHWWĘOIRJYDN|YHWLNĘW
$WpYKLWWĘOpVDKDPLVSUyIpWiNWyOPHJYpGYH)LiKR]-p]XV.ULV]
WXVKR]YH]HWLĘNHWDEL]WRV~WRQ
$]ÒM9LOiJUHQG 1298625'26(&/2580 DQWLNULV]WXVL
KDWDOPDLDNLNYLOiJKDWDORPUDW|UHNV]HQHNPHJDNDUMiNVHPPLVt
WHQLDUyPDLNDWROLNXVYLOiJHJ\Ki]HWLNXVpVHUN|OFVLEHIRO\iViW$
SiSDViJOHURPEROiViQDN]VHQLiOLVpVUD¿QiOWWDNWLNiMDD]DODSMDD
V]DEDGNĘPĦYHVHNpVV]|YHWVpJHVHLNiOWDOWHUYH]HWWYLOiJYDOOiVQDN
(]pUW NHOO D UyPDL NDWROLNXV (J\Ki]DW PHJIRV]WDQL OpQ\HJp
WĘO KLWLJD]ViJDLWyO V]LNOiMiWyO D SiSiWyO KRJ\ KDPLV HJ\Ki]]i
KDPLV.ULV]WXVViYiOMRQ$](J\Ki]YHV]tWVHHOÄUyPDL´HOĘWDJMiW
ROYDGMRQ|VV]HHJ\V]DEDGNĘPĦYHVKDPLV|NXPHQpEHQPiVNH
UHV]WpQ\N|]|VVpJHNNHOpVMHOHQWpNWHOHQQpYiOMRQ$NNRUV]DEDG
OHV]D]~WDÄYDGiOODWQDN´pVKDPLVSUyIpWiMiQDNDURPOiV¿iQDN
DYLOiJXUDORPiWYpWHOpKH]DKRJ\-iQRVOHtUWDD-HOHQpVHNN|Q\Yp
EHQÄ+DWDOPDWNDSRWWPLQGHQW|U]VQpSQ\HOYpVQHP]HWI|O|WW´
-HO
$ OHVHONHGĘKDWDOPDNNDOV]HPEHQ 0iULDiOODNLV]pWWLSRUMDD
NtJ\yIHMpW 7HU DKRJ\D]W,VWHQD]HPEHULVpJW|UWpQHOPpQHN
HOHMpQPHJKDWiUR]WD

.LD]$VV]RQ\"
$%LEOLDOHtUMDDViWiQKDUFiW,VWHQQpSHpVD](J\Ki]HOOHQHJ\
KDUFRWDY|U|VViUNiQ\HOOHQ -HO DNLQHNVHJtWVpJpUHM|QD
WHQJHUEĘOHJ\KpWV]DUY~KpWIHMĦV]|UQ\ -HO pVHJ\PiVLN
YDGiOODW -HO DPLDI|OGEĘOM|QNLNpWV]DUYDYDQPLQWDEi
UiQ\QDNGH~J\EHV]pOPLQWDViUNiQ\,VWHQQpSHHOOHQKDUFROQDN
DKRJ\OHYDQtUYDÄ$]pJHQQDJ\MHOWĦQWI|OHJ\DVV]RQ\NLQHN
|OW|]HWHDQDSYROWOiEDDODWWDKROGIHMpQWL]HQNpWFVLOODJEyONR
URQD´ -HO
(J\HWOHQHJ\ELEOLDLDODNRWVHPIHVWHWWHNPHJDPĦYpV]HNRO\DQ
J\DNUDQD]HOP~OWpYV]i]DGRNEDQPLQW0iULiW.ULV]WXVDQ\MiW$
NtJ\yWLSUy0iULD0iULDD.LVMp]XVVDODNDUMiQDNDUiFVRQ\LMi
V]ROQiOYDJ\ÄDQDSED|OW|]|WW$VV]RQ\OiEDDODWWDKROGIHMpQ
WL]HQNpWFVLOODJEyONRURQD´)HMpQDWL]HQNpWFVLOODJEyOiOOyNRUR
QD,]UDHOWL]HQNpWW|U]VpWpVDWL]HQNpWDSRVWROWV]LPEROL]iOMDPH
O\HNUHD](J\Ki]pSOW
$](J\Ki]DW,VWHQQpSpW6]Ħ]0iULDV]LPEROL]iOMDėD](J\
Ki]DQ\MD,WWIRO\WDWyGLND%LEOLDHOHMpUĘOD]DODSJRQGRODWÄ(OOHQ
NH]pVWYHWHNN|]pGpVD]DVV]RQ\N|]pDWHLYDGpNRGpVD]ĘLYDGp
NDN|]p«´ 7HU
$KDUFRWDViWiQpV0iULDN|]|WWDI|OG|QD0iULiWNpSYLVHOĘ
(J\Ki]D],VWHQpVHJ\Ki]HOOHQHVKDWDOPDNNDODY|U|VViUNiQ\
Q\DO D PDU[LVWD NRPPXQL]PXVVDO YtYMiN pV D NpW YDGiOODWWDO D
V]DEDGNĘPĦYHVVpJJHOpVD](J\Ki]EDEHKDWROyHJ\Ki]LV]DEDG
NĘPĦYHVVpJJHO
(]WDKDUFRW-iQRVDSRVWROLVOHtUMDÄ(UUHDViUNiQ\KDUDJUD
OREEDQWD]DVV]RQ\HOOHQpVKDUFEDV]iOOWW|EELJ\HUPHNpYHODNL
PHJWDUWMD,VWHQSDUDQFVDLWpVNLWDUW-p]XV .ULV]WXV WDQ~ViJDPHO
OHWW´ -HO
(EEHQDKDUFEDQDViUNiQ\QDNDNpWYDGiOODWM|QVHJtWVpJpUHD
V]|UQ\DWHQJHUEĘOpVDYDGiOODWDI|OGEĘODPLQHNNpWV]DUYDYDQ

$ViUNiQ\pVDNpWiOODWKDUFiQDNNH]GHWpWDQDSED|OW|]|WWDV]
V]RQQ\DOV]HPEHQW|UWpQHOPQNHVHPpQ\HLQLVOiWKDWMXN(]HNRO\DQ
HVHPpQ\HNPHO\HNQHN|VV]HIJJpVHLQHPV]HUHSHOQHNDKLYDWDORV
W|UWpQHOHPN|Q\YHLQNEHQGHW|UWpQHOPQNUHDSROLWLND(J\Ki]WiU
VDGDORPpVDKLWYRQDWNR]iViEDQG|QWĘEHIRO\iVWJ\DNRUROQDN
)HOIRJKDWDWODQGRORJW|UWpQLNSpOGiXOGHFHPEHUpQ
$PLNRUH]DODWWD]LGĘDODWW(XUySiEDQDQpPHWiJRVWRQUHQGL
V]HU]HWHV/XWKHU0iUWRQUHIRUPiFLyMiYDOHJ\Ki]V]DNDGiVM|WWOpW
UHDPHOO\HONpVĘEEDUyPDLNDWROLNXV(J\Ki]KtYĘLQHNPLOOLyLWHO
WpUtWHWWH$PHULNiEDQSRQWRVDEEDQ0H[LNyEDQpSSD]HOOHQNH]ĘMH
W|UWpQWDQQDNDPLWDUHIRUPiWRURNR]RWW
/XWKHUHJ\LN Wp]LVHtJ\ KDQJ]LN Ä$NLNLPiV]LNDNHUHV]WYt]
EĘOHJ\V]HUUHSDSSVS|NpVSiSD´/XWKHUPHJiOODStWiVDPLQG
MiUW DQDUFKLiUD YDOy IHOV]yOtWiV YROW (] RO\DQ OHQQH PLQWKD HJ\
SROLWLNDLUHIRUPiWRUM|QQHpVD]WPRQGDQiDQpPHWQpSQHNÄ$NL
1pPHWRUV]iJEDQ V]OHWHWW HJ\V]HUUH V]|YHWVpJL NDQFHOOiU LJD]
ViJJ\pVSpQ]J\PLQLV]WHU(EEĘODQDUFKLDOHQQH´
/XWKHUPXQNiONRGiViQDNN|YHWNH]PpQ\HKRJ\~MNHUHV]WpQ\
N|]|VVpJHNpVV]HNWiNV]i]DLDODNXOWDNDPHO\HNHOV]DNDGWDN5y
PiWyOpVVDMiWWDQtWiVRNDWN|YHWWHN(QQHNN|V]|QKHWĘHQDQDUFKLD
DODNXOWNLDNHUHV]WpQ\VpJHQEHOO
/XWKHUDNLDSiSiWDKDJ\RPiQ\WpVDWUDGtFLyWHOXWDVtWRWWDpV
H]HN KHO\HWW D %LEOLiW D KLW HJ\HWOHQ WHNLQWpO\pQHN WDUWRWWD 6ROD
VFULSWXUD HOOHQWPRQGiVEDNHYHUHGHWWD6]HQWtUiVVDOLV PLQWPpJ
VRNPiVVDO PHUW-p]XVD]WNtYiQWDÄ/HJ\HQHNPLQGQ\iMDQHJ\
$PLQWWH$W\iPEHQQHPYDJ\VpQEHQQHG~J\OHJ\HQHNĘNLV
EHQQQNKRJ\tJ\HOKLJJ\HDYLOiJKRJ\WHNOGWpOHQJHP´ -Q

 GHFHPEHU pQ W|UWpQW HJ\ HVHPpQ\ DPHO\ NRPRO\DQ
N|]UHMiWV]RWWDEEDQKRJ\'pOpV/DWLQ$PHULNDDGMDDUyPDLND
WROLNXV(J\Ki]QDNDOHJW|EENDWROLNXVKtYHW

HWtUXQN0H[LNyEDQ
%HV]iPROyDÄ3XUVSHFLDO´FtPĦIRO\yLUDWEyO

ÄEHQDVSDQ\RONRQNYLV]WiGRURN KyGtWyN pUNH]pVHXWiQHO


NH]GĘGLN 0H[LNy PHJKyGtWiViQDN YpUHV W|UWpQHWH (]UHN KDOQDN
PHJ $]WpNRN pV VSDQ\RORN NLEpNtWKHWHWOHQO iOOQDN HJ\PiVVDO
V]HPEHQ 7L]HQNpW IHUHQFHV PLVV]LRQiULXV M|WW 0H[LNyED (J\L
NN7RULELRGHV%HQHYHQWHDNLWDJMDD]EHQNH]GĘGĘYDOOi
VLSiUEHV]pGQHND]D]WpNSDSRNNDOpVQHPHVHNNHO$GUiPDL|V]
V]HFVDSiVPLDWWHPEHULPpUWpNNHOPpUYHQHPOiWOHKHWĘVpJHWD]
HYDQJpOL]iFLyUDNLYpYHKD,VWHQFVRGiWWHV]pVN|]EHDYDWNR]LN´

$]pJYLUiJRNNDOIHVW
GHFHPEHUpQUHJJHOHJ\YDViUQDSDEEDQD]LGĘEHQDPL
NRU 0iULD 6]HSOĘWHOHQ 6]tYpQHN QQHSH YROW ,QGLR -XDQ 'LHJR
NRUiQ NHO IHO KRJ\ D QpKiQ\ PpUI|OGUH IHNYĘ 7ODWLROFRL WHPS
ORPED PHQMHQ V]HQWPLVpUH 0HUW -XDQ 'LHJR PLQW QDJ\EiW\MD
-XDQ%HUQDUGLQRHJ\LNHD]RQNHYpVD]WpNRNQDNDNLN.ULV]WXVKL
WpUHWpUWHN$PLNRUD7HSH\DFGRPEKR]pUDKROUpJHQDSRJiQ\
7RQDQW]LQ DQ\DLVWHQQĘ WHPSORPD iOOW ERU]DOPDV DODN NtJ\yIH
MHNNHO pV PpUJHV NtJ\yN W|PHJpYHO  KLUWHOHQ ]HQpW KDOO PLQWKD
PDGiUFVLFVHUJpV OHQQH $ YLOiJtWyDQ V]pS IpQ\EĘO HJ\ OiJ\ QĘL
KDQJRWKDOOÄ-XDQLWR-XDQ'LHJXLWR´
$KtYiVUDIHOPiV]LNDGRPEUDKRJ\OiVVDNLKtYWDpVKLUWHOHQ
HJ\OHQ\ĦJ|]ĘV]pSVpJĦDVV]RQ\HOĘWWiOOÄ+DOOJDVVLGH-XDQLWR
OHJNHGYHVHEEOHJNLVHEE¿DFVNiPKRYDPpV]"´±NpUGH]LNHGYHV
OiJ\KDQJRQJ\HQJpGVpJJHOWHOYHD]DVV]RQ\
Ä$V]HQWPLVpUHPHJ\HN´±YiODV]RO-XDQLWR
$¿DWDOQĘPRVRO\RJpVIRO\WDWMDÄ7XGRGOHJNHGYHVHEE¿DFV
NiPKRJ\pQDV]HSOĘWHOHQ|U|N6]Ħ]0iULDYDJ\RND]LJD],V
WHQDQ\MDDNLiOWDOpOPLQGHQDNLPLQGHQHN8UDDNLD]pJpVI|OG

8UD/HJEHOVĘYiJ\DPKRJ\LWW,VWHQKi]D WHPSORP IHOpSOM|Q
DKROHJpV]V]HUHWHWHPHWUpV]YpWHPHWpVLUJDOPDPDWVHJtWVpJHPHW
pVYpGHOPHPHWDGKDWRPD]HPEHUHNQHN$WLLUJDOPDNEDQJD]GDJ
DQ\iWRNYDJ\RNPLQGHQHPEHUDQ\MDPLQGD]RNpDNLNV]HUHWQHN
DNLN KR]]iP NLiOWDQDN DNLN EL]DORPPDO IRUGXOQDN KR]]iP ,WW
DNDURNpUWNVtUQLpVPHJKDOOJDWQLJRQGMDLNDWpVIiMGDOPXNDWED
MDLNDWpVEROGRJWDODQViJXNDWHQ\KtWHQLpVJ\yJ\tWDQL«0HQMHOD
SVS|NKi]iKR]0H[LNyYiURVEDpVPRQGGQHNLKRJ\pQNOGWH
OHNpVD]DNtYiQViJRPKRJ\LWW,VWHQKi]DIHOpSOM|Q0RQGGHO
QHNLPLWOiWWiOpVPLWKDOORWWiO´

$SVS|NQpO
-XDQ'LHJRVLHWYHWHOMHVtWLDV]pSK|OJ\NtYiQViJiW)pOpQNHQNR
SRJWDWDSVS|NLUH]LGHQFLDDMWDMiQ6RNiLJYiUDWMiNĘWDMHOHQOH
YĘV]ROJiNPLUHYpJOEHHQJHGLNDMyViJRVQDNpVLQGLiQEDUiWQDN
LVPHUW=XPDUUDJDSVS|NHOp0pO\EHQ\RPiVWWHV]DSVS|NUHD
PH[LNyLD]WpNLQGLiQDOi]DWDpVĘV]LQWHVpJHGHEL]RQ\WDODQPDUDG
pVDN|YHWNH]ĘV]DYDNNDONOGLHOÄ9LVV]DNHOOHJ\V]HUM|QQ|GKD
W|EELGĘPOHV]$GGLJJRQGRONR]RPD]RQDPLWPRQGWiO´
$YLVV]D~WRQ-XDQ'LHJRLVPpWIHOPHJ\D7HSH\DFGRPEUDpV
~MUDOiWMDD],VWHQDQ\iW¶$SVS|NYiODV]iEyOD]WpUH]WHPKRJ\D]
DYpOHPpQ\HKRJ\D]HJpV]HWFVDNNLWDOiOWDP«(]pUWV]tYEĘONpU
OHNÒUQĘPEt]GH]WD]]HQHWHWMHOHQWĘVHEEHPEHUUHRO\DQYDOD
NLUHDNLLVPHUWpVWHNLQWpO\HVKRJ\WHOMHVOM|QDNtYiQViJRGeQ
FVDNHJ\V]HJpQ\HPEHUYDJ\RNGH0iULDNpUL-XDQ'LHJRWKRJ\
PiVQDSPpJHJ\V]HUPHQMHQHODSVS|NK|]
$N|YHWNH]ĘQDSRQWpUGHQiOOYDpVN|QQ\HNN|]WLVPpWOL-XDQ
'LHJy D SVS|NQHN D] ,VWHQDQ\D NtYiQViJiW$ SVS|N HJ\MHOHW
NpUKRJ\HOKLKHVVHKRJ\pJLHUHGHWUĘOYDQV]yeVYDOyEDQ0iULD
PHJtJpUL-XDQQDNDNpUWFVRGiWÄ*\HUHKROQDSYLVV]DpVPHJND
SRGDMHOHW´

$KDOiORVEHWHJQDJ\EiFVL
-XDQ'LHJRPHJ|UOWD6]Ħ]V]DYDLQDNpVYLVV]DWpUWIDOXMiED'H
RWWV~O\RVEHWHJHQWDOiOWDDQDJ\EiW\MiW(JpV]pMMHOpVPiVQDS-XDQ
'LHJRRWWYLUUDV]WRWWI|O|WWHGHDEiFVLiOODSRWDFVDNURVV]DEEOHWW
-XDQ 'LHJR EL]WRV DEEDQ KRJ\ D] pJL K|OJ\ EHOiWMD KRJ\ PRVW
QDJ\EiW\MiQiONHOOOHQQLHQHPWXGIHOPHQQLDGRPEUD'HDPLNRU
QDSQ\XJWD HOĘWW YLOiJRV OHWW V]iPiUD KRJ\ D QDJ\EiFVLQDN PHJ
NHOOKDOQLDU|JW|QHOLQGXOWKRJ\SDSRWKtYMRQ$GRPE~WEDHVLN
H]pUWDPiVLNROGDOWYiODV]WRWWDKRJ\QHOiVVDD]pJLDVV]RQ\WDNL
ĘWDMHOOHODSVS|NK|]NOGHQpPHUWHEEHQDEDMEDQQLQFVUiLGHMH
'HD],VWHQDQ\DRWWYDQDGRPEPiVLNROGDOiQÄ0LW|UWpQW¿DFV
NiP"´±NpUGH]L±Ä+RYiPpV]"´-XDQ'LHJREHV]iPROQDJ\EiW\
MDKDOiORVEHWHJVpJpUĘOpVDUUyOKRJ\0H[LNyYiURVEDVLHWSDSRW
KtYQL+ROQDSPDMGYLVV]DM|QpVWHOMHVtWLDPHJEt]iVW

$]pJLDVV]RQ\YLJDV]WQ\~MW
Ä+DOOJDVVLGHOHJNHGYHVHEEOHJNLVHEE¿DFVNiP´±YLJDV]WDOMDD
0DGRQQD±Ä1HLMHGMPHJQHV]RPRURGMHOVHPPLQHNHVHUtWVHHO
V]tYHGHW1HIpOMHPLDWWDEHWHJVpJYDJ\PiVEHWHJVpJPLDWWYDJ\
EiQDWYDJ\IiMGDORPPLDWW+iWQHPYDJ\RNpQLWWDWHpGHVDQ\iG"
1HPYDJ\WHD]iUQ\pNRPEDQpVROWDOPDPDODWW"1HPpQYDJ\RN
|U|P|GIRUUiVD"1HPYDJ\HSDOiVWRPUHGĘMpEHQQHPYDJ\HND
URPEDQ".HOOHQQpOW|EE"´$]WiQNHGYHVHQKR]]iIĦ]LÄ1HQ\XJ
WDODQNRGM QDJ\EiW\iG EHWHJVpJH PLDWW PHUW QHP IRJ PHJKDOQL
(EEHQDSLOODQDWEDQPHJJ\yJ\XOW´
0LXWiQ-XDQ'LHJRPHJYLJDV]WDOyGRWWIHODMiQORWWDKRJ\D]RQ
QDODSVS|NK|]PHJ\pVHOYLV]LD]tJpUWMHOHW$],VWHQDQ\DPR
VRO\RJpVPHJNpULKRJ\PHQMHQIHODGRPEUDÄDUUDDKHO\UHDKRO
HOĘ]ĘOHJ OiWWiO 6RN YLUiJRW IRJV] RWW WDOiOQL JRQGRVDQ V]HGG OH
ĘNHWpVKR]GLGHQHNHPpVPXWDVGPHJPLGYDQ´
-XDQ'LHJRIHOVLHWDGRPEUDPHJOHSĘGLNDJ\|Q\|UĦYLUiJWHQ
JHUHQDPLO\HQHNH]HQDV]LNOiVIDJ\RVWDODMRQPpJVRKDQHPQĘW

WHN pV YLUiJR]WDN 6]pWQ\LWMD N|SHQ\pW DPLW WLOPiQDN QHYH]QHN
pVWHOHUDNMDVRNSRPSiVYLUiJJDO$]WiQOHPHJ\RGDDKROD]pJL
$VV]RQ\YiUMD$PLNRUPHJPXWDWMDDUDJ\RJySRPSiVYLUiJRNDW
D]$VV]RQ\JRQGRVDQHOUHQGH]LpVD]WPRQGMDÄ)LDFVNiPH]HND
NO|QIpOHYLUiJRNDMHODPLWHONHOOYLQQHGDSVS|NQHN0RQGG
PHJDQHYHPHWKRJ\HEEĘOPHJLVPHUMHDNDUDWRPDWDPLWWHOMHVtWH
QLHNHOO7HOpJ\DKtUQ|N|PDNLNLpUGHPHOWHEL]DOPDPDW0HJSD
UDQFVRORPQHNHGKRJ\DWLOPiWQHQ\LVGV]pWKRJ\QHOHSOH]ĘGM|Q
OHDWDUWDOPD&VDNDSVS|NMHOHQOpWpEHQV]DEDGV]pWQ\LWQL´

$QDJ\FVRGD
$YLUiJRWYLYĘNpVHGHOHPQpONO~WQDNLQGXO6RNiLJYiUDNR]WDW
WiNDSVS|NV]ROJiLYpJOEHHQJHGWpN.pUWHPHJ\MHOHWDPLW|Q
NtYiQWpVD]$VV]RQ\PHJtJpUWH$]WPRQGWDPHQMHNIHODGRPE
UDpVV]HGMHPOHD]RNDWDYLUiJRNDWDPLNRWWQĘQHN-yOWXGWDP
KRJ\QLQFVHQHNRWWYLUiJRNNO|Q|VHQQHPLO\HQNRUGHQHPNp
WHONHGWHPV]DYDLEDQ0LNRUI|OpUWHPHOFVRGiONR]WDPDOHJV]HEE
YLUiJRNDW OiWWDP KDUPDWFVHSSHN FVLOORJWDN UDMWXN $QQ\LW V]HG
WHPDPHQQ\LWFVDNHOEtUWDPpVYLVV]DYLWWHPKR]]i6DMiWNH]pYHO
UHQGH]WHHOpVEHWHWWHDN|SHQ\HPEHKRJ\HOKR]KDVVDP|QQHN,WW
YDQQDNQp]]HYHJ\HHOĘNHW-XDQ'LHJRV]pWQ\LWRWWDDWLOPiMiW
pVDYLUiJRNSD]DULOODWRWiUDV]WYDOHHVWHNDI|OGUH(EEHQDSLOOD
QDWEDQPHJMHOHQWDWLOPiQ.ULV]WXVDQ\MiQDNUDJ\RJyNpSH(ONp
SHGYHQp]WpNDMHOHQOHYĘNDW|UWpQWHNHWpVOHWpUGHOWHND],VWHQDQ\D
NpSHHOĘWWDPHO\HWQHPHPEHULNp]NpV]tWHWWpVPDLVpULQWHWOHQO
RWWYDQ0H[LNyFLW\EHQ±DÄ*XDGDOXSHLPLDVV]RQ\XQNED]LOLNi
EDQ´±PLQGHQNLPHJFVRGiOKDWMD
(WWĘOD]pJLQDJ\MHOWĘOOHQ\ĦJ|]YH=XPDUUDJDSVS|NHOKDWi
UR]]D KRJ\ D]RQ D KHO\HQ D V]HSOĘWHOHQ 6]Ħ] WLV]WHOHWpUH WHPS
ORPpStWpVWNH]GHQHN$PLNRU-XDQ'LHJRYLVV]DpUNH]LNIDOXMiEDD
QDJ\EiW\MiWHJpV]VpJHVQHNWDOiOMD
Ä$PLNRU HOPHQWpO KRJ\ SDSRW KtYMiO ~J\ pUH]WHP KRJ\ D]
XWROVyyUiEDQYDJ\RN´±V]iPROEHDQDJ\EiFVL±Ä+LUWHOHQVXJiU

]yIpQ\ERUtWRWWDEHDV]REiWpVPHJMHOHQWHJ\K|OJ\pVHEEHQD
SLOODQDWEDQKLUWHOHQPHJV]DEDGXOWDPDEHWHJVpJHPWĘOÒJ\PXWDW
NR]RWWEHPLQWD]|U|NNp6]Ħ]DJDXGDOXSHL6]Ħ]0iULD´

$]LVWHQHNNXOWXV]iWyODKLWLJ
.pWKpWP~OYDNĘNiSROQiWHPHOWHND7HSH\DFGRPERQD6]Ħ]WLV]WH
OHWpUH-XDQ'LHJRPpJpYHWpOWDOi]DWRVDQpVV]HUpQ\HQHJ\NLV
UHPHWHODNEDQDV]HQWKHO\PHOOHWW%X]JyQLPiGNR]RWWpVD6]HQW
6]Ħ]V]RUJDOPDVDSRVWRODYROW,QGLiQRNH]UHLQHNPHVpOWHHOpOHWH
W|UWpQHWpWEHV]iPROWDJ\HQJpGV]DYDNUyOpVD],VWHQDQ\DV]HUHWH
WpUĘO$V]HPpO\HVWDQ~ViJWpWHOUHQHPOHWWYROQDPiUV]NVpJ
$NpSDPHO\D]pJEĘOM|WWPDJDEHV]pOW0LYHOD]D]WpNRNJ\D
NRUORWWDN DNpSHN pV V]LPEyOXPRN ROYDViViEDQ D] LQGLiQ YRQi
VRNNDOHOOiWRWWFVRGDV]pSK|OJ\UĘOIHOLVPHULNKRJ\D]pJMHOHÄė
HJ\N|]OQN´$QDSHOĘWWiOOYDQDJ\REEQDNNHOOOHQQLHPLQWDIp
OHOPHWHV+XLW]LORSRFKWOD]ĘQDSLVWHQN/iEiYDODIpOKROGRQDWRO
ODVNtJ\yLVWHQ4XHW]DOFRDWOV]LPEyOXPiQiOOD]pJL$VV]RQ\PLQ
GHQD]WpNLVWHQN|]ODOHJKDWDOPDVDEEDNDWLVOHJ\Ę]WHSDOiVWMDNp
NHVV]UNHV]tQHD]D]WpNNLUiO\RNV]tQHDNLUiO\ViJUDXWDOSDOiVWMiQ
Q\ROFVXJDU~FVLOODJOiWKDWyėQDJ\REEPLQWD]pJFVLOODJLVWHQHL
eVKLKHWHWOHQGRORJW|UWpQLND]LVWHQHNNXOWXV]iEDQNLWDUWyD]
WpNRNM|QQHNOiWMiNDV]HQWNpSHWpVKLV]QHN6]i]H]UHNiUDPOD
QDNDIHUHQFHVPLVV]LRQiULXVRNNRORVWRUiQDNNDSXMiKR]KRJ\IHO
YpWHONHWNpUMpNDNDWROLNXV(J\Ki]ED&VDNQpKiQ\pYWHOWHOpV
PDMGQHPNLOHQFPLOOLyLQGLiQNHUHV]WHONHGHWWPHJ$JXDGDOXSHL
6]Ħ]NpSpQHNWHUMHV]WpVpYHOYpJOHJpV]$PHULNiEDQV]DSRURGWDN
DPHJWpUpVHN

0LpUWDJXDGDOXSHL6]Ħ]"
0H[LNyEDQD6]Ħ]KtGpStWĘOHWWDPHJEpNpOpVEHQD]LQGLiQNXOW~UD
pVDVSDQ\ROKyGtWyNN|]|WW$],VWHQDQ\iWDÄGH*XDGDOXSH´DOi
tUiVVDOPiU 6SDQ\RORUV]iJEDQ LV WLV]WHOLN$ QpY D] DUDEEyO V]iU

PD]LNpVDQQ\LWMHOHQWKRJ\ÄDIpQ\iUDPOiVD´YDJ\ÄIRO\yIpQ\´
$]D]WpNRNQ\HOYpQÄWHFRDWOD[RSHXK´ DPL~J\KDQJ]LNV]iPXN
UDPLQWDÄGH*XDGDOXSH´ ÄDPHO\DNĘNtJ\yWV]pWW|ULV]pWWDSRV
VDPHJVHPPLVtWL´(]HQDNtJ\yQD]LQGLiQRNDIpOHOPHWHVWROODV
NtJ\yLVWHQW4XHW]DOFRDWOWpUWLND]D]WpNLVWHQHNERU]DOPDVV]|U
Q\HWHJpWDNLQHNpYHQWHEUXWiOLVULWXiOpNNDOHPEHUWiOGR]WDN
IHO$*XDGDOXSHL6]Ħ]DOi]DWRVViJiYDOpVJ\HQJpGVpJpYHOPHJV]D
EDGtWDKDOiOERU]DOPDVEiOYiQ\iWyODPHO\P|J|WWDViWiQiOOËJ\
0iULD0H[LNyEDQPLQWDNtJ\yWV]pWWDSRVyD]pJEĘOM|WWV]HQWMH
OHQLNPHJDNpSHQDKRJ\PiUD7HUHPWpVN|Q\YpEHQLVtUWiNÄ,V
WHQD]ÒUtJ\EHV]pOWDNtJ\yKR]«(OOHQNH]pVWYHWHNN|]pGpVD]
DVV]RQ\N|]pDWHLYDGpNRGpVD]ĘLYDGpNDN|]pėV]pWWLSRUMDD
IHMHGHW«´

9DQHPpJW|EEUHV]NVpJHGPLQWH]"
0iULD 0H[LNyED YLUiJRNNDO pV HJ\ FVRGiODWRV pYV]i]DGRNRQ iW
YiOWR]DWODQXOPHJPDUDGWNpSSHOM|WWD]HPEHUHNKH]0LQWDNtJ\y
V]pWWDSRVyMDQHPFVDNPHJV]DEDGtWMDDQpSHWDIpOHOHPWĘOpVDUDE
V]ROJDViJWyOKDQHPJ\HQJpGVpJJHOpVV]HUHWHWWHONtQiOMDIHOVHJtW
VpJpW PLQGHQ HPEHUQHNÄ6HPPLWĘO QHLMHGM PHJQH DJJyGM QH
Q\XJWDODQNRGMpNV]tYHG1HIpOMHWWĘODEHWHJVpJWĘOYDJ\PiVLNWyO
YDJ\EiQDWWyOpVIiMGDORPWyO+iWQHPpQYDJ\RND]pGHVDQ\iG"
1HPYDJ\iUQ\pNRPEDQROWDOPDPDODWW"1HPpQYDJ\RN|U|
P|GIRUUiVD"1HPYDJ\DSDOiVWRPUHGĘMpEHQ|OHOĘNDURPEDQ"
9DQHQQpOW|EEUHV]NVpJHG"´
0LYDMRQKDJ\MXNKRJ\PLQNHWLV~J\PHJpULQWVHQPLQWD]D]
WpNRNEV]NHQpSpW"

1HPHPEHULNp]IHVWHWWH
7HUPpV]HWHVHQQHPPDUDGKDWRWWHODKLWHWOHQHNWiPDGiVDPRQG
YiQKRJ\DW|UWpQHWHWD*XDGDOXSHL6]Ħ]FVRGiODWRVNpSpUĘOD]
(J\Ki]WDOiOWDNLD]LQGLiQRNPHJWpUtWpVpUH

'HDNpSN|]HOLPHJWHNLQWpVHPLQGHQJ\DQ~WPHJFiIRO0LQpO
MREEDQWXGDWXGRPiQ\DQDOL]iOQLpVV]LJRU~YL]VJiODWRNDWYpJH]
QLDQQiOYLOiJRVDEEOHV]KRJ\H]DNpSHJ\V]HUĦHQPHJPDJ\D
Ui]KDWDWODQ(]D]RNDDQQDNKRJ\pYHQWHNEPLOOLy]DUiQGRN
NHUHVLIHOD0iULDNpSHWDED]LOLNiEDQ $NpSDN|Q\YYpJpQOpYĘ
NpSMHJ\]pN,9ODSMiQOiWKDWy

1LQFVUiIHVWYH
$NDNWXV]V]iOEyONpV]OWV]|YHWEHKHO\H]HWWNpSQHPXWDOVHPPL
IpOHIHVWpNUHVHQ|YpQ\LVHiOODWLVHiVYiQ\LHUHGHWUH0iLJQHP
WXGMDDWXGRPiQ\PHJPDJ\DUi]QLKRJ\DQNHUOWDNpSD]DQ\DJUD
1LQFVHFVHWQ\RPHOĘUDM]ROiVQ\RPDDODSR]iVQpONOOHKHWHWOHQD]
LO\HQGXUYDV]|YHWUHIHVWHQL2SWLNDLODJNO|QE|]ĘIHVWpVLWHFKQL
NiNNRPELQiFLyMDNpQWMHOHQLNPHJDNpS RODMWHPSHUDYt]IHVWpN
IDOIHVWpN $]HJ\LNROGDOiQiWOiWV]yDKiWROGDOiUyOLVOiWKDWyDNpS
$FVLOODJNDEiW
$ Q\ROFVXJDU~ FVLOODJRN D NDEiWRQ D FVLOODJRV pJ NRQVWHOOiFLyMD
±DPLSRQWRVDQPHJIHOHOD]DNNRULNRQVWHOOiFLyQDN0H[LNyYiURV
I|O|WWGHFHPEHUpQDPLNRUD]HPEHUHNH]WDNpSHWDMiQ
GpNEDNDSWiN
)pQ\W|UpVDNpSHQ
$V]tQHN~J\YLVHONHGQHNPLQWDPDGiUWROORQSLOODQJyYDJ\ER
JiUV]iUQ\DNRQNO|QE|]ĘROGDODNUyOQp]YHPHJYiOWR]QDN

$SHOHULQDQ\DJD
-XDQ'LHJRWLOPiMDDJDYHV]iODNEyOiOOHJ\NDNWXV]V]iOEyONpV]OW
V]|YHWDPHO\QRUPiON|UOPpQ\HNN|]WDOLJWDUWWRYiEEpYQpO
$WLOPDDFVRGiODWRVNpSSHOPiUW|EEPLQWpYHIHQQPDUDGW
$WXGRPiQ\V]iPiUDUHMWpO\KRJ\D]DQ\DJDOHJNLVHEEMHOpW
VHPPXWDWMDDIRV]OiVQDN

$NpSpYLJNLYpGWHOHQOYROWWpYHW|EEPLOOLyJ\HUW\DIVW
MpQHNpVNRUPiQDN(QQ\LLGĘDODWWDNpSQHNPiUD]LVPHUHWOHQVp
JLJEHNHOOHWWYROQDIHNHWHGQLH'HPLQGDPDLQDSLJ~J\UDJ\RJ
QDNDV]tQHNPLQWD]HOVĘQDSRQSHGLJNRUiEEDQMiPERU]DUiQGR
NRNpULQWHWWpNFVyNROJDWWiNpVWiUJ\DNDWKHO\H]WHNUi

$6]Ħ]V]HPH
$ NpS HJ\LN OHJQDJ\REE WLWND D 6]Ħ] V]HPH EHQ$OIRQVR
*RQVDOHVKLYDWiVRVIRWyVW|EEV]|U|VQDJ\tWiVWNpV]tWHWWD]HUHGH
WLNpSUĘOpVN|]EHQIHOIHGH]HWWD6]Ħ]SXSLOOiMiQHJ\DSUyHPEHUL
DODNRW.pVĘEELNXWDWiVRNLVLJD]ROWiNH]WDMHOHQVpJHW-RVp$VWH
7RQVPDQSHUXLGLJLWiOLVV]DNHPEHUOHJ~MDEENXWDWiVDLV]HPpO\W
LVPHUWHN IHO D 0DGRQQD SXSLOOiMiEDQ DNLN DQQ\LUD NLFVLN KRJ\
LO\HQHNHWIHVWHQLOHKHWHWOHQVpJ
+DD]HPEHULV]HP¿J\HODQp]HWWREMHNWXPRNYLVV]DWNU|]ĘG
QHNDUHWLQiQD]DPLD0DGRQQDV]HPpQOiWKDWyD]WDSLOODQDWRW
PXWDWMDDPLNRU-XDQ'LHJRNLQ\LWRWWDDN|SHQ\pWpVDYLUiJRNDW
DI|OGUHHMWHWWH
$V]HPEHQOpYĘHPEHUFVRSRUW±DUpJLOHtUiVRNNDOHJ\H]ĘHQ±D
NpSFVRGiODWRVNHOHWNH]pVHNRUMHOHQOHYĘV]HPpO\HNFVRSRUWMiWiE
Ui]ROMD=XPDUUDJDSVS|NHOĘWW
$NpSHNPLQGNpWV]HPEHQWNU|]ĘGQHN8J\DQ~J\PLQWDYD
OyViJEDQeVDWRU]XOiVVDOpVDGLVV]LPPHWULiYDOPLQGNpWWNU|]Ę
GpVHJ\EHYiJD]RSWLNDW|UYpQ\HLYHO

ÒJ\OiWV]LNW|QNUHWHKHWHWOHQ
$ NpS W|EEV]|U PHJPDJ\DUi]KDWDWODQ PyGRQ pSVpJEHQ PDUDGW
EHQHJ\PXQNiVDNLDNpSDUDQ\pVH]VWNHUHWpWWLV]WtWRWWD
YpOHWOHQO HJ\ YHJ VDOpWURPVDYDW |QW|WW Ui$] pU]pNHQ\ V]|YHW
PHJURQJiOyGiVDKHO\HWWFVDNDOLJOiWKDWyYt]IROWPDUDGWDNpSHQ
 QRYHPEHU pQ D PH[LNyL NHUHV]WpQ\OG|]pV LGHMpQ D]

HJ\LNV]HQWPLVpQHJ\LGĘ]tWHWWERPEDUREEDQWDPHO\DNpSDODWWL
QDJ\Yi]iEDYROWGXJYD%iUDUREEDQiVN|YHWNH]WpEHQDIDOUyOGD
UDERNHVWHNOHDED]LOLNDFVRGiODWRVYHJDEODND|VV]HW|UWpVHJ\
YDVNHUHV]WHOJ|UEOWVHQNLQHPV]HQYHGHWWNRPRO\NiUWpVDNpS
WHOMHVHQVpUWHWOHQPDUDGW0pJDNpSHOĘWWOHYĘYpNRQ\YpGʁYHJ
VHPW|UWV]pW

6RNFVRGD
6]iPWDODQ V]HPpO\HV WDQ~ViJWpWHO LJD]ROMD KRJ\ D *XDGDOXSHL
6]Ħ] N|]EHQMiUiViUD PHJJ\yJ\XOWDN YDJ\ V~O\RV EDMRNWyO V]D
EDGXOWDNPHJ$OHJPHJNDSyEEEDQW|UWpQW0H[LNyEDQWt
IXV]MiUYiQ\W|UWNLpVKDWKyQDSDODWWHPEHUpOHWHWN|YH
WHOW0LXWiQHEEHQDQDJ\EDMEDQDÄPLNHGYHV*XDGDOXSHL$V]
V]RQ\XQNDW´ NLNLiOWRWWiN 0H[LNy RUV]iJ SDWUyQXViQDN D KDOiORV
MiUYiQ\WRYiEEWHUMHGpVHPHJiOOW

$OHJUpJLEEEL]RQ\tWpN
$OHJUpJLEEtUiVEHOLEL]RQ\tWpNDPHO\UpV]OHWHVHQEHV]iPROD6]Ħ]
MHOHQpVpUĘOEĘOV]iUPD]LNpVQDKXDLQGLiQQ\HOYHQtUyGRWW
0RQWH]XPDD]WpNFViV]iUXQRNDWHVWYpUpKH]Q\~OLNYLVV]D1LFDQ
0RSRKXDDQHYHpV0H[LNyHYDQJpOLXPiQDNV]iPtW
/DWLQpV'pO$PHULNiEDQPDXJ\DQD]W|UWpQLNPLQWDUHIRU
PiFLyLGHMpQDNHUHV]WpQ\1\XJDWRQ(J\EHV]iPROyV]HULQW
EHQ D QpSHVVpJ D YROW UyPDLNDWROLNXV 0D EDQ FVDN
(QQHNRNDLD]RNN|]|WWNHUHVHQGĘNDNLNDUyPDLNDWROLNXV
(J\Ki]EDQV]DNDGiVWLGp]QHNHOĘ8J\DQD]W|UWpQLNPLQWDUHIRU
PiFLyLGHMpQ(]W-iQRVHYDQJpOLVWDHOĘUHOiWWDÄ.|]OQNNHUO
WHNNLGHQHPWDUWR]WDNN|]pQN+DN|]pQNWDUWR]WDNYROQDN|]WQN
LVPDUDGWDNYROQD5DMWXNNHOOHWWQ\LOYiQYDOyYiOHQQLHKRJ\QHP
PLQGQ\iMDQWDUWR]QDNN|]pQN´ -Q


$YpJVĘKDUFNH]GHWH(XUySiEDQ
M~QLXVpQ.HUHV]WHOĘ6]HQW-iQRVQQHSpQ  PHJV]
OHWHWWDIHNHWHiOODWV]|UQ\DPHO\LNDWHQJHUEĘOM|Q OiVG (]
YROWDORQGRQLQDJ\SiKRO\DODStWiViQDNDQDSMDEHQQQH
SHOWpNDV]DEDGNĘPĦYHVHND]HJpV]YLOiJRQV]|YHWVpJNIHQQiOOi
ViQDNpYIRUGXOyMiW±5yPiEDQLV6ĘWPpJHJ\V]DEiO\RVVi
WiQLGHPRQVWUiFLyWLVWDUWRWWDN$6]HQW3pWHUWpUHQRNWyEHUp
EHQDPLNRUDY|U|VViUNiQ\RNWyEHULIRUUDGDOPD2URV]RUV]iJEDQ
WHWĘIRNiUDKiJRWWD9DWLNiQDEODNDLDODWWNLERQWRWWDNHJ\]iV]OyW
DPHO\HQD]HOWRU]tWRWW6]HQW0LKiO\DUNDQJ\DOW/XFLIHUNDUPDLEDQ
iEUi]ROWiNpVDI|OGUHGREWiN$WUDQV]SDUHQVHQH]HNDV]DYDNiOO
WDNÄ$ViWiQQDNXUDONRGQLDNHOOD9DWLNiQEDQpVDSiSDD]Ę
UDEV]ROJiMDOHV]´
$QDJ\0iULDMHOHQpVHNQ\LWiQ\D(XUySiEDQEDQNH]GĘ
G|WW D IUDQFLD YLOiJYiURV 3iUL]V N|]HSpQ DPLNRU 0iULD PHJMH
OHQWD¿DWDO.DWKDULQD/DERXUpDSiFiQDND5XHGH%DFXWFDLNR
ORVWRUEDQpVD]]DOEt]WDPHJKRJ\NpV]tWWHVVHHODFVRGiVpUPpW
PHO\EĘOLGĘN|]EHQPiUV]i]PLOOLyNWHUMHGWHNHO$]WiQPiVQDJ\
0iULDMHOHQpVHN LVN|YHWNH]WHN EDQ/D 6DOHWWH )UDQFLDRU
V]iJ EDQ/RXUGHVEHQ)DWLPDpVVRNPiVKHO\HQD]
HJpV]YLOiJRQ$]XWyEEL|WYHQpYEHQDMHOHQpVHNYLOiJV]HUWHURE
EDQiVV]HUĦHQQ|YHNHGWHNDPLDYpJVĘLGĘNUHXWDOEHQDQp
PHW0iULDMHOHQpVKHO\pQ6LHYHUQLFKEHQD],VWHQDQ\DD]WPRQG
WDÄ0LQpOQDJ\REEYHV]pO\EHQYDQD](J\Ki]DQQiOW|EEV]|U
MHOHQHNPHJDI|OG|Q´
$] RV 0iULDMHOHQpVW NpW pYYHO NpVĘEE D Y|U|V ViUNiQ\
V]OHWpVH N|YHWWH EDQ KR]WD Q\LOYiQRVViJUD .DUO 0DU[ D
Ä.RPPXQLVWDNLiOWYiQ\W´DPHO\ERPODV]WyKDWiVWIHMWHWWNLD]HP
EHULVpJD](J\Ki],VWHQpVDKLWHOOHQ
EHQ 0iULD HJ\ MHOHQWpNWHOHQ NLV IDOXEDQ )DWLPiEDQ MH
OHQWPHJKiURPSiV]WRUJ\HUPHNQHND]D]pYDPLNRUDY|

U|VViUNiQ\VLNHUUHYLV]LRURV]RUV]iJLIRUUDGDOPiW0iULDDKiURP
J\HUHNQHNDNLNVHPtUQLVHPROYDVQLQHPWXGQDNYLOiJW|UWpQHOPL
MHOHQWĘVpJĦ]HQHWHNHWDGPHO\HNUĘOHEEHQD]LGĘEHQD]HPEHUHN
QHNVHMWpVNVLQFVOHJNHYpVEpDJ\HUHNHNQHN7|EEHNN|]|WWyYRWW
DPDU[LVWDNRPPXQL]PXVYHV]pO\pWĘO
ÒJ\MHOHQWPHJW|UWpQHOPQNEHQDMHOD]pJHQPLQWDÄQDSED
|OW|]|WW$VV]RQ\´PLHOĘWWPHJMHOHQWDPiVLNQDJ\MHOD]pJHQD
QDJ\Y|U|VViUNiQ\

$PDU[LVWDNRPPXQL]PXVpVD
V]DEDGNĘPĦYHVVpJKDWiVD
$ PDU[LVWD NRPPXQL]PXV KDWiVDLW D] ,VWHQDQ\D 'RQ 6WHIDQR
*REELQDNNLPHUtWĘHQOHtUWD$]HOĘ]ĘROGDODNRQPiUV]yYROWUyOD
.|YHWNH]]HQPpJQpKiQ\NLHJpV]tWpV
;,, 3LXV SiSD EHV]pOW HJ\V]HU D NRPPXQL]PXV pV D NHUHV]
WpQ\VpJ YLV]RQ\iUyO Ä$ KDUF QHPSROLWLNDL.HOHW pV1\XJDWN|
]|WWDYLOiJV]DEDGpVHOQ\RPRWWQpSHLN|]|WWKDQHPpOHWUHKD
OiOUDPHQĘKDUFpVH]WDKDUFRW~J\KtYMiNKRJ\Ä0RV]NYDYDJ\
5yPDSRNROYDJ\PHQQ\RUV]iJ/XFLIHUYDJ\0iULDNRPPXQL]
PXVYDJ\NHUHV]WpQ\VpJJ\ĦO|OHWYDJ\V]HUHWHW´
$] HJ\NRUL V]RYMHW QHYHOpVJ\L IHOJ\HOĘ /XQDFVDUV]NLM tJ\
IRJDOPD]WDPHJDNHUHV]WpQ\VpJHOOHQIRO\WDWRWWKDUFRWÄ*\ĦO|O
MNDNHUHV]WpQ\HNHW/HJQDJ\REEHOOHQVpJQNQHNNHOOĘNHWWHNLQ
WHQL6]HUHWHWUĘOpVLUJDORPUyOSUpGLNiOQDNGHPLJ\ĦO|OHWHWDND
UXQN$I|OGNLUiO\DLWPiUHOLQWp]WNPRVWDIHOKĘNNLUiO\DLYDQQDN
VRURQ0LQGHQYDOOiVPpUHJ´ Ä)DWLPDUXIW´RNWyEHU)DWL
PD$NWLRQ.LVVOHJ
EHQKRVV]~YLWiWIRO\WDWRWW3DWHU:HUHQIULHGYRQ6WUDWHQD
Ä%DMEDQD](J\Ki]NHOHWLSDSRNVHJtWpVH´DODStWyMDpVHJ\RURV]
WiERUQRNDNLHOLVPHUWHÄPLDViWiQHOLWMHYDJ\XQN´$]WiQIHOWHWWH
DFLQLNXVNpUGpVWÄeVWLPLNYDJ\WRN,VWHQHOLWMHL"´

$ NRPPXQL]PXV iOGR]DWDLQDN V]iPD D] HPEHULVpJ W|UWpQH
WpEHQ PLQGHQHQ W~OWHV] 0HOOHWWH HOPDUDG D W|PHJJ\LONRV +LWOHU
pVJRQRV]QiFLUH]VLPMH$UHQGV]HUKDWDOPDVSXV]WtWiViWD]iOWD
ODPHJV]iOOWRUV]iJRNEDQEHOHpUWYH2URV]RUV]iJRWLVD]HV
'HXWVFKODQGPDJD]LQV]iPiQDNNLPXWDWiVDWDUWDOPD]]D
LJ D QHP]HWN|]L NRPPXQL]PXV YLOiJV]HUWH |VV]HVHQ  PLOOLy
KDORWWDWN|YHWHOWWHKiWKiURPV]RUW|EEHWPLQWD,,YLOiJKiERU~
+R]]iM|Q PpJ  PLOOLy iOGR]DW$IJDQLV]WiQEDQ V]iPWDODQ WR
YiEELPpJ$IULNiEDQpV/DWLQ$PHULNiEDQ
$](J\Ki]RURV]RUV]iJLOG|]pVHpVPHJVHPPLVtWpVHDN|YHW
NH]ĘNpSSHQQp]NL
$ V]i]DGIRUGXOyQ PpJ NE  SDS PĦN|G|WW PD FVDN
7|EEV]i]H]UHWE|UW|QEH]iUWDNOG|]WHNYDJ\EUXWiOLVDQ
PHJJ\LONROWDNEHQD6]RYMHWXQLyEDQWHPSORPYROW
PDFVDN$W|EELWOHURPEROWiNYDJ\PiVYLOiJLFpOUDKDV]
QiOWiN
EHQD6]RYMHWXQLyEDQNRORVWRUYROWHEEĘOPD
UDGWPHJLQNiEEFVDNDNOI|OGLWXULVWiNpVOiWRJDWyNPLDWWKRJ\
OHKHVVHQPXWDWQLKRJ\YDOOiVV]DEDGViJYDQDPHO\HWU|J]tWD]DO
NRWPiQ\GHJ\DNRUODWLODJQHPOpWH]LN Ä)DWLPDUXIW´GHF
HPEHUpVÄ'HXWVFKH7DJHVSRVW´:U]EXUJV] 
$KtUHVRURV]tUy6]RO]VHQ\LFLQDNLDÄ*XOiJRW´tUWDQ\XJDWUD
HPLJUiOWpVH]HNNHODV]DYDNNDO¿J\HOPH]WHWWHD1\XJDWRWÄ+D
WRYiEEDOXV]WRNPLQGQ\iMDQHOYHV]WHN«´
6]RO]VHQ\LFLQQHNH]D¿J\HOPH]WHWpVH PD EHQ PpJLQ
NiEE DNWXiOLV .L KLV]L HO KRJ\ D UpJL EHWRQIHMHN NLFVHUpOpVpYHO
*RUEDFVRYYDJ\-HOFLQLGHMpEHQDV]i]DGIRUGXOyQ2URV]RUV]iJEyO
HJ\GHPRNUDWLNXViOODPOHV]pVDM|YĘEHQMREEEHOiWiVUDWpU"
$UpJL6]RYMHWXQLypV/HQLQFpOMDLHJ\¿NDUFQ\LWVHPYiOWR]WDN
(OĘEE YDJ\ XWyEE QHP]HWN|]L IRUUDGDOPDW pV YLOiJXUDOPDW DNDU
QDN

$YpUEHOLNRPPXQLVWD*RUEDFVRYSHUHV]WURMNiMDDPHJWpYHV]
WpVKLKHWHWOHQOG|U]V|OWWDNWLNiMDYROW$EHUOLQLIDOOHERQWiVD1p
PHWRUV]iJHJ\HVtWpVHHJ\HWOHQHJ\O|YpVpViOGR]DWQpONODV]RY
MHWW|PHJJ\LONRVLPSpULXPiWDODNXOiVDHJ\GHPRNUDWLNXV2URV]
RUV]iJJiD]HPEHULVpJW|UWpQHWpQHNOHJFLQLNXVDEEKD]XJViJDOHWW
+D~J\OHQQHDKRJ\PXWDWMiNDNNRU-iQRV-HOHQpVHLQHNN|Q\YH
IDQWi]LDV]OHPpQ\OHQQH'HQHPD]0iUFVDND]pUWVHPPHUWH]
D NLQ\LODWNR]WDWiV D PDL QDSLJ EHLJD]ROyGRWW 1HP D Y|U|V ViU
NiQ\QHPKDORWWFVDNiW|OW|]|WWpVN|YHWLD]LGĘNV]DYiW
0iUDN|Q\YHOHMpQLGp]HWWKROODQGOiWQRNQĘ,GD3HHUGHPDQ
DNL N|]YHWOHQO D PiVRGLN YLOiJKiERU~ XWiQ YLOiJSROLWLNDL MHOHQ
WĘVpJĦ]HQHWHNHWNDSRWWDÄ0LQGHQ1pSHN$VV]RQ\iWyO´DKRJ\
0iULD QHYH]WH PDJiW pV DPHO\HN QDSMDLQNLJ PiU W|UWpQHOPL Wp
Q\HNOHWWHND]WPRQGWDEHQÄ-|QHJ\QDJ\IHONHOpVDYLOiJ
EDGHD]RURV]RNQHPKDJ\MiNH]WtJ\´
 GHFHPEHU iQ YROWHJ\ Yt]LyMD DPL  pYYHO NpVĘEE
WHOMHVHGHWWEHÄ(]XWiQVDUOypVNDODSiFVWĦQLNIHOGHDVDUOyN
O|QYiOLNDNDODSiFVWyO«´ËJ\NDSMDDOiWQRNQĘPiUEHQH]W
D]2URV]RUV]iJUDYRQDWNR]yHOJRQGRONR]WDWy]HQHWHWDPHO\tJ\
KDQJ]LN Ä2URV]RUV]iJ PLQGHQW FVDN OiWV]DWpUW WHV]´ $NNRU
WHOMHViWDODNtWiVW|UWpQLN$6]HQW6]Ħ]]HQHWHNHWDGRWWHJ\PpJ
pOĘOiWQRNQĘQHNDNLQHPDNDUMDPHJQHYH]QLPDJiWėD]]HQHWH
NHWWRYiEEDGWDOHONLYH]HWĘMpQHNDNLHUUĘOHJ\N|Q\YHWMHOHQWHWHWW
PHJ(QQHNFtPHÄ0HQMpVKLUGHVGDPLWPRQGWDPQHNHG´$]
]HQHWtJ\V]yOÄ$Y|U|VViUNiQ\±DNRPPXQL]PXV±PpJQHP
KDORWWpOpVWRYiEEWHYpNHQ\NHGLNN|]WHWHN´

$YDGiOODWDPHO\DWHQJHUEĘOM|Q
$YDGiOODWDPHO\DWHQJHUEĘOM|QNLPLQWPiUHPOtWHWWNDV]D
EDGNĘPĦYHVVpJ $ V]DEDGNĘPĦYHVVpJ pV V]|YHWVpJHVHL D YLOiJ
OHJIĘEE QHP]HWHL KDWDOPDVViJDLQDN D OHJKDWDOPDVDEEMDL .H]N
EHQWDUWMiNDKDWDORPV]iODLW(OOHQĘU]LNDYLOiJSpQ]J\HLWDJD]

GDViJRWD]HQHUJLiWDSROLWLNiW%HIRO\iVXNYDQD]RNWDWiVSROLWL
NiUDDYDOOiVRNUDHJ\HWHPHNUHHOYHJ\OWHNDSDSNpS]pVEHQpV
PiU EHKDWROWDN D UyPDLNDWROLNXV (J\Ki] KLHUDUFKLiMiED$NLp D
PpGLDD]p D KDWDORP$ OHJQDJ\REE PpGLiNDWNH]NEHQWDUWMiN
PLQGHQHNHOĘWWDWHOHYt]LyW
$P~OWHJ\HWOHQHJ\GLNWDW~UiMDVHPUHQGHONH]HWWDYpOHPpQ\
IRUPiOiVpVDNRUV]HOOHPDODNtWiViQDNRO\DQOHKHWĘVpJpYHOOHJ\HQ
D] HUN|OFVL YDJ\ HWLNDL PLQW PD D V]DEDGNĘPĦYHVHN pV V]|YHW
VpJHVHLN %HIRO\iVROiVL OHKHWĘVpJN KDWDOPDV PLYHO V]REUDLNRQ
NHUHV]WO WHOHYt]LyFRPSXWHU DYLOiJOHJHOGXJRWWDEEDKHO\HLQLV
KDWQLWXGQDNHJpV]HQDOHJNLVHEEIDOXLJ
$PLQpKiQ\pYWL]HGGHOH]HOĘWWPpJLOOHWOHQYROWPDPRGHUQ$
FVDOiVPDJ\HVNHGpV$]pUWpNURQWiVPDWROHUDQFLDDIpNWHOHQVpJ
SHGLJV]DEDGViJ
$PpGLiNQDNpVDUHNOiPQDNVLNHUOWDWiUVDGDORPQDJ\W|PH
JHLQpO HOpUQL KRJ\ D] pOHW pUWHOPpW D SpQ]UH DUDQ\UD ELUWRNOiV
UDpOYH]HWUHV]yUDNR]iVUDpVDIRJ\DV]WiVUDNRUOiWR]]DpVV]HPpW
FVXSiQDI|OGLpOHWUHLUiQ\tWVD
$Q\XJDWLWiUVDGDOPDND]XWyEELpYEHQWHOMHVHQPHJYiO
WR]WDNH]DIRO\DPDWpV]UHYpWOHQOpVDODWWRPRVDQW|UWpQW(OM|WW
DW|PHJPpGLDDWHOHYt]LyWHOMHVLUiQ\tWiVDOiYRQiViQDND]LGHMH
$] HJ\NRUL NHUHV]WpQ\1\XJDWDSRJiQ\ViJEDVOO\HGWYLVV]D
pV PRUiOLV HWLNDL pV V]HOOHPL HJ\pQLVpJpW pV NLWDUWiViW PDMGQHP
WHOMHVHQHOYHV]WHWWH
(]YROWDFpOMDDQQDNDNOLNNQHNDPHO\D]~MYLOiJUHQGHWD]Ę
YLOiJUHQGMNHWWHUYH]WHKRJ\DJ\DQ~WODQW|PHJHWVDMiWFpOMDLpU
GHNpEHQPDQLSXOiOKDVVD
$KLWHWDPHO\DNHUHV]WpQ\VpJPLQGHQHNHOĘWWDUyPDLNDWROL
NXV(J\Ki]PRUiOLVHWLNDLpVV]HOOHPLHUHMHPHJNHOOVHPPLVtWHQL
KRJ\OHOHKHVVHQUDNQLDYLOiJXUDORPDODSMDLW'HQHPFVDNDJ\D
Q~WODQQpSHWYH]HWWpNIpOUHKDQHPMHOHQWĘVSROLWLNXVRNLVDOHJQD

J\REEPHJJ\Ę]ĘGpVVHORV]WMiNH]WDYpOHPpQ\WpVD]WKLV]LNKRJ\
YLOiJXQNSUREOpPiLQDNPHJROGiViEDQHJ\UHMREEDQ~UUiOHV]QHN
DQpONOKRJ\WXGQiNPLO\HQ|UG|JLUDYDV]ViJJDOpOQHNYLVV]DKL
V]pNHQ\VpJNNHO

$]HJ\Ki]LV]DEDGNĘPĦYHVVpJ
$] HJ\Ki]L V]DEDGNĘPĦYHVVpJ D NpWV]DUY~ YDGiOODW -HO  
DPHO\EiUiQ\UDKDVRQOtWpVPiUHJpV]HQD](J\Ki]pOpUHQ\RPXOW
%HIpUNĘ]|WW D KLHUDUFKLD WDJMDL N|]p SDSL SVS|NL pV NDUGLQiOLV
|OW|]pNEHEiUiQ\EĘUEHE~MWDWRWWIDUNDVRN.ULV]WXVpVD](J\Ki]
UXKiMDYDQUDMWXNGH~J\EHV]pOQHNPLQWDViUNiQ\Ä*\P|OFVH
LNUĘOLVPHULWHNPHJĘNHW´±PRQGMDD](YDQJpOLXP Y|0W
 .ULWLNiWWHUMHV]WHQHNQ\tOWDQFVLSNHOĘGQHNpVUHMWHWWHQ5yPD
DSiSDpVDWDQtWyKLYDWDOHOOHQHOOHQiOOiVWV]tWDQDN)ĘFpOMXNDUy
PDLNDWROLNXV (J\Ki] V]pWYHUpVH HV]N|]N D KDPLV |NXPHQL]
PXV(J\iOWDOiQRV|NXPHQLNXVHJ\Ki]DWDNDUQDNDODStWDQLDPHO\
PLQGHQNHUHV]WpQ\YDOOiV|VV]HYRQiViYDONpS]ĘGLNN|]WNDND
WROLNXV(J\Ki]pYDOLV
)ĘFpOMXNKRJ\HOWiYROtWViNDV]HQWPLVHiOGR]DWRWD]iWYiOWR]
WDWRWW6]HQWRVW\iWPHJV]QWHVVpNDOHJV]HQWHEE2OWiULV]HQWVpJHW
PHO\EHQ-p]XVYDQMHOHQ$V]HQWiOGR]iVWDSURWHVWiQV~UYDFVRUiUD
DNDUMiNFVHUpOQLDPHO\QHP.ULV]WXVWHVWHKDQHPFVDNHJ\V]LP
EyOXPHJ\HPOpNH]WHWĘD]XWROVyYDFVRUiUD
7DOiQ tJ\ PiU MREEDQ PHJOHKHW pUWHQL DIRO\DPDWRV LJpQ\W D
SURWHVWiQVRNWyO pV D NDWROLNXV (J\Ki] HJ\HV NpSYLVHOĘLWĘO DNLN
V]QWHOHQOpVIiUDGKDWDWODQXON|YHWHOLNDN|]|V~UYDFVRUiWDSUR
WHVWiQVRNpVDNDWROLNXVRNN|]|WW
Ä6iWiQDKD]XJViJDW\MD´±PRQGMD-p]XVtJ\I|OGQNQHPD
V]yUDNR]iV KDQHP D EL]RQ\tWiV ERO\JyMD ,VWHQ PHOOHWW YDJ\ HO
OHQ$NtJ\ypVXWyGDLOHJQDJ\REEIHJ\YHUHLQHNHJ\LNHD]iOFi]iV
PHJWpYHV]WpVpVDKD]XJViJDOiWV]DW

$ NHUHV]WpQ\ 1\XJDW FVDN iUQ\pND |QPDJiQDN$ Y|U|V ViU
NiQ\ pV D NpW iOODW DODSRV PXQNiW YpJH]WHN $ QDJ\ KLWYHV]WpV
7HVV]   DPHO\UĘO 3iO D]$QWLNULV]WXV PHJMHOHQpVH pV -p]XV
YLVV]DWpUpVHHOĘWWLLGĘUĘOEHV]pOWiUVDGDOPXQNEDQVRNIpOHIRUPiW
|OW|WWPDJiUD
)HOVRUROQpNLWWQpKiQ\SpOGiW.RUWiUVDLQNDNLNNHUHV]WpQ\HN
QHNWDUWMiNPDJXNDWNO|QE|]ĘV]HPOpOHWHNHWiWYHWWHND]H]RWpUL
iWyODV]WUROyJXVKR]PHQQHNpV%XGGKiQDNXJ\DQRO\DQMHOHQWĘVp
JHWWXODMGRQtWDQDNPLQW-p]XVQDNEiUWXGQLXNNHOOHQHPLWPRQ
GRWW-p]XVÄeQYDJ\RND]~WD]LJD]ViJpVD]pOHW´ -Q
$ IHOYLOiJRVRGiVNRU NHOHWNH]HWW V]DEDGNĘPĦYHV ÄKXPDQL]
PXV´PHO\OHO|NWH,VWHQWDWUyQUyOpVD]HPEHUWOWHWWHDKHO\pUH
PiUPpO\HQEHKDWROWD](J\Ki]N|UHLEHLV
(]DKXPDQL]PXVDOHJHUĘVHEEOHJPpUJH]ĘEEpVOHJUD¿QiOWDEE
IHJ\YHUDKLWHOOHQ$KXPDQL]PXVEDQDOHJQDJ\REEOpQ\D]HPEHU
pVPiUQHP,VWHQ$]HPEHUV]HUHWHWN|QW|VHDODWWNpV]VpJHVHQiW
OpSQHN,VWHQSDUDQFVDLQSOIDMWDODQViJDERUWXV]IRJDP]iVJiWOiV
YiOiVHJ\QHPĦHNN|]|WWLKi]DVViJVWE
$KXPDQL]PXVQDNH]DPpUJHPiUVRNSDSQDNLVPHJPpUJH]
WHJRQGRONRGiViWpVFVHOHNHGHWpW1HPFVRGDWHKiWKRJ\KDDSiSD
G|QWpVHNHWKR]Q\LOYiQRVViJUDDNNRUD](J\Ki]HOOHQVpJHLPHJEp
O\HJ]LNKRJ\ÄNRUV]HUĦWOHQN|]pSNRULPHJFVRQWRVRGRWWPHUHY´
1HPUpJ6SH\HUHJ\Ki]PHJ\HVWDWLV]WLNiMiEDQROYDVWDPKRJ\
D YDViUQDSL V]HQWPLVHOiWRJDWyN V]iPDEDQD KtYĘN 
YROW6SH\HUSVS|NVpJEHQEHQSHGLJPiUFVDN
$VWDWLV]WLNDD]WLVPXWDWMDKRJ\DNDWROLNXVRNKLWpU]pNHUHQG
NtYOL PpUWpNEHQ HOSiUROJRWW /iWV]yODJ PiU QHP WXGMiN YDJ\
PLQGHJ\OHWWV]iPXNUDD],VWHQpVD](J\Ki]SDUDQFVDLQDNDEHWDU
WiVDKRJ\DKDUPDGLNSDUDQFVRODWRNQpONOLQHPEHWDUWiVDPLWMH
OHQWÄ$],VWHQQDSMiWV]HQWHOGPHJ´$NDWROLNXVNDWHNL]PXVPpJ
KR]]iWHV]LDNLDYDViUQDSLV]HQWPLVpUĘOLJD]RODWODQXOPDUDGWiYRO

V~O\RVEĦQWN|YHWHO$NLSHGLJV~O\RVEĦQWN|YHWHOPiUQLQFVD
NHJ\HOHPiOODSRWiEDQpVQHPYHKHWLPDJiKR]D]iWYiOWR]WDWRWWRV
W\iW.ULV]WXVWHVWpW
(]D]WMHOHQWLKRJ\DKtYĘQHNHOĘEEJ\yQQLDNHOODPHJEiQiV
pVDQHPLVPpWOpVV]iQGpNiYDO$J\DNRUODWH]]HOV]HPEHQQHPH]
7HUPpV]HWHVHQOHKHWQHPpJSpOGiNDWIHOVRUROQLPHQQ\LUHHOKR
PiO\RVRGWDNDKLWDODSMDLpVLJD]ViJDLpVDPDLHV]PpNPLO\HQHO
OHQWpWHVHND],VWHQpVD](J\Ki]SDUDQFVRODWDLYDO
$] LV KLWYHV]WpV KD D KLWLJD]ViJRN HOKRPiO\RVXOQDN pV QHP
YHV]LND]RNDWNRPRO\DQeVPLYDQD]RNNDODNLN¿]HWQHNXJ\DQ
HJ\Ki]LDGyWGHQHPMiUQDNV]HQWPLVpUHpVQHPpOQHNKLWpOHWHW"
0LYDQD]~QÄWHQJHUDODWWMiUyNHUHV]WpQ\HNNHO´DNLNWDOiQNDUi
FVRQ\NRUpVK~VYpWNRUHOĘNHUOQHN"$](J\Ki]UDPLQWV]ROJiOWD
WyYiOODODWUDWHNLQWHQHNpV~J\KDV]QiOMiNDPLWLJpQ\EHOHKHWYHQ
QLNHUHV]WVpJQpOHVNYĘQpOHOVĘiOGR]iVQiOEpUPiOiVQiOpVWHPH
WpVQpO"
$KtYĘNHUHV]WpQ\WIHOV]yOtWMiNKRJ\FVDN,VWHQWGLFVĘtWVHpVė
D]HJ\HWOHQDNLWLPiGMRQ
ÄeQYDJ\RND]8UDGDWH,VWHQHG5DMWDPNtYOQHOHJ\HQPiV
LVWHQHG,VWHQWWLV]WDV]tYHGEĘONHOOV]HUHWQHGWHOMHVHUĘGGHOpVHP
EHUWiUVDLGDWPLQWPDJDGDW´
ËJ\KDQJ]LND]HOVĘSDUDQFVRODW'HD]HPEHUPiVLVWHQHNHWLV
DONRWRWWDPLNHWPDLPiGYDJ\RQSpQ]DUDQ\V]yUDNR]iVpOYH
]HWDXWyV]H[$] XWyEEL  pY MyOpWHD] HJ\NRULNHUHV]WpQ\
1\XJDWHPEHUHLWYDNNiWHWWH,VWHQLUiQW'HD]HON|YHWNH]ĘpYHN
YLVV]DIRJMiNĘNHWYH]HWQLDUHDOLWiVWDODMiUD
$3pWHUUHpSOW(J\Ki]D]HJ\HWOHQDPLW-p]XVDODStWRWW0pJ
DNNRULVKDD]HOV]DNDGWSURWHVWiQVRNQHPDNDUMiNH]WWXGRPiVXO
YHQQLė.ULV]WXVPLV]WLNXVWHVWH,VWHQViWUDD]HPEHUHNN|]|WW
DKRJ\-p]XVPRQGMD(J\Ki]DÄD]~WD]LJD]ViJpVD]pOHW´eV
PLYHOH]tJ\YDQNULWL]iOMiNOG|]LNpVPHJWiPDGMiN

$]HGGLJLKLWYHV]WpVFVDNDMpJKHJ\FV~FVD$NNRUM|QPDMGD]
LJD]L QDJ\ KLWYHV]WpV KD VLNHUUHO MiU D V]DEDGNĘPĦYHVHN KDPLV
|NXPHQL]PXVDKRJ\HOV]DNtWViNDKtYĘNHW5yPiWyODSiSiWyOpVD
WDQtWyKLYDWDOWyO$]DSRV]Wi]LD HOIRUGXOiVDUyPDLNDWROLNXV(J\
Ki]WyO DNNRUiOWDOiQRVViYiOLNPHUWPDMGQHPPLQGHQNLDKDPLV
.ULV]WXVWDKDPLV(J\Ki]DWIRJMDN|YHWQL$NNRUPDMGNLWiUXOD]
DMWyDRVV]iP~HPEHUHOĘWW
$V]DEDGNĘPĦYHVHUHGHWĦKDPLV|NXPHQL]PXVQDNDUyPDLND
WROLNXV(J\Ki]]DOIRO\WDWRWWKDUFDPLQWHPOtWHWWND]LJD]ViJpV
KD]XJViJ D OiWV]DW pV YDOyViJ KDUFD ËJ\ MREEDQ pUWKHWĘ 3iOQDN
D]XWROVyLGĘNUĘOV]yOyEHV]pGHÄ-|WWpW D]$QWLNULV]WXVpVKDPLV
|NXPHQL]PXVD DViWiQN|]UHPĦN|GpVpYHOPLQGHQIpOHIHOWĦQĘWHWW
V]HPIpQ\YHV]WĘMHOpVKDPLVFVRGDNtVpULPHJPLQGHQIpOHJRQRV]
FViEtWiVLVD]RNYHV]WpUHDNLNHONiUKR]QDNPHUWQHPIRJDGWiNHO
D]LJD]ViJV]HUHWHWpWKRJ\GY|]OMHQHN(]pUWHQJHGLPHJ,VWHQ
KRJ\ V~O\RVWpYHGpVEHHVVHQHNpVKLJJ\HQHND KD]XJViJQDN ËJ\
PLQGD]RNQDNDNLNQHPKDMORWWDND]LJD]ViJUDKDQHPDJRQRV]
ViJEDQWHOWNHGYNtWpOHWEHQOHV]UpV]N´ 7HVV]
$NLV]HPEHV]iOOHQQHNDKDPLV|NXPHQL]PXVQDNDKDPLVSUy
IpWiLYDODFViEtWyWyLYDOWpYWDQtWyLYDOpVKD]XJViJDLYDOQHPPiV
PLQW0iULDD]DSRNDOLSWLNXV1DSED|OW|]|WW$VV]RQ\DNLPHJMH
OHQLNKRJ\yYMRQpV¿J\HOPH]WHVVHQ
$PiVRGLNYDWLNiQL]VLQDWyWDDV]DEDGNĘPĦYHVHNWiPDGiVDD]
(J\Ki]DSiSDpVDWDQtWyKLYDWDOHOOHQVRKDQHPOiWRWWPpUWpNEHQ
PHJV]DSRURGRWW$]yWDNH]GWHHOD5yPDDSiSDpVDWDQtWyKLYD
WDOHOOHQLUiQ\XOyKDPLV|NXPHQL]PXVOHtUKDWDWODQSXV]WtWyPĦYpW
$]yWDD0iULDMHOHQpVHNV]iPDLVHJ\UHQĘNO|Q|VHQ(XUySiEDQ
$ MHOHQpVHN KDWiViUD W|EE H]HU Uy]VDI]pUW LPiGNR]y FVRSRUW
M|WWOpWUHV]HUWHDYLOiJRQ$J\P|OFV|NHJ\LNHDOpWUHM|YĘLIM~
ViJLPR]JDOPDNPLQWSpOGiXOD-XJHQG$YLOiJLIM~ViJLWD
OiONR]yDPLWEHQ.|OQEHQLVPHJUHQGH]WHNVDPHO\HQW|EE

PLQWHJ\PLOOLy¿DWDOYHWWUpV]WD]HJpV]YLOiJUyOHJ\~MLGĘDM|YĘ
PHJ~MXOW(J\Ki]iQDNKDMQDOD
$]IRJW|UWpQQLDNHUHV]WpQ\VpJJHODPLW,]DMiVSUyIpWDpV3iO
DUyPDLDNQDNtUWOHYHOpEHQPHJM|YHQG|OWÄ+DDQQ\LLV,]UDHO¿D
LQDNV]iPDPLQWDWHQJHUI|YHQ\HFVDNDPDUDGpNGY|]O´ ,]
5yP
ËJ\EHV]pOWD]~MFKXULSVS|N9LWXV+RXQGHUHJ\VYiMFL~MViJ
JDOIRO\WDWRWWLQWHUM~EDQÄ$NLOpSpVD](J\Ki]EyOQHPIHOWpWOHQO
QHJDWtY$]ÏV]|YHWVpJDODSMiQPRQGRPKRJ\DÄPDUDGpN´PLQ
GLJIRQWRVV]HUHSHWMiWV]LN$NLVPDUDGpNEyOJ\DNUDQ~MpOHWNH]
GĘG|WW/HKHWKRJ\PLRO\DQLGĘNHWpOQNDPLNRUHOĘV]|UDPDUD
GpNIHOpWDUWXQN'HH]QHPDYpJKDQHPD]~MNH]GHWH«´
0iU9,3iOSiSDLVEHV]pOWDÄViWiQIVWMpUĘO´PHO\EHKDWROWD]
(J\Ki]ED
-HDQ*XLWWRQÄ9,3iO±(J\WLWRN´FtPĦN|Q\YpEĘOLGp]HNQp
KiQ\MHOHQWĘVJRQGRODW pVROG PHO\HW9,3iO
EHQHJ\pYYHODKDOiODHOĘWWPRQGRWWNL
Ä1DJ\]DYDUYDQQDSMDLQNEDQDYLOiJEDQpVD](J\Ki]EDQpV
DPL LWWD IĘ NpUGpV D] D KLW$] W|UWpQLN pV pQ LV PHJLVPpWOHP
DPLW-p]XV6]HQW/XNiFV(YDQJpOLXPiEDQWLWRN]DWRVPRQGDWiYDO
PRQGRWWª$](PEHU¿DKDYLVV]DM|QWDOiOHPpJKLWHWDI|OG|Q"©
0DLVH]W|UWpQLNKRJ\PHJMHOHQQHNN|Q\YHNPHO\HNEHQDKLWHW
FVDNQpKiQ\IRQWRVSRQWUDU|YLGtWLNHUUĘODSVS|N|NKDOOJDWQDN
pVQHPWDOiOMiNNO|Q|VQHNDN|Q\YHNHW9pOHPpQ\HPV]HULQWH]
SHGLJNO|Q|V1pKDHOROYDVRPD]LGĘNYpJpUĘOV]yOy(YDQJpOLX
PRWpVPHJiOODStWRPKRJ\HQQHNDYpJQHNPiUIHOWĦQLNQpKiQ\
MHOH (JpV]HQ N|]HO YDJ\XQN D YpJKH]" 6RKD QHP IRJMXN WXGQL
0LQGLJNpV]HQNHOOOHQQQNGHPpJVRNiLJHOWDUWKDWPLUHRGDMX
WXQN+DDNDWROLNXV(J\Ki]DW¿J\HOHPDNDWROLFL]PXVEHOVHMpEHQ
QpKDHJ\HVJ\HNEHQDQHPNDWROLNXViOOiVSRQWNHUHNHGLNIHOOpV
PHJW|UWpQKHWD]LVKRJ\KDPDURVDQH]DQHPNDWROLNXVJRQGRONR

GiVXUDONRGyYiYiOLN'HH]VRKDQHPOHV]D](J\Ki]iOOiVSRQWMD
)RQWRVKRJ\PDUDGMRQHJ\NLVQ\iMEiUPLO\HQNLFVLLV´
9,3iOSiSDH]WEHQPRQGWD+DĘPDYLVV]DM|QQHIHO
LVPHUQpKRJ\IpOHOPHLEHLJD]ROyGWDNHYDJ\PLQGD]DPLD]yWD
W|UWpQWPpJW~O LVWHV]D]RNRQ;9, %HQHGHNSiSDLVLVPHULD]
(J\Ki]pVDYLOiJPDLiOODSRWiWVĘWYDOyV]tQĦOHJVRNNDOW|EEHWWXG
(]DNLVQ\iMDPLPHJPDUDGWD0iULDiOWDO|VV]HJ\ĦMW|WWKt
YĘNEĘOiOO6]iPRVMHOHQpVLKHO\HQDGRWW]HQHWHLD]WHUHGPpQ\H
]LNKRJ\KHO\HV~WRQMiUQDNDKLWWHUpQpVDWpYWDQtWyNpVDKDPLV
SUyIpWiNFViEtWiVDLWyODNLND](J\Ki]EHOVHMpEHQYDQQDNPHJyY
MDĘNHWeSSHQ~J\PHJyYMDĘNHWDPDLKDPLV|NXPHQL]PXVEDQ
D]RNWyODNLNDNDWROLNXVRNDWDPiUHOĘNpV]tWHWWKDPLVHJ\Ki]EDpV
KDPLV.ULV]WXVKR]YH]HWLN
ÒJ\M|YHQG|OWHPHJ-iQRVKRJ\D]$VV]RQ\XWyGDLD]LJD] Uy
PDLNDWROLNXV KLWEHQIRJQDNPDUDGQL0pJHJ\V]HULGp]HPH]WD]
HOJRQGRONR]WDWyNLMHOHQWpVWKRJ\PHJYLOiJtWVDPPHQQ\LUHIRQWRV
0iULDV]HUHSH,VWHQWHUYpEHQÄ(UUHDViUNiQ\KDUDJUDOREEDQW
D]DVV]RQ\HOOHQpVKDUFEDV]iOOWW|EELJ\HUPHNpYHODNLPHJWDUW
MD,VWHQSDUDQFVDLWpVNLWDUW-p]XV .ULV]WXV WDQ~ViJDPHOOHWW´
-HO
$ViUNiQ\D]$VV]RQ\HOOHQHJ\UHQDJ\REEGKYHOYtYMDKDUFiW
(]WOiWKDWMXNDY|U|VViUNiQ\QDNpVDNpWYDGiOODWQDND]HOĘ]ĘRO
GDODNRQEHPXWDWRWWDNWLYLWiViEyODPLWDW|UWpQHOHPIRO\DPiQD]
(J\Ki]pVDKLWHOOHQIRO\WDW
ËJ\PiUpUWMNPLpUWWiPDGMiNEpO\HJ]LNPHJpVWHV]LNQHYHW
VpJHVVpD0iULDMHOHQpVHNHWDOiWQRNRNDWJ\HUHNHNHWPLpUWEiQW
MiNpVIHQ\HJHWLNĘNHW$]DUiQGRNRNDWQDLYIHOYLOiJRVXODWODQHO
PDUDGRWWNRUWiUVDNQDNWHNLQWLN
+RJ\ LV YDQ H] OHtUYD" ÄÈOGDODN WpJHG $W\iP PHQQ\QHN pV
I|OGQHN8UDPHUWHOUHMWHWWHGH]HNHWDE|OFVHNpVRNRVDNHOĘOpVD
NLVGHGHNQHNMHOHQWHWWHGNL´ /N

0iULDD]ÒMV]|YHWVpJEiUNiMD
YDJ\DPHJLVPHUWHWĘMH
-iQRVPHJPXWDWMDQHNQNKRJ\PLQGHQHPEHUQHNLPiGQLNHOOD
ÄYDGiOODWV]REUiW´YDJ\PHJ|OLN$]WLVPHJPXWDWMDKRJ\D]iO
ODWQDNKDWDOPDWDGQDNPLQGHQW|U]VQpSQ\HOYpVQHP]HWI|O|WW
-HO 
0LQGHQHPEHUQHNIHONHOOYHQQLDYDGiOODWMHOpWDV]iPRW
NO|QEHQVHPYHQQLQHPHODGQLQHPWXG(]D]HPEHUWHOMHVIJ
JĘVpJpWUDEV]ROJDViJiWMHOHQWL
/HJNpVĘEEHEEHQDW|UWpQHOPLLGĘEHQLJD]ROyGQDNEHDIHOYLOi
JRVRGiV¿OR]yIXVDLQDN PLQGHQHNHOĘWW.DQWQDN ÄD]HPEHUIHOQĘW
WpYiOiVD´Wp]LVHLKRJ\H]KD]XJViJ]ĦU]DYDUPLQWDPLÈGiPQiO
pVeYiQiODNtJ\yYDOW|UWpQWÄ(OPHQWD]HOVĘ DQJ\DO pVNL|QW|WWH
FVpV]pMpW ,VWHQKDUDJMiQDN DI|OGUH5RVV]LQGXODW~IiMGDOPDVIH
NpO\WiPDGWD]RNRQD]HPEHUHNHQDNLNDYDGiOODWMHOpWYLVHOWpNpV
V]REUiWLPiGWiN´ -HO
/HJNpVĘEEDNNRUN|YHWNH]LNEHDPLW-p]XV3pWHUQHNPRQGRWW
Ä6LPRQ6LPRQDViWiQNLNpUWWLWHNHWKRJ\PHJURVWiOMRQPLQWD
E~]iW´ /N
1HPFVDN D] HPEHU I|OGL UDEV]ROJDViJiUyOYDQ LWW V]y KDQHP
D] HJ\pQ VRUViUyO D] |U|NNpYDOyViJEDQ ,VWHQ D]W PRQGMD -iQRV
N|]YHWtWpVpYHOÄ$NLLPiGMDDYDGiOODWRWpVV]REUiWDNLYLVHOLMH
OpWKRPORNiQYDJ\NH]pQD]LVLQQLIRJ,VWHQW]HVERUiEyOPH
O\HW V]tQWLV]WiQ W|OW|WW KDUDJMiQDN NHO\KpEH 7Ħ] pV NpQNĘ IRJ
MDNtQR]QLDV]HQWDQJ\DORNpVD%iUiQ\V]tQHHOĘWW*\|WUHOPp
QHNIVWMHI|OV]iOO|U|NN|Q|U|NNp1HPOHV]Q\XJDOPDVHPpMMHO
VHPQDSSDOPHUWLPiGWDDYDGiOODWRWpVV]REUiWpVYLVHOWHQHYp
QHNMHOpW´ -HO
'HQHPPLQGHQHPEHUIRJMDLPiGQLDV]REURWDPHO\DKDPLV
HJ\Ki]pVDKDPLV.ULV]WXV1HPPLQGHQNLIRJMDD]iOODWHOM|YHQ
GĘ YLOiJKDWDOPiQDN D V]DEDGNĘPĦYHVVpJQHN pV KDPLV SUyIpWiL

QDND]$QWLNULV]WXVQDN~MYLOiJUHQGMpYHO 1RYXV2UGR6HFORUXP 
DMHOpWIHOYHQQLėND]$VV]RQ\XWyGDLDNLNEHWDUWMiN,VWHQ
SDUDQFVRODWiWNLWDUWDQDN-p]XVpV(J\Ki]DPHOOHWWPHUWĘNHW0i
ULDDKLWLJD]ViJiKR]YH]HWL$NLQ\LODWNR]WDWiVEDQH]iOOÄ(]D]
DODSMDDV]HQWHNiOOKDWDWRVViJiQDNDNLNNLWDUWDQDN,VWHQSDUDQ
FVDL pV -p]XVKLWH PHOOHWW´ -HO   Ä$NLN OHJ\Ę]WpN D YDGiO
ODWRWD]ĘV]REUiWpVQHYpQHNV]iPiWRWWiOOWDN,VWHQKiUIiLYDOD]
YHJWHQJHUHQ´ -HO
0LQGD]RNDW DNLN 0iULiW .ULV]WXV DQ\MiW N|YHWLN QHP WXG
MiNPHJWpYHV]WHQLOHURKDQQLpVIpOUHYH]HWQLKDQHPFVRGiODWRVDQ
PHJPHQHNOQHN0iULDDNpWRV]ORSHJ\LNHDPHO\iOWDOD%RVFy
6]HQW-iQRVD](J\Ki]QDJ\KDMyMiWOiWWDPHJHUĘVtWYHYt]LyMiEDQ
DKRJ\D6]HQWtUiVEDQLViOO
9pJO V]yOMRQ PpJ HJ\V]HU D] ,VWHQDQ\D DPLW  RNWyEHU
iQ'RQ6WHIDQR*REELQDN]HQHWpEHQPRQGRWW
Ä6]HUHWHWW¿DLPDNLNQHNHPV]HQWHOWpWHNPDJDWRNDWWHNLQWVH
WHN UHiP H QDJ\ N]GHOHPEHQ DPLW eJL9H]pUHWHN UHQGHONH]pVH
V]HULQWIRO\WDWWRNeQYDJ\RND1DSED|OW|]|WW$VV]RQ\eQYDJ\RN
D]pJHQIHOWĦQĘQDJ\MHO
0DHPOpNH]WHNPHJD)DWLPiEDQW|UWpQWpVQDSFVRGiYDOKLWH
OHVtWHWWMHOHQpVHPUĘO(FVRGDUHQGNtYOLPyGRQMHO]LV]iPRWRNUD
KRJ\eQYDJ\RND1DSED|OW|]|WW$VV]RQ\(FVRGDDUUDV]yOtWIHO
EHQQHWHNHWKRJ\WHNLQWVHWHN5iPPLQWD]pJHQIHOWĦQĘQDJ\MHOUH
$ N]GHOHP QDJ\ MHOH YDJ\RN PHO\ .|]WHP pV (OOHQIHOHP
N|]WD]$VV]RQ\pVD6iUNiQ\D]pQVHUHJHPpV,VWHQHOOHQVpJpQHN
VHUHJHN|]WIRO\LN0RVWOpSWHNEHDKDUFG|QWĘLGHMpEH.pV]OMH
WHNIHODUUDKRJ\LJHQQHKp]yUiNDWpVLJHQQDJ\V]HQYHGpVWIRJWRN
iWpOQL6]NVpJHVKRJ\PLQGDQQ\LDQDOHKHWĘOHJJ\RUVDEEDQOpS
MHWHNEHVHUHJHPEH(]pUWKtYRPLVPpWJ\HUPHNHLPHWKRJ\DMiQO
MiN IHO PDJXNDW 6]HSOĘWHOHQ 6]tYHPQHN pV J\HUPHNNpQW Et]]iN
PDJXNDW5HiP(PHJKtYiVRPDWPDNLWHUMHV]WHPHOVĘVRUEDQDNL
FVLQ\HNUH D V]HJpQ\HNUH D] XWROVyNUD D EHWHJHNUH D EĦQ|V|N

UH-|MMHWHNPLQGQ\iMDQ6]HSOĘWHOHQeGHVDQ\iWRN MHOpEHQN]GH
QLPHUWDNLFVLQ\HNJ\HQJHVpJHDV]HJpQ\HNEL]DOPDDEHWHJHN
V]HQYHGpVHiOWDOYtYRPPDPHJQDJ\KDUFRPDW$J\Ę]HOHPQDJ\
MHOHYDJ\RNeQYDJ\RNDJ\Ę]HOPHV$VV]RQ\
9pJOPHJW|ULND6iWiQHUHMHpVeQPDJDPN|W|]|PPHJĘW
OiQFRPPDOpV]iURPEHDKDOiOpVD]|U|NJ\|WUHOHPELURGDOPi
EDDKRQQDQNpSWHOHQOHV]NLV]DEDGXOQL$YLOiJEDQDEĦQĘVDKDOiO
HJ\HGOLOHJ\Ę]ĘMHIRJXUDONRGQL-p]XV.ULV]WXVD]HJpV]WHUHP
WHWWYLOiJPLQGHQVpJ.LUiO\D
(QJHGMpWHNKRJ\PRVWPHJMHO|OMHOHNEHQQHWHNHWSHFVpWHPPHO
(]HNEHQD]LGĘNEHQDIpQ\DQJ\DODLEHMiUMiNDYLOiJRWKRJ\DNH
UHV]WMHOpYHOPLQGD]RNDWPHJMHO|OMpNDNLNJ\Ę]HOPHVVHUHJHPKH]
WDUWR]QDN$]RNIHOHWWVHPPLKDWDOPDVHPOHV]DPpO\VpJFVLOODJi
QDN SHQWDJUDPP±V]HU]ĘPHJMHJ\]pVH PpJKDQDJ\V]HQYHGpV
UHHJ\HVHNSHGLJYpUNRQWiViUDNDSQDNLVPHJKtYiVW
'H H J\HUPHNHLP QDJ\ V]HQYHGpVH iUiQ DUDWRP PDMG OHJQD
J\REEJ\Ę]HOPHP
0D DUUD V]yOtWDODN IHO EHQQHWHNHW WHNLQWVHOHN UHiP PLQW D]
pJHQIHOWĦQĘQDJ\MHOUHPHUWtJ\EL]DORPEDQpVGHUĦVHQpOKHWWHN
PLDODWWIpQ\HPPHJYLOiJtWpVDQ\DLSHFVpWHPPHJMHO|OEHQQHWH
NHW´ 030


.O|QEVpJD]HYDQJpOLNXV~UYDFVRUD
pVDUyPDLNDWROLNXV2OWiULV]HQWVpJ
N|]|WW
$]HOVĘRV]ORS
/pQ\HJHVpVOpWIRQWRVViJ~DNO|QEVpJD]HYDQJpOLNXVSURWHVWiQV
~UYDFVRUDpVDNDWROLNXVV]HQW(XFKDULV]WLDN|]|WW6DMQRVHQQHN
D NO|QEVpJQHN D] LVPHUHWH VRN NDWROLNXVQiO LV HOKDOYiQ\XOW $
Q|YHNYĘWXGDWODQViJRWKDV]QiOMDNLDKDPLV|NXPHQL]PXVKRJ\
PHJHUĘVtWVHDÄYDGiOODW´V]REUiWDKDPLV.ULV]WXVWpVDKDPLVHJ\
Ki]DW$]RNQiODNDWROLNXVRNQiODNLNQLQFVHQHNWLV]WiEDQH]]HOD
G|QWĘ NO|QEVpJJHO YDJ\ HJ\HQUDQJ~QDN WHNLQWLN D] ~UYDFVRUiW
DV]HQW(XFKDULV]WLiYDOIHQQiOODYHV]pO\HDQQDNKRJ\N|YHWLND
ÄYDGiOODW´V]REUiW
(]NHPpQ\NLIHMH]pVGHD]LJD]ViJPLQGLJNHPpQ\$]LJD]Vi
JpUWYiOODOWD-p]XV.ULV]WXVDNHUHV]WUHIHV]tWpVW(]HQNtYOYDQ
QDNRO\DQRNDNLND]HYDQJpOLNXV~UYDFVRUiWKLWHOHVHEEQHNWDOiO
MiNPHUWQHPWXGMiNHOKLQQLKRJ\-p]XVDNDWROLNXV(J\Ki]OHJQD
J\REEWLWNiEDQD]2OWiULV]HQWVpJEHQWHVWEHQOpOHNEHQLVWHQVpJ
EHQpVHPEHUVpJpEHQYDOyEDQMHOHQYDQ,QNiEED]WDYpOHPpQ\W
NpSYLVHOLNKRJ\D]~UYDFVRUD-p]XVWHVWpQHNpVYpUpQHNV]HQWHP
OpNH(]WYDOyEDQN|QQ\HEEHOKLQQL0LYHOD]~UYDFVRUDpVD6]HQW
(XFKDULV]WLD NO|QEVpJpQHN D WXGiVD D N|]HOM|YĘEHQ VRUVIRUGtWy
MHOHQWĘVpJĦOHV]H]pUWV]NVpJHVDNO|QEVpJPHJYLOiJtWiVD

ÒUYDFVRUDNRQWUD6]HQW(XFKDULV]WLD
$NDWROLNXV(J\Ki]D6]HQWtUiVUDpVD]ĘVNHUHV]WpQ\HNKLWpUHXWDO
YDKpWV]HQWVpJHWWDUWV]iPRQ$](J\Ki]QDNH]WDN|]SRQWLWHR
OyJLDLiOOiVSRQWMiW/XWKHU0iUWRQpOHVHQWiPDGMD$KpWNDWROLNXV

V]HQWVpJ NHUHV]WVpJ EĦQEiQDW V]HQWVpJH ROWiULV]HQWVpJ EpUPi
OiVKi]DVViJEHWHJHNNHQHWHpVD]HJ\Ki]LUHQG SDSV]HQWHOpV
$NDWROLNXV(J\Ki]|WV]HQWVpJpWPLQWDV]HQWJ\yQiVW IOEH
J\yQiV EpUPiOiVWKi]DVViJV]HQWVpJpWEHWHJHNNHQHWpWpVPLQ
GHQHNHOĘWWD]HJ\Ki]LUHQGHW SDSSiV]HQWHOpVW /XWKHUHOYHWLpV
PHJV]QWHWL/XWKHUNpWV]HQWVpJKH]UDJDV]NRGRWWDNHUHV]WHOpV
KH]pVD]~UYDFVRUiKR]
$NHWWĘN|]ODNDWROLNXV(J\Ki]V]iPiUDFVDNDNHUHV]WVpJHO
IRJDGKDWy/XWKHUPiVLNV]HQWVpJHD]~UYDFVRUDDNDWROLNXV(J\
Ki] V]iPiUD pUYpQ\WHOHQ PLYHO D] (J\Ki] V]HQWVpJIHOIRJiVDOp
Q\HJpWWHNLQWYHHJpV]HQPiV
$NDWROLNXV(J\Ki]D]WPRQGMDKRJ\FVDNDpYHVV]HQWH
OpVLOiQFEDQ D]DSRVWROLIRO\WRQRVViJV]XNFHVV]Ly iOOySDSV]HQ
WHOpV V]HQWVpJpYHO IHOV]HQWHOW SVS|N|NQHN pV SDSRNQDN YDQ KD
WDOPXN D V]HQWPLVpQ D NHQ\HUHW pV ERUW -p]XV WHVWpYp pV YpUpYp
iWYiOWR]WDWQL$SVS|N|NpVSDSRNDNDWROLNXV(J\Ki]V]HQWHOpVL
OiQFiEDWDUWR]QDNDPHO\-p]XVVDOpVD]DSRVWRORNNDONH]GĘGLN$]
DSRVWRORNWRYiEEDGWiNDV]HQWHOpVWXWyGDLNQDNDSVS|N|NQHND
SVS|N|NDSDSRNQDNËJ\M|WWOpWUHDNDWROLNXV(J\Ki]EDQHJ\IR
O\DPDWRVV]HQWHOpVLOiQFD]DSRVWROLV]XNFHVV]Ly
/XWKHUpVDW|EELUHIRUPiWRUDPHQQ\LEHQĘNNDWROLNXVSDSRN
YROWDNQHPDGKDWWiNWRYiEEDV]HQWHOpVWXWyGDLNQDNDSURWHVWiQV
OHONpV]HNQHNOHONpV]QĘNQHNPHUWĘN PDJXN QHP YROWDNSVS|
N|NDNLNQHNHKKH]MRJXNOHWWYROQD(]D]WMHOHQWLKRJ\DNDWROL
NXV(J\Ki]SDSViJLKLYDWDODDSURWHVWiQVN|]|VVpJHNEHQPHJV]D
NDGWPHJV]ĦQW(] LVD]W EL]RQ\tWMDKRJ\D] ~UYDFVRUDV]HQWVp
JHNDWROLNXVQp]ĘSRQWEyOpUYpQ\WHOHQ$PDLSURWHVWiQVSDSRNpV
SVS|N|NDNDWROLNXVWDQtWiVV]HULQWQHPSDSRNpVSVS|N|NH]pUW
QLQFVPHJDKDWDOPXNDKKR]KRJ\DNHQ\HUHWpVERUW.ULV]WXVWHV
WpYppVYpUpYpYiOWR]WDVViN
(UUHDWDQtWiVUD/XWKHUHOOHQWpWHViOOtWiVVDOUHDJiOWpVD]WKLUGHW
WH(J\HGODKLWDGMDPHJD](J\Ki]V]HQWVpJHLQHND]HUĘWYDJ\LV

D]~UYDFVRUDYpWHOKHO\HWWH]DJ\DNRUODWEDQDQQ\LWMHOHQWÄ+LJJ\
pVPiUUpV]HVOWpOEHQQH´
/XWKHUHOYHWLDIHOV]HQWHOWSDSViJRWpVD]WiOOtWMDÄ0LQGHQNH
UHV]WpQ\V]HOOHPLOpQ\pVQLQFVN|]WNNO|QEVpJ«´
.iOYLQ pV /XWKHU N|]|WW YLWD DODNXOW NL .iOYLQ D NHQ\HUHW pV
ERUW/XWKHUUHOHOOHQWpWEHQFVDNMHONpSQHNWDUWMD
$NDWROLNXV(J\Ki]D]WPRQGMDKRJ\DSDSiOWDOW|UWpQWiWYiO
WR]WDWiV-p]XVWHVWpYppVYpUpYpDGGLJYDOyEDQpODPtJDNHQ\pU
pVERUDQ\DJDPHJPDUDG(]pUWYDQD]KRJ\DUyPDLNDWROLNXVWD
EHUQiNXOXPEDQD]iWYiOWR]WDWRWWRVW\iEDQUHMWYHpVHOWDNDUYDMHOHQ
YDQ-p]XV
/XWKHUH]]HOV]HPEHQD]WWDUWMDpVD]WiOOtWMDKRJ\-p]XVFVDN
DYpWHOSLOODQDWiEDQYDQMHOHQD]XWiQDNHQ\pUpVDERULVPpWFVDN
NHQ\pUpVERUPDUDG
(]pUWQLQFVD]HYDQJpOLNXVWHPSORPRNEDQWDEHUQiNXOXP
$]WKRJ\PHQQ\LUHWpYHGWHNHEEHQLV/XWKHUpVN|YHWĘLDND
WROLNXV(J\Ki]V]iPRVRVW\DFVRGiMDEL]RQ\tWMD$NHUHV]WpQ\W|U
WpQHOHPQHNLVPHQQ\LKLWHWOHQ7DPiVDYDQSHGLJV]iPRVUHQGNt
YOLHVHPpQ\,VWHQMHOHpVFVRGiMDW|UWpQLN
$W|UWpQHOHPIRO\DPiQVRNFVRGDW|UWpQWD]2OWiULV]HQWVpJJHO
pV W|UWpQLN PLQG D PDL QDSLJ$] 2OWiULV]HQWVpJ VRN FVRGiMiQDN
HJ\LNpW LWW EHPXWDWMXN KRJ\ GRNXPHQWiOMXN D NDWROLNXV (J\Ki]
OHJQDJ\REEWLWNiW(]HJ\LNHDOHJUpJLEEpVOHJLVPHUWHEEFVRGiN
QDN(]LVPXWDWMDKRJ\,VWHQDNHUHV]WpQ\W|UWpQHOHPKLWHWOHQ7D
PiVDLQDNDKLWMHOHLWpVFVRGiLWDMiQGpNR]]D

$ODQFLDQRL2OWiULV]HQWVpJFVRGD
Ä7DOiQDOHJMHOHQWĘVHEE2OWiULV]HQWVpJFVRGDHJ\RODV]YiURVEDQ
/DQFLDQREDQW|UWpQW$Q\ROFDGLNV]i]DGEDQHJ\SDSNpWHONHGHWW
DEEDQKRJ\DNHQ\pUYDOyEDQ.ULV]WXVWHVWpYppVDERU.ULV]WXV

YpUpYp YiOWR]LN$NNRU KLUWHOHQ D V]HQWPLVH DODWW DPLNRU D] iW
YiOWR]WDWiVLV]|YHJHWHOPRQGWDD]RVW\DK~VViDERUSHGLJYpUUp
YiOWR]LN,MHGWHQpVDFVRGiWyOPpO\HQPHJKDWYDVRNiLJPR]GX
ODWODQXOiOOWRWWD]ROWiUQiOPtJYpJON|QQ\HVV]HPPHOIHOWXGRWW
NLiOWDQL
7LEROGRJMHOHQOHYĘN+RJ\V]pJ\HOOMHPPDJDPKLWHWOHQVpJHP
PLDWW,VWHQMyViJDHEEHQDOHJV]HQWHEEV]HQWVpJEHQOHSOH]WHOHPD
JiWpVV]HPHPQHNOiWKDWyYiWHWWHPDJiW*\HUWHNWHVWYpUHNLPiG
NR]]DWRNpVQp]]pWHNPHJ8UXQNDW0HJYiOWyQNDWDNLKR]]iQNKD
VRQOyOHWW1\RPEDQPHJPXWDWWDH]WDFVRGiWDN|UOiOOyNQDND]WiQ
D]HJpV]QpSQHN*\RUVDQHOWHUMHGWDW|UWpQWHNKtUHpVQDJ\]DUiQ
GRNODWLQGXOW/DQFLDQR2OWiULV]HQWVpJFVRGiMiKR]0LQGDPDLQD
SLJH]DK~VGDUDEpS$YpULVPHJPDUDGW|WQHPHJ\IRUPDUpV]UH
RV]WRWWiNDPHO\HNHJ\WWXJ\DQRO\DQV~O\~DNPLQWHJ\HJ\UpV]
eYV]i]DGRNRQNHUHV]WODODQFLDQyL2OWiULV]HQWVpJFVRGiWDKt
YĘNQDJ\RQWLV]WHOLND]DUiQGRNODWpVD]LPDVRKDQHPKDJ\DOiEE
&VDNEHQUHQGHOWHHO3DFL¿FR3HURQWRQL/DQFLDQRpUVHNHD
K~VpVYpUDODSRVWXGRPiQ\RVYL]VJiODWiW$WXGRPiQ\RVDQDOt]LVW
D6LHQDLHJ\HWHPpVV]DNSURIHVV]RURNYpJH]WpNVEiUW|EEPLQW
pYWHOWHODFVRGDyWDQHPPHUOWIHONpWVpJ
$]2OWiULV]HQWVpJFVRGDYpUHYDOyEDQLJD]LYpUpVDK~VYDOy
GLK~VV]tYL]RPV]|YHWEĘOV]iUPD]LN.pWVpJQHPIpUKR]]iKRJ\
HPEHULYpUUĘOpVHPEHULK~VUyOYDQV]y$YpUEHQOHYĘSURWHLQHN
QRUPiODUiQ\EDQYDQQDNHORV]WYDRO\DQPLQWDIULVVHPEHULYpU
NpS
$]RVW\iWHJ\PĦYpV]LHQHONpV]tWHWWV]HQWVpJWDUWyEDQDYpUWD
WDUWyOiEiQiONpWDQJ\DOiOWDO|VV]HIRJRWWNULVWiO\NHKHO\EHQĘU]LN
(EEHQDNHKHO\EHQW|UWpQWDFVRGD(]DFVRGDQHPFVDNDKLWPHJ
HUĘVtWpVpUH V]ROJiO KDQHP HJ\ J\HQJpG VUJĘV PHJKtYiV DUUD
KRJ\JRQGRODWDLQNDWDWLWRN]DWRViOGR]DWUDWHUHOMHDPLNRU-p]XVD]
HPEHUPHJYiOWiVipUWIHODMiQORWWDPDJiW±tUWD%UXQR6DPPDFLFFLD
RODV]SXEOLFLVWDpVWXGyV/DQFLDQRUyOV]yOyWXGyVtWiViEDQ´

/XWKHUHOW|UOLDV]HQWPLVHiOGR]DWRW
9DMRQPRQGKDWMXNHKRJ\QLQFVEL]RQ\tWpND]iWYiOWR]iVLJD]Vi
JiUDD6]HQW(XFKDULV]WLiUD/XWKHUpVN|YHWĘLWHROyJLiMiYDOV]HP
EHQD]~UYDFVRUiWLOOHWĘHQ EiUD]RVW\DFVRGDWXGRPiQ\RVDQLJD
]ROW "9DQPpJHJ\ELEOLDLEL]RQ\tWpNDUUDKRJ\D]ĘpUWHOPH]pVH
D]iOGR]DWUyOKDPLV
$UyPDLNDWROLNXV(J\Ki]EDQDV]HQWPLVHiOGR]DW.ULV]WXVYpU
QpONOLNHUHV]WiOGR]DWDDWLV]WDiOGR]DWLDGRPiQ\DPL,VWHQWDMiQO
MDIHODYLOiJPLQGHQROWiUiQQDSNHOWpWĘOQDSQ\XJWiLJ$V]HQWPL
VHiOGR]DWPHJ~MtWMDpVDMHOHQEHOWHWLD]WDPLD.iOYiULiQYpJ
EHPHQW$ V]HQWPLVHiOGR]DW IRO\DPiQ D NHQ\pU pV ERU YDOyEDQ
.ULV]WXVWHVWpYppVYpUpYpYiOWR]LN(]DÄP\VWHULXPWUHPHQGXP´
HJ\PHJUHQGtWĘWLWRN
$] ÏV]|YHWVpJEHQ ,VWHQQHN iOODWRNDW iOGR]WDN$] ÒMV]|YHW
VpJiOGR]DWD.ULV]WXVYpUWHOHQNHUHV]WiOGR]DWD$V]HQWPLVHiOGR
]DWOHJPpO\HEEWLWNiWDVWLJPDWL]iOWNDSXFLQXV3LRDW\DNLYpWHOHV
PyGRQPXWDWMDEH
$V]HQWPLVHiOGR]DWD]ÒMV]|YHWVpJ|U|NiOGR]DWDDNHUHV]WiO
GR]DWYpUWHOHQPHJ~MtWiVD$NDWROLNXV(J\Ki]D]DSRVWRORNLGHMH
yWDQQHSOLDV]HQWPLVHiOGR]DWRW(EEHQDV]HQWPLVHiOGR]DWEDQ
DNHUHV]WiOGR]DWJ\P|OFVHLEĘOPLQWPHJYiOWiVLNHJ\HOHPEHQUp
V]HVOQHNDMHOHQOHYĘN$KRJ\D]ÏV]|YHWVpJEHQQHPV]ĦQWPHJ
D]iOODWRNIHOiOGR]iVD,VWHQQHN~J\D]ÒMV]|YHWVpJiOGR]DWDVHP
pUYpJHWYDJ\QHPDODNtWKDWyV]LPEyOXPPi
-p]XVQ\RPDWpNRVDQ¿J\HOPH]WHWDV]HQWKHO\HNHQW|UWpQĘIH
Q\HJHWĘERU]DORPUD 0W PHO\HWPiU'iQLHOSUyIpWDLVPHJ
M|YHQG|OW 'iQ (]WDIHQ\HJHWĘERU]DOPDWQ\LODWNR
]DWRNEyOLVPHUKHWMNÄKRJ\D]LGĘNYpJpQHJ\KLWYiQ\GHKDWDO
PDVNLUiO\V]|YHWVpJHVHLYHOPHJJ\DOi]]DDV]HQWVpJHVYiUDWPHJ
V]QWHWLNDPLQGHQQDSLiOGR]DWRW´

/XWKHUDV]HQWPLVHiOGR]DWHOYHWpVpWpVHOtWpOpVpWD=VLGyNQDN
tUWOHYpOEĘOYHWWH D]HJ\V]HULiOGR]DW Ä$PLQWD]HPEHUV]iPiUD
D]DUHQGHONH]pVKRJ\HJ\V]HUKDOMRQPHJpVXWiQDtWpOHWEHQOH
J\HQUpV]H~J\.ULV]WXVLVHJ\V]HUiOGR]WDIHOPDJiWKRJ\VRNDN
QDNEĦQpWHOYHJ\H0iVRGV]RUQHPDEĦQPLDWWMHOHQLNPHJKDQHP
D]RNGY|]tWpVppUWDNLNUiYiUQDN´ =VLG
/XWKHUW D 6]HQWtUiV V]yV]HULQWL pUWHOPH]pVH HQQpO D OpQ\HJHV
ELEOLDLNLMHOHQWpVQpOLVIpOUHYH]HWWH0LYHODUHIRUPiWRUQDNDQDSL
YpUWHOHQV]HQWPLVHiOGR]DWQHPYROWHOIRJDGKDWyH]WDV]HQWVpJHW
D]XWROVyYDFVRUDHPOpNHNpQWpUWHOPH]WH
+D D NHYpV QpPHW SVS|N|N HJ\LNH Q\LOYiQRV HOĘDGiVRQ D]
HYDQJpOLNXV~UYDFVRUiWPLQWDÄWpYHGpVNHQ\HUpW´HPOtWLDNNRUH]
PLQGHQWHOPRQG
(EEĘODV]HPV]|JEĘOQp]YHMREEDQPHJpUWKHWLNDNDWROLNXVRN
,,-iQRV3iOSiSiWDPLNRUyYRWWDEHUOLQL|NXPHQLNXVQDSDONDO
PiEyODN|]|V~UYDFVRUDIRJDGiViWyO


/XWKHU0iUWRQHOWpYHO\HGpVH
/XWKHUHJ\LNQDJ\GLFVpUHWUHPpOWyWHWWHKRJ\D%LEOLiWOHIRUGt
WRWWDQpPHWQ\HOYUH.pWSLOOpUHYROWDQQDNDPLUHDSURWHVWiQVRN
D UyPDLNDWROLNXV (J\Ki]]DO V]HPEHQ WiPDV]NRGWDN D] HJ\LN D
Ä6ROD¿GH´DPiVLNDÄ6RODVFULSWXUD´0RVWU|YLGHQFVDNÄ6ROD
VFULSWXUD´YDOIRJODONR]RPPHUWPLQGNHWWĘWiUJ\DOiVDPHJKDODG
QiDN|Q\YWHPDWLNiMiW
$Ä6RODVFULSWXUD´D]WPRQGMDNLKRJ\DKLWEHQHJ\HWOHQPpUY
DGyD%LEOLDWHKiWQLQFVSiSDQLQFVHJ\Ki]LKDJ\RPiQ\QLQFVWUD
GtFLySOXV]%LEOLDDKRJ\DNDWROLNXV(J\Ki]WDQtWMD$SURWHVWiQV
Ä6RODVFULSWXUD´LUyQLiMDD]RQEDQD]KDD]HPEHUD%LEOLiWLVPH
ULHOHJ\HWOHQWHNLQWpO\QHNPDJDD%LEOLDPRQGHQQHNHOOHQWPHUW
VHKROQHPtUMDKRJ\HJ\HGOD]ËUiVD]HJ\HWOHQWHNLQWpO\
$YDOyViJEDQD6]HQWtUiVDNDWROLNXVIHOIRJiVWLJD]ROMDDPpUYDGy
LVWHQLV]yD](J\Ki]EDQWDOiOKDWyDWUDGtFLyEDQ 7HVV] 
KLWV]yQRNODWiEDQpVWDQtWiViEDQ 3W3W0W 
/XWKHU0iUWRQpVN|YHWĘLQHPFVDNHWHNLQWHWEHQNHUOQHNHO
OHQWPRQGiVEDD]ËUiVVDOKDQHPWUDJLNXVPyGRQQHPLVPHUWpNI|O
DSXV]WtWiVERU]DOPiQDNpVDQDSLV]HQWPLVHiOGR]DWQDNDMHOHQWĘ
VpJpWSHGLJ/XWKHUIRUGtWRWWDOHD%LEOLiW1HPM|WWUiHUUHDPLNRU
-p]XVQDNH]WDMHOHQWĘVpJWHOMHVPRQGDWiWIRUGtWRWWDD0iWpHYDQJp
OLXPHW Y|0N DPLNRU-p]XV¿J\HOPH]WHWHWWÄ$PL
NRUPDMGOiWMiWRNDV]HQWKHO\HQD'iQLHOSUyIpWDiOWDOPHJM|YHQ
G|OWJ\DOi]DWRVSXV]WXOiVW±DNLROYDVVDpUWVHPHJ±DNNRUDNL
-~GHiEDQYDQIXVVRQDKHJ\HNEH´ 'iQ
-p]XV¿J\HOPH]WHWDV]HQWKHO\HQW|UWpQĘLV]RQ\DWRVURPEROiV
UDPHO\HW'iQLHOD]LGĘNYpJpUHMyVROWpV/XWKHUH]WLVOHIRUGtWRW
WDÄ6HUHJHLIHOiOOQDNPHJJ\DOi]]iNDV]HQWYiUDWPHJV]QWHWLN
DPLQGHQQDSLiOGR]DWRWpVIHOiOOtWMiNDYpV]WKR]yXQGRNViJRW´
'iQ

'iQLHOEHV]iPRODUUyOKRJ\D]LGĘNYpJpQHJ\KLWYiQ\NLUiO\
KiURP MHOHQWĘV FVHOHNHGHWHW KDMW YpJUH +DGDLYDO PHJJ\DOi]]D D
V]HQW YiUDW PHJV]QWHWL D PLQGHQQDSL iOGR]DWRW pV IHOiOOtWMiN D
YpV]W KR]y XQGRNViJRW /XWKHUQiO D] XQGRNViJ NpSpW $ V]HQW
YiUPHJV]HQWVpJWHOHQtWpVH D]WMHOHQWLKRJ\ DUyPDLNDWROLNXV
WHPSORPRNEDQPHJV]HQWVpJWHOHQtWLNpVHOWiYROtWMiNDOHJV]HQ
WHEE2OWiULV]HQWVpJHWDQDSLV]HQWPLVpWPHJV]QWHWLNDPHO\HW
SDSSi V]HQWHOpVH XWiQ PpJ PDJD /XWKHU 0iUWRQ LV EHPXWD
WRWWPDMGPHJV]QWHWHWWpVDPLWEiOYiQ\LPiGiVQDNQHYH]HWW
eVYpJOD]$QWLNULV]WXVHJ\XQGRNViJRW NpSV]RERU iOOtWIHO
$QDSL iOODW iOGR]DWRWD]ÏV]|YHWVpJEHQHJ\V]HUPiUPHJ
V]QWHWWpNYDQHJ\XWDOiV'iQLHOQpOKRJ\$QWLRKXV,9(SLIDQHV
SRJiQ\NLUiO\DMHUX]ViOHPLWHPSORPRWEDQPHJJ\DOi]WDpV
SRJiQ\NXOWXV]KHO\HWUHQGH]HWWEH$]XQGRNViJNpSHYDJ\HJ\LV
WHQDJ|U|J=HXV]NpSHYDJ\V]REUDYDJ\YDOyV]tQĦEEKRJ\HJ\
NLVROWiUIHOLUDWDPHO\HWD]iOGR]DWLROWiUUDKHO\H]WHNPLQWDKRJ\
D]0DNNtUMD
$]XQGRNViJNpSHDPLWD]XWROVyLGĘNEHQDV]HQWKHO\UHWHV]
QHND]$QWLNULV]WXVV]REUDOHV]DWDEHUQiNXOXPKHO\HWWDPHO\EHQ
HJpV]HQPRVWDQiLJDOHJV]HQWHEE2OWiULV]HQWVpJHWĘU]LN
3iOLVD]WPRQGWDÄ6HPPLNpSSHQHOQHiPtWVDQDNWLWHNHWKL
V]HQHOĘEEEHNHOON|YHWNH]QLHD]HOSiUWROiVQDNHVQ\LOYiQYDOyYi
NHOOOHQQLHDEĦQHPEHUpQHNDNiUKR]DW¿iQDND]HOOHQVpJQHNDNL
,VWHQI|OpHPHONHGLNHVPLQGDI|OpDPLV]HQW6ĘW,VWHQWHPSORPi
EDQIRJODOKHO\HWVD]WiOOtWMDPDJiUyOKRJ\,VWHQ´ 7HVV]


$V]RERU
+RJ\Qp]KHWNLDSXV]WtWiVERU]DOPiQDND]HOM|YHQGĘKDPLV|NX
PHQL]PXVKDPLVHJ\Ki]iQDNpVKDPLV.ULV]WXViQDNV]REUDPLQ
GHQNHUHV]WpQ\YDOOiV|VV]HYRQiViYDO"

    JOyEXV]NHUHV]WWHO
3HDFH  %pNH )UHHGRP  6]DEDGViJ /RYH  6]HUHWHW
8QLWHG  (J\HVOW &KULVWLDQ  .HUHV]WpQ\ &KXUFKHV  (J\Ki]


$UyPDLNDWROLNXVROWiU

$WDEHUQiNXOXPEDQ YDQDOHJV]HQWHEE2OWiULV]HQWVpJD]
iWYiOWR]WDWRWWRVW\DDPHO\HWDQDSL
V]HQWPLVpQ D PLVp]Ę SDS .ULV]WXV
-p]XV WHVWpYpYiOWR]WDWRWW
YDOyEDQ
MHOHQYDQ
$J\HUW\DD]|U|NYLOiJRVViJPLQW
.ULV]WXVMHOHQOpWpQHNMHOH

$]iWYiOWR]WDWRWWNHQ\pUpVERU.ULV]WXVWHVWHpVYpUHPLQGDGGLJ
DPtJDQ\DJXNOpWH]LN

$OXWKHULHYDQJpOLNXVSURWHVWiQVHJ\Ki]

/XWKHU PHJV]QWHWWH D QDSL iO $]HYDQJpOLNXVSURWHVWiQVROWiURQ


GR]DWRW  0HJV]QWHWpV D SDS FVDNHJ\NHUHV]WYDQ
Si V]HQWHOpV V]HQWVpJpW HOW|U|OWH
/XWKHU (J\HGO D KLW DG HUĘW
DSURWHVWiQVSDSYDJ\SDSQĘQHP
D V]HQWVpJHNQHN /XWKHU V]HULQW
YiOWR]WDWMD iW D NHQ\HUHW pV ERUW
FVDN DGGLJ .ULV]WXV WHVWH pV YpUH
-p]XV.ULV]WXVWHVWpYppVYpUpYp
DNHQ\pUpVD ERU DPtJIRJDGMiN
(]iOWDO /XWKHU V]iPiUD D WDEHU D]~UYDFVRUiWD]~UYDFVRUDXWiQL
QiNXOXPDPHO\EHQDOHJV]HQWHEE PDUDGpNPiUFVDNNHQ\pUpVERU
2OWiULV]HQWVpJHWD]iWYiOWR]WDWRWW (]pUWQLQFVWDEHUQiNXOXPpV|U|N
RVW\iWĘU]LNpVD.ULV]WXVMHOHQOp IpQ\
WpWMHO]ĘIpQ\IHOHVOHJHVVpYiOWtJ\
HOWiYROtWMiN


$V]RERU
$]|NXPHQLNXVKDPLVHJ\Ki]
pVKDPLV.ULV]WXVROWiUD

Ä$PLNRUPDMGOiWMi
WRNDV]HQWKHO\HQD
KDQHP 'iQLHOSUyIpWDiOWDO
PHJM|YHQG|OWJ\DOi
]DWRVSXV]WXOiVW±DNL
ROYDVVDpUWVHPHJ±
´ 0W
$ KDPLV |NXPHQLNXV HJ\Ki]  KDQHP FVDN D] ROWiU D KDPLV
QLQFV WDEHUQiNXOXP QLQFV QDSL HJ\Ki]pVDKDPLV.ULV]WXV~MYL
iOGR]DW QLQFV 2OWiULV]HQWVpJ OiJYDOOiViYDO
QLQFV |U|N IpQ\ DKRJ\ D SURWHV
WiQV WHPSORPRNEDQ PiU  pYH
tJ\YDQ  Ä+DWDOPDW NDSRWW DUUD LV KRJ\
OHONHW OHKHOMHQ D YDGiOODW V]REUi
Ä$] LVWHQWHOHQHN FVDOiUG KLWV]H
ED KRJ\ PHJV]yODOMRQ D YDGiO
JpVW N|YHWQHN HO D V]|YHWVpJ HO
ODWV]REUDpVPHJ|OMHD]RNDWDNLN
OHQ«´ 'iQ
QHPLPiGMiN´ -HO
Ä0pOWDWODQViJRW WHUYH] pV WHV] D
(EEHQ D KDPLV HJ\Ki]EDQ UpV]H
V]HQW V]|YHWVpJ HOOHQ KD]DWpUYH
VOQLIRJQDNDSURWHVWiQVHYDQJp
SHGLJ D]RNUD IRUGtWMD JRQGRODWD
OLNXV~UYDFVRUDIRJDGiViEDQ(Q
LWDNLNHOKDJ\WiNDV]HQWV]|YHWVp
QHNDKDPLVHJ\Ki]QDNDWDJMDLIHO
JHW´ 'iQ
IRJMiNYHQQLDMHOHW

$] HJ\HWOHQ IRQWRV NO|QEVpJ D OXWKHUL ~UYDFVRUD pV D KDPLV


|NXPHQL]PXVp N|]|WW D] KRJ\ D UHIRUPiWRURN D NHUHV]WpQ\VpJ
QHNFVDNHJ\UpV]pWYiODV]WRWWiNOHDUyPDLNDWROLNXV(J\Ki]UyOD
V]REURWYLV]RQWPLQGHQNLQHNLPiGQLNHOO


/XWKHUDNDWROLNXV(J\Ki]pVD]
(YDQJpOLXP
-p]XVD]WPRQGMDÄ0LNRUHOM|QD9LJDV]WDOyDNLWD]$W\iWyONO
G|NQHNWHND],JD]ViJ/HONHDNLD]$W\iWyOV]iUPD]LNĘWDQ~Vi
JRWWHV]UyODP´ -Q Ä'HDPLNRUHOM|QĘD]LJD]ViJ/HONH
HOYH]HWWLWHNHWDWHOMHVLJD]ViJUD´ -Q
(QQHNHOOHQpUH/XWKHUHOXWDVtWMDD6]HQWOHONHWDPLNRUtJ\NpUL
,VWHQW Ä8UDP NtPpOM PHJ HQJHP D Yt]LyNWyO 6]HQWOpOHN  PHUW
HOpJQHNHPD]ËUiV´
$%LEOLiWĘPDJDDNDUMDpUWHOPH]QLDKRJ\QHNLWXGiViQDNLV
PHUHWHLQHNPHJIHOHOÒJ\DNDUMDpUWHOPH]QLDKRJ\ĘpUWLpVDKRJ\
KHO\HVQHNWDUWMD(]]HOV]HPEHQD](YDQJpOLXPD]WPRQGMDÄ0LQ
GHQHNHOĘWWD]WpUWVpWHNPHJKRJ\D]ËUiVQDNHJ\HWOHQM|YHQG|Op
VH VHP V]iUPD]LN HJ\pQL pUWHOPH]pVEĘO (PEHUL HOKDWiUR]iVEyO
XJ\DQLV VRKDVHP V]OHWHWW M|YHQG|OpV KDQHP D 6]HQWOpOHNWĘO VX
JDOOYD,VWHQPHJEt]iViEyOEHV]pOWHNDV]HQWIpU¿DN´ 3W
0DJ\DNUDQpVV]tYHVHQPRQGMiND]WKRJ\/XWKHUD](J\Ki
]DWQHPV]pWV]DNtWDQLKDQHPPHJUHIRUPiOQLDNDUWD(]WDQp]HWHW
VHPPLHVHWUHVHPOHKHWHOIRJDGQL/XWKHUHJpV]WDQtWiVDpVWHROy
JLiMDWHOMHVHJpV]pEHQDNDWROLNXV(J\Ki]HOOHQLUiQ\XOWpVDXWR
PDWLNXVDQDV]pWYiOiVKR]NHOOHWWKRJ\YH]HVVHQ$]WPRQGMD-~
GiVDSRVWROÄ(]HND]RNDNLNV]DNDGiVWRNR]QDNpU]pNLHVHPEH
UHN DNLNEHQ QLQFV /pOHN´ -~G   3pWHUQpO SHGLJ Ä$NDGWDN
D]RQEDQDQpSN|]|WWKDPLVSUyIpWiNLVDPLQWN|]|WWHWHNLVOHV]QHN
WpYWDQtWyNDNLNNiUKR]DWRVHUHWQHNVpJHNHWWHUMHV]WHQHNPHJYiOWy
8UXNDWPHJWDJDGMiNpVJ\RUVSXV]WXOiVW]~GtWDQDNPDJXNUD6]i
PRVDQV]HJĘGQHNWiUVXNXODNLFVDSRQJiVEDQpVPLDWWXNEHFVPpU
OLNPDMGD]LJD]XWDW.DS]VLViJXNEDQKt]HOJĘV]DYDNNDONLLVIRV]
WDQDNPDMGWLWHNHW'HUpJyWDNpV]HQiOOPiUV]iPXNUDD]tWpOHW
NiUKR]WDWiVXNQHPDOV]LNHO´ 3W

,VWHQVXJDOPD]iVDLD]D]D6]HQWOpOHNVHJtWVpJHQpONOQHPOH
KHW |VV]HIJJpVHLEHQ PHJLVPHUQL D 6]HQWtUiVW$NL UDFLRQiOLVDQ
YDJ\LV EHWĦ V]HULQW pUWHOPH]L D] HOWpYHO\HGLN$KRJ\ /XWKHU LV
DNLD] HVHWOHJHV LVWHQLYt]LyNDWHOYHWLKRJ\D]ËUiVWVDMiWIHOIRJi
VDV]HULQWpUWHOPH]]H
3iOD]WtUMDÄ1HPPLQWKDVDMiWHUĘQNEĘONpSHVHNYROQiQNYD
ODPLWLVNLJRQGROQLPDJXQNUyOKLV]HQNpSHVVpJQN,VWHQWĘOV]iU
PD]LNėWHWWPLQNHWDONDOPDVViDUUDKRJ\D]ÒMV]|YHWVpJV]ROJiL
OHJ\QNQHPDEHWĦpKDQHPD/pOHNp+LV]HQDEHWĦ|OD/pOHN
SHGLJpOWHW´ .RU
$NDWROLNXV(J\Ki]WyOYDOyHOV]DNDGiVW±DV]i]DGLUHIRU
PiFLy N|YHWNH]PpQ\HNpQW±pVDPiLJWDUWyIRO\DPDWRNDW-iQRV
PiUHOĘUHOiWWDDPLNRUD]WPRQGWDÄ.|]OQNNHUOWHNNLGHQHP
WDUWR]WDNN|]pQN+DN|]pQNWDUWR]WDNYROQDN|]WQNLVPDUDGWDN
YROQD5DMWXNNHOOHWWQ\LOYiQYDOyYiOHQQLHKRJ\QHPPLQGQ\iMDQ
WDUWR]QDNN|]pQN´ -Q
-p]XVNpUL$W\MiWÄ6]HQW$W\iPWDUWVGPHJĘNHWQHYHGEHQDPH
O\HWQHNHPDGWiOKRJ\HJ\HNOHJ\HQHNPLQWPL´ -Q
/XWKHUSHGLJPHJRV]WMDDNHUHV]WpQ\VpJHWWDQtWiVDWHOMHVDQDU
FKLD7pWHOHtJ\KDQJ]LNÄ$NLPHJNHUHV]WHONHGLNSDSSVS|NpV
SiSDLVHJ\EHQ´7DQtWiViQDNN|YHWNH]PpQ\HLD]~MNHUHV]WpQ\N|
]|VVpJHNpVV]HNWiNV]i]DLD]HJpV]YLOiJRQ


/XWKHUWHROyJLiMD
$UHIRUPiFLyNpWFVDWDNLiOWiVDtJ\KDQJ]RWW
Ä6ROD¿GH´pVÄ6RODVFULSWXUD´
$UHIRUPiFLyLGHMpQDSURWHVWiQVRNHOV]DNDGiViWH]DNpWDODS
HOYKDWiUR]WDPHJ
 6ROD¿GH±D]D]HJ\HGODKLWLJD]ROPLQNHW ,VWHQHOĘWW 
 6RODVFULSWXUD±$]ËUiVD]HJ\HWOHQWHNLQWpO\HJ\HGOD%LE
OLDQLQFVSiSDQLQFVHQHN]VLQDWRNpVQLQFVHQHNDUyPDLND
WROLNXV(J\Ki]KDJ\RPiQ\DL
$ UyPDLNDWROLNXV (J\Ki] D Ä6ROD ¿GH´ HOOHQNH]ĘMpW WDQtWMD
KLWUHpVMyFVHOHNHGHWHNUHYDQV]NVpJ
$ SURWHVWiQV Ä6ROD VFULSWXUiYDO´ V]HPEHQ D UyPDLNDWROLNXV
(J\Ki]D]WPRQGMDÄ$](J\Ki]DODSMDDSiSDD]VLQDWRNDWUDGt
FLyNpVDKDJ\RPiQ\RNSOXV]D]ËUiV
$]DWDQtWiVKRJ\D]HPEHULJD]]iYiOiVDWHWWHNQpONOD]D]My
FVHOHNHGHWHNQpONOFVDNDKLWiOWDOLVPHJW|UWpQLNDOXWKHULpVD]
HJpV]UHIRUPiFLyOHJIRQWRVDEEUpV]HOHV]/XWKHUGH.iOYLQLVUD
JDV]NRGLNDKKR]KRJ\DUyPDLNDWROLNXV(J\Ki]]DOYDOyNDSFVR
ODWDÄ6ROD¿GH´SURWHVWiQVDODSWpWHOHQiOOYDJ\EXNLN0LYHOĘND
Ä6ROD¿GH´PHJJ\Ę]ĘGpVHQYROWDNWHKiWEXNRWW
/XWKHUQHPDKtYĘNMyFVHOHNHGHWHLWYHWHWWHHOKDQHPDQQDNKD
WiViWD]|U|NpOHWUH$MyFVHOHNHGHWHNQHPWHV]QHNLJD]]iGHDKLW
EĘOV]iUPD]QDN
3iO OHYHOpQHN PHJIHOHOĘ KHO\pW OHIRUGtWRWWD /XWKHU DPLNRU D
%LEOLiWIRUGtWRWWD(]tJ\KDQJ]LNÄ0LXJ\DQLVD]WYDOOMXNKRJ\
D]HPEHU HJ\HGO DW|UYpQ\WHWWHLWĘOIJJHWOHQODKLWiOWDOLJD]XO
PHJ´ 5yP

+RJ\ Q\RPDWpNRVVi WHJ\H D Ä6ROD ¿GH´W /XWKHUD] HJ\HGO
V]yW PDJD WHWWHEHOH XWiQDOHKHW Qp]QL (]]HO/XWKHUELEOLD ±pV
RNLUDW KDPLVtWiVW KDMWRWW YpJUH PHUW 3iO D] ÄHJ\HGO´ V]yW QHP
KDV]QiOWDPLYHODMyFVHOHNHGHWHNV]NVpJHVVpJHQHPYROWYLWDWRWW
V]LQWpQEL]RQ\tWRWWDQV]NVpJHVYROWD]HPEHUGY|]OpVHV]HP
SRQWMiEyO
$]HYDQJpOLNXVHJ\Ki]OXWKHULELEOLiMiEDQPDLVROYDVKDWyD]
ÄHJ\HGO´V]y
1pPHWRUV]iJEDQ D] HJ\VpJHV UyPDLNDWROLNXV pV HYDQJpOLNXV
ELEOLDIRUGtWiVEDQ D] HYDQJpOLNXV HJ\Ki]]DO HJ\HWpUWpVEHQ PiU
QHPWDOiOKDWyPHJD]HJ\HGOV]y
/XWKHUDNLMREEDQDNDUWHQJHGHOPHVNHGQLD6]HQWtUiVQDNPLQW
D UyPDLNDWROLNXV (J\Ki]QDN D 6]HQWtUiV IRQWRV PRQGDQLYDOyLW
DPHO\HND6ROD¿GHHOYHOOHQV]yOQDNPHOOĘ]L$6]HQWtUiVQDNDU
UyODNLMHOHQWpVpUĘOVHPYHV]WXGRPiVWDPHO\HJ\pUWHOPĦHQDND
WROLNXV(J\Ki]PHOOHWWV]yOKRJ\D]LJD]]iYiOiVDKLWpVDMyFVH
OHNHGHWHNiOWDOOHKHWVpJHV
6]HQW 3iO D]W PRQGMD Ä/HJ\HQ EiU SUyIpWiOy WHKHWVpJHP ,V
PHUMHPEiUD]|VV]HVWLWNRNDWpVPLQGHQWXGRPiQ\W/HJ\HQDNNR
UDKLWHPKRJ\KHJ\HNHWPR]JDVVDN+DV]HUHWHWQLQFVEHQQHP0LW
VHPpUHN´ .RU
6]HQW-DNDEDOHYHOpEHQNLKDQJV~O\R]]DÄ8J\DQtJ\YDQDKLW
WHO LV KD QLQFVHQHN FVHOHNHGHWHL |QPDJiEDQ KROW´ -DN  
6]HQW -DNDE DSRVWROQDN H]W D NLMHOHQWpVpW /XWKHU |QKDWDOP~DQ 
ÄHJ\V]DOPDOHYpOQHN´QHYH]LpVHOXWDVtWMD$Ä6ROD¿GH´HOYDODS
MiEDQYpYHD](YDQJpOLXPHOOHQV]yO

$]LJD]]iOHQQLWDQtWiVYDOyGLMHOHQWpVH
+RJ\ NHOO WHKiW 3iO NLMHOHQWpVpW pUWHQL DPLNRU D]W PRQGMD Ä0L
XJ\DQLVD]WYDOOMXNKRJ\D]HPEHUDW|UYpQ\WHWWHLWĘOIJJHWOHQOD
KLWiOWDOLJD]XOPHJ´ 5yP

(OVĘUH~J\WĦQLNKRJ\3iOD]WPRQGWDKRJ\D]HPEHUDKLWiOWDO
LJD]]iYiOLNIJJHWOHQODW|UYpQ\V]HULQWLWHWWHNWĘO$]ËUiVWRYiE
ELNLMHOHQWpVHLEHQD]DSRVWRORNpVD](YDQJpOLXPYLOiJRVViWHV]LN
DPLQWPiUNRUiEEDQLVV]yYROWUyODKRJ\DWHWWHNLVV]NVpJHVHN
DKKR]KRJ\LJD]DNNiOHJ\QN
3iODUUDDGYiODV]WDPLWĘD]HPEHULJD]]iYiOiViUyOPRQGRWW
Ä+LV]HQNHJ\HOHPEĘOGY|]OWHWHNDKLWiOWDOVH]QHPDPDJD
WRNpUGHPHKDQHP,VWHQDMiQGpND1HPWHWWHLWHNQHNN|V]|QKHWLWHN
KRJ\VHQNLVHGLFVHNHGKHVVpN$]ĘDONRWiVDYDJ\XQN.ULV]WXV-p
]XVEDQMyWHWWHNUHWHUHPWHWWPLQNHWPHO\HNHW,VWHQHOĘUHHOUHQGHOW
KRJ\EHQQNpOMQN´ (I
,WW3iOYLOiJRVViWHV]LKRJ\DQNHOOpUWHQLYDOyMiEDQD]LJD]]i
YiOiVW
(]DNLMHOHQWpVUiPXWDWDUUDKRJ\DKLWD],VWHQDMiQGpNDQHP
WHWWHLQNN|YHWNH]PpQ\HKRJ\QHGLFVHNHGKHVVQNKDQHPNpSHV
VpWHV]PLQNHWDUUDKRJ\MyWFVHOHNHGMQN H]V]NVpJHV DPLW,V
WHQV]iPXQNUDPiUHOĘUHHONpV]tWHWW
$KLWWHKiWPLQGNHWWĘ,VWHQDMiQGpNDpVDNHJ\HOHPUHDGRWWYi
ODV]YDJ\LVDMyFVHOHNHGHW(EEĘOLVOiWV]LNKRJ\DNDWROLNXV(J\
Ki]QDNYDQLJD]DD]LJD]]iYiOiVWDQtWiViEDQKRJ\D]HPEHUQHN
D]GY|VVpJKH]V]NVpJHVDKLWpVDMyFVHOHNHGHW$6ROD¿GHQHP
IHOHOPHJD%LEOLiQDN
6]HQW 3iO HJ\HWOHQ KHO\HQ VHP PRQGMD KRJ\ HJ\HGO D KLWUH
YDQV]NVpJ

6RODVFULSWXUD
$UHIRUPiFLyPiVLNFVDWDNLiOWiVDDÄ6RODVFULSWXUD´YROW(]D]WMH
OHQWLKRJ\DKLWLJD]ViJHJ\HWOHQLUiQ\PXWDWyMDFVDND%LEOLD
/XWKHU -p]XVQDN D 3pWHUKH] LQWp]HWW V]DYDLW ~J\ PDJ\DUi]WD
KRJ\ D] FVDN 3pWHUUH YRQDWNR]LN pV D 3pWHUL KLYDWDOXWyGMDLUD D

SiSiNUDQHPÄ7H3pWHUYDJ\(UUHDV]LNOiUDpStWHP(J\Ki]DPDW
pVDSRNRONDSXLQHPYHV]QHNHUĘWUDMWD´ 0W 1HNLQHP
V]iPtWRWWDND](J\Ki]]VLQDWDLWUDGtFLyMDpVKDJ\RPiQ\DLpVD]
(J\Ki]$NDWROLNXV(J\Ki]V]HULQWHD]HPEHUHNiOWDOOpWUHKR]RWW
PĦYROWH]pUWWHNLQWpO\QpONOLpVWDQDLIpOUHYH]HWQHN
/XWKHUQHNDSiSDYROWD]$QWLNULV]WXVD](J\Ki]D]HPEHUHN
PĦYH pV -p]XV V]DYDL FVDN 6LPRQQDN V]yOWDN Ä7H 3pWHU YDJ\
(UUHDV]LNOiUDpStWHP(J\Ki]DPDWpVDSRNRONDSXLQHPYHV]QHN
HUĘWUDMWD´ 0W
$]HOĘ]ĘROGDODNRQOHtUWDNEyOPiUYLOiJRVDQOiWKDWWXNKRJ\H]
QHPFVDNHJ\HGO 3pWHUUH YRQDWNR]LN KDQHPD PLQGHQNRUL (J\
Ki]UD3pWHUPLQGHQXWyGMiUDDSiSiNUDSVS|N|NUHD]LGĘNYp
JpLJ


$%LEOLD
$]ÒMV]|YHWVpJN|Q\YHPHOOHWWVRNPiVN|Q\YYDQDPLWLQV
SLUiOyQDN WDUWRWWDN PLQW +HUPD SiV]WRUiW D]$FWD 3DXOLW YDJ\
D %DUQDEiVOHYHOHW 9ROWDN DSRNULI HYDQJpOLXPRN QDJ\UpV]W HJ\
YDJ\NpWpYV]i]DGGDODQpJ\(YDQJpOLXPXWiQNHOHWNH]WHNPLQW
D]~Q7DPiV)O|SpV3pWHU(YDQJpOLXPRNVWE9pJOPLQGHJ\L
NHWHOYHWHWWpNPHUWKHO\HQNpQWHOOHQWPRQGWDND](YDQJpOLXPOp
Q\HJpQHNpV-p]XVWDQtWiViQDN$]DSRNULIHNUĘOEHV]pOQLPRVWQHP
FpOMDHQQHNDN|Q\YQHN
$]HOVĘKiURPpYV]i]DGEDQD](J\Ki]QDNpVWDJMDLQDNVRNYp
UHVOG|]WHWpVWNHOOHWWHOV]HQYHGQLH+DWDOPDVHOOHQVpJHNNHOV]HP
EHQNHOOHWWKHO\WiOOQLDDUyPDLDNNDODPRKDPHGiQRNNDOVWE+HO\W
NHOOHWWiOOQLDWpYWDQRNiUDGDWiEDQSODULDQL]PXVJQRV]WLFL]PXV
pV VRN PiV V]HNWiYDO V]HPEHQ YpGHNH]QLN NHOOHWW KRJ\ D KLWHW
PLQGDPDLQDSLJPHJĘUL]]pN
0LYHODSURWHVWiQVRNDSiSiWpVD]VLQDWRNDWWpYHVQHNWDUWRWWiN
pVHOYHWHWWpNKRJ\DQWXGWDDSiSDpVD+LSSyLpV.DUWKDJyL=VLQDW
D]ÒMV]|YHWVpJN|Q\YpQHNNLYiODV]WiViWPHJKDWiUR]QLPHO\HW
DSURWHVWiQVRNLV,VWHQV]DYiQDNWDUWDQDN"(]HQNtYODPLNRU,V
WHQLQVSLUiOWDDQpJ\HYDQJpOLVWiWKRJ\OHtUMiN,VWHQLJD]V]DYiW
pV6]HQWOHONHiOWDOYH]HWWH+LSSRpV.DUWKDJRNpW]VLQDWiWKRJ\D
SiSiYDOHJ\HWpUWpVEHQPHJKDWiUR]]DD]ÒMV]|YHWVpJN|Q\YpW
PLQW,VWHQYDOyGLV]DYiWDNNRUORJLNXVKRJ\D]XWyGRNNDODSi
SiNNDOpVD]VLQDWRNNDOLVXJ\DQD]WWHWWHPLYHOHOĘUHOiWWDDSURWHV
WDQWL]PXVQDNpVDV]HNWDNpS]ĘGpVHNQHND]DQDUFKLiMiWYDODPLQWD
QDJ\|VV]HYLVV]DViJ|QIHMĦtUiVPDJ\DUi]DWiQDNWHOMHVN|UpW"
/XWKHUUD MHOOHP]Ę KRJ\ D Ä6ROD ¿GH´ IHOIRJiV DODSMiQ FVDN
HJ\HGODKLWMyFVHOHNHGHWHNQpONO PHO\HOOHQWpWEHQiOO6]HQW
3iOpVD](YDQJpOLXPWRYiEELPRQGDQLYDOyMiYDO DPHO\DUUyOV]yO
KRJ\D]GY|VVpJKH]DMyFVHOHNHGHWHNLVV]NVpJHVHN YDODPLQW
6]HQW-DNDEOHYHOpYHO -DN DPHO\EHQD]DSRVWROYLOiJRVDQ

pVIpOUHpUWKHWHWOHQONLPRQGMDKRJ\ÄDKLWMyFVHOHNHGHWQpONOKD
ORWW´OHEHFVOHJ\DSRNULIOHYHOHWpV~J\YpOLKRJ\D]WD]ÒMV]|
YHWVpJNiQRQMiEyOHONHOOHQHWiYROtWDQL
(J\pENpQWD] ÒMV]|YHWVpJQpKiQ\ PiVtUiViUyOLVXJ\DQLO\HQ
YpOHPpQ\HQYROW
$NDWROLNXV(J\Ki]WDQDLQDND]HOYHWpVHpVD]DNXOFVV]yKRJ\
FVDND%LEOLDOHOHSOH]L/XWKHUWPHUWHOOHQWpWHVD%LEOLiYDO

3iSD(J\Ki]KDJ\RPiQ\RNpVWUDGtFLyN
/XWKHUHOYHWHWWHDSiSiWpVD](J\Ki]DWPHUWV]HULQWHHPEHUHNWD
OiOWiNNLpVXJ\DQ~J\PHOOĘ]WHDKDJ\RPiQ\RNDWpVWUDGtFLyNDWLV
0LQWHPOtWHWWNV]iPiUDFVDND%LEOLDYROWD]HJ\HWOHQWHNLQWpO\
DÄ6RODVFULSWXUD´
$%LEOLDVHPPLHVHWUHVHPD]HJ\HWOHQWHNLQWpO\$6]HQWtUiV
LJD]ROMDDNDWROLNXV(J\Ki]WDQtWiViWKRJ\ËUiVSOXV](J\Ki]WUD
GtFLypVKDJ\RPiQ\$]ËUiVH]WYLOiJRVDQpVIpOUHpUWKHWHWOHQONL
IHMH]pVUHMXWWDWMD$]LJD]ViJD](J\Ki]EDQWDOiOKDWyPHJ
3iOtUMD7LPyWHXVQDNÄ+DNpVQpPLVWXGGKRJ\DQNHOOYLVHO
NHGQHGD],VWHQKi]iEDQPHO\D]pOĘ,VWHQHJ\Ki]DVD]LJD]ViJ
RV]ORSDpVEL]WRVDODSMD´ 7LP
$%LEOLDVRNKHO\HQPRQGMDKRJ\,VWHQPpUYDGyV]DYDD](J\
Ki]EDQ WDOiOKDWy D WUDGtFLyEDQ SUpGLNiFLyEDQ pV D WDQtWiVEDQ
DKRJ\LWWN|YHWNH]LN
Ä/HJ\HWHNWHKiWiOOKDWDWRVDNWHVWYpUHNpVUDJDV]NRGMDWRNDKD
J\RPiQ\RNKR]DPHO\HNHWDNiUHOĘV]yYDODNiUOHYHOQNEĘOWDQXO
WDWRN´ 7HVV]
ÄD] ÒU LJpMH |U|NNp PHJPDUDG (] SHGLJ D] D] LJH DPHO\HW
QHNWHNKLUGHWWHN´ 3W
$](J\Ki]QHPHPEHUDONRWiVDDKRJ\/XWKHUiOOtWRWWDKDQHP
PLQW3iONLIHMH]ĘHQLJD]ROMDD]pOĘ,VWHQ(J\Ki]DD]LJD]ViJRV]

ORSDpVDODSMD$WUDGtFLyEyOpVDKDJ\RPiQ\EyOpO$KLWWHNLQWpO\H
QHPD6RODVFULSWXUDKDQHPD%LEOLDpVDNDWROLNXV(J\Ki]
(J\pENpQW/XWKHUKDOiODHOĘWWQpKiQ\pYYHOD]WPRQGWDKRJ\
QHPVRNiUDPiUQHPOHV]SiSD0LQWWXGMXNQDJ\RQPHOOpIRJRWW
/XWKHU QDJ\RQ pOHVHQ EtUiOMD D NDWROLNXV (J\Ki]QDN D]W D WD
QtWiViW KRJ\ D V]HQWPLVH DODWW D NHQ\pU pV ERU iWYiOWR]LN -p]XV
.ULV]WXVWHVWpYppVYpUpYpDIHOV]HQWHOWD]DSRVWROLIRO\DPDWRVViJ
EDQiOOySDSN|]UHPĦN|GpVpYHOpVD]WiOOtWMDÄ9HGGpVPiUHOIR
J\DV]WRWWDG´
6]HULQWHDYpWHOSLOODQDWiEDQDNHQ\pUpVERU-p]XVWHVWHpVYpUH
$]~UYDFVRUDXWiQDPDUDGpNNHQ\pUpVERUPiUQHP-p]XVWHVWHpV
YpUH H]pUWIRUGXOHOĘKRJ\~UYDFVRUDXWiQQHPNH]HOLNDNHQ\HUHW
pVERUWWLV]WHOHWWHOMHVHQ 
$NDWROLNXVSDSiOWDOiWYiOWR]WDWRWWNHQ\pUpVERUWRYiEEUDLV-p
]XVWHVWHpVYpUHPDUDGVRNFVRGDLVLJD]ROMDPLQWSpOGiXODWX
GRPiQ\RVDQLVEL]RQ\tWRWWODQFLDQRLRVW\DFVRGD$]RVW\DpVERU
PHO\K~VVipVYpUUpYiOWR]RWWPpJPDLVpYYHONpVĘEELVpS
PDUDGWËJ\PDWXGRPiQ\RVDQLVLJD]ROKDWyKRJ\/XWKHU0iUWRQ
pVN|YHWĘL WHROyJLiMDHJ\NLWDOiOWWHyULDDPHO\PLQGHQiURQPiV
DNDUWOHQQLPLQWDNDWROLNXV(J\Ki]WDQtWiVD
$NDWROLNXV(J\Ki]EDQW|UWpQWVRNRVW\DFVRGiYDO /RXUGHVLV 
D]ÒUMHOHNHWKDJ\RWWDNHUHV]WpQ\W|UWpQHOHPKLWHWOHQ7DPiVDLQDN
PHO\HNKLWNLHJpV]tWĘND]RO\DQRNV]iPiUDDNLNQHNHUUHV]NVp
JNYDQYDJ\pUGHNOĘGQHNH]LUiQW
7HUPpV]HWHVHQ D] HYDQJpOLNXV KLWN|]|VVpJHNEHQ QLQFV RVW\D
FVRGDPLYHOVHQNLVLQFVDNLQHNKDWDOPDOHQQHDKLiQ\]yDSRVWR
OLIRO\DPDWRVViJPLDWWDNHQ\HUHWpVERUW-p]XVWHVWpYppVYpUpYp
YiOWR]WDWQLËJ\D]HYDQJpOLNXV~UYDFVRUDOHJMREEHVHWEHQLVFVDN
HJ\V]LPEyOXPOHKHWD]XWROVyYDFVRUDHPOpNpUH
/XWKHUELEOLDPDJ\DUi]DWiQDNpVWHyULiMiQDNORJLNXVN|YHWNH]
PpQ\HDQDSLiOGR]DWPHJtWpOpVpEHQpVHOWpYHO\HGpVpEHQFV~FVR

VRGLNNL$](YDQJpOLXPV]yV]HULQWLpUWHOPH]pVpYHO/XWKHURGiLJ
PHQWKRJ\D]VLGyNQDNtUWOHYHOHWYDOyEDQV]yV]HULQWpUWHOPH]L
Ä$PLQWD]DUHQGHONH]pVKRJ\D]HPEHUHJ\V]HUKDOMRQPHJVXWi
QDD]tWpOHWN|YHWNH]]pN~J\.ULV]WXVLVHJ\V]HUiOGR]WDI|OPDJiW
KRJ\HOYHJ\HVRNDNEĦQpW´ =VLG
/XWKHUHEEĘODUUDDN|YHWNH]WHWpVUHMXWRWWKRJ\DV]HQWPLVHiO
GR]DWERU]DORPpVÄiWNR]RWWEiOYiQ\LPiGiV´pVPHJV]QWHWWHD
QDSLV]HQWPLVpW(]]HOĘNH]GWHHOD]WDURPEROiVWDPLWD]$QWL
NULV]WXVD]XWROVyLGĘEHQIHMH]EHKDYLOiJXUDOPDDODWWDNDWROLNXV
(J\Ki]EDQDQDSLV]HQWPLVHiOGR]DWRWPHJV]ĦQWHWLpVYpUHVOG|
]pVVHOEQWHWL
$]HYDQJpOLNXVSURWHVWiQV~UYDFVRUDPiUDNEpYYHOH]
HOĘWWPHJV]QWHWHWWQDSLiOGR]DW(]DUHIRUPiFLyEDQPiUHOĘUHHO
N|YHWHWWURPEROiV
1HPRNQpONOKR]WDQ\LOYiQRVViJUD,,-iQRV3iOSiSD
EDQD]Ä(XFKDULV]WLD´FtPĦHQFLNOLNiW eVQHPYpOHWOHQOPpJ D
EHUOLQLHOVĘ|NXPHQLNXVHJ\Ki]LQDSHOĘWW+DLJD]D6SLHJHON|U
NpUGpVpQHNHUHGPpQ\HKRJ\DNDWROLNXVRNDWiPRJDWMDDN|
]|V~UYDFVRUiWD]HYDQJpOLNXVRNNDODNNRUOiWKDWMXNKRJ\W|WWD]
yUD
(QQHNWXGDWiEDQDN|]|V~UYDFVRUDLJpQ\pWD]RNWyODNLNNLWDU
WyDQPLQGHQDONDORPPDOQ\LOYiQRVViJUDKR]]iNPiVPHJYLOiJt
WiVEDQNHOOOiWQL
Ä(]pUW D] LGĘ SDUDQFVD PLQGHQHNHOĘWW HJ\ ªOHONL |NXPHQL]
PXV©´LJpQ\HDPHO\DODWW-RKQ+HQU\1HZPDQNO|Q|VHQDªND
WROLNXVRNpSOpVpWpVHUĘV|GpVpW©pUWL´ /HR6FKHIIF]\NNDUGLQi
OLVÄ0DJDEL]WRVKLW±PHJPHQWHWWLJD]ViJ´ROGDO


$QpPHW|NXPHQL]PXV
1pPHWRUV]iJDV]i]DGEDQDUHIRUPiFLyDQ\DRUV]iJD±D]HJ\
Ki]V]DNDGiVPRWRUMDYROW+DWiViUDD]XWiQ~MNHUHV]WpQ\N|]|VVp
JHNpVV]HNWiNV]i]DLNHOHWNH]WHNDPHO\HN5yPiWyO±DSiSiWyOpV
DWDQtWyKLYDWDOWyO±OHYiOWDNpVVDMiWKLWHONpS]HOpVVHOJ\DNRUROWiN
DYDOOiVW
0iV NHUHV]WpQ\QHP]HWHNNHO V]HPEHQ1pPHWRUV]iJEDQD NH
UHV]WpQ\HNKHO\]HWHHJ\HGL
$MHOHQOHJLVWDWLV]WLNDLDGDWRNV]HULQWD PLOOLyODNRVEyO
PLOOLyHYDQJpOLNXVpVPLOOLyNDWROLNXVpOD]RUV]iJEDQ(]QDJ\
MiEyOD]RQRVDUiQ\
$ NDWROLNXV pV HYDQJpOLNXV YDOOiVRN NHYHUHGpVH D Ki]DVViJN|
WpVHN UpYpQ MHOHQWĘVHQ PHJV]DSRURGRWW DPHO\ D YDOOiVRN NO|Q|V
HJ\PiVKR]N|]HOHGpVpWLVMHOHQWLDPLPDQDSViJKLUGHWHWWWROHUDQ
FLDpVYDOOiVRNN|]WLHJ\HQOĘVpJJRQGRODWDWRYiEEHUĘVtW(PLDWWD]
|NXPHQL]PXVLVQDJ\REEV]HUHSHWMiWV]LNLWWPLQWPiVKRODYLOiJRQ
1pPHWRUV]iJDV]i]DGEDQD]HJ\Ki]V]DNDGiVPRWRUMDYROW
pVQDJ\RQYDOyV]tQĦKRJ\D]XWROVyQDJ\V]DNDGiVPRWRUMDLVOHV]
DPLNRUDQpPHWNDWROLNXVRN DOHJW|EE OHYiOQDN5yPiWyODSiSi
WyOpVDWDQtWyKLYDWDOWyO
(EEHQD]RUV]iJEDQPiUQDJ\RQHOĘUHKDODGRWWDND]HOĘNpV]
OHWHNDPiUOHtUWKDPLVHJ\Ki]pVKDPLV.ULV]WXVV]iPiUD$]LV
NHGYH]ĘHQ KDW KRJ\ D PDL JHQHUiFLy NDWROLNXVDLQDN QDJ\ UpV]H
PiUQHPLVPHULDKLWpVDODSLJD]ViJRNDW
(]DKHO\]HWYH]HWHWWDDVDN|]|V~UYDFVRUiYDONDSFVROD
WRVN|UNpUGpVHUHGPpQ\pKH]LV
6]|UQ\ĦDODSNpV]ODVLNHUHV|NXPHQL]PXVKR]
0HJOHSĘKDYpJLJJRQGROMXNKRJ\DQDJ\HJ\Ki]pVLVWHQHOOH
QHVKDWDOPDN1pPHWRUV]iJEyOLQGXOWDNNL

  ±(O5yPiWyO±HJ\HGOD%LEOLD
  5HIRUPiFLy1pPHWRUV]iJEDQ
  (OV]DNDGiV5yPiWyO
  ±(OD%LEOLiWyO±HJ\HGOD]pV]
  $IHOYLOiJRVRGiVNH]GHWH
  $ORQGRQLQDJ\SiKRO\DODStWiVDM~QLXV
  ±$NpWYDGiOODWV]OHWpVH -HO 
  DV]DEDGNĘPĦYHVHN
0HJMHJ\H]KHWMNKRJ\DORQGRQLQDJ\SiKRO\WD]DQJRORNDOD
StWRWWiN(]LJD]'H¿J\HOHPEHNHOOYHQQLDN|YHWNH]ĘNHWLV
M~OLXVDZLOKHOPVEDGLNRQJUHVV]XVRQV]|YHWVpJHWN|
W|WWHND]LOOXPLQiWXVRNpVDV]DEDGNĘPĦYHVHN
$] LOOXPLQiWXV UHQGHW  PiMXV HOVHMpQ 'U $GDP
:HLVVKDXSWD]LQJROVWDGWLHJ\HWHPNDWROLNXVHJ\Ki]MRJLSURIHV]
V]RUDDODStWRWWD
$] ÄLOOXPLQDWXV´ QpY D /XFLIHU V]yEyO HUHG DPHO\ ÄIpQ\KR
]yW´YDJ\ÄUHQGNtYOLUDJ\RJiVVDOPHJiOGRWWOpQ\W´MHOHQW OiVG,]
 
  ±(O,VWHQWĘO±HJ\HGOD]DQ\DJ
  %ROVHYLNIRUUDGDORP
  $PDU[LVWDNRPPXQL]PXVKDWDORPUDMXWiVD
  2URV]RUV]iJEDQ
  $Y|U|VViUNiQ\V]OHWpVH-HO 
  ±HJ\|NXPHQLNXVHJ\Ki]DODStWiVD
  PLQGHQNHUHV]WpQ\YDOOiVHJ\HVtWpVpYHO
  PHO\KH]DOHJW|EENDWROLNXVLVFVDWODNR]LN
  DÄUyPDL´HOĘWDJHOKDJ\iViYDO$NNRUPDMG
  5yPiKR]DSiSiKR]pVDWDQtWyKLYDWDOKR]
  PiUFVDNDNLVPDUDGpNPDUDGKĦ

±D]iOOyNpS±DV]RERU±EiOYiQ\"
+D D 0DGRQQD D]W PRQGMD EHQ 'RQ *REELQDN DGRWW ]H
QHWpEHQ KRJ\DV]DEDGNĘPĦYHVHN pVYDGiOODW UDHO
IRJMiNpUQLQDJ\FpOMXNDWDKDPLVHJ\Ki]DWpVDKDPLV.ULV]WXVW
EiOYiQ\V]RERU DNNRUNLLQGXOKDWXQNDEEyOKRJ\DWHUYH]pVHOĘ
NpV]OHWHLPiUOH]iUXOWDN$PLPpJKLiQ\]LNDQ\LOYiQRVNLNLiOWiV
LGHMH'HH]QDJ\RQJ\RUVDQHOM|KHWKDDPHJKDWiUR]RWWHVHPp
Q\HNpVD]LGĘSRQWPHJIHOHOĘHN+DPLQGH]PHJW|UWpQLNDNNRUNL
Q\tOLND]DMWyPDJDD]$QWLNULV]WXVV]HPpO\HHOĘWWėD]DNLW3iOD
ÄNiUKR]DW¿iQDN´QHYH]DNLEHKDWRO,VWHQWHPSORPiED 9DWLNiQ 
pV,VWHQQHNDNDUOiWV]DQL 7HVV] 
$NNRU D NLV PDUDGpNQDN D NLV Q\iMQDN QHP OHV] OHKHWĘVpJH
DUUD KRJ\ Q\LOYiQRVDQ UpV]W YHJ\HQ DV]HQWPLVpQpVV]HQWiOGR
]iVKR]MiUXOMRQPLYHOH]WKLYDWDORVDQYLOiJV]HUWH YpUHVHQ OG|
]LN7LORVOHV]DV]HQWPLVH$KDPLV|NXPHQLNXVHJ\Ki]HOLVPH
ULD]$QWLNULV]WXVW OHJDOiEELVNH]GHWEHQ PHUW'iQLHOSUyIpWDD]W
PRQGMDÄ6KDUDJMiWDV]HQWV]|YHWVpJHQW|OWLNL UyPDLNDWROLNXV
(J\Ki]  +D]DIHOp D]RN IHOp IRUGXO ¿J\HOPH DNLN NpV]HQ iOOQDN
UiKRJ\HOKDJ\MiNDV]HQWV]|YHWVpJHW DNLNHOV]DNDGQDNDUyPDL
NDWROLNXV(J\Ki]WyO 0HJMHOHQQHNKDGDLPHJJ\DOi]]iNDV]HQW
VpJHV YiUDW D OHJV]HQWHEE 2OWiULV]HQWVpJ  PHJV]QWHWLN D PLQ
GHQQDSLiOGR]DWRWpVIHOiOOtWMiNDYpV]WKR]yXQGRNViJRW´ 'iQ

$PiVRGLNYDWLNiQL]VLQDWD]|NXPHQL]PXVWYLVV]DIRUGtWKDWDW
ODQQDNtWpOWH
$SUREOpPDPpJLVD]KRJ\VRNQpPHWNDWROLNXVD]|NXPHQL]
PXVPLDWWLWWRWW DOHJV]HQWHEE2OWiULV]HQWVpJOpQ\HJHVNpUGpVpQpO
SpOGiXO YHV]tWDKLWpEĘOYDODPLWVĘWV]HPOpOHWHPLDWWVDMiWPDJDLV
URQWDKHO\]HWHQ7LV]WiEDQYDQQDNHH]HNDKtYĘND]VLQDWLDW\iN
XWDVtWiVDLYDOPHO\tJ\V]yOÄ6HPPLVHPiOOWiYRODEED]|NXPH
QL]PXVWyOPLQWD]DKDPLVPHJEpNpOpVLW|UHNYpVDPHOO\HODND
WROLNXV WDQRN WLV]WDViJD NiUW V]HQYHG pV HUHGHWL YDOyV MHOHQWpVH

HOKRPiO\RVXO´  V] ROG .LV ]VLQDWL Np]LN|Q\Y 5DKQHU
9RUJULPPOHUNLDGiV+HUGHU)UHLEXUJ
,O\HQ V]HPV]|JEĘO HJ\V]HU NULWLNXVDEEDQ XWiQD NpQH Qp]QL D
QpPHW|NXPHQL]PXVHJ\LNMHOV]DYiQDNÄ0HJEpNtWHWWNO|QEVpJ´
DPLWLPDPDORPV]HUĦHQiOODQGyDQVUJHWQHN
$UyPDLNDWROLNXV(J\Ki]HJ\HVtWpVHD]HYDQJpOLNXVpVSURWHV
WiQVJ\OHNH]HWWHODSiSDpVDWDQtWyKLYDWDON|]UHPĦN|GpVpYHOQHP
OHKHWVpJHVpVQHPLVIRJEHN|YHWNH]QLDOpQ\HJHVDODSYHWĘWHROy
JLDLNO|QEVpJHNPLDWW0HJ¿J\HOKHWĘKRJ\5yPDDNHOHWLRUWR
GR[(J\Ki]DNNDOYDOy|NXPHQLNXVW|UHNYpVHNHWWDUWMDHOVĘGOHJHV
QHNPLYHODNO|QYiOiVQDNQLQFVKHUHWLNXV HUHWQHN KiWWHUH$]
XWyEEL WDOiONR]iVRN D] RUWRGR[LD NpSYLVHOĘLYHO ~J\ WĦQLN QDJ\
UHPpQ\HNNHONHFVHJWHWQHN1p]]NHUUHQpKiQ\SpOGiW
ª%pFV ZZZNDWKQHWiSULOLV +LODULRQ$OIHMHY%pFV
pV$XV]WULDRURV]RUWRGR[SVS|NHHJ\LQWHUM~EDQNULWL]iOWDDÄUR
PDQWLNXV|NXPHQL]PXVW´DPHO\UHD 9LOiJHJ\Ki]WDQiFV  W|
UHNV]LN(]WD],QWHUID[KtUJ\Q|NVpJMHOHQWL
(J\EXOJiUPDJD]LQQDOHOOHQWpWEHQ~J\YpOWHH]HND]HV]PpN
ÄQHPpOHWNpSHVHN´-REEOHQQHNLpStWHQLHJ\ELODWHUiOLVpVVWUDWp
JLDLV]|YHWVpJHW$]RUWRGR[HJ\Ki]IĘH]WPLQGHQHNHOĘWWDUyPDL
NDWROLNXVpVD]RUWRGR[(J\Ki]V]|YHWVpJpEHQOiWMD6]yV]HULQWD]W
PRQGWDÄ/iWQXQNNHOOKRJ\D]RUWRGR[pVDNDWROLNXVKLWPiUQHP
ULYiOLVRN6]|YHWVpJHVHNYDJ\XQN$ULYDOL]iOiVVDO|U|NUHIHONHOO
KDJ\QL+DH]WPHJpUWMNDWpUtWpVVHOLVIHOKDJ\XQN$SURWHVWiQ
VRNDNHUHV]WpQ\VpJQHNN|QQ\HEE OLJKW YHU]LyMiWIHMOHV]WHWWpNNL
PHO\DSRVWROLV]XNFHVV]LyV]HQWVpJHNGRJPDWLNXVWDQRNNHUHV]
WpQ\HUN|OFVLQRUPiNQpONOWHYpNHQ\NHGLN´±PRQGMD
eYV]i]DGRVEĦQ|NHWQHPFVDNQHPYHV]QHNpV]UHKDQHPPpJ
SiUWROMiNLV6]yV]HULQWtJ\PRQGWD+LODULRQSiWULiUNDÄ+DDNH
UHV]WpQ\N|]|VVpJHNNH]GLNPHJYiOWR]WDWQLDNHUHV]WpQ\VpJWHROy
JLDLYDJ\PRUiOLVWDQDLWPRGHUQQpSROLWLNDLODJNRUUHNWWpDNDUMiN
WHQQLH]N|]YHWOHQ~WOHQQHDV]HOOHPLKDOiOKR]«´©

6]HPEHWĦQĘN 5yPD HUĘIHV]tWpVHL D ]VLGyN LUiQ\iED *RQGRO
MXQN FVDN ,, -iQRV 3iO SiSD EHQ WHWW L]UDHOL OiWRJDWiViUD
YDJ\DPLNRU;9,%HQHGHNSiSDDEHQUHQGH]HWWN|OQLYL
OiJLIM~ViJLWDOiONR]yLGHMpQHOOiWRJDWRWWD]VLQDJyJiED
$ YLOiJ KHO\]HWpQHN M|YHQGĘ GUiPDL DODNXOiVD D ]VLGyViJQiO
G|QWĘYiOWR]iVRNDWKR]$]VLGyNDKRJ\D-HOHQpVHNN|Q\YpEHQ
iOOYLVV]DWpUQHND]ÒMpVgU|NV]|YHWVpJEH.ULV]WXV(J\Ki]iED
3iO tJ\ M|YHQG|OL H]W PHJ Ä1HP V]HUHWQpP WHVWYpUHN KRJ\
WiMpNR]DWODQRNPDUDGMDWRNHWLWRNGROJiEDQKRJ\E|OFVHNQHNQH
NpS]HOMpWHNPDJDWRNDW$YDNViJFVDNUpV]EHQYHUL,]UDHOWPtJD
SRJiQ\RNWHOMHVV]iPEDQPHJQHPWpUQHN$NNRUPDMGHJpV],]UDHO
GY|]O«´ 5yP
'iQLHOSUyIpWDtJ\tUÄ$EEDQD]LGĘEHQIHONHOD]RQEDQ0LKiO\
DQDJ\IHMHGHOHPQpSHG¿DLQDNROWDOPD]yMDpVRO\DQLGĘM|QDPL
O\HQDQHP]HWHNNHOHWNH]pVHyWDDGGLJD]LGĘLJPpJQHPYROW$E
EDQD]LGĘEHQPHJV]DEDGXOQpSHGEĘOPLQGHQNLDNLEHYDQtUYDD
N|Q\YEH´ 'iQ

$SOpEiQRV~UUDOV]HPEHQDSUHOiWXV~U
$ N|YHWNH]Ę ROGDODN D] |NXPHQL]PXV YDOyGL SUREOpPiLW WiUMiN
HOpQN$NDWROLNXVSDS.RQUDG6WHUQLQJHUDPDL|NXPHQL]PXVPHJ
tWpOpVpEHQEiWRUpVEL]WRVWDQ~MDD]LJD]LNDWROLNXViOOiVSRQWQDNpV
EiWUDQ NLPRQGMD D] |NXPHQL]PXV J\HQJpLW$ PiVLN ROGDORQ HJ\
SUHOiWXVYDQDNLOiWV]yODJPLQGHQWUHQGEHQWDOiO$N|YHWNH]ĘLQWHU
M~EHV]iPROyWDZZZNDWKQHWLQWHUQHWHV~MViJEyOYHWWHP

Ä$]LJD]ViJNpUGpVHLWQHPOHKHW
DV]HUHWHWSDOiVWMDDODWWNLERQWDQL´
ª$VWiMHUSDS.RQUDG6WHUQLQJHUiOOiVIRJODOiVDD]|NXPHQL]PXV
NpUGpVHLUĘO±DNDWROLNXVKLWpVDSURWHVWDQWL]PXVN|]|WWiWKiJKD
WDWODQV]DNDGpNWiWRQJ

.DWKQHW$]|NXPHQL]PXVUyOV]yOyEHV]iPROypVD]|QNLMH
OHQWpVHLQDJ\YLKDUWNDYDUWDN6]iPtWRWWUi"
6WHUQLQJHU,JHQDKRJ\OiWRPpVROYDVRP~J\KDOORWWDPVRN
KR]]iV]yOyYROWSR]LWtYpVNULWLNXVLVHJpV]HQDYLVV]DXWDVtWiVLJ
(]YiUKDWyYROW'HDVRNHJ\HWpUWĘQ\LODWNR]DWPHJPXWDWWDQHNHP
KRJ\VRNNDWROLNXVQDJ\RQEL]RQ\WDODQDPDRO\J\DNRUL|NXPH
QL]PXVVDO NDSFVRODWEDQ /HONLJRQGR]yL J\DNRUODWRPEyO WXGRP
KRJ\VRNRO\DQNDWROLNXVYDQDNLWLV]WDpVYLOiJRVYiODV]WYiUD]
LJD]KLWD]LJD]L(J\Ki]pVD]LJD]LYDOOiVNpUGpVpUH(UUHDYiODV]
HJ\QHNQNDMiQGpNR]RWW.ULV]WXViOWDONLQ\LOYiQtWRWWLJD]ViJDPLW
QHPOHKHWIHOKtJtWDQLYDJ\HOWDNDUQLD]HJ\HWOHQLJD]YDOOiVDND
WROLNXVYDOOiVpVD]HJ\HWOHQ.ULV]WXViOWDODODStWRWW(J\Ki]D]HJ\
V]HQWNDWROLNXVpVDSRVWROL(J\Ki]DKRJ\D+LV]HNHJ\EHQYDOOMXN
.DWKQHW(J\HVNULWLNXVRND]WiOOtWMiNKRJ\D]|QYpOHPpQ\H
QLQFV|VV]KDQJEDQDPiVRGLNYDWLNiQL]VLQDWWDQtWiViYDO0LWV]yO
HKKH]"
6WHUQLQJHU$ IHQWHPOtWHWWPRQGDWLV D](J\Ki] WDQD+DD]
85  8ULWDWLV UHGLQWHJUDWLR +DWiUR]DW D] |NXPHQL]PXVUyO  
V]i]DGL ]VLQDWL GHNUpWXPEDQ D ÄNHUHV]WpQ\HNQHN .ULV]WXV HJ\HW
OHQ(J\Ki]iEDYDOy~MUDHJ\HVtWpVpUĘO´YDQV]yDNNRUH]]HODQp
]HWHPPHOKRJ\D]HOV]DNDGWNHUHV]WpQ\HNQHNHJ\DW\DLKi]EDNHOO
YLVV]DWpUQLND]VLQDWWDODMiQiOORN$NDWROLNXV(J\Ki].ULV]WXV
HJ\HWOHQ(J\Ki]D$]/* /XPHQ*HQWLXP ]VLQDWLGHNUpWXP
EDQ D ]VLQDW Ä.ULV]WXV HJ\HWOHQ (J\Ki]iUyO´ EHV]pO (] QHP MH
OHQWPiVWPLQWDNDWROLNXV(J\Ki]DWpVFVDNH].ULV]WXV(J\Ki]D
1HPNDWROLNXVRNNDO LV IRO\WDWRN SiUEHV]pGHW GH PLQGLJ D]]DO D
FpOODOpVYiJJ\DOKRJ\DNLYiOWDNYLVV]DWpUMHQHND]DW\DLKi]ED$]
(J\Ki]D]DEL]WRVEiUNDDPLiOWDOPHJPHQHNOKHWQN
.DWKQHW0LpUWHUHWQHNDSURWHVWiQVRNWDQtWiVD"
6WHUQLQJHU+DDSURWHVWDQWL]PXVWDQDLQHPOHQQpQHNKHUHWLNX
VDNDWULHQWL]VLQDWQDNQHPNHOOHWWYROQDHOtWpOQLHD]RNDW$]HUHW
QHNVpJ V]pWURPEROMD D KLW HJ\VpJpW pV D] HJ\Ki]V]DNDGiV PLQW

WXGMXNDYH]HWpVHJ\VpJpWDKRJ\D]RUWRGR[RNNDOW|UWpQW6DMQRV
PD J\DNUDQ OHKHW KDOODQL KRJ\ D NDWROLNXVRNQiO pV D SURWHVWiQ
VRNQiOW|EEN|]|VYDQPLQWDPLHOYiODV]W'HH]WVRKDVHQNLQHP
LJD]ROWD0LWMHOHQWNRQNUpWDQDPLNRULO\HQYpOHPpQ\HNHWNpSYL
VHOQHN"(]D]WMHOHQWLKRJ\DKLWpUWpNDPLYHODNDWROLNXVRNIHOO
P~OMiNDSURWHVWiQVRNDWPHOOpNHV
(]pUW NpUGH]HP KRJ\ YDOyEDQ PHOOpNHV KRJ\ NpW YDJ\ KpW
V]HQWVpJYDQ"-HOHQWpNWHOHQKRJ\D]iOWDOiQRVSDSViJRQNtYOYDQ
HJ\V]ROJiODWLSDSViJ"9DJ\YDOyEDQPHOOpNHVKRJ\.ULV]WXVLV
WHQVpJJHOpVHPEHUVpJJHOWHVWWHOpVOpOHNNHOK~VVDOpVYpUUHOYDOy
EDQMHOHQYDQROWiUDLQNRQDOHJV]HQWHEE2OWiULV]HQWVpJEHQ"9DJ\
YDOyEDQPHOOpNHVKRJ\YDQHYDJ\QLQFVWLV]WtWyWĦ]DOHONHNWLV]
WtWyKHO\H"7pQ\OHJQHPIRQWRVKRJ\YDQ0iULDDV]HSOĘWHOHQIR
JDQWDWiVD]|U|NNp6]Ħ]pV,VWHQDQ\DYDJ\QLQFV"gQ|NPDJXN
LVHOG|QWKHWLN0LQGHQHVHWUHPLOiWMXNDSURWHVWDQWL]PXVQDJ\KLi
Q\DLWpVWpYHGpVHLW(]HNNHODNO|QEVpJHNNHOPpJVHPOHKHWDND
WROLNXVKLWHWDSURWHVWDQWL]PXVVDOHJ\NDODSDOiYHQQL
$NDWROLNXVKLWpVDSURWHVWDQWL]PXVN|]|WWKDWDOPDVĦUWiWRQJ
(]WHOPRQGDQLEL]WRVDQQHPNHOOHPHVpVQHPDSURWHVWiQVRNHO
OHQYDQKDQHP HJ\V]HUĦHQ IHOHEDUiWL V]HUHWHWEĘO9DODNLQHN HJ\
EHWHJVpJUHYDJ\KLEiUDIHOKtYQLD¿J\HOPpW±V]HUHWHWWĘOYH]pUHOYH
±PpJLVFVDNDV]HUHWHWNLIHMH]pVH0LIpOHRUYRVOHQQHD]DNLQHP
¿J\HOPH]WHWQHD]pOHWYHV]pO\HVpOHWPyGUD
.DWKQHW $ NRQIHUHQFLiQ D]W PRQGWD KRJ\ LJD]ViJ QpONOL
HJ\VpJQHPLJD]LHJ\VpJ7XGQDNRQNUpWDEESpOGiNDWPHJQHYH]
QLKROQHPOHKHWPiUD]LJD]ViJNpUGpVpWNRPRO\DQYHQQL"
6WHUQLQJHU 0LO\HQ HJ\VpJ D] DKRO D] LJD]ViJ pV D WpYHGpV
V]HPEHQiOOQDNHJ\PiVVDO"eQQHPWXGRPD]LJD]ViJNpUGpVpWD
V]HUHWHWSDOiVWMDDODWWNLERQWDQL&VDNHJ\LJD]ViJYDQpVH]W.ULV]
WXVNLQ\LOYiQtWRWWD9DQH]HNUHD]LJD]ViJNpUGpVHNUHHOpJSpOGD$
IHOV]HQWHOWNDWROLNXVSDSpVDSURWHVWiQVYDOOiVWDQtWyHJ\WWHVIHO
OpSpVHD]|NXPHQLNXVUHQGH]YpQ\HQD]WDEHQ\RPiVWNHOWLPLQWKD

NpWHJ\HQpUWpNĦLVWHQWLV]WHOHWLV]ROJiUyOOHQQHV]y.HWWĘMNN|]|WW
OpQ\HJHVNO|QEVpJHN YDQQDN$ NDWROLNXV V]HQWiOGR]iV D V]HQW
PLVpQpVDSURWHVWiQV~UYDFVRUDLWW.ULV]WXVYDOyGLWHVWHRWWHJ\
GDUDENHQ\pUD]XWROVyYDFVRUDHPOpNpUH(]]HOQHPOHKHWN|]|V
iOGR]WDWiVWYpJH]QL$]WiQD]RO\DQXQPXOWLNXOWXUiOLVKHO\HNNL
DODNtWiViUDPLQWNyUKi]DNUHSOĘWpULVNRODPLQGHQYDOOiVV]LP
EyOXPiYDO
1LQFVPiUW|EENpUGpVD]LJD]YDOOiVWLOOHWĘHQ,WWD]WDEHQ\R
PiVWNHOWLNKRJ\PLQGHQYDOOiVXJ\DQRO\DQHJ\IRUPDD]RQRVMH
OHQWĘVpJJHOEtUXJ\DQRO\DQMyHJ\IRUPiQLJD]«
eVYLOiJRNYiODV]WMiNHOĘNHWHJ\PiVWyO$](J\Ki]IRJDORP
KDV]QiODWDLV]DYDUWRNR]yDEEDQD]pUWHOHPEHQPLQWKD.ULV]WXV
W|EEHJ\Ki]DWDODStWRWWYROQDDPHO\HNIRQWRVNpUGpVHNEHQDODSYH
WĘHQNO|QE|]QHN.ULV]WXV8UXQNpV,VWHQQNQHPPRQGHOOHQW
PDJiQDN(]WPLQGHQHJ\V]HUĦODLNXVPHJpUWL(EEHQD]pUWHOHP
EHQDUpJLNHUHV]WHOpVLpQHNV]|YHJHLVPHJYiOWR]LNÄD]LJD](J\
Ki]EyO´DPHO\EH.ULV]WXVKtYRWWPLQNHWD]¶ė(J\Ki]D¶OHWW$
SpOGiNDWOHKHWQHPpJWRYiEEIRO\WDWQL
.DWKQHW7HNLQWHWWHODUUDKRJ\DSURWHVWiQVRNNDOQLQFVN|]|V
.ULV]WXVOHKHWVpJHVHHJ\N|]|VLPD"
6WHUQLQJHU *\DNUDQ YROWDP N|]|V LPDWDOiONR]yNRQ 6DMQRV
PHJNHOOPRQGDQRPKRJ\DN|]|VLPiGNR]iVQHKp]VpJHNEHW
N|]LN$PLNRU.ULV]WXVKR]IRUGXOXQNV]HUHWQpNDWHOMHV.ULV]WXV
KR]IRUGXOQLpV+R]]iWDUWR]LND]DQ\MDLV±PHUWDQ\DpV¿DHO
YiODV]WKDWDWODQRNpVLGHWDUWR]QDN7HVWpQHNPHJV]HQWHOWWDJMDLLV
DV]HQWHN,GHWDUWR]LNMHOHQOpWHD]ROWiURQDOHJV]HQWHEE2OWiUL
V]HQWVpJEHQ6]iPRPUDLGHVRUROKDWyNPpJDWLV]WtWyWĦ]EHQV]HQ
YHGĘWHVWYpUHLPLV$]pUWNPRQGRWWLPDLVDV]HUHWHWHJ\IDMWiMD
/iWMDH]ÄN|]|VHQ´OHKHWHWOHQ0HJW|UWpQKHWKRJ\NDWROLNXVRNDW
DNLNDOHJV]HQWHEE6]Ħ]K|]LPiGNR]QDNDSURWHVWiQVRNRNNXOWDN
QDNWDUWMiN$]LPiEDQOpYĘNHJ\HOHPFVDNDNNRUiUDGKDWNLKDYD
OyEDQHJ\HNYDJ\XQN

.DWKQHW$MHOV]yDÄ.DUL]PDWLNXVPHJ~MXOiV´pVgNXPHQL]
PXVgQpYHNyWDD.DUL]PDWLNXVPHJ~MXOiVWDJMD &( +RJ\DQ
pUWpNHOLD&(KHO\]HWpWD]|NXPHQL]PXVVDONDSFVRODWEDQ"
6WHUQLQJHU1HPYDJ\RNÄWDJMD´D.DUL]PDWLNXVPHJ~MXOiVQDN
(]QHPÄPR]JDORP´D](J\Ki]EDQKDQHPD](J\Ki]HJ\PR]JDO
PDDPLQHNpOWHWĘMHD6]HQWOpOHNLVWHQ(]WiWpOWHPpVYHOHPHJ\WW
iWpOWHVRNNDWROLNXVLV$NLYDOyEDQHQJHGLKRJ\D6]HQWOpOHNYH
]HVVHD]WEHYH]HWLD](J\Ki]V]tYpEHpVHOW|OWLD](J\Ki]LUiQWL
pVD](J\Ki]OiWKDWyIHMHDSiSDLUiQWLQDJ\V]HUHWHW$6]HQWOpOHN
PXWDWMDPHQ\DVV]RQ\iWLVDOHJV]HQWHEE6]]HWD](J\Ki]DQ\MiW
LV$6]HQWOpOHN~MUDYLVV]DYH]HWLD](J\Ki]|OpEHD](J\Ki]WyOHO
V]DNDGWDNDW(]WJ\DNUDQQDJ\|U|PPHOpOWHPiW,WW|U|PPHOpV
WiUWNDURNNDOIRJDGMiNEHĘNHW6DMQRVPDD&(EHQQHPPLQGHQ
WWXUDONRGLNH]D/pOHNKDQHPLQNiEERO\DQLUiQ\EDIRUGXOQDND]
HPEHUHNKRJ\DNDWROLNXV(J\Ki]DWPLQGHQYDOOiVVDOHJ\V]LQWUH
KHO\H]]pN$]ÄHOV]DNDGWWHVWYpUHNYLVV]DWpUpVpUĘOD]DW\DLKi]ED´
DOLJHVLNV]y3HGLJH]OHQQHDOHJIĘEEW|UHNYpVQN
.DWKQHW1HPpU]L~J\PDJiWD]|NXPHQL]PXVUyOWHWWNLMHOHQ
WpVHLPLDWWPLQWDÄVLYDWDJEDQPDJiQ\RVDQNLiOWy´"
6WHUQLQJHUeQQHPpU]HPPDJDPHJ\HGOH]HNNHODNpUGpVHN
NHO pV D] |NXPHQL]PXVVDO NDSFVRODWRV JRQGRNNDO PHO\HN VRNDN
V]iPiUDD]WVXJDOOMiNKRJ\PLQGHJ\PLO\HQYDOOiVKR]WDUWR]XQN
$ N|YHWNH]Ę QDSRNEDQ D]pUW IRJRN V]tYEĘO LPiGNR]QL KRJ\
FVDNHJ\SiV]WRUpVHJ\Q\iMOHJ\HQ$6]HQWOpOHNYLOiJRVtWVDPHJ
D NDWROLNXV (J\Ki]EyO NLYiOW NHUHV]WpQ\HN V]tYpW pV DMiQGpNR]
]RQQHNLNHUĘVHJ\VpJXWiQLYiJ\DWDKLWEHQpVV]HUHWHWEHQD]HJ\
V]HQWNDWROLNXVpVDSRVWROL(J\Ki]|OpQ$MiQGpNR]]RQDNDWROLNX
VRNQDN~MPpO\HEEV]HUHWHWHWD](J\Ki]LUiQWpVPRQGMDQDNN|
V]|QHWHWD]pUWD]DMiQGpNpUWKRJ\DYDOyGL(J\Ki]EDQQ\HUWpNHOD
NHUHV]WVpJHW/HJ\HQHNDNDWROLNXVRNKDWiUR]RWWDNODQJ\RVViJWyO
PHQWHVHNpVpOHWNNHON|YHVVpN0HJYiOWyQNKtYiViWKRJ\D](J\
Ki]EDQD](J\Ki]]DOV]OHVVHQHN~MMiD]|U|NpOHWUH©

Ä0LpUWQHPpUWLPHJHJ\PiVWDSDS
pVDSUHOiWXV"´
ª+RJ\DQOHKHWVpJHVKRJ\NpWNDWROLNXVYLWDSDUWQHUD]|NXPHQL]
PXVWLO\HQHOOHQWpWHVHQtWpOLPHJpVPpJLVLJD]DYDQPLQGNHWWĘ
QHN"'RQ5HWR1D\NRPPHQWiUMD/LQ]EĘO
2OYDVWDP D FLNNHW .RQUDG 6WHUQLQJHU DW\D JUD]L HOĘDGiViUyO
pVD]RWWDQLHJ\Ki]PHJ\HOHONLSiV]WRULKLYDWDODYH]HWĘMH+HLQULFK
6FKQXGHUO SUHOiWXVQDN D YiODV]iUyO 1HP DJJDV]W KRJ\ NpW SDS
LO\HQJ\|NHUHVHQ HOOHQWPRQGHJ\PiVQDN pVQHP UHMWLNYpNDDOi
pU]HOPHLNHW6RNNDOURVV]DEED]KRJ\PLQGNHWWĘQHNLJD]DYDQ
$Q\tOWV]yQ\tOWNDSFVRODWRWMHOHQW(]pUWpNHOHQQHDNpWHJ\
Ki]LV]HPpO\YLWiMiQDN'HDPLNRUYDODNLDUUDW|UHNV]LNKRJ\QH
PRQGMRQVHPPLWYDJ\N|WHOH]ĘNHGYHVVpJJHOpVGLSORPDWLNXVED
QDOLWiVRNNDOWiUVDORJMRQDSiUEHV]pGHONHUOpVpQHNpVDEL]DOPDW
ODQViJQDNDOHJNHPpQ\HEEIRUPiMDHOĘWWiOOXQN
$ PHJIRJKDWDWODQ VHPPLWPRQGy EHV]pOJHWpVHN VHQNLW QHP
V]ROJiOQDND](J\Ki]DWVHP0iUD]pUWVHPPHUWD]RND]VROWiU
V]DYDLV]HULQWNpWpOĦHNÄ$MNDLDYDMQiOOiJ\DEEDNGHV]tYHKiER
U~ViJJDO WHOL 6]DYDL VLPiEEDN D] RODMQiO XJ\DQDNNRU D]RQEDQ
NLYRQW NDUGRN´ =VROW   (] HOOHQ DMiQOMD D QpSHN DSRVWROD
DNRORVV]HLHNQHNtUWOHYHOpEHQDV]HQWHNQHNKRJ\EHV]pGHWHNOH
J\HQPLQGLJVyYDOt]HVpVD]ÒMV]|YHWVpJV]HUHWLDYLOiJRVEHV]p
GHW J|U|JO3DUUHVLD 
(]pUWJ\DQtWRPKRJ\D%LEOLiKR]V]RNRWWSURWHVWiQVRND]DW\D
YLOiJRVV]DYDLWNHYpVEpYHV]LNWUDJLNXVDQPLQWPLNDWROLNXVRN
DNLNHWPpJPLQGLJQHPRNQpONOD]]DOYiGROQDNKRJ\QHPLV
PHUMND6]HQWtUiVW
7HKiWPLQGHQDOHJQDJ\REEUHQGEHQYDQ"6DMQRVQHP+RJ\OH
KHWVpJHVKRJ\NpWNDWROLNXVEHV]pOJHWĘSDUWQHUD]|NXPHQL]PXVW
HQQ\LUHHOOHQWpWHVHQtWpOLPHJDPLNRUPLQGNHWWĘQHNLJD]DWDGQDN"

(]DULWNDMHOHQVpJXWDOiVDUUDDV~O\RVEHOVĘHOOHQWPRQGiVUD
DPHO\EHQD]|NXPHQLNXVSiUEHV]pGPiUUpJyWDV]HQYHG(]HNQHN
D]HOOHQWPRQGiVRNQDND]DODSMDDKRPiO\RVQ\HOYYDJ\LVDYLOi
JRVEHV]pGKLiQ\DDPHO\HNDOHJW|EE|NXPHQLNXVIHOYLOiJRVtWiVW
pViOOiVIRJODOiVWXUDOMiN
%iUH]DN|G|VNpWpUWHOPĦVpJDWiUJ\DOyDV]WDOQiOPLQGHQOH
KHWVpJHVWHROyJLDLPHJN|]HOtWpVWIHOV]tQHVHQNLHOpJtWXJ\DQDNNRU
HJ\UHQDJ\REEV]DNDGpNRWHUHGPpQ\H]DNDWROLNXVKLWWXGRPiQ\pV
D]|NXPHQLNXVJ\DNRUODWN|]|WW$NLMypU]pVVHODNDUUpV]WYHQQL
HJ\LO\HQSiUEHV]pGEHQQHPWHKHW~J\PLQWKDQHPYROQDWLV]Wi
EDQH]]HODV]DNDGpNNDO$OHWDJDGRWWEHWHJVpJHWQHPJ\yJ\tWMiN
PHJFVDNHOQ\RPMiN
6WHUQLJHUDW\DIHOVRUROMDHQQHNDEHWHJVpJQHNQpKiQ\V]LPSWy
PiMiW1HKp]OHQQHĘWKD]XJViJJDOYiGROQL9DOyEDQLJD]KRJ\D
NRQNUpW|NXPHQL]PXV]DYDUWRNR]PLQGHQHNHOĘWWDNDWROLNXVRN
QiOOHPRQGiVVDOMiUN|]EHQD]LJD]ViJNpUGpVpWQHPIHV]HJHWL$]
EL]WRVKRJ\DSURWHVWiQVRNKpWPpUI|OGHVFVL]PiYDOWiYRORGWDNHO
D]HJ\VpJWĘO3pOGiXOD=ZLQJOLiQXV=ULFKEHQD]HJ\Ki]N|]VpJL
WDJViJKR]PiUUpJHQQHPIHOWpWHODNHUHV]WVpJ
,JD]KRJ\D]WDV]yWKRJ\HJ\Ki]|NXPHQLNXV|VV]HIJJpVEHQ
PLQGLJPHJWpYHV]WĘpUWHOHPEHQKDV]QiOMiNPHO\DV]HQWDSRVWR
OL(J\Ki]YDOyViJiWKiWWpUEHV]RUtWMD,JD]KRJ\DV]HQWVpJHNpVD
SDSViJ.ULV]WXVDQHPDSURWHVWiQVRN.ULV]WXVD
$]RUWRGR[RNNDOD]HJ\VpJPHJWHUHPWpVHÄQDJ\RQQHKp]´*|
U|JRUV]iJEDQ D NHUHV]WpQ\HNQHN DNLN iWWpUQHN D] RUWRGR[ KLWUH
PpJHJ\V]HU PHJ NHOO NHUHV]WHONHGQLN D6]HQW I|OG|Q D IHUHQ
FHVHNHWD]RUWRGR[V]HU]HWHVHNPHJYHUWpN2URV]RUV]iJEDQD]LU
NXWV]NLSVS|N|WD]RUV]iJRUWRGR[DLOHPRQGiVUDXWDVtWRWWiN
,JD] D] LV KRJ\ D] HJ\VpJHV %LEOLDIRUGtWiVQDN VHPPL N|]H
D]HJ\VpJKH]PHUWDSURWHVWiQVRNQHPKDV]QiOMiN1\LOYiQYDOy
KRJ\QHPVRNUDWDUWMiNDIRUGtWiVPLQĘVpJpW,JD]KRJ\D]LJD]ViJ

pVDWpYHGpVNL]iUMiNHJ\PiVWpVVDMQRVD]LVLJD]KRJ\DNDWROL
NXVpUWpNYpGHNH]pVUHNpQ\V]HUO
1HPOHQQHWLV]WHVVpJHVKDD]DW\iQDND]WDNLMHOHQWpVpWKRJ\D
SURWHVWiQVRNÄHUHWQHNHN´]RNRQYHQQpQN+RJ\OHKHWQHNO|QEHQ
PHJPDJ\DUi]QLKRJ\RO\DQNDWROLNXVWHROyJXVRNDWPLQW.QJpV
+DVHQKWWHO DNLN iWODJRV SURWHVWiQV YpOHPpQ\W NpSYLVHOQHN IHO
IJJHV]WHQHNYDJ\PHQHV]WLNĘNHW"(]HQNtYO±KDDSURWHVWiQVRN
QHPWpUQHNHODNDWROLNXVKLWWXGRPiQ\WyO±DNNRUPLQHND]Ä|NX
PHQLNXVSiUEHV]pG´"
1HPV]yOVHPPLDSiSDpVD]VLQDWQDJ\|NXPHQLNXVLUiQ\HOYH
HOOHQ'HIHONHOOWHQQLDNpUGpVWKRJ\H]WDODSQDNYDJ\UJ\QHN
KDV]QiOMiNDUUDPLWQ\~MWPDD]|NXPHQL]PXV
,,-iQRV3iOEHQDUUyOEHV]pOWKRJ\DPiVRGLN]VLQDWyWD
ÄYLVV]DIRUGtWKDWDWODQXO´N|WHOH]D]|NXPHQL]PXVpVDPiVYDOOi
V~DNUD PLQW ÄSDUWQHUHNUH´ NHOO WHNLQWHQL (EEHQ D PHJIRJDOPD
]iVEDQ QLQFV PLW NLIRJiVROQL KDQJV~O\R]]D D SUHOiWXV$ NpUGpV
FVDND]KRJ\DQNHOOH]WpUWHQLDJ\DNRUODWEDQDQpONOKRJ\QHQĘ
M|QDV]DYDNpVWHWWHNN|]WLHPOtWHWWV]DNDGpN
$SUHOiWXV~UDYDOyViJQDNPHJIHOHOĘHQD]Ä|NXPHQLNXVPR]
JDORP EiWRU pEUHGpVpUĘO´ EHV]pO $ ÄEiWRU pEUHGpV´ SR]LWtYQDN
KDQJ]LNpVYDODPHO\HVWGLDGDOPDVQDN5iDGiVXOPpJQ\LWYDPD
UDGDNpUGpVPLWĘOKĦOWNLD]HPOtWHWWpEUHGpVEiWRUViJD
$ÄEiWRUViJ´D]HUN|OFVpVWHROyJLDIRJDOPDQHPDWDUWDORPNL
IHMH]pVH+DDEiWRUViJRQW~OD]|NXPHQL]PXVYDOyGLKHO\]HWpUH
SLOODQWXQNHOV]iOODGLDGDO%L]WRVDQQLQFVHQHNPiUDYHJ\HVYDO
OiV~WHUOHWHNHQDNRUiEELHOOHQV]HQYHN
$ NO|Q LVNROiN YHQGpJOĘN pOHOPLV]HUEROWRN PiU D P~OWKR]
WDUWR]QDNėV]LQWpQEHNHOOYDOODQLKRJ\DUpJLYDOOiVKiERU~NDWH
UHSHWQHPD]Ä|NXPHQLNXVWXGDWQDN´KDQHPDYDOOiVLN|]|PE|V
VpJQHNDGWiNiW

5pJHQDNDWROLNXVRNpVDSURWHVWiQVRNWDOiQJ\ĦO|OWpNHJ\PiVW
PDN|]|PE|VHN$V]HUHWHWHOOHQWpWHQHPDJ\ĦO|OHWKDQHPDN|
]|Q\|VVpJ
1HP DNDUXQN iOWDOiQRVtWDQL YDQQDN NLYpWHOHN &VDN PLNUR
V]NySSDONHOONHUHVQL(QQ\LWPiUUpJHEEHQLVWDOiOWXQN
6XPPD VXPPDUXP $] DW\D D] LVPHUW LIM~ViJL OHONLSiV]WRU
HOĘDGiViEDQDUHiOLVDQOpWH]Ę|NXPHQL]PXVEyOLQGXOWNLKRJ\PL
NpQWPĦN|GLNH]DJ\DNRUODWEDQpVPLO\HQNLKDWiVDLYDQQDN(]
]HOV]HPEHQDGRNWRULIRNR]DWWDOUHQGHONH]ĘSUHOiWXVD]pUHPPi
VLN ROGDOiUD KLYDWNR]LN D]D] D WDQtWyKLYDWDO 5yPD  |NXPHQL]
PXVUyOtUWN|]OHPpQ\pQHNIĘYRQDODLUD$]|NXPHQL]PXVM|YĘMH
DWWyOIJJVLNHUOHPHOOpEHV]pOpVQpONOĘV]LQWHHJ\HWpUWpVUHMXW
QLXN©

$KDPLV|NXPHQL]PXVSUREOpPiL
6FKHIIF]\N NDUGLQiOLV N|Q\YpEĘO Ä(QWVFKLHGHQHU *ODXEH ±
EHIUHLHQGH:DKUKHLW´ +LWEHOLG|QWpV±IHOV]DEDGtWyLJD]ViJ6WHOOD
0DULV9HUODJ D]DOiEELVRURNUiPXWDWQDNDN|Q\YWpPiMiUD
ª0iUKRVV]~LGĘyWDWDSDV]WDOKDWyKRJ\1pPHWRUV]iJEDQVRN
HJ\Ki]L UHQGHONH]pVW ¿J\HOPHQ NtYO KDJ\QDN (]W QHPFVDN D]
 N|]W PHJ¿J\HOKHWĘ NpVHGHOHP PXWDWMD DPHO\ WHUKHV
DQ\iNOHONLWDQiFVDGiViYDONDSFVRODWRVKDQHPD]LVKRJ\DQpPHW
SVS|N|NIRO\DPDWRVDQHOOHQiOOQDND]RNQDNDUHQGHONH]pVHNQHN
DPHO\HNV]DEiO\R]]iNDODLNXVRNHJ\WWPĦN|GpVpWDSDSLV]ROJi
ODWQiO  
$QpPHWNDWROLNXVHJ\Ki]OHJPDJDVDEENpSYLVHOĘLQHNHJ\LNH
W~OOpSD](J\Ki]KDOOJDWiViQDPHO\PHJSUyEiOMDHOWXVVROQLDNDWR
OLNXVWDQtWiVpVD]HJ\Ki]LJ\DNRUODWN|]|WWLV]DNDGpNRW6FKHII]\N
HPOpNH]WHWDSiSDOHYHOpUHDPHO\HWDQpPHWEtERURVRNKR]tUW
EHQ(EEHQDOHYpOEHQDV]HQWDW\DUiPXWDWDQpPHWHJ\Ki]PHJ\pN
EHQXUDONRGyV]RPRU~iOODSRWRNUDpVNpULKRJ\DODLNXVRNNDONDS

FVRODWRVHJ\Ki]LUHQGHONH]pVHNHWYpJUHOWHVVpNDJ\DNRUODWED$
SiSDL OHYpO DPLUĘO D] RUV]iJEDQ DOLJ YHV]QHN WXGRPiVW YLOiJRV
SiSDL~WPXWDWiVRNDWWDUWDOPD]DPLNHWDEtERURVHEEHQDN|Q\Y
EHQNLIHMW$N|Q\YEHQROYDVKDWyHOHP]pVHNpVPHJROGiVLMDYDVOD
WRNDNDWROLNXVHJ\Ki]LYH]HWpVV]iPiUDHJ\HQpUWpNĦHNDYpV]KD
UDQJPHJNRQGtWiViYDOpVUDGLNiOLVIRUGXODWpUWNLiOWDQDND]HJ\Ki]L
SDV]WRUiFLypVDNDWROLNXVVDMiWRVViJRN 3URSULXP WHUOHWpQ
Ä$W~OLQWp]PpQ\HVtWHWWQpPHWHJ\Ki]PHJ\pNDKLWJ\DNRUOiViW
pVD](J\Ki]WDQtWiVDpVUHQGMHLUiQWLKĦVpJHWWHNLQWYHFVDNPHV]HOW
VtURN"$]HJ\Ki]PHJ\pNDPHO\HNEHQDKLWHOHYHQVpJpWD]HJ\Ki
]LV]HUYH]pVĦODLNXVFVRSRUWRN JUpPLXPRN V]iPiYDOPpULNQHP
WHNLQWKHWĘNIHGKHWHWOHQKHO\LHJ\Ki]DNQDNPLYHODSiSDLWDQtWy
KLYDWDOKR]pVYH]HWpVKH]YDOyKĦVpJVRNHVHWEHQQHPNtYiQDWRV
'HQHPFVDNDNOVĘUHQGUĘOYDQV]yVRNNDOLQNiEEDUUyOKRJ\
DYDOOiVLN|]WXGDWEyOHOWĦQWDV]HQWVpJHNNHJ\HOHPN|]YHWtWĘHUH
MpQHNMHOHQWĘVpJHDPLDEĦQEiQDWV]HQWVpJpQHNV]LQWHWHOMHVHOWĦ
QpVpWpVDQQDNDWXGDWQDND]HOYHV]WpVpWHUHGPpQ\H]LKRJ\PLQG
DQQ\LDQPHJYiOWRWWDNYDJ\XQN$V]HQWVpJLPiGiVRNHOPDUDGiVD
pVDSDSLLGHQWLWiVHOYHV]WpVHWRYiEELPR]DLNN|YHNDQpPHWRUV]i
JL (J\Ki] V]RPRU~ iOODSRWiQDN D NpSpKH] DKRO D NDWROLNXVRN D
WHPSORPEDQV]tYHVHEEHQOQHNPLQWWpUGHOQHN
7XGMXNKRJ\DSiSDLXWDVtWiVRNHOOHQpUHDOLWXUJLiEDQSUpGLNi
FLyEDQNDWHNp]LVEHQpVDSOpEiQLDYH]HWpVEHQWRYiEEUDLVYDQQDN
RO\DQHVHWHNDPHO\HNQHPHJ\H]QHND](J\Ki]WDQtWypVIHJ\HOPL
HOYHLYHO±tJ\tUMDDSiSD6FKHIIF]\NEtERURVPHJQHYH]LD]WDQp
PHWSDV]WRUiFLyVV]HPOpOHWHWDPLHOOHQWpWHVD]iOWDOiQRVHJ\Ki]
MRJJDOSpOGiXOD]WDWpYHViOOtWiVWKRJ\DSDSQpONOLLVWHQWLV]WH
OHWOiWRJDWiViYDOWHOMHVtWLNDKtYHNDYDViUQDSLV]HQWPLVHKDOOJDWiV
SDUDQFViW
$]HJ\Ki]DNN|]|WWLSiUEHV]pGWHUOHWpQDEtERURVKDWiUN|YH
NHWLVNLMHO|O$UUDKtYMDIHOD¿J\HOPHWKRJ\DNHUHV]WpQ\HNpVD
PXV]OLPRNQHPXJ\DQD]WD],VWHQWLPiGMiNpVH]]HOKHO\UHLJD]tW

HJ\IpOUHpUWKHWĘ]VLQDWLV]|YHJHW3pOGDNpQWKR]]DD]WKRJ\DND
WROLNXVWHROyJLDLIDNXOWiVRQHJ\PXV]OLPKLWĦIpU¿GtV]GRNWRULFt
PHWNDSRWWWHROyJLDLWXGRPiQ\EyOD]HJ\Ki]LpOHWWHUOHWpQV]HU]HWW
NO|QOHJHVpUGHPHLpUW$NDUGLQiOLVH]WSUREOpPiVQDNpVLUULWiOy
QDNWDUWMD
(EEHQ D] |VV]HIJJpVEHQ QHP WXGRN V]DEDGXOQL D NpUGpVWĘO
YDMRQPLpUWYRQDNRGWDNDSVS|N|NK~V]pYHDWWyOKRJ\DWHROy
JLDSURIHVV]RURNWyOPHJN|YHWHOMpN±SiSDLHOĘtUiVV]HULQW±DKLW
WXGRPiQ\LYL]VJiYDOHJ\WWDKĦVpJHVNOHWpWHOpWLV1\LOYiQYDOy
KRJ\DKLWHKDJ\iVDPLWDSiSDLVHOLVPHUWOpQ\HJpEHQDSVS|N|N
PXODV]WiViEyO V]iUPD]LN DNLNQHN D] HJ\Ki]L WDQRN WLV]WDViJiUD
NHOOHQHJ\HOQLGHHKHO\HWWLQNiEEKDUPDGUDQJ~GROJRNNDOIRJ
ODONR]QDN
(OOHQWpWEHQDV]pOHVN|UEHQHOWHUMHGWHXIyULiYDODEtERURVIHO
KtYMDD¿J\HOPHWD]|NXPHQL]PXVKDWiUDLUDpVKDWiUDLQDNiWOpSp
VpUH$ NO|QE|]ĘVpJHN NLEpNtWpVpW D]]DO XWDVtWMD HO KRJ\ PpO\
NO|QEVpJHNYDQQDNDNDWROLNXVpVHYDQJpOLNXVHJ\Ki]IHOIRJiVD
N|]|WW$]HJ\Ki]LKLYDWDORNpVD](XFKDULV]WLDN|]|VVpJpQHNN|O
FV|Q|VHOLVPHUpVHYDJ\DNDWROLNXVpVD]~J\QHYH]HWWHYDQJpOLNXV
HJ\Ki]HJ\HVOpVHDPLNDWROLNXVV]HPHOQp]YHHJ\iOWDOiQQHPLV
HJ\Ki]WHOMHVHQNL]iUW$WHOMHV|NXPHQL]PXVDSiSDMRJKDWyViJL
SULPiWXViQDNHOLVPHUpVHQpONOQHPHOIRJDGKDWy
(]]HO|VV]HIJJpVEHQDEtERURVPHJHPOtWLD]RNDWDSUREOpPiV
NLMHOHQWpVHNHWDPLNDPHJLJD]XOiVWDQQDONDSFVRODWEDQD]
HVN|]|VQ\LODWNR]DWWpWHODONDOPiYDOHOKDQJ]RWWDNWRYiEEiUiPX
WDWDNHJ\HOHPWDQEDQIHQQiOOyDODSYHWĘNO|QEVpJHNUH
gNXPHQLNXVLOO~]LyLQNHJ\iOWDOiQQHPOHV]QHNKDFVDNHJ\H
GO D V]HQWPLVHiOGR]DWUyO V]yOy WDQtWiVUD D SDSSi V]HQWHOpVUH D
6]HQW6]Ħ]UH±D],VWHQDQ\iUD0iULiUD±YDJ\DSiSDSULPiWXViUD
pVWpYHGKHWHWOHQVpJpUHJRQGROXQN9pJOPHJpUWMNKRJ\D]|NX
PHQLNXVIpOKLWQHPHOpJDPHJYiOWiVKR]KDQHPFVDNHJ\WHOMHV
KLWEHOLG|QWpVDPHO\YDOyEDQIHOV]DEDGtWyLJD]ViJ©

$]HOVĘ|NXPHQLNXVHJ\Ki]LQDS%HUOLQEHQ
EDQ UHQGH]WpN PHJ %HUOLQEHQ D] HOVĘ |NXPHQLNXV HJ\Ki]L
QDSRWHJ\~MGRQViJRWDQpPHWNHUHV]WpQ\VpJpOHWpEHQ
$Ki]LJD]GDQHPDNDWROLNXV(J\Ki]YROWKDQHPD1pPHW.DWROL
NXVRN.|]SRQWL7DQiFViQDN/DLNXVV]HUYH]HWH /DLHQRUJDQLVDWLRQ
GHV=HQWUDOHVUDWHVGHUGHXVFKHQ.DWKROLNHQ±=G. pVD](.'.
(QQHND]g.7QHN |NXPHQLNXVHJ\Ki]LQDSU|YLGtWpVH DPRWWyMD
tJ\KDQJ]RWWÄ/HJ\HWHNiOGiVPiVRNQDN´
7HOMHVMRJJDOPRQGKDWyKRJ\H]D]|NXPHQLNXVHJ\Ki]LQDS
QHPYROWiOGiVEiUDV]HUYH]ĘNpVVRNN|]OHPpQ\D]WKDQJR]WDW
WiNKRJ\VLNHUHVUHPpQQ\HOWHOL|NXPHQLNXVWDOiONR]yYROW+RJ\
PLO\HQYRQDWNR]iVEDQD]WQH¿UWDVVXN
$NULWLNXVRND]WPRQGMiNKRJ\H]D]|WOHWV]HUĦVpJ|NXPHQLNXV
QQHSHYROW$QDJ\DWWUDNFLypVD]HOVĘg.7IpQ\SRQWMDDGDODL
OiPDYROW$VRNOHKHWĘVpJPHOOHWWD]LV]OiPNXOW~UiWLVPHJOHKH
WHWWLVPHUQLVWE
'HHQJHGMQNPiVRNDWLVPHJV]yODOQLH]J\EHQ
$Ä'LH7DJHVSRVW´~MViJEDQN|]]pWHWWLQWHUM~EDQDYROWSpQ]
J\ pV YpGHOPL PLQLV]WHU +DQV$SHO 63'  tJ\ UHDJiOW D] HOVĘ
g.7UHÄ(]HJ\KDSSHQLQJpVQHPWDQ~ViJWpWHOYROWD]DNWtYpV
EHQVĘVpJHVKLWPHOOHWW´1HPQDJ\RQHQJHGWpNV]yKR]MXWQLRWW-p
]XV.ULV]WXVWpVD6]HQWOHONHWÄ+DRWWW|EEHNN|]WDGDODLOiPDpV
6FKU|GHUNDQFHOOiUEHV]pODNLQHPNHGYHOLD](J\Ki]DWKLiEDYROW
MHOHQVRNMiPERUKtYĘGHDPLWpQNHUHV]WpQ\VpJQHNWDUWRNDKKR]
QHPVRNN|]HYROW´+DQV$SHONLOpSHWWD]HYDQJpOLNXVHJ\Ki]EyO
pVPRVWHJ\V]DEDGHJ\Ki]WDJMD
$ZZZNDWKQHWUĘOV]iUPD]LNDN|YHWNH]ĘEHV]iPROy
5yPD ZZZNDWKQHWLGHDUHG  Ä-RVHSK 5DW]LQJHU HJ\HWpUW D
NRQ]HUYDWtYSURWHVWiQVRNQDND]|NXPHQLNXVHJ\Ki]LQDSUyOPRQ
GRWWNULWLNiMiYDO$PiMXVLWDOiONR]iVXWiQ8OULFK5VVWLV]WHOHWHV

D] HYDQJpOLNXV N|]|VVpJHN NRQIHUHQFLiMiQDN D] HOQ|NH V]HPUH
KiQ\iVWWHWWDUHQGH]ĘNQHNKRJ\DKLWYDOOiVRNOHKHWĘVpJpWHOPX
ODV]WRWWiN$EXGGKLVWDYDOOiVLYH]HWĘDGDODLOiPDPHJKtYiViYDO
DYDOOiVRNNHYHUHGpVpKH]YH]HWHWWDKHO\HWWKRJ\DNHUHV]WpQ\KLW
DODSMDLW YLOiJtWRWWiN YROQD PHJ D OiWRJDWyNQDN ± PRQGWD 5VV D
ª'LDNULVLV© *RPDULQJHQEHL7KELQJHQ ~MViJEDQPHJMHOHQWLQ
WHUM~EDQ$N|]|V~UYDFVRUiYDODNDSFVRODWIHOYpWHOLVLQNiEEHJ\
PiVVDOW|UWpQWPLQWD],VWHQQHOª+DDNDWROLNXV(J\Ki]DWNRPR
O\DQDNDUMiNYHQQLDSiSiWpVD](J\Ki]GRJPiLWLVNRPRO\DQNHOO
YHQQL(J\V]HUĦHQQHP¿J\HOHPEHYHQQLH]W|EEHWiUWPLQWVHJtW
D]|NXPHQL]PXVQDN©±PRQGWD5VV$9DWLNiQLKLWWDQLNRQJUH
JiFLySUHIHNWXVD PD;9,%HQHGHNSiSD Qp]HWHV]HULQWH]D]LQ
WHUM~DOHJNLHJ\HQV~O\R]RWWDEEpVOHJMREEiOOiVIRJODOiVD]HJ\Ki]L
QDSUyODPLO\HWFVDNLVPHU0LQGHQV]DYiYDOHJ\HWWXGpUWHQL±tUWD
5DW]LQJHU´
3VS|N|NNDUGLQiOLVRNpVWHROyJXVRNDNLNNH]GHWWĘOIRJYDWi
YROViJRWWDUWRWWDND]|NRWDOiONR]iVWyOQHPWHWWHNODNDWRWDV]iMXN
UD%HUOLQEĘO±PRQGWD0HLVVQHUNDUGLQiOLV±HJ\ÄQDJ\GH]RULHQ
WiFLyW pV ]ĦU]DYDUW NHOWĘ FVRSRUW´ LQGXOW HO D HJ\Ki]N|]VpJHNEH
(QQHNHJ\LNKiWWHUHD]YROWKRJ\/HKPDQQNDUGLQiOLVDQpPHWRU
V]iJLHYDQJpOLNXVHJ\Ki]WDQiFVHOQ|NpYHO.RFNOHONpVV]HOYDViU
QDSUHJJHO|NXPHQLNXVLVWHQWLV]WHOHWHWWDUWRWW0LYHORWWH]PHJ
W|UWpQWDNDWROLNXVHJ\Ki]N|]VpJHNEHQD]WDEHQ\RPiVWNHOWHWWpN
KRJ\H]EiUKROOHKHWVpJHV
7XGQL NHOO KRJ\ D NDWROLNXVRN V]iPiUD D N|WHOH]Ę YDViUQD
SL V]HQWPLVHKDOOJDWiVW V]HQWPLVHiOGR]DWRW  QHP KHO\HWWHVtWL HJ\
|NXPHQLNXVLVWHQWLV]WHOHW
6FKHIIF]\NNDUGLQiOLVUiYLOiJtWRWWDUUDKRJ\ÄIHQQiOODYHV]pO\
KRJ\DNDWROLFL]PXVOpQ\HJHIHOROGyGLNDPLQGHQQHONLHJ\H]ĘJRQ
GRONRGiV]DYDURVYL]pEHQ´$]|NXPHQLNXVHJ\Ki]LQDSV]iPiUD
NDWDUWLNXVMHOHQWpVVHOEtUW H]GUiPD 6FKHIIF]\NEtERURV~J\JRQ
GROMDWRYiEEi0HLVVQHU0L[DpVDW|EELSVS|NV]HULQWLVD]RN

QDNDNLNDQpPHWWHROyJLDLYLWiNEDQKDQJDGyNOHJIĘEELGHMHOHQQH
YLVV]DWpUQLD]|NXPHQLNXVViJXMMRQJiViEyODYDOyViJKR]
/HKPDQQNDUGLQiOLVHQQHND]|NXPHQL]PXVQDNV]yV]yOyMDpV
DNWLYLVWiMD PHJKDUDJXGRWW pV VpUWYH pUH]WH PDJiW NO|Q|VHQ D]
DNNRUL5DW]LQJHUNDUGLQiOLVNLMHOHQWpVHLPLDWWDNLDEHUOLQLg.7W
ÄNRQW~URNQpONOL´QHNpVÄPDJXNDWQQHSOĘNQHNpVpOYH]ĘNQHN´
QHYH]WH)ĘNpSSDN|OQL0HLVVQHUNDUGLQiOLVYpOWH~J\KRJ\DÄKLW
OpQ\HJpUĘOYDQV]y´
$PLUĘODOHJW|EEV]yHVHWWpVDPLWDPpGLiNDOHJMREEDQHOW~
OR]WDNEHV]iPROyLNEDQWHUPpV]HWHVHQDN|]|V~UYDFVRUDYROW
,, -iQRV 3iO SiSD QpKiQ\ QDSSDO DEHUOLQLg.7 HOĘWWQ\LOYi
QRVViJUD KR]WD D] (XFKDULV]WLiUyO V]yOy HQFLNOLNiW (EEHQ PpJ
HJ\V]HUOHV]|JH]WHKRJ\DV]HQW(XFKDULV]WLDYpWHOHFVDND](J\
Ki]KR]WDUWR]yNHUHV]WpQ\HNHWLOOHWLPHJpVDNDWROLNXVRNQHPUp
V]HVOKHWQHNSURWHVWiQV~UYDFVRUiEDQ(]]HOMHOH]WHKRJ\D]~Q
LQWHUNRPPXQLyQHPPHJHQJHGKHWĘ
$NDWROLNXVSHUHPFVRSRUWRNYDJ\~QEi]LVFVRSRUWRNPLQWD]
ÄDOXOUyO NH]GHPpQ\H]Ę (J\Ki]´ ,.98  pV D] Ä(J\Ki] PL YD
J\XQN´ ¿J\HOMNPHJDQpYDGiVW pVD]HYDQJpOLNXV*HWKVHPiQL
N|]|VVpJ NDWROLNXV UtWXV V]HULQW V]HUYH]WHN HJ\ LVWHQWLV]WHOH
WHW ÄQ\LWRWW iOGR]iVVDO´ DKRO D] HYDQJpOLNXVRN LV UpV]HVOKHWWHN
V]HQWiOGR]iVEDQ pVHJ\HYDQJpOLNXVLVWHQWLV]WHOHWHWDKRODNDWROL
NXVRNLVIRJDGKDWWiND]~UYDFVRUiW
.pW NDWROLNXV SDS *RWWKHOI +DVHQKWWO pV %HUQKDUG .UROO LV
UpV]WYHWWHNH]HQD]LVWHQWLV]WHOHWHQSHGLJWXGWiNKRJ\DNDWROL
NXV(J\Ki]OHYRQMDDNRQ]HNYHQFLiW PLQGNHWWĘWIHOPHQWHWWpNSDSL
V]ROJiODWXNEyO 
(]HN XWiQPHJUDJDGWiND]DONDOPDWKRJ\ DQ\LOYiQRVViJHOp
OpSMHQHN$]DNFLyQDND]YROWDKiWVyV]iQGpNDKRJ\HUĘVtWVpND
V]DNDGiVV]HOOHPpWDPLWH]DEHUOLQLg.7LVNpSYLVHOW

$VDMWyKHWHNLJIRJODONR]RWWDNpWSOpEiQRVVDODNLNHYDQJpOLNXV
~UYDFVRUiWYHWWHNDPLtJ\QDJ\SXEOLFLWiVWNDSRWW
$]HJ\Ki]N|]|VVpJLVDPHO\EHQ%HUQKDUG.UROOSOpEiQRVQDJ\
WLOWDNR]yDNFLyWV]HUYH]HWWMHOHQWĘV¿J\HOPHWNDSRWWDPpGLiEDQ
+iWtJ\NHOOIRUUDGDOPDWFVLQiOQL
$N|]|V~UYDFVRUDYROWDOHJIRQWRVDEENpUGpV$NpWSDSIHO
PHQWpVHKHWHNLJQDJ\KXOOiPRNDWNDYDUWDPpGLiEDQ
6RNDQIHOKiERURGRWWDQNpUGH]WpNPLpUWEQWHWWpNH]WDNpWSOp
EiQRVWDPLNRUPDJDVHJ\Ki]LPpOWyViJRNLVKDVRQOyPyGRQJRQ
GRONRGQDN$WULHUL0DU[SVS|N|WPHJWiPDGWiNpVÄNHPpQ\YR
QDODV´QDNQHYH]WpNPHUW+DVHQKWWOSOpEiQRVWIHOIJJHV]WHWWHKL
YDWDOiEyO
*XLGR+RUVWDÄ7DJHVSRVW´EDQD]WtUMDÄ0DU[SVS|NQHPNH
PpQ\YRQDODV PHUW D] HVHPpQ\HN DODNXOiVD PLDWW QHP YROW PiV
YiODV]WiVD0iVRNQDNOHWWYROQDYiODV]WiVLOHKHWĘVpJNDNLNK~V]
KDUPLQFpYHD]tUyDV]WDOWyOYDJ\DWDQV]pNUĘOLO\HQSURYRNiFLyNUD
±DPHO\HW+DVHQKWWOHOĘNpV]tWHWW±NpV]OWHNYDJ\D]RNDWPHJHQ
JHGWpN+LiQ\]RWWDPpUWpNWDUWiVpVHUĘVHEEYROWD]|NXPHQLNXV
WUHOPHWOHQVpJ
:DOWHU.DVSDU±DNpVĘEELNDUGLQiOLV±EHQD]WtUWDDNDWR
OLNXVRNpVSURWHVWiQVRNN|]|ViOGR]iViUyO
Ä$WXODMGRQNpSSHQLV]DEiO\WDODQViJRWQHPDQ\LWRWWFRPPXQLy
QQHSOpVHN V]HQWiOGR]iVRN±~UYDFVRUDYpWHOHN MHOHQWLNKDQHP
D]HJ\Ki]DNV]DNDGiVDpVHJ\PiVN|OFV|Q|VNLiWNR]iVD(J\HVLWW
HOĘUHW|UĘ FVRSRUWRN HOpJJp SR]LWtYDQ QHP pUWpNHOKHWĘ WHYpNHQ\
VpJHD]KRJ\D]HJ\VpJV]HQWVpJpEHQYDOyV]DNDGiVERWUiQ\iWD]
HJ\HVHJ\Ki]DNV]HPHHOpWiUMiN~MUDpV~MUDpVD]RQGROJR]QDN
KRJ\ D VWDWXV TXRYDO QH WXGMXQN RO\DQ N|QQ\HGpQ PHJHOpJHGQL
(]pUWD]HJ\HV(XFKDULV]WLDQQHSHN V]HQWPLVpN KDNHUHV]WpQ\L
IHOHOĘVVpJJHOQQHSOLNUHPpQ\WDGKDWQDNDUUDKRJ\D]HOYiODV]
WyiUNRNDWN|]|VHUĘIHV]tWpVVHOEHWHPHWKHVVNKDPLQGHQNLKLWEHQ

|VV]HJ\ĦOLND]ÒUDV]WDOiQiOKRJ\D]HJ\NHQ\pUEHQUpV]HVOM|Q
pVHQJHGMHPDJiWD]HJ\WHVWKH]KR]]iNDSFVROQL´ $NHUHV]WpQ\HN
N|]|V~UYDFVRUiWDNDUQDN0DLQ]ROG
$PLW :DOWHU .DVSDU WHROyJXV QHP WXGRWW HOpJ SR]LWtYQDN pV
PpOWyQDNWDUWDQLpVDUHPpQ\MHOpQHNWHNLQWHQLD]W5HLQKDUG0DU[
SVS|NQHN IHOPHQWpVVHO VXVSHQVLyYDO  NHOOHWW PHJWRUROQLD eU
GHNHVOiWQLDKRJ\HJ\WHROyJXVHOLWPiUpYHNyWDDNDWROLNXV
HJ\Ki]LNpSIHOSXKtWiViQGROJR]LN±pVN|]EHQDOHJPDJDVDEE
V]LQWUĘO  V]HPpO\HVWiPRJDWiVWNDS
.DUO/HKPDQQQRYHPEHUiQD]WtUMDDSVS|NLNRQIH
UHQFLDiOWDONLDGRWWÄ3XEOLN´FtPĦ~MViJEDQÄ7HROyJLDLODJWHNLQWYH
D]HJ\Ki]V]DNDGiVQDJ\REEERWUiQ\PLQWD]HJ\Ki]HJ\VpJpQHN
HOĘUHYpWHOH]pVHD]LQWHUNRPPXQLyiOWDO´'HH]HNDWHROyJXVRNDN
NRUPpJQHPYROWDNSVS|N|N6]HPPHOOiWKDWyKRJ\DKLYDWDO
PHJYiOWR]WDWMDDWXGDWRW
$NLLO\HQWp]LVHNHWWHUMHV]WYDOyEDQIHOSXKtWMDDNDWROLNXVHJ\
Ki]NpSpW.|]EHQIHOPHUODNpUGpVKRJ\YDMRQKLiQ\]LNHQiOXN
WHROyJLDLVPHUHWH DPLQHPNpS]HOKHWĘHO YDJ\DNDWROLNXVKLW
WXGRPiQ\WQHPLVPHULNHOWHOMHVHJpV]pEHQVĘWNpWVpJEHYRQMiN
.DVSDUpV/HKPDQQQHPD]HJ\HWOHQHNDNLNtJ\ JRQGRONR]QDN
YDQ1pPHWRUV]iJEDQHOHJHQGĘSVS|NDNLXJ\DQtJ\YpOHNHGLND]
LQWHUNRPPXQLyUyO(]pUWQHPFVRGDKRJ\H]VRNHJ\Ki]N|]VpJ
EHQHOĘIRUGXOWpVHOĘIRUGXO
3HWHU&KULVWRSKPHJNpUGH]L6FKHIIF]\NNDUGLQiOLVVDOIRO\WDWRWW
EHV]pOJHWpVpEHQÄ$]|NXPHQL]PXVVDONDSFVRODWEDQVRNDQN|YH
WHOLNDN|]|V~UYDFVRUiWDNDWROLNXV(J\Ki]pVPiVHJ\Ki]DNpV
N|]|VVpJHNN|]|WW$]HYDQJpOLNXVKtYHNQHPWXGMiNKRJ\DND
WROLNXVRNQiOQHP~UYDFVRUDYDQKDQHPDSDSQ\~MWMDiWD]HXFKD
ULV]WLiWpV.ULV]WXVWHVWpQHNYpWHOHV]HQWVpJHWMHOHQWPHO\NOVĘOHJ
pWNH]pVIRUPiMiEDQW|UWpQLN"´
6FKHIIF]\N NDUGLQiOLV Ä$] ~UYDFVRUDN|]|VVpJHW YDJ\ HX
FKDULV]WLDYHQGpJVpJHW HOHLQWH NRUOiWR]WiN D] HYDQJpOLNXV KtYHN

V]HQWiOGR]iViW QHPVRNNDOD,,9DWLNiQL=VLQDWXWiQQpKiQ\SV
S|NLJpQ\HOQLNH]GWH OG.DVSDU/HKPDQQ (EEĘOD]WiQKDPDUR
VDQNLDODNXOWD]DJ\DNRUODWKRJ\NDWROLNXVRNUpV]HVOKHWWHN~UYD
FVRUiEDQDPLNRUHYDQJpOLNXVLVWHQWLV]WHOHWHQYHWWHNUpV]W
$] HYDQJpOLNXV OHONpV]HN PD IRUPiOLVDQ PHJKtYMiN D NDWROL
NXVRNDWN|]|V~UYDFVRUiUDpVPHJV]yOMiND]WD]HOOHQWpWHVNDWROL
NXVJ\DNRUODWRWDPHO\EĘOKLiQ\]LND]pU]pNHQ\VpJDNHUHV]WpQ\HN
HJ\VpJYiJ\DLUiQW6]yYiWHV]LNWRYiEEiDNDWROLNXVHJ\Ki]LKLYD
WDO 9DWLNiQ NHUHV]WpQ\LHWOHQJRQGRONRGiViW (EEĘODV]HPSRQW
EyODª%iVLV©QDNPiUJ\DNRUODWDYDQGHPpJQ\LOYiQRVDQQHP
V]DQNFLRQiOWiN6]HU]PHJM$V]REURWPiUIHOiOOtWRWWiN
$PLD]HYDQJpOLNXVNHUHV]WpQ\HNHWpVWHROyJXVRNDWLOOHWLDNLN
LO\HQ ªPHJKtYyNDW© NOGHQHN D NDWROLNXVRN UpV]pUH QHP OHKHW
WXGQLKRJ\DNDWROLNXVKLWWXGRPiQQ\DOQLQFVHQHNWLV]WiEDQYDJ\
WXGMiNXJ\DQGHQHPDNDUMiNHOLVPHUQL
$]LO\HQªPHJKtYiVRN©YDJ\D]H]]HONDSFVRODWRVNpUpVHNHO
IRJDGiViYDOPHJROGKDWDWODQKHO\]HWiOOHOĘIHONHOOHQHDGQLRO\DQ
LJD]ViJRNDW PLQW D IHOV]HQWHOW SDSViJ D] DSRVWROL V]XNFHVV]Ly
PHJM$SVS|N|NpYHVV]HQWHOpVLOiQFRODWDDPHO\DSURWHV
WiQVSiV]WRURNQiOQLQFVPHJ D]iWYiOWR]WDWiVD]ÒU2OWiULV]HQW
VpJLMHOHQOpWpQHNiOODQGyViJDD](J\Ki]PLQWDV]yV]RURVpUWHO
PpEHQDKtYHNN|]|VVpJH$]KRJ\DWHROyJXVRNQHPLVPHULND]
|VV]HIJJpVHNHWQHPNHYpVEpURVV]8J\DQDNNRUD]~UYDFVRUiUD
KtYyHYDQJpOLNXVNHUHV]WpQ\HNQHNQHPNHOODV]HPpUHYHWQLKRJ\
IHOKtYiVXNNDODKLWV]DNDGiVWVHJtWLNHOĘPHUWDV]yEDQIRUJyNDWR
OLNXVRNYDOyV]tQĦOHJPiUQHPLVPHULND]DODSYHWĘKLWLJD]ViJRNDW
pVD]~UYDFVRUiUDV]yOyPHJKtYiVWªDOHONLLVPHUHWV]DEDGG|QWpVp
YHO©LQGRNROMiNDPHO\QHPNHOOĘHQLQIRUPiOWYDOOiVLODJNpS]HW
OHQOHONLLVPHUHWHQQ\XJV]LN´
,,-iQRV3iODNDUGLQiOLVRNQDNtUWtUiViEDQLGp]LD9DWLNiQL=VL
QDWRW 8QLWDWLVUHGLQWHJUDWLR DPLNRUH]WtUWDÄ(J\RO\DQ|NX
PHQL]PXV DPHO\ D] LJD]ViJ NpUGpVpW W|EEpNHYpVEp IpOUHWHV]L

FVDNOiWV]DWVLNHUHNKH]YH]HWKHW´(QJHGMpNPHJDNpUGpVW$SiSi
QDNpVD]VLQDWQDNDV]DYDLW1pPHWRUV]iJEDQQHPKDOORWWiNPHJ"
ROG
$WXODMGRQNpSSHQL|NXPHQLNXVW|UHNYpVPLQGHQNHUHV]WpQ\QHN
D](J\Ki]EDQYDOyWHOMHVN|]|VVpJHOHQQHDPHO\NpWROGDO~SiUEH
V]pGGHOM|QQHOpWUHD]LJD]ViJEDQ$]|NXPHQL]PXVQHPpOKHWD]
]DOYLVV]DKRJ\DNDWROLNXVKLWLJD]ViJRNDWHOW|UOLNLIRUJDWMDpVIHO
KtJtWMD1HPpOKHWYLVV]DD]]DOKRJ\PHJWiPDGPHJG|QWKHWHWOHQ
NDWROLNXV KDJ\RPiQ\RNDW pV WUDGtFLyNDW UiJDOPD]pVSURWHVWiQV
PHJJ\Ę]ĘGpVUHpVSUDNWLNiNUDYiOWR]WDW%L]RQ\RVNDWROLNXVPR]
JDOPDNUHIRUPLJpQ\HLV]HULQWDNDWROLNXV(J\Ki]QDNFVDNDNDWR
OLNXVQpYNHOOHQHpVPiUQHPDUyPDLNDWROLNXVDSRVWROL(J\Ki]
(QQHNDKDPLV|NXPHQL]PXVQDND]DW|UHNYpVHKRJ\DNDWR
OLNXVRNDWVDMiW(J\Ki]XNHOOHQKDQJROMD$]D]DNDWROLNXVWDQtWy
KLYDWDOWDPHJG|QWKHWHWOHQKLWEHOLDODSRNDWpVLJD]ViJRNDWNRUV]H
UĦWOHQQHNPDNDFVQDNpVPHUHYQHNEpO\HJH]]H
7DNWLNiMXNUpV]HD]LVKRJ\DKĘQYiJ\RWWHJ\VpJKLiQ\iWD]
HYDQJpOLNXVNHUHV]WpQ\HNNHODYDWLNiQL|UHJIpU¿DNPDNDFVViJi
QDNpVNRQRNViJiQDN PLO\HQJ\DNUDQPRQGMiNH]W WXODMGRQtWMiN
(]]HODSiSiWKLYDWDOiWpVKLHUDUFKLNXVHJ\Ki]LNRUPiQ\]iViW
WiPDGMiN
%L]RQ\RV N|U|N pV iUDPODWRN ERPODV]Wy WHYpNHQ\VpJpEHQ D]
(J\Ki]DSiSDpVDWDQtWyKLYDWDOHOOHQVDMQRVVRNNDWROLNXVLVOpSUH
PHQWpVN|]UHPĦN|GLN
$NDWROLNXVRNHJ\UpV]HDV]HNXODUL]iFLy HOYLOiJLDVRGiV pVD
KXPDQLVWDYLOiJNpSN|YHWNH]WpEHQDQQ\LUD|VV]HNHYHUHGHWWKRJ\
DKLHUDUFKLNXVWDQtWyKLYDWDOWyOpVDSiSiWyOPiUQDJ\UpV]WHOLGHJH
QHGHWW
$NDWROLNXV(J\Ki]WyOHOV]DNDGWHJ\Ki]LN|]|VVpJHNQpO HYDQ
JpOLNXVSURWHVWiQVHJ\Ki] DIHOV]HQWHOpVKLiQ\DPLDWW D]HJ\Ki
]LUHQGV]HQWVpJpW/XWKHUHOW|U|OWH D]HXFKDULV]WLNXVPLV]WpULXP

HUHGHWLpVWHOMHVYDOyViJDQHPPDUDGWIHQQ 8QLWDWLV5HGLQWHJUDWLR
 H]pUWD]~UYDFVRUiEDQD]ÒUKDOiOiQDNpVIHOWiPDGiViQDNÄHP
OpNQQHSpW´WXGMiNFVDNPHJWDUWDQL'HH]QHPDV]HQWPLVHiOGR
]DWPLV]WpULXPD DPHO\EHQ-p]XVYDOyEDQMHOHQYDQ
$UHiOLVDQOpWH]ĘpVHJ\UHQDJ\REEQ\LOYiQRVViJRWNDSy|NX
PHQL]PXVQHPpUGHNHOWDEEDQKRJ\DSURWHVWiQV~UYDFVRUDpVD
NDWROLNXV(XFKDULV]WLDYDOyViJiWpVWpQ\OHJHVNO|QEVpJpWPHJYL
OiJtWVDGHDNNRULVWXGDWRVtWDQLNHOOKDHWWĘOD]|NXPHQL]PXVYH
]HWĘHPEHUHLYRQDNRGQDN
$N|]|V SURWHVWiQVNDWROLNXV ~UYDFVRUDKtYyV]DYDLtJ\KDQJ
]DQDN ÄPiU QLQFV RO\DQ PHVV]H´ ÄWUHOHPPHO NHOO OHQQQN´
ÄPpJQHPM|WWHOD]LGĘ´VWE
8J\DQDNNRUIHQQiOODYHV]pO\HDQQDNKRJ\H]DNO|QEVpJHOWĦ
QLNpVDPiUPDLVOpWH]ĘJ\DNRUODWEDQ DVRNLQWHUNRPPXQLyEDQ 
WpQ\NpUGpVVpYiOLN
(]]HOV]HPEHQD]D]LJD]ViJKRJ\DN|]|V~UYDFVRUDVRKDQHP
YDOyVXOPHJOHJDOiEELVD]RNNDODKtYHNNHOSDSRNNDOSVS|N|N
NHOpVNDUGLQiOLVRNNDODNLNDSiSiYDOpVDNDWROLNXVWDQtWyKLYDWDO
ODONDSFVRODWEDQiOOQDN
+DDSiSDH]WDJ\DNUDQLJpQ\HOWN|]|V~UYDFVRUiWWiPRJDWQi
ĘLVHUHWQHNOHQQHVQHPOHQQHPiUD](J\Ki]NĘV]LNOiMDDPLYp
-p]XVWHWWH
$]HYDQJpOLNXV~UYDFVRUDQHPPiVPLQWDPiUpYHPHJ
V]QWHWHWWiOGR]DWDPHO\HWD]$QWLNULV]WXVD]HJpV]YLOiJRQHODNDU
WHUMHV]WHQL$]iOGR]DWPHJV]QWHWpVH/XFLIHUQHNpVV]HOOHPL¿i
QDNDSXV]WtWiVDDNLFVDNDUUDYiUKRJ\EHDYDWNR]KDVVRQDW|UWp
QHOHPEHDKRJ\D6]HQWtUiVHOĘUHPHJM|YHQG|OWHpVDKRJ\DV]D
EDGNĘPĦYHVHNpVV]|YHWVpJHVHLND]~MYLOiJUHQGPHJWHUHPWpVpQ
PXQNiONRGYDD]~MYLOiJNRUPiQ\WWHUYH]LN
$N|]|V~UYDFVRUDLGHMHEHIRJN|YHWNH]QLGHQHPD]RNNDOD
KtYĘNNHOSDSRNNDOSVS|N|NNHOpVNDUGLQiOLVRNNDODNLNDSiSi

YDOV]|YHWVpJEHQiOOQDN$W|EELHNHJ\5yPiWyOHOV]DNDGWN|]|V
HJ\Ki]EDQ QQHSHOQHN PDMG DKRO D]$QWLNULV]WXV V]REUD iOO pV
DNLWVDMQRVVRNNDWROLNXVLVN|YHWQLIRJ

.DWROLNXVQDSRN
$ NDWROLNXV QDSRN UHQGH]ĘMH QHP D NDWROLNXV (J\Ki] KDQHP D
1pPHW .DWROLNXVRN .|]SRQWL %L]RWWViJiQDN /DLNXV V]HUYH]HWH
=G. DPHO\D]HOVĘg.7V]HUYH]pVpEHQ%HUOLQEHQLVUpV]WYHWW
-HOHQOHJLHOQ|NH+-0H\HUSURIHVV]RU$=G.QDNVRNHJ\NR
ULpVPRVWDQLSROLWLNXVWDJMDYDQ$=G.UHSUH]HQWiOpVVRNDQQHP
WXGMiNKRJ\DNWLYLWiVXNQHPHJ\H]LNPLQGHQNDWROLNXVKtYĘPHJ
J\Ę]ĘGpVpYHO pV KLWpYHO$PLUH NDWROLNXV YDQ tUYD EHOOUĘO QHP
PLQGLJNDWROLNXV
5HIRUPN|YHWHOpVHLNpVFpOMDLNKR]]iMiUXOQDNDNDWROLNXV(J\
Ki]pVKLWSURWHVWiQVViWpWHOpKH]V]HPEHQiOOQDNDSiSDLWDQtWyLpV
SiV]WRULKLYDWDOODODPHO\D](J\Ki]DODSSLOOpUHpVOi]DGQDNHOOH
QH$=G.HJ\ODLNXVPR]JDORPD]|NXPHQL]PXVPRWRUMDDQp
PHWRUV]iJLNDWROLNXV(J\Ki]RQEHOO3URPLQHQVWDJMDLQDNDPp
GLiNVRN¿J\HOPHWV]HQWHOQHNpVJ\DNUDQNDSQDNQ\LOYiQRVViJRW
6]HUHWQpPDPiVLNROGDOWLVPHJV]yODOWDWQLDPHO\HWDOLJOHKHW
KDOODQLDPpGLiEDQ'U+DEVEXUJ2WWRDNL M~OLXVpQKXQ\W
HO D3iQHXUySDL8QLyHOQ|NHD]2V]WUiN0RQDUFKLDXWROVyFViV]i
UiQDN,.iURO\QDND¿DQQHSLEHV]pGHWPRQGRWW0DULHQIULHGEHQ
M~OLXVpQpViQHJ\0iULD]DUiQGRNODWRQpVLPDQDSRQ
/iVVXQNQpKiQ\UpV]OHWHNDEHV]pGpEĘO
Ä$]HOP~OWQDSRNEDQ0QFKHQEHQ6VVPXQWK%XQGHVWDJHO
Q|NQĘ YpOHPpQ\pW KDOORWWXN DPLW QHP OHKHW V]y QpONO KDJ\QL
PHUWDQpPHWNDWROLNXVRNN|]SRQWLEL]RWWViJiQDNWDJMDNpQWNHOOHWL
PDJiWpVH]]HOD]WDEHQ\RPiVWNHOWLKRJ\DNDWROLNXV(J\Ki]pU
GHNpEHQEHV]pO

YDOV]|YHWVpJEHQiOOQDN$W|EELHNHJ\5yPiWyOHOV]DNDGWN|]|V
HJ\Ki]EDQ QQHSHOQHN PDMG DKRO D]$QWLNULV]WXV V]REUD iOO pV
DNLWVDMQRVVRNNDWROLNXVLVN|YHWQLIRJ

.DWROLNXVQDSRN
$ NDWROLNXV QDSRN UHQGH]ĘMH QHP D NDWROLNXV (J\Ki] KDQHP D
1pPHW .DWROLNXVRN .|]SRQWL %L]RWWViJiQDN /DLNXV V]HUYH]HWH
=G. DPHO\D]HOVĘg.7V]HUYH]pVpEHQ%HUOLQEHQLVUpV]WYHWW
-HOHQOHJLHOQ|NH+-0H\HUSURIHVV]RU$=G.QDNVRNHJ\NR
ULpVPRVWDQLSROLWLNXVWDJMDYDQ$=G.UHSUH]HQWiOpVVRNDQQHP
WXGMiNKRJ\DNWLYLWiVXNQHPHJ\H]LNPLQGHQNDWROLNXVKtYĘPHJ
J\Ę]ĘGpVpYHO pV KLWpYHO$PLUH NDWROLNXV YDQ tUYD EHOOUĘO QHP
PLQGLJNDWROLNXV
5HIRUPN|YHWHOpVHLNpVFpOMDLNKR]]iMiUXOQDNDNDWROLNXV(J\
Ki]pVKLWSURWHVWiQVViWpWHOpKH]V]HPEHQiOOQDNDSiSDLWDQtWyLpV
SiV]WRULKLYDWDOODODPHO\D](J\Ki]DODSSLOOpUHpVOi]DGQDNHOOH
QH$=G.HJ\ODLNXVPR]JDORPD]|NXPHQL]PXVPRWRUMDDQp
PHWRUV]iJLNDWROLNXV(J\Ki]RQEHOO3URPLQHQVWDJMDLQDNDPp
GLiNVRN¿J\HOPHWV]HQWHOQHNpVJ\DNUDQNDSQDNQ\LOYiQRVViJRW
6]HUHWQpPDPiVLNROGDOWLVPHJV]yODOWDWQLDPHO\HWDOLJOHKHW
KDOODQLDPpGLiEDQ'U+DEVEXUJ2WWRDNL M~OLXVpQKXQ\W
HO D3iQHXUySDL8QLyHOQ|NHD]2V]WUiN0RQDUFKLDXWROVyFViV]i
UiQDN,.iURO\QDND¿DQQHSLEHV]pGHWPRQGRWW0DULHQIULHGEHQ
M~OLXVpQpViQHJ\0iULD]DUiQGRNODWRQpVLPDQDSRQ
/iVVXQNQpKiQ\UpV]OHWHNDEHV]pGpEĘO
Ä$]HOP~OWQDSRNEDQ0QFKHQEHQ6VVPXQWK%XQGHVWDJHO
Q|NQĘ YpOHPpQ\pW KDOORWWXN DPLW QHP OHKHW V]y QpONO KDJ\QL
PHUWDQpPHWNDWROLNXVRNN|]SRQWLEL]RWWViJiQDNWDJMDNpQWNHOOHWL
PDJiWpVH]]HOD]WDEHQ\RPiVWNHOWLKRJ\DNDWROLNXV(J\Ki]pU
GHNpEHQEHV]pO

7LSLNXV WDJMD HJ\ |QPDJiW NLQHYH]Ę SiUKX]DPRV KLHUDUFKLi
QDNDNLLVWHQLPHJEt]iVQpONOSLPDV]XOH[NDWHGUDEHV]pO7ROH
UDQFLiUyOV]yQRNRON|]EHQDYDOyGL(J\Ki]V]ROJiLpVD]DSRVWROL
V]XNFHVV]LyKLHUDUFKLiMDHOOHQLQWROHUDQFLiWPXWDWDPLDN|]QDSL
EHV]pGEHQHJ\HQpUWpNĦD]LQNYL]tFLyYDOÒJ\Q\LODWNR]LNPLQWKD
EpUHOQpD6]HQWOHONHW
)UDX 6VVPXWK HOLVPHUpVVHO V]yOW D N|OQL Q\LODWNR]DWUyO DPLW
5DW]LQJHUNDUGLQiOLVURVV]NRQWiUPXQNiQDNPLQĘVtWHWWpVNULWLNX
VDLWHOVĘIXQGDPHQWDOLVWiNQDNQHYH]L
(]D]DVV]RQ\PLQGHQpUWVtNUDV]iOODPLKR]]iMiUXOD](J\
Ki] J\HQJtWpVpKH] pV (J\Ki]XQN EHOVĘ DOiiViViKR] eV PLQG
H]WSURPLQHQVNDWROLNXVNpQWWHV]L-yOHQQHKDDK|OJ\YpJUHWpYHV
YpOHPpQ\pWVDMiWQHYpEHQpVQHPD1pPHW.DWROLNXVRN.|]SRQWL
7DQiFViQiOEHW|OW|WWIXQNFLyMiUDKLYDWNR]YDWHQQp(J\Ki]XQNpU
GHNpEHQDSiSDpVDKLHUDUFKLDpVQHP)UDX6VVPXWKEHV]pOKHW
9pOHPpQ\HiUWD](J\Ki]QDNVD]LVQHNLN|V]|QKHWĘKRJ\D
&'8D]HXUySDLYiODV]WiVRQNLOHQFPDQGiWXPRWYHV]WHWW
(J\V]HUPiUNLDNDUWDPPRQGDQLKRJ\ODVVDQIiMKDHPEHUHN
NDWROLNXVRNQDNQHYH]LNPDJXNDWWDOiQWpQ\OHJD]RNLVQHPDND
URPPHJFiIROQLGHDKRJ\pQQHPPHUHND](J\Ki]QHYpEHQEH
V]pOQL~J\ĘVHWHJ\HH]pUWDGWDQHNQNDMy,VWHQDKLHUDUFKLiW
H]pUWDGWD6]HQW3pWHUV]XNFHVV]LyMiWHKKH]DGWDDV]HQWDW\iWDNL
PHOOpRGDNHOOiOOQXQN0HUWKDPHOOpiOOXQNDNNRUPLEL]WRVDQMy
KHO\HQYDJ\XQN´
Ë]HOtWʁOHQQ\LLVHOpJ'U+DEVEXUJ2WWyWyOD=G.SURPLQHQ
VHLQHN VRN YpOHPpQ\IRUPiOy Q\LODWNR]DWiUyOD WpYpNDPHUiN pV D
QDJ\QDSLODSRNKDVEiMDLQ$=G.DNWLYLWiVDPDVV]tYpVDSiSDpV
DWDQtWyKLYDWDOHOOHQLUiQ\XOgNXPHQL]PXVW|UHNYpVNPDJiEDQ
KRUGR]]DDV]DNDGiVOHONpW
*HRUJ 0D\ LJ D PDLQ]L HJ\HWHP HJ\Ki]LMRJ iO
ODPLMRJpVHJ\Ki]LMRJW|UWpQHWSURIHVV]RUDYROW tUMDÄ$]|NXPH

QL]PXVFVDSGD´FtPĦOHJ~MDEEN|Q\YpEHQÄ$NDWROLNXV(J\Ki]
pYWL]HGHNyWDYiOViJEDQYDQ$SDSViJDV]HU]HWHVVpJDV]HQWPL
VHOiWRJDWiVpVDV]HQWJ\yQiVV]iPDUiQ\DPLQGHQWPHJUi]yPpU
WpNEHQOHVOO\HGW´
0D\SURIHVV]RUV]HULQWPLQGHQV]LQWĦpVUDQJ~IHOHOĘVLJ\HN
V]LNNLWpUQLD]DOyOKRJ\QpYHQQHYH]]HD]VLQDWXWiQL|VV]HRPOiV
EHOVĘHJ\Ki]LRNDLW$,,9DWLNiQL=VLQDWiOWDOPHJQ\LWRWWpVDSV
S|N|NWĘOV]QWHOHQOEiWRUtWRWWDOpQ\HJpWĘOHOV]DNtWRWW|NXPHQL]
PXVD]HJ\LNIĘRNDD](J\Ki]Q|YHNYĘ|QSXV]WtWiViQDN$N|Q\Y
V]HU]ĘMHEHPXWDWMDKRJ\D]|NXPHQLNXV]HPPLO\HQPpUKHWHWOHQ
NiURNDWRNR]RWWD]HJ\Ki]LpOHWPLQGHQWHUOHWpQ0D\SURIHVV]RU
V]HULQWD](J\Ki]V]iPiUDDW~OpOpVNpUGpVHD]KRJ\HOIRUGXOMRQ
HWWĘODYpJ]HWHV~WWyO
(OROYDViVUDpUGHPHVN|Q\YKRJ\IHOQ\LVVDDV]HPpWDJ\DNUDQ
NULWLNDQpONOLpVDNDWROLNXVKLWLJD]ViJDLWQHPQDJ\RQLVPHUĘHX
IyULNXV|NXPHQL]PXVLUiQWOHONHVHGĘNQHNDNLN~MUDNLPRQGRPD
KLWLJD]ViJRNLUiQWN|]|PE|VHN$PLUHW|UHNV]HQHND]D]HOV]DND
GiVpVHJ\~MNO|QiOOyKHO\LHJ\Ki]WiYRO5yPiWyODSiSiWyOpV
DWDQtWyKLYDWDOWyO«
1p]]NPHJPpJHJ\V]HUDIUDQFLDÄ*UDQG2ULHQWGH)UDQFH´
V]DEDGNĘPĦYHV SiKRO\ Yt]LyL pV FpOMDL VLNHUHVVpJpQHN PpUOHJpW
DPLWEDQDÄ/¶+XPDQLVPH´~MViJEDQWHWWN|]]pD,,9DWLNi
QL=VLQDWXWiQ
Ä$SLOOpUHNN|]ODPHO\HNDOHJN|QQ\HEEHQOHIRJQDNRPRO
QL PHJQHYH]KHWMN D] HUĘWHOMHV KLWKLUGHWpVW D SiSDL WpYHGKHWHW
OHQVpJKLWWpWHOpQHNN|WHOH]ĘMHOOHJpWDPLWD],9DWLNiQL=VLQDWHO
IRJDGRWWpVDKi]DVViJEDQpOĘNPHJSUyEiOWDWiVDLWDPLWiWNHOOHWW
pOQLNDª+XPDQHYLWDH©HQFLNOLNDPHJMHOHQpVHYiOWRWWNL $]HP
EHULpOHWWRYiEEDGiVD9,3iOSiSD 7RYiEEiPHJQHYH]KHWMN-p
]XVYDOyViJRVMHOHQOpWpWD](XFKDULV]WLiEDQ $](XFKDULV]WLDHQ
FLNOLNiMD  ,, -iQRV 3iO SiSD  DKRO D] (J\Ki] D N|]pSNR
UL LGĘNHW LGp]YH D W|PHJHNQHN PHJV]DEWD KRJ\ QH IRO\WDVVDQDN

LQWHUNRPPXQLyW pV LQWHUFHOHEUiFLyW NDWROLNXV pV SURWHVWiQV SDS
N|]UHPĦN|GpVpYHO D SDSRN V]HQWVpJL NDUDNWHUpW DPHO\ D] HJ\
Ki]L UHQG V]HQWVpJpEĘO V]iUPD]LN KRJ\ D PHJNO|QE|]WHWpVW D]
(J\Ki]YH]HWĘLpVD]DOVySDSViJN|]|WWKRJ\PLQWDGHPRNUiFL
iEDQDOHQWUĘOIHOIHOpLUiQ\XOyNH]GHPpQ\H]pVHNLVPHJYDOyVXOMD
QDNYpJODV]HQWVpJHNWHUPpV]HWIHOHWWLMHOOHJpQHN NDUDNWHUpQHN 
IRNR]DWRVHOWĦQpVpWDV]HQWJ\yQiVKDOiOiWPLXWiQDEĦQWHOMHVHQ
LGĘV]HUĦWOHQIRJDORPPiYiOW´ Ä'HLQH7DJHVLQGJH]lKOW´±Ä1DS
MDLGPHJYDQQDNV]iPOiOYD´ROG
(]HNWHKiWDV]DEDGNĘPĦYHVSiKRO\FpOMDLpVYt]LyLHEEHQD]
HVHWEHQDÄ*UDQG2ULHQWGH)UDQFH´SiKRO\pEyOWHKiWW|EE
PLQWpYH
$ERPODV]WiVPiUDNNRUHONH]GĘG|WWGHHQQHNDV]DEDGNĘPĦ
YHVHNiOWDONLWĦ]|WWFpOQDNLO\HQURKDPRVWHUMHGpVHHONpS]HOKHWHW
OHQ YROW 'H D IHQW HPOtWHWW SRQWRNEDQ D QpPHWRUV]iJL NDWROLNXV
(J\Ki]EDQWUDJLNXVYDOyViJJiYiOW
$]RNDWDQpPHWSVS|N|NHWpVNDUGLQiOLVRNDWDNLNDSiSiKR]
pV5yPiKR]KĦHNpVHOOHQiOOQDNHQQHNDIRO\DPDWQDNDW|EEVpJ
pVDPpGLDNULWL]iOMDpVHOtWpOL
+RJ\ D] |NXPHQL]PXV NpUGpVpW QH HQJHGMpN iW WHOMHVHQ D]
RO\DQODLNXVV]HUYH]HWHNQHNPLQWD=G.PHJDODStWRWWiNDÄ1p
PHW.DWROLNXVRN)yUXPiW´7DJMDLD5yPiKR]DSiSiKR]KĦSV
S|N|NNDUGLQiOLVRNpVODLNXVRN
-HOOHP]ĘHNDPpGLDEHV]iPROyNDÄ1pPHW.DWROLNXVRN)yUX
PD´NRQJUHVV]XVDLXWiQPHO\HNOHpUWpNHOĘNRPPHQWiURNDWN|]|O
QHN,WWLVOiWV]LNPHO\LNROGDORQiOODPpGLD
$)yUXPD=G.HOOHQWpWpQHNWHNLQWKHWĘDNRQJUHVV]XVRNSHGLJ
HOOHQUHQGH]YpQ\HLD=G.QDNpVDNDWROLNXVQDSRNQDN
$)yUXPHOQ|NH'U+XEHUW*XLGHUWPDUNHWLQJSURIHVV]RUPH
VpOLKRJ\DPLNRUEHQDGUH]GDLNDWROLNXVQDSRNUDPHQWÄD]
HJ\LN ViWRUEDQ HJ\ JRQGRODWRW SUyEiOWDN NDWROLNXVQDN IHOWQWHW

QLpV|WPpWHUUHOWiYRODEED]HOOHQNH]ĘMpW0LQGHQWWSiSDNULWLND
PLQWUHIRUPpVOHSOH]HWWKLWHWOHQVpJ´
$EEDQDSLOODQDWEDQYLOiJRVOHWWV]iPiUDKRJ\HKKH]DOWHUQDWt
YiWNHOODMiQODQLD]HPEHUHNQHN$M~QLXVN|]|WWUHQ
GH]HWWNDWROLNXVQDSRNLVHJ\NRUGRNXPHQWXPDD5yPiWyODSiSi
WyOpVDWDQtWyKLYDWDOWyOYDOyHOV]DNDGiVQDN
$KRJ\D]HOVĘEHUOLQLg.7QDNDGDODLOiPDYROWDIpQ\SRQWMD
DNDWROLNXVQDSRNQDNLVYROWKiURPNLHPHOWV]HPpO\LVpJHpVDWWUDN
FLyMD(XJHQ'UHZHUPDQQ-DFTXHV*DLOORWpV+DQV.QJ
(XJHQ'UHZHUPDQQKR]pVIHOOpSpVpKH]30DUWLQ/XJPD\UWyO
tPHHJ\NRPPHQWiU ZZZNDWKQHWPiMXV 
Ä$]DSRV]WDWD KLWHKDJ\RWW PLQWWDQiFVDGyDNDWROLNXVQDSR
NRQ±KRJ\OHKHWH]"eSSHQ8OPEDQM~QLXVLJPHJ
UHQGH]HWWNDWROLNXVRNQDSMiQIRJ(XJHQ'UHZHUPDQQEHV]pOQLHU
UĘODWpPiUyO%~FV~DNOHULNiOLVHJ\Ki]WyO-DTXHU*DLOORWLVDSy
GLXPRQIRJOQLDNLWPLQWHYUHX[LSVS|N|WIHOPHQWHWWpNKLYDWD
OiEyOH]pUWĘD]HJ\LNDNLQHNE~FV~WNHOOHWWYHQQLHD]HJ\Ki]WyO
.LPRQGRWWDQSDFL¿VWDQp]HWHNHWYDOODPLWLQWHUQHWHVHJ\Ki]PH
J\pMpEHQLVNpSYLVHODPHO\KiERU~VYLV]RQ\EDQiOOD](J\Ki]]DO 
(XJHQ'UHZHUPDQQEHQV]OHWHWW3DGHUERUQEDQWĘO
GRJPDWLNiWWDQtWRWWEHQDSiSDPHJYRQWDWĘOHDWDQtWiVMRJiW
EHQNLOpSHWWDNDWROLNXVHJ\Ki]EyO$PLD]ĘYLV]RQ\iWLOOH
WLDNDWROLNXV(J\Ki]KR]ĘDSRV]WDWDPLYHOWHWWHLYHONLN|]|VtWHWWH
PDJiW &,&&DQ %HLVPHULPDJiUyOKRJ\ªDODSMiEDQYpYH
pQ VHPNDWROLNXVVHPSURWHVWiQVQHPYDJ\RN© )$=
 WHOMHVHQHOE~FV~]RWWDNHUHV]WpQ\NLQ\LODWNR]WDWiVYDOOiViWyO
$K~VYpWLEL]RQ\tWpNRNQHNLFVDNN|OWpV]HW$IHOWiPDGiVEDQKLQQL
V]iPiUDFVDNHJ\~MLQWHUSUHWiFLyDUUyOKRJ\,VWHQEHQEt]QLD]WMH
OHQWLKRJ\DV]HUHWHWOHJ\Ę]LDKDOiOW´ 'HU6SLHJHO
$UUD D NpUGpVUH KRJ\ QHP %XOWPDQQ 0./ %XOWPDQQUyO$
IHOWiPDGiVWQHPWDUWRWWDW|UWpQHWLHVHPpQ\QHN HYDQJpOLNXVWHROy

JXVQDNYDQHLJD]DÄ(J\KDORWWQHPWXGpOYHNLV]iOOQLDVtUEyO´±
YROWDYiODV]ËJ\YDQH]-p]XVVtUMiUDLVYRQDWNR]LNpVPLQGHQNL
PiVVtUMiUDLV
(EEĘON|YHWNH]LNKRJ\DPLNRU'UHZHUPDQQDPHQQ\EHPHQH
WHOUĘOD]WPRQGMDÄ$PHQQ\EHPHQHWHOWFVDN~J\OHKHWpUWHQLKRJ\
D]HPEHUIHOOHPHONHGLNDIpOHOPHQP~ODQGyViJRQURPEROiVRQ
$V]HPpO\HVWUDQV]FHQGHQV,VWHQEHQYDOyKLWQiODFVDNHJ\VU
JHWĘNtYiQDORPHJ\YiODV]D]HPEHULIpOHOHPUH$]WKLV]HPHUUH
JRQGROW-p]XVDPLNRUEiWRUtWDQLDNDUWEHQQQNHWKRJ\OpSMQND
Yt]UHPHUWKDEt]XQNEHQQHDIHOV]tQHQPDUDGXQN´ )$=

$KRJ\D]XWROVyPRQGDWEyOLVNLYHKHWĘV]HULQWH-p]XVQHPWHWW
FVRGiNDW$FVRGiVW|UWpQHWHNOpQ\HJHQHPD]KRJ\,VWHQWĘOFVR
GiNDW YiUMXQN KDQHP KRJ\ D NpSHN VHJtWVpJpYHO PDJXQNDW FVH
OHNYpVUH EtUMXN WHKiW DGMXQN DQpONO KRJ\ V]iPROJDWQiQN ± D
NHQ\pUV]DSRUtWiVpUWHOPH VDMiW IpOHOPQNHW QH YHJ\N pV]UH ± D
WDYRQMiUiVpUWHOPH 'HU6SLHJHO
$ V]HQWVpJHNUĘO tJ\ YDOO Ä-p]XV HJ\HWOHQHJ\ V]HQWVpJHW VHP
YH]HWHWWEH HEGROG pVH]QHPLVOHQQHOHKHWVpJHVKLV]HQ
H]HNQHPLOOHQHNEHDUHQGV]HUpEHPHUWHPEHUD]DNLPHJYiOWMD
PDJiW1HPD]HPEHUIRJDWUDQV]FHQGHQV,VWHQWĘOVHJtWVpJHWNpU
QLKDQHPD]LVWHQLGROJRNDWLQNiEED]HPEHUKR]]DOpWUH
$]LVWHQHNpVV]HOOHPHNQHPDWiUVDGDORP|OpEHQIRJDQQDNpV
V]OHWQHN0LQWKDWDOPDVDODNRND]HPEHULSV]LFKpPpO\pEHQpO
QHNpVEL]RQ\RVNXOW~UiEDQIRJDQQDNIHOOpSpVNFVDNV]HPIpQ\
YHV]WpV(]pUWD]WiQ~J\KtYMiNĘNHWDKRJ\DNDUMiN$GRQLV2VLULV
YDJ\.ULV]WXV'LDQD0iULDYDJ\&RDWKLFXH,QGUD0DUGXNYDJ\
+HUDNOHV±PLQGHQIRUPiEDQpVDODNEDQXJ\DQ~J\EHQQHYDQ|V]
V]HFVHUpOKHWHWOHQPDJMXN 0pO\SV]LFKROyJLDpVH[HJp]LVN|WHW
2OWHQ (]pUW'UHZHUPDQQV]HULQWPLQGHQNLQ\LODWNR]WDWiV
OHKHWNH]GHPpQ\H]pVDIpOHOHPOHJ\Ę]pVpUHVH]]HO|QPHJYiOWiV
ViOHV]

0RUiOLVGROJRNEDQD]HPEHUDPDJDLVWHQHOHV]'UHZHUPDQQ
LVPHURO\DQDVV]RQ\RNDWDNLN ±PHJJ\Ę]ĘGpVHV]HULQW ±VRNNDO
EĦQ|VHEEHNOHQQpQHNKDYLOiJUDKR]QiQDNHJ\J\HUHNHWPLQWKD
HOYHWHWQpN 'HU6SLHJHO
0LO\HQSR]LWtYLPSXO]XVRNDWDGKDW'UHZHUPDQQDNDWROLNXVRN
QDSMiQ"
0LO\HQPiVYiODV]WOHKHWWĘOHYiUQLDÄ%~FV~DNOHULNiOLV(J\
Ki]WyO"´ NpUGpVUH PLQW HJ\ LJHQOĘ YiODV]W PLQGHQQHO V]HPEHQ
DPL NDWROLNXV"$ Ä3DGHUERUQLQDN´ HJ\ GRORJ HJpV]HQ YLOiJRV D
NDWROLNXVIHOIRJiVDSDSViJUyONDSFVRODWEDQYDQDV]HQWPLVHiOGR
]DWWDO'HH]WPiUNH]GHWEHQHOYHWHWWH7HOMHVHQNL]iUWKRJ\D]VL
Gy -p]XV D] XWROVy YDFVRUiQ NHQ\HUHW DGRWW D] DSRVWRORNQDN pV
H]HNHWDV]DYDNDWPRQGWD¶(]D]pQWHVWHPDPLWpUWHWHNIHOiOGR
]RNpVD]DSRVWRORNQDNDNHO\KHWQ\~MWYDÄ(]D]pQYpUHP´ HEG
ROG
=iUMXNOHH]WDIHMWHJHWpVWD]]DODNpUGpVVHODPLYHOH]DFLNN
NH]GĘG|WWÄ$]DSRV]WDWD KLWHKDJ\RWW PLQWWDQiFVDGyDNDWROLNXV
QDSRNRQ±KRJ\OHKHWH]"´
-DFTXHV *DLOORW QRUPDQGLDL HYUHX[L SVS|N|W ,, -iQRV 3iO
SiSD IHOPHQWHWWH KLYDWDOiEyO +DQV .QJUĘO D N|YHWNH]Ę ROGDOD
NRQUpV]OHWHVHQNHOOEHV]pOQQN$EDPEHUJLpUVHN/XGZLJ6FKLFN
tJ\IHMH]WHNLDPLWPiVSVS|N|NLVKDVRQOyDQIRJDOPD]WDNPHJ
DpYLXOPLNDWROLNXVRNQDSMDMREEDQKR]]iMiUXOWDWiMpNR]DW
ODQViJ IHQQWDUWiViKR] PLQW DKKR] KRJ\ iWWHNLQWpVW DGMRQ DUUyO
KRJ\DQNHOOÄ,VWHQHUHMpEĘOpOQL´pVEHPXWDVVD-p]XV.ULV]WXVW
*XLGR+RUVWDÄ7DJHVSRVW´EDQtUWHUUĘO ZZZNDWKQHW
 +DPHJQp]]ND]XOPLSURJUDPRWLQNiEEHJ\QDJ\KtUĦ
-XUDVVLFSDUNUD ĘVOpQ\HNpOHWQDJ\ViJ~NLiOOtWiVDDKDVRQOyFtPĦ
¿OP DODSMiQ  JRQGROKDWXQN$ 1pPHW .DWROLNXVRN .|]SRQWL %L
]RWWViJiQDNpOpQ0H\HUHOQ|NpV9HVSHUIĘWLWNiUEHV]pOJHWpVWIRO\
WDWQDN.DUO/HKPDQQDO+DQV.UJNDUGLQiOLVVDOpV+DQQD5HQDWD
/DXULHQQHO D PD HJ\Ki]iUyO (] OHV] D NDWROLNXV QDSRN FV~FV

SRQWMDpVQHPIRJMiNPHJDNDGiO\R]QLKRJ\XOPLOiWRJDWyNpVD
PpGLiN VHUpQ\HQ UpV]W YHJ\HQHN DPLNRU -DFTXHU *DLOORW (XJHQ
'UHZHUPDQQDO EHV]pOJHW D NOHULNiOLV (J\Ki]UyO .QJ *DLOORW
'UHZHUPDQQQHPHJ\EHOVĘHJ\Ki]LWLOWDNR]yNXOW~UDGLQRV]DX
UXV]DLDNLNPiUpYHNNHOH]HOĘWWNLIXOODGWDN"
$KRJ\ EDQ D GDODL OiPD YROW D FV~FVSRQW PRVW .QJ
*DLOORWpV'UHZHUPDQQOHWWHND]XOPLWDOiONR]yN|]|QVpJHWYRQ
]yV]HPpO\HL6HQNLQHPQĘWWIHORGiLJKRJ\D¿DWDONDWROLNXVRN
QDNYpJUHYDODPLPiVWDGMRQWRYiEEPLQWHQQHND]HJ\Ki]DWHO
KDJ\yJHQHUiFLyYDODKDWLV]WHOHWUHPpOWyNpSYLVHOĘLQHND5yPDHO
OHQHVÄ&UHGR´MiW+DH]PiVNpSSW|UWpQWYROQDDNNRU]HQHWOHWW
YROQDDQpPHWNDWROLFL]PXVWyODSROWLNDLpVWiUVDGDOPLN|UQ\H]HW
V]iPiUD
$QpPHW|NXPHQpMHOHQOHJLIRUPiMiQDND]HOXWDVtWiViW~J\OH
KHWQHPHJIRJDOPD]QLDKRJ\DEpFVL+HOPXW.UlW]OSVS|NHJ\LQ
WHUM~EDQNLIHMH]WH$]|NXPHQL]PXVÄQHSURWHVWiOiVOHJ\HQKDQHP
YLVV]DWpUpVD](J\Ki]ELEOLDLNpSpKH]YLVV]DWpUpVD]HJ\Ki]DW\iN
KR]pVD]ĘVHJ\Ki]WUDGtFLyMiKR]´.UlW]HOQ\RPDWpNRVDQyYRWWD]
ROFVy|NXPHQL]PXVWyODKROÄDYDOOiVRNN|]WLNO|QEVpJHNHW´QHP
QHYH]LNPHJ
/HR6FKHIIF]\NNDUGLQiOLVLViOOiVWIRJODOWD]8OPL.DWROLNX
VRN1DSMiYDONDSFVRODWEDQ(]D]iOOiVIRJODOiVDZZZNDWKQHW
UĘOV]iUPD]LN(]D]iOOiVIRJODOiVDOHJMREEDPLWHUUĘOYDODKDtU
WDN$]RNQDNDNDWROLNXVRNQDNDNLNOHONHVHGQHND]|NXPHQL]PX
VpUWQDJ\RQDMiQOKDWy

Ä$ KtYĘ PpJ QHP NDWROLNXV$ NDWROLNXV QDSRN FV~FVSRQWMi


KR]´
$]XOPLNDWROLNXVRNQDSMiQD+DQV.QJpVD/HKPDQQNDUGLQiOLV
DNLDSVS|NLNRQIHUHQFLDHOQ|NH N|]WLYLWiWDUHQGH]YpQ\FV~FV
SRQWMiQDNQHYH]WpNVHJ\PHJ¿J\HOĘV]HULQWDEV]RO~WFV~FVSRQW
MDYROW(J\~MViJtUy~J\EHV]pOWHUUĘODYLWiUyOPLQWÄQDJ\HUHG

PpQ\UĘO´DPLQHNHJ\Ki]W|UWpQHOPHWNHOOHQHtUQLD DPLQHPLViOO
WiYROD]LJD]ViJWyOKDD]HPEHUIHOWHV]LDNpUGpVWKRJ\MyYDJ\
URVV]HUHGPpQ\UĘOYDQV]y +DH]WDYLWiWFV~FVSRQWQDNWHNLQWMN
pV D] HOpUW HUHGPpQ\W V]HPOpOMN D]W LV iWOiWMXN DPL D] DODFVR
Q\DEEV]LQWHNHQW|UWpQWpVDFV~FFVDONDSFVRODWEDQYROW
0LQGH] RO\DQ YpJWHOHQ VRNIpOHVpJ EHQ\RPiViW NHOWHWWH KRJ\
FVDNHJ\ÄV]XEMHNWtYpUWpNtWpOHWUĘO´EHV]pOKHWQNYHOHNDSFVRODW
EDQ8J\DQDNNRUDNHUHV]WpQ\JRQGRONR]iVPHJNtYiQMDKRJ\D]
pVV]HUĦKLWREMHNWtYPpUFpMpYHOPpUYHDW|UWpQWHNHWD]WPRQGMXN
LWWVRNDNEDQDUDGLNiOLVV]XEMHNWLYL]PXVOHONHW|UWHOĘ

.DWROLFL]PXVPLQWÄKDQJXODW´
9LWDWKDWDWODQXOYROWV]iPRVUHQGH]YpQ\DV]RFLiOSROLWLNDLWQWHWpV
pVD]HONHUOKHWHWOHQWiUVDGDOPLUHWRULNDPHOOHWW6RNMiPERUYDO
OiVRVKtYĘLVPpJDSVS|N|NLVKLWHOHVWDQ~ViJWpWHOWDGWDN$Q
QDN D UpV]WYHYĘQHN D NLMHOHQWpVHLW VHP NHOO NpWVpJEH YRQQL DNL
D]WPRQGWDÄKRJ\PHJWDOiOWDPDV]iPtWiVRPDW´'HDMiPERUViJ
DVSLULWXDOLWiVpVDKLW|QPDJXNEDQPpJQHPYDOyGLNDWROLNXVMH
J\HN$SLHWLVWiNLVMiPERUDNYDOOiVRVDNpVKtYĘNYROWDNGHQHP
NDWROLNXVRNDWDQtWiVXNEDQpVKLWYDOOiVXNEDQ$NDWROLNXVRNV]LOiU
GDQKLV]QHNDNLQ\LODWNR]WDWiVEDQDQQDNWDUWDOPiEDQpVLJD]ViJD
LEDQ,WWD]HJ\VpJUHW|UHNYpViOODQGyNLQ\LOYiQtWiViYDOIHOWiUXOD]
HOIHOHGHWWNO|QE|]ĘVpJYDJ\LVD]KRJ\DNDWROLNXVKLWPiVPLQW
D]HYDQJpOLNXV+LWWpWHOHNUĘOYDQV]yDPHO\HND](J\Ki]N|]|V
VpJpKH]N|WQHNpVQHPFVDNDUUyOKRJ\EL]DORPPDOHOIRJDGMXN,V
WHQGY|]tWĘtJpUHWpW
$ UpV]WYHYĘN VRN Q\LODWNR]DWD NLIHMH]L KRJ\ D WDOiONR]yQ ±
DPLUĘODÄKLWQQHSHNpQW´EHV]pOWHN±pOPpQ\EHV]iPROyNWDSDV]
WDODWRNpU]pVHNpVKDQJXODWRNXUDONRGWDN1HPDYLOiJRVKLWYDO
OiVNLIHMH]pVHYROW(]pUWHQJHGMpNPHJDNpUGpVWKRJ\HQQHND]
HVHPpQ\QHNQHPLQNiEEHJ\iWIRJyiWWHNLQWpVUĘOPHJKDWiUR]RWW
SURJUDPUyODODSYHWĘHV]PpUĘONHOOHWWYROQDV]yOQLDDKHO\HWWKRJ\
D ÄMypU]pVNDWROLNXVQDN OHQQL´ KDQJXODWRW N|]YHWtWHWW" ,QNiEE D

NDWROLNXV(J\Ki]YDOyGLKLWpUĘONHOOHWWYROQDV]yOQLDDPHO\KH]D
NDWROLNXVHJ\VpJHOYHOLVPHUpVHpVD]HJ\HWHPHVWDQtWyKLYDWDOQDN
PLQWN|]SRQWQDND]HOLVPHUpVHLVKR]]iWDUWR]LN

$ÄQpPHWYDOyViJ´SOXUDOL]PXVD
$]pOPpQ\KLWGRPLQDQFLiMiYDONp]DNp]EHQ]DMORWWDNDWROLNXVRN
SOXUDOLWiViQDN GHPRQVWUiFLyMD DPHO\ PiU QHP D NO|QEVpJHW pV
DKDVRQOyViJRWPXWDWWDKDQHPD]HOOHQWpWHVW pVD]HOOHQWPRQGi
VRVW$] ~MViJtUyN HOLVPHUĘHQ PHJiOODStWRWWiN KRJ\ H]HQ D UHQ
GH]YpQ\HQVLNHUOWD]HJ\Ki]HOOHQDOitUiVWJ\ĦMWĘPR]JDOPDNDW
D]ÄDOXOUyOM|YĘHJ\Ki]DW´pVD]DOWHUQDWtYQDSRW|WY|]QL
'H D] Ä|WY|]pV´ V]y WHOMHVHQ DONDOPDWODQ PHJMHO|OpVH DQQDN
DPL RWW W|UWpQW ,QNiEE D N|U QpJ\V]|JHVtWpVpUĘO NHOOHQH EHV]pO
QQNXJ\DQ~J\V]yWNDSWDNDKLWHWHOOHQ]ĘN 'UHZHUPDQQ PLQW
DKLWLUiQWN|]|PE|VHN *DLOORW D]LVPHUWKLWNULWL]iOyNpVDNH
YpVEpLVPHUWKLWYpGĘND]HJ\Ki]HOOHQHVHNpVD](J\Ki]KR]KĦHN
DKLYDWDOWYpGĘNOHULNiOLVRNpVDQWLNOHULNiOLVRNNpSYLVHOĘLD]HWLNDL
HOOHQSyOXVRN DKRPRV]H[XiOLVRN pVDNHUHV]WpQ\Ki]DVViJRWWi
PRJDWyNDOLEHUiOLVPRUiOpVWiPRJDWyLpVÄ,VWHQpUWpNHVJ\HUPH
NHLQHNVHJtWĘL´YDODPLQWDOLEHUDOL]PXVpVDQDJ\YRQDO~ViJROGD
OiUyOPLQGHQWN|]|PE|VQHNWHNLQWĘN
0LQGH]DNDWROLNXVQDSRNPHJMHO|OpVVHODPHO\DÄN|]|VJRQ
GRONR]iVpVDV]yNLPRQGySiUEHV]pG´IyUXPD +-0H\HU 'H
D]DKLWDPHO\HOVĘVRUEDQSiUEHV]pGHNpVKiWWpUNpUGpVHNIRUPiMi
EDQ]DMOLNpVQHPLVPHUWHROyJLDLNO|QEVpJHNHWD]QHPD]LJD
]LKLWKDQHPHJ\KLWNtVpUOHWLPĦKHO\(]HNDQDSRNHJ\N|WHWOHQ
SOXUDOL]PXVMHJ\pEHQLQNiEERO\DQNpSHWPXWDWWDNDPLWDV]RFL
ROyJXVRNÄV]HNWRUHJ\Ki]QDN´QHYH]QHNDKHO\HWWKRJ\HJ\KLW
EHQHJ\VpJHVN|]|VVpJ DOHJLWLPVRNV]tQĦVpJPHOOHWW EHQ\RPi
ViW NHOWHWWpN YROQD$ V]HUYH]ĘN V]iPiUD Q\LOYiQYDOy YROW KRJ\
DSOXUDOL]PXVYDOOiVXQNIRJ\DWNR]yHOIRJDGKDWyViJiQDNWXODMGRQ
NpSSHQLRND

(QQHNDVRNV]tQĦVpJQHND]HJ\HVtWpVHD]pUWQHPVLNHUOKHWHWW
DNDWROLNXVHOHPHNV]LOiQNRNUDW|UWNHYHUpNpQHNPHUWDV]HOOHPL
N|]pSUHKDQJROiVKLiQ\]RWWDPLD]LJD]LNDWROLFL]PXVWJDUDQWiOMD
DWXGDWRVNDSFVRODWD]HJ\HWHPHVHJ\Ki]LWDQtWyKLYDWDOODO(]WDKL
iQ\WQ\tOWDQNLPRQGWDD=G.HOQ|NHDPLNRUD]ÄHJ\HWHPHVHJ\
Ki]LYDOyViJRW´DÄQpPHWYDOyViJEyO´YH]HWWHOH
$WDQ~YDOORPiVRNVRNDViJiWD]HONpS]HOpVHNpVYiJ\DNYH]HW
WpNDPLQHNÄV]NVpJHVVpJpWpVMRJRVViJiW5yPiEDQQHPLVPHULN
HO´ +-0H\HU $QpPHWYDOyViJV]HOOHPpEHQHOĘDGRWWUHIRUP
N|YHWHOpVHNDN|]|V~UYDFVRUD PiUDV]yYiODV]WiVLVMHOOHP]Ę 
DODLNXVSUpGLNiFLyDÄODLNXVSDSViJ´DQĘLGLDNRQiWXV DPHO\EĘO
DQĘNSDSSiV]HQWHOpVpQHNLJpQ\HHUHG DF|OLEiWXVPHJV]QWHWp
VHDÄNOHULNXVHJ\Ki]WyOYDOyHOV]DNDGiV´±HJ\UHIRUPHUWDUUDD
MyVODWUDNpV]WHWHWWKRJ\KDH]HNDUHIRUPRNPHJYDOyVXOQiQDND]
(J\Ki]DWÄV]DNtWySUyED´HOpiOOtWDQiN /.DUUHU 
(]]HOV]HPEHQpUWKHWHWOHQ±WHNLQWHWWHOD]HPOtWHWWWpQ\HNUH±
KRJ\DÄ.DWROLNXVRN1DSMD´iOOtWyODJVHJtWVpJHWQ\~MWRWWDWiMpNR
]yGiVEDQ pV VHPPLIpOH GH]RULHQWiFLyW QHP IRO\WDWRWW$ ÄQpPHW
YDOyViJED´YDOyEH]iUNy]iVQ\LOYiQYDOyDQDUHDOLWiVWXGDWMHOHQWĘV
NRUOiWR]iViWHUHGPpQ\H]WH+DDYLOiJHJ\Ki] DÄ+XPDQDHYLWDH´
HOLVPHUpVHD]HOYiOWDN~MUDKi]DVRGiVDDWHUKHVVpJLNRQÀLNWXVEDQ
YDOyWDQiFVDGiVpVDÄ'RQXPYLWDH´ V]HPV]|JpEĘOWHNLQWMNDQp
PHW(J\Ki]W|UHNYpVHLWDNNRUIHOLVPHUKHWĘOHV]DKiWWpUEHQHJ\
UHMWHWWÄIHEURQLDQL]PXV´ $IHEURQLDQL]PXVLJWHUMHGĘ
Qp]HWDPHO\DSiSiWyOIJJHWOHQQHP]HWLHJ\Ki]DWDNDUW-XVWLQXLV
)HEURQLXViOQpYHQ+RQWKHLPSVS|NtUWD
*XLGR+RUVWPHJiOODStWiVDHJ\QpPHWQHP]HWLHJ\Ki]YDOyVi
JiUyOQHPWĦQLNKHO\WHOHQQHN
+DLVPpWSLOODQWiVWYHWQNDUHQGH]YpQ\VRNNLHPHOWSRQWMiUD
DNNRU PHJPXWDWNR]LN KRJ\ +DQV .QJ pV /HKPDQQ NDUGLQiOLV
PHQQ\LUHN|]SRQWEDKHO\H]WpNH]HNHWDWHQGHQFLiNDW0LQGHQHVHW
UHHSiUEHV]pGWDUWDOPLMHOHQWĘVpJpQHNPHJpUWpVpKH].QJWDQDL

QDNU|YLGEHPXWDWiVDV]NVpJHVtUiVDLDODSMiQDPHO\QHNLVPHUHWpW
DUpV]WYHYĘNQpOQHPIHOWpWHOH]KHWWpN

$NDWROLNXVKLWiWDODNtWiViQDNGLDJUDPMD
$]HJ\Ki]NULWLNXVNHUHV]WpQ\HNV]iPiUD.QJ EDQV]OH
WHWW6YiMFEDQEDQDSiSDPHJYRQWDWĘOHDWDQtWiVMRJiW PLQ
GHQHNHOĘWWD](J\Ki]pVDSiSDWpYHGKHWHWOHQVpJpQHNWDJDGiVDPL
DWWOHWWLVPHUWWp(]DWpYHGpV.QJQpOHJ\QDJ\REE|VV]HIJJpV
UpV]HDPHO\DÄVYiMFLQDN´D]HJpV]UHWRULNDLWHROyJLiMiUDUiQ\RP
MDDEpO\HJpW$]YROWD¿OR]y¿DLPHJOiWiVDKRJ\D]HPEHULNLIH
MH]pVHNNHOpVV]DYDNNDOQHPIHMH]KHWĘNLPLQGHQNRUUDpUYpQ\HV
LJD]ViJ0HUWD]HPEHULV]DYDNYpJHVHNNRUOiWR]RWWDNW|UWpQHO
PLOHJPHJKDWiUR]RWWDNpVV]LWXiFLyIJJĘNPHUWEHQQND]LJD]
ViJpVWpYHGpV|VV]HIRO\LN ~J\KRJ\D]LJD]ViJDWpYHGpVEHQpVD
WpYHGpVD]LJD]ViJEDQUHMWĘ]KHW pVDKLWHWQHPOHKHWDV]DYDNWyO
IJJĘYpWHQQL
$PLNRUYDODNLH]WtUMD¿J\HOPHQNtYOKDJ\MDD]WDWpQ\KRJ\
HJ\LO\HQIHOWpWHOH]pVDODSMiQDVDMiWPRQGDWDLVHOHKHWQHNLJD]DN
$V]HU]ĘH]WDUHODWtYPHJN|]HOtWpVWD](J\Ki]GRJPiLUDLVDONDO
PD]]D $] (J\Ki] GRJPiL PLQGHQ REMHNWtY LJD]ViJWDUWDOPXNDW
HOYHV]tWLN QiOD pV V]XEMHNWtY KXPDQLVWD pUWHOPH]pVW Q\HUQHN D
6]HQWKiURPViJHJ\ÄLVWHQHNN|]|WWLW|UWpQHWWp´YiOLNDPHO\NpW
VĘW KiURP LVWHQL OpQ\ N|]|WW YDOyVXO PHJ pV RO\DQ ÄPLWLNXV HO
NpS]HOpVHNEĘO´QĘNLDPHO\HNPiUQHPOHKHWQHNDPLHLQN(]pUW
.ULV]WXVWVHPLOOHWLPHJDYLOiJHOĘWWLOpWH]pV
$]Ä,VWHQ ¿D´ HOQHYH]pVHQ.QJD]W pUWL ÄV]HPpO\HVN|YHW´
ÄNpSYLVHOĘ´ ÄEL]DOPDV´ Ä,VWHQ EDUiWMD´¶DNL PLQWHPEHU ÄQHP
FVDNHJ\HPEHUKDQHPDYDOyGLHPEHU´-p]XVKDOiODVHPiOGR]DW
YROWDEĦQ|V|NpUWKDQHPD]HPOpNHNEHQ~MUDpV~MUDHOĘW|UĘLP
SXO]XVD]HPEHUpVYLOiJiQDNPHJYiOWR]WDWiViUD(]D]ÄpEUHV]WĘ
KLW´«QHPDQHPLJD]ROWEDYHWHWWKLW«QHPDIHOWiPDGiVWpQ\pEH
YHWHWWKLWYDJ\NO|QDIHOWiPDGRWWEDQYDOyKLWKDQHPÄDODSYHWĘ
HQLVWHQKLW´

QDNU|YLGEHPXWDWiVDV]NVpJHVtUiVDLDODSMiQDPHO\QHNLVPHUHWpW
DUpV]WYHYĘNQpOQHPIHOWpWHOH]KHWWpN

$NDWROLNXVKLWiWDODNtWiViQDNGLDJUDPMD
$]HJ\Ki]NULWLNXVNHUHV]WpQ\HNV]iPiUD.QJ EDQV]OH
WHWW6YiMFEDQEDQDSiSDPHJYRQWDWĘOHDWDQtWiVMRJiW PLQ
GHQHNHOĘWWD](J\Ki]pVDSiSDWpYHGKHWHWOHQVpJpQHNWDJDGiVDPL
DWWOHWWLVPHUWWp(]DWpYHGpV.QJQpOHJ\QDJ\REE|VV]HIJJpV
UpV]HDPHO\DÄVYiMFLQDN´D]HJpV]UHWRULNDLWHROyJLiMiUDUiQ\RP
MDDEpO\HJpW$]YROWD¿OR]y¿DLPHJOiWiVDKRJ\D]HPEHULNLIH
MH]pVHNNHOpVV]DYDNNDOQHPIHMH]KHWĘNLPLQGHQNRUUDpUYpQ\HV
LJD]ViJ0HUWD]HPEHULV]DYDNYpJHVHNNRUOiWR]RWWDNW|UWpQHO
PLOHJPHJKDWiUR]RWWDNpVV]LWXiFLyIJJĘNPHUWEHQQND]LJD]
ViJpVWpYHGpV|VV]HIRO\LN ~J\KRJ\D]LJD]ViJDWpYHGpVEHQpVD
WpYHGpVD]LJD]ViJEDQUHMWĘ]KHW pVDKLWHWQHPOHKHWDV]DYDNWyO
IJJĘYpWHQQL
$PLNRUYDODNLH]WtUMD¿J\HOPHQNtYOKDJ\MDD]WDWpQ\KRJ\
HJ\LO\HQIHOWpWHOH]pVDODSMiQDVDMiWPRQGDWDLVHOHKHWQHNLJD]DN
$V]HU]ĘH]WDUHODWtYPHJN|]HOtWpVWD](J\Ki]GRJPiLUDLVDONDO
PD]]D $] (J\Ki] GRJPiL PLQGHQ REMHNWtY LJD]ViJWDUWDOPXNDW
HOYHV]tWLN QiOD pV V]XEMHNWtY KXPDQLVWD pUWHOPH]pVW Q\HUQHN D
6]HQWKiURPViJHJ\ÄLVWHQHNN|]|WWLW|UWpQHWWp´YiOLNDPHO\NpW
VĘW KiURP LVWHQL OpQ\ N|]|WW YDOyVXO PHJ pV RO\DQ ÄPLWLNXV HO
NpS]HOpVHNEĘO´QĘNLDPHO\HNPiUQHPOHKHWQHNDPLHLQN(]pUW
.ULV]WXVWVHPLOOHWLPHJDYLOiJHOĘWWLOpWH]pV
$]Ä,VWHQ ¿D´ HOQHYH]pVHQ.QJD]W pUWL ÄV]HPpO\HVN|YHW´
ÄNpSYLVHOĘ´ ÄEL]DOPDV´ Ä,VWHQ EDUiWMD´¶DNL PLQWHPEHU ÄQHP
FVDNHJ\HPEHUKDQHPDYDOyGLHPEHU´-p]XVKDOiODVHPiOGR]DW
YROWDEĦQ|V|NpUWKDQHPD]HPOpNHNEHQ~MUDpV~MUDHOĘW|UĘLP
SXO]XVD]HPEHUpVYLOiJiQDNPHJYiOWR]WDWiViUD(]D]ÄpEUHV]WĘ
KLW´«QHPDQHPLJD]ROWEDYHWHWWKLW«QHPDIHOWiPDGiVWpQ\pEH
YHWHWWKLWYDJ\NO|QDIHOWiPDGRWWEDQYDOyKLWKDQHPÄDODSYHWĘ
HQLVWHQKLW´

-HOOHP]Ę.QJNDSFVRODWD0iULiYDOLVDNLDNDWROLNXVNHUHV]
WpQ\KLWVDMiWViJRVMHOH$]HJ\Ki]UHIRUPiWRU.QJV]iPiUD0iULD
QHP,VWHQDQ\MDPHUWÄ,VWHQQHPV]OHWKHWHWW´0iULDV]]HVVpJH
D] ÒMV]|YHWVpJEHQ HJ\ HWROyJLDLOHJHQGD DPLQHNKLWEHOLHOIRJD
GiViUDVHQNLVHPN|WHOH]KHWĘ$V]HSOĘWHOHQIRJDQWDWiVpV0iULD
PHQQ\EHYpWHOpQHN~MGRJPiMDÄNpWDEV]ROXWLV]WLNXVDQNRUPiQ\]y
SiSiQDN´N|V]|QKHWĘpVDÄSiSDL]PXVpVDPiULDL]PXV´QHPV]H
UHQFVpVV]LPELy]LViQDNDWHUPpNH
$] Q\LOYiQYDOy KRJ\ D FVDN HPEHU -p]XV .ULV]WXV QHP WXG
HJ\Ki]DWDODStWDQL$]HJ\Ki]DK~VYpWXWiQLN|]|VVpJHNKLWpEĘO
HUHG(]DN|]|VVpJQHPLVPHUWHHODSVS|NLXWyGOiVWKDQHPFVDN
D] DSRVWROL V]ROJiODWRW D] HJpV] (J\Ki]EDQ (QQHN D] HJ\Ki]
QDNPLQWPLQGHQHJ\Ki]QDND]DFpOMDKRJ\-p]XV.ULV]WXVJ\pW
HJ\HGOYLJ\HWRYiEED]ÄHPEHUHNW|NpOHWHVMyOpWpQHN´D]LUiQ\i
ED (]pUW QHP OHKHW D] HJ\Ki] KLYDWDOL HJ\Ki] KDQHP FVDN HJ\
V]HOOHPLWHVWYpULVpJHJ\YH]HWĘV]ROJiODWiYDODIHOV]HQWHOWSDSViJ
KHO\HWW0LQWÄDQ\iW´QHPLVPHUKHWMNHOH]WD]HJ\Ki]DW
(J\ WHOMHVHQ HOGHIRUPiOyGRWW pV KDWiVWDODQ NDWROLNXV KLWQHN D
NRQFHSFLyMiYDOSUyEiOMD.QJD]|NXPHQLNXVW|UHNYpVWHOĘUHYLQ
QLDPHO\PiUQHPRNR]W|EESUREOpPiW
&VDND]DNpUGpVPDUDGKRJ\DKtYĘOXWKHUiQL]PXVH]WDKXPD
QLVWD-p]XVWDQWHOWXGMDHIRJDGQL
$V]HU]ĘPpJLVPHJiOODStWMDKRJ\D]Ä~MWHROyJLDDG|QWĘYLWD
NpUGpVHNEHQN|]HOHGpVWYDJ\PHJHJ\H]pVWPXWDWRWWD]HJ\Ki]DN
N|]|WW´$]HJ\HWOHQDNDGiO\DSiSDViJDPHO\MHOHQOHJD]ÄLUJDO
PDWODQV]LJRU~ViJNXU]XViW´N|YHWL$SiSD~J\MHOHQLNPHJPLQW
DÄKi]ĘU]ĘNXW\D´DPHO\LNNDWROLNXVÄQ\iMiW´IHQ\HJHWĘpVPRUJy
DJUHVV]LYLWiVVDOSUyEiOMDĘUL]QL
.|]EHQ.QJ|NXPHQLNXVpUGHNOĘGpVHDYLOiJYDOOiVUDLVNLWHU
MHGDPLKH]N|OFV|Q|VÄiWIRUPiOyGiVW´WDQiFVRO-HOOHP]ĘDEHLV
PHUpVHÄPLQWNHUHV]WpQ\QHNRO\DQPHJJ\Ę]ĘGpVHPOHKHWKRJ\
KDpQH]WD-p]XVWPLQW.ULV]WXVWYiODV]WRWWDPDNNRUD]ĘN|YHWĘ

MpW0RKDPHGHWDPHQQ\LEHQĘD]HJ\,VWHQUHpV-p]XVUDKLYDWNR
]LNYHOHHJ\WWYiODV]WRWWDP´
$.QJiOWDOWiPRJDWRWWV]DEDGNĘPĦYHVYLOiJHJ\Ki]NLDODNX
OiVDLWWPiUDNHUHV]WpQ\VDMiWViJRNIHODGiViYDOYpJEHPHQW
$](J\Ki]DNDWROLNXVKLWQHNH]WD]HJ\pUWHOPĦPHJKDPLVtWi
ViWPiUEHQYLVV]DXWDVtWRWWDDPLNRUDV]HU]ĘW¿J\HOPH]WHWWH
KRJ\LO\HQYpOHPpQ\HNHWQHNpSYLVHOMHQ$QpPHWSVS|NLNRQIH
UHQFLDLVEHQÄVUJĘVIHOV]yOtWiVW´LQWp]HWWDV]HU]ĘK|]KRJ\
D]HJ\Ki]LWDQtWyKLYDWDOiOWDOW|EEV]|UHOXWDVtWRWWiOOiVSRQWRWDWR
YiEELDNEDQQHNpSYLVHOMH$YLWDEHQYpJODWELQJHQLSUR
IHVV]RUWDQtWiVLHQJHGpO\pQHNEHYRQiViKR]YH]HWHWW GHH]]HOPpJ
QHPYRQWiNPHJDSUpGLNiFLypVDPLVp]pVMRJiWDPLWVRNKtYĘHO
OHQWPRQGiVRVQDNWDOiOW 'H.QJVRKDQHPIRJDGWDHODKDWiO\RQ
NtYOKHO\H]pVWKDQHPWpYHVWp]LVHLWDPRGHUQSURSDJDQGDPLQGHQ
HV]N|]pYHO~MUDpV~MUDVXO\NROMDROYDVyLEDpVPLQGHQHUHMpYHOIHO
OpSD](J\Ki]HOOHQDQQDNPHUHYVpJHWDQtWyKLYDWDOiQDNWDQXOiVUD
YDOyNpSWHOHQVpJHpVDV]DEDGViJHOQ\RPiVDPLDWW$UUDDNpUGpV
UHKRJ\PLpUWPDUDGHJ\LO\HQ(J\Ki]EDQpU]HOPHLUHKLYDWNR]RWW
DPHO\HNPHJDNDGiO\R]]iNĘWDEEDQKRJ\D](J\Ki]PLQWN|]|V
VpJFVyQDNMiEyONLXJRUMRQ+RORWWH]PiVRNV]iPiUDD]ĘV]LQWHVpJ
pVHOOHQiOOiVWHWWH(]HQNtYO±iOOtWiVDV]HULQW±ĘVRNDWWHWWD]HJ\
VpJpUWPLQGHQHVHWUHD]ĘV]XEMHNWtYPpUWpNHV]HULQWLHJ\VpJpUW
$GLVV]LGHQVW|UHWOHQ|QWXGDWiYDODNLQHPNpSHVIHOIRJQLQp]H
WHLQHNKLWEHOLHOOHQPRQGiVRVViJiW.QJ~J\OpSHWWEHDNDWROLNXV
QDSRNDUpQiMiEDPLQWHJ\J\Ę]WHVDNLQHNHJ\HWOHQHJ\HOOHQIpOWĘO
VHPNHOOWDUWDQLD/HKPDQQNDUGLQiOLVLVDNLDEHV]pOJHWpVQpOPHJ
HOpJHGHWW.QJPiUNLVVpHODYXOWWp]LVHLKH]HJ\HVNLIRJiVRNPHJ
WpWHOpYHONLQ\LOYiQtWRWWDHJ\HWpUWpVpW DPLNRUD]W PRQGWD Ä6RKD
QHPYROWNpWVpJHPDIHOĘOKRJ\DOpQ\HJHWWHNLQWYHQHPYROWPiV
YpOHPpQ\HPPLQW+DQV.QJQHN«1LQFVNpWVpJHPDIHOĘOVHP
DPLWWHROyJLDLODJDONRWRWW´+RJ\H]PiU±WHNLQWHWEHYpYHDWDQtWi
VLHQJHGpO\PHJYRQiViW±DNDWROLNXVKLWV]iPiUDHOKLEi]RWWYROWD
NDUGLQiOLVQHPPRQGWDNL

(J\Ki]HOOHQHVYt]LyN
$YLWDHOĘV]|UHJ\WHROyJLDLUJJ\HOHUĘV|G|WWIHOPHO\QHNDEH
V]pOJHWpVWXGRPiQ\RVUDQJMiWNHOOHWWEL]RQ\tWDQLD$,,9DWLNiQL=VL
QDW(J\Ki]UyOV]yOyGRJPDWLNXVNRQVWLW~FLyMiQDNMHOHQWĘVpJHYROWD
WpPD .QJ D ]VLQDWL GRNXPHQWXPRW HNOHNWLNXVQDN pV HOOHQWPRQ
GiVRVQDNPLQĘVtWHWWHNO|Q|VHQD]HOVĘKiURPIHMH]HWHWDPHO\,V
WHQQpSpUĘOV]yO.QJNLEpNtWKHWHWOHQHOOHQWPRQGiVWOiWRWWD]Ä,VWHQ
QpSpUĘO´pVÄD](J\Ki]KLHUDUFKLNXVUHQGMpUĘO´NLMHOHQWpVHNN|]|WW
DPHO\D]VLQDWXWiQLLQWHUSUHWiFLyYDOPpJMREEDQIHOHUĘV|G|WW
6]iPiUDD]Ä(J\Ki]PLQW,VWHQQpSH´pVPLQWKLHUDUFKLNXVDQ
IHOpStWHWW N|]|VVpJ HOOHQWpWHW MHOHQW )LJ\HOPHQ NtYO KDJ\MD D]W
D WpQ\W KRJ\ D ]VLQDW D] (J\Ki]DW PLQW ,VWHQ QpSH PHJMHO|OpVW
RO\DQQpSUHpUWLDPHO\QHNYDQSiV]WRULKLYDWDODÄV]HQWIHONHQW
VpJJHO´pVÄKLHUDUFKLNXVSDSViJJDO´pV.ULV]WXVVDOÄOiWKDWyV]|
YHWVpJHW´DONRWpVDPHO\HW.ULV]WXVÄDSiSDpVDSVS|N|NiOWDO´
YH]HWDPLÄDKLWYDOOiVN|WHOpNpEHQDV]HQWVpJHNQHNpVD]HJ\Ki
]LYH]HWpVQHN´YDQDOiUHQGHOYH$UHIRUPHUHNV]iPiUDD](J\Ki]
FVDNPLQWN|]|VVpJpVOHONLWHVWYpULVpJOpWH]LN
(KKH]RO\DQNpWpUWHOPĦNLMHOHQWpVHNHWIĦ]|WWKR]]iKRJ\D]RN
NDOĘD](J\Ki]KLYDWDOiQDNVĘWDÄSiSDSiV]WRULSULPiWXViQDN´
YpGĘMHNpQW WXGWD NLDGQL PDJiW DPLW D J\DQ~WODQ KDOOJDWyViJQDN
~J\NHOOHWWpUWHQLHPLQWKDHJ\HWpUWHQHD]HJ\Ki]LWDQtWiVVDO0LQ
GHQHVHWUHDYLWiEDQQHPRO\DQYLOiJRVDQDGWDHOĘDKLYDWDOHOXWDVt
WiViWPLQWPĦYHLEHQVRNKHO\HQ'HDPĦYHLEHQDNLIHMH]HWWDODS
YiOWR]DWODQPDUDGW$](J\Ki]QHPÄHJ\V]HUĦHQHJ\.ULV]WXViOWDO
DODStWRWW´ÄQHPDQpSHNYLOiJRVViJD´ D]FVDNHJ\HGO.ULV]WXV 
D](J\Ki]KLHUDUFKLNXVIHOpStWpVHD,,9DWLNiQL=VLQDWXWiQXJ\DQ
D]WDUpJLPRGHOOWQ\~MWMDDPLYHOD]VLQDWRQiOOtWyODJIHODNDUWiN
YHQQLDKDUFRWD](J\Ki] EHOHV]iPtWYDDSVS|N|NHW FVDNHJ\
ÄWHVWYpULN|]|VVpJ´DSiSDViJRWDV]i]DGyWDDSiSDLDEV]ROX
WL]PXVMHOOHP]L H]V]HULQWHD.UHPOKH]YDOy|VV]HKDVRQOtWiVWLV
PHJpUGHPOL 3RSXOLVWDPHJIRJDOPD]iVEDQDSiSDViJHJ\HJ\HG
XUDORPDPLEiUPLWPHJWHKHW

/HKPDQQNDUGLQiOLVPHJMHJ\]LÄ7HKiWNpWVpJWHOHQONO|QIp
OHKDQJV~O\RNYDQQDNPHO\HNHWPpJVRNiLJOHKHWQHWDJODOQL´$]
REMHNWtY V]HPOpOĘQHN QHP NHUOKHWWH HO D ¿J\HOPpW KRJ\ .QJ
PiVHJ\Ki]DWSURSDJiOW$ÄUpJL(J\Ki]´FtPpUHV]HPUHKiQ\iVRN
VRNDViJDLUiQ\XOWPHO\HNPHJW|OWLND]HJ\Ki]NULWLNXVRNN|Q\YH
LWPHUWQHPLVPHULHODÄQpSYiJ\iW´D]LJpQ\WDQĘLHVtWHWWHJ\Ki]
UD QĘLHJ\HQMRJ~ViJ F|OLEiWXVYiODV]WKDWyYiWpWHOpWDÄV]H[XDOL
WiVSR]LWtYPHJtWpOpVpW´DIRJDP]iVJiWOiVGROJDLEDQpVtJ\WRYiEE
0LQGHQEHQD](J\Ki]NLQ\LODWNR]WDWiVDHOOHQLUiQ\XOpVÄ|U|PWHOL
]HQHWHWKLUGHWDIHQ\HJHWʁ]HQHWKHO\HWW´
$NDUGLQiOLVH]HNHWDQHPW~OPDJDVWHROyJLDLQtYyQiOOyWHyULi
NDWÄWXWWLIUXWWL´QDNQHYH]WHGHQHPXWDVtWRWWDHOKDQHPNLIHMH]WHD
N|QLJVWHLQLQ\LODWNR]DWUDKLYDWNR]YDHJ\HWpUWpVpW .|QLJVWHLQEHQ
EDQ D +XPiQH YLWDH SiSDL HQFLNOLND QRUPiLW D QpPHW SV
S|N|NJ\DNRUODWLODJKDWiO\RQNtYOKHO\H]WpN .RPRO\WHROyJLDL
YLWiEDQPHJOHKHWQHiOODStWDQLKRJ\KtYĘNDWROLNXVRNQHPWHWWHN
YROQDLO\HQ Q\LODWNR]DWRW PHUW V]HPEHQ iOOD YLOiJSVS|NHLQHN
QDJ\UpV]pYHOpVDWDQtWyKLYDWDOODOH]pUWQHPKLWHOHV$]~QÄOHO
NLLVPHUHWLG|QWpV´MyYiKDJ\iViQDNLJpQ\HHEEHQDQ\LODWNR]DWEDQ
V]HPEHQiOOD](J\Ki]WDQtWyKLYDWDOiQDNiOOiVSRQWMiYDO
$.QJiOWDOSURSDJiOWÄPiVLNHJ\Ki]KR]´N|YHWNH]pVNpSSHQ
HJ\ÄPiVLN .ULV]WXV´WDUWR]RWW$WHROyJXVV]HPUHKiQ\iVW WHV] D
]VLQDWQDN KRJ\ D] Ä(J\Ki] V]HQWVpJpYHO´ NH]GL DPLNRU Ä-p]XV
.ULV]WXVVDO´ NHOOHWW YROQD NH]GHQLH $] (J\Ki]QDN ÄHJ\HGO´ D
1i]iUHWL-p]XV.ULV]WXVWNHOOHQHWNU|]QLH0LQWDV]HU]ĘtUiVDLEyO
NLWĦQLNPHJWHVWHVOpVUĘOpV,VWHQ¿iUyOQLQFVV]y(]DKXPDQLV
WDMH]XDQL]PXVEDQ DPHO\-p]XVYRQ]yHPEHULPDJDWDUWiViUDLUi
Q\XOpVQHPD]LVWHQVpJpUH ROGyGLNIHOQpKiQ\NULV]WROyJLDLFtP
NpWpUWHOPĦKDV]QiODWDHOOHQpUH
$YLWDD]HJ\Ki]NULWLNXVQDND]WD]J\HVHQNLKDV]QiOWOHKHWĘVp
JHWNtQiOWDKRJ\DKDWDORPpVQRUPiNQpONOL(J\Ki]QDNDNpSpW
pVNLUHVtWHWWKLWpQHNDNpSpWKR]]DD]HPEHUHNN|]p+DD]ROYDVy
HVHWOHJFVRGiONR]QDD]RQKRJ\DNDWROLNXVRNQDSMDDWDQtWiVPHJ

YRQiViYDOUHQGUHXWDVtWRWWWHROyJXVQDNDGIyUXPRWDNNRUD]PpJ
IXUFViEEKRJ\DEHV]pOJHWpVEHQUpV]WYHYĘNpVDKDOOJDWyNDWp
YHVWp]LVHNHWNDWROLNXVQDNIRJDGWiNHO/iWKDWyKRJ\DÄQpPHWYD
OyViJ´RO\DQKRPiO\RVOHWWKRJ\PiUQHPWXGNO|QEVpJHWWHQQL
ÄNDWROLNXV´pVÄNDWROLNXVHOOHQHV´N|]|WW$PRGHUiWRUQĘD](J\
Ki]pVDKLWNQJLGHIRUPiFLyMiWÄVDMiWKLWpYHOPHJHJ\H]ĘQHN´LV
PHUWHHO
(KKH]D]ĦU]DYDUKR]LOOHWWDNDUGLQiOLViOGyV]DYDÄD](J\Ki]
UHEHOOLVpKH]´DNLWWXODMGRQNpSSHQPHJWpUpVUHNHOOHWWYROQDIHOV]y
OtWDQLD'HQHPÄPHJWpUpVW´NtYiQWDNQHNLKDQHPDÄVDMiWJ\K|]
YDOyKĦVpJHW´ /.DUUHU pVÄIRUUDGDOPLWUHOPHW´ 5/DXULQ 

,OO~]LyNKHO\HWWKLW
$] LPpQWL WHQGHQFLiW HUĘVtWHWWH KRJ\ D ÄODLNXV NDWROLNXVRNQDN´
H]HN D PHJQ\LOYiQXOiVDL IRUUDGDOPL MHJ\HNHW KRUGR]WDN DPLEHQ
YDODPLXWySLV]WLNXVLVYROW
$]DEHQ\RPiVXQNKRJ\H]DYLGiPIXWXULVWDPHVWHUNpOWVpJ
D]iOODQGyKLYDWNR]iVVDOD](J\Ki]EL]WRVM|YĘMpUH±OiWYDV]HUpQ\
V]HOOHPLHUHMpW±HUĘVHQHOEL]DNRGRWWpVLOO~]LyNEDVOO\HGW1p
KiQ\IHOHOĘVKLJJDGWDQUHDJiOWpVPHJHOpJHGHWWDOiWV]yODJUHDOLV
WDtWpOHWWHOLO\HQDPDL(J\Ki]iOODSRWD'HH]QHPPDUDGKDWtJ\
1LQFVM|YĘMHD]RO\DQ(J\Ki]QDNDPHO\EHQDKLWHWDKLWHWOHQVpJ
WĘOYDJ\Ä.ULV]WXVW%HOLDOWyO´QHPOHKHWHOYiODV]WDQL(]pUYpQ\HV
D] |NXPHQL]PXVUD LV 0LQGHQNLQHN EH NHOO OiWQLD KRJ\ HJ\
|QPDJiEDQQHPHJ\VpJHVDKLWEHQV]pWIRUJiFVROW(J\Ki]QDN
QLQFV OHJLWLPiFLyMD pV HUHMH PiV NHUHV]WpQ\HNNHO YDOy HJ\VpJ
PHJYDOyVtWiViKR](]pUWD.DWROLNXVRN1DSMiQDNWDSDV]WDODWDLHO
VĘVRUEDQ DUUD LQGtWDQDN KRJ\ D IHOIXYDONRGRWW IRUUDGDOPiURNNDO
HOOHQWpWEHQ D KLWUH NRQFHQWUiOMXQN D ÄNDWROLNXV LVWHQKLWUH´ DPL
QHNDN|]pSSRQWMDD],VWHQHPEHU-p]XV.ULV]WXVpVN|]SRQWMDD
SVS|N|NNROOpJLXPDpVIHMH3pWHUXWyGMDPDUDGËJ\EHV]pOW/HR
6FKHIIF]\NNDUGLQiOLV

+DQV .QJ SURIHVV]RU WHROyJLDL pUWHOPH]pVpQHN D YDOyGL NH
UHV]WpQ\VpJKH]PiUVHPPLN|]HQLQFVH]WYLOiJRVDQPHJOHKHWiO
ODStWDQL(]pUWOHJ~MDEEV]HOOHPLJ\HUPHNHDYLOiJHUN|OFVDODStWi
VDPiUQHPRNR]PHJOHSHWpVW
9LOiJHUN|OFVHQHP PiVPLQWPLQGHQYDOOiVHJ\VpJQHNiOFi
]RWWV]LQNURQL]iOiVD
-HOOHP]ĘHUUHKRJ\D](16=OHJPDJDVDEENpSYLVHOĘLNLEHMiU
QDN7ELQJHQEH pV EHV]pGHLNEHQ WiPRJDWMiN .QJ|W pV YLOiJHU
N|OFVpW+DSpOGiXOPHJMHOHQLN.R¿$QQDQ(16=IĘWLWNiUGLFVpUĘ
EHV]pGHW WDUW .QJUĘO pV YLOiJHUN|OFVpUĘO YDJ\ KD 0DU\ 5RELQ
VRQWD](16=HPEHULMRJRNpUWIHOHOĘVNRUPiQ\EL]WRViWPHJKtY
MiNLJHQMyYpOHPpQQ\HOYDQD]HOĘEELHNUĘO
'HH]]HOD]WKLV]HPVHPPL~MDWQHPPRQGWXQN
7XGMXNPLO\HQFpORNDWN|YHWD](16= NpVĘEEPpJYLVV]DWp
UQNUi pVD]WLVWXGMXNKRJ\DNO|QIpOHYDOOiVRNDWIHODNDUMiN
YiOWDQLHJ\PLQGHQHPEHUV]iPiUDN|WHOH]ĘYDOOiVVDOHJ\YLOiJ
YDOOiVVDODEpNHPHJĘU]pVHUJ\pQ'HH]QHPPiVPLQWD]ĘV
UpJLKDWDORPOHJ~MDEEWDNWLNiMDDYLOiJXUDORPHOpUpVpUHDSiSiQDN
PLQWV]LNOiQDND]HOWiYROtWiViUDD](J\Ki]iUWDOPDWODQQiWpWHOpUH
(]DN|Q\YVRNDWIRJODONR]LNDYDOOiVVDO'HWiJDEEpUWHOHPEHQ
YpYHH]PpJLVHJ\SROLWLNDLN|Q\Y%HDNDURPPXWDWQLD]ROYDVy
QDND]LJD]L|UG|JLHQUD¿QiOWW|UWpQHOPHWDPHO\DPLQGHQNLiOWDO
LVPHUWiOOtWyODJUHiOLVW|UWpQHOHPP|J|WWK~]yGLN
$] |NXPHQLNXV PR]JDORP 1pPHWRUV]iJEDQ QDJ\RQ VLNHUHV
DPLQHPLVFVRGDPLYHOD]HPEHULYLOiJLV]HPSRQWRNDWNpSYLVHOL
$](J\Ki]DWDQtWyKLYDWDOpVDSiSDPLQGLJFpOSRQWOHV]DKRJ\
-p]XVLVD]YROW$]|NXPHQL]PXVKtYHLQHNUHIRUPLJpQ\HLPDMG
QHP PLQG SURWHVWiQV LJpQ\HN pV PHJIHOHOQHN D PDL KXPDQLVWD
HPEHUEDUiWLJRQGRONRGiVPyGGDOPHJiOGRWWNRUWiUVDNQDN
(]HNDN|YHWHOpVHND]DOiEELDNDKLYDWDORVSDSViJPHJV]Q
WHWpVH DPLYHOHJ\WWMiUD]2OWiULV]HQWVpJKDOiOD DPLD]HJ\Ki

]LUHQGV]HQWVpJpQHNpVDpYHVV]HQWHOpVLOiQFQDN V]XNFHV]
V]Ly DPHJV]DNtWiVD /XWKHUQpOPiUPHJW|UWpQW pVYHOHDV]HQW
PLVHiOGR]DWPHJV]QWHWpVH1ĘLSDSViJ IHPLQL]PXVXJ\DQFVDN
SURWHVWiQVUHDOLWiV DF|OLEiWXVPHJV]QWHWpVHDPLWHJ\V]H[XDOL
WiVWKLUGHWĘWiUVDGDORPPiUQHPWXGPHJpUWHQL XJ\DQFVDNUHDOL
WiVD]HYDQJpOLNXVSURWHVWiQVOHONpV]HNQpOOHONpV]QĘNQpOSVS|
N|NQpO pVPLQGHQQHNDFV~FVDNpQWDN|]|V SURWHVWiQV ~UYDFVR
UDPLQWDNHUHV]WpQ\HNNLEpNtWpVHDQpONOKRJ\LVPHUQpNpVHOLV
PHUQpND]LJD]LVRUVG|QWĘNO|QEVpJHWDSURWHVWiQV~UYDFVRUDpVD
V]HQW(XFKDULV]WLDN|]|WW
$QpPHWRUV]iJL|NXPHQL]PXVGLDGDOLWWDVDQKDODGHOĘUHPHJ
HUĘV|GYHDKXPDQLVWiYiHPEHUEDUiWLYiKDQJROWWiUVDGDORPVHJtW
VpJpYHOpV~J\YpOLND]LGĘPiUW~OKDODGWDDÄYLOiJLGHJHQPHJ
FVRQWRVRGRWWN|]pSNRUL´NDWROLNXV(J\Ki]DWDWDQtWyKLYDWDOWpVD
SiSiW'HPLQW3DXO&ODXGHO  PHJiOODStWMDÄ$]LJD]
ViJQDNQLQFVN|]HDKKR]KiQ\DQKLV]QHNEHQQH´ËJ\YDQH]D]
|NXPHQL]PXVVDOLVEiUPHQQ\LN|YHWĘMHLVYDQ
-HOOHP]Ę KRJ\ .QJ YLOiJHUN|OFVL WDQtWiVD PHQQ\LUH |VV]H
FVHQJDV]DEDGNĘPĦYHVHNFpOMDLYDODNLNHJ\YLOiJYDOOiVWDNDUQDN
EHYH]HWQLDPHO\EHQPLQGHQHPEHUWHJ\HVtWHQLOHKHW$YLOiJYDO
OiVWUD¿QiOWDQÄDGMiNHO´D]HPEHUHNQHNPLQWDYLOiJEpNpMpQHN
PHJWHUHPWĘMpW(EEHQDYLOiJYDOOiVEDQDNDWROLNXV(J\Ki]HOYH
V]tWLMHQWĘVpJpWpVLJD]ViJiWpVPHJVHPPLVOËJ\DSRNROKDWDO
PDLPHJVHPPLVtWHQpND3pWHUUHDODStWRWW(J\Ki]DW
eUWKHWĘKRJ\DVYiMFLWHROyJXVW+DQV.QJSURIHVV]RUWDNLWĘO
DNDWROLNXV(J\Ki]PHJYRQWDDWDQtWiVLHQJHGpO\WDV]DEDGNĘPĦ
YHVHNV]tYHVHQQQHSOLN

+DQV.QJEHQPHJNDSWDDQpPHW
V]DEDGNĘPĦYHVHNWĘODNXOW~UipUWGtMDW
Ä$QpPHWV]DEDGNĘPĦYHVHNLGHLª.XOW~UipUW©GtMiQDNNLWQWHWHWWMHD
WHROyJXVpVYDOOiVWXGyV'U+DQV.QJSURIHVV]RU$ª9LOiJHUN|OFV

DODStWYiQ\©NH]GHPpQ\H]ĘMHDNLWQWHWpVWDYLOiJQDJ\YDOOiVDLN|
]|WWLMREEPHJpUWpVpUGHNpEHQNLIHMWHWWNLWDUWyIiUDGR]iVipUWNDSWD
$QpPHWV]DEDGNĘPĦYHVHNNXOW~UDGtMiWyWDRO\DQNLPD
JDVOyV]HPpO\LVpJHNNDSWiNDNLNG|QWĘPpUWpNEHQVtNUDV]iOOWDND
WROHUDQFLipUWDQpSHNN|]|WWLPHJEpNpOpVHOĘPR]GtWiVipUWpVDKX
PDQLWiVpUW(GGLJW|EEHNN|]WNLWQWHWHWWpN(ULFK.lVWQHUW6LHJ
IULHG/HQ]W*ROR0DQQW<HKXGL0HQXKLQW2WPDU$OWRWpV0HZ
.RSHOHZHW$GtMHXUyYDOMiU
+DQV.QJDGtMDW.|OQEDQNDSWDD]$OWH)UHLHQXQG$QJHQR
PPHQHQQDJ\SiKRO\QDJ\PHVWHUpWĘO-HQV2EHUKHLGHWĘOYHWWHiW
$ODXGiFLyWD]HJ\NRUL:'5LQWHQGiQV)ULW]3OHLWJHQWDUWRWWDDNLW
EHQWQWHWWHNNLH]]HODGtMMDO$GtMiWDGiVWQQHSpO\HVNHUH
WHNN|]|WWD'RULQW.RQJUHVVV]iOOyEDQ.|OQEHQWDUWRWWiN
$GtMRGDtWpOpVQHNLQGRNOiVDD]YROWKRJ\+DQV.QJIHODGDWi
QDNWHNLQWHWWHKRJ\PHJWHUHPWVHDNO|QE|]ĘYDOOiVRNHJ\PiVVDO
YDOy NDSFVRODWiQDN iOWDOiQRVDQ pUYpQ\HV DODSMiW 0LQW NH]GHPp
Q\H]ĘMHpVDYLOiJHUN|OFVDODStWYiQ\HOQ|NHIiUDGKDWDWODQXONLiOOW
DNXOW~UiNSiUEHV]pGHYDODPLQWD]HPEHULVpJHUN|OFVLpUWpNHLQHN
HOLVPHUpVHPHOOHWW(]WD]ªHJ\PiVVDO©WD]HPEHUQHNDWHUHPWpV
|VV]KDQJMiEDQOHKHWQHHOpUQLHKDDQHP]HWHNYDOOiVRNpVUHQG
V]HUHNDPiVViJRWHOIRJDGWiNpVPLQWOHKHWĘVpJHWPHJpUWHQpN9L
OiJHUN|OFVDODStWYiQ\iYDO.QJRV]WMDDV]DEDGNĘPĦYHVW|UHNYp
VHNHWHOOHQVpJNpSHNHOOHQGROJR]LNNLiOODQ\tOWViJpVDWROHUDQFLD
PHOOHWWKRJ\N|]|VHQPHJWDOiOMiNDEpNpKH]D]HPEHULMRJRN¿
J\HOHPEHYpWHOpKH]YH]HWĘXWDW´
$6]HQWtUiVQ\tOWDQV]yOD]RNUyOD]HVHPpQ\HNUĘODPHO\HND]
LGĘNYpJpQIRJQDNEHN|YHWNH]QL3pOGiXO3iOD]WPRQGMDKRJ\D
NiUKR]DW¿D DEĦQHPEHUH HOM|YHWHOHHOĘWWHOĘV]|UDQDJ\KLWYHV]
WpVQHNNHOOEHN|YHWNH]QLH Y|7HVV] .LDNDUMDD]WYLWDWQL
KRJ\QHPHEEHQDNRUEDQpOQN"
$] ,VWHQDQ\D D]W PRQGMD D VLHYHUQLFKL OiWQRNQĘQHN KRJ\ D
PRVWDQLKLWHKDJ\iVFVDNDNH]GHWDQDJ\KLWHKDJ\iVDNNRUN|YHW

NH]LNEHDPLNRUDNDWROLNXVNHUHV]WpQ\HNDKDPLVHJ\Ki]DWpVD
KDPLV.ULV]WXVWIRJMiNN|YHWQLpVĘNOHV]QHNDOHJW|EEHQ«
$VRNLQWHUNRPPXQLypVDN|]|V~UYDFVRUDiOODQGyN|YHWHOpVH
FVDNUJ\DNHUHV]WpQ\HNNLEpNtWpVpKH]pVHJ\HVtWpVpKH]'HH]
KD]XJViJIpOUHYH]HWpVDV]HQWPLVHiOGR]DWpVDV]HQW2OWiULV]HQW
VpJPHJV]QWHWpVpQHNHOĘNpV]OHWH$N|]|V~UYDFVRUDD]|NXPH
QL]PXVSURWHVWiQVIRUPiEDQYDOyN|YHWHOpVHDF|OLEiWXVPHJV]Q
WHWpVHpVDNDWROLNXVWDQtWyKLYDWDOHOOHQLOi]DGiVHONHUOKHWHWOHQO
V]DNDGiVKR]pVNHWWpRV]WRWWViJKR]YH]HW
0LpUW QHP PHQQHN iW D QpPHW |NXPHQL]PXV KtYHL DNLNQHN
SURWHVWiQV MHOOHJĦ N|YHWHOpVHLN YDQQDN HJ\V]HUĦHQ D] HYDQJpOL
NXVSURWHVWiQV HJ\Ki]ED DNNRU QHP NHOOHQH KDUFROQLXN XJ\DQ
H]pUWDNDWROLNXV(J\Ki]RQEHOO"$]pUWQHPWHV]LNPHUWDNDWR
OLNXV(J\Ki]DWFVDNDNDWROLNXVRNWXGMiNV]pWV]DNtWDQL(]HNNH
PpQ\V]DYDNGHH]D]LJD]ViJ
$QpPHW|NXPHQL]PXVRQEHOOIRNR]DWRVDQPRVViN|VV]HDNH
UHV]WpQ\N|]|VVpJHNHWDKRJ\DQH]WD]DOiEELSpOGDLVMyOPXWDWMD
iSULOLV pQDWHOHYt]LyHVWLKtUDGyMiEDQ$] YROWD WpPD
KRJ\Ä$]HJ\Ki]DNN|OFV|Q|VHQHOLVPHULNDNHUHV]WVpJHW´
Ä$QDJ\NHUHV]WpQ\YDOOiVN|]|VVpJHN N|]WNDUyPDLNDWROLNXV
(J\Ki] 1pPHWRUV]iJEDQN|OFV|Q|VHQpUYpQ\HVQHNWHNLQWLNDNH
UHV]WVpJHW$] HYDQJpOLNXV HJ\Ki] QpPHWRUV]iJL WDQiFVYH]HWĘ HO
Q|NH (.' :ROIJDQJ+XEHUSVS|NDQpPHWSVS|NLNRQIHUHQ
FLDHJ\NRULHOQ|NH/HKPDQQNDUGLQiOLVYDODPLQWNLOHQFRUWRGR[
ĘVLNHOHWLIHOHNH]HWpVDV]DEDGHJ\Ki]DNNpSYLVHOĘLDPDJGHEXUJL
GyPEDQHOĘV]|UtUWDNDOiHJ\HQQHNPHJIHOHOĘIRUPDQ\LODWNR]DWRW´
Ä$PDJGHEXUJLHJ\Ki]PHJ\HSVS|NH*HUKDUG)HLJHD]|NXPHQL
NXVª(J\WW(J\PiVVDO©PR]JDORP~MPLQĘVpJLOpSpVpWOiWMDHEEHQ
DV]DEiO\R]iVEDQ«´/HKPDQQNDUGLQiOLV~J\YpOWHÄ(]VHJtWD]
HOĘUHOpSpVEHQDN|]|V~UYDFVRUiKR]´
$SURWHVWiQVSVS|N|NpVSVS|NQĘNpVDNDWROLNXVSDSRNOiVG
/HKPDQQEtERURVYDODPLQWDNDWROLNXVODLNXVV]HUYH]HWHNEi]LVFVR

SRUWMDLUpV]pUĘODN|]|VSURWHVWiQV~UYDFVRUDIRO\WRQRVN|YHWHOpVH
DV]HQW2OWiULV]HQWVpJHOWiYROtWiViUDWHWWNtVpUOHW(EEĘON|YHWNH]LN
KRJ\DSURWHVWiQV~UYDFVRUDQHPPiVPLQWDPHJV]QWHWHWWV]HQW
PLVHiOGR]DW$/XWKHUpVD]HOM|YHQGĘ$QWLNULV]WXViOWDOPHJV]Q
WHWHWWiOGR]DWD]D]LV]RQ\DWRVSXV]WXOiVDV]HQWKHO\HQDPLW-p]XV
D]XWROVyLGĘNUĘOV]yOyEHV]pGpEHQPHJM|YHQG|OW 0W 
$EHKt]HOJĘV]DYDNDPHO\HNNHOD]HJ\Ki]EDEHIXUDNRGRWWV]D
EDGNĘPĦYHVHNDJ\DQ~WODQHPEHUHNHWPHJWpYHV]WLNpU]pNHOKHWĘN
D PHJMiWV]RWW HPEHUEDUiWViJEDQ pV D V]DEDGNĘPĦYHV KXPDQL]
PXVEDQDPHO\,VWHQWOHWDV]tWRWWDDWUyQUyOpVD]HPEHUWOWHWWHUi
,VWHQ SDUDQFVDL pV D] (J\Ki] WDQtWiVD QDJ\RQ J\DNUDQ HOOHQW
PRQGiVEDQiOOQDNDPDLÄIHOYLOiJRVXOW´HPEHUHNNHO(]pUWV]Q
WHOHQOPHJEpO\HJ]LNDNDWROLNXV(J\Ki]DWpVWDQtWiViWKRJ\ÄHO
PDUDGRWWPHJFVRQWRVRGRWWpVQHPLGĘV]HUĦ´$V]DEDGNĘPĦYHV
KXPDQL]PXVHV]PpLDNHUHV]WpQ\IHMHNEHpVV]tYHNEHPpO\HQEH
OHYpVĘGWHN
/iVVXQN HJ\ ~MDEE SpOGiW HQQHN DOiWiPDV]WiViUD .|UQ\H]H
WHPEĘOHJ\QDJ\RQMyNDWROLNXV±KtYĘQHNpVMiPERUQDNV]iPtWRWW
±DN|YHWNH]ĘW|UWpQHWHWPHVpOWHpYHVQĘVpVKiURPJ\HUPHN
DSMD(OKLGHJOWDIHOHVpJpWĘOEHOHV]HUHWHWWHJ\NROOpJDQĘMpEHDNL
YHOQDJ\RQEROGRJDPLQWPRQGMD$]WiQSDQDV]NRGLNKRJ\DND
WROLNXV(J\Ki]SDUDQFVDV]HULQWQHPMiUXOKDWV]HQWiOGR]iVKR]
ÒJ\JRQGROMDKRJ\KD-p]XVPDpOQHLWWDI|OG|QQHP~J\tWpO
QpPHJDKi]DVViJW|UpVWPLQWpYYHOH]HOĘWWÄ1HPOHKHWHJ\
HPEHUWĘOD]WNtYiQQLKRJ\DKi]DVViJEDQNLWDUWVRQKDPiUQLQFV
PHJDV]HUHOHP,WWYDQD](J\Ki]YiOWR]WDVVDPHJD]HODYXOWV]D
EiO\W´±PRQGWDPHUW/HKPDQQNDUGLQiOLVLVKHYHVHQNLiOOWD]HO
YiOW~MUDKi]DVRGRWWDNiOGR]WDWiVDPHOOHWW
0HJNpUGH]WHP WĘOH KRJ\ -p]XV WpQ\OHJ ,VWHQ" )HOKiERURGRW
WDQ YiODV]ROWÄ7HUPpV]HWHVHQ-p]XV,VWHQ´6D]WiQPHJNpUGH]
WHPWĘOHKRJ\-p]XVDNNRUYDMRQWpYHGHWWDPLNRUDYiOiVWHOYHWHW
WHpVDKi]DVViJW|UpVWV~O\RVEĦQQHNQHYH]WH"(OĘV]|UPHJK|N

NHQWKRJ\D]WiQW|P|UHQDPDJ\DNUDQKDOORWWYiODV]WDGMDÄ,JHQ
GHKiWPDPiVYLOiJEDQpOQNPLQWDPLDNNRUYROW´
,VWHQSDUDQFVDLpUYpQ\HVHNYROWDNDNNRUpUYpQ\HVHNPDLVpV
pUYpQ\HVHNOHV]QHN|U|NNp
(]WDWXGiVWDViWiQpVKXPDQLWiViQDNUD¿QiOWPpUJHD]iOOtWyODJ
QDJ\NRU~HPEHUJRQGRONRGiViEyOVDMQRVQDJ\RQJ\DNUDQHOWiYR
OtWRWWD,VWHQSDUDQFVDLQDNNHOOHQHDEĦQWHOWiYROtWDQLDNRUXQNPHJ
WpYHV]WHWWQDJ\NRU~HPEHUpQHNDP~OyI|OGLEROGRJViJDpVMyOpWH
pUGHNpEHQ+DPHJQp]]NDKDPLV|NXPHQL]PXVN|YHWHOpVHLWpV
MHOV]DYDLWV]QWHOHQOLO\HQSUREOpPiNEDWN|]QN
3iOLVEHV]iPROHUUĘOÄD]RNYHV]WpUHDNLNHONiUKR]QDN PHUW
QHPIRJDGWiNHOD]LJD]ViJV]HUHWHWpWKRJ\GY|]OMHQHN´ 7HVV]
 6DMQRVDOHJW|EEHPEHUHOFViEtWKDWypVQHPWXGMDPLO\HQ
JRQRV]MiWpNRWĦ]QHNYHOH
9pJOPpJQpKiQ\]HQHWD],VWHQDQ\iWyO,GD3HHUGHPDQOiW
QRNQĘQHNÄ$PLQGHQQpSHN$VV]RQ\D]HQHWHL´FtPĦN|Q\YEĘO

GHFHPEHU
Ä$NNRUD6]HQW3pWHUWHPSORPRWOiWRP5yPiEDQ$]$VV]RQ\±
6]Ħ]DQ\D±I|OpMHWDUWMDDNH]pW~J\PRQGMD0HJIRJMXNYpGHQL
pVPHJLVNHOOYpGHQL$PiVLNOpOHNERU]DV]WyDQHOĘUHW|U´
Ä$NNRUHJ\LNNH]pWYpGĘQDNXSRODI|OpWDUWMDDPiVLNNDOHO
I|GLV]HPpW$NNRUtJ\V]yOD]$VV]RQ\(]DOpOHN V]DEDGNĘPĦ
YHVVpJ PLQGLJD]RQOHV]KRJ\NO|QE|]ĘPyGRNRQPLQGLJHOĘUH
Q\RPXOMRQODVVDQDODWWRPRVDQ2O\DQDODWWRPRVDQIRJHOĘUHQ\R
PXOQLKRJ\DQpSHNQHPIRJMiNI|OLVPHUQL0pJHJ\V]HU¿J\HO
PH]WHWOHNDGGH]WWRYiEE´
,GDOiWMDD6]HQW3pWHUWHPSORPNXSROiMiWpVH]HNHWDV]DYDNDW
KDOOMDÄ0DUDGMRQH]DN|]pSSRQW$YLOiJKR]WDUWR]yOHONHND]RQ
YDQQDNKRJ\PHJVHPPLVtWVpNH]WDN|]pSSRQWRW´

Ä1pPHWRUV]iJ¿J\HOPH]WHWOHN1pPHWRUV]iJI|O|WWKiURPV]|
JHW OiWRN $] $VV]RQ\ LVPpW PHJV]yODO $ KiURPV]|J V]HOOHPH
PiVPyGRQDNDUpUYpQ\HVOQL$]HPEHUHNMyNGHLGHRGDUiQJDW
MiNĘNHWVPiUQHPOiWMiNDNLXWDW6]HJpQ\1pPHWRUV]iJ$W|EEL
QDJ\iOGR]DWDpVNpVĘEELVD]OHV]´

IHEUXiU
Ä.pUHOPH]GKRJ\DSiSDNOGM|QN|UOHYHOHNHWeSSHQ1pPHWRU
V]iJQDNYDQRO\QDJ\V]NVpJHDMyOpOHNUH(]WD/HONHWDN|UOH
YHOHNKR]KDWMiNPHJ(J\pUVHNHWOiWRN1pPHWRUV]iJEDQHUĘWHOMHV
HPEHU+DUFRWIRJIRO\WDWQL´

PiUFLXV
Ä$YDOOiVV~O\RVKDUFRNN|]pNHUOWHODNDUMiNWLSRUQL(]RO\DQ
DODWWRPRVDQW|UWpQLNKRJ\V]LQWHVHQNLVHPIRJMDpV]UHYHQQLeQ
D]RQEDQ¿J\HOPH]WHWOHN´

QRYHPEHU
Ä$ PiVLN ROGDO EX]JyQ GROJR]LN KRJ\ D QpPHW QpSHW HOYRQ
MD 5yPiWyO´ Ä0iVRN D]RQ PXQNiONRGQDN KRJ\ PHJVHPPLVtW
VpN1pPHWRUV]iJRW´

GHFHPEHU
Ä(PEHUHN VHJtWVHWHN D 6]HQWDW\iQDN &VHOHNHGMHWHN D] Ę SpOGi
MDV]HULQW.|YHVVpWHND]HQFLNOLNiNDW$NNRUDYDOyWODQViJDKD
]XJViJpVDFVDOiVOHONpQHNQHPOHV]W|EEHVpO\H6HJtWVHWHNKRJ\
D]RNHOWHUMHGMHQHNDYLOiJEDQ0RVWOiWRPD]HPEHUHNI|O|WWQDJ\
EHWĦNNHODV]yW(QFLNOLND´

PiUFLXV
Ä6~O\RVQ\RPiVQHKH]HGLNDYLOiJUD$]HOOHQVpJOHVEHQiOO5yPD
(J\Ki]D UDJDGG PHJ OHKHWĘVpJHGHW$ PRGHUQ KXPDQL]PXV OL

EHUDOL]PXVV]RFLDOL]PXVpVNRPPXQL]PXVH]HNWDUWMiNNDUPDLN
N|]WDYLOiJRW´

PiMXV
Ä7LDNLNDUyPDL(J\Ki]KR]WDUWR]WRNI|OIRJWiWRNHQDJ\V]HUHQ
FVpWHNHW"eUWVpWHNKiWPHJPLWMHOHQWDUyPDL(J\Ki]KR]WDUWR]QL
9DMRQHEEHQDV]HOOHPEHQFVHOHNV]HWHN"´
Ä0RVWD]$VV]RQ\LVPpW¿J\HOPH]WHWĘHQIHOHPHOLD]XMMiWpV
NRPRO\DQPRQGMD*RQGROMDWRNDV]HQWVpJHNUH0pJI|QQiOOQDN
1pSHNSpOGiWRNiOWDOYRQ]]iWRNDW|EELHNHWLV+R]]iDPLQGHQQD
SRVFVRGiKR]DPLQGHQQDSLiOGR]DWKR]´
$ N|YHWNH]Ę ]HQHWHN Ä$] 2OWiULV]HQWVpJpOPpQ\HN´
Ä'LH HXFKDULVWLVFKH (UOHEQLVVH´  FtPĦ N|Q\YEĘO V]LQWpQ ,GD
3HHUGHPDQQWyOV]iUPD]QDN

PiMXV
Ä(J\Ki]DPDWpVWDQtWYiQ\DLPDWDVLYDWDJEDYH]HWWpN1DJ\URP
EROiVWOiWWDPPDJDPHOĘWWPHO\ERU]DOPDVOHONLJ\|WUHOHPEHWD
V]tWRWW6]yOWDKDQJ-yOQp]GPHJpVPLQGHQWPHJIRJV]pUWHQL
DPLWOiWWDWRNYHOHG
.O|QE|]ĘQDJ\pSOHWHNHWOiWWDP(J\LNEHQROGDOUyOIHOLVPHU
WHPD9DWLNiQW$W|EELV]HPLQiULXPpVHJ\HWHPYROW$]pSOHWHN
EĘOSDSRNDWpVODLNXVRNDWOiWWDPM|QQL
0HJLMHGWHP PHUW UyND IDUNDV pV KLpQDIHMN YROW /DVVDQ
N|]HOHEE M|WWHN pV NHUHVJpOYH MiUWDN N|UEH ,V]RQ\DWRV OiWYiQ\
YROWpVERU]RQJWDP(NNRUKDOORWWDPDKDQJRW(]HND]RN DNLN
QpSHPHWDVLYDWDJEDYLWWpNpV(J\Ki]DPDWPHJRV]WRWWiN´

PiUFLXV
Ä$]WiQ OiWWDP HJ\SiSiW 1pJ\ N|Q\YHW WHWWHN OH HOp UDMWXN iOODW
V]LPEyOXPRNYROWDN$]WiQHOpPNHUOWHJ\KiURPV]|JHJ\'iYLG

FVLOODJeVDNHUHV]WpQ\HNHJ\HJpV]HQPiVN|]|VVpJpWOiWWDP'H
H]NpVĘEELQHNWĦQW´ 6]HU]ĘLPHJMHJ\]pVDKiURPV]|JDV]DEDG
NĘPĦYHVHNV]LPEyOXPDSpOGiXOD]HJ\GROOiURVRQ'iYLGFVLOODJ
Ä$OpOHNpVDURPOiVN|]WLKDUFWHOMHVHUĘYHOIRO\LN$]WiQOiWWDP
HJ\KiURPV]|JHWDPHO\EHQV]HPYROWpVKDOORWWDPeVWLSiV]WR
UDLPKROYDJ\WRN"9LVV]DDNDUWRNXWDVtWDQLHQJHP"*RQGROMDWRN
LJD]LIHODGDWRWRNUDpVKLYDWiVWRNUD7HUHOMpWHN|VV]HLVPpWPHJPD
UDGWQ\iMDLPDW7HUHOMpWHNMXKDLPDWEL]WRVPHQHGpNEHpVYH]HVVp
WHNYLVV]DĘNHWDQDSLFVRGiKR]´
,JHQDQDSLFVRGDDQDSLV]HQWPLVHiOGR]DWPHO\EHQDNHQ\pU
pV ERU-p]XV WHVWpYppV YpUpYpYiOWR]LN DPLWD JRQRV] KDWDOPDN
RO\DQQDJ\HUĘYHOWiPDGQDNPLQWPpJVRKD$V]HQWPLVHiOGR]DW
PHJV]QWHWpVHpVOHURPEROiVDDOHJQDJ\REEFpOMXN

$V]DNDGiVPiUPHJW|UWpQW
$V]DNDGiVDKLWKĦpV5yPDKĦNDWROLNXVRNpVD]RNN|]|WWDNLN
LQNiEEDSURWHVWiQVRNpVD]|NXPHQL]PXVLUiQWOHONHVHGQHNPiU
UpJHQUHDOLWiVVKDPDURVDQQ\LOYiQRVViYiOLN
(J\SpOGDDVRNN|]ODPLQHPUpJLEHQHJ\HJ\Ki]N|]|VVpJ
EHQW|UWpQW$Ä7DJHVSRVW´N|]|OWHJ\EHV]iPROyWM~OLXV
pQ*XLGR+RUVWNRPPHQWiUMDD](J\Ki]RQEHOOLV]DNDGiVUyOV]yO

Ä+RJ\DQOG|]LNPDD¿DWDO±HJ\Ki]KĦ±
SDSRNDW"´
(J\V]pWV]DNtWRWWN|]|VVpJEHQD](J\Ki]WDQtWiViKR]YDOyKĦVpJ
YpJ]HWHVOHKHW$IUHLEXUJLSVS|NVpJEHQNpWSDSRWYLVV]DOpSWHWWHN

ª:U]EXUJ$IUHLEXUJLpUVHNVpJSDSMDLQpKDQpKDKDOODWQDNPD
JXNUyO(J\pYHLVtJ\W|UWpQWDPLNRUD]pUVHNVpJNESDSMDYR
QDNRGRWWOHWHQQLDSVS|N|NiOWDON|YHWHOWKĦVpJtJpUHWHWpVHJ\NL
EĘYtWHWWKLWYDOOiVW7LOWDNR]yQ\LODWNR]DWRNNDOOHWWWHOHDVDMWyD]

pUVHNQDJ\RQPHJG|EEHQWQpKiQ\DOitUyD]WiQYLVV]DYRQWDDOitUi
ViWD]J\HOKDOW
$]DNpWPiVLNSDSDNLNUĘOPRVWD]~MViJRNtUWDNEL]WRVDQQHP
D]HVNWDJDGyNFVRSRUWMiKR]KDQHPLQNiEED]HJ\Ki]PHJ\HKĦ
VpJHVSDSMDLN|]pWDUWR]QDNÄ$]HJ\Ki]N|]|VVpJEHQPLQGHQPiV
YDQFVDNHJ\HWpUWpVQLQFV±tUWiND3IRU]KHLPHU.XULHUpVHJ\KD
VRQOyQHYĦ~MViJEDQ9LWDpVV]DNDGiVYDQDOHONLSiV]WRULHJ\VpJ
N|UODPHO\D6]HQWKiURPViJUyOQHYH]HWWSOpEiQLiQW|UWpQW´
$]HJ\Ki]N|]VpJQHNLGLOOLIHNYpVHYDQDKROD.UDLFKJDXGRPE
ViJD)HNHWHHUGĘEHPHJ\iW.ENDWROLNXVWDUWR]LNLGHRO\DQ
NLV V]LPSDWLNXV QHYĦ WHOHSOpVHNHQ PLQW %LONLQJHQ (LVLQJHQ
6WHLQ.|QLJVEDFK:LOIHUGLQJHQ6LQJHQpV1|WWLQJHQ
$] HJ\Ki]N|]VpJHN NpW OHONLJRQGR]yMiQDN (ZDOG %LOOKDU]
  pV &ODXV 0LFKHOEDFK   D IUHLEXUJL SVS|NVpJ V]HPUHKi
Q\iVWWHWWKRJ\D]HJ\VpJV]ROJiODWRWPHO\DSDSLV]ROJiODWOpQ\H
JpKH]WDUWR]LNQHP~J\J\DNRUROWiNKRJ\QHHVVHQV]pWDN|]|V
VpJ±DKRJ\D]HJ\Ki]N|]|VVpJIHOHOĘVVpJpUĘOROYDVKDWyHJ\tUiV
EDQ$V]HQWVpJLSDV]WRUiFLyDOLWXUJLDpVD]|NXPHQL]PXVNpUGp
VHLUĘOYDQV]y7LOWDNR]ytUiVRNSDQDV]OHYHOHNGRVV]LpNpVROYDVyL
OHYHOHN PiVRODWDLQDN WXFDWMDL NHULQJWHN 0DJD -RVHSK 5DW]LQJHU
NDUGLQiOLVLVNDSRWW5yPiEDOHYHOHNHWV]LPSDWL]iQVRNWyOpVDNpW
SDSYpGHOPH]ĘLWĘO´
$]LO\PyGRQNHOHWNH]HWWtUiVKDOPD]EHSLOODQWiVWQ\~MWHJ\HJ\
Ki]PHJ\HKpWN|]QDSMDLEDDPLNRUD](J\Ki]QpSpQHNNHOOHOV]HQ
YHGQLHDV]DNDGiVRNDWDPLHOVĘVRUEDQQHP%LO¿QJHQEHQNHOHWNH
]HWW 0LHOĘWW %LOOKDU] pV 0LFKHOEDFK EHQ PHJNH]GWpN SDSL
KLYDWiVXNDW D ¿OLiEDQ SpOGiXO V]RNiV YROW D] LQWHUNRPPXQLy$
W~OQ\RPyUpV]WSURWHVWiQVRNODNWDN|UQ\pNHQDNDWROLNXVSDSpYHQ
WHHJ\V]HUPHJKtYWDD]HYDQJpOLNXVN|]|VVpJHWpVYLV]RQWOiWRJD
WiVWLVWHWWHN±DPLQGHQNRULYHQGpJHNPHJKtYiVDiOGR]iVVDOLOOHW
YH ~UYDFVRUiYDO YpJ]ĘG|WW 0HJMHJ\]pV H] D NDWROLNXV (J\Ki]
WDQtWiVD HOOHQ V]yO OiVG HQFLNOLND D] 2OWiULV]HQWVpJUĘO ,, -iQRV

3iOWyO %LOOKDU]pV0LFKHOEDFKDW\iNH]WPHJV]QWHWWpN±PLQGHQ
HVHWUHDSURWHVWiQVOHONpV]HJ\HWpUWpVpYHO
%HYH]HWWHNV]RPEDWRQNpQWHJ\V]HQWPLVpWD6]Ħ]DQ\DWLV]WHOH
WpUHDGYHQWEHQpVE|MWLGHMpQSHGLJiMWDWRVViJRNDW$%LOO¿QJHQKH]
WDUWR]y0iULD]DUiQGRNKHO\WHPSORPDLVPpWDOiWRJDWyNVRNDViJiW
YRQ]RWWD6RNDNQDND]LV~MYROWKRJ\DNpWSDSUHYHUHQGiEDQMiUW
NH]GHWEHQERVV]DQNRGWDNPLDWWD$PLNRURNWyEHUYpJpQDNpW
SDSD]HJ\Ki]N|]VpJODSMiEDQPHJKLUGHWWHKRJ\PLQGHQV]HQWHN
NRUpVDN|YHWNH]ĘQDSRNRQD]HOKXQ\WDNQDNE~FV~WOHKHWQ\HUQL
PHJIHOHOĘIHOWpWHOHNWHOMHVtWpVHHVHWpQ W|EEHNN|]|WWLPDD6]HQW
DW\D V]iQGpNiUD  NHGYH]ĘWOHQO pV NULWLNXV V]DYDNNDO IRJDGWiN
$]XWiQDYDViUQDSLV]HQWPLVHXWiQV]yEDQPDMGD]HJ\Ki]N|]Vp
JL~MViJEDQD]DOiEELDNDWQHKH]PpQ\H]WHDSOpEiQLDHJ\LNPXQND
WiUVQĘMHÄ$]WKLV]HQKRJ\,VWHQQHPWiPDV]WMDYHOHPV]HPEHQD
SDSiOWDOHOĘtUWHOYiUiVRNDWpVIHOWpWHOHNHWDKKR]KRJ\QHNHPpVD
KR]]iPN|]HOiOOyHOKXQ\WDNQDNNHJ\HOPHW E~FV~W DGMRQ´
.LQHNYDQD]HJ\Ki]N|]VpJEHQLO\HQMRJD"
$WiERURNDPHO\HNEHD]HJ\Ki]N|]VpJPiUDSDSRNPHJpUNH
]pVHHOĘWWNHWWpYROWRV]WYDNH]GWHN~MUDNLDODNXOQL$]HJ\Ki]N|]
VpJLN|Q\YWiUOHWWDWLOWDNR]iVN|]SRQWMDD]HJ\Ki]WDQiFVEDQNLIH
MH]pVUH MXWWDWWiN WLOWDNR]iVXNDW 3DQDV]OHYHOHN PHQWHN D SVS|N
VpJUH'HDV]LPSDWL]iQVRNVHPYROWDNWpWOHQHNPiUFLXViEDQ
W|EEPLQWV]i]DOitUiVVDONOGWpNOHYHONHWDIUHLEXUJLpUVHNVpJUH
D] DOiEEL NpUpVVHO Ä1H YLJ\pWHN HO H]HNHW D SDSRNDW .O|QE|
]ĘROGDODNUyOKDOODQLOHKHWHWWKRJ\H]HNHWDOpSpVHNHWPHJWHV]LN
YDJ\PiUPHJWHWWpNKRJ\PHJV]DEDGXOMDQDNDPLNpWSDSXQNWyO´
$ WRYiEELDNEDQ NpUWpN DSVS|NVpJHW KRJ\WLV]Wi]]DNLQHN PL
O\HQMRJDYDQD]HJ\Ki]N|]VpJEHQpVNLQ\LOYiQtWRWWiNKRJ\DNpW
SDSQHPWHV]PiVWFVDNDNDWROLNXV(J\Ki]WDQtWiViWNpSYLVHOL
$ PHJNH]GHWW NLV KiERU~EyO PRFVNRV ViUGREiOiV OHWW DPLNRU
%LOOKDU]DW\DDP~OWIHKpUYDViUQDSD]HOVĘiOGR]yJ\HUHNHNNHO|V]
V]HJ\ĦOW N|]|VVpJ V]iPiUD ~WPXWDWiVW DGRWW D] (XFKDULV]WLD IR

JDGiViYDONDSFVRODWEDQPHUWHJ\LO\HQQDSRQ±DKRJ\DQD]DW\D
PRQGWD±ÄEL]RQ\WDODQNRGQDNDKtYHNKRJ\DQNHOODV]HQWiOGR]iVW
IRJDGQLpVNLQHNV]DEDGiOGR]QL´
%LOOKDU]DNDWROLNXV(J\Ki]QRUPiLUyOEHV]pOW6~O\RVEĦQHVH
WpQHOĘWWHJ\yQQLNHOO~MUDKi]DVRGRWWHOYiOWDNHYDQJpOLNXVRNpV
PiVKLWĦHNQHPMiUXOKDWQDND]ÒUDV]WDOiKR](]HOpJYROWDKKR]
KRJ\EHWHOMHQDSRKiU$SVS|NVpJN|]YHWtWpVpYHOHJ\PiVLNOHO
NLSiV]WRULN|U]HWEĘORGDXWD]RWWHVSHUHVVHPWXGRWWQ\XJDOPDWWH
UHPWHQL .LPHUtWĘHQ HFVHWHOWH D VHEHNHW pV D] HJ\Ki]WDQiFV pV D
SDQDV]NRGyNYH]HWĘLQHNVpUHOPHLWDNLNOHYHOHNHWtUWDNDSVS|N
VpJUH$OpQ\HJLNpUGpVHNHWD]HVSHUHVHOKDOOJDWWD$PLNRUDNpW
SDSHJ\LNWiPRJDWyMDPHJNpUGH]WHWĘOHKRJ\NHOOHJ\yQQLKRJ\
D]2OWiULV]HQWVpJYpWHOHHQJHGpO\H]HWWHYDJ\QHPKRJ\D]pULQ
WHWWSDSRND](J\Ki]~WPXWDWiVDLHOOHQYDQQDNHYDJ\PHJVpUWHW
WpNHD]HJ\Ki]MRJRWNLWpUĘGHVRNDWPRQGyYiODV]WDGRWWÄ)pOH
OHPPHOW|OWHQHNHOD]RND]HPEHUHNDNLNPLQGHQUHYLOiJRVDQYi
ODV]ROQDN´
(J\WRYiEELOLVWDpUNH]HWWDSVS|NVpJUHMyNpWV]i]DOitUiVVDO
PHO\EHQ DIUHLEXUJLpUVHNWĘO VHJtWVpJHW NpUWHNDNpW SDSUpV]pUH
-~QLXVpQDNpWDW\DPHJMHOHQWDSVS|NVpJHQ-~QLXViQD
YDViUQDSLV]HQWPLVHXWiQN|]|OWpNYHONKLYDWDOLHOERFViWiVXNDW
$SVS|NVpJYH]HWĘLQHNKLYDWDORVLQGRNOiVDtJ\V]yOWÄ$IHQQiOOy
IHV]OWVpJHNpVDIHOPHUOĘNRQÀLNWXVRNPLDWWDPLNHWPLQGHQIi
UDGR]iVXNHOOHQpUHVHPWXGWDNHOVLPtWDQL´EHNHOOHWWQ\~MWDQLXND
SVS|NQHNDOHPRQGiVXNDWDPLWV]HSWHPEHUpQ6DLHUSVS|N
iWLVYHWW
+RJ\PLOHV]YHONH]XWiQD]EL]RQ\WDODQÄ$SDSLKLYDWDOWyO
YDOyPHJIRV]WiVVRKDQHPYROWV]iPXQNUDSHUVSHNWtYD´±PRQGWiN
PLQGNHWWHQpVH]]HOYLOiJRVViWHWWpNKRJ\HUUHQHP|QNpQWNHUOW
VRU$NpWSDSFVDOyGRWW$SVS|NQHN±DNLRGDKHO\H]WHĘNHW±WXG
QLDNHOOHWWKRJ\RO\DQSOpEiQLiUDNOGLĘNHWDKROD](J\Ki]RQEH
OOLPHJRV]WRWWViJNp]]HOIRJKDWyDQMHOHQYDQ1HPDSVS|NWHKiW
DIHOHOĘVDNLLGHNOGWHĘNHWpVDNLQHNWiPRJDWiVWpVYpGHOPHWNHO

OHWWYROQDDGQLD"±NpUGH]WH%LOOKDU]pV0LFKHOEDFK$]]DOYiGRO
WiNĘNHWKRJ\DV]DNDGiVWDOHONLSiV]WRULHJ\VpJEHQQHPVLNHUOW
HOKiUtWDQLXNÄ7HKiWDPHJRV]WRWWViJPiUHOĘWWQNLVMHOHQYROW´±
pUYHOQHNH]HNXWiQDSDSRN
0HJOiWiVDLNKHO\HVHNpVSUHFt]HN
7iPRJDWyLN D]W NpUGH]LN PLW NHOOHWW YROQD %LOOKDU]QDN pV
0LFKHOEDFKQDNPiVNpSSFVLQiOQLD$IUHLEXUJLSVS|NOHYHOpEHQ
DPHO\HWD]HJ\Ki]N|]VpJHJ\LNWLV]WHOHWUHPpOWyWDJMiQDNtUWH]iOO
Ä1HPDNpWSDSLJHKLUGHWpVpQHNWDUWDOPiUyOKDQHPPyGMiUyOYDQ
V]y$]HJ\Ki]N|]VpJD]RQWDJMDLLVDNLNPDUDGiVXNPHOOHWWiOO
WDNHOLVPHUWpNKRJ\PDJDEL]WRVpVW~OEX]JyIHOOpSpVNNHOVpUHO
PHNHWRNR]WDN´
(QQHNHOOHQWPRQGHJ\PiVLNHJ\Ki]N|]VpJLPXQNDWiUVÄ$NpW
SDSYLV]RQ\DDPXQNDWiUVDNNDO±EHOHpUWYHDPLQLVWUiQVRNDWLV±
EDUiWViJRVPHJpUWĘV]tYpO\HVYH]HWpVLVWtOXVXNNRRSHUDWtYYROW
$NpUGpVHNUHXGYDULDVEDUiWViJRVIHOYLOiJRVtWiVWDGWDNPHJOiWi
VDLNPLQGHQNRUKHO\HVHNpVSUHFt]HNYROWDN´+HO\HV NRUUHNW pV
SUHFt] SRQWRV  WDOiQ pSSHQ H] D] D NpW WXODMGRQViJ DPHO\ HJ\
PHJRV]WRWWHJ\Ki]EDQ|VV]HWN|]pVKH]YH]HW©


7XGQLYDOyNDV]LPEyOXPRNUyO
$pYLNDWROLNXVRNQDSMDQHPiOOW
MyFVLOODJ]DWDODWW

$]HPEHULVpJW|UWpQHWpWDOHJNRUiEELLGĘNWĘONH]GYHMHOHNpVV]LP
EyOXPRNNtVpULNDPHO\HNNHOPXWDWQLYDJ\PRQGDQLDNDUQDNYD
ODPLWpYHDOHJLVPHUWHEE-p]XV.ULV]WXVNHUHV]WMH.ULV]WXV
PHJYiOWiViQDNDMHOH
7HUPpV]HWHVHQLVPHUWDYLOiJKiERU~HOĘWWDQpPHWHNQpODKRURJ
NHUHV]WLVPLQWDQiFLXUDORPV]LPEyOXPD(PHOOHWWV]iPWDODQMHO
pVV]LPEyOXPYDQDPHO\HW PDMGQHP PLQGHQNLLVPHUGHLJD]L
MHOHQWpVpYHOQHPPLQGHQNLYDQWLV]WiEDQ
'HtJ\YDQH]PLQWHPOtWHWWHPDW|UWpQHOHPWDQtWiVVDOLVYDQ
DKLYDWDORVW|UWpQHOHPDKRJ\D]RNDWDW|UWpQHOHPN|Q\YHNEHQRO
YDVKDWMXN pV YDQ HJ\ UHMWHWW W|UWpQHOHP PHO\QHN |VV]HIJJpVHL
D Q\LOYiQRVViJ V]iPiUD DOLJ LVPHUWHN 9DQ HJ\ WLWNRV KDWDORP D
ERO\JyQNRQDOiWKDWyKDWDORPVWUXNW~UiNP|J|WW
0LQWPiUDN|Q\YEHQPHJMHJ\H]WNOHHJ\V]HUĦVtWYH~J\IHMH]
KHWĘNLKRJ\KiURPIpOHHPEHUYDQ DNLPHJPR]GtWYDODPLW 
DNL Qp]L J\DNUDQ pUWHWOHQO ODQJ\RVDQ pV WDQiFVWDODQXO   DNL
FVRGiONR]LNKDW|UWpQLNYDODPL
1pJ\MHOHWpVV]LPEyOXPRWV]HUHWQpNEHPXWDWQLDPHO\HNYDOy
GLMHOHQWpVHYDOyV]tQĦOHJQHPPLQGHQNLV]iPiUDLVPHUW

 $SHQWDJUDPPDPLW
ERV]RUNiQ\V]|JQHNQHYH]QHN
ª$SHQWDJUDPPDO±D]86$D6=8Y|U|V.tQD
pVPDMGQHPPLQGHJ\LND]~QIUDQFLDIRUUDGD
ORPXWiQDODStWRWWiOODPMHOHVRNPiUNiVFLNNHQ
WXGDWRVDQMyFVLOODJ DWpYpEHQDOLJpV]UHYHKHWĘ

HQNpSHNN|]pEHLNWDWYD D]HPEHULVpJOHJQDJ\REEUpV]H/XFLIHU
MHONpSH VXJiU]yFVLOODJIpQ\KRUGR]y DOiNHUOWDPHO\H]]HOD
NHUHV]WHWNO|QE|]ĘIRUPiNNDONLV]RUtWMD0LWROyJLDLODJPiUDED
ELORQL LGĘNEĘO LVPHUW D SHQWDJUDPP DPHO\ D PLQGHQ J\iPViJ
WyO ,VWHQ PHJV]DEDGtWRWWHPEHUDOHJPDJDVDEEOpQ\V]iPiUDiOO
DNLWVWLOL]iOWDQiEUi]RO OiEEDOpVDPDJDVEDQV]pWWiUWNDURNNDO 
.pWVSLFFHQiOOYDN|YHWNH]pVNpSSHQDOpWH]pVHPEHUN|]SRQW~
ViJiWNLIHMH]YH KDHJ\VSLFFHQiOOViWiQN|]SRQW~ /HRQDUGRGD
9LQFL KDV]QiOWD VHPOHJHV PRGXOiWRUNpQW D V]DEDGNĘPĦYHVHNWĘO
YHWWHiWpVDIHQWLpUWHOHPEHQPRWLYiOWD/HQLQEHYHWWHDV]RYMHW
IHOVpJMHOEHKRJ\DQ\XJDWLV]DEDGNĘPĦYHVHNQHNMHOH]]HKRJ\D
NRPPXQL]PXVDN|]|VIHOVĘNWĘO WXGyNWyO iOGiVWNDSRWW
$ NRPPXQL]PXV pV D PDJDV IRNR]DW~ V]DEDGNĘPĦYHVHN N|
]|V QHYH]ĘQ YDQQDN /HJIĘEE pUWpN D] HPEHU $ V]DEDGNĘPĦ
YHV$%$: $OOPlFKWLJHU%DXPHLVWHU$OOHU:HOWHQ±DYLOiJWHOM
KDWDOP~ pStWĘPHVWHUH UJ\ DUUD KRJ\ D J\DQ~WODQ NHUHVĘNHW D
-RKDQQLVORJH-RKDQQLVSiKRO\KDODVWDYiEDK~]]D ©
Ä'LH,QVLGHU´ROG
$SHQWDJUDPPEHPXWDWiVDD]XWyEELLGĘEHQKLKHWHWOHQOPHJ
V]DSRURGRWW OHJ\HQ D] WHOHYt]Ly WpYpVKRZ UXKi]DWRQ PLQW pN
V]HU VSRUWUHQGH]YpQ\HNHQ IXWEDOOODEGiNRQ D UHNOiPEDQ PLQ
GHQKROKDV]QiOMiN$DVIXWEDOOYLOiJEDMQRNViJPHJQ\LWyMiQ
SpOGiXOQQHSpO\HVHQKR]WDNEHNpWyULiVSHQWDJUDPPRWDWpUUH$
SHQWDJUDPPPXWDWMDKRJ\DV]DEDGNĘPĦYHVXUDORPD]HJpV]YL
OiJUDNLWHUMHGW
$SHQWDJUDPPVXJiU]yFVLOODJRWMHOHQWIpQ\KRUGR]yYDJ\D]
RODV]V]yÄLOOXPLQDWL´DOHWDV]tWRWWIpQ\KRUGR]y/XFLIHUMHONpSH«
ÒJ\OiWV]LNKRJ\D]HPEHULVpJQDJ\UpV]H/XFLIHUMHONpSHDOi
NHUOWpVKDWiVN|UpEHQYDQ$KRJ\DNHUHV]WpQ\HJ\Ki]DNROWiUiQ
iOODNHUHV]W~J\iOODViWiQLPLVpNROWiUDLQDSHQWDJUDPPPLQW
/XFLIHUMHONpSH

 $]|N|O
ª$]|N|OPHJHJ\H]LNDNDODSiFFVDO YDGiOODW
LPSHULDOL]PXV
$Q\LWRWW|N|OWHKiWDNLQ\~MWRWWNp]D]RQRV
V]LPEyOXPDNpMQĘYHOLOOHWYHDPiVRGLNYDGiO
ODWWDODKRJ\D]DSRNDOLSV]LVHPOtWLWHKiWDV]D
EDGNĘPĦYHVHOOHQHJ\Ki]]DO ©
Ä'LH,QVLGHU´ROG
$Q\LWRWWNp]DV]DEDGNĘPĦYHVHOOHQHJ\Ki]DPiVRGLNYDGiO
ODWD]DSRNDOLSV]LVEHQÄDYDGiOODWDPHO\HJ\EiUiQ\UDKDVRQOtW
GH~J\EHV]pOPLQWDViUNiQ\´ -HO (]D]HJ\Ki]LV]DEDG
NĘPĦYHVVpJDPHO\D-HOHQpVHNN|Q\YpEHQDÄKDPLVSUyIpWD´ $Q
WLNULV]WXV 

 6]pWWHUMHV]WHWWXMMDNÄ9´DODNEDQ
ª$PHJKDPLVtWRWW.ULV]WXVMHOUĘOYDJ\DKDPLV
SiSDMHOpUĘOYDQV]y$NHUHV]WpQ\VpJD]WDPL
HOOHQWpWHVHJ\PDJDVDEEHJ\VpJKH]DNDUMDUHQ
GHOQL IpU¿pVQĘpJpVI|OGWHVWpVOpOHN PpJ
SHGLJV]DEDGG|QWpVVHO$JQy]LVH]]HOV]HPEHQ
YLVV]DpOD]HOOHQWpWHNV]DEDGViJiYDOYDJ\iOWD
OiQRVtWMD YDJ\ WDJDGMD D]W9pJO PLQGNHWWĘ V]DNDGiVKR] YH]HW
WHKiWYHV]HNHGpVKH]pVURPEROiVKR]9pJODV]pWWHUMHV]WHWWXMMDN
NDODEHDYDWiVPDJDVIRNDMXWNLIHMH]pVUH.ELJDOHJPDJD
VDEEEHDYDWRWWDNV]iPiUDYROWLVPHUW'HPLNRUDV]DEDGNĘPĦYHV
PiJLiEDQEt]y&KXUFKLOOEHQDWWyOIpOWKRJ\$QJOLDiOGR]D
WDOHV]+LWOHUVLNHUHVNp]PiJLiMiQDNpV+LWOHUV]iPiUDDFVDWRUQiQ
iWYH]HWĘ~WV]DEDGGiYiOLN(NNRUDWDQiFVDGyMDD]LVPHUWViWiQLV
WD$OLVWHU&URZOH\D]WDMiQORWWDKRJ\H]]HODYHV]pOO\HODPiJLiEyO
LVPHUWV]pWWiUWXMMDNPiJLiMiYDOV]iOOMRQV]HPEH$V]LPEyOXPRW
*\Ę]HOHPMHONpQWIRUJDORPEDKR]WiN©
Ä'LH,QVLGHU´ROG

$V]DEDGNĘPĦYHVV]pWWHUMHV]WHWWXMMDNDV]DNDGiVYLV]iO\YH
V]HNHGpV URPEROiV MHOH H]HNNHO NHOO D UyPDLNDWROLNXV (J\Ki
]DWW|QNUHWHQQL$ V]pWWHUMHV]WHWWXMMDN D PHJKDPLVtWRWW.ULV]WXV
pV3pWHUMHO'H-p]XVPHJtJpULÄ0RQGRPWHKiWQHNHG7H3pWHU
YDJ\ (UUH D V]LNOiUD pStWHP (J\Ki]DPDW pV D SRNRO NDSXL QHP
YHV]QHNHUĘWUDMWD´ 0W
$ V]DEDGNĘPĦYHV V]pWWHUMHV]WHWW XMMDN HOOHQWpWH D .ULV]WXV ±
YDJ\SiSDMHO±D]HJ\VpJMHOHËJ\OHKHWOiWQLD9DWLNiQEDQ3pWHU
V]REUiWDPHO\HQ3pWHUH]WDMHOHWPXWDWMD

 $VDUOypVDNDODSiFV
ª'XSODV]LPEyOXP
D  V]DEDGNĘPĦYHV KROGVDUOy HJ\~WWDO D]
DSRNDOLSV]LVÄKROGMD´ -HO $ ¿OR]y¿DYDO
OiVSyWOpNNpQW iOWDOiQRVtWMD H]pUW HJ\EHQ D KD
PLVSDSViJMHOHLV
E NDODSiFVDKDWDORPpVHUĘV]DNV]DEDGNĘPĦYHVpVNRPPX
QLVWDMHONpSHHJ\H]pVD]¶|N|OOHO¶PiVIHOĘODV]DEDGNĘPĦ
YHVHNIHOHPHOWWHQ\HUpYHO$]DXWRNUDWDHOYKH]N|W|WWH]pUW
DSV]HXGRLPSHULXPV]LPEyOXPD
$] DSRNDOLSV]LVEHQ D ÄNDODSiFV´ HJ\EHQ D ÄYDGiOODW´ iOODPL
HUĘV]DN pVDÄVDUOy´HJ\EHQDÄNpMQĘ´DKDPLVPiULiVHOOHQHJ\Ki]
MHOH$-HOHQpVHNN|Q\YHIHMH]HWpEHQDÄNpMQĘ´ V]DEDGNĘPĦ
YHVJQy]LV DÄYDGiOODWRQ´ORYDJROVH]QHPPiVPLQWDNRPPX
QLVWDLPSHULDOL]PXV$]DSRNDOLSV]LVV]HULQWDYDGiOODWDNpMQĘUH
WiPDG $ NRPPXQLVWD LPSHULDOL]PXV D 1\XJDW V]DEDGNĘPĦYHV
PHVVLDQL]PXVDHOOHQ ©
Ä'LH,QVLGHU´ROG
$V]DEDGNĘPĦYHVKROGVDUOyHJ\EHQDÄKROG´MHOHLV$-HOHQp
VHNN|Q\YHD]WPRQGMDÄ$]pJHQQDJ\MHOWĦQWI|OHJ\DVV]RQ\NL
QHN|OW|]HWHDQDSYROWOiEDDODWWDKROGIHMpQWL]HQNpWFVLOODJEyO

NRURQD´ -HO pVXJ\DQD]YDQD7HUHPWpVN|Q\YpEHQÄ«Ę
V]pWWLSRUMDIHMHGHW«´ 7HU 
$KROGDV]DEDGNĘPĦYHVKROGVDUOyDPHO\D]DVV]RQ\OiEDDODWW
YDQ(]PXWDWMD0iULDJ\Ę]HOPpWD]XWROVyLGĘNEHQ
 PiMXV  2VQDEUFNL HJ\Ki]PHJ\pEHQ UHQGH]WpN
PHJDNDWROLNXVRNQDSMiWeVDQpPHWODLNXVNDWROLNXVQDSHJ\
NO|Q|VMHODODWWiOOW
$ NDWROLNXVRN QDSMiW  pY yWD UHQGH]LN PHJ ÒMDEEDQ NpW
pYHQWHPLQGLJPiVYiURVEDQPiVLNSVS|NVpJEHQUHQGH]LN$ND
WROLNXVQDSRNDNDWROLNXVODLNXVPR]JDORPEyOHUHGQHNWHKiWQHP
RO\DQDPLWDUyPDLNDWROLNXVHJ\Ki]DODStWRWWpVUHQGH]HWW
$QpPHWNDWROLNXVRNN|]SRQWLEL]RWWViJD =G. DNDWROLNXVOD
LNXVRNOHJQDJ\REEV]HUYH]HWHDPHO\DNDWROLNXVQDSRNDWD]DGRWW
SVS|NVpJJHOHJ\WWUHQGH]L$PRVWDQLN|]SRQWLEL]RWWViJHOQ|
NH'U+DQV-RDFKLP0H\HUSURIHVV]RU2VQDEUFNSVS|NHpV'U
)UDQ]-RVHI%RGH
-yYDO D  PiMXVL NH]GpV HOĘWW NLWHWWpN D SURVSHNWXVRNDW
SURJUDPRW pV LQIRUPiFLyNDW D] RVQDEUFNL NDWROLNXV QDSRNUyO D
NDWROLNXVWHPSORPRNEDQDWHPSORPOiWRJDWyNV]iPiUDeQLVKD
]DYLWWHPHJ\HW0LXWiQiWODSR]WDPD]tUyDV]WDORPUDWHWWHP
0LXWiQHOYpJH]WHPQDSLHVWLLPiPDW±PiUQDJ\RQNpVĘYROW
pV D SQN|VGL 6]HQWOpOHN KLPQXV]QiO WDUWRWWDP ± DPLNRU pV]UH
YHWWHPKRJ\N|]EHQQHPWXGRNNRQFHQWUiOQL1\XJWDODQViJYROW
EHQQHPÈOODQGyDQD=G.SURVSHNWXViWQp]WHPDPHO\D]tUyDV]
WDORPRQIHNGW
0LNRUDEHOVĘV]RURQJiVDOiEEKDJ\RWWD]tUyDV]WDOKR]OWHP
pVDSURVSHNWXVWW|EEV]|UiWODSR]WDP
(J\ EHOVĘ pU]pV D]W V~JWD KRJ\ YDODPL QHP VWLPPHO H]HQ D
SURVSHNWXVRQGHQHPWXGWDPPLYROWD]

ÒMUDLPiGNR]QLSUyEiOWDPGHU|YLGLGĘP~OYDLV
PpWNpV]WHWpVWpUH]WHPDUUDKRJ\DNH]HPEHYHJ\HP
DSURVSHNWXVW$NNRUDNDWROLNXVQDSRNORJyMiUDSLO
ODQWRWWDPH]D]~QNp]N|UORJyYROW(]|WNp]PH
O\HNHJ\N|UEHYDQHOUHQGH]YH
1p]HJHWWHPHJ\LGHLJH]WDNp]N|UORJyWYpJOIpOUHDNDUWDP
WHQQLVDNNRUPLQWKDKiO\RJHVQHOHDV]HPHPUĘO7DOiQDIiUDGW
ViJRPRNR]WDKRJ\HGGLJQHPYHWWHPpV]UH"+LV]HQPiUUpJHQHO
P~OWpMIpO$PLWPRVWOiWRNIHOKiERUtWRWW$N|UEHUHQGH]HWW|WNp]
YLOiJRVDQOiWKDWyYiWHV]HJ\|WiJ~FVLOODJRWHJ\SHQWDJUDPPRW
/XFLIHUMHONpSpW
/HKHWQHD]WPRQGDQLKRJ\HJ\|WiJ~FVLOODJDODNMiQDNDNLDOD
NtWiVDDNH]HNHOUHQGH]pVpYHOFVDNYpOHWOHQpVFVDNpU]pNFVDOyGiV
DPLNRUHEEHQDNp]ORJyEDQOiWRNYDODPLWDPLFVDNDIDQWi]LDV]
OHPpQ\H1HPNHOOHQHIRJODONR]QLYHOHKDDNLQ\~MWRWWNp]DQ\L
WRWW|N|OQHPDÄYDGiOODW´MHOHOHQQH
0iULVPHUMND]|N|OV]LPEROLNXVHJ\H]pVpWDÄYDGiOODWWDO´ D
PDU[LVWDNRPPXQL]PXVpVD6=8V]LPEyOXPD VXJ\DQtJ\DQ\L
WRWW|N|OWHKiWDNLQ\~MWRWWNp]DKRJ\DNp]N|UORJyQV]HUHSHOD]
DSRNDOLSV]LV PiVRGLN iOODWiW V]LPEROL]iOMD D V]DEDGNĘPĦYHV HO
OHQHJ\Ki]DWD]HJ\Ki]LV]DEDGNĘPĦYHVVpJHW
(]HQNtYOD]|N|ODORJyEDQNO|Q|
VHQDIHOVĘNp]HQOiWKDWyDQHUĘVHQV]pWYDQ
WiUYDDPLXJ\DQD]WMHOHQWLPLQWDV]pWQ\L
WRWWXMMDNDKDPLV.ULV]WXVpVKDPLVSiSD
MHOHWHKiWDYHV]HNHGpVWURPEROiVWpVV]D
NDGiVWV]LPEROL]iOMD
ËJ\H]DNp]N|UORJyKiURPV]DEDGNĘPĦYHVV]LPEyOXPRWLVWDU
WDOPD] SHQWDJUDPPQ\LWRWWNp]pVDV]pWQ\LWRWWXMMDN VĘWD]HJ\
Ki]LV]DEDGNĘPĦYHVVpJLVN|]WHYDQ

$ NDWROLNXV QDSRN WHPDWLNiMiEDQ D N|UQ\H]HWYpGHOHPUĘO LV V]y
YROW (KKH] D N|YHWNH]Ę V]LPEyOXPRNDW KDV]QiOWiN HJ\ JOyEXV]
DPHO\HWDNp]N|UOyJyEyONpWNp]IRJN|]UH$JOyEXV]DYLOiJXUDOPDW
MHOHQWLD](16=V]LPEyOXPDNpQWLVLVPHUWGHHUUĘOPDMGNpVĘEE
+RJ\ PLW DNDU N|]|OQL YHOQN H] D NpS D I|OGJ|PEEHO pV D]
HJ\Ki]LV]DEDGNĘPĦYHVVpJNpWNH]pYHOD]WPHJPRQGMDD6]HQW
tUiVÄ+DWDOPDWNDSRWW DPiVRGLNiOODW DUUDLVKRJ\OHONHWOHKHO
MHQDYDGiOODWV]REUiEDKRJ\PHJV]yODOMRQDYDGiOODWV]REUDpV
PHJ|OMHD]RNDWDNLNQHPLPiGMiN´ -HO (]DV]RERU±PLQW
WXGMXN±HJ\~MQDJ\EiOYiQ\YDJ\HJ\KDPLV.ULV]WXVHJ\KDPLV
HJ\Ki]PHO\DKDPLV|NXPHQL]PXVEDQDUyPDLNDWROLNXV(J\Ki]
SiSDpVDWDQtWyKLYDWDO HOOHQPLQGHQNHUHV]WpQ\N|]|VVpJHW|NX
PHQLNXVDQHJ\~MHJ\Ki]]iDNDUHJ\HVtWHQLHJ\KDPLV.ULV]WXVVi
$NNRUFVDNHJ\NLVPDUDGpNPDUDGDNLKĦPDUDGDUyPDLND
WROLNXV(J\Ki]KR]DNLVQ\iM /N ėND]RNDNLNUĘOLWWV]y
YDQÄ(UUHDViUNiQ\KDUDJUDOREEDQWD]DVV]RQ\HOOHQpVKDUFED
V]iOOWW|EELJ\HUPHNpYHODNLPHJWDUWMD,VWHQSDUDQFVDLWpVNLWDUW
-p]XV .ULV]WXV WDQ~ViJDPHOOHWW´ -HO
$]RNQDND]HPEHUHNQHNpVDNDWROLNXVRNQDNDNLNHOĘV]|UWD
OiONR]QDNH]]HODWHPDWLNiYDOH]D]HJpV]~J\KDQJ]LNPLQWHJ\
VFLHQFH¿FWLRQUHJpQ\'HVDMQRVQHPD]
$]D]HPEHUDNLNRPRO\DQWDQXOPiQ\R]]DH]WDWpPiWKDPD
URVDQpV]UHYHV]LKRJ\D]DPLHOĘV]|UKLKHWHWOHQQHNWĦQWQHPFVDN
OpWH]LNKDQHPQDJ\PpUWpNEHQEHIRO\iVROMDpOHWQNHW,WWDYDOyViJ
YDOyEDQV]RNDWODQDEEpVN|OWĘLEEPLQWDN|OWpV]HW
+RJ\PRQGWD%HQMDPLQ'LVUDHOL  Ä$]HPEHUHNDNLN
NRUPiQ\R]QDNPLQNHW DYDOyViJEDQ HJpV]HQPiVRNPLQWJRQ
GROMXN´9pJOLV$QJOLDPLQLV]WHUHOQ|NHYROWD]DNLPHJV]LOiUGt
WRWWD$QJOLiQDNDYLOiJEDQHOIRJODOWKHO\pW
(]W MiWpNQDN QHYH]QpP HJ\ JRQRV] MiWpNQDN pOHWUHKDOiOUD
PHQĘV]HOOHPLKDUFQDN'UiPDLDQKDQJ]LNGHD]LV+DUFD]HP

EHUKDOKDWDWODQOHONppUWD],VWHQpVDViWiQN|]|WW$KD]XJViJpV
D]LJD]ViJKDUFDDKRJ\3iOPRQGMD 7HVV] (]HJ\KDUF
.ULV]WXVPLV]WLNXVWHVWHDUyPDLNDWROLNXV(J\Ki]pVDV]DEDGNĘ
PĦYHVHOOHQHJ\Ki]N|]|WWDPHO\DUUDW|UHNV]LNKRJ\OHJ\Ę]]HD
3pWHUUHDNĘV]LNOiUDpSOW(J\Ki]DW'H-p]XVtJpUHWHWWHWW3pWHU
QHNKRJ\DSRNRONDSXLVHPYHV]QHNHUĘWUDMWD$7HUHPWpVN|Q\
YpEHQLVPiUD%LEOLDHOHMpQPHJM|YHQG|OLNKRJ\0iULDV]pWWD
SRVVDDNtJ\yIHMpW
%iUPiUV]yYROWUyODUHQGNtYOLIRQWRVViJiUDYDOyWHNLQWHWWHO
PpJ HJ\V]HU PHJLVPpWOHP D ¿J\HOPH]WHWpVW DPLW D] ,VWHQDQ\D
PRQGRWW'RQ*REELQDNÄ$KiURPV]RUYpYHD]D]KiURPPDO
V]RUR]YD D] HV pYHW IHMH]L NL (EEHQ D W|UWpQHOPL NRUV]DN
EDQDV]DEDGNĘPĦYHVVpJD]HJ\Ki]LV]DEDGNĘPĦYHVVpJVHJtWVp
JpYHOYDOyUDDNDUMDYiOWDQLIHOWHWWV]iQGpNiWEiOYiQ\WDNDUDONRW
QLpVRGDiOOtWDQL.ULV]WXVpVD](J\Ki]KHO\pUH+DPLV.ULV]WXVW
pVKDPLV(J\Ki]DW(]pUWD]HOVĘYDGiOODWWLV]WHOHWpUHNpV]OWVD
)|OGPLQGHQODNyMDiOWDOLPiGDQGyV]RERUD]$QWLNULV]WXVV]REUD
DPHO\FtPpYHOpVQHYpYHOMHO|OLPHJPLQGD]RNDWDNLNYHQQLYDJ\
HODGQLDNDUQDNËJ\pUNH]WHNPDMGHODPHJWLV]WXOiVDQDJ\PHJ
SUyEiOWDWiVpVKLWHKDJ\iVFV~FViUD$KLWHKDJ\iVDNNRUPiUiOWDOi
QRVOHV]PHUWPDMGQHPPLQGHQNLN|YHWLDKDPLV.ULV]WXVWpVDKD
PLV(J\Ki]DW$NNRUWiUXONLDNDSXKRJ\PHJMHOHQMpND]HPEHU
LOOHWYHPDJDD]$QWLNULV]WXV´ 030
0LQGQ\iMDQ DNLN H]W D KDPLV |NXPHQL]PXVW pV D] HJ\Ki]DN
HJ\HVOpVpWN|YHWLNIHOYHV]LNDMHOHWDViWiQV]iPiW
$]HOM|YHQGĘYLOiJSROLWLNDLHVHPpQ\HNN|YHWNH]WpEHQD]HP
EHUHNNHOPHJpUWHWLNKRJ\DYLOiJV]|UQ\ĦNDRWLNXVKHO\]HWpQHN
PHJYiOWR]WDWiViKR] NpVĘEEPpJYLVV]DWpUQNUi V]NVpJYDQD
EpNHKHO\UHiOOtWiViUDpVHJ\PLQGHQNLV]iPiUDHOIRJDGKDWy~MYL
OiJHJ\Ki]OpWUHKR]iViUD
$SROLWLNDL]ĦU]DYDUDNLW|UĘIRUUDGDOPDN(XUySiEDQV]iPRV
NHJ\HWOHQKiERU~RO\DQLUiQ\tWRWWNiRV]WWHUHPWKRJ\DKKR]KRJ\

D]HPEHU~UUiWXGMRQOHQQLDSUREOpPiNRQOpWUHNHOOKR]QLHJ\YL
OiJNRUPiQ\WDPHO\ĘU]LDEpNpW.LOHV]D]".p]HQIHNYĘKLV]HQ
PiUPHJDODNXOW(]D](J\HVOW1HP]HWHNeOpQD]]DODUHQGNt
YOUDJ\RJyFVLOODJJDO SHQWDJUDPP DPHO\D]HPEHULVpJPLQGHQ
SUREOpPiMiWPHJROGMD
(]DUHQGNtYOLFVLOODJD]OHV]DPLW3iOPiUPHJM|YHQG|OWÄ$
NiUKR]DW¿D«,VWHQWHPSORPiEDQ 9DWLNiQ IRJODOKHO\HWVD]WiO
OtWMDPDJiUyOKRJ\,VWHQ´ 7HVV] $]HPEHULVpJHOOHQĘU]pVp
UHW|NpOHWHVHV]N|]HOHV]DMHOHDV]iPDPLWPLQGHQNLQHNIHO
NHOOYHQQLHKDW~ODNDUMDpOQLH]WD]LGĘV]DNRW
$] DV.RPPXQLVWD.LiOWYiQ\PHJMHOHQpVH HOĘWWNpWpY
YHO0iULD/D6DOHWWHEHQPRQGWDDMHOHQpVVRUiQÄ5yPDHOIRJ
MDYHV]tWHQLKLWpW PHJMHJ\]pVDSVS|N|NN|]OVRNDQDSiSDpV
N|YHWĘLHOOHQYDQQDN pVD]$QWLNULV]WXVV]pNKHO\HOHV]´'HYpJO
PLQGHJ\LNIHMpWHOWDSRVViN
$QpPHWNDWROLNXVRNQDSMiQV]iPWDODQiUXFLNNHWNtQiOWDNHOOHQ
]ĘVVDSNiWyUiNDWWiVNiNDWSyOyNDWV]DODJRNDWFVpV]pNHWÄNDWROL
NXVQDSL´OiQFRNDWpVJ\ĦUĦNHWV]DQGiORNDWNHJ\WiUJ\DNDWLVPLQW
J\HUW\iWpVUy]VDI]pUW(J\N|]|VYROWEHQQNPLQGHJ\LNHWHOOiW
WiNDNp]N|UORJyYDO$NDWROLNXVQDSRQHOYiUKDWyOHWWYROQDKRJ\D
NHUHV]W-p]XV.ULV]WXVpV0iULDLVDN|]pSSRQWEDQiOOMDQDN1HP
DN|]pSSRQWEDQDNp]N|UORJyiOOWH]DNDWROLNXVQDSRNQDJ\MHOH
7HUPpV]HWHVHQH]HNHWDFLNNHNHWpVNHJ\WiUJ\DNDWD]LQWHUQHWHQLV
NtQiOWiN$]LQWHUQHWUHNDWWLQWRWWDPpVPHJQp]WHPDÄNDWROLNXVQDS´
VKRSROGDOiW$PLU|JW|QIHOWĦQWDV]DQGiORNYROWDN

(OVĘUHDNFLyPDQHYHWpVYROW0pJHJ\V]HUHOROYDVWDPDV]DQ
GiORNDMiQOiVDPHOOHWWLPHJMHJ\]pVW
Ä'XSODQ\RPRWKDJ\DNDWROLNXVQDSRNNp]N|UORJyMiWPLQW
V]LWDQ\RPiVWDVDUNRQpVSUpVHOpVWDWDOSDODWW´

(]DPLQGHQWWPHJOHYĘMHODNDWROLNXVQDSRNUpV]WYHYĘLQHND
VDUNiQ"&VRGiODWRV+DWXGMXNPLWMHOHQWH]DORJyYDOyMiEDQ,VWHQ
V]DYDLUD NHOO JRQGROQXQN D 7HUHPWpV N|Q\YpEHQ Ä(OOHQVpJHVNH
GpVWYHWHNN|]pGpVD]DVV]RQ\N|]pLYDGpNRGpVD]ĘLYDGpNDN|]p
ėV]pWWLSRUMDIHMHGHWWHSHGLJDVDUNiWPDUGRVRG´ 7HU
iSULOLVpQ0iULDHOVĘMHOHQpVpEHQ0DULHQIULHGEHQD]W
PRQGWDÄeQYDJ\RND]pOĘ,VWHQMHOH*\HUPHNHLPKRPORNiUDWH
V]HPMHOHPHW$FVLOODJ URPOiVp N|YHWQLIRJMDMHOHPHW'HD]pQ
MHOHPIRJJ\Ę]QL´ Ä%RWVFKDIWYRQ0DULHQIULHG´0+HSSÄ6LHKH
GHLQH7DJHVLQGJH]lKOW´ROG 
0iULD'RQ*REELQDNLVPRQGWDÄ(]D]D]LGĘ PHJMHJ\]pV
 DXJXV]WXV WĘO  DPLNRU RO\DQ EiOYiQ\W DONRWQDN DPHO\
D] LJD] ,VWHQ pV D] LJD] (J\Ki] KHO\pUH W|U (] D EiOYiQ\ D KD
PLV.ULV]WXVpVDKDPLV(J\Ki](]D]D]LGĘDPLNRUPLQGD]R
NDWDNLNH]WDEiOYiQ\WN|YHWLNPHJMHO|OLNKRPORNXNRQpVNDUMX
NRQ « $]RNYLV]RQWDNLNLPiGMiNDYDGiOODWRWpVV]REUiWPHJ
NDSMiNMHOpWKRPORNXNUDpVNDUMXNUDNLLVV]iN,VWHQKDUDJMiQDNER
UiWDPHO\HWDUHWWHQHWHVEQWHWpVNHO\KpEH|QWHQHN$%iUiQ\QDN
pV V]HQWDQJ\DODLQDNMHOHQOpWpEHQNpQN|YHV WĦ]EHQ J\|WUĘGQHN´
030
EDQ D WULHUL NDWROLNXV QDSRNRQ HJ\ IHNHWH SyOyW iUXOWDN
ÄeQNDWROLNXVYDJ\RN´ Ä,FKELQNDWROLVFK´ IHOLUDWWDO0LWMHOHQWH]
DV]yKRJ\ÄNDWROLNXV´|QPDJiEDQ"$]WMHOHQWLHJ\HWHPHViOWD
OiQRViWIRJy$NHUHV]WpQ\YDOOiVRNHJ\HVtWpVpYHO DKDPLV|NX
PHQL]PXVVDODPHO\QHPpUGHNHOWDKLWLJD]ViJRNEDQ D5yPiWyO
HOV]DNDGWNDWROLNXVRNDWLVOHKHWQHÄNDWROLNXVQDN´QHYH]QL$NNRU
H]HJ\iOWDOiQRViWIRJy|NXPHQLNXVKLWN|]|VVpJOHQQHDPLWND
WROLNXVQDNOHKHWQHQHYH]QLPHUWiWIRJyiOWDOiQRVpVYLOiJPpUHWĦ
(]DIHNHWHSyOyNtVpUOHWDKDPLVNDWROLFL]PXVPHJWHUHPWpVpUH
GH5yPiYDOpVDWDQtWyKLYDWDOODODKLWDODSNpUGpVHLEHQKiERU~EDQ
iOO(J\LJD]L NDWROLNXVSyOyQDSiSDV]tQpQHNDViUJDIHKpUQHN
pVDQQDNDIHOLUDWQDNNHOOHQHiOOQLDÄeQUyPDLNDWROLNXVYDJ\RN´

$ DV NDWROLNXV QDSUD
RO\DQSyOyWLVNpV]tWHWWHNDPH
O\HQ D Ä9LVLRQlU´ OiWQRN  IHO
LUDW YROW ROYDVKDWy $] ÄR´ EH
WĦWDNp]N|UORJyKHO\HWWHVtWHWWH
0LPiUWXGMXNKRJ\YDOyMiEDQ
PLWMHOHQWH]pVPLQHNDMHOHpV
D]WLVWXGMXNPLWNHOOpUWHQLDYt]LyV]yQpVPLO\HQFpORNDWN|YHW
$ QpPHW ODLNXV  NDWROLNXV QDSRN N|]SRQWL EL]RWWViJD DKRJ\
+DEVEXUJ 2WWR PRQGWD SiUKX]DPRV SDUDKLHUDUFKLiW Q\LWRWW
5yPDDSiSDpVDWDQtWyKLYDWDOODOV]HPEHQ%LEOLDLLGp]HWD=VRO
WiURNN|Q\YpEĘOÄ.LYH]HWHWWDV]DEDGWpUUHHQJHP´ =VROW 
H]YROWD]RVQDEUFNLNDWROLNXVQDSRNMHOV]DYDPHJEt]KDWyQDNpV
KtYĘQHNKDQJ]LN'HWXGMXNKRJ\DELEOLDLLGp]HWHNNHOLVYLVV]D
OHKHWpOQLPiVFpORNpVD]HPEHULWXGDWEHIRO\iVROiVDpUGHNpEHQ
DQpONOKRJ\pV]UHYHQQpQN
Ä*\P|OFVHLNUĘO LVPHULWHN IHO ĘNHW´ 0W   ± V]LQWpQ HJ\
ELEOLDLLGp]HW
$ ODLNXV N|]SRQWLEL]RWWViJpVDYHONV]LPSDWL]iOyPiVODLNXV
FVRSRUWRNPLQWSpOGiXOÄ0LYDJ\XQND]HJ\Ki]´Ä/HQWUĘOV]HU
YH]ĘGĘHJ\Ki]´±¿J\HOMNPHJDQpYDGiVWLV±PiVLNHJ\Ki]DWpV
HJ\PiVLN.ULV]WXVWDNDUQDN$NWLYLWiVXNHJpV]pEHQpVDNDWROLNXV
QDSRNRQ OiVG6FKHIIF]\NNDUGLQiOLVEHV]iPROyMiWDHVXOPL
NDWROLNXVQDSRNUyO PHJIHOHODV]pWWiUWXMMDNV]LPEyOXPiQDN D]
iOOtWyODJRV9LNWyULDMHO KRJ\YLV]iO\W±DpYHVUyPDLNDWROL
NXV(J\Ki]V]DNDGiViWpVOHURPEROiViW±HUHGPpQ\H]]H
0LWpUWDN|]SRQWLEL]RWWViJDÄV]DEDGWpU´DODWW"$]Ä(J\Ki]
PLYDJ\XQN´FVRSRUWDNDWROLNXVQDSRQV]LWNR]yGKDWD](J\Ki]WD
QtWiVDPLDWWpVIHOV]yOtWKDWDUUDKRJ\HJ\V]HUĦHQW|UĘGMQNEHOHD
N|]|V(XFKDULV]WLDYpWHOpEH"
Ä0L YDJ\XQN D] HJ\Ki]´ Ä:LU VLQG .LUFKH´  QHP NDWROLNXV
FVRSRUWRVXOiVpVV]iPRVSVS|NHOXWDVtWMD$]DXJVEXUJLSVS|N

:DOWHU0L[DEDQYLOiJRVDQPHJPRQGWDÄD](J\Ki]PLYD
J\XQNPR]JDORPQHPiOODNDWROLNXV(J\Ki]WDODMiQ´(]V]iPXN
UDDV]DEDGWpU"±NpUGH]L5HJLQD(QLQJDÄ'LH7DJHVSRVW´NRP
PHQWiUMiEDQ±KDDNDWROLNXVQDSRQD]RVQDEUFNLQĘNHWDNLND]
(J\Ki]V]HOOHPpEHQDPDJ]DWLpOHWpUWiOOQDNNLNLUHNHV]WHQHN±
H]D=G.QDNDV]DEDGWpU"$PLNRUQDJ\MyOEHUHQGH]HWWViWUDNDW
ERFViWRWWDNDOHV]ELNXVRNpVKRPRV]H[XiOLVRNUHQGHONH]pVpUHpV
D]pOHWYpGĘFVRSRUWRNDWDV]pOUHV]RUtWRWWiN $QGUHDV/DXQVDO]
EXUJLSVS|NpOHVNULWLNiYDOLOOHWWHDQpPHWNDWROLNXVQDSRNV]HU
YH]ĘLW 
$ÄV]DEDGWpU´D=GNQDND]WMHOHQWLKRJ\PLQGHQHUĘYHOD]RQ
GROJR]QLKRJ\DNDWROLNXVRNDWHOV]DNtWViN5yPiWyODSiSiWyOpVD
WDQtWyKLYDWDOWyOKRJ\DUyPDLNDWROLNXVKLWHWiOOtWyODJRVV]ĦN|VVp
JpEĘODUHEHOOLVDNWLYLWiVWiJDVPH]HMpUHYH]HVVpN
(]WWHUPpV]HWHVHQ;9,%HQHGHNSiSDLVWXGMD(]pUWNOG|WWD
SiSDL]HQHWHNGRNXPHQWiFLyMiEyOHJ\NLVNLYRQDWRWD]RVQDEUFNL
NDWROLNXVQDSRNUpV]WYHYĘLV]iPiUD
Ä.ULV]WXVEDQNHGYHVWHVWYpUHN
ª.LYH]HWHWWDV]DEDGWpUUHHQJHP© =VROW ±H]DMHOV]DYD
DNDWROLNXVRNQDSMiQDN
0LH]DV]DEDGWpUDPLPLQNHWD],VWHQQHOYDOyWDOiONR]iVKR]
YLV]"$]VROWiURVVDOHOOHQWpWEHQVRNPDLHPEHUD]WDIpOHOPHWpU]L
KRJ\DKLWOHV]ĦNtWLD]pOHWpWKRJ\D]HJ\Ki]LSDUDQFVRNpVWDQtWi
VRNEH]iUMiNĘWDKi]iEDpVPiUQHPV]DEDGQHPWXGHOpJJpV]D
EDGRQPR]RJQLD]pOHWpEHQpVJRQGRONR]iViEDQ$SpOGDEHV]pGEĘO
D¿DWDODEE¿~QDNpU]LNPDJXNDWV]NVpJpWpU]LNKRJ\NLN|OW|]]H
QHN´ Y|/N
,JHQD=G.pVV]HOOHPLWiUVDLOiWKDWyDQNLDNDUQDNV]DNDGQLD
-p]XViOWDODODStWRWW3pWHU(J\Ki]EyO
0LQGHQRNNXOW UHMWHWWWLWNRV HJ\HVOHWpVV]|YHWVpJV]LP
EyOXPRNNDONLWĦ]ĘNNHOGROJR]LNDPLWIHOWHV]QHNDPLNRUpVDKRO

YDQQDN(]HNQHNDV]LPEyOXPRNQDNUHMWHWWKDWDOPDWWXODMGRQtWD
QDN$NDWROLNXVQDSRNQ\LWyQQHSVpJHDODWW2VQDEUFNEHQD=GN
HOQ|NH'U+DQV0H\HU SURIHVV]RUpVD]HJ\Ki]PHJ\HSVS|NH
U|YLGEHV]pGHWWDUWRWW
$]XWiQ HJ\ ¿DWDO K|OJ\IRUGXOW D OiWRJDWyNKR] pV D MHOHQOHYĘ
PDJDVUDQJ~V]HPpO\LVpJHNKH]WHOHHQHUJLiYDOpVQDJ\RQKDWiUR
]RWWDQ6]DYDLtJ\KDQJ]RWWDNÄ9LOiJXQNV]pSGHV]NVpJHVKRJ\
FVHOHNHGMQNpVKRJ\Yt]LyLQNOHJ\HQHN0LpUWDNDURPIHOHPHOQL
DNH]HPHW" .|]EHQQ\LWRWWWHQ\HUpWIHOWDUWRWWD 0LWDNDURNPHJ
UDJDGQL" (KKH]|NOpWPXWDWWD .LEt]KDWVHJtWĘNH]HPEHQ" (K
KH]KR]RWWDSXOWUyOHJ\SDStUNH]HWRO\DWDPLO\HQDORJyQYROW 
$Np]H]DNLVNp] DN|]|QVpJIHOpPDJDVUDWDUWMDDSDStUNH]HW 
OHJ\HQHJ\N|Q\YMHO]ĘDPĦVRUI]HWEHQGHD]pQpOHWHPMHOHLV
KRJ\KDV]QiOWDNHQJHPeVDWLNH]HWHN" 5|YLGV]QHWHWWDUWpV
N|YHWHOĘHQQp]DN|]|QVpJUH 0LWDNDUWRNPLWDNDUWRNPHJUDJDG
QLPLWDNDUWRNNp]EHYHQQL"´
1HPDNDURNVHPPLWIHOWpWHOH]QLHUUĘOD¿DWDOK|OJ\UĘO$]WVHP
WXGRPNLDGWDDV]iMiEDH]HNHWDV]DYDNDW'HHJ\EL]WRVDNDWR
OLNXVQDSRNV]LPEyOXPDDNp]N|UORJyKiURPMHOHWLVWDUWDOPD]
DKRJ\PiUHOPRQGWXN9LOiJRVKRJ\H]DMHODV]pWQ\LWRWWXMMDNNDO
D=G.DNWLYLWiViWDV]DNtWiVV]HOOHPpWWNU|]LDUyPDLNDWROLNXV
(J\Ki]]DOV]HPEHQ
eVKDIHOWHVV]NDNpUGpVWÄ0LpUWDNDURPIHOHPHOQLDNH]HP"´
±DNNRUWXGMXNNLWV]LPEROL]iOH]DNp]pVNLHOOHQNHOOIHOHPHOQL
+DD]|NO|WPXWDWMiNpVNpUGH]LNÄ0LWDNDURNPHJUDJDGQL"´
$NNRUYLOiJRVPLWMHOHQWD]|N|OpVNLWDNDUPHJUDJDGQL$PLD
=G.Yt]LyMiWLOOHWLD]HOĘ]ĘROGDODNRQPiUEHV]pOWQNUyOD
1HNQN pV JRQGRORP D] HJpV] HPEHULVpJQHN PiU QLQFV VRN
LGHMH0pUI|OGHVFVL]PiNNDOKDODGXQND]D]PiUMyFVNiQEHQQHYD
J\XQNDEEDQDW|UWpQHOPLLGĘV]DNEDQDPLUĘO-p]XVD]XWROVyLGĘN
UĘOV]yOyEHV]pGpEHQV]yOWDPLNRUD]WPRQGWDÄ$NNRURO\DQQDJ\

J\|WUHOHPOHV]DPLO\HQPpJQHPYROWDYLOiJNH]GHWpWĘOPLQGPi
LJpVQHPLVOHV]´ 0W
(J\LN]HQHWpEHQ-p]XVDQ\MDD]WPRQGWDÄ,VWHQQHPD]pUWM|Q
KRJ\tWpOHWHWKR]]RQ(]WV]HUHWHWEĘOWHV]LKRJ\D]HPEHUHNHWKD
]DYH]HVVH´(]WDKD]DYH]HWpVW~J\NHOOpUWHQLKRJ\D]HPEHU~MUD
PHJWDOiOMD,VWHQW
/HJW|EEQNQHNDNNRUMXWHV]pEH,VWHQDPLNRUEDMEDQYDJ\XQN
$PLNRU D PDQKDWWDQL NpW WRURQ\   |VV]HGĘOW DPLNRU M|WW D
FXQDPLDWHPSORPRNKLUWHOHQWHOHOHWWHN
1HPDNDURNIpOHOPHWNHOWHQLpVQHPDNDURNYpV]PDGDUDWMiW
V]DQLGHDNRUDPLEHQpOQNDG|QWpVLGHMH$KDUFDPLEHQYD
J\XQNV]HOOHPLKDUFpVDKDUFRW~J\KtYMiNKRJ\ÄLJD]ViJYDJ\
KD]XJViJ´±DKRJ\3iOPRQGWD Y|7HVV] $QDJ\V]N
VpJQDJ\RQVRNHPEHUV]iPiUDDQDJ\NHJ\HOHPLGHMHOHV]


$KiURPLGĘV]DN±DV]pWYiODV]WiV
,VWHQ PLQGLJ NHUHVL QpSpW KRJ\ HOYH]HVVH D] |U|NNpYDOyViJED
ÈGiPWyO pV eYiWyO NH]GYH D] LGĘN YpJpQHN XWROVy HPEHUpLJ EL
]RQ\tWMDD]HPEHUKRJ\V]DEDGDNDUDWiYDOD] ,VWHQPHOOHWWYDJ\
HOOHQHG|QW$]LGĘNYpJpQD]RNQDNDNLNPHOOHWWHG|QW|WWHND]W
PRQGMDD]ÒUÄeQ,VWHQHOHV]HNVĘD]pQ¿DP´ -HO
$]HPEHULVpJW|UWpQHWHD]ÏpVD]ÒMV]|YHWVpJV]HULQWDKRJ\
-RDFKLPGD)LRUH ,WiOLD KLUGHWWHDN|]pSNRUEDQKi
URPLGĘV]DNUDRV]OLND]ÏV]|YHWVpJNRUV]DNDD]ÒMV]|YHWVpJppV
DKDUPDGLND6]HQWOpOHNNRUV]DND$6]HQWtUiVEDQD]XWROVyLGĘ
V]DNRWD-HOHQpVHNN|Q\YpEHQDIHMH]HWEHQD]ÄH]HUpYHVELURGD
ORPQDN´QHYH]LN D]V]iPV]LPEROLNXVDQpUWHQGĘHJ\KRV]
V]DEE LGĘ NLIHMH]pVpUH  7HUPpV]HWHVHQ VRN V]HNWD pV PLQGHQHN
HOĘWW+LWOHUpVJRQRV]QiFLELURGDOPDYLVV]DpOWH]]HODNLIHMH]pVVHO
$]ÏpVÒMV]|YHWVpJN|]OpVHLLVYLOiJRVDQPXWDWMiNKRJ\HE
EHQDKiURPLGĘV]DNEDQPHJW|UWpQLND]HPEHULVpJV]pWYiODV]WiVD
+DD]ÏV]|YHWVpJW|UWpQHWpWQp]]NRWWYROWD]HOVĘQDJ\V]pW
YiODV]WiVD]|]|QYt]DPLNRUFVDN1RppVPpJKHWHQpOWpNW~OD]
iUDGiVW$PLNRU0y]HVNLYH]HWWHD]VLGyNDW(J\LSWRPEyOpYLJ
YH]HWWHĘNHWDVLYDWDJEDQpVFVDNHJ\~MPHJHUĘV|G|WWQpSiOOWDNL
DPHJSUyEiOWDWiVRNDWpVWXGWDHOpUQLD]tJpUHWI|OGMpW
,]DMiVSUyIpWD.UHEHQD]WPRQGWDÄ+DDWHQpSHG,]UD
HODQQ\LOHQQHLVPLQWDWHQJHUI|YHQ\HFVDNDPDUDGpNWpUPHJ
EHOĘOH´ ,] $W|UWpQHOHPPHJHUĘVtWHWWHH]WDM|YHQG|OpVW
-p]XV V]OHWpVpYHO ~M LGĘV]iPtWiV NH]GĘGLN pV YLVV]DWpUWpYHO
OHV]YpJHDPiVRGLNLGĘV]DNQDN(]QHPDYLOiJYpJHOHV]KDQHP
D]XWROVyKDUPDGLNLGĘV]DNNH]GHWH$6]HQWOpOHNELURGDOPDN|
YHWNH]LNDPLQWD]W-RDFKLPGD)LRUH EHQFpVDSiW EHMHOHQWHWWH(]
OHV]D]XWROVyELURGDORPpVD]XWROVyLGĘV]DNDPHO\UĘO-p]XVtJ\
EHV]pOWÄËPH~MMiDONRWRNPLQGHQW´ -HO

-p]XVD]WPRQGWD3pWHUQHNÄ6LPRQ6LPRQDViWiQNLNpUWWLWH
NHWKRJ\PHJURVWiOMRQPLQWDE~]iW´ /N +DPLVWDQtWyN
KDPLVPHVVLiVRNpVKDPLVSUyIpWiNYH]HWLNIpOUHD]HPEHUHNHWpV
VRNDQHOYHV]tWLNDKLWNHW 0W pVDÄYDGiOODW´V]REUiWLPiGMiN
IHOYHV]LNDMHOHWDPHO\HJ\HPEHUV]iPD D]$QWLNULV]WXVp 
pVH]]HO|U|NUHHOYHV]QHN
$ PL LGĘQN YpJpQ LV -p]XV YLVV]DWpUpVHNRU PiU FVDN HJ\ NLV
Q\iM PDUDG Ä6]pWNOGL DQJ\DODLW KDQJRV KDUVRQDV]yYDO V D]RN
|VV]HJ\ĦMWLN YiODV]WRWWDLW D V]pOUy]VD PLQGHQ LUiQ\iEyO D] pJ
HJ\LNYpJpWĘODPiVLNLJ´ 0W
.LNIRJQDNDNLVQ\iMKR]WDUWR]QL"$]RNDNLNEt]QDN0iULi
EDQDNLNH]GYpQ3iUL]VEDQEDQ/D6DOHWWHQ  iWHJp
V]HQDPDLQDSLJ±D]XWyEELpYEHQNO|Q|VHQ±DVRNMHOHQpVVHO
PDJDN|UpJ\ĦMW|WWHJ\HUPHNHLW SDSRNDWSVS|N|NHWNDUGLQiOL
VRNDW PHJYpGLDKDPLVWDQtWyNWyOpVKDPLVSUyIpWiNWyOpVYH]HWL
ĘNHWėND]DVV]RQ\PHJPDUDGWXWyGDLDNLNPHJWDUWMiN,VWHQSD
UDQFVDLWpVWDQ~ViJRWWHV]QHN-p]XVPHOOHWWėNQHPYHV]LNPD
JXNUDDÄYDGiOODW´MHOpWDRW$-HOHQpVHNN|Q\YHD]WPRQGMD
KRJ\DÄPHJMHO|OWHNV]iPD´DNLNQHNKRPORNiQ,VWHQMHOH
YROW(]V]LQWpQV]LPEROLNXVV]iP,]UDHOQHNW|U]VHYDQ
DEĘVpJV]iPD$ [[ V]LPEROL]iOMDD]RNDW
DNLNPHJPHQHNOQHN -HO 
$YLOiJD]HPEHULVpJpVD](J\Ki]QDJ\PHJWLV]WXOiVDOHV]H]
DNRUXJ\DQDNNRUH]OHV]D]~M3QN|VG/iVVXNHKKH]0iULDN|
YHWNH]ʁ]HQHWpWDPHO\HW'RQ*REELQDNDGRWW

Ä7]HVQ\HOYHN´
Ä(J\ YHOHP WDUWRWW UHQGNtYOL LPD FHQiNXOXPEDQ HJ\HVOYH PD
QQHSOLWHNV]HUHWHWW¿DLP3QN|VGQQHSpW
$]DSRVWRORNNDOpVDWDQtWYiQ\RNNDO|VV]HJ\ĦOYHWDUWy]NRGWDP
D MHUX]ViOHPL FHQiNXOXPRQ DPLNRU W]HV Q\HOYHN IRUPiMiEDQ D
6]HQWOpOHNOHV]iOOiViQDNDFVRGiMDPHJW|UWpQW

gU|PPHOOiWWDPD]DSRVWRORNpVDWDQtWYiQ\RNWHOMHViWDODNXOi
ViQDNFVRGiMiW)pOpQNHNpVLMHGĘVHNYROWDNGHDFHQiNXOXP-p
]XVQDN pV D] ė (YDQJpOLXPiQDN EiWRU pV UHQGtWKHWHWOHQ WDQ~LYi
WHWWHĘNHW6]HSOĘWHOHQ6]tYHPOHONLFHQiNXOXPiEDQPRVWEHNHOO
WHOMHVHGQLHDPiVRGLN3QN|VGFVRGiODWRVHVHPpQ\pQHNDPHO\HW
WLNpUWHNpVYiUWRN$NNRUPDMGD](J\Ki]UDpVD]HJpV]HPEHUL
VpJUHFVRGiODWRVW]HVQ\HOYHNV]iOOQDNOH
$]LVWHQLW]HVQ\HOYHNPHOHJVpJHWpVpOHWHWKR]QDNPRVWPiU
D] |Q]pVWĘO pV J\ĦO|OHWWĘO D] HUĘV]DNWyO pV D KiERU~NWyO PHJID
J\RWWHPEHULVpJV]iPiUDtJ\DNLV]iUDGW)|OGPHJQ\tOLND],VWHQ
/HONpQHNDIXYDOODWiUDDNLHJ\~MpVFVRGiODWRVNHUWWpDODNtWMDiWD
)|OGHWDKRYiD6]HQWKiURPViJDN|]WQNOpYĘiOODQGyODNyKHO\pW
KHO\H]L7]HVQ\HOYHNV]iOOQDNOHPHJYLOiJtWMiNpVPHJV]HQWHOLN
D](J\Ki]DWDPHO\D.iOYiULDV|WpWyUiMiWpOLpVDPHO\HWOHV~MWD
QDNDSiV]WRUDLEDQPHJVHEHVtWLNDQ\iMEDQHOKDJ\MiNpVPHJWD
JDGMiND]|YpLDWpYHGpVHNKHYHVV]HOpQHNYDQNLWpYHDKLWHOYHV]
WpVHpVDKLWWDJDGiViUDV]WMDHO
$6]HQWOpOHNLVWHQLW]HPHJJ\yJ\tWMDD](J\Ki]DWPLQGHQEH
WHJVpJEĘOPHJWLV]WtWMDD]WPLQGHQIROWWyOpVPLQGHQKĦWOHQVpJWĘO
~MUDV]pSVpJEH|OW|]WHWLpVEHIHGLUDJ\RJiViYDO
$]LVWHQLWĦ]KR]]iVHJtWLDKKR]KRJ\PHJWDOiOKDVVDWHOMHVHJ\
VpJpWpV pOHWV]HQWVpJpWpVHWWĘO NH]GYHNLQ\LOYiQtWMD D YLOiJHOĘWW
WHOMHViOWDOiQRVpVW|NpOHWHVWDQ~ViJWpWHOpW-p]XVUyO
7]HV Q\HOYHN V]iOOQDN OH PLQGDQQ\LDWRNUD V]HJpQ\ ¿DLP
DNLNHWDQQ\LUDEHFVDSQDNpVNtVpUWHQHNDJRQRV]OHONHNpVD6iWiQ
DNLNH]HNEHQD]pYHNEHQHOQ\HUWpNQDJ\GLDGDOXNDW
0HJYLOiJtWWLWHNHWH]D]LVWHQLIpQ\pVPHJOiWMiWRNPDJDWRNDW
D],VWHQLJD]ViJiQDNpVpOHWV]HQWVpJpQHNWNUpEHQ
2O\DQHVHPpQ\OHV]H]PLQWHJ\tWpOHWNLFVLEHQDPHO\PHJ
Q\LWMDDV]tYHWHNDMWDMiWKRJ\PHJNDSMiWRND]LVWHQL,UJDORPQDJ\
DMiQGpNiW

$NNRUD6]HQWOpOHNYpJKH]YLV]LD]iOWDOiQRViWDODNXOiV~MFVR
GiMiW PLQGHQNL V]tYpEHQ pV pOHWpEHQ D EĦQ|V|N PHJWpUQHN D
J\|QJpNQHNWiPDV]XNOHV]DEHWHJHNHOQ\HULNDJ\yJ\XOiVWDWi
YROOpYĘNYLVV]DWpUQHND]$W\DKi]iEDD]HOV]DNDGWDNpVDPHJRV]
WRWWDNWHOMHVHJ\VpJUHMXWQDN
,O\PyGRQPHJ\YpJEHDPiVRGLN3QN|VGFVRGiMDDPHO\D]
pQ6]HSOĘWHOHQ6]tYHPGLDGDOiYDOIRJPHJW|UWpQQLDYLOiJEDQ
&VDNDNNRUOiWMiWRNPHJKRJ\DQ~MtWMiNPHJD6]HUHWHW/HONp
QHNW]HVQ\HOYHLD]HJpV]YLOiJRWDPHO\HWWHOMHVHQiWDODNtWD]LV
WHQL,UJDORPQDJ\NLQ\LOYiQXOiVD
(]pUWIHOKtYODNWLWHNHWKRJ\W|OWVpWHNH]WDQDSRWFHQiNXOXPEDQ
LPiEDQHJ\HVOYH9HOHPD],UJDORP$Q\MiYDOUHPpQ\EHQpVD
PRVW PiU N|]HOL PiVRGLN 3QN|VG DJJyGy YiUiViEDQ´ 030
 9DFDOOR±6YiMF±M~QLXVSQN|VG
0iULD W|EE ]HQHWpEHQ EHV]pOW D PiVRGLN SQN|VGUĘO$] LV
PHUWMHOHQpVLKHO\HQ*DUDEDQGDOEDQD]WPRQGWDKRJ\HJ\¿J\HO
PH]WHWpVWNDSD]HJpV]HPEHULVpJVHQNLQHPNHUOKHWLHO2O\DQ
OHV]PLQWD]XWROVytWpOHWNLFVLEHQ$]D]PLQGHQNLOiWQLIRJMDPD
JiW ~J\ DKRJ\ ,VWHQ HOĘWW iOO pOHWH YpJpQ 0LNRU PHJNpUGH]WpN
&RQFKLWiWKRJ\PHJIRJHKDOQLHWWĘOD]HPEHUD]WPRQGWDLJHQ
VRNHPEHUQHNHOYLVHOKHWHWOHQOHV]OiWQLPLO\HQYROWD]pOHWH
0iV]HQHWHNEHQ0iULDD]WPRQGWDKRJ\WHUPpV]HWHVHQPiV
YDOOiVRNKtYHLLVPHJWpUQHN.ULV]WXVKR]pVMiPERUViJXNDWOiWYiQ
VRNNDWROLNXVLVV]pJ\HOOQLIRJMDPDJiW$WLV]WXOiVXWiQH]DYLOiJ
pVH]DWiUVDGDORPPiUQHPOHV]XJ\DQRO\DQPLQWYROW
3pWHUpYYHOH]HOĘWWD]WPRQGWDOHYHOpEHQÄ(OM|QD]RQEDQ
D]ÒUQDSMDPLQWDWROYDM$NNRUD]HJHNQDJ\UREDMMDOHOSXV]WXO
QDND]HOHPHNPHJROYDGQDNDKĘVpJEHQVDI|OGpVUDMWDPLQGHQ
DONRWiVWĦ]EHQpJHO$NNRUD]HJHNWĦ]EHQSXV]WXOQDNHOpVD]
HOHPHNKĘVpJEHQROYDGQDNV]pW0LD]RQEDQ~MpJUHpV~MI|OGUH
YiUXQNPHO\D]LJD]ViJRWWKRQD´ 3W


$6]HQWOpOHNKDUPDGLNNRUV]DND
0iULDD]XWROVyLGĘV]DNUyOV]yOy]HQHWpEHQD]WPRQGWDÄ2O\DQ
V]pS LGĘV]DN OHV] PLQWDPLO\HQ D]HOĘWW VRKD QHP YROW D I|OG|Q
,VWHQWPLQGHQHPEHULPiGQLIRJMDpVHJ\GDUDELJQHPOHV]DJR
QRV]QDNKDWDOPD
$-HOHQpVHNN|Q\YHOHtUMDD]XWROVyKDUFRWpVDYLOiJpVD]HP
EHULVpJXWROVyNLYiODV]WiViWDKDUPDGLNLGĘV]DNEDQ D]H]HUQDSRV
XUDORP 
Ä0LNRUHOWHOLND]H]HUHV]WHQGĘDViWiQNLV]DEDGXOE|UW|QpEĘO
pVPHJLQGXOKRJ\IpOUHYH]HVVHDI|OGQpJ\VDUNiQODNyQHP]HWH
NHW*yJRWpV0DJyJRWpVKDUFUDJ\ĦMWVHĘNHW6]iPXNDQQ\LPLQW
DWHQJHUI|YHQ\H)|OYRQXOQDNDI|OGPLQGHQWiMiQN|UO]iUMiND
V]HQWHNWiERUiWpVDV]HUHWHWWYiURVW'HWĦ]FVDSOH,VWHQWĘOD]pJ
EĘOpVPHJHPpV]WLĘNHW$]|UG|J|WDNLIpOUHYH]HWWHĘNHWNpQNĘYHO
pJĘ W]HV WyED YHWLN DKRO D YDGiOODWWDO pV D] iOSUyIpWiYDO pMMHO
QDSSDO|U|NN|Q|U|NNpJ\|WUĘGQLIRJ´ -HO
$]WiQM|QDYLOiJYpJHpVDYLOiJtWpOHWHDKRJ\DIHMH]HWiE
Ui]ROMDPDMGDPHQQ\HL-HUX]ViOHP


$UyPDLNDWROLNXV(J\Ki]
DYLOiJpVD]HPEHULVpJVRUVD
$UyPDLNDWROLNXV(J\Ki]IHQQiOOiViWyO±YLOiJXQNEDQpVWiUVDGDO
PXQNEDQ±DYLOiJpVD]HPEHULVpJVRUVDLVIJJ+RJ\D](J\Ki]
NHOHWNH]pVpYHONDSFVRODWRVELEOLDLNLMHOHQWpVHNHWpVD]DEEyOIDND
GyW|UWpQHOPLWpQ\HNHWU|YLGHQPHJYLOiJtWVXNPpJHJ\V]HUPHJ
NHOO HPOtWHQQN KRJ\ D] HPEHUL W|UWpQHOHPNH]GHWpQ± D %LEOLD
HOHMpQ 7HU ±PiUIHOYLOODQD](J\Ki]DPLNRU,VWHQHOOHQNH
]pVWYHWD]DVV]RQ\pVDNtJ\yN|]pD]DVV]RQ\pVDNtJ\yXWyGDL
N|]p$]DVV]RQ\XWyGDLHOVĘVRUEDQ-p]XV.ULV]WXVPDMGDNHUHV]
WpQ\VpJpVD](J\Ki],VWHQD]GY|VVpJHWQHPFVDND]VLGyNV]i
PiUDKHO\H]WHNLOiWiVEDKDQHPPLQGHQQpSQHNH]DEEyOOiWV]LN
KRJ\DKiURPĘVDSiQDNÈEUDKiPQDN,]ViNQDNpV-iNREQDNPHJ
tJpUWHKRJ\iOWDOXNDI|OGPLQGHQQHP]HWVpJHiOGiVWV]HUH] 7HU
 $]ÏV]|YHWVpJSUyIpWiLPHJMyVROMiND0HVVL
iVWV]HQYHGpVpWKDOiOiWpVIHOWiPDGiViW
,]DMiVSUyIpWD.UHEHQtJ\MHOHQWLEHD0HVVLiVpUNH]pVpW
ÄËPHDV]Ħ]IRJDQpV¿~WV]OVQHYpW(PPiQXHOQHN YHOQND]
,VWHQ±-p]XV IRJMDKtYQL´ ,] ėD],VWHQD]|U|NNpYDOyViJ
EDQ ,] 0DMGQHPXJ\DQH]HNNHODV]DYDNNDOMHOHQWLEH*iE
ULHODUNDQJ\DODQi]iUHWLOHiQ\QDN0iULiQDNKRJ\D¿~WDOHJQD
J\REEDWD]|U|NNLUiO\WIRJMDPHJV]OQL
-p]XVV]OHWpVHD]~MYLOiJW|UWpQHOHPpVD]~MLGĘV]iPtWiVNH]
GHWH DPHO\ D PDL QDSLJ UiQ\RPMD EpO\HJpW D YLOiJUD DPHO\QHN
IRO\DPDWDLYDONDSFVRODWEDQiOOXQN-p]XVVRNKDVRQODWWDOEHV]pOD
NHUHV]WpQ\VpJUĘOÄ0iVMXKDLPLVYDQQDNDPHO\HNQHPHEEĘOD]
DNROEyOYDOyN SRJiQ\RNPiVQpSHN $]RNDWLVLGHNHOOYH]HWQHP
+DOOJDWQLIRJQDNDV]DYDPUDHJ\DNROOHV]pVHJ\SiV]WRU´ -Q
 $]WiQ-p]XVPHJM|YHQG|OLDOHJQDJ\REEYDOOiVLN|]|VVpJHW
,VWHQI|OGLRUV]iJiW

$PXVWiUPDJUyOV]yOyKDVRQODWEDQDNHUHV]WpQ\VpJNHOHWNH]p
VpWDPXVWiUPDJKR]KDVRQOtWMDDPHO\OHJNLVHEEDPDJRNN|]|WW
GHKDHOYHWLNH]OHV]DOHJQDJ\REEQ|YpQ\ 0N 
-p]XVpYYHOH]HOĘWWLMyVODWDPDPiUW|UWpQHOPLWpQ\$NH
UHV]WpQ\VpJOHWWDYLOiJOHJQDJ\REEKLWN|]|VVpJHNEPLOOLiUG
DUyPDLNDWROLNXVNHUHV]WpQ\NEPLOOLyNHOHWLRUWRGR[pVD
UyPDLNDWROLNXVUyOOHYiOWPiVNHUHV]WpQ\N|]|VVpJHNV]iPD
$W|UWpQHOHPLJD]ROWD-p]XVNLMHOHQWpVpWÄeQYDJ\RND]$OIDpV
D]ÏPHJDD]HOVĘpVD]XWROVyDNH]GHWpVDYpJ´(J\EHYiJD]
HGGLJLW|UWpQHOPLWpQ\HNNHO
$PLNRUXQNYpJHLVLJD]ROQLIRJMDH]W,VWHQI|OGLRUV]iJDD
pYYHOH]HOĘWWLNLVPXVWiUPDJW~OpOPLQGHQIpOHPiVEiOYiQ\W
LVWHQHNHWYDOOiVWDPLND]HOĘWWYROWDNÄ0LQGDQQ\LDQDNLNHOĘWWHP
M|WWHNWROYDMRNpVUDEOyN´ -Q
,VWHQRUV]iJiWPLQGHQNLOiWKDWMDDYLOiJOHJQDJ\REE(J\Ki]D
,VWHQI|OGLRUV]iJiQDN-p]XVPHQQ\EHPHQHWHOHXWiQV]NVpJHYROW
HJ\SiV]WRUUDDNLNpSYLVHOLėWDNLDKLWpVDWDQRNLJD]ViJiKR]KĦ
PDUDG-p]XVYLVV]DWpUpVpLJpVHJ\(J\Ki]UDDPHO\EHQPHJWDOiO
KDWMDD]GY|VVpJHW
(]pUWDODStWRWWD-p]XVD](J\Ki]iW3pWHUUHDNĘV]LNOiUDpVDQ|
YHNHGĘQ\iMV]iPiUDD]LGĘNYpJH]HWpLJXWyGRNDWOWHWHWWD3pWHU
KLYDWDOEDDSiSiNDWeVPHJtJpUWHHQQHND](J\Ki]QDNÄËPHpQ
YHOHWHNYDJ\RNDYLOiJYpJpLJ´ 0W 
-p]XVQDNH]DMHOHQOpWHMXWNLIHMH]pVUHDUyPDLNDWROLNXV(J\Ki]
OHJV]HQWHEE2OWiULV]HQWVpJpEHQ
-p]XVD]WLVPHJPRQGWDHOĘUHKRJ\DSRNRONDSXLWiPDGiVWLQ
Wp]QHN3pWHUpVXWyGDLQDN(J\Ki]DHOOHQKRJ\PHJVHPPLVtWVpN
PHUWXJ\DQRO\DQXWDWNHOOEHMiUQLDD](J\Ki]QDNPLQWDODStWyMi
QDN'HD]WLVPHJtJpUWHKRJ\QHPIRJMiNOHJ\Ę]QL

$](J\Ki]HOOHQLKDUFPiUD]HPEHULVpJNH]GHWHyWDWDUWpVD
%LEOLDOHJHOHMpQNLIHMH]pVUHMXWÄ(OOHQVpJHVNHGpVWYHWHNN|]pGpV
D]DVV]RQ\N|]pLYDGpNRGpVD]ĘLYDGpNDN|]p´ 7HU
$] XWROVy LGĘNUĘO V]yOy EHV]pGpEHQ ± 0iUN /XNiFV pV PLQ
GHQHNHOĘWW0iWpHYDQJpOLXPiEDQDIHMH]HWEHQ±-p]XVEHV]pO
D]RNUyODMHOHNUĘOpVHVHPpQ\HNUĘODPHO\HNDKLWURPOiViWpVD]
(J\Ki]V]DNDGiViWIRJMiNHOĘLGp]QLVDPHO\HND]LGĘNYpJpW GH
QHPDYLOiJYpJpW MHOHQWLNpVD]ėYLVV]DWpUpVpKH]YH]HWQHN(]HN
DMHOHNU|YLGHQ|VV]HIRJODOYDDWpYWDQtWyNWpYWDQRNKDPLVSUyIp
WiNDPHO\HNDNHUHV]WpQ\VpJW|UWpQHWHIRO\DPiQVRNNiUWRNR]WDN
DKLWEHQI|OGUHQJpVKiERU~NpKH]pVKLWHKDJ\iVDWt]SDUDQFVRODW
EHQHPWDUWiVDDOHONHNV]pWYiOiVDDNLNDKD]XJViJQDNYDJ\D]
LJD]ViJQDNKLV]QHNpVH]pUWJ\ĦO|OLNpVHOiUXOMiNHJ\PiVW$-p]XV
.ULV]WXVEDQKtYĘNOG|]WHWpVH
Ä,VWHQ RUV]iJiQDN H]W D] |U|PKtUpW SHGLJ KLUGHWLN PDMG D]
HJpV]YLOiJRQEL]RQ\ViJXOPLQGHQQHP]HWQHN&VDNDNNRUM|QHOD
YpJ´±PRQGWD-p]XV 0W 
,, -iQRV 3iO EDQ D]W PRQGWD KRJ\ D] (YDQJpOLXPRW D
VRNHOOHQiOOiVpVDOHJQDJ\REEQHKp]VpJHNHOOHQpUHDYLOiJPLQ
GHQQpSpQHNNLKLUGHWWpN
(]HND]HVHPpQ\HNpVMHOHNDPLNHWIHQWIHOVRUROWXQND]
YHUVEHQ YDQQDN PHJQHYH]YH FVDN V]OpVL IiMGDOPDN -p]XV D]W
PRQGMD KRJ\ H]HN D V]OpVL IiMGDOPDN pV J\|WUHOPHN D OHJQD
J\REEEDMKR]YH]HWQHNÄ$NNRURO\DQQDJ\J\|WUHOHPOHV]DPL
O\HQPpJQHPYROWDYLOiJNH]GHWpWĘOPLQGPiLJpVQHPLVOHV]´
0W
(]DJ\|WUHOHPERO\JyQND]pOHWIHOWpWHOHNpVDWiUVDGDORPiW
DODNXOiViQDNNH]GHWHYLOiJV]HUWH0LHQQHND]RND"0iWpHYDQJp
OLXPiQDNIHMH]HWHDGMDPHJDYiODV]WDPLNRU-p]XVD]WPRQG
MD Ä$PLNRU PDMG OiWMiWRN D V]HQW KHO\HQ D 'iQLHO SUyIpWD iOWDO
PHJM|YHQG|OW J\DOi]DWRV SXV]WXOiVW ± DNL ROYDVVD pUWVH PHJ ±

DNNRUDNL-~GHiEDQYDQIXVVRQDKHJ\HNEH´ 0WY|'iQ

-p]XVXWDOWHKiWD]yV]|YHWVpJL'iQLHOSUyIpWiUDDNLD]XWROVy
LGĘNHVHPpQ\HLUĘOSUyIpWiO 'iQ 'iQLHOOiWHJ\KLWYiQ\
KDWDOPDVNLUiO\WDYpJVĘLGĘNEHQÄ6HUHJHLIHOiOOQDNPHJJ\DOi]
]iNDV]HQWYiUDWPHJV]QWHWLNDPLQGHQQDSLiOGR]DWRWpVIHOiO
OtWMiNDYpV]WKR]yXQGRNViJRW´ 'iQ
$UyPDLNDWROLNXV(J\Ki]EDQ D]RUWRGR[EDQLV D]LVWHQWLV]WH
OHWQHPFVDNLVWHQWLV]WHOHWDKRJ\D]HYDQJpOLNXVSURWHVWiQVRNpU
WLNKDQHPV]HQWPLVHiOGR]DW$UyPDLNDWROLNXV(J\Ki]V]iPiUD
DV]HQWPLVHiOGR]DW.ULV]WXVYpUWHOHQNHUHV]WiOGR]DWDDWLV]WDiO
GR]DWDPHO\HW,VWHQiWQ\~MWQpSpQHNQDSNHOWpWĘOQDSQ\XJWiLJ UHJ
JHOL pV HVWL PLVH $ V]HQWPLVHiOGR]DW PHJ~MtWMD pV MHOHQOpYĘYp
WHV]LDPLD.iOYiULiQW|UWpQW-p]XVVDO$]iWYiOWR]WDWiVQiODNDWR
OLNXV(J\Ki]pYHVV]HQWHOpVLOiQFiEDQ V]XNFHVV]Ly IHOV]HQ
WHOWSDSDNHQ\HUHWpVDERUWYDOyEDQ-p]XV.ULV]WXVWHVWpYppVYpUp
YpYiOWR]WDWMD(EEHQD]HXFKDULV]WLNXVDODNEDQ-p]XVDKRJ\tJpU
WHYHOQNPDUDGDYLOiJYpJpLJ 0W 
$]ÏV]|YHWVpJEHQiOODWRNDWiOGR]WDN,VWHQQHN$]ÒMV]|YHWVpJ
iOGR]DWD.ULV]WXVYpUWHOHQNHUHV]WiOGR]DWD
$ V]HQWPLVH D] ÒMV]|YHWVpJ |U|N iOGR]DWD D NHUHV]WiOGR]DW
YpUWHOHQPHJ~MtWiVD$UyPDLNDWROLNXV(J\Ki]D]DSRVWRORNLGH
MHyWDWDUWV]HQWPLVpW$V]HQWPLVpQDNHUHV]WiOGR]DWJ\P|OFVHLW
PLQWPHJYiOWiVLNHJ\HOPHWNDSMiND UpV]WYHYĘN$V]HQW (XFKD
ULV]WLDDPHO\EHQ-p]XVYDOyEDQMHOHQYDQDUyPDLNDWROLNXV(J\
Ki]N|]SRQWLWLWNDpVN|]pSSRQWMD
7HKiWD]LV]RQ\DWRVSXV]WtWiVDV]HQWKHO\HQDPLUH¿J\HOPH]WH
WHWW-p]XVDQDSLV]HQWPLVHiOGR]DWPHJV]QWHWpVHDNDWROLNXV(J\
Ki]EDQPHO\HWD]XWROVyLGĘNEHQ'iQLHOSUyIpWDYt]LyMiEDQDKLW
YiQ\ NLUiO\ D ÄYDGiOODW´ DQWLNULV]WXVL YLOiJXUDOPD YLV] YpJEH D
ÄURPOiV¿D´D]$QWLNULV]WXVVHJtWVpJpYHO

$PLNRUDUUyOYDQV]yKRJ\DV]HQWKHO\HWpVDYiUDWPHJV]HQW
VpJWHOHQtWLN H] D]W MHOHQWL KRJ\ D OHJV]HQWHEE 2OWiULV]HQWVpJHW
V]HQWVpJWHOHQtWLNPHJDYiUSHGLJV]LPEROLNXVDQD9DWLNiQpVPLQ
GHQUyPDLNDWROLNXVWHPSORP
eV DNNRUM|Q HO D]LGĘ DPLW0iULDEDQ /D6DOHWWH  My
VROW PHJ DPLNRU D SiV]WRUJ\HUHNHNQHN ]HQHWpEHQ D]W PRQGWD
Ä5yPDHOIRJMDYHV]tWHQLKLWpW DSVS|N|NW|EEVpJHHOIRUGXO5y
PiWyODSiSiWyOpVDWDQtWyKLYDWDOWyOpVDKDPLV|NXPHQLNXVHJ\
Ki]KR]FVDWODNR]LNpVD]$QWLNULV]WXVV]pNKHO\HOHV]´
$UyPDLNDWROLNXV(J\Ki]DWpVDQDSLV]HQWPLVHiOGR]DWRWYp
UHVOG|]pVVHOV]QWHWLNPHJpVD]HJpV]YLOiJRQEHWLOWMiNHQQHN
HOOHQpUHQHPJ\Ę]LNOHPHUWDNLVQ\iMD](J\Ki]KR]KĦSDSRN
NDOSVS|N|NNHOpVNDUGLQiOLVRNNDOWLWRNEDQPHJWDUWMDDQDSLPL
VHiOGR]DWRW  QDSLJ 'iQLHO  KyQDSLJ -HOHQpVHN N|Q\YH 
PtJ-p]XVYLVV]DWpUWpYHODKDPLVSUyIpWDPHJVHPPLVO
-p]XV D]W PRQGWD QDSMDLQN SUyIpWDQĘMpQHN D] ]HQHWHNHW
N|Q\YEHQNLDGWiNÄ*HKXQGYHUNQGHZDVLFKGLUJHVDJWKDEH´±
Ä0HQMpVKLUGHVGDPLWPRQGWDPQHNHG´9HUODJ6DOYDGRUPXQGL
 ROG  Ä2O\DQ OG|]pV N|YHWNH]LN DPLO\HQ PpJ QHP YROW
2O\DQ OHV] PLQW D] ĘVHJ\Ki] LGHMpEHQ (OGXJRWW SLQFpNEHQ
pV UDNWiUDNEDQ WDUWDQDN V]HQWPLVpW pV FVDN NHYHVHQ WXGQDN
UpV]WYHQQLUDMWD´
(]DOiWQRNQĘHJ\D]RNN|]ODNLNHW-RHOSUyIpWDEHMHOHQWHWW
eV-p]XVD]WPRQGMDQHNLÄ,WWD]LGĘDPLNRU¿DLPpVOiQ\DLPM|
YHQG|OQHNV]ROJiLPDWHOW|OWL6]HQWOHONHPD]|UHJHNQHNiOPDLND
¿DWDORNQDNYt]LyLNYDQQDN6UJHWD]LGĘPiUQLQFVVRNLGĘG'Ui
JDLGĘGHWPDUDGpNWDODQXOV]HQWHOGDNDUDWRPWHOMHVtWpVpUHQHNpVOH
NHGMpOIRJDGMV]yWYiJ\DNR]YDYiURNUi´
$]WiQH]D]DVV]RQ\NDSRWWHJ\]HQHWHWÄėUN|GMHWHNpVLPiG
NR]]DWRN0LO\HQVRNDQDOV]DQDND]RNN|]ODNLNHWĘU|NQHN
DSRVWRORNQDNpVWDQ~NQDNUHQGHOWHP(OIiUDGWDNYDJ\HONpQ\HO
PHVHGWHN 6RNDQ MyOODNWDN QHP pKH]QHN QHP V]RPMD]QDN PiU

H]pUW EHFVXNyGLN D V]HPN 0LQGHQ UHSHGpVEĘO D ViWiQ IVWMH
M|Q0LQGHQSLOODQDWEDQYLOiJpJpVOHKHWeEUHV]GIHOĘNHWNLNLiO
WyP¿J\HOPH]WHVVPLHOĘWWPHJIXOODGQDNYDJ\HOSXV]WXOQDN´
(]QDJ\V]HUĦFVRGiODWRVNLQ\LODWNR]WDWiVRNN|Q\YH

+ROWDUWXQNPD"
+RJ\iOOXQNPDDQDSLV]HQWPLVHiOGR]DWPHJV]QWHWpVpYHOpVD
NDWROLNXV(J\Ki]Q\LOYiQRVV]pWURPEROiViYDOpVPHJV]HQWVpJWHOH
QtWpVpYHODPLDYLOiJpVD]HPEHULVpJOHJQDJ\REEJ\|WUHOPpWpV
V]RURQJDWWDWiViWKR]]DPDJiYDO"
$YiODV]W6]HQW3iODSRVWROPiUPHJDGWDDPLNRUD]WPRQGWD
KRJ\D]$QWLNULV]WXVPHJMHOHQpVHHOĘWWPiUPĦN|GLNDW|UYpQ\WH
OHQVpJWLWNRVKDWDOPDGHHOĘV]|UOHNHOOJ\Ę]QLHD]WDPLPpJYLV]
V]DWDUWMD 7HVV] 
7XGMXNKRJ\D]DNLD]$QWLNULV]WXVWPpJYLVV]DWDUWMDD](J\
Ki] V]LNOiMD D SiSD$ WLWNRV W|UYpQ\WHOHQVpJ PHO\ PiU PĦN|
GpVEHQYDQD](J\Ki]pOpUHEHKDWROyHJ\Ki]LV]DEDGNĘPĦYHVVpJ
+DWiVDDOHJMREEDQKDPLV|NXPHQL]PXViEDQERQWDNR]LNNLpVMyO
OiWKDWy NO|Q|VHQ D UHIRUPiFLy pV D] HJ\Ki]V]DNDGiV ĘVKD]iMi
EDQ1pPHWRUV]iJEDQ
(]DPRWRUMDpVSpOGDDGyMD±PLQWDV]i]DGEDQ±PLQGHQ
5yPDHOOHQGROJR]yHUĘQHNDNHUHV]WpQ\YLOiJEDQNO|Q|VHQD]
86$EDQ DKRO YLOiJPpUHWĦ HJ\Ki]V]DNDGiVKR] OHYiOiV 5yPi
WyODSiSiWyOpVDWDQtWyKLYDWDOWyO IRJYH]HWQL$KDPLV|NXPHQL]
PXVDPLWHJ\iOWDOiQQHPpUGHNHOQHNDKLWLJD]ViJRNFVDNHJ\HW
DNDUPLQGHQNHUHV]WpQ\YDOOiVHJ\HVtWpVpWDSiSDDWDQtWyKLYDWDO
DV]HQWPLVHiOGR]DWpVDV]HQW(XFKDULV]WLDQpONO
(J\|NXPHQLNXVHJ\Ki]DWDNDUQDNDPHO\EHQDV]HQW(XFKD
ULV]WLiWDQDSLiOGR]DWRWD]HYDQJpOLNXVSURWHVWiQV~UYDFVRUDKH
O\HWWHVtWLDPHO\-p]XVWHVWpQHNpVYpUpQHNFVDNV]LPEyOXPD$N|
]|V~UYDFVRUiWPLQGHQNLHOIRJDGMDEHOHpUWYHDOHJW|EENDWROLNXV

NHUHV]WVpJEHQ UpV]HVOWHW DNLN PiU QHP LVPHULN D V]HQW (XFKD
ULV]WLDpVD]~UYDFVRUDN|]WLNO|QEVpJHW
(]]HOOpWUHM|QHJ\KDPLVHJ\Ki]HJ\KDPLV.ULV]WXV$KDPLV
.ULV]WXVpVDKDPLVHJ\Ki]DV]RERUDPLQWD-HOHQpVHNEHQOHtUWiN
(]WDV]REURWNHOOLPiGQLDI|OGODNyLQDNpVPLQGHQNLWPHJ|OQHN
DNLQHPLPiGMDD]iOODWV]REUiW -HO 
6RNHPEHUV]iPiUDH]PDPpJHONpS]HOKHWHWOHQ
$N|YHWNH]ĘpYHNHVHPpQ\HLDYDOOiVLpVSROLWLNDLKHO\]HWHWYDO
OiVKiERU~NNDO SROLWLNDL KDUFRNNDO pV WHUURUL]PXVVDO DQQ\LUD IHO
IRJMiNW]HOQLpVRO\DQN|UOPpQ\HNN|]pNHUOQNKRJ\DOHJW|E
EHQ~J\IRJMiNOiWQLpVV]HUĦQHNORJLNXVQDNpVEpNpVQHNWĦQLNH]W
D]|NXPHQLNXVHJ\Ki]DWN|YHWQL$NLQHPN|YHWLD]WWiUVDGDORP
HOOHQHVQHNV]pOVĘVpJHVQHNDEpNHHOOHQVpJpQHNWHNLQWLNpVJ\ĦO|
OLN$NNRUPiUQ\LWYDOHV]D]DMWyD]$QWLNULV]WXVEHOpSpVpKH]
$KDPLVHJ\Ki]pVDKDPLV.ULV]WXVD]$QWLNULV]WXVPĦYH(]pUW
PRQGMD'iQLHODYt]LyMiEDQÄ0pOWDWODQViJRWWHUYH]pVWHV]DV]HQW
V]|YHWVpJHOOHQKD]DWpUYHSHGLJD]RNUDIRUGtWMDJRQGRODWDLWDNLN
HOKDJ\WiNDV]HQWV]|YHWVpJHW´ 'iQ
+ROWDUWXQNPD"1p]]NFVDNDQpPHW|NXPHQL]PXVDNWLYLWi
ViWPHQQ\LUHHOĘUHOpSHWWPiUD5yPiWyODSiSiWyOpVDWDQtWyKL
YDWDOWyOYDOyOHYiOiVEDQ0HQQ\LUHHOĘOMiUDN|]|V~UYDFVRUDLUiQ
WLN|YHWHOpVEHQDNDWROLNXVpVD]HYDQJpOLNXVNHUHV]WpQ\HNN|]|WW
DPHO\EHQPiUHOĘUHOiWMDD]HJ\VpJpVPLQGHQNHUHV]WpQ\V]|YHW
VpJpQHN D MHOpW 1p]]N FVDN PHJ D PHJiOOtWKDWDWODQXO Q|YHNYĘ
LQWHUNRPPXQLyWDNDWROLNXVN|]|VVpJHNEHQ
$ DV RVQDEUFNL NDWROLNXV QDS XWiQ YiU PLQNHW D QDJ\
|U|PPHO pV UHPpQQ\HO EHMHOHQWHWW HV PQFKHQL PiVRGLN
|NXPHQLNXVHJ\Ki]LQDS$]HYDQJpOLNXVRNpVDNDWROLNXVRNUH
PpQ\WHOMHVNpUGpVHD]WDOiQPiU0QFKHQEHQOHKHWĘVpJOHQQHD
NpWYDOOiVWHVWYpUHLQHNN|]|V~UYDFVRUiMiUD"


-p]XVYLVV]DWpUpVH
$NpUGpVWKRJ\PLNRUWpUYLVV]D-p]XVPHJYiODV]ROMDD]LVPHUW
ELEOLDLKHO\Ä$]WDQDSRWpVD]WD]yUiWD]RQEDQVHQNLVHPLVPHUL
PpJDPHQQ\EpOLDQJ\DORNVHPFVDND]$W\DHJ\HGO´ 0W 
(]DV]DEYiQ\YiODV]HUUHDNpUGpVUH
(J\NDWROLNXVWpYpDGiVEDQHJ\Qp]ĘWHOHIRQRQPHJNpUGH]WHD
PĦVRUWYH]HWĘDW\iWyOPLNRUIRJ-p]XVYLVV]DM|QQL$SDSU|JW|Q
YiODV]ROWDKRJ\YiUKDWyYROW$]WYiODV]ROWDDPLWPiUIHQWLGp]
WQND%LEOLiEyOD]WiQPpJPHJMHJ\H]WHQHYHWYHÄ0pJ
pY LV HOWHOKHW´ 0HJ NHOO PRQGDQL KRJ\ D -p]XV YLVV]DWpUpVpUĘO
V]yOyUpV]D]HJ\LNOHJIpOUHpUWKHWĘEEUpV]D6]HQWtUiVEDQ-p]XVNL
MHOHQWpVHQHPMHOHQWLD]WKRJ\WHOMHVHQV|WpWVpJEHQKDJ\RWWYROQD
PLQNHW
-p]XVYLVV]DWpUpVpUHLVpUYpQ\HVD]DPLW/XNiFVHYDQJpOLXPi
EDQLVPRQGRWWD]HPEHUHNQHNÄ+DOiWMiWRNKRJ\Q\XJDWRQIHOKĘ
WiPDGPLQGMiUWD]WPRQGMiWRN=iSRUM|QV~J\LVOHV]+DGpOL
V]pOI~MD]WPRQGMiWRN+ĘVpJOHV]VPHJM|QD]LV.pSPXWDWyN$
I|OGpVD]pJMHOHLEĘOWXGWRNN|YHWNH]WHWQLPLpUWQHPLVPHULWHNI|O
DPRVWDQLLGĘW"´ /N
$PLNRU-p]XVD]LGĘMHOHLUĘOEHV]pOWĘOQNLVPHJNpUGH]LPLpUW
QHPWXGMXNH]HNHWIHOLVPHUQL+RJ\NHOO-p]XVYLVV]DWpUpVpWpUWHO
PH]QL"-p]XVQHPD]WPRQGMDKRJ\QHPWXGMDPLNRUM|QYLVV]D
KDQHPÄD]WDQDSRWpVD]WD]yUiW´QHPLVPHULVHQNL(]DQDJ\
NO|QEVpJPHO\D]WDNDUMDPRQGDQLKRJ\QLQFVHQSRQWRVGiWXP
$]ėYLVV]DWpUpVpYHONDSFVRODWRVEL]RQ\WDODQViJFVDNDSRQWRVGi
WXPUD±ÄVHPDQDSRWVHPD]yUiW´±NRUOiWR]yGLN
$]WNHOO¿J\HOHPEHYHQQLPLO\HQ|VV]HIJJpVEHQPRQGWDH]W
-p]XV$]XWROVyLGĘNUĘOEHV]pOWDPLNRUMHOHNUĘOpVHVHPpQ\HNUĘO
V]yOWDPHO\HNQHNDW|UWpQHOHPIRO\DPiQEHNHOON|YHWNH]QLNpV
D]ėYLVV]DWpUpVpKH]YH]HWQHN

0LHOĘWWH]WDQDSRWpVyUiWPRQGWDDIJHIiUyOV]yOyKDVRQODW
UyOEHV]pOWÄ9HJ\HWHNSpOGiWDIJHIiUyODPLNRUiJDPiUJ\|Q
JHpVOHYHOHWKDMWWXGMiWRNKRJ\N|]HOYDQDQ\iU$PLNRUPLQGH]W
OiWMiWRN YDJ\LVD]XWROVyLGĘNMHOHLWpVHVHPpQ\HLWDPLNHWPHJ
QHYH]HWW WXGMiWRNPHJWLLVKRJ\N|]HOYDQPiUD]DMWyEDQ´ 0W

(EEHQDYpJLGĘUĘOV]yOyEHV]pGEHQ-p]XVPHJQHYH]LD]RNDWD
MHOHNHWpVHVHPpQ\HNHWDPHO\HNDW|UWpQHOHPIRO\DPiQEHN|YHW
NH]QHNpVDPHO\HND]ėYLVV]DWpUpVpKH]YH]HWQHN)LJ\HOPH]WHWD
WpYWDQtWyNUDDKDPLVPHVVLiVRNUDpVSUyIpWiNUDDNLNDNHUHV]WpQ\
VpJLGHMHDODWWVRNDNDWWpY~WUDYLV]QHN+iERU~NpKVpJWHUPpV]HWL
NDWDV]WUyIiNpVNHUHV]WpQ\OG|]pVW|UWpQQHNYLVV]DpOQHNDWt]SD
UDQFVRODWWDOpVKLUGHWQLIRJMiND](YDQJpOLXPRWD]HJpV]YLOiJRQ
$MHOHNpVHVHPpQ\HNDPHO\HN0iWpHYDQJpOLXPiQDNDIH
MH]HWpEHQ  ROYDVKDWyNFVDNJ\|WUHOPHNOHV]QHN(]XWiQM|QD
G|QWĘYLOiJHVHPpQ\ 0W DV]HQWKHO\HQIHOiOOtWRWWXQGRNViJ
PHO\HW'iQLHOSUyIpWDPiUHOĘUHPHJM|YHQG|OWDYpJLGĘMHOHNpQW
(]DG|QWĘYLOiJUHQJHWĘHVHPpQ\DPLDV]HQWKHO\HQW|UWpQLN
DPHJV]HQWVpJWHOHQtWpVpVDQDSLV]HQWPLVHiOGR]DWPHJV]QWHWpVH
'iQ-HO 
$](J\Ki]QDSLV]HQWPLVHiOGR]DWiQDNPHJWLOWiVDDURPOiV¿D
iOWDOPpUKHWHWOHQNHUHV]WpQ\OG|]pVVHOMiUHJ\WWpVDÄYDGiOODW´
YLOiJXUDOPiWMHOHQWL$]DQWLNULV]WXVLXUDORPNH]GHWHKR]]DPDJi
YDOD]HPEHUHNV]iPiUDDOHJQDJ\REEEDMWDPLO\HQPpJQHPYROW
(EEHQD]LGĘEHQW|UWpQLNPHJDYLOiJD]HPEHULVpJpVD](J\Ki]
OHJQDJ\REEPHJWLV]WtWiVDDPLQWD]$SRNDOLSV]LVEHQiOO
$]W KRJ\ PHQQ\L LGHLJ WDUW D QDJ\ OG|]pV N|]HSHWWH D Uy
PDLNDWROLNXV(J\Ki]pVDQDSLPLVHiOGR]DWWLOWiVDPHJPRQGMDD
6]HQWtUiV'iQLHOSUyIpWDtUMDÄ$WWyOD]LGĘWĘOKRJ\PHJV]ĦQLND]
|U|NN|QpJĘiOGR]DWpVIHOiOOtWMiNDYpV]WKR]yXQGRNViJRWH]HUNpW
V]i]NLOHQFYHQQDSWHOLNHO%ROGRJDNLNLWDUWpVHOpULD]H]HUKiURP
V]i]KDUPLQF|W|GLNQDSRW´ 'iQ

$YpV]WKR]yXQGRNViJpVDV]HQWPLVHiOGR]DWPHJV]QWHWpVp
QHNYpJpYHOHJ\LGĘEHQYpJHWpUD]DQWLNULV]WXVLYLOiJXUDORPpV
KDPLVSUyIpWiMiQDND]$QWLNULV]WXVQDNXUDOPD
-iQRV D -HOHQpVHN N|Q\YpEHQ D]W PRQGMD KRJ\ D ÄYDGiOODW´
XUDOPD  KyQDS  QDS  XWiQ YpJHW pU -HO   'iQLHOQpO
QDSQDSYDJ\KyQDSWHKiWN|UOEHOOpYDPtJ
EHWLOWMiN D QDSL V]HQWPLVHiOGR]DWRW pV HQQ\L LGHLJ WDUW D] DQWL
NULV]WXVLYLOiJXUDORP
$PpJVRKDQHPOiWRWWJ\|WUHOPHND]DQWLNULV]WXVLYLOiJXUDORP
pVDI|OGPHJWLV]WXOiVDXWiQDOHJQDJ\REEWHUPpV]HWLNDWDV]WUyIiN
N|]HSHWWHWpUYLVV]D-p]XV.ULV]WXV(]~WWDOQHPLVPHUHWOHQOPLQW
pYYHOH]HOĘWW%HWOHKHPEHQKDQHPÄ1\RPEDQHJ\|WUHOPHV
LGĘNXWiQD1DSHOKRPiO\RVXOpVD+ROGQHPiUDV]WYLOiJRVViJRW
DFVLOODJRNOHKXOODQDND]pJUĘOpVDYLOiJPLQGVpJHW|VV]HWDUWyHUĘN
PHJUHQGOQHN$NNRUPDMGI|OWĦQLND](PEHU¿iQDNMHOHD]pJHQ
pVMDMJDWiVEDW|UNLD)|OGPLQGHQQpSHPHUWPHJOiWMiND](P
EHU¿iWDPLQWHOM|QD]pJIHOKĘLQQDJ\KDWDORPPDOpVGLFVĘVpJJHO
6]pWNOGLDQJ\DODLWKDQJRVKDUVRQDV]yYDOVD]RN|VV]HJ\ĦMWLNYi
ODV]WRWWDLWDV]pOUy]VDPLQGHQLUiQ\iEyOD]pJHJ\LNYpJpWĘODPi
VLNLJ´ 0W
$]WKRJ\-p]XVDIHOKĘN|QM|QVRNDQ KtYĘNLV NpWHONHGpVVHO
IRJDGMiN'HKRJ\H]tJ\OHV]QHPFVDNVRNOiWQRNpVV]HQWHUĘVtWHWWH
PHJKDQHP-iQRVDSRVWROLVYLOiJRVDQOHtUMDÄ1p]]pWHNHOM|QDIHO
KĘN|Q/iWQLIRJMDĘWPLQGHQHPEHUD]RNLVDNLNNHUHV]WOV]~UWiN D
J~Q\ROyNEĦQ|V|ND],VWHQpV(J\Ki]OHJQDJ\REEHOOHQVpJHLVWE 
$NNRUPDMGPHOOpWYHULPLDWWDDI|OGPLQGHQQpSHËJ\YDQÈPHQ
eQD]$OIDpVD]2PHJDYDJ\RN DNH]GHWpVDYpJ PRQGMD,VWHQD]
ÒUDNLYDQpVDNLYROWpVDNLHOM|YHQGĘD0LQGHQKDWy´ -HO
Ä'HH]HNHOIRJWiNDYDGiOODWRWpVYHOHHJ\WWDKDPLVSUyIpWiW
DNLFVRGiNDWPĦYHOWKRJ\IpOUHYH]HVVHD]RNDWDNLNDYDGiOODWMH
OpWYLVHOWpNpVEiOYiQ\NpSpWLPiGWiN0LQGNHWWĘWHOHYHQHQNpQNĘYHO
pJĘW]HVWyEDYHWHWWpN´ -HO

-p]XV.ULV]WXVYLVV]DIRJM|QQLKDD]~MYLOiJiOODPDPHO\D]
DQWLNULV]WXVLYLOiJKDWDORPOHV]OpWUHM|Q(QQHNpOpQDPLQGHQWXUD
OyYLOiJGLNWiWRUD%LEOLiEyOLVPHUW$QWLNULV]WXViOODNLEHWLOWMDD
UyPDLNDWROLNXV(J\Ki]DWpVPHJV]QWHWLD V]HQWPLVHiOGR]DWRW
0LQWHPOtWHWWNH]D]DQWLNULV]WXVLYLOiJXUDORPpYLJIRJWDU
WDQL(]DODWWD]LGĘDODWWD]HPEHULVpJW|UWpQHOPpQHNOHJQDJ\REE
Q\RPRU~ViJiWpOLPHJ$](J\Ki]KR]KĦPDUDGWNLVQ\iMpVDYH
ONOHYĘSDSRNSVS|N|NpVNDUGLQiOLVRNDOHJYpUHVHEEOG|]WH
WpVWpOLNiW
(EEHQD]LGĘEHQN|YHWNH]LN,VWHQQDJ\EĦQWHWĘtWpOHWHDPHO\
O\HOPHJWLV]WXODI|OG$ÄYDGiOODW´YLOiJXUDOPDpV~MDQWLNULV]WX
VLYLOiJUHQGMHD1RYXV2UGR6HFORUXPD]$QWLNULV]WXVVDOHJ\WW
-p]XVYLVV]DWpUpVpYHOIHOERPOLNpVPHJVHPPLVO
$PiUUpJHQUHMWYHHOĘNpV]tWHWWYLOiJKDWDOPDWD]HOM|YHQGĘHVH
PpQ\HNOiWWDWQLIRJMiNYHOQNVD]ÒUYLVV]DWpUpVHPiUN|]HOYDQ
9pJVĘVRURQDPLQGHQWHOG|QWĘNpUGpVWHKiWDUyPDLNDWROLNXV
(J\Ki] QDSL V]HQWPLVHiOGR]DWiQDN PHJV]QWHWpVH DPL HJ\EHQ
PHJVHPPLVtWpVpWMHOHQWL
+RO iOOXQN PD D V]HQWPLVHiOGR]DW PHJV]QWHWpVpW LOOHWĘHQ"
0LWPXWDWQDNDMHOHN"
(J\ DQWLNULV]WXVL ~M YLOiJUHQG pV XUDORP ÄPLQGHQ W|U]V QpS
Q\HOYpVQHP]HWI|O|WW´±DKRJ\D%LEOLDPRQGMDpVH]QHPYDOy
VtWKDWyPHJDUyPDLNDWROLNXV(J\Ki]]DOPLQWDOHJQDJ\REEYDO
OiVLN|]|VVpJJHOpVD]ėYLOiJRWiWIRJyPRUiOLVHWLNDLEHIRO\iVi
YDO(]pUWW|QNUHNHOOWHQQLKRJ\HJ\~MKDPLVHJ\Ki]DWHJ\KD
PLV.ULV]WXVWNpSH]]HQHNDNHUHV]WpQ\HJ\Ki]DN|VV]HYRQiViYDO
$]~M|NXPHQLNXVHJ\Ki]OHJQDJ\REEJiWMDDNDWROLNXVRNUpV]pUĘO
DV]HQW(XFKDULV]WLDDV]HQWPLVHiOGR]DW
$]XWyEELpYEHQD,,9DWLNiQL=VLQDWyWDD]HJ\Ki]LV]D
EDGNĘPĦYHVHNOHJIĘEEWpQ\NHGpVHDNDWROLNXVKLWLJD]ViJRNpVpU
WpNHNOHU|YLGtWpVpEĘOHOKRPiO\RVtWiViEyOpVIHOKtJtWiViEyOiOOW$

UHIRUPiFLy DQ\DRUV]iJiEDQ D NDWROLNXVRN WXGDWiW pV YpOHPpQ\pW
RO\DQPRQGDWRNNDOEHIRO\iVROWiNPLQWÄHJ\NHUHV]WVpJHJ\KLW´
ÄNLEpNtWKHWĘNO|QEVpJ´ÄW|EEN|]|VYDQPLQWDPLHOYiODV]W´$
NDWROLNXVRNQDJ\UpV]HPiUQHPpODEĦQEiQDWV]HQWVpJpYHO J\y
QiV pVH]]HOHJ\WWDEĦQWXGDWLVPHJV]ĦQWËJ\YDViUQDSUyOYD
ViUQDSUD PLOOLyN N|YHWQHN HO V]HQWVpJW|UpVW D] iOGR]iVVDO SHGLJ
6]HQW 3iO D]W PRQGMD Ä7HKiW YL]VJiOMD PHJ PDJiW PLQGHQNL V
FVDN~J\HJ\pNDNHQ\pUEĘOpVLJ\pNDNHKHO\EĘOPHUWDNL PpOWDW
ODQXO HV]LNpVLV]LNDQpONOKRJ\PHJNO|QE|]WHWQp D]ÒU WHVWpW
WXODMGRQtWpOHWpWHV]LpVLVV]D´ .RU
$ NDWROLNXV (XFKDULV]WLD DPHO\EHQ -p]XV YDOyEDQ MHOHQ YDQ
WHVWpYHOOHONpYHOpVLVWHQVpJpYHODKDPLVHJ\Ki]URPEROy|NXPH
QL]PXVOHJIĘEEWiPDGiVLFpOSRQWMD$](XFKDULV]WLDPHJVHPPLVt
WpVHDFpOMDD/XWKHU0iUWRQiOWDOEHYH]HWHWWHYDQJpOLNXV~UYDFVR
UDMDYiUDDPHO\-p]XV.ULV]WXVWHVWpQHNpVYpUpQHNFVDNV]LPEy
OXPD$QDSLiOGR]DWPHJV]QWHWpVHLVD]DIHQ\HJHWĘERU]DORP
DPLWD]~MYLOiJ~U±YDJ\$QWLNULV]WXV±HJ\HGOpUYpQ\HVQHNWDUW
+ROWDUWXQNPD"(KKH]PHJLVPpWHOQpPD6]Ħ]DQ\D'RQ*REEL
DW\iQDNPRQGRWWV]DYDLWÄKiURPV]RUPHJDGYDKiURPV]RUD]
pYHWDGMD´
(EEHQ D W|UWpQHOPL SHULyGXVEDQ D V]DEDGNĘPĦYHVHN D] HJ\
Ki]LV]DEDGNĘPĦYHVHNWiPRJDWiViYDOHOIRJMiNpUQLFpOMXNDWHJ\
EiOYiQ\WiOOtWDQDNIHOKRJ\.ULV]WXVpV(J\Ki]DKHO\pUHiOOtWViN
(J\KDPLV.ULV]WXVWpVHJ\KDPLV(J\Ki]DW(]pUWDV]REURWDPLW
D]HOVĘiOODWQDNiOOtWRWWDNDI|OGPLQGHQODNyMDLPiGMDpVMHOpYHO
PLQGHQNLWPHJMHO|OMHQHNDNLYHV]YDJ\HODG
$WLV]WXOiVDQDJ\V]RURQJDWWDWiVpVD]HOV]DNDGiVFV~FVSRQWMi
UDMXWRWWDWRN
$]DSRV]Wi]LD DNDWROLNXVNHUHV]WpQ\HNKLWHKDJ\iVD iOWDOiQRV
OHV]PHUWPDMGQHPPLQGHQNLDKDPLVHJ\Ki]DWpVDKDPLV.ULV]
WXVWIRJMDN|YHWQL

$NNRUIHOQ\tOLND]DMWypVPHJMHOHQLND]HPEHUPDJDD]$QWL
NULV]WXV(]WDKDPLV|NXPHQLNXVHJ\Ki]DWD]$QWLNULV]WXVpVVH
JtWĘLDNDUWiNpVVHJtWHWWpNHOĘDKRJ\'iQLHOSUyIpWDLVPHJHUĘVtWL
'iQ 
$PLNRU 0iULD D]W PRQGMD KRJ\ D V]DEDGNĘPĦYHVVpJ 
EDQPiUHOpUWHFpOMiWV]iPROKDWXQND]]DOKRJ\WHUYHLNPiUNpV]HQ
iOOQDNVFVDNHJ\YDODPLKLiQ\]LND]XWROVyQDJ\G|QWĘOpSpVD
5yPiYDOYDOyV]DNtWiVNLKLUGHWpVH
1p]]NDM|YĘ HVHPpQ\HLWNO|Q|VHQ¿J\HOMNPHJDQpPHW
|NXPHQL]PXVDNWLYLWiViWOHYiOiVLLJ\HNH]HWpW5yPiYDODSiSiYDO
pVDWDQtWyKLYDWDOODOV]HPEHQUHIRUPW|UHNYpVHLNHWPHO\HNPLQG
SURWHVWiQVWHUPpV]HWĦHN IiUDGR]iVDLNDW 1pPHWRUV]iJEDQ D KHO\L
HJ\Ki]DN|QiOOyViJiQDNPHJHUĘVtWpVpUHiOODQGyN|YHWHOpVNHWD
KĘQYiJ\RWWN|]|V~UYDFVRUipUWDPLHOOHQ,,-iQRV3iODEHUOLQL
NDWROLNXVQDSHOĘWW(XFKDULV]WLDFtPĦHQFLNOLNiMiEDQIHOOpSHWW
)LJ\HOMNPHJPLW|UWpQLNDQpPHWNDWROLNXVQDSRNRQpVQp]
]NPHJSRQWRVDQPLWDNDUQDNDN|]SRQWLEL]RWWViJpVDQpPHW
NDWROLNXVRN~QEi]LVFVRSRUWMDL0LQWDV]i]DGEDQPRVWLV1p
PHWRUV]iJOHV]D]HJ\Ki]V]DNDGiVPRWRUMD
0LQGH]W,VWHQPHJHQJHGLKRJ\DWLV]WDE~]DHOYiOMRQD]RFV~
WyOYDJ\±DKRJ\3iOtUD]$QWLNULV]WXVUyO±Ä«D]RNYHV]WpUHDNLN
HONiUKR]QDNPHUWQHPIRJDGWiNHOD]LJD]ViJV]HUHWHWpW PHJMHJ\
]pV 3pWHUUH D NĘV]LNOiUD DODStWRWW (J\Ki]  KRJ\ GY|]OMHQHN
(]pUWHQJHGLPHJ,VWHQKRJ\V~O\RVWpYHGpVEHHVVHQHNpVKLJJ\H
QHNDKD]XJViJQDNËJ\PLQGD]RNQDNDNLNQHPKDMORWWDND]LJD]
ViJUDKDQHPDJRQRV]ViJEDQWHOWNHGYNtWpOHWEHQOHV]UpV]N´
7HVV]
+D OpWUHM|Q D V]DEDGNĘPĦYHVHN KDPLV YLOiJHJ\Ki]D DPHO\
PLQGHQNHUHV]WpQ\YDOOiVHJ\HVtWpVHVDPHO\HWDOHJW|EENDWROLNXV
LVDNLHOV]DNDGW5yPiWyON|YHWQLIRJDNNRULWWD]LGʱPRQGMDD]
,VWHQDQ\D±NLQ\tOLNDNDSXD]$QWLNULV]WXVEHOpSpVpUHpVN|Q\|U

WHOHQYLOiJXUDOPDPiUQLQFVPHVV]H'H-p]XVYLVV]DWpUpVpQHNLV
N|]HOYDQD]LGHMH
%iUQHPLVPHUMNDQDSRWpVD]yUiWGHD]LGĘNMHOHLIHOLVPHU
WHWLNYHOQNKRJ\W|WWD]yUD$NNRU-iQRVVDOHJ\WWNpUMNÄ-|MM
HO8UDP-p]XV´ -HO
3iUV]yWDUyPDLNDWROLNXV(J\Ki]NHUHV]WpQ\HLKH]
$]XWROVy]VLQDWyWDVRNMHOV]yWDONRWWDNÄ(J\NHUHV]WVpJHJ\
KLW´ÄNLEpNtWKHWĘNO|QEVpJ´Ä7|EEDN|]|VPLQWD]DPLHOYi
ODV]W´Ä&VDNDKLWIRQWRV´Ä0LQGHQHJ\Ki]HJ\HQOĘ´
$OLJYDQRO\DQHPEHUDI|OG|QDNLQHKLQQHYDODPLEHQ$WHU
PpV]HWL QpSHN LVWHQHLNEHQ KLWWHN PiV YDOOiVRN WDJMDL SUyIpWiLN
EDQLVWHQHLNEHQ(J\HVHNVDMiWPDJXNEDQKLV]QHNDEDQNV]iP
OiMXNEDQVWE
$ KLW PLQW LO\HQ VRNIpOH$ NDWROLNXVRN V]iPiUD D] D G|QWĘ
NpUGpV 0LW KLV]HN" 0L D] pQ KLWHP pV PLO\HQ KLWLJD]ViJRNKR]
WDUWRPPDJDP"$YiODV]RND.DWROLNXV.DWHNL]PXVEDQWDOiOKDWyN
'HNLQp]PDEHOHpVNLLVPHULOHJDOiEEDKLWHJ\V]HUHJ\pW"
$QpPHW385PDJD]LQ*XVWDY-RRVEHOJDNDUGLQiOLVQDNW|EEHN
N|]|WWD]WDNpUGpVWWHWWHIHOÄ0LpUWYDQD]KRJ\DKLWHJ\DGRWW
V]LWXiFLyEDQ HJ\UHJ\HQJpEEOHV] WiUVDGDOPXQNEDQRO\DQ NHYpV
PLVV]LRQiULXVLLJ\HNH]HWYDQD](J\Ki]EDQ"
-RRVNDUGLQiOLVÄ$]WKLV]HP(XUySiEDQDNUt]LV¿OR]y¿DLNUt
]LV0LQGHQNLDPDJDLVWHQHOHWWPLQGHQNLPDJDG|QWLHOPLDMy
pVPLDURVV]6HPDSiSDVHPDSVS|NVHPDPRUiOWHROyJXVQHP
PRQGKDWMDPHJD]HPEHUQHNPLWNHOOWHQQLHeQG|QW|PHOKR
J\DQpOHN±KDQJ]LNDPRWWy(UUĘODWHUHPWpVW|UWpQHWMXWHV]HP
EH$NtJ\yLVPHJtJpUWHÈGiPQDNpVeYiQDNKRJ\DIiUyOV]HGHWW
WLOWRWWJ\P|OFVEĘOWXGiVWHV]QHNWXGQLIRJMiNPLDNO|QEVpJD
MypVURVV]N|]|WWpVRO\DQRNOHV]QHNPLQWD],VWHQ(WWHNDWLOWRWW
J\P|OFVEĘO3RQWRVDQXJ\DQH]NRUXQNSUREOpPiMDLV$]HXUySDL

PLVV]LyQHKp]VpJHHJ\V]HUĦHQD]KRJ\D]HPEHUHNHWPiUHJ\iOWD
OiQQHPpUGHNOLD](YDQJpOLXPpVD](J\Ki]WDQtWiVD«´
385PDJD]LQ$SVS|N|NQHNQ\iMXNSiV]WRUDLQDNNHOOHQHOHQ
QL0LpUWQHP¿J\HOPH]WHWQHNYLOiJRVDEEDQDWpYWDQtWyNUDDNLND
Q\iMDWURVV]LUiQ\EDYH]HWLN"
-RRVNDUGLQiOLV(]WDSVS|N|NWĘONHOOPHJNpUGH]QL&VDNDQ\
Q\LWV]HUHWQpNPRQGDQLKRJ\PLXWiQ(XUySiEDQpYLJÄQLQFV
SRODUL]iOyGiV´ HONO|QtWpV HOYDODSMiQGROJR]WDNpVD](J\Ki]
KR]FVDNLJD]LNDWROLNXVWDUWR]LND]WKLV]HPLWWD]LGHMHV]tQW
YDOODQL$]HPEHUHNQHNYLOiJRVDQ~MUDPHJNHOOPRQGDQXQN+D
PHJJ\Ę]ĘGpVHVNDWROLNXVRNYDJ\WRNYDOyEDQD]RNQDNNHOOOHQQH
WHNpVDEEDQNHOOKLQQHWHN+DPiUQHPDEEDQKLV]WHNDNNRUQHP
YDJ\WRNMyNDWROLNXVRN«$]$W\DD)L~pVD6]HQWOpOHNQHYpEHQ
,QQRPLQH3DWULVHW)LOLLHW6SLULWXV6DQFWL
eV 6]HQW ÈJRVWRQQDO PRQGKDWMXN Ä6RNDQ YDQQDN EHQW D]
(J\Ki]EDQ pVDYDOyViJEDQNLQW´eVQHPPLQGHQNDWROLNXVDPL
UHNDWROLNXVYDQtUYD
0pJHJ\SiUV]yWD]RNQDNDIHOQĘWWNDWROLNXVRNQDNDNLNOHONH
VHQN|YHWLND]|NXPHQL]PXVWPHO\QHNFpOMDD5yPiWyODSiSiWyO
pVDWDQtWyKLYDWDOWyOD-p]XViOWDODODStWRWW(J\Ki]WyOYDOyHOV]DND
GiV(KKH]HJ\UpV]OHW-RVHSK5DW]LQJHUNDUGLQiOLVSUpGLNiFLyMiEyO
DÄ0LVVDSURHOLJHQGRSiSD´PLVpEĘODiSULOLVLSiSDYi
ODV]WyNRQNOiYpHOĘWW
Ä$YDOyGLIHOQĘWWVpJUĘO´
Ä.ULV]WXVQDNWLV]WDKLWUHYDQV]NVpJH´
ª$KLWEHQQHPPDUDGKDWXQNJ\HUHNHNDNLVNRU~ViJiOODSRWi
EDQeVPLWMHOHQWD]KRJ\NLVNRU~QDNOHQQLDKLWEHQ"6]HQW3iO
tJ\YiODV]ROÄDNLNHWDPHJWpYHV]WĘHPEHULWDQtWiVpVDWpYHGpVEH
HMWĘiOQRNViJPLQGHQV]HOHLGHRGDKiQ\pVWRYDVRGRU´ (I 
1DJ\RQDNWXiOLVOHtUiV

0LO\HQ VRNV]RU LVPHUWN PHJ D KXOOiPRN |VV]HFVDSiViW D]
XWyEEL pYHNEHQ PHQQ\L LGHROyJLDL iUDPODW KiQ\IpOH JRQGRONR
]iVPyG« 6RN NHUHV]WpQ\ JRQGRONR]iViQDN NLV FVyQDNMiW J\DN
UDQ GREiOWiN D KXOOiPRN HJ\LN V]pOVĘVpJWĘO D PiVLNKR] D PDU
[L]PXVWyODOLEHUDOL]PXVKR]HJpV]HQDOLEHUWLQL]PXVLJDNROOHNWL
YL]PXVWyODUDGLNiOLVLQGLYLGXDOL]PXVLJD]DWHL]PXVWyOHJ\N|G|V
YDOOiVLPLV]WLFL]PXVKR]D]DJQRFLWL]PXVWyODV]LQNUHWL]PXVLJpV
tJ\WRYiEE
0LQGHQQDS~MV]HNWiNDODNXOQDNpVYDOyViJJiYiOLNDPLW6]HQW
3iOPRQGRWWD]HPEHUHNEHFVDSiViUyODUDYDV]ViJUyODPHO\WpY~W
UDYLV] (I 
$](J\Ki] KLV]HNHJ\pQHN PHJIHOHOĘWLV]WDKLWHW IXQGDPHQWD
OL]PXVQDNiOOtWMiNEH0tJDUHODWLYL]PXVD]D]DYpOHPpQ\HNLGH
RGDFVDSyGiVDD]HJ\HWOHQiOOiVSRQWDPLWNRUXQNHOIRJDG
.LDODNXOW D UHODWLYL]PXV GLNWDW~UiMD DPL VHPPLO\HQ V]DEiO\W
QHPLVPHUHOPpUWpNHFVDND]ÄpQ´pVV]NVpJOHWHL
'HQHNQNPiVPpUWpNQNYDQ,VWHQ¿DD]LJD]HPEHU(]D]
LJD]LKXPDQL]PXVPpUWpNH1HPD]DKLWpUHWWDPHO\DGLYDWKXO
OiPDLWpVD]XWROVyIHOKtYiVWN|YHWLD]DKLWIHOQĘWWpVpUHWWDPHO\
PpO\HQJ\|NHUH]LN.ULV]WXVEDUiWViJiEDQDPHO\PLQGHQUĘOPHJ
PXWDWMDQHNQNPLDMypVV]DEiO\WDGKRJ\PHJNO|QE|]WHWKHV
VND]LJD]DWDKDPLVWyODIpOUHYH]HWpVWD]LJD]ViJWyO(]WDIHOQĘWW
KLWHWpUOHOQQNNHOO(KKH].ULV]WXVQ\iMiWYH]HWQLNHOOeVH]D]D
KLWDPHO\HJ\VpJHWWHUHPWpVDV]HUHWHWEHQYDOyVXOPHJ
6]HQW3iOD]RNQDNDNLVNRU~J\HUHNHNQHNDNLNHQJHGLNKRJ\
DKXOOiPRNMiWpNDLOHJ\HQHNDGHKKH]HJ\V]pSV]yWD]LJD]ViJRW
D V]HUHWHWEHQ WHQQL QHP PiV PLQW D NHUHV]WpQ\ OpW DODSIRUPiMD
.ULV]WXVEDQD]LJD]ViJHJ\EHHVLNDV]HUHWHWWHO2O\DQPpUWpNEHQ
DPHQQ\LUH.ULV]WXVKR]N|]HOHGQNPpO\OHOpOHWQNEHQDV]HUH
WHWpVD]LJD]ViJ$V]HUHWHWLJD]ViJQpONOYDNOHQQHD]LJD]ViJ
V]HUHWHWQpONOPLQWDÄ]HQJĘpUF´ .RU ©


$V]pWV]DNtWRWWMXKRN
$KtYĘNV]pWV]DNtWiVDDNDWROLNXV(J\Ki]RQEHOOPLQWDELO¿QJHQL
SOpEiQLDN|]|VVpJW|UWpQHWpQHNSpOGiMDLVPXWDWMDPiUUpJyWDOpWH
]LNFVDNKLYDWDORVDQQHPLVPHUWpNHO$ODLNXVV]HUYH]HWHNLJ\H
NH]HWHN|YHWNH]WpEHQPLQWSpOGiXODQpPHWNDWROLNXVRNN|]SRQ
WLEL]RWWViJDpV|NXPHQL]PXVXNPiUOpWH]LNHJ\DODSMiEDQYpYH
SURWHVWiQVLUiQ\]DWDUyPDLNDWROLNXV(J\Ki]RQEHOOPHO\pOpV
KDPDURVDQQ\LOYiQYDOyYiYiOLNÄ.LEpNtWKHWĘNO|QEVpJ´Ä(J\D
NHUHV]WVpJHJ\DKLW´MHOV]DYDNYDODPLQWDN|]|V~UYDFVRUDYpJHW
QHPpUĘN|YHWHOpVHDPHO\QHNJ\DNRUODWiWDNDWROLNXVQDSRNRQpV
HJ\HVHJ\Ki]N|]|VVpJEHQV]iPWDODQLQWHUNRPPXQLyYDOPiUKpW
N|]QDSLYiWHWWpNPLQGH]WWDQ~VtWMD7RYiEEiD]iOODQGyUHIRUPN|
YHWHOpVHNDKRJ\ĘNPRQGMiNDPHUHYUyPDLWDQtWyKLYDWDOODOV]HP
EHQDQĘLSDSViJHQJHGpO\H]pVppUWDF|OLEiWXV DPLWHJ\V]H[Xi
OLVLUiQ\XOWViJ~WiUVDGDORPEDQVHQNLQHPIRJPiUI|O PHJV]QWH
WpVppUW$]iOGR]iVLWLODORPPHJV]QWHWpVHD]~MUDKi]DVRGRWWDNQiO
V]LQWpQDN|YHWHOpVHNN|]WV]HUHSHOpVPpJVRNKDVRQOy
(]HNWDUWR]QDNDKKR]DUREEDQyW|OWHWKH]PHO\WLV]Wi]]DDIURQ
WRNDWDNRQ]HUYDWtY5yPDpVSiSDKĦpVNO|Q|VHQD](J\Ki]0i
ULiWWLV]WHOĘKtYHLYHOV]HPEHQ
(]DPHJRV]WRWWViJQHPFVDNDKtYĘNN|]WOpWH]LNKDQHPDNOp
UXVEDQLVD]D]DSDSRNSVS|N|NpVEtERURVRNN|]|WWLVYDQQDN
RO\DQRNDNLNHOOHQWpWEHQiOOQDN5yPiYDODSiSiYDOpVDWDQtWyKL
YDWDOODOpVSHUV]HRO\DQRNLVDNLNN|YHWLNpVKĦVpJHVHNKR]]iMXN
,WWLVpUYpQ\HVKRJ\ÄJ\P|OFVHLUĘO´WHWWHLNUĘOPHJQ\LOYiQX
OiVDLNEyOLVPHULWHNPHJĘNHW 0W 
0LHOĘWWIHOV]HQWHOLNDSVS|N|NHWKLWYDOOiVWNHOOWHQQLNpVKĦ
VpJHVNWDSiSiQDND6]HQWV]pNiOWDOMyYiKDJ\RWWIRUPiEDQ &DQRQ
 $SVS|N|NDNDWROLNXV(J\Ki]EDQKLYDWiVXNpVNOGHWpVN
V]HULQWV]ROLGDULWiVUDN|WHOH]HWWHN3pWHUXWyGMiYDO.ULV]WXVKHO\WDU

WyMiYDODSiSiYDO(]pUWPpJERVV]DQWyEEKRJ\1pPHWRUV]iJEDQ
DNDWROLNXVSVS|N|NpVNDUGLQiOLVRNDPpGLiNEDQQ\LOYiQRVDQHO
OHQWpWEHQiOOQDNDNDWROLNXVKLWWDQtWiViYDOpVDSiSiYDOV]HPEHQ
$NLDQpPHWYLV]RQ\RNDWQp]LpV¿J\HOLDIHMOHPpQ\HNHWHJ\
UH J\DNUDEEDQ WDOiONR]LN H]]HO 0iULD )DWLPiEDQ  RNWyEHU
iQD]WPRQGWDD]DNLWDL$JQHV6DVDJDZDQĘYpUQHNÄ.DUGLQi
OLVRNWiPDGQDNNDUGLQiOLVRNHOOHQSVS|N|NSVS|N|NHOOHQ OiVG
*DUDEDQGDOWLV $](J\Ki]RO\DQHPEHUHNNHOOHV]WHOHDNLNNRPS
URPLVV]XPRNDWN|WQHN$]RNDWDSDSRNDWDNLNWLV]WHOQHNHQJHP
SDSWiUVDLN PHJYHWLN ROWiURNDW pV WHPSORPRNDW OHFVXSDV]tWDQDN
PHJV]QWHWLN D]2OWiULV]HQWVpJHWKHO\HWWHN|]|V ~UYDFVRUD" $]
|UG|JWĘOYH]pUHOYHV]iPRVSDSpVV]HU]HWHVKDJ\MDHOD]ÒUV]ROJi
ODWiW$]|UG|JNO|Q|VHQDPHJV]HQWHOWOHONHNXWiQHUHG6]iPRV
OpOHNHOYHV]WpVHRNR]QHNHPIiMGDOPDW0iUEHWHOLNDSRKiU+DWR
YiEEUDLVDEĦQ~WMiQMiUQDNQHPOHV]V]iPXNUDLUJDORP´

1pKiQ\V]yDNDWROLNXV(J\Ki]SiV]WRUDLKR]
EHQ-p]XVHJ\V]HQWpOHWĦSDSQDN0RQVLJQRUH2WWDYLR0LFKH
OLQLQHN  D]RODV] &DUSLSVS|NVpJEĘO± DNL DEEDQD]
LGĘEHQWHVWLIRJ\DWpNRVJ\HUHNHNOHONLJRQGR]yMDYROW0RGHQDEDQ
±EHOVʁ]HQHWHNHWDGRWW(]HNEHQD]]HQHWHNEHQD]|UG|JKDWiVi
QDNVRNIpOHIRUPiMiWIHOIHGWHGHDOpOHNJ\yJ\tWiViQDNDJ\yJ\V]H
UpWLVPHJQHYH]WH'RQ0LFKHOLQLV]tYpEHIRJDGWDH]HNHWDN|]OpVH
NHW(]HNDNLQ\LODWNR]WDWiVRNHJ\N|Q\YEHQROYDVKDWyNPHO\QHN
FtPHÄ7HWXGRGKRJ\V]HUHOHN´ 3D[NLDGy(V]WHUJRP,9N|WHW 
(]HNEHQDVXJDOODWRNEDQ-p]XV'RQ2WWDYLRQDNDN|YHWNH]ʁ]HQH
WHNHWDGMDDSDSRNSVS|N|NpVNDUGLQiOLVRNUpV]pUH
Ä$ViWiQKDWiUWDODQXOJ\ĦO|OHQJHPDQ\iPDWpVD](J\Ki]DW
$]WNpS]HOLKRJ\PHJWXGPLQNHWVHPPLVtWHQLPHUWPHJDNDGi
O\R]]XNXUDOPiWD]HPEHUHNI|O|WWDNLNHWĘ]ViNPiQ\iQDNWDUW(]
D]LOO~]Ly|QWHOWVpJpEĘOHUHGPHUWDNHYpO\VpJEHQQHV]HOOHPLV|
WpWVpJ$NHYpO\D]LJD]ViJRWPHO\D]DOi]DWOHiQ\DVRKDQHPWXG
MDELUWRNROQL´ iSULOLV

Ä)LDPPLDFpOMDPLQGHQOHONLSiV]WRULWHYpNHQ\VpJQHNKDQHP
DOHONHNGY|VVpJH"1RVH]pUWNHOOiWJRQGROQLpV~MMiWHUHPWHQLD
OHONLSiV]WRULWHYpNHQ\VpJHWD]HYDQJpOLXPLHOYHNV]HULQWQHPSH
GLJ D] HOEL]DNRGRWW pV NHYpO\ HPEHUHN HV]PpL V]HULQW )LDP WH
W|EEV]|ULVNpUGH]WHGPDJDGWyOpV7ĘOHPLVKRJ\YDMRQPLpUWDNDU
WDPWĘOHGHJ\NHVHUYHVPHJWDSDV]WDOiVWDPLNRUDQQDNWHWWHOHNNL
KRJ\ LVPHUG PHJ QHP DQQ\LUD V]DYDNNDO PLQW LQNiEE D WpQ\HN
NHOPHJHQJHGYHKRJ\N|]YHWOHQNDSFVRODWEDNHUOMDQHPLVPHUW
SRNRO V|WpW YLOiJiYDO DPHO\ D KLW YiOViJiW RNR]]D 2NR]]D PpJ
QpKiQ\SVS|NpVLJHQVRNSDSDNLNHWPHJPpWHO\H]HWWDUDFLRQD
OL]PXVpVDPDWHULDOL]PXVVH]iOWDOPLQGHQWDUDFLRQDOL]PXVpVD
PDWHULDOL]PXVV]HULQWDNDUQDNPHJPDJ\DUi]QL(]WDV|WpWYLOiJRW
DPHO\HW OHJW|EEHQ QHP LVPHUQHN EiU HOV]HQYHGLN ]VDUQRNViJiW
LJHQMyOLVPHULNDNLYiOWViJRVOHONHNDNLNJ\RUVDQKDODGQDNDW|Np
OHWHVVpJ~WMiQ.pUGpVHP-p]XVRPPLpUWFVDNH]HNDNLYiOWViJRV
OHONHN"9iODV]0HUWUiMXNNO|QOHJHVNOGHWpVWEt]WDP pVEt]RN
D]WKRJ\OHJ\HQHN(J\Ki]DPEDQpVDEEDQDKDGVHUHJEHQDPHO\HW
eQDODStWRWWDPPHJ(J\Ki]DPEDQD%pUPiOiV6]HQWVpJpYHOHOĘUH
WROWHOĘĘUV|ND]HOOHQVpJHOOHQiOODQGyDQIRO\yQDJ\KDUFEDQKRJ\
OHJ\HQHND]~M~MMiV]OHWHWW(J\Ki]~WW|UĘL~MUDIHOpStWYHD]WDPLW
OHURPEROWDSRNROpVD]HPEHULNHYpO\VpJ´ iSULOLV

Ä$SRNROIVWMH´
Ä0pJHJ\V]HUHPOpNH]HPI|OGLNpSYLVHOĘPUHDNLD]WPRQGWD$
ViWiQIVWMHEHKDWROWD](J\Ki]ED 9,3iO $OLJYHWWHYDODNLNRPR
O\DQHQQHNDNLMHOHQWpVQHND]yULiVLMHOHQWĘVpJpW&VDNNHYHVHQpU
WHWWpNPHJH]HNQHNDV]DYDNQDND]pUWHOPpWDJ\DNRUODWEDQ$IVW
EHSLV]NROpVHOV|WpWtW$ViWiQVRNHPEHUOHONpWEHIHNHWtWHWWHDNLN
D]pStWPpQ\pOpQiOOQDNDNLNQHND]GY|VVpJOHONLJRQGR]yMDNpQW
NHOOHQH V]ROJiOQLXN $ NRQJUHJiFLyEDQ UHQGHNEHQ V]HPLQiULX
PRNEDQ NRORVWRURNEDQ HJ\HWHPHNHQNROOpJLXPRNEDQ LVNROiN
EDQSOpEiQLiNRQWHPSORPRNEDQ«0LQGHQKRYiEHKDWROWDViWiQ
IVWMH´ M~QLXV

Ä$]VLQDJyJDQHPKDORWWFVDNDONDOPD]NRGRWW´
Ä0HJPXWDWWDPQHNHGDPLQWKDWDOPDVPpUWpNEHQiOGR]DWXOHVWHN
D KLKHWHWOHQ PpUWpNĦ UD¿QiOW FViEtWiVQDN D] XWROVy LGĘV]DN HP
EHUHLQpSHLpVQHP]HWHL(]DIpOUHYH]HWpVD]HJpV]HPEHULVpJHW
VRKDQHPOiWRWWPpUWpNĦURPOiVEDYLV]L'HQHPFVDNDI|OGQpSHLW
pVQHP]HWHLWD](J\Ki]DPDWLVDPHO\DQpSHNN|]|WWPLQWWDQt
WyPHVWHUpVYH]HWĘiOOPHJIHUWĘ]WHDJRQRV]'HHOpJHUĘWĘU]|WW
PHJDKKR]KRJ\KHO\WiOOMRQPHUWpQEHQQHYDJ\RN«$NtVpUOHW
KRJ\iWIRJyWiPDGiVVDOOHURPEROMiNpVHOSXV]WtWViNYDOyEDQERU
]DOPDV
+RJ\DQ IDMXOKDWRWW H] LGiLJ KRJ\ D]RNQDN DNLNQHN V]HPN
YDQ D OiWiVUD pV ION D KDOOiVUD YLOiJRV D] HOOHQVpJ WHKHWVpJHV
V]HPpO\HNHWKDWDOPD]RWWIHOSiV]WRURNDWWHROyJXVRNDW«DNLNVH
JtWVpJpYHOVLNHUOWDEHOVĘOpQ\HJHW±DWDQtWiVWDKLWHWpVDSDUDQ
FVRODWRNDW±PHJWiPDGQL5D¿QiOWEHKDWROyPXQNiYDOVLNHUOWD]
HOOHQVpJQHNNLV]RUtWDQLDWHUPpV]HWIHOHWWLWpVD](J\Ki]DWHJ\HJ\
V]HUĦHPEHULDONRWiVViDODFVRQ\tWDQL$]|UG|JDODSMiEDQYpYH~J\
YLVHONHGHWW(J\Ki]DPPDOV]HPEHQPLQWD]VLQDJyJDYHOHPV]HP
EHQ$]VLQDJyJDQHPKDOWPHJFVDNDONDOPD]NRGRWW
-~GiVH]VWpUWiUXOWEHD]VLQDJyJiQDNDPDL~M-~GiVRND]
(J\Ki]DPDWV]ROJiOWDWMiNNLD]VLQDJyJiQDNKRJ\KDWDORPV]RP
MXNDWFVLOODStWViN
0HJ|OWHNGHKiURPQDSP~OYDIHOWiPDGWDP$]VLQDJyJiQDN
H]WWXGRPiVXONHOOYHQQLH0LV]WLNXVWHVWHPHQiOOERVV]~WGHRO\
V]pSVpJEHQpVFVLOORJiVEDQIRJIHOWiPDGQLDPLO\HQPpJVRKDQHP
YROW´ QRYHPEHU

Ä$NLQLQFVYHOHPD]HOOHQHPYDQ
DNLHOOHQHPYDQDQQDNVHPPLN|]HKR]]iP´
Ä6HQNL PiVQDN QLQFV MRJD ,VWHQ V]DYiW D NLQ\LODWNR]WDWiVW pUWHO
PH]QLFVDND],VWHQWĘOH]]HODIHODGDWWDOPHJEt]RWW(J\Ki]QDNeV

D](J\Ki]EDQFVDNDQQDNDNLQHNiWDGWDPD]pJLELURGDORPNXO
FViW3pWHUQHNKHO\WDUWyPQDNpVDSRVWRODLPXWyGMDLQDNDNLN3p
WHUUHOHJ\VpJHWDONRWQDN
6RN JĘJ|V HOEL]DNRGRWW WHROyJXV pUWHOPH]L |QNpQ\HVHQ DNLN
VHP,VWHQGLFVĘtWpVpUĘOVHPDOHONHNMDYiUyOQHPJRQGRVNRGQDN
QHPHPHONHGQHN,VWHQQpSpQHNWDQtWyPHVWHUHLYpPHUWWDQtWyFVDN
HJ\YDQeQ$],VWHQ|U|NV]DYiWOiWKDWyDQDI|OG|QFVDNDUyPDL
IĘSiV]WRURN NpSYLVHOLN 0LQGHQ WHROyJXV SiV]WRU pV SDS DNL D]
(J\Ki]WDQtWyKLYDWDOiWQHPDNDUMDHOLVPHUQLWpYWDQtWypVD](J\
Ki]RQNtYOUHKHO\H]LPDJiW)HODGDWXNQDNWHNLQWpO\NQHNPpO
WyViJXNQDNQLQFVMHOHQWĘVpJH$NLQLQFVYHOHPHOOHQHPYDQDNL
HOOHQHPYDQDQQDNVHPPLN|]HKR]]iPRUV]iJRPKR]KDQHPD
ViWiQRUV]iJiKR]WDUWR]LN
)LDP VRNDQ YDQQDN PD (J\Ki]DPRQ NtYO DODFVRQ\DEE EH
RV]WiVEDQOpYĘNpVPDJDVDEEEHRV]WiV~DNVĘWPpJEtERUV]tQWKRU
GyN LV 0pJ HJ\V]HU HOLVPpWOHP QHNHG QQHSpO\HVHQ KRUGMiN D
NHQHWWHOMHVNpSPXWDWyDQV]HOtGDOi]DWN|QW|VpW6RNSVS|NYDQD
V]DNDGpNV]pOpQEiUEL]RQ\JDWMiND](J\Ki]KR]YDOyKĦVpJNHW
+DOOJDWiVXNOXVWDViJXN pV ODQJ\RVViJXNDViWiQQDNDKD]XJViJ
PHVWHUpQHN pV KHUFHJpQHN VHJtWĘMpYp WHV]L ĘNHW /HKHWĘYp WHWWpN
QHNLKRJ\ PLQGHQKRYi EHIpV]NHOMHPDJiW PLQGHQHNHOĘWWDV]H
PLQiULXPRNEDHJ\Ki]LHJ\HWHPHNUHYDOOiVLN|]|VVpJHNEHDKRO
URPEROyPXQNiWYpJH]pVVRNOHONHWIpOUHYH]HWDNLNHWJRQGYLVHOĘ
LVWHQLWHUYHPEHQDM|YĘDUDWiViKR]PLQWpUWpNHVpVWHUPpNHQ\FVt
UiWNLYiODV]WRWWDP´ PiUFLXV

Ä-DMDQQDNDNL,VWHQV]DYiWIpOUHPDJ\DUi]]D
PHJKDPLVtWMDpVQHYHWVpJHVVpWHV]L´
Ä+RJ\DQOHKHWHNLUJDOPDVD]RNNDODSiV]WRURNNDODNLNRO\DQVRN
KROWOpOHNpUWIHOHOĘVHN",O\HQQDJ\SXV]WXOiVpUW1HPWXGMiNKRJ\
DSiV]WRUQDNMXKDLpUWpOHWpWLVDGQLNHOOHQH"'HXMMXNDWVHPR]GtW
MiNKRJ\PHJDNDGiO\R]]iNDJRQRV]W)LDPPLWJRQGROQDNĘN"

0DJXNEDV]iOOQDNYDODKDOHV]OHONLLVPHUHWIXUGDOiVXNDKHO\WHOHQ
URVV]OHONLJRQGR]iVPLDWW"
0HJ~MXOW(J\Ki]DPEDQDSRVWRODLPN|YHWĘLQHNKDMOtWKDWDWODQ
QDNpVpEHUQHNNHOOOHQQLNKRJ\NLQ\LODWNR]WDWiVRPpUWpNHVIHO
EHFVOKHWHWOHQ|U|NVpJpWD]HPEHULJĘJQHU|YLGtWVHpVQHQpPtWVD
HO0LQWHJ\MyO]iUWNHUWEHQ~J\NHOOĘUL]QLKRJ\PpUJHVNtJ\y
QHWXGMRQEHKDWROQL
$]pQV]DYDPWLV]WDDKRJ\NLQ\LODWNR]WDWWDPSUyIpWiLPQDNGH
MDMDQQDNDNLYLVV]DpOYHOHPHJYiOWR]WDWMDOHU|YLGtWLpVQHYHWVp
JHVVpWHV]L-REEOHQQHQHNLKDHJ\QDJ\PDORPNĘYHODQ\DNiEDQ
DWHQJHUPpO\pUHVOO\HGQH)LDPPHJiOGDODNYH]HNHOMpVLPiG
NR]]´ PiUFLXV
 WDYDV]iQ D KtUDGy KtUHL N|]|WW YROW HJ\ EHV]iPROy DPL
VRNHPEHUWPHJUi]RWW$WpYpNpSHND]WPXWDWWiNKRJ\HJ\ELUND
Q\iMEHNHUOWD6]|YHWVpJLYDV~WDODJ~WMiEDpVDN|YHWNH]ĘYRQDW
V]pWGDUDEROWDD]iOODWRNDW%RU]DOPDVV]|UQ\ĦNpSYROW$NpWVpJ
EHHVHWWSiV]WRUD]WPRQGWDD]LQWHUM~EDQKRJ\IRJDOPDVLQFVUyOD
KRJ\NHUOWDQ\iMD]DODJ~WED«
7XGMiNDNDWROLNXV(J\Ki]SiV]WRUDLKROYDQDQ\iMXN"1HP
OiWMiNpVQHPKDOOMiNDIDUNDVWYDJ\QHPDNDUMiNOiWQL"
2O\DQpU]pVHPYROWKRJ\D]pJNOG|WWHJ\MHO]pVWDQpPHWSD
SRNQDNpVSVS|N|NQHNKRJ\MREEDQ¿J\HOMHQHNRGDDQ\iMUDPL
YHONO|Q|VHQHEEHQD]RUV]iJEDQDIDUNDVEHMXWRWWDELUNiNN|]p
pVQDJ\RQVRNDWV]pWWpSHWW
(J\ ]HQHWpEHQ D] ,VWHQDQ\D PRQGWD D] (J\Ki] SUREOpPiLUD
XWDOYDÄ1HPNO|Q|VDSVS|N|NKDOOJDWiVD"´
7HNLQWYH D NHYpV QpPHWRUV]iJL SVS|N|W pV NDUGLQiOLVW DNLN
D] (J\Ki] HOOHQVpJHLQHN Q|YHNYĘ IRUJDWDJD HOOHQ IHOOpSQHN D]W
NHOOIHOWpWHOH]QLKRJ\DQDJ\UpV]NHJ\HWpUWDQHJDWtYpVURPER
OyHJ\Ki]pVKLWLJD]ViJHOOHQHVDNFLyNNDOYDJ\FVDNHJ\V]HUĦHQ
HPEHULJ\iYDViJEyOODQJ\RVViJEyOpVNpQ\HOHPEĘOKDOOJDW


-p]XVEHV]pGHD]XWROVyLGĘNMHOHLUĘO
0iWpIHMH]HW

-p]XVIHOV]yOtWEHQQQNHWKRJ\LVPHUMNPHJDMHOHNHW /N
 $MHOHNHWpVHVHPpQ\HNHWDPHO\HNYLVV]DWpUpVpKH]YH]HWQHN
D]XWROVyLGĘNUĘOV]yOyEHV]pGpEHQQ\LOYiQtWRWWDNLDOHJUpV]OHWH
VHEEHQ 0iWpIHMH]HWHYDODPLQW/XNiFVpV0iUN 
$PLNRUDIJHIDKDMWiVDPiU]VHQGOpVOHYHOHLNLERQWDNR]QDN
WXGMiWRNKRJ\N|]HOYDQDQ\iU±PRQGMD-p]XV±tJ\QHNQNLV
IHONHOOLVPHUQQNDMHOHNHWDPLNHWPHJQHYH]KRJ\KDEHN|YHW
NH]QHND]LGĘNYpJHPiUDNV]|E|QiOO
$IHMH]HWYHUVHDNHUHV]WpQ\VpJHGGLJLpYHVW|U
WpQHWpQHN MHOHLW pV HVHPpQ\HLW iEUi]ROMD DPHO\HN PiU EHN|YHW
NH]WHNYDJ\EHIRJQDNN|YHWNH]QL(]HNPpJFVDNDJ\|WUHOPHN
DPHO\HN D ERU]DOPDV V]|UQ\ĦVpJKH] D UyPDLNDWROLNXV (J\Ki]
V]HQWPLVHiOGR]DWiQDNDPHJV]QWHWpVpKH]YH]HWQHNDPLWD]$Q
WLNULV]WXVIRJLUiQ\tWDQL±DKRJ\'iQLHOSUyIpWDPHJMyVROWD 'iQ
 $PLPRVWpUGHNHVD]RNDJ\|WUHOPHND]YHUV
EHQDPHO\HNDV]|UQ\ĦVpJKH]YH]HWQHN
Ä-p]XV NLOpSHWW D WHPSORPEyO pV HOLQGXOW &VDWODNR]WDN KR]]i
WDQtWYiQ\DL pV PXWRJDWWiN QHNL D WHPSORP pSOHWHLW ė D]RQEDQ
PHJMHJ\H]WH/iWMiWRNPLQGH]W"%L]RQ\PRQGRPQHNWHNQHPPD
UDGLWWNĘN|Y|QDPLWOHQHPURPEROQiQDN´ 0W
0HJMHJ\]pVD]YHUVKH] -p]XVDWHPSORPOHURPEROiViUyO
EHV]pO.UXEHQDUyPDLDNDWHPSORPRWWHOMHVHQOHURPEROWiN
HUUĘODURPEROiVUyOV]yOW-p]XVGHEHV]pGHYRQDWNR]LND]RNUDDMH
OHNUHLVDPHO\HND]XWROVyLGĘEHQYLVV]DWpUpVpWPHJHOĘ]LN
-p]XV HOVĘVRUEDQ D 3pWHUUH DODStWRWW (J\Ki] OHURPEROiViUyO
V]yOWDPLWDSRNROKDWDOPDLYLV]QHNYpJEHDKRJ\6LPRQQDON|
]|OWHÄ7H3pWHUYDJ\(UUHDV]LNOiUDpStWHP(J\Ki]DPDWpVDSR
NRONDSXLQHPYHV]QHNHUĘWUDMWD´ 0W -p]XVLWWPHJtJpUWH

KRJ\D](J\Ki]DWQHPJ\Ę]LNOHGHXJ\DQDNNRUEHMHOHQWLKRJ\D
SRNROKDWDOPDLWiPDGiVWLQWp]QHNHOOHQHpVPLQGHQWPHJWHV]QHN
D]pUWKRJ\PHJVHPPLVtWVpN
$](J\Ki]QDN.ULV]WXVPLV]WLNXVWHVWpQHNXJ\DQD]WD]XWDWNHOO
EHMiUQLDDPLWD]ÒUEHMiUWPHJYHWpVOG|]pViUXOiVNHUHV]WUHIH
V]tWpVpVIHOWiPDGiV(]DVRUVDPLXWROpULD](J\Ki]DWDODSMiEDQ
YpYHFVDNDYLOiJD]HPEHULVpJpVD](J\Ki]WLV]WXOiVD$URPER
OiVpVD]OG|]WHWpVDNiUPLO\HQNO|Q|VHQKDQJ]LNV]NVpJHVDK
KR]KRJ\,VWHQYDOyGLQpSpWNLV]ĦUMHpVNLGHUOM|QNLNiOOWDNHOOHQ
DFViEtWiVQDNDWpYWDQtWyNQDNpVDKDPLVSUyIpWiNQDNDNLN±DKRJ\
-iQRVPRQGMD±D]DVV]RQ\PDUDGpNXWyGDLDNLNEHWDUWRWWiND7t]
SDUDQFVRODWRWpVWDQ~ViJRWWHWWHN-p]XVPHOOHWW -HO 
$](J\Ki]SXV]WXOiVDD]XWROVyLGĘNEHQXJ\DQDNNRUDWRWiOLV
NiRV]DYLOiJEDQpVDQQDNLVDSXV]WXOiVDD]LVWHQWHOHQVpJD]HP
EHULEV]NHVpJDNL]ViNPiQ\ROiVDWpYWDQtWyNpVKDPLVSUyIpWiN
URPMDLQPDMG~MpJpV~MI|OGNHOHWNH]LN -HO pVOpWUHM|QD]~M
(J\Ki]DEpNHELURGDOPiQDNXWROVyNRUV]DNiEDQ
-p]XVWyO LV PHJNpUGH]LN D] DSRVWRORN Ä0RQGG PHJ QHNQN
PLNRUOHV]H]"6PLOHV]DMHOHHOM|YHWHOHGQHNpVDYLOiJYpJpQHN"´
0W -p]XVtJ\YiODV]ROWÄ9LJ\i]]DWRNVHQNLIpOUHQHYH]HV
VHQWLWHNHW6RNDQM|QQHNPDMGD]pQQHYHPEHQVD]WPRQGMiNpQ
YDJ\RND.ULV]WXVpVVRNDNDWPHJWpYHV]WHQHN´ 0W 6RNKD
PLVSUyIpWDIRJIHOOpSQLpVVRNDNDWIpOUHYH]HWQHN
.LN YROWDN pV NLN PD D] (J\Ki] pV D KLW HOOHQVpJHL" 6]iPRV
SDSSVS|NpVEtERURVWDJMDD] HJ\Ki]L V]DEDGNĘPĦYHVVpJQHN
&pO]RWWKHFFNDPSiQQ\DOWXGDWRVDQV]tWDQDNDSiSDpVD](J\Ki]
WDQtWyKLYDWDODHOOHQPLN|]EHQWHROyJLDLLVPHUHWHLNELEOLDNULWLNi
MiED|OW|]WHWYHPRQGDQGyMXNDWD6]HQWtUiVKLWHOHVVpJpWiVViNDOi
(J\¿DWDOSDSPRQGWDQHNQNEHV]pOJHWpVQNN|]EHQKRJ\V]H
PHV]WHUpEHQKDJ\WDDEEDWDQXOPiQ\DLWPLYHOKLWNHWDWDQXO
PiQ\RNDODWWHOYHV]WHWWpN(J\PiVLNHJ\NRULWHROyJXVGLiNDUUyO
V]iPROWEHKRJ\pYWHROyJLDWDQXOiVXWiQDODSMDLEDQYHV]WHWWHHO
DKLWpW

(KKH]DWpPiKR]OiVVXN-p]XV,GD3HHUGHPDQQDNDGRWW]HQH
WpWDPLWDOiWQRNQĘPiMXVpQNDSRWW Ä'LHHXFKDULVWLVFKH
(UOHEQLVVH´0LULDP9HUODJROG 
Ī(J\Ki]DPDWpVWDQtWYiQ\DLPDWHJ\SXV]WiEDYLWWpN©eQ ,GD
3HHUGHPDQ QDJ\URPEROiVWOiWWDPPDJDPHOĘWWDPHO\ERU]DOPDV
OHONLIiMGDOPDWRNR]RWW0HJV]yODOWDKDQJª3RQWRVDQQp]GPHJ
PLQGHQWPHJIRJV]pUWHQLDPLWPXWDWRNQHNHG©(UUHHJpV]HQN|
]HOLOiWYiQ\WiUXOWHOpP.O|QE|]ĘQDJ\pSOHWHNHWOiWWDP(J\LN
EHQD9DWLNiQWLVPHUWHPIHOROGDOUyO$W|EELHJ\HWHPpVV]HPLQi
ULXPYROW$]pSOHWHNEĘOSDSRNpVODLNXVRNM|WWHNNL0HJLMHGWHP
PHUWUyNDIDUNDVpVKLpQDIHMNYROW$ODWWRPRVDQN|]HOtWHWWHNpV
NXWDWYDQp]WHNN|UO5HWWHQHWHVOiWYiQ\YROWpVPHJERU]RQJWDP
$]WiQKDOORWWDPDKDQJRWª(]HND]RNDNLNQpSHPHWDSXV]WiED
YH]HWWpNpVV]pWV]DNtWRWWiN(J\Ki]DPDW©´
Ä+DOORWRNPDMGKiERU~UyOpVKiERU~VKtUHNUĘO9LJ\i]]DWRNQH
UpPOG|]]HWHN(QQHNPLQGPHJNHOOW|UWpQQLHGHH]PpJQHPD
YpJ$NNRUDQHP]HWQHP]HWHOOHQpVRUV]iJRUV]iJHOOHQWiPDG
eKVpJG|JYpV]pVI|OGUHQJpVOHV]LWWLVRWWLV'HPLQGH]FVDND
J\|WUHOPHNNH]GHWH´ 0W
0HJMHJ\]pVDYHUVKH] $PLNRU-p]XVKiERU~UyOEHV]pODN
NRUD]WPRQGKDWMXNPLQGLJYROWDNKiERU~NDPLyWDHPEHUHNpOQHN
D I|OG|Q 'H -p]XV D YpJLGĘN KiERU~LUyO EHV]pO7XGMXN KRJ\ D]
LOOXPLQiWXVRNDV]DEDGNĘPĦYHVHNpVV]|YHWVpJHVHLN~MYLOiJUHQG
MNHWDSROLWLNDLWpUNpSPHJYiOWR]WDWiViYDODKDUPDGLNPHJWHUYH]HWW
YLOiJKiERU~YDODNDUMiNYpJUHKDMWDQL$WHUURUYLOiJV]HUWHQ|YHNHGQL
IRJ(XUySDL IRUUDGDOPDNNiRV]W RNR]QDN9DOOiVKiERU~N OHV]QHN
NO|Q|VHQD.|]HO.HOHWHQ-HUX]ViOHPN|UOJ\LONRVKiERU~NIRO\
QDNPDMG±H]HN-p]XV]HQHWHLDPHJEt]KDWyOiWQRNRNQDN
$]HVKtUHV0iULDMHOHQpVHNEHQDOiWQRNQĘN+HUROGV
EDFKEDQ Yt]LyNEDQ OiWWiN KRJ\ RURV] NDWRQiN YRQXOQDN EH 1p
PHWRUV]iJEDpVERU]DOPDVSXV]WtWiVWYLV]QHNYpJEH2O\DQV]|U
Q\ĦYROWDOiWYiQ\KRJ\DOiWQRNQĘNN|Q\|U|JWHNKRJ\H]QHW|U

WpQMHQPHJ$]WKRJ\D]RURV]RNPHJV]iOOMiN1pPHWRUV]iJRW pV
(XUySiW PiUVRNOiWQRNOiWWD(UUHPRVWQHPWpUQNNL$KROODQG
OiWQRNQĘDN|YHWNH]ĘNNDSWDQRYHPEHUpEHQÄ1DJ\IRUURQ
JiVYiUDYLOiJUD$]RURV]RNQHPKDJ\MiNDQQ\LEDQ´Pi
MXVÄ2URV]RUV]iJPLQGHQWOiWV]DWUDWHV]7HOMHViWDODNXOiVN|
YHWNH]LN´
PiUFLXVÄ$NHOHWLQpSHNNH]NHWDUFXNHOpWDUWMiN-HUX
]ViOHPEHQ-DMNLiOWiVWKDOODWQDNYiURVXNI|O|WW.DUGRWOiWRNDPHO\
(XUySDpVD.HOHWI|O|WWOHEHJ1\XJDWIHOĘOIpQ\iUDG$]DVV]RQ\
LVPpWV]yO.HUHV]WpQ\HNDSRJiQ\RNIRJMiNPHJWDQtWDQLQHNWHN´
(]HNFVDNNLVUpV]OHWHNDVRNKDVRQOy]HQHWEĘO
$PLNRU-p]XVI|OGUHQJpVUĘOpVpKtQVpJUĘOEHV]pOPRQGKDWMXN
KRJ\LO\HQPLQGLJYROW
'H Qp]]N PHJ D N|YHWNH]ĘNHW 0LQpO N|]HOHEE YDJ\XQN D
YpJLGĘNK|]DQQiOJ\DNRULEEDNDWHUPpV]HWLNDWDV]WUyIiN0tJ D
V]i]DGEDQI|OGUHQJpVYROWDV]i]DGEDQ±DV]i
]DGEDQLJHWUHJLV]WUiOWDN
$URKDPRVQ|YHNHGpVPHOOHWWLQWHQ]LWiVXNLVPHJQĘWW$V]i
]DGEDQ  HPEHU KDOW PHJ I|OGUHQJpV N|YHWNH]WpEHQ $ 
V]i]DG IHOpUH PiU  KDOiORV iOGR]DWRW V]iPROWDN 3DVHGDJ
Ä(QWKOOWH(QG]HLW´±Ä/HOHSOH]HWWXWROVyLGĘ´ROG 
$'pONHOHWÈ]VLDLWHQJHULUHQJpVHNDNtQDLI|OGUHQJpVVWEPH
O\HNEHQV]i]H]HUiOGR]DWYHV]WHWWHpOHWpWDELEOLDLMyVODWNpSpWYHWt
WLNHOpQN$WRUQiGyNKXUULNiQRNHVĘ]pVHND]XWyEELpYHNpVQDS
MDLQNNRPRO\iUKXOOiPDLD]pJMHOHLpVNHYpVVpDNOtPDYiOWR]iVp
DKRJ\DWXGRPiQ\DNDUMDEHPDJ\DUi]QLQHNQN
$OiWQRNRNQDNDGRWWpJL]HQHWHNPiUpYWL]HGHNNHOH]HOĘWWMH
OH]WpNH]HNHWDWHUPpV]HWLNDWDV]WUyIiNDW
$PLPpJUiQNYiUDWHUPpV]HWLNDWDV]WUyIiNDWLOOHWĘHQPpJHUĘ
VHEERUNiQRN|]|QYt]V]HUĦHVĘ]pVHNDPLO\HQHNHWPpJHOVHPWX
GXQNNpS]HOQL$M|YHQGĘWHUPpV]HWLNDWDV]WUyIiNUyONpSHWDONRW

KDWXQN -iQRV Yt]LyLEyO D -HOHQpVHN N|Q\YpEHQ DPLW  pYYHO
H]HOĘWWOiWRWWpVtUWOH
6RNKDPLVSUyIpWDIRJIHOOpSQLpVVRNDNDWIpOUHYH]HWQHN,VWHQ
W|UYpQ\HLWVHPPLEHYHV]LNH]pUWVRNDNQiODV]HUHWHWLVNLKĦO$NL
PLQGYpJLJNLWDUWPHJPHQHNO'HHOĘV]|UD]HJpV]YLOiJRQKLU
GHWQLNHOOD](YDQJpOLXPRWKRJ\PLQGHQHPEHUKDOOMDFVDND]
XWiQM|QHODYpJ 0W 
0HJMHJ\]pVDYHUVKH] 0LNRU-p]XVDWHPSORPOHURP
EROiViUyOEHV]pOW  DWDQtWYiQ\RNPHJNpUGH]WpNWĘOHÄ0RQGG
PHJQHNQNPLNRUOHV]H]"6PLOHV]DMHOHHOM|YHWHOHGQHNpVDYL
OiJ YpJpQHN"´$ MHOHN N|]|WW DPLNHW -p]XV HOPRQGRWW YDQ HJ\
NO|Q|VHQIRQWRVKRJ\HOĘV]|UD](YDQJpOLXPRWD]HJpV]YLOiJRQ
KLUGHWQLNHOO0LQWPiUHPOtWHWWNEDQ,,-iQRV3iOSiSDN|
]|OWHKRJ\D](YDQJpOLXPRWD]HJpV]YLOiJRQKLUGHWLN
8J\DQDNNRU-p]XVDKDPLVSUyIpWiNPHJMHOHQpVpUĘOLVEHV]pO
DNLN VRNDNDW IpOUHYH]HWQHN (UUĘO 3iO LV tU DPLNRU D]W PRQGMD
KRJ\-p]XVYLVV]DWpUWHHOĘWWD]LGĘNYpJpQQDJ\KLWHKDJ\iVRNQDN
NHOOM|QQLpVPHJIRJMHOHQQLDURPOiV¿D $QWLNULV]WXV DNLQHN
IHOOpSpVpWDW|UYpQ\WHOHQVpJWLWNRVKDWDOPDNpV]tWLHOĘGHHOĘV]|U
HONHOOWiYROtWDQLD]DNDGiO\WDPHO\ĘWYLVV]DWDUWMD DSiSiW 
$W|UYpQ\WHOHQVpJWLWNRVKDWDOPDHOVĘVRUEDQDV]DEDGNĘPĦYHV
VpJ D V]|YHWVpJHVHLYHO YDODPLQW D] (J\Ki]ED EHKDWROy HJ\Ki]L
V]DEDGNĘPĦYHVVpJDEiUiQ\ĘUEHE~MWDWRWWIDUNDV$V]DEDGNĘPĦ
YHVVpJQHNVLNHUOWPpGLDKDWDOPiQiOIRJYD DWt]V]DUY DNHUHV]
WpQ\1\XJDWXWyEELpYHNEHQ pY NHOHWNH]HWWMyOpWpW DMy
PyG~LSDULRUV]iJRN*HNMyOpWpW DNHUHV]WpQ\VpJJHOHOOHQWpWHV
V]HOOHPQHNWXODMGRQtWDQL0iUQHP,VWHQYDQD]HOVĘKHO\HQKD
QHPD]HPEHUpVDPpUWpNDMyOpW$]HPEHUHNJRQGRONR]iViWD
I|OGLOpWUHLUiQ\tWRWWiN$IHOYLOiJRVRGiV¿OR]y¿iMDV]HULQWD]HP
EHUÄW|NpOHWHVtWHQL´WXGMDPDJiWVH]tJ\LVW|UWpQW$PDLIHOYLOi
JRVXOWHPEHUÄW|NpOHWHVHGpVH´DW|EEVpJV]HULQWDKpWIĘEĦQHJ\L
NpEHQ D PpUWpNWHOHQVpJEHQ PHUO NL D] pOYKDMKiV]DW D] DQ\DJL

MDYDNPHJV]HU]pVHpVD]pOYH]HWHNWHUpQ$PDLLVWHQHNDSpQ]D]
DUDQ\ELUWRNOiVpOYH]HWMyOpWV]H[XiOLVV]DEDGViJVWE
$KLWWĘOpV,VWHQWĘOYDOyHOIRUGXOiVVRNIpOHpVPiUVRNDNQiOEH
N|YHWNH]HWW PpJ KD QHP LV IRJWiN I|O ,VWHQ 7t]SDUDQFVRODWD D]
HPEHUHN G|QWĘ W|EEVpJpQpO ± pV QHPFVDN D] DWHLVWiNQiO KDQHP
RO\DQRNQiOLVDNLNNHUHV]WpQ\HNQHNWDUWMiNPDJXNDW±DOLJMiWV]LN
PiUV]HUHSHW
$EĦQWXGDW pVD KLW LVPHUHWH PiU DOLJOpWH]LN PLYHO UHVHN D
J\yQWDWyV]pNHN$ KtYHN QDJ\ UpV]H D] (J\Ki]DW V]ROJiOWDWy LQ
Wp]PpQ\QHNWDUWMDNHUHV]WHOpVKi]DVViJN|WpVHOVĘiOGR]iVpVDWH
PHWpVNLV]ROJiOWDWiViUDËJ\D]HJ\NRULNHUHV]WpQ\1\XJDWDPLQW
6]Ħ]0iULDD]]HQHWHLEHQPRQGMD~MSRJiQ\ViJEDHVHWWYLVV]D
+DD]RNDWV]iPROMXNDNLNDNWtYNDWROLNXVpOHWHWpOQHNQDSRQ
WDLPiGNR]QDNUHQGV]HUHVHQJ\yQQDNWXGMiNDV~O\RVpVIĘEĦQ|N
N|]WL NO|QEVpJHW ¿J\HOQHN D IHOHEDUiWL V]HUHWHWUH DNNRU ÄDNWtY
NDWROLNXVW´1pPHWRUV]iJEDQPiUDOLJWDOiOXQNÄ'HDNLiOOKDWDWRV
PDUDGPLQGYpJLJD]GY|]O´±PRQGMD-p]XV 0W 
$NL N|UOQp] D N|]|VVpJHNEHQ OiWMD NLN D]RN D NDWROLNXVRN
DNLNSpOGiXOUHQGV]HUHVHQJ\yQQDN KDHJ\iOWDOiQYDQPpJJ\yQ
WDWiV  (]HN N|]O pQ PDJDP WHV]WHOWHP  PDMGQHP PLQGHJ\LN
LPiGNR]]DDUy]VDI]pUWpV0iULDWLV]WHOĘN$PDLJ\DNRUODWW|E
EpNHYpVEpEHEL]RQ\tWRWWDKRJ\D]RNPDUDGQDNiOOKDWDWRVDNDNL
NHWD-HOHQpVHNEHQD]$VV]RQ\ 0iULD PDUDGpNXWyGiQDNQHYH]
QHNDNLN PpJ ¿J\HOQHN,VWHQ7t]SDUDQFVRODWiUDpVUDJDV]NRG
QDND-p]XVPHOOHWWLWDQ~ViJWpWHOKH]
$ QDJ\ KLWHKDJ\iV D NDWROLNXV (J\Ki]RQ EHOO PpJ FVDN
PRVW N|YHWNH]LN  PiMXV pQ D]W PRQGWD D] ,VWHQDQ\D
6LHYHUQLFKEHQ Ä1DJ\ KLWHKDJ\iV OHV] (] NHGYHV J\HUPHNHLP
FVDN D NH]GHW$]WiQ D KtYĘN PDJXN IRJMiN NpUGH]JHWQL 0LNRU
W|UWpQQHNDPHJM|YHQG|OWGROJRNYDOyGLDNYROWDNDMHOHQpVHN"6R
NDQD]WPRQGMiNPDMGKRJ\D]pQMHOHQpVHLPQHPYROWDNLJD]L
DNpVURVV]QDNWDUWMiNPDMGD]RNDW$]WiQHOWHOLNYDODPHQQ\LI|OGL

LGĘpVYpJODSUyIpFLiNEHN|YHWNH]QHNDKRJ\OHYROWtUYD3RQWR
VDQ~J\DKRJ\V]iPWDODQV]RUHOPRQGWDPJ\HUPHNHLPQHN DOiW
QRNRNQDN (EEHQDKLWEHOLVLYDWDJEDQDNDUODNYH]HWQLEHQQHWHNHW
KRJ\iOOKDWDWRVDNPDUDGMDWRN´
$ OHJQDJ\REE KLWHOKDJ\iV D UyPDLNDWROLNXV (J\Ki]RQ EH
OON|YHWNH]LNEHDPLNRUPDMGQHPPLQGHQNDWROLNXVN|YHWYHD
KDPLV|NXPHQL]PXVWHOV]DNDG5yPiWyODSiSiWyOpVDWDQtWyKL
YDWDOWyOpVFVDWODNR]LNDKDPLV.ULV]WXVKR]DKDPLVHJ\Ki]KR]
DPHO\DÄYDGiOODW´V]REUDpVPLQGHQNHUHV]WpQ\YDOOiVHJ\HVtWpVH
$]WPRQGMD0iULD,GD3HHUGHPDQQDNQRYHPEHUiQ
Ä)HOKtYiV1pPHWRUV]iJUpV]pUH$SiSDWDOiOMDPHJDPyGMiWpVLQ
Wp]]HQI|OKtYiVWDSDSRNKR]NO|QEHQ1pPHWRUV]iJHOIRJYHV]QL
,WWQDJ\pVHUĘVKDQ\DWOiVYDQ«eQFVDN¿J\HOPH]WHWHN$PiVLN
ROGDOEX]JyQGROJR]LNKRJ\DQpSHWHOYRQMD5yPiWyO«´
Ä$]WiQPDMGVDQ\DUJDWQDNpVPHJ|OQHNWLWHNHWpVPLDWWDPJ\Ħ
O|OQLIRJPLQGHQWDQHP]HW6RNDQHOLVWiQWRURGQDNKLWNWĘOHO
iUXOMiNpVJ\ĦO|OQLIRJMiNHJ\PiVW´ 0W
0HJMHJ\]pV D  YHUVKH] $  V]i]DGUyO D]W PRQGMiN
KRJ\ D NHUHV]WpQ\VpJ OHJW|EE PiUWtUMiW KR]WD DNLNQHN PHJ NHO
OHWWKDOQLXNDKLWNpUW'HD]RNQDNDNHUHV]WpQ\HNQHND]OG|]p
VHDNLNDM|YĘEHQDUyPDLNDWROLNXV(J\Ki]KR]KĦHNPDUDGQDN
pVOG|]WHWpVWNHOOHOV]HQYHGQLNDNHUHV]WpQ\OG|]pVNH]GHWHLWĘO
IRJYD PLQGHQW W~OV]iUQ\DO +D D V]DEDGNĘPĦYHVHNQHN VLNHUO D
KDPLV |NXPHQL]PXV VHJtWVpJpYHO D KDPLV HJ\Ki]DW D QDJ\ EiO
YiQ\W±YDJ\D6]HQWtUiVV]DYDLYDOpOYHDÄYDGiOODW´V]REUiW±KLYD
WDORVViWHQQLpVYLOiJV]HUWHHOWHUMHV]WHQLDNNRUNLQ\tOLND]DMWyD]
$QWLNULV]WXVPHJMHOHQpVHHOĘWW±PRQGMDD],VWHQDQ\D6RNNpUGpV
PHUOIHODPLPDPpJWLV]Wi]DWODQ
(J\$PLNRUPHJW|UWpQLND]HOV]DNDGiV5yPiWyOpVYLOiJV]HU
WHEHYH]HWLNDKDPLVV]DEDGNĘPĦYHVHJ\Ki]DWOHV]HPpJ5yPi
EDQSiSD"

.HWWĘ$KDPLVHJ\Ki]PHJDODStWiVDXWiQPHQQ\LLGĘYHOMHOH
QLNPHJD]$QWLNULV]WXV"
+iURP +RO IRJQDN D 5yPiKR] KĦ NDWROLNXVRN V]HQWPLVpW
KDOOJDWQL" +RJ\ Qp] NL D UyPDLNDWROLNXV (J\Ki] VWUXNW~UiMD D]
$QWLNULV]WXVPHJMHOHQpVpLJ"0HJNDSMiNPiUD]HPEHUHNDMH
OHWDKDPLVHJ\Ki]EHYH]HWpVpYHOYDJ\FVDND]$QWLNULV]WXVPHJ
MHOHQpVHNRU"0LO\HQOHV]D]~MKDPLVHJ\Ki]YLV]RQ\DDUyPDLND
WROLNXV(J\Ki]NLVPDUDGpNiKR]DNLVQ\iMKR]"$NNRULVIRO\WDWy
GLND]RNQDNDNDWROLNXVRNQDND]OG|]pVHDNLNKĦHNPDUDGWDND
UyPDLNDWROLNXV(J\Ki]KR]"
(]HN PpJ PHJYiODV]RODWODQ NpUGpVHN GH WHOMHV EL]WRQViJJDO
PRQGKDWMXN KRJ\ D] ,VWHQDQ\D DNL HGGLJ PHJYpGWH PHJPDUDGW
J\HUPHNHLWDWpYWDQtWyNNDOV]HPEHQpVWiMpNR]WDWRWWDMHOHNUĘOD
PHJIHOHOĘLGĘEHQWRYiEEUDLVH]WIRJMDWHQQL
-p]XVDYpJLGĘUĘOV]yOyEHV]pGpEHQD]RNNDONH]GLDM|YHQG|
OpVHNHWDPLNDM|YĘEHQIRJQDNW|UWpQQLÄ$PLNRUPDMGOiWMiWRND
V]HQWKHO\HQD'iQLHOSUyIpWDiOWDOPHJM|YHQG|OWJ\DOi]DWRVSXV]
WXOiVWDNLROYDVVDpUWVHPHJ´ 0W
0HJMHJ\]pVDYHUVKH] $]YHUVHNFVDNDJ\|WUHOPHN
MHOHL pV HVHPpQ\HL DPHO\HN D FV~FVSRQWKR] YDJ\LV D WHPSORP
QDND]D]DKLWQHND](J\Ki]QDNDSRNROKDWDOPDLYDJ\DKDPLV
HJ\Ki]iOWDOLOHURPEROiViKR]YH]HWQHNËJ\D]HVHPpQ\DPLUH-p
]XV¿J\HOPH]WHWHWWD]pYV]i]DGRVIHMOĘGpVFV~FVSRQWMDDPHO\HWD
ViWiQ]VLQDJyJiMDPiUpYV]i]DGRNyWDNpV]tWHOĘ
0LQWWXGMXN'iQLHOSUyIpWDPHJM|YHQG|OLKRJ\D]LGĘNYpJpQ
HJ\KLWYiQ\KDWDOPDVNLUiO\ $QWLNULV]WXV D]HJpV]YLOiJRQPHJ
V]QWHWLDQDSLV]HQWPLVHiOGR]DWRW ÄKDWDOPDWNDSRWWPLQGHQW|U]V
QpSQ\HOYpVQHP]HWI|O|WW´ pVD]RNQDNDWDQDLWLVPHULHODNLNHO
KDJ\WiNDV]HQWV]|YHWVpJHWDUyPDLNDWROLNXV(J\Ki]DW V]RERU
YDJ\KDPLV.ULV]WXVpVKDPLVHJ\Ki] 
+D-p]XVYDOyEDQMHOHQYDQDV]HQW(XFKDULV]WLiEDQDPLQWtJpU
WH ÄËPH pQ YHOHWHN YDJ\RN D YLOiJ YpJpLJ´ 0W   D QDSL

V]HQWPLVHEHWLOWiViYDOH]WDMHOHQOpWHWPHJV]QWHWLNpVPHJWLOW
MiN DNNRU EHN|YHWNH]LN D WHPSORPURPEROiV DKRJ\ -p]XV D
WDQtWYiQ\RNQDNPHJM|YHQG|OWH(]]HOEHN|V]|QWD]LGĘNYpJHD
YLOiJD]HPEHULVpJpVD](J\Ki]WLV]WXOiVD
$] ÒMV]|YHWVpJEHQ PLQGHQ HVHPpQ\ PHJLVPpWOĘGLN DKRJ\
D]RN,]UDHOW|UWpQHOPpEHQD]ÏV]|YHWVpJLGHMpQHOĘIRUGXOWDN$]
ĘVL,]UDHOEHQLVYROWQDJ\KLWHOKDJ\iVSRJiQ\LVWHQHNHWN|YHWWHN
$]RN DNLNQHN D] ËUiVW pV D SUyIpFLiNDW D QpSQHN PDJ\DUi]QLXN
NHOOHWW YROQD D] tUiVWXGyN NHUHV]WUH IHV]tWWHWWpN -p]XVW DKHO\HWW
KRJ\IHOLVPHUWpNYROQDEHQQHD0HVVLiVW$]ÏV]|YHWVpJEHQLVEH
N|YHWNH]HWWDPLW,]DMiVSUyIpWDM|YHQG|OWÄ+DDWHQpSHG,]UDHO
DQQ\LOHQQHLVPLQWDWHQJHUI|YHQ\HFVDNDPDUDGpNWpUPHJEH
OĘOH´ ,] $NHUHV]WpQ\VpJEHQH]DNLVQ\iMOHV]
(]HNHWDSpOGiNDWOHKHWQHWRYiEELVVRUROQL
$]ÏV]|YHWVpJYpJpQLVERU]DOPDVSXV]WtWiVYROW$0DNNDEH
XVRNN]GHOPH]iUMDD]ÏV]|YHWVpJLGHMpWpVD]DNNRULLGĘNYp
JpQD]VLGyNQDSL iOODW iOGR]DWiWLVPHJWLOWRWWiN,9$QWLRFKXV
(SLSKDQHV SRJiQ\ NLUiO\ PHJV]HQWVpJWHOHQtWHWWH .U H EDQ
D MHUX]ViOHPL WHPSORPRW pV RWW UHQGH]HWWEH SRJiQ\ NXOWXV]W$
V]HQWKHO\HWHOSXV]WtWRWWiND]VLGyiOGR]DWRWQHPOHKHWHWWRWWEH
PXWDWQLDSDSRNDWpVDN|]|VVpJHWHOOG|]WpN
$UyPDLNDWROLNXV(J\Ki]QDSLV]HQWPLVHiOGR]DWiQDNPHJV]Q
WHWpVpYHO PHJNH]GĘGLN D ÄYDGiOODW´ YLOiJXUDOPD DPL  QDSLJ
YDJ\KyQDSLJIRJWDUWDQL$]DQWLNULV]WXVLXUDORPDODWWD]LVEHN|
YHWNH]LNDPLW-p]XVM|YHQG|OWÄ$]WiQPDMGVDQ\DUJDWQDNpVPHJ
|OQHNWLWHNHWpVPLDWWDPJ\ĦO|OQLIRJPLQGHQWDQHP]HW«$JRQRV]
ViJHOKDWDOPDVRGiViYDOVRNV]tYEHQNLKĦODV]HUHWHW´ 0W
0pJQHPWXGMXNPHJiOODStWDQLYDMRQDKDPLV|NXPHQLNXVHJ\
Ki]PHJDODStWiVDNRULVPiUYpUHVOG|]pVOHV]YDJ\FVDNPHJYH
WpVpVEHV~JiV%L]WRVDQOHV]QHNPHVWHUVpJHVHQV]tWRWWYDOOiVKiER
U~NpVHOYLVHOKHWHWOHQPpUWpNĦYpYiOLNDIDQDWLNXVYDOOiVLWHUURU
DPHO\DODNRVViJJ\ĦO|OHWpWDUyPDLNDWROLNXV(J\Ki]UD pVDKR]

]iKĦPDUDGWKtYHNUH LUiQ\tWMDDNLNpYHWDUWMiNPDJXNDWWD
QDLNKR]pVPDPiUNRQRNPHJFVRQWRVRGRWWN|]pSNRULVWUXNW~Ui
QDNJ\DOi]]iNpVPHJEpO\HJ]LNĘNHW
0DMGQHPPLQGHQHPEHUQHNPHJPDJ\DUi]]iNKRJ\HJ\HJ\
VpJHVYDOOiVWNHOOOpWUHKR]QLDPHO\PLQGHQNLV]iPiUDHOIRJDGKD
Wy pV EL]WRVtWMD D YLOiJEpNpW$ UyPDLNDWROLNXV (J\Ki]DW YDJ\
MREEDQPRQGYDDPDUDGpNiWDNLVHPPLHVHWUHVHPDNDUFVDWODNR]
QLYHV]pO\HVV]pOVĘVpJHVQHNPRQGMiNJ\ĦO|OLNpVOG|]LNĘNHW
3LOODQDWQ\LODJQHPWXGMXNPpJHONpS]HOQLH]WDKHO\]HWHW$N|
YHWNH]ĘpYHNHVHPpQ\HLSROLWLNDLpVYDOOiVLpUWHOHPEHQDYLOiJRWpV
D]HPEHULVpJW~OQ\RPyW|EEVpJpWQHJDWtYDQEHIRO\iVROMiNÄ$NNRU
RO\DQQDJ\J\|WUHOHPOHV]DPLO\HQPpJQHPYROWDYLOiJNH]GHWpWĘO
PLQGPiLJpVQHPLVOHV]´ 0W
0HJMHJ\]pV D  YHUVKH]  -p]XV PLQGHQ LGĘN OHJQDJ\REE
J\|WUHOPpUĘO EHV]pO D]]DO D] LGĘYHO NDSFVRODWEDQ DPLNRU D V]D
EDGNĘPĦYHVYLOiJNRUPiQ\YLOiJKDWDOPDD]$QWLNULV]WXVVDOD]pOHQ
PHJNH]GĘGLN$QDJ\J\|WUHOHPD]WMHOHQWLKRJ\DQDSLPLVHiOGR
]DWHOW|UOpVHXWiQDUyPDLNDWROLNXV(J\Ki]KtYHLYpUHVOG|]pVQHN
OHV]QHNNLWpYH1DJ\EDMEDQOHV]DYLOiJPLYHODKiERU~NIRUUD
GDOPDNpVWHUPpV]HWLNDWDV]WUyIiNWRWiOLVNiRV]WHUHGPpQ\H]QHN
DPLD]WiQDV]DEDGNĘPĦYHVYLOiJNRUPiQ\WpVV]|YHWVpJHVHLWKDWD
ORPUDVHJtWLpVD]HJpV]HPEHULVpJHWVRKDQHPLVPHUWPyGRQUDE
V]ROJiYiWHV]L
Ä+DPHJQHPU|YLGOQpQHND]RNDQDSRNHJ\HWOHQHPEHUVHP
PHQHNOQHPHJ'HDYiODV]WRWWDNNHGYppUWPHJU|YLGOQHND]RND
QDSRN´ 0W
0HJMHJ\]pVDYHUVKH] $KRJ\D%LEOLDtUMDDQDSLiOGR
]DWPHJV]QWHWpVH D]DQWLNULV]WXVLYLOiJKDWDORPLGĘWDUWDPD 
QDS-iQRVD]WPRQGMDKyQDSQDSYDJ\KyQDSD]
pY 'iQLHOQpOQDSRWLVHOpUKHWDPLDQQ\LWMHOHQWKHWKRJ\D
KLWYHV]WpVYHV]pO\HD]XWROVyyUiLJIHQQiOO DPLNRULVD]DQWLNULV]
WXVLYLOiJXUDORPDYLOiJNRUPiQ\]iVUDW|UHNYĘ(16=V]HUYH]HWH

PHO\QHNpOpQDYLOiJGLNWiWRUYDJ\D]$QWLNULV]WXVIRJiOOQLDYLOi
JRWpVD]HPEHULVpJHWNH]pEHQWDUWMD$]DQWLNULV]WXVLKDWDORPKi
URPpVIpOpYpQHND]$SRNDOLSV]LVEHQEHMHOHQWHWWLVWHQLEQWHWĘtWp
OHWYHWYpJHW -HO DPHO\HW-p]XVYLVV]DWpUpVHNRURQi]PHJ
Ä1\RPEDQHJ\|WUHOPHVLGĘNXWiQ«´ 0W
,VWHQEQWHWĘtWpOHWpWDYLOiJD]HPEHULVpJpVD](J\Ki]PHJ
WLV]WtWiViW-p]XVDYt]|]|QK|]KDVRQOtWMDÄ9LUUDVV]DWRN$](PEHU
¿iQDNHOM|YHWHOHNRU~J\OHV]PLQW1RpQDSMDLEDQW|UWpQW$Yt]|]|Q
HOĘWWLQDSRNEDQHWWHNLWWDNQĘVOWHNpVIpUMKH]PHQWHNPLQGDGGLJD
QDSLJDPtJ1RpEHQHPPHQWDEiUNiEDpVQHPNDSWDNpV]EHDPtJ
HOQHPM|WWDYt]|]|QVHOQHPVRGRUWDYDODPHQQ\LW´ 0W
7HUPpV]HWHVHQYLOiJRVKRJ\QDSMDLQNEpNH|U|PpVV]HUHWHW
SUpGLNiWRUDLFVDND](YDQJpOLXPIHOpWKLUGHWLNPHUW,VWHQLJD]Vi
JRVViJiWPHO\XJ\DQRO\DQUpV]HD](YDQJpOLXPQDNHOKDOOJDWMiN
pVHOXWDVtWMiNėND]RNDWDUpV]HNHW±PLQWSpOGiXOD0W±
WiPDGMiNpVPLQWIHQ\HJHWʁ]HQHWHWEDMWRNR]ySUyIpFLiWHOtWpOLN
7HUPpV]HWHVHQ D] (YDQJpOLXP D] |U|P ]HQHWH GH WHOMHV
PRQGDQLYDOyMiEDQ ,VWHQ N|YHWNH]HWHV LJD]ViJRVViJiQDN ¿J\HO
PH]WHWʁ]HQHWHLV$NLLJD]ViJRVViJiWpVEQWHWpVKH]YDOyMRJiW
HOXWDVtWMDHJ\PHJERFViWyDXWRPDWiYiIRNR]]DHJ\V]HUĦHQPHJ
KDPLVtWMDD](YDQJpOLXPRW(]HQNtYOIHOOD]tWMDD]LVWHQIpOHOPHW
YpJON|]|Q\|VVpJHWpVKLWYHV]WpVWRNR]KDW
ËJ\ LJD]ROMD -p]XV D] (YDQJpOLXPEDQ ,VWHQ LJD]ViJRVViJiW
Ä(OpEHJ\ĦOQHND]|VV]HVQHP]HWHNėSHGLJHOYiODV]WMDĘNHWHJ\
PiVWyOPLQWDKRJ\DSiV]WRUHOYiODV]WMDDMXKRNDWDNRVRNWyO$
MXKRNDWMREEMiUDiOOtWMDDNRVRNDWSHGLJEDOMiUD$]WiQtJ\V]yOD
NLUiO\DMREEMiQiOOyNKR]-|MMHWHN$W\iPiOGRWWDL9HJ\pWHNELURN
EDDYLOiJNH]GHWpWĘOQHNWHNNpV]tWHWWRUV]iJRW$]XWiQtJ\V]yOD
EDOMiQiOOyNKR]7iYR]]DWRNWĘOHPiWNR]RWWDND]|U|NWĦ]UHDPHO\
D]|UG|JQHNpVDQJ\DODLQDNNpV]OW´ 0W
$PLNRU -p]XV D] LGĘN YpJpUĘO V]yOy EHV]pGpEHQ D]W PRQGMD
KRJ\HOM|YHWHOHNRULVRO\DQOHV]PLQWD]|]|QYt]QpODNNRUH]WPD

HJ\ RO\DQ WiUVDGDORPEDQ DPHO\LN ,VWHQW IpOUHiOOtWRWWD D] ~WEyO
PiUQHPIRJMiNPHJpUWHQL,VWHQKHO\HWWVDMiWPDJXNDWWLV]WHOLNpV
LPiGMiN$7t]SDUDQFVRODWEHWDUWiVDKHO\HWWD]HOOHQNH]ĘMpWWHV]LN
0iVLVWHQHNHWNHUHVWHN~J\PLQWDUDQ\SpQ]ELUWRNMyOpWpOYH]HW
V]H[XiOLVV]DEDGViJPLQGHQIDMWDNLFVDSRQJiV
$],VWHQWV]HQWVpJW|UĘ¿OPHNEHQN|Q\YHNEHQPDJD]LQRNEDQ
WHOHYt]LyVEHV]pOJHWĘVpV]HQpVPĦVRURNEDQJ~Q\ROMiN'H,VWHQ
DNLHJ\HWOHQ)LiWV]HUHWHWEĘODGWDDNHUHV]WUHQHPHQJHGLD]gYpW
NLJ~Q\ROQL«
$]]HQHWDPLW0iULDQRYHPEHUpQDGRWW'RQ*REEL
QDNPLNRUĘ$PHULNiEDQWDUWy]NRGRWWpVDSVS|N|NNHOpV
SDSSDOOHONLJ\DNRUODWRWWDUWRWWQHPFVDND]DPHULNDLDNUDYRQDWNR
]RWW KDQHP PLQGHQ HPEHUUH Ä1HP KDOOJDWWDWRN UiP )RO\WDWWi
WRNXWDWRNDWYLVV]DXWDVtWYiQ,VWHQWpVV]HUHWHWpQHNW|UYpQ\pW(J\
UHMREEDQHOV]DSRURGWDNDWLV]WiWDODQViJEĦQHLD]HUN|OFVWHOHQVpJ
~J\ NLiUDGW PLQW D WHQJHU pV PLQGHQW EHERUtWRWW -RJRVQDN WDUW
MiND KRPRV]H[XDOLWiVWHUPpV]HWHOOHQHV WLV]WiWDODQ EĦQpW iOWDOi
QRVViYiOWD]pOHWNHOHWNH]pVpWPHJDNDGiO\R]yHV]N|]|NDONDOPD
]iVDKD]iWRNPLQGHQUpV]pEHQHOWHUMHGWDPDJ]DW|OpVD]iUWDWODQ
J\HUPHNHNPHJJ\LONROiVDDPHO\HNERVV]~pUWNLiOWDQDN,VWHQV]t
QHHOĘWW(OpUNH]HWWLPPiUD]LVWHQLLJD]ViJRVViJpVDQDJ\LUJDO
PDVViJLGHMH0HJIRJMiWRNLVPHUQLDJ\HQJHVpJpVDV]HJpQ\VpJ
yUiMiWDV]HQYHGpVpVDYHUHVpJyUiMiWDQDJ\EQWHWpVPHJWLV]WtWy
yUiMiW´ 030
V]HSWHPEHUiQD]WPRQGWDD],VWHQDQ\D 'RQJyEDQ 
Ä0LYHOD]HPEHULVpJQHPIRJDGWDHOLVPpWHOWIHOKtYiVRPDWDPHJ
WpUpVUHDEĦQEiQDWUDD],VWHQKH]YDOyYLVV]DWpUpVUHDOHJQDJ\REE
FVDSiVNpV]OUiW|UQLRO\DQDPHO\HWD]HPEHULVpJW|UWpQHOPHPpJ
QHPLVPHU6RNNDOQDJ\REEEQWHWpVOHV]PLQWDYt]|]|Q7Ħ]HVLN
PDMG D] pJEĘO pV D] HPEHULVpJ QDJ\ UpV]pW HOSXV]WtWMD´ 030
 0iULDpV-p]XV]HQHWHLDODSMiQDOiWQRNRNEHV]iPROWDNUyOD
KRJ\DYLOiJQDJ\UpV]pQD]HPEHULVpJPDVRNNDOURVV]DEEPLQW
6]RGRPDpV*RPRUUDLGHMpQYROW

-p]XVDKDPLVSUyIpWiNUyO±D]
$QWLNULV]WXVUyOEHV]pO
-p]XVyYDYpJVĘLGĘNUĘOV]yOyEHV]pGpEHQD]$QWLNULV]WXVV]HP
IpQ\YHV]WĘWpQ\NHGpVpWĘODNLD]HPEHUHNHWVĘWVRNNLYiODV]WRWWDW
LV~J\DNDUPHJWpYHV]WHQLKRJ\D]WKLJJ\pNKRJ\ĘD0HVVLiV
Ä$NNRUKDYDODNLD]WPRQGMDQp]]pWHNLWWD.ULV]WXVYDJ\DP
RWWQHKLJJ\pWHN7iPDGQDNXJ\DQLVKDPLVNULV]WXVRNpVKDPLV
SUyIpWiNpVQDJ\MHOHNHWpVFVRGiNDWPĦYHOQHNKRJ\WpYHGpVEHHMW
VpNDYiODV]WRWWDNDWLVKDOHKHWVpJHVYROQD/iWMiWRNHOĘUHPHJ
PRQGWDPQHNWHN(]pUWKDD]WPRQGMiNNLQWYDQDSXV]WiEDQ±QH
PHQMHWHNNLEHQQYDQDV]REiEDQQHKLJJ\pWHN´ 0W
0HJMHJ\]pVDYHUVKH] 3iOLVD]WPRQGMDUyODÄ-|WWpW
DViWiQN|]UHPĦN|GpVpYHOPLQGHQIpOHIHOWĦQĘWHWWV]HPIpQ\YHV]WĘ
MHOpVKDPLVFVRGDNtVpUL´ 7HVV]
$]$QWLNULV]WXVHJ\UHQGNtYOLMHOHQVpJOHV]KLKHWHWOHQNDUL]
PiYDOpVNpSHVVpJHNNHO$]HPEHUHNHWWHOMHVHQOHQ\ĦJ|]LPpJD
6]HQWOpOHNHUHMpYHOIHOYpUWH]HWWKtYĘNHWLVDNLNQHPYHV]LNIHOD
RVV]iPRW
$]$VV]RQ\D]RQ J\HUPHNHLDNLN PpJ PHJWDUWMiNDSDUDQ
FVRODWRNDWpVWDQ~ViJRWWHV]QHN-p]XVPHOOHWW -HO ĘND0i
ULDiOWDOYH]HWHWWNLVQ\iM
(ONHOOJRQGRONR]QLD]RQPLNRUOpSV]tQUHD]$QWLNULV]WXV
$EEDQD]LGĘEHQDPLNRUDYLOiJEDQNiRV]XUDONRGLNpVD]HP
EHULVpJDKiERU~NIRUUDGDOPDNWHUPpV]HWLNDWDV]WUyIiNpVpKtQ
VpJN|YHWNH]WpEHQUHPpQ\WHOHQOGHPRUDOL]iOyGLN$OLJVHMWLPDMG
YDODNLKRJ\DKiERU~NDWpVDIRUUDGDOPDNDWPHJWHUYH]WpNpVWHUY
V]HULQWYpJUHKDMWRWWiNNLUREEDQWRWWiNKRJ\H]WDNiRV]WWXGDWRVDQ
RNR]]iNDPHO\DÄYDGiOODWQDN´pVKDPLVSUyIpWiMiQDNOHKHWĘYpWH
V]LKRJ\DYLOiJXUDOPDWPHJV]HUH]]HPLQGHQQHP]HWI|O|WW

&VDNDNNRUOpSV]tQUHH]DNDUL]PDWLNXVDODNPLQWQDJ\YLOiJ
WDQtWyDEpNHKHUFHJHpVDSUREOpPDPHJROGy$ViWiQHUHMpYHOND
UL]PiMD~J\PHJHUĘV|GLNKRJ\KDPLVMHOHNHWpVFVRGiNDWIRJPĦ
YHOQLDKRJ\D6]HQWtUiVPRQGMD
ËJ\VLNHUOQLIRJQHNLVRNHPEHUWpVQpKiQ\NLYiODV]WRWWDWWpY
~WUDYH]HWQLV|QPDJiWPLQW0HVVLiVWHOLVPHUWHWQL
'HPLWLVtU3iODSRVWROÄ$]ÒU-p]XVHOV|S|UV]iMDOHKHOHWpYHO
pVPHJVHPPLVtWM|YHWHOpQHNWQG|NOpVpYHO´ 7HVV]


$KDUPDGLNIDWLPDLWLWRN
$PLNRUEHQDV]HQW6]Ħ] 0iULD PHJMHOHQWDKiURPSiV]
WRUJ\HUHNQHN/XFLiQDN-DFLQWiQDNpV)UDQFLVFyQDNKiURPWLWNRW
Et]RWWUiMXN.pWWLWNRWKDPDURVDQQ\LOYiQRVViJUDKR]WDN$KDU
PDGLNWLWNRWDKLYDWDOEDQOpYĘSiSiQDNEDQNHOONLKLUGHWQL
H]YROWD6]Ħ]DQ\DNtYiQViJD$]DNNRULSiSD;;,,,-iQRVPLX
WiQHOROYDVWDDWLWNRW~J\G|QW|WWKRJ\QHPKR]]DQ\LOYiQRVViJUD
8J\DQtJ\FVHOHNHGWHNXWyGDLLV9,3iOSiSDpV,-iQRV3iOSiSD
LV&VDNEHQ,,-iQRV3iOSiSDKR]WDQ\LOYiQRVViJUDDKDU
PDGLNIDWLPDLWLWNRW
$ IDWLPDL MHOHQpVHNQpO D V]HQW 6]Ħ] PHJM|YHQG|OWH D NpW OiW
QRNQDN)UDQFLVFyQDNpV-DFLQWiQDNKRJ\KDPDURVDQPHJIRJQDN
KDOQLpVDPHQQ\EHMXWQDN)UDQFLVFREHQKDOWPHJ-DFLQWD
EDQWHKiWpYYHODMHOHQpVHNXWiQ
/XFLiQDNWRYiEENHOOHWWDI|OG|QPDUDGQLDÄ-p]XVD]WDNDUMD
KRJ\D]]DOV]ROJiOMKRJ\HQJHPMREEDQPHJLVPHUMHQHNpVPHJ
V]HUHVVHQHN´±PRQGWD0iULDM~QLXViQ/XFLDQĘYpUDNL
NRORVWRUEDYRQXOWpYHVNRUiEDQIHEUXiUiQKDOWPHJ
±DIDWLPDLMHOHQpVQDSMiQ±yUDSHUFNRU,,-iQRV3iOSiSD
QpKiQ\KpWP~OYDN|YHWWHĘWDPiVYLOiJUD
/XFLDQĘYpUOHtUWDDYt]LyMiWDKDUPDGLNWLWRNUyODPLtJ\V]yO
Ä(J\LJHQQDJ\IpQ\HVVpJEHQDPL,VWHQOiWWXQNªYDODPLRO\DV
PLWPLQWKDWN|UHOĘWWYRQXOWDNYROQDHPEHUHN©OiWWXQNHJ\IH
KpUEH |OW|]|WW SVS|N|W ªDNLUĘO ~J\ JRQGROWXN Ę D 6]HQWDW\D©
6RNPiVSVS|NSDSV]HU]HWHVpVV]HU]HWHVQĘPHQWI|OHJ\PHUH
GHNKHJ\UHPHO\QHNFV~FViQQDJ\NHUHV]WiOOWIDW|U]VHNEĘOPLQW
KDKiQWRODWODQSDUDW|OJ\OHWWYROQDD6]HQWDW\DPLHOĘWWRGDpUWHJ\
IpOLJOHURPEROWIpOLJGOHGH]ĘYiURVRQPHQWNHUHV]WOERWODGR]y
OpSWHNNHO IiMGDORPPDOpVDJJRGDORPPDO WHOYH LPiGNR]RWW D]~W
PHQWpQKHYHUĘKROWDNOHONppUWI|OpUYHDKHJ\WHWHMpUHWpUGUHER

UXOWDQDJ\NHUHV]WOiEiQiOpVHJ\FVRSRUWNDWRQDOĘIHJ\YHUHNNHO
pVQ\tOODOW]HOYHUiPHJ|OWHĘW
8J\DQtJ\KDOWDNPHJHJ\PiVXWiQFVRSRUWRNEDQDSVS|N|N
SDSRNV]HU]HWHVHNpVV]HU]HWHVQĘNNO|QIpOHYLOiJLHPEHUHNN
O|QE|]ĘWiUVDGDOPLRV]WiO\RNEyOpViOOiVRNEyOYDOyIpU¿DNpVQĘN
$NHUHV]WNpWV]iUDDODWWNpWDQJ\DOiOOWPLQGHJ\LNQpONULVWiO\|Q
W|]ĘNDQQD PHO\EH |VV]HJ\ĦMW|WWpN D YpUWDQ~N YpUpW V |QW|]WpN
YHOHD],VWHQKH]N|]HOHGĘOHONHNHW
$ NpW PiU NRUiEEDQ HOPRQGRWW UpV] XWiQ 0LDVV]RQ\XQN EDO
ROGDOiQHJ\NLFVLWPDJDVDEEDQOiWWXQNHJ\DQJ\DOWEDONH]pEHQ
OiQJSDOORVVDOV]LNUi]YDOiQJRNDWERFViWRWWNLPDJiEyOPLQWKDI|O
DNDUQiJ\~MWDQLDYLOiJRWGHDOiQJRNNLDOXGWDNDPLNRUWDOiONR]
WDND0LDVV]RQ\XQNIHOpQNQ\~MWRWWMREEMiEyOiUDGyVXJiU]iVVDO
$]$QJ\DOMREENH]pYHOD)|OGUHPXWDWYDKDQJRVV]yYDOPRQGWD
ª%ĦQEiQDWEĦQEiQDWEĦQEiQDW©´
$ KDUPDGLN WLWRN PRQGDQLYDOyMiUyO D OHJMREE NRPPHQWiUW D
6]Ħ]DQ\DDGWDDPLNRUPpJQHPNHUOWQ\LOYiQRVViJUD
PiUFLXVpQ'RQ6WHIDQR*REEL)DWLPiEDOiWRJDWRWW
KRJ\3RUWXJiOLDSDSMDLYDOpVDKtYĘNNHOLPDFHQiNXOXPRWWDUWVRQ
2WWNDSWD0iULD]HQHWpW
Ä0DXJ\DQD]RQDKHO\HQNLDNDURPQ\LOYiQtWDQLD]pQWLWNRPDW
$] pQWLWNRP D] (J\Ki]UDYRQDWNR]LN$] HJ\Ki]EDQ WHWĘIRNiUD
OpSDKLWWDJDGiVDPHO\D]HJpV]YLOiJRQHOIRJWHUMHGQLDV]DNDGiV
EHIRJWHOMHVHGQLD]HYDQJpOLXPWyOpVD]LJD]KLWWĘOYDOyiOWDOiQRV
HOWiYRORGiViOWDO
$](J\Ki]EDEHIRJMDIpV]NHOQLPDJiWDªJRQRV]HPEHU©DNL
V]HPEHV]HJO.ULV]WXVVDOpVDNLEHYLV]LD](J\Ki]EDDSXV]WtWiV
J\DOi]DWiWPHJDGYDtJ\DV]|UQ\ĦV]HQWVpJW|UpVEHWHOMHVHGpVpW D
QDSL PLVHiOGR]DW PHJV]QWHWpVpW  DPLUĘO 'iQLHO SUyIpWD EHV]pOW
0W ´ 030ROG


.|]HOYDQDOHONHNV]pWYiODV]WiVD
$N|YHWNH]Ę QHPW~O WiYROLpYHNEHQDOHONHN V]pWYiODV]WiVDYiU
UiQN$]XWROVyKDUFIHMH]HWEHQPiUNLWpUWQNHUUH(QQHNHOOHQpUH
PpJQpKiQ\V]yWPRQGDQpNUyOD
0iU HPOtWHWWN KRJ\ D V]DNDGiV D NDWROLNXV (J\Ki]RQ EHOO
PiUOpWH]LN$]RQEDQPpJQHPPLQGHQNLWXGMDPHUWPpJQHPNH
UOWQ\LOYiQRVViJUD
0D PpJ QHP NHOO D NDWROLNXVRNQDN HJ\ EL]RQ\RV LUiQ\ PHO
OHWWG|QWHQLGHKDPDURVDQH]IRJN|YHWNH]QL$]XWyEELpYHNEHQ
VRNIRJDOPDWMHOV]yYiDODNtWRWWDNpVQHJDWtYWDUWDORPPDOW|OW|WWHN
PHJKRJ\HOpUWpNWHOHQtWVpNpVPLQGHQNLHOĘWWHOtWpOKHVVpN
,O\HQpUWHOHPEHQPDDÄNRQ]HUYDWtY´IRJDORPPDOLVYLVV]DpO
QHN$NRQ]HUYDWtYNLIHMH]pVWDUyPDLNDWROLNXVKLWWHOpV(J\Ki]]DO
NDSFVRODWEDQEL]RQ\RVROGDOUyOLVPpWHOWHQPLQWHODYXOWNLVV]HUĦ
PHUHY D KDODGiVVDO HOOHQNH]Ę JRQGRONRGiV~ MHO]ĘNNHO OiWMiN HO
3HGLJDNRQ]HUYDWtYD]WMHOHQWLKRJ\NRQ]HUYiOQLYDODPLWHOWDUW
KDWyYiWHQQLKRJ\QHURPROMRQPHJQHOHJ\HQURVV]$UyPDLND
WROLNXVKLWWHOpV(J\Ki]]DONDSFVRODWEDQDNRQ]HUYDWtYD]WMHOHQWL
KRJ\NLWDUWDQLD]LJD]WDQtWiVD]LJD]KLWPHOOHWWpVQHPHQJHGQL
DPHJKDPLVtWiVW
$NRQ]HUYDWtYHOOHQWpWHLDOLEHUiOLVpVDSURJUHVV]tYIRJDOPDN
$OLEHUiOLVD]WMHOHQWLKRJ\V]DEDGViJSiUWLV]DEDGHOYĦ$OLEH
UDOL]PXV HJ\ JRQGRONR]iVL LUiQ\ DPHO\ D] HJ\pQW LJ\HNV]LN NL
V]DEDGtWDQL D YDOOiVL SROLWLND pV JD]GDViJL  NDSFVRODWRNEyO (Q
QHNDEHiOOtWRWWViJQDND]DWHQGHQFLiMDKRJ\PLQpOMREEDQHOWiYR
ORGQLDSiSiWyO5yPiWyOpVDWDQtWyKLYDWDOWyODUyPDL(J\Ki]WyO
.ULV]WXVPLV]WLNXVWHVWpWĘODPHO\PLQWDODStWyMDPRQGWDÄD]~WD]
LJD]ViJpVD]pOHW´
$SURJUHVV]tY~J\YpOLIRNRQNpQWKDODGYDIHMOĘGYHKDODGyYi
OHQQLWHUPpV]HWHVHQ5yPDDSiSDpVDWDQtWyKLYDWDOQpONOPLYHO

H]HNPHUHYHNPHJFVRQWRVRGRWWDNpVPDUDGLW~OKDODGRWWJRQGRO
NRGiVPyGRWpVFVHOHNYpVWNpSYLVHOQHN
(J\V]HUĦEEHQ NLIHMH]YH PLQGNpW FVRSRUWQDN HO NHOO G|QWHQL
PLO\HQ JRQGRONRGiVPyGKR] DNDUQDN WDUWR]QL D UyPDLNDWROLNXV
(J\Ki]]DOV]HPEHQ
,QQHQQp]YHNHOOpUWHOPH]QL-p]XVKDVRQODWiWÄ0LQGD]WWHKiW
DNLPHJYDOOHQJHPD]HPEHUHNHOĘWW PHJMHJ\]pVpVPLV]WLNXVWHV
WHPHWD](J\Ki]DW pQLVPHJYDOORPPHQQ\HL$W\iPHOĘWW'HDNL
PHJWDJDGHQJHPD]HPEHUHNHOĘWW pVPHJWDJDGMDD](J\Ki]DPDW 
D]WpQLVPHJWDJDGRPPHQQ\HL$W\iPHOĘWW´ 0W
1HPVRNiUDRO\DQKHO\]HWiOOHOĘKRJ\OLEHUiOLVSDSRNSVS|
N|NpVNDUGLQiOLVRNiOOQDNDNRQ]HUYDWtYRNNDOV]HPEHQpVOLEHUi
OLVNDWROLNXVRNDNRQ]HUYDWtYNDWROLNXVRNNDOV]HPEHQ
9pJO D OHJW|EE NDWROLNXV N|YHWQL IRJMD D KDPLV |NXPHQL]
PXVWpVFVDWODNR]LNDKDPLV.ULV]WXVKR]pVDKDPLV(J\Ki]KR]$
UyPDLNDWROLNXV(J\Ki]KR]6]Ħ]0iULDPDUDGpNXWyGDLPDUDGQDN
KĦHNDNLNPHJWDUWMiN,VWHQSDUDQFVDLWpVWDQ~ViJRWWHV]QHN-p]XV
PHOOHWW(]OHV]DNLVQ\iMDPHO\NDSFVRODWEDQPDUDGDSiSiYDO
pVDYHOHNDSFVRODWEDQOHYĘSDSRNNDOSVS|N|NNHOpVNDUGLQiOL
VRNNDODKRJ\H]WD],VWHQDQ\DPDMGQHPPLQGHQMHOHQpVpEHQNpUL
$NL¿J\HOLD](J\Ki]iOODSRWiWHJpV]HQYLOiJRVDQOiWMDKRJ\D
OHONLV]pWYiOiVPiUUpJHQPHJNH]GĘG|WW


6]HQWD](J\Ki]"
)HO NHOO WHQQL H]W D NpUGpVW DQQiO LV LQNiEE PHUW FV~FVSRQWMiUD
pUNH]HWWD]DKHO\]HWDPLNRUDYDGiOODWWt]V]DUYiQDNKDWDOPiYDO
DPLDPpGLDKDWDOPiWpVHUHMpWIHMH]LNL DPLWIHOJ\HOHWHDODWWNp]
EHQWDUW D](J\Ki]pVDNHUHV]WpQ\VpJHOOHQGROJR]LNpVJ\DOi]
NRGiVRNDWpVWpYWDQRNDWWHUMHV]W
2O\DQLGĘEHQpOQNDPLO\HWD6]HQWtUiVM|YHQG|OWÄ1DJ\]ROy
pVNiURPOyV]iMDYROWpVKDWDOPDWNDSRWWKRJ\QHJ\YHQNpWKyQD
SLJMiUWDVVD´ -HO
(J\HWOHQHJ\ DONDOPDW VHP KDJ\QDN NL KRJ\ QH NHUHVVpN QD
J\tWyYDOD](J\Ki] pYDODWWL W|UWpQHOPpEHQDYLVV]iVKHO\
]HWHNHWDPLWD](J\Ki]QHYpEHQQpKiQ\IpOUHYH]HWHWWWDJRNR]RWW
VH]HNHWD]WiQJ\DNUDQPpJPHJLVKDPLVtWMiN0D9ROWDLUHHJ\
Ki]HOOHQHVWDNWLNiMiWDONDOPD]]iNpVW|NpOHWHVtWLNDNLDÄ(FUDVH]
O¶LQIDPH´Ä7DSRVGHODJ\DOi]DWRVW´ NDWROLNXV(J\Ki]DW MHOPRQ
GDWRW NLWDOiOWDpV D KDVRQOyJRQGRONR]iV~DNDW IRO\DPDWRVDQ IHO
V]yOtWRWWDÄ5iJDOPD]]iWRNPLQGLJKRURJUDDNDGYDODPL´
0RVWQHPDNDURND](J\Ki]pVDNHUHV]WpQ\VpJUiJDOPD]iVi
QDNWpPiMiUDNLWpUQL&VDNHJ\SpOGDDUUDPHQQ\LUHPHJKDPLVtW
MiNpVHOIHUGtWLNDW|UWpQHOPLHVHPpQ\HNHWKRJ\NHUHV]WpQ\HOOHQHV
KDQJXODWRWWHUHPWVHQHN
)RJDGQLOHKHWQHKRJ\PDMGQHPPLQGHQWiUVDViJEDQKDKLWNpU
GpVHNNHUOQHNV]yEDPHJHPOtWLNDNHUHV]WHVKDGMiUDWRNDWPLQW
D](J\Ki]HPEHUWHOHQVpJpWpVKDWDOPLW|UHNYpVpW$NHUHV]WHVKDG
MiUDWRNDWpVYDOyGLRNDLWHOIHUGtWLNpVDW|UWpQHOHPEHQMiUDWODQNRU
WiUVQDNDNHUHV]WpQ\VpJYpUHVWHWWHNpQWDGMiNHOĘ$NHUHV]WpQ\HN
NHUHV]WHVKDGMiUDWDFVDNYiODV]YROWD]LV]OiPDJUHVV]tYWHUMHV]NH
GpVpUH
6]HQWD](J\Ki]"±KDQJ]RWWDNpUGpV$](J\Ki]PLQW.ULV]
WXVPLV]WLNXVWHVWHV]HQWDIHMpEHQOHONpEHQW|UYpQ\pEHQWDQtWi

ViEDQpVVRNWDJMiEDQDV]HQWHNEHQ3DXOGH/DJDUGHHJ\V]HUD]W
PRQGWDÄ$]HJ\Ki]W|UWpQHWQDJ\PpUWpNEHQDKXOODGpNW|UWpQHWH
'HD](J\Ki]WpQ\OHJHVW|UWpQHWHDV]HQWHNW|UWpQHWH´
,JHQPLQWD]LJD]LKtYĘNN|]|VVpJHD](J\Ki]OHJV]HQWHEEIH
MpWĘOV]HQW$V]HQWVpJDPHO\DIHMEĘOIRO\LNDOipVVRNWDJMiEDQ
iUDPOLNVRKDQHPDSDGNL'HWDJMDLQHPPLQGV]HQWHNPHUWD]
HPEHUHPEHUPDUDGPpJKDNDWROLNXVLV
0LQGHQNLQHNV]iPRWNHOODGQL,VWHQWUyQMDHOĘWWpOHWHYpJpQOH
J\HQODLNXVSDSSVS|NNDUGLQiOLVYDJ\SiSD
$ SiSDViJ V|WpW ROGDODLW HJ\iOWDOiQ QHP V]DEDG HOKDOOJDWQL
Ä3pWHUV]pNH´UyPDLQHPHVLFVDOiGRNYLWDWiUJ\DYROWUpJHQ1DSL
UHQGHQYROWDNDQHSRWL]PXVVLPyQLD HJ\Ki]LKLYDWDOPHJYiViUOi
VD pVD]HUN|OFVWHOHQVpJ$]RO\DQHPEHUHNPLQW7HW]HODE~FV~
FpGXOiN SUpGLNiWRUD DNL H]W D] ]pUNHGpVW /XWKHU LGHMpEHQ Ħ]WH
XJ\DQFVDND](J\Ki]WDJMDLYROWDN'HĘNQHPD](J\Ki]YROWDN
KDD]WPLQW.ULV]WXVWHVWpWV]HPOpOMN
$](J\Ki]WDJMDLEDQJ\DNUDQPLQGHQPiVFVDNQHPV]HQWeV
PpJLVĘD]ÄXQDVDQFWD´D]HJ\V]HQW(J\Ki],VWHQI|OGLRUV]iJD
-p]XVQHPDODStWRWWPiVHJ\Ki]DWFVDNDNĘV]LNOiUD3pWHUUHpVXWy
GDLUDDSiSiNUDpVDSVS|NLKLYDWDODSRVWRODLUDpStWHWWHJ\Ki]DW
$PLNRUDUHIRUPiWRUW/XWKHU0iUWRQWQDJ\HUN|OFVFVĘV]QHN
PRQGMiNPHUWW|EEHNN|]WNLSHOOHQJpUH]WH7HW]HOWpQ\NHGpVpWD]W
HOIHOHMWLNKRJ\EĦQUpV]HVOHWWD]RNQDND]iOGR]DWRNQDNDYpUHRQ
WiViEDQDNLNDUHIRUPiFLyEDQDSDUDV]WKiERU~NEDQpVDpYHV
KiERU~EDQ pOHWNHW YHV]WHWWpN /XWKHU 0iUWRQUyO IHOMHJ\H]WpN
KRJ\NpUWH,VWHQWQHDGMRQQHNLYt]LyNDWQHNLHOpJD]ËUiV$UHIRU
PiWRUQDNH]DNLMHOHQWpVHVRNDWHOPRQGMHOOHPpUĘOELEOLDpUWHOPH
]pVHYRQDWNR]iViEDQLV
(OHYHHOXWDVtWMDD],VWHQWĘONDSRWWYt]LyNDWD]D]D6]HQWOpOHNiO
WDOLVHJtWVpJHWpVIHOLVPHUpVWPLYHOHJ\HGOD]ĘV]HOOHPHiOWDO~J\
DNDUMDpUWHOPH]QLD%LEOLiWDKRJ\ĘKHO\HVQHNWDUWMD(ONpS]HOKH

WHWOHQ,VWHQQHOV]HPEHQQDJ\REEEHNpS]HOWVpJÈOOtWyODJRVWXGiVi
QDNHUHGPpQ\HD]HJ\Ki]V]DNDGiV
$]ÏV]|YHWVpJpVD](J\Ki]pYHVW|UWpQHWHD]WPXWDWMD
KRJ\PDJD,VWHQYiODV]WMDNLD]HPEHUHNHWKRJ\]HQHWHNHWpVYt
]LyNDWDGMRQQpSHpVD](J\Ki]MDYiUD$QDJ\yV]|YHWVpJLSUyIpWi
NDWPDJD,VWHQYiODV]WRWWDNL1HPW|UWpQWH]PiVNpSS6DXOODOVHP
DNLDQpSHNDSRVWRODOHWW 3iODSRVWRO HJ\,VWHQWĘONDSRWWYt]LyN|
YHWNH]WpEHQËJ\YROWH]%HQHGHNNHOÈJRVWRQQDOpVD]HJ\Ki]W|U
WpQHWVRNPiVV]HQWMpYHOLV
7HUPpV]HWHVHQ ,VWHQ LVPHUL QpSpQHN pV (J\Ki]iQDN iOODSRWiW
DW|UWpQHOHPPLQGHQLGĘV]DNiEDQËJ\YROWH]DV]i]DGEDQLV
DPLNRU D] (J\Ki] QDJ\ YiOViJED NHUOW pV D SVS|N|N LV QDJ\
SRPSiEDQpOWHN
$VVLVLEHQHJ\NLVWHPSORPEDQ 6DQ'DPLDQR LGĘ]|WWD¿DWDO
)UDQFHVFR%HUQDUGRQHDPLNRUDNHUHV]WUĘOKDOORWWHJ\KDQJRWD]
]DOD]]HQHWWHOÄ0HQMpVpStWVGIHOHJ\Ki]DPDWPHO\PLQWOi
WRGURPRNEDQKHYHU´-p]XVQHPD]WPRQGWDDNpVĘEELV]HQWQHN
D](J\Ki]OHJQDJ\REEV]HQWMpQHNKRJ\UHQRYiOGPHJ(J\Ki]DP
WDQDLWDKRJ\/XWKHUYpOWHpYYHONpVĘEEKRJ\H]WNHOOWHQQLH
$]HJ\Ki]IRJDOPDPiUUpJHQV]pWIRV]ORWWNO|Q|VHQ1pPHW
RUV]iJEDQ0DPDJiWyOpUWHWĘGĘHQNDWROLNXV pVHYDQJpOLNXV HJ\
Ki]UyO EHV]pOQHN PLQWKD HJ\HQUDQJ~DN HJ\HQMRJ~DN OHQQpQHN
ËJ\IpOUHO|NLND](YDQJpOLXPV]DYDLWDPHO\HNHJpV]HQYLOiJRVDQ
NLPRQGMiNKRJ\PLWpUW-p]XVD]iOWDODDODStWRWW(J\Ki]DODWW 0W
 -p]XV(J\Ki]iWDNĘV]LNOiUD3pWHUUHDODStWRWWDpVD]ĘW
N|YHWĘSiSiNUD$]HJ\Ki]HOOHQ]ĘNpUYHLKRJ\H]DNLMHOHQWpVK~V
YpWXWiQLYDJ\FVDNHJ\HGO3pWHUUHYRQDWNR]LNDN|Q\YEHQHUUĘO
PiUEĘYHEEHQEHV]pOWQNH]pUWN|]HOHEEUĘOQHPWpUQNNLUi
$] Ä(QWVFKLHGHQHU *ODXEH ± EHIUHLHQGH :DKUKHLW´ Ä+DWiUR
]RWWKLW±IHOV]DEDGtWyLJD]ViJ´6WHOOD0DULV9HUODJ FtPĦN|Q\Y
EHQ'U3HWHU&KULVWRIK'UHQEHV]pOJHWpVWIRO\WDWDNDWROLNXVUyOpV
D](J\Ki]UyODNLWĦQĘWHROyJXVVDOpVGRJPDWLNXVVDODQHPUpJHO

KXQ\W6FKHIIF]\NNDUGLQiOLVVDO/iVVXQNHJ\NLYRQDWRWD](J\Ki]
pVD]|NXPHQL]PXVWpPiUyO ROG 
'U'UHQ$SiSDtUWDQpPHWNDUGLQiOLVRNQDN$Ä'RPLQXV
-HVXV´Q\LODWNR]DWDKtYĘNQHNIRQWRVNULV]WROyJLDLpVHNOp]LRORJLDL
LJD]ViJRWLGp]HWWD]HPOpNH]HWpEHDPHO\HNIHODGKDWDWODQRNDND
WROLNXVWXGDWV]iPiUD%t]RPDEEDQKRJ\|QHQ\LODWNR]DWDODSMiQ
WiPRJDWMDD]|NXPHQLNXVSiUEHV]pGHWpVIHODGDWiQDNPHJIHOHOĘHQ
YH]HWL$'RPLQXV-HVXVEDQD]iOO
Ä$]RND]HJ\Ki]L N|]|VVpJHN« PHO\HNQHP ĘUL]WpN PHJD]
pUYpQ\HVSVS|NVpJHWpVD](XFKDULV]WLDPLV]WpULXPiQDNHUHGHWL
pVWHOMHVYDOyViJiWQHPHJ\Ki]DN´ V]
(]DPDJ\DUi]DWDDQQDNKRJ\D]~QHYDQJpOLNXVHJ\Ki]DND
WROLNXVWDQtWiVV]HULQWHNOp]LROyJLDLpUWHOHPEHQQHPHJ\Ki]PHUW
D] HYDQJpOLNXV SVS|N QHP pUYpQ\HVHQ IHOV]HQWHOW SVS|N pV
QLQFVEHQQHD]DSRVWROLV]XNFHVV]LyVOiQFEDQ$]HYDQJpOLNXV~U
YDFVRUDQHPpUYpQ\HVV]HQWPLVHiOGR]DWDPHO\EHQ-p]XV.ULV]
WXVNHQ\pUpVERUV]tQpEHQYDOyEDQV]HQWVpJLOHJMHOHQYDQ0LO\HQ
N|YHWNH]WHWpVHN DGyGQDN NDWROLNXV Qp]ĘSRQWEyO D] HYDQJpOLNXV
HJ\Ki]V]iPiUDD]|NXPHQL]PXVNpUGpVpEHQ"
6FKHIIF]\NNDUGLQiOLV$Ä'RPLQXV-HVXV´Q\LODWNR]DWVDMQRV
QpPHW WHUOHWHQ DKRJ\ D UyPDL GRNXPHQWXPRNNDO V]RNiV  QHP
WDOiOWPHJIHOHOĘYLVV]KDQJUD8J\DQLO\HQVRUVUDMXWRWWDSiSiQDN
DQpPHWNDUGLQiOLVRNKR]tUWOHYHOHLVDPHO\HWEHFVPpUOĘtWpOHWWHO
LOOHWWHN]HPLEDOHVHWQHNPLQĘVtWYHD]W0DMGDV]RNiVRVKHO\HV
EtWpVN|YHWNH]HWWDPHO\YpJOD]HOĘ]HWHVHQNLDODNtWRWWYpOHPpQ\W
YiOWR]DWODQXO KDJ\WD 0LQGNpW GRNXPHQWXPQiO N|]|V KRJ\ D]
HYDQJpOLNXVN|]|VVpJQHNQHPKRJ\ÄHJ\Ki]´FtPHWGHPpJÄWHVW
YpUHJ\Ki]´QHYHWVHPDGPHUWDNDWROLNXVKLWÄHJ\Ki]´DODWWFVDN
D .ULV]WXV iOWDO DODStWRWW (J\Ki]DW pUWL (]]HO V]HPEHQ D QpPHW
NDWROLNXVSVS|NLGRNXPHQWXPRNEDQDW|EEHVV]iP~ÄHJ\Ki]DN´
NLIHMH]pVPiUUpJHQKDV]QiODWRV

$]|NXPHQL]PXVNpUGpVHLN|]|WWIHOYHWĘGLND]D]pUWHOPH]pV
EHOLNO|QEVpJLVD]DSRVWROLXWyGOiVNpUGpVpEHQDPLWD,,9DWLNi
QL=VLQDWÄGHIHFWXVRUGLQLV´QHN ÄIHOV]HQWHOpVV]HQWVpJpQHNDKL
iQ\D´ QHYH]
(]DKLiQ\HJ\D]VLQDWPDLVpUYpQ\HVNLNHUOKHWHWOHQPHJiO
ODStWiViKR]YH]HWPLV]HULQWÄ$WĘOQNNO|QYiOWHJ\Ki]LN|]|V
VpJHNQHNQLQFVHQPHJYHOQNDNHUHV]WVpJEĘOIRO\yWHOMHVHJ\Vp
JQN+LWQNV]HULQWQHPĘUL]WpNPHJVpUWHWOHQO±IĘOHJD]HJ\Ki
]LUHQGV]HQWVpJpQHNKtMiQ±D]HXFKDULV]WLDPLV]WpULXPiQDNWHOMHV
JD]GDJViJiW$]~UYDFVRUiEDQPpJLV8UXQNKDOiOiUyOpVI|OWiPD
GiViUyOHPOpNH]QHN´ 8QLWiVUHGLQWHJUiFLy 'HH]QHPDV]HQW
PLVHiOGR]DWPLV]WpULXPD
ėV]LQWpQV]yOYDPHJNHOOPRQGDQLKRJ\MHOHQOHJHQQHNDIRQ
WRVNO|QEVpJQHNDPHJV]QWHWpVpUHQLQFVNLOiWiV
)HQQiOODYHV]pO\KRJ\H]DNO|QEVpJYLDIDFWL DWpQ\HNDODS
MiQ D]LJD]ViJRW¿J\HOPHQNtYOKDJ\yJ\DNRUODWWiYiOLN


$]ÒMYLOiJUHQGQHNH]DFpOMDDSRNROKDWDOPDLQDNYpJVĘKDUFD
-p]XV.ULV]WXVQDND3pWHUUHDODStWRWW(J\Ki]DHOOHQ

$ViWiQKDUFD,VWHQQpSHHOOHQ
-HOHQpVHN

(]DKDUFPiUPLQWW|EEV]|UPRQGWXND]HPEHULVpJW|UWpQHWpQHN
HOHMpWĘONH]GĘG|WW 7HU 
$-HOHQpVHNN|Q\YHDViWiQ,VWHQQpSHHOOHQIRO\WDWRWW
KDUFiQDNDOHOHSOH]pVHDPHO\D]HPEHULVpJHJpV]W|UWpQHOPpQHN
OHJQDJ\REESROLWLNDLERWUiQ\DpVDOHJDJ\DI~UWDEEPHVWHUNHGpVH
6iWiQLDQUDYDV]pVpSSRO\LQWHOOLJHQVPLQWDJ\DI~UWKRJ\OHJ\Ę]
]HDUyPDLNDWROLNXV(J\Ki]DWpVD]HPEHULVpJHWW|UWpQHOPpQHN
OHJQDJ\REEJOREiOLVUDEV]ROJDViJiEDWDV]tWVD
eSSHQDPLNRUXQND]DPLNRUDUDYDV]ViJFV~FVSRQWMiQpVD]
HPEHULVpJ OHJQDJ\REE SROLWLNDL ERWUiQ\iKR] pUWQN DPLQW OiWQL
IRJMXN
-HOÄ(UUHDViUNiQ\KDUDJUDOREEDQWD]DVV]RQ\HOOHQpV
KDUFEDV]iOOWW|EELJ\HUPHNpYHODNLPHJWDUWMD,VWHQSDUDQFVDLWpV
NLWDUW-p]XV .ULV]WXV WDQ~ViJDPHOOHWW´
(EEHQDOiWRPiViEDQ-iQRVDKDUFQDND]XWROVyLGĘUHYRQDWNR
]ySUyIpFLiMiWtUMDOHDPHO\EHQYLVV]DXWDOD%LEOLDHOHMpUHÄ(OOHQ
VpJHVNHGpVWYHWHNN|]pG NtJ\y pVD]DVV]RQ\ 0iULD(J\Ki]NH
UHV]WpQ\VpJ N|]pLYDGpNRG I|OGLNtJ\yN pVD]ĘLYDGpND (J\
Ki]NHUHV]WpQ\VpJ N|]p´ 7HU
$Ä.RPPXQLVWDNLiOWYiQ\´±DPLW0DU[tUW±$GDP:HLVVKDXSW
|WOHWHYROW9DOyV]tQĦOHJ0DU[RWVWUyPDQQDNKDV]QiOWDKRJ\HOWH
UHOMHD¿J\HOPHWD]LOOXPLQiWXVRNUyODNLNQHNDUHQGMpWYHV]pO\HV
VpJHPLDWWEHWLOWRWWiN
0LQGHQWWLVPHUWKRJ\DNRPPXQLVWDRUV]iJRNEDQD](J\Ki
]DWKLWHWDNHUHV]WpQ\VpJHWHOQ\RPWiNpVOG|]WpNLOOHWYHOG|

]LN0DU[pV/HQLQQ\tOWDQEHYDOORWWiNKRJ\ĘNÄ,VWHQHOOHQVpJHL´
DNDUQDNOHQQLH]V]LQWpQW|UWpQHOPLWpQ\
1HPYpOHWOHQOMHOHQWPHJEHQ0iULD)DWLPiEDQKRJ\D
YLOiJRWD]RURV]RUV]iJLRNWyEHULIRUUDGDORPEDQPHJV]OHWĘNRP
PXQL]PXVWyOyYMD2O\DQLGĘEHQW|UWpQWDPLNRUDIRUUDGDORPN|
YHWNH]PpQ\HLWPpJVHQNLQHPVHMWHWWH

$KDUFPHJNH]GĘGLN
-HOHQpVHN

ÄeVDViUNiQ\NLiOOWDWHQJHUSDUWMiUD´ -HO  0HJMHJ\]pV


+RJ\VHJtWVpJHWKR]]RQD]$VV]RQ\ (J\Ki] HOOHQLKDUFKR]
Ä$NNRUOiWWDPKRJ\HJ\YDGiOODWEXNNDQI|ODWHQJHUEĘO+pW
IHMHpVWt]V]DUYDYROWV]DUYDLQWt]NLUiO\LNRURQDIHMHLQSHGLJLV
WHQNiURPOyQHYHN(]DYDGiOODWPHO\HWOiWWDPKDVRQOtWRWWDSiU
GXFKR]OiEDRO\DQPLQWDPHGYppV]iMDSHGLJPLQWD]RURV]Oi
Qp$ViUNiQ\QHNLDGWDHUHMpWWUyQMiWVQDJ\KDWDOPDWLV ÒJ\
WĦQWI|O PLQWKDHJ\LNIHMHKDOiOUDOHWWYROQDVHEH]YHGHKDOiORV
VHEHPHJJ\yJ\XOW$]HJpV]I|OGFVRGiODWWDOQp]WHDYDGiOODWRWpV
LPiGWDDViUNiQ\WPLYHOKDWDOPDWDGRWWDYDGiOODWQDN,PiGWiN
DYDGiOODWRWLVpVtJ\NLiOWRWWDN.LPpUKHWĘDYDGiOODWKR]".LWXG
MDI|OYHQQLDN]GHOPHWYHOH"´ -HO
-iQRVOHtUMDKRJ\ÄDViUNiQ\iWDGWDHUHMpWpVWUyQMiWQDJ\KDWDO
PiYDOHJ\WWDWHQJHUEĘOM|YĘYDGiOODWQDN´/HIRUGtWYDH]D]WMH
OHQWLKRJ\DPDU[LVWDNRPPXQL]PXViWDGWDHUHMpWWUyQMiWpVQDJ\
KDWDOPiW NDWRQDLKDWDOPiW DV]DEDGNĘPĦYHVVpJQHNpVV]HUYH]H
WpQHND](16=QHN
(]YLOiJRVDQPXWDWMDKRJ\DNRPPXQL]PXVQHPFVDNHJ\NpS
]ĘGPpQ\HDV]DEDGNĘPĦYHVHNQHNpVV]|YHWVpJHVHLQHNKDQHPDV]D
EDGNĘPĦYHVVpJNH]pEHQWDUWMDDYDOyGLKDWDOPDWpVWLWRNEDQXUDOMD
ėDYLOiJKDWDOPDVViJDLP|J|WWLKDWDORP$]WLVWXGMXNKRJ\D]
HVEROVHYLVWDIRUUDGDOPDWW|EEHNN|]WV]XSHUJD]GDJDPHUL

NDLDNpVDQJRORN¿QDQV]tUR]WiNHQpONO/HQLQpNVRKDQHPWXGWiN
YROQDSpQ]HOQLIRUUDGDOPLKRUGiLNDW
$WRYiEELDNEDQtJ\V]yOD]ËUiVÄ$]HJ\LNIHMHPLQWKDKDOiOUD
OHWWYROQDVHEH]YHGHKDOiORVVHEHPHJJ\yJ\XOW´+RJ\NHOOH]W
pUWHQL"
8J\H |UOWQN DPLNRU 0LKDLO *RUEDFVRY D PHJJ\Ę]ĘGpVHV
YpUEHOLNRPPXQLVWDEHYH]HWWHDSHUHV]WURMNiWDPLQHNN|YHWNH]
WpEHQDEHUOLQLIDOHJ\HWOHQO|YpVQpONOOHRPORWW"1HPYDJ\XQN
PiLJKiOiVDNQHNLKRJ\OpWUHM|KHWHWWDQpPHWHJ\VpJ"
8J\H PHJN|QQ\HEEOWQN DPLNRU *RUEDFVRY XWyGD %RULV]
-HOFLQ KĘVLHVHQ HOOHQiOOW D NRPPXQLVWD SXFFVNtVpUOHWQHN DPLNRU
PDMGQHPHJ\HGOPLQWHJ\V]LNODHOOHQiOOW0RV]NYiEDQDIHQ\H
JHWĘSiQFpORVRNQDN"
8J\H FVRGiONR]WXQN KRJ\ D] HJ\NRUL .*%WLV]W V]RYMHW WLW
NRVV]ROJiODW  9ODJ\LPLU 3XW\LQ DNL PD EV]NpQ N|]OL PDJiUyO
KRJ\Ä$NLHJ\V]HU.*%VYROWD]PLQGLJ.*%VPDUDG´RURV]
HOQ|NOHWW"2URV]RUV]iJEDQGHPRNUiFLDOHWW"
+DLJHQPLpUWJ\LONROQDNPHJHOOHQ]pNL~MViJtUyNDWVWE"
(J\]HQHWpEHQ0iULDD]WPRQGWDÄ$Y|U|VViUNiQ\QHPKD
ORWWFVDNPHJpUWHWWHD]LGĘNV]DYiWpVJ\HVHQiW|OW|]|WW´$-HOH
QpVHNN|Q\YHLVD]WPRQGMDKRJ\DKDOiORVVHELVPpWPHJJ\yJ\
XOWD]D]DPHJIHOHOĘLGĘEHQDNRPPXQL]PXVLVPpWDYLOiJV]tQ
SDGiUDOpS
$]HJ\NRUL6]RYMHWXQLy|VV]HRPOiVDDOHJQDJ\REEFVDOiVDPLW
YDODKDOiWRWWDYLOiJ$UpJLNRPPXQLVWDEHWRQIHMHNHWDPHQHG]VH
UHNQ\XJDWLIDMWiMiUDFVHUpOWpN$YLOiJIRUUDGDORPUpJLFpOMD V]D
EDGNĘPĦYHVYLOiJNRUPiQ\ XJ\DQD]PDUDGWPLQWYROWD6]RYMHW
XQLy LGHMpQ DPL QHP PiV PLQW D ÄYDGiOODW´ ~M YLOiJUHQGMH$]
HJ\HWOHQDPLPHJYiOWR]RWWDWDNWLNDpVDVWUDWpJLDDONDOPD]NR
GRWWD]~MPHJYiOWR]RWWYLOiJSROLWLNDLKHO\]HWKH]

$]WPRQGMDD-HOHQpVHNN|Q\YHÄ$YDGiOODWOiWWiUDPHO\YROW
pVQLQFVW|EEpGHLVPpWPHJMHOHQLNFVRGiONR]QLIRJQDNDI|OGOD
NyLDNLNQHNQHYHQHPiOODYLOiJWHUHPWpVHyWDD]pOHWN|Q\YpEHQ
,WWYDQV]NVpJE|OFVHVVpJJHOSiURVXOWpUWHOHPUH´ -HO
7XGMXNKRJ\D&)5DQ\DFpJpQHND]HJpV]YLOiJRQYDQQDNOH
iQ\YiOODODWDLDNLNHWXJ\DQD]DOHONOHWYH]HW$*QHP]HWHND
YLOiJOHJQDJ\REEKDWDOPDLDNLNHOOHQĘU]LNDWĘNpW
$*QHP]HWHNKH]WDUWR]QDND]$PHULNDL(J\HVOWÈOODPRN
.DQDGD 1DJ\%ULWDQQLD )UDQFLDRUV]iJ 2ODV]RUV]iJ -DSiQ pV
1pPHWRUV]iJ+RJ\2URV]RUV]iJDYLOiJHOOHQ|VV]HHVNYĘNKD
WDOPLNpS]ĘGPpQ\pKH]D](16=KH]LGĘWOHQLGĘNyWDKR]]iWDUWR
]LND]PXWDWMDKRJ\DKHWHNHJ\NRULN|]|VVpJpKH]PLQWQ\ROFD
GLN2URV]RUV]iJLVFVDWODNR]RWW+RJ\*YDJ\*H]FVDNNR]
PHWLND$%LEOLDPiUpYV]i]DGRNyWDLJD]ROMDDPLtJ\KDQJ]LNÄ$
YDGiOODWPHO\HWOiWWiOYROWGHQLQFVW|EEp)|OV]iOODPpO\VpJEĘO
GHYHV]WpEHURKDQ´ -HO

$PDU[LVWDNRPPXQL]PXV±DÄYDGiOODW´
NDODSiFVD
0pJHJ\V]HUV]HUHWQpNYLVV]DWpUQLD]DSRNDOLSV]LVKH]DKROPHJ
M|YHQG|OLNÄ$ViUNiQ\QHNLDGWDHUHMpWWUyQMiWVQDJ\KDWDOPDW
LV´ -HO
$NRPPXQL]PXVpVDV]DEDGNĘPĦYHVVpJV]HUYH]HWHD](16=
HJ\FVDSDWH]WHPEOpPiMDLVYLOiJRVDQPXWDWMD

(16=HPEOpPD
Ä'XSODV]LPEyOXP
D  *OyEXV] 9LOiJXUDORP (] D V]LPEyOXP YDQ D V]DEDGNĘ
PĦYHVSiKRO\RNORJyMiQLVpVD6]RYMHWXQLyIHOVpJMHOpQLVPHJ

WDOiOKDWy$JQy]LVKHUPHQHXWLNiMiEDQQLQFVYpOHWOHQ$IRND
JOyEXV]RQ D YLOiJRW iWIRJy  PDJDV IRNR]DWRW$$65 ± UpJHQ
HOIRJDGRWW VNyW UtWXV ± iEUi]ROMD DPHO\KH] W|EEHN N|]|WW &KXU
FKLOO5RRVHYHOW IRNR]DW pV7UXPDQ +LURVLPDERPEi]iViQDN
PHJJRQGRODWODQViJDEL]RQ\tWMDIRNR]DW WDUWR]WDN OiVG$OEHUW
3LNHJHQHUiOLVOHYHOHÄ+DUPDGLNIRUGXOy´ 
 E  %~]DNDOiV]  9HWpV pV DUDWiV (] D V]LPEyOXP D V]DEDG
NĘPĦYHVpVDNRPPXQLVWDV]LPEyOXPUHQGV]HUEHQLVPHJMHOHQLN
$]RQRVDNH]]HOD¶JDERQDNpYH¶pVD¶KXOOiP]yJDERQDI|OG¶
$ V]DEDGNĘPĦYHVVpJ pV D NRPPXQL]PXV D] LGHROyJLD WHUpQ
PHJOHYĘEL]RQ\RVNO|QEVpJHNHOOHQpUHLVHJ\WĘUĘOV]iUPD]QDN
$WpQ\HNLJD]ROMiNKRJ\DV]RYMHWN|]WiUVDViJIHOVpJMHOpWDKpW
V]DEDGNĘPĦYHV MHOEĘO UDNWiN |VV]H JOyEXV] QDS KROG VDU
Oy NDODSiFVDWHVWYpULVpJHWMHONpSH]ĘSLURVV]DODJYDODPLQWD
SHQWDJUDP V]RYMHWFVLOODJDPHULNDLFVLOODJXJ\DQD] pVDE~
]DNDOiV]$](16=HPEOpPiEDQDNpWLGHROyJLiQDNH]D]D]R
QRVViJDYLOiJRVDQNLIHMH]pVUHMXW
0LQGNpW QDJ\KDWDORP D]RQRV DEEDQ D NpUGpVEHQ ± HOOHQ
WpWEHQ PiV QHP]HWL iOODPRNNDO ± KRJ\ ÄD] iOODPRN I|O|WWL
V]XSHUNDSLWDOLVWD V]HUYH]HWHNSDUDQFViWYHYĘMH OiVG%LOGHUEHUJHU
&)5DNRPPXQL]PXVYH]HWĘL5RXQG7DEOH7ULODWHUDO%L]RWWViJ 
D] (16= D YpJUHKDMWy V]HUYH D WHUYH]HWW YLOiJGLNWDW~UD HOĘIXWi
UD«´ Ä'LH,QVLGHU´N|WHWROG
$ G|QWĘ KHO\]HWEHQ N|]HOL W|UWpQHOPL HVHPpQ\ OHV]  YpJO D
NRPPXQL]PXVW PLQW D V]DEDGNĘPĦYHVVpJ YH]HWĘ HUĘV]DNKDWDO
PiWIRJMiNIHOKDV]QiOQLDYLOiJXUDORPHOpUpVpUH
$] HJ\NRUL 6]RYMHWXQLy ± ÄD YDGiOODW DPHO\ HJ\V]HU YROW pV
PRVWQLQFVGHLVPpWOHV]´±iOODPLFtPHUpQpV]iV]ODMiQPiUPHJ
YROWDNDV]DEDGNĘPĦYHVHNpVV]|YHWVpJHVHLNiOWDOPHJDONRWRWWMH
OHN pV V]LPEyOXPRN$ NDODSiFV VDUOy pV D] |N|O D 6]RYMHWXQLy
LVPHUWV]LPEyOXPDLpVHPEOpPiMDYROW$VDUOyDV]DEDGNĘPĦYHV
KROGVDUOy$NDODSiFVDKDWDORPpVD]HUĘV]DNV]LPEyOXPDDV]D

EDGNĘPĦYHVHNQpO pV D NRPPXQLVWiNQiO HJ\DUiQW$] |N|O H]]HO
D]RQRV
$]XWROVyKiERU~EDQDPLPpJUiQNYiUÄFVRGiONR]QLIRJQDN
DI|OG ODNyL´ -HO D]~MUD IHOpOHGWNRPPXQL]PXVHUHMpQ pV
KDWDOPiQ -HO Ä(]HNHJ\HWpUWHQHNDYDGiOODWWDOHUHMNHWpV
KDWDOPXNDWUHQGHONH]pVpUHERFViWMiN´ -HO $]WiQOHERUXO
WDNDÄYDGiOODW´ D](16= HOĘWWLVpVtJ\LPiGWiNÄ.LPpUKHWĘD
YDGiOODWKR] D](16=KH] ".LWXGMDI|OYHQQLDN]GHOPHWYHOH"´
-HO
$]WiQEHYH]HWLND]ÒMYLOiJUHQGHWDÄYDGiOODW´pVKDPLVSUyIp
WiMiQDNDViWiQLVWD1298625'26(&/2580MiW$NNRUWHOMH
VODPLWDYpJLGĘNSUyIpWiMD6]HQW-iQRVDSRVWROpYYHOH]
HOĘWWHOĘUHOiWRWWÄKDWDOPDWNDSRWW DÄYDGiOODW´±(16= PLQGHQ
W|U]VQpSQ\HOYpVQHP]HWI|O|WW´ -HO

0LWV]yOHKKH]D]eJ"
$] LVPHUW QpPHW 0iULDMHOHQpVL KHO\HQ +HUROGVEDFKEDQ 
EHQDOiWQRNJ\HUHNHND]RURV]WiPDGiVYt]LyMiEDQD]WOiWWiNKRJ\
RURV]NDWRQiNKDWROWDNEH1pPHWRUV]iJWHUOHWpUHpVJDUi]GiONRG
WDN$J\HUHNHNUpPOWHQN|Q\|U|JWHND],VWHQDQ\iQDNKRJ\QH
W|UWpQMHQH]PHJ
$VSDQ\RO*DUDEDQGDOIDOXEDQLJYROWDN0iULDMHOHQp
VHN$]RWWDQLOiWQRNJ\HUHNHNM~QLXViQOiWWiNHJ\Yt]Ly
EDQDM|YĘHVHPpQ\HLW/i]DGiVpVKiERU~YROWDYLOiJEDQOG|]|WW
(J\Ki]DWpVRO\DQYLOiJRWOiWWDNDPHO\EHQ~MUD  DNRPPXQL]
PXVXUDONRGRWW DPHO\D]WiQDÄYDGiOODWQDN´±D](16=QHN±
HJpV]KDWDOPiWpVWUyQMiWiWDGMD 
$] XWROVy LVPHUWWp YiOW ± (J\Ki] iOWDO LV HOIRJDGRWW ± 0iULD
]HQHWHW/XFLDQĘYpU DNLNDSFVRODWEDQiOOW,,-iQRV3iOSiSiYDO
pVHJ\LNHDKiURPHVIDWLPDLOiWQRNJ\HUHNQHN iSUL
OLVpQNDSWD0iULiQDNH]D]]HQHWHtJ\V]yOWÄ1HKDJ\MiWRN

KRJ\EHFVDSMDQDND] HVHPpQ\HNDPLN(XUySiEDQ W|UWpQQHN(]
IpOUHYH]HWpV2URV]RUV]iJQHPWpUPHJDPtJPLQGHQQHP]HWQHN
RVWRUDQHPOHV]2URV]RUV]iJD]RVWRUDPLYHOYHULNDQHP]HWHNHW
2URV]RUV]iJD]HV]N|]DPLWD0HQQ\HL$W\DIRJKDV]QiOQLKRJ\
PHJEQWHVVHDYLOiJRWPHUW2URV]RUV]iJPHJWiPDGMDD1\XJDWRW
pV2URV]RUV]iJJDOIRJ.tQDÈ]VLiEDEHW|UQL«´
0LQW WXGMXN KiURP YLOiJKiERU~W WHUYH]WHN$] XWROVy KiERU~
QDJ\NiRV]WRNR]DYLOiJEDQpVD](16=PLQGHQKDWDOPDWPHJ
NDSKRJ\HOOHQĘU]pVWJ\DNRUROKDVVRQDQHP]HWHNI|O|WW
$WRYiEELDNEDQH]iOOD-HOHQpVHNN|Q\YpEHQÄ$]HJpV]I|OG
FVRGiODWWDOQp]WHDYDGiOODWRWpVLPiGWDDViUNiQ\WPLYHOKDWDO
PDWDGRWWDYDGiOODWQDN,PiGWiNDYDGiOODWRWLVpVtJ\NLiOWRWWDN
.LPpUKHWĘDYDGiOODWKR]".LWXGMDI|OYHQQLDN]GHOPHWYHOH"´
-HO
$]HPEHUHNI|OGUHYHWLNPDJXNDWDNRPPXQL]PXVHOĘWWPHUW
NpV]EHIHMH]QLDKiERU~WpVXUDOPiWpVKDWDOPiWiWDGMDDÄYDGiOODW
QDN´D]D]DV]DEDGNĘPĦYHVVpJQHNMREEDQPRQGYDWHVWOHWpQHN
pVV]HUYH]HWpQHND](16=QHNDEpNpWEL]WRVtWy(J\HVOW1HP
]HWHNQHN'HKRJ\H]HJ\|UG|JLMiWpNH]WD]HPEHUHNQHPYHV]LN
pV]UH
$PLNRU-iQRVD]WPRQGMDÄ,PiGWiNDYDGiOODWRWLVpVtJ\NL
iOWRWWDN.LPpUKHWĘDYDGiOODWKR]".LWXGMDI|OYHQQLDN]GHOPHW
YHOH"´±H]HJ\V]HUĦHQD]WMHOHQWLKRJ\HJ\HWOHQQHP]HWQHNVLQFV
PiUNDWRQDLSRWHQFLiOMDKRJ\KiERU~]]RQYDJ\NLKtYMDD](16=
HWPLYHODQHP]HWHNPLQGHQKDWDOPDWUiUXKi]WDN$NNRUHOpUWpND]
pYV]i]DGRVFpOWDViWiQpVI|OGLVHJtWĘMpQHNÒMYLOiJUHQGMpW
Ä1DJ\]ROy pV NiURPOy V]iMD YROW pV KDWDOPDW NDSRWW KRJ\
QHJ\YHQNpWKyQDSLJMiUWDVVD.iURPOiVUDQ\LWRWWDV]iMiW,VWHQHO
OHQNiURPROWDQHYpWKDMOpNiWpVDPHQQ\ODNyLW$]WLVPHJHQJHG
WpNQHNLKRJ\KDUFRWLQGtWVRQDV]HQWHNHOOHQpVOHJ\Ę]]HĘNHW6ĘW
KDWDOPDWNDSRWWPLQGHQW|U]VQpSQ\HOYpVQHP]HWI|O|WW,PiGQL

IRJMiNĘWDI|OGODNyLPLQGDNLNQHNQHYHQHPiOODYLOiJNH]GHWH
yWDDPHJ|OW%iUiQ\pOHWN|Q\YpEHQ´ -HO
$NNRUPDMGLJpQ\OLND]RO\DQUHJpQ\HNHWpV¿OPHNHWPLQWD
'D9LQFLNyGYDJ\DÄ6]HQWVpJW|UpV´pVV]iPWDODQPiVHKKH]KD
VRQOy¿OPHWpVN|Q\YHWKRJ\DNHUHV]WpQ\VpJHWD](YDQJpOLXPRW
pVD](J\Ki]DWPHJWiPDGMiNpVOHMiUDVViN2O\DQV]tQKi]LHOĘDGi
VRNDWDGQDNDPĦYpV]HWQHYpEHQDPHO\HNDNHUHV]WpQ\HNN|]|WW
IHOKiERURGiVWNHOWHQHN
$ WHOHYt]LyEDQ ~J\QHYH]HWW GRNXPHQWXPV]HUĦ EHV]iPROyNDW
PXWDWQDNEHDWXGRPiQ\OiWV]DWiWNHOWYHDPHO\HND]WEL]RQ\tWD
QiNKRJ\D](J\Ki]WDQtWiVD-p]XV.ULV]WXVV]HPpO\HpVD](YDQ
JpOLXPRN QHP IHOHOQHN PHJ D WpQ\HNQHN VĘW PHJKDPLVtWRWWiN
ĘNHW(]HNHWDEHV]iPROyNDWpVGRNXPHQWXPRNDWWXGDWRVDQDONDO
PD]]iNDKLWDOiiViViUDpVPHJV]QWHWpVpUH
eVDOHJYpJpQDKRJ\3iOPRQGMDÄQ\LOYiQYDOyYiNHOOOHQQLH
DEĦQHPEHUpQHNDNiUKR]DW¿iQDND]HOOHQVpJQHNDNL,VWHQI|Op
HPHONHGLNHVPLQGDI|OpDPLV]HQW6ĘW,VWHQWHPSORPiEDQIRJODO
KHO\HWVD]WiOOtWMDPDJiUyOKRJ\,VWHQ´ 7HVV]
$NiUKR]DW¿DKyQDSRWNDSRWWDKDWDORPKR]DPLKiURPpV
IpOpYDPLWDÄYDGiOODWQDN´ D]$QWLNULV]WXVQDN DGWDND]ÒMYLOiJ
UHQGMpKH]DPLQHN-p]XV.ULV]WXVYLVV]DWpUpVHYHW YpJHW 3iOtJ\
IHMH]LH]WNLÄPHJMHOHQLNDJRQRV]DNLWD]ÒU-p]XVHOV|S|UV]i
MDOHKHOHWpYHOpVPHJVHPPLVtWM|YHWHOpQHNWQG|NOpVpYHO´ 7HVV]

$KiURPpVIpOpYDQWLNULV]WXVLYLOiJXUDOPDDNHUHV]WpQ\HNV]i
PiUD IĘOHJD]XWROVyLGĘNDSRVWRODLV]iPiUDDNLNYpGHOPH]LND
KLWHWpVD](J\Ki]DW YpUHVOG|]WHWpVOHV]$ÄYDGiOODWQDN´PHJ
HQJHGLNKRJ\ KDUFROMRQDV]HQWHNNHOpVOHJ\Ę]]HĘNHW Ä$NLQHN
IOHYDQKDOOMDPHJ$NLPiVWIRJViJEDKXUFROIRJViJEDNHUO
DNLNDUGGDO|ONDUGpOHQKXOOHO(]D]DODSMDDV]HQWHNiOOKDWDWRV
ViJiQDNpVKĦVpJpQHN´ -HO

$]HJpV]YLOiJRQPLQGHQHPEHUOHERUXODYDGiOODWHOĘWWPLQG
DNLQHNDQHYHQLQFVEHtUYDD%iUiQ\pOHWN|Q\YpEH
$IHQWLVRURND]WMHOHQWLNKRJ\PLQGHQNLDNLN|YHWLDYDGiOOD
WRWIHOYHV]LDMHOpWpV,VWHQKHO\HWWDÄYDGiOODW´V]REUiWLPiG
MD|U|NUHHOYpV]

$UyPDLNDWROLNXV(J\Ki]OpWpQHN
DOiiViVDpVOHJ\Ę]pVH
-iQRVDSRVWROD-HOHQpVHNN|Q\YHEHQD]WDSROLWLNDLKDU
FRWiEUi]ROWDDPLWDV]DEDGNĘPĦYHVHNpVV]|YHWVpJHVHLNYtYQDND
YLOiJXUDORPPHJV]HU]pVppUW$-HODERPODV]WyPXQNiWpVD
UyPDLNDWROLNXV(J\Ki]HOOHQIRO\WDWRWWKDUFRWtUMDPHJ
$NLXUDOQLDNDUMDDYLOiJRWQHPWHNLQWKHWHODNpWH]HUpYHVUy
PDLNDWROLNXV(J\Ki]W|EEPLQWHJ\PLOOLiUGWDJMiWyOpVEHIRO\i
ViQDN HWLNXVHUN|OFVL YRQDWNR]iViWyO$ UyPDLNDWROLNXV (J\Ki]
OHJ\Ę]pVpQHN IHODGDWiW D] HJ\Ki]L V]DEDGNĘPĦYHVVpJ YHV]L iW
N|]WNWHROyJXVRNPLQGHQIpOHUDQJ~SDSVĘWSVS|N|NpVNDUGL
QiOLVRNLV
6]Ħ]0iULDVRN]HQHWHWDGRWWDPHO\HNEHQKDQJV~O\R]WDKRJ\
DViWiQHJpV]HQD](J\Ki]pOpUHLVEHQ\RPXOW*\DNUDQPHJWDOiO
KDWyND6]HQWV]pNIHOHOĘVVpJWHOMHVKLYDWDODLEDQGHKHO\LSOpEiQL
iNRQLV
$I|OGEĘONLM|YĘNpWV]DUY~YDGiOODWDPHO\LNEiUiQ\UDKDVRQOtW
GH~J\EHV]pOPLQWDViUNiQ\D]HJ\Ki]LV]DEDGNĘPĦYHVVpJ±KD
PLVSUyIpWiQDNLVQHYH]LN$KDPLVSUyIpWDD]$QWLNULV]WXVpVD]
ÒMYLOiJUHQGXUDHOĘUHOiWKDWyODJD](J\Ki]EyOV]iUPD]yDODNOHV]
Ä1DJ\FVRGDMHOHNHWPĦYHOWD]HPEHUHNV]HPHOiWWiUDW]HWER
FViWRWWOHD]pJEĘO(FVRGiNNDOPHO\HNHWDYDGiOODWV]tQHHOĘWWPĦ
YHOKHWHWWPHJWpYHV]WHWWHDI|OGODNyLW´±PRQGMD-iQRV -HO
 (]]HO|VV]HYiJ3iODSRVWROSUyIpFLiMDLVDNLD]WPRQGMDDNiU

KR]DW¿iUyOÄ-|WWpWDViWiQN|]UHPĦN|GpVpYHOPLQGHQIpOHIHOWĦQĘ
WHWWV]HPIpQ\YHV]WĘMHOpVKDPLVFVRGDNtVpUL´ 7HVV]
6PDJD-p]XVLVtJ\MHOOHP]LEHV]pGpEHQD]$QWLNULV]WXVWÄ7i
PDGQDNXJ\DQLVKDPLVNULV]WXVRNpVKDPLVSUyIpWiNpVQDJ\MHOH
NHWpVFVRGiNDWPĦYHOQHNKRJ\WpYHGpVEHHMWVpNDYiODV]WRWWDNDW
LVKDOHKHWVpJHVYROQD´ 0W
$IHOYLOiJRVXOWPRGHUQHPEHUDNLDPDLLGĘEHQpODNLWD]XUDO
NRGyLQWHOOHNWXiOLViUDPODWPLDWWDWHUPpV]HWI|O|WWLEHQYDOyKLWHW
OHQVpJMHOOHPH]H]]HODM|YHQG|OpVVHOQHPWXGPLWNH]GHQL
$]HVIDWLPDLMHOHQpVHNDODWWLQDSFVRGDNRUXQNVRNHP
EHUHV]iPiUDHONpS]HOKHWHWOHQpVD]DWpQ\LVKRJ\D0iULDMHOH
QpVLKHO\HQ/RXUGHVEDQV]iPWDODQSiUWDWODQRUYRVLEL]RWWViJiO
WDOLJD]ROWJ\yJ\XOiVW|UWpQWPHO\J\DNUDQPLQGHQWHUPpV]HWLW|U
YpQ\WPHJFiIRO6RNDQtJ\YDQQDND]V]HQWRVW\DFVRGiLYDOLVVWE
$W|UWpQHOHPEHQPpJVRKDQHPYROWLO\HQyULiVLOHKHWĘVpJDUUD
KRJ\ D] HPEHUHNHW pV D WiUVDGDOPDW HQQ\LUH EHIRO\iVROMiN PLQW
DKRJ\DWHOHYt]LyWHV]LOHJ\HQD]pUWpNtWpOHWHWLNDHUN|OFVJRQ
GRONRGiVPyGSROLWLNDYDOOiVVWE
&iIROKDWDWODQWpQ\KRJ\UpJHQDW|UWpQHOHPEHQVRKDQHPVLNH
UOWWiUVDGDOPDNDWpVNXOW~UiNDWpYOHIRUJiVDDODWW~J\PHJYiO
WR]WDWQLPLQWD79HOWHUMHGpVHyWD$V]iPtWyJpSW|NpOHWHVHQNL
HJpV]tWHWWHH]HNHWDGROJRNDW
$UyPDLNDWROLNXV(J\Ki]EDQFVDNHJ\NLVKĦPDUDGpNPDUDG
DSiSiYDOpVDYHOHNDSFVRODWEDQPDUDGySDSRNNDOSVS|N|NNHO
pVNDUGLQiOLVRNNDO
$KDPLVHJ\Ki]EDQDPHO\KH]D]HJ\HVOWNHUHV]WpQ\J\OHNH
]HWHN WDUWR]QDN QHP OHV] PiU QDSL V]HQWPLVHiOGR]DW V]HQWiOGR
]iVKDQHPDPDPiUHYDQJpOLNXVSURWHVWiQVROGDOUyOpVEL]RQ\RV
NDWROLNXVSDSRNWyOLV SDSRNSVS|N|NpVNDUGLQiOLVRNLV KĘQYi
J\RWWHJ\VpJHVpV iOOtWyODJ EpNpWKR]yN|]|V~UYDFVRUD

$ NHUHV]WpQ\ HJ\Ki]DN |VV]HYRQiViYDO NHOHWNH]Ę |NXPHQL
NXVHJ\Ki]OpWUHM|WWHOHKHWĘYpWHV]LKRJ\NLQ\tOMRQD]DMWyD]$Q
WLNULV]WXVV]HPpO\HHOĘWWpVDNNRUYLOiJV]HUWHPHJV]QWHWLNDQDSL
iOGR]DWRWpVEHWLOWMiNDUyPDLNDWROLNXV(J\Ki]DW
0LQWPiUPRQGWXNKDDUyPDLNDWROLNXV(J\Ki]QDSLiOGR]DWiW
PHJV]QWHWLND]$QWLNULV]WXVD](J\Ki]DW DYiUDW pVDOHJV]HQ
WHEEHW DOHJV]HQWHEE2OWiULV]HQWVpJHW PHJV]HQWVpJWHOHQtWLpVWD
OiQHJ\HPOpNPĦYHWYDJ\NpSHWYDJ\D]|NXPHQLNXVHJ\Ki]LV
PHUWHWĘMHOpWiOOtWMDIHO
/HJNpVĘEEDNNRUM|QHOH]DW|UWpQHOPLKHO\]HWDPLNRUEHWHOMH
VO=DNDULiVSUyIpWDM|YHQG|OpVHDYpJVĘLGĘNUĘOÄ.HOMIHONDUGD]
pQSiV]WRURPHOOHQVDQHP]HWVpJHPEĘOYDOyIpU¿HOOHQ±PRQGMDD
6HUHJHN8UD±YHUGPHJDSiV]WRUWpVHOV]pOHGQHNDMXKRNpQSH
GLJDERMWiUJ\HUHNHNHOOHQIRUGtWRPNH]HPHWeVDNNRUPDMGD]W|U
WpQLND]HJpV]RUV]iJEDQ±PRQGMDD]ÒU±KRJ\NpWUpV]HOSXV]WXO
pVHOYpV]EHQQHDKDUPDGLNUpV]D]RQEDQPHJPDUDGEHQQHeVpQ
DKDUPDGLNUpV]WWĦ]EHYHWHPpVNLpJHWHPĘNHWPLQWDKRJ\DQNL
pJHWLND]H]VW|WpVPHJWLV]WtWRPĘNHWPLQWDKRJ\PHJWLV]WtWMiND]
DUDQ\DWėPDMGVHJtWVpJOKtYMDQHYHPHWpQSHGLJPHJKDOOJDWRP
ĘWeQD]WPRQGRPPDMG1pSHPYDJ\WHQHNHPĘSHGLJD]WPRQG
MD$]ÒUD]pQ,VWHQHP´ =DN
$]XWiQN|YHWNH]LNDQDJ\KDUFDKRJ\,,-iQRV3iOSiSDPHJ
M|YHQG|OWH$]$QWLNULV]WXVDSiSiWpVDOHJPDJDVDEEUDQJ~OHONL
SiV]WRURNDWHOWiYROtWMD DKRJ\H]OHQQLV]RNRWW 
$UyPDLNDWROLNXV(J\Ki]KR]KĦSDSRNQDNSVS|N|NQHNNDU
GLQiOLVRNQDNpVKtYĘNQHNDNHUHV]WpQ\HOOHQHVYLOiJXUDORPLGHMpQ
IĘSiV]WRUXNQpONONHOOPDUDGQLXN
$QDSLV]HQWPLVHiOGR]DWRWYpUHVOG|]WHWpVPHOOHWWEHWLOWMiNpV
DWLWNRVKHO\HNHQLVpOHWYHV]pO\HVOHV]PHJWDUWDQL,WWNHOOPHJPX
WDWQLDKĦVpJHW,VWHQSDUDQFVRODWiKR] pVD](J\Ki]KR] NLWDUWNL
-p]XVPHOOHWW -HO 

+DD]HPEHULVpJNpWKDUPDGDHOSXV]WXODKRJ\=DNDULiVPRQG
MDDNNRUH]D]HON|YHWNH]ĘKiERU~N±IRUUDGDOPDN±pKtQVpJ±WHU
PpV]HWLNDWDV]WUyIiNpV,VWHQEQWHWĘtWpOHWHN|YHWNH]WpEHQW|UWp
QLNÄ$NNRURO\DQQDJ\J\|WUHOHPOHV]DPLO\HQPpJQHPYROWDYL
OiJNH]GHWpWĘOPLQGPiLJpVQHPLVOHV]´ 0W
$PLNRU=DNDULiVD]WPRQGMD KRJ\D]HPEHULVpJNpWKDUPDGD
PHJKDOHPOpNH]WHW-p]XVXWROVyLGĘNUĘOPRQGRWWEHV]pGpUHÄ$]
(PEHU¿iQDN HOM|YHWHOHNRU ~J\ OHV] PLQW 1Rp QDSMDLEDQ W|UWpQW
$Yt]|]|QHOĘWWLQDSRNEDQHWWHNLWWDNQĘVOWHNpVIpUMKH]PHQWHN
PLQGDGGLJDQDSLJDPtJ1RpEHQHPPHQWDEiUNiEDpVQHPNDS
WDNpV]EHDPtJHOQHPM|WWDYt]|]|QVHOQHPVRGRUWDYDODPHQQ\LW
8J\DQtJ\OHV]D](PEHU¿iQDNHOM|YHWHOHLV´ 0W
(QQHNKDOODWiUDDPRGHUQLVWiNUi]QLIRJMiNDIHMNHWpVD6]HQW
tUiVIHQWLNLMHOHQWpVHLWNDWDV]WUyIDpVIHQ\HJHWʁ]HQHWHNQHNtWpOLN
7HUPpV]HWHVHQ,VWHQDYpJWHOHQV]HUHWHWDYpJWHOHQLUJDORPGHD]
LJD]ViJRVViJLV
,VWHQ LJD]ViJRVViJD PD VDMQRV D] (YDQJpOLXP KLUGHWpVHNRU D
WHPSORPRNEDQHJpV]HQKiWWpUEHV]RUXOWPRQGKDWQiPHOKDOOJDW
MiN6RNNDOLQNiEEDKXPDQLVWDV]DEDGNĘPĦYHVLPpUHJMXWRWWEHD
JRQGRONR]iVEDPpJDOHONLSiV]WRURNQiOLVDPHO\D IHOYLOiJRVXOW
QDJ\NRU~ HPEHUWOWHWWH,VWHQWUyQMiUD6RNKHO\HQKLUGHWQHNHJ\
ÄHQJHGpNHQ\,VWHQW´YDJ\HJ\ÄPHJERFViWyDXWRPDWiW´
$PDLQ|YHNYĘHOOHQĘU]pVRGDIRJYH]HWQLKRJ\DW~OpOpVPLDWW
PDMGQHPPLQGHQNLIHOYHV]LDMHOHW$NLIHOYHV]LDMHOpWpV
LPiGMDDÄYDGiOODW´V]REUiW|U|NUHHOYpV]
7|UWpQHOPQNMHOHQNRUV]DNiEDQÄH]D]DODSMDDV]HQWHNiOOKD
WDWRVViJiQDNDNLNNLWDUWDQDN,VWHQSDUDQFVDL pV-p]XVKLWHPHO
OHWW´ -HO   ėN QHP IRJQDN OHERUXOQL D ÄYDGiOODW´ V]REUD
HOĘWWpVMHOpWDRVV]iPRWQHPYHV]LNIHO
+RJ\NLNOHV]QHNH]HND]WPHJPRQGMDD6]HQWtUiVÄDViUNiQ\
KDUDJUDOREEDQWD]DVV]RQ\HOOHQpVKDUFEDV]iOOWW|EELJ\HUPHNp

YHODNLPHJWDUWMD,VWHQSDUDQFVDLWpVNLWDUW-p]XV .ULV]WXV WDQ~
ViJDPHOOHWW´ -HO
Ä2OWDOPDG pV SDOiVWRG DOi PHQHNOQN y V]HQW ,VWHQDQ\D´ ±
LPiGNR]]iNDNDWROLNXV(J\Ki]EDQ-p]XV.ULV]WXVpGHVDQ\MiW~J\
LVWLV]WHOLNDUyPDLNDWROLNXV(J\Ki]EDQPLQWDFtPPXWDWMDÄ0i
ULDD]ÒMV]|YHWVpJEiUNiMD´
$]$VV]RQ\ 0iULD ±DKRJ\tJpUWpN 7HU ±V]pWWDSRVVDD
NtJ\yQDNDIHMpW,VWHQPLQGHQNLQHNDNL.ULV]WXVDQ\MDSDOiVWMi
QDNDYpGHOPHDODWWiOODQDJ\V]RURQJDWWDWiVDKyQDSD
YLOiJXUDOPDDODWWNO|Q|VYpGHOPHWQ\~MW

0DGRQQDYpGĘSDOiVWWDO
/iVGDNpSHVPHOOpNOHWEHQ

$6]HQWtUiVHUUĘOH]WDYpGHOHPUĘOLVtUD]XWROVyLGĘNNHONDSFVR
ODWEDQ
$WHPSORPIHOPpUpVHÄ$NNRUYHVV]ĘK|]KDVRQOyQiGV]iODWDG
WDNpVD]WPRQGWiN5DMWDPpUGI|O,VWHQWHPSORPiWD]ROWiUWpV
D]RWWLPiGNR]yNDW$WHPSORPHOĘFVDUQRNiWD]RQEDQKDJ\GNLQH
PpUGI|O$QHP]HWHNSUpGiMDOHV]QHJ\YHQNpWKyQDSLJIRJMiND
V]HQWYiURVWWDSRVQL´ -HO
)HOPpUQLDWHPSORPRWpVPHJV]iPROQLD]LPiGNR]yNDWD]WMH
OHQWLKRJ\D]XWROVyLGĘEHQDNHUHV]WpQ\N|]|VVpJ,VWHQNO|Q|V
YpGHOPHDODWWIRJiOOQL


1pKiQ\V]yKR]]iG
,VWHQ YpJWHOHQ V]HUHWHWpYHO pV LUJDOPiYDO DPHO\UĘO D] (YDQJpOL
XPQDJ\UpV]HV]yOHEEHQDN|Q\YEHQDOLJIRJODONR]WXQNPLYHOD
N|Q\YFpOMDpVWpPiMDQHPH]YROW
$]LGĘVUJHWpVPiUHOMXWRWWXQNDEEDDW|UWpQHOPLNRUEDPHO\
UĘO-p]XVD]WPRQGMDÄ$NNRURO\DQQDJ\J\|WUHOHPOHV]DPLO\HQ
PpJQHPYROWDYLOiJNH]GHWpWĘOPLQGPiLJpVQHPLVOHV]´ 0W
 
$N|YHWNH]ĘpYHNEHQV~O\RViWDODNXOiVRNDWIRJXQNiWpOQLRO\D
QRNDWDPLO\HQHNHWSLOODQDWQ\LODJHOVHPWXGXQNNpS]HOQL'H-p
]XV D]W LV PRQGMD Ä9LJ\i]]DWRN QH UpPOG|]]HWHN (QQHN PLQG
PHJNHOOW|UWpQQLH«´ 0W %HNHOON|YHWNH]QLNKRJ\-p]XV
YLVV]DWpUKHVVHQ
7XGRP KRJ\ ,VWHQ V]HUHWHWpUĘO pV LUJDOPDVViJiUyO HEEHQ D
N|Q\YEHQ DOLJ HVHWW V]y 1HP LV V]HUHWQpN HUUĘO EHV]pOQL PLYHO
D]HPEHULV]yPpJPHJN|]HOtWĘOHJVHPWXGMDH]WEHPXWDWQL(OpJ
DIHV]OHWUHSLOODQWDQLpVD]pUWQNHPEHUHNpUWV]HQYHGĘ,VWHQ¿D
W|EEHWPRQGPLQWDPHQQ\LWHPEHULV]yYDOD],VWHQHPEHUHNLUiQWL
V]HUHWHWUĘONLOHKHWQHIHMH]QL
eQLQNiEE-p]XVV]DYDLWLGp]QpP
.pWRO\DQ]HQHWHYDQ-p]XVQDNDPLWPLQGHQHNIHOHWWV]HUHWHN
eVPRVWSiUV]yKR]]iGDNLH]HNHWDVRURNDWROYDVRG
%iUNLYDJ\EiUPLYDJ\DN|YHWNH]ĘNpW]HQHWHW-p]XVV]HPp
O\HVHQKR]]iGLQWp]L(JpV]HQSRQWRVDQLVPHUWpJHG±DKRJ\VHQNL
PiVDI|OG|Q±pV~J\V]HUHWKRJ\WHD]WHOVHPWXGRGNpS]HOQL


Ä6]HUHVVHQJHP~J\DPLO\HQYDJ\´
Ä-p]XVEiWRUtWyV]DYDLKR]]iG´

ª,VPHUHP Q\RPRURGDW KDUFDLGDW OHONHG VDQ\DU~ViJiW WHVWHG


J\HQJpLW 7XGRP J\iYDViJRGDW EĦQHLGHW pV PpJLV D]W PRQGRP
QHNHGÄ$GGQHNHPDV]tYHGV]HUHVVHQJHP~J\DPLO\HQYDJ\´
+DDUUDYiUV]KRJ\DQJ\DOLWLV]WDViJRGOHJ\HQDKKR]KRJ\iW
DGGPDJDGDV]HUHWHWQHNVRKDQHPIRJV]V]HUHWQL+DJ\iYDYDJ\
N|WHOHVVpJHLGWHOMHVtWpVpEHQD]HUpQ\HNJ\DNRUOiViEDQKDJ\DN
UDQHVHOYLVV]DXJ\DQDEEDDEĦQEHDPLWQHPV]HUHWQpOHON|YHWQL
QHPHQJHGHPPHJQHNHGKRJ\QHV]HUHVV6]HUHVVHQJHP~J\
DPLO\HQYDJ\
0LQGHQSLOODQDWEDQpVDPLO\HQKHO\]HWEHQYDJ\EX]JDORPEDQ
YDJ\OHONLV]iUD]ViJEDQKĦVpJEHQYDJ\KĦWOHQVpJEHQV]HUHVVHQ
JHP~J\DPLO\HQYDJ\
6]HJpQ\V]tYHGV]HUHWHWpWDNDURPPHUWKDDUUDYiUV]KRJ\W|
NpOHWHVOpJ\VRKDQHPIRJV]HQJHPV]HUHWQL
1HP WXGQpNHPLQGHQ KRPRNV]HPEĘO HJ\ V]HUiIRW DONRWQL D
WLV]WDViJWyOQHPHVOHONĦVpJWĘOV]HUHWHWWĘOUDJ\RJyW"1HPpQYD
J\RNHD0LQGHQKDWy"eVKD~J\WHWV]HQHD]RNDWDFVRGiODWRVpJL
OpQ\HNHW RWWKDJ\QiP KRJ\ V]tYHG V]HJpQ\HV V]HUHWHWpW HOĘQ\EH
UpV]HVtWVHPQHPpQYDJ\RNHV]HUHWHWHPXUD"
*\HUPHNHPKDGGV]HUHVVHOHNDV]tYHGHWDNDURP,GĘYHOEL]
WRVDQiWIRJODNDODNtWDQLGHPD~J\V]HUHWOHNDPLO\HQYDJ\pVD]W
NtYiQRPKRJ\WHLV~J\V]HUHVVHQJHPDPLO\HQYDJ\(PHONHGM
NLQ\RPRU~ViJRGPpO\pEĘOpVV]HUHVVHQJHP
6]HUHWHPEHQQHGJ\HQJpLGHWLVV]HUHWHPDV]HJpQ\HNpVQ\R
PRU~ViJRVDNV]HUHWHWpW$]WDNDURPKRJ\DQ\RPRU~ViJRVRNWyO
V]DNDGDWODQXOIHOV]iOOMRQDNLiOWiVÄ-p]XVV]HUHWOHN´

(J\HVHJ\HGO V]tYHG GDOiW DNDURP KDOODQL QLQFV V]NVpJHP
E|OFVHVVpJHGUHpVWHKHWVpJHGUH1HNHPFVDNHJ\DIRQWRVV]HUH
WHWWHOOiVVDODNWpJHGGROJR]QL
1HPD]HUpQ\HLGD]RNDPLNHWpQNtYiQRN+DLO\HWDGQpNQH
NHG±RO\DQJ\HQJHYDJ\KRJ\H]HNFVDNKL~ViJRGDWWiSOiOQiN'H
QHDJJyGMH]pUW1DJ\GROJRNDWEt]KDWWDPYROQDUiG±GHQHPWH
KDV]RQWDODQV]ROJDOHV]HOpVpQPpJD]WDNHYHVHWLVDPLGYDQHO
IRJRPYHQQLPHUWpQWpJHGFVDNDV]HUHWHWpUWDONRWWDODN
0DV]tYHGNDSXMiQiOiOORNPLQWHJ\NROGXVpQDNLUiO\RNNLUi
O\D%HNRSRJRNpVYiURN6LHVVDMWyWQ\LWQLQHNHP1HKLYDWNR]]
Q\RPRURGUD+DW|NpOHWHVHQLVPHUQpGQ\RPRU~ViJRGDWPHJKDO
QiODIiMGDORPWyO
$ V]tYHPHW D] VHEH]Qp PHJ KD NpWHONHGQpO EHQQHP pV KLi
Q\R]QDDEL]DORPLUiQWDP$]WDNDURPKRJ\DOHJMHOHQWpNWHOH
QHEEGROJRWLVFVDND]LUiQWDPYDOyV]HUHWHWEĘOWHGG6]iPtWRN
UiKRJ\|U|PHWV]HU]HOQHNHP
1HW|UĘGMD]]DOKRJ\QLQFVHQHNHUpQ\HLG±D]HQ\pPHNHWDGRP
QHNHG+DV]HQYHGQLIRJV]HUĘWIRJRNDGQLKR]]i+DV]HUHWHWHGHW
DGRGRO\DQVRNDWIRJRNQHNHGDGQLKRJ\~J\WXGV]PDMGV]HUHWQL
DKRJ\QHPLViOPRGWDGYROQD0pJLVDUUDJRQGROMKRJ\~J\V]H
UHVVHQJHPDPLO\HQYDJ\
1HNHGDGWDP$Q\iPDW+DJ\MPLQGHQWLJHQPLQGHQWD]ĘWLV]
WDV]tYpQiW+R]]iPMXWQL
%iUPLLVW|UWpQMHQQHYiUMDUUDKRJ\V]HQWWpYiOMKRJ\DV]HUH
WHWQHNiWDGGPDJDGPHUWDNNRUVRKDQHPIRJV]HQJHPV]HUHWQL±
eVPRVWPHQM´ (FFH0DWHU7XDV]±0RQV/HEUXQ
Ä$]$W\DV]HUHWHWV]LNUiLD]|U|NNpYDOyViJyWD´
Ä7XGRG PHQQ\LUH YiJ\LN D]$W\D D WH V]HUHWHWHGUH" 0LO\HQ
QDJ\RQ V]HUHW WpJHG" 1p]] D )LiUD DNLW D NHUHV]WUH NOG|WW pV
KDJ\GKRJ\-p]XVPRQGMD

eUWHGpVD]eQEHOHHJ\H]pVHPPHO0HUWD]$W\DpVeQHJ\HN
YDJ\XQNpVD]$W\DVHPPLWQHPWHV]D)L~QpONOpVIRUGtWYDLV
tJ\YDQH]+DWpJHGPLQWHJ\HWOHQHPEHUWDONRWRWWYROQDDI|OG|Q
DNNRULVH]WWHWWHYROQD0HJNHOOHWWWpJHGYiOWDQLNLYiOWDQL
)iUDGR]RWWYROQDYHOHGQHPWHNLQWKHWHWWYROQDHO)LDIiMGDOPi
WyOKDQHPDONRWRWWYROQDPHJWpJHG"
+DOOJDVGPDJiYDOUDJDGyYiODV]iW
7HQHPDVHPPLEĘOM|VV]KDQHPD]$W\DD]ė|U|NWĘOYDOyWHU
YHV]HULQWJRQGROWEHOH7pJHGHEEHDSLOODQDWEDWHUYpEHV]HUHWHWp
QHNV]LNUiMDNpQW±1HPNHOOPHJpUWHQHGGHPiUUpJHQPHJYROWiO
pVEHN|OW|]WpO,VWHQV]HUHWHWpQHNWLWNiED0HUWKDeQpVD]$W\DD
6]HQWOpOHNEHQHJ\HNYDJ\XQNpVWH%HQQHPPDUDGV]DNNRUWHOMH
VHQHJ\YDJ\9HOHPD]$W\iYDOpVD6]HQWOpOHNNHO
$NLPHJWXGMDpUWHQLpUWVHPHJ©
Ä*HKXQGYHUNQGHZDVLFKGLUJHVDJWKDEH´±Ä0HQMpVKLUGHVG
DPLWPRQGWDPQHNHG´52UWQHU6DOYDWRU0XQGL9HUODJ



8WyV]y
(-RVHI+XEHUDMiQOiVD

9iOViJKDQJXODWXUDOMDPDDYLOiJRW(J\LNYiOViJDPiVLNXWiQW|U
NL EDQNYiOViJ NHUHVNHGHOPL YiOViJ PXQNDQpONOLVpJ H]HNKH]
FVDWODNR]LN PpJ D] pJKDMODW IHOPHOHJHGpVH D] XWiQD N|YHWNH]Ę
WHUPpV]HWLNDWDV]WUyIiNNDO$NRQÀLNWXVRNVHPpUQHNYpJHWD.|
]HO.HOHWHQ3DOHV]WLQiWyO3DNLV]WiQLJ«$PLWDJD]GDViJLpVSROL
WLNDLSUREOpPiNPHOOHWWVRNDQHOIHOHMWHQHND]D]HPEHULVpJPR
UiOLVpVYDOOiVLYiOViJDDPLVRNNDOPpO\HEEUHQ\~OLNpVDEDMRN
OHJIĘEERND$V]HU]ĘNtPpOHWOHQOIHOIHGLDPRGHUQYLOiJQDNH]WD
YiOViJiWDPHO\PiUDUHQHV]iQVV]DOpVDÄUHIRUPiFLyYDO´HONH]GĘ
G|WWDIHOYLOiJRVRGiVVDOpVDIUDQFLDIRUUDGDORPPDOIRO\WDWyGRWW
PDMGHJ\PpJURVV]DEEIRUPiEDQMHOHQWNH]HWWD]HVV]RYMHW
RNWyEHULIRUUDGDORPPDOpVPRVWIRJDFV~FVSRQWMiUDpUNH]QL'H
PLQGHQHNHOĘWW PHJPXWDWMD ± -iQRV DSRVWRO -HOHQpVHN N|Q\YpEĘO
NLLQGXOYD±PLUHMWĘ]LNPLQGH]HNP|J|WW1HPULDGYLVV]DDWWyO
VHPKRJ\DNRPPXQL]PXVY|U|VViUNiQ\iWpVDV]DEDGNĘPĦYH
VHNYDGiOODWiWPHJQHYH]]H
$NDWROLNXVRNV]iPiUDPHJUi]yD](J\Ki]RQEHOOLV]DEDGNĘ
PĦYHVVpJ LVPHUWHWpVH DPHO\ PHJPXWDWNR]LN D NDWROLNXV QpPHW
ODLNXVRN 6]HQWV]pN HOOHQL HQJHGHWOHQVpJpEHQ pV D] |NXPHQLNXV
PR]JDORPEDQPHO\HNHOPRVViNDNO|QEVpJHWDNDWROLFL]PXVpV
DSURWHVWDQWL]PXVN|]|WW,GHWDUWR]LNPpJD]LVKRJ\DV]DEDGNĘ
PĦYHVVpJDYLOiJXUDORPPHJV]HU]pVpYHOSiUKX]DPRVDQHJ\VpJHV
YLOiJYDOOiVEHYH]HWpVpUHW|UHNV]LND](16=UpV]YpWHOpYHO
6DMQRVHJ\HWNHOOpUWHQQNDV]HU]ĘYHOKRJ\DUHQJHWHJIHQ\H
JHWĘMHOD]$QWLNULV]WXVN|]HOLXUDONRGiViUDXWDO(QQHND]tUiVQDN
D] HUHGHWL FpOMD PpJVHP D] KRJ\ IpOHOPHW NHOWVHQ KDQHP KRJ\
ÄD]WDNLVQ\iMDW´DPHO\LNPpJKĦD](J\Ki]KR]KLWpEHQPHJHUĘ
VtWVHVtJ\DM|YĘYLKDURNDWiOOYDEL]DORPPDONLWDUWVDQDNDNDWDV]W
UyIiNYpJpQYLVV]DWpUĘÒUPHOOHWW
(GXDUG-RVHI+XEHU

,URGDORPMHJ\]pN
/HR.DUGLQDO6FKHIIF]\N'U3HWHU&KULVWRSK'UHQ(QWVFKLHGHQHU
*ODXEH ± EHIUHLHQGH :DKUKHLW 6WHOOD 0DULV 9HUODJ ' ± 
%XWWHQZLHVHQ
'LH%RWVFKDIWHQGHU)UDXDOOHU9|ONHU0LULDP9HUODJ'±
-HVWHWWHQ
-0+|FKW'LHJUR‰H%RWVFKDIWYRQ/D6DOHWWH&KULVWLDQD9HUODJ
&+±6WHLQDP5KHLQ
00OOHU,FKELQ0DULD'LH0DNHOORVH±'LH%RWVFKDIWHQYRQ
6LHYHUQLFK)H0HGLHQYHUODJ*PE+'±.LVVOHJJ
1+RPXWK9RUVLFKWgNXPHQH1UQEHUJ6HOEVWYHUODJ
*$OOHQ'LH,QVLGHU%GXQG9$39HUODJ:LHVEDGHQ
0VJU 2 0LFKHOLQL 1LFKW LFK PHLQH 6|KQH KDEH GLHVH 6WXQGH
JHZROOW :HUN GHU %DUPKHU]LJHQ /LHEH &+ ±  *URVVWHLO
*LVZLO2:
52UWQHU*HKXQGYHUNQGHZDV,FKGLUJHVDJWKDEH9HUODJ6DO
YDGRUPXQGL$±*DPLQJ.DUWlXVHUVWU
6XQG.+DKQ8QVHU:HJQDFK5RP&KULVWLDQD9HUODJ&+±
6WHLQDP5KHLQ
6HNUHWlUH YRP $SRVWRODW GHU .OHLQHQ 6HHOHQ &+ ± :HUN GHU
%DUPKHU]LJHQ/LHEH)OHOL5DQIW±:%/'±:HUNGHU.OHLQHQ
6HHOHQ2FKVHQKDXVHQ±:.6 'HLQH7DJHVLQGJH]lKOW
7 XQG 0 )O\QQ 'RQQHU GHU *HUHFKWLJNHLW 0HGLDWUL[9HUODJ
=LVFKNLQ &R*PE+$±6W$QGUl:|UGHUQ
0$GOHU 'LH 6|KQH GHU )LQVWHUQLV  7HLO 'LH JHSODQWH :HOW
UHJLHUXQJXQG7HLO:HOWPDFKW=LRQLVPXV0LULDP9HUODJ'±
-HVWHWWHQ

0$GOHU'LHDQWLFKULVWOLFKH5HYROXWLRQGHU)UHLPDXUHUHL0LULDP
9HUODJ'±-HVWHWWHQ
0DULDQLVFKH3ULHVWHUEHZHJXQJ$QGLH3ULHVWHUGLHYLHOJHOLHEWHQ
6|KQH GHU 0XWWHUJRWWHV %OXPHQIHOG 6KOR‰VWU  ' ± 
7HQJHQ
.RQJUHJDWLRQGHU0XWWHUJRWWHVGHU%DUPKHU]LJNHLW7DJHEXFKGHU
6FKZHVWHU0DULD)DXVW\QD.RZDOVND3DUYLV9HUODJ&+±
+DXWHUYLOOH

0DJ\DUNLDGiV~N|Q\YHN

6FRWWpV.LPEHUO\+DKQ0LQGHQpUY5yPiEDYH]HW 6]HQW,VWYiQ
.LDGy%S 
)HNHWH6iQGRU3iO$%ROGRJViJRV6]Ħ]0iULD/D6DOHWWHLPHJMH
OHQpVHpVM|YHQG|OpVH 0pUĘYHVV]Ę.LDGy 
)DXV]WLQD.RZDOVND1DSOy PDJiQNLDGiV(JHU 
'RQ *REEL $ SDSRNKR] 6]Ħ]DQ\iQN V]HUHWHWW ¿DLKR] 0iULiV
3DSL0R]JDORP 
2WWDYLR0LFKHOLQL7HWXGRGKRJ\V]HUHWOHN 3D[.LDGy(V]WHU
JRP 
,GD3HHUGHPDQ$0LQGHQ1pSHN$VV]RQ\iQDN]HQHWHL .pW6]tY
.LDGy%S 



You might also like