Professional Documents
Culture Documents
)
8Gw9>IDH
AVZY^X^cnXddgY^cVX^c\ZcZgVaYZaa^Wgd]VZhiVYdVXVg\dYZAVggV^io6aijcV#AVeg^bZgVeVgiZYZaa^Wgd!
XdcXgZiVbZciZZaXVeijadhdWgZZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiVZhjcVVYVeiVX^cYZaVigVYjXX^cXVhiZaaVcV
YZaa^WgdÆAVc`^YZioV/6g^obZcY^Vgg^ZiVgZcZgVaYV`ZiVegd^Z`ijVÇZhXg^idedg6^cVgVJYVdcYd!:jcViZ:a^d!D^]VcV
<VgXV!CZgZV6\^ggZ!?dhZWV6o`VggV\Vn?dcHVgVhjV#AVhZ\jcYVeVgiZYZaa^WgdYZY^XVYVVaVgZXdchigjXX^c
]^hig^XVYZaVZmeZg^ZcX^V]VZhiVYdWVhVYVZcZaegdnZXidYZ[^cYZXVggZgVYZO^\dg:oeZaZiVZ>io^VgDiVd#
:c aV iZgXZgV eVgiZ YZa a^Wgd ]V ]VW^Yd cjbZgdhVh eVgi^X^eVX^dcZh# :c Za XVeijad YZY^XVYd V aV 6gi^XjaVX^c
>ciZgXddeZgVi^kV]VeVgi^X^eVYd:jcViZ:a^d#:cZaXVeijadhdWgZadhbdYZadhYZ\Zhi^c]VeVgi^X^eVYd>^\d
>jggViZ\^0iVbW^chZ]VcVYVeiVYdeVgiZhYZaa^WgdÆAVeVgi^X^eVX^cZcaVZbegZhVÇYZD^]VcV<VgXV#6^c]dV
AVggVV\V]VeVgi^X^eVYdZcZaXVeijadhdWgZadhâg\VcdhHdX^VaZh#?dcHVgVhjVZcZaXVeijadhdWgZadheg^cX^e^dh
XddeZgVi^kdh#6hjkZo!:cZg^ioEV\VaYVn]VeVgi^X^e^VYdZcZaXVeijadhdWgZZaXdbegdb^hdhdX^VaXddeZgVi^kd#
:aXVeijadi^ijaVYdÆHZci^YdhXdaZXi^kdhnhjZkdajX^cÇ]Vh^YdZaVWdgVYdedg?dhZWV6o`VggV\V#Edgai^bd!Za
XVeijad[^cVaYZcdb^cVYdÆBdcYgV\dcZcjccjZkdh^\adÇ]Vh^YdZhXg^idedg?dcHVgVhjV#
A6C@>"=J=:O>
BdcYgV\dcJc^WZgih^iViZV!9dgaZiV6jodVh$c!'%*)%:h`dg^VioV
J[b\ede0.)(,&)&*,
mmm$bWda_$Yeef
:[fib[]Wb0HH"&+(("'%%-
?I8D0 .,-"-)"+%-"%-()"(
:_i[eocWgk[jWY_d09^"9V@dbjc^`V`o^dVlll#Y^"YV#Xdb
:_i[eZ[fehjWZW0?dhZWV6iiVgY9^"9V
?cfh_c[0<Zgij!DVi^
2ECONOCIMIENTO s .O #OMERCIAL s #OMPARTIR BAJO LA MISMA LICENCIA %SPA×A
KIJ;:;IB?8H;:;0
8de^Vg!Y^hig^Wj^gnXdbjc^XVgeWa^XVbZciZaVdWgV#
=VXZgdWgVhYZg^kVYVhWV_daVhXdcY^X^dcZhh^\jZciZh/
H[YedeY_c_[dje$9ZWZgZXdcdXZgadhXgY^idhYZaVdWgVYZaVbVcZgVZheZX^[^XVYVedgZaVjidgdZaa^XZcX^VYdg
eZgdcdYZjcVbVcZgVfjZhj\^ZgVfjZi^ZcZhjVednddVednVcZajhdfjZ]VXZYZhjdWgV#
De9ec[hY_Wb0CdejZYZjhVghZZhiZigVWV_dXdc[^cZhXdbZgX^VaZh
9ecfWhj_hXW`ebWc_icWb_Y[dY_W0H^VaiZgVdigVch[dgbVZhiVdWgV!d\ZcZgVjcVdWgVYZg^kVYV!hadejZYZY^hig^Wj^gaVdWgV\ZcZgVYVWV_djcVa^XZcX^V^Yci^XVVhiV#
'%%-!YZAVggV^io6aijcV
'%%-!YZaVZY^X^c>chi^ijidYZZhijY^dhXddeZgVi^kdhAVc`^
8W_bWhWX[h[p_n[Zea"]kaX[^_n[aXWjp[d[jW
XkhZ__[\kdZ_hkj[dXWj[hW_aWi_][_nkWd$
C$F$=7BB7IJ;=?
FWhWgk[bei^ecXh[iock`[h[ii[WdZk[eiZ[ik
fhef_eZ[ij_deZ[X[dj[d[hkdWÇci_YWÇ_dj[h_eh$
I_bWc[beZW[ibWZ[bZ_d[heo[bZ[i[eZ[l_l_hYed
YeceZ_ZWZ[i_b_c_jWZWi"dei[feZh|djhWdi\ehcWh
bWi[ijhkYjkhWi$
7$=EHHEyE=E?J?7
7[nf[h_
dY_WlWiYWZ[kWb]kcei[b[c[djeifWhW
WYh[Z_jWhWifei__b_ZWZ[iYedYh[jWiZWWkje][ij~e
ZWi[cfh[iWi$
F;:HE9H?IJE<<EB?
Cel_c[djeZ[JhWXW`WZeh[ihkhWb[iI_dJ_[hhW#CIJ
BWWkje][ij_d"[bYeef[hWj_l_ice"[ikdWWYj_jkZ"
kdW\ehcWZ[[ijWh[dbWl_ZW0i[hfhejW]ed_ijWi"
ik`[jeioYedjWhYedbWYed\_WdpWfWhWWXehZWhbei
h[jeif[hiedWb[i"ieY_Wb[io[Yedc_Yei$;ikd
WYjeZ[ieX[hWdW_dZ_l_ZkWboYeb[Yj_lW$
7D:ED?CK@?A7
Índice
?djheZkYY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'-
10 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
??$ F7HJ;0 >?IJEH?7
($ Beieh][d[i$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$.+
'$ 7dj[Y[Z[dj[iYeef[hWj_lei$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$..
&#& HjhigVidhXjaijgVaZhXddeZgVi^kdh##################################################################################################--
&#' AdhkVhXdh!ZaYZgZX]de^gZcV^XdnaVhgZaVX^dcZhYZegde^ZYVY##################################################-.
&#( :abdYZgcdXddeZgVi^k^hbdkVhXd#################################################################################################.&
($ 7dj[Y[Z[dj[i_dZkijh_Wb[i$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$/)
)$ 7hhWiWj[#CedZhW]d[dbeiWei)&0bkY^WZ[YbWi[ioYed\b_Yj_l_ZWZieY_Wb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$/-
*$ Bei[ijhW]eiZ[bW]k[hhWobWfei]k[hhW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$/.
+$ 9h[Y_[dZeXW`ebeih_]eh[iZ[bWZ_YjWZkhW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$//
,$ 7h_pc[dZ_Whh_[jW0kdb_Z[hWp]ei_d]kbWh$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'&&
-$ ?dj[djWdZejhWdi\ehcWhbW[cfh[iW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'&*
)$ :[bWifh_c[hWiYeef[hWj_lWiWbfheY[ieZ[[nfWdi_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'&-
'$ Kb]eh0bWYeef[hWj_lWjhWYjehW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$''&
&#& Eg^bZgdheVhdh################################################################################################################################&&%
&#'# EdgaVhZcYVYZaVY^kZgh^[^XVX^c#################################################################################################&&&
&#( Ja\dg/AYZgngZ[ZgZciZ################################################################################################################&&)
($ JWbb[h[i7hhWiWj[Yeef[hWj_lW_dZkijh_Wb0kdWi[]kdZWfheceY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$''+
)$ 9W`WBWXehWbFefkbWh0Yeef[hWj_l_pWdZe[bW^ehhe$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'',
(#& EgdedcZgnVXijVg############################################################################################################################&&+
(#' :ahZgk^X^dYZegZk^h^chdX^Va#######################################################################################################&&,
(#( 6ednd^cXdcY^X^dcVaYZaVhXddeZgVi^kVhnYZaVedWaVX^c##########################################################&&,
(#) EVeZaXd]Zh^dcVYdg##########################################################################################################################&&-
(#* 6eZgijgVYZcjZkdh]dg^odciZh######################################################################################################&&.
*$ BW :_l_i_d [cfh[iWh_Wb Z[ 9BF0 _dijhkc[dje Z[ Z[iWhhebbe
Yeckd_jWh_eofheceY_dYeef[hWj_lW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'(&
+$ BW]kd7he0bWYeX[hjkhWieY_WbYeef[hWj_lW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'()
*#& :aeg^bZgh^hiZbVYZXdWZgijgV####################################################################################################&'(
*#' JccjZkdbdYZadb{hhda^YVg^d####################################################################################################&')
,$ ;bZ_dWc_iceYeef[hWj_leZ[beiWei,&$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'(,
+#& AVcV/aV&¯XddeZgVi^kVV\gXdaV####################################################################################################&'+
+#' :gdh`^/aVXddeZgVi^kVYZXdchjbd###############################################################################################&',
+#( 6jodAV\jc/igVWV_dXddeZgVi^kdeVgVbj_ZgZh###########################################################################&'.
+#) 6aZXde/ZmeZg^ZcX^VaVWdgVanXddeZgVi^kVeVgVZhijY^VciZh#######################################################&(%
+#* >`ZgaVc/XZcigdYZ^ckZhi^\VX^c#####################################################################################################&(&
-$ ;lebkY_dZ[bWfheceY_dYeef[hWj_lW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'))
*$ 9h_i_i[Yedc_YWoh[Yedl[hi_d_dZkijh_Wb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$')-
'$ 9h_i_i[d[h]j_YWoh[Y[i_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'*&
&#& GZeZgXjh^dcZhZcZaEVhKVhXdnZcZa<gjed8ddeZgVi^kd########################################################&)'
ÞC9>8: 11
($ ?dj[hYeef[hWY_d0c[YWd_iceiZ[ieb_ZWh_ZWZZ[djheZ[b]hkfeYeef[hWj_le$$$$$$$$$$$$$$$$$$$$$$$$$$'*)
'#& BZY^YVhVea^XVYVhedgaVhXddeZgVi^kVh#####################################################################################&))
'#' 6XX^dcZhVea^XVYVhYZcigdYZadh<gjedh8dbVgXVaZh#############################################################&))
'#( BZY^YVhhda^YVg^VhYZAV\jc6gd#############################################################################################&)+
'#) 6njYVhd[gZX^YVhedg8V_VAVWdgVa############################################################################################&)-
)$ :[XWj[_Z[eb]_YeWbWbkpZ[bWjhWdi_Y_dYkbjkhWb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'+'
(#& Adh igb^cdh YZa YZWViZ##########################################################################################################&*&
(#' AV^ciZgkZcX^cYZaV^\aZh^V######################################################################################################&*(
(#( AV]jZa\VYZ&.,)######################################################################################################################&*)
+$ :[bc[hYWZed_Ye[khef[eWbc[hYWZe]beXWb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'+-
'$ :[bWh[Y[i_dWb\ehjWb[Y_c_[dje[Yedc_Ye$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$',&
($ BWeh]Wd_pWY_dYeef[hWj_lW0CedZhW]d9ehfehWY_d9eef[hWj_lWC99$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$',)
)$ Bei\edZei_dj[hYeef[hWj_lei$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$',,
*$ CedZhW]edKd_X[hji_jWj[WCK$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$',.
+$ JhWdi\ehcWY_ed[i[d[bi[deZ[bWiYeef[hWj_lW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$',/
*#& 6bea^VX^cYZaVWVc^XdhVaVg^Va####################################################################################################&+.
*#' >cXgZbZcidYZadhigVWV_VYdgZhXdcigViVYdhnaV[^\jgVYZahdX^diZbedgVa##############################&,%
*#( >beaVciVX^cYZcjZkdhh^hiZbVhYZXVa^YVY!egdYjXX^cneVgi^X^eVX^c##################################&,%
*#) >ciZgcVX^dcVa^oVX^c########################################################################################################################&,&
,$ 9bWl[iZ[bW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]ed$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'-+
'$ DWY_c_[djeoZ_dWc_ice_d_Y_Wb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'-.
&#& A^YZgVo\d##########################################################################################################################################&,-
&#' KVadgZh!^YZci^YVYXdaZXi^kVnXdc_jcidcdgbVi^kd######################################################################&,.
&#( 8Ve^iVah^bWa^XdnVggV^\dhdX^Va#################################################################################################&,.
&#) JciZggZcdVWdcVYd########################################################################################################################&-%
&#* 8ViVa^oVYdgYZZcZg\VhhdX^VaZh##################################################################################################&-&
&#+ JcbZgXVYdZmigZbVYVbZciZegdiZXX^dc^hiV###############################################################################&-'
($ <ehjWb[Y_c_[djeoYedieb_ZWY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'.(
'#& :[^X^ZcX^VZbegZhVg^Va####################################################################################################################&-'
'#' 8VeVX^YVYYZVYVeiVX^c############################################################################################################&-(
'#( 8dcXZcigVX^c\Zd\g{[^XVnXd]Zh^c^ciZgcV###############################################################################&-(
'#) BVcXdbjcVX^cYZaigVWV_dVhdX^VYd##########################################################################################&-*
'#* 8Ve^iVa^oVX^cYZgZhjaiVYdh##########################################################################################################&-*
'#+ BZXVc^hbdhYZ^ciZgXddeZgVX^c##################################################################################################&-+
'#, :ci^YVYZhYZhjegVZhigjXijgV#######################################################################################################&-,
12 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
???$ F7HJ;0 H;7B?:7:
-$ 7hj_YkbWY_d?dj[hYeef[hWj_lW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'/'
'$ BeiWdj[Y[Z[dj[iZ[bW_dj[hYeef[hWY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'/*
&#& 8V_VAVWdgVa###############################################################################################################################&.)
&#' AV9^k^h^c:begZhVg^VaYZ8V_VAVWdgVa#################################################################################&.*
($ ;b fh_c[h ]hkfe YecWhYWb0 KbWhYe$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'/,
'#& 8dbegdb^hdXdcaVhdX^ZYVY####################################################################################################&.+
'#' :hiVijidhYZJaVgXd####################################################################################################################&.,
'#( :higjXijgVdg\{c^XVYZa\gjed###################################################################################################&.-
'#) AVgZXdckZgh^cYZgZhjaiVYdh###################################################################################################&.-
)$ Bei]hkfeiYecWhYWb[i$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'//
(#& CjZkdXdciZmidhdX^dZXdcb^Xd################################################################################################&..
(#' CVijgVaZoVYZadh\gjedhXdbVgXVaZh#######################################################################################'%&
*$ ;b]hkfeYeef[hWj_leCedZhW]d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(&'
)#& 6ciZXZYZciZh####################################################################################################################################'%'
)#' Eg^bZgVh^chi^ijX^dcZhXdbjcZh##############################################################################################'%'
)#( Adh \gjedh XdbVgXVaZh Zc &..%##############################################################################################'%*
+$ CedZhW]d9ehfehWY_d9eef[hWj_lW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(&.
*#& :aiZgXZg8dc\gZhd8ddeZgVi^kd#################################################################################################'%.
*#' AVZhigjXijgVdg\Vc^oVi^kVYZB88##########################################################################################'&%
*#( :aXZcigdXdgedgVi^kd#################################################################################################################'&&
*#) Adh<gjedh8dbVgXVaZhZcaVcjZkVdg\Vc^oVX^c#################################################################'&'
,$ BW h[[ijhkYjkhWY_d Z[b Üh[W ?dZkijh_W$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(')
-$ ;ijhkYjkhWeh]|d_YWZ[CedZhW]ed$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$('*
,#& 8dc\gZhd8ddeZgVi^kd#################################################################################################################'&)
,#' 8db^h^cEZgbVcZciZ################################################################################################################'&+
,#( 8dchZ_d<ZcZgVa#########################################################################################################################'&,
.$ <edZei_dj[hYeef[hWj_lei$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$('.
-#& ;dcYd8ZcigVaYZ>ciZgXddeZgVX^c;8>#################################################################################'&.
-#' ;dcYdYZ:YjXVX^cnEgdbdX^c>ciZgXddeZgVi^kd;:E>######################################################''%
-#( ;dcYdYZHda^YVg^YVY8dgedgVi^kV;H8####################################################################################''%
.$ CeZ[beiZ[][ij_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(('
'$ :[bjWobeh_iceWbWfWhj_Y_fWY_d[dbW][ij_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$((*
&#& AVheg^bZgVh^c^X^Vi^kVh#################################################################################################################''*
&#' Eg^bZgbdYZadYZ\Zhi^cXdgedgVi^kd########################################################################################''-
($ I[]kdZeceZ[beZ[][ij_dYehfehWj_le$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$()&
'#& JcbdYZadYZ\Zhi^cXdcgVh\dhegde^dh#################################################################################'(&
)$ EfY_ed[ifWhWkdWWkje][ij_d_dj[]hWb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$())
*$ KdceZ[beZ[ceYh|j_YeXWiWZe[dbWfWhj_Y_fWY_d_dj[]hWb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$()+
+$ BWfWhj_Y_fWY_dieij[d_Xb[0jhWXW`e"\Wc_b_Woj_[cfeb_Xh[$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(),
,$ KdceZ[beZ[fWhj_Y_fWY_dZejWZeZ[i[dj_ZeieY_Wb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$()-
ÞC9>8: 13
/$ ãh]Wdei IeY_Wb[i$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$()/
'$ ;bieY_eYeef[hWj_l_ijW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(*(
&#& 9ZgZX]dhndWa^\VX^dcZhYZadhhdX^dh#######################################################################################')(
&#' HdX^dhnigVWV_VYdgZhedgXjZciVV_ZcV#######################################################################################')*
&#( :ahdX^diZbedgVa############################################################################################################################')+
($ Beih]WdeiieY_Wb[i$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(*-
'#& 6hVbWaZV<ZcZgVa##########################################################################################################################')-
'#' 8dchZ_dGZXidg################################################################################################################################'*'
'#( 8db^h^cYZK^\^aVcX^V####################################################################################################################'*+
'#) 8dchZ_dHdX^Va##################################################################################################################################'*,
'#* 8dchZ_dYZ9^gZXX^cn<ZgZcX^V#################################################################################################'*.
)$ C_hWdZeWb\kjkhe$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(,(
'&$BeiZ_[pfh_dY_f_eiYeef[hWj_lei$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(,)
'$ B_Xh[WZ^[i_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(,,
($ Eh]Wd_pWY_dZ[ceYh|j_YW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(,.
)$ IeX[hWdWZ[bjhWXW`e$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(-'
*$ 9Wh|Yj[h_dijhkc[djWboikXehZ_dWZeZ[bYWf_jWb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(-)
+$ FWhj_Y_fWY_d[dbW][ij_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(-*
,$ Ieb_ZWh_ZWZh[jh_Xkj_lW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(-,
-$ ?dj[hYeef[hWY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(-/
.$ JhWdi\ehcWY_dieY_Wb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(.'
/$ 9Wh|Yj[hkd_l[hiWb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(.*
'&$ ;ZkYWY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(.,
''$Beii[dj_ZeiYeb[Yj_leioik[lebkY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(./
'$ J_[cfeWYjkWb"kdj_[cfeZ[jhWdi\ehcWY_ed[i[ijhkYjkhWb[ioYh_i_iZ[i[dj_Ze$$$$$$$$$$$$$$$$$$$$$$$(/(
($ 7b]kdWiYbWl[ifWhW[dj[dZ[hbWYh_i_i$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(/*
'#&JcVXdchiZaVX^c^YZda\^XVegdWaZbVi^oVYV################################################################################'.*
'#'8VbW^dhhdX^VaZhZceZgheZXi^kV]^hig^XV###############################################################################'.+
'#(9ZaVXdbjc^YVYXddeZgVi^kVVaVVhdX^VX^cXdgedgVi^kV#######################################################'.-
'#)IgVch[dgbVX^dcZhZcaVZbegZhVXVe^iVa^hiV!Xg^h^hYZ^YZci^YVY###############################################(%%
'#*9[^X^iZYjXVi^kd##############################################################################################################################(%&
)$ H[ifk[ijWiWdj[bWf[hfb[`_ZWZ$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)&(
*$ KdWj[i_ioZeY[WÓhcWY_ed[iieXh[dk[ijhefWiWZe"fh[i[dj[o\kjkhe$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)&*
'($9ecfhec_ieIeY_Wb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)&/
'$ ;bYecfhec_ieZ[bWiYeef[hWj_lWiobWW][dZWZ[bWh[ifediWX_b_ZWZieY_WbYehfehWj_lW$$$$$$$$$$)'(
($ 9h[WY_dZ[[cfb[eoZ_ijh_XkY_dZ[bWh[djW$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)')
14 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
'#& :kdajX^cYZaZbeaZd##################################################################################################################(&)
'#' :beaZdXddeZgVi^kd########################################################################################################################(&*
'#( 8gZVX^dcYZZbeaZd!Y^hig^WjX^dcYZg^fjZoVZ^ciZgkVadgZig^Wji^kd###########################################('%
)$ :_ijh_XkY_dZ[\edZeiYeef[hWj_lei$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)('
(#&;dcYdYZ:YjXVX^cnEgdbdX^c8ddeZgVi^kV############################################################################('&
(#' :_ZbeadhYZY^hig^WjX^cYZa;:E8###############################################################################################(''
(#( ;dcYdYZ:YjXVX^cnEgdbdX^c>ciZgXddeZgVi^kV#####################################################################('.
(#) EZgheZXi^kVhYZ[jijgd###############################################################################################################((%
')$?dj[hdWY_edWb_pWY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)))
'$ ;ijhkYjkhWYeef[hWj_lW_dj[hdWY_edWb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)),
($ 9WhWYj[hij_YWiZ[bW_dj[hdWY_edWb_pWY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)).
'#& DW_Zi^kdhnkVhYZZmeVch^c#######################################################################################################()%
'#' EVcdg{b^XVbjcY^VaYZBdcYgV\dc##############################################################################################()'
)$ BW_dj[hl[dY_dZ[b9[djheYehfehWj_le[d[bfheY[ieZ[_dj[hdWY_edWb_pWY_d$$$$$$$$$$$$$$$$$$$$$$$$$$$$)*+
*$ FWhj_Y_fWY_doZ[ceYhWY_W[cfh[iWh_Wb$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)*-
+$ BWZ_WbYj_YW[djh[Yeef[hWj_lWioieY_[ZWZ[iWdd_cWi$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)+&
,$ >WY_WkdW\hckbWfhef_W$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)+'
=beiWh_e$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$).-
8_Xb_e]hW\W$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$*&'
ßdZ_Y[7dWbj_Ye$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$*&+
ÞC9>8: 15
Introducción
Introducción
:aXddeZgVi^k^hbdbdcYgV\dchZhjcVZmeZg^ZcX^VcVX^YVYZaVhZcigVVhYZah^\adMM!Xjndh[jcYVbZcidh
h^\jZciZc^ZcYdk^\ZcX^VZcZhiZcjZkdh^\adfjZ]ZgZYVadhYZhZfj^a^Wg^dhfjZiVcid]ZbdhXdcig^Wj^YdV
VjbZciVgYjgVciZZcZaeVhVYdgZX^ZciZ#:aX^ZggZYZjcX^Xad]^hig^XdYdb^cVYdedgYdhk^h^dcZhZc[gZciVYVh
YZdg\Vc^oVgaVZXdcdbVnaVhdX^ZYVYd[gZXZcjZkVhdedgijc^YVYZheVgVgZeZchVgaVXddeZgVX^c#:aadZh
Vh!edgfjZZaXddeZgVi^k^hbdZhjcVVea^XVX^cYZaVZXdcdbVfjZ![gZciZVadeWa^Xdnadeg^kVYd!gZhXViV
Za kVadg YZ Æad XdbcÇ eVgV aV hVi^h[VXX^c YZ cZXZh^YVYZh! Vhe^gVX^dcZh n YZhZdh YZ aVh eZghdcVh# JcV
[dgbVh^c\jaVgYZZciZcYZgadeWa^XdYZhYZaVhdWZgVcVYZaVheZghdcVh#JcVbVcZgVY^hi^ciVYZVgi^XjaVg
ZaXVe^iVanZa[VXidgigVWV_d#JcbdYdYZgZaVX^cnjcVXidYZk^cXjaVX^chda^YVg^V#
EVgV YZX^gad Zc Ydh eVaVWgVh! Za XddeZgVi^k^hbd cdh hZVaV jcV gZaVX^c ^ciZghjW_Zi^kV! ]jbVcV Z
]jbVc^oVYdgV# JcV VhdX^VX^c YZ eZghdcVh fjZ deZgV hZ\c gZ\aVh V XjnV [dgbVX^c ZaaVh b^hbVh
Xdcig^WjnZ0igVhaVYVWaZVXVbedhiVcY^kZghdhXdbdaVegdYjXX^c^cYjhig^Va!adhhZgk^X^dhVaVheZghdcVh!Za
XdchjbddaVZYjXVX^cYZc^dhnVYjaidh#
Adhab^iZhYZaeaVcZiVdadhbc^bdhVkVcXZhZcZaYZhVggdaad^ciZ\gVaYZaVheZghdcVhZcZhiZbjcYdfjZ]dn
aaVbVbdh\adWVa!cdh]VWaVcYZaVcZXZh^YVYYZgZ[dgbjaVgXjZhi^dcZhYZ[dcYd#EdgdigdaVYd!cdhhj\^ZgZc
aVhedh^W^a^YVYZhYZaeVgVY^\bVYZaVVjid\Zhi^cXddeZgVi^kV!jcVkZofjZÅXdbdVXVWVbdhYZhZVaVgÅ
adhbdYZadhZchVnVYdhYjgVciZadhai^bdhX^ZcVdhVggd_VcWVaVcXZhXdbdbc^bdYZXZeX^dcVciZh#
:hiVheVaVWgVh^c^X^VaZhcdhVnjYVcVjW^XVgZaXdciZmidZcZafjZcVXZnhZYZhVggdaaVZhiZigVWV_d!edgfjZ
YZaVaZXijgVV[^gbVi^kVYZaXddeZgVi^k^hbdcVXZcjZhigd^ciZghedgd[gZXZgjcVhciZh^h\ZcZgVaYZadfjZ]V
YVYdYZhaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc/XdchjhajXZhnhjhhdbWgVh#AVcjZhigVZhjcVb^gVYV
XgZVYdgV fjZ! V[^gb{cYdhZ Zc aVh ediZcX^Va^YVYZh YZ aV Vjid\Zhi^c! hZ ]V hjbZg\^Yd Zc aV ZmeZg^ZcX^V
XddeZgVi^kV!]V^cigdYjX^YdjcdgYZc!jchZci^Yd!jcg^ibd!jcVhhZXjZcX^VhnjcdheaVcdh!eVgVkdakZgVhVa^g
VaVhjeZg[^X^ZXdcZhiVhciZh^hfjZV]dgVfjZYVZcbVcdhYZadhaZXidgZh#
II
AdfjZZbeZoh^ZcYdjcb^Xgd"ZchVndYZjcdhXjVcidhVXidgZhfjZ[jZgdcYVcYd[dgbV!XdceVh^cn
ZcigZ\V! V ZhiV Vea^XVX^c YZ aV ZXdcdbV Zh ]dn Za eg^bZg \gjed ^cYjhig^Va YZa EVh KVhXd ÅiVcid edg
kZciVh Xdbd edg Za cbZgd YZ igVWV_VYdgZhÅ# JcV gZVa^YVY hdX^d"ZXdcb^XV Xdc[^\jgVYV edg b{h YZ
'%%ZbegZhVhfjZYZhVggdaaVcVXi^k^YVYZhbjnY^hi^ciVhZcigZh#9ZhYZjcVXddeZgVi^kVYZXgY^id!jcV
bjijVYZegZk^h^chdX^Va!jc\gjedYZZbegZhVh^cYjhig^VaZhnYZY^hig^WjX^cXdccZ\dX^dhYZaVb{h
Y^kZghVcVijgVaZoV!]VhiVjcVjc^kZgh^YVYXddeZgVi^kVYZY^XVYVVaV[dgbVX^ciXc^XVn]jbVchi^XV!Xdc
^bedgiVciZhXZcigdhYZ^ckZhi^\VX^c#
18 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
JcVgZVa^YVYXddeZgVi^kVfjZ!hadZcZaEVhKVhXd!YVZbeaZdY^gZXidVb{hYZXjVgZciVb^aeZghdcVh#
6XijVabZciZ! Za 6aid 9ZWV ÅXdc edXd b{h YZ hZhZciV b^a ]VW^iVciZhÅ Zh jcV YZ aVh XdbVgXVh Xdc aV
bVndgYZch^YVYYZXddeZgVi^kVhYZabjcYd#6egdm^bVYVbZciZYZXVYV'.ZjgdhYZaVg^fjZoV\ZcZgVYV
Zc Za EVh KVhXd jc Zjgd egdk^ZcZ YZa \gjed BdcYgV\dc# :c Za hZXidg ^cYjhig^Va \j^ejoXdVcd! YdcYZ aV
egZhZcX^VYZaVhXddeZgVi^kVh^cYjhig^VaZhZhZheZX^VabZciZh^\c^[^XVi^kV!ZakVadgVVY^YdÅ^cXaj^YdhZa
hZXidgZcZg\VnV\jVÅVaXVcoV]VhiVjc&,#-0njcdYZXVYVhZ^higVWV_VYdgZhYZahZXidg^cYjhig^VaZhi{
ZbeaZVYdZcBdcYgV\dc'%%+#
6jcfjZ Va\jcVh YZ aVh XddeZgVi^kVh fjZ ^ciZ\gVc Za \gjed BdcYgV\dc dhiZciVc edh^X^dcZh YZ \gVc
^bedgiVcX^VZcZabZgXVYdÅZa\gjed;V\dg:aZXigdYdbhi^Xdh!fj^cidegdYjXidgZjgdeZdZcZahZXidgYZ
ZaZXigdYdbhi^Xdh0Za\gjed:gdh`^iZgXZgY^hig^Wj^YdgZcZabZgXVYdZheVdaYZaXdchjbd[Vb^a^Vg0DgdcV!
eg^bZgVZbegZhVZcZahZXidgYZZaZkVX^cYZabZgXVYdZheVdaÅ!cd]VnfjZdak^YVgfjZaVbVndgVhdc
bZY^VcVhneZfjZVhZbegZhVh#
:caVZmeZg^ZcX^VXddeZgVi^kV!adhXdcXZeidhYZhda^YVg^YVY!YZhVggdaadhdX^VangZhedchVW^a^YVYZcaVidbV
YZYZX^h^dcZhedgeVgiZYZadhigVWV_VYdgZh!idbVgdcXjZgedZcjc^ciZcidY^hi^cid!b{heZ\VYdVaiZgg^idg^d
nVaV^YZci^YVYYZaejZWadYZYdcYZhjg\^ZcZhVZmegZh^cVhdX^Vi^kV#6fjZaaVY^[ZgZcX^Va^YVYÅVheZXidh
^YZda\^Xdh!i^XdhnXdbjc^iVg^dhÅfjZ[jZaVXaVkZYZhjm^idZbegZhVg^VahZZmegZhV]dnYZ[dgbVb{h
YW^an!edgiVcid!cZXZh^iVYVYZcjZkdh]dg^odciZhYZhZci^Yd#
6fjZaadfjZhjg\^XdbdjcVkV^ciZgbZY^VZcigZZaXVe^iVa^hbda^WZgVanaVhZmegZh^dcZhhdX^Va^hiVhaaZkVYVh
gZVabZciZVXVWdhZZcXjZcigV]dnVciZcjZkVhZcXgjX^_VYVhfjZedcZcVegjZWVZaXVaVYdYZaVXjaijgV
XddeZgVi^kVnZm^\ZccjZkdhXdbegdb^hdhZ^bV\^cVX^chdX^VaeVgVVWdgYVgadhgZidhYZa[jijgd#
III
AVZmegZh^cZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc:8B[jZVXjVYVedg6g^obZcY^Vgg^ZiV#:chjVXZeX^c
dg^\^cVa!aVZmegZh^ciZcVX^ZgiV{c^bdYZ]jb^aYVY0cdegZiZcYVhZgjcV\gVcVaiZgcVi^kV!c^h^fj^ZgVjc
bdYZad!h^cdh^beaZbZciZjcZchVnd!Y^hi^cid!h^c\jaVg!kVa^dhd#
IVbW^cadYZ[^cVaVVeZgijgV!edgfjZ]VWVfjZhdbZiZgaVVaVegjZWVYZai^Zbed!VadhegdXZhdhYZXVbW^d!
V cjZkdh ZhXZcVg^dh n egdiV\dc^hiVh# ;gZciZ V jcV gZVa^YVY! dWgV d egdYjXid XZggVYd! VXVWVYd! ^cXajhd!
iZdg^oVYd!ZaXddeZgVi^k^hbdbdcYgV\dch!YZhYZhjh^c^X^dh]Vh^YdZagZhjaiVYdYZjc]VXZg]VX^cYdhZ0
jcVgZVa^YVYfjZ]V^YdZhXjae^ZcYdhjhY^hi^ciVh[dgbVhniZmijgVhYZhYZaVeg{Xi^XVnaVZmeZg^bZciVX^c#
IdYVkV]dncdheVgZXZeZgi^cZciZgZ^k^cY^XVgaVZmegZh^cZmeZg^ZcX^V#H^edgZmeZg^ZcX^VZciZcYZbdhidYd
adfjZZhi{egZhZciZYjgVciZaVk^YVYZjcdg\Vc^hbd!ZaXddeZgVi^k^hbdbdcYgV\dchZhjcbdk^b^Zcidn
iVbW^cjcXdc_jcidYZZbegZhVh0jcXddeZgVi^k^hbdYZaVVWjcYVcX^VniVbW^cYZaVhcZXZh^YVYZh0jc
bdYZad dg\Vc^oVi^kd YZ XdgiZ [ZYZgVa^hiV VXijVabZciZ XdcXgZiVYd Zc Za \gjed BdcYgV\dc n iVbW^c jcV
V\gjeVX^cXdbVgXVa0nYZhYZajZ\d!jchj_ZidXdaZXi^kdfjZhZgZcjZkVngZXdchi^ijnZ\ZcZgVX^dcVa!hdX^Va!
XjaijgVaZ]^hig^XVbZciZ#
>CIGD9J88>âC 19
:aigb^cdZmeZg^ZcX^VZhjcVbVcZgVYZcdbWgVgZhiVidiVa^YVY#HjVbea^ijYng^fjZoV^ciZgegZiVi^kV]VXZc
ZbeZfjZZXZgXjVafj^ZgdigV[gbjaVfjZVhe^gZVaV\ZcZgVa^oVX^c#
IV
HZ ]Vc ZhXg^id YZXZcVh YZ a^Wgdh hdWgZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc# :m^hiZ iVbW^c
VWjcYVciZbViZg^VaY^Y{Xi^Xdd[dgbVi^kdY^heZghdhdWgZkVg^VhkZgi^ZciZhYZaVZmeZg^ZcX^VXddeZgVi^kV#
;VaiVWV! h^c ZbWVg\d! jc bViZg^Va W{h^Xd fjZ gZjc^ZgV Zc jc c^Xd kdajbZc jcV hciZh^h Vbea^V YZ
adfjZ]VYVYdYZhZabdk^b^ZcidXddeZgVi^kdZcZhidhX^cXjZciVVdhYZgZXdgg^Yd#JcigVWV_dfjZ
^ciZ\gVgVZaeZchVb^Zcid!aV]^hidg^VnaVgZVa^YVYXddeZgVi^kVXdcjcZc[dfjZY^Y{Xi^Xddg^ZciVYdVYVg
jcVk^h^c\ZcZgVa!Vbea^VZ^ciZ\gVYdgV#
CdZhiVbdhegde^VbZciZVciZjcigVWV_dYZ^ckZhi^\VX^c!VjcfjZbjX]VhYZaVhV[^gbVX^dcZhkZgi^YVhZc
Za a^Wgd Zhic [jcYVYVh Zc ^ckZhi^\VX^dcZh egZk^Vh ÅgZVa^oVYVh iVcid edg Za egde^d ^chi^ijid A6C@>! Xdbd
edg digdh V\ZciZhÅ! h^cd jcV kZgh^c \ZcZgVa ZaVWdgVYV V eVgi^g YZ aVh [jZciZh b{h h^\c^[^XVi^kVh hdWgZ
XVYVjcVYZaVhiZb{i^XVhVWdgYVYVhZcZab^hbd#6jcfjZVa\jcdhVeVgiVYdhZheZX[^Xdh]VcgZfjZg^YdYZ
^ckZhi^\VX^dcZhejcijVaZh!egZX^hVbZciZ!edg[VaiVYZ[jZciZhYdXjbZciVaZhhj[^X^ZciZbZciZha^YVh#8dc
idYd!Za\gjZhdYZaa^WgdZhZagZhjaiVYdYZjcVc{a^h^hhcii^XdVeVgi^gYZaVgZk^h^cXgi^XVYZYZXZcVhYZ
[jZciZhZhXg^iVh!XdcigVhiVYVhZcVa\jcdhXVhdhXdc[jZciZhdgVaZh#
:hiZa^Wgd]ViZc^Ydjci^ZbedYZ\ZhiVX^caVg\d/adhiZmidhgZjc^YdhZcahdc[gjidYZaigVWV_dYZdX]d
Vdh#6jcfjZZcZhidhdX]dVdh]VeVhVYdXVh^YZidYd!ZaegdnZXid]VhZ\j^YdZce^Z\gVX^VhVaiZhcn
eZghZkZgVcX^V YZ fj^ZcZh ]Zbdh idbVYd eVgiZ Zc a# IVbW^c Zh Za [gjid YZ jcV egdejZhiV ^ciZaZXijVa n
]jbVcVfjZ]V^YdXdc[dgb{cYdhZZcZhidhai^bdhVdhZcZa^chi^ijidYZZhijY^dhXddeZgVi^kdhA6C@>#
8dbdhciZh^h\ZcZgVaZhiZZhjcegdnZXidXdaZXi^kdfjZZhi{XdcXZW^YdXdbd]ZggVb^ZciVYZVegZcY^oV_Z
n XdcdX^b^Zcid# Edg Zhd! Zhi{ eZchVYd eVgV jc eWa^Xd Vbea^d# EVgV hZgk^g V ZhZ egdeh^id n [VX^a^iVg aV
XdbegZch^cYZaiZmidVadhaZXidgZhfjZcdZhic[Vb^a^Vg^oVYdhXdcaViZgb^cdad\VYZaVhXddeZgVi^kVh!
]Zbdh^cXaj^Ydjc\adhVg^dYZigb^cdhVa[^cVaYZaa^Wgd#
NV ]Zbdh bZcX^dcVYd fjZ Za XddeZgVi^k^hbd bdcYgV\dch cd ]V Xdch^hi^Yd Zc aV Vea^XVX^c eg{Xi^XV YZ
jcV ZaVWdgVX^c iZg^XV egZk^V# H^c ZbWVg\d! aV ZmeZg^ZcX^V ]V ZhiVYd VXdbeVVYV edg jcV egdejZhiV
^ciZaZXijVa#JceZchVb^ZcidfjZYZg^kVYZjcV[^adhd[VYZaV]^hidg^VnYZjcVXdcXZeX^cYZahZg]jbVcd#6
ZhiZeZchVb^ZcidhZaZYZY^XVaVeg^bZgVeVgiZYZZhiZa^Wgd#AVhZ\jcYVeVgiZ!gZeVgi^YVZcX^cXdXVeijadh!
gZVa^oV jcV gZXdchigjXX^c ]^hig^XV YZ aVh XddeZgVi^kVh0 jc gZXdgg^Yd fjZ gZhedcYZ V XjZhi^dcZh Xdbd!
Xj{cYd!XbdnZcfjXdciZmidhjg\^!XbdZkdajX^dc!XdcfjbZiVh!fjgVh\dh!fjY^[^XjaiVYZh!ZiX#
6bdYdYZhciZh^h!ZhiVeVgiZXdcXajnZXdcjca^hiVYdYZ^YZVhXaVkZfjZZmea^XVchjYZhVggdaad#AViZgXZgV
nai^bVeVgiZ!gZXd\ZY^hi^ciVhiZb{i^XVhfjZYVcXjZciVYZaVhXVgVXiZghi^XVhegde^VhYZZhiVZmeZg^ZcX^V/
aVVgi^XjaVX^c^ciZgXddeZgVi^kV!adhg\VcdhhdX^VaZh!adhbdYZadhYZ\Zhi^c!adheg^cX^e^dhXddeZgVi^kdh!aV
XjaijgVXddeZgVi^kV!ZaXdbegdb^hdhdX^VaYZaVhXddeZgVi^kVhnZaegdXZhdYZ^ciZgcVX^dcVa^oVX^cZcXjghd#
:aiZmidhZX^ZggVXdcjcVgZ[aZm^cXgi^XVhdWgZZa]dg^odciZ[jijgdYZZhiVZmeZg^ZcX^V#
20 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
V
:hiZa^Wgdcd]VWgVk^hidaVajoh^cd]jW^ZgVh^YdedgaV\ZcZgdhVXdaVWdgVX^cYZbjX]VheZghdcVh0hjh
VedgiVX^dcZh!Xdbd[jZciZhYZ^c[dgbVX^c!XdcigVhiZdXdbdaZXidgZh]Vch^YdbjnkVa^dhVh#6idYVhZaaVh
fjZgZbdhZmegZhVgcjZhigdb{hh^cXZgdV\gVYZX^b^Zcid/6g^VccZ@VgZV\V!6^cVgVJYVdcYd!AZ^gZJg^VgiZ!
6cYdc^Bj_^`V!?jVc8gjo>g^oVg!6^iodaAd^daV!:Vji6eVdaVoV!?Vk^ZgBdc\Zadh!?dhBVgVDgbVZimZV!
?dhZ BVg^ HVgVhjV! O^\dg :oeZaZiV! ?jVc_d 6chdViZ\^! 6gVcioV 6ggji^! AdgZV 6\^g^Vcd! K^g\^c^V AZ`jdcV!
?dc 6\^ggZ! ?Zhjh BVg^ =ZggVhi^! 6c_Za BVg^ :ggVhi^! JcV^ :adgoV! ;ZgcVcYd Bda^cV! 7Z\dV EZYgdhV!
?Vk^ZgBVgXdh!?Vk^ZgHV\VhiV!6^c]dVOZo^V\V!:j\Zc^dJgXZaVn!Imjh<dco{aZo!?Vk^Zg6chdViZ\^!?dmVc
6ajhi^oV! Imdb^c <VgXV! ?Vk^Zg <d^ZcZimZV! 6Yg^Vc OZaV^V! 7ZVi OVbVaadV! JhjV <Vgc! B^gZc BVcVh!
6^cVgV :X]Vgg^! 6bV^V 6\^ggZ! >io^Vg 6ggjZ! ?jVc Aj^h 6gZmdaVaZ^WV! HVcimd AZ^oVdaV! ;# BVgi^c 8{bVgV!
B^`ZaAV`VhiV!<d^d6gVcV!IZgZBVgXdh!B^aV7Vggji^V!:ajh`VDaVcd!B^gZc>gZ\^!@daYd:imZoVggZiV!?jVc
8Vgadh7Zad`^!7Z\dV@dgiVoVg!>V`^9jgVdcV!8g^hi^cV:imZcVjh^V!6bV^VJgVc\V!<diodc<dcYgV!>cbV
<VoiVV\V!EZYgd=dnd!<dgZii^6aYVhdgd!n6cYdc^AVggVV\V#CjZhigVhY^hXjaeVhh^VXVhdZcZhiZg{e^Yd
gZXdgg^Yd]Zbdhdak^YVYdbZcX^dcVgVa\ccdbWgZ#
>\jVabZciZfjZgZbdh]VXZgZmegZhdcjZhigdV\gVYZX^b^ZcidVVfjZaaVhZci^YVYZhfjZ]VcejZhidVcjZhigV
Y^hedh^X^chjhVgX]^kdh[did\g{[^Xdh/8V_VAVWdgVa!IJAVc`^YZ!6gX]^kdYZ6g^obZcY^Vgg^ZiV!6gX]^kdYZ>cimdgiV
@jaijg :a`VgiZV! VYZb{h YZ aVh [did\gV[Vh egdedgX^dcVYVh edg aVh egde^Vh XddeZgVi^kVh YZa \gjed# IVbW^c
fjZgZbdhV\gVYZXZgV:YjgcZ7VaoViZ\^edgaVh[did\gV[VhfjZ]VgZVa^oVYdZmegZhVbZciZeVgVZhiZegdnZXid#
;^cVabZciZ! fjZgZbdh V\gVYZXZg ZheZX^VabZciZ V aVh Zci^YVYZh fjZ ]Vc VednVYd ZXdcb^XVbZciZ eVgV
fjZZhiZegdnZXidhZ]^X^ZgVgZVa^YVY#
VI
6ciZh YZ XZggVg ZhiV ^cigdYjXX^c cdh eVgZXZ i^a ]VXZg kVg^Vh VXaVgVX^dcZh iZgb^cda\^XVh# JcV YZ aVh
eVaVWgVhfjZb{hgZeZi^YVbZciZhZji^a^oVVadaVg\dYZZhiZiZmidZhBdcYgV\dc#
Ji^a^oVbdh aV VXZcijVX^c XVhiZaaVcV BdcYgV\c eVgV YZh^\cVg Za cdbWgZ YZa bjc^X^e^d/ 6ggVhViZ"
BdcYgV\c!eg^dg^oVcYdaVYdWaZcdbZcXaVijgV#H^cZbWVg\d!hZ]VegZ[Zg^Ydji^a^oVgaVVXZcijVX^cadXVa
BdcYgV\dc Zc idYVh aVh gZ[ZgZcX^Vh Va bdk^b^Zcid XddeZgVi^kd# AV cjZkV ^bV\Zc XdgedgVi^kV YZa \gjed
XddeZgVi^kdÅVYdeiVYV]VXZjcdhbZhZhÅiVbW^cgZegZhZciVBdcYgV\dcYZaVb^hbVbVcZgV#EdgiVcid!
iVcidZchZci^YdVbea^dZmeZg^ZcX^VXddeZgVi^kVXdbdZchZci^YdVXdiVYdXdgedgVX^cd\gjedhZji^a^oV
BdcYgV\dc#:cidYdXVhd!ZccdbWgZhniijadhhZgZheZiVaV\gV[Vdg^\^cVa#
:akdXVWadEVhKVhXdcdgZb^iZVjcgZ[ZgZciZiZgg^idg^Vac^Xd#HZ\cadheg^cX^e^dhXddeZgVi^kdhgZYVXiVYdh
Zc&.-,!aVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc]VgVYZaEVhKVhXd:jh`Va=Zgg^VhjgZ[ZgZcX^ViZgg^idg^Va
W{h^XV# H^c ZbWVg\d! h^ZcYd Za XdcXZeid YZ ad cVX^dcVa jcV XjZhi^c iVc XdcigdkZgi^YV ZcigZ cdhdigdh! n
XdcdX^YVaVZm^hiZcX^VYZY^hi^ciVhk^h^dcZhXdchjhgZheZXi^kdhbVgXdhiZgg^idg^VaZh!iVcidZcaVhXddeZgVi^kVh
XdbdZcaVhdX^ZYVYZchjXdc_jcid!cdh]VeVgZX^YdegjYZciZgZheZiVgZhVeajgVa^YVY#
>CIGD9J88>âC 21
Ji^a^oVbdhZaigb^cdEVhKVhXdeVgVhZVaVgaVhYdhXdbjc^YVYZhVjicdbVheZc^chjaVgZhYZaEVhKVhXd
aV 8dbjc^YVY 6jicdbV YZa EVh KVhXd ^ciZ\gVYV edg aVh egdk^cX^Vh YZ <j^eoXdV! ÛaVkV n K^oXVnV0 n aV
8dbjc^YVY;dgVaYZCVkVggV^ciZ\gVYVedgaVegdk^cX^VYZCVkVggV!XdcedhiZg^dg^YVYV&.,-0ZcjchZci^Yd
b{hVbea^d!iVbW^cadji^a^oVbdhXdbdgZ[ZgZciZh^bWa^Xd"XjaijgVafjZidbVVh^ZcidZcadhiZgg^idg^dh
]^hig^XdhYZaEVhKVhXd#
22 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Dimensión empresarial
AVhXddeZgVi^kVhYZWVhZhZZhigjXijgVcZc9^k^h^dcZhYZXVg{XiZghZXidg^Va#:hiVh9^k^h^dcZh!VhjkZo!hZV\aji^cVcYZXVgVVabZgXVYdZc
igZh\gVcYZh<gjedh/;^cVcoVh!>cYjhig^Vn9^hig^WjX^c#:cjcgZc\acVeVgiZhZZcXjZcigVZa{gZVYZ8dcdX^b^Zcid#
ÜH;7<?D7DP7I
:aÛgZV;^cVcoVhXd^cX^YZciZXdcaV9^k^h^cYZab^hbdcdbWgZ!XdbegZcYZadhcZ\dX^dhYZWVcXV!hZ\jgdhnVXi^k^YVYZhYZegZk^h^chdX^Va/
97@7B78EH7B08V_VAVWdgVa<Zhi^c!Egd[jbVi
I;=KHEIB7=KD7HE
B7=KD7HEL?:7
B7=KD7HE
B7=KD7HECedZhW]ed
ÜH;7?D:KIJH?7
:aÛgZV>cYjhig^VXdbegZcYZYZXZcVhYZZbegZhVhY^hig^Wj^YVhZcYdXZ9^k^h^dcZh!ZchjbVndgVYZXVg{XiZghZXidg^Va/
'$>E=7H
<7=EH;B;9JHE:ECxIJ?9EI0:YZhV!:`^hjc!;V\dg7gVcYi!:migV":aZXigdbVcV\Zg!<ZnhZg<VhiZX]!<gjbVa!>WV^!
Gdi{gi^XV!H]Vc\]V^B^c^Ydbhi^Xdh8dd`lVgZ!;V\dgBVhiZgXdd`
:7DED7
:ECKI7
9E?DC708d^cbV>cY^V
=;HE:7D
($CED:H7=ãD7KJECE9?ãD9>7I?I7D:FEM;HJH7?D
;:;HB7D/6jidbYjadh6gV\c!;V\dg:YZgaVc7dg_V!;V\dg:YZgaVcHadkZch`d!;^i6jidbdX^c!Ajojg^V\VJhjgW^a#
;9;D7HHE
BKPKH?7=7J7<7BB7
C7FI7
)$CED:H7=ãD7KJECE9?ãD9C
C7?;H08]gdbZXd!BV^Zg;ZggdeaVhi!BV^ZgCVkVggV!BV^Zg8O!BV^ZgJ@
9?A7KJNE08^`Vjimd7dg_V!8^`Vjimd8O!8^`VjimdH@!8^`VjimdOVgV\doV!CdkVEVgVcdVÄEgdbdX^`V <FA
*$CED:H7=ãD9ECFED;DJ;I
9EFH;9?08degZX^8]^cV!8degZX^8OH#G#D#!8degZX^Yd7gVh^aAI96!8degZX^YZBm^XdH6YZ8K!8degZX^HnhiZbh
H#G#A#!Ijg`ZnAiY#Hi^#
EHAB?0Dg`a^C^c\Wd
;?A70:^`VBm^Xd!:^`VEdah`V!;djcYZ^`
<7=EH;B;9JHãD?970;V\dg:aZigc^XV8VciVWg^V!;V\dg:aZXigdc^Xh
C7JP#;HH;A70BVio":ggZ`VBm^Xd
J7@E0>cXdeaVhi!BVcX]VaVc!IVW^eaVhi!IgZWdeaVhi
;C8;=7
9EDIEDD?
+$9EDIJHK99?ãD
8?KHH7H;D70BVhngZ
;BKH
;JEHA?
<7=EH?D:KIJH?7B09VcjWZ!:YZhV=dhiZaZgV!;V\d[g^!;V\dg:cYhig^nZa9VnVc^`a^!;V\dg<VhigdEdah`V!IVaaZgZhGdXV
A?:;
B7D7
HE9>C7D
KHII7
,$;B;L79?ãD
EHED7
;B;9JH7L?JEH?70FjVa^inA^[ihEgdYjXih
23
-$I?IJ;C7I?D:KIJH?7B;I
KBC77]hYebW"
KBC79$o;$
KBC7C7DKJ;D9?ãD
KBC7<EH@7
KBC7>EHC?=ãDFEBßC;HE
KBC7FH;9?DEN
.$CED:H7=ãDKJ?BB7@;OI?IJ;C7I
7KHH;D7A
87JP
BEH7C;D:?
C7JH?9?
C8I?IJ;C7I
/$CED:H7=ãD7KJEC7J?P79?ãD
<7=EH7HH7I7J;0<j^aaZi
<7=EH7KJEC7J?ED07Z^_^c\;V\dg6jidbVi^dc:fj^ebZci!7Zgg^daV
CED:H7=ãD7II;C8BOI$9eef$0BdcYgV\dc6hhZbWanH#6#YZ8K!BdcYgV\dc6hhZbWan8ViVajcnVH#A!BdcYgV\dc
6hhZbWan<B7=!BdcYgV\dc6hhZbWanH#6#!BdcYgV\dc6hhZbWan;gVcX^V
ED7FH;I
'&$CÜGK?D7I#>;HH7C?;DJ7
:7DE87J09VcdbVg!CZlVaaJ@AiY#!DWZgkZX`<B7=
:7DE87JI?IJ;C7I
:7DE#H7?B
:E?A?
;=KHAE0;]khaeFbWd[hae
;IJ7HJ7
=E?C;A
=E?J?
B;7B:;
B7JP
EHJP7
IEH7BK9;09VcdWVi"7^bViZX
''$;GK?F7C?;DJE
EH8;7
M?D=HEKF0H]Vc\V^L^c\gdje
;H;:K
;:;H<?B
:?A7H
EI7JK
>;HJ;BB
7BA7H=E
8;9A;H
E?7HIE
9E?D7B:;08d^cVaYZEdah`V
C99=H7F>?9I09VcdcVA^id\gV[V!:a`Vg!:kV\gV[!Gdid`
'($?D=;D;Hß7OI;HL?9?EI;CFH;I7H?7B;I
BAI?D=;D?;Hß70>cY^hZg!B88IZaZXdb!A@HHijY^d!A@HIVhVX^dcZh!BVXaV
CED:H7=EDI?IJ;C7I
7B;9EF0BVcX]VaVc!EgdYZhd
ED:E7D0DcYZVc6jY^idgVn8dcigdaH#A#!DcYdVcHZgk^X^dhH#6#
CED:H7=ãD9ED;J
CED:H7=ãDB?D=K708dcZm^V
BAI06WVciV^a!>(H!A@H89::!A@H>6BB!H:>";V\dg
24 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
ÜH;7:?IJH?8K9?ãD
:aÛgZV9^hig^WjX^cZhi{Xdchi^ij^YVedgjcVhdaV9^k^h^cnV\aji^cVadhcZ\dX^dhYZY^hig^WjX^cXdbZgX^VanVXi^k^YVYZh
V\gdVa^bZciVg^Vh/
7KPE#B7=KD08dX^cVXZcigVa<d^!8db^haV\jc!?Vc\Vgg^V
87HH;D;JN;
8;>?#7B:;
;HEIA?09VeVg\Za!EZg[jbZgV>;!:gVbVgZhiVjgVX^c!:gZ^cXdbZgX^Va!:gdhbZg!
;dgjbhedgi!HZgk^]dhiZa
=;IJ?ãD:;I;HL?9?EIH;I?:;D9?7B;I=IH
C?87
CKBJ?<EE:
ÜH;79EDE9?C?;DJE
:cadhXVbedhYZ[dgbVX^cZ^ckZhi^\VX^cYZhiVXVcYdhZci^YVYZh/aVVhdX^VX^c=Zo^W^YZnaV[jcYVX^c<^oVW^YZV#
=Zo^W^YZi^ZcZedgdW_ZideaVc^[^XVg!XddgY^cVgnegdbdkZgVXX^dcZhZYjXVi^kVhZcaVXdbVgXVYZa6aid9ZWV!bZY^VciZaVeVgi^X^eVX^c
Xdc_jciVYZadhXZcigdhZYjXVi^kdhVhdX^VYdh#
<^oVW^YZV!edghjeVgiZ!i^ZcZedgdW_ZidegdbdkZg!h^c[^cVa^YVYYZajXgd!aVZYjXVX^cn!ZheZX^VabZciZ!aV^ckZhi^\VX^cnaV[dgbVX^c
iZXcda\^XV!]jbVcVnhdX^Va!eVgVjcVegd\gZh^kVigVch[dgbVX^chdX^d"ZXdcb^XVZcXdchdcVcX^VXdcaVZkdajX^cYZaVhcZXZh^YVYZh
nedh^W^a^YVYZhYZaVXdbjc^YVY!dg^ZciVcYdndei^b^oVcYdbZY^dhZXdcb^Xdhn]jbVcdheVgV^bejahVgadh]VX^VaVXdchZXjX^cYZ
dW_Zi^kdhZcadhXVbedhYZ^ckZhi^\VX^c![dgbVX^cnegdbdX^c#
9;DJHEI:;?DL;IJ?=79_ãD
7EJ;A
;:;HJ;A
=7H7?7
>EC;J;A
?:;AE
?A;HB7D
AED?A;H
BEHJ;A
C7?;HJ;9>DEBE=O9;DJH;CJ9
CED:H7=ãD?A;HA;J7AK:;7A;J7DC?A
EHED7;?9
KBC7FJ9
CED:H7=EDKD?8;HJI?J7J;7
;I9;B7FEBßJx9D?97IKF;H?EH
<79KBJ7::;>KC7D?:7:;IO9?;D9?7I:;B7;:K979?ãD0>chi^ijidYZZhijY^dhXddeZgVi^kdhaVc`^
<79KBJ7::;9?;D9?7I;CFH;I7H?7B;I
EJHEI9;DJHEI:;;DI;y7DP7O<EHC79?ãD
7H?PC;D:??A7IJEB7
B;7#7HJ?87??A7IJ;JN;7
FEB?J;AD?A7?A7IJ;=?7JNEH?;HH?
CED:H7=ãDB?D=K7
EJ7BEH7
;DJ?:7:;I:;9E8;HJKH7OI;HL?9?EI
7J;=?
<KD:79?ãD;P7?
<KD:79?ãDC99
C99?DL;HI?ED;I
C99FHECE9?ED;I
25
Dimensión económica
:Wjei8|i_Yeic_bbed[iZ[[khei
9edY[fje (&&& (&&-
6Xi^kdIdiVa &&#.), ('#-)%
GZXjghdhEgde^dh '#()% *#%,-
KZciVhIdiVaZh ,#%+* &*#%*+
KZciVh>ciZgcVX^dcVaZh &#.)* )#'(%
GZXjghdh>ciZgbZY^VYdh ,#%)% &(#)+,
>ckZgh^dcZhIdiVaZh ,(- '#-%.
GZhjaiVYdh (+, ,.'
;dcYdEVig^bdc^VaAV\jc6gd '#'*% (#-.-
EaVci^aaV *(#(,, &%(#,(&
;J:CI:/BZbdg^V6cjVa!'%%,#
LWbehWWZ_Ze(&&-c_bbed[iZ[[khei
9edY[fje ?cfehj[ :_ijh_XkY_d LWh_WY_d(&&,%(&&-
KVadg6VY^Yd )('. &%%!% &+!(
<VhidhYZEZghdcVa '#)') *+ &%!&
GZcY^b^Zcid>ciZgcd &#.%* )) '*!-
<Vhidh;^cVcX^Zgdh +*) &*!& -&!)
8Vh]";adl &#'*& '-!. &)!.
6bdgi^oVX^dcZh **' &'!- .!&
GZhjaiVYdhYZ:meadiVX^c +.. &+!& &.!.
GZhjaiVYdh6_ZcdhV:meadiVX^c .( '!' &((!(
:mXZYZciZhYZa:_ZgX^X^d ,.' &-!( ')!)
;J:CI:/BZbdg^V6cjVa!'%%,#
:[ij_deZ[bei[nY[Z[dj[i(&&-c_bbed[iZ[[khei
9edY[fje ?cfehj[ :_ijh_XkY_d
;J:CI:/BZbdg^V6cjVa!'%%,#
26 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
I. Parte
Pensamiento
&'
97FßJKBE
Arizmendiarrieta
Índice
>cigdYjXX^c#################################################################################################################################('
&# 8dcX^ZcX^VYZjcVXg^h^hX^k^a^oVidg^V###############################################################################()
&#& AVXgi^XVYZaa^WZgVa^hbdZXdcb^Xd####################################################################################################()
&#' AVXgi^XVYZahdX^Va^hbdgZVa#################################################################################################################(+
&#( =VX^VjccjZkdbdYZad###########################################################################################################################(,
&#(#&# Adhab^iZhYZaVegde^ZYVYeg^kVYV#########################################################################################(,
&#(#'# :aeVeZaYZa:hiVYd###################################################################################################################(-
'# EZghdcVnXdbjc^YVY#########################################################################################################(.
'#& AVeZghdcV################################################################################################################################################)%
'#' AVXdbjc^YVY############################################################################################################################################)(
'#( AVigVch[dgbVX^cYZaVhXdcX^ZcX^VhnYZaVhZhigjXijgVh#############################################################))
'#) AVVjid\Zhi^c##########################################################################################################################################)*
(# :YjXVX^c###############################################################################################################################)*
(#& HdX^Va^oVX^cYZaVZYjXVX^cnYZadhhVWZgZh#################################################################################)+
(#' :acjZkdbdYZadZYjXVi^kd#####################################################################################################################),
(#'#& AVZYjXVX^c^ciZ\gVa################################################################################################################)-
(#( :YjXVX^cnigVWV_d##################################################################################################################################).
)# IgVWV_d#####################################################################################################################################*&
)#& AVcVijgVaZoVYZaigVWV_d########################################################################################################################*&
)#&#& :ahZgk^X^dVaVXdbjc^YVY######################################################################################################*&
)#&#' AVVjidggZVa^oVX^cYZaVeZghdcV###########################################################################################*'
)#&#( :aYZhVggdaadhdX^Va###################################################################################################################*'
)#&#) AVigVch[dgbVX^cYZaVcVijgVaZoV#########################################################################################*(
)#&#* AVXddeZgVX^cZcZaXdcXZeidigVchXZcYZciZ########################################################################*(
)#' :aigVWV_dXddeZgVi^kd/Z_ZYZacjZkdbdYZadYZZbegZhV##################################################################*(
)#( :aigVWV_dnaVbj_Zg###############################################################################################################################**
*# Hda^YVg^YVY#############################################################################################################################**
*#& AVjc^c####################################################################################################################################################**
*#&#& Jc^cnhda^YVg^YVY##################################################################################################################*+
*#&#' Jc^cngZhedchVW^a^YVY###########################################################################################################*+
30 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
*#&#( Jc^cn[jZgoVhdX^Va################################################################################################################*+
*#&#) Jc^cna^WZgiVY########################################################################################################################*,
*#&#* Jc^cnhZgk^X^d########################################################################################################################*,
*#&#+ Jc^cnYZhVggdaad####################################################################################################################*,
*#' C^kZaZhYZhda^YVg^YVY#############################################################################################################################*,
*#'#& Hda^YVg^YVY^cigVXddeZgVi^kVZ^ciZgXddeZgVi^kV######################################################################*-
*#'#' Hda^YVg^YVYXdcZaZcidgcd/]VXZgeVh####################################################################################*.
*#'#( Hda^YVg^YVY\adWVa####################################################################################################################*.
+# EVgi^X^eVX^c###########################################################################################################################+%
+#& AVeVgi^X^eVX^cZcaVZbegZhV#############################################################################################################+%
+#&#& 9dhkZgi^ZciZhYZaVeVgi^X^eVX^c############################################################################################+%
+#' AdhXVjXZhYZeVgi^X^eVX^c###################################################################################################################+&
+#( :abdYZadYZeVgi^X^eVX^ccZdXVe^iVa^hiVnZabdYZadXddeZgVi^kd###################################################+'
,# :begZhV/8dbjc^YVYYZigVWV_d######################################################################################+)
,#& :aXdcXZeidYZZbegZhV#########################################################################################################################+)
,#' AdhbdYZadhYZZbegZhV########################################################################################################################+)
,#( AVXdbjc^YVYYZigVWV_d########################################################################################################################+*
,#) AdhdW_Zi^kdh\ZcZgVaZhYZaVZbegZhV################################################################################################++
,#* Adheg^cX^e^dh\ZcZgVaZhYZaVZbegZhV##############################################################################################++
,#+ AVZbegZhVXddeZgVi^kV##########################################################################################################################+,
,#+#& :aXVe^iVaVahZgk^X^dYZaigVWV_d###############################################################################################+,
,#+#' :aigVWV_VYdgZbegZhVg^d#########################################################################################################+,
,#+#( :abdYZadYZ\Zhi^ceVgi^X^eVi^kd###########################################################################################+-
,#+#) AV[^cVcX^VX^c#########################################################################################################################+-
,#+#* AVYZbdXgVX^VXddeZgVi^kV######################################################################################################+.
-# JcWVaVcXZÒcVa#################################################################################################################,%
-#& 9ZaV]ZiZgdcdbVVaVVjidcdbV######################################################################################################,%
-#' =VX^VjcYZhVggdaad]jbVcd^ciZ\gVa##################################################################################################,&
-#( 9ZjcVZXdcdbVh^ci^XVVjcegdnZXidZXdcb^XdWVhVYdZcaVi^XV##########################################,'
-#) 9ZhYZjc^cY^k^Yjdh^cXdbjc^YVYVjc^cY^k^YjdZcXdbjc^YVY#######################################################,(
-#* 9ZaVhZb^aaVVa[gjid#############################################################################################################################,)
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 31
Introducción
6g^obZcY^Vgg^ZiV Zh edh^WaZbZciZ jcV YZ aVh [^\jgVh YZ cjZhigV ]^hidg^V bdYZgcV fjZ ]V YZ_VYd jcV
]jZaaV ^bWdggVWaZ Zc aV k^YV hdX^Va kVhXV# Hj aVWdg ^ciZaZXijVa n hdX^Va VXi^k jc ^ciZgZhVciZ Ze^hdY^d YZ
cjZhigV ]^hidg^V hdX^Va n ZXdcb^XV gZX^ZciZ! fjZ YZhZbWdX Zc jcV YZ aVh ZmeZg^ZcX^Vh XddeZgVi^kVh
b{h ^bedgiVciZh n ZhijY^VYVh YZa bjcYd! aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc#
8dbd hZVaV ?dmZ 6ojgbZcY^! ÆZa ejcid YZ eVgi^YV YZ 6g^obZcY^Vgg^ZiV ZgV aV XdcX^ZcX^V YZ k^k^g Zc
aV ]^hidg^V jc bdbZcid fjZ YZWV hZg hdbZi^Yd Va b{h hZkZgd Vc{a^h^h n gVY^XVabZciZ hjeZgVYdÇ#
AVh Ydh \jZggVh bjcY^VaZh n aV egde^V \jZggV X^k^a ZheVdaV Xdchi^ijVc ]ZX]dh ^ccZ\VWaZh YZ jcV
Xg^h^h hdX^Va egd[jcYV#
:hiZ hVXZgYdiZ k^oXVcd WZW^ YZ [jZciZh ^YZda\^XVh bjn Y^kZghVh/ aV YdXig^cV hdX^Va YZ aV >\aZh^V! Za
eZghdcVa^hbd YZ :bbVcjZa Bdjc^Zg n ?VXfjZh BVg^iV^c! Za eZchVb^Zcid XddeZgVi^k^hiV! Za hdX^Va^hbd
ZheZX^VabZciZ Za aVWdg^hbd ^c\ah n Za hdX^Va^hbd Z^WVggh YZ Idg^W^d :imZWVgg^V n Za Zheg^ij Xdbjc^"
iVg^d kVhXd# H^\j^Zgdc Va b^hbd i^Zbed! aVh VedgiVX^dcZh ^ciZaZXijVaZh YZ eZchVYdgZh Xgi^Xdh Xdbd Za
eZYV\d\d EVjad ;gZ^gZ n Za [^ahd[d =ZgWZgi BVgXjhZ jcd YZ adh eVYgZh YZ aV IZdgV 8gi^XV! b^ZbWgd
YZ aV eg^bZgV \ZcZgVX^c YZ aV :hXjZaV YZ ;gVcX[dgi n VabV ^YZda\^XV YZ BVnd YZa +-#
:a XddeZgVi^k^hbd YZ BdcYgV\dc hZ aVWg Zc adh Yjgdh Vdh YZ aV edh\jZggV# :a BdcYgV\dc YZ aV ed"
XV VggVhigVWV adh YZh\Vggdh YZ jcV \jZggV X^k^a fjZ YZ_ b^aZh YZ bjZgidh! egZhdh n Zm^a^VYdh! [Vb^a^Vh
gdiVh! Ydh WVcYdh gVY^XVabZciZ Zc[gZciVYdh! n jcV h^ijVX^c hdX^Va YZ edWgZoV n b^hZg^V \ZcZgVa^oVYV!
Zc aV fjZ Zc[ZgbZYVYZh Xdbd aV ijWZgXjadh^h hZ XdWgVWVc cd edXVh k^YVh#
6g^obZcY^Vgg^ZiV ]VWV Xjai^kVYd VXi^kVbZciZ Za Zjh`VgV n [jZ gZYVXidg YZa eg^bZg Y^Vg^d YZ aV ]^hidg^V
ZhXg^id Zc cjZhigV aZc\jV Za eZg^Y^Xd %GUNA# IgVh aV XVYV YZ aV GZeWa^XV ijkd fjZ YVg Xdb^Zcod V
jc Ydadgdhd gZXdgg^Yd WV_d aV VbZcVoV YZ gZegZh^c VciZ XjVafj^Zg bc^bd Xdbegdb^hd Xdc Za Zjh`VgV
n aV ^YZci^YVY cVX^dcVa^hiV# Hjh ^ciZgZhZh XjaijgVaZh cVX^dcVaZh ijk^Zgdc fjZ hZg hVXg^[^XVYdh! n ZbegZc"
Y^ aV aVWdg hdX^Va fjZ edhiZg^dgbZciZ [gjXi^[^X Zc Za XddeZgVi^k^hbd YZ BdcYgV\dc#
6Xi^k jcV VXX^c XdaZXi^kV igVch[dgbVYdgV XjaijgVa Z ^YZci^iVg^V! Zc jcVh X^gXjchiVcX^Vh Zc aVh fjZ hj
bjcYd YZ eZgiZcZcX^V n hZci^Yd ]VWVc h^Yd YZhigdoVYdh# Hjed gZXdbedcZg jcV ^YZci^YVY XdaZXi^kV b^"
cdg^oVYV! ]Zg^YV n Zhi^\bVi^oVYV! hdWgZ aV WVhZ YZ jc egdXZhd ZYjXVi^kd fjZ igVchb^i^ Za [aj_d cZXZhV"
g^d YZ hZci^Ydh n h^\c^[^XVYdh fjZ dg^ZciVgV aV VXX^c XddeZgVi^kV# HZ Xdc[^\jg jcV hjW_Zi^k^YVY XdaZXi^"
kV XVeVo YZ deZgVg Zc jcV Y^gZXX^c igVch[dgbVYdgV#
6g^obZcY^Vgg^ZiV hjed h^ijVghZ Zc adh ^ciZghi^X^dh YZ jc g\^bZc [jZgiZbZciZ Vjidg^iVg^d n ZcZb^\d YZ
hj b{h ci^bd bjcYd k^iVa! Zc jc Zfj^a^Wg^d Y^[X^a Z ^cZhiVWaZ# Fj^o{ edg Zaad! Zc Za YZheZgiVg YZ adh
Vdh ,% [jZ XVa^[^XVYd YZ WaVcYd n gZ[dgb^hiV edg aV ^ofj^ZgYV gZkdajX^dcVg^V! jcV ^ofj^ZgYV eVgV aV fjZ
idYV VXX^c Zc Za XVbed YZ ad edh^WaZ hjedcV Xdchda^YVg jc h^hiZbV fjZ h^beaZbZciZ ]VWV fjZ YZh"
igj^g0 n i^aYVYd Zc Va\jcV dXVh^c YZ eZa^\gdhd ÇXjgV gd_dÇ edg eVgiZ YZ aV XaVhZ Y^g^\ZciZ n [gVcfj^hiV#
32 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:a Xdc[a^Xid ZcigZ XVe^iVa n igVWV_d ]V Xdchi^ij^Yd aV XdcigVY^XX^c [jcYVbZciVa YZ aV hdX^ZYVY ^cYjh"
ig^Va YZa h^\ad eVhVYd0 V ZhZ Xdc[a^Xid ^ciZci YVg gZhejZhiV aV VXX^c XddeZgVi^kV ^che^gVYV Zc hj eZc"
hVb^Zcid Vjid\Zhi^dcVg^d# IVa VXX^c Y^g^\^ hj ^bejahd V aV igVch[dgbVX^c ZhigjXijgVa YZ aV ZbegZhV
XVe^iVa^hiV! XZcigd cZjg{a\^Xd YZ jc XdbWViZ YZh^\jVa ZcigZ adh Ydh hj_Zidh ]^hig^Xdh YZ aV bdYZgc^YVY
XVe^iVa^hiV! aV XaVhZ XVe^iVa^hiV n aV XaVhZ igVWV_VYdgV#
HZ igViVWV YZ YVg jc kjZaXd Va bZiVWda^hbd YZ edYZg XVgVXiZghi^Xd YZ jcV ZbegZhV XVe^iVa^hiV VaiV"
bZciZ _ZgVgfj^oVYV! Xdc Za dW_Zid YZ gdbeZg aV WgjiVa Vh^bZigV YZ edYZg fjZ aV XVgVXiZg^oVWV n fjZ
XdcYZcVWV V aV bVndgV hdX^Va V jcV h^ijVX^c YZ ]ZiZgdcdbV XVh^ VWhdajiV#
Jc hZXidg YZ aV hdX^ZYVY kVhXV ejhd Zc bVgX]V jcV ZmeZg^ZcX^V YZ VjidYZiZgb^cVX^c XdaZXi^kV Zc Za
bjcYd YZ aV ZbegZhV! jcV ZmeZg^ZcX^V YZ Vjid"dg\Vc^oVX^c! Zc jc i^Zbed ]^hig^Xd Zc Za fjZ adh igV"
WV_VYdgZh ZgVc igViVYdh Xdc eViZgcVa^hbd n Vjidg^iVg^hbd#
H^c ZbWVg\d! Za eZchVb^Zcid YZ 6g^obZcY^Vgg^ZiV hZVaVWV ]dg^odciZh Vc b{h VbW^X^dhdh# Edg jc aVYd!
aV egde^V [dgbV YZ XdbegZcYZg aV ZbegZhV YZWV hZg igVch[dgbVYV! cd had hj ZhigjXijgV YZ edYZg/ jcV
ZbegZhV Va hZgk^X^d YZa YZhVggdaad Xdbjc^iVg^d n aV _jhi^X^V hdX^Va! n jcV ZXdcdbV Va hZgk^X^d YZa hZg ]j"
bVcd# Edg digd! aV igVch[dgbVX^c YZ aV ZbegZhV YZWV XdcXZW^ghZ Xdbd eVaVcXV ]VX^V digd bdYZad YZ
hdX^ZYVY! jcV hdX^ZYVY XgZX^ZciZbZciZ Vjid\Zhi^dcVYV n VjidXdchi^ij^YV# Jc XVb^cd ]VX^V XgZX^ZciZh Xd"
iVh YZ Vjid\dW^Zgcd X^jYVYVcd iVcid Zc aV ZbegZhV Xdbd Zc digdh {bW^idh YZ aV k^YV hdX^Va#
6g^obZcY^Vgg^ZiV YZhVggdaa jc eZchVb^Zcid eg{Xi^Xd hdWgZ aV eZghdcV n aV Xdbjc^YVY# :c ZhiZ XVeijad
hZ ZmedcZc adh ZaZbZcidh fjZ ^ciZ\gVc Za Z_Z YZ aV igVch[dgbVX^c ÅZYjXVX^c! igVWV_d! hda^YVg^YVY!
eVgi^X^eVX^cÅ YZ aV eZghdcV n YZ aV Xdbjc^YVY Vg^obZcY^VcV0 ZhiV eVgiZ hZ XdbeaZiV Xdc jcV gZ"
[aZm^c hdWgZ aV VXijVa^YVY YZa eZchVb^Zcid YZ 6g^obZcY^Vgg^ZiV#
8dbd X^ZggZ YZ ZhiZ eg^bZg XVeijad! gZXjgg^bdh V ?dmZ 6ojgbZcY^! Za ^ciZaZXijVa fjZ b{h egd[jcYV"
bZciZ ]V YZhZcigVVYd Za eZchVb^Zcid Xdbjc^iVg^hiV n Vjid\Zhi^dcVg^d YZ 6g^obZcY^Vgg^ZiV n gZhXViV"
bdh YZ [dgbV ciZ\gV jc iZmid hjnd YZ Xdch^YZgVWaZ g^fjZoV VcVai^XV n Zmedh^i^kV#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 33
1. Conciencia de una crisis civilizatoria &
:caVhedhig^bZgVhYZaVHZ\jcYV<jZggVbjcY^VanYZ[dgbVVci^X^eVYV!6g^obZcY^Vgg^ZiVeZgX^W^aVXg^h^h
YZaegdnZXidX^k^a^oVidg^dXVe^iVa^hiVbdYZgcd#HjXgi^XV!fjZjcedXdb{hiVgYZiVbW^chZ]^odZmiZch^kVV
aVhZmeZg^ZcX^Vh]^hig^XVhYZigVch^X^cVahdX^Va^hbdZbVcVYVhYZadheVhZhYZa:hiZ!edcVZaVXZcidZc
aV[gjhigVYVZbVcX^eVX^cYZahZg]jbVcd#
:cZaY^V\chi^XdYZ6g^obZcY^Vgg^ZiVaVXgi^XVYZaa^WZgVa^hbddXjeVjcaj\VgXZcigVa/aVgVoca^WZgVaZhi{ZcZa
dg^\ZcYZaVXg^h^hYZaVhdX^ZYVYXdciZbedg{cZVfjZ]VXdcYjX^YdVaVYei_\_YWY_dYZahZg]jbVcd![gZciZVad
XjVacjZhigdVjidggZ^k^cY^XVg{jcegdnZXidYZZfj^a^Wg^dZcigZVjidcdbVeZghdcVanXVg{XiZgXdbjc^iVg^d#
'$'BWYhj_YWZ[bb_X[hWb_ice[Yedc_Ye
AVgVX^dcVa^YVYnaV^cY^k^YjVa^YVY]jbVcV!aVha^WZgiVYZhnadhYZgZX]dh]jbVcdhXdb^ZcoVcVYZhejciVg
ZcaVedXVgZcVXZci^hiV!eZgdZhVeVgi^gYZbZY^VYdhYZah^\adMK>>>nXdb^ZcodhYZaM>M]VhiVZa^c^X^dYZ
aVEg^bZgV<jZggVbjcY^Va!XjVcYdhZXdcdXZZaeZg^dYdYZbVndgZmeVch^cYZaa^WZgVa^hbdZXdcb^Xd#
Hjb{m^bdZmedcZciZZh6YVbHb^i]!fjZXdchj[VbdhVdWgV!%NSAYO SOBRE LAS CAUSAS Y ORÓGENES DE LA RIQUEZA
DE LAS .ACIONES!ZbeZoVg{VYZ[^c^gaVZXdcdbVXdbdX^ZcX^VhdX^VaVjicdbV#Adheg^cX^eVaZhZ_ZhYZZhiV
cjZkVXdgg^ZciZYZeZchVb^ZcidhZg{caVa^WZgiVY^cY^k^YjVa!aVegde^ZYVYeg^kVYVnZabZgXVYd#
AViZdgVZXdcb^XVYZXdgiZa^WZgVaVYb^iZaVZm^hiZcX^VYZjcVhaZnZhcVijgVaZh/aVa^WZgiVYnaVegde^Z"
YVY#:hiVhaZnZh!ZiZgcVhZ^cbjiVWaZh!\jVcaVhgZaVX^dcZhZXdcb^XVh0naVaZnhjegZbV!VfjZaaVfjZ
egZkVaZXZhdWgZidYVh!ZhaVa^WZgiVY]jbVcVXdbda^WZgiVY^cY^k^YjVa#:hVa^WZgiVYY^hedcZVa^cY^k^YjdV
VXijVgedghjegde^d^ciZghZ^bejahVhjVjidggZVa^oVX^ceZghdcVa#AVXdbeZiZcX^VfjZcVXZYZaX]dfjZ
ZcigZadhY^hi^cidh^ciZgZhZheVgi^XjaVgZhhZXdck^ZgiZZcZabdidgYZaYZhVggdaadZXdcb^XdnYZaVVXj"
bjaVX^c#9ZV]hZXdcXajnZfjZZa^ciZgheg^kVYdaaZkZXdch^\djcWZcZ[^X^dhdX^Va#
:aXdcXZeida^WZgVaYZaVegde^ZYVYeg^kVYVeVgiZYZaeg^cX^e^dYZfjZZahZg]jbVcdZhYjZdYZhb^hbd!YZhjigV"
WV_d!VhXdbdYZaVi^ZggVnYZadhegdYjXidhfjZ]VigVch[dgbVYdXdchjigVWV_d#IdYVhaVheZghdcVhhdca^WgZheVgV
ajX]Vgedghjh^ciZgZhZheg^kVYdh!YZbVcZgVfjZZaYZgZX]dVaVegde^ZYVYhZg{\VgVciVYZaVVjidcdbV^cY^k^YjVa#
H^cZbWVg\d!6g^obZcY^Vgg^ZiVcdeVhVedgVaidaVXdcigVY^XX^cW{h^XVYZaa^WZgVa^hbd!VhVWZg!fjZaV^\jVaYVYfjZ
egdej\cViZg^XVbZciZcdhZXdggZhedcYZZcVWhdajidXdcaVYZh^\jVaYVYgZVafjZegdYjXZ#ÆAdh^ciZgZhZhgZVaZh
YZaVhbVhVh!YZa]dbWgZ!YZaV]jbVc^YVYÅY^XZ6g^obZcY^Vgg^ZiVÅhZkZchdbZi^YdhVaVVbW^X^c!Vadg\jaadnVaV
hdWZgW^V!VaZ\dhbdnVaVXgjZaYVYYZab{h[jZgiZÇ=#8#!e{\#&+'#
AVegde^ZYVYeg^kVYVYZadhW^ZcZhYZegdYjXX^cZc\ZcYgVjcVhgZaVX^dcZhYZigVWV_dVa^ZcVciZhfjZYZh"
ed_Vc Va hZg ]jbVcd YZ h b^hbd n hdbZiZc hj a^WZgiVY# EVgV hjWh^hi^g aV eZghdcV hZ h^ZciZ dWa^\VYV V
& HZji^a^oVZabVhXja^cdXdbd\Zcg^Xd!VabdYdXdckZcX^dcVaYZaXVhiZaaVcd!ZhYZX^g!^cXajnZcYdVbj_ZgZhn]dbWgZh#
:hgZhedchVW^a^YVYYZfj^ZcadaZZcddak^YVgVVfjZaaVh#
34 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
kZcYZghj[jZgoVYZigVWV_dVadhegde^ZiVg^dhYZadhW^ZcZhYZegdYjXX^c!ZhiVWaZX^ZcYdjcVgZaVX^cYZ
hjWdgY^cVX^cnYZeZcYZcX^V#8dcaV[^\jgVYZaXdcigVidaVWdgVaZaXVe^iVa^hbdVaiZgVaVXdcXZeX^cYZaigV"
WV_d!ejZhidfjZZcadhjXZh^kdZaigVWV_d!XdbdigVWV_dVhVaVg^VYd!hZXdck^ZgiZZcbZgVbZgXVcXV#ÆAdh
YjZdhYZaVhZbegZhVhÅdWhZgkV6g^obZcY^Vgg^ZiVÅXgZZcfjZYVcVadWgZgdadfjZcZXZh^iVeVgVk^k^g0
b^ZcigVhiVcid!nh^cc^c\cXVg\dYZXdcX^ZcX^V!hZfjZYVcXdcadhWZcZ[^X^dhfjZhdc[gjidYZaZh[jZgodn
YZaVVedgiVX^cZhe^g^ijVa!iXc^XVnbViZg^VaYZZhidhigVWV_VYdgZhÇ=#8#!e{\#,(#
6g^obZcY^Vgg^ZiV^bejiVVaa^WZgVa^hbdaVgZhedchVW^a^YVYYZaVYZh^\jVaY^hig^WjX^cYZaVg^fjZoV!nYZcjcX^V
fjZÆVagZYZYdgYZadh^beZg^dh!Zm^hiZccVX^dcZhZciZgVh[dgbVYVhedghjWjgW^dhÇfjZaadhYZcdb^cVXdbd
ÆadhcjZkdhZhXaVkdhYZaVhcjZkVhe^g{b^YZhÇ=#8#!e{\#,%#
7FKDJ;I8?E=HÜ<?9EI
>c^X^adhZhijY^dhYZ[^adhd[Vn]jbVc^YVYZhZcZaHZb^cVg^d
BZcdgYZ6giZVK^oXVnV#:c&.(&!VaedXdi^ZbedYZaV^ch" BWfh_c[hWieY_Wb_pWY_dZ[7h_pc[dZ_Whh_[jWi[ZW[dbW
iVjgVX^cYZaV>>GZeWa^XVZheVdaV!^c\gZhZcZaHZb^cVg^d YkbjkhW\Wc_b_WhoieY_WbZ[b[djehdehkhWblWiYe$
BVndgYZK^idg^VYdcYZ!ZcigZdigdh!ijkdXdbdegZXZeidgZhn
egd[ZhdgZh V 7VgVcY^VgVc! AZ`jdcV! DcV^cY^V d E^aYV^c# 8d"
ggVci^ZbedhYZZheZgVcoVZ^ajh^cnZabdk^b^ZcidXjaijgVakVhXdiVbW^chZ]VXVZXdYZaZheg^ijYZa^WZgiVYfjZ[adgZXV
XdcaVcjZkVXdnjcijgV]^hig^XV#6g^obZcY^Vgg^ZiVeVgi^X^eZcZhZGZcVX^b^ZcidXjaijgVa!a^c\hi^XdnhdX^Va%USKAL 0IZKUNDEA!
XdaVWdgVcYdVXi^kVbZciZZcZaXVbedYZaVXjaijgVYZhYZZaiZVigddaVedZhV]VhiVZcaVXgZVX^cYZ%GUNA!Zaeg^bZgY^Vg^d
ZY^iVYdciZ\gVbZciZZcZjh`VgV#
9jgVciZaV<jZggV8^k^a!Zc\gdhaVh[^aVhYZa:_gX^idkVhXd!ZcaVhZXX^cYZegZchVXdbdgZYVXidgYZ%GUNAn'UDARI#EgdcidhZ
igjcXZhVaVWdg^c[dgbVi^kV!nVfjZXjVcYdZa&,_jc^dYZ&.(,aVhigdeVhcVX^dcVaZhZcigVgdcZc7^aWVd6g^obZcY^Vgg^ZiV[jZ
YZiZc^YdnZcXVgXZaVYd#EdhiZg^dgbZciZ![jZVWhjZaidnYZhi^cVYdVaXjVgiZaYZ6gi^aaZgVYZ7jg\dh#HZ\chjhVaaZ\VYdh!ZhZ
Ze^hdY^daZbVgXeVgVh^ZbegZ#
6a[^cVa^oVgadhZhijY^dhZXaZh^{hi^XdhZcZaHZb^cVg^d!6g^obZcY^Vgg^ZiVfj^hdXjghVgZhijY^dhYZhdX^dad\VZcaVJc^kZgh^YVYYZ
AdkV^cV7a\^XV#H^cZbWVg\d!ZaVYb^c^higVYdgVedhia^XdYZaV9^XZh^hYZK^idg^VadYZhi^cVBdcYgV\dcXdbdXdVY_jidgYZ
aVeVggdfj^VHVc?jVc7Vji^hiV#
:cZaBdcYgV\dcYZaVedh\jZggVZa]VbWgZ!ZaeVgdnaVgZegZh^cegd[jcY^oVWVcaVh[gVXijgVhZm^hiZciZhZcigZkZcXZYdgZhn
kZcX^Ydh#6g^obZcY^Vgg^ZiVZgVXdchX^ZciZYZfjZZcZhZXdciZmidYZgjeijgVhdX^VaaZgZhjaiVgVY^[X^aZg^\^ghZXdbdegdiV\dc^hiV
cZjigVanhZgkcXjadYZjc^cZcigZaVheVgiZhZc[gZciVYVh#6eZhVgYZadhdWhi{Xjadh!YZY^Xhjk^YVhVXZgYdiVaVhjeZgVgaVh
Y^[ZgZcX^Vhnedh^W^a^iVgVhaV^ciZ\gVX^cYZaejZWad#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 35
6g^obZcY^Vgg^ZiV!XdbdXdch^a^Vg^dYZ!CCIØN #ATØLICAnXdVY_jidgZcaVeVggdfj^VYZ6ggVhViZ"BdcYgV\c!hZZcXVg\YZY^cVb^"
oVgadh\gjedhYZ_kZcZh#8dch^YZgfjZZhVdeX^cegZ[ZgZciZedgaV_jkZcijYXdbdWVhZegZXjghdgVYZacjZkddgYZcedh^W^a^"
iVgVjc[jijgd_jhidnYZa^WZgiVY#
:aigVWV_dnZaZh[jZgodYZ6g^obZcY^Vgg^ZiVXdb^ZcoVcVYVghjheg^bZgdh[gjidhZcaVYXVYVYZadhX^cXjZciV#EgZX^hVbZciZ!hjh
eg^cX^eVaZhad\gdh!ZaYZhVggdaadnV[^VcoVb^ZcidYZaVheg^bZgVhZbegZhVhXddeZgVi^kVhnaV:hXjZaVEgd[Zh^dcVa!hdcYZZhVedXV#
Fj^ZcZhXdcdX^ZgdcVZhiZhVXZgYdiZbVgfj^chYZXVcYZafjZZgVjc]dbWgZ^cXdbWjhi^WaZ#EZgdigVhaVg\dhVdhYZXdch"
iVciZigVWV_dnkdXVX^chjXdgVocXdbZcoVYVgbjZhigVhYZYZW^a^YVY!nnVZcaVeg^bVkZgVYZ&.+-ijkdjcVeg^bZgVXg^h^h
XVgY^VXV!fjZXdcZaeVhdYZai^ZbedhZ[jZV\gVkVcYd#;^cVabZciZ!Za'.YZcdk^ZbWgZYZ&.,+[VaaZX^YZ_VcYdigVhYZhZa
iZhi^bdc^dYZjcV\gVcaVWdgZXdcb^XV!hdX^VanZhe^g^ijVa!nhdWgZidYd!jcbdk^b^ZcidXddeZgVi^kd[^gbZbZciZVggV^\VYd#
'$(BWYhj_YWZ[bieY_Wb_iceh[Wb
36 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
IeY_Wb_iceh[Wb
?dj[hi?dZ_l_ZkWb"
9Wf_jWb_iceb_X[hWb ?]kWbZWZoX[d[\_Y_e
9eb[Yj_l_ice
IeY_[ZWZ_dieb_ZWh_W[ ieY_Wb"X[d[\_Y_e
X[d[\_Y_eieY_Wb jejWb_jWh_e[_dZ_l_Zke
_dZ_l_Zke_dZ_l_ZkWb_ijW _dZ_l_ZkWb
Z[if[hiedWb_pWZe
9h_i_iZ[bWceZ[hd_ZWZ
Deh[ifedZ[WbWZ_]d_ZWZ^kcWdW
'$)>WY_Wkddk[leceZ[be
Æ:aXddeZgVi^k^hbdfjZhZWVhVZcaVhda^YVg^YVYcdhadZhjcXVb^cd]VX^VZahdX^Va^hbd!h^cdiVbW^cjcV
VXi^ijYhdX^Va^hiVÇ=#8#!e{\#,,)#6[^gbVX^dcZhiVcXdcijcYZciZhZk^YZcX^VcfjZaV[^adhd[VYZ6g^obZc"
Y^Vgg^ZiViVbW^cZhYZjYdgVYZaVigVY^X^chdX^Va^hiV#6b^iVYYZXVb^cdZcigZZaXdaZXi^k^hbdbVgm^hiVn
Za^cY^k^YjVa^hbda^WZgVa!hj^YZVg^dZhegm^bdVahdX^Va^hbdYZbdXg{i^Xd!VjcfjZeVhVYdedgZaiVb^oYZaV
9dXig^cVHdX^VaYZaV>\aZh^V#
EVgV6g^obZcY^Vgg^ZiViVcidZaegdnZXida^WZgVaXdbdhjXdcigVggea^XVhdX^Va^hiVcd]VcaaZ\VYdVXjV_VgZc
aVXdchigjXX^cYZjc]dbWgZcjZkd#6ciZZhiZYdWaZ[gVXVhd!6g^obZcY^Vgg^ZiVXgZZfjZ]VnfjZZcXdcigVg
jcVcjZkVkVeVgVZaegd\gZhdYZaV]jbVc^YVY#:hcZXZhVg^dXdc[^\jgVgjccjZkdbdYZadhdX^Va#EVgViVa[^c!
cjZhigdVjidgYZhVggdaaVjcXdcXZeidYZegde^ZYVYXdcXVgVXiZghi^XVhegde^Vh#
'$)$' Beibc_j[iZ[bWfhef_[ZWZfh_lWZW
AV k^h^c XVe^iVa^hiV YZ aV egde^ZYVY eg^kVYV Xdbd jc Z[h[Y^e dWjkhWb ]V V\jY^oVYd aV YZh^\jVaYVY
bjcY^VaZ^ciZggZ\^dcVa#AVcZXZh^YVYYZ\gVcYZh^ckZgh^dcZhYZXVe^iVa]VXZfjZaVXdcXZcigVX^cYZ
aV g^fjZoV kVnV Zc VjbZcid n aV egde^ZYVY YZ adh W^ZcZh YZ egdYjXX^c fjZYZ WV_d Za Xdcigda YZ jcV
a^iZeg^k^aZ\^VYV#EVgVcjZhigdVjidg!ZaYZgZX]dcVijgVanhV\gVYdVaVegde^ZYVYcdadZhZcZab^hbd
hZci^YdYZaa^WZgVa^hbd!eZgdiVbedXdZhjcYZgZX]dVci^cVijgVaXdbdYZcjcX^VcadhXdbjc^hiVh#:cXd"
bjc^cXdcZabV\^hiZg^dhdX^VaYZaV>\aZh^V!aVegde^ZYVYZhjcYZgZX]dcVijgVa!gZaVi^kd!XdcY^X^dcVYd
na^b^iVYd0Zci^cYVhZXdbdjcYZgZX]dYZcVijgVaZoV[jcX^dcVa#
6g^obZcY^Vgg^ZiVgZaVi^k^oVZaXdcXZeidYZegde^ZYVY#8d^cX^YZZcfjZhadZhVXZeiVWaZh^hZhdbZiZVjcVh
bZY^YVh_jhiVhncVijgVaZh#6g^obZcY^Vgg^ZiV![^ZaVaVYdXig^cVXg^hi^VcV!hZVaVfjZaVegde^ZYVYeg^kVYVZh
VXZeiVWaZZ^cXajhdcZXZhVg^VeVgVfjZadh]dbWgZhk^kVcY^\cVbZciZ!eZgd^ch^hiZZcfjZidYVegde^ZYVY
fjZkVnVb{hVaa{YZZhZab^iZZhhjeZg[ajV#EdgiVcid!aVegde^ZYVYeg^kVYVZhVXZeiVWaZ!eZgdÆadhW^ZcZh
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 37
eZgiZcZXZcVidYdhnVXVYVjcdYZcdhdigdhÇ=#8#!e{\#&')!nVfjZhdcYZXVg{XiZga^b^iVYd#9^dh]VXgZV"
YdVahZg]jbVcdnVaVcVijgVaZoV!eZgdZcc^c\cbdbZcidd[gZX^aVcVijgVaZoVVjcVeZghdcVdVjcV
Xdbjc^YVY]jbVcVXdcXgZiV!h^cdb{hW^ZcVidYdhadh]VW^iVciZhYZaVi^ZggV#
EVgVfjZaVegde^ZYVYeg^kVYVhZVaZ\i^bVYZWZhZg_jo\VYVVaVajoYZahZgk^X^dfjZd[gZXZVaVXdbjc^YVY!
XdbdbZY^dYZXVeVX^iVgaVZchjY^\c^YVYna^WZgiVY#AVegde^ZYVYeg^kVYV[VX^a^iVaVXVeVX^YVYeVgVYZX^"
Y^ga^WgZbZciZ!ejZhcdha^WgVYZXjVafj^ZghdbZi^b^Zcid#EdgZaad!V[^gbVfjZaVegde^ZYVYZhiVbW^cjc
bZY^deVgVXVb^cVg]VX^VaVa^WZgiVY#H^cZbWVg\d!ZaXdcXZeidk^\ZciZYZegde^ZYVY!cdhad^cXjbeaZhj
XdbZi^Yd!h^cdfjZhZXdck^ZgiZZcZabVndgdWhi{XjadeVgVXdchZ\j^gaVa^WZgiVY#
HZ\caV^c[ajZcX^VfjZZ_ZgXZcZcaVhgZaVX^dcZh]jbVcVh!6g^obZcY^Vgg^ZiVY^hi^c\jZYdhi^edhYZegde^ZYVY/
O 7^ZcZh YZ jhd eZghdcVa/ adh W^ZcZh Xdi^Y^Vcdh k^k^ZcYV! bjZWaZh! kZhi^Ydh! ZiX# \ZcZgVabZciZ
cdZ_ZgXZcjcV^c[ajZcX^VYZX^h^kVZcZaYZhi^cdYZaVhgZaVX^dcZh]jbVcVhn!h^ZcVa\jcVdXVh^c
gZeZgXjiZc!cdV[ZXiVcVaVegde^VY^\c^YVY]jbVcV#:cZhiZXVhd!YZWZegZkVaZXZgZaYZgZX]dVadh
W^ZcZh![VX^a^iVcYdVidYdhadhX^jYVYVcdhadhbZY^dhYZhjWh^hiZcX^VeVgVjcVk^YVVYZXjVYV#
O BZY^dh YZ egdYjXX^c/ ZhiVWaZXZc jc i^ed YZ gZaVX^dcZh b{h XdbeaZ_Vh! ejZhid fjZ ÆaV egde^ZYVY
YZ Zhidh W^ZcZh V[ZXiV V aVh gZaVX^dcZh ]jbVcVh ZhiVWaZX^ZcYd jcVh gZaVX^dcZh YZ YZeZcYZcX^V
nhjWdgY^cVX^cÇZcigZZaegde^ZiVg^dnadhigVWV_VYdgZh=#8#!e{\#&'-#HadXjVcYdadhbZY^dhYZ
egdYjXX^chZVcegde^ZYVYYZadhigVWV_VYdgZh!hZad\gVg{jcVhdX^ZYVYb{h_jhiV#
'$)$( ;bfWf[bZ[b;ijWZe
CjZhigdVjidgbjZhigVX^ZgiVYZhXdc[^VcoVgZheZXidVaV[jcX^cYZa:hiVYd!h^W^ZcgZXdcdXZhjXdb"
eZiZcX^VZcZaYZhVggdaadYZYZiZgb^cVYVh[jcX^dcZh#AV^c^X^Vi^kVhdX^VanadhXVbW^dhYZeZcYZg{cYZ
aVVXi^k^YVYnaVkdajciVYYZadhX^jYVYVcdh/hZcZXZh^iVcXVbW^dhYZVWV_d]VX^VVgg^WV#EdgZhiVgVoc!
gZX]VoViVcidZabdYZadYZ:hiVYdLAISSEZ
FAIREXdbdYZ:hiVYddbc^egZhZciZ/
O ;b;ijWZelaissez-faire0Va:hiVYdcdaZXdbeZiZc^c\jcVgZhedchVW^a^YVYgZheZXidVhjhX^jYVYVcdh!
V ZmXZeX^c YZ aV hVakV\jVgYV YZa dgYZc# Hjh YZ[ZchdgZh i^ZcZc aV Xdck^XX^c YZ fjZ jcV bVcd
^ck^h^WaZ\jVXdggZXiVbZciZadhYZhi^cdhYZaVZXdcdbVnaVhdX^ZYVY#
O ;b;ijWZeecd_fh[i[dj[0hZVegde^V[jcX^dcZh!hjhi^ijnZVaVheZghdcVhnZhigVc\jaVXjVafj^Zgi^ed
YZ ^c^X^Vi^kV hdX^Va# HZ VaZ_V YZ aV ^c^X^Vi^kV edejaVg! cd XjZciV Xdc hj ediZcX^V n! Zc YZ[^c^i^kV!
deg^bZVaVheZghdcVh#
EVgV6g^obZcY^Vgg^ZiVad^YZVahZgVZcXdcigVgZaejcidYZZfj^a^Wg^dZcigZaV^ciZgkZcX^cVYZXjVYVYZa
:hiVYdnaV^c^X^Vi^kVYZadhX^jYVYVcdhedgaVhZcYVYZaVVjiddg\Vc^oVX^c#
38 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
BEIL7BEH;IOB7<;
AV]^hidg^VYZah^\adMMZhi{hVae^XVYVYZVXdciZX^b^ZcidhYZjcVXgjYZoV^cjh^iVYV#AVhdaVVejZhiVedgaVgVocnZaXdch^\j^ZciZ
YZXa^kZYZahZci^b^ZcidgZa^\^dhdndigVhgZ[ZgZcX^VhVm^da\^XVh!cdh]VaaZkVYdVaZmVXZgWVb^ZcidYZb^idhgVX^VaZhZ^beZg^VaZh
fjZ!YZh\gVX^VYVbZciZ!]VchjejZhidaVegda^[ZgVX^cYZajX]VhedgkVadgZhfjZÅhZ\c6g^obZcY^Vgg^ZiVÅcdbZgZXZcc^c\c
i^edYZhVXg^[^X^d#
6eVgi^gYZjcVaZXijgVXgi^XVYZaVbdYZgc^YVY^ajhigVYV!eVgV6g^obZcY^Vgg^ZiVZah^\adMM]Vh^YdZah^\adYZaVk^daZcX^V!jch^\ad
fjZhZ]VXVgVXiZg^oVYdedgaVYZhigjXX^cYZaVY^\c^YVYnaVa^WZgiVY]jbVcVh#
:adg^\Zceg^cX^eVaYZZhiVXg^h^hZhi{ZcXdcXZW^gaVk^YVYZhYZXaVkZhZmXajh^kVbZciZgVX^dcVa^hiVh!fjZiVbW^c^bea^XVcjcVXg^h^h
YZ[Z#6g^obZcY^Vgg^ZiVZci^ZcYZfjZadhkVadgZhXg^hi^VcdhejZYZcegdedgX^dcVgjcVhdajX^c#EgZX^hVbZciZedgZaad!YZY^XVg{idYV
hjk^YVVaXdbZi^YdYZegdnZXiVgadhkVadgZhhdX^VaZhneZghdcVaZhYZaXg^hi^Vc^hbdZcZabZY^dhdX^VanZcZa{bW^idaVWdgVa#
2. Persona y comunidad
AVe^ZYgVVc\jaVgYZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiVZhaVeZghdcV!XdcXZeidYZhYZZaXjVaYZhVggdaaV
hj[^adhd[VhdWgZZahZg]jbVcdnaVXdbjc^YVY#AVhXddeZgVi^kVhhdcZaegdYjXidYZZhVgZ[aZm^c!jc
gZidZbegZhVg^VaYZhYZjcVeZgheZXi^kV]jbVc^hiV!adfjZh^\c^[^XVfjZZcZaeaVciZVb^ZcidVg^obZc"
Y^VcdaV[^adhd[VeZghdcVa^hiVegZkVaZXZhdWgZaV[gbjaVZbegZhVg^Va#AVXgZVX^cYZjcVXdbjc^YVY
gZheZijdhVXdcaVY^\c^YVY]jbVcVhZg{aVWdgYZeZghdcVha^WgZh!bVYjgVhnY^\cVh#HZ\ccjZhigd
Vjidg! aV kZgYVYZgV gZkdajX^c hjg\^g{ YZ aV igVch[dgbVX^c YZ aVh XdcX^ZcX^Vh eZghdcVaZh# AV XaVkZ
gZh^YZZcaVVjidZbVcX^eVX^c!nVfjZZaegd\gZhd[jijgdYZeZcYZYZaVVjid\Zhi^cnVjiddg\Vc^oVX^c
eZghdcVanXdbjc^iVg^V#
:caV[^adhd[VVg^obZcY^VcVaVeZghdcVnaVXdbjc^YVYhZZcXjZcigVcZhigZX]VbZciZk^cXjaVYVh#JcVYZaVh
eg^cX^eVaZhXVgVXiZghi^XVhYZaVeZghdcVZhhjcVijgVaZoVXdbjc^iVg^V!ZciVcidfjZZahZg]jbVcdhZYZhV"
ggdaaVennconaVXdbjc^YVY#:hVhXdbdaVigVch[dgbVX^cYZaVeZghdcVnYZaVhdX^ZYVY[dgbVcjckcXjad
^cY^hdajWaZ# ?jcid V ZhiV cVijgVaZoV Xdbjc^iVg^V YZa hZg ]jbVcd! 6g^obZcY^Vgg^ZiV YZhiVXV fjZ aV eZghdcV
iVbW^cZhjcVWhdajidZchb^hbdgZheZXidVagZhidYZaVheZghdcVhnYZaVhgZVa^YVYZhbViZg^VaZhnhdX^VaZh#
CdhZigViV!ejZh!YZaVeVgi^X^eVX^cZcjcVidiVa^YVY!h^cdfjZXVYVhZg]jbVcdZhjchZgc^XdZ^ggZeZi^WaZ
YdiVYdYZjcVcVijgVaZoV^cY^k^YjVa^ck^daVWaZ#:aXdcXZeid]jbVcdYZ6g^obZcY^Vgg^ZiVeVgi^X^eVYZaeZchV"
b^ZcideZghdcVa^hiV/]VnfjZgZXdggZgZaigVnZXidYZhYZZa^cY^k^Yjd]VX^VaVeZghdcVXdbjc^iVg^VbZciZ#
AVh XVgVXiZghi^XVh fjZ gZhjbZc Za XdcXZeid YZ eZghdcV YZ 6g^obZcY^Vgg^ZiV hdc/ Y^\cV! a^WgZ! bVYjgV!
XgZVi^kV!^YZVa^hiVneg{Xi^XV!hjhiZciVYVZcZahZgb{hfjZZcZaiZcZgnXdbjc^iVg^V#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 39
($'BWf[hiedW
AdhXdcXZeidhYZeZghdcVn:?=D?:7:hdc^cY^hdajWaZhZcaV[^adhd[VYZcjZhigdVjidg#AVeZghdcVhZY^\c^[^XV
VahZgk^X^dYZaVXdbjc^YVY#6jcfjZadhigViVYdh^ciZgcVX^dcVaZhnaVhXdchi^ijX^dcZhgZXdcdoXVcaVY^\c^YVY
]jbVcV!cdYZ_VYZhZgjcYZgZX]dfjZidYdhnXVYVjcdYZcdhdigdhiZcZbdhfjZ]VXZgkVaZg#HZ\c6g^obZc"
Y^Vgg^ZiV!aVY^\c^YVYcdhZedhZZ!ZhjcVY^bZch^cfjZhZXdcfj^hiVnhZXdchigjnZXdci^cjVbZciZ#
:_]dW CWZkhW
?Z[Wb_ijWo
9eckd_jWh_W
Cd]VnY^\c^YVYh^cB?8;HJ7:#:h[jc"
fh|Yj_YW
YVbZciVafjZZahZg]jbVcdhZVjid\d"
W^ZgcZXdchX^ZciZna^WgZbZciZZcidYdh
adhVheZXidhYZhjk^YV#6YZb{h!ejZhid
fjZ aV eZghdcV n aV Xdbjc^YVY Zhi{c
[^gbZbZciZa^\VYVh!aVhZhigjXijgVhhd"
X^VaZhYZWZg{c\VgVci^oVgaVa^WZgiVYYZ
aVheZghdcVhnYZaVhXdbjc^YVYZh#AV
9h[Wj_lW
:WZWWbi[h" a^WZgiVY gZhjaiV eVgVY_^XV/ Zh jc Ydc!
B_Xh[
c|igk[Wbj[d[h
eZgd jc Ydc V Xdcfj^hiVg# AV eZghdcV
cVXZa^WgZeZgdVadaVg\dYZaVk^YVYZ"
hVggdaaVg{Y^hi^cidhkcXjadhÅigVWV_d!hdX^ZYVY!:hiVYd!ZiXiZgVÅnaVXdcfj^hiVYZaVa^WZgiVY!Zc\gVcbZY^YV!YZ"
eZcYZg{YZhjZh[jZgod#AVeZghdcVYZWZg{Vjid"a^WZgVghZ#CVY^ZejZYZdidg\VgaZaVa^WZgiVYedgfjZhZigViVYZjcV
Xdcfj^hiVeZghdcVaZ^cigVch[Zg^WaZ#AVheZghdcVh!adhejZWadh!aVhXdbjc^YVYZhegdiV\dc^oVg{cY^hX^ea^cVYVbZciZ
ZaegdXZhdXgZVYdgYZhjegde^Va^WZgiVY#6g^obZcY^Vgg^ZiVcdXgZZZcaVa^WZgVX^c!h^cdZcaVVjida^WZgVX^c#
AVa^WZgiVYcdZm^hiZh^gZVabZciZcd]VnZYjXVX^cc^jcVXjaijgVfjZXVeVX^iZVaVeZghdcVeVgVVhjb^g
gZhedchVW^a^YVYZh#Adhbdk^b^ZcidhdeZghdcVhfjZcdhjeZgVcZaZhiVY^dYZaV^\cdgVcX^Vh^ZbegZVXVWVc
h^ZcYdhdbZi^Ydh#H^ZahZg]jbVcdcdi^ZcZXdcdX^b^ZcidhW{h^XdhZh^bedh^WaZfjZYZ[^ZcYVadhYZgZX]dh
Z^ciZgZhZhegde^dhnXdbjc^iVg^dh#8jVafj^Zgbdk^b^ZcidfjZegZiZcYVegdbdkZgaVVjidZbVcX^eVX^cnaV
egdbdX^c]jbVcVÅedgiVcid!iVbW^cZabdk^b^ZcidXddeZgVi^k^hiVÅYZWZg{^chiVgVjcVidbVYZXdc"
X^ZcX^VfjZZbe^ZXZedgjcV[dgbVX^ci^XVniXc^XV#
AVa^WZgiVYVYZb{hYZjcdW_Zi^kdVXdcfj^hiVgZhiVbW^cjcVhZcYVYZVjidggZVa^oVX^chda^YVg^VZcigZaVh
eZghdcVh#:caVeZgheZXi^kVYZ6g^obZcY^Vgg^ZiVaVa^WZgiVY^cY^k^YjVacdhZV\diVZcjcdb^hbd!XdcaaZkV
ZagZXdcdX^b^Zcid^beaX^idYZaVa^WZgiVYYZadigd/Æfj^ZcVbVaVa^WZgiVYcdYZWZ^\cdgVgfjZiVbW^caV
VeZiZXZcadhYZb{hÇ=#8#!e{\#()-#
6g^obZcY^Vgg^ZiVZhiVWaZXZadhh^\j^ZciZhab^iZhVaVa^WZgiVY/
O H[if[je o Z_iY_fb_dW0 aV Y^hX^ea^cV cd had cd hjeg^bZ aV a^WZgiVY h^cd fjZ ^cXajhd Zc aV ZbegZhV
XddeZgVi^kVhdckVadgZhXdbeaZbZciVg^dh#AVhYZX^h^dcZha^WgZbZciZVYdeiVYVhi^ZcZcfjZhZggZheZiVYVh
nVXZeiVYVhedgidYdh#
O 7kij[h_ZWZ0ZaYZhVggdaadbdgVanhdX^Vahdc^bedh^WaZhh^cVjhiZg^YVY#AVk^YVXdbjc^iVg^VZm^\ZZaXdcigdahdWgZ
aVhegde^VhcZXZh^YVYZh#H^cVjhiZg^YVYcd]VnXdck^kZcX^Vedh^WaZn!edgiVcid!iVbedXdZaYZhVggdaadZhedh^WaZ#
40 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
79J?JK:;I
6g^obZcY^Vgg^ZiV[jZjcVXi^k^hiVYZaeZchVb^ZcidnjceZchVYdgYZaVVXX^c#:hZZhi^ad!ZhZbdYdYZVXijVg!fjZiVbW^cZhXdbc
ZcigZfj^ZcZhaZgdYZVcbVgXVg{Zahjg\^b^ZcidYZaVZmeZg^ZcX^VXddeZgVi^kV#GZhjbVbdhaVhXVgVXiZghi^XVhYZZhZZhi^adZch^ZiZ
VXi^ijYZh!Zch^ZiZe^hiVhhj\ZgZciZh#
?cfkbiej_Ye
:hXdbcgZ^k^cY^XVgjcVeZgheZXi^kVi^XV#H^cZbWVg\d!hdcedXdhfj^ZcZhXdcXdchiVcX^Vn[^gbZoV\jVchjheVhdhYZhYZ^beZ"
gVi^kdhi^Xdhh^cYZ_VghZkZcXZgedgaVegZh^cXdc[dgb^hiVfjZZ_ZgXZadgZVa#6g^obZcY^Vgg^ZiVZmegZhVjcVegd[jcYV^cY^\cVX^c
i^XV[gZciZVaVgZVa^YVYhdX^d"ZXdcb^XVX^gXjcYVciZ#EgZX^hVbZciZ!ZhVXdcYZcVci^YVYZaVgZVa^YVYXVe^iVa^hiV![gjidYZa^beja"
hdi^Xd!ZhjcV[jZciZ^bedgiVciZZcZaY^hXjghdYZaVZmeZg^ZcX^VXddeZgVi^kV#
H[Wb_icekjf_Ye
:c6g^obZcY^Vgg^ZiVYZhiVXVXdbdXVgVXiZghi^XVh^c\jaVgZhVVXi^ijYfjZXdbeVi^W^a^oVaVjideVnZagZVa^hbd#JcVVXi^ijYjie^XV
eZgh^\jZXdciZhcjchjZdfjZYZk^ZcZgZVa^hiVhZWVhVZcZaXdcdX^b^ZcidYZaVgZVa^YVYnZcZhigViZ\^VhXdcXgZiVheVgVhj
igVch[dgbVX^c#CjZhigdVjidg[jZjcjie^XdfjZhZ^ajh^dcXdcjcegdnZXidVbW^X^dhd!Vbea^dnXdbeaZ_d!eZgdh^cYZ_VgYZe^hVg
i^ZggV[^gbZ#:c6g^obZcY^Vgg^ZiVZa^bejahdjie^XdnZagZVa^hbdX^Zci[^XdeVX^ZciZZcigVcZcjcZfj^a^Wg^dY^c{b^Xd#;gZciZVaVh
YjgVhXgi^XVhfjZYZhYZaV^ofj^ZgYVgZkdajX^dcVg^VhZkZgiVcXdcigV6g^obZcY^Vgg^ZiV!hiZdW_ZiVWVfjZVa\jcdhhjZdhgZkdajX^d"
cVg^dhcdZgVch^cdbZgVhjideVhfj^bg^XVhh^cVggV^\dZcaVgZVa^YVYnfjZYZhXdcdXVcaVhY^[^XjaiVYZheVgVhjgZVa^oVX^c#Adh
egdnZXidhh^cX^b^ZcidhYZW^YVbZciZVggV^\VYdhhZiVbWVaZVcnXVZc#HZ\c6g^obZcY^Vgg^ZiV!Æh^cjideVcd]Vnegd\gZhdÇ!eZgd
XdcaVjideV!nhadXdcZaaV!iVbedXd#:aZh[jZgodeVgVbVciZcZgjcZfj^a^Wg^dZcigZad^YZVanadgZVaZh^cZajY^WaZ#
H[ifediWX_b_ZWZoYh[Wj_l_ZWZ
JcVYZaVh^YZVhfjZh^ciZi^oVhjhZci^YdYZaVgZhedchVW^a^YVYgZoVVh/ÆaVbZcidhcd!VXX^dcZhÇ#CjZhigdhZgZcnXdcZabjcYdZm^\ZVa\d
b{hfjZkZg!_jo\VgnfjZ_VgcdhYZaVgZVa^YVYedgaVhh^ijVX^dcZhVYkZghVh#:aZcidgcdfjZcdhgdYZVZhhjhXZei^WaZYZbZ_dgVbZY^VciZ
jcVXdchiVciZY^c{b^XVigVch[dgbVYdgV#JcVeZghdcVXdc^cfj^ZijYZhcjcXVhZejZYZVXdbdYVg!XdchiVciZbZciZ^ciZciVg{bZ"
_dgVgadfjZgZVa^oV06g^obZcY^Vgg^ZiVeaVciZVVXX^dcZh!gZ]hVeZY^g#AVXaVkZYZZhiVVXi^ijYgZh^YZZcaVgZhedchVW^a^YVYeZghdcVa
nZcaVXdggZhedchVW^a^YVYXdbjc^iVg^V#HZigViVYZjcVgZhedchVW^a^YVYeZghdcVanXdaZXi^kVfjZi^ZcYZVaVjc^YVYnhda^YVg^YVY!
XdbdjcV[jZciZYZ^YZVhXgZVi^kVhfjZXdcYjXZcVaVVXX^c#
7Yj_jkZYedijWdj[ofWY_[dj[
AVb^gVYVYZcjZhigdVjidgk^hajbWgVjc]dg^odciZaZ_Vcd#HjegdejZhiVZm^\ZjcegdXZhd[dgbVi^kdYZaVg\dVa^Zcid!edgadfjZZa
i^ZbedhZg{jcVa^VYd^begZhX^cY^WaZ#AVbVYjgZoXdbjc^iVg^VZhjcZaZbZcid[jcYVbZciVaeVgVfjZZaXddeZgVi^k^hbdXdb^ZcXZ
VYVghjheg^bZgdheVhdhZcZabdbZcidVYZXjVYd#AVigVch[dgbVX^cYZaVhXdcX^ZcX^VhZhjcVXdcY^X^ch^cZfjVcdc!eZgdaV
XdcX^ZcX^VX^cYZidYdjcXdaZXi^kdZcjcdhkVadgZhnZcjcdh^YZVaZhZhjcViVgZVVgYjVnaZciV#CdhZejZYZVXijVgYZhYZaV^bed"
h^X^c!c^YZhYZaV^begdk^hVX^c#AViVgZVeZghdcVa^hiVZm^\ZbVYjgVX^c!naVbVYjgZo!edghjeVgiZ!i^ZbednegdXZhd#
7Yj_jkZZ[Wf[hjkhWoWfh[dZ_pW`[
6g^obZcY^Vgg^ZiVgZ[aZm^dcVhdWgZZaXVg{XiZgY^c{b^XdYZaVgZVa^YVY!hVWZfjZZadgYZcXddeZgVi^kdcdejZYZZhiVcXVghZZc[dgbj"
aVX^dcZhYd\b{i^XVh!fjZhjY^cVb^hbdgZh^YZZchjXVeVX^YVYYZVYVeiVX^cngZcdkVX^cXdchiVciZ#
6g^obZcY^Vgg^ZiVbVci^ZcZjciVaVciZVW^Zgid]VX^VZaXVe^iVa^hbdfjZ!ejY^ZgVeVgZXZgeVgVY_^Xd!nVfjZ[dgbjaVaVcZXZh^YVYYZ
YZcjcX^VgZaXVe^iVa^hbd!VegZcYZgYZaXVe^iVa^hbd!Zm^hi^gZcZaXVe^iVa^hbdnhjeZgVgVaXVe^iVa^hbd#
7Yj_jkZZ[i[dY_bb[p
AVZmeZg^ZcX^VXddeZgVi^kVh^ciZi^oVjcbdYZadYZYZhVggdaadfjZcVXZYZjcVgZVa^YVY]^hig^XVXdcXgZiV#CdZhjch^hiZbV!h^cd
jcVZmeZg^ZcX^V!jcVVedgiVX^c#6g^obZcY^Vgg^ZiVcdXdch^YZgVfjZZaXddeZgVi^k^hbdhZVaViZgXZgVkVZcigZZaXVe^iVa^hbdnZa
hdX^Va^hbd!h^cdjcVZiVeVcZXZhVg^VfjZhZVYVeiVVaVhcZXZh^YVYZhnVaVdedgijc^YVY]^hig^XVYZjceVhnYZjcXdaZXi^kdXdc"
XgZid!VjcfjZ^cijnZfjZejZYZhZgZaejcidYZeVgi^YVYZjcegdnZXidYZigVch[dgbVX^cb{hVbW^X^dhd#
9ed\_WdpW
6g^obZcY^Vgg^ZiVegdnZXiVjchZci^b^ZcidYZXdc[^VcoVXVeVoYZhjeZgVgXgi^XVhYZidYdh^\cd#8dc[VZcaVheZghdcVhnZcZa^b"
ejahdYZaXdbegdb^hdXdbjc^iVg^d#HZ^cijnZjcVVjid"Xdc[^VcoV^bedgiVciZZc6g^obZcY^Vgg^ZiVnZcVfjZaXdaZXi^kdYZeg^bZgdh
XddeZgVi^k^hiVhfjZ!aZ_dhYZXdc[dgbVghZdXZYZgVciZaV[jZgoV[{Xi^XVYZadk^\ZciZ!ijk^ZgdcaVVjYVX^VYZ^bV\^cVgVa\dY^[ZgZciZ
nYZaVcoVghZVhjgZVa^oVX^c#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 41
AVgZhedchVW^a^YVYZhZab{m^bdZmedcZciZYZaVC7:KH;PeZghdcVa#6g^obZcY^Vgg^ZiVY^hi^c\jZZcigZ
XgZXZgnbVYjgVg#:aXgZX^b^Zcid]VXZgZ[ZgZcX^VVaVjbZcidYZiVbVd!b^ZcigVhfjZaVbVYjgVX^c
Zhi{gZaVX^dcVYVXdcZaYZhVggdaad#AVeZghdcVbVYjgVnVYjaiVZhVfjZaaVfjZVXiVXdcgZhedchVW^"
a^YVYZcaVhVXi^k^YVYZhXdaZXi^kVhXdi^Y^VcVh#AVbVYjgZo!VhjkZo!h^\c^[^XVeVgi^X^eVX^c!edgZhd!Za
hZg]jbVcdhZg{^cbVYjgdb^ZcigVhcdeVgi^X^eZZcaVXdbjc^YVY#AVeZghdcVVYjaiVhZXdcYjXZedg
eg^cX^e^dhbdgVaZh#HZ\ccjZhigdVjidg!aVgVocZfj^kVaZVaYdb^c^dYZaVheVh^dcZhZcZheZX^Va!Za
Z\dhbdn!ZcZadgYZcYZaVXdcYjXiVh^\c^[^XV!gZVa^hbd!egZk^h^c!gZhedchVW^a^YVY#
:cgZhjbZc!aVeZghdcVbVYjgVZhgZhedchVWaZ!XVeVoYZZcXdcigVgZaejcidYZZfj^a^Wg^dZcigZZaegZhZciZ
nZa[jijgd!VfjZaaVfjZhZZbeZVZcXdchZ\j^gZaW^ZcXdbcedgZcX^bVYZhjh^ciZgZhZheZghdcVaZh#:c
hjhegde^VheVaVWgVh/ÆVa\j^Zc]VY^X]dfjZZa]dbWgZbVYjgdZhVfjZafjZYZhejhYZeZgYZgaVh^ajh^dcZh
bVci^ZcZaV^ajh^c#CdhdigdhVVY^gZbdhfjZZhVfjZafjZZcigZZaeVhVYd!YdcYZfjZYVcadhgZXjZgYdh!n
Za[jijgd!ZcZafjZejY^ZgVcZbeaVoVghZaVh^ajh^dcZh!Zhi{XdcZaegZhZciZ!YdcYZZhi{caVhgZhedchVW^a^"
YVYZhÇ=#8#!e{\#(*,#
:ahZg]jbVcdcdZheZg[ZXidh^cdeZg[ZXi^WaZ!\doVYZ9H;7J?L?:7:!VYVeiVYZ[dgbVXgZVi^kVaVgZVa^"
YVYVhjhcZXZh^YVYZh#AVeZghdcVfjZegdnZXiV6g^obZcY^Vgg^ZiVZhXdchigjXidgVYZhb^hbV!XVeVoYZ
igVch[dgbVghZVhb^hbVnVhjZcidgcdVigVkhYZaigVWV_d0edgfjZZaigVWV_dZhZa^chigjbZcidfjZed"
hZZZahZg]jbVcdeVgVXdchigj^ghjegde^VeZg[ZXX^c!nVfjZaZd[gZXZaVdedgijc^YVYYZVjidggZVa^oVghZ
n!VaVkZo!aVedh^W^a^YVYYZXgZVgXdbjc^YVY#6g^obZcY^Vgg^ZiV^ch^hi^g{ZcfjZaVk^YVZhYZedghejgV
igVch[dgbVX^c!Zh[jZgodnZbeZd/Æk^k^gZhajX]VgÇ#AVeZghdcVZhbjiVWaZ!aaZ\VVSERigVch[dgb{cYdhZ
_jcidXdchjegde^dZcidgcd#
:a?:;7B?ICEZhdigdY^hi^ci^kdYZahZg]jbVcdVg^obZcY^Vcd#Adh^YZVaZhnaVhjideVhhdc^cY^heZchVWaZh
eVgVZaYZhVggdaadZciVcidfjZ^bejahVcVahZg]jbVcd]VX^VcjZkdh]dg^odciZh#H^cZbWVg\d!aVh^YZVhcdhdc
hj[^X^ZciZhh^hiVhcdhZXdggZhedcYZcXdcVXX^dcZhXdcXgZiVh!ZhYZX^g!h^ceZghdcVhY^hejZhiVhVXVbW^Vg
aV gZVa^YVY hdX^Va# 6g^obZcY^Vgg^ZiV Zm^\Z fjZ aV eZghdcV eVgi^X^eZ ^che^gVYV VXi^kVbZciZ edg jcdh ^YZVaZh!
edgfjZYZZhiVbVcZgVhZci^g{aV[dgiVaZoVhj[^X^ZciZeVgVhjeZgVghZZcjcZh[jZgodeZgbVcZciZedgXVb^cVg
]VX^VaVjideV#:ahZg]jbVcdYZWZg{YZhVggdaaVgjcVhciZh^h!jcVZheZX^ZYZ^YZVa^hbdeg{Xi^Xd#
:caVhhdX^ZYVYZhXVe^iVa^hiVhaVZiZgcViZch^cZcigZZaI;HnZaiZcZghZ^cXa^cVV[VkdgYZaVhZ\jcYV#H^c
ZbWVg\d!6g^obZcY^Vgg^ZiV^ch^hiZZcfjZaVY^\c^YVYnaVbVYjgZo]jbVcVhcdhZb^YZcZc[jcX^cYZad
fjZhZedhZZ#AV[dgbVX^cYZjcVXdbjc^YVYbVYjgVnVYjaiVZm^\ZfjZegZkVaZoXVcaVXdcX^ZcX^VnXdc"
k^kZcX^VYZaVhgZaVX^dcZh^ciZgeZghdcVaZhhdWgZZaV[{cYZVXjbjaVX^c#AVeZghdcVnaVXdbjc^YVYYZWZc
VegZcYZgVhZg!ZcjcZh[jZgodXdchiVciZeVgVfjZZaSERegZkVaZoXVhdWgZZaiZcZg#
:caVhhdX^ZYVYZh^cYjhig^VaZhYZXdchjbdZaegdiV\dc^hbdYZaVhX^ZcX^VhbViZg^VaZh]VZXa^ehVYdVaVh
X^ZcX^Vh]jbVcVh#6g^obZcY^Vgg^ZiV^ck^iVVegdbdkZgadfjZYZcdb^cVX^ZcX^VhYZaVXdcX^ZcX^V/[dgbVX^c
]jbVcV!ZYjXVX^c!^c[dgbVX^c!ZiX#EVgVXVb^cVg]VX^VjccjZkddgYZchZgZfj^ZgZjcVcjZkVXdcX^ZcX^V
fjZZcXjbWgZaVY^\c^YVY]jbVcV#AVXdcX^ZcX^V]jbVcVnaVgZdg\Vc^oVX^cYZaVhdX^ZYVYXdcaaZkVcaV
Zm^\ZcX^V^cZajY^WaZYZfjZZahZgegZkVaZoXVhdWgZZaiZcZg/Æegd\gZhVgcdZhVYfj^g^gb{h!h^cdhZgb{h!
VXijVgbZ_dg!YVghZb{hÇ0ENSAMIENTOS #
42 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
AVXdcY^X^c9ECKD?J7H?7YZaVeZghdcVigVhX^ZcYZhjY^bZch^c^cY^k^YjVa#AVY^\c^YVY]jbVcVhZk^kZnYZhV"
ggdaaVZcXdbjc^YVY#AVhXVgVXiZghi^XVhb{hYZhiVXVWaZhYZZhiVY^bZch^cXdbjc^iVg^VYZahZg]jbVcdhdc/
O BWYeef[hWY_d0ZahZg]jbVcdZhXddeZgVi^kdedgcVijgVaZoV!ZhjcVc^bVahdX^VaVW^ZgidVaVgZaVX^cZ
^cXVeVo YZ XdbeaZiVghZ YZ [dgbV V^haVYV# 9Z V] fjZ Za eg^cX^e^d YZ XddeZgVX^c hZV eVgiZ YZ aV
cVijgVaZoVYZaVegde^VeZghdcV#HZigViVYZaVgZhejZhiVYZahZg]jbVcdVahZg]jbVcd#6a[^cnVXVWd!
ZhaVXVgVXiZghi^XVeg^cX^eVaYZaVY^bZch^chdX^VaYZaVeZghdcVfjZhadZhXdbegZch^WaZZcXaVkZYZ
gZheZidnYZVnjYVbjijV#
O BW Yeckd_YWY_d0 aV Xdbjc^XVX^c WVhVYV Zc Za Y^{ad\d Zh jcV kV YZ hdX^Va^oVX^c! Za bZY^d eVgV aV
hda^YVg^YVY]jbVcV!VhXdbdaVWVhZYZaVk^YVXdbjc^iVg^V#
O 9edY_[dY_WZ[beiZ[h[Y^eiobWieXb_]WY_ed[ifhef_WioW`[dWi0adhhZgZh]jbVcdhhdcgZhedchVWaZh
YZadhYZgZX]dhndWa^\VX^dcZhfjZgZ\jaVcaVk^YVXdbjc^iVg^VnaVhgZaVX^dcZh^ciZgeZghdcVaZh#
($(BWYeckd_ZWZ
8dggZhedcYZVaVeZghdcVa^WgZ!bVYjgV!XgZVi^"
kV!hda^YVg^VneVgi^X^eVi^kV[dgbVgjcVXdbjc^"
YVYWVhVYVZcaVY^\c^YVY]jbVcV#AVXdbjc^"
YVYYZ6g^obZcY^Vgg^ZiVZhjcVXdbjc^YVYYZ
Vbdg!YZeZchVb^ZcidnYZkdajciVY[gViZgcVa!
^ciZaZXijVankda^i^kV!gZheZXi^kVbZciZ#:cZhiV
acZV!ZabdYZadXddeZgVi^kdYZXdbjc^YVYYZ
igVWV_d ]V h^Yd jc ZchVnd XgZVi^kd YZ jcV Xd"
bjc^YVYZcZa{bW^idaVWdgVanegdYjXi^kd#H^c
ZbWVg\d! Za XdcXZeid YZ Xdbjc^YVY YZ 6g^o"
bZcY^Vgg^ZiVcdhZV\diVZcaV[{Wg^XV/iVbW^c
hdcXdbjc^YVYZaejZWad!aVXdbVgXV!aVcVX^c ;cfbWpWbW_Z[WZ[bW[cfh[iWYeef[hWj_lW[dkdfheo[Yje
n!ZcYZ[^c^i^kV!idYVaV]jbVc^YVY# Z[jhWdi\ehcWY_dieY_Wbc|iWcfb_e"YedbWYeef[hWY_d
Yece[`[Y[djhWb$
:hegZX^hdfjZadhhZgZh]jbVcdhY^\cdhhj"
bZcZh[jZgodheVgVXdchigj^gjcVXdbjc^YVYfjZhZh^ZciVXdbdiVa#IdYdhadhb^ZbWgdhYZWZcegd[ZhVg"
hZidiVaXdc[^VcoV!hZci^ghZhda^YVg^dhZcigZh/XVYVb^ZbWgdXjbea^g{hjaVWdgXdcidiVagZhedchVW^a^YVY!
ZcjcVbW^ZciZYZVb^hiVYnVnjYVbjijV#6a[^cnVXVWd!ZhjcVVhdX^VX^c]jbVcVa^WgZ!jcVXdbjc^YVY
^ciZ\gVYVedgeZghdcVhfjZjcZchjh[jZgoVheVgVWjhXVghdajX^dcZhZcXdbcVadhegdWaZbVhfjZaZh
V[ZXiVc#ÆAV[gbjaVYZa]dbWgZfjZfj^ZgZig^jc[Vg/cdajX]VgZchda^iVg^dÇ=#8#!e{\#(-)#8dcZhiZV[d"
g^hbd6g^obZcY^Vgg^ZiVgZhjbZaV^ciZgVXX^cZcigZaVeZghdcVnaVhdX^ZYVYXdbdVa\d^cXjZhi^dcVWaZ#
:ahZg]jbVcdgZX^WZYZaVhdX^ZYVYhjaZc\jV!hjXjaijgV!hjhjhdhnXdhijbWgZh!nVab^hbdi^Zbed!aV
eZghdcVdg\Vc^oVaVXdbjc^YVYhZ\chjhcZXZh^YVYZh#AVeZghdcVgZX^WZaVhVedgiVX^dcZhYZaVXdbjc^"
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 43
YVYn!VhjkZo!aZYZWZhjhZgk^X^dneVgi^X^eVX^chda^YVg^V#6]dgVW^Zc!iVbW^cZhkZgYVYfjZaVXdbjc^"
YVYejZYZa^b^iVgaVhdedgijc^YVYZh]jbVcVhnXdcY^X^dcVgaVY^\c^YVYYZaVheZghdcVh0XdggZhedcYZg{!
edgXdch^\j^ZciZ!VaVheZghdcVhXgZVi^kVh[dgbVgjcVXdbjc^YVYVXdgYZXdcZhidheg^cX^e^dh#
6ciZhVejci{WVbdhfjZaVY^\c^YVY]jbVcVhZk^kZnhZYZhVggdaaVZcXdbjc^YVYnfjZcdhZVaXVcoV
aVbVYjgZob^ZcigVhaVeZghdcVcdeVgi^X^eZZchjXdbjc^YVY#EdgiVcid!ZhegZX^hdfjZjcVXdbjc^"
YVY bVYjgV d[gZoXV V hjh b^ZbWgdh aV dedgijc^YVY n adh bZY^dh eVgV eVgi^X^eVg Xdbjc^iVg^VbZciZ#
HZ cZXZh^iVc ZhigjXijgVh VYZXjVYVh eVgV fjZ aV eZghdcV bVYjgV hZV gZVabZciZ XVeVo YZ XgZVg jcV
Xdbjc^YVY]jbVc^hiV#
($)BWjhWdi\ehcWY_dZ[bWiYedY_[dY_WioZ[bWi[ijhkYjkhWi
:aegdnZXidYZigVch[dgbVX^chdX^VaYZ6g^obZcY^Vgg^ZiVgZXd\ZjceaVciZVb^Zcid^ciZ\gVa/Zfj^a^Wg^d
ZcigZaVigVch[dgbVX^cYZaVhXdcX^ZcX^VhnYZaVhZhigjXijgVh#:aegdXZhdYZbVYjgVX^cYZaVhXdc"
X^ZcX^VhZhiVg{VahZgk^X^dYZaVbVYjgVX^cYZaVXdbjc^YVYfjZ!VhjkZo![dbZciVg{adhegdXZhdhYZ
bVYjgVX^cYZaVhcjZkVhXdcX^ZcX^Vh#:acXaZdYZZhiZXgXjadk^gijdhdgZh^YZZcaVXdcX^ZcX^VYZaVh
eZghdcVh!YdcYZhZVaWZg\VaVZcZg\VigVch[dgbVYdgVcZXZhVg^V!nedgZaad!6g^obZcY^Vgg^ZiVegdedcZ
jcVgZkdajX^cYZaVhXdcX^ZcX^Vh#H^cdhZgZcjZkVcaVhXdcX^ZcX^VhXjVafj^ZgXVbW^ddgZkdajX^chd"
X^VahZa^b^iVg{VjcbZgdigVheVhdYZedYZg!ZhYZX^g!VjcXVbW^dh^cigVhXZcYZcX^V#
:cZhiZVheZXidiVc[jcYVbZciVa!6g^obZcY^Vgg^ZiVhZVegdm^bVb{hVa]jbVc^hbdhdX^Va^hiVdg^\^cVg^d
YZEgdjY]dc!DlZcndigdh!fjZVaeZchVb^ZcidbVgm^hiV/aVY^\c^YVYnaVa^WZgiVYcdYZeZcYZg{cYZa
XVbW^dYZaVhZhigjXijgVhedai^XVh!h^cdYZaVigVch[dgbVX^cYZadhgZhdgiZh^ciZgcdhYZahZg]jbVcd#
EdgdigVeVgiZ!ZhiV^YZVZhi{iVbW^cbjnk^cXjaVYVVaVXdgg^ZciZeZghdcVa^hiVn!ZcZheZX^Va!VaeZc"
hVb^ZcidYZBdjc^Zg#
CddWhiVciZ!_jcidVaVgZkdajX^cYZaVhXdcX^ZcX^Vh!iVbW^cjg\ZaVigVch[dgbVX^cYZaVhZhigjXij"
gVh!nVfjZZcai^bV^chiVcX^VhiVh\VgVci^oVcadhbZY^dhcZXZhVg^dheVgVjcVXdck^kZcX^V]jbVcV
Zc a^WZgiVY n Zhi^bjaVc aV bVYjgVX^c hdX^Va YZ aVh eZghdcVh# AVh ZhigjXijgVh hdc ^chigjbZcidh hd"
X^VaZhfjZZhi{cVY^hedh^X^cnVahZgk^X^dYZaVheZghdcVh#´FjejZYZ]VXZgjcVWjZcVeZghdcVh^
Zhi{egdk^hiVYZbVadh^chigjbZcidh4Eg{Xi^XVbZciZcVYV#HZ\c6g^obZcY^Vgg^ZiVÆ]dbWgZhWjZcdh
XdcbVadh^chigjbZcidhgVgVbZciZejZYZc]VXZgVa\dW^Zc!nadb{haVbZciVWaZneZg_jY^X^VaeVgVaV
Xdbjc^YVYcdZhfjZadhbVadhXdcWjZcdh^chigjbZcidh]V\VcbVa!h^cdZafjZadhWjZcdhXdcbVadh
^chigjbZcidhiZc\VcfjZZhiVgXdcYZcVYdhVdWgVgbVa#:hidh^chigjbZcidhcdhdcdigVXdhVfjZaVh
^chi^ijX^dcZh!aVhZhigjXijgVh!fjZXdc[^\jgVcVZhVh^chi^ijX^dcZhÇ0ENSAMIENTOS #
8dcidYd!aVgZkdajX^cedai^XVcdZheg^dg^iVg^VZcZaeaVciZVb^ZcidVg^obZcY^Vcd#:aXVb^cdeVgVaV
XgZVX^cYZacjZkddgYZcYZeZcYZg{YZaVgZkdajX^cYZaVhXdcX^ZcX^VhnYZaXVbW^dYZaVhZhigjXijgVh!
YdcYZaVeZghdcVhZg{ZaZ_Znhj_ZidVXi^kdYZZhVigVch[dgbVX^c#:ceVaVWgVhYZcjZhigdVjidgÆcjZh"
igVgZkdajX^cÇcdeVgiZYZXZgd!cd]VXZ[VaiVYZhigj^gcVYVeVgVXdbZcoVgVXdchigj^g#HZigViVYZjc
egdXZhdXdci^cjdfjZ!bZY^VciZaVeVgi^X^eVX^c!^g{VkVcoVcYdeVhdVeVhd#
44 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
($*BWWkje][ij_d
:aXVb^cdYZaVVjid\Zhi^cYZadhhZgZh]jbVcdhnYZaVhdX^ZYVYbVgXVg{ZaYZhVggdaad[jijgd#:hegZ"
X^hdXdbZcoVgedgjcdb^hbd!Vgbdc^oVcYdaVVjid\Zhi^ceZghdcVanXdbjc^iVg^V#=VnfjZegdbdkZg
jchZg]jbVcdY^\cdXdcXVeVX^YVYYZVjid\Zhi^cn!Vab^hbdi^Zbed!jcVhdX^ZYVYVjid\Zhi^dcVYVZc
hjh[jcX^dcZhZXdcb^XVh!hdX^VaZhnXjaijgVaZh#
6g^obZcY^Vgg^ZiVZci^ZcYZfjZaVdg\Vc^oVX^cb{hha^YVZhVfjZaaVfjZhjg\ZYZaVVhdX^VX^ca^WgZ
ZcigZeZghdcVh#AVVjid\Zhi^ceZgb^i^g{fjZaVhXdbjc^YVYZh\jZcnXdcigdaZchjegde^VigVnZXidg^V!
eVgi^X^eVcYdVXi^kVbZciZZcZah^hiZbVhdX^VanZcaVXdchigjXX^cYZa[jijgd#
:aegZ[^_d6JIDVYfj^ZgZjcVgZhdcVcX^VZheZX^VaZc6g^obZcY^Vgg^ZiV/XdggZhedcYZVXVYVXjVaXdc"
XZW^gn\j^Vghjegde^V[dgbVYZdg\Vc^oVghZ#IVcidaVeZghdcVXdbdaVXdbjc^YVYYZWZchZgadhegd"
iV\dc^hiVh!adh\jVhnadhXgZVYdgZhYZhjedgkZc^g0hadYZZhiVbVcZgVhZdWiZcYg{caVa^WZgiVY!aV
bVYjgZonaVY^\c^YVYkZgYVYZgVh#CVY^ZejZYZa^WZgVgcdhc^XdcigdaVgcdh#HZeVbdh!ZcXdchZXjZcX^V!
VXijVgVjicdbVbZciZ#
AVZYjXVX^c_jZ\VjceVeZaegZYdb^cVciZZcaVVjid\Zhi^c!nVfjZÆaVhdX^ZYVYVjid\Zhi^dcVYVhZg{
aVfjZidYdhXdccjZhigVegZeVgVX^cn\VcVhYZeVgi^X^eVghZVbdhXVeVXZhYZgZVa^oVgÇ0ENSAMIENTOS
#H^cdYZhVggdaaVbdhcjZhigVXVeVX^YVYeVgi^X^eVi^kV!digdhYZX^Y^g{cnde^cVg{cedgcdhdigdh#EZgd!
´XbdedYgVbdheVgi^X^eVgZcXjZhi^dcZhfjZYZhXdcdXZbdh4AVeZghdcVcdejZYZde^cVggVodcVWaZ"
bZciZhdWgZVa\dfjZYZhXdcdXZ!cdejZYZgZhedchVW^a^oVghZYZadfjZcdhVWZ#EdgiVcid!aVXaVkZYZ
aVVjid\Zhi^cZhi{ZcaVeVgi^X^eVX^cnZcZaVXXZhdjc^kZghVaVaVZYjXVX^c#
3. Educación
AVZYjXVX^cZhZaeg^bZg[jcYVbZcidYZaegdnZXidYZigVch[dgbVX^cYZ6g^obZcY^Vgg^ZiV!ZciVcidfjZ
eZgb^i^g{igVchb^i^gZacjZkdZheg^ijYZhda^YVg^YVYnYZigVWV_dXdbjc^iVg^d!VhXdbdadhkVadgZhVYZXjV"
YdheVgV^gVkVcoVcYd]VX^VjcVgZVa^YVYb{h_jhiV#AVZYjXVX^cigVch[dgbVaVhXdcX^ZcX^Vh!bdYZaVaV
^YZci^YVYYZadhhZgZh]jbVcdh^chiVcYdVaVeZghdcVVigVch[dgbVghjZcidgcd#8dbdeVgiZYZaegdXZhd
YZXdchigjXX^cYZjcVeZghdcVnjcVXdbjc^YVYcjZkV!6g^obZcY^Vgg^ZiVWjhXVg{Vbea^VgaVZYjXVX^cVa
Xdc_jcidYZaVhdX^ZYVY/XjVciVhb{heZghdcVheVgi^X^eZcYZadhcjZkdhkVadgZhiVcidb{h[{X^agZhjaiVg{
XgZVg jcV cjZkV Xdbjc^YVY# Hj egde^V k^YV Zh jc gZ[aZ_d YZ ZhZ ^ciZcid# 6g^obZcY^Vgg^ZiV YZY^X bjX]d
i^ZbedVaV[dgbVX^cYZadh_kZcZhVigVkhYZX]VgaVh!Xjgh^aadhnhZb^cVg^dh#AV^cfj^ZijYfjZhZciVedg
aV[dgbVX^cYZadh[jijgdhigVWV_VYdgZhaZVc^bV[jcYVgaV6XVYZb^VYZHdX^dad\V!VhXdbdaV:hXjZaV
Egd[Zh^dcVaYZBdcYgV\dc#l[hYWfjkbe("f|]$'&&
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 45
)$'IeY_Wb_pWY_dZ[bW[ZkYWY_doZ[beiiWX[h[i
6eVgi^gYZaVZmeZg^ZcX^VYZaV\jZggVX^k^a6g^obZcY^Vgg^ZiVidbXdcX^ZcX^VYZaV^bedgiVcX^VYZaVZYjXVX^c#
DWhZgkfjZaVhY^[ZgZcX^VhZcigZaV\ZciZ^chigj^YVnadhVcVa[VWZidhiVbW^ciZcVcjcVigVYjXX^cZcigb^cdh
YZedYZg!YZiVabVcZgVfjZadhb{h^chigj^YdhZgVcfj^ZcZhYZiZciVWVcejZhidhYZbVndggVc\dYZcigdYZaVh
[^aVhYZaZ_gX^idnYZaVhb^a^X^Vh!aaZ\VcYdVaVXdcXajh^cYZfjZaVZYjXVX^cXdcY^X^dcZcWjZcVeVgiZZaeVeZa
fjZXVYVXdciZcY^ZciZk^cdVYZhZbeZVgZcaV\jZggV#ÆJcejZWad^\cdgVciZZhjcejZWadZcXVYZcVYdnYZeZc"
Y^ZciZYZjcVb^cdgVedYZgdhVÆ=#8#!e{\#'%&#
8dcZhZ[jcYVbZcidaVZYjXVX^chZXdck^ZgiZZcjc[VXidg[jcYVbZciVaZcaVXdchigjXX^cYZjcVeZghdcV
njcVXdbjc^YVYcjZkV/Zh^bedh^WaZXdchigj^gjccjZkddgYZch^XjaijgVabZciZhdbdhYZeZcY^ZciZh#EVgV
VhZ\jgVgZam^idYZaegdnZXidigVch[dgbVYdghZ^bedcZaVhdX^Va^oVX^cYZahVWZg#whiZgZhjaiVjcZaZbZcid
^begZhX^cY^WaZedgaVhh^\j^ZciZhgVodcZh/
O :[ceYhWj_pWY_dZ[bfeZ[h0aVZYjXVX^ccdhXVeVX^iVeVgVidbVgYZX^h^dcZhnVhjb^ggZhedchVW^a^YVYZh!
eVhVcYdYZjcVh^ijVX^cYZ]ZiZgdcdbV]VX^VbVndgZhXdiVhYZVjidcdbV#HdWgZaVWVhZYZfjZaVh
XVeVhhdX^VaZhXdcbVndg[dgbVX^cdhiZciVcZaedYZg!bZY^VciZaVhdX^Va^oVX^cYZahVWZghZVbea^Vg{
ZaVXXZhdVaedYZg!hjeZgVcYdVhaVgZaVX^cYZ[jZgoVhZcigZbVndgVhnb^cdgVh#:ceVaVWgVhYZaegde^d
6g^obZcY^Vgg^ZiV/ÆhZYZWZhdX^Va^oVgZahVWZgeVgVYZbdXgVi^oVgZaedYZgÇ0ENSAMIENTOS #
O ;gk_b_Xh_eZ[YbWi[i0XjVcYdaVXjaijgVnZaXdcdX^b^ZcidhZZmi^ZcYVcVidYVaV]jbVc^YVYhZgZYjX^g{c
adh ZhigVidh fjZ VXijVabZciZ _ZgVgfj^oVc V aVh eZghdcVh Zc Y^hi^ciVh ZhXVaVh ZXdcb^XVh n hdX^VaZh#
EgdXjgVgZaVXXZhdbVndg^iVg^dVaVZYjXVX^c!hZg{\VgVciViVbW^cYZbVndgZhnbZ_dgZhdedgijc^YVYZh
eVgVZahZg]jbVcd#
O 9WcX_eZ[YedY_[dY_WoZ[lWbeh[i^kcWdei0aVZYjXVX^cZckVadgZhVYfj^ZgZZheZX^VagZaZkVcX^VXdbd
^chigjbZcidYZXVbW^dZcaVbZciVa^YVYnZaXdbedgiVb^Zcid]jbVcd#
O ;\_YWY_W0ZcaVVXijVa^YVYZh^cVXZeiVWaZfjZjcejZWadegZhX^cYVYZaVXVeVX^YVY^ciZaZXijVanYZVXX^c
YZhjhXdcX^jYVYVcdh#6abZcdhYdhgVodcZhVkVaVcaVcZXZh^YVYYZ[dgbVgnZYjXVgVaVbVndgeVgiZYZ
aVedWaVX^c/
" :a [dbZcid YZa YZhVggdaad hdX^Va/ hZg{c aVh eZghdcVh W^Zc [dgbVYVh fj^ZcZh egdiV\dc^oVg{c
adhcjZkdhVkVcXZhiXc^XdhnX^Zci[^Xdh#
" AV dei^b^oVX^c YZ adh gZhjaiVYdh ZbegZhVg^VaZh/ Za igVWV_VYdg W^Zc [dgbVYd ZhiVg{ XVeVX^iVYd
eVgVeVgi^X^eVgZcaVZbegZhV!iVcidZchjejZhidYZigVWV_dXdbdZcZa{bW^id^chi^ijX^dcVa#AV
ZYjXVX^c YdiV Va igVWV_VYdg YZ VjidcdbV! ^c^X^Vi^kV n XVeVX^YVY YZ Vjid\Zhi^c n! Va b^hbd
i^Zbed!Y^[jcYZZcigZadhXdbeVZgdhVfjZaadhkVadgZhfjZbZ_dgVcaV\Zhi^cZbegZhVg^Va#
O ;ZkYWY_do]d[he0WV_daVY^XiVYjgV[gVcfj^hiVZaedgkZc^gYZaVhbj_ZgZhZhiVWVa^\VYdVabVig^bdc^d#
6g^obZcY^Vgg^ZiV Xdch^YZgVWV ^cVYb^h^WaZ aV ZcdgbZ Y^[ZgZcX^V YZ XVe^iVa XjaijgVa ZcigZ ]dbWgZh n
bj_ZgZh!nVedhiYZX^Y^YVbZciZedgaVZYjXVX^cYZaVhbj_ZgZh#AVhdX^ZYVYfjZc^Z\VaVdedgijc^YVY
YZ[dgbVX^cVaVhbj_ZgZh!VYZb{hYZbVg\^cVgVaVb^iVYYZaVedWaVX^c!cdhZYZhVggdaaVZcidYVhhjh
46 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Y^bZch^dcZh!Xd_ZVYZjce^Z#AVZYjXVX^cZhjcdYZadhYZgZX]dh[jcYVbZciVaZhnjceg^cX^e^dZhZcX^Va
eVgV aV ZbVcX^eVX^c hdX^Va Z ^cY^k^YjVa# Edg iVcid! 6g^obZcY^Vgg^ZiV Xdch^YZgV fjZ Za VXXZhd V aV
ZYjXVX^cYZaVhbj_ZgZhZhjcVXjZhi^cYZ_jhi^X^VhdX^Va!YZW^YdVfjZZhVeg^kVX^ca^b^iVZaYZhVggdaad
eZghdcVanaVk^YVXdbjc^iVg^VYZaVhbj_ZgZh#l[hYWfjkbe)"f|]_dW'(/
)$(;bdk[leceZ[be[ZkYWj_le
6g^obZcY^Vgg^ZiV egdejhd jc cjZkd bdYZad
^ciZ\gVaYdcYZXdc[ajnZgVciVcidaV[dgbVX^c
iXc^XVXdbdaV[dgbVX^chdX^VanbdgVa#AV
ZYjXVX^c ^ciZ\gVa ^c[ajnZ Zc aV Xdchi^ijX^c
YZ aV ^YZci^YVY YZ aV cjZkV eZghdcV# :a c^d
cd cVXZ h^ZcYd jcV eZghdcV VjicdbV! Zh
bZY^VciZ aV ZYjXVX^c Xdbd Za ^cY^k^Yjd hZ
Xdck^ZgiZ Zc eZghdcV ^ciZ\gVa# AV ZYjXVX^c
VnjYVVZbZg\ZgadhhjZdhZ^YZVaZhb{hc"
i^bdh YZ XVYV hZg ]jbVcd# AV ^chVi^h[VXX^c
fjZ h^ZciZ Za hj_Zid VciZ aV gZVa^YVY X^gXjc"
YVciZ hZ XdckZgi^g{ Zc bdidg YZa XVbW^d YZ
jc Zcidgcd hjhXZei^WaZ YZ bZ_dgV# Cd hZ cZ" ;b_cfkbie[ZkYWj_lejYd_YeoieY_Wb[i[bfh_c[h[`[Z[bW
l_i_dWh_pc[dZ_WdW$
XZh^iVceZghdcVheVh^kVhXdcjcVk^YV^ciZg^dg
VcjaVYV n h^c XVeVX^YVY Xgi^XV# 6a XdcigVg^d!
ZhcZXZhVg^d[dbZciVgjcbdYZad]jbVcd!XdceZghdcVhXVeVXZhYZ^ajh^dcVghZnhdVg!XdcjcYZhZd
eZgbVcZciZYZXVbW^VgnigVch[dgbVg!nhdWgZidYd!XdbegdbZi^YVhXdcaVXdbjc^YVY#
6g^obZcY^Vgg^ZiVcd[dgbjaVjcViZdgVeZYV\\^XVXdcXgZiV#H^cZbWVg\d!hjh^YZVh"[jZgoV\jVgYVcjcVZhigZ"
X]VgZaVX^cXdcZaXdchigjXi^k^hbd#:aXdchigjXi^k^hbd!Va\jcdhYZXjndhb{m^bdhZmedcZciZh[jZgdcE^V\Zin
Kn\dih`n!hZVaZ_VYZabdYZadZYjXVi^kdigVY^X^dcVa!]VX^ZcYdfjZZahj_ZidhZVZaXZcigdYZaegdXZhdZYjXVi^kd#
HjeVgi^X^eVX^cZ^bea^XVX^chZg{cadhZ_ZhYZaegdXZhdZYjXVi^kdYZVegZcY^oV_Z#AVVXi^ijYVXi^kVfjZhZZm^\Z
VaVajbcdZcZaVjaV]Vg{fjZZcZa[jijgdiVbW^cVXiZYZ[dgbVVc{ad\VZcaVhdX^ZYVY#HZ\cZhiZZc[dfjZ!
hZigViVYZVWVcYdcVgjcbdYZadWVhVYdZcaVigVchb^h^cYZXdcdX^b^ZcidheVgVVWdgYVgdigdZcZafjZZa
XdcdX^b^ZcidhZXdchigjnZXdc_jciVbZciZ#6aegd[ZhdgaZXdggZhedcYZZaVXdbeVVb^ZcidnaVdg^ZciVX^cYZ
adhVajbcdhZcaVVYfj^h^X^cYZcjZkdhhVWZgZhnVaVajbcdXdckZgi^ghZZchj_ZidegdiV\dc^hiVYZhjegd"
XZhdYZVegZcY^oV_Z#:aZYjXVYdgXjbeaZjcV[jcX^cbVnji^XV!YZVXdbeVVb^Zcid!XgZVcYdaVhXdcY^"
X^dcZhfjZeZgb^iVcZaegdXZhdYZVegZcY^oV_ZYZaVajbcd!h^ij{cYdadVciZadhegdWaZbVhnVc^b{cYdadVaV
gZ[aZm^c#7V_dZhiVeZgheZXi^kV!idYdhiZcZbdhVa\dfjZVegZcYZgnVa\dfjZZchZVg#
6a b^hbd i^Zbed! ZhiZ cjZkd bdYZad YZWZg{ ^bejahVg aV XgZVi^k^YVY n aV ^c^X^Vi^kV YZa ^cY^k^Yjd n
Xjai^kVgadhkVadgZhYZaigVWV_dXddeZgVi^kd#:hVhXdbdZaVajbcdidbVg{XdcX^ZcX^VYZhjY^\c^YVYnhVWg{
kVadgVghZZcXjVcidhZg]jbVcd#6ab^hbdi^Zbed!hZXVeVX^iVg{eVgVeaVhbVgZcaVhdX^ZYVYaVhVXi^ijYZh
nadhkVadgZhfjZegZk^VbZciZ]VnVVYfj^g^YdZcZaegdXZhdZYjXVi^kd#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 47
)$($' BW[ZkYWY_d_dj[]hWb
AVigVch[dgbVX^cYZah^hiZbVXVe^iVa^hiVgZfj^ZgZigVch[dgbVgZaXdc_jcidYZkVadgZhZ^YZVhfjZadhjhiZc"
iVc#:ahZg]jbVcdhadad\gVg{hjeZgVgZaeg^cX^e^dYZ|d_ceZ[bkYheYZhYZaV^ciZg^dg^oVX^cYZjccjZkd
h^hiZbVYZkVadgZh!nZaejcidYZeVgi^YVYZZhiZXVbW^dZhi{ZcaVZYjXVX^c#:acjZkdbdYZadYZWZYZhV"
ggdaaVgidYVhaVhY^bZch^dcZh]jbVcVh#EdgjcVeVgiZ!aVY^bZch^ciXc^XV!^begZhX^cY^WaZYZhYZZaejcid
YZk^hiVYZaVZ[^XVX^VnYZagZcY^b^Zcid#EdgdigVeVgiZ!XdbdkZc^bdh^ch^hi^ZcYd!aVY^bZch^cZhe^g^ijVa!
nVfjZaVXgZVX^cYZaVcjZkVXdbjc^YVYZm^\ZjcXVbW^dYZ^YZVhnkVadgZh#JcVhdX^ZYVYhVcVÅÆXjaij"
gVabZciZYZhVggdaaVYVÇY^g{6g^obZcY^Vgg^ZiVÅYZWZXdbeV\^cVgVgbdc^dhVbZciZZaYZhVggdaadX^Zci[^Xd!
^ciZaZXijVanbdgVa#
WBW[ZkYWY_djYd_YW
:cjcbjcYdfjZhZhjhiZciVhdWgZcjZkdhVkVcXZhX^Zci[^Xd"iZXcda\^Xdh!ZhhdX^VabZciZYZhZVWaZfjZaV
bVndgVejZYVVXXZYZgVaV[dgbVX^ciXc^XV#9ZhYZZaejcidYZk^hiVYZaVZ[^X^ZcX^V!ZhiV[dgbVX^cZh^b"
egZhX^cY^WaZeVgVfjZZaigVWV_VYdgYZhVggdaaZhjVXi^k^YVYh^cYZeZcYZgYZcVY^Z#CjZkVbZciZcdhgZ[Zg^bdh
VaVVjidcdbVnaVVjid\Zhi^c#AVXVeVX^iVX^ciXc^XVYZaigVWV_VYdgZhcZXZhVg^VeVgVfjZhiZVYfj^ZgVn
YZbjZhigZjcc^kZaYZVjidhj[^X^ZcX^VfjZada^WZgZYZaVhVXijVaZhgZaVX^dcZhaVWdgVaZhYZYZeZcYZcX^V#AV
[dgbVX^ciXc^XViVbW^cgZhjaiVWZcZ[^X^dhVeVgVZaYZhVggdaadnZam^idYZaVZbegZhV#H^ZaigVWV_VYdgZh
XVeVoYZYZhZckdakZghZedghb^hbdZchjejZhidYZigVWV_d!aVZ[^X^ZcX^VZbegZhVg^VahZ^cXgZbZciV#
H^W^Zc!aVX^ZcX^VnaViZXcdad\V]VcXdcig^Wj^YdVaYZhVggdaadhdX^Va!6g^obZcY^Vgg^ZiViVbW^cYZhiVXVaV
^chigjbZciVa^oVX^cfjZYZZaaVhhZ]VXZ!ZcZahZci^YdYZfjZiVbW^caVX^ZcX^VnaViZXcdad\V]Vch^Yd
[jcX^dcVaZhVjcbdYZadXdcXgZidYZYZhVggdaadZXdcb^Xd!Xdck^gi^cYdhZZce^kdiZhYZah^hiZbVXVe^iVa^h"
iV0h^cdak^YVgZahZgk^X^dfjZaVX^ZcX^VnaViZXcdad\V]VcegZhiVYdVadh^ciZgZhZhWZa^X^hiVhYZaVh\gVcYZh
ediZcX^VhVadaVg\dYZah^\adMM#EdgiVcid!idYdYZhV[dYZigVch[dgbVgaVgZVa^YVY!^bea^XVgVhjWdgY^cVgaV
X^ZcX^VnaViXc^XVVZm^\ZcX^Vhi^XVhnZhe^g^ijVaZh#
XBW[ZkYWY_dj_YW"ieY_Wbo[if_h_jkWb
:aegd\gZhdhdX^VaeVhVedgZaXVbW^dnZaYZhVggdaadYZaVhbZciVa^YVYZh#JceVhVcXaVYdZcedh^X^dcZh
XdchZgkVYdgVhY^[X^abZciZZkdajX^dcVg{#Æ:abVndgdWhi{XjadfjZ[gZcVZaegd\gZhdYZadhejZWadhXdch"
i^ijnZcZhiVhci^bVhWVggZgVhfjZaaVbVbdhXjaijgV!^YZdad\V!bZciVa^YVYdZheg^ijYZXVYVjcdÇ=#8#!
e{\#'*+#6g^obZcY^Vgg^ZiVVWd\VedgZaXjai^kdYZcjZkVh^YZVhnedgaVXgZVX^cYZjcZheg^ijcjZkdnÆaV
^ciZa^\ZcX^VÅVVYZcjZhigdVjidgÅZhZabZ_dg^chigjbZcidfjZedhZZidYd]dbWgZeVgVZbVcX^eVghZYZ
aVdhXjg^YVYnYZaVb^hZg^VÇ=#8#!e{\#'''#EgZX^hVbZciZ!ZhZiVaZcid]jbVcdnjcVeZgheZXi^kVi^Xd"
bdgVa!hdcadhgZhdgiZhZhZcX^VaZheVgVXdchigj^gZa[jijgd#
:acjZkdbdYZadZYjXVi^kdXdc[^\jgVhjh^hiZbVYZkVadgZhZcidgcdVaVeZghdcVnaVXdbjc^YVY#AV[dg"
bVX^ceZghdcVanXdbjc^iVg^VVkVcoVVab^hbdeVhdYZhYZkVadgZhXdbdaVhda^YVg^YVY!aVXddeZgVX^c!aV
eVgi^X^eVX^c!aV[gViZgc^YVYdZaY^{ad\d#
AVZYjXVX^chVXVg{VajoVfjZaadhkVadgZhfjZeZgbVcZXZcaViZciZhZcadb{hci^bdYZXVYVhZg]jbVcd!
dg^ZciVcYdadh^chi^cidh]jbVcdhZcaVY^gZXX^cVegde^VYV#:a^chi^cidVPRIORIcdZhjcZaZbZcidYZhYZV"
WaZ#:aZ\dhbd!aVXdbeZi^i^k^YVYnZaVch^VYZZcg^fjZX^b^Zcid[dbZciVcaV^c^X^Vi^kVeZghdcVangZeZgXjiZc
48 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
edh^i^kVbZciZZcZaYZhVggdaadhdX^Va!h^ZbegZnXjVcYdcdhZXdck^ZgiVcZcdW_Zi^kdhZchb^hbdh#8jVcYd
hZhdbZiZcVadhY^XiVYdhYZaVgVocnYZaVXdcX^ZcX^Vhdcb{hZ[^XVXZhiVcidYZhYZaVeZgheZXi^kVZXdc"
b^XVXdbdYZhYZZaejcidYZk^hiVYZagZheZidVaVY^\c^YVY]jbVcV#
)$);ZkYWY_dojhWXW`e
EVgV6g^obZcY^Vgg^ZiV!ZYjXVX^cnigVWV_dcdXdch"
i^ijnZcYdh[VhZhXdchZXji^kVhnY^[ZgZcX^VYVh!h^cd
YdhZiVeVhYZjcb^hbdegdXZhd#:aZhijY^VciZYZWZ
igVWV_VgnZaigVWV_VYdg!VhjkZo!ZhijY^Vg#:hideZg"
b^i^g{ fjZ Za Vajbcd [^cVcX^Z hjh ZhijY^dh h^c YZ"
eZcYZgYZaVZXdcdbV[Vb^a^Vg!]VX^ZcYdgZVa^YVYZa
hjZdYZhdX^Va^oVgZahVWZg#EZgdVYZb{h!Za_dkZc
ZhijY^VciZ VegZcYZg{ YZhYZ jc eg^cX^e^d V kVadgVg
ZaigVWV_dXdbd^chigjbZcidYZigVch[dgbVX^c0hZ
eZgXViVg{YZfjZadhhjZdhZ^YZVaZhfjZcVXZcZc
aVhaVg\Vh]dgVhYZZhijY^dejZYZcXdckZgi^ghZgZVa^"
YVYbZY^VciZZaigVWV_d#JcV_jkZcijYVXdhijbWgVYV 7h_pc[dZ_Whh_[jWi[dkjh[Z[kdf[diWc_[djef[hiedWb_i#
Vk^k^gVXdhiVYZaZh[jZgodV_Zcd!egdWVWaZbZciZcd jWZ[hWY[iYh_ij_WdWioi[Wi_[djW[dkdWYkbjkhWYedkd
^kckiYedYh[je$
hZVXVeVoYZkVadgVgZaigVWV_dZchj_jhiVbZY^YV#
:hiVh^bW^dh^hZcigZaVZYjXVX^cnZaigVWV_diVbW^c^bea^XVfjZZaigVWV_VYdgXdci^cZXdchjegdXZhdYZVegZc"
Y^oV_Z#AV[dgbVX^ceZgbVcZciZ\VgVci^oVfjZZaigVWV_VYdgVXijVa^XZhjhXdcdX^b^Zcidh!Vei^ijYZhnXdbeZiZc"
X^Vh!Vab^hbdi^ZbedfjZbVci^ZcZk^kVaVaaVbVYZhjhkVadgZhnhjZhe^g^ijVa^YVY#EdgiVcid!VXdgiVgaVY^hiVcX^V
ZcigZaVZYjXVX^cnZaigVWV_deZgb^i^g{jcYZhVggdaad!h^XVWZ!b{h^ciZ\gVaYZaVeZghdcVnaVXdbjc^YVY#
:cXdchZXjZcX^V!eVgVfjZaVZYjXVX^chZVZ[^X^ZciZYZWZXdc_j\VgYdhXVgVXiZghi^XVh[jcYVbZciVaZh/fjZhZV
VXi^kVneZgbVcZciZ#AVZYjXVX^cVXi^kV]VXZgZ[ZgZcX^VVaVXdc_j\VX^cYZaZhijY^dnYZaigVWV_d!ZciZcY^ZcYd
edgigVWV_djcViVgZVfjZ!b{hVaa{YZaViVgZVejgVbZciZegdYjXi^kV!VWVgXVjcVVXi^k^YVYigVch[dgbVYdgV#:hiZ
XdcXZeidigVhX^ZcYZadhab^iZhZheVX^d"iZbedgVaZhYZaVZbegZhVnYZaVZYVYaVWdgVa#9ZhYZaVeZgheZXi^kVYZ
cjZhigdVjidg!aVZYjXVX^cVXi^kVZh^cXajhdVea^XVWaZZcaV_jW^aVX^c!eZg^dYdk^iVaZcZafjZVbZcjYdZahZg
]jbVcde^ZgYZZahZci^YdYZhjk^YV#
>\jVabZciZ! ZhiV h^bW^dh^h YZa igVWV_d n YZa ZhijY^d VjbZciV aV XVeVX^YVY YZ Vjid[^cVcX^VX^c n Vjid"
\Zhi^cYZaVheZghdcVh#:aigVWV_deZgb^iZVaVajbcdeV\VghjhZhijY^dhnaZZchZVVhZgVjicdbd#
6fjZaadhfjZ]VnVcgZX^W^YdjcVZYjXVX^cVXi^kVhZg{cXVeVXZhYZXgZVghjegde^d{bW^idYZa^WZgiVYn
YZVXX^c#l[hYWfjkbe("f|]_dW'&(
EdgdigdaVYd!Za]ZX]dYZfjZk^kVbdhZcjcVhdX^ZYVYYZ^cXZhVciZhXVbW^dhZ^ccdkVX^dcZhiZXcda\^XVh!
]VXZfjZ!VadaVg\dYZaVk^YVaVWdgVa!iZc\VbdhfjZ^cXdgedgVgcjZkdhXdcdX^b^ZcidhfjZVXijVa^XZccjZh"
igdhhVWZgZh#IdYdigVWV_VYdgYZWZZhiVgY^hejZhidVaV[dgbVX^ceZgbVcZciZ#EVgV6g^obZcY^Vgg^ZiV!aV
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 49
ZYjXVX^ceZgbVcZciZZhjcYZgZX]dYZidYdhadhigVWV_VYdgZhnYZWZgVgZXdcdXZghZXdbdiVa/Æjc]dbWgZ
edgZa]ZX]dYZigVWV_VgY^ZoVdh!YZWZgVhZVXgZZYdgVjcddYdhVdhYZ[dgbVX^cdeX^dcVah^cfjZZhiZ
YZgZX]dhjejh^ZgVjcgZXdgiZZchjgZbjcZgVX^cÇ#=#8#!E{\#'')#
ÜC8?JEI:;JH7DIC?I?ãD;:K97J?L7
AVZYjXVX^ccdhZa^b^iVVaVZhXjZaVdVaVjc^kZgh^YVY#AVigVchb^h^cYZXdcdX^b^ZcidhnhVWZgZhVaVhcjZkVh\ZcZgVX^dcZh
ZhjcVdWa^\VX^cfjZXdbeZiZVbjX]VheZghdcVhZ^chi^ijX^dcZhZcigZaVhfjZYZhiVXVbdhaVhh^\j^ZciZh/
BW\Wc_b_W
:haVeg^bZgVZhXjZaVYZahZg]jbVcd!aV^chi^ijX^cXZajaVgZcXVg\VYVYZigVchb^i^gjcVhgZ[ZgZcX^VhbdgVaZhnXjaijgVaZh#AV
[Vb^a^VZhZabZY^dYdcYZhZigVchb^iZcadhkVadgZh]jbVcdh!YdcYZZahZg]jbVcdXdb^ZcoVVYZ[^c^ghjegde^V^YZci^YVY!n
YdcYZhZVYfj^ZgZcadheg^bZgdhXdcdX^b^Zcidh^ciZaZXijVaZhnZhe^g^ijVaZh#
AVZYjXVX^cXdchi^ijnZZabZ_dgeVig^bdc^dfjZZahZg]jbVcdejZYZaZ\VgVhjhYZhXZcY^ZciZh#6g^obZcY^Vgg^ZiV^cXdgedgV
jcVVXZeX^cVbea^VYZaXdcXZeidYZ]ZgZcX^V0ZcadhjXZh^kd!eVgVYZhZckdakZghZZcaVk^YViZcYg{bVndg^bedgiVcX^VaVVYfj^"
h^X^cYZjcWjZcXVjYVaYZXdcdX^b^ZcidhfjZ]ZgZYVgjcVhjbV^c\ZciZYZY^cZgd#
BWYeckd_ZWZ
AVgZhedchVW^a^YVYYZaVigVchb^h^cYZkVadgZhiVbW^cXdbeZiZVaVXdbjc^YVY#:hbZcZhiZgfjZVfjZaaVh[Vb^a^VhfjZcdiZc\Vc
bZY^dhZXdcb^Xdhhj[^X^ZciZheVgVd[gZXZgjcVZYjXVX^cY^\cVVhjh]^_dhejZYVcXdciVgXdcZaVedndhda^YVg^dYZaVXdbjc^YVY#
BZY^VciZaVhda^YVg^YVY!eVgi^X^eVX^cZ^c^X^Vi^kVYZidYVaVXdbjc^YVYhZXdchZ\j^g{hdX^Va^oVgaVZYjXVX^c#6g^obZcY^Vgg^ZiVYZhiVXV
aV^bedgiVcX^VYZaV^bea^XVX^cXdbjc^iVg^Vh^ZadW_Zi^kdZh!VabZcdh!Xdchigj^gjcVXdbjc^YVYVjid\Zhi^dcVYVYZhYZaVWVhZ#:hiV
gZhedchVW^a^YVYXdbjc^iVg^VZcaVZYjXVX^chZ[jcYVZcjcVc{a^h^hXgi^XdYZaeVeZaYZa:hiVYd#
BW[cfh[iW
:aaj\VgYZaigVWV_dZcg^fjZXZaVXVeVX^YVYnadhXdcdX^b^Zcidh]jbVcdhedgfjZZhV]YdcYZhZedcZcZceg{Xi^XVadhXdciZc^"
Ydh!VXi^ijYZhnkVadgZhVYfj^g^YdhiZg^XVbZciZ#:aigVWV_dZchZVVahZg]jbVcdVXgZXZgZcVjidcdbVnZca^WZgiVY!VVhjb^g
gZhedchVW^a^YVYZhnidbVgYZX^h^dcZh#:caVZbegZhVaVeZghdcVVXi^kVhjXVeVX^YVYYZ^c^X^Vi^kVnXgZVi^k^YVY!Vea^XVcYdhjh
XdcdX^b^ZcidhZ^bea^X{cYdhZ[jZgVYZaVZhXjZaV#AVZbegZhVXdaVWdgVZcZaYZhVggdaadYZaVhediZcX^Va^YVYZhnXVeVX^YVYZh
]jbVcVh!edh^W^a^iVcYdaVVjidggZVa^oVX^c^ciZ\gVaYZaVeZghdcV#:cX^ZgiVbVcZgV!edYgVbdh^cY^XVgfjZaVZbegZhVZhjcV
ZhXjZaVYZk^YV#
;b;ijWZe
:agdaYZa:hiVYdZcZaXVbedZYjXVi^kdYZWZh^ijVghZZcZfj^a^Wg^dXdcaV^c^X^Vi^kVhdX^Va#AV^c^X^Vi^kVneVgi^X^eVX^cedejaVg
hdcgZfj^h^idh^cY^heZchVWaZheVgVjcejZWadfjZVhe^gVVhZgegdiV\dc^hiVYZhjedgkZc^g#6a:hiVYdaZXdbeZiZ^ciZgkZc^gZc
VfjZaadh{bW^idhYdcYZcdaaZ\VaV^c^X^Vi^kVhdX^Va!h^ZbegZVahZgk^X^dYZaW^ZcZhiVghdX^Va#
AVh VnjYVh ZhiViVaZh V bZcjYd aaZ\Vc Xdc gZigVhd n VYZb{h Xdc jcdh eaVciZVb^Zcidh iVc \ZcZgVaZh fjZ cd Vi^ZcYZc V aVh
cZXZh^YVYZhnaVhXVgVXiZghi^XVhYZXVYVgZ\^c#;gZciZVZaad!adhX^jYVYVcdhYZWZcXgZVgZ^bejahVghjhegde^dhegdnZXidh!
XdaVWdgVcYd!ZcaVbZY^YVYZadedh^WaZ!ZcaVgZhdajX^cYZadhegdWaZbVhb{hXZgXVcdh#
;bb_Z[hWp]e
AdhaYZgZhZ_ZgXZcjcV^c[ajZcX^VcdiVWaZZcZaegdXZhdZYjXVi^kd#6jcfjZidYdhiZc\VbdhVa\dfjZZchZVgnVegZcYZg!Zh
^cYjYVWaZfjZadhaYZgZhdXjeVcjcaj\VgYZhiVXVYdZcZa^ciZgXVbW^dYZZmeZg^ZcX^VhnXdcdX^b^Zcidh#:akZgYVYZgdbdaYZVYdg
YZahZg]jbVcdÅadfjZdg^ZciVVaVeZghdcV]VX^VjccjZkdbdYZad]jbVcdÅZhdigdhZg]jbVcd#
50 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
AVigVch[dgbVX^cYZaVhdX^ZYVYZm^\ZhdVg!aVhhdX^ZYVYZh]VcVkVcoVYd\gVX^VhVaVÆVXX^cÇYZadhjie^XdhfjZ]VcajX]VYd
edgjcbjcYdb{h_jhid#AdhaYZgZha^WZgVcnYVcg^ZcYVhjZaiVVadh^YZVaZh!VadhhjZdhnVaVhjideVhYZaV\ZciZ#8jZciVc
XdcjcV[dgiVaZoVfjZegdbjZkZaVVXX^cXdbjc^iVg^V#EVgVZaVkVcXZYZaV]jbVc^YVYaVVXi^k^YVYnaVZcZg\VYZZhiVheZghdcVh
Zh^begZhX^cY^WaZ#HjgZhedchVW^a^YVYZm^\ZjcVhVXi^ijYZhnjcV^YZci^YVYbjnXdcXgZiVhfjZhZ\jVcedgaV\ZcZgdh^YVY!aV
[gViZgc^YVY!aVhda^YVg^YVY!ZaVaigj^hbd!ZiX#:cYZ[^c^i^kV!adhaYZgZhYZWZcXdcXZW^ghjigVWV_dXdbdjchZgk^X^dVaVXdbjc^YVY
h^cWjhXVggZXdbeZchVhVXVbW^d#
4. Trabajo
:aigVWV_dZhjcVXaVkZZhZcX^VaeVgV]VXZggZVa^YVYZahjZdVg^obZcY^Vcd/egZX^hVbZciZ!hjXdcXZeX^cYZa
igVWV_dgZhjaiVg{aVe^ZYgVVc\jaVgYZaVZmeZg^ZcX^VYZaVhXddeZgVi^kVhYZBdcYgV\dc#
*$'BWdWjkhWb[pWZ[bjhWXW`e
6g^obZcY^Vgg^ZiV hZ hjbV V aVh Xdgg^ZciZh fjZ Zad\^Vc aV ^bedgiVcX^V YZa igVWV_d! ]VhiV XdckZgi^ghZ
ZcZaLEIT MOTIVYZhjeZchVb^Zcid#EVgV6g^obZcY^Vgg^ZiVZaigVWV_dZhbjX]db{hfjZjc\WYjehfhe#
ZkYj_le!jcVbZgXVcXV!jcVcZXZh^YVYdjcXVhi^\d0VciZidYd!ZhjcV[VXjaiVYegde^VYZaVcVijgVaZoV
]jbVcVfjZY^hi^c\jZVaVheZghdcVhYZadhVc^bVaZh#AVb{hkVa^dhVYZaVh[VXjaiVYZhYZfjZY^hedc\V
Za]dbWgZ#:ahZci^YdnXdcig^WjX^cYZaigVWV_dhZejZYZh^ciZi^oVgZc/hZgk^X^dVaVXdbjc^YVY!Vj"
idggZVa^oVX^cYZaVeZghdcV!YZhVggdaadhdX^Va!igVch[dgbVX^cYZaVcVijgVaZoVnaVXddeZgVX^cZcZa
egdnZXidigVhXZcYZciZ#
*$'$' ;bi[hl_Y_eWbWYeckd_ZWZ
NV]ZbdhbZcX^dcVYdfjZaVcVijgVaZoVhdX^VaYZaVeZghdcVaZaaZkVVaVXdbjc^XVX^cXdchjhXdc\cZgZhn
fjZZhaVhdX^ZYVY!VigVkhYZadhegdXZhdhYZhdX^Va^oVX^c!aVfjZXdcig^WjnZVXdchigj^gZahZgnaVeZghd"
cVa^YVYYZXVYV^cY^k^Yjd#AVeZghdcVZcXjVcidhZg]jbVcdXgZXZZcXdbjc^YVY!ÆcdXdcigVdigdh!h^cdXdc
digdhÇ!nhZg{ZhiVXdbjc^YVYaVfjZ!Zcai^bV^chiVcX^V!YdiZYZhZci^YdVaVZm^hiZcX^V]jbVcV#
:aigVWV_deVgi^X^eVZcZhiZegdXZhdXdbdbZY^dYZ^ciZ\gVX^chdX^VaYZaVeZghdcV#8jVcYdhiVhZ^ciZ\gV
ZcZabjcYdaVWdgVa!Zmi^ZcYZhjgZYYZgZaVX^dcZhbZY^VciZjccjZkdegdXZhdXdbjc^XVi^kdXdchjhXdb"
eVZgdh!hZXdck^ZgiZZcb^ZbWgdYZjcVXdbjc^YVYYZigVWV_dnZhiZhZci^b^ZcidYZeZgiZcZcX^VVVYZjc
cjZkdhZci^YdVhjZm^hiZcX^V#
:aigVWV_dhZegZhZciVXdbdjcW^ZcYZXdciZc^YdbdgVa"i^Xd!\j^VYdedgjcZheg^ijYZhda^YVg^YVY]VX^V
aVXdbjc^YVY#9Z]ZX]d!ZahZg]jbVcdhZXdchi^ijnZXdbdiVaXjVcYdegdYjXZW^ZcZhfjZ]VXZ[Za^XZhV
adhYZb{hnYZhVggdaaVhjY^bZch^c]jbVcVXjVcYd!hVa^ZcYdYZhb^hbddigVhXZcY^cYdhZ!gZ[aZm^dcV
VXZgXVYZaVhcZXZh^YVYZhnZaW^ZcZhiVgYZaeg_^bd#:aigVWV_dYZXVYVeZghdcV!XdcaV[jZgoVYZaVjc^cn
aVXddeZgVX^c!VnjYVg{VXgZVgZhVcjZkVXdbjc^YVY#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 51
*$'$( BWWkjehh[Wb_pWY_dZ[bWf[hiedW
H^cZbWVg\d!ZaigVWV_dcdhadXdWgVhZci^YdXdbdWZcZ[^X^dXdbjc^iVg^d#AVXdbW^cVX^cZchVnVYVedg6g^o"
bZcY^Vgg^ZiV!^bea^XVcYdVahj_ZidZchdX^ZYVY!iVbW^cVedgiVVheZXidhedh^i^kdhZcZaeaVcd^cY^k^YjVa#
9ZhYZZabdbZcidZcfjZZa^cY^k^YjdhVaZYZahZcd
bViZgcdh^ZciZjcVcZXZh^YVY^beZg^dhVedgaaZ\Vg
V jcV bZiV! edg aaZ\Vg A SER0 YZWZg{ ZcXdcigVg jc
hZci^YdVhjZm^hiZcX^VnYdiVghZYZjcVeZghdcVa^"
YVYfjZaZ]V\VhZgnhZci^ghZXdbdiVahZg]jbVcd#
NegZX^hVbZciZ!ZaigVWV_d_j\Vg{jceVeZaXgjX^VaV
aV]dgVYZXdc[^\jgVgVaVeZghdcVZcXjVcidiVa#
:ahZg]jbVcdVigVkhYZhjZh[jZgodnigVWV_dgZ"
XgZV n igVch[dgbV aV cVijgVaZoV! edh^W^a^iVcYd bZ"
7h_pc[dZ_Whh_[jWejeh]WWbjhWXW`ekdbk]WhY[djhWb[d Y^VciZ ZhV VXX^c igVch[dgbVYdgV Za YZhVggdaad YZ
[bZ[iWhhebbeZ[bi[h^kcWdeoZ[kdfk[Xbegk[bej_[d[ hjh [VXjaiVYZh ]jbVcVh# :a igVWV_d Xdcig^WjnZ V aV
Yeced_Yeh[Ykhie$
VjidggZVa^oVX^cYZahZg]jbVcd!gZXgZVcYdnigVch"
[dgbVcYdhjegde^VcVijgVaZoV!h^ij{cYdadb{hXZgXV
YZaVh^ZbegZ^cVaXVcoVWaZeZg[ZXX^c]jbVcV#<gVX^VhVhjZh[jZgodad\gVg{VkVcoVg]VX^VaVXjVh^"eZg[ZXX^c
YZjcVcVijgVaZoVXdc\c^iVbZciZ^beZg[ZXiV#H^\gVX^VhVaigVWV_dZahZg]jbVcdaaZ\VA SER HUMANO!ZaigVWV_d
YZWZg{^bejahVgZaYZhVggdaad^ciZ\gVaYZaVeZghdcV#
;B:;I7HHEBBE?DJ;=H7B:;B7F;HIED7I;FHEO;9J7;DJH;ID?L;B;I0
O D_l[bfhe\[i_edWb0ZaigVWV_VYdghZYZhVggdaaVg{[h^XVZ^ciZaZXijVabZciZVigVkhYZVXi^k^YVYZhfjZVhdX^ZcVbWVhY^bZch^dcZh#
O D_l[b[if_h_jkWb0ZaigVWV_diVbW^cYZhVggdaaVaVY^bZch^cbdgVaYZahZg]jbVcd#:aigVWV_dediZcX^VkVadgZhXdbdaV\ZcZgdh^YVY!
aVhda^YVg^YVY!aVXddeZgVX^cdZaZheg^ijYZhZgk^X^d#
O D_l[bcWj[h_Wb0[^cVabZciZ!aVVXi^k^YVYegdYjXi^kVVedgiVg{jcdh^c\gZhdhfjZZaigVWV_VYdgYZhi^cVg{eVgVXjWg^ghjhcZXZh^YVYZh#
:caVbZY^YVZcfjZhZad\gZjcYZhVggdaadZfj^a^WgVYdYZaVhY^bZch^dcZhegd[Zh^dcVa!Zhe^g^ijVanbViZ"
g^VaYZaigVWV_dhZejZYZ]VWaVgYZVjidggZVa^oVX^c^cY^k^YjVa#:cZhiVhZcYV!aVeZghdcVidbVXdcX^ZcX^V
YZhjkVaV^cY^k^YjVa!YZhjaj\VgZcZabjcYdnhZV\jY^oVaVXdcX^ZcX^VYZhjhZg!adfjZYZheZgiVg{Zc
Za^cY^k^YjdjcVch^V^cXZhVciZYZVjidhjeZgVX^c#8^ZgiVYdh^hYZ^chVi^h[VXX^cXdchiVciZhZg{Zabdidg
fjZ\VgVci^XZZaYZhZdYZhZ\j^gigVch[dgb{cYdhZnYZhVggdaa{cYdhZ#
*$'$) ;bZ[iWhhebbeieY_Wb
EVgV6g^obZcY^Vgg^ZiVZaW^ZcZhiVgnZaYZhVggdaadYZjceVhcdgZh^YZcZchjhg^fjZoVhc^ZchjhgZXjghdh
cVijgVaZh# AVh XVgVXiZghi^XVh \Zd\g{[^XVh n \Zda\^XVh cd YZiZgb^cVc cZXZhVg^VbZciZ Za [jijgd YZ jc
eVh!nX^ZgiVbZciZ!ZaEVhKVhXd!XdchjhkVaaZhh^cjdhdhnVWgjeidh!ZhWjZcVegjZWVYZZaad#:aigVWV_d
igVchX^ZcYZadhab^iZhYZaVcVijgVaZoV!^cX^Y^ZcYdZcaV^c[^c^iV[ZXjcY^YVYYZaVbVYgZi^ZggV#
52 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
H^W^ZcZaigVWV_dZhZaZ_ZXZcigVaYZaYZhVggdaadYZjceVh!Zaegd\gZhdcdZh[gjidYZXjVafj^Zgi^edYZ
igVWV_d0 Zm^\Z! VciZ idYd! Z[^XVX^V! n aV Z[^XVX^V YZa igVWV_d YZhXVchV hdWgZ Ydh e^aVgZh [jcYVbZciVaZh/ aV
^ciZa^\ZcX^VnaVhda^YVg^YVY#H^\gVX^VhVhjiVaZcidZ^c\Zc^d!ZahZg]jbVcd]V^ckZciVYd]ZggVb^ZciVhfjZ
]VXZcb{haZkZZaigVWV_d!aVhda^YVg^YVY!VhjkZo!]VeZgb^i^Ydbjai^ea^XVgadhgZhjaiVYdh^cY^k^YjVaZh#
*$'$* BWjhWdi\ehcWY_dZ[bWdWjkhWb[pW
<gVX^VhVaYZhVggdaadX^Zci[^Xd"iXc^XdnVaZh[jZgod]jbVcdVXjbjaVYdVadaVg\dYZaV]^hidg^V!hZ]V
edY^YdgZhedcYZgXdc]da\jgVVaVhcZXZh^YVYZhnYZbVcYVhXgZX^ZciZhYZaV]jbVc^YVY#whiZZh!hZ\c
6g^obZcY^Vgg^ZiV!ZaXdcigVhiZb{h[jZgiZYZaVbdYZgc^YVYgZheZXidVedXVhVciZg^dgZh/fjZZahZg]j"
bVcd!XdchjiVaZcidnigVWV_d!]VZcg^fjZX^YdhjZcidgcdnhjbZY^dk^iVa#:aigVWV_d!h^cZbWVg\d!cdhad
]VXdckZgi^YdaVcVijgVaZoVZcjcV[jZciZYZgZXjghdhVWjcYVciZh!iVbW^c]V]dcgVYdnZbWZaaZX^YdaV
egde^VcVijgVaZoV#=Vhjhi^ij^YdaVhbVaZoVhnadhbVid_dhedgWdhfjZhnegVYZgVh!XdchigjnZcYdaj\VgZh
]VW^iVWaZheVgVadhhZgZh]jbVcdh#Æ6adaVg\dYZadhVdhÅY^XZ6g^obZcY^Vgg^ZiVÅ!\gVX^VhVaigVWV_d!
]Zbdh]ZX]dfjZcjZhigVi^ZggVhZV[gi^an]ZgbdhV#AdfjZYZedghnVZgV]Zgbdhd!ZaigVWV_dad]V
XdckZgi^YdZc]VW^iVWaZÇ=#8#!e{\#',+#
6g^obZcY^Vgg^ZiV]VXZhjndZaZheg^ijYZaVbdYZgc^YVY^ajhigVYV/jcVcVijgVaZoVfjZ]VeVhVYdYZXdc"
Y^X^dcVgaVk^YVYZahZg]jbVcdVZhiVgVahZgk^X^dYZaegd\gZhd#
*$'$+ BWYeef[hWY_d[d[bYedY[fjejhWiY[dZ[dj[
:hX^ZgidfjZYjgVciZh^\adh!ZaigVWV_d]Vh^YdXdch^YZgVYdXdbdjcXVhi^\dYZ9^dh!XdbdgZhejZhiVVadh
eZXVYdhiZggZcVaZh#H^cZbWVg\d!6g^obZcY^Vgg^ZiV!VjcfjZ]VWVgZX^W^YdjcV[dgbVX^ciZda\^XVXa{h^XV!
XdcdXVaVcjZkV^ciZgegZiVX^cYZa=d[i_ifjZXdch^YZgVWVZaigVWV_dXdbdjcVd[gZcYVYZ9^dhVa\cZgd
]jbVcd#:aigVWV_dZhjcVbjZhigVYZaVXdc[^VcoVfjZZa8gZVYdg]VejZhidZcadhhZgZh]jbVcdh#BZY^Vc"
iZhjigVWV_dZahZg]jbVcdhZXdck^ZgiZZchj_ZidVXi^kdYZaV8gZVX^c#IgVch[dgbVngZXgZVZabjcYdnhj
Zcidgcd!W^ZcXgZVcYdgZVa^YVYZhcjZkVhdYZhXjWg^ZcYdcjZkVhji^a^YVYZhnVea^XVX^dcZhVaVhnVXgZVYVh#
EgZX^hVbZciZ!edgZhiVXVeVX^YVYigVch[dgbVYdgVYZaigVWV_dZahZg]jbVcdhZh^iVZcZaZhXVaV[chjeZ"
g^dgYZaVXgZVX^c#8VYVdWgV]jbVcVZcg^fjZXZVhjXgZVYdg!adZc\gVcYZXZnadVegdm^bVV9^dh#
*$(;bjhWXW`eYeef[hWj_le0[`[Z[bdk[leceZ[beZ[[cfh[iW
H^Xdch^YZgVbdhfjZZaigVWV_dZhaVkVYZ :[lebl[hbWfhef_[ZWZZ[bjhWXW`eWbWf[hiedW
VjidggZVa^oVX^c^cY^k^YjVa!aV[VXjaiVYb{h
egZX^VYV YZa hZg ]jbVcd fjZ hZ edcZ Va
hZgk^X^d YZ aV Xdbjc^YVY! ´Xbd VXZeiVg
jch^hiZbVZbegZhVg^VafjZgZYjXZZaigV" CeZ[be
Dk[leceZ[be JH787@E
WV_d V ejgV bZgXVcXV4 EgZX^hVbZciZ Zc jhWZ_Y_edWb
Z[[cfh[iW 9EEF;H7J?LE
Z[[cfh[iW
ZhiZ ejcid gZh^YZ aV XaVkZ YZa XVbW^d# HZ
^bedcZaVcZXZh^YVYYZ[dbZciVgjccjZkd BWf[hiedWYece
JhWXW`e" 9Wf_jWb"
dYb[eZ[bW
bdYZadZbegZhVg^VaYdcYZeg^bZZa[VXidg _dijhkc[dje _dijhkc[djeZ[b
[cfh[iW
Z[bYWf_jWb jhWXW`e
igVWV_dhdWgZZaXVe^iVa#:hiZcjZkdbdYZad
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 53
\VgVci^oVadhkVadgZh^beaX^idhYZaegdnZXidigVch[dgbVYdgXdbdaVhda^YVg^YVY!aV[gViZgc^YVY!aVXddeZgV"
X^c!aVeVgi^X^eVX^c!ZiX#!b{hVXdgYZhXdcadhYZgZX]dhnaVY^\c^YVY]jbVcV#AVXdbjc^YVYYZigVWV_dcd
YZWZgZhedcYZghdaVbZciZV^ciZgZhZhZXdcb^XdhnbViZg^VaZh!h^cdiVbW^cVaVhcZXZh^YVYZh]jbVcVh#
6aV[^gbVghZZcaVeg^bVXVYZaVeZghdcV!aVZbegZhVXddeZgVi^kV!^bejahVaV^\jVaYVYYZYZgZX]dhYZidYdh#AVZm"
egZh^cb{hXaVgVYZZaad!YZcigdYZaVXdbjc^YVYYZigVWV_d!ZhZaXg^iZg^dYZbdXg{i^XdfjZgZoVaVb{m^bVYZÆjcV
eZghdcV!jckdidÇ#HZ\cZhiZeg^cX^e^d!Zaegde^digVWV_VYdgeVgi^X^eVZcaV\Zhi^cnY^gZXX^cYZaVZbegZhV!^b"
ea^X{cYdhZZchjhYZX^h^dcZh!nYVcYdaj\Vg!Vh!VaV[^\jgVYZaigVWV_VYdg"ZbegZhVg^d#AVhVXi^k^YVYZhegde^VhYZa
igVWV_VYdghZXdbeaZbZciVcXdccjZkVhgZhedchVW^a^YVYZhfjZaZZm^\ZcXVeVX^YVYYZVjid\Zhi^cnVjidcdbV#
AV cjZkV dg\Vc^oVX^c YZa igVWV_d hZ hjhiZciV Zc aV XdaVWdgVX^c n XddeZgVX^c YZ idYdh hjh b^ZbWgdh#
<gVX^VhVZaad!ZagZhjaiVYdYZaVZbegZhVhZg{hjeZg^dgVaVhjbVYZaVhXVeVX^YVYZh^cY^k^YjVaZhYZXVYV
jcdYZhjhb^ZbWgdh!nh^cYjYV!hjg\^g{jcVbW^ZciZaVWdgVaegde^X^deVgV^cXgZbZciVgaVegdYjXi^k^YVY#
9ZZhiVbVcZgV!aVhcjZkVhZhigjXijgVhYZaigVWV_dXddeZgVi^kdXdch^\jZcjcYdWaZdW_Zi^kd/VjbZciVgaVh
\VcVcX^VhZXdcb^XVhn\VgVci^oVgaVcd"hjWdgY^cVX^cnaVY^\c^YVYYZidYdhadhigVWV_VYdgZh#
AdhZ_ZhYZaVgZkdajX^cVg^obZcY^VcVhdcZaXVbW^dYZaVhXdcX^ZcX^VhnZaigVWV_dXdi^Y^Vcd#EVgV6g^o"
bZcY^Vgg^ZiVaVidbVYZedYZgcdh^\c^[^XVZchb^hbdjcXVbW^dhjhiVcX^Va!h^cdb{hW^ZcjcigVheVhdYZ
edYZg#EdgZhd!cdi^ZcZc^c\chZci^Yd^bejahVgjcXVbW^dhdX^VaYZhYZVgg^WV!nVfjZgZegdYjX^gVbdhaVh
ZhigjXijgVhVciZg^dgZh#AVXdchigjXX^cYZjccjZkdbdYZadYZhdX^ZYVYi^ZcZfjZeVgi^gYZhYZaVWVhZ#
6h!ZabdidgYZaVgZkdajX^chZg{ZaigVWV_d#AVVXi^k^YVYZhZaZaZbZcidfjZedh^W^a^iVZaYZhVggdaadYZaV
XVeVX^YVYXgZVi^kVnXgZVYdgVYZahZg]jbVcd#BZY^VciZZaigVWV_daVeZghdcVigVch[dgbVg{aVhVXijVaZh
ZhigjXijgVhhdX^d"ZXdcb^XVh!hjhi^ijncYdaVhedgdigVhfjZhZg^_VcedgaVVjid\Zhi^c#
;BE9?EOB7@K8?B79?ãD
6g^obZcY^Vgg^ZiVVaZgiYZaeZa^\gdYZXdcXZW^gZadX^dXdbdi^ZbedeVgVZaXdchjbdbVh^[^XVYd#H^!Z[ZXi^kVbZciZ!ZahZg]jbV"
cdi^ZcYZedgcVijgVaZoVVaVVXi^k^YVYnZcXjZcigVZcZaigVWV_dZaVa^VYdb{h[^ZaeVgVhjVjidggZVa^oVX^c!ZadX^d!Xdbdi^Zbed
eVgVZaYZhXVchdnZaYZhe^a[Vggd!gZegZhZciVgVjcVgZcjcX^VYZahZg]jbVcdVhjhedh^W^a^YVYZhYZYZhVggdaadneZg[ZXX^dcV"
b^Zcid#9ZV]fjZhZV^begZhX^cY^WaZgZYZ[^c^gZaXdciZc^YdYZZhiZXdcXZeid#;jZgVYZaVZbegZhVaVeZghdcVcdYZWZgZcjcX^Vg
VaVVXi^k^YVY!b{hW^ZchZYZWZgVZcXVjoVgZhVXVeVX^YVYYZVXX^c]VX^VdigVhVXi^k^YVYZhfjZaZeZgb^i^ZgVcYZhVggdaaVghjh
[VXjaiVYZh^ciZaZXijVaZh!XgZVi^kVh!dg\Vc^oVi^kVhdYZ\Zhi^c#:cai^bV^chiVcX^V!ZadX^dYZWZgVXdckZgi^ghZZci^ZbednZheVX^d
eVgVbZ_dgVgaVhY^bZch^dcZhZhe^g^ijVa!^ciZaZXijVanegd[Zh^dcVaYZaVeZghdcV#
AV_jW^aVX^ch^iVVahZg]jbVcdVciZjckVXd!ZcdXVh^dcZh!Zm^hiZcX^Va#IgVhbjX]dhVdhYZigVWV_d!aVeZghdcVY^hedcZYZ
i^Zbeda^WgZeZgdcdhVWZfj]VXZgnhZh^ZciZhdaV!V^haVYV#<gVX^VhVaigVWV_dZahZg]jbVcdaaZ\VVÆhZgÇ]jbVcd#9Zegdcid!
YZhVeVgZXZchjVjidcdbV!^c^X^Vi^kVnVjidg^YVY!naVVXX^cYZ_VkVa^WgZVaVeVh^k^YVY#
9ZhejhYZjcVk^YVaVWdgVa^ciZchVZagZYZhXjWg^b^ZcidYZjci^Zbeda^WgZ^a^b^iVYdejZYZaaZkVgVahZg]jbVcdVeZgX^W^gZa
h^chZci^YdYZhjk^YV#6g^obZcY^Vgg^ZiVjg\ZVÆgZXdchi^ij^gjcbjcYdVhjbZY^YVÇ#:m^hiZcVXi^k^YVYZhfjZkVcb{hVaa{YZaV
VXi^k^YVYegdYjXi^kVYZaVhZbegZhVhYZcjZhigdZcidgcd#8VYVjcdYZWZZcXdcigVgaVVXi^k^YVYfjZbZ_dghZVYVeiZVhjXVg{XiZg
nVei^ijYZh!VfjZaaVVXi^k^YVYfjZaZeZgb^iVXdci^cjVgXdchjegdXZhdVjidggZVa^oVYdg#
54 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
*$);bjhWXW`eobWck`[h
:cgZhjbZc!6g^obZcY^Vgg^ZiVaaZ\VaVXdcXajh^cYZfjZ]VWVaaZ\VYdZabdbZcideVgVaVZbVcX^eV"
X^cYZaVbj_Zg!YVYdfjZÆaVb^iVYYZaVheZghdcVhVYjaiVhcdi^ZcZcedgfjgZ\^gadhYZhi^cdhYZaVdigV
b^iVYÇ=#8#!e{\#('(#
5. Solidaridad
AVhda^YVg^YVYZhZa^bejahdfjZVc^bVVaVeZghdcVVVXijVgZcWZcZ[^X^dYZaVXdbjc^YVY#:akVadgYZ
aVhda^YVg^YVYgZ[jZgoVadhkcXjadhZcigZadhhZgZhZcaVWhfjZYVYZjcegdnZXidXdbc/ZaW^ZcZhiVg
YZaV]jbVc^YVY#AVhda^YVg^YVY!ZcXjVcid[jcYVbZcidYZaegdnZXidYZXVbW^dhdX^Va!_jZ\VjceVeZa
XZcigVaZcaVk^YVXddeZgVi^kV#6g^obZcY^Vgg^ZiVY^hi^c\jZadhXdcXZeidhYZJC>âCnHDA>96G>969!Zc"
iZcY^ZcYdZaeg^bZgdXdbdVXX^cnZahZ\jcYdXdbdkVadghjWnVXZciZncZXZhVg^deVgVfjZaVjc^chZ
ejZYVbViZg^Va^oVg#
+$'Kd_d
AVkZgYVYZgVhda^YVg^YVYeVhV!Zceg^bZgaj\Vg!edgad\gVgZheVX^dhYZjc^cZcigZaVheZghdcVh!YdcYZXVYV
XjVaedc\VadbZ_dgYZhb^hbdVahZgk^X^dYZaVXdbjc^YVY#:hiVjc^chadhZXdcX^WZh^hZV[^gbVZcaV
a^WZgiVY^cY^k^YjVa0ZcjcZheg^ijYZhZgk^X^dXdbjc^iVg^dfjZcdhVXg^[^fjZaVa^WZgiVYYZaVeZghdcV#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 55
+$'$' Kd_doieb_ZWh_ZWZ
HjejcidYZeVgi^YVZhZaXdcdX^b^ZcidYZaegde^d\gjedeVgVedhiZg^dgbZciZ^gYZhVggdaa{cYdhZ\gVX^Vh
VaVeg{Xi^XVXdbjc^iVg^V#:aadhjedcZfjZaVhVei^ijYZh^cY^k^YjVaZhnZaedYZghZedc\VcVahZgk^X^dYZ
aVXdbjc^YVYedgdeX^ceZghdcVaa^WgZ!edhedc^ZcYdadh^ciZgZhZheZghdcVaZhZc[VkdgYZadh^ciZgZhZh
Xdbjc^iVg^dh#6g^obZcY^Vgg^ZiVi^ZcZaVXdck^XX^cYZfjZh^VXijVbdhXdbjc^iVg^VbZciZdWiZcYgZbdh
gZhjaiVYdhbZ_dgZhnb{hegdYjXi^kdh#
EdgdigVeVgiZ!ZakVadgYZaVhda^YVg^YVY^cXajnZiVbW^caVY^kZgh^YVY#AVjc^YVYXdbjc^iVg^Vcd^bea^XV
jcVjc^[dgb^YVYfjZY^[jb^cZdY^hjZakVadhY^hi^cidhbVi^XZh^cY^k^YjVaZh0aV]dbd\ZcZ^YVYcdZhjcV
WjZcVVa^VYV#AVeajgVa^YVYnaVY^kZgh^YVYYZde^c^dcZhVi^hWVchdajX^dcZhfjZhZ[dg_VcZcaViZch^cZ
^ciZggZaVX^cYZde^c^dcZhneaVciZVb^Zcidh!ZcdXVh^dcZhdejZhidh#
6ab^hbdi^Zbed!eVgi^ZcYdYZaeg^cX^e^dYZaVhda^YVg^YVY!ZagZheZidVaVY^\c^YVYYZXjVafj^ZgeZghdcV
ZhjcgZfj^h^id^ggZcjcX^VWaZ#HZgVjcZggdgVYdeiVgVXi^ijYZhXdaZXi^k^hiVhfjZgZYjXZcVaVeZghdcV
VjccbZgd#6hb^hbd!iVbW^cgZhjaiVeZa^\gdhdfjZjcVeZghdcVegZiZcYV^bedcZghjXg^iZg^dZc
cdbWgZYZaVXdbjc^YVYh^cViZcYZgdigVhde^c^dcZh#AV^ciZg^dg^oVX^cYZahZci^YdXdbjc^iVg^dZk^iV
ZhiVhedh^WaZhh^ijVX^dcZhYZXg^heVX^cn[VXjaiVVhjhb^ZbWgdhVeZchVgnVXijVgYZhYZjcVeZgh"
eZXi^kVXdbjc^iVg^V#
AVjc^cXddeZgVi^kVVhdX^VVeZghdcVhYZY^hi^cidiVaVciZfjZ!h^cZbWVg\d!XdbeVgiZcadhb^hbdh^YZV"
aZhnhjZdh#HVWZcfjZaVjc^c]VXZaV[jZgoVnhdcXdchX^ZciZhYZfjZYZZhVjc^caaZ\Vg{ci^Zbedh
YZ VWjcYVcX^V n YZhVggdaad# :c ZhiZ hZci^Yd! aV hda^YVg^YVY hZ Zci^ZcYZ Xdbd ^bejahd n iVbW^c Xdbd
XdchZXjZcX^VYZZhVjc^c!XdbdbVc^[ZhiVX^cYZakcXjadV[ZXi^kdYZXVYVeZghdcVXdcaVXdbjc^YVY#
+$'$( Kd_doh[ifediWX_b_ZWZ
:caVXdbjc^YVYhZbViZg^Va^oVcYdhY^bZch^dcZh]jbVcVh/edgjcVeVgiZ!Za^cY^k^YjdVXiVZcXjVcid
eZghdcVZ^ciZgVXiVXdcZagZhidZcXjVcid\gjed#:cigZidYdhadhb^ZbWgdh!eVgi^ZcYdXVYVXjVaYZhj
b^hb^YVY!Zm^hiZjcV^ciZgYZeZcYZcX^VfjZXdchda^YVVa\gjed#:hV^ciZgYZeZcYZcX^VZhaVbVc^[ZhiVX^c
YZa\gVYdYZhda^YVg^YVYVaXVcoVYd/_jcidhedYZbdhb{hfjZZchda^iVg^d#AjZ\d!ÆcVY^ZZh^begZhX^cY^WaZ
VjcfjZidYdhhZVbdhcZXZhVg^dhÇ=#8#!e{\#'.)#
AaZ\VYdh V ZhiZ ejcid! digV YZ aVh VXi^ijYZh fjZ Zm^\Z jcV gZaVX^c Xdbjc^iVg^V Zh aV gZhedchVW^a^YVY!
ZhYZX^g!aVXdbjc^YVYhZXdck^ZgiZZcdW_ZidYZgZhedchVW^a^YVYeVgVXVYVjcdYZhjhb^ZbWgdh#8VYV
eZghdcVhZgZhedchVW^a^oVYZaVeVgiZfjZhZaZ]VnVZcXdbZcYVYdnYZWZg{Zh[dgoVghZedggZVa^oVgad
bZ_dgedh^WaZaViVgZVfjZVhjbZ#:hiVZhaVkVg^VWaZfjZbVc^[^ZhiVZa\gVYdYZbVYjgZoXdbjc^iVg^VfjZ
gZeZgXji^g{ZcadhgZhjaiVYdheZghdcVaZhnXdbjc^iVg^dh#
+$'$) Kd_do\k[hpWieY_Wb
6g^obZcY^Vgg^ZiVeZgh^\jZaVVXjbjaVX^cYZZcZg\VhdX^Va#6ciZaVegZh^cYZadh^ciZgZhZhnaVhgZh^h"
iZcX^VhZmiZg^dgZh!aVVXjbjaVX^cYZ[jZgoVhZhjcgZfj^h^id^begZhX^cY^WaZ#:hVZcZg\VhZg{ZaejcidYZ
eVgi^YVYZaXVbW^dhdX^VafjZZm^\ZjcVgZcdkVX^cZhe^g^ijVaeVgVZhiVWaZXZgcjZkdhdW_Zi^kdh!igVch[dg"
bVgngZkdajX^dcVg#
56 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:cZhiZbVgXd!aVVXX^cVYfj^ZgZjcV^bedgiVcX^VgZaZkVciZedgfjZVXi^kVZaeg^cX^e^dYZaVhda^YVg^YVY!VXj"
bjaVcYdnYjea^XVcYdaVhZcZg\VhZcZahZcdYZaVXdbjc^YVY#6g^obZcY^Vgg^ZiVZhiVWaZXZaVh^\j^ZciZgZaVX^c
ZcigZaVhda^YVg^YVYnaVZcZg\VhdX^Va/
;D;H=ß7IE9?7B
KD?ãD IEB?:7H?:7:
9EEF;H79?ãD
AVjc^c]VXZaV[jZgoVnaVYeef[hWY_dfjZhjg\ZYZZhVjc^cedh^W^a^iVaVeg{Xi^XVYZaVieb_ZWh_ZWZ#
+$'$* Kd_dob_X[hjWZ
CjZhigdVjidggZaVX^dcVaVa^WZgiVYXdcaVhda^YVg^YVYnaVZcZg\VhdX^Va#:chjde^c^c!aVZcZg\VYZaVXd"
deZgVX^c\ZcZgVa^WZgiVY#AVa^WZgiVYcdZhjceVig^bdc^deVgi^XjaVgYZcVY^Z!h^cdÆjcYdcYZidYdhVfjZ"
aadhfjZ[dgbVcjcVXdbjc^YVYnhadhZYZ[^ZcYZngZ^k^cY^XVXdbjc^iVg^VbZciZÇ=#8#!e{\#'.+#:cai^bV
^chiVcX^V!aVhda^YVg^YVYZhÆXgZZgZcadhYZb{hXdbdZccdhdigdhb^hbdhnVea^XVgVadhYZb{haVb^hbV
bZY^YVfjZZbeaZVbdheVgVXdccdhdigdhb^hbdhÇ=#8#!e{\#'.+#
+$'$+ Kd_doi[hl_Y_e
AVhda^YVg^YVY]VXZfjZadhdW_Zi^kdheZghdcVaZhnaVegdbdX^c^cY^k^YjVaZhicXdcY^X^dcVYdhedgaVeZg"
XZeX^cnedgadfjZh^ZciVZaeg_^bd#8dchZXjZciZbZciZ!aVhda^YZonZaYZhVggdaadYZjc\gjedhZb^YZc
edgZa\gVYdYZhda^YVg^YVYZcigZhjhb^ZbWgdh#
:hiZhZgk^X^dadZciZcYZbdhXdbdZaZh[jZgodZm^\^YdedgaVhda^YVg^YVY#HjZ_ZgX^X^dcdhZa^b^iVVaVXdbj"
c^YVYdVa\gjed!h^cdfjZiVbW^chZZmi^ZcYZVaVhdX^ZYVYZc\ZcZgVa#
+$'$, Kd_doZ[iWhhebbe
:cigZaVhda^YVg^YVYnZaYZhVggdaadZm^hiZjcVgZaVX^cYZXVjhVa^YVY/aVhda^YVg^YVY\ZcZgVYZhVggdaad#Adh
VdhYZaXgZX^b^ZcidXddeZgVi^kd]Vch^YdiZhi^\dhYZjc\gVcYZhVggdaadZXdcb^XdXdbd[gjidYZaigVWV_d
ZcXddeZgVX^c#AdhgZhjaiVYdh]VcbZ_dgVYd\gVX^VhVaVXdbW^cVX^cYZaV^ciZa^\ZcX^VnYZaVhda^YVg^YVY
Xdbd^bejahdgZhYZigVWV_d#:cZhiZhZci^Yd!aVhda^YVg^YVYZhaVXaVkZYZaVegdbdX^ceZghdcVanXdbjc^iV"
g^V!aVe^ZYgVVc\jaVgYZaYZhVggdaad#ÆAVjc^c]VXZaV[jZgoVÅY^XZ6g^obZcY^Vgg^ZiVÅn!Vab^hbdi^Zbed!
igVZXdch^\dZaegd\gZhdÇ=#8#!e{\#'.-#
+$(D_l[b[iZ[ieb_ZWh_ZWZ
6g^obZcY^Vgg^ZiVeZgX^WZY^hi^cidh\gVYdhYZhda^YVg^YVY/hda^YVg^YVY^ciZgcVZcigZadhXdbeVZgdhYZigV"
WV_dnZcigZaVhXddeZgVi^kVh!hda^YVg^YVYXdcZaZcidgcdnhda^YVg^YVY\adWVa#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 57
+$($' Ieb_ZWh_ZWZ_djhWYeef[hWj_lW[_dj[hYeef[hWj_lW
JcXddeZgVi^k^hbdY^c{b^XdnhVcZVYdZm^\ZVXi^ijYZh!VedgiVX^dcZhnjc\gVYdYZXdbegdb^hdhda^YVg^d
edgeVgiZYZidYdhnXVYVjcdYZadh^ciZ\gVciZhYZaVXdbjc^YVYXddeZgVi^kV#:akZgYVYZgdhZci^Ydhda^YVg^d
YZeZcYZg{YZaVVedgiVX^ceZghdcVafjZXVYVjcdZhiY^hejZhidVgZVa^oVgXdbdhZgk^X^dVaVXdbjc^YVY#
9ZW^YdVaVhcdgbVhXddeZgVi^kVh!aVgZaVX^cYZXVYVb^ZbWgdXdcaVXdbjc^YVYaVWdgVaZhZheZX^Vanhjed"
cZnVYZ]ZX]djcVbjZhigVhda^YVg^V/ZhVgZaVX^chjg\ZVigVkhYZjcXdcigVid]jbVcdZcaj\VgYZaie^Xd
XdcigVidaVWdgVaeVgVegZhiVX^cYZhZgk^X^dhYZaVhZbegZhVhYZXVe^iVa#8jVcYd6g^obZcY^Vgg^ZiVgZ^k^cY^XV
ZaigVWV_dhda^YVg^d!h^\c^[^XVfjZcdhadigVWV_VbdheVgVcdhdigdhb^hbdh!h^cdfjZXVYVb^ZbWgdigVWV_V
eVgVhn!Vab^hbdi^Zbed!ZcWZcZ[^X^dYZaVXdbjc^YVY#
6g^obZcY^Vgg^ZiVYZ[^ZcYZaV^\jVaYVYYZidYVhaVheZghdcVhZcigb^cdhYZY^\c^YVY!cdYZiVaZcid0ZcXjZc"
igV_jhi^[^XVWaZX^ZgiVYZh^\jVaYVYZcadhhVaVg^dh#AVY^[ZgZcX^VhVaVg^VaegZiZcYZ^cXZci^kVgaVbdi^kVX^caV"
WdgVanZk^iVgaViZciVX^c^\jVa^iVg^hiV#HZ\ca!Za^\jVa^iVg^hbdZh^c_jhid!edXdZ[ZXi^kdnV]d\VXjVafj^Zg
^ciZcidYZgZhdakZgadhegdWaZbVh#
JcVYZaVheZXja^Vg^YVYZhYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dcZhaVgZaVX^cnaVhgZYZhYZhda^YV"
g^YVYZm^hiZciZhZcigZaVhY^kZghVhXddeZgVi^kVh#:agVh\db{hXVgVXiZghi^XdYZZhVhda^YVg^YVY]Vh^YdaV
igVch[ZgZcX^VYZbZY^dhZXdcb^Xdhn]jbVcdhZcigZaVhXddeZgVi^kVh!VjcfjZiVbW^chZedYgVcX^iVg
digdhZ_ZbeadhXdbdaVXZh^cnVgbdc^oVX^cYZ^ciZgZhZhfjZXdcXjggZcZcaVegdbdX^cYZadhhZgk^X^dh
XdbjcZh#:hjc]ZX]dZmXZeX^dcVafjZadhWZcZ[^X^dhYZjcVZbegZhVVjicdbVhZYZhi^cZcVhj[gV\Vg
aVhegY^YVhYZdigV#l[hYWfjkbe*"f|]$'*+
HZ\c6g^obZcY^Vgg^ZiV!ZhiZbdYZadYZhda^YVg^YVYZheg^bdgY^VaeVgV^gXgZX^ZcYdZcZaegdnZXidigVch[dgbV"
YdgYZjcV[dgbVZ[ZXi^kVhjeZgVcYdjcXdcXZeidYZXddeZgVi^k^hbdYZWV_V^ciZch^YVY#
;dbW[cfh[iW
Ieb_ZWh_ZWZ#_dj[hdW
;djh[Yeef[hWj_lWi
<hckbWi
58 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
+$($( Ieb_ZWh_ZWZYed[b[djehde0^WY[hfWi
ÆAVXddeZgVX^ceZgh^\jZjcdW_Zi^kdhdX^VaVbea^d!cdhZigViVYZjcZ\dhbdXdaZXi^kd0hjhdW_Zi^kdhcd
hZa^b^iVcVadhbjgdhYZaVXddeZgVi^kV!nVfjZaVXddeZgVX^cVc^bVVa]dbWgZVbVciZcZgjcVVXi^ijY
VW^ZgiV]VX^VhjhhZbZ_VciZhÇ=#8#!e{\#)++#
AVZbegZhV]VXZVhjZcidgcdeVgiX^eZYZZhiVhda^YVg^YVY!d[gZX^ZcYdhjg^fjZoVnYZhVggdaad!Y^[jc"
Y^ZcYdhjhad\gdh!h^ZcYdgZXZei^kVXdcgZheZXidVaVXdbjc^YVYb{hegm^bViVcidXdbdVaVhdX^ZYVY
b{hVbea^V#6g^obZcY^Vgg^ZiVk^cXjaVZaXVg{XiZgXdbjc^iVg^d!ZcigZdigdhVheZXidh!XdcjcVigVY^X^c
egde^VbZciZ kVhXV n! Va b^hbd i^Zbed! eaVciZV Za XddeZgVi^k^hbd Va hZgk^X^d YZa YZhVggdaad YZa EVh
KVhXd#l[hYWfjkbe/"f|]$(.'
:ci^ZcYZfjZaVhda^YVg^YVYhdX^VafjZ^begZ\cVZhiVi^ZggVZhjcVYZaVhXVgVXiZghi^XVhYZaXVg{XiZg
nYZaVigVY^X^ckVhXV#:aZheg^ijXddeZgVi^kdZhZaZheg^ijegde^dYZaEVhKVhXdfjZhZXVgVXiZg^oV
edgjc\gVcediZcX^VaYZigVWV_d!edgjcVggV^\VYdhZci^Ydeg{Xi^XdYZaVk^YV!VhXdbdedgcjbZgdhdh
\gjedhnVhdX^VX^dcZhXdchi^ij^YdhXdbjc^iVg^VbZciZ#
AV ^che^gVX^c YZ ZhiV igVY^X^c cd gZhjaiV hj[^X^ZciZ n gZ^k^cY^XV aV cZXZh^YVY YZ gZXgZVg n VggV^\Vg
YZ[^c^i^kVbZciZVfjZaZheg^ijXdbjc^iVg^d#9ZhiVXVYdhbdbZcidhZcaV^ciZ\gVX^cXdbjc^iVg^V/edg
jcVeVgiZ!ZabdbZcidZcfjZaVeZghdcVhZ^ciZ\gVZcaVXdbjc^YVYaVWdgVa0edgdigV!ZabdbZcidYZ
aV^ciZ\gVX^chdX^VaYZaVZbegZhV!jc^cYdhZVagZhidYZadhhZXidgZhngZYZhXdbjc^iVg^Vh#
+$($) Ieb_ZWh_ZWZ]beXWb
6g^obZcY^Vgg^ZiV _jo\V aV h^ijVX^c \adWVa hZkZgVbZciZ/ ÆhdaVbZciZ Za '% YZ aV edWaVX^c bjcY^Va
\doVYZa-%YZadhW^ZcZhfjZ]VnZcaVi^ZggVÇ=#8#!e{\#(&&#N!aVZbegZhVXddeZgVi^kVÅnZabdk^"
b^ZcidXddeZgVi^kd!Zc\ZcZgVaÅcdYZWZdWk^VgZhiVgZVa^YVY#
HjY^V\chi^XdZh\gVkZ/aVhY^[ZgZcX^VhZcigZejZWadhhdcXVYVkZob{hZk^YZciZh#AVgVoceg^cX^eVa
YZZhVYZh^\jVaYVYi^ZcZhjdg^\ZcZcYZhVggdaadYZaXVe^iVa^hbd!ZmeVcY^YdedgidYdZabjcYd!nZcZa
Z\dhbd^chi^ijX^dcVafjZhZ]VVedhZciVYdZccVX^dcZhnXdci^cZciZh#ÆJc]dbWgZY^\cdYZWZhZci^g
kZg\ZcoVYZhZgnk^k^gXdbdg^XdZcjcbjcYdYZ'#%%%b^aadcZhYZ]dbWgZhbVaVa^bZciVYdhÇ=#8#!
e{\#(&'#9ZWZbdhgZ^k^cY^XVgjc^bejahd!jcVeVh^c]VX^VidYVaV]jbVc^YVY!h^cdak^YVgZaYZhVggdaad
eZghdcVa!ZaYZaV[Vb^a^VnZaYZadhejZWadhdcVX^dcZh#HjigVhaVYdVaVk^YVZbegZhVg^VahZZmegZhV
XdbdcZXZh^YVYYZVegZcYZgVgZaVi^k^oVgZagZhjaiVYdZXdcb^XdnYZhVggdaaVgaVVXi^ijYYZb^gVg]VX^V
jcbjcYdVbea^d#AdhXddeZgVi^k^hiVhYZWZcbVciZcZgjcVVXi^ijY^cXdc[dgb^hiVVciZjcVdg\Vc^oVX^c
ZXdcb^Xd"hdX^Va^c_jhiV#
6YZX^gkZgYVY!VjcfjZ6g^obZcY^Vgg^ZiV]V\VjcaaVbVYdVa^cXdc[dgb^hbd!cdegZX^hVXj{aejZYZhZg
aVkV#:caVeg{Xi^XVcdYZhVggdaaaVY^bZch^c\adWVaYZaVhda^YVg^YVY#:cVa\cbdbZcidhZbdhig
gZVX^d]VX^VaVhVnjYVhXdchVWdgVa^bdhcV#:gVeVgi^YVg^dYZaVbZciVa^YVYYZaVVjid[dgbVX^c0XgZV
ZcaVVjid"ZbVcX^eVX^cYZadhejZWadhXdbdc^XVhdajX^c#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 59
6. Participación
AVeVgi^X^eVX^cXdaZXi^kVZhjcViVgZVegde^VYZahj_ZidVXi^kdnXgZVYdgfjZegdedcZcjZhigdVjidg#<gV"
X^VhVaVjc^cYZ[jZgoVhfjZhjedcZaVeVgi^X^eVX^c!aVheZghdcVhVXiVcXdc_jciVbZciZngZ\jaVcaV
k^YVXdbjc^iVg^V#HZ\c6g^obZcY^Vgg^ZiV!aVeVgi^X^eVX^cÆZhZahZXgZidVib^XdaaVbVYdVgZkdajX^dcVg
aVk^YVhdX^VaÇ=#8#!e{\#),)#H^caVeVgi^X^eVX^cVXi^kVnhda^YVg^VYZaVheZghdcVhcdedYZbdh]VWaVg
YZjcVXddeZgVX^c]jbVcV#EdgiVcid!adXdchigj^YdbZY^VciZZhZeg^cX^e^dVXi^kdhZg{[gjidYZaZh[jZgod
nYZahVXg^[^X^dXdbc#:hVXVeVX^YVYYZeVgi^X^eVX^cZhjcVYZaVhXVgVXiZghi^XVheg^cX^eVaZhYZaVeZg"
hdcVVXi^kVnhda^YVg^VfjZcdhegdedcZ6g^obZcY^Vgg^ZiV#EZgdh^egZiZcYZbdhjcVeVgi^X^eVX^cVXi^kV!
gZhedchVWaZnbVYjgV!YZWZbdhVXijVgZc[jcX^cYZaW^ZcZhiVgXdaZXi^kd#
,$'BWfWhj_Y_fWY_d[dbW[cfh[iW
EVgVcjZhigdVjidgaVZbegZhVZhjcVXdbjc^YVYYZbdXg{i^XVYZigVWV_d!nZhZcZhZbVgXdYdcYZh^iVaV
eVgi^X^eVX^c#AVXddeZgVX^ceZgb^iZjcXdcigdaYZbdXg{i^XdZciVcidfjZadhb^ZbWgdhejZYZceVgi^X^eVg
VXi^kVbZciZZcaVidbVYZYZX^h^dcZhnY^hig^WjX^cYZgZhedchVW^a^YVYZh#:cZhiZhZci^Yd!aVeVgi^X^eVX^c
naV\Zhi^cYZbdXg{i^XVhdcZaZbZcidh^chZeVgVWaZh!nVfjZZh^bedh^WaZVXijVgYZbdXg{i^XVbZciZh^caV
eVgi^X^eVX^chda^YVg^VngZhedchVWaZYZidYdh#
AVYZbdXgVX^VcdhZXdcX^WZhadZcigb^cdhYZ[^cZhh^cdiVbW^cYZbZY^dh#6g^obZcY^Vgg^ZiV^ch^hiZZc
fjZZadW_Zi^kdcdhZa^b^iVVegdbdkZgjch^hiZbVYZbdXg{i^Xd!h^cdVVXijVgYZbdXg{i^XVbZciZ!eVgVad
XjVaaVeVgi^X^eVX^cZhjcgZfj^h^id^begZhX^cY^WaZ#
,$'$' :eil[hj_[dj[iZ[bWfWhj_Y_fWY_d
NVhZ]VVejciVYdfjZZahZg]jbVcdZhZa[jcYVbZcidYZZhiZbdYZadYZXdbjc^YVYYZigVWV_d!XjnVgZ\j"
aVX^cYZeZcYZYZaVXddeZgVX^cneVgi^X^eVX^cYZhjhb^ZbWgdh/YZW^YdVhjYdWaZY^bZch^cYZigVWV_V"
Ydg$ZbegZhVg^dadhb^ZbWgdhYZaVXddeZgVi^kVYZWZg{cgZhedchVW^a^oVghZYZaVZ_ZXjX^cYZaigVWV_dnYZ
aV\Zhi^cYZaVXddeZgVi^kV#6hjbZcaVhgZhedchVW^a^YVYZh!VhXdbdadhg^Zh\dhYZg^kVYdhYZhjXdcY^X^c
YZZbegZhVg^dh#:cZhiVXdbjc^YVYYZigVWV_dZaXdcigVidYZXVYVhdX^dZhjcXdcigVidYZXddeZgVX^cnhZ
WVhVZcadhh^\j^ZciZheg^cX^e^dh/
&# EVgi^X^eVgZXdcb^XVbZciZZcaVegde^ZYVYYZaVZbegZhV
'# IgVWV_VgXdcjc[^chdX^Va
(# EVgi^X^eVgZcaV\Zhi^cYZaVZbegZhV
AVeVgi^X^eVX^cZh!edgiVcid!aViVgZVnaVgZhedchVW^a^YVYeg^cX^eVaYZahdX^dZcZahZcdYZjcVXd"
bjc^YVYaVWdgVaYZbdXg{i^XVfjZ!YZW^YdVhjYdWaZXdcY^X^cYZigVWV_VYdg$ZbegZhVg^d!hZgZVa^oV
ZcYdh{bW^idh/
60 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
O AV fWhj_Y_fWY_d _dij_jkY_edWb! Zc iVcid fjZ egde^ZiVg^d YZ aV ZbegZhV# :a hdX^d i^ZcZ Za YZgZX]d n aV
dWa^\VX^cYZeVgi^X^eVgZcadhVhjcidhgZaVi^kdhVaVdg^ZciVX^cZbegZhVg^Va#AVZbegZhVXddeZgVi^kV!Zc
XjVcidZhigjXijgV!]VXZedh^WaZaVeVgi^X^eVX^cYZhjhhdX^dh#8dggZhedcYZVadhigVWV_VYdgZhaVZaZXX^c
YZadh\ZhidgZhfjZhZZcXVg\VcYZaVY^gZXX^cYZaVZbegZhVeZgd!ZcidYdXVhd!Zcadhg\VcdhhjegZbdh
YZYZX^h^caVai^bVeVaVWgVXdggZhedcYZVaV6hVbWaZV<ZcZgVa#
O AVfWhj_Y_fWY_d[d[bfk[ijeZ[jhWXW`e!ZciVcidfjZb^ZbWgdYZaegdXZhdegdYjXi^kd#H^ZcYdZaigVWV_d
jc ^chigjbZcid eVgV aV VjidggZVa^oVX^c eZghdcVa n aV igVch[dgbVX^c hdX^Va! 6g^obZcY^Vgg^ZiV hZ ^cXa^cV
edgadhbidYdhaVWdgVaZheVgi^X^eVi^kdhfjZZm^\ZcaV^bea^XVX^cnaVgZhedchVW^a^YVYYZadhigVWV_VYdgZh#
AVZhigjXijgVYZbdXg{i^XVYZaVZbegZhVXddeZgVi^kVedh^W^a^iVaVegdbdX^cYZeaVciZVb^ZcidheVgi^X^eVi^kdh!
ejZhidfjZZcjcVXdbjc^YVYaVWdgVafjZhZg^\ZedgbZY^dYZ^chi^ijX^dcZhYZbdXg{i^XVh!h^ZbegZgZhjaiVg{
b{h[{X^a[dbZciVgbidYdhaVWdgVaZheVgi^X^eVi^kdh#
,$($ BeiYWkY[iZ[fWhj_Y_fWY_d
AV \Zhi^c ZbegZhVg^Va Zh Za bdidg YZ XjVafj^Zg VXi^k^YVY ZXdcb^XV0 bZY^VciZ aV \Zhi^c hZ gZ\jaV aV
Xdbjc^YVYYZigVWV_d#AVXdbjc^YVYaVWdgVaXddeZgVi^kVhZg^\ZedgjcV\Zhi^cYZbdXg{i^XVfjZgZ\jaV
adhYZgZX]dhnYZWZgZhYZadhhdX^dhnhjhgZegZhZciVciZh#Æ<dWZgcVgW^ZcZhY^[X^aÇnhadaVeVgi^X^eVX^c
YZidYdhÅVejciV6g^obZcY^Vgg^ZiVÅedh^W^a^iVZaYZhVggdaadXdbjc^iVg^d#HZ\ccjZhigdVjidg!ZabVndg
eZa^\gdfjZVXZX]VVaVXdbjc^YVYZhaV[VaiVYZh^cidcVZcigZaVhWVhZhnaVY^gZXX^c=#8#!e{\#*)&#:a
\gjedgZhedchVWaZYZaV\Zhi^cZhZabdidgfjZ^bejahVaVVXi^k^YVYZXdcb^XVneVgVZhdcZXZh^iVÆ[gZcdh
VYZXjVYdhVhjediZcX^VnkZadX^YVYÇ=#8#!e{\#*-+#AVeVgi^X^eVX^cVhjbZZhV[jcX^cgZ\jaVYdgV!ZhYZ"
X^g!bZY^VciZadhY^hi^cidhXVjXZhYZeVgi^X^eVX^chZejZYZad\gVgfjZaVXdbjc^YVYaVWdgVahZVgZVabZciZ
YZbdXg{i^XV#IgZhZaZbZcidh[jcYVbZciVaZhYZaVeVgi^X^eVX^chdc/
O AV Yhj_YW%WkjeYhj_YW0 eVgV aV gZ\jaVX^c YZ aV k^YV Xdbjc^iVg^V Zh cZXZhVg^d Zhi^bjaVg aV Xgi^XV n aV
VjidXgi^XV# HZ\c Za eZchVb^Zcid Vg^obZcY^Vcd aV Xgi^XV Xdchda^YV aV YZbdXgVX^V# 6g^obZcY^Vgg^ZiV
gZXjggZVaVbZi{[dgVYZaVkVXjcV/aVXgi^XVZ_ZgXZaVb^hbV[jcX^cfjZZab^XgdW^dfjZhZ^cigdYjXZ
ZcZadg\Vc^hbd!ZhYZX^g!aVXgi^XVZhjcÆbVacZXZhVg^dÇh^egZiZcYZbdhbVciZcZgjcXjZgedhdX^Va
hVcd n k^\dgdhd# 6YZb{h! aV Xgi^XV ejZYZ aaZ\Vg V hZg jc WjZc ^chigjbZcid eVgV Za W^ZcZhiVg YZ aV
Xdbjc^YVYh^hjhb^ZbWgdhaVZ_ZgXZcXdcY^\c^YVYnZaZkVYd^ciZgh#EdgiVcid!h^fjZgZbdhfjZaVh
gZaVX^dcZhZcigZadhb^ZbWgdhYZaVXdbjc^YVYhZaaZkZcVXVWdYZjcbdYdhda^YVg^dnbVYjgd!YZWZbdh
Zhi^bjaVgaVXgi^XVZcidYdhadhc^kZaZhnY^gZXX^dcZh#:agZXjghdVaVXgi^XVZhjcYZgZX]dn!VYZb{h!jcV
dWa^\VX^ceZghdcVa#
JcVXgi^XVYZW^YVbZciZedcYZgVYVYZWZgZjc^gYdhXVgVXiZghi^XVh/YZWZhZgVkVaVYVedgaVeZghdcVa^YVYn
edgaVeg{Xi^XVYZfj^ZcaVZ_ZgXZ0n!YZWZegdcjcX^VghZZcadhg\VcdhYZhi^cVYdhViVa[^c#Cdi^ZcZYZgZX]d
VaVXgi^XVfj^Zccd]VnVZmegZhVYdhjejcidYZk^hiVZcZaaj\VgnbdbZcidegZX^hdh#
O :aZ_|be]e/6g^obZcY^Vgg^ZiVhjWgVnVfjZaVXdbjc^YVYhZ[dgiVaZXZnhZcjigZVigVkhYZaVXdbjc^XVX^c
n!egZX^hVbZciZ!ZaY^{ad\dedh^W^a^iVZhVXdbjc^XVX^c#AV^bedh^X^c^be^YZaVXdck^kZcX^V#JcVhdajX^c
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 61
fjZgZYjcYZZcWZcZ[^X^dYZidYdhhadejZYZhZgYZiZgb^cVYVbZY^VciZaVXdc[gdciVX^cYZaVhY^hi^ciVh
^YZVh n de^c^dcZh# Had YZhYZ Za Y^{ad\d edYZbdh aaZ\Vg V jcV hciZh^h ZcigZ Y^hi^ciVh de^c^dcZh! ad fjZ
h^\c^[^XVfjZZh^bedh^WaZVYdeiVgjcVYZX^h^c_jhiVXdch^YZgVcYdjcVhdaVeZgheZXi^kV#
:aY^{ad\dZhjc^ciZgXVbW^dYZ^YZVhnZmeZg^ZcX^Vh!eZgdhadXjVcYdidYdhadhb^ZbWgdhZmegZhVchjhde^c^d"
cZha^WgZnXdbegdbZi^YVbZciZedYZbdhgZ[Zg^gcdhVjcVeVgi^X^eVX^cgZVanZ[ZXi^kV#9ZZhiZbdYd!hjZ[ZXi^k^"
YVYYZeZcYZg{YZaVVXZeiVX^cYZaVhh^\j^ZciZhXdcY^X^dcZhedgeVgiZYZadhb^ZbWgdheVgi^X^eVciZh/
Ä AVhde^c^dcZhV_ZcVhhdciVcVXZeiVWaZhXdbdaVhegde^Vh
Ä AVWjZcVkdajciVYZ^ciZcX^cYZadh^ciZgadXjidgZh
Ä 9^hedh^X^cVgZXdcdXZgadhZggdgZhegde^dhnVVXZeiVgiZh^hdejZhiVh
Ä 9^hedh^X^ceVgVjcVZhXjX]VVXi^kV!Zh[jZgodedgZhXjX]VgnZciZcYZgaVhedh^X^dcZhV_ZcVh
:cZaeZchVb^ZcidYZcjZhigdVjidg!ZaY^{ad\dZhiVbW^cjcVVXi^ijY[gZciZVa^cbdk^a^hbd#:aY^{ad\d[d"
bZciVaVa^WZgiVYnaVVeZgijgV]VX^Vadhdigdh!Vai^ZbedfjZ\VgVci^oVaVidaZgVcX^VnaVXdbegZch^c#6YZ"
b{h!ejZYZgZhjaiVgcZXZhVg^deVgVVgbdc^oVg^ciZgZhZhY^kZg\ZciZhZcZahZcdYZjcVb^hbVXdbjc^YVY!
dg^ZciVcYdZaZh[jZgodXdbjc^iVg^dZcaVY^gZXX^cVYZXjVYV#
O :aleje/aVXdbjc^YVYYZigVWV_dYZbdXg{i^XVhZg^\ZedgZaeg^cX^e^dYZÆjcb^ZbWgd!jckdidÇ#:ahj[gV\^d
ZhjcXVjXZYZbdXg{i^XdnjcYZgZX]deZghdcVa#H^cZbWVg\d!6g^obZcY^Vgg^ZiVhZVaVfjZZakdidcd\VgVci^oV
YZedghaVa^WZgiVYYZde^c^c!nVfjZeVgVhjZ[^XVX^VZh^begZhX^cY^WaZfjZhZVVkVaVYdedgjcVegdejZhiV
jde^c^ceZghdcVa0Xdch^\j^ZciZbZciZ!jcjhd^cYZW^YdYZZhiZYZgZX]dejZYZgZhjaiVgb{heZg_jY^X^VafjZ
WZcZ[^X^dhdeVgVaVZmegZh^cYZbdXg{i^XV#HZ\cadY^X]d!Zahj[gV\^dejZYZgZhjaiVgjcXVjXZYZeVgi^X^eVX^c
Z[ZXi^kV!eZgde^ZgYZidYdhjhZci^Ydh^Z_ZgXZedg^cZgX^VdYZ[dgbV^ggZ[aZm^kVZ^ggZhedchVWaZ#EdgiVcid!
ZakdidhZYZWZZ_ZgX^iVgXdcbVYjgZonWjZc_j^X^d!eVgVZk^iVgVhfjZhZXdck^ZgiVZcjcdWhi{XjadeVgVaV
YZbdXgVX^VeVgi^X^eVi^kV#
,$);bceZ[beZ[fWhj_Y_fWY_dd[eYWf_jWb_ijW
o[bceZ[beYeef[hWj_le
:caVVXijVa^YVY!ZaeZchVb^ZcidcZda^WZgVahZ[jcYZZcZad\^dhV[VkdgYZaVeVgi^X^eVX^cZ^bea^XVX^cYZa
igVWV_VYdgZcaVZbegZhV#H^W^ZcVeg^bZgVk^hiVedYgVeVgZXZgfjZZabdYZadXVe^iVa^hiVhZZhi{Vegdm^"
bVcYdVaeaVciZVb^ZcidXddeZgVi^kd!WVhiVfjZegd[jcY^XZbdhjcedXdZcaVXjZhi^ceVgVVYkZgi^gfjZZa
bdYZadeVgi^X^eVi^kdYZ6g^obZcY^Vgg^ZiVnZaYZaVÆcjZkVXjaijgVZbegZhVg^VaÇi^ZcZcjcdg^\ZcW^ZcY^h"
i^cid#l[hYWfjkbe''
:abdYZadcZda^WZgVaYZeVgi^X^eVX^cgZegZhZciVjcVk^h^c^chigjbZciVaZciVcidfjZhjgVocai^bVcdZh
digVfjZaVWhfjZYVYZgZciVW^a^YVY#AVcjZkVXjaijgVZbegZhVg^Va]VYZhXjW^ZgidfjZejZYZVjbZciVgaV
XdbeZi^i^k^YVYnaVZ[^XVX^VVigVkhYZaV^bea^XVX^ceZghdcVaZcaVegde^VZbegZhV![dbZciVcYdXVjXZhYZ
eVgi^X^eVX^cZcigZadhigVWV_VYdgZh#:abdYZadcZda^WZgVacdXjZciVXdcaVXdbjc^YVY!had^ciZciVXdcX^a^Vg
adh^ciZgZhZhYZaXVe^iVanYZaVeZghdcVbZY^VciZcjZkVhiXc^XVhYZ^bea^XVX^c#
62 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Fh[eYkfWY_dfehZ_ij_djWiZ_c[di_ed[iZ[bZ[iWhhebbe^kcWdeYeckd_jWh_e
oh[ifk[ijWWbWic_icWiYh[WdZeeh]Wd_pWY_e[diWkje][ij_edWZWi$
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 63
:cZabdYZadXddeZgVi^kdaVeZghdcVZhVXi^kVngZhedchVWaZ!eZgdVYZb{hZhhda^YVg^VZcidYdhadh{bW^idhYZaV
k^YV#AVeZghdcVhZh^ZciZVc^bVYViVcidedghjYZhZdYZYZhVggdaadeZghdcVa!XdbdedgaVY^hedh^X^cYZd[gZXZg
hjhhZgk^X^dhVaVXdbjc^YVY#AVeVgi^X^eVX^cZhjcVVXi^k^YVYXdchZci^YdnkVadgegde^dfjZeZgb^iZZaYZhVggd"
aad^cY^k^YjVanXdbjc^iVg^dYZaVheZghdcVh!ncdZhhadjc^chigjbZcidVahZgk^X^dYZaVgZciVW^a^YVY#
-$';bYedY[fjeZ[[cfh[iW
EVgV6g^obZcY^Vgg^ZiVaVZbegZhVZhVciZhjcVgZVa^YVYhdX^VafjZjcVgZVa^YVYZXdcb^XVd_jgY^XV#AV
ZbegZhV!XdbddigVhiVciVh^chi^ijX^dcZhhdX^VaZh!hZbjZkZZcZaeaVcdYZadhdX^Va!ZhjcV[dgbVhdX^Va#
AVZbegZhVZhaVVhdX^VX^cYZkVg^VheZghdcVhZcXVb^cVYVhVaVXdchZXjX^cYZjcdW_Zi^kdXdbc#Hj^b"
edgiVcX^VgZh^YZZcYdhXjZhi^dcZh[jcYVbZciVaZh/Zceg^bZgaj\Vg!XdbdXgZVYdgVYZg^fjZoVn!ZchZ\jcYd
aj\Vg!edgfjZaVhVXi^k^YVYZhegd[Zh^dcVaZhfjZ\ZcZgVZchjhZcdcdhZa^b^iVcVa{bW^idZXdcb^Xd!h^cd
fjZiVbW^chZZmi^ZcYZcVa{bW^idYZgZaVX^dcZh]jbVcVh#
6YZb{h!aVZbegZhVi^ZcZjc^ciZghhdX^VadeWa^XdZck^gijYYZahZgk^X^dfjZd[gZXZVaVXdbjc^YVY!Xdc"
k^gi^cYdhZYZZhiVbVcZgVZcjcbZY^deVgVaVegdbdX^cnigVch[dgbVX^chdX^Va#
EjZhidfjZaVZbegZhVZhjc[VXidghdX^VaYZ^ciZghnjcV^chi^ijX^cYZhZgk^X^d^begZhX^cY^WaZeVgVcjZh"
igVhdX^ZYVY!iZcZbdhfjZYVgeVhdVZhVY^bZch^chdX^Vaedc^ZcYdaVegde^ZYVYeg^kVYVYZaVhZbegZhVhVa
hZgk^X^dYZaW^ZcXdbc#:cYZ[^c^i^kV!]VnfjZhdX^Va^oVgZaigVWV_dnaVegde^ZYVYYZaXVe^iVaigVch[dgbVcYd
ZcX^ZgidbdYdhjXVg{XiZgeg^kVYd#
-$(BeiceZ[beiZ[[cfh[iW
6g^obZcY^Vgg^ZiVX^iVYdhbdYZadhYZZbegZhVÅaVXVe^iVa^hiVnaVhdk^i^XVÅfjZXdcigVhiVcXdchjXdc"
XZeidYZXdbjc^YVYYZigVWV_d#EVgVZaeZchVb^Zcida^WZgVaXVe^iVa^hiVaVZbegZhVZheg^cX^eVabZciZjc
XZcigdYZegdYjXX^c#HjcVijgVaZoVndW_Zi^kdhk^ZcZcbVgXVYdhedgaVegdYjXX^cYZW^ZcZhnhZgk^X^dh!
naVdWiZcX^cYZjcWZcZ[^X^dZXdcb^Xd#:caVZbegZhVXVe^iVa^hiVaVegde^ZYVY!Zag^Zh\dnZaXdcigdaYZa
igVWV_dcdXdggZhedcYZcVaigVWV_VYdg#whiZkZcYZhj[jZgoVYZigVWV_dVXVbW^dYZjchVaVg^d#:cZhiZ
XdciZmid!adhh^cY^XVidhZ_ZgXZcaV[jcX^cYZgZciVW^a^oVgVab{m^bdaVkZciVYZaÆigVWV_dedgY^cZgdÇZc
WZcZ[^X^dYZaigVWV_VYdg#
64 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
EdghjeVgiZ!ZcaVJc^cHdk^i^XVaVYeb[Yj_l_pWY_dncVX^dcVa^oVX^cYZaVZXdcdbV]^X^ZgdcfjZaVhZb"
egZhVh[jZgVcZhiVi^oVYVh!nadhigVWV_VYdgZhhdbZi^YVhVaXdcigdaYZaVWjgdXgVX^VYZa:hiVYd#:cVbWdh
bdYZadhZahZg]jbVcdZhi{VahZgk^X^dYZaVZXdcdbV!aVa^WZgiVYnaVY^\c^YVY]jbVcVZhi{cdeg^b^YVh!
^cXajhdVcjaVYVh#
-$)BWYeckd_ZWZZ[jhWXW`e
HZ\ccjZhigdVjidg!aVZbegZhVi^ZcZfjZhZgjcVXdbjc^YVY]jbVcVYZVXi^k^YVYZhZ^ciZgZhZh!WVhVYVZcaV^c^"
X^Vi^kVnaVegde^ZYVYeg^kVYVXdbjc^iVg^V!hVakdZcZaXVhdYZfjZedgXVjhVhYZaW^ZcXdbc^ciZgkZc\VZa:hiVYd#
AVZbegZhVhjg\ZeVgVd[gZXZgjchZgk^X^degdYjXi^kdcZXZhVg^dVaVhdX^ZYVY!nVXVbW^dYZZhiZhZgk^X^dgZX^W^g{
jcVXdcigVegZhiVX^cZXdcb^XVfjZYZWZg{hZgY^hig^Wj^YVYZjcV[dgbV_jhiV#
AVZbegZhVZhjcVjc^cYZkdajciVYZhn!edgiVcid!YZWZgZ\^ghZedgZaeg^cX^e^dYZhda^YVg^YVY#:hidZm^\Z
jcXVbW^dZcaVgZaVX^cZcigZZaXVe^iVanZaigVWV_d!Zm^\ZhjhdX^Va^oVX^c#EVgVeaVhbVgZcaVgZVa^YVYZh"
iVh^ciZcX^dcZh!6g^obZcY^Vgg^ZiVhZVaVXjVigdXdcY^X^dcZhW{h^XVh/
W AVhgZaVX^dcZhZcigZadhb^ZbWgdhYZaVZbegZhVhZgZ\^g{cedgjceg^cX^e^dYZhda^YVg^YVY/
" AV gZaVX^c ZcigZ adh b^ZbWgdh YZ aV ZbegZhV YZWZ ZhiVg WVhVYV Zc Za gZheZid! aV Zhi^bV n
aVXdbegZch^cbjijV#
" AVXddeZgVX^cVXi^kVYZWZZhiVgVahZgk^X^dYZaW^ZcXdbc#
" :a igVWV_d YZWZ hZg XdcXZW^Yd cd had Xdbd jcV [jZciZ YZ ^c\gZhdh ZXdcb^Xdh! h^cd
iVbW^cXdbdXjbea^b^ZcidYZjcYZWZgnegZhiVX^cYZjchZgk^X^d#
X AVZbegZhVZhi{hdbZi^YVVjcVgZ\jaVX^chdX^VaedghjcVijgVaZoVhdX^VaZ^ciZgheWa^Xd#:caVbZY^YV
Zc fjZ aV ZbegZhV egZhiV jc hZgk^X^d V aV Xdbjc^YVY! hZ gZ\jaVg{ edg aVh cdgbVh fjZ ZhiVWaZoXV aV
Xdbjc^YVY# AV eZghdcV n adh \gjedh ]jbVcdh hZg{c adh gZhedchVWaZh YZ Y^hZVg hjh cdgbVh n eVjiVh
YZVXijVX^c#AV^ciZgkZcX^ccdgbVi^kVYZa:hiVYdiZcYg{hjhab^iZh!cdYZWZ^ciZg[Zg^gZcaV^c^X^Vi^kVnaV
egde^ZYVY YZ aV ZbegZhV! hVakd fjZ Vh ad VXdchZ_Zc XVjhVh YZa W^Zc Xdbc# Edg iVcid! Za :hiVYd YZWZ
gZheZiVgaV^c^X^Vi^kVZbegZhVg^VanZaYZgZX]dYZegde^ZYVYYZadh\gjedh]jbVcdh#
Y AVdg\Vc^oVX^cYZaigVWV_dhZgZ\^g{edgZaeg^cX^e^dYZZ[^XVX^V#
" AV Z[^XVX^V Zh jc gZfj^h^id cZXZhVg^d n h^\c^[^XV fjZ Zc Za hZcd YZ aV ZbegZhV Zm^hiZ jcV
ZcZg\V XgZVi^kV n jc^[^XVYdgV! fjZ edh^W^a^iV Za Xjbea^b^Zcid YZ jcV hZg^Z YZ VXi^k^YVYZh YZ
VXjZgYd Xdc ZhfjZbVh bdYZgcdh YZ gVX^dcVa^oVX^c Zc aV dg\Vc^oVX^c YZa igVWV_d fjZ hZ
VXijVa^oVceZgbVcZciZbZciZ#
Z AV ZbegZhV hZ WVhVg{ Zc jcV cdgbV bdgVa XdcXgZiV# Adh b^ZbWgdh YZ aV ZbegZhV gZ\jaVg{c hjh
egde^Vh gZaVX^dcZh ^ciZgcVh! cd hZ\c edh^X^dcZh YZ edYZg d YZ [jZgoV Xdbd dXjggZ Zc aVh
ZbegZhVh XVe^iVa^hiVh! h^cd hZ\c cdgbVh n VXjZgYdh ZhiVWaZX^Ydh edg adh b^ZbWgdh fjZ aV Xdb
edcZc# :a hZg ]jbVcd YZWZ egZkVaZXZg edg ZcX^bV YZ aVh XdhVh bViZg^VaZh! nV fjZ Zh Za [VXidg b{h
^bedgiVciZeVgVaVZ[^XVX^VZbegZhVg^Va#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 65
-$*BeieX`[j_lei][d[hWb[iZ[bW[cfh[iW
9ZWZg{egZkVaZXZgZaYZhVggdaad]jbVcdYZhjhb^ZbWgdhnYZhjXdbjc^YVYb{hegm^bV!edgZcX^bVYZa
YZhVggdaadbViZg^VanZXdcb^Xd#AVZbegZhVedh^W^a^iVg{!edgiVcid!aVhVi^h[VXX^cYZaVhcZXZh^YVYZhbV"
iZg^VaZheZghdcVaZh!Vai^ZbedfjZegdbdX^dcVg{ZaYZhVggdaadYZidYdZaXdaZXi^kd#
AVdg\Vc^oVX^cYZaigVWV_dZcZahZcdYZZhiVXdbjc^YVYYZigVWV_dhZV_jhiVg{VaVY^\c^YVYYZaVeZghdcV#
8dchZXjZciZbZciZ!aVcjZkVdg\Vc^oVX^cZbegZhVg^VahjedcYg{aV]jbVc^oVX^cYZaVZXdcdbV!ZhYZX^g!
ÆaVejZhiVVahZgk^X^dYZaVeZghdcVYZaVVXi^k^YVYZXdcb^XVÇncdVaV^ckZghV=#8#!e{\#)-.#
<gVX^VhVaVZhigjXijgVeVgi^X^eVi^kVYZZhiVXdbjc^YVYYZigVWV_d!idYdhadhigVWV_VYdgZhhZ^ciZ\gVg{cZc
jcegdXZhdeZgbVcZciZYZbVYjgVX^c!ZcjcegdXZhdfjZYZhYZaVeVgi^X^eVX^cb^hbV^bea^XVZaXjbea^"
b^ZcidYZadhXdbegdb^hdhVYfj^g^Ydh#9ZZhiVbVcZgV!hZad\gVg{[dbZciVgZaYZhVggdaadeZghdcVaYZhjh
b^ZbWgdh!nVfjZYZhYZZaejcidYZk^hiVZhigjXijgVajcVbVndggZhedchVW^a^YVYYZadhigVWV_VYdgZh^bea^XV
jcbVndgXdbegdb^hdeVgVXdcaVXdbjc^YVYYZigVWV_d#
-$+Beifh_dY_f_ei][d[hWb[iZ[bW[cfh[iW
AVXddeZgVX^cnaVeVgi^X^eVX^chZg{cZaZbZc"
idhXaVkZZcaVXgZVX^cYZaVcjZkVXdbjc^YVYYZ
igVWV_d!ZciVcidfjZedh^W^a^iVg{caVhjeZgVX^c
YZaVhXdcigVY^XX^dcZhYZXaVhZnaVXdchigjXX^c
YZ cjZkdh cXaZdh hdX^VaZh b{h VXdgYZh Xdc aV
Y^\c^YVY]jbVcV#:aYZhVggdaadiZXcda\^XdZh^c"
XjZhi^dcVWaZ!eZgdhjZ[^XVX^VhZkZa^b^iVYVedg
adhbVgXdhYZdg\Vc^oVX^chdX^VaY^hZVYdhedg
ZahZg]jbVcd!ZhYZX^g!aV[VaiVYZXddeZgVX^cn
eVgi^X^eVX^c^be^YZcjcVXdggZXiVVea^XVX^cYZa
egd\gZhdiZXcda\^XdVaW^ZcXdbc#
;Z_\_YWhkdWYeckd_ZWZZ[jhWXW`eYedkdWZ_c[di_d
Yeckd_jWh_W[n_][dj[oZ[[\_Y_[dY_W_d[bkZ_Xb[$
AV VXZeiVX^c YZa XddeZgVi^k^hbd ^bea^XV
XgZZgZcaVhda^YVg^YVY#AVeg{Xi^XVYZaVhda^"
YVg^YVYZm^\ZhVXg^[^X^dheZghdcVaZhZheZX^VabZciZVaVb^cdgVhdX^Vab{hXjVa^[^XVYV!ejZhYZWZg{YZ_Vg
VjcaVYdhjegdbdX^cZ^ciZgZhZheZghdcVaZheVgVVXijVghda^YVg^VbZciZV[VkdgYZidYdZa\gjed#AV
hda^YVg^YVYVhZciZcY^YV]VXZedh^WaZZaXddeZgVi^k^hbd#
EdgdigVeVgiZ!aVhda^YVg^YVYZm^\ZjcXdbegdb^hdeZgbVcZciZedgeVgiZYZidYdhadhb^ZbWgdh#HZ\c
6g^obZcY^Vgg^ZiV!aVXddeZgVX^cnaVVnjYVbjijVZcigZadhhZgZh]jbVcdhZhaVZmegZh^cngZVa^oVX^cYZa
eg^cX^e^dYZhda^YVg^YVY!nXdcY^X^cSINE QUA NONeVgVZaYZhVggdaad#EVgV^gXgZX^ZcYdZchda^YVg^YVY!cjZhigd
VjidgZci^ZcYZfjZhiVYZWZVea^XVghZVadhegde^dhbZXVc^hbdhYZabZgXVYdXdbdhdcadhWZcZ[^X^dh!aV
Y^hig^WjX^c!adhXgY^idh!ZhYZX^g!idYdVfjZaadfjZV[ZXiZVaVk^YVXdi^Y^VcVnVaVZXdcdbV#
66 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:aZheg^ijYZigVWV_dnhjeZgVX^chdc!h^cYjYV!bjZhigVhYZZhVhda^YVg^YVY#B{hVgg^WVVejci{WVbdhfjZ
ZaigVWV_dZhZabZY^dcZXZhVg^deVgVaVVjidggZVa^oVX^ceZghdcVanXdbjc^iVg^V#
<gVX^Vh V aV dg\Vc^oVX^c eVgi^X^eVi^kV YZ aVh XddeZgVi^kVh! gZhjaiV b{h [{X^a fjZ adh igVWV_VYdgZh hZ ^b"
ea^fjZcnegdbjZkVcZaZheg^ijYZhjeZgVX^c#6ab^hbdi^Zbed!ZcaVbZY^YVZcfjZZaigVWV_VYdgh^ZciV
fjZaVZbegZhViVbW^cZhhjnV!fjZeZgiZcZXZVaVXdbjc^YVY!ZaYZhZdnZaXdbegdb^hdeVgVhdajX^dcVg
XjVafj^ZgegdWaZbVhZg{cbjX]db{h[^gbZh#
-$,BW[cfh[iWYeef[hWj_lW
AVZbegZhVXddeZgVi^kVgZegZhZciVaVXdcXgZX^cgZVab{hZ[ZXi^kVYZaeZchVb^ZcidVg^obZcY^Vcd#:acjZkd
bdYZadZbegZhVg^VaZhZaejcidYZeVgi^YVeVgVaVigVch[dgbVX^c^ciZ\gVaYZaVhdX^ZYVY!Zaeg^bZgeVhd]VX^V
jcegdnZXid]jbVcdnXdbjc^iVg^ddg^ZciVYd]VX^VaVVjiddg\Vc^oVX^cYZY^kZghdh{bW^idhYZaVhdX^ZYVY#
H^ZaigVWV_dZhjcZaZbZcidiVcZhZcX^VaeVgVZahZg]jbVcd!´XbdZcV_ZcVgVfjZaadfjZZhXdchi^iji^kdYZa
hZg]jbVcdXdbdidiVa^YVYnadXVeVX^iVeVgVhjYZhVggdaad4AVigVch[dgbVX^cYZWZZbeZoVg!edgiVcid!edg
YZkdakZgVaVeZghdcVZaXdcigdahdWgZhjigVWV_d#HZegZX^hVeVgVZaadjcVZhigjXijgVfjZeZgb^iVVaigVWV_VYdg
hZgXgZVYdg!XdcigdaVYdg!gZhedchVWaZnWZcZ[^X^Vg^dYZhjegde^VVXi^k^YVY#EdXdVedXd!VeVgi^gYZZhiVh^YZVh
nhjejZhiVZceg{Xi^XV!]V^Ydhjg\^ZcYdjcbdYZadXddeZgVi^kdXjndhgVh\dhb{hh^\c^[^XVi^kdhhdc/
-$,$' ;bYWf_jWbWbi[hl_Y_eZ[bjhWXW`e
:cXdcXdgYVcX^VXdcaV[^adhd[VeZghdcVa^hiV!aVegZb^hV^c^X^VaYZaXdcXZeidYZZbegZhVVg^obZcY^VcdZh
fjZh^iVVaVeZghdcVZcZaXZcigdn[^cai^bdYZidYVVXX^c]jbVcV#:hdh^\c^[^XVfjZaVXdbjc^YVYYZ
igVWV_dYZWZ\VgVci^oVgaVY^\c^YVY!aV^\jVaYVYnaVa^WZgiVYYZaVeZghdcV!ZcXdcigVhiZXdcaVcVijgVaZoV
YZaVZbegZhVXVe^iVa^hiV!fjZVaeg^dg^oVgZakVadgYZaXVe^iVadWa^\VVaVeZghdcVVkZcYZghj[jZgoVYZ
igVWV_dXdbdjcVbZgXVcXVb{h#
:hVZh!edgiVcid!aVeg^bZgVZheZX^[^X^YVYYZaVZbegZhVXddeZgVi^kV/aVYZkdajX^cYZaVegde^ZYVYYZa
igVWV_dVaigVWV_VYdg#:aXVe^iVaZhjcgZXjghd^cY^heZchVWaZeVgVaVXdbeZi^i^k^YVYnZ[^XVX^VYZaVZbegZ"
hV0jc^chigjbZcidVahZgk^X^dYZaVeZghdcVncdVaV^ckZghV#
-$,$( ;bjhWXW`WZeh[cfh[iWh_e
8dbd kZc^bdh ^ch^hi^ZcYd! aV ZbegZhV XddeZgVi^kV cd hZ gZ\jaV edg Za XVe^iVa# :a edYZg Zc ZhiZ cjZkd
bdYZadYZdg\Vc^oVX^cZbegZhVg^VagZh^YZZcaVXdbjc^YVYYZigVWV_d!ZcXVYVjcdYZhjhb^ZbWgdh#
AjZ\d!ZhiVY^hig^WjX^cYZedYZg^bea^XVedgeVgiZYZaigVWV_VYdgaVVhjcX^cYZcjZkVh[jcX^dcZhXdbd
egde^ZiVg^dngZhedchVWaZYZhjigVWV_d#:hejZh!jcbdYZadZm^\ZciZfjZdWa^\V]VXZgXdbeVi^WaZhaVh
[jcX^dcZhYZZbegZhVg^dnigVWV_VYdgZcjcVc^XV[^\jgV#HadYZZhiV[dgbVhZad\gVg{cVea^XVgZcaV
Xdbjc^YVYYZigVWV_dadheg^cX^e^dhYZ^\jVaYVYYZYZgZX]dhnYZbdXgVX^V#
:aXVg{XiZgYjVaYZaV[^\jgVYZaigVWV_VYdg"ZbegZhVg^dZm^\ZjcVaid\gVYdYZbVYjgZo]jbVcVeVgVid"
bVgYZX^h^dcZhngZhedchVW^a^YVYZh!eVgVVYVeiVghZnhZgegdVXi^kdZcjcVhdX^ZYVYXVbW^VciZ!VhXdbd
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 67
eVgVgZk^iVa^oVgXdchiVciZbZciZaVZbegZhV!ZiX#:cidYdXVhd!ZaW^ZcZhiVgXdbjc^iVg^dYZWZegZkVaZXZg
edgZcX^bVYZadh^ciZgZhZheZghdcVaZh#
-$,$) ;bceZ[beZ[][ij_dfWhj_Y_fWj_le
AV\Zhi^cZhZaVabVYZjcVZbegZhV#H^ZaigVWV_dnZaXVe^iVahdcadhZ_ZhYZakZ]Xjad!aV\Zhi^cZhhj
bdidg#:hVigVYVYZ[VXidgZhgZhjaiV^begZhX^cY^WaZeVgVZaWjZc[jcX^dcVb^ZcidYZjcVZbegZhV#
7hh_[i]Wh
Fh[l[h
:[iW\_eiZ[bieY_e#jhWXW`WZeh CWZkh[po;ZkYWY_d
:[Y_Z_h
H[ifedZ[h
JeZe[bbe[dkdWYeckd_ZWZZ[jhWXW`e
Ieb_ZWh_W^WY_WZ[djhe Ieb_ZWh_W^WY_WZ[djhe
AVZbegZhVXddeZgVi^kVegdedcYg{jccjZkdbdYZadYZ\Zhi^c\j^VYdedgadheg^cX^e^dhYZaVVjiddg\V"
c^oVX^cnaVXddeZgVX^c#HZigViVYZaVXgZVX^cYZjcVXdbjc^YVYYZigVWV_dVjid\Zhi^dcVYV!YdcYZaV
\Zhi^c ZbegZhVg^Va hZ hjhiZciV Zc aV ^c^X^Vi^kV n eVgi^X^eVX^c YZ adh egde^dh igVWV_VYdgZh# AV Y^gZXX^c
YZaVZbegZhVcdZhiVg{edgiVcidZcbVcdhYZeZghdcVhV_ZcVhVaVb^hbV!h^cdfjZXdggZg{VXVg\dYZ
b^ZbWgdh^ciZgcdhXjVa^[^XVYdh!VXi^kdhZ^bea^XVYdh#EdgiVcid!Zaeg^bZggVh\dYZaV\Zhi^cXddeZgVi^kV
ZhaVYZbdXgVX^VhdX^Va/aVYZX^h^chdWgZaVedai^XVnadhdW_Zi^kdhYZaVZbegZhVXdggZhedcYZcVidYdhadh
hdX^dhigVWV_VYdgZh#
CddWhiVciZ!aVa^WZgiVYYZYZX^h^ccdXdggZhedcYZYZ[dgbVV^haVYVVXVYVXddeZgVi^k^hiV!h^cdVaXdc"
_jcidYZaVXdbjc^YVYYZigVWV_d#AV^bedh^W^a^YVYYZZhiVgVaiVcidYZaVde^c^cYZXVYVhdX^dZcidYd
bdbZcid!dYZ\VgVci^oVgfjZidYdhejZYZceVgi^X^eVgZcidYVhaVhYZX^h^dcZh!XdcYjXZVfjZhZ^chigj"
bZciVa^XZjch^hiZbVYZbdXg{i^XdgZegZhZciVi^kd#l[hYWfjkbe/"f|]_dW(*/
-$,$* BWÓdWdY_WY_d
:aXddeZgVi^k^hbdZcc^c\cXVhdbZcdhegZX^VaVcZXZh^YVYnaV^bedgiVcX^VYZaXVe^iVa#:cadh^c^X^dhYZaV
ZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dcZaXVe^iVaZgVjc[VXidg^begZhX^cY^WaZ0cdhadeVgVZaYZhVggdaadYZa
egdnZXidZbegZhVg^Va!h^cdXdbdjcZaZbZcidb{heVgVaVigVch[dgbVX^chdX^Va#:aXVe^iVanaVXVeVX^YVY
YZ^ckZgh^chdcjcVcZXZh^YVYeVgVaVhjeZgk^kZcX^VZbegZhVg^Va#N!hVakdfjZhZgZXjggVVaXgY^id!Zaad
Zm^\ZXVeVX^YVYYZV]dggd#:aV]dggd!XdcXZeidXZcigVaZcZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiV!cdZhXdcXZ"
W^YdXdbd[VXidgejgVbZciZZXdcb^XdfjZ^cXZci^kVZaYZhVggdaadZXdcb^Xd!h^cdfjZZhjcXdcXZeidg^Xd
68 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
ZcXdciZc^Yd]jbVcdnhdX^Va#:aV]dggdVnjYVVahZg]jbVcdVXdcfj^hiVgZa]dg^odciZYZjcVhdX^ZYVYb{h
_jhiV!bZY^VciZaVXgZVX^cYZZbeaZd!aVbZ_dgVYZaVhXdcY^X^dcZhYZigVWV_dnZa[dbZcidYZaV^c^X^Vi^kV
edejaVg#HZ\c6g^obZcY^Vgg^ZiV!ZaV]dggd!_jcidXdcZaigVWV_d!ZhXdcY^X^cSINE QUA NONeVgVhVXVgVadh
ejZWadhYZaVb^hZg^V#
:aV]dggdhjedcZegVXi^XVgaVhda^YVg^YVY!hVXg^[^XVghZedgZaW^ZcXdbjc^iVg^ddhZgegZk^hdgn!VXVbW^d!d[gZ"
XZjc\gVYdYZa^WZgiVYfjZhZigVYjXZZcigZdigdh/ZcZaYZgZX]dYZadhigVWV_VYdgZhnYZaVhXdbjc^YVYZhV
ZaZ\^ghj[jijgd!dg^ZciVcYdYZZhiVbVcZgVVaVhdX^ZYVYnVhjhb^ZbWgdh]VX^VaVVjid\Zhi^c#EdgiVcid!Za
V]dggdnaV^ckZgh^chdcgZfj^h^idh^begZhX^cY^WaZheVgVbVciZcZgjch^hiZbVXddeZgVi^kdhVcZVYd#
-$,$+ BWZ[ceYhWY_WYeef[hWj_lW
AVZbegZhVXddeZgVi^kVZhjcVZhigjXijgVYZbdXg{i^XVÅhiZZhegZX^hVbZciZhjY^hi^ci^kdÅZcXjndhZcd
aV\Zhi^c!ZaedYZgnXdcigdaZhi{cZcbVcdhYZadhhdX^dhigVWV_VYdgZh#EZgdaV[gbjaVYZbdXg{i^XVcdZh
jc[^cZchb^hbd!h^cdjc^chigjbZcid#9Z]ZX]d!jcWjZcbidYdcdcZXZhVg^VbZciZ^bea^XVjcdhgZhja"
iVYdhedh^i^kdh#AVXaVkZZhi{ZcegdXZYZgYZbdXg{i^XVbZciZ#
:ah^hiZbVYZbdXg{i^XdYZ\Zhi^c^bea^XVfjZZaXdcigdaYZbdXg{i^XdYZaYZhVggdaadYZaVZbegZhVZhi{A
PRIORI ZcbVcdhYZidYdhadhigVWV_VYdgZh!XdbdhdX^dhnegde^ZiVg^dhYZaVZbegZhV#JcVeg{Xi^XVVYZXjVYV
YZZhi{[gbjaVYZbdXg{i^XVZm^\Z/
O JcVeVgi^X^eVX^cgZVanZ[ZXi^kV#:a\gVYdYZbVYjgZohZbVc^[^ZhiVZcjcVVXX^cgZhedchVWaZedgeVgiZ
iVcidYZadhgZegZhZciVciZhXdbdYZadhgZegZhZciVYdh#
O AVeVgi^X^eVX^chda^YVg^VYZidYdhadhhdX^dhigVWV_VYdgZh#:ahdX^digVWV_VYdgi^ZcZZaYZgZX]dnaVdWa^\VX^c
YZeVgi^X^eVgZcadhY^hi^cidhg\VcdhniVbW^cZcadhVhjcidhgZ[ZgZciZVhjejZhidYZigVWV_d#
6 bdYd YZ gZXVe^ijaVX^c! Zc aVh e{\^cVh egZXZYZciZh ]Zbdh VcVa^oVYd Za egdnZXid YZ igVch[dgbVX^c
hdX^VaYZ6g^obZcY^Vgg^ZiV#HjeZchVb^ZcidVejciV]VX^VjcVigVch[dgbVX^cbjai^Y^bZch^dcVa!egdedcZ
jccjZkdbdYZadYZeZghdcVnYZXdbjc^YVYdg^ZciVYdh]VX^VjcYZhVggdaad^ciZ\gVaVigVkhYZaVVjid"
\Zhi^c#:adW_Zi^kd[^cVaXdch^hiZZcfjZ!edgaVkVYZaVVjidZbVcX^eVX^c!aVeZghdcVYZhVggdaaZhjY^\"
c^YVYZcidYVhhjhY^bZch^dcZh#IVbW^c]Zbdhk^hidfjZZhiZegdnZXidYZigVch[dgbVX^cXdc[dgbVjcV
gZVa^YVYeda^Yg^XVfjZVWVgXVY^kZghVhY^bZch^dcZh/igVWV_d!ZYjXVX^c!hda^YVg^YVYneVgi^X^eVX^c#:hZa
hZci^Yd]dahi^XdaVXVgVXiZghi^XVfjZbZ_dgYZ[^cZhjXdcXZeidYZYZhVggdaad/ZcjchZci^YdVbea^d!Zhjc
XdcXZeidfjZgZhedcYZVaVigVch[dgbVX^cbjai^Y^bZch^dcVaYZaVeZghdcVnaVXdbjc^YVYVea^XVcYdZa
eg^cX^e^dYZaVZbVcX^eVX^cVidYdhadh{bW^idhYZaVk^YV!ZXdcb^Xdh!hdX^VaZh!hVc^iVg^dh!ZYjXVi^kdh!
XjaijgVaZh!ZiXiZgV0YZV]ZaZbeaZdYZaigb^cdÇYZhVggdaad^ciZ\gVaÇ#:aeg^cX^e^dYZVjid\Zhi^c!ZciZc"
Y^YdXdbdegdXZhd^a^b^iVYdnXdci^cjd!dg^ZciVZaYZhVggdaad^ciZ\gVaYZaVeZghdcVnaVXdbjc^YVY#
CjZhigd Vjidg ^cX^YZ ZheZX^VabZciZ Zc aV Y^bZch^c hdX^d"ZXdcb^XV/ aV ZbegZhV ejZYZ hZg Za ejcid
YZeVgi^YVYZjcVgZcdkVX^chdX^Va!ZabdidgYZaYZhVggdaad^ciZ\gVaYZaVXdbjc^YVY#AVZbegZhVXdbd
^chigjbZcid eVgV aV bVYjgVX^c Xdbjc^iVg^V! _jZ\V jc eVeZa YZX^h^kd Zc Za ^bejahd n YZhVggdaad YZ aV
ZYjXVX^c!aVXjaijgVnZaegd\gZhdYZaVXdbjc^YVY#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 69
6g^obZcY^Vgg^ZiVZcXdcigZc6ggVhViZ"BdcYgV\cjcWVcXdYZegjZWVheVgV[dbZciVgZacjZkdbdYZad
YZXdbjc^YVYaVWdgVa#AVhZbegZhVhXddeZgVi^kVhhZgVcZaZ_ZYZaVZXdcdbVnZcidgcdVZhiV[^adhd"
[Vdg\Vc^okVg^Vh^c[gVZhigjXijgVhZcadh{bW^idhZYjXVi^kdh![^cVcX^Zgd!XjaijgVanYZW^ZcZhiVghdX^Va#
>bejaheaVciZVb^ZcidhYZXddeZgVX^cZcigZaVhZbegZhVh!eZgdhjegdnZXidigVhXZcYVZhZ{bW^id!Zh
YZX^g!egZiZcYVVbea^VgZhVXddeZgVX^cVidYdhadh{bW^idhYZaVhdX^ZYVY#
:a ]dg^odciZ jie^Xd YZa eaVciZVb^Zcid Vg^obZcY^Vcd ZgV Za ZhiVWaZX^b^Zcid YZ jc cjZkd dgYZc XddeZ"
gVi^kd!ZhYZX^g!aVXgZVX^cYZjccjZkdbdYZadhdX^VafjZhZ[jcYVgVZcaVXddeZgVX^c#AV^YZVYZaV
gZ[dgbVhdX^VaVeVgZXZjcVndigVkZoZchjhZhXg^idhnhZXdcXgZiVXdci^cjVbZciZZchjhVXi^k^YVYZh#
6g^obZcY^Vgg^ZiVXdch^YZgVWVfjZZcVfjZaegZX^hdbdbZcidaVhZbegZhVhZgVcadhXZcigdhcZjg{a\^Xdh
YZaVhdX^ZYVYnhZkdaXZchjgZcdkVX^c#
9ZhYZaVVbea^VX^cYZZhZZheg^ijYZXddeZgVX^cYZaVZbegZhVVagZhidYZadh{bW^idhXdbjc^iVg^dh!
XdbZcoVcYdedgaVVjidZbVcX^eVX^cYZaigVWV_VYdg!aaZ\VgVbdhVacXaZdYZaeaVciZVb^ZcidVg^obZc"
Y^Vcd!ZhYZX^g!VaVigVch[dgbVX^ceZghdcVanXdbjc^iVg^V#:cZhiZegdXZhd!aVhZbegZhVhXddeZgVi^kVh
cdhdcjc[^cZchb^hbVh!h^cdjcbZY^deVgVjcdW_Zi^kdYZbVndgVaXVcXZ#
8. =VJITIVKMÅVIT
9ZhYZaVbjZgiZYZ6g^obZcY^Vgg^ZiVZabjcYd]VZmeZg^bZciVYdegd[jcYVhigVch[dgbVX^dcZh#EdgZaad!Zhjc
Z_ZgX^X^d^ciZgZhVciZgZhXViVg!h^c{c^bdZm]Vjhi^kd!aVhXaVkZhnaVVXijVa^YVYYZaeZchVb^ZcidVg^obZcY^Vcd#
.$':[bW^[j[hedecWWbWWkjedecW
9ZhYZaVb^gVYVXgi^XVYZ6g^obZcY^Vgg^ZiV!aVhhdX^ZYVYZhXVe^iVa^hiVhhZ[jcYVbZciVWVcZcegd[jcYVh
XdcY^X^dcZhYZ^[j[hedecW!VeVgi^gYZaVhXjVaZhaVk^YV]jbVcVk^ZcZZhZcX^VabZciZYZiZgb^cVYVedg
dW_Zi^kdhn[jcX^dcZh^bejZhiVhedg^chiVcX^VhZmiZgcVhVaegde^dhZg]jbVcd#;gZciZVZhiVXdc[^\jgVX^c
hdX^Va!cjZhigdVjidgeaVciZVfjZZaigVWV_VYdgYZWZedYZgeVgi^X^eVgXdbdb^ZbWgdYZeaZcdYZgZX]dZcaV
dg\Vc^oVX^chdX^d"ZXdcb^XV!ZhYZX^g!Xdbdegde^ZiVg^dnhj_ZidYZYZX^h^c#:aXdgejhiZg^XdYZ6g^obZc"
Y^Vgg^ZiVcdVhe^gVVXdchi^ij^gjcVhdX^ZYVYh^cXdc[a^XidhYZXaVhZ!h^cdjcVhdX^ZYVYh^cXaVhZh#
:aXdc[a^XidbVig^oYZaVhdX^ZYVYYZhji^ZbedgZh^YVZcaVajX]VYZXaVhZhZcZahZcdYZaVhdX^ZYVYZhiViVa"
cVX^dcVa#AVZbegZhVXdchi^ijVZaXZcigdcZjg{a\^XdZcZafjZY^X]dXdc[a^XididbVWVXjZged!nedgZaad!aV
gZ[dgbVZhigjXijgVaYZaVZbegZhVXdc[dgbVWVjcVkVZ[ZXi^kVeVgVaVgZhdajX^cYZaVCUESTIØN SOCIAL!Za
Xdc[a^Xid]^hig^XdegdkdXVYdedgaVhdX^ZYVY^cYjhig^VaXVe^iVa^hiV#
EZgdhjegdnZXidYZXddeZgVX^ccdhZa^b^iV!XdbdkZc^bdh^ch^hi^ZcYdVadaVg\dYZZhiVhe{\^cVh!VaV
egdejZhiVYZjccjZkdbdYZadYZdg\Vc^oVX^cZbegZhVg^VaZcZafjZaVegde^ZYVYYZaVb^hbVnhj\Zhi^c
70 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
ZhicZcbVcdhYZadhegde^dhigVWV_VYdgZh#HZigViVYZjceZchVb^ZcidfjZegZiZcYZ^gb{hVaa{#Edgjc
aVYd!hjegdejZhiVegZiZcYZigVch[dgbVgaVegde^VcVijgVaZoVn[jcX^chdX^VaYZaVZbegZhV/Y^hedh^i^kdVa
hZgk^X^dYZaVXdbjc^YVYnYZaW^ZcZhiVgYZadhX^jYVYVcdh#EdgdigdaVYd!hZigViVWVYZjcegdnZXidhdX^Va
fjZhZ\j^VWVedgZaeg^cX^e^dYZVkVcoVg]VX^VjcVXgZX^ZciZVjid^chi^ijX^cYZaVhXdbjc^YVYZh]jbVcVh
nYZjcVegd\gZh^kVVjid\Zhi^cYZadhY^hi^cidh{bW^idhYZaVk^YVhdX^Va#:a]ZX]dYZfjZadhegde^dhigV"
WV_VYdgZhXgZVgVcnY^g^\^ZgVchjegde^VZbegZhVZgVZaeg^bZgeVhdYZjcXdbeaZ_degdXZhdXjnddW_Zi^kd
Xdch^hiVZcVgi^XjaVgXgZX^ZciZhXjdiVhYZVjid\dW^ZgcdZcadhY^hi^cidh{bW^idhYZaVk^YV]jbVcV#
:aegdnZXidVg^obZcY^VcdgZXdggZjcigVnZXidfjZkVYZhYZaV]ZiZgdcdbV]VX^VaVVjidcdbV#Hjb^gVYV
VejciV]VX^VeZghdcVhnXdbjc^YVYZhVjid^chi^ij^YVh!fjZVeVgi^gYZaVVjidgZ\jaVX^cYZaVhgZaVX^dcZh
]jbVcVhnZaeg^cX^e^dYZXddeZgVX^c!i^ZcYZcVa^WZgVgZaXdbedgiVb^ZcidnaVVXi^k^YVY]jbVcVYZYZiZg"
b^cVciZhZmiZgcdh!YZa\^XVhZmigVVhnV_ZcVhVjcdb^hbd#
.$(>WY_WkdZ[iWhhebbe^kcWde_dj[]hWb
:aYZhVggdaaddaVegdbdX^c]jbVcV]VXVcgZ[ZgZcX^VÅZcZaeZchVb^ZcidYZcjZhigdVjidgÅVjcV
bZ_dgVYZaVh^ijVX^cbViZg^VaYZaVhdX^ZYVYYZhji^Zbed#:aeZchVb^ZcidnaVVXX^cfjZegdej\c
6g^obZcY^Vgg^ZiViZcVcXdbddW_Zi^kdeg^dg^iVg^daVbZ_dgVYZaVh^ijVX^chdX^VanZXdcb^XVYZaBdc"
YgV\dcYZaVedh\jZggV#GZ[aZ_dYZjcVhZch^W^a^YVYfjZgZXaVbVWVjcVbVndg_jhi^X^VhdX^Va#
6eZhVgYZaV^bedgiVcX^VYZZhiZVheZXid!cdedYgVbdhZmea^XVgaVkdajciVY!VXX^cneZchVb^ZcidYZ6g^o"
bZcY^Vgg^ZiVhadXdbdjcZchVndedgbZ_dgVgaVhXdcY^X^dcZhYZk^YVbViZg^VaZhYZadhX^jYVYVcdh#HjdW_Zi^kd
VWVgXVWVjcVXdbegZch^c^ciZ\gVaYZaYZhVggdaad]jbVcd!adXjVah^\c^[^XVWVjchVaidXjVa^iVi^kd]VX^VjcVcjZ"
kVXdcX^ZcX^V]jbVcVfjZedgiVgVkVadgZhXdbdaVY^\c^YVY!gZhedchVW^a^YVY!a^WZgiVYnhZgk^X^dVaVXdbjc^YVY#
:cZhiZ^ciZcidedgZfj^a^WgVgZaYZh^\jVaWVaVcXZYZedYZg!edgad\gVgjcVegd[jcYVYZbdXgVi^oVX^chdX^Vacd
hadedai^Xd"^chi^ijX^dcVanedgbVm^b^oVgaVhedh^W^a^YVYZhYZVjid\dW^ZgcdeZghdcVanXdbjc^iVg^d!jcdYZ
adhYZhV[dh[jcYVbZciVaZhXdch^hiVZcYZhVggdaaVgjcYZiZgb^cVYdZhiVYdYZXdcX^ZcX^VfjZedh^W^a^iVgVaV
igVch[dgbVX^chdX^VaZciVaY^gZXX^c#:hiVXdcY^X^chZXdch^YZgVWVcZXZhVg^VeVgVidYdegdnZXidfjZeZgh^"
\j^ZgVjcbVndgXdcigdahdWgZaVegde^Vk^YV#HZigViVWVYZXdchZ\j^gjcc^kZaYZXVeVX^iVX^cfjZ]^X^ZgVedh^"
WaZaVVjiddg\Vc^oVX^cYZaVXdbjc^YVY!YZegdkdXVgjcXVbW^dYZbZciVa^YVY]VX^VjcVi^XVXdbjc^iVg^V!n
YZYZhVggdaaVgadhgZhdgiZhcZXZhVg^dhfjZVWg^ZgVcZheVX^dhYZa^WZgiVY^cY^k^YjVangZhedchVW^a^YVYXdaZXi^kV#
:agZidYZaVVjidYZiZgb^cVX^ceZghdcVanXdaZXi^kVZm^\VjcVcjZkVhjW_Zi^k^YVY^cY^k^YjVanXdaZXi^kV#
:cYZ[^c^i^kV!jcegdnZXidfjZWjhXVaVegdbdX^cYZaVY^\c^YVY]jbVcV!ZaYZhVggdaadYZaVhedh^W^a^YVYZhn
ediZcX^Va^YVYZhYZahZg]jbVcd!VeVgi^gYZjchj_ZidYdiVYdYZYZX^h^c!g^Zh\d!^bea^XVX^c!Zheg^ijXdch"
igjXi^kd!^ciZ\gVX^cVXi^kVZcaVhdX^ZYVYngZhedchVW^a^YVYZchjhVXX^dcZh#:aegdnZXidYZigVch[dgbVX^c
hZVaoVWVZcYdhY^gZXX^dcZh/edgjcaVYd!ZgV^begZhX^cY^WaZjcXVbW^dYZbZciVa^YVYZhfjZedh^W^a^iVgVaV
Vgi^XjaVX^cYZcjZkdhbdYZadhYZXddeZgVX^cncjZkVh[dgbVhYZhdX^VW^a^YVY0edgdigdaVYd!jci^edYZXdc"
[^\jgVX^chdX^Va[jcYVbZciVYdZceg^cX^e^dhYZXddeZgVX^cXdchi^ijVaVWVhZbViZg^VahdWgZaVfjZXdchigj^g
edh^W^a^YVYZhXgZX^ZciZhYZVjidggZ\jaVX^c^cY^k^YjVanXdaZXi^kV#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 71
.$):[kdW[YedecWi_dj_YWWkdfheo[Yje
[Yedc_YeXWiWZe[dbWj_YW
6Xdb^ZcodhYZah^\adMM>aVk^YVhdX^VanZXdcb^XVYZaV\gVcbVndgVYZaVheZghdcVhngZ\^dcZhhZg^\Z
edg adh eg^cX^e^dh YZa h^hiZbV XVe^iVa^hiV# 9^X]d h^hiZbV hZ XVgVXiZg^oV edg aV ZmeVch^c XgZX^ZciZ YZ aV
gVX^dcVa^YVYZXdcb^XV#6adaVg\dYZaV]^hidg^VdigVha\^XVhngVX^dcVa^YVYZh]jbVcVhYZi^edgZa^\^dhd!
XjaijgVa!hdX^Vadi^Xd]VcegZkVaZX^YdZcaVdg\Vc^oVX^cYZaVk^YVhdX^Va!naVgVX^dcVa^YVYV]dgV^beZgVciZ
ZmeZg^bZciVWVab^iZhhZkZgdh#:aXVe^iVa^hbdbdYZgcd]VZaZkVYdaVgVX^dcVa^YVYZXdcb^XV]VhiVXdc"
kZgi^gadZceg^cX^e^dgZXidgYZidYdhadh{bW^idhYZaVk^YV!nVab^hbdi^Zbed!]VXdcYZcVYdVagZ^cdYZad
^ggVX^dcVaidYdeg^cX^e^dfjZcdhZhdbZiVVaVZ[^X^ZcX^VZXdcb^XV!iXc^XVZ^chigjbZciVa#
F[diWc_[djeYecfb[`eieXh[bWf[hiedWobWYeckd_ZWZ
YecefkdjeZ[fWhj_ZW
?cXh_YWY_d[djh[[ZkYWY_d"ieY_[ZWZo[cfh[iW[dikf[diWc_[dje
I[WiZ[bfheo[Yje
ckbj_Z_c[di_edWb 9edY[fY_dZ[bW[cfh[iWYecei[c_bbWe[ijckbe
Z[kdfheo[YjeZ[jhWdi\ehcWY_dc|iWcfb_e
Fh[eYkfWY_dfehj[cWiYecebW[ZkYWY_d"bWYkbjkhW"
[beY_eobW`kX_bWY_d1_d_Y_Wj_lW_dWYWXWZWfehYh[Wh
[ijhkYjkhWi[d[ijei|cX_jei
ÆCZda^WZgVa^hbdÇh^\jZh^ZcYdjcdYZadhigb^cdhb{h[gZXjZciZbZciZji^a^oVYdheVgV]VXZggZ[ZgZcX^VV
aV[VhZVXijVaYZaXVe^iVa^hbd#7{h^XVbZciZ!ZaXVe^iVa^hbd\adWVa]VZmiZcY^Ydhja\^XViVcidZcY^gZXX^c
]dg^odciVahjZmiZch^c\Zd\g{[^XVVidYdZabjcYdXdbdZcY^gZXX^ckZgi^XVaaVa\^XVYZabZgXVYdXdad"
c^oVegd\gZh^kVbZciZcjZkdh{bW^idhYZaVZmeZg^ZcX^VnVXi^k^YVY]jbVcVh#
:acZda^WZgVa^hbdZhjcXdc_jcidYZ^YZVhneg{Xi^XVhh^cegdnZXidi^Xd/Xdck^ZgiZaVgVociZXcd"ZXdcb^XV
ZcjcdW_Zi^kdZchb^hbd!^beaVciVZagZ^cVYdYZaVZ[^XVX^VnZaXgZX^b^ZcidZXdcb^Xd!hdbZiZaVedai^XV
VaVZXdcdbVnbdYZaVaVhdX^ZYVYVeVgi^gYZaVa\^XVYZbZgXVYd#
6g^obZcY^Vgg^ZiVh^ZbegZhjWgVnaV^bedgiVcX^VYZaVkVg^VWaZZXdcb^XV/aVZmeZg^ZcX^VXddeZgVi^kVYZWV
XdchiViVghjk^VW^a^YVY#:hiVWVZc_jZ\dYZbdhigVgaVbVndgVYZZYVYYZaVXaVhZigVWV_VYdgV!VhXdbdhj
bVYjgZoeVgVZaVjid\dW^ZgcdnaVVjiddg\Vc^oVX^c#AVZ[^X^ZcX^VZXdcb^XVnaVZ[^XVX^VZcaV\Zhi^cZb"
egZhVg^VaXdchi^ijVcYZhV[dhYZX^h^kdh#6g^obZcY^Vgg^ZiVhjeZgjcVXdcXZeX^cYZaXddeZgVi^k^hbd]VhiV
ZcidcXZhbVndg^iVg^V!YZXdcidgcdhi^Xd"bdgVaZhYZbdhigVYdh!eZgdfjZ[aVfjZVWVZchjY^bZch^cZXd"
cb^XV#6h!cdhZcXdcigVbdhVciZjceZchVb^ZcidXddeZgVi^kdbdYZgcd!gVX^dcVa^oVYd!n]ZiZgdYdmdfjZ
gdbeZXdcbjX]dhXdbeaZ_dhYZaXddeZgVi^k^hbdigVY^X^dcVa#
72 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
EVgV6g^obZcY^Vgg^ZiV!XVgZXVYZhZci^YdjcVVXi^k^YVYZXdcb^XVXjnddW_Zi^kdcd[jZgVaVbZ_dgVYZaV
XdcY^X^c]jbVcV#:cZhiVacZV!gZ^k^cY^XjcVgZaVX^ccjZkVnY^hi^ciVZcigZaVi^XVnaVZXdcdbV#:h
^cXdcXZW^WaZXdcXZYZgVaVZXdcdbVZagVc\dYZjcVX^ZcX^VcVijgVaZ^cYZeZcY^ZciZVabVg\ZcYZXaVkZh
i^XVh#AVXdch^YZgVX^cfjZaZbZgZXVZaeg^cX^e^dZXdcb^XdhZa^b^iVWVVjcbZgdXg^iZg^d^chigjbZciVa
YZhi^cVYdVaVXdchZXjX^cYZadhkZgYVYZgdhdW_Zi^kdh]jbVcdh#AVZXdcdbVbVci^ZcZjcVgZaVX^cYZ
YZeZcYZcX^VgZheZXidVaVi^XV!Xdbd^chigjbZcidVahZgk^X^dYZaVegdbdX^c]jbVcV!ncdVaV^ckZghV#
.$*:[iZ[kd_dZ_l_Zkei_dYeckd_ZWZWkd_dZ_l_Zke[dYeckd_ZWZ
AV a\^XV n eg{Xi^XVh ^cY^k^YjVa^hiVh! aV ^cY^k^"
YjVa^oVX^c YZa Xdc[a^Xid hdX^Va! aV egd\gZh^kV
Y^hdajX^c YZ aVh a\^XVh Xdbjc^iVg^Vh n Za YZ"
W^a^iVb^Zcid YZ YZ adh aVodh hdX^VaZh hdc digdh
iVcidhgVh\dhYZedXV#JcbdYZadhdX^VahdhiZ"
c^YdXVh^ZmXajh^kVbZciZZcaVgZhedchVW^a^YVY
^cY^k^YjVa YZ XVYV jcd YZ adh b^ZbWgdh YZ aV
hdX^ZYVY#:cadhjXZh^kd!XVYV^cY^k^YjdYZWZg{
]VXZghZXVg\dYZhb^hbd#:hiV^YZdad\Va^WZ"
gVa gZcdkVYV cdh egdedcZ! edg iVcid! jcV Zm^h"
iZcX^V[jcYVbZciVYVZcZaVjid^ciZgh#
;cfWjW"YedeY_c_[djeZ[bWYkbjkhWfhef_Woiki][dj[i"okd
f[diWc_[djeZ[]hWdfhe\kdZ_ZWZ$
;gZciZVaVXgZX^ZciZegY^YVYZXZgiZoVhnhZ\jg^"
YVYZh!hZg{XVYVb^ZbWgdYZaVhdX^ZYVY!YZhYZ
hjegde^V^cY^k^YjVa^YVY!fj^ZcYZWZg{Vhjb^gaVgZhedchVW^a^YVYYZadhYZhZfj^a^Wg^dhXgZVYdhZcaVdg\Vc^oVX^c
hdX^Va#:hid^bea^XVjW^XVgnVYb^c^higVgZaXdc[a^XidhdX^VaZcZaXVbedYZaVhXjaeVW^a^YVYZheZghdcVaZh#
?jcid Va YZW^a^iVb^Zcid YZ aV Y^bZch^c Xdbjc^iVg^V! adh ^cY^k^Yjdh hZ kZc gZ[dgoVYdh edg YZiZgb^cVYdh
Y^hXjghdhYZVXX^cZ^i^cZgVg^dhW^d\g{[^Xdh\j^VYdhedgadheg^cX^e^dhYZaVXdbeZi^i^k^YVYnZaWZcZ[^X^d
eZghdcVa#AdhkcXjadhXdbjc^iVg^dhnadhbdYZadhYZhdX^VW^a^YVYhda^YVg^VZhi{cWV_dhdheZX]VZcjcbd"
bZcid]^hig^XdZcZafjZhZfj^ZgZ[jcYVbZciVgaVZm^hiZcX^VeZghdcVahdWgZaVWVhZZmXajh^kVYZaVhegd"
e^VhVei^ijYZhnXVeVX^YVYZh^cY^k^YjVaZh#AVgZaVi^kVYZh^ciZ\gVX^cYZaVY^bZch^cXdbjc^iVg^V[VX^a^iVadh
egdXZhdhYZYdb^cVX^cYZadh^cY^k^Yjdh#
Adb^hbdedYZbdhhZVaVggZheZXidVaW^cdb^d^cY^k^Yjd"Xdbjc^YVY#:aeZchVb^ZcidYZcjZhigdVjidghZ^cXa^cV
edgVbea^VgZabVg\ZcYZaVgZhedchVW^a^YVY^cY^k^YjVa!nVfjZaVa^WZgiVYZm^\ZgZhedchVW^a^YVYnaVXdchi^ijX^cYZ
jc^cY^k^YjdgZhedchVWaZnXdcXVeVX^YVYYZYZX^h^c#6ejZhiVedgadh]dbWgZhnbj_ZgZhfjZYZhYZhjVjidcdbV
^cY^k^YjVahZeVcigVch^iVg]VX^VaVXdbjc^YVY#AdhgZhdgiZheg^cX^eVaZheVgVaVXdchZXjX^cYZjcVdg\Vc^oVX^c
hdX^Vab{h_jhiVadXdchi^ijnZcadhbdYdhXdaZXi^kdhYZVXX^cndg\Vc^oVX^c#:aeZchVb^ZcidVg^obZcY^Vcd!WVhVYd
ZcjcVi^XVXdbjc^iVg^V!cdhegdedcZaVXdchigjXX^cYZhjW_Zi^k^YVYZhXdbjc^iVg^VhfjZgZ^k^cY^fjZcjcYZhi^cd
XdaZXi^kdXdbc!YZhYZZagZXdcdX^b^ZcidnediZcX^VX^cYZaVheZXja^Vg^YVYZh^cY^k^YjVaZh#:abZY^deVgVaVXdch"
igjXX^cYZaVk^YVXdaZXi^kVnaVigVch[dgbVX^chdX^VaZhaVVjiddg\Vc^oVX^cYZaVhdX^ZYVYX^k^a#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 73
.$+:[bWi[c_bbWWb\hkje
6g^obZcY^Vgg^ZiV![^ZaVhjdg^\ZcgjgVa!YZY^XWjZcVeVgiZYZhjk^YVVaVh^ZbWgV#HZh^gk^YZaVZYjXVX^c
eVgVZheVgX^geVX^ZciZbZciZaVhZb^aaVYZjceZchVb^ZcidYZhi^cVYdVaVVXX^c!nVYZb{hYZZaad!h^\j^YZ
XZgXVZaYZhVggdaadeg{Xi^XdYZVfjZaaVh^ZbWgV#
6eg^bZgVk^hiV!ejZYZfjZVaaZXidgaZfjZYZaVhZchVX^cYZfjZaVigVnZXidg^VYZaVhXddeZgVi^kVhhZZcXjZcigV
aZ_dhYZaegdnZXidYZigVch[dgbVX^cYZ6g^obZcY^Vgg^ZiV#H^cYjYV!h^ZbegZgZhjaiVb{hY^[X^aYZhVggdaaVgZm"
eZg^ZcX^VhgZVaZhfjZ[dgbjaVg^YZVh#EZgdZciZcYZbdhfjZZagjbWdYZaVZmeZg^ZcX^VYZBdcYgV\dc]VYVYdn
h^\jZYVcYdaZXX^dcZhhjbVbZciZ^ciZgZhVciZh#:cidYdXVhd!Va]^adYZadfjZegZhZciVbdhVadaVg\dYZZhiVh
e{\^cVh!hj\Zg^bdhVa\jcVhXjZhi^dcZheVgVjcYZWViZ^cXdcXajhd/
O :hedh^WaZfjZcdhZcXdcigZbdhVciZjcYZW^a^iVb^ZcidYZahZci^YdnaVXdcXZeX^c]dahi^XVYZaegdnZXid
YZigVch[dgbVX^cfjZZhiVWVZcZadg^\ZcYZaVZmeZg^ZcX^VXddeZgVi^kV#´HZedYgVeZchVgfjZadfjZZc
jceg^cX^e^dhZXdcX^W^XdbdZaeg^cX^eVa^chigjbZcidZaVheZXidZXdcb^Xd!aV[gbjaVZbegZhVg^VahZ]V
XdckZgi^YdZcjc[^cZchb^hbd4:m^hiZcYVidhfjZVkVaVcX^ZgidYZha^oVb^Zcid]VX^VdW_Zi^kdhZmXajh^kdh
YZXgZX^b^ZcidnZ[^XVX^VZXdcb^XV#NYZX^bdhYZha^oVb^Zcid!cdedgfjZZaVheZXidZXdcb^XdYZ_ZYZhZg
cZXZhVg^d!h^cdedgfjZhjXZcigVa^YVYfj^o{cd]VnVeZgb^i^YdediZcX^VgdigVh[VXZiVhiVbW^cegde^VhYZa
egdnZXidYZigVch[dgbVX^c#EdYgVbdhX^iVg!VbdYdYZZ_Zbead!aVXjZhi^cZYjXVi^kV!nVfjZh^W^ZcZh
X^ZgidfjZhZ]VgZVa^oVYdjcZh[jZgodb{hfjZcdiVWaZZcZaYZhVggdaadYZadhVheZXidhZYjXVi^kdhn!Zc
ZheZX^Va!aV[dgbVX^ciXc^XV!]Vh^Ydcdidg^VaV[VaiVYZjcVdg^ZciVX^cZYjXVi^kVXaVgVVaV]dgVYZVWdgYVg
hjhY^bZch^dcZhhdX^VaZh!i^XVhnXddeZgVi^kVh#
O JcV YZ aVh gVodcZh YZ ZhiV ZkdajX^c gZh^YZ Zc aV ^c[gVkVadgVX^c YZ Va\jcVh [jcX^dcZh# AVh cjZkVh
ZmeZg^ZcX^VhhdX^VaZhcZXZh^iVcXjbea^gXdcVa\jcVh[jcX^dcZhdg\Vc^oVX^c!ZmeVch^c!\Zhi^c!###fjZZc
ZaXVhdYZaVhXddeZgVi^kVhYZBdcYgV\dchZ]VcaaZkVYdVXVWdYZ[dgbVhVi^h[VXidg^V#EZgdiVbW^chZ]VXZ
cZXZhVg^dZaXjbea^b^ZcidYZdigVh[jcX^dcZh!XdbdaVXgZVX^cnVXijVa^oVX^cYZaVh^YZVh^bejahd!VhXdbd
hjY^[jh^ceZYV\\^XVdZYjXVX^cWVhVYVZcadhhZci^Ydhegde^dhh^ZbWgVngZk^iVa^oVX^c#:cadhai^bdh
VdhZhiViZcYZcX^VhZk^ZcZXdcigVggZhiVcYdXdcZa^c^X^dYZjcegdXZhdYZ[dgbVX^cXddeZgVi^kV^YZda\^XV
nhdX^Vadg^ZciVYVVadhg\VcdhhdX^VaZhnYZ\dW^ZgcdYZaVhXddeZgVi^kVhVkVaVYVedgBdcYgV\dc#
O >\jVafjZdigVhgZVa^YVYZhhdX^VaZhXdbeaZ_Vh!aVZmeZg^ZcX^VYZBdcYgV\dchZbjZkZZcZaiZggZcdYZaV
eVgVYd_V#EdgjcVeVgiZ!ejZYZZhiVgVXijVcYdXdbdV\ZciZegdejahdgYZaYdb^c^dVXijVaYZaVgVX^dcVa^YVY
ZXdcb^XV! n egdYjX^g Vh Za b^hbd bdYZad ]jbVcd dXX^YZciVa egdYjXi^k^hiV n Xdchjb^hiV aZ_dh YZ aVh
gZ[aZm^dcZhXgi^XVhna^WZgVYdgVhfjZX^gXjaVc]dnedgZabjcYd#EdgdigVeVgiZ!VjcfjZjW^XVYdZcZaegde^d
hZcdYZZhiVZXdcdbVXdbeZi^i^kV!aVZmeZg^ZcX^Vd[gZXZgVh\dhZheZX^VaZhfjZeVgVbjX]dhhdceVgiZYZaVh
XaVkZhYZa[jijgd#:aYZhVggdaadYZjcbdYZadegde^d!XdbeaZ_dnZ[ZXi^kdgZfj^ZgZjcZh[jZgodb{hfjZcdiVWaZ!
nZcZhZXVb^cdZm^hiZcbjX]dhZc^\bVhVYZhXjWg^gnZc[gZciVg#=dnZcYVcdZm^hiZjcVVaiZgcVi^kV\adWVa
Vah^hiZbVk^\ZciZ!nfj^o{egZX^hVbZciZedgZaad!aVhZmeZg^ZcX^VhfjZZchVnVcVa\dY^hi^cid!XdbdaVegde^V
ZmeZg^ZcX^VYZBdcYgV\dc!hdcadhhZb^aaZgdheVgVedh^WaZhgZhejZhiVhYZ[jijgd#
74 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
8^ZgiVbZciZ!cdhVWZbdhfjYZeVgVg{Za[jijgd!eZgdfj^h^gVbdhXdcXaj^gXdcaVb^gVYVejZhiVZcZhZ
edgkZc^g#´FjaZhd[gZXZ6g^obZcY^Vgg^ZiVVaVh\ZcZgVX^dcZhYZah^\adMM>4HZcdhdXjggZcigZhhj\ZgZcX^Vh
eVgVidYdhVfjZaadhfjZ!VigVkhYZZmeZg^ZcX^VhXdaZXi^kVh!WjhXVccjZkdhgjbWdh/
O EdgjcaVYd!jceZchVb^Zcidha^Yd![aZm^WaZnZ[ZXi^kdhdWgZaVVjid^chi^ijX^cYZaVhdX^ZYVY#
O Edgdigd!jcgVX^bdYZVXi^ijYZh^ciZgZhVciZh!nZcigZZaaVhjcVfjZhZ]VXdckZgi^YdZcjcW^ZcZhXVhd/
aV ZcZg\V XgZVi^kV! Za k^\dg cZXZhVg^d eVgV eZchVg n VXijVg YZhYZ digVh a\^XVh h^c hjXjbW^g VciZ aV
[jZgoV[{Xi^XVYZadgZVa#
O Edgai^bd!aVXVeVX^YVYeVgVedcZgZceg{Xi^XVaVh^YZVh!aVeaVhbVX^cXdcXgZiVYZjcVZmeZg^ZcX^Vb{h
dbZcdhVXZgiVYV0ZaiZhi^bdc^dYZjcVeZghdcVnjcXdaZXi^kdfjZ]VceVgi^X^eVYdZcaVigVch[dgbVX^cYZaV
hdX^ZYVY]VX^ZcYdXdc[aj^geZchVb^ZcidnegVm^h#
I?CFB;P7O9ECFB;@?:7::;KDF;DI7C?;DJE
AVh^YZVh[jcYVbZciVaZhYZ6g^obZcY^Vgg^ZiVhdch^beaZh#EdYgVbdhgZhjb^gaVh!edgZ_Zbead!YZZhiZ
bdYd/aV[^adhd[VXddeZgVi^kVZhjcV[^adhd[VYZaVXdbjc^YVY#HadZcXdbjc^YVYZm^hi^bdhaVheZghd"
cVh0cdh]VXZbdheZghdcVhZcjcVXdbjc^YVYXdcXgZiV!cdk^k^bdhc^VXijVbdhXdbdeZghdcVhh^cd
ZcXdbjc^YVY#Adb^hbd/jcV[{Wg^XVZhjcVXdbjc^YVYYZigVWV_d!h^ijVYVZcjcVXdbjc^YVYhdX^Va!
Xdchj]^hidg^V!XjaijgV!igVY^X^dcZh!egdWaZbVh#:a^YZVaYZaXddeZgVi^k^hbdZhaVigVch[dgbVX^cYZaV
Xdbjc^YVYYZigVWV_dZbegZhV!eVgVaVigVch[dgbVX^cYZaVXdbjc^YVYhdX^VaZcaVfjZZhi{jW^XVYV
bjc^X^e^d!gZ\^cn!ZcYZ[^c^i^kV!aVXdchigjXX^cYZjcVhdX^ZYVYcjZkV#
:aeZchVb^ZcidYZ6g^obZcY^Vgg^ZiV!XdbdkZbdh!ZhXdbjc^iVg^hiV#8dcZaadcdhZYZWZZciZcYZgfjZ
ZaXdcXZeidYZXdbjc^YVYZhZa[jcYVbZciVa!nadhdigdheZghdcV!igVWV_dhjheaVcZiVhZggVciZh#=Vn
fjZiZcZgXj^YVYdVaV]dgVYZh^hiZbVi^oVgjceZchVb^ZcidXdbdZaYZ6g^obZcY^Vgg^ZiV#9dc?dh
BVgV cd iZcV jc ZhfjZbV egZ[VWg^XVYd YZ ^YZVh! cd eZchVWV Zc ZhfjZbVh ZhXda{hi^Xdh# Cd iZcV!
Y^\Vbdh!jch^hiZbV[^_d#6aXdcigVg^d!hjeZchVb^ZcidZgVbk^a!n]VZmejZhidhjh^YZVhW{h^XVhZc
[dgbjaVX^dcZh h^ZbegZ kVg^VWaZh# EdYgVbdh ^\jVabZciZ Xdch^YZgVg Xdbd Z_Z [jcYVbZciVa hj Xdc"
XZeidYZigVWV_d/ZaigVWV_d]VXdckZgi^YdVaVc^bVaZceZghdcV!]VXgZVYdVa]dbWgZ#:cZaigVWV_dhZ
Xdck^ZgiZcajZ\daVheZghdcVhZcXdbjc^YVYedgfjZh^ZbegZhZigVWV_VZcXdbjc^YVY!ZcXddeZgV"
X^c!VjcfjZcdh^ZbegZhZdg\Vc^XZXddeZgVi^kVbZciZZaigVWV_d#6h!ejZh!ZaXdcXZeidYZigVWV_d
VXVWV^cXajnZcYdadhYZeZghdcVnXdbjc^YVY#;^cVabZciZ!ZaXdcXZeidYZeZghdcVYZ6g^obZcY^Vgg^ZiV
edYgVVhe^gVgXdccdbZcdhYZgZX]dVaiijadYZe^ZYgVVc\jaVgYZhjeZchVb^Zcid#EVgVYZX^gadXdc
jcV[gVhZhjnV/Æ:cYZ[^c^i^kV!idYdhadhegdWaZbVhnidYVhaVhXjZhi^dcZheaVciZVYVhZcZabjcYdhZ
ejZYZc gZYjX^g Va ]dbWgZÇ# 9Z ]ZX]d! 6g^obZcY^Vgg^ZiV Zh VciZ idYd jc eZghdcVa^hiV Zc Za hZci^Yd
[^adh[^XdYZZhiZigb^cd!cdZcZaYZVa\jcdhY^XX^dcVg^dh#:^cXajhdZcaV]^hidg^VYZhjZkdajX^c
eZghdcVa!]Vh^YdVciZheZghdcVa^hiVfjZXddeZgVi^k^hiV#6a[^cVa!igVWV_d!XddeZgVX^c!Xdbjc^YVY!idYd
hZZci^ZcYZVahZgk^X^dYZaVY^\c^YVYYZaVeZghdcV!ai^bd[jcYVbZcidn[^cYZidYdfjZ]VXZg]jbVcd#
ÆCdVhe^gVbdhVaYZhVggdaadZXdcb^XdXdbd[^c!h^cdXdbdbZY^dÇ!Y^g{6g^obZcY^Vgg^ZiV#
:h[{X^abVaZciZcYZgV6g^obZcY^Vgg^ZiV#6eg^bZgVk^hiVZhiZi^edYZY^hXjghdhZcdh]VXZXdcdX^Ydn
[Vb^a^Vg/aVeZghdcV!ZahZgk^X^dVaVXdbjc^YVY!ZiX#HjbZchV_ZcdheVgZXZk^Z_d#Hjh^YZVh!cdbjn
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 75
W^ZcZciZcY^YVhZchji^Zbed!XdcadhVdhXdggZcZaeZa^\gdYZhZggZYjX^YVhÅfj^o{^cXajhdZcigZhjh
hZ\j^YdgZhÅVjcVhZg^ZYZXdch^YZgVX^dcZheVh\ZcZgVaZh#>YZVh^cd[Zch^kVh!VXZeiVWaZheVgVidYdh!
hZVcYZYZgZX]VhdYZ^ofj^ZgYVh0fjZcdbdaZhiVcÄc^Zcijh^VhbVcÅVcVY^Z#JcVea{i^XVVWhigVXiV
YZiVaVciZ]jbVc^hiVnYZbdXg^hi^Vcd!ZcZahZci^YdVWjgg^YdYZaigb^cd#
9^\Vbdh! ejZh! eVgV ZbeZoVg! fjZ 6g^obZcY^Vgg^ZiV Åhj eZchVb^ZcidÅ cd hZ h^iV Zc ZhZ XZcigd
YdgVYd!Z#Y#!YZhXdadg^YdVafjZV]dgVidYVaV\ZciZ]dcdgVWaZeVgZXZVhe^gVg!^cXaj^YdhadhfjZidYVkV
gZX^ZciZbZciZ ZgVc [d\dhdh b^a^iVciZh YZ ^ofj^ZgYVh d YZ YZgZX]Vh# 6g^obZcY^Vgg^ZiV cd ]V h^Yd YZ
c^c\cbdYdZabdYZgVYdngVodcVWaZfjZfj^o{Xdck^ZcZVVa\jcdh#=Vh^YdnZhjcgVY^XVaiVcidZc
hjhXdcXZeidhXdbdZchjheaVciZVb^Zcidh#HZc^Z\VVZcigVgZcZa_jZ\dYZ^ofj^ZgYVhnYZgZX]Vh0
eZgdhZc^Z\ViVcidb{hZcg\^XVbZciZVh^ijVghZZcZaXZcigd#:hjchdX^Va^hiVgVY^XVa#FjZiVakZocd
h^beVi^XZbdhXdcZaEHD:cdYZWZhZgbdi^kdeVgVdXjaiVgZhiV[VXZiV#IVbedXdYZWZgZbdhdXjaiVg
fjZhj^YZVYZhdX^Va^hbdZhW^ZcY^hi^ciVYZaEHD:dE8:/hjeaVciZVb^ZcidYZaVajX]VYZXaVhZh!hj
kVadgVX^cYZa:hiVYd!cVYVi^ZcZfjZkZgXdcVfjZaadh#6g^obZcY^Vgg^ZiVYZhXdc[VYZa:hiVYd!Xdc[V
nXgZZZcaVXdbjc^YVY#EZgdhjYZhXdc[^VcoVZcZa:hiVYdcdadXdck^ZgiZZcjca^WZgVa#:hiVbW^cjc
Xgi^XdgVY^XVanXdchiVciZYZaa^WZgVa^hbd#AdfjZiVbedXdfj^ZgZYZX^gfjZeZgh^\VY^gZXiVbZciZaV
YZhigjXX^cYZaXVe^iVa^hbd!h^cdhjhjeZgVX^cZ[ZXi^kV#EdgiVcid!aVÆkVXddeZgVi^kVÇegdejZhiVedg
6g^obZcY^Vgg^ZiVcdZhhadjcYZiZgb^cVYdXdcXZeidÅYZbdXg{i^Xd"[gViZgcVaÅYZaVZbegZhV!h^cd
jcVXdcXZeX^c\adWVagZkdajX^dcVg^VYZaVhdX^ZYVYVXijVanYZhjhjeZgVX^c]^hig^XV!ZcbVgX]V
]VX^VjcVhdX^ZYVYh^cXaVhZh#:hidhhdcZaZbZcidhhjhiVcX^VaZhYZaeZchVb^ZcidYZ9dc?dhBVgV!
fjZcdZhaX^idhdhaVnVghadedgfjZ]dncdZhi{cYZbdYV!nZcVa\jcdhhZXidgZhejZYZcgZhjaiVg^c"
XbdYdhd^cXajhdZmeadh^kdh#:aeZchVb^ZcidYZ6g^obZcY^Vgg^ZiVZhZafjZZh!cdZafjZiVakZocdh
\jhiVgVfjZ[jZhZ#6ZhiZc^kZahjeZchVb^ZcidZhh^beaZnXaVgd#
AVXdbeaZ_^YVYYZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiV!fjZ]VXZY^[X^aZaigVidXdca!ZhfjZhZkVYZha^"
oVcYdZcigZZaZbZcidhXdcigVg^dh!XdbdVjidXdgg^\^cYdhZXdchiVciZbZciZ/^YZVa^hiV!eZgdVci^jie^Xd!
gZkdajX^dcVg^d!eZgdeVhdVeVhd0Vci^XVe^iVa^hiV!eZgdY^hejZhidVVegZcYZgYZaXVe^iVa^hbdnVXdck^k^g
Xdca0XdcigVg^dVaVk^daZcX^V!eZgd[VkdgVWaZVaVajX]V^cXZhVciZ0edgaVa^WZgiVY!eZgdXdcb{m^bV
Y^hX^ea^cV#:hadfjZXVgVXiZg^oVZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiV!fjZfjZYVVh[jZgVYZidYVÆZh"
XjZaVÇ!a^WZgVadhdX^Va^hiV#Hj[dgbVZhaVYZcZ\VghZViZcZgjcV[dgbV[^_V#Adhb^hbdheg^cX^e^dh
\ZcZgVaZhXVbW^VcYZkVadgh^hdcgZeZchVYdh!edgZ_Zbead!Zck^hiVhVaV[jcYVX^cYZjcVZbegZhV!
dYZjcVZhXjZaV!dYZjcVZci^YVY[^cVcX^ZgV!dYZjcVXddeZgVi^kVYZbj_ZgZh!ZiX#:hiZeZchVb^Zcid
cjcXVVaXVcoVjcZhiVY^dYZ[^c^i^kd!edgfjZVa\jcdYZhjhZaZbZcidhkVXVbW^VcYdXdchiVciZbZciZYZ
aj\VgÅYZhZci^YdÅ!hZ\cZaXdciZmid0hadZheZchVWaZZcbdk^b^Zcid!Z#Y#!hadZm^hiZXjVcYdZh
gZeZchVYdVXVYVbdbZcid#HjZaZYZX^ghZfjZZcZahZcdYZabVgm^hbdhZbjZkZcY^VaXi^XVbZciZ
jcVXdgg^ZciZXVa^ZciZnjcVXdgg^ZciZ[gV#:aeZchVb^ZcidYZ6g^obZcY^Vgg^ZiVX^ZgiVbZciZXdbW^cVZa
XVadgnZa[gd!nk^kZYZaVdedh^X^c^ciZgcVYZhjhZaZbZcidh#
9ED9?;D9?7:;KD79H?I?I=;D;H7B
H^cZbWVg\d!bZeVgZXZfjZZccjZhigdhYVhaVbVndgY^[^XjaiVYeVgVXVeiVgZa\Zcj^cdhZci^YdYZa
eZchVb^ZcidYZ6g^obZcY^Vgg^ZiVgVY^XVZcZaejcidYZeVgi^YV!ZcadhegZhjejZhidhb^hbdhYZhYZ
adhfjZeZchVbdhaVgZVa^YVY#´Fj^c]VWaV]dnYZXg^h^hYZaVX^k^a^oVX^cdXX^YZciVa!dfjh^\c^[^XVYd
76 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
ejZYZiZcZg]dnZhiVVeVaVWgVeVgVadh_kZcZh47Vgg^YVaVXdbeZiZcX^VYZaXdbjc^hbd!\dW^Zgcdh!
egZchVnIKhZZh[jZgoVcidYdhadhYVhZc^c[jcY^gcdhaVhZchVX^cYZk^k^gZcZabZ_dgYZadhbjcYdh
edh^WaZh#EdgZaXdcigVg^d!ZaejcidYZeVgi^YVYZ6g^obZcY^Vgg^ZiVZgVaVXdcX^ZcX^VYZk^k^gZcaV]^h"
idg^VjcbdbZcidfjZYZWVhZghjeZgVYd#BdbZcidYZXg^h^h\ZcZgVa#K^k^bdhZcjcbjcYdfjZZh
egZX^hdYVgedgbjZgid!eVgVXdchigj^gdigd#
:cZaBdcYgV\dcYZaVedh\jZggV!YdcYZÅZceVaVWgVhYZ6g^obZcY^Vgg^ZiVÅÆaVhajX]Vh[gVi^X^YVh!
adhdY^dhnaVhkZc\VcoVh]VcVW^ZgidYjgVciZbjX]dhVdhjcVh]Zg^YVhbjnegd[jcYVhfjZZhegZ"
X^hdXjgVgÇ!aV^YZVYZfjZZhegZX^hddak^YVgaVhk^Z_Vhedh^X^dcZhÅa^WZgVaZh!bVgm^hiVhÅnZbeZoVg
VaZkVciVgjcdgYZccjZkdhdWgZWVhZhcjZkVhhZg{jcV]dcYVXdck^XX^cZca#EVgVZaad!ZgVegZX^hd
hVWZggZcjcX^VgVaVhegde^Vh[gbjaVhnhVWZgY^Vad\Vg!eVgVZcigZidYdh!aZkVciVgjcdgYZccjZkd#
:hiVZmeZg^ZcX^VhZg{YZX^h^kV#:aaVbjZhigViVbW^cedgfj6g^obZcY^Vgg^ZiVcd]VigViVYdcjcXVYZ
YZhVggdaaVgjcVcjZkViZdgVdg^\^cVa![gZciZVdigVhn]VWgVgZhjaiVYdjcVb{h!h^cdjceZchVb^Zcid
\adWVaÅh^hZfj^ZgZ!jch^cXgZi^hbdÅfjZVXd_VVedgiVX^dcZhYZidYdhadhWVcYdh0eZgdgdbe^ZcYdXdc
Zaadh!Z#Y#!XdcZaeVhVYd!V[VkdgYZcjZkVhkVh#
EZgdZhiVedhijgVhjnVZcBdcYgV\dcgZheZXidVaeVhVYd!cdZmea^XVhjeZchVb^Zcid!h^cdfjZZaaV
b^hbVgZfj^ZgZjcVZmea^XVX^c#:caV:jgdeVZcidgcdVaVhYdh\jZggVhbjcY^VaZh!6g^obZcY^Vgg^Z"
iVeZgiZcZXZÅXdchjhbVZhigdhÅVjc\gjedYZeZchVYdgZheVgVfj^ZcZhaVXg^h^hYZaVbdYZgc^"
YVYZhjcVZk^YZcX^V#EVgVZhiV\ZcZgVX^caVXdcX^ZcX^VYZaVXg^h^hcd]Vh^YdiVcidZagZhjaiVYdYZ
jcVgZ[aZm^c^ciZaZXijVa!XdbdjcVZmeZg^ZcX^VeZghdcVaig{\^XV!XjnVb{m^bVZmegZh^c]Vch^YdaVh
\jZggVhfjZ]VcaaZcVYdaVeg^bZgVb^iVYYZah^\adMM#<jZggVhX^k^aZh!\jZggVhbjcY^VaZhn\jZggVh
gZkdajX^dcVg^VhfjZhZ]VcZmiZcY^YdedgidYdZabjcYd#6ah^\adYZaa^WZgVa^hbd]VhZ\j^YdZah^\adYZ
aVk^daZcX^V!ZhXg^WZ6g^obZcY^Vgg^ZiVnaV[gVhZedYgVhZgYZ@VgaEdaVcn^#9ZWV_dYZZhiVk^daZcX^V
6g^obZcY^Vgg^ZiVVYk^ZgiZaVXg^h^hYZaVgVoca^WZgVaVidYdhadc^kZaZh/Xg^h^hYZVjidg^YVY!YZXdck^"
kZcX^V!YZ[Z!YZaVh^YZVhb^hbVh#AVgVochZY^hjZakZ#AVbjai^ijYYZ^YZdad\VhnYdXig^cVhhdX^VaZh!
dejZhiVh[ZgdobZciZbjX]VhkZXZh!Y^h\gZ\VaVhdX^ZYVY!fjZhZZcXjZcigVh^cdigdhbZY^dheVgVaV
gZhdajX^cYZXdc[a^XidhfjZaV[jZgoV#6g^obZcY^Vgg^ZiV]VXZhjnVaV^YZVYZ7VabZhYZadheZgdYdh
]^hig^XdhYZYZa^g^d!ZcjcdYZadhXjVaZhXgZZZcXdcigVghZ#:cZhidheZgdYdhZaZ\dhbdnZa[jgdg
X^Z\VcZaZciZcY^b^ZcidnYZhcVijgVa^oVcadhXdgVodcZhYZiVabdYdfjZhZXdbZiZcadhb{h]dggZcYdh
XgbZcZhZccdbWgZYZadhb{hVj\jhidhbdi^kdhh^cc^c\cZhXgejad#Æ=dnÅZhXg^WVZa_dkZc6g^o"
bZcY^Vgg^ZiVÅ!YZhejhYZiVciVhigVch[dgbVX^dcZhnZkdajX^dcZh!]ZbdhkZc^YdVeVgVgVjcZhiVYd
YZXdhVhZcZafjZcdhZk^hajbWgVc^c\jcVhdajX^c]jbVcVÇ#
AV:jgdeVYZedh\jZggVhZZcXdcigVWVY^k^Y^YVZcXdbjc^hiVhna^WZgVaZh!jcdhndigdh^cXVeVXZhYZ
]VaaVgjcVhdajX^cVaVXjZhi^chdX^Va#6g^obZcY^Vgg^ZiVYZ[^cVhjedhijgVZcdedh^X^cVVbWdhgZ"
e^iVbdh/cdXdbdZabZY^d!h^cdXdbdaVhjeZgVX^cYZVbWdh#=dnaVhXgi^XVhYZ6g^obZcY^Vgg^ZiV
VaXdbjc^hbdeVgZXZg{cVXjVafj^ZgVbjnXdbegZch^WaZhÄiVbW^cVfj^ZcZhZchjYVaZiVX]Vgdc
YZgZVXX^dcVg^dedgaVhb^hbVhXgi^XVh#EdgZaXdcigVg^d!YZhejhYZaVXVYVYZabjgdn!Xdca!YZa
hdX^Va^hbdgZVa!Zaa^WZgVa^hbdhZ^bedcZig^jc[VciZXdbdZac^Xdh^hiZbVWjZcdnkZgYVYZgd!^cY^h"
Xji^WaZ#Fj^ZcadVXZeiZVh!cdedYg{XdbegZcYZgcVYVYZcVYVYZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiV!
fjZcjcXV[jZbZcdhXgi^XdXdcZaa^WZgVa^hbdfjZXdcZaXdbjc^hbd#EVgV6g^obZcY^Vgg^ZiVÅXjnd
eZchVb^ZcidZh!XdbdhZ]VY^X]d!YZdg^\ZceZghdcVa^hiVÅZaa^WZgVa^hbdcdZhjch^hiZbVVaVbZY^"
YVYZa]dbWgZ#:aa^WZgVa^hbd^\cdgVdabe^XVbZciZVaVeZghdcV#:aa^WZgVa^hbdZhjcbdchigjd#
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 77
CdZhXdhVYZZmiZcYZgcdhgZe^i^ZcYdaVhXgi^XVhYZ6g^obZcY^Vgg^ZiV!XjnVcYdaZ!edgdigVeVgiZ!]V^Yd
ZkdajX^dcVcYdXdcZai^Zbed#:hedh^WaZfjZVfjZaaVhXgi^XVhcdhjZcZcbjnVXijVaZheVgVVa\jcdh!Va
bZcdhZcadhigb^cdhZcfjZ]Vch^Yd[dgbjaVYdhedga#:h^\jVa#AdZhZcX^VaZhXdbegZcYZgfjZaV
Xgi^XVYZaa^WZgVa^hbdXdchi^ijnZjcVegZb^hV^cZajY^WaZeVgVXdbegZcYZgZahZci^YdYZaVÆZkdajX^cXd"
eZgc^XVcVÇegdejZhiVedgVfjZa0gZkdajX^cfjZXdch^hiZZcfjZaVZXdcdbV!YZhZgYdb^cVYdgVi^g{c^XV
YZa]dbWgZ!eVhZVhZghjhZgk^YdgV#Fj^ZcVhadegZ[^ZgV!edYgVaZZg!edgZ_Zbead!@VgaEdaVcn^&..,!,A
GRAN TRANSFORMACIØN##RÓTICA DEL LIBERALISMO ECONØMICO!:Y^X^dcZhYZAVE^fjZiV#AVXgi^XVYZaa^WZgVa^hbdYZ
ZhiZVcigdead\d_jYd!]^_dYZeVYgZh]c\Vgdh!cVX^YdÆZcaVegdY^\^dhVK^ZcVYZ[^cYZh^\adÇ!bVc^[^ZhiV
VhdbWgdhVhXd^cX^YZcX^VhXdcadhejcidhYZk^hiVYZ6g^obZcY^Vgg^ZiV#AViZh^hYZEdaVcn^![j\^i^kdYZadh
cVo^hnegd[ZhdgZcaVhJc^kZgh^YVYZhYZDm[dgYnAdcYgZh!ZhfjZÆaV^YZVYZjcbZgXVYdfjZhZgZ\jaVV
hb^hbdZgVjcV^YZVejgVbZciZjie^XV#JcV^chi^ijX^cXdbdhiVcdedYVZm^hi^gYZ[dgbVYjgVYZgV
h^cVc^fj^aVgaVhjhiVcX^V]jbVcVnaVcVijgVaZoVYZaVhdX^ZYVY!h^cYZhigj^gVa]dbWgZnh^cigVch[dgbVg
hjZXdh^hiZbVZcjcYZh^ZgidÇ#EdaVcn^VX]VXVVaa^WZgVa^hbdYdhY^hidgh^dcZh[jcYVbZciVaZh/aVeg^bZgV!
hdbZiZgaVZXdcdbVVabZgXVYd0aVhZ\jcYV!hdbZiZgaVhdX^VW^a^YVYZcXdc_jcidVaVZXdcdbV#EdgaV
eg^bZgV!aVheZghdcVhcdhZcXdcigVbdhbjijVbZciZZcigZadhY^hi^cidhdW_ZidhYZXdbegV"kZciV0edgaV
hZ\jcYV!idYVhaVhgZaVX^dcZh]jbVcVh[Vb^a^V!Vb^hiVY!ZiX#hZb^YZcnkVadgVcVaVajoYZaVgZaVX^c
W{h^XVYZaÆXdcigVidÇ!fjZYVcYdYZhcVijgVa^oVYVh#EdaVcn^]VWaVZcigb^cdhYZVcigdedad\VZXdcb^XV#
EZgdcdZhY^[X^aZcaVoVghjhXgi^XVhXdcaVhegZdXjeVX^dcZheZghdcVa^hiVhYZ6g^obZcY^Vgg^ZiV#:cidYd
XVhd!Zcjcdhigb^cdhdZcdigdh!eVgVXdbegZcYZgZaeZchVb^ZcidXddeZgVi^kdYZ6g^obZcY^Vgg^ZiV!]Vn
fjZhjedcZgh^ZbegZaVXgi^XVYZaa^WZgVa^hbdXdbdgVoneg^cX^e^dYZab^hbd#
;DKDF;GK;yEF7ßI;D9H?I?I
:caVa^iZgVijgVkVhXVYZaVeg^bZgVb^iVYYZah^\adMMImdb^c6\^ggZ!Dg^mZhZZcXjZcigVWVhiVciZaV
Xgi^XVVaa^WZgVa^hbdnVa^cYjhig^Va^hbdYZfjZ]VcYZhigj^Ydh^ce^ZYVYaV:jh`Va=Zgg^VigVY^X^dcVa#
AdhÆegd\gZhÇYZZcigZcdhdigdhhdaVcZcidcXZhWjgaVghZYZZhiVhXgi^XVh#6]dgVdigdhb{hegd\gZh
aVhgZidbVch^cXdbeaZ_dh!VjcfjZad]V\Vcb^gVcYdZceg^bZgaj\VgVaIZgXZgBjcYd!nhadajZ\dV
aVhdX^ZYVYZjgdeZV!Vea^X{cYdhZZaZheZ_dVaegde^deVhVYd#AdhVc{a^h^hZXdcb^Xd"Vcigdeda\^XdhYZ
@#EdaVcn^cdhbjZhigVcZaeg^cX^e^dYZaVa^WZgiVYYZXdcigVidXdbdZfj^kVaZciZYZÆaVYZYZhigjXX^cÇ
YZaVhdX^ZYVYigVY^X^dcVa#ÆHZeVgVgZaigVWV_dYZaVhdigVhVXi^k^YVYZhYZaVk^YVnhdbZiZgadVaVhaZnZh
YZabZgXVYdZfj^kVaYgVVVc^fj^aVgidYVhaVh[dgbVhdg\{c^XVhYZaVZm^hiZcX^VnVgZZbeaVoVgaVhedgjc
i^edYZdg\Vc^oVX^cY^[ZgZciZ!Vidb^oVYVZ^cY^k^YjVa½#Ä:hXdbdh^ZcjcbdbZcidYVYdhZYZX^Y^ZhZ
ZcaVeg{Xi^XVfjZaVhdg\Vc^oVX^dcZhcdXdcigVXijVaZh[jcYVYVhZcZaeVgZciZhXd!aVkZX^cYVY!Zad[^X^dd
aVhXgZZcX^Vh!YZWVchZga^fj^YVYVh!ejZhidfjZZm^\VcaVhjb^h^cYZa^cY^k^Yjdna^b^iVWVcedgiVcidhj
a^WZgiVYPXdbdZaZbZcidYZbZgXVYdRÇ#:hidhZejZYZdWhZgkVgbjnXaVgVbZciZZcZaIZgXZgBjcYd#AV
^chi^ijX^dcVa^oVX^cYZabZgXVYdZm^\ZegZk^VbZciZÆYZhigj^ghjh^chi^ijX^dcZhigVY^X^dcVaZhZ^beZY^gaZh
fjZhZgZdg\Vc^XZc!ejZhidfjZ!ZcjcVhdX^ZYVYeg^b^i^kV!Za^cY^k^Yjd\ZcZgVabZciZcdhZh^ZciZVbZ"
cVoVYdYZbdg^gYZ]VbWgZVbZcdhfjZaVhdX^ZYVYZchjXdc_jcidhZZcXjZcigZZcZhVig^hiZh^ijVX^cÇ#
:cZah^hiZbVhdX^VaYZadhXV[gZhZh^bedh^WaZaVb^hZg^VYZVa\jcd0c^c\c`lV`^jiaejZYZXdggZgZa
g^Zh\dYZeVYZXZg]VbWgZ0nadb^hbddXjggVZcXjVafj^ZghdX^ZYVYZjgdeZV]VhiVXdb^ZcodhYZah#MK>#
EZgdZabZgXVYdcZXZh^iVeg^bZgdVggVcXVgVadh^cY^k^YjdhYZaVh^chi^ijX^dcZhhdX^VaZhfjZadhegdiZ\Zc!
Z#Y#!ÆaVYZbda^X^cYZaVhZhigjXijgVhhdX^VaZheVgVdWiZcZgbVcdYZdWgVÇ#:aa^WZgVa^hbd!adfjZZhi{
]VX^ZcYdV]dgVVaVk^hiVYZidYdhZcZaIZgXZgBjcYd!ad]V]ZX]dZc:jgdeVZcadhh^\adhMK>>>nM>M#
78 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:c:jh`Va=Zgg^V!YZhYZaVYZhigjXX^cYZaVh^chi^ijX^dcZhigVY^X^dcVaZhV[^cZhYZah#M>M!fjZaaVbV"
bdh aV VWda^X^c YZ adh ;jZgdhÅ n fjZ [jZ jcV VWda^X^c k^daZciV Zc idYdh adh hZci^YdhÅ! aaZkVbdh
YZbVh^VYdi^ZbedWjhXVcYdncdVXVWVcYdYZZcXdcigVgjcV^chi^ijX^dcVa^oVX^cVYZXjVYV#:aXVbed
edai^XdkVhXdhZY^k^YZZcidcXZhZcYdh\gVcYZhXdgg^ZciZhdeVgi^YdhZc[gZciVYdh!ZacVX^dcVa^hiVnZa
hdX^Va^hiV#6g^obZcY^Vgg^ZiV!fjZ]Vh^Yd\jYVg^nhZg{hdX^Va^hiV!fj^ZgZdak^YVgZhZk^Z_deVhVYdYZaj"
X]VheVgi^Y^hiVh#AViVgZVfjZhZ^bedcZVidYdhZhgZ]VXZgZaeVh!n]VXZgYZ:jh`VY^jceVh]jbVcd#
Adb^hbdfjZZcaVdedh^X^ca^WZgVa^hbd$Xdbjc^hbd!iVbW^cVfjaigViVYZa^WZgVgZaZheg^ijYZ
VfjZaaV]ZgZcX^V!nYZhVggdaaVgjceaVciZVb^ZcidcjZkdfjZ!Vhjb^ZcYdZaZbZcidhYZVbWdhWVcYdh!
hjeZgZaVk^Z_VY^XdidbV#6g^obZcY^Vgg^ZiVhZg{VWZgioVaZVhjbVcZgVnhdX^Va^hiVVhjbVcZgV#EVgV
aaVeVig^V!b{hfjZaVi^ZggVYZadhVciZeVhVYdh!ZhaVi^ZggVYZadh]^_dh0n:jh`VY^ZhiVg{Xdchi^ij^YV
VciZidYdedgZaigVWV_dYZhjh\ZciZh#:hZaigVWV_dZafjZ]VXZVadh]dbWgZhnVadejZWadh#:hiVk^h^c
YZiZgb^cVg{iVbW^chjXdcXZeidYZeVig^V:jh`VY^nYZaVhdWa^\VX^dcZhX^jYVYVcVh]VX^VZaaV#B{h
fjZZcZaeVhVYdaVeVig^VZhi{ZcZa[jijgd#JcejZWadZhjcVXdbjc^YVY#AVZbegZhVdXdbjc^YVYYZ
igVWV_dYZWZdg\Vc^oVghZÅnZhid!iVcidXdbdeVgV:jh`VY^!kVaZeVgV8dX]VWVbWVÅZcaV[dgbVVYZ"
XjVYVVaVhigVY^X^dcZh!XjaijgV!Zheg^ijYZaVXdbjc^YVYZcfjZhZZcXjZcigV#CdZm^hiZjcV[gbjaV
jc^kZghVaYZZbegZhVXddeZgVi^kV#8VYVXdbjc^YVYYZWZedYZgXgZVgaVYZhYZh#EVgV6g^obZcY^Vgg^ZiV
aV[gbjaVYZBdcYgV\dcÅa]VWaVXVh^h^ZbegZZcigb^cdhYZÆZmeZg^ZcX^VYZBdcYgV\dcÇÅZhaV
fjZ!XdggZhedcY^ZcYdVaZheg^ijigVY^X^dcVakVhXd!]Vh^Ydedh^WaZZcjcbdbZcidYZiZgb^cVYd#Cd
egZiZcYZiZcZgkVa^YZoeZgeZijV#CdZhc^c\cbdYZadfjZcVY^ZYZWVXde^Vgc^egZiZcYZgZmedgiVg#:h
aVdWgVYZjcdh_kZcZhÆZmedcZciZhYZaZheg^ijYZjcejZWadb{hegdeZchdVaVVXX^cfjZVaVZheZ"
XjaVX^c!VhZgfjZViZcZg!Vegd\gZhVgfjZVYdb^cVg!VbVciZnXZadhdYZhja^WZgiVYnYZhjh[jZgdh!
YZhjZheVX^dk^iVaeVgVaVVjidggZVa^oVX^cb{heajg^[dgbZZcZaigVWV_dn!edgZaigVWV_d!ZcegdkZX]d
XdbcÇ#CVX^YdYZaZheg^ijYZjceVh!Zhi{[^gbZbZciZXdbegdbZi^YdZcZaYZhVggdaadnigVch[dgbV"
X^cYZVfjZaeVh!^\jVafjZZcaVgZk^iVa^oVX^cYZVfjZaZheg^ij!V]dgVgZhfjZWgV_VYd#
GZXdcdoXdfjZXdckZcYgVbVi^oVgbZ_dgidYdhZhidhejcidh#EZgdaVhbVi^oVX^dcZhYZWZg{cfjZYVg
eVgVaVhegm^bVhXdc[ZgZcX^VhYZZhiZXjghd!b{hejcijVaZhnb{hXZcigVYVhZcVheZXidhXdcXgZidh
YZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiV#6bdYdYZ^cigdYjXX^c!VfjhadZhiVbdhgZXdgYVcYdZabVgXd
\ZcZgVan!\gdhhdbdYd!adheg^cX^eVaZhbdi^kdhYZhjhgZ[aZm^dcZh#
BEI<KD:7C;DJEI:;KDEH:;DDK;LE
8dcdXZbdhnVZaejcidYZeVgi^YVYZaVgZ[aZm^cegde^VYZ6g^obZcY^Vgg^ZiV!hjXdcX^ZcX^VYZaVXg^h^h
idiVaYZjcVX^k^a^oVX^c#JcbjcYdk^Z_dhZbjZgZ/ZhegZX^hdZY^[^XVgjcdcjZkd!]VZchZVYd6g^obZc"
Y^Vgg^ZiV#Æ8^cXdh^\adhYZ]^hidg^VhZiVbWVaZVcÇ!]VWVZhXg^idBdjc^Zg/ÆVh^hi^bdhVaYZggjbWVb^Zcid
YZjcVodcVYZX^k^a^oVX^ccVX^YVV[^cZhYZaV:YVYBZY^V!Xdchda^YVYVVab^hbdi^ZbedfjZb^cVYVedg
aVZgV^cYjhig^Va!XVe^iVa^hiVZchjhZhigjXijgV!a^WZgVaZchj^YZdad\V!Wjg\jZhVZchji^XVÇ#
&#BVg^iV^cnBdjc^ZghdceZchVYdgZheZghdcVa^hiVh#:h^bedgiVciZVfjZk^iVgXdc[jh^dcZheVgVcdVXV"
WVg]VX^ZcYdYZ6g^obZcY^Vgg^ZiVjcYZbXgViVa^WZgVaXdbc/ZaeZghdcVa^hbdZhi{_jhiVbZciZZcaVh
VciedYVhYZa^cY^k^YjVa^hbd!Xdbd^ch^hi^g{Bdjc^Zg#:caVXdc[jh^cYZXdcXZeidhfjZhjZaZXVgVXiZg^oVg
bjX]dhYZcjZhigdhegdXZhdh!Va\jcdh^ciZaZXijVaZhÅbjnegZhZciZhZcadhbZY^dhYZXdbjc^XVX^cÅ!
fjZ]VhiVVnZgegd[ZhVWVc^YZdad\VhgZkdajX^dcVg^VhXdaZXi^k^hiVh!]VceVhVYdVhZgV]dgVVWVcYZgV"
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 79
YdhYZjc^cY^k^YjVa^hbdVWhdajidXdbdkVadghjegZbd!ZcZahZci^YdYZab{hV\gZh^kda^WZgVa^hbd#HZ
Xdc[jcYZcadhXdcXZeidhYZ^cY^k^Yjd!hj_Zid!eZghdcV0nhZZci^ZcYZfjZ^cY^k^YjdnXdbjc^YVYhdcXdc"
XZeidhdejZhidhbjijVbZciZXdc[jcY^ZcYdiVbW^cXdaZXi^k^YVYnXdbjc^YVY#DhZV!hZkVYZjcZm"
igZbdVdigd!eZgdh^\j^ZcYd[^gbZhZcZah#M>M/^cY^k^YjVa^hbdVERSUSXdaZXi^k^hbd#:aeZghdcVa^hbd!edg
ZaXdcigVg^d!Y^hi^c\jZXaVgVbZciZZcigZ^cY^k^YjdZciZ[h^XdneZghdcVZciZbdgVa#NV<VWg^ZaBVgXZa
YZXVfjZaVeZghdcVÅVY^[ZgZcX^VYZa^cY^k^YjdÅhZbVc^[^ZhiVZcXjVcidiVahdWgZidYdZcZaY^{ad\d0
edgZhdZaYZhi^cdeZghdcVaZhZhZcX^VabZciZXdbjc^iVg^d#=VnY^hi^cidheZghdcVa^hbdh#:aeZghdcVa^hbd
[gVcXh!fjZZhZafjZVfjcdh^ciZgZhV!]Vhjg\^YdegZX^hVbZciZXdbdgZVXX^cVciZaVbVgZVidiVa^iVg^V
YZZcigZ\jZggVhXdaZXi^k^hbdh[VhX^hiVh!Xdbjc^hiVh!gZ^k^cY^XVcYdaVeg^bVXVYZaVeZghdcV[gZciZV
idYV[dgbVYZXdaZXi^k^hbdÅ:hiVYd!XaVhZÅh^cgZXVZgedgZhdZcZa^cY^k^YjVa^hbda^WZgVaYZX^bdcc^"
Xd#:chjaZXijgVYZBdjc^Zg6g^obZcY^Vgg^ZiV]VhjWgVnVYdXdchja{e^oZah^\j^ZciZiZmid/ÆaVeZghdcV
ZhjcVWhdajidgZheZXidYZXjVafj^ZgdigVgZVa^YVYbViZg^VadhdX^VanYZXjVafj^ZgdigVeZghdcV#?Vb{h
ejZYZhZgXdch^YZgVYVXdbdeVgiZYZjcidYd/[Vb^a^V!XaVhZ!:hiVYd!cVX^c!]jbVc^YVYÇ#:hiVY^\c^YVY
VWhdajiVYZaVeZghdcVXdchi^ijnZZaeg^bZg[jcYVbZcidYZadgYZccjZkdVXdchigj^gegdXaVbVYdedgadh
eZghdcVa^hiVh!nfjZZc6g^obZcY^Vgg^ZiVhZaaVbVZadgYZcXddeZgVi^kd#
=ZigVYdVfjadhcdbWgZhYZBVg^iV^cnBdjc^Zg!edgfjZhdcadhYdhbVZhigdhYZeZchVb^ZcidegZ"
[Zg^Ydhedg6g^obZcY^Vgg^ZiV#EdYgVbdhXdch^YZgVgZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiVXdbdaVXdc"
i^cjVX^cYZVfjZaadh#6bWdh[jZgdcb^a^iVciZhYZaV^ofj^ZgYVXVia^XV[gVcXZhV!Vci^[gVcfj^hiVh!eVg"
i^YVg^dhYZX^Y^YdhYZaVZbVcX^eVX^cdWgZgV!iVgZVhiVVaVfjZ6g^obZcY^Vgg^ZiV]VYZY^XVYdidYVh
hjhZcZg\Vhnhjk^YV#
'#6g^obZcY^Vgg^ZiVcd]VfjZg^YdZbVcX^eVgVadhigVWV_VYdgZh/]VfjZg^YdfjZadhigVWV_VYdgZhhZ
ZbVcX^eZcZaadh#:ahZ]VZciZcY^YdVhb^hbdXdbdhjZYjXVYdgnVc^bVYdg!h^cb{h#EdgfjZeVgV
edYZgZbVcX^eVghZÅnZhiZZhZahZ\jcYdejciVaYZadgYZccjZkdÅ!adhigVWV_VYdgZhcZXZh^iVceg^"
bZgd[dgbVX^c!ZYjXVX^c!XdcX^ZcX^V#6ciZidYdZaigVWV_VYdgYZWZghZgXdchX^ZciZYZhjY^\c^YVY
XdbdeZghdcV!Y^\c^YVY^\jVaVaVb{hVaiVYZXjVafj^ZgVZcZabjcYd#EZgdYZcVYVaZkVaZ!h^ajZ\d
Zh^cXVeVoYZXgZVgYZ]ZX]djcdgYZchZ\caVhZm^\ZcX^VhnbVcYVidhYZaVb^hbV#9ZWZ!ejZh!XV"
eVX^iVghZ#JcdgYZccjZkdXdcXZW^YdiVaXdbdad]VXZ6g^obZcY^Vgg^ZiV!ZcZafjZaVXaVhZigVWV_VYdgV
]VnVYZVhjb^geaZcVbZciZaVhgZhedchVW^a^YVYZh!egZhX^cY^ZcYdYZY^g^\ZciZhV_ZcdhfjZdg\Vc^XZc
hjVXi^k^YVY!egZhjedcZZhVYdWaZVXX^cZYjXVi^kV/YZigVch[dgbVX^cbdgVaYZaVegde^VeZghdcVnYZ
XVeVX^iVX^ciXc^XVeVgVhjhVXi^k^YVYZh#
JcV^YZVfjZ6g^obZcY^Vgg^ZiVi^ZcZYZ@Vci!naZ]V\jhiVYdgZeZi^gVhjh_kZcZh!ZhfjZZa]dbWgZ
cdcVXZ!h^cdfjZhZ]VXZ#HZ\c@Vci!ÆhadedgaVZYjXVX^cejZYZZa]dbWgZaaZ\VgVhZg]dbWgZ0Za
]dbWgZcdZhb{hfjZadfjZYZa]VXZaVZYjXVX^cÇ#:hidkVaZ^\jVaeVgVigVWV_VYdgZhncdigVWV_V"
YdgZh#:^\jVafjZXVYVjcdYZcdhdigdh!iVbW^cÆZa\cZgd]jbVcdYZWZ^gedXdVedXdYZhkZaVcYd
edg hj egde^d Zh[jZgod idYVh aVh Y^hedh^X^dcZh cVijgVaZh YZ aV ]jbVc^YVY# JcV \ZcZgVX^c ZYjXV V
aVdigVÇ#BjX]VhkZXZhjcV^YZVYZ6g^obZcY^Vgg^ZiVÅedgZ_#!fjZaVZbVcX^eVX^cdWgZgVcZXZh^iV
ZYjXVX^cÅVeg^bZgVk^hiVeVgZXZjcVbZgVgZ[aZm^cegV\b{i^XV#EZgdh^b^gVbdhb{hViZciVbZciZ
YZhXjWg^bdhfjZYZWV_d]VnjcV[^adhd[Vb{hVbea^V#CdhadaVZbVcX^eVX^cdWgZgVZm^\ZZYjXV"
X^c#AV]^hidg^VYZa\cZgd]jbVcdZhVhaV]^hidg^VYZhjZYjXVX^c#NXVYVjcdYZcdhdigdhZhad
fjZZhedgaVZYjXVX^c#8VYVjcdYZcdhdigdh!aVZbVcX^eVX^cdWgZgV!aV]^hidg^VYZaV]jbVc^YVY!
idYdfjZYVZc\VgoVYdZcjcVk^h^c\adWVa#IdYdZhi{gZaVX^dcVYdXdcidYd#6g^obZcY^Vgg^ZiV]VXZjc
80 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Vbea^djhdYZ@VciZcZaiZbVYZaVZYjXVX^cYZa]dbWgZ!YZhjVjidggZVa^oVX^c#KVaZaVeZcVhZVaVg
fjZdigda^WgdYZaVW^Wa^diZXVeZghdcVaYZ6g^obZcY^Vgg^ZiV!aaZcdYZhjWgVnVYdhnVcdiVX^dcZhYZhj
bVcd!ZhaV0EDAGOGÓA DEL /PRIMIDO!YZEVjad;gZ^gZ!iVbW^cWVhiVciZ^cY^XVi^kdYZedgYcYZ^WVchjh
egZ[ZgZcX^VhVaV]dgVYZZaZ\^gaZXijgVh#
EdgdigVeVgiZ!aV^bedgiVcX^VZmigVdgY^cVg^VfjZ9dc?dhBVgVh^ZbegZ]VXdcXZY^YdVaVZYjXVX^c
Xdbd[jcYVbZcidYZjcdgYZccjZkdiZcVhjdg^\Zc!VeVgiZgZ[aZm^dcZh[^adh[^XVh!ZcjcVZmeZg^ZcX^V
eZghdcVa!fjZndXgZdfjZ?ZhhAVggVV\V]VZmejZhidbjnW^Zc#ÆAV\jZggVÅcdhgZaViVhiZÅYZ_V
ZcajcV]jZaaV^bWdggVWaZ!hZYVXjZciVYZaVY^[ZgZcX^VYZedYZgfjZYVZaXdcdX^b^ZcidnZahVWZg#
8dciZbeaVZagZeVgidYZXViZ\dgVh!aVYZh^\cVX^cYZXVe^iVcZh!hVg\ZcidhnYZb{hbVcYdYZaVigdeV!
edgaVh^beaZhZaZXX^cXjaijgVa#AdhfjZhVWZcaZZgnZhXg^W^g!adhXVeVXZhYZXdbjc^XVghZnY^Vad\Vg
hdcZaZ\^Ydh#NZhV]XjVcYdXdchiViVVa\dfjZ!edgZk^YZciZ!ZhWgjiVa/jcejZWad^\cdgVciZZhjcejZ"
WadZcXVYZcVYdneZcY^ZciZYZaVb^cdgVedYZgdhVÇ#AVhZciZcX^VYZaXVcX^aaZg;gVcX^h7VXdc!ÆhVWZg
ZhedYZgÇ!hZXdckZgi^g{ZcjcdYZhjhhad\Vchb{h[Vkdg^idh#6afjZVVY^g{/Æ]VnfjZhdX^Va^oVgZa
hVWZgeVgVYZbdXgVi^oVgZaedYZgÇ#
(#:aiZgXZg[jcYVbZcidYZadgYZccjZkdegdejZhidedg6g^obZcY^Vgg^ZiVZhZaeaZcdgZXdcdX^b^Zcid
YZaVY^\c^YVYYZaigVWV_d#:aiZmidb{hVci^\jdYZ6g^obZcY^Vgg^ZiVhdWgZaVY^\c^YVYYZaigVWV_dad
ZcXdcigVbdhZcjcdh[gV\bZcidhbVcjhXg^idhhjndh!egdWVWaZbZciZVejciZhYZXaVhZYZhjedXVYZ
ZhijY^VciZZcZaHZb^cVg^d#CVY^Z]VgZXdcdX^Ydb{hVaiVY^\c^YVYVaigVWV_d!Y^XZcZaadh!fjZZaXg^h"
i^Vc^hbd/adegjZWVZa]ZX]dYZfjZ?Zhh!VciZhYZYZY^XVghZVaVegZY^XX^c!]VnVfjZg^Ydk^k^gigZ^ciV
nigZhVdhZcigZ\VYdVaigVWV_d#:hiZZmigVdVg\jbZcidcdVeVgZXZg{ajZ\dZchjhZhXg^idh#EZgdZh
jcVbjZhigVYZhj^ciZghedgZaiZbVZcedXViVciZbegVcV#:cYZXaVgVX^dcZhV?#AVggVV\Vaad
gZXdcdXZg{Vh/ZcadhVdhYZaHZb^cVg^dÆVWg^bdhcjZhigVXdcX^ZcX^VVZhiVcjZkVk^h^cYZaXdcXZeid
iZda\^XdYZaigVWV_d!cdXdbdXVhi^\d!h^cdXdbddeX^cYZgZVa^oVX^c#:gVc!ejZh!^YZVh[jZgoVfjZ
cdhXViVejaiVWVcVdigVhgZ[aZm^dcZhÇ#EVgVcdhdigdhZaadfj^ZgZYZX^gfjZ!ZcaVXVWZoVYZ6g^obZcY^V"
gg^ZiV!VciZhfjZaVZbegZhVXddeZgVi^kV]V]VW^YdjcV[^adhd[VYZaVeZghdcVnjcV[^adhd[VYZaigVWV_d#
NZhedh^WaZfjZh^cZhV[^adhd[VaVZbegZhVXddeZgVi^kVcdiZc\VbjX]dhZci^Yd#D!edgadbZcdh!cd
ZahZci^YdfjZiZcVeVgV6g^obZcY^Vgg^ZiV#
?:;7=;D;H7B:;BEH:;DDK;LE
Cd ]VXZ [VaiV YZX^g fjZ! fj^Zc Zhi{ Zm^\^ZcYd jc dgYZc cjZkd! cd Xdch^YZgV WjZcd Za dgYZc VXijVa#
:[ZXi^kVbZciZ!XdbdnV]ZbdhY^X]d!6g^obZcY^Vgg^ZiVXdch^YZgVZadgYZca^WZgVa!Xdchigj^YdVeVgi^g
YZaGZcVX^b^Zcid!b{hW^ZcjcYZhdgYZc!gZ\^YdedgZaZ\dhbdnadh^chi^cidh!ZaV[{cYZajXgd#Adh
Xg^iZg^dhhjegZbdhYZZhZh^hiZbVÅXg^iZg^dhYZZ[^XVX^VZcZabZgXVYdÅcdhdcXg^iZg^dhdkVadgZhYZ
]jbVc^YVY#CdhdcXg^iZg^dhbdgVaZh#NaV\gVcYZoVYZa]dbWgZgZh^YZZchjbdgVa^YVY#bdgVa^YVYcd
fj^ZgZYZX^ghZmidbVcYVb^Zcid!h^cdXVeVX^YVYYZkZgVadhdigdhXdbd]ZgbVcdh!nYZXgZVgXdcZaadh
jcVXdbjc^YVYgZVaYZk^YV!_jhiVnhda^YVg^V#
H^b^gVbdhVig{haVhZiVeVhYZaV]^hidg^V!kZbdhadh\gVcYZhYZhedi^hbdhVh^{i^Xdh!YdcYZeg{Xi^XV"
bZciZidYVaVedWaVX^cZgVdeg^b^YV0<gZX^VnGdbV!XdchjhbVhVhYZZhXaVkdh0aV:YVYBZY^V!Xdc
adhh^ZgkdhYZaV\aZWVigVWV_VcYdadhXVbedhYZ:jgdeV0cjZhigVZgV!XdcadhiXc^XdhnigVWV_VYdgZhYZ
E6GI:>/E:CH6B>:CIDq%&/6G>OB:C9>6GG>:I6 81
aVh[{Wg^XVhÅ[{Wg^XVhV_ZcVh!YdcYZVfjZaadhgZVa^oVcidYdhadhYVhegdnZXidhV_Zcdh!W^ZcZhV_Zcdh!
\VcVcX^VhV_ZcVhÅ#Hjedc^ZcYdfjZVcjZhigVZiVeViVbW^chZ\j^g{digVÅZ#Y#!hjedc^ZcYdfjZXdc
ZhiVZiVeVcdhZVXVWVaV]^hidg^V/edgfjZVkZXZheVgZXZfjZcdhfj^ZgZc]VXZgeZchVgZhdÅ!´hZ]Vc
ejZhidjYh#Va\jcVkZoV^bV\^cVgXbdhZg{aVh^\j^ZciZZiVeV4´FjXdggZ\^g{!VWVcYdcVg{!hjeZgVg{
YZaVcjZhigV4:aeZchVb^ZcidYZ6g^obZcY^Vgg^ZiVcdejZYZiZcZgc^c\c^ciZgheVgVjY#edgfjZZaeZc"
hVb^ZcidYZ6g^obZcY^Vgg^ZiVZhjceZchVb^ZcidYZa[jijgd/Zabdk^b^ZcidXddeZgVi^kdcdi^ZcZhZci^Yd
eVgVaXdbdgZVa^YVYZcXZggVYVZch!ZcZaV]dgVÅjcWadfjZYZZbegZhVhÅh^cdXdbdjcViVfjZ!jc
[gZciZ!ZcaVXdchigjXX^cYZjcdgYZccjZkd!hjeZgVcYdZadgYZcVXijVa#:a[jijgd]VXdbZcoVYdnV#
9^\VbdhfjZ!eVgVa!aVXdchigjXX^cYZZhZdgYZccdZgVjcfjZ]VXZgYZadhXddeZgVi^k^hiVhhdaV"
bZciZ# Cd ZmXajV V c^c\jcd# IVbedXd V adh eVigdcdh# EZgd ad Xdch^YZgVWV VciZ idYd jcV iVgZV YZ
aVXaVhZigVWV_VYdgV!XjnVZbVcX^eVX^cZh_jhiVbZciZadfjZZhi{Zc_jZ\d#:hi^bVWVYZaVb{m^bV
^bedgiVcX^V!edgiVcid!VaXVcoVgjcVZhigZX]VXdaVWdgVX^cZcigZZaXddeZgVi^k^hbdnZah^cY^XVa^hbd#
:hiVZhjcV^YZVfjZVeVgZXZ[jZgiZZchjhai^bVhcdiVhVciZhcdedYVVeVgZXZg!VahZg^aZ\VaZhadh
h^cY^XVidh#8gZdfjZbjg^h^cedYZgaaZkVgVaVeg{Xi^XVZc[dgbVXdcXgZiVZhZegdnZXid#
:aeZchVb^ZcidYZ6g^obZcY^Vgg^ZiVZhjceZchVb^ZcideVgVaVVXX^c#6h]Vchjg\^YdaVhXddeZgVi^"
kVh!fjZZcaVeZgheZXi^kVYZ6g^obZcY^Vgg^ZiVgZegZhZciVcjcVci^X^ednjcVhZb^aaVYZadgYZc[jijgd#
AV\gVc[^\jgVYZahdX^Va^hbdZ^WVggh!Idg^W^d:X]ZkZggV!XgZVYdgab^hbdYZaVZbegZhVXddeZgVi^kV
6A;6VciZhYZaV\jZggVX^k^a!Xdch^YZgVWVaVZbegZhVXddeZgVi^kVXdbdÆaVkZgYVYZgVZbegZhVhdX^V"
a^hiVÇ#AVgZkdajX^chdX^Va^hiVcdhZgVdigVXdhVfjZaVjc^kZghVa^oVX^cYZZhiZbdYZad#AjZ\dk^cdaV
\jZggVnZamdYdYZb^aZhYZ[Vb^a^Vh#9ZhYZZaYdadgdhdZm^a^dYZKZcZojZaV!h^ZbegZXdcaVZheZgVcoV
YZjcegdcidgZidgcd!Idg^W^d:X]ZkVgg^V]VhZ\j^YdXdc^ciZghXjVcidhjXZYVZchjeVig^V#=VceVhV"
YdadhVdh!n]Vc^YdVeV\{cYdhZaVhZheZgVcoVh#IdYdXjVcid]VWVh^YdZchdVX^cYZak^Z_dajX]VYdg
hZkZVeZghZ\j^YdnVeaVhiVYdZchjeVig^V#EZgd]VWVVa\dfjZVcaZYVWVX^ZgiVZheZgVcoV#JcWgdiZ
fjZ!ZcbZY^dYZaYZh^Zgid[gVcfj^hiV!Idg^W^d:X]ZkZggVkZVhjg\^gegZX^hVbZciZZcaVZmeZg^ZcX^V
XddeZgVi^kVYZBdcYgV\dc#:aZmeZg^bZcidfjZa]VWV^c^X^VYd!kdakVVgZcVXZg#JcVdVciZhYZhj
bjZgiZ!dXid\ZcVg^dnV!]VZhXg^idV6g^obZcY^Vgg^ZiVedcYZgVcYdaVZmeZg^ZcX^VXddeZgVi^kV^che^gV"
YVedghiZXdbdÆadbZ_dgfjZhZ]V]ZX]dZcZhV:heVVhj[g^YdgV!Zcadh'*VdhYZeVofjZiVcid
]VWaVhdcVYdZag\^bZc0nXdcedXdhfjZaZ]jW^ZhZc^b^iVYdVjhiZY!aV=^hidg^VejY^ZgVeZgYdcVgZa
Xg^bZcYZaV\jZggVX^k^aVadhigV^YdgZh!Xdbd9^dh]jW^ZhZeZgYdcVYdVHdYdbVZc\gVX^VVadhY^Zo
_jhidhfjZegdedcVZaeVYgZ6WgV]VbÇ#JcdgYZccjZkdcVX^ZciZYZaVhgj^cVhYZaV\jZggV!b^gVcYd
Va[jijgd#8dbdZabjcYdhVWZ!aVhXddeZgVi^kVhcdhdcjc^ckZcidYZ6g^obZcY^Vgg^ZiV#wab^hbdhZ
]V ZciZcY^Yd h^ZbegZ Zc acZV Xdc aV igVY^X^c XddeZgVi^kV VciZg^dg! ZheZX^VabZciZ Xdc aV igVY^X^c
XddeZgVi^k^hiVYZ:A6nJ<IZc:jh`VY^VciZhYZaV\jZggV#HZci^bdhXdbdjcZXdYZIdg^W^d:X]ZkZ"
ggV!XjVcYdZhXjX]VbdhYZX^gV6g^obZcY^Vgg^ZiV/ÆVa`VgiVhjcZVcVgYVoijg^`d`ddeZgVi^W^hbdVZoYV
hdo^Va^hbdgV`dW^YZVWV`Vgg^`!WV^iVhdo^Va^hbdVcWZ]VgYZc_d`VW^YZZgVWV^cdÇ#:hYZX^g!ZaXddeZgV"
i^k^hbdcdZhhadjcVkV]VX^VZahdX^Va^hbd!h^cdjcVeg{Xi^XVhdX^Va^hiVnVV]dgV#8ddeZgVi^k^hbdZh
hdX^Va^hbd/ZahdX^Va^hbdÅY^g{6g^obZcY^Vgg^ZiVÅfjZ]dnnVfj!Zc:jh`VY^!XdggZhedcYZgZVa^oVgZ
^gVbea^VcYd!ZcaVacZVYZaVhk^Z_VhigVY^X^dcZhnk^gijYZhYZaejZWadkVhXd#
IZmidYZ?dmZ6ojgbZcY^!ejWa^XVYdedgadh8jghdhYZkZgVcdYZaVJEK":=J'%%%!WV_dZaiijad/
v0ENSADORES VASCOS *OSÏ -ARÓA !RIZMENDIARRIETAv
82 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
II. Parte
Historia
&(
97FßJKBE
Los Orígenes
Índice
>cigdYjXX^c#################################################################################################################################-,
&# 6ciZXZYZciZhXddeZgVi^kdh#################################################################################################--
&#& HjhigVidhXjaijgVaZhXddeZgVi^kdh###########################################################################################################--
&#' AdhkVhXdh!ZaYZgZX]de^gZcV^XdnaVhgZaVX^dcZhYZegde^ZYVY#########################################################-.
&#( :abdYZgcdXddeZgVi^k^hbdkVhXd##########################################################################################################.&
'# 6ciZXZYZciZh^cYjhig^VaZh################################################################################################.(
(# BdcYgV\dcZcadhVdh(%/ajX]VYZXaVhZhnXdcÓ^Xi^k^YVYhdX^Va##############################.,
)# AdhZhigV\dhYZaV\jZggVnaVedh\jZggV#######################################################################.-
*# 8gZX^ZcYdWV_dadhg^\dgZhYZaVY^XiVYjgV#####################################################################..
+# 6g^obZcY^Vgg^ZiV/jca^YZgVo\dh^c\jaVg#########################################################################&%%
,# >ciZciVcYdigVch[dgbVgaVZbegZhV###############################################################################&%)
86 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
HZ ]Vc ZhXg^id bjX]Vh e{\^cVh hdWgZ aVh XaVkZh YZa m^id YZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc#
H^c ZbWVg\d! idYd ad gZ[ZgZciZ V adh dg\ZcZh ]^hig^Xdh YZ ZhiV b^hbV ZmeZg^ZcX^V ]V iZc^Yd bZcdg egZ"
hZcX^V! V eZhVg YZ fjZ aVh XdcZm^dcZh ZcigZ VbWVh hdc bjn ZhigZX]Vh# Edg Zaad! aZ_dh YZ kZg Za eVhVYd
Xdbd Va\d egZig^id! cjZhigV b^gVYV! fj^o{ b{h VbW^X^dhV! hZ VaoV eVgV WjhXVg aVh igVbVh ]^hig^XVh fjZ
YVc dg^\Zc V aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc n! h^bjai{cZVbZciZ! eZgb^iVc ZciZcYZg bZ_dg Za
[jZgiZ ZcgV^oVb^Zcid fjZ ]V XdchZ\j^Yd! Zc \ZcZgVa! Za bdk^b^Zcid XddeZgVi^kd Zc Za EVh KVhXd#
AV ]^hidg^V YZa h^\ad MM YZa EVh KVhXd Zhi{ VigVkZhVYV edg aV \jZggV X^k^a ZheVdaV# Hj YZhZcaVXZ
[^_Vg{ Za bVgXd V eVgi^g YZa XjVa hZ edYg{ ZciZcYZg b{h XVWVabZciZ Za hZci^Yd n Y^gZXX^dcVa^YVY YZa
egdnZXid XddeZgVi^kd fjZ cVXZ Zc 6ggVhViZ"BdcYgV\c Zc aV hZ\jcYV b^iVY YZ adh Vdh *%# 8dc ZhZ
egdeh^id! ZhiZ eg^bZg XVeijad hZgk^g{ YZ bVgXd YZ gZ[ZgZcX^V n iZcYg{ edg dW_Zid gZhXViVg VfjZaadh
egdXZhdh fjZ! YZ jcV j digV bVcZgV! Xdc[ajnZc Zc Za dg^\Zc YZ ZhiV ZmeZg^ZcX^V#
:a XgXjad [jcYVYdg YZ ZhiV ZmeZg^ZcX^V XddeZgVi^kV! hVakd 6g^obZcY^Vgg^ZiV Åhj eg^cX^eVa ^che^gVYdgÅ!
eZgiZcZXZ V aV \ZcZgVX^c YZ aV edh\jZggV# JcV \ZcZgVX^c VWdXVYV V aVWdgZh YZ gZXdchigjXX^c# Hjh
hjZdh! V Y^[ZgZcX^V YZ aV \ZcZgVX^c VciZg^dg! fjZ [jZ ]dcYVbZciZ YZggdiVYV Zc hj ^YZVa^hbd! [jZgdc
hjZdh YZ gZXjeZgVX^c! gZXdchigjXX^c n gZV[^gbVX^c0 YZhXVchVWVc hdWgZ eg^cX^e^dh bVgXVYVbZciZ
gZVa^hiVh WV_d Za eZhd YZ aVh eg^bZgVh YXVYVh YZ aV aVg\V n dhXjgV Y^XiVYjgV# :a a^YZgVo\d YZ 6g^o"
bZcY^Vgg^ZiV! edg hj eVgiZ! b^iVY Zhe^g^ijVa b^iVY dg\Vc^oVi^kd! hZ [jcYVWV Zc jc ^bV\^cVg^d dWgZgd
hdX^VaXg^hi^Vcd# 9ZhYZ V]! Zc jc HACER HACIÏNDOSE! [jZgdc aZkVciVcYd adh X^b^Zcidh YZ aV Vgfj^iZXijgV
XddeZgVi^kV# 9^[X^abZciZ edYgV ]VWZg h^Yd YZ digV bVcZgV! edgfjZ Zc jc WgZkZ aVehd YZ i^Zbed! Zc
Za igVchXjghd YZ jcV hdaV \ZcZgVX^c! Za XVbed n aVh gZ\aVh YZ _jZ\d ZgVc digVh! n bjn Y^hi^ciVh#
:a ZhfjZbV YZ ZhiZ eg^bZg XVeijad hZg{ Xdbd h^\jZ/ Zc eg^bZg aj\Vg! gZXd\Zbdh adh VciZXZYZciZh
XddeZgVi^kdh YZa EVh KVhXd# :c ZhZ Z_ZgX^X^d gZigdXZYZbdh Zc Za i^Zbed eVgV gZhXViVg ad fjZ edYgVc
hZg adh eVg^ZciZh aZ_Vcdh YZa bdYZgcd XddeZgVi^k^hbd kVhXd# 6 Xdci^cjVX^c! ^cbZghdh YZ aaZcd Zc Za
Y^hXjgg^g YZa h^\ad MM! gZVa^oVbdh jcV h^cii^XV gZXdchigjXX^c ]^hig^XV eVgV Y^bZch^dcVg aV hdX^ZYVY
n Za eVh Zc Za fjZ \Zgb^cV Za bdk^b^Zcid XddeZgVi^kd V bZY^VYdh YZ aV YXVYV YZ adh *%#
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 87
1. Antecedentes cooperativos
:a hZg ]jbVcd VXijVWV! cd iVcid eVgV bVciZcZg hj ^ciZgh ^cY^k^YjVa YZ edhZZg W^ZcZh bViZg^VaZh!
YZ Zcg^fjZXZghZ! h^cd eVgV \VgVci^oVg hj gZXdcdX^b^Zcid hdX^Va! hjh YZgZX]dh n Xdcfj^hiVh hdX^VaZh
VciZ hjh eVgZh# :c ZhZ hZci^Yd! aV eZghdcV cd XdcXZYV kVadg V adh W^ZcZh bViZg^VaZh b{h fjZ Zc aV
bZY^YV Zc fjZ hZgkVc V ZhZ [^c# AV ZXdcdbV Xdbd iVa cd XdbegZcYV jc XVbed Vjicdbd Xdc hj
egde^V aZ\Va^YVY! h^cd fjZ [dgbVWV eVg"
iZ YZa Xdc_jcid YZ gZaVX^dcZh hdX^VaZh#
N ad fjZ Zh b{h ^bedgiVciZ! aVh VXi^k^"
YVYZh ZXdcb^XVh ZgVc \Zhi^dcVYVh Zc
[jcX^c YZ bk^aZh cd ZXdcb^Xdh#
:a Zheg^ij YZ XdaVWdgVX^c ZhiVWV ZhigZX]VbZciZ a^\VYd Va YZhi^cd YZ aV Xdbjc^YVY# :a Vednd bjijd
gZeZgXjiV Zc WZcZ[^X^d YZ aV Xdbjc^YVY n edg iVcid! iVbW^c hdWgZ idYdh VfjZaadh fjZ aV Xdc[dgbVWVc0
ZgV jcV [jZciZ YZ Xdchda^YVX^c n gZXdchigjXX^c YZa iZ_^Yd hdX^Va# KZVbdh Za XVhd kVhXd#
88 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
'$( BeilWiYei"[bZ[h[Y^ef_h[dW_YeobWih[bWY_ed[iZ[fhef_[ZWZ
=V h^Yd n h^\jZ h^ZcYd jc Z_ZgX^X^d ^ciZaZXijVa gZXjggZciZ n Vgg^Zh\VYd hVa^g V aV WhfjZYV YZ adh eV"
g^ZciZh aZ_Vcdh YZa XddeZgVi^k^hbd kVhXd# Adh gVh\dh XjaijgVaZh n aVh gZaVX^dcZh YZ egde^ZYVY egZedc"
YZgVciZh Zc aV hdX^ZYVY igVY^X^dcVa kVhXV idYVkV ]dn hdc dW_Zid YZ YZWViZ# 9Z adh ZhijY^dh gZVa^oVYdh
hZ edYgVc Y^hi^c\j^g! edg ad bZcdh! igZh eZgheZXi^kVh Y^hi^ciVh#
HZ\c Za eg^bZg Zc[dfjZ! aVh ZheZX^[^X^YVYZh ic^XVh kVhXVh egdXZYZc YZa h^\ad MK> n cd hZ Y^hi^c\jZc
Zc cVYV h^\c^[^XVi^kd YZ digdh ejZWadh kZX^cdh# :c jcV edh^X^c ^ciZgbZY^V! jc hZ\jcYd Zc[dfjZ iZg^"
Xd gZXdcdXZ X^Zgidh ZaZbZcidh egde^dh Va ^ciZg^dg YZ aV hdX^ZYVY igVY^X^dcVa kVhXV! eZgd aZh gZhiV kVadg
edgfjZ hidh Xdck^kZc Y^hjZaidh Xdc digdh ZaZbZcidh XjaijgVaZh YZ Y^hi^cid dg^\Zc#
HZ\c Za iZgXZg eaVciZVb^Zcid! aV hdX^ZYVY igVY^X^dcVa kVhXV hZgV edgiVYdgV YZ jcVh gZaVX^dcZh hdX^VaZh
YZ egde^ZYVY Y^hi^c\j^WaZh Zc Va\jcdh VheZXidh YZ digdh ejZWadh kZX^cdh# :hiV gZVa^YVY kZcYgV VkVaVYV
edg aV Zm^hiZcX^V YZ jc Xdgejh _jgY^Xd XdchjZijY^cVg^d! Za 9ZgZX]d e^gZcV^Xd! Xjnd dW_Zid hZgV aV gZ\jaV"
X^c YZ aVh gZaVX^dcZh hdX^VaZh YZ adh kVhXdh fjZ DESDE TIEMPOS INMEMORIALES hZ VhZciVWVc V VbWdh aVYdh
YZa E^g^cZd# H^ W^Zc igVY^X^dcVabZciZ hZ ]V Xdch^YZgVYd Za 9ZgZX]d e^gZcV^Xd Xdbd jcV YZg^kVX^c YZa
9ZgZX]d \Zgb{c^Xd! XVYV kZo hdc b{h adh ZhijY^dhdh fjZ Zhi{c XdckZcX^Ydh YZ fjZ Za 9ZgZX]d e^gZcV^Xd
Zh Y^hi^c\j^WaZ iVcid YZa 9ZgZX]d gdbVcd Xdbd YZa \Zgb{c^Xd! Xdbd h^hiZbV _jgY^Xd egde^d YZ VfjZaadh
ejZWadh fjZ k^kVc Zc adh kVaaZh e^gZcV^Xdh#
:a 9ZgZX]d [dgVa YZ dg^\Zc cVkVggd! VjcfjZ edhiZg^dgbZciZ ZmiZcY^Yd V digdh kVaaZh n {gZVh! kZcYgV V
hZg jcV ]ZgZcX^V YZa 9ZgZX]d e^gZcV^Xd0 hZ Y^hi^c\jZ YZa 9ZgZX]d \Zgb{c^Xd n gdbVcd edg hj Vbea^V
XdcXZeX^c YZa YZgZX]d eWa^Xd#
6aa YdcYZ hZ ZmeVcY^ Za 9ZgZX]d gdbVcd aVh gZaVX^dcZh YZ egde^ZYVY hZ Vgi^XjaVgdc Zc idgcd Va IUS UTENDI
IUS FRUENDI Y IUS ABUTENDI# Hdc adh YZgZX]dh YZ jhj[gjXid! jhd n VWjhd fjZ Vh^hiZc Va egde^ZiVg^d Zc XjVcid
iVa# :c Za XVhd YZa EVh KVhXd! h^ W^Zc adh YZgZX]dh YZ jhd n YZ jhj[gjXid ZhiVWVc Va dgYZc YZa YV! Za egd"
e^ZiVg^d Va eVgZXZg cd iZcV c^c\c YZgZX]d eVgV ]VXZg ad fjZ aZ k^c^ZgV Zc \VcV Xdc hj eVig^bdc^d#
N Zhid Zh Vh! eg^cX^eVabZciZ edgfjZ aV dg\Vc^oVX^c hdX^Va Zhi{ gZ\jaVYV hZ\c Za g\^bZc YZ egde^ZYVY ^cY^"
k^hV# AV XVhV Xdchi^ijnZ hj eg^cX^eVa Z_Z# :c idgcd V aV XVhV hZ Xdc[dgbV Za cXaZd Ydbhi^Xd d aV \Wc_b_W [n#
j[diWXdbdjc^YVYZXdcb^XVW{h^XV#EdgiVcid!aVXVhVXdbdjcVjc^YVYYZegdYjXX^cfjZVhe^gVVajbWgVa
YZ aV Vjidhj[^X^ZcX^V! ZhiVg{ egdk^hiV YZ i^ZggVh YZ Xjai^kd! n YZ YZgZX]dh hdWgZ adh eVhidh XdbjcZh# AV Xdci^"
cj^YVY YZa a^cV_Z [Vb^a^Vg! \VgVci^oVYd edg Za eg^cX^e^d YZ ^cY^k^h^W^a^YVY YZa eVig^bdc^d! hZ igVchb^i^g{ V igVkh
YZaVXVhV#9ZV]hj^bedgiVcX^VnZahZci^YdYZfjZaV[Vb^a^VidbZZacdbWgZYZaVXVhVXdbdegde^d#
:a ^cY^k^Yjd dWi^ZcZ Za YZgZX]d YZ jhd n jhj[gjXid YZ jcV egde^ZYVY Zc iVcid b^ZbWgd YZa \gjed Yd"
bhi^Xd ETXEKOA DELAKO# :a a^WgZ VaWZYgd! aV a^WgZ Y^hedh^X^c hdWgZ aV egde^ZYVY XZYZc hj aj\Vg V aV
gZhedchVW^a^YVY# Adh b^ZbWgdh YZa \gjed Ydbhi^Xd hZ YZWZc V aV XVhV! Zhi{c Va hZgk^X^d YZ aV XVhV!
VciZh fjZ aV XVhV Va hZgk^X^d YZ adh b^ZbWgdh YZa \gjed Ydbhi^Xd ETXEA GIZARTEKIDEARENA IZAN BEHARREAN
GIZARTEKIDEAK DIRA ETXEKO ETA ETXERAKO DIRENAK HAU DA ETXEAREN ZERBITZURA DAUDENAK#
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 89
:a h^hiZbV _jgY^Xd XjWgV ZhiVh eg{Xi^XVh# :a ÆXVWZoV YZ [Vb^a^VÇ VhjbV aV \Zhi^c YZ aV XVhV n YZWV
igVhb^i^gaV Zc hj ^ciZ\g^YVY V aV h^\j^ZciZ \ZcZgVX^c# AV XVhV! edg iVcid! eZgiZcZXV iVcid V aV \ZcZgV"
X^c VXijVa Xdbd V aVh \ZcZgVX^dcZh eVhVYVh n [jijgVh0 n hjh b^ZbWgdh hZ XdbegdbZiVc V XdchZgkVgaV
n bZ_dgVgaV# :a ejZWad HERRIA d Za \gjed Ydbhi^Xd ETXEKOAK ZgV fj^Zc \doVWV YZ aV Vig^WjX^c aZ\i^bV
eVgV ZcV_ZcVg egde^ZYVYZh# 6 aVh eZghdcVh had hZ aZh gZXdcdXV Za YZgZX]d eVgV VYb^c^higVg#
AVh ^bea^XVX^dcZh YZ ZhiZ g\^bZc YZ gZ\jaVX^c hdc kVg^Vh/ aV eg^bZgV! jcV ji^a^oVX^c gZhedchVWaZ
YZ adh W^ZcZh! VXdgYZ Xdc adh ^ciZgZhZh YZ aV Xdbjc^YVY0 aV hZ\jcYV! jc g\^bZc YZ igVchb^h^c eV"
ig^bdc^Va ZmXajnZciZ! YZ iVa bVcZgV fjZ Zc XVYV \ZcZgVX^c hZ Za^\Z V jc c^Xd b^ZbWgd Åeg^bd\"
c^id kVgc! Xdbd gZ\aV \ZcZgVaÅ eVgV fjZ VhjbV iVaZh gZhedchVW^a^YVYZh n dWa^\VX^dcZh#
Kd[ijkZ_eZ[bj[cWjhWZ_Y_dYeef[hWj_lWZ[X[hWZ_ij_d]k_hWZ[YkW#
ZWc[dj[ [d bW jhWZ_Y_d \ehcWi Yeef[hWj_lWi e Yeckd_jWh_Wi Z[ fhef_[#
ZWZ"Z[jhWXW`e"Z[][ij_deZ[]eX_[hde$7b]kdeiWkjeh[i"[if[Y_Wbc[dj[
[njhWd`[hei"deiiehfh[dZ[dYedkdW_dj[hfh[jWY_dWcfb_Wik_][d[h_iZ[b
[ifh_jkYeef[hWj_lelWiYe"[nj[dZ_dZebe_dYbkieWYeijkcXh[ijWb[iYece
[bfefkbWhjn_a_j[e$BWih[\[h[dY_WiZ[kdfk[XbedeYWh[Y[dZ[f[b_]hei"[d
[ijeiYedj[njei$ Å@en[7pkhc[dZ_
?jcid Va g\^bZc YZ egde^ZYVY iVbW^c YZhiVXVbdh Va\jcVh eg{Xi^XVh kZX^cVaZh gZaZkVciZh fjZ hZ
XdbeaZbZciVc Xdc ZhiZ b^hbd ZhfjZbV YZ dg\Vc^oVX^c ZXdcb^XV n hdX^Va#
O Fh[ijWY_ed[i ckjkWi Z[ jhWXW`e0 hZ igViV YZ jcV aVWdg gZVa^oVYV Zc Xdbc edg adh kZX^cdh Zc VfjZaaVh
iVgZVh fjZ hdWgZeVhVc aV XVeVX^YVY fjZ Za cXaZd [Vb^a^Vg i^ZcZ fjZ Vhjb^g n gZhedcYZg V aVh cZXZh^YVYZh
fjZ hZ eaVciZVc# Edg jcV eVgiZ! ZhiVgVc adh igVWV_dh fjZ hZ gZVa^oVc YZ [dgbV \gVij^iV Zc h^ijVX^dcZh YZ
jg\ZcX^V d [VaiV YZ WgVodh! Xdbd Zc Za XVhd YZ jcV k^jYV Xdc ]^_dh eZfjZdh! YZ VcX^Vcdh hdadh d \ZciZ
fjZ ]V hj[g^Yd jcV YZh\gVX^V# Edg digV! ZhiVgVc adh igVWV_dh V igjZfjZ! fjZ hZ gZVa^oVc XjVcYd aVh aVWdgZh
gZfj^ZgZc jcV bVcd YZ dWgV bVndg fjZ aV fjZ ejZYZc VedgiVg adh b^ZbWgdh YZ jcV [Vb^a^V/ gdijgVX^c YZ
iZggZcdh! h^Z\V n ig^aaV0 Zhfj^aZd0 aVWdgZh YZ ]^aVYd0 VXVggZd YZ aZV! eVhid! ZiX#0 n adh eghiVbdh bViZg^VaZh Zc
XVhdYZcZXZh^YVY/dkZ_VheVgV[dgbVgdgZedcZgjcgZWVd0bVYZgVeVgVXdchigj^gdgZZY^[^XVgjcVXVhV!ZiX#
O JhWXW`e l[Y_dWb e auzolana0 Zh jcV [dgbV YZ ZciZcYZg n eVgi^X^eVg Zc aV XgZVX^c! bVciZc^b^Zcid n Vegd"
kZX]Vb^Zcid YZ adh hZgk^X^dh n W^ZcZh XdbjcZh V kVg^Vh XVhVh# IdYdh adh kZX^cdh YZ aV odcV Zhi{c YZ Va\j"
cV bVcZgV dWa^\VYdh V ZhiV egZhiVX^c eZghdcVa0 aV gZcjcX^V hZ Xdch^YZgV ^chda^YVg^V n Zhi{ bjn bVa k^hiV#
6a\jcdh YZ adh igVWV_dh gZVa^oVYdh YZ ZhiV [dgbV hdc adh h^\j^ZciZh/ XdchZgkVX^c n bZ_dgV YZ adh XVb^cdh
kZX^cVaZh0 a^be^ZoV YZ VXZfj^Vh! VWgZkVYZgdh n edodh0 VggZ\ad d XdchigjXX^c YZ ejZciZh0 XdchigjXX^c YZ aVh
ZhXjZaVhYZaVWVgg^VYV0gZeVgVX^cYZZgb^iVh0ig^aaVZcZgVhXdbjcVaZh!ZiX#
O <ehcWi jhWZ_Y_edWb[i Z[ Wi_ij[dY_W0 Xdc Za [^c YZ YVg gZhejZhiV V cZXZh^YVYZh YZ hjeZgVg Za egde^d
{bW^id [Vb^a^Vg! YZhYZ i^Zbedh aZ_Vcdh ]Vc kZc^Yd [jcX^dcVcYd dg\Vc^oVX^dcZh n VhdX^VX^dcZh kdajc"
iVg^Vh YZ Vh^hiZcX^V bjijV/ ]ZgbVcYVYZh YZ \VcVYZgdh! VhdX^VX^dcZh YZ hZ\jgdh XdcigV ^cXZcY^dh!
ckjkWb_ZWZ[i eVgV XjWg^g \Vhidh YZ YZ[jcX^c! ZiX#
90 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:c idYd XVhd! b{h ^bedgiVciZ fjZ aVh edh^WaZh ZheZX^[^X^YVYZh XjaijgVaZh YZa bjcYd igVY^X^dcVa kVhXd
ÅXdbd ]Zbdh hj\Zg^Yd Zc Za Ze\gV[Z eg^bZgd! WjZcV eVgiZ YZ Zhidh gVh\dh hdc egde^Vh YZ aV XjaijgV
XVbeZh^cVÅ Zh Xbd Va\jcVh YZ ZhiVh eg{Xi^XVh ]Vc eZgk^k^Yd ]VhiV cjZhigdh YVh Zc Va\jcdh kVaaZh
n XdbVgXVh kVhXVh Xdc X^Zgid Y^cVb^hbd# :hVh eZgk^kZcX^Vh XdcZXiVc Xdc 6g^obZcY^Vgg^ZiV! Xdc hj dg^"
\Zc XVbeZh^cd! n YZ_Vc X^ZgiV ^begdciV Zc hj egdnZXid XddeZgVi^kd#
Cd ]V ]VW^Yd jcV c^XV igVY^X^c Zc Za XddeZgVi^k^hbd ^cYjhig^Va kVhXd# 9Z ]ZX]d! Xdbd kZgZbdh b{h
VYZaVciZ! aV \jZggV X^k^a Xdchi^ijnZ jc kZgYVYZgd ]^id fjZ ^cigdYjXZ jcV gjeijgV ]^hig^XV h^c egZXZYZciZh#
7V_d Za ^bejahd YZ 6aidh =dgcdh YZ 7^aWVd hZ XgZV Zc &--) aV eg^bZgV XddeZgVi^kV YZ Xdchjbd! aV HdX^Z"
YVY 8ddeZgVi^kV YZ DWgZgdh YZ 7VgVXVaYd! Xdc Za dW_Zi^kd YZ bZ_dgVg aVh XdcY^X^dcZh YZ k^YV n igVWV_d YZ
hjh hdX^dh# :c Vdh edhiZg^dgZh kVc
hjg\^ZcYd cjZkVh XddeZgVi^kVh YZ Xdc"
hjbd WV_d jc ZhfjZbV bjn eVgZX^Yd/
ZhigZX]VbZciZ k^cXjaVYVh V ZbegZhVh!
edg ad \ZcZgVa hdc eVgi^X^eVYVh iVc"
id edg gZegZhZciVciZh YZ aV ZbegZhV
Xdbd edg adh igVWV_VYdgZh# :c bjX]dh
XVhdh! ^cXajhd! hj [jcYVX^c gZhedcYZ
V jcV ^c^X^Vi^kV eVigdcVa#
& 6GG>:I6!A#Zi6a#&..-/%L MOVIMIENTO COOPERATIVO EN %USKADI ;jcYVX^cHVW^cd6gVcV#
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 91
AV Yeef[hWj_lW Z[ Yedikce Zh Xdch^YZgVYV aV b{h ^bedg"
iVciZ YZ aV edXV n VYZb{h hZgk^g{ YZ WVhZ eVgV digdh i^"
edh YZ XddeZgVi^kVh# Ijkd jc \gVc YZhVggdaad YZW^Yd V aV
[VX^a^YVY YZ XgZVgaV n! edhiZg^dgbZciZ! hdhiZcZgaV# Hj dW"
_Zi^kd eg^cX^eVa Xdch^hiV Zc d[gZXZg Va hdX^d egdYjXidh YZ
eg^bZgV cZXZh^YVY ÅkZhi^Yd! Va^bZciVX^c! V\jV! ajoÅ!
eZgd iVbW^c! bjX]Vh YZ ZaaVh XdbeaZiVWVc Za hZgk^X^d
Xdc Vh^hiZcX^V bY^XV! hZ\jgdh edg kZ_Zo! ZiX# :c YZ[^c^i^kV!
d[gZXVc Va hdX^d jcV bZ_dg XVa^YVY YZ k^YV Vbea^VcYd hj
]dg^odciZ b{h Vaa{ YZ adh [^cZh YZ WZcZ[^X^d ZXdcb^Xd#
AVh Yeef[hWj_lWi Z[ fheZkYY_d _dZkijh_Wb ]Vc ZhiVYd Zc jc hZ\jcYd eaVcd! YZig{h YZ aVh XddeZgVi^kVh
YZ Xdchjbd# Hj XVgVXiZghi^XV W{h^XV Zh fjZ adh hdX^dh VedgiVc XVe^iVa n igVWV_d# AVh XddeZgVi^kVh YZ igV"
WV_d VhdX^VYd WjhXVc bZ_dgVg iVcid Za gZcY^b^Zcid Xdbd aVh XdcY^X^dcZh aVWdgVaZh! hdX^VaZh n ZYjXVi^kVh
YZa hdX^d"igVWV_VYdg# Edg hj ediZcX^Va YZ igVch[dgbVX^c YZ aVh gZaVX^dcZh hdX^VaZh YZ egdYjXX^c Xdchi^"
ijnZ aV ZmegZh^c b{h VXVWVYV ZcigZ aVh Y^kZghVh bdYVa^YVYZh YZ XddeZgVi^kVh# :c hj Y^bZch^c hdX^Va!
aVh XddeZgVi^kVh YZhVggdaaVc hZgk^X^dh YZ egdiZXX^c hdX^Va! hdX^d"XjaijgVaZh n YZ [dgbVX^c#
H^ k^cXjaVbdh Za XddeZgVi^k^hbd YZ egdYjXX^c ^cYjhig^Va Xdc jc Y^hXjghd YZ igVch[dgbVX^c hdX^Va! cdh
ZcXdcigVbdh Xdc jc eg^bZg XddeZgVi^k^hbd YZ [^a^VX^c hdX^Va^hiV# Hj b{m^bd ZmedcZciZ ÅXdbd kZgZ"
bdh V Xdci^cjVX^cÅ [jZ aV 3OCIEDAD !NØNIMA #OOPERATIVA DE 0RODUCCIØN DE !RMAS DE &UEGO !LFA#
AVh XddeZgVi^kVh YZ egdYjXX^c ^cYjhig^Va hZ XdcXZcigVgdc eg^cX^eVabZciZ Zc idgcd V aV ^cYjhig^V Vg"
bZgV YZ :^WVg# AV XddeZgVi^kV ^cYjhig^Va b{h ^bedgiVciZ [jZ 6a[V! [jcYVYV Zc &.'% Xdbd gZhejZhiV V
aV Xg^h^h YZa hZXidg V XdchZXjZcX^V YZ aVh bZY^YVh gZhig^Xi^kVh ÅYZ X^gXjaVX^c n kZciV YZ VgbVhÅ^c"
igdYjX^YVh edg Za \dW^Zgcd# H^c ZbWVg\d! YZW^Yd V aV [ajXijVX^c YZ aV YZbVcYV 6a[V dei iVbW^c edg
92 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
egdYjX^g b{fj^cVh YZ XdhZg# 6a[V [jZ jcV XddeZgVi^kV Xdc jcV YZ[^c^X^c ^YZda\^XV bVgXVYVbZciZ hd"
X^Va^hiV Åjcd YZ adh gZfj^h^idh YZ ^c\gZhd Xdbd hdX^d Xdch^hiV Zc eVgi^X^eVg YZ Va\jcV V\gjeVX^c hd"
X^Va^hiVÅ n [jZ YZXaVgVYV ^aZ\Va Zc &.(- edg adh edYZgZh [gVcfj^hiVh# Hj igVnZXidg^V hZ k^d igjcXVYV edg
aV \jZggV X^k^a# Hj YZhi^cd [jZ Za b^hbd fjZ Za YZ aV GZeWa^XV! aV YZhVeVg^X^c YZ hiV hjejhd iVb"
W^c aV YZhVeVg^X^c YZ VfjZaaV# :c ZhZ hZci^Yd! [jZ jcV ZmeZg^ZcX^V fjZ cd aaZ\ V iZcZg jc YZhVggdaad
eaZcd edgfjZ [jZ VWdgiVYV# H^c ZbWVg\d! Zc Za igVchXjghd YZ edXdh Vdh n WV_d XdcY^X^dcZh ]^hig^XVh
bjn Y^[ZgZciZh! kZgZbdh Xbd hjg\Z n [adgZXZ jc Y^hXjghd n jcV eg{Xi^XV XddeZgVi^kV Xjnd ejcid YZ
eVgi^YV hZg{ aV YdXig^cV hdX^Va YZ aV ^\aZh^V# EgdWVWaZbZciZ! VbWVh igVY^X^dcZh iZc\Vc b{h VheZXidh
Zc Xdbc fjZ ZaZbZcidh Y^[ZgZcX^VYdgZh! cd dWhiVciZ! cd XVWZ YjYV YZ fjZ VbWVh hdc YZjYdgVh YZ
jc i^Zbed n YZ jcV XdnjcijgV ]^hig^XV Y^hi^ciVh#
6ciZh YZa ZhiVaa^Yd YZ aV \jZggV X^k^a! VeVgiZ YZ aV [VWg^XVX^c YZ VgbVh! digdh hZXidgZh YdcYZ Za XddeZgV"
i^k^hbd YZ egdYjXX^c ijkd X^ZgiV ^cX^YZcX^V [jZgdc/ aV ^cYjhig^V YZa eVc n aV [VWg^XVX^c YZ bjZWaZh#
2. Antecedentes industriales
>\jVabZciZ! Za XddeZgVi^k^hbd YZ BdcYgV\dc ]V
iZc^Yd VciZXZYZciZh ^bedgiVciZh Zc Za iZggZcd
^cYjhig^Va# 6ggVhViZ"BdcYgV\c ]V YZhVggdaaVYd V
ad aVg\d YZ hj ]^hidg^V jcV ^bedgiVciZ VXi^k^YVY
^cYjhig^Va WVhVYV Zc aV igVch[dgbVX^c YZa ]^Zggd#
Hjh [ZggZgVh! Vh Xdbd hj igVY^X^c XZggV_ZgV n
VgbZgV hdc Vbea^VbZciZ XdcdX^YVh#
JhWZ_Y_d_dZkijh_WbZ[7hhWiWj[#CedZhW]d
JhWdi\ehcWY_dZ[b^_[hhe
;ZggZgVh >cYjhig^VbZiVag\^XV
H^\adMK>> H^\adMK>>> H^\adM>M H^\adMM
EgdYjXX^cYZVXZgdVgbVhnXZggV_ZgV ;jcY^X^cnXZggV_ZgV
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 93
9?9BE;9EDãC?9E'/&&#'/)& :c aV hZ\jcYV b^iVY YZa h^\ad M>M aVh ^chiVaVX^dcZh
bZiVag\^XVh hjhi^ijnZgdc V aVh [ZggZgVh# 6 eVg"
EZg^dYdYZXgZX^b^ZcidnbdYZgc^oVX^cZXdcb^XV/ i^g YZ ZcidcXZh! hjh egdYjXidh hZ dg^ZciVgdc iVcid
Va gZhid YZa :hiVYd Xdbd V aV ZmedgiVX^c V digdh
O 6jbZcidXdch^YZgVWaZYZaVgZciV eVhZh ZjgdeZdh# Adh VgX]^kdh YZa VnjciVb^Zcid
YZ 6ggVhViZ"BdcYgV\c YdXjbZciVc aV Zm^hiZcX^V
O 8VbW^dhZcaVZhigjXijgVegdYjXi^kV
HZXidgV\gVg^d/ YZ &() XZggV_Zgdh egd[Zh^dcVaZh Zc &-,%#
" 6jbZcidZcaVhjeZg[^X^ZhZbWgVYV
" BZ_dgVYZaVhiXc^XVhYZaVWgVcoV
6ggVhViZ"BdcYgV\c! Xdbd cXaZd [VWg^a! Vh^hi^ V
" 6bea^VX^cZcZajhdYZVWdcdhn[Zgi^a^oVciZh
" EZcZigVX^cYZcjZkdhXjai^kdh adh XVbW^dh k^cXjaVYdh Xdc aV HZ\jcYV GZkdajX^c
" >cXgZbZcidhZcaVegdYjXi^k^YVY ^cYjhig^Va n edh^W^a^i fjZ Za ejZWad \doVgV YZ X^Zg"
" GZcdkVYVXVeVX^YVYZmedgiVYdgV iV egdheZg^YVY ZXdcb^XV V eg^cX^e^dh YZa h^\ad MM#
HZXidg^cYjhig^Va/
9Z aV [jh^c YZ kVg^Vh XZggV_ZgVh hjg\^ Zc &.%+ aV
" 9^kZgh^[^XVX^cYZaiZ_^Yd^cYjhig^Va Jc^c 8ZggV_ZgV YZ BdcYgV\c J8:B! jc Xdb"
" 8gZX^b^ZcidYZZbegZhVhZaXig^XVh!fjb^XVh! eaZ_d i_Z[he#c[jWbh]_Ye fjZ egdYjXV idgc^aaZgV!
h^YZgg\^XVhnYZXdchigjXX^cbZX{c^XV
XZggV_ZgV! [ZggZiZgV! bjZWaZh bZi{a^Xdh n [jcY^X^c
" 6bea^VX^cYZ^c[gVZhigjXijgVh
" 6j\ZnXdchda^YVX^cYZcjZkdhcXaZdh[VWg^aZh bVaZVWaZ# NV Zc &.%+ aV J8:B ZbeaZVWV V XZgXV
YZ -%% igVWV_VYdgZh ÅadXVa^oVYdh bVndgbZciZ Zc
O DWhi{XjadhVaVbdYZgc^oVX^cZXdcb^XV 6ggVhViZ"BdcYgV\c n Va\jcdh Zc aV kZX^cV k^aaV YZ
O :higjXijgVbjnYZh^\jVaYZaVegde^ZYVYYZaVi^ZggV/
7Zg\VgVÅ hdWgZ jcV edWaVX^c YZ (#'%% ]VW^iVciZh#
" BZgXVYdeZfjZdnbjnegdiZ\^Yd
" >chj[^X^ZciZXVe^iVa^oVX^c :abV! >cYjhig^Va BdcYgV\dcZhV! GdcZd Å[^a^Va YZ aV
Jc^c 8ZggV_ZgVÅ YZY^XVYV V aV [VWg^XVX^c YZ bd"
O 8dchZXjZcX^Vhedai^XVh
AV >\aZh^V n! hdWgZ idYd! aV Jc^c 8ZggV_ZgV YZ BdcYgV\dc J8:B Xdchi^ijVc Za XZcigd YZ aV k^YV YZa
ejZWad# :hiV ZbegZhV bZiVag\^XV n YZ [jcY^X^c bVgX Za YZhVggdaad ZXdcb^Xd n hdX^Va YZ BdcYgV\dc
YjgVciZ idYV aV eg^bZgV b^iVY YZa h^\ad MM# Hjh Y^gZXi^kdh ZgVc V hj kZo XdcXZ_VaZh! VaXVaYZh d _jZXZh!
edg ad fjZ! Xdchi^ijVc jcV kZgYVYZgV da^\VgfjV V c^kZa XdbVgXVa# 6 eVgi^g YZ &.'* n ]VhiV &.(+ aV
J8:B Zcig Zc jc X^Xad YZ gZXZh^c# 9jgVciZ ZhiZ eZg^dYd adh WZcZ[^X^dh YZ aV ZbegZhV hZ gZYj_Zgdc
egd\gZh^kVbZciZ V ZmXZeX^c YZ &.(&# :hiZ X^Xad gZXZh^kd [jZ Zc eVgiZ XdchZXjZcX^V YZ aV Xg^h^h ZXd"
cb^XV ^ciZgcVX^dcVa fjZ igV_d Xdch^\d jcV gZYjXX^c YZ aVh kZciVh YZ aV XZggV_ZgV Zc Za ZmiZg^dg 6g"
\Zci^cV n BVggjZXdh! eZgd iVbW^c edg jc YZhXZchd YZ gZciVW^a^YVY edg aV ZhXVhV XdbeZi^i^k^YVY YZ aV
h^YZgjg\^V YZ 7Zg\VgV#
94 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
;I9;D7H?EFEBßJ?9E0;IF7y7;DBEI7yEI)&
B7??H;Fæ8B?97'/)'#'/),
O IgVhaVk^Xidg^VZcZaZXX^dcZhbjc^X^eVaZhYZaVXdVa^X^cYZ[jZgoVha^WZgVa"egd\gZh^hiVhnhdX^Va^hiVh!Za&)YZVWg^aYZ&.(&hZ
egdXaVbVaV>>GZeWa^XV#:a.YZY^X^ZbWgZhZVegjZWVaV8dchi^ijX^c!jcVYZaVhb{hVkVcoVYVhYZhjedXV!hdWgZidYdZcXjZh"
i^dcZhhdX^VaZhnZXdcb^XVh#HZ^chi^ijnZaVhZeVgVX^cYZaV>\aZh^VnZa:hiVYd!aVha^WZgiVYZhYZXjaidnYZgZa^\^c!hZVegjZWV
jcVZchZVcoVaV^XV!gVX^dcVa!eWa^XVn\gVij^iV0hZgZXdcdXZcZahj[gV\^djc^kZghVaeVgV]dbWgZhnbj_ZgZh!aV^\jVaYVYYZadh
Xcnj\ZhZcZabVig^bdc^dnZaYZgZX]dVaY^kdgX^d#
O ;b]eX_[hdeZ[_pgk_[hZWi'/)'#'/))/aVXdVa^X^cgZejWa^XVcd"hdX^Va^hiV^ciZcigZVa^oVg^bedgiVciZhgZ[dgbVheVgVbd"
YZgc^oVgZaeVhZcjcXdciZmidhdX^d"edai^XdYZXgZX^ZciZXdc[a^Xi^k^YVY!ZheZX^VabZciZZcZaXVbed!YdcYZhZ]VWVcYZedh^iVYd
\gVcYZhZheZgVcoVhYZigVch[dgbVX^c#H^cZbWVg\d!ZhiVkdajciVYYZXVbW^dYZa\dW^ZgcdgZejWa^XVcd!ZcXVWZoVYdedgBVcjZa
6oVV!ijkdfjZ]VXZg[gZciZVjcegdXZhdYZedaVg^oVX^cXgZX^ZciZZcigZ[jZgoVheVgi^YVg^Vhndedh^idgVhVaVgZ[dgbVV\gVg^V#
O Fh_dY_fWb[ifheXb[cWi0
O ;b]eX_[hdeZ[Z[h[Y^Wi'/))#'/),$:a\dW^Zgcd[dgbVYdedgZaEVgi^YdGVY^XVanVednVYdedgaV8:968dc[ZYZgVX^c:heVdaV
YZ9ZgZX]Vh6jicdbVheVgVa^oVZaegd\gVbVYZaVhgZ[dgbVhhdX^VaZhnZXdcb^XVhgZVa^oVYVhZcaVZiVeVVciZg^dg#:a*YZdXijWgZYZ
&.()!jcYVYZhejhYZaVZcigVYV[dgbVaYZaV8:96Va\dW^Zgcd!hdX^Va^hiVh!Xdbjc^hiVhngZejWa^XVcdhYZ^ofj^ZgYVhZaVcoVcVjcV
]jZa\V^chjggZXX^dcVa#AVgZhejZhiV\jWZgcVbZciVa!YZbVgXVYdXVg{XiZggZegZh^kd!hZigVYj_dZcZcXVgXZaVb^ZcidhbVh^kdh!X^ZggZ
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 95
YZhZYZhYZh^cY^XVidhdWgZgdhnXaVjhjgVYZeZg^Y^Xdh#AV^chjggZXX^cYZa()gZegZhZciaVZmVaiVX^cYZaVkVgZkdajX^dcVg^V[gZciZ
VaVkVYZYZhVggdaadbdYZgVYdYZadheg^bZgdhVdhYZaVGZeWa^XV!XdbdbZXVc^hbdYZigVch[dgbVX^chdX^Va#
O BWl_Yjeh_WZ[b<h[dj[FefkbWh\[Xh[heZ['/),$7V_daVWVcYZgVjc^iVg^VYZaVajX]VXdcigVZa[VhX^hbd!aVXdVa^X^cYZ\d"
W^ZgcdYZ^ofj^ZgYVhÄ[dgbVYdedggZejWa^XVcdhYZ^ofj^ZgYV!hdX^Va^hiVhnXdbjc^hiVh"\VcVaVhZaZXX^dcZhYZ&.(+#HZk^kZjc
Xa^bVYZ\gVciZch^c#:acjZkd\dW^Zgcd^ciZciVVXZaZgVgZaegdXZhdYZgZ[dgbVhYZadheg^bZgdhVdh!YZXgZiVaVVbc^hiVeVgV
adhgZegZhVa^VYdhYZa()"jcVh(%#%%%eZghdcVhhdcejZhiVhZca^WZgiVY"nhZVXjZgYVcadhZhiVijidhYZVjidcdbVYZ<Va^X^VnEVh
KVhXd#AVYZgZX]Vb^a^iVg^oVYVgZVXX^dcVXdcViZciVYdhiZggdg^hiVhnaV]dhi^a^YVYYZaVXaVhZdWgZgVVjbZciV!ZheZX^VabZciZedg
eVgiZYZaV8CI8dc[ZYZgVX^cCVX^dcVaYZIgVWV_VYdgZh!fjZigViVYZgZWVhVgVa\dW^ZgcdedgaV^ofj^ZgYV#
B7=K;HH79?L?B'/),#'/)/
O 7bpWc_[djec_b_jWh$:a&-YZ_ja^dYZ&.(+aVhigdeVhYZ;gVcXdhZVaoVcZcVgbVh#:cadheg^bZgdhYVhaVgZWZa^cig^jc[VZc
<Va^X^V!ÛaVkV!CVkVggV!AVG^d_V!6gV\c!8Vhi^aaV"AZc!eVgiZYZ:migZbVYjgVnaVh\gVcYZhX^jYVYZhYZ6cYVajXV0eZgdZcZagZhid
YZaeVhX]dXVYZ^cbZY^VidXdcaVgZh^hiZcX^VedejaVg!YVcYdVhaj\VgVjcVXgjZciV<jZggV8^k^afjZYjgigZhVdh#
O L_Yjeh_W\hWdgk_ijW'/)/
BEIFH?C;HEI7yEI:;B7:?9J7:KH7'/)/#'/+&
O 9edi[Yk[dY_WiZ_h[YjWiZ[bW]k[hhWoZ[bWh[fh[i_dZ[bWfei]k[hhW
" 8ZgXVYZjcb^aacYZbjZgidh#
" +#%%%bVZhigdhZ_ZXjiVYdh#
" '*%#%%%egZhdhedai^Xdh[^cVaZhYZ&.(.#
" JcVh'%%#%%%eZghdcVh[jZgdcVhZh^cVYVhZcigZ&.(."&.)*#
" *%%#%%%Zm^a^VYdh#
" 8ZciZcVgZhYZb^aZhYZ]Zg^Ydhnbji^aVYdh#
" 9ZhigjXX^cYZaVZXdcdbVcVX^dcVa/Y^hb^cjX^cYZaVedWaVX^cVXi^kV!YZhigjXX^cYZk^k^ZcYVh!
YZhbVciZaVb^ZcidYZaVgZYYZigVchedgiZh!gj^cVYZaVh^cYjhig^Vh!egY^YVhV\gXdaVhn\VcVYZgVh#
O 9edi[Yk[dY_Wi[dbW[YedecWo[dbWieY_[ZWZ
" AVhi^ZggVhgZeVgi^YVh[jZgdcYZkjZaiVhVhjhegde^ZiVg^dhVciZg^dgZh#
" AVhZbegZhVhXdaZXi^k^oVYVhiVbW^c#
" AdhigVWV_VYdgZhfjZ]VWVceVgi^X^eVYdZcZagZeVgid[jZgdcYjgVbZciZgZegZhVa^VYdh#
" AdhhVaVg^dhhZgZYj_ZgdcYg{hi^XVbZciZ#
" 8VYVZcadhc^kZaZhYZk^YV#
" GZigdXZhdhZcadhc^kZaZhYZegdYjXi^k^YVY#
" Hjhi^ijX^cYZXVe^iVaedgigVWV_d#
" 6jbZcidYZaY[^X^ieWa^XdYZW^YdVadh\Vhidhb^a^iVgZh#IdYVkV[dXdhYZgZh^hiZcX^V^ciZg^dg#G^Zh\dYZ\jZggV_jcidVa:_Zd
^ckVh^cVa^VYV#:c&.*%:heVVZgVZa:hiVYdYZaV:jgdeVdXX^YZciVaXdcbVndgegdedgX^cYZ\VhideWa^XdYZY^XVYdVYZ[ZchV#
" AVh Ydh dg^ZciVX^dcZh W{h^XVh YZ aV edai^XV ZXdcb^XV! VjiVgfjV Z ^ciZgkZcX^dc^hbd! XdchZXjZcX^Vh eZgijgWVYdgVh Zc Za
Xdc_jcidYZaVZXdcdbV#
" :aZfj^kVaZciZYZaE>7YZ&.(*cdhZaaZ\VVaXVcoVg]VhiV&.*&#
J7I7I:;9H;9?C?;DJE:;BF?8F;H9ÜF?J7
'/')#'/(/ ($&
'/(/#'/+& #&".
'/+&#'/-+ +$)
;J:CI:/6aWZgi8VggZgVhnMVk^ZgIV[jcZaa'%%(#
96 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
3. Arrasate-Mondragón en los años 30:
T]KPI LM KTI[M[ a KWÆQK\Q^QLIL [WKQIT
:c 6ggVhViZ"BdcYgV\c Za eg^bZg VnjciVb^Zcid gZejWa^XVcd Zhijkd Xdc[dgbVYd edg XjVigd XdcXZ_VaZh gZej"
Wa^XVcdh! Ydh hdX^Va^hiVh! jcd YZ 6XX^c CVX^dcVa^hiV KVhXV 6CK! igZh YZa EVgi^Yd CVX^dcVa^hiV KVhXd ECK
n XjVigd XVga^hiVh# :chZ\j^YV! Za YZWViZ hdWgZ Za :hiVijid YZ VjidcdbV! XdcdX^Yd Xdbd Za ESTATUTO DE %STELLA
YZ[^c^ Ydh WadfjZh/ gZejWa^XVcdh! hdX^Va^hiVh n 6CK edg jc aVYd! n eZcZjk^hiVh n XVga^hiVh edg digd#
8dc aV aaZ\VYV YZ aV GZeWa^XV hZ ^cXgZbZci cdiVWaZbZciZ aV V[^a^VX^c YZ aVh dg\Vc^oVX^dcZh dWgZgVh n
hZ hjhX^iVgdc \gVcYZh ZmeZXiVi^kVh YZ XVbW^d# AV Jc^c <ZcZgVa YZ IgVWV_VYdgZh J<I ZgV Za h^cY^XVid
bVndg^iVg^d YZ aV Jc^c 8ZggV_ZgV# 6 hj kZo! aV 6\gjeVX^c HdX^Va^hiV YZ 6ggVhViZ"BdcYgV\c gZjcV V
jcdh +% b^a^iVciZh# 8dc Za ig^jc[d YZ aV YZgZX]V Zc aVh ZaZXX^dcZh aZ\^haVi^kVh YZ &.(( aV eVigdcVa kdak^
V hZci^ghZ [jZgiZ n VjbZciVgdc adh YZhe^Ydh! gZV_jhiZh YZ eaVci^aaV n gZYjXX^dcZh YZ _dgcVYV# :a VhXZchd
YZa cVo^hbd n aV [gjhigVX^c YZ aVh ZmeZXiVi^kVh YZ XVbW^d YZedh^iVYVh Zc aV GZeWa^XV! egdYj_Zgdc jc
VaZ_Vb^Zcid ZcigZ adh eVgi^Ydh gZejWa^XVcdh n hdX^Va^hiVh n hj WVhZ hdX^Va! n Y^d eVhd V hj gVY^XVa^oVX^c!
ZheZX^VabZciZ Zc aVh ?jkZcijYZh HdX^Va^hiVh# Jc Vd VciZh YZ aV ]jZa\V gZkdajX^dcVg^V YZa * YZ dXijWgZ!
nV deZgVWV Zc 6ggVhViZ"BdcYgV\c jc \gjed YZ _kZcZh XVeVX^i{cYdhZ Zc Za bVcZ_d YZ VgbVh#
;F?IE:?E?DIKHH;99?ED7B0E9JK8H;:;'/)*
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 97
4. Los estragos de la guerra y la posguerra
6a YV h^\j^ZciZ YZa VaoVb^Zcid hZ dg\Vc^oV Zc 6ggVhViZ"BdcYgV\c aV ?jciV YZ 9Z[ZchV! XdbejZhiV
edg adh eVgi^Ydh YZ ^ofj^ZgYV n Za ECK# 9dh bZhZh b{h iVgYZ! Za '& YZ hZei^ZbWgZ YZ &.(+! aVh igdeVh
[gVcfj^hiVh dXjeVWVc BdcYgV\dc# :a ejZWad hZ igVch[dgb Zc XVbed YZ WViVaaV/ ÆLAS TRINCHERAS DE GUE
RRA SE ABRIERON EN SUS MONTES LAS ESCUELAS SE TRANSFORMARON EN CUARTELES LA INSTRUCCIØN MILITAR SE PRACTICABA EN SUS
PLAZAS LOS SOPORTALES SE CONVIRTIERON EN GRANDES FOGONES PARA PREPARAR EL RANCHO Y LA CONFRONTACIØN BÏLICA SONABA
FÞNEBRE CONVERTIDA EN UNA SINFONÓA MORTALÇ'#
6ciZh YZ aV ZcigVYV YZ aVh igdeVh [gVcfj^hiVh b{h YZ aV b^iVY YZ aV edWaVX^c nV ]VWV VWVcYdcVYd
Za ejZWad# BdcYgV\dc eVh YZ iZcZg ,#-(* ]VW^iVciZh Zc &.(( V (#%+% V [^cVaZh YZ &.(+# AVh ZbegZ"
hVh adXVaZh! ZcigZ ZaaVh Jc^c 8ZggV_ZgV! hZ fjZYVgdc h^c igVWV_VYdgZh# 9Z adh )'( igVWV_VYdgZh fjZ hZ
Y^Zgdc YZ WV_V kdajciVg^V Va Xdb^Zcod YZ aV \jZggV! aV \gVc bVndgV ZgVc YZ aV J<I# =VWV ZhXVhZo YZ
bVcd YZ dWgV n adh eVigdcZh ijk^Zgdc fjZ gZXjgg^g V bVcd YZ dWgV cd ZheZX^Va^oVYV eg^bZgd! n V _kZ"
cZh YZ ZcigZ &( n &* Vdh! b{h iVgYZ# AV J8:B gZYj_d hj eaVci^aaV YZ &#&)+ V )*% igVWV_VYdgZh# IVcid
aV J8:B Xdbd :abV hZ VWdXVgdc V aV [VWg^XVX^c YZ VgbVh ÅegdnZXi^aZh! bdgiZgdh! ZhiVW^a^oVYdgZh
bZi{a^Xdh eVgV WdbWVh! ZiXiZgVÅ eVgV Za VWVhiZX^b^Zcid YZa Z_gX^id [gVcfj^hiV#
CedZhW]ed0[lebkY_dZ[ce]h|\_YW'/&&#'/+&
15.000
habitantes
10.000
Nº de
5.000
0
1900 1910 1921 1930 1933 1936 1940 1950
;J:CI:/6njciVb^ZcidYZ6ggVhViZ"BdcYgV\c#
AV \jZggV Yjg igZh Vdh n YZ_ jc WVaVcXZ YZhdaVYdg/ jc ejZWad YZhigdoVYd bdgVa n ZXdcb^XVbZc"
iZ n Y^k^Y^Yd ZcigZ kZcXZYdgZh n kZcX^Ydh# 6 adh )' BdcYgV\dcZhZh fjZ [jZgdc [jh^aVYdh YjgVciZ adh
eg^bZgdh bZhZh YZ aV Xdci^ZcYV hZ aZ hjbVgdc adh bjZgidh n ]Zg^Ydh Zc Za [gZciZ YZ \jZggV! adh (%%
ZcXVgXZaVYdh n digdh bjX]dh Zm^a^VYdh! h^c dak^YVg adh ++ c^dh n c^Vh fjZ fjZYVgdc ]jg[Vcdh# AV
J8:B hZ Y^hi^c\j^ YZ :abV! 8jX]VgZgV d YZ 6hVb ÅidYVh ZaaVh ZbegZhVh adXVaZhÅ edg cd gZVYb^i^g
V bjX]dh igVWV_VYdgZh# :gV aV edai^XV YZ YZejgVX^c#
AjZ\d aaZ\VgVc adh Vdh YZ aV edh\jZggV! aV YXVYV YZ adh XjVgZciV! Zc adh fjZ Za ]VbWgZ hZ ZchV
Xdc jcV edWaVX^c Vcb^XVbZciZ VWVi^YV# HZ k^kV jcV gZVa^YVY ZheZajocVciZ/ [VaiVWVc adh Va^bZcidh
b{h ZaZbZciVaZh Za eVc! Za VXZ^iZ! aVh aZ\jbWgZh n aV XVgcZ! Vh Xdbd Za XVgWc n aV aZV0 hZ ^bejhd
Za gVX^dcVb^Zcid0 VeVgZX^ aV iZb^YV ijWZgXjadh^h#
98 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
8dc idYd! XVh^ iVc WgjiVa Xdbd aV \jZggV [jZ aV gZegZh^c YZa eZg^dYd YZ edh\jZggV# =VhiV XVh^
kZ^ci^X^cXd Vdh YZhejh YZa [^c YZ aV \jZggV! aV egdeV\VcYV d[^X^Va hZ WVh Zc aV k^Xidg^V n cd
Zc aV eVo# HZ Vcja idYV [dgbV YZ ZmegZh^c YZbdXg{i^XV/ hZ hjeg^b^Zgdc aVh a^WZgiVYZh edai^XVh!
n Za YZgZX]d YZ gZjc^c had hZ XdciZbeaVWV WV_d ZmegZhV Vjidg^oVX^c \jWZgcVbZciVa# 8jVafj^Zg
ZmegZh^c YZ aV aZc\jV n XjaijgV kVhXV XVV WV_d hdheZX]V d h^beaZbZciZ ZhiVWV egd]^W^YV# HZ XVh"
i^\VWV Za h^beaZ jhd YZa ^Y^dbV Zc aVh VjaVh n aVh eVgZYZh YZ aVh ZhXjZaVh hdedgiVWVc Xdch^\cVh
[gVcfj^hiVh Xdbd hEL NACIONALISMO ;VASCO= TUVO COMO BASE UNA IMAGINACIØN ENLOQUECIDA Y HA MUERTO ABRA
ZADO A LA ANARQUÓA Y AL COMUNISMOv#(
AV bdgVa Ydb^cVciZ egdXZYV YZ aV ^\aZh^V# :gVc i^Zbedh YZ \gVc [Zgkdg gZa^\^dhd# IVa n Xdbd gZ"
aViV jcd YZ adh [jcYVYdgZh YZa bdk^b^Zcid XddeZgVi^kd! 6a[dchd <dggdd\d^i^V/ h%NTONCES LAS DISCU
SIONES SE ZANJABAN TRAS LA MISA MATUTINA DEL DOMINGO CON UN ARGUMENTO IRREFUTABLE LO HA DICHO EL PÉRROCO
9 YA NO HABÓA MÉS QUE HABLARv ) AV _ZgVgfjV ZXaZh^Va cd had Xdbja\VWV Xdc Za g\^bZc [gVcfj^hiV
h^cd fjZ aZ YVWV aZ\^i^b^YVY# N YVYd fjZ Zc eaZcV edh\jZggV aV YdXig^cV \jWZgcVbZciVa dgYZ"
cVWV gZ^chiVjgVg n [dgiVaZXZg adh bdaYZh igVY^X^dcVaZh! aVh eg{Xi^XVh gZa^\^dhVh ^cjcYVgdc aV k^YV
Y^Vg^V# 6YZb{h! aV ^\aZh^V \doVWV YZ \gVc Vjidg^YVY bdgVa hdWgZ aV bVndg eVgiZ YZ aV edWaVX^c!
a\^XV ]ZgZcX^V YZ jcV aVg\V igVY^X^c Xg^hi^VcV# Edg idYd Zaad! [jZgdc bjX]Vh aVh eZghdcVh fjZ
hZ gZ[j\^Vgdc Zc aV YZkdX^c gZa^\^dhV eVgV hdWgZaaZkVg jcV gZVa^YVY X^ZgiVbZciZ YZeg^bZciZ# JcV
kZo! <dggdd\d^i^V aZ egZ\jci V hj bVYgZ/ hz#ØMO SOBREVIVISTE A TODO AQUELLO #ON MUCHO LLANTO Y
MUCHA MISAv aZ gZhedcY^# *
Adh [jijgdh XddeZgVi^k^hiVh! idYVkV VYdaZhXZciZh! egdcid ZcigVgdc V [dgbVg eVgiZ YZ aV ?jkZcijY
DWgZgV YZ 6XX^c 8Via^XV ?D68! XgXjad fjZ aZh eZgb^iV eVgi^X^eVg Zc VXi^k^YVYZh YZedgi^kVh n
( DGB6:IM:6!?#B#'%%(
) 6A;DCHD<DGGDxD<D>I>6[ZWgZgdYZ'%%(
* >WYZb#
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 99
dg\Vc^oVg dWgVh iZVigVaZh d XVWVa\ViVh
YZ GZnZh# :c Zhidh ZheVX^dh n Zc digdh
h^b^aVgZh ZjXVg^hiV! XgXjadh YZ Zhij"
Y^d! XaVhZh! ZiX# Zbe^ZoVc V gZaVX^d"
cVghZ Xdc ?dh BVgV 6g^obZcY^Vgg^ZiV0
eZghdcV XaVkZ fjZ aZh igVchb^i^gV Xbd
ZciZcYZg aV [Z n fjZ Z_ZgXZgV jc ^c[aj"
_d YZiZgb^cVciZ Zc hjh k^YVh# :c Zhidh
Vdh YZ _jkZcijY ZcgV^oVgdc Zc Zaadh
jcVh egd[jcYVh XgZZcX^Vh Xg^hi^VcVh n
jc Zm^\ZciZ XY^\d bdgVa! ZaZbZcidh
[jcYVbZciVaZh V aV ajo YZ adh XjVaZh
:khWdj[bWfei]k[hhW[b]eX_[hde\hWdgk_ijWh[\ehpbeicebZ[i YZWZbdh ^ciZgegZiVg idYdh adh VXdciZX^"
jhWZ_Y_edWb[iobWifh|Yj_YWih[b_]_eiWi$
b^Zcidh edhiZg^dgZh#
9ZhYZ ZhZ bdbZcid ]VhiV aV XgZVX^c YZ aV eg^bZgV XddeZgVi^kV Zc Za Vd &.**! 6g^obZcY^Vgg^ZiV cd
]^od cVYV b{h n cVYV bZcdh fjZ ZYjXVg# EZgd cd Xdc jc egd\gVbV YZ ZYjXVX^c igVY^X^dcVa! h^cd V igV"
kh YZa XgXjad YZ ZhijY^dh! YZhYZ hj eae^id! Zc hjh XaVhZh YZ aV :hXjZaV YZ 6egZcY^XZh eg^bZgd! n YZ aV
:hXjZaV Egd[Zh^dcVa YZhejh! Zc Za Xdc[Zh^dcVg^d! Zc aVh VXi^k^YVYZh YZ 6XX^c 8Via^XV# :c hjbV! hZ kVaV
YZ XjVafj^Zg X^gXjchiVcX^V eVgV [dgbVg n \j^Vg V adh fjZ ZhiVWVc V hj VagZYZYdg#
9jgVciZ adh eg^bZgdh Vdh ZchZ Zc aV :hXjZaV YZ 6egZcY^XZh YZ aV Jc^c 8ZggV_ZgV! edg VfjZa Zcidc"
XZh aV c^XV eaViV[dgbV YZ [dgbVX^c egd[Zh^dcVa Zm^hiZciZ# ;jZ Vfj YdcYZ Xd^cX^Y^Zgdc adh egdbdidgZh
YZ aV eg^bZgV XddeZgVi^kV n YdcYZ hZ [dgbVgdc digdh bjX]dh fjZ hZ jc^gVc Va egdnZXid XddeZgVi^kd#
:c &.)( hZ XgZ aV ?jkZcijY 9Zedgi^kV YZ BdcYgV\c! Xjndh ZhiVijidh hdX^VaZh [jZgdc gZYVXiVYdh edg 6g^o"
bZcY^Vgg^ZiV# :c idgcd V ZaaV egZeVgVgdc dWgVh YZ iZVigd! dg\Vc^oVgdc aVh XZaZWgVX^dcZh cVk^YZVh! gZXjeZ"
gVgdc Vci^\jVh XdhijbWgZh kVhXVh! ZiX# 6 aV eVg! 6g^obZcY^Vgg^ZiV [jcY jcV 6XVYZb^V HdX^Va d 6XVYZb^V
YZ HdX^dad\V ÆeVgV [dgbVg V adh [jijgdh Y^g^\ZciZh dWgZgdhÇ# :c ZhiV Y^gZXX^c! V[^gbVWV fjZ ÆZa igVWV_VYdg
cd ejZYZ hZg ZbVcX^eVYd/ had ejZYZ n YZWZ ZbVcX^eVghZ V h b^hbdÇ n eVgV ad\gVg iVa dW_Zi^kd YZ[ZcYV
jcV ZYjXVX^c ^ciZ\gVa fjZ XdbW^cVgV aV XVeVX^iVX^c egd[Zh^dcVa Xdc aV [dgbVX^c hdX^Va#+
100 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Adh 8gXjadh YZ :hijY^d fjZ Y^g^\V YZhYZ Za XZcigd YZ 6XX^c 8Via^XV n adh hZb^cVg^dh n _dgcVYVh fjZ
dg\Vc^oVWV ZgVc ZbeaZVYdh eVgV ^beVgi^g ^cY^hi^ciVbZciZ ZYjXVX^c gZa^\^dhV n hdX^Va#
Adh _kZcZh fjZ ZbeZoVWVc V gZjc^ghZ Zc idgcd V 6g^obZcY^Vgg^ZiV k^k^Zgdc Vdh ^ciZchdh YZ ZhijY^d n
igVWV_d# 6YZb{h YZ eVgi^X^eVg Zc aVh VXi^k^YVYZh egdbdk^YVh YZhYZ 6XX^c 8Via^XV! YZWVc ZhijY^Vg! VXj"
Y^g Y^Vg^VbZciZ V aV b^hV bViji^cV n! cVijgVabZciZ! igVWV_Vg aVh *% ]dgVh hZbVcVaZh Zhi^ejaVYVh#
AV [dgbVX^c Z ^bea^XVX^c YZ aVh eZghdcVh [jZgdc aVh ZhigViZ\^Vh ji^a^oVYVh edg 6g^obZcY^Vgg^ZiV0 Za
Xdbegdb^hd eZghdcVa n aV hda^YVg^YVY Xdc adh digdh! adh kVadgZh fjZ egVXi^XVWV Z ^cXjaXVWV#
B7;I9K;B7:;7FH;D:?9;I'/)/#'/-'
ÇBWbWh]WcWhY^W^WY_W[biWbjeieY_Wbo[cfh[iWh_WbYedl_i_dYeckd_jWh_W[cf_[pWfehbW;iYk[bWZ[7fh[dZ_Y[iÈ
BWhhWW]W"@$")NTERIORIDADES DE UNA UTOPIA
HZXgZeVgVXjWg^gaVhcZXZh^YVYZhYZaVJc^c8ZggV_ZgVbZY^VciZaVXjVa^[^XVX^cegd[Zh^dcVaYZ_kZcZhZcigZ&)n&+Vdh#
HadhZVYb^iVc&'VajbcdhedgXjghd!nZgVcXdcY^X^dcZh^cY^heZchVWaZheVgVZa^c\gZhdhjeZgVgadhZm{bZcZhYZVXXZhdnhZg
]^_dd]ZgbVcdYZjcigVWV_VYdgYZaVJ8:B#:aX^XadYZ[dgbVX^cegd[Zh^dcVaYjgVWV)Vdh!ZcadhfjZhZXdbW^cVWVaVZchZ"
VcoViZg^XVXdcVXi^k^YVYZheg{Xi^XVh#H^W^Zc[jZjcV^chi^ijX^cYZXaVgdXdgiZeViZgcVa^hiV!cVX^YVeVgVZaVjidVWVhiZX^b^Zcid
YZaVJc^c8ZggV_ZgV!iVbW^c[jZjcV^c^X^Vi^kVcdkZYdhVZchji^ZbedfjZWg^cYjcVdedgijc^YVYYZ[dgbVX^cV_kZcZhfjZ
cdiZcVcdeX^cZYjXVi^kVVa\jcV#:aegde^d<dggdd\d^i^VkVadgVedh^i^kVbZciZaVZmeZg^ZcX^V/Æ6jcfjZaV:hXjZaVYZ6egZcY^XZh
ZgVjcYdb^c^deg^kVYdXdccbZgdhXaVjhjhfjZaV8ZggV_ZgVedcVeVgVhneVgVhjh^ciZgZhZhZbegZhVg^VaZh!edgdigVeVgiZ
aZ\i^bdh!cdXVWZYjYVfjZXjbea^jcV\gVcaVWdgÇ#
+ A:>76G!?#n6O86G6I:!?#&..)/(ISTORIA DE %SKOLA 0OLITEKNIKOA *OSÏ -ARÓA !RIZMENDIARRIETA8V_VAVWdgVan:h`daVEda^iZ`c^`dV
?#B¯6g^obZcY^Vgg^ZiV#
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 101
IgVchb^i^ hj XgZZcX^V Zc Za eg^cX^e^d YZ ^\jVaYVY YZ dedgijc^YVYZh VXjVcYd jc eg^cX^e^d fjZ ]^od [dgijcV
ÆSOCIALIZANDO EL SABER SE DEMOCRATIZA EL PODERÇ0 Vh b^hbd! ^chXg^W^ Zc aVh eVgZYZh YZ aVh VjaVh aV XaZWgZ ^YZV
iVdhiV hDALE UN PESCADO A UN HOMBRE Y COMERÉ UN DÓA %NSÏ×ALE A PESCAR Y COMERÉ EL RESTO DE SU VIDAv,# :c aV bZbd"
g^V YZa eg^bZg Xjghd! Vdh &.)($))! VeVgZXZc kVg^Vh dWhZgkVX^dcZh fjZ ^ajhigVc bjn W^Zc aV k^h^c YZ 6g^o"
bZcY^Vgg^ZiV hdWgZ aV gVoc YZ hZg YZ aV :hXjZaV n YZa kVadg YZ aV ZYjXVX^c/ hLA %SCUELA QUE SE DESEA NO PUE
DE SER SOLAMENTE UN INSTRUMENTO DE PROSPERIDAD Y DE PROGRESO MATERIAL SINO TAMBIÏN UN FACTOR IMPORTANTÓSIMO DE PAZ
SOCIAL UNA INSTITUCIØN QUE FORMADA POR EL ESPÓRITU CRISTIANO HA DE REALIZAR UNA LABOR DE AMPLIAS RESONANCIAS ESPIRITUALES
COMBATIENDO EL ODIO DE CLASES LA INTELIGENCIA NO SOLAMENTE ES LA FACULTAD MÉS BRILLANTE DEL HOMBRE SINO TAMBIÏN ES EL
INSTRUMENTO MEJOR DE QUE DISPONE PARA EMANCIPARSE DE LA OSCURIDAD Y DE LA MISERIA Y SUPERARSE A SÓ MISMOv-#
6g^obZcY^Vgg^ZiV XdciVWV Xdc aV h^beViV n Za Vednd YZ bjX]Vh eZghdcVh! eZgd! fj YjYV XVWZ! iVb"
W^c iZcV hj dedh^X^c# EVgV Va\jcdh hZXidgZh YZ aV ^ofj^ZgYV kVhXV ZgV jc XdaVWdgVX^dc^hiV Xdc Za g"
\^bZc edgfjZ ]VXV idYd ad edh^WaZ eVgV fjZ hjh VXi^k^YVYZh Zhijk^ZgVc YZcigd YZ adh ab^iZh ^bejZh"
idh edg aV aZn0 eVgV digdh! cd ZgV b{h fjZ jc VaWdgdiVYdg0 ÆZa XjgV gd_dÇ eVgV adh b{h XdchZgkVYdgZh#
>ciZgegZiVcYd Xdc eZghe^XVX^V Za XdciZmid hdX^Va Zc Za fjZ hZ ]VaaVWV! 6g^obZcY^Vgg^ZiV ^ciZci VXijVg
h^ZbegZ Xdc egjYZcX^V n egV\bVi^hbd/ hQUISO SER SØLO SACERDOTE TENIENDO MÉXIMO CUIDADO DE QUE NO PUDIERAN
ENCASILLARLE EN NINGÞN GRUPO POLÓTICO INDEPENDENCIA QUE ÏL JUZGØ ABSOLUTAMENTE NECESARIA E INDISPENSABLE PARA SU LA
BOR SACERDOTAL Y DE UNIFICACIØN DADAS LAS CIRCUNSTANCIAS DE LA VILLA CERRAJERAv.#
;hW _cfei_Xb[ f[diWh [d Wgk[bbei Wei [d [ijkZ_Wh [di[WdpW i[Ykd#
ZWh_W ÆXWY^_bb[hÆ o c[dei Wif_hWh W bW Kd_l[hi_ZWZ$ Ibe WYY[ZWd W bWi [i#
Yk[bWi ikf[h_eh[i o W bWi <WYkbjWZ[i [djh[ [b ' o [b '$+& Z[ bei `l[d[i o jWb
h[ijh_YY_dWf[dWibb[]WXWfWhWYkXh_hbWfhefehY_dZ[bei^_`eiZ[bWi]hWdZ[i
\ehjkdWi"][d[hWbc[dj[[dcWdeiZ[bei[cfh[iWh_ei$ #EhcW[jn[W"@$C$(&&)
Adh VegZcY^XZh fjZ Vdh b{h iVgYZ ^bejahVgVc aV ZmeZg^ZcX^V XddeZgVi^kV! Zc &.)+ ZgVc nV bVZhigdh ^cYjh"
ig^VaZh Zc aV Jc^c 8ZggV_ZgV n dXjeVWVc ejZhidh YZ X^ZgiV gZaZkVcX^V/ iXc^Xdh n _Z[Zh YZ iVaaZg# Cd dWhiVciZ!
6g^obZcY^Vgg^ZiV aZh Vc^bV V fjZ VbeaZc hjh XdcdX^b^Zcidh n Xdci^cZc hj [dgbVX^c! d[gZX^b^Zcid fjZ YZ_V
VY^k^cVg nV eaVcZh YZ [jijgd b{h VbW^X^dhdh# h!RIZMENDIARRIETA ESTABA PENSANDO YA EN GENTE CAPAZ DE MODIFICAR LAS
/
ESTRUCTURAS DE LA EMPRESA Y PARA ELLO NOS MANDØ ESTUDIAR PERITAJE A REFORZAR NUESTROS CONOCIMIENTOS DE MAESTRÓAv #
AV hj\ZgZcX^V ZgV VigVXi^kV VjcfjZ Y^[X^a YZ gZVa^oVg/ cd edYVc YZ_Vg jc igVWV_d YZa fjZ YZeZcYVc
Zaadh n hjh [Vb^a^Vh n igVhaVYVghZ V ZhijY^Vg V digV X^jYVY# AV c^XV VaiZgcVi^kV [VXi^WaZ ZgV aV YZ Zh"
ijY^Vg V Y^hiVcX^V eZgd! hZ\c aV aZn! aV Vh^hiZcX^V V XaVhZ ZgV dWa^\Vidg^V! n aVh ZhXjZaVh YZ eZg^idh YZ
7^aWVd n HVciVcYZg gZX]VoVgdc hjh hda^X^ijYZh YZ bVig^XjaVX^c# AV dedgijc^YVY hjg\^ ^cZheZgVYVbZc"
iZ/ jc YV! XVhjVabZciZ! 6g^obZcY^Vgg^ZiV XdcZXi Xdc jc gZegZhZciVciZ YZ aV ZbegZhV GdcZd fjZ iZcV
, DGB6:IM:6!?#B#'%%(
- A:>76G!?#n6O86G6I:!?#&..)
. >WYZb#
102 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
gZaVX^c Xdc Za Y^gZXidg YZ aV :hXjZaV YZ EZg^idh YZ OVgV\doV! jc egdb^cZciZ X^jYVYVcd YZa g\^bZc
aaVbVYd H^cjh JgW^daV0 ad Xdcfj^hi n ad\g fjZ hZ aZh XdcXZY^ZgV aV Y^heZchV YZ ZhXdaVg^YVY#
KdW\ehcWZ[ikf[hWh[ij[YbcWn^kcWde^[h_ZefehbeijhWkcWif[hie#
dWb[i"bWck[hj["bWii[fWhWY_ed[i"bei[d\h[djWc_[djeibWj[dj[i"bWfh[YWh_[ZWZ
ieY_Wb"bWfeXh[pWo[b^WcXh["\k[fheo[YjWhkdWl_ZWZ[jhWXW`e"Z[[ijkZ_eoZ[
h[Wb_pWY_ed[iYedYh[jWi$IeXh[jeZeÅ7h_pc[dZ_Whh_[jW#_cfh_c_WY[dj[dWh[i
Z[`l[d[i[b[djki_Wicefeh[bjhWXW`e"bWWkij[h_ZWZ[dbWl_ZWieY_Wbo[bW\[Yje
h[if[jkeie[dbWih[bWY_ed[i_dj[hf[hiedWb[i$ #EhcW[jn[W"@$C$(&&)
B7;I9K;B7FHE<;I?ED7B'/*)
ÇBW;iYk[bWfeb_jYd_YW[ibWXWdZ[hWZ[kdW[ijhWj[]_WZ[jhWdi\ehcWY_dZ[bWYeckd_ZWZbeYWbÈ$
BWhhWW]W"@$"?dj[h_eh_ZWZ[iZ[kdWkjef_W
HZ^cVj\jgZcdXijWgZYZ&.)(Xdbddg\Vc^oVX^cYZeZcY^ZciZYZ6XX^c8Via^XV#AdhVajbcdhZgVc'%X]^XdhYZZcigZ&)n&+Vdh#Hj
XgZVX^c[jZ[gjidYZaigVWV_dnZh[jZgodXdaZXi^kdh#
6g^obZcY^Vgg^ZiVXgZjcVVhdX^VX^cYZeVYgZheVgVÅZcXdaVWdgVX^cXdcadh_kZcZhÅYZheZgiVgZa^ciZghYZaejZWadedgZa
egdnZXid#EVgVgZXVjYVg[dcYdhdg\Vc^oVgdcY^kZghVhVXi^k^YVYZhhdX^VaZhnYZedgi^kVh!niVbW^chda^X^iVgdcVedgiVX^dcZhVaVh
ZbegZhVhadXVaZh#6YZb{hXdadXVgdcjcdhWjodcZhZcaVheg^cX^eVaZhXVaaZhYZaejZWad!eVgVfjZadhkZX^cdh^ciZgZhVYdhZcZa
egdnZXidYZedh^iVgVcjcVcdiVXdchjcdbWgZnY^gZXX^c^cY^XVcYdfjZZhiVWVcY^hejZhidhVXdcig^Wj^gXdcY^cZgddhZgk^X^dh
eZghdcVaZh#:hiVheZghdcVhhZXdck^gi^ZgdcZcb^ZbWgdhYZaVcjZkVdg\Vc^oVX^c!XdcYZgZX]dVeVgi^X^eVgZcaVZaZXX^cYZadh
XVg\dhY^gZXi^kdhnZcaVYZiZgb^cVX^cYZhjacZVYZVXijVX^c#
6eZhVgYZfjZaVhVjidg^YVYZhadXVaZhnaVJc^c8ZggV_ZgVhZcZ\VgVcVeVgi^X^eVg!adhegd[ZhdgZhYZaV:hXjZaVYZ6egZcY^XZh
VednVgdcaV^c^X^Vi^kVYZ6g^obZcY^Vgg^ZiV!^beVgi^ZcYdXaVhZhZcaVcjZkV:hXjZaVnVhjb^ZcYdhjY^gZXX^cYjgVciZadheg^bZ"
gdhVdh#IVanXdbdgZaViVcAZ^WVgn6o`VgViZ!adhbVndgZh^beZY^bZcidhfjZijkdfjZhjeZgVgaVgZX^ccVX^YVZhXjZaV[jZgdc
ÆaV[VaiVYZXdcX^ZcX^VYZaVaXVcXZYZaVegdbdX^cXjaijgVaniXc^XV!iVcidedgeVgiZYZadheVigdcZhXdbdYZadhdWgZgdhÇnaVh
Y^[^XjaiVYZhYZ[^cVcX^VX^c!fjZdWa^\VgVcVjcVhj[g^YVVjhiZg^YVY#ÆAVhYdheg^bZgVhYXVYVh[jZgdcYZVjici^XVeZcjg^V#AVh
hjWkZcX^dcZhd[^X^VaZhZgVcZhXVhh^bVh#HZVXjY^VaVWjZcVkdajciVYYZaVhZbegZhVhnVaVhXjdiVhYZadhhdX^dhkdajciVg^dh
YZaVA^\VYZ:YjXVX^cn8jaijgVÇ&%#:c&.)-!VciZaV^bedh^W^a^YVYYZgZX^W^gaVhhjWkZcX^dcZhZYjXVi^kVhcVX^dcVaZhedgXVgZXZg
aVVhdX^VX^cYZeVYgZhYZeZghdcVa^YVY_jgY^XVegde^V![jZ^chXg^iVaZ\VabZciZXdbdA^\VYZ:YjXVX^cn8jaijgVVXijVabZciZ
<kdZWY_d=_pWX_Z[W#EVgVZcidcXZhadhVajbcdhZgVcXZgXVYZaXZciZcVgnVaiZgcVWVcZaigVWV_dXdcZaZhijY^d#
AV:hXjZaV[jZVjbZciVcYdZciVbVdnVbea^VcYdhjegd\gVbVYZZchZVcoV#9^ZoVdhb{hiVgYZ!^c\gZhaVeg^bZgVegdbdX^cYZ
VajbcVhZcaVZheZX^Va^YVYYZ9Za^cZVX^c>cYjhig^Va!^cXdgedgVcYdVhVaVhbj_ZgZhVaV:hXjZaV#:c&.+.[jZgZXdcdX^YVd[^X^VabZciZ
Xdbd:hXjZaVJc^kZgh^iVg^VYZ>c\Zc^ZgVIXc^XV>cYjhig^Va#:c&..,hZZg^\ZXdbdaVeg^bZgVYZaVh[VXjaiVYZhÅaVbVndgZccbZgdYZ
ZhijY^VciZhÅYZBdcYgV\dcJc^WZgih^iViZV#
AV:hXjZaVEgd[Zh^dcVa]VYZhZbeZVYdjceVeZabjn^bedgiVciZ[dgbVcYdVbjX]dhYZadhegdiV\dc^hiVhXdcdX^YdhnVcc^bdhYZaV
:8B#=Vh^YdYjgVciZYXVYVhaV^chi^ijX^c\ZcZgVYdgVYZXVciZgVXddeZgVi^kVedgZmXZaZcX^V!d[gZX^ZcYd[dgbVX^ciXc^XVYZeg^bZg
c^kZanegdbdk^ZcYdjcVXjaijgVZYjXVi^kVYZXZgXVcVgZheZXidVaVgZVa^YVYZbegZhVg^Va#l[hYWfjkbe,"f|]$'-.
&% 8dckZghVX^cXdc6a[dchd<dggdd\d^i^V![ZWgZgdYZ'%%(#
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 103
EVgV egZeVgVg aVh bViZg^Vh ijk^Zgdc Za Vednd YZ
adh egd[ZhdgZh YZ aV :hXjZaV n YZa egde^d 6g^o"
bZcY^Vgg^ZiV/ hDE LA FORMACIØN SOCIAL SE ENCARGABA
ÏL .OS IMPARTÓA UNA ASIGNATURA DE LA ESCUELA DE PERI
TOS ECONOMÓA POLÓTICA PERO DE FORMA MUY SUI GENERIS
NO HACÓA CASO DEL TEXTO OFICIAL NI LO MIRØ Y NOS HABLA
BA DEL LABORISMO INGLÏS DEL PENSAMIENTO SOCIAL MÉS
AVANZADO DE SU VISIØN DE LO QUE DEBÓA SER LA EMPRESA
ETC #OMO ERA NATURAL SUSPENDIMOS LA ASIGNATURA Y LA
TUVIMOS QUE RECUPERAR EN SEPTIEMBRE ESTA VEZ SÓ ES
TUDIANDO EL TEXTO EXIGIDOv&&# :c &.*'! YZhejh YZ
X^cXd Zm^\ZciZh Vdh YZ igVWV_d n ZhijY^d! adh
7h_pc[dZ_Whh_[jWfkie[dcWhY^WbW;iYk[bWFhe\[ii_edWb[dkd_dj[dje YdXZ Vajbcdh YZ 6ggVhViZ"BdcYgV\c gZX^WZc
fehWcfb_Wh[bWYY[ieWbW[ZkYWY_dZ[bei`l[d[icedZhW]ed[i[i$
hjhiijadhYZeZg^idh^cYjhig^VaZh#
:a ^cXdc[dgb^hbd ZgV eViZciZ n aVh gZaVX^dcZh Xdc aV Y^gZXX^c XdbZcoVgdc V YZiZg^dgVghZ# 6 bZY^VYdh
YZ aV YXVYV YZ adh *%! VciZ Za ZaZkVYd cbZgd YZ igVWV_VYdgZh Zc h^ijVX^c YZ ^cXVeVX^YVY aVWdgVa igVc"
h^idg^V n VciZ Za XdhiZ fjZ Zhid gZegZhZciVWV eVgV aV ZbegZhV! aV Y^gZXX^c YZ Jc^c 8ZggV_ZgV YZX^YZ gZ"
YjX^g aV egZhiVX^c fjZ aV =ZgbVcYVY YZ IgVWV_VYdgZh XdcXZYV V fj^ZcZh hZ ZcXdcigVWVc YZ WV_V# :hiV
YZX^h^c had V[ZXiVWV V adh fjZ igVWV_VWVc Zc adh iVaaZgZh/ h UN OBRERO CON SALARIO MEDIO DE A PESETAS
DIARIAS VEÓA REDUCIDO SU JORNAL A LA MISERABLE CANTIDAD DE A PESETAS MENOS DEL DE SU SALARIO REAL VERDADERO
LA EMPRESA PRETENDÓA IMPONER A LA FUERZA CON VIOLENCIA UN CRITERIO QUE NO ERA EL NUESTRO Y NOSOTROS NO LO ACEPTAMOS
PORQUE NO TENÓA RAZØNv&( AVh Y^[ZgZcX^Vh ZcigZ adh igVWV_VYdgZh n adh ZbeaZVYdh YZ aVh d[^X^cVh cd ]VXVc
h^cd VjbZciVg# :a ]dgVg^d hZbVcVa YZ hidh ai^bdh ZgV YZ (+ ]dgVh [gZciZ V aVh *% YZ adh dWgZgdh YZ adh
&& 6A;DCHD<DGGDxD<D>I>6[ZWgZgdYZ'%%(
&' >WYZb#
&( >WYZb#
104 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
9EB78EH79?ãD;9EDãC?97:;B79ECKD?:7:;CFH;I7H?7B
BZgZXZaVeZcVZhijY^VgaVeVgi^X^eVX^c!hdWgZidYdZXdcb^XV!YZaVhZbegZhVhnZbegZhVg^dhZcadhY^hi^cidhegdnZXidhYZ
YZhVggdaadXdbjc^iVg^dfjZhZ^bejahVWVcZcZaejZWad#Cd]VnfjZdak^YVgfjZ]VWVbjX]VhcZXZh^YVYZhedgXjWg^g0aVbV"
ndgVYZaVedWaVX^ck^kVbjnbdYZhiVbZciZ!b^ZcigVhjcdhedXdheg^k^aZ\^VYdhViZhdgVWVc\gVcYZh[dgijcVh#<ZcZgVabZciZ
aVh VnjYVh ZgVc YZ XVg{XiZg XVg^iVi^kd! eZgd bZgZXZ YZhiVXVg aVh YdcVX^dcZh YZhi^cVYVh V egdnZXidh XdcXgZidh XdcXZW^Ydh
edg6g^obZcY^Vgg^ZiV#:cXdcigVbdhZ_ZbeadhYZZhiZi^ediVcidZcaVXgZVX^cnejZhiVZcbVgX]VYZaV:hXjZaVEda^iXc^XV!
XdbdZcaV[jcYVX^cYZY^hi^ciVhXddeZgVi^kVhYZ6ggVhViZ"BdcYgV\c!XdbdhdcJa\dg]dn;V\dg:aZXigdYdbhi^XdhnYZaV
XddeZgVi^kVYZXdchjbdHVc?dhZbWg^cYZ:gdh`^#6Xdci^cjVX^chZgZhjbZcVa\jcdhYZZhidhXVhdh#
EVgVedcZgZcbVgX]VaV:hXjZaVEgd[Zh^dcVanYVgdedgijc^YVYYZ[dgbVX^cVbVndgcbZgdYZ_kZcZhfjZaV:hXjZaVYZ
6egZcY^XZhYZaVJc^c8ZggV_ZgV!aV[^cVcX^VX^cYZaVhZbegZhVhYZBdcYgV\dcZmXZeidJc^c8ZggV_ZgVnYZa6aid9ZWV
6gZimVWVaZiV!:h`dg^VioVnDVi^[jZgdc^begZhX^cY^WaZh#:hiVhVedgiVX^dcZhaVhgZVa^oVWVciVcidaVh\gVcYZhZbegZhVhXdbd
BZiVag\^XV8ZggV_ZgV!>cYjhig^Vh6hVb!8Z\VhVd>cYjhig^Vh7ZgdV!XdbddigVhbdYZhiVhXdbdejZYZchZgBVYZgVh6imVd
HVhigZgVBVg`^Z\^#:beZoVgdcXdcjcVXjdiVYZ'*eZhZiVhedgdWgZgdnVd!VjcfjZVa\jcdheV\VWVc]VhiV&%%eZhZiVh#
DigV[jZciZYZ^c\gZhdhYZaV:hXjZaV[jZgdcaVhVedgiVX^dcZhfjZ]VXVcadhhdX^dhYZA^\VYZ:YjXVX^cn8jaijgV#6edgiVWVc
YdheZhZiVhedgbZh!n]VWVh^beVi^oVciZhfjZYZh^ciZgZhVYVbZciZgZXVjYVWVcY^X]VbY^XVXjdiVgZXdgg^ZcYdadhejZhidh
YZigVWV_dYZaVh[{Wg^XVh#
6cnidYd!adheg^bZgdhVdhYZaV:hXjZaV[jZgdcegZXVg^dhZXdcb^XVbZciZ#:cZaeg^bZgXjghd!edgZ_Zbead!ZagZhjaiVYd
[jZYZ[^X^iVg^d#:caV6hVbWaZVhZZcXdcigVWVZaHg#7VZoV!jcdYZadhYjZdhYZadfjZV]dgVZhZa=dhe^iVa8dbVgXVanfjZ
ajZ\dhZgVaVhZ\jcYV:hXjZaV#HZXdbjc^XZagZhjaiVYdYZ[^X^iVg^dVadhVh^hiZciZh!hZaZkVciZaHg#7VZoVnY^_d/ÆkZdfjZ
]VnjcY[^X^inbZ]V\dXVg\dYZaÇ#
6YZb{hYZeVgi^X^eVgXdcYdcVX^dcZhZcegdnZXidhZYjXVi^kdh!iVbW^chZY^ZgdcXVhdhYZYdcVX^dcZheVgV^bejahVgnXdc"
hda^YVg egdnZXidh ZbegZhVg^VaZh edg eVgiZ YZ aVh ZbegZhVh nV ^chiVjgVYVh# JcV YZ ZaaVh [jZ Za Y^cZgd fjZ XZY^Zgdc Xdbd
eghiVbdh^c^ciZgZhZh!:abVn;Za^X^Vcd6gVcoVWVa!YdhZbegZhVhYZaVedXVeVgVVnjYVgVaVjc^cYZkVg^VhZbegZhVheVgV
XgZVgaVXddeZgVi^kVYZXdchjbdHVc?dh#;jZgdcjcVh-%%#%%%eZhZiVhYZ&.*,fjZcjcXVhZgZXaVbVgdc#
:cZaXVhdYZJa\dg!aVeg^bZgVXddeZgVi^kV^cYjhig^VaYZaV:8B!jcVXZciZcVYZXdcX^jYVYVcdhBdcYgV\dcZhZhVedgiVgdc
XVe^iVadVXijVgdcYZVkVa^hiVheVgV[^cVcX^VgaVheg^bZgVh^ckZgh^dcZh#EjY^ZgdcY^hedcZgYZjcVXdch^YZgVWaZXVci^YVY^c^X^Va
fjZVhXZcYVVjcdhdcXZb^aadcZhYZeZhZiVhYZaVd&.**#
iVaaZgZh# 6 eZhVg YZ aV egd]^W^X^c! adh igVWV_VYdgZh hVaZc V aV ]jZa\V Xdc Za Vednd YZ adh fjZ b{h iVgYZ
hZg{c XddeZgVi^k^hiVh! ^cXaj^Ydh adh _Z[Zh YZ iVaaZg# AVh Y^hXjh^dcZh n WgdcXVh YjgVc kVg^dh bZhZh#
:c ZhiVh X^gXjchiVcX^Vh Za Y^gZXidg YZ aV Jc^c 8ZggV_ZgV aaVbV Va dgYZc V Ydh YZ hjh _Z[Zh YZ iVaaZg!
6a[dchd <dggdd\d^i^V n ?dh BVgV DgbVZimZV! edc^cYdaZh ZcigZ aV ZheVYV n aV eVgZY/ Æ### d bZ gZh"
eZi{^h Xdc idYVh aVh XdchZXjZcX^Vh n VXZei{^h b^h Xg^iZg^dh! dh \jhiZc d cd! d YZW^h YZ_Vg kjZhigdh
ejZhidh# :c aV ZbegZhV cd hZ ]VXZ VedhidaVYd0 ZhV b^h^c ]Vn fjZ YZ_VgaV eVgV fj^Zc YZX^YZ ^ghZ V
Û[g^XV V XdckZgi^g V hjh \ZciZh# :heZgd fjZ Zc edXdh YVh gZXi^[^fj^h n bZ YZ^h kjZhigV XdciZhiVX^cÇ&)#
6 adh edXdh YVh hZ XZaZWgV jcV cjZkV gZjc^c! eZgd cd XVbW^Vc YZ VXi^ijY#
&) DGB6:IM:6!?#B#&..&/,A %XPERIENCIA #OOPERATIVA DE -ONDRAGONB88!e{\#&.#
E6GI:>>/=>HIDG>6q%'/ADHDGÞ<:C:H 105
9dh Vdh b{h iVgYZ hZ XZaZWgVc ZaZXX^dcZh eVgV ZaZ\^g V adh b^ZbWgdh YZa @khWZe Z[ ;cfh[iW# 6a"
[dchd <dggdd\d^i^V n ?dh BVgV DgbVZimZV eVgi^X^eVc gZegZhZciVcYd V adh iXc^Xdh n hVaZc Vbea^V"
bZciZ gZheVaYVYdh# 9jgVciZ ZhiZ eZgdYd hZ igViVc iZbVh gZaVX^dcVYdh Xdc aV hZ\jg^YVY Z ]^\^ZcZ Zc
Za igVWV_d! aV gZ^k^cY^XVX^c YZa Æh{WVYd ^c\ahÇ eVgV adh igVWV_VYdgZh YZ adh iVaaZgZh adh ZbeaZVYdh YZ
aVh d[^X^cVh XdciVWVc nV Xdc ZhZ eg^k^aZ\^d n digd gZ[Zg^Yd V jcV Vbea^VX^c YZ XVe^iVa# :c aV XVgiV gZ"
YVXiVYV edg 6g^obZcY^Vgg^ZiV n [^gbVYV edg adh dWgZgdh hZ hda^X^iV fjZ Za '% YZ ZhZ XVe^iVa ejY^ZgVc
hjhXg^W^gad adh igVWV_VYdgZh0 aV Y^gZXX^c! Xdbd ZgV YZ ZheZgVg! cd VXXZYZ V aV eZi^X^c#
AVh edh^W^a^YVYZh YZ Y^g^\^g aV ZbegZhV ]VX^V eaVciZVb^Zcidh YZ Xdegde^ZYVY n hda^YVg^YVY eVgZXVc
XVYV kZo b{h gZbdiVh# AVh XdcXZeX^dcZh ^cXjaXVYVh edg 6g^obZcY^Vgg^ZiV hdWgZ aV ZbegZhV! aV eZg"
hdcV n aV hdX^ZYVY X]dXVWVc [gdciVabZciZ Xdc Za ^YZVg^d YZ aV Y^gZXX^c# Cd hZ edYV aaZkVg V XVWd jc
egdnZXid Vh Zc jcV ZbegZhV Xdbd aV Jc^c 8ZggV_ZgV#
JhWo[Yjeh_Wl_jWbZ[7h_pc[dZ_Whh_[jW
I[c_dWh_e
Z[L_jeh_W JhWXW`ef[h_eZij_Ye Kb]eh Ck[h[
oWhh[ije
Fei]k[hhW ;heia_
??$H[fXb_YW
9W`WBWXehWbFefkbWh
106 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
&)
97FßJKBE
&# Ja\dg/aVXddeZgVi^kVigVXidgV#########################################################################################&&%
&#& Eg^bZgdheVhdh#######################################################################################################################################&&%
&#' EdgaVhZcYVYZaVY^kZgh^[^XVX^c#######################################################################################################&&&
&#( Ja\dg/AYZgngZ[ZgZciZ#######################################################################################################################&&)
'# IVaaZgZh6ggVhViZ8ddeZgVi^kV>cYjhig^Va/jcVhZ\jcYVegdbdX^c############################&&*
(# 8V_VAVWdgVaEdejaVg/XddeZgVi^k^oVcYdZaV]dggd######################################################&&+
(#& EgdedcZgnVXijVg###################################################################################################################################&&+
(#' Eg^bZgVVXi^k^YVY/ZahZgk^X^dYZegdk^h^chdX^Va#############################################################################&&,
(#( 6ednd^cXdcY^X^dcVaYZaVhXddeZgVi^kVhnYZaVedWaVX^c###############################################################&&,
(#) EVeZaXd]Zh^dcVYdg#################################################################################################################################&&-
(#* 6eZgijgVYZcjZkdh]dg^odciZh#############################################################################################################&&.
*# AV\jc6gd/gZXdgg^YdYZaVXdWZgijgVhdX^VaXddeZgVi^kV#############################################&'(
*#& :aeg^bZgh^hiZbVYZXdWZgijgV##########################################################################################################&'(
*#' JccjZkdbdYZadb{hhda^YVg^d&.+-##############################################################################################&')
+# AVZmeVch^cXddeZgVi^kVYZadhVdh+%######################################################################&'+
+#& AVcV/aVeg^bZgVXddeZgVi^kVV\gXdaV&.+%#####################################################################################&'+
+#' :gdh`^/aVXddeZgVi^kVYZXdchjbd######################################################################################################&',
+#( 6jodAV\jc/igVWV_dXddeZgVi^kdeVgVbj_ZgZh&.+*######################################################################&'.
+#) 6aZXde/ZmeZg^ZcX^VaVWdgVaXddeZgVi^kVn[^cVcX^VX^ceVgVZhijY^VciZh&.++##############################&(%
+#* >`ZgaVc/XZcigdYZ^ckZhi^\VX^c###########################################################################################################&(&
,# :kdajX^cYZaVVXi^k^YVYYZegdbdX^cXddeZgVi^kV####################################################&((
108 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
8dbdhZkZg{ZcaVhacZVhfjZh^\jZc!adh^c^X^dhYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dccdgZhedcYZc
Vjcegd\gVbVXddeZgVi^kdXdcXZW^YdYZVciZbVcd#:cZafjZ]VXZgYZhjh[jcYVYdgZhaV[gbjaV_jgY^XV
XddeZgVi^kVcd[jZjcdW_Zi^kdZchb^hbd!h^cdb{hW^ZcjcbZY^d0aVgZhejZhiVÅjcVZcigZdigVhedh^"
WaZhÅfjZZcXdcigVgdc[gZciZVaVcZXZh^YVYYZ]VXZgjcVZbegZhVVaVbZY^YVYZahZg]jbVcd#9ZhYZZhV
eZgheZXi^kV!aVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc]VXdch^hi^YdZcjcHACER HACIÏNDOSE!XdcidYVhaVh
^bea^XVX^dcZhfjZ!Zcigb^cdhYZ^ccdkVX^chdX^Va!ZhidZcigVV#
:cZhiVeg^bZgVZiVeVejZYZhdgegZcYZgZag^ibdYZXgZVX^cYZcjZkVhZbegZhVhXddeZgVi^kVhnaVg{e^YV
ZmeVch^cYZabdk^b^ZcidXddeZgVi^kd#:cigZhjh[jcYVYdgZhZgVjcaj\VgXdbcV[^gbVgfjZZabVgXdYZ
[jcX^dcVb^Zcid ZXdcb^Xd egdiZ\V hdWgZbVcZgV aVh ^c^X^Vi^kVh ZbegZhVg^VaZh n fjZ hVXVg VYZaVciZ jcV
cjZkVZbegZhVcdZgVZmXZh^kVbZciZXdbea^XVYd#H^cZbWVg\d!b{hVaa{YZhjk^VW^a^YVYZXdcb^XV!aVh
gZVa^oVX^dcZhXddeZgVi^kVhYjgVciZZhidheg^bZgdhVdhiVbW^cedcZcYZbVc^[^ZhidjcZheg^ijYZVgi^Xj"
aVgjcbdk^b^ZcideVgVXddeZgVi^k^oVgcdhadZaigVWV_d!h^cdiVbW^cZaV]dggddaVZYjXVX^c!YZcigdYZjc
ZhfjZbVVbea^dYZigVch[dgbVX^chdX^Va#:hVk^h^c^ciZ\gVaiVbW^chZegdnZXiZcZa^bejahdXdbVgXVa/
hZ[jZgdcXgZVcYd^c[gVZhigjXijgVhhVc^iVg^Vh!ZYjXVi^kVhngZh^YZcX^VaZhfjZ\VgVci^oVhZcjcbVndgYZhV"
ggdaadYZadh]VW^iVciZhYZaVXdbVgXV#
:c hciZh^h! ZhiZ iZgXZg XVeijad YZhXg^WZ Za egdXZhd YZ XgZVX^c YZ aVh eg^bZgVh XddeZgVi^kVh! hj kZg"
iZWgVX^c Zc idgcd V 8V_V AVWdgVa n hj Vbea^VX^c ]VX^V cjZkdh {bW^idh YZ VXi^k^YVY ZXdcb^XV Xdbd
Za V\gVg^d d Za YZa Xdchjbd# Jc egdXZhd YZ bjai^ea^XVX^c! YZhejh YZa YZheZ\jZ YZa cXaZd ^c^X^Va YZ
6ggVhViZ"BdcYgV\c/Ja\dg!6ggVhViZ!8degZX^!ZiX#8dbdXddeZgVi^kVYZXddeZgVi^kVh!ZaegdXZhdYZegd"
bdX^cXddeZgVi^kV\gVk^iYjgVciZbjX]dhVdhhdWgZ8V_VAVWdgVa!fjZk^cdV[^cVcX^VgZaYZhVggdaadYZ
aVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc#
IdYdZaad[jZedh^WaZ\gVX^VhVaZcijh^VhbdYZaZheg^ijYZVfjZaaVheZghdcVhVigVYVhPORnHACIAZaegdnZXid
XddeZgVi^kd0ZcZheZX^Va!YZfj^ZcZh]^X^ZgdcYZaVXdciZXZgXddeZgVi^kdjcVVejZhiVZm^hiZcX^Va#:ahVXg^[^X^d!
aVVjhiZg^YVY!aVZcigZ\VYZh^ciZgZhVYVnaV\ZcZgdh^YVYfjZaZhXVgVXiZg^ohZXjZciVcZcigZadhkVadgZh
^ciVc\^WaZhfjZ]^X^Zgdcedh^WaZZhiVZmeZg^ZcX^V#
EdggVodcZhYZZhigjXijgV!had]ZbdhgZhZVYdVa\jcVhYZaVhXddeZgVi^kVhfjZhZXgZVcZcadheg^bZgdh
kZ^ciZVdhYZaY^hXjgg^gYZZhiVZmeZg^ZcX^V!igViVcYdYZXVeiVgVigVkhYZkVg^dhZ_ZbeadhaV\adWVa^YVYd
ZaXdc_jcidXddeZgVi^kd#HZ]VchZaZXX^dcVYdVfjZaaVhXddeZgVi^kVhfjZXdc[dgbVcaVXdajbcVkZgiZWgVaYZ
aVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc#6YZb{h!]ZbdhXdbeaZiVYdZaXjVYgdXdcVa\jcdhdigdhZ_Zbeadh
^ciZgZhVciZhnh^c\jaVgZhfjZYVcXjZciVYZaVeajgVa^YVYYZ^c^X^Vi^kVhXddeZgVi^kVh#
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 109
1. Ulgor: la cooperativa tractora
'$' Fh_c[heifWiei
6Xdb^ZcodhYZadhVdhX^cXjZciV!aViZch^cZcigZadh[jijgdhXddeZgVi^k^hiVhnaV9^gZXX^cYZaVJc^c
8ZggV_ZgV^WVZcXdchiVciZVjbZcid#6fjZaadh_kZcZh!edgadYZb{hbjnVegZX^VYdhedgaVY^gZXX^c!Zk^"
YZcX^VWVcjcegd[jcYdYZhXdciZcidXdcadhbidYdhVjidg^iVg^dhneViZgcVa^hiVhk^\ZciZhZcaV\Zhi^cYZaV
ZbegZhV#:c&.*)hZbViZg^Va^oZaeg^bZgh^\cdYZgjeijgVbZY^VciZaVXgZVX^cYZ6HI:8!jcVVhZhdgV
iXc^XVhjg\^YVWV_dZaVjhe^X^dYZ6g^obZcY^Vgg^ZiV#6eZhVgYZfjZcdaaZ\VgZ\^higVghZXdbdhdX^ZYVY
bZgXVci^a!YZhYZZhiVXdchjaidgVhZaaZ\VY^hZVgjcegdnZXidYZ\gVejZciZnh^gk^!eg^cX^eVabZciZ!eVgV
bdi^kVgaVV\gjeVX^cZhedci{cZVYZadhX^cXdhdX^dhfjZb{hiVgYZ[jcYVgVcaVeg^bZgVXddeZgVi^kV#
De^[ceiZ[i[]k_hf[diWdZegk[beijhWXW`WZeh[i^WdZ[i[hi_[cfh[
Y_kZWZWdeiZ[i[]kdZWYWj[]ehW"$$$i_degk[^Wogk[ZWhb[iWYY[ieW
bWfhef_[ZWZZ[beiX_[d[i[Yedc_Yei"WbeX`[jeZ[gk[Z_i\hkj[dZ[bei
h[ikbjWZeiZ[ikfhef_WWkij[h_ZWZoiWYh_ÓY_e$ #7h_pc[dZ_Whh_[jW
8dbdXVWVZheZgVg!adhZh[jZgodhedgXgZVgjcVZbegZhVegde^VcdiZgb^cVgdcV]#?dhZBVgVDgbVZimZV
[jZZaZcXVg\VYdYZZaVWdgVgjcYZiVaaVYdZhijY^dYZk^VW^a^YVYeVgVXdchigj^gjcV[jcY^X^cYZ]^ZggdbV"
aZVWaZ#6g^obZcY^Vgg^ZiV!XdckZcX^YdYZaVXVa^YVYYZaigVWV_d!ad]^odaaZ\VgVVaiVhZh[ZgVhYZaB^c^hiZg^dYZ
IgVWV_dXdcaVZheZgVcoVYZad\gVgjcVedndfjZcjcXVaaZ\#
AVh^\j^ZciZiZciVi^kVXdch^hi^ZceZY^gVjidg^oVX^cd[^X^VaeVgV^chiVaVgjcVeaVciV^cYjhig^Va#EdgVfjZaadh
Vdh!aVha^XZcX^Vh!fjZZgVc^begZhX^cY^WaZheVgVaV[VWg^XVX^c^cYjhig^Va!hZXdcXZYVcYZ[dgbVbjnVg"
W^igVg^V#AVVch^VYVVjidg^oVX^ciVbedXdaaZ\#H^cZbWVg\d![jZjchZcX^aadVcjcX^dYZegZchVadfjZaZh
Wg^cYaVdedgijc^YVYYZZbVcX^eVghZ#:cahZ^c[dgbVWVYZaVkZciVYZjceZfjZdiVaaZgYZXdchigjXX^c
YZVeVgVidhYZjhdYdbhi^Xdh^ijVYdZcK^idg^V#AVXdbegVYZZhiZbdYZhidiVaaZgn!hdWgZidYd!aVXdbegV
YZhja^XZcX^VYZ[VWg^XVX^cÅhZaaVYVZa'%YZdXijWgZYZ&.**ÅaZheZgb^i^XdcXgZiVgVfjZaadfjZZcZa
bVgXdZbegZhVg^VaYZaVJ8:BhadaZhaaZkVWVVaYZh\VhiZ#6aVdYZ^c^X^VgZhiVVcYVYjgVZbegZhVg^Va!
XVbW^VgdcYZZbeaVoVb^Zcid!YZ_Vgdci^ZggVhVaVkZhVheVgVigVhaVYVghZVhjBdcYgV\dccViVa#
AdhX^cXd_kZcZhfjZidbVgdcaV^c^X^Vi^kVYZVWVcYdcVgaVJc^c8ZggV_ZgVeVgVVWVcYZgVgZhiZegdnZX"
id ZbegZhVg^Va igVch[dgbVYdg [jZgdc Aj^h JhVidggZ! ?Zhh AVggVV\V! 6a[dchd <dggdd\d^i^V! ?dhZ BVgV
DgbVZimZVn?Vk^ZgDgijWVn#9ZaVh^c^X^VaZhYZhjhgZheZXi^kdhVeZaa^YdhcVX^aVYZcdb^cVX^cYZJa\dg
]dn;V\dg:aZXigdYdbhi^Xdh!jcV^c^X^Vi^kVZbegZhVg^Van]jbVcVfjZVbZY^VYdhYZaVYXVYVYZadh*%
gZhjaiVWViVch^c\jaVgXdbd^cX^ZgiV#
8dbdegjZWV^cZfjkdXVYZXdc[^VcoV!jcXZciZcVgYZkZX^cdhBdcYgV\dcZhZhVedgiVgdcXVe^iVadW^ZcVX"
ijVgdc YZ VkVa^hiVh eVgV [^cVcX^Vg aVh eg^bZgVh ^ckZgh^dcZh# 6h! ejY^Zgdc Y^hedcZg YZ jcV Xdch^YZgVWaZ
XVci^YVY^c^X^VafjZVhXZcYVVjcdh++#%%%ZjgdhYZaVd&.**!YZaVhfjZYdhb^aXjVigdX^ZcidhhZji^a^oVgdc
eVgVaVXdbegVYZaiVaaZg#6he^gVWVcVbViZg^Va^oVgjcbdYZadYZZbegZhVXdaZXi^kVnYZbdXg{i^XV!nYZhYZ
110 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
ajZ\d!hjhegZiZch^dcZhY^[X^abZciZZcXV_VWVcYZc" FHE9;IE?:;EBã=?9E0;D8KI97:;
igdYZaV[dgbjaVX^c_jgY^XVigVY^X^dcVa#EdgZaad! KD7<ãHCKB7@KHß:?977:;9K7:7
ZX]VgdcVVcYVgZacjZkdegdnZXidWV_djcV[gbjaV
_jgY^XV^cYZiZgb^cVYVnVie^XV!fjZaZh\ZcZgVa" EVgV aaZkVg V aV eg{Xi^XV hj egdeh^id YZ YZbdXgVi^oVg n
\jcdhegdWaZbVhVYb^c^higVi^kdhnYZgZ\^higd#EV" ]jbVc^oVgaVZbegZhV!VciZhYZYVgXdcaV[gbjaVXdd"
hVgdcb{hYZigZhVdh]VhiVfjZZa'YZcdk^Zb" eZgVi^kV!6g^obZcY^Vgg^ZiV]VWVZchVnVYddigVhVaiZgcVi^"
WgZYZ&.*-hZVegdWaV[^\jgVXddeZgVi^kVVXijVa! kVh#:caVYXVYVYZadh)%n]VhiVaVb^iVYYZadh*%]^od
jcV XVbeVV eZghdcVa Zc egd YZ aV eVgi^X^eVX^c dWgZgV
YZhejhYZXdcXaj^gfjZZah^hiZbVXddeZgVi^kdZgV
Zc aV \Zhi^c YZ aV ZbegZhV# >c^X^VabZciZ! cd YZhXVgi
Zab{hVegde^VYdeVgVVea^XVgZcZaZcidgcdaVWdgVa VigVZghZZaVedndYZaVXaVhZZbegZhVg^VaVhjheaVciZV"
idYdZaXdc\adbZgVYdYZeg^cX^e^dhXg^hi^Vcdh!i^" b^Zcidh/eg^bZgd^ciZciegdWVgXdcEMPRESARIOS CATØLICOS!
XdhnhdX^VaZhXdcadhfjZhZ^YZci^[^XVWVc# eZgdjcVkZofjZhidhcdaZXdcXZY^Zgdcc^c\jcVdedgij"
c^YVY!ajX]edgfjZadhigVWV_VYdgZhYZaVJc^c8ZggV_ZgV
EVgVZcidcXZh!digd\gjedYZ_kZcZhYZ6ggVhViZ" eVgi^X^eVgVcZcaVCOMPRA DE ACCIONESfjZ^WVcVhVa^gVaV
kZciVZcaVZbegZhV#:agZX]VodYZaVegdejZhiVedgeVgiZ
BdcYgV\c!Zhi^bjaVYdhiVbW^cedg6g^obZcY^V"
YZadheVigdcZhYZaVJ8:B[jZgdijcYd#6g^obZcY^Vgg^ZiV!
gg^ZiV!]VWVZbegZcY^YdaVVkZcijgVYZXgZVgdigV eZghZkZgVciZ!Xdci^cjZchjZbeZdedgad\gVgaV^bea^"
XddeZgVi^kV# Jc egd[Zhdg YZa iVaaZg YZ aV :hXjZaV XVX^c ]jbVcV Zc Za egdXZhd egdYjXi^kd n ZbegZhVg^Va#
Egd[Zh^dcVa!jciXc^XdYZaVJc^c8ZggV_ZgVnadh AV^YZVYZaSALARIO DUAL[jZaVh^\j^ZciZdeX^cfjZWVgV_#
b^ZbWgdhYZa\gjed6HI:8ÅfjZhZ\jVc]VX^Zc" 8dch^hiVZcY^k^Y^gZahVaVg^dZcYdh/jcVeVgiZ[jcX^dcVad
YZXdchjbdndigVYZ^ckZgh^c#:hVY^k^h^c\VgVci^oVWVaV
Yd igdfjZaZh Zc Za iVaaZg YZ aV :hXjZaVÅ [jcYVgdc
gZ^ckZgh^cnaVegZhZcX^V^chi^ijX^dcVa^oVYVYZaigVWV_VYdg
Za &) YZ _jc^d YZ &.*, IVaaZgZh 6ggVhViZ 8ddeZgV" YZcigdYZabVgXdaZ\Va#CddWhiVciZ!cdZcXdcigVcVY^Z
i^kV>cYjhig^Va=dn;V\dg6ggVhViZ#HjhZhiVijidh! fjZfj^h^ZgVZmeZg^bZciVgY^X]V[gbjaV#
ZhXg^idh edg 6g^obZcY^Vgg^ZiV! hZ VegdWVgdc Za &(
YZ cdk^ZbWgZ YZ &.*,! jc Vd VciZh YZ fjZ Ja\dg :c&.*(XdcdX^jcVcjZkVXdcXZeijVa^oVX^cfjZhZV[^g"
hZ Xdck^gi^ZgV [dgbVabZciZ iVbW^c Zc XddeZgVi^" bVWVZcaV^YZVYZfjZaVZbegZhVZhiVWVXdbejZhiVedg
idYdhVfjZaadhfjZeVgi^X^eVWVcZchjhm^idhn[gVXVhdh#
kV#9ZhYZhjh^c^X^dhIVaaZgZh6ggVhViZXdciXdcaV
:aZhfjZbV!YZhVggdaaVYdedg?dhAj^hHZggVcd!igViVWV
VnjYV^cXdcY^X^dcVa!iVcidZXdcb^XVXdbd]jbV" YZ igVYjX^g Zc igb^cdh cjbg^Xdh aVh VedgiVX^dcZh YZ
cV! YZ Ja\dg! Va ^\jVa fjZ aVh YZb{h XddeZgVi^kVh XVYV [VXidg VXX^dc^hiVh $igVWV_VYdgZh $ZbegZhVg^dh fjZ
fjZ^gVcV[adgVcYdYjgVciZadhh^\j^ZciZhVdh# ^ciZgkZcVcZcZa[jcX^dcVb^ZcidYZaVZbegZhV!eVgVVh!
YZiZgb^cVg aV gZig^WjX^c [^_V n kVg^VWaZ! aV Y^hig^WjX^c
YZadhWZcZ[^X^dhnYZaedYZgYZYZX^h^cYZcigdYZaVZb"
egZhV# :a egdWaZbV [jcYVbZciVa YZ ZhiZ eaVciZVb^Zcid
'$( FehbWi[dZWZ[bW gVY^XVWVZchjk^VW^a^YVY!nVfjZcZXZh^iVWVYZaVXdbea^"
Z_l[hi_ÓYWY_d X^YVYYZidYdhadhigVWV_VYdgZh#
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 111
AV Zhij[V !LADDIN! YZ dg^\Zc Wg^i{c^Xd! [jZ Za
h^\j^ZciZVgiXjadfjZ[VWg^XJa\dg#:hiZbd"
YZadhZg{gZXdgYVYd!VYZb{hYZedghjbV\"
c[^XVkZciV!edgZhiVgZcZadg^\ZcYZaeg^bZg
\gVchdWgZhVaidZbegZhVg^Va#AV[^gbVXViVaV"
cV GVbhV! edhZZYdgV YZ aV eViZciZ YZ [VWg^"
XVX^c! ^ciZgejhd jcV YZbVcYV fjZ dWa^\ V
Ja\dg V YZiZcZg hj egdYjXX^c# Cd dWhiVciZ!
hZVXijXdcgVe^YZon!bZY^VciZjcVXZgiVYd
XVbW^dYZY^hZd!hZejhdZckZciVjccjZkd
bdYZadÅaaVbVYd$OROTHYÅfjZhdakZciXdc
XgZXZh Za egdWaZbV XVjhVYd edg aV [VaiV YZ
Kb]eh\k[h[\[h[dj[oZ[j[hc_dWdj[[d[bZ[iWhhebbeZ[ egZk^h^c^c^X^Va#
_d_Y_Wj_lWiYeef[hWj_lWi$
7kc[djeZ[bd±Z[ieY_ei0
'/+, (*ieY_ei
'/,& ((.ieY_ei
Cd]VnfjZdak^YVgfjZZaXVg{XiZgVji{gfj^Xdn[jZgiZbZciZ^ciZgkZc^YdYZabZgXVYdWV_daVY^XiVYjgV[gVc"
fj^hiV iVbW^c Xdcig^Wjn V \ZcZgVg jcV YZbVcYV XVeVo YZ Y^\Zg^g idYd ad egdYjX^Yd! X^gXjchiVcX^V fjZ
VegdkZX]VgdcdedgijcVbZciZadhXddeZgVi^k^hiVh#
JcVYZX^h^c^bedgiVciZnVXZgiVYV[jZaVYZeVhVgYZaV[VWg^XVX^cYZZhij[VhYZeZigaZdVaVhYZ\VhWjiVcd#
H^cXdcXZgiVgh^fj^ZgVX^iVegZk^V!adhY^gZXi^kdhYZJa\dgk^V_VgdcV>iVa^VXdcaV^ciZcX^cYZWjhXVgb_Y[dY_WiZ[
\WXh_YWY_dYZVa\jcdYZadh[VWg^XVciZh^iVa^VcdhYZW^ZcZhYdbhi^Xdh#IgVhjcV^cZheZgVYVnXdgY^VaVXd\^YV!
aaZ\VgdcVjcg{e^YdVXjZgYdXdcaVbVgXVb^aVcZhV;Vg\Vh!VigVkhYZaXjVahZXdbegdbZi^ZgdcV[VWg^XVgV
eVgi^gYZ&.+%&%#%%%]dgc^aadhYZhdWgZbZhVn(#%%%XdX^cVh!VXVbW^dYZaeV\dYZjc'hdWgZkZciVhXdbd
heoWbjo!b{hjcVXVci^YVY^c^X^Va#AVhXdX^cVhijk^ZgdccdiVWaZm^idnZchjeg^bZgVdYZkZciVnVhjejh^Zgdc
Za)(YZaVX^[gVYZcZ\dX^dYZJa\dg#AVZhigViZ\^VYZXdbegVgiZXcdad\VXdci^cjXdcaVXVhV8dci^c\ZVYZ
7gjhZaVh!VaVfjZhZaZVYfj^g^aVa^XZcX^VYZ[VWg^XVX^cYZXVaZciVYdgZhYZWVdnYZV\jV#
112 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
=HKFEKB7H9E'/,*0;BFH?C;H=HKFE9EC7H97B
BWkd_d[ibW\k[hpWZ[beiZX_b[i$BWieb_ZWh_ZWZ[ibWfeZ[heiW
fWbWdYWgk[ckbj_fb_YWdk[ijhWi\k[hpWi #7h_pc[dZ_Whh_[jW
:a8dbeaZ_d>cYjhig^VaJaVgXdhZXdchi^ijnZbZY^VciZaVV\gjeVX^cYZ)XddeZgVi^kVhYZaZcidgcd6aid9ZWV/Ja\dg!6ggVhViZ!
8degZX^n8dbZi#AVjc^ciZcVXdbd[^cYdiVgVaVhXddeZgVi^kVhYZjcdhhZgk^X^dhXdbjcZhnVegdkZX]VgZaediZcX^VaYZhZgjc
\gjed!eVgVVh^bejahVgjcbVndgYZhVggdaadYZaVXdbjc^YVYZcaVfjZhZjW^XVWV#
:hiZ<gjedVYdeijcVZhigjXijgVh^b^aVgVaVYZaVhXddeZgVi^kVh^cY^k^YjVaZhnh^gk^YZgZ[ZgZcX^VeVgVaVXgZVX^cYZdigdh
\gjedhXdbVgXVaZh#CdhZaZhdidg\edYZgYZX^hdg^dVa\jcd!hjhXdbZi^YdhhZYZ[^c^ZgdcWV_dZmegZh^dcZhYZZhijY^d!\Zhi^c!
[dgbjaVX^cnegdejZhiV#
:hiZ<gjedeZgb^i^XgZVgaVodhYZXddeZgVX^cZcigZaVhXddeZgVi^kVhV\gjeVYVhfjZVc]dnZcYVeZgYjgVc0\gVX^VhVadh
XjVaZhhZejYdaaZkVgVXVWdZa^ciZgXVbW^dYZhdX^dh"igVWV_VYdgZhZcigZXddeZgVi^kVh!aVXdbeZchVX^cYZadhgZhjaiVYdh!Za
^ciZgXVbW^dYZXdcdX^b^Zcidh!ZiX#
:c&.,*eVhVaaVbVghZ<gjedJaVgXdnZc&.-+!ji^a^oVcYdaVYZcdb^cVX^cYZbVgXV!hZXdck^ZgiZZcZa<gjed;V\dg!]dnZcYV
idYVkVZck^\dg#6jcfjZZagZhidYZaVhXddeZgVi^kVhZhiVWVcVhdX^VYVhV8V_VAVWdgVanVAV\jc6gd!eVhb{hYZjcVYXVYV
]VhiVfjZegdXZhdhh^b^aVgZhYZV\gjeVX^cVXdciZX^ZgVcZcaVhY^hi^ciVhXdbVgXVh#l[hYWfjkbe-"f|]_dW'//
EVgV aV egdYjXX^c YZ [g^\dg[^Xdh Ja\dg WjhX aV XdaVWdgVX^c YZ 6ggVhViZ! nV YZcigd YZa <gjed JaVgXd#
?jciVhdWijk^ZgdcaVha^XZcX^VhegZX^hVhYZaVhZbegZhVh^iVa^VcVhDabVnH6:G!egZk^ZcYdaVkZciVYZadh
eg^bZgdh[g^\dg[^XdheVgV&.+(#AVd[ZgiVYZXdX^cVh]VWV^ckVY^YdZabZgXVYdZcigZ&.+)"&.+*n!dedgij"
cVbZciZ!Ja\dgaaZ\Vi^ZbedVaV\ZcZgVa^oVX^cXdbZgX^VaYZa[g^\dg[^Xd#
AVZmeZg^ZcX^VnadhXdcdX^b^ZcidhVXjbjaVYdhVigVkhYZaVhZbegZhVha^XZcX^ViVg^VhXdchi^ijnZgdcaV
WVhZeVgVfjZjcVkZofjZXVYjXVgVcaVha^XZcX^VhhZejY^ZhZVXdbZiZgaV[VWg^XVX^cegde^VYZcjZkdh
egdYjXidh#:hZZgV!VabZcdh!ZadW_Zi^kdbVgXVYd#:ciZcYVcfjZZgV^begZhX^cY^WaZaVhjeZgVX^cYZaV
hZgk^YjbWgZiXc^XV!YVYdfjZZa.%YZaVegdYjXX^cYZJa\dgZhiVWVhj_ZiVVa^XZcX^VhYZ[VWg^XVX^cn
ZaeV\dYZgdnVai^ZhgZhjaiVWVbjnVaid#9ZZhiZbdYd!nVeZhVgYZhjWV_VXjVciV!Zc&.+(VeVgZXVcnV
aVheg^bZgVheVgi^YVhegZhjejZhiVaZhYZhi^cVYVhVÆ^ckZhi^\VX^cnZhijY^dÇ#
:c&.+%ZaH^cY^XVidYZ:cZg\V^c[dgbVadheg^cX^eVaZh[VWg^XVciZhYZVeVgVidhYZ\VhYZfjZZa<dW^Zgcd
]VWVYZX^Y^Yd[gZcVgZa^cXgZbZcidYZXdchjb^YdgZhYZWjiVcdVacdedYZgVjbZciVghjhXdbegVhYZ\Vh
ZcZabZgXVYdZmiZgcd#6ciZZhiZZhXZcVg^d!Ja\dgidbaVYZX^h^cYZdg^ZciVgaVegdYjXX^c]VX^VegdYjX"
idhhjhi^iji^kdh#:beZoVgdcZc&.+'XdcaV[VWg^XVX^cYZbjZWaZhbdYjaVgZhYZXdX^cVYZY^hZd^iVa^Vcd
n!VaVk^hiVYZfjZaVgZYjXX^cYZjhjVg^dhYZWjiVcdcdhZegdYjXV!hZYZ_VgdcYZegdYjX^gZc&.+-#6a\d
h^b^aVg dXjgg^ Xdc aVh aVkVYdgVh/ ]VW^ZcYd ZcXVg\VYd V ;Vg\Vh Za Y^hZd YZ jc bdYZad eVgV Ja\dg! hZ
edhejhdhj[VWg^XVX^cVabVciZcZghZZahjb^c^higdYZWjiVcdnhZdeiedgXdbZgX^Va^oVgaVkVYdgVhYZaV
bVgXVVaZbVcV6:<nYZaV^iVa^VcV<ZcZgVa#JcVkZofjZ]VWVcVYfj^g^YdX^ZgidYdb^c^dZcZabZgXVYd!Zc
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 113
&.+,hZ^c^X^aVegdYjXX^cegde^V!^c^X^VabZciZZcHVc6cYghnVeVgi^g&.,%!ZcaVeaVciVYZ<VgV\VgoV#
KVa^cYdhZ YZ aVh fWj[dj[i YZ aV XVhV ^iVa^VcV 8dc\Zc^V! VYZb{h YZ aVh aVkVYdgVh! iVbW^c hZ VWdgY aV
egdYjXX^cYZaVkVkV_^aaVh#
:a[jZgiZXgZX^b^ZcidYZJa\dgijkdhjeg^bZgVgVaZci^oVX^cZc&.,&#AVd[ZgiVYZegdYjXidhnaVXdbeZ"
iZcX^VZcigZegdYjXidgZhZgVcnV^bedgiVciZh!nZa[jZgiZXgZX^b^ZcidZXdcb^Xdk^k^YdZcaVYXVYVYZadh
hZhZciVYZjc,!(VcjVaZbeZoVWVVY^hb^cj^g#EdgidYdZaad!Zc&.,(Vggd_jcVXjZciVYZgZhjaiVYdhXdc
aZkZhegY^YVhnh^\c^[^XjcejcidYZ^c[aZm^c!hdWgZidYd!edghj^beVXideh^Xda\^Xd#
'$) Kb]eh0bZ[hoh[\[h[dj[
Adheg^bZgdhVdhYZJa\dgcdhad[jZgdcXaVkZhedghjZmeVch^cZXdcb^XV!h^cdiVbW^cedgfjZbVg"
XVgdcgZ[ZgZciZhZcaVdg\Vc^oVX^c^ciZgcVYZaVhXddeZgVi^kVh#;jZZcZhZXdciZmidYdcYZidbVgdcXjZg"
edeVaVWgVhXdbdhda^YVg^YVY!hdWZgVcVYZaigVWV_ddYZbdXgVX^VZcaVZbegZhV!^YZVaZhhdX^VaZhfjZ
]jWdfjZigVYjX^gZcbZXVc^hbdhdg\Vc^oVi^kdhYZ
LEJE9K7B?J7J?LE Vea^XVX^ceg{Xi^XV#6bdYdYZZ_Zbead!edYZbdh
dWhZgkVgaVVegdWVX^cYZaVWVc^XdhVaVg^VahZ\c
9jgVciZadheg^bZgdhVdhYZaVZmeZg^ZcX^VXddeZgVi^kVZa jccY^XZYZa&Va(!aVVXZeiVX^cYZaeg^cX^e^dYZ
kdidhZXjVa^[^XedcYZg{cYdadZc[jcX^cYZacY^XZgZig^Wj" ÆHORA TRABAJADA HORA PAGADAÇ! d aV ZmXajh^kV ediZh"
i^kd# HZ\c ZhiZ Xg^iZg^d! jcdh hdX^dh kdiVWVc Xdc Za cY^XZ iVYYZkdideVgVZahdX^digVWV_VYdggZaZ\VcYdVa
bc^bdndigdhXdcZab{m^bd!fjZhZa^b^iVWVVacY^XZigZh# XVe^iVaVjceVeZahjWh^Y^Vg^d#
:ah^hiZbVcd\doYZegZhi^\^d!ZgVY^[X^aZmea^XVgadnXVjhV"
6h^b^hbd!Ja\dg[jZaVbVig^oYZYdcYZcVX^Zgdc
WVVa\jcVhVkZgh^dcZh#EdgZhVgVoc!hZhjeg^b^Vegdm^bV"
YVbZciZVadhY^ZoVdhYZZbeaZVgad# digVh XddeZgVi^kVh ^cYjhig^VaZh n Zci^YVYZh ZhZc"
X^VaZh Zc Za YZkZc^g XddeZgVi^kd# EdYZbdh YZhiV"
XVg aV VedgiVX^c YZ [dcYdh n eZghdcVa Y^gZXi^kd
eVgV^bejahVg8V_VAVWdgVa!aV:hXjZaVEgd[Zh^dcVa]dneVgiZYZBdcYgV\dcJc^WZgih^iViZVnAV\jc6gd!
dhjeVgi^X^eVX^cVXi^kVZcaVXgZVX^cYZ>`ZgaVc!h^cdak^YVgfjZaVV\gjeVX^cXddeZgVi^kV!XdcJA6G"
8D Xdbd eg^bZgV ZmegZh^c! iVbW^c ijkd hjh gVXZh Zc Ja\dg# :a eVeZa YZ Ja\dg! aZ_dh YZ a^b^iVghZ V
egdXaVbVgnZmeZg^bZciVgeVgVhjhVYZcigdhadh^YZVaZhXddeZgVi^kdh![jZYZiZgb^cVciZZcaVXgZVX^cn
YZhVggdaadedhiZg^dgYZbai^eaZh^c^X^Vi^kVhXddeZgVi^kVh#AVXd]ZgZcX^VZcigZZa^YZVg^dfjZYZ[ZcYVcn
hjhVXijVX^dcZhedhiZg^dgZhegde^X^fjZaVXdbjc^YVYgZVXX^dcVgVk^\dgdhVbZciZ#CdZckVcd![gZciZV
aVVh[^m^VciZgZVa^YVYX^gXjcYVciZ!aVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dcedYVegdbZiZgbjX]d/jc
ejZhidYZigVWV_dY^\cd!gZheZidVaV^\jVaYVYYZaVeZghdcV!^cigdYjXX^cYZa\^XVhYZbdXg{i^XVh!egde^Z"
YVYXdbeVgi^YVnjcVgZig^WjX^cVXZeiVWaZ#:aÆXVbW^dYZZhigjXijgVhÇegZY^XVYdedg6g^obZcY^Vgg^ZiV
ZbeZoVWVVVYfj^g^g[dgbV0hjheVaVWgVhVYfj^gVckVa^YZonXVaVYdhdX^VaVbZY^YVfjZhZigVYjXVcZc
gZVa^YVYZhiVc\^WaZh#l[hYWfjkbe'"f|]_dW**
114 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
2. Talleres Arrasate Cooperativa Industrial:
una segunda promoción
6g^obZcY^Vgg^ZiVYZX^Y^YdVXgZVgb{h^c^X^Vi^kVhn!igVhjcVXj^YVYdhVZaZXX^c!Vc^bVdigd\gjedYZeZg"
hdcVhVXgZVgdigVXddeZgVi^kV#:hidh_kZcZhdeZgVgdcYZaVb^hbVbVcZgVfjZadhYZJa\dg!^c^X^Vgdchjh
VXi^k^YVYZhXdbegVcYdjcVZbegZhV/6gVcoVWVan8V#!h^ijVYVZcZaWVgg^dAZ\VggZZc6ggVhViZ"BdcYgV\c#
AVcjZkVXddeZgVi^kV^cXdgedgVadhVci^\jdhigVWV_VYdgZhYZ6gVcoVWVan8V#!hjbVcYdZcidiVajc\gjed
YZ&,eZghdcVhY^hejZhiVhVVkZcijgVghZZcZacjZkdegdnZXid#
:cZaVd&.*-aVhZbegZhVh[VWg^XVc"
iZh YZ XVcYVYdh 7Vh^a^d Bj_^`V 76B!
AZidcVn6ggVhViZaaZ\VgdcV[jh^dcVghZ#
H^c ZbWVg\d! ZhiV VXi^k^YVY XZggV_ZgV
cdYjgbjX]di^Zbed!nVfjZXdbeZ"
iVcXdc>;6B!jcV^bedgiVciZXZggV_Z"
gV YZ 6ggVhViZ"BdcYgV\c fjZ ]VWV
Xdcig^Wj^YdVaV[jcYVX^cYZJa\dg]V"
X^ZcYd jcV VedgiVX^c ZXdcb^XV# AVh
XddeZgVi^kVh]VWVcZhiVWaZX^YdfjZcd 7hhWiWj[[d'/,([d[bXWhh_eZ[B[]Whh[$
aZ]VgVcaVXdbeZiZcX^VVc^c\jcVdigV
ZbegZhVYZaVadXVa^YVY#EdgZhVgVoc!6ggVhViZkZcY^V>;6BidYVaVbVfj^cVg^VnegdYjXidgZaVX^dcVYdVadh
XVcYVYdhnhZXdbegdbZi^VcdYZY^XVghZVaV[VWg^XVX^cYZXVcYVYdhZcjceaVodYZ-Vdh#=VWVa\^XVh
bdgVaZhnXdbegdb^hdhhdX^VaZhfjZZhiVWVcedgZcX^bVYZaVa\^XVYZaWZcZ[^X^dZXdcb^Xd#
6aXdcigVg^dfjZJa\dg!VIVaaZgZh6ggVhViZI68>!]dn;V\dg6ggVhViZaZXdhiZcXdcigVgjckZgYVYZgdegd"
\gVbV YZ igVWV_d fjZ hZ VbdaYVgV V hjh ediZcX^Va^YVYZh# IdYVkV Zc &.+% YZhVggdaaVWVc &' VXi^k^YVYZh
Y^[ZgZciZh!h^ZcYdZaigdfjZaV_ZaVhZXX^cb{h^bedgiVciZ#
AV[VWg^XVX^cYZXVaZciVYdgZhYZV\jVfjZZc&.+%Ja\dgaZXZY^V6ggVhViZ[jZZaeg^bZgcZ\dX^dfjZ
hjejhdgZhjaiVYdhedh^i^kdh#6eVgi^gYZV]!VaXdcXgZiVga^XZcX^VhXdcZbegZhVhZmigVc_ZgVh!\gVX^VhVaV
VnjYV YZ \ZciZ ZmeZg^bZciVYV YZ Ja\dg n 8V_V AVWdgVa! 6ggVhViZ hZ YZ[^c^ Xdbd ÆFABRICANTE DE MÉQUINAS
HERRAMIENTAS Y UTILLAJE PARA EL CORTE Y TRANSFORMACIØN DE LA CHAPAÇ:hiVYZX^h^ck^cd^cYjX^YVedgaVZkVajVX^c
YZabZgXVYdfjZ\VgVci^oVWVjcVYZbVcYVVbea^V!aV[dgbVX^cnXVeVX^iVX^cYZadhigVWV_VYdgZhnaVZm"
eZg^ZcX^VfjZZaejZWadYZ6ggVhViZ"BdcYgV\ciZcVZcaVbVc^ejaVX^cYZX]VeV#
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 115
3. Caja Laboral Popular:
cooperativizando el ahorro
GZigdheZXi^kVbZciZedYZbdhkVadgVgaV:_l_i_d<_dWdY_[hW!8V_VAVWdgVa!YZZcdgbZigVhXZcYZcX^VXdbd
hdedgiZ[^cVcX^Zgdn[jZciZYZbai^eaZh^c^X^Vi^kVhXddeZgVi^kVh#H^cZbWVg\d!Vaa{edgZaVd&.*.!hadYZh"
YZjcV^cij^X^cZmXZeX^dcVahZedYVXdcXaj^gZcaVcZXZh^YVYYZXgZVgjcVZci^YVYYZXgY^id#
J[d[ceigk[^WY[hkdXWdYe$ 7h_pc[dZ_Whh_[jW
NVhZ]VWVcejZhidZcbVgX]VVa\jcVhXddeZgVi^kVh^cYjhig^VaZhXdcZadW_ZidYZXddeZgVi^k^oVgZaigVWV_d#AjZ\d!
XdcaVXgZVX^cYZaWVcXd!6g^obZcY^Vgg^ZiVegZiZcYVXddeZgVi^k^oVgZaV]dggd#:adW_Zi^kdYZaWVcXdYZWVhZgZaYZ
^ciZgbZY^VgZcaVXVeiVX^cYZgZXjghdh!VYb^c^higVgadhnVea^XVgadhVaVegdbdX^cXdbjc^iVg^VVigVkhYZaXddeZ"
gVi^k^hbd!VYZb{hYZXd]Zh^dcVgZa\gjed#AVgVbV[^cVcX^ZgVhZXdchi^ij^gVXdbde^kdiZYZaVegdYjXi^kV#
)$' Fhefed[hoWYjkWh
8^ZgiVbZciZ!aVeg^bZgVkZofjZ6g^obZcY^Vgg^ZiVegdejhdVadh[jcYVYdgZhYZJa\dg!gZjc^YdhZc9edi[`e
Z[:_h[YY_d!Æ]VXZgjcWVcXdÇ![jZYZheVX]VYdh^cbjX]dhb^gVb^Zcidh#C^c\jcdYZZaadhiZcV[dgbVX^c
[^cVcX^ZgVn!XdbdgZaViV6a[dchd<dggdd\d^i^V/Æ ESTÉBAMOS TOTALMENTE APARTADOS DEL MUNDO DE LA BANCA Y LAS
FINANZAS QUE NOS PARECÓA QUE ERA FANTASMAL Y ALGO TIRANIZADO POR LA MAFIA DADA NUESTRA TOTAL IGNORANCIA DEL MISMOÇ&#
6YZb{h!XddeZgVi^kVhXdbdJa\dgn6ggVhViZZhiVWVc\ZcZgVcYdZcdgbZhZmXZYZciZh!edgadfjZcdhZeZg"
X^WVaVcZXZh^YVYYZ[^cVcX^VX^cVa\jcV#
6g^obZcY^Vgg^ZiV!Y^hXgZiVbZciZ!gZYVXiZaVXiVYZ
jcVgZjc^cfjZcjcXVhZaaZ\VXZaZWgVg!ZcaVfjZ
hZVegjZWVaVXdchi^ijX^cYZjcVXddeZgVi^kVYZXg"
Y^id Xdc hjh [ijWjkjei! @kdjWH[YjehW egdk^h^dcVa n
9edi[`eZ[L_]_bWdY_W#GZjc^aVh[^gbVhYZ',ÆVh^h"
iZciZhÇnZck^ZaYdXjbZcidVaB^c^hiZg^dYZIgVWV_d
eVgVhj^chXg^eX^cZcZaGZ\^higdD[^X^VaYZ8ddeZgV"
i^kVh#6h!XdcjcVajX^YZonYZiZgb^cVX^chdgegZc"
YZciZh!Za'-YZ_ja^dYZ&.*.VeVgZXZejWa^XVYdZcZa
Fh_c[hbe]ej_feZ[9W`WBWXehWbFefkbWh"'/+/ 7daZicD[^X^VaYZ:hiVYdZagZ\^higdYZ8V_VAVWdgVa
EdejaVghjcdbWgZdg^\^cVg^dXdbdXddeZgVi^kVYZ
XgY^id#6eVgi^gYZZhZbdbZcidn!VciZjc]ZX]dXdchjbVYd!adh[jcYVYdgZhYZaV:8Bijk^ZgdcfjZZcXVgVg
aV\Zhi^cYZjcVZbegZhVYZXVgVXiZghi^XVhcdkZYdhVh!XjnVk^VW^a^YVYnji^a^YVYaZheVgZXVcYjYdhVh#H^c
ZbWVg\d!aVVXZeiVX^cYZjcVaVWdgiVcVgg^Zh\VYVhadhZejZYZZciZcYZgkVadgVcYdZcidYVhjY^bZch^caV
Vjidg^YVYYZ6g^obZcY^Vgg^ZiV!^YZad\dZ^bejahdgYZhiVndigVhbjX]Vh^c^X^Vi^kVhXddeZgVi^kVh#
& I=DB6H!=#nAD<6C!8#&..&/-ONDRAGON UN ANÉLISIS ECONØMICO8ZcigdYZEjWa^XVX^dcZh!B^c^hiZg^dYZIgVWV_dnHZ\jg^YVYHdX^Va!BVYg^Y#
116 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Ja\dg!;jcXdg!6ggVhViZnaV8ddeZgVi^kVYZ8dchjbdHVc?dhhZ]^X^ZgdcXVg\dYZaV[jcYVX^cYZaV
cjZkVXddeZgVi^kVnXZY^ZgdcY^gZXi^kdheVgV^c^X^VghjVcYVYjgV#CddWhiVciZ!aVYZh^\cVX^cYZaV\ZgZc"
X^Vcd[jZiVgZVhZcX^aaV!ejZhZcZa\gjed[jcYVYdgcVY^ZedhZVaVb{hbc^bVZmeZg^ZcX^V[^cVcX^ZgV#
:aegde^d6g^obZcY^Vgg^ZiVhZZcXVg\YZVhjb^gaVgZhedchVW^a^YVYYZcdbWgVgV?dhBVgVDgbVZimZV!
\ZgZciZn[jcYVYdgYZJa\dg!XdchZ_ZgdYZaZ\VYdYZaV?jciVGZXidgV#DgbVZimZVdXjeVgVZhZXVg\dYj"
gVciZadhh^\j^ZciZh'+Vdh!ZcadhfjZ8V_VAVWdgVaXgZX^!hZXdchda^YZXdcb^XVbZciZn_j\jceVeZa
ZhZcX^VaZcaV[^cVcX^VX^c!egdbdX^cnXd]Zh^cXddeZgVi^kV#
)$( Fh_c[hWWYj_l_ZWZ0[bi[hl_Y_eZ[fhel_i_dieY_Wb
8dbdb{hVYZaVciZiZcYgZbdhdXVh^cYZXdbZc" ;IJ7JKJEI:;97@7B78EH7BFEFKB7H
iVg!Za(%YZ_jc^dYZab^hbd&.*.hZYZXgZibZ"
Y^VciZDgYZcB^c^hiZg^VaaVZmXajh^cYZidYdXdd" ÇI[Yedij_jko[9BFfWhW[bi[hl_Y_e\_dWdY_[he"jYd_Yeo
eZgVi^k^hiVYZaVXdWZgijgVYZaVHZ\jg^YVYHdX^Va# ieY_WbZ[bWiYeef[hWj_lWiÈ
:hiV ^cZheZgVYV gZhdajX^c dWa^\ V ^chiVjgVg jc
hZgk^X^d Vh^hiZcX^Va YZ ^cbZY^Vid! eVgV ad fjZ hZ <_dWdY_[he0gZegZhZciVhj[jcX^cZhZcX^Va#AV8V_V[jc\Z
XgZZaHZgk^X^dYZEgdk^h^cHdX^Va#;jZaVeg^bZgV XdbdWVcXdXddeZgVi^kd#
VXi^k^YVYYZaV8V_VgZX^ccVX^YV#
JYd_Ye0 Vednd egd[Zh^dcVa YZhi^cVYd V aVh XddeZgVi^kVh
VhdX^VYVhnVaVhcjZkVhXddeZgVi^kVh#HZigVch[dgbeg^"
:a & YZ [ZWgZgd YZ &.+% hZ VWgZ aV eg^bZgV d[^"
bZgdZc9^k^h^c:begZhVg^VanZc&..&ZcA@HH#8dde#
X^cV Zc 6ggVhViZ"BdcYgV\c# 6g^obZcY^Vgg^ZiV!
XdchX^ZciZYZahVaidXjVa^iVi^kdfjZhZVXVWVWVYZ
IeY_Wb0 hZ egdnZXiV Zc aV ZmiZch^c YZ jcV XdWZgijgV
YVg!ji^a^oVaVZmegZh^cÆa^WgZiVdbVaZiVÇ'eVgV YZ egZhiVX^dcZh ZheZX[^XV! XdckZgi^YV YZhYZ &.+, Zc
igVchb^i^gaV^bedgiVcX^Vk^iVaYZZcXVjoVgZaV]d" AV\jc6gd#
ggdXdbjc^iVg^d]VX^VegdnZXidhXddeZgVi^kdh#6Y"
k^ZgiZVh!YZag^Zh\dYZZhiVcXVb^Zcid[^cVcX^Zgd
YZa^bejahdXddeZgVi^kdYZaeVgdnZb^\gVX^cgZhjaiVciZh!iVcYZeZcY^ZciZYZaVVjid[^cVcX^VX^cn!
edgiVcid!iVccZXZh^iVYdYZahdedgiZXdbegdbZi^YdYZaV]dggdedejaVg#
)$) 7feoe_dYedZ_Y_edWbZ[bWiYeef[hWj_lWioZ[bWfeXbWY_d
:aegdXZhdYZZmeVch^cYZaV8V_VXdb^ZcoVZc&.+'XdcjcXgZX^b^ZcidbZY^dVcjVaYZa,&!+Zcadh
h^\j^ZciZhY^ZoVdh#JcViVhVYZXgZX^b^ZcidZmigVdgY^cVg^ViZc^ZcYdZcXjZciVfjZZhiVbdh]VWaVcYd
YZjcVZci^YVYfjZc^XVbZciZedYVXdcXZYZgXgY^idhVXddeZgVi^kVhVhdX^VYVhnfjZ!Zk^YZciZbZciZ!
cdhZgVVaXVcoVWaZh^cZaVednd^cXdcY^X^dcVaYZa<gjed>cYjhig^Va#AVhXddeZgVi^kVhVhdX^VYVhVaV8V_V
YZbdhigVgdcjcV^bea^XVX^cidiVaZcZaZh[jZgodYZYVgk^YVVjcVZci^YVYfjZ!]VhiVfjZVaXVcoVgVjc
kdajbZcYZgZXjghdhhj[^X^ZciZeVgVhjVjidVWVhiZX^b^Zcid[^cVcX^Zgd!^WVVYZeZcYZgYZhjhVedgiVX^d"
cZh#AVcVijgVaZoVnVaXVcXZYZZhiVhVnjYVh[jZbai^eaZ/egdiV\dc^oVgdchj[jcYVX^c!XZY^ZgdcVY^gZX"
' DGB6:IM:6!?#B#&..,
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 117
i^kdhXaVkZ!VedgiVgdcXVe^iVaeVgVhdhiZcZggVi^dhYZhdakZcX^VVYZXjVYdh!VXZeiVgdcfjZaV8V_V[jZgVhj
c^XVZci^YVY[^cVcX^ZgV!VkVaVgdcYjgVciZb{hYZ'%VdhidYVhhjhdeZgVX^dcZh[^cVcX^ZgVhXdcZa'*
YZaXVe^iVahdX^VaYZXVYVXddeZgVi^kV!ZiX#
6bZY^VYdhYZaVYXVYVYZadh+%ZcaVhXddeZgVi^kVhVhdX^VYVhhZ^chiVjgjcVdg^\^cVa[gbjaVYZZhibj"
adVaV]dggd/aVhÆVedgiVX^dcZhkdajciVg^VhXdaZXi^kVhÇ#;jZjcZhfjZbVYZV]dggdVhdX^VYdgZVabZciZZm^id"
hdfjZgZig^WjVZa^ciZgh[^_VYdeVgVZaV]dggdXdckZcX^dcVab{hjch[jehdefjZdhX^aVWVZcigZZa&!'*n
Za'#6YZb{hYZjc^cXgZbZcidYZgZXjghdhcdiVWaZ!ad\gjcVVY]Zh^cedejaVgbjnkVa^dhV#6cjVabZciZ!
hZgZVa^oVWVc6hVbWaZVh8dbVgXVaZhYZ6]dggVYdgZhZckVg^dhbjc^X^e^dh!YdcYZhZ^c[dgbVWVhdWgZZa
Z_ZgX^X^dYZaV8V_VnYZa<gjed6hdX^VYd!idYdZaadVXdbeVVYdYZZcigZ\VhYZegZb^dhnVXidhXjaijgVaZh
fjZXdcig^WjVcV[dbZciVgaVV[^c^YVY]VX^VZabdk^b^ZcidXddeZgVi^kd#AdhV]dggVYdgZhedYVcXdbegdWVg
Xbdhjh[dcYdhhZgZ^ckZgiVcZcaVXgZVX^cYZg^fjZoVeVgVaVXdbjc^YVYnhZhZciVceVgiX^eZhYZidYd
ZhZegdXZhd#%L AHORRO CON RETORNOh^\j^YVcYdZmXZaZciZhgZhjaiVYdh]VhiVfjZZc&.,'!ZcaVeg^bZgV^ch"
eZXX^cfjZZa7VcXdYZ:heVVgZVa^oZc8V_VAVWdgVa!adegd]^W^#
H^cZbWVg\d!eVgVZcidcXZhaV8V_VnV]VWVVaXVcoVYdX^ZgiVhda^YZo#:cedXdb{hYZ&%Vdh]VWVeVhV"
YdYZhjWh^hi^g\gVX^VhVaVVnjYVYZa<gjed6hdX^VYdVedYZg[^cVcX^VgadXdc]da\jgV#AdhgZXjghdhYZaV
8V_VXgZXZcVjcg^ibdbVc^[^ZhiVbZciZhjeZg^dgV
B77IE9?79?ãD797@7B78EH7B aVhkZciVhYZa<gjed#AVZmeVch^ciVbW^cfjZYV"
WVeViZciZZcaVVeZgijgVYZcjZkVhd[^X^cVh/h^Zc
FheY[ieeh]Wd_pWj_le &.+%hZ^cVj\jgaVeg^bZgV!Zc&.,'nVhjbVWVc
:cadh^c^X^dhaVhXddeZgVi^kVhcdXdchi^ijVcjc\gjedXdbd *'# 9ZhYZ adh eg^bZgdh ZbeaZVYdh! Zc YdXZ Vdh
iVa!VjcfjZiZcVckcXjadhZhigZX]dh/jcdhb^hbdhZhiVij" eVhVcVhZg('-#
idh n h^hiZbV YZ [jcX^dcVb^Zcid! jcV b^hbV [jZciZ YZ [^"
cVcX^VX^cnaVeVgi^X^eVX^cZcaV6hVbWaZV<ZcZgVaYZ8V_V
AVWdgVa#:acZmdYZjc^cZcigZZaaVhXdchi^ijVZaWVcXd#
)$* FWf[bYe^[i_edWZeh
:aESQUEMA ORGANIZATIVO DEL CONJUNTOZgVbjnh^beaZ/aVZc"
i^YVYYZXgY^idhVi^h[VXVaVhcZXZh^YVYZh[^cVcX^ZgVhYZaVh AV Xdchda^YVX^c ZXdcb^XV YZ 8V_V AVWdgVa k^cd
XddeZgVi^kVhnaZhegZhiVWVjcXdc_jcidYZhZgk^X^dhXdbeaZ" VXdbeVVYV YZ jc bVndg egdiV\dc^hbd Xdbd Zc"
bZciVg^dhiXc^XdhnhdX^VaZh!eZgdXVYVZbegZhVXddeZgVi^" i^YVYXd]Zh^kVYZaXdbeaZ_dXddeZgVi^kd#9Z]ZX]d!
kVVXijVWVYZ[dgbV^cY^k^YjVa# YZhYZ hj Xdchi^ijX^c cVX^ Xdbd ÆXddeZgVi^kV YZ
XddeZgVi^kVhÇnZaegde^d6g^obZcY^Vgg^ZiVaV]VWV
9edZ_Y_ed[iZ[WieY_WY_d
YZ[^c^YdXdbdjcV^chi^ijX^cXjndeaVcdYZXdbeZ"
JcV YZ aVh XdcY^X^dcZh eVgV VhdX^VghZ Xdch^hiV Zc aV V[^"
a^VX^ch^bjai{cZVYZidYdhadhhdX^dhYZaVXddeZgVi^kVVaV iZcX^VZgVYZÆVaiV\Zhi^cnY^gZXX^cZbegZhVg^VaÇ#
hZXX^cYZXdWZgijgVhdX^VaYZaWVcXdaVVXijVaAV\jc6gd# :hiVkdXVX^cjc^[^XVYdgVnYZa^YZgVo\dhZXdcXgZ"
:c Za ÆeZg^dYd YZ egjZWVÇ jcd d Ydh Vdh hZ XdbegdWV" iVWVedgbZY^dYZa9edjhWjeZ[7ieY_WY_d#8dch^h"
WVZa[jcX^dcVb^Zcid^ciZgcdYZaVXddeZgVi^kV/^ciZgkVadYZ iVZcjcVgZaVX^cYZXdcY^X^dcZhfjZidYVXddeZgV"
Vci^X^edhaVWdgVaZh!YZbdXgVX^VgZVa!\Zhi^cnigVcheVgZcX^V i^kVYZWVXjbea^geVgVVhdX^VghZVaV8V_Vn!YZZhZ
ZcaVeVgi^X^eVX^c!VjhZcX^VYZa^YZgVo\dh^cYZhZVYdhZiX#
bdYd!edYZgWZcZ[^X^VghZYZhjhacZVhYZXgY^idn
HjeZgVYd Xdc Z[^XVX^V ZhZ eZg^dYd! aV XddeZgVi^kV fjZYVWV
VhdX^VYVVaV8V_VnVXXZYVVaYZgZX]dYZgZVa^oVgdeZgVX^d"
VhZhdgVb^Zcid#HZVegdW[dgbVabZciZZc_ja^dYZ
cZhVXi^kVh/XgY^idhneghiVbdh!VkVaZh!ZiX# &.,+ VjcfjZ nV kZcV egVXi^X{cYdhZ! Va bZcdh Zc
ZhZcX^V!YZhYZVdhVciZg^dgZh#AV[^gbVYZaXdcigV"
118 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
iddWa^\VVXVYVXddeZgVi^kVVgZheZiVgjcdheg^cX^e^dhW{h^XdhZcidgcdVaVegde^ZYVYYZaXVe^iVa!Y^hig^WjX^c
YZgZhjaiVYdh!VedgiVX^dcZhYZhdX^dh!VWVc^XdYZadhVci^X^edhaVWdgVaZhdgZig^WjX^cVaXVe^iVa!ZcigZdigdh#
IVbW^chZgZV[^gbVZaXdbegdb^hdedgaVXgZVX^cYZZbeaZdnhZZhiVWaZXZjch^hiZbVYZXdcigda[^cVcX^Zgd
edgeVgiZYZaV8V_V!VednVYdedgjc[aj_dYZ^c[dgbVX^cgZ\jaVgYdcYZhZYZiVaaVckVg^VWaZhXaVkZYZaV\Zh"
i^cYZaVXddeZgVi^kV^cXaj^YVjcVWkZ_jehWdWa^\Vidg^VVabZcdhjcVkZoXVYVXjVigdVdh#:hgZhZVWaZaV
^bedgiVcX^VfjZhZXdcXZYZVVheZXidhfjZhZVaZ_VcYZaVbZgVeg{Xi^XVbZgXVci^aXdbdbjZhigVYZaXVg{X"
iZgY^[ZgZcX^VYdYZaV:8B!XdbegdbZi^YVYZhYZhjhdg\ZcZhXdcZaYZhVggdaadXdbjc^iVg^d#
H[ikc[dZ[bWiZ_\[h[dj[il[hj_[dj[iZ[9W`WBWXehWbFefkbWh
1 I[hl_Y_e<_dWdY_[he0
8dWZgijgVZXdcb^XVVaVhXddeZgVi^kVh^cYjhig^VaZh#
97@7
B78EH7B 2 I[hl_Y_eJYd_Ye0
KdXVX^cYZXdbegdb^hdhdX^Va#EgdbdX^cXddeZgVi^kV
Ç9eef[hWj_lW nXddgY^cVX^c^cYjhig^Va#9^k^h^c:begZhVg^Va#
Z[Yeef[hWj_lWiÈ
3 I[hl_Y_eIeY_Wb0
8dWZgijgVHdX^Va#
)$+ 7f[hjkhWZ[dk[lei^eh_pedj[i
:caVYXVYVYZadhhZiZciVhZY^ZgdcaVheg^bZgVh 7OK:7CKJK7097@7#9EEF;H7J?L7I
bdY^[^XVX^dcZhZcaVaZ\^haVX^cXddeZgVi^kV#=VhiV
ZcidcXZh!aV6Yb^c^higVX^cEWa^XV]VWVgZ\jaVYd 6aXdb^ZcodÅZcadhVdh+%Å[jZk^iVaeVgVaVhdWgZk^kZc"
V aVh 8ddeZgVi^kVh YZ 8gY^id Xdc jc bVgXVYd eV" X^VYZ8AEZaVedndgZX^W^YdedgaVhXddeZgVi^kVhVhdX^VYVh
iZgcVa^hbd!egdiZ\^cYdaVhXdcbZcdgZhZm^\ZcX^Vh ÅhdWgZidYdedgZa<gjed;V\dgÅfjZ[^cVcX^VgdcnaZY^Zgdc
\VgVci^hiVh eZgd a^b^iVcYd hj XVeVX^YVY deZgVi^" cZ\dX^d# AVh XddeZgVi^kVh VhdX^VYVh VkVaVgdc ]VhiV Xdc Za
kV gZheZXid V 8V_Vh YZ 6]dggd n 7VcXV igVY^X^dcVa# *%YZhjeVig^bdc^daVhdeZgVX^dcZhYZaV8V_V#6YZb{hYZ
\VgVci^oVghjhdakZcX^V!aVhXddeZgVi^kVhXZY^ZgdcY^gZXi^kdh
nZhiVWaZX^ZgdcgZaVX^dcZhZmXajh^kVhXdcaVZci^YVY[^cVcX^Z"
gV#>\jVabZciZX^ZgidZhfjZYZcd]VWZgZm^hi^YdaV8V_V!bj"
X]VhYZZhiVhb^hbVhXddeZgVi^kVh]jW^ZgVcYZhVeVgZX^Yd
ZcigZaVhYXVYVhYZadh,%n-%#
9dheVhdhXaVkZZcZaegdXZhdYZZfj^eVgVX^cYZaVh8ddeZ"
gVi^kVhYZ8gY^idXdcadhYZb{hZci^YVYZhYZXgY^id7Vc"
Xdhn8V_VhYZ6]dggd/
& 6jidg^oVgaVXdaVWdgVX^cXdcdg\Vc^hbdhd[^X^VaZh#
' 8dcXZYZgXgY^idhViZgXZgdhcdhdX^dh
XddeZgVi^k^hiVh&*YZadhgZXjghdhidiVaZhZc
&.-)!Vbea^{cYdhZVa*%YZhejh#
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 119
:gVcXdch^YZgVYVhZci^YVYZhXgZY^i^X^VhYZhZ\jcYddgYZc!iVcidedghjZhXVhZoYZgZXjghdhXdbdedgZaYZh"
egZhi^\^d]ZgZYVYdYZaeVhVYd!hVae^XVYdYZ[gVXVhdhndeZgVX^dcZh^ggZ\jaVgZh#:chjheg^bZgdhVdhZabVg"
Xd_jgY^Xdk^\ZciZ[VkdgZX^VaV8V_V!nVfjZaVXVe^iVa^oVX^cbc^bVZm^\^YVZgVbjnVhZfj^WaZ!VeZcVh]VWV
^cheZXX^c^chi^ijX^dcVan!hdWgZidYd!cdhZaZhZm^\VYe[\_Y_[dj[Z[YW`WhZaZhZbeZoVVea^XVgZc&.,.#
6]dgVW^Zc!XdcaVhY^bZch^dcZhfjZ]VWVVYfj^g^Yd!aV8V_VZbeZoVWVVhZci^ghZVeg^h^dcVYVedgaVh
[jZgiZh gZhig^XX^dcZh deZgVi^kVh fjZ aZ kZcVc ^bejZhiVh edg aV aZn/ cZXZh^iVWV aV XdaVWdgVX^c YZ digd
WVcXd eVgV deZgVg Xdc bdcZYV ZmigVc_ZgV! cd edYV VXijVg Xdbd Zci^YVY gZXVjYVYdgV YZ aV HZ\jg^YVY
HdX^Vac^YZaV=VX^ZcYVEWa^XV#CdhZVXZeiVWVchjhVkVaZhVciZZa7VcXdYZ8gY^id>cYjhig^VaniVbedXd
hZaZXdcXZYVcacZVhYZgZYZhXjZcidYZa7VcXdYZ:heVV#HZ^chigZeZi^YVbZciZVaV6Yb^c^higVX^c
eVgVfjZhZaZdidg\VgVbVndgXVbedYZVXijVX^cnZc&.,.aaZ\aVYZhZVYVVjidg^oVX^ceVgVXdaVWdgVg
Xdcdg\Vc^hbdhd[^X^VaZh#
AVXVeVX^iVX^ceVgVXdcXZYZgXgY^idhViZgXZgdhfjZcd[jZgVchdX^dhXddeZgVi^k^hiVh[jZZah^\j^ZciZeVhd
]VX^VaVZfj^eVgVX^cdeZgVi^kVgZheZXidV7VcXdhn8V_VhYZ6]dggd#:c&.-)hZVjidg^ofjZhZYZhi^cV"
gVcVZaad]VhiVjc&*YZadhgZXjghdhidiVaZhn!XdcaVAZnZheZX[^XVYZ8ddeZgVi^kVhYZ8gY^idYZ&.-.!
ZaedgXZciV_ZhZVbea^Va*%#H^\c^[^Xjc^bedgiVciZXVbW^dcdgbVi^kdfjZgdbe^aVZhig^XiVYdXig^cV
XddeZgVi^kV!eZgdeZgb^i^ZcYddm^\ZcVgaV8V_V\gVX^VhVjcVbVndgY^kZgh^[^XVX^cYZag^Zh\d#AV^\jVaYVY
Z[ZXi^kVXdcaVhYZb{hZci^YVYZhYZXgY^idhZ]VWVad\gVYd#
4. La División empresarial:
instrumento de desarrollo comunitario
y promoción cooperativa
8V_VAVWdgVaaaZkVWV^begZhVYZhYZhjgZYVXX^cZhiVijiVg^VjcVkdXVX^cYZXdbegdb^hdhdX^VafjZhd"
WgZeVhVWVVbea^VbZciZZaeVeZaYZhZbeZVYdedgXjVafj^Zg^chi^ijX^c[^cVcX^ZgVXdckZcX^dcVa#6g^obZc"
Y^Vgg^ZiVZciZcY^fjZaVegdbdX^cnXddgY^cVX^c^cYjhig^VaZgVcÆDERIVACIONES LØGICAS Y SUSTANCIALESÇYZhj
[jcX^cYZYVgXdWZgijgVZXdcb^XVVaVhXddeZgVi^kVh^cYjhig^VaZh#9ZbdYdfjZ!VYZb{hYZVXijVgXdbd
Zci^YVY[^cVcX^ZgVnd[gZXZgXdWZgijgVhdX^VaVigVkhYZAV\jc6gd!8V_VAVWdgVacVX^XdcZaegdeh^id!cd
YZaidYdYZ[^c^Yd!YZ[jcX^dcVgXdbdSERVICIO TÏCNICOYZaVhXddeZgVi^kVh#AV9^k^h^c:begZhVg^VaYZcdb^cV"
X^cgZX^W^YVZc&.,(Zchjhi^ijX^cYZaSERVICIO TÏCNICO[jZaVZcXVg\VYVYZVhjb^gZhV[jcX^cnhZXdck^gi^!
VadaVg\dYZigZ^ciVVdh!ZcZadg\Vc^hbdbZY^VciZZaXjVa8V_VAVWdgVaejYdbViZg^Va^oVghjkdajciVYYZ
hZgÆINSTRUMENTO DE DESARROLLO COMUNITARIOÇ#
Adheg^bZgdheVhdhYZaV9^k^h^c:begZhVg^VahZXVgVXiZg^oVgdcedghj^cYZ[^c^X^cnedgjcVZhigjXijgV
dg\Vc^oVi^kV^c[dgbVa!edgfjZZc\gVcbZY^YVZaZfj^edYZY^gZXX^cXdbeVgiVi^ZbedhnYZY^XVX^dcZhZcigZ
Ja\dgnaVegde^V8V_VAVWdgVa#
120 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
9EFH;9?#EHAB?0IEB?:7H?:7:?DJ;H9EC7H97B
HjVXi^k^YVY^cYjhig^Vak^cdYZ[^c^YVedgaVh
cZXZh^YVYZh YZ egdk^h^c YZ Ja\dg n 6ggV"
hViZ/ XdbZcoVgdc V [VWg^XVg \g^[dh YZ \Vh
n k{akjaVh YZ hZ\jg^YVY ZaZXigdbV\ci^XVh
eVgVXdX^cVh!Zhij[VhnXVaZciVYdgZhYZJa"
\dg# EdXd V edXd hZ Vbea^ Za VWVc^Xd YZ
egdYjXidh iZgbdhiVidh! ZaZXigdWdbWVh!
ZiX#! ]VhiV aaZ\Vg V adh egd\gVbVYdgZh Va
^\jVafjZZaYZXa^ZciZh#
=VX^VbZY^VYdhYZadhVdh,%8degZX^V\gjeVWVVjcdh.%%igVWV_VYdgZh0XdciZbeaVWVaVVbea^VX^cYZaVeaVciV^cYjhig^VaXjVcYd
aV6hdX^VX^cYZeVYgZhYZ[Vb^a^VYZDgY^o^V!ZcaVXdbVgXVYZa<d^Zgg^kVaaZ\j^ejoXdVcdh^ijVYdV)%`^abZigdhYZaVXdbVgXVYZa
6aid9ZWV!VXjY^V8degZX^ZcWjhXVYZVnjYV#HjegZdXjeVX^ceg^cX^eVaZgVfjZZahZXidg^cYjhig^Va!YdcYZ^beZgVWVaVegdYjX"
X^cbZiVag\^XVeZhVYVÄbZX{c^XVn[VWg^XVX^cYZkV\dcZhnigZcZh"!cdVWhdgWVbVcdYZdWgV[ZbZc^cV#:hiVhda^X^ijYaaZ\VWV
ZcjcbdbZcidYZVj\ZYZaVedai^XVYZYZhVggdaadYZdigVhXdbVgXVhVh!Za'+YZV\dhidYZ&.,)!Dg`a^DgY^o^V@a^bVZbeZo
hjVXi^k^YVYYZ[VWg^XVX^cnkZciVYZXdbedcZciZheVgVXVaZ[VXX^cnZaZXigdYdbhi^XdhZcaVeaVciVYZDgY^o^VXdbdaV9^k^h^c>>
YZ8degZX^#
6aXVWdYZ-VdhVfjZaaVZbegZhVeaZcVbZciZXdchda^YVYV!YZg^kZcXddeZgVi^kV^cYZeZcY^ZciZ0nhjm^idZbegZhVg^VaaZaaZk
Vaeg^bZgejZhidZjgdeZdYZ[VWg^XVciZhYZ\gjedhbV\ci^Xdh#AVVedgiVX^cYZ8degZX^VaYZhVggdaadXdbjc^iVg^dYZaVodcV
YZDgY^o^V[jZb{hfjZgZbVgXVWaZ#6a^\jVafjZDg`a^!hZedYgVcX^iVgdigVhXddeZgVi^kVhfjZZchjh^c^X^dh[jZgdchZXX^dcZhYZ
digVhbVig^XZh/;V\dg:aZXigc^XV!;V\dg>cYjhig^Va!A@H!ZiX#
9edeY_[dZebegk[oWi[[ijWXWbe]hWdZe[d[b[djehdeZ[CedZhW]d"kdWZ[b[]WY_dZ[bW7ieY_WY_dZ[
fWZh[ii[[djh[l_ijYedbW:_h[YY_dZ[9efh[Y_"fbWdj[WdZebWfei_X_b_ZWZZ[jhWibWZWhWb]kdWWYj_l_ZWZdk[ijhW
WEhZ_p_W$;bbeiZ_ifedWdZ[f[hiedWiYkWb_\_YWZWioYecfhec[j_ZWi$7deiejheideifWh[Y_kdfbWdj[Wc_[dje
ckoi[h_eoZ_]deZ[Wfeoe$;d[b\edZe"i[jhWjWXWZ[[nj[dZ[hbW[nf[h_[dY_WWejhWiYecWhYWio[ije[ijWXW[d
bWbd[WZ[bWjhWdi\ehcWY_dieY_Wb$8_[dc[h[YW^WY[hkd[i\k[hpe$:[Y_Z_ceijhWibWZWhWbWdWY_[dj[Yeef[hW#
j_lWbegk[fei_Xb[c[dj[[hWdk[ijhefheZkYjec|ijYd_Yeoh[djWXb[0bei]hkfeicW]dj_Yeioj[hcefWh[i"feh#
gk[[hWbegk[c[`ehi[WZWfjWXWWbWcWdeZ[eXhW\[c[d_dW$ #@ei[CWh_IWhWikW"Ye#\kdZWZehZ[9efh[Y_
9Z[dgbV^\jVabZciZZhedci{cZVhZVhjb^nhZejhdZceg{Xi^XVZaXdbegdb^hdZhiVijiVg^dedgaVegdbd"
X^c^cYjhig^Va!Vbea^VYdVahZXidgV\gVg^dnVaYZXdchjbd#AVgZaVX^cYZaSERVICIO TÏCNICOXdcaVhXddeZgVi^kVh
XgZVYVhVWVgXVWVjcZmiZchdXVbedYZVXX^c/]VaaVgZaegd\gVbVYZigVWV_d!dg\Vc^oVgaVZhigjXijgVhdX^Va
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 121
nYVg[dgbVX^chdX^ZiVg^V!eaVc^[^XVgaV[^cVcX^VX^cYZhYZaV8V_V!Vhjb^gaV\Zhi^ciXc^XVnaVdg\Vc^oVi^"
kVneaVc^[^XVgZa{gZVXdbZgX^Va#6h[jZXdbdhZ^bejahVgdcZchjh^c^X^dhXddeZgVi^kVh^cYjhig^VaZhXdbd
8degZX^!:YZgaVcdHdgVajXZ!aVXddeZgVi^kVV\gVg^VAVcVdaVXddeZgVi^kVYZXdchjbdHVc?dh!egZXjghdgV
YZ:gdh`^#HZ^ciZci]VXZgadb^hbdXdcZahZXidgeZhfjZgdeZgdaVXddeZgVi^kVXgZVYVZc&.++!8deZhXV!
VeZcVhYjghZ^hVdh#6[^cVaZhYZ&.,%ZhiVWVcVhdX^VYVhV8V_VAVWdgVaXjVgZciVnX^cXdXddeZgVi^kVh
^cYjhig^VaZh!igZhV\gXdaVh!igZhYZhZgk^X^dh!jcVYZXdchjbdnjcVeZhfjZgV!idYVhZaaVhWZcZ[^X^VYVhZc
bVndgdbZcdg\gVYdYZaVedndegZhiVYdYZhYZZaSERVICIO TÏCNICO#
6bZY^YVfjZZa<gjedJaVgXdn8V_VAVWdgVaVYfj^gVcbVndgY^bZch^c!ZaZfj^ed[jcYVYdgnVcdiZcV
XVeVX^YVYeVgVXdcYjX^gZa\dW^ZgcdYZVbWVhdg\Vc^oVX^dcZhYZ[dgbVh^bjai{cZV!adfjZhZigVYj_dZcaV
^cXdgedgVX^cYZjcVcjZkV\ZcZgVX^cYZhdX^dhVadhg\VcdhY^gZXi^kdh#:hidhXVbW^dhhjejh^ZgdcjcV
bVndgegd[Zh^dcVa^oVX^cY^gZXi^kVVaVkZofjZhjg\VaVcZXZh^YVYYZigVchb^i^gVadhcjZkdhXjVYgdhaV
hZch^W^a^YVYhdX^Va^cXjaXVYVedg6g^obZcY^Vgg^ZiVVhjhXdaVWdgVYdgZhb{hXZgXVcdh#
AVYXVYVYZadhhZiZciVk^k^jcVbVndgZhigjXijgVX^cYZaV9^k^h^c:begZhVg^Va#:adg\Vc^\gVbVZaVWd"
gVYdhZXdbedcVYZigZhhjWY^gZXX^dcZh/aVYZ9ZhVggdaad>cYjhig^Va!aVYZDg\Vc^oVX^cnaVYZ:hijY^dh#
:hiVhhjWY^gZXX^dcZhV\gjeVWVcVkVg^dh9ZeVgiVbZcidhd{gZVhYZVXX^c!ZcigZaVhfjZYZhejciVWVaVYZ
EgdbdX^cedghjh^c\jaVg^YVYnXdbegdb^hd#HZdXjeVWVYZaVWhfjZYVYZcjZkdhegdYjXidh^cYjhig^VaZh
bZY^VciZaV^bedgiVX^cYZiZXcdad\VVigVkhYZYZaZ\VYdhgZeVgi^Ydhedg6aZbVc^V!>iVa^V!::#JJ!?Vec!
GZ^cdJc^YdnHj^oVeVgVaVegdbdX^cYZcjZkVhXddeZgVi^kVhnZaVhZhdgVb^ZcidYZaVhXddeZgVi^kVhZc
[VhZYZXdchi^ijX^cnaVcoVb^Zcid#
:a9ZeVgiVbZcidYZ>ciZgkZcX^c!XjnVaVWdgXdch^hiVZcaVVXijVX^cY^gZXiVYZaeZghdcVaYZaV9^k^h^c
:begZhVg^VahdWgZaVhXddeZgVi^kVhZcXg^h^h!V[gdcihjeg^bZgXVhdZc&.,%XdcaV^ciZgkZcX^cYZ;jcXdg#
B{hVYZaVciZ!aVXg^h^hZcZg\i^XVegdkdXVgVaV^ciZgkZcX^ch^ZbegZegdWaZb{i^XVnYZhV\gVYVWaZYZjc
WjZc cbZgd YZ XddeZgVi^kVh Xdc e^Xdh fjZ aaZ\Vgdc V b{h YZ kZ^ciZ ^ciZgkZcX^dcZh h^bjai{cZVh# :hiZ
YZeVgiVbZcidiVbW^cYZhZbeZVWVjcV[jcX^cYZXVg{XiZgegZkZci^kd#
AV6jY^idgVcVX^Zc&.,&eVgViZcZgXdcdX^b^ZcideZgbVcZciZnkZgVoYZaZhiVYdZXdcb^Xd"[^cVcX^Zgd
YZaVhXddeZgVi^kVhVhdX^VYVh#AVdWa^\Vidg^ZYVYYZhZgVjY^iVYVhZhiVWVgZheVaYVYVedgZaXdbegdb^hdn
g^Zh\dVhjb^YdhedgaV8V_V#
:a9ZeVgiVbZcidYZ6hZhdgVb^ZciddeZgVWVXdbdXdchjaidgVY^g^\^YVVa<gjedZcidYdhadh{bW^idhie^Xdh
YZaVZbegZhV#:aEaVcYZ<Zhi^cZaVWdgVYdedgZhiV{gZV!VXijXdbdV\aji^cVYdgYZa<gjedXddeZgVi^kdVa
ZhiVcYVg^oVgjcbdYZadYZ\Zhi^cVea^XVYdZcXVYVXddeZgVi^kV#
9ZhYZ aV 9^k^h^c :begZhVg^Va iVbW^c hZ XgZVgdc {gZVh ZheZX[^XVh eVgV egdbdX^dcVg XddeZgVi^kVh YZ
k^k^ZcYV hZ XdchigjnZgdc &#&%% k^k^ZcYVh n XddeZgVi^kVh YZ ZchZVcoV _aWijebWi! Xdc '-#%%% Vajbcdh
^chXg^idhZc&.-%#:cXdc_jcid!ZacbZgdYZXddeZgVi^kVhVhdX^VYVhhZVXZgXVWVVaXZciZcVg!]VW^cYdhZ
Yjea^XVYdZcZaeaVodYZY^ZoVdh#IdYdZaadcdhYVjcV^YZVYZaVVbea^ijYYZaViVgZVYZhVggdaaVYVedgaVh
&'%eZghdcVhfjZXdc[dgbVWVcaV9^k^h^cZc&.-%nfjZh^\j^ZgdcgZVa^oVcYdjcVaVWdg^bedgiVciZZcZa
XdciZmidYZXg^h^hfjZhZVkZX^cVWV#
122 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
5. Lagun Aro: recorrido de la cobertura
social cooperativa
Adheg^bZgdhXddeZgVi^k^hiVhcdiZcVcegZk^hidXgZVgc^c\chZgk^X^dYZegdiZXX^chdX^Va#:cadhVdh^c^"
X^VaZhhjhVXi^k^YVYZhZbegZhVg^VaZh\doVgdcYZaVXdWZgijgVfjZd[gZXVZa:hiVYdVigVkhYZaVHZ\jg^YVY
HdX^Va# H^c ZbWVg\d! Zc Y^X^ZbWgZ YZ &.*- Za \dW^Zgcd YZX^Y^ ZmXaj^g YZa G\^bZc <ZcZgVa V adh hdX^dh
YZ aVh XddeZgVi^kVh ^cYjhig^VaZh WV_d aV _jhi^[^XVX^c YZ fjZ adh igVWV_VYdgZh YZ aVh XddeZgVi^kVh cd ZgVc
ZbeaZVYdhh^cdegde^ZiVg^dh#:cZhVhX^gXjchiVcX^Vh!ZckZoYZajX]VgedghjgZ^cXdgedgVX^c!6g^obZcY^V"
gg^ZiVVaZciaVXgZVX^cYZjch^hiZbVegde^dYZXdWZgijgVhdX^Va#CjZkZbZhZhYZhejhYZaV^cZheZgVYV
Zmejah^c!ZchZei^ZbWgZYZ&.*.!kVa^cYdhZYZaVXdWZgijgV_jgY^XVYZaV8V_VgZX^ccVX^YV!hZXdchi^ijV
ZaHZgk^X^dYZEgZk^h^cHdX^Va#
+$' ;bfh_c[hi_ij[cWZ[YeX[hjkhW
AV^cbZY^ViZoYZaVgZVXX^cegdkZcVYZjcXdciZm" 9E8;HJKH7I7D?J7H?7
idX^ZgiVbZciZ[VkdgVWaZ/aVhXjZciVhYZgZhjaiVYdh
gZ[aZ_VWVc \VcVcX^Vh ZheZXiVXjaVgZh! aV Xdc[^VcoV :a eg^bZg XZcigd hVc^iVg^d YZ aV XdbVgXV hZ YZW^ Va
Zc Za XjZged Y^gZXi^kd ZgV ^cXdcY^X^dcVa! n hdWgZ ^bejahd YZ aVh XddeZgVi^kVh# :c &.+*! hZ ^cVj\jg Za
idYd!aVbZY^VYZZYVYfjZgdcYVWVadhigZ^ciVVdh 8Zcigd6h^hiZcX^VaYZ6ggVhViZ"BdcYgV\cÅWV_di^ij"
^cY^XVWVfjZZaXdWgdYZaVhegZhiVX^dcZhedg_jW^aV" aVg^YVY YZ AV\jc 6gdÅ Zc Za Vci^\jd ZY^[^Xd YZ aV :h"
X^ccdhZbViZg^Va^oVgV]VhiVigZ^ciVnX^cXdVdh XjZaVEgd[Zh^dcVa#HjXgZVX^c[jZjcgZhjaiVYdb{hYZ
k^hiV#:hiZbVgXddei^b^hiV^ck^iVWVVeZchVgfjZadh adh [dcYdh XddeZgVi^kdh# :a XZcigd [jZ ]VW^a^iVYd Xdbd
\ZcZgdhdh ZmXZYZciZh VXjbjaVYdh Zc aVh VedgiV" bViZgc^YVY! Xac^XV n gZh^YZcX^V ]dhe^iVaVg^V# AV\jc
X^dcZh^cY^k^YjVaZhYZadhhdX^dhZchjhgZheZXi^kVh 6gdigVheVhhji^ijaVg^YVYVaVbVcXdbjc^YVYYZa6aid
XddeZgVi^kVhXdc[dgbVgVcaVWVhZYZaV_jW^aVX^c0 9ZWVZc&.-&#B{hiVgYZ!Zc&.--!hZ^ciZ\gVaHZgk^X^d
edgZhd!hZXgZjch^hiZbVYZXdWZgijgVegZXVg^dZ KVhXdYZHVajYDhV`^YZioV#
^chj[^X^ZciZ#8dchiVWVYZYdhi^edhYZegZhiVX^c/
& AVh PRESTACIONES COMPENSABLES fjZ ^cXajVc VnjYVh edg Zc[ZgbZYVY! cjeX^Va^YVY! cViVa^YVY n
YZ[jcX^c! n Za Vjm^a^d [Vb^a^Vg# EVgV hj [^cVcX^VX^c! XVYV hdX^d VedgiVWV Za '* YZ hj Vci^X^ed
aVWdgVa V jcV a^WgZiV eZghdcVa YZ aV fjZ ]VXV jhd XjVcYd ^cXjggV Zc \Vhid XdbeZchVWaZ# 6a XVWd
YZa Vd! h^ hj \Vhid hdWgZeVhVWV aV bZY^V YZ adh YZb{h bjijVa^hiVh! hZ aZ gZedcV ]VhiV Za -*
YZ aV Y^[ZgZcX^V# :a XVe^iVa eVgV ZhiV gZedh^X^c egdXZYV YZ jc [dcYd YZ hda^YVg^YVY Va^bZciVYd edg
Za(*YZidYVhaVhVedgiVX^dcZh^c^X^VaZh#
' AVh PRESTACIONES BONIFICABLES! Y^g^\^YVh V XjWg^g aV eZch^c YZ _jW^aVX^c bZY^VciZ aV VedgiVX^c
^cY^k^YjVaYZa*YZaVci^X^edaVWdgVa#
:ahVaYdidiVaYZaVXjZciV^cXajVadhZmXZYZciZhYZaVegZhiVX^cXdbeZchVWaZnadh^ciZgZhZhVcjVaZh#
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 123
Adhab^iZhYZah^hiZbVfjZYVgdceViZciZhXjVcYdadhZmXZYZciZhYZaVhXddeZgVi^kVhXdbZcoVgdcVYZhXZc"
YZg#AVY^hb^cjX^cYZadhgZidgcdhYZ_VWVZcZcigZY^X]daVhdakZcX^V[jijgVYZZhiV[jZciZXdbeaZbZciVg^VVaV
eZch^cn!VYZb{h!]VWVcVYkZgi^YdaVY^[^XjaiVYYZVea^XVgVa\jcVhegZhiVX^dcZhXdbdaVk^jYZYVYnaVdg[Vc"
YVY#EdgdigVeVgiZ!cdYZ_VWVYZhZghjbVbZciZVgg^Zh\VYdZaYZeZcYZgZmXajh^kVbZciZYZjcVZci^YVYeg^"
kVYVfjZ!edgbai^eaZhgVodcZh!edYVZggVgZchjhX{aXjadh#6idYVhZhiVhgVodcZhfjZVXdchZ_VWVcZaXVbW^d
hZaZhhjbdigV/jcVbdY^[^XVX^caZ\VaedgaVfjZZaB^c^hiZg^dYZIgVWV_dY^hedcVaVV[^a^VX^cdWa^\Vidg^V
YZadhXddeZgVi^k^hiVhVaVBjijVa^YVYYZ6jicdbdh#:hiVY^hedh^X^caaZ\VWVZc&.+(nigVhXjVigdVdhYZ
Y^hXgZeVcX^VhngZjc^dcZh!Zc&.+,hZVXdgYaVYZ[^c^i^kV^cXajh^cZcaVHZ\jg^YVYHdX^VakV6jicdbdh#
+$( Kddk[leceZ[bec|iieb_ZWh_e'/,.
:acjZkdh^hiZbVYZHZ\jg^YVYHdX^VaYZAV\jc6gdhZVegdWedghj6hVbWaZV<ZcZgVaZc&.+-#:gVjc
bdYZadb{hhda^YVg^dfjZhZbVc^[^ZhiVZcigZh{gZVhXdcXcig^XVh/
0RIMER NIVEL idYdh adh hdX^dh iZcVc aVh b^hbVh dedgijc^YVYZh# AVh XjdiVh VcjVaZh ZgVc ^\jVaZh eVgV
idYdhZc[jcX^cYZhjh^c\gZhdh!adb^hbdfjZaVhegZhiVX^dcZh#
3EGUNDO NIVELadhhdX^dhYZXVYVXddeZgVi^kVd<gjedXddeZgVi^kdhZhda^YVg^oVWVcZcigZh#H^]jW^ZgV
hdX^dhfjZgZWVhVgVcZa&&%YZa\VhidbZY^d!ZaZmXZhdYZ\VhidhZgVgZejZhidedgidYdhadhhdX^dh
YZaVXddeZgVi^kVd<gjed#
124 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
bdh fjZ VaXVcoVgV! igVh jc b{m^bd YZ Xdi^oVX^c YZ (* Vdh! Za )% YZ adh ^c\gZhdh bZY^dh YZa cY^XZ
bZY^d0aVhZ\jcYV[jZciZ!XdbeaZbZciVg^VVaVeg^bZgVn\Zhi^dcVYVVWVhZYZXjdiVhVWdcVYVhVAV\jc
6gd!XjWg^gVZa+%YZaVci^X^edbZY^deZgX^W^YdedgZahdX^dZcadhai^bdhY^ZoVdh!ZmXaj^YVheV\VhZm"
igVdgY^cVg^VhZcZahjejZhidab^iZYZ(%VdhYZXdi^oVX^c#:hiZh^hiZbVad\gVWVZa&%%YZXdWZgijgVYZ
adhcY^XZhb{hWV_dh!b^ZcigVhfjZadhVaidheZgX^WVcjcV_jW^aVX^chZch^WaZbZciZbZcdgYVYVaVXjdiV
[^_VZ^\jVafjZhZeV\VWVVaVBjijVa^YVYYZ6jicdbdh#
6eVgi^gYZ&.,(VbWVhegZhiVX^dcZhhZYZ[^c^g{cZc[jcX^cYZacY^XZeVgi^XjaVgYZXVYVhdX^d!Zcaj\VgYZ
aVhegZhiVX^dcZh^\jVaZhnbc^bVhfjZgZ\Vc]VhiVZcidcXZh#
:aB^c^hiZg^dYZIgVWV_dgZXdcdX^VAV\jc6gdXdbdBjijVYZEgZk^h^cHdX^VaZc&.+.!XdcadfjZVYfj^g^
VjidcdbV_jgY^XVn[^cVcX^ZgV#6cVh!aVdWa^\Vidg^ZYVYYZVXijVgXdbdZbegZhVeVgVedYZg\Zhi^dcVg
VjicdbVbZciZaVhegZhiVX^dcZhYZg^kVYVhYZVXX^YZciZhYZigVWV_dnZc[ZgbZYVYZhegd[Zh^dcVaZh^bejah
jcVcjZkVigVch[dgbVX^c_jgY^XV0YZbdYdfjZZc&.,(VYfj^gVaVXdcY^X^cYZ9eef[hWj_lWZ[I[]kdZe
=hWZe#AVVegdWVX^cYZa:hiVijidYZ6jidcdbVh^ijVaVhbjijVa^YVYZhYZcigdYZabVgXdXdbeZiZcX^VaYZa
<dW^ZgcdKVhXdn![^cVabZciZ!Zc&.-,hZXdc[dgbZcaV:ci^YVYYZEgZk^h^cKdajciVg^V#
:a&YZZcZgdYZ'%%-ZcigZck^\dgZacjZkdbdYZadYZVh^hiZcX^VhVc^iVg^VYZAV\jc6gd#:c'%%)Za<dW^Zgcd
KVhXdnAV\jc6gdhjhXg^W^Zgdcjc8dckZc^dYZXdaVWdgVX^cedgigZhVdh!Vaigb^cdYZaXjVaadhbjijVa^hiVh
YZAV\jc6gdhZ^ciZ\gVgVcVidYdhadhZ[ZXidhZcaVHVc^YVYeWa^XVV[^cVaZhYZ'%%+ZacbZgdYZbjijVa^h"
iVhVhXZcYVV'.#-*-eZghdcVh#EVgVaZaVbZciZaV6hVbWaZV<ZcZgVaYZAV\jc6gd:EHKVXdgYZcbVgodYZ
'%%,bVciZcZgVa\jcVhegZhiVX^dcZhXdbeaZbZciVg^Vh!V]dgVh!ZcjcXdciZmidYZ[^cVcX^VX^ccdeWa^XV#
AVh egZhiVX^dcZh YZ AV\jc 6gd XjWgZc adh bY^Xdh ZheZX^Va^hiVh Xdbd adh ^c\gZhdh ]dhe^iVaVg^dh! ^ciZg"
kZcX^dcZhfj^gg\^XVh!igViVb^ZcidhZheZX^VaZh!ZiX#AV[^cVcX^VX^cYZZhidhhZgk^X^dhXdbeaZbZciVg^dhhZ
gZeVgiZZcigZaVhXddeZgVi^kVhnadhhdX^dhXddeZgVi^k^hiVh#AVXjdiV!YZXVg{XiZgkVg^VWaZ!aVVWdcVcciZ"
\gVbZciZaVh8ddeZgVi^kVh!h^W^ZcadhbjijVa^hiVh[^cVcX^VcZa)%YZaXdhiZYZaVegZhiVX^c#6YZb{h!adh
XdeV\dhedgadhhZgk^X^dhhZ]Vc^cXgZbZciVYdYZa'%Va(%!Xdcjcab^iZb{m^bdYZXdeV\dedghZgk^X^d
YZ)%ZjgdheVgVZaVd'%%-#
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 125
6. La expansión cooperativa de los años 60
:cZhiVhZXX^chZ]VXZjcWgZkZgZeVhdYZX^cXdXddeZgVi^kVhZhXd\^YVhedghjgZegZhZciVi^k^YVYnVab^h"
bdi^Zbedh^c\jaVg^YVY#HdcXddeZgVi^kVhfjZeZgiZcZXZcVY^hi^cidh{bW^idh0YZhYZjcXZcigdYZ^ckZhi^\V"
X^c!]VhiVjcVXddeZgVi^kVV\gVg^VndigVYZXdchjbd!eVhVcYdedgjcVXddeZgVi^kVXgZVYVZmegZhVbZciZ
eVgVbj_ZgZhndigVeVgVZhijY^VciZh#
,$' BWdW0bWfh_c[hWYeef[hWj_lWW]hYebW'/,&
AVegdbdX^cYZA6C6AZc^ioZiV6gVbV^d`dCZ`VoVg^Zc6a`VgiVhjcVZc&.+%dWZYZX^VaV^YZVYZfjZZa
XVhZgdÅXdbdjc^YVYW{h^XVYZYZhVggdaadYZahZXidgV\gXdaVn\VcVYZgdkVhXdÅhZiZcVfjZ^cXdgedgVg
VaegdnZXidXddeZgVi^kdfjZ]VWVcVX^YdX^cXdVdhVig{hZc6ggVhViZ"BdcYgV\c#:abjcYdgjgVacdYZWV
eZgbVcZXZgV^haVYd0ZaVkVcXZYZahZXidg^cYjhig^VaYZWV^gVXdbeVVYdiVbW^cYZbZ_dgVhZcZac^kZaYZ
k^YVYZadhV\g^XjaidgZh#EVgV6g^obZcY^Vgg^ZiVadhZfj^a^Wg^dhhdX^VaZh!ZXdcb^XdhnhZXidg^VaZhiZcVcaV
[jZgoVYZjc^beZgVi^kdbdgVa#AV^YZVYZfjZadhVkVcXZhYZWVchZgXdc_jcidh!Zmea^XVZaZbeZdXdcZa
fjZhZVXdbZi^aVXgZVX^cYZAVcVnZaVedndgZX^W^YdedgaV9^k^h^c:begZhVg^VaYZ8V_VAVWdgVa#
DefeZ[ceif[diWh[dkdZ[iWhhebbe_dZkijh_WbiWdei_dk[ijhei
YWi[hei"i_[bi[YjehW]hYebW"dej_[d[[bc_ice]hWZeZ[Z[iWhhebbe$
;bWlWdY[j_[d[gk[i[hYed`kdje"Whcd_Ye$ #7h_pc[dZ_Whh_[jW
AdhgZhjaiVYdhedh^i^kdhdWiZc^YdhZcZahZXidg^cYjhig^VaXddeZgVi^k^oVYd!ZgVcZabZ_dgVkVaYZ6g^obZc"
Y^Vgg^ZiVeVgVYZheZgiVgZa^ciZghYZadhXVhZgdhnXdcYjX^gadh]VX^VaVWhfjZYVYZadhbZ_dgZhh^hiZbVh
YZigVWV_d#
AVcVcVX^XdbdYeef[hWj_lWc_njWXdbejZhiVedghdX^dhigVch[dgbVYdgZhZcXVg\VYdhYZaVY^hig^WjX^c
n VabVXZcV_Z n hdX^dh egdYjXidgZh XVhZgdh# AVh eg^bZgVh VXi^k^YVYZh Xdch^hi^Zgdc Zc XdbZgX^Va^oVg n
igVch[dgbVgadhegdYjXidhdWiZc^YdhedgadhhdX^dh0ZhidZh!aZX]Z![gjiVh!]dgiVa^oVhnbVYZgV#HjhdW_Zi^kdh
ZgVcXdchZ\j^gbZ_dgZhegZX^dhZcZabZgXVYd!VjbZciVgZakVadgVVY^YdYZhjhegdYjXidhn\VgVci^oVghj
XdbZgX^Va^oVX^c#8dbdXdbeaZbZcidhZYdiVgdcYZVa\jcdhhZgk^X^dhYZVednd#
:chj\dW^Zgcd[jcX^dcVWVZaeg^cX^e^dXddeZgVi^kdYZjchdX^d!jckdid0iVbW^chZXdciZbeaVWVZaeg^cX^e^d
YZhda^YVg^YVYZcaVgZig^WjX^cnZcaVY^hig^WjX^cYZgZhjaiVYdh0h^cZbWVg\d!adhhdX^dhigVch[dgbVYdgZh
iZcVcjcVgZegZhZciVX^ca^b^iVYVZcZa8dchZ_dGZXidg#HZ^YZjcV[gbjaVeVgVY^hig^Wj^gadh^c\gZhdh
ZcigZaVhYdhXViZ\dgVhYZhdX^dh!Zck^gijYYZaVXjVaadhV\g^XjaidgZhgZX^W^gVcZaegZX^dYZbZgXVYdYZ
adhegdYjXidhfjZaaZ\VhZcVaVXddeZgVi^kVnadhigVWV_VYdgZhgZX^W^gVcjcVXVci^YVYXVaXjaVYVVeVgi^gYZa
kVadgVVY^YdZcaVigVch[dgbVX^cnXdbZgX^Va^oVX^cYZaVhbViZg^Vheg^bVh#
AVY^kZgh^[^XVX^cYZVXi^k^YVYZhaaZ\Xdchjegde^VZmeVch^c#:c&.+(AVcVZhiVWaZX^jchZgk^X^dkZiZg^"
cVg^d0iVbW^cd[gZX^hZgk^X^dhYZhVcZVb^Zcid\VcVYZgdnVhZhdgVb^ZcidiXc^Xd#9ZhejhXdcXZgiXdc
126 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
AV\jc6gdaVb^hbVVh^hiZcX^VhVc^iVg^VfjZZhiVWVVY^hedh^X^cYZadhhdX^dhYZaVhXddeZgVi^kVhYZigVWV_d
VhdX^VYd#:caVYXVYVYZadh,%!AVcVhZ[jZXZcigVcYdZcYZhVggdaaVgVXi^k^YVYZhYZegdYjXX^cnigVch"
[dgbVX^c!b^ZcigVhadhhZgk^X^dh[jZgdcYZhVeVgZX^ZcYd#:cZhidhVdhhZXgZVgdcigZhY^k^h^dcZh/aZX]ZgV!
[dgZhiVan\VcVYZgV#
:c&.-(aVY^k^h^c\VcVYZgVhZXdck^gi^ZcjcVXddeZgVi^kV^cYZeZcY^ZciZ7Z]^6aYZ#8dckZ^ci^h^ZiZhd"
X^dhigVWV_VYdgZh!7Z]^6aYZhZZheZX^Va^oZcegdYjXX^cYZaZX]ZnXVgcZYZkVXjcd#:c&.-.hZYZhbVciZa
aVY^k^h^ca{XiZVnZc&..(AVcVgZ^c^X^hjk^YVXdbdXddeZgVi^kV^cYjhig^Va#AdhhdX^dhYZahZXidgaZX]Zgd!
edghjeVgiZ![jZgdc^ciZ\gVYdhZcaVXddeZgVi^kV<jgZaZhV!YZhYZYdcYZhZXgZaVXddeZgVi^kVJYVaVeVgV
aVegdYjXX^cYZfjZhdh#:hiZZhXjZidgZeVhdYVXjZciVYZaVeVjaVi^cVYZhVeVg^X^cYZaVXddeZgVi^kVXdbd
^ciZ\gVX^cYZhdX^dhegdYjXidgZhnigVch[dgbVYdgZh#=dnZcYVAVcV!XdbdXddeZgVi^kVYZigVWV_dVhdX^V"
Yd!hZYZY^XVVaVegdYjXX^cYZbjZWaZghi^XdniVWaZgdeVgVZcXd[gVYd#
AVcV eVgi^X^e YZhYZ hjh ^c^X^dh Zc aV XgZVX^c YZa \gjed V\gdVa^bZciVg^d :gZ^c! Zc Za fjZ hZ [jZgdc ^c"
iZ\gVcYd aVh cjZkVh egdbdX^dcZh XddeZgVi^kVh ^bejahVYVh edg aV 9^k^h^c :begZhVg^Va YZ 8V_V AVWdgVa/
7VggZcZimZ^ckZgcVYZgdh!8dhZX]ZgdhVgiZhVcdhG^d_VVaVkZhVk^i^XjaidgZh!6gimV\gVc_VYZedgX^cd!^c"
Yjhig^VhV\gdVa^bZciVg^VhYZCVkVggVXdchZgkVhkZ\ZiVaZh!:idg`^VhZggVYZgdYZbVYZgV!6giVaYZZmead"
iVX^cdk^cV!JYVaVfjZhZgV!7Z]^6aYZZmeadiVX^ckVXjcVYZaZX]ZnXVgcZ#
,$( ;heia_0bWYeef[hWj_lWZ[Yedikce
:aXddeZgVi^k^hbdYZXdchjbdcdZgVjc[ZcbZcd
YZhXdcdX^Yd Zc 6ggVhViZ"BdcYgV\c# AV eg^bZgV
XddeZgVi^kV YZ Xdchjbd! aV i^ZcYV YZ XdbZhi^WaZh
YZaVHdX^ZYVY6giZhVcVa!nV[jcX^dcVWVZc&-.+nV
adaVg\dYZadheg^bZgdhYZXZc^dhYZah^\adMM!deZ"
gVgdcVabZcdhdigVhXjVigd#
HZ\caVAZnYZ8dcigVidYZigVWV_dYZ&.))idYV
ZbegZhV fjZ ZbeaZVgV Zc jcV b^hbV adXVa^YVY
V b{h YZ *%% igVWV_VYdgZh ZhiVWV dWa^\VYV V Zh" ?dWk]khWY_dZ[bW9eef[hWj_lWZ[9edikceIWd@ei
[d'/,("i[c_bbWZ[begk[i[hW;heia_$
iVWaZXZg jc ZXdcdbVid eVgV hjh igVWV_VYdgZh! YZ
bVcZgV fjZ hidh ejY^ZgVc XdbegVg V egZX^d YZ
XdhiZadhegdYjXidhW{h^XdhcZXZhVg^dh0Zc6ggVhViZ"BdcYgV\caVc^XVZbegZhVfjZiZcVjcZXdcdbV"
idZgVaVJc^c8ZggV_ZgV#:hiVX^gXjchiVcX^V[jZVegdkZX]VYVedg6g^obZcY^Vgg^ZiVeVgVgZjc^gVkVg^Vh
ZbegZhVhYZaVodcVZ^bejahVgZc&.*,aV[jcYVX^cYZaVXddeZgVi^kVYZXdchjbdHVc?dh#:aXVe^iVa
eVgVhjejZhiVZcbVgX]V!ZcidgcdVadh*#%%%Zjgdh!egdXZYVeg^cX^eVabZciZYZaVhZbegZhVh;Za^X^Vcd
6gVcoVWVan:abV!fjZadXZY^ZgdcVbdYdYZeghiVbdh^c^ciZgh!VjcfjZcjcXVgZXaVbVgdchjYZkdaj"
X^c#AVi^ZcYVhZ^chiVaZcZaZY^[^X^dYZaVXVaaZ>ijgg^dio!XjnVhZ\jcYVeaVciV[jZXdbegVYVedg8V_V
AVWdgVaZc&.+%eVgVVaWZg\Vghjeg^bZgVhZYZYZ]ZX]d!aVXddeZgVi^kVHVc?dh[jZjcVYZaVhXjVigd
XddeZgVi^kVhfjZ[jcYVgdcaV8V_V#
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 127
;b Yeef[hWj_l_ice Z[ Yedikce [i kd i_ij[cW Yeckd_jWh_e gk[ WYjW
fWhW Yedi[]k_h gk[ i[ fk[ZW YecfhWh c|i o c[`eh1 [i" [d ikcW" kd ceZe
_dZ_h[Yjegk[f[hc_j[be]hWhgk[Wkc[dj[dbei_d]h[ieigk[YWZW\Wc_b_WeX#
j_[d[Z[ikjhWXW`e$
:c&.+'hZ[jcYZc6gZimVWVaZiVdigVXddeZgVi^kVYZXdchjbdh^b^aVg/6cYgVBVg^#6aVk^hiVYZfjZVbWVhaaZ"
kVWVcjcV\Zhi^c^cY^k^YjVa^oVYVnedXdZmeVch^kV!hZZbegZcY^jcegdXZhdVhdX^Vi^kdfjZZc&.++^ciZ\gVWV
nVVX^cXdXddeZgVi^kVh/aVhYdhbZcX^dcVYVhb{hdigVhigZhYZBVg`^cV!<Zgc^`Vn6bdgZW^ZiV#9ZaVXdc_jc"
X^cYZh^ZiZXddeZgVi^kdhÄXdcadhbZcX^dcVYdhXdbdcXaZd[jZgiZÄcVX^Zc&.+.8dbZgXd!YZcdb^cVX^c
hjhi^ij^YVedgaVYZ:gdh`^YdhVdhb{hiVgYZ#
8dbdXddeZgVi^kVYZXdchjbdZhiVWV[dgbVYVedgieY_eiYedikc_Zeh[i!nieY_eiZ[jhWXW`efjZhZdXj"
eVWVcYZhj\Zhi^c#6bWdh\gjedhXdbeVgiVcgZegZhZciVX^cZcZa8dchZ_dGZXidgVa*%#8dcdW_ZidYZ
cda^b^iVghjXVbedYZVXX^c!hZYZX^Y^ZaVXXZhdVaVXdcY^X^cYZhdX^dXdchjb^YdgbZY^VciZZaeV\dYZ
jcVXjdiVh^bWa^XV#JcV^cXdgedgVX^chdX^ZiVg^ViVchZcX^aaV!_jcidVegZX^dhbdYZgVYdh!egd\gVbVhYZ
^c[dgbVX^cnVXi^k^YVYZhXjaijgVaZheVgVZaXdchjb^Ydgh^gk^ZgdceVgVVigVZghdX^dh#
9ecfei_Y_dZ[b9edi[`eH[YjehZ[;heia_
IeY_eiYedikc_Zeh[i+& IeY_eijhWXW`WZeh[i+&
AdhhdX^dhXdchjb^YdgZh AdhhdX^dhigVWV_VYdgZh
VigVkhYZaeV\dYZjcV 50% 50% hZWZcZ[^X^VcYZgZidgcdh
XjdiVhZWZcZ[^X^VcYZ )%YZadhWZcZ[^X^dh#
egZX^dhb{hWV_dh#
:gdh`^hZVhdX^V8V_VAVWdgVaZc&.,%n[jZXgZX^ZcYdbZY^VciZaV^cXdgedgVX^cYZi^ZcYVhZcY^[ZgZciZh
adXVa^YVYZh#AV\Zhi^chZXZcigVa^onVbZY^YVfjZ\VcVWVY^bZch^c![jZVjbZciVcYdhjXVeVX^YVYYZ
XdbegVnhjhZXdcdbVhYZZhXVaV#AdfjZ]VWVXdbZcoVYdXdbdjcVVXi^k^YVYXdbeaZbZciVg^VYZ^bedg"
iVcX^VgZaVi^kVbZciZZhXVhV[jZVYfj^g^ZcYdgZaZkVcX^VedghjcdiVWaZkdajbZcYZcZ\dX^d#;jZZcaVYXVYV
YZadh,%XjVcYdhZbViZg^Va^oidYdZhiZXgZX^b^ZcidnhZegdYj_dZahVaidYZ[^c^i^kdfjZh^ijV:gdh`^ZcaV
hZcYVYZaV\gVcY^hig^WjX^c#:caVVXijVa^YVY!hjhkZciVhhZYjea^XVcXVYV(d)Vdh!adfjZgZYjcYVZcjc
^cXgZbZcidYZeaVci^aaVkZgi^\^cdhd#
:aZhfjZbVYZdeZgVX^chZ\j^Ydedg:gdh`^Zhh^b^aVgVaYZ8V_VAVWdgVa/VigVkhYZjcVeg^bZgVZmeVc"
h^ceZg^[g^XVhZ[jZ^cigdYjX^ZcYdnXdchda^YVcYdZcaVhX^jYVYZh#6eVgi^gYZV]!:gdh`^Xdb^ZcoVZc"
[gZciVghZVaVXdbeZiZcX^VYZaVhbjai^cVX^dcVaZh#9ZcigdYZaVZhigViZ\^VYZZmeVch^chZ\j^YVedg:gdh`^!
Zc&..%hZaaZ\VjcVXjZgYdYZXVaVYdXdcaVXddeZgVi^kVkVaZcX^VcV8dchjb0XdcZaad!hZVWVcYdcaVgZh"
ig^XX^cYZa^b^iVghjbZgXVYdVaiZgg^idg^dkVhXd#AVdeX^cZhigVi\^XVYZ:gdh`^gZhedcY^VaVcZXZh^YVY
YZVYfj^g^gZaiVbVdhj[^X^ZciZeVgVhdWgZk^k^gZcjcbZgXVYd^ciZgcdYZY^bZch^cZjgdeZV#
128 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
8:8D 8Zcigdh 8dbZgX^VaZh H#6 gZegZhZci aV eaV" =;IF7=;IJ?ãD:;B7F7HJ?9?F79?ãD
iV[dgbVYZdeZgVX^cYZVbWVhXddeZgVi^kVh#9ZhYZ
V]!Xdchi^ijnZgdc:gdhbZgH#6#ÅeVgi^X^eVYViVbW^c :a<gjed:GDH@>i^ZcZXdbdXVg{XiZgY^[ZgZcX^VYdgYZ
edg AV\jc 6gd! DC8:! 6g\ZciVg^V! 77@ n aVh XddeZ" digVhZbegZhVhYZahZXidg!Za]ZX]dYZfjZadhigVWV_V"
gVi^kVh^iVa^VcVh<9:ÅeVgVYZhVggdaaVgegdnZXidhXd" YdgZheVgi^X^eVcZcaVegde^ZYVY!aV\Zhi^cnadhgZhja"
bZgX^VaZh# Egdbdk^Zgdc hdX^ZYVYZh W^Zc eVgV aaZ\Vg iVYdhYZaVZbegZhV#:adg^\ZcXddeZgVi^k^hiVYZa<gjed
VVXjZgYdhXdcVa\jcVhXVYZcVhYZhjeZgbZgXVYdh! Zh Za fjZ ^beg^bZ XVg{XiZg V hj bdYZad eVgi^X^eVi^kd#
9ZhYZ &..- ZhiZ bdYZad YZ eVgi^X^eVX^c hZ Vbea^ V
W^ZceVgV^cigdYjX^ghZZccjZkdhcZ\dX^dhiVaZhXdbd
aVeaVci^aaVYZadhigVWV_VYdgZhYZhjh]^eZgbZgXVYdhV
K^V_Zh:gdh`^d;dgjbhedgi#
igVkhYZ<:HE6#JcVZmeZg^ZcX^V^cY^iVfjZigVhaVYV
VjcVhdX^ZYVYVcc^bVaVkdajciVg^ZYVYYZhjhigVWV"
9Zcigd YZ ZhiZ ZcigVbVYd YZ hdX^ZYVYZh hZ XgZ _VYdgZhYZhZgXdegde^ZiVg^dhYZaVZbegZhV#
<:HE6 H8E <Zhi^c YZ EVgi^X^eVX^dcZh HdX^ZYVY
8^k^aEVgi^XjaVgXdcZaegdeh^idYZigVhaVYVgZaZh"
fjZbVYZeVgi^X^eVX^cXddeZgVi^kdngZhXViVgadheg^cX^e^dhXddeZgVi^kdh!eZhZVaV[dgbV_jgY^XVhdX^ZiVg^V#
6h!aV[^cVa^YVYYZ<ZheVZgV[dbZciVgaVeVgi^X^eVX^cYZadhigVWV_VYdgZhZcaVegde^ZYVY!\Zhi^cngZhja"
iVYdhYZaVZbegZhV#6[ZX]VYZ'%%,&(#'*-igVWV_VYdgZheVgi^X^eVWVcYZaVegde^ZYVYYZa<gjed:gdh`^#
:c[ZWgZgdYZ'%%*8dchjbhVa^YZa<gjed:gdh`^nYdhVdhb{hiVgYZZa\gjedVYfj^g^Za,*YZ8VegVWd#
AVdeZgVX^ch^\c^[^XaVVYfj^h^X^cYZ*%%hjeZgbZgXVYdhXdcb{hYZ&*#%%%igVWV_VYdgZh#
6XijVabZciZ:gdh`^hZeaVciZVaVXddeZgVi^k^oVX^cYZa\gjed#:hYZX^g!Vbea^VgaVXdcY^X^cYZXddeZgVi^k^h"
iVVidYdhadhZbeaZVYdhfjZVhadYZhZZc#:hiZegdXZhdZcbVgX]VhZhdbZiZg{VkdiVX^cZcjcV6hVb"
WaZV:migVdgY^cVg^V]VX^VXdb^ZcodhYZa'%%.#
,$) 7kpeBW]kd0jhWXW`eYeef[hWj_lefWhWck`[h[i'/,+
6Xdb^ZcodhYZaVYXVYVYZadh+%6g^obZcY^Vgg^ZiVVYk^gi^fjZjccbZgdXVYVkZobVndgYZbj_ZgZhXV"
hVYVhcZXZh^iVWVXdcig^Wj^gVaVZXdcdbV[Vb^a^VgnbdhigVWV^ciZghZcigVWV_VgVabZcdhVi^ZbedeVgX^Va#
8dcVa\jcdh\gjedhYZbj_ZgZh6g^obZcY^Vgg^ZiVXdbZcoVZhijY^VgaVedh^W^a^YVYYZZcXdcigVgc^X]dhYZ
bZgXVYd!VYVeiVcYdhjhcZXZh^YVYZhZ^ciZgZhZhVabZgXVYdYZigVWV_d0dWhZgkfjZZm^hiVYZbVcYVYZ
hZgk^X^dhYZXdb^YVh!YZa^be^ZoVYdbhi^XV!ZiX#
AV^YZVYZVWVcYdcVgZaZheVX^dYdbhi^XdeVgV^cXdgedgVghZVabZgXVYdYZigVWV_dcd[jZW^ZcVXd\^YVedg
idYdh#6a\jcdh]dbWgZhejh^ZgdcdW_ZX^dcZhVadfjZXdch^YZgVWVcjcVVbZcVoVeVgVaV[Vb^a^VigVY^X^dcVa#
EZhZVidYd!Zc&.+.6jodAV\jchZ^chXg^W^XdbdXddeZgVi^kV[dgbVYVedgbj_ZgZhXVhVYVhfjZegdedg"
X^dcVWVZbeaZdVi^ZbedeVgX^Va#
AVcjZkVZbegZhVXdbZcoVeZfjZVZhXVaV!dXje{cYdhZYZahZgk^X^dYZXdb^YVhYZjcV[{Wg^XVXddeZgV"
i^kVnVWg^ZcYdjceZfjZdXdbZYdgXdaZXi^kdZc6ggVhViZ"BdcYgV\c#:ahZgk^X^dYZXdb^YVh[jZXd\^ZcYd
[jZgoVVbZY^YVfjZadhigVWV_VYdgZhYZaVodcV[jZgdcgZXdcdX^ZcYdZahVWZg]VXZgYZcigdYZaVXdX^cV#8dc
ZaeVhdYZadhVdh!6jodAV\jc[jZ^cXdgedgVYdcjZkVhVXi^k^YVYZh!ZcigZZaaVhaVhYZa^be^ZoVYZZY^[^X^dh
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 129
nadXVaZh!eVgVadfjZZck^VWVcZfj^edhYZa^be^ZoVVaVh^chiVaVX^dcZhYZadhXa^ZciZh#DigdYZeVgiVbZcid!
hZgk^X^dhViZgXZgdh!cVX^XjVcYd;6<DG:aZXigc^XVhda^X^ibVcdYZdWgV[ZbZc^cVeVgVgZVa^oVgigVWV_dh
iZbedgVaZhZcaV^cYjhig^V#:c&.,+hZXgZaVeg^bZgV\jVgYZgV^c[Vci^afjZd[gZXVjchZgk^X^degd[Zh^dcVa
eVgVc^dhYZXdgiVZYVYnVhedh^W^a^iVWVfjZhjhbVYgZhejY^ZgVcigVWV_Vg[jZgVYZa]d\Vg#
7bcel_c_[djeYeef[hWj_le^WijW[bfh[i[dj[b[\WbjWdZeiiefehj[i
[i[dY_Wb[i0beijYd_Yeiikf[h_eh[iobWick`[h[i #7h_pc[dZ_Whh_[jW
6 [^cVaZh YZ aV YXVYV YZ adh ,% hZ YZX^Y^ gZdg\Vc^oVg aV ZbegZhV eVgV ]VXZgaV b{h egd[Zh^dcVa# HZ
ZbegZcY^ jc egdXZhd YZ eaVc^[^XVX^c YZ VXi^k^YVYZh b{h h^hiZb{i^Xd Xdc aV VnjYV YZ 8V_V AVWdgVa#
H^bjai{cZVbZciZ!6jodAV\jcXdchigjnhjhegde^VhYZeZcYZcX^VhZcjceda\dcd^cYjhig^VaXZgXVcd
V6ggVhViZ"BdcYgV\c#
9EEF;H7J?L7O=xD;HE :caVVXijVa^YVY6jodAV\jcZhaViZgXZgVZbegZhV
YZa <gjed BdcYgV\dc edg cbZgd YZ ejZhidh YZ
6jodAV\jc]Vh^Yde^dcZgVZc\ZcZgVgZbeaZd[ZbZc^cdZc igVWV_dÅXZgXVYZ*#%%%Å#9VhZgk^X^dVjc^bedg"
ZaZcidgcdYZ6ggVhViZ"BdcYgV\c#Hjhb^ZbWgdhYZbdh" iVciZcbZgdYZZbegZhVh!XdaZ\^dh!]dhe^iVaZhn
igVgdc\gVcXVeVX^YVYeVgV\Zhi^dcVgYZ[dgbVZ[^XVojcVXdd" gZh^YZcX^Vh!XdciVW^a^oVcYdjcVh&%%#%%%Xdb^YVh
eZgVi^kVnZhiVZmeZg^ZcX^Vh^\c^[^X!ZchjbdbZcid!jceVhd VaYV#:haViZgXZgVZbegZhVYZahZXidgZcZaZh"
^bedgiVciZZcaV^cXdgedgVX^cYZaVbj_ZgVabjcYdaVWdgVa# iVYd n aV eg^bZgV h^ ZmXaj^bdh aVh ZbegZhVh Xdc
XVe^iVaZmigVc_Zgd#
,$* 7b[Yef0[nf[h_[dY_WbWXehWbYeef[hWj_lW
oÓdWdY_WY_dfWhW[ijkZ_Wdj[i'/,,
6aVbea^VghZZaegd\gVbV^c^X^VaYZYdhXjghdhYZaV:hXjZaVEda^iXc^XVnVjbZciVgXdch^YZgVWaZbZciZaV
bVig^XjaVX^cYZVajbcdh!hZ]^odZk^YZciZfjZh^cdhZZcXdcigVWVcdigVh[jZciZhYZ^c\gZhd!]VWgVfjZ
^cXgZbZciVgYZiVabdYdZa^bedgiZYZaVhiVhVhVXVYb^XVhfjZbjX]dhZhijY^VciZhXVeVXZhYZdg^\Zc
]jb^aYZcdedYgVcXdci^cjVg[dgb{cYdhZ#8dbdgZhejZhiVVZhiVegdWaZb{i^XVhZXgZVZc&.++jcVcjZkV
XddeZgVi^kV!6aZXde6Xi^k^YVYAVWdgVa:hXdaVg8ddeZgVi^kV!c^XVZchj\cZgd#JcegdnZXidZbegZhVg^Va
eZchVYd eVgV ZhijY^VciZh jc^kZgh^iVg^dh# <gVX^Vh V ZhiV dg^\^cVa ^ckZcX^c hdX^Va! adh ZhijY^VciZh ejZYZc
[^cVcX^Vghjhegde^dhZhijY^dhVai^ZbedfjZdWi^ZcZcZmeZg^ZcX^VaVWdgVa#
6aZXdeZhijkddg\{c^XVbZciZk^cXjaVYVVaV:hXjZaVEda^iXc^XV]VhiV&.,%!VdZcfjZhZ^cYZeZcY^o#:b"
eZoegdYjX^ZcYdXdbedcZciZhedgZcXVg\dYZdigVhXddeZgVi^kVhn!VXijVabZciZ!Y^hedcZYZhjegde^V\VbV
YZegdYjXidhnhZgk^X^dh#HjhegdYjXidhhdceg^cX^eVabZciZZfj^eVb^ZcidY^Y{Xi^XdeVgVZYjXVX^ciXc^XV!
Y^hZdnZ_ZXjX^cYZegdnZXidhZYjXVi^kdhnXdbedcZciZhZaXig^XdheVgVVea^XVX^dcZhYdbhi^XVh#
C[Z_Wdj[[ijWeh]Wd_pWY_di[Wkje][d[hWkdWlWb_eiWfhej[YY_d[iYebWhZ[bei
Wbkcdei1i[WZ_[ijhWd[d][ij_dieY_Wb[_d_Y_Wj_lW1Yedjh_Xko[Wgk[bei[ijkZ_Wdj[i
jhWXW`[deWgk[beijhWXW`WZeh[i[ijkZ_[d$$$ #7h_pc[dZ_Whh_[jW
130 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
9ZhYZZaejcidYZk^hiVYZhj[jcX^chdX^Va!6aZXde]VigViVYdYZYVggZhejZhiVVX^ZgiVhcZXZh^YVYZh
hdX^VaZh/YjgVciZbjX]dhVdh[jZjcVVaiZgcVi^kV[^cVcX^ZgVeVgVedYZggZVa^oVgZhijY^dhjc^kZgh^iV"
g^dh#:cadhai^bdhVdh!ZakVadgZhigVi\^XdYZZhiV[jcX^ckVeZgY^ZcYdeZhdV[VkdgYZaV[dgbVX^c#
:cZhZhZci^Yd!hZk^ZcZkVadg^oVcYdaVZmeZg^ZcX^VYZigVWV_dYZadhZhijY^VciZhXdbdeVgiZYZhjegd"
e^degdXZhdYZ[dgbVX^c#:hidZh!XdbdjcZheVX^dYZ[dgbVX^caVWdgVaijidg^oVYV!VigVkhYZaVVY"
fj^h^X^cYZXdbeZiZcX^VhigVchkZghVaZh#:hiVZkdajX^cXdadXVV6aZXdeidYVkVb{hZcaVgW^iVYZadh
XZcigdhYZZYjXVX^cnZchZVcoV!Xdcfj^ZcZhhZi^ZcYZVZhiVWaZXZgjcVXdaVWdgVX^cb{hZhigZX]V#
:cZa\dW^Zgcdn\Zhi^cYZ6aZXdehZbVci^ZcZjcZfj^a^Wg^dZcigZaVeVgi^X^eVX^cYZadhZhijY^VciZh"igVWV"
_VYdgZhhdX^dhXdaVWdgVYdgZhZhXdaVgZh!naVYZjcVeZfjZVeaVci^aaVXdcYZY^XVX^ceaZcVnZmeZg^bZc"
iVYV!XjndXdbZi^YdZhZaYZhVakV\jVgYVgaV[jZgoVZXdcb^XVYZaVZbegZhV#:hiVYdWaZkZgi^ZciZi^ZcZhj
gZ[aZ_dZcZa8dchZ_dGZXidgYZaVXddeZgVi^kV!YdcYZjciZgX^dYZadhb^hbdhhdcZaZ\^YdhedgadhZhijY^Vc"
iZh#AdhhdX^dhXdaVWdgVYdgZhfjZcdVedgiVcigVWV_dÅZbegZhVhXddeZgVi^kVhfjZVednVgdchj[jcYVX^cn
Xdchda^YVX^cdfjZZcXVg\VcigVWV_dhV6aZXdeÅgZegZhZciVYVhZcaV6hVbWaZV<ZcZgVa#
9ecfei_Y_dZ[b9edi[`eH[YjehZ[7b[Yef
IeY_eiZ[jhWXW`e,,", 66,6%
33%
IeY_eiYebWXehWZeh[i))")
6XijVabZciZ!aVeaVci^aaVYZ6aZXdeaVXdbedcZcjcdh**hdX^dhYZigVWV_dYZi^ZbedXdbeaZidnVagZYZYdg
YZ)%%hdX^dhXdaVWdgVYdgZhZhXdaVgZh0adhZhijY^VciZh!fjZY^k^YZchji^ZbedZcigZZaigVWV_dnZaZhijY^d!
egdXZYZcYZBdcYgV\dcJc^WZgih^iViZVnYZadhXZcigdhYZ;dgbVX^cEgd[Zh^dcVaYZadhVagZYZYdgZh#
,$+ ?a[hbWd0Y[djheZ[_dl[ij_]WY_d
;bW][dj[c|iWYj_leZ[h[delWY_d[ibWYkbjkhW"bWY_[dY_W"bWjYd_YW
#7h_pc[dZ_Whh_[jW
IgVY^X^dcVabZciZhZ]VXdch^YZgVYdfjZaVhXddeZgVi^kVh[gVXVhVcVaVg\deaVodedg[VaiVYZ[jZciZhYZ[^cVc"
X^VX^c!edgXVgZXZgYZY^bZch^chj[^X^ZciZnedg^cXVeVX^YVYYZ^ckZhi^\VgnYZhVggdaaVgiZXcdad\Vegde^V#
8^ZgiVbZciZ!ZcadfjZhZgZ[^ZgZVa{bW^idiZXcda\^Xd!ZaXddeZgVi^k^hbdYZBdcYgV\dchZVednYjgVciZ
hjheg^bZgdhfj^cXZVdhZcadhXdcigVidhYZVh^hiZcX^ViXc^XVfjZhZ[^gbVgdcXdcZbegZhVhZmigVc_ZgVh#
EZgdY^X]dhXdcigVidhcdeZgb^iVcaVkZciV[jZgVYZabZgXVYdZhiViVan!VbZY^YVfjZhZk^hajbWgVWVaV
^bedgiVcX^V[jijgVYZaVZmedgiVX^c!iVaYZeZcYZcX^ViZXcda\^XVgZhjaiVWV!VidYVhajXZh!egZdXjeVciZ#
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 131
;gjidYZZhiVhgZ[aZm^dcZhcVX^ZcZahZcdYZaV:hXjZaVEda^iXc^XVaV^c^X^Vi^kVYZXgZVgjcXZcigdYZ^ckZh"
i^\VX^c^cYjhig^Va#:c&.++hZZbegZcY^ZgdcaVheg^bZgVhVXi^k^YVYZh^ckZhi^\VYdgVhidYVkVZcXdcY^X^dcZh
WVhiVciZegZXVg^Vh#:adW_Zi^kd^c^X^VaXdch^hiVZcZhijY^VgaViZXcdad\VnaVheg{Xi^XVhYZegdYjXX^cYZaVh
XddeZgVi^kVheVgVgZ[dgoVgZaegd\gVbVYZZchZVcoVYZaV:hXjZaV#
:c&.+-hZXgZZa9ZeVgiVbZcidYZ>ckZhi^\VX^cXdcZaegdeh^idYZ^ckZhi^\VgbViZg^VhfjZXdcig^WjnZhZc
V^cXgZbZciVgaVZ[^XVX^VYZaVhXddeZgVi^kVh#HZZhiVWaZX^jcegd\gVbVYZk^h^iVhVXZcigdhcVX^dcVaZhn
ZmigVc_ZgdheVgV^c[dgbVghZhdWgZZaZhiVYdYZaV^ckZhi^\VX^cnYVgXdcjcbdYZadYZigVWV_dVegde^VYd#:c
ZhiVeg^bZgVZiVeV!aVXdbjc^YVYYZ^ckZhi^\VX^cZhiVWVXdbejZhidedghZ^hegd[ZhdgZha^WZgVYdhYZhjh
aVWdgZhYdXZciZhZcaV:hXjZaVEgd[Zh^dcVa#
:c&.,)hZXZaZWgjcVgZjc^cfjZY^deVhdVjcVcjZkVZiVeV!YdiVcYdV>`ZgaVcYZjccjZkdZY^[^X^dXdc
YZheVX]dh!aVWdgVidg^dhnjciVaaZg#AV^c^X^Vi^kV!VegdejZhiVYZ6g^obZcY^Vgg^ZiV!V\gjeVWVVaV:hXjZaV
Eda^iXc^XV!V8V_VAVWdgVanVjc\gjedYZXddeZgVi^kVhfjZhZXdbegdbZi^ZgdcXdcZaegdnZXidVedgiVcYd
jcdh+,*#%%%Zjgdh#>`ZgaVchZigVhaVYVhjcjZkVhZYZZc&.,,#
>c^X^VabZciZaVVXi^k^YVYYZ>`ZgaVcZgVhj[gV\VYVciZ\gVbZciZedgaVhXddeZgVi^kVh!h^cZbWVg\d!Zc&.-'[jZ
gZXdcdX^YdXdbdXZcigdijiZaVYdedgZa<dW^ZgcdKVhXd!adfjZaZVWg^aVhejZgiVhYZaV[^cVcX^VX^ceWa^XV#6
eVgi^gYZZhZbdbZcidiVbW^chZZbe^ZoVcVVXZeiVgegdnZXidhZcXVg\VYdhedgZbegZhVheg^kVYVh#
>`ZgaVc]VbVciZc^YdXdbdeg^cX^e^daVWhfjZYVYZaZfj^a^Wg^dZcigZadhegdnZXidhYZ^ckZhi^\VX^c\Zcg^XdheVgV
VkVcoVgZcZaYdb^c^diZXcda\^XdnaVhVea^XVX^dcZh^cYjhig^VaZhfjZhZgZVa^oVcWV_dYZbVcYVYZZbegZhVh#
8dbdXddeZgVi^kVYZhZ\jcYd\gVYd!>`ZgaVcYZWZXdciZbeaVgeVgVaZaVbZciZadh^ciZgZhZhYZhjhhdX^dh
igVWV_VYdgZhnYZaVhZci^YVYZhVhdX^VYVh#6ZhiZZ[ZXid!Za8dchZ_dGZXidgZhi{XdbejZhidedgX^cXdhdX^dh
YZigVWV_dYZ>`ZgaVc!h^ZiZgZegZhZciVciZhYZadhhdX^dhjhjVg^dhXddeZgVi^kVh^cYjhig^VaZhnigZhgZegZ"
hZciVciZhYZadhhdX^dhXdaVWdgVYdgZh:hXjZaVEda^iXc^XV!8V_VAVWdgVanBdcYgV\dc#H^Xdc[dgbZVadh
VXjZgYdhYZVYb^h^cXdggZhedcY^ZgVVVa\chdX^dXdaVWdgVYdgjcejZhidb{hZcZa8dchZ_dGZXidg!hZ
gZYjX^g{ZacbZgdYZgZXidgZhXdggZhedcY^ZciZhVaVhZci^YVYZhXdaVWdgVYdgVh!bVciZc^cYdhZ^ckVg^VWaZ
aVgZegZhZciVX^ccjbg^XVYZadhhdX^dhYZigVWV_d#:aegZh^YZciZYZa8dchZ_dGZXidgZhjcgZegZhZciVciZ
YZadhhdX^dhjhjVg^dhnZak^XZegZh^YZciZ!VhjkZo!YZadhhdX^dhYZigVWV_d#
=dnZcYV!>`ZgaVcZhjcXZcigdYZ^ckZhi^\VX^cXdcjc\gVYdYZXVa^YVYnegd[jcY^oVX^ciZXcda\^XVZfj^eV"
gVWaZVadhbZ_dgZhXZcigdhZjgdeZdhnZhi{^ciZ\gVYdZcadhegd\gVbVhYZ^ckZhi^\VX^cYZaVJc^c:jgdeZV#
9ecfei_Y_dZ[b9edi[`eH[YjehZ[?a[hbWd
IeY_eiYebWXehWZeh[i(&
20%
33% IeY_eiZ[jhWXW`e))
47%
IeY_eikikWh_ei*-
132 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
7. Evolución de la actividad
de promoción cooperativa
:cadhXdb^ZcodhYZaVZmeZg^ZcX^V!nb{hXdcXgZiVbZciZVeVgi^gYZ&.+%!jcVkZoXdchda^YVYV8V_VAVWdgVa!
Zbe^ZoVcV[adgZXZgcjZkVhXddeZgVi^kVhYZ[dgbVZmiZch^kVedgaV\Zd\gV[VkVhXVn!eg^cX^eVabZciZ!ZcaVh
Y^hi^ciVhadXVa^YVYZhYZaVXdbVgXVYZ9ZWV\d^ZcV#Eg{Xi^XVbZciZZcadhYdheg^bZgdhYZXZc^dhÉ+%nÉ,%hZ
XgZVcVagZYZYdgYZ+%XddeZgVi^kVh#:cZhidhVdhYZ\gVcY^cVb^hbd!YZhYZZaejcidYZk^hiVYZaVh[dgbVh
YZ^beaVciVX^c!hZY^hi^c\jZcXjVigd[gbjaVhY^[ZgZciZh!ZhYZX^g!XddeZgVi^kVhXgZVYVhbZY^VciZ/
EgdbdX^cYZ8AE/AVcV!HdgVajXZ!8degZX^!:YZgaVc!6jod"aV\jc!BV^Zg!6aZXde!:^`V!8^`Vjimd!ZiXiZgV#
IgVch[dgbVX^cYZhdX^ZYVYZhVcc^bVh/>g^oVg!9VcdWVi!8d^cbV!:cVgVnDgWZV#
;jh^dcZh n ZhX^h^dcZh/ :gdh`^ [jh^c YZ HVc ?dh! 6cYgV"bVg^! AV BVgfj^cZhV! AV <jZgc^fjZhV n AV
OdgcdoVcV!;V\dg:aZXigdiXc^XVZhX^h^cYZJa\dg#
8gZVX^cVjicdbV/JabV!B^WV!BVig^X^!<d^oeZg!6bVi!:a`Vg!IdahVc!DgdcV!Imjgim^a½ZiX#
:caVYXVYVYZadh-%aViZcYZcX^VhZ[gZcV!Xdchadfj^cXZcjZkVhXddeZgVi^kVhZc&%Vdh!eVgVajZ\d
gZVXi^kVghZdigVkZoXdcaVXgZVX^cYZjcVigZ^ciZcVYZXddeZgVi^kVhZcaVhedhig^bZgVhYZah^\adMM#
AVXgZVX^cYZXddeZgVi^kVhZhVXijVabZciZbjX]db{hY^[X^afjZZcadh^c^X^dh/ZabZgXVYdVXijVaZhbj"
X]db{hZm^\ZciZnXdbeZi^i^kd0hZ]VeVhVYdYZVXijVgZcZabZgXVYdcVX^dcVaVdeZgVgeaZcVbZciZZcZa
bZgXVYd^ciZgcVX^dcVa0h^ZcZaeVhVYdZabZgXVYdhZgZ\VedgaVYZbVcYV!]dn\gVk^iV[jcYVbZciVabZciZ
hdWgZ aV d[ZgiV0 VciZh Za bVg\Zc YZ WZcZ[^X^d ZgV bjX]d bVndg! V]dgV XVYV ZbeaZd gZfj^ZgZ jcV bVndg
^ckZgh^c#:ceVaVWgVhYZ6a[dchd<dggdd\d^i^VÆ###EL LISTØN QUE SE TIENE QUE SALTAR ES MUCHO MÉS ALTO QUE EL DE
HACE O A×OS (OY NO HAY NINGÞN PLAN DE VIABILIDAD QUE NO EMPIECE POR RECONOCER TÉCITA O EXPRESAMENTE QUE LOS
PRIMEROS A×OS HAY QUE PERDER DINERO CUANDO ANTES SE GANABA DINERO AL DÓA SIGUIENTE DE CREAR LA EMPRESAÇ#
CddWhiVciZ!iVbW^c]VnfjZgZXdcdXZgfjZV]dgV]VnjcVbVndgXjVa^[^XVX^cegd[Zh^dcVanfjZhZY^hedcZ
YZjcV^bedgiVciZXdWZgijgV^chigjbZciVaZhijY^dh!Vc{a^h^hYZbZgXVYdh!ZiX#Z^chi^ijX^dcVa!iVcidegde^V
[^cVcX^VX^c!^bV\Zc!igVhkVhZhh^cg\^XdhYZidYdi^edYZiZXcdad\V!XdcdX^b^ZcidYZabZgXVYd!dg\Vc^oV"
X^c!ZiX#XdbdeWa^XV#l[hYWfjkbe'("f|]_dW)'+
;lebkY_dWfhen_cWZWZ[bd±Z[Yeef[hWj_lWi
150
cooperativas
100
Nº de
50
0
1955 1967 1980 1985 1990 2002
;J:CI:/DGB6:IM:6!?#B#&..&0D6@:H=DII!G#'%%%/?dWh;V^gcZhh#
4HE LOGIC AND EXPERIENCE OF EMPLOYEE OWNERSHIPB^X]VZaGjhhZaa!GZ^cdJc^Yd#
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 133
:caVhh^\j^ZciZhe{\^cVhhZYZh\adhVaVZkdajX^cYZaVegdbdX^cYZXddeZgVi^kVhZcY^[ZgZciZhZiVeVhn
hZ\cZadg^\ZcYZaVh^c^X^Vi^kVh#
FHECE9?ãD9EEF;H7J?L7
<ehjWb[Y_c_[dje[Yedc_Ye
9h[Y_c_[djeo[nfWdi_d 9h_i_ioh[Yedl[hi_d
ocWj[h_Wb_pWY_dYehfehWj_lW
'/++#'/-+ '/-,#'//&
'//'#(&&,
134 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Eh_][dZ[bWi 9WhWYj[hij_YWiZ[ 9eef[hWj_lWi 9eef[hWj_lWi
J_febe]W 9eef[hWj_lWi'W[jWfW
_d_Y_Wj_lWi bWi_d_Y_Wj_lWi (W[jWfW )W[jWfW
6YhXg^eX^cVjc 6jg`^&.-'
\gjed# YZhYZZa\gjed
;6<DG
GVYVg&.,.
E6GI:>>/=>HIDG>6q%(/9:A6HEG>B:G6H8DDE:G6I>K6H6AEGD8:HD9::ME6CH>âC 135
&*
97FßJKBE
Crisis económica
y reconversión industrial
Índice
>cigdYjXX^c###############################################################################################################################&(.
&# 8g^h^hZcZg\i^XVngZXZh^c############################################################################################&)%
&#& GZeZgXjh^dcZhZcZaEVhKVhXdnZcZa<gjed8ddeZgVi^kd##############################################################&)'
'# >ciZgXddeZgVX^c/bZXVc^hbdhYZhda^YVg^YVYYZcigdYZa\gjedXddeZgVi^kd###########&)(
'#& BZY^YVhVea^XVYVhedgaVhXddeZgVi^kVh###############################################################################################&))
'#&#&8Ve^iVa^oVX^cYZgZhjaiVYdh########################################################################################################&))
'#&#'Edai^XVgZig^Wji^kV#########################################################################################################################&))
'#' 6XX^dcZhVea^XVYVhYZcigdYZadh<gjedh8dbVgXVaZh#######################################################################&))
'#'#&GZXdckZgh^cYZgZhjaiVYdh#########################################################################################################&)*
'#'#'GZjW^XVX^cYZigVWV_VYdgZh########################################################################################################&)*
'#( BZY^YVhhda^YVg^VhYZAV\jc6gd######################################################################################################&)+
'#(#&EgZhiVX^dcZhYZVnjYVVaZbeaZd##############################################################################################&)+
'#) 6njYVhd[gZX^YVhedg8V_VAVWdgVa########################################################################################################&)-
'#)#&BZY^YVhWVcXVg^VhZmigVdgY^cVg^Vh#############################################################################################&)-
'#)#'AV^ciZgkZcX^cYZaV9^k^h^c:begZhVg^VaYZ8V_VAVWdgVa###################################################&).
(#9ZWViZ^YZda\^XdVaVajoYZaVigVch^X^cXjaijgVa#######################################################&*&
(#& Adhigb^cdhYZaYZWViZ#########################################################################################################################&*&
(#' AV^ciZgkZcX^cYZaV^\aZh^V##################################################################################################################&*(
(#( AV]jZa\VYZ&.,)###################################################################################################################################&*)
(#(#&:acjZkdh^hiZbVYZZkVajVX^cYZaVhXViZ\dgVhaVWdgVaZh###################################################&*)
(#(#'9ZhVggdaadYZadhVXdciZX^b^Zcidh#############################################################################################&*+
(#(#(8dchZXjZcX^VhYZaXdc[a^Xid#########################################################################################################&*+
138 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
H^ aV eg^bZgV ZiVeV YZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc hZ XVgVXiZg^o edg jcV Y^c{b^XV YZ
ZmeVch^c n XgZX^b^Zcid! adh Vdh fjZ Y^hXjggZc YZhYZ bZY^VYdh YZ aV YXVYV YZ adh ,% n ]VhiV aV eg^"
bZgV b^iVY YZ adh -%! edg Za XdcigVg^d! igVZg{c Xdch^\d Za h^\cd YZ jcV Xg^h^h# JcV Xg^h^h ZXdcb^XV YZ
dg^\Zc ^ciZgcVX^dcVa n YZ VaXVcXZ bjcY^Va#
AV WgjhXV hjW^YV YZ adh egZX^dh YZa eZigaZd n aV Xg^h^h ZcZg\i^XV ^ciZgcVX^dcVa YZ &.,( ijk^Zgdc! Z[ZX"
i^kVbZciZ! ZheZX^Va gZeZgXjh^c Zc aV ZXdcdbV kVhXV# 8g^h^h YZ cVijgVaZoV ZXdcb^XV fjZ! Zc Za ZhiV"
Yd ZheVda [jZ V\gVkVYV edg aVh eVgi^XjaVgZh XdcY^X^dcZh YZ aV igVch^X^c edai^XV Zc Xjghd# AV V\ZcYV
YZ aV igVch^X^c hjeZY^i aV XdcYjXX^c YZ edai^XVh ZXdcb^XVh V adh kV^kZcZh n V aV a\^XV YZa egdXZ"
hd edai^Xd YZ YZbdXgVi^oVX^c# :a gZhjaiVYd [jZ fjZ Za ZhiVaa^Yd YZ aV Xg^h^h hZ Xdcijkd YjgVciZ Va\jcdh
Vdh! [jZ b{h iVgYd fjZ Zc digdh aj\VgZh! eZgd hj ZmegZh^c b{h egd[jcYV# N egjZWV YZ Zaad Zh fjZ!
Zc &.-+! b^ZcigVh aVh YZb{h ZXdcdbVh ZjgdeZVh hZ gZVXi^kVWVc! Zc Za ZhiVYd ZheVda Za YZhZbeaZd
hZ\jV h^ijVYd Zc jc '%#
6h! ZhiV hZ\jcYV ZiVeV YZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc ZhiVg{ ZhigZX]VbZciZ k^cXjaVYV
Va XdciZmid ZXdcb^Xd n edai^Xd Va fjZ VXVWVbdh YZ VajY^g# AV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc
hZg{ bjn eZgbZVWaZ V ad fjZ VXdciZXZ b{h Vaa{ YZ aVh egde^Vh XddeZgVi^kVh# :h edg Zaad fjZ YZY^XV"
bdh jcV WjZcV eVgiZ YZ ZhiZ XVeijad V XdciZmijVa^oVg aV bVgX]V YZ aVh XddeZgVi^kVh Zc Za bVgXd \Z"
cZgVa Zc Za fjZ hiVh hZ YZhZckjZakZc#
6h! Zc ZhiV Xgi^XV XdnjcijgV ]^hig^XV Ydh ]ZX]dh ^bedgiVciZh XVgVXiZg^oVg{c Za g^ibd k^iVa YZ aVh Xdd"
eZgVi^kVh/ aV ejZhiV Zc [jcX^dcVb^Zcid YZ bZY^YVh hda^YVg^Vh ^ciZgXddeZgVi^kVh n aV ]jZa\V YZ &.,)#
=VX^ZcYd YZ aV cZXZh^YVY k^gijY! Za XddeZgVi^k^hbd bdcYgV\dch ZcigV YZ aaZcd Zc aV hZcYV YZ aV ^c"
iZgXddeZgVX^c# Adh bZXVc^hbdh YZ ^ciZgXddeZgVX^c fjZ edg ZhiVh [ZX]Vh VYfj^ZgZc \gVc Y^cVb^hbd
hdc! Zc \gVc bZY^YV! YZ XVg{XiZg egV\b{i^Xd ÅYVg gZhejZhiV V jcV cZXZh^YVY ZbegZhVg^Va ^cbZY^V"
iVÅ# EZgd! iVbW^c Zh X^Zgid fjZ cd had ediZcX^Vc Za YZhVggdaad YZ ^chigjbZcidh YZ cVijgVaZoV XddeZ"
gVi^kV fjZ Xdc VciZg^dg^YVY cd hZ ]VWVc VXi^kVYd n fjZ eVhVc V [dgbVg eVgiZ YZ aV ZhigjXijgV egde^V
YZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc! h^cd fjZ Xdc Za i^Zbed iZgb^cVg{c ^YZci^[^X{cYdhZ Xdbd
eVgiZ YZ aVh XaVkZh YZa m^id YZ aV b^hbV#
Edg hj eVgiZ! aV ]jZa\V YZ &.,) cd i^ZcZ \gVc gZaZkVcX^V Zc h b^hbV0 ad kZgYVYZgVbZciZ igVhXZcYZciZ
Zh Za YZWViZ n gZ[aZm^c ^YZda\^XV fjZ iZcYg{c aj\Vg VciZh n YZhejh YZ aV ]jZa\V n fjZ ZhiVg{c XdciZc^"
YVh Zc hiV# :hiZ ^ciZchd YZWViZ ÅgZXd\^Yd YZ [dgbV hdbZgVÅ \^gVg{ Zc idgcd Va hZci^Yd n Y^gZXX^dcVa^"
YVY YZa bdk^b^Zcid XddeZgVi^kd n Zc a eVgi^X^eVc YZhYZ aVh cjZkVh ^ofj^ZgYVh ]VhiV eVgiZ YZ aV _ZgVgfjV
ZXaZh^{hi^XV# :c Za [dcYd! Xdbd hZ kZg{ V ad aVg\d YZ ZhiZ XVeijad! ad fjZ hjWnVXZ Zh jc egdXZhd YZ XVb"
W^d Zc aV XdchiZaVX^c ^YZda\^XV fjZ YV hZci^Yd n dg^ZciVX^c Va XddeZgVi^k^hbd bdcYgV\dch#
E6GI:>>/=>HIDG>6q%)/8G>H>H:8DCâB>86NG:8DCK:GH>âC>C9JHIG>6A 139
1. Crisis energética y recesión
6a [^cVa YZ adh Vdh +%! aV b^iVY YZa Xdchjbd ZcZg\i^Xd bjcY^Va gZXVV Zc jc hdad egdYjXid/ Za eZig"
aZd# :a XZcigd YZ \gVkZYVY YZ aV egdYjXX^c YZa XgjYd gVY^XVWV Zc Dg^ZciZ BZY^d# 8dc Za Xdcigda YZa *)
YZ aV egdYjXX^c n b{h YZa -% YZa XdbZgX^d bjcY^Va YZ XgjYd! aV EF;F Dg\Vc^oVX^c YZ EgdYjXidgZh
n :medgiVYdgZh YZ EZigaZd gZhedcYZ Xdc jc ZbWVg\d eZigdaZgd edg Za Vednd dXX^YZciVa V >hgVZa Zc aV
\jZggV {gVWZ"^hgVZa YZ &.,(# :hiZ ZbWVg\d igV_d Xdch^\d jcV Xg^h^h YZ VWVhiZX^b^Zcid! jc ^cXgZbZcid
ZmigVdgY^cVg^d Zc adh egZX^dh YZa eZigaZd Za WVgg^a YZ eZigaZd eVh YZ '!- YaVgZh Zc &.,' V (*#) Y"
aVgZh Zc &.-& n jcV iZcYZcX^V ^c[aVX^dcVg^V bjn [jZgiZ fjZ V[ZXi bjn cZ\Vi^kVbZciZ Va hZXidg ZXdc"
b^Xd ^cYjhig^Va V c^kZa ^ciZgcVX^dcVa# :a ZhiVcXVb^Zcid YZ aV YZbVcYV bVcj[VXijgZgV n aV Xdch^\j^ZciZ
XVYV YZ aV ^ckZgh^c hZ Y^Zgdc Zc jc XdciZmid YZ XgZX^ZciZ XdbeZiZcX^V YZg^kVYV YZ aV ^cXdgedgVX^c YZ
cjZkdh eVhZh ^cYjhig^Va^oVYdh! ZheZX^VabZciZ YZa hjYZhiZ Vh^{i^Xd! Va bZgXVYd bjcY^Va#
6 aVh ZcdgbZh hjW^YVh YZa egZX^d YZa eZigaZd Zc &.,( aZh h^\j^Zgdc hjW^YVh bdYZgVYVh ]VhiV &.,.!
Vd YZ aV hZ\jcYV Xg^h^h YZa eZigaZd# AV XVYV YZa H]V YZ >g{c! aV aaZ\VYV YZ ?dbZ^c^ n Za ^c^X^d YZ aV
\jZggV ZcigZ >g{c Z >gV` Zc &.-%! egdkdXVgdc jc cjZkd i^gc YZ adh egZX^dh fjZ eVhVgdc YZ &( YaVgZh$
WVgg^a Zc &.,- V '.#' Zc &.,. n V (+#, Zc &.-%#
;lebkY_dZ[bfh[Y_efehXWhh_bZ[f[jhb[e
40
Dolar/barril
30
20
10
0
1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982
AV Xg^h^h ZXdcb^XV YZhZcXVYZcVYV Zc &.,( hZ k^d V\gVkVYV Zc :heVV edg kVg^Vh gVodcZh/ aV ZXdcd"
bV ZgV bjn YZeZcY^ZciZ YZa ZmiZg^dg! aV ZhigjXijgV ^cYjhig^Va hZ XVgVXiZg^oVWV edg jc Vaid Xdchjbd YZ
ZcZg\V n aV edai^XV ZXdcb^XV! ^c[ajZcX^VYV edg aV igVch^X^c edai^XV! edhejhd Za V_jhiZ ]VhiV &.,,#
B79H?I?I;9EDãC?97;D9?<H7I
:aE>7!fjZYZ&.,%V&.,)]VWVbVciZc^YdjcXgZX^b^ZcidbZY^dZcidgcdVa-!cdhjeZgZa'ZcZaYZXZc^dYZ&.,*"&.-*#
:cigZ &.,) n &.-* aV ^c[aVX^c VaXVco jc egdbZY^d YZa &*!,! aV b{h ZaZkVYV YZ :jgdeV#
;J:CI:/ 8VggZgVh 6#! n IV[jcZaa M#! Historia económica de la España contemporánea! 8gi^XV! '%%(#
140 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:a eVh Zcig Zc jcV [VhZ YZ ]dcYV YZegZh^c/ XgZX^ZciZ ^c[aVX^c! [jZgiZ Y[^X^i Zc aV WVaVcoV YZ eV\dh!
YZhZbeaZd Zc XdchiVciZ VjbZcid! ZhiVcXVb^Zcid \ZcZgVa YZ aV VXi^k^YVY ZXdcb^XV! [jZgiZ ZcYZjYV"
b^Zcid ZmiZg^dg! YZ[^X^ZcX^Vh Zc aV ZhigjXijgV ZXdcb^XV Xdc ^bedgiVciZh WdahVh YZ hjWYZhVggdaad Zc
X^ZgiVh odcVh n YZiZgb^cVYdh hZXidgZh egdYjXi^kdh#
8dc ZhiZ eVcdgVbV! h^c ZbWVg\d! cd hZ ^bejhd jcV edai^XV YZ Y^hb^cjX^c YZa Xdchjbd ZcZg\"
i^Xd0 Va XdcigVg^d! ZcigZ &.,( n &.-% Za Xdchjbd Wgjid YZ eZigaZd VjbZci n XjVcYd aaZ\ aV ]dgV
YZa V_jhiZ n YZ aV gZXdckZgh^c hiV [jZ bjn hZkZgV# AVh ZbegZhVh VWhdgW^Zgdc adh VjbZcidh Zc
adh XdhiZh YZ egdYjXX^c ÅVjbZcidh YZ bViZg^Vh eg^bVh n bVcd YZ dWgVÅ kV ZcYZjYVb^Zcid!
eZgd aV a^WZgVa^oVX^c YZa h^hiZbV [^cVcX^Zgd Zc idgcd V &.,, VjbZci adh i^edh YZ ^ciZgh# IdYV
ZhiV Xdc_jcX^c YZ [VXidgZh ejhd Zc _VfjZ aV XVeVX^YVY YZ egdYjXX^c n Zaad egdkdX jcV YZhigjX"
X^c bVh^kV YZ ejZhidh YZ igVWV_d#
B7JH7DI?9?ãD:;CE9HÜJ?97
8dbdnV]ZbdhVYZaVciVYd!aVXg^h^hZXdcb^XVhZhdaVeXdcaVigVch^X^cedai^XVVaVYZbdXgVX^V#:caVhZ\jcYVb^iVYYZaV
YXVYVYZadh,%ZaZhiVYdZheVdaVh^hi^Va[^cYZag\^bZcY^XiVidg^Va[gVcfj^hiVnVa^c^X^dYZaVigVch^X^c]VX^VjcVbdcVg"
fjVeVgaVbZciVg^V#JcVigVch^X^ceVXiVYVfjZZc\gVcbZY^YV[jZ[jcYVYVhdWgZZadgYZchdX^VaXgZVYdedgZa[gVcfj^hbd#
IgVhaVbjZgiZYZa\ZcZgVa;gVcXd!Za'%YZ
cdk^ZbWgZYZ&.,*!Zc_ja^dYZ&.,+ZaGZn
gZX^c XdgdcVYd! cdbWgV V 6Yda[d Hj{gZo
egZh^YZciZ YZ \dW^Zgcd Zc hjhi^ijX^c YZ
6g^VhCVkVggd!gZegZhZciVciZYZag\^bZc#
Hj{gZoYZhVggdaaVjcVedai^XVgZ[dgb^hiV!
Xdc jc egd\gVbV \gVYjVa! h^c YVVg adh
^ciZgZhZh Xdci^cj^hiVh eZgd VYb^i^ZcYd
\gVc eVgiZ YZa egd\gVbV YZ aV dedh^X^c
YZbdXg{i^Xd"a^WZgVa# :a Vd &.,, Xjab^cV
aVgZ[dgbVedai^XV!YZiVabdYdfjZZc_j"
c^d YZ ZhZ Vd hZ XZaZWgVc aVh eg^bZgVh
ZaZXX^dcZh a^WgZh YZhYZ &.(+0 egZk^V aZ"
\Va^oVX^cYZaVhXZcigVaZhh^cY^XVaZhnYZ
adheVgi^Ydhedai^Xdh!njcVVbc^hiVfjZ!
VjcfjZgZ^k^cY^XVYVedgadhhZXidgZhded"
h^idgZh!iVbW^cXjWg^VidYVaVWjgdXgV"
X^V[gVcfj^hiV#
IgVhaVWdg^dhVhY^hXjh^dcZheVgVad\gVgjceVXidZcigZaVhY^hi^ciVh[jZgoVhZ^ciZgZhZhZca^oV!hZgZYVXiVaV8dchi^ijX^c!fjZ
hZg{VegdWVYVZcgZ[ZgcYjbZa+YZY^X^ZbWgZYZ&.,-!h^cfjZXdciVgVXdcZagZheVaYdedejaVgbVndg^iVg^dZcaV8dbjc^YVY
6jicdbVKVhXV!jcVkZofjZZacVX^dcVa^hbdbdYZgVYdhZVWhijkdnaV^ofj^ZgYVVWZgioVaZkdiZcXdcigV#8dcXaj^YdYZZhV
[dgbVZaegdXZhdXdchi^ijnZciZ!Zc&.,.hZgZ[gZcYVZaZhiVijidYZVjidcdbVYZaEVhKVhXdnZaVdh^\j^ZciZig^jc[VZcaVh
ZaZXX^dcZhVaEVgaVbZcid6jicdbdZaEVgi^YdCVX^dcVa^hiVKVhXdECK!a^YZgVYdedg8Vgadh<VgV^`dZimZV#
E6GI:>>/=>HIDG>6q%)/8G>H>H:8DCâB>86NG:8DCK:GH>âC>C9JHIG>6A 141
'$' H[f[hYki_ed[i [d [b FWi LWiYe o [d [b =hkfe 9eef[hWj_le
:a VjbZcid YZa egZX^d YZa eZigaZd n YZ aVh bViZg^Vh eg^bVh V[ZXi Va iZ_^Yd ^cYjhig^Va Zc hj Xdc_jcid#
AVh ^cYjhig^Vh maduras [jZgdc aVh fjZ hj[g^Zgdc Xdc b{h [jZgoV aV hVXjY^YV YZ aV Xg^h^h# 6 eVgi^g YZ
bZY^VYdh YZ adh hZiZciV aVh iVhVh YZ YZhZbeaZd [jZgdc Zc VjbZcid# :cigZ &.,) n &.-( Za YZhZbeaZd
hZ ZaZk ]VhiV jc '* Zc aVh egdk^cX^Vh YZ <j^eoXdV! ÛaVkV n K^oXVnV# :hid Zh! b{h YZ '*%#%%% eZg"
hdcVh Zc eVgd# :c CVkVggV! edg hj eVgiZ! Zc &.-& Za eVgd hZ h^ij Zc jc &'!. n X^cXd Vdh b{h iVgYZ
XVh^ Zc jc '%# A\^XVbZciZ! aVh XddeZgVi^kVh iVbW^c gZhjaiVgdc V[ZXiVYVh# 9ZhYZ &.,( V &.-' adh
Wdj_Y_fei bWXehWb[i XgZX^Zgdc V jc g^ibd YZ ''!) edg ]dgV igVWV_VYV Xdc jc ^cXgZbZcid YZ *!) ejcidh
hdWgZ aV ^c[aVX^c# 6jcfjZ aVh ZmedgiVX^dcZh VjbZciVWVc Zc &.,+ hZ ZmedgiVWV Za &% YZ aV egdYjX"
X^c idiVa n Zc &.-* hZ aaZ\VWV Va (%! Za YZhi^cd YZa ,% YZ hjh egdYjXidh ZgV Za bZgXVYd ZheVda n!
dWk^VbZciZ! aV YZeg^b^YV ZXdcdbV ZheVdaV VXVggZVWV \gVkZh a^b^iVX^dcZh Zc Za hdhiZc^b^Zcid YZ aV
YZbVcYV# IdYd ZgV ^cXdciZc^WaZ n ad fjZ hZ egdYj_d [jZ jc gZhjaiVYd Zk^YZciZ/ aV gZciVW^a^YVY YZa Xdc"
_jcid YZ aVh XddeZgVi^kVh aaZ\ Va [^cVa YZa eZgdYd YZ &.-& ]VhiV Za &!)* YZ egY^YVh hdWgZ kZciVh!
h^ijVX^c fjZ hZ egdadc\ ]VhiV &.-* YjgVciZ jc fj^cfjZc^d VX^V\d eVgV idYV aV ^cYjhig^V Zc &.-)!
h^bV Xgi^XV! aaZ\ V eZgYZg Za ( hdWgZ hj X^[gV YZ kZciVh# 9jgVciZ Za fj^cfjZc^d YZ &.,' V &.,+ aV
gZciVW^a^YVY bZY^V VaXVcoVYV ]VWV aaZ\VYd Va .!+ hdWgZ kZciVh! eVgV ad fjZ hZ ]VXV jc Zh[jZgod YZ
gZV_jhiZ Va VaoV YZ adh egZX^dh YZ kZciV! eZgd V eVgi^g YZ ZhiZ ejcid Za bdYZad hZ ]VWV V\diVYd#
Cd dWhiVciZ! V eZhVg YZ aV VaVgbVciZ XdnjcijgV ZXdcb^XV! Za <gjed 8ddeZgVi^kd ad\g bVciZcZg hjh
ZbeaZdh Z ^cXajhd XgZVg cjZkdh ejZhidh YZ igVWV_d V jc g^ibd YZa (!( VcjVa Zc aV YXVYV &.,+"
&.-+ hZ XgZVgdc )#'%% ejZhidh YZ igVWV_d Zc Za b^hbd eZgdYd Zc fjZ Zc Za Xdc_jcid YZa EVh KVhXd
hZ eZgYVc Zc idgcd V &*%#%%%# B^ZcigVh fjZ aV
B7IC;:?:7IIEB?:7H?7I egdYjXX^c ^cYjhig^Va ZheVdaV XgZXV V jc egd"
bZY^d YZa &!* VcjVa Zc Za eZgdYd &.,+"&.-(!
AVh bZY^YVh hda^YVg^Vh YZ >CI:G8DDE:G68>âC [jZgdc Za egdbZY^d YZ XgZX^b^Zcid XddeZgVi^kd [jZ YZa
XaVkZheVgVgZh^hi^gVaVXg^h^h/ZcaVhXddeZgVi^kVhhZaaZ\ +# AVh edai^XVh YZ Vednd fjZ ]^X^Zgdc edh^WaZ
V XgZVg ZbeaZd XjVcYd Zc Za Xdc_jcid YZa EVh KVhXd aVh iVaZh gZhjaiVYdh! Wg^aaVciZh h^ hZ dWhZgkV aV egZ"
X^[gVh ZgVc cZ\Vi^kVh# :cigZ adh Vdh YZ &.,+ n &.-(! Zc dXjeVciZ gZVa^YVY ^cYjhig^Va kVhXV YZa bdbZc"
Za{bW^idXddeZgVi^kdaVegdYjXX^c^cYjhig^VaXgZX^jc+ id! [jZgdc Z_ZgX^YVh YZhYZ kVg^Vh ^chiVcX^Vh YZa
b^ZcigVhZaegdbZY^dZhiViVaYZXgZX^b^ZcidZgVYZa&!*# <gjed l[h YWfjkbe -" f|]$ (&'/
9ZhYZ aVh XddeZgVi^kVh n adh egde^dh XddeZgVi^k^hiVh V iijad ^cY^k^YjVa! gZYjX^ZcYd n VcjaVcYd Za
XgZX^b^Zcid YZ hjh Vci^X^edh aVWdgVaZh n gZVa^oVcYd cjZkVh VedgiVX^dcZh YZ XVe^iVa#
9ZhYZ adh \gjedh XdbVgXVaZh! eZgb^i^ZcYd aV igVch[ZgZcX^V YZ gZXjghdh n h[kX_YWY_ed[i YZ eZghdcVa
ZcigZ aVh XddeZgVi^kVh#
9ZhYZ AV\jc 6gd! XgZVcYd aV fh[ijWY_d Z[ WokZW Wb [cfb[e! Xdc hjh bai^eaZh VaiZgcVi^kVh#
9ZhYZ8V_VAVWdgVa!VXijVcYdVaVWV_VhdWgZZaegZX^dYZaY^cZgdnigVWV_VcYdhdWgZaVgZXdbedh^X^c
[^cVcX^ZgVYZaVhXddeZgVi^kVhVhdX^VYVh#9ZhYZhjY^k^h^cZbegZhVg^VahZ^ciZgk^cdZcjcVYZXZcVYZ
XddeZgVi^kVh Xdc Za dW_Zi^kd YZ gZXdcYjX^g hj Xgi^XV h^ijVX^c# AV egdbdX^c n Za VhZhdgVb^Zcid
fjZYVgdc Zc jc hZ\jcYd eaVcd#
142 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
2. Intercooperación: mecanismos de
solidaridad dentro del grupo cooperativo
NV ]Zbdh bZcX^dcVYd b{h Vgg^WV fjZ aV XaVkZ eVgV gZh^hi^g Za ZbWViZ YZ aV Xg^h^h [jZ aV ^ciZgXddeZ"
gVX^c# :c Za XjVYgd h^\j^ZciZ hZ gZXd\Zc YZ bVcZgV gZhjb^YV adh bZXVc^hbdh YZ hda^YVg^YVY n Vednd
fjZ aVh Y^hi^ciVh XddeZgVi^kVh YZ aV ZmeZg^ZcX^V ^YZVgdc n ejh^Zgdc Zc eg{Xi^XV [gZciZ V aV gZXZh^c ZXd"
cb^XV V eVgi^g YZ aV hZ\jcYV b^iVY YZ adh hZiZciV#
H[ikc[dZ[beic[YWd_iceiZ[_dj[hYeef[hWY_d
" GZXdckZgh^cegd[Zh^dcVa
" 9ZhZbeaZdZ[ZXi^kd
" EgZhiVX^cedgYZhZbeaZdeVgX^VadXVaZcYVg^dgZYjX^Yd
AV\jc6gd EgZhiVX^dcZhYZVnjYVVaZbeaZd " EgZhiVX^cedghdajX^dcZhYZ[^c^i^kVhVaYZhZbeaZd
" EgZ_jW^aVX^c
" >cYZbc^oVX^c
" GZXdbedh^X^c[^cVcX^ZgVgZedh^X^cYZXVe^iVaedgeVgiZYZahdX^d
"GZYjXX^cYZ^ciZgZhZh
BZY^YVhYZhda^YVg^YVY "GZYjXX^cYZXdhiZhYZadhXgY^idh
"8dcYdcVX^cYZYZjYVh
6hjcX^cYZaVY^gZXX^ceVgVY^hZVgjceaVcYZ
8V_VAVWdgVa gZdg\Vc^oVX^c#GZZhigjXijgVX^c/
>ciZgkZcX^dcZh9^k^h^c
:begZhVg^Va!9ZeVgiVbZcidYZ " EgdYjXid
>ciZgkZcX^c " ;VWg^XVX^c
" 8dbZgX^Va^oVX^c
" Dg\Vc^oVX^c
" 8VbW^dYZY^gZXi^kdh
E6GI:>>/=>HIDG>6q%)/8G>H>H:8DCâB>86NG:8DCK:GH>âC>C9JHIG>6A 143
6 Xdci^cjVX^c VcVa^oVgZbdh Xdc b{h YZiVaaZ XVYV jcd YZ adh bZXVc^hbdh ji^a^oVYdh Zc ZhiZ egdXZhd
YZ V_jhiZ hda^YVg^d n VjYVo#
FEBßJ?97H;JH?8KJ?L7:;<7=EH
:hYZhiVXVWaZaVgZ[dgbVYZaVedai^XVgZig^Wji^kVaaZkVYVVXVWdZc;6<DG#:c&.,-aVhX^[gVhfjZZa8dchZ_d<ZcZgVaYZ
;6<DG]^odeWa^XVhbdhigVWVcfjZ!YZ&.+.V&.,,!adhXdhiZhYZeZghdcVaYZa\gjedhZ]VWVcZaZkVYdjc(&!b^ZcigVh
fjZZa^cXgZbZcidYZaVegdYjXi^k^YVYbZY^YdedgZakVadgVVY^YdVeZcVhad]VWV]ZX]djc'%#EVgVZfj^a^WgVgZhiZ
eZa^\gdhdYZh[VhZhZVYdeijcV[gbjaVgZig^Wji^kVfjZ!VjcfjZcdVWVcYdcVWVhjgZaVX^cXdcZa>E8!]VXViVbW^cgZ"
[ZgZcX^VVagZcY^b^ZcidZXdcb^XdYZaVZbegZhV/h^ZaedgXZciV_ZYZXVh]"[adlYZhXZcYVZcadhVdhh^\j^ZciZhgZheZXid
Vac^kZaYZ&.,,!adhcY^XZhgZig^Wji^kdhcdVjbZciVgVcZcaVb^hbVegdedgX^cfjZZa>E80nVaV^ckZghV!h^ZaedgXZciV_Z
YZYWi^#\bemXgZXVedgZcX^bVYZac^kZaYZ&.,,!adhcY^XZhYZgZbjcZgVX^cYZadhhdX^dhXgZXZgVcb{hfjZZa>E8#
144 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
6h! Zc &.,, hZ YZX^YZ! V ^c^X^Vi^kV YZ 8V_V AVWdgVa! \ZcZgVa^oVg aV ZmeZg^ZcX^V YZ JaVgXd Xdchi^ij^YV
Xdbd \gjed XdbVgXVa Zc &.+) n V\gjeVg Za gZhid YZ XddeZgVi^kVh Zc \gjedh XdbVgXVaZh# :a Xg^iZg^d YZ
Xdbedh^X^c YZ adh \gjedh [jZ \Zd\g{[^Xd! YZ iVa bVcZgV fjZ aVh XddeZgVi^kVh hZ [jZgdc V\gjeVcYd Zc
[jcX^c YZ hj egdm^b^YVY \Zd\g{[^XV#
Adh \gjedh XdbVgXVaZh _j\Vgdc Zc ZhZ bdbZcid jc eVeZa bjn ^bedgiVciZ# AV hda^YVg^YVY YZ hjh bZ"
Y^YVh ^WV YZhYZ ad ZXdcb^Xd ]VhiV ad ]jbVcd# l[h YWfjkbe -" f|]$ '//
KBC70IKC?:7;DKD7FHE<KD:79H?I?I"H;9?8;;B7FEOE:;JE:EI
6eg^cX^e^dhYZadhVdh-%JabVhZhjbZg\ZZcjcVV\jYV
Xg^h^hfjZhZgZ[aZ_VZcXdchZXji^kdhZ_ZgX^X^dhXdcegY^YVh
&.-%!&.-'!&.-(n&.-)#:cbVndYZ&.-)XZhVcVa\ZgZciZ
YZhjejZhidVciZaVhY^[^XjaiVYZhfjZZcXdcigVWVcab^hbd
nhjZfj^edY^gZXi^kdeVgVgZhdakZgZaegdWaZbV#:aXa^bVhd"
X^d"aVWdgVahZ^WVYZiZg^dgVcYdn8V_VAVWdgVa^ch^hiVgZ^iZ"
gVYVbZciZZcgZXdcYjX^gZagjbWdZbegZhVg^Va#6a[^cVaYZa
VdaVhegY^YVhVaXVcoVcXVh^adhXjVigdb^aadcZhnbZY^d
YZZjgdh!fjZigVhZahVcZVb^ZcidYZaWVaVcXZhZgZYj_Zgdc
Zcb{hYZaVb^iVY#
8dcZa\ZgZciZYZhi^ij^Yd!hZcdbWgVigVch^idg^VbZciZjc8dc"
hZ_dYZ9^gZXX^cXdbejZhidedgXjVigdeZghdcVheVgVfjZ!Xd"
aZ\^VYVbZciZ!hZZcXVg\VgVcYZY^g^\^gaVdg\Vc^oVX^cZbegZ"
hVg^Va!egZk^dVc{a^h^hYZaVh^ijVX^c!XdcaVXdaVWdgVX^c!VhZhdgVb^ZcidnhjeZgk^h^cYZaV9^k^h^c:begZhVg^VaYZ8V_VAVWdgVa#
E6GI:>>/=>HIDG>6q%)/8G>H>H:8DCâB>86NG:8DCK:GH>âC>C9JHIG>6A 145
8dcaVVnjYVYZ8V_VAVWdgVahZedcZZcbVgX]VZaEaVcYZGZXjeZgVX^c#HZgZVa^ojcÆY^V\chi^XdYZjg\ZcX^VÇnhZegVXi^X
jceaVcYZgZZhigjXijgVX^cdg\Vc^oVi^kV!eVgi^ZcYdYZjcdg\Vc^\gVbVZcWaVcXdnhZaZXX^dcVcYdaVheZghdcVh^YcZVheVgV
XVYVejZhidYZadg\Vc^\gVbV#:hidhjejhdaVgZXgZVX^cYZidYVaVZhigjXijgV[jcX^dcVa!YZhYZaV\ZgZcX^V]VhiVadhbVcYdh
YZbZcdgXjVa^[^XVX^c#
JcVYZaVhXdcXajh^dcZhYZaeaVc[jZfjZ]VWVfjZgZYjX^gaVeaVci^aaVYZ+(-V).%igVWV_VYdgZhndg\Vc^oVgaVZbegZhVedgcZ"
\dX^dh#:hiVh^ijVX^cdWa^\Vhda^X^iVgVAV\jc6gdaVVegdWVX^cYZa:meZY^ZciZYZ:mXZYZciZ:higjXijgVa!ZaXjVa[jZYZ\gVc
VnjYVVaV]dgVYZhdakZciVgaVXg^h^h#:aaVYdYgVb{i^XdYZaegdXZhdYZgZZhigjXijgVX^c[jZaVbVcdYZdWgVZmXZcYZciVg^V#
6a\jcVheZghdcVh[jZgdcgZjW^XVYVhZcXddeZgVi^kVhYZa<gjedndigVhfjZYVgdcZcZaYZhZbeaZd#
:c&.-*iVbW^c]jWdegY^YVheZgdaVh^ijVX^cZbeZoVWVVbZ_dgVg#:aZh[jZgodXdaZXi^kd[jZXgjX^Va#BZgZXZaVeZcVYZh"
iVXVgZahVXg^[^X^dZXdcb^XdfjZijkdfjZ]VXZgaVeaVci^aaVZcaV[VhZYZgZXjeZgVX^cZbegZhVg^Va#:cVa\cZ_ZgX^X^dhad
XdWgVgdcZa-*YZaVci^X^ednijk^ZgdcfjZYZ_VgYZXdWgVgeVgiZYZaVheV\VhZmigVhVhXdbdZaXdWgdYZ^ciZgZhZhVaXVe^iVa#
:hiVh^ijVX^ccdhZcdgbVa^o]VhiV&.--#
AVh egZhiVX^dcZh V aVh fjZ hZ XdbegdbZiZ AV\jc 6gd hdc aVh h^\j^ZciZh/
H[kX_YWY_d
AV gZjW^XVX^c Xdch^hiZ Zc igVhaVYVg V adh hdX^dh"igVWV_VYdgZh h^c ZbeaZd V digV XddeZgVi^kV Xdb"
eZchVcYd adh \Vhidh fjZ XdcaaZkV ZhZ igVhaVYd/ k^V_Zh! Y^ZiVh! Y^[ZgZcX^Vh hVaVg^VaZh! ZiX# 8jVcYd aV
gZjW^XVX^c hZ ]VXZ YZ[^c^i^kV VciZ jcV h^ijVX^c YZ YZhZbeaZd ^ggZkZgh^WaZ aV egZhiVX^c YZ AV\jc
6gd Xdch^hiZ Zc d[gZXZg X^ZgiVh XdbeZchVX^dcZh V aV ZbegZhV gZXZeidgV n$d Va hdX^d igVch[Zg^Yd eVgV
[VX^a^iVg aV \Zhi^c YZa igVhaVYd# :a YZgZX]d YZ gZjW^XVX^c ^bea^XV aV dWa^\VX^c edg eVgiZ YZ aVh Xdd"
eZgVi^kVh YZ VXd\Zg V adh YZhZbeaZVYdh! gZYjX^ZcYd Va b{m^bd aVh ]dgVh ZmigVh! ZiX# eVgV gZeVgi^g Za
igVWV_d Zm^hiZciZ# AV gZjW^XVX^c Zh aV eg^bZgV egZhiVX^c YZa h^hiZbV! VWhdajiVbZciZ eg^dg^iVg^V hdWgZ
idYVh aVh YZb{h egZhiVX^dcZh! fjZ had iZcYg{c aj\Vg XjVcYd hiV cd hZV edh^WaZ#
146 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
6h^b^hbd! Xdchi^ijnZ aV e^ZYgV Vc\jaVg YZa h^hiZbV YZ VnjYV Va ZbeaZd n hj eZXja^Vg^YVY b{h XjV"
a^iVi^kV! edgfjZ Zh Za bZXVc^hbd fjZ bZ_dg ^chigjbZciV aV dg^ZciVX^c YZa h^hiZbV V aV gZhiVjgVX^c
YZa ZbeaZd n hjedcZ jc Va^k^d eVgV aV [^cVcX^VX^c YZa YZhZbeaZd#
:[i[cfb[e [\[Yj_le
HZ XdcXZYZ V aVh eZghdcVh fjZ cd i^ZcZc ed" <EHC79?ãD9ECEFH;L;D9?ãD
h^W^a^YVY YZ gZjW^XVghZ n Xdch^hiZ Zc Za -%
YZa Vci^X^ed aVWdgVa b{h Za &%% YZ aV XVc" AV Y^hb^cjX^c YZ aV XVg\V YZ igVWV_d Zc ;V\dg 6ggVhV"
i^YVY fjZ Za hdX^d iZcYgV fjZ ^c\gZhVg Zc Za iZ hZ VegdkZX] eVgV [dgbVg jcV kZ^ciZcV YZ igVWV_VYd"
;dcYd YZ HZ\jg^YVY HdX^Va Vci^X^ed YZ egd" gZh Xdc BVZhigV >cYjhig^Va Zc aV :hXjZaV Eda^iXc^XV#
k^h^c h^ Xdci^cjVhZ igVWV_VcYd# :hiV egZh"
iVX^c cd hZ ejZYZ eZgX^W^g edg jc eZgdYd
hjeZg^dg V &' bZhZh Zc Ydh Vdh! ad fjZ dWa^\V V aV XddeZgVi^kV V ZhiVWaZXZg jcV gdiVX^c YZ hj
eaVci^aaV Zc Za Z[i[cfb[e#
8jVcYd! aaZkVYVh V XVWd aVh gZjW^XVX^dcZh edh^WaZh cd hZ Xdch^\jZ YVg hdajX^c idiVa V adh YZhZb"
eaZVYdh YZ jcV YZiZgb^cVYV XddeZgVi^kV! adh hdX^dh YZ hiV egdXZYZc V jc gZeVgid ^ciZgcd YZa i^Zb"
ed igVWV_VYd gZYjX^ZcYd aV _dgcVYV aVWdgVa d VXdbdYVcYd Za XVaZcYVg^d V aVh cZXZh^YVYZh egdYjXi^"
kVh# HZ ZhiVWaZXZ Za eaVod YZ jc Vd eVgV aV gZXjeZgVX^c YZ aVh ]dgVh cd igVWV_VYVh# AV egZhiVX^c
YZ AV\jc 6gd Xdch^hiZ Zc aV XdbeZchVX^c YZa -% YZa hVaVg^d XdggZhedcY^ZciZ V aVh ]dgVh fjZ cd
hZ ]Vc gZXjeZgVYd#
Fh[`kX_bWY_d
Adh XddeZgVi^k^hiVh ejZYZc VXd\ZghZ V aV egZhiVX^c YZ egZ_jW^aVX^c XjVcYd XdcXjggVc h^bjai{cZV"
bZciZ adh h^\j^ZciZh gZfj^h^idh/ fjZ aV XddeZgVi^kV YZ aV fjZ [dgbVc eVgiZ ]VnV h^Yd YZXaVgVYV Zc
YZhZbeaZd ZhigjXijgVa0 fjZ fj^ZcZh Xjbea^Ydh *- Vdh! h^c aaZ\Vg V +*! gZhjaiZc YZ Y^[X^a gZjW^XVX^c
n ]VnVc eZgX^W^Yd Za hjWh^Y^d YZ YZhZbeaZd YjgVciZ jc eZgdYd bc^bd YZ &' bZhZh# 9ZhYZ aV [ZX]V
YZ _jW^aVX^c Vci^X^eVYV n ]VhiV fjZ XjbeaVc +* Vdh! adh XddeZgVi^k^hiVh gZX^WZc Za +% YZ hj gZbj"
cZgVX^c ]VW^ijVa b{h Za &%% YZ ad fjZ ]VWgVc eV\VYd Zc XdcXZeid YZ HZ\jg^YVY HdX^Va# 6a Xjbea^g
+* Vdh hZ Zmi^c\jZ ZhiV egZhiVX^c n adh hdX^dh Xdb^ZcoVc V eZgX^W^g jcV eZch^c gZ\jaVg#
E6GI:>>/=>HIDG>6q%)/8G>H>H:8DCâB>86NG:8DCK:GH>âC>C9JHIG>6A 147
?dZ[cd_pWY_d
Adh XddeZgVi^k^hiVh ejZYZc eZgX^W^g aV egZhiVX^c YZ ^cYZbc^oVX^c XjVcYd hZ YZc h^bjai{cZVbZciZ
adh h^\j^ZciZh gZfj^h^idh/ fjZ aV XddeZgVi^kV YZ aV fjZ [dgbVc eVgiZ ]VnV h^Yd YZXaVgVYV Zc YZhZb"
eaZd ZhigjXijgVa0 fjZ adh hdX^dh"igVWV_VYdgZh cd ]VnVc Xjbea^Yd *- Vdh0 fjZ ]VnVc Xdi^oVYd V AV"
\jc 6gd Va bZcdh YjgVciZ Ydh Vdh0 n fjZ gZhjaiZc YZ Y^[X^a gZjW^XVX^c# AV XjVciV YZ aV ^cYZbc^"
oVX^c YZeZcYZg{ YZa cbZgd YZ Vdh YZ Xdi^oVX^c V AV\jc 6gd#
H[Yecfei_Y_d \_dWdY_[hW
AVh egY^YVh VXjbjaVYVh edg Va\jcVh XddeZgVi^kVh YZa <gjed egdYj_Zgdc iVa YZiZg^dgd eVig^bdc^Va
fjZ ]jWd XVhdh Zc adh fjZ [jZ cZXZhVg^d egdXZYZg V aV gZedh^X^c YZ adh XVe^iVaZh# EVgV Zaad! [jZ
WVhiVciZ ]VW^ijVa fjZ adh hdX^dh ijk^ZgVc fjZ gZXjgg^g Va eghiVbd ^cY^k^YjVa! fjZ Zc XdcY^X^dcZh
[VkdgVWaZh XdcXZYV 8V_V AVWdgVa#
" :c &.,- hZ VegdW aV gZYjXX^c YZ adh ^ciZgZhZh XgZY^i^X^dh Va - Ä Za cY^XZ YZ bZgXVYd hZ ]VaaVWV
Zc jc '%" V VfjZaaVh XddeZgVi^kVh fjZ hZ ]VaaVWVc Zc fj^ZWgV# AVh XddeZgVi^kVh fjZ gZX^W^Zgdc
Zhidh WZcZ[^X^dh cd edYVc eV\Vg ^ciZgZhZh V aVh VedgiVX^dcZh n hjh Vci^X^edh aVWdgVaZh hZ YZWVc
gZYjX^g Va .% YZ adh [^_VYdh edg 8V_V AVWdgVa# :c &.,. hZ ]^od jc Zh[jZgod \ZcZgVa n hZ gZYj_d Zc
Ydh ejcidh edgXZcijVaZh Za XdhiZ YZ adh XgY^idh eVgV idYVh aVh XddeZgVi^kVh VhdX^VYVh#
" :c &.-& hZ YZX^Y^ gZYjX^g adh ^ciZgZhZh YZa - Va % eVgV YZiZgb^cVYVh h^ijVX^dcZh fjZ cd
XdchZ\jVc gZXjeZgVghZ#
148 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
" :c &.-' Za Xdbegdb^hd YZ 8V_V AVWdgVa [jZ b{h aZ_dh/ hZ gZYjXV d VcjaVWV Za XdhiZ YZ adh
eghiVbdh n hZ edh^W^a^iVWV aV XdcYdcVX^c YZ adh b^hbdh eVgV fjZ hZ ejY^ZgVc hjeZgVg aVh
VcbVaVh h^ijVX^dcZh YZ fj^ZWgV n bZ_dgVg aV ZhiVW^a^YVY [^cVcX^ZgV n ZXdcb^XV YZa <gjed#
" 6Y^X^dcVabZciZ! XjVcYd hZ egdXZYZ V aV gZZhigjXijgVX^c YZ aVh XddeZgVi^kVh b{h YVVYVh! aV
8V_V aaZ\V V Vhjb^g aV idiVa^YVY YZ aV fj^ZWgV YZ kVg^Vh#
8dbd hZ ejZYZ dWhZgkVg! Za Zh[jZgod n Xdbegdb^hd YZ 8V_V AVWdgVa [jZgdc VjbZciVcYd Zc [jcX^c YZ
adh gZfjZg^b^Zcidh YZ aV h^ijVX^c! XdcXgZiVbZciZ! Zc VfjZaadh XVhdh Zc adh fjZ aV Xg^h^h hZ [jZ egd"
[jcY^oVcYd# :a ^bedgiZ idiVa igVch[Zg^Yd VaXVco aV X^[gV YZ .,!, b^aadcZh YZ Zjgdh YZ &.-+#
($*$( BW _dj[hl[dY_d Z[ bW :_l_i_d [cfh[iWh_Wb Z[ 9W`W BWXehWb
AV k^gjaZcX^V YZ aV Xg^h^h dWa^\ V ^ciZgkZc^g Zc aVh XddeZgVi^kVh VbZcVoVYVh# EVjaVi^cVbZciZ! Va Vj"
bZciVg aVh cZXZh^YVYZh YZ ^ciZgkZcX^c! aV aVWdg YZ egdbdX^c n VhZhdgVb^Zcid YZ_ YZ hZg aV YZY^XV"
X^c eg^cX^eVa YZ aV 9^k^h^c :begZhVg^Va# :c &.-) &) XddeZgVi^kVh [jZgdc ^ciZgkZc^YVh YZW^Yd V egdWaZ"
bVh YZ gZciVW^a^YVY n XdbeZi^i^k^YVY# :a 9ZeVgiVbZcid YZ >ciZgkZcX^c ZhiVWaZX^ igZh c^kZaZh YZ g^Zh\d
fjZ YZiZgb^cVWVc aV ^ciZch^YVY YZ aV ^ciZgkZcX^c/
6aid g^Zh\d# AV k^YV YZ aV XddeZgVi^kV Zhi{ Zc eZa^\gd# :a ^ciZgkZcidg hZ ]VXZ XVg\d YZ aV Y^gZXX^c
V i^Zbed XdbeaZid ]VhiV fjZ hZ VegjZWZ jc eaVc YZ gZdg\Vc^oVX^c d hZ X^ZggV aV XddeZgVi^kV#
G^Zh\d bZY^d# AV fj^ZWgV cd Zh ^cb^cZciZ eZgd ejZYZ dXjgg^g Zc jc [jijgd egm^bd# :a ^ciZgkZcidg
YZY^XV Va bZcdh jc YV V aV hZbVcV V aV XddeZgVi^kV YjgVciZ aV gZdg\Vc^oVX^c! eZgd cd VhjbZ aV
Y^gZXX^c YZ aV ZbegZhV#
C^kZa YZ VaVgbV d VaZgiV# AV VbZcVoV YZ fj^ZWgV cd Zh ^cb^cZciZ eZgd aVh iZcYZcX^Vh hdc cZ\Vi^kVh
n hj\^ZgZc aV cZXZh^YVY YZ ^chigjbZciVg gZbZY^dh fjZ ejZYVc ZmXZYZg aV XVeVX^YVY YZ aV XddeZgVi^kV#
97IEI:;?DJ;HL;D9?ãD
6jcfjZ[jZgVjcVVXX^cYZ\gVckVadgZcZabdbZcid!aVhYZX^h^dcZhfjZ]VWVfjZidbVgeVgVXdggZ\^gZagjbWdYZaVZbegZhV
ZgVcYjgVhncd[jZ[{X^agZXajiVgeZghdcVheVgVY^X]digVWV_d#
:a9ZeVgiVbZcidYZ>ciZgkZcX^cÆVXijhdWgZXVh^aVb^iVYYZaVhXddeZgVi^kVhZm^hiZciZh0ZcZaeZg^dYdXgi^Xd&.,%"&..%YZhVeV"
gZX^Zgdc-XddeZgVi^kVh!h^ZcYdaVb{hXVgVXiZghi^XV;jcXdgH#8dde!hdWgZaVfjZhZZchVnZhiViVgZVZc&.,%0hZgZXjeZgYjgVciZ
&%Vdh!nkdak^VXVZgnYZhVeVgZX^YZ[^c^i^kVbZciZVXdb^ZcodhYZadh.%#8dcigVg^VbZciZ<d^i^H#8dde#[jZnZhjcm^idYZgZXj"
eZgVX^c\gVX^VhVaVhVnjYVhYZa6gZVYZ>ciZgkZcX^c#:ahZXidgb{hV[ZXiVYd[jZZaYZabjZWaZYZbVYZgV!YdcYZYZhVeVgZX^Zgdc
igZhXddeZgVi^kVh#9VcdcV!bjn^ciZgkZc^YVZaaVb^hbV!^ciZ\gVdigVhYdhXddeZgVi^kVh/:jh`VaYjcVnAZgdVÇ#
;J:CI:/DGB6:IM:6!?#B'%%(!e#'(%#
E6GI:>>/=>HIDG>6q%)/8G>H>H:8DCâB>86NG:8DCK:GH>âC>C9JHIG>6A 149
Adh i^edh YZ ^ciZgh Vea^XVYdh edg aV 8V_V Zc adh XgY^idh XdcXZY^Ydh V aVh XddeZgVi^kVh Zc aVh fjZ hZ
Z[ZXij aV ^ciZgkZcX^c hZ VYZXjVWVc V adh c^kZaZh YZ ^ciZgkZcX^c gZfjZg^Ydh#
:a eaVc YZ VXi^k^YVY fjZ hZ\jV V aV ^ciZgkZcX^c edYV Zm^\^g XVbW^dh Zc adh egdYjXidh! Zc adh bidYdh
YZ [VWg^XVX^c d Zc aVh ZhigViZ\^Vh YZ XdbZgX^Va^oVX^c# 6 bZcjYd Zm^\V aV gZYjXX^c YZ aV gZbjcZgV"
X^c YZ hjh b^ZbWgdh n! Zc XVhdh ZmigZbdh! cjZkVh VedgiVX^dcZh YZ XVe^iVa edg eVgiZ YZ hidh# :a eaVc
iVbW^c edYV ^cXaj^g bdY^[^XVX^dcZh Zc aV ZhigjXijgV dg\Vc^oVi^kV YZ aV ZbegZhV n XVbW^dh YZ eZghd"
cVa Zc ejZhidh Y^gZXi^kdh XaVkZ# Adh XdhiZh YZ aV ^ciZgkZcX^c hdaVc hZg ZaZkVYdh n hZ XdbeVgiVc ZcigZ
aV 8V_V n aVh ZbegZhVh YZhi^cViVg^Vh YZ aV VnjYV#
B7:?L?I?ãD;CFH;I7H?7BI;9EDL?;HJ;;DBAI
AVYXVYVYZ&.-%ZhijkdXdcY^X^dcVYVedgZabZcX^dcVYdX^XadZXdcb^XdgZXZh^kdnedgZaegdXZhdYZhZ\gZ\VX^cYZaV9^k^"
h^c:begZhVg^VanhjigVch[dgbVX^cZcA@HAVc@^YZHjhiV`ZiV#:aWgjhXd^cXgZbZcidYZadhXdhiZh^ciZgcdhnaVXVYVYZaV
gZciVW^a^YVYYZa<gjed6hdX^VYdV8V_VAVWdgVa^c[ajnZgdccdiVWaZbZciZZcaVhY^[ZgZciZh{gZVhYZaV9^k^h^c#AV>ciZgkZcX^cn
aV6jY^idgVigVWV_Vgdc^ciZchVbZciZeVgVgZXdcYjX^gh^ijVX^dcZh\gVkZh!Va\jcVhYgVb{i^XVh!h^cfjZejY^ZgVcZk^iVgaVYZhVeV"
g^X^cYZkVg^VhXddeZgVi^kVh#:a{gZVYZJgWVc^hbdn:Y^[^XVX^dcZhgZYj_dhZch^WaZbZciZhjVXi^k^YVY[dgoVYVedgaVZhXVhZoYZ
gZXjghdh#:a{gZVYZEgdbdX^c!edghjeVgiZ!VeZcVhad\gVWV^\jVaVgadhm^idhnadh[gVXVhdhZchjaVWdgZbegZcYZYdgV#
6igVkhYZa{gZVYZ6hZhdgVb^ZcidhZZchVnnhZejhdZcbVgX]VZc&.-&jch^hiZbVYZXdWZgijgVYZYZhZbeaZdb{h
Vbea^dfjZZabZgVbZciZVh^hiZcX^VafjZgZ\VYZhYZYdhVdhVig{h#AVhgZjW^XVX^dcZhigVch^idg^Vh!adhigVheVhdhYZ[^"
c^i^kdhYZhdX^dhnaVh_jW^aVX^dcZhVci^X^eVYVhhZZbeZoVgdcVegVXi^XVgXdbdVXX^dcZhXdbeaZbZciVg^Vh#AV\jc6gdhZ
]^odXVg\dYZacjZkdh^hiZbV!jcVkZoXdbegdWVYdhjXdggZXid[jcX^dcVb^ZcidYZhYZaV9^k^h^c#
AVhZ\gZ\VX^cYZA@HYZ8V_VAVWdgVa!VcVa^oVYVVeVgi^gYZ&.-)!hZeaVciZVWVedgkVg^dhbdi^kdh/
" :ag^Zh\dfjZgZegZhZciVWVhjVXijVX^cZcaVVh^\cVX^cYZgZXjghdh[^cVcX^Zgdh
^cXgZbZciVYdedgaVXg^h^heVYZX^YV#
" AVYZX^h^cYZaV8V_VYZVWVcYdcVgXdbegdb^hdhZmigV[^cVcX^Zgdh#
" JcVaid\gVYdYZXdchda^YVX^cfjZaZedh^W^a^iVWV^cYZeZcY^oVghZnVWg^ghZVabZgXVYdZmiZg^dg#
" N![^cVabZciZ!aVegZk^h^cYZfjZeVgiZYZaV9^k^h^cZcigVgVV[dgbVgeVgiZYZadh
HZgk^X^dh8ZcigVaZhYZa<gjed8ddeZgVi^kd#
6hb^hbd!VciZaVXZgXVcVYZaV_jW^aVX^cYZadhe^dcZgdhYZaVZmeZg^ZcX^VXddeZgVi^kV!hZWjhXVWVVegdkZX]VgZaXVbW^dYZ
Y^gZXX^ceVgV[VX^a^iVgZaigVhaVYdYZaV]Z\ZbdcVYZaV8V_VXdbdcXaZdYZa<gjedVahZcdYZaegde^d<gjed8ddeZgVi^kd0
hZYZYZhYZaVfjZ!ZcVYZaVciZ!hZVWdgYVgVaVVaiVedai^XVZbegZhVg^VanaVV\gjeVX^cnegdbdX^cXddeZgVi^kV#6eZhVgYZaV
Zm^hiZcX^VYZde^c^dcZhY^kZg\ZciZhfjZYZ[ZcYVcZaXdbegdb^hdY^gZXidYZaV8V_VZcgZVa^oVX^dcZhZbegZhVg^VaZh!hZXdcXajn
fjZZa<gjed8ddeZgVi^kdZcXVWZoVgVadfjZZcigZ^ciVVdh]VWV]ZX]d8V_VAVWdgVanfjZhj9^k^h^c:begZhVg^VahZ^cYZeZc"
Y^oVgVYZaVZci^YVY!VeVgi^gYZZhZbdbZcid!ZmXajh^kVbZciZ[^cVcX^ZgV#EdgXdch^\j^ZciZ!adh9ZeVgiVbZcidhYZEgdbdX^cZ
>ciZgkZcX^cnaVJc^YVYYZ6c{a^h^h:Xdcb^XdhhZ^ciZ\gVgVcZcadhHZgk^X^dh8ZcigVaZhYZa<gjed!b^ZcigVhfjZaVXddeZgVi^kV
A@HVhjb^gVZaeZghdcVaYZ6hZhdgVb^Zcid!YZJgWVc^hbdn:Y^[^XVX^dcZh#A@HXdbZcohjVcYVYjgVZc&..%Xdc,(eZghdcVh
nZc&..+!igVhhjY^k^h^cZcA@H>c\Zc^ZgVnA@H8dchjaidgV!iZcVZceaVci^aaVV&',eZghdcVh#6XijVabZciZhdcb{hYZ+%%
aVheZghdcVhfjZaV^ciZ\gVc#
150 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
3. Debate ideológico a la luz
de la transición cultural
:c digd dgYZc YZ XdhVh! aV YXVYV YZ adh hZiZciV iVbW^c ^cVj\jgV digd egdXZhd YZ XVbW^d0 jc XVb"
W^d XjaijgVa fjZ kV VWg^ZcYd jcV \g^ZiV Zc aV XdchiZaVX^c ^YZda\^XV fjZ ]VWV YdiVYd YZ hZci^Yd V aV
ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc Zc hjh eg^bZgVh YXVYVh# Jc bVgXd YZ hZci^Yd! VXX^c n dg^Zc"
iVX^c a^\VYd V jc Xdbegdb^hd gZa^\^dhd fjZ ]VXV fjZ Za XddeZgVi^k^hbd ijk^ZgV X^Zgid kVadg igVhXZc"
YZciZ# JcV ^YZci^YVY XddeZgVi^kV fjZ XdWgVWV [jZgoV Xdbd eVgiZ YZ jcV Xdbjc^YVY YZ igVWV_VYdgZh
ZbegZhVg^dh fjZ Xdc[dgbVWVc jc XjZged hdX^Va ^ciZgYZeZcY^ZciZ#
:c Zhidh Vdh hZ Xdb^ZcoV V eZgX^W^g Za egdXZhd YZ hZXjaVg^oVX^c YZa XddeZgVi^k^hbd n YZa Xdc_jcid YZ
aV hdX^ZYVY kVhXV! n aV hjhi^ijX^c YZa kcXjad igVhXZcYZciZ edg jc cjZkd XjZged YZ ^YZVh fjZ Xdc[aj"
nZc Zc aV jideV YZ gVo hdX^Va^hiV# :hV igVch^X^c YV aj\Vg V jcV hZg^Z YZ Zc[gZciVb^Zcidh Zc Va\jcdh
XVhdh aVWdgVaZh! Zc digdh Y^VaXi^Xdh! fjZ i^ZcZc Xdbd iZac YZ [dcYd Za egdnZXid XddeZgVi^kd# 6g^obZc"
Y^Vgg^ZiV h^ciZi^oVWV Zc &.,& Xdc \gVc XaVg^YVY Za \^gd ^YZda\^Xd fjZ hZ ZhiVWV YVcYd Zc jc hZXidg YZa
XddeZgVi^k^hbd bdcYgV\dch/ Æ9^gVhZ fjZ nV XdggZbdh Za eZa^\gd YZ XdbeaZ_d YZ ZmeadiVYdgZh adh Y^"
gZXi^kdh n ZmeadiVYdh Za gZhidÇ&# l[h YWfjkbe ''" f|]_dW (/,
:c jc VbW^ZciZ YZ \gVc V\^iVX^c edai^XV! ZhiVh Xgi^XVh hZ ^ciZch^[^XVc ZcigZ adh Vdh &.,&"&.,+# Edg
aVh b^hbVh [ZX]Vh! iVbW^c hZ gZXdcdXZc Va\jcdh XjZhi^dcVb^Zcidh fjZ egdk^ZcZc YZhYZ aVh egde^Vh
[^aVh YZa XddeZgVi^k^hbd n fjZ Zc &.,) YZhZbWdXVc Zc jcV ]jZa\V#
AVh Xgi^XVh b{h YjgVh egdXZY^Zgdc YZ :I6 K> 6hVbWaZV fjZ hZ ]VXV ZXd YZ adh VheZXidh b{h cZ\V"
i^kdh YZa XddeZgVi^k^hbd# 9ZhYZ edh^X^dcZh ^YZda\^XVh bVm^bVa^hiVh! aVh Xgi^XVh! h^c ZbWVg\d! cd hZ
gZYjXVc V XjZhi^dcVg VfjZaad fjZ edYV eZgbVcZXZg V aV hdbWgV! h^cd fjZ ZgVc Xgi^XVh V aV idiVa^YVY#
6a V[^gbVghZ Zc aV cdX^c YZ aV egde^ZYVY eg^kVYV! XjZhi^dcVWVc fjZ Za XddeZgVi^k^hbd ejY^ZgV ViZciVg
XdcigV Za eg^cX^e^d W{h^Xd YZ aV Va^ZcVX^c ZXdcb^XV# >YZci^[^XVWVc XddeZgVi^k^hbd Xdc XVe^iVa^hbd! Z
^cXajhd! ^cX^h^kVbZciZ V[^gbVWVc fjZ Za XddeZgVi^k^hbd! Va ViZcjVg aVh XdcigVY^XX^dcZh YZ XaVhZ! gZ[dg"
oVWV adh gZhdgiZh YZa h^hiZbV XVe^iVa^hiV#
E6GI:>>/=>HIDG>6q%)/8G>H>H:8DCâB>86NG:8DCK:GH>âC>C9JHIG>6A 151
JH7DI<EHC79?ED;IIE9?7B;I DigVh Xgi^XVh! b{h gZhig^c\^YVh Va {bW^id YZ VX"
X^c YZ aV ZbegZhV XddeZgVi^kV! hZ XZcigVWVc Zc
AV ZmeVch^c ZXdcb^XV YZ adh Vdh +% igV_d Xdbd idgcd V aV XdcigVY^XX^c ^ciZgcV ZcigZ Za h^hiZbV
XdchZXjZcX^V\gVcYZhXVbW^dhhdX^d"ZXdcb^XdhnXjaijgVaZh YZbdXg{i^Xd YZ \dW^Zgcd n Za h^hiZbV YZ dg\V"
fjZ[jZgdcZaiZacYZ[dcYdYZaVigVch^X^cedai^XV/ c^oVX^c X^Zci[^XV YZa igVWV_d d iVnadg^hbd0 d Zc
idgcd Va hjg\^b^Zcid YZ jc hZXidg eg^k^aZ\^VYd n
6jbZcidYZaVhZmeZXiVi^kVhYZk^YV!YZhXZchdYZaV edYZgdhd YZ iZXcXgViVh#
cViVa^YVY!nZheZX^VabZciZ!YZaVbdgiVa^YVY#
;jZgiZhbdk^b^Zcidhb^\gVidg^dhnXdcXZcigVX^c
:c hciZh^h! YZhVegdWVWVc adh eaVciZVb^Zcidh
YZaVedWaVX^cZcaVhodcVhZXdcb^XVbZciZb{h
Y^c{b^XVh!ZcigZZaaVhZaEVhKVhXd# gZ[dgb^hiVh edg Xdch^YZgVgadh ^chj[^X^ZciZh eVgV
6jbZcidYZaegdXZhdYZjgWVc^oVX^c# Zc[gZciVg n hjeZgVg aVh XdcigVY^XX^dcZh YZa h^hiZ"
BVndgeZhdYZadhhZXidgZhhZXjcYVg^dniZgX^Vg^d bV XVe^iVa^hiV#
ZcaVZhigjXijgVdXjeVX^dcVaZcYZig^bZcidYZa
hZXidgeg^bVg^d# 6g^obZcY^Vgg^ZiV hZ YZ[ZcY^ Vg\jbZciVcYd fjZ
AdhbZY^dhYZXdbjc^XVX^cjc^[^XVcbZciVa^YVYZhn
hj XdcXZeid YZ hdX^Va^hbd cd ZgV Za bVgm^hiV/
VWgZcZaeVhVaVgZVa^YVY^ciZgcVX^dcVa#
:caVhodcVh^cYjhig^VaZhaVhcZXZh^YVYZhhVaVg^VaZh
ÆZa bdk^b^Zcid XddeZgVi^kd VXZeiV aV XdZm^hiZcX^V
Xdc_jciVcVaVh[jZgoVhdWgZgVhfjZgZXaVbVc Xdc digVh [gbjaVh h^ZbegZ n XjVcYd aV hjeZgZh"
h^cY^XVidha^WgZhnZ[^XVXZh# igjXijgV ^chi^ijX^dcVa"edai^XV hZ V_jhiZ V aVh aZ"
Adh^ciZaZXijVaZh!ZcXdciVXidXdcaVZkdajX^c nZh YZa _jZ\d YZbdXg{i^Xd YZ [dgbV fjZ V igVkh
XjaijgVaZjgdeZV!X]dXVcXdcadhedhijaVYdhYZjc YZ aV eaViV[dgbV edai^XV! ejZYV ZhiZ bdk^b^Zc"
g\^bZcfjZhZgZh^hiZVZkdajX^dcVg#
id ad\gVg aV ^\jVaYVY ^chigjbZciVa YZ adh bZY^dh
AV>\aZh^VhZY^hiVcX^VYZhjVciZg^dgVedndVaV
[^cVcX^Zgdh n digdh gZXjghdh n! eVgi^XjaVgbZciZ!
Y^XiVYjgVnX^ZgidhhZXidgZhYZaVb^hbVZcigVcZc
Xdc[a^XidXdcZag\^bZcVaZm^\^ggZ[dgbVhhdX^VaZh
XdckdXVg V adh ]dbWgZh V ^ciZ\gVghZ Zc jcV VX"
Zc[VkdgYZaVhXaVhZhb{hYZh[VkdgZX^YVh# X^c YZ igVch[dgbVX^c YZ ZhigjXijgVh Zc fjZ Za
VXidg eg^cX^eVa Zh aV eZghdcV fjZ ^ciZgk^ZcZ Xdc
hj igVWV_d V igVkh YZ aV kV YZ aV hda^YVg^YVYÇ#
:c jcV eVaVWgV! ]VXV hjnd Za had\Vc Æcd XVWZ YZbdXgVX^V Zc ad ZXdcb^Xd! h^c eajgVa^YVY Zc ad edai^"
XdÇ >W# (&# AV a^WZgiVY YZ bZgXVYd hjeZY^iVYV Va dgYZc YZbdXg{i^Xd! ZhV ZgV aV [gbjaV Vg^obZcY^VcV#
6g^obZcY^Vgg^ZiV VWd\VWV edg aV ^chigjbZciVX^c YZ aV egde^ZYVY eg^kVYV YZcigd YZ jcdh ab^iZh# EaVc"
iZVWV jcV hdajX^c ^ciZgbZY^V ZcigZ aV cVX^dcVa^oVX^c n eg^kVi^oVX^c XdbeaZiV YZ adh bZY^dh YZ egd"
YjXX^c# Edg eg^cX^e^d! Za jhj[gjXid YZa XVe^iVa Zm^hiZciZ XdggZhedcYV Va Xdc_jcid YZ aV hdX^ZYVY! h^c
ZbWVg\d! hj Y^hig^WjX^c iZcYgV jcV YdWaZ kV/ jcV eVgiZ hZgV XVcVa^oVYV V igVkh YZ aV VYb^c^higV"
X^c eVgV \VgVci^oVg jc c^kZa YZ ^\jVaYVY Vbea^d0 n digV eVgiZ! YZ [dgbV ^cY^k^YjVa YZ VXjZgYd Va YZh"
ZbeZd Y^gZXid YZ XVYV eZghdcV#
AV [gbjaV YZ Xdck^kZcX^V Vg^obZcY^VcV ZgV jc ^\jVa^iVg^hbd YZ WVhZ! XdbW^cVYd Xdc jcV Y^[ZgZcX^V"
X^c Zhi^bjaVciZ# ÆIgVhaVYVg Va eaVcd hdX^Va idYd Za eVig^bdc^d! Xdc hZg b{h _jhid! ejZYZ ^ckVa^YVg! Va
bZcdh Zc cjZhigV XjaijgV VXijVa! jc dW_Zi^kd fjZ! Xdc hZg b{h _jhid! gZhjaiZ bZcdh eg{Xi^Xd V aV ]dgV
YZ XdciVW^a^oVg gZhjaiVYdh! nV fjZ cd XVWZ YZhXdcdXZg aV ^bedgiVcX^V YZ aV bVh^[^XVX^c n egY^YV YZ aV
gZhedchVW^a^YVY ^cY^k^YjVa# :a XddeZgVi^k^hbd igViV YZ XgZVg jc cjZkd ZhiVYd YZ XdcX^ZcX^V! YZ XjaijgV
Zc jcV eVaVWgV! V igVkh YZ aV ]jbVc^oVX^c YZa edYZg! YZ aV YZbdXgVX^V Zc ad ZXdcb^Xd n YZ aV hda^"
152 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
YVg^YVY! fjZ ^be^YV aV [dgbVX^c YZ XaVhZh eg^k^" 9B7L;I:;9EOKDJKH7
aZ\^VYVh# 6fj n V]dgV! Vh^\cV jc kVadg [jcX^dcVa
V aV egde^ZYVYÇ >W# (%# 9b_cWZ[]hWd[\[hl[iY[dY_Wfebj_YW$AVhedhig^bZgVh
YZa g\^bZc [gVcfj^hiV hZ XVgVXiZg^oVgdc edg jcV
H^bjai{cZVbZciZ! 6g^obZcY^Vgg^ZiV VYb^i^ fjZ [jZgiZ V\^iVX^c edai^XV n hdX^Va# :c eVgi^XjaVg!
bjX]dh XddeZgVi^k^hiVh hZ\jVc k^cYdhZ V h Y^hi^cidhhZXidgZhYZaV^ofj^ZgYV^cigdYj_ZgdcVYZWViZ
b^hbdh Xdbd ÆdWgZgdhÇ n XVgVXiZg^oVcYd aVh gZ" aVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc#
Hj eaVciZVb^Zcid ^c^X^Va ZgV fjZ aVh XddeZgVi^kVh ZhiVWVc dWa^\VYVh V _j\Vg Za _jZ\d fjZ aZh ^bed"
cV Za h^hiZbV XVe^iVa^hiV YZ bZgXVYd ÅWVhVYd Zc aV Vegde^VX^c eg^kVYV YZ adh bZY^dh YZ egdYjXX^c
n XVgZciZ YZ jcV eaVc^[^XVX^c fjZ ZhiVWaZoXV eg^dg^YVYZhÅ Xjnd bdidg cd Zh digd fjZ aV WhfjZYV
YZ WZcZ[^X^d# Æ6h! Zh [gZXjZciZ aV VXjhVX^c YZ fjZ aVh XddeZgVi^kVh hdc XVe^iVa^hiVh ]VX^V Za ZmiZg^dg!
VjcfjZ hZ VYb^iZ fjZ! Zc Za ^ciZg^dg! hj [jcX^dcVb^Zcid Zh Y^hi^cid Va YZ aVh ZbegZhVh XVe^iVa^hiVh#
=Vn h^c ZbWVg\d fj^ZcZh XgZZc fjZ cd hZ ejZYZ hZeVgVg aV ^chZgX^c Zc Za XdciZmid XVe^iVa^hiV! YZa
[jcX^dcVb^Zcid ^ciZg^dg# AV Vgi^XjaVX^c n hda^YVg^YVY ZcigZ Za ^ciZg^dg n Za ZmiZg^dg hdc YZ iVa cVijgVaZ"
oV fjZ cd XVWZ aV hZeVgVX^cÇ#
E6GI:>>/=>HIDG>6q%)/8G>H>H:8DCâB>86NG:8DCK:GH>âC>C9JHIG>6A 153
:cigZ adh g^Zh\dh fjZ edYVc VXZX]Vg Va XddeZgVi^k^hbd! Za iZmid YZa HZXgZiVg^VYd HdX^Va YZhiVXVWV aV
Ydb^cVX^c n aV eVh^k^YVY# AV ZheZX^Va^oVX^c egd[Zh^dcVa YZg^kVYV iVcid YZ aV [VaiV YZ igVcheVgZcX^V ^c"
igdYjX^YV edg Za XVe^iVa^hbd Zc aVh gZaVX^dcZh ZcigZ aVh eZghdcVh! Xdbd YZ aVh cZXZh^YVYZh XdnjcijgV"
aZh YZ aV ZbegZhV! ZcigVWVc Zc XdcigVY^XX^c Xdc adh eg^cX^e^dh YZ eVgi^X^eVX^c n Vjid\Zhi^c# AV digV
XVgV YZ aV bdcZYV YZa edYZg fjZ VggV^\VWV Zc adh XZcigdh YZ YZX^h^c ZgV aV VeViV! aV XdbdY^YVY YZ
fj^ZcZh hZ hZciVc VaZ_VYdh YZ Zhdh b^hbdh XZcigdh# Edg iVcid! WV_d ZhiZ ejcid YZ k^hiV! Ydb^cVX^c n
eVh^k^YVY! ZgVc Ydh iZcYZcX^Vh fjZ hZ gZ[dgoVWVc bjijVbZciZ#
:a ZhXg^id hZ XZggVWV Xdc jc Vk^hd eVgV cVkZ\VciZh/ Æh^ aV b^cdgV XgZnZhZ fjZ Zh hj YZWZg Za^b^cVg Za
bdk^b^Zcid XddeZgVi^kd edg Xdchi^ij^g [VXidg YZ ^ciZ\gVX^c Zc Za h^hiZbV XVe^iVa^hiV! YZWZ VYb^i^g fjZ
Za bdk^b^Zcid XddeZgVi^kd cd VYb^iV Zc hj ^ciZg^dg V adh fjZ egZiZcYZc hj YZhigjXX^cÇ#
6 hj kZo! Zc jc VgiXjad i^ijaVYd ÆMetidos en conflictoÇ! ?Vk^Zg Bdc\Zadh n ?Zhh AVggVV\V gZhedcYVc
hZVaVcYd fjZ aVh eVjiVh YZ VXX^c hdX^Va k{a^YVh eVgV Zc[gZciVg Xdc[a^Xidh Zc aVh ZbegZhVh XVe^iVa^h"
iVh cd ZgVc igVhaVYVWaZh V aVh XddeZgVi^kVh Zc aV bZY^YV Zc fjZ hiVh hZ ]VWVc Zg^\^Yd egZX^hVbZciZ
Xdbd VaiZgcVi^kV YZ VfjZaaVh#
;gZciZ V hjh Xgi^Xdh YZcigd n [jZgV YZ aVh XddeZgVi^kVh! 6g^obZcY^Vgg^ZiV ^ciZgeZa YZ [dgbV gZ^iZgVYV Va
gZVa^hbd! V aV Y^hX^ea^cV ^ciZgcV YZ aVh XddeZgVi^kVh n V aV cZXZh^YVY YZ Y^{ad\d VW^Zgid n eZgbVcZciZ#
H^c ZbWVg\d! hj ^bedgiVcX^V cd hZ b^YZ edg Za Vednd gZX^W^Yd
c^ edg hj YjgVX^c! fjZ [jZ bjn WgZkZ Åcd Yjg b{h fjZ jc
YV n aV egdYjXX^c cd aaZ\ V eVgVghZ edg XdbeaZidÅ! h^cd edg
hjh ^bea^XVX^dcZh V Y^[ZgZciZh c^kZaZh Zc Za YZhVggdaad edhiZg^dg
YZ aV ZmeZg^ZcX^V#
154 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
ZhiVWV jc^[^XVYd/ Zm^hiV jc h^hiZbV eVgV igVWV_VYdgZh bVcjVaZh n digd eVgV VYb^c^higVi^kdh n Y^gZXi^"
kdh0 n aV [dgbV Zc fjZ hZ Vea^XVWVc aVh kVadgVX^dcZh XVbW^VWV YZ jcV XddeZgVi^kV V digV# 6YZb{h! hZ
]VWV egdYjX^Yd jc Xdch^YZgVWaZ gZigVhd Zc aV ZkVajVX^c YZ ejZhidh YZ XgZVX^c gZX^ZciZ#
=VXV nV Ydh Vdh fjZ hZ ]VWV ejZhid Zc bVgX]V jc egdnZXid YZ gZXaVh^[^XVX^c YZ aVh XViZ\dgVh
aVWdgVaZh! bdi^kVYd edg Za XgZX^ZciZ YZhXdciZcid Xdc adh cY^XZh aVWdgVaZh k^\ZciZh n aVh Y^[^XjaiVYZh
YZg^kVYVh YZ aV Y^kZgh^YVY YZ eg^cX^e^dh n eg{Xi^XVh hZ\j^YVh edg aVh Y^hi^ciVh XddeZgVi^kVh Zc aV ZkV"
ajVX^c YZ XViZ\dgVh aVWdgVaZh#
:a egdnZXid hZ ZhiVWV aaZkVcYd V XVWd Zc X^cXd XddeZgVi^kVh eZgiZcZX^ZciZh Va <gjed JaVgXd# :c ad gZ"
[ZgZciZ Va bidYd YZ ZkVajVX^c! hZ YZX^Y^ XgZVg jc h^hiZbV \ZcZgVa Vea^XVWaZ V idYdh adh ejZhidh YZ
igVWV_d0 adh Xg^iZg^dh YZ ZkVajVX^c hZ XZcigVgdc Zc Ydh VheZXidh/ aV ZkVajVX^c YZa ejZhid YZ igVWV_d n
aV ZkVajVX^c YZ aV eZghdcV fjZ dXjeVWV ZhZ ejZhid ^cXajV jc h^hiZbV YZ ^cXgZbZcid edg bg^id fjZ
hZ WVhVWV Zc aV ZkVajVX^c YZa hjeZgk^hdg hdWgZ Za gZcY^b^Zcid YZa igVWV_VYdg# 8dbd XdchZXjZcX^V YZ
aV gZdg\Vc^oVX^c YZ aVh XViZ\dgVh aVWdgVaZh Va\jcdh ejZhidh YZ igVWV_d k^Zgdc gZYjX^Yd hj cY^XZ# 9Z
aVh X^cXd XddeZgVi^kVh Ja\dg [jZ aV fjZ hj[g^ jc bVndg cbZgd YZ gZYjXX^dcZh#
9edi[Yk[dY_WiZ[beiYWcX_ei[dbWlWbehWY_dZ[beifk[ijeiZ[jhWXW`e'/-*
;J:CI:/ HZgk^X^dh8ZcigVaZhYZ;V\dg0idbVYZYZ;DDI:"L=NI:!L#n@>C<"L=NI:!@#&.-./BdcYgV\dcb{hfjZjcVjideV#
:Y^idg^VaImZgidV!HVcHZWVhi^{c#
:c Za XVhd YZ igVWV_VYdgZh YZ cjZkV ^cXdgedgVX^c Za cY^XZ iVbW^c V[ZXiVWV V aV WV_V# Adh igVWV_V"
YdgZh fjZ cd Zhijk^ZgVc Xdc[dgbZh Xdc aV cjZkV XaVh^[^XVX^c edYVc eZY^g jcV gZk^h^c# 9Z ]ZX]d! hZ
egZhZciVgdc &#%'' hda^X^ijYZh YZ gZZkVajVX^c! Va\d b{h YZa (* YZ adh ejZhidh ZkVajVYdh! n hZ bdY^"
[^XVgdc '&' XaVh^[^XVX^dcZh# H^c ZbWVg\d! hZ\jV ]VW^ZcYd iZch^dcZh#
Adh igVWV_VYdgZh Xjndh ejZhidh YZ igVWV_d ]VWVc k^hid gZYjX^Yd hj cY^XZ Zm^\Vc jcV gZk^h^c YZa
bidYd YZ ZkVajVX^c! nV fjZ Zc aV ZkVajVX^c hZ ]VWVc bdY^[^XVYd Va\jcVh XaVh^[^XVX^dcZh eZgd cd
hZ ]VWVc gZk^hVYd adh Xg^iZg^dh eVgV ZkVajVg adh ejZhidh YZ igVWV_d# Edg digV eVgiZ! Xdch^YZgVWVc
fjZ aVh ZhXVaVh YZ bg^idh ZhiVWVc Zc XdcigVY^XX^c Xdc adh kVadgZh ^\jVa^iVg^dh YZ adh hdX^dh n eZ"
YVc fjZ hZ idbVgVc bZY^YVh eVgV XdcigdaVg aV ^beVgX^Va^YVY YZ adh hjeZgk^hdgZh V aV ]dgV YZ ZkV"
ajVg V XVYV igVWV_VYdg#
E6GI:>>/=>HIDG>6q%)/8G>H>H:8DCâB>86NG:8DCK:GH>âC>C9JHIG>6A 155
)$)$( :[iWhhebbe Z[ bei WYedj[Y_c_[djei
Adh ]jZa\j^hiVh! VaZ\VcYd aV [VaiV YZ kVa^YZo YZ adh g\Vcdh ^chi^ijX^dcVaZh YZ eVgi^X^eVX^c! egZhX^c"
Y^Zgdc YZ hidh eVgV XdckdXVg aV ]jZa\V# :a 8dchZ_d GZXidg! edg hj eVgiZ! YZ[ZcY^ fjZ ZhV [VaiV YZ
kVa^YZo cd ZhiVWV egdWVYV! YVYd fjZ c^ h^fj^ZgV hZ ]VWVc ejZhid V egjZWV Zhdh XVjXZh n cd idb Zc
XjZciV aVh eZi^X^dcZh gZVa^oVYVh edg digVh kVh#
AV iVgYZ YZa ', YZ _jc^d! b^ZcigVh Za 8dchZ_d HdX^Va hZ gZjcV eVgV igViVg Za iZbV YZ aVh gZXaVbVX^d"
cZh! adh aYZgZh YZa bdk^b^Zcid YZ egdiZhiV aaVbVgdc V aV ]jZa\V fjZ [jZ hZXjcYVYV edg b{h YZ )%%
hdX^dh igVWV_VYdgZh YZ ;V\dg :aZXigdiXc^XV n! hdWgZ idYd! YZ Ja\dg#
AV ]jZa\V XdcXajn Xdc aV Zmejah^c YZ kZ^ci^XjVigd hdX^dh igVWV_VYdgZh Xdch^YZgVYdh ^chi^\VYdgZh YZ aV
b^hbV n aV ^bedh^X^c YZ hVcX^dcZh ZXdcb^XVh V digdh (., b^ZbWgdh# AV YZX^h^c! bZY^VciZ kdiVX^c
hZXgZiV [jZ gZheVaYVYV edg VbWVh 6hVbWaZVh XZaZWgVYVh Za b^hbd YV n V aV b^hbV ]dgV# AV bZY^YV
V[ZXi V Y^ZX^h^ZiZ b^ZbWgdh YZ Ja\dg n h^ZiZ YZ ;V\dg :aZXigdiXc^XV &- bj_ZgZh n + ]dbWgZh#
;V\dg:aZXigdiXc^XVgZVYb^i^VadhZmejahVYdhZa'+YZbVgodYZ&.,,#:cJa\dg!aVgZVYb^h^cYZadhhdX^dh
ZmejahVYdh [jZ gZX]VoVYV Zc aVh 6hVbWaZVh <ZcZgVaZh YZ &.,+ n &.,,# ;^cVabZciZ! Zc aV 6hVbWaZV <ZcZgVa
DgY^cVg^V XZaZWgVYV Za & YZ VWg^a YZ &.,- Za 8dchZ_d GZXidg! V eZi^X^c YZa 8dchZ_d HdX^Va! ^cXajn cjZkVbZciZ
Zc Za dgYZc YZa YV aV egdejZhiV YZ gZVYb^h^c# :a 8dchZ_d GZXidg hZ bdhig [VkdgVWaZ V aV egdejZhiV hj\^"
g^ZcYdfjZaVhiZch^dcZhnhZci^b^ZcidhcZ\Vi^kdhcdedYVcgZhdakZghZYZdigdbdYd#:a+-YZadhhdX^dhhZ
bdhig V [Vkdg YZ aV gZVYb^h^c! Za (% Zc XdcigV n jc ' YZ adh kdidh [jZgdc cjadh# AV bVndg eVgiZ YZ adh
ZmejahVYdhhda^X^iVgdcaVgZVYb^h^cn[jZgdcgZVYb^i^Ydh!iVcidZcJa\dgXdbdZc;V\dg:aZXigdiXc^XV#
:cigZ aVh YZX^h^dcZh n adh XVbW^dh ^cigdYjX^Ydh! hZ YZhiVXVc adh h^\j^ZciZh/
Limitación del tamaño de las cooperativas individuales V bZcdh YZ *%% b^ZbWgdh Zc adh XVhdh Zc adh
fjZ hZV edh^WaZ#
Regulación normativa del tratamiento de las huelgas por razones externas.
Reformas organizativas del Consejo Social eVgV [VX^a^iVg aV X^gXjaVX^c YZ ^c[dgbVX^c n Xdbjc^XVX^c
ZcigZ hjh gZegZhZciVciZh n adh igVWV_VYdgZh n eVgV bZ_dgVg hj Z[^XVX^V Xdbd g\Vcd YZ YZ[ZchV YZ
aVh cZXZh^YVYZh YZ adh igVWV_VYdgZh#
Puesta en marcha de un programa de formación socio-empresarial Xdc Za [^c YZ bZ_dgVg Za \gVYd YZ
XdcdX^b^Zcid n Vh^b^aVX^c YZ adh egdXZY^b^Zcidh ^ciZgcdh eVgV aV gZhdajX^c YZ Xdc[a^Xidh#
156 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
&+
97FßJKBE
&# 9ZaVgZXZh^cVa[dgiVaZX^b^ZcidZXdcb^Xd###############################################################&+%
'# AVdg\Vc^oVX^cXddeZgVi^kV/BdcYgV\c8dgedgVX^c8ddeZgVi^kVB88#################&+(
(# Adh[dcYdh^ciZgXddeZgVi^kdh###########################################################################################&++
)# BdcYgV\dcJc^WZgih^iViZVBJ####################################################################################&+-
*# IgVch[dgbVX^dcZhZcZahZcdYZaVhXddeZgVi^kVh#######################################################&+.
*#& 6bea^VX^cYZaVWVc^XdhVaVg^Va##########################################################################################################&+.
*#' >cXgZbZcidYZadhigVWV_VYdgZhXdcigViVYdhnaV[^\jgVYZahdX^diZbedgVa###################################&,%
*#( >beaVciVX^cYZcjZkdhegd\gVbVhYZXVa^YVY!egdYjXX^cneVgi^X^eVX^c####################################&,%
*#) >ciZgcVX^dcVa^oVX^c###############################################################################################################################&,&
158 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
6 ZhiVh VaijgVh eVgZXZ XaVgd fjZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc Zh aV hciZh^h YZ jcV gZaVX^c
Y^VaXi^XVYZYdhXdcXZeidhW{h^Xdh/ZbegZhVnXddeZgVi^kV#
:hiZai^bdXVeijadX^ZggVcjZhigdgZXdgg^Yd]^hig^XdVigVkhYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc#
Hjiijad!$EL MERCADO ÞNICO EUROPEO AL MERCADO GLOBAL!Zh^cY^XVi^kdYZaig{ch^idfjZgZVa^oVcaVhXddeZgVi^kVh
VaXdbe{hYZaegdXZhdYZ\adWVa^oVX^cZXdcb^XV#
6bZY^YVfjZcdhkVbdhVXZgXVcYdVaegZhZciZÅnkVbdhXZggVcYdcjZhigdgZXdgg^Yd]^hig^XdÅgZhjaiV
b{hY^[X^a^ciZgegZiVgZaeVhVYd^cbZY^VidYZjcbdYdfjZcdhZVegdk^h^dcVa0b{h!h^iZcZbdhZcXjZciV
fjZaVgZVa^YVYXddeZgVi^kVYZBdcYgV\dch^\jZVhdbWgVcYdVegde^dhnZmigVdhedghjigZbZcYVY^cVb^"
X^YVY#EdgZhZbdi^kd!Za]^adXdcYjXidgYZZhiZai^bdXVeijadYZhXVchVbZcdhZcZagZaVid]^hig^XdfjZ
ZcadhigZhVciZg^dgZh#
AVYXVYVYZadhcdkZciVigV_dXdch^\d\gVcYZhXVbW^dh#6a^ciZg^dgYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdc"
YgV\dc!aVXg^h^hZXdcb^XVYZa.'".(k^cdVh^\c^[^XVgjcejcidYZ^c[aZm^cfjZbVgXZagjbWdeVgVaV
bViZg^Va^oVX^cXdgedgVi^kVnZa[dgiVaZX^b^ZcidZXdcb^Xd#
9ZhYZjcejcidk^hiVdg\Vc^oVi^kd!ZaegdXZhdb{hYZhiVXVWaZYZZhdhVdh[jZZahjg\^b^ZcidYZBdcYgV\c
8dgedgVX^c8ddeZgVi^kV/jcVhjegVZhigjXijgVXgZVYVV^c^X^Vi^kVYZaVhXddeZgVi^kVhfjZVXijVabZciZgZ"
cZb{hYZYdhX^ZciVhZbegZhVh#6aVhXddeZgVi^kVhaZhY^daV[dgiVaZoVYZXdc[dgbVgZa\gjedZbegZhVg^Va
b{h\gVcYZYZaEVhKVhXd!YZaZ\VcYdeVgiZYZhjhdWZgVcVnXZY^ZcYdaV\Zhi^cYZadh;dcYdhXddeZgVi^"
kdhXdbjcZhVaV8dgedgVX^c#
9ZaVbVcdYZaVcjZkVZhigjXijgVX^cXddeZgVi^kVnYZaZ[ZXidYZaV\adWVa^oVX^cZXdcb^XV!ZaegdXZhdYZ
^ciZgcVX^dcVa^oVX^cYZaVhXddeZgVi^kVh]Vh^YddigVYZaVhXjZhi^dcZhXaVkZYZadhai^bdhVdh#8dbdhZ
kZg{ZcaVhe{\^cVhfjZh^\jZc!aVXgZVX^cYZB88]Vh^YdYZX^h^kVeVgVVednVgZ^bejahVgaVWhfjZYVYZ
cjZkdhbZgXVYdh#
B{hVaa{YZa{bW^idZbegZhVg^Va!aVXgZVX^cYZaVJc^kZgh^YVYXddeZgVi^kVBdcYgV\dcJc^WZgih^iViZVhZg{
digdYZadh]ZX]dhgZaZkVciZhYZZhiZai^bdeZg^dYd#JccjZkdegdnZXidZYjXVi^kdfjZhZWVhVZcaVZmeZ"
g^ZcX^VnegZhi^\^dYZaVhVci^\jVhZhXjZaVhYZbV\^hiZg^d!^c\Zc^ZgVnZbegZhVg^VaZh#:higZX]VbZciZk^cXj"
aVYVVaVhXddeZgVi^kVhXdbdXZcigdhYZ[dgbVX^cYZXjVYgdhiXc^Xdh!aVJc^kZgh^YVYiVbW^cZhi{aaVbVYV
VaaZcVgZaY[^X^ifjZhZkZcVh^ci^ZcYdZcaV[dgbVX^cXddeZgVi^kV#
E6GI:>>/=>HIDG>6q%*/9:AB:G869DåC>8D:JGDE:D6AB:G869D<AD76A 159
1. De la recesión al fortalecimiento económico
AVbZ_dgV\ZcZgVa^oVYVfjZZmeZg^bZciaVh^ijVX^cZXdcb^XVYZaeVhVeVgi^gYZbZY^VYdhYZaVYXVYV
YZadh-%!XdcjcViVhVbZY^VYZXgZX^b^ZcidVcjVaYZa)!)!XVbW^YZh^\cdVa^c^X^dYZadh.%#AVYZh"
VXZaZgVX^cZXdcb^XVYZaeZgdYd&..%"&..'naVgZXZh^cYZ&..'"&..(ijk^Zgdc\gVkZhXdchZXjZcX^Vh!
ZheZX^VabZciZ!ZcZaiZ_^YdegdYjXi^kd^cYjhig^Va#6Y^[ZgZcX^VYZaVXg^h^hZcZg\i^XVhj[g^YVZcadh,%!hiV
cjZkVXg^h^hgZhedcYVVaVVXjbjaVX^ch^bjai{cZVYZkVg^dh[VXidgZh/
8g^h^hZXdcb^Xd"[^cVcX^ZgV^ciZgcVX^dcVa
8dchZXjZcX^VhYZaV\jZggVYZa<da[d
8gZX^b^ZcidcZ\Vi^kdiVcidYZ:hiVYdhJc^YdhXdbdYZ?Vec
9ZggjbWZYZaV:jgdeVYZa:hiZnjc^[^XVX^cVaZbVcV
AVZXdcdbVbjcY^VaZhiVWVVigVkZhVcYdjcVXaVgVgZXZh^c#:jgdeVhj[gVZceg^bZgV[^aVZhiZYZXa^kZ0Za
ZhiVYdZheVda!eVhZXdcb^XVbZciZ^cYjX^Ydncd^cYjXidg!VXjhVWVXdcbVndg[jZgoVZagZigdXZhd#
:aEVhKVhXd!VhjkZo!egZhVYZaV^c[ajZcX^VYZhjbZgXVYd^ciZg^dg!gZX^WVaVhVXjY^YVYZZhiZYZiZg^dgd
YZaVZXdcdbVÅfjZV[ZXiYZX^h^kVbZciZVaV^cYjhig^V!WVhZegdYjXi^kVYZaEVhKVhXdnegdWVWaZbZciZZa
hZXidgb{h\daeZVYdedgaVXg^h^hÅgZXdgiVcYdVaVWV_VhjhdW_Zi^kdhYZXgZX^b^Zcid!ZbeaZdngZciVW^a^YVY#
:cZaEVhKVhXdaVXg^h^h[jZV\gVkVYVedgaVhXVgVXiZghi^XVhYZhjZhigjXijgVegdYjXi^kV^cYjhig^Va!nZheZ"
X^VabZciZ!edghjZhXVhVXdbeZi^i^k^YVY#AVZcigVYVZcjcX^XadZXdcb^XdgZXZh^kdk^gjaZcidhZZmegZh!Zc
eg^bZgaj\Vg!ZcjcVVXjhVYVgZYjXX^cYZaXdchjbd#
B79H?I?I;D9?<H7I
;D;BCKD:E0
:aE>7YZ:hiVYdhJc^Ydh[jZcZ\Vi^kd&!'Zc&..&nhadVjbZcidZa&!-Zc&..'#
:c?VecaVegdYjXX^c^cYjhig^VaYZhXZcY^jc+!&Zc&..'#
:caVJc^c:jgdeZVZc&..(ZaYZhZbeaZdgZWVhZa&&YZaVedWaVX^cVXi^kVnZaE>7XVnjc%!*#
;D;B;IJ7:E;IF7yEB0
:c&..'ZaE>7ZheVdaXgZX^jc&!*nZc&..(gZigdXZY^jc&!'#
:aYZhZbeaZdZc:heVVeVhYZa&.!*Zc&..'Va'(!*Zc&..(#
AVegdYjXX^c^cYjhig^VaXVnjc%!+nZaZbeaZd^cYjhig^VaYZhXZcY^jc&!.Zc&..'#
;DB79ECKD?:7:7KJãDEC7L7I970
:c&..(ZaE>7XVnjc+nZaYZhZbeaZdhZh^ijZcjc')!*#
AVVXi^k^YVY^cYjhig^VaYZhXZcY^jc(!,Zc&..'#
:aYZhZbeaZdVjbZciZc(*#.%%eZghdcVh!YZaVhfjZ'%#%%%igVWV_VWVcZcZahZXidg^cYjhig^Va#
160 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:c&..'aVhXddeZgVi^kVh^cYjhig^VaZhYZBdcYgV"
L;DJ7@7I:;7<HEDJ7HB79H?I?I
\dc gZigdXZY^Zgdc Zc hjh kZciVh jc &!-! cd Xj" :;I:;;B=HKFE
Wg^ZgdcaVhegZk^h^dcZhfjZ[dgbjaVgdcZchjheaV"
cZh YZ \Zhi^c n eZgY^Zgdc -++ ZbeaZdh# &..( hZ " <gjedVbea^VbZciZY^kZgh^[^XVYd#
gZkZaXdbdjcdYZadheZdgZhVdhYZaV]^hidg^V " Bdk^a^YVY^ciZgcVYZadhhdX^dhigVWV_VYdgZh#
YZa <gjed >cYjhig^Va/ aV YZbVcYV ^ciZg^dg h^\j^ GZjW^XVX^dcZh#
Y^hb^cjnZcYd! h^ij{cYdhZ aV XVYV Zc jc &%# 6 " :m^hiZcX^VYZ;dcYdhXddeZgVi^kdh
eZhVgYZidYd!aV^cX^YZcX^VYZaVXg^h^hcd[jZiVc " 6njYVhYZ8V_VAVWdgVanAV\jc6gd#
cZ\Vi^kV YZcigd YZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ
BdcYgV\dcXdbd[jZgVYZZaaV!\gVX^VhVagZaVi^kd
WjZcXdbedgiVb^ZcidYZaVhÛgZVhYZ;^cVcoVhnYZ9^hig^WjX^c#:agZhjaiVYd[jZfjZZc&..(hZ\ZcZgV"
gdcb{hYZ'%%ZbeaZdhZcZaXdc_jcidYZaVXdgedgVX^cXddeZgVi^kV#:cigZ&..&n&..)!hZ\c[jZciZhYZ
AV\jc6gd!]jWd'+%.gZjW^XVX^dcZhegdk^h^dcVaZh!YZaVhXjVaZh'.)[jZgdcYZ[^c^i^kVh#
6eVgi^g&..)"&..*hZVegZX^jcXVbW^dYZiZcYZcX^VZcaVhbV\c^ijYZhbVXgdZXdcb^XVhb{hgZaZ"
kVciZhYZaVhZbegZhVhXddeZgVi^kVh#AVhVnjYVhVaZbeaZdYZAV\jc6gd!fjZ[jZgdcZmeg^b^YVh]VhiV
Zaab^iZZcadhVdhegZk^dh!XdbZcoVgdcVYZhXZcYZgVciZaVbZ_dgZkdajX^cYZaZbeaZd!]VhiVgZYj"
X^ghZjc)'Zc&..+#
:acjZkdX^XadZXdcb^XdYZXgZX^b^ZcidhZbVcijkd]VhiVZa'%%&#BdcYgV\dcVegdkZX]Z[^XVobZciZZhiVZiVeV
YZXgZX^b^ZcideVgVXgZVgZbeaZdnVjbZciVghjhkZciVhngZXjghdhegde^dhYZ[dgbVZheZXiVXjaVg#AVZmegZh^c
b{hXdcijcYZciZYZaediZcX^VaVYfj^g^YdedgaVhXddeZgVi^kVhYZBdcYgV\dcZcadhai^bdhVdh]Vh^YdZa^cXgZ"
bZcidYZejZhidhYZigVWV_d#:cigZ&..*"'%%,ZaXdc_jcidYZaZbeaZdXVh^hZ]Vbjai^ea^XVYdedgXjVigd!eVhVcYd
YZ',#.*%V&%(#,(&#:cidYdXVhd!aVhXddeZgVi^kVhYZBdcYgV\dciVbW^c]Vch^YdeZgbZVWaZhVaVYZ[aZm^W^"
C;:?:7I:;IEB?:7H?:7:;D;BDK;LECE:;BE:;EH=7D?P79?ãD
AdhbZXVc^hbdhYZegdiZXX^cYZaZbeaZdnYZVnjYV[^cVcX^ZgVfjZhZ^beaZbZciVgdcYjgVciZaVXg^h^hYZadh-%iVbW^c[jZgdc
ji^a^oVYdhZcZhiVcjZkVXdnjcijgV!XdcaVY^[ZgZcX^VYZfjZhidhhZVXdbdYVgdcVacjZkdbdYZaddg\Vc^oVi^kdYZafjZhZVXVWV"
WVcYZYdiVgaVhXddeZgVi^kVhYZBdcYgV\dc!ZhidZh!VB88#AdhgZXjghdhji^a^oVYdh[jZgdcadhh^\j^ZciZh/
AVh6\gjeVX^dcZhhZXidg^VaZhXdbeaZbZciVgdcnVbea^VgdcaVhdeX^dcZhYZgZjW^XVX^cYZhdX^dhZmXZYZciVg^dhd[gZX^YVh
]VhiVZhZbdbZcidedgadh<gjedhXddeZgVi^kdh#
AVgZXdckZgh^cYZgZhjaiVYdhhZZhigjXijgZcYdheaVcdh/Vc^kZaYZ6\gjeVX^dcZhhZXidg^VaZhnVc^kZaYZaVhgZheZXi^kVh
9^k^h^dcZh#Adhc^kZaZhYZgZXdckZgh^cYZeZcYVcYZac^kZaYZXdckZg\ZcX^V^ciZgcVYZXVYV6\gjeVX^chZXidg^VanYZXVYV
9^k^h^c# Cd dWhiVciZ! Zc aV cdgbV W{h^XV hdWgZ GZXdckZgh^c YZ gZhjaiVYdh! hZ Y^hedcV fjZ adh c^kZaZh YZ gZXdckZgh^c
VegdWVYdhedgaVh6\gjeVX^dcZhhZXidg^VaZhn9^k^h^dcZhhZYjea^XVgVceVgVaVhXddeZgVi^kVhXdcegY^YVh#
8dc aV XgZVX^c YZa ;dcYd 8ZcigVa YZ >ciZgXddeZgVX^c ;8> hZ igVch[^g^ V adh g\Vcdh YZ \dW^Zgcd YZ aV 8dgedgVX^c aV
gZhedchVW^a^YVYYZ[^cVcX^VgadhegdXZhdhYZgZXdcYjXX^cYZXddeZgVi^kVhXdcY^[^XjaiVYZh#
E6GI:>>/=>HIDG>6q%*/9:AB:G869DåC>8D:JGDE:D6AB:G869D<AD76A 161
a^oVX^cnegZXVg^oVX^cYZabZgXVYdYZigVWV_d/YZadhZbeaZdhfjZhZkVcXgZVcYdZcZhidhVdhcdhdcidYdh
YZXVg{XiZgXddeZgVi^kd#6YVYZ]dn!ZcaVhZci^YVYZhXddeZgVi^kVhÅh^cXdciVgaVhZbegZhVheVgi^X^eVYVhÅaV
egdedgX^cYZaZbeaZdXddeZgVi^kdZhi{ZcidgcdVjc-%hdWgZjc'%YZZbeaZdVhVaVg^VYd#
JcYZhVggdaadb{hVbea^dYZZhiViZb{i^XVhZZcXjZcigVZcZaXVeijadYdXZYZY^XVYdVaXdbegdb^hdhdX^Va
XddeZgVi^kd#
;lebkY_dZ[b[cfb[e[dCedZhW]ed&
110.000
103.731
100.000
90.000
83.601
80.000
70.000
60.200
60.000
50.000
40.000
30.634
30.000
23.010
20.000
19.669
10.000
;J:CI:/BdcYgV\dc
& :caVhZhiVYhi^XVhYZaVhXddeZgVi^kVhZaZbeaZdhZb^YZedgejZhidYZigVWV_d#H^cZbWVg\d!ZcZaXVhdYZ:gdh`^ZaXg^iZg^dW{h^XdYZbZY^X^chdc
aVheZghdcVh!adfjZ]VXZfjZaVhhjbVhidiVaZhVjbZciZcZcgVocYZaVhhjhi^ijX^dcZhedgWV_VhdedgkVXVX^dcZh!ncdhZVcZfj^kVaZciZhVagZhid#
6jodAV\jciVbW^cZaVWdgVhjhZhiVYhi^XVhhZ\cZhiZai^bdbidYd0ZcZhiZai^bdXVhdadhgZhjaiVYdhhZZaZkVcedgaVXdcigViVX^cVi^Zbed
eVgX^VafjZZc6jodAV\jcZhi{WVhiVciZZmiZcY^YV#
:a<gjedYZ9^hig^WjX^cZhZafjZ]VXdcXZcigVYdZabVndgediZcX^VaYZXgZVX^cYZZbeaZd/ZcjcVYXVYV!
ZhYZX^g!ZcigZ&..&n'%%&hjeaVci^aaVeVhYZ+#-,-igVWV_VYdgZh(%YZaidiVaYZaV8dgedgVX^cV',#,%&
)+YZaidiVa0nXdci^cVXgZX^ZcYd/V[^cVaZhYZ'%%,!igVhaVXdbegVYZaVgZYYZhjeZgbZgXVYdhYZ8V"
egVWd!:gdh`^hjbVWVb{hYZ),#%%%igVWV_VYdgZh#l[hYWfjkbe'(f|]_dW)'*
AVdigV\gVccdkZYVYYZaVhYdhai^bVhYXVYVhZhZaeZhdZheZX[^XdfjZkVVYfj^g^ZcYdZabZgXVYdZmiZ"
g^dgZcZaXdc_jcidYZaVhXddeZgVi^kVh#:cXdhVYZY^ZoVdhaVdg^ZciVX^cZmiZg^dgYZaVhXddeZgVi^kVhYZa
\gjedZhjcVgZVa^YVYeaZcV#:aedgXZciV_ZYZaVhkZciVhYZahZXidg^cYjhig^VagZVa^oVYVh[jZgVYZabZgXVYd
ZheVdacd]VYZ_VYdYZVjbZciVgYZhYZeg^cX^e^dhYZaVYXVYVYZadhcdkZciV#H^Zc&..*aVhjbVYZaVh
ZmedgiVX^dcZhnaVhkZciVhYZaVh[^a^VaZh^cYjhig^VaZhh^\c^[^XVWVcZa(.YZaVhkZciVhidiVaZh!eVgV'%%+hiZ
]VWVVhXZcY^Yd]VhiVZa*+!,#N!egZk^h^WaZbZciZ^g{ZcVjbZcidZcadhegm^bdhVdh#EdghjeVgiZ!aVh
{gZVhYZ9^hig^WjX^cn;^cVcoVhhZkVcXdchda^YVcYdZcZabZgXVYdZheVda#
162 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
2. La organización cooperativa: Mondragón
Corporación Cooperativa (MCC)
8dcaVVY]Zh^cYZaZhiVYdZheVdaVaVJc^c:jgdeZVZc&.-+naVZcigVYVZck^\dgYZabZgXVYdc^XdegZ"
k^hiVeVgVZaVd&..(!ZcadhXgXjadhY^gZXi^kdhZbeZoV^cij^ghZaVcZXZh^YVYYZVWdgYVgaVZhigjXijgVX^c
YZaVhXddeZgVi^kVhZcigZhVeVgi^gYZjcZc[dfjZb{hZbegZhVg^Va#
9ZhYZjcejcidYZk^hiVZbegZhVg^Va!ZabZgXVYdc^XdZjgdeZdiZcV\gVcYZh^bea^XVX^dcZh/YZhVeVg^X^c
YZaVhWVggZgVhVgVcXZaVg^VhnYZadhVedndhVaVZmedgiVX^c0jcVjbZcidYZaVXdbeZiZcX^VnjcVgZYjXX^c
YZaVXjdiVYZbZgXVYd0ZaVXXZhdVjcbZgXVYdXVh^cjZkZkZXZhbVndg!XdcjcViZXcdad\VbjX]db{h
VkVcoVYVnXdcjcdhbdYZadhYZ\Zhi^cb{h^ciZgcVX^dcVa^oVYdh#
:cYZ[^c^i^kV!aVcjZkVgZVa^YVYeaVciZVWV\gVcYZhgZidh#9ZhYZZaejcidYZk^hiVYZaVXdbeZiZcX^V^ciZgcV"
X^dcVa!VXdgideaVodhZk^hajbWgVWVjcVh^ijVX^cYZYZhkZciV_VgZheZXidVaZcidgcdZbegZhVg^VaZjgdeZd#
AVhZbegZhVhZjgdeZVhZhiVWVcbZ_dgh^ijVYVh/hj^beaVciVX^cZcadhbZgXVYdh^ciZgcVX^dcVaZhZgVb{h
ha^YV!iZcVcjcVbVndgXVeVX^YVY[^cVcX^ZgV!iZXcda\^XVnXdbZgX^Va0hjXVeVX^YVYYZd[ZgiVZgVhjeZg^dg!
XdcXVa^YVY!egZX^dnhZgk^X^dhbZ_dgZh0nhjiVbVdZgVhjeZg^dgVaYZaVhXddeZgVi^kVh^cY^k^YjVaZhnVaVYZ
adh<gjedhXdbVgXVaZh#
:cadfjZhZgZ[^ZgZVaVh^ijVX^cYZaVhZbegZhVhXddeZgVi^kVhYZa<gjed8ddeZgVi^kdBdcYgV\c!ZcaVh
6\gjeVX^dcZhXdbVgXVaZhcdegZYdb^cVWVcadhVheZXidhYZcZ\dX^d0YZ]ZX]d!adhkcXjadhZbegZhVg^V"
aZhZgVcWVhiVciZYW^aZh#AVhXddeZgVi^kVhcdYZhVggdaaVWVcjcVZhigViZ\^VZbegZhVg^VaXdc_jciV0VaV
]dgVYZVWdgYVgiVgZVh[jcYVbZciVaZhnXdbeVgi^gXdhiZhXdbdedYVchZgadhYZejWa^X^YVYnY^hig^Wj"
X^cVabVXZcZh!igVchedgiZh!ZiX#!cdedYVcVednVghZbjijVbZciZ0ZbeaZVWVcjcVVbeah^bV\VbVYZ
iZXcdad\VhYZXVg{XiZgY^[ZgZciZ!adfjZ]VXVY^[X^aYdb^cVgaVhnbZcdhVcYZhVggdaaVgaVhV\gVcc^kZa#
EdgdigVeVgiZ!Zm^hiVjcV\gVcY^heZgh^cZcaVjW^XVX^cYZadhcZ\dX^dh#8dbdZ_ZbeadZmigZbdZhiVWV
Za XVhd YZa hZXidg YZ W^ZcZh ^ciZgbZY^dh! XdbejZhid edg '. XddeZgVi^kVh fjZ eZgiZcZXVc V &) \gjedh
XdbVgXVaZhY^[ZgZciZh#
### Za \gjed cd ZgV jc \gjed! h^cd ### ÆUN ARCHIPIÏLAGO DE EMPRESASÇ# :a XVi{ad\d YZ ZbegZhVh YZa
fjZ iVc dg\jaadhdh Zhi{WVbdh iVc Vbea^d n iVc kVg^VYd! iVc g^Xd n iVc Y^hi^cid! eVgZXZ YZhYZ aV eZgheZXi^"
kVYZ]dnb{hegde^dYZjcWVoVg####:a\gjedji^a^oVWVjcidiVaYZ',iZXcdad\VhidiVabZciZY^[ZgZciZhZc"
igZ h# Cd hZ aaZ\ V XdciVg Zc Xj{cidh bZgXVYdh hZ ZhiVWV egZhZciZ! d Xj{ciVh gZYZh XdbZgX^VaZh hZ ji^a^"
oVWVc! egdWVWaZbZciZ edgfjZ ZgV ^bedh^WaZ ]VXZgad# =VWV ^cXajhd XddeZgVi^kVh fjZ ]VXVc V aV kZo WVgXdh
n ZmXVkVYdgVh! VcYVb^dh n VbVhVYdgVh YZ eVc! egZchVh n k^k^ZcYVh! VhXZchdgZh n ZhigjXijgVh bZi{a^XVh!
ZbWgV\jZh n VheZghdgZh eVgV aV V\g^XjaijgV! ig^ijgVYdgZh YZ WVhjgV n bVfj^cVg^V eVgV aV bVYZgV#
EwG:O9:86AA:?6!6#&.-+/,A ORGANIZACIØN DEL 'RUPO #OOPERATIVO -ONDRAGØN %L DEBATE DE LA POLÓTICA INDUSTRIAL
:`dcdb^Vo!GZk^hiVKVhXVYZ:XdcdbV#
E6GI:>>/=>HIDG>6q%*/9:AB:G869DåC>8D:JGDE:D6AB:G869D<AD76A 163
:a8dchZ_d<ZcZgVafjZZhZacjYdXZcigVaYZa<8B!Zhb{h[dgdfjZZ_ZXjidgYZjcVhY^gZXig^XZh!V[VaiV
YZjcVkZgiZWgVX^cYZaedYZgnYZjcVVgi^XjaVX^chZXidg^Va#AV[^\jgVYZa8dc\gZhdh^gk^YZX{bVgVYZgZhd"
cVcX^V!YZ{\dgVYZY^hXjh^c!hdWgZiZbVhfjZ[dgodhVbZciZiZcVcfjZhZgYZ\ZcZgVaVea^XVX^c!h^cfjZZaad
XdcY^X^dcVgVaVZkdajX^ceVgi^XjaVg^oVYVYZXVYV\gjedXdbVgXVa#AVaZXijgVYZadhVXjZgYdhYZadh8dc\gZhdh
YZ&.-)n&.--gZkZaVc^bedgiVciZhYZXaVgVX^dcZhYZeg^cX^e^dhfjZhZbViZg^Va^oVceVgX^VabZciZnVg^ibdYZh"
^\jVaV[VaiVYZg\VcdhYZedYZgY^gZXX^cZhigVi\^XVXVeVoYZaaZkVgadhVaVeg{Xi^XV
A6GG6x6<6!?#&..-/%L COOPERATIVISMO DE -ONDRAGON )NTERIORIDADES DE UNA UTOPÓA DiVadgV#
:agZhjaiVYdYZVfjZaaVd[ZgiViVcVbea^VnkVg^VYVZgVchZg^ZhYZegdYjXX^ceZfjZVh!XdhiZhVaidhnegd"
YjXi^k^YVYZhWV_VhfjZhZigVYjXVcZcjcVWV_VXdbeZi^i^k^YVY#:aZhfjZbVdeZgVi^kdWVhVYdZcZhigViZ\^Vh
YZY^kZgh^[^XVX^cYZegdYjXidhÅ\VbVhbjnVbea^VheVgVbZgXVYdhbjneZfjZdhnhZ\bZciVYdhÅhad
edYV[jcX^dcVgh^hZXdbW^cVWVcVYZXjVYVbZciZZmeVch^cdXgZX^b^ZcidYZaVYZbVcYV!negdiZXX^dc^hbd
dVjhZcX^VYZXdbeZi^YdgZh!ZaZbZcidhVbWdhXdcadhfjZnVcdhZedYVXdciVg#
:hiZY^V\chi^XdZm^\VjcVgZk^h^cYZaVhZhigjX"
CED:H7=ãD9EHFEH79?ãD9EEF;H7J?L70
µFEHGKx;IJ7:;DEC?P79?ãD5 ijgVh Zm^hiZciZh# :a gZid ZhiVWV Zc ZheZX^Va^oVghZ!
dg\Vc^oVgYZdigVbVcZgVZaXVi{ad\dYZegdYjXidh
AVYZcdb^cVX^ch^ciZi^oVigZhgVh\dhZbWaZb{i^XdhYZa n bZgXVYdh YZa Xdc_jcid YZ XddeZgVi^kVh! VegdkZ"
bdk^b^ZcidXddeZgVi^kdYZBdcYgV\dc/ X]VcYd h^cZg\^Vh n ZXdcdbVh YZ ZhXVaV YZ Zb"
egZhVh Xdc VXi^k^YVYZh V[^cZh iVcid eVgV gZVa^oVg
CedZhW]d0Æ^YZci^[^XVZadg^\Zch^c\jaVgYZaVZmeZg^Zc"
XdbegVh! kZciVh n XdbZgX^Va^oVX^c Xdc_jciV eVgV
X^V n VedgiV Za gZXdcdX^b^Zcid ^ciZgcVX^dcVa Xdbd eVgV"
Y^\bVYZabdk^b^ZcidXddeZgVi^kdÇ#
VhbZ_dgVgegZX^dh!XVa^YVYnhZgk^X^dh!XdbdeVgV
ediZcX^VgaV^ckZhi^\VX^cnZaYZhVggdaad!negdbd"
9ehfehWY_d0Æ^YZci^[^XVjcVZci^YVYY^kZgh^[^XVYVZchjh X^dcVgcjZkVh^c^X^Vi^kVh0eVgVVjbZciVgaVhXjdiVh
XdbedcZciZh deZgVcYd WV_d jcV Jc^YVY YZ 9^gZXX^c n YZbZgXVYd!deVgVYZhVggdaaVgZhigViZ\^VhVaVg\d
eZgb^iZ!VY^X^dcVabZciZ!aVji^a^oVX^cYZaXdcXZeid\gjed
eaVodnXdceZgheZXi^kV\adWVa#
eVgVegdnZXiVg^b{\ZcZheVgX^VaZhYZaV8dgedgVX^c]V"
X^VbZgXVYdhdW_Zi^kdhZheZX[^XdhÇ#
EaVciZVYd Za cjZkd ]dg^odciZ! YjgVciZ Za iZgXZg
9eef[hWj_lW0Æ^cXdgedgVjckVadg^ggZcjcX^VWaZYZ^YZci^" 8dc\gZhd 8ddeZgVi^kd XZaZWgVYd Zc Y^X^ZbWgZ YZ
YVYhdX^dXjaijgVaY^[ZgZcX^VYdgYZabdYZadÇ#
&..&hZVegdWZacjZkdegdnZXiddg\Vc^oVi^kdnZa
;J:CI:/.ORMAS DEL #ONGRESO!VXijVa^oVYdVa&-YZZcZgdYZ'%%-# <gjed8ddeZgVi^kdBdcYgV\ceVhVhZgBdcYgV"
\c8dgedgVX^c8ddeZgVi^kVB88#
:hiZcjZkdegdnZXiddg\Vc^oVi^kdWjhXVWVaVb{m^bVZ[^X^ZcX^VZbegZhVg^VaVigVkhYZaVhZXidg^Va^oVX^c!gZV\gj"
eVcYdaVhXddeZgVi^kVhZcigb^cdhYZgZaVX^dcZhegdYjXid"bZgXVYd]dbd\cZVhnXdcjc^YVYYZY^gZXX^cZhigV"
i\^XV#IdYdZaadXdcZadW_ZidYZdWiZcZgbVndgZhc^kZaZhYZXdbeZi^i^k^YVYVigVkhYZaVWhfjZYVnZmeadiVX^cYZ
ZXdcdbVhYZZhXVaVnh^cZg\^VhZbegZhVg^VaZh![dbZciVcYdaV^ccdkVX^ciZXcda\^XV#
:cXjVcidVhjcVijgVaZoV!Zhbjn^bedgiVciZ^ch^hi^gZchjh^c\jaVg^YVY#AVcjZkVZhigjXijgVdg\Vc^oVi^kV
cdi^ZcZjcVgZ[ZgZcX^VXdbcZcZa{bW^idYZaVhZbegZhVhbZgXVci^aZh#AVigVch[ZgZcX^VYZedYZgk^ZcZYZ
VWV_dVgg^WV#BdcYgV\dchZXdc[dgbVXdbdjcVdg\Vc^oVX^cYZdgYZc[ZYZgVi^kdZcaVfjZaVhXddeZgVi^kVh
164 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
VY]Zg^YVhhZVYhXg^WZcVaV9^k^h^chZXidg^VafjZaZh ;D<EGK;IE9?EBã=?9E
8dbd]ZbdhhZVaVYdZcaV^cigdYjXX^c!BdcYgV\dc 87I;:;EH=7D?P79?ãD=HKFEI9EC7H97B;I
k^ZcZVhZgZagZhjaiVYdYZjcegdXZhdYZ^ciZ\gVX^c! JaVgXd&.+)<d^aVc&.,,
DgW^YZ&.,-Bj\VaYZ&.-+
fjZ egde^VbZciZ cd Zh c^ kZgi^XVa c^ ]dg^odciVa! h^cd
jcVXdbW^cVX^cYZVbWVh#AVhXddeZgVi^kVhYZaZ\Vc L;DJ7@7I
eVgiZYZhjhdWZgVcVnXZYZcaV\Zhi^cYZadh[dcYdh GZXdckZgh^cYZgZhjaiVYdh
GZjW^XVX^cYZaeZghdcVa
YZ^ciZgXddeZgVX^cVaV8dgedgVX^cfjZk^ZcZVXjb"
HZgk^X^dhXdbjcZh
ea^gjcV[jcX^cYZY^gZXX^c!gZegZhZciVX^cn\Zhi^c
jc^[^XVYV Zc {bW^idh YZ edai^XVh \ZcZgVaZh hj_Zidh V
eaVcZhegZk^VbZciZVegdWVYdhZcadhY^hi^cidhg\Vcdh
XddeZgVi^kdhnc^kZaZhYZVgi^XjaVX^cZbegZhVg^Va#6hj JH7DI?9?ãD
kZo!aVhXddeZgVi^kVh\doVcYZjcVbVndgZhiVW^a^YVY FH?C;H7I?DIJ?JK9?ED;I9ECKD;I
hVW^ZcYd fjZ XjZciVc Xdc Za gZheVaYd YZa \gjed# H^c
'/.*09ed]h[ieYeef[hWj_le$6hVbWaZV<ZcZgVa
ZbWVg\d!aV[jZciZYZaVhdWZgVcVh^\jZZbVcVcYdYZ
YZaVhXddeZgVi^kVh^cY^k^YjVaZh
aVhegde^VhXddeZgVi^kVhnYZag\VcdYZb{m^bVgZegZ"
'/.-0=hkfe9eef[hWj_leCedZhW]d=9C$AVWVhZYZ
hZciVX^cYZadhhdX^dh!fjZZhaV6hVbWaZV<ZcZgVa#
aVdg\Vc^oVX^cXdci^cjVZhiVcYdZcadh<gjedh8dbVg"
9ZhYZZaejcidYZk^hiVdg\Vc^oVi^kd!ZhiVY^hig^WjX^c XVaZh#8V_VAVWdgVaVWVcYdcVhjgdaXd]Zh^dcVYdgeVgV
YZedYZg]VXZfjZÅZcigZdigdhZaZbZcidhÅBdcYgV" XZcigVghZZmXajh^kVbZciZZcZahZXidg[^cVcX^Zgd#
\dchZV^cXdbeVgVWaZVXjVafj^Zg\gVc\gjedZbegZ"
hVg^Vadbjai^cVX^dcVaXdckZcX^dcVa#
Zfj^a^Wg^dhYZedYZgiVbW^cadhdc#6a^\jVafjZZc >ciZgcVX^dcVa^oVX^c
6Y]Zh^cVabZgXVYdXdbcZjgdeZd
XjVafj^Zgh^hiZbVYZYZbdXgVX^VgZegZhZciVi^kV!Za
Z_ZgX^X^dgZhedchVWaZYZadhYZgZX]dhYZXVYVhdX^d 87I;:;EH=7D?P79?ãD=HKFEII;9JEH?7B;I
'//'0CED:H7=ãD9EHFEH79?ãD9EEF;H7J?L7C99
n Za [jcX^dcVb^Zcid Z[^XVo YZ adh bZXVc^hbdh YZ
eVgi^X^eVX^c!gZegZhZciVX^cnXdcigdahdcaVWVhZ KZciV_VhXdbeZi^i^kVhbVndgXVeVX^YVYngZYjXX^cYZ
XdhiZhZcejWa^X^YVY!Y^hig^WjX^c!ÒcVcX^VX^c!ZiX#
[jcYVbZciVa eVgV \VgVci^oVg jcV eg{Xi^XV ZbegZ"
:heZX^Va^oVX^cZc^chiVaVX^dcZh!> 9!ZiX#
hVg^VagZ\^YVedgeg^cX^e^dhYZbdXg{i^Xdh#
& :c_jc^dYZ'%%-hZYZhbVciZaaV9^k^h^cYZ8VggdoVYdhnHjb^c^higdhXdbejZhiVedg>g^oVg!6bednJgdaV!igVhaVhVa^YVYZaVhYdheg^bZgVh
YZBdcYgV\dc#:cZabdbZcidegZhZciZ!aVgZjW^XVX^cYZJgdaVidYVkVZhi{h^cYZiZgb^cVg#8Vh^edgaVhb^hbVh[ZX]VhaV9^k^h^c6jidbdX^chZ
YZhYdWaZcYdh/6jidbdX^c8]Vh^hVcYEdlZgigV^c;V\dg:YZgaVc!:YZgaVcIV[VaaV!BVehVn:XZcVggdn6jidbdX^c8B8^`Vjimd!BV^Zgn;E@#
E6GI:>>/=>HIDG>6q%*/9:AB:G869DåC>8D:JGDE:D6AB:G869D<AD76A 165
IeY_eiZ[Yeef[hWj_lWi_dZkijh_Wb[i"Z[YhZ_jeoZ[YedikcelejWdZe`kdjei$KdW_dijWdj|d[WZ[begk[[iCedZhW]ed$
AVhXddeZgVi^kVh!XdchX^ZciZhYZhja^b^iVYVY^bZch^c!kjacZgVW^a^YVY[^cVcX^ZgVnXdbegdb^hdXdcZaYZ"
hVggdaadZbegZhVg^VanhdX^Va!VcVcZh[jZgodhZcWZcZ[^X^degde^d!YZaXdc_jcidYZaVXdgedgVX^cnYZaVhd"
X^ZYVYZc\ZcZgVa#Adh[dcYdhfjZhZYZhXg^WZcVXdci^cjVX^cÅ\Zhi^dcVYdhciZ\gVbZciZYZhYZZaXZcigd
XdgedgVi^kdÅhdcaVgZhejZhiVhda^YVg^VYZaVhXddeZgVi^kVhfjZhZ^ciZ\gVcZcBdcYgV\dc#
;b<edZe9[djhWbZ[?dj[hYeef[hWY_d<9?Zhjc^chigjbZcid[^cVcX^ZgdYZ\gVckVadgZhigVi\^Xd#:aYZhi^cd
YZZhidhgZXjghdhhZVXjZgYVZcaV8db^h^cEZgbVcZciZYZa8dc\gZhdYZBdcYgV\dc!VegdejZhiVYZa8dchZ"
_d<ZcZgVa#HjVh^\cVX^ci^ZcZedgdW_Zid[dgiVaZXZgaVh^ijVX^cZXdcb^XVYZVa\jcVhXddeZgVi^kVh!^bejahVg
egdnZXidhYZ^ciZgcVX^dcVa^oVX^cnYZcjZkVhVXi^k^YVYZhZhigVi\^XVheVgVZa\gjed#l[hYWfjkbe-"f|]$('/
;b<edZeZ[Ieb_ZWh_ZWZ9ehfehWj_le<I?Zhjc[dcYdgZhig^c\^YdVaÛgZV>cYjhig^VnhjgVocYZhZgZh
XdbeZchVgegY^YVh#JcVZheZX^Zea^oVYZhZ\jgdeVgVgZhedcYZgVaVhXdci^c\ZcX^VhZbegZhVg^VaZh#
;b<edZeZ[;ZkYWY_doFheceY_d?dj[hYeef[hWj_le<;F?!VhjkZo!hZcjigZYZadh<;F9YZ8V_VAVWdgVa
nYZagZhidYZXddeZgVi^kVh#:hidhgZXjghdhhZ^chigjbZciVcbVndg^iVg^VbZciZXdbdhjWkZcX^dcZhdVedgiV"
X^dcZhh^c{c^bdYZajXgdeVgVegdnZXidhYZ[dgbVX^c#
H^gZk^hVbdhaVhbV\c^ijYZhYZadh[dcYdhcdXVWZYjYVYZhjXVg{XiZgZhigVi\^Xd#EdgedcZgjcZ_Zbead!
adh[dcYdhYZ^ciZgXddeZgVX^c]VchjbVYdjcidiVaYZ*-!-b^aadcZhYZZjgdhZc'%%+!XVh^ZaZfj^kVaZciZV
aVhjbVYZadhegZhjejZhidhYZadhegd\gVbVhYZ8ddeZgVX^cVa9ZhVggdaadnHZgk^X^dhHdX^VaZhYZa<dW^Zg"
cdKVhXdZcZab^hbdZ_ZgX^X^d#l[hYWfjkbe-"f|]((&
166 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
<ED:EI?DJ;H9EEF;H7J?LEI
Eh_][dZ[ JcVeg^bZgVVedgiVX^cYZ,*+ 8V_VAVWdgVaVedgiVZa*%YZhj HZYdiVVcjVabZciZYZa'YZadh
edgXVYVhdX^digVWV_VYdg# ;dcYdYZ:YjXVX^cnEgdbdX^c ZmXZYZciZhWgjidhedh^i^kdhYZXVYV
bei\edZei
6Y^X^dcVabZciZ!idYVhaVh Va;:E>!b^ZcigVhfjZaVhYZb{h XddeZgVi^kV#
XddeZgVi^kVhgZVa^oVcjcV XddeZgVi^kVhh^iVcZhiVVedgiVX^c
VedgiVX^c[^cVcX^ZgVVcjVa Zcjc'%# 6YZb{h!hZXVcVa^oVVigVkhYZZhiZ
Zfj^kVaZciZVa&%YZhjh [dcYdaV8dbeZchVX^cYZegY^YVh
gZhjaiVYdh# fjZegZk^VbZciZ]VXV;8>#:a;8>
VedgiVVa;H8XdbdhjWkZcX^c
:cZaXVhdYZ8V_VAVWdgVaaV jc^bedgiZZfj^kVaZciZVa'%YZa
VedgiVX^chZZaZkVVa'%# bdcididiVaYZaVhegY^YVhZcfjZ
^cXjggVcaVhXddeZgVi^kVhZcXVYV
Z_ZgX^X^d#
;J:CI:/8jVYZgcdhYZEg^cX^e^dh8ddeZgVi^kdh#>ciZgXddeZgVX^c#C°,#BVnd'%%*#
E6GI:>>/=>HIDG>6q%*/9:AB:G869DåC>8D:JGDE:D6AB:G869D<AD76A 167
4. Mondragon Unibertsitatea (MU)
?DIJ?JKJE:;;IJK:?EI9EEF;H7J?LEIB7DA? IVbW^cZcZhiZeZg^dYdhZ^bejahVZa^ajh^dcVc"
iZegdnZXidYZXgZVgjcVjc^kZgh^YVYXddeZgVi^kV!
HZ XgZV Zc Za Vd '%%% Xdc Za {c^bd YZ gZhedcYZg V aVh idbVcYdXdbdWVhZaV^bedgiVciZ^c[gVZhigjXij"
cZXZh^YVYZhYZgZ[aZm^c!^ckZhi^\VX^cn[dgbVX^chdWgZ gV n ZmeZg^ZcX^V ZYjXVi^kV Zm^hiZciZ YZcigd YZa
XddeZgVi^k^hbd#HjgVocYZhZgZh^ckZhi^\VgZa]ZX]dXd" bdk^b^ZcidXddeZgVi^kd!ZhidZh!aV:hXjZaVEd"
deZgVi^kdnaVVjid\Zhi^c!XdcjcZc[dfjZeg^dg^iVg^dZchj a^iXc^XV! aV :hXjZaV YZ BV\^hiZg^d n aV :hXjZaV
kZgi^ZciZhdX^VanZYjXVi^kV!eg^k^aZ\^VcYdaVXdbegZch^c
YZ :hijY^dh :begZhVg^VaZh :I:D# :hidh XZcigdh
YZaVegde^VZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc#
YZZchZVcoVhjeZg^dghZ^ciZ\gVcVaVjc^kZgh^"
9ZhYZ jcV eZgheZXi^kV bjai^Y^hX^ea^cVg! AVc`^ XdbW^cV aV YVYXdbd;VXjaiVYYZ>c\Zc^ZgV6ggVhViZ"Bdc"
VjidcdbVnadhcZmdhXdcadhV\ZciZhXddeZgVi^kdh#AVVj" YgV\dc!;VXjaiVYYZ=jbVc^YVYZhn8^ZcX^VhYZ
idcdbV gZ[aZm^kV Xdbd kVadg cZXZhVg^d eVgV Xdchigj^g jc aV:YjXVX^c:h`dg^VioVn;VXjaiVYYZ8^ZcX^Vh
XdcdX^b^ZcidXgi^XdhdWgZZa]ZX]dXddeZgVi^kd#AdhcZmdh
:begZhVg^VaZh DViZ gZheZXi^kVbZciZ! n Xdc"
XdbdejZciZcZXZhVg^deVgV]VXZg^ckZhi^\VX^cYZXVa^YVYn
edghjkdXVX^cYZhZgk^X^d]VX^VadhV\ZciZhXddeZgVi^kdh# [dgbVcZacXaZdW{h^XdYZaVjc^kZgh^YVY#Edghj
eVgiZ! Za XVg{XiZg XddeZgVi^kd YZ aV jc^kZgh^YVY
HjhacZVhYZ^ckZhi^\VX^cXdbegZcYZc/aVhY^bZch^dcZh hZ gZ[jZgoV Va Xdchi^ij^ghZ Xdbd ^chi^ijX^c YZ
hdX^VaZhYZaXddeZgVi^k^hbdnaV^ciZgXddeZgVX^cXdcaVh ji^a^YVYeWa^XVh^c{c^bdYZajXgd#
ZXdcdbVhedejaVgZhYZaHjgYZaeaVcZiV#
:c Za {bW^id YZ aV [dgbVX^c YZhiVXVc! Za egd\gVbV YZ :c aV eg^bVkZgV YZ &.., BdcYgV\dc Jc^WZgi"
[dgbVX^c eVgV g\Vcdh XddeZgVi^kdh n Za edh\gVYd Zc h^iViZV BJ [jZ gZXdcdX^YV edg Za EVgaVbZcid
YZhVggdaadXddeZgVi^kd!ZcXdaVWdgVX^cXdcZaXZcigdXdg" KVhXd Xdbd jc^kZgh^YVY ^cYZeZcY^ZciZ YZ XV"
edgVi^kd"DiVadgV# g{XiZg XddeZgVi^kd# 6h! &..- [jZ Za eg^bZg Vd
YZ [jcX^dcVb^Zcid eaZcd Xdbd jc^kZgh^YVY Xdc
HjZhigZX]VXdcZm^cXdcdigdhVXidgZhÅBjcYj`^YZ!=W#
hjegde^d8dchZ_dGZXidgnhj8dchZ_dYZ9^gZX"
hWX_Z[!6g^obZcY^^`VhidaV!ZiX#ÅegdnZXiVchjaVWdgb{h
Vaa{YZa{bW^idVXVYb^Xd# X^c#AVZhigjXijgVdg\{c^XVYZaVjc^kZgh^YVYhZ
VhZbZ_V WVhiVciZ Va YZ aVh XddeZgVi^kVh! YZ iVa
bVcZgV fjZ XVYV [VXjaiVY \doV YZ eaZcV Vjid"
cdbV Zc igb^cdh VXVYb^Xdh n YZ \Zhi^c! n
aVgZXidgV[jc\ZXdbdjcVhjeZgZhigjXijgVfjZ
gZegZhZciV^chi^ijX^dcVabZciZVaXdc_jcidYZaVh
[VXjaiVYZh#
:aEgdnZXid:YjXVi^kdBZcYZWZgg^ÅgZ^c\Zc^ZgV
YZaegdXZhdYZZchZVcoV"VegZcY^oV_ZÅ!aVZYj"
XVX^cW^a^c\Z!ZagZ[dgoVb^ZcidYZaVXVeVX^YVY
^ckZhi^\VYdgVnZaYZhVggdaadYZaXVbejhjc^kZg"
h^iVg^d]VX^VdigVhXdbVgXVh!hdcadheg^cX^eVaZh
Z_Zh YZ VXijVX^c YZ BJ# :c gZaVX^c Xdc ZhiZ
<WYkbjWZZ[>kcWd_ZWZ[io9_[dY_WiZ[bW;ZkYWY_d ai^bddW_Zi^kd!Zc'%%&hZVWg^ZgdcadhXVbejh
>K>;P?"[d;iaeh_WjpW$
YZ<d^Zgg^!:a\d^WVgZ>gc#
168 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
5. Transformaciones en el seno
de las cooperativas
+$'$ 7cfb_WY_dZ[bWXWd_YeiWbWh_Wb
:cadh^c^X^dhYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc!adhcY^XZhZmigZbdhYZaVgZig^WjX^cYZaigVWV"
_dZcigZZahdX^digVWV_VYdgYZbZcdgcY^XZnZa\ZgZciZhZh^ijVgdcZcaVgZaVX^cYZ&V(#:hiZZhfjZbV
Wa^cYVWVXjVafj^ZgVi^hWdYZVigdeZaadhdX^VaZcaVY^hig^WjX^cYZaVg^fjZoV\ZcZgVYVn!ZcZhZhZci^Yd!hZ
VXjXdbdhbWdadnbViZg^Va^oVX^cYZaVhda^YVg^YVYgZig^Wji^kV#
AVheg^bZgVhbdY^[^XVX^dcZhYZZhiZg^\jgdhdbVg\ZchZegdYj_ZgdchjXZh^kVbZciZVaXdbe{hYZaVjbZcid
YZgZhedchVW^a^YVYZhYZadhXVg\dhYZbVndggVc\d#H^bjai{cZVbZciZ!ZaXgZX^b^ZcidYZaVgZciVY^hedc^WaZ
[jZ^cXgZbZci{cYdhZZcidYdhadhc^kZaZhYZadhhdX^dh!^cXajhdVjcg^ibdbVndgfjZZa>E8#:cZhZXdciZmid
YZbZ_dgV\ZcZgVa^oVYVhZVYdeijccY^XZXdbeaZbZciVg^d!aaVbVYdeg^bVYZXdbeZchVX^caVWdgVa!fjZ
^ciZciVWVbZ_dgVgaVgZig^WjX^cYZadhY^gZXi^kdhXdcbVndgZhgZhedchVW^a^YVYZh#:c&.,+ZacY^XZb{m^bd
YZXdbeZchVX^cedYVaaZ\VgVa*%YZacY^XZcdb^cVa(#
H^cZbWVg\d!aVhkVg^VX^dcZhb{hh^\c^[^XVi^kVhaaZ\VgdcZc&.--VaVegdWVghZZcZa>8dc\gZhdYZa<8BaV
VeZgijgVYZaVWVc^XdhVaVg^VaYZ&/(V&/+#EdhiZg^dgbZciZ!ZcZa>>>8dc\gZhdYZBdcYgV\dcYZ&..&!hZ[^_
ZaVci^X^edYZadhb{hVaidhZ_ZXji^kdhbZY^VciZjcCOEFICIENTE DE SOLIDARIDADXdcgZheZXidVaVgZig^WjX^cYZa
bZgXVYd#EVgVaVVea^XVX^cYZZhiZXdZ[^X^ZciZhZVYdeiVXdbdgZ[ZgZcX^VaVRETRIBUCIØN REFERENCIAL BÉSICA!Zc
XdcXgZidaVXdggZhedcY^ZciZVa9^gZXidg<ZcZgVaYZaV6\gjeVX^cHZXidg^VaYZbVndgY^bZch^cnXdchda^YV"
X^c!eVgVaVXjVa!ZaXdZ[^X^ZciZYZhda^YVg^YVYhZh^iVZcjc(%XdcgZheZXidVhjgZ[ZgZcX^VVabZgXVYd#
:cjcVeVaVWgV!adhXVg\dhYZbVndggZhedchVW^a^YVYeVhVgdcVeZgX^W^gVegdm^bVYVbZciZZa,%YZahjZaYd
Vig^Wj^YdVejZhidhh^b^aVgZhYZabZgXVYd#:hiZXVbW^dhZVg\jbZciVYjX^ZcYdfjZaVgZig^WjX^c]VWVYZ
hdbZiZghZVadhXg^iZg^dhYZEQUIDAD INTERNA Y COMPETITIVIDAD EXTERNA
IVaZh bdY^[^XVX^dcZh cd had ijk^Zgdc XdchZXjZcX^Vh Y^gZXiVh eVgV adh Z_ZXji^kdh ^ckdajXgVYdh! h^cd fjZ
iVbW^chZk^dV[ZXiVYdZah^\c^[^XVYdYZaeg^cX^e^dYZhda^YVg^YVYgZig^Wji^kVeVgVidYdZaXdaZXi^kdhdX^Va
XddeZgVi^kd#:cYZ[ZchVYZaVcdgbVi^kVVYdeiVYV!aVedhijgVd[^X^VaVg\jbZcifjZadhhVaVg^dhYZadhZ_Z"
Xji^kdhhZbVciZcVc!ZcgZVa^YVY!ZcZa*%YZaVbZY^VYZabZgXVYdnfjZZgVcXdbegdb^hdhcZXZhVg^dh
eVgVaVhjeZgk^kZcX^VYZah^hiZbV!nVfjZZgVcZXZhVg^dVhZ\jgVgaVXVeVX^iVX^cegd[Zh^dcVaYZadhY^hi^cidh
c^kZaZhY^gZXi^kdhYZa<gjed#EdgdigVeVgiZ!iVbW^chZZhXjX]VgdckdXZhXgi^XVhfjZV[^gbVWVcfjZadh
XVbW^dhZcaVedai^XVgZig^Wji^kVgZegZhZciVWVcjcVgjeijgVZcaVigVY^X^chda^YVg^VXddeZgVi^kV#:ahZci^Yd
eZXjc^Vg^dYZaVhda^YVg^YVYZh!ZcidYdXVhd!jcVXjZhi^cXdcigdkZgi^YVnYZeZgbVcZciZbZcX^cZcZa
XjZgedhdX^VaXddeZgVi^kd#
E6GI:>>/=>HIDG>6q%*/9:AB:G869DåC>8D:JGDE:D6AB:G869D<AD76A 169
+$( ?dYh[c[djeZ[beijhWXW`WZeh[iYedjhWjWZei
obWÓ]khWZ[bieY_ej[cfehWb
AVVXijVadaV\adWVa^oVYdgVnaVhdWgZegdYjXX^cYZadhbZgXVYdhYZW^ZcZhnhZgk^X^dhZcjcZcidgcd
XVYVkZob{hXdbeZi^i^kd!]VcXdcYjX^YdV[aZm^W^a^oVgaVhZhigjXijgVhegdYjXi^kVhYZaVhZbegZhVh!Xdc
aVXdch^\j^ZciZegZXVg^oVX^caVWdgVafjZiVaZheg{Xi^XVhXdcaaZkVc#:aeZgbVcZciZegdXZhdYZgZYjXX^c
egd\gZh^kVYZXdhiZh!adhX^XadhYZYZbVcYVkVg^VWaZ!aVZhiVX^dcVa^YVY!aVhZm^\ZcX^VhYZgZciVW^a^YVY!
aVY^[^XjaiVYYZ\VgVci^oVgZbeaZdh[^_dh!ZiX#!]Vc^bejahVcYdaVVYdeX^cYZedai^XVhYZXdcigViVX^c
iZbedgVa#:hiZbVgXdYZ[aZm^W^a^oVX^cYZabZgXVYdaVWdgVaiVbW^cV[ZXiVegd[jcYVbZciZVaVhXddeZ"
gVi^kVhfjZ!ZccdbWgZYZjcVdWa^\VYVVYVeiVX^c!aaZkVcVdhegVXi^XVYdaVXdcigViVX^ciZbedgVaedg
XjZciVV_ZcV!Zc[gVcXVXdcigVY^XX^cXdcZaeg^cX^e^dYZhdWZgVcVYZaigVWV_d#
AVXdcigViVX^cedgXjZciVV_ZcVnVZgVjcgZXjghdji^a^oVYdZcaVYXVYVYZadh-%#H^cZbWVg\d!cd
hZg{]VhiVaVYXVYVYZadh.%XjVcYdVYfj^ZgZc^kZaZhegZdXjeVciZh#:c&..*YZadh',#.%%ZbeaZdhYZ
BdcYgV\dc!&.#%+)ZgVcXddeZgVi^kdh#:agZhidYZaVeaVci^aaV!-#-(+(&!ZgVcigVWV_VYdgZhedgXjZciV
V_ZcV0jcdh!ZbeaZVYdhZchdX^ZYVYZhVcc^bVhXdcXVe^iVaXddeZgVi^kd)#+,&!digdh!ZbeaZVYdhZc
aVhegde^VhXddeZgVi^kVh)#&+*#:cVdhgZX^ZciZhaVZkdajX^cYZaZbeaZdcdXddeZgVi^kd]VbVciZc^Yd
jcViZcYZcX^VVaVaoV#
AVhedai^XVhYZZbeaZdYZBdcYgV\dcZhi{cXgZVcYdX^ZgiViZch^cZcigZaVhY^[ZgZciZhbdYVa^YVYZh
YZigVWV_VYdgZhnhdXVkVcYdZaeg^cX^e^dYZhda^YVg^YVYiVcidZcigb^cdhgZbjcZgVi^kdhXdbdhdX^VaZh#
9ZhYZdigVeZgheZXi^kV!iVbW^chZedYgVV[^gbVgfjZhZZhi{egZhZgkVcYdadb{hW{h^XdYZaeg^cX^e^d
YZhdWZgVcVYZaigVWV_d!ejZhaVXdcigViVX^cedgXjZciVV_ZcVcdhZZhi{ji^a^oVcYdeVgVaaZkVgVXVWd
XdcigVidh[^_dhdYZYjgVX^c^cYZiZgb^cVYV#
:cidYdXVhd!ZhiV^cXd]ZgZcX^VXdcaVeg{Xi^XVYZadheg^cX^e^dhXddeZgVi^kdhhZ]VgZbZY^VYd!ZcX^ZgiV
bZY^YV!XdcaVXgZVX^cYZaV[^\jgV_jgY^XVYZahdX^diZbedgVaVgi#'+!'YZaVaZn)$&..(YZ8ddeZgVi^"
kVhYZ:jh`VY^#<gVX^VhVZhV[^\jgVYZXdcigViVX^ciZbedgVaXddeZgVi^kV!hZZfj^eVgVcadhYZgZX]dh
naVhdWa^\VX^dcZhYZadhhdX^dhiZbedgVaZhnYZadhhdX^dhYZXVg{XiZg^cYZ[^c^Yd0hjYjgVX^cb{m^bV
ZhYZX^cXdVdhnhjcbZgdcdejZYZhjeZgVgZa'%YZadhhdX^dhYZXVg{XiZg^cYZ[^c^YdYZhjXaVhZ#
l[hYWfjkbe'("f|]$)'+
+$) ?cfbWdjWY_dZ[dk[leifhe]hWcWiZ[YWb_ZWZ"
fheZkYY_dofWhj_Y_fWY_d
BdcYgV\dc]V^cXdgedgVYdZcaVhai^bVhYXVYVhbai^eaZhh^hiZbVheVgVaVbZ_dgVYZaV\Zhi^cZbegZhV"
g^Va#:aY^hXjghdd[^X^VaY^gZXi^kd]VkZc^Ydji^a^oVcYdXdcXZeidhXdbdÆegdYjXi^k^YVYÇ!ÆZ[^X^ZcX^VÇ!ÆXVa^YVYÇ
nÆhZgk^X^dVaXa^ZciZÇXdbde^aVgZhW{h^XdhYZhjbZchV_ZYZeg{Xi^XVZbegZhVg^Va#:abdYZadYZ\Zhi^c
^bejahVYdedgBdcYgV\dcZc&..+hZ]VWVhVYdZcZabdYZadZjgdeZdYZ8Va^YVYIdiVa!:;FB!fjZ\^gVZc
idgcdVjcig^{c\jadXdbejZhidedgaVhVi^h[VXX^cYZaXa^ZciZ!aVZ[^X^ZcX^VZXdcb^XVnZa[jcX^dcVb^Zcid
dg\Vc^oVi^kd!nZcXjndXZcigdhZh^iVaVbZ_dgVXdci^cjV#
170 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
AdhcjZkdhbdYZadhYZ\Zhi^c]VckZc^YdVVaiZgVgadhZhfjZbVhigVY^X^dcVaZhYZeVgi^X^eVX^cZcZaejZh"
idYZigVWV_d#8dcZaad!hZ]VgZhjZaideVgiZYZaY[^X^iYZeVgi^X^eVX^cfjZhZaZgZegdX]VWVVaVZmeZg^ZcX^V!
eZgdh^bjai{cZVbZciZ!hZ]VchdWgZY^bZch^dcVYdadhdW_Zi^kdhYZegdYjXi^k^YVYngZciVW^a^YVYZXdcb^XV
XdbdZ_Zhbdi^kVX^dcVaZhYZaV\Zhi^cXddeZgVi^kV#
IgVhjcegdXZhdYZgZk^h^cZcegd[jcY^YVYYZabdYZadYZ\Zhi^caVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc
hZ]VYdiVYdYZjccjZkdbdYZadfjZgZhedcYZVadhh^\j^ZciZhdW_Zi^kdh/ZaVWdgVgjcbdYZadYZ\Zhi^c
b{hXd]ZgZciZXdcaVXjaijgVYZaVhXddeZgVi^kVhnXdciVgjcV]ZggVb^ZciVYZZkVajVX^cegde^Vncd^b"
edgiVYV#:hiZcjZkdbdYZadhZVXVWVYZVegdWVgZcbVndYZ'%%,0hdWgZaVWVhZYZaVV[^gbVX^cZcadh
eg^cX^e^dh XddeZgVi^kdh! hj dW_Zi^kd h^\jZ h^ZcYd aV ZmXZaZcX^V ZbegZhVg^Va# :a cjZkd Y^hXjghd YZ \Zhi^c
ZbegZhVg^Va!fjZXdcXZYZ\gVc^bedgiVcX^VVaV^bea^XVX^cYZadhigVWV_VYdgZh!XdciZbeaVaVVYZXjVX^c
YZabdYZadYZ\Zhi^cVaVh[^a^VaZheVgi^X^eVYVh#
JcYZhVggdaadb{hVbea^dYZZhiViZb{i^XVhZZcXjZcigVZcZaXVeijaddX]dYZY^XVYdVadhbdYZadhYZ\Zh"
i^cYZaVhXddeZgVi^kVh#
+$* ?dj[hdWY_edWb_pWY_d
9jgVciZadhai^bdhVdhZaXdciZmidZXdcb^XdZjgdeZdZ^ciZgcVX^dcVaZhi{XVbW^VcYdVXZaZgVYVbZciZ#
:a^beVXidYZaV^ciZ\gVX^cYZaVJc^c:jgdeZVnYZaVb{hgZX^ZciZJc^cZXdcb^XVnbdcZiVg^V!_jcid
XdcaViZcYZcX^VYZjcV\gVceVgiZYZadheVhZhYZhVggdaaVYdh]VX^VaV\adWVa^oVX^cYZhjZXdcdbV!i^ZcZ
hjhiVcX^VaZh gZeZgXjh^dcZh Zc aVh ZbegZhVh fjZ ^ciZ\gVc BdcYgV\dc# AV ^ciZ\gVX^c Zc bZgXVYdh bj"
X]db{hVbea^dh]VYZg^kVYdZcbVndgXdbeZiZcX^VZcZabZgXVYdZheVda!Xdch^YZgVYdigVY^X^dcVabZciZ
Xdbdegde^d!nZcaVcZXZh^YVYYZ^cXgZbZciVgaVegZhZcX^VYZaVhXddeZgVi^kVhYZBdcYgV\dcZcZaZmiZg^dg!
egZhZcX^VVaVfjZ]VhiV]VXZedXdhVdhcdZhiVWVc]VW^ijVYVh#:a^cXgZbZcidYZaVVXi^k^YVY^ciZgcVX^dcVa
Xjbea^g{Y^hi^cidhdW_Zi^kdhhZ\cZakdajbZcnaVY^kZgh^[^XVX^cVXijVaYZaVZmedgiVX^cYZadhcZ\dX^dh/
XgZXZg!Zk^iVgX^XadhgZXZh^kdh!bVciZcZgaVgZciVW^a^YVYnadhXa^ZciZh!ZiX#
E6GI:>>/=>HIDG>6q%*/9:AB:G869DåC>8D:JGDE:D6AB:G869D<AD76A 171
6BdcYgV\dchZaZVh^\cjceVeZaYZhiVXVYdZcaVWhfjZYVYZdedgijc^YVYZhYZcZ\dX^dh!ZcVhZ"
hdgVgVaVhXddeZgVi^kVhZchj^beaVciVX^cZmiZg^dgnZcegdedgX^dcVgVedndh[^cVcX^Zgdh#AV[^\jgVYZ
aVh9ZaZ\VX^dcZh8dgedgVi^kVhhZXgZegZX^hVbZciZeVgVYVgXdWZgijgVVZhiVhXjZhi^dcZh#AVeg^bZgV
9ZaZ\VX^c fjZ hZ ZhiVWaZX^ [jZ Zc 8]^cV! YdcYZ aVh XddeZgVi^kVh ZbeZoVWVc V iZcZg hjh eg^bZgVh
ZmeZg^ZcX^Vh^ciZgcVX^dcVaZhYZXdbegVeVgVXdbZgX^Va^oVX^cnegdYjXX^c#6XijVabZciZ!Zm^hiZcYZ"
aZ\VX^dcZhZchZ^heVhZh#
:cadfjZhZgZ[^ZgZVaVhVXi^k^YVYZh^cYjhig^VaZh!aVeVgi^X^eVX^cYZaVhkZciVh^ciZgcVX^dcVaZh!^cXajnZcYd
aVegdYjXX^cZcZaZmiZg^dg!VjbZciZc+ejcidhedgXZcijVaZhZcigZ&..+"'%%&!h^ij{cYdhZZcZa*&#:a
eZhdZheZX[^XdYZaVhkZciVh^ciZgcVX^dcVaZhhdWgZaVhidiVaZh]VeVhVYdYZa'-!-YZ&.-&]VhiVjcb{m^"
bdYZa*+!-Zc'%%,#
<;9>7I:;IJ7978B;I;D;BFHE9;IE:;?DJ;HD79?ED7B?P79?ãD
'//) >K#8dc\gZhd/VegjZWVhjeg^bZgeaVcZhigVi\^Xd&..)$&..+YdcYZjcdYZadhX^cXddW_Zi^kdhW{h^XdhYZaV
`kb_e 8dgedgVX^cZhaV^ciZgcVX^dcVa^oVX^c#
'//* HZVegjZWVZaEaVc:higVi\^Xd8dgedgVi^kdYZ>ciZgcVX^dcVa^oVX^cE:8>eVgVY^cVb^oVgZaYZhea^Z\jZ
del_[cXh[ ZmiZg^dgYZaVhXddeZgVi^kVhYZhYZjcVeZgheZXi^kV\adWVa#
'//+ HZVegjZWVZcZa8dchZ_d<ZcZgVaYZBdcYgV\dc!aVZhigjXijgVX^cYZaegdnZXidYZ^ciZgcVX^dcVa^oVX^c![gjid
`kd_e YZaigVWV_dYZ'(\gjedhgZeVgi^YdhZcigZY^k^h^dcZhnV\gjeVX^dcZh#
'//+ >g^oVgVWgZaVhejZgiVhYZhjeg^bZgVeaVciVYZegdYjXX^cZc8]^cV#
HZVegjZWVZahZ\jcYdE:8>&..,$'%%%bVgXVcYdXdbddW_Zi^kdhaVXdchda^YVX^cZcadhbZgXVYdhW{h^XdhnZa
'//,
VXXZhdVadhbZgXVYdheg^dg^iVg^dhJc^c:jgdeZV!::JJ!8]^cV!Gjh^Vn:jgdeVdg^ZciVa#
HZaaZ\VVjcXdckZc^dXdc:a`Vg\^!HdX^ZYVYYZ<VgVciVGZXegdXV!VigVkhYZaXjVa:a`Vg\^YVZagZheVaYdcZXZhVg^d
'//,
eVgV\VgVci^oVgadhZcYZjYVb^ZcidhfjZaV8dgedgVX^cejZYVXdcigVZgZchjheaVcZhYZZmeVch^c#
AVedai^XVYZ^ciZgcVX^dcVa^oVX^cXdb^ZcoVVYVghjh[gjidh/Zc&..+aVhkZciVhZmiZg^dgZhVjbZciVcjc&-!)
'//,#'//-
nZc&..,nVhjeZgVcZa)*!)YZaVhkZciVhidiVaZh#
'//- 6igVkhYZB889ZhVggdaadhZejh^ZgdcZcbVgX]VegdnZXidh^cYjhig^VaZhZc7gVh^an8]^cV#
HZVhZciVgdcigZhZbegZhVhZc7gVh^aegdbdk^YVhedg8^`Vjimd!;V\dg:YZgaVcnBV^Zg!jcVZcaVGZeWa^XV8]ZXV
(&&&
^bejahVYVedg:^`VndigVedg>g^oVgZcBm^Xd#HdcnV'+ZacbZgdYZegdbdX^dcZhZcZaZmiZg^dg#
:aK>>>#8dc\gZhdYZBdcYgV\dcVegjZWVjcVgZhdajX^chdWgZÆ:meVch^cHdX^ZiVg^VÇ^chiVcYdVadhg\Vcdh
(&&)
XdbeZiZciZhVZhijY^VgnYZhVggdaaVg[gbjaVhYZeVgi^X^eVX^cYZadhZbeaZVYdhcdhdX^dhZcaVegde^ZYVYnZc
cWoe
aV\Zhi^cYZaVZbegZhV!YZ[dgbV]dbad\VVadfjZdXjggZZcaVh8ddeZgVi^kVh#
(&&*
AVJc^c:jgdeZVhZVbeaVV'*:hiVYdhb^ZbWgdhXdcaV^ciZ\gVX^cYZY^Zo:hiVYdhYZaZhiZYZ:jgdeV#
cWoe
(&&* HZ^beaVciVcY^ZocjZkVheaVciVhYZegdYjXX^c#
(&&- AVh^beaVciVX^dcZhegdYjXi^kVhZcZaZmiZg^dgVaXVcoVcaVX^[gVYZhZhZciVndX]d!^cXajnZcYdV>g^oVg#
172 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
;lebkY_dZ[bW_cfbWdjWY_dfheZkYj_lWZ[bWiYeef[hWj_lWi[d[b[njhWd`[he
70
Nº de cooperativas
60
50
40
30
20
10
0
1994 1999 2003 2004 2005 2006 2007
;J:CI:/BdcYgV\dc
IVanXdbdhZejZYZdWhZgkVgZcZaXjVYgdVciZg^dg!ZaY^cVb^hbdYZaVhXddeZgVi^kVhBdcYgV\dcZhVhZc
Za{bW^id^ciZgcVX^dcVacdYZ_Vc^c\caj\VgVYjYVh#AVh^bea^XVX^dcZhYZaV^beaVciVX^cegdYjXi^kVZcZa
ZmiZg^dghdccdiVWaZhVidYdhadhZ[ZXidh#:cZaeaVcdZbegZhVg^VahjedcZjcXVbW^dYg{hi^XdZcaVXjaijgVn
\Zhi^cigVY^X^dcVaZh!fjZ]VWg{cYZhZgbjX]db{hVW^ZgiVhVaZmiZg^dg#:cZaeaVcdhdX^Vak^ZcZVh^\c^[^XVg
jcVegd[jcYVgZXdc[^\jgVX^cYZaVZmeZg^ZcX^VXddeZgVi^kV#
JcYZhVggdaadb{hVbea^dYZZhiViZb{i^XVhZZcXjZcigVZcZaXVeijadigZXZYZY^XVYdVaegdXZhdYZ^ciZg"
cVX^dcVa^oVX^cYZaVhXddeZgVi^kVh#
:?<?9KBJ7:;IF7H7?CFB7DJ7H9EEF;H7J?L7I;D;B;NJ;H?EH
IdYVhaVheaVciVhegdYjXi^kVh^beaVciVYVhZcZaZmigVc_ZgdhdchdX^ZYVYZhVcc^bVh#AVhgVodcZhhdckVg^Vh/
" :caVbVndgVYZadheVhZhYZcjZkV^beaVciVX^ccdZm^hiZjcVaZ\^haVX^cXddeZgVi^kVVYZXjVYV
" :cbjX]dhXVhdhZhiVhZbegZhVhhZXdchi^ijnZcZc`e_dj#l[djkh[XdcdigdhhdX^dh
" EVgVXgZVgXddeZgVi^kVhhZegZX^hVcXddeZgVi^k^hiVh!eZghdcVh]VW^ijVYVhVigVWV_VgYZcigdYZjcVXjaijgV
XddeZgVi^kV!adfjZcdZh[{X^aXdchZ\j^gZcedXdi^Zbed
" 8dchZgkVgX^ZgidXdcigdaedgeVgiZYZaVXddeZgVi^kVbVig^o
FEI?8B;IC;:?:7IF7H7FHECEL;H;CFH;I7I9EDH7I=EIFHEF?EIO:?<;H;D9?7B;I
8dchX^ZciZhYZZhiVegdWaZb{i^XV!YjgVciZZa8dc\gZhd8ddeZgVi^kdXZaZWgVYdZcbVndYZ'%%(!hZVegdWjcVgZhdajX^chdWgZ
Æ:meVch^cHdX^ZiVg^VÇ^chiVcYdVadhg\VcdhXdbeZiZciZhVZhijY^VgnYZhVggdaaVg[gbjaVhYZeVgi^X^eVX^cYZadhZbeaZVYdh
cdhdX^dhZcaVegde^ZYVYnZcaV\Zhi^cYZaVZbegZhVYZ[dgbV]dbad\VVXdbdhZYVZcaVhXddeZgVi^kVh#
6a\jcVhXddeZgVi^kVh!ZbeZoVcYdedgaVegde^V8V_VAVWdgVa!fjZXjZciVXdchdX^dhYZigVWV_dnhdX^dhYZXVe^iVaÅaVhegde^Vh
XddeZgVi^kVhÅXjZciVcXdcZhfjZbVhYZeVgi^X^eVX^cfjZedYgVchZgk^gYZgZ[ZgZcX^VeVgV^bejahVgegdXZhdhYZbZ_dgVZcaVh
[^a^VaZhXdc^cYZeZcYZcX^VYZhjeZghdcVa^YVY_jgY^XV#
:aEaVc:higVi\^Xd'%%*"'%%-XdciZbeaVZmiZcYZgaVVea^XVX^cYZabdYZadYZÆZbegZhVeVgi^X^eVi^kVÇVZbegZhVh[^a^VaZhYZ
[dgbV\gVYjVa#:hiV[gbjaVedh^W^a^iVgVaVeVgi^X^eVX^cZcaVegde^ZYVYnZcaV\Zhi^cedgeVgiZYZadhigVWV_VYdgZhedgXjZciV
V_ZcV!ZcaVh[^a^VaZhfjZYZhVggdaaVchjVXi^k^YVYZcaVhZbegZhVhYZBdcYgV\dc#
E6GI:>>/=>HIDG>6q%*/9:AB:G869DåC>8D:JGDE:D6AB:G869D<AD76A 173
&,
97FßJKBE
Claves de la experiencia
cooperativa de Mondragon
Índice
>cigdYjXX^c###############################################################################################################################&,,
&#CVX^b^ZcidnY^cVb^hbd^c^X^Va######################################################################################&,-
&#& A^YZgVo\d####################################################################################################################################################&,-
&#' KVadgZh!^YZci^YVYXdaZXi^kVnXdc_jcidcdgbVi^kd################################################################################&,.
&#( 8Ve^iVah^bWa^XdnVggV^\dhdX^Va##########################################################################################################&,.
&#) JciZggZcdVWdcVYd#################################################################################################################################&-%
&#* 8ViVa^oVYdgYZZcZg\VhhdX^VaZh############################################################################################################&-&
&#+ JcbZgXVYdZmigZbVYVbZciZegdiZXX^dc^hiV########################################################################################&-'
'#;dgiVaZX^b^ZcidnXdchda^YVX^c######################################################################################&-'
'#& :[^X^ZcX^VZbegZhVg^Va##############################################################################################################################&-'
'#' 8VeVX^YVYYZVYVeiVX^c#########################################################################################################################&-(
'#( 8dcXZcigVX^c\Zd\g{[^XVnXd]Zh^c^ciZgcV#######################################################################################&-(
'#) BVcXdbjcVX^cYZaigVWV_dVhdX^VYd####################################################################################################&-*
'#* 8Ve^iVa^oVX^cYZgZhjaiVYdh####################################################################################################################&-*
'#+ BZXVc^hbdhYZ^ciZgXddeZgVX^c############################################################################################################&-+
'#, :ci^YVYZhYZhjegVZhigjXijgV#################################################################################################################&-,
176 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
6adaVg\dYZadhXVeijadhegZXZYZciZh!YZY^XVYdhVaVgZXdchigjXX^c]^hig^XVYZaVZmeZg^ZcX^VXddeZgVi^kV
YZBdcYgV\dc!hZ]VVWjcYVYdhdWgZadh[VXidgZhZmea^XVi^kdhYZhjdg^\Zc!hjedhiZg^dgYZhVggdaadnXdchd"
a^YVX^cXdbdegdnZXidXddeZgVi^kdZbegZhVg^Va#:cZhiZXVeijadgZXd\Zbdh!VeVgi^gYZjcigViVb^Zcidb{h
VW^Zgid!cdX^gXjchXg^idhadVad]^hig^Xd!aVhXaVkZhb{hh^\c^[^XVi^kVhYZam^idYZjcVZbegZhV]jbVcV
XdbdaV:8B#
Adhad\gdhnVX^ZgidhYZaXddeZgVi^k^hbdYZBdcYgV\dcfjZZhi{c[jZgVYZidYVY^hXjh^cgZb^iZcVaYZhV"
ggdaadZcY\Zcd!VaVXgZVX^cYZZbeaZdng^fjZoV!nZheZX^VabZciZ!VjcVZmeZg^ZcX^VfjZ]V^bejahVYd
jcVY^hig^WjX^cb{hZfj^iVi^kVYZaVg^fjZoVXgZVYV#
HdcbjX]dhadhdWhZgkVYdgZhfjZhZVXZgXVc]VhiVBdcYgV\dcXdcZa^ciZghYZ^cYV\VgnXdcdXZgcjZhigV
gZVa^YVYXddeZgVi^kV#:cigZaVhegZ\jciVhfjZhZhjZaZc[dgbjaVg]VnVa\jcVhXdchiVciZh/´FjZhadfjZhZ
ejZYZVegZcYZgYZZhiVZmeZg^ZcX^V4´8bdhZZmea^XVZhiZYZhVggdaad4´8j{aZhhdcaVhXaVkZhYZhjm^id4
´FjZhadfjZhZejZYZZmigVedaVg4
AdhZchVndhYZ^ciZgegZiVX^chdcVWjcYVciZh!iVcidYZhYZYZcigdXdbdYZhYZ[jZgVYZaV:8B#6a\jcdh
VjidgZhhZ]Vc^ciZgZhVYdedgadhZaZbZcidhh^c\jaVgZhYZabdk^b^ZcidXddeZgVi^kd!digdh]VcigViVYdYZ
hjWgVnVg ÆaV hciZh^hÇ YZ BdcYgV\dc! VfjZaadh [VXidgZh W{h^Xdh Z ^begZhX^cY^WaZh Zc Za cVX^b^Zcid YZ aV
ZmeZg^ZcX^V#JcdhegVXi^XVcZab{m^bd\gVYdYZVWhigVXX^c!digdhZaYZXdcXgZX^c#Adb^hbdedYZbdh
YZX^ggZheZXidVadhZc[dfjZh!aVhdWhZh^dcZhYZjcdhcdhdch^cdY^higVXX^dcZheVgVdigdh#AdXdnjcijgVa
nadZhigjXijgVa!adh[VXidgZhZXdcb^XdhnadhZaZbZcidhXjaijgVaZh!Zah^hiZbVYZkVadgZhnaVVXijVX^c
eZYV\\^XV!hdc!edgedcZgjcZ_Zbead!digdhiVcidhXVbedhYZgZ[aZm^cZ^ciZgegZiVX^c#EZgd!idYdhZaadh
cdhgZb^iZcVjcdhad/Vak^Z_dYZWViZiZg^XdhdWgZZaXVbW^dhdX^Va#´8bd[jZedh^WaZZacVX^b^ZcidYZa
XddeZgVi^k^hbdbdcYgV\dch4´8j{aZhhjhY^c{b^XVhYZXVbW^dVadaVg\dYZai^Zbed4
:hiZ iZmid! h^c ZbWVg\d! fjZYV aZ_dh YZ ZhV Y^hXjh^c# CjZhigV aVWdg ]V h^Yd aV YZ gZVa^oVg jcV hciZh^h
Zcg^fjZX^YVYZ[jZciZhnZc[dfjZhY^kZg\ZciZh!hVW^ZcYdfjZedh^WaZbZciZZaegZX^dYZaVVeZgijgVhZVZa
ZXaZXi^X^hbd#EVgVYVgXVW^YVVidYdh!h^cZhiVWaZXZggVc\dhc^eg^cX^e^dhZmea^XVi^kdhgZXidgZh!hZ]VdeiVYd
edgZcjbZgVgnXdbZciVgjcdigVhdigdadh[VXidgZhZmea^XVi^kdhYZXVg{XiZg]^hig^Xd!ZXdcb^Xd!hdX^Va!
]jbVcd!ZiX#!fjZXdch^YZgVbdhb{hgZaZkVciZh!XdcZa{c^bdYZfjZVnjYZcVaaZXidgVk^hjVa^oVgZaXVbed
YZ^ciZgegZiVX^cYZZhiVZmeZg^ZcX^V#:aXVeijadhZXdcX^WZYZbVcZgVigVchkZghVa!YZbdYdfjZXVYVjcV
YZaVh^YZVhVejciVYVhi^ZcZjcYZhVggdaadbVndgZcZaXdciZmidYZdigdhXVeijadh#
E6GI:>>/=>HIDG>6q%+/8A6K:H9:A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC 177
1. Nacimiento y dinamismo inicial
'$'$ B_Z[hWp]e
:a bdk^b^Zcid XddeZgVi^kd YZ BdcYgV\dc Xdci
Xdc jcV [^\jgV YZ ^cXdciZhiVWaZ Vjidg^YVY/ 6g^o"
bZcY^Vgg^ZiV#HZaZedYgVXVa^[^XVgXdbdZaeVYgZ
^ciZaZXijVaYZaXddeZgVi^k^hbdbdcYgV\dch#8dc
jc Y^hXjghd Xdbjc^iVg^hiV n jcV [^adhd[V YZ aV
]^hidg^V[jcYVYVZcjcVcVijgVaZoV]jbVcVXdd"
eZgVi^kV! hj a^YZgVo\d! b^iVY Zhe^g^ijVa n b^iVY
dg\Vc^oVYdg! Xdci^ZcZ jcV hZg^Z YZ gVh\dh bjn
h^c\jaVgZh#
8dbdXdVY_jidgYZaVeVggdfj^VYZ6ggVhViZ"Bdc"
YgV\c YZhYZ bZY^VYdh YZ adh X^cXjZciV! 6g^o"
bZcY^Vgg^ZiVedcZZcbVgX]VhjVjidg^YVYbdgVa
eVgVgZXajiVg_kZcZhYZaVadXVa^YVYVadhfjZegd"
edgX^dcVjcVha^YV[dgbVX^c]jbVc^hiVWVhVYV
ZckVadgZhXg^hi^Vcdh!XVcVa^oVcYdaVZcZg\VnZa
YZhXdciZcid hdX^Va ^beZgVciZh ]VX^V aV XgZVX^c
YZZbegZhVhXddeZgVi^kVh#
IdYdZaadVXijXdbdeVaVcXV^cY^heZchVWaZeVgVV\aji^cVg!YVgXd]Zh^cnhZci^YdYZaZVaiVYVa\gjed
[jcYVYdgYZaVheg^bZgVhXddeZgVi^kVh#6hhZ[jZgdciZ_^ZcYdaVodhV[ZXi^kdhnYZaZVaiVY^cigV\gjed!
^cY^heZchVWaZheVgVgdbeZgXdcjcZhi^adYZ]VXZgZbegZhV#l[hYWfjkbe'"f|]$*'
178 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
'$( LWbeh[i"_Z[dj_ZWZYeb[Yj_lWoYed`kdjedehcWj_le
AV :8B hZ ZcgVoV Zc adh kVadgZh YZa ]jbVc^hbd Xg^hi^Vcd# 6 bZcjYd hZ ]V hjWgVnVYd jc kVadg Zc eVg"
i^XjaVg/ZaVaigj^hbd!YZ[^c^YdXdbdaViZcYZcX^VVVXijVgV[VkdgYZadhYZb{hnaVkdajciVYYZZcigZ\VV
jcVZbegZhVXdaZXi^kV#:cZhiVXdcXZeX^c!aV^YZVYZXdbjc^YVYegZXZYZVaVhYZZbegZhVnXddeZgVi^kV#
6a\jcdhVjidgZhYZhiVXVcaVhegd[jcYVhXgZZcX^Vhi^XVhngZa^\^dhVhYZacXaZd[jcYVYdgYZaVZmeZg^ZcX^V
XddeZgVi^kV#IdYdhZaadheZgiZcZXVcVbdk^b^ZcidhZXaZh^{hi^XdhXdbdaV?jkZcijYDWgZgV8Via^XV?D8n
aV=ZgbVcYVYDWgZgVYZ6XX^c8Via^XV=D68!ZcaVacZVYZaVYdXig^cVhdX^VaYZaV^\aZh^V0XdbegdbZi^"
YdhZcadgZa^\^dhdnZcadhdX^Va!idYdhhZ]VWVc[dgbVYdZcidgcdV6g^obZcY^Vgg^ZiV#
:[Ód_Y_d\kdZWY_edWb0Yh[Whkdj_feZ[[cfh[iWc|i[dYediedWdY_W
YedbWi`kijWiWif_hWY_ed[iZ[bckdZeZ[bjhWXW`e$ #EhcW[jn[W
:cigZadhkVadgZhb{hhjWgVnVWaZhZcXdcigVbdhZaZheg^ijYZigVWV_dnhVXg^[^X^d#:akVadgfjZhZaZdidg\V
VaigVWV_dXdbd[jZciZYZhZci^YdnYZgZVa^oVX^c]jbVcV!XdcaVVjhiZg^YVYXdbdXdbeaZbZcid#:akVadg
YZhjeZgVX^ceZghdcVahZXdbW^cVXdcaVZcigZ\VVaVXddeZgVi^kV#AVXd]ZgZcX^VZcigZaVheVaVWgVhnaVh
VXX^dcZh0nhjgZXdbeZchV!hZgZ_ZbeaddgZ[ZgZciZVhZ\j^g#
:hiZXdgejhYZkVadgZh^g{egdYjX^ZcYd^YZci^YVYZhXdaZXi^kVhVaVhfjZaVheZghdcVhhjWdgY^cVcYZ[dgbV
kdajciVg^Vhjhegde^dh^ciZgZhZh^cY^k^YjVaZh!edgfjZXddeZgVgZhXdchZgkVgZakcXjadhdX^VafjZeZgb^iZ
YVgk^YVVaVZbegZhVXddeZgVi^kV#
:a]VWZghVW^YdZhiVWaZXZgYZhYZbjniZbegVcdjcbVgXd^chi^ijX^dcVaXddeZgVi^kdYZcigdYZaXjVaaVZbegZhV
YZhVggdaaVhjVXi^k^YVYZhdigdVX^ZgidYZZhiVZmeZg^ZcX^V#:hhjWgVnVWaZaVXVeVX^YVYfjZhZYZbdhigeVgV
ZcXVgcVg!igVYjX^gn]VXZgdeZgVi^kdhadhkVadgZh[jcYVX^dcVaZhfjZeVgiVcYZaXdcXZeidVWhigVXidYZ]VXZg
jcVEMPRESA DIFERENTE!WVhVYVZcaVeZghdcV!ZcZakVadgYZaigVWV_d!ZcaVhda^YVg^YVY!ZiX#:aXdc_jcidcdgbVi^kd
[dgbVYdedgadheg^bZgdhZhiVijidhnZag\^bZc^ciZgcdhZYZhVggdaabZY^VciZjc^bedgiVciZZh[jZgodXgZV"
i^kdnhZad\gjcVZhigjXijgVcdgbVi^kVXd]ZgZciZfjZ!ZcYZ[^c^i^kV!gZ\jaVgVaVk^YV^chi^ijX^dcVaY^Vg^VYZa
XdaZXi^kdXddeZgVi^k^hiV#AVeg{Xi^XVYZXdckZgi^gaVh^YZVhneg^cX^e^dhZmegZhVYdhZceVjiVhYZ[jcX^dcVb^Zcid
Y^dXVjXZheVgVaVVXijVX^cXdi^Y^VcVneVgVaVZ[^XVX^VdeZgVi^kVYZaegdnZXid#l[hYWfjkbe)"f|]i$''&#'''
'$) 9Wf_jWbi_cXb_YeoWhhW_]eieY_Wb
:adg^\ZchdX^VaYZacXaZd[jcYVYdggZkZaVfjZcdhZeVgiVYZjcVh^ijVX^cYZbVg\^cVa^YVY#6aXdcigV"
g^d!^\jVafjZ6g^obZcY^Vgg^ZiV!adheg^bZgdhXddeZgVi^k^hiVh\doVWVcYZX^ZgidgZXdcdX^b^ZcidhdX^VaZc
6ggVhViZ"BdcYgV\c#CdZgVch^beaZhdWgZgdh!h^cdbVZhigdhneZg^idh^cYjhig^VaZhXdcjcVXVggZgVegd"
[Zh^dcVaegdbZiZYdgVZcaVJc^c8ZggV_ZgV!aVbVndg[{Wg^XV^cYjhig^VaYZaVadXVa^YVYYdcYZigVWV_Vgdc
VciZhYZaVcoVghZVaVXgZVX^cYZaVeg^bZgVXddeZgVi^kV#
:hZhjhigVid^c^X^VanZaXVe^iVah^bWa^XdXdcZafjZXdciVWVcejY^ZgdchZgYZX^h^kdhVaV]dgVYZidbVgaV
^c^X^Vi^kVXddeZgVi^kVXdcaVhj[^X^ZciZZcZg\VXdbdeVgVVaiZgVgaVigVY^X^c^cYjhig^VaadXVanadhbdYdhYZ
E6GI:>>/=>HIDG>6q%+/8A6K:H9:A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC 179
]VXZgnY^g^\^gaVZbegZhV#9ZhYZajZ\d!ZhcdiVWaZ
aV gVe^YZo Xdc aV fjZ hZ idbVc aVh eg^bZgVh YZX^"
h^dcZh/VYfj^h^X^cYZaVeg^bZgVZbegZhV!XVbW^dh
YZa bdYZad YZa egdYjXid n [VWg^XVX^c YZ jc cjZkd
egdYjXid!egdnZXidYZjccjZkdeVWZaac^cYjhig^Va!
YZheaVoVb^ZcidYZaV[{Wg^XVYZK^idg^VV6ggVhViZ"
BdcYgV\c![^gbVYZjcVa^XZcX^VeVgVaV[VWg^XVX^c
YZeaVXVhYZhZaZc^d!ZiX#DWk^VbZciZ!aV\ZcZgVX^c
YZWZcZ[^X^dhnZam^idZbegZhVg^Va^c^X^VagZ[dgoVgdc
ZhVhkVg^VWaZhhdX^VaZhYZa\gjedegdbdidg#
EdgdigdaVYd!aVZaZXX^cYZaV[gbjaVXddeZgVi^kV[jZ
jc[VXidgYZVggV^\dYZaVZbegZhVZcaVXdbjc^YVY#
:[[ijWfheceY_ediWb_[hedbeifh_c[hei AVXddeZgVi^kV[^_VWVXdbegdb^hdhVaVg\deaVodZ^b"
Yeef[hWj_l_ijWi0KiWjehh["BWhhWW]W"=ehhee]e_j_W" eZYV aV igVch[ZgZcX^V YZ eVgi^X^eVX^dcZh V iZgXZgdh0
EhcW[jn[WoEhjkXWo$9ecfWj_X_b_pWhediki[ijkZ_ei VeZcVhZm^hiVZaiZbdgYZfjZaVZbegZhVVWVcYdcV"
Z[f[h_jW`["YedbeiYhYkbeiZ[[ijkZ_e[dbeigk[i[
hZhjbZY^d\Zd\g{[^XdnhdX^VaZcWjhXVYZbVndgZh
\ehcWhed[dikZ_c[di_dieY_Wb$
gZciVW^a^YVYZhjdigVhkZciV_Vh!XdbdjcbZ_dgVXXZhd
VadhbZgXVYdh0VYZb{h!aVbVndgVYZaVheZghdcVh
fjZhZ^WVc^cXdgedgVcYdVaegdnZXidXddeZgVi^kdÅVa^\jVafjZadheg^bZgdhXddeZgVi^k^hiVhÅ!iVbW^cegdXZ"
YVcYZab^hbdZcidgcd!nZhiVX^gXjchiVcX^VgZ[dgoVWVZaZcgV^oVb^ZcidXddeZgVi^kd#
'$* Kdj[hh[deWXedWZe
IVcidaVigVY^X^chdX^d"XjaijgVa!XVgVXiZg^oVYVedgaVk^cXjaVX^cXdcZaZcidgcd!ZaZheg^ijXdbjc^iVg^dnZa
[jZgiZhZci^YdVhdX^Vi^kd!XdbdaVigVY^X^c^cYjhig^VaXdc[ajnZcZc6ggVhViZ"BdcYgV\c#
6ggVhViZ"BdcYgV\ciZcVZahZY^bZcidYZhjXZh^kVhXV" 6g^obZcY^Vgg^ZiV!VeVgiZYZcjig^ghZYZjcV^YZd"
eVhYZZYjXVX^cZcaVY^hXgZeVcX^VhdX^Va!Za^beZgVi^kd ad\VeZghdcVa^hiVXdc]dcYVhgVXZhXg^hi^VcVh!hZ
YZhZgXdchZXjZciZhXdcaVhegdbZhVhfjZhZ]VWVc[dg" Vh^ZciV Zc jcV XjaijgV# Jc ejZWad! Za kVhXd! n jc
bjaVYdVadh[jijgdhXddeZgVi^k^hiVhnZcahZZcXdcigV" Zcidgcd! aV XdbVgXV Zjh`VaYjc YZa 6aid 9ZWV YZ
WVcaVhgVXZhYZaVÆgZWZa^cWaVcXVÇ# igVY^X^cgjgVaXdcXjaijgV^cYjhig^Va!ZcZaXjVahZ
egdYjXZjcHUMUSXdcXgZidYZkVadgZh!XdbedgiV"
;J:CI:/DgbVZimZV&..,/Dg^\ZcZhnXaVkZhYZaXddeZgVi^k^hbd
YZBdcYgV\c!:jh`VY^`d@jimV"HV^daVc b^ZcidhnYZXVgVXiZghi^XVheh^Xd"hdX^VaZh#
180 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
AVigVY^X^c^cYjhig^VaXdbVgXVa!edghjeVgiZ!Vedg" 9ZhYZ aVh edh^WaZh ZchZVcoVh n Z_Zbeadh fjZ YZhYZ aV
iVZaXdcdX^b^Zcid!aVZmeZg^ZcX^VnZahVWZg]VXZg ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc hZ ejY^ZgVc Zm"
YZjcVXdbjc^YVYY^gZXiVZ^cY^gZXiVbZciZgZaVX^d" igVZgeVgVdigVhZmeZg^ZcX^Vh!?dhZBVg^HVgVhjV!Xd[jc"
cVYVXdcaVVXi^k^YVYYZaVh[{Wg^XVh# YVYdg YZ 8degZX^! YZhiVXV XjVigd VheZXidh W{h^Xdh fjZ
]^X^Zgdcedh^WaZZaXddeZgVi^k^hbdbdcYgV\dch/
6bWdh[VXidgZhZmea^XVciVbW^c!ZcVa\jcVbZY^"
&# 8dcX^ZcX^VYZjcVh^ijVX^c^c_jhiV#
YV!ZaXVg{XiZgZcY\Zcdnh^c\jaVgYZaXddeZgVi^"
'# JceZchVYdgegV\b{i^Xd#
k^hbdbdcYgV\dch0nVYfj^ZgZcbVndggZaZkVcX^V
(# JceZfjZd\gjedegdbdidgXdbegdbZi^YdV[dcYd
h^eZchVbdhfjZZabdk^b^ZcidXddeZgVi^kdhjg\^ nXdca^YZgVo\dhdX^Va#
Xdbd jcV ^c^X^Vi^kV YZ XVg{XiZg cZiVbZciZ hdX^Va! )# JcejZWadXdcZakVadgYZaigVWV_dVggV^\VYd#
XdcZagZheVaYdYZaV^\aZh^VadXVa!h^c\gVcYZhgZ"
[ZgZciZhXddeZgVi^kdhZcadhfjZegdnZXiVghZ!Zcjc
]VXZg]VX^cYdhZhZ\chZ^WVigVoVcYdZahZcYZgdXddeZgVi^kd#8dcaVegZhZcX^ViVcidYZjcVigVY^X^c[V"
Wg^afjZhZgZbdciVh^\adhVig{hXdbdYZjcXdaZXi^kdXdc\gVchZci^YdYZXdbjc^YVYhZedYgVV[^gbVgfjZ
ZaiZggZcdZhiVWVVWdcVYd#l[hYWfjkbe("f|]$/)
'$+ 9WjWb_pWZehZ[[d[h]WiieY_Wb[i
7V_d adh ^beZgVi^kdh YZa eg^bZg
[gVcfj^hbd kVg^Vh \ZcZgVX^dcZh
ÅaVh YZ aV \jZggV n aV edh\jZ"
ggVÅhZ kVc Xjai^kVcYd Zc aV Y^h"
XgZeVcX^VhdX^Va#AVY^XiVYjgV!Za
Vjidg^iVg^hbd!aV[VaiVYZa^WZgiV"
YZhX^k^aZh!edai^XVh!h^cY^XVaZhn
XjaijgVaZh!naVgZegZh^cYZidYV
dedh^X^c Va g\^bZc! YZ_VWVc
edXdbVg\ZceVgVaVVXX^ceda"
i^XV#:cZhZXdciZmid!aVhZcZg\Vh
hdX^VaZh hZ ejY^Zgdc ]VWZg YZh"
eaVoVYd ]VX^V Za {bW^id ZbegZ"
hVg^Va#9ZZhiZbdYd!ZaegdnZXid
XddeZgVi^kd ejYd VXijVg Xdbd ;d'/*'"[dfb[dWfei]k[hhW"7h_pc[dZ_Whh_[jWYedkd]hkfeZ[jhWXW`WZeh[i$
E6GI:>>/=>HIDG>6q%+/8A6K:H9:A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC 181
'$, Kdc[hYWZe[njh[cWZWc[dj[fhej[YY_ed_ijW
:aV^haVb^ZcidZXdcb^XdYZag\^bZcnaVZm^hiZcX^VYZjcbZgXVYdcVX^dcVaXZggVYdVaZmiZg^dg![jZ
jc[VXidgfjZ[VkdgZX^Za^bejahdYZaVheg^bZgVh^c^X^Vi^kVhZbegZhVg^VaZhZchjheg^bZgdhVdhYZ
VcYVYjgV!nVfjZcdiZcVcedgfjiZbZgVjcVXdbeZiZcX^VXVh^^cZm^hiZciZ0VYZb{h!VaV^haVb^Zcid
ZmiZgcd!hZaZhjbVWVcjcdhWV_dhc^kZaZhYZXdbeZi^i^k^YVY^ciZgcVfjZ[VX^a^iVWVcaVZcigVYVZcZa
bZgXVYd#;^cVabZciZ!ZcidgcdVadhVdhhZhZciVYZah^\adMM!aVhXddeZgVi^kVh^cYjhig^VaZhXdciVWVc
XdcjcbZgXVYdcVX^dcVaYZW^ZcZhYZXdchjbdZcXdchiVciZXgZX^b^Zcid/adh]d\VgZhZbeZoVWVcV
YZbVcYVgZaZXigdYdbhi^XdhfjZaVheg^bZgVhXddeZgVi^kVh!dhZV!Ja\dgÅ]dn;V\dg:aZXigdYdbh"
i^XdhÅ!8degZX^n6ggVhViZÅ]dn;V\dg6ggVhViZÅ!ViZcYVcXdchVi^h[VXX^c#Ja\dg!aVe^dcZgV!ZgVaV
[VWg^XVciZYZZaZXigdYdbhi^Xdh!8degZX^[VWg^XVWVXdbedcZciZhn6ggVhViZb{fj^cVh]ZggVb^ZciVh0
VbWdhZgVcegdkZZYdgZhYZJa\dg#l[hYWfjkbe)"f|]$''&
2. Fortalecimiento y consolidación
($'$;\_Y_[dY_W[cfh[iWh_Wb
:aXddeZgVi^k^hbdbdcYgV\dchZhjcXddeZgVi^k^hbddg^ZciVYdVabZgXVYd#9ZhYZhjh^c^X^dhaVh
XddeZgVi^kVh cd had gZhedcYVc V aVh cZXZh^YVYZh YZ hjh VhdX^VYdh h^cd V aVh YZa Xdc_jcid YZ aV
edWaVX^c#
JcVb{m^bVYZaVZmeZg^ZcX^V]Vh^YdfjZaVgZciVW^a^YVYZbegZhVg^VaZh^begZhX^cY^WaZeVgVedYZg
]VWaVgYZWZcZ[^X^dhhdX^VaZh#ÆAVZbegZhVeVgVhZghdX^Va!i^ZcZfjZhZgZXdcb^XVÇhdhiZcV6g^o"
bZcY^Vgg^ZiV#:hYZX^g!Zaeg^bZgdW_Zi^kdZhfjZaVZbegZhVi^ZcZfjZhdhiZcZghZZXdcb^XVbZciZ#
AVgZciVW^a^YVYZXdcb^XV!eg^bZgd!XdbdXdcY^X^cYZVjid[^cVcX^VX^c!nhZ\jcYd!eVgVk^VW^a^oVgZa
egdnZXidhdX^Va#:cZhZhZci^Yd!cdhZ]VeaVciZVYdjcVY^XdidbVZcigZZaegdnZXidZbegZhVg^VanZa
egdnZXidhdX^Va!h^cdfjZjcdndigdhZgZ[jZgoVc!hZcZXZh^iVcnVkVcoVcYZaVbVcd#
9ZaVb^hbVbVcZgVfjZaVZ[^X^ZcX^VZXdcb^XV]Vh^YdXdcY^X^ceVgVaVhXdcfj^hiVhhdX^VaZh!aV
eg{Xi^XVnadhkVadgZhhdX^VaZhXddeZgVi^kdh]VcgZ[dgoVYdZam^idZbegZhVg^Va#
:cWjZcVbZY^YV!ZaadZhVh!edgfjZVY^[ZgZcX^VYZaVhdX^ZYVYYZXVe^iVaXjnd[^cZhaVbVm^b^oVX^c
YZWZcZ[^X^dh!aVhdX^ZYVYXddeZgVi^kV!XdbdhdX^ZYVYYZeZghdcVh!adfjZbVm^b^oVZhaVXdci^cj^YVY
YZaVZbegZhVnYZaZbeaZd/ZhVZhaVgVocYZhZgYZaigVWV_dXddeZgVi^kd#
AVZ[^X^ZcX^VZbegZhVg^VaiVbW^cZhi{bjnk^cXjaVYVXdcdigdhYdhgVh\dhgZbVgXVWaZhYZaVZmeZ"
g^ZcX^VXddeZgVi^kV/aVeaVc^[^XVX^cnaVdg^ZciVX^c]VX^VZa[jijgd#>ciZ\gVgZcaVhYZX^h^dcZhegZ"
hZciZhjcVbVgXVYVk^h^cYZ[jijgdVci^X^eVcYdab^iZhjdedgijc^YVYZhYZcZ\dX^deVgVVhZ\jgVgZc
Zai^ZbedadhejZhidhYZigVWV_dXgZVYdh]Vh^Yd!h^cYjYV!XdchZXjZcX^VYZjcVVbea^VeaVc^[^XVX^c
182 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
ZbegZhVg^Va#9jgVciZbjX]dhVdh!ZhiZg^\dgZbegZhVg^VahZ^bejahYZhYZaV9^k^h^c:begZhVg^Va
edgbZY^dYZ^chigjbZcidhXdbdVjY^idg^Vh!eaVcZhYZ\Zhi^c!egZhjejZhidh[^cVcX^Zgdh!ZhijY^dhYZ
k^VW^a^YVY!eaVcZhZhigVi\^Xdh!ZiX#l[hYWfjkbe)"f|]$'(&
($( 9WfWY_ZWZZ[WZWfjWY_d
:hiZVheZXidZhi{bjnVhdX^VYdVaVciZg^dg#IZcZgjcVk^h^cYZ[jijgdaZ]VeZgb^i^YdVaXddeZgVi^k^h"
bdVci^X^eVghZnVYVeiVghZVaXVbW^d#
AV XVeVX^YVY YZ VYVeiVX^c YZ aV ZmeZg^ZcX^V XddeZgVi^kV V adh XVbW^dh ]^hig^Xdh ]V h^Yd jcd YZ
hjh\gVcYZhVX^ZgidhVadaVg\dYZhjhb{hYZX^cXjZciVVdhYZk^YV#:hid]Vh^Ydedh^WaZ\gVX^VhV
\gVcYZhYdh^hYZegV\bVi^hbdnXgZVi^k^YVY#
CVX^YVXdbdjc^hadiZYZbdXg{i^XdZcjcXdciZmidedai^XdY^XiVidg^Va!aVZmeZg^ZcX^VXddeZgVi^kV]V
igVch^iVYdYZjcZhXZcVg^dZXdcb^Xdbjn^ciZgkZc^YdnXZggVYdVaZmiZg^dg!VjcZcidgcd\adWVa^oVYd
XdcZcdgbZhegZh^dcZhXdbeZi^i^kVhfjZegdkdXVcjcVXdchiVciZVXi^kVX^cnYZhea^Z\jZYZaVgVoc
ZXdcb^XVYZahj_ZidXddeZgVi^kd#
AV[jcX^dcVa^YVYhdX^VaYZaVa\^XVXdbjc^iVg^ViVbW^chZ]V^YdigVch[dgbVcYd#:aYZhVggdaadYZjc
:hiVYdYZaW^ZcZhiVg!XdchjYZhea^Z\jZegd\gZh^kd!hZ[jZ]VX^ZcYdXVg\dYZegdWaZb{i^XVhncZXZh^"
YVYZhhdX^VaZhfjZZceZg^dYdhVciZg^dgZhfjZYVWVcZcbVcdhYZaVVXX^cX^jYVYVcVnaVhgZYZhYZ
VnjYVbjijV#6ag^ibdYZadhXVbW^dhhdX^da\^XdhnYZaYZhVggdaadZXdcb^XdZaCOOPERATIVISMO DE LA
NECESIDAD]VYVYdeVhdVaCOOPERATIVISMO DE LA ABUNDANCIA#
:c Za eaVcd XjaijgVa! Za YZW^a^iVb^Zcid YZ adh hZci^Ydh hdX^VaZh! YZ adh h^hiZbVh YZ ^ciZgegZiVX^c
Z^YZci^YVYZhXdch^hiZciZhiVbW^chZ]VgZ[aZ_VYdZcaVhXddeZgVi^kVhYdcYZaVb^a^iVcX^V^YZda"
\^XV! gVh\d egde^d YZ YXVYVh VciZg^dgZh! XdbeVgiZ ZheVX^d Xdc XdbedgiVb^Zcidh VXjhVYVbZciZ
^cY^k^YjVa^hiVh#
JcegdXZhdZcXdchiVciZZkdajX^cnVXijVa^oVX^c!jcegdXZhdÆZcZhiVYdXdchi^ijnZciZÇY^gVZaegd"
e^d6g^obZcY^Vgg^ZiV#AV:8BZhVa\d^cVXVWVYdedgYZ[^c^X^c!jcegdXZhdVW^Zgid!jcVZmeZg^ZcX^V
eZgbZVWaZ#9ZV]YZg^kVZaegde^djhdYZaV^YZVEXPERIENCIA COOPERATIVA#L[hYWfjkbei&)"&*o&+
($) 9edY[djhWY_d][e]h|\_YWoYe^[i_d_dj[hdW
6Y^[ZgZcX^VYZaVZbegZhVeg^kVYVfjZhZYZ[^cZVeVgi^gYZaVkdaVi^a^YVYYZaXVe^iVa!ZaXddeZgVi^k^h"
bdVggV^\VZcjcV\Zd\gV[VhdX^Van]jbVcVXdcXgZiV/aV:8BZhjcWjZcZ_ZbeadYZZaad#:h^bed"
h^WaZZciZcYZgaVZmeZg^ZcX^VXddeZgVi^kVh^cBdcYgV\dcnhjXdbVgXV#AVXdcXZcigVX^c\Zd\g{[^XV!
Za YZhVggdaad ZcY\Zcd n ÆXdcXcig^XdÇ YZa \gjed ]V h^Yd YZ \gVc gZaZkVcX^V eVgV aV ^cXjWVX^c! Za
[dgiVaZX^b^ZcidnaVeZgk^kZcX^VYZadhkVadgZhXjaijgVaZhXddeZgVi^kdh#
E6GI:>>/=>HIDG>6q%+/8A6K:H9:A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC 183
184
I[Z[iieY_Wb[iZ[bWiYeef[hWj_lWi_dj[]hWZWi[dCedZhW]ed
B>76
:HI6GI6
6A@6G<D <D>I>
8DCHDCC> A:6A9: >9:@D
B7H>HI:B6H :<JG@D 96CD76I
B6>:G I6?D 96CD"G6>A
8>@6JIMD
H:<JGDHA6<JC6GD @>9: 96CD76IH>HI:B6H
DC9D6C A6<JC6GDK>96 KhZkb_p
?ifWij[h 7>JGG6G:C6
B6IG>8> Ckd]_W <D>B:@
8[hh_WjkW
DC6EG:H 8_bXWe
;E@ PWckZ_e =[hd_aW
:[XW 7ij_]WhhW]W
:>@6 ;jn[XWhh_ CWha_dW ?jp_Wh PkcW_W E_Whjpkd DGDC6
>[hdWd_
76IO ?]ehh[ ;jn[XWhh_W D>6GHD
CWbbWX_W ;b]e_XWh 7dZeW_d
DG7:6 BDC9G6<DCH>HI:B6H
DH6IJ ;hckW
9D>@> 7:8@:G A6IO
;hh[p_b
7pf[_j_W 7b[]_W
:GDH@> ;behh_e 8[h]WhW
?aWpj[]_[jW =:GI:AA
JC:@:A 7hhWiWj[#
EjnWdZ_e 7djpkebW B[]ehh[jW :G:9J
CedZhW]ed
:IDG@> Ckh]W#7_WbW ;iaeh_WjpW B[]Wpf_ :9:G;>A
76GG:C:IM: EhZ_p_W
A:66GI>76> 7h[jnWXWb[jW EWj_
GD8=B6C
7:=>"6A9:
:A:8IG6K>IDG>6
8D>C6A9: B6IO":GG:@6
B88<G6E=>8H
ADG6B:C9> B6EH6
6JGG:C6@ L_jeh_W#=Wij[_p
JGHH6 EhYeo[d
>kWhj[FWcfbedW
8D>CB6
:AJG
DGIO6
:9:GA6C L_bbWjk[hjW
=J=:O>
6A:8DE
BJAI>;DD9
86?6A67DG6A ;6<DG>C9JHIG>6A JW\WbbW :9:GA6CAJOJG>6<6
A6<JC6GD A6C6
A6<JC6GDBDC9G6<DC <GJEDJAB6
6JODA6<JC :I:D
BDC9G6<DC8DC:I
BDC9G6<DCA>C<J6 JGDA6
A@H
;6<DG6GG6H6I: 96CDC6
;6<DG6JIDB6I>DC <:GD96C
;6<DG:A:8IGD9DBwHI>8DH 9DBJH6
;6<DG:A:8IGâC>86
B<:E DG@A>
>@:GA6C
:B7:<6
9>@6GL>C<GDJE
HDG6AJ8:
:8:C6GGD
8DEG:8>
BDC9G6<DC6HH:B7ANH#8dde#
<:HI>âC9:H:GK>8>DHG:H>9:C8>6A:H
6G>OB:C9>
A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:cigb^cdhYZZbeaZd!ZaeZhdZheZX[^XdYZaXddeZgVi^k^hbdZhbjngZYjX^YdZcZaEVhKVhXd0h^cZbWVg"
\d!ZcaVXdbVgXVYZa7bje:[XWÅcXaZd[jZgiZYZaXddeZgVi^k^hbdÅejZYZgdcYVgZcidgcdVa)%YZaV
edWaVX^cZXdcb^XVbZciZVXi^kVnVaXVcoVg]VhiVjc+%ZcBdcYgV\dc#
AV^ciZch^YVYYZaVhXdcZm^dcZhZ^ciZgVXX^dcZhZheVX^VaZhVgi^XjaVcegdXZhdhhdX^VaZhfjZdeZgVcZcY^hi^ciVh
Y^bZch^dcZh#CdhadhZediZcX^VjcV^ciZgYZeZcYZcX^VZXdcb^Xd"ZbegZhVg^Vad[jcX^dcVa!h^cdfjZiVbW^c
hZh^ZciVcaVhWVhZheVgV^cXdgedgVg]{W^idhhdX^VaZhnXjaijgVaZh#JcV^YZci^YVYnjchZci^YdYZeZgiZcZcX^V#
:caVodcVYZa6aid9ZWVZaXddeZgVi^k^hbd]VVYfj^g^YdjcVbVhVXgi^XVhj[^X^ZciZXdbdeVgVYZhVggdaaVgjceV"
igcXjaijgVaegde^d!fjZhZXVgVXiZg^oVedgaVcdgbVa^YVYnVXZeiVX^cYZa]ZX]dXddeZgVi^kd#:hiVXdcXZcigVX^c
\Zd\g{[^XV!edgiVcid!]Vh^Ydjc[VXidgXd]Zh^dcVYdgnYZXdchZgkVX^cYZaVXjaijgVXddeZgVi^kV#l[hYWfjkbe&(
($*$ CWdYeckdWY_dZ[bjhWXW`eWieY_WZe
:h hVW^Yd fjZ aV gZaVX^c ZcigZ XVe^iVa n igVWV_d hZ gZhjbZ Zc igZh \gVcYZh egZ\jciVh/ YZ fj^c Zh aV
ZbegZhV!fj^cbVcYVnXbdhZY^hig^WjnZcadhWZcZ[^X^dh#:cZag\^bZcXddeZgVi^kdZaXVe^iVaÅgZ[dg"
bjaVYdedg6g^obZcYVgg^ZiVXdbdigVWV_dV]dggVYdÅi^ZcZjcXVg{XiZg^chigjbZciVa#:aadZhVh!edgfjZ
hdc aVh eZghdcVh VhdX^VYVh aVh fjZ hZ h^gkZc YZa XVe^iVa eVgV ZbegZcYZg Za egdnZXid ZbegZhVg^Va# AVh
[jcX^dcZhW{h^XVhYZaXVe^iVahdc/aVVjid[^cVcX^VX^cYZaVZbegZhVnaV^bea^XVX^cYZahdX^dZcaVbVg"
X]VYZaVb^hbV#6jcfjZZaXVe^iVaegdYjXZjcVgZciV!cdYZiZciVYZgZX]dhhdX^ZiVg^dh#:aXVe^iVacdZh
igVch[Zg^WaZÅedgZhVgVoc!ZaXVe^iVahdX^VaYZaVhXddeZgVi^kVhZhkVg^VWaZÅnZcaVhXddeZgVi^kVhYZ
WVhZhiZkVVhdX^VYdVaejZhidYZigVWV_d#:aejZhidYZigVWV_dZhaVXdcY^X^cYZVXXZhdVaXVe^iVanVaV
egde^ZYVYYZaVZbegZhV#
:cBdcYgV\dcZhiZZhfjZbVegde^dYZaVhXddeZgVi^kVhYZigVWV_dVhdX^VYdhZZmiZcY^VidYdi^edYZXdd"
eZgVi^kVhYZWVhZ#AVVbea^VX^cYZaVVhdX^VX^cYZaigVWV_dVbai^eaZhhZXidgZhYZaVZXdcdbV0cdhadV
aVegdYjXX^c!h^cdiVbW^cVaXdchjbddVaXgY^id#
AVVbea^VX^cYZaVXdcY^X^cYZhdX^digVWV_VYdgdYZigVWV_d]Vh^YdjcV[dgbVYZVbea^VgaVWVhZhdX^Va
XddeZgVi^kV#:hVYdWaZXdcY^X^cYZigVWV_VYdgnZbegZhVg^d!ZhZcX^VYZah^hiZbVXddeZgVi^kd!eZgb^i^!edg
jcaVYd!gdbeZgXdcZaXgXjadk^X^dhdYZfjZZa]^_dYZaigVWV_VYdghadedYVhZgigVWV_VYdg0ZhYZX^g!Xdch^"
\j^Xdcm^idjcVkVcXZh^\c^[^XVi^kdZcaV^\jVaYVYYZdedgijc^YVYZh#EdgdigdaVYd!aZY^dbVndgXd]ZgZcX^V
YZcigdYZjcegdXZhdVbea^dYZhdX^Va^oVX^cXddeZgVi^kV#
($+ 9Wf_jWb_pWY_dZ[h[ikbjWZei
AVedai^XVYZXVe^iVa^oVX^cYZgZhjaiVYdh]Vh^Ydjceg^cX^e^dYZhda^YZoZbegZhVg^Va#6aVhXddeZgVi^kVhaZh
]VeZgb^i^YdgZ[dgoVgYZ[dgbVeZgbVcZciZadhgZXjghdhegde^dh!VjbZciVcYdaVXVeVX^YVYYZgZh^hiZcX^V
Zc XdciZmidh VYkZghdh n ediZcX^VcYd aVh edh^W^a^YVYZh YZ YZhVggdaad Zc XdnjcijgVh ZmeVch^kVh# 9jgVciZ
bjX]dhVdh!hadaVeVgiZYZadhgZhjaiVYdhYZhi^cVYVVa;dcYdYZDWgVhHdX^VaZh&%hVaVYZaVXddeZ"
E6GI:>>/=>HIDG>6q%+/8A6K:H9:A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC 185
gVi^kV#:agZhid!^cXaj^YVaVeVgi^X^eVX^cYZadhhdX^dhZcadhWZcZ[^X^dhgZidgcdh!hZXVe^iVa^oVWVc!h^cfjZ
[jZgVc gZ^ciZ\gVWaZh b{h fjZ Zc XVhd YZ _jW^aVX^c d hVa^YV YZ aV XddeZgVi^kV# 6XijVabZciZ! VjcfjZ ZhV
Y^hX^ea^cVhZ]VgZaV_VYd!hZh^\jZcXVe^iVa^oVcYdjcVWjZcVeVgiZYZadhgZhjaiVYdhXddeZgVi^kdh#9Za,%
YZadhgZhjaiVYdhfjZfjZYVcVY^hedh^X^cYZaV6hVbWaZVhadjcVeZfjZVeVgiZhZbdcZiVg^oV!ZagZhid
eZgbVcZXZZcaVXddeZgVi^kVXdbdXVe^iVa^cY^k^YjVa^oVYdÅXjZciVh^cY^k^YjVaZhÅdXdaZXi^kdÅ[dcYdhYZ
gZhZgkVdWa^\Vidg^dhnkdajciVg^dhÅ#
:hiVVXijVX^c!cZiVbZciZXddeZgVi^kV!iVbW^c]Vh^YdjcV[dgbVYZigVYjX^gkVadgZchda^YVg^YVY#:m^hiZ
jcZh[jZgodXdaZXi^kdedggZ^ckZgi^gadhWZcZ[^X^dhXdcZadW_Zi^kd[^cVa^hiVYZYVgXdci^cj^YVYVaegdnZXidZb"
egZhVg^Va!\ZcZgVgZbeaZdng^fjZoVhdX^Va#l[hYWfjkbei&*o&.
($, C[YWd_iceiZ[_dj[hYeef[hWY_d
AV ZmeZg^ZcX^V ]V YZbdhigVYd fjZ jcV hdaV XddeZgVi^kV iZcYgV edXVh edh^W^a^YVYZh YZ hdWgZk^k^g0 eZ"
gZXZgVVciZXjVafj^ZgZbWViZYZcd]VaaVghZ^ciZ\gVYVnÆhdedgiVYVÇedgjcVV\gjeVX^cYZZbegZhVh#
AVXddeZgVX^cZcigZXddeZgVi^kVh!iVbW^cXdcdX^YVXdbd^ciZgXddeZgVX^c!]Vh^YdaV[gbjaVfjZ]V
eZgb^i^YdVjbZciVgaVh[dgiVaZoVhnY^hb^cj^gaVhYZW^a^YVYZh#
8dbdbZXVc^hbdhYZ^ciZgXddeZgVX^cedYZbdhZcjbZgVgadhh^\j^ZciZh/igVhkVhZYZhVWZgZh!XVe^iVaZh
neZghdcVhYZjcVhXddeZgVi^kVhVdigVh0jc^[^XVX^cYZhZgk^X^dhXdbjcZh0XgZVX^cYZ[dcYdhXdbjcZh!
YZcjZkdhegdnZXidhZbegZhVg^VaZhnYZhZgk^X^dhYZXdWZgijgV#
AVhedai^XVhYZgZXdckZgh^cYZgZhjaiVYdhnYZgZjW^XVX^dcZh!nZaXdcigdanVednd[^cVcX^ZgdYZaV8V_V
AVWdgVa]Vch^YdbZXVc^hbdhXaVkZZcZaegdXZhdYZ[dgiVaZX^b^ZcidZbegZhVg^VaZ^ciZ\gVX^cYZa\gjed
XddeZgVi^kd#:hidhbZXVc^hbdhhZejh^ZgdcZheZX^VabZciZVegjZWVÅXdcm^idÅZcadhVdhdX]ZciV
YjgVciZaVeZdgXg^h^hZXdcb^XVfjZ]VceVYZX^YdaVhXddeZgVi^kVhZcidYVhj]^hidg^V#
AVgZXdckZgh^cYZgZhjaiVYdhVbea^VbZciZ\ZcZgVa^oVYVZcadhVdhhZiZciVndX]ZciV!VnjYVeVa^VgaV
h^ijVX^cYZaVhXddeZgVi^kVhb{hV[ZXiVYVhedgaVXg^h^hZXdcb^XVYZaVedXVbZY^VciZaVigVch[ZgZcX^V
YZgZXjghdhYZVfjZaaVhdigVhZcedh^X^cb{hYZhV]d\VYV#8VYV\gjediZcVXVeVX^YVYYZYZX^h^chdWgZ
ZaedgXZciV_ZVXdbeVgi^gYZadhWZcZ[^X^dhdWiZc^YdhdegY^YVhZcaVhfjZhZ]VWV^cXjgg^YdYZhYZjc
(%]VhiVjc&%%#
AV gZjW^XVX^c YZ adh igVWV_VYdgZh! digV bZY^YV eg^dg^iVg^V Zc XdnjcijgVh gZXZh^kVh! ]V eZgb^i^Yd YVg
hdajX^cZcZahZcdYZa\gjedXddeZgVi^kdVaegdWaZbVYZaYZhZbeaZd!igVhaVYVcYdVhdX^dh"igVWV_VYdgZh
ZmXZYZciVg^dhVdigVhXddeZgVi^kVh#
>\jVabZciZ!ZaVednd[^cVcX^ZgdYZ8V_VAVWdgVanaV^ciZgkZcX^cY^gZXiVYZaV9^k^h^c:begZhVg^VaYZaV
8V_V!egjZWVYZaXdbegdb^hdYZhiVXdcaVhXddeZgVi^kVh![jZgdcYZX^h^kdheVgV]VXZggZ[adiVgbjX]dh
egdnZXidhXddeZgVi^kdh#:cadhai^bdhVdhZhZaXZcigdXdgedgVi^kdfj^Zc]VVhjb^YdaV[jcX^cYZVY"
b^c^higVgWjZcVeVgiZadhbZXVc^hbdhYZ^ciZgXddeZgVX^ceVgVediZcX^VgaVXVeVX^YVY[^cVcX^ZgVYZaVh
XddeZgVi^kVh#l[hYWfjkbe&.
186 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
($- ;dj_ZWZ[iZ[ikfhW[ijhkYjkhW
9ZhYZaVXgZVX^cYZadh\gjedhXdbVgXVaZh]VhiVaVXgZVX^cYZBdcYgV\c8dgedgVX^c8ddeZgVi^kV!
eVhVcYdedgaVV\gjeVX^chZXidg^Va!aVhZci^YVYZhYZhjegVZhigjXijgV]Vc_j\VYdjceVeZaZhZcX^VaZc
aVXdchigjXX^cYZidYdadfjZgZegZhZciV]dnZabdk^b^ZcidXddeZgVi^kd#
6aVXgZVX^cYZadh\gjedhXdbVgXVaZhhjWnVXVZaZheg^ijYZXgZVgZhigjXijgVhXdbjcZhn[dgiVaZXZg
aVhda^YVg^YVY^ciZgXddeZgVi^kVeVgVegde^X^VgjcYZhVggdaadVgbc^XdnZfj^a^WgVYdYZaVhXddeZgVi^kVh#
AdhhZgk^X^dhXZcigVa^oVYdhWjhXVWVcZk^iVgaVYjea^X^YVYYZX^ZgiVh[jcX^dcZh!XdbdaVegdbdX^cdZa
Vc{a^h^hZXdcb^Xd"[^cVcX^Zgd!fjZhZgZeZiVcZcidYVhaVhXddeZgVi^kVh#6YZb{h!hZXddgY^cVWVcaVh
edai^XVhnZhigViZ\^VhXdc_jciVh!hZgZY^hig^WjVcadhgZXjghdhY^hedc^WaZhnhZ[dbZciVWVaVegdbdX^c
YZZbeaZdXddeZgVi^kd#
AVhjhi^ijX^cYZadh\gjedhXdbVgXVaZhedgadh\gjedhhZXidg^VaZhXdcjc^YVYYZY^gZXX^cdeZgVi^kVn
YZ\Zhi^c!hjejhdjceVhdb{hVaa{ZcZaegdXZhdYZZhigjXijgVX^c\gjeVa#EdXdYZhejh!aVXdchi^ij"
X^cYZBdcYgV\dck^cdVegd[jcY^oVgZhVdg^ZciVX^c#
AVji^a^YVYeg{Xi^XVnZa^ciZghXdbcgZhjbZcZhiZegdXZhdXaVkZeVgVaVXdchda^YVX^cYZaVZmeZ"
g^ZcX^VXddeZgVi^kVYZBdcYgV\dcXdbdjcdYZadheg^cX^eVaZh\gjedhXddeZgVi^kdhYZidYdZabjcYd#
l[hYWfjkbei&+o&.
E6GI:>>/=>HIDG>6q%+/8A6K:H9:A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC 187
III. Parte
Realidad
&-
97FßJKBE
Articulación
Intercooperativa
Índice
>cigdYjXX^c###############################################################################################################################&.(
&# AdhVciZXZcYZciZhYZaV^ciZgXddeZgVX^c####################################################################&.)
&#& 8V_VAVWdgVa###########################################################################################################################################&.)
&#' AV9^k^h^c:begZhVg^VaYZ8V_VAVWdgVa###########################################################################################&.*
'# :aeg^bZg\gjedXdbVgXVa/JaVgXd#####################################################################################&.+
'#& 8dbegdb^hdXdcaVhdX^ZYVY################################################################################################################&.+
'#' :hiVijidhYZJaVgXd################################################################################################################################&.,
'#( :higjXijgVdg\{c^XVYZa\gjed##############################################################################################################&.-
'#) AVgZXdckZgh^cYZgZhjaiVYdh#############################################################################################################&.-
(# Adh\gjedhXdbVgXVaZh####################################################################################################&..
(#& CjZkdXdciZmidhdX^dZXdcb^Xd############################################################################################################&..
(#' CVijgVaZoVYZadh\gjedhXdbVgXVaZh#################################################################################################'%&
)# :a\gjedXddeZgVi^kdBdcYgV\dc########################################################################################'%&
)#& 6ciZXZYZciZh###########################################################################################################################################'%'
)#' Eg^bZgVh^chi^ijX^dcZhXdbjcZh###########################################################################################################'%'
)#( Adh\gjedhXdbVgXVaZhZc&..%##########################################################################################################'%*
*# BdcYgV\c8dgedgVX^c8ddeZgVi^kV##############################################################################'%-
*#& :aiZgXZg8dc\gZhd8ddeZgVi^kd#########################################################################################################'%.
*#' AVZhigjXijgVdg\Vc^oVi^kVYZB88#################################################################################################'&%
*#( :a8Zcigd8dgedgVi^kd############################################################################################################################'&&
*#) Adh<gjedh8dbVgXVaZhZcaVcjZkVdg\Vc^oVX^c###########################################################################'&'
+# AVgZZhigjXijgVX^cYZaÛgZV>cYjhig^V#########################################################################'&(
,# :higjXijgVdg\{c^XVYZBdcYgV\dc################################################################################'&)
,#& 8dc\gZhd8ddeZgVi^kd#############################################################################################################################'&)
,#' AV8db^h^cEZgbVcZciZ######################################################################################################################'&+
,#( :a8dchZ_d<ZcZgVa################################################################################################################################'&,
-# ;dcYdh^ciZgXddeZgVi^kdh##################################################################################################'&-
-#& ;dcYd8ZcigVaYZ>ciZgXddeZgVX^c;8>###########################################################################################'&.
-#' ;dcYdYZ:YjXVX^cnEgdbdX^c>ciZgXddeZgVi^kd;:E>###############################################################''%
-#( ;dcYdYZHda^YVg^YVY8dgedgVi^kV;H8###########################################################################################''%
192 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
:aVYV\^dhZ\cZaXjVaaVjc^c]VXZaV[jZgoVhZVYZXjVeZg[ZXiVbZciZVaVZmeZg^ZcX^VXddeZgVi^kVYZBdc"
YgV\dc#:aXVeijadfjZ^cigdYjX^bdhgZXd\ZYZ[dgbVh^cii^XVaV]^hidg^VYZaVZhigjXijgVX^c^ciZgXddeZgVi^kV
YZaV:8BXdbdeVgiZYZjcegdXZhdegd\gZh^kdnYZXdbeaZ_^YVYXgZX^ZciZ#
9ZhYZaVXdchi^ijX^cYZaeg^bZg\gjedXddeZgVi^kd!JaVgXd!]VhiVaVVXijVaXdc[^\jgVX^cdg\Vc^oVi^kVYZa\gj"
edBdcYgV\dc!aVVgi^XjaVX^c^ciZgXddeZgVi^kVZcigdcXVY^gZXiVbZciZXdcZa{bW^idYZaV^ccdkVX^chdX^Va#
8dbdhZkZg{ZcaVhegm^bVhe{\^cVh!ZcBdcYgV\dcaViZcYZcX^V]VX^VaVk^cXjaVX^cZhbjniZbegVcV#
Edh^WaZbZciZZhViZcYZcX^VZhiVhdX^VYVVaV^c[ajZcX^Vnk^h^cYZ6g^obZcY^Vgg^ZiV!eVgVfj^ZcaVbVcXdbj"
c^XVX^cXddeZgVi^kVcdZgVhadjcVXjZhi^cYZ[dgiVaZX^b^ZcidZbegZhVg^Vah^cdYZXgZX^b^Zciddg\{c^Xd#
AV^ciZgXddeZgVX^cXdbdbZXVc^hbdYZhVakV\jVgYVZceZg^dYdhYZXg^h^h!Xdbd^chigjbZcidYZhda^YVg^YVY
ZcigZaVhXddeZgVi^kVhnXdbdeVaVcXVYZYZhVggdaadXdbjc^iVg^d!]ViZc^YdjcV^bedgiVcX^VXgjX^Va#:aeg^c"
X^e^dYZhda^YVg^YVYfjZhjWnVXZVaV^ciZgXddeZgVX^c!Xdc[ajnZZcaVkVadgVX^cedh^i^kVYZaVhkZciV_VhYZ
VhdX^VX^cnad]VXZYZ[dgbVVW^ZgiV0YZiVabVcZgVfjZhZg{aVegde^VgZVa^YVYaVfjZkVnV^beg^b^ZcYdYZ
[dgbVeg{Xi^XVnY^c{b^XVaVh[dgbVh!adhVaXVcXZhnadhgVh\dhYZaV^ciZgXddeZgVX^c#
AV^ciZgXddeZgVX^c]V]ZX]dXdc[aj^gaVZ[^X^ZcX^VXdcaVhda^YVg^YVY#:cZab^hbdhZci^Yd!edYgVbdhhZVaVg
fjZaVhacZVhbVZhigVhYZaV^ciZgXddeZgVX^c]Vc\^gVYdZcidgcdVXjZhi^dcZhiVcidYZ^ciZghXdbcXdbd
YZji^a^YVYeg{Xi^XV#
9ZhYZjcVeZgheZXi^kV]^hig^XV!ZaegdXZhdYZZhigjXijgVX^c^ciZgXddeZgVi^kVhZedYgVY^k^Y^gZcigZh\gVc"
YZh[VhZh/eg^bZgd!YZhYZadhZh[jZgodhYZXd]Zh^cYZ8V_VAVWdgVaEdejaVg]VhiVaVXgZVX^cYZadh<gjedh
8dbVgXVaZh#HZ\jcYd!YZhYZaVhgZ[aZm^dcZhhdWgZadhg\VcdhXdbjcZhVaVXdchi^ijX^cYZa<gjed8ddeZ"
gVi^kdYZBdcYgV\dc#NiZgXZgd!YZhYZaVXgZVX^cYZBdcYgV\c8dgedgVX^c8ddeZgVi^kV]VhiVZabdbZcid
VXijVa#:hiZXVeijadh^\jZb{hdbZcdhZhiVb^hbVhZXjZcX^V#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 193
1. Los antecedentes de la intercooperación
H^c YjYV Va\jcV! Za eg^bZg cZmd YZ jc^c ZcigZ aVh XddeZgVi^kVh fjZ [jZgdc hjg\^ZcYd Zc Za Zcidgcd YZ
6ggVhViZ"BdcYgV\c[jZZaegde^d6g^obZcY^Vgg^ZiVÅXdcZaVedndYZa\gjedegdbdidgÅ#9ZW^YdZceVgiZV
hjgZaVX^ceZghdcVaXdcY^gZXi^kdhYZY^kZghVhXddeZgVi^kVh!6g^obZcY^Vgg^ZiVegdbdk^ZaiZ_^YdYZ^ciZgXd"
deZgVX^cfjZb{hVYZaVciZhZ^chi^ijX^dcVa^oVgVnXjnVeg^bZgVbjZhigVhZgVaV8V_VAVWdgVaEdejaVg#
NV]ZbdhhZVaVYdZcaVeVgiZYZ=^hidg^VfjZaVXdchi^ijX^cYZ8V_VAVWdgVahZYZW^VjcVVejZhiV
eZghdcVaYZ6g^obZcY^Vgg^ZiV!cdXdbeVgi^YVZcjceg^bZgbdbZcidedgadhYZb{h#AVXaVg^YVYXdcaV
fjZ6g^obZcY^Vgg^ZiV k^daVcZXZh^YVY YZXgZVgjcV hdX^ZYVYXddeZgVi^kVYZXgY^idaZaaZkVYVgadh
eg^bZgdheVhdhZchda^iVg^d!XdckZcX^YdYZfjZZcedXdi^ZbedadhXddeZgVi^k^hiVhhZYVgVcXjZciVYZ
hj^bedgiVcX^V#NVh[jZXdbddXjgg^#:cedXdhVdh8V_VAVWdgVahZXdck^gi^Zce^ZoVXaVkZYZabd"
k^b^ZcidXddeZgVi^kdYZBdcYgV\dc!cdhadedgfjZedh^W^a^iaVXgZVX^cYZjcVZhigjXijgV[^cVcX^ZgV
egde^V! h^cd edg hj XVeVX^YVY YZ V\aji^cVg Zc idgcd hjnd Va \gjZhd YZ aVh XddeZgVi^kVh# 8V_V AVWdgVa
Xjbea^igZh[jcX^dcZhW{h^XVhZchjeg^bZgVedXV/ÆaVeg^bZgVhZgZ[ZgVVgZXajiVgY^cZgdnZchZVg
V\VhiVg!ZhYZX^g!ZchZVgV^ckZgi^gad0aVhZ\jcYVZgVaVegZk^h^chdX^VanaViZgXZgVk^gijY!fjZXVh^
cd hZ X^iVWV! ZgV edcZg Zc Xdbc aV XjaijgV XddeZgVi^kV n aVh ^ckZcX^dcZh hdX^VaZh n iXc^XVh fjZ hZ
\ZcZgVWVcZcXVYVjcVYZaVhXddeZgVi^kVh#8V_VAVWdgVaZgVZaZbWVahZYZaVXjaijgVVjicdbVYZaVh
jc^YVYZhfjZXdchi^ijVcZa\gjedÇ#
'$'$ 9W`WBWXehWb
8V_VAVWdgVaEdejaVghZXdchi^ijnZc&.*.XdcZaVedndYZaVhXddeZgVi^kVhJa\dg]dn;V\dg:aZXigdYdbh"
i^Xdh!6ggVhViZ]dn;V\dg6ggVhViZ!;jcXdgnaVXddeZgVi^kVYZXdchjbdHVc?dh#Hj[jcX^c^c^X^VaZgV[V"
kdgZXZgZahdedgiZ[^cVcX^ZgdXVeiVcYdadhV]dggdhYZadhhdX^dhnadhZmXZYZciZhXddeZgVi^kdheVgVXVcVa^oVg
Y^X]dhgZXjghdhZcZaYZhVggdaadYZdigVhXddeZgVi^kVh#AVVXjbjaVX^cYZZhidhgZXjghdheZgb^iVedcZgZc
bVgX]V^c^X^Vi^kVhfjZYZdigdbdYd!ZhYZX^g!ViZcY^ZcYdhadVadhgZXjghdh^ciZgcdhYZaVhXddeZgVi^kVh!
]VWgVch^Yd^beZchVWaZhZcVfjZabdbZcid#
DigdYZadhXdbZi^YdhYZ8V_VAVWdgVahZgZ[ZgVVaVVh^hiZcX^VnegZk^h^chdX^Va!VXi^k^YVYfjZVeVgi^gYZ
&.++hZYZhVggdaaVgVYZhYZjcVZci^YVY^cYZeZcY^ZciZ/AV\jc"6gd#Hjdg^\ZcZhi{a^\VYdVjc[VXidgeda"
i^Xd#:ag\^bZc[gVcfj^hiV]VWVcZ\VYdVadhXddeZgVi^k^hiVhZaYZgZX]dVV[^a^VghZVaG\^bZc<ZcZgVaYZ
aV HZ\jg^YVY HdX^Va edgfjZ Xdch^YZgVWV V adh hdX^dh XddeZgVi^k^hiVh egde^ZiVg^dh YZ aVh ZbegZhVh Zc aVh
fjZigVWV_VWVcZcXdcigVedh^X^cXdcadhigVWV_VYdgZhXdcigViVYdhedgXjZciVV_ZcV!fjZZgVcadhc^Xdh
XdcYZgZX]dV[dgbVgeVgiZYZaG\^bZc<ZcZgVa#JcVkZob{h!aVcZXZh^YVYkdak^VhZgZ_ZXdcZXidgYZaVh
XddeZgVi^kVhfjZ[jZgdcXVeVXZhYZjc^ghZnXjWg^gVigVkhYZAV\jc6gdjcVhZg^ZYZegZhiVX^dcZhhdX^VaZh
W{h^XVh#l[hYWfjkbe)"f|]$'()
& <DGGDxD<D>I>6!6#'%%)/;V\dg:YZgaVc!e{\#'&)#
194 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
'$($ BW:_l_i_d;cfh[iWh_WbZ[9W`WBWXehWb
6eg^cX^e^dhYZadh+%ZcZahZcdYZ8V_VAVWdgVaEdejaVghZXdcX^W^hj9^k^h^c:begZhVg^VaXdcZadW_Zi^kd
YZ[jcX^dcVgXdbdSERVICIO TÏCNICOYZaVhXddeZgVi^kVhnXjbea^g!ZcX^ZgiVbZY^YV!XdcaV[jcX^cXd]Zh^kV
nY^[jhdgVYZaVXjaijgVXddeZgVi^kV#Adheg^bZgdhVdhYZaV9^k^h^c:begZhVg^VahZXVgVXiZg^oVgdcedgaV
^cYZ[^c^X^cnjcVZhigjXijgVdg\Vc^oVi^kV^c[dgbVa!fjZ[jZVhZci{cYdhZVbZY^YVfjZhZYZ[^c^ZgdcaVhigZh
[jcX^dcZhW{h^XVhVXjbea^g/aVh[jcX^dcZhegZXVjidgVeVjiVhYZ[jcX^dcVb^Zcid[^cVcX^ZgdnXdciVWaZ!bZ"
XVc^hbdhYZ^ciZgkZcX^c!VhZhdgVbVg`Zi^c\!eZghdcVanegdbdidgVaVcoVb^ZcidYZcjZkVh^c^X^Vi^kVh#
9ZZhiVbVcZgV!8V_VAVWdgVa[jZV\gjeVcYdiVcidVXddeZgVi^kVhnVXdchi^ij^YVhXdbdVcjZkVh^c^X^Vi^kVh
fjZhZ[jZgdcXgZVcYdZchjhZcdVigVkhYZa9edjhWjeZ[WieY_WY_dAVcV!HdgVajXZ!8degZX^!6jodAV\jc!
XddeZgVi^kVhYZXgZVX^cVjicdbVImjgim^a!DcV"egZh!6jggZcV`![jh^dcZh:gdh`^!7Zgg^daVnZhX^h^dcZh;V"
\dg:aZXigdiXc^XV!AZjc`dgdigVch[dgbVX^cYZZbegZhVhXVe^iVa^hiVhZcXddeZgVi^kVh;V\dg:YZgaVc!>g^oVg!
8d^cbV#:hiVhXddeZgVi^kVhÆVhdX^VYVhÇVaVZci^YVYXgZY^i^X^VhZWZcZ[^X^VWVcYZadhgZXjghdh[^cVcX^ZgdhYZ
8V_VAVWdgVa!fjZYVcYddWa^\VYVhVYZedh^iVgZcZaaVhjhZmXZYZciZhnVXjbea^gXdcadheg^cX^e^dhXddeZgV"
i^kdh#6YZb{h!iZcVcfjZV_jhiVghZVjcdheg^cX^e^dhZXdcb^XdhgZaVi^kVbZciZ]dbd\cZdhZcgZaVX^cVaV
Y^hig^WjX^cYZgZhjaiVYdh!YZiZgb^cVX^cYZa;dcYdYZDWgVhHdX^VaZh!VedgiVX^c^c^X^VaYZadhhdX^dh!gZidg"
cdhXddeZgVi^kdh!^ciZghb{m^bdVaXVe^iVa!ZiX#
H^cZbWVg\d!aVhXddeZgVi^kVhVhdX^VYVhcdXdchi^ijVcjc\gjedZchb^hbdedgfjZcdZm^hiVcaVodhdg\{c^Xdh
ZcigZZaaVh#HjgZaVX^chZgZYjXVVa]ZX]dYZeZgiZcZXZgVjcVb^hbVZci^YVYXgZY^i^X^VÅ8V_VAVWdgVaÅ!VjcfjZ
XdciVgVc!W{h^XVbZciZ!Xdcjcdhb^hbdhZhiVijidhhdX^VaZhnjch^hiZbVYZ[jcX^dcVb^Zcidh^b^aVgbdYZa^oVYdZc
8V_VAVWdgVa#Edgai^bd!nY^gZXiVbZciZgZaVX^dcVYdXdchjXdaVWdgVX^cXdcaVXddeZgVi^kVYZXgY^id!XdciVWVc
XdcjcVb^hbV[jZciZYZ[^cVcX^VX^cnidYVheVgi^X^eVWVcZchj6hVbWaZV<ZcZgVa#
:aZhfjZbVYZVfjZa^cX^e^ZciZ\gjedXddeZgVi^kdZgVbjnh^beaZ/XVYVXddeZgVi^kVV[gdciVWVhjegde^dYZh"
i^cdYZ[dgbV^cY^k^YjVaXdcadhVedndh[^cVcX^ZgdhnYZ\Zhi^cYZ8V_VAVWdgVanhj9^k^h^c:begZhVg^Va#
97@7B78EH7B
:_l_i_d;cfh[iWh_Wb
9eef[hWj_lWi
7 8 9 : ; < Å
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 195
2. El primer grupo comarcal: Ularco
6eVgi^gYZaVXZgXVb^ZcidZcigZaVhXddeZgVi^"
kVhÅbdi^kVYdedghjeZgiZcZcX^VV8V_VAVWd"
gVaÅ XdbZcoVgdc V YVghZ adh eg^bZgdh eVhdh
]VX^V jcV gZY ^ciZgXddeZgVi^kV0 hZ ZbeZoVgdc
ViZcYZgaVodhYZXddeZgVX^cZcigZZbegZhVh
^cYZeZcY^ZciZh ZcigZ h# 6h hjg\^ Za eg^bZg
\gjedXdbVgXVa/Za\gjedJaVgXd#
AV^ciZgXddeZgVX^cYZhXVchVZcjc[jcYVbZc"
idYdWaZ/edgjcaVYd!hZVednVZcaVhkZciV_Vh
ZXdcb^Xd"ZbegZhVg^VaZh YZ aV VhdX^VX^c YZ
XddeZgVi^kVh0edgdigdaVYd!eZgb^iZZhiVWaZXZg
aVhWVhZheVgVediZcX^VgadhkVadgZhXddeZgVi^"
KbWhYe"[bfh_c[h]hkfeYeef[hWj_le"i[\kdZieXh[[b kdh!ZcXdcXgZid!ZaXdbegdb^hdYZaVhXddeZ"
Yecfhec_ieh[YfheYeobWieb_ZWh_ZWZYecWhYWb$
gVi^kVhXdcaVhdX^ZYVY#
($'$ 9ecfhec_ieYedbWieY_[ZWZ
:cZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiVaVhXddeZgVi^kVhhdccXaZdhYZigVWV_dVahZgk^X^dYZaVXdbjc^YVY#
Hj[jcX^cegdYjXi^kVZhjcbZY^dnjc^chigjbZcideVgVXdchZ\j^gZmXZYZciZhfjZcdhadhZgZ^ckZgi^g{c
ZcZaegdnZXidZbegZhVg^Va!h^cdfjZiVbW^cgZkZgi^g{cZcWZcZ[^X^dYZaVhdX^ZYVY/^bejahVcYdVXi^k^YVYZh
XjaijgVaZhnZYjXVi^kVh!XgZVcYdZhigjXijgVhYZVh^hiZcX^VhVc^iVg^VnYZegZk^h^chdX^Va!negdiZ\^ZcYdn
egdbdk^ZcYdcjZkdhejZhidhYZigVWV_d#:chciZh^h!egdbdk^ZcYdjcYZhVggdaad^ciZ\gVaYZaVXdbjc^YVY#
:cZaeZg^dYd[jcYVX^dcVaadhZhiVijidhYZaVhgZX^cXgZVYVhXddeZgVi^kVhXdcXZY^Zgdc\gVc^bedgiVcX^VV
aVgZ^ckZgh^cYZZmXZYZciZh!YZiVabVcZgVfjZhZhZciVgdcaVhWVhZheVgVjcVVbea^VX^ceZgbVcZciZYZa
egdnZXidXddeZgVi^kd#AdhVci^X^edhhZa^b^iVWVcVac^kZahVaVg^VabZY^dYZaVodcV0ZaXVe^iVagZX^WVjc^ciZ"
gh[^_d0adhWZcZ[^X^dhZgVcXVe^iVa^oVYdhXVh^ZchjidiVa^YVY!hVakdZaaaVbVYd;dcYdYZDWgVhHdX^VaZh!Xjnd
bc^bdZhiVWV[^_VYdZcZa&%YZadhZmXZYZciZh#:hiVY^c{b^XVVejciVWVVjcVa\^XVYZVjid[^cVcX^VX^c#
Adeg^bdgY^VaZgVhVXVgVYZaVciZaVZbegZhV0ZaXdciZmidZXdcb^XdVji{gfj^XdnegdiZXX^dc^hiVad[VkdgZXV!
edgadfjZadhWZcZ[^X^dh[jZgdcaaZ\VcYdVaVhXddeZgVi^kVh#AVhcZXZh^YVYZh^ciZgcVhZhiVWVcXjW^ZgiVh!n
VchZedYVcVXdbZiZgegdnZXidhXdbjc^iVg^dh\gVX^VhVa;dcYdYZDWgVhHdX^VaZh#
:gVZk^YZciZfjZaVhXddeZgVi^kVhYZ[dgbVV^haVYViZcVcbZcdgXVeVX^YVYeVgVaaZkVgVXVWdZhidhXdbZi^Ydh
hdX^VaZh!YZ[dgbVfjZkVg^VhXddeZgVi^kVhYZaZcidgcdYZ6ggVhViZ"BdcYgV\ch^ci^ZgdcaVcZXZh^YVYYZ[dgiV"
aZXZghjhaVodh^ciZgcdh#:hiV^c^X^Vi^kVYZVXZgXVb^Zcidcd\^gVWVZcidgcdVaV^ciZ\gVX^cZXdcb^XVnhdX^Va
YZaVhXddeZgVi^kVh!h^cdfjZ^WVb{hZcaVacZVYZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiV!YVcYd[jcYVbZcidVa
YZhVggdaadYZaVhda^YVg^YVY^ciZgXddeZgVi^kVnVaVhVXi^ijYZhbdgVaZhZcZa{bW^idZbegZhVg^VaXdbdeVgiZYZ
196 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
jcegdXZhdVhdX^Vi^kdegd\gZh^kd#:adW_Zi^kdZgVcdXVZgZcjc^cY^k^YjVa^hbdZbegZhVg^VagZeVgi^ZcYdadhWZ"
cZ[^X^dh^ciZgcVbZciZZcigZadhigVWV_VYdgZh!h^cdVhjb^gjcXdbegdb^hdXdcaVhdX^ZYVY#7V_dZhiZejcidYZ
k^hiV!ZgVZhZcX^VagZ^ckZgi^gZcaVegde^VXddeZgVi^kV!eZgdiVbW^cXVcVa^oVgjcVeVgiZYZaVh\VcVcX^Vh]VX^V
aVhdX^ZYVYeVgVedYZg\VgVci^oVgZaYZhVggdaadYZaVhXdbjc^YVYZhYZigVWV_d#l[hYWfjkbe'"f|]$,,
8jVigdXddeZgVi^kVhÅJa\dg!6ggVhViZ!8degZX^n8dbZi]dn;V\dg:YZgaVcÅ]^X^ZgdchjnVhZhiVh^YZVh!n
Zc&.+)egdejh^ZgdcaVXdchi^ijX^cYZjcVVhdX^VX^cYZXVg{XiZgeg^kVYd!gZ\jaVYVYZ[dgbVbjai^aViZgVa
XdbdaVbVcZgVb{hVYZXjVYVYZV\gZ\VgXVeVX^YVYZh[^cVcX^ZgVh!YZ\Zhi^c!gZegZhZciVi^kVhnhdX^VaZh#
:a8dbeaZ_d>cYjhig^Va8ddeZgVi^kdJaVgXd<gjed;V\dgVeVgi^gYZ&.-+hZXdc[dgbXdbdjcVZhigjXijgV
^ciZgXddeZgVi^kVfjZhZ]VgVXVg\dYZY^kZghVh[jcX^dcZhVaVhfjZ]VhiVZcidcXZhaVhXddeZgVi^kVhgZhedc"
YVc^cY^k^YjVabZciZ#
KB7H9E09K7JHE9EEF;H7J?L7I"9K7JHE79J?L?:7:;I"KD=HKFE
AVh XjVigd XddeZgVi^kVh fjZ Xdchi^ijnZgdc JaVgXd Zc &.+) [jZgdc Ja\dg! 6ggVhViZ! 8degZX^ n 8dbZi# Ja\dg! aV eg^bZgV
XddeZgVi^kVYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dcXgZVYVZc&.*+!ZgVZaZ_ZbeadVhZ\j^gedgidYVhaVhYZb{hedghj
g{e^YVZmeVch^cnXjVci^dhdhWZcZ[^X^dh#Ja\dghZYZY^XVWVVaV[VWg^XVX^cYZ]dgc^aadhnXdX^cVh#EdghjeVgiZ!6ggVhViZ
[jZXgZVYVZc&.*,n[VWg^XVWVbVfj^cVg^VnigdfjZaZh#8degZX^XdbZcoV[VWg^XVgXdbedcZciZheVgVZaZXigdYdbhi^XdhZc
ZaVd&.+'n8dbZiYZhYZhjh^c^X^dhZc&.+(hZYZY^XVaV[jcY^X^cYZ]^Zggd!aV^cnZXX^cYZVajb^c^dnaVXgZVX^cYZ
bdaYZhnbdYZadh#HjhejcidhYZXdc[ajZcX^VcdZgVcZhig^XiVbZciZZbegZhVg^VaZh/cdXdbeVgiVciZXcdad\V!c^egdYjXid!
c^bZgXVYdh#AVgZaVX^ckZcVYVYVedgaVXZgXVcV\Zd\g{[^XVnhdWgZidYd!edgaV^YZci^[^XVX^cfjZXdc[ZgVZa]ZX]dYZ
XdbeVgi^gjcb^hbdhZci^YdYZXdbjc^YVY#
JaVgXdhZXdchi^ijnZc&.+)XdbdjcVZhigjXijgV]d" :aVgiXjadYdhYZadhZhiVijidhYZJaVgXdgZXd\VadhdW_Zi^kdh
g^odciVaYZVY]Zh^ckdajciVg^VYdcYZaVhXddeZgVi^kVh YZaVZci^YVYYZaVh^\j^ZciZbVcZgV/hESTA ASOCIACIØN BASADA
eVgi^X^eVWVcbZY^VciZjcXdcigVidbjai^aViZgVa# EN UN RÏGIMEN DE COMPROMISO RECÓPROCO Y DE SOLIDARIDAD COMUNITA
RIA TENDRÉ POR OBJETO PROMOVER LA CONJUNCIØN ØPTIMA Y DINÉMICA DE
AVb^h^cYZa<gjedJaVgXdXdch^hiVZcXdchda^YVg LAS EXIGENCIAS DE UNAS AUTÏNTICAS COMUNIDADES DE TRABAJO Y LOS PRE
SUPUESTOS DE LA EMPRESA MODERNA CON EL ADECUADO DESPLIEGUE TÏC
aVhXddeZgVi^kVh^cYjhig^VaZhYZjcVodcVXdbeVg"
NICO FINANCIERO Y MERCANTILv:caVgZYVXX^cYZZhidhdW_Zi^kdh
i^ZcYdVa\jcdhhZgk^X^dhXdbjcZhnbViZg^Va^oVcYd
hjWnVXZ Za eZchVb^Zcid eZghdcVa^hiV n ]jbVc^hiV YZ 6g^o"
Za eg^cX^e^d YZ hda^YVg^YVY ^ciZgXddeZgVi^kV# JcV bZcY^Vgg^ZiVVahjWdgY^cVgaVheVgXZaVhZbegZhVg^Va!iXc^XV!
YZ aVh ZmegZh^dcZh egV\b{i^XVh YZ ZhiZ eg^cX^e^d [^cVcX^ZgVnbZgXVci^aVaXdbegdb^hdbjijdnaVhda^YVg^YVY#
Xdch^hiVZcdWiZcZgVedndbjijdZcbdbZcidhYZ
Xg^h^h n gZXZh^c# :hiZ eg^cX^e^d YZhXVchVWV Zc Za
hjejZhidYZfjZhZgV^bedh^WaZfjZaVhX^cXdXddeZgVi^kVhYZa\gjedhZhjb^ZgVcZcjcVXg^h^hYZ[dgbV
h^bjai{cZV0edgiVcid!hZedYVcVednVgbjijVbZciZ#8dcZai^Zbed!aVhda^YVg^YVY^ciZgXddeZgVi^kVh^\c^[^X
aVXgZVX^cYZ^chigjbZcidhiVaZhXdbdaVh[Yedl[hi_dZ[h[ikbjWZei"aVVWhdgX^cYZadhZmXZYZciZhYZ
eZghdcVanaVXgZVX^cYZg\VcdhYZ\dW^ZgcdnYZXdcigdaXdbjcZh#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 197
($)$ ;ijhkYjkhWeh]|d_YWZ[b]hkfe
Hj ZhigjXijgV dg\{c^XV hZ Y^hZ h^\j^ZcYd Za bdYZad dg\Vc^oVi^kd YZ aVh XddeZgVi^kVh Zm^hiZciZh# Edg
jcaVYd!JaVgXdXdciVWVXdcjcV?jciV<ZcZgVaZcaVfjZZhiVWVcgZegZhZciVYVhaVhXjVigdXddeZgVi^kVh
egdbdidgVhYZaXdbeaZ_dnXjnVeg^cX^eVa[jcX^cZgVaVVegdWVX^cYZaVedai^XV\ZcZgVa#EdgdigdaVYd!
hZXdchi^ijnjc8dchZ_d<ZcZgVafjZXjbeaV[jcX^dcZhh^b^aVgZhVaVhYZadh8dchZ_dhGZXidgZhYZaVh
XddeZgVi^kVhYZWVhZ0ZhYZX^g!^bejahVgnVgbdc^oVgadh^ciZgZhZhnVhe^gVX^dcZhYZaVhXddeZgVi^kVh#
Edgai^bd!hZXgZaV9^gZXX^c<ZcZgVaYZJaVgXd#Jcg\VcdZhigjXijgVaYZY^XVYdVaV^chi^ijX^dcVa^"
oVX^cYZaVegZk^h^cnZaYZhVggdaadVaVg\deaVodYZaXdbeaZ_d#;jZjcg\VcdXdaZ\^VYd]VhiV&.,%!
cdiZcVZaXdcigdaY^gZXidYZaV\Zhi^cnhjb^h^chZXZcigVWVZcaVeaVc^[^XVX^cnZhibjadYZaVh
XjVigd XddeZgVi^kVh eVgi^X^eVciZh# AV gVoc YZ hZg YZ ZhiV ZhigjXijgVX^c cd ZgV digV fjZ egdiZ\Zg
X^ZgidhVheZXidhZhZcX^VaZhYZaVhXddeZgVi^kVh!XdbdhjVjidcdbVYZX^hdg^VnYZVXijVX^c#
($*$ BWh[Yedl[hi_dZ[h[ikbjWZei
:aYZhVggdaadYZaGZ\aVbZcidYZJaVgXd[jZhZciVcYdaVhWVhZheVgVjc[jcX^dcVb^Zcidb{hXddgY^cVYdn
Xd]Zh^kdYZaVhXddeZgVi^kVhfjZXdc[dgbVWVcZa\gjed#JcVYZhjh\gVcYZhk^gijYZh[jZXdchZ\j^gjcV\Zh"
i^cjc^[dgbZnh^hiZb{i^XVYZaVhXddeZgVi^kVh!YZ[dgbVfjZadhXjVigdeVgi^ZgVcXdcadhb^hbdhXg^iZg^dh
XdciVWaZhd[^hXVaZhnVh!]VXZgXdbeVgVWaZhXdhiZh!gZhjaiVYdh!ZmXZYZciZh!ZiX#
:a Xjbea^b^Zcid YZa gZ\aVbZcid VedgiVgV igVcheVgZcX^V ^c[dgbVi^kV V igVkh YZ adh eaVcZh [^cVcX^Zgdh n
YZ\Zhi^c!njcg\^bZcaVWdgVafjZ\VgVci^oVhZaVZfj^YVYgZig^Wji^kV!nVfjZadh[aj_dh[^cVcX^ZgdhYZaVh
XddeZgVi^kVh]VX^VZa\gjedYZWVciZcZgZcXjZciVZaZh[jZgodYZadhhdX^dhnhjhc^kZaZhgZig^Wji^kdh#:c
XjVafj^ZgXVhd!adb{hXVgVXiZghi^XdYZa<gjedJaVgXd[jZ!h^cYjYV!aVgZXdckZgh^cYZgZhjaiVYdhfjZZc
&.,&VaXVcoZa&%%#
AVgZXdckZgh^cYZgZhjaiVYdhZhjcegdXZhdfjZi^ZcZedg[^cVa^YVY]dbd\ZcZ^oVgadhWZcZ[^X^dhYZaVhXdd"
eZgVi^kVhYZa\gjed!VedgiVcYdadhWZcZ[^X^dhVjc[dcYdXdbcYZafjZhZkdakZg{cVgZY^hig^Wj^gZc[jcX^c
YZaVhcZXZh^YVYZhYZXVYVXddeZgVi^kV#6XiVVbdYdYZY^hig^Wj^Ydg^ciZgXddeZgVi^kdYZgZhjaiVYdh!nZc
ZhZhZci^Yd!gZ[jZgoVZaeg^cX^e^dYZXd]Zh^c!YVYdfjZZhiVZhigViZ\^V[VkdgZXZ!edgjcaVYd!ZaYZhVggdaad
Vgbc^XdYZaVhXddeZgVi^kVhgZYjX^ZcYdZaZ[ZXidYZadhX^XadhZXdcb^Xdhn!edgdigd!aVhda^YVg^YVYgZig^"
Wji^kVbZY^VciZaVVea^XVX^c]dbd\cZVYZh[jehdein[njehdei#
198 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
3. Los grupos comarcales
EZhZVfjZaVegdejZhiVYZXgZVgjcXdbeaZ_dXddeZgVi^kdXdbdZaYZJaVgXdijkd\gVcVXZeiVX^cZcigZ
aVh?jciVh<ZcZgVaZhYZaVhXddeZgVi^kVhfjZad^ciZ\gVWVc!ZhiV^c^X^Vi^kVcdhZaaZkVXVWdZcc^c\jcV
digVXdbVgXV#:c&.,,!V^c^X^Vi^kVYZ8V_VAVWdgVa!hZYZX^YZ\ZcZgVa^oVgaVZmeZg^ZcX^VnV\gjeVgZagZhid
YZXddeZgVi^kVhZc\gjedhXdbVgXVaZh#IgVchXjggZcXVidgXZVdh]VhiVaVXdchi^ijX^cYZahZ\jcYd\gjed
XdbVgXVa!<d^aVc!ZcaVXdbVgXVYZa<d^Zgg^!Zc<j^eoXdV#:a\gjed<d^aVc!XgZVYdZc&.,-!gZjcVVaVh
XddeZgVi^kVh6bed!:YZg[^a!:gZYj!>g^oVg!@ZcYjnDg`a^gZhedcY^ZcYdVXg^iZg^dh\Zd\g{[^XdhnYZegdm^b^"
YVYZheVX^VanhdX^Va#JcVdb{hiVgYZhjg\ZDgW^YZ!YZhejhAZVg`d!nVhhjXZh^kVbZciZ!]VhiVXjWg^g
aVbVndgeVgiZYZaXdc_jcidYZXddeZgVi^kVhVhdX^VYVhV8V_VAVWdgVa#
)$'$Dk[leYedj[njeieY_e[Yedc_Ye
:a [jZgiZ ^bejahd Zc aV VeVg^X^c YZ cjZkVh ^c^X^Vi^kVh VhdX^Vi^kVh Zc aV hZ\jcYV b^iVY YZ adh hZiZciV
ZhijkdY^gZXiVbZciZk^cXjaVYdVaVXgi^XVh^ijVX^cZXdcb^XV\ZcZgVYVVXdchZXjZcX^VYZaVXg^h^hYZa
eZigaZd#6eVgi^gYZaVd&.,(aVXg^h^hYZaeZigaZdigVhidXZaZfj^a^Wg^dZXdcb^XdbjcY^VaYZW^YdVaV
XVgZhiVYZgZXjghdhZcZg\i^XdhnVaV^c[aVX^c#:ccjZhigdXVhd!VZhdhZaZhjbaVigVch^X^cedai^XV#
AVbjZgiZYZ;gVcXdnaVcZXZh^YVYYZZhigjXijgVgjc\dW^ZgcdYZbdXg{i^XdeVgZXVcYZ_Vg!ZcdXVh^dcZh!
aVedai^XVZXdcb^XVZcjchZ\jcYdeaVcd#AVh^ijVX^cZXdcb^XVYZ^cXZgi^YjbWgZnXg^h^h]^odgZ[aZm^d"
cVgVaVhXddeZgVi^kVhhdWgZaVcZXZh^YVYYZ[dgiVaZXZghjhkcXjadhZbegZhVg^VaZh#HZXdch^YZgVWVfjZ
YZhYZaVhV\gjeVX^dcZhYZXddeZgVi^kVhhZiZcYgVjcVbVndgeZgheZXi^kVhdX^Va!ZXdcb^XVnZbegZhV"
g^Va!nfjZZaadeZgb^i^gVVaVhdg\Vc^oVX^dcZhVkVcoVgXdceVhdb{h[^gbZ#l[hYWfjkbe*"f|]$'*&
6eVgi^gYZaVXdchi^ijX^cYZ<d^aVcidYVhaVhXddeZgVi^kVhYZaZcidgcdYZ8V_VAVWdgVahZ[jZgdcV\gj"
eVcYdZc\gjedhXdbVgXVaZhfjZhZYZ[^c^ZgdcXdbdVhdX^VX^dcZhYZXddeZgVi^kVhh^ijVYVhZcjcVodcV
\Zd\g{[^XVYZa^b^iVYVXdbVgXVdZfj^kVaZciZ!ZhYZX^g!h^ijVYVhYZcigdYZjcVb^hbVXdbjc^YVYhdX^Va#
:hiZZc[dfjZcdgZhedcYViVcidVaVWhfjZYVYZh^cZg\^VhiZXcda\^XVhnYZbZgXVYd!h^cdVaV^ciZgXd"
deZgVX^cVc^kZahdX^VanYZZmXZYZciZh#
AVhXddeZgVi^kVhhZV\gjeVgdcZcXVidgXZ\gjedhXdbVgXVaZhZcjceg^cX^e^d[jZgdcY^ZX^h^heZgd]jWd
kVg^VhgZV\gjeVX^dcZh/CZgW^dc">WV^oVWVan:^WVg`d"7ZgZaVc!YZadhXjVaZhdcXZiZcVccVijgVaZoVZhZc"
X^VabZciZXdbVgXVanigZhZgVchZXidg^VaZhJg`^YZ!9ZWV`dn:gZ^c#EgZhX^cY^ZcYdYZaVhZci^YVYZhYZ
XdWZgijgV!]VWVdigVhXjVigdXddeZgVi^kVhfjZedgY^kZghVhgVodcZhcdhZ]VWVc^cXdgedgVYdVc^c\c
\gjed6aZXde!6bVi!6jodAV\jcn=ZgiZaa#
6aVV\gjeVX^cYZadh\gjedhXdbVgXVaZhhZaZYZcdb^cXdbcbZciZXdbd'RUPO !SOCIADO A #AJA ,ABO
RAL 0OPULAR#6jcfjZcdijkdkVa^YZod[^X^Va!VfjZacdbWgZgZhjbVZadg^\ZcYZY^X]VVhdX^VX^cnZaeVeZa
Xd]Zh^kdfjZ]VWV_j\VYd8V_VAVWdgVaZchjYZhVggdaad#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 199
200
Bei=hkfei9ecWhYWb[i'//&
D;H8?ED#?87?P787B
C:G7>DC B;7HAE
CK=7B:;
KHA?:;
KH9E7
JW^XVX^cY^heZghV/
;H;?D
D;H8?ED#?87?P787B
>76>O676A
<7=EH
JA<DG]VhiV&.-+
KBC7
;?87HAE#8;H;B7D
A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
=E?B7D
=E?AE7
)$($ DWjkhWb[pWZ[bei]hkfeiYecWhYWb[i
AVXgZVX^cYZadh\gjedhXdbVgXVaZhYjgVciZadhVdh-%gZhedcYZVbjnkVg^VYVhgVodcZhnX^gXjchiVcX^Vh#
H^cZbWVg\d!ZcidYdhadhXVhdhhjWnVXZaV^ciZcX^cYZXgZVgjcVhZhigjXijgVhXdbjcZhn[dgiVaZXZgaVhda^YV"
g^YVY^ciZgXddeZgVi^kVeVgVegde^X^VgZaYZhVggdaadVgbc^XdYZaVhXddeZgVi^kVhfjZXdc[dgbVWVcadh\gjedh#
AVXgZVX^cYZadhhZgk^X^dhXZcigVa^oVYdhWjhXVWVZk^iVgaVYjea^X^YVYYZX^ZgiVh[jcX^dcZhfjZhZgZeZ"
iVcZcidYVhaVhXddeZgVi^kVh!XdbdhdcaVegdbdX^c!ZaVc{a^h^hZXdcb^Xd"[^cVcX^ZgdnadhhZgk^X^dh
gZaVX^dcVYdhXdcaV\Zhi^cYZeZghdcVh#6YZb{h!hZXddgY^cVWVcaVhedai^XVhnZhigViZ\^VhXdc_jciVh!
hZgZY^hig^WjVcadhgZXjghdhY^hedc^WaZhnhZ[dbZciVWVaVXgZVX^cYZZbeaZdXddeZgVi^kd#
9ZhYZjcejcidYZk^hiVhdX^Va!adh\gjedhXdbVgXVaZh]^X^ZgdcjcV\gVcaVWdgXVcVa^oVcYdaVegdbdX^cnaV
gZjW^XVX^c^ciZgXddeZgVi^kV!]dbd\ZcZ^oVcYdaVhcdgbVhaVWdgVaZhnaVhXdcY^X^dcZhZXdcb^XVhbZY^VciZaV
gZXdckZgh^cYZgZidgcdhdZmidgcdhn[dbZciVcYdaVhda^YVg^YVYZcadhWdj_Y_feibWXehWb[i$9ZbVcZgVfjZV
iijadeZghdcVahZXZYVeVgiZYZaVci^X^edeVgVXgZVgjc[dcYdV[VkdgYZaVXddeZgVi^kVb{hYZh[VkdgZX^YV#
AVY^bZch^cnZa\gVYdYZXdchda^YVX^cVaXVcoVYdZcigZaVhXddeZgVi^kVhZgVcbjnY^[ZgZciZhVXdchZXjZcX^V
YZaVkVg^ZYVYYZjW^XVX^c!Vci^\ZYVYnc^kZaYZVhjcX^cYZaVh[jcX^dcZhXdbjcZh#Edgadb^hbd!aVgZXdc"
kZgh^cYZgZhjaiVYdhiVbW^cZgVY^[ZgZciZYZjc\gjedVdigd#8VYV\gjedYZX^YVZcigZjcbc^bdYZa(%n
jcb{m^bdYZa&%%ZaedgXZciV_ZYZgZhjaiVYdhVgZXdckZgi^g#
Adh\gjedhXdbVgXVaZhhZXdchi^ijnZgdcViZcY^ZcYdVgVodcZhYZegdm^b^YVY!iVcid\Zd\g{[^XVXdbdhdX^d"
XjaijgVaZh!kVg^VWaZhfjZZcVfjZabdbZcidhZXdch^YZgVWVc^begZhX^cY^WaZhZcaVbVndgVYZadhXVhdh#
Ad^bedgiVciZZgVaVgZaVX^cZcigZaVhXddeZgVi^kVhnadhhdX^dh"igVWV_VYdgZh#9Z]ZX]d!aVh[jcX^dcZhb{h
YZhiVXVYVhYZZhiVedXVhZgZ[^ZgZcVaVgZjW^XVX^cYZadhhdX^dhYZXddeZgVi^kVhZcXg^h^hVdigVhXddeZ"
gVi^kVhYZa\gjed0Zk^YZciZbZciZ!ZcZhiZhZci^Yd!aVXZgXVcVhZXdckZgiVZcjcVXjZhi^cXaVkZ#Adh\gjedh
XdbVgXVaZh[jZgdcZhigjXijgVhXaVkZZcaVejZhiVZcbVgX]VYZaVh]ZggVb^ZciVhZheZX[^XVheVgVaVegd"
iZXX^cYZaZbeaZd[gZciZVaVXg^h^hYZZhidhVdh#HZZk^iZaeV\dYZaVhegZhiVX^dcZhedgYZhZbeaZdnhZ
VXjaV[gbjaVEMPLEO CONTRA DESEMPLEO0ZhiV[gbjaVgZhjbVaVZhigViZ\^VhZ\caVXjVahZeg^dg^oVWVc
aVhedh^WaZhgZjW^XVX^dcZhVciZhYZYZ_VgZceVgdVVa\cigVWV_VYdg#9ZZhiVbVcZgV!ZaXdhiZYZaYZhZb"
eaZd!iVcidYZhYZjcejcidYZk^hiVZXdcb^XdXdbdeh^XdhdX^Va![jZbZcdgZcaVhXddeZgVi^kVhfjZZcaVh
ZbegZhVhYZXVe^iVaYZaVodcV#8dbdgZhjaiVYdYZZhiZegdXZhdYZXdckZg\ZcX^V!eVgi^X^eVcYdZcadh\gjedh
XdbVgXVaZh!aVhXddeZgVi^kVhhZ]^X^Zgdcb{h[jZgiZhVciZadhXVbW^dhn[ajXijVX^dcZhYZabZgXVYd#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 201
aVhXddeZgVi^kVhVhdX^VYVh#AVV\gjeVX^cXdbVgXVaYZaVhXddeZgVi^kVhYVWVhjh[gjidh!eZgdZgVZk^YZciZ
fjZaVgZ[aZm^chdWgZhj[jijgdXdbd\gjedYZWV^gb{hVaa{#:a\gjedhZkZVXdbdjcÆVgX]^e^aV\dÇYZ
XddeZgVi^kVh#HjYW^adg\Vc^oVX^cY^[^XjaiVWVZam^idYZ^c^X^Vi^kVh[dgbjaVYVhXdcZa{c^bdYZad\gVgjcV
bVndg^ciZgVXX^cfjZaVfjZegdedgX^dcVWVcadh<gjedh8dbVgXVaZh#AVhcjZkVhiZcYZcX^Vhdg\Vc^oVi^kVh
eVhVWVcedgZa[dgiVaZX^b^ZcidYZaVhgZaVX^dcZhZbegZhVg^VaZhb{hfjZhdX^VaZh!eZgdZhiVh^YZVhVccd
]VWVcXVaVYdZcaVhXddeZgVi^kVh#
*$'$ 7dj[Y[Z[dj[i
NVZc&.,)!ZcZahZcdYZJaVgXdhZgZYVXijcYdXjbZcidYZcdb^cVYd5NA CONCEPCIØN DEL FUTURO 5LGOR
&AGOR!
fjZZmegZhVWVaVcZXZh^YVYYZjcVgZYegdYjXi^kVdg\Vc^oVYVedgegdYjXidh]dbd\cZdhfjZhdedgiVgVcV
Ja\dgZchjhX^XadhgZXZh^kdh#EZhZVfjZaVegdejZhiVcdijkdm^idZcZa\gjedJaVgXd!hZedYgVXdch^YZgVg
XdbdZa\ZgbZcYZaYZWViZXdbVgXV"egdYjXid#;jZZcZhZbdbZcidXjVcYdhZY^dZaeg^bZgeVhd]VX^VjcV
XdcXZeX^cYZ\gjedjc^iVg^dfjZcdhZk^cXjaVhZZcgVocYZhjeZgiZcZcX^VV8V_VAVWdgVa!h^cdedgaVh
kZciV_VhXdbeVgVi^kVhfjZZaadigVVXdch^\d#
8dcadhVdh!aVhgZ[aZm^dcZhhdWgZaVcZXZh^YVYYZ[dgiVaZXZgaVhgZaVX^dcZhZcigZXddeZgVi^kVhaaZkVgdcV
eaVciZVghZaVcZXZh^YVYYZhjeZgVgadhab^iZhXdbVgXVaZh#AVZcigVYVYZaZhiVYdZheVdaZcaVJc^c:jgd"
eZVZhiVWVXZgXVnXdcZaadaVVbea^VX^cYZdedgijc^YVYZh!eZgdiVbW^cjcbVndgcbZgdYZXdbeZi^Yd"
gZh#AVhXddeZgVi^kVhYZWVcd[gZXZgXdbeZi^i^k^YVYiZXcda\^XVneVgVZaad!ZgV^begZhX^cY^WaZaVXdaVWdgV"
X^cnWhfjZYVYZZXdcdbVhYZZhXVaV#6eVgi^gYZ&.-'"&.-(aVhgZ[aZm^dcZhhdWgZZa[jijgdYZadh\gjedh
hZXZcigVgdcZcaVcZXZh^YVYYZXgZVgg\VcdhYZhjegVZhigjXijgV/cdZgVhj[^X^ZciZaVgZaVX^cXdbVgXVaYZ
aVhXddeZgVi^kVh!]VWVfjZhjeZgVgZhiVWVggZgVngZaVX^dcVghZiVbW^cZcigZadh\gjedh#
AdhVciZXZYZciZhb{hY^gZXidhYZacjZkdZc[dfjZhZZcXjZcigVcZcjcYdXjbZcidYZ&.-'!YZcdb^cVYd
2EFLEXIONES PARA EL CAMBIO EN TORNO A LA EXPERIENCIA COOPERATIVA DE -ONDRAGON:hiZigVWV_dgZXd\VjcVgZ[aZm^c
hdWgZZa^bedgiVciZeVeZafjZ]VWV_j\VYd8V_VAVWdgVaVahjWgVnVghjXVeVX^YVYeVgVYVgXdWZgijgVVaVh
XddeZgVi^kVhZchjXgZX^b^ZcidnYZhVggdaad0iVbW^cZmea^X^iVWVadhejcidhYW^aZhfjZZhidhjedcVÅiZc"
YZcX^VVaYZhZfj^a^Wg^d[^cVcX^ZgdedgaV[VaiVYZY^kZgh^[^XVX^cYZg^Zh\dhÅnfjZhZYZWVchjeZgVgedg
digVhkVhVaiZgcVh#JcVYZaVhegdejZhiVhVWd\VWVedgaVXgZVX^cYZjc[dcYdc^XdeVgVidYdhadh\gjedh!
Za ;dcYd >ciZgXddeZgVi^kd YZ Hda^YVg^YVY ;>HD! eVgV VnjYVg V aVh XddeZgVi^kVh Zc Xg^h^h# >\jVabZciZ! hZ
[^_VWVccjZkdhYZhV[dhiZXcda\^Xdh!YZ[dgbVX^cXddeZgVi^kVnYZ^ckZhi^\VX^cZcXdbc#AVXdcXajh^c
YZaigVWV_dcdYZ_VWVaj\VgVYjYVh/ZgVcZXZhVg^dXgZVgcjZkdhg\VcdhYZhjegVZhigjXijgV#
*$($ Fh_c[hWi_dij_jkY_ed[iYeckd[i
9ZZhiVbVcZgV!ZcZhZb^hbdVd&.-'hZ[dgbjaVgdcaVhWVhZhYZadfjZhZgVcZa8dchZ_d<ZcZgVanZa8dc\gZhd
8ddeZgVi^kd#9dhVdhb{hiVgYZ!Za&.YZY^X^ZbWgZYZ&.-)!hZXdckdXaVHZh^c8dchi^ijnZciZnhZVegdWVgdcZa
6gi^XjaVYdYZ7VhZhYZa8dc\gZhdYZa<gjed8ddeZgVi^kd6hdX^VYdV8V_VAVWdgVanZaYZa8dchZ_d<ZcZgVa!edgad
fjZ!hZXdchi^ijnZgdcadhYdheg^bZgdhg\VcdhYZhjegVZhigjXijgVXdbjcZh/
202 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
<KD9?ED;I:;BEIãH=7DEI:;IKFH7;IJHK9JKH7
9ED=H;IE9EEF;H7J?LE 9EDI;@E:;=HKFEIE=;D;H7B
;J:CI:/ DGB6:IM:6!?#B#!&..%#
V :a 8dc\gZhd YZ adh <gjedh 8ddeZgVi^kdh/ 6hVbWaZV <ZcZgVa fjZ gZjcV V gZegZhZciVciZh YZ idYVh
aVh XddeZgVi^kVh ^ciZ\gVYVh Zc adh \gjedh Va fjZ hZ YdiVWV YZ XVeVX^YVY eVgV bVciZcZg n
YZhVggdaaVg adh Eg^cX^e^dh 8ddeZgVi^kdh# âg\Vcd edai^Xd! Xjnd dW_Zid hdX^Va ZgV Za bVciZc^b^Zcid!
eZg[ZXX^dcVb^ZcidnegdbdX^cYZaVhZhZcX^Va^YVYZhYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc#
W :a 8dchZ_d <ZcZgVa/ hj [jcX^c ZgV aV \Zhi^c YZa \gjed0 ZgV jc g\Vcd Zfj^kVaZciZ V adh 8dchZ_dh
YZ9^gZXX^cYZaVhXddeZgVi^kVh^cY^k^YjVaZh#
6 eZhVg YZ ]VWZg VegdWVYd Za Vgi^XjaVYd YZ WVhZh YZa 8dc\gZhd! [jZgdc cZXZhVg^dh b{h YZ Ydh Vdh YZ
igVWV_d]VhiVXZaZWgVgZa>#8dc\gZhd8ddeZgVi^kdYZa<gjed8ddeZgVi^kd6hdX^VYdV8V_VAVWdgVaZa'YZdX"
ijWgZYZ&.-,#:cZhiZ8dc\gZhdhZVegdWVgdcVa\jcVhXjZhi^dcZhbjn^bedgiVciZh/adheg^cX^e^dhW{h^Xdh
XddeZgVi^kdh!aVhgZbjcZgVX^dcZhYZadhY^gZXi^kdh!aVcdgbVi^kVYZigViVb^ZcidYZaYWf_jWbieY_WbnZa;dcYd
>ciZgXddeZgVi^kdYZHda^YVg^YVY;>HD#l[hYWfjkbe'&
6YZb{h!Za\gjedXVbW^YZcdbWgZ!VegdW{cYdhZaVYZcdb^cVX^c<gjed8ddeZgVi^kdBdcYgV\c<8B#9ZhYZ
aVXgZVX^cYZaVheg^bZgVhXddeZgVi^kVhaVYZeZcYZcX^V]VX^V8V_VAVWdgVa]VWVZhiVYdeViZciZ!eZgdaVegde^V
ZkdajX^cYZa\gjediVbW^cZm^\VaVgZVYZXjVX^cYZhjYZcdb^cVX^c#IVbW^chZYZhk^cXjaVWVVaVZci^YVY
XgZY^i^X^VYZhj[jcX^cXd]Zh^kVnYZ[dbZcidYZgZaVX^dcZh!fjZV]dgVVYfj^gVcadhgZX^cXgZVYdhg\VcdhYZ
hjegVZhigjXijgV!YZbVcZgVfjZ8V_VAVWdgVahZXZcigVgVZmXajh^kVbZciZZcZa{bW^id[^cVcX^Zgd#
Digd[VXidgZmiZgcdfjZiVbW^cdeZgV[VkdgYZaXVbW^d[jZaVedhijgVYZa7VcXdYZ:heVVfjZ!ZcaVhZ"
\jcYVb^iVYYZadhdX]ZciV!a^b^iVaVhZci^YVYZhXgZY^i^X^Vh[^cVcX^VgVjcVb^hbVjc^YVYZXdcb^XVXdc
b{hYZa'%YZhjhWYj_lei!adfjZDE FACTOdWa^\VWVV8V_VAVWdgVaV^cigdYjX^ggZ[dgbVh#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 203
H^cZbWVg\d!aVh^chi^ijX^dcZhXgZVYVhcdXVbW^VgdcZaZc[dfjZYZadh\gjedhXdbVgXVaZh#6eZhVgYZfjZhZ
egdbdk^aVediZcX^VX^cYZaVhgZaVX^dcZhhZXidg^VaZh!]VWV\gVcYZhY^[ZgZcX^VhZcigZadh\gjedhnZhiVegdWaZ"
b{i^XVZgVbdi^kdYZgZi^XZcX^Vh#:m^hiVjcVVXZeiVX^ciZg^XVYZa<8BeZgdcdhZigVYjXVZcXdbegdb^hdh
eg{Xi^Xdh#:caVgZ[aZm^cXdbVgXV"egdYjXid![jZZaVheZXidhdX^da\^XdZafjZhZidbZcXjZciVVaV]dgVYZXdc"
[^\jgVgaVZhigjXijgVdg\Vc^oVi^kV#GZhjaiVWVXdbea^XVYdegdbdkZgZaXVbW^d!hdWgZidYdedgfjZaVVgi^XjaVX^c
hZXidg^VafjZhZegdedcVeZYVbVndgZhgZcjcX^VhYZhdWZgVcV#:aYZWViZhdWgZaVdg\Vc^oVX^cYZa\gjed!adh
XVbW^dhZcZabZgXVYdnaVZcigVYVZcaVJc^c:jgdeZVXdci^cjVW^ZgidYjgVciZadhh^\j^ZciZhVdh#
Eh]Wd_]hWcW][d[hWbZ[b=hkfe9eef[hWj_leCedZhW]dYecWhYWb
8DC<G:HD
8db^h^cEZgbVcZciZ
8dchZ_d<ZcZgVa
EgZh^YZcX^VYZa
HZgk^X^dh:begZhVg^VaZh HZXgZiVgV<ZcZgVa
8dchZ_d<ZcZgVa
HjegVZhigjXijgV HjegVZhigjXijgV
IZXcda\^XVn:YjXVi^kV ;^cVcX^ZgV
9ZWV`d :gdh`^
A@H AV\jc6gd
<d^`dV >cYVg`d
AVc`^YZ:medgi HZ\jgdhAV\jc6gd
Bj\VaYZ DgW^YZ
JgXdV :gZ^c
=Zo^W^YZ 6gdaZVh^c\
;V\dg <d^aVc
DiVadgV ;>HD
AZVg`d CZgW^c
JabV Jg`^YZ
:^WVg`d"7ZgZaVc
8ddeZgVi^kVhcdV\gjeVYVh
204 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
*$)$ Bei]hkfeiYecWhYWb[i[d'//&
AVXdchi^ijX^cYZadh\gjedh[jZjcegdXZhdeVgVaZadVaV^chi^ijX^dcVa^oVX^cYZg\VcdhXdbjcZh!ejZhidfjZ
VbWdhhZ\jVcjcVb^hbV[dgbVYZZciZcYZgaV^ciZgXddeZgVX^cnaVhgZaVX^dcZhZcigZaVhXddeZgVi^kVh#
Adh \gjedh XdbVgXVaZh ]Vc iZc^Yd Y^hi^cid \gVYd YZ Xdchda^YVX^c YZeZcY^ZcYd YZ aV jW^XVX^c! Vci^"
\ZYVYnc^kZaYZVhjcX^cYZ[jcX^dcZh#6eZhVgYZfjZXdcadhVdhhZ[jZgdcjc^[^XVcYdadhbdYdhYZ
]VXZgnYZ[jcX^dcVb^Zcid!Zac^kZaYZ^ciZ\gVX^cXVbW^VWVbjX]dYZjc\gjedVdigd#6aXdb^ZcodYZ
&..%!edXdVciZhYZfjZaaZ\VgVaVigVch[dgbVX^cdg\Vc^oVi^kVfjZhjejhdaVXgZVX^cYZB88!hiVZgV
aVh^ijVX^cYZadh\gjedhXdbVgXVaZh/
BEI=HKFEI9EC7H97B;I;D'//&
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 205
BEI=HKFEI9EC7H97B;I;D'//&
206 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
BEI=HKFEI9EC7H97B;I;D'//&
;J:CI:/ DGB6:IM:6!?#B#!&..&#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 207
5. Mondragón Corporación Cooperativa
AVh XddeZgVi^kVh YZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc ]VWVc YVYd h^\cdh YZ Y^cVb^hbd n
VYVeiVX^cVaVhcjZkVhgZVa^YVYZhZXdcb^XVhnhdX^VaZhXdcaVXgZVX^cYZadhg\VcdhYZhjegVZh"
igjXijgV:a8dc\gZhd8ddeZgVi^kdnZa8dchZ_d<ZcZgVanZa<gjed8ddeZgVi^kdYZBdcYgV\dc#
H^c ZbWVg\d! egZkVaZXV aV Xdch^YZgVX^c YZ fjZ aVh YZX^h^dcZh idbVYVh hdWgZ aV Xdchi^ijX^c YZa
<8BcdZgVchj[^X^ZciZheVgV]VXZg[gZciZVaVhcjZkVhZm^\ZcX^VhfjZaaZ\VWVcYZhYZ:jgdeVXdcaV
^cb^cZciZXgZVX^cYZac[hYWZed_Ye[khef[e$:gVcZXZhVg^dhZ\j^gVkVcoVcYdZcaVZhigjXijgVX^c
XdgedgVi^kV!edgfjZYZhYZZa[dgiVaZX^b^ZcidYZaVhgZaVX^dcZhnaVWhfjZYVYZh^cZg\^VhhZXgZVfjZ
hZedYgVaaZ\VgVZcXdcigVgjcaj\VgVYZXjVYdZcZacjZkdbZgXVYd#AVhgZ[aZm^dcZhYZcigdYZaVh
XddeZgVi^kVhiZcYVcVXdch^YZgVgaVcZXZh^YVYYZfjZaVZhigjXijgVXddeZgVi^kVijk^ZgVjcZc[dfjZ
b{h ZbegZhVg^Va! Zh YZX^g! fjZ aVh gZaVX^dcZh Zhijk^ZgVc WVhVYVh Zc aV h^b^a^ijY d ediZcX^Va^YVYZh
bjijVhYZadhegdnZXidhZbegZhVg^VaZhncdZcaVXdbVgXVa^YVYdgZaVX^dcZheZghdcVaZhZ]^hig^XVh
ZcigZXddeZgVi^kVh#
AVhgZaVX^dcZhZcigZaVhXddeZgVi^kVhYZadh\gjedhXdbVgXVaZhZgVcYW^aZhnY^heVgZhZcigZh#Cd
Zm^hiV jcV ZhigViZ\^V gZVa Xdc_jciV edgfjZ aV Y^kZgh^YVY YZ bZgXVYdh! egdYjXidh n iZXcdad\V cd
eZgb^iVjcigVWV_dXdc_jcid#AV\gVcY^heZgh^cYZcZ\dX^dhZgVjcVgbVYZYdWaZ[^ad/aVd[ZgiVYZ
egdYjXidhZgVbjnkVg^VYV!eZgdVhjkZoaVheZfjZVhhZg^ZhYZegdYjXX^cXgZVWVcVaidhXdhiZhn
WV_VegdYjXi^k^YVY!adfjZhZigVYjXVZcjcVbZcdgXdbeZi^i^k^YVY#Adh<gjedh8dbVgXVaZh]VWVc
Xjbea^Yd [jcX^dcZh bjn ^bedgiVciZh iVcid ZbegZhVg^VabZciZ XddgY^cVcYd edai^XVh! Y^hig^WjnZc"
Yd gZXjghdh Y^hedc^WaZh! YdiVcYd hZgk^X^dh XdbjcZh! Xdbd hdX^VabZciZ XVcVa^oVcYd aV egdbdX^c
n gZjW^XVX^c ^ciZgXddeZgVi^kV! ]dbd\ZcZ^oVcYd cdgbVh aVWdgVaZh! bZY^VciZ aV gZXdckZgh^c! eZgd
XdWgVWV[jZgoVaV^YZVYZfjZZhiVh[jcX^dcZhiVbW^cedYVchZgXVcVa^oVYVhVigVkhYZdigdi^edYZ
ZhigjXijgVhfjZeZgb^i^ZgVcaVZkdajX^ciZXcda\^XVnegdYjXi^kVXdc_jciV!VaVkZofjZegde^X^VgVc
aV^ccdkVX^cYZhjhXddeZgVi^kVh#
:cadhVdh-%hZ]VWVcgZVa^oVYdY^kZghVhVXijVX^dcZheVgVVcVa^oVgaVedh^WaZigVch^X^c]VX^VjcV
Xdc[^\jgVX^chZXidg^Va#:cZhiZXdciZmid!hZejh^ZgdcZcbVgX]VY^kZghdhZhijY^dh&.-)/'RUPOS #O
MARCALES VS !GRUPACIONES SECTORIALES n _dgcVYVh &.--/ %L '#- ANTE LA #OMUNIDAD %UROPEA# 8dc idYd! aV
egdejZhiVb{hgZheVaYVYV[jZaVYZ?dhBVgVDgbVZimZV!gZXd\^YVZcZaYdXjbZcid$ESDE UN ENSAYO
SOCIOLØGICO HACIA UN GRUPO EMPRESARIAL&.-.fjZb{hiVgYZhZVegdWVgVZcZa>>#8dc\gZhd#
IgVh jcV YXVYV YZ gZ[aZm^dcZh n YZWViZ hdWgZ Za bdYZad dg\Vc^oVi^kd! aV bVndgV YZ adh \gjedh hZ
edh^X^dcVgdcV[VkdgYZaVigVch[dgbVX^cdg\Vc^oVi^kVVhjb^ZcYdfjZcdYZhVeVgZXZgVZabZchV_Z
hda^YVg^dnYZbdXg{i^XdYZaVhXdbjc^YVYZhYZigVWV_d!eZgdfjZnVcdZgVeg^dg^iVg^VaVegZhZcX^VYZ
V\gjeVX^dcZhXdbVgXVaZh#
208 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
+$'$ ;bj[hY[h9ed]h[ieYeef[hWj_le
:aIZgXZg8dc\gZhd8ddeZgVi^kdXZaZWgVYdZc&..&YV CED:H7=ED0I[dj_Ze^kcWdeZ[bjhWXW`e
jckjZaXdVaVhgZaVX^dcZh^ciZgXddeZgVi^kVhnhZXdchi^"
ijnZXdbdZaXdb^ZcodYZjcVcjZkVZiVeVZcaV]^hid" AVcjZkV^bV\ZcXdgedgVi^kV!VegdWVYVZc'%%-edgZa8dc"
g^VYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc!XdcaV hZ_d<ZcZgVanaV8db^h^cEZgbVcZciZ!hjhi^ijnZB88edg
VegdWVX^cYZaCjZkdEgdnZXidDg\Vc^oVi^kdfjZidbV" -ONDRAGON SENTIDO HUMANO DEL TRABAJO (UMANITY AT WORK 'I
ZATASUNA LANEAN
g{ZacdbWgZYZBdcYgV\c8dgedgVX^c8ddeZgVi^kV#
9ZhYZjcejcidYZk^hiVdg\Vc^oVi^kd!B88h^\jZh^ZcYdÅhj
:acjZkdegdnZXidVegdWaVeVjaVi^cVYZhVeVg^X^c XVbW^dXdggZhedcYZVaEaZcdYZa8dc\gZhdÅaVYZcdb^cVX^c
YZ adh <gjedh 8dbVgXVaZh h^ZcYd hjhi^ij^Ydh edg d[^X^VaYZBdcYgV\dc#B88iZcVjcVYdWaZh^\c^[^XVX^c/^bV"
6\gjeVX^dcZh HZXidg^VaZh Xdc jc^YVY YZ Y^gZXX^c \ZcXdgedgVi^kVnYZcdb^cVX^cYZaVZhigjXijgVdg\Vc^oVi^kV
YZaVhXddeZgVi^kVhYZBdcYgV\dc#:aXVbW^dYZaVeg^bZgV
deZgVi^kV n YZ \Zhi^c Zc aVh fjZ hZ ^ciZ\gVgVc
ÅjcXVbW^dYZ{bW^idZbegZhVg^VaÅcdV[ZXiVVaVheZXiddg"
idYVh aVh XddeZgVi^kVh# AV cjZkV 8dgedgVX^c hZ \Vc^oVi^kd#H^cZbWVg\d!edggVodcZhYZjc^[dgb^YVYnXaVg^"
Xdchi^ijnXdbdjcVdg\Vc^oVX^cYZdgYZc[ZYZgV" YVY!ZcZhiZb^hbdigVWV_dhZeg^dg^oVZajhdYZ-ONDRAGON#
i^kd!XjnVeZghdcVa^YVY_jgY^XVZhaVYZjcVhdX^Z"
9ZhYZjcejcidYZk^hiVXdcXZeijVaYZaV^bV\Zc!iVakZo!Za
YVYX^k^a#:hiVZhigjXijgVegdedgX^dcVgVVjidcdbV
YZha^oVb^Zcidb{hh^\c^[^XVi^kdhZVaVYZhVeVg^X^cYZaVeV"
VaVhXddeZgVi^kVhVigVkhYZjcegdXZhdYZhXZc" aVWgVXddeZgVi^kVYZaVbVgXVXdbZgX^VaYZaVhXddeZgVi^kVh#
igVa^oVYd#6eZhVgYZfjZadhg\VcdhXdgedgVi^kdh Edh^WaZbZciZ!^cXbdYdeVgVjcZheg^ijXddeZgVi^kd#6jc"
idbVgVcaVhYZX^h^dcZhZhigVi\^XVh!hidhcdiZc" fjZcdbZcdh^cXbdYdfjZhjbVciZc^b^Zcidh^iZcZbdh
YgVcXVeVX^YVYYZX^hdg^VhdWgZaVhXddeZgVi^kVh# ZcXjZciVfjZhadZcidgcdVjciZgX^dYZadhigVWV_VYdgZh
YZa\gjedhdcXddeZgVi^k^hiVh0ZhiVeVgVYd_V!edcZYZbV"
c^[^ZhidfjZZaegdWaZbVcdZhi{ZcZacdbWgZ!h^cdZcZhiV
:hiV igVch[dgbVX^c iVbW^c Zm^\^ aV gZbdYZaV" XdbeaZ_VnXVbW^VciZgZVa^YVY#
X^cYZZheVX^dhYZedYZgnYZ]{W^idhdg\Vc^oVi^"
kdh!XjZhi^dcZhfjZZhijk^ZgdcZcZadg^\ZcYZVa\j"
cdhegdWaZbVhngZh^hiZcX^VhYjgVciZidYdZaegdXZhdXdchi^iji^kd#=VWVY^[ZgZcX^VhZcXjVcidVY^bZch^c
n\gVYdYZZ[^X^ZcX^VYZadh\gjedhfjZgZeZgXji^gVcZcaVgZXdckZgh^cYZgZhjaiVYdh0^\jVabZciZ!]VWV
XddeZgVi^kVhfjZ]VWVciZc^YdbjnedXVgZaVX^cZcigZhZ^cXajhd!ZcXVhdZmigZbd!]VWVciZc^YdjcV
gZaVX^cYZXdbeZiZcX^VnfjZVeVgi^gYZVfjZabdbZcidiZcYgVcfjZXdaVWdgVg#6YZb{h!ZaegdnZXidhj"
edcVbdY^[^XVggZaVX^dcZheZghdcVaZhnhdX^ZiVg^Vh[jZgiZbZciZVggV^\VYVhVadaVg\dYZadhVdh!neVhVg
YZaVXdbVgXVa^YVY!YZjcZheVX^dXZgXVcd!VjcVcjZkVidiVa^YVYXdgedgVi^kV0iVbW^c^bea^XVWVjcVbVndg
XZcigVa^oVX^cnXddgY^cVX^cZcaV\Zhi^cVaegZX^dYZhVXg^[^XVgZceVgiZaVhdWZgVcVYZXVYVXddeZgVi^kV!
fjZ]VhiVZcidcXZhdeZgVWVXdcidiVaVjidcdbVVaV]dgVYZYZ[^c^gaVhedai^XVhYZbZY^dnaVg\deaVod#
:cadhbZhZhfjZh^\j^ZgdcVa8dc\gZhdaVbVndgVYZaVhXddeZgVi^kVhkdiVgdcV[VkdgYZacjZkdegdnZXid
dg\Vc^oVi^kd!VZmXZeX^cYZjcVhedXVhXddeZgVi^kVhXdbdJabV!6bed!BVig^X^n<d^oeZg(#:cZhidhXVhdh!
aVhcZ\dX^VX^dcZhcdegdheZgVgdcedgfjZcdZhiVWVcYZVXjZgYdXdcaVcjZkVZhigjXijgVX^chZXidg^VadW^Zc
Y^hXgZeVWVcXdcaVXZcigVa^oVX^cYZaXdcigda#AVcd^cXdgedgVX^cYZZhiVhXddeZgVi^kVhV\jY^oZaYZWViZ
ZcidgcdVegdWaZb{i^XVhXdbdaVVjidcdbV!aVhda^YVg^YVYXdcaVXdbjc^YVYdZa{gZV\Zd\g{[^XVb{hXZg"
XVcV!aVZhXVaVYZ_ZgVgfjVhZcigb^cdhYZ^\jVaYVYgZaVi^kVkZghjhjcVbVndg_ZgVgfj^oVX^c!ZiX#
( 6dhb{hiVgYZ!aVhigZheg^bZgVhhZ^cXdgedgVgdcVa\gjedBdcYgV\dc#6bZY^VYZhYZ'%%-aV6hVbWaZV<ZcZgVaYZ6bedYZX^Y^hVa^gYZa\gjed#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 209
;ijhkYjkhWWYjkWbZ[CedZhW]ed
CED:H7=ED
>e]Wh I_ij[cWi?dZkijh_Wb[i
CedZhW]edWkjeceY_dY^Wi_iWdZfem[hjhW_d CedZhW]edkj_bbW`[oi_ij[cWi
CedZhW]edWkjeceY_d9C CedZhW]edWkjecWj_pWY_d
CedZhW]edYecfed[dj[i C|gk_dW#^[hhWc_[djW
9edijhkYY_d ;gk_fWc_[dje
;b[lWY_d ?d][d_[hWoi[hl_Y_ei[cfh[iWh_Wb[i
Üh[W9edeY_c_[dje
CedZhW]edKd_X[hi_jWj[W"9[djheiZ[?dl[ij_]WY_d"9[djheiZ[;di[WdpWo;dj_ZWZ[iZ[YeX[hjkhWoi[hl_Y_ei
+$($ BW[ijhkYjkhWeh]Wd_pWj_lWZ[CedZhW]ed
8dcaVZhigjXijgVdg\Vc^oVi^kVcVX^YVYZa>>>8dc\gZhd!idYVhaVhXddeZgVi^kVhYZWVcVYhXg^W^ghZVVa\jcV
6\gjeVX^c#6hjkZo!ZhiVhV\gjeVX^dcZhXdchi^ij^YVhXdbdYeef[hWj_lWiZ[i[]kdZe]hWZe"Xdc[dgbVWVc
9^k^h^dcZhh^\j^ZcYdXg^iZg^dhYZh^b^a^ijYhZXidg^Va!iXc^XVdegdYjXi^kV#Edgai^bd!aVVbea^VkVg^ZYVYYZ
VXi^k^YVYZhYZZhiVh9^k^h^dcZhhZdg\Vc^oVWVZcigZh{gZVh/;^cVcoVh!>cYjhig^Vn9^hig^WjX^c#
AVh XddeZgVi^kVh eVgV edYZg ^ciZ\gVghZ Va \gjed =VhiV aV ai^bV gZbdYZaVX^c YZa ÛgZV >cYjhig^V Yj"
BdcYgV\dcYZWZchZgXddeZgVi^kVhYZigVWV_dVhd" gVciZZaVd'%%*!aVh6\gjeVX^dcZh]Vch^YdZakZg"
X^VYddgZXd\ZgZchjhZhiVijidhaV[^\jgVYZahdX^d YVYZgd Z_Z ^ciZgXddeZgVi^kd YZa \gjed XddeZgVi^kd!
igVWV_VYdg#EdgdigdaVYd!cdYZWZ]VWZgXdcigVY^X" ejZhid fjZ ]Vc ejZhid Zc bVgX]V adh ^chigjbZcidh
X^dcZhZcigZaVcdgbVi^kVhdX^ZiVg^VYZaVXddeZgV"
YZ hda^YVg^YVY ZcigZ aVh XddeZgVi^kVh! Xdbd edg Za
i^kVnaVhCdgbVh8dc\gZhjVaZh#Edgai^bd!Za8dc"
hZ_d<ZcZgVaYZWZZb^i^gjcY^XiVbZc[VkdgVWaZ# Z_Zbead! aV gZXdckZgh^c YZ gZhjaiVYdh n aV igVch[Z"
gZcX^VYZhdX^dhZcedXVhYZXg^h^h#
:a\gjedBdcYgV\dchZXdcX^WZXdbdjcVdg\Vc^oVX^cXjnVZhigjXijgVhZVhZbZ_VVjcVe^g{b^YZ^ckZg"
i^YV#:caVXhe^YZZhi{caVhXddeZgVi^kVh!ZcaVhfjZgZh^YZaVhdWZgVcV!ZcjcVedh^X^c^ciZgbZY^V!aVh
Y^k^h^dcZhhZXidg^VaZh!nZcZakgi^XZ!ZaXZcigdXdgedgVi^kd#
210 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
+$)$ ;b9[djhe9ehfehWj_le
AV^chi^ijX^dcVa^oVX^cYZY^kZghdhhZgk^X^dhXdbjcZhVidYVhaVhXddeZgVi^kVh]^odfjZhZ[jZgVZhigjXij"
gVcYdjcXZcigdXdgedgVi^kddYZhZgk^X^dhXZcigVaZheVgVVhZhdgVgaVh^c^X^Vi^kVhYZYZhVggdaadYZcZ\dX^dn
YVghZgk^X^diXc^Xd!_jgY^Xdd[^cVcX^Zgd#=dnedg]dn!Za8Zcigd8dgedgVi^kdXjZciVXdcadhYZeVgiVbZcidh
YZHZXgZiVgV<ZcZgVa!HZXgZiVgVIXc^XV!>ccdkVX^cn9ZhVggdaad!<Zhi^cHdX^Va!<Zhi^c;^cVcX^ZgVnDeZ"
gVX^dcZh>ciZgcVX^dcVaZh#l[hYWfjkbe+"f|]$',.
;dgbVgeVgiZYZa\gjed^bea^XV!edgjcVeVgiZ!jcVhZg^ZYZXdbegdb^hdhndWa^\VX^dcZh!iVcidZXdcb^Xdh
XdbdYZi^eddg\Vc^oVi^kd/aVgZXdckZgh^cYZgZhjaiVYdh!VedgiVgjcedgXZciV_ZYZWZcZ[^X^dhVadh[dcYdh
XdbjcZh!VXZeiVgnXjbea^gXdcadheg^cX^e^dhXddeZgVi^kdh!YZhVggdaaVgeaVcZhZhigVi\^Xdh\adWVaZhXdbj"
cZh!ZiX#EdgdigVeVgiZ!edh^W^a^iVdigVhZg^ZYZhZgk^X^dhYZ[dgbVX^cnY^[jh^c!VedndhYZYZhVggdaad!
dg^ZciVX^cZhigVi\^XVdgZegZhZciVX^cVciZdigVh^chi^ijX^dcZhngZXjghdh[dcYdhYZ^ckZgh^dcZh!eghiV"
bdhgZXd\^YdhZcZaXjVYgdfjZh^\jZ/
µGKx7FEHJ7;B=HKFE7B7I9EEF;H7J?L7IGK;B7?DJ;=H7D5
7FEOE":;I7HHEBBEOEH?;DJ79?ãD;IJH7Jx=?97 FHECE9?ãDO7FEOE=;IJ?ãD?DJ;HD79?ED7B
Jc^YVYYZEgdbdX^c:begZhVg^Va EgZhZcX^V^chi^ijX^dcVa
Jc^YVYYZ8dbjc^XVX^cnBZY^dh8gZVi^kdh EgdnZXX^c^ciZgcVX^dcVaVigVkhYZaV8dgedgVX^c^chi^ijX^dcZh!
>c[dgbVX^cbVXgdZXdcb^XVnXdgedgVi^kVeVgVaV\Zhi^c hdX^dh!ZiX#
ZhigVi\^XVndeZgVi^kV :hijY^d$6c{a^h^hYZdedgijc^YVYZhYZ^ciZgcVX^dcVa^oVX^cbZgXVYd!
BVgXdeVgVaV\Zhi^c$edai^XVZbegZhVg^Va!E:8 XdbegVh!ZiX#
6edndhZcadhegdXZhdhYZYZ[^c^X^cZhigVi\^XV 6edndYZYZaZ\VX^dcZhXdgedgVi^kVh/8]^cV!7gVh^a!>cY^V
EVgi^X^eVX^cZchdedgiZh^ciZgcVX^dcVaZh:jhXda!OV\gdh!
H;9KHIEI9EHFEH7J?LEI 6aYVijigVYZ!eaViV[dgbVB:G8DHJG!ZiX#
B88>ckZgh^dcZhVedgiVX^dcZhneghiVbdh
;jcYVX^cB88 7FEOE@KHß:?9E;?DIJ?JK9?ED7B
8dbeZchVX^cYZegY^YVh 6hZhdgVb^ZcidnVednd^chi^ijX^dcVa$XddeZgVi^kd
EgdnZXidh;:E>!:YjXVi^kdhZ> 9 6hZhdgVb^Zcid_jgY^Xd
6edndhVegdnZXidh^ciZgcVX^dcVaZhZcZa{bW^idiZXcda\^Xd HZ\j^b^ZcidnYZhVggdaadaZ\^haVi^kdh
9Z[ZchVYZ^ciZgZhZhXdbjcZhVciZaVh6Yb^c^higVX^dcZh
<EHC79?ãD%:?<KI?ãD%;CFB;E 8ddgY^cVX^cXdcXZcigdhZYjXVi^kdhnYZ^ckZhi^\VX^c
DiVadgV[dgbVX^c$XVeiVX^cYZY^gZXi^kdh
;dgbVX^cg\VcdhhdX^VaZh 7FEOEF7H7B7EFJ?C?P79?ãD
EaVcZh\ZcZgVaZhYZ[dgbVX^c Jc^YVYYZiZhdgZgV
H^hiZbVYZ\Zhi^cbZY^dVbW^ZciVa Jc^YVY\ZgZcX^VYZg^Zh\dh
H^hiZbVYZ\Zhi^cYZg^Zh\dhaVWdgVaZh 8dbjc^XVX^c^cigVcZi
;dgbVX^c$9^[jh^cYZabdYZadYZ\Zhi^cXdgedgVi^kd >c[dgbVX^dcZheVgVaV\Zhi^cXdcigdaYZ\Zhi^c!XdbeZi^YdgZh!ZiX#
>ciZgXVbW^dYZZmeZg^ZcX^Vh 6hZhdgVb^ZcidZccZ\dX^dhXgi^Xdh
;dgbVX^ceVgV\Zhi^c^ciZgcVX^dcVa :hijY^dhhZXidg^VaZh
<Zhi^cYZZbeaZd HZ\j^b^ZcidnYZhVggdaadaZ\^haVi^kd$_jgY^Xd$[^hXVa
6c{a^h^hgZig^Wji^kd
IJAVc`^YZ CxJE:EIO>;HH7C?;DJ7I
8ddgY^cVX^c$K^\^aVcX^ViZXcda\^XV
7FEOEI9EHFEH7J?LEI9EDEJH7I?DIJ?JK9?ED;I 7VhZYZYVidhiZXcda\^XVhZ^cY^XVYdgZh:;FB
8dckZc^dhXdcjc^kZgh^YVYZh =ZggVb^ZciVh$BZidYdad\Vh$8Va^YVY
8dckZc^d<dW^ZgcdKVhXdn<dW^ZgcdYZCVkVggV>cYjhig^V! <Zhi^cZhigVi\^XV#BidYdhn]ZggVb^ZciVh#CjZkdhcZ\dX^dh
IgVWV_d!8dbZgX^d 9Zhea^Z\jZYZdW_Zi^kdh#BdYZadE<
8dckZc^dXdcZci^YVYZh[^cVcX^ZgVhcVX^dcVa$^ciZgcVX^dcVa 8ZcigdYZ8Va^YVY8'
8dckZc^d:a`Vg\^
DigdhXdckZc^dh6HA:!DC8:!ZiX#
CjZkVh[^\jgVh[^cVcX^ZgVh
B889ZhVggdaadHdX^ZYVYYZEgdbdX^cYZ:begZhVhHE: ;J:CI:/-## %L EMPUJE DE LA INTERCOOPERACIØN
>bV\ZcngZaVX^dcZh^chi^ijX^dcVaZhXdgedgVi^kVhcVX^dcVa$^ciZgcVX^dcVa IJAVc`^YZ!c°)'-!dXijWgZYZ&..-#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 211
+$*$ Bei=hkfeiYecWhYWb[i[dbWdk[lWeh]Wd_pWY_d
8dcaVcjZkVdg\Vc^oVX^cadh\gjedhXdbVgXVaZheZgY^ZgdchjgVocYZhZg#6h!aVbVndgVYZadh\gjedhXd"
bVgXVaZhYZhVeVgZX^ZgdchVakdZa\gjed;V\dgfjZ!ZcgVocYZhjhda^YZona^YZgVo\dÅ[jZZaeg^bZg\gjed
fjZhZXdchi^ijnXdbdiVaÅhZgZh^hi^VhjY^hdajX^cn![^cVabZciZ!Xdch^\j^XdckZcXZgVagZhid#HZVXZei
aV^YZVYZfjZaVZm^hiZcX^VYZa<gjed8dbVgXVa;V\dgedYVhZgXdbeVi^WaZYZcigdYZaVcjZkVdg\Vc^oVX^c
hZXidg^Va!YZiVabVcZgVfjZZa[jZgiZhZci^b^ZcidYZaXdaZXi^kdYZhdX^dh]VX^VZa<gjed;V\dg[jZgZheZiVYd#
HZ\cZaVXjZgYd[^gbVYdZcigZZa<gjednaV8dgedgVX^cZcVWg^aYZ&..'!aVhZbegZhVhfjZXdc[dgbVcZa
<gjed;V\dgeVgi^X^eVc^cY^k^YjVabZciZhZ\chjcZ\dX^dZcaV9^k^h^cfjZaZhXdggZhedcYV#:cXjVcidVaVh
XdbeZiZcX^Vh!nYZ[dgbVeVjaVi^cVnegd\gZh^kV!Za<gjed;V\dgXZcigVhjVXijVX^cZcZaYedjheb[ijhWj]_#
YeXZY^ZcYdVaVh9^k^h^dcZhhZXidg^VaZhaVgZhedchVW^a^YVYYZaVfbWd_\_YWY_d[ijhWj]_YW$
9ECFEI?9?ãD=HKFE<7=EH :a\gjedi^ZcZXdbeZiZcX^VhcdgbVi^kVhZhiVijidh!
6XijVabZciZZa<gjed;V\dgZhi{^ciZ\gVYdedg8degZX^!;V" gZXdckZgh^cYZgZhjaiVYdhZcigZjc&*n(*!g"
\dg6ggVhViZ!;V\dg6jidbVi^dc!;V\dg:YZgaVc!;V\dg:aZX" \^bZcZXdcb^Xd!cdgbVhaVWdgVaZh!ZiX#YZ\Zhi^c
igdYdbhi^Xdh!;V\dg:aZXigc^XV!;V\dg>cYjhig^Va!BdcYgV" YZgZXjghdh]jbVcdhXdcigViVX^c!gZjW^XVX^c!kV"
\dc6hhZbWann;V\dgH#8dde# adgVX^cYZejZhidh!ZiX#!YZ\Zhi^cbVgXVh!h^cZg"
\^Vh!ZiX#!YZZYjXVX^cXddeZgVi^kVnYZ^ccdkVX^c#
IgVhZa>M8dc\gZhd!Za<gjed;V\dghZZcXjZcigVZcjcegdXZhdYZgZ[aZm^cfjZXdcXaj^g{ZcZa'%%.0ZhiZ
egdXZhdigViVg{YZgZhedcYZgVaVhcZXZh^YVYZhfjZi^ZcZZa\gjedYZVYZXjVghZVacjZkdXdciZmidXddeZgV"
i^kdnedh^WaZbZciZYVg{aj\VgVjcVgZbdYZaVX^cYZab^hbd#
9ECFEI?9?ãD=HKFEKBC7 EdghjeVgiZ!ZaXVhdYZa\gjedJabVbZgZXZjcV
JabV6\gXdaV!H#8dde# bZcX^cVeVgiZ#:a\gjedXdbVgXVaJabViVbW^c
JabV8n:!H#8dde hZ gZh^hi^ V hj Y^hdajX^c igVh Za 8dc\gZhd YZ
JabVBVcjiZcX^c!H#8dde &..&# H^c ZbWVg\d! V Y^[ZgZcX^V YZa \gjed ;V\dg!
JabV;dg_V!H#8dde#
JabVYZX^Y^Zc&..(cd^c\gZhVgZcBdcYgV\dc0
JabVEgZX^cdm!H#8dde#XZcigdiZXcda\^Xd
JabV=dgb^\cEdabZgd!H#8dde# egZX^hVbZciZ edgfjZ hj ^cXdgedgVX^c ^bea^XVWV
YZhVeVgZXZgXdbd\gjedXdbVgXVanaV6hVbWaZV
YZa \gjed Xdc jc gZheVaYd hjeZg^dg Va -* YZX^"
Y^cd]VXZgad#=VnfjZiZcZgZcXjZciVfjZ!eZhZVfjZZa\gjedXdbVgXVaJabVhZXdchi^ijnZc&.-)!
Zch^ZiZVdhgZVa^ojcaVg\dgZXdgg^YdÅZcigZadh^chigjbZcidhYZ^ciZgXddeZgVX^cYZhVggdaaVYdh!Zh
hjWgVnVWaZhjedai^XVYZgZXdckZgh^cYZgZidgcdhÅ#:a\gjedhZXVgVXiZg^oVWVedgjcV\gVcegdm^b^YVY
\Zd\g{[^XV0^ciZ\gVWVZchjhZcdVjcXdaZXi^kdXdcha^YdhkcXjadhhdX^VaZh!fjZaZegdedgX^dcVWVcjc
[jZgiZhZci^b^ZcidYZXd]Zh^c^ciZgcV#
:caVcZ\Vi^kVYZJabVVBdcYgV\dcijk^ZgdcZheZX^Va^bedgiVcX^VaVhh^\j^ZciZhXjZhi^dcZh/ZahZci^b^Zcid
YZeZgiZcZXZgVjcegdnZXidXdbc!egm^bdnbjn^ciZg^dg^oVYdedgaVheZghdcVh!ZgVeZgX^W^YdXdbdjcd
YZadhbVndgZhVXi^kdhYZa\gjedXdbVgXVa0igVheVgi^X^eVgVXi^kVbZciZZcaVhXdc[^\jgVX^dcZhYZaVhY^hi^c"
iVhV\gjeVX^dcZhZcfjZadhcZ\dX^dhYZa\gjed]VWVch^YdY^hig^Wj^YdhhZaaZ\VaXdckZcX^b^ZcidYZfjZ
cdZm^hiVch^cZg\^VhgZVaZhc^aVedh^W^a^YVYYZXdchigj^gjcegdnZXidXdbeVgi^YdiVanXdbdhZ]VWVVaXVc"
212 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
oVYdZcJabV0^\jVabZciZ!aVedai^XVYZ^ckZgh^dcZhfjZZa\gjedJabVVednVWVcdZgVXdbeVgi^YVedgaV
8dgedgVX^c#:hidhjedcViZcZgfjZVWVcYdcVgjcdYZadhcZ\dX^dhYZa\gjed#
6eVgi^gYZV]!JabVegdh^\j^Zchda^iVg^d#:aVWdghjegde^VVaiZgcVi^kVYZ^ciZgXddeZgVX^cYZcdb^cVYV
EgdnZXidDg\Vc^oVi^kdYZa<gjedJabV#AdhgZhjaiVYdhZXdcb^XdhYZaVhXddeZgVi^kVhYZa\gjedÅiVhVhYZ
XgZX^b^ZcidZcidgcdVa'%YZhYZ&..(Å[jZgdcaVbZ_dgYZbdhigVX^cYZaVkVa^YZoYZa\gjedXdbVgXVa#
6h!ZcZaVd'%%'!nVXdceaZcdgZXdcdX^b^ZcidYZhjZhigjXijgVXdbVgXVa!JabV^c\gZhZcBdcYgV\dc#
9ZhYZZcidcXZh!Za\gjedXdbdiVa!Xdc[dgbVaV9^k^h^cYZH^hiZbVh>cYjhig^VaZh#
6eVgiZYZadhbZXVc^hbdhYZ^ciZgXddeZgVX^cYZhVggdaaVYdhVc^kZaYZaXdc_jcidYZa\gjedBdcYgV\dc!Za
\gjedJabVY^hedcZYZdigVh]ZggVb^ZciVhegde^VhYZ^ciZgXddeZgVX^c/jc[dcYd[^cVcX^Zgd!jc[dcYdYZ
egdbdX^cZbegZhVg^Va!jc[dcYdYZhda^YVg^YVYgZig^Wji^kVnjcVgZXdckZgh^cYZa(%YZadhgZhjaiVYdh#
6YZb{h!aVVYb^c^higVX^cYZadh;:E8YZaVhXddeZgVi^kVhfjZ^ciZ\gVcZa\gjedhZgZVa^oVYZhYZaVegde^V
XVWZXZgVYZa\gjedncdYZhYZaVhXddeZgVi^kVh#
;LEBK9?ãD:;B=HKFEKBC7
'//) (&&* (&&-
8DDE:G6I>K6H ( ) & + &
C:<D8>DH ) + .
;>A>6A:HNE6GI>8>E696H ( ', )*
K:CI6H +)b^a^dcZhYZZjgdh )'%b^a^dcZhYZZjgdh ,&,b^a^dcZhYZZjgdh
K:CI6H>CI:GC68>DC6A:H +)b^a^dcZhYZZjgdh &+%b^a^dcZhYZZjgdh ()+b^a^dcZhYZZjgdh
EA6CI>AA6 ,-)eZghdcVh '#,%%eZghdcVh )#)+&eZghdcVh
;J:CI:/<gjedJAB6#
AVh9^k^h^dcZhYZaÛgZV>cYjhig^V!XdbdZci^YVYZh_jgY^XVhegde^VhnXdchjhgZheZXi^kdhg\VcdhYZ\dW^Zgcd!
hZ]VcYdiVYdYZbVndg[aZm^W^a^YVYcdgbVi^kVZchjhgZheZXi^kdh{bW^idhYZVXijVX^c#DigVhcdkZYVYZh^bedg"
iVciZh]Vch^YdaVXgZVX^cYZadhaaVbVYdh=hkfeiZ[?dj[hiCkjkeeVgVkZ]^Xja^oVgVXjZgYdhW^ZcejcijVaZhd
eZgbVcZciZhZcigZaVhY^hi^ciVh9^k^h^dcZhfjZXdc[dgbVcZaÛgZV>cYjhig^VVegdkZX]VcYdedh^WaZhh^cZg\^Vh0aV
ejZhiVZcbVgX]VYZjc9[djheZ[FheceY_dYZcjZkVhVXi^k^YVYZhnaVXdchi^ijX^cYZa9edi[`e?dZkijh_Wb$
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 213
:hiZai^bdZhjcg\VcdYZXddgY^cVX^cYZaVh9^k^h^dcZhYZaÛgZV>cYjhig^VnZhi{XdbejZhidedgidYVhaVh
K^XZegZh^YZcX^Vh$9^gZXX^dcZh<ZcZgVaZhYZaÛgZV>cYjhig^V#IVbW^cedYg{c[dgbVgeVgiZaVh9^gZXX^dcZh
YZadh9ZeVgiVbZcidh8ZcigVaZhYZa8Zcigd8dgedgVi^kd#HjegZh^YZciZZhcdbWgVYdedgVa8db^h^cEZg"
bVcZciZVegdejZhiVYZa8dchZ_d<ZcZgVa#:a8dchZ_di^ZcZedgdW_ZidXddgY^cVgaVh9^k^h^dcZhZcZa{bW^id
ZhigVi\^XdndeZgVi^kd#I^ZcZidYVhaVhXdbeZiZcX^VheVgVZaigViVb^ZcidYZadhVhjcidhZheZX[^XdhYZaÛgZV
>cYjhig^Vnhjh[jcX^dcZhhdcZaYZhVggdaadZbegZhVg^Va!Za^bejahdYZaVhh^cZg\^Vh^ciZgXddeZgVi^kVhnaV
\Zhi^cY^gZXi^kV#;^cVabZciZ!XVWZhZVaVgfjZZhiZbdYZadcdVaiZgVaVXdck^kZcX^VYZbdYZadhXdbVgXVaZh
ÅJabVn;V\dgÅnhZXidg^VaZh#
-$'$ 9ed]h[ie9eef[hWj_le
IVanXdbdgZXd\ZcaVhCdgbVhYZa8dc\gZhdYZBdcYgV\dcZa8dc\gZhd8ddeZgVi^kdZhZag\VcdfjZYZ"
iZgb^cVaVheVjiVhdXg^iZg^dh\ZcZgVaZhedgadhfjZhZg^\ZaV8dgedgVX^c!VaVajoYZadheg^cX^e^dhW{h^Xdh
YZaVZmeZg^ZcX^VXddeZgVi^kV#:a8dc\gZhdYZBdcYgV\dcZhZaZfj^kVaZciZVaV6hVbWaZV<ZcZgVaYZaVh
XddeZgVi^kVhYZWVhZ#IdYdhadhVhjcidhfjZhZVcegde^dhYZaV8dgedgVX^cejZYZchZgdW_ZidYZYZWViZ
nVegdWVX^cedgZa8dc\gZhd0VYZb{h!Zm^hiZcjcVhZg^ZYZbViZg^VhfjZZm^\ZcZaVXjZgYdYZaEaZcdYZa
8dc\gZhdeVgVhZgaaZkVYdhVXVWd#
IdYVhaVhXddeZgVi^kVhn9^k^h^dcZhYZBdcYgV\dci^ZcZcZaYZgZX]dnaVgZhedchVW^a^YVYYZfjZhjhgZegZhZciVc"
iZheVgi^X^eZcZcZa8dc\gZhd8ddeZgVi^kd#AdhXg^iZg^dheVgVaVYZh^\cVX^cYZgZegZhZciVciZhhdcXdbeZiZcX^V
YZadh8dchZ_dhGZXidgZhYZaVhXddeZgVi^kVh#:acbZgdYZgZegZhZciVciZhZcZa8dc\gZhdZhYZ+*%eZghdcVh#
AVhXddeZgVi^kVhYZWVhZiZcYg{cYZgZX]dVjcgZegZhZciVciZedgXVYVY^ZohdX^dh!gZYdcYZVcYdVaVaoV
adhgZhidh]VhiVjcb{m^bdYZYdhgZegZhZciVciZhedgXddeZgVi^kV#
AVh9^k^h^dcZhVYb^i^YVhXdbdiVaZh!ZcgVocYZhjeZghdcVa^YVY_jgY^XV!iZcYg{cjcgZegZhZciVciZZc
Za8dc\gZhd#
AVY^[ZgZcX^VZcigZaVhjbVYZadhgZegZhZciVciZhYZaVhXddeZgVi^kVhYZWVhZnYZaVh9^k^h^dcZh!nZa
cbZgdidiVaYZXdc\gZh^hiVhhZegdggViZVg{ZcigZaVhXddeZgVi^kVhZcegdedgX^cVacbZgdYZhdX^dh#
AVhjbVYZgZegZhZciVciZhYZXddeZgVi^kVheZgiZcZX^ZciZhVjcVb^hbV9^k^h^ccdedYg{hZghjeZg^dg
Va(%YZaidiVaYZXdc\gZh^hiVh#BZY^VciZZhiZXg^iZg^dhZfj^ZgZZk^iVgaVXdcXZcigVX^cYZkdidhZcaVh
9^k^h^dcZhXdcbVndgcbZgdYZigVWV_VYdgZh#
214 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
<KD9?ED;I:;B9ED=H;IE9EEF;H7J?LE
9Z[^c^gZabVgXd\ZcZgVaYZaigViVb^ZcidYZadh[VXidgZhegdYjXi^kdhW{h^XdhIgVWV_dn8Ve^iVaZcaVh8ddeZgVi^kVhYZa<gjednVcVa^oVg
nVXijVa^oVgadheg^cX^e^dhXddeZgVi^kdhhdWgZadhfjZhZVh^ZciVaVZmeZg^ZcX^V!XdcZa[^cYZbVciZcZghjXVg{XiZgYZ[jZciZk^kVYZ
YZhVggdaadXdbjc^iVg^d#
6egdWVgaVhedai^XVhW{h^XVhgZ[ZgZciZhViZbVh[jcYVbZciVaZhYZ^ciZghXdbc!iVaZhXdbd/
" EgdbdX^cYZcjZkVhXddeZgVi^kVh
" >ckZhi^\VX^cX^Zci[^XVniZXcda\^XV
" 7VhZhYZaVedai^XV[^cVcX^ZgVnhdX^d"aVWdgVa
" ;dgbVX^cZbegZhVg^VanXddeZgVi^kV
" HZ\jg^YVYHdX^VaYZadhXddeZgVYdgZh
" EgdnZXX^cdg\Vc^oVi^kVYZa\gjedZchjXdc_jcid
6egdWVgaVXdchi^ijX^cYZZci^YVYZhXdbjcZh#
6cVa^oVgnVXijVa^oVgadheg^cX^e^dhXddeZgVi^kdh#
:m^\^g!ZcXjVafj^ZgbdbZcid!XjZciVhYZhjVXijVX^cVaV8db^h^cEZgbVcZciZ#
6egdWVgaVbdY^[^XVX^cYZaVhCdgbVhYZa8dc\gZhd!XdcZ[ZXidhk^cXjaVciZheVgVaVhXddeZgVi^kVhVY]Zg^YVhVa\gjedBdcYgV\dc#
6egdWVgbdYZadhYZYdXjbZcidhW{h^XdhgZ\jaVYdgZhYZa[jcX^dcVb^ZcidYZaVhXddeZgVi^kVh:hiVijidh!GZ\aVbZcidh>ciZgcdh
nCdgbVh7{h^XVh#
GVi^[^XVgaVVYb^h^cYZXddeZgVi^kVhZcaV8dgedgVX^c#
6XdgYVgaVY^hdajX^cYZaV8dgedgVX^c#
6YZb{hYZadhgZegZhZciVciZhYZaVhXddeZgVi^kVh![dgbVceVgiZYZa8dc\gZhd!XdcXVg{XiZgYZc_[cXhei
dWjei!adhXdbedcZciZhYZaV8db^h^cEZgbVcZciZYZBdcYgV\dc#EdgdigdaVYd!iVbW^ciZcYg{cYZgZX]d
VVh^hi^gVa8dc\gZhd!XdckdoeZgdh^ckdid!adhb^ZbWgdhYZa8dchZ_d<ZcZgVanaVhEgZh^YZcX^Vhn9^gZXX^d"
cZh<ZcZgVaZhYZaVh9^k^h^dcZhnXddeZgVi^kVhYZWVhZVh^b^aVYVh#
6YZb{hYZhZgjcZheVX^dYZgZjc^cYZidYVhaVhXddeZgVi^kVh!digVYZaVhXVgVXiZghi^XVhb{h^bedgiVciZh
YZa8dc\gZhd8ddeZgVi^kdZhaVedh^W^a^YVYYZZaVWdgVgnhdbZiZgedcZcX^VhnegdnZXidheVgVhjVegdWVX^c#
:hjcVbVcZgVYZfjZejZYVaaZ\VgaVkdoYZaVhXddeZgVi^kVhVaVhedai^XVh\ZcZgVaZhYZaV8dgedgVX^cn
]VXZgeVhVgidYVhaVhYZX^h^dcZheg^bZgdedgZaaVh#6h!hZdg\Vc^oVcjcVhZg^ZYZYZWViZhegZXdc\gZhjVaZh
YZaVhedcZcX^VhnZcb^ZcYVhegZhZciVYVh#
:cXjVcidVaYZgZX]dVkdid!h^\j^ZcYdadhXg^iZg^dhXddeZgVi^kdh!XVYVeZghdcViZcYg{YZgZX]dVjckdidnXdbd
cdgbV\ZcZgVa!adhVXjZgYdhhZVYdeiVg{cedgbVndgVh^beaZ#AdhVXjZgYdhVYdeiVYdhedgZa8dc\gZhdZcZa
{bW^idYZhjhVig^WjX^dcZhhZg{c!ZcidYdXVhd!YZdWa^\VYdXjbea^b^ZcideVgVaVhXddeZgVi^kVhVY]Zg^YVh#
:a8dc\gZhd8ddeZgVi^kdedYg{[jcX^dcVgXdbdEaZcddXdbd?jciVYZ8dc\gZh^hiVh0VbWVhhdcXdckdXVYVh
edgaV8db^h^cEZgbVcZciZ#
:aEaZcdYZa8dc\gZhdhZgZjc^g{XjVciVhkZXZhadYZX^YVcadhg\VcdhXdbeZiZciZhn!VabZcdh!jcVkZo
XVYVXjVigdVdh#I^ZcZXVg{XiZgYZX^hdg^dnbVndgeVgi^X^eVX^cYZaVhXddeZgVi^kVhVigVkhYZaV[VhZYZ
YZWViZhXdcedcZcX^VhnZcb^ZcYVh#AVdg\Vc^oVX^cXdb^ZcoVjcVdVciZhYZhjXZaZWgVX^c#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 215
AV?jciVYZ8dc\gZh^hiVhhZgZcZidYdhadhVdheVgVigViVgVhjcidhYZXVg{XiZgdgY^cVg^dZ^c[dgbVg
hdWgZaVZkdajX^cYZaXdc_jcidYZBdcYgV\dcnhdWgZaV\Zhi^cYZhVggdaaVYVYjgVciZZaZ_ZgX^X^dVciZ"
g^dgedgaV8db^h^cEZgbVcZciZnZa8dchZ_d<ZcZgVa#8dcXVeVX^YVYYZYZX^h^chdWgZX^ZgidhVheZXidh
cdgbVi^kdheVgVV\^a^oVghjegdXZhdYZbdY^[^XVX^c!aV?jciVYZ8dc\gZh^hiVhiVbW^ci^ZcZ[VXjaiVYYZ
gVi^[^XVgadhegZhjejZhidhYZadh9ZeVgiVbZcidh8ZcigVaZh!aVhXjdiVhYZ[^cVcX^VX^c!naVVYb^h^cYZ
XddeZgVi^kVhnY^k^h^dcZh0VYZb{hYZdigdhVhjcidhgZaVi^kdhVVheZXidhdeZgVi^kdhdYZVea^XVX^cYZcdg"
bVhVegdWVYVhedgZa8dc\gZhd#
IdYVhaVhcdgbVhVegdWVYVhedgZa8dc\gZhd8ddeZgVi^kdXdc[dgbVcZaVgi^XjaVYdYZcdb^cVYdCdgbVhYZa
8dc\gZhd#:cY^X]dYdXjbZcidhZgZXd\ZciVcidadheg^cX^e^dhW{h^Xdh!b^h^cnkVadgZhYZaVZmeZg^ZcX^VXdd"
eZgVi^kV!XdbdaZnZhW{h^XVhfjZgZ\^g{cZa[jcX^dcVb^ZcidYZaVhXddeZgVi^kVhnaVXdgedgVX^cZc\ZcZgVa#
-$($ 9ec_i_dF[hcWd[dj[
AV8db^h^cEZgbVcZciZYZa8dc\gZhdYZBdcYgV\dchZXdchi^ijnZeVgVfjZdeZgZZcigZadhf[h_eZei
_dj[hYed]h[ikWb[i!edgadfjZigVWV_VedgYZaZ\VX^cYZ8dc\gZhdnXdcZadW_Zi^kdYZdWiZcZgaVb{m^bV
Z[^X^ZcX^VZbegZhVg^Va#Hjh[jcX^dcZhhZVhZbZ_VcVadhYZa8dchZ_dGZXidgYZaVhXddeZgVi^kVhYZWVhZ!
edgadfjZaZXdggZhedcYZgZegZhZciVgXdc[VXjaiVYYZYZaZ\VX^cnXdceaZcVgZhedchVW^a^YVYVBdcYgV"
\dcZcXjVafj^ZgXaVhZYZVXidh#
AV8db^h^cEZgbVcZciZhZXdbedcZYZgZegZhZciVciZhZaZXidhfjZhZg{cYZh^\cVYdhVigVkhYZX^g"
XjchXg^eX^dcZh Y^k^h^dcVaZh edg adh gZheZXi^kdh 8dchZ_dh GZXidgZh YZ 9^k^h^c d Vh^b^aVYdh n YZWZg{c
<KD9?ED;I:;B79EC?I?ãDF;HC7D;DJ;
>bejahVgnXdcigdaVgaVZ_ZXjX^cYZaVhedai^XVhnVXjZgYdhVYdeiVYdhedgZa8dc\gZhd!aVZkdajX^cZbegZhVg^VaYZa\gjed
BdcYgV\dcnaV\Zhi^cYZaVEgZh^YZcX^VYZa8dchZ_d<ZcZgVa#
EgdedcZgVa8dc\gZhdadhegdnZXidhnVhjcidhfjZgZfj^ZgVcYZhjVegdWVX^cdfjZgZWVhZchj{bW^idYZXdbeZiZcX^Vdadh
fjZ!edgXjVafj^ZgXVjhV!Xdch^YZgZXdckZc^ZciZhdbZiZgVab^hbd#
:[ZXijVgZahZ\j^b^ZcidnXdcigdaVgaVhaVWdgZhYZhVggdaaVYVhedgZa8dchZ_d<ZcZgVa!Xjnd^c[dgbZhdbZiZg{VaV
Xdch^YZgVX^cYZa8dc\gZhd
:aVWdgVgY^gZXig^XZh!Y^g^\^YVhVa8dchZ_d<ZcZgVa!gZaVi^kVhVaVh[jcX^dcZhYZhVggdaaVYVhedgZhiZg\Vcd#
EgdbdkZgaVeVgi^X^eVX^cYZaXdaZXi^kdYZhdX^dhYZaVhXddeZgVi^kVhVY]Zg^YVhZcaVhbViZg^Vhegde^VhYZBdcYgV\dc#
9Zh^\cVg!XZhVg!gZcdkVgn[^_VgaVgZig^WjX^cYZaVEgZh^YZcX^VYZa8dchZ_d<ZcZgVan!VegdejZhiVYZhiV!YZh^\cVg!XZhVgn
[^_VgaVgZig^WjX^cYZaVh9^gZXX^dcZhYZ9ZeVgiVbZcidhnYZaVHZXgZiVgV<ZcZgVaYZY^X]dg\Vcd#
>ciZgegZiVg!ZcXVhdYZYjYV!aVhgZhdajX^dcZhYZa8dc\gZhdnYZaVhCdgbVhYZa8dc\gZhd#
EgdedcZgVa8dc\gZhdbdYZadhYZYdXjbZcidhW{h^XdhYZgZ\jaVX^cYZaVhXddeZgVi^kVh!iVaZhXdbd:hiVijidh!GZ\aVbZcidh
>ciZgcdhnCdgbVi^kVh#
EgdedcZgVa8dc\gZhdaVdg\Vc^oVX^cYZa\gjedBdcYgV\dcnVegdWVg!VegdejZhiVYZaEgZh^YZciZYZa8dchZ_d<ZcZgVa!aV
ZhigjXijgVdg\Vc^oVi^kVW{h^XVYZa8Zcigd8dgedgVi^kd#
DigVh#
216 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
hZghdX^dhYZVa\jcVXddeZgVi^kVYZa\gjed#8VYV\gjedi^ZcZjccbZgdYZgZegZhZciVciZhnkdidh[^_d/
ZaÛgZV>cYjhig^Vi^ZcZXVidgXZgZegZhZciVciZhnYdXZkdidh0ZaÛgZV9^hig^WjX^cXjVigdgZegZhZciVciZhn
XjVigdkdidh0:aÛgZV;^cVcoVh!YdhgZegZhZciVciZhnYdhkdidh0nZaÛgZV8dcdX^b^ZcidjcgZegZhZciVciZ
njckdid#6hjkZo!aVcdgbVi^kVk^\ZciZ^be^YZfjZYZcigdYZaÛgZV>cYjhig^Vc^c\jcV9^k^h^ciZc\Vb{h
YZYdhgZegZhZciVciZhnYdhkdidh#
AVYjgVX^cYZaXVg\dZhYZXjVigdVdh!Xdcedh^W^a^YVYYZgZZaZXX^c#6YZb{h!aV8db^h^cEZgbVcZc"
iZhZgZcjZkVedgb^iVYZhXVYVYdhVdh#AVYZh^\cVX^cYZadhb^ZbWgdhYZaV8db^h^cEZgbVcZciZ
XdggZhedcYZg{VadhgZheZXi^kdh8dchZ_dhGZXidgZhYZXddeZgVi^kVhYZWVhZnYZ9^k^h^c!ZcZaXVhdYZa
ÛgZV>cYjhig^V#
AdhVXjZgYdhVYdeiVYdhedgaV8db^h^cEZgbVcZciZZcZa{bW^idYZhjhVig^WjX^dcZhhZg{c!ZcidYdXVhd!
YZdWa^\VYdXjbea^b^ZcideVgVaVhXddeZgVi^kVhVY]Zg^YVhVa\gjed#
-$)$ 9edi[`e=[d[hWb
:a8dchZ_d<ZcZgVaYZBdcYgV\dcZhZag\VcdYZY^gZXX^cnXddgY^cVX^cZcgZaVX^cVaVhXddeZgVi^kVh
VY]Zg^YVhVa\gjed#EdYgVhZgZaZfj^kVaZciZVjc8dchZ_dYZ9^gZXX^cVc^kZaYZXddeZgVi^kVhYZWVhZ#:a
8dchZ_dZhi{XdbejZhidedgadhh^\j^ZciZhb^ZbWgdh/ZaEgZh^YZciZ!dX]dK^XZegZh^YZciZhÅZa9^gZXidg<Z"
cZgVaYZaV9^k^h^cYZ9^hig^WjX^c!Za9^gZXidg<ZcZgVaYZaV9^k^h^c;^cVcX^ZgV!hZ^h9^gZXidgZh<ZcZgVaZh
YZ9^k^h^cYZaÛgZV>cYjhig^VÅ!Ydh9^gZXidgZhYZadh9ZeVgiVbZcidh8ZcigVaZhYZa8Zcigd8dgedgVi^kdnZa
HZXgZiVg^d<ZcZgVaYZa\gjed!fjZVXjY^g{Xdckdonh^ckdid#IVbW^cVh^hi^g{VaVhgZjc^dcZhYZa8dchZ_d
<ZcZgVaZaEgZh^YZciZYZa8dc\gZhdYZBdcYgV\dc!eZgdad]Vg{Xdckdonh^ckdid#
<KD9?ED;I8ÜI?97I:;B9EDI;@E=;D;H7B
Edai^XV/ZaVWdgVg!egdedcZgVaV8db^h^cEZgbVcZciZnVea^XVgaVhYZ[^c^X^dcZhZhigVi\^XVhndW_Zi^kdh
XdgedgVi^kdhZcgZaVX^cVaVhh^\j^ZciZhedai^XVh/
" Edai^XV>cYjhig^Va^cXaj^YVaVgZZhigjXijgVX^cYZXddeZgVi^kVhdhZXidgZh
" Edai^XVYZ>ccdkVX^c
" Edai^XV>ckZghdgV\adWVa
" Edai^XVHdX^daVWdgVa
" Edai^XV;^cVcX^ZgV
" Edai^XVYZEgdbdX^c
" Edai^XVYZHZ\jg^YVYHdX^Va
9ZXdcigda/Z_ZXjiVcYdZcZabVgXdZhigVi\^XdadhdW_Zi^kdhYZBdcYgV\dc!Y^XiVb^cVcYdegZXZei^kVbZciZnXdc
XVg{XiZgegZk^dVhjVegdWVX^cadheaVcZhZhigVi\^XdhYZaVh9^k^h^dcZh!nXdcigdaVcYdnVednVcYdZaXjbea^b^Zcid
YZadhdW_Zi^kdhVh^\cVYdhVaVh9^k^h^dcZh#
9ZXddgY^cVX^c/XddgY^cVcYdaVhedai^XVhYZaVhY^kZghVh9^k^h^dcZhn8ddeZgVi^kVh!Vgbdc^oVcYdhjh^ciZgZhZh
eVgX^VaZhZcVgVhYZaYZhVggdaadXdc_jcid#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 217
9Z[dbZcid/
" :a^bejahdnXdcigdaYZaYZhVggdaadZbegZhVg^VaYZBdcYgV\dcnYZaXjbea^b^ZcidYZaVZkdajX^cZbegZhVg^Vaegd\gVbVYV#
" :a[dbZcidYZaV^ciZ\gVX^cYZaVh8ddeZgVi^kVhZcaVh9^k^h^dcZh!^bejahVcYdaVXdchi^ijX^cYZZaZbZcidhYZ^c[gVZhigjXijgV
hdX^VaZh!]jbVcdh![h^Xdh!iZXcda\^Xdhn[^cVcX^ZgdheVgVegde^X^VgZaYZhVggdaadVgbc^XdYZBdcYgV\dc#
" EgdedcZgVaV8db^h^cEZgbVcZciZnZ_ZXjiVgaVhcjZkVh^c^X^Vi^kVhZbegZhVg^VaZhYZBdcYgV\dccdegZk^hiVh
ZcaVheaVc^[^XVX^dcZhZhigVi\^XVhYZaVh9^k^h^dcZhn8ddeZgVi^kVhZcadhh^\j^ZciZhVheZXidh/aVcoVb^ZcidYZ
cjZkVhVXi^k^YVYZh!XdchjhXdggZhedcY^ZciZhbdYVa^YVYZhYZ[^cVcX^VX^c0VYfj^h^X^cYZeVgi^X^eVX^dcZh
h^\c^[^XVi^kVhZcdigVhhdX^ZYVYZh0XdbegVhYZZbegZhVh0Va^VcoVhZhigVi\^XVh!ZiX#
9Z^ciZgkZcX^c/VednVcYdnegdedc^ZcYdVaV8db^h^cEZgbVcZciZaV^ciZgkZcX^cYZVfjZaaVhXddeZgVi^kVhfjZ!
ZcXdcig{cYdhZZc[VhZYZaVcoVb^ZcidYZhjVXi^k^YVY!Zch^ijVX^cZbegZhVg^VaXgi^XVdZcg^Zh\dYZ^cX^Y^gZcaV
b^hbV!egZX^hZciVa^ciZgkZcX^c!ZhiVWaZX^ZcYdaVcVijgVaZoVnVaXVcXZYZaVb^hbVnZ_ZgX^ZcYdaVh[VXjaiVYZh
YZg^kVYVhYZY^X]V^ciZgkZcX^c#
>chi^ijX^dcVa/^cXajnZVheZXidhiVaZhXdbd!Xdc[dgbVgYZag\^bZc[jcX^dcVa^ciZgcdYZa8dchZ_d<ZcZgVa!h^c
eZg_j^X^dYZadhegZXZeidh\ZcZgVaZhgZ\jaVYdhedgaVhCdgbVhYZa8dc\gZhd0degdedcZgVaV8db^h^cEZgbVcZciZ
aVVXijVa^oVX^cYZadh:hiVijidhnGZ\aVbZcidhi^edYZadh\gjedh8dbVgXVaZh#
:acdbWgVb^ZcidYZadhb^ZbWgdhYZa8dchZ_d<ZcZgVaadgZVa^oVaV8db^h^cEZgbVcZciZVegdejZhiVYZa
EgZh^YZciZYZa8dchZ_d<ZcZgVaÅfj^Zc!VhjkZo!ZhYZh^\cVYdedgaV8db^h^cEZgbVcZciZÅ!edgjceZ"
g^dYdYZXjVigdVdh#
8. Fondos intercooperativos
Fj^o{h jcV YZ aVh XjZhi^dcZh b{h ^bedgiVciZh YZ aV ZhigjXijgVX^c dg\Vc^oVi^kV gVY^XV Zc aV edh^W^a^YVY
YZjcgZeVgidb{h]dbd\cZdnhda^YVg^dYZadhWZcZ[^X^dheVgVaVgZVa^oVX^cYZegdnZXidh^cY^k^YjVaZhn
XdaZXi^kdhYZaVhXddeZgVi^kVhnYZhjZcidgcd#EVgVZaad!aVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dcXjZciV!
VYZb{hYZaVgZXdckZgh^cYZgZhjaiVYdh!XdcYdh[dcYdheVgVedYZgaaZkVgVWjZcigb^cdjcdYZadheg^c"
X^e^dhW{h^XdhYZaXddeZgVi^k^hbd/aV^ciZgXddeZgVX^c#
IgVY^X^dcVabZciZ! adh [dcYdh V adh fjZ aVh XddeZgVi^kVh ]Vc ]ZX]d VedgiVX^dcZh ]Vc h^Yd Ydh/ Za ;dcYd
8ZcigVaYZ>ciZgXddeZgVX^c;8>nZa;dcYdYZ:YjXVX^cnEgdbdX^c>ciZgXddeZgVi^kV;:E>#:cbVndYZ
'%%(!ZcZaK>>>#8dc\gZhdYZBdcYgV\dchZXgZjciZgXZg[dcYdYZ^ciZgXddeZgVX^c/Za;dcYdYZHda^YVg^YVY
8dgedgVi^kd;H8#l[hYWfjkbe+"f|]$',-
218 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
.$'$ <edZe9[djhWbZ[?dj[hYeef[hWY_d<9?
:a;8>hZXdchi^ijnedgYZX^h^cYZa>>>#8dc\gZhd8ddeZgVi^kdZcY^X^ZbWgZYZ&..&!ZcZabVgXdYZaVgZZh"
igjXijgVX^chZXidg^VafjZY^ddg^\ZcVB88#HZigViVYZjcV]ZggVb^ZciVhda^YVg^VYZ\Zhi^cZbegZhVg^Va
eVgVaVVh^\cVX^cYZgZXjghdhXdgedgVi^kdhVaV[^cVcX^VX^cYZegdnZXidhYZ^ciZghegZ[ZgZciZeVgVaVh
XddeZgVi^kVhYZBdcYgV\dc!nfjZhZXVcVa^oVVigVkhYZB88>ckZgh^dcZhH#E#:HdX^ZYVYYZEgdbdX^cYZ
:begZhVhH#8dde#naV;jcYVX^cB88#
6a;8>hZaZVh^\cVjcYZhiVXVYdeVeZaYZVedndVaVhXddeZgVi^kVhfjZejZYZcVigVkZhVgedgXdnjcijgVhYZ
Y[^X^iYZgZciVW^a^YVY!XdcaVhfjZhZXdbegdbZiZVhjWkZcX^dcVg]VhiVjc^bedgiZb{m^bdZfj^kVaZciZVa
'%YZaVhegY^YVhVcjVaZhYZhejhYZh^ijVghjc^kZaYZVci^X^edhaVWdgVaZhVa.%YZabYjadYZgZ[Z"
gZcX^VXdgedgVi^kd#
:a;8>ZhYdiVYdVcjVabZciZedgidYVhaVh8ddeZgVi^kVhVhdX^VYVhXdcjcYZhZbWdahdZfj^kVaZciZVa&%YZ
adhZmXZYZciZhWgjidhÆedh^i^kdhÇYZaZ_ZgX^X^dVciZg^dg#8V_VAVWdgVaEdejaVg!edghjeVgiZ!VbeaVZhiVVedg"
iVX^c]VhiVZa'%YZadhgZhjaiVYdhYZaZ_ZgX^X^degZXZYZciZVciZhYZ^bejZhidhnYZYjX^Ydhadh^ciZgZhZhVa
XVe^iVahdX^VanaVhegde^VhhjWkZcX^dcZhVa;8>^cXaj^YVhZcY^X]dhgZhjaiVYdh#
9^X]dhgZXjghdhadhY^hig^WjnZaV8db^h^cEZgbVcZciZVegdejZhiVYZa8dchZ_d<ZcZgVa!VigVkhYZ^ckZg"
h^dcZhnhjWkZcX^dcZhYZB88>ckZgh^dcZhn;jcYVX^cB88#l[hYWfjkbe+"f|]$',-
C99?DL;HI?ED;I <KD:79?ãDC99
6igVkhYZadh[dcYdhgZX^W^YdhVbea^VhjXVe^iVaeVgV 6igVkhYZaVhhjWkZcX^dcZhfjZVedgiV[VX^a^iVaV
^cXgZbZciVghjXVeVX^YVYYZ^ckZgh^cZc/ XdbeZchVX^cYZegY^YVh!VedndVegdnZXidhYZ
:a[dbZcidYZaYZhVggdaadYZaVh6\gjeVX^dcZh gZZhigjXijgVX^cnhjWkZcX^cYZegdnZXidhXdcXgZidh#
HZXidg^VaZhd8ddeZgVi^kVhbZY^VciZaVidbVYZ EVgVZhidh[^cZhhZYZhi^cVg{Xdbdb{m^bdjc*%YZadh
eVgi^X^eVX^dcZhZhigVi\^XVhZcHdX^ZYVYZhYZ8Ve^iVa gZXjghdhVcjVaZhYZZhiZ[dcYd!Y^hig^Wj^YdhZcigZ/
XdcXVeVX^YVYZ[ZXi^kVYZVedgiVgh^cZg\^Vh AVXdbeZchVX^c]VhiVZaab^iZ\adWVaYZa'%YZ
XdbZgX^VaZhn$diZXcda\^XVh# adhZmXZYZciZhWgjidhcZ\Vi^kdhYZaVh8ddeZgVi^kVh
:a[dbZcidYZaYZhVggdaadYZBdcYgV\dcbZY^VciZ eVgiX^eZh!ZkVajVYdhXdcadhXdggZhedcY^ZciZh
aVXdbegVn\Zhi^cYZjcVgZhZgkVZhigVi\^XVYZ Xg^iZg^dhYZ]dbd\ZcZ^oVX^cgZXd\^YdhZcZaVgiXjad
hjZad^cYjhig^VadXdbZgX^Va# &()#:hidhgZXjghdhhZXVcVa^oVg{cVigVkhYZa;dcYd
YZHda^YVg^YVY8dgedgVi^kd#
AVegdbdX^cYZcjZkVhVXi^k^YVYZh![^cVcX^VcYd
jcVeVgiZYZhjhcZXZh^YVYZhYZ^ckZgh^cn[dcYdYZ :aVedndZmigVdgY^cVg^dVegdnZXidhYZgZZhigjXijgVX^c
bVc^dWgVbZY^VciZVedgiVX^dcZhYZXVe^iVa# da^fj^YVX^cYZVXi^k^YVYZh!cZXZhVg^dheVgVaV
egd\gZh^kVVYZXjVX^cYZh^ijVX^dcZhZheZX^VaZhVa
AV[^cVcX^VX^cYZaVh8ddeZgVi^kVhfjZ]VnVcedY^Yd
bVgXdYZaVeaVc^[^XVX^cZhigVi\^XVYZaVh
V\diVghjXVeVX^YVYYZZcYZjYVb^Zcid!VedgiVcYd
6\gjeVX^dcZhHZXidg^VaZh#
adhgZXjghdhcZXZhVg^dheVgVhdedgiVghjeaVcYZ
gZXdcYjXX^cbZY^VciZeghiVbdhdVbea^VX^dcZhYZ AVhjWkZcX^cYZegdnZXidhXd^cX^YZciZhdYZg^kVYdh
XVe^iVa# YZaVhEdai^XVhn:higViZ\^VhVYdeiVYVhedgB88!V
aVh8ddeZgVi^kVhd:ci^YVYZh8dgedgVi^kVhfjZXjbeaVc
XdcadhXdcY^X^dcVciZhhZVaVYdhZcXVYVXVhd#
;J:CI:/ CdgbVh8dc\gZhjVaZhYZB88#
E6GI:>>>/G:6A>969q%,/6GI>8JA68>âC>CI:G8DDE:G6I>K6 219
.$($ <edZeZ[;ZkYWY_doFheceY_d?dj[hYeef[hWj_lW<;F?
:hiZ[dcYdhZVegdWZcZa>>#8dc\gZhd8ddeZgVi^kdZc&.--#AVhVedgiVX^dcZhegdk^ZcZcYZa;dcYdYZ:Yj"
XVX^cnEgdbdX^c8ddeZgVi^kd;:E8nhj^bedgiZVaXVcoVZa'%YZaVYdiVX^cVa;:E8#:cZaXVhdYZaV
8V_VAVWdgVaZhiZedgXZciV_ZhZZaZkVVa)(YZYjX^YdZaZ[ZXidYZaV^cXdgedgVX^cYZaVhVedgiVX^dcZhVa
;8>ZcZaYZhi^cdYZadhgZhjaiVYdh#l[hYWfjkbe+"f|]$',-
AdhgZXjghdhhdc\Zhi^dcVYdhedgaV;jcYVX^cB88nhZji^a^oVceVgV[^cVcX^VgZa^bejahdnVedndYZ/
AV [dgbVX^c hdX^d"XddeZgVi^kV n egd[Zh^dcVa YZhi^cVYV V ^cXgZbZciVg aV XVeVX^YVY YZ adh iXc^Xdh!
Y^gZXi^kdh n hdX^dh YZ aVh XddeZgVi^kVh VY]Zg^YVh! n YZ adh b^ZbWgdh n egd\gVbVh YZ adh XZcigdh
ZYjXVi^kdhgZaVX^dcVYdhXdchiVh#
AV ^ckZhi^\VX^c n Za YZhVggdaad! XVcVa^oVYVh ]VX^V Zci^YVYZh YZa \gjed V[^cZh d ZheZX^Va^oVYVh Zc ZhiVh
VXi^k^YVYZh!XdbdBdcYgV\dcjc^WZgih^iViZV!d]VX^VegdnZXidhXdcXgZidhfjZhZVcXdch^YZgVYdhYZ^ciZgh#
.$)$ <edZeZ[Ieb_ZWh_ZWZ9ehfehWj_lW<I9
8dchi^ij^YdZcZaK>>>#8dc\gZhdYZBdcYgV\dcZc'%%(!Za;dcYdYZHda^YVg^YVY8dgedgVi^kdZhjc[dcYdZheZ"
X[^XdeVgVaVh8ddeZgVi^kVhYZaÛgZV>cYjhig^V#HjdW_ZidZhXjWg^geVgX^VabZciZaVhegY^YVhfjZhZejZYVc
egdYjX^gZcaVhXddeZgVi^kVhYZaÛgZV>cYjhig^V!neVgVZaadhZYdiVYZa'YZadhZmXZYZciZhWgjidhedh^i^kdhYZ
aVhXddeZgVi^kVh^ciZ\gVciZh#:a;H8Zhi{\Zhi^dcVYdedgaV;jcYVX^cB88#
=Vnfj^ZcZhad]VcYZ[^c^YdXdbdjcVPØLIZA DE SEGUROSeVgVV[gdciVgh^ijVX^dcZhVYkZghVh#:cidYdXVhd!
aVhXddeZgVi^kVhXdcegY^YVhi^ZcZcaVdWa^\VX^cYZgZXdcYjX^ghjh^ijVX^cji^a^oVcYddigdhbZXVc^hbdh
VajhdeVgVZk^iVgfjZhZ\ZcZgZch^ijVX^dcZhYZV\gVk^d#:cZaZ_ZgX^X^d'%%,hZYZhi^cVgdc)!.b^aadcZhYZ
ZjgdhVgZ[dgoVgaVh^ijVX^cYZVa\jcVhXddeZgVi^kVhXdcY^[^XjaiVYZh#
220 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
&.
97FßJKBE
Modelos de gestión
Índice
>cigdYjXX^c###############################################################################################################################''(
&# 9ZaiVnadg^hbdVaVeVgi^X^eVX^cZcaV\Zhi^c#############################################################'')
&#& AVheg^bZgVh^c^X^Vi^kVh#########################################################################################################################''*
&#' Eg^bZgbdYZadYZ\Zhi^cXdgedgVi^kd################################################################################################''-
'# HZ\jcYdbdYZadYZ\Zhi^cXdgedgVi^kd#######################################################################'(%
'#& JcbdYZadYZ\Zhi^cXdcgVh\dhegde^dh########################################################################################'(&
(# DeX^dcZheVgVjcVVjid\Zhi^c^ciZ\gVa########################################################################'((
)# JcbdYZadYZbdXg{i^XdWVhVYdZcaVeVgi^X^eVX^c^ciZ\gVa#######################################'(*
*# AVeVgi^X^eVX^chdhiZc^WaZ/igVWV_d![Vb^a^Vni^Zbeda^WgZ#########################################'(+
+# JcbdYZadYZeVgi^X^eVX^cYdiVYdYZhZci^YdhdX^Va##################################################'(,
222 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
:h^cYjYVWaZfjZZabdYdVXijVaYZ]VXZgnZciZcYZgaVZbegZhVXddeZgVi^kVcdZhZab^hbdfjZZaYZ]VXZ
bZY^dh^\ad0c^eVgVaVhZbegZhVhXVe^iVa^hiVhc^eVgVaVhfjZhZ^chZgiVcYZcigdYZaVZXdcdbVhdX^Va#AV
\Zhi^cZbegZhVg^VanaVXdcXZeX^chdWgZXbdhZYZWZXdcYjX^gaVZbegZhVZhi{cbjn^c[aj^YdhedgaVh
^YZVhnXddgYZcVYVhYZXVYVbdbZcid]^hig^Xd#
:ccjZhigdZcidgcd!b{hdbZcdh]VhiVaVYXVYVYZadhdX]ZciVYZah^\adMM!aVZbegZhV!b{hXdcXgZ"
iVbZciZ aV [{Wg^XV ÅXdbd ZbegZhV ^cYjhig^VaÅ! ZcXVgcVWV jc bdYZad YZ dg\Vc^oVX^c YZ aV egdYjXX^c
_Zg{gfj^XdnXZcigVa^oVYd#:aY^hXjghdZbegZhVg^VaVeZcVhZbeZoVWVVidbVgjccjZkdgjbWdYZaVbVcd
YZabdYZgcdMANAGEMENT#
9ZhYZZcidcXZhÅXdbdeVgiZYZjcegdXZhdYZbZiVbdg[dh^hÅhZ]Vc^Yd^cigdYjX^ZcYdZcZakdXVWjaVg^d
ZbegZhVg^VaXdcXZeidhXdbdgZhedchVW^a^YVYhdX^Va!i^XVZbegZhVg^VadeVgi^X^eVX^cYZadhigVWV_VYdgZh
WjhXVcYdZhi^bjaVgaVeg{Xi^XVZbegZhVg^VaXdccjZkVh[jcX^dcZh!dW_Zi^kdhnZaZbZcidhh^\c^[^XVi^kdh#AV
ZbegZhVXVe^iVa^hiV!eVgVYZhZckdakZghZXdc[VX^a^YVYZcjcbZgXVYdZmigZbVYVbZciZXdbeZi^i^kd!hZkZ
^bejahVYV V VXdbZiZg aV XgZVX^c YZ jcV gdWjhiV ^YZci^YVY ZbegZhVg^Va! VggjbWVcYd aVh Vci^\jVh ^YZc"
i^YVYZh YZ XaVhZ/ YZ aV Xdc[gdciVX^c V aV eVgi^X^eVX^c! YZ adh bdYZadh YZ gZaVX^dcZh [gV\bZciVYdh V aV
Xdbjc^YVY]jbVcVXd]Zh^dcVYV#
AVhXddeZgVi^kVh!edghjeVgiZ!]VcgZVa^oVYdjck^V_ZYZ^YVnkjZaiV#6eVgi^gYZadhVdh.%adhY^hXjghdhYZa
bdYZgcdMANAGEMENTnaVZbegZhVPOSTAYLORISTAeZcZigVcZcaVhXddeZgVi^kVh!nhiVhZbegZcYZcaViVgZVYZ
^ciZ\gVgZchjhbdYZadhYZ\Zhi^caVXjaijgVYZahZgk^X^dVaXa^ZciZnaV[^adhd[VYZaVXVa^YVYidiVaXdck^hiVh
VaVcjZkVXdc[^\jgVX^cYZabZgXVYd#
EdXdVedXdhZkVgZXdcdX^ZcYdfjZaVZbegZhVXddeZgVi^kVd[gZXZjcVh^cbZ_dgVWaZhXdcY^X^dcZheVgVaV
ZmeVch^cYZjcVXjaijgVYZeVgi^X^eVX^c/hjigVY^X^cYZbdXg{i^XV!dg^ZciVX^c]VX^VaVeZghdcVnhZgk^X^d
VaVXdbjc^YVYXdchi^ijnZcjciZggZcd[gi^aeVgVhZbWgVgcjZkdhbdYdhYZdg\Vc^oVX^cn[^adhd[VhYZeVg"
i^X^eVX^c#AVXdcXajh^cYZfjZaVhXddeZgVi^kVhejZYZchZgjcbZY^dcVijgVaeVgVYZhVggdaaVgbdYZadhYZ
eVgi^X^eVX^c!k^ZcZVhZgZaejcidYZeVgi^YVYZaVXijVabdYZadYZ\Zhi^cYZBdcYgV\dc#
:cZhiZXVeijadkVbdhVVcVa^oVgaV\Zhi^ceVgi^X^eVi^kVYZhYZaVei^XVYZaVZbegZhVXddeZgVi^kV#:caVh
h^\j^ZciZhacZVhVWdgYVgZbdhZaeVgVY^\bVYZaVYZbdXgVX^VZbegZhVg^VaXdbdgZ[ZgZciZYZaVZmeZg^Zc"
X^VXddeZgVi^kVYZBdcYgV\dc#>\jVabZciZ!hZYZhXg^W^g{ckVg^dhYZadhbdYZadhYZ\Zhi^ceVgi^X^eVi^kdh
Zck^\dgZcaV:8B!V]dcYVcYdZchjhgVh\dhb{hh^\c^[^XVi^kdh!eVgVXdcXaj^gXdcjcVgZ[aZm^chdWgZaV
\Zhi^ceVgi^X^eVi^kV#
E6GI:>>>/G:6A>969q%-/BD9:ADH9:<:HI>âC 223
1. Del taylorismo a la participación
en la gestión
BW[cfh[iWdefk[Z[oZ[X[f[hZ[hd_d]kdWZ[bWil_hjkWb_ZWZ[iZ[[Ó#
Y_[dY_Wfeh[b^[Y^eZ[gk[[dbWc_icWbeilWbeh[i^kcWdeiZ_i\hkj[dZ[d[jW
fh[lWb[dY_WieXh[beih[YkhieifkhWc[dj[[Yedc_YeiecWj[h_Wb[i"Wdj[iX_[d"
Z[X[feh[bbec_iceWY[djkWhik[ÓY_[dY_WoYWb_ZWZ$ #7h_pc[dZ_Whh_[jW
AVXVgVXiZghi^XVeg^cX^eVaYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc!ZcXjVcidVhjZhigjXijgV^ciZgcV!
]Vh^YdaVdg\Vc^oVX^cYZbdXg{i^XV#IVaZhigjXijgVhZgZ[aZ_VZcYdheg^cX^e^dhXddeZgVi^kdh/aVdg\Vc^oVX^c
YZbdXg{i^XVÅhZ\jcYdeg^cX^e^dÅnaVeVgi^X^eVX^cZcaV\Zhi^cÅfj^cideg^cX^e^dÅ#l[hYWfjkbe'&
224 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
'$' BWifh_c[hWi_d_Y_Wj_lWi 9EFH;9?0KD7FHK;87:;;DI7OE
8degZX^[jZ!ZcZaVd&.,'!aVZbegZhVegZXjghd"
gV# HZ VegdkZX] aV X^gXjchiVcX^V YZ fjZ Zc ZaaV
hZ YVWVc aVh XdcY^X^dcZh ^YcZVh eVgV YZhVggd"
aaVgXdcm^idjcegdXZhdYZZhiVcYdaZ#AdhXVb"
W^dh b{h h^\c^[^XVi^kdh fjZ adh cjZkdh bdYZadh
YZdg\Vc^oVX^cY^ZgdcZc8degZX^[jZgdc/Zceg^"
bZgaj\Vg!aVegdYjXX^chZdg\Vc^oZcbZhVhYZ
igVWV_d!bdY^[^XVcYdaVhXVYZcVhYZbdciV_Z0Zc
hZ\jcYd aj\Vg! hZ XdbZco V bdY^[^XVg aV dg\V"
c^oVX^cedg[jcX^dcZheVgVYVgeVhdVjcVeh]W#
d_pWY_dfehfheY[iei ]dg^odciVaZh eVgV XjWg^g
bZ_dgaVhcZXZh^YVYZhYZaXa^ZciZfjZ!edgadYZ" JhWXW`WZehWiZ[9efh[Y_[djehdeWbWc[iWZ[jhWXW`e
gk[ikij_jkoWbWY_djWjhWdifehjWZehW$
b{h!ZbeZoVWVVZm^\^gXVa^YVY!XdhiZh!ZiX#
:hiVheg^bZgVhZmeZg^ZcX^VhXdhZX]VgdcVa\jcdh[gjidhZcadhh^\j^ZciZhhZci^Ydh/
BZ_dgVYZaVXdbjc^XVX^cnaVXddgY^cVX^cZcigZadhigVWV_VYdgZh#
HZVbeaVcaVh]VW^a^YVYZhnZaVWVc^XdYZiVgZVhÅeda^kVaZcX^VÅYZXVYVigVWV_VYdgZcg^fjZX^ZcYdZa
bZX{c^XdnbdcidcdVXX^dcVgYZabdYZadiVnadg^hiV#
E6GI:>>>/G:6A>969q%-/BD9:ADH9:<:HI>âC 225
6jbZciVaVhVi^h[VXX^cnbdi^kVX^cYZaigVWV_VYdg#
6jbZciVZabVg\ZcYZVjidcdbVYZaigVWV_VYdg!nVfjZhZg{cgZhedchVW^a^YVYhjnVY^kZghdh
egdXZhdhdeZgVi^kdh#
BZ_dgVcaVhgZaVX^dcZhaVWdgVaZh#
HZaZYVb{hkVadgVaVXVYZcVYZbdciV_Z#
HZdei^b^oVcaVegdYjXi^k^YVY!aVXVa^YVYnadhXdhidh#
HZVYfj^ZgZbVndg[aZm^W^a^YVYeVgVVYVeiVghZVaVhcZXZh^YVYZhYZaXa^ZciZ#
C7?;HI$9EEF 8dcZhiZWVaVcXZ!adhegd\gVbVhYZgZdg\Vc^oVX^c
BV^ZgcVX^Veg^cX^e^dhYZadhVdhhZiZciVedg^c^X^Vi^kV eVgVVjbZciVgaVeVgi^X^eVX^cZcZaigVWV_dhZZm"
YZjc\gjedYZ<Zgc^`V!XdcZa^bejahdYZaV9^k^h^c:b" iZcY^Zgdc V digVh XddeZgVi^kVh0 hjg\^Zgdc \gjedh
egZhVg^VaYZ8V_VAVWdgVaEdejaVg#
Vjid\Zhi^dcVYdh fjZ Vhjb^Zgdc aV eaVc^[^XVX^c n
BV^Zg[VWg^XVXdbedcZciZhnhjWXdc_jcidheVgVVjidbd" Za Xdcigda YZ aV egdYjXX^c# 6YZb{h! hZ ejh^Zgdc
X^c!ZaZXigdYdbhi^XdhnZaZXigc^XVYZXdchjbd#:haYZg ZcbVgX]Vegd\gVbVhYZXVa^YVYndg\Vc^oVX^cZc
ZjgdeZd Zc YZhVggdaad n [VWg^XVX^c YZ gZ_^aaVh [gdciVaZh!
XVggdXZgV!ZbWZaaZXZYdgZhXgdbVYdh!iVeVXjWdhniVeVh [jcX^cYZaegdYjXid#
YZ\Vhda^cV#:hegdkZZYdgYZadhcjZkZeg^bZgdh[VWg^XVc"
iZhbjcY^VaZhYZVjidbk^aZh#9^hedcZYZeaVciVhZcK^o"
XVnV!CVkVggV!EdciZkZYgVnGZ^cdJc^Yd!_d^cikZcijgZhZc
6eVgi^gYZaVb^iVYYZaVYXVYVYZadh,%ZaegdXZhd
IjgfjVn8]Zfj^VnYZaZ\VX^dcZhZc;gVcX^V!HjZX^V!:h" YZ^beaZbZciVX^cYZegd\gVbVhYZeVgi^X^eVX^c
iVYdhJc^Ydhn?Vec#9ZaVhkZ^ci^X^cXdeZghdcVhfjZZb" hj[g^jcVX^ZgiVgZaV_VX^c#AVgZXZh^cZXdcb^XV
eZoVgdcVaa{edg&.,*]VceVhVYdVb{hYZ&#,%%'%%+0n!
hj[VXijgVX^cVhX^ZcYZV&+-b^aadcZhYZZjgdh'%%+# ZcXVjoZafjZ]VXZgYZadhY^gZXi^kdhedgdigdhYZ"
ggdiZgdh!]VX^ZcYdYZaVhbZY^YVheVgVV[gdciVgaV
&.-. [jZ jc Vd ^bedgiVciZ Zc aV ]^hidg^V YZ BV^Zg# HZ
VedhiZhigVi\^XVbZciZedgZahZXidgYZVjidbdX^c#9Z Xg^h^hZaejcidYZViZcX^cegZ[ZgZciZ#:caVYXVYV
aV [VWg^XVX^c YZ XdbedcZciZh eVgV ZaZXigdYdbhi^Xdh YZadh-%YZcjZkdgZejciVgdcVa\jcdhegd\gVbVh
YZg^kb{h]VX^VZahZXidgYZaVjidbk^a!^cYjhig^VfjZnV
YZ gZdg\Vc^oVX^c fjZ XdbedgiVWVc kZciV_Vh eVgV
gZegZhZciVWVZa*%YZhj[VXijgVX^c!h^W^ZcZhiVWVbjn
XdcXZcigVYVZcjcdhedXdhXa^ZciZh# XdbeZi^gZcZabZgXVYdnViZcYZgVaVhZm^\ZcX^Vh
YZaXa^ZciZ/adhbdYdhb{h[aZm^WaZhYZegdYjXX^c
IgVXX^dcVYdh edg aVh Zm^\ZcX^Vh YZa hZXidg! XdbZco Za
k^V_Z YZ BV^Zg ]VX^V aV XVa^YVY idiVa# 8Va^YVY idiVa Xdbd nadhXg^iZg^dhYZXVa^YVYb{hhZkZgdhZk^YZcX^VWVc!
ZaZbZcidW{h^XdeVgV\VgVci^oVgaVXdbeZi^i^k^YVY!Vhj" ZcZ[ZXid!aVcZXZh^YVYYZhjhi^ij^g!ZcaVbZY^YVYZ
b^ZcYd Za XdcdX^b^Zcid Xdbd kVadg [jcYVbZciVa YZ aV
ZbegZhVn!aVigVcheVgZcX^VnXdbjc^XVX^cXdbdVgbVh adedh^WaZ!Zah^hiZbViVnadg^hiVYZegdYjXX^c#
YZ[aZm^W^a^oVX^cYZaVdg\Vc^oVX^c#AVXdc[^\jgVX^cYZa
egdXZhdYZegdYjXX^cWVhVYdZcb^c^[{Wg^XVh/LATXUAKd
8dc Za VkVcXZ YZ aV \adWVa^oVX^c! aV a^WZgVX^c n
ZcaVh^hiZbVi^oVX^cYZadhegdXZhdhYZbZ_dgVXdci^cjV
V igVkh YZa bidYd (OBEKUNTZA! [jZgdc Z_Zbeadh! ZcigZ YZhgZ\jaVX^c YZ bZgXVYdh! aVh ZbegZhVh XddeZ"
digdh!YZaWjZc]VXZgYZBV^ZgZcaVVea^XVX^cYZadhXdc" gVi^kVheVhVgdcVXdbeZi^gZcadhdXVcdhYZabZg"
XZeidh YZ aV XVa^YVY idiVa! n bdi^kd YZ Vc{a^h^h n X[dY^#
cWha_d]YZWjZcVeVgiZYZaVhZbegZhVhYZaZcidgcd# XVYdbjcY^Va0ZcigZdigVhXdhVh!Zaad^bea^XVWVbZ"
_dgVgaVdg\Vc^oVX^cn\Zhi^cZbegZhVg^Va#
:acjZkdXdciZmidZXdcb^Xd[jZigVch[dgbVcYdZa{bW^id\Zd\g{[^XdYZdeZgVX^c0aVVeZgijgVZmiZg^dgXd"
bZcoVWVVXdWgVgXVYVkZobVndg^bedgiVcX^VZcaVhZbegZhVhXddeZgVi^kVh#AVXdbeZi^i^k^YVYZhi^bjaVWV
aV ^ckZhi^\VX^c! aV Y^hb^cjX^c YZ XdhiZh n aVh Zm^\ZcX^Vh YZ XVa^YVY# EZgd! ^\jVabZciZ! Va VjbZciVg aVh
Zm^\ZcX^VhXdbeZi^i^kVhadhb{g\ZcZhYZhjeZgk^kZcX^VY^hb^cjVc#:hidhcjZkdhYZhV[dhZm^\VcgdWjhiVh
ZhigjXijgVhnjc\gjed]jbVcdjc^YdfjZcVkZ\VgVZcjcb^hbdgjbWd#:acjZkdegdXZYZgbZgXVci^agZXaV"
bVWVVaVZbegZhVeZg[ZXX^cnXVa^YVYidiVaZcidYdhadhXVbedh#
226 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:c ZhiZ XdciZmid YZ VeZgijgV ZXdcb^XV! aV ZhigViZ\^V ZbegZhVg^Va YZ aVh XddeZgVi^kVh Xdc[ajn Xdc aV XgZVX^c
YZ\gjedhhZXidg^VaZh#6aZcigVgZaZhiVYdZheVda!eg^bZgdZcZaBZgXVYd8dbc:jgdeZd&.-+nYZhejh!Zc
ZaBZgXVYdåc^Xd:jgdeZd&..(!hZVXdbZi^jcegdnZXidYZdg\Vc^oVX^cfjZYZWVYVggZhejZhiVVadhcjZkdh
gZidhZXdcb^Xd"ZbegZhVg^VaZh#:hiZegdXZhdXdch^hi^ZcY^hdakZgadh\gjedhXdbVgXVaZhÅhVakdadh\gjedh;V\dg
nJabVÅeVgV[jcYVgadh\gjedhhZXidg^VaZh#:hiVhcjZkVhV\gjeVX^dcZhegZiZcYVcXdcig^Wj^gVbZ_dgVgZaXVg{XiZg
ZbegZhVg^VaYZaVhXddeZgVi^kVh/gZjc^ZgdcVZbegZhVhfjZZcaVeg{Xi^XVXdbeVgiVcbZgXVYdhnegdYjXidh!Zcjc
Zh[jZgodedgVaXVcoVgh^cZg\^VhZciZggZcdhXdbdXdbegVh!XdbZgX^Va^oVX^c!iZXcdad\V!^ckZhi^\VX^cnYZhVggdaad#
:caV:8BadhXVbW^dhZcaV\Zhi^c[jZgdc^cigdYjX^cYdhZedgY^hi^ciVhkVh/VkZXZhedgXdck^XX^cegde^V!digVh
kZXZhedgegZh^cYZegdkZZYdgZhdXa^ZciZh!dXdbdgZhjaiVYdYZaigVWV_dgZVa^oVYdedgÆegZhXg^eidgZhÇ^ciZgcdh#
;jZVhXdbdadhcjZkdhbdYZadhYZdg\Vc^oVgadhegdXZhdhYZigVWV_dhZ[jZgdcZmiZcY^ZcYdVaVhY^[ZgZciZh
XddeZgVi^kVh!XdbdadViZhi^\jVcadh/LATXUAKYZBV^ZgnhjeaVcYZbZ_dgVdadh\gjedhVjid\Zhi^dcVYdh
bjai^Y^hX^ea^cVgZhYZ>g^oVg#
AVegd\gZh^cZcadhbidYdheVgi^X^eVi^kdhYZ\Zhi^c[jZVkVaVYVedgadhgZhjaiVYdhZbegZhVg^VaZh#:cigZaVh
ZbegZhVhejciZgVhZjgdeZVhedghj\Zhi^cVkVcoVYV]Vc[^\jgVYdkVg^VhXddeZgVi^kVh#AdhZ_ZbeadhYZZmXZ"
aZcX^VnXVa^YVYidiVahdccjbZgdhdh/edgedcZgjcZ_Zbead!Zcadhai^bdhVdh!8degZX^!;V\dg8dXX^c!8V_V
AVWdgVaZ>g^oVghZ]VaaVcZcigZadhb{hgZXdcdX^YdhZcaVXVa^YVYYZ\Zhi^c#
97B?:7:JEJ7B$CeZ[beZ[][ij_d[cfh[iWh_Wbgk[i[Whj_YkbW[djehdeWbeii_]k[dj[iYedY[fjei0
'$ Eh_[djWY_d^WY_Wbeih[ikbjWZei
HZWjhXVZaZfj^a^Wg^dnhVi^h[VXX^cYZaVhZmeZXiVi^kVhYZidYdhVfjZaadhfjZeVgi^X^eVcYZaVdg\Vc^oVX^cZbegZhVg^Va!
ZchjhZci^Ydb{hVbea^d#
($ Eh_[djWY_dWbYb_[dj[
HZWjhXVaVhVi^h[VXX^cYZaVhZmeZXiVi^kVhYZaXa^ZciZ#:aeg^cX^e^dVgi^XjaVYdgZhZaXa^ZciZ!cdZaegdYjXiddZahZgk^X^degZhiVYd#
)$ B_Z[hWp]eoYedijWdY_W[dbeieX`[j_lei
>bedgiVcX^VngdaYZadhaYZgZhZcZa^bejahdZ^ciZ\gVX^cYZaXdc_jcidYZbZY^YVhfjZXdc[dgbVcaVZhigViZ\^VYZ\Zhi^c#
*$ =[ij_dfehfheY[ieio^[Y^ei
Eg^cX^e^dfjZdg^ZciVaVVXijVX^cZbegZhVg^VaXdbdjcXdc_jcidYZegdXZhdhY^c{b^XdhnYZ_VVig{haVXdcXZeX^cYZaV
dg\Vc^oVX^cedg[jcX^dcZh#
+$ :[iWhhebbe[_cfb_YWY_dZ[bWif[hiedWi
HZWjhXVVa^cZVgadh^ciZgZhZhndW_Zi^kdhYZaVheZghdcVhnadhYZaVdg\Vc^oVX^c#EVgVXdc[aj^gZcdW_Zi^kdh!adhZ_ZhhdWgZ
adhfjZdeZgVhdcZagZXdcdX^b^Zcid!aV[dgbVX^cnaVeVgi^X^eVX^c#
,$ 7fh[dZ_pW`["_ddelWY_doc[`ehWiYedj_dkWi
HZV[^gbVZcaVbZ_dgVXdci^cjVnhZdg\Vc^oVZcZah^\j^ZciZX^XadYZVXX^dcZh/eaVc^[^XVg!]VXZg!XdbegdWVg!kZg^[^XVgnV_jhiVg#
-$ :[iWhhebbeZ[Wb_WdpWi
:hiVWaZXZgkcXjadhWVhVYdhZcaVXdc[^VcoVnZcadhWZcZ[^X^dhbjijdh#
.$ H[ifediWX_b_ZWZieY_Wb
HZWjhXVaV^bea^XVX^cYZaVZbegZhVZcZaZcidgcdb{hegm^bd#
E6GI:>>>/G:6A>969q%-/BD9:ADH9:<:HI>âC 227
;GK?FEICKBJ?:?I9?FB?D7H;I7KJE=;IJ?ED7:EI:;?H?P7H
>g^oVgZhjcVZbegZhVfjZhZYZY^XVVaVXdchigjXX^cYZVjidXVgZhYZaj_d#:c>g^oVgaVYXVYVYZadhcdkZciV^c^X^VXdcjcVegd"
[jcYVXg^h^h#AVZbegZhVVXjbjaVegY^YVhYZadgYZcYZadhhZ^hb^aadcZhYZZjgdh#:c&..&hZ^cXdgedgV@daYdHVgVimV\VXdbd
XddgY^cVYdg!fj^ZcigVhaaZkVgVXVWdjcVc{a^h^hYZh^ijVX^c!
YZ[^cZ jcV cjZkV ZhigViZ\^V YZ egdYjXX^c fjZ Xdch^hiZ Zc
egdYjX^gjcVbZcdgkVg^ZYVYYZegdYjXidhZcjcbVndgc"
bZgd YZ bZgXVYdh# :hid Zh! bZcdg Y^kZgh^[^XVX^c YZa egd"
YjXidVXVbW^dYZjcVbVndgY^kZgh^[^XVX^cYZbZgXVYdh#
6eVgi^gYZV]!^bejahVcjccjZkdbdYZadYZ\Zhi^c#Hjh
acZVhW{h^XVhhdc/aVXgZVX^cYZZfj^edhVjicdbdhnbja"
i^[jcX^dcVaZh! aV Za^b^cVX^c YZ _ZgVgfjVh n aV dg^ZciVX^c
VaXa^ZciZ#
AVgZ^c\ZcZgVhZigVYjXZZcaVXgZVX^cYZZfj^edhYZeZghd"
L_ijWZ[bWfbWdjWZ[EhcW_pj[]_Z[?h_pWh$ cVhfjZigVWV_Vc_jciVheVgVgZVa^oVgjcegdXZhdidiVa#HZ[^_Vc
Zfj^edhYZigVWV_dnhZZa^b^cVcbVcYdh^ciZgbZY^dh#:a\gVYd
YZVjidcdbVXdcZafjZdeZgVcadhZfj^edhZh\gVcYZh^adXdbeVgVbdhXdcjcZhfjZbVYZdg\Vc^oVX^cXdckZcX^dcVa#AVigVYV
Xdbjc^XVX^c!a^WZgiVYngZhedchVW^a^YVYXdbeaZiVcaV[jZgoVbdig^ofjZdeZgVZcadhZfj^edhYZigVWV_d0n!ZaegZhjejZhidXdbc
fjZadedh^W^a^iVZhZakVadgYZaVXdc[^VcoVZcaVheZghdcVh#
AVdg\Vc^oVX^cYZaegdXZhdYZegdYjXX^chZZhiVWaZXZZc[jcX^cYZaZfj^edacZV"Xa^ZciZ#9ZhYZZaeg^bZgXdciVXidXdcZa
Xa^ZciZediZcX^Va]VhiVaVZcigZ\VYZVjidXVgZh!adhZfj^edhYZdg\Vc^oVX^c^cXajnZcVXa^ZciZhnegdkZZYdgZh#:aeg^cX^e^dYZ
hVi^h[VXX^cYZaXa^ZciZZm^\ZjcV\gVcVYVeiVW^a^YVYYZaegdYjXid[^cVa!adfjZ^bea^XVjcbdYZadYZegdYjXX^cbjn[aZm^WaZ#Edg
gVodcZhYZ^bV\ZcdgZXdcdX^b^ZcideWa^Xdb{hfjZedgXdckZcX^b^Zcid!>g^oVgiVbW^c]VVYVeiVYdhjbdYZadVZhi{cYVgZh
^ciZgcVX^dcVaZh!XdbdVah^hiZbVYZbZY^X^cZhiVWaZX^YdedgaV:;FB#
:abdYZadYZ\Zhi^cYZ>g^oVgZhZchZci^Yda^iZgVajcbdYZadbdYa^XdeVgVbjX]dh#=VXgZVYdZhXjZaV#:aVeaVhiVciZm^id
ZbegZhVg^VaYZadhai^bdhVdh]Vh^YdhjbZ_dgVa^VYdVaV]dgVYZXdckZcXZghdWgZaVhWdcYVYZhYZab^hbd#
:hiZbdYZadYZ\Zhi^c]Vh^YdVea^XVYdXdcWVhiVciZWjZcV[dgijcVZcdigVhZbegZhVhiVcidXddeZgVi^kVhXdbdbZgXVci^aZh#
>g^oVg]VejZhidZcbVgX]VZhiZb^hbdZhfjZbVZchjh[^a^VaZhZmigVc_ZgVhZc8]^cV!BVggjZXdh!Bm^Xdd7gVh^a#>\jVabZciZ!
XddeZgVi^kVhXdbdJgdaVn6bediVbW^cad]VcVYdeiVYd#
;J:CI:/J\VgiZAjm^d'%%*/z3INFONÓA O JAZZ +OLDO 3ARATXAGA Y EL MODELO )RIZAR
'$( Fh_c[hceZ[beZ[][ij_dYehfehWj_le
:cbVgodYZ&..+hZejWa^Xedgeg^bZgVkZojcbdYZadXdgedgVi^kdYZ\Zhi^c!XdcaV^ciZcX^cYZd[gZXZg
VaVhXddeZgVi^kVhYZa\gjedX^ZgiVhdg^ZciVX^dcZhYZXVg{XiZg\ZcZgVa#=VhiVZcidcXZh!XVYVXddeZgVi^kV
]VWVgZXdgg^Ydhjegde^dXVb^cdZcadgZaVi^kdVdg\Vc^oVX^cn\Zhi^c#
:aegdeh^idZgV!ejZh!Vegdm^bVghZ]VX^VjcbdYZadb{hjc^[^XVYdn]dbd\cZdfjZh^gk^ZgVYZ\jVVaVhXddeZ"
gVi^kVhYZaV:8B#:abdYZadfjZiZcVedgdW_ZidgZjc^gaVhWVhZhYZaXddeZgVi^k^hbdnaVhai^bVh]ZggVb^ZciVh
YZaMANAGEMENT!ZhiVWVWVhiVciZ^c[ajZcX^VYdedgadhbdYZadhYZ8Va^YVYIdiVa0ZcXdcXgZid!edgaV:jgdeZVc
;djcYVi^dcd[FjVa^inBVcV\ZbZci:;FB#:hiVgZ[ZgZcX^V!hjg\^YVZc&.--edgXVidgXZ\gVcYZhZbegZhVhfjZ
idbVgdcaV^c^X^Vi^kVYZXgZVgjcVZci^YVYYZXZgi^[^XVX^cÅaV:;FBÅXdceVg{bZigdhdg^ZciVYdhedgadheg^cX^"
e^dhYZ8Va^YVYIdiVa!ZgVedgVfjZaZcidcXZh!h^cc^bdYZ\gVcegZhi^\^dZcZabZY^dZbegZhVg^Va#
228 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:[ZXi^kVbZciZ!ZaYZaV8Va^YVYIdiVa]Vh^YdZaXVb^cdhZ\j^YdedgbjX]VhYZaVhXddeZgVi^kVhYZBdcYgV"
\dc!W^ZcedgZm^\ZcX^VhYZahZXidgZaZ_Zbeadb{hXaVgdZhZaYZahZXidgYZaVVjidbdX^c!YdcYZaVedai^XV
YZ egdkZZYdgZh YZ adh XdchigjXidgZh YZ Vjidbk^aZh Zm^\Z aV ^beaVciVX^c YZ edai^XVh YZ 8Va^YVY IdiVa n
eg{Xi^XVhYZEgdYjXX^c6_jhiVYV!W^ZcedgXdck^XX^c^ciZgcVaVY^[jh^cYZX^ZgiVheg{Xi^XVh]V[VX^a^iVYd
aVigVchb^h^cYZaadem#^em#
;jZZcaVYXVYVYZadh.%XjVcYdhZYZhVggdaa\gVceVgiZYZaMANAGEMENTYZg^kVYdYZaVXdgg^ZciZYZaV
8Va^YVYIdiVa#B{hXdcXgZiVbZciZ!]Vh^YdZahZXidgYZVjidbdX^cZafjZ]V^YdVaVkVc\jVgY^VYZidYVaV
igVch[dgbVX^cZcaVhZhigjXijgVhYZegdXZhdhnYZ\Zhi^c#=dnZcYV!XdcXZeidhXdbdaVYWZ[dWZ[lWbeh!
aVeh_[djWY_dWbYb_[dj[!aV\Zhi^cedgegdXZhdh!aVfheZkYY_dW`kijWZW"ZiX#!Zhi{cidiVabZciZ\ZcZgVa^"
oVYdhn]Vch^Yd!ZcbVndgdbZcdgbZY^YV!Vea^XVYdhZcZaXdc_jcidYZadhhZXidgZhYdcYZeVgi^X^eVcaVh
XddeZgVi^kVh#
:c&..,hZgZVa^ojcVeZfjZVVXijVa^oVX^cYZabdYZadYZ\Zhi^c#:cVdhedhiZg^dgZhhZegdYj_d!VYZ"
bVcYVYZaVhXddeZgVi^kVh!jcVVWjcYVciZZY^X^cYZ]ZggVb^ZciVhXdgedgVi^kVhÅhVi^h[VXX^cYZaXa^ZciZ!
hVi^h[VXX^cYZaVheZghdcVh!egdXZhdh!YZhea^Z\jZYZdW_Zi^kdhÅ#:cZhiZegdXZhdhZgZVa^oVgdcZcigZk^hiVh
XdcidYdhadhY^gZXidgZhYZaVh6\gjeVX^dcZhnk^XZegZh^YZciZhYZa8dchZ_d<ZcZgVa!njcVZkVajVX^cYZa
\gVYdYZji^a^oVX^cnYZhVi^h[VXX^cYZabdYZad#AVhXdcXajh^dcZhYZZhiZZhijY^d[jZgdcZaejcidYZeVgi^YV
eVgVaVVXijVa^oVX^cYZ'%%'#
6h!Zccdk^ZbWgZYZ'%%'ijkdaj\VgjcVgZk^h^cYZVfjZabdYZadVafjZhZaZ^cigdYj_ZgdcYZiZgb^cVYVh
bdY^[^XVX^dcZh#6[jijgd!aVVXijVa^oVX^ceZgbVcZciZYZabdYZadZhiVWVegZk^hiVVigVkhYZaVY^[jh^cYZ
"UENAS 0RÉCTICAS#
<7=EH;B;9JHE:ECxIJ?9EI0;@;CFBE:;7:7FJ79?ãDEH=7D?P7J?L7;DBEI7yEIDEL;DJ7
6Xdb^ZcodhYZaVYXVYVYZadh.%aVdg\Vc^oVX^cYZ;V\dg:aZXigdYdbhi^XdhcdhZY^[ZgZcX^VWVYZaVYZXjVafj^ZgdigVZbegZhV
YZhjb^hbdiVbVdnhZXidg#:adg\Vc^\gVbVYZaVedXVXdciVWVXdcjcVY^gZXX^c\ZcZgVaYZaVfjZYZeZcYVcYdh\ZgZcX^Vhn
igZhY^gZXX^dcZh[jcX^dcVaZh/^cYjhig^Va!XdbZgX^Va![^cVcX^ZgV!YZgZXjghdh]jbVcdhZ> 9#B^ZcigVhfjZaV\ZgZcX^V^cYjhig^VaZgV
aVZcXVg\VYVYZ\Zhi^dcVgidYVhaVheaVciVhegdYjXi^kVhXdX^cVh!aVkVYdgVh!aVkVkV_^aaVh![g^\dg[^Xdh!ZiX#!aVXdbZgX^VaVYb^c^higVWV
aVhjc^YVYZhgZaVX^dcVYVhXdcaVhiVgZVhXdbZgX^VaZhZcZa{bW^idcVX^dcVaZ^ciZgcVX^dcVa!fjZYVcYdaV\Zhi^cYZadhVheZXidh
[^cVcX^Zgdh!YZeZghdcVhnYZ^ccdkVX^cZcbVcdhYZaVhXdggZhedcY^ZciZhY^gZXX^dcZh[jcX^dcVaZh#
:chjXdc_jcid!aVh\ZgZcX^VhbZcX^dcVYVhXdc[dgbVWVcZa8db^i:_ZXji^kdYZaVXddeZgVi^kV!Xjnd8dchZ_dYZ9^gZXX^cZhiVWV
XdbejZhidedgadhb^ZbWgdhYZa8db^i:_ZXji^kdb{hadh_Z[ZhYZagZhidYZjc^YVYZhYZeVgiVbZciVaZh#:hiZbdYdYZdg\Vc^oVghZ
^bea^XVWVZaYZhVggdaadYZjcVjc^[dgb^YVYZcaV\Zhi^cYZidYdhhjhegdYjXidh$cZ\dX^dh!Vjch^ZcYdgZVa^YVYZhidiVabZciZY^[Z"
gZciZhZcXjVcidVXdbeZiZcX^V!Y^hig^WjX^cneWa^XddW_Zi^kd#AV\Zhi^cjc^[dgbZYZidYdhhjhcZ\dX^dhnaV[VaiVYZVegdm^bVX^c
VabZgXVYd!_jcidXdcadhbVadhgZhjaiVYdhYZg^kVYdhYZaVgZXZh^cZXdcb^XVk^k^YVedgZahZXidgYZaVacZVWaVcXVVXdb^Zcodh
YZadhcdkZciV!aaZkVXjZhi^dcVghZZaY^hZddg\Vc^oVi^kdZcjcbZgXVYdXVYVkZob{hXdbeZi^i^kd#
:c&..+Za8db^i:_ZXji^kd^c^X^VjcVgZ[aZm^chdWgZZabdYZaddg\Vc^oVi^kdfjZedhiZg^dgbZciZigVhaVYVVa8dchZ_dYZ9^gZXX^c#
8dchZXjZcX^VYZZhiVgZ[aZm^c!nZcjcbdbZcidZcZafjZhZZhiVWVZaVWdgVcYdjccjZkdeaVcZhigVi\^XdeVgV&..,"'%%%!hZ
E6GI:>>>/G:6A>969q%-/BD9:ADH9:<:HI>âC 229
YZX^YZVYdeiVgjcY^hZddg\Vc^oVi^kdedgcZ\dX^dhXdcjcVYZX^Y^YVdg^ZciVX^cVabZgXVYd#BjZgZaVVci^\jVdg\Vc^oVX^cncVXZc
h^ZiZcZ\dX^dhdg^ZciVYdhZcZaZ_ZegdYjXid"bZgXVYd/aVkVYdgVh!aVkVkV_^aaVh![gd!XdXX^c!b^c^Ydbhi^Xdh!Xdc[dginbjZWaZ#HZ
cdbWgVch^ZiZ\ZgZciZh!jcdedgXVYVcZ\dX^d!nZa8db^i:_ZXji^kdhZXdchi^ijnZXdcadhX^iVYdh\ZgZciZhb{hZaY^gZXidg[^cVc"
X^ZgdnZaYZgZXjghdh]jbVcdh#H^cZbWVg\d!cdhZaaZ\VVgdbeZgXdcidYVhaVh{gZVh!bVciZc^cYdhZX^ZgidhYZeVgiVbZcidhVa
hZgk^X^dYZadhY^hi^cidhcZ\dX^dh#
:aXVbW^ddg\Vc^oVi^kdejhdZcbVgX]VjcegdXZhdYZYZhXZcigVa^oVX^cfjZeZgb^i^fjZadhY^hi^cidhcZ\dX^dhbVcijk^ZgVchj
VjidcdbV0h^W^Zch^\j^Zgdc[jcX^dcVcYdWV_dZaeVgV\jVhXdbcYZ;V\dg:aZXigdYdbhi^Xdh#:cYZ[^c^i^kV!ZhiVigVch[dgbVX^c
h^\c^[^XaVXgZVX^cYZh^ZiZZbegZhVhZcb^c^VijgVcZ\dX^dhYZcigdYZ;V\dg0Xdch^hi^ZcjcVgZdg\Vc^oVX^cYZadhejZhidhYZ
bVndggZhedchVW^a^YVYnXdcig^WjnVjc[jcX^dcVb^Zcidb{h[aZm^WaZ#AdhgZhjaiVYdhYZbjZhigVciVbW^cfjZaV\Zhi^cY^[ZgZc"
X^VYVYZadhcZ\dX^dh]VeZgb^i^YdbZ_dgVghjXdbeZi^i^k^YVYnZ[^X^ZcX^V#
;J:CI:/8ajhiZgYZ8dcdX^b^Zcid!h%MPRESAS !VANZADAS EN 'ESTIØN &AGOR %LECTRODOMÏSTICOSv#
HZ]VXVZk^YZciZfjZVaVhXddeZgVi^kVhaZhXdggZhedcYVYZhVggdaaVgjceVgVY^\bVZcY\ZcdYZeVgi^X^eV"
X^c!b{hVaa{YZVYdeiVgdV_jhiVgadhY^hXjghdhfjZegdYjXZZaMANAGEMENTbdYZgcd#=VWVfjZVXijVgXdc
^c^X^Vi^kVegde^V#AVXjZhi^ccdZgVgZX]VoVgaV[dgb^YVWaZegdYjXX^ciZg^XV\ZcZgVYVZcZabjcYdh^cd
VXijVgedcYZgVYVbZciZ!ZhYZX^g!Zfj^a^WgVcYdjcVhZch^W^a^YVYVW^ZgiVVaVhVedgiVX^dcZhZmiZgcVhXdcaV
XgZVi^k^YVYegde^V#
6a b^hbd i^Zbed! Za gZXdgg^Yd gZVa^oVYd edg bjX]Vh XddeZgVi^kVh egdedgX^dcVWV ZaZbZcidh YZ XdcigVhiZ
eVgV kVadgVg Zc fj bZY^YV adh gZhjaiVYdh dWiZc^Ydh ZgVc d cd YZXZeX^dcVciZh0 edg Z_Zbead! ]VhiV fj
ejcidaVhiZch^dcZhYZg^kVYVhYZaVh_ZgVgfjVhdYZaV[^\jgVYZVjidg^YVYhZ]VWVcgZYjX^Yd0]VhiVfj
ejcid adh ^ciZgZhZh YZ aV XddeZgVi^kV n YZ adh XddeZgVi^k^hiVh ÅZc iVcid fjZ igVWV_VYdgZhÅ ZcXdcigVWVc
bZ_dgVXdbdYd0ZcfjbZY^YVaVhcjZkVhgZhedchVW^a^YVYZhVhjb^YVhedgZaigVWV_VYdgiZcVcVa\ci^ed
YZXdcigVegZhiVX^c0d]VhiVYcYZaaZ\VWVaVXVeVX^YVYYZ^c[ajZcX^VYZaVeVgi^X^eVX^c#
8dcidYd!hZhZciVaVcZXZh^YVYYZXdciVgXdcjcbdYZadegde^dYZeVgi^X^eVX^c^ciZgcV#:aVkVaeg^cX^eVa
ZhfjZaVhXddeZgVi^kVhedhZZcadhZaZbZcidhZheZX[^XdhfjZedh^W^a^iVcZhViVgZV0nZaadZhi{ci^bVbZciZ
a^\VYdXdchjZhZcX^VXddeZgVi^kV#AVeVgi^X^eVX^cYZbdXg{i^XV[^\jgVZcigZadhb{h^bedgiVciZhX^b^Zcidh
YZaVZmeZg^ZcX^VYZBdcYgV\dc!njcdYZadhgZidheg^cX^eVaZhfjZZcadhegm^bdhVdhZcXdcigVg{Zchj
XVb^cdhZg{VkVcoVgZcaViZdgVnZcaVegVm^hYZZhZeVgVY^\bVYZbdXg{i^Xdegde^d#
230 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
;gjidYZZhVgZ[aZm^caVhXddeZgVi^kVhYZBdcYgV\dcidbVgdcaVYZX^h^cYZZaVWdgVgjccjZkdbdYZadYZ
\Zhi^cb{h^ciZ\gVYdXdcaVXjaijgVXddeZgVi^kVYZa\gjed#:aZheg^ijYZacjZkdbdYZadhZgVXdckZgi^gaVh
XVgVXiZghi^XVhXddeZgVi^kVhegde^VhZcjcVkZciV_VXdbeZi^i^kVVY^X^dcVafjZVnjYVgVVaYZhVggdaadhdhiZc^"
YdnhdhiZc^WaZYZaVhb^hbVh#
AVaVWdgYZZaVWdgVX^cYZacjZkdbdYZadgZXVnZcaVJc^YVYYZ9ZhVggdaadYZabdYZadYZ\Zhi^cXdgedgV"
i^kdYZaVHZXgZiVgVIXc^XV!XdcaVXdaVWdgVX^cYZa8db^iYZaBdYZadYZ<Zhi^c#AVegdejZhiVYZEaVcZh
YZ6XX^chZejhdVY^hXjh^cVadaVg\dYZa'%%+ZcidYVhaVhXddeZgVi^kVh#9ZhejhYZhZgYZWVi^YdZcaVh
XddeZgVi^kVhngZk^hVYdedgadhiXc^Xdh!ZcbVgodYZ'%%,Za8dchZ_d<ZcZgVaYZBdcYgV\dcVegdWZacjZ"
kdbdYZadYZ\Zhi^cnZc_jc^dYZ'%%,aVcjZkV]ZggVb^ZciVYZVjidZkVajVX^cXdggZ\^YVigVhhZgiZhiVYV
Zc:gdh`^!Dg`a^n8V_VAVWdgVa#
($' KdceZ[beZ[][ij_dYedhWi]eifhef_ei
:ajc^kZghdXdcXZeijVaYZacjZkdbdYZadYZ\Zhi^cXdgedgVi^kd!gZidbV!edgiVcid!adhkVadgZhXddeZgVi^kdh
Xdbdeg^cX^e^dhgZXidgZhYZjcbdYZadYZ\Zhi^cfjZVhe^gVVYZ[^c^ghZZc[jcX^cYZgZ[ZgZciZhegde^dhn
cdZmiZgcdh#HjdW_Zi^kdZh]VXZgYZaZhi^adYZ\Zhi^cXdgedgVi^kdjch^\cdYZ^YZci^YVYfjZ\ZcZgZhZci^"
b^ZcidYZeZgiZcZcX^Vn[VX^a^iZaV^ciZgXddeZgVX^c#
Edgeg^bZgVkZo!hZZmegZhVjcVkdajciVYbVc^[^ZhiVYZigVhaVYVgaV^YZci^YVYXddeZgVi^kVVaVj[Yde#[ijhkY#
jkhWnVaV\Zhi^cZbegZhVg^VaXdcjcVbZidYdad\VnjcVh^hiZb{i^XVfjZeZgb^iVckZgYcYZZhi{cjW^XVYVh
H7I=EI:;BDK;LECE:;BE:;=;IJ?ãD
:abdYZadhZYZhXdbedcZZcX^cXdY^bZch^dcZh^YZci^[^XVYVXVYVjcVYZZaaVhXdcjcXdadg#AdhEg^cX^e^dh7{h^Xdh8ddeZgVi^kdh
hdcZaejcidYZeVgi^YVnhZYZhVggdaaVcZcidYVhnXVYVjcVYZaVhY^bZch^dcZhYZabdYZad#AVheZghdcVhhdcaVheg^cX^eVaZh
egdiV\dc^hiVhYZabdYZad!eZgdcdXdbdZaZbZcideVh^kdVhVi^h[VXZg!h^cdXdbdeVgiZVXi^kV!igVWV_VcYdZcXddeZgVX^c#ÆHdcaVh
eZghdcVhfj^ZcZhXdchi^ijnZcjcegdnZXidXdbeVgi^YdnhZYdiVcYZjcVdg\Vc^oVX^ceVgi^X^eVi^kVeVgVaaZkVgadVaVeg{Xi^XV#EZgd
ZhiZegdnZXidhZaaZkVVXVWdZcjcXdciZmidYZegdYjXid$bZgXVYd!XdcXa^ZciZh!egdkZZYdgZh!Va^VYdh!ZiX#!ZcZab^hbdZcidgcd
ZcZafjZhZYZhVggdaaVchjhXdbeZi^YdgZh#H^W^ZcZaegde^d]ZX]dXddeZgVi^kdegdedgX^dcVXaVgVhkZciV_VhZcaVVea^XVX^cYZadh
XdcXZeidhb{hVkVcoVYdhZcaV\Zhi^c!ZhcZXZhVg^dedcZgadhZceg{Xi^XVeVgVXdchZ\j^ghZgjcVZbegZhVZmXZaZciZ#:hiVhhdcaVh
X^cXdY^bZch^dcZhYZacjZkdBdYZadYZ<Zhi^c8dgedgVi^kd!fjZVXiVcZcjcVb^hbVY^gZXX^c!YZjcbdYdXddgY^cVYd#
EdgZhVgVocZaY^hZdX^gXjaVgnY^c{b^XdYZabdYZad^ciZciVbdhigVgVigVkhYZhjhZci^YdYZ\^gd!aV^ciZggZaVX^cYZaVh
Y^[ZgZciZhY^bZch^dcZh!ZaY^cVb^hbdnZaZc[dfjZE986#
AdfjZcdhZb^YZ!ZhbjnedXdegdWVWaZfjZhZbZ_dgZ!nZcXdchZXjZcX^V!cZXZh^i{WVbdhYdiVgcdhYZjcV]ZggVb^ZciVegde^V
YZbZY^X^cfjZeZgb^i^ZgVZkVajVgZa\gVYdYZegd\gZhdZcaV^beaVciVX^cYZadhY^[ZgZciZhXdcXZeidhgZXd\^YdhZccjZhigd
bdYZad#=ZbdhYZhVggdaaVYdjcVbZidYdad\VYZVXijVX^cWVhVYVZcZaXdcXZeidYZ6jidZkVajVX^cedgjcZfj^edYZigVWV_d
gZegZhZciVi^kdYZaVhY^[ZgZciZhhZch^W^a^YVYZhYZaVheZghdcVhYZaVdg\Vc^oVX^cÇ
;J:CI:/IJAVc`^YZ!c°*'*!_ja^dYZ'%%,#
E6GI:>>>/G:6A>969q%-/BD9:ADH9:<:HI>âC 231
aVhXddeZgVi^kVhn]VXVYcYZYZWZgVcjc^ghjhZh[jZgodheVgVegde^X^VgZaYZhVggdaadYZY^c{b^XVhYZ\Zh"
i^cZbegZhVg^VaXd]ZgZciZhXdcadheg^cX^e^dhXddeZgVi^kdh#EVgVYZX^gadZcYdheVaVWgVh!ZacjZkdbdYZadYZ
\Zhi^cWjhXV^bejahVgaVXjaijgVXddeZgVi^kVXdbddW_Zi^kdcbZgdjcd!nYZZhiZbdYd!gZXjeZgVgZaejahd
YZaV^ciZgXddeZgVX^cnVggV^\VgaVhWVhZhYZaXddeZgVi^k^hbd#
;bceZ[beZ[][ij_dYehfehWj_ledeZ[iWhhebbWceZeiZ[^WY[h"
Z[_dj[hl[d_h"i_degk[h[fh[i[djWc|iX_[dkd^eh_pedj["kd_Z[Wb$
EjZYZfjZZaY^hXjghdYZaVcZXZh^YVYYZhdWgZk^k^gZcZabZgXVYdYZaVXdbeZi^i^k^YVYnYZaVhVi^h[VXX^c
YZaXa^ZciZh^gkVcVXdgideaVodeVgVgZbdkZgadh{c^bdhYZaigVWV_VYdg#EZgd!VaVaVg\V!aVhbdi^kVX^dcZh!Za
Xdbegdb^hdnaV^YZci^[^XVX^cXdcaVXddeZgVi^kVhZ_jZ\VcZcjceaVcdb{hegd[jcYdnZhZdigdVheZXidZh
ZafjZk^ZcZVgZXdcdXZgZacjZkdbdYZadYZ\Zhi^c#
IVanXdbdhZejZYZdWhZgkVgZcaV[^\jgVYZVWV_d!ZaejcidYZeVgi^YVYZabdYZadhdcadhDIEZ PRINCIPIOS COOPERA
TIVOS!XdbdgVh\degde^dYZaVZmeZg^ZcX^VXddeZgVi^kVnZaZbZcidXdbcYZidYVhaVhXddeZgVi^kVhYZa\gjed#
:agZ[ZgZciZW{h^XdhdcaVheZghdcVhfjZigVWV_VcZcZfj^ed!XdaVWdgVcYdZcigZh!XdbegdbZi^YVhcdhad
XdcaVh^YZVhXddeZgVi^kVhh^cdXdcZafjZ]VXZgXddeZgVi^kd!adfjZgZYjcYVg{ZcjchZci^b^ZcidXdaZXi^kd
YZeZgiZcZcX^V#AVeZghdcVZhZadg^\ZcnZadW_Zi^kdYZaVXddeZgVi^kV#
:cadhh^\j^ZciZhXgXjadhYZaV[^\jgVcdhZcXdcigVbdhXdcPERSONAS EN COOPERACIØN!jcPROYECTO COMPAR
TIDO njcVORGANIZACIØN PARTICIPATIVA#AdhYdheg^bZgdhVWdgYVcadhVheZXidhb{hXdbeaZ_dh!edghj\gVYd
YZVWhigVXX^cncdkZYVY0ZcXdbeVgVX^cXdcZaai^bdVc^aadYZaV[^\jgV!fjZhZgZ[^ZgZVaYZhZbeZd
ZbegZhVg^Va!nfjZgZb^iZVjc]dg^odciZXdcdX^YdedgidYdh#6jcfjZaVheVjiVhnaVhdg^ZciVX^dcZhhZVc
Y^kZghVhnadhgZhjaiVYdhcdhZXdcdoXVcYZVciZbVcd!´Vfj^ccdaZgZhjaiV[Vb^a^VgaV^YZVYZaVZb"
232 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
egZhVZmXZaZciZ4´fj^ccdXdcdXZhjh^\c^[^XVYd4AVhXddeZgVi^kVhaaZkVcVdhigVWV_VcYdZcY^c{b^XVh
YZZmXZaZcX^V#=VnjcaVg\dgZXdgg^Yd]ZX]d#EdgZaXdcigVg^d!aV^YZVYZaVhPERSONAS EN COOPERACIØN naVYZ
COMPARTIR UN PROYECTO gZhjaiVcb{hZhXjgg^Y^oVh!b{hZigZVh!ZcjcVeVaVWgV!b{hXdbeaZ_Vh#Hj^beaZ"
bZciVX^c h^\c^[^XV Xdchigj^g adh eVg{bZigdh b^hbdh hdWgZ ad fjZ h^\c^[^XV XddeZgVg ZcigZ eZghdcVh d
XdbeVgi^gjcegdnZXidXdbc#NZaadVejciVVWjhXVgXdchZchdh#EdgdigdaVYd!ZhaVeg^bZgVkZofjZjc
bdYZadYZ\Zhi^cVWdgYVXjZhi^dcZhW{h^XVhYZaV^YZci^YVYXddeZgVi^kVeVgVigVhaVYVgaVhVaeaVcdYZaV
\Zhi^cdYZaViZXcd"ZhigjXijgV#
AV^YZVYZXdbeVgi^gjcegdnZXidYVedgWjZcVaVZm^hiZcX^VYZjcVXdcZm^cZcigZaVhVhe^gVX^dcZheZghdcVaZh
naVhYZaVXddeZgVi^kV!X^Zgid\gVYdYZXdckZg\ZcX^VnZciZcY^b^ZcidZcigZadh^ciZgZhZhXdaZXi^kdhZ^cY^k^YjV"
aZh!fjZhadhZXdch^\jZh^adhhdX^dhYZaVhXddeZgVi^kVhZ_ZgXZchjhYZgZX]dhnYZWZgZhXdcY^a^\ZcX^V!bd"
i^kVX^cngZhedchVW^a^YVY#:aegdnZXidZh!ZcYZ[^c^i^kV!ZaZaZbZcidV\aji^cVciZVigVkhYZaXjVaaVheZghdcVh
YZhVggdaaVcaVXddeZgVX^c0deZgVZcZadgYZcYZadhhZci^YdhnVXi^kVZahZci^b^ZcidYZeZgiZcZcX^V#
AV ^YZV YZ aV dg\Vc^oVX^c eVgi^X^eVi^kV k^ZcZ V gZ[dgoVg Za Z_ZgX^X^d YZ aV YZbdXgVX^V# EVgV ediZcX^Vg jc
bdYdYZ[jcX^dcVb^ZcideVgi^X^eVi^kdZh[jcYVbZciVaXdbeVgi^g^c[dgbVX^cnXdcdX^b^Zcidh!naVXddeZgV"
i^kVZhi{aaVbVYVV]VW^a^iVgbZXVc^hbdhZcZhiZhZci^Yd#IVbW^cZh^begZhX^cY^WaZfjZZa8dchZ_dGZXidg
naV<ZgZcX^VhZ^bea^fjZcV[dcYd0ZhidhadZhedh^WaZh^Xdc[VceaZcVbZciZZcadhdX^dh!ZchjhXVeVX^YV"
YZh!iVaZcidnhZci^YdYZaVgZhedchVW^a^YVY#
:cjcVZhXVaVbVndg!]VnjcgZXdcdX^b^ZcidYZfjZaVhXddeZgVi^kVhcdZhi{cV^haVYVhYZhjbZY^dhdX^Va#
HZVa^bZciVcYZZaaVnhjh[gjidhgZidgcVcVZaaV#AVhXddeZgVi^kVhiZcYgVcfjZ^YZci^[^XVgnVegdkZX]VgaVh
edh^W^a^YVYZhhdX^d"ZXdcb^XVhfjZaZhWg^cYVZaZcidgcdeVgVZaYZhVggdaadYZhjegde^degdnZXid!Zch^cid"
cVXdcadhYZhVggdaadhYZaVhdX^ZYVYZcaVfjZZhi{^chXg^iV#
whiVhhdc!V\gVcYZhgVh\dh!aVheg^cX^eVaZhXVgVXiZghi^XVhYZacjZkdbdYZadYZ\Zhi^cXdgedgVi^kd#8dbdhZ
ejZYZdWhZgkVg!ZabdYZadcdYZhVggdaaVbdYdhYZ]VXZgdYZ^ciZgkZc^g!h^cdfjZgZegZhZciVjc]dg^odciZXd"
bc!jcXdc_jcidYZ^YZVhVgi^XjaVYVhZcigZhfjZigViVcYZYdiVgYZbVndgXd]ZgZcX^VVaV\Zhi^cXddeZgVi^kV#
HZgVjcVegY^YVeVgVZabdk^b^ZcidXddeZgVi^kdfjZadfjZZcadhdg\ZcZh[jZjcdW_Zi^kdZchÅaV
YZbdXgVX^VZbegZhVg^VaÅhZ[jZgVXdck^gi^ZcYdZcjcVkVg^VWaZb{h#AVcjZkVXjaijgVZbegZhVg^Va]V
edh^W^a^iVYdfjZ!ZcVa\jcVbZY^YV!aVZbegZhVXddeZgVi^kViVbW^c[jZgVVhjb^ZcYdaViZgb^cdad\Vn
adhbZXVc^hbdhYZaVXdgedgVX^cXVe^iVa^hiV#
E6GI:>>>/G:6A>969q%-/BD9:ADH9:<:HI>âC 233
AVhXddeZgVi^kVh!edghjXdc[^\jgVX^chdX^ZiVg^VnedgZahiVijhfjZXdcXZYZcVa[VXidgigVWV_d!i^ZcZc
bVndgediZcX^VafjZaVhZbegZhVhXVe^iVa^hiVheVgV^ciZ\gVgZchjegdnZXidVeZghdcVh^bea^XVYVh!VX"
i^kVhneVgi^X^eVi^kVh#D[gZXZcXdcY^X^dcZh[VkdgVWaZheVgV^gb{hVaa{ZcZaXVb^cdgZXdcYjX^YdedgaV
ZbegZhVXVe^iVa^hiV!nVfjZaVeVgi^X^eVX^cZh[jcYVbZcideg^cX^eVaYZhj[gbjaVZbegZhVg^Va#
Adhegd\gVbVhYZeVgi^X^eVX^cZhi{caaVbVYdhVXjWg^gjcgdabjn^bedgiVciZZcZhiVZmeZg^ZcX^V#6b"
eaVcZabVg\ZcYZVjidcdbVZcZaejZhidYZigVWV_dnaVedh^W^a^YVYYZfjZZaigVWV_VYdgedc\VZceg{X"
i^XVhjXgZVi^k^YVY#:cZaegdnZXidXddeZgVi^kdZhVcjZkVXjaijgVedYgVgZhjaiVgVWhdajiVbZciZXd]ZgZciZ!
nVfjZkZcYgVV[VX^a^iVgaVhXdcY^X^dcZheVgVXdchZ\j^gjcVVjid\Zhi^c^ciZ\gVanhZgk^gVYZVnjYVeVgV
YZhVggdaaVgaVeVgi^X^eVX^cYZadhigVWV_VYdgZhZcidYdhadhc^kZaZhYZaVdg\Vc^oVX^c/ZcaVegde^ZYVY!
ZcadhgZhjaiVYdh!ZcZaejZhidYZigVWV_dnZcZa{bW^id^chi^ijX^dcVa#
:cjceaVciZVb^Zcidb{hegd\gZh^kdnbVYjgd!hZedYgVXdciZbeaVgaVcjZkVXjaijgVZbegZhVg^VaXdbd
jcVdeX^ceVgVjcVeVgi^X^eVX^cb{h^ciZ\gVanXdchX^ZciZ0ZaadZm^\Zjc^gYZbdXgVX^VnhZci^YdhdX^VaYZ
VXjZgYdXdcZagZXdgg^Yd]^hig^XdYZZhiVZmeZg^ZcX^V#
AVYZbdXgVX^VZXdcb^XVcdhZ\VgVci^oVhadXdcjcVY^hig^WjX^cZfj^iVi^kVYZaVegde^ZYVY/XjVcYdZa
edYZgZhi{bjnbZY^Vi^oVYdÅVigVkhYZaV^c[dgbVX^c!adhXdcdX^b^ZcidhiXc^Xdh!ZaXVe^iVaXjaijgVa!
ZiXiZgVÅadhcjZkdhbdYdhYZdg\Vc^oVX^cYZaigVWV_dejZYZcVnjYVgVYZhWgdoVgXVb^cdhYZhdX^Va^"
oVX^c#:hedh^WaZfjZZa[jcX^dcVb^ZcidbZY^VciZ\gjedhYZigVWV_dY^cVb^XZZa[aj_dYZXdbjc^XVX^c
n ]V\V aaZ\Vg V idYdh adh XdbedcZciZh YZ aV ZbegZhV VfjZaaV ^c[dgbVX^c fjZ egZk^VbZciZ cd aZh ZgV
VXXZh^WaZ#8^iZbdh!ZcigZadhWZcZ[^X^dhfjZgZedgiVaV\Zhi^ceVgi^X^eVi^kV!adhh^\j^ZciZh/
" AVkZciV_VYZXdciVgXdcb{hgZXjghdheVgVXdbegZcYZgaVhYZX^h^dcZhYZadhg\VcdhneVgi^X^eVgZc
Zaadh0YZZhVbVcZgVhZVbeaVaVdedgijc^YVYgZVaÅn!XdchZXjZciZbZciZ!iVakZoiVbW^cZa^ciZghÅ
YZadhigVWV_VYdgZhYZ^c[aj^gZcZagjbWdYZaVZbegZhV#
" BZ_dgV aV iZch^c ZcigZ YZbdXgVX^V n iZXcdXgVX^V! Y^hb^cjnZcYd aVh Y^hiVcX^Vh ZcigZ igVWV_VYdgZh n
ejZhidhZ_ZXji^kdh#
" Edg ai^bd! aV \Zhi^c eVgi^X^eVi^kV Zcg^fjZXZ Za igVWV_d Y^Vg^d n Zaad ^c[ajnZ Zc aV hVi^h[VXX^c YZ adh
igVWV_VYdgZh!hjc^kZaYZ^bea^XVX^cnZa^ciZghedgaVdg\Vc^oVX^c#
9ZXjVafj^ZgbdYd!iVbW^cejZYZcgZkZhi^gY_[hjeif[b_]hei0
" Adh [jZgiZh g^ibdh YZ igVWV_d [dbZciVYdh edg aV cjZkV XjaijgV ZbegZhVg^Va Xdbd aV XgZX^ZciZ
gZhedchVW^a^YVY YZg^kVYV YZ jcV bVndg eVgi^X^eVX^c! ejZYZc Y^hb^cj^g Za i^Zbed n! hZ\jgVbZciZ!
aVh \VcVh eVgV gZ[aZm^dcVg hdWgZ Za Xjghd YZ adh g\Vcdh! Xdcig^WjnZcYd Vh YZ bdYd cZ\Vi^kd Zc aV
eVgi^X^eVX^cedai^Xd"^chi^ijX^dcVa#
" 9VYdfjZadhcjZkdhh^hiZbVhYZ^c[dgbVX^c![dgbVX^cnXdbjc^XVX^c\^gVcZcidgcdVaVegdYjXX^cnaV
gZciVW^a^YVY!ZhXVhZVcadhXVcVaZheVgVfjZZaigVWV_VYdggZVa^XZZhVeVgi^X^eVX^cYZbVcZgVXdchX^ZciZnXgi^XV#
234 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
AVVejZhiVZc[VkdgYZjcVYZbdXgVX^VXdbeaZiVnjcXddeZgVi^k^hbdigVch[dgbVYdgZm^\^gVWjhXVggZh"
ejZhiVheVgVZhiZi^edYZVbZcVoVh#:hedh^WaZfjZaVcjZkVXjaijgVZbegZhVg^Va!^cXajhdZchjeaVciZVb^Zc"
idb{hh^beaZ!igV^\VVkVcXZh#NV]ZbdhbZcX^dcVYdfjZZhVXjaijgVejZYZZbeVVgZacdgiZi^Xd"hdX^Va
YZaVhXddeZgVi^kVh!]VX^ZcYd^beaX^iVbZciZegZkVaZXZgZa^YZVaZXdcb^Xd"egdYjXi^k^hiVXVh^ZcZmXajh^kV#
AV cjZkV XjaijgV ZbegZhVg^Va cd eaVciZV jc VkVcXZ Zc XjVcid V adh ^YZVaZh d Va hZci^Yd [jcYVbZciVa0 Va
XdcigVg^d!ZhjcVXjaijgVfjZhji^abZciZedcZaVeVgi^X^eVX^cnaVgZhedchVW^a^YVYhdX^VaVahZgk^X^dYZaV
Z[^X^ZcX^V!Xdcjc[dcYdYZedYZg^[j[hdece#6cVh!Zhedh^WaZfjZd[gZoXVgZXjghdheVgVgdWjhiZXZgaV
dg\Vc^oVX^cYZbdXg{i^XV!Vbea^VcYdaVXjaijgVYZaVeVgi^X^eVX^cnaVZmeZg^ZcX^VeVgi^X^eVi^kV!igVWV_VcYd
aVXdbeZiZcX^VeVgVYZX^Y^gnVhjb^ggZhedchVW^a^YVYZh!Xjai^kVcYdaVhXVeVX^YVYZhXgZVi^kVh!Zcg^fjZX^Zc"
Ydn]jbVc^oVcYdaVhiVgZVhXdi^Y^VcVh!VWg^ZcYdZheVX^dhYZXdbjc^XVX^cZcigZadhigVWV_VYdgZh#
9ZhYZZaejcidYZk^hiVYZaVgZciVW^a^YVYnaVZ[^XVX^V!Zheg{Xi^XVbZciZ^cZk^iVWaZedcZgZceg{Xi^XV
ZhdhcjZkdhbdYdhYZdg\Vc^oVX^cYZaigVWV_d0Zhb{h!aVhXddeZgVi^kVhc^ejZYZcc^YZWZcfjZYVgVa
bVg\ZcYZZhVdeX^c#AVhXddeZgVi^kVhnVhZ]VcYVYdXjZciVYZfjZhZa^b^iVgVYZbVh^VYdaVgZXdch"
igjXX^cYZaXVg{XiZgXddeZgVi^kdh^hZidbVhZcXdbdXdbedcZciZheg^cX^eVaZhadhcjZkdhY^hXjghdhYZa
MANAGEMENT\ZcZgVYdhedgaVhZbegZhVhXVe^iVa^hiVh#:caVegm^bVXdc[dgbVX^cYZaZheg^ijXddeZgV"
i^kdaVcjZkVXjaijgVZbegZhVg^VaYZWZg{dXjeVgjcZheVX^dh^cYjYV^bedgiVciZ!eZgdcdc^Xd#
9VgeVhdh]VX^VjcVeVgi^X^eVX^c^ciZ\gVacd^bea^XVegVXi^XVgjcXddeZgVi^k^hbd^chi^ijX^dcVab{hLIGHT!h^cd
b{hZm^\ZciZ#HZigViVYZegd[jcY^oVgZcaVXd]ZgZcX^VXddeZgVi^kV\adWVahdWgZYdhZ_Zheg^cX^eVaZh/edgjcaVYd!
^ciZ\gVgaVeVgi^X^eVX^cZcZaejZhidYZigVWV_dnaVeVgi^X^eVX^c^chi^ijX^dcVa!^ciZciVcYdXddgY^cVgVbWVhZcaV
b^hbVY^gZXX^c0edgdigd!YZhVggdaaVgZahZci^YdhdX^VaXdaZXi^kddg^Zci{cYdadVjcegdnZXidhdX^Va#8dck^hiVhV
idYdZaad!aVhXddeZgVi^kVhi^ZcZcaVdedgijc^YVYYZgZVa^oVgedai^XVhhdWgZXjVigdWVhZh/
7 EjZYZcVWg^ghZViXc^XVheVgi^X^eVi^kVh^ciZgZhVciZhfjZegdkZc\VcYZaZmiZg^dg0ZmeZg^bZciVcYdXdcZaaVhn
aaZk{cYdaVhVaVeg{Xi^XV!^c^X^VgjcegdXZhdYZVegZcY^oV_ZeVgV[dbZciVgaVeVgi^X^eVX^cZcZaejZhidYZigVWV_d#
8 EjZYZcdWhZgkVgXdcViZcX^cnXj^YVgZa[jcX^dcVb^ZcidYZadhg\VcdhYZ\dW^Zgcd!eVgVZk^iVgXVZgZc
ZaZc[g^Vb^ZcidYZbdXg{i^Xd!eVgVadXjVaiZcYgVcfjZVYVeiVgngZbdYZaVg[dgbVhYZeVgi^X^eVX^cedai^XV
n!h^[jZgVegZX^hd!^ccdkVgg\Vcdh#
E6GI:>>>/G:6A>969q%-/BD9:ADH9:<:HI>âC 235
9 EjZYZcYZhVggdaaVgjc> 9egde^dZcidgcdVaVeVgi^X^eVX^c!XVb^cVcYd]VX^VaV^YZVYZ^ciZ\gVgVgb"
c^XVnXd]ZgZciZbZciZZcaVhYdhkZgi^ZciZhYZaVeVgi^X^eVX^c#
: IdYdZaadZm^\ZVXijVa^oVgneZg[ZXX^dcVgjchZci^YdhdX^VaXdbeVgi^Yd!VYVeiVcYdVaXdciZmieVXijVaZaegd"
nZXidYZigVch[dgbVX^chdX^Vahjg\^YdVeVgi^gYZadhkVadgZhYZaVZmeZg^ZcX^VnYZhjVcYVYjgV]^hig^XV#
:hegZX^hdXgZVgXdcY^X^dcZhdW_Zi^kVhÅZcigb^cdhYZ^c[dgbVX^cnXdbjc^XVX^c0[dgbVX^ciXc^XVnhd"
X^Va0\Zhi^cYZi^ZbedheVgVaVeVgi^X^eVX^cÅeVgVdg^ZciVghZ]VX^VjcXddeZgVi^k^hbd^ciZ\gVa#6adhg\Vcdh
nVaV9^gZXX^cXdggZhedcYZ!ZcX^ZgidbdYd!^bejahVgadhbZY^dhnaVkdajciVYeVgVfjZhZ\VgVci^XZcZhVh
XdcY^X^dcZhfjZ!edgdigVeVgiZ!dWa^\VcV\Zhi^dcVgiVbW^cVa\jcVhXdcigVY^XX^dcZhXdbd!edgZ_Zbead!Za
^cXgZbZcidfjZZcadhai^bdhVdh]VZmeZg^bZciVYdZacbZgdYZigVWV_VYdgZhcdhdX^dhnaVXVa^YVYYZhj
^bea^XVX^ceVgi^X^eVi^kV0dW^Zc!XbdXdbW^cVgaVhXVYVkZob{hcjbZgdhVhgZhedchVW^a^YVYZhYZaejZhid
XdcjcVeVgi^X^eVX^c^chi^ijX^dcVaVXi^kVnXdchX^ZciZ0dXbdZfj^a^WgVgaVdWa^\VX^cfjZhjedcZjcV^bea^XV"
X^caVWdgVaYZZhiVcYdaZXdcZaYZgZX]dV\doVgYZhj[^X^ZciZbVg\ZceVgVaVk^YVeZghdcVa#
5. La participación sostenible:
trabajo, familia y tiempo libre
AVcjZkVXjaijgVZbegZhVg^VaVXiVZcaVY^c{b^XVaVWdgVaXdi^Y^VcV#EdgjcVeVgiZ!aVPRODUCCIØN CONTRA PEDIDO
Y^[^XjaiVaVeaVc^[^XVX^cYZakdajbZcnYZaVh]dgVhYZigVWV_d0edgdigV!cdhZc[gZciVVjccjZkdbdYZadYZhVaV"
g^dh#:cY^kZghVhZbegZhVhhZk^kZaVigVch^X^cYZahjZaYdZc[jcX^cYZaVh]dgVhigVWV_VYVhVahjZaYdZc[jcX^c
YZaVhgZhedchVW^a^YVYZhdYZgZhjaiVYdh#EjZhidfjZV]dgVnVcdhZgZXdbeZchViVcidaVgZhejZhiVYVYVVad
hda^X^iVYdZcZai^Zbed[^_VYd!ZaigVWV_VYdgVhjbZgZhedchVW^a^YVYZhfjZbjX]VhkZXZhZmXZYZchj_dgcVYVaV"
WdgVa[^_V#EdgdigVeVgiZ!adhXVbW^dhdXjgg^YdhZcZaXdciZc^Ydb^hbdYZaigVWV_dadejZYZc]VXZgb{hVigVXi^kd!
igVch[dgbVcYdZaejZhidYZigVWV_dZcjcaj\VgeVgVaVegdbdX^cYZaVeZghdcVn!XdchZXjZciZbZciZ!VaVg\VcYd
aV_dgcVYV#Edgai^bd!ZaigVWV_dZhVcjc^bedgiVciZXg^iZg^dYZedcYZgVX^cYZahiVijhhdX^VaYZaVeZghdcVn
ejZYZfjZZhdVaiZgZaV^bedgiVcX^VYZai^ZbedeZghdcVaZc[VkdgYZai^ZbedegdYjXi^kd"ZbegZhVg^Va#
:hiZi^edYZg^Zh\dhejZYZchZghZg^dhZcX^ZgiVhXddeZgVi^kVhedgkVg^VhgVodcZh#EdgaVVggV^\VYVXjaijgVYZigV"
WV_d!aVVXZcijVX^cYZac^kZaYZXdbegdb^hdnaVVjidZm^\ZcX^VedgeVgiZYZaigVWV_VYdg0nVfjZZahdX^digVWV_VYdg
ZhiVbW^cegde^ZiVg^dYZaVZbegZhVnegdk^ZcZYZjcVigVY^X^cYZYZgZX]dhaVWdgVaZhcdgZ^k^cY^XVi^kV#6a\jcdh
bdYZadhYZ\Zhi^cfjZ^bea^XVccjZkdhg^ibdhn[aZm^W^a^YVYZh!ejZYZciZcZgXdchZXjZcX^VhZcaVXdc[^\jgVX^c
eh^Xda\^XVYZVa\jcVheZghdcVh#HZ\cXbdhZ\Zhi^dcZ!ZhiViZcYZcX^VedYgVgZedgiVgXdchZXjZcX^VheZg"
_jY^X^VaZhZcVa\jcVhXddeZgVi^kVh#9ZhYZZaejcidYZk^hiVZbegZhVg^Va!edYgV^c[aj^gZcaVegdYjXi^k^YVYgZVaZ
^bedcZg!VaVg\deaVod!g^ibdhYZigVWV_dcdhdhiZc^WaZh#9ZhYZaVei^XVhdX^Va!h^cZbWVg\d!aVk^h^cXddeZgVi^kV
egZiZcYZXdchigj^gjcbdYZadYZZbegZhVWVhVYdZcaVeZghdcV!hjW^ZcZhiVgnhjYZhVggdaadhdX^VaXdbeaZid#
EdgdigVeVgiZ!aVhZm^\ZcX^VhYZYZY^XVX^cfjZ^bedcZaVcjZkVXjaijgVZbegZhVg^VabVgX]VcZchZci^YddejZh"
idVVa\jcVhgZ[aZm^dcZhfjZ!VXijVabZciZ!hZgZVa^oVchdWgZZaigVWV_dnZaZheVX^dfjZhiZ]VYZdXjeVgZcaV
236 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
k^YV#:hX^ZgidfjZ]VnbjX]VheZghdcVhY^hejZhiVhV^ckZgi^ghjk^YVZcaVZbegZhV!eZgdcdZhbZcdhX^Zgid
fjZ!digdh!b{hegm^bdhVadhkVadgZhedhbViZg^Va^hiVh!gZ^k^cY^XVcjcVcjZkVXdc[^\jgVX^cYZaVhY^bZch^dcZh
k^iVaZh0VfjaadhfjZVejZhiVcedgjccjZkdZfj^a^Wg^dZcigZaVk^YVnZaigVWV_dZcjcbjcYd\adWVa#
AVhXddeZgVi^kVhYZWZgVcZhiVgViZciVhVZhdhegdXZhdhYZigVch[dgbVX^cfjZZhi{chjXZY^ZcYdXZgXV
YZhjWVhZhdX^Va!ZheZX^VabZciZZcigZaV_jkZcijY#:cadgZaVi^kdVaZfj^a^Wg^dZcigZigVWV_dndX^d!Za
XddeZgVi^k^hbdeVgiZYZYdhegZb^hVh!VeVgZciZbZciZXdcigVejZhiVh/edgjcaVYd!aVVggV^\VYVXjaijgV
YZaigVWV_d0edgZadigd!aVY^hedh^X^cYZgZhedcYZgVaVhcZXZh^YVYZhYZaVeZghdcV!aVgZhedchVW^a^YVY
YZ egZhZgkVg Za W^ZcZhiVg n aV XVa^YVY YZ k^YV eZghdcVa# AVh XddeZgVi^kVh XjZciVc Xdc XdcY^X^dcZh n
dedgijc^YVYZheVgVhZgVkVcoVYVhZcadhbdYdhYZgZYZ[^c^gZabdYZadYZigVWV_dZck^\dg!nYZVgbdc^"
oVgigVWV_dndX^d0edgZ_Zbead!ZmeZg^bZciVcYd[gbjaVhYZ_dgcVYVheVgX^VaZhkdajciVg^Vh#
:aZfja^Wg^dZcigZigVWV_degdYjXi^kdngZegdYjXi^kdZhdigdVheZXidYZ\gVcgZaZkVcX^V#AVkVadg^oVX^cn
Xdch^YZgVX^chdX^VaYZaVhVXi^k^YVYZha^\VYVhVaXj^YVYd[Vb^a^VgnVadgYZcYdbhi^XdYZWZgVcZbeZoVg
edgaVhegde^VhZbegZhVhXddeZgVi^kVh!YZhVggdaaVcYdedai^XVhYZXdcX^a^VX^cVXdgYZhXdcaVhcZXZh^YV"
YZhVXijVaZhn[jijgVh#:hiVZhjcVXjZhi^cfjZZbeaVoViVcidV]dbWgZhXdbdVbj_ZgZh0idYVkV]Vnjc
aVg\dXVb^cdedggZXdggZgZcZaegdXZhdYZXdcX^a^VgaVhZm^\ZcX^VhaVWdgVaZhn[Vb^a^VgZh#
Jc^YdVZhZZfj^a^Wg^d!iVbW^cZhi{Zc_jZ\daVhdhiZc^W^a^YVYYZaV^bea^XVX^caVWdgVanYZaVh[dgbVh
VXijVaZhYZeVgi^X^eVX^c#H^W^ZccdZm^hiZjcZhijY^d[^VWaZhdWgZZhiZVhjcid!eVgZXZfjZiVbW^cZc
aVhXddeZgVi^kVhhjg\ZcXVhdhYZegdWaZbVhXgZVYdhedgZag^ibdnaVhZm^\ZcX^VhYZaV^bea^XVX^c#6
jcVZmeZg^ZcX^VhdX^dZXdcb^XVfjZh^iVaVeZghdcVZcZaXZcigdYZhjWVhZXdcXZeijVaaZXdggZhedcYZ
^cYV\VggZhejZhiVhVciZZhidh[ZcbZcdh0edgfjZVhadYZbVcYVchjZhZcX^VnhjegdnZXidhdX^Va#
EdgiVcid!eVgV\VgVci^oVgjcVeVgi^X^eVX^chdhiZc^WaZZhcZXZhVg^d/
8j^YVgZaZfj^a^Wg^dZcigZigVWV_dndX^dYZhYZjcVXdcXZeX^cbjai^Y^bZch^dcVaYZaVk^YV#
8j^YVgZaZfj^a^Wg^dZcigZigVWV_degdYjXi^kdngZegdYjXi^kd#
>YZci^[^XVgadhXdbedcZciZhYZaVbdi^kVX^caVWdgVanZh[dgoVghZZcYVgaZhjcVgZhejZhiV#
:aVabVYZaVZbegZhVXddeZgVi^kVegZX^hVYZjcegdnZXidZXdcb^XdfjZhZdg^ZciZ]VX^VjcegdnZXidhd"
X^VanjcY^hXjghdfjZkVnVb{hVaa{YZaVgZciVW^a^YVYnZaXgZX^b^ZcidZXdcb^Xd#AV^YZVYZaÆegd\gZhdÇ
E6GI:>>>/G:6A>969q%-/BD9:ADH9:<:HI>âC 237
edYV bdkZg X^ZgiVh ZcZg\Vh ]VXZ Va\jcVh YXV"
YVh#=dn!ZcjcVhdX^ZYVYedhbViZg^Va^hiV!YdcYZ
aVhcZXZh^YVYZhW{h^XVhhZ]VaaVchj[^X^ZciZbZciZ
hVi^h[ZX]VhnaVcVijgVaZoVVcjcX^Vhjhab^iZh!aV
^YZV YZa XgZX^b^Zcid cd \ZcZgV aV b^hbV ^ajh^c
fjZ ]VXZ jcVh YXVYVh! h^cd fjZ ^cXajhd ejZYZ
hZgbdi^kdYZXdcigdkZgh^V#AV[ZZcZaXgZX^b^Zcid
ZXdcb^XdhZ]VfjZYVYdZcXZggVYVZcjceZchV"
b^ZcidYZedXV#AVhhZch^W^a^YVYZhYZaVhcjZkVh
;bFhe]hWcWZ[?dj[hYWcX_eJhka[i[Y[b[XhWWdkWbc[dj[ \ZcZgVX^dcZh!ZheZX^VabZciZYZadhhZXidgZhhd"
Z[iZ[[bWe(&&&"fWhWYecfWhj_h[nf[h_[dYW_iZ[ X^VabZciZb{hVXi^kdhnbdk^a^oVYdhYZaVhcjZkVh
Z[iWhhebbeoZ[Wkje][ij_dZ[jeZe[bckdZe$
\ZcZgVX^dcZh! hZ h^iVc Zc digVh Y^gZXX^dcZh# :a
Y^hXjghd YZ aV hjeZgk^kZcX^V Zc Za bZgXVYd YZ aV
XdbeZi^i^k^YVYnYZaVhVi^h[VXX^cYZaXa^ZciZedYgVhZgk^gYZVX^XViZZcZaXdgideaVod!eZgd!VaVaVg\V!aVh
bdi^kVX^dcZh!ZaXdbegdb^hdnaV^YZci^[^XVX^cXddeZgVi^kVhZ_jZ\VcZcjceaVcdb{hegd[jcYd#
AVbdi^kVX^caVWdgVaYZjcVeZghdcVhZedYgVY^hZXX^dcVgZcXjVigdXdbedcZciZh\ZcZgVaZh/
7 AVbdi^kVX^cZXdcb^XV0aVXdbeZchVX^cZXdcb^XVeZgX^W^YV#
8 AVbdi^kVX^cYZYZhVggdaadeZghdcVa0aVhdedgijc^YVYZhYZYZhVggdaad^cY^k^YjVafjZd[gZXZZaZcidgcdaVWdgVa#
9 AVbdi^kVX^c\gjeVa0aVhVi^h[VXX^cfjZegdedgX^dcV[dgbVgeVgiZYZjcegdnZXidXdbeVgi^Yd#
: AV bdi^kVX^c ^YZda\^XV d hdX^Va0 aV gZhejZhiV V adh ^YZVaZh YZ aV eZghdcV# :a bdYd Zc fjZ aV egde^V
ZbegZhVnhjk^h^cVedgiVcVa\dVVfjZaadZcadfjZ^YZda\^XVbZciZXgZZaVeZghdcV!VhjhXdbegdb^hdh
hdX^VaZh!Vhjhbdi^kVX^dcZhi^XVh#
:hiZai^bdXdbedcZciZYZWZgVgZkZhi^gZheZX^Va^bedgiVcX^VZcaVhXddeZgVi^kVh!edghjYdWaZY^bZch^c
hdX^VanZXdcb^XV#GZhedcYZgVZaadgZfj^ZgZVXijVa^oVgXdchiVciZbZciZhjk^h^chdX^Va!hjegdnZXidYZ
igVch[dgbVX^cnaVjW^XVX^cYZab^hbdZcadhXVbW^VciZhi^ZbedhYZaV\adWVa^oVX^c#
AVcjZkVXjaijgVZbegZhVg^VafjZcdh]VdXjeVYdZcZhiZXVeijadVejciVVadhigZheg^bZgdhXdbedcZciZh
YZaVbdi^kVX^c!VjcfjZZcZhidhai^bdhi^ZbedhZabdYZgcdMANAGEMENT]VWaViVbW^cYZaVgZhedchVW^"
a^YVYhdX^Va#:acjZkdbdYZadYZZbegZhVgZk^hiZZaYZhVggdaadYZaV^cY^k^YjVa^YVYXdckcXjadh\gjeVaZh!jcZ
aVVjidXdchigjXX^c^cY^k^YjVaXdcaVcdX^cYZegdnZXidYZ\gjednXdcX^ZgiV\VgVciVYZhZ\jg^YVY#:hiV
igVchVXX^chVi^h[Vg{ZahZci^Ydk^iVaYZVa\jcdh!eZgdZhjcc^kZaYZigVchVXX^cfjZcdaaZ\VVYZheZgiVg
^bea^XVX^cedgjcegdnZXidhdX^VaXdbdZaXddeZgVi^kdl[hYWfjkbe''$
AVigVY^X^cXddeZgVi^kVZcigZiZ_ZaVgZVa^oVX^ceZghdcVaXdcZaXdbegdb^hdhdX^Va#:aZc[dfjZXddeZgVi^kd
XdciZbeaVZaYZhVggdaadeZghdcVanZahdX^VaXdbd^chZeVgVWaZh#JcVYZaVhXaVkZhYZaV^YZci^YVYXddeZgVi^kV
Zhh^ijVgZaYZhVggdaad^cY^k^YjVaYZcigdYZjcYZhVggdaadhdX^VaVafjZVejciVhj^YZVg^dYZigVch[dgbVX^c#
238 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
&/
97FßJKBE
Órganos sociales
cooperativos
Índice
>cigdYjXX^c###############################################################################################################################')&
&# :ahdX^dXddeZgVi^k^hiV##################################################################################################')'
&#& 9ZgZX]dhndWa^\VX^dcZhYZadhhdX^dh##############################################################################################')(
&#' HdX^dhnigVWV_VYdgZhedgXjZciVV_ZcV###########################################################################################')*
&#( :a hdX^d iZbedgVa#############################################################################################################################')+
'# Adhg\VcdhhdX^VaZh####################################################################################################'),
'#& 6hVbWaZV <ZcZgVa############################################################################################################################')-
'#&#& :aYZhV[dYZaVeVgi^X^eVX^c########################################################################################################').
'#&#' AVgZk^iVa^oVX^cYZaV6hVbWaZV###########################################################################################'*%
'#&#( EVjiVhYZZaZXX^c#################################################################################################################'*'
'#' :a8dchZ_dGZXidg##############################################################################################################################'*'
'#'#& :aEgZh^YZciZ##########################################################################################################################'*(
'#'#' ;jcX^dcZhhdX^VaZh#################################################################################################################'*)
'#'#( <Zhi^cZXdcb^XV#################################################################################################################'**
'#'#) ;jcX^dcZhaZ\^haVi^kVZ^chi^ijX^dcVa#####################################################################################'**
'#( 8db^h^cYZK^\^aVcX^V######################################################################################################################'**
'#) 8dchZ_dHdX^Va###################################################################################################################################'*+
'#)#& 6hZhdgVb^Zcid!^c[dgbVX^c!cZ\dX^VX^cnXdcigdahdX^Va#####################################################'*,
'#)#& 8dchZ_dYZ9^gZXX^cn<ZgZcX^V############################################################################################'*.
240 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
JcdYZadhZaZbZcidhYZ[^c^idg^dhYZaVZbegZhVXddeZgVi^kVZhhjgZ[ZgZciZYZbdXg{i^Xd#:hVYZb{hjcV
XdchZXjZcX^VfjZhZYZg^kVYZaXVg{XiZgeZghdcVa^hiVfjZcdXVe^iVa^hiVYZaVhdX^ZYVYXddeZgVi^kV!edgfjZ!
XdbdnV]ZbdhbZcX^dcVYdVadaVg\dYZaa^Wgd!ZcjcVhdX^ZYVYeZghdcVa^hiVaVhdWZgVcVcdgZh^YZZcZa
XVe^iVah^cdZcaVheZghdcVh#
:ag\^bZcYZbdXg{i^XdhZZcXVgcVZcadhg\VcdhhdX^VaZh!fjZk^ZcZcVhZgVah^hiZbVXddeZgVi^kdadfjZaV
X^gXjaVX^chVc\jcZVVadg\Vc^hbd]jbVcd#6h!aVk^iVa^YVYnZaWjZc[jcX^dcVb^ZcidYZadhg\VcdhhdX^V"
aZhZhjcWjZc^cY^XVYdgYZaVhVajYYZbdXg{i^XVYZaVhXddeZgVi^kVh#6WdgYVgadhg\VcdhXddeZgVi^kdhZh!
ZcYZ[^c^i^kV!Y^hXjgg^ghdWgZZahj_ZidXddeZgVi^kd0ZcaVbZY^YVZcfjZZhZhZhj_ZidXdaZXi^kdfj^ZcXdc[dg"
bV!edcZZc[jcX^dcVb^ZcidnYVk^YVVaVVgfj^iZXijgVdg\Vc^oVi^kVnYZ\dW^ZgcdYZaVhXddeZgVi^kVh#
:cidYdXVhd!cdZhcjZhigV^ciZcX^cZmiZcYZgcdhZcjcVYZhXg^eX^cZm]Vjhi^kVYZaVZhigjXijgVnXdb"
eZiZcX^VhYZadhg\VcdhhdX^VaZhXddeZgVi^kdh#7VhiVgV]VXZgjcgZXdgg^YdedgadhiZmidhYZadh:hiVijidh
HdX^VaZhnYZaGZ\aVbZcid>ciZgcd8ddeZgVi^kdeVgViZcZgjcXdcdX^b^ZcidedgbZcdg^oVYdYZadhb^hbdh#
EVgZXZb{h^ciZgZhVciZgZaVX^dcVgaVhcdgbVhfjZgZ\jaVcadhg\VcdhhdX^VaZhXdchjY^bZch^ceg{Xi^XV
nYZheZ_VgVaaZXidg]VX^VYcYZhZYZXVciVaVgZVa^YVYXdi^Y^VcV#Jc^cXdckZc^ZciZVaV]dgVYZegdXZYZg
Vh!ZhfjZZhiZZhjc{bW^idYdcYZcdVWjcYVcaVh^ckZhi^\VX^dcZhZbeg^XVh#Digdh^cXdckZc^ZciZhVY^"
X^dcVaZhhdcaVZcdgbZY^kZgh^YVYneajgVa^YVYYZeg{Xi^XVhZm^hiZciZh!nZaXVg{XiZgY^c{b^XdYZadhg\V"
cdhhdX^VaZhYZaVhXddeZgVi^kVhfjZXdc[dgbVcaVZmeZg^ZcX^VXddeZgVi^kV#
IdYdZaadcdhdWa^\VVgZXdcdXZgfjZcdZhiVbdhVjidg^oVYdhV\ZcZgVa^oVgYZbVh^VYd#EdgZhVgVoc!Za
dW_Zi^kdYZZhiZXVeijadZhbjnbdYZhid0hZigViVYZVejciVgVa\jcVhYZaVhegZdXjeVX^dcZhngZ[aZm^dcZh
Å]VX^cYdcdhZXdYZZaaVhÅfjZejZYZciZcZgaj\VgZcZabdbZcidegZhZciZ#
EVgVVegdm^bVgcdhVahj_ZidXddeZgVi^kd!nb{hXdcXgZiVbZciZ!Vadhg\VcdhYZgZegZhZciVX^cn\dW^Zgcd
YZaVhXddeZgVi^kVh/^c^X^VbdhZaXVeijad!XdcjcVeVgiVYdZheZX[^XdhdWgZaV[^\jgVYZahdX^dXddeZgVi^k^h"
iV0YZhejh!eVhVbdhVgZk^hVgadhg\VcdhXddeZgVi^kdh0ZaYZhVggdaadYZZhiVeVgiZZhi{dg\Vc^oVYV!YZiVa
bVcZgVfjZ!adheg^cX^e^dhdaVhcdgbVhYZgZ\jaVX^cYZadhg\VcdhhdX^VaZhhZXdbeaZiVcXdcVa\jcdh
VejciZhhdWgZaVeg{Xi^XVXdi^Y^VcVYZadhb^hbdh#
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 241
1. El socio cooperativista
BeiikXehZ_dWZeiYecf[j[dj[iWYWXWd_cfed_[dZebWh[j_hWZW
Z[bWiWkjeh_ZWZ[i_dYecf[j[dj[i$ #7h_pc[dZ_Whh_[jW
IVcidZcigZZmeZgidhXdbdZcigZegd[Vcdh!aVeg^bZgV^bV\ZcfjZVhdX^VbdhXdcaV^YZVYZahdX^dXddeZ"
gVi^k^hiVhjZaZhZgaVYZahdX^digVWV_VYdg0hiZ!edghjXVg{XiZgbVig^o!i^ZcYZV]VXZghdbWgVVaVhdigVh
edh^W^a^YVYZh YZ hZg hdX^d Zc jcV XddeZgVi^kV# Edg ZhZ bdi^kd! Xdck^ZcZ hjWgVnVg fjZ ZcigZ adh i^edh YZ
hdX^dh _jgY^XVbZciZ gZXdcdX^Ydh Zc Za EVh KVhXd hZ ZcXjZcigVc! VYZb{h YZa hdX^d igVWV_VYdg! Za hdX^d
XdaVWdgVYdg!ZahdX^djhjVg^dnZahdX^d^cVXi^kd#
Ad fjZ Za ieY_e jhWXW`WZeh d ieY_e Z[ jhWXW`e VedgiV V aV XddeZgVi^kV Zh hj XVeVX^YVY YZ igVWV_d# :c hj
YdWaZXdcY^X^cYZhdX^dnigVWV_VYdgeVgi^X^eVZcaVbVgX]VYZaVZbegZhVXddeZgVi^kVnZcadhg\Vcdh
hdX^VaZhYZaVb^hbV#:hfj^Zci^ZcZZheZX^Va^ciZghZcfjZaVZbegZhV[jcX^dcZW^ZcVaiZcZgZcZaaVhj
ejZhidYZigVWV_dnhjhV]dggdhXdckZgi^YdhZcVedgiVX^cYZXVe^iVa#
8jVcYd ]VWaVbdh YZa hdX^d ]VXZbdh gZ[ZgZcX^V iVcid V aV eZghdcV [h^XV Xdbd V aV eZghdcV _jgY^XV# AV
eZghdcV_jgY^XVhjZaZhZgjcVZbegZhVdZciZeWa^XdfjZYZhZVVnjYVgVaVXddeZgVi^kVnhZXdchi^ijnZ
XdbdieY_eYebWXehWZeh$AVaZnZhi^ejaVfjZZaXdc_jcidYZZhidhhdX^dh!hVakdfjZhZVchdX^ZYVYZhXdd"
eZgVi^kVh!cdedYg{hZgi^ijaVgYZb{hYZjciZgX^dYZadhkdidh!c^ZcaV6hVbWaZV<ZcZgVac^ZcZa8dchZ_d
GZXidg# AV [^\jgV YZa hdX^d XdaVWdgVYdg Zh jcV [^\jgV ^ciZgZhVciZ! Zc aV bZY^YV Zc aV fjZ h^gkZ eVgV fjZ
Zci^YVYZhfjZVccdVedgiVcYdigVWV_d!dcdh^ZcYdXa^ZciZh!ejZYZcXdaVWdgVgZcZaegdnZXidXddeZgVi^kd#
:ahdX^dXdaVWdgVYdg!edgadiVcid!XjbeaZjcV[jcX^cYZgZ[jZgodiVcidedghjVedgiVX^cZXdcb^XVXdbd
edghjeVgi^X^eVX^cZcadhg\VcdhYZaVXddeZgVi^kV#
242 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:aieY_ekikWh_eXjbeaZaV[jcX^cYZV[^VcoVgVaXa^ZciZYZaVXddeZgVi^kV#HZigViVYZYVgaZaVedh^W^a^YVY
YZ eVgi^X^eVg Zc aVh YZX^h^dcZh ^bedgiVciZh YZ aV VXi^k^YVY V fj^c ji^a^oV adh hZgk^X^dh YZ aV XddeZgVi^kV
dXdchjbZadhegdYjXidhYZhiV#6njYVV[^YZa^oVgVaXa^ZciZ]VX^cYdaZeVgiX^eZYZaegdnZXid#:hZcaVh
XddeZgVi^kVhYZXdchjbdnYZZchZVcoVYdcYZbVndggZaZkVcX^VVYfj^ZgZaV[^\jgVYZahdX^djhjVg^d#Hj
eVgi^X^eVX^cZcadhg\VcdhcdZhi{a^b^iVYVVaV6hVbWaZV!h^cdfjZZcVa\jcdhXVhdhiVbW^cejZYZc
[dgbVgeVgiZYZa8dchZ_dGZXidg!adXjVaZhbjn^ciZgZhVciZ#
AVh[^\jgVhYZahdX^djhjVg^dnYZahdX^dXdaVWdgVYdgVnjYVcV[dgiVaZXZgZaegdnZXid!ZciVcidfjZhdc^ch"
igjbZcidhfjZedh^W^a^iVcaVVeZgijgVVV\ZciZhfjZi^ZcZc^ciZgZhZhY^[ZgZciZh!Z^cXajhdXdcigVejZhidh!
eZgdh^gkZceVgVZcg^fjZXZgaV\Zhi^cYZaVXddeZgVi^kV#
:aieY_e_dWYj_legZegZhZciVVfj^Zc]ViZc^YdjcVk^cXjaVX^chdX^ZiVg^VXdcaVXddeZgVi^kV!W^ZcXdbdhdX^d
igVWV_VYdgdXdbdhdX^djhjVg^dn!Vaigb^cdYZaVb^hbV!cdYZhZVYZha^\VghZXdbeaZiVbZciZYZaVXddeZ"
gVi^kV# :c Za XVhd YZ adh hdX^dh igVWV_VYdgZh hZ igViV YZ eZghdcVh fjZ Zc Za bdbZcid YZ aV _jW^aVX^c Åedg
gVodcZhV[ZXi^kVhn$dedgX{aXjadZXdcb^XdÅh^\jZcZhiVcYdVhdX^VYVhVVa\jcVhVXi^k^YVYZhYZaVXddeZgVi^kV
nbVci^ZcZceVgiZYZaXVe^iVaVXjbjaVYdVadaVg\dYZadhVdhZcaVb^hbV#:cZaXVhdYZadhhdX^dhjhjVg^dh!
jcXVhdXdbcZhZaYZadhXZcigdhYZZchZVcoVdWa^\Vidg^V#BjX]dheVYgZhYZ[Vb^a^V!VigVkhYZaV[^\jgVYZa
hdX^d^cVXi^kd!h^\jZcbVciZc^ZcYdX^ZgidhaVodhXdcaV^`VhidaVfjZigVchX^ZcYZcaVgZaVX^chdX^ZiVg^VVXi^kVZa
^ciZgkVadYZi^ZbedYjgVciZZaXjVahjh]^_dhZhijY^VcZcZaXZcigdYZZchZVcoV#:hidhaVodhYZcdiVcjcgZXd"
cdX^b^Zcidbjijd#IVcidZcjcXVhdXdbdZcZadigd!aVk^cXjaVX^cZhedh^i^kVeVgVaVXddeZgVi^kV#
'$' :[h[Y^eioeXb_]WY_ed[iZ[beiieY_ei
AVaZngZ\jaVYZ[dgbVYZiVaaVYVadhYZgZX]dhndWa^\VX^dcZhYZadhhdX^dh#B{hXdcXgZiVbZciZ!aVAZn)$.(
YZ8ddeZgVi^kVhYZ:jh`VY^nadhZhiVijidhhdX^VaZhYZXVYVXddeZgVi^kVhdcadhYdh^chigjbZcidh_jgY^Xdh
ViZcZgZcXjZciVVaV]dgVYZVWdgYVgZaZhiVijid_jgY^XdYZahdX^d#
AVAZnYZ8ddeZgVi^kVhYZ:jh`VY^ZchjVgiXjadkZ^ci^YhZcjbZgVaVhdWa^\VX^dcZhYZadhhdX^dh#AVdigV
XVgVYZaVhdWa^\VX^dcZhYZahdX^dhdcadhYZgZX]dhfjZYZiZciV!ZcjbZgVYdhZcZaVgiXjadkZ^ci^igh/
E8B?=79?ED;IO:;H;9>EI:;BEIIE9?EI
E8B?=79?ED;I :;H;9>EI
" 6h^hi^gVVhVbWaZVhnYZb{hg\VcdhVadhfjZhZVc " :aZ\^gnhZgZaZ\^YdheVgVadhXVg\dhYZadhg\Vcdh
XdckdXVYdh " ;dgbjaVgegdejZhiVhneVgi^X^eVgXdckdonkdid
" EVgi^X^eVgZcaVhVXi^k^YVYZhfjZXdchi^ijnZcZadW_Zid " EVgi^X^eVgZcaVhVXi^k^YVYZhYZaVXddeZgVi^kV
YZaVXddeZgVi^kV
" GZX^W^g^c[dgbVX^ccZXZhVg^VeVgVZaZ_ZgX^X^dYZhjh
" CdgZVa^oVgVXi^k^YVYZhnYVidhXjVYdejZYVceZg_jY^XVg
adh^ciZgZhZhhdX^VaZh YZgZX]dhnZaXjbea^b^ZcidYZhjhdWa^\VX^dcZh
" 9ZhZbWdahVghjhVedgiVX^dcZhVaXVe^iVahdX^Va " 6XijVa^oVX^cnYZkdajX^cYZaVhVedgiVX^dcZhVagZidgcd
" 6hjb^gaV^bejiVX^cYZegY^YVh XddeZgVi^kd
" 8jbea^gadhYZb{hYZWZgZhfjZgZhjaiZcYZaVhcdgbVh " AdhYZb{hfjZgZhjaiZcYZaVhaZnZhnYZadhZhiVijidh#
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 243
EXb_]WY_ed[iZ[bieY_e
FWhj_Y_fWY_d
[Yedc_YW
FWhj_Y_fWY_d[d
bW][ij_d
6hjkZo!ZaYZgZX]dYZ^c[dgbVX^cZhjcYZgZX]degZk^dfjZ\VgVci^oVZaZ_ZgX^X^dYZdigdhYZgZX]dhn
dWa^\VX^dcZh0ZhjcZaZbZcid^cY^heZchVWaZVaV]dgVYZXVcVa^oVgiVcidaVeVgi^X^eVX^cZcadhg\Vcdh
XdbdZcaV6hVbWaZV#6eZhVgYZfjZZaYZgZX]dVaV^c[dgbVX^cfjZYVVZmeZchVhYZaVgZ\jaVX^cfjZ
ejZYVc]VXZgadhZhiVijidhYZaVXddeZgVi^kV!adhhdX^dhi^ZcZcYZgZX]dV/
" Hda^X^iVgjcVXde^VYZadh:hiVijidhhdX^VaZhYZaVXddeZgVi^kVnZchjXVhd!YZaGZ\aVbZcid>ciZgcd
" Hda^X^iVgZaa^WgdgZ\^higdYZhdX^dhnZaa^WgdYZVXiVhYZaV6hVbWaZV<ZcZgVa
" Hda^X^iVgXde^VXZgi^[^XVYVYZadhVXjZgYdhYZadhVYb^c^higVYdgZhfjZaZhV[ZXiZc^cY^k^YjVabZciZ
" HZg^c[dgbVYdhedgadhVYb^c^higVYdgZhYZhjh^ijVX^cZXdcb^XVZcaVXddeZgVi^kV
:cZhZhZci^Yd!idYdhdX^dedYg{hda^X^iVgedgZhXg^idVadhVYb^c^higVYdgZhaVhVXaVgVX^dcZhd^c[dgbZh
fjZXdch^YZgZcZXZhVg^dhhdWgZXjVafj^ZgVheZXidYZa[jcX^dcVb^ZciddYZadhgZhjaiVYdhYZaVXddeZ"
gVi^kV!fjZYZWZg{chZgegdedgX^dcVYdhZcaVeg^bZgV6hVbWaZV<ZcZgVafjZhZXZaZWgZeVhVYdhfj^cXZ
YVhYZhYZaVegZhZciVX^cYZaZhXg^id#
AVeVgi^X^eVX^cnbdi^kVX^cYZahdX^di^ZcZcfjZZhiVgVednVYVhZcjcVWjZcVXdbjc^XVX^cnZcaVVX"
XZh^W^a^YVYVaV^c[dgbVX^cYZaVZbegZhVYZaVbVcZgVb{hVYZXjVYVedh^WaZ#9ZbVcYVg^c[dgbVX^c
ZhbdhigVg^ciZgh0VaV^ckZghV!YVg^c[dgbVX^cZhiVbW^cYVgXdc[^VcoV#
Edg digd aVYd! n h^c eZg_j^X^d YZ adh YZgZX]dh ZhiVWaZX^Ydh Zc Za VeVgiVYd VciZg^dg! adh hdX^dh fjZ gZ"
egZhZciZcVabZcdhZaY^ZoedgX^ZcidYZaidiVaYZadhkdidhhdX^VaZhedYg{chda^X^iVgedgZhXg^idZcidYd
bdbZcid aV ^c[dgbVX^c fjZ Xdch^YZgZc cZXZhVg^V# :c XdggZhedcYZcX^V! adh VYb^c^higVYdgZh YZWZg{c
egdedgX^dcVg edg ZhXg^id aV ^c[dgbVX^c hda^X^iVYV! Zc jc eaVod cd hjeZg^dg V igZ^ciV YVh# 6YZb{h! adh
VYb^c^higVYdgZh YZWZg{c ^c[dgbVg V adh hdX^dh d V adh g\Vcdh fjZ adh gZegZhZciZc! Va bZcdh ig^bZh"
igVabZciZ!hdWgZaVheg^cX^eVaZhkVg^VWaZhhdX^d"ZXdcb^XVhYZaVXddeZgVi^kV#
6a bVg\Zc YZ >d Zhi^ejaVYd edg aZn! Zc aV bVndgV YZ aVh XddeZgVi^kVh hZ ^c[dgbV bZchjVabZciZ V adh
hdX^dh hdWgZ adh edgbZcdgZh YZ aV \Zhi^c n adh gZhjaiVYdh V igVkh YZ adh gZegZhZciVciZh YZa 8dchZ_d
HdX^Va#AdhXdchZ_Zgdh!VhjkZo!igVhaVYVcaV^c[dgbVX^cigVhb^i^YVVadhhdX^dhVigVkhYZadh#ONSEJI
LLOS#Ad]VW^ijVaZhfjZZaYZhXVg\dYZ^c[dgbVX^c!fjZhZgZVa^oVZc]dgVhYZigVWV_d!gZXV^\VZcZaEgZ"
h^YZciZYZa8dchZ_dGZXidg0VjcfjZhiZVkZXZh!hZ]VXZVXdbeVVgedgZa\ZgZciZ#
244 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
6XijVabZciZ!ZaeZg[^aei^bdYZahdX^digVWV_VYdgYZjcVXddeZgVi^kVZhjciVcidZm^\ZciZ!ejZhidfjZ
hdc!edgadbZcdh!YdhadhgZfj^h^idhfjZYZWZXjbea^g#EdgjcaVYd!ZahdX^dYZWZXdcig^Wj^gVaVXddeZ"
gVi^kV edg bZY^d YZ jc igVWV_d Y^a^\ZciZbZciZ gZVa^oVYd n YZ hj XdggZhedcY^ZciZ VedgiVX^c YZ XVe^iVa#
EdgdigdaVYd!i^ZcZZaYZgZX]dnaVdWa^\VX^cYZeVgi^X^eVgZcZaegdnZXididbVcYdYZX^h^dcZhZhigVi\^"
XVh#AVgZhedchVW^a^YVYYZahdX^dXdcgZheZXidVaVXddeZgVi^kVZh\gVcYZedgfjZZhaV6hVbWaZVaVfjZ
VegjZWVaV\Zhi^cnaVhacZVh\ZcZgVaZhfjZaVXddeZgVi^kVYZWZhZ\j^g!nZahdX^dZhi{aaVbVYdVeVgi^"
X^eVgVXi^kVbZciZZcZaaV#
H^cZbWVg\d!ZaZcg^fjZXZYdgeVhdYZadcdgbVi^kdVadgZVaeaVciZVXdbdjcdYZadhgZidheg^cX^eVaZhYZaXdd"
eZgVi^k^hbdVXijVaaVgZVXi^kVX^cYZaV[^\jgVYZahdX^d#:hYZ\gVc^bedgiVcX^VjcgZY^hZdYZaXddeZgVi^k^hbd
ZcZhiZhZci^Yd0bdi^kVg![dgbVgncjig^gVahdX^dYZaegdiV\dc^hbdcZXZhVg^deVgVa^YZgVgaVXddeZgVi^kV#
'$( IeY_eiojhWXW`WZeh[ifehYk[djWW`[dW
AdhYZgZX]dhfjZYZiZciVcadhigVWV_VYdgZhVhVaVg^VYdh!ZhYZX^g!adhfjZcdedhZZcaVXdcY^X^cYZhdX^dh
ZcaVXddeZgVi^kV!hdc^Yci^XdhVadhfjZi^ZcZcZhidhb^hbdhigVWV_VYdgZhZcZbegZhVhcdXddeZgVi^kVh#
AdhVhVaVg^VYdhi^ZcZcaVb^hbVXdWZgijgVaZ\VafjZZcZagZhidYZZbegZhVh/ZhZaYZgZX]dYZaigVWV_dXd"
bcZafjZgZ\jaVadhYZgZX]dhndWa^\VX^dcZhYZadhigVWV_VYdgZhVhVaVg^VYdhYZaVhXddeZgVi^kVh#
AVZm^hiZcX^VYZgZegZhZciVX^ch^cY^XVaYZeZcYZYZa
i^edYZXddeZgVi^kV#:ha\^XdfjZZcaVhXddeZgVi^kVh 9EEF;H7J?L7I<?B?7B;I
YZ hZgk^X^dh YdcYZ Za edYZg ad YZiZciVc adh hdX^dh
jhjVg^dh Zm^hiV gZegZhZciVX^c h^cY^XVa! ejZhid fjZ JcVXddeZgVi^kV[^a^VaZhjcVZci^YVYXddeZgVi^kVeVgi^X^eVYV
adh igVWV_VYdgZh Zhi{c WV_d Za VbeVgd YZa YZgZX]d bVndg^iVg^VbZciZedgdigVjdigVhXddeZgVi^kVh0ZhYZX^g!
YZaigVWV_d#EdgZaXdcigVg^d!ZcZai^edYZXddeZgVi^kV ZaXdcigdaYZaVb^hbVcdgZh^YZZcadhhdX^dhigVWV_VYdgZh!
h^cdZcjcVdkVg^VhXddeZgVi^kVhbVig^XZh#6YZb{h!i^ZcZ
ZcZafjZZaedYZgadYZiZciVcadhhdX^dhYZigVWV_d!
jcVhZg^ZYZgVh\dhfjZaVY^hi^c\jZcYZjcVXddeZgVi^kV
iVcid Zc aVh XddeZgVi^kVh YZ igVWV_d VhdX^VYd Xdbd YZhZ\jcYd\gVYd!Xdbdhdc/
Zc aVh XddeZgVi^kVh ^ciZ\gVaZh YZ ZchZVcoV! Zh Za
" CdhZigViVYZZci^YVYZhYZXdWZgijgVXdbdAV\jc
8dchZ_dHdX^VaZag\VcdgZhedchVWaZYZkZaVgedgadh
6gddadhXZcigdhYZ^ckZhi^\VX^c!h^cdfjZhjh
YZgZX]dhhdX^VaZhYZaXdaZXi^kdYZigVWV_VYdgZh# egdYjXidhdhZgk^X^dhZhi{cYZhi^cVYdhVabZgXVYd#
" CdhZigViViVbedXdYZXddeZgVi^kVhVW^ZgiVhVaV
Edg ad \ZcZgVa! ]VWaVg YZ igVWV_VYdgZh edg XjZc" VY]Zh^cYZaXdc_jcidYZXddeZgVi^kVhYZBdcYgV\dc!
Xdbd8V_VAVWdgVa#
iV V_ZcV h^\c^[^XV ]VXZg gZ[ZgZcX^V V XdcigVidh YZ
igVWV_dZkZcijVaZh#8dcigVidhYZigVWV_dfjZeVhV" 6a\jcdh Z_Zbeadh hdc B88 IZaZXdb! JabV EgZX^cdm d
Yd jc i^Zbed d W^Zc hZ igVch[dgbVc Zc XdcigVidh <Zhi^c YZ HZgk^X^dh GZh^YZcX^VaZh <HG# :c Va\jcdh
XVhdh! ZhiVh XddeZgVi^kVh eVgi^X^eVc Xdbd h^ YZ
XddeZgVi^kdh d W^Zc hdc gZhX^cY^Ydh0 eZgd! Zm^hiZc
XddeZgVi^kVhYZWVhZhZigViVg{cZcadhg\VcdhXdbjcZh
Va\jcVhZmXZeX^dcZh#HZejZYZYVgZaXVhdYZeZg" Å6hVbWaZV<ZcZgVan8dchZ_dGZXidgYZ9^k^h^cÅnZc
hdcVh! edg Z_Zbead! bVndgZh YZ *% Vdh fjZ aaZ" digdh XVhdh cd# :c aV ?jciV YZ 8dc\gZh^hiVh XZaZWgVYV
Zc hZei^ZbWgZ YZ '%%-! hZ YZ[^c^ cdgbVi^kVbZciZ aV
kVcidYVaVk^YVXdi^oVcYdZcaVhZ\jg^YVYhdX^Va!V
gZegZhZciVX^c YZ ZhiVh XddeZgVi^kVh [^a^VaZh Zc adh
fj^ZcZhcdaZh^ciZgZhV^cXdgedgVghZXdbdhdX^dh0 g\VcdhhdX^VaZhXdbjcZh#
ZcZhidhXVhdh!edgYZhZdZmegZhdYZaigVWV_VYdgZa
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 245
XdcigVidZkZcijVahZhjhi^ijnZedgjcXdcigVidYZigVWV_d^cYZ[^c^Yd#:m^hiZcdigdhbdi^kdh!eZgd!ZcidYd
XVhd!ZhZaigVWV_VYdgZafjZhda^X^iVZhiVdeX^c#
AVY^[ZgZcX^VYZhiVijh_jgY^XdZcigZhdX^dhnigVWV_VYdgZhVhVaVg^VYdhcdi^ZcZedgfjYVgaj\VgVjcigV"
iVb^ZcidaVWdgVaY^hi^cidedgeVgiZYZaVXddeZgVi^kV]VX^VZhidhai^bdh#
:a8dchZ_dHdX^VaZhi{aaVbVYdVhZgjcg\VcdY^c{b^Xd!ejZhidfjZh^Zhjcg\VcdXdbejZhidYZXdc"
hZ_ZgdhfjZcdVXiVcYZ[dgbVgZhedchVWaZnY^a^\ZciZ!ejZYZYVghZZaXVhdYZfjZadhgZXaVbdhhdX^VaZh
YZadhigVWV_VYdgZhhZXVcVa^XZcedg^chigjbZcidhV_ZcdhVaVXddeZgVi^kV#:cZhZhZci^Yd!ZabZXVc^hbd
VYZXjVYdeVgVXVcVa^oVgZhiZi^edYZXjZhi^dcZhi^ZcZfjZ[jcX^dcVgYZhYZZahZcdYZaVXddeZgVi^kV0YZad
XdcigVg^d!hZgZh^ZciZcVa\jcdhZaZbZcidhZhZcX^VaZhYZaVZhigjXijgVXddeZgVi^kV#
:cVa\jcVhXddeZgVi^kVhadhigVWV_VYdgZhVhVaVg^VYdheVgi^X^eVcZcZa8dchZ_dHdX^VanZcaV6hVbWaZVXdckdo!
eZgdh^ckdid#6]YdcYZZhiVh^ijVX^ccdhZYV!jcgVh\dXVgVXiZghi^XdYZadhigVWV_VYdgZhVhVaVg^VYdhYZaVh
ZbegZhVhXddeZgVi^kVhZhhj[VaiVYZdg\Vc^X^YVY#H^cdeVgi^X^eVcZcadhg\VcdhhdX^VaZhYZaVXddeZgVi^kV!
eZgdiVbedXdY^hedcZcdgZcjcX^VcViZcZgg\VcdhYZgZegZhZciVX^cegde^dh!hjk^h^W^a^YVYZhbc^bV#
'$) ;bieY_ej[cfehWb
AV[^\jgVYZaieY_ej[cfehWb!XgZVYVZc&..(!Zhjc^chigjbZcidYZ\VgVciViVcideVgVadhigVWV_VYdgZh
XdbdeVgVaVhXddeZgVi^kVh#HZ\caVaZn!adhhdX^dhiZbedgVaZh\doVcYZadhb^hbdhYZgZX]dhndWa^\V"
X^dcZhfjZadhhdX^dhYZYjgVX^c^cYZiZgb^cVYVXdcaVY^[ZgZcX^VYZfjZhjh^ijVX^cZhigVch^idg^Vn!Zc
Va\jcVhX^gXjchiVcX^VhhjXdcigVidgZkdXVWaZ#HjYjgVX^cb{m^bVZhYZX^cXdVdhVjcfjZZcaVeg{Xi^XV
hZhjZaZa^b^iVgVigZhnhjcbZgdcdejZYZhjeZgVgZa'%YZadhhdX^dhYZXVg{XiZg^cYZ[^c^Yd#
AVXdcXZeX^cYZaV[^\jgVYZahdX^diZbedgVacdgZhedcYZiVcidVjcVegZXVg^oVX^cYZaXdcigVidXddeZgV"
i^kdXdbdVjcVXddeZgVi^k^oVX^cYZaVXdcigViVX^caVWdgVaiZbedgVa#
:c\ZcZgVa!aVhXddeZgVi^kVhgZVa^oVcXdcigVidhYZhdX^dYZYjgVX^cYZiZgb^cVYVXdbdigVch^X^cVaVYZ
hdX^dYZYjgVX^c^cYZ[^c^YV#:cZhiVhXddeZgVi^kVhaV[^\jgVYZahdX^diZbedgVa]Vh^YdjckZ]Xjadji^a^oV"
YdeVgVaaZkVgVXVWdaVigVch^X^cYZhdX^dXddeZgVi^k^hiVÆegdk^h^dcVaÇVhdX^dXddeZgVi^k^hiVÆ^cYZ[^c^YdÇ/
jc^chigjbZcidfjZeZgb^iZZaVXZgXVb^ZcidbjijdVciZhYZZhiVWaZXZgXdbegdb^hdhVaVg\deaVod#6aV
XddeZgVi^kVhZaZd[gZXZaVedh^W^a^YVYYZXdcdXZgVahdX^d0n!VaV^ckZghV!VaFUTUROhdX^dhZaZd[gZXZaVed"
h^W^a^YVYYZXdcdXZgaVXddeZgVi^kVXdcaVfjZfj^o{b{hiVgYZZciVWaVg{jcVgZaVX^c^cYZ[^c^YV!eVhVcYd
VhVhZgXdegde^ZiVg^dYZaVXddeZgVi^kV#
H^cZbWVg\d!Zh^\jVabZciZX^ZgidfjZWV_dX^ZgiVhX^gXjchiVcX^VhVa\jcVhXddeZgVi^kVhiVbW^c]Vcji^"
a^oVYdZhiV[^\jgVeVgVVaVg\VgaVZkZcijVa^YVY!cd]VW^ZcYdjcVkdajciVYXaVgVedgeVgiZYZaVXddeZgVi^kV
eVgVb{hiVgYZgZVa^oVgZaXdcigVidYZYjgVX^c^cYZ[^c^YV#:cZhidhXVhdhaV[^\jgVYZahdX^diZbedgVaZh"
iVgVdXjaiVcYdnY^hb^cjnZcYdVaVWV_VaVhiVhVhYZZkZcijVa^YVY#IVbW^c]VnXVhdhYZXddeZgVi^kVhfjZ
YZhXVgiVcXdciZbeaVgZhiV[^\jgVZchjhZhiVijidhhdX^VaZh#
246 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
EdgdigdaVYd!VjcfjZaVaZnY^hedc\VfjZadhYZgZX]dhndWa^\VX^dcZhYZadhhdX^dhiZbedgVaZhhZVcZfj^"
kVaZciZhVadhYZadhhdX^dh^cYZ[^c^Ydh!hZejZYZcYVgh^ijVX^dcZhZcaVhfjZfj^o{cdZhiXaVgdh^ZahdX^d
iZbedgVaejZYZdcdeVgi^X^eVgZcX^ZgiVhYZX^h^dcZh#EjZYZdXjgg^gfjZaVegde^ViZbedgVa^YVYhZVjc^c"
XdckZc^ZciZVaV]dgVYZidbVgVa\jcVYZX^h^c#
:chciZh^h!aV[^\jgVYZahdX^diZbedgVaZhjcV[^\jgVfjZh^gkZeVgVediZcX^VgfjZhZ]V\Vcb{hhdX^dh
XddeZgVi^k^hiVh!h^ZbegZnXjVcYdaVXddeZgVi^kVhZV[^ZaVadheg^cX^e^dhnkVadgZhfjZhZaZhdc^c]ZgZciZh#
Adheg^cX^eVaZhbZXVc^hbdhfjZ\VgVci^oVcfjZZaegdXZhdYZidbVYZYZX^h^dcZhhZgZVa^XZhZ\ceg^cX^e^dh
YZbdXg{i^Xdhhdc/aVh[dgbVhYZgZegZhZciVX^cneVgi^X^eVX^cZcZa\dW^ZgcdYZaVZbegZhV0aVX^gXjaVX^c
n igVcheVgZcX^V YZ aV ^c[dgbVX^c0 n aV XVeVX^YVY YZ YZX^h^c n Xdcigda hdX^Va YZa XdaZXi^kd YZ hdX^dh hdWgZ
ZaYZkZc^gYZaVXddeZgVi^kVnVhZVZcXjZhi^dcZhXdi^Y^VcVhXdbdZhigVi\^XVh#:cZhiZdgYZcYZXdhVh!adh
g\VcdhhdX^VaZhYZaVXddeZgVi^kVÅiZb{i^XVfjZVWdgYVgZbdhZcaVhh^\j^ZciZhacZVhÅgZegZhZciVcadhXV"
cVaZh^chi^ijX^dcVaZhVigVkhYZadhXjVaZhhZedcZcZc[jcX^dcVb^ZcidZhidheg^cX^e^dhYZbdXg{i^Xdh#
:[ceYhWY_WYeef[hWj_lW
7iWcXb[W=[d[hWb 9ec_i_dZ[L_]_bWdY_W
9edi[`eH[Yjeh 9edi[`eIeY_Wb
=[h[dY_W 9edi[`eZ[:_h[YY_d
7 8 : ;
:_h[YY_d\kdY_edWb :_h[YY_d\kdY_edWb :_h[YY_d\kdY_edWb :_h[YY_d\kdY_edWb
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 247
ãH=7DE IE8;H7DE$ 7iWcXb[W =[d[hWb0 idYdh adh hdX^dh [dgbVc eVgiZ YZ ZhiZ g\Vcd Zc Za fjZ gZh^YZ aV hdWZgVcV
YZ aV ZbegZhV# :h Za g\Vcd YZ ZmegZh^c YZ aV kdajciVY hdX^Va n aVh YZX^h^dcZh idbVYVh Zc 6hVbWaZV hdc YZ dWa^\VYd
Xjbea^b^Zcid#
ãH=7DE :; =E8?;HDE$ 9edi[`e H[Yjeh0 Zh Za g\Vcd YZ gZegZhZciVX^c YZ aV Xdbjc^YVY YZ igVWV_d n XdggZhedcYZ V
aV 6hVbWaZV <ZcZgVa aV ZaZXX^c YZ hjh b^ZbWgdh# :cXVg\VYd YZ aV \Zhi^c ZbegZhVg^Va! Za^\Z V adh b^ZbWgdh YZ aV
<ZgZcX^VnYZa8dchZ_dYZ9^gZXX^c#6hjbZjcVaid\gVYdYZgZhedchVW^a^YVY!ejZhidfjZaVk^VW^a^YVYZXdcb^XVn
hdX^VaYZaVZbegZhV!ZcWjZcVbZY^YV!YZeZcYZYZZhiZg\Vcd#
ãH=7DE ;@;9KJ?LE$ 9edi[`e Z[ :_h[YY_d o =[h[dY_W0 VhjbZ aVh YZX^h^dcZh ZbegZhVg^VaZh b{h ^bedgiVciZh! WV_d aV
hjeZgk^h^c YZa 8dchZ_d GZXidg# HZ ZcXVg\V YZ aV \Zhi^c n Z_ZXjX^c YZ adh eaVcZh YZ aV Xdbjc^YVY YZ VXjZgYd Xdc
aVedai^XVnadhdW_Zi^kdhZhiVWaZX^Ydh#
ãH=7DE IKF;HL?IEH$ 9ec_j Z[ L_]_bWdY_W0 XdggZhedcYZ V aV 6hVbWaZV <ZcZgVa aV ZaZXX^c YZ hjh b^ZbWgdh# Hjh
eg^cX^eVaZh[jcX^dcZhhdcaV[^hXVa^oVX^c!aV^ciZgbZY^VX^cnaVigVchb^h^cYZ^c[dgbVX^c#
ãH=7DE 7I;IEH$ 9edi[`e IeY_Wb0 g\Vcd XdbeaZbZciVg^d YZ aV 6hVbWaZV <ZcZgVa n Za 8dchZ_d GZXidg# H^c XVeVX^YVY
YZX^hdg^V!Za8dchZ_dHdX^VaVhjbZaVh[jcX^dcZhYZVhZhdgVb^Zcid!^c[dgbVX^c!cZ\dX^VX^cnXdcigdahdX^Va#
($' BW7iWcXb[W=[d[hWb
AV6hVbWaZV<ZcZgVaZhZag\VcdhjegZbdYZaVXddeZgVi^kV!aVZmegZh^cYZaVkdajciVYhdX^VaXdbejZh"
iVedgidYdhadhhdX^dh#9ZV]fjZ!adhVXjZgYdhVYdeiVYdhZcVhVbWaZV^bea^XVcjcbVcYVid^beZgVi^kd
eVgVidYdhadhg\VcdhVhXdbdeVgVidYdZaXdaZXi^kdhdX^Va#
:cigZ hjh [jcX^dcZh b{h ^bedgiVciZh XVWZ YZhiVXVg aV VegdWVX^c YZ edai^XVh \ZcZgVaZh! YZ adh eaVcZh
ZhigVi\^XdhYZVXijVX^cnYZadhfbWd[iZ[][ij_dVcjVa!VhXdbdYZdigdhegd\gVbVhfjZ!edghj^b"
edgiVcX^V!hdchdbZi^YdhVaVYZX^h^cYZaVidiVa^"
B79ECFH7:;8H7D:J YVY YZ adh hdX^dh# :c hj [jcX^dcVb^Zcid deZgV aV
Xa{jhjaVgZh^YjVa!adfjZh^\c^[^XVfjZidYdhVfjZ"
:cjcVdeZgVX^cZbegZhVg^Vah^cegZXZYZciZhZcaVhXdd" aadhVhjcidhhdWgZadhfjZcdZhi{XaVgVbZciZYZ[^"
eZgVi^kVhYZBdcYgV\dc!;V\dg:aZXigdYdbhi^XdhVYfj^" c^YdVfjg\VcdXdggZhedcYZcdgZWVhVcaVXdb"
g^Zc'%%*aVZbegZhV[gVcXZhV7gVcYi:aZXigdbcV\Zg eZiZcX^VdXVeVX^YVYYZagZhidYZg\VcdhhdX^VaZh
fjZXdciVWVXdcb{hYZ*#%%%igVWV_VYdgZhgZeVgi^YdhZc
hjZaZcYZhZbWdXVgZcaV6hVbWaZV#
h^ZiZeaVciVhYZegdYjXX^cZc;gVcX^VZ>iVa^V#
248 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:h iVbW^c XdbeZiZcX^V ^cYZaZ\VWaZ YZ aV 6hVbWaZV VYdeiVg VXjZgYdh Zc bViZg^Vh gZaVX^dcVYVh Xdc Za
dgYZcVb^Zcid_jgY^Xd^ciZgcdYZaVXddeZgVi^kV!iVaZhXdbdaVbdY^[^XVX^cYZ:hiVijidhdGZ\aVbZcid>c"
iZgcd0VhXdbdaVVegdWVX^cYZVa\jcVhcdgbVh!XdbdedgZ_Zbead!ZaYZhi^cdYZa;dcYdYZ:YjXVX^c
n EgdbdX^c >ciZgXddeZgVi^kV ;:E> d hdWgZ aVh XdcY^X^dcZh YZ ^c\gZhd V aV XddeZgVi^kV# IVbW^c aZ Xd"
ggZhedcYZaVVegdWVX^cYZcdgbVi^kVhZheZX[^XVhfjZgZ\jaVcXjVafj^ZgiZbVgZaVX^dcVYdXdcaVgZaVX^c
aVWdgVaYZadhhdX^dhigVWV_VYdgZhbViZgc^YVY!YZgZX]dV]jZa\V!ZmXZYZcX^Vh!ZiXiZgV#:cZhiZejcidhZ
edcZYZbVc^[^ZhidfjZZcadhVhjcidhaVWdgVaZhZh!Va[^cnVaXVWd!Zaegde^dXdaZXi^kdXddeZgVi^kd!ZciVcid
fjZigVWV_VYdg!fj^ZcedhZZaVediZhiVYYZVjidggZ\jaVghZ#
AV6hVbWaZV<ZcZgVaZhjcdYZadhedXdhVXidhZcadhfjZhZgZcZcidYdhdXVh^idYdhadhhdX^dheVgVgZ"
k^hVgnZchjXVhdVegdWVgaVhXjZhi^dcZhfjZVXVWVbdhYZX^iVg#:m^hiZcYdhXaVhZhYZ6hVbWaZVh<ZcZgV"
aZh!aVhdgY^cVg^VhnaVhZmigVdgY^cVg^Vh#AV6hVbWaZVdgY^cVg^V!fjZYZWZXdckdXVghZXdbdbc^bdjcVkZo
VaVd!hZXZaZWgVZcZaeg^bZghZbZhigZYZaVd!igVhZaX^ZggZYZaZ_ZgX^X^dXdciVWaZ#:cZaaVhdcejcidh
ZhZcX^VaZhhdbZiZgVVegdWVX^caV\Zhi^cVcjVa!adhWVaVcXZh!aVY^hig^WjX^cYZaVYk[djWZ[h[ikbjWZei
ndigdhVhjcidhfjZ]VnVch^Yd^cXaj^YdhZcaVV\ZcYVedgZa8dchZ_dGZXidg#:a8dchZ_dHdX^VaVeZi^X^c
YZa&%YZadhhdX^dhXdbdbc^bd!ejZYZhda^X^iVg^cXaj^gcjZkdhejcidhZcZadgYZcYZaYV!ZcadhX^cXd
YVhh^\j^ZciZhVaVXdckdXVidg^VYZaV6hVbWaZV#
AVh6hVbWaZVh:migVdgY^cVg^VhejZYZcXZaZWgVg" H;KD?ED;IFH;L?7I7B77I7C8B;7
hZZcXjVafj^Zg[ZX]V!h^ZbegZfjZhZVcXdckdXV"
YVhedgadhg\VcdhXdbeZiZciZheVgVZaad!hZ\c IZc^ZcYd Zc XjZciV fjZ XVYV kZo aV ^c[dgbVX^c fjZ hZ
adh XVjXZh egZZhiVWaZX^Ydh d V hda^X^ijY YZa '% i^ZcZ fjZ \Zhi^dcVg Zh b{h XdbeaZ_V n VWjcYVciZ! hjg\Z
YZadhhdX^dh# aV cZXZh^YVY YZ XgZVg ZheVX^dh egZeVgVidg^dh egZk^dh V aV
XZaZWgVX^c YZ aV 6hVbWaZV# :hiV aVWdg YZ YZWViZ egZk^d!
eZgb^iZfjZaVhedh^X^dcZhaaZ\jZcVabdbZcidYZaVkdiV"
X^c[^cVab{hdbZcdh[^_VYVhnZcg^fjZX^YVhedgZaYZWViZ
($'$' ;bZ[iW\eZ[bWfWhj_Y_fWY_d Zc adh g\Vcdh hdX^VaZh n! Zc bjX]dh XVhdh! Zc hZh^dcZh
8dbd Zc XjVafj^Zg dg\Vc^hbd YZ XVg{XiZg YZbd" VYZXjVYVhYZ^c[dgbVX^cXdcidYdhadhhdX^dh#
Xg{i^XdaVeVgi^X^eVX^cZh[jZciZYZaZ\^i^bVX^cn
:cZhiVhhZh^dcZhegZeVgVidg^Vh!ZcaVhfjZadhhdX^dhgZ"
YZXdcigdaYZa\dW^ZgcdXddeZgVi^kdn!XdbdiVa!Zh jc^Ydh Zc eZfjZdh \gjedh! gZX^WZc ^c[dgbVX^c YZ aVh
jcVXjZhi^cYZeg^bZgdgYZc# bViZg^VhVigViVgZhYdcYZgZVabZciZadhhdX^dhi^ZcZcaV
dedgijc^YVY YZ VXaVgVg YZ bVcZgV Z[ZXi^kV aVh YjYVh fjZ
hZaZhkVnVcVegZhZciVg#
AVhY^c{b^XVhYZeVgi^X^eVX^cZhi{chj_ZiVhVkV"
g^VWaZhfjZhZkVcVaiZgVcYdZcZai^Zbed#8jVcYd EVgVaVY^[jh^cYZaVX^iVYV^c[dgbVX^c!hZZaVWdgVYZVc"
aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc hZ Vgi^" iZbVcd! Za bViZg^Va cZXZhVg^d# 9ZhYZ fjZ! jcV kZo [^cVa^"
XjaVWVZcidgcdVjcgZYjX^YdcbZgdYZhdX^dhn oVYdZaVd!hZZbe^ZoVcVXdcdXZgadhYVidhYZaV\Zhi^c!
hZegZeVgVZahdedgiZYZcbZgdh!\g{[^XdhnZmea^XVX^dcZh
XdcjcV\gVcegdm^b^YVYk^kZcX^VahdWgZadhVXdc"
YZadVXVZX^Yd!XdbeVg{cYdadhXdcaVhegZk^h^dcZhfjZhZ
iZX^b^Zcidh YZ aV XddeZgVi^kV! aV 6hVbWaZV <ZcZ" ]^X^ZgdcnegdnZXi{cYdadVa[jijgdZc[dgbVYZeaVcZh!dW_Z"
gVa aaZ\ V hZg jc Vc^bVYd g\Vcd YZ YZWViZ0 V aV i^kdhnegdejZhiVh!fjZhZg{chdbZi^YVhVVegdWVX^c#
kZofjZXdciZcVjc\gVc[aj_dYZ^c[dgbVX^cYZaV
8dcZhiZigVWV_dgZVa^oVYd!aVbVndgVYZaVhkZXZhhZXdc"
XddeZgVi^kV YZ [dgbV h^hiZb{i^XV! Z_ZgXV aV hdWZ"
h^\jZfjZeVgVZabdbZcidZcZafjZhZYZWZYZidbVgaV
gVcV YZa kdid eVgV aV VegdWVX^c d gZX]Vod YZ aV YZX^h^chZaaZ\jZc^XVbZciZXdcjcddYdhegdnZXidh#
\Zhi^cnYZadhcdbWgVb^ZcidhZhiVijiVg^dh#
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 249
8dcaVVbea^VX^cYZaVhXddeZgVi^kVh!aV^cXdgedgVX^cYZcjZkdhhdX^dh!aVY^kZgh^[^XVX^cYZaVhVXi^k^"
YVYZh ZbegZhVg^VaZh! aV XgZX^ZciZ XdbeaZ_^YVY YZ aVh ZhigjXijgVh ^ciZgcVh n YZ \Zhi^c! n aV ^cigdYjX^c
YZ bZXVc^hbdh WjgdXg{i^Xdh YZ [jcX^dcVb^Zcid! [jZgdc VeVgZX^ZcYd Va\jcdh ab^iZh V jcV eVgi^X^eVX^c
Vbea^VnVXi^kVYZaXdaZXi^kdXddeZgVi^kd#:cjceaVcdb{hXdcXgZid!ZaigVid^ciZgcdXdbZcoVhZgbZcdh
eZghdcVa^oVYd!XdcadfjZaVgZ[ZgZcX^VYZaVeVgi^X^eVX^c^ciZ\gVaZcXdcigVWVcjZkdhdWhi{XjadhZchjXV"
b^cd#l[hYWfjkbe'"f|]_dW,&
EVgVaZaVbZciZ!adhg^ibdhZcaVidbVYZYZX^h^dcZhZbegZhVg^VaZhhZ[jZgdc]VX^ZcYdb{hXdgidh0n!edg
ZaXdcigVg^d!b{hegdadc\VYdhZcaVhZhigjXijgVhYZeVgi^X^eVX^cngZegZhZciVX^c#AVhY^[ZgZcX^VhYZg^i"
bdhnXdbeVhZhhZ[jZgdcVXZcijVcYd!naVdeZgVi^k^YVYYZaV6hVbWaZV[jZ!]VhiVX^Zgidejcid!ejZhiVZc
XjZhi^c#:cZhiZXdciZmid!Va\jcVhYZaVhXjZhi^dcZhfjZVciZhhZY^hXjiVcZc6hVbWaZV[jZgdcYZheaV"
oVYVhnVWhdgW^YVhedgZa8dchZ_dGZXidg#
8dbdVXVWVbdhYZhZVaVg!Za\gVccbZgdYZhdX^dhedgjcaVYd!naVgVe^YZonV\^a^YVYfjZZm^\ZZabZg"
XVYdVaV]dgVYZidbVgYZX^h^dcZh!]Vh^\c^[^XVYdYZhXVg\VghdWgZZa8dchZ_dGZXidgVa\jcVhYZX^h^dcZh
fjZVciZg^dgbZciZhZidbVWVcZc6hVbWaZV#H^cZbWVg\d!bjX]dhhdX^dhh^\jZceZgX^W^ZcYdaV6hVbWaZV
Xdbdjcg\VcdedXddeZgVi^kd#
9ZhYZZhiZejcidYZk^hiV!hZZci^ZcYZfjZh^hZgZWV_VaVZ[^XVX^VYZaV6hVbWaZVXdbdg\VcdXdcXVeV"
X^YVYYZX^hdg^VadfjZfjZYVZhaVXZaZWgVX^cYZjcVXiddWa^\Vidg^ddjcVeg{Xi^XVhVcX^dcVYdgVYZWV_d
XdciZc^YdnYZXVg{XiZgb{hW^Zch^bWa^Xd#:hiVeZgXZeX^caZ_dhYZVaZciVgaVeVgi^X^eVX^cadfjZ]VXZ
Zh gZ[dgoVg aV [VaiV YZ [jcX^dcVa^YVY YZ aV 6hVbWaZV# Edg digd aVYd! Xdbd eVgiZ YZ jc XgXjad k^X^dhd! aV
WV_VeVgi^X^eVX^cYZaV6hVbWaZViVbW^cZcigVVZag^Zh\dYZfjZadh8dchZ_dhGZXidgnYZ9^gZXX^cVX"
iZcXdcegZediZcX^Vedg[VaiVYZXdcigVeZhdhZcaVidbVYZYZX^h^dcZh#:hiZY^V\chi^Xd!cd\ZcZgVa^oVWaZ!
bVgXVjcViZcYZcX^V#
:hX^ZgidfjZhZ\j^bdhZcXdcigVcYdXddeZgVi^k^hiVh!ZcaVbVndgVYZadhXVhdhkZiZgVcdh!XdcjcWV\V_Z
XddeZgVi^kdZmiZchdfjZVhjbZcZaeg^cX^e^dYZeVgi^X^eVX^ccdhadXdbdjcYZgZX]dh^cdXdbdjcYZWZg#
N!aaZ\VcVhVXgVa^oVgZhiZ[dgd#8dc[^ZhVccd]VWZg[VaaVYdcjcXVVc^c\jcV6hVbWaZVhVakdZcVa\cfjZ
digdXVhdedgbdi^kdhYZZmigZbV\gVkZYVY#EZgd!Z[ZXi^kVbZciZ!Za]ZX]dYZfjZbjX]dhhdX^dh^ciZciZc
Zk^iVg^gVaV6hVbWaZVZhjc^cY^XVYdgYZfjZhiVhZZcXjZcigVZc]dgVhWV_Vh#
6a\jcVhXddeZgVi^kVheVgVVigVZgnZhi^bjaVgfjZadhhdX^dhXddeZgVi^k^hiVhVh^hiVcVaVhVhVbWaZVh]Vc
deiVYd edg ZchVnVg [gbjaVh! Xdbd ]VXZg gZ\Vadh egZb^VcYd aV Vh^hiZcX^V# EZgd! eVgZXZ XaVgd fjZ! b{h
Vaa{YZZhiVhbZY^YVhejcijVaZh!aVgZk^iVa^oVX^cYZaV6hVbWaZVeVhVedg^ckdajXgVgVadhhdX^dhXdcZa
egdnZXid XddeZgVi^kd n edg YZhVggdaaVg bZXVc^hbdh fjZ eZgb^iVc fjZ Za egdXZhd YZ idbV YZ YZX^h^dcZh
hZVY^c{b^XdnVaVkZoXdchZchjVYd#
($'$( BWh[l_jWb_pWY_dZ[bW7iWcXb[W
9Z XVgV V jc YZhZVWaZ [dgiVaZX^b^Zcid YZ aV 6hVbWaZV! Zh YZ k^iVa ^bedgiVcX^V! fjZ adh g\Vcdh Y^gZXi^"
kdh\ZcZgZcXgZY^W^a^YVYnXdc[^VcoVeVgVfjZZahdX^dhZh^ZciVbdi^kVYd!^ciZgeZaVYdnVXiZVhjb^ZcYd
Za gda YZ egdiV\dc^hiV [gZciZ V aVh gZhedchVW^a^YVYZh fjZ hdc ^c]ZgZciZh V hj XdcY^X^c YZ Xdegde^ZiVg^d
250 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
YZaVXddeZgVi^kV#AVVhjcX^cYZgZhedchVW^a^YV" =;OI;H=7IJ;9>I$7
YZhVXVggZVg{jcVbdi^kVX^cZ^bea^XVX^cZcaVh
YZX^h^dcZh^bedgiVciZhnXdcZaadhZdWiZcYg{jcV 8gZVYV Zc 7Zg\VgV Zc &.., ZcigZ ;V\dg :aZXigdYdbhi^"
eVgi^X^eVX^c bVndg n b{h VXi^kV Zc aV 6hVbWaZV Xdh n aV VaZbVcV KV^aaVci V eVgiZh ^\jVaZh! ZhiV ZbegZhV
<ZcZgVa#AVbdi^kVX^cZ^bea^XVX^chdcZabdidg ÅV[ZX]VYZZcZgdYZ'%%-ÅZbeaZVVjcVh((%eZghdcVh#
eVgVjcVeVgi^X^eVX^cZ[ZXi^kVYZadhhdX^dh# <ZnhZg <VhiZX] Zh jcd YZ adh eg^cX^eVaZh egdYjXidgZh YZ
XVaZciVYdgZhYZ\VhZcZabZgXVYdZjgdeZd#
?jcid V aV VhjcX^c YZ gZhedchVW^a^YVYZh Zh iVb" 8dbdXdchZXjZcX^VYZaV[jh^c!VbWVhZbegZhVhXZggV"
W^cbjn^bedgiVciZ!VaV]dgVYZ\Zhi^dcVgaVXdd" gdchjhgZheZXi^kVheaVciVhYZegdYjXX^c#AdhVegdm^bV"
eZgVi^kV!bVciZcZgjcZfj^a^Wg^dZcigZadh^ciZgZhZh YVbZciZ '%% hdX^dh YZ ;V\dg hZ igVhaVYVgdc V aV cjZkV
XdaZXi^kdhnadh^cY^k^YjVaZh#H^W^Zc!jcdYZadh[^cZh eaVciVh^ceZgYZghjXdcY^X^cYZhdX^dXddeZgVi^k^hiV#Adh
hdX^dhXgZVgdcjc8dchZ_dHdX^Vaegde^d!Vai^ZbedfjZeVg"
YZ aV XddeZgVi^kV Zh hVi^h[VXZg aVh cZXZh^YVYZh YZ
i^X^eVWVcZcaV6hVbWaZV<ZcZgVaYZ;V\dg:aZXigdYdbh"
hjhVhdX^VYdh!ZhX^ZgidfjZZcdXVh^dcZhadh^ciZgZ" i^Xdh# 6Y^X^dcVabZciZ hZ XdcigViVgdc cjZkdh igVWV_VYdgZh
hZhYZaVXddeZgVi^kVejZYZccdXd^cX^Y^gXdcadhYZa edg XjZciV V_ZcV! Xdc hj gZegZhZciVX^c h^cY^XVa V igVkh
hdX^dXddeZgVi^k^hiV#:hidVkZXZhhZedcZYZbVc^" YZaXdb^iYZZbegZhV#
[^Zhid Xdc aVh kVg^VWaZh ZXdcb^XVh# Edg Z_Zbead!
:c'%%)hZVWg^jcegdXZhdYZ^ciZ\gVX^chdX^ZiVg^V/VaV
iVcid Zc h^ijVX^dcZh ZXdcb^XVh Xgi^XVh Xdbd YZ
bVcdYZdWgVY^gZXiVhZaZY^daVdedgijc^YVYYZ]VXZghZ
ZmeVch^c hdX^ZiVg^V jcV XddeZgVi^kV ejZYZ WjhXVg
hdX^dYZaVZbegZhV#9ZhYZZcidcXZhaVegdedgX^cYZhd"
Za[dgiVaZX^b^ZcidYZhjXVeVX^YVY[^cVcX^ZgVnZm^\^g X^dh[gZciZVcdhdX^dhgdcYVXVh^Za,*#N!adhVegdm^bV"
jcbVndgZh[jZgodedgeVgiZYZahdX^d!jcVgZcjcX^V YVbZciZ-%ZbeaZVYdhVhVaVg^VYdh!VjcfjZi^ZcZcYZgZX]d
V eVgiZ YZ adh gZidgcdh XddeZgVi^kdh n! edg iVcid! V VgZegZhZciVX^ch^cY^XVa!cdaVZ_ZgXZc0Zac^Xdg\VcdYZ
hjW^ZcZhiVg^cY^k^YjVa^cbZY^Vid# gZegZhZciVX^cYZadhigVWV_VYdgZhZhZa8dchZ_dHdX^Va#
;J:CI:/<ZnhZg<VhiZX]H#6#
AV bZ_dg bVcZgV YZ gZhdakZg aVh Y^[ZgZcX^Vh eVhV
cdedgVciZedcZgadh^ciZgZhZheZghdcVaZhYZ_VcYd
YZaVYdZaejcidYZk^hiVYZaVXddeZgVi^kV!h^cdedgWjhXVgadhejcidhYZZfj^a^Wg^dVeVgi^gYZjcVXdch"
igjXX^cXdbcYZaegdnZXidXddeZgVi^kd#:a^ciZghedgdWiZcZgjcVbVndggZbjcZgVX^cYZaigVWV_dedg
YZaVciZYZXjVafj^ZgdigddW_Zi^kd!YZhYZajZ\d!edcYgVYZbVc^[^ZhidjcVk^h^cWVhiVciZVaZ_VYVYZadfjZ
gZegZhZciVhZghdX^dZcjcVXddeZgVi^kV#:cZhiZejcid![dgiVaZXZgaVXjaijgVXddeZgVi^kVejZYZhZgZaeg^"
bZgeVhdeVgVfjZZahdX^dVXiZXdc[dgbZVhjhYZgZX]dhnYZWZgZh#
6aV^ckZghV!Zm^\^ghVXg^[^X^dheZghdcVaZhedgeg^k^aZ\^VgaVXdci^cj^YVYYZaVZbegZhViVbW^c^bea^XVVX"
ijVg Xdc bjX]V hZch^W^a^YVY eVgV gZXdcdXZg ZhZ Zh[jZgod ^cY^k^YjVa0 n YZhYZ ajZ\d! iVbW^c ^bea^XV Xd"
bjc^XVgnZmea^XVgXaVgVbZciZZaedgfjnZaeVgVfjYZiVaZm^\ZcX^V!ZhiVWaZX^ZcYdVh!aVhWVhZheVgV
gZ[dgoVgaV^YZci^YVYXddeZgVi^kV#EdgiVcid!ZcaVZbegZhVXddeZgVi^kVbVciZcZgZfj^a^Wg^dhZhiVWaZhZcigZ
adh^ciZgZhZhXdaZXi^kdhZ^cY^k^YjVaZhZhjcVXjZhi^cXVe^iVa#
;^cVabZciZ!Xdck^ZcZcddak^YVgfjZadhgZhjaiVYdhZXdcb^XdhhdckVg^VWaZh^cYZeZcY^ZciZhfjZ^c[ajnZc
Zc aV Y^hedh^X^c YZ adh hdX^dh [gZciZ V aV 6hVbWaZV# Jcdh gZhjaiVYdh edh^i^kdh Y^hedcZc iVbW^c edh^i^"
kVbZciZ Va hdX^d! b^ZcigVh fjZ adh gZhjaiVYdh YZ[^X^iVg^dh ejZYZc VXi^kVg VXi^ijYZh bZcdh edh^i^kVh fjZ
egZY^hedc\VcVadhhdX^dhZcaV6hVbWaZVZcjchZci^YdYVYd#:cXdchZXjZcX^V!adhc^kZaZhnaVh[dgbVhYZ
eVgi^X^eVX^ccdhdc^cbjcZhVZhiVhh^ijVX^dcZh#
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 251
;gZciZVadhg^Zh\dhX^iVYdhZcZhiZZe\gV[Z!hZgZXdcdXZaV^bedgiVcX^VYZeaVciZVgnedcZgZcbVgX]V
[gbjaVhXgZVi^kVhYZeVgi^X^eVX^cVYVeiVYVhVaVhVXijVaZhXVgVXiZghi^XVhYZaVhXddeZgVi^kVh#
($'$) FWkjWiZ[[b[YY_d
AVheVjiVhfjZh^\jZaV6hVbWaZVVaV]dgVYZZaZ\^gVadhb^ZbWgdhYZa8dchZ_dGZXidghdcbai^eaZh#
CdZm^hiZcXg^iZg^dhc^XdhYZZaZXX^c!VjcfjZYZcigdYZaVeajgVa^YVYegZkVaZXZcXjVigdVheZXidh/XV"
g^hbV! hZci^Yd Xgi^Xd! XVeVX^YVY n Y^hedh^X^c# AV XVhjhi^XV Zh bjn Y^kZghV/ V kZXZh! Za ]ZX]d YZ fjZ
ZaXVcY^YVidhZVjcVeZghdcVfjZVigVZaVViZcX^cYZaeWa^XdZcadhY^[ZgZciZh[dgdhYZaVXddeZgVi^kV
hjZaZhZgYZX^h^kd!ZcdigVhdXVh^dcZhaVZaZXX^chZhjeZY^iVVaV[dgiVaZoVnVaY^hXjghdXgi^XdfjZYZ"
bjZhigVZaXVcY^YVid#:cidYdXVhd!XjVcYdaVZaZXX^cYZadhb^ZbWgdhYZa8dchZ_dGZXidgcdhZgZVa^"
oVXdcaVYZW^YVY^a^\ZcX^V!hZY^[^XjaiVaVaVWdgYZ
hZ\j^b^ZcidYZa8dchZ_dYZ9^gZXX^c#AV[gbjaV
dedgijcV eVgV Zk^iVg Zhidh YZhV_jhiZh Zh gZXdcd"
XZgfjZadhb^ZbWgdhYZa8dchZ_dGZXidgcdhad
YZWZc hZg ZaZ\^Ydh edg hdX^dh Z_ZgX^ZcYd Za kdid
YZ [dgbV gZhedchVWaZ! h^cd fjZ hZ aZh YZWZ hj"
b^c^higVg aV YZW^YV [dgbVX^c eVgV jc VYZXjVYd
Xjbea^b^ZcidYZhjbVcYVid#
:cWVhiVciZXdbcfjZadhb^ZbWgdhZaZXidhYZa
8dchZ_d GZXidg iZc\Vc ZmeZg^ZcX^V egZk^V Xdbd
b^ZbWgdh YZa 8dchZ_d HdX^Va# EVgV bjX]dh hd"
X^dh! Za gZXdgg^Yd edg adh g\Vcdh hdX^VaZh hjZaZ
^c^X^VghZ Zc Za 8dchZ_d HdX^Va n edhiZg^dgbZciZ
Xdchda^YVghZ Zc Za 8dchZ_d GZXidg# 8dc Zaad! hZ
BWZeXb[YedZ_Y_dZ[ieY_e#jhWXW`WZehi[cWj[h_Wb_pW V[^gbV X^ZgiV iZcYZcX^V V eZgbVcZXZg Zc ejZh"
[dbWZeXb[l[hj_[dj[Z[fWhj_Y_fWY_d[dbW idhYZgZegZhZciVX^cVYfj^g^ZcYdbVndgZhXdiVh
ieY_e[ijhkYjkhWieX[hWdWo[dbWj[Yde[ijhkYjkhW$
YZgZhedchVW^a^YVY#
($( ;b9edi[`eH[Yjeh
:h Za g\Vcd YZ gZegZhZciVX^c! \dW^Zgcd n \Zhi^c YZ aV XddeZgVi^kV fjZ hjg\Z YZ aV 6hVbWaZV <ZcZgVa
bZY^VciZ aV ZaZXX^c YZ ZcigZ adh XVcY^YVidh egZk^VbZciZ YZh^\cVYdh# AVh igZh [jcX^dcZh W{h^XVh fjZ aZ
XdbeZiZcejZYZciVbW^chjWY^k^Y^ghZ!XdckZcX^dcVabZciZ!ZcaVhh^\j^ZciZh{gZVh/
" ;jcX^dcZhhdX^VaZh
" <Zhi^cZXdcb^XV
" ;jcX^dcZhaZ\^haVi^kVZ^chi^ijX^dcVa
:a8dchZ_dGZXidghZXdbedcZXdbdb{m^bdYZYdXZb^ZbWgdh#HjbVcYVidhjZaZYjgVgXjVigdVdh0aV
b^iVYYZhjhb^ZbWgdhhZgZcjZkVcXVYVYdhVdh!nZhedh^WaZhjgZZaZXX^c#CdedYg{chZgb^ZbWgdh
252 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
YZa 8dchZ_d GZXidg adh \ZgZciZh! adh ^ciZgkZcidgZh
YZXjZciVh!adhb^ZbWgdhYZa8db^iYZgZXjghdh!
nadhhdX^dh^c]VW^a^iVYdhedgZmeZY^ZciZ#
:aXVg\dXVgZXZYZgZbjcZgVX^cZheZX[^XV!eZgd
edYg{ hZg XdbeZchVYd Za i^Zbed YZY^XVYd V aVh
VXi^k^YVYZhYZa8dchZ_dGZXidg!YZVXjZgYdXdcZa
cY^XZ egd[Zh^dcVa YZ hjh XdbedcZciZh# IgVh hj
bVcYVid! adh b^ZbWgdh YZa 8dchZ_d GZXidg fjZ
Vh ad gZfj^ZgVc! i^ZcZc gZXdcdX^Yd Za YZgZX]d V
jc gZX^XaV_Z egd[Zh^dcVa# :hid Zh Vh! edgfjZ jcd
YZ adh bVndgZh YZh^cXZci^kdh V aV ]dgV YZ Z_Zg"
XZg Za XVg\d YZ gZXidg Zh n ]V h^Yd Za YZhVggdaad
egd[Zh^dcVaYZhjhb^ZbWgdh#6kZXZh!ZaYZhZb"
eZdYZaXVg\dhdX^Va]VXdcaaZkVYdjcgZigdXZhd 9ecX_dWh[d[ijhkYjkhWiZ[Ye][ij_dWieY_ei
ZcZaXgZX^b^Zcidegd[Zh^dcVa0aVYZY^XVX^cVaVh jhWXW`WZeh[i"ieY_eikikWh_eioieY_eiYebWXehWZeh[i
[ikdWcWjh_pgk[e\h[Y[ckY^Wifei_X_b_ZWZ[i$
[jcX^dcZhhdX^VaZhh^\c^[^XVgZhiVgi^ZbednYZY^"
XVX^c Va ejZhid YZ igVWV_d# JcV YZ aVh bZY^YVh
fjZ]VWgVfjZVYdeiVgXdcZadW_Zi^kdYZY^\c^[^XVgngZk^iVa^oVgZhiZg\VcdYZWZgV^gZcXVb^cVYVV
a^WZgVg n YVg [VX^a^YVYZh eVgV Za WjZc YZhZbeZd YZa XVg\d# EgdXjgVg fjZ aVh [jcX^dcZh YZ gZXidg cd
ZhicVhdX^VYVhVXdchZXjZcX^VhcZ\Vi^kVhZcZaYZhZbeZdYZaigVWV_dY^Vg^d!nZc\ZcZgVa!ZcZaYZ"
hVggdaadegd[Zh^dcVaYZXVYVhdX^d#
6YZb{h YZa nV X^iVYd ^cXdckZc^ZciZ fjZ V[ZXiV Va YZhVggdaad egd[Zh^dcVa! cdh ZcXdcigVbdh Xdc fjZ adh
gZXidgZhi^ZcZcfjZZc[gZciVgXdbdbZ_dgejZYZcaVhXdbeZiZcX^VhcZXZhVg^VhnVYZXjVYVheVgVedYZg
\Zhi^dcVgn[^hXVa^oVgaVaVWdgYZa8dchZ_dYZ9^gZXX^c#
Adhb^ZbWgdhYZa8dchZ_dYZ9^gZXX^chdcegd[Zh^dcVaZhYZfj^ZcZhhZZheZgVfjZgZhedcYVcXdchda"
kZcX^VZcZa{bW^idYZhj{gZVYZXdbeZiZcX^V0hZaZhhjedcZfjZi^ZcZcaV[dgbVX^c!aVh]VW^a^YVYZh
nZmeZg^ZcX^VVYZXjVYVeVgVYZhZbeZVghjigVWV_d#6adhgZXidgZhcdhZaZhejZYZbZY^gedgZab^hbd
gVhZgd#AdhgZXidgZh!aVbVndgVYZaVhkZXZhXjVcYdVhjbZcedgeg^bZgVkZoZaXVg\d!cdi^ZcZcedgfj
iZcZgaVhXjVa^[^XVX^dcZhegd[Zh^dcVaZhc^aVhXdbeZiZcX^VhgZfjZg^YVheVgVZ_ZgXZgVa\jcVhYZaVh[jc"
X^dcZhfjZaZhidXVXjWg^g#HZgV^ciZgZhVciZfjZaVhXddeZgVi^kVhidbVgVcbZY^YVhZcXVb^cVYVhVed"
iZcX^VgZhiZg\Vcd!ZcigZaVhfjZYZhiVXVgVbdhaVYZ[dgbVgVadhb^ZbWgdhYZa8dchZ_dGZXidgeVgV
fjZejZYVcYZhVggdaaVgVeaZcdgZcY^b^ZcidhjaVWdg#
($($' ;bFh[i_Z[dj[
:aegZh^YZciZYZa8dchZ_dGZXidgZh!VhjkZo!egZh^YZciZYZaVXddeZgVi^kV#:cZaZ_ZgX^X^dYZhjh[jc"
X^dcZh! aV Vjidg^YVY YZa egZh^YZciZ hjZaZ ZhiVg VednVYV Zc jc gZ[ZgZciZ [dgbVa"^chi^ijX^dcVa! n Zc Va"
\jcdhXVhdh!^cXajhdbdgVa#:cidYdXVhd!Zaa^YZgVo\dhdX^VaYZaegZh^YZciZZhZhZcX^VaeVgVZaWjZc
YZhZbeZd YZa XVg\d! nV fjZ Zh Za egZh^YZciZ fj^Zc i^ZcZ Za XdbZi^Yd YZ igVchb^i^g Va XdaZXi^kd aVh
^YZVhneaVcZhYZaVXddeZgVi^kV#
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 253
HZejZYZcYZhiVXVgeg^cX^eVabZciZYdh[jcX^dcZh^c]ZgZciZhVaXVg\d#:h_jcidVa\ZgZciZ!Zaeg^cX^eVagZ"
egZhZciVciZYZaVXddeZgVi^kVVciZaVhdX^ZYVY#?jcidVZhiViVgZVeWa^XV!ZaegZh^YZciZi^ZcZaV^bedgiVciZ
[jcX^cYZXddgY^cVgVadhg\VcdhhdX^VaZh#AZXdggZhedcYZa^YZgVgVa8dchZ_dGZXidgnVa8dchZ_dHdX^Va0
VhjkZo!ZhZacZmdYZjc^cZcigZZaeaVcdZ_ZXji^kdnZahdX^Va#:hVaegZh^YZciZVfj^ZcaZXdggZhedcYZ
jc^gaV\Zhi^cZbegZhVg^VaXdcaVhdX^Va#
EdgZhiVgVoc!aVgZaVX^cZcigZZaegZh^YZciZnZa\ZgZciZZhYZjcV^bedgiVcX^VXgjX^Va#HjgdaZh[jcYV"
bZciVa!ZcaVbZY^YVZcfjZjcegZh^YZciZ^cVYZXjVYdZhedXdbZcdhfjZjc^c[dgijc^deVgVaVXddeZgV"
i^kV#=VnXddeZgVi^kVhZcaVhfjZeg^bVaV[^\jgVYZa\ZgZciZnXddeZgVi^kVhZcaVhfjZeg^bVaV[^\jgVYZa
egZh^YZciZ#AdX^ZgidZhfjZcd]VnjcV[gbjaVXdcXgZiVfjZ\VgVci^XZjcVXddgY^cVX^cZhiVWaZnZ[ZXi^kV#
H^caaZ\VgVhZghj[^X^ZciZh!]VnjcVhZg^ZYZgVh\dhfjZhdccZXZhVg^dheVgVXdchZ\j^gjcZfj^a^Wg^dYj"
gVYZgd#EdgZ_Zbead!aVXdc[^VcoVbjijVZhW{h^XVeVgVZhiVWaZXZgWjZcdhXVcVaZhYZXdbjc^XVX^cnY^{"
ad\d0iVbW^ceVgV[dgiVaZXZgjcZheg^ijYZXdaVWdgVX^c[jcYVYdZcaVigVcheVgZcX^V^c[dgbVi^kV#>\jVa"
bZciZZa]ZX]dYZfjZaVh{gZVhYZVXijVX^cYZXVYVjcdYZZaadhZhicW^ZcYZa^b^iVYVhejZYZhZgbjn
^bedgiVciZYZXVgVVjcVWjZcVYZ[^c^X^cYZgZhedchVW^a^YVYZh#
CdhZcXdcigVbdhXdcXddeZgVi^kVhZcaVhfjZaV[^\jgVYZaegZh^YZciZcdZhbjnYZhiVXVWaZ!nZcXdchZ"
XjZcX^VZhZa\ZgZciZfj^cVhjbZeVgiZYZhjgda#NedgZaXdcigVg^d!iVbW^cZm^hiZcXddeZgVi^kVhZcaVh
fjZhZY^[ZgZcX^VbjnXaVgVbZciZaV[^\jgVYZaegZh^YZciZnZa\ZgZciZ#
($($( <kdY_ed[iieY_Wb[i
8dciZbeaVigZh{gZVhYZVXi^k^YVY/aVgZaVX^dcVYVXdcadhhdX^dhZchjhVheZXidhYZVaiVh!WV_Vh!XVa^[^"
XVX^cegd[Zh^dcVa!ZmXZYZcX^Vh!XdcY^X^dcZhWVhZYZgZig^WjX^c!^c[dgbVX^c!ZiX#!ZcYZ[^c^i^kV!idYVh
aVhXjZhi^dcZhgZaVX^dcVYVhXdcadhYZgZX]dhndWa^\VX^dcZhYZadhhdX^dh#
($($) =[ij_d[Yedc_YW
:cZhiV{gZVaVWVhZYZaVVXijVX^cYZa8dchZ_dGZXidgZhi{Xdc[dgbVYVedgZaEaVc:higVi\^XdnZa
EaVc YZ <Zhi^c YZ aV XddeZgVi^kV! fjZ hZ hdbZiZc XVYV Vd V aV VegdWVX^c YZ aV 6hVbWaZV <ZcZ"
gVa# 6a 8dchZ_d GZXidg aZ XdggZhedcYZ kVadgVg aVh YZX^h^dcZh fjZ aZ hdc egZhZciVYVh edg aV <ZgZcX^V
254 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Zc{gZVhYZXgY^idh!^ckZgh^dcZh![dW`[dWY_ed[i! 7KPEB7=KD
eVgi^X^eVX^dcZh! \Vhidh! WfeZ[hWc_[djei! ZiX#!
fjZ edg hj kdajbZc hjeZgZc adh ab^iZh YZ Vj" AVXddeZgVi^kV6jodAV\jci^ZcZYdhXVgVXiZghi^XVhbjnh^c"
idcdbV YZa \ZgZciZ! d hiZ Zhi^bZ XdckZc^ZciZ \jaVgZh/jcV!aVhjegZbVXVYZbj_ZgZhZcadhg\VcdhYZ
hdbZiZgVaVXdch^YZgVX^cYZa8dchZ_dGZXidg# gZegZhZciVX^cn\Zhi^c!nYdh!aVXdcY^X^cb^cdg^iVg^VYZ
adhhdX^dh[gZciZVadhcdhdX^dh#
>\jVabZciZ!Za8dchZ_dGZXidggZVa^oVjchZ\j^b^Zc" 6jodAV\jchZYZY^XVVaV\Zhi^cYZhZgk^X^dhYZgZhiVjgV"
id bZchjVa YZ aV VXi^k^YVY ZXdcb^XV YZ aV XddeZ" X^cXdaZXi^kVna^be^ZoV#AVhXVgVXiZghi^XVhYZhjcZ\dX^d
XdcY^X^dcVc [jZgiZbZciZ hj [dgbV YZ hZg XddeZgVi^kV# AV
gVi^kV! VcVa^oVcYd Za \gVYd YZ Xjbea^b^Zcid YZ adh aZ\^haVX^c n adh XdckZc^dh XdaZXi^kdh YZa hZXidg ]dhiZaZgd
dW_Zi^kdhbVgXVYdhZcadheaVcZhYZ\Zhi^cnVYde" gZ\jaVcaVikXhe]WY_ddWa^\Vidg^VXdbdbZXVc^hbdYZ\V"
iVcYdadhVXjZgYdhcZXZhVg^dheVgVaVbdY^[^XVX^c gVciVYZZhiVW^a^YVYZcZaZbeaZd#:hVZhaVgVoceg^cX^eVa
YZfjZYZjcVeaVci^aaVfjZgdcYVadh*#%%%igVWV_VYdgZh!had
YZadhb^hbdh!daVVYdeX^cYZbZY^YVhcZXZhVg^Vh jcdh'%*hZVchdX^dh#
eVgVXdggZ\^gaVhYZhk^VX^dcZhfjZhZegdYjoXVc#
AV eg^bZgV YZ ZhiVh XdcY^X^dcZh ]VXZ YZ 6jod AV\jc jcV
XddeZgVi^kVZheZX^VabZciZhZch^WaZVaVhXjZhi^dcZhYZ\"
6a [^cVa^oVg Za Vd! Za 8dchZ_d GZXidg egZhZciV aV cZgd#AVhZ\jcYVXdcaaZkVX^ZgidhcYgdbZYZ[gjhigVX^c#
BZbdg^V!8jZciVhn7VaVcXZ!negdedcZVaV6hVb" :aXdbegdb^hdnaVkdajciVYXddeZgVi^kVhZZc[gZciVcXdcaV
WVggZgVYZaVhjWgd\VX^c#
WaZV<ZcZgVaaVY^hig^WjX^cYZgZhjaiVYdh#
IVcidaV9^gZXX^cXdbdZa8dchZ_dGZXidgYZaV8ddeZgVi^kV
($($* <kdY_ed[ib[]_ibWj_lW[_dij_jkY_edWb h^\jZcigVWV_VcYdeVgVWjhXVghVa^YVhfjZ]V\Vcedh^WaZaV
eVgi^X^eVX^cYZabVndgcbZgdedh^WaZYZhjhigVWV_VYdgZh
:chjh[jcX^dcZhaZ\^haVi^kVZ^chi^ijX^dcVa!Va8dc"
ZcaVegde^ZYVY!ZcadhgZhjaiVYdhnZcaV\Zhi^cYZaVhY^h"
hZ_d GZXidg aZ XdggZhedcYZ jc kVg^VYd VWVc^Xd YZ i^ciVhhdX^ZYVYZhfjZ]dnXdc[dgbVcZa<gjed6jodAV\jc#
VXi^k^YVYZh#
9ZhYZaVXdckdXVidg^VYZaV6hVbWaZV<ZcZgVanaVY^gZXX^cYZhjgZVa^oVX^c!]VhiVZ_ZXjiVgadhVXjZg"
Ydh fjZ hZ VYdeiVc! eVhVcYd edg aV YZ[^c^X^c YZ aVh cdgbVi^kVh YZ \Zhi^c! d YZ VedYZgVb^Zcid! d YZ
gZ\jaVX^c! Vh Xdbd gZegZhZciVcYd V aV XddeZgVi^kV VciZ iZgXZgdh n Zc aVh Zci^YVYZh Zc fjZ eVgi^X^eZ#
EVgi^XjaVgbZciZ ^bedgiVciZh hdc hjh VXi^k^YVYZh ^ciZgdg\{c^XVh0 aVh gZaVX^dcZh fjZ ZhiVWaZXZ Xdc Za
8dchZ_dYZ9^gZXX^cnZa8dchZ_dHdX^Va#
($) 9ec_i_dZ[L_]_bWdY_W
9ZVXjZgYdXdcadhZhiVijidhaV8db^h^cYZK^\^aVcX^VZhjcg\VcdZaZ\^YdedgaVVhVbWaZVeVgVY^XiVb^"
cVgZaXjbea^b^ZcidYZadhgZfj^h^idhZm^\^YdhZcVheZXidhXdciVWaZh#HZXdbedcZYZigZhhdX^dhnhjbVc"
YVidZcZaXVg\dhjZaZhZgYZigZhVXjVigdVdhgZcdkVWaZh#IZc^ZcYdZcXjZciVaVhXVgVXiZghi^XVhegde^Vh
YZaVh[jcX^dcZhYZaXVg\d!ZcaVZaZXX^cYZZhiZXVg\dhjZaZegdYjX^ghZjcVYZXVciVX^c]VX^VhdX^dhXdc
jcVZmeZg^ZcX^Vegd[Zh^dcVaVYb^c^higVi^kVVXgZY^iVYV#
:cigZaVh[jcX^dcZhfjZi^ZcZYZh^\cVYVhaVb{h^bedgiVciZZhaVYZXdcigdanWkZ_jeh_WYedjWXb[#AVgZ"
k^h^cYZaWVaVcXZYZX^ZggZYZZ_ZgX^X^d!YZaVXjZciVYZgZhjaiVYdh!naVXdbegdWVX^cZcXjVafj^Zgbd"
bZcidYZaVYdXjbZciVX^cZXdcb^XVn_jgY^XVYZaVXddeZgVi^kV!aZhXdck^ZgiZZcadhhjeZgk^hdgZhYZaVh
deZgVX^dcZhgZVa^oVYVhedgadhVYb^c^higVYdgZhYZaVhdX^ZYVY#
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 255
IVbW^cZh^bedgiVciZaV[jcX^cYZhjeZgk^h^cfjZZ_ZgXZceVgVZa[jcX^dcVb^ZcidVYZXjVYdYZaV6hVb"
WaZV/VkVaVcaVhkdiVX^dcZhfjZhZegdYjXZcZcaV6hVbWaZV!VXgZY^iVcZaXjbea^bZcidYZadhgZfj^h^idhYZ
XdckdXVidg^VnXZaZWgVX^c!ZhXgji^c^dh!XdcigdaYZVXiVh!ZiX#:hYZX^g!VXiVcXdbd\VgVciZhYZaVaZ\^i^b^"
YVYnhdWZgVcVYZaV6hVbWaZV<ZcZgVa#
CdgbVabZciZaVh[jcX^dcZhfjZaZhXdggZhedcYZcVadh^ciZgkZcidgZhhjZaZcZhiVgZcbVcdhYZegd[Zh^d"
cVaZh!edgadfjZaV[jcX^cYZZhidhb{hW^ZchjZaZhZgh^bWa^XVZcbjX]dhYZadhXVhdh#AVbVndgVX"
i^k^YVYYZadh>ciZgkZcidgZhYZ8jZciVhXdb^ZcoVXdcZaX^ZggZYZaZ_ZgX^X^dXdciVWaZ#HjiXc^XVXdch^hiZ
ZcXdcdXZgZaWVaVcXZd[gZX^YdedgaV9^gZXX^cnXdcigVhiVgfjZaVhX^[gVhfjZ[^\jgVcZcZab^hbdhdcaV
hjbVYZjcVhZg^ZYZdeZgVX^dcZhfjZ[^\jgVcZcadha^WgdhXdciVWaZh!dZcadhYdXjbZcidhigViVYdhedg
dgYZcVYdg#H^VegZX^VcZcigZaVhVcdiVX^dcZhVa\jcVeVgi^YVfjZXdch^YZgVccZXZhVg^dhZV_jhi^[^XVYV!ejZ"
YZchda^X^iVgfjZhZaZhbjZhigZaVdgYZcdZaVXjZgYdYZag\VcdgZhedchVWaZYZhjZ_ZXjX^cnZb^i^gZa
Y^XiVbZcfjZXdch^YZgZcdedgijcd#
AVXjZciVYZgZhjaiVYdhnaVegdejZhiVYZY^hig^WjX^cYZadhb^hbdhgZegZhZciVc!ZcX^ZgidhZci^Yd!jc
YdXjbZcidXdciVWaZb{h!VjcfjZhj^bedgiVcX^V]VXZfjZhZeVgi^XjaVg^XZ#6fjZaXdcigdak^ZcZVXdbeV"
VYd!VYZb{hYZaVkZg^[^XVX^cYZadhYVidh!YZadhVXjZgYdhYZa8dchZ_dGZXidgfjZadhegdedcZ#
:c Za Xdcigda YZ aV YdXjbZciVX^c _jgY^XV Zh ]VW^ijVa fjZ hZVc adh >ciZgkZcidgZh adh hdX^dh YZh^\cVYdh
eVgVXdcigdaYZa6XiVYZaV6hVbWaZV#IVbW^cXdcigdaVcaVXjbea^bZciVX^cYZY^kZghdhA^WgdhYZ6XiVh
Zm^\^YdhedgaVAZn!nZb^iZcjc^c[dgbZY^XiVbZcVciZaV6hVbWaZV!fjZZhgZ\^higVYdZcjcdYZadha^Wgdh
d[^X^VaZhYZaVXddeZgVi^kV#
AVVXijVX^cYZadh^ciZgkZcidgZh]VXdcaaZkVYdXVbW^dhdeZgVi^kdhZcaVXddeZgVi^kV#AVaVWdgYZaVhVjY^"
idg^VhZmiZgcVheVgVZaXdcigdaXdciVWaZYZaVXddeZgVi^kV]V[VX^a^iVYd!Zcadhai^bdhVdh!aVaVWdgYZadh
>ciZgkZcidgZhYZ8jZciV#
Adb{h^bedgiVciZZhfjZaVhXddeZgVi^kVhXjZciVcXdcjcg\VcdYZXdcigdaZaZ\^YdYZbdXg{i^XVbZciZn
fjZ]VbZgZX^YdaVXdc[^VcoVYZadhhdX^dh\gVX^VhVaVZ[^XVX^VYZhj\Zhi^c#
($* 9edi[`eIeY_Wb
:a8dchZ_dHdX^VaZhZag\VcdYZeVgi^X^eVX^ceZgbVcZciZYZaVXdbjc^YVYYZigVWV_dZcaVVYb^c^higV"
X^cYZaVXddeZgVi^kV#6XiVZcgZegZhZciVX^cYZaXdaZXi^kdYZhdX^dhVciZaVh^chiVcX^Vh^ciZgcVhYZaV
XddeZgVi^kV#:hZaXVcVaeg^cX^eVaYZ^ciZgadXjX^cYZadhigVWV_VYdgZh#EdgaZn!aVXdchi^ijX^cYZa8dchZ_d
HdX^VaZh[VXjaiVi^kVXjVcYdZacbZgdYZhdX^dhigVWV_VYdgZhdYZigVWV_dYZjcVXddeZgVi^kVhdWgZeVhV
adh X^cXjZciV n kdajciVg^V XjVcYd Zh ^c[Zg^dg# EVgV edYZg ViZcYZg Xdc bVndg k^kZcX^V adh Vhjcidh egm^"
bdhVadhhdX^dhZhjcVeg{Xi^XVXdbcfjZadhb^ZbWgdhYZa8dchZ_dHdX^VahZcdbWgZcedgeaVciVhd
hZXX^dcZh#9ZiVabVcZgVfjZadhgZegZhZciVciZhYZa8dchZ_dHdX^VagZegZhZciVcVadhhdX^dhYZaVeaVciV
dhZXX^cVaVfjZeZgiZcZXZc#EdgiVcid!VYZb{hYZaEaZcdYZa8dchZ_dHdX^Va!aVhgZjc^dcZhfjZXVYVgZ"
egZhZciVciZXZaZWgVXdchjhZXX^cd{gZVYZigVWV_dhZXdcdXZcXdbdConsejillos#
256 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
($*$' 7i[iehWc_[dje"_d\ehcWY_d"d[]eY_WY_doYedjhebieY_Wb
:cigZaVhiVgZVhW{h^XVhYZa8dchZ_dHdX^VaedYZbdhgZjc^gaVh[jcX^dcZhYZVhZhdgVb^Zcid!^c[dgbVX^c!cZ\d"
X^VX^cnXdcigdahdX^Va#:cXVYVjcVYZZhiVh{gZVhZa8dchZ_dYZhZbeZVjceVeZaYZ\gVcgZaZkVcX^VhdX^Va#
8dbdg\VcdYZ!SESORAMIENTO]VnjcVhZg^ZYZXjZhi^dcZhZcaVhfjZcdgbVi^kVbZciZZa8dchZ_dHdX^Va
^ciZgk^ZcZnZb^iZY^Xi{bZcZhegZXZei^kdh#:hidhY^Xi{bZcZhhZgZ[^ZgZcVcdgbVh!ZhijY^dhdYZX^h^dcZh
fjZhZVYdeiZcZcVhjcidhgZaVi^kdhVedai^XVhYZeZghdcVa!gZaVX^dcZhaVWdgVaZh!XdcY^X^dcZhYZigVWV_d!
gZig^WjX^c!gZdg\Vc^oVX^cdgZXdckZgh^c^cYjhig^Va!hZ\jg^YVYZ]^\^ZcZZcZaigVWV_d!egZk^h^chdX^VanZa
YZhVggdaadYZ:hiVijidhdGZ\aVbZcid>ciZgcd#
H^ZcYd hiV jcV XdbeZiZcX^V hjhiVcX^Va! Zc aV eg{Xi^XV Xdi^Y^VcV YZ aVh XddeZgVi^kVh V kZXZh hZ kVXV
YZ XdciZc^Yd edg aV [VaiV YZ VYZXjVX^c ZcigZ aVh Zm^\ZcX^Vh iXc^XVh YZ cVijgVaZoV _jgY^XV d YZ digV
XaVhZYZadh^c[dgbZh!ZhijY^dh!ZiX#VY^XiVb^cVgnaV[dgbVX^cYZadhb^ZbWgdhYZa8dchZ_dHdX^Va#Cd
h^ZbegZ Za eZg[^a n aVh XdbeZiZcX^Vh YZ adh b^ZbWgdh YZa g\Vcd hdc aVh VYZXjVYVh eVgV YZhZbeZVg
aVh[jcX^dcZhfjZaZhXdggZhedcYZc#DWk^VbZciZ!ZhVZhjcV[jZciZYZ[gjhigVX^cZ^bediZcX^VeVgVadh
b^ZbWgdhYZZhiZg\Vcd#
:aYZgZX]dVaV^c[dgbVX^cYZadhhdX^dhigVWV_VYdgZhiVbW^chZXVcVa^oVVigVkhYZa8dchZ_dHdX^VanhZ
Vgi^XjaVYZ[dgbVW^Y^gZXX^dcVa!YZadhhdX^dhigVWV_VYdgZh]VX^Vadhg\VcdhYZY^gZXX^cn\dW^Zgcd!nVaV^c"
kZghV#6igVkhYZa8dchZ_dHdX^VaZa8dchZ_dGZXidg^c[dgbVYZaVhYZX^h^dcZh^bedgiVciZhfjZkVVYdeiVcYd
nYZaVZkdajX^cYZaV\Zhi^cYZaVedai^XVYZ^ckZgh^cnZbeaZd#N!XVYVgZegZhZciVciZYZa8dchZ_dVigVkh
YZadh8dchZ_^aadhdXdb^ihZheZX[^Xdh^c[dgbVVagZhidYZadhhdX^dh#:hiVXdbjc^XVX^c]VX^VadhhdX^dhhZ
XdbeaZiVXdcaVfjZZcY^gZXX^cVhXZcYZciZegdXZYZYZadhhdX^dh!fjZigVhb^iZcVakdXVaYZa8dchZ_dHdX^Va
aVhhj\ZgZcX^Vh!egdejZhiVhnegZdXjeVX^dcZhfjZ!XVcVa^oVYVhVigVkhYZaEaZcd!^c[dgbVcYZadhZhiVYdh
YZde^c^cVadhg\VcdhYZY^gZXX^cn\dW^Zgcd#:chciZh^h!Za8dchZ_dHdX^VaZhaVe^ZoVXaVkZZcaVigVch"
b^h^cYZ^c[dgbVX^cYZa8dchZ_dGZXidgn8dchZ_dYZ9^gZXX^c]VX^VadhhdX^dhigVWV_VYdgZh!nVaV^ckZghV#
:a8dchZ_dHdX^VaiVbW^cZhg\VcdXdbeZiZciZZcegdXZhdhYZcZ\dX^VX^cZcbViZg^VhYZ{bW^idaVWd"
gVajdigVhfjZhZVchjhXZei^WaZhYZ\ZcZgVgjcediZcX^VaXdc[a^XidnhZVcYZXVg{XiZg\ZcZgVadV[ZXiZcYZ
bVcZgVXdaZXi^kVVadhhdX^dh#AVcZ\dX^VX^chZgZVa^oVXdcZa8dchZ_dGZXidgdXdcg\VcdhYZaVacZV
Z_ZXji^kV!hZ\chZVaVbViZg^VYZfjZhZigViZnZag\VcddeZghdcVfjZiZc\VaVXdbeZiZcX^VYZYZX^Y^g#
EjZYZc hZg dW_Zid YZ cZ\dX^VX^c/ cdgbVh hdWgZ _dgcVYVh n XVaZcYVg^dh! XVbW^dh YZ ejZhid YZ igVWV_d!
igVhaVYdhnYZhZbeaZd!bdY^[^XVX^dcZhYZaVhXdcY^X^dcZhYZigVWV_d!hZ\jg^YVYZ]^\^ZcZZcZaigVWV_d!gd"
iVX^cYZejZhidh!^beaVciVX^cYZh^hiZbVhYZigVWV_dedgdW_Zi^kdh!ZiX#
:cXjVcidVaV[dgbVYZcZ\dX^VX^c!ejZYZYZhVggdaaVghZZcYZWViZYZEaZcd!dVigVkhYZadhgZegZhZc"
iVciZhYZ{gZVhV[ZXiVYVhXjVcYdaV^cX^YZcX^VYZadhVhjcidhi^ZcZjcVadXVa^oVX^cbjneVgi^XjaVg#
AV[jcX^chdX^VaYZCONTROLhZgZVa^oVhdWgZaVhYZX^h^dcZhYZadhg\VcdhhdX^VaZhnYZY^gZXX^cgZaVX^dcVYVh
XdcadhVXjZgYdhVYdeiVYdhedgaV6hVbWaZV<ZcZgVa!nZc\ZcZgVa!XdcadheaVcZhYZ\Zhi^c#:a{gZVZheZX[^"
XVYZXdcigdaZhZaXjbea^b^ZcidYZaVhedai^XVhnbZY^YVhZcZa{bW^idYZaVhgZaVX^dcZhaVWdgVaZh!h^hiZbVh
YZeVgi^X^eVX^cnji^a^oVX^cVYZXjVYVYZXVjXZhYZ^c[dgbVX^c#AV[dgbVZcfjZhZZ_ZgXZZhiZXdcigdahdX^Va
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 257
9EEF;H7J?L7IOI?D:?97B?ICE ejZYZkVg^VghZ\caVhX^gXjchiVcX^Vh!eZgdZcZhZc"
X^VhZejZYZ^YZci^[^XVgXdcaVYZbVcYVYZ^c[dgbV"
BjX]VhkZXZh!h^cYZbVh^VYdg^\dg!hZWjhXVZaZfj^kV" X^cXdbeaZbZciVg^Vh^aV[VX^a^iVYVcdaaZ\VVgZhja"
aZciZYZadh8dchZ_dhHdX^VaZh!ZheZX^VabZciZXjVcYd iVghj[^X^ZciZbZciZXaVgV0dW^Zc]VX^ZcYdegdejZhiVh
hZ fj^ZgZ hjWgVnVg hj Y^bZch^c gZ^k^cY^XVi^kV! Zc Za YZVYdeX^cYZbZY^YVhXdggZXidgVh#
h^cY^XVid#H^cZbWVg\d!adh[^cZhnaVeg{Xi^XVYZjcdn
digdhdcXaVgVbZciZY^hi^c\j^WaZh#
GZXVe^ijaVcYd! aVh XdbeZiZcX^Vh YZa 8dchZ_d HdX^Va
hZ XZcigVc Zc aV ZaVWdgVX^c YZ egdejZhiVh n Y^Xi{"
:hW^ZcXdcdX^YdfjZadhdg\ZcZhYZaXddeZgVi^k^hbdn
Zah^cY^XVa^hbdgZb^iZcVabdk^b^ZciddWgZgdYZadhh^" bZcZhVciZaVhYZX^h^dcZhVVYdeiVgedgadhg\Vcdh
\adhM>MnMM#:hVgVoXdbchZedcVYZbVc^[^ZhidZc YZ\dW^Zgcd!h^ZcYd^bedgiVciZaVeVgi^X^eVX^cZcadh
adhVdh(%!YjgVciZadhVdhegZk^dhVaV<jZggV8^k^a! g\Vcdh! Xdb^ih n Xdb^h^dcZh YZ fjZ [dgbV eVgiZ#
edgadhZhigZX]dhaVodhZcigZVbWdhnaVh^c^X^Vi^kVhYZa :hiVbW^cXdbeZiZcX^VYZadhb^ZbWgdhYZa8dchZ"
bdk^b^ZciddWgZgdkVhXdeVgVaVXgZVX^cYZXddeZgV"
_dHdX^VagZjc^gVadhhdX^dheVgVigVchb^i^gaV^c[dg"
i^kVh# IgVh aV <jZggV 8^k^a! Za [gVcfj^hbd egdhXg^W^ Za
bVX^c gZX^W^YV n XVcVa^oVg aVh ^c^X^Vi^kVh fjZ Zhidh
h^cY^XVa^hbda^WgZnaVhXddeZgVi^kVhYZBdcYgV\dc!hZ
Xdchi^ijnZgdcYZ[dgbVVjicdbV!h^cVeZcVh^c[ajZcX^V
egZhZciVcVadhg\VcdhYZ\dW^ZgcdnYZ\Zhi^c#
h^cY^XVa#:cXdciZmidhZ^cVj\jgjcVigVY^X^cZcaVfjZ
jcd n digd XVb^cVgdc edg hZeVgVYd VigVkZhVcYd X^Xadh :aGZ\aVbZcid>ciZgcdgZXd\ZjcVhZg^ZYZ\VgVciVh
ZcadhfjZeg^bVWVaVXZgXVcVnhda^YVg^YVYbjijVXdc eVgVadhb^ZbWgdhYZa8dchZ_dHdX^VaZcadhXVbedh
digdhYZY^hiVcX^Vb^ZcidnYZhXdc[^VcoVbjijV# YZZhiVW^a^YVYYZigVWV_d!a^WZgiVYYZde^c^cnegdbd"
X^cegd[Zh^dcVa0ZaYZhZbeZdYZhjXVg\dcdejZYZ
AV VeZgijgV YZ aVh XddeZgVi^kVh V aV VXi^k^YVY h^cY^XVa
]V [dgbVYd eVgiZ YZ jc YZWViZ VW^Zgid YjgVciZ Vdh!
YVgdg^\ZcVhVcX^cVa\jcV#EZgd!aVcdVXZeiVX^c
iVcid YZcigd Xdbd [jZgV YZ aVh XddeZgVi^kVh# :c idYd YZaXVg\dejZYZhZghVcX^dcVYV!ejZhidfjZhjedcZ
XVhd!hZgVZggcZd^\jVaVgZa8dchZ_dHdX^VaXdcaVVX" cdVhjb^gaVhdWa^\VX^dcZhfjZXdcaaZkVhZghdX^d#
ijVX^ch^cY^XVa#
:hiVh \VgVciVh fjZ VXVWVbdh YZ X^iVg hdc cZXZhV"
:a ejcid YZ eVgi^YV Zh W^Zc Y^hi^cid# 6 Y^[ZgZcX^V YZ
g^VheVgVedYZgYZhZbeZVgZaXVg\dh^cc^c\ci^ed
aVhhdX^ZYVYZhYZXVe^iVa!ZcaVhXddeZgVi^kVhZa[VXidg
igVWV_dZhi{^ciZ\gVYdZcaVegde^ZYVYn\dW^ZgcdYZaV
YZ gZhig^XX^c! n V edYZg hZg Xdc eaZcV a^WZgiVY# Edg
ZbegZhV# digV eVgiZ! hZ gZ\jaV aV Y^hedh^X^c YZ i^Zbed Zc aV
_dgcVYVaVWdgVaeVgVViZcYZgaVh[jcX^dcZhYZaXVg\d#
:c aVh XddeZgVi^kVh! V Y^[ZgZcX^V YZ aVh hdX^ZYVYZh YZ XVe^iVa! adh egdWaZbVh YZ Xdbjc^XVX^c cd i^ZcZc
iVcidfjZkZgXdcZaVXXZhdVaV^c[dgbVX^cXdbdXdcaV\Zhi^cYZaV^c[dgbVX^c!ZchZci^YdXjVa^iVi^kd
ÅXVg{XiZgiXc^XdYZaV^c[dgbVX^cÅXdbdXjVci^iVi^kdÅkdajbZcYZ^c[dgbVX^cÅ#
:ah^hiZbVYZZaZXX^cWVhVYdZc\gjedhYZigVWV_d!eZgb^iZfjZZa8dchZ_diZc\VjcVXdbedh^X^ceajgVa
YdcYZZhiVg{cgZegZhZciVYdhidYdhadhigVWV_VYdgZh#:cXjVcidVaVeg{Xi^XVYZY^X]dg\Vcd!ZhYZk^iVa
^bedgiVcX^V Za bdbZcid YZ aV hZaZXX^c YZ adh XVcY^YVidh# H^ZcYd adh gZegZhZciVciZh hZaZXX^dcVYdh edg
{gZVhYZigVWV_d!iVcidaVXVeVX^YVY^cY^k^YjVaXdbdaVY^hedh^X^cVaVeVgi^X^eVX^cVXi^kVhdcadhe^aVgZh
fjZ\VgVci^oVg{cZaXjbea^b^ZcidYZaVh[jcX^dcZhfjZZa8dchZ_dHdX^Vai^ZcZVh^\cVYVh#
H^aVZaZXX^cZh^bedgiVciZ!aVVXi^ijYYZadhb^ZbWgdhZaZ\^YdhVciZaVh[jcX^dcZhfjZhZYZWZcYZh"
ZbeZVg cd ad Zh bZcdh! ejZhid fjZ YZ ZaaV hZ YZg^kV aV Z[^XVX^V# :h cZXZhVg^d fjZ adh b^ZbWgdh YZa
258 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
8dchZ_dHdX^Va!hZh^ZciVc^YZci^[^XVYdhnbdi^kVYdhXdcaViVgZVfjZaZhidXVXjbea^g#EZgdcdhZejZYZ
YZhXVg\VghadZcadhb^ZbWgdhZaZ\^YdhaVgZhedchVW^a^YVYYZfjZ[jcX^dcZVYZXjVYVbZciZZa8dchZ_d
HdX^Va#:hiVaVWdgZhYZidYdhadhhdX^dh#HdcidYdhnXVYVjcdYZadhhdX^dhadhfjZ!Xdchjhhj\ZgZc"
X^Vh!XdbZciVg^dh!eZi^X^dcZh!ZiX#Xdcig^WjnZcVfjZaVeVgi^X^eVX^chZVVXi^kVngZYjcYZedh^i^kVbZciZ
ZcaVbVgX]VYZaVXddeZgVi^kV#
Edg digV eVgiZ! Za 8dchZ_d HdX^Va Zh Zc ediZcX^V jcV ZhXjZaV YZ [dgbVX^c YZ XjVYgdh XddeZgVi^kdh# :h
]VW^ijVafjZhZVZa8dchZ_dHdX^VaZak^kZgdYZYdcYZhjg\ZcadhXdbedcZciZheVgVdigdhg\Vcdh!Xdbd
Za8dchZ_dGZXidg#NYZ[^c^i^kVbZciZ!aVZmeZg^ZcX^VegZk^VXdbdb^ZbWgdYZa8dchZ_dHdX^VagZ[jZgoVaVh
XVcY^YVijgVheVgVdigdhg\Vcdh!ZheZX^VabZciZaVhYZa8dchZ_dGZXidg#
8dcidYVhj^bedgiVcX^VZa8dchZ_dHdX^VaiVbW^ceVYZXZX^Zgidhab^iZh/cdhZaZhgZXdcdXZYZY^XVX^c!
c^[dgbVX^cYZgZXjghdheVgVZaYZhZbeZdYZhjh[jcX^dcZh0VYZb{hZaXVg{XiZgcdk^cXjaVciZYZa8dc"
hZ_daZhgZhiV!VidYVhajXZh!Vjidg^YVY#
AV [VaiV YZ VhjcX^c YZ gda Zc adh b^ZbWgdh YZa 8dchZ_d HdX^Va hjZaZ hZg iZbV YZ YZWViZ Zc Va\jcdh
8dchZ_dhGZXidgZh#AdhgZXidgZhhZfjZ_VcYZfjZZa8dchZ_dHdX^VacdhdajX^dcVadhXdc[a^XidhfjZhdc
YZhjXdbeZiZcX^VnZhedgZaadedgadfjZXdcYZbVh^VYV[VX^a^YVYaaZ\VcVaVbZhVYZa8dchZ_dGZXidg#
6a\jcVhZbegZhVhXdbd!edgZ_Zbead!DgdcVZhi{caaZkVcYdVXVWdjcegdXZhdYZgZ[aZm^chZg^deVgVXdc"
hZ\j^gfjZZag\VcdhZgZk^iVa^XZ#AVh^YZVh[jZgoVhdcYZ[^c^gXdbeZiZcX^VhnegdXZY^b^Zcidh!YZ[dgbV
XdchZchjVYV Xdc aV WVhZ hdX^Va# AV egZhZcX^V YZ jc 8dchZ_d HdX^Va [jZgiZ n Y^c{b^Xd Zh ^begZhX^cY^WaZ
eVgV Za WjZc [jcX^dcVb^Zcid YZ aV XddeZgVi^kV! ejZhid fjZ VXi^kV adh YZb{h g\Vcdh! iVcid Va 8dchZ_d
GZXidgXdbdVadhg\VcdhZ_ZXji^kdhZcjcbZ_dgYZhZbeZdYZhjhaVWdgZh#
($*$( 9edi[`eZ[:_h[YY_do=[h[dY_W
:a8dchZ_dYZ9^gZXX^cZhjcg\VcdYZXddgY^cVX^cYZaVh[jcX^dcZhYZaZfj^edY^gZXi^kdnYZVhZhdgV"
b^ZcidYZa8dchZ_dGZXidg#:hi{Xdchi^ij^YdedgaV<ZgZcX^VnadhY^gZXi^kdhYZaVXddeZgVi^kV#
AV<ZgZcX^VZhZag\VcdcdbWgVYdedgZa8dchZ_dGZXidg!XdcXVg{XiZgjc^eZghdcVadXdaZ\^VYd!eVgVfjZ!
bZY^VciZZadidg\Vb^ZcidYZ[VXjaiVYZhnedYZgZhedc\VZceg{Xi^XVaVY^gZXX^cZ_ZXji^kVYZaVZbegZhV
XddeZgVi^kV#:a\ZgZciZcdi^ZcZedgfjhZghdX^dYZaVXddeZgVi^kV!VjcfjZadcdgbVaZhfjZadhZVnfjZ
VhjbVeaZcVbZciZadheg^cX^e^dhXddeZgVi^kdh#
AVh eg^cX^eVaZh [jcX^dcZh YZa 8dchZ_d YZ 9^gZXX^c Xdch^hiZc Zc XddgY^cVg n Y^cVb^oVg Za YV V YV YZ aV
\Zhi^cZbegZhVg^Va0VhZhdgVgVaV<ZgZcX^VZcbViZg^VhYZegdbdX^cnYZhVggdaadZbegZhVg^Va[dgbjaVc"
YdaVhegZk^h^dcZhnaVeaVc^[^XVX^c!negdedc^ZcYdaVhVXX^dcZhYZZ_ZXjX^cYZaVVXi^k^YVYZbegZhVg^Va#
:a8dchZ_dYZ9^gZXX^cZhZag\VcdfjZi^ZcZaVgZhedchVW^a^YVYYZXdcigdaVgnkZaVgedgaV\Zhi^cfjZ
gZVa^oVZaeaVcdZ_ZXji^kd#
NVhZ]VbZcX^dcVYdfjZZhZa8dchZ_dGZXidgfj^ZcZa^\ZVa\ZgZciZ#6hjkZo!ZacdbWgVb^ZcidYZagZhidYZ
b^ZbWgdhYZa8dchZ_dYZ9^gZXX^chZgZVa^oViVbW^cedgeVgiZYZa8dchZ_dGZXidg!eZgdVegdejZhiVYZaVegde^V
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 259
BeY[djhWbZ[bW[nf[h_[dY_WCedZhW]ed[iW[iYh[Wheh]Wd_pWY_ed[iXWiWZWi[dbW
ieX[hWdWZ[bWif[hiedWi"Whj_YkbWZWi[dh[Zoeh_[djWZWiWkdYecfhec_ieieY_Wb$
<ZgZcX^V#:a8dchZ_dYZ9^gZXX^cZhi{WV_daVegZh^YZcX^VYZa\ZgZciZ!nXdbejZhiVedgadhYZb{hgZhedchVWaZh
YZaVh[jcX^dcZhW{h^XVhYZidYVVXi^k^YVYZbegZhVg^VaaVegdYjXi^kV!XdbZgX^Va!VYb^c^higVi^kd"[^cVcX^ZgV!eZghd"
cVa!ZiX#!naVYZdigVh{gZVhfjZhZXdch^YZgVcYZ^bedgiVcX^VdaVYZVaidhiXc^XdhXjnVVedgiVX^chZXdch^YZgZ
Zcg^fjZXZYdgVeVgVaV\Zhi^c#:cidYdXVhd!iVbW^cZaegZh^YZciZYZa8dchZ_dGZXidgZhb^ZbWgdcVidYZa8dc"
hZ_dYZ9^gZXX^c!Xdckdonh^ckdid!XdcadfjZhZXdch^\jZZacZmdZcigZVbWdhg\VcdhYZaVXddeZgVi^kV#
8dbdg\VcdVhZhdgYZaV<ZgZcX^V!hjh[jcX^dcZhneg{Xi^XVZhi{cbjnXdcY^X^dcVYVhedgaVhcZXZh^YVYZh
YZa\ZgZciZ#:c\ZcZgVa!aVVXijVX^cYZa8dchZ_dYZ9^gZXX^chZXZcigVW{h^XVbZciZZcbViZg^VhgZaVX^d"
cVYVhXdcaVEaVc^[^XVX^cZhigVi\^XVnZaEaVcYZ\Zhi^cVcjVa#GZVa^oVZahZ\j^b^ZcidYZVbWdh0ZheZ"
X^VabZciZYZVfjZaadhVheZXidhfjZ!edghj^bedgiVcX^V!hdcXdch^YZgVYdhXdbdZhigVi\^Xdh!VYZb{hYZ
egdbdkZgZhijY^dhhdWgZZa^c^X^ddaVZa^b^cVX^cYZVXi^k^YVYZhXd]ZgZciZhXdcadh[^cZhYZaVXddeZgVi^kV#
Hjh gZjc^dcZh hZ XZaZWgVc Xdbd bc^bd Xdc XVg{XiZg bZchjVa! eZgd Zh ]VW^ijVa fjZ Zm^hiVc gZjc^dcZh
ZmigVdgY^cVg^VhYZa8dchZ_d!djcVeVgiZYZZaadh!eVgVVhZhdgVgVaV<ZgZcX^VZcaVhYZX^h^dcZhVVYdeiVgd
ZcegdejZhiVhVgZVa^oVg!iVcidZcZaeaVcdYZaVeaVc^[^XVX^cXdbdZcZaYZaVbVgX]VZbegZhVg^Va#
AVgZaVX^cZcigZZa8dchZ_dYZ9^gZXX^cnZa8dchZ_dGZXidgZhbjn^bedgiVciZ#IdYVkVZhi{jcedXdZmiZcY^YVaV
eZgXZeX^cYZfjZaVgVocai^bVYZa8dchZ_dGZXidgZhXdcigdaVgVa8dchZ_dYZ9^gZXX^c#H^cZbWVg\d!ZaeaVcd
hdX^VanZaZ_ZXji^kdYZWZchZgYdhg\VcdhXjndfjZ]VXZggZhedcYVV[dgbVhXddeZgVi^kVhYZhZgn]VXZg#HZgZXaV"
bVjceZg[^aYZY^g^\ZcX^VXddeZgVi^kVfjZhZVbdYZadeVgVZagZhidYZaXdaZXi^kd0fjZVXiZVeVgi^gYZjcbdYZad
cZ\dX^VYdna^b^iVYdYZZ_ZgX^X^dYZaedYZgnYZhYZZaXdbegdb^hdeZghdcVaXdcadhkVadgZhXddeZgVi^kdh#
BjX]VhkZXZhZhZZfj^a^Wg^dYZhZVWaZZhb{hjcgZ[ZgZciZfjZjcVgZVa^YVYXdi^Y^VcV#:cZhZhZci^Yd!adh
Xdc[a^XidhfjZhjg\ZcZcigZVbWdhg\VcdhhjZaZciZcZgdg^\ZcZc/jcV[VaiVYZXaVg^[^XVX^cYZgdaZhYZ
jcdndigd0jcV[VaiVYZXdc[^VcoVbjijVfjZV[ZXiVVaVXdbjc^XVX^c^ciZgcVnVaVXdchZXjX^cYZVXjZg"
Ydh0Y^hidgh^dcZhZcadhXVcVaZhYZXdbjc^XVX^c!iVaZhXdbd![VaiVYZigVcheVgZcX^VdYZY^{ad\d![j\Vd
bVc^ejaVX^cYZ^c[dgbVX^c!ZiX#0n!jchZci^Yda^b^iVYdYZaVgZhedchVW^a^YVY#
:cigZaVh[VXjaiVYZhfjZhZVig^WjnZcVa\ZgZciZZhi{aVYZegdedcZgnegZh^Y^gZa8dchZ_dYZ9^gZXX^c!nZa
YZ\Zhi^dcVgaVXddeZgVi^kVYZVXjZgYdXdcaVhY^gZXig^XZhYZa8dchZ_dGZXidg#EVgVZaad!YZWZZb^i^gVabZ"
cdhjc^c[dgbZig^bZhigVahdWgZaVh^ijVX^cYZaVZbegZhVnjc^c[dgbZVcjVahdWgZZaXjbea^b^ZcidYZa
EaVcYZ<Zhi^c!VhXdbdYZa7VaVcXZn8jZciVYZGZhjaiVYdhYZaVXddeZgVi^kV#
CVijgVabZciZ!aV[jcX^cYZY^gZXX^cfjZi^ZcZZcXdbZcYVYVZa\ZgZciZZcigVVVXi^k^YVYZhYZ^c[dgbV"
X^c!XdcigdanidbVYZYZX^h^dcZhZcXVb^cVYVhVaVXdchZXjX^cYZadhdW_Zi^kdhegZk^hidh!dVbdY^[^XVg
adheaVcZhYZVXX^ch^XdcadhejZhidhZcbVgX]VcdhZXdch^\jZcadhgZhjaiVYdhZheZgVYdh#EVgVZaadZa
\ZgZciZi^ZcZZhiVWaZX^YdjcXjVYgdYZbVcYdXdcaVh^c[dgbVX^dcZhfjZXdch^YZgVcZXZhVg^VheVgVYZiZg"
b^cVgh^aVbVgX]VYZacZ\dX^dhZV_jhiVVaegd\gVbVegZk^VbZciZZhiVWaZX^Yd#
9ZeZcY^ZcYdYZaVhXVgVXiZghi^XVhYZacZ\dX^dnaV^bedgiVcX^VXdnjcijgVaYZaV^c[dgbVX^c!hZZhiVWaZXZ
jceaVcYZegZhZciVX^cYZaV^c[dgbVX^cdYZheVX]dXdcadhXdaVWdgVYdgZhYZa{gZVYZ\Zhi^cYZa\ZgZc"
iZXdch^YZgZYZ^ciZgh#
E6GI:>>>/G:6A>969q%./âG<6CDHHD8>6A:H8DDE:G6I>KDH 261
:a Xdcigda hZ gZVa^oV edg bZY^d YZa XdcigVhiZ YZ adh YVidh XdciVWaZh n aV gZVa^YVY Xdc aVh ^c[dgbVX^dcZh
gZX^W^YVhnZaYZheVX]dXdchjhXdaVWdgVYdgZh^cbZY^Vidh#AVidbVYZYZX^h^dcZhZhZa[gjidYZadhVc{"
a^h^hYZaV^c[dgbVX^cnXdcigdagZVa^oVYdh#:haVXdchZXjZcX^Va\^XVfjZaaZkVVhZaZXX^dcVg!ZcigZkVg^Vh
VaiZgcVi^kVh!aVfjZXdch^YZgVb{hVYZXjVYVVadhdW_Zi^kdhn!h^Zhi{[jZgVYZhjXdbeZiZcX^V!egdedcZgVa
8dchZ_dGZXidgaVYZX^h^cfjZXdch^YZgZbZ_dgVednVYVZcadhVg\jbZcidhfjZhjhiZciVchjedh^X^c#
CdgbVabZciZaVidbVYZYZX^h^dcZhhZgZVa^oVigVhaVXdchjaiVXdcadhXdaVWdgVYdgZhb{hegm^bdhVa{gZV
YZ\Zhi^cYZfjZhZigViVn!hZ\caVZckZg\VYjgVYZaVYZX^h^c!ejZYZhZgaaZkVYVVa8dchZ_dYZ9^gZXX^c
nVa8dchZ_dGZXidg#
:cigZhjhegZdXjeVX^dcZhZhi{aVYZji^a^oVgadhgZXjghdhY^hedc^WaZhXdcaVbVndgZ[^XVX^V!edgadfjZ!Zc
[jcX^c YZ aV ZkdajX^c YZa bZgXVYd! VYVeiV aV ZhigjXijgV dg\Vc^oVi^kV eVgV ]VXZgaV {\^a n XVeVo YZ VXd"
eaVghZVjcVWjZcVgZaVX^cXdbeZi^i^kV#AVidiVaYZY^XVX^cnaVZheZX^Va^oVX^cegd[Zh^dcVa]VXZcfjZaVh
egdejZhiVhfjZcVXZcYZaV<ZgZcX^ViZc\VcedXVhkVg^VX^dcZhZcZa8dchZ_dGZXidgdZcdigdhg\Vcdh!
XdcadfjZhj^c[ajZcX^VgZVaZcaVbVgX]VYZaVZbegZhVZhXdch^YZgVWaZ#
3. Mirando al futuro
:abVgXdYZVXijVX^cYZaVZbegZhVVXijVaZhi{hdbZi^YdVjcV^cXZhVciZegZh^c#AVhYjgVhXdcY^X^dcZh
YZhjeZgk^kZcX^VdWa^\VcVXdcXZYZgb{hnb{h^bedgiVcX^VVaVheZXidZXdcb^Xd"ZbegZhVg^Va!VbZcjYd
ZceZg_j^X^dYZaVY^bZch^chdX^Va#:a^ciZchdg^ibdfjZadh\gVcYZhgZidhZXdcb^XdhgZXaVbVcnaVhd"
X^ZYVYVXijVacdXd^cX^YZXdcadhXdbeVhZhni^Zbedh^c]ZgZciZhVaVZhigjXijgVYZbdXg{i^XV#B^ZcigVhhZ
[dgiVaZXZaVZhigjXijgViXc^XVZcaVhXddeZgVi^kVh!hZZchVcX]VZaeZa^\gdYZfjZadhhdX^dhcdY^hedc\Vc
YZXdcdX^b^Zcidh!i^Zbedd^ciZgheVgVidbVgeVgiZZcaVZbegZhV#
H^cYjYV!hZgVYZhZVWaZVjbZciVgadhZh[jZgodheVgV[dgbVgXjVYgdhXddeZgVi^kdhXjVa^[^XVYdhn\VgVci^oVg
V[jijgdjcVYZXjVYd[jcX^dcVb^ZcidYZadhg\VcdhnjcWjZcZfj^a^Wg^dYZedYZgZcigZadhb^hbdh#BZgZ"
XZgVaVeZcViVbW^cV]dcYVgZcZaZhijY^dYZaVheVjiVhYZeVgi^X^eVX^c^chi^ijX^dcVaiVcideVgV^cigdYjX^g
cjZkdhbZXVc^hbdheVgi^X^eVi^kdhXdbdeVgV[dgiVaZXZgadhXVjXZhZm^hiZciZh!ZcXdchdcVcX^VXdcadhg^ibdh
n[dgbVhYZigVWV_dVXijVaZh#EVgVaZaVbZciZ!ZcjceaVcdb{hVXi^ijY^cVa!]VWgVfjZegZhiVgbVndgVVfjZ"
aaVheg{Xi^XVhXdcXVeVX^YVYYZVXi^kVgdgZVXi^kVgaVbdi^kVX^cYZadhhdX^dhXdcgZheZXidVaVXddeZgVi^kV#
EVgV iZgb^cVg! aV eVgi^X^eVX^c YZ adh igVWV_VYdgZh edg XjZciV V_ZcV Zc adh g\Vcdh XddeZgVi^kdh hZ\j^g{
h^ZcYdZcZa[jijgdjcVXjZhi^cYZ\gVc^bedgiVcX^V#:aeg^cX^e^dYZdg\Vc^oVX^cYZbdXg{i^XVXdchV\gVYd
Zcadheg^cX^e^dhXddeZgVi^kdhcd]VXZc^c\jcVbZcX^cZmegZhVVadhigVWV_VYdgZhedgXjZciVV_ZcV#:c&.-,
hiVZgVjcVgZVa^YVYWVhiVciZb{hgZh^YjVa#H^cZbWVg\d!b{hYZkZ^ciZVdhYZhejhYZhjgZYVXX^cdg^"
\^cVa!XdcaVXZgiZoVYZfjZZcaVhXddeZgVi^kVhhZ\j^g{cXdck^k^ZcYdhdX^dhXddeZgVi^k^hiVhXdcigVWV_VYdgZh
VhVaVg^VYdhZcjcVegdedgX^cVegdm^bVYVYZ-%$'%!aVgZ\jaVX^cYZadhbZXVc^hbdhYZeVgi^X^eVX^cngZ"
egZhZciVX^cYZZhidhai^bdhkZcYgVVVejciVaVgaVZhigjXijgVYZbdXg{i^XVYZaVhXddeZgVi^kVh#
262 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
'&
97FßJKBE
&# A^WgZVY]Zh^c##################################################################################################################'++
'# Dg\Vc^oVX^cYZbdXg{i^XV################################################################################################'+-
(# HdWZgVcVYZaigVWV_d#######################################################################################################',&
)# 8Vg{XiZg^chigjbZciVanhjWdgY^cVYdYZaXVe^iVa########################################################',(
*# EVgi^X^eVX^cZcaV\Zhi^c#############################################################################################',)
+# Hda^YVg^YVYgZig^Wji^kV######################################################################################################',+
,# >ciZgXddeZgVX^c###################################################################################################################',.
-# IgVch[dgbVX^chdX^Va######################################################################################################'-&
.# 8Vg{XiZgjc^kZghVa############################################################################################################'-)
&%#:YjXVX^c#############################################################################################################################'-+
264 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
Adheg^cX^e^dhW{h^XdhYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dcgZXd\ZcZaXVg{XiZgncVijgVaZoVXdd"
eZgVi^kV YZ aVh Zci^YVYZh fjZ aV Xdc[dgbVc# :hiZ CORPUS NORMATIVO \jV Za fjZ]VXZg YZ aVh XddeZgVi^kVh n
YZ[^cZadhgVh\dhXdchi^iji^kdhYZhjgVocYZhZgXddeZgVi^kV[gZciZVZci^YVYZhYZdigVcVijgVaZoV#:cZhZ
hZci^Yd!adheg^cX^e^dhhdcaVgZegZhZciVX^c^YZda\^XVfjZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dchZYV
Vhb^hbV#
AV[dgbjaVX^cYZZhidheg^cX^e^dhYViVYZdXijWgZYZ&.-,!XjVcYd[jZgdcVegdWVYdhedgZa>#8dc\gZhd
8ddeZgVi^kdYZBdcYgV\dc#HjgZYVXX^cnedhiZg^dgVegdWVX^cY^ZgdcXd]ZgZcX^Vnh^hiZbVi^X^YVYVaVh
^YZVh[jZgoVfjZVadaVg\dYZadhigZ^ciVVdhegZXZYZciZh[jZgdcYdiVcYdYZeZghdcVa^YVYegde^VVaVhXdd"
eZgVi^kVhBdcYgV\dcZhVh#
:cZaadhhZeZgX^WZaV^c[ajZcX^VY^gZXiVYZadhedhijaVYdhYZaV6a^VcoV8ddeZgVi^kV>ciZgcVX^dcVa68>YZ
&.++! n hj bVgXd deZgVi^kd hZ ^chXg^WZ Zc aV aZ\^haVX^c gZ\jaVYdgV YZa XddeZgVi^k^hbd Zc hjh Y^[ZgZciZh
bdYVa^YVYZh#EZgdhjXdcXgZX^ceg{Xi^XVkVb{hVaa{YZaV68>#Adheg^cX^e^dhYZHda^YVg^YVYgZig^Wji^kVd
YZIgVch[dgbVX^chdX^Va!edgZ_Zbead!Xdchi^ijnZcZaZbZcidhZheZX[^XdhYZaVZmeZg^ZcX^VXddeZgVi^kVYZ
BdcYgV\dc0hdcgVh\dhegde^dhYZjcVgZVa^YVYXddeZgVi^kVYZ[^c^YVZcZai^ZbednZcZaZheVX^d#
6jcfjZeVgZoXVdWk^d!Zh^bedgiVciZXdch^YZgVgadheg^cX^e^dhXddeZgVi^kdhZchjXdc_jcid!ncdYZ[dgbV
V^haVYV#6a\jcdheg^cX^e^dh!YZ]ZX]d!ejZYZchZgVYdeiVYdhedgZci^YVYZhYZdigVcVijgVaZoV!eZgdZaXdc"
_jcid!XdbdjcidYdZcigZaVoVYdZcigZh!hadXdggZhedcYZVZbegZhVhXddeZgVi^kVh#9ZV]!cdXdck^ZcZ
XdcXaj^gfjZidYdhadheg^cX^e^dhiZc\VcaVb^hbV^bedgiVcX^VdhjhiVcX^V#H^c^gb{haZ_dh!adheg^cX^e^dh
hZ\jcYd!iZgXZgdndXiVkd!adhfjZgZ[^ZgZcVaVDg\Vc^oVX^cYZbdXg{i^XV!aVHdWZgVcVYZaigVWV_dnaVigVch"
[dgbVX^chdX^Va!gZheZXi^kVbZciZ!Xdc[dgbVcaVZhe^cVYdghVaYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc
nVYZb{h\jVgYVcjcVZhigZX]VXd]ZgZcX^VXdcZacXaZdXZcigVaYZaeZchVb^ZcidYZ6g^obZcY^Vgg^ZiV#
9ZaVXdbeVgVX^cYZadheg^cX^e^dhiVbW^chZejZYZdWhZgkVgdigd[VXidgYZY^[ZgZcX^VX^c/Va\jcdhhdc
YZdgYZc\ZcZgVa!b^ZcigVhfjZdigdh!XdbdZadXiVkd!ÅfjZgZ[aZ_VjcXdbegdb^hd^cZfjkdXdXdcZabZY^d
hdX^VaniZgg^idg^VaZcZafjZcVXZÅZcigdcXVcY^gZXiVbZciZXdcaVhZheZX^[^X^YVYZhYZaVZmeZg^ZcX^VXdd"
eZgVi^kVYZBdcYgV\dc#
:aXVeijadhZdg\Vc^oVYZ[dgbVWVhiVciZhZcX^aaV/hZgZXd\ZaV[dgbjaVX^cciZ\gVYZXVYVjcdYZadhY^Zo
eg^cX^e^dhXddeZgVi^kdh0VXdci^cjVX^c!VaVajoYZaVVea^XVX^cYZadhb^hbdh!hZ\adhVXVYVjcdYZZaadhgZ"
hVaiVcYdVfjZaadhVheZXidhfjZgZhjaiVcb{hgZaZkVciZhYZhYZjcVb^gVYVXgi^XVVcXaVYVZcZaegZhZciZ#
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 265
1. Libre adhesión
BW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]edi[Z[YbWhWWX_[hjWWjeZeibei^ecXh[iock`[h[igk[WY[fj[d[ijei
Fh_dY_f_ei8|i_YeioWYh[Z_j[d_Zed[_ZWZfhe\[i_edWbfWhWbeifk[ijeiZ[jhWXW`egk[fkZ_[hWd[n_ij_h$De[n_ij_#
h|"fehjWdje"fWhWbWWZiYh_fY_dWbW[nf[h_[dY_W"Z_iYh_c_dWY_dWb]kdWfehcej_leih[b_]_eiei"febj_Yei"jd_#
YeieZ[i[ne$IebWc[dj[i[h|[n_]_Xb[[bh[if[jeWbeifeijkbWZeiZ[ikYedij_jkY_d_dj[hdW$BWb_Xh[WZ^[i_d
Yedij_jk_h|[bfh_dY_f_eeh_[djWZehZ[bWWYjkWY_doh[bWY_d_dj[hf[hiedWb[d[bZ[iWhhebbeYeef[hWj_le$
JcdYZadheg^cX^eVaZhgVh\dhYZaeg^cX^e^dYZa^WgZVY]Zh^cZhfjZhZZmegZhVZcigb^cdhedh^i^kdhn\Z"
cZgdhdh#AVh[^a^VX^dcZhedai^XVh!ic^XVh!gZa^\^dhVhdaVhYZ[^c^X^dcZhYZ\cZgdcdhjedcZcc^c\cab^iZ
VaV^cXdgedgVX^cYZcjZkdhhdX^dh#:ceVaVWgVhYZDgbVZimZV!Zh\VgVci^hiVedgfjZVhZ\jgVZagZheZidV
aVeajgVa^YVY#:hVeajgVa^YVYhZg{hjgVh\dYZ[^c^idg^dcdhadZcZabdbZcidYZaV^cXdgedgVX^cYZcjZkdh
hdX^dhh^cdiVbW^cZcZabVgXdYZ[jcX^dcVb^ZcidXdi^Y^VcdYZaVXdbjc^YVYXddeZgVi^kV#
6jcfjZ cd ]VnV h^Yd ZaZkVYd V aV XViZ\dgV YZ eg^cX^e^d XddeZgVi^kd! aV cZjigVa^YVY edai^Xd"eVgi^Y^hiV k^Z"
cZ V hdhiZcZg n V Vbea^Vg aV ^YZV YZ aV cd Y^hXg^b^cVX^c edg bdi^kdh edai^Xdh# :h YZX^g! cd had cd hZ
Y^hXg^b^cVg{ V cVY^Z edg hj [^a^VX^c ^YZda\^XV d edg bdi^kdh edai^Xdh! h^cd fjZ aVh XddeZgVi^kVh VYZb{h
hZ V[^gbVg{c Zc Za eg^cX^e^d YZ aV cZjigVa^YVY edai^Xd"eVgi^YhiV# :hiV ^YZV hZ XdbegZcYZ bZ_dg iZc^ZcYd
Zc XjZciV Za XdciZmid ]^hig^Xd Zc Za fjZ hjg\^ aV
ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc! edgfjZ Zh
Zc ZhZ XdciZmid YdcYZ XdWgV eaZcd hZci^Yd# 6 Xdc"
i^cjVX^ceVhVbdhVZmea^XVgad#
AVY^k^h^cedai^Xd"^YZda\^XV^beZgVciZZcadhVdh
X^cXjZciV!hZaaVYVedgjcVXgjZciV\jZggVX^k^angZ"
[dgoVYV edg aV Y^XiVYjgV [gVcfj^hiV! [jZ aV e^ZYgV YZ
idfjZ YZ aV kdXVX^c igVch[dgbVYdgV YZ 6g^obZc"
Y^Vgg^ZiV#9ZiVabdYdfjZcjZhigdVjidghZegdejhd
XZggVg aVh ]Zg^YVh n hjeZgVg edg idYdh adh bZY^dh
VfjZaZhXZcVg^dYZ[gV\bZciVX^cedai^XVnhdX^Va#N!
ZhZ[jZZaZhfjZbVfjZfj^hdigVhaVYVgVadheg^bZ"
gdhegdnZXidhZbegZhVg^VaZhXddeZgVi^kdhZbegZcY^"
YdhZc6ggVhViZ"BdcYgV\c# l[hYWfjkbe("f|]_dW//
6h!aVcZjigVa^YVYedai^Xd"eVgi^Y^hiVh^\c^[^XfjZaVh
Y^[ZgZcX^VhniZch^dcZhedai^XVhhZigVhaVYVgVc[jZgV
YZ aVh XddeZgVi^kVh# :a bk^a YZ ZhiZ eaVciZVb^Zcid
ZgVfjZadhedh^X^dcVb^Zcidhedai^Xd"^YZda\^Xdhcd
gZegZhZciVgVc ab^iZh Va YZhVggdaad YZ aV ZmeZg^Zc"
;bfh_dY_f_eZ[b_Xh[WZ^[i_di_jWWbWiYeef[hWj_lWi X^V XddeZgVi^kV# Digd [VXidg fjZ k^cd V gZ[dgoVg ZhiZ
feh[dY_cWZ[l_i_ed[ifWhj_Z_ijWi$
eaVciZVb^Zcid [jZ Za YZ aV VjidcdbV# <VgVci^oVg Za
266 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
YZhVggdaadYZaVZmeZg^ZcX^VXddeZgVi^kV!^\jVabZciZ!hjedcVbVciZcZgX^Zgid\gVYdYZVjidcdbVgZheZXidV
aVh^chi^ijX^dcZhYZa:hiVYd!nYZV]fjZXjVafj^ZgVa^cZVb^Zcidedai^Xdhjejh^ZgVjcab^iZVab^hbd#
:c Za XVhd YZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ Bdc" BWfh_c[hW\ehcWZ[`kij_Y_W[b[c[d#
YgV\dc!ZhiVYdXig^cVYZÆcZjigVa^YVYÇcdh^\c^[^XV jWb [i bW gk[ d[Y[i_jWcei fhWYj_YWh bei
fjZ aV Xdbjc^YVY XddeZgVi^kV cd ejZYV c^ YZWV kdeiYedbeiejheiejeh]|dZedeibWYedi_#
Vhjb^g aV YZ[ZchV YZa bdk^b^Zcid XddeZgVi^kd Z[hWY_dZ[i[h[ib_Xh[i Å7h_pc[dZ_Whh_[jW
[gZciZ V digdh V\ZciZh ZXdcb^Xdh d [gZciZ Va :h"
iVYd#IVbedXdh^\c^[^XVfjZhZbVciZc\VVabVg\ZcYZadhYZWViZheWa^Xdh0VaXdcigVg^d!Zabdk^b^Zcid
XddeZgVi^kd eVgi^X^eV VXi^kVbZciZ Zc XjZhi^dcZh fjZ aZ V[ZXiVc eVgi^XjaVgbZciZ d fjZ hZVc YZ ^ciZgh
\ZcZgVa# N [^cVabZciZ! iVbedXd h^\c^[^XV cZ\Vg fjZ! Xdbd [ZcbZcd hdX^Va YZ X^Zgid VaXVcXZ! cd Zhi ^c"
[ajZcX^VYVedgjcVXjaijgVedai^XVYZiZgb^cVYV#
:c ZhiZ ai^bd hZci^Yd! aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc ]V Y^hXjgg^Yd edg hZcYZgdh eVgV"
aZadh V hj bZY^d hdX^Va YZ gZ[ZgZcX^V/ aV hdX^ZYVY kVhXV# :c adh eg^bZgdh &* d '% Vdh Zhijkd eVgi^"
XjaVgbZciZ ^c[ajZcX^VYV edg aV ZeYjh_dW ieY_Wb Z[ bW _]b[i_W$ 8dc[dgbZ hZ [jZ YVcYd jc egdXZhd YZ
hZXjaVg^oVX^c YZa XddeZgVi^k^hbd n Zc \ZcZgVa YZ aV hdX^ZYVY! [jZgdc XdWgVcYd ^c[ajZcX^V [dgbjaV"
X^dcZh YZ XVg{XiZg b{h hda^YVg^d# B{h VYZaVciZ! jcV YZ hjh eg^cX^eVaZh [jZciZh YZ ZcZg\V [jZ hj
Xdbegdb^hd Xdc Za YZhVggdaad ^YZci^iVg^d YZ aV hdX^ZYVY kVhXV# N Zc adh ai^bdh Vdh! hZ ]V VW^Zgid
ZaeVhdVjc^bejahdb{hegV\b{i^XdYZYZhVggdaadZXdcb^Xd#
:c idYd XVhd! aV cZjigVa^YVY edai^Xd"^YZda\^XV Zh jcV XjZhi^c fjZ \ZcZgV ^ciZgh YZhYZ digVh ZmeZg^Zc"
X^Vh Zc aVh fjZ aV VY]Zh^c V jc egdnZXid edai^Xd"^YZda\^Xd Zh Za ejcid YZ eVgi^YV YZa ZbegZcY^oV_Z Xd"
deZgVi^kd#CdhZhiVbdhgZ[^g^ZcYdVaXVhdaVi^cdVbZg^XVcd#EZgdcdhdaVbZciZ#:cVa\jcdheVhZhXdcjcV
igVY^X^c XddeZgVi^kV ha^YV d Xdc jcV XjaijgV edai^XV a^WZgVa! Xdbd <gVc 7gZiVV! >iVa^V n 7a\^XV! cd Zh
^cjhjVafjZaVhXddeZgVi^kVhhZVY]^ZgVcVjceVgi^Ydedai^XddhZV[^gbZcZcjcVYZiZgb^cVYVgZa^\^c#:c
ZaXVhdWg^i{c^Xd!Zabdk^b^ZcidXddeZgVi^kd]VaaZ\VYdb{haZ_dhXdchi^ijnZcYdjceVgi^Ydedai^Xdegde^d#
Kdak^ZcYd V cjZhigd XVhd! aV eajgVa^YVY ^YZda\^XV fjZ Xdck^kZ Zc Za hZcd YZ aV ZmeZg^ZcX^V XddeZgVi^kV
YZ BdcYgV\dc! XdWgV ZheZX^Va kVadg Va Xdch^YZgVg aV XdbeaZ_^YVY edai^XV Zm^hiZciZ Zc Za {bW^id kVhXd/
^YZci^[^XVX^dcZh! hZci^b^Zcidh n egdnZXidh cVX^dcVaZh Y^hi^cidh# :a gZheZid V aV eajgVa^YVY ^YZda\^XV Zh
jcV [gbjaV fjZ [jcX^dcV! fjZ Za^b^cV [VXidgZh YZ Y^hXdgY^V n [VkdgZXZ aV hda^YVg^YVY YZ idYdh adh hd"
X^dh Zc jc ZhXZcVg^d edai^Xd Xdbd Za kVhXd! VigVkZhVYd edg jc Xdc[a^Xid cVX^dcVa# N hdWgZ idYd! iVcid
Zc hjh dg\ZcZh Xdbd V]dgV! aV \VgVciV YZ eajgVa^YVY ]V h^Yd edh^WaZbZciZ jc [VXidg YZ ZhiVW^a^YVY
YZaVZmeZg^ZcX^VXddeZgVi^kV#
Edg iVcid! Zc aV egVXi^XV! Zc aVh XddeZgVi^kVh YZ igVWV_d VhdX^VYd ÅgVh\d Xdbc YZ aVh XddeZgVi^kVh ^c"
Yjhig^VaZh!V\gVg^Vh!YZXgY^id!YZhZgk^X^dhdYZXdchjbdÅZac^Xdab^iZVaeg^cX^e^dYZa^WgZVY]Zh^c
k^ZcZ YVYd edg aV XVeVX^YVY YZ \ZcZgVX^c YZ ZbeaZd YZ aVh XddeZgVi^kVh! nV hZV Zc igb^cdh XjVci^"
iVi^kdh cbZgd YZ ZbeaZdh Xdbd XjVa^iVi^kdh i^ed YZ ZbeaZdh# H^ ]VXZbdh jc gZeVhd YZa YZhVggdaad
]^hig^Xd YZ aV ZmeZg^ZcX^V XddeZgVi^kV cdh ZcXdcigVbdh Xdc fjZ ]Vn jcV XdggZaVX^c Y^gZXiV ZcigZ aV
^cXdgedgVX^cYZcjZkdhhdX^dhnaVY^c{b^XVYZadhX^XadhZXdcb^Xd"ZbegZhVg^VaZh#
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 267
QEh_][d Z[ bei fh_dY_f_eiS I[ jhWjWXW Z[ W^ehcWh kdW _Z[ebe]W ieY_Wb
[cWdWZW Z[iZ[ kdW YedY[fY_d Yh_ij_WdW Z[ bW [cfh[iW o fWhW gk[ bWi
][d[hWY_ed[il[d_Z[hWidei[Z[il_WhWdZ[kdWiYh[[dY_WiieY_Wb[i1W[ijWi
Z[b_c_jWY_ed[iZ_cei[dbbWcWhFh_dY_f_ei8|i_Yei$ Å@eiCWhWEhcW[jn[W
>ch^hi^bdh Zc fjZ aV XVeVX^YVY YZ \ZcZgVg ZbeaZd ]V h^Yd Za ab^iZ gZVa V aV ^cXdgedgVX^c YZ cjZkdh
hdX^dh!edgfjZaVVXdiVX^ciZmijVa/ÆhZg{Zm^\a^WaZZagZheZidVadhedhijaVYdhYZhjXdchi^ijX^c^ciZgcVÇ
Zh jcV egdedh^X^c fjZ! Xdbd cdgbV \ZcZgVa! cd hZ ]V dWhZgkVYd! n edg ad b^hbd! Zh Y^[X^a kVadgVg Zc
fjbZY^YVhZ]VgZheZiVYddcd#
2. Organización democrática
BW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]edfheYbWcWbW_]kWbZWZX|i_YWZ[beiieY_eijhWXW`WZeh[i[dbe
gk[h[if[YjWWikiZ[h[Y^eiWi[h"fei[[hoYedeY[h"begk[_cfb_YWbWWY[fjWY_dZ[kdWeh]Wd_pWY_d
Z[ceYh|j_YWZ[bW[cfh[iW"YedYh[jWZW[d0
W BWieX[hWdWZ[bW7iWcXb[W=[d[hWb"Yecfk[ijWfehbWjejWb_ZWZZ[beiieY_ei"gk[i[[`[hY_jWi[]d
bWfh|Yj_YWZ[ÇkdWf[hiedW"kdlejeÈ$
X BW[b[YY_dZ[ceYh|j_YWZ[beih]WdeiZ[]eX_[hde"o[dYedYh[jeZ[b9edi[`eH[Yjeh"h[ifediWXb[Z[
ik][ij_dWdj[bW7iWcXb[W=[d[hWb$
Y BWYebWXehWY_dYedbeih]WdeiZ_h[Yj_leiZ[i_]dWZeifWhW][ij_edWhbWieY_[ZWZfehZ[b[]WY_dZ[
jeZW bW Yeckd_ZWZ" gk[ ]epWh|d Z[ bWi Wjh_XkY_ed[i ikÓY_[dj[i fWhW Z[iWhhebbWh [ÓYWpc[dj[ ik
\kdY_d[dX[d[ÓY_eYecd$
:hiZ Zh jcd YZ adh eg^cX^e^dh YZ eg^bZg dgYZc YZ idYV dg\Vc^oVX^c XddeZgVi^kV# :c igb^cdh \ZcZgVaZh!
aVeVgi^X^eVX^cYZadhhdX^dhZcaVhXddeZgVi^kVhi^ZcZjcVYdWaZkZgi^ZciZ/
O IeY_e[ijhkYjkhW0aVeVgi^X^eVX^c^chi^ijX^dcVa
O J[Yde[ijhkYjkhW0aVeVgi^X^eVX^cZcZaejZhidYZigVWV_d!ZaXjVacdhgZb^iZVafj^cideg^cX^e^d#
AV hdX^dZhigjXijgV ]VXZ gZ[ZgZcX^V Va \dW^Zgcd YZ aVh XddeZgVi^kVh# HZ g^\Z YZ VXjZgYd V eg^cX^e^dh YZ dg"
\Vc^oVX^cYZbdXg{i^XVnedgadb^hbd!ZhjcdYZadhZaZbZcidhb{hY^hi^ci^kdhgZheZXidYZaVhhdX^ZYVYZh
bZgXVci^aZh#Hjheg^cX^eVaZhgVh\dhhdc/
W AV eVgi^X^eVX^c hdX^Va YZ adh hdX^dh Zhi{ WVhVYV Zc aV ^\jVaYVY! Vh^\c{cYdhZ V XVYV hdX^d YZ jcV Xdd"
eZgVi^kV YZ igVWV_d VhdX^VYd jc kdid! h^c iZcZg Zc XjZciV aV VedgiVX^c YZ XVe^iVa! aV Vci^\ZYVY! Za ejZhid
d YZY^XVX^c V aV ZbegZhV# Edg iVcid! Za YZgZX]d V kdid jc^kZghVa ^\jVaV V idYdh adh hdX^dh"igVWV_VYdgZh!
YZhYZadhXVg\dhY^gZXi^kdh]VhiVaVheZghdcVhfjZYZhZbeZVcadhejZhidhbZcdhXjVa^[^XVYdh#
268 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
X 6 igVkh YZ cdgbVh YZ Vea^XVX^c h^hiZb{i^XV hZ \VgVci^oVc jcdh XVjXZh Vbea^dh YZ eVgi^X^eVX^c! Va
XdchV\gVgZcigZadhYZgZX]dhYZadhhdX^dh/
O :a YZgZX]d V ZaZ\^g n hZg ZaZ\^Yd eVgV eVgi^X^eVg Zc adh g\Vcdh YZ aV XddeZgVi^kV d eVgV gZegZhZciVg
VaVhXddeZgVi^kVhYZ[dgbV^cY^k^YjVadXdaZXi^kVZcaVhZci^YVYZhYZaVhfjZ[dgbZeVgiZ#
O :a YZgZX]d V eVgi^X^eVg Xdc kdo n kdid Zc aV VYdeX^c YZ VXjZgYdh Zc aV 6hVbWaZV <ZcZgVa n YZb{h
g\Vcdh^ciZgcdhYZadhfjZ[dgbZeVgiZ#
O :aYZgZX]dVhZg^c[dgbVYdhhdWgZXjVafj^ZgbViZg^VgZaVX^dcVYVXdcaVXddeZgVi^kV#
Y :aZ_ZgX^X^dYZg^kVYdYZagZXdcdX^b^ZcidYZZhidhYZgZX]dhhZ^YZci^[^XVXdcZaYZjcVZ[ceYhWY_Wh[fh[#
i[djWj_lW$ :c aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc Zm^hiZ jcV YZaZ\VX^c Vbea^V YZ edYZgZh# Adh eg^c"
X^e^dh YZ dg\Vc^oVX^c YZbdXg{i^XV hZ VYVeiVc Va iVbVd n V aVh Zm^\ZcX^Vh YZ aV \Zhi^c YZ aVh ZbegZhVh
XddeZgVi^kVh#6YZb{hYZaVkdajciVYYZeVgi^X^eVX^c!ZcaVhZci^YVYZhXddeZgVi^kVhhZYVjcVhjZgiZYZZh"
eZX^Va^oVX^c^chi^ijX^dcVaZc[jcX^cYZaXVe^iVahdX^VanXjaijgVaY^hedc^WaZ#AV^c[dgbVX^c!ZaXdcdX^b^Zcidn
adhhVWZgZhÅXaVkZheVgVidbVgYZX^h^dcZhÅhZY^hig^WjnZcYZ[dgbVYZh^\jVaZcigZadhhdX^dhnZaadZhiVWaZ"
XZaVhXdcY^X^dcZheVgVjcVbVndgdbZcdgY^hedh^X^c]VX^VadhVhjcidh^ciZgcdhYZaVhXddeZgVi^kVh#
BWZ[ceYhWY_W"kdWl[pWZefjWZWdeXb[c[dj["YedZkY[fehic_icW
WbWZ_iY_fb_dW"WbWh[ifediWX_b_ZWZ"WbWÓWdpWc_[djeZ[bWieb_ZWh_ZWZ"[d
Z[Ód_j_lW"WkdWkjdj_Yefhe]h[ieieY_Wb$ #7h_pc[dZ_Whh_[jW
AVeg{Xi^XVYZaVXdchjaiVY^gZXiVXdbdbidYd]VW^ijVaZcaVidbVYZYZX^h^dcZhhZgZXdcdXZXdbdY^["
X^abZciZk^VWaZ#AdhgZfjZg^b^ZcidhegdYjXi^kdhZhigZX]Vcadhi^ZbedhnZheVX^dhY^hedc^WaZheVgVVWdg"
YVgVYZXjVYVbZciZZaZ_ZgX^X^dYZaVZ[ceYhWY_WZ_h[YjW1bjn[gZXjZciZbZciZ!aVidbVYZYZX^h^dcZhZc
Za{bW^idZbegZhVg^VaZhi{hj_ZiVVg^ibdhni^ZbedhbjnWgZkZh#
:aeg^cX^e^dYZdg\Vc^oVX^cYZbdXg{i^XVhZVh^Zc"
iVhdWgZjcVVgfj^iZXijgVdg\Vc^oVi^kVfjZVigVkh
YZai^ZbedhZ]V^YdidgcVcYdXVYVkZob{hhd[^h"
i^XVYV# :a g\Vcd YZ \dW^Zgcd gZegZhZciVi^kd XaVkZ
Zh Za 8dchZ_d GZXidg! nV fjZ V igVkh YZ hiZ hZ
Za^\Z Va 9^gZXidg ÅiZXcdZhigjXijgVÅ! fj^Zc _jcid
XdchjZfj^edXdc[dgbVZa8dchZ_dYZ9^gZXX^c#
6 aV XVWZoV YZ idYV aV acZV Z_ZXji^kV hZ jW^XV Za
8dchZ_dYZ9^gZXX^c!fjZdWZYZXZVjcbVcYVid^c"
Y^gZXidnhZg^\ZedgVXjZgYdhbVndg^iVg^dh#6aXd" ;bZ[h[Y^ekd_l[hiWbZ[leje_]kWbWWjeZeibeiieY_ei#
ggZhedcYZaVdg\Vc^oVX^c!Y^gZXX^cZ^cheZXX^cYZ jhWXW`WZeh[i[dbeih]WdeiieX[hWdei"Z[iZ[bei
YWh]eiZ_h[Yj_lei^WijWbWcWdeZ[eXhWZ_h[YjW$
aVXddeZgVi^kVYZhYZZaejcidYZk^hiVZbegZhVg^Va#
:k^YZciZbZciZ! Zh Za Xdc_jcid YZ aV Xdbjc^YVY XddeZgVi^kV Za c^Xd hj_Zid XVeVo YZ ^beg^b^gaZ Y^cV"
b^hbd n k^iVa^YVY V ZhiV Vgfj^iZXijgV dg\Vc^oVi^kV! YZ iVa bVcZgV fjZ hiV gZhedcYV Z[ZXi^kVbZciZ V
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 269
adh eg^cX^e^dh XddeZgVi^kdh YZ YZbdXgVX^V ZXdcb^XV# 9^X]d YZ digV [dgbV! aV kZgYVYZgV XddeZgVi^kV Zh
VfjZaaVfjZZhi{[dgbVYVedgkZgYVYZgdhXddeZgVi^k^hiVh#
Z:caVhXddeZgVi^kVhYZXdchjb^YdgZhnjhjVg^dh!YZXgY^idnYZhZgk^X^dh!iVbW^chZ]V\ZcZgVa^oVYd
Zaeg^cX^e^dYZfjZfj^ZcZhigVWV_VcZcZaaVhi^ZcZcYZgZX]dV^ciZgkZc^gZcaVhYZX^h^dcZhYZaVhXddeZ"
gVi^kVh#:hiZZhjcgVh\degde^dYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc!nZhfjZYZcdhZgVh!hZ
]jW^ZgV^cigdYjX^YdjcZaZbZcidY^hidgh^dcVYdgZcaVdg\Vc^oVX^cYZbdXg{i^XVVaaZ\^i^bVgaVZm^hiZcX^V
YZ igVWV_VYdgZh edg XjZciV V_ZcV h^c YZgZX]dh YZ eVgi^X^eVX^c Zc aV \Zhi^c n Zc adh gZhjaiVYdh YZ aV
ZbegZhV# Edg iVcid! Xdc aV ZmiZch^c YZ Zhidh WZcZ[^X^dh VkVaVYdh edg Za <gjed 8ddeZgVi^kd YZ BdcYgV"
\dc Zc aV AZn <ZcZgVa YZ 8ddeZgVi^kVh YZ :jh`VY^ Xdbd hdX^dh YZ igVWV_d! hZ XgZVgdc ) i^edh YZ XddeZ"
gVi^kVh!XdcYdhXaVhZhYZhdX^dh/
8DDE:G6I>K6H9:8DCHJBD
O hdX^dhYZigVWV_d
O Xdchjb^YdgZhjhjVg^dh
8DDE:G6I>K6H9:8Gw9>ID
O hdX^dhYZigVWV_d
O hdX^dhYZXgY^idVhjkZo!XdbejZhiVhedgXddeZgVi^kVh
8DDE:G6I>K6H9::CH:x6CO6
O hdX^dhYZigVWV_d
O hdX^dheVgVZahZgk^X^dYZZchZVcoVVhjkZo!XdbejZhiVhedg!Vajbcdh!eVYgZh!XdaVWdgVYdgZh
8DDE:G6I>K6H9:>CK:HI><68>âCN9:H6GGDAAD
O hdX^dhYZigVWV_d
O hdX^dheVgVZahZgk^X^dYZ^ckZhi^\VX^cnYZhVggdaadVhjkZo!XdbejZhiVhedg!XdaVWdgVYdgZh
6hejZh!ZcaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dcXVWZ]VWaVgYZaVjc^kZghVa^YVYYZaV[^\jgVYZ
hdX^d"igVWV_dg! nV fjZ hiV Zh ZmiZch^WaZ V idYVh n XVYV jcV YZ aVh XddeZgVi^kVh fjZ aV Xdc[dgbVc#
:c aVh XddeZgVi^kVh YZ igVWV_d VhdX^VYd ZhiV [^\jgV k^ZcZ YVYV edg egde^V cVijgVaZoV n Zc aVh YZb{h
edg ^cXdgedgVX^c# AVh XddeZgVi^kVh YZ Xdchjbd! YZ XgY^id! YZ ZchZVcoV Z ^ckZhi^\VX^c fjZ ^ciZ"
\gVc Ydh i^edh YZ hdX^dh Åadh YZ igVWV_d n adh fjZ cd ad hdcÅ iVbW^c hdc XdcdX^YVh Xdbd XddeZ"
gVi^kVhÆ^ciZ\gVaZhÇ#
:c:gdh`^aV6hVbWaZV<ZcZgVaZhi{Xdchi^ij^YVngZegZhZciVYVZc[dgbVeVg^iVg^VedghdX^dhXdchjb^Yd"
gZhnhdX^dhigVWV_VYdgZh#:c8V_VAVWdgVaegZYdb^cVcadhhdX^dhWZcZ[^X^Vg^dhYZeghiVbdhÅXddeZgV"
i^kVhXgZVYdgVhYZaVZci^YVYÅhdWgZadhhdX^dhYZigVWV_d!XdbdbZXVc^hbdYZXdcigdaYZaVXddeZgVi^kV
hdWgZadh^ciZgZhZhegde^dh\ZcZgVYdhedgadhhdX^dhYZigVWV_d#
EdghjeVgiZ!ZcadhXZcigdhYZZchZVcoVnjc^kZgh^YVYaVgZegZhZciVX^cZhi{gZeVgi^YVVeVgiZh^\jVaZh
ZcigZadhhdX^dhYZigVWV_d!adhhdX^dhXdaVWdgVYdgZhnadhZhijY^VciZh# l[hYWfjkbe+"f|]_dW',.
270 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
3. Soberanía del trabajo
BW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]edYedi_Z[hWgk[[bjhWXW`e[i[bfh_dY_fWb\WYjehjhWdi\ehcWZehZ[bW
dWjkhWb[pW"Z[bWieY_[ZWZoZ[bfhef_ei[h^kcWdeo"fehYedi_]k_[dj[0
W H[dkdY_WWbWYedjhWjWY_di_ij[c|j_YWZ[jhWXW`WZeh[iWiWbWh_WZei$
X 7Z`kZ_YWWbjhWXW`efb[dWieX[hWdW[dbWeh]Wd_pWY_dZ[bW[cfh[iWYeef[hWj_lW$
Y 9edi_Z[hWWbjhWXW`eWYh[[Zeh[i[dY_Wb[dbWZ_ijh_XkY_dZ[bWh_gk[pWfheZkY_ZW$
Z CWd_Ó[ijWiklebkdjWZZ[Wcfb_WhbWiefY_ed[iZ[jhWXW`eWjeZeibeic_[cXheiZ[bWieY_[ZWZ$
:a ejcid YZ eVgi^YV hdWgZ aV hdWZgVcV YZa igVWV_d Zc aVh XddeZgVi^kVh Zh aV Y^\c^YVY YZa igVWV_d# AVh
XddeZgVi^kVh gZegZhZciVc jc bdYZad ZbegZhVg^Va YdcYZ Za [VXidg igVWV_d eg^bV hdWgZ Za XVe^iVa# :hiZ
bdYZad \VgVci^oV adh kVadgZh ^beaX^idh YZa egdnZXid igVch[dgbVYdg Vg^obZcY^Vcd Xdbd aV hda^YVg^YVY! aV
[gViZgc^YVY! aV XddeZgVX^c! aV eVgi^X^eVX^c! ZiX#! b{h Zc acZV Xdc adh YZgZX]dh n aV Y^\c^YVY ]jbVcV#
6a V[^gbVghZ Zc aV eg^bVXV YZ aV eZghdcV! aV ZbegZhV XddeZgVi^kV ^bejahV aV ^\jVaYVY YZ YZgZX]dh YZ
idYdhadhhdX^dh"igVWV_VYdgZh#
AV ZmegZh^c b{h XaVgV YZ Zaad! YZcigd YZ aV Xdbjc^YVY YZ igVWV_d! Zh Za Xg^iZg^d YZbdXg{i^Xd fjZ gZoV
aV b{m^bV YZ ÆjcV eZghdcV! jc kdidÇ# HZ\c ZhiZ eg^cX^e^d! Za egde^d igVWV_VYdg eVgi^X^eV Zc aV \Zhi^c
nY^gZXX^cYZaVZbegZhV!^bea^X{cYdhZZchjhYZX^h^dcZh!nYVcYdaj\VgVh!VaV[^\jgVYZaigVWV_VYdg"
ZbegZhVg^d# AVh VXi^k^YVYZh egde^Vh YZa igVWV_VYdg hZ XdbeaZbZciVc Xdc cjZkVh gZhedchVW^a^YVYZh fjZ
aZ Zm^\Zc X^ZgiV XVeVX^YVY YZ Vjid\Zhi^c n VjidcdbV/ jcV [dgbV YZ dg\Vc^oVX^c YZa igVWV_d fjZ hZ
hjhiZciVZcaVXdaVWdgVX^cnXddeZgVX^cYZidYdhhjhb^ZbWgdh0ZhidZh!ZaigVWV_dVhdX^VYd#
;b^ecXh[jhWdi\ehcWo^WY[\[YkdZWbWdWjkhWb[pWc[Z_Wdj[ikjhWXW`e"
o[bjhWXW`e[i[bc[`ehfWjh_ced_egk[j_[d[kdWYeckd_ZWZ$ #7h_pc[dZ_Whh_[jW
6 ZhZ gZheZXid! ]Vn fjZ gZXdcdXZg jcV XaVgV bjiVX^c gZheZXid V aVh hdX^ZYVYZh bZgXVci^aZh d YZ XV"
e^iVa# :c aVh ZbegZhVh XddeZgVi^kVh Va XVe^iVa! VjcfjZ hZ aZ gZig^WjnZ! cd hZ aZ Vig^WjnZc YZgZX]dh dg"
\Vc^oVi^kdh! ad fjZ Zh XgjX^Va YZhYZ Za ejcid YZ k^hiV YZ aV YdXig^cV XddeZgVi^kV# :c aVh XddeZgVi^kVh hZ
Vafj^aVZa[VXidgXVe^iVanZcaVhhdX^ZYVYZhYZXVe^iVaZa[VXidgigVWV_d#
:hiZeg^cX^e^dgZXidgi^ZcZXjVigdYZg^kVX^dcZh#:aeg^bZgd!ZaYZaVgZcjcX^Vh^hiZb{i^XVVaVXdcigViVX^c
YZigVWV_VYdgZhVhVaVg^VYdh!]VY^hXjgg^YdedgY^hi^ciVhZiVeVh/
:c adh eg^bZgdh ') Vdh hZ gZ\ja Xdc VWhdajid g^\dg# N egjZWV YZ Zaad Zh fjZ kVg^Vh XddeZgVi^kVh cd hZ
ejY^Zgdc VhdX^Vg V aV 8V_V AVWdgVa EdejaVg! egZX^hVbZciZ edgfjZ XdcigViVWVc V igVWV_VYdgZh edg XjZciV
V_ZcV#:caVhZ\jcYVb^iVYYZadhVdh,%neg^bZgVb^iVYYZadhVdh-%!aVXg^h^hZXdcb^XVfjZV[ZX"
i Va hZXidg ^cYjhig^Va ]VhiV VaXVcoVg iVhVh YZ YZhZbeaZd YZa '( Zc Za EVh KVhXd! igV_d Xdch^\d jcV
gZ^ciZgegZiVX^cYZZhiZeg^cX^e^d#AdhhdX^dhigVWV_VYdgZhYZaVhXddeZgVi^kVhiZb^ZgdcedgaVhgZeZgXj"
h^dcZh fjZ Zc jc XdciZmid gZXZh^kd edYV iZcZg aV [VaiV YZ [aZm^W^a^YVY YZ aVh XddeZgVi^kVh gZheZXid V hj
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 271
iVbVd# :c ZhiZ Xgi^Xd XdciZmid aVh XddeZgV"
i^kVh hZ Y^Zgdc XjZciV YZ aV ^bedgiVcX^V fjZ
edYViZcZgaVedh^W^a^YVYYZV_jhiVgaVeaVci^"
aaVVadhkV^kZcZhYZaVegdYjXX^c!Xdbd^ch"
igjbZcid eVgV Zk^iVg bVaZh bVndgZh0 n! eVgV
XjgVghZ Zc hVajY! egdXZY^Zgdc V Vbea^Vg aV
XdcigViVX^cYZigVWV_VYdgZhedgXjZciVV_ZcV
Xdc XdcigVidh YZ YjgVX^c a^b^iVYV# :hiV [jZ
jcV bZY^YV egV\b{i^XV fjZ eZgb^i^ jc bZ"
_dg V_jhiZ YZa cbZgd YZ igVWV_VYdgZh V aVh
cZXZh^YVYZhYZaVegdYjXX^c#6eVgi^gYZV]!
ZhiViZcYZcX^VhZ[jZ\ZcZgVa^oVcYd#
:cZaXdciZmid^ciZgcVX^dcVa!edghjeVgiZ!ZaeVigcYZ^ciZgcVX^dcVa^oVX^cYZaVZmeZg^ZcX^VXddeZgVi^kV
YZ BdcYgV\dc ]V h^Yd Za YZ aVh hdX^ZYVYZh YZ XVe^iVa! ad fjZ h^\c^[^XV fjZ adh igVWV_VYdgZh YZ aVh Zb"
egZhVh [^a^VaZh YZa \gjed XddeZgVi^kd Zc Za ZmigVc_Zgd hdc VhVaVg^VYdh# :h X^Zgid fjZ hZ Zhi{c ZhijY^VcYd
[gbjaVhfjZegdbjZkVcaVeVgi^X^eVX^cYZadhigVWV_VYdgZhZcadhgZhjaiVYdh!ZcZaXVe^iVanZcaV\Zh"
i^c YZ aV ZbegZhV! edgfjZ YZ cd ]VaaVghZ hdajX^dcZh eVgV gZXi^[^XVg aV iZcYZcX^V VXijVa! aV XdbW^cVX^c
YZ hdX^dh igVWV_VYdgZh n VhVaVg^VYdh XdggZ Za g^Zh\d YZ ^cigdYjX^g jcV hZg^Z YZ Y^hidgh^dcZh fjZ V[ZXiZc
ZhZcX^VabZciZVaVegde^VcVijgVaZoVXddeZgVi^kV#
:a hZ\jcYd ejcid fjZ Vig^WjnZ Va [VXidg igVWV_d eaZcV hdWZgVcV Zc aV dg\Vc^oVX^c YZ aV XddeZgVi^kV! cd
cZXZh^iV YZ bVndg Zmea^XVX^c0 hZ igVYjXZ Zc aV Xdchi^ijX^c YZ aV VhVbWaZV edg aV hjbV YZ idYdh adh
hdX^dh"igVWV_VYdgZh#N!ZcaVhXddeZgVi^kVhfjZXdbW^cVchdX^dhYZigVWV_dXdcdigdi^edYZhdX^dh^chi^"
ijX^dcVaZh!adhgZegZhZciVciZhYZhidh#
:aiZgXZgejcidVY_jY^XVVaigVWV_dZaXg^iZg^dZhZcX^VaZcaVY^hig^WjX^cYZaVg^fjZoVegdYjX^YV#:ag\^"
bZcYZXVe^iVadWa^\Vidg^dYZaVhXddeZgVi^kVhYZBdcYgV\dci^ZcZaVhh^\j^ZciZhXVgVXiZghi^XVh/
O aVVedgiVX^cYZXVe^iVaYZadhhdX^dh"igVWV_VYdgZhYZWZhZgVXXZh^WaZeVgVjcigVWV_VYdg#
O aVgZbjcZgVX^cYZaXVe^iVaZha^b^iVYV#
O adh hdX^dh"igVWV_VYdgZh eVgi^X^eVc Zc adh gZhjaiVYdh YZ aV XddeZgVi^kV Zc egdedgX^c V aV VXi^k^YVY
XddeZgVi^k^oVYV!ZhidZh!VaigVWV_dVedgiVYd#
:a XVe^iVa XjbeaZ jc eVeZa hZXjcYVg^d! hjWdgY^cVYd Va igVWV_d# AV gZig^WjX^c YZa XVe^iVa Zhi{ YZ[^c^YV
YZ VciZbVcd n cd Zh Y^gZXiVbZciZ YZeZcY^ZciZ YZ adh gZhjaiVYdh# AV ^YZV fjZ hjWnVXZ Zh fjZ Zc aVh
272 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
XddeZgVi^kVh Za XVe^iVa Zh jc ^chigjbZcid fjZ hZ edcZ Va hZgk^X^d YZ hjh b^ZbWgdh# N! adh gZhjaiVYdh
ÅWZcZ[^X^dh d egY^YVhÅ hZ Y^hig^WjnZc Zc [jcX^c YZa [VXidg igVWV_d n cd YZ aV VedgiVX^c YZ XVe^iVa!
ad fjZ VejciV V jcV Y^[ZgZcX^VX^c bjn XaVgV hdWgZ aVh hdX^ZYVYZh bZgXVci^aZh YdcYZ Za Y^k^YZcYd Zhi{
Y^gZXiVbZciZk^cXjaVYdXdcaVVedgiVX^cYZXVe^iVanXjVcidbVndghZVaVeVgi^X^eVX^cZcZaXVe^iVabV"
ndgZhadhY^k^YZcYdh#EdgZaXdcigVg^d!ZcaVhXddeZgVi^kVhaVY^hig^WjX^cYZaVgZciV\ZcZgVYVhZgZVa^oV
Zc[jcX^cYZaigVWV_dVedgiVYd!bZY^YdedgZa^bedgiZidiVaeZgX^W^YdZcXVa^YVYYZVci^X^edhaVWdgVaZhn
YZadhgZidgcdhYjgVciZZaZ_ZgX^X^dVcjVa#
:a XjVgid ejcid ZmegZhV jcV kdXVX^c egde^V# :hiZ Zh jc eg^cX^e^d fjZ dg^ZciV aV Y^hig^WjX^c YZ
ZmXZYZciZh Zc aV Y^gZXX^c YZ [dgiVaZXZg n Vbea^Vg aV gZVa^YVY XddeZgVi^kV Zc kZo YZ gZeVgi^gadh ^c"
Y^k^YjVabZciZZcigZadhhdX^dh#HZ\caVcdgbVW{h^XVYZigViVb^ZcidYZaXVe^iVahdX^Va!hZYZhi^cV
Vegdm^bVYVbZciZ Za &% YZ adh [nY[Z[dj[i d[jei Va ;dcYd YZ :YjXVX^c n EgdbdX^c 8ddeZgVi^kV
;:E8 n Za '% Xdbd bc^bd! Va ;dcYd YZ GZhZgkV DWa^\Vidg^d ;GD! ZciZcY^ZcYd fjZ edg ZhiV
kV iVbW^c hZ hdX^Va^oVc adh gZhjaiVYdh! hZ ediZcX^V aV ZbegZhV Zc hj WV\V_Z iZXcda\^Xd n hZ
VXjbjaVc bZY^dh [^cVcX^Zgdh# 6 igVkh YZ Zhidh [dcYdh aVh XddeZgVi^kVh gZVa^oVc jcV [jcX^c hd"
X^Va# l[hYWfjkbe'("f|]_dW)('
W 7kdWh[ckd[hWY_d0
# @kijW"[dh[bWY_dWbei[i\k[hpeigk[_cfb_YWikW^ehhe$
# 7Z[YkWZW"fWhWfhef_Y_WhbWWZiYh_fY_dZ[beih[Ykhieid[Y[iWh_ei
# B_c_jWZW[dikYkWdjW"c[Z_Wdj[bWYehh[ifedZ_[dj[h[]kbWY_d$
# DeZ_h[YjWc[dj[l_dYkbWZWWbeih[ikbjWZeieXj[d_Zei$
X 7kdWZ_ifed_X_b_ZWZikXehZ_dWZWWbWYedj_dk_ZWZoZ[iWhhebbeZ[bWYeef[hWj_lW"gk[de_cf_ZWkdWh[Wb
Wfb_YWY_dZ[bfh_dY_f_eZ[b_Xh[WZ^[i_d$
:hiZeg^cX^e^dk^ZcZVXdbeaZiVgZaVciZg^dg#NVhZ]VXdbZciVYdfjZZaXVe^iVaYVjcVgZciVW^a^YVY[^_VeZgd
cd YV c^ kdo c^ kdid# :a XVe^iVa YZ adh hdX^dh Zh egdYjXid YZa igVWV_d fjZ hZ V]dggV! fjZ cd hZ YZY^XV Va
XdchjbdnedgiVcid!ZhVXgZZYdgVgZig^WjX^c_jhiV!VYZXjVYVna^b^iVYV#:cidYdXVhd!aVa^b^iVX^cYZaV
gZbjcZgVX^cZhi{ZhiVWaZX^YVnaVeg^dg^YVYYZaigVWV_dXdbdV\ZciZ\ZcZgVYdgYZg^fjZoVXdchda^YVYV#AV
gZbjcZgVX^cYZaXVe^iVacdi^ZcZjcVk^cXjaVX^cVjidb{i^XVXdcadhgZhjaiVYdhYZaVZbegZhV!hZVcedh^"
i^kdhdcZ\Vi^kdh#
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 273
AdhgZXjghdhegde^dhYZaVhXddeZgVi^kVhZhi{cXdbejZhidhedg/
O AVVedgiVX^c^c^X^VaYZXVe^iVa
O AVhVedgiVX^dcZhYZXVe^iVaVY^X^dcVaZhgZVa^oVYVhYZ[dgbVdWa^\Vidg^V#
O AdhgZidgcdhedh^i^kdhXVe^iVa^oVYdh!nYZab^hbdbdYd!Xdch^\cdcZ\Vi^kd!adhZmidgcdh^bejiVYdh
O AVXdcigVeVgi^YVYZaVVXijVa^oVX^cYZVXi^kdhgZXdcdX^YVViijad^cY^k^YjVaVadhhdX^dh#
O Adh^ciZgZhZhXVe^iVa^oVYdh
O Adh\edZeiZ[h[i[hlWeXb_]Wjeh_einkdajciVg^dhXVe^iVa^oVYdh
8jVcYd aV XddeZgVi^kV hZ ]VaaZ Zc fj^ZWgV d Za ÆYWi^#\bemÇ dWiZc^Yd hZV cZ\Vi^kd c^ h^fj^ZgV
hZeZgX^WZcadh^ciZgZhZh[^_dhgZbjcZgVYdgZhYZaXVe^iVa#
KdYeef[hWj_l_icei_dWfj_jkZ
[ijhkYjkhWbfWhWWjhW[hoWi_c_bWhbei
YWf_jWb[iWbd_l[bZ[bWi[n_][dY_WiZ[bW
fheZkYj_l_ZWZ_dZkijh_Wb[ikdWiebkY_d
jhWdi_jeh_W"kdW\hckbWYWZkYW$ #
7h_pc[dZ_Whh_[jW
5. Participación en la gestión
BW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]ed[ij_cWgk[[bYWh|Yj[hZ[ceYh|j_YeZ[bW9eef[hWj_lWdei[W]ejW
[dikl[hj_[dj[ieY_[jWh_W"i_degk[_cfb_YWkdZ[iWhhebbefhe]h[i_leZ[bWWkje][ij_doYedi[Yk[dj[c[dj[
Z[bWfWhj_Y_fWY_dZ[beiieY_ei[d[b|cX_jeZ[bW][ij_d[cfh[iWh_Wb"begk["Wikl[p"h[gk_[h[0
W ;bZ[iWhhebbeZ[beic[YWd_iceioYWkY[iZ[fWhj_Y_fWY_dWZ[YkWZei$
X BWjhWdifWh[dY_W_d\ehcWj_lW[dh[bWY_dWbW[lebkY_dZ[bWilWh_WXb[iX|i_YWiZ[][ij_dZ[bW9eef[hWj_lW$
Y BWfh|Yj_YWZ[cjeZeiZ[YedikbjWod[]eY_WY_dYedbeiieY_eijhWXW`WZeh[ioikih[fh[i[djWdj[iieY_W#
b[i[dbWiZ[Y_i_ed[i[Yedc_YWi"eh]Wd_pWj_lWiobWXehWb[igk[b[iYedY_[hdWdeW\[Yj[d$
Z BWWfb_YWY_di_ij[c|j_YWZ[fbWd[iZ[\ehcWY_dieY_Wbofhe\[i_edWbZ[beiieY_ei$
[ ;b[ijWXb[Y_c_[djeZ[bWfheceY_d_dj[hdWYecelWX|i_YWfWhWbWYeX[hjkhWZ[beifk[ijeiYedcW#
oehh[ifediWX_b_ZWZfhe\[i_edWb$
274 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:hiZ fj^cid eg^cX^e^d k^ZcZ V VhdX^VghZ Xdc Za hZ\jcYd eg^cX^e^d XddeZgVi^kd# :mi^ZcYZ Za eg^cX^e^d YZ dg"
\Vc^oVX^c YZbdXg{i^XV YZ aVh Zci^YVYZh XddeZgVi^kVh Va {bW^id YZ aV iZXcdZhigjXijgV V igVkh YZa Z_Zg"
X^X^dYZaVeVgi^X^eVX^cZcaV\Zhi^cYZaVZbegZhV#6h!ZceZgheZXi^kVXddeZgVi^kVVbWdheg^cX^e^dhhZ
VednVcbjijVbZciZ#
AV YdWaZ Y^bZch^c YZ aV eVgi^X^eVX^c hZ [jcYZ Zc aV ^YZV YZ aV ÆeVgi^X^eVX^c ^ciZ\gVaÇ fjZ igViV YZ
XddgY^cVg aV eVgi^X^eVX^c ^chi^ijX^dcVa n aV eVgi^X^eVX^c Zc Za ejZhid YZ igVWV_d Zc aV b^hbV Y^gZXX^c
YZhVggdaaVcYdVhZahZci^YdhdX^VaXdaZXi^kdYZaVXdbjc^YVYXddeZgVi^kV# l[hYWfjkbe-$
AVVea^XVX^cYZZhiZeg^cX^e^d]ViZc^YdjcYZhVggdaadYZh^\jVa!W{h^XVbZciZedgfjZadhbdYdhYZ]VXZg
nZciZcYZgaVZbegZhVhZ]VcbdY^[^XVYdhjhiVcX^VabZciZZcadhb{hYZX^cXjZciVVdhYZgZXdgg^YdYZ
aVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc#
:c hj h^c\aVYjgV YZ Vjid\dW^Zgcd aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc YZhVggdaa jcV dg\Vc^oVX^c
WVhVYVZcaVeVgi^X^eVX^cYZadhigVWV_VYdgZhZcadhg\VcdhYZ\dW^Zgcdn!ZcXjVcidVaVeVgi^X^eVX^c
Zc Za ejZhid YZ igVWV_d! ^cigdYj_d [gbjaVh Va jhd! YZcigd YZa ZhigZX]d bVg\Zc fjZ aV dg\Vc^oVX^c YZa
igVWV_deZgb^iV#NVfjZ!h^\j^ZcYdZaeVigcYZegdYjXX^c\ZcZgVa^oVYdZcaV^cYjhig^V!ZcaVhXddeZgV"
i^kVhhZ^bejh^ZgdcaVhXVYZcVhYZegdYjXX^c!aVZheZX^Va^oVX^c[jcX^dcVa!aVVjidbVi^oVX^cnZhiVcYV"
g^oVX^c YZ adh egdXZhdh egdYjXi^kdh# :a hdX^d"igVWV_VYdg YZWV hZg hj_Zid YZX^hdg^d! Vjicdbd! gZhedc"
hVWaZ n Y^a^\ZciZ V aV ]dgV YZ \dWZgcVg! \Zhi^dcVg
n YZ[^c^g Za gjbWd YZ aV ZbegZhV! Zh YZX^g! jc
hj_Zid ^ciZa^\ZciZ0 eZgd! Va b^hbd i^Zbed! YZWV
Xjbea^g aVh gZ\aVh Zm^\^YVh edg aV XdbeZiZcX^V Zc
hj Y^Vg^d fjZ]VXZg aVWdgVa# :hiV Y^c{b^XV! [dgod"
hVbZciZ!ZcigVVWVX^ZgidYZhZfj^a^Wg^dniVbW^c
ZgVcZXZhVg^d^bejahVgaVeVgi^X^eVX^cYZadhigV"
WV_VYdgZhZcZaejZhidYZigVWV_d#
8jVcYdZhiZbdYZadYZdg\Vc^oVX^cX^Zci[^XVYZa
igVWV_d Zcig Zc Xg^h^h! Zc aV YXVYV YZ adh ,% YZa
eVhVYdh^\ad!hZ[jZ^cigdYjX^ZcYdZcaVhXddeZgV"
i^kVhjcVcjZkVXjaijgVZbegZhVg^Vab{h[aZm^WaZn BWfWhj_Y_fWY_d[dbW][ij_dYecfb[c[djWbW
fWhj_Y_fWY_d_dij_jkY_edWb"[dkdWYedY[fY_dYed`kdjW$
eVgi^X^eVi^kV#9ZhYZaVdg\Vc^oVX^cZc[jcX^cYZa
egdYjXid! adh \gjedh YZ igVWV_d Vjid\Zhi^dcVYdh d
Za bdYZad YZ XVa^YVY idiVa! aV eVgi^X^eVX^c Zc aV \Zhi^c ]V XdcdX^Yd YZhVggdaadh Y^kZghdh# 6 bdYd YZ
gZ[ZgZciZ n dg^ZciVX^c Xdbc eVgV aVh XddeZgVi^kVh YZa \gjed! Zc &..+ BdcYgV\dc ^cigdYj_d hj eg^bZg
bdYZadYZ\Zhi^cVYdeiVcYdVa\jcVhgZ[ZgZcX^Vhegde^Vh!eZgddigVhbjX]VhYZabZY^dZbegZhVg^VaX^g"
XjcYVciZ# :c '%%, hZ ]V VegdWVYd jc cjZkd bdYZad YZ \Zhi^c XjnV bVndg cdkZYVY Zh fjZ \gVk^iV Zc
idgcdVadheg^cX^e^dhXddeZgVi^kdh#
AV dg^ZciVX^c VXijVa! edg iVcid! Zh XaVgV/ aV ZbegZhV XddeZgVi^kV d[gZXZ jcVh ^cbZ_dgVWaZh XdcY^X^dcZh
eVgVaVZmeVch^cYZjcVXjaijgVeVgi^X^eVi^kV/hjigVY^X^cYZbdXg{i^XV!hZgk^X^dVaVXdbjc^YVYndg^ZciV"
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 275
X^c]VX^VaVeZghdcVXdchi^ijnZcjciZggZcd[gi^aeVgVhZbWgVgcjZkdhbdYdhYZdg\Vc^oVX^cn[^adhd[Vh
YZeVgi^X^eVX^c#AVeVgi^X^eVX^cZcaV\Zhi^c\jVgYVjcVZhigZX]VXd]ZgZcX^VXdcZabdYZadXddeZgVi^kd!
YVYd fjZ ejZYZ Xdcig^Wj^g V fjZ hZ YZc cjZkdh eVhdh ]VX^V aV eVgi^X^eVX^c ^ciZ\gVa ZbegZhVg^Va# AV Xdd"
eZgVi^kV!ejZh!edYgVhZgZaiZggZcdb{hcVijgVaeVgVYZhVggdaaVgcjZkdhbdYZadhYZeVgi^X^eVX^c#
GZheZXid V aV igVcheVgZcX^V ^c[dgbVi^kV n! Zc gZaVX^c V aVh kVg^VWaZh W{h^XVh YZ \Zhi^c YZ aV ZbegZhV
XddeZgVi^kV!ZcidYVhaVhXddeZgVi^kVhYZaV:8BhZZaVWdgVceaVcZhYZ\Zhi^cVcjVaZh!VaVk^hiVYZid"
YdhadhhdX^dh!^cXajhdXjVcYdZhidheaVcZhejZYZcZcigVgZcXdcigVY^XX^cXdcZahZXgZidZbegZhVg^Va#
AV eg{Xi^XV YZ bidYdh YZ ^c[dgbVX^c! XdchjaiV n cZ\dX^VX^c Xdc adh hdX^dh"igVWV_VYdgZh Zc aVh YZ"
X^h^dcZh ZXdcb^XVh! dg\Vc^oVi^kVh n aVWdgVaZh fjZ aZh V[ZXiVc XVZ YZcigd YZ aV gW^iV YZ adh 8dchZ_dh
HdX^VaZhYZaVhXddeZgVi^kVh#
BWYeef[hWY_dYedleYWWbei^ecXh[iWkdWeXhWYeb[Yj_lW"f[heZ[`W
WYWZWkdeikh[ifediWX_b_ZWZ$;i[bZ[iWhhebbeZ[b_dZ_l_Zke"deYedjhWbei
Z[c|i"i_deYedbeiZ[c|i$ #7h_pc[dZ_Whh_[jW
AVVea^XVX^ch^hiZb{i^XVYZeaVcZhYZ[dgbVX^chdX^Vanegd[Zh^dcVaYZadhhdX^dh!edghjeVgiZ!]Vh^Yd
^chj[^X^ZciZbZciZ VWdgYVYV# 6a Y^XiVYd YZ adh ^beZgVi^kdh ZbegZhVg^VaZh! Zc aV ZmeZg^ZcX^V XddeZgVi^kV
YZ BdcYgV\dc ]V eg^bVYd aV [dgbVX^c iXc^Xd"egd[Zh^dcVa hdWgZ aV [dgbVX^c hdX^Va n XddeZgVi^kV# Cd
dWhiVciZ! aVh XddeZgVi^kVh ]Vc idbVYd XdcX^ZcX^V YZ aV ^bedgiVcX^V YZ aV [dgbVX^c XddeZgVi^kV eVgV aV
gZegdYjXX^c n Xdci^cj^YVY YZa Zheg^ij XddeZgVi^kd n egjZWV YZ Zaad hdc adh eaVcZh YZ [dgbVX^c YZ adh
g\VcdhXddeZgVi^kdhVYdeiVYdhZc'%%,#
;^cVabZciZ! aV egdbdX^c ^ciZgcV Xdbd kV W{h^XV! VjcfjZ cd c^XV! eVgV XjWg^g ejZhidh YZ Y^gZXX^c
gZhXViV aV ^YZV YZ fjZ Zh egZ[Zg^WaZ gZXjgg^g V hdX^dh ^bea^XVYdh Zc aV XjaijgV XddeZgVi^kV# H^c ZbWVg\d!
aVegdbdX^cZcaVZhXVaVZ_ZXji^kVZhi{ZcXdbZcYVYVVaV<ZgZcX^V!fj^ZcYZWZg{Vea^XVgY^kZghdhXg^iZ"
g^dh! VYZb{h YZa YZ egdbdX^c ^ciZgcV! eVgV hZaZXX^dcVg Za eZghdcVa VYZXjVYd h^c bZgbV YZ aV XVeVX^"
YVYXdbeZi^i^kV# l[hYWfjkbe/"f|]_dW(+/
6. Solidaridad retributiva
BW [nf[h_[dY_W Yeef[hWj_lW Z[ CedZhW]ed fheYbWcW bW h[jh_XkY_d ikÓY_[dj[ o ieb_ZWh_W Yece kd fh_d#
Y_f_eX|i_YeZ[ik][ij_d"[nfh[iWZW[dbeijhc_deiZ[0
W IkÓY_[dj["WYehZ[YedbWifei_X_b_ZWZ[ih[Wb[iZ[bW9eef[hWj_lW$
X Ieb_ZWh_W"cWj[h_Wb_pWZW0
# ;d[b|cX_je_dj[hde0[dbW[n_ij[dY_WZ[kdcWhYeieb_ZWh_eZ[h[jh_XkY_ed[iWbjhWXW`e$
# ;d[b|cX_je[nj[hde0[d[bYh_j[h_eZ[gk[bWh[ckd[hWY_dc[Z_W_dj[hdWi[W^ecebe]WXb[
276 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Yed bW Z[ bei jhWXW`WZeh[i WiWbWh_WZei Z[ ik [djehde i[Yjeh_Wb" o [d ik YWie" j[hh_jeh_Wb" iWble
cWd_Ó[ijW_dikÓY_[dY_WZ[bWfebj_YWiWbWh_Wb[d[bc_ice$
# 7 d_l[b Z[ CedZhW]ed" [d bW [n_ij[dY_W Z[ kd cWhYe bWXehWb ieb_ZWh_e jWdje [d YkWdje W bW
h[jh_XkY_dZ[bjhWXW`eYece[dYkWdjeWb^ehWh_eZ[jhWXW`eWdkWbfWhWjeZWibWiYeef[hWj_lWi
f[hj[d[Y_[dj[iWbc_ice$
:caVhXddeZgVi^kVhaVgZig^WjX^cYZaigVWV_dhZXdbedcZYZYdhZaZbZcidhW{h^Xdh/
O GZidgcdXddeZgVi^kd/XdggZhedcYZVaVeVgi^X^eVX^cYZahdX^dZcadhgZhjaiVYdhnZhegdedgX^dcVaVacY^XZ#
CdZhcZXZhVg^dVWjcYVgZcaV^YZVYZfjZZah^hiZbVYZgZig^WjX^cYZXjVafj^ZgZbegZhVhjZaZXdchi^"
ij^g!hZ\chZVaVZhXVaV!jcdYZadheg^cX^e^dhYZY^[ZgZcX^VX^cj]dbd\ZcZ^oVX^cYZhjhb^ZbWgdh#
:c aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc ZhiV XjZhi^c hZ ]V gZhjZaid Zc igb^cdh YZ hj[^X^ZcX^V n hd"
a^YVg^YVY# 8dbd gVh\d \ZcZgVa! aV ^YZV YZ jcV gZig^WjX^c Æhj[^X^ZciZÇ cd ]V \ZcZgVYd \gVcYZh XdcigdkZg"
h^Vh#:h^cYjYVWaZfjZ!Zchj[dgbjaVX^cÆhj[^X^ZciZÇfjZgVYZX^ghj[^X^ZciZeVgVhVi^h[VXZgjch^hiZbVYZ
cZXZh^YVYZh dW_Zi^kVYd# :c jcV hdX^ZYVY YZ Xdchjbd Xdbd aV cjZhigV! h^c ZbWVg\d! YZiZgb^cVg aVh cZ"
XZh^YVYZh n aV Y^hig^WjX^c YZ hj hVi^h[VXX^c Zh edXd bZcdh fjZ jcV fj^bZgV# 8VYV YV XgZVbdh cjZkVh
cZXZh^YVYZh! edgfjZ aV hdX^ZYVY YZ Xdchjbd Zh jcV hdX^ZYVY YZ ^chVi^h[ZX]dh h^ZbegZ egZhidh V WjhXVg
hVi^h[VXZgcjZkVhcZXZh^YVYZh!^cYZeZcY^ZciZbZciZYZac^kZaYZ^c\gZhdh#
IVakZo!edghjhY^[^XjaiVYZhYZVea^XVX^c!Zaigb^cdÆhj[^X^ZciZÇ]VYZg^kVYdZcjcV^ciZgegZiVX^cb{h
deZgVi^kV n [aZm^WaZ! YZh^\cVcYd Va\d Vh Xdbd ÆVYZXjVYVÇ hZ\c aVh gZ[ZgZcX^Vh YZa bZgXVYd# :a >> 8dc"
\gZhdYZa<8BYZ&.-.[^_XdbdgZ[ZgZcX^VadhhVaVg^dhbZY^dhYZaVodcV!YZiVabVcZgVfjZadhVci^X^"
edhYZXdchjbdYZaVhXddeZgVi^kVh[jZgVcZfj^kVaZciZhVahVaVg^dbZY^dYZadhigVWV_VYdgZhYZaZcidgcd
ZcXdcY^X^dcZhYZYZhZbeZdZbegZhVg^Va[VkdgVWaZ#
AV c^XV VXdiVX^c fjZ hZ aZ ]VXZ V ZhiZ eg^cX^e^d hjg\Z YZ aVh edh^W^a^YVYZh gZVaZh YZ aVh XddeZgVi^kVh!
d hZV! YZ hjh gZhjaiVYdh ZXdcb^Xdh# JcV XddeZgVi^kV Xdc gZhjaiVYdh ZmigVdgY^cVg^VbZciZ edh^i^kdh Yj"
gVciZjcddkVg^dhVdhejZYZZaZkVgaVVh^\cVX^cYZadhVci^X^edhYZXdchjbdXdbdeVgiZYZadhZmXZ"
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 277
YZciZhegdYjX^Ydh#>ckZghVbZciZ!aVhXddeZgVi^kVhfjZhZkZc[dgoVYVhVgZYjX^gXdhiZheVgVdWiZcZggZ"
hjaiVYdh edh^i^kdh! i^ZcYZc V gZYjX^g hjh Vci^X^edh YZcigd YZ jcdh eVg{bZigdh [^_VYdh edg Za G\^bZc YZ
Hda^YVg^YVY>ciZgXddeZgVi^kV#EdgiVcid!VYZb{hYZaVgZ[ZgZcX^VYZabZgXVYdfjZhZgZk^hVig^ZcVabZciZ!
eVgV ^cXgZbZciVg Zc aV b^hbV egdedgX^c adh Vci^X^edh YZ idYdh adh hdX^dh! hZ VVYZc VcjVabZciZ! adh
YZha^oVb^Zcidh^bejiVWaZhVaeajhYZVci^\ZYVYn!ZcVa\jcdhXVhdh!VaVegdbdX^cegd[Zh^dcVaZc[jc"
X^cYZaVhVei^ijYZhYZahdX^d"igVWV_VYdgnYZhjXVeVX^YVYegd[Zh^dcVa#
>\jVabZciZ!XdbdcdgbV\ZcZgVa!ZcaVhXddeZgVi^kVhYZa\gjedhZVea^XVjcVb^hbVgZig^WjX^cedgjcb^hbd
ejZhidYZigVWV_db{hVaa{YZYZfjZhZVYZhZbeZVYdedgjchdX^d"igVWV_VYdgdjcigVWV_VYdgVhVaVg^VYd#
:ahZ\jcYdVheZXidYZaVgZig^WjX^c!ZhidZh!hjXVg{XiZghda^YVg^d\ZcZgVbVndgY^hXjh^c#9ZZcigVYV!
Zh jc eg^cX^e^d fjZ hZ ]V ^Yd [aZm^W^a^oVcYd V ad aVg\d YZa i^Zbed# HZch^WaZ V aVh ZhXVaVh hVaVg^VaZh Y^[Z"
gZcX^VYVh!ZaZheg^ijYZigVch[dgbVX^chdX^VaYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dcZhiVWaZX^jc
eg^cX^e^d YZ XVg{XiZg ^\jVaVYdg Zc aV Y^hig^WjX^c YZ aV g^fjZoV \ZcZgVYV Zc aV XddeZgVi^kV/ jcV gZaVX^c
YZ & V ( Xdbd cY^XZh ZmigZbdh eVgV edcYZgVg adh ^c\gZhdh b{h Vaidh n b{h WV_dh Zc [jcX^c YZ aV gZ"
bjcZgVX^cYZaigVWV_d#:hiZeg^cX^e^d\VgVci^ojcVY^hig^WjX^cgZaVi^kVbZciZ]dbd\cZVYZaVg^fjZoV
\ZcZgVYVnkZaedgaVXd]Zh^c^ciZgcVYZaXdaZXi^kd#
;b[b[c[djeYedijWdj[Z[bW\ehckbWY_dYeef[hWj_lW"jWdjej[h_YWYece
fh|Yj_YW"[ibWieb_ZWh_ZWZ$ #7h_pc[dZ_Whh_[jW
9Zhejh YZ b{h YZ '% Vdh! adh eg^bZgdh XVbW^dh Zc ZhiV ZhXVaV hZ Y^Zgdc Va Xdbe{h YZ aV Vbea^V"
X^c YZ gZhedchVW^a^YVYZh ZcigZ adh Vaidh XVg\dh# :a XdciZmid \ZcZgVa ZgV YZ ^cXgZbZcid YZ aV gZciV n
YZ aV XVeVX^YVY YZ Xdchjbd Zc idYdh adh c^kZaZh# :c ZhiV XdnjcijgV YZ bZ_dgV \ZcZgVa^oVYV n YZ dei^"
b^hbdhZegdejhdVYdeiVgjccY^XZXdbeaZbZciVg^dXdcdX^YdXdbdÆeg^bVYZXdbeZchVX^caVWdgVaÇ
Xdc Za dW_Zid YZ bZ_dgVg aV gZig^WjX^c YZ adh Y^gZXi^kdh# :hiV YZbVcYV hZ _jhi^[^X Zc gVoc YZ hj YZ"
Y^XVX^c!gZhedchVW^a^YVYnZcigZ\V#
:hiVeg^bV[jZXgZX^ZcYdnZc&.,+hZZhiVWaZX^XdbdcY^XZb{m^bdYZXdbeZchVX^cZa*%YZacdb^cVa
(#EdgZhVh[ZX]Vh!ZacY^XZbZY^d]VWVhjW^YdYZ&!)%V&!+*nadh^c\gZhdhYZidYdhadhhdX^dhZhiVWVcedg
ZcX^bVYZacY^XZXdb^ZcodhYZ&.--!ZcZa>8dc\gZhdYZaV<8BhZVegdWaVZhXVaVYZ&V+#JcVkZo
XdbejiVYdhadhXdbegdb^hdhXdcZa[^hXd!aVY^[ZgZcX^VgZVaZcigZadhcY^XZhb{m^bdhnbc^bdhhZh^ijVWV
Zcjc)#'.#CjZkVbZciZhZVeZaVaVgZhedchVW^a^YVYYZadhY^gZXi^kdh!Zck^gijYYZfjZYZhj\Zhi^cYZeZc"
YV!ZcWjZcVbZY^YV!fjZaVhXddeZgVi^kVhad\gVgVcZmXZYZciZhcZ\Vi^kdhdedh^i^kdh#HZYZ[ZcY^jcVjbZc"
idYZVci^X^edhXdbdgZXdcdX^b^ZcidVY^X]VgZhedchVW^a^YVYniVbW^cXdbdVciYdid[gZciZVjcVgZhig^XX^c
YZZhibjadheVgVadhVaidhY^gZXi^kdh!eZhZVeZg_jY^XVgaVgZaVX^cYZhda^YVg^YVYgZig^Wji^kV#
6a\jcdh Vdh b{h iVgYZ! Zc Va\jcVh XddeZgVi^kVh aV gZig^WjX^c YZ adh Vaidh XVg\dh hZ a^WZg YZ aV Zh"
XVaVYZcY^XZheVgVeVhVgVXVaXjaVghZc^XVbZciZZc[jcX^cYZaVhgZbjcZgVX^dcZhYZabZgXVYd0Zc
jc eg^bZg bdbZcid! Zc idgcd Va (% bZcdh fjZ aVh gZbjcZgVX^dcZh YZa bZgXVYd n VXijVabZciZ h^c
ab^iZ egZZhiVWaZX^Yd# :hiV gZ[ZgZcX^V VeZcVh V[ZXiV V jcdh edXdh! eZgd gZeZgXjiZ Zc Za egZhi^\^d YZ
Z_ZbeaVg^YVYcZXZhVg^dZcjcaYZg#
278 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
:c XdcXajh^c! aVh ZhXVaVh gZig^Wji^kVh hZ [jcYVbZciVc Zc Xg^iZg^dh YZ Zfj^YVY ^ciZgcV n YZ XdbeZi^i^"
k^YVYZmiZgcV!eZcYjaVcYdb{h]VX^VjcaVYdjdigdhZ\caVhXddeZgVi^kVh#
6hjkZo!aV_dgcVYVaVWdgVaZhi{WVhiVciZ]dbd\ZcZ^oVYV0YZVXjZgYdXdcaVcdgbVi^kVYZBdcYgV\dc0
aVh Y^[ZgZcX^Vh Zc ]dgVh YZ igVWV_d VcjVaZh cd ejZYZc Y^[Zg^g Zc b{h YZ jc (! hVakd Zc h^ijVX^dcZh
ZmXZeX^dcVaZh# :a XVaZcYVg^d YZ igVWV_d VcjVa hZ ]V gZYjX^Yd YZ '#,+% ]dgVh Zc &.*+ V &#,'' ]dgVh Zc
'%%,!ZhYZX^g!Zai^ZbedYZaV_dgcVYVaVWdgVahZ]VgZYjX^YdVa+'#(.!ZceVgVaZadVaVgZYjXX^cfjZ
hZ]VYVYdiVbW^cZcZaXdc_jcidYZaVZXdcdbV# l[hYWfjkbe+"f|]_dW',/
7. Intercooperación
BW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]edYedi_Z[hWgk["YeceWfb_YWY_dYedYh[jWZ[ieb_ZWh_ZWZoh[gk_#
i_jeZ[[ÓYWY_W[cfh[iWh_Wb"[bfh_dY_f_eZ[?dj[hYeef[hWY_dZ[X[cWd_\[ijWhi[0
W ;djh[Yeef[hWj_lWi_dZ_l_ZkWbc[dj[Yedi_Z[hWZWi"WjhWliZ[bWYedij_jkY_dZ[7]hkfWY_ed[ij[dZ[d#
j[iWbWYh[WY_dZ[kdh]_c[dieY_e#bWXehWb^ece]d[e"_dYbk_ZWbWh[Yedl[hi_dYecdZ[h[ikbjWZei"
bWh[]kbWY_dZ[jhWdi\[h[dY_WiZ[ieY_eijhWXW`WZeh[iobWXigk[ZWZ[bWii_d[h]_Wifej[dY_Wb[iZ[h_lW#
ZWiZ[bWZ_c[di_dYed`kdjW$
X ;djh[7]hkfWY_ed[i"c[Z_Wdj[bWYedij_jkY_do][ij_dZ[ceYh|j_YW"[dX[d[ÓY_eYecd"Z[[dj_ZWZ[i
oh]WdeiZ[ikfhW[ijhkYjkhW$
Y ;djh[bW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]edoZ[c|ieh]Wd_pWY_ed[iYeef[hWj_lWilWiYWi"Yed[bÓd
Z[fej[dY_Wh[bCel_c_[dje9eef[hWj_leLWiYe$
Z 9edejheicel_c_[djeiYeef[hWj_leiZ[b;ijWZe";khef[eioZ[bh[ijeZ[bckdZe"h[Wb_pWdZeWYk[h#
Zeio[ijWXb[Y_[dZeh]WdeiYed`kdjeiZ_h_]_ZeiWfhef_Y_Wh[bZ[iWhhebbeYecd$
JcV YZ aVh ZheZX^[^X^YVYZh YZ aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc Zh egZX^hVbZciZ hj h^hiZbV YZ
^ciZgXddeZgVX^c# 6gi^XjaVYV Zc adh eg^bZgdh Vdh Zc idgcd V kcXjadh XdbVgXVaZh ÅV\gjeVb^Zcidh fjZ
h^\jZc Za Xg^iZg^d YZ XZgXVcV d Xd^cX^YZcX^V \Zd\g{[^XVÅ! n b{h iVgYZ hZXidg^VaZh Åk^cXjaVX^c edg cZ\d"
X^dÅ! aV ^ciZgXddeZgVX^c YZhXVchV Zc jc [jcYVbZcid YdWaZ/ edg jc aVYd! hZ VednV Zc aVh kZciV_Vh ZXd"
cb^Xd"ZbegZhVg^VaZh YZ aV VhdX^VX^c YZ XddeZgVi^kVh0 edg digd aVYd! eZgb^iZ ZhiVWaZXZg aVh WVhZh eVgV
ediZcX^VgadhkVadgZhXddeZgVi^kdh!nZcXdcXgZidZaXdbegdb^hdYZaVhXddeZgVi^kVhXdcaVhdX^ZYVY#
GZXdgYZbdh fjZ eVgV 6g^obZcY^Vgg^ZiV aVh XddeZgVi^kVh ZgVc cXaZdh YZ igVWV_d Va hZgk^X^d YZ aV
Xdbjc^YVY# Hj [jcX^c egdYjXi^kV ZgV jc bZY^d eVgV \ZcZgVg ZmXZYZciZh fjZ cd had hZ gZ^ckZgi^"
gVc Zc Za egdnZXid ZbegZhVg^Va! h^cd iVbW^c Zc WZcZ[^X^d YZ aV hdX^ZYVY/ ^bejahVcYd VXi^k^YVYZh
XjaijgVaZh n ZYjXVi^kVh! XgZVcYd ZhigjXijgVh YZ Vh^hiZcX^V hVc^iVg^V n YZ egZk^h^c hdX^Va! n egdiZ"
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 279
\^ZcYd n egdbdk^ZcYd cjZkdh ejZhidh YZ igVWV_d0 Zh YZX^g! egdbdk^ZcYd jc YZhVggdaad ^ciZ\gVa YZ
aVXdbjc^YVY#
AV^ciZgXddeZgVX^c^ciZgcVÅVfjZaaVfjZhZYZhVggdaaVVa^ciZg^dgYZaVZmeZg^ZcX^VXddeZgVi^kVYZBdc"
YgV\dcÅi^ZcZedg[jcX^dcZh/ZaYZhVggdaadYZegd\gVbVhXdbeaZbZciVg^dh!aVVbea^VX^cYZVedndhegd"
YjXi^kdh!aV\ZcZgVX^cYZZbeaZdeVgV^ciZgXVbW^VgadZch^ijVX^dcZhYZXg^h^h!naVXdchda^YVX^c\gjeVa
ZcaVbZY^YVZcfjZYZiZgb^cVYVh\Zhi^dcZhYZgZegZhZciVX^c!egdbdX^cnYZhVggdaadVaVg\deaVodhZ
gZVa^oVcXdc_jciVbZciZ#
:caVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dchZ]VcejZhidZceg{Xi^XVYdhbdYZadhYZ^ciZgXddeZgVX^c!
ZaXdbVgXVanZahZXidg^Va#:aeg^bZgd!hZVgi^XjaVWVZcidgcdVaYZhVggdaadhdX^d"ZXdcb^XdYZaVXdbVg"
XV!nXdbegZcYV/
O JcVedai^XVYZeZghdcVaXdbc
O :aZhiVWaZX^b^ZcidYZkcXjadhhda^YVg^dh!YZXVg{XiZgZXdcb^Xd![^cVcX^Zgdn]jbVcd
O AVeaVc^[^XVX^cYZaYZhVggdaadVgbc^XdYZaVXdbVgXV
O AVbVcXdbjcVX^cYZhZgk^X^dhXZcigVaZheVgVgZYjX^gXdhiZhYZZhigjXijgV
;iWhh_[i]WZe^WY[hZ[YWZWYeef[hWj_lWkdckdZeY[hhWZe$J[d[ceigk[
f[diWh[dbWieb_ZWh_ZWZ_dj[hYeef[hWj_lWYeced_Yeh[YkhiefWhW"c[Z_Wdj[
bWc_icW"iWb_hWbfWieZ[ejheifheXb[cWiZ[Yh[Y_c_[djeocWZkh[p0^Wogk[
f[diWh[dkd[ifWY_el_jWbWZ[YkWZeWbWiY_hYkdijWdY_Wi$ #7h_pc[dZ_Whh_[jW
:a hZ\jcYd ÅVXijVabZciZ Zc k^\dgÅ bdYZad YZ ^ciZgXddeZgVX^c hZXidg^Va! hZ dg\Vc^oV ViZcY^ZcYd V aV
]dbd\ZcZ^YVY iZXcda\^XV! YZ bZgXVYdh! ZiX# Hj WVhZ ^YZda\^XV Xdc_j\V ^c\gZY^ZciZh YZ ji^a^iVg^hbd
ZbegZhVg^VanYZhda^YVg^YVYXddeZgVi^kV# l[hYWfjkbe-"f|]_dW(&,
Edg hj eVgiZ! Zc aV eg{Xi^XV! aV ^ciZgXddeZgVX^c ZmiZgcV ÅVgi^XjaVX^c YZ BdcYgV\dc Xdc digVh dg\V"
c^oVX^dcZh XddeZgVi^kVhÅ ]V gZhjaiVYd! Zc X^ZgiV bZY^YV! a^b^iVYV# 9ZhYZ jc ejcid YZ k^hiV Vbea^d! aV
ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc hZ ]V VednVYd b{h hdWgZ eg{Xi^XVh VjidXZcigVYVh fjZ hdWgZ jcV
k^h^chdX^Va\ZcZgVa#:cX^ZgiVbZY^YV!aVhXddeZgVi^kVh]VcYZhViZcY^YdaViVgZVYZYZhVggdaaVgjcegd"
nZXidhdX^VaeVgVZaEVhKVhXdZcXaVkZXddeZgVi^kV#
:cjchZci^Ydb{hVXdiVYdnb{hk^cXjaVYdVjcVeg{Xi^XVYZXdgideaVod!aVZmeZg^ZcX^VXddeZgVi^kVYZBdc"
YgV\dc ÅhZ\c eVaVWgVh YZ DgbVZimZVÅ iVbW^c ]V k^hid jcV hZg^Z YZ Y^[^XjaiVYZh fjZ aZ ]Vc aaZkVYd V
VYdeiVgjcVedhijgVYZ[Zch^kV[gZciZVaVedh^W^a^YVYYZ^bejahVgjcegdXZhdXgZX^ZciZYZ^ciZgXddeZgVX^c/
O GZhZgkVh ]VX^V XddeZgVi^kVh XjnV [dgbV YZ deZgVg cd hZ V_jhiVWV V eg^cX^e^dh YZ igVcheVgZcX^V
^c[dgbVi^kV!dcZ\VWVcaVXdcY^X^cYZhdX^dhVidYdhadhigVWV_VYdgZhbVciZc^ZcYdgVc\dhgZig^Wji^kdh
YZ^ciZgkVadhjeZg^dgVa[^_VYdedgZa<gjed!dVggVhigVWVcjcV\Zhi^cZXdcb^XV^ggZ\jaVg#
O HZci^b^Zcid YZ bVndg egdiZXX^c V^ha{cYdhZ n YZhVggdaaVcYd jcV k^YV VjicdbV# H^ijVX^c
egdYjX^YVZcXddeZgVi^kVhXdcjcVigVnZXidg^Vej_VciZ#
280 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
O B^ZYd V aV ^cXdbeVi^W^a^YVY# 6 bZY^YV fjZ VkVcoVWV Za egdXZhd YZ ^ciZgXddeZgVX^c hZXidg^Va Å
Xdc aV XgZVX^c YZ jc \gjed ^cYjhig^VaÅ ZgV XdckZc^ZciZ fjZ Va\jcVh XddeZgVi^kVh hZ ^chXg^W^ZgVc
Zc adh hZXidgZh YZ d[ZgiV nV hZaZXX^dcVYdh edg Za \gjed# AVh ^cXdbeVi^W^a^YVYZh fjZ ejY^ZgVc
hjg\^gYZhVc^bVgdcVVa\jcVhXddeZgVi^kVh#
:cidYdXVhd!aVXgZVX^cYZa8dchZ_dHjeZg^dgYZ8ddeZgVi^kVhZc&.-(Y^daj\VgVahjg\^b^ZcidYZcjZ"
kdh cZmdh ^chi^ijX^dcVaZh# N! YZ [dgbV egd\gZh^kV! hZ [jZgdc XgZVcYd cjZkdh g\Vcdh gZegZhZciVi^kdh YZ
aVhXddeZgVi^kVhV\gjeVYVhZcaV8dc[ZYZgVX^cYZ8ddeZgVi^kVhYZ:jh`VY^/
2007: ;ZYZgVX^cYZ8ddeZgVi^kVhYZIgVWV_d6hdX^VYd!
1996: 8dc[ZYZgVX^cYZ8ddeZgVi^kVhYZ:jh`VY^88:
:chZVcoVn8gY^idYZ:jh`VY^#:g`^YZ
>cYjYVWaZbZciZ! ZhiV bVaaV ^chi^ijX^dcVa YV bVndg XdWZgijgV V aV gZegZhZciVX^c ^chi^ijX^dcVa YZa hZXidg
XddeZgVi^kd! Vh Xdbd! V VXi^k^YVYZh YZ [dbZcid n egdbdX^c XddeZgVi^kV# :cigZ aVh bjX]Vh ^c^X^Vi^kVh
XdbjcZh!YZhiVXV%LKARLAN COOPeVgVaVegdbdX^cYZcjZkdhegdnZXidhXddeZgVi^kdh#
8. Transformación social
BW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]edcWd_Ó[ijWiklebkdjWZZ[jhWdi\ehcWY_dieY_Wbieb_ZWh_WYed
bWZ[ejheifk[Xbei"WjhWliZ[ikWYjkWY_d[d[bcWhYeZ[;kiaWb>[hh_W[dkdfheY[ieZ[[nfWdi_d
gk[YebWXeh[Wikh[YedijhkYY_d[Yedc_YWoieY_WboWbW[Z_ÓYWY_dZ[kdWieY_[ZWZlWiYWc|ib_Xh["
`kijWoieb_ZWh_W"c[Z_Wdj[0
W BW h[_dl[hi_d Z[ kdW fhefehY_d cWoeh_jWh_W Z[ bei ;nY[Z[dj[i D[jei eXj[d_Zei" Z[ij_dWdZe kdW
fhefehY_d i_]d_ÓYWj_lW W bei <edZei Z[ YWh|Yj[h Yeckd_jWh_ei" gk[ f[hc_jW bW Yh[WY_d Z[ dk[lei
fk[ijeiZ[jhWXW`e[dh]_c[dYeef[hWj_le$
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 281
X ;bWfeoeW_d_Y_Wj_lWiZ[Z[iWhhebbeYeckd_jWh_e"c[Z_Wdj[bWWfb_YWY_dZ[b<edZeZ[EXhWiIeY_Wb[i$
Y KdW febj_YW Z[ I[]kh_ZWZ IeY_Wb Ye^[h[dj[ Yed [b i_ij[cW Yeef[hWj_le" XWiWZe [d bW ieb_ZWh_ZWZ o
h[ifediWX_b_ZWZ$
Z BW Yeef[hWY_d Yed ejhWi _dij_jkY_ed[i lWiYWi Z[ YWh|Yj[h [Yedc_Ye o ieY_Wb" o [if[Y_Wbc[dj[ bWi
fhecel_ZWifehbWYbWi[jhWXW`WZehWlWiYW$
[ BWYebWXehWY_d[dbWh[l_jWb_pWY_dZ[b[kiaWhWYeceb[d]kWdWY_edWbo"[d][d[hWb"Z[bei[b[c[djei
YWhWYj[hij_YeiZ[bWYkbjkhWlWiYW$
8dbd hZ ]V hZVaVYd Zc aV ^cigdYjXX^c! aV ^YZV YZ aV igVch[dgbVX^c hdX^Va Xdchi^ijnZ jc eg^cX^e^d YZ \gVc
gZaZkVcX^V fjZ cdh XdadXV Zc jc ]dg^odciZ YZ aVg\d Va^Zcid# =ZgZcX^V Y^gZXiV YZa eZchVb^Zcid YZ 6g^obZc"
Y^Vgg^ZiV! aV ZbegZhV i^ZcZ jc ^ciZgh hdX^Va d eWa^Xd Zc k^gijY YZa hZgk^X^d fjZ d[gZXZ V aV Xdbjc^YVY! Xdc"
k^gi^cYdhZ YZ ZhiV bVcZgV Zc jc bZY^d eVgV aV egdbdX^c n igVch[dgbVX^c hdX^Va# :hiZ eg^cX^e^d gZXd\Z
Za ^YZVa XddeZgVi^kd YZ igVch[dgbVX^c YZ aV Xdbjc^YVY YZ igVWV_d ZbegZhV! kdaXVYd hdWgZ hj bZY^d hdX^Va
b{h egm^bd Xdbjc^YVY Zc hj ig^eaZ Y^bZch^c! hdX^Va! XjaijgVa Z ^YZci^iViVg^V n Xdc jcV egdnZXX^c hdX^Va
Vbea^V# :c YZ[^c^i^kV! ^YZci^[^XVg V aVh XddeZgVi^kVh Xdbd eVaVcXVh YZ XVbW^d Zh Zc\VgoVg n gZhXViVg ad cj"
XaZVg YZa Zheg^ij XddeZgVi^kd ZjgdeZd YZX^bdcc^Xd# K^cXjaVYd! ejZh! V jcV igVY^X^c egd\gZh^hiV! Zh edh^WaZ
fjZZhiZhZVjcdYZadheg^cX^e^dhXjnVVea^XVX^cVeVgZXZb{hhj_ZidVaVgZ^ciZgegZiVX^c]^hig^XV#
Hj gZYVXX^c gZ[aZ_V jcV kdajciVY bVc^[^ZhiV YZ Xdbegdb^hd Z ^bejahd eVgV aV XdchigjXX^c ZXdc"
b^XV! hdX^Va n XjaijgVa YZa EVh KVhXd# :c ZhiZ eg^cX^e^d! aV ZmeZg^ZcX^V XddeZgVi^kV YZ BdcYgV\dc
VYdeiVZabVgXdkVhXdXdbd{bW^idYZhjkdXVX^cigVch[dgbVYdgV#
?jcid V Zaad! aV egde^V ZkdajX^c YZ aVh XddeZgVi^kVh! ZheZX^VabZciZ hj ZmeVch^c iZgg^idg^Va b{h Vaa{ YZ
aVh [gdciZgVh YZa EVh KVhXd! ZbeaVoV V jcV gZ[aZm^c hdWgZ Za bVgXd YZ VXijVX^c YZ ZhV kdajciVY YZ
igVch[dgbVX^cfjZhZ gZXd\ZZcZhiZ eg^cX^e^d#6ZhiZgZheZXid!hZejZYZceaVciZVgVa\jcVhegZ\jciVh/
´Fj [dgbVh XdcXgZiVh ejZYZ VYdeiVg ZhiV Zmea^X^iVX^c hdWgZ aV XdchigjXX^c hdX^Va YZa EVh KVhXd Zc
jc XdciZmid \adWVa Xdbd Za YZ ]dn Zc YV4 ´8bd Xdc_j\Vg Za Xdbegdb^hd Xdc Za YZhVggdaad hdX^Va YZa
EVh KVhXd Å[^Za V adh edhijaVYdh [jcYVX^dcVaZh YZ aV ZmeZg^ZcX^V XddeZgVi^kV n VeZaVcYd V jc Y^hXjghd
^YZci^iVg^dÅ Xdc Za Xdbegdb^hd Xdc Za Zcidgcd hdX^Va b{h egm^bd V aVh XddeZgVi^kVh Vaa YdcYZ Zhic
d YdcYZ hZ kVnVc ^beaVciVcYd4 ´8bd XdbeV\^cVg aVh Ydh Y^bZch^dcZh! aV kVhXV n aV \adWVa! h^c Y^aj^g
c^c\jcV YZ ZaaVh4 AV [dgbV Xdbd hZ Y^ajX^YZ ZhiV XjZhi^c YZ aV VYhXg^eX^c iZgg^idg^Va hZg{ XaVkZ Zc aV
Xdc[^\jgVX^c[jijgVYZaVZmeZg^ZcX^VXddeZgVi^kV#
:a kdid ZmeaX^id edg XddeZgVg Xdc digVh ^chi^ijX^dcZh kVhXVh YZ XVg{XiZg ZXdcb^Xd n hdX^Va! n ZheZX^Va"
bZciZ Xdc aVh egdbdk^YVh edg aV ÆXaVhZ igVWV_VYdgV kVhXVÇ! cd ]V h^Yd ZheZX^VabZciZ YZhVggdaaVYd# HZ
ejZYZ YZX^g fjZ ZhiV VeZaVX^c Y^gZXiV Va hZXidg dWgZgd Xdbd VXidg eg^k^aZ\^VYd gZegZhZciV jc gZ[ZgZciZ
h^bWa^XdnjcgZXdcdX^b^ZcidVaVegde^VigVY^X^c]^hig^XVYZaXddeZgVi^k^hbdYZBdcYgV\dc#
:c \ZcZgVa! VeVgiZ YZ adh XdciVXidh ^chi^ijX^dcVaZh Zc aVh [ZYZgVX^dcZh YZ XddeZgVi^kVh! cd hZ ]Vc YVYd
Va^VcoVh h^\c^[^XVi^kVh Xdc digVh gZYZh YZ aV hdX^ZYVY kVhXV Å^cYjhig^Vh XjaijgVaZh! gZYZh ZYjXVi^kVh!
VhdX^VX^dcZh V\gVg^Vh! bdk^b^Zcidh hdX^VaZhÅ! c^ h^fj^ZgV Xdc gZYZh fjZ YZhVggdaaVc YZ Va\jcV [dgbV
jcV[^adhd[VVjid\Zhi^dcVg^VdXddeZgVi^kV#
282 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
9Z_VcYd YZ aVYd ZhiV aV\jcV Zc Za Xjbea^b^Zcid
YZa ejcid Y YZa eg^cX^e^d! hZ ejZYZ V[^gbVg fjZ
adhgZhiVciZhXjVigdejcidhY^Wj_VcjceZg[^aXaVgd
YZa Xdbegdb^hd hdX^Va YZ aV ZmeZg^ZcX^V XddeZgV"
i^kV/ Xdbegdb^hd YZ gZ^ckZgh^c eVgV XgZVg b{h
ejZhidhYZigVWV_d!Xdbegdb^hdXdcaVh^c^X^Vi^kVh
Xdbjc^iVg^Vh n aV egdiZXX^c hdX^Va! n Xdbegdb^hd
XdcZa[kiaWhWnaVXjaijgVkVhXV#
BWYeef[hWY_d[ikdWWkjdj_YW_dj[]hWY_dZ[b^ecXh[[d[bfheY[ie
[Yedc_YeoieY_Wb"gk[YedÓ]khWkddk[leehZ[dieY_Wb1beiYeef[hWj_l_ijWi
Z[X[dYedYkhh_h^WY_W[ij[eX`[j_leÓdWbWkdWYedjeZeibeigk[j_[d[d^WcXh[
oi[ZZ[`kij_Y_W[d[bckdZeZ[bjhWXW`e$ #7h_pc[dZ_Whh_[jW
:cigZZhidhYdhejcidhXZcigVaZhaVgZ^ckZgh^cXdbegdbZi^YVnaVh^c^X^Vi^kVhXdbjc^iVg^VhadXZcigVaYZa
Xdbegdb^hdYZaVZmeZg^ZcX^V]Vh^Yd^bejahVgaVigVch[dgbVX^chdX^VaXgZVcYdjcVgZYXddeZgVi^kVZcY^"
kZghdh hZXidgZh fjZ gZhedcYZc V cZXZh^YVYZh hdX^VaZh# 6 aV eVg! aV ZmeZg^ZcX^V ]V VednVYd ^c^X^Vi^kVh fjZ!
Vjc cd h^ZcYd XddeZgVi^kVh! ]VnVc gZhedcY^Yd V aV ^YZV YZ XdchigjXX^c hdX^Va Zc XaVkZ Xdbjc^iVg^V# IdYd
ZaadYZcdiVjcVk^h^c^ciZ\gVaYZaYZhVggdaadhdX^Va!ZYjXVi^kd!XjaijgVa!Vh^hiZcX^Va# l[hYWfjkbe'&"f|]_dWNN
:hidhejcidhYZaeg^cX^e^dhZbViZg^Va^oVcbZY^VciZkVg^dhbZXVc^hbdh#JcVYdiVX^cYZ[dcYdhYZXVg{XiZg
dWa^\Vidg^d! gZ\jaVYdh edg aZn Xdbd ^beZgVi^kdh# :a dW_Zid YZa ;dcYd YZ GZhZgkV >ggZeVgi^WaZ Zh \VgVci^oVg aV
hdakZcX^VYZaVhXddeZgVi^kVhnYdiVgaVhYZZhiVW^a^YVYeVig^bdc^Van[^cVcX^ZgV0hZZci^ZcYZfjZ^cY^gZXiVbZc"
iZiVbW^c]VhZgk^YdeVgVZchVcX]VgaVgZVa^YVYXddeZgVi^kV#6XiVXdbdeg^cX^eVa[jZciZYZVjid[^cVcX^VX^c
YZaVhXddeZgVi^kVh#HjXgZVX^cgZhedcYZVaVcZXZh^YVYYZXdchZgkVg!Xdchda^YVgnYZhVggdaaVgZaeVig^bdc^d
YZaVhXddeZgVi^kVhZcaVXdchZXjX^cYZhjh[^cZhhdX^VaZh#
AV dWa^\Vidg^ZYVY YZa ;dcYd YZ :YjXVX^c n EgdbdX^c >ciZgXddeZgVi^kV ;:E> Xdchi^ijnZ jcV ZmXZeX^c
Zc aVh gZ\jaVX^dcZh XddeZgVi^kVh YZa Zcidgcd ZjgdeZd# HVakd Zc aVh aZ\^haVX^dcZh ZheVdaV! edgij\jZhV
Z ^iVa^VcV Zc Za gZhid YZ :jgdeV Zh kdajciVg^d# :a [dcYd YZ ZYjXVX^c n egdbdX^c hZ Zci^ZcYZ fjZ Zh jc
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 283
WZcZ[^X^dYZhi^cVYdV[^cVcX^VgVXi^k^YVYZhfjZcdhdcegde^VbZciZZXdcb^XVhnfjZkVcb{hVaa{YZaV
egde^V XddeZgVi^kV# Hj [^c hdX^Va hZ ZbeVgZciV Xdc Za Zheg^ij YZ VnjYV bjijV n hZgk^X^d V aV Xdbjc^YVY
k^cXjaVYd Va b^hbd ]ZX]d XddeZgVi^kd# Hj YdiVX^c VaXVcoV Za &% YZ adh ZmXZYZciZh XddeZgVi^kdh n hZ
Vea^XVeVgVVXi^k^YVYZh[dgbVi^kVh!^ciZgXddeZgVX^cnegdbdX^chdX^d"XjaijgVa#
:aejcidX]VXZgZ[ZgZcX^VVjcVedai^XVYZhZ\jg^YVYhdX^VagZhedchVWaZnhda^YVg^V!nhZbViZg^Va^oVZc
aVhedai^XVhYZAV\jc6gd!Zci^YVYfjZXjWgZZhiV{gZVZcZaZcigVbVYdXddeZgVi^kd#
:a ejcid Z bVc^[^ZhiV jc Xdbegdb^hd ZmeaX^id Xdc aV aZc\jV kVhXV Xdbd hZV YZ ^YZci^YVY YZ aV ZmeZ"
g^ZcX^V XddeZgVi^kV YZ BdcYgV\dc# 6YZb{h YZ ad hZVaVYd Zc ZhiZ eg^cX^e^d! Zc adh ZhiVijidh n gZ\aV"
bZcidh ^ciZgcdh YZ bjX]Vh XddeZgVi^kVh hZ gZXdcdXZ Va Zjh`VgV Xdbd aZc\jV d[^X^Va d YZ igVWV_d YZ aV
ZbegZhV n hZ gZXd\Z Za Xdbegdb^hd YZ [dbZciVgad# AV igVnZXidg^V ]^hig^XV YZ aVh XddeZgVi^kVh bjZhigV
fjZ Za [dbZcid YZa Zjh`VgV ]V [dgbVYd eVgiZ YZa hZci^Yd hdX^Va YZ aV ZmeZg^ZcX^V# :hiZ Xdbegdb^hd hZ
]VbViZg^Va^oVYdZcXVbedhiVaZhXdbd/
^# AVZjh`VaYjc^oVX^cYZaVhZbegZhVhXddeZgVi^kVh#:cZa{bW^id^cYjhig^VakVhXd!aVhXddeZgVi^kVh
]Vch^Yde^dcZgVhZcedcZgZcbVgX]VeaVcZhYZYZhVggdaadYZaZjh`VgVZcaVVXi^k^YVYYZaVZbegZhV#
^^# AV^bV\ZcZmiZg^dg#:cZhiZ{bW^id!cd]VnjcVeVjiVc^XV!kVgVhZ\cZahZXidgnZa{bW^idYZ
VXijVX^cYZaVhXddeZgVi^kVh#
^^^# AVhhjWkZcX^dcZhVaYZhVggdaadYZaZjh`VgV#8VcVa^oVYVheg^cX^eVabZciZVigVkhYZadh;dcYdhYZ
:YjXVX^cnEgdbdX^c#
^k# :aZh[jZgodZYjXVi^kd#=Vch^YdaVhXddeZgVi^kVhYZZchZVcoV!^cXajnZcYdaVjc^kZgh^YVY!aVhfjZ!h^c
aj\VgVYjYVh!]Vc]ZX]dZaZh[jZgodb{h^bedgiVciZZchjVejZhiVV[VkdgYZaYZhVggdaadYZaVaZc\jV#
9. Carácter universal
BW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]ed"Yece[nfh[i_dZ[ikleYWY_dkd_l[hiWb"fheYbWcWikieb_#
ZWh_ZWZ Yed jeZei bei gk[ bWXehWd feh bW Z[ceYhWY_W [Yedc_YW [d [b |cX_je Z[ bW Ç;YedecW ieY_WbÈ"
^WY_[dZeikoeibeieX`[j_leiZ[FWp"@kij_Y_Wo:[iWhhebbe"fhef_eiZ[b9eef[hWj_l_ice?dj[hdWY_edWb$
6igVkhYZZhiZeg^cX^e^daVZmeZg^ZcX^VXddeZgVi^kVbVc^[^ZhiVjcV[^a^VX^cjc^kZghVa^hiV!egdcjcX^{cYd"
hZedgjcVVeZgijgVVdigVh[jZgoVhfjZigVWV_VcZcaVb^hbVY^gZXX^c#
:aVXZgXVb^ZcidVeg^cX^e^dhYZXVg{XiZgjc^kZghVaYZa<8BhZ]V^Yd]VX^ZcYdVbZY^YVfjZhZYZhVggdaaVWVZc
Y^bZch^cnediZcX^Va^YVY#>c^X^VabZciZcdhZWjhXVgdcgZ[ZgZciZh[jZgV#B{hW^ZcVaXdcigVg^d![jZgdcV\ZciZh
YZdigVhaVi^ijYZh!ZheZX^VabZciZVc\adhV_dcZh!fj^ZcZhhZVegdm^bVgdcVaV<8BZcWjhXVYZgZ[ZgZciZh#
9ZhYZ Za {gZV YZ 9^[jh^c 8ddeZgVi^kV YZ DiVadgV! hZ XddgY^cVc adh Xjghdh YZ [dgbVX^c eVgV VfjZaadh
fjZhZVXZgXVcXdc^ciZghVXdcdXZgaVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc#:c\ZcZgVaZhiVY^[jh^c
284 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
hZ ]V gZVa^oVYd h^c Xg^iZg^dh YZ[^c^Ydh! h^c
jcV edai^XV fjZ gZhedcYV V adh edhijaVYdh
YZ ZhiZ eg^cX^e^d Zc XjVcid V ZaZXX^c YZ Æadh
fjZ aVWdgVc edg aV YZbdXgVX^V ZXdcb^XV Zc
Za {bW^id YZ aV :XdcdbV hdX^Va n igVWV_Vc
edg aV eVo! aV _jhi^X^V n Za YZhVggdaadÇ# Cd hZ
]VYZhVggdaaVYdjcVedai^XVYZXdbeVgi^gXdc
ZhiZ i^ed ZheZX[^Xd YZ V\ZciZh aVh aZXX^dcZh
n aVh egZdXjeVX^dcZh YZ aV ZmeZg^ZcX^V Bdc"
YgV\dcZhV# AV Y^[jh^c ]V Xdch^hi^Yd eg^cX^"
eVabZciZZcgZhedcYZgVfj^ZcedYVVXXZYZg
VDiVadgVdeV\VgadhXdhidh!ncdV]VXZgjcV
edai^XV hZaZXi^kV c^ egdVXi^kV YZ XdbeVgi^g ;bi_ij[cWZ[_dj[hYeef[hWY_d[djh[Yeef[hWj_lWilWiYWio
aV ZmeZg^ZcX^V Xdc VfjZaadh fjZ ZcigVc Zc Za [nf[h_[dY_WiZ[Wkje][ij_dZ[bIkhZ[bfbWd[jWj_[d[kdW
ZYWZWZ[WdZWZkhW$
eZg[^afjZYZ[^cZZaeg^cX^e^d#
6XijVabZciZ! aV ZmegZh^c b{h k^kV YZ ZhV kdXVX^c jc^kZghVa^hiV ejZYZ hZg Za h^hiZbV YZ ^ciZgXd"
deZgVX^c Vgi^XjaVYd ZcigZ aVh XddeZgVi^kVh kVhXVh n aVh ZXdcdbVh edejaVgZh YZa aaVbVYd IZgXZg
BjcYd V igVkh YZ aV ;jcYVX^c BjcYj`^YZ n aV jc^kZgh^YVY# 7VhVYd Zc eg^cX^e^dh YZ hda^YVg^YVY!
hj cdkZYVY gVY^XV egZX^hVbZciZ Zc fjZ hZ jW^XV Zc jcV eZgheZXi^kV \adWVa# 9ZhYZ V]! ^ciZgXddeZgV
Xdc aVh ZmeZg^ZcX^Vh Xdbjc^iVg^Vh! XddeZgVi^kVh n YZ Vjid\Zhi^c! hjg\^YVh Zc XdcY^X^dcZh YZ edWgZ"
oVeVgVVWdgYVgXdc_jciVbZciZegdXZhdhYZVegZcY^oV_ZZcigb^cdhYZ[aj_dYZZmeZg^ZcX^Vh!XVeV"
X^iVX^cnXdcdX^b^Zcid#
DWZW^kcWdec[[i[njhWe"Z_`eoW[bÓbie\efh[Yh_ij_Wde$Kd^ecXh[
Z_]deZ[X[i[dj_hl[h][dpWZ[i[hol_l_hYeceh_Ye[dkdckdZeZ[($&&&
c_bbed[iZ[^ecXh[icWbWb_c[djWZei$ #7h_pc[dZ_Whh_[jW
:hiZh^hiZbV!idYVkVYZXVg{XiZg^cX^e^ZciZ!XdbW^cVX^cXdZaZbZcidhZhigZX]VbZciZk^cXjaVYdhZc"
igZh!VhVWZg/
O Jcegd\gVbVYZ^ciZgXVbW^dYZZmeZg^ZcX^VhYZYZhVggdaadXdbjc^iVg^d
O EgdnZXidhYZ^ciZgXddeZgVX^cVaVg\deaVod
O Jcegd\gVbVYZeg{Xi^XVhnegdnZXidhjc^kZgh^iVg^dhYZ[^cYZXVggZgV
O JccXaZdYZ^ckZhi^\VX^chdWgZaVhXddeZgVi^kVhYZZXdcdbVhedejaVgZh
:a egdXZhd YZ ^ciZgcVX^dcVa^oVX^c YZ aVh XddeZgVi^kVh cd hZ ]V aaZkVYd V XVWd hZ\c ZhiZ eg^cX^e^d h^cd
edg^bejahdhYZaVVXi^k^YVYZbegZhVg^Va#:hiVZhjcVVh^\cVijgVeZcY^ZciZfjZfjZYVVW^ZgiVeVgVZa[j"
ijgd/YZhVggdaaVgjcVedai^XVYZ^ciZgcVX^dcVa^oVX^cidbVcYdZcXjZciVaVhZch^W^a^YVYfjZ[dgbjaVZhiZ
eg^cX^e^d!ZhYZX^g!XdaVWdgVgXdcbdk^b^ZcidhYZaVZXdcdbVhdX^Va# l[hYWfjkbe')"f|]_dW)),
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 285
;^cVabZciZ! Zc Za {bW^id ^ciZgcVX^dcVa! hZ ejZYZ hZVaVg fjZ BdcYgV\dc eVgi^X^eV YZ aVh h^\j^ZciZh
dg\Vc^oVX^dcZh/
O 79?6hdX^VX^c8ddeZgVi^kV>ciZgcVX^dcVa
O 9?9EF78db^i^ciZgcVX^dcVaYZXddeZgVi^kVh
^cYjhig^VaZh!VgiZhVcVaZhnYZhZgk^X^d
O ;KHE9EEF6hdX^VX^cZjgdeZVYZXddeZgVi^kVhYZXdchjbd
O 9;9EF8dc[ZYZgVX^c:jgdeZVYZ8ddeZgVi^kVhYZIgVWV_d6hdX^VYd!8ddeZgVi^kVhHdX^VaZhnYZ
:begZhVhHdX^VaZhnEVgi^X^eVi^kVh
O 9;<#9C7<8dc[ZgZcX^V:jgdeZVEZgbVcZciZYZaVh8ddeZgVi^kVh!BjijVa^YVYZh!;jcYVX^dcZh
n6hdX^VX^dcZh
O 9979;8db^iYZ8ddgY^cVX^cYZaVh6hdX^VX^dcZh8ddeZgVi^kVh:jgdeZVh
O 9EEF;H7J?L;I;KHEF;EaViV[dgbVYZ8ddeZgVX^cZcigZ68>n8868:
O ;9=<gjedh8ddeZgVi^kdh:jgdeZdh
O 7;896\gjeVX^c:jgdeZVYZ7VcXdh8ddeZgVi^kdh
O ;<;I;ZYZgVX^c:jgdeZVYZ6XX^dcVg^VYd6hVaVg^VYd
10. Educación
BW[nf[h_[dY_WYeef[hWj_lWZ[CedZhW]edcWd_Ó[ijWgk[fWhWfhecel[hbW_cfbWdjWY_dZ[beiWdj[h_eh[i
Fh_dY_f_ei[i\kdZWc[djWbbWZ[Z_YWY_dZ[ikÓY_[dj[ih[Ykhiei^kcWdeio[Yedc_YeiWbW;ZkYWY_d"[diki
Z_l[hiWil[hj_[dj[i0
W 9eef[hWj_lW"Z[bYed`kdjeZ[beiieY_eio[d[if[Y_WbZ[bei[b[]_ZeifWhWbeih]WdeiieY_Wb[i$
X Fhe\[i_edWb"[d[if[Y_WbZ[beiieY_eiZ[i_]dWZeifWhWbeih]WdeiZ_h[Yj_lei$
Y ;d][d[hWb"Z[bW`kl[djkZ"fhef_Y_WdZe[bikh]_c_[djeZ[^ecXh[iock`[h[iYeef[hWZeh[i"YWfWY[iZ[
Yedieb_ZWhoZ[iWhhebbWhbW[nf[h_[dY_W[d[b\kjkhe$
H^ZcYd [^ZaZh Va eZchVb^Zcid YZ 6g^obZcY^Vgg^ZiV Za ai^bd eg^cX^e^d XddeZgVi^kd Zh! Zc gZVa^YVY! Za eg^"
bZgd#:hYZX^g!aVZYjXVX^cZhZaeg^bZg[jcYVbZcidYZaegdnZXidYZigVch[dgbVX^cZhWdoVYdedg6g^o"
bZcY^Vgg^ZiV! Zc iVcid fjZ eZgb^iZ igVchb^i^g Za cjZkd Zheg^ij YZ hda^YVg^YVY n YZ igVWV_d Xdbjc^iVg^d!
Vh Xdbd adh kVadgZh eVgV ^g VkVcoVcYd ]VX^V jcV gZVa^YVY b{h _jhiV# AV ZYjXVX^c igVch[dgbV aVh Xdc"
X^ZcX^Vh!VajbWgVaV^YZci^YVYYZadhhZgZh]jbVcdh!^chiVcYdVaVeZghdcVVigVch[dgbVghjZcidgcd#
:cXdc\gjZcX^VXdcZaad!6g^obZcY^Vgg^ZiVYZY^XbjX]di^ZbedVaV[dgbVX^cYZadh_kZcZhVigVkh
YZ X]VgaVh! Xjgh^aadh n hZb^cVg^dh# 9ZhYZ bjn iZbegVcd! aV ^cfj^ZijY fjZ hZciV edg aV [dgbVX^c YZ
adh [jijgdh igVWV_VYdgZh aZ aaZk V ^bejahVg! edg Z_Zbead! aV 6XVYZb^V YZ HdX^dad\V fjZ [jcX^dc Yj"
gVciZ jc i^Zbed0 n b{h VYZaVciZ! aV Zci^YVY ZYjXVi^kV fjZ b{h ^c[ajZcX^V ]V iZc^Yd Zc aV ZmeZg^ZcX^V/
aV:hXjZaVEgd[Zh^dcVa#
286 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
AdhgVh\dhfjZXdchV\gVZhiZ
eg^cX^e^d YZ :YjXVX^c hZ
^YZci^[^XVc Xdc aV XdcXZeX^c
Vg^obZcY^VcV YZ ZYjXVX^c
^ciZ\gVa# :h YZX^g! jcV ZYj"
XVX^c bjai^Y^bZch^dcVa fjZ
^ciZ\gV! edg jc aVYd jcV [dg"
bVX^c iXc^XV n egd[Zh^dcVa0
edg digd aVYd! jcV [dgbVX^c
hdX^Va! YZ Xdbegdb^hd hdX^Va#
K^h^c Zc aV fjZ Za iVaZcid
]jbVcd n jcV eZgheZXi^kV
i^Xd"bdgVa hdc adh gZhdgiZh
ZhZcX^VaZh eVgV Xdchigj^g Za
[jijgd0 jc [jijgd fjZ YZWZ"
g{ ^bejahVg aV XgZVi^k^YVY n
aV ^c^X^Vi^kV YZ aV eZghdcV! n
Xjai^kVg adh kVadgZh YZa igVWV" ;b_cfkbie[ZkYWj_leZ[bW[nf[h_[dY_WYeef[hWj_lW"[bbj_cefh_dY_f_e[i"
Z[Wb]dceZe"[bfh_c[he$
_d XddeZgVi^kd#
:aeg^cX^e^d[dgbjaVigZh{gZVh/
V;dgbVX^c XddeZgVi^kV/ :c jcV hdX^ZYVY Xdc XjaijgV XddeZgVi^kV Za ^ciZgXVbW^d YZ ZmeZg^ZcX^Vh n aV Xdc"
k^kZcX^VY^Vg^VXdcadhegZhjejZhidhhZgVchj[^X^ZciZheVgVbVciZcZgZabZchV_ZXddeZgVi^kd!eZgdaVXjaijgV
fjZ^beZgVZcaVhdX^ZYVYcdZhXddeZgVi^kV#:aXddeZgVi^k^hbdeVgVhjWh^hi^gi^ZcZfjZajX]VgZcgZh^hiZcX^V
edgfjZadhegZXZeidhZbVcVYdhYZhjheg^cX^e^dhcdhdcbdcZYVYZjhdXdgg^ZciZ# l[hYWfjkbe("f|]_dWNN
:hiZ XVeijad bZgZXZ jcV VjidXgi^XV# =Vn fjZ gZXdcdXZg fjZ aV ZYjXVX^c XddeZgVi^kV cd hZ ]V YZhV"
ggdaaVYd eaZcVbZciZ! iVbedXd Xdc Za beZij Xdc Za fjZ hZ ]Vc YZhVggdaaVYd digVh [jcX^dcZh a^\VYVh Va
fjZ]VXZg YZ aV ZbegZhV# AV Y^bZch^c ZYjXVi^kV YZ aV ZmeZg^ZcX^V cd hZ ]V YZhVggdaaVYd Xdc [jZgoV!
b^ZcigVhaVY^bZch^ciXc^Xd"ZbegZhVg^Va]ViZc^YdjcXgZX^b^ZcidZmedcZcX^Va#
W;dgbVX^c egd[Zh^dcVa/ aV aZn! adh ZhiVijidh n gZ\aVbZcidh YZ aVh XddeZgVi^kVh YZa \gjed ZhiVWaZXZc
jcXdbegdb^hdXdcaV[dgbVX^cYZadhigVWV_VYdgZh!VigVkhYZaVZmeZg^ZcX^VZcZaigVWV_dnXdbeaZiV"
YV Xdc [dgbVX^c [dgbVa Xjghdh! hZb^cVg^dh! ZiX#0 eVgV Zaad! aVh XddeZgVi^kVh hZ dWa^\Vc V YZhi^cVg jcV
eVgiZYZhjhXdhiZhV[^cVcX^VgaV[dgbVX^cYZadhhdX^dh#
XAVZYjXVX^cYZaVhcjZkVh\ZcZgVX^dcZhZcXaVkZYZXjai^kVgkVadgZhXddeZgVi^kdhnXdchda^YVgaVZm"
eZg^ZcX^VXddeZgVi^kVZcZa[jijgd!ZhjcVheZXidfjZiVbW^cVXZeiVaVVjidXgi^XVgZVa^oVYVZcZaejcid
V# HZ ejZYZ V[^gbVg fjZ aVh cjZkVh \ZcZgVX^dcZh YZa Zcidgcd XddeZgVi^kd! ^cXaj^Ydh VfjZaadh fjZ ]Vc
h^Yd ZYjXVYdh Zc XddeZgVi^kVh ^bejahVYVh YZcigd YZ aV ZmeZg^ZcX^V! cd YZbjZhigVc XVeVX^YVY YZ YVg
gVoc YZa ]ZX]d XddeZgVi^kd Xdc jcV bc^bV hdakZcX^V Xgi^XV# HZ ]Vc ^ckZgi^Yd Zh[jZgodh Zc XgZVg Zh"
E6GI:>>>/G:6A>969q%./ADH9>:OEG>C8>E>DH8DDE:G6I>KDH 287
igjXijgVh ZYjXVi^kVh! eZgd cd eVgZXZ fjZ ]VnV ]VW^Yd k^h^c! c^ a^YZgVo\d! eVgV igVchb^i^g aV ZmeZg^ZcX^V
XddeZgVi^kV eZYV\\^XVbZciZ# :hid ]V fjZYVYd eViZciZ ]VhiV aV eg^bZgV YXVYV YZa cjZkd h^\ad Zc fjZ
Xdb^ZcoVjcegdXZhdYZZYjXVX^cXddeZgVi^kV#
I[^WZ_Y^egk[[bYeef[hWj_l_ice[ikdcel_c_[dje[Yedc_Yegk[[cfb[W
bWWYY_d[ZkYWj_lW"fkZ_[dZejWcX_dWbj[hWhi[bWZ[Ód_Y_dWÓhcWdZegk[[i
kdcel_c_[dje[ZkYWj_legk[kj_b_pWbWWYY_d[Yedc_YW$ #7h_pc[dZ_Whh_[jW
EdYZbdhXdcXaj^gfjZhZejZYZYVgjcegd\gZh^kdYZW^a^iVb^Zcid^YZda\^XdYZaVZmeZg^ZcX^VXddeZgVi^kV
h^hiVdeZgV[jcYVbZciVabZciZXdckVadgZhegV\b{i^Xdh#EVgVZk^iVgfjZaVZmeZg^ZcX^VXddeZgVi^kVhZV
YZhY^Wj_VYV edg aV eZcZigVX^c ^chZch^WaZ YZ digVh a\^XVh Zc aVh fjZ ^beZgV Za V[{c YZ ajXgd! Zh cZXZ"
hVg^d aaZkVg V XVWd jc Zh[jZgod hdhiZc^Yd fjZ XVcVa^XZ aV ZYjXVX^c XddeZgVi^kV Xdbd gZhdgiZ n kZXidg
gZk^iVa^oVcYdYZaVegde^V^YZci^YVYXddeZgVi^kV#
288 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
''
97FßJKBE
'# 6a\jcVhXaVkZheVgVZciZcYZgaVXg^h^h########################################################################'.)
'#& JcVXdchiZaVX^c^YZda\^XVegdWaZbVi^oVYV#######################################################################################'.*
'#' 8VbW^dhhdX^VaZhZceZgheZXi^kV]^hig^XV#########################################################################################'.+
'#( 9ZaVXdbjc^YVYXddeZgVi^kVVaVVhdX^VX^cXdgedgVi^kV################################################################'.-
'#) IgVch[dgbVX^dcZhYZaVZbegZhVXVe^iVa^hiV!Xg^h^hYZ^YZci^YVY#####################################################(%%
'#* 9[^X^iZYjXVi^kd######################################################################################################################################(%&
(# GZhejZhiVhVciZaVeZgeaZ_^YVY######################################################################################(%'
)# JcViZh^hnYdXZVÒgbVX^dcZhhdWgZcjZhigdeVhVYd!egZhZciZn[jijgd###################(%)
290 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
Introducción
AVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dcgZegZhZciVjcVYZaVhZmeZg^ZcX^VhYZYZbdXgVX^VZbegZhVg^Va
b{hgZaZkVciZhYZabjcYd#Hjm^idZXdcb^XdYZhe^ZgiVaVXjg^dh^YVYYZbjX]dhVcVa^hiVhfjZkZcZcZhiV
ZmeZg^ZcX^VaVedh^W^a^YVYgZVaYZXdchi^ij^gdigV[dgbVYZSER Y HACERZbegZhV!Y^[ZgZciZVadhX{cdcZhYZaV
ZbegZhVXVe^iVa^hiVXdckZcX^dcVa#
HdcbjX]dhadhad\gdhnVX^ZgidhYZaXddeZgVi^k^hbdYZBdcYgV\dc#=VhjejZhidjcbdidg^bedgiVciZ
YZ YZhVggdaad Xdbjc^iVg^d Zc XaVkZ Vjid\Zhi^dcVg^V! jc edad VXi^kd Zc aV XgZVX^c YZ ZbeaZd n g^fjZoV!
n!ZheZX^VabZciZ!jcVZmeZg^ZcX^VfjZ]V^bejahVYdjcVY^hig^WjX^cVaiVbZciZZfj^iVi^kVYZaVg^fjZoV
XgZVYV#:h!Vab^hbdi^Zbed!aV]^hidg^VYZjcXddeZgVi^k^hbdYZm^idZbegZhVg^Va#H^aVWdcYVYYZjcbd"
YZadYZhZgn]VXZgZbegZhVhZb^YZedgaVXVeVX^YVYYZ\ZcZgVgg^fjZoV!edgjcaVYd!naV[dgbVZcfjZ
hiVhZY^hig^WjnZZcigZadhb^ZbWgdhYZaVXdbjc^YVY!edgdigd!aVZmeZg^ZcX^VXddeZgVi^kVYZBdcYgV\dc
Xdchi^ijnZjcVe^hiV^bedgiVciZ#
AV:8B]VXdchi^ij^YdjcVYZchVigVbVYZeZghdcVhXdbegdbZi^YVhXdcjceZchVb^ZcidnjcVegVm^hXd"
bjc^iVg^hiVh#CVX^VeVgi^gYZjcVegdbZhV/igVch[dgbVgaVZbegZhVYZbdXgVX^V^ciZgcV!hZgk^X^dVaVXd"
bjc^YVYnXgZVX^cnY^hig^WjX^cZfj^iVi^kVYZaVg^fjZoVeVgVigVch[dgbVgaVhdX^ZYVY#HjhjZdVejciVWV
]VX^VZaVjid\dW^ZgcdXdbjc^iVg^dYZaVZbegZhVnYZdigdh{bW^idhYZaVXdbjc^YVYZYjXVX^c!egZk^h^c
hdX^Va!hVc^YVY####:hiVZmeZg^ZcX^VXddeZgVi^kV]VXdchi^ij^YdjcVCOMUNIDAD DE SENTIDO!jcZcigVbVYdYZ
eZghdcVhfjZ]VcXdbeVgi^YdjcVYZiZgb^cVYVXjaijgVbdgVa#HZigViVYZjcVZmeZg^ZcX^Veg{Xi^XVYZYZhV"
ggdaadXdbjc^iVg^d!fjZhZaaZkVVXVWdZcZabjcYdYZaVZbegZhV!nfjZcVXZnhZYZhVggdaaVVeVgi^gYZjc
eZchVb^ZcidXdbjc^iVg^hiV!ZaeZchVb^ZcidYZ?dhBVgV6g^obZcY^Vgg^ZiV#
:h!Vab^hbdi^Zbed!jcVZmeZg^ZcX^VcdZmZciVYZXdcigVY^XX^dcZh#:chjh*%VdhYZk^YV]VZmeZg^bZc"
iVYdjcV\gVcZmeVch^ciVcidZcadfjZgZheZXiVVhjkdajbZcYZcZ\dX^dXdbdVacbZgdYZigVWV_VYdgZh
fjZ[dgbVceVgiZYZaVZmeZg^ZcX^V!]VhiVaaZ\VgVXdckZgi^ghZZcjcXdc\adbZgVYdZbegZhVg^Va^ciZgcV"
X^dcVa^oVYd!Xdc^beaVciVX^cZcY^hi^cidhejcidhYZaeaVcZiV#:heZX^VabZciZZcaVai^bVYXVYV!k^kZjc
egd[jcYdegdXZhdYZigVch[dgbVX^dcZh!fjZZchjbVndgeVgiZi^ZcZcfjZkZgXdcadhYZhV[dhfjZeaVciZV
jcVZXdcdbVXVYVkZob{hVW^ZgiVn\adWVa^oVYV#:cigZiVaZhigVch[dgbVX^dcZh!adhkVadgZhXddeZgVi^kdh!hj
XjaijgVbdgVanZaegde^dbZiVWda^hbd_jgY^Xd"dg\Vc^oVi^kdZhi{cZmeZg^bZciVcYdXVbW^dhZhigjXijgVaZh#
:cZhiZXVeijadegZiZcYZbdhVggd_VgVa\jcVajohdWgZiVaegdXZhdnaVY^gZXX^cfjZejZYZZhiVgh^\j^ZcYdZa
b^hbd#7{h^XVbZciZ!cdhegZ\jciVgZbdhfj]Vh^YdYZahjZdnYZaVigVbVYZhZci^YdhfjZY^ddg^\ZcVZhiV
ZmeZg^ZcX^VfjZ[jcYVbZcijcVdeX^cYZk^YVWVhVYVZcjcVi^XVXdbjc^iVg^V#
E6GI:>>>/G:6A>969q&&/ADHH:CI>9DH8DA:8I>KDHNHJ:KDAJ8>âC 291
1. Tiempo actual, un tiempo de
transformaciones estructurales
y crisis de sentido
AV:8BhZjW^XVZcZhiVbdYVa^YVYYZXddeZgVi^k^hbdZm^idhdXjnVgjeijgV!Zcde^c^cYZbjX]dhdWhZgkV"
YdgZh!edYgVZhiVgegdYjX^cYdhZedgZaaVYdYZadhkVadgZh#:cZaegde^dK>>>8dc\gZhdYZB88gZVa^oVYdZc
bVndYZ'%%(!hZaVcoVWVZhiVgZ[aZm^cYZhYZhjh^chiVcX^Vhd[^X^VaZh/
3E ESCUCHA CON ALGUNA FRECUENCIA HABLAR DE LA AUSENCIA DE DEBATE COOPERATIVO EN EL SENO DE LA #ORPORA
CIØN Y DE LA PRESENCIA DE UN SENTIDO CADA VEZ MÉS PRAGMÉTICO Y MÉS ALEJADO DE LOS PRINCIPIOS COOPERATIVOS
QUE APROBAMOS EN EL ) #ONGRESO 5NA ESPECIE DE DESLIZAMIENTO HACIA ASPECTOS DE CARÉCTER LUCRATIVO HACIA
TEMAS QUE NO ESTÉN ALINEADOS CON LAS SE×AS DE IDENTIDAD AUTÏNTICAS
z.OS ESTARÉ PASANDO A NOSOTROS ALGO DE ESTO CON RESPECTO A NUESTROS PRINCIPIOS
z.OS ESTAREMOS ALEJANDO DE LO QUE ERA EL FIN DE LA EXPERIENCIA ESTO ES MODELAR UN TIPO DE PERSONA MÉS
COOPERATIVA Y MÉS SOLIDARIA
z.OS ESTAREMOS OLVIDANDO DE LA GRAN FUERZA DE LA EDUCACIØN PARA NUTRIR Y REGAR ESTOS PRINCIPIOS QUE INFOR
MAN NUESTRO COOPERATIVISMO
z3ERÓA CONVENIENTE EL PODER ARTICULAR UN DEBATE DESDE ESTA PERSPECTIVA DE LAS IDEAS
:aXddeZgVi^k^hbdYZBdcYgV\dchZ]VhdhiZc^YdhdWgZaVk^cXjaVX^cZcigZZbegZhVnhZci^Ydh!hdWgZjcV
bhi^XVnhdWgZZaXdbegdb^hdXdcjcdhÆXdcXZeidhab^iZÇfjZ!ZcVa\jcdhYZhjhegdiV\dc^hiVh!aaZ\VcVVa"
XVcoVggZa^ZkZhYZjcegdnZXidYZhdX^ZYVY#JcXddeZgVi^k^hbd!edgiVcid!fjZhZVjid"YZ[^cZnVjid"XdbegZc"
YZXdbdedgiVYdgYZjcgZaVidXdckdXVX^cYZbZ_dgVgnigVch[dgbVgaVgZVa^YVY!edgiVYdgYZjcVcVggVi^kV
eVgVjcVZbegZhVY^hi^ciVn!Zchjh[dgbjaVX^dcZhb{hVbW^X^dhVh!iVbW^cjcVhdX^ZYVYY^hi^ciV#AVVXX^c
ZbegZhVg^Va"XddeZgVi^kVYZBdcYgV\dc[jZZm^idhVYZhYZhjhXdb^ZcodhedgfjZ!ZcigZdigVhgVodcZh!ZcXdc"
igZaVcXaV_ZkVadgVi^kdfjZegdedgX^dcjchZci^YdXdaZXi^kdVaVVXi^k^YVYegd[Zh^dcVanaVWdgVa!aZ\^i^bZa
YZhVggdaadZbegZhVg^VaXddeZgVi^kdnadXdcX^W^XdbdjcegdnZXidZchb^hbdWjZcdnYZhZVWaZ#8dciXdc
jcCUERPO DE SENTIDOSnjcVLEGITIMACIØN IDEOLØGICAfjZ^bejahnXddgY^cYZ[dgbVZm^idhVZaZh[jZgodYZjcXd"
aZXi^kd]jbVcd#6h!aVVXX^cZbegZhVg^Va[jZ^ciZ\gVYVZcjcVk^h^cXdaZXi^kVnjcVcVggVi^kVYZiZgb^cVYVh#
:a XjZged YZ hZci^Ydh hdX^VaZh fjZ Vggde aV VXX^c ZbegZhVg^Va Zc i^Zbedh YZ \cZh^h! ]jcYZ hjh
eg^cX^eVaZh^cij^X^dcZhZcZaf[diWc_[djeYeckd_jWh_ijWYZafjZ[jZZaeg^cX^eVa^che^gVYdgYZaVZm"
292 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
eZg^ZcX^VXddeZgVi^kVfjZcdhdXjeVnjcVYZaVh 7:>;I?ED;I?:;EBã=?97I
[^\jgVh b{h ^bedgiVciZh YZ aV ]^hidg^V bdYZgcV
YZ adh kVhXdh/ 6g^obZcY^Vgg^ZiV &.&*"&.,+# 9^" :aXdbegdb^hdXddeZgVi^kd]VZhiVYdgZkZhi^YdYZVY]Zh^d"
X]d eZchVb^Zcid idb aV [dgbV YZ jc egdnZXid cZh^YZda\^XVhYZcVijgVaZoVY^[ZgZciZ/
YZ igVch[dgbVX^c hdX^Va bjai^Y^bZch^dcVa! n hj
^cij^X^cW{h^XVgZh^YVZcZa[dgiVaZX^b^ZcidYZaV 6Y]Zh^cYZXdgiZgZa^\^dhd!Xdbegdb^hdXg^hi^Vcd[jc"
YVbZciVYdZcaVVejZhiVigVY^X^dcVaYZaVYdXig^cVhdX^Va
Xdbjc^YVY# Hj [gZci^XV VXi^k^YVY YZ hVXZgYdX^d
YZaV>\aZh^VV[VkdgYZaXddeZgVi^k^hbdXdbd[gbjaVeVgV
hdX^Va WjhXVWV aV ZaZkVX^c bdgVa n bViZg^Va YZ aVgZhdajX^cYZaVaaVbVYVCUESTIØN SOCIAL#
jcVhdX^ZYVYYZhigdoVYVedgaV\jZggVaV\jZggV
X^k^aZheVdaV!nZcaVfjZab^hbd]VWVhVa^Yd 6Y]Zh^cV[dgbjaVX^dcZhhZXjaVg^oVYVhYZgVohdX^Va^h"
YZggdiVYd#l[hYWfjkbe("f|]$/. iVZaegde^d6g^obZcY^Vgg^ZiVhZgZ[^g^VaXddeZgVi^k^hbdYZ
BdcYgV\dcXdbdgZ[ZgZciZeg^cX^eVaYZahdX^Va^hbdkVhXd#
:aeZhdZheZX[^XdYZXVYVjcdYZadh^bejahdhbZcX^dcVYdh]Vh^YdY^hi^cidVadaVg\dYZhj]^hidg^V!Zc
[jcX^cYZaVZkdajX^c^YZda\^XVYZaVegde^VhdX^ZYVYZcZafjZaVZmeZg^ZcX^VXddeZgVi^kVZhi{^chZgiV#
´:meZg^bZciVbdh]dnjci^Zbed]^hig^XdXVgVXiZg^oVYdeg^cX^eVabZciZedgZaYZheaVoVb^Zcidegd\gZh^kd
]VX^VZaegV\bVi^hbd[gZciZVjcYZhZdigVch[dgbVYdg4
AVh^bedgiVciZhigVch[dgbVX^dcZhfjZZmeZg^bZciVZaZcigVbVYdXddeZgVi^kdYZBdcYgV\dccdhadV[ZX"
iVcVhjZhigjXijgVhdX^VadW_Zi^kV#IVbW^cZcZaeaVcdhjW_Zi^kd!ZcaVhZhigjXijgVhYZXdcX^ZcX^VfjZaV
hdhi^ZcZc!hZZhi{cegdYjX^ZcYdegdXZhdh^bedgiVciZhVadhfjZfjZgZbdhgZ[Zg^gcdhXdcZheZX^VaViZc"
X^c!ejZhZhaVXjaijgVXddeZgVi^kVYZBdcYgV\dcaVfjZcdh]ZbdhegdejZhidVcVa^oVgZcZhiVhacZVh#
NV]ZbdhVejciVYdfjZZcZaXdciZmid[jcYVX^dcVaYZaV:8BaVVXi^k^YVYZbegZhVg^VakZcVVXdbeVVYV
edgjcVYZiZgb^cVYVXjaijgVbdgVa!edgjcVi^XVnjcXjZgedYZ^YZVhfjZVYfj^g^ZgdcZ[^XVX^V]^hig^XV#
9ZiZc\{bdcdhVa\db{hZcZhiZ]ZX]d#
:cZaXdciZmid[jcYVX^dcVa[jZaVbdi^kVX^cgZa^\^dhVaVfjZhdhijkdZhiZXdbegdb^hdk^iVanaVfjZbdk^a^o
WjZcVeVgiZYZaVhZcZg\VhXddeZgVi^kVh#:m^hi^jcVeVh^cXddeZgVi^k^hiVfjZ\dWZgcaVhXdcYjXiVhYZ
hjh^c^X^VYdgZhnedhiZg^dgZhXdcYjXidgZh#HZigViVWVYZ]VXZg[gZciZVaXdch^YZgVYdeg^cX^eVaXdc[a^XidYZaV
X^k^a^oVX^c^cYjhig^Va!ZaXdc[a^XidXVe^iVa"igVWV_d!ZcjcXdciZmid^ciZgcVX^dcVabVgXVYdedgjcV[jZgiZY^k^"
h^cZcigZYdh\gVcYZhh^hiZbVhZXdcb^Xdh!hdX^VaZhnXjaijgVaZh#:chjkZgh^cXg^hi^VcVZaXddeZgVi^k^hbd
ZhigjXijgidYVjcVdeX^cYZk^YVZcWVhiVciZhVXidgZhYZaVeg^bZgV\ZcZgVX^c#HjejhdjcVFUENTE DE SEN
TIDO XVeVoYZVejciVaVgjcegdnZXidYZk^YVXdbegdbZi^YdXdcaVhdX^ZYVYYZhji^Zbed!ZcWVhZVkVadgZh
YZZcigZ\V!Vjid"a^b^iVX^cbViZg^Va!Xdbegdb^hdnVXX^c#
E6GI:>>>/G:6A>969q&&/ADHH:CI>9DH8DA:8I>KDHNHJ:KDAJ8>âC 293
HZ igViV YZ jc bdYZad YZ hZci^Yd
^ciZ\gVa! Zc Za fjZ aVh eZghdcVh
]Vc Xdchigj^Yd n ZhigjXijgVYd
hj k^YV Zc WVhZ Va XY^\d bdgVa"
Xg^hi^Vcd fjZ hjWnVXZ Va XddeZgV"
i^k^hbd# Digd iVcid hjXZYZ Zc ad
fjZ gZheZXiV V jcV hZ\jcYV \Z"
cZgVX^cfjZZcXjZcigVhjVcXaV_Z
bdi^kVX^dcVa Zc jcV XdcXZeX^c
hdX^Va^hiVhZXjaVg^oVYVYZaXddeZ"
gVi^k^hbd!dZcaVXdchigjXX^cYZ
;kiaWb>[hh_WZaEVhKVhXd#
;bfheo[YjeYeef[hWj_lei[ZejZ[i[dj_Zei_dj[h#ikX`[j_leiYecfWhj_Zeio
H^c ZbWVg\d! ZheZX^VabZciZ Zc
cehWbc[dj[l_dYkbWdj[i$
de^c^cYZVa\jcdhb^ZbWgdhgZi^"
gVYdhYZaVZmeZg^ZcX^V!nVcdZm^h"
iZcÆZbdX^dcZh[jZgiZhZchZgXddeZgVi^k^hiVÇ!aVY^bZch^c^YZda\^XVhZkZZgdh^dcVYVnaVh^YZci^YVYZh
b^a^iVciZhYZW^a^iVYVh#:chj[dgbjaVX^cb{hXgi^XVnZmigZbVÅcdhgZ[Zg^bdhZheZX^VabZciZVVfjZaadh
fjZ]VcZhigjXijgVYdhjk^YVZcWVhZVaXY^\dbdgVa"Xg^hi^VcdYZaXddeZgVi^k^hbdÅhZY^V\cdhi^XVjcV
egY^YV\ZcZgVaYZaV[ZnYZaVhXgZZcX^VhiVcidgZa^\^dhVhXdbdXddeZgVi^k^hiVh!nXdbdXdchZXjZcX^VYZ
Zaad!jcViZcYZcX^VYZgZaVi^kVY^hdajX^cYZa]ZX]dXddeZgVi^kdnhjXjaijgV#HZ]VWgVeZgY^YdeVgiZYZa
XVg{XiZgXdbjc^iVg^dYZaV:8BV[VkdgYZaVViZcX^cVaVZ[^X^ZcX^VZbegZhVg^Va#
8jVcYdhZVXi^kVaVeZgXZeX^cYZegY^YVhZeZgX^WZfjZhZ]VWgVY^aj^YdWjZcVeVgiZYZa^YZVa^hbd!
YZagdbVci^X^hbdnYZahZci^Ydhda^YVg^dYZdigdhi^Zbedh#HZigViVgVYZjcegdXZhdVXdgYZXdcaViZc"
YZcX^V \ZcZgVa YZ jcV hdX^ZYVY fjZ e^ZgYZ gZ[ZgZcX^Vh n YZhVggdaaV XdbedgiVb^Zcidh Zc aVh fjZ aVh
bdi^kVX^dcZh ^cY^k^YjVaZh \VcVc iZggZcd Zc YZig^bZcid YZa Xdbegdb^hd Xdbjc^iVg^d# JcV edXV YZ
cVggVi^kV^cY^k^YjVa^hiV!YZZhXVhdÆb^a^iVci^hbdÇnbZcdg[ZgkdgXddeZgVi^k^hiV#AVZm^hiZcX^VhdX^VaYZa
XddeZgVi^k^hiVbZY^dYZ]dnkZcYgVb{hXVgVXiZg^oVYVedgZaW^ZcZhiVgbViZg^VanZa^cY^k^YjVa^hbd!n
ZcZhiVhXdcY^X^dcZheVgZXZgZhZci^ghZhj^bejahdbdgVa#:aETHOSXddeZgVi^kd!_jcidXdcaVbZciVa^YVY
nVXi^ijYk^iVafjZZab^hbdgZegZhZciV!eVgZXZceZgiZcZXZgVjcVedXVeVhVYV#:hiVeZgXZeX^c!eVg"
X^VabZciZ^chiVaVYVZcb^ZbWgdhYZaVeg^bZgV\ZcZgVX^c]dn_jW^aVYdh!ZhaVeg^cX^eVaedgiVYdgVYZ
jcVgZaVi^kVCRISIS DE SENTIDO
294 A6:ME:G>:C8>68DDE:G6I>K69:BDC9G6<DC/JC6HÞCI:H>H<:C:G6A
($' KdWYedij[bWY_d_Z[eb]_YWfheXb[cWj_pWZW
EVgZXZfjZaVhY^hi^ciVhe^ZoVhYZaejooaZ^YZda\^XdVciZg^dgbZciZbZcX^dcVYdbdi^kVX^cgZa^\^dhV!bdi^kVX^chZ"
XjaVgYZgVohdX^Va^hiV!aVjideVYZaYZhVggdaadnaVXdchigjXX^cYZeVhk^kZcbdbZcidhYZYZh\VhiZZhigjXijgVa/
AV i[YkbWh_pWY_d YZa XddeZgVi^k^hbd YZ BdcYgV\dc aV egY^YV YZa ÆkcXjad igVhXZcYZciZÇ! n YZa
Xdc_jcidYZaVhdX^ZYVYkVhXV!Zhjc]ZX]dY^[X^abZciZgZWVi^WaZ#
IVbW^c aV bdi^kVX^c YZ gVo hdX^Va^hiV n aV egde^V ^YZV YZ igVch[dgbVX^c hdX^Va eVgZXZc k^k^g! V
ZhXVaVbjcY^Va!jceZg^dYdYZgZ[aj_dnegd[jcYVYZhdg^ZciVX^c!kXi^bVidYVkVYZaVhXVbeVcVYVh
fjZVcjcX^VWVcZaÆ[^cYZaV]^hidg^VÇ#
6hjkZo!aVbdi^kVX^cYZXdchigj^geVhhZkZigVhidXVYV/eVgZXZhj[g^gjchZg^dZck^iZVciZaVVeZgijgV\adWVaYZ
adhbZgXVYdhnaV^ciZgcVX^dcVa^oVX^cYZaVhXddeZgVi^kVh#:hidegdkdXVjcegdXZhdYZgZaVi^kVDESTERRITORIALIZACIØNd
DESNACIONALIZACIØN! V igVkh YZa XjVa ejZYZc ZhiVg k^cYdhZ Y^aj^YVh hjh aZVaiVYZh ^YZci^iVg^d"iZgg^idg^VaZh
nigVhidXVYdZa{bW^idkVhXdYZeZgiZcZcX^V!eVgVXdckZgi^ghZegd\gZh^kVbZciZZcjcVCOMUNIDAD EMPRESARIAL