You are on page 1of 24

!

"#046
$"%&'()

t
*+%,&+,-+-..(

os
INTERNATIONAL
!

!//0123!0/%2/#%45/0123!0/6%

rP
375%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%83049%

!"#"$%&'( )##*&+$,"( -*.&"( "#$! %&'()$''!#*'! +,-..*)/!-)01! +#$'$! +,-..%*'(2! 3&)2+(-)'4! 5*67$+()8!
/+00"%( 1%"1$%"2( ,'+#( &$#"( *)/! ())-9*+(-):! ;*67$+()8! *)/! ())-9*+(-)! <6-/&2$! 6$'&0+'=! *00! +#$! 6$'+!
342"%( ,'"( #31"%5+#+*4( *6( *6$!2-'+':!
7%*6"##*%( 8$9%$4( 8$#'$4+( $#( >$+$6!?6&27$6!
$( :$#+#( 6*%( &0$##( 2+#&3##+*4(
%$,'"%( ,'$4( ,*( +003#,%$,"( "+,'"%(
"66"&,+5"(*%(+4"66"&,+5"('$420+4;(
*6($(:3#+4"##(#+,3$,+*4<(="%,$+4(
4$9"#>(6$&,#($42(6+4$4&+$0(2$,$(
'$5"(:""4(2+#;3+#"2<(
yo /$4$;"9"4,H(?$#A#>(!"#1*4#+:+0+,+"#>(7%$&,+&"#!

"-!@&'+!7$$<!<*2$!()!+#('!()/&'+61A!1-&!)$$/!+-!2#*)8$!*+!0$*'+!*'!3*'+!*'!
2-)'&5$6! $B<$2+*+(-)':! "#*+C'! %"4*5$,+*4:! "-! 5*()+*()! *! 0$*/$6'#(<!
<-'(+(-)A!1-&!*0'-!)$$/!+-!0$*<36-8A!+-!5-9$!3*'+$6!*)/!8-!%$1-)/!,#*+!
2-)'&5$6'!,(00!+$00!1-&:!"#*+C'!+44*5$,+*4:!
>$+$6!D6*%$27.E$+5*+#$A!FGHA!I$'+0J!K:L:!
?'+#( &$#"( @*4( ,'"( /$%A",+4;(
op
)@$%2( +4( ,'"( !""#( $%&'()*+, !
-*.), /&010+2, -'3()1010'+,
*%;$4+B"2( :.( ,'"( C3%*1"$4( !
D*342$,+*4( 6*%( /$4$;"9"4,(
E"5"0*19"4,(F"692G<( !
!
tC

!
!

!
No

M)/(9(/&*0('*+(-)! ('! *! /6(9()8! 3-62$! ()! +-/*1C'! 5*67$+'..()! $9$61+#()8!


36-5!+#$!+$0$<#-)$!+-!%$$6!+-!+$*!+-!<$6'-)*0!2-5<&+$6':!"#$!I$'<6$''-!
K1'+$5! ('! *)! ())-9*+(9$! 2-)2$<+! +#*+! -33$6'! 2-)'&5$6'! ()/(9(/&*0!
<-6+(-)'! -3! 36$'#01.86-&)/! 2-33$$! ()! *! 6*)8$! -3! +*'+$'! +#*+! 6$'&0+! ()! *)!
$B2$<+(-)*0!2&<!-3!$'<6$''-!$9$61!+(5$:!N$C6$!2-)9()2$/!-3!+#$!<-,$6!
-3!+#$!(/$*!*)/!+#$!+$2#)-0-81!%$#()/!(+A!*)/!,$C6$!*(5()8!+-!86-,!+#('!
%&'()$''!$(8#+3-0/!+-!KO6!P!%(00(-)!()!+#$!)$B+!/$2*/$:!
Do

N(00$5!>6-)7A!FGHA!I$'+0J!F-33$$!K<$2(*0+($'!

=*1.%+;',( I( JKKK( :.( 456( L( M4,"%4$,+*4$0( M4#,+,3,"( 6*%( /$4$;"9"4,(


!
E"5"0*19"4,>(N$3#$44">(O@+,B"%0$42<(P*,(,*(:"(3#"2(*%(%"1%*23&"2(@+,'*3,(
@%+,,"4(1"%9+##+*4(2+%"&,0.(6%*9(456<(

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!Q!.! M;?.R.SRTU!

t
4+1&'7%810'+,

os
I$'<6$''-! ,*'! +#$! 0$*/()8! %6*)/! ()! <-6+(-)! 2-33$$A! *! '5*00! %&+! 3*'+.86-,()8!
2*+$8-61!()!+#$!,-60/!2-33$$!5*67$+:!"#$!<6-/&2+!2-)'('+$/!-3!#(8#!V&*0(+1!2-33$$!
<*27$/! ()! *0&5()(&5! 2*<'&0$'! 3-6! $B20&'(9$! &'$! ()! '<$2(*001! /$'(8)$/! 5*2#()$':!
?$9$0-<$/!*+!I$'+0JA!+#$!I$'<6$''-!K1'+$5A!*'!+#$!2*<'&0$.5*2#()$!2-5%()*+(-)!
,*'! 2*00$/A! -33$6$/! +#$! 2-)'&5$6! *! 6$3()$/! V&*0(+1! *)/! ()/(9(/&*0('$/! 2&<! -3!
$'<6$''-! 2-33$$! ,(+#! '<$$/! *)/! 2-)9$)($)2$! *+! +#$! <&'#! -3! *! %&++-):! M)! +#$!

rP
'+*8)*+()8!80-%*0!5*67$+!3-6!2-33$$A!I$'<6$''-!#*/!26$*+$/!*!)$,!86-,+#!'$85$)+:!!!
"#('!2*'$!('!*%-&+!+#$!#('+-61!-3!I$'<6$''-C'!/$9$0-<5$)+!*)/!+#$!2#*00$)8$'!3-6!
(+'!3&+&6$:!:;<=%!!/$'26(%$'!I$'+0JC'!'+6*+$8($'!3-6!86-,+#!+#6-&8#!())-9*+(-)!*)/!
6$)-9*+(-)A! *)/! +6*2$'! +#$! #('+-61! -3! I$'<6$''-! 36-5! (+'! &)2$6+*()! %$8())()8'! +-!
%$2-5()8!-)$!-3!+#$!3*'+$'+!86-,()8!%&'()$''$'!()!+#$!2-5<*)1:!"#('!'$2+(-)!*0'-!
/$'26(%$'! +#$! 5*)*8$5$)+C'! <6*2+(2$'! *)/! 9($,'! -)! <6-5-+()8! *! 20(5*+$! 3-6!
())-9*+(-):! :;<=% !!! $B<0*()'! +#$! 2#*00$)8$'! 3*2()8! 5*)*8$5$)+! *'! +#$! 2-5<*)1!

!
yo
*(5$/!+-!86-,!+#$!I$'<6$''-!%&'()$''!+-,*6/'!+#$!KO6!P!%(00(-)!0$9$0:P!
!
9:;<,4,
=).1>?,*+7,1@),A0.1'&B,'C,=).(&)..',
G'+*%0('#$/! ()! PWXY! ()! Z$9$1A! K,(+[$60*)/A! %1! P\\\A! I$'+0J! ,*'! +#$! ,-60/C'!
op
0$*/()8! 3--/! 2-5<*)1A! $5<0-1$/! -9$6! QQRASSS! <$-<0$A! #*/! '*0$'! -3! 5-6$! +#*)!
KO6!YS! %(00(-)A! *)/! -<$6*+$/! T\R! 3*2+-6($'! ()! -9$6! WS! 2-&)+6($':! >$+$6! D6*%$27A!
,#-! +--7! -9$6! +#$! 6$()'! ()! ]&)$! P\\Y! 36-5! 0-)8.+(5$! FGH! ^$05&+! ;*&2#$6A!
%$0($9$/!+#*+!2-)+()&-&'!())-9*+(-)!*)/!6$)-9*+(-)!,-&0/!%$!+#$!7$1'!+-!5$$+()8!
+#$! 2-5<*)1C'! *5%(+(-&'! T_! 86-,+#! +*68$+! ()! *)! ()/&'+61! ,#$6$! +#$! )-65! ,*'!
#*03! +#*+! 0$9$0:! N#(0$! 2#*)8()8! /$5-86*<#(2'! *)/! 0(3$'+10$'! ()! ()/&'+6(*0('$/!
2-&)+6($'A! ,#$6$! I$'+0J! 8$)$6*+$/! +#$! %&07! -3! (+'! '*0$'A! 5$*)+! -<<-6+&)(+($'! 3-6!
tC

)$,!%&'()$''!/$9$0-<5$)+A!+#$'$!5*67$+'!,$6$!*0'-!()26$*'()801!2#*6*2+$6('$/!%1!
/('26(5()*+()8! 2-)'&5$6'A! <-,$63&0! 6$+*(0$6'A! 86-,+#! -3! <6(9*+$! 0*%$0'A! *)/!
<6$''&6$!-)!<6(2$'!*)/!5*68()':!!

M)! '$$7()8! )$,! 86-,+#! 5*67$+'! 3-6! (+'! $B('+()8! <6-/&2+'A! I$'+0J! #*/! 6$2$)+01!
0*&)2#$/!(+'!'+6*+$8(2!%6*)/!I$'2*3JA!+#$!<&6$!'-0&%0$!2-33$$!+#*+!+#$!2-5<*)1!#*/!
()9$)+$/! ()! P\UWA! ()+-! +#$! 5&2#! ,(/$6! *6$*! -3! 6$*/1.+-./6()7! 2-33$$! %$9$6*8$':!
No

K(5(0*601A! I$'V&(27A! +#$! 2-5<*)1C'! 80-%*0! %6*)/! 3-6! 2#-2-0*+$! <-,/$6A! ,*'!
$B+$)/$/!()+-!)$,!0(V&(/!3-65':!M)!*//(+(-)A!*!2-5<0$+$01!)$,!<6-/&2+!2-)2$<+A!*!
6$.5()$6*0('$/!+*%0$!,*+$6!5*67$+$/!&)/$6!+#$!%6*)/!>&6$!E(3$A!,*'!'&22$''3&001!
+$'+$/!()!*!)&5%$6!-3!5*67$+'!()!L'(*!*)/!E*+()!L5$6(2*:!O-6!D6*%$27A!+#$'$!,$6$!
$B*5<0$'! -3! )$,! 2-)2$<+'! +#*+! 2-5%()$/! +$2#)-0-8(2*0! *)/! 5*67$+! ())-9*+(-):!
D6*%$27!2-55$)+$/4!
"#$! '&22$''! -3! 0$*/()8! %6*)/'! ('! <6-<-6+(-)*0! +-! +#$(6! 2*<*2(+1! 3-6! ())-9*+(-)! *)/!
6$)-9*+(-):!M))-9*+(-)!('!+*7()8!'-5$+#()8!()+-!+#$!)$B+!2*+$8-61!-6!()9$)+()8!*!,#-0$!)$,!
2*+$8-61:!`$)-9*+(-)!('!7$$<()8!+#$!<6-/&2+!()!+#$!'*5$!2*+$8-61!*)/!(5<6-9()8!(+:!"#$'$!
Do

2-)2$<+'!*6$!)-+!-)01!+$2#)(2*0!*)/!<6-/&2+(-).6$0*+$/A!%&+!5&'+!%$!*<<0($/!+#6-&8#-&+!-&6!
%&'()$''4! 36-5! -68*)('*+(-)*0! '+6&2+&6$'! +-! 3()*)2$A! */5()('+6*+(-)A! 5*67$+()8A!
2-55&)(2*+(-)A!$+2:!"-!5*7$!*!V&*)+&5!@&5<!()+-!*)-+#$6!/(6$2+(-)A!,$!)$$/!+-!0--7!3-6!
)$,!-<<-6+&)(+($'!*)/!,$!5&'+!%$!<6$<*6$/!,#$)!+#$1!*66(9$:!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Q
(M4(QRRR>(SOT(Q<KK(U(OD%(Q<VK((F*4"(O@+##(6%$4&(U(QKK(&"4,+9"#G<(

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!U!.! M;?.R.SRTU!

t
M)!D6*%$27C'!9($,'A!2$6+*()!5*)*8$5$)+!V&*0(+($'!,$6$!<6$6$V&('(+$'!+-!*++*()()8!
+#$! 2-5<*)1C'! 86-,+#! +*68$+':! "#$'$! V&*0(+($'! ,$6$! &'$/! *'! 26(+$6(*! %1! '$)(-6!

os
5*)*8$5$)+!()!*<<-()+()8!()/(9(/&*0'!+-!(5<-6+*)+!<-'(+(-)'!a%"6"%(,*,$D@0E01,Fb:!
L0+#-&8#!D6*%$27!,*'!<*+($)+A!#$!,*'!)-+!2-5<0*2$)+!*%-&+!#('!-%@$2+(9$!-3!0-)8.
+$65!86-,+#!+#6-&8#!())-9*+(-)!*)/!6$)-9*+(-):!^$!6$5*67$/4!
I$'+0J!#*'!+#$!0-,$'+!6('7!<6-3(0$!+#*+!*!2-5<*)1!2*)!#*9$:!N#(0$!,$!8$+!<6$''&6$!36-5!+#$!
3()*)2(*0! *)*01'+'! +-! /-! +#()8'! /(33$6$)+01A! +#$! 5*67$+! ('! 3()*001! %$8())()8! +-! &)/$6'+*)/:!

rP
N$C6$! )-+! ()+$6$'+$/! ()! 2-5<6-5('()8! 0-)8.+$65! '#*6$#-0/$6! 9*0&$! 3-6! '#-6+.+$65! '#*6$!
<6(2$!5*B(5('*+(-):!N$!#*9$!*!0-)8.+$65!9('(-)!3-6!86-,+#:!!

M)! 8$)$6*+()8! 86-,+#! +#6-&8#! #(8#01! /(33$6$)+(*+$/! )$,! <6-/&2+'A! D6*%$27!


,-)/$6$/! ,#*+! <-0(2($'! *)/! <6*2+(2$'! 5(8#+! %$! )$$/$/! *+! I$'+0J! +-! <6-5-+$! *!
20(5*+$!3-6!2#*)8$!*)/!())-9*+(-):!M)!+#$!'*5$!2-)+$B+A!#$!,-)/$6$/!,#*+!0$''-)'!
+#$!K,(''!8(*)+!2-&0/!80$*)!36-5!(+'!0-)8!0$*6)()8!2&69$!()!%6()8()8!+#$!I$'<6$''-!
K1'+$5!+-!5*67$+:!

yo
=).(&)..',GB.1)3H,9&'7%81,4++'I*10'+,:2*0+.1,1@),J77.,
"#$! I$'<6$''-! K1'+$5! 2-)'('+$/! -3! ()/(9(/&*001.<-6+(-)$/! *0&5()(&5! 2*<'&0$'!
2-)+*()()8!R!86*5'!-3!6-*'+!*)/!86-&)/!a`cdb!2-33$$!5*/$!3-6!$B20&'(9$!&'$!()!
'<$2(*001./$'(8)$/! 2-33$$! 5*2#()$'! a%"6"%( ,*( $D@0E01, !b:! ^$65$+(2*001! '$*0$/! +-!
op
<6$'$69$!+#$!36$'#)$''!-3!+#$!2-33$$!3-6!'(B!5-)+#'!*3+$6!<6-/&2+(-)A!+#$!I$'<6$''-!
2*<'&0$'! *0'-! #*/! +#$! */9*)+*8$! -3! %$()8! 20$*)! *)/! $*'1.+-.&'$! 2-5<*6$/! +-!
+6*/(+(-)*0A!#*)/.5$*'&6$/!$'<6$''-!2-33$$:!G*2#!2*<'&0$!2-66$'<-)/$/!+-!*!'()80$!
2&<!-3!2-33$$!*)/!,-67$/!-)01!()!I$'<6$''-!5*2#()$':!F-)'&5$6'!2-&0/!2#--'$!
36-5!$(8#+!*9*(0*%0$!2-33$$!9*6($+($'!a%"6"%(,*($D@0E01,#b:!

"#$!-&+,*6/!'(5<0(2(+1!-3!+#$!I$'<6$''-!+$2#)-0-81!5*'7$/!(+'!2-5<0$B(+1:!"#$!
tC

2-33$$.5*7()8! <6-2$''! ()9-09$/! +#6$$! '+*8$'4! <6$.,$++()8! a,#$6$! ,*+$6! ,*'!


'<6*1$/! -)! +#$! 2-33$$! +-! $B<*)/! (+bA! *$6*+(-)! a,#$6$! *(6! ,*'! <*''$/! +#6-&8#! +#$!
2-33$$! +-! 26$*+$! '5*00! (66(8*+(-)! 2#*))$0'bA! *)/! $B+6*2+(-)! a,#$6$! ,*+$6! 30-,$/!
+#6-&8#! +#$! 2-33$$! *+! -<+(5*0! <6$''&6$! *)/! #$*+b:! "#$! $B+$)'(9$01! 6$'$*62#$/!
I$'<6$''-! 5*2#()$! 2-)+*()$/! *! 2#6-5$.<0*+$/! 2*<'&0$! #-0/$6! $V&(<<$/! ,(+#! *!
%&(0+.()!-<$)()8!*)/!3(0+$6()8!'1'+$5A!*!5(26-2#(<.5-)(+-6$/!<&5<!+#*+!/$0(9$6$/!
9*61()8! 0$9$0'! -3! <6$''&6$! /$<$)/()8! -)! +#$! 2-33$$! %0$)/A! *)/! *! #(8#! <6$2('(-)!
+#$65-%0-27! '1'+$5! +-! 2-)+()&-&'01! #$*+! ,*+$6! ()! +#$! (/$*0! 6*)8$! -3! WX-! +-! \P-!
No

2$)+(86*/$:! "#('! $B+6*2+(-)! <6-2$''! ,*'! '$$)! +-! %$! #(8#01! ())-9*+(9$A!
()2-6<-6*+()8! 1$*6'! -3! 6$'$*62#! *)/! 0$*6)()8! +#*+! ,-&0/! %$! /(33(2&0+! 3-6! *!
2-5<$+(+-6! +-! 6$<0(2*+$! ,(+#-&+! <*+$)+! ()36()8$5$)+:! "#$! I$'<6$''-! 2-)2$<+!
2&66$)+01!-&+<$63-65$/!*00!2-5<$+(+-6'!()!V&*0(+1!*)/!2-)9$)($)2$:!

I$'+0J!#$0/!+#$!<*+$)+'!3-6!+#$!I$'<6$''-!5*2#()$'!%&+!0(2$)'$/!+#$(6!<6-/&2+(-)!
+-! 5*)&3*2+&6$6'! ,#-! /('+6(%&+$/! *)/! '-0/! +#$5! +#6-&8#! '$0$2+$/! #-&'$#-0/!
*<<0(*)2$!6$+*(0$6':!"#$!5*)&3*2+&6$6'!*0'-!-33$6$/!*3+$6.'*0$'!'$69(2$:!I$'+0J!/(/!
)-+! 5*7$! *)1! 5-)$1! -)! +#$! '*0$! -3! +#$! 5*2#()$':! M+! ,*'! -)01! +#$! '*0$! -3! +#$!
Do

2*<'&0$'! +#*+! /$+$65()$/! +#$! <6-3(+*%(0(+1! -3! +#$! %&'()$'':! M)/&'+61! *)*01'+'!
$'+(5*+$/!+#*+!<6-3(+!5*68()'!-)!+#$!2*<'&0$'!2-&0/!%$!*'!#(8#!*'!RS_:!!

N(+#! (+'! /('+()2+(9$! %6*)/A! 0&B&61! (5*8$A! *)/! 3-2&'! -)! +#$! '5*00! <-6+(-)! -3! +#$!
$'<6$''-! 2-33$$! '$85$)+A! I$'<6$''-! 6$<6$'$)+$/! *! 5*@-6! /$<*6+&6$! 36-5! 5-'+!
I$'+0J! 0()$'! -3! %&'()$''! 6$<&+$/! 3-6! 0*68$.'2*0$! <6-/&2+(-)! *)/! 5*''! 5*67$+()8:!
H&+'(/$6'!'-5$+(5$'!6$5*67$/!+#*+!(+!,*'!*!2-5<*)1!3-6! e0(3$6'f..5*)*8$6'!,#-!
'+*1$/!,(+#!+#$!2-5<*)1!2*6$$6.0-)8:!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!T!.! M;?.R.SRTU!

t
3>?%4@#%:AB>%%

os
"#$! +$2#)-0-81! %$#()/! +#$! I$'<6$''-! K1'+$5! *2+&*001! -6(8()*+$/! ()! d$)$9*C'!
D*++$00$!6$'$*62#!()'+(+&+$:!I$'+0J!*2V&(6$/!+#$!6(8#+'!+-!2-55$62(*0('$!+#$!(/$*!()!
P\YT:! L+! +#$! +(5$A! I$'+0J! /-5()*+$/! +#$! ()'+*)+! 2-33$$! 5*67$+A! ,#(2#! *22-&)+$/!
3-6!US_!-3!2-33$$!2-)'&5<+(-)!,-60/.,(/$:!M)'+*)+!2-33$$!8$)$6*+$/!-9$6!WS_!-3!
+#$! 2-5<*)1C'! 2-33$$! '*0$'! *)/! 2-55*)/$/! 0*68$! <6-5-+(-)*0! %&/8$+'! *)/!
5*)*8$6(*0!*++$)+(-):!H)!+#$!-+#$6!#*)/A!I$'+0J!#*/!)-!'(8)(3(2*)+!<6$'$)2$!()!+#$!

rP
5&2#! 0*68$6! `cd! '$85$)+A! ,#(2#! 6$<6$'$)+$/! +#$! YS_! -3! +-+*0! ,-60/!
2-)'&5<+(-):! O&6+#$65-6$A! ,#(0$! +#$! +-+*0! 2-33$$! 5*67$+! ,*'! '+*8)*)+A! $9$)!
/$20()()8!()!'-5$!2-&)+6($'A!5*)*8$5$)+!6$*0('$/!+#*+!*!86-,+#!-<<-6+&)(+1!()!+#$!
e8-&65$+f! '$85$)+! -3! +#$! 2-33$$! 5*67$+! ,*'! 6*<(/01! /$9$0-<()8! ()! +#$! gK! *)/!
$0'$,#$6$:!M)!+#$!'*5$!,*1!+#*+!d6*)/!F6&!*<<$00*+(-)'!/('+()8&('#$/!+-<!V&*0(+1!
,()$! 36-5! $9$61/*1! ,()$A! e8-&65$+f! 6$3$66$/! +-! <6$5(&5.$)/! 2-33$$! a$:8:A!
$'<6$''-b! ,#$6$! '<$2(*0! 2*6$! *)/! *++$)+(-)! ,$6$! /$9-+$/! +-! +#$! 2-33$$! 9*6($+1A!
6-*'+()8!<6-2$''A!*)/!%6$,()8!<#*'$:!!

yo
"#$! *(5! -3! +#$! I$'<6$''-! <6-/&2+! /$9$0-<5$)+! ,*'! +-! 2-5%()$! I$'+0$C'! `c?!
'+6$)8+#! ,(+#! (+'! /$$<! 7)-,0$/8$! -3! +#$! 2-33$$! %&'()$''! +-! %6()8! *! #(8#! V&*0(+1!
2-33$$! <6-/&2+! +-! +#$! 5*67$+:! ! D&+! *! )&5%$6! -3! +$2#)(2*0! <6-%0$5'! #*/! +-! %$!
-9$62-5$! 3(6'+:! O-6! $B*5<0$A! +#$! <6-@$2+$/! <6-/&2+(-)! 2-'+'! ,$6$! +--! #(8#A! +#$!
36$'#)$''! -3! +#$! $)20-'$/! 2-33$$! 2-&0/! )-+! %$! 5*()+*()$/A! *)/! +#$! V&*0(+1! -3!
$'<6$''-Q! ,*'! ()2-)'('+$)+! 36-5! 2&<! +-! 2&<:! ! I$9$6+#$0$''A! *! 3$,! <$-<0$! ()!
op
I$'+0JC'!`c?!-68*)('*+(-)!3(6501!%$0($9$/!()!+#$!<6-@$2+!*)/!<&'#$/!(+!3-6,*6/:!
"#$1!(5<6-9$/!%-+#!+#$!2-33$$!2*<'&0$!*)/!*)!$'<6$''-!5*2#()$!0*+$6!<6-/&2$/!%1!
"&65(BA!*!K,(''!5*)&3*2+&6$6:!H+#$6!<6-%0$5'!,$6$!6$'-09$/!()!+(5$:!!
"#$!<6-@$2+!8*()$/!$*601!'&<<-6+!36-5!I$'+0JC'!3--/!'$69(2$!/(9('(-)A!,#(2#!'*,!
I$'<6$''-!*'!*)!$)+61!()+-!+#$!6$'+*&6*)+!5*67$+A!+#$6$%1!<-'(+(-)()8!I$'+0J!5-6$!
'+6-)801!()!+#('!'$85$)+:!D&+!()!P\WQA!3-00-,()8!*!5*67$+!+$'+!,(+#!$(8#+!*&+-5*+(2!
tC

5*2#()$'!()!K,(''!6$'+*&6*)+'A!+#*+!'+6*+$81!,*'!*%*)/-)$/!()!3*9-&6!-3!+#$!-33(2$!
2-33$$!'$2+-6:!K-%*0..*!K,(''!2-5<*)1!+#*+!/('+6(%&+$/!*<<0(*)2$'!*)/!,*'!*06$*/1!
<6$'$)+!()!-33(2$!2-33$$..,*'!*<<6-*2#$/!+-!/('+6(%&+$!+#$!I$'<6$''-!K1'+$5!a+#$!
5*2#()$!*)/!+#$!2*<'&0$'b!()!-33(2$'!*)/!-+#$6!()'+(+&+(-)':!

/?BC<?BBD6%%2%E8;=?FFG=?H%0A=BGI?%DJ%/?B=FKLB%";GM%NDJJ??%OABGM?BB%
"-! 3&6+#$6! /$9$0-<A! <6-/&2$A! *)/! 5*67$+! +#$! I$'<6$''-! K1'+$5A! *! '$<*6*+$!
No

2-5<*)1! ,*'! 26$*+$/! ()! ]&)$! P\WX! *'! *! PSS_.-,)$/! I$'+0J! *33(0(*+$A! 0-2*+$/!
*26-''! +#$! '+6$$+! 36-5! +#$! 2-5<*)1C'! #$*/V&*6+$6':! M+! ,*'! +#-&8#+! +#*+! +#$! )$,!
&)(+A!0*+$6!2*00$/!I$'+0J!F-33$$!K<$2(*0+($'!aIFKbA!,-&0/!%$!*%0$!+-!5-9$!3*'+$6!()!
'$([()8! +#$! 5*67$+! -<<-6+&)(+1! ()! +#$! )$,01.26$*+$/A! ()/(9(/&*0.<-6+(-)! 2-33$$!
2*+$8-61:! GB20&'(9$01! 6$'<-)'(%0$! 3-6! <6-5-+()8! <6-/&2+'! &)/$6! +#$! I$'<6$''-!
%6*)/! )*5$A! +#$! 2-5<*)1! 2-&0/! /$9$0-<! (+'! -,)! 2-55$62(*0A! /('+6(%&+(-)A! *)/!
<$6'-))$0!<-0(2($'!'$<*6*+$!36-5!I$'+0J:!L!'<$2(*0!<6-/&2+(-)!0()$!,*'!-<$)$/!+-!
5*7$!+#$!2-33$$!2*<'&0$'!*+!+#$!I$'2*3J!<0*)+!()!H6%$A!K,(+[$60*)/:!!
Do

F*5(00-! >*8*)-A! *+! +#$! +(5$! '$)(-6! $B$2&+(9$! 9(2$! <6$'(/$)+! ()! 2#*68$! -3! '$9$6*0!
,-60/.,(/$!'+6*+$8(2!<6-/&2+!/(9('(-)'!*)/!%&'()$''!&)(+'A!2-55$)+$/4!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
J
( )( W;**2X( &31( *6( "#1%"##*( @$#( 2+#,+4;3+#'"2( :.( +,#( 6+4"( ,$#,"( $42( +,#( W&%"9$>X( ,'"( 5+#3$00.(
2+#,+4&,+5"( &%"$9.( 6*$9( *4( ,'"( #3%6$&">( @'+&'( &*66""( &*44*+##"3%#( &*4#+2"%"2( $4( "##"4,+$0(
1$%,(*6(,'"("#1%"##*("Y1"%+"4&"<(

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!R!.! M;?.R.SRTU!

t
M!'*,!+#('!2-)+6*<+(-)!()!H6%$!+#*+!'-5$%-/1!'*(/!,*'!8-()8!+-!%$!3*)+*'+(2:!M!/('2-9$6$/!
+#*+!+#$!`c?!+$*5!#*/!/$9$0-<$/!+#('!'1'+$5!,(+#-&+!$9$)!6$*001!+*07()8!+-!+#$!5*67$+()8!

os
'(/$:! "#$6$! ('! )-! /-&%+! +#*+! +$2#)(2*0! /$9$0-<5$)+! 2*)! %6()8! ())-9*+(-):! D&+! ()+$6)*001A!
+#$6$! ,*'! *! 0-+! -3! '2$<+(2('5! *%-&+! +#$! <-''(%(0(+1! +-! 2-55$62(*0('$! I$'<6$''-:! "#$!
%&'()$''!,*'!<#1'(2*001!5-9$/!-&+!-3!I$'+0J!'-!+#*+!(+!2-&0/!$'+*%0('#!26$/(%(0(+1!*)/!'-!+#*+!
(+!/(/)C+!#*9$!+-!3(8#+!*8*()'+!*00!+#$!2-5<*)1C'!6&0$':!!
>$-<0$!+#-&8#+!M!,*'!*!h)&+h!+-!'<$)/!'-!5&2#!+(5$!-)!+#('!'5*00!+#()8!*)/!+-!'&<<-6+!+#$!

rP
(/$*:!I$'<6$''-!('!'-!/(33$6$)+!36-5!,#*+!+#$!2-5<*)1!/-$'!()!(+'!/*1.+-./*1!%&'()$'':!M!3$0+!
+#*+!/$9$0-<()8!+#('!%&'()$''!,-&0/!+*7$!+(5$!*)/!<*+($)2$:!i-&!)$$/!2#*5<(-)'!*+!+#$!+-<!
3-6! *! )$,! (/$*:! i-&! )$$/! +-! 8(9$! *)! (/$*! '&<<-6+! *8*()'+! 26(+(2('5:! L)1! ())-9*+(-)!
(55$/(*+$01!#(+'!6$'('+*)2$!()!*)!-68*)('*+(-):!K5*00!'*+$00(+$'!0(7$!+#('!2*)!#$0<!<$-<0$!8*()!
()'(8#+! ()+-! #-,! *! %&'()$''! 2-&0/! %$! /$9$0-<$/! /(33$6$)+01:! "#$'$! -33'#--+'! <6-9(/$! *)!
-<<-6+&)(+1!+-!+6*()!*)/!+$'+!<$-<0$:!M3!+#$1!5*7$!*!5('+*7$!+#$6$A!(+C'!)-+!'-!2-'+01:!!

"#$! I$'<6$''-! K1'+$5! ,*'! 3(6'+! 0*&)2#$/! ()! M+*01A! +#$! ,-60/C'! 0*68$'+! $'<6$''-.

yo
/6()7()8! )*+(-)! *)/! ()! K,(+[$60*)/A! I$'+0JC'! #-5$! 5*67$+:! ]*<*)! ,*'! *0'-! 0*+$6!
()20&/$/! *'! (+! ,*'! -)$! -3! +#$! ,-60/C'! 3*'+$'+! 86-,()8! 2-33$$! 5*67$+':! K*0$'!
()(+(*001! 3-2&'$/! -)! +#$! -33(2$.2-33$$! '$2+-6:! "#$! I$'<6$''-! 5*2#()$'! ,$6$!
/$'(8)$/! ()+$6)*001! %1! I$'+0J! *)/! *! K,(''! /$'(8)! 2-5<*)1! *)/! 5*)&3*2+&6$/!
&)/$6! 0(2$)'$! %1! "&65(B! 3-6! G&6-<$*)! 5*67$+':! K-%*0! <&62#*'$/! +#$! 5*2#()$'!
36-5!"&65(B!*)/!+#$!2-33$$!2*<'&0$'!36-5!IFK!*)/!+#$)!'-0/!+#$!+,-!+-8$+#$6!*'!
+#$! I$'<6$''-! K1'+$5:! L//(+(-)*001A! '$9$6*0! 2-5<*)($'! +#*+! /('+6(%&+$/! 9$)/()8!
5*2#()$'!()!+#$!-33(2$!'$2+-6!*//$/!I$'<6$''-!5*2#()$'!+-!+#$(6!<6-/&2+!0()$.&<:!
op
M+!,*'!+#-&8#+!+#*+A!2-5<*6$/!,(+#!#-&'$#-0/'A!+#$!-33(2$!'$85$)+!,-&0/!%$!0$''!
'$)'(+(9$! +-! +#$! 6$0*+(9$01! #(8#! &)(+! <6(2$! -3! +#$! 5*2#()$! ,#(2#A! *+! +#$! +(5$A!
6$+*(0$/!20-'$!+-!KO6!WSS:!L!%-B!-3!PS!2-33$$!2*<'&0$'!'-0/!+-!-33(2$'!*+!KO6!T:!

PD<<QGMR%8GRM;FB%J<DS%=>?%";<T?=CF;U?%
D1! +#$! $)/! -3! P\WY! -)01! #*03! -3! +#$! 5*2#()$'! +#*+! #*/! %$$)! 5*)&3*2+&6$/! ,$6$!
tC

*2+&*001!'-0/:!"#$!2-5<*)1!,*'!%$#()/!+*68$+!-)!'*0$'!3-6!%-+#!+#$!5*2#()$'!*)/!
+#$! 2*<'&0$':! L)/! ,(+#-&+! +#$! 5*2#()$'A! 3&6+#$6! 2-33$$! 2*<'&0$'! ,-&0/! )-+! '$00:!
"#$6$! ,$6$! *0'-! -+#$6! ,-661()8! '(8)':! ;*2#()$! /$3$2+'! ,$6$! *%'-6%()8! *! 0*68$!
<*6+!-3!+#$!5*()+$)*)2$!*)/!'$69(2$!%&/8$+'A!,#(2#!I$'+0J!,*'!2-9$6()8!()!+-+*0:!
K0-,!'*0$'!()!)-).+6*/(+(-)*0!$'<6$''-!5*67$+'!0(7$!]*<*)!,$6$!*0'-!/$$<$)()8!+#$!
0-''$':! L68&5$)+'! ,$6$! 5*/$! +-! %6()8! ()! '-5$-)$! 36-5! +#$! -&+'(/$! ,(+#! )$,!
(/$*'! +-! '*9$! I$'<6$''-! 36-5! *)! $*601! /$*+#:! M)! P\WWA! i*))(27! E*)8A! *! 3-65$6!
>#(0(<!;-66('!$B$2&+(9$A!,*'!6$26&(+$/!+-!+#$!9$)+&6$:!
No

;)1@0+K0+2,1@),G1&*1)2B,'C,=).(&)..',
K,(''.%-6)! *)/! gK.$/&2*+$/A! UU.1$*6! -0/! E*)8! 2*5$! ()+-! +#$! I$'<6$''-! +$*5!
,(+#! *! 6$<&+*+(-)! 3-6! 30*(6! *)/! 26$*+(9(+1! *)/! *! '-0(/! 2-55$62(*0! *)/! 5*67$+()8!
+6*27!6$2-6/A!#*9()8!2*+*<&0+$/!+#$!;*60%-6-!F0*''(2'!20-+#()8!0()$!36-5!KO6!QS!+-!
KO6!PSS!5(00(-)!,(+#()!*!3$,!1$*6':!>*8*)-!6$2-&)+$/4!
"#$!I$'<6$''-!%&'()$''!,*'!*+!+#$!<-()+!,#$6$!,$!)$$/$/!*)!$)+6$<6$)$&6!+-!+*7$!(+!3&6+#$6:!
Do

N$! )$$/$/! +-! 3()/! '-5$%-/1! ,#-! ,-&0/)C+! 6$*2+! 0(7$! *! I$'+0J! 5*)*8$6:! >$-<0$! ()! -&6!
-68*)('*+(-)!*6$!8--/A!%&+!*+!+#$!+(5$A!$9$61-)$!,*'!*'7()8A!j^-,!2-&0/!,$!'$00!+#('!+#()8!
()! '&<$65*67$+'kC! I$'+0J! /-$')C+! %6()8! <$-<0$! ()! 36-5! +#$! -&+'(/$! *'! *! 2-55-)! <6*2+(2$A!
%&+! ,$! )$$/$/! '-5$-)$! ,#-! &)/$6'+--/! ,#*+! (+! 5$*)+! +-! '$00! *! <6$5(&5! '1'+$5..
'-5$+#()8! %$+,$$)! E-&('! Z&(++-)! 3*'#(-)! *22$''-6($'! *)/! ;*88(! %-&(00-):! "#('! )$$/'! *!
'<$2(*0!5$)+*0(+1:!N#*+!6$*001!2-)9()2$/!5$!,*'!E*)8C'!%*2786-&)/A!2-5()8!36-5!>#(0(<!
;-66('!,#$6$! 8-()8! ()+-! +#$! 20-+#()8! %&'()$''! ,*'! *0'-! *! '+*%! ()! +#$! /*67=! (+! ,*'! )-+! +#$!
&'&*0!+#()8!+-!/-:!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!X!.! M;?.R.SRTU!

t
`&<$6+! d*''$6A! $B$2&+(9$! 9(2$! <6$'(/$)+! ()! 2#*68$! -3! "$2#)(2*0A! >6-/&2+(-)A!
G)9(6-)5$)+A!*)/!`c?A!+-!,#-5!E*)8!'&%'$V&$)+01!6$<-6+$/A!6$5*67$/4!

os
E*)8!,*'!<&6<-'$01!#(6$/!$B+$6)*001!6*+#$6!+#*)!()+$6)*001:!^$!,*'!*5%(+(-&'!*)/!'+6-)8.
#$*/$/:! ^$! #*/! *! '+6-)8! /6(9$! 3-6! 6$2-8)(+(-):! ^$! ,*)+$/! +-! /-! '-5$+#()8! -&+'+*)/()8:!
E*)8!#*/!<$6'-)*0(+1=!#$!,*'!*!3-62$:!L)/!(5<-6+*)+01A!#$!/(/!)-+!2*661!*00!+#$!+6*<<()8'!-3!
+#$!2-5<*)1!#('+-61:!^$!,*'!-&+'(/$!-3!I$'+0JC'!5*()!2-33$$!'+6&2+&6$:!

rP
2%8=<;=?RGU%8>GJ=%=D%=>?%7DAB?>DFI%";<T?=%

"#$! (/$*! -3! '<$*6#$*/()8! +#$! /$9$0-<5$)+! -3! I$'<6$''-..*! '5*00! -<$6*+(-)! ()! *!
'$<*6*+$!2-5<*)1!,(+#!*!'$<*6*+$!<6-/&2+..,*'!9$61!*<<$*0()8!3-6!E*)8:!D&+!+#$!
+$*5!-3!$(8#+!<$-<0$!#$!()#$6(+$/!,$6$!*2+()8!()!*! e'7&)7,-67'Af!*)/!+#$!%&'()$''!
,*'!0-'()8!5-)$1!()!+#$!-33(2$!'$85$)+!,(+#!30*+!'*0$':!E*)8!'--)!2-)20&/$/!+#*+!
+#$!<6-'<$2+'!3-6!+#$!I$'<6$''-!K1'+$5!()!+#$!-33(2$!'$2+-6!,$6$!0(5(+$/A!%&+!+#*+!
+#$6$!,*'!<-+$)+(*0A!*0%$(+!&)<6-9$)A!()!+#$!#-&'$#-0/!5*67$+:!E*)8!+#-&8#+!+#*+!

yo
#-&'$#-0/'!#$*/$/!%1!,$00.$/&2*+$/A!*330&$)+!UR.!+-!TR.1$*6.-0/!5$)!*)/!,-5$)A!
,#-! $)@-1$/! /6()7()8! 6$'+*&6*)+.V&*0(+1! $'<6$''-! *+! #-5$A! 2-&0/! 2-)'+(+&+$! *!
<6-3(+*%0$! '$85$)+! 3-6! +#$! I$'<6$''-! K1'+$5:! ;*67$+! +6$)/'! $9(/$)+! ()! +#$! 0*+$!
P\WS'!'&<<-6+$/!+#('!(/$*:!F*3J'!*)/!%('+6-'!,$6$!-<$)()8!&<!*26-''!G&6-<$A!*)/!
+#$!'&22$''!-3!8-&65$+!*)/!'<$2(*0+1!2-33$$!2#*()'!()!+#$!gK!a$:8:A!K+*6%&27'A!"#$!
F-33$$! D$*)$61A! *)/! F*6(%-&b! #*/! 0$/! $'<6$''-! +-! %$! <$62$(9$/! *'! *! +6$)/1A!
'-2(*001! $0(+$! /6()7:! "#$! 9*'+! 5*@-6(+1! -3! $'<6$''-! /6()7$6'! +$)/$/! +-! %$! 2(+1!
/,$00$6'! ,(+#! /('2$6)()8! +*'+$'! ()! 3--/:! "#$! 86-,+#! ()! <-<&0*6(+1! -3! M+*0(*)!
op
0(3$'+10$A!2&('()$A!*)/!3*'#(-)!#*/!*0'-!3&$00$/!()+$6$'+!()!+#('!5$+#-/!-3!$B+6*2+()8!
,#*+!,*'!'*(/!+-!%$!+#$!%$'+!*6-5*'!*)/!<-'(+(9$!2-5<-)$)+'!-3!2-33$$:U!
E*)8! %$0($9$/! +#*+! +-! %&(0/! 0-)8.+$65! %&'()$''! ,(+#! '&2#! /('2$6)()8! 2-)'&5$6'A!
I$'<6$''-!#*/!+-!%$!()!+#$!#-&'$#-0/!5*67$+:!E*)8!<6$'$)+$/!#('!6$9('$/!'+6*+$81!
+-! I$'+0JC'! 8$)$6*0! 5*)*8$5$)+! ()! $*601! P\W\:! ?$'<(+$! '&%'+*)+(*0! ()+$6)*0!
'2$<+(2('5!*%-&+!+#$!<6-'<$2+'!3-6!+#$!I$'<6$''-!K1'+$5A!#$!6$2$(9$/!+#$!e86$$)!
tC

0(8#+f!+-!0*&)2#!+#$!#-&'$#-0/!'+6*+$81A!%&+!-)01!()!K,(+[$60*)/:!"#$!6*+(-)*0$!,*'!
+#*+! (+! ,*'! *! #(8#! 6('7! '+6*+$81! +#*+! '+(00! )$$/$/! +-! %$! <6-9$)A! *)/! +#*+! *! '()80$!
5*67$+! 2-&0/! %$! '#&+! /-,)! 5-6$! $*'(01! +#*)! 5&0+(<0$! 5*67$+':! M3! E*)8! 2-&0/!
/$0(9$6!-)!#('!+*68$+!+-!+6(<0$!+#$!'*0$'!9-0&5$!,(+#()!*!1$*6A!+#$!+-<!5*)*8$5$)+!
*86$$/A!+#$)!+#$!%&'()$''!2-&0/!2-)+()&$:!
Z$61! 0(++0$! 5*67$+! 6$'$*62#! -)! +#$! #-&'$#-0/! 5*67$+! $B('+$/! *+! +#$! +(5$:! N#*+!
6$'$*62#!#*/!%$$)!/-)$!()/(2*+$/!0-,!<-+$)+(*0!3-6!+#$!I$'<6$''-!2-)2$<+:!K-5$!
No

/*+*! '#-,$/! +#*+! +#$! <$62$(9$/! 2-)'&5$6! 9*0&$! -3! +#$! 2-33$$! 2*<'&0$! 2-&0/! )-+!
$B2$$/!+#$!0-,!3(8&6$!-3!QR!2$)+(5$'!a*'!-<<-'$/!+-!+#$!+*68$+!2-)'&5$6!<6(2$!-3!
TS! 2$)+(5$'b:! L! 5*67$+! +$'+! ,(+#! 3(9$! &<'2*0$! #-&'$#-0/! *<<0(*)2$! '+-6$'! ()!
K,(+[$60*)/!,*'!'(5(0*601!/('*<<-()+()8:!"#$!-%@$2+(9$!,*'!+-!'$00!PSS!I$'<6$''-!
5*2#()$'! +#6-&8#! ()+$)'(9$! 6$+*(0! 5$62#*)/('()8! *)/! /$5-)'+6*+(-):! "#$! *2+&*0!
'*0$'A!#-,$9$6A!,$6$!0$''!+#*)!#*03!-3!+#$!+*68$+:!"-!*9-(/!%$()8!'#&+!/-,)A!E*)8!
()+$6<6$+$/! +#$! 5*67$+! +$'+! 6$'&0+'! #$! <6$'$)+$/! +-! 2-6<-6*+$! 5*)*8$5$)+! 6*+#$6!
0(%$6*001A!(:$:A!#('!<6$'$)+*+(-)!'#-,$/!*!5-6$!3*9-&6*%0$!<(2+&6$!+#*)!+#$!$9(/$)2$!
'&88$'+$/:!!
Do

L0+#-&8#!5-'+!<$-<0$!()!I$'+0J!2-)'(/$6$/!+#$!2-55$62(*0('*+(-)!-3!I$'<6$''-!+-!
%$! (5<-''(%0$! *+! +#$! +(5$A! +#$! I$'<6$''-! +$*5! ,*'! 2-5<0$+$01! 2-)9()2$/! -3! (+'!
<-+$)+(*0A!/$'<(+$!+#$!86(5!5*67$+!6$'$*62#!3()/()8':!>-()+()8!+-!+#$!3*(0&6$!-3!+#$!
3(6'+! 5*67$+! +$'+'! 3-6! 3*B! 5*2#()$'! *)/! 5-%(0$! <#-)$'A! +#$(6! *++(+&/$! ,*'! +#*+!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Z
(O*3%&"H((W=*66""(M4,"%4$,+*4$0(D+0">(QRR[(,*(JKKJ<X(;*67$+!"6*27()8!M)+$6)*+(-)*0H(JQ\LQ]<(

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!Y!.! M;?.R.SRTU!

t
2-)'&5$6! 6$'$*62#! +$)/'! +-! 6$30$2+! <*'+! $B<$6($)2$..,#(2#! /-$'! )-+! )$2$''*6(01!
0$*/!+-!())-9*+(-):!"#$!2-)+()&()8!2-)9(2+(-)!-3!E*)8!*)/!#('!+$*5!,*'!%*'$/!-)!

os
()+&(+(-)!*)/!*!'+6-)8!<$6'-)*0!%$0($3!()!+#$!I$'<6$''-!K1'+$5:!!
:DBG=GDMGMR%/?BC<?BBD%;=%=>?%3DC%%
E*)8C'! )$,! '+6*+$81! ()9-09$/! <-'(+(-)()8! I$'<6$''-! *,*1! 36-5! +#$! 5-6$!
&+(0(+*6(*)! -33(2$! 2-33$$! *)/! +*68$+()8! 2-)'&5$6'! *+! +#$! +-<! -3! +#$! #-&'$#-0/!

rP
5*67$+:! I$'<6$''-! 5*2#()$'! ,-&0/! %$! <6-/&2$/! ()! K,(+[$60*)/! &)/$6! $B20&'(9$!
*86$$5$)+!,(+#!*!0$*/()8!5*)&3*2+&6$6!-3!$'<6$''-!5*2#()$':!I$'<6$''-!5*2#()$'!
,$6$! '-0/! +#6-&8#! '$0$2+$/! #-&'$#-0/! *<<0(*)2$! 6$+*(0$6'A! /$<*6+5$)+! '+-6$'A!
$0$2+6(2*0! -&+0$+'A! *)/! 7(+2#$),*6$! '+-6$':! I$'<6$''-! 5*2#()$'! 6$+*(0$/! ()! +#$!
6*)8$!-3!KO6!URS!+-!KO6!\SS:!`$+*(0$6'!$*6)$/!*!QR_!+-!UR_!5*68()!-)!+#$!'*0$!-3!
+#$!5*2#()$':!;*2#()$!5*7$6'!$*6)$/!*!US_!+-!UR_!5*68()A!+1<(2*0!3-6!*!<6-/&2+!
-3! +#('! +1<$:! L8*()A! I$'+0J! /(/! )-+! <6-3(+! 36-5! +#$! '*0$! -3! +#$! 5*2#()$':! "-!
*22-5<*)1! #('! 80-%*0! *5%(+(-)'A! E*)8! '&%'$V&$)+01! /$9$0-<$/! e5*2#()$!

yo
<*6+)$6'#(<'f! ,(+#! '$9$6*0! ()+$6)*+(-)*0! <6-/&2$6'! *)/! /('+6(%&+-6'! -3! #-&'$#-0/!
*<<0(*)2$'!0(7$!;*+'&'#(+*A!l6&<'A!>#(0(<'A!L0$''(A!]&6*A!*)/!;*8(5(B:!!
?&6()8!+#('!<$6(-/A!E*)8!*)/!#('!+$*5!()+6-/&2$/!5-/(3(2*+(-)'!+-!+#$!/$'(8)!-3!
+#$!2-33$$!2*<'&0$'!+#*+!2&+!5*+$6(*0!2-'+'!,#(0$!5*7()8!+#$5!6$2120*%0$:!!
d*''$6!2-55$)+$/!-)!+#$!)$,!'+6*+$814!
op
"#$6$!,$6$!)-+!5*)1!<$-<0$!()!+#$!2-5<*)1!,#-!%$0($9$/!()!I$'<6$''-A!%&+!E*)8!/(/:!^$!
,*'!+-+*001!2-)9()2$/!-3!+#$!-<<-6+&)(+1:!I$'<6$''-!,*'!<&6<-'$01!6&)!*+!*65C'!0$)8+#!*)/!
)-+!%&(0+!()+-!I$'+0JC'!5*()!2-33$$!'+6&2+&6$:!H&6!FGH!2#*00$)8$/!E*)8!*!0-+:!^$!3-&)/!+#$!
2#*00$)8$!5-+(9*+()8=!#$!0(7$/!(+:!!
M)/(9(/&*001.<-6+(-)$/!2-33$$!,*'!*)!(/$*!5*()01!<&'#$/!3-6,*6/!%1!`c?:!"#$6$!,*'!*!0-+!
-3!()+$6)*0!26(+(2('5!*+!+#$!+(5$A!%&+!+#$!<6-@$2+!8-+!'&<<-6+!36-5!I$'+0JC'!FGHA!,#-!/*6$/!
+-! /-! '-5$+#()8! /(33$6$)+:! N#$)! '-5$+#()8! ('! )$,A! (+! ,(00! *0,*1'! 5$$+! ,(+#! 6$'('+*)2$:!
tC

"#$6$!,(00!*0,*1'!%$!*!0-+!-3!+6#!*)/!:3,#:!;-'+!<$-<0$!/(/)C+!+#()7!I$'<6$''-!,-&0/!%$!*!
6$9-0&+(-)*61!(/$*:!"#$6$!,*'!*!2-)2$6)!+#*+!(+!,-&0/!/('+6*2+!&'!36-5!-&6!2-6$!%&'()$''!()!
()'+*)+!2-33$$:!M+!,*'!'$$)!*'!2-5<$+(+(-)!+-!()'+*)+!2-33$$:!!

#?VA=%DJ%=>?%/?BC<?BBD%NFAV%
"#$! '#(3+! +-! +#$! #-&'$#-0/! 5*67$+!'--)!0$/!+-!*!6$.$9*0&*+(-)! -3! +#$! '+6*+$81! 3-6!
/('+6(%&+(-):! "#$! (/$*! -3! 2#*))$00()8! 2*<'&0$! '*0$'! +#6-&8#! '&<$65*67$+'! ,*'!
No

$B<0-6$/!%&+!6$@$2+$/!*'!E*)8!3$0+!+#*+!+#('!,-&0/!'(5<01!+6*)'3$6!+#$!<6-3(+*%(0(+1!
-3! +#$! %&'()$''! *,*1! 36-5! I$'<6$''-:! L)! $*60($6! *++$5<+! +-! '$00! +#$! 2-33$$!
2*<'&0$'!()!gK!3--/!-&+0$+'!#*/!*2+&*001!3*(0$/!%$2*&'$!+#$!2-)'&5$6!%*'$!#*/!)-+!
%$$)! %6-*/! $)-&8#! *)/! 6$+*(0$6'! #*/! %$$)! 0$3+! ,(+#! *! 2-)'(/$6*%0$! '+-27! -3! '+*0$!
2-33$$!2*<'&0$':!GB<$6($)2$!'#-,$/!+#*+!(+!2-&0/!+*7$!&<!+-!+#6$$!5-)+#'!3-6!+#$!
I$'<6$''-!2*<'&0$'!+-!*66(9$!-)!'+-6$!'#$09$'A!2&++()8!()!#*03!+#$!+(5$!6$5*()()8!
&)+(0!+#$!%$'+.%$3-6$!$B<(61!/*+$:!N(+#!'&2#!*!'#-6+!'#$03.0(3$A!V&*0(+1!2-&0/!)-+!%$!
*''&6$/:!!
L'! +#$6$! ,$6$! '+(00! '-5$! )*88()8! <6-%0$5'! ,(+#! +#$! 6$0(*%(0(+1! -3! +#$! I$'<6$''-!
Do

5*2#()$'A! *)/! V&(27! '$69(2$! +&6)*6-&)/! ,*'! 2-)'(/$6$/! 26(+(2*0A! E*)8! '$([$/! -)!
+#$!(/$*!-3!&'()8!*!/(6$2+!5*67$+()8!2#*))$0!+-!'+*1!20-'$!+-!+#$!2-)'&5$6:!"&6)()8!
*! +$2#)(2*0! 2-)'+6*()+! ()+-! *)! $0$8*)+! 5*67$+()8! '-0&+(-)A! E*)8! 2-)2$(9$/! *)/!
0*&)2#$/!+#$!I$'<6$''-!F0&%A!,#(2#A!()!*//(+(-)!+-!#*)/0()8!'$69(2$!2*00'A!-33$6$/!
2-)'&5$6'4!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!W!.! M;?.R.SRTU!

t
• )%*342L,'"L&0*&A( *%2"%L,$A+4;4! F-)'&5$6'! 2-&0/! +$0$<#-)$! *! )*+(-)*0! 2*00!
2$)+6$!QT!#-&6'!*!/*1A!Y!/*1'!*!,$$7:!H6/$6'!3-6!I$'<6$''-!2*<'&0$'!2-&0/!

os
%$!<0*2$/!%1!+-00.36$$!+$0$<#-)$A!3*BA!5*(0A!*)/!$9$)+&*001!-9$6!+#$!M)+$6)$+:,
• 7%*91,(2"0+5"%.(*6(6%"#'(&*66""4!N(+#()!+,-!%&'()$''!/*1':,
• 7"%#*4$0+#"2( $25+&"4! "6*()$/! 2-33$$! '<$2(*0('+'! ,$6$! -)! #*)/! +-! */9('$!
2-)'&5$6'! *%-&+! +#$! /(33$6$)+! 30*9-&6'! *)/! <6-9(/$! +$2#)(2*0! *''('+*)2$! -)!

rP
+#$! 5*2#()$:! F0&%! 5$5%$6'! 2-&0/! *0'-! %$)$3(+! 36-5! 6$2(<$! '&88$'+(-)'A!
I$'<6$''-!*22$''-6($'A!'<$2(*0!-33$6'A!*)/!8$+!()3-65*+(-)!*%-&+!)$,!2-33$$!
%0$)/':!
E*)8! *0'-! <&+! ()! <0*2$! '-5$! '+6()8$)+! -<$6*+()8! 6&0$':! O-6! $B*5<0$A! ()! +#$!
I$'<6$''-! F0&%'A! +$0$<#-)$'! #*/! +-! %$! *)',$6$/! ,(+#()! +#6$$! 6()8'A! *)/! #$!
()'('+$/! +#*+! '+*33! *)/! 5*)*8$6'! /6$''! ()! *! ,*1! +#*+! 6$30$2+$/! ,$00! -)! +#$! 0&B&61!
(5*8$!-3!+#$!'1'+$5!+#$1!,$6$!'$00()8:!

yo
"#$!F0&%!,*'!*)!(55$/(*+$!'&22$'':!>&62#*'$6'!-3!+#$!I$'<6$''-!5*2#()$'A!'-0/!
+#6-&8#! #-&'$#-0/! *<<0(*)2$! '+-6$'A! *&+-5*+(2*001! %$2*5$! 5$5%$6'! -3! +#$!
I$'<6$''-! F0&%:! "#$! F0&%! 2-)2$<+! ,*'! +#$! 3(6'+! /(6$2+! 5*67$+()8! $B<$6(5$)+!
,(+#()!+#$!0*68$6!I$'+0J!-68*)('*+(-):!M)!P\\S!+#$6$!,$6$!QAYSS!F0&%!5$5%$6'!()!
K,(+[$60*)/A!O6*)2$A!]*<*)A!*)/!+#$!gK:!M)!+#*+!1$*6A!+#$!'+6$+2#!'*0$'!+*68$+'!'$+!*!
1$*6! $*60($6! #*/! %$$)! '&6<*''$/:! I$'<6$''-! F0&%'! ,$6$! 0*+$6! $'+*%0('#$/! ()!
d$65*)1!*)/!+#$!D$)$0&B!aP\\Qb!*)/!()!K<*()A!L&'+6(*A!*)/!+#$!gl!aP\\Xb:!"#$!
I$'<6$''-! K1'+$5! ,*'! *0'-! *9*(0*%0$! +#6-&8#! *8$)+'! ()! +#$! ;(//0$! G*'+A! '-&+#.
op
$*'+!L'(*A!*)/!L&'+6*0(*:!!
8C<?;IGMR%=>?%PD<I%

L'! <*6+! -3! +#$! '+6*+$81! +-! 3&6+#$6! ()+$6)*+(-)*0('$! *)/! <-'(+(-)! +#$! I$'<6$''-!
K1'+$5! *'! *! <6$5(&5! <6-/&2+A! +#$! 2-5<*)1! '-&8#+! +#$! <*+6-)*8$! -3! D6(+('#!
tC

L(6,*1'A! F*+#*1! >*2(3(2A! *)/! K,(''*(6A! *5-)8'+! -+#$6'A! ,#(2#! %$8*)! '$69()8!
I$'<6$''-! 2-33$$! -)! %-*6/! +#$(6! 0-)8.#*&0! 3(6'+! 20*''! 30(8#+':! "-<! 6$'+*&6*)+'A!
5-'+01!()!O6*)2$!*)/!D$08(&5A!,$6$!*0'-!'-0(2(+$/:!M)!2-&)+6($'!,#$6$!I$'<6$''-!
F0&%'!$B('+$/A!#$*91!()9$'+5$)+'!,$6$!5*/$!()!+6*()()8!'*0$'!20$67'!()!6$+*(0!'+-6$'!
,#$6$!I$'<6$''-!5*2#()$'!,$6$!'-0/:!GB<$6($)2$!'#-,$/!+#*+!'*0$'!20$67'!)$$/$/!
+-! 8(9$! *! #(8#! 0$9$0! -3! *++$)+(-)! +-! 2-)'&5$6'! ()! -6/$6! +-! '$00! +#$! I$'<6$''-!
5*2#()$':! "#$! +6*()()8! *)/! 3()*)2(*0! ()2$)+(9$'! ,$6$! '$$)! *'! 7$1'! +-! '&<<-6+()8!
*)/!5-+(9*+()8!6$+*(0!20$67'!+-!/$5-)'+6*+$!*)/!'$00!+#$!5*2#()$':!!
No

?$'<(+$! +#$! '+$<.%1.'+$<! ()+$6)*+(-)*0! 86-,+#A! )-! 5*@-6! */9$6+('()8! -6! <&%0(2!
6$0*+(-)'!2*5<*(8)'!,$6$!&)/$6+*7$):!"#$!I$'<6$''-!F0&%!,*'!+#$!2#($3!5$*)'!-3!
2-55&)(2*+(-):!"#$!2-5<*)1!6$0($/!5*()01!-)!,-6/.-3.5-&+#!-)!+#$!<*6+!-3!(+'!
$B+6$5$01!0-1*0!2-)'&5$6!%*'$!+-!<6-5-+$!+#$!I$'<6$''-!K1'+$5:!L036$/!i-*7(5A!
,#-!#*/!%$$)!<*6+!-3!+#$!-6(8()*0!I$'<6$''-!<6-/&2+!/$9$0-<5$)+!+$*5A!'*(/4!
L/9$6+('()8!('!8--/!3-6!+#$!(5*8$:!M+!2*)!6$*''&6$!2-)'&5$6'!*)/!2-55&)(2*+$!*)!(5*8$!-3!
V&*0(+1:! D&+! MC5! )-+! 2-)9()2$/! (+! ,(00! 5*7$! *! 2-)'&5$6! 2#*)8$! +-! $'<6$''-! *)/! %&1! +#$!
I$'<6$''-!K1'+$5:!O-6!+#('A!,$!2*)!-)01!6$01!-)!,-6/.-3.5-&+#:!
Do

`&<$6+!d*''$6!2-)2&66$/4!
N$!/-)C+!)$$/!5*''!5$/(*!-6!+$0$9('(-):!N$C6$!+*68$+()8!+#$!&%^9"(2"(0$(&%^9":!N$!)$$/!
'(5<0$6!5$*)'A!&)2-)9$)+(-)*0!,*1'!-3!6$*2#()8!)$,!2-)'&5$6':!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!\!.! M;?.R.SRTU!

t
2U>G?*GMR%W<DX=>%;MI%:<DJG=B%

os
g)/$6! E*)8C'! 0$*/$6'#(<A! IFK! *2#($9$/! %6$*7$9$)! ()! P\\R! *)/! '&%'$V&$)+01!
%$2*5$! -)$! -3! +#$! 3*'+$'+! 86-,()8! %&'()$''! &)(+'! ()! +#$! I$'+0J! -68*)('*+(-):! D1!
P\\Y! I$'<6$''-! F0&%! 5$5%$6'! )&5%$6$/! QQSASSS! a6$30$2+()8! *! US_! *9$6*8$!
1$*601!()26$*'$bA!+#$!2-5<*)1C'!6('+6$++-!9*6($+1!#*/!,-)!'<$2(*0!6$2-8)(+(-)!36-5!
+#$! M)+$6)*+(-)*0! M)'+(+&+$! -3! F-33$$! "*'+$6'A! *)/! +#$! 2-5<*)1! #*/! ()'+*00$/! *!
'$2-)/!<6-/&2+(-)!0()$!3-6!+#$!2*<'&0$'!*)/!,*'!5*)&3*2+&6()8!+#$5!*6-&)/.+#$.

rP
20-27:!!
E*)8!,*'!7)-,)!*'!*!+-&8#!5*)*8$6!%1!+#$!+$*5!-3!e1-&)8!+(8$6'f!#$!#*/!%&(0+A!
'-5$! -3! ,#-5! #$! #*/! #(6$/! *,*1! 36-5! 3(6'+.20*''! 2-)'&5$6! 8--/'! 2-5<*)($':!
E*)8!,*'!*0'-!7)-,)!*'!*!'+6-)8.,(00$/!<$6'-)!,#-!/(/!)-+!8(9$!&<!$*'(01:!>$-<0$!
6$2*00$/!+#*+!$9$61!,()!8*9$!#(5!*!%--'+:!^$!6$'('+$/!*00!$33-6+'!+-!*<<01!5$+#-/'!
+#*+!5(8#+!0$*/!+-!6('7.*9-(/*)2$!*'!#$! 3$0+!+#$!I$'<6$''-!%&'()$''!#*/!+-!8-!-)!
+*7()8! 6('7':! ^-,$9$6A! '-5$! ,#-! ,-67$/! 20-'$01! ,(+#! E*)8! 3-&)/! #('! '+6-)8.

yo
#$*/$/)$''!*!%*66($6:!M)!+#$!,-6/'!-3!-)$!-3!#('!*''-2(*+$'4!
^$!,*'!<*''(-)*+$!*%-&+!#('!-,)!(/$*'!%&+!)-+!+#-'$!-3!#('!2-00$*8&$':!^$!,*'!(5<*+($)+A!
,*)+()8!+-!5*7$!+#()8'!#*<<$)!()!)-!+(5$:!^$!,*'!*!+-&8#!%-''A!*!/(33(2&0+!<$6'-)!+-!,-67!
,(+#!*)/!5*)*8$:!

-&)*10+2,*,->03*1),C'&,4++'I*10'+,
op
?(33$6$)+!-<()(-)'!,$6$!$B<6$''$/!6$8*6/()8!,#*+!+#$!$B<$6($)2$!-3!%6()8()8!+#$!
I$'<6$''-! K1'+$5! +-! 5*67$+! 5$*)+! 3-6! +#$! 0*68$6! I$'+0J! -68*)('*+(-):! E*)8!
%$0($9$/!+#*+!#$!#*/!26$*+$/!*)!$)9(6-)5$)+!,#$6$!#('!+$*5!2-&0/!+*7$!()+$00(8$)+!
6('7'!*)/!,#$6$!$9$61-)$!2-&0/!%$!*)!())-9*+-6:!E*)8!3$0+!+#*+!(3!#$!#*/!'+&27!+-!
*)! e*651.0(7$! '+6&2+&6$Af! I$'<6$''-! ,-&0/! #*9$! 3*(0$/A! *'! #$! %$0($9$/! +#*+!
*)1+#()8! 5(0(+*61.0(7$! ,-&0/! '+*5<! -&+! ())-9*+(-):! O-6! #(5A! #*9()8! *)! ()3*)+61!
tC

+#*+! 5*62#$'! ,#$)! (+C'! +-0/! +-! 5*62#! *)/! *''&5$'! +#*+! +#$! 2#*()! -3! 2-55*)/!
7)-,'! %$'+A! ,-&0/! )-+! 0$*/! +-! ())-9*+(-):! E*)8! ,*'! 7)-,)! +-! *22$<+! '+6&2+&6$!
,#$6$!(+!'$69$/!#('!<&6<-'$!*)/!e#$0<$/!<$-<0$!+-!/-!*!8--/!@-%:f!^$!6$@$2+$/!(+!()!
()'+*)2$'!,#$6$!e(+!'+-<<$/!<$-<0$!36-5!())-9*+()8:f!!

E*)8!,$)+!+-!86$*+!0$)8+#'!+-!7$$<!+#$!I$'<6$''-!2-)2$<+!*0(9$A!'-5$+(5$'!/-()8!
+#()8'! *+! +#$! $/8$'! -3! +#$! I$'+0J! -68*)('*+(-):! ^$! *0'-! $'+*%0('#$/! <6(9(0$8$/!
2-)+*2+'!,(+#!#(8#!0$9$0!5$5%$6'!-3!+#$!+-<!5*)*8$5$)+:!O-65$6!$B$2&+(9$!9(2$!
No

<6$'(/$)+! >*8*)-A! ,#-! %$3-6$! #('! 6$+(6$5$)+! *+! +#$! $)/! -3! P\\P! #$0/! <6(9*+$!
/('2&''(-)'!,(+#!E*)8A!6$5*67$/4!
I$'<6$''-!,*'!/$9$0-<$/!*'!*!+-+*001!())-9*+(9$!'1'+$5:!E*)8!26*3+$/!*!'+6*+$8(2!(5*8$!+#*+!
,*'! 2-)'('+$)+01! 2*66($/! +#6-&8#:! L+! -)$! +(5$A! #$! ,*'! '-! 2-)9()2$/! -3! +#$! 2-)2$<+C'!
<-+$)+(*0!+#*+!#$!$9$)!+6($/!+-!%&1!I$'<6$''-:!!

>*8*)-! 3$0+! +#*+! *)! ()/(9(/&*0C'! <$6'-)*0(+1! ,*'! +6$5$)/-&'01! (5<-6+*)+! ,(+#!
6$'<$2+!+-!())-9*+(-)4!
Do

M+C'!)-+!)$2$''*6(01!+#$!()9$)+-6!-3!*)!(/$*!,#-!#*'!+#$!2*<*%(0(+1!+-!+*7$!(+!3-6,*6/:!"#('!
)$$/'!2-&6*8$A!0$*/$6'#(<A!+$5<$6*5$)+A!*)/!2#*6('5*:!L)!-68*)('*+(-)!*0'-!)$$/'!+-!%&(0/!
()!+#$!6(8#+!+-!5*7$!5('+*7$':!"#('!5$''*8$!('!)-+!*0,*1'!8-()8!/-,)!+#6-&8#!+#$!j%&)7$6C!
-3!-&6! 5(//0$! 6*)7':!M+C'! '+&27! -6!)-+!%$()8! <6-<$601! $B<0*()$/:!I$'+0J!)$$/'! <$-<0$! ,#-!
2*)!+*7$!*)!(/$*A!%$0($9$!()!(+A!*)/!%6()8!(+!+-!36&(+(-)!*8*()'+!+#$!-//':!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!PS!.! M;?.R.SRTU!

t
`&<$6+!d*''$6A!,#-!#*/!-9$6'$$)!+#$!$)+(6$!I$'<6$''-!/$9$0-<5$)+!*)/!%$0($9$/!
()! 8(9()8! %6-*/! 6$'<-)'(%(0(+1! +-! 6('7.+*7$6'A! +#$! e1-&)8'+$6'f! *'! #$! 2*00$/! +#$5A!

os
-33$6$/!#('!()'(8#+'!()+-!+#$!())-9*+(-)!<6-2$''!*+!I$'+0J4!
H&6!<6-%0$5!('!)-+!*!0*27!-3!8--/!(/$*':!N$!#*9$!+--!5*)1!-3!+#$5:!"#$!7$1!('!+-!%$!*%0$!
+-! $B+6*2+! *)! (/$*A! 2*661! (+! 3-6,*6/! ()! +#$! -68*)('*+(-)A! *)/! +6*)'3-65! (+! -)+-! +#$!
'&<$65*67$+!'#$03:!"#$!6$*0!%*66($6!+-!())-9*+(-)!('!<$62$(9$/!6('7:!>$-<0$!*'7!+#$5'$09$'A!
hN#1! '#-&0/! M! $)8*8$! ()! *! <6-2$''! ,(+#! *)! &)2$6+*()! -&+2-5$kh! >$-<0$! 6$@$2+! 6('7.+*7()8!

rP
%$2*&'$! +#$1! 3$$0! (+! 2*)! $)/*)8$6! +#$(6! 2&66$)+! '+*+&'A! +#$(6! @-%':! L+! I$'+0JA! ,$! )$$/! +-!
26$*+$!*!6('7.36($)/01!$)9(6-)5$)+!,#$6$!<$-<0$!/-)C+!3$$0!&)/&01!$B<-'$/:!N$!5&'+!*22$<+!
+#*+!<$-<0$!5*7$!$66-6':!D&+!3*(0&6$!/&$!+-!+61()8!'-5$+#()8!)$,!'#-&0/)C+!%$!*!2*6$$6!6('7:!
K-5$+(5$'!1-&!#*9$!+-!'#$0+$6!+#$!6$*0!())-9*+-6'A!+#$!6('7!+*7$6':!

L+! +#$! '*5$! +(5$A! d*''$6! %$0($9$/! +#*+! ())-9*+-6'! )$$/$/! +-! %$! -22*'(-)*001!
2#*00$)8$/!+-!5*7$!'&6$!+#$1!#*/!)-+!(8)-6$/!(5<-6+*)+!/$+*(0':!^$!'*(/4!

yo
K-5$+(5$'! <$-<0$! ,#-! <&'#! 3-6! ())-9*+(9$! (/$*'! 3-68$+! '-5$! %*'(2! +#()8':! D&+! %1! %$()8!
2#*00$)8$/!()!*!/(*0$2+(2!<6-2$''A!+#$1!(5<6-9$!+#$(6!'-0&+(-)':!M+C'!*!<-'(+(9$!<6-2$'':!

d*''$6! 6$2-8)('$/! +#*+! ())-9*+(-)! ()! *! 0*68$! 2-6<-6*+(-)! 0(7$! I$'+0J! ,*'! *!
2-5<0$B!<6-2$''4!
d6-,+#! +#6-&8#! *2V&(6()8! %6*)/'! *)/! 2-5<*)($'! ('! 6$0*+(9$01! 0-,! 6('7:! D&(0/()8! )$,!
%&'()$''!('!/(33$6$)+=!(+C'!5-6$!2-5<0$B!*)/!2*66($'!#(8#$6!6('7':!M)!-&6!2-5<*)1A!,$!5&'+!
op
%$!*%0$!+-!8$+!`c?A!5*)&3*2+&6()8A!*)/!+#$!0-2*0!I$'+0J!5*67$+!2-5<*)($'!+-!,-67!()!20-'$!
<6-B(5(+1:! "#('! )$$/'! +-! %$! *! 2-)'+6&2+(9$! <6-2$''=! -+#$6,('$A! ())-9*+(-)! ,(00! )-+! %$!
'&22$''3&0:!!

^$!*86$$/!+#*+!())-9*+(-)!*)/!6$)-9*+(-)!,$6$!%-+#!)$2$''*61!3-6!I$'+0JT4!!
"-! '+*1! 9(*%0$! ()! +#$! 0-)8.+$65A! ,$! )$$/!%-+#! ())-9*+(-)! *)/!6$)-9*+(-):!M))-9*+(-)! ('! *!
tC

V&*)+&5! 0$*<! +#*+! ('! )-+! )$2$''*6(01! -)01! 6$0*+$/! +-! <6-/&2+':! M+! 2*)! *0'-! %$! 6$0*+$/! +-!
5*)&3*2+&6()8! <6-2$''! (5<6-9$5$)+! -6! +6*/$! 2#*))$0':! `$)-9*+(-)A! -)! +#$! -+#$6! #*)/A! ('!
5-6$!()26$5$)+*0=!(+!*00-,'!1-&!+-!'#*6<$)!1-&6!20*,'!$9$61!/*1:!

L+! I$'+0JA! (/$)+(31()8! #(8#! <-+$)+(*0! ()/(9(/&*0'! ,#-! ,-&0/! 3-'+$6! 2#*)8$! *)/!
())-9*+(-)!,*'!*!'$)(-6!5*)*8$5$)+!6$'<-)'(%(0(+1:!D6*%$27!<$6'-)*001!3-00-,$/!
+#$! 2*6$$6'! -3! '$9$6*0! ()/(9(/&*0'! ,(+#! +#$! *(5! -3! <(27()8! +#$! 6(8#+! <$-<0$! 3-6!
+-&8#!*''(8)5$)+'!*)/!#$0<()8!+#$5!+-!86-,!()!+#$(6!@-%':!^$!%$0($9$/!+#*+!I$'+0J!
No

)$$/$/! 5*)*8$6'! +-! 7$$<! +#$! 2-6$! %&'()$''$'! 6&))()8A! ,#-! ,-&0/! *''&6$! -6/$6!
*)/! /('2(<0()$! *)/! <6-9(/$! '$2&6(+1! *)/! 0-)8$9(+1:! D&+! #$! *0'-! '*,! +#$! )$$/! +-!
<6-9(/$!'<*2$!3-6!,#*+!#$!2*00$/!e2#*)8$!/6(9$6':f!D&+!+#('!2#*)8$!,*'!2-5<0$B:!
D6*%$27!$B<0*()$/4!

i-&!2*)C+!(5<-'$!2#*)8$!36-5!+#$!+-<:!i-&!2*)!-)01!26$*+$!*)!$)9(6-)5$)+!+#*+!'+(5&0*+$'!
2#*)8$:! ;*)1! 5*)*8$6'! ()! 0*68$! ()'+(+&+(-)'! #*9$! %$$)! +6*()$/! +-! 7$$<! +#()8'! 6&))()8! *'!
+#$1! #*9$! %$$):! "#$1! #*9$! 0$*6)$/! +-! 2-5<01! ,(+#! *)! $)-65-&'! )&5%$6! -3! /$+*(0$/!
<6-2$/&6$'!*)/!'1'+$5':!"#$1!,$6$!+*&8#+!%1!$B<$6($)2$!+#*+!+#$1!*6$!%$++$6!-33!3-00-,()8!
Do

+#$! $B<$2+$/! *)/! *22$<+$/! +6*27'! -3! 6-&+()$! 6*+#$6! +#*)! 9$)+&6()8! -&+! ()+-! +#$! )$,! *)/!
&)$B<$2+$/:!!
N$!)$$/!+-!26$*+$!*!20(5*+$!,#$6$!+#$6$!('!*!2$6+*()!36$$/-5!+-!3*(0A!*)/!,#$6$!+#-'$!<$-<0$!
,#-!*6$!<6-5-+$/!#*9$!5*/$!/$2('(-)'!*)/!2*66($/!+#$5!-&+A!$9$)!(3!+#$1!,$6$!)-+!*0,*1'!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
T
!M))-9*+(-)!*)/!6$)-9*+(-)!6$3$66$/!+-!6*/(2*0!*)/!()26$5$)+*0!2#*)8$'!6$'<$2+(9$01:!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!PP!.! M;?.R.SRTU!

t
PSS_!'&22$''3&0:!N$!/-)C+!,*)+!+-!*/9*)2$!+#$!2*6$$6'!-3!+#-'$!,#-!#*9$!)$9$6!5*/$!*!
5('+*7$!%$2*&'$!+#$1C9$!)$9$6!/-)$!*)1+#()8!$B2$<+!*<<01!+#$!6&0$':!N$!#*9$!+-!(/$)+(31A!

os
3-'+$6A!*)/!5$)+-6!<$-<0$!,#-!#*9$!<6-9$)!+#*+!+#$1C6$!,(00()8!+-!'+(27!+#$(6!)$27!-&+A!,#-!
5*/$!*!5('+*7$A!0$*6)$/!36-5!+#$!5('+*7$A!*)/!*6$!,(00()8!+-!2-)+()&$!+*7()8!6('7':!!

H)!+#$!-+#$6!#*)/A!D6*%$27!-%'$69$/4!
M3! 1-&C6$! -)01! %$()8! ())-9*+(9$! *)/! 26$*+(9$A! %&+! )-+! <6-/&2()8! 6$0(*%0$! <6-/&2+'A! 1-&C00!

rP
'--)!%$!-&+!-3!%&'()$'':!O-6!I$'+0JA!+#$!V&*0(+1!*)/!'$2&6(+1!-3!-&6!<6-/&2+'!('!3&)/*5$)+*0:!

O-6! L036$/! i-*7(5A! +#$! #$*/! -3! +#$! I$'<6$''-! /$9$0-<5$)+! +$*5! 36-5! (+'! $*601!
/*1'A!+#$6$!,$6$!0$''-)'!-)!())-9*+(-)!36-5!I$'<6$''-C'!$B<$6($)2$4!!
D1!'+*1()8!()!*)!(9-61!+-,$6A!1-&!2*)!(5<6-9$!*)!$B('+()8!<6-/&2+A!%&+!1-&!2*)C+!())-9*+$:!
"-!())-9*+$A!1-&!)$$/!+#$!36$$/-5!+-!5*7$!1-&6!-,)!/$2('(-)'A!+-!)-+!3-00-,!+#$!-0/!6&0$':!
;*67$+()8! <$-<0$! 2*)! ())-9*+$! %$2*&'$! +#$1! *6$! 36$$! -3! +$2#)(2*0! 6$'+6(2+(-)':! "$2#)(2*0!

yo
<$-<0$!2*)!())-9*+$!%$2*&'$!+#$1!*6$!36$$!-3!2-55$62(*0!2-)'(/$6*+(-)':!N#*+!,$!#*9$!+-!
/-!('!<&+!+#$!+,-!+-8$+#$6:!"#$6$C'!'+(00!6--5!+-!())-9*+$!()!+#$!$'<6$''-!5*67$+:!"#$!-)01!
0(5(+!+-!())-9*+(-)!('!-&6!(5*8()*+(-):!

=).(&)..',L+7)&,=)M,N)*7)&.@0(,
E*)8C'!+$)&6$!*+!IFK!,*'!)-+!,(+#-&+!2-)+6-9$6'1:!^$!,*'!+#-&8#+!%1!'-5$!+-!%$!
op
*!5*9$6(27A!*)!e-&+.-3.+#$!%-Bf!5*)*8$6!,#-!3-62$3&001!<&'#$/!3-6!#('!(/$*'A!*)/!
,#-!3-&)/!%$()8!2#*00$)8$/!%1!#('!'&<$6(-6'!5-+(9*+()8:!d*''$6!2*00$/!#(5!*!6$*0!
3-62$!%$#()/!+#$!I$'<6$''-!<#$)-5$)-)!*)/!*!e6*6$!%(6/:f!E*)8!,*'!'&%'$V&$)+01!
)-5()*+$/! +-! *! '$0$2+! 0('+! -3! 5*)*8$6'! ,#-5! I$'+0J! 2-)'(/$6$/! *'! e2-6<-6*+$!
*''$+':f! E*+$! ()! P\\Y! *)! -<<-6+&)(+1! 2*5$! *0-)8! 3-6! E*)8! +-! 5-9$! +-! +#$! gK! +-!
,-67! -)! I$'+0JC'! 0*68$! %&+! &)/$6.<$63-65()8! (2$.26$*5! %&'()$'':! "#$!
*<<-()+5$)+!,*'!2-)'(/$6$/!%1!$9$61-)$A!()20&/()8!E*)8!#(5'$03A!*!+(5$01!2*6$$6!
tC

5-9$:!^-,$9$6A!0$''!+#*)!'(B!5-)+#'!0*+$6A!E*)8!*))-&)2$/!+#*+!#$!,*'!0$*9()8!
I$'+0JA!#*9()8!%$$)!#$*/#&)+$/!%1!*)-+#$6!3--/!2-5<*)1:%
M)!+#$!$1$'!-3!I$'+0JC'!+-<!5*)*8$5$)+A!IFK!#*/!)-,!6$*2#$/!*!26(+(2*0!'+*8$!()!
(+'! $9-0&+(-)! )$$/()8! +-! '#(3+! 8$*6'! 3-6! '&'+*()$/! 3&+&6$! 86-,+#:! M)! +#$! ,-6/'! -3!
d*''$64!
No

"#$! 2#*00$)8$! 3-6! *)1! '5*00A! ())-9*+(9$! -68*)('*+(-)! ('! +-! 5*7$! '&2#! *! +6*)'3-65*+(-):!
I$'<6$''-! )$$/$/! '+6&2+&6$A! %$++$6! -<$6*+(-)*0! $33(2($)21A! 2-)+6-0! -3! 2-'+'A! V&*0(+1A! *)/!
()9$)+-61A! ()! *//(+(-)! +-! 5-/$6)! <$6'-))$0! <-0(2($':! L'! +#$! 2-5<*)1! 86$,A! +#$'$! (''&$'!
%$2*5$!()26$*'()801!(5<-6+*)+:!!

N(00$5!>6-)7A!TTA!*!2*6$$6.0-)8!I$'+0$!5*)*8$6A!,*'!*<<-()+$/!+-!'<$*6#$*/!
+#$!+6*)'3-65*+(-)!*+!IFK:!^$!,*'!2-)'(/$6$/!+-!%$!*!9$61!'+6&2+&6$/!5*)*8$6!
*)/!*!8--/!5*67$+$6:!

O-6! I$'+0JC'! FGHA! I$'<6$''-C'! /$9$0-<5$)+! 6$30$2+$/! '-0(/! +$2#)(2*0! 7)-,.#-,!


Do

2-5%()$/! ,(+#! +#$! 5*67$+()8! '<*67! -3! *)! ()/(9(/&*0! $5%$//$/! ()! *! '&<<-6+()8!
-68*)('*+(-):!D6*%$27!2-55$)+$/4!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!PQ!.! M;?.R.SRTU!

t
"#$6$!,*'!*!0-)8!0$*6)()8!2&69$!+-!+6*)'3-65!+#$!I$'<6$''-!())-9*+(-)!()+-!*)!*22$<+*%0$A!
<$62$(9*%0$!$)/.<6-/&2+!3-6!+#$!2-)'&5$6:!N(+#!>6-)7A!,$C9$!*86$$/!+-!+*7$!+#$!%&'()$''!

os
36-5! +#$! KO6! PRS! 5(00(-)! ,#$6$! (+! '+*)/'! )-,! +-! KO6! P! %(00(-)! ,(+#()! +#$! )$B+! PS! 1$*6':!
"#$)!(+!%$2-5$'!*)!()+$6$'+()8!%&'()$''!3-6!*!2-5<*)1!+#$!'([$!-3!I$'+0J:!!
L+! +#$! '+*6+A! ,$! 6$*0('$/! +#*+! ,$! #*/! +-! '$<*6*+$! +#('! %&'()$''! '-! +#*+! (+! 2-&0/! /$9$0-<! (+'!
-,)! 0(3$:! L+! *! 2$6+*()! <-()+A! *! /(33$6$)+! 5*)*8$5$)+! '+10$! ,*'! )$$/$/:! I-+! $9$61-)$! ('!
8--/!3-6!*00!<#*'$'!-3!*!%&'()$'':!L'!*!86-&<A!I$'+0J!#*'!+#$!6$'-&62$'!+-!2-9$6!+#$!,#-0$!

rP
'<$2+6&5:!M)!*!26('('!5-5$)+A!,$!5*1!%6()8!'-5$-)$!()!36-5!+#$!-&+'(/$A!%&+!)-65*001!,$!
+61! +-! *9-(/! +#(':! N$C6$! )-+! 0--7()8! 3-6! '*9(-&6':! N$! 0--7! 3-6! <$-<0$! ,#-! ,(00! %$2-5$!
0-)8.+$65!2-00*%-6*+-6'!*+!+#$!'$69(2$!-3!+#$!2-5<*)1:!

9:;<,44,

:<DMT%3;T?B%=>?%7?FS!!
yo
<'M*&7.,1@),J+)OP0>>0'+,<*&2)1,

M)!#('!-,)!,-6/'A!N(00$5!>6-)7!,*'!e%-6)!()!I$'+0J:f!H9$6!+#$!2-&6'$!-3!#('!QS.
-//!1$*6!2*6$$6!*+!I$'+0JA!>6-)7!#*/!/$9$0-<$/!*!6$<&+*+(-)!3-6!%$()8!*)!())-9*+-6!
*)/!*!6('7.+*7$6:!N#(0$!5*)*8()8!I$'2*3J!()!+#$!I$+#$60*)/'A!3-6!$B*5<0$A!#$!#*/!
()+6-/&2$/!*!)$,! W&$6_($(0$(&$%,"X! 2-)2$<+! +-! 6$@&9$)*+$! +#$! %6*)/C'! '+*8)*+()8!
op
%&'()$''!()!+#*+!5*67$+:!?$'<(+$!+#$!'2$<+(2('5!-3!#('!'&<$6(-6'A!#$!#*/!*00-2*+$/!
*)! $)+(6$! 5*67$+()8! %&/8$+! +-! <6-5-+$! +#$! )$,! 2-)2$<+4! *! '$0$2+(-)! -3! /(33$6$)+!
I$'2*3J! %0$)/'! ()! *! '+10('#! ,--/$)! %-B:! "#$! 2-)2$<+! ,-67$/! ,(+#! '<$2+*2&0*6!
6$'&0+'A!<&'#()8!'*0$'!&<!%1!5-6$!+#*)!QSS_:!"#('!*)/!-+#$6!5-9$'!%6-&8#+!>6-)7!
+-! +#$! *++$)+(-)! -3! #$*/V&*6+$6':! ^$! V&(2701! %$8*)! +-! 20(5%! +#$! I$'+0J! 6*)7':!
`$30$2+()8!-)!#('!$*601!/*1'!()!I$'+0J!I$+#$60*)/'A!>6-)7!'*(/4!
tC

L'!>$+$6!D6*%$27!'*1'A!hM3!,$!#*/!2-)+()&$/!+-!/-!,#*+!,$C/!*0,*1'!/-)$A!,$!,-&0/!#*9$!
2-)+()&$/!+-!#*9$!,#*+!,$!*0,*1'!#*/..*)!&)'*+('3*2+-61!<$63-65*)2$:h!M!<&'#$/!3-6!+61()8!
'-5$+#()8!)$,:!M3!(+!/(/)C+!,-67A!+#$!,-6'+!2*'$!'2$)*6(-!,*'!+#*+!M!,-&0/!%$!3(6$/:!D&+!'-!
,#*+k!>$-<0$!*'7!5$!(3!(+C'!36&'+6*+()8!+-!,-67!()!*!5&0+()*+(-)*0!0(7$!I$'+0J:!;1!*)',$6!('4!
I-A!MC5!<6-%*%01!5-6$!36&'+6*+()8!+-!-+#$6!5*)*8$6'!+#*)!+#$1!*6$!+-!5$:!M)!*!%(8!2-5<*)1!
0(7$!I$'+0JA!1-&!#*9$!*22$''!+-!6$'-&62$'!*)/!*00!+#$!'-&62$'!-3!())-9*+(-):!i-&!2*)!$(+#$6!
*22$<+! +#$! '1'+$5! -6! 2#*00$)8$! (+:! "#$6$! *6$! )-! #*6/.*)/.3*'+! 6&0$':! MC/! 6*+#$6! *'7! 3-6!
No

3-68(9$)$''!+#*)!<$65(''(-):!

K--)!*3+$6!*66(9()8!*+!IFKA!>6-)7!%$8*)!,-67()8!+-!$)#*)2$!+#$!2-)'&5$6!'$69(2$!
'(/$! -3! +#$! %&'()$'':! "#$! I$'<6$''-! F0&%! /*+*%*'$! ,*'! '$85$)+$/! *22-6/()8! +-!
2-)'&5<+(-)!#*%(+'!*)/!+#$!0$)8+#!-3!5$5%$6'#(<A!*)/!+*68$+$/!2-55&)(2*+(-)'!
,$6$! 0*&)2#$/:! O(3+$$)! +-! +,$)+1! <$62$)+! -3! I$'<6$''-! 2*<'&0$! -6/$6'! 2&66$)+01!
2*5$!36-5!'5*00!-33(2$':!eI$,f!5$5%$6'!a0$''!+#*)!*!1$*6b!,$6$!+6*27$/!20-'$01!
*'! (+! ,*'! 3$0+! +#*+! +#$(6! 0-)8.+$65! 2-)'&5<+(-)! #*%(+'! ,$6$! 3-65$/! %1! &'*8$!
<*++$6)'! $'+*%0('#$/! ()! +#$! 3(6'+! 3$,! 5-)+#':! L! I$'<6$''-! F0&%! '+*33! 5$5%$6!
<$6'-)*001! 3-00-,$/! &<! -)! e#$*91f! 2*<'&0$! &'$6'! a5-6$! +#*)! PSS! 2*<'&0$'! <$6!
Do

5-)+#b! ,#-! /(/! )-+! <0*2$! *)! -6/$6! %1! +#$! 2-5<&+$6.*)+(2(<*+$/! /*+$A! +-! $)'&6$!
+#*+! +#$(6! 5*2#()$! ,*'! 3&)2+(-)()8A! +*7$! -6/$6'A! *)/! *)',$6! V&$'+(-)':! N#$)!
5*2#()$'!)$$/$/!'$69(2$A!+#$!F0&%!*66*)8$/!3-6!36$$!#-5$!<(27.&<!*)/!6$+&6)!-3!
+#$! 6$<*(6$/! *<<0(*)2$:! "#$! 5*2#()$! 5*)&3*2+&6$6! /(/! +#$! 6$<*(6:! L! I$'<6$''-!
5*2#()$!,*'!0-*)$/!36$$!+-!5$5%$6'!/&6()8!+#$!<$6(-/:!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!PU!.! M;?.R.SRTU!

t
>6-)7! %$0($9$/! +#*+! +#$! *%-9$! 6$)-9*+(-)'A! *5-)8! -+#$6'A! ,$6$! )$$/$/! +-! 26$*+$!
2&'+-5$6! ()+(5*21A! %&(0/! 0-)8.+$65! 0-1*0+1A! *)/! <&+! I$'<6$''-! -)! +#$! 6-*/! +-!

os
%$2-5()8!*!5$*)()83&0!2-)2$<+!()!+#$!2-5<$+(+(9$!,-60/!-3!2-33$$:!a!"6"%(,*(,'"(
:(()+70D(6*%(:$&A;%*342(+46*%9$,+*4(*4(,'"(@*%02(&*66""(9$%A",:b!

!BBA?B%JD<%W<DX=>%

rP
N(+#! (+'! PS! $B('+()8! I$'<6$''-! F0&%'! ()! P\\\A! IFK! ,*'! 6$2$(9()8! YASSS! -6/$6'!
,-60/.,(/$! 3-6! 2-33$$! 2*<'&0$'! $*2#! /*1A! *)/! #*/! +#$! 2*<*2(+1! +-! <6-/&2$! URS!
5(00(-)! 2*<'&0$'! *))&*001! a%"6"%( ,*( $D@0E01, Qb:! F0-'$! +-! PSSASSS! I$'<6$''-!
5*2#()$'! #*/! %$$)! '-0/! ()! +#$! <*'+! 1$*6! *0-)$A! %6()8()8! +#$! ()'+*00$/! %*'$! &<! +-!
*%-&+!URSASSS:!I$,!2-)'&5$6'!,$6$!*0'-!2-5()8!-)!%-*6/!a%"6"%(,*($D@0E01,Rb:!!
N#(0$!+#$!I$'<6$''-!2-)2$<+!#*/!26$*+$/!*)/!/-5()*+$/!*)!$)+(6$01!)$,!8-&65$+!
2-33$$!2*+$8-61..+#$!<-6+(-).2-33$$!5*67$+..'$9$6*0!(''&$'!'+(00!#*/!+-!%$!6$'-09$/!

yo
(3!IFK!,*'!+-!*22$0$6*+$!(+'!86-,+#:!>6-)7!,*'!9$61!2-)2$6)$/!+#*+!IFK!#*/A!+-!
/*+$A!-)01!*2#($9$/!*)!*9$6*8$!*,*6$)$''!6*+$!-3!0$''!+#*)!R_!()!(+'!()+$6)*+(-)*0!
5*67$+'A! *)/! <$)$+6*+$/! 0$''! +#*)! P_! -3! #-&'$#-0/':! K-5$! *''$6+$/! +#*+! +#$'$!
6*+(-'! ,$6$! '(8)(3(2*)+01! #(8#$6! *5-)8! &<'2*0$! #-&'$#-0/'A! +#$! 2&66$)+! +*68$+!
'$85$)+! 3-6! I$'<6$''-:! I$9$6+#$0$''A! +#$! 3*2+! 6$5*()$/! +#*+! 9$61! 3$,! 2-33$$!
2-)'&5$6'!*2+&*001!7)$,!*%-&+!+#$!I$'<6$''-!K1'+$5:!!

>6-)7!'*,!+#$!()/(9(/&*0('$/!<-6+(-)!2-)2$<+!-)!,#(2#!+#$!I$'<6$''-!K1'+$5!,*'!
op
%*'$/!*'!*!9(+*0!5$*)'!3-6!6$@&9$)*+()8!+#$!5*+&6$!2-33$$!5*67$+:!D&+!0(++0$!5*67$+!
6$'$*62#!#*/!%$$)!&)/$6+*7$)!+-!/*+$:!>6-)7!6$5*67$/4!
"#$!V&*0(+1!-3!+#$!3&+&6$!/$<$)/'!-)!+#$!V&*0(+1!-3!+#$!<0*)'!1-&!<&+!()+-!*2+(-)!+-/*1A!*)/!
+#$!()3-65*+(-)!-)!,#(2#!+#$1!*6$!%*'$/:!"#*+C'!,#1!5*67$+!6$'$*62#!('!7$1:!O-6!5$A!+#('!
(')C+!*%-&+!8$++()8!6$<-6+'=!(+C'!*%-&+!%$()8!<6$'$)+!/&6()8!+#$!()+$69($,()8!*)/!%$()8!+-+*001!
(55$6'$/! ,(+#! +#$! 2-)'&5$6:! N$! )$$/! +-! 7)-,! +#6$$! +#()8'4! N#1! /-! <$-<0$! %&1! -&6!
tC

<6-/&2+k!N#1!/-!+#$1!%&1!*!2-5<$+()8!%6*)/k!L)/!,#1!/-)C+!+#$1!%&1!*)1!<6-/&2+!()!+#('!
2*+$8-61k! "#$)! ,$! 2*)! 0--7! *+! +#$! +#6$$! ,*1'! +-! 86-,! +#$! %&'()$''4! '$00! 5-6$! +-! 2&66$)+!
2-)'&5$6'A!'$00!+-!2-)'&5$6'!-3!+#$!2-5<$+(+(-)A!*)/!'$00!+-!)-).2*+$8-61!&'$6':!

E--7()8!+-!+#$!3&+&6$A!>6-)7!,*'!2-)2$6)$/!*%-&+!3(9$!(''&$'4!#-,!+-!*++6*2+!)$,!
2-)'&5$6'A! ,#$+#$6! +-! ()+6-/&2$! *! 0-,$6.2-'+! '1'+$5A! #-,! +-! '$69$! *! ,(/$6!
5*67$+A! ,#$+#$6! +-! /(9$6'(31! ()+-! )-).2-33$$! <6-/&2+'A! *)/! #-,! +-! <6$.$5<+!
2-5<$+(+-6':!
No

,)%2==<;U=GMR%/?X%NDMBAS?<B%

;-'+! <$-<0$! /6*)7! $'<6$''-! e*,*1.36-5.#-5$f! ()! 6$'+*&6*)+'A! #-+$0'A! %*6'A! *)/!
36-5! 9$)/()8! 5*2#()$'! ()! -33(2$'! *)/! <&%0(2! *6$*':! ^-5$! 2-)'&5<+(-)! ,*'!
0(5(+$/A!()!<*6+A!%$2*&'$!-3!+#$!<$62$(9$/!#(8#!<6(2$!-3!$'<6$''-.5*7()8!5*2#()$':!
M)! M+*01A! $'<6$''-! ,*'! ()$B<$)'(9$! *+! PASSS! 0(6$! aKO6! S:YRb! *! 2&<! *)/! ,(/$01!
*9*(0*%0$! *+! +#$! )$(8#%-&6#--/! %*6:! H)01! P! ()! R! M+*0(*)! #-&'$#-0/'! 2-)'&5$/!
$'<6$''-!*+!#-5$:!M)!O6*)2$A!+#$!,-60/C'!'$2-)/!0*68$'+!$'<6$''-./6()7()8!)*+(-)A!
Do

XX_!-3!*/&0+'!6$8&0*601!/6*)7!$'<6$''-!%&+!-)01!PQ_!/6*)7!$'<6$''-!*+!#-5$:!M)!
)-6+#$6)! 2-&)+6($'A! 0(7$! +#$! gl! *)/! d$65*)1A! $'<6$''-./6()7()8! ,*'! ()! (+'!
()3*)21A!%&+!86-,()8:!;-'+!gK!#-&'$#-0/'!'+(00!&'$/!$0$2+6(2!/6(<!2-33$$!5*7$6':!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!PT!.! M;?.R.SRTU!

t
E$''!+#*)!P_!-3!gK!2-)'&5$6'!#*/!*)!$'<6$''-!2-33$$!5*2#()$!*+!#-5$:R!>6-)7!

os
6$30$2+$/4!
"#$! I$'<6$''-! K1'+$5! 8&*6*)+$$'! #(8#! V&*0(+1! *)/! -33$6'! 2-)'&5$6'! ()/(9(/&*0! 2#-(2$A!
2-)'('+$)21A!*)/!2-)9$)($)2$:!"#$'$!*6$!+#$!9*0&$'!-3!+#$!3&+&6$:!H)$!+1<$!-3!2-33$$!3-6!*00!
('! *)! -0/.3*'#(-)$/! 2-)2$<+:! D&+! /$'<(+$! +#$! '&22$''! -3! +#$! I$'<6$''-! F0&%! *)/! -&6!
2-5<6$#$)'(9$!7)-,0$/8$!-3!2-)'&5$6!<6$3$6$)2$'!*'!*!6$'&0+!-3!(+A!-&6!*,*6$)$''!6$5*()'!

rP
0-,!()!<6(-6(+1!5*67$+':!N-6/.-3.5-&+#!('!*!'0-,!<6-2$'':!N$!#*9$!+-!3()/!-+#$6!5$*)'!-3!
5*7()8!+#$!I$'<6$''-!2-)2$<+!7)-,):!!

H)$!(/$*!+#*+!#*/!%$$)!(5<0$5$)+$/!*!3$,!1$*6'!*8-!,*'!+-!8(9$!36$$!5*2#()$'!
*)/!2-33$$!2*<'&0$'!+-!-<()(-)!0$*/$6'A!0(7$!<-0(+(2(*)'A!@-&6)*0('+'A!$+2:A!()!7$1!
5*67$+':!"#('!,*'!+#-&8#+!+-!%$!0$''!$B<$)'(9$!+#*)!*!5$/(*!2*5<*(8):!

g)+(0! )-,A! 0(++0$! */9$6+('()8! #*/! %$$)! &'$/! +-! 6*('$! 2-)'&5$6! *,*6$)$''! *%-&+!

yo
I$'<6$''-:!H0/!+(5$6'!0(7$!L036$/!i-*7(5!,$6$!'+6-)801!*8*()'+!+#$!(/$*:!^$!'*(/4!
L/9$6+('()8!,-)C+!/-!&'!*)1!8--/:!M+C'!@&'+!*!,*'+$!-3!5-)$1:!

F*5(00-! >*8*)-! ,*'! *0'-! 2*&+(-&'! *%-&+! +#$! )$,! 86-,+#! '+6*+$8($'! %$()8!
/('2&''$/:!^$!'*(/4!
MC5! ,-66($/! *%-&+! +#$! 5*''! 5*67$+()8! 5$)+*0(+1! +#*+! ('! $)+$6()8! +#$! <(2+&6$:! M)! +#('!
op
%&'()$''A!1-&!2*)C+!+*07!*%-&+!#-&'$#-0/!<$)$+6*+(-)!*)/!5*67$+!*,*6$)$'':!

"-!<6-5-+$!+#$!I$'<6$''-!2-)2$<+!*)/!'*0$'!-3!+#$!5*2#()$'A!IFK!2-)+()&$/!+-!
()9$'+! '(8)(3(2*)+! 6$'-&62$'! a&<,*6/'! -3! KO6! QSS! <$6! 5*2#()$! '-0/b! ()! +6*()()8!
6$+*(0$6'! *)/! /-()8! 5$62#*)/('()8! *)/! ().'+-6$! <6-5-+(-)':! `$2$)+! '+&/($'! #*/!
'#-,)! +#*+! 6$+*(0! /$5-)'+6*+(-)! *22-&)+$/! 3-6! TS_! -3! )$,! 2-)9$6+'! +-! +#$!
I$'<6$''-!K1'+$5:!"#$!6$5*()()8!XS_!-3!)$,!2&'+-5$6'!2*5$!+#6-&8#!,-6/.-3.
tC

5-&+#:!M)!'<6()8!P\\WA!QAPSS!I$'<6$''-!5*2#()$'!#*/!*2+&*001!%$$)!8(9$)!*,*1!
36$$! +-! D$08(*)! 6$+*(0$6'! *'! <*6+! -3! *)! ()2$)+(9$! <6-86*55$! ()(+(*+$/! %1! d$)$6*0!
G0$2+6(2! D$08(&5:! g<-)! '$$()8! +#*+! RR_! -3! +#$'$! )$,! 5*2#()$! -,)$6'! )$9$6!
2*00$/!+#$!F0&%!+-!-6/$6!2-33$$!2*<'&0$'!*)/!*!1$*6!0*+$6A!-)01!QX_!-3!+#$!+*68$+!
86-&<!,$6$!*2+(9$!2&'+-5$6'A!>6-)7!)-+$/4!!
"#$! $B<$6($)2$! 2-)3(65$/! ,#*+! ,$! *06$*/1! 7)$,4! +#*+! <$-<0$! +-! ,#-5! +#$! I$'<6$''-!
K1'+$5!('!+*68$+$/!5&'+!#*9$!*!/$'(6$!+-!/6()7!$'<6$''-!2-33$$:!M3!,$!<6-5-+$!+#$!5*2#()$'!
No

+--! 5&2#A! ,$C00! '&22$$/! ()! 8$++()8! <$-<0$! +-! %&1! +#$! 5*2#()$'A! %&+! )-+! +#$! 2-5<0$+$!
2-)2$<+:!

-)%WDGMR%#DXM%";<T?=Y%
D1! 5-'+! 5$*'&6$'A! +#$! I$'<6$''-! K1'+$5! ,*'! 5-6$! $B<$)'(9$! +#*)! *0+$6)*+(9$!
5$+#-/'! -3! 5*7()8! 2-33$$:! F-5<*6$/! ,(+#! +#$! 2-'+! -3! +6*/(+(-)*0! 3(0+$6! 2-33$$!
5*2#()$'A! +#$! I$'<6$''-! 5*2#()$! ,*'! 3(9$! +(5$'! 5-6$! $B<$)'(9$:! F-5<*6$/! +-!
6$8&0*6! $'<6$''-! 2-33$$A! I$'<6$''-! 2-33$$! ,*'! +#6$$! +(5$'! 5-6$! 2-'+01:! i-*7(5!
'*(/4!!
Do

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
V
(O*3%&"H(`'""0"%>(/+&'$"0<(W=*66""(,*(JKKKH()(/$%A",(S4,$9"2<X(G2-)-5('+!M)+$00(8$)2$!g)(+>(
QRRV<(

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!PR!.! M;?.R.SRTU!

t
E(7$! *00! $'<6$''-! 5*2#()$'A! +#$! I$'<6$''-! K1'+$5! ('! +*68$+$/! +-! *)! *330&$)+! 86-&<! -3!
2-)'&5$6'A!+#$!+-<!PS_!-3!#-&'$#-0/':!M3!+#$1!2*)!*33-6/!+#$!$'<6$''-!5*2#()$A!+#$1!2*)!

os
'&6$01! *33-6/! +#$! 2-33$$! 2*<'&0$':!N$C6$! )-+! '$00()8! *! 5*2#()$! *)/! +#$)!*! 2*<'&0$:!N$C6$!
'$00()8!*!6$'&0+4!*!2&<!-3!$'<6$''-:!L)/!M!,*)+!+#$!2-)'&5$6'!+-!8$+!+#$!%$'+!6$'&0+!()!+#$(6!
2&<':!

>6-)7! ,*'! */*5*)+01! *8*()'+! -33$6()8! *! 0-,$6.<6(2$/! '1'+$5! *)/! +#$! (/$*! -3!
5*67$+()8! +#$! '1'+$5! &)/$6! *! /(33$6$)+! %6*)/! )*5$:! ^$! %$0($9$/! +#$6$! ,*'! '+(00!

rP
$)-65-&'!86-,+#!<-+$)+(*0!()!I$'<6$''-C'!2&66$)+!'+6*+$81:!
()%#GB=<GVA=GDM%=D%8?<*?%;%PGI?<%";<T?=%

M)!5*67$+'!0(7$!K,(+[$60*)/A!,#$6$!*!26(+(2*0!5*''!-3!2-)'&5$6'!#*/!%$$)!26$*+$/A!
6$+*(0$6'! #*/! *<<6-*2#$/! IFK! *%-&+! +#$! <-''(%(0(+1! -3! '$00()8! +#$! #(8#.5*68()!
2*<'&0$':!d-()8!+#6-&8#!+6*/(+(-)*0! 3--/!6$+*(0$6'!,-&0/! %$! *! /$<*6+&6$! 36-5! +#$!
<*'+A!*!5-9$!>6-)7!,*'!)-+!$)+(6$01!2-)9()2$/!-34!

yo
M3!,$!8(9$!*,*1!QR_!5*68()'!+-!6$+*(0$6'A!+#$6$!,-)C+!%$!5&2#!0$3+!#$6$!+-!'#-,!3-6!<6-3(+':!
D$'(/$'A! +#$! F0&%! 8(9$'! &'! *! 3*)+*'+(2! 7)-,0$/8$! -3! 2-)'&5$6'! +#*+! ,-&0/! %$! 0-'+! (3! ,$!
,$)+! +#6-&8#! 6$+*(0$6':! H)! +#$! -+#$6! #*)/A! (3! ,$! 2-)+()&$! +-! '$00! $B20&'(9$01! +#6-&8#! +#$!
I$'<6$''-!F0&%'A!)-).&'$6'!,-)C+!'$$!+#$!<6-/&2+:!

L)-+#$6!(/$*!,*'!+-!'#-,2*'$!+#$!I$'<6$''-!2-)2$<+!+#6-&8#!*!2#*()!-3!$B20&'(9$!
%-&+(V&$'! $'+*%0('#$/! ()! #(8#! '+6$$+! 0-2*+(-)'! ()! 5*@-6! G&6-<$*)! 2(+($':! M+! ,*'!
op
$'+(5*+$/!+#*+!$*2#!%-&+(V&$!,-&0/!()9-09$!*!-)$.+(5$!()9$'+5$)+!-3!KO6!QRSASSS:!
')%#G*?<BGJGU;=GDM%GM=D%/DMZNDJJ??%:<DIAU=B%

I$,!&'$'!3-6!+#$!I$'<6$''-!K1'+$5!%*'$/!-)!+#$!e<-6+(-)f!2-)2$<+!#*/!1$+!+-!%$!
$B<0-6$/:!O-6!()'+*)2$A!()/(9(/&*001.<-6+(-)$/!'-&<'!-6!+$*'!2-&0/!%6-*/$)!&'*8$!
tC

*5-)8! 2&66$)+! 2-)'&5$6'! *)/! *++6*2+! )$,! 2-)'&5$6':! "#$! (/$*! -3! )-).2-33$$!
<6-/&2+'!,*'!)-+!9$61!<-<&0*6A!#-,$9$6:!>6-)7!*)/!d*''$6!,$6$!%-+#!2-)2$6)$/!
+#*+!'&2#!*!<6-/&2+!$B+$)'(-)!,-&0/!/(0&+$!+#$!-6(8()*0!2-)2$<+:!!

&)%OFDUTGMR%NDSC?=G=D<B%
IFK! 2&66$)+01! #$0/! *! \S_! '#*6$! ,-60/.,(/$! ()! +#$! #-&'$#-0/! '$85$)+! -3! +#$!
<-6+(-)!2-33$$!5*67$+A!,(+#!K,(+[$60*)/A!O6*)2$A!*)/!+#$!D$)$0&B!%$()8!(+'!5-'+!
No

(5<-6+*)+! 5*67$+':! "#$! 6$5*()()8! PS_! '#*6$! 5*()01! %$0-)8$/! +-! D$08(&5C'!
;*0-)8-! ,(+#! (+'! Q>J>Z( O1%"##*! '1'+$5! *)/! M+*01C'! M0012*33mA! ,#(2#! #*/! 1$*601!
'*0$'! -3! gKn! PUS! 5(00(-):! ^*9()8! <(-)$$6$/! +#$! GKG! K+*)/*6/! aC$#.( O"%5+4;(
C#1%"##*bA! M0012*33m! #*/! %$8&)! '&<<01()8! eECG'<6$''-f! <-6+(-)'! *)/! (+'! -,)!
$'<6$''-! 5*2#()$! +-! #-+$0'A! 6$'+*&6*)+'A! *)/! %*6':! "#$! 2-5<*)1! /-5()*+$/! +#('!
'$2+-6!()!M+*01!%&+!,*'!0$''!$'+*%0('#$/!()!+#$!5*''!2-)'&5$6!5*67$+:!K()2$!P\\TA!
E*9*[[*A!*!3*5(01.6&)!M+*0(*)!2-5<*)1!,(+#!gKn!YSS!5(00(-)!()!*))&*0!+&6)-9$6A!
#*/! 5*67$+$/! 3-&6! ()/(9(/&*0! <-6+(-)'A! 2-)+*()()8! X:R! 86*5'! -3! 86-&)/! $'<6$''-!
2-33$$A!2&'+-5.5*/$!+-!3(+!(+'!-,)!$'<6$''-!5*2#()$':!F0-'$!+-!WS_!-3!E*9*[[*C'!
'*0$'!,$6$!()!+#$!-33(2$!2-33$$!2#*))$0:X!"#$'$!2-5<*)($'!#*/!$)+$6$/!+#$!<-6+(-)!
Do

2-33$$! 5*67$+! ,(+#! 0-,$6.V&*0(+1! <6-/&2+'! *)/! $'<6$''-.5*7()8! 5*2#()$'!


6$+*(0()8!()!+#$!6*)8$!-3!KO6!USS!+-!KO6!URS:!!
L0+#-&8#! +#$! +$2#)(2*0! 2-5<0$B(+1! -3! +#$! I$'<6$''-! K1'+$5! *)/! 6$0*+$/! <*+$)+'!
,$6$! 5*@-6! %*66($6'A! +#$! IFK! +$*5! ,*'! 2-)9()2$/! +#*+! ()+$6)*+(-)*0! 3--/!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
\
( O*3%&"H( WC#1%"##*>( `'"%"( ,'"( N"$2"%#( O,$42<X( "$*! c! F-33$$! "6*/$! ]-&6)*0>( P*5"9:"%( QRR[>(
$42(W=*66""(M4,"%4$,+*4$0(D+0"(QRR[(,*(JKKJ<X(;*67$+!"6*27()8!M)+$6)*+(-)*0H(JQRLJJ<(

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!PX!.! M;?.R.SRTU!

t
2-5<*)($'! ,(+#! +#$(6! 0*68$! 6$'-&62$'! 2-&0/! 2#*00$)8$! I$'<6$''-C'! /-5()*)2$! %1!
$B+$)/()8!+#$(6!0-)8.$'+*%0('#$/!`cd!%6*)/'!()+-!+#$!<-6+(-)!2-33$$!'$85$)+:!M)!

os
3*2+A!IFK!#*/!0$*6)$/!+#*+!K*6*!E$$!#*/!6$2$)+01!6$8('+$6$/!*!<*+$)+!3-6!*!<-6+(-)!
2-33$$!2-)2$<+!,(+#!*!/(33$6$)+!$B+6*2+(-)!<6-2$''A!,#(2#!,*'!*'!1$+!2-55$62(*001!
&)<6-9$):! M)! P\\Y! l6*3+! ]*2-%'! K&2#*6/! #*/! $B<*)/$/! (+'! =$%,"( P*+%"! 0()$! ()!
O6*)2$!+-!()20&/$!eG'<6$''-!?-'$++$'!O(0+6$':f!L//(+(-)*0!/$9$0-<5$)+'!,$6$!*0'-!
&)/$6,*1!+#*+!2*+$6$/!+-!+#$!'()80$.<$6'-)!#-&'$#-0/'!()!IFKC'!+*68$+!86-&<!3-6!
$'<6$''-!/6()7$6':!!

rP
>6-)7! $B<$2+$/! *! '$6(-&'! $)+61! %1! -)$! -6! 5-6$! <0*1$6'! ()+-! +#$! #(8#.V&*0(+1A!
<-6+(-).2-33$$!5*67$+!,#$6$!I$'<6$''-!,*'!2&66$)+01!<-'(+(-)$/:!I$9$6+#$0$''A!#$!
%$0($9$/! +#*+! IFK! #*/! '$9$6*0! */9*)+*8$'4! */9*)2$/! +$2#)(2*0! 7)-,0$/8$A! +#$!
F0&%A!*)/!*!26(+(2*0!5*''!-3!2-)'&5$6'!()!'-5$!-3!(+'!()+$6)*+(-)*0!5*67$+':!M+!,*'!
$'+(5*+$/!+#*+!(+!,-&0/!+*7$!*!)$,2-5$6!3-&6!1$*6'!+-!$'+*%0('#!*!3--+#-0/!()!*)1!
)*+(-)*0!5*67$+A!*)/!*!5()(5&5!-3!PRASSS!+-!QSASSS!()'+*00$/!5*2#()$'!+-!%6$*7!
$9$):!

yo -'+8>%.0'+,
;-6$! +#*)! PU! 1$*6'! *3+$6! I$'<6$''-C'! /$%&+A! IFK! #*/! '$$5()801! 6$*2#$/! *!
'*+('3*2+-61!<$63-65*)2$!%&+!'+(00!3$00!3*6!'#-6+!-3!I$'+0JC'!#(8#!*5%(+(-)!-3!KO6!P!
%(00(-)! '*0$':! L+! *! +(5$! ,#$)! I$'+0J! ,*'! '$$7()8! )$,! 86-,+#! -<<-6+&)(+($'A! *!
2-&<0$!-3!V&$'+(-)'!<6$-22&<($/!+#-'$!,#-!,$6$!3*5(0(*6!,(+#!I$'<6$''-4!
op
Pb! N#*+!0$''-)'!2-&0/!%$!0$*6)$/!*%-&+!())-9*+(-)!-6!6$)-9*+(-)!36-5!
+#$!I$'<6$''-!'+-61k!
Qb! N#*+!5&'+!IFK!/-!)-,!+-!6$*2#!(+'!*5%(+(-&'!86-,+#!+*68$+'k!
tC
No
Do

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!PY!.! M;?.R.SRTU!

t
5[>GVG=%,%
\A;FG=G?B%;MI%N>;<;U=?<GB=GUB%DJ%;%/?B=FK%";M;R?<%

os
!

"#$! #(8#$6! +#$! 0$9$0! -3! +#$! <-'(+(-)! *)/! +#$! 6$'<-)'(%(0(+1! -3! *! I$'+0J!
5*)*8$6A!+#$!5-6$!#$o'#$!'#-&0/!%$!'$0$2+$/!-)!+#$!%*'('!-3!+#$!3-00-,()8!

rP
26(+$6(*! a()! *//(+(-)! +-! <6-3$''(-)*0! $/&2*+(-)A! '7(00'A! *)/! <6*2+(2*0!
$B<$6($)2$b4!

• F-&6*8$A!'-0(/!)$69$'!*)/!2-5<-'&6$=!2*<*2(+1!+-!#*)/0$!'+6$'':!
• L%(0(+1!+-!0$*6)A!-<$).5()/$/)$''!*)/!<$62$<+(9$)$'':!

• L%(0(+1!+-!2-55&)(2*+$A!+-!5-+(9*+$!*)/!+-!/$9$0-<!<$-<0$:!



"#()7()8!()!2-)+$B+:! yo
L%(0(+1!+-!26$*+$!*!20(5*+$!-3!())-9*+(-):!

F6$/(%(0(+14!()!-+#$6!,-6/'!e<6*2+('$!,#*+!1-&!<6$*2#:f!

• N(00()8)$''!+-!*22$<+!2#*)8$!*)/!*%(0(+1!+-!5*)*8$!2#*)8$:!
op
• M)+$6)*+(-)*0!$B<$6($)2$!*)/!&)/$6'+*)/()8!-3!-+#$6!2&0+&6$':!
M)!*//(+(-)4!%6-*/!()+$6$'+'A!*!8--/!8$)$6*0!$/&2*+(-)A!6$'<-)'(%0$!*++(+&/$!
*)/!%$#*9(-&6!*)/!'-&)/!#$*0+#:!
!
tC

!
K-&62$4! "#$!D*'(2!I$'+0J!;*)*8$5$)+!*)/!E$*/$6'#(<!>6()2(<0$'!
No
Do

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!PW!.! M;?.R.SRTU!

t
5[>GVG=%-%

os
3>?%/?BC<?BBD%8QB=?S%
%

rP
%

%
%

%
%

%
yo
op
%
%

%
%
tC

%
No

!!!!!!! !!!!!!! !!!!!!! !


Do

!!!!!!! !!!!!!! !
!
K-&62$4! F-5<*)1!()3-65*+(-)

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!P\!.! M;?.R.SRTU!

t
5[>GVG=%(%
2*;GF;VF?%1;<G?=G?B%DJ%/?BC<?BBD%NDJJ??%N;CBAF?B%

os
;0.1&)11'%!!!!!!!!!F-5<-'$/!-3!<&6$!L6*%(2*!%$*)'!36-5!E*+()!L5$6(2*!3-6!(+'!3()$''$!*)/!*!+-&2#!-3
!!!!!!!!!!!!!!!!!!!!!!!!`-%&'+*!3-6!(+'!()+$)'(+1A!(+!('!'*9-&6$/!9$61!'#-6+!()!*!/$5(+*''$!3(00$/!#*03,*1:

:&()220'((!!!!!!!"#$!d6*)/!F6&'!-3!F$)+6*0!L5$6(2*!8(9$!'+6$)8+#!*)/!3&00)$''!+-!(+'!*6-5*!,#(0$!
!!!!!!!!!!!!!!!!!!!!!!!!*!+-&2#!-3!D6*[(0(*)!K*)+-'!#*65-)(-&'01!%*0*)2$'!(+'!30*9-&6:

rP
;'3*!!!!!!!!!!!!!!L!%0$)/!-3!E*+()!L5$6(2*)!L6*%(2*!3-6!/$0(2*21A!+#('!8(9$'!+#$!'+6-)8A!()+$)'$!$'<6$''-
!!!!!!!!!!!!!!!!!!!!!!!!-3!M+*0(*)!p%*6('+*'p!,(+#!*!+#(27A!6(2#!26$*5:!!M+!('!+#$!(/$*0!%*'$!3-6!5*7()8!*!&$113&&+4*:!

-*(&0880'!!!!!!!!L!'*+('31()801!'5--+#!$'<6$''-!5*/$!36-5!$*601!E*+()!L5$6(2*)!L6*%(2*'!3-6!*!6(2#!
!!!!!!!!!!!!!!!!!!!!!!!!*)/!'+6*(8#+3-6,*6/!+*'+$A!D6*[(0(*)!K*)+-'!3-6!3&00!*)/!2-)'('+$)+!%-/1A!*)/!*!+-&2#!
!!!!!!!!!!!!!!!!!!!!!!!!-3!F$)+6*0!L36(2*)!`-%&'+*!3-6!()+$)'(+1:!"-<!,(+#!,#(<<$/!26$*5!3-6!*!+6&$!b+"44*+#<

N0I*+1'!!!!!!!!!!!;*/$!36-5!+#$!%$'+!L6*%(2*'!-3!K-&+#!*)/!F$)+6*0!L5$6(2*A!+#('!$'<6$''-!('!6(2#A!()+$)'$A
!!!!!!!!!!!!!!!!!!!!!!!!*)/!'5--+#:!K*9-&6$/!()!*!/$5(+*''$!-6!2*<<&22()-!2&<A!,(+#!-6!,(+#-&+!5(07A!(+!('!+#$!5-6)()8!$'<6$''-!<*6!$B2$00$)2$:

yo
-'.0,,!!!!!!!!!!!!!!!L!<&6$!L6*%(2*!,(+#!*00!+#$!3&00)$''!*)/!30*9-&6!-3!+#$!d6*)/!F6&'!-3!F$)+6*0!L5$6(2*A!+#$!/$)'(+1!-3!5-&)+*()!86-,)!2-33$$'!
!!!!!!!!!!!!!!!!!!!!!!!!!36-5!G*'+$6)!L36(2*A!*)/!*!+-&2#!-3!5(0/)$''!36-5!D6*[(0(*)!K*)+-':!N(+#!5(07A!+#('!$'<6$''-!2*)!%$!'*9-&6$/!*'!*!&*4(0$,,":

S'>>%1'!!!!!!!!!!!!L!/$0(2*+$!1$+!3&00.%-/($/!<&6$!L6*%(2*!$'<6$''-:!"#$!5$00-,!6(2#)$''!-3!$*601!E*+()!L5$6(2*)!%$*)'!8(9$'!+#('!%0$)/!*!/('+()2+A!$0$8*)+A
!!!!!!!!!!!!!!!!!!!!!!!!!'&%+0$!%-&V&$+:!F#*6*2+$6('$/!%1!(+'!5(0/)$''A!(+!('!!(/$*0!*)1!+(5$!-3!+#$!/*1:

6)8*CC)0+*1'!!!!I*+&6*001!/$2*33$()*+$/A!(+!#*'!*!/$0(2*+$A!%*0*)2$/A!*)/!$)+(2()8!30*9-&6:!M+'!!36$'#)$''!*)/!()+$)'(+1!2-5$!36-5!+#$!86$*+!$*601!L6*%(2*'
!!!!!!!!!!!!!!!!!!!!!!!!!-3!F$)+6*0!L5$6(2*!6$()3-62$/!%1!*!+-&2#!-3!F$)+6*0!L36(2*)!`-%&'+*:

%
op
K-&62$4! >6-5-+(-)*0!5*+$6(*0!<6-9(/$/!+-!I$'<6$''-!F0&%!5$5%$6'!

5[>GVG=%'%
W<DX=>%DJ%/?B=FK%NDJJ??%8C?UG;F=G?B%
3A<MD*?<]%5SCFDQ??B]%;MI%/?BC<?BBD%NFAV%"?SV?<B%
tC

,^_^Z,^^^%
(
'!% * + & % * * ( ',-"$ '#% #$ % & *

."& /( 0 % & '1/'2 3& '#1--1( /* '4 '

' " ! #! ! ! %!!


/ "#$ % & ''( )'% #+ -( 5 % % *
No

' ! ! #! ! ! * +,-./ 0 / -0 1 2 $)!


& " ! #! ! ! $(!
3 ,1 45 60 1
$'!
!"#$ % & '( )

& ! ! #! ! !
7/ 8+5 90 0 2 $%!
% " ! #! ! !
$!!
% ! ! #! ! !
)!
$ " ! #! ! ! (!
$ ! ! #! ! ! '!
" ! #! ! ! %!
! !
5
#"

"$

"!

"%

"&

"'

"(

")

"*

"#

14
!"

!"

!"

!"

!"

!"

!"

!"

!"

!"
Do

23
01
./
+ ,-
""
!"

K-&62$4! eI$'<6$''-!>6-/(8$:f!a+0$4A!L<6(0!P\\WA!*)/!2-5<*)1!()3-65*+(-)!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!QS!.! M;?.R.SRTU!

t
5[>GVG=%&%
#?*?FDCS?M=%DJ%/N8%N;CBAF?%8;F?B%

os
,^^.Z,^^^%
!

rP
$ )!
$ (!
$ '!
$ %!
6/ 7 % 8

$ !!
)!
(!
'!
%!
!
!""$
yo
!""! !""% !""& !""' !""(
!" # $
!"") !""* !""# !"""
op
%&&'() (%**
!

K-&62$4!F-5<*)1!()3-65*+(-)!
tC
No
Do

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!QP!.! M;?.R.SRTU!

t
2::5/#!`%

os
3>?%PD<FI%NDJJ??%";<T?=6%";=A<?%;MI%7GR>FQ%NDSC?=G=G*?%
d0-%*001A!+#$!2-33$$!5*67$+!,*'!()!*!5*+&6$!'+*8$:!d6-,+#!#*/! %$$)! *2#($9$/! -)01! +#6-&8#!
()26$*'$/!6$+*(0!<6(2$'!*)/!86-,()8!2-)'&5$6!/$5*)/!3-6!#(8#!V&*0(+1A!8-&65$+!2-33$$!a%"6"%(
,*, <*E>), Fb:! G&6-<$*)! 2-&)+6($'! 0$/! +#$! ,-60/! ()! <$6! 2*<(+*! 2-33$$! 2-)'&5<+(-)A! ,(+#!
K2*)/()*9(*)!)*+(-)'!#$*/()8!+#$!0('+!a%"6"%(,*,<*E>),!G:!"#$!2-33$$!5*67$+!,*'!'<0(+!%$+,$$)!
`cd! 2-33$$! *)/! ()'+*)+! 2-33$$A! *)/! '$2-)/*6(01! %$+,$$)! +#$! e*,*1.36-5.#-5$f! *)/! e().

rP
#-5$f! '$2+-6'! a%"6"%( ,*, <*E>)., #, $42, QG:! N-60/.,(/$A! `cd! *22-&)+$/! 3-6! *05-'+! YS_! -3!
2-33$$!'*0$'!-6!*%-&+!gKnP\W!%(00(-)!*+!*9$6*8$!2-)'&5$6!6$+*(0!<6(2$A!,#$6$*'!()'+*)+!2-33$$!
*22-&)+$/!3-6!US_!-3!'*0$'!-6!gKnWR!%(00(-)!a%"6"%(,*,<*E>),Rb:!
"#$!2-33$$!()/&'+61!,*'!/-5()*+$/!%1!3--/!5&0+()*+(-)*0'!6$)-,)$/!3-6!+#$(6!'+6-)8!%6*)/'A!
*886$''(9$!<6(2()8A!*)/!#(8#!5*67$+()8!$B<$)/(+&6$':!I$'+0J!,*'!*2+&*001!+#$!,-60/C'!0*68$'+!
2-33$$! 2-5<*)1! ,(+#! *! QU_! '#*6$! -3! +#$! +-+*0! 5*67$+! a%"6"%( ,*, <*E>), Tb:! "#$! 2-5<*)1!
/-5()*+$/!+#$!()'+*)+!2-33$$!'$85$)+!,(+#!*!RX_!'#*6$!36-5!(+'!30*8'#(<!%6*)/A!I$'2*3JA!*)/!
(+'!)&5$6-&'!<6-/&2+!9*6($+($'A!%&+!+#$!2-5<*)1!,*'!6*)7$/!3-&6+#!()!+#$!`cd!'$85$)+!,(+#!

+-+*0!5*67$+:!"#$!2-5<*)1!,*'!+#$!0$*/$6!()!+#$!`cd!'$85$)+!,(+#!*!PU_!'#*6$!*)/!'$2-)/!
()!()'+*)+!2-33$$:!K*6*!E$$!a?-&,$!G8%$6+'bA!,(+#!*)!*))&*0!+&6)-9$6!-3!gKnQS!%(00(-)A!,*'!
yo
*! Y_! '#*6$:! >#(0(<! ;-66('! al6*3+! ]*2-%'! K&2#*6/A! ;*B,$00! ^-&'$bA! ,#-'$! 3--/! %&'()$''!
8$)$6*+$/!-9$6!gKnQY!%(00(-)A!,*'!+#$!'$2-)/!0*68$'+!2-33$$!2-5<*)1!,(+#!*!PT_!'#*6$!-3!+#$!

+#$!+#(6/!0*68$'+!2-33$$!2-5<*)1!,(+#!*!Y_!'#*6$!-3!+#$!+-+*0!5*67$+:!M+!,*'!+#$!'$2-)/!0*68$'+!
<0*1$6!()!+#$!`cd!'$85$)+:!>6-2+$6!c!d*5%0$!aO-08$6'!F-33$$bA!,(+#!*)!*))&*0!+&6)-9$6!-3!
op
gKnUY! %(00(-)A! ,*'! +#$! 3-&6+#! 0*68$'+! 2-33$$! 2-5<*)1! ,(+#! *! X_! '#*6$! -3! +#$! +-+*0! 2-33$$!
5*67$+:!
M)!6$2$)+!1$*6'A!<6-3(+!5*68()'!3-6!2-33$$!<6-/&2$6'!#*/!%$$)!)*66-,()8!*'!*!6$'&0+!-3!86-,()8!
2-5<$+(+(-)!()!+#$!`cd!'$85$)+:!"#('!+6$)/!#*/!$)2-&6*8$/!2-5<*)($'!+-!$)+$6!+#$!'5*00$6A!
%&+!#(8#$6.5*68()A!#(8#!86-,+#!8-&65$+!2-33$$!'$85$)+:!M)!P\\\A!+#('!'$85$)+!,*'!$'+(5*+$/!
+-!%$!,-6+#!gKnPS!%(00(-)!,-60/.,(/$!*)/!,*'!86-,()8!*+!*!6*+$!-3!QS_:!
tC

3;VF?%,%
3D=;F%PD<FIZPGI?%NDJJ??%NDMBASC=GDM%
GM%VGFFGDMB%DJ%UACB6%,^_.Z,^^a%
a*00!2-33$$A!*00!2#*))$0'b!
No

)!!

:!! 7?2>.7,1580
- <++<5 4 2.5 =.2>?4 @ ?1@ .A, 8 2.5 =.A5 ==00

B 060+58<4C
(!!
* 5,4>1<02
3 0?D@1<4E<4C
"!! A5,4>1<02
F 51>G.H / 01<A?
'!!
* 54><404>?+
&!! 7,1580
Do

%!!

$!!

!
$;)! $;;! $;;& $;;' $;;" $;;(

K-&62$4!F-5<*)1!()3-65*+(-)

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!QQ!.! M;?.R.SRTU!

t
3;VF?%-%
3>?%b?;IGMR%PD<FI%";<T?=B%JD<%NDJJ??%NDMBASC=GDM%%

os
C?<%U;CG=;%UDMBASC=GDM%GM%=D=;F%UACB]%,^^a%

!"#$%#&''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''()*+,

-./&/#'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''()(01

rP
2/34/5$%#&6'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''()(7,

285.%9'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''()7+*

:/#;%5<'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''()7=*

-."3>/5$%#&''''''''''''''''''''''''''''''''''''''''''''''''''''''+71

yo
?@635"%'''''''''''''''''''''''''''''''''''''''''''''''''''''AB(

C863%'D"E%''''''''''''''''''''''''''''''''''''''''''''BBB

F/5;%#9''''''''''''''''''''''''''''''''''''''''''B,=

!5%#E/'''''''''''''''''''''''''''''''''''''''B*,

G/$H"@;IJ@K/;L8@5H'''''''''''''''''''B(+
op
K-&62$4!F-5<*)1!()3-65*+(-)!

3;VF?%(%
";<T?=%O<?;TIDXM%VQ%NDAM=<Q%
tC

4@W%*B%!MB=;M=%NDJJ??%
,^^&%

H ,2>1? +<?

M10 0 A0
No

OS

R ? 8? 4

Q5 1>,C? +

P>? +9

K8? <4

* ? 4? @? TU M P42>? 4>

OK

J 1? 4A0

KL <>N0 1+? 4@

M0 1/? 49

F0 >G0 1+? 4@2


Do

H ,2>1<?

F5 1L ? 9

B0 4/? 1E

KL 0 @0 4

J <4+? 4@

!I %!I '!I (!I )!I $!!I

K-&62$4!M)+$6)*+(-)*0!F-33$$!H68*)('*+(-)!

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!QU!.! M;?.R.SRTU!

t
3;VF?%'%
E2X;QZJ<DSZ7DS?H%*B%E!MZ7DS?H%

os
4@W%;MI%!MB=;M=%NDJJ??%%
a,-60/.,(/$!2-)'&5<+(-)!()!%(00(-)'!-3!2&<'4!P\\Xb%

rP
P4 2> ?4 > .VP4 DW 5 / 0 V
%(I

P4 2> ?4 > .VH L ?9 D=15 / D


W5 / 0 V.
'I

yo
TU M .VP4 DW 5 / 0 V
')I
TU M .VH L ?9 D=15 / D.
W5/0 V
%%I
op
K-&62$4!F-5<*)1!()3-65*+(-)!

3;VF?%&%
:;<=G;F%8=<AU=A<?%DJ%=>?%WFDV;F%NDJJ??%";<T?=]%,^^^%
tC

!""#$%&&''#(#)**+
!$$+67887/9+)$:;+<=;>+/?+;.119+2/??11
@+*$$+<7887/9+2A->+/?+2/??11+
B+=C1.=;1+2/9>A61.+.13=78+-.721+@+DEF%#'+<7887/9

#,%!-.#/#0,%123##4#5#67+#8 92-.!2.##4#:*+#8 $%&&''#3,92;-#4#<#)+8


DEF!"#+<7887/9 DEF#(+<7887/9 DEF!+<7887/9
No

&9".',#++,+"(G+5 #0%1,='.#>#'-?,'--%#!"#$%" H1;A8=. U214+2/??11

DEF!##+<7887/9 DEF!$+<7887/9
W>-.1>>/

OP=QR?./6RS/61
J=--A2279/
,M/318T.1>3=A.=93T<=.+
H1;A8=.+I7831.+J/??11 =94++/3M1.>
+=94+C19479;+6=2M791>5
!&#$%
N12=??179=314

I8=C/.14+J/??11 U9RS/61
,C=9788=K+9A3K+132L5 !'#$%
Do

J=--A2279/+=94+/3M1.>
V.1R-.1-=.14 X.=4737/9=8
-/.37/9>+=94 M=94R61=>A.14
7947C74A=8+4/>1> -/.37/9>
!#$% !"(#$%
N12=??179=314

!
K-&62$4!M)+$6)*+(-)*0!F-33$$!H68*)('*+(-)!*)/!2-5<*)1!()3-65*+(-)

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860
INTERNATIONAL
LAUSANNE – SWITZERLAND
! .!QT!.! M;?.R.SRTU!

t
3;VF?%a%
PD<FILB%b?;IGMR%NDJJ??%4D;B=?<B%

os
";<T?=%8>;<?%VQ%1DFAS?]%,^^&%
%

rP
F 0 2 > +X .YF 0 2 A ? = X # .W <++2 .Z 15 > G 0 12 [
%&I

\? 6 ? N N ?
^ > G 0 12
%I
')I

yo Q U M .YJ 5 +C 0 1 2 .* 5 = = 0 0 [
(I
Q G <+<8 .] 5 11 <2 .YS1 ? = > .R ? A 5 - 2 .

:I

K-&62$4!M)+$6)*+(-)*0!F-33$$!H68*)('*+(-)A!G)2120-<*$/(*!-3!d0-%*0!M)/&'+6($'A!aO--/A!?6()7A!
K ,AG? 1@[
$'I

K ? 1 ? .\0 0 .YB 5 , L 0 .7 C - 0 1 > 2 [

!
op
*)/!"-%*22-!>6-/&2+'bA!*)/!2-5<*)1!()3-65*+(-)!
tC
No
Do

This document is authorized for educator review use only by Bernard Buisson, Pole Universitaire Leonard De Vinci until August 2016. Copying or posting is an infringement of copyright.
Permissions@hbsp.harvard.edu or 617.783.7860

You might also like