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GH IHL[HV FRPXQLFDFLRQDLV GH HQFRQWURV H GH WRPDGDV GH SRVLomR TXH
SUHVVXS}HDEDVHGDOLQJXDJHPQDWXUDOSDUDVHUHDOL]DU'HVLJQDROXJDUGH
IRUPDomRGDVRSLQL}HVHGDVYRQWDGHVSROtWLFDVTXHJDUDQWHDOHJLWLPLGDGH
GRSRGHU
'HVVDIRUPDSRGHVHD¿UPDUTXHSDUDDHVIHUDRXHVSDoRS~EOLFR
FRQYHUJHP RV GHEDWHV DV GLFRWRPLDV DV GLVSXWDV DV GLYHUJrQFLDV H DV
FRQWUDSRVLo}HVD[LROyJLFDV
1DVVRFLHGDGHVFRPSOH[DVDHVIHUDRXHVSDoRS~EOLFRIRUPDXPD
LQVWkQFLDLQWHUPHGLiULDFRPDIXQomRPHGLDGRUDHQWUHDVRFLHGDGHFLYLOH
R(VWDGRHQWUHRVFLGDGmRVHRSRGHUSROtWLFR
/LV]W9LHLUDGHVWDFDTXHQRSHQVDPHQWRKDEHUPDVLDQRDHVIHUDRX
HVSDoRS~EOLFRDWXDFRPR³LQVWkQFLDPHGLDGRUDHQWUHRVLPSXOVRVFRPX
QLFDWLYRVJHUDGRVQDVRFLHGDGHFLYLO QRµPXQGRGDYLGD¶ HDVLQVWkQFLDV
TXHDUWLFXODPLQVWLWXFLRQDOPHQWHDVGHFLV}HVSROtWLFDV SDUODPHQWRFRQ
VHOKRV ´ 9,(,5$S 
'LDQWHGRVGp¿FLWVGHGHPRFUDFLDGDFULVHGHOHJLWLPDomRHGRFHQ
WUDOLVPREXURFUiWLFRDHVIHUDRXHVSDoRS~EOLFRWRUQDVHRFDPLQKRSDUD
DPSOLDUHDSURIXQGDURFDPSRSROtWLFRSDUWLFLSDWLYRHPWRGRVRVHVSDoRV
HVWUXWXUDLVGHLQWHUDomRVRFLDO³UHYDORUL]DQGRRSULPDGRGDFRPXQLGDGH
FRPWRGDVDVVXDVIHLo}HVVROLGiULDVHSHUPLWLQGRXPDOLEHUWDomRGDVRFLH
GDGHFLYLOTXHUGRVFRQWUROHVEXURFUiWLFRVHPSUHHQGLGRVTXHUGRVLPSH
UDWLYRVHFRQ{PLFRVLPSRVWRVSHORPHUFDGR´ 7(1'5,&+S 
1DVHVIHUDVRXHVSDoRVS~EOLFRVHXURSHXVDOHJLWLPDomRGHPRFUi
WLFDVXUJLULDVHJXQGR+DEHUPDV³GRMRJRFRQMXQWRGRVSURFHVVRVLQVWL
WXFLRQDOL]DGRVGHGHOLEHUDomRGHFLVmRHGHIRUPDomRLQIRUPDOGDRSLQLmR
REVISTA

DWUDYpVGRVPHLRVGHFRPXQLFDomRGHPDVVDQDVDUHQDVGDFRPXQLFDomR
S~EOLFD´ +$%(50$6S 
'HVVDIRUPDHVVDVHVIHUDVRXHVSDoRVS~EOLFRVSUHHQFKHULDPXPD
IXQomR LGHDO D VDEHU D WUDQVIRUPDomR GH SUREOHPDV UHOHYDQWHV FRPXQV
HP Q~FOHRV FULVWDOL]DGRUHV GH GLVFXUVRV SHUPLWLQGR TXH RV FLGDGmRV VH
UH¿UDPVLPXOWDQHDPHQWHDRVPHVPRVWHPDVUHOHYDQWHVHVHSRVLFLRQHP
HPUHODomRDWHPDVFRQWURYHUVRVGL]HQGR³VLP´RX³QmR´(VVDVWRPDGDV
GH SRVLomR HP UHODomR D DOWHUQDWLYDV PDLV RX PHQRV EHP LQIRUPDGDV H
IXQGDPHQWDGDVSRGHULDPFULVWDOL]DUVHHPRSLQL}HVLQÀXHQWHVHGHSRVLWD
UHPVHQRORQJRSUD]RHPHQIRTXHVHHOHLo}HVGHPRFUiWLFDV +$%(5
0$6S 
'HVWDUWH RV HVSDoRV S~EOLFRV HXURSHXV SHUPLWLULDP DRV FLGDGmRV
WRPDUHPRSLQLmRVREUHRVPHVPRVDVVXQWRVDRPHVPRWHPSRFULDQGRVH
XPDYHUGDGHLUDRSLQLmRS~EOLFDHXURSHLDQRkPELWRFRPXQLWiULRDTXDO
SURMHWDUVHLDQDVGHFLV}HVOHJLVODWLYDV
1RHQWDQWRHVVDVDUHQDVGHIRUPDomRS~EOLFDGDRSLQLmRHGDYRQ
WDGH Vy H[LVWHP DWXDOPHQWH QR LQWHULRU GRV (VWDGRV QDFLRQDLV ³( QmR
SRGHPRVLPDJLQDURHVSDoRS~EOLFRHXURSHXDVHUFRQVWUXtGRFRPRXPD
SURMHomRDPSOLDGDGHVVHHVSDoRS~EOLFRSRLVHOHVySRGHVXUJLUTXDQGRRV
FtUFXORVGHFRPXQLFDomRGDVDUHQDVQDFLRQDLVLQWDFWDVVHDEULUHPXPDVjV
RXWUDV´ +$%(50$6S 
$H[LJrQFLDIXQFLRQDOGHHVIHUDVS~EOLFDVSROtWLFDVSDUDXPD8QLmR
(XURSHLDHVWUXWXUDGDGHPRFUDWLFDPHQWHDVVRFLDGDDXPFRQWH[WRFRPXQL
FDWLYRFDSD]GHJHUDUXPDVROLGDULHGDGHHQWUHRVFLGDGmRVVySRGHULDVHU
DVVLPFRQFHELGDHPXPDSHUVSHFWLYDWUDQVQDFLRQDO

,VVRSHUPLWLULDH[SOLFDUDRVFLGDGmRVGHWRGDD(XURSDDVTXHV
W}HVTXHVmRGHLQWHUHVVHGHWRGRVSRLVRVPHLRVQDFLRQDLVGH
XPSDtVWrPTXHDVVLPLODUDSHQDVDVXEVWkQFLDGDVFRQWURYpUVLDV
GHÀDJUDGDV HP RXWURV SDtVHVPHPEURV H FRPHQWiODV (QWmR
SRGHUmRVHIRUPDUHPWRGRVRVSDtVHVRSLQL}HVHFRQWUDRSL
QL}HVSDUDOHODVWHQGRFRPRPDWpULDRPHVPRWLSRGHREMHWRV
LQIRUPDo}HVHDUJXPHQWRVVHPOHYDUHPFRQWDROXJDUGHRQGH
SURYrP2IDWRGHTXHDVFRPXQLFDo}HVTXHÀXWXDPSDUDFiH
SDUDOiWHQKDPTXHSDVVDUDWUDYpVGR¿OWURGHWUDGXo}HVUHFt
SURFDV QmR SUHMXGLFD D IXQomR HVVHQFLDO GD IRUPDomR SROtWLFD
GDRSLQLmRHGDYRQWDGHTXHPHVPRXOWUDSDVVDQGRIURQWHLUDV
FRQWLQXDVHQGRFRPXP +$%(50$6S

3RGHVH DVVLP IDODU HP XPD PXOWLSOLFLGDGH GH HVSDoRV S~EOLFRV


TXHLQVWLWXFLRQDOL]DPRVSURFHVVRVGHIRUPDomRGDVRSLQL}HV$VWHFQR
ORJLDVGDFRPXQLFDomR±DLPSUHQVDRUiGLRDWHOHYLVmRDLQWHUQHWHWF±
GLIXQGHPGLIHUHQWHVGLVFXUVRVHPGLYHUVRVFRQWH[WRVHDMXGDPDFULDUXPD
UHGHGLIHUHQFLDGDGHHVSDoRVS~EOLFRVGHIURQWHLUDVSHUPHiYHLV
1HVVHFHQiULR+DEHUPDVSURS}HVHJXQGR%UXQFKDIW S 

DLQWHJUDomRGRFRQFHLWRGHSDWULRWLVPRFRQVWLWXFLRQDOjFXOWXUD
SROtWLFDHXURSHLDWHQGRHPYLVWDRSRGHUDJOXWLQDQWHGD&RQV
WLWXLomR DR LQVSLUDU D DGHVmR GH GLIHUHQWHV LGHQWLGDGHV FXOWX
UDLV2¿OyVRIRFLWDD6XtoDHRV(VWDGRV8QLGRVFRPRYDOLRVRV
H[HPSORV GH VRFLHGDGHV TXH QmR REVWDQWH D KHWHURJHQHLGDGH
FXOWXUDODOFDQoDUDPHOHYDGRQtYHOGHFRHVmRSROtWLFDSRUPHLR
GHXPSURMHWRFRQVWLWXFLRQDOGHPRFUiWLFR

1R FRQWH[WR WUDQVQDFLRQDO D SHUVSHFWLYD KDEHUPDVLDQD PRGHOD R


WLSR GH SDWULRWLVPR IXQGDGR SROLWLFDPHQWH QD &RQVWLWXLomR TXDQGR HV
WHQGHj(XURSDXPVHQWLGRGHLGHQWLGDGHFRQVWLWXFLRQDODJOXWLQDQWHFDSD]
GHWUDQVFHQGHURVOLPLWHVGHFXOWXUDOtQJXDHHWQLDEHPFRPRGHRSRUVH
DRQDFLRQDOLVPR[HQyIRER$IRUPDGHVROLGDULHGDGHUHVWULWDDWpHQWmRDR
FRQWH[WR QDFLRQDO SDVVD D DWLQJLU XPD GLPHQVmR PDLV DPSOD FDSD] GH
DJOXWLQDURVFLGDGmRVGD(XURSDHFRQGX]LUDXPSURFHVVRGHIRUPDomRGH
LGHQWLGDGHDOpPGDVIURQWHLUDVQDFLRQDLV
$VVLQDOD+DEHUPDVTXH³DFLGDGDQLDGHPRFUiWLFDVySRGHVXVWHQWDU
VHHDLQGDDVVLPLUDOpPGHXPDFRQGLomRPHUDPHQWHOHJDOVHYLHUDVH
WUDGX]LUQRVYDORUHVGREHPHVWDUVRFLDOHGRUHFRQKHFLPHQWRP~WXRHQWUH
DVYDULHGDGHVH[LVWHQWHVGHIRUPDVGHYLGD´ +$%(50$6S 
REVISTA

+DEHUPDVGHIHQGHDIRUoDGRGHEDWHVREUHD&RQVWLWXLomR(XURSHLD
DVVLQDODQGR TXH D (XURSD SRU FRQVWLWXLU XPD FRPXQLGDGH SROtWLFD QmR
SRGHVHGLPHQWDUVHQDFRQVFLrQFLDGHVHXVFLGDGmRVDSHQDVFRPRXPDFR
PXQLGDGHDSRLDGDQR KDMDYLVWDTXH³RDFRUGRLQWHUJRYHUQDPHQWDO
GH0DDVWULFKWQmRSRVVXLDIRUoDVLPEyOLFDGHXPDWRGHIXQGDomRSROtWL
FD´ +$%(50$6S 
2 KHUGHLUR GD (VFROD GH )UDQNIXUW FULWLFD R SRVLFLRQDPHQWR GRV
FKDPDGRV HXURFpWLFRV TXH UHMHLWDP XPD &RQVWLWXLomR (XURSHLD FRP R
DUJXPHQWRGHTXHQmRH[LVWHXPGHPRVHXURSHX³2XVHMDRTXHSDUHFH
IDOWDUpRVXMHLWRQHFHVViULRGHXPSURFHVVRFRQVWLWXFLRQDOSRUWDQWRRVLQ
JXODUVXMHLWRGRSRUTXHSRGHULDFRQVWLWXLUVHDVLPHVPRFRPRXPDQDomR
GHFLGDGmRV´ +$%(50$6S 
$VVLQDODRDXWRU

(VWDWHVHGHTXHQmRKiXP   IRLFULWLFDGDSRUPRWLYRVHP
  

StULFRVHFRQFHLWXDLV$QDomRGRVFLGDGmRVGRPXQGRQmRSRGH
VHUFRQIXQGLGDFRPRXPDFRPXQLGDGHGHGHVWLQRSUpSROtWLFD
TXHVHPSUHVHFDUDFWHUL]DDWUDYpVGHXPDSURFHGrQFLDGHXPD
OLQJXDJHP H GH XPD KLVWyULD FRPXP 3RLV FRP LVVR QmR VH
IDULDMXVDRFDUiWHUYROXQWDULVWDGHXPDQDomRGHFLGDGmRVFXMD
LGHQWLGDGHFROHWLYDQmRH[LVWHDQWHVQHPLQGHSHQGHQWHPHQWHGR
SURFHVVR GHPRFUiWLFR GR TXDO VXUJH +$%(50$6  S


$VVLPQHVVHFRQWUDVWHHQWUHDQDomRGHFLGDGmRVHDQDomRIRUPDGD
SRUXPSRYRUHÀHWHVHDJUDQGHFRQTXLVWDGR(VWDGRQDFLRQDOGHPRFUi
WLFRTXHFRQVHJXLXFULDUSRUPHLRGR GDFLGDGDQLDXPDVROLGDULH
GDGHLQWHLUDPHQWHQRYDDEVWUDWDOHJDOPHQWHPHGLDGDHQWUHRVFLGDGmRV
&RPRYLVWRDFRQVWUXomRGDGHPRFUDFLDQRkPELWRGD8QLmR(XUR
SHLDHQIUHQWDXPDTXHVWmRFUXFLDOWUDWDVHGRFKDPDGRGp¿FLWGHPRFUiWL
TXHGHFRUUHVREUHWXGRGRIDWRGHRVFLGDGmRVQmRGLVSRUHPGHPHLRV
HIHWLYRV GH GHEDWHU DV PDWpULDV FRPXQV QmR DSHQDV QD iUHD HFRQ{PLFD
PDVWDPEpPQDVHVIHUDVGDSROtWLFDHGR'LUHLWRHDVVLPLQÀXHQFLDURV
SURFHVVRVGHWRPDGDGHGHFLVmR
3DUDVXSHUDUHVVDTXHVWmR+DEHUPDV  SURS}HDIRUPDomRGH
HVIHUDVRXHVSDoRVS~EOLFRVGHDOFDQFHHXURSHX$SURSRVWDKDEHUPDVLDQD
DSUHVHQWD FRQWXGR DOJXQV SRQWRV FUtWLFRV TXH PHUHFHP VHU DSRQWDGRV
1mRVHSUHWHQGHDFRPSDQKDUDTXLDELEOLRJUD¿DFUtWLFDHPWRGDDVXDDP
SOLWXGH PDV DSHQDV OHYDQWDU DOJXPDV TXHVW}HV DWLQHQWHV jV LPSOLFDo}HV
SUiWLFDVHjVSRVVLELOLGDGHVGHHIHWLYLGDGHGDSURSRVWDKDEHUPDVLDQD
&RPHIHLWRDSULPHLUDTXHVWmRFUtWLFDFRQVLVWHHPVDEHUVHpSRV
VtYHODIRUPDomRGHHVIHUDVRXHVSDoRVS~EOLFRVWUDQVQDFLRQDLVVHJXQGR
RDUUDQMRLGHDOL]DGRSRU+DEHUPDVFRPDFRQVWUXomRGHXPDLGHQWLGDGH
HXURSHLDHDDGRomRGRPXOWLFXOWXUDOLVPRMiTXHDLGHQWLGDGHHDVREHUD
QLDQDFLRQDLVDLQGDUHWrPPXLWDIRUoD1DOLQKDGRV 
WHXP HXURSHXXPDFXOWXUDSROtWLFDFRPXPXPDOtQJXDFRPXP
TXHFRQVLQWDRFRPSDUWLOKDPHQWRGRFKDPDGRPXQGRGDYLGD1RkPELWR
GD8QLmR(XURSHLDHPIXQomRGDVFRQGLo}HVKLVWyULFDVHFXOWXUDLVUHDLV
H[LVWHPGLYHUVLGDGHVSROtWLFDVpWQLFDVHOLQJXtVWLFDV7UDWDVHGHXPDED
EHOGHFHUFDGHYLQWHLGLRPDV(VVHSOXUDOLVPRSDUHFHFRQVWLWXLUXPVpULR
REVWiFXORDFRPSURPHWHUDFULDomRGHHVIHUDVRXHVSDoRVS~EOLFRVFRPDV
GLPHQV}HVGD(XURSD
1DSHUVSHFWLYDGH'tH]3LFDVVRDLGHLDGHFLGDGDQLDHXURSHLDQRV
WUDWDGRV FRQVWLWXWLYRV GD 8QLmR (XURSHLD WHP YDORU SUHGRPLQDQWHPHQWH
VLPEyOLFR 1mR REVWDQWH WDO IDWR D FLGDGDQLD HXURSHLD p XPD FRQGLomR
QHFHVViULD PDV QmR VX¿FLHQWH SDUD R VXUJLPHQWR GH XP SRYR HXURSHX
SURSULDPHQWHGLWR 'Ë(=3,&$662S 
REVISTA

1D YHUGDGH QmR p IiFLO D WDUHID GH FRQVWUXLU XPD FLGDGDQLD FRV
PRSROLWD FDSD] GH VXSHUDU DV LGHQWLGDGHV QDFLRQDLV SDUWLFXODUHV &RPR
H[SRVWR R SUREOHPD SULQFLSDO TXDQGR IDODPRV QD FRQVWUXomR GH XPD
LGHQWLGDGHHXURSHLDHQRSDSHOGDFLGDGDQLDUHVLGHQRIDWRGHTXHRVFLGD
GmRVQmRWLYHUDPSDUWLFLSDomRGHFLVLYDQRSURFHVVRGHLQWHJUDomRHXURSHX
+i XP FRQFHLWR GH FLGDGDQLD GHVHQYROYLGR GH IRUPD LPSRVLWLYD VHP D
PRELOL]DomRHIHWLYDGRVFLGDGmRV$WHFQRFUDFLDHRHOLWLVPRGRLQtFLRGD
LQWHJUDomRHXURSHLDJHUDUDPXPDIUiJLOOHJLWLPLGDGHGHPRFUiWLFDTXHVH
LQWHQVL¿FRXFRPRGHFRUUHUGRWHPSR
$ RXWUD TXHVWmR FRQVLVWH HP VDEHU VH RV LPSXOVRV FRPXQLFDWLYRV
SURYHQLHQWHVGDVRFLHGDGHFLYLOTXHSDVVDULDPSRUHVVDVHVIHUDVRXHVSD
oRVS~EOLFRVWUDQVQDFLRQDLVVHULDPVX¿FLHQWHPHQWHIRUWHVSDUDPRELOL]DU
RVDWRUHVVRFLDLVGHPRGRDGHVSHUWDUHUHRULHQWDURVSURFHVVRVGHWRPDGD
GHGHFLVmRQRkPELWRGD8QLmR(XURSHLDMiTXHQRVGLDVDWXDLVRVPHLRV
GHFRPXQLFDomRDOFDQoDPFDGDYH]PDLVSUHGRPLQkQFLDQDGHWHUPLQDomR
GDVRULHQWDo}HVGDVHVIHUDVRXHVSDoRVS~EOLFRV2SUySULRPRGRGHRSH
UDUGDPtGLDQDHODERUDomRGHPHFDQLVPRVHHVWUDWpJLDVGHFRPXQLFDomR
DFDED SRU LQÀXHQFLDU DV HVIHUDV RX HVSDoRV S~EOLFRV UHGX]LQGR R QtYHO
GLVFXUVLYRGDFLUFXODomRS~EOLFDGRVÀX[RVFRPXQLFDFLRQDLV

$8QLmR(XURSHLDDSHVDUGHFRQVWLWXLUXPGRVPDLVDYDQoDGRVH
FRPSOH[RVSURFHVVRVGHLQWHJUDomRQRVGLDVDWXDLVHQIUHQWDDLQGDTXHV
W}HV TXH FDUDFWHUL]DP D PDLRU SDUWH GRV PRGHORV SROtWLFRV GHPRFUDFLD
H OHJLWLPLGDGH &RQFLOLDU HVVDV GXDV SUi[LV HP XP VLVWHPD LQVWLWXFLRQDO
LQpGLWRpVHPG~YLGDRJUDQGHGHVD¿R
$QRomRGHGp¿FLWGHPRFUiWLFRGHFRUUHGDREVHUYDomRGDIRUPDomR
GRSURFHVVRGHLQWHJUDomRHXURSHXHWDPEpPGDHVWUXWXUDLQVWLWXFLRQDOGD
8QLmR(XURSHLD7UDWDVHGHXPSUREOHPDFRQJrQLWRGHTXHSDGHFHRPR
GHORHXURSHXHTXHIRLLGHQWL¿FDGRGHVGHVHXQDVFHGRXURSHUPDQHFHQGR
DLQGDDWpRVGLDVDWXDLV
3DUD+DEHUPDVYLYHVHDFULVHGR(VWDGRQDFLRQDOHPGHFRUUrQFLDGR
FUHVFHQWHSOXUDOLVPRQRLQWHULRUGDVVRFLHGDGHVQDFLRQDLVGDIRUWHLPLJUD
omRGDKHJHPRQLDGHPHUFDGRVHGRVGHVD¿RVFRORFDGRVSHODJOREDOL]DomR
RTXHRID]SHUGHUDXWRQRPLDFRPSHWrQFLDHVXEVWkQFLDGHPRFUiWLFD
$VVLPGLDQWHGDSHUGDGDVIXQo}HVHGRVHVSDoRVGR(VWDGRQDFLR
QDODPHDoDQGRRVGLUHLWRVHDFDSDFLGDGHGHLQÀXrQFLDHGHDXWRGHWHUPL
QDomRFROHWLYDGHVHXVFLGDGmRV³RTXHSDUHFHID]HUVHQHFHVViULRGHXP
PRGRJHUDOpRGHVHQYROYLPHQWRGHSRVVLELOLGDGHVGHDomRSROtWLFDHP
XPQtYHOTXHVHVLWXHDFLPDHHQWUHRV(VWDGRVQDFLRQDLV´ +$%(50$6
S 'LVVRGHFRUUHDSURSRVWDGHIRUPDomRGHHVIHUDVRXHVSDoRV
S~EOLFRVIRUDGDGHPDUFDomRGDVIURQWHLUDVQDFLRQDLVFRPRVXSHUDomRGR
TXDGURGHGH¿FLrQFLDGHPRFUiWLFDGD8QLmR(XURSHLD
1HVVH FHQiULR +DEHUPDV   DFUHGLWD TXH D LQWHJUDomR VRFLDO
HXURSHLDGHSHQGHGHXPSURFHVVRGHPRFUDWLFDPHQWHHVWUXWXUDGRDVVRFLD
GRDXPFRQWH[WRFRPXQLFDWLYRHFDSD]GHJHUDUXPDVROLGDULHGDGHHQWUH
RVFLGDGmRVGD(XURSDeXPDDOWHUQDWLYDDWUDHQWHPDVFRQIRUPHVDOLHQ
WDGRDSUHVHQWDSRQWRVFUtWLFRV
1DYHUGDGHD8QLmR(XURSHLDUHTXHUPXLWRPDLVGRTXHPXGDQoDV
QDVXDHVWUXWXUDLQVWLWXFLRQDOHQRVHXSURFHVVRGHFLVyULRDQWHVGLVVRUH
TXHUDWRPDGDGHDomRSROtWLFDTXHOKHSURSLFLHXPDOHJLWLPDomRPDWHULDO
HDIDVWHRGp¿FLWGHPRFUiWLFRH[LVWHQWH
1HVVHVHQWLGRRHTXDFLRQDPHQWRGRSUREOHPDGRGp¿FLWGHPRFUi
WLFRpGHFUXFLDOLPSRUWkQFLDSDUDTXHD8QLmR(XURSHLDWHQKDr[LWRFRPR
SURMHWRGHLQWHJUDomRHGHFRQVWUXomRGHXPIXWXURSDUDD(XURSDIXQGDGR
QDSD]QDHVWDELOLGDGHQDVHJXUDQoDHQRSURJUHVVR
6HRDSURIXQGDPHQWRGRSURFHVVRGHLQWHJUDomRQmRYLHUDFRPSD
QKDGRGHH[LJrQFLDVGHPRFUiWLFDVVHJXUDPHQWHD(XURSDVHUiFRQGHQDGD
DDSHQDVDSULPRUDUVHXVHVWDWXWRVGHXQLmRHFRQ{PLFDHPRQHWiULDDFUHV
FLGRV DTXL H DOL GH DOJXPDV QRUPDV H GLUHWLYDV TXH DVVHJXUHP GLUHLWRV
FRPXQLWiULRV
REVISTA

$8QLmR(XURSHLDGHYHVHUFDSD]GHQHJRFLDUHH[HFXWDUSROtWLFDV
S~EOLFDVFRPXQVQRHVSDoRLQWHJUDGRDOpPGLVVRVHXVFLGDGmRVGHYHP
DSUHQGHUDUHFRQKHFHURVFLGDGmRVTXHPRUDPHPRXWURV(VWDGRVSHUWHQ
FHQWHVjRUJDQL]DomRFRPRPHPEURVGDPHVPDFRPXQLGDGHSROtWLFDeR
JUDQGHGHVD¿RDRSURFHVVRGHLQWHJUDomRSROtWLFDTXHD8QLmR(XURSHLD
HQIUHQWDUi QRV SUy[LPRV DQRV FRQVWUXLUVH FRPR HQWLGDGH QD IRUPD GH
XPDFRQIHGHUDomRRXIHGHUDomRGH(VWDGRV
2 TXH p IXQGDPHQWDO p D FRQVWUXomR GH XPD DJHQGD FRPXP TXH
GLVFXWDRVREMHWLYRVGRSURMHWRGHLQWHJUDomRQRkPELWRGD8QLmR(XUR
SHLDMXQWDPHQWHFRPDIRUPDomRGHXPDLGHQWLGDGHSROtWLFDGRVFLGDGmRV
HXURSHXV VREUH EDVHV GHPRFUiWLFDV H KLVWyULFDV e GL]HU D PDQXWHQomR
GH XPD (XURSD SROLWLFDPHQWH XQLGD SUHVFLQGLUi GH XPD FRQVFLrQFLD GH
FRRSHUDomR H VROLGDULHGDGH SHOD TXDO RV HXURSHXV SRVVDP VH LGHQWL¿FDU
UHFLSURFDPHQWHFRPRFLGDGmRV
1HVVH VHQWLGR ³R HVSDoR S~EOLFR HXURSHX GHSHQGH GH XP ODGR
GHFRQWULEXLo}HVYLWDLVGHDWRUHVGDVRFLHGDGHFLYLOWRGDYLDHOHQHFHVVL
WDDOpPGLVVRGDLQVHUomRQXPDFXOWXUDSROtWLFDFRPXP´ +$%(50$6
S 

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FRQWHPSRUkQHD5LRGH-DQHLUR/XPHQ-XULV

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