Professional Documents
Culture Documents
Geografia - Geopolítica Do Pos Guerra e Guerra Fria
Geografia - Geopolítica Do Pos Guerra e Guerra Fria
,9±25'(0*(232/Ë7,&$((&21Ð0,&$'23Ï6*8(55$$26',$6'(+2-(
±$25'(0*(232/Ë7,&$
$8QLmR6RYLpWLFDHRV(VWDGRV8QLGRVOXWDUDPQD6HJXQGD*XHUUDGRPHVPRODGRYLVDQGRGHUURWDUDVIRUoDVGR
(L[RQD]LIDVFLVWD$OHPDQKD-DSmRH,WiOLDPDVRVVRYLpWLFRVWLYHUDPSDUWLFLSDomRPXLWRPDLVGHFLVLYDHVRIUHUDP
JUDQGHVSHUGDVKXPDQDVHSUHMXt]RVPDWHULDLVPDLVGHPLOK}HVGHSHVVRDVPRUUHUDPDPDLRULDFLYLVHJUDQGH
SDUWHGDVLQG~VWULDVFLGDGHVHID]HQGDVIRLGHVWUXtGD-iRV(VWDGRV8QLGRVTXHLQJUHVVDUDPQRFRQIOLWRVRPHQWHHP
DOpP GH SHUGHUHP SRXFRV FRPEDWHQWHV FRQVHJXLUDP PDQWHU LQWDFWDV VXDV FLGDGHV LQG~VWULDV H SURSULHGDGHV
DJUtFRODVDXPHQWDUDPDSURGXWLYLGDGHLQGXVWULDOHDFXPXODUDPYXOWRVDVUHVHUYDV
$R ILQDO GD 6HJXQGD *XHUUD D GHUURWD GRV SDtVHV GR (L[R H DR PHVPR WHPSR R HQIUDTXHFLPHQWR HFRQ{PLFR
PLOLWDUHSROtWLFRGR5HLQR8QLGRHGD)UDQoDOHYDUDPRPXQGRDXPSHUtRGRGHJUDQGHVWUDQVIRUPDo}HVHFRQ{PLFDV
H JHRSROtWLFDV GHQRPLQDGR *XHUUD )ULD 1HVVH SHUtRGR VH FRQVROLGRX D KHJHPRQLD QRUWHDPHULFDQD QR EORFR
FDSLWDOLVWD RX RFLGHQWDO 3DUDOHODPHQWH D 8QLmR GDV 5HS~EOLFDV 6RFLDOLVWDV 6RYLpWLFDV 8566 FULDGD HP
H[SDQGLXVHXWHUULWyULRHVXDiUHDGHLQIOXrQFLDDXPFRQMXQWRGHSDtVHVTXHPDLVWDUGHIRUPDUDPREORFRVRFLDOLVWD
RXRULHQWDO$GLYLVmRGRPXQGRHPGRLVEORFRVULYDLVHDHPHUJrQFLDGRFRQIOLWR/HVWH2HVWHIRUDPPDUFDGDVSHOR
DQWDJRQLVPR JHRSROtWLFRPLOLWDU H SHOD SURSDJDQGD LGHROyJLFD Mi TXH FDGD XPD GDV VXSHUSRWrQFLDV WHQWDYD
GLVVHPLQDUVHXVUHVSHFWLYRVVLVWHPDVVRFLRHFRQ{PLFRVVHXVYDORUHVHYLV}HVGHPXQGR&DGDXPDGHODVDRPHVPR
WHPSRHPTXHID]LDHVIRUoRVSDUDDPSOLDUVXDiUHDGHLQIOXrQFLDWHQWDYDFRQWHUDH[SDQVmRGDRXWUD
3RUWDQWRGXUDQWHD*XHUUD)ULDDRUGHPLQWHUQDFLRQDOIRLPDUFDGDSHODELSRODUL]DomRGHSRGHUHQWUHRV(VWDGRV
8QLGRVHD8QLmR6RYLpWLFD1HVVHSHUtRGRDVGXDVVXSHUSRWrQFLDVEXVFDQGRPDQWHURHTXLOtEULREpOLFRHDSDULGDGH
QXFOHDUPDQWLYHUDPXPDDFLUUDGDFRUULGDDUPDPHQWLVWDQHQKXPGRVODGRVDGPLWLDILFDUHPSRVLomRGHLQIHULRULGDGH
2 FLHQWLVWD SROtWLFR IUDQFrV 5D\PRQG $URQ GHILQLX EHP HVVD VLWXDomR ³*XHUUD )ULD SD] LPSRVVtYHO JXHUUD
LPSURYiYHO´ $ SD] HUD LPSRVVtYHO SRUTXH DV VXSHUSRWrQFLDV DSUHVHQWDYDP VRE YiULRV DVSHFWRV XP DQWDJRQLVPR
LQVXSHUiYHO$JXHUUDHUDLPSURYiYHOSRUTXHVHRFRUUHVVHHGHVFDPEDVVHSDUDXPDJXHUUDQXFOHDUSRGHULDVLJQLILFDU
RILPGDKXPDQLGDGHQmRKDYHQGRYHQFHGRUHV(PVXPDRTXHJDUDQWLXDSD]GXUDQWHHVVHSHUtRGRIRLDSUHPLVVDGH
TXHRFRQIOLWREpOLFRDVVHJXUDULDDP~WXDGHVWUXLomRGRVFRQWHQGRUHV,PSHURXSRULVVRXPD³SD]DUPDGD´$VDUPDV
HUDPFRQVWUXtGDVQmRSDUDVHUHPXWLOL]DGDVHVSHFLDOPHQWHRVOHWDLVPtVVHLVQXFOHDUHVPDVSDUDVHUYLUGHLQVWUXPHQWR
GHGLVVXDVmR0DVTXHIDWRPDUFDRLQtFLRGD*XHUUD)ULD"
2 DQR GH TXDQGR RV (VWDGRV 8QLGRV ODQoDUDP DV EDVHV GD 'RXWULQD 7UXPDQ H GR 3ODQR 0DUVKDOO p
FRQVLGHUDGRXPGRVPDUFRVGRLQtFLRGHVVHSHUtRGRKLVWyULFR(PGHPDUoRGHRSUHVLGHQWH+DUU\7UXPDQ
IH] XP GLVFXUVR QR &DSLWyOLR VHGH GR SRGHU OHJLVODWLYR QRUWHDPHULFDQR SURSRQGR D FRQFHVVmR GH
FUpGLWRVSDUDD*UpFLDHD7XUTXLDFRPRREMHWLYRGHVXVWHQWDUJRYHUQRVSUyRFLGHQWDLVQDTXHOHVSDtVHV$RSURIHULU
HVVHGLVFXUVRODQoRXDGRXWULQDTXHOHYRXVHXQRPHHRULHQWRXDVDo}HVGRV(VWDGRV8QLGRVQRFRQWH[WRGD*XHUUD
)ULD
2REMHWLYRJHRSROtWLFRIXQGDPHQWDOGD'RXWULQD7UXPDQIRLDFRQWHQomRGRVRFLDOLVPR'HVHQYROYLGDSHORHQWmR
FRQVHOKHLUR GD HPEDL[DGD QRUWHDPHULFDQD HP 0RVFRX *HRUJH ) .HQQDQ D LGHLD HUD LVRODU D 8QLmR 6RYLpWLFD H
LPSHGLUDH[SDQVmRGHVXDiUHDGHLQIOXrQFLD3DUDLVVRHQWUHRXWUDVDo}HVIRUDPFULDGDVDOLDQoDVPLOLWDUHVFRPRD
2UJDQL]DomRGR7UDWDGRGR$WOkQWLFR1RUWH2WDQFRPRYHUHPRVDVHJXLU&RPSOHPHQWDQGRD'RXWULQD7UXPDQR
HQWmR VHFUHWiULR GH (VWDGR QRUWHDPHULFDQR *HRUJH & 0DUVKDOO LGHDOL]RX XP SODQR GH DMXGD HFRQ{PLFD SDUD
DFHOHUDU D UHFXSHUDomR GRV SDtVHV GD (XURSD 2FLGHQWDO R 3ODQR 0DUVKDOO 2 3URJUDPD GH 5HFXSHUDomR (XURSHLD
QRPH LQLFLDO GR SODQR DR FRQVROLGDU DV HFRQRPLDV FDSLWDOLVWDV GD (XURSD 2FLGHQWDO DOpP GH IUHDU D H[SDQVmR GD
LQIOXrQFLDVRYLpWLFDWLQKDFRPRREMHWLYRUHFXSHUDUPHUFDGRVSDUDSURGXWRVHFDSLWDLVQRUWHDPHULFDQRV
3DUDDGPLQLVWUDUHGLVWULEXLURVUHFXUVRVGR3ODQR0DUVKDOOHPIRLFRQVWLWXtGDD2UJDQL]DomR(XURSHLDGH
&RRSHUDomR(FRQ{PLFD2(&((QWUHHIRUDPWUDQVIHULGRVUHFXUVRVGDRUGHPGHELOK}HVGHGyODUHV
HPYDORUHVGDpSRFDDOJRHPWRUQRGHELOK}HVGHGyODUHVHPYDORUHVGHDSDtVHVHXURSHXVRFLGHQWDLV
2V SULQFLSDLV EHQHILFLDGRV SHOR SURJUDPD GH UHFXSHUDomR IRUDP 5HLQR 8QLGR )UDQoD $OHPDQKD
2FLGHQWDO H ,WiOLD *UDQGH SDUWH GHVVH GLQKHLUR IRL XVDGD SDUD FRPSUDU PiTXLQDV H HTXLSDPHQWRV
PDWpULDVSULPDV IHUWLOL]DQWHV H DOLPHQWRV HQWUH RXWURV EHQV TXH DMXGDUDP D UHFXSHUDU D HFRQRPLD HXURSHLD PDV
WDPEpP D HVWLPXODU D LQG~VWULD H D DJULFXOWXUD QRUWHDPHULFDQD $ PDLRULD GRV SURGXWRV HUD DGTXLULGD GRV (VWDGRV
8QLGRV SRUTXH SDUWH GHVVH GLQKHLUR HUD GRDomR YLQFXODGD j FRPSUD GH SURGXWRV GH HPSUHVDV QRUWHDPHULFDQDV H
RXWUDSDUWHHUDHPSUpVWLPR3RUH[HPSORDWpD$OHPDQKD2FLGHQWDOSDJRXFHUFDGHELOKmRGHGyODUHVFRPR
GHYROXomRGHHPSUpVWLPRVFRQFHGLGRVSHORV(VWDGRV8QLGRV
(P D 2(&( SDVVRX D VH FKDPDU 2UJDQL]DomR GH &RRSHUDomR H 'HVHQYROYLPHQWR (FRQ{PLFR 2&'(
SRUTXHQDo}HVQmRHXURSHLDVIRUDPDGPLWLGDVHQRYRVREMHWLYRVIRUDPWUDoDGRV/HLDRER[HSDUDVDEHUPDLVVREUH
HOD
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
$2&'(
$2&'(IRLFULDGDFPHHVWiVHGLDGDHP3DULV)UDQoD6HXVIXQGDGRUHVIRUDPRVSDtVHVHXURSHXV
RFLGHQWDLVEHQHILFLDGRVSHOR3ODQR0DUVKDOOPDLVRV(VWDGRV8QLGRVHR&DQDGi&RPRFRQVWDQRDUWLJRGD
&RQYHQomRDVVLQDGDSHORVSDtVHVIXQGDGRUHVVHXVREMHWLYRVVmR
¾ DOFDQoDUXPFUHVFLPHQWRHFRQ{PLFRYLJRURVRH VXVWHQWiYHOJHUDQGRHPSUHJRVHPHOKRUDQGRRSDGUmRGH
YLGDGDSRSXODomRGRVSDtVHVPHPEURVHQTXDQWRPDQWpPDHVWDELOLGDGHILQDQFHLUD
¾ FRQWULEXLU SDUD D H[SDQVmR HFRQ{PLFD VXVWHQWDGD GRV SDtVHVPHPEURV H QmR PHPEURV H SDUD R
GHVHQYROYLPHQWRGDHFRQRPLDPXQGLDO
¾ FRQWULEXLUSDUDDH[SDQVmRGRFRPpUFLRPXQGLDOFRPEDVHFPDFRUGRVPXOWLODWHUDLV
&RPRSDVVDUGRWHPSRDRUJDQL]DomRIRLVHH[SDQGLQGRFRPDLQFRUSRUDomRGHRXWURVSDtVHVGHVHQYROYLGRV
-DSmR )LQOkQGLD $XVWUiOLD H 1RYD =HOkQGLD 'XUDQWH GpFDGDV D 2&'( IRL
FRQKHFLGD FRPR R ³FOXEH GRV ULFRV´ FRQJUHJDQGR DOJXQV GRV SDtVHV PDLV ULFRV H LQGXVWULDOL]DGRV GR PXQGR
(QWUHWDQWR FRP D HQWUDGD GR 0p[LFR HP GD 5HS~EOLFD 7FKHFD HP GD +XQJULD GD 3RO{QLD GD
&RUHLDGR6XOHPGD(VORYiTXLDHPHGR&KLOHHPD2&'(QmRpPDLVFRPSRVWDDSHQDVSRU
SDtVHV GHVHQYROYLGRV FRPR QR LQtFLR (QWUH RV SDtVHV TXH KRMH FRPS}HP D RUJDQL]DomR Ki HFRQRPLDV
HPHUJHQWHVHSDtVHVGRDQWLJREORFRVRFLDOLVWD(PFRQWUDSDUWLGD%UDVLOH&KLQDSRUH[HPSORDLQGDQmRID]HP
SDUWHGD2&'(DSHVDUGHPDLRUHVHPDLVLQGXVWULDOL]DGRVGRTXHPXLWRVPHPEURVGDRUJDQL]DomR
'HVGH R %UDVLO YHP PDQWHQGR XP SURJUDPD GH FRRSHUDomR FRP D 2&'( HP GLYHUVDV iUHDV 3RU
H[HPSORWHPSDUWLFLSDGRGR3URJUDPD,QWHUQDFLRQDOGH$YDOLDomRGH$OXQRV3LVDQDVLJODHPLQJOrV23LVDp
XPH[DPHDSOLFDGRDDOXQRVGHDQRVGHLGDGHTXHSHUPLWHDYDOLDUFRPSDUDWLYDPHQWHRVVLVWHPDVGHHGXFDomR
EiVLFDGRVSDtVHVPHPEURVHGHDOJXQVQmRPHPEURV
(P PDLR GH R &RQVHOKR GH 0LQLVWURV GD 2&'( DGRWRX XPD UHVROXomR TXH LQLFLRX WUDWDWLYDV FRP R
JRYHUQREUDVLOHLURYLVDQGRjHQWUDGDGRSDtVQDRUJDQL]DomR1HJRFLDo}HVVHPHOKDQWHVIRUDPLQLFLDGDVFRPRV
JRYHUQRVGD&KLQDËQGLD,QGRQpVLDHÈIULFDGR6XO3RUWDQWRKiIRUWHWHQGrQFLDGHD2&'(DPSOLDURQXPHUR
GHVHXVPHPEURV
$6$/,$1d$60,/,7$5(6
1RFRQWH[WRGHHQIUHQWDPHQWRODWHQWHGH³JXHUUDLPSURYiYHO´RVQRUWHDPHULFDQRVFRQVWLWXtUDPEORFRVPLOLWDUHV
FRPRREMHWLYRGHLPSHGLUDH[SDQVmRGD]RQDGHLQIOXrQFLDVRYLpWLFD1DTXHODpSRFDPXLWRVVHWRUHVGDVRFLHGDGH
QRUWHDPHULFDQD DFUHGLWDYDP TXH VH D 8QLmR 6RYLpWLFD HVWHQGHVVH VXD LQIOXrQFLD D RXWURV SDtVHV DOpP GR /HVWH
(XURSHX H GD &KLQD TXH DGHULX DR VRFLDOLVPR HP WRGRV RV SDtVHV VXFHVVLYDPHQWH DFDEDULDP FDLQGR QDV
³JDUUDV´ GR LQLPLJR (VVH SUHVVXSRVWR JHRSROtWLFR ILFRX FRQKHFLGR FRPR HIHLWR GRPLQy 3DUD FRQWrOR RV (VWDGRV
8QLGRVFULDUDPYiULDVDOLDQoDVPLOLWDUHVQD(XURSD2FLGHQWDO2WDQ2UJDQL]DomRGR7UDWDGRGR$WOkQWLFR1RUWHQR
6XGHVWH$VLiWLFR2WDVH2UJDQL]DomRGR7UDWDGRGR6XGHVWHGDÈVLDHQR2ULHQWH0pGLR3DFWRGH%DJGiDOpPGH
DFRUGRVELODWHUDLVFRPDOJXQVSDtVHVFRPRR-DSmRHD&RUHLDGR6XOHVWDEHOHFHQGRXPFLQWXUmRGHLVRODPHQWRHP
WRUQRGDVXSHUSRWrQFLDULYDOTXHILFRXFRQKHFLGRFRPRFRUGmRVDQLWiULR
$ PDLV LPSRUWDQWH GHVVDV RUJDQL]Do}HV PLOLWDUHV IRL D 2WDQ FULDGD HP FRP VHGH HP %UX[HODV %pOJLFD
SDUD GHIHQGHU D (XURSD 2FLGHQWDO GD DPHDoD VRYLpWLFD 6XD FULDomR IRL D UHVSRVWD QRUWHDPHULFDQD DR EORTXHLR D
%HUOLP 2FLGHQWDO LPSOHPHQWDGR SHOD 8QLmR 6RYLpWLFD HQWUH MXQKR GH H PDLR GH FRPR UHDomR j
LPSODQWDomR GR PDUFR PRHGD TXH FLUFXODYD QD SDUWH RFLGHQWDO GD $OHPDQKD QHVVD ]RQD GD FLGDGH 2V DOLDGRV
FDSLWDOLVWDV DEDVWHFHUDP %HUOLP 2FLGHQWDO SHOR DU SRU PHLR GH XPD ³SRQWH DpUHD´ IXUDQGR R EORTXHLR WHUUHVWUH
LPSRVWRSHOD8QLmR6RYLpWLFD'HSRLVGHRQ]HPHVHVREORTXHLRIRLVXVSHQVRPDVHVVHDFRQWHFLPHQWRIRLDSULPHLUD
JUDYHFULVHGD*XHUUD)ULD
&RPDFULDomRGD2WDQRV(VWDGRV8QLGRVGHOLPLWDUDPVXD]RQDGHLQIOXrQFLDQD(XURSD2FLGHQWDOSRUPHLRGD
FRQVWUXomRGHXPDVpULHGHEDVHVPLOLWDUHVHGDFRQVWLWXLomRGHXPJLJDQWHVFRPHUFDGRGHDUPDPHQWRVFRQYHQFLRQDLV
HQXFOHDUHVSDUDVHXFRPSOH[RLQGXVWULDOPLOLWDUHWDPEpPGHVHXVDOLDGRV
2XWUDFRQVHTXrQFLDLPSRUWDQWHGREORTXHLRD%HUOLPIRLDFULDomRGD5HS~EOLFD)HGHUDOGD$OHPDQKD5)$RX
$OHPDQKD2FLGHQWDOHPPDLRGHQDV]RQDVRFXSDGDVSHORV(VWDGRV8QLGRV5HLQR8QLGRH)UDQoD&RPRILP
GD6HJXQGD*XHUUDD$OHPDQKDIRLGLYLGLGDHQWUHRVYHQFHGRUHVHPTXDWUR]RQDVGHRFXSDomRDPHULFDQDEULWkQLFD
IUDQFHVDHVRYLpWLFD2PHVPRDFRQWHFHXFRP%HUOLPVXDDQWLJDFDSLWDO2VVHWRUHVDPHULFDQREULWkQLFRHIUDQFrV
HPERUDHPWHUULWyULRGD$OHPDQKD2ULHQWDOSHUPDQHFHUDPOLJDGRVj$OHPDQKD2FLGHQWDOFDSLWDOLVWDTXHHVFROKHX
DFLGDGHGH%RQQSDUDVHUVXDFDSLWDO$UHVSRVWDVRYLpWLFDYHLRHPRXWXEURGDTXHOHPHVPRDQRFRPDFULDomRGD
5HS~EOLFD'HPRFUiWLFD$OHPm5'$HPVXDUHVSHFWLYD]RQDGHRFXSDomR$FDSLWDOGD$OHPDQKD2ULHQWDOFRPR
ILFRXPDLVFRQKHFLGDD5'$SDVVRXDVHUDSDUWHRULHQWDOGH%HUOLPVREFRQWUROHVRYLpWLFR
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
$Wp D GpFDGD GH PXLWRV EHUOLQHQVHV GHL[DUDP R VHWRU RULHQWDO HP EXVFD GH PHOKRUHV RSRUWXQLGDGHV GH
WUDEDOKRQRVHWRURFLGHQWDO3DUDDFDEDUFRPHVVHr[RGRGHWUDEDOKDGRUHVHUHDILUPDUVXDVREHUDQLDDVDXWRULGDGHV
RULHQWDLV FRQVWUXtUDP R 0XUR GH %HUOLP XP GRV VtPERORV PDLV VLJQLILFDWLYRV GR PXQGR ELSRODU H GDV WHQV}HV GD
*XHUUD)ULD$RGLYLGLU%HUOLPRPXURPDWHULDOL]DYDQRWHUULWyULRGHXPDFLGDGHWRGRRDQWDJRQLVPRGHVVDpSRFDR
FRQIOLWR/HVWH2HVWHRXFDSLWDOLVPRversus VRFLDOLVPR4XDQGRD$OHPDQKD2FLGHQWDOLQJUHVVRXQD2WDQHPD
UHVSRVWD VRYLpWLFD YHLR FRP D FULDomR GH XPD DOLDQoD PLOLWDU VRE VHX FRPDQGR R 3DFWR GH 9DUVyYLD DVVLQDGR QR
PHVPRDQRQDFDSLWDOGD3RO{QLD$8QLmR6RYLpWLFDGHOLPLWDYDDVVLPVXDSUySULD]RQDGHLQIOXrQFLDHVHXSULQFLSDO
PHUFDGRGHDUPDVRTXHFRQVROLGRXDGLYLVmRGD(XURSDSHOD³FRUWLQDGHIHUUR´
'HVGH R ILP GD *XHUUD )ULD D LPSRUWkQFLD GDV DOLDQoDV PLOLWDUHV WHP VH UHGX]LGR H DTXHODV TXH QmR IRUDP
H[WLQWDV FRPR R 3DFWRGH9DUVyYLDVRIUHUDPUHHVWUXWXUDomR $PDLV LPSRUWDQWH GHODV D 2WDQ UHGX]LX VHX DUVHQDO
PLOLWDUJDQKRXPDLVPRELOLGDGHIOH[LELOLGDGHHQRYDVDWULEXLo}HV(QWUHVXDVQRYDVIXQo}HVFRQVWDPJDUDQWLUDSD]
QD (XURSD H GDU DSRLR HP LQWHUYHQo}HV LQWHUQDFLRQDLV FRPR QR $IHJDQLVWmR $OpP GLVVR YHP JDQKDQGR QRYRV
SDtVHVPHPEURVHPHQWUDUDPQDRUJDQL]DomRD+XQJULDD3RO{QLDHD5HS~EOLFD7FKHFDHOHYDQGRRQ~PHURGH
DVVRFLDGRVSDUD
'XUDQWH DV QHJRFLDo}HV SDUD D LQFRUSRUDomR GH SDtVHV GR /HVWH D 5~VVLD SRVLFLRQRXVH FRQWUD HVVD SROtWLFD
H[SDQVLRQLVWDDOHJDQGRTXHLVVRSRULDHPULVFRDVXDVHJXUDQoDPDVDFDERXDFHLWDQGRDHPWURFDGHVXDHQWUDGDQR
*UHEDWL]DGRGH*)LQDOPHQWHQRLQtFLRGHFRPDFULDomRGR&RQVHOKR2WDQ5~VVLDHVVHSDtVSDVVRXD
VHUFRQVLGHUDGRXPDOLDGRHVWUDWpJLFRHQFHUUDQGRPDLVXPFDStWXORGDKLVWyULDGD*XHUUD)ULD
(PPDLVVHWHSDtVHVGRDQWLJREORFRRULHQWDOLQJUHVVDUDPQD2WDQHHPPDLVGRLVHOHYDQGRSDUD
VHXV SDtVHVPHPEURV $ HQWUDGD GH H[LQWHJUDQWHV GR 3DFWR GH 9DUVyYLD GHPRQVWUD FRPR R PXQGR PXGRX
JHRSROLWLFDPHQWHGHVGHRILPGD*XHUUD)ULD4XHPLPDJLQDULDLVVRQDTXHODpSRFD
±$218($&5,6('(/(*,7,0,'$'(
$2UJDQL]DomRGDV1Do}HV8QLGDVIRLFULDGDDRILQDOGD6HJXQGD*XHUUDFRPRREMHWLYRGHSUHVHUYDUDSD]HD
VHJXUDQoD QR PXQGR DOpP GH SURPRYHU D FRRSHUDomR LQWHUQDFLRQDO SDUD UHVROYHU TXHVW}HV HFRQ{PLFDV VRFLDLV
FXOWXUDLVHKXPDQLWiULDV(PUHSUHVHQWDQWHVGHSDtVHVUHXQLGRVQD&RQIHUrQFLDGH6mR)UDQFLVFR(VWDGRV
8QLGRV DSURYDUDP XPD &DUWD GH 3ULQFtSLRV TXH GHYHULD RULHQWDU DV Do}HV GD HQWLGDGH QR PXQGR GR SyVJXHUUD
6HGLDGDHP1RYD<RUND218VXEVWLWXLXD/LJDGDV1Do}HVFULDGDDSyVD3ULPHLUD*XHUUD$WXDOPHQWHFRQWDFRP
YiULRVyUJmRVGRVTXDLVRVPDLVLPSRUWDQWHVVmRD$VVHPEOHLD*HUDOHR&RQVHOKRGH6HJXUDQoDHGLYHUVDVDJrQFLDV
$$VVHPEOHLD*HUDOFRQJUHJDDVGHOHJDo}HVGRVSDtVHVPHPEURVQR LQtFLRGH)D]XPDUHXQLmRSRU
DQR SRGH KDYHU HQWUHWDQWR VHVV}HV GH HPHUJrQFLD PDV QmR GHFLGH VREUH TXHVW}HV GH VHJXUDQoD H FRRSHUDomR
LQWHUQDFLRQDODSHQDVID]UHFRPHQGDo}HV
2yUJmRGHPDLRUSRGHUGD218pR&RQVHOKRGH6HJXUDQoDIRUPDGRSRUGHOHJDGRVGHTXLQ]HSDtVHVPHPEURV
GRVTXDLVFLQFRVmRSHUPDQHQWHVHGH]HOHLWRVDFDGDGRLVDQRV2SRGHUGHVVHyUJmRHVWiFRQFHQWUDGRQDVPmRVGRV
FLQFRPHPEURVSHUPDQHQWHVTXHWrPSRGHUGHYHWRTXDOTXHUGHFLVmRVypSRVWDHPSUiWLFDVHKRXYHUFRQVHQVRHQWUH
(VWDGRV8QLGRV5HLQR8QLGR)UDQoD&KLQDH5~VVLDVXEVWLWXLXDH[WLQWD8QLmR6RYLpWLFD'XUDQWHD*XHUUD)ULD
QXP PXQGR ELSRODU D 218 WLQKD VXD FDSDFLGDGH GH DomR EDVWDQWH OLPLWDGD SRLV VXDV GHFLV}HV RUD FRQWUDULDYDP
LQWHUHVVHVQRUWHDPHULFDQRVRUDVRYLpWLFRV2ODGRTXHVHVHQWLDSUHMXGLFDGRYHWDYDDUHVROXomRTXHOKHFRQWUDULDVVH
2 &RQVHOKR GH 6HJXUDQoD SRGH LQYHVWLJDU GLVSXWDV H FRQIOLWRV LQWHUQDFLRQDLV RX QR LQWHULRU GH XP SDtV SURSRU
VROXo}HV YLVDQGR D DFRUGRV GH SD] H DGRWDU VDQo}HV TXH YmR GHVGH R FRUWH GDV FRPXQLFDo}HV RX GDV UHODo}HV
GLSORPiWLFDV DWp R EORTXHLR HFRQ{PLFR (P ~OWLPR FDVR SRGH DXWRUL]DU R XVR GD IRUoD PLOLWDU FRPR RFRUUHX HP
LQWHUYHQo}HV QD 6RPiOLD QD *XHUUD GH .RVRYR H QD RFXSDomR GR $IHJDQLVWmR WRGDV VRE D
OLGHUDQoDGRV(VWDGRV8QLGRV$DORFDomRGDVIRUoDVGHSD]GD218FRPRD0LQXVWDKHQYLDGDVDR+DLWLHP
VRERFRPDQGRGR%UDVLOWDPEpPSDVVDSRUDSURYDomRGR&RQVHOKRGH6HJXUDQoD
1DJXHUUDFRQWUDR,UDTXHRV(VWDGRV8QLGRVFRPDSRLRVROLWiULRGR5HLQR8QLGRRSWDUDPSRULQYDGLUR
WHUULWyULRLUDTXLDQRVHPDDXWRUL]DomRGD218FRPRLQWXLWRGHGHUUXEDURGLWDGRU6DGGDP+XVVHLQ6DEHQGRTXH
QmRWHULDRDSRLRQHFHVViULRGRVPHPEURVGR&RQVHOKRGH6HJXUDQoDRJRYHUQRQRUWHDPHULFDQRVREDSUHVLGrQFLD
GH *HRUJH : %XVK UHVROYHX DSRVWDU QR XQLODWHUDOLVPR H LJQRURX D HQWLGDGH 7DO DWLWXGH GHVJDVWRX D
218HSRUH[WHQVmRRPXOWLODWHUDOLVPRFRQVWUXtGRGHVGHRSyVJXHUUDSRUTXHIH]FRPTXHDHQWLGDGHSHUGHVVHD
SUHUURJDWLYDGHGHFLGLUVREUHLQWHUYHQo}HVPLOLWDUHV
$FRPSRVLomRGR&RQVHOKRGH6HJXUDQoDQmRH[SUHVVDDFRUUHODomRGHIRUoDVGRPXQGRDWXDOHVLPDGHTXDQGR
IRL FULDGD UHVXOWDQWH GD 6HJXQGD *XHUUD SRU LVVR HP R %UDVLO D $OHPDQKD R -DSmR H D ËQGLD IRUPDUDP XP
JUXSRSDUDWHQWDUDFHOHUDUVXDUHIRUPD(PHVVHJUXSRDSUHVHQWRXXPSURMHWRj$VVHPEOHLD*HUDOTXHSUHYLDD
H[SDQVmRGRQ~PHURGHPHPEURVSHUPDQHQWHV'LDQWHGDIDOWDGHFRQVHQVRRSURMHWRQmRIRLDFDWDGRPDVR%UDVLO
QmR GHVLVWLX GH VHX SURSyVLWR 3RU VHU R PDLRU SDtV GD $PpULFD /DWLQD HP WHUPRV WHUULWRULDO SRSXODFLRQDO H
HFRQ{PLFR R SDtV p XP FDQGLGDWR QDWXUDO D XPD YDJD FDVR R &RQVHOKR GH 6HJXUDQoD VHMD DPSOLDGR 2 JRYHUQR
EUDVLOHLURWHPIHLWRDUWLFXODo}HVGLSORPiWLFDVQHVVHVHQWLGR
&DVR RV (VWDGRV 8QLGRV TXH WrP SURFXUDGR VH PDQWHU QHXWURV QHVVH GHEDWH H RV RXWURV PHPEURV SHUPDQHQWHV
YHQKDP D FRQFRUGDU HP DPSOLDU R &RQVHOKR GH 6HJXUDQoD RV SRVWXODQWHV DLQGD HQIUHQWDULDP SUREOHPDV Mi TXH D
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
HQWUDGD GHSHQGH GD DSURYDomR GH GRV (VWDGRVPHPEURV 1D $PpULFD /DWLQD R 0p[LFR H SRVVLYHOPHQWH D
$UJHQWLQD DSHVDU GDSDUFHULDQR 0HUFRVXOSRGHULDP TXHVWLRQDUD HQWUDGD GR %UDVLO 1D ÈIULFD WDPEpP KiRXWURV
SUHWHQGHQWHV FRPR R (JLWR H D 1LJpULD TXH SRGHP FRQFRUUHU FRP D ÈIULFD GR 6XO 1D ÈVLD R FRQIOLWR LQGR
SDTXLVWDQrVSRGHULDVHDFLUUDUSRUTXHR3DTXLVWmRQmRVHFRQIRUPDULDFRPDHQWUDGDGDËQGLDVHXLQLPLJRKLVWyULFR
$LQGD QD ÈVLD SURYDYHOPHQWH D &KLQD YHWDULD D HQWUDGD GR -DSmR SRU QmR TXHUHU YrOR IRUWDOHFLGR SROtWLFD H
PLOLWDUPHQWH QD UHJLmR 1D (XURSD D VLWXDomR GD $OHPDQKD QmR p FRQIRUWiYHO SRUTXH RV LWDOLDQRV WDPEpP VmR
SUHWHQGHQWHVDXPDYDJDQR&RQVHOKR
&DGDSUHWHQGHQWHWHUiGHDQJDULDURPi[LPRGHDSRLRVSDUDFRQVHJXLUVHXLQWHQWRHVSHFLDOPHQWHQDUHJLmRHPTXH
VHORFDOL]D2%UDVLOMiREWHYHDSRLRGHWRGRVRVPHPEURVSHUPDQHQWHVGR&RQVHOKRGH6HJXUDQoDFRPH[FHomRGRV
(VWDGRV 8QLGRV TXH DWp QmR WLQKDP VH SRVLFLRQDGR 2 DSRLR GH &KLQD H 5~VVLD IRL IRUPDOL]DGR QR SULPHLUR
HQFRQWURGRJUXSR%ULFUHDOL]DGRHPQD5~VVLD
±$&223(5$d268/68/
9iULRV JRYHUQRVGHSDtVHV HP GHVHQYROYLPHQWRWrP VHHPSHQKDGRQR DSURIXQGDPHQWR GD FRRSHUDomR HQWUH VL
TXH FKDPDP GH FRRSHUDomR 6XO6XO OHLD R WH[WR GR ER[H D VHJXLU FRP R REMHWLYR GH DXPHQWDU R SRGHU GH
QHJRFLDomRQRVRUJDQLVPRVLQWHUQDFLRQDLVFRPRVSDtVHVGHVHQYROYLGRVPXLWDVYH]HVFKDPDGRVGHSDtVHVGR1RUWH
8PH[HPSORGHVVHHPSHQKRIRLRDFRUGRGHFRRSHUDomRWULODWHUDOILUPDGRHQWUH%UDVLOËQGLDHÈIULFDGR6XO2QRPH
RILFLDOGRJUXSRp)yUXPGH'LiORJR,%6$RX,%$6$SULPHLUDVLJODYHP GDVLQLFLDLVHPLQJOrVGRVWUrVSDtVHVD
VHJXQGD HVWi HP SRUWXJXrV 2 JUXSR EXVFD DWXDU GH IRUPD FRRUGHQDGD QRV IyUXQV LQWHUQDFLRQDLV SDUD DXPHQWDU R
SRGHUGHQHJRFLDomRGHVHXVPHPEURVHFRPRFDQGLGDWRVDPHPEURSHUPDQHQWHGR&RQVHOKRGH6HJXUDQoDGD218
GHIHQGHPDUHIRUPDGHVVHyUJmRFRPRPRVWUDRWH[WR
)Ï580'(',È/2*2,%$6
)RUPDOPHQWHHVWDEHOHFLGRHPGHMXQKRGHPHGLDQWHD³'HFODUDomRGH%UDVtOLD´R)yUXPGH'LiORJR
ËQGLD%UDVLOÈIULFD GR 6XO ,%$6 UHSUHVHQWD HVIRUoR GH FRRUGHQDomR SROtWLFD FXMDV PHWDV FHQWUDLV SRGHP VHU
UHVXPLGDV HP WUrV WySLFRV D DSUR[LPDomR GH SRVLo}HV GRV WUrV SDtVHV HP LQVWkQFLDV PXOWLODWHUDLV R
GHVHQYROYLPHQWRGDFRRSHUDomRFRPHUFLDOFLHQWtILFDHFXOWXUDOQRkPELWR6XO6XOHDGHPRFUDWL]DomRGHHVIHUDV
GHWRPDGDGHGHFLVmRLQWHUQDFLRQDO
ËQGLD %UDVLO H ÈIULFD GR 6XO SURFXUDP HVSHFLDOPHQWH D SDUWLU GD GpFDGD GH HOHYDU VHX SHUILO
LQWHUQDFLRQDODSDUWLUGHDWULEXWRVFXMDVHPHOKDQoDSRUVLVyMXVWLILFDDPDLRUDSUR[LPDomRHQWUHRVWUrVSDtVHV
VmR SRWrQFLDV LQWHUPHGLiULDV FRP IRUWH LQIOXrQFLD HP VXDV UHVSHFWLYDV UHJL}HV GHPRFUDFLDV FRQVROLGDGDV H
HFRQRPLDV HP DVFHQVmR H TXH GDGDV DV HYLGHQWHV GHVLJXDOGDGHV LQWHUQDV FRQIURQWDP GHVDILRV FRPXQV GH
GHVHQYROYLPHQWR
$SDUWLUGHVVDFRQGLomRFRPXPËQGLD%UDVLOHÈIULFDGR6XOSHUVHJXHPLQWHUHVVHVFRQYHUJHQWHVHPUHODomRj
UHIRUPDQRVPHFDQLVPRVGHWRPDGDGHGHFLVmRHPQtYHOJOREDOHVSHFLDOPHQWHGR&RQVHOKRGH6HJXUDQoDGDV
1Do}HV 8QLGDV H SRVLFLRQDPVH FRQWUDULDPHQWH j SROtWLFD GH VXEVtGLRV DJUtFRODV SUDWLFDGD SHORV SDtVHV
GHVHQYROYLGRV H FRPR VtQWHVH GDV GXDV SRVWXUDV DQWHULRUHV SURSXJQDP XPD RUGHP LQWHUQDFLRQDO PXOWLSRODU
HVWUXWXUDGD D SDUWLU GD PDLRU DWHQomR DRV SDtVHV HP GHVHQYROYLPHQWR H EDVHDGD QR 'LUHLWR ,QWHUQDFLRQDO H QD
GHPRFUDFLD
,%$66REUHR,%$6'LVSRQtYHOHP:::IRUXPLEVDRUJ
25*$1,=$d®(6,17(51$&,21$,6
2WHUPR³FRPXQLGDGHLQWHUQDFLRQDO´ pXVDGRGHPRGRYDJR PDVIUHTXHQWHSDUDWHQWDUH[SUHVVDUDLGHLDGH
XP FRQVHQVR LQWHUQDFLRQDO FRQWUiULR RX IDYRUiYHO D GHWHUPLQDGRV (VWDGRV RX Do}HV (OH VH WRUQRX XP GRV
FOLFKrV GD SROtWLFD H[WHUQD 0DV MXQWR FRP D UHWyULFD Ki PHVPR FHUWR JUDX GH UHDOLGDGH QR FRQFHLWR GH
FRPXQLGDGHLQWHUQDFLRQDO¬PHGLGDTXHRV(VWDGRVUHJXODPPHGLDQWHWUDWDGRVHDFRUGRVRVDVVXQWRVGHP~WXR
LQWHUHVVHFUHVFHDDEUDQJrQFLDGRGLUHLWRLQWHUQDFLRQDODVVLPFRPRDRVSRXFRVVHXVEHQHItFLRV
1HVVH FRQWH[WR LQWHUQDFLRQDO RV (VWDGRV DJHP MXQWRV HP JUXSDPHQWRV GHILQLGRV SRU UHJLmR LQWHUHVVH
HVWUDWpJLFRRXQRFDVRGR*VLPSOHVPHQWHSRGHUHFRQ{PLFR
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
±$25'(0(&21Ð0,&$
$&RQIHUrQFLDGH%UHWWRQ:RRGVUHDOL]DGDHP
MXOKR GH QHVVD FLGDGH]LQKD QDV PRQWDQKDV $66(7(0$,25(6(&2120,$6'2081'2(0
GH 1HZ +DPSVKLUH (VWDGRV 8QLGRV IRL
FRQYRFDGDSRUQRUWHDPHULFDQRVHEULWkQLFRVFRP 3DtVSRVLomR 31%WRWDOHP 31%SHUFDSLWD
R REMHWLYR GH HODERUDU XP DUFDERXoR TXH ELOK}HVGHGyODUHV HPGyODUHV
SHUPLWLVVH D UHFXSHUDomR HFRQ{PLFD QR SyV (VWDGRV8QLGRV
JXHUUD $SHVDU GD SDUWLFLSDomR GH YiULDV QDo}HV
LQFOXLQGR D 8QLmR 6RYLpWLFD H R %UDVLO TXHP 8QLmR6RYLpWLFD
GHILQLDDVUHJUDVGRSODQRHUDPRV(VWDGRV8QLGRV 5HLQRXQLGR
H HP PHQRU JUDX R 5HLQR 8QLGR 2V
UHSUHVHQWDQWHVGRVSDtVHVSDUWLFLSDQWHVWHPLDP )UDQoD
DRFRUUrQFLDGHXPDFULVHHFRQ{PLFDFRPRDGRV
$OHPDQKD2FLGHQWDO
DQRV H ODQoDUDP XP SODQR SDUD JDUDQWLU D
UHFRQVWUXomR H D HVWDELOLGDGH GD HFRQRPLD -DSmR
PXQGLDO DSyV R WpUPLQR GR FRQIOLWR 1HVVD
,WiOLD
UHXQLmR IRL HVWDEHOHFLGR XP QRYR SDGUmR
PRQHWiULRRGyODURXURHPVXEVWLWXLomRDRRXURSDGUmRYLJHQWHDWpHQWmR2EDQFRFHQWUDODPHULFDQR)HGHUDO5HVHUYH
%RDUG PDLV FRQKHFLGR FRPR )HG JDUDQWLULD XPD SDULGDGH IL[D GH GyODUHV SRU RQoDWUR\ J GH RXUR H D OLYUH
FRQYHUVLELOLGDGH1DSUiWLFDLVVRVLJQLILFDYDTXHDHPLVVmRGHGyODUHVGHYHULDVHUODVWUHDGDHPRXURWRUQDQGRRGyODUXPD
PRHGD GH UHVHUYD JDUDQWLGD SHOR )HG R TXH SHUGXURX DWp 2EVHUYH QD WDEHOD R TXDQWR D HFRQRPLD GRV (VWDGRV
8QLGRVVHVREUHSXQKDjVGHPDLVHP
3RUpPQRILQDOGDGpFDGDGHDHFRQRPLDQRUWHDPHULFDQDFRPHoRXDSHUGHUDKHJHPRQLDQRPXQGRFDSLWDOLVWD
7HYH GH HQIUHQWDU D FRQFRUUrQFLD GD (XURSD 2FLGHQWDO H GR -DSmR Mi UHFXSHUDGRV ± H GH DGPLQLVWUDU SUREOHPDV
PDFURHFRQ{PLFRV SHUGD GH FRPSHWLWLYLGDGH LQGXVWULDO VXFHVVLYRV GpILFLWV RUoDPHQWiULRV GHVHTXLOtEULRV QD EDODQoD
FRPHUFLDOHOHYDGRVJDVWRVFRPDFRUULGDDUPDPHQWLVWDHFRPD*XHUUDGR9LHWQm(VVDVLWXDomROHYRXRJRYHUQRQRUWH
DPHULFDQR D HPLWLU PRHGD VHP ODVWUR LVWR p VHP D UHWHQomR GR YDORU FRUUHVSRQGHQWH HP RXUR QR EDQFR FHQWUDO R TXH
SURYRFRX LQIODomR H FRQVHTXHQWHPHQWH GHVYDORUL]Do}HV GR GyODU HP UHODomR D RXWUDV PRHGDV IRUWHV $V VXFHVVLYDV
GHVYDORUL]Do}HV OHYDUDP R JRYHUQR GRV (VWDGRV 8QLGRV D DFDEDU FRP D OLYUH FRQYHUVLELOLGDGH HP 'HVGH HQWmR D
FRWDomR GD PRHGD QRUWHDPHULFDQD FRQWLQXRX FDLQGR DWp DWLQJLU HP VHX SDWDPDU PDLV EDL[R HP UHODomR D RXWUDV
PRHGDVIRUWHV1DVHJXQGDPHWDGHGDGpFDGDGHFRPRHOHYDGRFUHVFLPHQWRHFRQ{PLFRGRV(VWDGRV8QLGRVRGyODU
WHYHXPDUHODWLYDYDORUL]DomRGLDQWHGHVHXVFRPSHWLGRUHVPDVFRPDFULVHPXQGLDOGHGHVYDORUL]RXVHQRYDPHQWH
'XUDQWH D &RQIHUrQFLD GH %UHWWRQ :RRGV IRUDP FRQVWLWXtGRV GRLV RUJDQLVPRV DWp KRMH PXLWR DWXDQWHV QR FHQiULR
SROtWLFRHFRQ{PLFRHILQDQFHLURPXQGLDOR%DQFR,QWHUQDFLRQDOGH5HFRQVWUXomRH'HVHQYROYLPHQWR%LUGDLQVWLWXLomR
PDLVFRQKHFLGDGR%DQFR0XQGLDOHR)XQGR0RQHWiULR,QWHUQDFLRQDO)0,DPERVFRPVHGHHP:DVKLQJWRQFDSLWDO
GRV(VWDGRV8QLGRV(VVDVRUJDQL]Do}HVMiQDVFHUDPFRQWURODGDVSHODSRWrQFLDKHJHP{QLFD$R%LUGFRXEHLQLFLDOPHQWH
RILQDQFLDPHQWRGDUHFRQVWUXomRGRVSDtVHVGHYDVWDGRVSHODJXHUUDHSRVWHULRUPHQWHRILQDQFLDPHQWRDORQJRSUD]RGH
SURMHWRVYLVDQGRDRGHVHQYROYLPHQWRGRVSDtVHVPHPEURVHP(PIRLFULDGDD$VVRFLDomR,QWHUQDFLRQDO
GH'HVHQYROYLPHQWR$,' TXHKRMHFRQFHGHHPSUpVWLPRVVHPMXURVHDVVLVWrQFLDWpFQLFDDRVSDtVHVPDLVSREUHVGR
PXQGRGRVTXDLVQDÈIULFD6XEVDDULDQD$$,'R%LUGHPDLVWUrVLQVWLWXLo}HVFRPS}HPR*UXSR%DQFR0XQGLDO
2 )0, IRL FULDGR SDUD ]HODU SHOD HVWDELOLGDGH ILQDQFHLUD PXQGLDO DWUDYpV GH GXDV DWULEXLo}HV EiVLFDV JDUDQWLU
HPSUpVWLPRVDRVSDtVHVTXHWHQKDPGLILFXOGDGHSDUDIHFKDUVHXEDODQoRGHSDJDPHQWRVHDVVHJXUDUDHVWDELOLGDGHQDVWD[DV
GHFkPELRVHPSUHWHQGRRGyODUFRPRSDGUmRGHUHIHUrQFLD
$VVLPHVVHVRUJDQLVPRVILFDUDPUHVSRQViYHLVSRUYLDELOL]DUDUHFRQVWUXomRGREORFRFDSLWDOLVWDQRSyVJXHUUDJDUDQWLU
RFUHVFLPHQWRGDHFRQRPLDPXQGLDOHHYLWDUFULVHVFRPRDGH
1RHQWDQWRRDFLUUDPHQWRGDVWHQV}HVGD*XHUUD)ULDpTXHGHIDWRJDUDQWLXDUHFRQVWUXomRGRPXQGRRFLGHQWDOVRE
LQIOXrQFLDQRUWHDPHULFDQD$OpPGR3ODQR0DUVKDOOGLUHFLRQDGRj(XURSDQRLQtFLRGDGpFDGDGHIRLHODERUDGRR
3ODQR &RORPER SDUD HVWLPXODU R GHVHQYROYLPHQWR GH SDtVHV GR VXO H VXGHVWH GD ÈVLD 2 -DSmR IRL EHQHILFLDGR SRU XP
SURJUDPD GH DMXGD ELODWHUDO H HQWUH H UHFHEHX ELOK}HV GH GyODUHV HP YDORUHV GD pSRFD GLUHWDPHQWH GR
7HVRXURGRV(VWDGRV8QLGRV7RGRVHVVHVSODQRVGHDMXGDHFRQ{PLFDSRVVLELOLWDUDPRIOX[RGHSURGXWRVHFDSLWDLVQRUWH
DPHULFDQRVHFRQIRUPHDGRXWULQD7UXPDQDFRQWHQomRGRH[SDQVLRQLVPRVRYLpWLFR
3DUDFRPSOHPHQWDUDVPHGLGDVHFRQ{PLFDVLGHDOL]DGDVHP%UHWWRQ:RRGVIRLFRQVWLWXtGRHPQD&RQIHUrQFLD
(FRQ{PLFDGH+DYDQDR$FRUGR*HUDOGH7DULIDVH&RPpUFLR*DWWGRLQJOrVGeneral Agreement on Tarifs and Trade).
&RP VHGH HP *HQHEUD 6XtoD WLQKD FRPR REMHWLYR SULQFLSDO FRPEDWHU PHGLGDV SURWHFLRQLVWDV H HVWLPXODU R FRPpUFLR
PXQGLDO2*DWWDVVLPFRPRR%LUGHR)0,VHPSUHDWXRXHPFRRSHUDomRFRPD218'HVGHTXDQGRSDVVRXD
GHQRPLQDUVH2UJDQL]DomR0XQGLDOGH&RPpUFLR20&WHPSURFXUDGRDXPHQWDUVXDLQIOXrQFLDQDVTXHVW}HVFRPHUFLDLV
PXQGLDLV
$OpP GDV RUJDQL]Do}HV HFRQ{PLFDV FULDGDV HP %UHWWRQ :RRGV H HP +DYDQD RV SDtVHV PDLV ULFRV FRQVWLWXtUDP XP
IyUXPGHGHEDWHVVREUHDFRQMXQWXUDHFRQ{PLFDHSROtWLFDPXQGLDOFRQKHFLGRGXUDQWHPXLWRWHPSRFRPR*
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
±'2*$2*
2**UXSRGRVWHYHVXDRULJHPHPXPHQFRQWURUHDOL]DGRHPQRTXDOVHUHXQLUDPUHSUHVHQWDQWHVGDV
SULQFLSDLVSRWrQFLDVFDSLWDOLVWDVGDpSRFD)UDQoDRSDtVDQILWULmR(VWDGRV8QLGRV$OHPDQKD5HLQR8QLGR,WiOLDH
-DSmR1DVFHXSRUWDQWRFRPR*(PR&DQDGiSDVVRXDID]HUSDUWHGRJUXSRTXHVHWUDQVIRUPRXHP*
'XUDQWH DQRV HVVH IyUXP DJOXWLQRX DV VHWH PDLRUHV HFRQRPLDV GR PXQGR (P QXP HQFRQWUR UHDOL]DGR HP
'HQYHU (VWDGRV 8QLGRV D 5~VVLD IRL DGPLWLGD FRPR PHPEUR H R JUXSR SDVVRX D VHU FKDPDGR GH * 3RU
FDUDFWHUL]DUVHFRPRXPIyUXPRJUXSRQmRWHPXPDVHGHIL[DHDFDGDDQRRHQFRQWURDFRQWHFHQXPSDtVPHPEUR
TXDQGRVmRGHEDWLGDVDVTXHVW}HVPXQGLDLVGHLQWHUHVVHGRJUXSR
2 * HVWi GHVFDUDFWHUL]DGR SRUTXH QmR UH~QH PDLV DV PDLRUHV HFRQRPLDV GR SODQHWD H R FHQiULR HFRQ{PLFR
PXQGLDO HVWi PXLWR PDLV FRPSOH[R GR TXH QD pSRFD HP TXH R JUXSR IRL FULDGR $WXDOPHQWH R IyUXP TXH WHP
JDQKDGR SURMHomR HVSHFLDOPHQWH GHSRLV GD FULVH GH p R * *UXSR GRV TXH FRQJUHJD WDPEpP DV
SULQFLSDLVHFRQRPLDVHPHUJHQWHV
2*($&5,6(),1$1&(,5$081',$/
&RP DV VXFHVVLYDV FULVHV TXH DWLQJLUDP DV
HFRQRPLDV HPHUJHQWHV QR ILQDO GD GpFDGD GH $66(7(0$,25(6(&2120,$6'2081'2(
WRUQRXVHQHFHVViULDDFULDomRGHXPQRYR 2875260(0%526'2*(0
IyUXP SDUD GLVFXWLU IRUPDV GH UHJXODomR GR
3DtVSRVLomR 31%WRWDOELOK}HV 31%SHUFDSLWD
VLVWHPD ILQDQFHLUR LQWHUQDFLRQDO 2 * FULDGR
GHGyODUHV GyODUHV
HP p FRPSRVWR SHORV SDtVHV GR *
$XVWUiOLD SDtVHV HPHUJHQWHV FRP PDLRU SHVR (VWDGRV8QLGRV
HFRQ{PLFRQR PXQGRHFRPSOHWDQGRRJUXSRD
8QLmR (XURSHLD 7UDWDVH GR UHFRQKHFLPHQWR GD -DSmR
FUHVFHQWH LPSRUWkQFLD HFRQ{PLFD GRV SDtVHV &KLQD
HPHUJHQWHV(VSHFLDOPHQWHGD&KLQDGR%UDVLOH
GD ËQGLD HWDPEpP D DFHLWDomR GH TXH DWp HQWmR $OHPDQKD
HOHV QmR WLQKDP XPD SDUWLFLSDomR DGHTXDGD QRV )UDQoD
GHVWLQRV GD HFRQRPLD PXQGLDO $ (VSDQKD
HFRQRPLDGRPXQGRHPFRP31%GH 5HLQR8QLGR
ELOK}HVGHGyODUHVQmRID]SDUWHGR*SRUTXH ,WiOLD
D (XURSD Mi HVWi VXSHUUHSUHVHQWDGD 2 PHVPR
DFRQWHFH FRP RXWUDV HFRQRPLDV HXURSHLDV &DQDGi
LPSRUWDQWHV FRPR RV 3DtVHV %DL[RV 6XtoD %UDVLO
6XpFLDH%pOJLFD2XVHMDFRPRPRVWUDDWDEHOD
SDUD DJUHJDU DOJXQV SDtVHV HPHUJHQWHV 5~VVLD
UHJLRQDOPHQWH LPSRUWDQWHV PDV FRP 3,%V ËQGLD
PHQRUHVTXHDOJXQVSDtVHVHXURSHXVR*QmR
pFRPSRVWRH[DWDPHQWHSHODVPDLRUHVHFRQRPLDV 0p[LFR
GRPXQGR
&RUHLDGR6XO
2 * FRQJUHJD FHUFD GH GD SRSXODomR
GR SODQHWD GR 3,% PXQGLDO H GR $XVWUiOLD
FRPpUFLR LQWHUQDFLRQDO $ UHXQLmR LQDXJXUDO GR 7XUTXLD
IyUXP DFRQWHFHX HP GH]HPEUR GH HP
%HUOLP$OHPDQKDHGHVGHHQWmRYrPRFRUUHQGR $UiELD6DXGLWD
DQXDOPHQWH &RP D FULVH ILQDQFHLUD PXQGLDO GH
,QGRQpVLD
R*JDQKRXLPSRUWkQFLDFRPRIyUXPGH
GLVFXVVmR H SURSRVLomR GH VDtGDV H Ki TXHP ÈIULFDGR6XO
GHIHQGD FRPR R PLQLVWUR GDV 5HODo}HV
$UJHQWLQD
([WHULRUHV GR %UDVLO TXH GHYHULD RFXSDU R OXJDU
GR*QRFHQiULRPXQGLDO
$UHXQLmRUHJXODUGR*UHDOL]RXVHHPQRYHPEURGHHP6mR3DXORDOJXQVGLDVGHSRLVRFRUUHXXPD
QRYD UHXQLmR HP :DVKLQJWRQ 6y TXH QHVVD UHXQLmR H[WUDRUGLQiULD FRQYRFDGD SDUD VH DFRUGDU VDtGDV SDUD D FULVH
ILQDQFHLUDRVSDtVHVGR*HVWLYHUDPSHODSULPHLUDYH]UHSUHVHQWDGRVSRUVHXVFKHIHVGH(VWDGRHGHJRYHUQR)RL
PDLVXPDGHPRQVWUDomRGDFUHVFHQWHLPSRUWkQFLDGDVHFRQRPLDVHPHUJHQWHVDVPHQRVDWLQJLGDVSHODFULVHPXQGLDO
'DQGRFRQWLQXLGDGHjVQHJRFLDo}HVRVFKHIHVGH(VWDGRHGHJRYHUQRGR*UHXQLUDPVHQRYDPHQWHHPDEULOGH
HP/RQGUHVTXDQGRIRLODQoDGRXPSODQRFRPPHGLGDVYLVDQGRjVXSHUDomRGDFULVHILQDQFHLUDJOREDO(VVDV
PHGLGDVSRGHPVHUUHVXPLGDVQRVFRPSURPLVVRVDVVXPLGRVSHORVOtGHUHVGR*QRLWHPGRFRPXQLFDGRRILFLDO
SXEOLFDGRDSyVRHQFHUUDPHQWRGDUHXQLmR
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
3/$12*/2%$/3$5$5(&83(5$d2(5()250$
1yVOtGHUHVGR*UXSRGRVUHXQLGRVHP/RQGUHVHPGHDEULOGH
+RMHQRVFRPSURPHWHPRVID]HURTXHUIRUQHFHVViULRSDUD
5HVWDXUDUDFRQILDQoDRFUHVFLPHQWRHRVHPSUHJRV
5HFXSHUDURVLVWHPDILQDQFHLURSDUDUHVWDXUDURVILQDQFLDPHQWRV
)RUWDOHFHUDUHJXODomRILQDQFHLUDSDUDUHFRQVWUXLUDFRQILDQoD
)LQDQFLDUHUHIRUPDUDVLQVWLWXLo}HVILQDQFHLUDVLQWHUQDFLRQDLVSDUDVXSHUDUHVWDFULVHHSUHYHQLURXWUDV
3URPRYHURFRPpUFLRHRVLQYHVWLPHQWRVJOREDLVHUHMHLWDURSURWHFLRQLVPRGHIRUPDDVXVWHQWDUDSURVSHULGDGH
&RQVWUXLUXPDUHFXSHUDomRVXVWHQWiYHOYHUGHHLQFOXVLYD
*/2%$/SODQIRUUHFRYHU\DQGUHIRUP7KH/RQGRQ6XPPLW
2XWUR H[HPSOR GR IRUWDOHFLPHQWR GRV SDtVHV HP GHVHQYROYLPHQWR RFRUUHX QD 4XLQWD &RQIHUrQFLD 0LQLVWHULDO GD
2UJDQL]DomR 0XQGLDO GR &RPpUFLR 20& UHDOL]DGD HP &DQF~Q 0p[LFR HP VHWHPEUR GH 1HOD IRL
FRQVWLWXtGRPDLVXPDYH]VREDLQLFLDWLYDGDGLSORPDFLDEUDVLOHLUDHGRVDOLDGRVGR,%$6XPJUXSRGHSDtVHVTXH
WDPEpPILFRXFRQKHFLGRFRPR**UXSRGRV2*GD20&EXVFDGHIHQGHURVLQWHUHVVHVGRVSDtVHVHP
GHVHQYROYLPHQWRQDVQHJRFLDo}HVFRPHUFLDLVFRPRVSDtVHVGHVHQYROYLGRV±RXWURH[HPSORGHFRRSHUDomR6XO6XO
(VVH*GRFRPpUFLRHPMiHUDPPHPEURVpFRPSRVWRDSHQDVSRUSDtVHVHPGHVHQYROYLPHQWRGD
$PpULFD /DWLQD GD ÈVLD H GD ÈIULFD QmR VH GHYH FRQIXQGLU R * FRPHUFLDO FRP R * GDV ILQDQoDV TXH
YLPRVDFLPD
±2),0'$*8(55$)5,$($(0(5*Ç1&,$'(80$129$25'(0
$SDUWLUGRILQDOGDGpFDGDGHDKXPDQLGDGHDVVLVWLXDXPDVpULHGHDFRQWHFLPHQWRVTXHOHYDUDPDRILPGD
RUGHP LQWHUQDFLRQDO ELSRODU GD *XHUUD )ULD HP R 0XUR GH %HUOLP IRL GHUUXEDGR H HP DV $OHPDQKDV
2FLGHQWDOH2ULHQWDOVHUHXQLILFDUDP
(P MXOKR GH RXWUR VtPEROR GD *XHUUD )ULD GHVDSDUHFHX 5HXQLGRV HP 3UDJD QD HQWmR 7FKHFRVORYiTXLD
UHSUHVHQWDQWHV GRV SDtVHVPHPEURV GR 3DFWR GH 9DUVyYLD XPD DOLDQoD PLOLWDU LPSRVWD SHOD 8QLmR 6RYLpWLFD SDUD
FRQWURODU VHXV SDtVHVVDWpOLWHV IRUPDOL]DUDP D VXD GLVVROXomR )LQDOPHQWH HP GH]HPEUR GH IRL VHODGD D
GHVDJUHJDomR JHRSROtWLFD H WHUULWRULDO GD SUySULD 8QLmR 6RYLpWLFD (UD R ILP GR FRQIOLWR /HVWH2HVWH $ SDUWLU GDt
HVVHVSRQWRVFDUGHDLVUHWRPDYDPVHXVLJQLILFDGRLQWULQVHFDPHQWHJHRJUiILFR
(VVHV IDWRV FUXFLDLV PDUFDUDPR ILP GRDUUDQMR JHRSROtWLFR H HFRQ{PLFR YLJHQWH QRPXQGR QDpSRFD GD *XHUUD
)ULD (QWUHWDQWR DLQGD Ki UHVTXtFLRV GDTXHOH SHUtRGR KLVWyULFR FRPR R EORTXHLR LPSRVWR D &XED H D GLYLVmR GD
3HQtQVXODGD&RUHLD
2V(VWDGRV8QLGRVPDQWrPXPHPEDUJRHFRQ{PLFRD&XEDGHVGHDQRHPTXHRSDtVFDULEHQKRIRLH[SXOVR
GD2UJDQL]DomRGRV(VWDGRV$PHULFDQRV2($2HPEDUJRHDH[SXOVmRIRUDPXPDUHWDOLDomRDRDOLQKDPHQWRGH
&XEDFRPD8QLmR6RYLpWLFDDSyVDUHYROXomRGHTXHIRLYLWRULRVDVRERFRPDQGRGH)LGHO&DVWURHGHS{VR
GLWDGRU)XOJrQFLR%DWLVWDDOLDGRGRV(VWDGRV8QLGRV
$SHQtQVXODFRUHDQDIRLGLYLGLGDHPGRLVSDtVHV&RUHLDGR1RUWHVRFLDOLVWDDOLDGDGD8QLmR6RYLpWLFDKRMHGD
&KLQDH&RUHLDGR6XOFDSLWDOLVWDDOLDGDGRV(VWDGRV8QLGRVDRILQDOGDJXHUUDHQWUHHODVTXHVHHVWHQGHXGH
D $PSOLDQGR R IRFR GH WHQVmR TXH YHP GHVGH R ILQDO GHVVD JXHUUD D &RUHLD GR 1RUWH WHP LQYHVWLGR QR
GHVHQYROYLPHQWRGHDUPDVQXFOHDUHVHVHWUDQVIRUPRXQXPGRVSULQFLSDLVIRFRVGHLQVWDELOLGDGHGRPXQGRDWXDO(P
RSDtVIH]VHXSULPHLURWHVWHQXFOHDUVXEWHUUkQHRHDSHVDUGDVVDQo}HVLQWHUQDFLRQDLVLPSRVWDSHOR&RQVHOKRGH
6HJXUDQoDGD218HPIH]XPDVHJXQGDH[SORVmRGHEDL[RGDWHUUDFRPXPDERPEDPDLVSRWHQWH
±25'(081,32/$5
&RPRILPGRPXQGRELSRODUGD*XHUUD)ULDDWHQGrQFLDHUDTXHDRUGHPLQWHUQDFLRQDOIRVVHPXOWLSRODUSRUTXHQR
SyVJXHUUDR-DSmRHD$OHPDQKDVHUHFXSHUDUDPHGHVSRQWDUDPFRPRSRWrQFLDVHFRQ{PLFDV$UHFXSHUDomRMDSRQHVD
IRLWmRDYDVVDODGRUDTXHQRVDQRVPXLWRVDQDOLVWDVDFUHGLWDYDPTXHRSDtVDOFDQoDULDRV(VWDGRV8QLGRVHWDOYH]
DWpVHWUDQVIRUPDVVHQDPDLRUSRWrQFLDHFRQ{PLFDGRPXQGR3DUDOHODPHQWHDLVVRD$OHPDQKDHD)UDQoDOLGHUDUDP
D IRUPDomR GD 8QLmR (XURSHLD (QWUHWDQWR QHQKXP GHOHV VH PRVWURX j DOWXUD GH GHVDILDU D KHJHPRQLD QRUWH
DPHULFDQDHHULJLUXPPXQGRPXOWLSRODU
2 -DSmR PHVPR QR DXJH GH VHX SRGHU HFRQ{PLFR HUD XPD SRWrQFLD FRP OLPLWDo}HV JHRSROtWLFDV 3RU FDXVD GD
GHUURWDQD6HJXQGD*XHUUDHGDFRQVWLWXLomRHODERUDGDQRSHUtRGRGHRFXSDomRUHQXQFLRXDSRVVXLUDUPDVQXFOHDUHV
HPHVPRIRUoDVDUPDGDVFRPFDSDFLGDGHGHLQWHUYHQomRH[WHUQD2SDtVSRVVXLDSHQDVIRUoDVGHDXWRGHIHVDHSDUWH
GHVXDVHJXUDQoDHVWiDFDUJRGRV(VWDGRV8QLGRV$OpPGLVVRQRVDQRVR-DSmRHQWURXQXPSHUtRGRGHEDL[R
FUHVFLPHQWR HFRQ{PLFR DOWHUQDGR FRP UHFHVVmR (P R 3,% MDSRQrV FRUUHVSRQGLD D GR 3,% QRUWH
DPHULFDQRHPHVVDUHODomRFDLXSDUD
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
$ $OHPDQKD HPERUD VHMD XPD JUDQGH SRWrQFLD HFRQ{PLFD WHQKD UHFXSHUDGR VXD VREHUDQLD H VH IRUWDOHFLGR
HFRQRPLFDPHQWHDSyVDUHXQLILFDomRGHWDPEpPWHPOLPLWDo}HVJHRSROtWLFDVVXDVIRUoDVDUPDGDVHVWmRVRER
FRQWUROHGD2WDQRUJDQL]DomRTXHpVHPSUHFRPDQGDGDSRUXPJHQHUDOQRUWHDPHULFDQR
$5~VVLDDSHVDUGHVHUDKHUGHLUDGRSRGHURVRDUVHQDOQXFOHDUVRYLpWLFRPHUJXOKRXHPSURIXQGDFULVHHFRQ{PLFD
QRVDQRVGDTXDOFRPHoRXDVHUHFXSHUDUVRPHQWHQRVDQRV
$ &KLQD QRV DQRV DSHVDU GH YLU FUHVFHQGR D WD[DV HOHYDGDV GHVGH R LQtFLR GRV DQRV WLQKD PXLWRV
SUREOHPDVLQWHUQRVDUHVROYHUDQWHVGHDOPHMDUVHUSRWrQFLDPXQGLDO
3RU FRQWD GLVVR QRV DQRV PXLWRV HVSHFLDOLVWDV HP UHODo}HV LQWHUQDFLRQDLV DUJXPHQWDYDP TXH R PXQGR
ELSRODUGD*XHUUD)ULDWLQKDVLGRVXEVWLWXtGRSRUXPPXQGRXQLSRODURQGHUHLQDYDDSHQDVXPDVXSHUSRWrQFLDFRP
SRGHUJHRSROtWLFRPLOLWDULQFRQWUDVWiYHOHVXSHULRULGDGHQRFDPSRHFRQ{PLFRHWHFQROyJLFR
$ WHVH GD XQLSRODULGDGH VH IRUWDOHFHX FRP D UHDILUPDomR GR SRGHU PLOLWDU QRUWHDPHULFDQR DSyV D HOHLomR GH
*HRUJH : %XVK HP MDQHLUR GH H HVSHFLDOPHQWH DSyV RV DWDTXHV GH GH VHWHPEUR (VVH DWHQWDGR WHUURULVWD
OHYRXRV(VWDGRV8QLGRVjJXHUUDQR$IHJDQLVWmRFRPRREMHWLYRGHFDSWXUDU2VDPD%LQ/DGHQHGHVWUXLUDVEDVHVGD
RUJDQL]DomR$,4DHGDQDTXHOHSDtVHGRLVDQRVGHSRLVjJXHUUDFRQWUDR,UDTXHSDUDGHSRU6DGGDP+XVVHLQTXH
VXSRVWDPHQWHDUPD]HQDYDDUPDVGHGHVWUXLomRHPPDVVD(VVD~OWLPDJXHUUDQDUHDOLGDGHXPDLQYDVmRQRVPROGHV
GRDQWLJRLPSHULDOLVPRRFRUUHXVHPDOHJLWLPDomRGHXPDUHVROXomRGR&RQVHOKRGH6HJXUDQoDGD218UHIRUoDQGR
RXQLODWHUDOLVPRQRUWHDPHULFDQR(VVDVPHGLGDVUHIOHWLDPDFKDPDGD'RXWULQD%XVKTXHFRQVLVWLDHPGHVHQFDGHDU
DWDTXHV SUHYHQWLYRV FRQWUD SDtVHV TXH VHJXQGR R 3HQWiJRQR SRGHULDP DEULJDU RX DSRLDU WHUURULVWDV H DPHDoDU D
VHJXUDQoDQRUWHDPHULFDQD
$OpPGR$IHJDQLVWmRHGR,UDTXHMiDWDFDGRVGHVGHRJRYHUQRGH*HRUJH:%XVKFRQVWDPGDOLVWDGR3HQWiJRQR
R,UmHD&RUHLDGR1RUWHSDtVHVVLWXDGRVSHORHQWmRSUHVLGHQWHQRUWHDPHULFDQRHPVHXOLQJXDMDUPDQLTXHtVWDQR
FKDPDGR HL[RGR PDO1XPGHVHXVGLVFXUVRV%XVKFKHJRXDDPHDoDU ³&DGDQDomR HFDGD UHOLJLmR WrP GHWRPDU
XPDGHFLVmRDJRUD2XHVWmRFRQRVFRRXHVWmRFRPRVWHUURULVWDV´
±25'(008/7,32/$5
(QWUHWDQWR FRP D HFORVmR GD FULVH PXQGLDO HP KRXYH PXGDQoDV VLJQLILFDWLYDV ± SROtWLFDV HFRQ{PLFDV H
FRQVHTXHQWHPHQWH JHRSROtWLFDV ± QR FHQiULR GHVFULWR DQWHULRUPHQWH &RP D FULVH KRXYH XP HQIUDTXHFLPHQWR GD
HFRQRPLDGRV(VWDGRV8QLGRVHPERUDGHYDVHUOHPEUDGRTXHHODMiYLQKDGDQGRVLQDLVGHTXHQmRHVWDYDEHPGHVGH
RLQtFLRGRVDQRV&RPDHOHLomRGRGHPRFUDWD%DUDFN2EDPDHPJUDQGHSDUWHDMXGDGRSHODFULVHKRXYHXPD
PXGDQoD LPSRUWDQWH QD SROtWLFD H[WHUQD DPHULFDQD &RP R QRYR JRYHUQR RV (VWDGRV 8QLGRV DEDQGRQDUDP R
XQLODWHUDOLVPR GD 'RXWULQD %XVK H YrP DSRVWDQGR QR PXOWLODWHUDOLVPR QD QHJRFLDomR H QR GLiORJR LQFOXVLYH FRP
SDtVHVDQWHVLQVHULGRVQRFKDPDGRHL[RGRPDO7DPEpPVHUHDSUR[LPRXGHWUDGLFLRQDLVDOLDGRVFRPRD)UDQoDHD
$OHPDQKD FRP TXHP VXDV UHODo}HV HVWDYDP HVWUHPHFLGDV GHVGH TXH HVVHV SDtVHV QmR DSRLDUDP D LQWHUYHQomR QR
,UDTXH
(VVDQRYDSRVWXUDSROtWLFD H HFRQ{PLFD DPHULFDQDRIRUWDOHFLPHQWR HFRQ{PLFRGD &KLQD DOoDGD j FRQGLomRGH
VHJXQGDHFRQRPLDPXQGLDOHSULQFLSDOFUHGRUDGRV(VWDGRV8QLGRVHDHPHUJrQFLDGR*ILQDQFHLURHGRJUXSR
FRQKHFLGRFRPR%ULFIL]HUDPDWHVHGDXQLSRODULGDGHVHUWRWDOPHQWHVXSHUDGD
(PERUD RV (VWDGRV 8QLGRV FRQWLQXHP FRP PDLV SRGHU GR TXH RV RXWURV SDtVHV DV UHODo}HV HQWUH DV SRWrQFLDV
FRQVROLGDGDVHHPHUJHQWHVFDPLQKDPSDUDXPDVLWXDomRGHPDLRUHTXLOtEULRGHPDLRUVLPHWULDHDWpPHVPRGHPDLRU
LQWHUGHSHQGrQFLD HQILP SDUD XP PXQGR PXOWLSRODU 3UHYLV}HV VmR VHPSUH VXMHLWDV j SURYD GH UHDOLGDGH PDV GH
TXDOTXHU IRUPD HVVDV DSRQWDP XP FHQiULR GH PXGDQoDV QD FRUUHODomR GH IRUoDV HP IXWXUR SUy[LPR LQGLFDQGR D
HPHUJrQFLD GH QRYDV SRWrQFLDV QR PXQGR 6HP G~YLGD RV SDtVHV GR %ULF HVSHFLDOPHQWH D &KLQD VmR RV TXH WrP
PDLRUSRWHQFLDOSDUDRFXSDUXPDYDJDHQWUHDVJUDQGHVSRWrQFLDVGHXPPXQGRPXOWLSRODUHPFRQVWUXomR
±%5,&
%ULFpXPDFU{QLPRTXHGHILQHXPJUXSRIRUPDGRSHORVTXDWURSULQFLSDLVSDtVHVHPHUJHQWHV%UDVLO5~VVLDËQGLD
H&KLQD$WXDOPHQWHDÈIULFDGR6XOWDPEpPID]SDUWHGHILQLQGRFRPLVVRRDFU{QLPR%5,&6SRUFRQWDGDLQVHUomR
GH6RXWK$IULFD
(VVD VLJOD IRL FULDGD SHOR HFRQRPLVWD -LP 2
1HLOO GR EDQFR *ROGPDQ 6DFKV H DSDUHFH HP XP GRFXPHQWR
SXEOLFDGRHPGRTXDOHOHpXPGRVDXWRUHVFRPGLYHUVDVSURMHo}HVSDUDRVTXDWURSDtVHV&RPEDVHHPXPD
VpULH GH GDGRV WDPDQKR GR 3,% WD[D GH FUHVFLPHQWR HFRQ{PLFR UHQGD per capita WDPDQKR GD SRSXODomR
SDUWLFLSDomRQRFRQVXPRJOREDOHPRYLPHQWDomRILQDQFHLUDRVDXWRUHVGHVVHGRFXPHQWRSUHYHHPTXHHVVHVTXDWUR
SDtVHVYmRHVWDUHQWUHDVVHLVPDLRUHVSRWrQFLDVHFRQ{PLFDVGRPXQGRHP
2JUXSR%ULFQmRpXPEORFRHFRQ{PLFRHQmRpXPDDOLDQoDSROtWLFDQHPPLOLWDU$SHVDUGHPXLWDVGLIHUHQoDVKi
SRQWRVHPFRPXPHLQWHUHVVHVFRQYHUJHQWHVHQWUHRVTXDWURSDtVHVHR%ULFFRPHoDDWRPDUDIRUPDGHXPIyUXPGH
GLVFXVV}HV(PDFRQWHFHXHP(NDWHULPEXUJR5~VVLDDSULPHLUDUHXQLmRGRVFKHIHVGH(VWDGRHGHJRYHUQRGRV
TXDWURSDtVHVGRJUXSRHGHVGHHQWmRHOHVMiVHHQFRQWUDUDPRXWUDVYH]HV2REMHWLYRGHOHVpDQWHVGHWXGRPRVWUDU
XQLGDGH DQWH DV SRWrQFLDV HVWDEHOHFLGDV H GLVFXWLU HVWUDWpJLDV SDUD WHU PDLRU SDUWLFLSDomR QDV GHFLV}HV SROtWLFDV H
HFRQ{PLFDVTXHDIHWDPRPXQGRTXHUHPPDLRUSURMHomRLQWHUQDFLRQDO
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
2XWUR LPSRUWDQWH LQGLFDGRU
35,1&,3$,6'(7(1725(6'(%Ð186'27(62852'26(67$'26
GDV PXGDQoDV QD FRUUHODomR GH
SRGHU HFRQ{PLFR HQWUH DV
81,'26±0$,2'(
SRWrQFLDV DWXDLV p R IDWR GH RV 3DtVSRVLomR 9DORUGRVE{QXV GDVUHVHUYDV
(VWDGRV 8QLGRV VHUHP R SDtV ELOK}HVGHGyODUHV LQWHUQDFLRQDLVGRSDtV
PDLV HQGLYLGDGR GR PXQGR H
MXVWDPHQWH D &KLQD VHU D PDLRU &KLQD
FUHGRUD GD DWXDO VXSHUSRWrQFLD -DSmR
VXSHUDQGR UHFHQWHPHQWH R
-DSmR 2EVHUYH D WDEHOD H 3DtVHVGR&DULEH
SHUFHEDTXHPDLVGRLVPHPEURV 3DtVHVH[SRUWDGRUHVGHSHWUyOHR
GR %ULF %UDVLO H 5~VVLD
WDPEpP HVWmR HQWUH RV PDLRUHV 5HLQR8QLGR
FRPSUDGRUHV GH WtWXORV GR
%UDVLO
7HVRXUR GRV (VWDGRV 8QLGRV
(P MXOKR GH D ÈIULFD GR 5~VVLD
6XO HQWURX QR JUXSR TXH
SDVVRXDGHQRPLQDUVH³%ULFV´ /X[HPEXUJR
±$25'(0081',$/$129$25'(0($'(625'(0081',$/
$ 8566 QmR FRQVHJXLX DFRPSDQKDU R ULWPR GH GHVHQYROYLPHQWR GRV SDtVHV FDSLWDOLVWDV H FDGD YH] PDLV VXD
LPSRUWkQFLDVHOLPLWDYDDRSODQRPLOLWDULPSRUWkQFLDGRVHXDUPDPHQWRHDUVHQDOEpOLFR &RUULGDDUPDPHQWLVWD
$SDUWLUGDGpFDGDGHRFRUUHUDPGLYHUVRVPRYLPHQWRVSDUDGLPLQXLURGRPtQLRGD8566QD(XURSD2ULHQWDO
(P HP %XGDSHVWH H HP HP 3UDJD JRYHUQRV UHIRUPDGRUHV WHQWDUDP FRQIHULU PDLV KXPDQLVPR DR
UHODFLRQDPHQWRGRSRGHUSROtWLFR(VWDGRFRPRSRYRDPERVVXIRFDGRVSHODPmRGHIHUURGD8566 'LWDGXUDGRV
SDUWLGRVFRPXQLVWDV
$LQGDQDGpFDGDKiDSULPHLUDJUDQGHFULVHGR3HWUyOHRHRERLFRWHGD23(3±FDUWHOGRVSULQFLSDLV
SDtVHVSURGXWRUHVTXHDXPHQWDUDPRSUHoRGRSHWUyOHRHPPDLVGH7RGRRPXQGRHWDPEpPDVVXSHUSRWrQFLDV
HQWUDUDP HP UHFHVVmR PXLWR PDLV VHQWLGD SHOD 8566 3RU LVVR SRGHPRV GLYLGLU D *XHUUD )ULD HP IDVHV
UHIHUHQWHDRSHUtRGRGHFUHVFLPHQWRHFRQ{PLFRGHDPERVRVEORFRViSLFHGDVGLVSXWDVLGHROyJLFDVHWHUULWRULDLV±
D SDUWLU GH RV VRYLpWLFRV QmR FRQVHJXHP DFRPSDQKDU R ULWPR GH GHVHQYROYLPHQWR GRV
FDSLWDOLVWDVSULQFLSDOPHQWHHPWUDQVIHULURXVRGDVWHFQRORJLDVHVSDFLDLVHGDJXHUUDSDUDDLQG~VWULDHQRGLDDGLDGD
SRSXODomR HVWDJQDomR HFRQ{PLFD H TXHGD QRV LQGLFDGRUHV VRFLDLV ± H D ~OWLPD IDVH UHIHUHVH jV
UHIRUPDVTXHYmRS{UILPj8566DRVRFLDOLVPRQD(XURSDHj9HOKD2UGHP0XQGLDO±FRODSVRHQRYDRUJDQL]DomR
HXURSHLD±
(PKiXPDWHQWDWLYDGHPRGLILFDUDHVWUXWXUDGRVLVWHPDVRFLDOLVWDDSDUWLUGHGXDVUHIRUPDV3HUHVWURLNDH
*ODVQRVW $ 3HUHVWURLND RX UHFRQVWUXomR HFRQ{PLFD p LQLFLDGD HP ORJR DSyV D LQVWDODomR GR JRYHUQR
*RUEDWFKHY &RQVLVWH QXP SURMHWR DPELFLRVR GH LQWURGXomR GH PHFDQLVPRV GH PHUFDGR UHQRYDomR GR GLUHLWR j
SURSULHGDGH SULYDGD D GLIHUHQWHV VHWRUHV H UHWRPDGD GR FUHVFLPHQWR $ 3HUHVWURLND YLVD UHGX]LU RV PRQRSyOLRV
HVWDWDLV GHVFHQWUDOL]DU DV GHFLV}HV HPSUHVDULDLV H FULDU VHWRUHV FRPHUFLDLV LQGXVWULDLV H GH VHUYLoRV QDV PmRV GH
SURSULHWiULRVSULYDGRVQDFLRQDLVRXHVWUDQJHLURV
$ *ODVQRVW RX WUDQVSDUrQFLD SROtWLFD WLQKD FRPR REMHWLYR SHUPLWLU XPD UHQRYDomR GD YLGD S~EOLFD )RL
GHVHQFDGHDGDSDUDOHODPHQWHDRDQ~QFLRGD3HUHVWURLNDHFRQVLGHUDGDHVVHQFLDOSDUDPXGDUDPHQWDOLGDGHDFDEDUFRP
D EXURFUDFLD H FULDU XPD YRQWDGH SROtWLFD JHUDO GH UHDOL]DU DV UHIRUPDV ,QFOXtD FDPSDQKDV FRQWUD D FRUUXSomR H D
LQHILFLrQFLD DGPLQLVWUDWLYD UHDOL]DGDV FRP D LQWHUYHQomR GRV PHLRV GH FRPXQLFDomR H D FUHVFHQWH SDUWLFLSDomR GD
SRSXODomR$YDQoDDLQGDQDOLEHUDOL]DomRFXOWXUDOFRPDOLEHUDomRGHREUDVSURLELGDVDSHUPLVVmRSDUDDSXEOLFDomR
GH XPD QRYD VDIUD GH REUDV FUtWLFDV DR UHJLPH H D OLEHUGDGH GH LPSUHQVD FDUDFWHUL]DGD SHOR Q~PHUR FUHVFHQWH GH
MRUQDLVHHPLVVRUDVGHUiGLRH79TXHDEUHPHVSDoRjVFUtWLFDV
20XURGH%HUOLPDFDEDQDQRLWHGRGLDGH1RYHPEURGHDSyVDQRVGHH[LVWrQFLD3RUPDLVGHGXDV
GpFDGDVR0XURGH%HUOLPIRLRVtPERORSRUH[FHOrQFLDGD*XHUUD)ULDGDELSRODUL]DomRGRPXQGRHGDGLYLVmRGD
$OHPDQKD
1D~OWLPDGpFDGDGRVpFXOR;;FKHJRXDRILPRPRGHORVRFLDOLVWDFULDGRSHOD8QLmR6RYLpWLFD2SUySULRSDtV
KHUGHLURGRDQWLJRLPSpULRUXVVRGHL[RXGHH[LVWLU
'HQWUH RV IDWRUHV H[SOLFDWLYRV GR ILP GR VRFLDOLVPR GD 8QLmR 6RYLpWLFD GHVWDFDPVH D LQFDSDFLGDGH GR SDtV GH
DFRPSDQKDU D UHYROXomR WHFQROyJLFD FRQWHPSRUkQHD HVSHFLDOPHQWH QD iUHD GD LQIRUPiWLFD D DXVrQFLD GH SUiWLFDV
GHPRFUiWLFDVHDIUXVWUDomRGDVH[SHFWDWLYDVGHSURJUHVVRPDWHULDOGDSRSXODomR$VH[SOLFDo}HVVREUHRFRODSVRGD
8QLmR 6RYLpWLFD DEUDQJHP RV GHPDLV SDtVHV GR OHVWH HXURSHX TXH DSHVDU GH VXDV HVSHFLILFLGDGHV SDUWLOKDUDP GDV
PHVPDVFDUrQFLDV
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
26,67(0$*/2%$/($'(625'(0*/2%$/
$1RYD2UGHP0XOWLSRODU
'XUDQWH D *XHUUD )ULD QXP PXQGR ELSRODU R SRGHU HVWDYD DVVHQWDGR QD FDSDFLGDGH PLOLWDU GDV GXDV
VXSHUSRWrQFLDV +RMH QR PXQGR PXOWLSRODU SyV*XHUUD )ULD R SRGHU p PHGLGR PXLWR PDLV SHOD FDSDFLGDGH
HFRQ{PLFD GLVSRQLELOLGDGH GH FDSLWDLV DYDQoR WHFQROyJLFR TXDOLILFDomR GD PmRGHREUD QtYHO GH SURGXWLYLGDGH H
tQGLFHVGHFRPSHWLWLYLGDGH(VVHVVmRRVQRYRVSDGU}HVGHSRGHUHLQIOXrQFLDQRPXQGRTXHH[SOLFDPDHPHUJrQFLD
GR-DSmRHGD$OHPDQKDSULQFLSDOPHQWHDSyVDUHXQLILFDomRjSRVLomRGHJUDQGHVSRWrQFLDVHDRPHVPRWHPSRD
GHFDGrQFLD GD 5~VVLD (PERUD VHMD D KHUGHLUD SULQFLSDO GR SRGHURVR DUVHQDO QXFOHDU VRYLpWLFR R SDUTXH LQGXVWULDO
UXVVRpHPJHUDOREVROHWRHSRXFRSURGXWLYRHRSDtVPHUJXOKRXHPSURIXQGDFULVHVRFLDOSROtWLFDHHFRQ{PLFDDR
ORQJRGRVDQRVGDTXDOVyDJRUDLQtFLRGRVpFXOR;;,FRPHoDDVHUHFXSHUDU
$&KLQDWHPOX]SUySULDSRVVXLDPDLRUSRSXODomRGRSODQHWDHSRUWDQWRXPJLJDQWHVFRPHUFDGRFRQVXPLGRU
SRWHQFLDODOpPGHQXPHURVDPmRGHREUDPXLWREDUDWDRIHUHFHIDFLOLGDGHVSDUDDWUDLUFDSLWDLVHVWUDQJHLURV3RULVVRp
D HFRQRPLD TXH PDLV FUHVFH QR PXQGR Ki GXDV GpFDGDV PDV WDPEpP HQIUHQWD VpULRV SUREOHPDV LQWHUQRV
SULQFLSDOPHQWHQRSODQRSROtWLFR
2XWURLPSRUWDQWHDVSHFWRGDQRYDRUGHPPXQGLDOpRDSURIXQGDPHQWRGDWHQGrQFLDGHJOREDOL]DomRHPVXDVYiULDV
GLPHQV}HVWDQWRHPkPELWRPXQGLDOTXDQWRUHJLRQDOFRPRIRUWDOHFLPHQWRGRVEORFRVHFRQ{PLFRVVXSUDQDFLRQDLV
1RYD2UGHPRX1RYD'HVRUGHP"
0XLWRVWrPDODUGHDGRTXHDQRYDRUGHPPXQGLDOpDYLWyULDGRFDSLWDOLVPRHGDGHPRFUDFLD(P)UDQFLV
)XNX\DPDILOyVRIRHLGHyORJRGR'HSDUWDPHQWRGH(VWDGRGRV(VWDGRV8QLGRVHVFUHYHXXPHQVDLRWUDQVIRUPDGRQR
OLYURO fim da história e o último homem GHFUHWDQGRRILPGDKLVWyULD$UJXPHQWDYDTXHDYLWyULDGRPRGHORSROtWLFR
HHFRQ{PLFRQRUWHDPHULFDQRWRUQDULDWDOPRGHORGRPLQDQWHQmRKDYHQGRSRUWDQWRPDLVFRQIOLWRV4XHKRXYHXPD
YLWyULD GRV (VWDGRV 8QLGRV VREUH D 8QLmR 6RYLpWLFD QXPD GLVSXWD GH (VWDGRV ULYDLV FRP VLVWHPDV SROtWLFR
HFRQ{PLFRV GLIHUHQWHV SDUHFH QmR UHVWDU G~YLGDV 0DV PHVPR RV YHQFHGRUHV DSUHVHQWDP DWXDOPHQWH XPD VpULH GH
SUREOHPDVHFRQ{PLFRVFU{QLFRGpILFLWFRPHUFLDOHHOHYDGRHQGLYLGDPHQWRLQWHUQRHH[WHUQRTXHHPSDUWHVHGHYHP
jFRUULGDDUPDPHQWLVWD
$VVLPPHVPRTXHDFHLWHPRVDYLWyULDGRFDSLWDOLVPRpGLVFXWtYHODILUPDUTXHHOHpPHOKRUTXHRVRFLDOLVPR
FRPRPXLWRVVHDSUHVVDPHPDILUPDU3RUTXHpSUHFLVRDYDOLDUPHOKRUSDUDTXHP"(VVDSHUJXQWDpYiOLGDSDUDRV
GRLVODGRV$OJXQVDXWRUHVDWpDILUPDPTXHRVRFLDOLVPRUHDOFXMRSRGHUSROtWLFRHHFRQ{PLFRHVWDYDQDVPmRVGD
EXURFUDFLDHPQDGDVHGLIHUHQFLDYDGRFDSLWDOLVPRQRWRFDQWHjVUHODo}HVGHSURGXomRHGHWUDEDOKR$IUDJLOLGDGH
GRVLVWHPDSURGXWLYRSODQLILFDGRRXVRFLDOLVWDFRQVLVWLDQRIDWRGHQmRVHUFRPSHWLWLYR
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
eIDWRTXHRFDSLWDOLVPRpXPVLVWHPDPXLWRPDLVGLQkPLFRSURGXWLYRHFRPSHWLWLYR1mRSRGHPRVQRVHVTXHFHU
SRUpPGHTXHRVSDtVHVVXEGHVHQYROYLGRVRQGHYLYHPTXDWURTXLQWRVGDKXPDQLGDGHVmRFRPH[FHomRGH&XED
&RUpLD GR 1RUWH H 9LHWQm WRGRV FDSLWDOLVWDV +i XPD VpULH GH SUREOHPDV QR PXQGR PXLWRV FULDGRV SHOR SUySULR
VLVWHPDFDSLWDOLVWDTXHDRLQYpVGHVHUHPVROXFLRQDGRVHVWmRVHDJUDYDQGRFDGDYH]PDLVFRPRDFRQFHQWUDomRGH
UHQGD R DXPHQWR GD SREUH]D GR GHVHPSUHJR HWF &RP R ILP GR FRQIOLWR /HVWH [ 2HVWH PXLWRV SUREOHPDV H
FRQWUDGLo}HVWDQWRGRFDSLWDOLVPRTXDQWRGRVRFLDOLVPRTXHHUDPGHL[DGRVHPVHJXQGRSODQRSDVVDUDPDFKDPDUD
DWHQomR GH WRGRV H[DFHUEDo}HV QDFLRQDOLVWDV VHQWLPHQWRV [HQyIRERV H UDFLVWDV GHVLJXDOGDGHV VRFLDLV H UHJLRQDLV
YiULDVIRUPDVGHDJUHVVmRDRPHLRDPELHQWHHWF
8P GRV SUREOHPDV PDLV VpULRV GD DWXDOLGDGH p R DSURIXQGDPHQWR GDV GHVLJXDOGDGHV VRFLDLV R DODUJDPHQWR GR
DELVPR HQWUH ULFRV H SREUHV VHMDP LQGLYtGXRV UHJL}HV RX QDo}HV (VVH IHQ{PHQR HVWi RFRUUHQGR SUDWLFDPHQWH HP
WRGRV RV SDtVHV PHVPR QRV PDLV GHVHQYROYLGRV 2 JUDGXDO HPSREUHFLPHQWR GD SRSXODomR p UHVXOWDGR GD
LQFRUSRUDomRGHQRYDVWHFQRORJLDVDRVSURFHVVRVSURGXWLYRVTXHWrPOHYDGRDXPDVLJQLILFDWLYDUHGXomRGRQ~PHUR
GHSRVWRVGHWUDEDOKReFDGDYH]PDLVFRPXPDSyVXPDFULVHRXUHFHVVmRDUHFXSHUDomRHFRQ{PLFDRFRUUHUVHPD
FRUUHVSRQGHQWH HOHYDomR GR Q~PHUR GH HPSUHJRV 7DPEpP p FDGD YH] PDLRU R IRVVR TXH VHSDUD RV SDtVHV
GHVHQYROYLGRV GRV SDtVHV VXEGHVHQYROYLGRV RV ULFRV GRV SREUHV (VVH p R FKDPDGR FRQIOLWR 1RUWH [ 6XO TXH p GH
QDWXUH]D IXQGDPHQWDOPHQWH HFRQ{PLFD GLIHUHQWH SRUWDQWR GR H[WLQWR FRQIOLWR /HVWH [ 2HVWH GH QDWXUH]D
HVVHQFLDOPHQWH JHRSROtWLFD 2 SUREOHPD GD GHVLJXDOGDGH GD GLVWULEXLomR GD ULTXH]D IRL LQWHQVDPHQWH GHEDWLGR QD
&~SXODGR+RPHPRX&~SXOD0XQGLDOSDUDR'HVHQYROYLPHQWR6RFLDOUHDOL]DGDHPQD'LQDPDUFD
$VVLPRVDVSHFWRVVRFLRHFRQ{PLFRVVmRXPDGDVIRUPDVXWLOL]DGDVDWXDOPHQWHSDUDDUHJLRQDOL]DomRGRSODQHWD
HPERUD VHMD XPD PDQHLUD EDVWDQWH JHQpULFD H PXLWDV YH]HV VLPSOLILFDGRUD 3RU HOD GLYLGHVH R PXQGR HP SDtVHV
GHVHQYROYLGRV GHVLJQDGRV FRPR SDtVHV GR 1RUWH H VXEGHVHQYROYLGRV RX GR 6XO $ IURQWHLUD HQWUH HVVHV GRLV
PXQGRVREYLDPHQWHQmRpR(TXDGRUSRLVHVVDGHVLJQDomRQmRWHPFDUiWHUHVWULWDPHQWHJHRJUiILFR1D$PpULFDD
OLQKD GLYLVyULD p D IURQWHLUD (VWDGRV 8QLGRV0p[LFR D (XURSD p VHSDUDGD GD ÈIULFD SHOR 0HGLWHUUkQHR QD ÈVLD R
-DSmRpRSDtVPDLVGHVHQYROYLGRSRUpPRV7LJUHV$VLiWLFRVVmRHFRQRPLDVHPHUJHQWHVHQD2FHDQLDD$XVWUiOLDH
D1RYD=HOkQGLDVHLQFOXHPQRFOXEHGRVULFRV
8P JUDYHSUREOHPDGHFRUUHQWHGDGHVLJXDOGDGH HQWUHR 1RUWH HR6XO VmRDV PLJUDo}HV HP PDVVD(ODV VmR XP
IHQ{PHQRFDGDYH]PDLVSUHRFXSDQWHGDGDVDVVXDVGLPHQV}HVVRFLDLVHFRQ{PLFDVFXOWXUDLVHJHRSROtWLFDV
$129$25'(0081',$/
xeDGHVLJQDomRDRSHUtRGRSyV*XHUUD)ULDRPXQGRGHL[RXGHVHUELSRODUSDUDVHWRUQDUPXOWLSRODU
x (VWDGRV 8QLGRV VXUJHP FRPR PDLRU SRWrQFLD PDV RXWURV SDtVHV H EORFRV VXSUDQDFLRQDLV SRVVXHP H[WUHPD
UHSUHVHQWDWLYLGDGH([V-DSmR%5,&6%UDVLO5~VVLDËQGLD&KLQDHÈIULFDGR6XOHD8QLmR(XURSHLD
x$YDQoRGRSURFHVVRGHJOREDOL]DomRQDV~OWLPDVGpFDGDVDFHOHURXDLQWHJUDomRHQWUHSDtVHV
2TXHpKRMHD8(pUHVXOWDGRGHXPSURFHVVRGHLQWHJUDomRFRQWLQHQWDOTXHVXUJLXQRSyV,,*0FRPRLQWXLWRGH
IRUWDOHFHUDVHFRQRPLDVGRVSDtVHVPHPEURVDWUDYpVGDOLYUHFLUFXODomRGHPHUFDGRULDVDMXGDGHUHFXSHUDomRP~WXD
HILPGDVEDUUHLUDVDOIDQGHJiULDV,QLFLDOPHQWHDLQWHJUDomRHXURSHLDVHGHXHPDOJXQVSDtVHVGD(XURSD2FLGHQWDO
PDVDRORQJRGRWHPSRFDGDYH]PDLVSDtVHVLQJUHVVDYDPQREORFRHDXQLmRMiXOWUDSDVVDYDDVEDUUHLUDVHFRQ{PLFDV
$LQWHJUDomRSDVVRXDVHUSROtWLFDPRQHWiULD(XUR±HFRPOLYUHFLUFXODomRGHSHVVRDV$RUJDQL]DomRDWXDQR
QtYHO VXSUDQDFLRQDO QXP HVSDoR JHRJUiILFR GHOLPLWDGR HP JUDQGHSDUWH GD (XURSD &RP R ILP GD *XHUUD )ULD H R
JUDGDWLYR SURFHVVR GH WUDQVLomR GRV H[SDtVHV VRFLDOLVWDV GD (XURSD 2ULHQWDO SDUD R FDSLWDOLVPR PXLWRV DQWLJRV
DOLDGRVGR³%ORFRVRYLpWLFR´DWXDOPHQWHID]HPSDUWHGD8QLmRHXURSHLDFRPRD(VW{QLD/HW{QLD/LWXkQLD3RO{QLD
+XQJULD5HS~EOLFD7FKHFD(VORYiTXLD(VORYrQLD%XOJiULD5RPrQLD2ILPGD*XHUUD)ULDHRVXUJLPHQWRGD8(
S}HPILPjDQWLJDUHJLRQDOL]DomRGDRUGHPELSRODU(XURSD2FLGHQWDO[(XURSD2ULHQWDO
$ LGHLD GH RUGHP PXQGLDO WHP WLGR XP XVR FDGD YH] PDLV IUHTXHQWH 2V HYHQWRV PXQGLDLV GRV DQRV VmR RV
UHVSRQViYHLV SHOR XVR FRQVWDQWH GD H[SUHVVmR e ERP OHPEUDUPRV TXH HVVD LGHLD VHPSUH HVWHYH PDLV OLJDGD D
GLPHQVmRSROtWLFD GDVUHODo}HVHQWUHRVSDtVHVeQRTXDGURGDLGHLDGHRUGHPPXQGLDOTXHVHDERUGDYDRFRQIURQWR
TXHPXLWRVFRQVLGHUDPRPDLVLPSRUWDQWHGRVpFXORFDSLWDOLVPR[VRFLDOLVPRDOpPGRVFRQIOLWRVEpOLFRVJXHUUDVH
GDVUHODo}HVGHSRGHUHQWUHDVQDo}HV
$VGHFLV}HVSROtWLFDVFRQWDQGRWDPEpPFRPDIRUoDGDVDUPDVVHULDPDVSULQFLSDLVUHVSRQViYHLVSRUXPDGDGD
RUGHP PXQGLDO VXSHULRUHV QHVVH FDVR DRV IDWRV HFRQ{PLFRV $VVLP VHULDP RV HVWDGRV QDFLRQDLV PDLV SRGHURVRV
FRPRRV(8$HD8566RVDWRUHVIXQGDPHQWDLVGHVVDRUGHP6XDVDWLWXGHVUHIOHWLULDPPDLVGRTXHVLPSOHVPHQWHD
GHIHVD GH LQWHUHVVHV PDWHULDLV GH FDGD XP &RUUHVSRQGHULDP D GHIHVD GH YLV}HV GLIHUHQWHV GH PXQGR HP WRGRV RV
SODQRVGDYLGDVRFLDO
$LGHLDGHRUGHPPXQGLDO WHPVXDYDOLGDGH6HXSULQFLSDOPpULWRpRGHLQFOXLUDSROtWLFDDVUHODo}HVGHSRGHUDV
JXHUUDV FRPR HOHPHQWR GH HQWHQGLPHQWR GR PXQGR PRGHUQR H GH VXD GLIHUHQFLDomR UHJLRQDO 3RUpP DWXDOPHQWH
EDVHDGDQDLGHLDGHRUGHPPXQGLDOVXUJHHPFRQWUDSDUWLGDDLGHLDGH“desordem” mundial, TXHUHIOHWLULDGHIRUPD
PDLV MXVWD R ILQDO GR VpFXOR ;; $ILQDO D RUGHP PXQGLDO EDVHDYDVH QR HTXLOtEULR GH IRUoDV GDV GXDV SRWrQFLDV
0Ï'8/2 &8562$6&(16$2&20%5
*(2*5$),$ &8562$6&(162
PXQGLDLVHHVVHHTXLOtEULRQmRH[LVWHPDLV$VVLPSHORPHQRVWUDQVLWRULDPHQWHHVWDPRVQXPDVLWXDomRGHGHVRUGHP
HPTXHHVWDULDVHQGRJHVWDGDXPDnova ordem mundial.
$QRYDRUGHPPXQGLDOSRGHVHUHQWHQGLGDFRPRXPPXQGRPXOWLSRODURQGHRVLQWHUHVVHVGDVQDo}HVVXUJHPHP
YiULDV SDUWHV GR PXQGR H QmR DSHQDV FRPR QD RUGHP ELSRODU HP TXH (8$ H H[8566 GLVSXWDYDP D KHJHPRQLD
PXQGLDO 1D HFRQRPLD RV IDWRV QRYRV VmR R SURFHVVR GH JOREDOL]DomR H D WHQGrQFLD GH IRUPDomR GH EORFRV
HFRQ{PLFRVUHJLRQDLV$HPHUJrQFLDGReconômicoFRPRIDWRULPSRUWDQWHQDVUHODo}HVHQWUHDVQDo}HVVXUJHFRPR
FDUDFWHUtVWLFD GD QRYD RUGHP PXQGLDO SURMHWDQGR SRU H[HPSOR D 8QLmR HXURSHLD H R EORFR DVLiWLFR GR SDFtILFR
OLGHUDGRSHOR-DSmRQDGLVSXWDSHODSUHSRQGHUkQFLDQDVUHODo}HVLQWHUQDFLRQDLV&RQWXGRRSRGHUSROtWLFRHEpOLFR
PLOLWDU FRQWLQXD H[HUFHQGR SDSHO LPSRUWDQWH DOLDGR DRV FRQGLFLRQDQWHV HFRQ{PLFRV VXJHULQGR XPD UHDOLGDGH PDLV
FRPSOH[D
*8(55$
2ILPGD*XHUUD)ULDIRLRILPGHXPDHUDQDVUHODo}HVLQWHUQDFLRQDLV¬PHGLGDTXHD8566HD,XJRVOiYLD
VH GLVVROYLDP R Q~PHUR GH JXHUUDV DXPHQWDYD DFHOHUDGDPHQWH D FDGD DQR $ PtGLD LQWHUQDFLRQDO FRPHoRX D
UHODWDUDH[WUDRUGLQiULDFUXHOGDGHGHPRQVWUDGDHPPXLWRVGHVVHVFRQIOLWRVVREUHWXGRQD%yVQLD+HU]HJyYLQDQD
&KHFKrQLDH±RSLRUFDVR±HP5XDQGDRQGHPLOSHVVRDVIRUDPPDVVDFUDGDVQXPSHUtRGRGHVHLVVHPDQDV
HP
0HQRVGHGDVJXHUUDVDWXDLVVmRHQWUH(VWDGRVVREHUDQRV2SDGUmRGDPDLRULDGDVJXHUUDVFLYLVpGH
VXUWRVGHDWLYLGDGHLQWHUFDODGRVSRUORQJRVSHUtRGRVGHFDOPDUHODWLYD(PFRQVHTXrQFLDDPDLRULDGDVJXHUUDV
SHUPDQHFH IRUD GRV QRWLFLiULRV D PDLRU SDUWH GR WHPSR 0DLV GH PHWDGH GDV JXHUUDV FLYLV GH KRMH Mi GXUDP
WHPSRVXSHULRUD FLQFRDQRV 1RV FRQIOLWRVGH ORQJDGXUDomRRTXH ID] D JXHUUD FRQWLQXDU QmRVmR DSHQDVRV
PRWLYRVLQLFLDLVPDVWDPEpPRVGDQRVTXHRVGRLVODGRVFDXVDUDPXPDRRXWURHDGRUHDPDUJXUDTXHUHVXOWDP
GLVVR
0Ï'8/2 &8562$6&(16$2&20%5