Professional Documents
Culture Documents
Plantaciones Azucareras en El PERU 1821-1875 Pablo Macera
Plantaciones Azucareras en El PERU 1821-1875 Pablo Macera
3D EOR PDFHUD
O D
W
U
VLVXF7( & $ $ 1'呸1$
/ $6
3/ $17 $&,21( 6 =8&$5 ( 5$6
( 1 ( / 3( 58
SDEOR PDFHUD
OLPD
U
YHOHV
"āFQROTLFV ODV GtV SRQLU/ O/ GDGHV UDF RQD/ HV R UH£"LRQ呸OHV GH
t
呸 GH R/U \ HO HVWDUOR JHQHU L U-H /D HFRQyPtD LQWHUQD
*UDQ S-UWH UOH QXHVWU! W$UHD VyOR URQVLVWLU HQ HPXXMDU 呸
XQ V SXHUWDV DE HUWVV FDE呸PRV \" TXH OD PDQR GH REUD UXUDO HPSOHDGD
t
RU OD FDItD HQ H 3HU~ K SHVDGR SRU QR PHQRV GH FXDWUR IDVHV OD
FODYLWXG QJUD GHVGH HOVLJOR ; 9 , KDVWD PHGLDGRV GHO ; 7; HOFROR
U FK QR HQ
VHJXQGD PLWDG UOHO ; ,; HO HQ]
t DQFWDGR GH OD V HUUDGHB
t
ā-HR HQFFUUWUDU/ D HQ OD PRQXPHQW D, ILLVWULD GH OD 5HS~EOLFD GH - RUJH
DGUH TXH WDQWRV XVDQ VLQ FLWDU $Vt FRPR HQ WRGRV DDXHOORV TXH VH
HU^ GXUDUUW H VLJORV ; ,; \ ; ; 3D] 6R/Gi Y UVWHYHV 'i YDORV *%U
LG
MOORD HWF $ SHVDU GH VX H[DFWLWXG JHQHUDOHVD FODVLILFD
LyQ QHFHVLWD VLQH呸EDUJR VHU 4呸QHMDGD FRQ SUXGHQFLD (Q SULPHU WpUPL
QR OD FURQRORJt3 D呸H VX呸LHUH HVWi OHMRV GH VHU YiOLGD D HVFDOD Q%FLR
āLUOSHUXDQD 6OR HV DR/IFDE/H D FLHUWDV UHULRQHV URVWV \ FXOWLYRV
XQTXH OR YHUHPRV HQ RWUD RFDVLyQ HV SRVtW/ H TXH DVt HQ HO3HU~ FRPR
"Q RWUDV SDUWHV KD\D KDO-LGR \ H[LVWD XQ SURFHVR JHQHUDOL]DGR TXH YD
UHVGH IRUPDV DUFDLFDV GH UHODFLQ /DURUD/ HVFODYLWXG SUU HMHPSOR R VHU
LUFQEUH DFtD FDWUJRUIDV PRtHUQDV H /PSHUDRQDOHV TXH FRQGXFHQ DO R
WUHUR DDUIFR/D 3RU RWUR /DGR QR SRQHPRV OLPLWDU
QRV D HQXQFLDU XQD
FHVLyQ GH WLSRV GH WUDEL呸R 1HFHVLWDPRV DGHPiV SULPHUR GH XQD p D
VWIVWLFD KLVWyULFD TXH OD VRPHWD D SUXHEH Y GHVFXEU% VXV YDUL3QWHH \
$呸H呸iV G3 XQH FRPSOHPHQWDFLyQ FRQFHSWXDO / R 呸XH PiV LQWHUHV SDUD
RGR SHQVDPLHQWR FLHQWtILFR QR HV HO SURGXFWR ILQDO /RV UHVXOWDGRV
L HO SURFHVR GH IRUPDFLyQ \ GHQWURUH HVH SURFHVR DULXH/ODV WUDQV F S t t
<HV TXH HYWGHQF RQ OD FR\XQWXUD FUtWLFD GH HDV GLYHUVDV HVWUXFWXUDV HU
t
呸FLHJR DVL FRPR ORV FDPELRV TXH VXIUHQ HVHV HVWUXFWQUDV OD GHVHVWUXF
XUDFtyQ` (V GHFLU ¢4Xp IDFWRUHV GHWHUUQLQDURQ OD VXVWLWXFLyQ GH
XQD PRGD/tGDG GH WU3EDR SRU RWUD" ¢&yPR IXp LQVWUXPHQWDGR HO FDPEtR
XH FRQGXMR D ORV KDFHQGDGRV GHVGH OD H[SORWDFLyQ GH ORV HVFOYRV KD
FË3 OD Pi V UHILQDG% \ KDVWD Pi V GXUD H[SORWDFLyQ GHOSUROHWDULR UXUDO"
呸Â ÂBLp DOWHUQDWLYDV H[LVWLHURQ \ S
RUTXp IXHURQ SUR\HFWDGDV \ DEDQGRQD
V" ¢3RUTXp SDUD HMHPSOLILFDU OD FDxD QR KL]R VXYDD ODV VROXFLRUHV
WRUDOHV GH RWUDV DFWLYLGDGHBV DJURSHFXDUt DV GH H[SRUWDFLy Q FRUQR HO
āÏQ \ ODQD" ¢)RUXp QR KXUR XQ \DQDFRQH GHO FDxDYHUDOD]XFDUHUR"
¢< D OD LQYHUVD D TXp VH KD GHELGR /D HVSHFILF$ $VRFL$FLy Q HQWUH \呸
OF!FRQDMH \BDO£URGRPOHV" ¢6HUtH OGWLPR OODP%U D ORV DOJRGRQDOHV XHUXH
6 SODQWDFLRQHV IUXVWUI V"¢4Xp FDXVDV LPSLGLHURQ DXH HQ HO 3HU~
63 JHQHUDOL]HUD HO PRGHOR GH ORV ,QJHQLRV &HQWUDOHV"
L L L
V RF RU U L GRV
V HU U D
QRV SDJDEDQ D HV RV HQJDQF KDGRV HQ GL QHU R V yO R HO GH V XV V DO DU L RV
7HQt DQ DGHPiV \DQDF RQDV SDU D O RV SDV W RV \ HO DU U R] \ KDV W D U H] DJRV HQ
Y HM HF L GRV GH F RO RQRV FKL QRV ¢&yPR KDF t D HV W D JHQW H S3U D F RQF L O L DU W R
GDV HV DV PRGDO L GDGHV \ TXH I XHU D RSHU DW L Y R HO F RQM XQW R" ¢&XiO HU D O D
U HG TXH D W U DY pV GH &D\ DO W L F RPR GH 3RPDO F D \ &DV D *U DQGH Y L QF XO DED
/L Y HU SRRO FRQ O D V L HU U D SHU XDQD GH &DM DPDU F D" ¢'H TXp PRGR V H M XQW D
EDQ HO V L JO R [[ \ O D HGDG QHRO t W L F D"
1RV HQF RQW U DPRV V HJ~Q HV W DV U HI O H[ L RQHV GHQW U R HQ O D KRQ
GXU D GHO 3HU ~ SHU R W DPEL pQ DI XHU D \ PiV DO O i GHO 3HU ~ D XQ QL Y HO TXH
L QW HU HV D D W RGRV DTXHO O RV SDt V HV GRQGH HO F DSL W DO L V PR KD V L GR XQ I HQy
PHQR L QY DV RU H[ W HU QR HQ Y H] GH SU RGXF L U V H SRU XQD HY RO XF L yQ L QW HU L RU
3RU TXH W DO F R\ XQW XU D KD GHW HU PL QDGR XQD HV SHF t I L F D DU W L F XO DF L yQ 3 )
5H\ XQ HV F DO RQDPL HQW R GH PRGRV GH SU RGXF F L yQ 0DF HU D
TXH QRV L PSL GH F DU DF W HU L ] DU D O DV U HV SHF W L Y DV V RF L HGDGHV R DF XDO
TXL HU D GH V XV V HF W RU HV FRPR PRGHU QR F DSL W DO L V W DV R DU F DL F R SU HF DSL W 呸
O L V W DV D V HF DV \ H[ F O X\ HQW HPHQW H 3DU D H[SO L F DU HV DV GL V SDU L GDGHV PR呸
W U DU V X U DF L RQDO L GDG L QW HU QD HV GHF L U V X DM XV W DPL HQW R \ PHGL DF L yQ D
FL HU W RV I L QHV QR EDV W D F RQ KDEO DU GH L PSHU L DO L V PR RO L JDU TXt D PDV DV
SRSXO DU 呸V GHSHQGHQF L D L QW HU QD PRY L PL HQW RV FDPSHV L QRV H[SO RW DF L yQ \
M XV W L F L D V RF L DO 3XHV F XDO TXL HU D TXH
V HD O D FDU JD DI HF W L Y D Y SRO t W L F D
DV RF L DGD D HV DV SDO DEU DV SRF R Y DO HQ V L QR V XPL QL V W U DQ W DPEL pQ XQ HV TXH
PD GH F DXV DF L RQHV F RQF U HW DV R SU REDEO HV \ XQD JHQHU DO L ] DF L yQ TXH RU JD
QL U H W L SRV \ Y DU L DQW HV
&RQ U HO DF L yQ DO V HF W RU DJU DU L R XU JH U HY DO XDU O D SHU W L QHQ
F L D W HyU L F D \ O D Y DO L GH] HPSt U L F D GH W RGDV DTXHO O DV L QY HV W L JDF L RQHV
TXH KDV W D O D I HF KD \ V REU H W RGR GHV SXpV GH O D L L JXHU U D PXQGL DO KDQ
W U DW DGR GH F DU DF W HU L ] DU F DGD XQR GH O RV I DF W RU HV \ DF W RU HV GH O DV V R
F L HGDGHV U XU DO HV GHSHQGL HQW HV 'HQW U R GH QXHV W U R SU RJU DPD L QPHGL DW R SD
U D O RV I L QHV GH HV W D PRQRJU DI t D V REU H &D\ DO W L QR SRGU HPRV F RQV L GHU DU V L Q
呸Y
WR TXH HO D]~FDU \ HO DOJRGyQURQ UHWHQLGR GXUDUUWH WRUOR HO VLJOR ; ; XU
3OWR SRUFHQWDMH GHOYDORU WRWDO GH ODV H[SRUWDFL RQHV GHO 3HU~
,
DDKLpQ
YHUGDG TXH ORV GXHxRV GH HVRV QHJRFLRV IFHVHQ FULROORV R H[WUQM-
URH UDQ VLULR GXUDUUWH ODUJR WLHPSR HO UXSR RH SUHVLyQ QHF RUV/ PiU
t
8HUWH HQ HO RUGHQ SROtWLFR HFRQyPLFR \ VRFLDO 3HUR GH RWUR ODGR
- 2 UOHEHPRV ROYLGDU TLH WDQWR HVDV S/ VUUW DF RQHV FRPR /UV SUYStHV KD
t
BāāFD TXH ORV IDFWRUHV WUDGLFLRQDOHV KD\DQ VLGR R VHHQ KR\ PHQRV LU
呸RUWDQWHV TXH ORV PRGHUQRV SDUD H[SOLFDU HO SURFHVR VRFLDO HFRQyPLFR
- 3HU~ 7RGDYtD Pi V D ORV GRV RSHUDQ GHQWUR GH XQ RJOR FDPSR GH
BHUDFFLyQ TXH YHUWUHED OD HFRQRPtD SHUXDQD FRPR XQD VROD HVWUXFWXUD
HO FRPSRQHQWH WUDGLFLRQDO GH QXHVWUDV VRFLHGDGHV QR VH DMVOD \ VH
HD GHO PRGHUQR HQ XQD ]RQD GH UHIXJLR VLQR OH DPHRV VH /QFRU
SRUUQ
U LQWHULRU呸H FDGD XQD GH ODV GLIHUHQWHV XQLGDGHV GH SURGXFFLyQ DJU呸
FXDULD VHDQ KDFLHQGDV SODQWDFtRQHV JUDQDV FRRSHUDWWYDV
- FRPX
O
LDGHV FDPSHVLQHV $O SXQWR TXH OD GLYLVLyQ GH OD UHVSHFWLYD VRFLH
DG HQ GRV VHFFLRQHV XQH PRGHUQD OD RWUD WUDGLFLRQDOVyOR LQGLFD
PDRU SHVR HVSHFtILFR GH XQR GH ORV IDFWRUHV SHUR QR VX @UHVHQFL
O
HVFOXVLYD
(Q FLHUWD PHGLGD SRU FRQVLJXLHQWH QXHVWUDDQLVLyQ UHV WD
-
āRā呸SHQVDGD SXHVWR TXH DOHVWXGLDU HO VLVWHPD GH S/VQWDF/RULHV HQ HO "呸
Qt QRV KHPRV GH UHIHULU D XQ FRPUOHMR HPSUHVDULHOGH WLSR FUULWDOLVW!
ULR£-H DFWXDQ VtQHPEDUUR ORV FRPSRQHQWHV WU
OUOLFLRQDOHV JHUHUD/t]DGRV
O WRGD OD VRFLHGDG SHUXDQD 3HUR HYLWHPRV GHVGH XQ SULQFLSLR /DV &2B
LVLRQHV ¢$ TXp HVWDUQRV OODPDQGR SODQWDFLRQHV HQ HO HU~" ¢3RUTXp ā
Y
Q
O VHJXL U KDEO DQGR FRPR VL HPSU H V H KL ] R GH +DF L HQGDV GH &D呸D" /D HV H呸
呸F W
RU W XQD GHO QRP EU H \ VX U HF L HQW H DGRSF L Q SRU O RV PHGL RV FL HQW t I L
呸
O V SHU XDQRV V RQ SRU V t PL V PRV XQ L QGL F L R GH TXH HO 3HU ~ KD V L GR XQD
QD U HO DW L Y DPHQW H PDU JL QDO \ W DU Gt D GHQW U R GH O RV VL V W HPDV /U U W HU QDF tR
O HV GH SO D呸W DF L RQHV 'HV GH O XHJR TXH O DV KXER GHV GH PX\ W HPSU DQR G呸
U QW H HO FRO RQL DM H HVSDxR/ SHU R QXQF D
W XY L HU RQ HO SHV R \ O D V JQ U F ! t t t
FL yQ TXH DGTXL U L HU RQ HQ RW U RV SDt V HV 1R HV W XY L HU RQ W DPSRF R HV DV SU L
HU HV SO DQW DF L RQHV FRO RQL DO HV GL U HF W DPHQW H Y L QF XO DGDV DO W U iI L F R DW O iQ
tFR W U DV RF HiQL F R 6XV PHU F DGRV HU DQ O RV S /V HV Y HF L QRV GH &KL O H &K B
F V \ %XHQRV $L U HV 'H KHF KR 3 &RXU W $QD\ O D SO DQW DF L Q I XH XQ
ā
<HO R L QW HU F RQW L QHQW DO DV RF L DGR D O D H[SDQV L Q HXU RSHV PXF KR PpV JHQ呸
( L ] DGR HQ O ā V FRO RQL DV I U DQF HV DV L QJO HV DV \ KR/DQGHV DV TXH HQ B XH
/O RV GRPL QL RV HV SDx RO HV FRPR HO 3HU ~ RU L HQW DGRV SUtQF t SH, PHU U W H D O D
U RO XF F L Q PL QHU D 6X GL V W U L K F L Q JHRJUpI FD PXF KR PiV H[ W HQV D TXH
t
呸D GHO )HXGR āDV XPL HQ SDO DEU DV GH 7K呸PSV RQ O D I RU PD GH XQF L Q
呸XU RQ GH Ft U F XO RV FRQF pQW U L F RV DO U HGHGRU GHO HM H HF RQPL F R GRPL QHQ
BHB =XU RSD 6X Q~F O HR GH L PSO QQW DF L Q L QL F L DO I Xp $PpU L F D SHU R QR O D
U 呸U W H HV SDx RO D GHO 3DF t I L F R VXU RF F L GHQW DO V L QR XQD DPSO L D ] RQD L QPH
āULDWD D O RV W U SL F RV HQW U H O RV JU DGRV GH O DW L W XG QRU W H \ GH O D
W 呸W XG VXU FRPSU HQGL HQGR HO VXU GH O RV DF W XDO HV (( 88 O DV FRV W DV GHO
U DV L O O DV 2XD\ DQDV \ HO &DU L EH U KQW ] /D DPSO L W XG GH HV W H W 呸
FU L W RU L R \ O D GL Y HU V L GDG GH O RV FRQW H[ W RV U HJL RQDO HV KD GHW HU PL QDGR
<U L HGDGHV HQ O RV V L V W HPDV GH SO DQW DF L RQHV $XQTXH FRPR O R KD REV HU
DGR 6W HZDU W V H DGY L HU W H XQD FL HU W D U HJXO DU L GDG HQ O D HV W U XF W XU D V R
呸L DO \ HV SRV L EO H GHI L QL U DO JXQDV FDU DF W HU t V W L F DV FRPXQHV FXDO TXL HU D
TXH V HD HO SDt V \ HO FXO W L Y R U HV SHF W L Y R FDXF KR HQ - DY D DO JRGyQ HQ
ā -8 D] ~F DU HQ &XED \ HO 3HU ~ DU U R] HQ %XU PD HW F (Q W RGRV O RV FD
p6 V HJ~Q &RXU W HQD\ *U HHY HV 0L QW ] 6W HZDU W :RO I QRV HQF RQW U DPRV
" 呸 H HPSU HV DV DJU t F RO DV GH W L SR FDSL W DO L V W D GHV W L QDGDV D O D SU RGXF F L Q
HV 呸HF L DO L ] DGD HQ JU DQ HV F DO D GH DU W t F XO RV W U RSL F DO HV SDU D O D H[ SRU W D
, yQ R \ PHU F DGRV XU EDQRV PHGL DQW H XQ VL V W HPD āXQL I RU PH GH FXO W L Y R JU DQ
GH呸V L GDG GH FDSL W DO EDM R XQD GL U HF F L Q FHQW U DO L ] DGD FL HU W R JU DGR GH
W HF QRO RJt D PRGHU QD \ XQ V L V W HPD GH U HF O XW DPL HQW R M HU DU TXt D \ FRQW U RO
L 呸W HU QRV GH O D I XHU ] D GH W U DED呸R HQ W pU PL QRV GH PD\ RU SU RGXF W L Y L x DG L J
āL Y L GXDO \ GHGL F DF L Q H[ F O XV L Y D 8QD GHI L QL F L Q FRPEt QDGD \ HQXPHU DWM
YT FRP R O D SU RSXHV W D QR SDV D GHV GH O XHJR GH V HU XQD KHU U DPL HQW D SU R
YL V L RQDO GH W U DEDM R 1R HQI DW L ] D HQ SU L PHU W pU PL QR FXDO HV GH O RV I DF
U HV HQXQF L DGRV U HV XO W D Q V HU O RV SU L RU L W DU L RV 1DGD GL F H W DPSRF R呸
FHU F D GH O RV U RO HV HO SU RF HV R GH I
RU PDFtyQ ,D £ RV L L QJO G DO \ O RV HI HF W RV
M
H D FDGD V L V W HPD GH SO DQW DF L RQHV FRU U HV SRQGH GHQW U R GHO U HV SHF W L Y R
F¸QW H[ W R QDF L RQDO GRQGH RSHU D 'HM D SRU ~O W L PR DEL HU W D O D GL V F XV L Q
V- EU H O DV GL I HU HQF L DV TXH H[ L V W HQ HQW U H RV DV SU iF W L F DV FRPSRU W DPL HQ
YL
F O D SHTXHxD SU RSL HGDG 1R H[ L V W H DGHPHV XQ DF XHU GR HQ HO Y RF DEXO D
FU HO PHU F DGR \ F RQ O " HV W U XF W XU D GHO SRGHU F RO RQL DO \ QDF L RQDO \ VXV
U- V W L QW DV I RU PDV GH PDQR GH REU D - H DF O
HU GR FQ SXQW R TH Y L V W D F RU L
ā O HQHU U W DU t R PiV GHV DU U RO O DGR YRO I 0L QW ] HV SRV L U/H SU HF L V DU DTXH
V GL I HU HQF L DV W HQL HQGR HQ F XHQW D D HO W DPDx R GHO 呸HU F DGR U HO DW L Y 呸
D āW H UQDV SHTXHx R SDU D O D KDF L HQGD E O D DU U W HQV GDG GH F DSL W DO PD
t
呸ā呸HGHU RV GHO 3HU ~ SDU D PRGHU QL ] DU W RW DO PHQW H DO JXQDV KDF L HQGDV 7RG呸
呸 呸DV 呸HF L HQW HPHQW H 6KDQH +XQW KD SU RSXHV W R F RPR I DF W RU EV L
H F DU DF W HU L ] DF L yQ SDUD SO DQW DF L RQHV \ KDF L HQGDV HO JU DGR GH F RQ
R呸 HU HO L Q U HV R F DPSHV L QR SHU F DSL W D DO QL Y HO GH V XEV L V W HQF L D 1RV
F
H! DPRV V L QHPEDU JR O D PHGL GD HQ TXH W DPEL pQ SRU /JXQ/ DV L V W L PRV HQ
B呸 S/DQW DF RQHV D HV H PL V PR Y HH/R GH RSRU W XQL GDGHV R D/W HU QDWtY V V SD
t
ā 呸 HO W U DEDM DGRU DXQTXH V HD Y DO L pQGRV H GH RW U RV SU RF HGL PL HQW RV (Q W R
F DV R +XQW W L HQH U D] yQ DO HO HF L U F RPR RW U RV O R KDQ KHF KR HO JU DGR
\ PRGR GH F RQW U RO V REU H O D PDV D O DERU DO F RPR F U L W HU L R GH F DU DF W HU L ] D
-L yQ
LH O D KDF L HQGD R O D SO DQW DF L yQ 1R HV W DPRV PX\ V HJXU RV HQ F DPEL R
7呸H HO PDW HU L DO HPSt U L F R TXH KD PDQHM DGR O H DXW RU L F H W RGHY t D D V XV W L
W L U HO W DPDx R GHO PHU F DGR I DF W RU PHQF L RQDGR SRU :RO I \ 0L QW ] SRU HO
呸 呸F L R GHO PHU F DGR
YL L L
U HY HV 3XHGH KDEHU DJU L F XO WXUD GH H[SRU W DF L yQ VL Q SO DQW DF L RQHV 3RU
ā XHULRV HQ HO 3HU ~ GRQGH PD\ RU t D GH O RV DOJRGRQD/V V SRU HM HPSO R
U HD KDQ O O HJDGR D FRQV W L W XL U S/DQW DF t RQHV D SHU DU
GH VX U HO DF L yQ FRU
O RH 呸HU F DGRV PXQGL DO HV 'HQW U R GH O D SU RSL D U HJRF L DF L yQ $V SL O O DJD T呸呸
āX2LDPRV HQFRQWUDUHRRV XQD SUXHED $GHPiV GHO FD呸呸YHUDO GH &D\DOWL
I呸
UH
V SL O O DJD HU DQ XHxRV GH O D KDF HQGD D /JRGRQD, GH 3DO W R HQ HO GH
t
- 呸$
$OLII ( O$W
-WO
O HUSO HR GH SHRQHV O L EU HV \ HQJDJ O HPL O HR RH DU U HQGDW DU L RV \ FDPSD
F
RV GHV GH SU/QF S t RV GHO [t[ HU RV GHV GH 呸L QF L SL RV GHO VL
JO R[ [
t
/DV GL SHU HQF L V V H呸DO RGDV SXHGHQ (HU W U L EXt G( D GRV V H
U HV FRPSO HPHQW DU L DV GRW DF U R HV U HI HU L GRV XQRV D Q V L WXHRtyU SDU W L F BO
t
O U O H 3DO W R \ RW U RV D /V V FRU G Ft R UHV SU RS DV GH O D DJU t F XOWUU D /
t t
- RQH呸D R D] XF DU HU H FRPR VL V WHUVU V QDUDO HO RV SHU R L O GHQHQGL HQW HV B /RV PDV
L SRU W DQW HV V HU t DQ O D HV F DO D HPSU HVDUtD/ \ O D HV RF DFMyQ H U L F XO L XU D
t
U GXV WUtD $O SDU HF HU HO PHU F DGR L Q FHU QDF L RQDO R HO PHU F DGR XU WD L R
tULWHU QR V RO R KDQ DY RU 3F L GR HQ HO 3HU ~ HO GHV DU U RO O R G HO VL VW HPD FI HSL Q
L [
OF L RQHV D SDU W L U GH XQD FL HU W D HV F DO D HPSU HV DU L DO \ FXDQGR O D DF W L Y
t
O
G DJU t F RO D VH KD Y L V W R GL U HF W DPHQW H Y L QF XO DGD FRQ O D DF W L Y t GDG L QGW V
W U L DO (Q HV W H V HQW L GR SRGHPRV GHF L U TXH O RV DO JRGRQDO HV KDQ U HSU HV HQ
WFXR GXU DQW H HO VL JO R [[ HQ O D FRV W D SHU XDQD FDV RV GH SO DQW DF L RQHV I U XV
呸U GDV X
([SO L DXHPRV DKRU D FXiO HV VRQ O RV O t PL W HV GHO HV W XGL R V DF U H
&Q\ DO W L GHQW U R UH O DV SHU V SHF W L Y DV GL F KDV DU U L ED 0XF KDV GH QXHV W U DV
GHF L V L RQHV DO U HV SHF W R KDQV L GR DF RQV HM DGDV SRU HO W L SR GH L QI RU UQDF L Q
L V SRQL EO H 1RV KHPRV Y DO L GR I XQGDPHQW DO PHQW H GHO $U F KL Y R $V SL O O DJD L U
FU SRU DGR DO &HQW U R GH 'RF XPHQW DF L yQ $JU DU L D U HF L pQ FU HDGR HQ /L PD 6V H
U F KL Y R FRPSU HQGH GRV JU DQGHV V HF F L RQHV SDU D FDGD XQD GH O DV HPSU HV DV
呸呸U t F RO DV 3DO W R \ &D\ DO W L GH O D QHJRF L DF L yQ /D GRF XPHQW DF L yQ GH &]
\ RO W L FRQW L HQH O L EU RV GH FRU U HV SRQGHQF L D PDW HU L DV GH FRQW DEL O L GHG \
呸呸 呸HU V GH DV XQW RV Y DU L RV 8QD FDW DO RJDF L yQ GH HV RV I RQGRV I Xp L QL F L
HQ SRU LDLāF6RUQEOLFN呸 \ HV W D V L HQGR DPU O L DGD KR\ Gt D SU /R
" Q]R +XHU W DV (Q VX PDY F U SDU W H O DV FDU W DV GH O D FRU U HV SRQGHU F L D V RQ
O V HQY L DGDV GHV GH &D\ DO W L D O D DGPL QL V W U DF L yQ GH /L PD SHU R W DPE pQ H
W Q FRQV HU Y DGR DO JXQRV W RPRV GH O DV JL U DGDV SRU O D RI L F L QD SU L QF L SDO
呸Q V HF F L yQ HV SHF L DO W RF D D O D FRU U HV SRQGHQF L D HQW U H O D QHU RF L DF L yQ $V
UL/DJD \ O D FDV D +HQU \ .HQGDO O /L Y HU SRRO TXH GXU DQW H PXF KRV Dx RV JH呸
W L RQy O D FRPHU F L DO L ] DF L yQ GHO D] GF DU GH &D\ DO W L \ HO DO JRG$Q UO H 呸O W R
6O SU L PHU U GHQDPL HQW R GH O RV SDSHO HV &D\ DO W L 0DUFRUQ
L F NH U XL HQ G V WtQFXtp W U HV V HF F L RQHV SU L QF L 7
HV HQ O D FRU U HV
t
8 /
V GH O RV $V SL O O DJD
$SDU W H GH HV W DV I XHQW HV GRF XPHQW DO HV KHPRV REW HQL G L QI RU
FL yQ DQL F L RQDO V REU H &D\ I O O W L HQ GL I HU HQW HV DU F KL Y RV \ EL 呸O L RW HF DV F
ā VH Y H HQ O D W L EO L RJU DI t D I L Q呸O *U DQ XDU W H GH O RV GDW RV U HF R呸L GRV
/ - SX GHQ I L JXU DU HQ U V W D SU L PHU D U HFRS /RF/yQ SRU U D] RQHV GH W L HPSR
O
t
Q
" R \ HF RQRPt D GH HV I XHU ] R 1RV KHPRV O L PL W DGR SU L QF L SO PHQW H D VHO H(
PL U DTXHO O RV GRF XPHQW RV TXH V L U Y DQ GH DU R\ R D QXHV W U R HV W XGL R V
U H
[
呸 SHULRGR OJO R VHD HQWUH OD SRVW呸XHUUD GHO 3DFtILFR \ OD SUL
&UD JXHUUD PXQGLDO 'XUDQWH HVRV DxRV VH SURGXMHURQ HQ HO3HU~ FDP
LRV GHFLVLYRV HQ HO RUGHQ HFRQPLFR VRFLDO\ SROtWLFR (QWUH RWURV
GLYHUVLILFDFLāyQ HFRQyPLFD OD SHLHWUDF yQ GH ODV LQYHUVLRQHV H[WUP
t
HUTV 呸LUHFWDV \ OD LQVWDODFLQ GH OD 5HSyEOLFD $ULVWRFUiWLFD (VDV 呸R
GM呸LFDFLRQHV GH OD VRFLHGDG JOREDO SHUXDQD SXHGHQ WDPELpQ VHU DGYHUWt
V HQ VX DJUL呸XOWXU$ GH H[SRUWDFLy Q \ HO UpJLPHQ ODERUDODXH LQVWLWX
? )Xp SRU HQWRQFHV TXH HOWUDEDMDGRU FXQR RXH KRE D UHHPS/D]DGR DO
t
V呸$YR QHJUR IXH D VX YH] VXVWLWXtGR SRU HOFDPSHVLQR VHUUDQR HQJDQ
F
DLR QDUD OD SODQWDFLyQ +XELpVHPRV TXHULGR HVWXGLDU DGHPiV HO SURFH
GH SUROHWDUL]DFLyQ TXH FRQGXMR D OD DSDULFLyQ GHO RUUHUR UXUDO GHU
āaR GHO QXHYR VLVWHPD FDPSRIiEULFD 1RV KHPRV DEVWHQLGR VLQHPEDUJRSRU
- FWDU \D HQ PVUFKD \ PX\ DYDQ]DGD XQD LQYHVWLJDFLyQ TXH VREUH HVWH DVXQ
Haā DFH / RUHQ]R +XHUWDV
HVWH
(VWDPRV VHJXURV TXH ORV YDFIRV \ HUURUHV TXH FRUUWHQJ!
āH
-TMR VHUiQ PX\ UiSLGDPHQWH VDOYDGRV \D FXH &D\DOWL VH KD FRUYHUWLGR
D
XQD VXHUWH GH SODQ SLORWR FROHFWLYR XQD ]RQD LQWHOHFWXDOPHQWH VRWU呸
7 LODGD GRQGH HVWi Q H[SHULPHQWDQGR VXV FXULRVLGDGHV QXPHURVRV F HUUW,I
t t !
FV VRFLDOHV
3DUD VX PHMRU LQWHOLJHQFLD ORV GRFXPHQWRV TXH SXKOLFD
O6 KDQ VLGR FODVLILFDGRV HQ WUHV YUXSRV $GQtQ VWUDFty
t Q LQFOX\HQGR
`呸呸 RW U D SDU W H HO GHV DU U RO O R GH V XV S/ DUUW DF t F QHV HU D W RGDY t D D I L QHV
GHO V L JO R [ Y L L L PX\ L QI HU L RU DO GH O RV RW U RV SDt V HV DPHU L F DQRV 3RU
DW RQF HV VX SU RGXF F L Q W RW DO GH D] ~F DU QR V XSHU DED O DV B 4 DU U R
呸呸V &L I U H L QI HU L RU D O D TXH %U DV L O KDEt D REW HQL GR GRV V L JO RV DQ
W HV \ FL QF R Y HF HV PHQRU TXH O D GH &XED /D EU HF KD U HV XO W D PD\ RU V L
FRPSDU DPRV D O DV SO DW DF L RQHV SHU XDQDV GH HV RV DI t RV FRQ
O 呸 SU RGXF F L Q GH O DV FRO RQL DV I U DQF HV DV W QV L QJO HV DV
\ GDQHV DV W QV 1L QJXQD GH HV W DV FRPSDU DF L RQHV G呸
W H V L QHPEDU JR KDF HU QRV RO Y L GDU O D L PSRU W DQF L D O RF DO HQ W pU PL QRV HF 呸
ā t QW F RV \ V RF L DO HV GH O DV SO DQW DF L RQHV D] XF DU HU DV HQ HO 3HU ~ (O
RQ呸R GH O RV FDSL W DO HV L QY HU W L GRV I XH FDO F XO DGR D SU L QF L SL RV GHO V L
/R [L [ HQW U H D PL O O RQHV GH SHV RV *DV SDU 5 L F R V L EL HQ
呸 JXQRV F iO F XO RV PDV PRGHU DGRV D QXHV W U R SDU HF HU GHPDV L DGR SU XGHQ
6 *DU O DQG KDQ U HEDM DGR HV D FL I U D KDV W D O RV PL O O RQHV GH
呸HV RV /D U HQW DEL O L GDG GH HV W DV L QY HU V L RQHV HU D FRQV L GHU DGD XQD GH
O B PDV DO W DV GHO V HF W RU DJU , FR/D FRO RQL DO M XQW R FRQ O RV Y L x HGRV
L L QW U DV O D U HQW D SU RPHGL R GH O D W L HU U D HQ HO 3HU ~ Y DU L DED HQW U H XQ
4 <
FRU U HV SRQG D D O RV FDQDY HU D/ HV HQW U H XQ O RV PHM R
t
BāHV SRGt DQ U HQGL U KDV W D XQ 呸 GHO FDSL W DO L QY HU W L GR
(Q FXHQW R D O D H[ W HQV L Q \ HO W L SR GH XQL GDG GH SU RGXF
L Q GH O D FDx D KD\ TXH HY L W DU HO DQDF U RQL V PR GH SU R\ HF W DU V REU H
O ] pSRF D FRO RQL DO O DV FRQGL F L RQHV TXH SU HY DF L HU RQ PD呸 W DU GH GXU DQW H
[ 1R GHEHPRV HQ FRQV HFXHQF DH V XJHU L U TXH GXU DQW H HO V L JO R [Y L L L
ULXER XQD DV RF L DF L Q JHQHU DO SHU PDQHQW H \ DEV RO XW D HQW U H FDx DY HU DO HV
Y B J U DQ H[ W HQV L Q (XER GHV GH O XHJR JU DQGHV O DW L I XQGL RV \ JU DQGHV
FRQF HQW U DF L RQHV GH FDU L W RO RV F L O DQW HV HQW U H O RV \
HV RV U
HU R W DU
O EL pQ HU DQ PX\ L
U HF XHQW HV SHTXHx DV H[ SO R DF L RQHV GH
āX PDx R FDV L I DPL O L DU (Q 6Dx D \ /DPED\ HTXH SRU HM HPSO R XQ Y L V L W DGRU
I L F L DO U HV SRQV DEL O L ] HQ D O RV W U DSL F L F KL W RV GH L QGL RV FRPR
O D FDXV D GHO DEDQGRQR GH Y DU L DV KDF L HQGDV HQW U H O DV TXH PHQF L RQDER
呸D āF O W t $V t Pt V U QR SDU D O D V L HU U D QRU W H O RV &DEH] RQHV GH DO F DEO DV
PHU L F t RQDEDQ HQ +XiQXF R +XHU W DV GH FDx DY HU DO F Dx DY HU DO F L W RV
ā SHGD] L O O RV GH FDx DYHUD/
/D G V W U /EXF yQ JHRJU iI L F D GH O D FDx D
t t
呸 & HF p V QR FRL QF L Gt D H[ DF W PHQW H FRQ O DTXH V H L PSXV R PiV W DU GH GHV GH
呸 V HV XQGD PL W DG GHO V L O R [L [ /RV Y DO O HV GH 7U XM L O O R DU U 4
Oā \ FOT 6Dx D / DPED\ HTXH BRRR DU U REDV HU DQā O RV GHPDV EDM D SU R
āF H F L Q HQ O D &RV W D \ KDV W D L QI HU L RU HV D /DV SO DQW DF L RQHV V HU U DQDV
H $ !DQF \ DU U REHV (Q RU GHQ FH L PSRU W DQF L D SRGU t DPRV V H"t D
B U FRQ /HTXDQGD \ *DU O DQG O DV V L JXL HQW HV ] RQDV
, /DD
ILO呸呸 LLLt R Q 呸 L QW HJU DF L Q PHGL DW L ] DGD D O D HF RQRPt D PXQGL DO
O & RV WF FHQWUDW GHV GH HO 6 W KDV WD / RPDV \ 6 XU FKLFR - - DUUEV
727
/ā
GR UDD\ RU HV GHPDQGDV GH FRQV XPR (Q HO āF RQV XPR GH %] ~F DU GHO
HL XR 8QL GR HU D L H O L E FDV SRU FDEH] D HQW U H V H KDEt D HO HY D
GR D O L EU DV /RV SU HF L RV L QW HU QDF L RQDO HV KDEt DQ FRQRF L GR GH V X 呸
GR XQ DO ] D H[ " HSF L RQDO GHV GH I L QHV GHO V L JO R [Y L L L GHEL GR D O DV JXH
UUDV HXU RSHDV \ H WO RTXHRI U DQF pV $ SDU W L U GH V L QHPEDU JR
RV RV SU HF L RV L QL F L DU RQ XQD I DV H GH HV W DEL O L ] DF L yQ FRQ DO W L EDM RV TXH
呸H GHI L QL HU RQ D I L QHV GH O D GpF DGD GH FRPR XQD W HQGHQF L D D O D ED
M DGH O DU JD GXU DF L yQ GXU DQW H W RGD O D V HJXQGD PL W DG GHO V L JO R [L [ $
TX /ORV SU F GXF WRU H
V GHā FDx D TXH W HQt DQ FRQH[ L RQHV PiV L QPHGL DW DV FRQ
/ RV QHU F DGRV 呸XQGL 呸L 呸呸 呸呸SL H U RQ DSU RYHFKDU
HQ
XQRV
FDV RV O DV FR\ XQW X
U DV ID Y RU DE/ HV \ā HQ W RGDV
/ DV V L W XDF L RQH V GHPRV W U DU RQ XQD H[ W U DRU G QD t
R SO L F DF - yQ GH O DV PiTXL QDV GH Y DSRU (O SU L PHU L QW HQW R I XH KHF KR HQ
- DPD/ F D /D H[SHU /PHUUW DF yQ I XH GL I L F XO W RV D SHU R \D D I L QHV GHO
t
YW BL L VH KDEt D GHPRV W U DGR V X p[L W R HQ &XED GRQGH HQ H[ L V W t DQ
PiTXL QF V D Y DSRU HQ GL Y HU V RV L QJHQL RV /D GL I XV L yQ GH HV W D W pF QL
F 呸 I XH V L QHPEDU JR PX\ O HQW D $O %U DV L O O O HJy HQ D (( 88 HQ
呸 O R , QGL D HQW U H \ - DY D HQ (O 3HU ~ O D L PSRU W y PX\
ā U GL DPHQW H HQ GpF DGD GH O RV Dx RV
0HQRV SXEO L F L W DGR U HU R GH L JXDO L PSRU W DQF L D I XH O D E~V TXH
U
\ DGDSW DF L yQ GH QXHY DV HV SHF L HV GH FDx D ā +DV W D I L QDO HV GHO VL JO R
[Y L L L W RGDV O DV FDx DV GHO FRQW L QHQW H āD PHU L F DQR GHV GH HO 3HU ~ KDV W D
B£ET \ O RV (( 88 HU DQ Y DU L HGDGHV GHO W L SR V L QHQV L \ DU EHU L 3HU R
HU JU DF L DV D %O L JK - DPDL F D HPSH] y D FXO W L Y DU Y DU L HGDGHV GH 6DF
FKDU XP RI I L QDU XP / F KV H /DV FDI I DV GH %O L JK HU DQ SDU HF HU
R呸L L QDU L DV GH XQD ] RQD GHO 3DF t I L F R XU FRQ V X SU REDEO H I RF R HQ O D
L F L DO SDU D GDU XQ GHV DU U RO O R FRPHU F L DO DO GHV F XEU L PL HQW R $XQ HQW RQ
FHV O D EHW HU U DJD QR FRQV W L W Xt D XQ U HF 呸U V R V XSO HW RU L R \ FRPSHW L W L Y R HQ
[Y
V HJXU R V RO R HQ /L PD \ HQ W RGR HO 5HL QR QR V H W L D SRGL GR HV
W DEO HF HU XQ DU EL W U L R W DQ EHQpI L F R \ GH FRP~Q QF HSW DF L yQ
+DV W D DTXL KDQ V L GR GHV Y HQW DM DV O DV TXH V H KDQ H[ SHU L PHQW D
GR¢ 0DV TXH SRGU p HQ DGHO DQW H HV SHU DU V H FHV DQGR O D H[ SRU
W DF L Q GHO D] ~F DU QDF L RQDO TXH DQL TXL O D D W DQW RV Y DV DO O RV
DPpU L F DQRV \ GHV W U X\ H L QI DO W DEO HPHQW H HO FRPHU F L R H[ W HU L RU
\ O D 0H U L QD 0HU F DQW L O " ¢ 1R V RQ HV W RV 9DV DO O RV O RV TXH
PDQW L HQHQ HO (V W DGR V XI U L HQGR W RGDV O DV FDU JDV \ SHQV L RQHV
TXH O HV HM HF XW D O D I L GHO L GDG"
'HV SXpV GH O D , QGHSHQGHQF L D \ SRU XQ F XDU W R GH VL JO R KDV W D UH
GL DGRV GHO V L JO R [t[ O D /QGXVUtD D] XF DU HU D W XYR O R TXH O O DPDU t DPRV
L QH F U L V L V GH DGDS
W DF I yQ (V D I XH W DPEL pQ XQD FU L V L V JHQHU DO SDU D W RG
O V HF RQRPt D SHU XDQD 6X GHW HU PL QDQW H SU L QF L SDO SHU R QR ~QL F R I XH HO
- XHY R W L SR GH U HO DF L RQHV HQW U H HO 3HU ~ \ O D HF RQRPt 呸 PXQGL DO O R TXH R
VX Y H] HU D XQD FRQV HF XHQF L D GH O D U XSW XU D GHO , PSHU L R HV SDx RO 3HU R F P
VHU Y HU RV t PL O HV W DKL SyW HV L V HV V yO 2
XQD JHQHU RO L ] F F L yQ &RQY HQL HQW H \
F O D Y H] SHO L JU RV D <D HV W L HPSR TXH O RV KL V W RU L DGRU HV QRV GHPRV FXHQB
Wp F RPR Y DPRV W RQW D \ V HU Y L O PHQW H V XV W L W X\ HQGR HO SRV L W L Y L V PR H/HPHQ
WD/ GHV F U L SW L Y R \ I XQF L RQDO L V W D GH O D Y L HM D KL V W RU L RJU DI t D SRU QXHY DV
I yU PXO DV PiJL F DV TXH Y L V W DV GH F HU F D QDGD GL F HQ R GL F HQ GHPDV L DGR BU
W XU D D O RV PHU F DGRV PXQGL DO HV HV QDGD PiV TXH XQD ERQL W D I U DV H PL HQW U W !V
QR SRQJDPRV HQ HY L GHQF L D V X SU RF HV R L QW HU QR GH F DXV DF L yQ 1HF HV L W DPRV
V D呸HU GH TXp PRGR F RQF U HW R HV D $SHU W XU D V H U HO DF L RQy F RQ RW U RV I HQyPH
QRV SRO t W L F RV \ V RF L DO HV \ DI HF W y QHJDW L Y D R SRV L W L Y DPHQW H DO V HF W RU E
t F RO D +DEU t D TXH F RQV L GHU DU HQW U H RW U RV O RV V JX HQHV KHF KRV
t t
QGR FRPR XQ WRGR FDGD XQR GH ORV SHTXHx FV 3DWLGRL HREHLYLHQWHV
XYR TXH HQI
UHUUFDU HQWRQF HV HYHQWDRV DPHOWH SRU VLB LV PR - FIHUUV
LHFRQRUQLFD GH 呸RV SRGHUHV GH OWāDQLDU / D EDOFDQt]DFLyQ FLHO ,PSHUXF
VSDxR/ I
XH XQD GH ODV FDXVDV &H OD QXHYD GVSHQGHQFtD HFRQyPtFD GH OD
呸pULFG FULROOD (Q PHQRV GH GMBH DxRV GH%BFāM£ h 3 O PXFKDV GH
BB
6 H[SRUWDFLRQHV 呸V TXH FDGD
DJUDFR /RV SDLFH
呸 XQD F呸
VXXDPH
O
ULFDQRV
ā
(O D]~FDU 3@ WDEDFR HL RÂÂ] \ RWURV DUU^ FLRF SHU
XDQRV VH
FRQVXPtDQ HQ &K
" 4B
H QY H/ D HQ U
WRUXR WU FLEFV PDGH
UDV FDUQHV VH/DGDV RHWDV HVSHFLHV 1
呸RāBR 呸PGDEDQRV ¢
%R/tYtD F/ ( FXDGRU \ &HQWUH
?UpUL FD OLF- U
SD呸- UHFtEtU 呸Q
UHFRPSHQVD HO DIL \ /RV SHVHV IXH呸W U-RV YRLDPRV OLEUHV GH
HVD IDWDO RRQFXLUHQFD TXH OW LOH WG LOQLWDGD G¼ FRPHUFLRKD
YHQLGR D HVWDāRH3U HQ R 3HUX SDUD K
O
PRUWD
PHQH OD DJUBL
FXOWXUD \ OD DQGLVWUtD QDFWFQFt U /LPH呸 \ H- TXHxR YHQGtDQ
ELHQ VXV H]~FDUH
\ L S
FVFRV V āHTB呸
ā-x DXV QDUtQDV \ VXF
OLFRUHV HO PRTXHJXDQR VXV HJXDUFWBEUāHV \
FX]TXHxR \ H呸
SHQHILR QR GHMDEpOQ SRU HVR FH H[SHUGH VUV FF*(E VXV JUDURV \
ORV VREUDQWHV GV VXV WHU HQRF FXOWtYDURV 1R KDRDD HO WUHPVQ
GR H[FHGHQWH GHL YLQR GH āWUDOODF QL - Q
FRUFā F! JUDGRV ā
Q OD KDU/ QD /QWURGXFDGD FDXL /tEUHPDQR HU /RH PtVPFV ODJDUHV
t
WHV VHFWRUHV GH FDGD HFFQRPID DPHULFDQD 3RU PDV TXH VXV HIHFWRV PX/
WLSOLFDGRV D/FDQ]DUHQ D WRGRV HOORV SRGHPRV VXJHUIU XQH HVHD/D GH
VHQVLELLGDG HFRQyPLFD HQ TXH ORV PD\RUH HIHFWRV FRUUHVSRQGLHUHQ
ORV VHFWRUHV Pi V UHODFLRQDGRV FRQ OD HFRQRPtD LQWHUQVFLRQDO UUB"
MU LQWHJUDGRV GHQWUR GH OD UHVSHFW YD HFRQRP,D QDFtRQHO \ HQ I
XU
t
FLRQ GLUHFWD D VX LPSRUWDQFLD GHQWUR GH HOOD FRQ PD\RU tQGLFH GH
PRQHW ]HFtRQ \ FRPSDUDWLYDPHQWH PHPRV WUDGLFLRDOHV GHQWUR GHOD
t
\ D ILQHV GH HO TXLQWDO GH D]~FDU VOR YDOtD SHVRV VU! HRV
PRPHQWRV HOVXSHUi YLWGH OD SURGXFFLQ QDFLRQDOOOHJDED D TXLQ
WDOHV/ RV KDFHQGDGRV FRQILDEDQ FRQ YHQGHU HVDV \ PD\RUHV FDQWLGDGHV
FW &KLOH 3HUR HQWUH IUDFDVDURQ ODV QHJRFLDFLRQHV SDUD ILU
HQURQ RWUDV 6"OLG$V &RPR SU/ QFLSG RV GHO D JOR ; 呸; YROYLHURQ Q SHQ
t
VU HQ GLYHUVLILFU VXV PHUFDGRR GHQWUR \ WXHUL \ IXHUQ GHO SRtD (Q
OD &IO65 *LOEEV H[SRUWy ,QHO3WHUU SRUYt! GH H[SHULQHQW
FLyQ
5 WRQHOULG)OV GH )O"8&)OUSHUXDQV (O QHURFLR QR SURVSHUR UāRLRU VXHUWH
WXYLHURQ HQ F PUIR QO GDVSXWL] FRQ ORV YIx HGRV /! HO$FRUSFMyQ GH EHEL
QOFROLROL&$5 (VWa YH] HO DU]RE VSR OLPHxR QL V JXtHUQ SXGR /UP]VU 5QQ
t t
WP35 QL FRQGHQDU HVWH FRPHUFLR GHV/HRO 8Q3 GHPRFUDFtª āXH VH UHVSHWL
E呸 XQ (VWQGR VREH]DQR QR SRG D WROHU3UOR (Q WRGD &RVWQ /DV XO$QW3
t
FLHQHV GH FDUL$ HPSH]DURQ D SURGXFLU 5RQ 'HDGH XQ SULQFLSLR $S
UHFLH
7
XOH R SDUD YHQGHU ORV EXRXHV (O 5RQ GHO 6XU ID/V/ItFDED XQUGLHQWH
GH XYD (O 5RQ GH / LP5 VH GHHW QDE© SU QFtSVOPHUUWH Q H[SRUWLF tyQ 3RU
t t
a OJUQGRV 3RU FRQU L¢LHQWF GHEOOLWQEP QXV FR/ ORV VWQ
LWG
$ SDUWLU GH O MBQGXVFUL>O 呸呸XFUUHUā QHUXQQª āL QH呸HV 3 X呸
呸 IH GH UHFXSF呸呸FL呸Q (O
UHFUR ªRDtWYR -6 9 LHLFO呸
呸UR呸B3QGF
GHUQXM ¢
LB ULU- LIG HQWUH /RV FDXG O/RH ULLOLW UHV
t K $ O PtVPR āLLHPF FRQ LR
ā£BL~5 W
&OL VXV Y tQRX/RV
FRQ O &36$6 FRPF ]F R/ HD H[WUQM HU UUV MUÈHQ
t
- W* SU U R SR
HQRV
RU F
- 呸L L VWRULRJUOIË$ FRQV ¢Y呸URUW FRPR Oā ELVWRUL2I- 呸 IË ]HXGROUU呸LVW呸
& / D YHUGDGRUDPHQWH PDU LVWUL GHVXUF`& L3Q HUWRH /
HQyPHQRV &VXSHUH(
OUFW
WUUXHV FOLILFtQGyORāOHJUHP(QWH F呸 LUROORPQV FFLBQG呸ULRV GH
VMFRORIF! FR/HFWtYD +H QXL XQ UHOLRVR YF/R
LWyUāpR / O FL
Q
B H /DV VRFWHG GHH QR QXFGH OLL
LWLU£F 3 FR--ā£
UR
<
U ā R XUURQFt©
呸 O FF KRV QLY HO G呸 O' FV 呸LāLUGXULV HFF QyPtF RFHF FWD/ HH &HEH WUU- LI呸
UOLFLU PB JpQHVWV 呸H FX O VL Q I
H UQHU HQ I9 LULHUM
O $ LQWHU呸V
t
ā呸Q FXWUH HVWUXFWXUU
V \ VXSHUHVWUXFWXUV B
R ` £VW
RQ W呸`
UGH LU
WUF V HV GH F/ QVH 6V QFFHDV ]DR / QGF UU
FRPR VH WUUW5 呸 HV RV DUUWFL呸
'HQWUR GH HVWH SURI呸UULP FLEH LQ OXJ
U ULRULWU UMR 呸 7 HRU H呸
FWRULD GH O36 'HFLVRQH RXH F!GU QRR VRFLUW F W HFXWV / H FXF D
-
ON= VXSRQH XQ Q
LOLVLV W
H /DD FRUUHDSRQG HUUWHV LGHRORW^ LF
t 36 GH
U GF O$I
LPQJHQHV \ MXVWLILFLFLRQHV H/DERUDGUD SQU! SURPRYHU XQ
R呸'UWPLHUWR VRFtD/ FRQFUHWR 3UHFtFDPHQ
WF SQUQ SRQHU HQ HYLGH
O S]HGHWHUUQtQVFtpU O QHFHV/GRG K/ VWyUtFD GH HVH FRPSR< āWQPL©
H
R 6LQ Q HVWXGLR GH SURFHVHV GH PFGtRFtpQ WRGª K LVWRULU VHU呸
B 呸 RR/ R]tQ ( Q RWUDV SQOOU
OV QHF HV W PRD VFEHU OR U XH SHQV OQ
t
GF HM QLVLRV \ GH LQWHUHVHV ORV JUQGHV ]XFDUHUR SHUXDQRV 'H
6O6
W
U / D LQWHJULGTBG GH- SURF HV R
/ D GHILQLFLyQ W
VLF UORO JUXU JUtFROQ GRPtQQQWR SXFGH VHU
FQUHV!GL HQ IXQFLyQ GH YDUt呸 V SUHHXQWV ¢ &Xi, DUQ URO GHO 3HU~
[ULLL
GHQWUR GH OD PRGHUQD GLYLVLyQ LQWHUQFMBRQUO DHO WUQEQBMR" ¢/ U UHS~U-M
H GRE D VHU HFRQRP FDUDHQWH LJFDO D &RORQ
Ë t " ¢ (O IXWXUR GHO SD Dt
VWULE HQ O)- ,QGXVWUL5 R HQ $ ULFXOWXU呸" ¢4Xp F/RDH GH LQWHJUD
F pQ ORV PHUFDGRD PXQG tUWRD FRQYHQIª PQV" 4Xp SROLWLFQ QGRSWULU FL
t
WDGR (V FLHUWR TXH GXUUUWF ORV DxRV K LER D/ ]XQFV SUR\HFWRV U呸
āā£ PRQWDU XQD PDQXI DFWXUD PRGHUQD HQ HO UDPR WH[WLO &DVDQRYD
UR QR WXYLHURQ PD\RU p[LWR / D RVLFLyQ RILFLROKDELD VLFOR GHILUL
F
FOLH] DxRV DQWHV SRU HOPLQLVWUR - RVp 0DUtD 'pPGR FXDQGR FRQ SHVL
呸RV VH WRUHV SULPDULRV GH O5 HFQP D QRFLRQDO PLQHULD D呸ULFXOWXUD
/ Q HO &62 GH OD D呸ULFXOWXUD QR KXERVLQ HPEDUJRGXUDQWH HVWH S U/ p
HR XQ XHQDDPtHUUWR XQLILFDGR / RV SURSLHWQUDULRV GH YLx HGRV GHIHQGLH
URQ FDVt V HQURUH XQD QROËW FD SURWHFFLRQLVWD TXH HUD OD FRQYHQtHUUWH
t t
VXV LUWHUHVHV (O / tUUH RDPU R VtUPDItFDEY HQ VX FDVR OD /tTXtGª!
t
FLyQ HFRQy XFD 8QR GH VXV YRFHURV G呸F/D H P UL LDRV U@H VLJOR UHSOā
WLHQGR D XQ HFRULRP VWH HVSDxRO < R WDPWLpQ SURI
HVDU/ D ODV GRFWU/ QHV
t
LH/ OLEUH FDPEtR VL IXHVH tQU/pV R VL PL SDWULD HVWXYtHDH WDQ DGH
/[UUWDGD HQ OD FDUUHUD GH /D /QGXVU/ D FRPR ,PHODWHUUD / RV DXFDUH
URV HQ FDPELR IXHURQ PiV FDXWRV $SR\DURQ FLUFXQVWDQFLOPHQWH FLHU
WDV PHGtGHV SURWHFFLRQLVWDV $OJXQRV GH H/
ORV D WLWXOR SHUVRQR/ U
L
VHUWDURQ VREUH VXV EHQHILFLRV 3HUR HQ VX UQD\ULD VH LQFOLQDEDQ Vy
OR 呸U DFXHUGRV SUHIHUHQFLOHV FRQ VXV SDLVHV FOLHQW呸V +DVWD 呸XH
呸
D HQ OD VHJXQGD PLWDG GHO ; ,; \ GXUDQWH WRGR HO VLJOR ; ; VH GHFODUD
UU£ FDPSHRQHV GHO / tUH &DPELR
3HUR WRGRV FRLQFLGLDQ HQ QXH HO FRPHUFLR H[WHULRU SRGLR WH
QHU P HIHFWR SRVLWLYR VREUH O DH7 LFXOXUD QFtRQH/ ODVW
ORV PLV
H
U呸IRUPLVWDV SDUW GDUW RV GH O SHTXHxD SURSLHGā G VXVFUDELHQ HVWD
t
U
ā DFWLWXG IXHURQ ODV &QVLGHUDFLQHV VREUH O) $£ULFXOWXUD GH &DU
V / HGRV / LPR 6X DXWRU DFRQVHMDED QXHYRV V VHQDV GH WHQHQ
t
SREUH]D PLHQWUHV TXH OD FRQH[LQ 呸RQ ORV JUHQUOHV PHUFDGRV HUD XQ
;, Ë9
GH DOWRV UHQGLPLHQWRV SRGtD HQVYDU VX LQGXVWULDOL]DFLQ (VD OH S呸Uā
Z
H U 6LHUUD HQ ORV SXQWRV GH W 呸RV UHFXUVRV DSULFROHV
(V GHQWUR GH HVH FRQWH[WR TXH GHWHU RV FQWHQGFU HOUURFHVR GH
UQGHUQL]DFtyQ UFODWLYD TXH VH SURGXMR HQ DOJXQDV GH ODV H UUHV6 H呸
SHFXULDV SHUXQDV HOH WLSR F[RUWDGRU 'HVGH OXHJR HVD PRGHUQL]DFOWtQ
?UL VHJ~Q UHVSHFW Y DFW YOGDG HQ I
XQFL
LQ SULQFLSDOPHQWH GH /D
t t
HSLRMDGRV WX\ SURUUWR VH SURGXMR QD JUDQ PRUWHQGXG HQ ORV RYLQRV
ORFDOHV (Q DLULF
WXUD FRVWHILD HO VHFWRU Pi V UHWUDVDGR IXH HO GH
RV DOJRGRQDOHV / RV QXHYH SULQFLSDOHV YDOOHV GRQGH VH OH SURGXFtE
LXUD &DVPD 6DQWD ,FD 1D]FD &DPDQi 7FHPER 6DPD \ $]DSD Q WR
WOL]DEDQ PiV
H TXLQWDOHV DODxR WRGRVWUDEDMDEDQ HQ FRQGLFLR
QHV DUFDLFDV (U!Q SUi FWLFDPHQWH GHVFRQRFLGDV ODV PiTXLQDV GH GHVSHSBLB
呸TU \ SUHQV5GR / DV SRFDV LQQRY呸FLRQHV IXHURQ GH呸LGHV DTXt D 'RPLQJR
OtDV HQ VXV SURSLHGDGHV GH ,F /RV FDILDYHUDOHV GHVSXpV GH WRGD
DWUR GH HVW UHVLJQDFO呸Q WUDGLFLRQDO GHPRVWU3URQ PD\RU LQLFLDWLYH
FRQ OD UHQRYDFLyQ GH VXV WU5SLFKHV KRUQRV \ FDOGHUDV
/ R TXH QR IXH UHPRYLGR \ TXHG SU呸FWLR!PH呸WH LQWDFWR I
XR O3
FVW呸XFWXUD VRFLDO LQWHUQD GH ODV SODQWDFLRQHV OtH 呸RX^ FRUQR GLMLPRV
HQ OD ,QWURGXFFLyQ XQD GH ODV SDUDGRMV DSDUHQWHV GHO VLVWHPD &ILF呸
/tHWD PXQGLDO FRQH[LyQ HQWUH HJULFXOWXUD SHUXDQD \ ORV PHUFD
GV PXQGLDOHV SRGLD H[L呸LU QD PRGHUQLāDFLyQ GHO SURFHVR GH FRPHUFLD
/ ]RFLyQ \ HVW UX/ DU F UL
LRV WHFQR/R] FRV SHUR UFU VL PtVPH HVD FR
t t
EDM R &RQW L QXDU RQ O D HV F O DY L W XG HQ O D &RV W D \ O D V HU Y L GXPEU H HQ O D 6LHUUD /R TXH
HV PDV HV RV U HJL PHQHV V H DJU DY DU RQ W DQW R F XDQW R PD\RU I XH O D GHPDQGD GHO U HV SHF W L
Y R SU RGXF W R DJU RSHF XDU L R /R GL F KR Y DO H F RQ W RGD HY L GHQF L D SDU D HO SHU L RGR TXH HV
W XGL DPRV D SDU W L U GH KDV W D I HF KD HQ TXH HO JREL HU QR SHU XDQR SU RKL EL y O
"
HV F O DY L W XG HQ W RGR HO SDL V 3HU R SXHGH KDF HU V H H[W HQV L Y R W DQW R D HV D PL V PD O L EHU 呸
F L yQ GH HV F O DY RV GH FRPR DO U pJL PHQ GH W U DEDM R TXH O RV U HHPSO D] y HO W U I O I L F R
GH F RO RQRV F KL QRV 3RU TXH F RPR Y HU HPRV O D V XSU HV L yQ GH O D HV F O DYL W XG QR I XH XQ U H
VXO W DGR DXW RP$W L F R GH O D U HO DF L yQ 3O DQW DF L yQ 7U DGL F L RQDO SHU XDQD 0HU F DGR F DSL W DO L 呸
W D PXQGL DO V L QR GH XQD U HO DF L yQ PXF KR PDV F RPSO HM D HQW U H W RGRV O RV V HF W RU HV GH O D
呸F RQRPL D PXQGL DO / D V XEV L V W HQF L D GH O D L PL JU DF L yQ F KL QD DO 3HU G KDV W D SRU
O R PHQRV L QGL F D W DPEL pQ KDV W D TXH SXQW R HO V L V W HPD FDSL W DO L V W D GHO V L JO R [L [ SXGR
I XQF L RQDU V L Q DO W HU DU QHF HV DU L DPHQW H O RV V L V W HPDV O RF DO HV GH W U DEDM R SRU W U DGL F L RQD
O HV \ SU H F DSL W DO L V W DV TXH HV W RV I XHV HQ R SDU HF L HV HQ
&RQV L GHU HPRV SU L PHU R HO PXQGR V RF L DO L QW HU QR GH O DV SO DQW DF L RQHV SHU XD
QDV V L Q SU HW HQGHU HV F U L EL U XQD KL V W RU L D GH O D HV F O DY L W XG HQ 6XG $PpU L F D 1RV O L PL
W DU HPRV D U HV XPL U W U DEDM RV GH RW U RV DXW RU HV 7DY DU D $U RQD *DU O DQG 5RPHU R 0HQGL
EXU X %DV DGU H \ DO JXQDV L QY HV W L JDF L RQHV SHU V RQDO HV $O SU RGXF L U V H O D , QGHSHQGHQ
FL D SRO L W L F D HO V L V W HPD HV F O DY L V W D HV W DED I L U PHPHQW H HV W DEO HF L GR HQ HO 3HU G GHV GH
HO V L JO R [YL \ V X QGPHU R KDEL D L GR DXPHQW DQGR GHV GH O DV SU L PHU DV L QW HU QDF L RQHV
R I L F L DO PHQW H DXW RU L ] DGDV HQ I DY RU GH 3L ] DU U R \ 9DFD GH &DV W U R /RV F $O F XO RV TXH
GL V SRQHPRV V RQ O RV V L JXL HQW HV
āL
U
, QW HQGHQF L DV (V F O DY RV 3RU F HQW DM HV
, QW HQGHQF L D GH /L PD
, QW HQGHQF L D GH 7 XM L O O R O O
, QW HQGHQF L D GH $U HTXL SD
, QW HQGHQF L D GH 7DU PD
B B āā B ā呸8
ā,
, QW HQGHQF L D GH +XDQF DY F O L &D £
, QW HQGHQF L D GH *XDODQJD ā
, QW HQGHQF L D GHO R呸] F R O
V
B B>
BBBB
B B L
Uā
7RW DO HV
6DQW D
7RW DO
&HU F DGR
/ DPED\F TXH ā
3L XU D O&t
, QW HQGHQF L D GH 7U XM L O O R &D[DPDUFD 6
*XDPDF òXF R
3DW D]
&KDF KDSR\ DV B
7RW DO
[[Y L L
&8DGU R 3HU W O 呸 (VFODYRV SRU 3DUWLGRV
7RWDO
+XDLFDYH/GFU
,QWHQGHQFLD GH +XDQFDYHOLFD $QJDU£HV -
7D\DFD[D
&DVWURYLUUH\Qi
7RWDO
6DEHPRV PX\ SRFR DFHUFD HOH OD YLGD FRWLGLDQD \ HO U~JLPHQ ODERUDO G HV
WRV HVF/DYRV / RV GDWRV GLVSRQLEOHV VH UHILHUHQ SUtQFtSDOUQHUWH DO SHULRGR y
FRQ UHODFLyQ D ODV KDFLHQGDV MHVXLUDV 0DF"UD 6H KD SUHWHQGtGR TXH ODāHVFODYBL
G IXH HQ HO 3HUi FRPR HQ ORV GHPiV SDLVH FDWyOLFRV PXFKR PHQRV GXUD TXH HQ RWURV
WFUULWRULRV *)UFLUH HV XQR GH ORV TXH PHMRU LOXVWUD FRQ URPiQWLFD H[DJHUDFLQ HV
WSXQWR GH YtVWD HQ HO FDVR GHO %UDVt/ 7DQQHQEDXP \ OXHJR (ONLQV KFU
L 呸V L V W L GR HQ TXH KXER GL I W U HQF L DV L U L I L F DW L Y DV HQW U H F DFW D V L V W HPD HV F O DY L V W DV 呸
*
OQ FXDO IXHUH OD FXOWXUD \ OD HFRQRQLD GHQWUR GHO FXDO RSHUH (ONLQV KD FQIDWL]DGR
DUW FXODUPHUUWH 呸 RRRV FtyQ HQWUH GRV VLVWHPDV HVF/HYLVWDVH 'H XQ ODGR HO TXH VH GH
t t
QāUROOy HQ VRFLHGDGHV GH W SR /tEFUDM SURWHVWDQWH VHFXODUL]DGR \ GH FXOWXUD FSL
t
!O LVWD < GHORWURDTXH/ VLVWHPD PiV KXPDQDWDULR TXH VH GLR GHQWUR GH FRUUWH[WRV
F RQV HU Y DGRU HV S呸W 呸呸呸DO L V W DV F 4W yO L F - V \ F 呸V L U DF GL HY DO F V F R I XH HO F DV R HQ O RV L PS B
UtRV
[YLLL
GW (VSDxD \ 3RUWXJDO 0LQW] 6ODYHU< DQG HPHUJHQW FDSLWDOLVPV KD SXHVWR (
FY呸GHQFLD ODV GFELOLGDGHVBGH HVWD KLSyWHVL呸 &XHQWD SRFR HQ SULPHUOXJDU OD SUF呸HQ
FLD R DXVHQFLD GHXQD WUDGLFLyQ FVF/ DYLVWD HQ FDGD XQD GH ODV SRUFLRQHV FRUQSDUDGDV
,PSRUWD PDV HQ SDOiRUDV GH +LQW] HO UHVSHFWLYR IHQyPHQR GH WUDVIHUHQFLD WRWDO LU
FRPSOHWD QR
KDEL GH` / D HYtGHQFLD HPSWU/ FD GFUQXHVWUD SRU RWUR ODGR TXH OD +GHV
QDQt]DFtyQ GHO HVFODYR QR IXH PHQRU HQ /DV FRORQLDV FDWyOLFDV IUDQFHVDV TXH HQ ODV
DUWFV LWiQt
@O DQWDFL RQFV SU R GHVSHFKR
WFDW EU FDV $ GLFH ( O VD * RYHL D GH / D
V
ODV āDFWIIXGHV DFH£WDGDV HQ &XED呸呸VXEUD\DGR QXHVWUR Tā. HVWD /WLUQD FRPHQ]D ~
H WRGDV HVDV UDFLRQDOLGDGHV ILJXUD XQ FRPSRQHUUWH GH HILFDFLD GH FZQSOLPLHQWR GH RE
MHWLYRV *H ODERULRVLGDG HO ZRUNPDQVKLS GH 9 HEOHQ TXH SRQH EDMR VX FRQWURO HVWUXF
WXUDO UHODWLYR WRGRV ORV RWURV FRPSRQHQWHV LQFOX\HQGR HYHQWXDOPHQWH DO UHOLJLRVR
呸 1RV LQTXLHWD WDPEtpQ XQD SUREDELOLGDG (O HQGXUHFLPtHUUWR GH XQ UpJLPHQ GH WUDEDMR
QR HVWi QHFHVDULD KLVWyULFD \ H[FOXVLYDPHQWH DVRFLDGR FRQ HO QV WR
WUi GHVGH
ā XU VLVWH
t
D HFRËPLFR $ KDFLD XQ VLVWHPD HFRQyPLFR % 3XHGH RFXUULU WDPELpQ GHQWUR GHO VLVWH
āD $ \ DEVROXWDPHQWH GHQWUR GH HVH VLVWHPD FRPR UFVXOWDGR GH VXV FULVLV WLSLFDVHB
呸O呸FDV \ SDUWLFXODUHV VLQ WUDHU FRQVLJR QLQJDQD PRGWVtFDFDyQ JOREDO (Q WDOHV RFD
VRQHV XQD HFRQRPD WUDGLFLRQDO SDUD VHJXLU VLHQGR WUDGLFLRQDO \ PDQWHQHU VXV PIOU
BB LJXDOPHQWH WUDGLFLRQDOHV GH EHQHILFLRV SXHGH DFXGLU D OD VROXFLyQ PiV I呸FL WU,
W¢B GH HOHYDU OD SURGXFWLYLGDG GH OD PDQR GH REUD 6LQ TXH HVWR VLJQLILTXF PRGFUQLH
LyQ
(Q UHVXQHQ 3RGHPRV DFHSWDU HQ SDUWH ODV FRQFOXVLRQHV GH (ONLQV7DUQHEDPāā
呸UHLU呸 SHU R QR URU ODV PLVPDV U D] RQHV TXH HOORV DGXF HQ / DV GL I HU HQF L DV HQWUH 呸R呸
VVWHPDV GH HVFODYLWXG DPHULFDQRV DGPLWH呸 XQD ORFDOL]*FLyQ UHJLRQDO SHUR HVWD QR V
FH FDUiFWHU FXOWXUDO UHOLJLRVR 3HUR WDPSRFR SRGULD VHU H[SOLFDGD HVD DLIHUHQFLD QL
FDPHQWH HQ IXQFLyQ GH OD SUHVLyQ HMHUFLGD SRU HO FDSLWDOLVUU呸 FRQSFWLWLYRā'%ULRQ 'D
YLV QL SRU OD HPHUJHQFLD GHO FDSLWDOLVPR \ HO FUHFLPLHQWR GH ODV SODQWDFLRQHV
< ; O;
U W]` +DEULD Xā RQVLGHUDU W呸ELQ HO Y £- U!WTUā FLUWF
ODV VRFLHGDGHV WUDGLFLRQDOHV GRQGH VH GDED HO HVFODYLVPR LQFOX\呸GR HQ SULPHU OXJpU
/ ā HIHFWR FR\XQWXUX, G VYV FU,V V FIFOLFDV
t 3HUR WDPE WQ O V UODFLRQFV FUWUH
t B p
FVF/DYt WXG \ ORV RWRV VXEFRQMXQWRV ODERUDOHV PDQR G REUD VHUYLO HVWDFLRQDO /WF
%L呸 VH FRPSUHQGH TXH HQ HO FDVR 3FU~ FDVL WRGDV HVWDV FXHVWLRQHV VL'3L"
VLHQGR 0DWHULD GH FRQM FWXUD \ WDUUELQ OR TXH HV SHRU GH VLOHQFLR R FUXGD &HPDJRJLF
1R WRGRV KDQ HVFUtWR VREUH HO WHPD FRQ OD LPSDUFLOLGDG GH %DVDGUF / RU KLVWRUL呸X
UFV GH OD GHUHFKD X GLFHQ OD YHUGDG D QH- LDV SDUD IDEULFDU XQD URVDGD LPDJHQ G OL呸 B B ā
ODYLWXG HQ HO SDLV OLHQWUDV TXH ORV KLVWRULDGRUHV GH L]TXGFUGD WUDLFLRQDQ K DWD
FFU LHFODG \ H[LJHQFLD GHO SHQVDPLHQWR U,DU[LVWD \ YX/ TDUt]L Z- 6 &/ - ( WRV OXJ"U FV
PXQFV HQWUH /DV SRFDV H[FFSFtRQHVV 0DULDWHJXL &KR\ / R FLHUWR HV TXH D WRGRV QRH
ā W LQURUPDFLyQ 7 HQHPRV LQGLFLRV TXH HQ HO 3HU~ ORV HVFODYRVV SHVH D OD GXUR]U - H
/ DV KDFLHQGDV FRVWFx DV VXIULHURQ PHQRV TXH HQ HO iUHH IUDQFRLQJOHVD呸 ( D HVH VFXWL
QR SDURFF XQD DtPROR FRUWHVD GtS/RPiWFD OD GHFODUDFLyQ GHO ,LLQtVWUR
t LQJOpV HQ OMB
D FXDQGR HQ GHFODUy VX YROXQWDULR UFUWtPRQtR DO WUDWR JHQFUDOUFQW(F EXHQR GH
T!H JR]D OD SREODFLyQ HVFODYD HQ HO 3HUL \ VX DTXLHVFHQFLD DO HORFXHQWH DUJXPHQWR
- TXH OD HVFODYDWXUD SUHVHQWD XQ DVSHFWRā PX\ GLIHUHQWH HQ HO 3HU GH DTXHO TXH G
LL
DVFULWR KDVLGR WHVWLJR HQ HO ,PSHULR GHO %UDV / \ HQ ORV ((88 3DUHFH HQ U
M
t
呸£B WpUPLQR TXH ORV HVFODYRU WXYLHURQ H HO 3HU PD\RUHV RSRUWXPGDGFV SDUD SUHV F L ā
8 HVWUXFWXUD IDPLOLDU $XQTXH VX UUtYH, DO UHVSHFWR HUD PXFKR PiV EDMR TXH HO GH
ORV RWURV TUXSRV VRFLDOHV FRPR OR LQGLFD VX
WR SRUFHQWDMH GH KLMRV LOFJLWLPRV /H
RYLEL/
LGDG WHyULFD VLHPSUH LJWDO \ OD UFEDELOLFODG SUiFWLFD YDULDEOH VFJ&WQ OF
FLUFXQVWDQFLDV GH TXH FO GXHx R YFQG
LHUD DO KLM R GH 86 HVFODYRV I
XH GH KHFKR XQ IU
W-
GH GLVORFDFLyL IDPLOLDU +IOV VHJXUDV SDUFFFX KDEHU VLGR RWUDV YHQWDMDV UHODWB
āUV RUJDQL]DFLyQ GH FRIUDGLDV GH VRFRUURV UUUXRV PD\RU ILM DFL ā WHUULWRUL OL
ORV HVFODYRV UXUDIHV PLVFFJLQDFLyQ FRQ RWUDV FDVWDV FRPEDW GR GHUHFKR GH YtRXWUFV
t
呸EUHV FRPSUD GH OLEHUWDG \ FDPELR GH GRPLQLR SRU UD]RQHV GH VHUYtFLD
3HUR QDGD GH OR GLFKR LQFOLQD D WHQHU SRU YHUGDG DEVROXWD OD LPDJFD SāW`B
!OLVWD GH OD HVFODYLWXG GLYXOJDGD SRU ORV KDFHQGDGRV āSHUX: GHO VLJOR [L[ \ OXF\R
SF\ XQD VXEOLWHUDWXUD URPiQW FD t / RV HVWHUHRWLSRV GHO EXHQ£DWUQ OD DPLWD EO~!ā
U 呸 PDPi QHJU© \ HO SDODQJDQD HQJUHLGR KDQ FRQVR/ DGR PXFKDV PDODV FRQFLFQFLDV
L F/ PHM RU GH ORV FDVRV VyOR WXYLHUHQ XOJ2Q VRSRUWH UHDO
8 ORV FHQWURV XUEDQRV GH B
呸 R GHO VHUYLFLR GRPyV WLFR GR ODV FODVHV PiV SXGtHQWFV 3FUR QR HQ ORV PHGLRV UXUD
呸V 6H SXHGH FRPSUREDU DGHPiV TXH /D YHUV yQ LGOLFD IF VLHPSUH VRVWHQLGD SRU T
t
F
HUDU SDUWLGDULRV GHO VLVWFPD HVFODYLVWD 3XHVWR TXH ORV HVFODYRV HUDQ IHOLFHV ¢H
X GDUOHV OLEHUWDG" (Q VX5HFODPDFLyQ GH ORV YHQFUDGRV GHUHFKRV GH ORV KDFHQGD
V HO FRQVHUYDGRU - DVH
0DULD 3DQGR UQDQ/ SX/y SUHF DDPHUUWF HVWRV DUJXPHQWRV
t
OVLFRV SDUD GHIHQGHU OD HVFODYLWXG FU DWHQFLyQ D HO SFWHUQDt VPR GH ORV SURQHF t
B呸LRV FULROORV /DV SHRUHV FRQGLFLRQHV GH YLGD TXH VXIULDQ WUDEDMDGRUHV GH RWURV
DLVFV
; ; ;
3DWFUāODOLVāQR
6FDPRV MLVWR FRQ WRFRV (QWU^ ORV LLIHOLFFV UQRV G呸 HVFODYRV RV
GFVFFQFGHUUWFV ]PDULFDQR GH ORV HVSDLROUV VHQ ORV TXW MHQHUDOPWQW呸
6/ KDQ GLVWLQJXLGR SRU OD GXO]XUD FU HO WUDWR LH V QHJURV $XUUQ
-XV HSX- QWWV SRUUQHQFUHV GHO WU0MFR ORV FULROORV VH KDOODQ FRQSH
UDW呸YDPFQFH VLQ FXOUD \ H呸 H/ DUR TXH GH HVWR KD QDFLGR HQ JUDQ SDUWH
OD WUDQTXLOLGDG GH VXV V FUYRV呸 / RV DFWXDWF SHVB呸GR(6 & / V U/
t
S
&OEO DV
¼
ULFDL6 SDUWLFWOUUPHQWH ORV GHO )HU~ VH GLVQJXFQ 8/8
PDV W- Gi Y
SRU VX GX/]XUD H LQRXOJHQFL- WUFU呸呸 XWR HTULWDWtYR R
UH]FQRE]F TXH VH OHV TXtHUD KDFHU UHVSFQFRE/ā 呸/ -V FUIPFXF呸 O 呸ā呸
Q\RUHV \ UHGXFLU L OD LQOLJQFLD"
/D (VODYLWBG ` RWURV VLVWHULDV GH WUD !DMBJB OV]LL 呸呸呸VWD呸 \ SUHF ONLWD
OL呸
)R FRPSHUHPRV D ORV FVF
/ HYRV GHO 3HU~ FRR /RV G OpV FRURUULDV ! OYV
GH 1UWF $P&ULFD V DYDQ]DUHPRV D GHFLU TXH VX FRQGLFLyQ HV VXSFULF
QR VR/R D OD &H ORV YD//DQRV *HO āāRUUR GH (XURSD VLQR L呸YFOUQHQW呸
OD FH 呸QILQLWRV FXOWLYDGRUHV GW 7U/DQXD \ D OD GH O
6! TFQHUDOtGDy Gā
ORV MRUQDOHURV \ PDQXIDFWXUFURV XH OD *UDQ %UHWDLB
'XUDQWH HO SULPHU JRELHUQR GH &DVWLOD PXHFR DQWHV GH TXH HVWH )XWUD
/ LEHUWDGRU GH ORV QHJUVW HO &DQFLOOHU "D] 6R/GiQ FLV呸JL呸 XIMFLDOPWQWH H呸WW U呸ā W ā
H YLVWD 3D] 6R/GiQFSURSLHWDU/ R GH K]LF
LFQGDV pO OLV UUHL FRPR "
R TX 呸ā
FODYRV SHUXDQRV OOHJDEDQ D YtYtL PHMRU TXH ORV RILFLQLV
DV )UDULFHVHV \ T
& BRV !
U呸呸FURV GH ,QJODWFUU 9 DOH OD SHQDFWULXU LQWHJUDUX呸QWH VX /DUTR !GUUDIR FRPR D呸BFJD
UFSUFVHQWDW YR GH OD RS UQyQ TXH SUHYDOHFtD HQ /DV FODVHV UORPOOXQ呸 SHUXDQDFH
t
< QR VRQ FLHUWDPHQWH /RV DPRV SHUXDQRV ORV TXH QHUHFHU VLIULL
H GH呸
FDO-EURV MXGLFLDO)V (Q ODV SREODFLRQHV HO XHUUtH ā
QHTUWD FUHFH UH
UR]DQGR FRQ ORV QL3RV SDUWLFFSD GH VXV 呸OLPHUWRV - JRWRVMQ呸 YLVWH āB
GH VXV GHVHFKRV Y" ¢ /D HVFXHOD \ DSUHQ&) ?
< V£ F"呸SG呸L &XDLGR @O
JDQ / VHU V£
DQGHV YLYHQ FRQ FiHUWD IQLOLD GDG FRQ ORV HQ SDxHURV H
t
VX QtxH] \ ODV PDV YHFHV VRQ ORV IYRUāWRV GH /RV SDGUFV TXH QDWX
UDOPHQWH OHV KDQ WRPDGR XQ FVUtxF L- 2& 2 /QU
FULRU TXH SURIHVDQ B VXV
KLMRV SDUWLFXODUPHQWH ODV VHxRUDV GRWDGDV G ā呸Q 6 SRU /R FRP~Q Pi V
FRPSDVtYDV \ DIHFUXRVDV & HUQR HV FRQVLTXLHQWH HL UFVWR
OH V YLGD /H
SDVDQ PX\ IHOL] GLVIUXWDQ FRPRGLGDGHV PX\ VLāS呸U /RUHV D VX FIDV© \ HQ
PXFKDV FDVDV KDVWD GH OXMR UHSUHQVLEOH ¢+D\ FRVD PDV FRUU HQFH RXH t
SD
WRV GH UDVR \ SDxXHORQHV ERUGDGRV \ D~Q MRYDV G YD/ &U"
/ RV HVFODYRV GHGLFDGRV DO FDPSR QR VRQ PHQRV GLFKRVRV H SURSRUFtRU
VX J(QHUR GH YLGD (O UHJODQFQWR SUHVFUUEH GLH] KRUDV GH WUDKDMD
HQ ODV PiV FKDFUDV \ KDFLHQGDV VH GDU,DQ SRU PX\ V WLI¢GRV FRQ TX
IXHVHQ RFKR *HQHUDOPHQWH H/ WUDEDMR VH KDFH SRU FDUDDV H呸
HLU GH
VLJQDQGR 呸 FDGD HVFODYR XQD SRUFtyQ GH WHUUHQR QH OHKI
B LEUD "U呸
FXHUUWFPFUUWR VH Y呸 TXH ORV ODERULRVRV " LQWHOLUUHUWHV G呸VFLLFI?DQ VU WDUH
WHPSUDQR \ S GHQ XQD VHJXQGD \ DOJXQ V YHFHV KFFVWU WHUFFUH SRU UDpK
t
XQD GH ODV FXDOHV UHFtFFQ HO MRUQDO tH XKRPEUH /LE
H HQFUFOP呸Q呸H
HO PRQWH OHV HVWi D2
QGRQ呸GR SDUD TXH HQ OFV KRUDV GH GHVFHQVR FRUL H
/HxD TXH /OHYDQ WL YHQGHU D ODV SREODFLRQFQ LQUQH
OLDWDV D
OFXQFV FRQGX
FRQ DVWR FDQDVWRV 2 RWUDV WDUDWL MDD DXH VLHUQSUH HUFXHQWUDQ FRPSUD,R
UHV (VWRV VLHPEUDQ WLHUUDV TXH 呸H OHVGHVLQB WRGRV FULDQ J呸OWLLD
FKD£BFKRV \ RWURV DQLPDOHBV GRPpVWLRV TXH PDQWLHQHQ FXQ ORV JUOUO'6 W/
DPR FX\p? JHQHURVLGDG OHV GHMD WRPDUORV IUDQFDPHQLH (
SURGXFWR GH HV
WDV SHTXHxDV LQGXVWULDV XQLGR ¢ OD SURUQQD - PLQLF HV KDFH V HP
SUH SRVH DOJXQ GLQHUR TH 呸V HFRQyPLFRV YDQ D XUXOPG
SDUD FRQSU
XQ GLD VX OLEHUWDG SHUR TXH OD PD\RU SDUWH FRYVDJUD GH SUHIHUXLD
呸 DGTXLULUVH ORV JRFHV GH PHMRUDU HO YHVWL GR \ HO DLPHQWR SURSRUFLR
[[[L
$XQ H[L V W H RW U D FO DV H GH HV F O DY RV TXH VXSHUDQ HQ ELHQHV WDU p O RV GHO
VHUYLFLR GRPpVWLFR UXUDO HVWRV VRQ ORV MRUQDOHURV 3DJX WL VXV
DPRV XQD FDQWLGDG GLDULD PRGHUDGD PHGtDQWH OD FXDO YLYHQ SRU VX FXH呸
W D GHGL F DGRV DO HM HU F L F L R TXH SU HI L HU HQ /RV KRQEU HV JHQHU DO PHQW H V H
GHGL F DQ p DJXDGRU HV y FDU JDGRU HV GH HV TXL QD O DV PXM HU HV i F RF L Q呸U p? V
y O DY DQiHU DV 7RGRV JDQDQ V REU DGRV SDU D SDJDU V M RU QDO \ YLYLU HQ
PHG R G FXDQWDV FRPRGLGDGHV HSF WHF HQH $ PXFKRV / HV SURGXF H VX LQGXV
t
W U L D PDV GH GRV SHV RV GL DU L RV £ 'H WUHV p F XDW U R PL O I U DQF RV DQXD
OFV
%O DQF R V XV SL U DGR GH O D DI L F L yQ GH XQ RI L F L QL V W D I U DQF pV TXH V RO R RE
W L HQHQ SDU D FRQV XHO R GH O D Y HM H] XQR TXH RW U R EL HQKDGDGR F RPR JDO DU
GyQ G呸 DV L GXR W U DEDM R GH L QW HO L JHQF L DV EL HQ F XO W L Y DGDV < O R J呸
QDQ I I F L O PHQW H O RV HQY L O HF L GRV HV F O DY RV GHO 3HU R VL Q PDV TXH XQ W U DE呸
M R JU RV HU R GH V HL V 2 RF KR KRU DV HQ O RV GDV TXH TXL HU HQ GXU PL HQGR i
SL HU QD V XHO W D O DV QRF KHV HQ PXO O L GRV FR, F KRQHV GHV SXHV GH KHQF KL U
VXV HVWyPDJRV GH FRPLGDV VXFXOHQWDV \ VDEURVDV PLHQWUDV TXH DO WU呸WE
MDGRU GH ODV IIOEULFDV GH OD RSXOHQWD \ OLEUH ,QJODWHUUD OH YDOH XQ
FKH/
LQ FDWRUFH GLH] \ VHLV KRUDV GH ODERUHV PRUWIHUDV SDUD ODV TXH
QR OHV Gi IXHU]DV VX GHVDSDFLEOH \ GHVXVWDQFLDGD VRSD \ HO VXILFLHQWH
VXHx R TX/ DSHQDV VH OH SHUPLWH < HVWRV VRQ ORV ELHQDYHQWXUDGRV
SRU TXH V H O HV GL F H TXH V RQ O 呸EU HV \ DTXHO O RV L QI HU QDO PHQW H PDO KDGDGRV
SRU TXH 7OHY QQ HO DSHO O L GR GH HV F O DY RV GH TXH W QO Y H] QR V H DFXHUGDQ
M DP V
(O QL Y HO GH VDW V U DFFDyQ GH O RV HV F O DY RV GHEH KDEF U V L GR F RQ W RGR HQ
t
呸 3HU R L Q -F KR Pp V EDM R GH O R T呸H V XSRQD HO &D 呸FL O O HU 3D] 6RO GDQ 3U XHED VRQ O RV
QDO F QTXHV \ F L PDU U RQHV HO EDQGRO HU L V PR V RF L DO \ O DV VXEO HY DF L RQHV GH HV F O DY V RF X
U Ut GDV GXU DQW H HO SU RSL R VL JO R [L [ /RV F U L RO O RV \ HV SDx RO HV GHO 3HU I XHU RQ H HV
; ; ; L
WR OHV LHMRUF V MWF F HV 'XUDQWF WRGV OV FDUSD
LV GF Q&W HQH U F / 呸
PRU GH ORV FRORQRV [XHUDQ GHO 5H\ R GH OD 3DWULD HUD XQD SRVLEOH UHEHOLyQ GH &
O DYRV 3RU HVD UD]yQ 6DQ WIDUWLIW UXH UHFLELGR HQ / LPD FRPR QD 6DOYDGRU KDVWD ā
ORV UHDOLVWDV PËV OHFLGLGRV VX SUHVFXFtD JDUDQWL]DED HO RUGHQ VRFLDO HQ SHOLJUR
¢& XWOHV HUDQ SDUD ORV SURSLHWDULFV GH WLHUUDV / DV YHUUWXMDV GH HVWH VLVWHPD
FVFODYLVWD" ¢& XiL UHQWDELOLGDG GHO WUDEDMR HVFODYR HL F, ) F呸WL D SULQFLSLRV 呸 呸
[t[" ¢( Q TXp PHGLGD UFVWDED HFFQyPtFDPFUUWH FRQYHLtFUUWF OD FVFODYLWXG SDUD ORV
QLVPRV JUDQGHV DJULFXOWDUHV"¢4XO RWUDV RSFLRQHV FDE呸" ( O FDSLWDO FPSOFDFF UH呸ā
ORV KDFHQGDGRV HQ
W FRPSUD GH HVFODYRV HUD FRPR GLFH LQW] XQD IRUPD LQHO呸VWLFD
GH LQYHUVLyQ ( O GXF"LR QR SRGD GLVURQFU IWLFLOPHQW呸 GH D ) XHL]D GH WUDEDMR TXH
KDELD DGTXLULGR \ YHQGHUOD XQ GLD D RWUR 3DUD ORV HIHFWRV HOH XQD HUUSUHVD DJULFR呸D
/ RV HVF/ DYRV HUDQ XQ FDSLWDO W DQ I呸M R H LQPRYLOL]DGR FRPR OD WLHUUD PLVPD 'H KW
FKR DGHPiV 1DFHUD VXSHUDEDQ HQ PRQWR FDVL VLHPSUH D FDGD XQR GH ORV GH
PiV IDFWRUHV GH OD SURGXFFLyQ LQGLYLGXWLPHQWH FRQVLGHUDGRV WLHUUDV PiTX QDV t
UUDPLHQWDV HWF LV W- ORV QDK/ DQGR FHUQR HV VDEtGR GH XQD DJUFXOWXUD SUFLQGXV
WULDO HQ TXH OD PD\RU SDUWH GH OD HQHUJtD HUD SURSRUFLRQDGD SRU HOUUXVFXOR KXPDQR
(O YDORU GH OD LQYHUVLyQ HIHFWXDGD HVWDED VXMHWR D YDU DFtRQHV GHELGV t Q
PHURVDV FDXVDV QOYFO JHQHUDO GH SUFFLRV VLWXDFtyQ GHO PHUFDFR HVF/ DYtVWD UpLL
GDG LQGLYLGXDO GHO WUDEDMDGRU FWH SHUR GFSHQGID )XQGDPHQ
WD
/PFQWH GH XQD FXUYD
ELROyJLFD TXH LOFDQ呸DED V X PL? 呸L PR HQW U H 呸RV D呸RV G FGXG G呸O WU呸EDMDGRU U 呸
UD OXHJR LU GFFOtQDQGR SURJUHVLYDPFQWWF WHUQHQGR HQ &8/ QW FXR HO FLFOR ODERUDO
FVWDRD FRPSUHQGLGR HQWUH ORV DxRV GH HGDG 0FFHUD (VWD HUD DO PHQRV
D DSUHFGDFGyQ GH ORV SURSLHWDULRV GH OD pSRFD 3DUD FyQO
LUPp8
OD R QR GHEHPRV
QDU HQ HO IXW UR HVD DQFKD ODJXQD TXH HQ HO 3HU~ HV GFP2- 7
DLD UFWURVSFFWLY
SRU DKRUD QH GLDOtORV HQ SDx DOHV SHUR QL VDTXtRUD HQ HVWDGR LH VHU FRQFHEDFD L2
HVSHFLDOLVWDV HQ OD PDWHULD NXEOHU 9 ROOPHU 1RE/H &RRN FKFO KDQ SUHI
HULGR
HVWXG DU D ORV LQGLRV FQ YH] GH D ORV QHJURV
t & RL WRGD UD]Q SDUD ORV ILQHV GH B£BB
GLDJQyVWLFR JOREDO GHO 3HU呸 (QWUFW"QWR QDGD VDEHPRV DFHUFD GH FVSHFWDWLYD PFGL
GH YLGD HGDGHV QXSFLDOHV LQGLFFV GH QDWDOLGDG WDVD GH FUHFLPLHQWR GH - D £RF
FtyQ HVFODYD SHUXDQD 8QD YH] PDV HQ HO WHUUHQR GH OD KLSRWHVLV
(O KDFHQGDGR SHUXDQR FDOFXODED WRGRV HVRV IFWUFV DXQTXH ) XRVF
GH XQ PRGR HPS UtFR SDUD SURJUDPDU VXV
HJRFLRV
t 6REUH HVD EDVH GHO"LL ILM L8 ,RV
FRVWRV GH RHUDFLQ GHO WUDEDMR HVFWDYR / RV FRPSXWRV DO UHVSHFWR VRQ QX\
Op,āH
GRV FRPR /R KHPRV LQGLFDGR HQ HVWXGLRV DQWHULRUHV +DFHUD $ ILQH -
OD pSRFD FRORQLDO *DVSDU 5LFR ORV HOHYDEF KDVWD XQ yR GHO Uā
SULQFLSLRV GHO $U HUDQ DSUR[tQDGHPHUUWH GH WUHV UHDOHV SRU GtD
YDUODQG GHWHUPLQy HVD VXPD HVWLOOLDQ¢Rā O 8Q LQWHUpV GH III DQXDO
VRE呸H XQ YDORU SURPHGLR GH SHVRV SRU HVFODYR 8QD WDV GH
UHSURGXFFLyQ ELROyJLFD TXH FXEU D HO GH ORD TXH PRUtDQ
t
UGLGDV SRU IXJDG *DVWRV GH PDQXWRQFtyQ -呸
JHQHUDO QRV 34-%
FH TXH *DUODQG KD /QFXUU/GR HQ XQD VREFHHVWLPDFtQ * VHD XQ FRV
WR DSUR[tQDGR Gp SHVRV RU DxRHVFODYR HTXLYDOtD DO GHO
SUHFLR GH XQ HVFODYR DGXOWR VLQ DUH£DF QDGH D VX YDORU LQLFLDO
%H DTXt DOJOOUODV FULWLFDV D HVDD HVWLPDFLRQHV *DUODQG QR
FXDVWLL
LF H呸呸OtRLWPHQWH HO
LUFR IDFWRUULDQXWHQFLQ SHUR OR
FRQWDEt/ t]y
-RPHWL DVtX HUFRU PX\ IUHFXRQWH D~Q KR\ GtD HQ
WUH /RV HFRQRQQVWXU UDRGHUQRV \ TXH KD VLGR VHxDODGR SRU . X/ XXWB
OL]y PpWRGRV UOH FiOFXOR GH WLSR FDSLWDOLVWD SDUD HVWLPDU VLWXDFLR
QHD GH FDUDFWHU SUHFDSLWDOLVWD R TXH FRUUHVSRQGIDQ D XQ FDSLWDOBKV
LQIDQWLO FRORQLDO DOWHUDGR D PHGLR KDFHU \ PDO KHFKR &X,
- R XQ KDFHQGDGR /IPHx R DSXQWDED HLO XQD OLEUHWD TXH KDEtD JDVWDGR
SHVRV GH IULMRO HQ DOLPHQWDU D V呸V HVFODYRV HVH DSXQWH QR
%WHVWL*XDED XQ FRVWR \ PHQRV DxQ XQ EDVWR VRV IULMROHV HQ SUL
PFU /XJDU K¢EIDQ VLGR SURGXFtGRV SRU HO PtVUDR HVFODYR (O SUH
HLR YHxDODGR HUD DEVROXW FQWH LOXVRULR &RUUHVSRQGtD DO PHUFDGR
PiV SUy[LPR D OD KDFLHQGD QR D ORV SUHFLRV GH OD KDFtHQGD
VL
GH HVWR VH SXHGH KDEODU7
RU GOWLPR VL HQ YH] pOH OOHYDU HO IUL
MRO D OD FDFHUROF XHO HVFODYR KXELHVH HO GXHItR SUHIHULGR OOHYDU
OR D HVH PHUFDGR LQPHGLDWR QR OR KXELHVH SRGLGR YHQGHU R KXELH
VH EDMDGR PXFKtVLPR VX SUHFLR -
XHV DQWHV GH HO DEDDWHFL
呸LHQWR GH ODV FXGDGHV UHU- DQDV HVWDED HTXLOLEUDGR VDOYR FDVRV
FRPR OD JXHUUD GH O
O LQGHFUGHQFLD/ D WULEXFLyQ GH XQ LQWH
UyV呸 DO FDSLWDO HQ HVFODYRV VXSRQH XD
OWHUQVWLYD GH LQYHU
[[[LY
YH]V yQ
TXH HVWLULD LRU GHVWUDU D XHGL DQR SOD]R HQ PHGLR GH
t
MDGFU
,UHPRV USXUDGR \ QDV F D H呸%J*UDGH YROXQWDUtFPHQWH QXHDWLUDR
UHVHUYDV I
UHUUWH Q /HV Fi OFXORV GH 3LFR*DUOD
OG ,RV TXHGH DO IL
QDO XQD UDHUYF/DGD DFQDDFtyQ GH FDQVDQFLR \ IXWLOLGDG ¢ 'H TXp LU
YHQ QXHVWUDV FULWLFDVHQ HVWH LOOLVPR PRXFUXR GXGDWXRV OH OD LRUF
QHQFLD GH DO*XQD GH HOODV VL QDGD RIUHFHPRV HQ VX UHHUUSO呸]R"
/DV GLILFXOWDFHV GH *DU/DQG IXHURQ /DV
XLVXDV TXH KR\ WFGUL!呸
FXDOTXLHU R UR KLVWRULDGRU *ÏR VDEUHXRF DOJR Pi V FXDQGR WH
URV QXHYRV PDWLHUtDOHV GH LQIRUUQFLQDQWLJXDV FXHQWDV HOH QFFtHD
GD SHUF VREUH WRGR QXHYDV KFUUDPt HQWLDD FRQFHSWXDORV TXH QRV SH(
iWHQ DERUGHU HO SURE/HPD GH FFQXDRt/ tDDU GHQWUR HH VX SURSD
WLFD D ORV VLVWHPDV HFRQyPtFRD FDSLWXOLVWDV R VXEFDSLW(LFWZ
3DUD HQWRQFHV ODEUI TXH UHFFUGDU H呸 HO FHVR GH ORV HVF/DYRH 8/
KHFKR TXH QR QHFRV DHQF RQDGR KDVD RORUDOD /PSURGXFWtY/XDG H
t
WDFLRQDO GH WRGD DFWLYtRDF DJU/ FR/ H FRQR XQ IDFWRU TXH UFFUU]D
ORV FRVWRV GH WUD!DMR 6L RLHQ FVWD LPSURGXFWLYLGDG YDULE VH
; ; ; 9
¢
RVR D 7呸LPD VDQ KUWWQ GHFUHWyO" $ RVWR FH OD OLRHUā呸QG
GH WRGRV ORV HVFODYRV QDFLGRV HQ HO 3HU呸 呸 Sā- UWLU GHO GH - X
OLR HOH +R H[LJt RWUD IRUPDOLGDG TXH OD SDUWLGD GH QDFL
LLHUWR / RV JUDQGHV DJULFXOWDUHV SHUXDQRV QXQFU LHUGFQDURQ HVWD
GHFLVLyQ D VDQ OQ
WtQ 7RGL9 Ë
p
DxRV Pi V WDUGH HO &DQFLOOHU
呸 D] 6ROGiQD TX HQ KHQRV DRQFtRQDGRVRVWHQtD TXH WRGD OD OH
t
Ii FLO GH DFRQVHMRU FXDQWR TXH HVD OLEHUWDG HQ QX\ SRFR S
- 8OLF呸
ED VXV SURSLRV LFWāLHVFV S]RI
HV/RQD
OHR &RQWy WLDURELyQ HQ DHJXQGR
WpU8- QR 呸 SURStD H呸ā` ULFFtD SHUVRQDO GR *DL /-DUWL呸 呸Q WRGRV
RV SDLVFV GHQGH KDE/D LYLGR DQWHV
OH OOHJDU DO "HU~ QDE H pO t
Y/ V
WR FyPR / 呸D DJ ULF FO LQ
p呸 `2GLD I
XQFLFQD] (L YVFOYRV &呸F U
xFV PiV WDUGH FDVt VR OR UHSURFKDU/ D 4 FR呸HWFULVW呸 呸呸Q - XF URV
$呸UHV \
O LOHOD HWF GH HVFODYRV QH IXH VtQR XQD XRGtLD H
/ X© XQD RH/ DQGURQDGH GH OLEHUOLVZRQL 呸- JWBBU OH HVRV SDLVHV
HQFHUUDED HQ - X VHQR XQ āWFHUR WDQ FUHFtGF GH HVF/ UYRV QL FRPR
HO HHU~ WHQ/ D HO F~WLYR GH VXV FRQKDV HQFRHQGDGR VXD EUD]RV
3DUD HOORV OD GHVDSULFLQ GH OD HDF/DYDWUXUD HUD XQD SpUGLGD /
VtJQ
LItFDQ
WH LLUSHUFHSWLROH GH QLQJ~Q LQIOXMR HQ OD ULTXH]D SW
E,tFD SDUD QRVRWURV HFOLYDOLD D OD FRQGHQDFtyQ VXFHVLYD D OW
HVWHULOOGD呸 - RU PXFKRV DxRV GH QXHVWURV YDOLRVRV tXQGRV FH OD
URVWD
*DQ OLD[WtQ WXYR TXH FHGHU VLQ HPEDUJR 'HHS~yV GH WRGR / p
FUHLD SRVLEOH XQD 5\LOLFD HQ HO )HU~ \ XQH QRQDUTXID RU
'HDS~pV GH $\RFXFKR \ XQD YH] TXH %R/ IYD] VX JUDQ HQHPL
UR *DOL GHO UāHU~ ORV UDFHQGDGRD / WQVLILFDURQ VX FDPSDxD FRBJ
WUD ORV HVFODYRV ( UDQ HQWRQFHV PiV SRFFURVRV TXH QXQFD iV !呸
GRURVRV /DF/ XDR TXH HQ XtHQSRV GHO 5F\HSRUTXH HFXR KD GLFKR
HODXQGHMQVRVSHFKDEOH GH FXDOTXLHāāL]TXLHUGLVPR £D QR WHQLDQ
UUFtPD VX\R DO 5H\ OD WXGLHFLF R HO &RQVHMR GH (QGODD 呸LF 呸
XRG DQ GHVGH OXHJR DQXODU GLURFWDPHFWH OD GHF/DUDFtyQ GH OLLHUWF呸
t
4XH ,LDE DQ FRPEDWLGR EDMR ODV yUGHQHV *H FD DUWLU < ROLYD
t
*H VXV D
OtFGF GH OD UHYROXFLyQ 呸呸Q GHILWWL9 (W OD HVWUFWH L
ā ILF- ]
FRQVFUYDGRUD HQ ORU LVWF- IXH iVHQUR RWUDV F呸呸]FUB`V SRU £ XH VH
GLUL呸H D 8
DXGtWRFLR SHTXHxR \ SUHYtDUHQWF £XBāWXHUVXGL
RH
WDUUWR TXH ORV -MB
- HUDOHV DSHODEDU D //D LOXVRULF RSLQtyQ SEOFFLO
TXH QR HWtVW/ R āā ¢GH HVWDED WDO FBLQLQ LLEOLFD" VH ā HHV ā呸W,B
ED PiV WDUGH HO QHRJUDQDGLQR *DLUH VLLR WIOQtU呸RVB YHLFFGHURV
QHEORV VLQR DSHQ B LFOQFLRQHV" ā VXEUD\FGR UXHVWUR¢+L D TXp
OD
ā U GH VHUYLFLRV D L āFLQ V @ 3HU~ *RQ]i OH] DGD
HQ YH] GH XUD LDF/Q HUH VOR XQ WHUULWRULR DELW
FWGR"
( QFRQWUDUHR- WHVWLQRQLRV HOH HVW( FRQWUDRW
HQDiYD GH / XV
LURLWDULRV GH WLHFUF HQ FDVL WRGF / D OHJLVODFLyQ HQWUH O
"B
O LH FRUDFX]y SRU UHVWUQJL ODV FDXDFOHH GH OL
FF"WDG $2£
-- -9 &LF QHGt© QWLH H[tJHQF/DV £āR
D
R
ULDV TXH KDFtDQ TXLāQULFR HO 呸HVLR SRU UQyULWR GH JXHUUD $O
PLVPR WLHPSF 'H GLFWDED HO IDPRVR ,
HJOZHQWR GH āXQGRV 5GVWLFRV
TXH FRGLILFDED \ FRQU
呸UDE OFDOUHUWH / DV FRVWLOIILEUH \Q VHWD
EOFFLGDV HQ HO WDWR GH OY HVF/ DYRV QR \HUOR PiV D`OH
*U OFW 1
DQWLJXD / HJtV,DF/ yQ HVSDWR D VH WLLO6 PF +HHOUXUHQWR FRUFHQtD ā呸呸
t
呸WUH HO WUDHM R GH ORV HVFODYRV GHE D WDUāLLQ- U ?Q ODV F'D
t
FUDV D ODV RH W āVDUGH WROHUDED HQ FDPELR OH H[WHQDtyQ GHO
DRUDUtR KDVWD ODV RFKR GH OD QRFKH HQ
/D &DVDV GH "D\ODV
)RFR D SRFR ORV HVFODYRV IXHURQ HUGLHQGR OR TXH R呸EL
JDQDGR HQ OD SULPHUD KRUD GH OD ,FHYR/XFtyQ7 RV SXSLORV IXHURUB
QXHYDPHQWH FRQYHUWLGRV HQ HVFODYRVO LLH 呸YLHLOOEUH VH Q
J DO HVH/DYR HO GHUHFKR FRQFHGLGR SRU 6ROtYDU GH FELDU GH HOH
ZLQLR D VX YROXQW呸G $JRVWR \ SRU ~OWLPR HQ WLHPSRV GH
FLDODYHUU\O VH OHHDOL] HOFRQHUFtR H LPSRUWDFLQ GH HVH/DH
YFV SURFHGHQWHV GH RWURVSDIVHV VPHU/FDQRV
HQGXUHFLLOOLHQWR GH OD OHJLVODFLyQ HVFODYLVWD QR SXH- H
HU H[S,tFDGR VRODPHQWH WHQLHQGR HQ FXVFWD OD FtVLV GH OD /QGUV
WULD D]XFDUHUD GFPWF HVH SHULRGR FUtVLH D OD TXH QRV HPRV
UHIHULGR HQ SiJiQFV DUUWHU RUFD ]VH HQGXURFtPtHQWR p
HEH VHU FRQ
t
VLGHUDGR PDV ELHQ FRPR XQDtQYDU DUUWH HQ OD FRQGXFWD GH ORV WH
t
UUDWHQLHQWHV FRVWHt
LRH (Q HIHFWR GHVS~pV GH \D GHUURWDG
DQWD &UX] KOHMRU OD VLWXDFLyQ FRQIXFD GH ODV SODQWDFLRQHV
[ [[Y L L L
FFVSRFVF!
OLOLGDG /XGLYtGXYO HQ HO SURFHFR 呸 FULFR
ZRV DJU/FXOWRURV QR SXGLHURQ UHFDEDU GHO FRELHUQR HUXD
XQD IFDFFD DXWRUL]DFLyQ SDUD UHVW*EOHFHU HO FRPFUFtR JHQHUāXOLVD
~F GH HVFODYRV SHUR VLUHFLELHURQ SHUPLVR SDUD WUDHUORV FDVGH HO
7OUDVLO \ &RORPELD KDFHQGDGRV ILUPDURQ XQD TXHMRVR UHFUHDHQFD
FLyQ StQWLDQGR D O¢£ DJULFXOWXUD VHJ~Q GLUtD DJXGDPHQWH XDQ GH $
URQD FRPR OD 呸OHQXV GH ,LORGHVQXFOD \ VLQ EUB呸RR` B
O &RQVHM R GR
āV
DGR VH FRDSDGFFLy GH ORV VXIULHQWRV GH HVWRVā
F呸XG>FGDQRV //XV
WUHV < SDUpO QXHVWUD YHUJH]RGHVS~KV GH WRGR PH SUFJXQWLR ¢£RUD
YFUJHQ]D GH TXLyQ" HVH QRVRWUFVPH 2 āHFR H[FHVLYR HQ HVWH
\XLV YD/ \ GLVFR- āBBWLQXR HO呸DQFLOOHU GHO L
HF~ HVFUDEFy XQ OD
FUtPRVR / QI
RLQF HQ GFI呸p yH OD LWHUQDFLQ GH HVF/ DYRV GHO&KR
FRUFQEtHQR XBUD YH] SHUZp FRPSt/DU XQD HQWRORJLD XQLYHUVDO
OH OD LLIDUX H HO HH SDUD XVR GH 呸DVRLBXLV*DV 8Q OXJDU GH
QFU WRFDUtD D HVH WHFWR TXH FRQR]FR JUDFLDV D - RUVH FVFGUF
'LFH HO 0LUVWUR GHOāB HU~
FQ
7XHYD *UFGD WUDEDMDQ ORV
HVF/DYRR RFKR R GLH] KRUDV DO GtD HQ ORV ODGFRV HOH RUR
FRQ HO DJXD KDVWD OD URGLOOD EDMR XQ VRO /QI
HUQD, FRQ EB&-
VFOLOOR HQ UXXKDV KFLHQGDR S Q LQSHGLU TXH VH WUDJXHQ
RUR \ VLQ PiV DO/ DRQWR TXH GLH] R GRFH OOi WDQRV DO GtD/ H
VXHUWH TXH RO HDF/DYR GH &KRFy SRU FRPHU DOJR TXH QR VHD
SOi WDQRV FRPH ODJDUWMBMDV UDWRQHV \ DXQ SDUWH
H /DD FW呸O呸
HDORGD \
EUDV¢ < HQ RO FDPELR GH WDQ RGLRV¢ YLGD SRU OD FQRGD U呸
FRPSDUWLYDDHUFH RSXOHQWD GH ORV HVFODYRV GHO
O
RUā VH FRXHWHUi RIHQVD GH KHFKR D OD KXRDQLGDG"ā
$O JUDQ IXQFLRO,
LR SFUXDQR QR OH SUHRFXSDED GHVGH OXHJR F
呸R YLYtDQ ORV HVFODYRV GH &RORIILELD (O ƑLVPR VDELD TXH HQ RO 3HUG
R OHV GDED VL GR FRQQGD KDEODPRVGRV UDFDRQHV GH IUL呸 \ D呸
U/ QD GH ODt] DUUR] \ HDUQH HQ FLHUWRV FHVRV 8QD GLHWHF呸EXUYO呸
H X FDU/GDG RILFLDO KDE D VtGR FRQPRYtGU SFL ODV YVQWRMVV TXH
t
LD WU- -VIHUHQFLR 呸H FVF/ ]YRD RFDV/ RQDED HQ / DH KDFtHQGDF 呸"HUXX
LDV HYHQWX呸O%HQWH XQD GH ODV HX\DV (O Lt/ OLVWUR GHO 3FU~ FRQWL
XX呸ED L 呸JHQXD呸HQW F
ā
< QR H FUHD UXH VRQ GH HUXHxD PRQHD ORV EHQHI
LFLR* L82 VH EXVFDQ HQ VROLFL WGR FRQFHVLyQ tLO HVFO
YRV EDVIDU/ DQ 呸DUH HO FXOWLYR GH KDFLFQGDV FH FDx D HW`
XQD GH /HV FXDOHV GHMp
LFW XQD XWUt/ LGDG OLTBXLGX DQXDO H
[O
Q F呸HL呸呸LWLYH Dy/R OOHJDURQ L )
FU~ & &L RVHODYRV GHO &URF y
\ 呸H VH呸 F/F UWRD / HF F FO V RItFtDtHF OD DJULFWOWXUD FRVWHILD V
OHā DFXXX, &
£QR DQXDOHV GH V
OD
-&LD DO FDPE DU FX/ HFUDH
y t
I IUL RO / " U呸Xp QR SXGLHURQ ORV KDFFQGDGRV SDUWUWV UHVWDEO
FH
OHQDPH呸WF D PHGtFGRV GHO 呸呸M HO WUyILFR GH FFF/ DYRH" ¢- RUTXO
O V LV FHL HVF/ DYLHXD - HUX- QR SROLWFD
OHQWR WULXQIGRU FRQ HO OL
OLDULV PR GH *DPFUUD
H GHUURWDGR TX QFH Dx FV ,Op呸- WDUGH SRU O
t
HL PLOO
WDULVZR GH &F(WLOO呸W"*UāRUT/ HO HMpUFtWRERQGDUPH GH OL
,LHFKR GH LDGLRV \ QHV
WL]RH VH FRQYtUW HQ HO H- pUFLWR
OLEHUDOāā
t y
- H O
`WDPELpQ GH LQ&LRV \ QHVWt]RR XH GFF/ D TXHUHUXQH UHIRUV
UUX
L !呸 6HULD LQJHQXR DEODU GH XQD ā
FRQYHUV GH FRQFtHQFtDH
DWULEXLL
HO FDDEtR H[FOXVLYFPHQWH DO LQQHHDEOH RSRUWXQLVPR GH
DVWt/ OD /呸 H- BLOLFDFLQ VR HQFXHQWUD IXHUD GHO HVFHQDULR ORFDO
H ]HILHUH PDD RLHU V ORV
F DPEtRV TXH LEDQ RFXUULHQGR GHVGH SULQ
FtStRD GHO VLHOR >, HQ O WRW/ LGDG FLHO VLVWHPD FDSLWDOLVFD
Q RWURV -OWEU
LF OD SUHVHFFtV GHRDUUROOR HOH OD HVFOD
YLWXG HU HO 3HU~ 呸W-HURQ XQ VXESURGXFWR \ FRQGGFDRQDUUWH GH X LOWH
呸LVFLQ
OD HFRQRQtD UX?FO / D GHVDSDU/FLyQ GH HVD FDF/ DYtWLXG
IXH DVL UtVDR 8(W F[tJRQFtD / QSXFDWH GHVGH DI
XXUD HVWUDV KLSW呸
-LV VRQ H OR SUtQFtSDO ODV GH UDF ILLOOLDUQV&FWILW(
LVP DQG 6O'
U\ā %
F HYLQFQWLF TXH OD HVFODYLWXF DV HO WUi t ILFR FRPR
HO WUDEDMR DLUHFWR GO ORV HVFODYRV IXH XQD G /DV IXWHV TXH
R
URYH\HURQ OD DFXPXDFWyQ GI FDSDWDO QHFHVDULD SDU© HO GHVDUUROOR
呸XURSHR GHO FDSLWLVO/VR $R VyOR 呸 GH 呸HH I
XHUUWFD VLQR OR SUL
DHUD GH WRGDV
RV VtHWDPD FRORQLDO
HVSLQD GRUVDO GHO FDSLWD
OLV- FRPHUFLyO GHSHQGtD GH XQ PRGR R GH RWUR GH HVD HVFODYLWXG
*UR FL- FRQVLGHUDU HVWH yO
~LOR £XHQFR QL TXLVLpUDPRV OL,-LWB
6 D ORV HIHFWRV \ FLUFXLWRV GLURF呸RV
-DVWDUtD FRQ HVWLPDU ORV
\ DOJXQDV WRGDYWD HVWiQ YHUGHV 3DUD ORV VHFWRUHV PHWURSROLWFQRV HVD IDVH GH 呸
GXUDFLyQ FXRUt FDV L ORV GHO VLJOR [L[ \ DHWHUPLQ XQD GRVLt
tFDF LyQ GH
y 呸V
PHGLGDV DERO FLRQ
LVWDV HQ IXQFLyQ GH ORV FRVWRV JHQHUDOHV GHO UHHPSOD]R LQFBB
t
\HQGR HQ HVWH IFWRU OD VLWXDFLyQ GH FDGD HFRQRPD HVFODYLVWD SHULI
&FULFD /D
DEROLFLyQ GH OD FVF
ODYWXG QR FHUPtQy HB FXDQGR OR GHFUHWy ,QJODW/ UUD U
MUXHED OD VXEVLVWHQFLD GHO VLVWHPD HQ WRGD OD VHJXQGD PLWDG GHO [L[ HQ ODV FRª
QLDV IUDQFHVDV +RODQGHVDV 3XHUWR 5LFR O 6DQWR 7RPiV
&XED 'XUDQWH WRGR HVWH WLHPRR ,QJODWHUUD SDUW FLSy LQG呸UHFWD R GLUFFRt
PHQWH HQ ORV EHQHILFLRV GHO WUIOILFR (O FDSLWDOLVPR G/ My GHLLQLWLYDPHQWH G
R[WUDHU HVFODYRV GHO $IULFD FXDQGR VH /QWHUHVy HQ OD SXHVWD HQ YDORU \ OD FROR
UUL]DFLyQ WLHUUD DGHQWUR GHO FRQW QHQWF DI
ULFDQR %RUDK 0FOODIH £(VWD HV OD
KLVWRULD TXH SRU DKRUD QRV LQWHUHVD 3HUR SRGUtDPRV UX
,DGLU TXH HQ HVWD VHJXQG
PLWDG GHO VLJOR [[ \D QR HO FDSLWDOLVPF PDGXUR VLQR HO FDSLWDOLVPR JHUL呸WULF
KD YXHOWR D /QVWUXPHQWDU OD HVFODYLWXG SHVH D VX RULJHQ \ HVWUXFWXUD SUHFDSL
OLVWD & RPR OD PLJUDFLyQ FKLQD HVW LHRFVF/ DYLVPR VH GLVLPX/ D D WUDYyV GH FRUB
WUDWRV WHPSRUDOHV G WUDEDMR ,QFOX\H KR\ QXPFURVRV WLSRV GH GLYHUVD SURF呸GFB
FLD JRORQGULQDV HVSDx RODV H LWDOLDQDV DELVLQLRV FRQWUDWDGRV HWF / RV
UJ D
L]
PRV QWHUQHFtFQDWFV FRQRFHQ HVWRV KHFKRV SHUR ORV FDOODQ GLVLPXODQ FRPR LU 呸
t
PDFLyQ FODVLILFDGD GH WLSR FRQILGHQFLDO ( Q XQR GH HVWRV GRFLPFQWRV VFFUHWRV KH
PRV OHLGRSRU HM HPSORTXH ORV WUDEDMDGRUHV HVSDx ROHV HQ 6XL]D 呸¢"JLQ SRU PHW U R I呸W
HQ OD SUiFW FD UHFKD]DQ VXV GHPDQGDV 1L FXHQWDQ FRQ OD SURWFFFt yQ GH VXV M
t
VHV GH RULJHQ / RV DELV Qt RV HQ )U QF L D Y L YHQ F Q SF QV LRQFV F RO FFW YDV \ V RQ SH B
t t
R XQD FRPELQDFLyQ GH DPERV PRGFORV +XFVWUD VL H, FDUiFWHU RPQYRUR GH OD FFRQR
PD FDSLWDOLVWD SDUH O&, FXDO QR UFVXOWD LQFRPSDILEOH QLQJP UUHEDMR SRU R HB
W DO L V W D SU H F DSL W DO L V W D TDH SDU ] F X VHU
/ D SULPHUD FDPSDUtD FDSLWDMLVWD FRQWUD OD HVFODYLWXG HVUXYR DVRF DFQ FFQ t
FDPELRV L~WHUQHLV GL OD HFRQRPtD UQDQDLDO \ HQ SDUWLFXODU FRQ XQD QXHYD SROLW FD t
FRPHUFLDO GH ,QJODWUUD SRU HQWRQFHV OD SRWHQF D GRQXQDUUWH t +DVWD PFGLDGRV GH
[Y L L L JU DF L DV D %DU EDGRV \ - DU QDL F D ,QJO呸WHUUD EDELD UHFPIO]呸GR D 3RUW呸 FR
PR GHVSHQVD D]XFDUFUD GH ( XURSD 3HURFRUQR LQG呸FD OL- / tDPV, HVD KHJHPRQ VH
Yt DPFQD]DGD SRU OD FRORQtD GH 6DQWR 'RPLQJR TXH GLX I
FQFL呸 FRQWURO GHO
PHU F DGR HXURSHR
[OLL
(£D OD YLHMD OH\ GH OD SURGXFF yU HVFODYLVWD
t 6DQWR 'RPtQJR HUD PiV JUDQGH FXH
FXH/TXLHU FH/RU B EU WiQtFDM VX VXHOR HUD PiV IpUWLO \ PHQRV H[KDXVWR U呸RU HVR VXV
t
FRVWRV GH SURGXFFLyQ HUFQ PiV EDMV (O *XDQR GHO 3HU~ K EID VLGR GHVFXELFU
WR SRU OD JULDLWU UUXUWL'O \ - DPD/HD WHQLD GHW
HQVH I£ HQWRQFHV TXH "LWW
SDUD DUUXLQDU D 6DQWR 'RPtQSR SHQU QR VyOR HQ GHVDUUROODU IBO VLYWFPD HOH SODQWDF
y
!
OD UDX ySRF *HO &DULH L
- OOV VUWU GRE/DURQ ODV /PSRUWDFtRLHV
ā~呸FV OW &P UHUR HQ FDPEtR OO SUFFWXFFDyQ GH - OOQDLF呸 \ %DUEDGRV VH PDQWUYR
ā DUUL , QLVU WLHPSR VXUJDQ RWURU ) DQWDVQDV \ DPHQD]DV FXEH %UDVL/ 0DXU呸
呸R \ ODV S/DQWDF RQFV GH FDxD V呸 H[WHQRWDQ D/ RXVLDQD $XVWUDOLD 8DZDL \ - DYD
t
LLUUD (XURSD FRPR āWāUV YLVWR GFVDUURO/DED HO FXOWLYR GH OD EHWHUUDJD
(U呸 REYtR TXH ,QODWHUUp R SRGID FRUUWUR,FU HO PHUFDGF GHO D]QFDU EDViQGRVH
WQ OD SURFLXFFLyQ G O PDWFULD SULPD HQ VXV SURS DV FRORQLDV t 0HQRV DXQ SRGtD FUQ
B
OUOF TXH RWUDV SRWFQFL$ V 呸 VX WWX\HUDQ H[SORWDQGR P(呸/U WLHUUDV JUDFLDV O
UFEDMR HVFODYR 3HVH D ODV UFVLVWHQFLGV GH VXV SURSLRV FRORQRV HOSRGHU PRWURSF
BBWDQR VH SURSXVH Q- GFW/ F SROLWL呸 D UHILQDU D]~FDU PiV TXH SURGXF/U FDxD E
- WQWUR GH OD FXO OD HVFODYLWXG \ 呸 VXHUH GH VXV SURSLDV FRORQLDV D]XFDUHUDV HUD
O GH ORV P]PFURVRV KHFLRV D WFUHU Q FXFQWD /D VR/D /QGHSHQGHQF D GH ORV KLVSB
t
HVF呸ORQDFL呸FQWH OD DEROLFLyQ GF/ WUiILFR / DV GHFLVLRQHV I QD/ HV GHSFQGIDQ F
t
B 8FXOR GH FRVWRV \ EHQHILFLRV ¢&XWOO HUD OD GLIHUHQFLD GH FRVWRV FUUWUH HO SURGXFWR
&FO WUDEMR FTLWDOLVW] \ H/ SURGXFWR GHO WUDEDMR QR FDSLWD/ VWD" ¢&WOKO HUD O D
VLV
O
LILFDFL HFRQyPLFD GH HVWH WLPR SURGXFWR GHQWUR GHO iUHD FRORQLDO LQJOHVD
L H FRQWURO GLUHFWR"
1- HUD PXFKR @RT- H SRGIDQ KDFHU ORV WHUUDWHQLHQWHV SHUXDQRV HQ HVWDV FtUFXQV
WDQFLDV呸 'XUDQWH
OORV D SDU W L U GH U V L V W L F U RQ VLQ 呸PE- UJR ODV SUHVLF
Q呸V LQVOHVDV 6X GHIHQVD IXH KOELO FRPR KHPRV YLVWR SXH呸 VL ELHQ QR "呸GLHURQ HYL
WDU TXH VH SURKLELHUD HQ SULQFLSLR HO WU0LFR R FRPHUFLR H[WHULRU GH HVFODYRV HQ
F呸呸ELR PDQWXYLHURQ LQWDFWR HO VLVWHPD LQWHULRU GH HVFODYLWXG / DV JHVWLRQWV LQJO/
[OLLL
VDV T3 PHQFLRQDUQRV VH LQLFLDURQ HQ SRU HO1LQLVWUR LQJOpV HQ /LPD %HOIRUF
+LQWRQ LLOVRQ VLJXLHQGR ODV LQVWUXFFLRQHV JHQHUDOHV GDGDV SRU 3DOPHUVWRQ HQ QR
YtHPEUH GH (O TRE HUQR LH 6DQWD &UX] SUFPHWty VLQ RUPDOL]DU XQ FRP
t
ORV DxRV VLTXLHQWHV DGRSWDQGR HO 3HU XQD GLSORPDFLD GM/DWFU ~ILULDOPFQWH a
VH DGPLWLD GHO ODGR SHUXDQR /D QHFHVLGDG GH DEROLU HO WU>~LFR - XDQ 7iYDUD
3D] 6RODiQ 呸 SHUR VH LQYRFDEDQ DWQPDV QRUPDV GH H[FHSFLyQ SRUD HO FRPHUFLR
HVFODYLVWD HQWUH ORV PLVPRV SDLVHV DPHU呸FDQRV FDVR \D PHQFLRQDGR GHO &KRFy SRU
HMHPSOR
/ D FDDSDxD DQWLHVFOR!YLVW GHQWUR GHO 3HU~ IXH VXDLUOD SRU ORV OtEHU
OHV 1R TXHUHPRV SURQXQFLDUQRV SRU IOWD GH HVWXGLRV DFFUFD H OD LGHROyJLD
\ DFFLyQ SROWLFDV GH HVWH JUXSR VHU QHFHVDULR HQ HO )XWXUR DQDOL]DU TXH FR
i
QH[LRQHV KXER HQWUH HVH OLEHUXOLVPR SHUXDQR \ DOJXQ2V VHFWRUHV ¢!GLOHV" GH OD
EXUJXHVLD ORFDO (Q WpUPLQRV JHQHUDOHV HO OLEHUDOO- PR HUD SFUW GHUtR GHO GH
t
UUROOR /QGXVUWUtDO GHO SDLV \ GH /D IRUPLFLQ GH XQ PHUFHGR PRGHUQR OLEUH Gā
WUFEDMR TXH H[F,XID /D HVFODYLWXG &RQ UHVSHFWR LO VHFURU LJUDULR /D GRFWUL
QH OLEHUDO WXYR GHV£
£UUROORV WHyULFRV PX\ SREUHV \āQR VyOR HQ HO 3HU~ 3RG?V
DS/ LFDU SDUH HVWR FDVR OD RSLQLyQ GH
\Q )2?ā HQHQ HO VHQWLGR TXH HO Q呸
H/ HR GH OD GRFWULQD HFRQyPtFD RFFLGHQWDO VXU- Ly HQIRFDGR SULQL呸OPHQWH KXF呸D
HFRQRPLDV XUEQRLQGXVWULDOHV 6H GHMy D OD FFRQRPtD UXULODJUFROD VHJXLU
VHSDUDGDPHQWH \ FRL UHWUDVR VX SURSLD FDUUHUD DFDGpPLFD LQGHSHQGLHQWH (VWH
IHQyPHQR VH D呸DY HQ HO 3HU~ SRU HO FDUiFWHU FRORQLDO UHFHSWLYR \ FRQ HVFDVD
HODERUDFLyQ SURSLD GH WRGDV ODV LGHRORJLDV IXHVHQ FRQVHUYGFUDV R OLEHUDOHV
3DUD ORV OLEHUL!OLV SHUXDQRV IXH PX\ GLIFLO DGHPiV FRPSDWLELOL]DU ODV WHRULDV
GH VXV PDHVWURV HXURQFRV FRQ DOJXQRV SURSyVLWRV FRQFUHWRV GH V SROLWLFD ORFDO
7 RGRV HOORV FUDD FHVGF OXHJR SDUWLGDULRV GH OD GLYLVLyQ GHO WU"L呸- F \ OD PHFDQ t
]DFLyQ SURGXFWLYD 3HUR QR HVWDEDQ QX\ GLVSXHVWRV D HQFRQWUDUā HQ HVRV SU QFt! t
3RU VXV G
t VWDQFL呸?V HQRUPHV SRU OD FRUUWUDGtFFLyQ HQ TLH
呸 BHV KDQ SXHVWR ORV LXWHUHVHV \ ODV FRVW呸QHV SRU Ii
W GH DX[t/LRV \ UHJQODULGG¼呸V HQ VXV &-HGLFDFLRQHV S
RGW呸
WRV \ FRQVXPRV£ B(B ILQ SRUTXH ORV UHVW呸OWD呸RV GH 6 ODER
UHV LQGLYLGXDOHV YDQ D VXPHUUL呸FVH HL āQX\ RFDV SHUVRQDV
VXEUD\D RGH 5LFR GH XQD PHQFUD 呸H - ULWW呸URO H]D \ ā
MXVWLFLD SURKLEHQ \ UFSXTQDQ ORV SXHE/RV GHO SULPHU QRP
EUHHQ HO 3HUIL UDELOLWDQ R GHVWUX\HQ OD UU呸OWLSOLFDFLyQ
GH ORV VXED
OWFUURVā
£
XV WFUULWRULRV VH KDOODEDQ VL FXOWLYR QL WUDEDMDGRUHV / D JUP SURSLHGDG QL
VLTXLHUD EHQHxtFLDED
VXV GXHxRV FRPR SRGtD KDFHUOR SXHVWR TXH HUD LPSURGXFWLU
UR DGHPiV HUD UHVSRQVHROR GHO FQSREUHFLUHQWR \ GHVHPSOHR JHQHUDOL]DGR HQ
G FDPSR +DFLD VH KDELD FRPSUREDGR TXH HO GH ORV FRQWULEX\HQWHV
LUGLJHQDV GHO 3HUIL FDUHFIDQ GH WLHUUDV +DEDQ VLGR GHVSRVHtGRV SRU HO ODWLIXQ
āOLR VLQ TXH HVWH OHV RUUHFtHUD RWUD U/ WHUQDWLYD TXH OD VXERFXSDFLyQ FUyQtFF
(VWH SLRFFVR GH H[SDQVLyQ GH ORV "
QGHV GRPLQLRV UXUDOHV HUD DQWH
t RU D OD 5HSWOEOLFFW 'HVGH OD pSRFD FR/RUULDO VH FRQRFIDQ VXV GFI呸FWRV (O HVWD
OH HVSDxRO QR !XGR VLQHPEDUJR HYLWDUORV Oā9 FKRV SHQVDEDQ TXH SDUD FDPE DU ODVt
UWUQF
WXUDV HFRQyPLFDV \ VRFLDOHV GHO FDPSR KDED TXH JHQO呸UDU QXHYRV GLQDPLVPRV
SULQFLSLRV GHO VLJOR [t[ (O )
LVFDO (\]DJXLUUH FUH FQFRQWUDU OD VROXFLyQ HQ
U呸 PRGHUQt]DFLyQ GH ODV FRPXQLGDGHV LQGLJHQDV PHMRU GLFKR HQ VX /LTXLGDFLyQ
UURJUHVLYD VXVWLWXYFQGRWHV SRU XQ FDPSHV QDGR OLE I
t GH SHTXHxRV SURS HWDU/ RV
t
/WD IXH WDPEL&Q FRPR VDEHUQRV OD FRQYLFFLyQ GH %ROtYDU (Q OD SU呸WLFD FRQWU
-
呸 YROXQWDG GH VXV SURQRWRUFV HVWD SROLWLFD HQ YH] GH FUHDU HVH FDPSH]ULQDGR QR
OL]R DtQR IDYRUHFHU OD F[SDQVtRQ ODWLIXQGLVWD
$ PHGLDGRV GHO VLJOR [L[ OH FVWUXFWXUD DJUDULY GFO 3HU VHJXtD VLHQGR
呸Z
O GHILFLHQWH FRPR FLFL DRV DQWHV HQWRUSHFLHQGR OD IRUPDFLyQ GHO SDtV PRDHUQR
[OY
WXYR VHJXUR TXH KLELD SXHVWR HQ PDUFKD Q呸 MURFFVR LUUHYHUV呸EOH TXH KDEUWD GH
FDPRtDU OD WRWDOLGDG GpO JUR & UXDOR / D I
DOWD GH EUF]RV ODL呸LL TXH ORV KDFHQ
GDGRV UHSDUULHUDQ OD WLHUUD \ HQ YH] GH OD VOYLE- DSDUHFLHUDQ UH/ DFtRQFV - H
O RGLF F LyQ PXFKR PiV PRGHUQDV \ HILFDFHV $ FRQVHFXHQFLD GH HVWD VLWXDFLyQ GH
HWD 7iYDUD VH GLYLG呸U¢ OD WLHUUD \ HO WUDEDMR /UUWURGXFt pQGRVF HO FRORQLDMH \ HO
F[U HQGDPL HQW R SDU D ORV TXH OD DEROLFLyQ GH OD HVFO呸YLWXG D SUHSDUDGR HOHPHQWRV
D SURS-VWR
/ RV LQJHQLRV \ ORV OLEHUWRV /DQ]DUiQ HQHVH DQFKR FDPLQR GH ULTX
I GH EIHQHVFDU
1DGD GH HVWR RFXUULy &RQWUD WRGDV OGV SUHYLVLRQHV OD DEROLFLyQ GH O D
L
HVFODYLWXG WHUPLQy VLHQGR P JUDQāQHJRFLR SDUD ORV DQWLJXRV GXHxRV $QWHV TYH D
GD X呸Q PDQLREUD GRO RV D &呸O F XO RV SU XGHQF L DO HV HVWLPDEDQ 呸XH HO *呸呸L H呸QR SHUX; - R
VROR WHQtD TXH FRPSHQVDU D ORV SURSLHWDULRV SRU 222 HVFODYRV FRPSUHQGtGRV HQ
/RV DxRV GH HGDG / RV KDFHQGDGRV UHF/ DPDURQ OD FLIUD ILQDO / H
YtQ IXH GH 2EWXYLHURQ DGHPiV ODV VLJXLHQWHV YHQWDMDV &RPSH(
VDFtyQ SRU ORV HVFODYRV TXH OHJDOPHQWH QR HUDQ WDOHV QDFLGRV HQWUH HO GH
- XOLR GH \ HO GH QRYLHPEUH GH ,JXDO SDJR R VHD SHVRV
"DUD ORV OLEHUWRV IRVWHULRUHV D FX\R YDORU VLQHPEDUJR QR F[FFGLD GH S呸
VRV $XVHQFLD GH XQD WDEOD GH LQGHPQL]DFLyQ SRU HGDGHV OR FX/ SHUPLWLy TXH
UHFLELHUDQ SHVRV SRU DQFLDQRV TXH HQ HO SURSLR PHUFDGR HVFODYLVWD FDUH
FLDQ GH WRGR SUHFLR 3RU FRQVLJXLHQWH HQ YH] GH ORV SHVRV VHDODGRV SRU OD
OH\ ORV GXHxRV UHFLELHURQ HQ UHDOLGDG SHVRV SRU FDGD XQR GH DTXHOORV HVFOD
YRV VREUH ORV TXH SRGLDQ DOHJDU DOU£
P GHUHFKR 7iYDUD (VWD
LQGHPQL]DFLyQ IXH H[FHVLYD \ PX\ SRU HQFLPD GH OD TXH KDELDQ UHFRQRFLGR RWURV
DWVHVH FRORQLDV LQJOHVDV SV +RQGXUDV 1XHYD *UDQDGD
[Oā俵L
(VWH IXF HQWRQFHV VLQ GXGD HO VHFWRU PiV GLQiPtFR GH OD HFRQRUGD SHUXDQD 6X
E V W RU D V QHPEXU SR FVWi SRU KDFHU /RV PF M RU HV \ PiV U HF L HQW HV HV W XGL RV V RQ O RV
t t t
GH +HUDFOLR %RQt/ OD 8 FR\XUUWXUD FRPHUFLDO GH/ VLJOR [L[ HQ HO 3HU/LPD
y* \ 6KDQH +XQW 3ULFH DQG 4XDQWXP (VWLPDWHV RI 3HUXYLDQ ([SRUWV
3ULQFHWRQ &DGD XQR GH HOORV KD XVDGR PpWRGRV \ IXHQWHV GH LQIRUPDFLyQ GL
IHUXWHV SDUD DQDOLDDU ODV H[SRUWDFLRQHV SHUXDQDV VLQ LQWHUHVDUVH SURYLVLRQDOPHQ
WH SRU ODV LPSRUWDFLRHV %RQLOOD WUDEDMDQGF GHVGH %XURSD \ DOHMDGR GHO 3HUIOG
ELy YDOHUVH FDVL ~QLFDPHQWH GH ORV GDWRV EULWiQLFRV \ IUDQFHVHV 6KDQH +XQW HQ
FDPELR KD SRGLGR FRQVXOWDU DGHPDV ODV HVWDGLVWLFDV ORFDOHV SHUXDQDV 6D SXQWR GH
YLVWD HV SUHGRPLQDQWHPHQWH HFRQyPLFR GH DFXHUGR D VX SURSLD IRUI"ODFLyQ SURIHVLRQDO
%RQLOOD FRQ PpV GOOOSOLWXG LQFOX\H FRQVLGHUDFLRQHV SROWLFDV \ VRFLDOHV (Q JHQ
UDO SXHGH DI L U PDU V H TXH UXQERV W U DEDM RV VRQ F RPSO HPH呸W DU L RV /RV GRV DXW RU HV D呸
PLWHQ GHVGH OXHJR FVWFF
< OHMRV DXQ GH XLD FRQFOXVLyQ GHILQtWLYD / R SUXHED
O
&È GXGDV ODV GLIHUHLFL]V HQWUH DPERV WDQWR HQ OR TXH WRFD D YDORUHV \ YRO~UQH
QFV FRPR HQ OR TXH VH UFILUH D OD FURQRORJD GH WRGR HO SURFHVR H[SRUWDGRU SH
UXDULR GXU DQW H HO V L V O R [L [ (V SHF L I L TXH呸YV HV DV GL I HU HQF L DV HQ SU L PHU W pU PL QR
[OYLL
%RQLOOD +XQW
O
L 3RVW
FLOQ FRORQLDO\ 5呸 O KDVWD 5HFXSHUDFDyQ SRVWL
FHVR 5HSXEOLFDQR GHSFQGLHUUWF
- ,£ XDOHV WHGQFLDV 3H
2 SURJLW6LyQ /UULUUWHUUXPSLGD TXLQL 3ULPHUD (GDG GHO *XDQR &VWFQFDPLFWR
GD VDO WUH JXDQR 1XHYD &RPSRVLFLyQ
t
GH O DV RW U DV /;SRU W DF L RQF V
GH ODV H[SRUWDFLRQ/V
6H FRQVROLGD HO GHVDUUR %% 0DWOUH *XDQX $UH (VD
O O R - H O 呸V H[SRU W D呸L RQHV FFUQLHQWR GH ODV RWUDV H呸RUWDFLRQV / 呸
WD ([SDQVLyQ £RVWHULRU LDVWD P呸
GtDGRV
% 'HSUHVLyQ 3URIXQGD (QYDVLyQ \ FRODSVR
D 6LQ GHILQLU 5HFXSXDFLyQ /HQWD
* 1!$HYD (FRQRUQLD GH I[SRU
WDFLyQ
/ R TXH SDUD OOXQW HV XQ SURFHVR GH UHFXSHUDFLyQ KDVWD UH
VXOWD VHJyQ %RQLOOD XQ UHFHVR KDVWD (O HVWDQFDPLHQWR GH RWUDV H[SRUWDFLR
QHV TXH HO JXDQR KDVWD +XQW HV PDV ELHQ SDUD %RQLOOD SURJUHVLyQ \ FDPELR
GH FRUQSRLFLyQ 3DUD HOSHULRGR TXH HVWXGL0RV QRVRWURV HQ HVWH FDRLWXOR %
%RQLOOD KD SUHIHULGR XQD FDUDFWHUL]DFLyQ JOREDO GHVWDFDQGR HO XHVHUURO,R
G ODV H[SRUWDFLRQHV `LHQWUDV +XQW GLVWLQJQH GRV VXESHULRGRV OLPLWDQGR HVD H[
SDQVLyQ GH RWUDV TXH HO &
- i
O2 D ORV DttRV SRVW %RQLOOD QR FUHH QHFHVDULR
HVSHFLILFDU ORV HLHFWJVB HFRQyPLFRV GLW
(&WDLLLHQW
呸UQS£
£WDEOHV 呸 @D JXHUUD FRQ &KLOH
\ GHILQ XQ VROy SHU/ RGRBB呸H BJUDQ GRSUHVL yQ TXH FRUUH GH ,Hp呸 FR U t
FLGHUUWH FRQ/ D FR\XQWXUD FFRQyQtFD PXQGL D/ +XQW QH VH 3URQXQFLD QL GHtQH DFHU
FD GH HVWD GHSUHVLyQ /Dā LJQRUD GH KHFKR RLUSOLFLWDPHQWH OD DGMXGLFD H[F
OXVL
PHQWH D OD *XHUUD +XQW DGH/DQWD DGHPiV OD 3DVH GH UHFXSHUDFLyQ OHQWD TXH %R
QLOOD QR HQXQFLD KDVWD IHFKD WDQ WHPSUDQDFRPR
O
,
ā
/DQD +LWUDWRV $]yFDU $OJRGyQ &REUH 4XLQD
L
O RR
-
£
R
- L MO- L
呸 呸呸
2 %O2
66 FR OO
OO% R
)XHQWH +XQW " FXDGUR
1R VLHQGR HVWD QXHVWUD HVSHFLDOLGD GHEHUQRV TXHGDU D OD HVSHUD FR
PR W 呸V W L 呸- V GH XQD SRV W HU L RU DF O DU DF L yQ (Q F XDQW R D O DV F L I U DV TXH QRV GL V SH
VHQ %RQLOOD \ +XQW VL DGHPiV GH ODV VX\DV SUHIHUL"U!V SRU PRPHQWRV ODV PiV DQWL
- WD]
TXH HODERUy - 0 5RFUtDXH] 0RQWR\D L D TXLHQ WDQWR GHEHQ
KL V W RU L DGRU HV \ HF RQRPL V W DV I DU D QXHV W U RV REM HW L Y RV EDV W D SRU DKRU D XQD HV W L P呸
FtRQ GH ORV YHODUHV GHO FRPHUFtRIDVI H[SRUWDFtyQ FRPR LPSRUWDFLyQ
TXH QRV HYLGHQFLDQ OD WHQGHQFLD JOREDO GHO FUHFLPLHQWR
O
M
O呸
O
呸 O
O
O
F
O
ā O
6
O
OO O
O
IRRRRRR
E
"
[OLO
O
* O?
RY
B Q
呸
£
O :
- "
OOO&LL
呸 OOI
6
ā HV
OH
6H REVHUYD FRQ FODULGDG XQ DVFHQVR VHJ XUR GH ODV H[SRUWDFLRQHV D - U
WLU GH HQ TXH VH L呸LFLDURQ ORV QHJRFLRV GHO 呸呸DQR \ TXH DOFDQ]D VX P呸LPR
HQ HO TXLQTXHQLR O* $ SDUWLU GH HQWRQFHV OD WHQGHQFLD VH /QYLUWty FR
LJXDO ItUPH]D VREUH WRGR HQ /DV H[FRUWDFtRQFV $ PHGLDGRV GH ORV DxRV KD\
P QXHY R PRY L PL HQW R GH U HF XSHU DF L yQ HQ SDU W H U HO DF L RQDG呸 ā&RQ HO 6DO L
W U H \ HQ
SDUWH FRQ RWURV SURGXFWRV BVH PRYLPLHQWR SRU VX LQGLFH DQXD
O GH FUHFLPLHQWX
IXH PXFKR PiV WHPSUDQR \ SURQXQFLDGR HQ ODV LPSRUWDFLRQHV
(V GLILFLO HVWDEOHFHL OD FRPSRVLFLyQ G HVWH FRPFUFtR VHD HQ OD LQSR(B
WDFLyQ FRPR HQ OD H[SRUWDFtyQ£
\ VREUH WRGR LUGLFDU HQ HVWH ~OWLPR U呸QOQ OR
TXH FRUUHVSRQGLy DO JXDQR 3HVH D ORV FVWXGtRV GH RGULJX] \ /(YLQ
FDUHF F DRV GH FLIUDV / QGXGDR
/ WV ¢& X$ QWDV WRQH/ DGDV - H JXDQR VH YHQGLHURQ DO H[
WUDQMHUR FX呸O IXH VX SUHFtR \ YDORU ILQDO" +H DTFË SUHJXQWDV WRGDYLD VLQ UHV
"8HVWDV %RQLOOD FXDGURV 呸 \ QRV KD / DGR ORV YDORUHV GHO JXDDR \ RWUDV
H[SRUWDFLRQHV SDUD ORV D
RV 3HUR DQWHV GH XVDU HVDV FLIUDV QHFHVLWD
QRV VDEHU DOJR PiV FFHUFD GH ORV FULWHULRV \ RSHUDFLRQHV HMHFXWDGRV SRU %RQL
OOD 3UREDEOHPHQWH HO HVIXHU]R P>ó V VHULR \ FRPSOHWR VREUH HVWH PDWHULD VHD KD呸
WD OD IHFKD HO GH - 0 5RGULVXH] O $Vt / HYLQ FRPR OOXQW VH KDQ EDVD
呸R SULQFLSDOPHQWH HQ O 呸V F L I U DV GH 5 RGULJXF] SDU D HO DERU DU O DV V X\ DV SU RSL DV
5RGULJXF] PLVPR V3FPEDUDR HUD UHODWLYDPHQWH HVFpSWLFR \ GHVLOXVLRQDGR DFHUFD
GH VXV SURSLDU FRQFOXVLRQHV +HPRV W U RSH] DGR GHF t D F RQ XQD VHULH GH RE呸
DFXORV \ YDFLRV YHUGDGFUXPFQWH LQVXSHUDEOHV B
?VL QR VH VDEH FXDQWDV WRQH/ DGDV
H[SRUWDURQ GH ODV LVODV FDGD XQR GH OV FRQVLJQDWDULRV QL HQ ORV DUFKLYR呸
GH +DFLHQGD H[LVWHQ WRGRV ORV GDWRV QHFHVDULRV QL ODV PHPRU DV GH ORV PLQLVWURV
t
RIUHFHU F O UHVSHFWR WRGD OD OX] TXH HV GH GHV F DUY $OJXQDV GH ODV IXHQWHV RUBL
FLDOFV PiV XVDGD DXQ KR\ GLD 2UWL] GH =HYDOORV ,OJXHUD VyOR FRQWHQtDQ FLIUXV
JOREDOHV SDUD SHU L RGRV PX\ ODUJRV R FDQWLGDGHV SDUF
LDMFV - L O RV SURSLRV PLQL呸
JURV GH +DFLHQGD GH OD &£
RFD SRGIDQ KDFHU Qi &RPR UHFXHUGD 5RGUtJXH] OD FRQ
呸DEL O L GDG GHO JXDQR HQ HO W L HPSR GH O DV FRQVLJQDFLR~&6 VH U HGXM R KDV W D 呸
XQRV OLEURV OODPDGRV GH 2XHQWD &RUULHQWHV TXH FRSLDEDQ WH[WXDOPHQWH ODV FXHQ
WDV GH /RV FRQVLJQDWDULRV RVFXUDV \ ODFyQLFDV VHJ
WP OD H[SUHVLyQ GH ORV FRQWD
- RUHV SE/tFRV +ROJXLQ \ 5HLQH / $ SDUWLU GH HO VLVWHPD FDPELy QXRR
GRV OLEURV 'LDULR \ 0D\RU ā
SHUR HQ HVWRV FUHFH OD RVFXUtGDG VL HV SRVLROH SXHV
VH KD IRUZDGR XB / DEHU/ QWR GH FXHQWDV WDQ LUUHJXODUHV \ GHVFRQFHUWDGDV TXH VL HVWQ
*LR GHPDQGDUi PXFKR WLHPSR
/ D FRVDV QR PHM RUDURQ FRQ HO &RQWUDWR 'UH\I3XV & R
LR QR VHUi GH LUiJLO OD LQL
XUQZFLy GtVSRQtEIH FXDQGR +XQU FDOFXOD VLQ GXGD SDUH
VX SURSLR DVRPEUR TXH HO EHQHILFLR REWHQLGR SRU HO *RE HUQR SHQXDQR HO HQH FRXWUD
t
W! DOFD] DO DEVXUGR GH XQ 呸 GH ODV YHQWDV WRWDOHV
7HQLHQGR HQ FXHQWD HVDV \ RWUDV /tPtWDF RQHV ODV £
t D]RQDEOHV FLIUDV OH
- / 5RGULL8H] VRQ ODV VLJXLHQWHV
&RPR LQGLFy 5RGULJF] HVWDV FLIUDV VyOR VRQ DSUR[tPDW YDV t R ā呸QF- X
\ HQ SULPHU WpUPLQR ODV H[SRUFDFLRQHV &KLOH \ &HQWUR 3PpULFD ,QSOLFDQ DGHPiV
XQD VXEYDOXDFLyQ SXHV VHTQ 5RGULJXH] ODV FDQWtGD,HV HHFWLYDPFQWH H[£RUWDGRV GX
UDQWH DOJXQRV HxRV ,
XHURQ GHELGR D PDQtREUDV GRORVDV HO GREOH GH ODV TXH pO FRQ
V呸呸y +D\ SXHV XQD SULPHUD GLIHUHQFLD HQWUH
ORV YROiPFQHV RILFLDOHV \ ORV YRO
OP呸
DHV HIHFWLYRV G H[SRUWDFLyQ & XTXLHUD GH HVDV FDUW GDGHV UHVXOWD DVLPLVPR LQ(
t
ULRU DO JXDOR H[WUDLGR GH ODV GLYUVDV FDEDGHUDV SXHVWR TXH QR VH FRPSXWDQ DYHU DV t
3pUGLGDV HWF 3RU OWLPR \ HV OR PiV JUDYH QR KD\FRtQFDGHQFID DXWRPiWtFD HQWUH
ODV FLIUDV GH H[SRUWDFLyQ RILFLDOHV R HIHFWLYDV \ OD FDQWLGDG GH JXD YHQGLGR
HQ HO H[WUDQMHUR &DGD WRQHODGD GH *XDQR GH %XHQD &DOLGDG SRGLD VHU PH]FODGR FRQ
GRD R WUHV WRQHODGDV GH *XDQR ,QIHULRU 'H HVWDV PDQLSXODFLRQHV QRV GLFH 5RGUL
呸p]KD\ SUXHED HYLGHQWH GHVSXpV GH SDUD ODV ILUPDV 2KOHQGRULI\ 6FKU呸GFU FR
QHFWDGDV FRQ 'UH\I
)XV 3HUR IXH XQ SURFHGLPLHQWR DSOLFDGR GHVGH PXFKR DQWHV
7RGDYLD P$V FRPSOLFDGR HV HO SUREOHUD GHO YDORU GHO*XDQR (VWDPRV
VSHUDQGR WRGDYD XQD PRQRJUDILD SDFLHQWH \ PLQXFLRVD TXH QRV DFODUH GHILQtWLYDPH(B
WH ORV SUREOHPDV UHODWLYRV DO 3UHFLR GHO*XDQR \ DO 7LSR FLH &DPELR GH OD PRQHGD
SHUXDQD 1R VH WUDWD DTXL VRODPHQWH GH HVWDEOHFHU FRQ F/FU GDG OD RVFLODFLyQ LQWHU
t
QDFLRQDO GH HVRV GRV IDFWRUHVā 6LQR DGHP$V GH UHODFLRQDUORV FRQ ODV HVWLSXODFLR
QHV ORV GLYHUVRV FRQWUDWRV ILUPDGRV SRU HO *RELHUQR SHUXDQR FRQ UHODFLyQ DO JXDQR
LQF- X\HQGR DTXHOORV GHULYDGRV GH DGHODQWRV HPSUpVWLWRV LQWHUpV \ DPRUWL]DFLRQHV
(QWUHWDQWR GHEHPRV PDQWHQHU DFHUFD GH ORV YDORUHV OD PLVPD SUXGHQFLD TXH DFHU
F" GH ORV YRO
OPHQHV GH JXDQR H[WUDLGR H[SRUWDGR R YHQGLGR &RQ PXFKD FDXWHOD 5R
*OāLJLH] VXSXVR TXH HVH YDORU KDED OOHJDGR HQ FXDUHQWD DxRV D
6 6H WUDWD GH XQ PLQLPR SRVLEOH FDOFXODGR VREUH OD EDVH GH OLEUDV
OL
SRU WRQHODGD HIHFWLYD \ D XQ FDPRLR FRQVWDQWH GH SHQLRXHV SRU VRO +XQW
VXSHUD HVWDV FLIUDV FDOFXODQGR HQ SHVRV QR VROHV FRPELQDQGR ORV "UH
FLRV TXH VLPSOLILFy &UXFKDJD 呸 FRQ XU YROXPHQ GH 呸呸DQR PpV DOWR
BWRQHODGDV TXH HO VHxDODGR SRU 5R
LUJXH] 3DUD RWURV ILQHV +XQW KD
HVWDFUHFiGR ORV YDORUHV GHO DXDXR PXOWLSOLFDUGR HVRV YR/PFQHV SRU HOSUHFLR EDVH
FRQVWDQWH OR FXDO FDUHFH GH VLJQLILFDFLyQ SDUD QXHVWUR SURSyV WR DFWXDO t
5HVXOWD GLILFL HQ HVWDV FRQGtFLRQHV SUHFLVDU FRQ H[DFWLWXG OR TXH
FRUUHVSRQGLy DO 呸呸DQR VREUH HO YDORU WRWDO ODV H[SRUWDFLRQHV 呸HUXDQDV +XQW QD
呸U HV HQW DGR O RV VL JXL 呸QW HV SRU F HQW DM HV
3HUR VX FiOFR VH UHILHUH D SUHFLRV FRQVWHUUWHV 8QD LQIRUOD
F yQ FRPSOHPHQWDULD \ GH FRQWUROSRGHPRV TXD]iV HLFRUUWUDU HQ ORV GDWRV RILFLDOHV LQ
t
- OHVHV VREUH ODV H[SRUWDFLRQHV SHUXDQDV D *UDQ %UHWDxD HQWUD 6LQ ROYLG"-
-DV GLILFXOWDGHV GH HVDV HVWDGLVWLFDV %RQLOOD 0DFHUD 9 HU FXDGUR
( [LVWH SXHV XQ DFXHUGR JHQHUO SDUD VHx DODU DO *XDXR FRPR HO SURGXF
W OGHU GH OD H[SRUWDFLyQ SHUXDQD HQWUH ODV GpFDGDV 1R H[t MUQRV PD\RUHV
U FLVLRQHV 'H OR FRQWUDULR HVWLUUUXODUHPRV OD LPDJLQDFL*Q GH HFRQRPLVWDV H KLVWR
LGRUHV REOLJ$QGROHV D XQ [RXU GH IRUFH SURU
HVtRQDW 3URGXF LU iQ QQPHURV HQ DSD
U/ HQFLD H[DFWRV \ VyOR KDEUiQ UHHPSOD]DGR OD KRQHVWD LPSUHFLVLyQ GH - 0 5RGUtJXH]
O
XQD PDJLD FXDQWLWDWLYD
OOBB(O 6HFWQU 3yEOFR/ D SURVSHULGDG UHSHQWLQD FDXVDGD SRU HO *XDQR WUDVWRUQy DO 3HUIL
/ RV 3UHVXSXHVWRV FRPR DQWHV OR KDELD KHFKR HO DXJH GH "RWRVL \ PiV WDUGH HQ HO VBL
O [[ VH FUH\y TXH KDEU/D GH FFU OD DQFKRYH W 3HUPL W R HQ SUtPHU
ODJDU XQ
t &
&
呸DLH呸WR GHVRUELWDGR GH ORV JDVHDV S呸EOLFRV / R TXH HV P呸V %DVDGUH /HYtQ
(WLPXOyFRPR GLMR 0DQXHO 3DUGR呸D GHVWUXFFLyQ GHO VLVWHPD QRUPDO GH LQJUHVRV ILVF
H SDUD UHHPSOD]DUORV YLROHQWDPHQWH SRU ODV UHQWDV H[WUDRUFtDDUtDV RULJLQDGDV SRU
呸L *呸DQR (V W H SURFHVR XXHGH HU GHI L QL GR F RPR XQD F RPEL QDF L yQ H[SEV L Y D GH F U HF L
HāDWR FXDQWLWDWLYR \ GHWHULRUR HVWUXFWXUDO GH VHFWRU S~E LFR( [DPLQHPFVOR GH FHU
t
D "
OHFLDWF XQ UiS GR DQiOLVLV FHO U呸JLPHQ SUHVXSXHVW]G SHUXDQR
t 1R QRV KDJDPRV
呸- V LRQHV LQ HPEDUJR ( O 3UHVXSXHVWR IXH HQ HO " HU GXUDUUWH HO LL OR [L[ ULiV XQ
&8$'52
3RUFHQWDMHV GHO $OJRGEQ $]~FFLU VLQ UHILQVU \ *XDQR VREUH
HO YDORU WRWDOGH =[XRUWDFLRQHV 3HU~ D *UDQ %UHWDxD
/
呸
-
$O£
£RGyQ $]~FDU
,
RWD/
FDVWRV \ QR GH HQWUDFLDV DXQTXH WXYR XQ DQH[R (VWDGR GH 9 DORUHV )XH XQ HQVD\R U呸
GLPHQWDULR 1R WHQLD SOLHJRV UDPRV QL FDStWXORV \ ORV HJUHVRV IXHURQ SUHVHQW呸
GRV SRU GLYLVLRQHV SROtWLFDV )UHIHFWXUDV (U ORV DxRV VLJ呸LHQWHV KDVWD
KXER RFKR SUHVXSXFVWRV ELHQDOHV FRQ GR
JULPGHV LQ
HUUXSFRQV L \ *
MXVWDPHQWH HQ S/ HQR DXJH GH OD H[SRUWDFLyQ RXDQHUD )DOWDURQ OXHJR SUHVX
SHVWRV GH V呸Q HMHFXFLyQ OHJDO \ GH 6LQ HVWLPDU HVRV YDFLRV
FHGHPRV DHFLU TXH HO VFFWRU S
EOLFR SHUXDQR WXYR XQ GHVDUUROOR SDUDOHOR \ OHSHQ
FDUQWH FRQ UHVSHFWR DO GHVDUUROOR GHO FRPHUFLR H[SRUWDGRU\ TXH WDO FODVH GH UHOD
FLyU IQH PD\RU GHVSXpV GH O
TXH HQ /HV DxRV DQWHULRUHV (VH SDUDOHOLVPR SXHGH
VHU DSUHFLDGR HQ ODV VHULHV GH FRQWDELOLGDG ILVFDO SDUD HO SHULRGR
8Q SHVR SODWD MXDO D FHQWDYRV VRO QH SODWD
t L?LHL呸WHV 0RUHQR
&RPLHQ]D HO UpJLPHQ SUHVXSXHVWD
O 8Q VRO GH BROD 5RGLāJQH]
W LJDO D FHQWDYRV GH VRO
VRXDO QR HUD RWUD FRVD TXH HO WULEXWR FRORQLDO GH UL呸LJHQDV EDMR RWUR QRPEUH . X
EOFU 0DFHUD 5HSUHVHQWDED DSUR[tPDGHPHUUWH HQWUH HO \ KDVW
iV GH ORV LQJU&FVRV S~E/iFRV DQWHV GH
FRPR XGF DSUHFLDUVH SRU /RV FDUFX
/RV GH - 0 3DQGRH
O L Y
/DV DGXDQDV F X\ RV Y DO RU HV KHPRV GDGR HQ F XDGU R DQW HU L RU UHFDtDQ
V REU H ā O D L PSRU W DF L yQ \ QR V REU H O RV SU RGXF W RV H[SRU W DGRV 'HEL GR DO EDM R 3
F H QW DM H GH L QV XPRV \ EL HQHV GH F DSL W DO /PSRU W D GR SRU HO 3HU ~ HQ O D £ U L PHU D PL W DG
GH£ [L [ 0DF HU D O DV DGXDQDV SXHGHQ V HU F RQV L GHU DGDV SRU V XV HI HF W RV I L DO HV
FRPR LPMXHVWRV LQGLUHFWRV DO FRQVXPR LQWHUQR ( YLFOHQFLDD WDPELpQ SRU OD PLVPD
U D] yQ O D SDU W H TXH W RF DED DO (V W DGR V REU H O D GF F DSL W DO L ] DF L EQ \ QR U HL QY HU V L yQ GH
O RV H[F HGHQW HV JHQHU DGRV SRU O £!,
RGXF W R L QW HU QR SHU XDQR (V W D F RPSRV L F L yQ GH L Q
,
HV R
Y DU L )XQGDPHQW H, PHQH HQ O D V HJXQGD PL W DG yO VL JO R [L [
y (QW U H @
HQ O RV VL HW H SU HV XSXHV W RV DSO L F DGRV H[F O XL GR HO GH O DV U HQW DV H[W U DRU GL Q呸
U L DV U F I U HV HQW DU F Q O RV UO F O W RW DO GH L QJU HV RV (QW HQGHPRV SRU U HQW DV H[W U DRU GM B
QDU L DV HQ HV W H F DV R HO *XHQR O RV (PSU pV W L W RV \ 5DPRV $M HQRV $QyQL PR (
£ U L QU L SDO U XEU R I XH HO *XD $O F RPt HQ] R KXER SU XGF QF LD (Q HO SU HV XSXHVWR GH
V H SU HY L QR TXH O *XDQR V H DSO L F DU L D D O D D0RU W L ] DF L yQ GH O D GHXGD S~EO L F D
\ QR
O HV JDV W RV RU GL QDU L RV GH/ (V W DGR 3HF R O DV EDU U HU DV I XHU RQ F HGL HQGR <D
V H F RQV L GHU DED DO *XDQR F RQ PiV DPSO L W XG F RPR U DPR GHV WLQDGR D U HHP
SO D] DU HO GpILF tW $ SDU W L U GH HQW RQF HV VH L QL F L y O D RU JW D I L V F DO 3U L QF L SL D
HO JXDQR QRV GL F H PF U L W RB āL R DXW RU GH 8QD H[F XU V L yQ SRU O DV 5HJL RQHV GHO 3UHV X
£ XHV W R /L PD F RQ SHV RV SDU D HO EL HQL R \ O O HJD GHV 呸XV D
GH V RO HV (V W D GHV RU JDQL ] DF L yQ I L V F DO SXHGH V HU DSU HF L DGD HQ HO V L
JXL HQW W F XDGU R
; 2
呸 B B D
D R
UR UR
2? ?
£
ā
R
W
L
2?
Y ?2 ! 9
R
? ?
9 R
&O
呸
呸ā / B £
£
X
2? ?, Z
呸
& ? & R B I
Q
£B
IW
H
F F J
?
BB 8 BB 呸 £
2? 2?
6BB & ? H
呸ā
; 2
; , +
呸
WR V
WQ
R
WQ
R
UW
OO! WQ
? ? - ! ? ?' ?' O
,
?2 ?' ?2
BB
?' ? Y R
WQ
UW
G
O
Q
£
呸
H
BB BB £
Ź2 9
? ? D F &? ?2
£
B
? D
£ 2? HV
B Z
BB
R
WO
R
L
呸
BB ?
呸
9
O
9
?' 2? UW H
H
ā WQ
UW
R
R R ? BWā 2? ? U
B £ B £
Z Z ?
O
+
?' ?' ?' ?' ?' ?'
?~ ?' ?' ?9 ?' 呸 L
BB
BB
BB
;
;
R WQ
呸R
WQ
W
OYL
$FODUHPRV TXH LDV LQIāHVRV GHO *XPR QXQFD OOHJ'URtO RSRUWLQDPHQWH DO
RLHUXR GHO 3HUi 'O YtFtFVR VLVWHQD &H ORV FRQVtUUDFtRXFV \ HO SRVWFULRL &RQ
WUDWR 'UH\I
)XV KLFLHURQ 呸H HO WWDGR SHUXDQR DSDUUF HUD FRPR UHFLELHQGX &H JUDFLD
t
FFPR S呸pVWDUWR \
HQ FDOL&X* GH LHXGRU DTXHOOR TXH 呸 FRUUHVSRQGD FRPR DFUHHGRU \
&O SURGXFWR EUXWR XH - DV SUtPHUDV FRLVLRQDFLRLHV HQHUR ULRY
"
/ G ODV FXDOHV GHEtDQ FRUUHVSRQ,HU DO (VWDGR FRPR SURGXFWR
ā W [tGR
/ /
呸
R RFD RO V" 3DUD HO SHU RGF HVH SURGXFWR OLTXLGR
t
" FD]y B LO 'H HVWD VXPD QR GLFH - + 5RGULJXH GH TX HF WRPDPRV t
WFFLRV ORV GDWRV DQWHULRUHV K\ TXH UHEDMDU R SHUWHQHFLHQWHV DO JDQR
ULFLGR SRU 'UH\IIXV 3HVH D HVWDV FLIUDV QRV UHFXHUGD HO PLVPR DXWRU D 呸
L QHV
N ( "HU~ HVWDED HQ TXLHEUD 6X SUHVXSXHVWR HVWDED HQ G&WLFLW GXS/tFDGD VX
GHFxF S~EOLFD \ GHELD D ORV FRQVLJQDWDULRV FHUFD GH Q* SRU UD]yQ GH
UpVWLWRV
6L OD FVWUXFWXUD GH ORV LQJUHVRV HUD SUHFDUtD ORV JDWRV ULVFDOHV SDGH
DQ D VX 9( = GH LJXLO GHVRUGHQ $OJYQRV GH HVRV JDVWRV VH HPSOHDURQ HV FLHUWR F
ā YHUHQRV SDUD HVWLPR/ DU (OO VHFWRU SULYDGR HPSUHVDULD/ / D PD\RU SDUWH WYYR VLQ
呸UQEU呸R XQ FDUiFWFU /PSURGXFWLYR / RV RRLHUQRV SHUXDQRV PDQHMDEDQ HOSUHVXSXHVWR
FUQR XQ LQVWUXPHQWR GH FW FUWFW ]HFtyQ SROLWLFD
t t 2 HQ HO PHMRU GH ORV FDVRV DVX
YtUQ,R Xā URO UHGLVWULEXWLYR HOLHQWDO \ GLVFULPLQDWRULR %XHQD SRUFLyQ GH ODV
UHQWDV S~!OLFDV W
XHURQ HPSOHDGDV GHQWUR GH HVWD SROLWLFD HQ HO VRVWHQLPLHQWR GHO
VāDUDWR RXURFUiWtFRPt/tWDU 呸O H[DPHQ GH ORV JDVWRV PLOLWDUHV GLFH - I 5RGU
TF ] '- FRPR HO GHāWRGRV ORV TXH DIHRWDQ D OD YLGD ILQDQFLHUD HQ HO 3HU~ GH
QXHV
WUD TXH HO SURPHGLR GH /RV I
RQFRV S~EOLFRV GHVWLQDGRV D ORV VHUYLFLRV PLOOWDUHV
VLGR DOUHGHGRU GH XQD WHUFHUD SDUWH GH ORV RDVWRV S~EOLFRV YRWDGRV H HO "
HV
ªXHVWR £HQHUDOH[FHSWR HQ ORV GH \ TXH VXFHVLYDPHQWH I/ XFWXDURQ HQWU
/DV FXDUWD \ OD TXLQWD SDUWH \ TXH KDQ VHMXLGR OD HVFDOD GH ORV JDVWRV JHQHUDOHV
V GHFLU
VLHPSUH FUHFLHQWHV \ VLHPSUH PDQHMDGRV SRU OR PDQR GHUURFKDGRUD O
OD L呸
UH
LVL2Q \ LD EXURFUDFLD /D KLVWRULDāGHO 3HU~ SURSRUFLRQD ODV V TX HQWHV FLIUDVt t
(V W H H[DJHUDGR SHVR GHO VHFWRU WHUFLDULR QR HV XQD FDUDFWHULVWLFD SULYD
FLYD GH O D KLVWRULD HFyQyPLFD GHO 3HUR / R HQFRQWUDPRV WDPEL呸Q HQ WRGDV ODV VRFLH
G- HV TXH SHUWHQHFHQ D XQR GH 呸VW呸V GRV JUXSRV D 2 ELHQ HQ ORV VLVWHQDV DUFDL
& ā ā6 SUHFDSLWDOLVWDV FRQ UXHUWHV (VWDGRV FHQWUDOHV GH WLSR GHVSyWLFR RULHQWDO E
? - LHQ H DTXHOODV HFRQRPtDV WUDFtF tRXHMHV LQFFUSRUDGDV DO VLVWHPD FDSLWDOLVWD HQ
DOLGDG GH VXERUGLQDGDV 'RV VRQ ODV FDXVDV TXH FHWHUPtQHQ HVD FRQIRUPDFLyQ 3UL
HUR HO FDUiFWHU DUWLILFLDO \ SRU FRQVLTXLHUUWH PiV FRVWRVR GH OD UHG XUEDQFYDGQUL
OLVWUDWLYD /D FLXGDG HV TāL XQD QHFHVLGDG SROLWLFD SUHYLD SDUD LQVWUXPHQWDU OD
FRPLQDFLyQ LQWHUQD DQWHV FFH HO UFVYOWDGR GH OD UHVSHFWLYD WFYROXFLyQ HFRQyPLFD 1R
VRQ FLXGDGHV TXH OXFKDQ FRQ[UD HO IHXGR VLQR SURORQJDFLRQHV DGPLQLVWUDWLYDV GHO
SDUDWR SROLWLFH D FX\R DPSDUR QFFHQ VLQ QHFHVLWDU FRPEDWLUOR 3XHGHQ OXHJR GH
D[DUHFHU SRU HVWD UD]yQ JHXHUDU HO GLQDPLVPR SURSLR GH WRGR Q~FOHR XUEDQR 3HUR
H XQ GLQDOLV- OOR PHGLWL]DGR SXHVWR TXH D HVD FLXGDG QR OH FRQYLHQH FUHFHU GH PRGR
呸FRQyPLFDPHQWH DXWyQRPR VR SHQD GH SHUGHU ORV HVSHFLILFRV SULYLOHJLRV GH VXV UH
呸FLRQHV FRQ HO FDPSR \ VR SH]D GH HQHUYDU OD FDGHQD JHQHUDO GH SULYLOHJLRV GHO
VL呸W)PD DO FXDO SHUWHQHFH +LVWyULFDPHQWH HVWDV FLXGDGHV VHDQ YDUtV LQFDV HVSI
BāODV R FULROODV VRQ SRU OD QDUXUDOH]D RULJHQ\ VRVWHQLPLHQWR GH VXV IXQFLRQHV
\ QR SRU LQD VLPSOH FURQRORJLD FLXGDGHV FRORQLDOHV (Q VHJXQGR OXJDU WRGD UHGL呸
WUtRXFtyQ GHO LQJUHVR TXH QR IDYRUH]FD DO VHFWRU WHUFLDULR LQHYLWDEOHUQHQWH DIHFWD
ULD SRV
WLYDPHQWH ORV VHFWRUHV SURGXFWLYRV SUtPUUtR \ VHFXQGDULR / RV FDPELRV
BQWLWDWLYRV \ FXDOLWDWLYRV HQ HVRV VHFWRUH WUDHULDQ FRUV XQD PRGLIFDFLQ
t
/ REDO GH OD HVWUXFWXUD VRFLDO 3HUR HVD HVWUXFWXUD VH HQFXHQWUD VDFUDOL]GD ( V
UFFLV呸XQHQWH OR ~QLFR TXH QR VH TX FUH FDPE DU
t t 6L OD PD\RU/ D GH / RV EHOHILFLRV
呸 *XDQR QR KXELHVHQ FDtGR SULQFLSDOPHQWH HQ PDQHV H[WUHQMHUDV \ VH KXE/ HUDQ LQ
YFUW GR UD]RQDEOHPHQWH HQ PLQHULD DJULFO WXUD \ RRUDV S~EOLFDV LQIUDHVWUXFWOU
t
V HO 3HUy KXELHUD SDVDGR GH XQ FDSLWDO VPR VXERUGLQDGR D XQ FDSLWXOWVªR DYDQDD
t
FR DXWyQRPR \ FRPSHWtWL9 R D XLYHO LQWHUQDFLRQDO 3HUR TXtHQHV WFUUtDQ HQ VXV PD
QRV OD GHFLVLyQ ILQDO ORV JFSRV GH SRGHU LQWHUQRV \ © [WHUQRV H[FOX DQ HVWD RS
t
FLyQ
+D\ XQ ~OWLPR DUJXPHQWR /D PD\RU SDUWH GH ODV VROXFLRQHV SROLW FDV \
t
BFRQQLFDV FRQFUHWDV VRQ FRPSURPLVRV TXH FRPELQDQ ORV SUREOHPDV GH FRUWR \ PHGLDQR
B呸O呸]R & XDQGR PiV GHVDUUROODGD VHD XQD HFRQRPLD PD\RU VHUi VX FDSDDtGDG GH SUR
UDPFLyQ D ODUJR SOD]R 3DUWH GH VX FDSLWDOL]DFLyQ DEXQGDQWH HV UHLQYHUWLGD HQ
W¢W
PLLRV GH WLHPSR HUURU H[SHUGUQHUUWDFtyQ \ KDVWD DYHQWXUD ( VWH PDUJHQ VH HV
呸呸HFKD D #HGL GD 呸XH XQD HF呸QRPLD FXDOTXLHUD IHXGDO FDSLWDOLVWD R HVFODYLVWD VH
XHQHUD LQFOXLGD HQ OD FODVH VXERUGLQDGD GHO FRQWUDGHVDUUROOR \ OD GHVLQYHUVLyQ
/ DV GHFLVLRQHV HFRQyPLFDV WRPDGDV SRU ORV JRELHUQRV SHUXDQRV GHV£
XpV GH
KDVWD KR\ GLD PtVUQR SXHGHQ VHU H[SOLFDGDV VHJP HVDV KLSyWHVLV 1R HUDQ GHFL
VLHQHV SXUDPHQWH HFRQyPLFDV VLQR GDGDV WDPELpQ HQ ?PFLQ GH FRQVLGHUDFLRQHV SROLB
WLFRVRFLDOHV FRQVHUYDU XQD HVWUXFWXUD GH UULYLOHJLR FRORQLDO LQWHUQR \ HQ IXQ
F/yU - H ODV UHODFLRQHV REMHWLUDV GH GHSHQGHQFLD TXH JXDUGDEDQ FRQ OD HFRQRPtD PXQ
OYLLL
FLLKO IW
R DGHPiV QXQFD SXG/HURQ VHU GHFLVLRQHV D O呸JR āOD]R ,OD\ XQD ā
"VH
TXH SRU IO!呸UX QR EXVFR SURUQ]QF
LDGD D PHGLDGRV GHO [t[ LRU XQ SROLWLFR £H
āD
QR $ILU呸D T " HO SUHVHQWH QR GHEH VHU VDR tU FDGR WO B UWXUR &DVWL7OD HQ I
t
/ WFQLLGDW呸 WHU呸呸YHUVDFLyQ GH V SHRUHV UHGXFLU WRGR HO -UREOHPD GHO *OWFXR \
OHV - DVWRV 呸呸EOLFRV SHUXDQRV \ HO FUH呸LPLHQWR GHO VHFWRU WHUFLDULR D YQD VL呸
OHā FXHFWL y B LH SVLFRORJLD \ YROXQWDG GH ORV JUXSR呸 GLULDHQWHV SHUXDQRV V D &; ( t
t WHyUtFDV
呸呸 呸SRV SHUF VL OD FFQYtHUWH HQ XQ] UHVSRQVDELOLGDG FRQSDUWL GD GRQGH ,QWHUYtFQHQ
PLFKRV RWUV 3DFWRUHV
9 ,, (O 6HFWRU 3ULYDGR LR SRGHPRF FRQWLQXDU HVW DQiO VLV TXH QRV KD LGR WOW t
/FV +&
xRV LXWOLDOV
MDQGR UDGYDOPHQWF GH UUXFVWUR WXQD RULJLQDO O
UXUD & ( SH WDFtyQ` 6yOR TXHU/ DPRV HVFULELU XQD EUHH LQWURGXFFLyQ D &D呸U OW
&D\pOWL KD
£ WHUPtQDGR `2U VHU HQ FDPE
tR XQ VLPSOH SUHW WQ 5HWXQFLPV MRU
F!QVLJXLWU; F D XQ DQiO VLV WRWDO \ PLQXFLRVR GHO VHFUR SU/ YDGR SHUXDQR \ G WR
t
OpQWBF. F OD VHJXQGD Pt WDX FFO [L[ $O ILQDOL]LU V呸 WUDEDMR GLVFXWL
W
V V Q W
- WU- 2 D- JWQRV
H ORV SUREUFQDV TXH DKRUD GFMDPRV HQ VXVSHQVR
t L
tRV -呸
/GQF L yQ F VyOR XDWUR SXQWRV O 3DF W DU HV *HQHUDOHV TXH LQIOX\HURQ HQ UO- āVD
UUROOR FH OD FJULFOUXUD F[SRUWDGRUD (O &UpGLWR +LSRWHFDDāLR \ OD LQI/ FLQ
LQWHUQR \ OLWLWLGD GH SUHFLRV B (O WUDRDMR HQ ODV S/DQUDFLRQFV ( 呸 WUXFDā $
呸
FLyQ GH ODā /QGXVWULD D]XFDUHUD DO IOQDO GHO SHULRGR
$OUH&
HGRU GH H, VHFWRU DJURLHF£DULR ( UXD- H[SHULPHQWy FRP āL呸
MLPRV Q DFWLYR SURFHVR GH FXPELRV DDOLWDWLYRV \ FXDQULWHWLYRV *DQ SDUWH L
WR XF GHVSXpV KD VLGR HO 3HU~ RQWHPSRUiQHR GHO VLJOR [[ DUUDQFD GH FVDV B 呸
FUDV Q SHUMXLFLR GH XQ IHQyQKR GH UHFHSFLyQ \ FRQU QXLGDG GH ODV HVWUXFW
t
UV FRWRLtD
t FV \ G呸 OD 3ULPHUD U^H-āEOLFD
(VI SURFHVR FVWXY! FDUDFWHUL]DGR /O呸
GDPHQWDIPFUUWH SRU HO H[SORVLYR FUHFLPLHQWR GH DOVPDV JULFXOWXUDV G F[SRWā
FLQ DOJRGyQ\ DO PtFQR WLHPSR SRU XQ GHVS/D]DPtHQWR JHRJUWOILFR JY!FF
DO GH L /PSRUWDQFtD HFRQyPLF呸 GH ORV FHQWURV GH SURGXFFLyQ LJULFR
$UUWFV GH HV- pSRFD OD V HUUD \ 86 K
tUUWHU/ DQG GH OD \XQTD RULHQWDO
t
W R DJU F RO D L QW HU QR TXp HU D 呸RQHW DU L DPHQW H F RPHU F L DO L ] DGD GHQW U R R I XHU 呸 GHO SD V
ODQDV FRFD (Q O
W VHJXO
LGD PLWDG GHO [L [ OD FVWD WRPy OD GHOD
OWFUD \ PDQWXYR
HVD YHQWDMD HQ WRGRV ORV DQRV SRVWHULRUHV D SHVDU GHO ERRP FDXFKHUR \
SFV]F GHO
PHMRUDPLHWR WDWFLRGH OD JFDGHULD ODQDU / D KDFLHQGD VHUUDQD VH UHtHXGDO L]y PLHB
UUDV OD KDFLHXGH FRVWHx D FRQW QUy VX HYR/ XFtyL KDFI呸 XQD DJULFXOWXUD / QGXVWU/ D
O
t
/D VLHUUD IXH HO FDPSR OD FRVWD IXH OD FLXGDG
(VWD KHTHXRQID FRVWHxD FXOUULQDED XQ SURFHVR GH Q~\ ODUJD GXUDFLyX GHO
TXH QRV KHPRV RFXSDGR HQ RWUR HVWXGLR 0FHUD (VWDGIVW FDV +LVWyULFDV GHO 3HU
t
, , 呸 'HFLDPRV HQWRDFHV TXH HQ HO 3HUWO SRGL呸呸 UHFRQRFHUVH ORV VL呸WLHQWHV GH呸
SOD]DQ~HQWRV \ XELFDFLRQHV GH ORV SRORV GH FUHFLPLHQWR GHVDUUROOR \ SRGHU SROL
WLFR HFRQyPLFR VRFLDO\ FXOWX呸DO
, 0\RU GHVDUUROOR UHODWLYR GHO 1RUQGF LDFOX\HQGR (FXDGRU LQWHUDQGLQR G DQ
WH WRGR HO )RUPDWLYR 7HPRUDQR \ +HGLR
,, *HQHUDOL]DFLyQ GHO GHVDUU!OOR \ UQQOW S/ tFDFLyQ GH ORV SRORV GH FUHFL UUtHUUWR
t
W XO R D FL W HU L RU VHx DO iEDPRV TXH GHV GH O D pSRF D F RO RQL DO \ GXU DQW H W RGD O D SU L PH
PL W DG GHO [L [ O RV FDx DY HU DO HV V H FRQF HQW U DU RQ HQW U H O RV Y DO O HV GH 6DQW D \ &呸
x HW H HV GHF L U O DV SU RY L QF L DV O L W RU DO HV GH O RV DF W XDO HV GHSDU W DPHQW RV GH $QF DV K
\ /L PD SU RY L QF L DV TXH F RQV W L W X\ HQ O D O O DPDGD &RV W D &HQW U DO (Q HV H W HU U L W RU L R
L DV SO DQW DF L RQHV D=XF DU HU DV V H EHQHI L F L DU RQ W RPEL pD G呸 O D H[SHQJL yQ HF RQyPL F D GH
O RV Dx RV 3HU R HO F U HF L Pt HUUWR Y HU GDGHU DPHUUF H H[SO RV L Y R RF XU U L y PiV DO QR(B
FH HQ O RV Y DO O HV GH 7U XM L O O R \ /DU QED\ HTXH 3DU D DSU HF L DU HV W H F呸QEL R DQDO L ] D
U HPRV O D GL V W U L EXF L yQ SRU U HJL RQHV GHO QZQHU F GH FDx DY HU DO HV \ V X Y RO XPHQ GH H呸
SRU W DF L yQ 6HJI P - $ *DU F L D EDEL D HQ HO 3HU QHM RU GL F KR HQ V X F RV W D
FD 呸DY HU DO HV GH O RV F XDO HV XEL F DGRV HQ O RV GHSDU W DPHQW RV GH /DU QE R
\ HTXH \ /D /L EHU W DG (V FL HU W R TXH PXF KRV iH HV W RV FDI L DY HU DO HV QR HU DQ SO 呸W D
Ft RQHV V L QR PX\ SHTXHx DV XQL GDXHV GH SU RGā F F L yQ /DV SU RSL DV FRPXQL GDGHV L QGL
THQDV V HPEU DEDQ HQW RQF HV W HU U HQRV GH F Dx DV ( L /DPED\HTXH H[L V W L DQ GH HV W RV
FRPXQL GDGHV GH &KL F O D\R 3L F V L 0RQV HI
G 5HT~H (W HQ \ 6Dx D ā \ HQ 7U XM L O O R QR
QHQHV GH F RPXQL GDGHV GH &KHSpQ 3XHEO R 1XHY R \ - HTXHW HSHTXH )XHU D GH
SHTXHL L RV SU RSL HW DU L RV HQ O D SU RY L QF L D GH /DU QED\ HTXH 2 V HD XQ W RW DO GH PL QL
I XQGL RV D] XF DU HU RV 3HU R HO U HV W DU U W H HV W DED FRPSXHV W R SRU JU DQGHV SO DQW DF L B
QHV HOH DO W RV U HQGL PL HQW RV '
PRGR TXH DXQTXH O D &RV W D &HQW U DO QR F RQRF D t HO
PL O L I XQGL R \ HV W F PRGHO R V yO R HU D DSO L F DGR
XHU D GHO QRU W H HQ O DV SU RY L QF L DV
VXUHx DV GH &DPDQi H ,VOD\ FRQ FDx DYHUDOHV FKtFRV ` EDVWDED HVH GH JUDQ
GHV SO DQW DF L RQHV U DGL F DGDV HW HO QRU W H SDU D TXH O D EDO DQ] D V H L QF O L QDU W W HQ VR
U
DYRU / R F RPSU REDPRV U iFL , QHUUW H SRU HO Y RO XPHQ GHO SU RGXF W R H[SRU W DGR (O QRª
W H U HW HQL D HO
! GHO W RW DO QDF L RQF PL HQW U DV TXH HO &HQW U R VyO R FRQW U L EXL D
F RQ HO
O[L
/
/XJ
,,
HV FtH H[SR呸WDFLyUL >LORJUD
O
!6 3RUFFQWDMHV
6DQWD
&KLPERWH
6WOODQFRāā ā R &HQWUR
6O!W
+ O & K
&KDQFD\ R
$QFyQ p2
&HUUR $]XO
3L V F R 6XU
OROOHQGR
ā
7 RWDOHV OO
呸O FUHFLPLHQWR XUEDQR KDELD JHQHUDGR QXHYDV \ PD\RUHV FDSDFLGDGHV Gp FRQVXPR
HQ ODV SREODFLRQHV HXURSHDV SRU EDMR TXH IXHUD HO VDODULR REUHUR O?O
-8QRV SUB
GXFWRV D]~FDUGVXyV HO FDIp \ HO Wp KDELDQ GHMDGR GH VHU SULYLOHJLRV GH
V FODVHV PiV ULFDV SHUD FRQYHUW UVH HQ KiELWRV SYXODUFV
t
(Q HO FDVR
GHO D]
F DU R呸呸L DQ V L Q HPEDU JR F RQGL F L RQHV F RQW U DGL F W R呸L DV
(QWUH OD SURGXFFLyQ \ FRQVXPR PXQGDOHV GH D]~FDU PEV TXH GXSOLFy VXV
FLI
UDV 3HUR HVH FUHFGXtHUUWR IDYRUHFLy PXFKR PiV D ORV SURGXFWRUHV GH EHWHUUD
J
TXH ORV GH FDxD / D SURGXFF yQ GH EHWHUUDJD DXPHQWy HVH SHULRGR HQ XQ
t
HO D]~FDU GH 呸DxD OR KL]R VRODPHQWH HQ XQ 'H WDO PRGR TX呸 HU
O[LL
L 呸
$
R
?]F ā 3 ā?]WF " U GH
Ba IRW]/
B£
呸 $]~FDU
FFD
HWHU呸Dāā 呸O &L
呸
OIW- ā¢R H呸 O
UBKāāā - &F ā-
ā
Oāā ¼
ā呸Ë 呸!O%
-
呸呸 -
-
Lp
- 4 O
呸- 呸
6ā
B
O E
` ! 呸ā` H
O
ā 呸 O
O
ā& 8呸 - 6
t ( VWHYHV
L
O O
KāWLV L H* O/
$]O& "
?
O[LLL
$LtR $]yFDU
āH "
:"
O
呸
ā!
$ ,RV 7RQHODGDV 7RQHODGDV 7RQHODGDV 3URGXFF yQ
L
t
1R WHQHPRV OLQJ/WQ UH]yQ DQRUD SDUD SUHIHULU XQD GH HVDV FLIUDV HQ YH]
GH RWUDV \D TXH VXV DXURUHV QR UHYHODUHQ H FU U FHURL ODV )XHULWHV TXH FRQVXO
t t
WDEDQ 3DUD HOYDFLR H[LVWHQ GRV LQIRUPDFL~QHV XQD GH YDORUHV \
RWUD GH YROIXQHQHV DPEDV -RU ,OXQW ORVYDORUFV XQD YH] PDV HQ SUHFLRV
7 UDQVFULELPRV ORV YROUHQHV VLQ FRQLLDU GHPDVLHGF HQ ODV FVWDGIVWL
FDV RILFLDOHV GH `¢D TXH WRGRV HSHQGHPRV £BO LJLLDL TXH +XUUW \ FRQ FDUJR GH XQD
DSUHFLDFLyU SRVWHULRU
$x R $]WFFU $x R $
&W& D-
UHVR
H 呸
+
O O$ O
H
O
H
,,, /D )RUPDFL2Q GH &D3LWDOHV 4W呸$ V FXDOTXLHUD GH HVRV Fi/FX/RV VHD PHMRU呸
GR HQ HO ) XWXURM SBHUR H WD
O FDVR SHQVDPRV TXH
VH FRQILUPDULD OD WHQGHQFLD JHFQHFDO TXH HOORV UHYHODQ (QWUH ODV WRQHO呸
GDV GH D]~FDU TXH DSUR[LPDGDUQHQWH£URGLWFLD HO 3HUB& DQWHV GH HK \ ODV - O2
WRQHODGDV "ULQVHQ TXH SXGR H[SRUWDU HQ PHGLD XQD GLVWDQFLD TXH QR IXH
UHFRUULGD JUDGXDOPHQWH HQ HO FXUVR GH PHGLR VLJORVLQR VyOR HQ ODPLWDG R KDV
WD HQ OD WHUFHUD SDUWH GH HVH WLHPSR (VH FUHFtQtHQWR LPSOLFy QHFHāVDULDPHUWH
HQ HO FDVR 3HU呸 HVIXHU]RV DGLFLRQDOHV F[WUDRUGLQDUWRV H呸 WpUPLQRV GH FDSLWDO
WUDEDMR WHFQRORJLD \ HUSOHR GHO 呸$HOF
(Q FXDQWR D ORV FDSLWDLHU QR EDVWD FRQ PHQFLRQDU DO *WDQR FRPR IXHQWH
RULJLQDOVLQR PRVWUDU VXV FDQDWFV LH GLVWULEXFLyQ \ FRPSDUDUORV FRQ RWURV SRVL
EOHV (O SUOPHUR G呸 HVRV FDQDOHV IXH SDUDGyMLFDPHQWH OD VXSUHVLyQ GH OD HVFOD
YLWXG (Q OD UQHGLGD TXH FRPR KHPRV YLWR IXHURQ LQGHPQL]DGRV ORV SURSLHWD
ULRV FRQ SDJRV DO FRQWDGR OD DEROLFLyQ SXHGH VHU HFRQyPLFDPHQWH GHILQLGD FRPR
XQ SURFHGLPLHāWR PHGLDQWH HO FXDO XQāFDSLWDO ILMR ORV HVFODYRV IXH FRQYHUWLGR
HQ FDSLWDO FLUFXODQWH OD LQGFPLQL]DFLQ SHUUQtW HQGR XQ GHVSOD]DPLHQWR GH ODV
t
LQYHUVLRQHV / RV HVFODYRV GHFD ,JQDFLR 1RYRD KDQ GHVDSDUHFL- R FRQ
YHUWL GRV H FDSLWDO PHWiOLFR 8 VHJXQGD GHVYLDFLyQ GH ODV U TXH]DV GHO JXD t
QR KDFLD OD DJULFXOWXUD VH SURGXMR D WUDYpV GH OD &RQVROLGDFLyQ TXH HQ XQ
VHJQ &DVR EHQHILFLy D ORV KDFHQGDGRV /DWHUFHUD YLD GLUHFWD HVW$ HQ ODV SUI
PDV SRU LQPLJUDQWHV DFRUG呸GDV SRU HO (VWDGR SHUXDQR HQWUH 1R KHPRV KH
FKR HQ HVWD LQWHUSUHWDFLyQ VLQR VHJXLU OD DUJXPHQWDFLyQ GH &DVRV DSOLF呸
GHOD DO FDVR GH ODV SODQWDFLRQ/V DY£FDUHUDV 'FFD &DVRV HQ / D 0LQHULD \
OD $JULFXOWXUD GHVGH HO SXQWR GH YLVWD GHO 3URJUHVR
7[Y
1XHVW
UFV XUDQGFV SURSLHWDULRV UXUDNFV R
KDFHQGDGRV VH KDQ TXHM DGR VL(t UH GH QXHVWURV JR
ELHUQRV DUJX\HQGR TXH OD DXULD WXUD QH KD
UHFLELGR SURWFFFtyQ QtQTXUD GFO ( VWDGR £ D- D HV
V]Q HQEDUTR PHQRV FLHUWR & PGR HQ
IFUR
O DEROLGDV ODV FRQWULEQFLRQHV GH LQGLJHQDV \
FDVWDV TXH SURGFLQ DO (VWDGR *
SHVRV HV LQQHJDEOH TXH OD DJULFXOWXUD VH HLHIL
Fty SRUTXH ORV SURSLHWDULRV DDUWFRODV HUDQ UHVS&
VDEOHV GH ORV WULEXWRV GH VXV FRORQRV &XDQGR HQ
VH VDQFtRQy OD OH\ GHā -D GHXGD LQWHUQD FDQVR
/tGDG] SRU SHVRVHV LQQFDEOF TX
VH KL]R XQ JUDQGH VHUYLFR D OD DJULFXOWXU SRU
TXH GHVGH HQWRQFHV FRPHQ]y WDPELyQ HO GHVDUUROOR
DJULFROD GHO SDLV &XDQGR HQ \ GHVSXpV HQ
SDJy HO (VWDGR SHVRV SRU LQPLJUDQWH
GLR £ FVRV D OD DJULFXOWXUD &XDQGR HQ
VH 呸EROLy OD HVFODYLWXG UDJy HO (VWDGR D
ORV SURSLHWDULRV OH SHVRV
3RU FRQVLJXLHQWH HQ DSHQDV GLH] Dx RV HO FRPHUF R H[WF t
SDUWH GH ORV FDSLWDOHV TXH QFFHVLWDED SDUD VX GHVDUUROOR 1R FRQVLGHUD
-DWRV pOTXW D ODV FRQWULEXFLRQHV LQGLJHQDV XHVWR TXH VX PRUUHH FDOFXODGR
FRQ FLHUWD H[DTHUDFLyQ HQ GXUDQWH WUHtQWD DxRV LQIOX\y HQ OD
DJU L F XO W XU 呸 GH O D V L 呸U U D \ QR HQ 呸 F RV W D 6 XPDQGR ORV GHPiV UXEURV FRGF
PRV HVWLPDU HQ Ï ORV FDSLWDOHV HQUUHTDGRV SRU HO (VWDGR D ORV
D]XFDUHURV
/ DV SDUWH GH HVD FDQWLGDG EHQHILFLDURQ D ORV FDxDYH/HURV 3HUR
QR WHUPLQDQ DTX ODV ILQDQFLDFLRQHV GLUHFWDV R LQGLUHFWDV
GHO VHFWRU S~
t
EOLFR H IDYRU GH OD JUDQ DJULFXOWXUD F[SRUWDGRUD &DVyV FLWDED WDPELOQ
SRU OR PHQRV HO GH ORV GH VROHV TXH VHJP LO FRVWDURQ ORV
I HU U RF DU U L F V (V L QGXGDEO H &£XH HV DV \ RW U V REU DV S呸EO L F DV GH L QI U D呸V
WUXFWXUD IDYRUHFLHURQ H, GHVDUUR,,R DJUFROD 1R ODV LQFOXLPRV VLQ HPEDU
JR HQ O RV F 呸O F XO F V DQW HU L R呸HV SRU TXH QR I XHU RQ XQ F DSL W HO D GL V SRV L F L yQ
XF ORV SURSLRV DJULFXOWRUHV
XQD SDUWF SFUR ¢FXWLO" GH OD XWLOOB
H FRU ORV FRQVLJQDWDULYV QDFL2QDOFV GHO JXDQR / RV SFUXD
QRV R VXV VRFLRV GLUHFWF \ SUHGRPLQDQWH QR PHQRV GH
O[YL
GLH] GH ORV FRQWUDWRV GH FRULVFTQDF yQ FHOHEUDGRV HUUWUH 呸 (Q DOJ
t
QRV GH ORV RWURV HV SRVLEOH TXH FXYtHUDQ DOJ£QD SHUUtFtSDFtRQ UR VDEHUQRV
FRPH HPS/ HDURQVDVJDQFQFDVU ¢& RU HUFQ" ¢QVWUYFLyQ XUEDQD" ¢0LQHUtD"
WLUD"
¢$ JULF ( U FXDWUR FDVRV 3DUGR %DUUHGD $OYDUH] &DOGHUyQ =DUDFRQ
GHJYL HVWDLDRV VHJXURV TXH ORV FRQVLTQDWDUtRV LQY
LUW HURQ t "D WH GH VXV EFQF
ILFLRV HQ H, D]~FDU \ HO DOJRGyQ 3HUR HVWH HV XQ W
FUUFQF WRGDYtD SRU H[
SORUDU / D QHMRU UHVSXHVWD SRFU D QHOODUVF HQ XQ HVWXGtF D QTXH V SRL
t
PXHVWUHR FH ORV LQYHQWDULRV GH - LHQFV GH ORV SU QFLSDMHV FRQVLJQDWDULRV Q
t
FtRQDM FV
\HQGR MQDWR FRQ ODV &DMDV FH & RPXQLGDGHV ORV FHQVRV \ FQSH/ ODQGDV ODV SUOQ
FtSDM HV ) XHUUWHV GLQHUDULDV GH HVD WSRFD
+DVUD SUtQFtS RV GH, VLJOR [L[ H
O FUpGLWR QR HUD PX\ FDUR HQ HO 3FUi
t
HQ HO 3HU~ WDVD ILMD OHJDO GH LQWHUHVHV \ TXH HVWRV SXHGHQ SDFWDUVH VHJyX
OD YROXQWDD GH /RV FRQWUDWDQWHV (QWUH && VH OOHJy D SDJDU
DQXDO SRU ORV SUpVWDPRV \ HVWp QLYHO 呸H PD呸WXYR KDVWD ORV SULPHUR DxRV GH
OD VLJXLHQWH GpFDGD / XHJR HO *XDQR XQD YH] P呸 DO SURGXFLU XQD JUDQ DEX(
GDQFLD GH QXPHUDULR DEDUDWy HO LQWHUpV (Q QR VH SDJDED P呸V GHO
/D WHQGHQFLD HUD D OD EDMD +DFLD HO LQWHUpV OOHJy FRQ IUHFXHQFLD VyOR
DO ó \ 3HUR HQ JHQHUDO HQWUH HH LXHGy HVWDELOL]DGR HQ HO
GHELGR O PRQRSROLR LXH VREUH HO FUpGLWR HMHUF DQ XQRV FXDUUWRV SDUWLFXOD
t
UHV 6L QR KD EDMDGR PDV HO GLQHUR GHFD 1tFR/iV 5RGULJR HQ HV 3(
TXH DXQTXH KD\ PWO GLQ&UR TXH DQWHV VXV PD\RUHV DFDP]ODF LRQHV DU- HOODV TXH
FXEULHQGR ODV QHFHVG
GDGHV GH VXV SRVHHGRUHV GHMDQ XQ RREUDQWH SDUD ORV SUH
WDPRV VH
D
ODQ HQ SRFDV PDQRV TXH OR HPSOHDQ FRQ YHQWDMD \ SRU VX QPHUR
FRPSDUDWLYDPHQWH UHGXFLGR SXHGHQ HRVWHQHU HO /QWHU V HQ XQ WLSR PDV SHUPDQHp
WH \ ILM R
1R HVWDPRV PX\ VHJXURV GH OR TXH RFXUUL GHVSXpV HQFUH OH
y $,
JXQRV DXWRUHV FRPR 0DUWLQHW DILUPDURQ TXH HO LQWHIHV KDELD VXELGR HQ 呸RV
OWLPRV DxRV KDVWD HO OHô 2WURV &RSHOOR 3HWUtFRQL O - 呸 HFXF DQ SDUD t
O[YLL
ODV KLSRWHFDV DO PLVPR \D FLWDGR $XQTXH VL WHQHPRV HQ FXHQWD ODV ROOOX呸
ODV SHQDOHV \ OD GFSUHFLDFt yQ GH EL( HWH HVH VXEt U H
t KDVWD PX\ FHUFD
GH OD FLIUD GH OUWLQHW
3RU OR GLFKR VXJHULPRV OD VLJXLHQWH FURQRORJD 7DVD /HJDO UFGXFLGH
GHO FR/RUUtDMH D ILQHV GHO [YLLL $O]D RFDVLRQDGD SRU ODV JXHUUDV
GH OD /QGFSHQGHQF
LD PRQWR GHVFRQRFLGR (QWHU V XVXUDULR IRUPDOL]DGR
p
D SDUWLU GH £ %DMD GHO LQWHUpV RFDVLRQDGD SRU HO *XDQR 7HQGHQFLD
OD EDMD SHUR HVWDELOLGDG ILFWLFLD HQWUH 1XHYD DO]D SRV
WHU/ RU D 'HUUWUR GH HVWH HVTXHPD HVWXGLDUHPRV OD RUJDQL]DFLyQ GH/ FU pGL
WR DJUFROD SHUXDQR D PHGLDGRV GHO [L [ OLPLWWPGRQRV SRU DKRUD D ODV KDELOLWD
FLHQHV \ ODV KLSRWHFDV
/D KDELOLWDFLRQHV SXHGHQ VHU GHILQLGDV FRPR WUDQVIHUHQFLDV SURYLVLR
QDOHV GH FDSLWDO GHVGH HO FRPHUFLR KDFLD OD DJULFXOWXUD &RQRFLGDV GHVGH HO
FRORQLDMH FRPSLWtHURQ SULPHUR \ VREUHYLYLHURQ GHVSXp V DOD JUDQ PRYLOL]DFLyQ
OLSRWHFDULD GH OD GpFDGD GHO \ HQ FRQVWLWXLD OD WHUFHUD IXHQWH GH
FUpGLWR RDUD ORV D]XFDUHURV TXLHQHV SRU HVWH FRQFHSWR GHELDQ VyOR DO H[WUDQ
MHUR 呸 VROHV /D KDELOLWDFLyQ HUD D YHFHV FRQVLGHUDGD SRU ORV MX
ULVWDV SHUXD呸RV FRPR XQD SURPHVD GH YHQWD GHO SURGXFWR DJULFROD FRQ DQWLFLSR
GH VX YDORU PtQLPR SRU HO DFUHHGRU 2 WDPELpQ FRPR XQ FRQWUDWR PL[WR GH SUp呸
WDPR \ FRPLVLyQ 3HUR VDOLD LQFOXLU JDUDQWLDV GH SUHQGD \ KDVWD GH KLSRWHFD
R SUHIHUHQFLD GH FREUR < QR HUD UDUD D SURKLELGD FDSLWDOL]DFLyQ GH LQWHUH
VHV (O KDELOLWDGRU FRQFHGLD XQ DGHODQWR KDVWD SRU HDV GHO YDORU HQ SO呸
]D GHO D]~FDU \ HVSHFXODED VX EHQHx tFtR FRQ OD GLIHUHQFLD HQWUH HVWH SULPHU
SUHFLR \ HO GH OD YHQWD IXWXUD $VXPtD SRU FRQVLJXLHQWH ORV ULHVJRV HYHQWXD
OHV GH- PHUFDGR PXQGLDO 3HUR D HVWH UHVSHFWR ORV FRPHUFLDQW( V HVWDEDQ PHM R呸
SURYtVWRV TXH ORV KDFHQGDGRV D TXLHQHV KDELOLWDEDQ (O DOWR FRPHUFLR GH HV
WD FDSLWDO GHFLD &DVÏV HQ HV HOyQLFR TXH SXHGH KDFHU XVR GLDULR GH OD
FRPXQLFDFLyQ WHOHJUWLILFD FRQ (XURSD (OUHVXOWDGR ILLODO HUD FDVL VLHPSUH
GHVIDYRUDEOH D ORV DJULFXOWRUHV
3O ODGR GH ODV KDELOLWDFLRQHV KHFKDV SRU ORV FRPHUFLDQWHV GHEHPRV FR
VLGHUDU DTXHOODV RWUDV HIHFWXDGDV SRU DOJXQRV JUDQGHV S/DQWDGRUHV HQ IDYRU GRF
SURGXFWRUHV PHQRV LPSRUWDQWHV 8QDV YHFHV
SDUD FRPHUF
t DU HO F]FDU 2WUDV
SDUD PROHU OD FDxD 'H OR
WLPR WHQHPRV QRWLFLD HQ 7UXMLOOR GRQGH KDEL¢B SRU
OR PHQRV FLQFR PHGLDQDV SODQWDFLRQHV TXH FDUHFLDQ GH LQJHQLR SURSLR 3RGHPRV
&OLILFDU HVDV KDELOLWDFLRQHV FRPR ORV SULPHURV HQVD\RV LUDFDVDGRV SDUD LQV
WDODU HQ HO 3HU~ HO VLVWHPD GH ODV 8VLQDV R /QTHUUtRV FHQWUDOHV
9 LQLHVH GHO FRPHUFLDQWH R Gp XQ DJULFXOWRU 呸 KDELOLWDFLyQ HUD WDQ WH
PLGD SRU ORV DJULFXOWRUHV SHUR LJXDOPHQWH WDQ QHFHVDULD \ VROLFLWDGD呸 FR
O[YLLL
PR ODV KLSRWHFDV 6H GHFID ā TXH HO KDELOLWDGRU QR VyOR VH FRQVDJUDED D SUiR
W L F DV XV XU DU L DV V L QR TXH SHU V HJ~L D DGHPiV DSU RSL DU V H GH O D W L HU U D GH V X GF X
GRU 8Q FDVR FRQFUHWR QRV H[SOLFDUi HVWH V VWHPD (Q / ) 3LQLOORV \
t
: 5RVHOO FRQVWLWX\HURQ XQD VRFLHGDG DJUFROD SDUD HODERUDU D]~FDU SDUHFLGD
呸ODTXH HQ KDELDQ ILUPDGR =DUDFRQGHJXL \ $VS^ OODJD SDUD &D\DOWL 1R
OHV DOFDU]y HO FDSLWDO \ WXYLHURQ FRPR KDELOLWDGRUHV D &KiYH] $FKDUiQ \ / DU
FR (Q XQ PRPHQWR GH FULVLV HO IXQGR %DDiQ WXYR TLH DRHSWDU XQ FRQWUDWR
GH KDELOLWDFLyQ OHRQLQR SRU SDUWH GH &KiYH] &K呸YH] GDED HV FLHUWR L
FUDV HVWHUOLQDV LQLFLDOHV \ DGHPiV OLEUDV HVWHUOLQDV SRU TXLQFHQD SDUD
ODV RSHUDFtRQHV GLDULDV GHO FDxDYHUDO 3HUR HQ FRPSHQVDFLyQ UHFLED WRGD HO
D]FDU JDUDQWL]DED VX FUpGLWR FRQ PD KLSRWHFD \ H[LJD PHQVXDO GH LQWHF
UpV IXHUD GH GH FRPLVLyQ VREUH HO SURGXFWR KUXWR /D KDELOLWDFLyQ IXQFLR
QDED HQ HV W H F DV R F RPR XQ P呸W RGR GH HQGHXGDPL HQW R SU R呸7HV L Y R F X\ R , L Q RF XO W R
HUD REWHQHU OD SURSLHGDG GH OD WLHUUD PiV TXH HO FRQWURO FRPHUFLDO GH VXV
SURGXFWRV (VWD YDULDQWH GHXGDDSURSLDFLyQ QR FDUDFWHUL]y ODV KDELOLWD
FLRQFV DQWHULRUHV D < DXQTXH DSDUHFLy GXUDQWH HO SHULRGR TXH HVWXGLD
PRV GHVFRQRFHPRV FXDO IXH VX H[WHQVLyQ 5HVXOWD DVLPLVPR GLILFLOGLVWLQJXLU
OD KDELOLWDFLyQ HQ JHQHUDO GH DOJXQRV FUpGLWRV FRPHUFLDOHV
&RQVLGHUDGRV HQ JORER WRGRV HVWRV WLSRV PXWXR KDELOLWDFLyQ SUpVWD
PR FRPHUFLDO VLPSOH ILQDQFLDURQ DSUR[LPDGDPHQWH VHJP *DUODQG HO 呸
GH ODV QHFHVLGDGHV GH FUpGLWR GH ODV SODQWDFLRQHV "HUXDDDV GXUDQWH ODV GpFD
GDV
; EO &UOGLWR (Q FXDQWR DO FUpGLWR KLSRWHFDULR VX SHULRGR GH DXJH SXHGH
+L SRW HF DU L R
VHU ILMDGR HUUWUH HQ FRLQFLGHQFLD FRQ ERRP HF
QyPL F R JHQHU DO GH HV RV Dx RV (Q O D PHPRU L D DF E DO G/ O DV I DPL O L DV F U L RO O DV
GHO 3HUy TXH UHFXHUGDQ PWOV GH OR TXH SL8
HF \ GLFHQ OD KLSRWHFD HV XQD HYR
FDFt yQ DPE JXD
t $OJXQD YH] TXLVLHUD HVFUtEWU XQD KLVWRULD GH -DV SHTXHxHFFV
SROWLFDV GHO 3FUy SDUD PRVWUDU FRPR JUDQGHV GHFLVLRQHV SyEOLFDV SURIXQGDV
ULYDOLGDGHV GH FDXGLOORV \ KDVWD JXHUUDV FLYLOHV WXYLHURQ VX RULJHQ HQ OD
- LD KLSRWHFDULD GH OD VHJXQGD PLWDG GHO [L[B TXH GHUUXPEy \ OHYDQWy IRUWXQDV
GH OD QRFKH D OD PDxDQD $ SHVDU GH HVWD LPSRUWDQFLD QR WHQHPRV DXQ XQD KLV
WRULD GH OD KLSRWHFD HQ HO 3HU &DVL WRGR OR TXH VDEHPRV VH HQWUHVDFD GHO
PDJQLILFR HVWXGLR JHQHUDO GH &DPSUXEL VREUH ORV EDQFRV HQ HO 3FUy TXH
WDQWRV XVDQ VLQ FLWDU R FLWDQGR D PHGLDV TXH HV SHRU (Q ODV SUy[LPDV SiJL
QDV QRV YDOGUFPRV FLF &DPSUXE
L FRPSOHWDQGR VX LQIRUUUDFLyQ FRQ ORV WUDEDMRV GH
*DUFD &DOGHUyQ $ ULDV &DUORV "D] 6RODWLQ \ 03 2ODH
FKHD FRWHMDGRV FRQ ODV PHPRULV GH ORV GLIHUHQWHV EDQFRV KLSRWHFDULRV
O[L[
$XQTXH FRQRFLGDV ODV KLSRWHFDV QR WXYLHURQ JUDQ &HDUUROOR 呸Q
呸SRFD FR/ RUULD
O SRU PiV TXH GH呸y XER UHJLVWUR KLSRWHFDULR FRQ HO "LQ
GH DPSOLDU \ JDUDQWL]DU HV RV SUpVWDPRV /RV SULPHURV EDQF R呸 S呸U XDQYV D" D
UHFLGRV HUUWUH / D 3URYLGHQLD %DQFR GHO 3HU~ %DQFR GH /RQGUHV
\ 0MLFR QR RWRUJDURQ KLSRWHFDV 6H GLULJLDQ SULQFLSDOPHQWH DO VHFWRU FB
PFUFLDO \ VXV Y"HUDFLRQHV SULQFLSDOHV HUDQ ODV GH G呸SyVLWR GHVF呸HQWR FUI
GLWDV D FRU呸R "O¢]R \ HPLVLyQ GH ELOOHWHV ( O LQWHUOV FREUDGR SRU HVWRV
EDQFRV FUD GHPDVLDGR DOWR SDUD ORV DJULF LOWRUHV PHQVXDO HQ SUWVWFRV D
FRUUR SOD]R PFVHV \ SRU 呸X/ Pi[LPR GH FLQFR DttRV Q( O DJULFXOWRU
GFF F *DUFL] &DOGHUyQ HQ £
t TXH UHFLEH XQD FRVHFKD FDGD DILR TXH & & V L
W D DOJ&WQ WLHPSR SDUD YHQ呸FUOD \ TX呸 呸R VDFD GH VX IXQGRVLQR HO LQWHUpV GH
H W QR SXHGH FHOHEUDU HVRV FRQWUDWRV SRUTXH QR VH UXHGH SDJDU WDUUWR LQ
6L ELHQ FRUQR QRV UHFXHUGD &DPSUXEË VH KDEIDQ SUHVWDGR SUR\HFWRV
GHVGH SDUD FUHDU LQVWLWXF LFQHV KLSRWHFDULDV HO SULPHU %DQFR HVSHFLDB
PHQWH GHGLFDGR D HVH HIHFWR Vy/ R DSDUHF t y HQ * / RV IDFWRUHV TXH LQ
IOX\HURQ H
SULPHU WpUPtQR LDUD ) XQGDF yQ IXHURQ VLQ GXGD HO FUHFtPtHQWR
t
VyOR VXVFULELy WRWDOPHQWH VX FDSLWDO GH GH SHVRV VLQR TXH UXYR
TXH DPSOLDUOR HQ W P呸V &XDWUR DILRV P呸V WDUGR HO %DQFR 7HUULWR
ULDO +LSRWHFDULR SRGLD YHQGHU VXV DFFLRQHV FRQ XQ GH SUHPLR
3HUR HO UpJLPHQ KLSRWRFDUtR
QL HVWXYR V呸MFWR D XQD FRQYHQLHQWH YLJLB
/DQFLD ILVFDO & RPR WRGRV ORV GHPiV EDQFRV SFUXDQRV HQ WRWDO HQ DSF
O[[
UDV Dx RV V GLFWDEDQ HQ O ,UiFWLFD VXV SURS/DV QRUPDV DQSDUDGRV SRU
GHELOLGDG GHO (VWGR \ OD FUHGXOLGDG HVSHFXODGRUD GU 呸ā V F/tHUUWHV +VWD
ORV PiV HVF~SWtFRV UHDQ HQ H FUpāLWR RDLFDU R XQD VYDFLQ FRUUWUD OD XLL
t
UD \ HO PRQRSROLR TXH VREUH HO UQHUFDGR GH SU VWDPRV HMHUFLDQ XQRV SRFRV ¢DU
p
WLFX/DUHV呸 &
pOLWR GHF呸i - RVW +DUWQ GH &DUGHQDV HV KR\ HQ OD
HVI
HUD HURQyPtFD 呸 TXH H YDSRU FRPR )XHU]D PFWU ] HQ D U呸FQLD XQ SR
t
GHU /QFRQPHVXUDEOF TXH WRGR OR PXHYH +DEOR GH OD GHPRFUDWL]DFLyQ GHO &U呸
FWLW R (Q HO "HU ~ SDL V GHPRF U 呸W L F R D GL I HU HQF L D GH RW U RV HV W DGRV & 2QGH O H
DU VWRFUDFtD HV XQD LQVWLWXFtyQ HQ HO 3HU~ FRVD UDUD HO FUpGLWR FVW DULV
t i
WRFUDWL]DGR 8UDV FXDQWDV FDVDV GH FRPHUFLR VRQ ODV TXH KR\ DEDUFDQ
ORV EHQHILFLRV GHO FUpGLWR HQWUH QRVRWURV GDQGR OD OH\ D WRGD / VRFLHGDG
+DELD OOHJDGR OD KRUD GH VXSULPLU HVWRV JULYLOHJLRV \ GH SRQHU DO DOFD呸FH GH
WRGRV ULFRV \ SRRUHV OD RSRUWXUULGDG GH HQGHXGDUVH 8L QXHYR FRQFHSWR HO
WLHPSR HFRQyPtFR YHQLD D UHPRYHU HO FRUFHSWR FUDGtFtRQDO EDVDGR HQ XQD HV
WUHFKD UHODFQ HQWUH SDVDGR \ SUHVHQWH ā DKRUUR \H HtHFWXDFR DVWRV LPQH
GLDWRV TXH OLPLWDED FXDTXLHU XVR R SURUHFFLQ KDFLD HB IXWXUR $KRUD HQ
FDQEtR HO IXWXUR XQ ,XWXUR /QFO XVR DOHDWRULR VH FRQYHUW D HQ HO IDFWRU GR t
PLQDUUUF /D JHQHUDOL]DFBy HO FUpGLWR VXSRUUtD XQD QXHYD SV FR/RTtD \ XQ
Q G t
FXPSOLHURQ VXV GHRHUHV QL SDUD FRQ ORV WHQHGRUHV GH FpGXODV QL SDU
! FRQ /RH
DJU L F 呸 W RU HV TXH KLSRWHFDEDQ SURSLHGDGHV 9 LROHO
WpOGR 呸 GRFWULQD Ŷ
6
6
TXLVLHURQ GHILQLU OD KLSRWHFD FRPR XQ PXWXR GtUHFWDPHUUW RWRUFDGR SRU OOH呸
DO GHXGRU FUHDQGR D6L GRV VLVWHPDV SDUDOHORV H /QFRPXQt FDGRV HO XQR SD
D
UHFLELU ORV FW呸SLWDOHV TXH /XHSR SUHVWDEDQ HO RWUR SDUD FREUDU ORV SU VWD p
PRV (VW¼ GRE/ ª MXHJR HUDFYLGHUUWH HQ ODV DPRUWL]DFLRQHV DQWLFLSDGDV VREUH
ODV TXH QD呸D KDELD GLFKR HO GHFUHWR GHO G( HQHUR GH TXH DLWRUL] O
EDQFD KtSRWHFDUtD HQ HO 3HU (VWH YDFUR IYH PDxRVDPHQWH FXELHUWR SRU ORV
(VWDWXWRV GUO SULPH
%DQFR +LSRWHFDULR DUWtFXOR \ QWDEODV DQF[DV TXH
IXHURQ DSUREDGRV SRU HO JRELHUQR DJRVWR VLQ DGYHUWLU /D WFUJLYFUV呸
F yQ
t /HVDOPHO
LWH HVRV HVWDWXWRV 呸 HQ FRQVHFXFQFtV ODV IHPRVDV WDEODV THGO
URQ HQ VXVSHQVR SXFVUR TXH SRU OH\ F/ (VWDGR VyOR FHMy YLJPWH HQ HO G呸
FUHWR GH HQHUR GH VLQ QFG呸 GHFLGLU VRRUF HO OH BURVWR GH / ]V
DEODV VLQ HPEDUTR VH FRUUW QXDURQ DSOLFDQGR
t 1LQJ~ RWUR EDQFR KLSRWHFDU,R
G呸 $PpULF $ UJFQWLUD &KLOH DGRSWy SRU HUUWRQFHV 呸V呸 SURFHGLPLHQWR āVDO呸R
HO GH *X\DTXLO TXH ORV UHFW U Fy PX\ SURQWR ([£OLTXHPRV (O GHXGRU VyOR
t t
GWED S¢LB£XU VFRQ OH\ XQ ,QWHUHV GHO VREUH HO FDSLWDO SUHVWDGR PFG DQWF t
XQD DQXD/ tGDG 呸F TXH VXPDED HVH LQWHāOV \ OR UHV£FWLYD DPRUWL]D
FtyQ / DV WDEODV HQ FHPELR OH H[LJLD XQ LQWHUpV TXH YDULDED HQWUH 呸
$O FDQFHODU VX UpVWDLR HO GHXGRU KDELD SDTDGR L GHPpV
2WU
HQWH GLVFXWLEOH GH JDQDQFLDV SDUD ORV EDQFRV )XHURU VXV
UQDQLSXODFLRQFV FRQ ODV FpGXODV +XER VRVSHFKDV GH TXH UDOL]DURQ VRUWHRV
IUDXGXOHQWRV \ FVW SUREDGR TXH SXV FURQ QXHYDPHQWH HQ FLUFXODFLyQ FpGXODV
i t
3RU 呸OWLPR DO LJXDO TXH WRGR pO VLVWHPD ED呸FDULR GH HVRV DILRV ODV
LQVWLOXFLRQHV KLSRWHFDULDV VH EHQHILFLDURQ FRQ H, ELOOHWH EDQFDULR \ ILVFDU
(O ELOOHWH R VXV HTXLYDOHQWH呸 KELDQ 呸[LVWLGR DQWHV GH TXH 呸DUFFLFURQ ORV
EDQFRV HQ &DPSUXEL QRV UHFXHUGD DOJYQRV GH VXV DQWHFHGHQWHV 9
OHV F RPFUFLDOHV PDQXVFULWRV R HQ WDORQDULRV LPSUHVRV OO %LOOHWHV GH ORV
&RQVLJQDWDULRV $ OVRS *LEEV 7&7OSOHUW
5RZH =DUDFRQGHXL 3RGUD
,O26 DLaDGLU FRQ FLHUWDV SUHFDXFLRQHV \ FRPR RWUR HMHPS/R G PRQHGD ILGXFLD
ULD GH IDFWR D ODV ILFKDV FPLWMGDV SRU DOJXQRV JUGHV WHUUDWHQtFQWFV
RU
O R QHQDV FXDQGR VZD\QH HQ ,FD \ / LPD FLUFXODURQ IXHUD GH VXV KDFL(QDV \
UHFQS/D]DURQ RDUFLDOPHQWH DO PHWiOLFR HU DJXQDV FLXGGFV 3HUR VyOR I
XH HQ
OD VFTXQGD RLWDG GHO V呸£
OR [t[ TXH HO E O/HWR GRPLQy OD FFRQRPID iHO 3FUi
t &
-
O[[呸L
O R 呸"LO
& /~ MRUWDGRU < HVWH KRPEUF HUD Y DH ORV PiV GHFLGLGRV SUFLGD
ULRV GH OD YLLODQFLD HVWDWDO VFEUH ORV EDQFRV \ RIUHFtD HVWD GFILQLF yQ FR t
WULD RLFLR U SURIHVLyQ 7R- DY HQ FXDQGR HO %LOOHWH HVWDED \D GHO
W RGR &F V -&
呸呸L W DDR SRGL D GHF L U XQR GH HVRV EDQFRV
¢48& GHUHFKR KD\ SDUD REOLJDUQRV D UHWLUDU QXHV
WURV 'LOOHWHV" 1R WHUHPRV QJXQD UHODF yU FRQ t
F D
+XER DOJXQRV TXH GHQXQFLDURQ ORV SHOLJURV GHO 呸LOOHWF EDQFDULR URO呸B
W FDQGF OR TXH GHVSXpV RFXUU/y \ KDFLHQGR YHU OD H PH L呸BI
OW
HQFLD SROtWLFD \
t
FFRQyPtFD O8& L WUDYpV VX\R REWHQLD HO VHFWRU SULDGR -QX GH HOORV DO HV
FULELU 呸DUX HO *RELHUQR XQDV &RQVLGH呸DFLRQHV VREUH HO -呸OLJUR GH OD UOB
V呸yQ GH p
pOOFWHV GH EDQFR VLQ JLUDQWLD / LPD GHFLD ([LVWH XQD HQRUPH
GLIHUHQFLD HQWUH HO FDSLWDOLVWD GH XQ %DQFR \ HO S~UOLFR IDOWR GH JDUDLB
W TXH DGUULWH XQRV UHWD]RV XH SDSHO FRPR VL IXHUDQ PRQHXD FLUFXODQWH (
EDQTXFUF XVXIUXFWXD FRQ HO FDSLWDO HIHFWLYR TXH GWEHUFW VXDUGDU HQ FDMD
OV"
R TXH OH V UY© SDUD XQ GRE/H JLUR SXHVWR TXH QR QFFHV WD VLQR GHO QXPHUDULR
t t
FRPSHWHQWH SDUD HO UHVFDWH GH ORV ELOOHWHV TXH VH SUHVHUUWH DO FREUH 6P /W呸 L
LHDPFQWF OXFUD FRQ ORV ELOOHWHV HQ 4LVHPLQDFLyQ TXH LJXDOHQ G VX FDSLWDO
IHFWLYR (VWD SUXGHQFLD QR I
LH FRPSDUWLGD LRU OF PD\RU SDUWH GH ORV HPSF
VDUtRV \ SROWLFRV SHUXDQRV &UF DQ KDEHU GHVFXE FUWR HO VHFUHWR GH OD UFV
t t
%
$ %L O O HW HV \ FH % $
1RPEU HV &DSL W DO
GX/DV HPL W L GDV
O DU ] R 呸
%DQF R F HO 3HU
%DQF R GH O D 3U RY L GHQF L D
L
%DQF R GH /RQGU HV pM L F R
\ 6XG $PI U L F D
( D QHR - F /L PD
%DQF H L DF L RQDO GHO 3HU O
RRR - 22
%DQF R $JOR 3HUXDQR O
%DQF R *DUDQWL]DGRU
%DQFR +LSRWWFDULR
L
%DQF R +L SRW HF DU L R 7 HUUL
W RU L DO
) XH W H
) 3D] 6R, GiQ
HPSO HDGD SRU &DPSU XEË /DV U HV HU Y DV PHW $O L F DV \ O DV GL V SRQL EL O L GDGHV GH F D
M D U HV XO W DU L DQ HQW RQF HV TXL ] $V PXF KR PHQRU HV GH O R TXH DSDU HQW DU RQ
(O - U DQ QHJRF L DGR GH O RV EDQF RV KL SRW HF DU L RV \ GH W RGRV O RV GHPiV
H呸L V RU HV GH EL O O HW HV F RQV L V W L y / 呸 Y DU L DV RSHU DF L RQHV HV F DO RQDGDV 3U L PH
U R O D HPL V L yQ V L Q F RQW U RO KDV W D O (O EL O O HW H F RPR KHPRV F L W DGR HU D XQ
DV XQW R SU L Y DGR &RQV HJXL U HQ L TXH HO (V W DGR GHF O DU DU D GH F L U F XO D
F L yQ I RU ] RV D HV RV EL O O HW HV SDU D HY L W DU O D TXL HEU D GH O RV EDQF RV 呸XH O RV KD
O[[LY
E/DQ HU
OLWLO $ SDUW U GH HQGRVDU
t D (VWDGR OD UHVSRQVDELOLGDG GR/
%LOOHWH LDQFDULR FRQYHUWLGR GDVGH HQWRQFHV HQ %LOOHWH ) LVFDO ( Q FDFD XQD
GH HVDV ILOVHV ORV EDQFRV KtSRWFFDUtRV RB QR HVSHFXODURQ FRQ HO ELOOHWH
TXH / OORV VRORV FUHDURQ ,QXQGDURQ GH SDFH, HO SDV \I FRPR GLM R FiXtFD
&QW X呸 SHUtFGtVWH K FLFURQ XQD PRQWDx D āFHā OD QDGD \ DO FDHU QR FD\y VR
t
EUH HOORV
& XDQGR OHV FRQYLQR VXE HURQ HO SUHFtR GHO RUR \ VH QHJB
t
URQ D UHFLEL HQ SDIR ORV PtVQRV EL/ OHWRV TXHā KDEODU ā S8FVW2 HQā F UFX/ DFt yU
( 呸%yX SRU HMHPS/R
t
SUREDELOGDGHV Rā DOWHULVWtYDV GH XQD VLWXDFLyQ LVW呸ULFD FRQFUHWD 6RQ HQ
FDPRtR FL&WLILFDPHQWH SHOLJUDVDV VL D WUDYp V GHO DVRPEUR R OD DFXVDF yX t
L)SOF呸 WD R/ YtGDQ TXH HO KLVWRULDGRU WLHQH ) UHUUWF DO KHFKR K
LVWyULFR TXH
HVWXGtD BD WLSR GH FRQRFLPLHUUWR GLI/ UHQH DO *8H SRVHHQ TXLHQHV SDUWLFLSDQ
HQ O UHiOL]- FLy
O HUH HVH KFFQR ,O KLVWRULDGRU REVHUYD XQD RFXUUHQFLD KLV
WyU呸FD FRPR WRWDOLGDG ILQDOL]DGD \ \D &8- 呸SOLGD 呸LHQ呸V QDFHQ OD KLVWRULD
OD YLYHQ HQ FDPEtR FRQR XQD VXFHVLyQ ( Q FDGD XQD GH HVDV SRV FtRQRV
t 9 "
U/ DQ OD QDWXUDOH]D \ JUDGR UHVSHFWLYRV GH LQIRUPDFLyQ &XDQGR HO KLVWRULD
GRU LQYHVWLJD SRU
MHPSOR ORV OHYDQWDPLHQWRV DQGLQRV GH FRQWUD
HO ,PSHULR HV SDx RO VDEH GHV GH XQ SU L QF L SL R 3ULPHURTXH I U DF DV DU RQ
/ XHJR TXH 6DQ 0DUWLQ GHVHPEDUFy HQ 3LVFR \ %ROLYDU WULXQIy HQ $\DFXFKR
&RQRFH DLLELWQ OD FLUFXQVWDQFLD / QWHUQDFtRQD
O HXURSHD \ / R TXH RFX
UUD HQ HO UHVWR GU (XURSF &RQ DOJR GH SDFLHQFLD \ EXHQD VXHUWH SXHGH
KDVWD GHFLU FXDQWRV KRPEUHV DUPDGRV WHQDQ ORV YLUUH\HV HQ FDGD SXQWR GHO
3HU~ 3HUR WRGR HVWR
R JUDQ SDUWH HUD L
OORUDGR SRU 7~SDF $UQDUX \ 38
OO"& BH
KXD =H/D QR VXSR SRU HMHPSOH TXH FDVL DO PLVPR WLHPSR HQ TXH VH OHYFQWD
9x HQ 7DF QD DO V XU GHO 3F U 呸 O RV ERQDHU HQV HV FX \ D D\XGD HVSHU呸EDQ HUFLOO
GHUURWDGRV HQ OD DFWXDO %ROLYLD 3RU FRQVLJXLHQWH HO FRPSRUWDPLHQWR DV呸
PL GR呸 SRU HO O RV \ O DV PDVDV 呸呸H GLUL呸DQ QR 呸VW呸YL呸URQ UHODFLRQDGRV FRQ
QXHVWUD LQI
RU
PDFLyU SRVWHULRU VLQR FRª VX SURSLD LQIRUPDFLyQ FRUUWHPSRUiQHX
(OKLVWRULDGRU SRVHH DO UHVSHFWR XQD REYLD YHQWDMD pO PDUJHQ GH LJQRUDQ
FLD R GLIHUHQFLD LQIRUPDWLYD GHEH VHU HQXQFLDGR SDUD SRQHU HQ HYLGHQFLD OD
O!RQU
REM HWLYLGDG GH ODV FDXVDOLGDGHV KLVWyULFDV SHUR QR VLUYHQ SHUD H[SOLFDU ODV
U HV SRQV " 呸L O L GDGHV \ PRW L Y DF L RQHV DV RF L DGDV D XQD GHW HU PL QDGD F RQGXF W D KL V W yU L
FD
3HU R EDV W D O D I L O RV RI L D GH O D KL V W RU L D TXH D W DQ SRF RV SRU GHV JU DF L D
LQWHUHVD HQ HVWH WLHPSR 8RVā KHPRV SHUUQLWLGR HVWD JLPUDVLD SRU SXUR S/ DFFU \
SDU D TXH O RV KL V W RU L DGRU HV Y HDQ TXH HV P呸V I 呸F L O SU RI HW L ] DU HO SDV DGR TXH H呸
I XW XU R 0XF KR GH O R TXH KHPRV GL F KR DF HU F D GH O RV EDQF RV KL SRW HF DU L RV O R V DEH
PHV QRV RW U RV DKRU D SHU R V yO R I XH F RQRF L GR SRU V XV F RQWHPSRUiQFRV GH XQ PRGR
W DU GR H L QFR呸SO HW R (QW U HW DQW R KDEL D TXH W RPDU GHF L V L RQHV L QPHGL DW DV (O
PHU F DGR PXQGL DO HV SHU DED QXHY DV RI HU W DV GH iU RF DU \ O RV F DSL W DO HV I DO W DEDQ (O
FUpGtWR 呸LURWHFDULR FRQ WRGRV VXV ULHVJRV DSDUHFtD FRPR XQD VDOYDFLyQ " R
HV W D FDXV D F RPR KHPRV Y L V W R HO %DQF R GH &U pGL W R L L SRW HF DU L R SXGR HQ Y 呸
GFU W RGDV V XV DF F L RQHV HQ W DQ SRF R W L HPSR , JXDO GHPDQGD KXER HQ O D V RO L F L W
O
GH SUpVW DPRV U (Q V yO R XQ DxR KDV W D GL F L HPEU H GH O RV DJU L F XO W RU HV U F F t
ELHURQ PHG
LDQWH KLSRWpFDV XQ WRWDO GH 6O SHVRV 'LH] Dx RV āUL呸Q WDUGH
HV H %DQF R KDEL D HPL W L GR FpGX/ DV KDV W D SRU 6 VRO HV \ O DV KL SR
W HF DV U XU DO HV Y L JHQW HV V XPDEDQ 6W
V RO HV (O PL V PR p[L W R W XY R HO %DQF R
7HU U L W RU L DO +L SRW HF DU L R S呸HV HQ V yO R V XV SU L PHU RV FL QF R Dx RV GL R
SUpVW DPF V SRU 6 V RO HV GH O RV F XDO HV XQ I XHU RQ DO V HF W RU FL JU L F RO D
4XH HV W DV L QV W L W XF L RQHV V DW L V I DF L DQ XQD QHF HV L GDG S呸EO L F D DXQTXH F RQ GHI HF W R
\ DEXV R O R SU XHED HO TXH W RGDY D TXHGDV H HQW RQF HV PDU JHQ SDU D RW U DV L QV W L W X
F L RQF V V L PL O DU HV /D PD\ RU S UU W F GH O RV HI PF U RV EDQF RV DEL HU W RV HQ SU RY L 呸
F t DV HV W XY L HU RQ GHV W L QDGRV D O D DJU L F XO W XU D \ W XY L HU RQ R SU HW HQGLHU RQ U HQHU
VFFFLRQFV KLSRWHFDULDV WRV PLVPRV DJULFXOWRUHV TXDDLRURQ HQ UHSHWLGDV RFD
V L RQHV F U HDU SDU D V X EHQHI L 呸L R XQ JU DQ RU JDQL V PR GH F U pGL W R KL SRW HF DU L R (呸
W U H O RV P呸V L PSRU W DQW HV GH HV W RV SU R\ HF W RV SRGHPRV U HF RU GDU HO %DQF R +L \ - W HF D
U L R GH $JU L F XO W XU D \ O D 6RF L HGDG $JU L F RO D 0HU F D W L O
X D
GHO %D 呸F R 3HU XDQR $JU L F RO D +L SRW HF DU L R GH TXH FL W D &DPSU XEL (O SU L ZHU F
I XH V QWRPiWtFDPHQWH JHV W L RQDGR SRU - RV p )HO L ] $U L DV GL SXW DGR SRU 7U XM L O O R
t
SURYLQFLD HQWRQFHV HQ SOHQD H[SDQVLyQ D]XFDUHUD 3UHUHQG/ D FUHDU XQD JUDQ UHG
KL SRW HF DU L D HQ F DGD XQR GH O RV GHSDU W DPHQW RV SHU XDQRV Y DO L pQGRV H GHO (V W D
GR TXH 呸呸V F U L EL U L D XQ GHO FDSL W DO F DO F XO DGR HQ 6 SHV RV 6XV SU R
FHGL PL HQW RV V HU L DQ VL PL O DU HV D O RV GHO %DQF R GH &U pGL W R +L SRW HF DU L R \ F RQF HXH
U L D SU pV W DPRV V yO R KDV W D HO GHO Y
O RU GH O RV I
呸QGRV /D 6RF L HGDG $JU L F R
+HU F DQW L O I XH PiV DPEL F L RV D , PDJL QDGD SRU DO TXQRV JU DQGHV SU RSL HW DU L RV ā
+L JJL QV %R] D *R\ W L ] RO R &DV W Dx HGD SU HW F QGL D DVQQLU O D U HSU HV HQU DF t RQ \
L V I F QV D GH O RV L QW HU HV HV DJU F RO DV \ F U HDU XQ JU DQ %DQF R $JU L F RO D 3HU XDQR TXH
DGHP呸V GH W RGDV O DV RSHU DF L RQHV QRU PDO HV GHSyV L W R \ GHV F XHQW R W XY L HU D W U HV
O [[Y L
VFFF RQHV HVSHFLDOL]DGDV F D +DEL/tWDFLQ D FR] W \ PHGLDQR SOD]R KH
t
VRRUH FDSLWDOHV UDtFFV LQPXFEOHV LQJHQLR SRU SāLHPSOR \ HO PtVPR
SRUFHQWDMH SHUR FRQ JP呸DQ呸D SHUVRQDO SDUD ORV VHPRYtHQWHV
7RGD HVWD QRY /t]DFLyQ FUHGLWLFLD IDYRUHFLy SULQFLSDOPHQWH D OD D
t
£
ULFXOWXUD GH H[SRUWDFLyQ \ GHQWUR GH HOOD D OD LQGXVWULD D]XFFUHUD R FH
PH FQWRQFHV VH OHV OOpPDED D /DV KDFLHGDV GH FDxH GXOFH 6H SURGXMR
SRU FFQVLTX HUUWF XQD GREOH FRQFHQ
W]DFtyQ JHRJUi
t ILFD \ VHFWRUL DO TXH
DFHQWXy FRPR GMLPRV QXHVWUDV GLVSDULGDGHV HFRQyPLFDV LQWHUQDV (QWUHN!V
IDFWRUHV GFWHUPLDQWHV GH HHWD GLVWULEXFLyQ HVWXY HURQ ODV FRQGLF
LRQHH H t
FRQQLDV HVSHFLILFDV TXH FDUDFWHUL]DEDQ D FDGD UHJLyL GH/ 3FU DQWHV GH ~
OD DSHULFtyQ GHO VLVWHPD EDQFDULR / RV WHULFRV GH LD 呸SRFD \ HO SURULR
( VWDGR QR SXGtFURQ FRPSHQVDU HVWDV WHUGHQFLDV $ PHG
LDGRV GH ORV Dx RV
VH RUGHQy I ORV EDQFRV TXH DEUL HUDQ VXFXUVD
OFV HQ SURYLQFLDV SDUD
RXH O FUOGLWR 呸HQHILFLDUL WRFLRV ORV DJULFFOWUV / RV EDQFRV VH RSX
VLHURQ \ DUJLP/QWDURQ TXH HO 3WU~ QR HUD XQ WFUULWRULR FFRQyPLFDPHQWF 8L
ILFUGR 5HVXOWDED LPSRVLEOF HVWDE/FFF ODV PLVPDV UFJO呸V GH FUyGLWR
/LPD T 呸H HO B &X]FR R &DMDPDUFD /D UHQWD GH OD WLHUUD HUD PXFKR PiV DO
WD HQ O¢ &RVWD &HQWUDO TXH HQ RWUDV SHUWHV HO LQ/ FUpV KLSRWHFDLR SRGLD
HQ FRULVFFXHQFLD FRPSHWLU FRQ ( LQWFWV FRPHUFLDO FRUULHQWH TXH HUD QX\
H/HYDGR \ VLHPS UH TXHGDED UQDUTFQ SDUD HOSURSLHWDU/R GHVSXpV GH SDJD
VXV DQXVGLGDGHV 'RQLH ODV W O F QL F DV RUDQ WUDGtF RQDM FV /RV VXHORV SREUHV
t
U R HV PX\ EDM R SRU TXH KD\ SRF DV SHU V RQDV TXH SL GDQ FDSL
W DO SU HV W DGR \ O DV
I L QFDV SU RGXF HQ HO GH L QW HU pV
8Q SU RSL HW DU L R F X\D I L QF D Y DO H GL H] PL O SHV RV SHU F L EH
GH HO O D TXL QL HQW RV R V HL V F L HQW RV SHV RV KL SRW HF DGD DO
%DQF R U HF L EL U D VREU H HO O D SHV RV F X\R VHU Y L F L R
DV HF HQGHU D D F DO F O O O DGR DO \ SRU F RQV L JXL HQ
W H QR W HQGU D XQ SHV R SDU D Y L Y L U /D HV F DV H] GH FRV H
FKD HQ XQ Dx R R O D I DO W D GH DO TXL O HU GH O D F DV D SRQGU D
DO SU RSL HW DU L R HQ DW U DV R \ HO U HPDW H O R SU L Y DU D GH V X
SU RSL HGDG
8Q EDO DQF H GH O D VL W XDF L yQ HQ F RQI L U PDED HV W D F RQH[L yQ HQW U H HO
FU pGL W R KL SRW HF DU L R \ O D JU DQ DJU L F XO W XU D F RV W Hx D F RPR VH DSU HF L D HQ HO VL
JO O L HQW H FXDGU R
%DQF R GH &U pGL W R +L SRW HF DU L R 呸
%DQF R 7HU U L W RU L DO +L SRW HF DU L R
2WURV %DQFRV
3U pV W DPRV GHO &RPHU F L R GH /L PD
+DEL O L W DF L RQHV GHO H[W U DQM HU R
3U 呸V W DU QRV GH SDU W L FX O DU HV I HU XDQRV
WH VLVWHPD VyOR (XQFLRQDED JUDFLDV 呸 H0"OHR LQWHQVLYR GH XQD DEXQGDQWH PDQH
GH REUD 1R VLHPSUH UHVX/ Wy I呸FLO SDUD
RV DJULFX- WRUHV SHUXDQRV GH (6 D SB
*DUODQG +XER VLQ GXGD XQ HQRUPH PDUTHQ GH H[SFULPFQWDF
LyQ
\ HUURU
TXH DOJXLD YH] SRGU
āUHR
VHU RSUFF
LDGR VLāVH UHF~SHUDQ ORV DWFKLYRV GH OD pSRFD
呸
B呸 呸
i
呸
/ RV TXH KR\ HVWiQ FO
LVMLRQLEOHV UHYH/DQTXH ORV SULQFLSDOHV REMHWLYRV SHUVHJXt
GRV SRU ORV KDFHQGDGRV IXHURQ SULPHUR OD REWHQFLyQ
G
H PDLLR GH REUD \ OXHJR
O D PRG(U QL ] DF L yQ GHO SU RF HV R GH HO DRU DF L 呸 GHO D]IOF/ ?U 3RF RV J呸呸W RV H
H
āHFWXDURQ HQ FDPELR SDUD PHMRUDU ORV WLSRV \ VLVWHPDVā GH FX/ WLYRB
; @ /D 2UTDQL]DFLyQ GHO $QWHV TXH OD PiTXLQD W\ HO SU VWDPR KLSRWHFDULR YHp
7 UDEDMR ā
QLD ODPDQR GH REUD UXHVWR T呸/ O D OLEHUWDG GH ORV HVFODYRV H[
J 呸O XQD VROXFLyQ DOWHUQDWLYD D FRUWR W呸UUQOQR ā / 呸 DJ7 L呸OWXUD SHUXDQD GHFLD
- XDQ GH $URQH HUD FRPR /
9 HQXV GH 0LOR XQāXHUSR VLQ EUD]RV )UDVH
TXH GHVGH QWL呸$R U呸SHWLD ORV SURUL呸WDULRV FRVWHxRV \ TXH FRPR GLMR 7iYD
ā
D p UHFWDPHQWH DQOL]DOLD VLā-
OLILFD OWD GH EUD]RV TXH WUDEDMHQ EDUD
WF R GH EDOGH ( O GHVDUUROOR XH O HFRQRPLD SHWXDQD F FUHFLPLHQWR GH OD
/ LGXVWUtD D]XFDUHUD ORV FDPE
tRV F HO VHFWRU DJULFR BD GHEIDQ SURGXFtUVH VLQ
H/ WHUDU āXQ PRGH/ R VRFLOBEDVDGR HQ HO SUHVWLJLR \ OD +&L"WDFLD āTXH D 6O
Y H] V XSRQ" HO PD 呸W HQL QU L HQW R GH 呸HO D&L RQHV GH W U DE呸M R O R 呸i W U DGL F L RQDO HV
SRVLEOH 'HQWUR GH HVWD SFUVSHFWLYD F[DPtQHUHPRV OD PL RUDFLyQ GH FRORQRV
FKLQRV V呸呸LHVFODYL]DGRV WUDLGRV DO 3HU呸 pQWUF ¢3QF TXW VH SUH呸BL
ULy FVWD RSFLyQ +DE D RWUDV GWVGHO+" - R! HB呸JDULFKL&RV \DQDFRQDV MRUQDOH
t
1R IXHURQ DHFLVLYRV HV QXHVWUD KLSyWHVLV QL OD SURFHGHQFLD HQ FXDQ
WR GLVWDQFLD & 2
,?2 JDVWR - H WUDQVSRUWH R UHVLVWHQFLDFXOWXUDO QL HO FHV
WR GHO WUDEDMR SRU V VROR VLQR PiV ELHQ OD QDWXUDOH]D \ GLVSRQLELOLGDG GH
OD RI
HUWD DVt FRPR OD UHODFLyQ VRFLDO LPSOLFDGD $FODUHPRV HO VLJQLILFDGR GH
HVWRV IDFWRUHV (Q SULPHU WpUPLQR HO FRVWR - HELGR D OD DSDUHQWH VHQFLOOH]
TXp OH FRQILHUHQ ODV FLIUDV HVWH FRQFHSWR KD VLGR DELDPHQWH HPS/HDGR < D
HQ SWLJLQDV DQWHUtRUHV D SURSyVLWR GHO VDODULR HVF
/DYF G呸FLDUQRV FXDQ DYHQ I
W XU DGD HV O D F RQW DEL O L GDG G呸O W U DEDM R HQ XQD HF RQRP D TXH DR V HD HUUWHUDPHQ
WH PRQHWL]DGD PRGHUQD \ FDSLWDOLVWD 3HUR DGHPiV GH HVWD SUHFDXFLyQ KD\
TXH DGYHUWLU WDQELHQ OD DPELJWOHGDG IXQFLRQDO GHO &RVWR (Q QXHVWUR FRQWH[WR
HO FRVWR GHO WUDEDMR QR VH LGHQWLILFD QHFHVDULDPHQWH FRQ HO VDODULR VLQR TXH
OR LQFLX\H \ VLJQLILFD DTXHOOD SDUWH GHO SURGXFWR EUXWR TWH GLUHFWD R LQGLUFF
WDQLHQWH HV VHSDUDGD GXUDQWH XQD FLHUWD XQLGDG GH WLHPSR SDUD D REWHQHU
E KDFHU RSHUDWLYD \ H PDQWHQHU GLVSRQLEOH HQ XQ SOD]R GDGR XQD GHWHUPLQDGD
IXHU]D GH WUDEDMR ,QFOX\H SRU FRQVLJXLHQWH ODV UHWULEXFLRQHV HQ GLQHUR
DFRUGDGDV DO WUDEDMDGRU ORV VHUYLFLRV R HVSHFLHV TXH UHFLED VLHPSUH TXH
ORV SURGX]FD pOPLVPR HQ VX WLHPSR
YRV F RO RQRV F KL QRV \ DQDF RQDV HW F 2 V HD TXH XQD Y H] HY L GHQF L DGDV O DV GL
IFUHQFLDV QXPpULFDV VLHPSUY KHPRV GH UHODFLRQDUODV FRQ ORV KHFKRV GH FDUiF
WHU VRFLDO TXH ODV GHWHUPLQDQ (VWD HV G(VSXpV GH WRGR OD GLIHUHQFLD F£XF
KD\ HQWUH HFRQRPHWUD H KLVWRULD YDOH GHFLU HQWUH LQGLFDGRUHV WHVWLPRQLDOHV
\ F DXV DV HI L F L HQW HV
6RQ QXPHURVDV \ FRQWUDGLFWRULDV ODV QRWLFLDV TXH WHQHPRV VREUH ORV FHV
WRV GHO WUDEDMR UXUDO HQ HO 3HU~ GXUDQWH HO VLJOR [L[ 3RU IDOWD GH XQD KLV
WRULD GH ORV SUHFLRV \ VDODULRV GHEHPRV FRQWHQWDUQRV FRQ VL呸SOHV DSUR[LPDFLVB
QHV 'H WRGDV HVWDV XVDUHPRV SRU DKRUD VRODPHQWH RFKR
0LQLVWHULR GH *RELHUQR SDUD
0RQWHUR (OJXHUD 9 LOODFDPSD
-
LODUWLQHW
'LUHFFLyQ GH &RPULEXFLRQHV
*DUODQG "
O[[[
ā
$U DQD B SDU D "
$QyQL PR
/DU U DEXU F
O R L QW HU 呸RJDQW F V " L QGL F DQ I HF KDV DSU R[ L PDGDV
8 DQiO LV LV F XL GDGRV R GH O RV SU F V W DPRV H L QI O XHQF L DV U HGXF U /D GUiVWL
t
F DPHQW H HO P
XQHU R GH HV DV I XHQW HV $G呸P呸V GH V XV SU RSL DV L QY HV W L JDF L RQHV
+DU W L QHW *DU O DQG \ $U DQD XW L O L ] DU RQ TXL]iV O RV GDW RV RI L F L DO HV GH O / \
DV t F RPR O D HQF XHV W D PXQL F L SDO GH &DV 呸V W U DV F U L EL y DO
SDU HF HU XQ L QI RU PH SU HI HF W XU DO GH &RPR (V W HY HV VL JXL y D /DU U D
EXU H F X\ D REU D FQW U HF RPL O O SHU R V L Q PHQF L RQDU HO DXW RU 3DU D W RGD HV W D 呸L
EO L RJU DI L D VRF L R HF RQyPL F D GHO RF KRF L HQW RV XU JH HV D UU呸V PD W DU HD GH O L PSL H] D
\ I L O F L yQ TXH F RQ W DQW D DJXGH] D KL ] R &DU O RV $U DQL EDU F RQ O DV F U yQL
F DV DQDL QDV GHO [Y L /RV EXHQRV XV RV G呸 O D HU X L L F L Q KL V W RU L RJU $I
L F H QR G B
EHQ V HU RO Y L GDGRV V L QR SXHV W RV DO V HU Y L F L R GH O D O O XHY D +L V W RU L D " TXH DO 呸
QRV FUHHQ HVWDU HVFULELHQGR 1R VHU HVH QXHVWUR RILLR DKRUD SXHVWR TXH HV
i
W H SU yO RJR HV VyO R XQD DSHU W XU D GHV W L QDGD D JHQW H TXH W RGDY L D F RQRF H SRF R GH
O D KL V W RU L D SHU XDQD 3HU R QRV F U HHPRV REO L JDGRV SRU O R PHQRV D XQD F DO L
I L F DF L yQ LQWHUQD GH O RV W HV W L PRQL RV ¢+DV W D TXH SXQW R VXV DXW RU HV HV W DEDQ
L QW HU HV DGRV HQ GHF L U O D Y HU GDG X HQ F RQGL F L RQHV GH F RQRF HU O D" ¢&yPR GL M HU RQ
O D Y HQGDGā D SHV DU GH V XV L QW HU HV HV " ¢&X呸O HV HO U HVLGXR W L O L ] DEO H"
/ DV SU L PHU DV HQF XHV W DV V REU H HO W U DEDM R DJU L F RO D HQ HO 3HU G GDW DQ GH
F XDQGR SRU L QL F L DW L Y D GH - RV p 'W O Y L O D &RQGF PDU L Q HO L QL V W HU L R GH *EL HU
QR KL ] R TXH O RV SU HI HF W RV F RQY RF DU RQ D O RV DJU L F XO W RU HV HV GHF L U D O RV SU R
SL HW DU L RV \ O HV VRPHW HU DQ XQ F XF V W RQHU LR GH RF KR SU HJXQW DV DF HU F D GH
t t
1I XQHU R GH HV F O DY RV
'L V PL QXF L yQ GH O RV PL V PRV HQW U H
&RV W RV GL I HU HQF L DO HV GHO HV F O DY R \ HO M RU QDO HU R O L EU H
, QF RQYHQL HQW HV GHO M RU QDO HU R O L EU H
+RU DU L R GH W U DEDM R GHO M RU QDO HU R
&RQY HQL HQF L D GH O D PL JU DF L yQ O DERU DO H~U RSHD
3RV L EO H U HPXQHU DF L yQ GH HV W D 呸O W L Pi
6L V W HPDV DO W HU DDW L Y RV GH W U DEDM R I XHU D GHO HV F O DY R HO M RU QDO HU R \ O RV PL
JU DQW HV
(O L QW HU U RJDW RU L R BV yO R W XY R XQ p[L W R SDU F LDO GHEL GR D O D U HQXHQF L D R
L QF DSDF L GDG GH O RV KDF HQGDGRV SDU D GDU SU HF L V L RQHV /RV DJU L F XO W RU HV F RV W H
x DV V H GHF O DU DU RQ SDU W L GDU L RV GH O D HV F O DYL W XG \ F RQV L GHU DU RQ PXF KR PiV JU Y R
V RV W RGRV O RV RW U RV BPRGRV GH W U DEDM R (O F RV W R GHO HV F O DY R I XH HV W L PDGR HX
SHV RV FOO PHV L QF O X\ HQGR JU DW L I L F DF L RQHV JDV W RV GH PDQW HQL PL HQW R H L QW F U V
GHO F DSL W DO 3HU R HV H HV F O DY R W DQ F DU R HU D SU HI HU L EO H DO M RU QDO HU R TXH Vy
O[[[L
OR WUDEDMDED FIHFWLYDPHULWF V HWF KRUDV U DO YDQDFRQDMH TXH F[LJLD FDSLWDOHV GH
t
KDELOLWDFLyQ LQLFLDO TXH PXFKRV KDFHQGDGRV QR WHUUtDQ $VL ORV SURSLHWDULRV GH
OD FRVFD FRPR GH OD VLHUUD UHFKD]DURQ OD FRQYHQLHQFLD N ORV PLJUDQWHV HXURSHRV
6yOR HQ HO GHSDUWDPHQWR G $PD]RQDV GLMHURQ SRGHQ UHFLELU IDPLOLDV HXUR
"HDV SUD XELFX
ODV (Q ODV IURQWHUDV GH D呸DWLQJD 3XQR $QFDVK \ $\DFXFKR VH
GHFODUDURQ VDWLVIHFKRV FRQ HO WUDEDM R GH VXV VGHUYRV ( Q FāQFUDO ORV FXRx RF GH
OD WLHUUD TXHU/ DQ PDQWHQHU HO V VWFPD WUDGtFtRQDW GH WUDED呸R HVFODYLWXG VHUYt
t
GXPEUF \ VyOR SFGLDQ LUULJDFLRQHV OD FRVWD \ &7ËQRV OD VLHUUD 6H GHVOLQ
GDEDQ DV t GLJUXQRV GH SDVR GRV DJULFXOWXUDV D FRVWHx D FDUDFWHUL]DGD SRU XQD
GHPDQGD HQ H[SDQVLyQ TXH HVWtPX
/HED OD DPSOLDFLyQ GHO iUHD FXOWLDEOF < OD VF
UUDQD VLQ EXHQV PHUFDGRV \ FRQ EDMRV SUHFLRV WUDWDQGR GH URPSHU VX EORTXHR D
WUDYHV GH ODV YLDV GH FRPXQLFDFLyQ
*DV 呸 Dx RV GHV SX呸V HQ O RV DSXU RV I L V F DO HV RF DV L RQDU RQ QXHY RV
LQIRUPHV VREUH HO
UDEDMR DJULFROD (Q XQ GHVHVSHUDGR HVLXFU]R SRU QRUPDOL]DU
ORV LQJUFRV \ JHQHUDU UHQWDV /QGHSHQGLHUUWHV GHO JQDQR IXHURQ FUHDGRV QXPHURVRV
LPSXHVWRV HQ QHQRV GH GRV PHVHV GLFLHPEUH HQHUR SUHGLRV PRYLPLHQ
WRV GH F LS WDOHV ^WLPEUHV \ VXFHVLRQHV FRQVXPR GH DJGLHQWHV H[SRUWDFLRQHV
t
D O D H L XGDG GH /L PD /DV GHPiV Y DU L DEDQ HQW U H \ & 3DU D 呸SO L F DU F呸W RV
HVTXHPDV H WRGR H/ 3HUR VH FRQVWLWX\HURQ - XQWDV 9 DORUL]DGRUDV GH- - LUQD HQ /
TXH UHQWDQ UHSUHVHQWDFLyQ ORV DJULFXOWDUHV HQ WDQWR TXH PD\RUHV FRQWUt EX\FUUWHF
(VDV MXQWDV WXYLHURU JUDQGHV GLILFXOWDGHV SDUD HVWDEOHFHU ORV MRUQDOHV SURQHFLRV
GH FDGD SURYLQFLD H LFOXLUODV SRU DSUR[LPDFLyQ HQ OD UHVSHFWLYD FODVH $O IL
QDO VH WXYR XQ FXDGUR *HQHUDO GH ORV - RUQDOHV GHO 3HU~ HO SULPHUR GH OD 5HS~EOOB
FD \ SRVWHULRU HQ FDVL Dx RV DO IDPRVR $ UDQFHO FRPSXHVWR D ILQHV GHO [YLLSRU
HO'XTXH GH OD 3DODWD &RQ WRGDV VXV DUELWUDULHGDGHV \ YDF RV HVH &DDGUR SXVR
t
HQ HYLGHQFLD OD HQRUPH GLYHUVLGDG HFRQyPLFD GHO SDLV \ OD LPSRVLELOLGDG GH HVWD
EOHFHU QRUPDV JHQHUDOHV SDUD RUJDQL]DU HO WUDEDMR DJULFROD HQ FDGD XQD GH VXV UH
JLRQHV
O[[[LL
&LQGFG GH /LPD
¢ &KRUULOORV
D 6, R
&DOODR
3URYLQFLD GH 6 DUUWD
3URYLLFLD GH 3
t XUD
,G 3DI7B
,G +XDUU]
,G
,G
L
+XD\ODV
&FMDWDULER
5URYLQFLD GH +?B
XFR
U D OW
"O
,G 7 ā,KF
= UH < Z8B6
¢ 3U RY L QF L D GH &DQW D
'HSDUWDPHQWR
3URYtQFLD GH
y 'HSDU W DPHQW R
GH " X呸R
$ UFTXtSD
GH $PD呸RQDV
-ā &
M
= ,G
3URYLQFLD FH $\DEDFD
HOH / RUHWF
L
,G +XFX
F呸YHOL
FD
'HSDUWDPHQWR GH & DMDPDUF D
L 3U RY L QF L D GH 3DW D]
,G +XHPDF KXF R
,F WR F
/R
,G
3DOODVFD
3RPDE]PRD
L
,G +XHPD/IHV
,G
- DMD Q
,G +XDQFD\R
'L V W U L W RV G呸 +X UUL 3DF F KR
\ &KHF UDV GH & KDQHD\
'HSDUWDPHQWR IDD
OFDYF
W
OLFD
,G $ \H]XF KR
£
L
,G X &?]R
3URYLQFLD GH &DPDQi
UH & RQDHVX\RV
M
,G 8QLyQ
,G &DV W L O O D
,G , V O D\
,G < DUTXL
3RU OR TXH VH YH HQ VXV HO 3HU~ HVWDED FRPSXHVWR SRU XQ WHUUL
WRULR GH EDMRV VDODULRV SUy[LPRV R LUXHULRUHV D ORV
(VWD PLVPD VXPD SRU RWUD SDUWH QR VLHPSUH VH SDJDED \ HUD FRQ IUHFXHQFBD S呸
U DPHQW H
PL QDO <D VHD SRU TXH VL PSO HPHQW H H[SU HV DED EL HQHV \ VHU Y L F L RV V
EUHYDORUDGRV SRU HO SDWUyQ TXH ORV GDED R SRUTXH HVH VH/ DU/R HUD XQD V PS/H t
DQRWDFtyQ GH FRQWDELOLGDG SDUD FRQSHQVDU GHXGDV DQWHUtRUHV (Q HVWD FRQGL
FLyQ VH HQFRQWUDED WRGD OD VLHUUD VLQ RWUD H[FHSFLyQ TXH ORV GLVWULWRV PtQHª
URV GH +XDURFKLUL \ &HUUR GH 3DVHR (O WHUFLR UHVWDWH SRU HQFLPD GH ORV
VH FRQFHQWUDED HQ OD FRVWD HQWUH ,FD \ / DUQED\HTXH SXHVWR TXH ORV VDO
ULRV GH 3LXUD
HO H[WUHPR VXU HUDQ LJXDOHV TXH HQ OD VLHUUD VDOYR 0RTXH
JXD 'HUWUR GH HVWD JUDQ ]RQD FRVWHxD GH DOWRV VDODU呸 SRGULD GLVWLQJXLUVH
D V X Y H] F XDW U R HV F DO DV D &RU U H呸SRQGL D HO PE [L PR F RPR Y L PRV D /L PD F RQ
VXV YDOOHV /H VHJXLDQ E /D SURYLUFLD GH 6DQWD F &DQHWH \
&KHULFD\ 2 \ G SRU~OWLPR WRGD OD VHFFLyQ QRUWH GH 7UXMLOOR D /DPED\H
TXH
+D\ XQD HYLGHQWH FRtQFtGHQFtD JHRJUW~LFD HQWUH ORV DOWRV VDODULRV GH
XQ ODGR \ GHO RWUR HO JUDGR GH FRQFHQWUDFLyQ XUEDQD \ OD JUDQ DJULFXOWXUD GH
H[SRUWDFLyQ ¢3HUR KDVWD TXH SXQWR HVD FRLQFLGHQFLD LPSOLFDED WDPELpQ FLHU
W DV U HO DF L RQHV F DXV DO HV " < HQ F DV R DI L U PDW L Y R ¢2呸呸O HU D HO PHF DQL V PR F RQF U 呸
WR GH FDXVDFLyQ" 'HVGH OXHJR TXH /LPD SURGXFLD DOUHGHGRU VX\R XQ HIHFWR H
LQIODFLyQ 3HUR XQD YH] PiV ¢&yPR 3RUTXp" (Q FXQWR D OD DJULFXOWXUD
GH H[SRUWDFLyQ SRU HO VROR KHFKR GH VHU H[SRUWDFLyQ QR SDUHFH KDEHU VLGR
F DXV D V X=L F L HQW H 1L O RV PD\RU HV EHQHI L F L RV GH XQD HPSU HV D F XDO TXL HU D QL V X
RUJDQL]DFLyQ PiV PRGHUQL]DGD GHULYDGRV DPERV GH FRQH[LyQ FRQ HO PHUFDGR
PXQGLDO GHWHUPLQDQ QHFHVDULDPHQWH PHMRUHV SDJRV VDODULDOHV 'H SRGHU HO
JUDQ KDFHQGDGR PDQWHQLD ORV VDODULRV HQ XQ SXQWR GH FRQJHODFLyQ SRU PDV TXH
VXELHUDQ VXV YHQWDV HQ / LYHUSRRO /D UHODFLyQ SUHFLRV UUXQGLDOHVVDODULRV 呸
WHUQRV FRORQLDOHV KD VLGR HQ QXHVWUR SDLV XQD UHODFLyQ DVLPpWULFD UHFRUWDGD
6L ORV SUHFLRV LQWHUQDFLRQDOHV EDMDEDQ HO VDODULR UHDO SHUXDQR EDMDED 3H
UR VL ORV SUHFLRV LQWHUQDFLRQDOHV VXELDQ ORV VDODULRV SHUXDQRV QR VXELDQ
1R HV XQD HTXLYRFDFLyQ KLVWyULFD VLQR XQD VLPSOH WRQWHULD H[SOLFDU HV
WH SUREOHPD GH ORV VDODULRV PHQFLRQDQGR H[FOXVLYDPHQWH DO 0HUFDGR 0XQGLDO
FRQ ODV PLVPDV PD\~VFXODV TXH %RUVXHW HPSOHDED SDUD OD 3URYLGHQFLD &DWyOL
FD (VH PHUFDGR IXH VLQ GXGD XQR GH ORV IDFWRUH SHUR QR HO呸QLFR P呸V SU4B
[LPR R SULQFLSDO /D ORFDOL]DFLyQ JHRJUKO
LFD GH ORV DOWRV VDODULRV SHUXDQRF
D PHGLDGRV GHO [L[ SXHGH VHU PHMRU FRPSUHQGLGD HQ IXQFLyQ GH IHQyPHQRV PX
FKR PWWV FRPSOHMRV SURFHVR KLVWyULFR GH H[SXOVLyQ GHPRJUW~LFD GHO FDPSHVL
QR RULJLQDGD SRU OD KDFLHQGD HVFODYLVWD \ OD FRPSHWHQFLD GHO UHJDGLR HFROR
JLDV TXH SRVLELOLWDURQ ]RQDV GH UHIXJLR JHRHFRQyPLFR PDU FKDOD ORPD GH
O[[[LY
VLHUWR \ DFHTXLD PDUJLQDO \ QXHYRV UHDM XVWFV FDQSHVtQRV SHVFD QRUWLF X/
呸- U D ] UW F V DQD U XU DO DU U L HU DM 呸 SW TXHx R F RPpF L R 7GR O R F X" O GHW HU PL
Q XQD QHULH GH UFDFFLRQFV H FDGHQD TXH FRQFOX\y HQ OD DSDULFLyQ GH XQD
FFRQRPLD FDPSHVLQD FRVWFx D FRD WHUQDWLYDV SURSLDV DM HQDV DO FYFQFXDt VDOD
ULR TXH OD KDFLHQGD SRGD SDJDU D XQ MRUQDOHUR 0LHQWUDV KXER HVFODYLVPR
QDGD GH HVWR LUSR
W D ORV KDFHQGDGRV /XHJR IXH
GHPDVLDGR WDUGH SDUD yP""B
QHU EDM RV VDODULRV \ SDUD FRQYHW U PDVLYDPHQWH 呸O FDPSHVLQR DQWLJXDPHQWH
t
ODV FLXGDGHV FRVWHx DV ORV GHVDVWUHV VVPLFRV \ ODV LQXQGDFLRQHV HQ HO呸呸呸
ODV UHEHOLRQHV GH FKLQRV H LQGLRV SXVLHURQ GH PDUULUtHVWR D ILQHV GH ORV
DLLRV OD IUDJLOLGDG GHO HGLILFLR VRFLDO SHUXDQR
¢4XIH KDELD IDOODGR HQ OD HFRQRPtD SHUXDQD
SDUD TXH VH SURGXMHUDQ HVWRV FRQIOLFWRV GHVSXpV GH YHLQWH DxRV GH FRPHUFLR
JXDQHUR \ HQ PHGLR GH OD DEXQGDQFLD GHO GLQHUR \ HO FUHFLPLHQWR GH ODV H[
SRUWDFLRQHV" ¢7RGD HVD SURVSHULGDG UHVXOWDED ILFWLFLD \ OD FRQH[LyQ FRQ ORV
PHUFDGRV H[WHUQRV SHUMXGLFDED HL YH] GH IDYRUHFHU D OD VRFLHGDG LQWHUQD"
¢4Xp SRGLD KDFHU HO *RELHUQR FXW!OHV HUDQ ODV UVSRQVDELOLGDGHV GHO VHFWRU
SULYDGR" ¢4Xp VROXFLRQHV FDELDQ" 3DUD UHVSRQGHU HVDV SUHJXQWDV SUHMDUy B
QXFO 3DUGRV FRPR DOFDOGH GO / LPD 呸 SOLHJR GH & XHVWtRQHV VREUH GLLHUHQ
WHV DVSHFWRV GH OD HFRQRPLD SHUXDQD FODVLILFDGRV HQ GL呸] FDSLWXODV SULQFLS
OV &DSLWDO \ 0RQHGD $OLPHQWDFLyQ7 LHUUDV &RPEXVWLEOHV HWF / RV UH
VXOWDGRV UBHURQ SXEOLFDGRV HQ XQ YDOLRVR \ FDVL LQKDO/ OOH IROOHWR TXH KH
PRV UHHGLWDGR HQ QXHVWUD %LEOLRWHFD $QG
LQD] 'DWRV H (QURUUQHV VREUH ODV
FDXVDV TXH KDQ SURGXFLGR HO DO]D GH SUHFLRV GH ORV DUWLFXODV GH SULPHUD QH
FFV GDG TXH
t 6 ¼
FRQVXPHQ HQ OD FDSLWDO / LPD 6 / 2 FRPHQWDUHPRV SRU H[
WHQVR PiV DGHODQWH 'HVGH OXHJR OD PD\RU SDUWH GH /RV GDWRV VH UHIHULDQ D
OD DJUFXOWX]D FRVWHx D \ XQD - H ODV FXVWLRQHV H[DPtQDGDV IXH OD GH ORV
VDODULRV FRQILDGD D 5 0RQWHFR % (OJXHU \ O$ 9 LOODFLOOOSD WHUUDWHQL呸
WHV WHGRV HOORV ( V SRVLEOH TXH HVWRV LQWRUPDQWHV H[DTHUDVHQ SRU FRQYFQLW呸
FLD SURSLD ORV JDVWRV GH ODV HPS呸HVDV DJULFRODV \ TXH ORV FKLQRV SRU HMHPSOR
UHFLELHVHQ HQ UHDOLGDG PHXRV GH OR TXH GLM HURQ
&RPR VH YH OD OLPLWDFLyQ SULQFLSDO GH ORV WHVWLPRQLRV S~EOLFRV FLW
GRV QR SURFHGLD GH VX SURSLR FDUiFWFU RILFLDO &RQVLVWL p- FRQWUDULR HQ OD
y
EO H D L QY *V W L JDGRU HV SDU W L F XO DU HV F RPR 0DU W L QHW $U HQD *DU O DQG \ &DV V 'RV
GH HO O RV &DV yV \ $U DQD DV XPL HU RQ XQ SDSHO F U L W L F R I U XW F D O RV DJU L F XO W R
U HV 0L HQW U DV TXH 0DU W L QHW \ *DU O DQG W U DW DU RQ GH V HU REM HW L Y RV 3HU R HQ
W RGRV O RV F DV RV DGHPiV GH W HQHU TXH XV DU O RV L QI RU PHV RI L F L DO HV \ ~XSU HV D
U L DO HV SU HY L DPHQW H DI HF W DGRV QR HV W DEDQ HQ O DV PHM RU HV F RQGL F L RQHV SDU D RE
W HQHU GDW RV DO W 呸U QDW L Y RV SRU V X F XHQW D
+D\ SRU O Wt PR XQ SU RF HV R GH L GHRO RJL ] DF L yQ TXH W U DV SDV D W RGDV O DV
RSL QL RQHV HPL W L GDV GXU DQW H HO V L JO R [L[ DF HU F D GHO W U DEDM R U XU DO L QF O X\ HQ
GH O RV F iO F XO RV TXH HV DV RSL QL RQHV L QYRF DEDQ F RPR ) XQGDPHUUWR
'H/ O DGR GH
O RV SU RSL HW DU L RV F RQY HQt D V REU HY DO XDU
O R
F RV W RV GH F KL QRV HV F O DY RV \ M RU
QDO HU RV O L EU HV SDU D D U HGXF L U HO PDU JHQ GHO EHQHI L F L R HPSU HV DU L DO \ E
GHPRVWUDU V L PXO W I XO HDPHQW H TXH SRU V HU PiV F DU R ā HO M RU QDO HU R O L EU H KDEL D
TXH PDQWHQHU VLQ HPEDUJR DO HVFODYR R DO FKLQR 0LHQWUDV TXH D VX WXUQR
TXL HQHV F RPEDW L DQ D O RV JU DQGHV DJU L F XO W RU HV W HQGL DQ D V XEY DO XDU HO V DO D
U L R GHO M RU DO HU R \ D H[DJHU DU O RV F RV W RV GH HV F O DY RV \ F KL QRV SiUDUSU REDU
TXH GHEL GR D VX HVFDVD GL I HU HQF L D F RQY HQL D V XV W L W XL U O DV
) RUPDV W U DGL F L R呸
O HV GH W U DEDM R SRU RW U DV PiV PRGHU QDV 3HU R O D PDQL SXO DF L yQ GH O RV KHF KRV
W HQL D XQ O L PL W H HQ HO PL V PR SU RF HV R GH F RQI U RQW DF L yQ L GHRO yJL F D W DQ DF W L Y R
GXU DQW H HV R Dx RV 1L QJXQR SRGL DB L U U L HV JDU V H Dā XQD GHV Y L DF L yQ GHPDV L DGR
JU DQGH GH - D U HDO L GDG QL DXQ GHV F RQW DQGR TXH V D GHV Y L DFL yQ I X U D HY HQW XDO
H
+DUWLQHW
D (VFODYR E - RUQDOHUR F RUQDOHUR G *KLQR
GD FWV 2 FWV R FWV FWV
3DUD & KD\ XQ Pi[LPR GH 6 HX /LPD \ KDEUD TXH DxDGLU 2 GtDULRV
SRU DOLPHQWDFLyQ
&RVWR 7 UDEDMDGRU &KLQR
$O
GLL
$QyQLPR (VWRV F呸OFXORV VH EDVDURQ HQ ODV QHFHVLGDGHV GXUDQWH L呸RV
GH FP PHGLDQR IXQGR TXH HPSOHDUD WUDEDMDGRUHV 3DUD
HO MRUQDOHUR OLEUH VXSRQD XQ VDODULR SURPHGLR GH 6 O GLDULR
/ DUUDEXUH 呸
VFJy GLMLPRV ORV GDWRV GH D (OFXHVWD PXQL*LSDO RUJDāL]DGD SRU 0iOOXHO3DUGR
HQ ¼ GDWRV FRPR VHUHFRUMDU呸 FRUUHVSRQGLHQWHV DO SHULRGR
L
$ %
(VFODYR - RUQDOHUR %$ā $ XPLL
!
£
$ %
L
%$
&KLQR - RUQDOHUR $XPHQW R
LRQWHUR O *
(OJXHUD
! 9 LOODFDPSD
/ M
O[[[YLLL
$
%
%$ $XPHQWR
O
0RQWHUR
(OJXHUD
9 LOODFDPSD
$ % *KLQR B%$ $XPHQWR
(VFODYR
0RQWHUR
& L
(OJXHU
9 LOODF
?USD 呸
$ % %M?
&KLQR - RU QDO HU R $XPHQWR
0QWUR
)ODXHUD
O
9 LOODFDPSD O
5HVXOWG GLILFLO HQFRQWUDU XQD EDVH FRP~Q GH FRPSDUDFtyQ HQWUH FLIUDV WDQ
KHWHURJpQHDV 6X VROD HQXPHUDFLyQ HYLGHQFLD OD FRPSOHMLGDG GHO WHPD \ FXDQ OL
YLDQD VHULD FXDOTXLHU JHQHUDOL]DFLyQ TXH HV&yJLHUD DUELWUDULDPpxWH XQR VROR
HVRV LQIRUPHV "DUD YHQFHU HVWH LPSDVVH KFPRV DQDOL]DGR ODV SURSRUFtRQHV LQBU
QDV HVWDEOHFLGDV SRU ORV MLIHUHQWHV WHVWLPRQLRV HQWUH FLHUWDV FDWHJRULDV GH W U %
EDMDGRUHV (Q HO FXDGUR VLJXLHQWH PRVWUpUQyV āHSRUFpUUWiMH GH DXLQHUUWR R GLPLQX
FLyQ GHO VDODULR GHO MRUQDOHUR OLEUH FRQ UHVSHFWR DO FRVWR GHO WUDEDMDGRU FKL
QH 6H VREUHQULHQGH TXH HO SHULRGR GHEH VHU GHVFRPSXHVWR \ UHIHULGR
D ODV OHFKDV DQWHULRUPHQWH DVLJQDGDV D FDGD DXWRU
¢4X SUpIRULU" ¢(O MRUQDOHUH OLEUH JDQDED LJXDO TXH XQ FKLQR FRQWUD
WDGR" $ UDQD ¢+HQRV" / DUUDEXUF ¢2 ¢ FRQR
£ GLFHQ ORV RWURV / DUUDEXUH
\ $UDQD QXQFD IXHURQ PX\ SDUWtGDU/RV G OD P
JU£BBFL FKLQD \ HVWR SRGUD H[
SOtFDU ORV EDMRH MRUQDOHV TXH FRQVLJQDQ 6H DUTXPHUUWR FāD 3XHVWR TXH HO WU-
E M D&RU FKLQR FXHVWD OH PLVPR R KDVWD PiV TXH H呸 SHUXDQR VHULD FRQYFUULHQWH
HPS/ FDU D HVWH / WLPR
~ 3HUR GHO ODGR GH +RQWHUR ( OJXHUD L7ODFHPSD DFWXDED
DVLPLVPR FRPR GBā PRV XQ LQWHUWV VL ELHQ RSXHVWR 0DQ&O& OD PLJUDFL- K FKLQD
\ GFPRVWUDU `D PHQRU UHQWDELOLGDG GF MRUQDOHUR Q呸LFWO 'HMFPRV FX VXVSFL
VR O SUREOHPD SDUD UHWRPDUOR HQ ODV SUy[LPDV SWIS6
; ,, / V - R
QDOH 3HUR ¢4XLpQHV HUDQ HVWRV WU呸EDMDGRUHV OLEUHV" / RV MRUQD
URV / tEUHV
/FURV KDE DQ FRF[ DWtGR GHVDH WOWL呸X呸 DO ODGR GH OD HVFWZt WXG
t t
HQ OD FRVWD \ HO\XQDFRQDMF HQ OD VLHUUD 3HUR VX QRPEUH FRQYLQR HQ GtYHUVDV
pSRFDV \ UHJLRQHV D JUXSRV VRFLDOHV PX\ GLIHUHQWHV HO MRUQDOHUR FULROOR Hā
SHyQ VHUUDQR HO HQJDQFKDGR HVWDFLRQDO 呸O FKLQR TXH VHJXLX WUDEDM PGR HQ OFW
KDFLHQGD GHVSXpV GH YHQFLGD 8 FRQWUDWD R HO HVFODYR TXH KL]R OR PLVPR GHV
SXOV GH /tEHUWDGR $XQTXH QR VLHQSUH FRPR YHUHPRV HUH FRUUHFWR OODPDUOHV MRā
QDOHURV \ PHQRV DXQ OLEU(&V
/ RV SU L PHU RV M RU QDO HU RV GHVSXWV GH OD LQYDVLyQ HVSDx ROD HVWXYLHURQ
FRPSXHVWRV FDVL H[FUXVWYDPFQWH SRU ORV LQGLRV GFOD]FLGRV TXH DGHPiV GH KDEHU
!FUGLGR VXV FRPXQLGDGHV GH RU THQ QR KDELDQ VLGR HI呸FWLYWPUQWF LQFRUSRUDGRV D
t
QLQJXQR GH ORV VLVWHPDV FRORQLDOHV WH FRQWURO LERUDO KDFOHQGD7 UFGXFFiRQHV
\DQDFFQDM H PLW! HQFRPtHQGDV HWF ) XHURQ ORV OODPDGRV
M QGLRF VHO LRV S呸
UD TXLHQHV KXER GHVGH UUOL呸YV GHO [Yt XQ PRyH/ R XH FFQWUDWR - H WUDEDM R D FDU
JR GH ORV HVFULEDQRV LH LGLRV \ EDMR OH YLJLODQFLDMPWLO GHO 3URWHFWRU GH 1D
WXUDtHV R GH TXLHQ KLFLHUD VXV YHFHV
3RVWHU RUPHQWH Q S/ HQR VLJOR [YLL WDPELQ IXF URQ / ODPDGRV MRUQF- /
t
URV ORV FDPSFVLQRV Gā ODV FRPXQLGDGHV LQGLJHQDV TXH WHPSRUOOPHQWR VH FRQFHUWD
EDQYFRQ ORV KDFHQGDGRV / D PD\RUD GH HO/RV HUDQ LQGLRV VLQ WLHUUD SULPOWL9 (B
PHQWH /ODPDGRV 3RUDVWHURV SHUR WDPELpQ KDED KRPEUHV FRQ WLHUUD HQ SULQFL
SLR RULJLQDULRV TXH SRU PHGLR GHO VDODULR SDJDEDQ HO WULEXWR TXH VXV FDFLTXHV
FREUDEDQ SDUD HO 5 H\ R FDQFHODEDQ ODV PFUFDGHU DV TXH D OD IXHU]D UFSDUW呸D
t
HO FRUUHJLGRU (Q HVWD VLWXDFLyQ /D GH MRUQDOHURV IXH D YHFHV XQD FDWHTRU/ D
LQWHUPHGLD XQ SDVDMH KDFLD HO WUDEDMR VHUYLO (O LQGLR FRQFHUWDGR SDUD WUD
EDMDU XQDV SRFDV VHPDQDV JDVWDED HQ HO WDPER GH OD KDFLHQGD P$V GH OR TXH D
QDED R SRU OR PHQRV DV GHFLD OD FRQWDELOLGDG TXH OO呸YDED HO SURSLHWDULR $O
ILQDOL]DU呸呸 SHULRGR GH WUDEDMR HVW MRUQDOHUR VH KDOODWD FRQ XQ VDOGR HQ FRQ
WUD 7 HUPLQDED VLHQGR HQWRQFHV XQ VLPSOH HQGHXGDGR D GLVSRVLFLyQ GH VX DFUHH
GRU 'H WHQHU VXHFUWH HUD LQFRUSRUDGR D OD SREODFLyQ \DQDFRP]DGD GH OD KDFLHQ
GD
; &
VLFPEUD \ FRVHFKD ¢( UDWL HULJDQFKDGRV HVWRV MRUQDOHURV" 1R OR VDEHPRV $OOO
QRV WHVWLPRQLRV SDUHFHQ tO&呸DU OD H[LVWHQFLD GH XQ UHFOXWDPLHQWR IRUPDOL]FGR =H
WUDWDUOD PiV ELHQ GH PLI- <
&LRQHV YROXQWDULDV FDXVDGDV SRU OD QHFHVLGDG &H ¢
JiU HO WULXWR GXUDQWH OD FRORQLD R / D FRQWQtEXFLyQ SHUVRQDO GXUDQWH OD =TW
EOLFD ( WRGR FDVR HVWRV PRYLPLHQWRV DSDUHFHQ UHJLVWUDGRV SRU OR PHQRV GHV
GH ILQDOHV GHO VLJOR [YLLL \ VH DHQHUDOL]DUDQ GXUDQWH WRGD OD SULPHUD P呸WDG
GHO VLJOR [L[ (O SURFHVR TXHGy JHRJUI~
LFDPFQWH FRQILQDGR D ORV YDOOHV FRVFH
x RV TXH QR WHQLDQ VXILFLHQWW SREODFLyQ HVF@DYD 8QD EXHQD GHVFULSFLyQ GH
WH I
UQyPHQR
XH KHFKD HQ SRU )UDQFLVFR GH 5LYHUD
6DELGR HV TXH HQ ORV YDOOHV FRQGH QXQFD KD H[tVWLGR HV
FODYDWXUD VLQR HQ OLPLWDGD FLIUD R GRQGH VH KDOOD 呸
GD SRU OD FRUULGD GHO WLHPSR \ ORV PDOHV GH OD JXHUUD
HtHERDQ ODV KHUHGDGHV MRQDOHURV TXH EDM DQ GHO tQWHUtRU
SHUPDQHFHQ X SHULRGR GH XQ PHV D OR PiV WUDEDM DQGR \ 呸
JUHVDD D VXV KRTDUFV 8QD SDUWH LH OD JDQDQFLD GH HVWRH
LQIHOL呸FV VLUYH SDUD FXEUL 呸(
FRQWU/ EXFGyQ GtUHFWD £WB
JUDYD VREUH VXV SHUVRQDV \ ULX\ SRFR OHV TXHGD FRPR SUH
UUtR 呸H 呸ā 3HQDOLGDG \ SU YDFtRQHVY
t
( VWD FRUU HQWH G WUDEDM DGRUHV FVWDFtRQDUHV TXHGy LQWHUUXPSLGD GHVSXpV
t
GH SRU UD]RQHV TXH GLUHPRV 3HUR DO PLVPR WLHPSR TXH GHVU呸UH DLL GH 呸
F RV W D O RV F DPSHV L QRV VHUUDQRV XQ QXHYR FRQWLQJHQWH DXPHQW y H Q:7OHUR GH MRU呸呸
OFURV ORV FVFODYRV TXH GHVSXpV GH VX OLEHUWDG QR WHQLDQ RWUR HPSOHR GLVSRQL
EOH TXH HO PLVPR GH VLHPFUH DO VHUYLFLR GHO SDWUyQ (O WUiQVtWR HVFODYRFMRR
QDOFUR HVW SRU LQYHVWLJDU /RV OLEHUDOHV FRPR KHPRV YLVWR KDELDQ SHQVDGR
i
TXH HVWH OODEULD GH VHU XQ SURFHVR DXWRPiW FR t 3HUR ORV KDFHQGDGRV \ ORV
JU
GHV IXQFLRQDULRV SEOLFRV QR FRPSDUWLDQ HVWH RSWLPLVPR $SHQDV GFFUHFHGD
OD OLEHUWDG GH ORV HVFODYRV HO SURSLR JRELHUQR GLFWDED PHGLGDV SDUD TXH IXH
VHQ UH QFRUSRUDGRV DO WUDEDMR GH / RV KDFLHQGDV 呸
FDOLGDG GH DVDODU DGRV OL
t t
EYFV OHJy 呸QFOXVR D QRPEU]U XQD FRPLVLyQ TXH GHELD HODERUDU XQ 5(FJOLOIXHQWR
5XUDO TXH SUHYLQLHVH OD YDJDQFLD \ HVFDVH] GH EUD]RV 3RU GHVJUDFLD HVD FRPL
VLyQ HVWXYR FRPSXHVWD SRU ORV PLVPRV KDFHQGDGRV TXLHQHV LQFOX\HURQ GHQWUF GH
OD SROLFLD SUHYHQWLYD D WRGD OD SREODFLyQ FDPSHVLQD FLHO 3HU~ (OSUR\HFWR
TXH SUHVHQWDURQ QR OLPLWy R呸 PRUUWR GH ORV DGHODQWRV F!O MRUQDOHUR H LQWURGXMR ā
ODV OH\HV G/ FD]D \ SHUVHFXFLyQ SDUD HO HQGH呸GDGR 6X PLVPD H[DJHUDFLyD 呸
Kt ] R IUDFDVDU RV SURS HWDULRV SHUGLHURQ SRU XQ PRPHQWR HO F RQW U RO DEVROXWR
t
GH VXV DQWLJXRV WUDEDMDGRUHV (QWUH HVWRV HVFODYRV KXER ORV TXH GHMDURQ ODV
[FL
YROXQWDG R SDUD VDWLVIDFHU GHXGDV FRQ HO SURSLHWDULR R FRQ HO HQJDQFKDGRU GH
OD FXHGUL7/D
¢&XWOQWRV HUDQ WRGRV HVWRV MRUQDOHURV" ¢(Q TXp PHGLGD HVWD FDWHJRULD
ODERUDO KXELHVH SRGLGR UHHPSOD]DU D ORV HVFODYRV \ HLF
OX U SRU LQBLHFHVFB
t
OD PLJUDFLyQ FKLQ"" &RPR HQ HO FXUVR GH WRG" QXHVWUD LZFVWLJDFLQ DQWHtR
FDGD XQD GH HVDV SUHJXQWDV VH GHVFRPSRQH SRU GHVJUDFLD HQ XQD VHULH GH RWUDV
SUHJXQWDV SDUD ODV TXH WDPKLpQ KD\ TXH EXVFDU UHVSXHVWD RU IDOWD GH HVWXGLRV
IOHFKHV SRU RWURV 3DUD VDEHU / ] GLVSRQLELOLGDG \ QiPHUR GH ORV MRUQDHURV
H[LVWHQWHV HQ HO 3HU~ QRV YHPRV REOLJDGRV D FRQVLGHUDU HO SUREOHPD GH OD FOD
VLILFDFLyQ RDSDFLRQDO GHO 3HU呸 D ILQHV GHO VLJOR [L[ 8WLOL]DUHPRV IXQGD呸"
WDOPHQWH HO &HQVR *HQHUDO GH VLQ UHSHWLU SHUR VL UHVXPtHQGR X3 FWH呸RU
SXE
O FDFtyQ QXHVWUD +DFHUD 1RV H[FXVDPRV SRU HVWRV URGHRV
t
&O &HQVR GH KDELD SUHYLVWR XQD LQIRUPDFLQ HVSHFLDO VREUH ODV
RFXSDFLFQHV GH OD SREODFLyQ SHUXDQD 3HUR DO LPSULPLU ODV KRMDV FHQVDOHV QR
UHVHUYy QLQJQ FDVLOOHUR SDUD HVH ILQ < IXH DO SDUHFHU VyOR GHVSXpV GHO *HQ
VR TXH 1$ )XHQWHV SUHSDUy XQ IRUPXODULR DO UHVSHFWR VLJXL(QGR ODV UHFFPQG5
FLRQHV GHO &RQJUHVR (VWDGLVWLFR GH %UXVHODV / RV HPSDGURQDGRUHV WXYLHURQ
SXHV TXH DQRWDU HQ OD FROXPQD 2EVHUYDFLRQHV WDQWR OD RFXSDFLyQ GH ORV SREO呸
GRUHV FRQR ODQDFLRQDOLGDG GH ORV H[WUDQMHURV "HUR QR WRGRV OR KLFLHURQFUB
\HQGR UD]RQDEOHPHQWH TXH HVH FDVLOOHUR 2EVHUYDFLRQHV HUD VHF XQGDUtR R PDU
JQDO 3RU RWUD SDUWH WDPSRFR UHFLELHURQ LQVWUXFFLRQHV SUHFLVDV SDUD XELFDU
FRQYHQLHQWHPHQWH FGD DFWLYLGDG /DV DXWRULGDGHV SRU HMHPSOR GHILQLHURQ FRP
6LQ 3URIHVLyQ D WRGD SHUVRQDV TXH YLYD GH VXV UHFXUVRV FV GHFLU VLQ WUDED
MDU GH ODV UHQWDV GH OD IDPLOLD OR PLVPR TXH HO SURSLHWDULR GHVSHUWDQGR
GXGDV DFHUFD G VL ORV SURSLHWDULRV ¢GH LQPXHEOHV XUEDQRV" GHELDQ R QR V呸
LQFOXLGR GHQWUR GH HVD FDWHJRULD /D IDOWD GH XQD QRPHQFODWXUD KL]R WDPELpQ
TXH 呸H DGRSWDUDQ GLIHUHQWHV QRPEUHV ORFDOHV SDUD XQD PLVPD RFXSDFLyQ DVL FR
PR D OD LQYHUVD HV GHFLU TXH XQ VROR ORPEUF VH DSOLFDED D RFXSDFLRQHV GL(H
SHUR SRU OR GLFKR QR HVWDPRV VHJXURV TXH FRUUHVSRQGDQ 呸 RWUDV WDQWDV RFSD
FtRQHF FIFFWLYUV
)XH WD
O HO GHVHUGHQ £HH VH GHFLGLy QH SXEOLFDU HQ H, WRPR YLL XQ UWVO
PHQ JHQHUDO OH RFXSDF FUHV SDUD WRGD - D "FSIW呸LF
t + - )LHQWFF GHF D DO
t
QDGRUHV DFRQVHMDGRU
DOJXQRV FH HOORV SRU H/ EXQ
VHQWLGR LQVFULELHURQ HQ FROXPQD GH REVHYDFLR© 6
QR ORV KHFKRV TXH I
I 呸 GHELFU RQ FRQV FQDUVH VLQR
t
OH UDFtRQD
OtGDG \ /D UUXHVLQ RWURV GHMDURQ U-WWB 呸
PHQWH GH FRQVLGHUDU HDV FRQGLFLRQHV 呸 / DUFR 3 LB
WLO VHULD /OH
YDU DGHODQWH HVWD FULWLFD EDVWD GH L
TY/ V£ HO FHQVR DGR,FFF GH /RV GHIHFWRV \D LQVLQ/
GRV DO SULQFLSLR /W HVWD RFUF OD SDUWH UHIWUHWW pL
QDFLRQDOLGDG \ SURI
HV RQHV SXHGH PHQRV GH VHU G
t
UD]yQ 0DQXHO $WDQDVLR )XHQWHV 6L FUH\HUDPRV DO FQR GH QR KDELD HU
WRQFHV HQ URG HO 3HU VLQR KDFHQGDGRV RWURV WDQWRV SHRQHV \ QDGD PiV TXH
~
\DQDFRQDV (O HUURU HV WDQ JUDQGH TXH SRU PRPHUUWRV SDUHFFULD PFMRU
DEDQGRQDU HVWDV FLIUDV SRU FRPSOHWR 7RGDYLD PiV SRUTXH UHVX/WD LPSRVLEOH VD
EHU FXDQWR GH HVH HUURU IXH GHELGR D RPLVLRQHV FHQVDOHV DEVROXWDV \ FXDQWR D
ORV GHIHFWRV GH QRPHQFODWXUD \ XELFDFLyQ 7RGR OR TXH VLJXH VyOR HV HQ FRU
VHFXHQFLD XQD H[SORUDFLyQ FULWLFD
Q HO &HXVR VRRUH XQD SREODFLyQ GH
HVWDEDQ RFXSDGRU UD
6HJ£
JLVWUDGRV FRQ £URL
VLyQH 'H ORV UHVWDQWHV O
"
V2OR SXHGHQ VHU FDOLL
LFDGRV GH WUDEDMLGRUHV VLQ HPSOHR (Q H) HFWRL
GHO WRWDO VLQ SURLHVLyQ KD\ TXH UHVWDU D OD SRRODFLyQ SUHODERUDO \ £RVO~E2ā
U DO 'HV GH O XHJR TXH HV W RV VRQ FRQFFS/ RV FXOWXUDOHV DQWHV TXH ELROyJLFDV \
TXH VyOR SDUFLDOPHQWH FRLQFLGHQ FQ ODV QRFLRQHV GH QLxH] \ DQF呸DQLGDG 1RVR
WUHV KHPRV FRQVWLWXLGR FVRV JU
!32 VXPDQGR WRXDV ODV HGDGHV FRPSUHQGLGDV H
WUH - DxRV FRQ ODV SRVWHULRUHV ORV \ DU GLHQGH ODV HGDGHV VLQ FODVL
[FLLL
ILFDU 1R LJQRUDPRV TXH HQ HO 3HU ~ FRPR GLFH HO UF]UDQ VH FRPLHQ]D WHUQSU呸
QR \ VH DFDED āWDUGH 3HUR SHQVDUQRV TXH ORV OLPLWHV HVFRJLGRV UHSUHVHUUWHQ
F RQ PXF 呸D DSU R[L PDF L yQ O RV XPEU DO HV O D < !U DO HV GH HV D 呸SRF D (O L QGL F H GH GH
V RF XSDF L yQ EDM DU t D V L pO O L PL W H GH HGDG SU H O DERU DO O R I L M DU HPRV HQ O RV
Dx RV HQ Y H] GH O RV GL H] 7RGRV O RV KDEL W DQW HV PHQRU HV āGH \ PD\ RU HV GH 呸
Dx RV V XPDU L DQ HQW RQF HV
/RV GHV RF XSDGRV SU REDEO HV /O HTDU /DQ HW Vā
Y H] D 3HU R D SHV DU DH O D GL V UU L QXF L yQ HV W D F L I U D U HSU HV HQW DU D HO
GH O D SREO DF L yQ HQ HGDG O DERU DO F V GHF L U XQ SRU F HQW DM H DO W V L PR TXH U F
Y HO D TXH XW L O L ] DF L yQ G - RV U HF XU V RV KXPDQRV HQ HO 3HU HV W DED O HM RV GH KD
EHU DO F DQ] DGR VXV O L PL W HV D I L QHV GHO V L JO R [L [
'H O D SREO DF L yS HF RQyPL F HPHQW H DFW L Y Dā F RU SU RI HV L yQ HQ SDO DEU DV
GHO &HQV R QRV L QW HU HV D QL F DPHQW H SRU āDKR
D DTXHO O RV RF XSDGRV HQ U HO DF L yQ
P$V R PHQRV G呸U HF W D F RQ O R TXH O O - !- O O DU HPRV HO VHF W RU SU L PDU L R E$V L F R D $JU L
F XO W XU D E *DQDGHU D F 3HV F D \ &D] D $O U HV SHF W R KHPRV V HO HF F L RQDGR XQ W R
W DO GH DF W L Y L GDGHV HQ V X PD\RU L D JU F RO DV
+HPRV M XV W L I L F DGR HQ QXHV W U R HV W XGL R DQW HV FL W DGR O D F DW HJRU L ] DF L yQ
TXH DKRU D HPSO HDPRV 'L V L SDU L RV HQW RQF HV DO JXQDV GXGDV V REU H DTXHO O DV RF XSD
FLRQHV TXH DSDUHQWHPHQWH SRGLDQ UHIHULUVH PHQRV OR SURGXFFLyQ SULPDULD PLV
PD TXH D RW U RV V HF W RU HV HO DERU DF L RQHV ¢DO DPEL TXHU RV " F RPHU F L R ¢\ HU EDW H
U RV " V HU Y L F L RV V HPL XU EDQRV ¢SO D\HU RV " / R KL F L PRV W HQL HQGR HQ F XHQW D
W DQW R HO O HQJXDM H GH O D pSRF D FRPR HO KHF KR GH TXH HQ W RGR FDV R V H W U DW DED
GH DF W L Y L GDGHV iL U HF W DU x pQW H GHSHQGL HQW HV GH O D SU RGXF F L yQ DJU R SHF XDU L D \ S呸呸
TXHU D
6XPDPRV WDPE pQ BD O RV M RU QH /HU RV SHU R O RV PDQW HQHPRV !RU V HSDU DGR / R
t
KDF HPRV GHVSXpV GH PXF KDV Y DF L O DF L RQHV SU L PHU R D SRU TXH XQD SDUWH GH HV RV
M RU QDO HU RV W U DEDM DED HQ PL QDV R H/ DO JXQRV SHTXHx RV FHUUWURV PDQXI DF W XU HU RV
O ÒHJR SRU TXH E QR HV SRV L EO H V DEHU &8GO O W RV V H GHGL F DEDQ D O D JDQDGHU L D \
F XiU U W RV D O D DJU L F XO W XU D 3DU D GL V PL QXL U HO PDU THU GH HU U RU KHPRV F DO F XO D
GR O RV M RU QDO HU RV GH O DV SU RY L QF L DV O L W RU DO HV BGHO 3HU 呸 H[F O X\ HQGR 7DU DSDF ¢
GRQGH F DV L W RGRV W U 呸EDM DEDQ HQ O DV V DO L W U HU DV 8Q U HV XPHQ GH W RGR HV W H W U DED
M R SXHGH DSU HF L DU V H HQ O RV RF KR F XDGU RV V L JXL HQW HV
[F L Y
2FXSDF yQ
t
3HU XDQRV ([ W U DQM HU RV 7RW DO
&XDGU R 3REO DF L yQ RF XSDGD HQ JDQDGHU D 3HU ~
2F XSDF L yQ 3HUXDQRV ([W U DQM HU RV 7RW DO
& FL DQGHU RV
&KDO DQHV
*DO O L QHU RV
O
O
W
ā
2FXSDFLyQ 3HUXDQRV ([WUDQMHURV 7 RWDO
%X]RV
&DPDURQHURV R R
ā &D]DGRUHV 4 R R
, HVFDGRUHV
3OD\HURV
3REODFLyQ QHQRUHV GH "REODFLyQ VLQ 3RODFLQ RFX
O - PD\ RU HV GH I
3UR) HV LyQ SDGD D DxRV
t FPRUDGD
RF XSDGD ,
āUHUHQF DD
'HSDUWDPHQWRV 6L Q 3U RI HV L yQ 7RWDO *HQHUDO 'L £
ā
$QFDVK L
$PD]RQDV &
O
$SXULPDF LO
āV呸
W
$]F TXLSD
ā?\GFX&KR
&DMDPDUFD @ ) āā
& D
O/ DR 呸 呸 £
£
/ ?
£
M
U
,
R D R R
M M
/ ?
?2
UO £ / ?
1 £,
2 &,
*
£
L
£,
R £
?2
£
U
£
L-
HV R R R £ R W
?
R£
]
I
D /
? 2
R
£
R
D U
,
£ UO X UO O
UO
£
呸
UO 1
UL
1
U
D
/ ? ?2
?2
h £
UO M
y
D 呸B
,
1 £ ?h
t £
> 1
&, ;
R ILO
£B £
D
UO
UR £ā
V
R
呸呸
呸L
£B
L
R
R
R
R D R
R D £
1 1 2 W
R £ R D R R
/ ? M 4 M / ? UO UO
D R D R ā
D
R R
FH 呸
R
呸 UO OI? 1 M
R
R
R R &3 W
£ MāB B ' -
? / ? X
?
O/
D UO UO UO UO 1 UO
1
R
£B
2
& , ,
O
X
L
£
R
]
R £
2? D
H
?2
H W
? £ OI? £ '
R
UO ? UO 2 M M ,& W&? O
R
R
ā
ā, &
UO D D D 1 M OI
2
UR
/ ? M / ? M / ? M
FR
£
L-
R
W
/ ? 1 / ? M
呸
-
1 8?
, U- M
FR £
B
?- D O 1 ? &? £
M UO UO UO
UO £
R
( D
)O
H UR
UO
UO
D
2
D
R O
&
&, - & , 4- D £B
(
R
2
V
S UO £B
R ! R
R HR 呸
4
! S
R R
I
呸R
-H ££ HO 2
V R
V B
U D
&, āUO O UX
D UI &X 2- £
R
2 UO V
R £B
£B R £
2 D O '
,
āUO + H
呸
呸 D UO 1 O £B 2
H£ X £ O H BB
H
£
L-
& , 4-
U
T £ £B ! R R āUO O FX
X X X
3 O~
& , UO P DO
B£ B£ ( 呸 + I B £ O R S (
K
[FYLLL
,'SWR 3U RY L QF L 3HU XDQRV %[ FU QM HU RV 7Ë呸呸
呸
W呸B
3呸85$ 3
O L W D O ~
3LXUD
7XPKHV ā
7RW DO
/$0%W <(48( &K F O D\ R R
/DPED\ HTXH - H
7RW DO /
/$ /, %(57
3 3DF DV PD\ R
UāU X呸LOOR ÂU
7RW DO 6
HQJDx RVDV SXHV VXJLHUHQ XQ GHDDUUR/ OR GH ODV PDUQ3DFWXUDV OD PtQFU/ D \ HO VHF
WRU WHUFLDULR HQ XQD PDJQLWXF TXH QR RFXUU呸 SRU HVH HUUWRQFHV HQ HO 3HU~
FKDV GH ODV OODPDGDV LQGXVWULDV GH WUDVIRUPDFMyQHUDQ HQ PDQXIDFWXUDV FDP
SHV L QDV \ QR LQGXVWULDV XUEDQDV 1R HUDQ DFW YtGDGHV GH WLHPSR FRPSOHWR VL
t
MRUQDOHURV H[SOFLWDPHQWH ]HJLVWUDGRV FRPR WDOHV HQ OtO 3HUR HVH HV P WR
WDO QDFtRQDt TXH QR SXHGH VHU UHIHULGR H[FOXVLYDPHQWH D OD DJULFX- WXUD GH H[
SRUW]FLyQ \ PHQRV DXQ D ODV SODQWDFLRQHV D]XFDUHUDV ( Q HO FXDGUR L- - QHPRV
UHGXFLGR HV H FLIUD FDOFXODQGR &LXLFG- OHQWH D ORV MRUQDOHURV *H ODV SURY QFDV t
WHUDOHV GRQGH VH KLELHUDQ GHVDUUROODGR SU/ QFLSD/ PHULWH / RV UOOWLYRV GH HDULD \
DOJRGyQ 1R KHPRV FRQVLGHUDGR D WRGR FO H[WUHPR VXU D SDUW U GH $UHTULS B FLFt
ELGR DO PHQRU GHVDUUROOR TXH HQ HVD ]RQD WXYLHURQ ORV FX/ WLYRV GH H[SRUWDF呸y
1RV TXHGDQ DVt ODV SURYLQFLDV OLURUDOHV (Q VLHWH GHSDUWDPHQWRV GHO VHFWRU 3LH
UD,FD (O &HQVR UH呸LVWUy HQ HVD ]RQD MRUQDOHURV 3(UR GXGDPRV TXH W
GRV IXHUDQ HUHFW YDPHUUWH MRUQDOHURV OLEUHV (O
HUDU H[WUQ
OMH
t
WR SRUHQWDM H GH HVWRV MRUUDOFRV H[WU ȭQM FURV QR HUDVLXR FKLQRV EDMR FO UpVBL
PHQ GH FRQWUDWD tDUD ORV FXDOHV pO &HQVR QR WXYR XQD GHVLJQDFLyQ HVSHFLILFD
2 VHD TXH ORV MRUQDOHURV QDFLRQDOHV OLEUHV GH /QULHG DWDPHQWF G VSRQtE
t HV
t t
KRULEUH HQ HO PRPHQWR TXH VH OH QHFHVLWH QR LPSRUWD OD KR
UD LL HO GLD / R TXH VH SDJD \ QR WLHQH SUHFLR HQ O FR
ORQR GH OD &KLQD QR HV HO WUDEDM R VLQR HVD VHJXULODG
FL
;, , , (O 7U DEDM DGRU 7DPSRF R UFFXUU HU RQ O RV KDF HQGDGRV FRV W Hx RV D O D JU DQ
t
GH O D 6L HU U D
PDV D GH SREODFLyQ UHVLGHQWH H OD VLHUUD 6X XVR FRPR KHPRV
Y L V W R KDEL D V L GR PX\ U HV W U L QJL GR HQ W L HPSRV DH O D HV F O DYL W XG GXU DQW H O D SU L
PHU D PL W DG GHO [L[ \ QR SDU HF H KDEHU DXPHU U W DGR V L JQL I L F DW L Y DPHQW V L QR KDV
W D GHV SXpV
GH O D JXHU U D F RQ &KL O H ¢3RU TXp" $TXt V H DD XQXO DU RQ XQD V HU L H
F RQW L QXD GH I DFW RU HV GH PX\ GL Y HU V D QDW XU DO H] D DO
8QRV I RU W XL W RV \ RW U RV
HV W U XF W XU DO HV
,
RGRL HO O RV V H U HI L HU HQ HQ O R SU L QF L SDO DO W L SR GH V RF L HGDG
U XU DO TXH V H KDEL D Y HQL GR GHV DU U RO O DQDR HQ O D V L HU U D GHO 3HU ~ GHV SX呸V GH O D
L QGHSHQGHQFL D 1XHV W U D KL SyW HV L V HV TXH HO F RQI O L F W R V HF XO DU HQW U H F RPXQL GD
GHV L QGL JHQDV \ KDF L HQGDV KDEL D DO F DQ] DGR XQ SXQW R GH HTXL /L EU L R D I L QHV GHO
[Y L L L (TXL O L EU L R Y HQW DM RV R TX ] iV SDU D /RV KDF HQGDGRV SHU R HTXL O L EU L R DO
t
I L Q (O JU DQ FL F O R GH H[SDQV L yQ pHU U L W RU L DO GH O DV JU DQGHV SU RSL F DGHV HQ
O D SU L PHU D PL W DG GHO [Y L L QR V H U HSL W L y GHV SXpV KDV W D W HU PL QDGD O D FRO R
QL D 'XU DQW H O RV SU L PHU RV Dx RV GH O D L QGHSHQGHQF L D HV W D V L W XDF L yQ V H SU RO H
Jy HQ O L QHDV JHQHU DO HV /D DXW RU L ] DF L yQ RI L F L DO SDU D TXH O RV L QGL RV SXGL H
V呸Q Y HQGHU V XV W L HU U DV \ O D H[SRU W DF L yQ GH O DQD L QI O X\ HU RQ QHJDW L Y DPHQW H VL Q
GXGD SHU R QR HQ JU DQ PDJQL W XG (O KDF HQGDGR VHU U DQR SRGL D R QR V HU P O DW L
I XQGL V W D 3HU R KDEL D F RPSU HQGL GR O D Y HQW DM D GH HO DERU DU XQ PRGHO R HF RQyPL F R
TXH U HO DF L RQDED O D SU RSL HGDG EDM R JHV W L yQ GL HF W D GHO KDFHQGDGR FRQ XQ PL PH
U R Y DU L DEO H GH XQL GDGHV HF RQyPL F R V RF L DO HāV U HO D
L Y DPHQW H L QGHSHQGL HQW HV 6R
EU H HV W DV WLPDV HO KDF HQGDGR U HW HQL D XQ SRGHU V XI L F L HQW H FRPR SDU D REO L JDB
O DV D XQ L QW HU F DPEL R GH EL HQHV \ VHU Y L F L RV HQ VX I DY RU *U DQ SDU W H GH O D O
QD H[SRU W XGD GHV GH HO 3HU ~ D ( XURSD QR HU D HV W U L FWD PHQW H O DQD GH KDF L HQ
GD V L QR HO U HV XO W DGR GH XQD U HG GH FRPHU F L DO L ] DF L yQ PX\ F RPSO L F DGD XQR GH
FX\ RV SRO RV HU D O D KDF L HQGD HV Y HU GDG \ TXH DO F DQ] DED KDV W D HO SDV W RU HR HQ
PXQL W DU L R R HO F DPSHV L QR L QGL Y L GXDO
/RV FRQW U RO HV O L PL W DGRV TXH O D KDF L HQGD V HU U DQD HM HU F L D DO U HGHGRU V 呸
\R VH EDV DEDQ I XQGDPHQW DO PHQW / HQ GRV KHF KRV 'H XQ O DGR HQ XQ GHW HU PL QDGR
TXiUUWXP \ W L SR GH GL V W U L EXF L yQ GH O D SREO DF L yQ U XU DW GLV W U /EXF
L yQ TXH U HU O O
O B
W L D TXH HO KDF HQGDGR W XY L HU D V L HPSU H XQD U HV HU Y D GHPRJU 0LF D O DERU DO D V X DO
F DQHH < GHO RW U R O DGR HQ HO W U L EXW R ? L JXDO TXH HO , PSHU L R FRO RQL DO HO
(V W DGR F U L RO O R V H KDED Y L V W R REO L JDGR D GHO HJDU I XQF L RQHV SRO L W L F R 呸F RQyPL B
FDV H Q I DY RU GH O RV SU RSL HW DU L RV SXHV W R TXH F DU HF t D GHO DSDU DW R DGPL QL V W U DW L
Y R SU RSL R SDU D F RQW U RO DU GL U HF W ZQHQW H D O D SREO DF L yQ FDPSHV L QD (O W U L EXW H
I XH XV DGR SRU O RV KDF HQGDGRV F RPR XQ L QV W U XP呸QW R GH FRHU F L yQ U DJDEDQ V 呸
PRQW R D /DV FDM DV I L V F DO HV \ O XHJR O R H[L Jt DQ DO L QGL R TXL HQ SDU D F XPSO L U
GHEt D W U DEDM DU HQ O O KDF L HQGD R Y HQGHU V XV SU RGXF W RV DO SU RSL HW DU L R /O W U L
EXW R I XQF L RQy DV t W DQW R URQ O D F RO RQL D F RPR HQ O D 5HS~EO L F D FRPR XQ GREO H
t QV WUDPFUUWR GH U HF O XW DPL HQW R /DERU ] , \ GH U HO DF L yQ I RU ] RV D F RQ O D HF RQRPt D
FLL
ORV FKLQRV DO &DOODR /R FLHUWR HV TXH GXUDQWH HVRV DxRV YLROHQWRV \ UHSFF
WLQRV PRYLPLHQWRV PLJUDWRULRV F[WUDFRQWLQFQWDOFV DOWFUFURQ ORV FRQWDFWRV
ELROyJLFRV QRUPDOHV GH ORV KDELWDQWHV GH ODV FRVWDV XQFULF呸QDV /D IL呸EUH
DPDUL// D VH H[WHQGLy SRU ODV FRVFDV GHO(FXDGRU \ HO %UDVLO
ā 'H DKL IXH WUDVSRUWDGD DO 3HU~ SR呸 OR呸 FRORQRV DOHQDQHV \ ORV YDSRUHV
GH OD 3DFLILF 6WFDUQ 1DYLJDWLRQ &RPSDQ\ / RV SULPHURV EURWHV RFXUULHURQ HQ
FRVWD VXU ULVFR < S]REDEO HPHUUWF OD HUIHUPHGDG KXELHUQ WHQLGR PHQRU ¢
IXVLyQ GH QR KDEHU VLGR SRU ODV JUD呸GHV PRYLOL]DFLRQHV SREODFIRQDOFV TXH RFD
VLRQDURQ ODV JXHUUDV FLāULFV GH HQWRQFHV / RV FRPE]UW HUUWFV OLFHUFLDGRV \
t
/D JHRJUDILD GH HVWD HSLGHPLD GHVFRQFHUWy D ORV PpGLFRV 'H 3LFR
VDOWy D +XDUL \ VH H[WHQGLy QRU WRGR HO FDOOHMyQ GH &RQFKXFRV 'HVGH &KD
FDV< XUQD DOFDQ]y +XDUD] &DUD] \ < XQJO\ 'H +XDUD] LUUDGLy D 6DQ /XLV6DQ
0DUFRV &KDYLQ &DMDWDPER 3LVFREDPED +XDPDFKXFR WRGD /D /LEHUWDG $7D]R
QDV &DMDPDUFD \ 0R\RED
OWED $ WUDYpV GH +XDPDOLHV DOFDQ]y +XiQXFR \ SRU
ODV WLHUUDV GH &K QFKDR SHQHWUy D RWUDV SURYLQFLDV
t 3URQWR GRPLQy HO VXU \
VH H[WHQGLy KDVWD 3XQR (Q Vy/R OD FLXGDG GHO &X]FR VH FDOFXOy TXH KDEWDQ
PXHUWR KDELWDQWHV R VHD FDVL HO GHO WRWDO /DV SyUGLGDV JORED
OHV HQWUH ORV FDPSHV,URV VH HVW PDURQ HQ GH VX SRE/DF yQ
t t (O JDQ FD呸
ULJR FRPR IXH OODPDGR WXYR OD PLVPD PDJXLWXG TXH OD *UDQ HSLGHPLD GH SULQ
FLSLRV GHO [YLLL TXH HQ VX KRUD SURYRFy YDULRV PRYLPLHQWRV PHVLWPLFRV \ F X
\R UHFXHUGR SHUGXUD HQ ORV PXUDOHV LQJHQXRV GH &DWHD \ 0DUFDSDWD HBORV U
WDEOHV GH $FRPD\R 3DUXUR \ $EDQFD\ \ HQ ODV SLUUWXUDV BLHVXLWDV GH 7LREDED
$ OD HSLGHPLD GH PHGLDGRV GHO [t[ ORV LQGLRV OODPDURQ HQIHUPHGDG GHOPLV
WL R HQIHUPHGDG GHO ZLUDFRFKD / RV EODQFRV \ PHVWL]RV OH GHFLDQ ILHEUH
GH ORV LQGLRV 8QRV \ RWURV VH FXOSDEDQ GHO GHVDVWUH DKRQGDQGR ODV VHSDU呸
FLHQHV \ HQHPLVWDGHV pWQLFDV WUDGLFLRQDOHV
&RPR YHPRV DO LQLFLD
VH OD VHJXQGD PLWDG G呸O [L[ VH SURGXFHQ GRV
VHULHV GH KHFKRV TXH VH FRLQDQ \ FQFDFHQDQ KDVWD WUDVWRUQDU ODV UHODFLR
QHV VRFLDOHV YLLHQWHV HQ O VLHUUD SHUXDQD /D VXSUHVtyQ DHO WULEXWR GHVD
WD HO GHVSRMR GH OD WLHUUD FDQSHVLQD SRU SDUWH GH ORV KDFHQGDGRV /DV HSL
GHPLDV GLVPLQX\HQ OD SREODFLyQ WRWDO\ SRU FRQVLJXLHQWH WDPELpQ HO Q~PHUR
GH WUDEDMDGRUHV %DMD OD SURGXFFLyQ DJULFROD VXEH HO SUHFLR GH ORV DOL
PHQWDV HQ ODV FLXGDGHV GH OD VLHUUD PLHQWUDV DGHQWUR VXIUHQ OD FDUHVWLD ODV
S呸EODFLRQHV FD呸SHVLQDV (VWD FULVLV VH DFHQWXy \ SURORQJy GXUDQWH OD GpFD
GD GH ORV DRV O SRU HIHFWR GH ODV VFTXLDV LQXQGDFLRQHV \ VLVPRV RFXUUBL
GRV HQ YDULRV SXQWRV GHO 3HU呸 (O VLVWHPD VRFLDO DEXVLYR TXH RSULPLD DO
FDPSHVLQR LQGLR GH OD VLHUUD VH HQGXUHFLy WRGDYLD P呸V TXH HQ HO FRORQLDMH
HVSDxR/ / RV LQGLRV GHFLD HO FRURQHO - XDQ %XVWDPDQWH HQ MDPWOV KDQ V
GR QL VRQ KR\ D SHVDU GH WRGDV ODV OH\HV VLQR HVFODYRV GH ORV PHVWL]RV \
SHRU WUDWDGRV DXQTXH ORV SURFHGHQWHV GH $IULFD ,tDVWD TXH H[WUHPRV SRG D
t
/OHM DUVH HQWRQFHV HQ OD V FUUD QRV OR GHPXHVWUD H LQF\FLEOF SUR\HFWR GH ā
t
OH\ SUHVHQWDGR HQ SRU ORV GLSXWDGRV 4XLx RQHV /XQD \ 5LTXHOPH SDUD 6
FLRQDU D ORV LQGLRV UHEHOGHV GH 3XQR 1R VOR SHGLDQ HO HQYLR GH XQD GLYL
VLyU HQWHUD GHO HMpUFLWR FRQ VXV WUHV DUPDVVLQR OD LQVWDODFLyQ GH XQ &RXVH
MR GH *XHUUD SDUD ORV FDXGLOORV LQGLJHQDV TXH LPSXVLHUD VHYHUDV SHQDV GH
FRQILQDPLHQWR \ SHQLWHQFLDULD 3HRU DXQ VROLFLWDEDQ TXH ORV D\O/ XV UHEHO
GHV IXHUD H[SXOVDGRV GH VXV W
,
ULWRULRV \ WUDVODGDGRV D ODV PRQWDxDV G &
UDED\D 6XV WLHUUDV GHELDQ VHU YFDLGDV \ FRQ VX SURGXFWR VH SDJDULDQ
FLY
%L HQ VH F RPSU HQGH SRU W RGR O R GL F KR TXH HQW U H O DV F RQGL F L 呸
QHV V RF DO HV HF RQyPL F DV GHPRJU 0LF DV \ SRO L W L F DV TXH SU HY DO HF L HU RQ HQ O D
t
V L HU U D 呸R KDF L DQ SRV L EO H &-B8 HO F DPSHDt QR VHU U DQR U HF PS/D] DU D D O RV F V F O D
YRV QHVUURV HQ / ]V SODQWDFLRQHV FRVWHx DV ( VRV FDPSFV QRV FRQVWLWXDQ HQWRQ t
F RQDV O RF DO HV \ F RO RQRV HXU RSHRV OOH DEV W HQHPRV GH U HV XPL U O D KL V W RU L D GH
O D PL JU DF L yQ HXU RSHD HQ HO 3HU Q (V D PL JU DF L yQ I XH HV F DV D GXU DQW H HO V L JO R
[L [ \ HQ O R TXH U HV SHF W D D O D DJU L F XO W XU D XQ I U DF DV R /RV HXU RSHRV QR
L EDQ GHV GH O XHJR D Y HQL U DO 3HU SDU D U HHPS O D] DU D O RV HV F O DY RV 3U HF L
VR HV GHV HQJDt L DU QRV GHF L D &DV yV HQ HO HXU RSHR QR Y L HQp D O D $PpU L F D
SDU D SU RO RQJDU DTXL O D V HU Y L GXPEU H GH V XV QHF HV L GDGHV HV D V L W XDF L yQ O D W L
QH HQ V X SDL V V L Q HO DJU HJDGR W HPRU GH W HU U HPRW RV \ W L I XV (V SHU DEDQ DO JR
P$V Y HQL DQ D PHM RU DU 3HU R O D V RF L HGDG SHU XDQD HU D GHPDV L DGR W U DGL F L RQDO \
F HU U DGD F RPR SDU RI U HF HU O HV Y HU GDGHU DV RSRU W XQL GDGHV GH DV F HQV R \ PRY L O L GDG
V RF L DO (O W HV W L PRQL R GH &RSHO O R \ 3HW U L F RQL U HV XO W D DTXL SHUWLQH
W H 3RU TXH HO O RV PL V PRV HU DQ HPL JU DQW HV DXQTXH GH F O DV HV DO W DV R PHGL DV \
KDEL DQ SRGL GR Y HU GH F HU F D O D I U XV W U DF L yQ GH PXF KRV HXU RSHRV GHV SXpV GH DW RX 呸
QRV Dx RV GH W U DEDM DU HQ HO 3HU L
¢$ TXp F RQGXF H D TXL HQ DSU RY HF KD TXH YHQJDQ L QPL JU DQ
W F V V L QR W L HQHQ HQ TXH RF XSDU VH " ¢4XW H Y HQJDQ KRPEU HV
PX\ DSDU HQW HV SDU D O DV PL QDV F XDQGR HQ Y L U W XG GH PXF KDV
W U DEDV HVW HV W DQF DDR HO W U DEDM R GH O DV PL QDV " ¢4X呸 āHU
i
/DV GHF O DU DF L RQHV F RL QF L GHQW HV GH 0DQXH O 3DU GR 3HGU R *$O Y H]
/XL V (V W HY HV \ RW U RV SU XHEDQ TXH O RV REV W $F 呸O RV V RF L DO HV \
HF RQyPL F RV TXH DI U RQW DED O D PL JU DF L Q HXU RSHD HU D V XI L F L HQW HPHQW H F RQRF L GRV
HQ HO 3呸U &W ¢3HU R F X呸O HU D O D VRO XF L yQ" 8QD Y H] P呸V W RGRV GHF L DQ O R PL V
PR F RQY F U W 呸U DO PL JU DQW H HQ SU RSL HW DU L R GH O D W L HU U D R SRU O R PHQRV HQ DU U HQ
GDW DU L R D O DU JR SO D] R /D F RQGL F L yQ GH SU RSLF W DU L R HU D SRV L EO H W HyU L F DPHXB
W H HQ O RV JU DQGHV HV SDF L RV Y DF L RV GHO RU t HQW F DPD]yUULF R GRQGH V H HQV D\ y
XQD SRO L W L F D GH I U RQW HU D HQ O D V HJXQGD PL W DG x HO [L [ 3HU R U HV XO W DE呸 PHQRV
I $F ā HQ O D VL HU U D \ 呸D F RV W D GRQGH HO O DW L I XQGL R V H KDEI D L QV W DO DGR GHV GH HO
V L JO R [Y L / D W L HU U D TXH QR SHU W HQHF L D D XQ JUDO SU R L HW DU L R HU D GH O DV F RPX
UW L GDGHV \ HQ F XDO TXL HU D GH DPERV F DV RV QR HV W DED GL V SRQL EO H $TXHO O RV PL V PRV
TXH F U L W L F DU RQ HV W D V L W XDF L yQ V yO R U HF RPHQGDU RQ O O HJDGR HO PRPHQW R DO JXQDV V B
O XF L RQHV PX\ W PL GDV (V W HY HV SRU HM HPSO R V XJL U L y TXH HQ F DGD XQR GH O RV
GL V W U L W RV GH O D 5HS~EO L F D O RV PXQL F L SL RV H[SU RSL DV HQ F L QF R O RW HV GH W HU U HQR
S L U D HI HF W RV GH F RO RQL ] DF L yQ &RSHO O 呸3HW U L F RQL D V X Y H] QR L EDQ PiV DO O i GH
XQD U HSDU W L F L yQ GH O DV W L HU U DV GHO (V W DGR HQW U H O RV F RO RQRV D F DPEL R GH XQ
FHQVR PRGHUDGR \ SHUSHWXR
(Q F XDQW R DO DU U HQGDPL HQW R GH W L HU U DV W DPSRF R SDU HF L D PX\ Y L DEO H HQ
O D F RV W D (V H DU U HQGDPL HQW R EDM R GL Y HU V RV QRPEU HV DSDU F HU L D \ DQDF RQDM H
HW F V H KDED JHQHU DO L ] DGR HQ O DV KDF L HQGDV GH O D V L HU U D 3HU R HQ F DPEL R QR
KDEL D V L GR DGRSW DGR SRU O RV SU RSL HW DU L RV F RV W Hx RV 1R V H F RQRF L D HQW RQF HV
GL F H 'DQF XDU W O D L GHD GH GL Y L GL U O D SU RSL HGDG \ I RPHQW DU HO W U DEDM R O L EU H
TXH PiV W DU GH SU HY DO HF L y F RQ HO QRPEU H GH \ DQDF RQDV ¢3RU Tp HV W D GL I HU HQ
F L D HQW U H F RV W D \ VL HU U D" 0DU W L QHW V XJL U L y XQD H[SO L F DF L yQ TXH PiV
W DU GH I XH GHV DU U RO O DGD PiV DPSO L DPHQW H SRU - $ GH /DY DO O H /D F RQF HQ
W U DF L yQ GH O D SU RSL HGDG HQ O D F RV W D \ O D U HV L V W HQF L D GH V XV GXHx RV F RQW U D O D
GL Y L V L yQ GH O D W L HU U D VHUWD XQD F RQV HF XHQF L D GH O D HV F DV H] GH DJXDV \ XQD PD
O D GL V W U L EXF L yQ GH O DV PL V PDV
\ HQ OD VLHUUD DQWHV GH E HQ ODV GLIHUHQFLDV TXH SXGR KDEHU HQWUH FRUWD \
VLHUUD UHVSHFWR D ORV PRQWRV GH / QYHUV yQ QHFHVDU/ RV HQ FDGD XQD GH VXV DJULF
t
WXUDV (Q FXDQWR D OR SULPHUR HV HYLGHUWH TXH ORV SURS HWDULRV GH OD FRV呸D
t
XHFHVLWDURQ DUUHQGDWDUtRV PtHUUWUDV WXYLHURQ FVFWDYRV / RV KDFHQGDGRV GH OD VLH
UUD HQ FDPELR QR WHQLD呸 HVFODYRV QL SRGDQ WHQHUORV SRU GLIHUHQWH FDXVDV HFR
JLFDV \ VRFLDOHV SRU FRQVLJXLHQWH 呸HFHDLWDEDQ DUUHQGDWDULRV &XDQGR ORV HV
FODYRV FRVWHx RV IX(URQ / tEHUWDGRV ¢SRUTX呸 VXV DQWLJXRV GQWx R Q! ORV FRQYLUWLH
URQ H DUUHQWODWDULRV" R ¢SRUTXp QR VH HVW呸PXO HO GHVDUUROOR &HO\FQDFFILDM F
PHVWL]R呸 HXURSHR" 4XL]iV QRV SUHJXQWDPRV ¢SRUT呸p HO \DQDFRQDM H H[LJLD HQ O呸
FRVWD SDUD ORV F XOWtYRV GH DOJRGyQ \ VDx D XQD LQYHUVLXQ PDUDOW呸 TXH Q B呸 VL呸
UUD \ VXSHULRU D ORV JDVWRV TXH RFDDtRQDED OD PLJUFFLyQ FOXQD"
3RU WRGR OR GLFKR FRQYLHQH GXGDU GH DTXHOODV LQWHUSUHWDFLRQHV TXH HQ
HO SURSLR VLJOR [L[ VXEUD\DURQ FRQ GHPDVLDGR pQIDVLV HO SUFMX FLR VHxRULDO GH
t
ORV BSURSHWDULRV FRVWHxRV FRPR UD]yQ SULQFLSDO GH VX QHJDWLYD D GLYLGLU /D WLH
UUD \ TXH YLHURQ HQ HO VLVWHPD GH DUULHQGRV XQ PHGLR SDUD FRQWHPSRUL]DU FRQ HVH
SUHMXLFLR 3HGUR *KOYH] IXH XQ EXHQ H[SRQHQWH GH HVWD SRVLFLRQ FXDQGR GL
MR (Q HO 3HU~ GRQGH KD\ PXFKRV SURSLHWDULFV GH JUDQGHV WHUUHQRV VLQ PHGLRV GH
FXOWLYDUORV \ TXH DGROHFHQ GH -F SUHRFXSDFLyQ GH FRQVHUYDU D WRGD FRVWD H WtWX
OR GH HVDV SURSLHGDGHV SXHGH DGRSWDUVH FRQ YHQWDMD OD RUPD GH FRPSDxLD TXH VLQ
WRFDUGLUHFWDPHQWH FRQ ODV LGHDV GHO SURSLHWDULR GH QR GHVKDFHUVH GH VX WHUUHQR
OH SHUPLWLULD DSURYHFKDU GHO WUDEDMR GH/ LQPLJUDQWH (VWD IRUPD SRGULD VHU XQ PH
GLR GH WUDQVLFLyQ HQWUH HO DFWXDO HVWDGR GH SURSMHWDULF SXFUPHQWH QRPLUDO \ HO
YHUGDGHUR HVWDGR GH SURSLHWDULR HIHFWLYR FX\RV WHUUHQRV WRGRV ULQGR SURGXFWRV
*呸OYH] FRQRFtD ELHQ VLQ GXGDā D PHQWDOLGDG GH ORV KDFHQGDGRV SHUXDQRV SHUR
SDUHFH KDEHU VFEHVWLPDGR ORV IDFWRUHV TXH KHPRV YHQLGR DQDOL]DQGR (Q WRGR FDVR
KLVWyULFDPHQWH ORV KDFHQGDGRV GH OD FRVWD WHUPLQDURQ \D HQ HO VLI@2 [[ SRU GFHB
WDU \ JHQHUDOL]DU HO \DQDFRQDMH FXDQGR VH HQFRQWUDUH呸 IUHQWH D XQD VLWXDFLyQ
PLWH DXVHQFLD WRWDO GH WUDEDMDGRUHV SHUPDQHQWHV $~Q HQWRQFHV FXLGDURQ VHYHUD
PHQWH GH UHWHQHU HO FRQWURO GH ORV VHUYLFLRV GH DJXD \ GLVPLQXLU HOPRQWR GH
VXV UHVSRQVDELOLGDGHV HQ OD FRPSDxLD FRQ HO DSDUFHUR
3RU HVWDV UD]RQHV OD FRORQL]DFLyQ SRU DUULHQGRV QR SURVSHUy HQ HO 3HUX
+XER HV YHUGDG SHTXHxRV DJULFXOWRUHV HXURSHRV D OR ODUJR GH WRGD OD FRVWD 3HUR
/ IXHURQ PXFKRV (O *HQVR GH UHJLVWUy XQ WRWDO GH DJULFXOWRUHV H[
WUDQMHURV HQ WRGR HO 3HU~ 'H HVWRV QR VDEHP呸V FXIPWRV HUDQ HXURSHRV QL
FXDQWRV HQ YH] GH DSDUHFHU FRPR DJULFXOWRUF LQGHSHDGLHQWHV GHELHURQ KDEHU VL
GR LQVFU WRV PiV ELHQ FRPR MRUQDOHURV 'H RWUR ODGR HVWRV FRORQRV PiV TXH HO
FDPSR SUHILULHURQ OD FLXGDG \ VXV D- UHFHGRUHV /D VX\D IXH XQD DJULFXOWXUDXUW"
QD XQD DJULFLOWXUD GH KXHUWD \ MD
GWQ (VWH IXH HO FDVR GH DTXHOORV HXURSHRV
FYLL
IUDQFHVHV LWDOLDQRV DODQDQHV TXH HQ SRVHDQ HO GH ODV KXHUWDV
H[tVWHQWHV GHQWUR GH ODV PXUDOODV GH /LPD )XHURQ HOORV UHVSRQVDEOHV GH XQ LQ
SRUWDQWH FDPELR GLHWpWLFR HO XVR GH OHJXPEUHV IUHVFDV HQ - D FRFLQD FU/R// D
$ OHPDQLOD SHUR QR LQIOX\HURQ GHFLVLYDPHQWH SRU OR GHPi V HQ OD FRPSRVL
FLyQ UXUDO GHO SDV
&RQ WRGR QR IDOWDUHQ DOJXQRV SUR\HFWRV SDUD DVRFLDU OD DJULFXOWXUD
GH H[SRUWDFLyQ FRQ HO VLVWHPD GH \DQDFRQDMH R DUULHQGR (O P呸V FRQRFLGR GH WR
GRV WHUPLQy HQ XQ HVFiQGDUR LQWHUQDFLRQDO \ )XH XQD GH ODV FDXVDV R SUHWF[WRV
GH OD JXHUUD HQWUH ( VSDxD \ HO 3HU~ HQ +DEODPRV GH ORV FRORQRV YDVFRV
TXH $]FiUDWH \ 6DOFHGR WUDMHURQ D OD JUDQ KDFLHQGD QRUWHIā 7DODPER FRQ OD HVSB
UDQ]D GH VHPEUDU \ FXOWLYDU SODQWDV GH DOJRGyQ 7RGRV ORV F呸OFXORV I呸
OODURQ &DGD SODQWD GL OLEUD GH DOJRGyQ \ QR £ FRPR FUHLDQ \ OD SUtQF
UD FRVHFKD QR FRPHQ]y D ORV FLQFR PHVHV $XQTXH ORV FRORQRV QR SDJDEDQ LQWHU(
VHV SRU ORV DGHODQWRV TXH UHFLEDQ \ SRGLDQ YHQGHU VX SURGXFWR D TXLHQ TXLV呸
UDQ HVWDEDQ REOLJDGRV HQ FDPELR D SDJDU WUHV MRUQDOHV SRU FDGD PHGLD IDQHJDGD
TXH WXYLHUDQ (OSRUFHQWDMH GH OD WLHUUD GHVWLQDGR DO DOJRGyQ I
XH
FRQVLGHUDGR H[FHVYR SRU DOJXQRV FRORQRV TXH SUHILULHURQ VXV FXOWLYRV DOLPHQWI
FLR呸 (O LQFXPSOLPLHQWR GH DOJXQDV SURPHVDV SRU SDUWH GH 6DOFHGR FRQWU EX\y t
DO GHVFRQWHUU呸 G ORV YDVFRā 6HJyQ DOJXQRV WHVWLJRV )DQR 6RUD]X 6DOB
FHGR TXHU WUDWDU D ORV FRORQRV FRPR D VXV DQWLJXRV HVFODYRV //V GLR DUUR]
GH PDOD FDOLGDG OHV GHMy VLQ PpGLFR QL FXUD \ SRU OWLPR SURKLELy OD HVFXHOD
VRVWHQtHQGR TXH ORV KLMRV GHO SXHEOR GHEHQ SHUPDQHFHU VXPLGRV HQ OD LJQRU
W
FLD SDUR YLYLU IHOLFHV / RV U VX/WDGRV GH HVWD SULPHU \ GHVJUDFLDGD H&£
ULHQFLD SDUHFLHURQ GHUURVWUHU TX( HO VLVWHPD VRFLDO HFRQyPLFR \ WHFQROyJLFR LUU
3UDLOWF HQ ODV KDFLHQGDV SHUXDQDV GH OD FRVWD HUD LQFRPSDWLEOH FRQ OD LPSOH
PHQWRFLyQ WDQWR GHO \DQDFRQDMH FRPR GH OD FRORQL]DFLyQ HXURSHD (MHPSORV FRU
ORV GH 3L]UD FRQ VX YLHMR UJLPFQ GH \DQDFRQDV R GH ,FD TXH XWLOL]DED D ORV
MRUQDOHURV HVWDFLRQDOHV GH OD VLHUUD \ H[SHULPHQWDED WLPLGiOOOHQWH ORV DUULHUGRV
VH FRQVLGHUDEDQ H[FHSFLRQDOHV \ VLQ DSOLFDFLyQ HQ OD /RQD FHQWUDO GH OD FRVWD
¢4X RFXUULU FRQ ODV SODQWDFLRQHV GH D]FDU"
0DUWLQHW GHF D HQ 呸
t
TXH HUD XQ JUDYtVLPR HUURU GH VXV SURSLHWDULRV QR VFSDUDU OD DJULFWXUD FF O
LQGXVWULD FRU£R VH KDFLD HQ OD $QWLOODV %UDVLO\ 0£
XULFLR
6
LRXLHQGF HO PRFF
OR GH ORV OODPDGRV 呸QJFQLRV FHQWUDOHV ORV GXHxRV GH OD W呸HUUD SRGLDQ DFUHQGDBB
OD D ªHTXFx RV WLYDGRUHV TXH OH YHQGHU/ DQ OD FDxD DO JU呸 LQJHQLR TXH 呸O UR
SHWDULR PDQWFQGULD EDMR VX FRQWURO
FYLLL
4XH QR VH QRV GLJD TXH HO 呸UDQ FX/WLYR HO FXOW YR LU
t
GXVWULO DTXHO GH OD FDxD GH ULOU呸 SRU HMHPSOR QR DWLPLWL ā
ULD WDO VLVWHPD GH H[SORWDFLyQ 呸SRU DUULHQGR SXHV QRVRWRV
FUHHPRV TXH HVH GHFLU QR WLFQH )XQGDPHQWR / DV JUDUGHV H[SO呸
WDF RQHV F]XFXUHUDV SHUGHULDQ SDUD VX SURSLR SURYHFKR HO FH
t
UDFWHU TXH UHYLVWHQ KR\ GLD X GHVRUHFLR GH V OH\HV HFRQ~PL
FDV TXH UFFRPLHLGDQ OD DVRFtDFtFQ \ OD GLYLVtyQ GHO WUDEDMR7
GH VHU SURGXFWRUDV GH OD PDUHUtD SUtPD \ DO QLVPR WLHPSR RFX
SDUVH GH OD PD]QIDFWXUD GH HVD LULVP L(
LD
1RV RFXSDUHUQRV PiV DGHODQWH GH HVWRV LQJHQ呸FV FFUUWUDWHV \ GH ODV FDX
VDV TXH LPSLGHURQ VX GHVDUUROOR HQ HO 3HUR 4XH VHFDQRV VyOR SURVSHUDURL 呸8<
OLPLWDGDPHQWH HQ ORV YDOOHV GH /LPD SHUR YLQFXODGR% UR D ORSFTHxRV DUUL(QGFV
VLQR D ODV KDFLHQGDV PHGtDQDV $O SDUHFHU ODV W FUWHV GH +DFWLQHWQR )XHURQ
ELHQ DFRTLGDH SRU ORV D]XFDUHURV SHUXDQRV 6R/DPHUUWH -6 -?V£LOODJD F[SHULPHUW6
URQ D ILQHV GHO [L[ HQ &D\DOWL HO\DQDFRQDMF HH O FLLDSHUR -R DEDQGRQDURQ PX\
SURQWR
(Q FRQFOXVLyQ DO LJXLO TXH FRQ /RV MRUQDOHURV \ QJDQFKDGRV WDPSRFF
ORV \DQDFRQDV \ FRORQRV IXHURQ FPS/HDGRV HQ OpO FRVWD SFUXDQD SDUD VXVWLWXL D
ORV HVFODYRV HQ HO WUDEDMR GH ODV S/DQWDFLRQFV GH FDxD 3RU Gāā I UHWHV UD]RQHV
PD\RU G VSRUXFG/tGDG VLPSOLILFDFLyQ GH JHVWLRQHV UHQGLPLHQWR ILQDO PiV FLWR
t
PHQRUHV FRVWRV HWF OD PLJUDFLyQ FKLQD TXHGy FRPR OD QtFD VROXFLyQ SDUD /D
TUD
O DJULFXOWXUD H[SRUWDGRUD
L[
9 /RV 7 UDEDMDGRUHV 'XUDQFH XQ FXDUWR GH VLJOR XQ WUiILFR
&KLQRV HVFODYLVWD GLVLLXODGR UHHPSOD]y HO$IULFD URU $VLD \ WUDVODGy 呸/ V
GH SRR FKLQRV D ODV FRVWDV GHO 3HU~ MDUD TXH WUDEDMDVHQ HQ ORV FWL
YRV GH FDD \ DOJRGyQ HQ FRQGLFLRQHV WRGDYtD PiV SHQRVDV TXH ORV HVF
ODYFV
QHJURV 1R IDOWDQ KR\ TXLHQHV TXLVLHUDQ H[OLFDU VH \ RWURV SURFHVRV DL
JUDWRULRV FRPR XQ UHVXOWDGR FDVLDXWRPiWLFR GH OD GHVLTXDO GLVWULEFLQ - H
OD SREODFLyQ KXQDQD HQ HO PXQGR D PHGLDGRV GHO ;, ; ([DUQLQFPR呸 GH FFUF
HVWD KLSyWHVLV TXH WLHQH HO PRGHUQR DWUDFWLYR GH SUHWRQFHU VHU XQD H[S,
ā D
FLyQ JOREDO $PpULFD GHO 6XU VyOR WHQLD OG PLWDG GH ORV KDE
WDQWHV GH 1RUWH $PpULFD HO GHO WRWDO HQ HO PXQGR Y UD H/ / QXW PR GW t
ORV FRQWLQHQWHV FQ WpUPLQRV GF SREODFLyQ $VLD HQ FDPELR HUD HO SULPHUR
GH ORV FRQWLQHQWHV SREODGRV FDVL WULSOLFDQGR D V PiV LQPH
GLDWR VHJXLGXU (XURSD \ FRQVWLUX\HQGR HO GH WRGR HO PXLGR (O 3FU
FRQ XQD £REODFLyQ DSUR[LPDGD GH RFXSDED HO FXDUWR
JDU GHQWUR GH 6XG$UQyULFD SRUā HQFLPD G $ UJHQWLQD \ GHEDMF GH %ROLYLD FR
PR SXHGH
YHUV呸 HQ ORV &LODGURV VLT呸LFQFHV
7RWO
)XHQWH )
LOOFR[ HQ SDUWH 6p-ÒQ -LHWHULFL
XG
WPpULFD O pO &L I U DV UHYLV- G呸V
O
HU~
&KLOH
%ROLYLD
%UD]t/
$UJHQWLQD
8UXJXL` \
3DUDJXD\
*XL QHD
7 ULK8F 6DOYDMHV `
5HJLyQ ` āRODU 6XG $
RWDO $PpU L F V GHO 1RUWH
7RW?O IPiULFD GHO T8O
727$/
呸
< HUR WRGD HD呸 FLIUD呸 ¢TXp GLFHQ" 1DGD SRU Vt VRODV DFHUH呸
GH D FDXYD! - H OR呸 I
/ XMF© P呸JUGWRULRV \DBJBXB HVWRV QR VRQB IXQFLRQHV GOB
UFWD\ H[FOXLYD呸 GHO YROXPHQ GHPRJUILFR OOL VLTXLHUD EGVWDUtD TXH HV
WH ~OWLPR GDWR IXHUD FRP7
OHWDGR FRQ HO GH ODV UH呸SHFWLYDV G; WHQVLRQHV W呸
UULWRULDOH呸 FRQ YLWHā D H呸WDEOHFHL /DV ]RQDV GR VREUHSREODFLyQ UHODWL
YD呸 $PER呸 IDFWRUHV FRPELQDGR5 OR LQGLFDUtDQ FXDOHV HUDQ HQ QULQFLQLR
/D 7
2LELOLG&GH呸B WHRULFD GH OR PRYLPLHQWRV GHPRJULOILFRV GRVGH XQR D
RWUR URQWLQHQWH HUR LQ GHILQLU VX JUDGR GH UUREDELOLGDG \ PHQRV D~Q 2F
呸O L F DU O D RF XU U HQF L D KL V W yU L F D F RQF U HW D 8QD Y H] Pi呸 KHPRV GH V L W XDU QRV
呸O QL Y HO GD O RH ERF KR呸 呸RF L 呸O HH PL 呸PR呸 \ 呸XV GV W F U PL QDQW R呸 HF RQyPL F DV SD
U 呸 F RP呸U DQL HU H呸R I HQyPHQR4 /R GHPi呸 HV P L JL D DV RF L DF L Q DU EL W U DU L 呸 \
D呸UHQWH
)HU HFD呸 U呸]RQHH HQ O R呸 DQW HU L RU HV SiU U DI R KHPRV G呸U QRU DGR HO HV
W XGL R UREU H O DB FRQGL F L RQHH J?QHU D O HU G O B£ HF RQRPL D QRUXDQD \ V XV YLQFX
OR呸 FRQ REODFLyQ /DERUD/ HQ HO
FWRU DJUpULR ,
DU URGDU HQWHQGHU
FRPR \ ā 呸āFUTXp OR呸 W呸UUWFQLHQWHVHUX呸QRV SUHILULHURQ WUDHU FKLQRV GHO
$VLD HQ YH] OH HP7
OHDU FRORQRV HXUR1V R UHFOXWDU PDQR GH REUD ORFDO 6"B
O R HQ呸呸\ DU HPR呸 XQD Y L 呸L yQ GH F RQM XQW R 呸DU R QU RY L V L RQO <D TXH QHV H D X
&- W L
FKLQR GH呸UWDWD LH /QPRGtDWR HH UDFGVPRRFXOWR -82 KDE WL (Q WRGR EXHQ
t
呸 D]XDQR ā© HD EODQFR LQGLR QHJUR PHVWt]R FRPR VXEQUFGXFER GH VX H[SH
ULQFLD FRORQLDO &G XQD GH D呸 DtQRUtD( p WQDFD© SH]XDQD FRPHQDDQUtR
FU /D PLQHULD pWQLFR GRPtQDUUWH R/DQFRV VH KDO/D WFO LQVHJXUD \ WLHQH WDO
SDUD FRQVR/ DU O QHJUR GH XB HFFODYLWXG DO LQGLR GH VX V呸UMBYLGXPEUR \ DOLā
YLVU ORR RHQWLPLHQWRU GH RXOU LH EODQFRV (VWV DFWLWXG FDVL OOHJ D
UHU RItF D/tDDGD HQWUH QLFRWUR呸
t 7RGDYtD HQ SRU HMHPU/RHO UDUODFQW
SHU XDQR DO DXGL y \ RU G*Qy 呸XEO L F DU XQ呸 W H呸L V XQL Y HU V L W DU L H TXD WO QW U X RW U 呸V
呸 GHR DH )X* XQD JULQ FD/DP GFG QDF RQD/ OD TXH WU- 2 DO UHU~ OD LQƑL
t t t
呸UFFMQ FKLQD 呸DL WDQ GHELOLWDGR URU HO PHVWL]DMH QR URGLD HFSRUWDU RVD
/QI
XVLyQ GH FQJU PD GpELO WRGDYtH/ \ OD LQWURGXFFLyQ GH YLFLRH PD/HDQRD \
8H
ORUV2OH呸 (呸WRF QUMXLFLR3 QR KDQ GFLRQDUHFLGR &HO WRGR DXQTXH FFPª
E HQ LH LDULHQFLD \ R呸!MFWLYR
t / D KL呸WRULD FLHOWIILFD TXH QXQFD HV XQD
¢ L呸WRULV QHXWUDO WLHQH DO UVFDFWR XQD W"UD KLJLpQLFD TXH FXPSOLU HQ
QDHWUD PHQWDO GDt FR
ORRWtYD
t
'H RWUR /UGR HO WQyOLFLI GH/ F LVR "FU~ Q UR/DF yQ FRQ OD PLJU
t
LDO L呸WHPD GH UODQWDFLRQFU (O Q~Z呸UR GH WUDEDMDGRUH呸 FQLQRV YHQLGRV DO
UHU~ tXUDQWH HL FLLVO呸 ; 7; UHSUHVHQW FL HO GHO WRWO &H ORV FKLQRV
y
PLJUDGRH D ORH IHS D]XFDUHURV GXUDQH ORV XQRV / HYLQ )XR
XHV HO "HU~ XUR GH 呸)ULQFLDOHL UDFHQWRUHV GH (VH PRYLPDRQWR HQ $PpULF
\ R/ OXJDU GRQGH HO FRQVtJX DQWH UURFDYR GH DFXOWXUDFtyQ I
XH Pi
t V LQWHQVR
RRPOLFDGR \ GR ODUJD GXU
OFLQ
(O WUiILFF / ERUR/ GFFKtQR© XHGH VHU FDW WtFDGR GH XQ IHQyPHQR
t
UR7 \ XB DQH[RV GHX GR JXHUUO QDUR/HyQLFDV 'HVGH OXHJR TXH R呸
WFQ
U- DO ,HUG \ LWU!呸 DL呸H呸DQWHFGHQWHV PiV /HMDQRH UHUR GH PX\ RV
FVDR H呸R LHPRJUiILFR \ a/ < D D UU/QRtU/ RV GHO VLJOR ; 9 ,, HO KR/DQGp©
- HQ KHWHUDRRQ KDWLL DFRQVHMDFR FRPR JREHUQD- RU GH ODV ,QGLD
&ULRQWDOHF TXH R XWLOL]DUL JUXQ Q~PHUR GH FKLQRV VU*FLOOPHQWH PXMHURD
\ RL"tRV QDUD REOXU \B WUDEDMXU %DWtYLD 0ROX FDV \ RWU
DV/HQWRD FRWRQtH
/H! HQ HO $B L O (HWH U]R\HFWR \ RUXF QDUHFLGRH QR WXYtDURQ PXFKR p[LWR
RU HFR2 P VPRV Tx R RU £RFRLLHOH 0LOOFQH呸 TXH
OUULU
VU- U ODV &2(W
t
RUXDQD VXQR 6KQJOF\HF R FRPRURtDQWHV YtDMRURU GD OD &KLQD 'H KD
F [ L L
EHU RF XU U L GR I XHU RQ PX\ FRF F FRPR O R GD PXHVWU D R/ &DQV H GH O O RQW HV F O - U F I
L Y L G 1REO H &RRN 1R WH QHPR QD\ RU VV QF WtFLDD QDU H HO V L JO F ;t , , , \
F RU XF Q] F GH, ;, ; 7W U R 呸O PDGt DGRH GH H£W H ~O W L PR U呸 pO R HO W U iI L F R V H 呸
F RQW U 呸ED WRW呸OPHQWD RU J呸QL ] 呸GR $O UULQFL呸LR HO QHJRF L R I XD F RQW U F O DGX
RU 2呸 L QJO 呸HF +DF D F H F 7 - LW \ 呸\QH 0XL U
L QV W DO D GHV Q
t
JREHU QDEO H呸 HQ H[ W U HPR \ V X ~QL F R PRW L Y R GH DF F L yQ HV O D JDQDQF L D 'HV GH
R呸W H Gt D y8 O TX U QH U RQD TXH W XY L HV H QHJRF L RV FRQ HO 7H 5L 7DL W \ HO
+R呸.L 0XL U HH U i FRQGHQDGD D Q XDU W H )XH PXF KR PiV W DU GH FRPR Y H U HPRV
D āU L QF L / R© BGH O D GpFDGD - H TXH HO JREL HU QR FKL QR UHDF F L RQy FRQ FL
W
W D HI L F DF L D PRY L O L ] DGR 呸RU DO JXQD DXW RU L GDGHV FHO RV DV FRPR HO YL U U 3 \ /L
+XPJ &KDQJ \ QRU HO GHF RQW HQW R GH O RV W HU U DW HQL HQW HV FKL QRV W HPHU RV RV HO H
YR] GH REO GD FLX& URULHXDGH&
6 W HZDU W
¢4XH
F DXHD& L PXO &DU RQ D W DQW R KRPEU H呸 DU D TXH V H M GFLG呸HUDUW
D
E呸QGRQDU 呸8
DQW L JXDF W L HU U D呸 'DU 呸 Y L DM DU D SDt 呸HV 呸OHM DXRV H[ W U Dx RV H -
,
DUDM LFWPHQWH QXFKRª GR H
WR FFR/ tHV QRPEUH GH XQD WULEX EHQJDOt VLQ
URO F L yQ FRQ &KL QD FU H\ HU RQ Y HU HQ O D FRQW U !W 呸 T呸H O HV V DF DED GH V X
SDL 呸 QR U yO R XQD TRO XF L yQ HF RQyPL F D V L QR W DPEL yQ 1O L JL RV L FDV L XQ FDPL
PL 呸W L F R 呸XH O H 呸DO Y DU t D GH O D PL V HU L D O D PXHU W H HO GRO RU 呸O KDPEU H \
O DU KHU L GDU DU D O O Y DU O R呸 D O DU &RO L QD呸 'RU DGDV /DV FRO L QDV GRU L GDH U FO
XO W DU RQ U HU DO I L QDO O DU KDF L HQGDV GH &XED \ HO U HU ~ R O DV L V O DV JXDQF U DG
/H &KL QF KD EDUFR© L QI
W DG RR HO JDO SyQ FRVWHUR V Q YRUtJR /D PDO D
t
FDGR© D O D I XHU ] D FRQ HQJW L QR $ PHG GD TXH O D GHPDQGD DXPRQWED
t GF /
O DGR DPHU L F DQR 呸H JHQHU DO L ] DEDQ O R 3HF XHV W U R HQ O RV U XHU W RV GH 呸 W U DW D
8QD HQF XHHW D KDF KD D ILQR© GH DILRH GHPR W U y TX GDO GH O RV
FRQWU DWDGRH L JQRU DED 呸X UD/H GH GH呸W L QR \ KDEL DQ Y L DM DGR FRQWU D V X Y RO XQ
W DG
<呸 GHF GH O 呸F ULPHU呸 KF U DF HQ HO E呸U F R H Ƒ呸H] 呸E P D FRP呸U 呸QGHU
FKt QRª HO GH U W L QR TXH O H呸 H呸 HU ED UXXF KD YHF H KD Vt GR U HO 呸W - G D HV W U4B
QRV D W U DY H L D GH O RV FDPQH呸L QRT FKL QRV HQ O RV EDU F RV TX O RV W U Dt DQ DO &D
O O DR (O U HF RU U L GR GXU DED D U R[L PX/ PFQWH FXV WU R PHV HV /RV I XW XU RV W U D
EDMDGR] HH HU DQ KDFt QDGRU D U D] yQ GH SL HV FXDGU DGRV U RU KRPEU R HQ HO PH
- RU BGH O RU FDHR L QJO HU DV GH 5RQ .RQJ HV SDF L R TXH EDM DED D SL H呸 FXDQ
GR
U W L DQ - HO 0DF R 7
,2U W XJXyU (Q H W D3 FLUFXQVWQFLV O - PRUWDQGXG EUUW
PX\ DO W D 'HO I L O R KD FD/FX/DGR HQ 6W HZDU W \ /HY L Q D
HO HY DQ KDU W D XQ 呸L EL HQ KXER Dx R© \ DPE U TXV HQ TXD V XEL y KDV D XQ
+DF L D O RH F呸O F XO RU RI L F L DO RS QHU XDQRV PL QL V W U R *yPH] 6 O QF KH]
H W L PDU RQ XQD 呸pU G L GD KXPDQD OH KDVW D GH O RH HPEDU F DGRV
1L QXQD U HJ B
/ DF yQ GHGH HO $LD R / DH FRWD呸 GH $PpULF QXGR OOLYLDU HVW VLWXLFtpQ
t
呸H GHEL y D O D DF F L yQ GH I DF W RU H L QW HU QDF L F QDO R5 I XU DQW H HV H W L HPU R
O O HJDU RQ DO U HU ~ F J~Q O D FL I U D RI L F L DO H呸 FKL QRV GR DF XHU GH DO
UDWLQHW
URQ HQ HO UHU~ QHPHURVFV QHJRFLLGRV HQ TXH /QWHUYLQtHURQ -呸V -O¢V WRV SH(B
呸RQM ROIW FRH OD JUDQGR© IPL
L FU2V GR ,PD \ ORV ULFRV FFX
t
ROLJLUTXLO 呸HUXQ WXYR GH URUUWR 呸XDx H GH UDQGHQ - D呸I
O7
"FLRQHV L3 *X
QDFtFQDOH! \ D 7ULQFLQLR GH O~H xRH W/ RQ VX QRGHU EXVQD ULUWH
GH ORH HPELU£BXH GHVG HO $呸LD
(F RKYLR TXH OD FRD/WF yQ GH W Y /ULā呸FWRV LUW UWVDV 'GUIDOL] GX
t
UDQWH YDUt R 呸呸RF WRGRV ORV LWHQWR URU VVUGQGHU GRI
/ Qt WMYDFHQWHāO
O WUp-
W GH FKDQR© 0FDR āH KDEL- YL VWR REOLJDGR LQLHUUXPUL U/ H W
K-FLD FLUFXOURQ H呸
BB HL ; WFULFU HJLQGR 呸 )HNLQB UHSU呸VFQWDFaR
呸LWLHUMQ FRQWLQX呸U FRQ 呸 PLJU呸F呸Q 呸 F- DYLVWX - H呸 W H PRGR GXR呸Q 呸D呸 呸Q
&;9
WQGLG!呸 OD呸 LQ呸WUDFFLRQFF GDGXH D / L PLVtyQ *HUFLF RQ FX\DV VWL呸
QHR IXHURQ IRUPL]DG U /ODPXGR WUDWLR G 7LRQW6LQ RU HVDV /LI
D+-呸 UD]RQH H DFRUGy WRGDYID HQ XRYDQF RQU H OD FDVD 2
OtSEDQW Q
t
U呸LDGR呸 © L FRQHJXLD WUDHU DO &DOODR FKLQV RU YLD- H
+D\ TXH FxGLU TXH DO JRELHFQR HUXDQR \ ORV JUXURH GH UWQ OR
F OOG呸 QR KXEWHHHQ URGLGR PDQWHQHU FRUUtHQWF GH FRORQRV FKtQRVM VtQR U呸
EL RU D 呸L GR 呸DU TXH HQ X呸* QDJRF L R L QW HU Y HQt DQ W PEL Q JU 呸QGH呸 I O U P呸呸 L QW RU
QLFtRQDWH© &XDQGR GR UXp呸 H
LQWHUXPLy HO WUILFR GLUHRWR G(!ā
G R, $/D /D DFLILF
OWDP 1DYLJDWLyQ &RPMDQ\ SRU HMRPQOR RIUHFLy WU
V
RUWDU KFLD HO )RU~ OR WUDHDMDGRUH FKLQRV TXH KDEtDQ TXHGDGR F呸VDQW呸V
HQ &
OOLIRUQLO XQD YH] WHUPLQDGR HO I
RUURFHU UL/ W- VFRQWQHQWO URU HVRH
PL 呸ƑR呸 Dx R呸 O D F呸呸D *U 呸F H PSH] D HQY L DU F KL QRV 呸O Y 呸O O H GH &KL F 呸PD (呸
FLB RU ~OWLPR KD\ RRQVWDQFtD GH OD DFWLYLGBB- pOV LH XQ ULFR FFXHUFtDQ
WH FKLQR GH LQ )UDQFLSFR &KLQ LQ PX\ YLQFXODGR FRQ KRPEUHV GH QHJRFLRV
QRU W *DPHU L F 呸QR呸 H L Q呸O H呸- 呸 &KL Q 6L Q RI U HF L y HQ R呸D I HF KD W 呸Q W 呸U Gt D 呸O
$J QWH U-UXDQR GH (PLJULFLQ $ QGUHH VDXUt RUUFQL]LU HPED]TXHU GH FKtQRQ
GLH 6DQ )UDQFL呸FR /QF/XLR HO $ L- KVWL F/ &"RR
U L XU "
L U 8Q
7 2Q B R 呸
B
呸O/
LRW &RQHRLJQD呸RU 呸 Q~PHUR GD Q/ QR URH W,
LG2
UFU 呸X ,OO&LRQVOGO
FX\R WRWOO 呸5 LQIHULRU DO LH ORH UHLLLWUGMR呸
,2U 呸X U]D FRPH HLLWLF
-
¢&XiOH tXUURQ OF FRQG F RQD© GD Y G WU !D- 2 GH ORV FEL QRV
t t t
OH XVU WR O O QDF L FQGD BL- Hx \ V/JRGyQ 6X呸 F RQW U L W D V 呸FO DO ] E 呸
HU RGR YDULOEOF QWUH FLQFR
t - RFKR DxRV 'B呸tQ WUDEMDU 呸XU呸<OW WR
GR H, DQR XQ URPFG R GD I KD&W- PH KRU H LFULV VLQ Pi
t F O8E WUH
GtL GH ILHUWL - R-FL!tDQ Q FDPE R FXDWUR U!OXU 呸
t
UBF I
XHUD G XiiLFX
\ Q Y
UWLLR \ IU¢LWGD
8 D YHFH HR呸 /HV - DVFRQWDR MXQFR FRQ HO DLDOQ
WR LXH KDE DQ U FLELLR HQ 2QtQD
t 呸LāHQIDUP呸EG
OG Et Q FRUQUHQVDU HVUWRV
OL呸 呸O ILQOL]呸呸 FX FRQWUW H O呸F O 2- 呸E呸 HQ 呸呸呸呸RQH呸 F RO HF W L Y RV
LQ QLQJXQD KtJtFQR / D DOtPHQWVRLyQ TXH UD- LEtB D DU FRPR KHPRV XLFUR
O H O呸& 呸HRU F HQ HO 呸HU~ 8Q K呸FHQG呸OR OLPpUL4 RQ 呸W呸FLR È D DRU
GXHxR LH WQFKR GLFLL HQ 呸X PDUYWHQFLyQ D呸 XQD FJ"呸 WLQ OLWMVUD
48
B D UHDU LH LXW WRGDY,D -
Lp
OLIL¢&WDQ GW EXHQ FRPHU HVWi FRFLXHVWLD
GH URFD FRD (OOR呸 XHG呸Q 呸WL呸IHFWR呸 FRQ HO DUUR] TXH HV 8 IXFUW
O FXD, O H DJU
JDD G DJRO O DGHU R&
GH YDF D DQWUx6!F \ FRVDV DV L WF Q YULL
(
QUL FRPR EUWD HQ UDIF $ YHFH VH OVF DUDJ FDPRWHV - -8F¢呸
U L O DU KD\ HQ DEXQG呸QF L 呸 (Q XQ 呸DO DEU HO P QW HQL PL HQW R GH O R4 F KL QH呸
GH- LQGRORHR E HQ I
WL&IFFKR呸 HQ Pi
t F FTXLWWLYR O8* - GH QXHVW]RV HRQHV
U] R/GiQ WF QOLOOR 呸Q 3OOHW% GY&Ë $H IBQ 呸DXU-GR TXH /RV TXH WU£
EL呸Q Q OL LVO LH FFtQFKD \ RWUYV UDUWHF 32Q /QF/LQVGRV - O RQFDQ VDR t
\
?6呸RDGR UXI呸G~ \ XH QRU HWR 呸H HQIDUPDQ \ G %WUX\HQ
/ D OUURW OH
EH H QH呸U HQ U 呸PGL DU HHW 呸 P O \ DW QR V HS呸U 呸U D O RV P U L GRV GX 呸 ZX- 呸
U QL REOLUOF O FULPHQ UULYiQGRORV L ORV FRQVXH/RV G¢ VX
IDXQOLD
< RWUR W UWLJR FRQWDPRUiQRR
OGPLWt / R FKi QRV VRQ WDULELiQ KRPEV- O
( PUH&L KDUI PX\ ELHQ WU WUDU D/JXQDV QXMHUVV \ /R© TXH W L FL 呸B HQ 呸UQ Q~!
PFUR GD HO/RY GEDU UU URRUF DQDU/ HV XQ OXHU U-UO 呸XH VH GL UtFUWFQ
t t
X PRGR O R G - H 呸L L F W L EDMR HO FH/R GR O QROtFt FRQ HO ILQ 呸 < Lā
WDU LD呸yU L HQH
)X- U R/YLGDU \ F2&-7HQU O GXUR]D FRQ TXH I
W /HV WU呸W呸2D 8G
PXFKR H OR呸 WU呸EDM呸GRUH FKL QR呸 4G LQLFL呸UQ 呸Q DO FRQ呸XPR GO R呸LR
/ R PLƑR EDFFQGDGD H QFVUJDURQ GH RUJDQL]DU YHQWD G RHR HQ VXV
WDPER© \ -W- FRF FRQR UW GH XQD UDG HQ OD BXD HVWXYLHURQ FRUQUURQHW i
L UBBMQ I
X UUWH LD -UURYL呸LRQDƑLHQWR \ ULQFL- O EHQRUtF DUtR t GH
呸WH FRQHUF R t - B Q UFyWLF呸 VIXH , QBO - W DU U TXH FRP UED HO RUtR U DVL'
呸U UHH[RUWDU/R -O )U~ 2R呸UYD呸YHQ H/ Uāy[LPR FXDGUR FRPR ODV FLI
UDV
GH L& RUWDFLyQ & RU/ R VXEHQ \ FRDQFLGFQ YU呸 WUDFKD UH/L FLyQ FRQ DO DRYt
呸L HQW R O H UUL /U F L Q FKO Q呸
GO- BFL G X I LPLOL-F ¼JDDLRF āLU O FRQWU LW FQ "呸LL
PHQWFLQ L Q XI L F L GQW H \ REO L J呸O R呸 D XQD V RO W HU t 呸 I RU ] RV ORV WUDD- DGR
U 呸 F KL QR U呸 Y L 呸U RF L 呸QXO 呸- G2" 呸 RU 呸QL ] RU : L FRPQRU W 呸PL HQW R GH U F L 呸] R
BXH /ULF/X/D GLYRUVDV PRGD/ tGDGHU GDVLH HO FRQVXPR GR RUtR /HW呸 UHEH
OLyQ FRQWUV HO KDRDQGVGR R VL FRGF VXLFLGLR / R VXLFLGLRV I呸URQ PpV
PLPHUR呸R呸 DO ULQFLLR GW O WUW XH /XFJR FXDQGR OD H[L VWHQFLF GV X]H
FROFQL PL R PHULR© RUJDQt]DGD QURQRUFLRQED /8 D\XGL HUQRFLRQD/ D LRV U(
FL pQ /
OHJDGRV (呸WR X F GtR QLUHFGQ KDEDU DVWDGR DRF DtRV FRQ YLā
t t t
HQFDU GR GH KDFRU GHB UHUHFHU URFF QRFR HV H WHQGHQF FULQL t
呸Q F X呸QW R 呸 O呸F UEXOLRQH呸 G ORV F 呸L DR3 FRQW U ORV DF DQG O RV
L
B £
UHIHULUQRF HMU L , LPL UU RWU R7
ORUWXQ WLZLUW KG UFOFWLGR QR
&; 9 OË
呸āLR āā
,&
ā / Q呸
呸
ā BU呸
āāā
U!O UX 6呸O `
呸 Y
- H
FQWLā / -V
$x * /Q LF ā U V
O
£
O G t
6O
O
O
L
O O
O
/
呸
* 6 £
p
£
*
Ë-
+
呸 呸
F[ L [
W L F L D呸 FREU H O DF 呸XF O HY DF L RQHF R RRQV U L U DF L RQHV GH /XU t Q 3DW L Y L
HD +XDQU D
,
U XMt /O R 6yO R V RO EU F\ DU HP2( W U F ,
(
W RH D HO O L GHU DJR GH O DF U HEHO L RQHV I XH D£ XPL G DO U DU HF HU U RU O RV
FKLQRH OLEUHH ā LRU HOL UD]yQ &RQJU XR RUXDQR GL V F XW L y / D FRQYHQLDQFi
F D GH /D URFRQWU DW DRLyQ RE/t JDWRU /D U pL U i W RFW RV FK QV V £ R , © V R D 呸
t t
FRQI U RQW pL Q G呸 O R F KL QRF FRQ RW U RV JU XU R呸 呸W QL F RV QRQXOVUF呸 G呸O "HU~
[ L W H O H RF L EL O L G G GH XH D I L QHH GH 4F KXEL H D HV WDXR J£ W 呸QGR
XQD U HEHO L yQ JL QF U F!O GH FKLQR© O QH£ 72 H /QGt RV FRQWU D / P QRU /D E/ DQFD
t
DRP QDQW H
t ¢2 HH W U L W GH XQD I DO V D G&8呸呸F L Q KHF KD 呸RU O RV KDF HQG呸GRV
呸DU D FRQPRY HU DO JREL HU QR \ D O D RQL QL yQ 呸~EO L F D" F /D FU RQRO RJt D G
O D呸 U HEHO L RQHF FKL QDF FRQI L U PD XQD Y H] PiV TXH D I L QHV GH O D G~F DGD GH
FH 呸U HGXM R XQD FU L F L JO REDO GH O H V RF L HGDG U HU XDQD XDU W L F iO DU PHQ
W H HQ HO 呸HyW RU U XU DO GRQGH U RU HQW RQF HV W DPEL iQ KXER U HEHO L RQHV GH &
OOUH
LIO2
L QGt JHQDU
U RU GRF JU DF L D GH呸GH TXH O O HJDEDQ DO U HU ~ KDV W 呸 TXH W HU PL QDED V X
FRQW U W D \呸 I X H Q O呸F F L XGGHV R HQ OD呸 KDFLHQGDJ O RV F KL QRV QXQF 呸
W XY L HU RQ O D &
L U Q DW t D GH ODH FO D呸H呸 URQXODU V QHUX呸QD呸 / RV - RU呸呸O呸UR呸
HO DQW L JXR H呸F O DY R O R呸 U W HF DQR呸 W RGR HO 呸U RO DW DU L G GR FU L RO O R \ PHV W L ] R
YLHURQ DQ OR FKLQRF XQD GDF O HO FRP呸DWQFL呸 HL Q FRP呸UHQGDU TXH O D U HV
RQDE
L/ L GDG U HF F? t H[F /XV tY V PHQW H REU H O D F/DV H GL , L JDQ" U HU XDQD \ QR
呸REU H O R FKL W R3 呸D呸GH XQ U U L QF L QL R DHW D FO DH XW L O L ] y 呸 PLJUDFLWQ F K B
QR U DU D HQY L O HF HU /R - āR
QDO H3 GHO W U FO & M DGRU /RF D, \ PDQW HQHU EF - 2 V X F
FRQW U RO HO PHU F GR GH W U DEDM R (V W QR HV XQD V XU RV L F L yQ QXHV W U D P¢D R
PHQR呸 Y HU R呸L PL O QL XQ F D
R GD 7
DO HRQW RO Rt H QV L F RO JL F D DQ TXH 呸RQ PRV
HO KXHYR TXH I W D F U U HFRQV WU XF F yQ /QI
HU HQF t D/ 6L QR XQ FU XGR KDF KR
t
KL )
W yU L F R -F U D& L WDGR 72U QXPHUR R WHVWtPRQDRQ &LWDUHPRV DU HQDV FRPR
U U XDED 呸XI L F L HQW H O D (QF H呸W D GH FRQV W H W DGD QRU XQ W RW DO GH HP
UHDULR HQ B - PD\RUtD KDFHQGDGRH UHUR WDP
RLpQ GXHULRV G WOOHUFOV \
PRO L QR呸 &RQ XQD aRO D H[ F H呸F L yQ W RGR HV W DEDQ V呸W L DI GF U R FRQ O D PL JU D
FL yQ FKL QD , QGL F DEDQ D Y FFH F RU RQHO - RV p 呸 RQW HV XQ PHQRU U HQGL PL HQW R
GH KD W D XQ FXDU W R FRQ U HO DF L yQ D O RV HV F O DY RV , HU R O R FRQV L GRU DE Q X
QD LWXDFLQ W U DQF L WRULD \ GD GD£WFLQ LOL JHULH]V/ FFPUDUDEDQ YRQFD- (B
UDPDQWH / R! FKLQRV FRQ UDVQHFWR D / RV WUDEDM LGRUD UHUXDQRV \ SURQRVWOB
FDEDQ \ FHO HEU DEDQ O D L QPL QHQW H EDM D O H O RV - RU QDO HV \ O D L PSRV L F L yQ GH
FRQGLFLRQHH ODERUDOH呸 PL呸 GXUDS
- RDTXt Q 9L O O DQXHY D +DF HQGDGR GB 6DQW D %H W U L ] +D\ PiV
U DU i FDO F XO DU O 呸 Y HQW D- DV TXH U XHGHQ U HXO W DU QRV GHO FKL QR
H U U RF L F R H W DEO HF HU XQD U D] yQ U 呸O W L Y D HQW U H HO W U DEDM R KHF KR
呸RU HO O R \ HO TXH KF RQ QXHV W U R呸 W U DEDM DGRU HV 'H H呸W RV ~O W L
PR呸 呸QHQ呸 QX¢GH REWHQHUVH PV Gt呸V ~WLOH呸 QDUD HO WUDE呸- R TXH
O O R XPR \ JHQHU O PQW ¢ PHQRV QRU TXH O XQHV \ PGUWH( ORV HP
/HDQ P GL Y HU t RQD R TXL ] iV FRV DV QHRU HV U HU R GHO W U DED- R G
GHO FKL QR U DTXO W DQ FL QF R Gt D H W H HV FRQ L GHU DGR V X W U 呸ED - R
HQ PHQRF Y DO t D TXH HO GH O RV RW U RV U XHV W R TXH W U B E呸- DQ 呸RGRV
O R G GD I L F W TXH HQ DO JR GHE U HSXW DU V H 5HV XO W D QXHV GH
¢BW DU
H/ E- FRQG-GR XQ DXPHQWR UO GD WUEMR TXH RQ OD
QHF FLG- G LQGLF
- EOR GH EUD]RV HQ LX H HQRXDQWUDQ XWUH
IXQLR & XQ EHQHILFLR GV QR UFB8*Ë LPURUWQFL / DXQ FXVLGR
FXtQR QR WXYtDHQ RWUD F LLG -XDQ-
呸DQW XH HQ DU W L KF L 呸QGD F RPR H呸 F 呸呸L W RGG呸 O 呸3 GVO O L W RU L £ 呸
呸 /L EDU W 呸L DO RHRQ W U 呸W 呸M 呸 GH 6 ¢ XQ O GERU D呸 IX%UWHV U RU
GR© UDO O GtD \ DXQ D&t OHF FRQYtHQHQ ORV FKLQRV \ ORV H呸ā
FXHQWLDQ EXHQRF
- WQ D H OU R ! 0L HQW U DV QHJU R F DU JV R RU QRV L L F H
L Q
!O DQW DPHQW H 0H GU i -V W H L XQ F XDW U F 2 2 F/ &KL QR VR
O L F L W R \ - JU D L HF L D R QRV O O HY F XQ EXO L R QRU XQ U DDO
\ QR KD\ VHUYt FtR /9
LV"
呸XH - O QR DUDUTXH - L-LQWD
H[[L
(UO UWYLFLEOD O UHDFFLyQ D V HO 呸H URVX/ DUHV SHUX-Q S£
UF
HQWLPLQWR RFtF QPL
WG FRQWUD ORV FKLQRV (O
QIU¢£QWPLQWR ZOV
HQRDUQ ]DGR I
X FRQ ORH QFJUR
t LOJXQRV GR HHWRV ~OWLPR5 V呸UY,-Q &- F
RUD/H Q /D KDFLFQGDª \ XVDURQ GR VX FāLUW2V 7GUO YHQJDU VRE
H ORV
FKLQR呸 D呸 DQWL¢X呸呸 KXPLOODFLRQH呸 XF KDEI呸呸 U呸FLELGR 呸H 呸X呸 7呸WURQ呸
/ R PD\RUGRUWR© QJURU GHFtD LWLUWLQHW Q 呸X FD\R] -UWH HGXFFRF H- &
/DW JR GD
t
- FO- YLWG 9 ËGQ QDFDU FRQ 呸ODFU /R JROUHV WHV
OW 呸I
KUE,DQ 呸FDUt F t R X HHUH/GDH UREUH 呸O8FOO/D M RWURV FFPR /FV FKLQRV
XH HWDEDQ 呸FQ`WLGYF D
8 H UGāQHF \ G TXtHQFV FRQH GHUDEDQ FRQ XQ VREH
t
UDQR GHHUUHF R (呸WH FRQIOLFWR HFRQyPLFR DQWª TXH pWQLFR GtILFXLW
t
OD /QWDJUDFtyQ OH OR FKLQR GPWUR GHO UH ~ LFL- RU GLFKR OD LHPU
([£O L F W ELHQ O- FRODERUDF yQ XX /OHJDGR PRPHQWR ORV FKLQRV GLHURQ D
t
ORH L QY F RU F FKL/RQR© GHO ILO[/ tFD DLILVQR HVD VQFULDQWD \ IHUR]
PDWDQ]D GH &DQFWH IHEUHUR FXDQGR /QGLRU QYURVV \ PVW/ RV 呸Qā~
p8LHURQ WRUWXURQ \ FHHFLQDURQ D ORV FKLQRV TXH WUEDMEDQ HQ ODJ K U
FtHQLD L H V D Y呸OOD
1R ~UUāYQG偟 TXH -Q呸ā FXQGLFLRQ I
TXH UHVHxDPRV OD FT
DUDQ]D
PHG D GH Y /D QWU- /R FK QR GV/ HU~ O
\D /XR PX\ -MD KD W ItQVV
t t t
LDO [t[ Y呸DY- F 呸O UREOQQ YD/ tpQGRQRV GH V FLIUV RI/FLH,R 7%E D
X
,HI
HFWRY 'H /R FKtQRU TXD FLWDWQRV DQWFV LQJUDVD- FV WXUVQWD
YO-
W
呸RUUYtYLFR DU XQ Pi[LP ā RF呸 - G
XQD PRUWDQGX, ËR 'HF PR© FRUWFQGVF U
LXDM FRPH GLFH 6WHZ呸UW
t ā呸-
FUFHQWDMH XH -F X YROYLHUHQ H &KLQD Ë8ā- QtQLPR ORM $KRUD RLHQ 偟W
/QGLFH OD PRUWL
ODL UHXOWG
Ë
O WRGYtD UQiF ¢OWH VL UHQVXQRV TXH QE
EOHPRQW HUUWU /R© RK QR FQFDLR HQ ā H HQFRQWUDEDQ F呸 L WFLRV O- H
t
; 9 , / D UBBDQW (O FRQFXUR H[WUDRUG呸QDULY G WRLR呸 H% tDFW- UF]
FtRQ 呸
F U HF L PL HQW R D呸 呸 GHPDQG呸 L QW U Q呸F 呸RQ呸 D 呸- O O G &O F L 呸
GH FDRWDOHU \ FUHLLWR呸 PLJUDFLyQ FKLQD FRQYtUWL HQ DUHQHV & DQ
!U
HO PHM RU DPL HQW R G呸 O D FDO L GDG G U U RGXF WR )HU HV DH ?,Ë2HHO O
HU X U RU
HM HP O R HQ ~QL F R DI 呸 呸XGDPHU L F GQR TXH JªDF L D呸 G V XV QXHY DV PD TBXL QDU L GV
FRQHUHWGRUDF UDFRPDQH©
FHQWUtIXJD SXGR D[QRUWDU D]~FDU JUDQXO呸GD
TXH āW XY R XQD FRW GV DF t x 呸X HU L RU F KV DO D] ~F DU GH %U DV L O \ &XED
FK B ā
(U W H U RF H W HU PL Qy U FRQI L U PDU O D XU U HPDF L D GH O 呸F SO QW D
F L RQH呸 呸] XF DU HU 呸呸 呸REU H W RGDF O D呸 GHPi3 DF W L Y L GD G HV DRU RSHF XDU L DV GHO 呸
U ~ (Q O D FO DU L I L F DF L yQ KHF KD U RU 7 L Q HQ V REU H O RV Y DO O HV
UULQFL
DODF GH OD FRHD / R QULPHāR V HWH QXH5 WRV RRUUHVQRQGLHURQ D ODV
t
R
$] ~F DU
9L QR $JXDU GL HQW H
\ U HQHU
E 5RRR RRR
$O JRGyQ
$U U R]
'L Y HU RU U U RGXF W RU
~ 222
呸UHOLR GH WRGD OD URYLQFD 7RGDYL &+O呸 XQ VyOR Q/ QWDGRU ULLXH
ZD\QHFRQWURODED HO WR GH O UURDXFF yQ GD WRGR HO YDOOH UXHV DGD/iV
t
GH 呸X呸 呸U RL HG G 呸 W HQt 呸 呸U U HQGGG呸4 呸呸 KDF L QG呸V GHO &~QY HQW R O L PHU L R GD
OR呸 &DPLOR &D呸 %ODQFD 呸XHEUGD-
/ R PL呸PR RFXUULy HQ ORH GL5WULWRV &!5W偟xRV GH 7UXMLWOR &RQRFH
PR! GR D呸WLPRH DJU,FR/D! G呸 OR Dx RV \ VL ELHQ FDGD XQR VHx D
OR GLWLQWD 呸X呸UILFLH DPER呸 FRLQFLGLHURQ HQ OD 7
UR呸RUFLQ GH FXOWLYRV
U QR W 7UWH
L QY 呸O L GD
L
QL QJXQR GH / HQ G
RU F U
R
t
V
( F H tPHU D G I
RU HQF
t D
WH呸WLUQRQLRU $O UDUHFHU XQR GH HOORV $P呸UR 7 L]QVH E%Ï HQ ODF ZGL
G呸 GH OD U呸UDUOULFLyQ GH - H8呸 GHO 'HVQ 呸DDY- U 6LJOR [YLLL \ RU HVR
WDPELQ QXPHU 呸呸U &KLFP IXQGRV HQ YH] GH
&DVyV
$QUF[L呸
GDPDQWH YLQWH IPLOL呸 HUDQ ODV GXHxDV GH HSW WHUULW(B
U L R \ GH FXF U L QF L 7
O O H呸 U O QW 呸F L RQHV ( Q F RQ- XQW R QV HL DQ F 呸SL W DO DH
7
RU O & - 2O DU FXPW QGR HO Y D O RU GH V XV W L HU U V \ PD TXL QDU L F V
(O FDPEL R W HF QRO yJL F R TXH 呸X呸W GQW W RGD HV D U L TXH] D QR HV W R呸呸Y L D
ELH[ FRQRFLGR 'H KHFKR QR IXH XQ FDPELR JHULDUD/t]VGR UUtPDUF RU呸XD
QR F RP U RPHW L y D OD W RW DO L GDG GH O RV FDx DY呸U呸OHV / XHJR QRUTXH DO 呸URULR
LQWHULRU GH / DV Pi) JUDQGH© / HQWDFtRQHH UFU PRWHUQDV TXH IXHVHQ VXE
L呸WLHURQ WFQLFDH WUGLFLRQDOH呸 'LMR B0FUWLQHW HQ 6H 7
8HB YHU
/HWV GH ORV UURJUHVR£ TXH KH
REUH FRWD GH, ,
HU~ OD KLHWRULD FRPM
FKR HQ HO PXQG呸 HO LQHWUXPHQWDO UDUD OD IDRULF呸FLQ GHO D]~FDU GHVOH HO
HXL 呸R L HO UL DGU 呸 /DEDW K呸呸W 呸 O R呸 PD JQt I L F F D呸呸U 呸W R呸 GH DY RU ¢F L &Q \
F RF F L yQ D Y DQRU \ HQ W O O Y DF t R TXH I 呸EU L F DQ OR呸 PD- RUH5 F RQV W U XF W RU H呸 X
URHR© \ QRUWHDPFUtFDQR©
/ RV 7
WXHx RV 呸呸ƑEUDLRUHV GH FDx G VL XLDURQ 呸
/ DERUDQGR &XF 7
?URGXFWRF FRPR © XV DQWFHVRUHV OR KDEIDQ KHFKR HQ W L HPRR
GH ORH H 7 D x RO HU W ( 5D GHF F U L U L F L Q GH 呸XV WUEM XV QRV KD VLGR KHFKR
PLQXLRHDPHQWH URU / H DXWRULGDGHJ UR/IWL FD! TXH HQ UHVQRQGLHURQ DO
FXHHW DRQDULR UHQDULLR 7
2U / D DRI7 RUR FRPH QWLFLQR DO FHQVR V QRU O
UHDOtDDGR GR© DLR GHV
OOp %HWDULD OHHUR ,QVWUXFFLRQHV TXH SDUD HO
PDQHMR GH
8 FDx DY HU V /R! U
G F W D U RQ /R M HL W呸 HQ /RV FLJORV [YLL[YLLL
aDUWHQHU XQD LP呸JHQ GH 呸 呸XH 呸HV8D RFXUULHQG D ILQ呸V GHO UL[ FRQ
W呸呸 QH XHx 呸U HPQU - 呸D呸 $O JXQD呸 QL V L TXL DU 呸 呸U RDXF t iQ D] ~F D U L QR DJXDU
&; ; Ë9
LHQW \ FKDQFDFD 7OUO 3O- ERUU FKLFQF - 呸EQ / RV -QWLJXR呸
QGRV G
F
IDUD H[ORWDU KHRWiUHDF XD FDxD RUDQ QHFD$DULRV FQLQRV
\XQWD \ RDEDO/R R PX/D < HQ FXDQWR D /D - - RW呸QFLRVD YLV
IHUUHDV GH / R FDtHYHUD/ HV 呸 FRQWDGDª YHFHV WXYLHURQ / RFRUURWRUDV D
Y DRU &RQ P呸\ RU IU HF XHQH/D W U ¢ E GH I呸U U RF U O @ HV G H 呸DQUH HV
GHFLU M
OGRR U EXH\HH $-8Ë HQ HO WUDQQRUWH HO ~QLFR RWUR RLPELR
FLJQLILF
OWLYR GGDPD G] ORR ULHOHV IX KDEHU LQWURGXFLGR OD RLUUHWD HX
HQ GLULJLU OR WUVEDMR FRQ WRGD IpFLOLGD / D (GDG 0RGHUQD LQGXV
WULO H KDFtD UHFHQWH DOOt HQ HO ,QEHQLR \ HQ OD HVWUHFKD FLQWD GH DFD
UR TXD DWUDYHHDED ORR FXOWtYRV ,HUF QR DTXt / RV DUDGRV )RZOHU \ +T
ZDUG QR FRQRFtLQ WRGDYt HO [LWR TXH WXYLHURQ GH呸XpV \ VyOR KDEtDQ LGR
F RP呸 YDGR呸 RU F L QF R GH O D呸 呸呸QW DF L RQH呸 F R呸W Hx 呸3 1R HU D 呸XO DPF QW H GHV
FRQILDQ]D UD]RQDEOH IUHQWH LQQRYDFLyQ QL REUH]D LH HDUHWDOH5 (UR
WDPEDpQ HO UHX/W
OGR GH XQ FRQGLFLRQDPLHQWR HFROyJLFR < D -8H HUFV DU
GR
D YRU RGtVQ F]UPi呸 HFRQyPLFR呸 HQ &RVWD &HQWU GRQGH OD ERU
GHO XV/R HUX PD FRQWLQXD XHHWF TXH OD FDQD GUD !UHV FRUWHV UULP呸
U 呸 呸RF D U H呸RF D U 呸U R QR HQ HO 1RU W H 呸RQGXO DV F Dx DV GXU *EDQ 呸 Y DF DV
DxR©
&;;9
UUHRQG DQ D DH DQWDUt RUH R KDR DQ VXIU t R XQD UDGXFFtyQ D UL LH OD
t t
0HQ] !QR VXRGH WRPDUVH QRU WLQR FRPR QHUWHQHFLVQWF D H
呸H "R HQ DO TXH ODU WUQVDFLRQHV G* FXP7UDYGQW \ GR GQGXF
FLQ Y呸WXYLHURQ DOJ~Q WLDPQR QDUD/ LDDGDV QXHH DVWH YDORU YHQtD
GH XQD URFD DQWRUtRU GH OD FXH/ IXH SDFWDGR \ OL LXH UHUWH
p
QHFL呸 (Q GLFKR DWR 呸H PRGLILFy呸呸 OJXQRV IXQGRV HO 呸UHFLR
GD O D PRU F 呸G F RQGXF W L Y 呸 KF L pQGY 呸呸 HQ pO XQ F DV W L R X U F GXF
F L pQ L XG W ] F RQ PRW L Y R GH O D F HQDF L Q 呸Q V XV W U 呸EDM R呸 G呸 O RV
\D UUQXL4RV
(HWD FLUHXQ呸W呸QFLD KDEL IDYRUHFL42 D ORVDUUHQGDWDULRV D OR ODB
JR / D]R HFULWXUFR ODUJ呸 TXtDQHV HQ ILQ YH] GH 7JDU PV !呸
EDQ PHQR TXH 呸Q (O DO]D DIHFW UULQFLD/ PHQWH M ORV UUHQGLPLRQ呸
y
W R呸 F RU W R呸 < F RP呸呸RPHW t R QR FO R D O D呸 JU DQGH 呸DF L HQG V 呸L QF W D P EL Q D
U 7!HTBXDx UR
U!LHGDGD DQFOX\HQGR OG呸 KXHUWVY 6L FRQ OD ULVPM QUX
GHQFLD GH 0HQGR]呸 UHE呸MDPR O FLUUD GH (OJXHUD HO DXPHQWR K呸EULD
HL
GR GH DUD / D U££D\RUHOHYDFLQ GHEH KDEHUVH UURFLXFLGR
GHā呸Xp GH FRPH 呸XJLULHURQ &RQHOOR \ UHWULFRQL
; 9 ,,/ D,UTDFL XHB / D H[MDQVLyQ GH /R] FX@
WLYRV U[SRUWDGR]HV \
/RD RFLRD y
ODV QXHYDV FRQH[LRQHV FRQ H/ PHUFDGR PXQGLDO
QR VyOR SURGXMHURQ FDPELRV GH HVWUXFWXUD HQ B HFRQRPID SHUXD
QD - XQWR FRQ RWUDV FDXVDV iHFHUUULU!DURQ WPELpQ XQ HIHFWR FR
\XUUWXUR/ /QPHG/ FWR VREUH /FV SUHFLRV RDDLRODQGR XQD LQIODFLyQ
TXH 3OH Q]y VX PI[呸 QR D I QHV GH - HV H RV * /R -2&2 TXH
t
VDEHPRV DO UHVSHFWH QRV YLHQH GH /D (QFXHVWD 3DUUR \D FLWDGD
D SURSRVLWR GU VDODULHV 8! FRPHQ
FDPFV U呸 FHVJUDFLD QR
WRGRV ORV LQIRULOLDQWHV UHVSRQGLHURQ H -RV RQFH FXHVWLRQDULRV
RILFLFOHV FRQ LJXDO YDUD呸LGDG TOJXQRV IXHURQ UHW呸呸H呸呸HV RFXO
WDURQ OD tQIFUPDF yUU SUHVHUUWUXR呸 GH XQ QRGR FRQUXVR +D\
t
SXHV XQ DU!FKR UQ(-UJHQ GH FWXGD W QWR FFHUF呸 HH ODV FLUV TXH
FRQVLJQDURQ FRPR HQ OR TXH VH UHWtHFH D Op H[SttFDF RQHV TXH t
GHV GH HVQ GUUW D QHPRU V E/V HQ T F O D FRQV R O /GDF tyQ GHU U DQy
V QW RV \ W DQ I XHU W HV FDSt DDO HV Y L HQH D PL HQW HQGHU O D
GL I L F L O V L W X F L yQ HF RQyPL F D TXH QRV O O HY D SU HRF XSDGRV H
O O D W U DM R HO O 8- R GHV SHU W y 呸 H/ EL F L yQ \ HO GHV HR GH
DGTXL U L U Y t R
O RU U W DQRU U W H FU HiQGRDH GRV GH O XHJR QXF KL V L
6 H&HV L GDGHV TXH KR\ VyO R HV W iQ DO
O F DU F H GH O DV
SHU V RQDV DF RPRGDG V 'L HQW U DV HO L QI HO L ] V XI U R (8V I DW 呸
O HV F RQDHF XHQRL DH āā
NHQW R GR O RV F HQW U RV GH SREO DF L yQ \ GHO FRQV 8, O R PHGL R SRU KDEL
W DQW H 'L V %L QXF L Q GH O D SU RGXF F L yQ GH DO JXQRV Y L Y HU HV 呸D
\ RU āF RV W R GH O D SU RGXF F L yQ
(Q JHQHU DO SRGHPRV 呸HF L U TXH HO PyW RGR XV DGR SRU TXL H
QHV HQW RQFHV HV W XGL DEDQ O D L QI O DF L yQ QR V yO R I XH GHV F U L SW L Y R VL
QR W O O EL Q L QV XI L F L HQW HPHQW H GHV F U L SW L Y R SXHV TXH HQXQF L DEDQ
O DV F DXV DV SU REDEO HV SHU R QR PRV W U DEDQ V X DU W L F XO DF L yQ L QW HU QD
呸XER HQ HV D DEV W HQFL yQ DO JR PiV TXH XQD GHI L F L HQF L D W HyU L F D R
L QV W U XQHQW DO 7R UL W R D DQXHO 3DU GR FRQR D V XV L QI RU PDQW HV QR O HV
L W HU HV DED SRU TXH QR O HV FRQY DQI D SRQHU HQ HY L GHQFM BD W RGR HO
SU RF HV R I RU QDW L Y R GH O D /QI
/ DFMyQ 3XHV GH HV H H[ DQQ SRGt DQ GH
U L Y DU V H U HV LRQDEL O L G DGHV SRO t W L F DV \ V RF L DO HV FRQW U DU L DV D O RH
RU XSRV GH O RV TXH HU DQ SDU W H 3RU HV R W RGRV FRL QF L Gt DQ HQ FDO L
I L F DU HO O ] D GH O RV SU HF L RV FR2 XQ KHF KR QRU XDO L QHY L W DEO H \
KDV W D SRV L W L Y R HQ W pU U L QRV JHQHU DO HV /DPHQW DEDQ O RV V XI U L XL HQ
W RV GHO SXHEO R SHU R VyO R DF RQV HM DEDQ - HURV DSDO L DW L Y RV O L EU H
/QSR] QDF /yQ GH DO L PHQW RV < SHQV DEDQ TXH HU D QHJDW L Y D FXDO
TXL HU L QW HU Y HQF L yQ GHO (V W DGR
/ D FL HQF L D HF RQyPL F D FR 2 O D PpGL F D QRV HQV Hx D
TXH I U HF XHQW HRHQW H HO F XU V R O U
U H GH O DV I
L HU V DV QDW X
U DO HV U HV W DEO HF H O D DU PHQL D TXH K SRGL GR V HU W XU EDGD
SRU āGHV U GHQHV SDV DM HU RV \ DF RQV HM D O L Z L W DU V H D U HRy
Y HU O RV REV W ¢F XO RV TXH SXGL HU DQ RSRQHU V H D O D PDU F KD
QDW XU DO GH O RV DF RQW HF L QL HQW RV R D V HF XQGD
O D F RQ SU X
GHQF L D $V L L QSRW HQW HV W RGRV SDU D V XV SHQGHU R GL V /O L QX
L U O RV HI HF W RV GH D呸XHO O RV KHF KRV FRQV XPDGRV TXH KDQ
PRGL I L F DGR O D RDU F KD HF RQyPL F D GHO SDL V O D V DQD SRO t
W L F D DF RQV HM D QR SHU W XU EDU HO F XU V R U HJXO DU GHO PRY t
PL HQW R 4XH DF W XD - ZHQW H V R RSHU D U V H PRY L PL HQW R HV
L QGL V F XW L EO HPHQā*H - H SU RJU HV R \ HV QHF HV DU L R V RSRU W DU
V XV L QF RQY HQL HU L W HV GH SDV DM HU RV VL VH TXL HU H GL V I U XW DU
GH V XV Y HQW DM DV HI L QL W L Y DV &U HHLRV L QF O XV R DM HQR
GH O D L QW HU Y HQF L yQ GHO *REL HU QR \ I XHU D HQW HU DPHQW H GH
VX DO F DQF H HO ] U DQ FRV W R TXH SDU D O D DO L PHQW DF L yQ GH
/L PD W L HQH O DV XW L O L GDGHV U HSXW DGDV SRU O RV GL Y HU V RV
F[]YLLL
I
/DF /yQ GH SDU D O XHJR H[ DQU L QDU DO JXQRV V HF W RU HV SDU
W L F XO DU HV JDQDGHU L D FRPEXV W L EO HV KDU L QDV DQW HV GH O D GL V F X
V L yQ I L QDO
/D F U L V L V GH I RU 呸DED SDU W H GH XQ O DU JR SU RF HV R L Q
I O DF L RQL V W D L QL F L DGR HQ \ TXH W XY R XQD DF HO HU DF L yQ D 3
W L U GH 6XV HI HF W RV VH GHM DU RQ V HQW L U HQ W RGD O D GpF DGF
GH FRPSO L F iQGRV H FRQ HO GHV DV W U H I L V F DO \ EDQF DU L R GH HV RV
~O W L PRV Dx RV 3HU R GHQW U R GH HV DV I HF KDV TXH FXEU HQ TXL QF H R Y 呸L Q
W H Dx RV G H KL V W RU L D HF RQyPL F D SH UXDQH VH SU RGXM HU RQ W DPEL pQ RW L U FH
PRY L PL HQW RV L QI O DF L RQL V W DV U HO DW L Y U XQHQW H L QGHSHQGL HQW HV HQ V XV R
U L JHQHV (V W RV QR SXHGHQ VHU Y L V W RV QL F RPR SU RO RQJDF L RQHV GHO
SU RF HV R TXH HV W XGL DPRV QL W DQ SRF R HQ W RGRV O RV FDV RV FRPR V XV
FDXV DV R DJU DY DQW HV 1RV U HI HU L UDRV D FXDW U R KHF KRV GL I HU RQW HV O
3U L U DHU R O D L QI O DF L yQ JHQHU DO TXH GHV H H O RV Dx RV DI O L JL y DO
3HU ~ SRU FDXV D GHO SHV R I HEO H ERO L Y 呸HQR )XH /O HM HXSO R FO iV L F R
GH GHY DO XDF L yQ PRQHW DU L D TXH GHV S呸pV GH HO HY y SRU VL V RO D
O RV SU HF L RV HQ XQ / HQEF N H JO 呸O ] D TXH RF DV L RQ O D
*XHU U D FRQ ( SR x D VREU H W RGR HQ O RV DU W L F XO DV VXM 呸W RV DO
W U DQV SRU W H QDU L W L RR (V W D DO ] D GL R PD\R呸 L RSXO V R 呸 O D L QI O DF L yQ
\D HQ GHV DU U RO O R (O FRO DSV R HF RQyPL F R GH H U DQGHV U HJL RQHV G H
O D V L HU U D HQW U H FRPR FRQV HF XHQF L D GH O DV HSL GHL O O L DV 呸
UR
Y RF y XQD L QI O DF L yQ XU
EDQDI&X] F R $ \ DF W F KR UXp QXF R TXH HV W X
Y R DV RF L DGD FRQ XQD FDU HQF L D D Y HF HV DEV RO XW D HQ HO VHF W RU U XU DO
- L
W F XQD FU L V L V GH O D SU RGXF F L yQ F DPSHV L QD /D FDU HV W L D TXH H呸
HO VXU SHU XDQR GHF DW DU RQ O DV L QXQGDF L RQHV V HTXt DV \ VXEO HY DF L R
QHV GH /D F XHU U D F RQ &J3Dx D \ HO SHV R IREO H F RQ V XV U FF
SHF W L Y RV FL F O RV HV W XY L HU RQ Y L 呸F XO DGRV D O D L QI O DF L yQ TXH HV W XGL
PRV 3HU R O R TXH RF XU U L y HQ O D VL HU U D QR DI HF W y H O H F RV W D (XER
W DPEL pQ DTXL SRU O RV PL V PRV Dx RV HQI F U XHGDGHV \ FD呸EL RV FO L ZiW L
FRV SHU R F RQ V XV SU RSL DV GHU L Y F F L RQHV U HJL RQDO HV
F[UL[
O?
UR R R
&?- O?
O? O?
L L &?- UR &?- M FR M R
R R R R
FR R
UOUO
M
O?
FR
UR UO UO UO &?- &?-
UO
&?- &?- ?2 O? &?- UO U
, U
, M &?- ?2 &?-
UO UO
! UO
? ? ,,
,
,,
,O
,
FRFR O
] UOUO 2O
R
H
呸
MM
R
£
£
O
,O
, -
FR FR O
X UOUO UR ?2
-
V
8- UO 4
呸
- - DO
4 UO - UO
呸 Ż
R V R FR UR UR - UR £ UR FR DO 2O DO
- Y DO 2O
W ā
X āU R R £ W
M HR E HR HR E - £ W~ V R
āUO R R R V V R ! 呸L
呸
Oā, 4 4 4 4 4 4
V
4
V V
4 4
R £ £ £ āUO V L āUO L V V L M £
B
R HR £ U O R UR O 2O DO UR Y DO 2O DO
£
D
O
£ FR ! HR
L O 呸 2
+
+
+
+
+
+
+
+ 2O
I- 呸
&, R W
R 呸
£
t
2 呸
呸 U
(
X
R WO
UR
%
M
V £
呸 呸 呸 呸 R
4
R UR V £ £
M
2O UR UQ
呸 R ! 呸 R &
4
+
+ 呸 3 呸
ÂUL
S O 呸 £ V
! 4 V 呸 呸 M
B
Y
L
- UO UO O
R
ā
£ £ 4 £ £ 呸 UR UR UR
R V V R R £
e O UO
2 V
4
+
+ S
^
- V UR UR 4 4 U ! V R UO UR
V
M
*-
V
£
āUO & £ £ UR 4 V FR UR S
t
&,
R
4 £ V ā4- L 2O R R V V
呸
呸
4
£
HV W~ £ S S V 呸
R £ £
2 4 4
+ H £ F UO R 4
R 4
O 4 4 -
2 -
X R R R ! - S UR R O R R £ 呸 ?>
S DO S S R
呸
R
£
āUO
- 1
F £ V V Q UR UO UO V āU S
2O - DO
UO UO M
! H
1 2O FR
- R R
呸L
S O £ UR 4 呸 UO UO UO
R R R 2O U U R £ UR 2O 1
R R
- 2-
£ £ R O 4 4 £ V ,V ,V 1 1 āUO āUO
V V V &OO
āUO
£
O £ L L
HR £ 1 1 > 8 *- U £ £ UR 4 &OO 4 Y D- D-
UO
UO
UO
R 4 4 V āUO
V
S UR X X X X R W
2
2
UR 呸
R
R
āU
2
U 呸
6
O
2WO& 3 R
UOUO
UO UO
R
UR 1
+
&
MB O
?
& M &
( 1 āUL āUO UH R
2 &
26UR&-
O VL
6 6 ( &
UR
+
++UR- 2+
+ UR V HF UR UR BB &~ O O ! L
O F£88 呸8F呸 &X 8 8
2
R UO ?2 £ FR M
?
UO1 U
W O
??2 & UOUOUOUO
F[[[L Y
/ tPD OOHJy D VHU XQD GH ODV 呸LXGDGHV GH QiV DOWR FRQVX
PR SHUFiSLWD GH FDUQH HQ HOPXQGR LQFOXVR SFU HQFLPD GH / RQGUHF
(VWH KHFKR SXHGH VHU H[SOLFDGR SRU XQD HOHYDFLRQ JHQHUD/ GH O RV
LQJUHVR SHUFSLWD R SRU OR PHQRV GHO LQJUHVR UWH ORV VHFWRUH
Pi V SXGLHQWHV 6XSRQH WDPELpQ XQ DSURULVLRQDPLHQWR PHMRU GH DU
QHV FXDOTXLHUD TXH VHD X RULJQ
/ D QX3YD *HPDQGH UHVXOWDQWH GH PD\RUHV LQJUHVRV \ FDP
ELRV GLHWpWLFRV WXYR GHVGH OXHJR XQ JUDQ LUSFā呸X M QI/DFLRQ V
V t
VREUH ORV SUHFLRV GH - D FDUQH 3HUR KXER DGHPp V ā GHVDUUHJOR GH
OD SURGXFFLQ \ GH WRGD HVWUXFWXUD GH OD FIHUWD / D JDQDGHUtD
DO LJXDO TXH OD DJULFXOWXUD KDEtD HQLGR SDVDQGR SRU FLVLV VXF呸
VLYDV GHVGH HQ DGHODQWH )XHUD LH /DV JXHUUVV FLYLOHV \ ODV
HSLGHPLDV \D DOXGLGDV OD JDQDGHULD VXIULy D SDUWLU GH
GHELGR D OD VHTXtD TXH GLVPLQX\y HQ LD ]FQR FHQWUDO WDQWR /DV O呸
PDV FRVWHxDV FR呸F ORV SDVWRV WOH OD 6LHUUD 3R
TXH GHJHQHUy HU QXHVWUR H/tPD ) PLF/ LOR JDPOGDOB \HUED GHO
3DUp TXH VXVW
WXIDL RVWDFtRQDOUUHQWH OD D/I
H/IV VXE/HURU HU
t
WRQFHV GH SUHFLR / R PLVQR RXUULy FRQ ODV XDFDV R FKDODV GHO
PDt] FXDQGR HOSHXO/HYDU HUQSH]y D VHU LāHHPSOD]DUOR SRU /HV FX/FL
YRV GH H[SRUWDFLyQ ,OMHWUV HO DIUHFKR GFE/DFD VX YD/RU SRUTXH
ORV H[SRUWDGRUHV FK[/HQRV DXPHQWDEDQ GRUFVHPHUUWH V QH]FOD FRQ ā
ORV WULJRV TXH YHQGtDQ DO3HU~ / D
LQLFD FLUFXQVWDQFLR IHYRUTEOH
SDUD OD JDQDGHUtD GH FRQVXPR IXH TXH FDGD YH] FRPSDUWLy PHQRV B
VXV SDVWRV FRQ ORV DUULHURV JUDGXD,WQDQWD LHHPSOD]DGRD HQ DOJXQRV
OXJDUHV SRU ORV IHUURFDUULOHV \ HO FHERW5MH
+D\ TXH PHQFLRQDU DGHPi V FHUQR
DFRU LQIODFLRQLVWD DO āā
VLVWHPD GH FRPHUFDOL]DFLyQ GH F$UQHV $ XQ PD\RU FRQVXPR VH 3X
ELHUD SRGLGR UHVSRQGHU FRQ XQD PD\RU LPSRUWDFLyQ GH FDUQHV TXH
GHWXYLHUD ORV SUHFLRV DO FRPSHQVDU ODV OLPLWDFLRQHV ORFDOHV 呸R
VDEHPRV VL RFXUULy DXQTXH \D HQ VH SUHYHLD TXH HVD LPSRUWD
FLyQ GHEtD OOHJFDU HQ OHV V JX HQWHV DxRV KDVWD ODV FDEH
t t
]DV SRU DILR 3RU RWUD SDUWH QR GHEHPRV FRQIXQGLU ORV SUHFLRV GH
FDPDO FRQ OHV SUHFLRV GH OD U/ D]D (QWUH DPERV H[ VWID XQD EUH
t
0DW DGHU R SHU R GHF Ë TXH PXF KR PD\ RU HU D HO DO ] D GH O D FDU QH DO
PHQXGHR HQ HO PHU F DGR < JHQHU DO L ] DED HV W D REV HU Y DF L yQ SDU D O RV
GHPiV DU W t F XO RV UWO L PHQW L F L RV
/ D FDU QH V H HQF XHQW U D D EXHQRV SU HF L RV HQ
HO FDPDO \ HQ O D SO D] D V XPDPHQW H FDU D SRU TXH O RV
SO DF HU DV O D FRPSU DQ SRU SHV R GHO FXDO KDF HQ VX
SDJR HQ DU U REDV V tQ TXH QL QJXQD SDJXH O L EU DV
O DV \ XF DV \ FDPRW HV HV W DEDQ FDU RV SRU TXH W RGRV HV
W DQ GHV DO HQW DGRV SDU D V H ƑEU DU HV RV I U XW RV TXH V H
FXO W L Y DQ V yO R SHU D O D XW L O L GDG GHO GHV RU GHQDGR
SO DF HU R TXH HQ O D FRV HF KD V H SU HV HQW D SRU D FRP
SO DU O R L UUSRQL HQGR H / GXHx R HO QU HF R \ V L Q QL QJX
t
L QI O DF L yQ U HI HO M D
ā
/RV &RPEXV W L EO HV (Q O DV FDU QHV KHUL DV F RPSU REDGR TXH O D L QI O RB B
FL Q HV W XY R U HI HU L GD DO DXPHQW R GH O D GHW DQGV HO GHV DM XV W H GH
O D RI HU W D O D HV SHF XO H F L yQ FRPHU F L DO \ O 5 L JXDO DF L yQ FRQ HO QL
Y HO \ O D W HQGHQF L D JHQHU DO GH O RV SU HF L RV /D L QI O DF L yQ QR DO W 呸
U O D HV W U XF W XU D QL O RV Y RO ~PHQHV GH O D SU RGXF F L BQ 7DPSRF R 2&
V L RQ QXHY DV PRGDO L GDGHV GH GL V W U L EXF O Q \ FRPHU F L R /RV F RPEX呸
W L EO HV QRV SU HV HQW DQ XQD V L W XDF L yQ GL I HU HQW H 1R KXER DTXt HQ
SU L PHU W pU PL QR XQD DO ] D FRQW L QXD V L QR XQD RV F L O DF L yQ GH SU HF L RV
(O SU RF HV R SXHGH V HU GHI L QL GR FRPR XQD PD\ RU GHPDQGD TXH HV W L P呸
XQ DXPHQW R \ GL Y HU V L I L F DF L yQ GH SU RGXF W R \ TXH HV W XY R DO IL
QD/ U HO DF L RQDGD F RQ O D DSDUWFtRQ GH XQ DU U HJO R RO L JRSyO L F R $O
KDEO XU GH FRPEXV W L EO HV QRV U HI HU L PRV D O RV FDU ERQHV GH SDO R \
SL HGU D TXH FXEU L HU RQ O DV QHF HV L GDGHV SHU XDQDV KDV W D PX\ DY DQ] D
GR HO V L JO R ;; < O DV FRF L QDV GRPpV W L F DV O RV VL JXL HU RQ XV DQGR
KDV W D SRU O R PHQRV
+DF L D V yO R W HQt D L PSRU W DQF L HF RQyPL F D O D O Hx D
\ HO F DU EQ GH SDO R R Y H H HW DO / L V H[SO RW DF L RQHV GH F DU EyQ GH
SL HGU D
R PL QHU DO HU L Q L QV L JQL I L F DQW HV W QW HV GH O D &L V W D
&HQW U DO SHU XDQD \ HQ SDU W L F XO DU O RV Y DO O HV GH &KDQF D\ /L PD <
&Dx HW H V H HEDV W HF t DQ FRQ HO FHU EQ W U Dt GR GHV GH O RV SXHU W RV GH
&KL PERW H 6DQW D \ U呸DO DEU L JR (QW U H HO DXPHQW R GH O D GH
F[XYLLL
+DU L QDV %L I HU HQW H I XH HQ DSDU L HQF L D HO FDV R GH O DV KDU L QDV
&DV L W RGRV O RV W HV W L PRQL RV FRL QF L GHQ HQ H[ F HSW XDU O D GH O D L QI O D
FL Q M XQW R FRQ HO W U L JR \ HO SHQ 8QD O HF W XU D PiV DW HQW D GH O DV
GHF O DU DF L RQHV GH 3I HL I HU 8U L ] DU \ $\ TO D L QI RU PDQW HV GH O D (Q ā
FXHV W D 3DU GR PDW L ] DU t D HV D FRQF O XV L yQ $F HSW DPRV SU RY L V L RQDO PHQ
W H O DV HV W DGt V W L F DV W DO F RPR QRV KDQ V L GR SU HV HQW DGDV
PRV HQ HO PHU FDGR XU EDQR \ HO FRU L V XQR U XU DO \ SRU FRQV L JXL HQW H
O D FU HV W t H GH V XV SU HF L RV (Q XQ FL U F XO R Y L F L RV R GH HI HF W RV
UXO W L SO L F HGRV \ FL U F XO U HV 呸 HV F DU H呸 FHU HV W t D 呸H DO L PHQW RV 呸呸
SXM KQU L H DU U L EH呸 W RGRV O RV GHP呸V 呸U HF L RV V REU H O RV XH HY HQ
W XDO PHQW H L PSDF W D XQ FU HF L HQW H GHPDQGO O
(V W RV KHF 呸RV I XHU RQ 呸L HQ FRQD呸L GRV HQ V X W L HPSR 2H O D
SU RSL V (QF XHV W D 3V U GR SRDPRV H[W U DHU 呸O 呸HU RV DV FL W HV SU RERW RU L 呸V
6HO HF F L RQHPRV HO 呸XQV
- ) /HPEF NH
HV W RV GHSDU W VPHUUW RV /D /QGXV WU tD DO RGRQHU D HQ TXH HP
SO HDQ O RV +JU L F XO W RU HV FDV L W RGRV V XV HO H呸HQW RV KD W U DL 呸
GR SRU FRQV HF XHQF L D O D H[W L QF L yQ GH O HV SDV W RV \ FU L DV
XH ªUUWHV FRUUVHUYDEDQ
GH SU HF L RV HV W XY R SU L PDU L DPHQW H HQ O D GHF L V L Q GH REW HQHU XQD PD
\RU U HQW D GH O D W L HU U D U HRU L HQW DQGR V X SU RGXF F L Q KDF L D O RV PHU
FDU RV H[W HU QRV /JQRU DPRV PXF KDV V L W XDF t RQHV U HYtRQH/HV SHU R D
U U L HV JDPRV O O L Sy W HV L V TXH HV W D H[U XO V L yQ GHO SDQ O O HY DU W XY R
GRV I DV HV 8QD SU L PHU D TXH XUy W DQW R FRUQR HO &RW W RQ )DF t QH
HQ TXH VH H呸W 呸QGL HU RQ O RV DO JRGRQDO HV < RW U D GHV GH PHGL DGRV GH
O RV D
RV H L Q O D U Q H[ SDUL V tyQ D] XF DU HU H TXH HQ DO JXQDV 3
Y L QF L D FXEU t D iU HDV \D SU HY L DUU HQW H &- QF£XL V W DGDV SRU HO DO JRGyQ
8Q L QY HV W L JDF L
LQ HQ PDU F KD L QV L QXD TXH O D I DV H DO JRGRQHU D I XH
iV QHJDW L Y D SDU DO RV XO W L Y RV DO L PHQW L F L RV TXH O RV SU RSL RV FDx D
Y HU DO HV 3DU D V HPEU DU DO 呸RGyQ QR HU D QL QXQF D òD V L GR QHF HV DU L R
HU HO 3HU ~ FRQW DU FRQ JU DQGHV H[ W HQV L RQHV GH W HU U HQR QL L QY HU V L '
QHV PX\ FXD RDDV /D EU HY HGDG GHO FL F O R Y HJHW W L Y D PX\ L QI H
U L RU DO G
ā D Fx D JDU DQW L ] DEU XQD iSL GD U HF XSHU DF L yQ GHO F DSL
W D \ I DF L O L W DED HO FDPEL R GHO F XO W L Y R /RV SU HFt RV PXQGL DO HV GHO
DO JRGyQ GXU DQW H O RV DRV GH FU L V L V I
XHU
RQ SRU ~O W L PR FRPSDU D
W L Y DPHQW H PiV DO W DV RXH O RV GHO D] ~F DU &XDO TXL HU SHTXHI R R PH
GL DQR DJU L F XO W RU SRGt D FRQY HU W L U V H GH O 3 QRF KH D O D PDx DQD HQ XQ
DO JRGRQHU R 'HQW U R GH O D DJU L F XO W XU D GH H[SRU W DF L yQ HO DO JRGyQ
FRQV W L W Xt D O D O t QHD GH PHU RU U HV L V W HQF L 'H DKt TXH SHTXHx DV
XQL GDGHV D呸U t F RO DV XH QR SRGt DQ DV SL U DU DO W t W XO R GH SO DQW DF L R
QHV D] XF DU HU DV SXG t HU DQ HQ FDPEL R GHGL F DU V H DO DO JRGyQ \ DEDQG呸
QDU HO PDt ] O DV \XF DV R O HJXPEU HV /DV SO DQW RF L RQHV D] XF DU HU DV
YL QL HU R D F- PSO HW DU \ DSU RY HF KL U RQ HV W H L HV DU U RO O R /D FRQY HU
JHQF L D GH HV W DV GRV DJU L F XO W XU DV GH H[ SRU W HF yQ V REU H O HF RQRU FI D
t
SHU XDQD \ HQ SDU W L F XO DU V REU H V X JHJL yQ FRV W Hx D W U V W RU QDU RQ W 呸
GHV O DV U HJO DV \ SU HY M V L RQHV HV W DEO HF L GDV /RV SU HF L RV QR KL F L H
U RQ V L QR U HJL V W U DU FRQ PD\ RU V HQV L EL O L GDG HV W D FU L V L V UQI V SU R
I BQGD
GHO SU REO HPD 6X HV W XGL R GHF t D '- U L U JR $L PHQDU QR V HU t D F RB
SO HW R V L D O DV L QY HV W L JDF L RQHV HF RQPL F DV QR SU HV W DV HQ V X L PSRU W
W DQW H FRRSHU DF L yQ O DV O XF HV GH 呸 I L V L RO RJ D \ GD KL JL HQH
ā
( VWH IXH HORWtY R GH VXV / QYHV W JDFtFFHV ODV SULZ£UDV HQ HO3H
t
W H QL Y HO GH LQI
RU UD F tyQ O
L EO L RS U iI L F D TXH W HQ~ HQW RQF HV O DV
FL HQF L DV PpGL F DV HQ HO 3HU ~ /D V X\ D QR I XH V L Q H DU J L PH GL
VHU W RF L yQ HU XGL W D 7RGRV O RV DXW RU HV TXH FO W / \RQ " O D\ I DL U
1RHEHRJ 0HU V PDQ (GZDU G 6
L W K *DV SDU L Q /HKPDQ +HQU \ &W L HY D
O L HU %RF NHU HW F
O H V HU Y t DQ SHU W L QHPHQW H SDU D V X H[ DPHQ F RQ
FU HW R GHO FDV R U HU XD L R
6HJ~Q $O PHQ3U D O RV GpI L F L W DO L PHQW L F L RV HU DQ GHEL GRV HQ
HO 3HU ~ R GRV I DF W RU HV 8QRV - H FDUiFWHU HF RQyPL F RV \ O RV RW U RV
U HO DF L RQDGRV FRQ FL HU W DV SU HI HU HQW L DV FO W XU DO HV $O PHQDU 呸 V H
SU HRF XSy SDU W L F XO DU PHQW H GH HV W RV O W L PRV TXL ] iV SDU D GL V L PXO DU
O D JU DY HGDG GH O D FU L V L V HF RQPL F D \ GHM DU DEL HU W D D L O XV L yQ GH
XQD DO W HU QDW L Y D &RQ W RGR QR SDU HF H KDEHU H[ p?JHU DGR DO GHV F U L
EL U FL HU W RV XV RV $O SDU HF HU HQW U H /DV PL V PDV F/DV HU DF RPRGDGDV
SU HU L RPL QDED XQD DO L PHQW DF L yQ QF RQY HQL HQW H (U D U HJO D JHQHU DO
SRU HM HPSO R FXR /DD PXM HU HV < O RV QL x RV FRPL HV HQ PHQRV TXH O RV
KRPEU HV
GXO W RV 6XV U DF L RQHV QR FXEU HQ HO SU HV XSXHV W R L QGL V
SHQV DEO H SDU D U HSDU DU O DV SpU GL GDV GL DU L DV DXH V XI U HQ \ SU RPRY HU
HO FU HF L PL HQW R \ © SHQDV D/F DQ] DQ D O O HQDU O DV F I U DV TXH FRQ呸
t
FDPEL RV QR VO F FRPR PpGL F R V L QR W DPEL pQ FRPR HF RQRPL V W D *U Q
SDU W H GH V X Gt V HU W DF yQ HV W XY R SU HF VDUHUUWH GL L L GR D EXV F DU V XV
t t
M RU FDUULH GH Y DF D < V XJL U L HO HPSO HR GHO F RF KD\ X\ R DO F DV
PDU t QDV 呸(O S~EO L F R I L M
QX\ SRFR V X DW HQF yQ DQ HO O D GHF t D
t
JDU D V HU WLP L QV W U XPHQW R GH GRUQL QDF L Q SRO t W L F D \ TXH HV W DED HQ
O D U Dt ] DH PXF KDV M HU U U TXt HV V RF L U O HV \ I H PHQRV GH FRO RQL ] DF L yQ
\ GHSHQGHQF L D
呸R HV V RO DPHQ呸H HO Y L JRU FRU SRU 5O V L QR O 5 HQHU
Jt D PRU QO TXH VH 呸HV L HQW H GR XQ DO L PHQW DF L yQ HV F DV D
HQ HO HPHQW RV U HSU GRU HV (V VHJXU R TXH O H , QJO DW HU U D
QR U Ht QV U , D W U DQTXL O D U REU H O D /U/UQG VL ¼V W D SXGL HV H
GL V SRQHU GH XU D/t PHU U W R PiV D]R GR TXH O D SDSV QL &
PL O O RQHV GH L QGL RV RW RGHF HU t DQ D XQRV F XDQW RV PL O O DU HV
GH L QJO HV HV V L DTXHO O RV V H $O L PHQW DV HQ FRPR pV W RV (V W D
SL F DQW H \ RSRU W XQD REV HU Y VF yQ G W
U /RQJHW W HQGHU t D 3
t
J R] HED GH XQ R/tPHUUWXFtyQ V XI L F L HQW H /RV GHPiV W HQt DQ HQ VX
呸H\ RU t D U DF L RQHV L QI HU L RU HV H O DV GH XQ SU HV R GH FiU F HO GH
/L P
RU QR V H DSU HFt RUi HQ O RV FXDGU RV V L XL HQW HV TXH U 呸 XPHQ
O RV HO DERU TGRV SRU $O PHQDU D &RPR EDV H SHPRV DGRSW UDGR O D U DF L yQ
GH O RV HV F O DY RV SHU XDQV HQ SDU D FRPSDU DU O D FRQ QXHY H FDW H
JRU t DV H W U DE呸M DGRU HV QDF L RQDO HV \ V L HW H FDW HJRU t DV GH H[ W U HQM H
U RV SDU D HO Qx R (Q O RV GRV SU L PHU RV FXDGU RV L QF O XL PRV W DU R
L pQ O RV PRGHO RV $ % 6 U HFRPHQGDGRV SRU O PHQFU 呸 SRU D RV FRO R
QRV FKL QRV ;
?
6L DF HSW HPRV O DV HVW XRF RQHV GH $/PHQDU H K3V HB HV F R
t t
JL GD HO HV F O " Y R QR KDEU t D V L GR HQ V X W L HPSR GH O DV SHRU HV
L QW HU QDF L RQDO PHQW H %DM D HQ V X SU RY L V L y呸 GH FDU ERQR V yO R RQF L
ZD GHO PDU L QHU R FKL QR \ GHO VRO GDGR I U QF V O D FRPL GD GH HV H
HV F O DY R V XSHU DED HQ D] RH QR HyO R H O HV GRV yO W L PDV FW HJRU t DV
PHQF L RQ呸G$V V L QR W DPEL pQ HO R
U HU R L U O HU GpV \ HO PH
L QHU R I U DQ
FpH &RQ W RGR HV 呸$EH O HM RV GH V HU XQ ySW L PR 3HU R DQ SDRU
TXH O H GHO HF O DY R I XH O D DO L PHQW F L yQ GH O RV W U HEDM DFW R呸V
SHU X呸QRV HQ /RV ~QL F RV I 呸Y RU F F L GRV I XHU RQ O H W U RSD - L O L W U
V RO GDGRV \ PDU L QHU RV \ HO RU H U DU WR GH O RV I
HU U RF DU U t / HH GH ? U W
TXL SH /RV RW U RV FRPt D PHQRV TXH HO HV F/DY R $V t O R FRPSU RED
PRV HQ O RV FXDGU RV V L JXL HQW H SU HS呸U DGRV SRU $O PHQDU D
F[OYL
&8$'52 1
12'(/ 26 '( $/ , 0(17$&, 21 3(58
O
7L SR GH 7U DEDM R * V $] RH $XPHQW R R
'L V PL QXF L Q
&8$'52 14
02'(/ 26 '( $/ , 0()
,
$&, 21 3(58
OLU6 $X H QW R R
L SR GH W U DEDM H &DU ERQR 'L V PL QXF L Q
(V F O DY R
7U DEDM DGRU GH I HU U RF DU U L O $U H
TXtSD
0DU L QHU R
`
6RO GDGR 3L F KL QF KD
&KL QRV $
, QGL R FRU U HR GH O D 6L HU U D
3U HV R GH O D FiU F HO ā
7U DEDM DGRU GH 0L QDV ā
&KL QRV %
3U HV R GH O D 3HQL W HQF L DU t D
$O XPQR (V F XF O D $U W HV \ 2 I HV
&KL QR /DEU DGRU
&KL QRV & "2
F [O Y L L
&8$'L2 1
02'(/ 26 '( $/ , - ?t (1
O
$&, 21 ^75 $W =(526
*U D0RV $XPHQW R R
7L SR GH W U DEDM R $] RH 呸L V PL QXF L yQ
呸
( VF/DYRV3 HU~
W L & I
呸
2EU HU R , QJO pV
&8$'52 -?
U
2'(/ 26 '( $/ 3 (17$&, 21 (;7 F $1- (526
*U DPRV $XPHQW R H
7L SR GH W U DEDM R &DU EyQ 'L V PL QXF L yQ
O
(V F O DY RV 3HU ~
2EU HU R GH /RPEDU Gt D RI L
2EU HU R , U O DQGpV 呸
VL Q GW GD XQD GL V
O L QXF L yQ QRW XO H HQ O RV JV W RV GH SU RGX呸
FL yQ HQ TXH HU U W U D SRU PXF KR HO V DO DU L R 3XHV V L FRQ
FW V TXH HV HO ££DV W R TXH RF V L RQD XQ & L QR L QF - X\ ( O
O
GR DO L P呸QW RV Y HV W L GRV HQI HU PHGDGHV VV O DU L R L QW HU HV \
DPRU W L ] DF L yQ GHO &%'L W DO DGHO DO
W I
GR VH SXHGH REW HQHU 8(
W U DEDM R TXH SRGHPRV U HSU HV HQW DU FRPR V L HW H $x DGL HQGR HO
JDV W R GH 2 O R FW V PDV HQ PHQHV W U VR U HV F DGR O R TXH KD
U t D XQ J%V W R W RW DO GH FW V V H REW HQGU t W U DEDM R GR
KO H TXH HQ FL I U V U HSU HVHU U W HU HPRV SRU F WRUFH
F/ L[
; ,; 呸/ DV +DFLHQF呸V 'FFDPRV D HO UULUQH HD LWXOR VREUH &XHDWDFQHV GR
0~WRG呸 TXH DāV SODQWDFBRQH Q呸!XDQDV D£
XRDUR]āD
FX\D H[SDQVL
P KHPRV YHQtGR H[DPLQDQGR IRUPDEDQ
SDUWH GHO VMDWHPF GH KDRUiLOV M(VWD- DG Hā DO UHFR SRU /RV H£DQRH iH呸
GH O VLJOR ; 9 , (O PXQG BQ呸 URUXVQR HUB āHG DQWRQRHD VHU GRILQL
GR QRU OD LQWRFFLQ ~QWD &OR XQ /DRR OL- KDFDHQGDV \ GF/ RWBBR OHH FRPX
QtGDGHV LQGLEHQDU \ /RD FI-HUL
$ /8呸呸LRWLU
- FFLRO /RD 呸$
WLRV 呸U H[WUU
'RQWUR 呸 RVH FRMXQYR p ODFHU& D ILW` /D XQ/GDG GFUQLQIL
VR/-
WRGR HQ (-86 YHUVF RQHV ~[āāULPDX LXDQGR QR 呸 J-DUL RWH呸FQ - DOWIQGLR
R O QD\RU UURGXFWFYLI
DG \ 呸HFQRORJL QODWDRL RQHV DVW~D F - RQFQWUD
OD PX\ SRU VQFDPD GR/ QURPRGLR UH /HV XQtGVFHD DJLFROD*
TDQDL
'XUQWX HO SHULRF TXR HVWXFLL£BRV āOF" DF
£BFDQFDV VR - B
SDQGLHURQ DVt HQ OD &RLLHā RRPR HQ O3 VUUD 呸Q RVW] O呸OWBRIL BGFLQ XQ
RDUDG呸- LFDPHQWR VWL
OXODD呸 VHJXQ YWPRV āā D 呸XSURWL
MQ GVU WULR呸WR (Q
D *R WD HVWXYR DVRFLDG IXQGDPHQWDOPRQWH D I6 1RULQWGLRQ DJU呸ROª KD
FLD ORV PRUFDGRV UXXQGtD/HV VRE]H OD \B呸 RRPRR LāVLIWLGR LQ HO RXU GR $
HW
XVDMDU Q OD 6 LHU% -" KLULDD FUUL RXFFDV YHF© L HUD 2XW!HLā HO FFJ
WFRO
G - OD PDQR OR FEUD < R KL呸R D 呸呸VW- IYOGDPDQOUKOOO£
G- ODV FRWQXQLGD!
¢4Xy āSURQRUF?EQ GHO PXyGR ,XUDO S呸UFDQF VR RQFRQWUDOāD ā££MR RO FRQ
WURO GH ODV KDFLQGF
DU
O ILDDORH G*- MJB 7 LL -D IWD GHO &HQVR $JO
SHF/DULR TXH XLVR XMDFXWD 0DUWLQHW
/ QSLGH XQD O38- VWD [!RD / RV
URUFHQDHV TXH KRDRR ypGR SDUL -0 YDOHV H FHW \ 7UXM- OR U
UFRHQ BLQGLFDU ORV 呸t[L H
OU FQVW- QHXWQD ,RUF FVD XQD XSRVLFLQ
)XDUL GD TXH 呸XFKR PRQRV VREHPRV DFHUFD GH OR TXR RFXUUID HQ OD VL UUD
6LQ GXGD TXH HO W GH LQGLRV FRQ WLHUUDV FLWDGR SRU 5LYHUR XDUD ROD
x R U KDOIX GLVULLQXLGR FXD[HUUD D¢
ORV PiV DUGH 3RUR ¢BFX呸QWR"F
3D]D FRPSHQVDU VLTX HUD HQ SDUWH HVWDV / DJXQFV QRV UDOGUHPRV GHO
t
GH ODV KDFLHQGDV (V VDEtGR TXH ORV UDVX/WDGRV GH HVR &HQVH &OLILHUFQ V呸
JLQ TXH RRQVXOWHQ ORV VLHWH YFOXPHQHV GHSD
W~OHQWFV R H/ +HVXPHQ *R
XHUDO H[WUDFWDGR HQ SRU0 $ 3LHQWFV $KRUFF ~QLFXURQWH FLWDUp ORV
YRO~PHQHV GHSDUWDPGQWD/ RV 8QD LQIRUPDFLyQ DPQOLDGD āQXOH HQFRQWUDUVH
HQ QXHVWUR HVWXGLR / DV +DFLHUGDV GH ,
HU~ / LPD GRQ
GH KHPRV FRWFMLGR DPEDV IXHQWHV
呸DU D O RV I L QHV F HQV DO HV \ \呸 HQ GL U HF W D U HI HU DQF 呸D F RQ QXHV W U R
DVXQWR OD SREODFLyQ IXH GLYLGLGD 呸Q WUHV FDWHJRUtDV GLIHUHQWHV $ UR
EODF yQ XUEDQD E UREODFLQ 3XUD/ \ & URFODFL+ RVSRFLD/ / RV FUWX
t
KDVWD HO UXHEOR R FDVHU, GRQGH H[tVQD XQ *RO- HUQFGRU R HQLHX H JREHUQXH
ā
GRU
XHU L GR LQWURGXFLU QLQJXQD 2- UU- F F LXQ 呸/ D /R PDV XQD LQIRU呸DFLQ FRUR
呸O
HPHQWLULD FIQQWXQPRV / X GtV
W/ QFDyQ W XY IXH XVLGD SHUR O PLVPF
W HPUR KHPRV H/DERUDGR XQ FXDtUR GH FFQWURV RREOHGRV VHJ~Q QXPHUR GH
t
FO L
KDEL W DQW HV V HSDU QGRO RV HQ GRV JU XQRV O &HQW U RV GH PV GH KDEL
W DQW HV &HQW U RV L QI HU L RU HV 呸 O RV K呸U L W 呸QW RV 1R V XJHU L PRV TXH
W RGRV O RV TXH L QJU HV DQ HU H L W D V HJXQGD FDW HJRU t D GHE P V HU W HQM GRV SRU
U U DO HV QL TXH VX RF XQDF L yQ H[O XV L Y D KXEL HV * VL GR O D R JU L F XO W XU D (Q XQ
SU y[L PR W U DEDM R VRU D Q HV W DEO HF L GDV O DV U HV QHF W L Y DV V L W XDF L RQDV U HW HQ
GHPRV PDV 'L EQ PRV W U DU RO H[L JXR W DPDx R GHPRJU M I L F R GH O D PD\RU I DU W H GH
GH O RV FHQW U RV SREO DGRV FRQV L GHU D GRV 8U / i呸RV HQ H` &HQV R GH 'H KH
FKR HV W DPRV REO L JDGRV D XQD I XW XU D U F F W L I L RDF L yQ TXH DXPHQW DU i O DV FL I U DV
JO REDO HV GH U REODFi yQ U XU DO \ QRU FRQV L JXL HQW H DO P DPR W L HPQR KDEU p GH
t
GL V PL QXL U HO QRU F HU U W DM H GH O D U RF O DF L yQ V XM HW D HO U pJL PHQ OH KDF t HQG D
7RGDY t D RW U DV REV HU Y DF L RQHV VRU U D O RV SU RF RGL PL HQRRV GH HM HF XF L yQ
G!O &QV R GH (Q O R TXH U HV SHF W D D O DV SREO DF L RQHV U XU DO HV V H GL V
U XV R HO HPQDGU RQ呸PL HQW R L XU DQ H Gt DV HQ Y H] GH XQR V RO R &RPR W D U HD
QU F Y L D O DV DXW RU L GDGHV QRO I W L F FV F RQI HF F L RQDU RQ XQD QyPLQD GH W RGDV O DV
KDF L HQGD呸 (O HPQDGU RQDPL HQW R PL V PR I XH FRQI L DGR O RV SU RSL RV KDF HQGD
GRV \ V yO R FQ FL U F XQW DQF L DV HVQHFL D /RV DF W XDU RQ RW U DV SHU V RQDV 6L Q GX
G TXH HVWDVPPHG tGXH SXHG HQ KDEHU L QI O XL GR HQ O DV FL I U DV I L QDO HV 3HU R
GHV F RQRF HPRV FyPR GQG \ FXiQW R
8QD SU L PHU D VRU U U HV F 2I L F L DO PHQW H HO U RU ~ GH VL PXO DED V HU XQ
SDt V - H DY DQ] DGD XU EDQL ] DF L yQ QXHV V yO R HO GD VXV QREO DGRU HV I XHU RQ
U HJL V W U DGRV FRPR U XU DO HV &
XB GU R , (V W H I Xy XQ HU U RU FDXV DGR XRU XQR
/QH RQY FU U t HQW H GHI L QL F L yQ GH FRQRHRW RD (V I
L F L O L QI HU L U O R VL DQDO L ] DPRV
HO W DPDx R GH O DV XQL GR GHV GH QREO B F L yQ 6RU H HU DQ FDV HU t RV \ KD
FL HQGBV HO 'H O DV U HV W D QW RV TO O H I XHU RQ FDW DO RJF GR V
FRPR XU EDQR 呸 V yO R HO W HQt D V L Q HPEDU R PV GR P O KDEL W R Q HV )呸
FRU U HV SRQGt D D QHTXHx RV FHQW U RV SR
!O DGRV U RU GHEDM R GH O RV PL O KD
EL W QW HV FX\ D U HGXF L GD HV F D O D GHPRJU iI L F D QR XHU PL W t D HO HV W DEO HF L 呸L HQ
W R GH DF L Y L GDGF V QU RQL DPDQW F XU EDQDV (Q U L JRU HO &HQV R GH 呸 GHEH
U t D KDEHU O RV L QF O XL GR HQ GO V HF W RU U XU DO
/DV KDF t HQGDV RF XSDKDUL QR] VX L L ~PHU R HO V H XPOR O XJDU GH
L PQRU W DQF L D HQW U H W RG呸呸 O DV XUUt G L GHV GH U REO D F L Q L QPHG L DW RPHQW D GHD
U Xp GH O RV F DV RU L RV ,
HU R GH DF XDU GR DO &HQV R VR /DPRQW H HO GH O R
U REO D F L yQ U XU DO QHU XDQD Y L Y O D HQ HV W DV KDF L HQGDV &XDGU R , , / L O D Y H]
P呸V QRV DRUQEU DPRV ¢4XHU U L D HF L U HQW RQF HV TXH O D PD\ RU QDU W H GHO FD呸
SHVLQDGR QHUXXQR HUD XQ FDHQHDtQDGR OLEUH " &UHHPRV PDF Ei VQ TXH OD
RQHU DF L Q FHQV DO I XE GHI HF W XRV D (O U HV XPHQ JHQHU DO DXPHQW y HV R SU L PHU
Q~PHU R KDV W D HQ XQ VHx DO D QDR XQ W RW DO GH KDF L HQGDV +HPRV GHāā
W DF W R GR Y 呸U L DV FDXDDV GH RU U RU X RPL V L yQ O +XER GL V W U L W RV SRU FM HPXO R
+XDPEDO SD \ 9L V F KRQJR HQ 呸\DF XF KR GRQGH QR SHQHW U DU RQ O RV HQF DU JD GRV GHO
&DQV R QRU U HV L V W HQF L D GH V SREO DGRU HV QR U HJL V W U DU RQ HO W RW DO GH
KDF L HQGDV 3L V DF &X] F R R 呸L Q QL QJXQD H[ SO L F DF L yQ GHM R U RQ GD FRQV L JB
QDU V XV KDEL W HQW V 1RTXGJX¢ 2呸U 呸V Y HF HV QRPL QDU RQ D O 呸V K呸F L HQGDV
FOOL
FRPR VL I
XHUP FIRULRV \ - FRQDR/GDURQ GRV R PiV KDF HQGDV HQ XQD t
VROD 6RVSHFQDPRV DGRUQp XH D/JXURV FDVHUWRV XELFFGRV DQRUR GR /HV
KDFUHQGDV LXDURQ HPSDGUQDGR% FRQF XLGxGHV LQUOH呸Q&L- QWHV
/ D UHDtGRQFID V /R QDV ËI 7
9 ā RWUQ £¢£UWD XQD XFGWGD LQVXILFLR`B
y
/ RD HUDQ FRQP WDGRD WRGRV OHV RUQ&FQLU呸V EUWFRH S- 呸3 3/ O GLVWULWR呸
GHVGH HO MXH] KVWL /D SROLpMF \ PX
F
HF呸 HXV UGH
O2V ,D 5Hā
S~EOLFOO GHGF XQ 3HUW HU FLQX ODV FLXGDGHV E /
RtyQ (VW UXR]D 2X OD HQ~U- LD \ ~2, /H 呸LHUDF IWH呸 GH L FL O- \
QRU HQWRQFHV X
I
OURPGBBā HO 呸JOR ; 7< FLQH /RV
£
&UX
V TPāSHLUYQ H 呸
PDU *DPRQD/ HV D ORV -¢£FHGDGBR£L FR
Q8 UW FFGLV H 2- 呸U!FPHU-QR SāRE呸
OHPRQWH LQWURGXFLGR HQ /LQD URU HO $VāR HR
QE
FLR - R)呸 LDLFL 6D
OSHU
/ D SULPH[D YH] - O& EVPRV SRGLpR £
*#OVWWL DX W呸 RR IQY +- URU X
UHGLFWRU GH OD 5HYLVD OL(ā LFQ
,LHQDP 呸ā H[U- Lā呸U ā 呸 *LPXRJtD FXU H呸 ? Q t
QXRUUW]D QRPH呸
DāQ呸O B ^ U!呸呸ā D
O' RQ GX H呸 QRQRUV
GR *DQORL6 āā- Ë
W 呸¢UHUR
O8G 呸L-B£U Q ?Q 呸DOāDIW
RGLODV
UUR DOHXQRV RD - RV U/ - WOR FQLHULFDQRV呸 +
SOLUQH2 OD GR
L WRPDQGR R呸 H[WUDtL DUTOJ^ U ?MB- 呸HPWQLFH /
` £ URSLFW
Ut R X2-
/ W?- RU/RGDG ODPU ^`呸L UD
W+L QR GDFL
&D
WQ R FDFL TXH W KUFUH L FR
L XQ 呸VD呸 UDTXHxR QU呸QLR
WLULR GH /DV KLDā
7
6 PV YMR呸DV H呸 S$ LD GD -WQLRU IDXD
GH SDUURTXLD TW LO
OI
X\R \ GPā Z U āāK-呸X呸QW DQ WO GLH呸
WULR PDQHM D V- 呸
UW
LUā呸R) FRPR呸 ERUUHJRV DW \
& *V呸OLD &2IIL- U &D
W
&7 āI
HQ U
OU&F呸UO I &F,'S& VL£
ULYD-
FRUXY H@ HOOH XQOLāH 呸 IL
呸- Q呸 呸B 呸P& QL HV 7,OHV HO
呸呸WURQ G O" QāLUXTXLD
DO L L L
I
/ FS呸U WR
3RE/DFtpU 3RQ/DFLyQ
RW DO £
5- UDO
-
L
3RE/DFtyQ£
£ ,OUEDQD
III= 2O$ 6
F呸V+ O O W
L H V V
L
O
R ,7/
? āH4
B&BB E
M
L -- L
,
BB / / (IL
$'
W
呸- LOO$ < (48)
£
25)72 W
77
呸
248(*8$
3,:$
,8W 呸 $
& 1$
7$5 L3$& L
L
,2
$/ O
-t
ā
W
FO L Y
O
R
WL
I
I
I
I
I
Z I?-
U?
? FQZ9 O
Z?2 FQY
Z OWLJ
LOOP I
呸RRP 12呸W
1PI
L O O I
PRY Z呸 H
P L O O 1呸P L O O 呸1L O O PR呸呸ZZZP 呸 呸呸呸 R
+
+
I
P
呸
P
I
23
I
I
I
I
1呸
I
1I
: R I
- : 2O
I?- ?/
Y - ?2LL
? - : 4& / I? RS
R W-
8O !M
R 呸
呸 2
£ &
Y
I
呸I
212I
呸呸2I
I
1I
呸I
呸I
12 OO W-
R R 呸 呸 D
£
OR WWM
9 I
呸呸呸Z呸P呸I
:L O O 呸::呸:LOO呸呸呸 :
R OM
O6 R
/-
FH
V O
I
FU
U
H
I
3 3 +
H I
I
I
I
I
I
I
23
9 - ,?
Z FU WL UL UH - RRV L U ? - 23 S
- 2O!
?2: O
- - ,& : ?2 & 2呸- / - 9
: RUR
/"
呸
I
1呸 呸 呸I
I
I
I
1I
呸I
I
Y- ? ? 2 &' &' FR9
&;
?-
&!@ : ?2
呸 呸 R
呸 I
IUY W
呸- - 呸呸āUāY
HQ XZ?L' UR
PI
: 1L O O 2呸呸呸 L O O 呸: 呸呸P I
1L O O : , - 2L O O
呸L O O 1呸P 呸I
I
呸L O O 2L O O : : 22P I
21L O O
&
?- ?' ,' ZH Y ? R- O U F
- U呸呸- - 呸2
呸Z
呸H R P呸 RZ R呸呸呸I
Z
Z 呸
&
:
FWY
8QLGDGHV 8QLBDGF 8QLXDGHV
'HSDUWFPHQWR 7RWDO
O?
/82 $ 6
- -
& L6 + >
I3IIL,,$&
$O)4L- ,3$ £
ā\&8&+2 ¸
&$ 7 /
F - $ L,&$ ā
FX] F R
+8$1&$ 9
6/ ,&L
+80I&2
'HVUWDUHQWRG 3R
- O FL Q 3RQO FL N RW DO
8UEWQQ 5XU DO 3 ā/DF L L
ā
3812
" $&呸
$ O 呸
3OG
L& $
呸27呸 O
£
B B B B B B B B B B B B B B B B B B B B B B B B B B BB B B B B B £
Z R
W-
呸呸 呸 ZP 呸呸呸
Z 呸 呸 呸 HW
R呸呸呸Z呸呸P呸U R 呸呸 呸Z呸呸£ U- £
,8O 呸221呸1呸呸U R211呸呸U RP呸 - 呸呸 呸*!
8 ]
R
W-
WO
呸
呸 1 呸呸呸 1: $ W
W
呸
&
1: 呸呸呸1呸9O : 呸W
9O 1ZZP 呸 R R
俵
WO R W
Z P 呸Z2: 9W
呸: 呸U R2呸 1: 11Z W -
X ,: 1呸W
1: 呸1: 呸9O 9O 9O ; 呸 呸29O 呸 R 8
X U RP 9P 1: : 222W
911呸22呸9O 2呸U R £
£
WM
UR OOO
ā呸
W£,
2
Z 2 OOO
2 B
呸 1 呸呸呸 1:呸 呸 呸:
U R W
:1呸呸1呸呸呸呸 PP :1呸2呸 £
WM
OP1 呸219O 呸呸11PZZ219O P ZP OOOR
O 呸8
O 呸I
呸呸呸呸呸/ Q呸呸22呸呸呸W
呸呸呸ā 呸H Q
,9O :呸PZ222Z呸 呸1呸P呸俵22呸 H
呸
Z
1 呸 2
9O B I
- 8£
WDW
呸4 ?: : 8: - 呸 ā-
HQ£
: : 呸XUSR£
£
& ,2L- - £
1XY Z UR X -
-
1 呸呸
£ K! ?2 呸 I £
D 2 : : X B / O * O
WQ - 呸
Y- O9 : 8 & OO 呸呸8 呸 : W
呸 W
呸 / Q 2 [! 8O :
P
R&- W U- R 呸X UH FQYFRR R 呸Z 呸
£呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸呸
WO
M
R $
RFR -
2
W呸 UR FRR PR& 3UZ
呸
O: 1: 8:P呸呸/ X呸- ,2呸11: 呸Y- 呸2
M
R
WU呸FLLPYLZI?- 1W?U9 PUY I?- UO R
&&8£-Y- :82
?-
-
呸2
I
2 WW
£
R R
P呸L
2呸呸£ P呸呸Z21P呸P 呸呸Z呸 4
,
呸L
*L
呸呸1呸1呸11P1 1L
呸
, &29 O - U
:I? ?- B - 9 29 OO'3 9 O/ Y 2? 2
O
ā R !
P呸ZR 呸PPPZRZ呸呸呸1呸P1/
/-
4
呸,(
WM
R
R
I ££R
呸
4-
呸
WW
H
WW-
M
£Q
B-
/ ;
O~PH£
£
3RR 5XU DO 呸IF 7RWO 3R
'HSD FW WUUH /W R +GDV ( Q 6 GYV - LXUX/
$383
$& FM L
p- L
$ / *B¢1F5$ / E
FO[
3RO- 5XU DO (/
RD/ 3RF
'RS呸UWRUFUBWRV - ,
+DFtHQGVD 呸H
+DF FQGDV
t
5XU DO
7
]
-
W
K
V
- - - >
&O?6+ £
U Y U
- 3
&5 ,,
& 呸
/ 呸
呸
+(
48,3$ āR呸
< &/L&I2
&O/ 82 y
&- $呸/
?3& I
&- =&2 O ò
+8O
&$ 9 (/ ,&$ 2
U?HR
&呸
W781LO呸
/ ? / ,(37' - 7āR
E
呸 9 7
4ā
/ W'U
O /G ā
/ 2W(āU2
/ LL I
248)*8$
ā- - ( $
8
- 呸O LD呸
F 呸$
5
L3OL& $ 呸
I
L @, O
呸 呸
W
B£
K
R £
呸
UL 呸O
&
£ 2?
! K 1 1
H 呸 ?2
(
UOUO UOUO O& ? UOUO UOUO UOUOUOUOUOUOUOUO R
O& ?
1
K O
āUO
£
R
S
U āUO
!
R
R
UO
UO
V
( &X
WH
2O &2
W K
6K
R FR
( L4
2 2O &
V
WO ^
UO
DO223
! āUO Ut
āUO
W
+
V B ? -
&
£ !
R ! F F
UO 4W4G2
UO 2O K H UO8
! &' 3 (L 3 >,
£ ( 2O 4O
2 R R FU R FL H
X &2 ( 呸 4- £ *O
K
K WOO !
6 D O
R 8 WOO 2 2O UO O S
R 呸
呸 S &X &
F + U £ D
X X( U£ £
7
! S
2
UOUO UOUOO& ?
1
呸
R
UO
H
£
H
R O
(
£
B B y
O
8@
R
£ &
R B ?-
S I U,
UO
HY £
R
R
S
(
H 3
UO UOUOUO UOUOUOUOUOUOUOUO R UL UOUOUOUOUOUOUO
L
F?- 呸
£
H
R
S R
H
M UO
O
!
R
2 £
( S
8
R
! &-O
RL R
UO8 &
O U
ā0
呸 8@
UO -
R V
£
+ R āU
2 £
R Z R O R
H R
VV V V +!呸
V
! £
8@ &OO 8` &2 &O
O 0 8O
āUO
& ,@ 8` & ,@ & ,@ ( UO
UO R
R S
£
V VV V V V 8@
VVV 8
£
R
S ILO UO UOUOUOUO 2UO UOUOUOUO h
L £ ££U呸>L>LL>L ILO ILO ILO ILO B£
D 4
&-O £ R
4 + 呸 £
!
V2 R
& H
O 2O
R H R 8 H R
R
2 4 M &- + 8 O R
UO £ B£
O 1 2 UO22&- O 3£
H
H &-O R 呸UY & 2 UV V RFH
I UO UO LM S 6&
O: āUO+ 7
8 RS 8 āUO 1 1呸呸
^
+ 1 3UOUO £
W J
8-
h R R , , V R FO
R
呸
UO &4- 2O FX£
4 Ft HR D 6 !
āU!2ā+ā 6 U O &2
& ! &-
# FV V R 8; £ P,
2O
R
MS 8
呸 呸=( - -
WL
E E4) &U + WL 呸
£
WtLyL
8 6 - 3
UO22O232
H££ R 呸
£
S
&-O ! V D
R
22& O2O2O
LV O H S 2
-
ā0 22Ut 2 O
OO
!R
&- 4- 8
LW
2 R L
2
G !L
&-O
4
£
R
D
R
]
UOUOUOUOUOUOUOUOUOUOUOUOUOUOUO2 UO UOUOUOUOUOUO 呸
?-
L
!O
£
UO H
,
8
FU-
1
R &
( -
R
WL@
R
+ &
R
S
V
UO
UR
W8 £
W8
R S
( R
&£
/ L UO呸 UOUOUOUOUOUL UOUOUOUOUO UOUOUOUO UOUOUO UOUOUOUO
8O
! W8
R £
S R
H
UO £
F£
M !
R
R
>W
+
3 呸,
XX - @ £
R UO
U U R
āU F£
M
!
! !
U
! ! UO R W8 @
W8 !
X£
X
R R 11+
&Wt
+&
@
WL@
R
G
F£
M >@
WL@ @
! U & & OO @ 8O &
- H ! D + O 呸!
£ 8
- WO *
I- 呸 R
G W8 UO 8
8
M WL@
>@ * ( ! + R D H V 4 ! 8 UO H
呸
FL
R R !
G
R + UR O UO >@ R WL
£ £ OF
288UO £ ! >@ ! UO
- D R R O
R + U * £I R X
U ! P ORR
H OO & U U 3 R V R WL@ R R 8 !
ā R UO @ WL@ R R R
āUO >@ 8 1 WOO ( 2 2 6 2 V3 V @
G !P6 6 6
!
R
@
!
- W 2
& 4^IO
DO UO D @ R
WL@ 2 £
8O UO
2 + WOO
R W'( MUO>@M OM R
U 呸 2
O
& āā £
G
*!
3 WL@ WL@ WL@
£ £ āUO
+ S LOUR£ £ UO H V£
ILO£
V
V R V
- UO+
O6 6 6
UO ! WL@
3 £RWOO & &
V ++ WL@ WL@
££ 8+ 2UO£ OUO'UO8 UO OO 2 2 UOU UO
D 呸 U U X XR£ ££3 U£!U£
2UOUO8
!呸 £ £U£
M
( U£
! āRā
L
& , 8
@
DO R HR 2
WO 8 O ,2
V
UO D R 1 &, & @ @
1
! OO UO + OO R R @
G H HH UO R + E' 1 UO ££ £
R @ @ 8 SSS
8 B &W- 2
O R G OO
R
] R O + OO WOO 6 ! O + R O
G
* * *
2 &OO 8- R3+2 O 2 LO + 2
8
OO @ D
RUO UO
UO
G £ U
££ R WL@呸 XXX
WL@
OG++
G F- D XUOUO & & OO2 R 8
V
8
R
£
++
82UOUO2
£U£ £ ā0
+ U
O OO R + āUW
& !
8+
R
>@
V R
O V
R!8
( O R
D 呸
UO
D LO 呸 UU R R
8 3 h 8 8 £ + R WOO !
£ O WL@ 8
WL@ H R
3 M
H ( £ OO @ 呸 U R UOUOUO
U D!
S
G R£ UO UOUO R
āUO WL@ @ 4
-
UO UO R H O O O
B D呸呸呸 呸
O 呸
R 3
O + 8O 8O £ 6
O @ UO
! R UO I
& , &^M FR £ V
呸ā呸
(
£
G >@ RāUOāUO @ 8 &- O 8
££
" U呸呸 呸
UR OO F
&O
R
G
R
WL@ R F @ £ R -
UO £
G B@ @
R 呸 R
@
HR
£
R 8
!
2O H
R
DO āUO O O & H
2 (O! R
6
ā H
R UO
K R 2
āUO
V
G X £ R OO UO 3 H R
G V R R£WOO
R WOO & UO 2
8 R E',6 &
O
UO OM WL@ R @ O
G6 22
]
Ò
8 ! UO 8 H 3 6 & - āUOāUO26 ! D O R + 26 22
G
S
8 D 8 2*
!! £ 8
S 8 L
WL@ UR 8
I & RUOLO6
6 & āUO& 2 & UO8O12& +UO U! & £ UO ( O 1 6 UO 8 £
R8 O DM
8 DO £ 8 UR
3 R
8 FR O DM DO
- R M
8 M DO
XLO £ ( £ X
( (
8 DM DO
X U 呸
O 8 8
X] ( 2& OG
O
UO UOUOUOUO UOUOUOUOUOUOUOUOUOUOUO UOUOUOUO UOUOUO ULUOUOUO呸
£
?
FHā
U&
?
8? &?-
O
, UL 0 UO U L LU UI U UO UO UO UO ULI
UO UOG U UO UO ULUO
+ 呸
R āUO £ ,
$呸 £
x呸
ā
L7
LW
呸 ā £
āUO
>,
U
H ā£
R
āt@
R R
& I
U
&-
O
R
R
! O
O L £
- O
R £
R R O 2
V
6 āUO
+ - @
£
HQ
t
6
£
O B
āUO
āUO I V& 8- M 4 R 8 £
R V L R
L
V
O
FR 呸( &26 I & 22222;
āUO &! (6 2 &- ( 6 R L 6 (
O R L ( ( 6 6 (
!I ā
-
£ OI 8 U呸 - & @ 呸呸 V 8 UO & 8 2& ~
2$ RUO O 6 0 U W UO - LāUI 呸 UO Uô t
I6 66 ££ HO 2 ( 6L!UO (
!2 6 6 ( O W!-
&/ UR 8- R 呸 + M
W +
R UOUO R - 呸 L R £ M - UOULUO ?
£Z U £HQ £ £ £ X £ £ Z !
2
V UO O
2, R >, -
D
2 UR UO
R ! ! V UO
U^
R
V
R
V
UR UO
U R
UO O
U
O
呸
V
p
££ 1 D
"
X
2 W
- I
UO I Q ,
(
R O DO F £
H LV VR R &G
! D ā
2
呸 - UOUO L!
FM
2 D D 8- FU
S - O O
F£
M
2
+ V @ '
S DO Y 2 &
R H
- 8!
M
R
>, R
D
I R R O呸 >, h
UO ! O āO !
呸 F 呸 V
U£
£
YO 呸 āUO
R UL
āUO h £ WQF 呸 呸
-
H R F! 呸 R R
呸
] + & LO&
M
D >, 8 R 2 DO £ 2 UO 2 O &G Bp 2 ā ! ,
! R O
,
W W FH L- =
- & ! &~ ,
DO
M
h āUO O
呸
S &1 SU£ I !FR VL H S£ R O
R V L L V V L U + 4 + &2
Y 6 呸 Q M && 4LD &
-
O āUO
&/ !
h
8
-
8 8
DO?
HR HQ P&/
WOO2
y
&
L V
L
; !+ 3; ; 8: L
V
UR L L WL RR L
Q+ UO UO UO U U UO UOUO UOUOUOUOUOUOUOUOUOUOUOUOUOUO HW
UO
UO &-
2+ R
£
4O 1
R H
( R
y
R
£
! &
3 H O&?
& OO UO
UO£
UR
£
& OO
R S
( BJ¢
UO UO UOUO UOUOUOUO UOUOUOUOUOUO UO UO UO U
ā
! UR
2 āUL
S
H
UO āUO
h
£
!
R
( R
2 1
L H
呸 4O
P 呸
! HR
! UL
R PH
££ R呸呸
2
!
2
£!
2-2OG 2O R F
F R
R BB 22+呸2 2 6
R R R R H H ( O R RUOR
! F W PV H V V V
D V H UR H
R
2O G 2OW 2-
! S
2O 2O 2O 2OāULU£
UāUāUU
B 呸UL
UU 66 & 6 UO UL āUL
I
3 H £VHHH !R 6 26
6
t]O 2-2@ £!2@
UO£UO R UO
UOUOUOUOUO22 UO2
呸呸ILOt O呸+ + ,W+ H@ ]t]O W U£
!
H
£!
H
!
V
- R
£ L
! D
O
4O
4
呸
!
R
H
R
]
O UOUO
8 HO
!
R * 1
(
O
1
UO
UOUOUOUOUO UOUO UO UOO UOUO UOUOUO
H呸呸
UO UO UOO O
! 呸
2+
S R
U -
HB呸W 呸 呸,
W(呸B L
āB Bā B B £BB BBB
B
UO WL
R 4L
G !
O
V R
G
`
R R
6 6
?OLy
+6
& 2&
( 6 6 O
R F-
LFO6
UO WL WL
&O &O &O &O &O &O &O
2āL&ā+ā+ I UO UL W ā āI
! H HƑ V £ OH
O
6 ( O ( O
! &OO
8UO2UOUO UO UO UOUO
S£U O £L £
L £[£ L £
£ L
pO £L
R *@
UO
G
R UO 呸 6 O
FWt &O ā+ H UO2 2
G R
M 呸& X W呸FO
8 & ! 8 R OO *- R
L
VX
呸 &M DO
!
8
WL
R
UO
&- 21
&O F-
G
! &
呸 &t
UOUO FD &OO & H
UL ££££ XX
£
XU U
OL
- &O! 4
R UR L
+
G 2 V
V 2 2
R ā+2FO1ā+
+ UO6U!4!呸&
! !8 4
+ā+
- 6t O
- 呸 !2
4 £ 6 8
U &W 呸
&- E4+ L,
( +
&, Ï
&O
R
H
R
āU
£
&O V W[ 2 U--
£ £
L
R
呸
! ! 8 H R
R 2ā+ 2
+
GāQ
8
GUO
H āX UO ! R &
O
ā 2-
R
R &- ā+ UO
H
M & & R呸 R !
+ G
R ! £R呸
-
R H ;
L-
HQ
E& H£ V O
' 3W ! R
UO G
2 £ - UO HQ £ D
G H
呸 -
R
- B
£PR F £ *@ ā+ !& O DO &O R
O
W
R 2 S E
G
2
RS£ U £ R
R
&- UO
G B + - B
£F6 - ! ! O &O H &O R H 4O
DF L
呸 R V R
8 8 R ! HO UO O 呸 呸 ^M & O 8
7
&, +8呸 ( FX U & U U X X S£3 L
UOUOUOUO UOUOUO UO UOUO UOUO UOUOUOUO UL UL UOUOL UOUOUOUO
?-
āUO
呸
1 RW O
UO UO UQ
R UI 2
R ā 呸
O 呸
! U1 &O
&-
R V
^ 呸 FW
UO 呸 āUO UO
( 呸
+
? OO &O
W
! P R
FR !
&O UO
R O &O
&O 4
R
!
UO
R 呸 OOO &2
&O
R
S R
( O ?
-
āUO
UO !
! *-
V
M UO R R! !
UO
! !H UO &O
FL ! &M & O Ht-
D R
O
& H
R S R
! &-
( R
! O
4 £ 4 R S
M
2 R
āUO
U UO ULL UO UO UOUOUO R R
G
! 2 !
'
H£ R &O
RV &O 4
!
R &M
&O 3
2 &- VH
6āUO V O
S
R
āUO
UO £
M UO &O S
V O O
M
O āUO
R
&O !
2
! UOFR V !
( W
V
£ &O
+ 呸 V
L
M F£
M R ? R
UO
( O I? R
4
V L
&-
1
'
呸 £
M
R ££
M &-
2O £
R
X ; R
&O
R
&O UO L
UO £
M L *-
āUO !UO
2
&O 2 UO 6
&" O
UO
2 *- O *- &O
āUO &O 2 O
R 4
2
R ( O &' R R &- 4
6 ID ( O 6 6 6 V V &O (O (O (O
£ L UO
M
' 呸
£ WL
V
R
āUW 3 &O &
>` 8 2 U &4 &O &O &O V āUO UO
! U£
R (O UW I UO 0 0 6 āUO UOāUO āUO &O &O
āUO
R
FR
FR
6 6 6 6 ( O ( O (O ( O 6
呸
2 4
!
呸 £R £
&O D ! 6
S UOUO R
UO UO UO UO UO
U£U £ LF U£
£ £
U££ £
R ! £
R
āR (
R UO
UR R
V R L
UO
! S
£ *- R
M 4 O *- R
&O &O
S£
3 UR
O S 4 £ R V O
V V
V R
( O
O ! &O 2
&O
! HQ
8 UR £
R R H呸 UR *-
āUO O O
V R R
&O &O
!
FH
M 4 M &- O F R
V &- O
!RUO!R
'UO
2
G āUO āUW O! *!
X R
' O āUOāUO
O
V
O UO ! + &O 呸
VR O £ O URO B£ UO
O P O O R
&! 呸 6 26U R OO28- 8 X
4 O- 8 M āUO *-
! O £T UO 呸 G UO呸 G 呸
&?- 4
R V
2
*-
S
O
2 £
&O &O
O
O
I£
£
V &O £
- O
L āUO
6 āUO &O ,& 6 H呸 !
L
RV
3U
2 L R
UO &O
R R R V R
V R O £
M R R O +
&
WO
V
£
R
UO
R
&O
O &O O
Q R V
OM
M
!
VO呸 2 ! !
R O H O
R O R UO &O āUO
R
&-8 *-
R UO
&- &O &
M &O
R R ;
2 R +āUO V
&O R
呸
2 R R
V
O
&-
!
- āUO &O
&O V
V (O!
&O
S
āUO
V BSB U!
G ?8 āUO O UO R £
O!&- 8 UO !
V S 4
(O H 2- 呸2āUW呸 R £
S
R O + ! UO V V O
V &O V
£ V R R
2
&O UO &- āUO R ! H
&O
FR R 3
R R U V B£ *-
O
'
OLO B£ (O £
+66呸F-
G (O
F- VH O UO R
O
4
2
XXS &
UUU £
£T 8 UO
LO
(
UOUOUOUOUOUOUO UOUOUO R 呸
UO 8
?
&?-
;
, 1 ' , & (
$1( ; O6
&XGU RV HV W DGt V W L F RV 呸 呸 FO L L L
W
U
L