172
7& <ÕOGÕ] 7HNQLN hQLYHUVLWHVL 6RV\DO %LOLPOHU (QVWLWV $WDWUN øONHOHUL YH øQNÕODS 7DULKL $QDELOLP 'DOÕ <NVHN /LVDQV 7H]L ùHYNHW 6UH\\D $\GHPLU 7DULK YH 'HYOHW $QOD\ÕúÕ (UD\ <ÕOPD] 7H] 'DQÕúPDQÕ 3URI 'U 7DQHU 7LPXU øVWDQEXO

Þ.S. Aydemir, Tarih ve Devlet Anlayýþýdocs.neu.edu.tr/library/nadir_eserler_el_yazmalari/TEZLER_YOK_GOV... · ø7& øwwlkdw yh 7hudnnl &hpl\hwl.879 .rpxqlvwlwfkhvnl 8qlyhuvlwdw

Embed Size (px)

Citation preview

7�&�

<ÕOGÕ]�7HNQLN�hQLYHUVLWHVL�6RV\DO�%LOLPOHU�(QVWLW�V�

$WDW�UN�øONHOHUL�YH�øQNÕODS�7DULKL�$QDELOLP�'DOÕ

<�NVHN�/LVDQV�7H]L

ùHYNHW�6�UH\\D�$\GHPLU

7DULK�YH�'HYOHW�$QOD\ÕúÕ

(UD\�<ÕOPD]��������

7H]�'DQÕúPDQÕ��3URI��'U��7DQHU�7LPXU

øVWDQEXO�������

ødø1'(.ø/(5

.,6$/70$/$5���������������������� ��������LLL���LY

g16g=������������������������������������� ��������Y

g=(7 ��������������������������������������������YÕ���Õ[

$%675$&7����������������������������������������������������������������������������������������������������[���[ÕY

*ø5øù��������������������������������������������������������������������������������������������������������������������

�� <$ù$0,�9(�6ø<$6$/�*g5hù/(5ø�����������������������������������������������������������

���� ùHYNHW�6�UH\\D������������������������������������������������������������������������������������������������

���� $\GHPLU��7XUDQ�YH�6RQUDV������������������������������������������������������������������������������

���� 'R÷X�(PHNoLOHUL�.RP�QLVW�hQLYHUVLWHVL���������������������������������������������������������

���� 7.)�7ød6)�YH�$\GÕQOÕN�dHYUHVL���������������������������������������������������������������������

���� øQNÕODEÕQ�(PULQGH��.DGUR�+DUHNHWL������������������������������������������������������������������

���� .DGUR�6RQUDV���������������������������������������������������������������������������������������������������

�� 7$5ø+��$1/$<,ù,��������������������������������������������������������������������������������������±����

���� 7DULKVHO�<|QWHP��'L\DOHNWLN�YH�YH\D�7DULKVHO�0DWHU\DOL]P���������������������������

���� (PSHU\DOL]P�YH�7DULKVHO�%LU�(UHN�2ODUDN�0LOOL�.XUWXOXú�+DUHNHWOHUL��������±����

���� 7DULKVHO�(UH÷LQ�(\OHPFLOHUL�2ODUDN�.DKUDPDQ�YH�.DGUR���������������������������������

���� 7�UN�7DULK�7H]L�YH\D�³5HVPL�7DULK´�YH�$\GHPLU����������������������������������������±����

�� 7$5ø+ø1�6ø<$6$/�'(ö(5ø��$<'(0ø5¶ø1�'(9/(7�$1/$<,ù,�����±�����

���� ����¶ODUGD�7�UNL\H��'HPRNUDVL�'HQH\LPLQGHQ�%DVNÕFÕ�3ROLWLNDODUD�������������

���� øQNÕODS�YH�.DGUR��³'HYOHWoL´�%LU�6L\DVDO�0HWLQ���������������������������������������������

���� �����'HPRNUDVLVL������¶ODUGDQ�����¶OHUH�7�UNL\H����������������������������������������

���� ³7�UN�6RV\DOL]PL´��³'HPRNUDVL´�YH�ùHYNHW�6�UH\\D�$\GHPLU�����������������������

�� 7$5ø+�d$/,ù0$/$5,1,�2.85.(1��������������������������������������������������������

���� øPSDUDWRUOXN�dD÷ÕQÕQ�6RQX��(QYHU�3DúD����������������������������������������������������������

���� 7HN�$GDP��0XVWDID�.HPDO�$WDW�UN����������������������������������������������������������������

���� 0HQGHUHV¶LQ�'UDPÕ������������������������������������������������������������������������������������������

6218d�������������������������������������������������������������������������������������������������������������������

.$<1$.d$����������������������������������������������������������������������������������������������������������

g=*(d0øù��������������������������������������������������������������������������������������������������������

.,6$/70$/$5

$(7��$YUXSD�(NRQRPLN�7RSOXOX÷X

$3��$GDOHW�3DUWLVL

$50+&��$QDGROX�YH�5XPHOL�0�GDIDD�L�+XNXN�&HPL\HWOHUL

%'+.��%kN��'R÷X�+DONODUÕ�.XUXOWD\Õ

%00��%�\�N�0LOOHW�0HFOLVL

&*3��&XPKXUL\HWoL�*�YHQ�3DUWLVL

&+)���&+3��&XPKXUL\HW�+DON�)ÕUNDVÕ���&XPKXUL\HW�+DON�3DUWLVL

&.03��&XPKXUL\HWoL�.|\O��0LOOHW�3DUWLVL

'(9�*(1d��'HYULPFL�*HQoOLN�)HGHUDV\RQX

'ø6.��'HYULPFL�øúoL�6HQGLNDODUÕ�.RQIHGHUDV\RQX

'3��'HPRNUDW�3DUWL

,0)��,QWHUQDWLRQDO�0RQHWDU\�)XQG

ø7&��øWWLKDW�YH�7HUDNNL�&HPL\HWL

.879��.RPXQLVWLWFKHVNL�8QLYHUVLWDW�7URXMHQLND�9RVWRND���'R÷X�+DONODUÕ�.RP�QLVW�

hQLYHUVLWHVL�

0%.��0LOOL�%LUOLN�.RPLWHVL

0''��0LOOL�'HPRNUDWLN�'HYULP

0*.��0LOOL�*�YHQOLN�.XUXOX

0+3��0LOOL\HWoL�+DUHNHW�3DUWLVL

0.+��0LOOL�.XUWXOXú�+DUHNHWL

013��0LOOL�1L]DP�3DUWLVL

063��0LOOL�6HODPHW�3DUWLVL

1$72��1RUWK�$WODQWLF�7UHDW\�2UJDQLVDWLRQ

2+&� 2VPDQOÕ�+�UUL\HW�&HPL\HWL

27ø&� 2VPDQOÕ�7HUDNNL�YH�øWWLKDW�&HPL\HWL

2<$.��2UGX�<DUGÕPODúPD�.XUXPX

6&)��6HUEHVW�&XPKXUL\HW�)ÕUNDVÕ

7ød6)��7�UNL\H�øúoL�YH�dLIWoL�6RV\DOLVW�)ÕUNDVÕ

7ø3��7�UNL\H�øúoL�3DUWLVL

7.)���7.3�7�UNL\H�.RP�QLVW�)ÕUNDVÕ���7�UNL\H�.RP�QLVW�3DUWLVL�

7S&)��7HUDNNLSHUYHU�&XPKXUL\HW�)ÕUNDVÕ

76.��7�UN�6LODKO�.XYYHWOHUL

7h5.�øù��7�UNL\H�øúoL�6HQGLNDODUÕ�.RQIHGHUDV\RQX

<73��<HQL�7�UNL\H�3DUWLVL

g16g=

ùHYNHW�6�UH\\D�$\GHPLU¶LQ�WDULK�YH�GHYOHW�DQOD\ÕúÕ��]HULQH�RGDNODQDQ�HOGHNL�WH]������

�����\ÕOODUÕ�DUDVÕQGD�\D]ÕOGÕ��dDOÕúPD��$\GHPLU¶LQ�JHQHO�KDWODUÕ\OD�\DúDP|\N�V��YH�VL\DVDO�

\DNODúÕPODUÕ��]HULQGH�GXUGXNWDQ�VRQUD������¶ODUÕQ�EDúODUÕQGD�\D\ÕQODQDQ�.DGUR�GHUJLVL�LOH��

|]GHúOHúPLú�ELU�D\GÕQÕQ�WDULK�YH�GHYOHW�DQOD\ÕúÕQÕ�����¶GDNL�|O�P�QH�NDGDU�G|QHPVHO�

|]HOOLNOHUL\OH��GH÷LúLPOHUL\OH�ELUOLNWH�GHULQOHPHVLQH�LUGHOHPH\H�oDOÕúÕ\RU�

%XUDGD�WH]LQ�\D]ÕOPDVÕQD�NDWNÕGD��EXOXQDQODUD�WHúHNN�U�HWPHN��WH]�G�]HQLQLQ�

JHUHNWLUGL÷LQGHQ�oRN��]HULPH�G�úHQ�ELU�YD]LIHGLU��gQFHOLNOH�WH]LQ�VHoLPLQGHQ�EDúOD\DUDN��

RPXUJDVÕQÕQ�ROXúXPXQD��VRQXoODQPDVÕQD�NDGDU�\DUGÕPODUÕQÕ�HVLUJHPH\HQ��KHU�GHIDVÕQGD�

WH]LPL�RNX\DQ��HOHúWLUHQ��EDQD�\RO�J|VWHUHQ��ELU�EDNÕPD�WDULKoLOL÷LQ�oÕUDNOÕN�H÷LWLPLQL�DOGÕ÷ÕP��

VD\JÕGH÷HU�KRFDP�7DQHU�7LPXU¶D�WHúHNN�U�HWPHN�LVWHULP��

<ÕOGÕ]�7HNQLN�hQLYHUVLWHVL�$WDW�UN�øONHOHUL�YH�øQNÕODS�7DULKL�E|O�P�Q�Q�OLVDQV�

G|QHPLQGH�JHoLUGL÷LP�YHULPOL�ELU�\ÕOGD�EHQL�WH]H�KD]ÕUOD\DQ�GH÷HUOL�KRFDODUÕP�(VUD�

'DQDFÕR÷OX��&HQJL]�dD÷OD��(OoLQ�0DFDU��1H]DKDW�'HPLUKDQ�YH�JHoHQ�\ÕO�EX�G�Q\DGDQ�J|oHQ��

GHUVOHULQL�DNVDWPDGDQ��|÷UHQFLOHULQL�\�UHNOHQGLUHQ�VD\JÕGH÷HU�5HúDW�.D\QDU¶D�WHúHNN�UOHU�

0HKPHW�$OL�$\EDU��]HULQH�\D]GÕ÷Õ�WH]�LOH�7ø3�LoLQGHNL�WDUWÕúPDODUÕ��GDKD�\DNÕQGDQ�

WDQÕPDPÕ]Õ�VD÷OD\DQ�=DIHU�'R÷DQ��ELU�W�UO��EXODPDGÕ÷ÕP�ùHYNHW�6�UH\\D�$\GHPLU¶LQ�'HYULP�

GHUJLVLQGHNL�\D]ÕODUÕQÕ�EDQD�J|QGHUHQ�1HVOLKDQ�7HNHR÷OX��WH]LQ�|]HW�NÕVPÕQÕQ�øQJLOL]FH¶\H�

oHYULOPHVLQGH�\DUGÕPODUÕQÕ�HVLUJHPH\HQ�0XVWDID�7DEDN�YH�(EUX�$NWHO¶H�WHúHNN�UOHU��1LKD\HW�

WH]�ER\XQFD�EDQD�J�o�YHUHQ��NDUÕP�*�OKDQ�'LNPH¶\H�WHúHNN�UOHU��WH]�EHQLP�ROGX÷X�NDGDU�

RQODUÕQGÕU�����

g=(7

ùHYNHW�6�UH\\D�$\GHPLU�����¶GH�J|oPHQ�ELU�DLOHQLQ�R÷OX�RODUDN�G�Q\D\D�JHOPLú��

oRFXNOX÷XQGD�2VPDQOÕFÕ�ELU�H÷LWLP�oHYUHVLQGH�E�\�P�ú��LPSDUDWRUOXN�GD÷ÕOÕUNHQ�7XUDQFÕ�

�ON�\H�VDUÕOPÕú��EX��ON�\OH�oÕNWÕ÷Õ�\ROFXOXNWD�%ROúHYLN�'HYULP�LOH�WDQÕúPÕú��7�UNL\H¶\H�

G|Q�ú�QGH�LVH�KHU�GHYLUGH�RQX�EHOLUOH\HQ�XOXVDOFÕ�GX\JXODUOD�.HPDOLVW�'HYULP¶LQ�KL]PHWLQH�

JLUPLúWL�������\ÕOÕQGDQ�LWLEDUHQ�GHYULP�LOH�GLUVHN�WHPDVÕ�NXUPD\D�EDúOD\DQ�$\GHPLU������

HNRQRPLN�EXKUDQÕQÕQ�DUGÕQGDQ�JLULOHQ�VL\DVDO�HNRQRPLN�DUD\ÕúODUD�ELU�o|]�P�\ROX�|QHUPLú��

E|\OHFH�.DGUR�KDUHNHWL�RQXQ�oHYUHVLQGH�RUWD\D�oÕNPÕúWÕ��6RQUDNL�\ÕOODUGD�.DGURFX�J|U�úOHULQL�

V�UG�UP�ú������¶ODUGD�\HQLGHQ�EX�DQOD\ÕúÕ�IDUNOÕ�V|\OHPOHUOH�GLULOWPH�X÷UDúÕQD�JLUPLú��WDULK�YH�

GHYOHW �DQOD\ÕúÕQGD�LVH�oRN�GHULQOHúWLUHPHVH�GH�|QHPOL�VD\ÕODELOHFHN�GH÷LúLNOLNOHU�

JHUoHNOHúWLUPLúWL��gPU�Q������¶GD�WDPDPODGÕ÷ÕQGD�DUNDVÕQGD�VD÷GDQ��VROGDQ�HOHúWLULOHU�YH�

.HPDOLVW�|]OHPOHU�EÕUDNWÕ��<D]GÕ÷Õ�NLWDSODUOD�\�]�\ÕOOÕN�WDULKLPL]L�]HQJLQ�ND\QDNODUOD�

DUDúWÕUPÕú��WDUWÕúPÕú��GHUOL�WRSOX�VD\ÕODELOHFHN�YH�G|QHPVHO�NDUDNWHUOHU�J|VWHUHQ�ELU�WDULK�YH�

GHYOHW�DQOD\ÕúÕ�EÕUDNPÕúWÕ��

*�Q�P�]�WDULKoLOL÷L�LoLQ�NXúNXVX]�$\GHPLU�GHPHN�KHU�úH\GHQ�|QFH�.DGUR�\ÕOODUÕQÕ�

DQÕPVDWÕ\RU��.DGUR�\ÕOODUÕQGD��7�UNL\H¶QLQ�NDONÕQPDVÕ�LoLQ�0LOOL�.XUWXOXú�+DUHNHWL�YH�

VRQUDVÕQD�GDLU�J|U�úOHULQL�\D\ÕPOD\DQ�\D]DU�LoLQ�7�UNL\H�HYUHQVHO�oDSWD�HPSHU\DOL]PLQ�

\HQLOPHVL�GR÷UXOWXVXQGD�|QGHUOLN�\DSDELOLUGL������¶GD�&+3�oHYUHVLQGH�EHOLUOHQHQ�GHYOHWoLOLN�

DQOD\ÕúÕQÕ�GDKD�NR\X�ELU�ELoLPGH�WDULK�YH�GHYOHW�DQOD\ÕúÕ\OD�E�W�QOHúWLUHQ�\D]DU��GHYOHWoL�

SROLWLNDODUOD�7�UNL\H¶QLQ�oD÷GDú�VÕQÕIODU�ROXúXPXQD�L]LQ�YHUPHGHQ�JHOLúPLú�ELU��ONH�

RODELOHFH÷L�J|U�ú�QGH\GL��dRN�JHoPHGHQ�NDSDQDQ�.DGUR�GHUJLVL�DUGÕQGD�ELUoRN�\DQNÕODU�

EÕUDNWÕ��$\GHPLU�.DGUR�VRQUDVÕQGD�GD�GHYOHWoL�SROLWLNDODUÕ�X\JXOD\DQ�E�URNUDVL�LoLQGH�|QHPOL�

PHYNLOHUGH�\HU�DOGÕ��DQFDN�\DNODúDQ�LNLQFL�JHQHO�VDYDú�SODQOÕ�HNRQRPL�SROLWLNDODUÕQÕQ�GHUOL�

WRSOX�X\JXODQPDVÕQÕ�HQJHOOHGL��*HQHO�VDYDú�VRQUDVÕQGD\VD�DUWÕN�7�UNL\H�oRN�SDUWLOL�VL\DVDO�

UHMLPL�EHQLPVH\HFHN��HNRQRPLN�SODQODPD�ELU�WDUDID�EÕUDNÕODFDNWÕ��$\GHPLU������VRQUDVÕQGD�

HPHNOLOLN�\DúDPÕQD�oHNLOGL��DQÕODUÕQÕ�\D]GÕ��KDFLPOL�NLWDSODUÕ��]HULQGH�oDOÕúWÕ�YH�����¶ODUGDQ�

LWLEDUHQ�DUGÕ�DUGÕQD�\D\ÕQODGÕ��%X�\ÕOODUGD�VL\DVDO�DWPRVIHULQ�VRO�NDQDWWDQ�HVPHVL��RQX�\HQLGHQ�

<|Q�oHYUHVLQGH�J|U�Q�U�KDOH�JHWLUHFHN��EXUDGD�\D\ÕQODGÕ÷Õ�PDNDOHOHUGH�\HQLGHQ�GHYOHWoLOLN�

DQOD\ÕúÕQÕ�EX�GHID�VRV\DOL]P�ED\UD÷Õ�DOWÕQGD�VDYXQDFDNWÕ������¶GH�JHUoHNOHúHQ�DVNHUL�

P�GDKDOH�DUGÕQGDQ�LVH�&XPKXUL\HW�\D]DUOÕ÷ÕQÕ�V�UG�UHFHN��|PU�Q�Q�VRQODUÕQGD�EDúÕQGDQ�EHUL�

VÕQÕIVDO�oDWÕúPDODUGDQ�DUÕQGÕUGÕ÷Õ�GL\DOHNWLN�PDWHU\DOLVW�J|U�ú�QGH�ÕVUDU�HWVH�GH�WDULKVHO�V�UHFL�

GH÷HUOHQGLUPH�GH�\HQL�\|QWHPOHU�NXOODQDFDN�PRGHUQOHúPH�J|U�ú�QH�H÷LOLP�J|VWHUHFHNWL�

ùHYNHW�6�UH\\D�$\GHPLU�NXúNXVX]�KHU�úH\GHQ�|QFH�YH�KHU�GHYLUGH��VL\DVDO�\DúDPÕ�

HWNLOHPHN�LVWHGL��DQFDN�EXQX�\DSDUNHQ���VÕQÕIVDO�o|]�POHPHGHQ�NDoÕQVD�GD���N|úH�EXFDN�ELU�

WDULK�YH�GHYOHW�DQOD\ÕúÕ�ROXúWXUPDN�JD\UHWL�GH�J|VWHUGL��øúWH�EL]�WH]LPL]�RODUDN $\GHPLU¶LQ�EX�

NRQXODUGDNL�J|U�úOHULQH�H÷LOGLN��%XUDGD�\DSPDN�LVWHGL÷LPL]�$\GHPLU¶LQ�W�P�\DúDPÕQÕ�

G|QHPVHO�H÷LOLPOHUOH�NHVHQ��IDNDW�DOWWDQ�DOWD�ELU�V�UHNOLOLN�J|VWHUHQ�WDULK�YH�GHYOHW�DQOD\ÕúÕQÕ�

YH\D�DQOD\ÕúODUÕQÕ�HQLNRQX�WDUWÕúPDN��HQ�D]ÕQGDQ�VHUJLOH\HELOPHNWLU��7H]LPL]L�NXUDUNHQ�

|QFHOLNOH�NDoÕQÕOPD]�ELU�ELoLPGH�$\GHPLU¶LQ�\DúDPÕ�LOH�SDUDOHO�JLGHQ�VL\DVDO�J|U�úOHULQL�

WDUWÕúWÕN��$UGÕQGDQ�WDULK�DQOD\ÕúÕQD�H÷LOHUHN�WDULKL�PDWHU\DOLVW�\|QWHPL�DQOD\Õú�ELoLPLQL�

VHULPOHGLN��ho�QF��E|O�P�RODUDN�GHYOHW�DQOD\ÕúÕQÕ�RUWD\D�NR\GXN�YH�VRQXQGD�VRPXW�WDULK�

oDOÕúPDODUÕQD�H÷LOHUHN�ELU�EDNÕPD�WDULK�YH�GHYOHW�DQOD\ÕúÕQÕQ�VD÷ODPDVÕQÕ�\DSWÕN��

$\GHPLU¶LQ�WDULK�YH�GHYOHW�DQOD\ÕúÕQÕ�DUDúWÕUPDN�|QFHOLNOH�RQXQ�\DúDPÕQÕ��\DúDPÕQGDNL�

NÕUÕOPDODUÕQÕ�DUDúWÕUPDN�LOH�EDúODGÕ�YH�LON�E|O�P�\DúDPÕ�HNVHQLQGH�JLGHQ�VL\DVDO�J|U�úOHULQL�

GHULQOHPHVLQH�LUGHOHPHGHQ��EX�NRQX\D�D\UÕOGÕ��(GLUQH¶GH�WRSUDNVÕ]�ELU�N|\O��DLOHVLQLQ�R÷OX�

RODUDN�GR÷DQ�$\GHPLU��\HQL\HWPHOL÷LQGH�<XVXI�$NoXUD¶QÕQ�oÕNDUGÕ÷Õ�7�UN�<XUGX�GHUJLVLQLQ��

VÕNÕ�RNXUODUÕQGDQ�ROGX��'HUJLGH�=L\D�*|NDOS¶LQ�7XUDQ��ON�V�QH�NDSÕODUDN�.DINDV�FHSKHVLQH�

KHQ�]�������\DúÕQGD�NDWÕOGÕ��6DYDú�VRQUDVÕQGD�|÷UHWPHQOLN�LoLQ�JLWWL÷L�$]HUED\FDQ¶GD�7XUDQ¶Õ�

DUDGÕ��DQFDN�EXODPDGÕ��%LUGHQELUH�%ROúHYLN�'HYULPL¶QLQ�LoLQH�oHNLOGL��DUD\ÕúODUÕ�RQX�QLKD\HW��

'R÷X�(PHNoLOHUL�.RP�QLVW�hQLYHUVLWHVL¶QH�NDGDU�J|W�UG���%XUDGD�HQWHOHNW�HO�JHOLúLPLQLQ�LON�

oHNLUGHNOHULQL�ROXúWXUDQ�$\GHPLU��7�UNL\H¶\H�ELU�7�UNL\H�.RP�QLVW�3DUWLOL�RODUDN�G|QG��YH�

oRN�JHoPHGHQ�XOXVDOFÕ�G�ú�QFH�YH�GX\JXODUÕQÕQ�D÷ÕU�EDVPDVÕ\OD�KDUHNHWWHQ�D\UÕODUDN�.HPDOLVW�

øQNÕODEÕQ�KL]PHWLQH�JLUGL��g÷UHWPHQOL÷LQ�DUGÕQGDQ������VRQUDVÕQGD�.DGUR�GHUJLVLQLQ�NXUXFXVX�

YH�NXUDPFÕVÕ�ROGX��%XUDGD�\|QWHP�VRUXQXQX�V|]�NRQXVX�HGHQ�\D]DU�±�EL]LP�LNLQFL�E|O�PGH�

X]XQ�X]DGÕ\D�WDUWÕúWÕ÷ÕPÕ]�JLEL��VL\DVDO�\DúDPÕ�o|]�POH\HFHN�HQ�L\L�\|QWHPLQ�WDULKL�

PDGGHFLOLN�ROGX÷XQX�V|\O�\RU��G�Q\DQÕQ�JHOLS�GD\DQGÕ÷Õ�oHOLúNLQLQ�LVH�/HQLQLVW�ELU�WDYÕUOD��

IDNDW�VRV\DOLVW�oÕNDUÕPODU�\DSPDNVÕ]ÕQ��V|P�UJHFL�V|P�UJH��ONHOHU�DUDVÕQGD�ROGX÷XQX�

EHOLUWL\RUGX��7DULKL�PDWHU\DOLVW�\|QWHP�LOH�WRSOXPODU��UHWLP�DUDo�YH�YDVÕWDODUÕQD�J|UH�

GH÷HUOHQGLULOLU��GL÷HU�WRSOXPVDO�LOLúNLOHU�EX��UHWLP�DUDoODUÕ��]HULQGH�ELoLPOHQLU��$\GHPLU�LoLQ�

$YUXSD�0DUNVL]PLQLQ�EX�NDONÕú�QRNWDVÕ\OD��UHWLP�DUDoODUÕQÕQ�P�ONL\HWLQH�J|UH�VÕQÕIVDO�

oDWÕúPD\Õ�|QHPVHPHVL�DQODúÕOÕUNHQ�7�UNL\H¶GH�GXUXP�IDUNOÕGÕU��7�UNL\H¶GH�oD÷GDú�VÕQÕIVDO�

LOLúNLOHU�±�EXUMXYD]L��SUROHWDU\D����ROXúPDGÕ÷ÕQGDQ�ELU�VÕQÕIVDO�oDWÕúPDGDQ�V|]�HWPHN�P�PN�Q�

GH÷LOGLU��'ROD\ÕVÕ\OD�GHYOHW�EXUDGD�ELU�VÕQÕIÕQ�HJHPHQOL÷LQL�VD÷OD\DQ�DUDo�ROPDNWDQ�oÕNPÕú��

LoHULGH�N�WOHVHO�NDONÕQPD�JHUoHNOHúWLUHELOHFHN��VÕQÕI�D\UÕPODUÕQD�L]LQ�YHUPH\HFHN��\HWNLQ�ELU�

NDGUR�DUDFÕOÕ÷Õ\OD�YH�WHPHOGH�GHYOHW�\DWÕUÕP�YH�LúOHWPHOHUL\OH�WRSOXPVDO�G�]HQL�DGLO�ELU�

ELoLPGH�VD÷OD\DFDN�ELU�WRSOXPVDO�|UJ�WOHQPH�ELoLPL�ROPXúWX��.ÕVDFD�$YUXSD¶GD�VÕQÕIVDO�

oDWÕúPDODU�LOH�VRV\DOL]P�KHGHILQGH�ELU�URWD�EHOLUOH\HQ�WDULKL�PDWHU\DOLVW�\|QWHP��7�UNL\H�LoLQ�

VÕQÕIVDO�o|]�POHPHGHQ�\RNVXQ�ELU�D\JÕWD�G|Q�úP�ú��GHYOHW�EX�\|QWHP�LOH�WRSOXPVDO�X\XPX�

VD÷OD\DFDN�ELU�RUJDQ�RODUDN�EHOLUOHQPLúWL�

����¶GH�'3�LNWLGDUÕ\OD�HPHNOL\H�VHYN�HGLOHQ��$\GHPLU������¶OHU�YH�����¶ODU�ER\XQFD�

KDFLPOL�NLWDSODUÕQÕ�\D]PÕú��EX�NLWDSODUGD�WDULK�DQOD\ÕúÕQÕ�VRPXWODúWÕUPÕúWÕ��7DULK�VÕUDVÕ\OD�

(QYHU�3DúD¶GDQ�$WDW�UN¶H��øVPHW�øQ|Q�¶\H�YH�$GQDQ�0HQGHUHV¶H�NDGDU�JHOHQ�EX�

\DúDP|\N�OHULQGH�PHUNH]��WDULKL�ROXúWXUDQ�NLúLOHUGL��6RQ�E|O�PGH�JHQLú�ELU�ELoLPGH�

GH÷LQGL÷LPL]�JLEL�$\GHPLU�LoLQ�WRSOXPODU��WDULKL�PDWHU\DOLVW��\|QWHPOH�NDYUDQPDOÕ��UHWLP�

DUDo�YH�YDVÕWDODUÕQD�|QHP�YHULOPHOL\GL��DPD�VRPXW�oDOÕúPDODUÕQGD�RUWD\D�oÕNDQ��NRúXOODUÕQ�

GH÷HUOHQGLULOPHVL\OH�ELUOLNWH�³WDULKL�úDKVL\HW´OHULQ�D÷ÕUOÕ÷Õ\GÕ��6|]JHOLPL�2VPDQOÕ�

øPSDUDWRUOX÷X¶QXQ�VRQ�\�]\ÕOÕQGD�,,��$EG�OKDPLW�WDP�ELU�WDOLKVL]OLN�ROPXú���0LWKDW�3DúD�JLEL�

LPSDUDWRUOX÷X�GDKD�XVVDO�ELU�ELoLPGH�\|QHWHFHN�ELU�GHYOHW�DGDPÕQÕ�RUWDGDQ�NDOGÕUPÕú��EDVNÕFÕ�

VL\DVHWL��EHFHULNVL]�\|QHWLPL\OH�GHYOHWL�IHODNHWH�V�U�NOHPLúWL��$\GHPLU�LoLQ�7�UN�GHYULPL�LVH�

GR÷UXGDQ�GR÷UX\D�0XVWDID�.HPDO¶LQ�LUDGHVL�GR÷UXOWXVXQGD�ELoLPOHQPLúWL��NÕVDFD�NRúXOODUOD�

|U�OP�ú�WDULKVHO�V�UHFLQ�HQ�HWNLOL�EHOLUOH\LFLOHUL�$\GHPLU�LoLQ�³WDULKL�úDKVL\HW´OHU�ROGX��

ùHYNHW�6�UH\\D������¶ODUGD�\D]PD\D�EDúODGÕ÷Õ�<|Q�GHUJLVLQGH�G|QHPLQ�DWPRVIHULQH�

X\JXQ�ELU�ELoLPGH�VRV\DOL]P�VORJDQÕ�DOWÕQGD�\HQLGHQ�GHYOHWoL�J|U�úOHUL�|QH�oÕNDUDFDNWÕ��%X�

G|QHPGH�VL\DVDO�\DúDPGD��\HQLGHQ�HWNLOL�ROPD\D�oDOÕúWÕ��$QNDUD¶GDNL�HYLQL�ELU�VL\DVDO�G�]OHP�

RODUDN�NXOODQÕ\RU��DVNHUOHUGHQ�JD]HWHFLOHUH��DNDGHPLV\HQOHUGHQ�|÷UHQFLOHUH�SHN�oRN�NRQXN�

D÷ÕUOÕ\RUGX��%X�EHú�oD\ODUÕQGD�VRKEHW�G|Q�S�GRODúÕS�7�UN�GHYULPLQH��RQXQ�LVWLNkPHWLQL�

EHOLUOHPH\H�GD\DQÕ\RUGX��$\GHPLU�EX�G|QHPGH�7�UN�6RV\DOL]PL�ED\UD÷Õ�DOWÕQGD�\HQLGHQ�

.DGURFX�J|U�úOHULQL�VDYXQGX��6ÕQÕIVDO�o|]�POHPHOHUGHQ�\LQH�NDoÕQÕ\RU��RODVÕ�VÕQÕIODúPDODUÕQ�

|QOHQPHVL�LoLQ�WDP�ED÷ÕPVÕ]OÕNoÕ�HNRQRPL�YH�SROLWLND�oL]JLVLQGH�\HQLGHQ�GHYOHWL��WRSOXPVDO�

DGDOHWLQ�KDNHPL�ROPDN�LoLQ�NRúXOODQGÕUÕ\RUGX���

�����¶OHUH�JHOLQGL÷LQGH\VH�DVNHUL�P�GDKDOHQLQ�HWNLVL\OH�ROPDOÕ��$\GHPLU��OLEHUDO�

GHPRNUDVL\L�VDYXQDQ�ELU�oL]JL\L�FHSKH�KDWWÕ�RODUDN�EHOLUOHGL�YH�EX�\ÕOODUGD�UHYDoWD�RODQ�

PRGHUQOHúPH�J|U�ú�QH�H÷LOLP�J|VWHUGL��2QD�J|UH�7�UNL\H��%DWÕOÕ��ONHOHUL�HNRQRPLGHQ�VL\DVDO�

NXUXPODUÕQD�GH÷LQ�\DNDODPDN�oD÷GDúODúPDN�GR÷UXOWXVXQGD�ELU�GHYULP�JHUoHNOHúWLUPLú��WHN�

SDUWL�G�]HQL\OH�GHPRNUDWLN�]HPLQL�KD]ÕUODPÕú�YH�����¶OHUGHQ�LWLEDUHQ�EX�UHMLPL�X\JXODPD\D�

NR\XOPXúWX������¶OHUGH�GH�\DSÕODFDN�RODQ�EX�NXUXPODUÕQ�VDYXQXOPDVÕ�WRSOXPXQ�W�P�

NHVLPOHULQLQ�PHFOLV�NDQDOÕ\OD�VL\DVDO�\DúDPGD�WHPVLO�HGLOPHVL\GL��g]HOOLNOH�7ø3¶LQ�

NDSDWÕOPDVÕ\OD�ROXúDQ�VROGDNL�ERúOXN�JLGHULOPHOL\GL��.ÕVDFD�DVNHUL�P�GDKDOHQLQ�\RO�DoWÕ÷Õ�

WDKULEDW�NDUúÕVÕQGD�HQGLúH\H�NDSÕODQ�$\GHPLU��EX�\ÕOODUGD�GROD\OÕ�GD�ROVD�VÕQÕIVDO�WHPVLOH�

GH÷LQL\RU��OLEHUDO�GHPRNUDVL\L�LVH�WDULKL�VH\ULQ��ON�VHO�WLSL�NÕOÕ\RUGX��

.ÕVDFD�V|\OHUVHN�����¶ODUGDQ�����¶OHUH�NDGDU�WDULKL�PDWHU\DOLVW�\|QWHPOH�HYUHQVHO�

G�]H\GH�V|P�UJHFL�V|P�UJH�oHOLúNLVLQL�EHOLUOH\HQ�$\GHPLU�LoLQ��GHYOHW��WRSOXPVDO�DGDOHWL�

VÕQÕIVDO�oDWÕúPDODUD�RODQDN�YHUPHGHQ�GR÷UXGDQ�GR÷UX\D�HNRQRPLN�ELoLPOHQGLUPHOHUOH�

VD÷OD\DELOLUGL������¶GH�JHUoHNOHúHQ�DVNHUL�GDUEH�VRQUDVÕ�LVH�$\GHPLU�YXUJXVXQX�

GHPRNUDVLGHQ�\DQD�\DSPD\D�EDúOD\DFDN��WRSOXPX�ROXúWXUDQ�NHVLPOHUH�DWÕIODU�\DSDUDN�YH�

VÕQÕIVDO�oDWÕúPDQÕQ�ROXúPD\D�EDúODGÕ÷ÕQÕ�V|\OH\HUHN�GHYOHW�oL]JLVLQGHQ�WRSOXP�oL]JLVLQH�

ND\DFDNWÕ��øúWH�WH]LPL]�EX�QRNWDGD�DQODP�ND]DQÕ\RU��ELU�\DQGD�\�NVHN�OLVDQV�|÷UHQLPL�\DSDQ�

ELU�|÷UHQFLQLQ��&XPKXUL\HW�GHYULQLQ�LON�D\GÕQODUÕQGDQ�ELULQL�oDOÕúPDVÕ\OD��oÕUDNOÕN�G|QHPLQL�

ROXúWXUX\RU��GL÷HU�\DQGD\VD�.DGUR�\ÕOODUÕQD�VÕNÕúWÕUÕOPÕú�ELU�\D]DUÕQ�GHYOHW�YH�WDULK��]HULQH�

G�ú�QFHOHULQL�G|QHPVHO�NDUDNWHUOHUL\OH�VHUJLOL\RU��RQX�7�UNL\H¶QLQ�oDONDQWÕODUÕ�LoLQGH�

E�W�QO�NO��ELU�ELoLPGH�GH÷HUOHQGLUPH�oDEDVÕQD�JLUL\RU���

$%675$&7

6HYNHW�6XUH\\D�$\GHPLU�ZDV�ERUQ�DV�D�VRQ�RI�LPPLJUDQW�IDPLO\�LQ�������,Q�KLV�

FKLOGKRRG�KH�JURZWK�LQ�D�2WWRPDQ�HGXFDWLRQ�FLUFOH��GXULQJ�WKH�IDOO�RI�WKH�HPSLUH�KH�HPEUDFHG�

7XUDQ�LGHRORJ\��2Q�WKH�MRXUQH\�WKDW�KH�ZHQW�RXW�E\�WKH�VDLG�LGHRORJ\�KH�PHW�%ROVKHYLN�

5HYROXWLRQ�ZKHQ�KH�FDPH�EDFN�WR�7XUNH\�KH�ZHQW�LQWR�WKH�VHUYLFH�RI�.HPDOLVW�5HYROXWLRQ�

ZLWK�QDWLRQDOLVW�IHHOLQJV�WKDW�KDG�FRQGXFWHG�KLP�HYHU\�WLPH���6LQFH������$\GHPLU�ZKR�EHJDQ�

WR�FRQQHFW�ZLWK�WKH�5HYROXWLRQ�RIIHUHG�D�IRUPXOD�IRU�WKH�SROLWLFDO�HFRQRPLFDO�SXUVXLWV�WKDW�

EHJDQ�DIWHU�WKH�*UHDW�'HSUHVVLRQ�LQ������ ,Q�WKLV�ZD\�.DGUR�PRYHPHQW�DSSHDUHG�LQ�WKH�FLUFOH�

RI�$\GHPLU��,Q�WKH�IROORZLQJ�\HDUV�KH�PDLQWDLQHG�KLV�.DGUR�LGHDV��LQ�����V�KH�WULHG�WR�UHYLYH�

WKHVH�LGHDV�DJDLQ�RYHU�WKH�GLIIHUHQW�H[SUHVVLRQV��KH�UHDOL]HG�YHU\�LPSRUWDQW�FKDQJHV�RQ�KLV�

KLVWRU\�DQG�VWDWH�YLHZ�DOWKRXJK�KH�GLGQ¶W�GHHSHQHG�RQ�WKHP��:KHQ�KH�GLHG�LQ������FULWLFV�

IURP�OHIW�ULJKW�DJDLQVW�KLP�DQG�.HPDOLVW�DVSLUDWLRQV�ZHUH�OHIW�EHKLQG�KLP��+H�KDG�VHDUFKHG�

DQG�GHEDWHG�RXU�KLVWRU\�RYHU�ULFK�VRXUFHV DQG�OHIW�D�KLVWRU\�DQG�VWDWH�YLHZ�WKDW�LV�ZHOO�

RUJDQL]HG�DQG�WKDW�VKRZV�SHULRGLFDO�FKDUDFWHU����

6D\LQJ�$\GHPLU�ILUVWO\�UHPLQGV�XV�WKH�.DGUR�\HDUV�FHUWDLQO\�IRU�WRGD\¶V

KLVWRULRJUDSK\��,Q�WKHVH�\HDUV�7XUNH\�FRXOG�EH�OHDGHU�E\�GHIHDWLQJ�LPSHULDOLVP�LQWHUQDWLRQDOO\�

DFFRUGLQJ�WR�KLP��+H�LVVXHG�KLV�RSLQLRQV�DERXW�WKH�1DWLRQDO�,QGHSHQGHQF\�0RYHPHQW�DQG�WKH�

IROORZLQJ�\HDUV�IRU�WKH�GHYHORSPHQW�RI�7XUNH\��,Q������WKH�ZULWHU�ZKR�FRPELQHG�WKH�VWDWLVP�

GHWHUPLQHG�DW�WKH�533�FLUFOH�ZLWK�KLV�KLVWRU\�DQG�VWDWH�YLHZ�PRUH�UDGLFDOO\�WKRXJKW�WKDW�

7XUNH\�FRXOG�EH�D�GHYHORSHG�FRXQWU\�ZLWKRXW�SHUPLWWLQJ�WKH�FRQVWLWXWLRQ�RI�PRGHUQ�FODVVHV��

7KH�.DGUR�PDJD]LQH�FORVHG�VRRQ�OHIW�PDQ\�FRQVHTXHQWLDO�HIIHFWV�EHKLQG�LW��$IWHU�WKH�.DGUR�

$\GHPLU�DOVR�WRRN�SODFH�LPSRUWDQW�SRVLWLRQV�LQVLGH�WKH�EXUHDXFUDF\�WKDW�ZDV�DSSO\LQJ�VWDWLVW�

SROLWLFV�EXW�UHDFKLQJ�:RUOG�:DU�,,�KLQGHUHG�WKH�DSSO\LQJ�RI�SODQQLQJ�HFRQRP\�SROLWLFV�ZHOO�

RUJDQLVHG��%XW�DIWHU�WKH�ZDU�7XUNH\�ZRXOG�DGRSW�PXOWLSDUW\�SROLWLFDO�UHJLPH�DQG�OHIW�

HFRQRPLF�SODQQLQJ��$IWHU������$\GHPLU�UHWLUHG��ZURWH�KLV�PHPRULHV��DQG�ZRUNHG�RQ�

YROXPLQRXV�ERRN�DQG�UHOHDVHG�WKHP�FRQVHFXWLYHO\�E\�����V��,Q�WKHVH�\HDUV�ULVLQJ�OHIW�ZLQJ�

PDNHV�KLP�DSSHDUHG�LQ�WKH�<|Q�FLUFOH�DQG�KH�ZRXOG�GHIHQFH�KLV�VWDWLVW�YLHZ�DJDLQ�LQ�WKLV�WLPH�

XQGHU�WKH�VRFLDOLVP�IODJ�LQ�KLV�HVVD\V�ZKLFK�KH�UHOHDVHG�KHUH���$IWHU�WKH� PLOLWDU\�FRXS�LQ������

KH�ZRXOG�FRQWLQXH�ZULWLQJ�LQ�&XPKXUL\HW�DQG�LQ�WKH�ODVW�\HDUV�RI�KLV�OLIH�DOWKRXJK��KH�LQVLVW�RQ�

KLV�GLDOHFWLF�PDWHULDOLVW�YLHZ�WKDW�KDG�EHHQ�SXULILHG�IURP�FODVV�VWUXJJOHV�E\�KLP�VLQFH�WKH�

EHJLQQLQJ�KH�ZRXOG�VKRZ�D�WHQGHQF\�WR�PRGHUQL]DWLRQ�YLVLRQ�WKDW�XVHV�QHZ�PHWKRGV�WR�MXGJH�

KLVWRULFDO�SURFHVV��

6HYNHW�6XUH\\D�$\GHPLU�FHUWDLQO\�ZDQWHG�WR�LQIOXHQFH�SROLWLFDO�OLIH�SUH�HPLQHQWO\�DQG�

LQYDULDEO\�EXW�ZKLOH�KH�ZDV�GRLQJ�WKLV�DOWKRXJK�KH�DYRLGHG�FODVV�DQDO\VLV�KH�PDGH�HIIRUWV�WR�

FRQVWLWXWH�D�QRRN�DQG�FRUQHU�KLVWRU\�DQG�VWDWH�YLHZ�DV�ZHOO��+HUH�ZH�LQFOLQHG�$\GHPLU¶V�

RSLQLRQV�DV�RXU�WKHVLV��+HUH�ZH�ZDQW�WR�GHEDWH��DOW�OHDVW�SUHVHQW�WKRURXJKO\�$\GHPLU¶V�KLVWRU\�

DQG�VWDWH�YLHZ�RU�YLHZV�WKDW�FXWV�KLV�OLIH�ZLWK�SHULRGLF�WUHQGV�EXW�VKRZV�D�URXJK�DQG�WXPEOH�

FRQWLQXLW\��:KLOH�ZH�ZHUH�IUDPLQJ�RXU�GLVVHUWDWLRQ�ZH�XQDYRLGDEO\�GHEDWHG�$\GHPLU¶V�

SROLWLFDO�YLHZV�WKDW�JR�SDUDOOHO�ZLWK�KLV�OLIH��$IWHU�WKDW�ZH�ODLG�WKH�IRUP�RI�KLV�KLVWRULFDO�

PDWHULDOLVP�YLHZ�RXW�E\�LQFOLQLQJ�KLV�KLVWRULFDO�YLHZ��$V�WKH�WKLUG�FKDSWHU�ZH�LQWURGXFHG�KLV�

VWDWH�YLHZ�DQG�LQ�WKH�HQG�LQ�D�VHQVH�ZH�YHULILHG�KLV�KLVWRU\�DQG�VWDWH�YLHZ�E\�LQFOLQLQJ�KLV�

FRQFUHWH�KLVWRU\�ZRUNV�

5HVHDUFKLQJ�$\GHPLUV�XQGHUVWDQGLQJ�RI�KLVWRU\�DQG�VWDWH�EHJDQ�ZLWK�UHVHDUFKLQJ�

SULPDULO\�KLV�OLIH�DQG�LWV�WXUQLQJ�SRLQWV��,Q�WKH�ILUVW�FKDSWHU��ZH�GHEDWHG�WKLV�VXEMHFW�ZLWKRXW�

DQDO\]LQJ�GHHSO\�KLV�WKRXJKWV�ZKLFK�KDG�FRQVLGHUDEOH�VLPLODULW\�ZLWK�KLV�OLIH��%HLQJ�ERUQ�LQ�D�

ODQGOHVV�SHDVDQW�IDPLO\�LQ�(GLUQH��$\GHPLU�ZDV�RQH�RI�WKH�\RXQJ�DQG�OR\DO�UHDGHUV�RI�<XVXI�

$NoXUDV�PDJD]LQH��7�UN�<XUGX �́�)ROORZLQJ�RI�=L\D�*|NDOSV�7XUDQ�LGHRORJ\�LQ�WKH�

PDJD]LQH��KH�ZHQW�WR�WKH�&DXFDVLDQ�IURQW�ZKHQ�KH�ZDV�RQO\�VHYHQWHHQ�RU�HLJKWHHQ�\HDUV�RI�

DJH��$IWHU�WKH�ZDU��KH�ZHQW�WR�$]HUEDLMDQ�DV�D�WHDFKHU�DQG�ORRNHG�IRU�7XUDQ�EXW�FRXOG�QRW�ILQG�

LW��+H�VXGGHQO\�IRXQG�KLPVHOI�LQ�WKH�6RYLHW�5HYROXWLRQ��+LV�VHDUFKLQJ�HYHQWXDOO\�WRRN�KLP�WR�

WKH�&RPPXQLVW�8QLYHUVLW\�RI�(DVWHUQ�3UROHWDULDW��,Q�WKRVH�\HDUV��$\GHPLU�WRRN�WKH�ILUVW�VWHSV�

RI�KLV�LQWHOOHFWXDO�GHYHORSPHQW��+H�FDPH�EDFN�WR�7XUNH\�DV�D�FRPPXQLVW�DQG�KH�UHVLJQHG�

IURP�KLV�SUHYLRXV�LGHRORJ\��8QGHU�WKH�LQIOXHQFH�RI�QDWLRQDOLVW�VHQVDWLRQV�DQG�WKRXJKWV��KH�

ZHQW�LQWR�WKH�VHUYLFH�RI�.HPDOLVW�5HYROXWLRQ��$IWHU�TXLWWLQJ�WHDFKLQJ��KH�IRXQGHG�WKH�

�.DGUR��DQG�EHFDPH�LWV�LGHRORJLVW�LQ�����V��)RFXVLQJ�RQ�WKH�LVVXH�RI�PHWKRG�ZKLFK�ZH�

GLVFXVV�FRQVLGHUDEO\�LQ�WKH�VHFRQG�FKDSWHU��KH�EHOLHYHG�WKDW�KLVWRULFDO�PDWHULDOLVP�ZDV�WKH�

EHVW�PHWKRG�WR�DQDO\]H�WKH�SROLWLFDO�DIIDLUV��:LWK�D�/HQLQLVW�SRLQW�RI�YLHZ��KH�VWDWHG��ZLWKRXW�

PDNLQJ�VRFLDOLVW�LQIHUHQFHV��WKDW�WKH�PDLQ�FRQIOLFW�RI�WKH�FRQWHPSRUDU\�ZRUOG�ZDV�EHWZHHQ�WKH�

FRORQLDOLVW�FRXQWULHV�DQG�WKH�FRXQWULHV�ZKLFK�ZHUH�EHLQJ�FRORQL]HG��)RU�KLVWRULFDO�PDWHULDOLVP��

VRFLHWLHV�DUH�EHLQJ�HYDOXDWHG�RQ�HFRQRPLF�EDVH��2WKHU�VRFLDO�UHODWLRQV�GHSHQG�RQ�WKLV�EDVH��

7KH�GLVSXWHV�EHWZHHQ�FODVVHV�ZKLFK�$\GHPLU�JDYH�PXFK�LPSRUWDQFH�LV�WUXH�IRU�(XURSH�

+RZHYHU��LQ�7XUNH\�WKH�VLWXDWLRQ�ZDV�FRPSOHWHO\�GLIIHUHQW��,Q�7XUNH\��GXH�WR�WKH�DEVHQFH�RI�

ERXUJHRLVLH�DQG�SUROHWDULDW��LW�ZDV�QRW�SRVVLEOH�WR�WDON�DERXW�D�FODVV�GLVSXWH��7KLV�PHDQV�WKDW�

WKH�VWDWH�LQ�7XUNH\�ZDV�QRW�D�SRZHU�ZKLFK�HQVXUHG�WKH�KHJHPRQ\�RI�RQH�FODVV�DQG�WXUQHG�RXW�

WR�EH�WKH�IRUP�RI�WKH�RUJDQL]DWLRQV�ZKLFK�GLG�QRW�SHUPLW�FODVV�GLVSXWHV�LQ�WKH�FRXQWU\��

0RUHRYHU��WKLV�VWDWH�ZLWK�LWV�PDVVLYH�VWDII�ZDV�UHVSRQVLEOH�RI�LQYHVWPHQWV��VRFLDO�GHYHORSPHQW�

DQG�EXLOGLQJ�RI�D�IDLU�V\VWHP��%ULHIO\��ZKLOH�KLVWRULFDO�PDWHULDOLVP�ZDV�SXUVXLQJ�WKH�ZD\�WKDW�

DLPHG�VRFLDOLVP�DQG�FODVV�GLVSXWHV�LQ�(XURSH��LQ�7XUNH\�LW�EHFDPH�GHSULYHG�IURP�FODVV�

DQDO\VHV�DQG�WKH�VWDWH�ZDV�VHHQ�DV�DQ�RUJDQ�WKDW�HQVXUHG�VRFLDO�KDUPRQ\��

:KHQ�WKH�'HPRFUDWLF�3DUW\�FDPH�LQWR�WKH�SRZHU�LQ�������$\GHPLU�JRW�UHWLUHG��,Q�WKH�

\HDUV�RI�����V�DQG�����V�KH�ZURWH�PDVVLYH�ERRNV�DQG�KH�FRQFUHWL]HG�KLV�XQGHUVWDQGLQJ�RI�

KLVWRU\�LQ�WKHVH�ERRNV��+H�IRFXVHG�RQ�WKH�ELRJUDSKLHV�RI�SHRSOH�ZKR�GUHZ�WKH�SDWK�RI�KLVWRU\��

LQFOXGLQJ�(QYHU�3DVKD��$WDWXUN��,VPHW�,QRQX��$GQDQ�0HQGHUHV�KLVWRULFDOO\��$V�ZH�VWDWHG�DW�

WKH�ODVW�FKDSWHU�H[WHQVLYHO\��DFFRUGLQJ�WR�$\GHPLU��VRFLHWLHV�VKRXOG�KDYH�EHHQ�XQGHUVWRRG�

ZLWK�WKH�PHWKRG�RI�KLVWRULFDO�PDWHULDOLVP�DQG�RQH�VKRXOG�KDYH�JLYHQ�LPSRUWDQFH�WR�WKH�PHDQV�

RI�SURGXFWLRQ��+RZHYHU��LQ�KLV�FRQFUHWH�VWXGLHV��KH�UHDOL]HG�WKH�GRPLQDQFH�RI��KLVWRULFDO�

SHUVRQDOLWLHV��EHVLGHV�WKH�HYDOXDWLRQ�RI�FRQGLWLRQV��)RU�LQVWDQFH��LQ�WKH�ODVW�FHQWXU\�RI�

2WWRPDQ�(PSLUH��$EGXOKDPLW�,,�ZDV�D�FRPSOHWH�GLVDVWHU�� 0LWKDW�3DVKD�ZKR�FRXOG�FRQGXFW�

WKH�(PSLUH�PRUH�UDWLRQDOO\�ZDV�UHPRYHG�IURP�SRZHU�E\�KLP��+LV�SUHVVXUH�SROLF\�DQG�

LQFRPSHWHQW�DGPLQLVWUDWLRQ�OHG�WKH�FRXQWU\�WR�D�FDODPLW\��$\GHPLU�WKRXJKW�WKDW�7XUNLVK�

5HYROXWLRQ�ZDV�IRUPHG�GLUHFWO\�DFFRUGLQJ�WR�WKH�ZLOO�RI�0XVWDID�.HPDO��,Q�RWKHU�ZRUGV��

�KLVWRULFDO�SHUVRQDOLWLHV��ZHUH�WKH� �PRVW�LPSUHVVLYH�GHWHUPLQHUV�RI�KLVWRULFDO�SURFHVV�ZKLFK�

DFWXDOO\�GHWHUPLQHG�E\�FRQGLWLRQV��

$IWHU�EHJLQQLQJ�WR�ZULWH�LQ��<|Q��LQ�����V��XQGHU�WKH�LQIOXHQFH�RI�VRFLDOLVP�RI�WKRVH�

\HDUV�KH�VLGHG�ZLWK�WKH�WKRXJKWV�WKDW�HPSKDVL]HG�WKH�UROH�RI�VWDWH��+H�PDGH�HIIRUWV�WR�EH�

DFWLYH�LQ�SROLWLFDO�OLIH�DJDLQ��+LV�KRPH�LQ�$QNDUD�ZDV�OLNH�D�SROLWLFDO�PHHWLQJ�SRLQW�ZKLFK�

$\GHPLU�KDG�PDQ\�JXHVWV�IURP�VROGLHUV�WR�MRXUQDOLVWV�DQG�IURP�DFDGHPLFLDQV�WR�VWXGHQWV��

:KLOH�WKH\�ZHUH�VLSSLQJ�WHD��WKH�FRQYHUVDWLRQ�ZDV�EHLQJ�LQFOLQHG�XQFRQVFLRXVO\�WR�WKH�

7XUNLVK�5HYROXWLRQ�DQG�WR�GHWHUPLQH�WKH�URXWH�RI�LW��8QGHU�WKH�IODJ�RI�7XUNLVK�6RFLDOLVP�KH�

GHIHQGHG�.DGUR�YLHZV�DJDLQ�LQ�WKRVH�\HDUV��$YRLGLQJ�IURP�PDNLQJ�FODVV�DQDO\VLV�DV�XVXDO��KH�

SRLQWHG�RXW�WKDW�WKH�VWDWH�KDG�WR�EH�WKH�UHIHUHH�RI�VRFLDO�MXVWLFH�DQG�LQGHSHQGHQW�ERWK�

HFRQRPLFDOO\�DQG�SROLWLFDOO\�WR�SUHYHQW�FODVV�GLVSXWHV��

,Q�����V�GXH�WR�WKH�FRXS�SUREDEO\��KH�LQFOLQHG�WR�WKH�OLEHUDO�GHPRFUDF\�DQG�

PRGHUQLVP�ZKLFK�KDG�FRQVLGHUDEOH�SRSXODULW\�LQ�WKRVH�\HDUV��$FFRUGLQJ�WR�KLP��7XUNH\�PDGH�

D�UHYROXWLRQ�RQ�WKH�URDG�RI�FRQWHPSRUL]LQJ�LWVHOI�DQG�FDWFKLQJ�WKH�ZHVWHUQ�FRXQWULHV�ERWK�

HFRQRPLFDOO\�DQG�SROLWLFDOO\��7KH�RQH�SDUW\�DGPLQLVWUDWLRQ�KDG�SUHSDUHG�WKH�GHPRFUDWLF�

DWPRVSKHUH�DQG�DIWHU�����V��GHPRFUDWLF�UHJLPH�KDG�EHHQ�LQ�SRZHU��7R�GHIHQG�WKH�UHJLPH�LQ�

����V��DOO�FODVVHV�LQ�VRFLHW\�KDG�WR�EH�UHSUHVHQWHG�DW�WKH�SDUOLDPHQW��7KH�DEVHQFH�RI�D�VRFLDOLVW�

SDUW\�DIWHU�FORVLQJ�RI�/DERXU�3DUW\� �KDG�WR�EH�HUDGLFDWHG� �6KRUWO\��$\GHPLU�ZDV�ZRUULHG�

DERXW�WKH�GDPDJH�WKH�FRXS�PDGH��+H�SRLQWHG�RXW�WKDW�WKH�FODVV�UHSUHVHQWDWLRQ�LQGLUHFWO\�DQG�

VWDWHG�WKDW�WKH�OLEHUDO�GHPRFUDF\�ZDV�DQ�LGHDO�LQ�KLVWRULFDO�SURFHVV��

%ULHIO\��IURP�����V�WR�����V�IRU�$\GHPLU�ZKR�GHWHUPLQHG�WKH�GLOHPPD�RI�FRORQLDOLVW�

DQG�FRORQL]HG�FRXQWULHV�EDVHG�RQ�PDWHULDOLVW�PHWKRG��WKH�VWDWH�FRXOG�HQVXUH�VRFLDO�MXVWLFH�E\�

PDNLQJ�HFRQRPLF�UHJXODWLRQV�GLUHFWO\�DQG�DYRLG�FODVV�GLVSXWHV�DFFRUGLQJO\��$IWHU�WKH�FRXS�LQ�

�����$\GHPLU�HPSKDVL]HG�WKH�GHPRFUDF\�DQG�LQFOLQHG�WRZDUGV�WKH�VRFLHW\�QRW�WKH�VWDWH��

,QIHUULQJ�WKH�FODVVHV�ZKLFK�FRQVWLWXWH�WKH�VRFLHW\��KH�VWDWHG�WKDW�WKHUH�ZHUH�FODVV�GLVSXWHV�

DQ\PRUH��2XU�WKHVLV�KDV�D�PHDQLQJ�DW�WKLV�SRLQW��,W�JLYHV�H[SHULHQFH�WR�D�PDVWHU�VWXGHQW�LQ�KLV�

HDUO\�\HDUV�RI�DFDGHPLF�OLIH�E\�VWXG\LQJ�RQH�RI�WKH�ILUVW�LQWHOOHFWXDO�RI�7XUNLVK�5HSXEOLF��2Q�

WKH�RWKHU�KDQG��WKH�WKRXJKWV�DERXW�VWDWH�DQG�KLVWRU\�RI�D�ZULWHU�ZKR�ZDV�VWXFN�LQ�.DGUR�\HDUV�

DUH�EHLQJ�DQDO\]HG�DFFRUGLQJ�WR�WKH�SHULRGV��7KH�WKHVLV�DLPV�WR�HYDOXDWH�KLP�HQWLUHO\�LQ�WKH�

XQVWHDGLQHVV�RI�7XUNH\��

*ø5øù

(OGHNL�oDOÕúPD�oHúLWOL�QHGHQOHUGHQ�OLVDQV�WDULK�|÷UHQLPLQL�\HWHULQFH�GH÷HUOHQGLUHPHPLú�

ELU�|÷UHQFLQLQ�\�NVHN�OLVDQV�WH]LGLU��g÷UHQFL�<ÕOGÕ]�7HNQLN�hQLYHUVLWHVL�$WDW�UN�øONHOHUL�YH�

øQNÕODSODUÕ�7DULKL�E|O�P�QGH�HOLQGHQ�JHOGLNoH�WDULKoLOLN�DoÕ÷ÕQÕ��\|QWHP�YH�PDO]HPH�

VRUXQODUÕQÕ�JLGHUPHN�DPDFÕ\OD�LON�G|QHP�FXPKXUL\HW�D\GÕQODUÕ��]HULQH�ELU�oDOÕúPD�\DSPDN�

LVWHPLú��GH÷HUOL�KRFDVÕ�7DQHU�7LPXU¶XQ�|QHULVL\OH�ùHYNHW�6�UH\\D�$\GHPLU��]HULQH�oDOÕúPD\D�

EDúODPÕúWÕU��øúWH�EX�oDOÕúPD�ELU�\DQGDQ�DoÕNODUÕQÕ�JLGHUPH\H��GL÷HU�WDUDIWDQ�WDULKoLOL÷LQ�

VRUXQODUÕQÕ�WDQÕPD\D�ELU�IÕUVDW�ROPXúWXU��$\GHPLU�EL]LP�LoLQ�KHP�ELU�WDULKoLOLN�GHQH\LPL�

ROPDVÕ�EDNÕPÕQGDQ�KHP�GH�.DGUR�\ÕOODUÕQD�VÕNÕúWÕUÕOPÕú�ELU�D\GÕQÕQ�L]LQL�V�UPHN�EDNÕPÕQGDQ�

|QHPOLGLU��%XUDGD�\DSPDN�LVWHGL÷LPL]�JHQHO�RODUDN�WDQÕPODPDN�JHUHNLUVH�$\GHPLU¶LQ�WDULK�YH�

GHYOHW�DQOD\ÕúÕQÕ�RUWD\D�NR\PDNOD�ELUOLNWH�G�ú�QFHOHULQL�E�W�QO�NO��ELU�ELoLPGH��G|QHPVHO�

NDUDNWHUL\OH�ELUOLNWH�VHUJLOH\HELOPHNWLU�

ùHYNHW�6�UH\\D�$\GHPLU������¶GH�J|oPHQ�ELU�DLOHQLQ�R÷OX�RODUDN�(GLUQH¶GH�GR÷PXú��

���\ÕOOÕN�\DúDPÕQÕ������\ÕOÕQGD�$QNDUD¶GD�QRNWDODPÕúWÕ��dRN�JHQo�\DúWD�0RVNRYD¶\D�JLGHQ�YH�

%ROúHYLN�'HYULPL¶QH�NDWÕODQ�$\GHPLU¶LQ�\DúDPÕQGD�EHONL�GH�HQ�EHOLUOH\LFL�G|Q�ú�P������¶GH�

7�UNL\H�.RP�QLVW�)ÕUNDVÕ�LOH�\ROODUÕQÕ�D\ÕUPDVÕ�YH�NHQGLQL�³LQNÕODEÕQ�KL]PHWL´QH�DGDPDVÕ\GÕ��

����¶OX�\ÕOODUÕQ�EDúÕQGD�7�UN�GHYULPLQLQ�LGHRORMLN�]HPLQLQL�J�oOHQGLUPHN�LoLQ�EDúODWÕODQ�

.DGUR�KDUHNHWLQLQ�NXUDPFÕVÕ�ROPXú��GHUJLQLQ�DUGÕQGDQ�GHYOHWoL�SROLWLNDODUÕ�\�U�WHQ�E�URNUDWODU�

LoLQGH�\HU�DOPÕúWÕ�8]XQFD�VD\ÕODFDN�\DúDPÕQGD�$\GHPLU��KHU�úH\GHQ�|QFH��.DGUR�GHUJLVLQLQ�

NXUXFXODUÕQGDQ�YH�NXUDPFÕODUÕQGDQGÕ������¶ODUGD�\HQLGHQ�ELU�VRO�KDUHNHW�LoLQGH�<|Q�

oHYUHVLQGH�RUWD\D�oÕNWÕ÷ÕQGD�ELU�EDNÕPD�.DGURFX�J|U�úOHUL�\HQLGHQ�J�QGHPH�JHWLUPHN�LVWHPLú��

����¶OL�\ÕOODUGD\VD�&XPKXUL\HW�\D]DUOÕ÷Õ\OD�HWNLQOL÷LQL�ND\EHWPHPLúWL�

3HNL�$\GHPLU�VDGHFH�.DGUR�\D]DUÕ�PÕ\GÕ"�����¶ODUGD�ROXúWXUGX÷X�J|U�úOHUL�VL\DVDO�

\DúDPÕ�HWNLOHPHQLQ�|WHVLQGH�\|QWHPVHO�WDULKVHO�ELU�KHVDSODúPD\Õ��GHYOHW�NRQXVXQGD�IDUNOÕ�

\DNODúÕPODUÕ�LoHUPHPLú��EX�VRUXQODU��]HULQGH�\HQL�\DNODúÕPODU�JHWLUPHPLú�PL\GL"�$\GHPLU��

����¶ODUGDQ�����¶OHUH�G�ú�QFHOHULQGH�KHU�KDQJL�ELU�GH÷LúLNOLN�\DSPDPÕú��VDGHFH�G|QHPLQ�

NRúXOODUÕQD�X\XP�PX�VD÷ODPÕúWÕ"�*HQHO�RODUDN�VRUPDN�JHUHNOL\VH�$\GHPLU¶LQ�JHQHO�JHoHU�ELU�

WDULK�YH�GHYOHW�DQOD\ÕúÕQGDQ�V|]�HGLOHELOLU�PL��\RNVD�EX�DQOD\ÕúODU�G|QHPVHO�ND\JÕODUÕQ�ELU�

�U�Q��P�"�7H]LPL]LQ�HQ�WHPHO�VRUXVX�LVH�NÕVDFD�ú|\OH�VDSWDQDELOLU��$\GHPLU¶LQ�WDULK�YH�GHYOHW�

DQOD\ÕúÕ�QHGLU"�%X�VRUX\X�\DQÕWODPDNVD�NXúNXVX]�G|QHPVHO�DUDúWÕUPDODUÕ��$\GHPLU¶L�EX�

G|QHP�LoLQGH�NRQXPODQGÕUPD\Õ�KHU�úH\GHQ�oRN�JHUHNWLULU��%L]�EXUDGD�$\GHPLU¶LQ�WDULK�YH�

GHYOHW��]HULQH�J|U�úOHULQGH�\R÷XQODúÕUNHQ��\DúDPÕ��]HULQGH�GH�GXUDFDN�GDKD�E�W�QO�NO��ELU�

GH÷HUOHQGLUPH�\DSPD\D�oDOÕúDFD÷Õ]�

$\GHPLU�LOH�GR÷UXGDQ�YH�GROD\OÕ�oDOÕúPDODUD�EDNWÕ÷ÕPÕ]GD�E�\�N�ELU�oR÷XQOX÷XQXQ�

.DGUR�\ÕOODUÕQD�LOLúNLQ�ROGX÷X�NROD\OÕNOD�J|U�OHELOLU��%L]�EXQODUÕQ�DUDVÕQGD�ELUNDoÕQD�NÕVDFD�

GH÷LQPHNOH�YH�WH]LPL]LQ�D\UÕPÕQÕ�RUWD\D�NR\PDNOD�\HWLQHFH÷L]��.DGUR�GHUJLVL�KDNNÕQGD�

o|]�POH\LFL�VD\ÕVDO�ELU�LQFHOHPH�RODQ�7HNHOL�øONLQ�LP]DOÕ�.DGURFXODUÕ�YH�.DGUR¶\X�

$QODPDN�DGOÕ�oDOÕúPD�$\GHPLU¶LQ�\DúDP�|\N�V�QGH�EL]H�ROGXNoD�\DUGÕPFÕ�ROPXú��.DGUR�

KDUHNHWLQLQ�ELU�$\GHPLU�KDUHNHWL�RODUDN�DQODúÕODELOHFH÷LQL�V|\OH\HUHN�RQXQ�EX�KDUHNHW�

LoLQGHNL�\HULQL�EHOLUOHPLúWLU��7HNHOL�YH�øONLQ��.DGUR�KDUHNHWLQL�LNWLGDUÕ�GROD\OÕ�RODUDN�HWNLOHPHN�

LoLQ�ELU�JLULúLP�RODUDN�GH÷HUOHQGLUPLúOHU��.DGUR�GHUJLVLQH�o|]�POH\LFL�ELU�\DNODúÕPOD�YH�Lo�

VL\DVDO�JHOLúPHOHUL�J|]�|Q�QGH�WXWDUDN�H÷LOPLúOHU��NÕVDFD�.DGUR�KDUHNHWLQL�³DQODPD´�oDEDVÕ�

J|VWHUPLúOHUGLU��<D]DUODU�$\GHPLU¶LQ�\DúDP�|\N�V�Q��DQODWÕUNHQ�����¶ODUGD�<|Q�oHYUHVL�

LoLQGH�RQX�.DGURFXOX÷X�\HQLGHQ�GLULOWPH�JD\UHWL�LoLQGH�WHVSLW�HWPLúOHUGLU���'L÷HU�ELU�KDWÕUÕ�

VD\ÕOÕU�oDOÕúPD\Õ�JHUoHNOHúWLUHQ�0XVWDID�7�UNHú��$\GHPLU¶LQ�.DGUR�GHPHN�ROGX÷X�VDYÕ�NDEXO�

HGLOLUVH�7�UNHú¶LQ�.DGUR�LoLQ�V|\OHGLNOHULQL�$\GHPLU�LoLQ�V|\OH\HOLP��.DGUR¶\X��$\GHPLU¶L��

VRO�V|\OHPOHUOH�XOXVoXOX÷X�X]ODúWÕUPD\D��|UW�úW�UPH\H�oDOÕúPDNOD��³VRV\DOLVW�V|\OHPLQ�DQWL�

HPSHU\DOLVW�ER\XWXQX�YH�IDúL]PLQ�RWRULWHU\DQ�|]HOOL÷LQL�XOXVoX�V|\OHPOHU�L\OH�´�X]ODúWÕUPDNOD�

GH÷HUOHQGLUPLú��QLKD\HW�.DGUR¶QXQ��$\GHPLU¶LQ��|]J�Q�ELU�LGHRORML��UHWPHGL÷LQL�V|\OH\HUHN��

JHOLúPH�VWUDWHMLOHULQLQ�GH�NDSLWDOL]P�LoLQGH�IDUNOÕ�ELU�\RO�RODUDN�GH÷HUOHQGLUPLúWLU���%LU�GL÷HU�

oDOÕúPD�7XQFD\�gQGHU�LP]DVÕ\OD�ELU�\�NVHN�OLVDQV�WH]L�ELoLPLQGH�NDUúÕPÕ]D�oÕNÕ\RU��ùHYNHW�

6�UH\\D�$\GHPLU�±6L\DVDO��6RV\DO�YH�(NRQRPLN�*|U�úOHUL ��7H]�\D]DUÕ�gQGHU�GH�

$\GHPLU¶L�.DGURFX�J|U�úOHUL�ED÷ODPÕQGD�LúOHPLú�$\GHPLU¶L��³�����¶ODUÕQ�LON�\DUÕVÕQGD�7�UN�

WRSOXPX�LoLQ�|QJ|UG�÷��µWRSOXPVDO�SURMH¶�oHUoHYHVLQGH´�GH÷HUOHQGLUPLú��VRQXo�RODUDN�

$\GHPLU¶LQ�G�ú�QFHOHULQLQ�³GHYOHWL�NXUWDUPD´�ED÷ODPÕQGD�RNXQDELOHFH÷LQL�V|\OHPLúWLU��

³'�ú�QFHVLQL�µGHYOHW¶LQ��]HULQH�LQúD�HWWL÷LQL�YH�oR÷X�]DPDQ�GD�µGHYOHW�DGÕQD¶�NRQXúWX÷XQX�

J|]OH\HELOL\RUX]��$\GHPLU¶LQ�G�ú�QFHVLQGH�ED]Õ�NÕUÕOPDODUÕQ�YDUOÕ÷Õ�LGGLD�HGLOVH�GH��DUND�

SODQGD�GH÷LúPH\HQLQ��µGHYOHWL�NXUWDUPD¶�HQGLúHVL�ROGX÷X�EHOLUWLOPHOLGLU��%X�NÕUÕOPDODUÕ�LVH��

µGHYOHWL�NXUWDUPD¶QÕQ�IDUNOÕ�\ROODUÕ�JLEL�GH÷HUOHQGLUPHN�P�PN�Q��$\GHPLU�µGHYOHWL�NXUWDUPD¶�

DGÕQD�7XUDQFÕ��0DUNVLVW�\D�GD�.HPDOLVW�RODELOPHNWHGLU��

���øOKDQ�7HNHOL��6HOLP�øONLQ��%LU�&XPKXUL\HW�g\N�V���.DGURFXODUÕ�YH�.DGUR¶\X�$QODPDN��øVWDQEXO��7DULK�9DNIÕ�<XUW�<D\ÕQODUÕ���������V��ø;������YH��������0XVWDID�7�UNHú��.DGUR�+DUHNHWL�8OXVoX�6RO�%LU�$NÕP��$QNDUD��øPJH�.LWDEHYL��������V���������YH��������7XQFD\�gQGHU��³ùHYNHW�6�UH\\D�$\GHPLU�±6L\DVDO��6RV\DO�YH�(NRQRPLN�*|U�úOHUL´��<D\ÕPODQPDPÕú�<�NVHN�/LVDQV�7H]L��$QNDUD��������V���YH�����

.ÕVDFD�EX�oDOÕúPDODU�.DGUR�\ÕOODUÕQD�RGDNODQPÕú��$\GHPLU�EX�ED÷ODP�LoLQGH�\HUL�

JHOGLNoH�GH÷HUOHQGLULOPLú��J|U�úOHUL�.DGURFXOXN�ED÷ODPÕQGD�HOH�DOÕQPÕúWÕU��.DGUR�KDUHNHWL�

LoLQGH�$\GHPLU��PHUNH]�RODUDN�GH÷HUOHQGLULOVH�GH�VRQUDNL�\ÕOODUGD�RQXQ�oDEDVÕ�\HQLGHQ�

.DGURFXOXN�ILNUL�ED÷ODPÕQGD�RNXQPXúWXU��%L]VH�EXUDGD�GR÷UXGDQ�GR÷UX\D�$\GHPLU�RGDNOÕ�ELU�

oDOÕúPD�\DSDFDN��RQX�KHU�KDQJL�ELU�oHYUHQLQ�LoLQGH�GH÷LO�NLúLVHO��J|U�úOHUL�ED÷ODPÕQGD�YH�W�P�

\DúDPÕQÕQ�HYUHOHULQGH�GHYOHW�YH�WDULK�VRUXQODUÕ�GHULQOL÷LQGH�GH÷HUOHQGLUHFH÷L]�

%L]LP�UDVWOD\DELOGL÷LPL]�GR÷UXGDQ�GR÷UX\D�$\GHPLU¶LQ�\DúDPÕQD�RGDNOÕ�WHN�NLWDS

%LOLQPH\HQ�<|QOHUL\OH�ùHYNHW�6�UH\\D�$\GHPLU�LVPLQL�WDúÕ\RU��1H�YDU�NL�+��øEUDKLP�

*|NW�UN¶�Q�$\GHPLU�LOH�VRKEHWOHULQGHQ�HGLQGLNOHULQL�DQÕ�ELoLPLQGH�DNWDUDQ�EX�NLWDS�DQFDN�

ùHYNHW�6�UH\\D¶QÕQ�\DúDP�KLND\HVLQLQ�NLPL�ERúOXNODUÕQÕ�GROGXUPDNWD�\DUGÕPFÕ�ROX\RU��

øQJLOL]FH�\D]ÕOPÕú�ELU�GL÷HU�oDOÕúPD�$\GHPLU¶L�PRGHUQ�ELU�7�UN�\DúDP|\N�F�V���ELRJUDSKHU��

RODUDN�$PHULNDOÕODUD�WDQÕWPD\Õ�DPDoODPÕú��\D]DUÕ�EX�ED÷ODPGD�NRQXPODQGÕUPÕú��NÕVDFD�

\DúDPÕQÕ�DQODWPÕú��oDOÕúPDODUÕQGDQ�|UQHNOHU�YHUPLú��$\GHPLU¶L�\DúDP|\N�OHUL�oHYUHVLQGH�

ND\QDNODUÕ��ELoHPL��GLOL�YH�\DNODúÕPÕ�ED÷ODPÕQGD�\LQH�WDQÕWÕFÕ�ELU�ELoHPGH�GH÷HUOHQGLUPLúWLU��

%L]LP�WH]LPL]H�JHOLUVHN�úXQODUÕ�V|\OHPHN�P�PN�Q��øON�E|O�PGH�EDúÕQGDQ�VRQXQD�

$\GHPLU¶LQ�\DúDPÕQÕ�G|QHPLQ�NRúXOODUÕ�HWNLOHUL�LOH�WDUWÕúÕS�\D]DUÕQ�VL\DVDO�J|U�úOHULQL�HQ�

JHQHO�oL]JLOHUOH�EHOLUOHPH\H�oDOÕúDFD÷Õ]��%LU�J|oPHQ�DLOHVLQLQ�R÷OXQX�N|\OHUGH�oDOÕúÕUNHQ�YH�

7�UN�<XUGX�RNXUNHQ�J|UHFHN��7XUDQ��ON�V�QGHQ�VRV\DOLVW�J|U�úOHUH�X]DQÕúÕQ�QHGHQOHULQL�

EHOLUOHPH\H�oDOÕúDFD÷Õ]��6RY\HW�5XV\D¶GD�J|UG�÷��H÷LWLPOH�ELUOLNWH�7�UNL\H�.RP�QLVW�

)ÕUNDVÕ¶QD�NDWÕOPÕú�RODQ�$\GHPLU������¶GHNL�NRSXú�VRQUDVÕQGD�LQNÕODEÕQ�KL]PHWLQH�JLUHFHN��

����¶ODUÕQ�VRQXQGD�LVH�NDUúÕPÕ]D�ELU�VRO�SDUWL�NXUPD\D�oDEDODUNHQ�oÕNDFDN��dDOÕúPDPÕ]ÕQ�

WHPHO�VRUXQVDOODUÕQGDQ�ELULQL�ROXúWXUDQ�LNLQFL�E|O�PGH�$\GHPLU¶LQ�WDULK�DQOD\ÕúÕ�oHúLWOL�DOW�

E|O�POHUOH�X]XQ�X]DGÕ\D�LQFHOHQL\RU��%XUDGD�G|QHPVHO�ND\JÕODU�WDUWÕúÕOPDNOD�ELUOLNWH�

G|QHPOHUGHQ�EHOOL�RUDQGD�ED÷ÕPVÕ]�ELU�ELoHPGH�$\GHPLU¶LQ�WDULK�DQOD\ÕúÕ�GL\DOHNWLN�\|QWHPLQ�

E�\�N�NXUDPFÕODUÕ�+HJHO�YH�0DUNV��LOH�NDUúÕODúWÕUÕODUDN��$\GHPLU¶LQ�³|]J�QO�÷�´�RUWD\D�

NRQXODUDN�WDUWÕúÕOÕ\RU��$UGÕQGDQ�$\GHPLU¶LQ�HPSHU\DOL]PL�RUWDGDQ�NDOGÕUDFDN�WHN�J�o�RODUDN�

EHOLUOHGL÷L�0LOOL�.XUWXOXú�+DUHNHWL�LOH�EX�KDUHNHWLQ�NDGURODUÕQD�EDNÕú�YH�QLKD\HW�VRPXW�

G�]H\GH�$\GHPLU�LOH�G|QHPLQ�HJHPHQ�WDULK�V|\OHPL�DUDVÕQGDNL�LOLúNL�HOH�DOÕQÕ\RU���D\UÕFD�

EXUDGD�6XOWDQ�*DOL\HY¶LQ��$\GHPLU¶LQ�G�ú�QFHOHULQL�HWNLOH\LS�HWNLOHPHGL÷L�VRUXQX�GD�NÕVDFD�

WDUWÕúÕOÕ\RU��%LU�EDúND�WHPHO�VRUXQXQ�HOH�DOÕQGÕ÷Õ��o�QF��E|O�P�$\GHPLU¶LQ�GHYOHW�DQOD\ÕúÕQD�

D\UÕOPÕú�EXOXQX\RU��%XUDGD�|QFHOLNOH�G|QHP�GH÷HUOHQGLUPHOHUL�\DSÕOÕ\RU�YH�$\GHPLU¶LQ�

���+DOLO�øEUDKLP�*|NW�UN��%LOLQPH\HQ�<|QOHUL\OH�ùHYNHW�6�UH\\D�$\GHPLU��$QNDUD��\�\���������:LOOLDP�$OOLVWHU�0DFOHRG��6HYNHW�6�UH\\D�$\GHPLU��0RGHUQ�7XUNLVK�%LRJUDSKHU��$QQ�$UERU��0LFKLJDQ��8�6�$���/RQGRQ��(QJODQG��8QLYHUVLW\�0LFURILOPV�øQWHUQDWLRQDO�������

J|U�úOHUL�G|QHPVHO�NDUDNWHUL\OH�LúOHQL\RU��%X�\DNODúÕPÕQ�DOWÕQGD�GHYOHW�DQOD\ÕúÕQGD�J|U�OHQ�

G|QHPVHO�NDUDNWHU�D÷ÕU�EDVÕ\RU��$OW�E|O�POHUGH�|QFH�����¶ODUGDNL�G|QHPVHO�VRUXQODU�YH�

$\GHPLU¶LQ�\DNODúÕPODUÕ�DUGÕQGDQ�����¶ODU�YH�����¶OHU�7�UNL\H¶VLQLQ�PHVHOHOHUL�YH�\D]DUÕQ�

ND\JÕODUÕ\OD�LúOHGL÷L�GHYOHW�DQOD\ÕúÕ�GH÷HUOHQGLULOL\RU��'|UG�QF��E|O�P�ELU�EDNÕPD�oDOÕúPDQÕQ�

VD÷ODPDVÕQD�D\UÕOPÕú��EXUDGD�$\GHPLU¶LQ�WDULK�YH�GHYOHW�DQOD\ÕúÕ��]HULQGH�GXUXOGXNWDQ�VRQUD��

VRPXW�WDULK�oDOÕúPDODUÕ�(QYHU�3DúD��7HN�$GDP�YH�0HQGHUHV¶LQ�'UDPÕ��]HULQGH�ELU�³PHWLQ�

RNXPDVÕ´�\DSÕODUDN�$\GHPLU¶LQ�NXUDPVDO�\DNODúÕPODUÕ�WDULKoLOL÷LQGH�DUDQÕ\RU��WDULKoLOL÷LQLQ�

|QH�oÕNDQ�\DQODUÕ��VRUXQODUD�\DNODúÕPÕ�LUGHOHQL\RU��6RQXo�E|O�P�QGH�LVH��³WH]´LPL]L�ROXúWXUDQ�

DQD�ILNLUOHU�|]HWOHQL\RU�YH�GDKD�oRN�³.DGURFX´�RODUDN�DGODQGÕUÕODQ�ùHYNHW�6�UH\\D�

$\GHPLU¶LQ�W�P�\DúDPÕ�ER\XQFD�VDYXQGX÷X�J|U�úOHU��G|QHPVHO�NDUDNWHUOHUL�YH�VRPXW�

oDOÕúPDODUÕQGDNL�\|QHOLPOHUL\OH�E�W�QO�NO��RODUDN�VHUJLOHQL\RU�

��<$ù$0,�YH�6ø<$6$/�*g5hù/(5ø

dDOÕúPDPÕ]ÕQ�EX�LON�E|O�P�QH�ùHYNHW�6�UH\\D�$\GHPLU¶LQ�\DúDP�KLND\HVL\OH�YH�

NÕVDFD�VL\DVDO�J|U�úOHUL\OH�EDúOÕ\RUX]��gQFHOLNOH�LON�DOW�E|O�PGH�J|oPHQ�ELU�DLOHQLQ�R÷OX�

ùHYNHW�6�UH\\D��]HULQGH�GXUDFDN��JHQoOLN�\ÕOODUÕQGD�RQX�HWNLOH\HQ�7�UN�<XUGX�GHUJLVL�YH�

$\GHPLU�URPDQÕ��JLEL�ED]Õ�\D\ÕQODU��]HULQH�H÷LOHFH÷L]��øNLQFL�DOW�E|O�PGH��7XUDQFÕ��ON�\OH�

\DúD\DQ�ELU�JHQFLQ�KD\DO�NÕUÕNOÕNODUÕ�YH�EXQDOÕPODUÕQÕ�DQODWDFDN�QLKD\HW�VRV\DOLVW�J|U�úOHUH�

X]DQÕú�V�UHFLQL�RUWD\D�NR\DFD÷Õ]��6RQUDNL�E|O�POHUGH\VH�$\GHPLU¶LQ�NHQGLVLQL�.HPDOLVW�

GHYULPH�DGD\ÕúÕQD�WDQÕNOÕN�HGHFHN��|QFH�.DGUR�LOH�EDúOD\DQ�YH�����¶ODUGD�<|Q�GHUJLVLQH�GH�

\DQVÕ\DFDN�VL\DVDO�J|U�úOHULQL�HQL�NRQX�WDUWÕúPD\D�JLUPHGHQ�JHQHO�KDWODUÕ\OD�EHWLPOH\HFH÷L]��

$\GHPLU¶LQ��]HULQGH�HQ�oRN�WDUWÕúÕODQ�.DGUR�\ÕOODUÕ�YH�J|U�úOHUL��KDNNÕQGD�GHUOL�WRSOX�

oDOÕúPDODU�\DSÕOPÕú��P�QKDVÕU�\D\ÕQODU�ELU�\DQD�KHPHQ�KHU�NDOEXU�VW��G|QHPL�LQFHOH\HQ�

7�UNL\H�WDULKL�LOH�LOJLOL�NLWDSODUGD�WDUWÕúÕOPÕúWÕU��%L]�EXUDGD�NHQGLPL]H�$\GHPLU¶LQ�WDULK�YH�

GHYOHW�DQOD\ÕúÕQÕ�VHoWL÷LPL]GHQ�.DGUR�\ÕOODUÕ��]HULQGH�X]XQ�X]DGÕ\D�GXUPD\DFDN�±�<|Q�

\ÕOODUÕQGD�ROGX÷X�JLEL�±�EX�G|QHPL�GH�GL÷HU�G|QHPOHU�JLEL�JHQHO�KDWODUÕ\OD�VHUJLOH\HFH÷L]��

.DGUROX�\ÕOODUÕ�DQODWÕUNHQ�EHNOHQWLOHU�ROXúWXUDELOHFHN�EX�NÕVD�DoÕNODPD\Õ�\DSWÕNWDQ�VRQUD�

oDOÕúPDPÕ]D�ELU�J|oPHQ�DLOHQLQ�KLND\HVL\OH�EDúOD\DOÕP�

�����ùHYNHW�6�UH\\D

ùHYNHW�6�UH\\D�$\GHPLU������¶GH�(GLUQH¶GH�GR÷GX��%DEDVÕ�YH�DQQHVL�D\UÕ�\ROODUGDQ�

����¶GH�2VPDQOÕ�±�5XV�6DYDúÕ¶QÕQ�DUGÕQGDQ�(GLUQH¶\H�J|o�HWPLú�YH�RUDGD�ELU�DLOH�NXUPXúODU��

ùHYNHW�6�UH\\D�EX�DLOHQLQ��o�QF��HUNHN�oRFX÷X�RODUDN�G�Q\D\D�JHOPLúWL��%DEDVÕ�

'HOLRUPDQ¶GD�E�\�NoH�ELU�oLIWOL÷LQ�VDKLEL�NDODEDOÕN�ELU�DLOHQLQ�oRFX÷X\GX��DQFDN�VDYDú�

SDWOD\ÕS�'HOLRUPDQOÕ�DLOH�NDoDUNHQ�.D]DNODUÕQ�EDVNÕQÕQD�X÷UDPÕú�YH�NÕUN�NLúL\L�DúNÕQ�DLOHGHQ�

VDGHFH�6�UH\\D¶QÕQ�EDEDVÕ�YH�RQXQ�LKWL\DU�DQQHVL�NDOPÕúWÕ���6�UH\\D¶QÕQ�EDEDVÕ�0HKPHW�$÷D�

RNXU�\D]DU�GH÷LOGL��(GLUQH¶\H�JHOGL÷LQGH�W�P�WRSUDNODUÕQÕ�\LWLUPLú�YH�DQQHVL\OH�EDú�EDúD�

NDOPÕú��EXUDGD�(GLUQH¶QLQ�HQ�]HQJLQ�WRSUDN�VDKLSOHULQGHQ�+DFÕ�0XVWDID�%H\¶LQ�NRQD÷ÕQGD�

EDKoH�LúOHULQGH�oDOÕúPD\D�EDúODPÕúWÕ��$QQHVL�ùD]L\H�+DQÕP�LVH�RNXPD�\D]PD�ELOHQ��DLOHQLQ�

JHoLPL�LoLQ��RWXUGXNODUÕ�J|oPHQ�PDKDOOHVLQGH�GLNLú�GLNHQ��LEDGHWLQL�DNVDWPD\DQ��]LNLU�

WRSODQWÕODUÕ�G�]HQOH\HQ�ELU�NDGÕQGÕ�

$\GHPLU¶LQ�\D]GÕ÷ÕQD�J|UH��J|oPHQ�PDKDOOHVLQLQ�HQ�FDQOÕ�WRSODQWÕODUÕ�NHQGL�HYOHULQGH�

ROXUPXú��DQQHVL�EXUDGD�PDKDOOHOLOHUH�GLQ��PDVDO�YH�GHVWDQ�NLWDSODUÕ�RNXU��NÕ]ODUD��NDGÕQODUD�

GXDODU�|÷UHWLU��QDPD]�VXUHOHULQL�EHOOHWLUPLú���6�UH\\D�LVH�EX�WRSODQWÕODUGD��DQQHVLQGHQ�RNXPD�

\D]PD�|÷UHQPLú��RNXPDODUD�\DUGÕPFÕ�ROPD\D�EDúODPÕúWÕ��EX�G|QHP�KLVOHULQL�ú|\OH�DQODWÕU��³�

%DQD�JHOLQFH��EHQ��\DOQÕ]�RNXPDN�YH�RNXQDQÕ�GLQOHPHNOH�NDOPD]GÕP��%LU�GH�GLQOH\HQOHUL�

LQDQGÕUPDN�YH�RQODUGD�WHVLUOHU�\DUDWPDN�GXUXPXQGD�ROGX÷XP�LoLQ��GLPD÷ÕP�KDGGLQGHQ�ID]OD�

oDOÕúÕUGÕ��=DPDQ�ROXUGX�NL�NHQGLPL��E�W�Q�EX�GX\JXODUÕ�GX\DQ��E�W�Q�EX�PDFHUDODUD�NDUÕúDQ�

NDKUDPDQODUGDQ�ELUL�JLEL�KLVVHGHUGLP�´��0DKDOOH�WRSODQWÕODUÕQÕQ�|QHPOL�NRQXODUGDQ�ELUL�oHWH�

YH�NRPLWD�KLND\HOHUL��oRFXNODUÕQ�EDúWD�JHOHQ�R\XQX�LVH�EX�KLND\HOHUGHQ�HVLQOHQHQ�oHWHFLOLNWL��

2\XQ�LoLQ�|QFHOLNOH�JUXSODU�EHOLUOHQLU��GDKD�VRQUD�P�FDGHOH�EDúODUPÕú��g\OH�ROXUPXú�NL�EX�

R\XQODU�ED]HQ�5XP�YH\D�%XOJDU�PDKDOOHOHULQLQ�oRFXNODUÕ\OD�\DSÕOÕU��EXUDGDQ�FLGGL�NDYJDODU�

PH\GDQD�JHOLUPLú�

6�UH\\D�RNXO�oD÷ÕQD�JHOGL÷LQGH��6RIX�øO\DV�0DKDOOHVL¶QGHNL��0XUDGL\H�&DPLVL¶QLQ�

oHYUH�ELQDODUÕQGDQ�ELU�WDú�PHNWHEH�JLWPH\H�EDúODU��*|oPHQ�PDKDOOHVLQGH�6�UH\\D¶GDQ�EDúND�

RNXOD�JLGHQ�ROPDPÕú��GL÷HU�oRFXNODU�\D�ELU�G�NNDQD�oÕUDN�RODUDN�JLUHU�\D�GD�DLOHOHULQLQ�

\DQÕQGD�WRSUDN�LúOHULQGH�oDOÕúÕUODUPÕú���0DKDOOH�PHNWHELQLQ�DUGÕQGDQ�DLOHVL�RQX��LNL�D÷DEH\L�

JLEL�$VNHUL�5�úWL\H¶\H�YHULU��6�UH\\D�EX�RNXOX�KLo�\DGÕUJDPD]��]DWHQ�(GLUQH�ELU�RUGX�

���ùHYNHW�6�UH\\D�$\GHPLU��6X\X�$UD\DQ�$GDP������%DV���øVWDQEXO��5HP]L�.LWDEHYL���������V��������$�J�H����V������������$�J�H����V��������$�J�H���V���������

úHKUL\GL��VRNDNODU�KHU�]DPDQ�DVNHU�GROX��úHKULQ�HWUDIÕ�NÕúODODU��LVWLKNDPODUOD�oHYULOL\GL��³�%X�

úHKLUGH�KD\DW��ELU�NDOH�KD\DWÕ\GÕ��%X�KD\DWÕQ�KDYD\D�\D\GÕ÷Õ�DVNHU�UXKXQGDQ�KLo�NLPVH�X]DN�

NDODPD]GÕ�´���<HQL�RNXOGD�E�\�N�IDWLKOHU��G�Q\DQÕQ�HQ�E�\�N�DGDPODUÕ�RODUDN�|÷UHWLOLU��

VÕQÕIODUÕQ�GXYDUODUÕQGD��)DWLK�6XOWDQ�0HKPHW¶LQ��1DSRO\RQ¶XQ��%�\�N�)UHGHULN¶LQ�UHVLPOHUL�

DVÕOÕU��SDGLúDK�HQ�E�\�N�VDYDúoÕ�YH�JD]L�RODUDN�DQÕOÕUGÕ��2NXOGD�|÷UHWLOGL÷LQH�J|UH�YDWDQ��

GHYOHW�VÕQÕUODUÕQÕQ�YDUDELOGL÷L�\HUOHUGL�YH�EX�VÕQÕUODU�LVH�RUGXQXQ�JLGHELOGL÷L�\HUOHUGHQ�LEDUHWWL��

³2UGX�YDWDQÕQ�EHNoLVL\GL��2QXQ�D\DN�EDVWÕ÷Õ�KHU�\HU�YDWDQ�ROX\RUGX��0LOOHW��EX�YDWDQÕQ�LoLQGH�

\DúD\DQ�KHUNHVWL��%X�PLOOHWLQ�ELU�GLQ��ELU�GLOHN�YH�ELU�GLO�ELUOL÷L�ROPDVÕ�úDUW�GH÷LOGL�´��

g÷UHWLOHQOHUH�EDNÕOÕUVD�DVOÕQGD�G�Q\DGD�LNL�E�\�N�J�o�oDUSÕúPDNWD\GÕ��ELUL�2VPDQOÕ�'HYOHWL

GL÷HUL�'�YHOL�0XD]]DPD�GHQLOHQ�øQJLOWHUH��)UDQVD��øWDO\D��$OPDQ\D��$YXVWXU\D�0DFDULVWDQ�YH�

5XV\D��³øV\DQODUÕ�EXQODU�NÕúNÕUWÕU��YH�LV\DQODUÕ�EXQODU�VLODKODQGÕUÕU�GHQLUGL�´��

6�UH\\D�����\DúÕQGD�ELU�U�úWL\H�|÷UHQFLVL�LNHQ����7HPPX]�����¶GH�,,�0HúUXWL\HW�LODQ

HGLOPLú��LKWLODOLQ�JHWLUGLNOHUL�G|UW�NHOLPHGH�LIDGHVLQL�EXOPXúWX��+�UUL\HW��$GDOHW��0�VDYDW�

�(úLWOLN���8KXYYHW��.DUGHúOLN���%LU�GH�.DQXQ�L�(VDVL�NHOLPHVL�YDUGÕ��DPD�KDON�YH�KHOH�oRFXNODU�

DUDVÕQGD�EXQX�SHN�DQOD\DQ�\RNWX��2�J�QOHUL�$\GHPLU�ú|\OH�DQODWÕU��³$UWÕN�E�W�Q�2VPDQOÕODU�

NDUGHú�ROGX�GL\RUGXN��+RFDODU��SDSD]ODU��KDKDPODU�ELUELUOHUL\OH�NXFDNODúÕ\RUODUGÕ��%XQODUÕQ�

ELUHU�NROODUÕ�ELUELUOHULQLQ�RPX]ODUÕQGD��GL÷HU�HOOHULQGH�2VPDQOÕ�ED\UD÷Õ�LOH�oÕNDUÕOPÕú�UHVLPOHUL�

KHU�WDUDIÕ�V�VO�\RUGX��%X�UHVLPOHUGH�KRFDODU�ELUD]�VDI�YH�ERú�WHEHVV�POHUL\OH�VÕUÕWÕUNHQ��

SDSD]ODUÕQ�LUL�NDúODUÕ�oDWNÕQ��V�S�UJH�NDGDU�VDNDOODUÕ��EÕ\ÕNODUÕ\OH�|\OHFH�VHUW�VHUW�EDNDUODUGÕ�´��

���0DUW¶WD�øVWDQEXO¶GD�JHULFL�ELU�D\DNODQPD�SDWODN�YHUPLú��(GLUQH��+DUHNHW�2UGXVX¶QXQ�

KD]ÕUOÕNODUÕ\OD�oDONDODQPÕú�QLKD\HW�D\DNODQPD�EDVWÕUÕOPÕúWÕ��$UGÕQGDQ�øWDO\D¶QÕQ�7UDEOXVJDUS�

LúJDOL��%DONDQ�6DYDúODUÕ�PH\GDQD�JHOGL��0HúUXWL\HW¶LQ�G|UW�VORJDQÕ�\DYDú�\DYDú�VLOLQGL�YH�

RUWDGD�VDGHFH�³+�UUL\HW´�ODIÕ�NDOGÕ�

%DONDQ�6DYDúÕ�|QFHVLQGH�6�UH\\D�DLOHVLQLQ�WHPHO�GLUH÷L�DQQHQLQ�|O�P�Q���X]XQFD�ELU�

KDVWDOÕNWDQ�VRQUD��E�\�N�D÷DEH\LQ�|O�P��L]OHPLú��EDED�RWX]�EHú�\ÕO�oDOÕúWÕ÷Õ�LúLQGHQ�J|]OHUL�

J|UPH]�ROXQFD�DWÕOPÕúWÕ��øúVL]�YH�\DOQÕ]�NDODQ�EDED��DVNHU�RODQ�RUWDQFD�R÷OXQXQ�GD�|OPHVLQGHQ�

NRUNX\D�NDSÕOPÕúWÕU��6�UH\\D��$VNHUL�5�úWL\H¶\L�ELWLUPHVLQLQ�DUGÕQGDQ�.XOHOL�$VNHUL�

øGDGLVL¶QH�J|QGHULOVH�GH�EDEDVÕQÕQ�LVWH÷L��]HULQH�(GLUQH¶\H�G|QG��YH�(GLUQH¶GH�

'DU�OPXDOOLP¶H��ND\GROGX���

����$�J�H���V���������$�J�H���V���������$�J�H���V���������$�J�H���V�������������+DOLO�øEUDKLP�*|NW�UN��%LOLQPH\HQ�<|QOHUL\OH�ùHYNHW�6�UH\\D�$\GHPLU��$QNDUD��\�\��������V����LOH�øOKDQ�7HNHOL��6HOLP�øONLQ��%LU�&XPKXUL\HW�g\N�V���.DGURFXODUÕ�YH�.DGUR¶\X�$QODPDN��øVWDQEXO��7DULK�9DNIÕ�<XUW�<D\ÕQODUÕ���������V�����

%DONDQ�6DYDúÕ�\HQLOJLVL�DUGÕQGDQ�(GLUQH¶QLQ�JHUL�DOÕQPDVÕ�7�UNOHU��]HULQGH�|QHPOL�

HWNLOHU�PH\GDQD�JHWLUL\RU��6�UH\\D�EX�\ÕOODUGD����������������\HQL�ILNLUOHUOH�WDQÕúÕ\RU���YDWDQ�

YH�PLOOHW�DQOD\ÕúÕ�GH÷LúL\RUGX��³<DQL�YDWDQ��VDGHFH�RUGXQXQ�KDNLP�ROGX÷X�\HU�GHPHN�GH÷LOGL��

+HP�GH�DVÕO�RODQ�YDWDQ�GH÷LO�PLOOHWWL��0LOOHW��WDULKOHUL��GLOOHUL��GLOHNOHUL��ÕUNODUÕ�ELU�RODQ�

LQVDQODUÕQ�WDULKL�WRSOXOX÷XQD�GHQLOL\RUGX�´���2VPDQOÕ�ELUOL÷LQL�ROXúWXUDQ�PLOOHWOHUGHQ�KHU�ELUL�

NHQGL�EHQOL÷LQH�G|Q�\RU��GROD\ÕVÕ\OD�7�UNOHU�LoLQGH�ELU�³PLOOL�UXK´���³PLOOL�EHQOLN´�GX\JXVX�

ROXúWXUPDQÕQ�]DPDQÕ�JHOL\RUGX��2VPDQOÕOÕN�DUWÕN�JHULGH�NDOÕ\RU��úLPGL�PLOOHWLQ�DGÕ�7�UN��

NRQXúWX÷X�GLO�7�UNoH�ROX\RUGX��7�UNO�N�úHUHIOL�ELU�NLPOLNWL��³9DWDQD�LVH�DUWÕN��2VPDQOÕ�

WRSUD÷Õ�GH÷LO�7�UN�\XUGX�GHQLOL\RUGX�´��

6�UH\\D�EX�VÕUDODUGD�'DU�OPXDOOLP¶LQ�|QGH�JHOHQ�|÷UHQFLOHULQGHQGL��7|UHQOHUGH��JHoLW�

UHVLPOHULQGH�V�UHNOL�RQX�NRQXúWXUXUODUGÕ��<XNDUÕGD�DQODWWÕNODUÕQGDQ�EX�\ÕOODUGD�7�UN�<XUGX�

GHUJLVL�RNXGX÷X�YH�|]HOOLNOH�=L\D�*|NDOS¶LQ�HWNLVL�DOWÕQGD�NDOGÕ÷Õ�DQODúÕOPDNWDGÕU��7�UN�

<XUGX� <XVXI�$NoXUD�\|QHWLPLQGH�����¶GH�\D\ÕP�KD\DWÕQD�EDúODPÕú�YH�³E�W�Q�7�UNOHULQ�

L\LOL÷L´�LoLQ�oDOÕúDFD÷ÕQÕ�YDDW�HWPLúWL��*HRUJHRQ��7�UN�<XUGX¶QXQ�LNL�KDNLP�oL]JLVL�RODUDN�

3DQW�UNL]P�YH�øOHUOHPHFLOLN�WHPDODUÕQÕQ�VD\ÕODELOHFH÷LQL�LúDUHW�HGLS�GHUJL\L�JHQHO�RODUDN�ú|\OH�

GH÷HUOHQGLUL\RU��³6LELU\D�<DNXWODUÕQGDQ�%DONDQODU¶GDNL�7�UNOHUH�NDGDU�E�W�Q�7�UNO�N��

GHUJLQLQ�LOJL�DODQÕ\GÕ��«��1LWHNLP��RNX\XFX�\DYDú�\DYDú�2VPDQOÕ�'HYOHWL�SHUVSHNWLILQL�WHUN�

HWPH\H�YH�7�UNOHULQ�EDúOÕ�EDúÕQD�ELU�G�Q\D�ROXúWXUGX÷XQX��NHQGLOHULQH�|]J��VRUXQODUÕ�YH�

JHOLúPH�WDU]ODUÕ�ROGX÷XQX�J|UPH\H�EDúODPÕúWÕ�´���2Q�EHú�J�QGH�ELU�\D\ÕPODQDQ�GHUJLQLQ�

\D]DUODUÕ�DUDVÕQGD�EXOXQDQ�=L\D�*|NDOS��EXUDGD�\D\ÕPODGÕ÷Õ�³7�UNOHúPHN��øVODPODúPDN��

0XDVÕUODúPDN´�DGOÕ�PDNDOHOHUL\OH�G|QHPLQ�HQ�oRN�WDUWÕúÕODQ�VRUXQODUÕQÕ�ELU�ELUHúLPH�

XODúWÕUPD\D�oDOÕúPÕúWÕ���

*|NDOS��EXUDGD�WHNQLN�JHOLúPHOHU�LOH��³PXDVÕUODúPD´\Õ��øVODP��PPHWL\OH�\DNÕQ�

LOLúNLOHUGH�EXOXQPDN�LOH�³LVODPODúPD´\Õ�|QHULUNHQ��7�UNOHúPH�GR÷UXOWXVXQGD�³PLOOL�

PHINXUHQLQ´���J�oOHQPHVL�JHUHNWL÷LQL�V|\OHPLú��úX�VRUX\X�VRUPXúWX��7�UNOHU��ELU�PLOOHW�RODUDN�

PÕ�\RNVD�IDUNOÕ�PLOOHWOHU�RODUDN�PÕ�\DúD\DFDNWÕU�"�*|NDOS�LoLQ�7�UNOHU�øVWDQEXO�OHKoHVLQL�RUWDN�

����$\GHPLU��6X\X�$UD\DQ«��V���������$�J�H���V���������)UDQoRLV�*HRUJHRQ��7�UN�0LOOL\HWoLOL÷LQLQ�.|NHQOHUL��<XVXI�$NoXUD�����������������%DV��øVWDQEXO��7DULK�9DNIÕ�<XUW�<D\ÕQODUÕ���������V���������0��(PLQ�(ULúLUJLO��%LU�)LNLU�$GDPÕQÕQ�5RPDQÕ�=L\D�*|NDOS��øVWDQEXO��5HP]L�.LWDEHYL��������(ULúLUJLO¶H�J|UH�*|NDOS¶LQ�����¶WH�7�UN�<XUGX�oHYUHVLQGHQ�D\UÕOPDVÕ�|]HOOLNOH�GLO�VRUXQXQGDQ�ND\QDNODQÕU��$NoXUD��7�UNoH¶QLQHVNL�7�UN�OHKoHOHULQGHQ�EHVOHQPHVL�JHUHNWL÷LQL�|QHULU��*|NDOS�LVH�úX�NDUúÕOÕ÷Õ�YHULU��³<DS�\DúD\DQ�7�UNoH¶GHQ���7�UNoH¶\L�LQFLWPHGHQ���øVWDQEXO¶XQ�7�UNoHVL���=HYNLQL�ROVXQ�\LGHQ´��V���������*|NDOS�����¶GH�\D\ÕPODQDQ�³%XJ�QN��)HOVHIH´�DGOÕ�PDNDOHVLQGH�PHINXUH�NDYUDPÕQÕ�WRSOXP�\DúDPÕQD�\|Q�YHUHFHN��WDULKVHO�ELOJL�LOH�RUWD\D�oÕNDUÕODFDN���ON�OHU��GH÷HUOHU�RODUDN�LIDGH�HGHU��PHINXUH�\HQL�KD\DW�LoLQ�NXUXODQ�G�úOHUGLU��6HODKDWWLQ�+LODY��³'�ú�QFH�7DULKL������������´�7�UNL\H�7DULKL����dD÷GDú�7�UNL\H���<D\��<|Q��6LQD�$NúLQ��øVWDQEXO��&HP�<D\ÕQODUÕ��������

7�UNoH�VHoPHOL�YH�NHQGLOHULQH�RUWDN�\DúDP�PHINXUHVL���ON�V����NR\PDOÕ\GÕ��³�µ9DWDQ�QH�

7�UNL\HGLU�7�UN�LoLQ�QH�7�UNLVWDQ���9DWDQ�E�\�N�YH�P�HEEHW�ELU��ONHGLU��7XUDQ�¶�7XUDQ�

7�UNOHULQ�HIUDGÕQÕ�FDPL�DJ\DUÕQÕ�PDQL�RODQ�PHINXUHYL�YDWDQÕGÕU��7XUDQ�7�UNOHULQ�RWXUGX÷X�

7�UNoHQLQ�NRQXúXOGX÷X�E�W�Q��ONHOHULQ�PHFPXXGXU�´���$UWÕN�³\HQL��ON�´�2VPDQOÕ�ELUOL÷LQL�

WXWDELOPHN�GH÷LO��7XUDQ�PHINXUHVL\GL��6�UH\\D�EX�G|QHPGH�\D]ODUÕ�N|\OHUH�JLGL\RU��KDUPDQ�

PDNLQHVL�LúOHULQGH�oDOÕúÕ\RU��NÕúODUÕ�RNXOD�GHYDP�HGL\RUGX��,��'�Q\D�6DYDúÕ¶QÕQ�VHIHUEHUOLN�

HPLUOHUL�\HUOHúLP�ELULPOHULQH�XODúPD\D�EDúOÕ\RU��RNXOGD�DVNHUH�JLGHQOHUGHQ�|W�U��KHU�J�Q�

VH\UHNOHúPH�\DúDQÕ\RUGX��'HUV�\ÕOÕ�LoLQGH�6�UH\\D¶QÕQ�6DUÕNDPÕú¶WD�RODQ�RUWDQFD�D÷DEH\LQLQ�

úHKLW�ROGX÷X�KDEHUL�JHOPLúWL��6�UH\\D¶QÕQ�DVNHUOLN�LoLQ�KHQ�]�\DúÕ�WXWPDPDVÕQD�YH�KDUPDQ�

PDNLQHOHULQGH�oDOÕúDQODU�DVNHUOLNWHQ�WHFLO�HGLOPLú�ROPDVÕQD�NDUúÕQ�6�UH\\D�ÕVUDUOD�DVNHUOLN�

EDúYXUXODUÕQGD�EXOXQPXú�YH�QLKD\HW������\D]Õ�VRQXQD�GR÷UX�VXED\�QDP]HGL�RODUDN�DVNHUH�

NDEXO�HGLOPLúWLU��.HQGLVLQLQ�LVWH÷L�.DINDV�&HSKHVL¶QH�JLWPHN�YH�D÷DEH\VLQGHQ�ERú�NDODQ�\HUL�

GROGXUPDNW���

<HGHN�VXED\ODU�WDOLPJDKÕ�øVWDQEXO¶XQ�$QDGROX�\DNDVÕQGDGÕU�YH�EXUDGDNL�H÷LWLPOHU�

����¶\D�NDGDU�V�UHU��1LKD\HW�6�UH\\D��.DINDV�FHSKHVLQH�DWDQÕU��6XED\�QDP]HWOHUL�

+D\GDUSDúD¶GDQ�WUHQ�LOH�8OXNÕúOD¶\D�EÕUDNÕOÕU��EXUDGDQ�VRQUDVÕ�\�U�QHFHNWLU��6�UH\\D�LNL�

DUNDGDúÕ\OD�ELUOLNWH�NÕUN�J�QO�N�ELU�\�U�\�ú�Q�DUGÕQGDQ�FHSKH\H�YDUÕU��øON�GHID�$QDGROX�

JHUoHNOL÷L\OH�EX�\ROFXOX÷XQGD�NDUúÕODúPÕú�YH��USHUPLúWLU��$VNHUOL÷LQLQ�LON�LúL�DVNHUOLN�H÷LWLPL�

LOH�ELUOLNWH�PLOOL\HWoL�ELU�H÷LWLP�YHUPHN�|÷UHWPHQOLN�\DSPDN�ROXU��DQFDN�KD\DO�NÕUÕNOÕ÷Õ�

GHULQOHúLU��³%L]�7�UN�GH÷LO�PL\L]´�GL\H�VRUGX÷XQGD�³HVWD÷IXUXOODK´�GHUOHU��ú|\OH�G�ú�Q�U��

³*DOLED�EL]�NHQGL�NHQGLPL]L�DOGDWÕ\RUX]��*DOLED�LOHULPL]GH�7XUDQ¶Õ�NXUPDN�LVWHUNHQ��JHUoHNWH��

DUNDPÕ]GDNL�7�UNL\H�ELOH�EL]LP�GH÷LO«�+DWWD�LON�Lú�EHONL�GH�7XUDQ¶GDQ�|QFH�7�UNL\H¶\L�

NXUPDN�YH�ND]DQPDN�"´��

.ÕúD�JLUHUNHQ�6�UH\\D�FHSKHGH�ELU�E|O�÷�Q�NXPDQGDQÕGÕU��.DUúÕODUÕQGDNL�WHSHGH�\HU�

DODQ�5XV�DVNHUOHULQGH�DQL�ELU�KDUHNHW�J|U�U��5XV�DVNHUOHUL�|QOHULQGH�WX]�HNPHN�WXWDQ�ELU�DVNHU�

LOH�VLSHUOHULQL�WHUN�HWPLú�7�UNOHUH�GR÷UX�LOHUOHPH\H�EDúODPÕúWÕU��6�UH\\D�WX]�HNPH÷LQ�QH�

DQODPD�JHOGL÷LQL�ELOLU��\DQÕQD�ELU�oDYXú�DODUDN�NHQGLOHULQH�GR÷UX�JHOHQOHUOH�EXOXúXU��HNPH÷L�

NRSDUÕU��WX]D�EDQÕS�\HU��EX�VÕUDODUGD�5XV\D¶GD�ELU�GHYULP�\DúDQPDNWDGÕU�YH�EX�W|UHQ�LOH�7�UN�

5XV�VDYDúÕ�VRQD�HUHU��IDNDW�dDU�RUGXODUÕQÕQ�VLODKODUÕQÕ�DODQ�(UPHQL�ELUOLNOHUL�VDYDúÕ�V�UG�U�U��

(QYHU�3DúD��(UPHQL�úLGGHWLQH�VRQ�YHUPHN�YH�FHSKH�JHULVLQGHNL�7�UNOHULQ�NXUWDUÕOPDVÕ�LoLQ�

LOHUL�HPULQL�YHULU��7�UN�RUGXVX�LOHUOHU�YH�VÕQÕU�DúÕOÕU��EX�DUDGD�6�UH\\D��7�UN�(UPHQL�NXUúXQODUÕ�

����=L\D�*|NDOS��7�UNOHúPHN��øVODPODúPDN��0XDVÕUODúPDN��øVWDQEXO��øQNÕODS�.LWDEHYL��W�\�����$\GHPLU��6X\X�$UD\DQ«��V���������$�J�H���V������

DUDVÕQGD�NDOPÕú��DWÕ�EX]��]HULQGH�GHYULOPLú��VRO�D\D÷Õ�NÕUÕOPÕúWÕ��+DVWDQHGHQ�oÕNWÕ÷ÕQGD�.DUV�

DOÕQPÕú��7XUDQ�NDSÕVÕQD�XODúÕOPÕúWÕU��³HVLU�NDYLP�NXUWDUÕODFDN��\XUWVX]�NDYLP�\XUW�VDKLEL´�

\DSÕODFDNWÕ��SHNL��6�UH\\D�EX�GXUXPGD�QH�RODFDNWÕ��³$PD�EHQLP�RODFD÷ÕP�úH\�EHOOL\GL��%HQ�

ELU�$\GHPLU�RODFDNWÕP����(YHW���ELU�$\GHPLU���´��

$\GHPLU��VDYDú�\ÕOODUÕQGD�0�ILGH�)HULW�+DQÕP¶ÕQ��<XVXI�$NoXUD¶QÕQ�WHúYLNL\OH�

����¶GH�\D]GÕ÷Õ�ELU�URPDQGÕ����6�UH\\D�EX�URPDQÕ�VDYDú�VÕUDVÕQGD�RNXPXú�YH�oRN�

HWNLOHQPLúWL��³%HQL�GDKD�LON�RNXGX÷XP�J�Q�E�\�OHGL�´�5RPDQÕQ�EDú�NDKUDPDQÕ�'HPLU�%H\�

LoLQ�7�UNL\H¶GH�|Q�QGH�VRQXQGD�ELU�NDONÕQPD�VD÷ODQDFDNWÕ��úLPGL�HVDV�PHVHOH�GR÷X�YH�NX]H\�

7�UNOHULQLQ�5XV�EDVNÕVÕQGDQ�NXUWDUÕOPDVÕ\GÕ��$NVL�ELU�GXUXPGD�EXUDGDNL�7�UNOHU�³PDKY´�

RODFDNWÕ��2VPDQOÕFÕOÕ÷D�NDUúÕ�7�UNo�O�÷��VDYXQDQ�'HPLU�%H\�LoLQ�øVWDQEXO�NLUOHQPLúWL��

7�UNLVWDQ¶D�JLWPHOL��RUDGD�³RFDNODU´�WHúNLOL\OH�ELU�³PLOOL�D÷´�PH\GDQD�JHWLUPHOL\GL��1LKD\HW�

PLV\RQXQX�JHUoHNOHúWLUPHN��]HUH�7�UNLVWDQ¶D�JLGHQ�'HPLU�%H\���EXUDGD�NHQGLVLQH�$\GHPLU�

GHQLU����ON�V�Q��ú|\OH�LIDGH�HGHU��³)XNDUD\D�EHúDUHW��P�MGH���XVHUD\D��HVLUOHUH��VHUEHVWL���

NDOEL�NÕUÕN�RODQODUD�WHVHOOL��]XO�P�DOWÕQGD�H]LOHQOHUH���K�UUL\HW�YHUPHN�LoLQ�JHOGLP�´���$\GHPLU�

�ON�F��oDOÕúNDQOÕ÷Õ�YH�ÕOÕPOÕ�WDYUÕ\OD�7�UNLVWDQOÕODUÕQ�J|QO�Q��ND]DQÕU��PHGUHVH�DoDU��\DEDQFÕ�

GLO��P�]LN�GHUVOHULQLQ�\DQÕ�VÕUD�LúoLOHUH�PDVDO�ELoLPLQGH�7�UN�WDULKL�DQODWÕU��$\GHPLU�LoLQ�

³PD÷GXU�PLOOHWOHU´�ED÷ÕPVÕ]OÕ÷Õ�DPDoODU��³0D÷GXU�PLOOHWOHU��KDNLP�PLOOHWOHULQ�HOLQGHQ�

NXUWXOXQFD�LNLVL�GH�ELUHU�VHUEHVW�YH�EDKWL\DU�PLOOHWOHU�RODFDNWÕU��%L]�EXQX�EHNOL\RUX]�´��

$\GHPLU�����VHQHOLN�7�UNLVWDQ�oDOÕúPDVÕQGD�E�\�N�\DQNÕODU�X\DQGÕUPÕú��oHYUHVLQH�SHN�oRN�

LQVDQ�WRSODPÕú��DQFDN�DUWÕN�\RUXOPXúWX�YH�|O�P��oRN�JHFLNPHGL��g÷UHQFLOHUL�RQXQ�DQÕVÕQÕ��

�ON�OHULQL�\DúDWPDN�LoLQ�³$\GHPLU´�DGÕQÕ�LVLPOHULQLQ�|Q�QH�DOGÕODU��ùHYNHW�6�UH\\D�GD�

NHQGLQL�ELU�³$\GHPLU´�JLEL�KLVVHWPH\H�EDúODPÕúWÕ��DUWÕN�7XUDQ�NDSÕODUÕ�DoÕOPÕú�YH�RQODUÕ�

EHNOHPHNWH\GL��³�«��\HQL�DODFD÷ÕPÕ]��ONHOHUGH�DVÕO�HNVLN�RODQ�úH\OHULQ�EDúÕQGD�KHU�úH\GHQ�

|QFH��EL]LP�JLEL�PHINXUHFL�JHQoOHU��\DQL�$\GHPLUOHU�JHOL\RUGX��$PD�EL]�EX�HNVLNOL÷L�LúWH�DUWÕN�

JLGHUL\RUGXN«�øGHDOLVWOHU��X\DQGÕUÕFÕODU��|QGHUOHU�RODFDNWÕN�YH�oR÷DODFDNWÕN«´���6�UH\\D�

KDVWDQHGHQ�oÕNÕQFD�ELUOL÷LQH�NDWÕOPÕú��$UDV�NHQDUÕQGDNL�N|\OHUH�NDGDU�LOHUOHPLúOHUGL��%XUDGD�R��

N|\O�OHUH�QXWXNODU�oHNL\RU�EL]�KHSLPL]�7�UN�]�GL\RUGX�YH�YDWDQÕPÕ]�7XUDQ�

.DVÕP�����¶GH�(QYHU�3DúD¶QÕQ�P�WDUHNH�GX\XUXVX�YH�RUGX\D�JHUL�oHNLO�HPUL�ELUOLNOHUH�

XODúÕU��$\GHPLU�oHNLOLUNHQ�\HQLGHQ�.DINDV\D¶\D�G|QHFH÷LQH�NHQGL�NHQGLQH�V|]�YHULU��

(GLUQH¶\H�G|QG�÷�QGH�NHQWL�øWDO\DQ�LúJDOLQGH�EXOXU��EXUDGD�ELU�WDNÕP�|UJ�WOHQPHOHU�LoLQGH�

����$�J�H���V����������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V���������0�ILGH�)HULW�7HN��$\GHPLU�øVWDQEXO��.DNQ�V�<D\ÕQODUÕ��������V���������$�J�H���V���������$\GHPLU��6X\X�$UD\DQ�«��V������

\HU�DOÕU��DQFDN�HVDV�ND\JÕVÕ�\DUÕP�NDODQ�|÷UHWPHQ�RNXOXQX�ELWLUPHN�YH�ELU�DQ�|QFH�

.DINDV\D¶\D�G|QPHNWLU��%X�VÕUDGD�.DINDV\D¶GD�PH\GDQD�JHOHQ�0�VWDNLO�$]HUED\FDQ�

&XPKXUL\HWL��øVWDQEXO¶GDQ�|÷UHWPHQ�LVWHPLú��LPNDQÕ�GH÷HUOHQGLUHQ�6�UH\\D��øVWDQEXO�

�]HULQGHQ�%DN�¶\H������\D]ÕQGD�JLWPLúWL��³(GLUQH¶GHQ�DUNDGDúODUÕP�EHQL��7XUDQ¶D�

J|QGHULOHFHN�ELU�HOoL�JLEL�X÷XUODGÕODU�´��

6�UH\\D��$]HUED\FDQ¶GD�LOJLOL�PDNDPODUD�EDúYXUDUDN�LúOHPOHULQL�V�UG�U�U��

øVWDQEXO¶GDQ�$]HUED\FDQ¶D�KD\OL�|÷UHWPHQ�JHOPLúWL��IDNDW�KHSVL�%DN�¶GHGLU��6�UH\\D�

NHQGLVLQH�WDúUDGD�ELU�J|UHY�YHULOPHVLQL�LVWHU��LVWH÷L�\HULQH�JHWLULOLU��LVPL�VRUXOGX÷XQGD\VD�

$\GHPLU�GL\HFHNWL���

����$�J�H���V����������$�J�H���V������

�����$\GHPLU��7XUDQ�YH�6RQUDVÕ

ùHYNHW�6�UH\\D�DUWÕN�7XUDQ¶GD�ELU�$\GHPLU�LGL��g÷UHWPHQOLN�LoLQ�$]HUED\FDQ¶ÕQ�

NX]H\EDWÕVÕQGD�\HU�DODQ�1XKD¶\D��ùHNL��WD\LQ�ROXU��ùHKLUGH�N�o�N�ELU�(UPHQL�D]ÕQOÕN�LOH�

ELUOLNWH�HVDV�RODUDN�6�QQL�YH�ùLL�$]HULOHU�\DúDU��øON�QXWNXQX�7�UNL\HOL�ELU�|÷UHWPHQLQ�

FHQD]HVLQGH�YHULU��KHSLPL]�7�UN�]�GHU��YDWDQÕPÕ]�LVH�7XUDQ��'L÷HU�WDUDIWDQ�RNXOXQ�E�\�N�

oR÷XQOX÷X�5XV�RODQ�|÷UHWPHQOHULQL�X]DNODúWÕUÕU�YH�GHUVOHULQ�oR÷XQOX÷XQX�NHQGLVL�\�NOHQLU��

$\GHPLU��1XKD¶GD�VHYLOLU��EXUDGD�6LWDUH�LVLPOL�ELU�JHQo�NÕ]D�DúÕN�ROXU��$]HUL�(UPHQL�

oDWÕúPDODUÕQGD�1XKD�ELUOLNOHULQL�NXPDQGD�HGHU��7XUDQ��ON�V��GR÷UXOWXVXQGD�oDOÕúÕ\RU�DPD�

JDULS�úH\OHU�KLVVHGL\RU��7XUDQ��ONHVLQL�DUÕ\RU��IDNDW�EXODPÕ\RUGX��³�«��]DPDQ�LOHUOHGLNoH��EX�

LQDQoODUÕPÕQ�]D\ÕIODGÕ÷ÕQÕ��\DKXW�KLo�GH÷LOVH�VDUVÕQWÕODU�JHoLUPH\H�EDúODGÕ÷ÕQÕ�KLVVHGL\RUGXP��

.HQGL�NHQGLPH�LWLUDI�HWPHNWHQ�oHNLQVHP�ELOH��LoLPGH�ELU�WDNÕP�ú�SKHOHU��ELU�WDNÕP�VXDOOHUH�

FHYDSODU�EXOPDNWD�JLWWLNoH�]RUOXN�oHNL\RUGXP��øPNDQODU�YH�ND]DQÕPODU�J|]�PGH�JLWWLNoH�

N�o�O�\RUGX�´���$\GHPLU¶LQ��ON�OHULQL�JHUoHNoL�EXOPDGÕ÷Õ��NHQGLQL�\HWHUVL]�KLVVHWWL÷L�EX�

J�QOHUGH�.Õ]ÕORUGX��1XKD�úHKULQH�GR÷UX�LOHUOHU��$]HUED\FDQ¶ÕQ�SHWURO�DNÕPÕQÕ�NHVPHVL��

6RY\HWOHU�LoLQ�$]HUED\FDQ¶ÕQ�ND]DQÕOPDVÕQÕ�]RUXQOX�NÕOPÕúWÕU�����1LVDQ�����¶GH�$]HUED\FDQ��

DUGÕQGDQ����1LVDQ�����¶GH�1XKD�úHKUL�G�úHU�

$\GHPLU��úHKLUGH�%ROúHYLNOHULQ�V|\OHYOHULQL�GLQOHU��PLWLQJOHULQH�JLGHU��EXUDODUGD�HQ�

oRN�GLOH�JHWLULOHQ�VORJDQODUD��VÕQÕIODUÕQ�NDYJDVÕ�VÕQÕI�GLNWDW|UO�÷��NDYUDPODUÕQD�ELU�DQODP�

YHUHPH]��³%X�V|]OHU�VDoPD�GL\RUGXP��EXQODUGD�KHU�KDOGH�ELU�\DQOÕúOÕN�YDU��$QODWÕOPDN�LVWHQHQ�

úH\��KHU�KDOGH�EDúND"�$VORODQ�QH�VÕQÕI�QH�SDUWLGLU��«��$VORODQ�LQVDQL\HW��´��.HQGLQFH�ELU�oÕNÕú�

\ROX�EXOPXúWXU��³LQVDQL\HW�NDYJDVÕ´QÕQ�LNL�FHSKHVL�RODUDN�LVH�'R÷X�YH�%DWÕ¶\Õ�EHOLUOHU��úLPGL�

LQVDQL\HW�DGÕQD�'R÷X�D\DNODQPDNWDGÕU��%X�UXK�KDOL�LoLQGH\NHQ�%DN��'R÷X�+DONODUÕ�.XUXOWD\Õ�

WRSODQÕU�YH�$\GHPLU�1XKD¶GDQ�EX�NXUXOWD\D�WHPVLOFL�VHoLOLU�

%'+.��,,,��(QWHUQDV\RQDO¶LQ�,,��.RQJUHVL¶QGH�DOÕQDQ�NDUDU��]HULQH������(\O�O������

WDULKOHUL�DUDVÕQGD�JHUoHNOHúLU� ���.XUXOWD\¶GD�+LQWOLOHUGHQ��øUDQOÕODUD�SHN�oRN�WHPVLOFL�

NDWÕOÕUNHQ��7�UNOHU�����GHOHJH\OH�HQ�NDODEDOÕN�JUXEX�PH\GDQD�JHWLUPLúWL���

����$�J�H���V����������.XUXOWD\��]HULQH��o�\RUXP�\DSÕOÕU�����%DWÕ¶GDNL�NRP�QLVW�KDUHNHWOHULQ�EDúDUÕVÕ]OÕ÷ÕQÕQ�DUGÕQGDQ�DPDo�GHYULPL�'R÷X¶\D�WDúÕPDNWÕU������%ROúHYLNOHU��0�VO�PDQODU��]HULQGH�LNWLGDU�NXUPDN�YH�SHNLúWLUPHN�LoLQ�EX�.XUXOWD\¶Õ�WRSODPÕúWÕU�����%ROúHYLNOHU�.XUXOWD\¶Õ��øQJLOWHUH�LOH�GHYDP�HGHQ�WLFDUHW�J|U�úPHOHULQH�ELU�NR]�RODUDN�WRSODPÕúWÕU��(UHO�7HOODO���³6RY\HWOHUOH�øOLúNLOHU´��7�UN�'Õú�3ROLWLNDVÕ�FLOW�,�������������(GLW|U��%DVNÕQ�2UDQ��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ���������V�������7HOODO¶D�J|UH���o�QF��\RUXP��.XUXOWD\�NDUDUODUÕQÕQ�X\JXODQPDPDVÕ�YH�øNLQFL�.XUXOWD\¶ÕQ�\DSÕODPDPDVÕ�GROD\ÕVÕ\OD�D÷ÕUOÕN�ND]DQÕU������������%LULQFL�'R÷X�+DONODUÕ�.XUXOWD\Õ��%'+.���%kN���%HOJHOHU���øVWDQEXO�.D\QDN�<D\ÕQODUÕ��������V����

.XUXOWD\¶ÕQ�WHPHO�WH]OHULQL�EDúNDQ�VHoLOHQ��D\QÕ�]DPDQGD�,,,��(QWHUQDV\RQDO�<�U�WPH�

.XUXOX�%DúNDQÕ�GD�RODQ�=LQRY\HY�ú|\OH�LIDGH�HGL\RUGX��*�Q�P�]GH�NDSLWDOL]PH�NDUúÕ�����

*�oO��SUROHWDU\DQÕQ�NRP�QLVW�KDUHNHWL�����)UDQVÕ]�øQJLOL]�NDSLWDOL]PL�DOWÕQGD�H]LOHQ�XOXVODUÕQ�

KDUHNHWL�YDU��øúWH�EX�LNL�NDONÕúPD�ELUOHúPHOL��RUWDN�ELU�FHSKH�PH\GDQD�JHWLUPHOL��V|]JHOLPL��

7�UNL\H¶GHNL�.HPDO�3DúD�KDUHNHWL�øQJLOL]�NDSLWDOL]PLQH�NDUúÕ�ELU�P�FDGHOHGLU�YH�

GHVWHNOHQPHOLGLU����.XUXOWD\¶ÕQ��7�UNL\H�ED÷ODPÕQGD�DOGÕ÷Õ�NDUDUODUÕ�DUDVÕQGD��=LQRY\HY¶LQ�

RUWD\D�NR\GX÷X�WHPHO�H÷LOLPOHU�J|U�O�U��EXQD�J|UH�.XUXOWD\��HPSHU\DOLVW�VDYDúD�NDUúÕ�

P�FDGHOH�YHUHQ�7�UN�VDYDúoÕODUÕQD�VHYJLOHULQL�LOHWLU��DQFDN�7�UNL\HOL�HPHNoLOHULQ�NHQGL�

|UJ�WOHULQGH�ELUOHúPHOHULQL�|QHULU����.XUXOWD\GD�HPSHU\DOL]P�NDUúÕWÕ�ELU�WXWXPX�J|U�OHQ���

NRQXúPDVÕ�RNXQDQ�(QYHU�3DúD�LVH�SHN��GLNNDWH�DOÕQPDPÕú��JHQHOOLNOH�$OPDQ�HPSHU\DOL]PL�LOH�

LúELUOL÷L�KDOLQGH�GH÷HUOHQGLULOHQ�ELU�VXED\�RODUDN�GLNNDWL�oHNPLúWL��$\GHPLU¶L�HQ�oRN�HWNLOH\HQ�

NRQXúPD\Õ��LVH�3DYORYLo�\DSDU��R��XOXVODUÕQ�NHQGLOHULQL�PH\GDQD�JHWLUPHOHUL�GR÷UXOWXVXQGD�

ROXPOX�ELU�WDYÕU�L]OHPLú�YH��7XUDQFÕODUÕ��$OPDQ�LVWLODFÕODUÕQÕQ�HPUL�DOWÕQGD�oDOÕúDQ�KD\DOFLOHU�

RODUDN�GH÷HUOHQGLUPLúWL���

.XUXOWD\Õ�L]OH\HQ�J�QOHUGH�\LQH�%DN�¶GH��7�UNL\H�.RP�QLVW�)ÕUNDVÕ��LON�NXUXOWD\ÕQÕ�

G�]HQOHU��.XUXOWD\¶D�NDWÕODQODU�DUDVÕQGD�\HU�DODQ�0XVWDID�6XSKL��(WKHP�1HMDW�JLEL�$YUXSD¶GD�

RNXPXú�D\GÕQODU�LOH�JHQHOOLNOH�5XV\D¶GD�VDYDú�HVLUL�RODQ���NDWÕOÕPFÕODU��DUDVÕQGD�$\GHPLU�SHN�

ELU�LOJL��E�W�QOHúPH�J|UHPH]��.XUXOWD\¶GD�KLODIHW��HUNHN�NDGÕQ�D\UÕPÕQÕ�GHULQOHúWLUHQ�VRUXQODU�

J�QGHPH�JHOL\RU��IDNDW�SHN�GH�QH�ROGX÷X�DQODúÕODPÕ\RUGX��6|]JHOLPL�.XUXOWD\¶D�NDWÕODQODUGDQ�

ELUL��øVODP�LOH�NRP�QLVW�HVDVODUÕQ�ED÷GDúDFD÷ÕQÕ�VDYXQPXú��NDGÕQODUÕQ�PDKUHPL\HWLQH�KDOHO�

JHOPHPHVL�LoLQ�|QHUGL÷L�DSDUWPDQ�JLEL�P�úWHUHN�LNDPHWJDKODU�\HULQH�KHU�DLOHQLQ�D\UÕ�ELU�

NDSÕVÕ�RODFDN�P�VWDNLO�HYOHU�J|U�ú�Q��VDYXQPXú�YH�EX�|QHUL�]DSWD�JHoLULOPLúWL���

$\GHPLU��.XUXOWD\ODUÕQ�DUGÕQGDQ�1XKD¶\D�G|QHU��\HQL�UHMLP�\HQL�H÷LWLP�DODQODUÕ�

DoPÕúWÕU��EX�DODQODUGD�N|\O�OHUH��LPDPODUD�IL]LN�YH�NLP\D�|÷UHWPHQOL÷L�\DSDU��

$]HUED\FDQ¶GDNL�UHMLP�GH÷LúLNOL÷LQLQ�\ÕO�G|Q�P�QGH�$]HUED\FDQ�.RQJUHVL�G�]HQOHQLU��

$\GHPLU�NRQJUH\H�NDWÕODFDN�1XKD�WHPVLOFLOHUL�DUDVÕQGDGÕU���.RQJUH�DUGÕQGDQ�WHNUDU�1XKD¶\D�

G|QHU��IDNDW�NDIDVÕ�L\LGHQ�L\L\H�NDUÕúPÕúWÕU��QHOHU�ROXS�ELWWL÷LQH�DQODP�YHUHPH]��ELU�EXQDOÕPD�

V�U�NOHQLU��1LKD\HW�NX]H\H�JLWPH\H�NDUDU�YHULU��VHYJLOLVL�6LWDUH¶GHQ�D\UÕOÕU��³*D\HVL]��

PDNVDWVÕ]��EDúÕERú�ELUoRN�\HUOHU�GRODúÕ\RUGXP´���1XKD¶\D��o�NH]�G|QHU��6LWDUH�LOH�EXOXúXU��

QLKD\HW�7LIOLV¶WH�WDQÕúWÕ÷Õ�$ELG�$OLPRY�RQD�X]XQ�ELU�QXWXN�oHNHU�YH�EXQDOÕPÕQÕQ��VWHVLQGHQ�

����$�J�H���V���������$�J�H���V����������$\GHPLU��6X\X�$UD\DQ�«��V���������������$�J�H���V����������$�J�H���V������

JHOPHVLQH�\DUGÕPFÕ�ROXU��³$UNDGDú��GHGL��VHQ��EX�LQNÕODS�LoLQGH�ELU�VRPQDPEXO�JLEL�

\DúÕ\RUVXQ��(YHW��X\NXGD�JH]HQ�ELU�DGDP�JLELVLQ��<DOQÕ]�NDIDQGDNL�U�\DODUÕ�J|U�\RUVXQ��

+DOEXNL�EL]LP�LúOHULPL]�VRND÷ÕQ�PDKVXO�G�U��6RNDNWD�FHUH\DQ�HGHQ��NDQOÕ��oDPXUOX��SLV�ELU�

NDYJDGÕU���«��+D\DOLQGH�NXUGX÷XQ�úX�ELOOXU�N|úNOHUL�EÕUDN��6HQ�GH�RUD\D�NRú��2UD\D�NRú����´��

$\GHPLU�EX�NDUPDúD�LoLQGH�LON�7.)�WRSODQWÕVÕQD�%DWXP¶GD�NDWÕOÕU��VDORQD�³X\XUJH]HU´�

RODUDN�JLUHU��DPD�ELU�³LKWLODOFL´�RODUDN�oÕNDU��LON�NRQXúPDVÕQÕ\VD�³ùDUN�0LOOHWOHUL�.DGÕQODUÕQÕQ�

.XUWXOXú�*�Q�´QGH�\DSDU����%X�J�QOHUGH�%DWXP¶GD�EXOXQDQ�7�UN�NRP�QLVWOHULQGHQ�7DWDU�$OL�

5Õ]D���ONHGHQ�NDoPÕú�øVNDQGLQDY\DOÕ�ELU�W�FFDUÕQ�YLOODVÕQD�\HGGL�HPLQOLN�\DSÕ\RUGX��$\GHPLU��

$OL�5Õ]D¶QÕQ�DUDFÕOÕ÷Õ\OD�EX�YLOOD\D�\HUOHúLU��YLOODGD�$KPHW�&HYDW��9kOk�1XUHWWLQ��9k�Q���YH�

1D]ÕP�+LNPHW�GH�NDOÕ\RUGX��9kOk�1XUHWWLQ�EX�NDUúÕODúPD\Õ�ú|\OH�DQODWÕU��³�'HUNHQ�EDKoH\H��

GHGHOHULPL]LQ�µ5D]DNÕ]DGH�1DUoLQ�%H\¶�GHGLNOHUL�WLSWH�ELU�JHQo�JHOGL��&HNHWLQLQ��VW�FHELQH�

UHQJDUHQN�ELU�PHQGLO�VRNXOPXú��PHQGLOLQ�NHQDUÕ�W�UO��W�UO��P�UHNNHSOL�NDOHPOHUOH�

WXWWXUXOPXú��<�U�\�ú��KH\HFDQOÕ��NRQXúPDVÕ�KH\HFDQOÕ���«��øGHDO�X÷UXQD�LúWH�EXUDODUD�NDGDU�

JHOPLú��0�ILGH�)HULW�+DQÕP¶ÕQ�$\GHPLU�LVLPOL�URPDQÕQÕQ�NDKUDPDQÕQÕ�EHQLPVH\HUHN�RQXQ�

KD\DWÕQÕ�\DúÕ\RUGX�ùHYNHW�6�UH\\D«´�� $��&HYDW��9k�Q���1D]ÕP��$\GHPLU�YH�]DPDQOD�

$\GHPLU¶LQ�HúL�/HPDQ�+DQÕP¶ÕQ�±�$\GHPLU��1D]ÕP�+LNPHW¶LQ�GHIWHULQGH�ELU�J�Q�/HPDQ�

+DQÕP¶ÕQ�UHVPLQL�J|U�U�YH�RQXQOD�HYOHQPH\H�NDUDU�YHULU���NDWÕOPDVÕ\OD�EX�YLOODGD�ELU�³VRV\DO�

DLOH´�PH\GDQD�JHOLU����%XUDGD�$\GHPLU¶GHQ�EDúND��7.)���\HVL�RODQ�ELU�GL÷HU�NLúL�$��&HYDW�LGL��

%X�J�QOHUGH�$\GHPLU¶H�]RUOX�ELU�SDUWL�J|UHYL�YHULOLU��7�UNL\H¶GH�6DNDU\D�6DYDúÕ�V�UPHNWH\GL��

H÷HU�VDYDú�ND\EHGLOLUVH�6RY\HWOHU��(QYHU�3DúD�NRPXWDVÕQGD�\HQL�ELU�RUGX\X�$QDGROX¶\D�

V�UHFHNWL��$\GHPLU��EX�VDYDúÕQ�QDVÕO�JLWWL÷L�KDNNÕQGD�J|]OHPOHUGH�EXOXQDFDN�YH�SDUWL\H�ELU�

UDSRU�VXQDFDNWÕU��(\O�O�����¶GH��7UDE]RQ¶GDQ�0DODW\D¶\D�NDGDU�J|]OHPOHUGH�EXOXQXU��

%DWXP¶D�G|QHU��0XVWDID�.HPDO��6DNDU\D�6DYDúÕ¶QÕ�ND]DQPÕú�YH�(QYHU�3DúD¶\D�JHUHN�

NDOPDPÕúWÕU���

6RV\DO�DLOH\H�ELUGHQ�EHNOHQPHGLN�ELU�IÕUVDW�GR÷DU��0RVNRYD¶GD�EXOXQDQ�ùDUNL\DW�

(QVWLW�V���6WDOLQ¶LQ�DUNDGDúÕ�2UMHQLNLW]H¶GHQ�ELU�7�UNoH�SURIHV|U��LVWHU��2UMHQHNLW]H�EX�WD\LQ�

LoLQ�7�UNL\H�|÷UHQLPLQH�NLWDSODU�\D]PÕú�$��&HYDW¶Õ�X\JXQ�J|U�U�YH�WHNOLIL�RQD�\DSDU��$��

����$�J�H���V����������$�J�H���V�������0HWH�7XQoD\��7RSOXPVDO�7DULK�'HUJLVL¶QLQ������VD\ÕVÕQGD��$\GHPLU¶LQ�7.3¶�\H��R�]DPDQNL�DGÕ\OD�7�UNL\H�øúWLUDNL\XQ�)ÕUNDVÕ��ELU�GLOHNoH�LOH�$÷XVWRV�����¶GH�EDúYXUGX÷XQX�EHOJHOHPLú��GROD\ÕVÕ\OD��$\GHPLU¶LQ�|]JHoPLúLQGH�DQODWWÕ÷ÕQGDQ���(NLP������ROPDOÕ��GDKD�|QFH�7.3¶�\H�JLUPLú�RODFD÷ÕQÕ�VHULPOHPLúWLU��]LUD�.RP�QWHUQ�EHOJHOHULQGH�³$\GHPLU�<ROGDú´�1LVDQ�����¶GH�ND\ÕWOÕGÕU��0��7XQoD\��³ùHYNHW�6�UH\\D�$\GHPLU¶LQ�7.3¶�\H�%DúYXUXVX´��7RSOXPVDO�7DULK��VD\Õ������V����������� �9kOk�1XUHGGLQ��%X�'�Q\DGDQ�1D]ÕP�*HoWL� øVWDQEXO���0LOOL\HW�<D\ÕQODUÕ��������V��������������$�J�H���V����������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«���V�����������*|NW�UN��%LOLQPH\HQ�<|QOHUL\OH�«��V�����

&HYDW��VRV\DO�DLOHGHNL�JHQoOHULQ�|÷UHQLP�JHUHNVLQPHVLQGHQ�V|]�HGLQFH�2UMHQLNLW]H¶QLQ�

DUDFÕOÕ÷Õ\OD�VRV\DO�DLOHQLQ�JHQoOHULQH�0RVNRYD�\ROX�DoÕOÕU�

�����'R÷X�(PHNoLOHUL�.RP�QLVW�hQLYHUVLWHVL

/HQLQ�GDKD�����¶GH�\D\ÕPODGÕ÷Õ�1H�<DSPDOÕ�"�DGOÕ�NLWDEÕQGD��LúoLOHULQ�VL\DVDO�ELOLQo�

HGLQPHOHUL�JHUHNOLOL÷L��]HULQGH�GXUPXúWX��2QD�J|UH�LúoL�VÕQÕIÕ�VDGHFH�NHQGLVL�KDNNÕQGD�GH÷LO��

E�\�N�WRSUDN�VDKLEL�LOH�SDSD]ÕQ��N|\O�Q�Q��VHUVHULQLQ��WRSOXPVDO�YH�VL\DVDO�QLWHOL÷L�NRQXVXQGD�

DoÕN�VHoLN�ELU�ELOLQFH�NDYXúPDOÕ\GÕ��³%�W�Q�DODQODUÕ�NXFDNOD\DQ�EX�VL\DVL�JHUoHNOHUL�DoÕNODPD�

H\OHPL��\Õ÷ÕQODUÕ�GHYULPFL�H\OHP�EDNÕPÕQGDQ�H÷LWHELOPHN�LoLQ�]RUXQOX�YH�WHPHO�ELU�úDUWWÕU�´��

����¶GHQ�LWLEDUHQ�%ROúHYLNOHU�oHúLWOL�H÷LWLP�HWNLQOLNOHUL�G�]HQOHPLú��LON�GHID�����¶GD�

.RP�QLVW�6YHUGORY�hQLYHUVLWHVL�NXUXOPXúWX����%ROúHYLN�3DUWL�.RQJUHOHULQGH�NRP�QLVW�

�QLYHUVLWH�G�ú�QFHVL�JHOLúWLULOLU��SODQ�G�Q\D�GHYULPLQH�|QF�OHU�\HWLúWLUPH�DPDFÕQÕ�J�GHQ�ELU�

ROJXQOX÷D�YDUÕU��/HQLQ¶LQ�GH\LúL\OH�oHúLWOL��ONHOHUGHQ�JHOHFHN�|÷UHQFLOHUH�³LKWLODO�VDQDWÕ´�

|÷UHWLOHFHNWLU����%X�DPDo�GR÷UXOWXVXQGD�LON�RNXO�RODQ .879���'R÷X�(PHNoLOHUL�.RP�QLVW�

hQLYHUVLWHVL������1LVDQ�����¶GH�NXUXOPXú��+DON�.RPLVHUOL÷L¶QLQ�LGDUHVLQH�ED÷ODQDUDN�

6YHUGORY�hQLYHUVLWHVL�SURJUDPÕQÕ�EHQLPVHPLúWL��2NXOGD�D\QÕ�\ÕO�����|÷UHQFL�H÷LWLPH�

EDúODPÕú������¶WH�LVH�����ONHGHQ�JHOHQ������|÷UHQFL�LOH�H÷LWLPLQL�V�UG�UP�úW�U��.879�LoLQ�

6RY\HWOHUGHQ�YH�GL÷HU��ONHOHUGHQ�|÷UHQFLOHU�NDEXO�HGLOLU��2NXOXQ�GHUV�SURJUDPÕ�EDúOÕFD��o�

GDOD�D\UÕOPÕúWÕ�����3ROLWLND��NRP�QLVW�SDUWL�oDOÕúPD�WDNWLNOHUL��VWUDWHMLOHU�����(NRQRPL��%DúWD�

0DUNV¶ÕQ�HVHUOHUL��(QJHOV��/HQLQ��%XKDULQ¶LQ�G�ú�QFHOHUL�YH�%ROúHYLN�3DUWL�7DULKL�����øúoL�

6ÕQÕIÕ�7DULKL��5XV\D¶GDNL�LúoL�VÕQÕIÕ�WDULKL�LOH��3DULV�.RP�Q���.RPLQWHUQ�HWNLQOLNOHUL«��

.879¶GD�|÷UHQLP�J|UP�ú�7�UNOHU�LVH�EDúOÕFD�LNL�ELoLPGH�ú|\OH�WDVQLI�HGLOHELOLU������,,��

0HúUXWL\HW�\ÕOODUÕQGD�5XV\D¶\D�NDoPÕú�YH\D�,��'�Q\D�6DYDúÕ�QHWLFHVLQGH�5XV\D¶\D�HVLU�

G�úP�ú�NLúLOHU�����0XVWDID�6XSKL¶QLQ�NXUGX÷X�7.)�KLPD\HVLQGH�EXUD\D�JHOHQOHU��6D\ÕOJDQ��

�����\ÕOÕQD�GH÷LQ�������|÷UHQFLQLQ�EX�RNXOGD�\HU�DOGÕ÷ÕQÕQ�WDKPLQ�HGLOHELOHFH÷LQL�V|\O�\RU�

³6RV\DO�DLOH´��%DWXP¶GDQ�0RVNRYD¶\D�����J�QO�N�VÕNÕQWÕOÕ�ELU�\ROFXOXN�VRQXQGD�XODúÕU��

7YHUVND\D�FDGGHVLQGHNL�/X[�2WHO¶H�\HUOHúLU��g÷UHQLP�J|UHFHN�RODQODU��.879¶XQ�KD]ÕUOÕN�

E|O�P�QH�\D]ÕOÕU��IDNDW�RNXO�KHQ�]�DoÕOPDPÕúWÕU��<D]ODUÕ�RNXO�|÷UHQFLOHUL�N|\OHUGH�NDPS�

\DúDPÕ�V�UG�U�UOHU��GROD\ÕVÕ\OD�$\GHPLU��/HPDQ��1D]ÕP�YH�9D�QX�EX�NDPSODUGDQ�ELULQH�

8GHOQH\D�NDPSÕQD�JLGHUOHU��%XUDGD�ELU�\DQGDQ�5XVoD�|÷UHQL\RU��VL\DVDO�ELOLQo�GHUVOHUL�DOÕ\RU��

GL÷HU�\DQGDQ�DúoÕ�oÕUDNOÕ÷Õ��JDUVRQOXN�\DSÕ\RU��RGXQ�NHVL\RU�YH�DLOHVL]�oRFXNODUD�EDNÕ\RUODUGÕ��

.DPSWD�NLúLOHULQ��³YLFGDQODUÕQÕ�JHOLúWLUHQ´�³NDUDNWHULVND´�X\JXODPDODUÕ�GD�JHUoHNOHúWLULOLU��

����9��ø��/HQLQ��1H�<DSPDOÕ"��dHY��0��.DEDJLO��$QNDUD��6RO�<D\ÕQODUÕ��������V���������$FODQ�6D\ÕOJDQ��6RY\HWOHUGH�(÷LWLP�YH�7�UN�g÷UHQFLOHUL��$QNDUD��\�\���������V������$�J�H����V��������6D\ÕOJDQ��6RY\HWOHUGH«��V����

%HOLUOL�VDDWOHUGH�WRSODQDQ�|÷UHQFLOHU�ELUELUOHULQL�KHU�W�UO��NRQXGD�NÕ\DVÕ\D�HOHúWLULU��9k�Q��EX�

³VHDQVODU´�LoLQ�³�«��UXKVDO�EDNÕPGDQ�WHPL]OHQLUGLN�VDQNL´���GHUNHQ��$\GHPLU�EX�

X\JXODPDODUÕ�ú|\OH�DQODWÕ\RU��³%X�WDUWÕúPDODUGD��KHU�ELULPL]LQ�VRV\DO�N|NHQL��UXK�\DSÕVÕ��ILNLU�

DQOD\ÕúÕ��KDWWD�|]HO�KD\DWÕ�GLOHQLOGL÷L�JLEL�WDUWDNODQDELOLUGL��%X�VXUHWOH��úHNLOOHúHFH÷LPL]L��

\RQWXODFD÷ÕPÕ]Õ�WHN�ELU�G�Q\D�J|U�ú���WHN�ELU�KD\DW�GLVLSOLQL�LoLQGH�VWDQGDUWODúDFD÷ÕPÕ]Õ�

]DQQHGHU�YH�JDULS�GH÷LO�PL��EXQX�LVWHUGLN«´��

.DPS�GHYUHVL�VRQD�HUHU�YH�0RVNRYD¶GD�.879�DoÕOÕU��$\GHPLU�EXUDGD�LNL�\ÕO�RNXPXú�

EX�\ÕOODUÕQ�VRQXQGD�SDUWLQLQ�J|UHYOHQGLUPHVL\OH�7�UNL\H¶\H�G|QP�úW���2NXOGD�EXOXQDQ�

|÷UHQFLOHU�oHúLWOL�NROODUGD�oDOÕúÕ\RU��]DPDQÕ�JHOGL÷LQGH�GHUVOHU�YHUL\RUODUGÕ��6RV\DO�DLOHQLQ�

�\HOHUL�GH�7�UNoH�GHUVOHUH�EDúODPÕúWÕ��%X�GHUVOHUGH�$\GHPLU�L\L�ELU�SHGDJRJ�RODUDN�VLYULOL\RU��

9k�Q���RQXQ�LoLQ�ú|\OH�GL\RUGX��³ùHYNHW¶L�JUXEXPX]XQ�ILLOL�EDúNDQÕ�VD\Õ\RUGXN��7�UNL\H¶QLQ�

NDGHULQGH�RQXQ�SROLWLN�OLGHU�VÕIDWÕ\OD�URO��RODFD÷ÕQÕ�XPX\RUGXN´���gWH�WDUDIWDQ�7�UN�

|÷UHQFLOHUH�.RPLQWHUQ¶LQ�7�UNL\H�6HNVL\RQX�%DúNDQÕ�$ELG�$OLPRY�UHKEHUOLN�\DSÕ\RU����7.)�

LVH�|÷UHQFLOHUL��6DUÕ�0XVWDID�DUDFÕOÕ÷Õ\OD�GHQHWLP�DOWÕQGD�WXWX\RUGX���

$\GHPLU��RNXOGD�DVNHUL�NRPLWHQLQ�EDúNDQOÕ÷ÕQÕ�\DSPÕú������¶WH�LVH�\D]�NDPSÕ�LoLQ�

|÷UHQFL�LúOHUL�EDúNDQÕ�VHoLOPLúWL��2NXOXQ�JHQHO�KDYDVÕQÕ�\ÕOODU�VRQUD�ú|\OH�DQODWDFDNWÕU��³%L]�

NROHNWLI�ELU�NDGURODúPDQÕQ��VWDQGDUW�IRUP�OOHUL�LoLQGH�\HWLúWLULOPLúWLN��2�KDYDQÕQ�LoLQGH��EHQ�

GH÷LO��EL]OHU�YDUGÕN��+DWWD�EL]OHU�ELOH�GH÷LOGLN��2�VÕUDODQGÕ÷ÕPÕ]�VDIODUGD�EL]�UXK�YH�ILNLU�

\DSÕPÕ]D�GDPJDVÕQÕ�YXUPDNOD�GD�NDOPD\DQ�HWNLQLQ��NROHNWLI�ELU�DNÕPÕQ��VWDQGDUW�ELU�G�Q\D�

J|U�ú�Q�Q��VDGHFH�VÕUDGDQ�DVNHUOHUL��KDWWD�EHONL�GH�URERWODUÕ\GÕN���«���DVOÕQGD�KHU�ELULPL]�

NHQGLPL]L��úX�LKWL\DU�G�Q\DPÕ]GD��\HQL�EDúOD\DQ�ELU�oD÷¶ÕQ��|QF�OHUL��NDKUDPDQODUÕ��P�FDKLW�

PLV\RQHUOHUL�JLEL�J|U�\RUGXN��g\OH�LQDQÕUGÕN�NL��\DUÕQNL�G�Q\D��EL]LP�G�Q\DPÕ]�RODFDNWÕ��

<DUÕQNL�G�Q\D��EL]H�YDDGHGLOPLú�ELU�G�Q\D�LGL�´���$\GHPLU�EX�G|QHPGH�9k�Q�¶QXQ�GD�

EHOLUWWL÷L�JLEL�JHOHFH÷LQ�ELU�|QGHUL�RODUDN�J|U�O�\RU�������VRQODUÕQGD�7�UNL\H¶GH�\DúDQDQ�

NRP�QLVW�WXWXNODPDODUÕ�DUGÕQGDQ�0RVNRYD¶GD�7�UN�%�\�NHOoLOL÷L�|Q�QGH��ELU�NDP\RQ�

�]HULQGH�R�WXWXNODPDODU�SURWHVWR�HGL\RUGX���

6RV\DO�DLOHQLQ�IHUWOHUL�ELU�DUD�0RVNRYD¶GD�EXOXQDQ�'RNWRU�1D]ÕP�LOH�+DOLO�3DúD¶QÕQ�

DQÕODUÕQÕ�\D]PD\D�\HOWHQVH�GH�DQODúÕODQ�EX�Lú�\�U�PH]�������\D]�D\ODUÕQGD�JHUoHNOHúHQ�

0RVNRYD�6HUJLVL��$\GHPLU�LoLQ�ELU�\DQÕ\OD�FDQ�VÕNÕFÕ�ROXU��6HUJLGH�dHUNH]OHUGHQ��.ÕUJÕ]ODUD�

����1XUHGGLQ��%X�'�Q\DGDQ�1D]ÕP�«��V����������$\GHPLU��6X\X�$UD\DQ�«��V����������1XUHGGLQ��%X�'�Q\DGDQ�1k]ÕP�«��V����������6D\ÕOJDQ��6RY\HWOHUGH�«��V���������(PLQ�.DUDFD��³6HYGDOÕQÕ]�.RP�QLVWWLU´��1D]ÕP�+LNPHW¶LQ�6L\DVDO�<DúDPÕ��øVWDQEXO�.DUDNXWX�<D\ÕQODUÕ���������V���������ùHYNHW�6�UH\\D�$\GHPLU��.ÕUPÕ]Õ�0HNWXSODU�YH�6RQ�<D]ÕODU��øVWDQEXO���dD÷GDú�<D\ÕQODUÕ��������V�������������$�J�H���V�����

oHúLWOL�KDONODUÕQ�\HUOHúPH�|UQHNOHUL�VHUJLOHQLUNHQ��6RY\HWOHU��NHQGLVLQL�$PHULND�LOH�

NDUúÕODúWÕUÕ\RU�YH�RQX�JHoPHN�KHGHILQL�EHQLPVL\RUGX��$\GHPLU��7XUDQ¶ÕQ�NDGHUL�EXUDGD�EHOOL�

ROX\RU�GL\H�G�ú�Q�U��6RY\HWOHU�LVH�$PHULND�LOH�\DUÕú�KDOLQGH\GL��3HNL�\D�7�UNL\H�"�$\GHPLU�

ú|\OH�\DQÕWODU��³�«��QH�EXJ�QN��$PHULND��QH�\DUÕQNL�5XV\D�G�Q\DGD�KHU�úH\�GHPHN�GH÷LOGLU��

�«��0HGHQL\HW��ELU�PLOOHWLQ�GH÷LO��K�U�YH�|]J�U�E�W�Q�PLOOHWOHULQ�KDNNÕGÕU�´��

.879�H÷LWLP�\ÕOODUÕQGD��$\GHPLU¶LQ�EXOXQGX÷X�G|QHPGH��RNXOGD�ELU�\DQGD�GHYULPLQ�

JHUoHNOHúPHVLQL�G�Q\D�GHYULPLQH�ED÷OD\DQ�7URoNLVW�JUXS�LOH�WHN��ONHGH�VRV\DOL]PL�KHGHIOH\HQ

6WDOLQFL�JUXS�oHNLúPH�KDOLQGH\GL��$\GHPLU�EX�LNL�JUXEX�ú|\OH�GH÷HUOHQGLULU��7URWVNL��

=LQRY\HI��%XKDULQ�JLEL�D\GÕQODUÕQ�\HU�DOGÕ÷Õ�ELULQFL�JUXS��NDGHUOHULQL�G�Q\D�LKWLODOLQH�

ED÷ODPÕú��5XV\D¶\Õ�DQFDN�ELU�EDVDPDN�VD\DQ�YH�LKWLODOLQ�\DNÕQGD�$OPDQODUÕQ�|QGHUOL÷LQGH�

LOHUOH\HFH÷LQL�EHNOH\Lú�LoLQGH\GL��6WDOLQ¶LQ�EDúÕQÕ�oHNWL÷L�LNLQFL�JUXED�J|UH�LVH�DQD�GDYD�

5XV\D¶QÕQ�LQúDVÕ\GÕ����2NXOXQ�LGDUHFLOHUL�JLEL�7�UN�|÷UHQFLOHULQ�UHKEHUL� $ELG�$OLPRI�GD�

6WDOLQFL�NDQDWWD\GÕ��GDKDVÕ�6WDOLQ�EX�RNXOGD�SHN�oRN VHPLQHUOHU GH�YHUPLúWL�

$\GHPLU�LoLQ�7�UNL\H¶\H�G|Q�ú�VÕUDVÕ������\ÕOÕQÕQ�VRQODUÕQGD�JHOLU��ùHILN�+�VQ������

.DVÕP�����¶WH�.RPLQWHUQ�<|QHWLP�.XUXOX¶QD��$\GÕQOÕN�oHYUHVLQGH�ELU�NDGUR�PH\GDQD�

JHWLUPHN�DPDFÕ\OD��7�UNL\H¶\H�1D]ÕP�+LNPHW�YH�$\GHPLU¶LQ�GH�DUDODUÕQGD�ROGX÷X�NLúLOHULQ�

J|QGHULOPHOHULQL�LVWHU����³'|UW�\ÕO�|QFH�7XUDQFÕ�RODUDN�øVWDQEXO¶GDQ�\ROD�oÕNDQ�ùHYNHW�

6�UH\\D��úLPGL�øVWDQEXO¶D�7.3��\HVL�YH�\HWLúPLú�ELU�SDUWLOL�RODUDN�G|QPHNWHGLU�´��

����$\GHPLU��6X\X�$UD\DQ«��V����������$�J�H���V����������(UGHQ�$NEXOXW��.RP�QWHUQ�%HOJHOHULQGH�1D]ÕP�+LNPHW��øVWDQEXO��7h67$9��������V���������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V�����

������7.)��7ød6)�YH�$\GÕQOÕN�dHYUHVL

$OPDQ\D¶GD�EXOXQDQ�6SDUWDNLVW 7�UNOHU��.XUWXOXú�LVLPOL�ELU�GHUJL�\D\ÕPÕQD���0D\ÕV�

����¶GD�EDúODPÕú��EXUDGD�7ød6)�ELOGLULVLQH�GH�\HU�YHULOPLúWL��%LUNDo�KDIWD�LoLQGH�7�UNL\H¶\H�

G|QHQ�EX�oHYUH\H��ùHILN�+�VQ��GH�NDWÕOPÕú�YH�HWNLQOLNOHULQL�øVWDQEXO¶GD�\�U�WP�úW�U��.XUWXOXú�

EXUDGD�\D\ÕPÕQD�GHYDP�HGHFHN�YH�7ød6)����(\O�O�����¶GD�\HQLGHQ�WHúNLODWODQDFDNWÕ����

ùXEDW�����¶\H�NDGDU���VD\Õ�oÕNDQ�.XUWXOXú¶�WD�³SUROHWDU\D´�JHQLú�ELU�ELoLPGH�WDQÕPODQÕ\RUGX��

³%X�G�Q\DGD�LNL�NDELOL\HW�YDUGÕU��ELUL�VR\PDN�GL÷HUL�VR\XOPDN��«��EX�LNL�NÕVÕPGDQ�KHU�

VR\XODQ�SUROHWDU\DGÕU�´���'HUJL����0DUW�����¶GH�øVWDQEXO�LúJDOL\OH�\DVDNODQÕU�

*HQHO�NDQDDWH��J|UH��.XUWXOXú�DUGÕQGDQ�\D\ÕPODQDQ�$\GÕQOÕN�YH�7ød6)��\HU�DOWÕ�

7.)¶QLQ��\HU�VW���PHúUX�X]DQWÕODUÕGÕU���������WXWXNODPDODUÕQGD�7.)¶QLQ�NXUXOXúXQX�ùHILN�

+�VQ��ú|\OH�DQODWPÕúWÕ��³�«��$\GÕQOÕN�JUXEX�YH�EX�*UXEXQ�HWUDIÕQGDNL�LQNÕODSoÕ�DPHOH�

VHQGLNDODUÕQÕQ�HQ�úXXUOX�HIUDGÕ�LOH�5XPODUGDQ�P�UHNNHS�7�UNL\H�øúoL��dLIWoL�DPHOH�JUXEX�YH�

+ÕQoDN�7HúNLODWÕ¶QÕQ�VRO�JUXEX�ELUOHúHUHN�7�UNL\H�.RP�QLVW�3DUWLVL¶QL�WHúNLO�HWPLúOHUGLU�´��

$\GÕQOÕN�������\ÕOÕQGD�\D\ÕPODQPD\D�EDúODU��EX�VÕUDGD�VRUXPOX�P�G�U�6DGUHWWLQ�&HODO�LNHQ�

ùHILN�+�VQ��VL\DVDO�\D]ÕODUÕ\OD�D÷ÕUOÕ÷Õ�ROXúWXUXU������¶QLQ�LON�\DUÕVÕQGD�EHOLUVL]OHúHQ�GHUJL��

����¶�Q�LON�D\ODUÕQGD�\HQLGHQ�KDUHNHWOHQLU�

ùHILN�+�VQ���LON�G|QHP�\D]ÕODUÕQGD�7�UNL\H�VRV\DO�VÕQÕIODUÕQÕ�DUDúWÕUÕU��VÕQÕIODUÕ�NHQW�YH�

N|\OHUGH�D\UÕ�D\UÕ�LúOH\HQ�\D]DUD�J|UH��VÕQÕIVDO�E|O�QPHQLQ�WHPHO�QRNWDVÕ�³|]HO�P�ONL\HW´WLU��

3UROHWDU\D�LVH�ú|\OH�WDQÕPODQÕU��³��«��NRO�YH�NDID�\HWHQHNOHULQL�DQFDN�NDUQÕQÕ�GR\XUDELOHFHN�

NDGDU�ELU��FUHW�NDUúÕOÕ÷ÕQGD�EDúNDVÕQD�NLUDOD\DQODU�WRSOXOX÷X�´���%X�VÕQÕIÕQ��\HOHUL�RODUDN�

LúoLOHU��N�o�N�PHPXUODU��úDLUOHU��JD]HWHFLOHU�VD\ÕODELOLU��3UROHWDU\D��HVDVHQ�ELUOLN�YH�GD\DQÕúPD�

UXKX�LoLQGH�RODQ�|UJ�WOHQPLú�úHKLU�HPHNoLOHULGLU��DQFDN��³%L]GH�\HQL�RUWD\D�oÕNPD\D�EDúOD\DQ�

LúoL�VÕQÕIÕ��KHQ�]�EX�JHUH÷L�GX\DFDN�G�]H\GH�|UJ�WOHQPLú�GH÷LOGLU�´���+�VQ��LoLQ�oR÷XQOX÷X�

LúoL�YH�N|\O�GHQ�PH\GDQD�JHOHQ�7�UNL\H¶GH�\DSÕOPDVÕ�JHUHNHQ�VÕQÕIODUÕQ�RUWDGDQ�NDOGÕUÕOPDVÕ��

|]HO�P�ONL\HWLQ�WDVIL\HVL�LOH�VRV\DOLVW�ELU�GHYULPGLU��7�UNL\H�6RY\HWOHULQ�GHVWH÷L\OH��ONHGH�

J�oO��ELU�EXUMXYD]LQLQ�JHOLúPHVLQH�LPNDQ�YHUPHGHQ�VRV\DOLVW�GHYULPH�NDWÕOPDOÕGÕU���

����0HWH�7XQoD\� 7�UNL\H¶GH�6RO�$NÕPODU��������������øVWDQEXO��%'6�<D\ÕQODUÕ�����������$FODQ�6D\ÕOJDQ��7�UNL\H¶GH�6RO�+DUHNHWOHU��øVWDQEXO��+DUHNHW�<D\ÕQODUÕ��������V����������7XQoD\��7�UNL\H¶GH�6RO«��6D\ÕOJDQ��7�UNL\H¶GH�«�YH�)HWKL�7HYHWR÷OX��7�UNL\H¶GH�6RV\DOLVW�YH�.RP�QLVW�)DDOL\HWOHU�������������$QNDUD��\�\�����������7HYHWR÷OX��7�UNL\H¶GH�6RV\DOLVW�«��V���������ùHILN�+�VQ���³7�UNL\H¶GH�6RV\DO�6ÕQÕIODU´��7�UNL\H¶GH�6RV\DO�6ÕQÕIODU��dHYUL\D]Õ�YH�6DGHOHúWLUHQ�0HKPHW�7�UNDQ��øVWDQEXO��.D\QDN�<D\ÕQODUÕ��������V���������$�J�P���V��������+�VQ���³7�UNL\H¶GH�'HYULPLQ�*HUH÷L´��³�'HYULPLPL]LQ�*HOLúLPL´��7�UNL\H¶GH�6RV\DO�«��V��������YH��������

ùHILN�+�VQ�¶Q�Q�J|U�úOHUL\OH�ELUOLNWH�$\GÕQOÕN� �.RPLQWHUQ¶LQ�WDYVL\HOHUL�

GR÷UXOWXVXQGD�7�UNL\H�.XUWXOXú�6DYDúÕ¶QÕ�GHVWHNOHU��HPSHU\DOL]P��NDSLWDOL]P�YH�PRQDUúL]P�

DOH\KLQH�\D\ÕPODU�\DSDU��.XUWXOXú�6DYDúÕ¶QÕQ�|QGHUOHULQL�VRO�ELU�\DNODúÕPOD�HWNLOHPHN��

GHYULPL�GDKD�LOHUL\H�J|W�UPHN�LVWHU��³2�]DPDQNL�$QNDUD�+�N�PHWL¶QL��«��DúD÷Õ�VÕQÕIODU�

NRDOLV\RQXQ�D÷ÕU�EDVPDVÕQD�úDQV�WDQÕQDELOHFHN�ELU�oHúLW�KDON�K�N�PHWL�GL\H�J|UHQ�EX�

o|]�POHPH��R�VÕUDODU�$\GÕQOÕN�oHYUHVLQLQ��GROD\ÕVÕ\OD�\HU�DOWÕ�7.3¶QLQ��RQ�\ÕO�VRQUDNL�.DGUR�

LGHRORMLVLQH�QH�NDGDU�\DNÕQ�ROGX÷XQX�RUWD\D�NR\PDVÕ�EDNÕPÕQGDQ�oRN�LOJLQoWLU�´��

�����(NLP�D\ÕQGD�&XPKXUL\HW¶LQ�LODQÕ�$\GÕQOÕN�oHYUHVLQL�$QNDUD�+�N�PHWL¶QGHQ�

EHOOL�RUDQGD�X]DNODúWÕUÕU��o�QN��RQODUD�J|UH�³KDON�K�N�PHWL´�ER]XOX\RU�ELU�EXUMXYD�G�]HQL�

NXUXOX\RUGX��³�«��\�U�WPH�J�F�Q�Q�0HFOLV¶WHQ�DOÕQDUDN�$YUXSD�NDELQHOHUL�WDU]ÕQGD�ELU�

EDNDQODU�NXUXOXQD�YHULOPHVL��XOXVXQ�HOGH�HWWL÷L�YH�FLGGHQ�NXOODQPDN�D]PLQGH�EXOXQGX÷X�

HJHPHQOLNOH�DOD\�HWPHN�GHPHNWLU�´��������0D\ÕV�D\ÕQGD�7ød6)�NDGURODUÕ�VRV\DOLVW�ELU�G�]HQ�

NXUPD�WHúHEE�V��GROD\ÕVÕ\OD�\DUJÕODQÕU��DQFDN�VHUEHVW�EÕUDNÕOÕUODU��LNLQFL�\DUJÕODPDODU�LVH������

ùH\K�6DLW�øV\DQÕ¶QÕQ�DUGÕQGDQ�oÕNDUÕODFDN�7DNULU�L�6�NXQ�PHY]XDWÕ�LOH�\DSÕODFDN�YH�$\GÕQOÕN��

ùH\K�6DLW�NDUúÕVÕQGD�$QNDUD¶\Õ�GHVWHNOHVH�GH��NDSDWÕODFDNWÕ�

gWH�WDUDIWDQ�7HPPX]�����¶WH�0RVNRYD¶GD�WRSODQDQ�.RPLQWHUQ¶LQ�%HúLQFL�

.RQJUHVL¶QGH�8NUD\QD�GHOHJHVL�0DQXOVNL��7.)�YH�$\GÕQOÕN�oHYUHVLQL�³VRV\DOLVW�

YDWDQVHYHUOLN´�LOH�VXoODPÕú��7.)�GHOHJHVL��VXoODPD\Õ�NDEXO�HWPLú�YH�GXUXPXQ�G�]HOWLOHFH÷LQL�

ELOGLUPLúWL����³6RV\DOLVW�YDWDQVHYHUOLN´�VXoODPDVÕQÕQ�ND\QD÷ÕQÕ�LVH�EHONL�GH�ùHYNHW�

6�UH\\D¶QÕQ�J|U�úOHULQGH�DUDPDN�\DQOÕú�ROPD\DFDNWÕU�������\ÕOÕQÕQ�VRQXQGD�øVWDQEXO¶D�JHOHQ�

$\GHPLU��%DUEDURV�+D\UHWWLQ�øONRNXOX¶QGD�YHNLO�|÷UHWPHQOLN�\DSDUNHQ�7.)�YH�$\GÕQOÕN¶WD�

|QHPOL�J|UHYOHU��VWOHQPLúWL��7.)¶QLQ�WHúNLODW�E|O�P�EDúNDQÕ�ROXUNHQ���$\GÕQOÕN¶WD�0DUNV���

/HQLQ��]HULQH�\D]ÕODUÕ\OD�ELUOLNWH�NXUDPVDO�\D\ÕPODU�\DSÕ\RU��D\UÕFD�PDKDOOHOHUGH��

�QLYHUVLWHOHUGH�|UJ�WOHQPH�oDOÕúPDODUÕ�\�U�W�\RUGX����2FDN�����¶WH�øVWDQEXO¶GD�WRSODQDQ�

7.)�ho�QF��.RQJUHVL¶QGH�$\GHPLU��0HUNH]�.RPLWH��\HVL�YH�øFUD�.RPLWHVL�LoLQGH�\HU�DOÕU��

���2FDN����0DUW������DUDOÕ÷ÕQGD���VD\Õ�KDOLQGH��GR÷UXGDQ�GR÷UX\D�LúoL\H�VHVOHQPH\L�

KHGHIOH\HQ�2UDN�dHNLo�GHUJLVLQL�\D\ÕPODU��/HQLQ��]HULQH�$\GÕQOÕN¶WD�6DGUHWWLQ�&HODO�LOH�

ELUOLNWH�PH\GDQD�JHWLUGLNOHUL�oDOÕúPDODU�/HQLQ�YH�/HQLQL]P�DGÕ\OD������¶WH�NLWDS�KDOLQGH�

\D\ÕPODQÕU�

����7XQoD\��7�UNL\H¶GH�6RO�«��V����������+�VQ���³'HYULP�(VDVODUÕQÕQ�'H÷LúWLULOPHVL´��7�UNL\H¶GH�6RV\DO�«��V����������6D\ÕOJDQ��7�UNL\H¶GH�«��V��������³'XUXPXQ�G�]HOWLOPHVL´�oDEDODUÕ�EHONL�GH�ú|\OH�L]OHQHELOLU��ùHILN�+�VQ���$\GÕQOÕN¶ÕQ�$÷XVWRV�VD\ÕVÕQGD�øúoL�(QWHUQDV\RQDOOHULQLQ�WDULKLQH�\|QHOPLú��³(NLP�øKWLODOL�YH�7�UNL\H´��.DVÕP�VD\ÕVÕ��DGOÕ��PDNDOHVLQGH�³7�UN�3DGLúDKOÕ÷ÕQÕ�<ÕNDQ�YH�hONHPL]L�.XUWDUDQ�+DUHNHWL�'ROD\OÕ�2ODUDN�%�\�N�(NLP�øKWLODOL�'R÷XUPXúWXU´�DOW�EDúOÕ÷Õ�LOH�NRQX\X�LúOHPLúWLU��������7HYHWR÷OX��7�UNL\H¶GH�6RV\DOLVW�«��V�����

$\GHPLU��/HQLQ�YH�/HQLQL]P�NLWDEÕQÕQ�NHQGL�\D]GÕ÷Õ�E|O�P�QGH�0DUNVL]P�YH�

/HQLQ¶LQ�HWNLQOLNOHUL��EDúDUÕODUÕ��]HULQGH�GXUGXNWDQ�VRQUD�7�UNL\H¶\H�GDLU�úX�WHVSLWOHUL�\DSDU��

³%L]H�JHOLQFH��EL]GH�LPSDUDWRUOXN�]DPDQODUÕQGD�PHPOHNHWLPL]LQ�KDNLNDWHQ�IHQD�LGDUH�

HGLOPHVL��O�]XPVX]�PXKDUHEHOHU��NDSLW�ODV\RQODU�PHPOHNHWLPL]L�\DU�P�VWHPOHNH�ELU�KDOGH�

EÕUDNPÕú�YH�LNWLVDGHQ�LQNLúDIÕPÕ]D�PDQL�ROPXúWXU��%�W�Q�EXQODUÕQ��ELOKDVVD�KDUE�L�XPXPL�YH�

<XQDQ�KDUSOHULQLQ�WDKULEDWÕ�QHWLFHVLQGH�úLPGL�PHPOHNHWLPL]GHNL�LNWLVDGL�VH\LU��PHQIL�ELU�

VH\LUGLU��<DQL�PHPOHNHWLPL]�úLPGL�ELU�VHUPD\H�WHUDN�P��GHYUL�\DúDPÕ\RU��%L]GH�KHQ�]�

SUROHWDU\D�GH÷LO��LúVL]OHU��LKWLVDVVÕ]ODU��K�ODVD�OXPSHQ�SUROHWDU\D�DUWÕ\RU��1DVÕO�NL�LNWLVDGL�

LQNLúDI�GHGL÷LPL]�KDOOHUGH�GH�KDNLNL�VDQD\L�YH�WLFDUHW�GH÷LO��LKWLNDU��VSHN�ODV\RQ��LFUD�L�K�N�P�

HWPHNWHGLU��%LQDHQDOH\K�EL]GH�QH�VRV\DO�GHPRNUDVL��QH�GH�GL÷HU�úHNLO�NLWOHYL�KDUHNHWOHU�LoLQ�

OD]ÕP�RODQ�LoWLPDL�]HPLQ�KHQ�]�WDELDWÕ\OD�WHúHNN�O�HWPLú�GH÷LOGLU��0HPOHNHWLQ�]HQJLQ��

VHUPD\HGDU��LOHUL�ELU�KDOH�JHOPHVL�úLPGL�J�Q�Q�WDULKL�ELU�YD]LIHVLGLU�YH�EX�YD]LIH�LVH�GLVLSOLQOL�

YH�P�WHúHNNLO�ELU�FXPKXUL\HW�SDUWLVLQH�G�úHU��&XPKXUL\HWLQ�LGDPH�YH�PXKDID]DVÕ�LoLQ�

\DSÕODFDN�KHU�KDUHNHW��KDWWD�QH�NDGDU�úLGGHWOL�ELOH�ROVD��GR÷UX��WHUDNNLSHUYHUDQH��LOHUL�ELU�

KDUHNHWWLU�´��

*|U�OG�÷��JLEL�ùHILN�+�VQ���$QNDUD�+�N�PHWL¶QH�EHOOL�RUDQGD�³GHYULPLQ�

LOHUOHWLOPHVL´�DGÕQD�YH�EXQXQOD�ELUOLNWH�VRV\DOLVW�ELU�GHYULPL�J|]GHQ�oÕNDUPDGDQ�GHVWHN�

YHUPLú��$\GHPLU�LVH�³NRúXOODUGDQ´�GROD\Õ�&XPKXUL\HW�+�N�PHWL¶QL�³ND\ÕWVÕ]�úDUWVÕ]´�

GHVWHNOHPLúWLU��$\GHPLU¶LQ�LOHUGH�.DGUR�\ÕOODUÕQGD�VDYXQDFD÷Õ�J|U�úOHULQ�oHNLUGH÷L�EXUDGD�

J|U�O�U�ROVD�JHUHNWLU��<LQH�+�VQ���FXPKXUL\HW�UHMLPLQL�ELU�EXUMXYD�LGDUH�WDU]�RODUDN�

GH÷HUOHQGLUPLú��$\GHPLU�LVH�LOHULFL�RODUDN�QLWHOHPLúWL��øNL�\D]DUÕQ�NDONÕú�QRNWDODUÕQGDNL�IDUN�

VDQÕUÕ]�NL�\RUXPODUÕQÕ�DQODúÕOÕU�NÕODU��+�VQ���WDP�DQODPÕ\OD�JHOLúPHPLú��|UJ�WOHQPHPLú�GH�

ROVD�VÕQÕIODUÕ��VÕQÕIVDO�D\UÕPODUÕ�YH�VÕQÕIVDO�P�FDGHOH\L�WHPHO�DOPÕú��$\GHPLU�LVH�VRUXQX�

VÕQÕIVDO�o|]�POHPHGHQ�VDNÕQDUDN�GH÷HUOHQGLUPLúWLU�

7.)�\|QHWLFLOHUL�DUDVÕQGD�ùHILN�+�VQ���1D]ÕP�+LNPHW�������WXWXNODPDODUÕQGDQ�KDEHU�

DOÕQFD��ONH\L�WHUN�HWPLú��ùHYNHW�6�UH\\D�LVH�PHPOHNHWWH�NDOPD\D�NDUDU�YHUPLúWL���³%HQLP�

NDGHULP�DUWÕN�EX�WRSUD÷D�ED÷OÕ\GÕ�´���7XWXNODQDQODU����NLúL\GL�YH�øVWLNODO�0DKNHPHVL�

$QNDUD¶GD�WRSODQDFDNWÕ��0DKNHPH\H�$OL�dHWLQND\D�EDúNDQOÕN�HGHU��$\GHPLU��PDKNHPHGH�

DUNDGDúODUÕQÕ�NRUX\DQ�ELU�WDYÕU�DOÕU��NHQGLVLQL�YH�H\OHPOHULQL�VDYXQXU��%DúNDQÕQ�VRUXODUÕQÕ�

\DQÕWODUNHQ�³LQNÕODS´�GH\LQFH�EDúNDQ��³øQNÕODS�PÕ"�%X�QH�PXJDODWD"�øQNÕODS�ELWWL��%X�

PHPOHNHW�LQNÕODEÕQÕ�ELWLUGL��$UWÕN�\DSDFDN�LQNÕODS�\RN��1H�GHPHN�LQNÕODS"�+HSVL�KD\DO��KHSVL�

����6DGUHWWLQ�&HODO��ùHYNHW�6�UH\\D��/HQLQ�YH�/HQLQL]P��dHYUL\D]Õ��(OPDV�ùDKLQ��$QNDUD��6DONÕPV|÷�W�<D\ÕQODUÕ��������V���������$\GHPLU��6X\X�$UD\DQ�«��V������

VDoPD«´���ELoLPLQGH�VHUW�ELU�D]DUODQPD\OD�NDUúÕODúÕU��0DKNHPH�NDUDUODUÕ\OD����NLúL�K�N�P�

JL\HU��$\GHPLU����\ÕO�KDSLV�FH]DVÕ�DOÕU��.ÕVD�ELU�V�UH�$QNDUD¶GD�NDODQ�K�N�PO�OHU�DUGÕQGDQ�

oHúLWOL�KDSLVKDQHOHUH�GD÷ÕWÕOÕU��$\GHPLU��ELU�DUNDGDúÕ\OD�$I\RQ�&H]DHYL¶QH�J|QGHULOLU��%XUDGD�

WRSOXPXQ�ELU�EDúND�NHVLPLQL�WDQÕU��ELU�\DQGDQ�GD�|÷UHWPHQOL÷LQL�V�UG�U�U���RNXPD�\D]PD�

NXUVODUÕ�G�]HQOHU��GR÷D\D�GDLU�JHQHO�ELOJLOHU�YHULU��6|]JHOLPL�ELU�J�Q�\D÷PXUXQ�QDVÕO�

\D÷GÕ÷ÕQD�LOLúNLQ�ELOJLOHU�YHULUNHQ�PDKNXPODUGDQ�+�VH\LQ�dDYXú¶XQ�D÷ODGÕ÷ÕQÕ�IDUN�HGHU��

úDúÕUÕU��$\GHPLU�DQODWÕU��³(IHQGL��GHGL��EL]H�QLoLQ�E|\OH�NRQXúPD]ODU"�1LoLQ�E|\OH�

DQODWPD]ODU"�%X�PLOOHWLQ�E�W�Q�GHUGL�FDKLOOLNWLU�HIHQGL��%XQX�ELO��%XQXQ�VXoX�LVH�EL]LP�GH÷LO��

K�N�PHWLQGLU��øPDP�|÷UHWPH\LQFH�FHPDDW�QH�ELOHFHN"��´

³%X�V|]OHUL�KLo�XQXWPDP��+DWWD�|\OH�VDQÕ\RUXP�NL��EX�V|]OHU��EHQ�IDUNHWPHGHQ�

úXXUXPD�\HUOHúHQ�EHONL�GH�KD\DWÕPÕQ�DNÕúÕQD�ED]Õ�\|QOHU�YHUHQ�V|]OHU�ROPXúWXU���«��

0RVNRYD¶GDQ�øVWDQEXO¶D�G|QHQ�RWRPDW�DUWÕN�|OP�úW��´��

$\GHPLU�YH�DUNDGDúÕQD�FH]DHYL�DYOXVXQD�EDNDQ�LNL�NLúLOLN�ELU�RGD�YHULOLU��$\GHPLU�

EXUDGD�0XDVÕU�7�UNL\H¶QLQ�øNWLVDGL�øQNLúDI�øVWLNDPHWOHUL�DGOÕ�ELU�NLWDS�\D]DU��³'HYOHWoLOLN�

HVDVÕQD�GD\DQDQ�ELU�PLOOL�LNWLVDW´�WH]L�PH\GDQD�JHWLUPLúWLU��³$UDúWÕUPDODUÕQ�YH�G�ú�Q�úOHULQ�

EHQL��FH]DHYL�GXYDUODUÕ�DUDVÕQGD�GDKD�L\L�GH÷HUOHQGLUHELOGL÷LP�oHúLWOL�úDUWODUÕQ�YH�JHUoHNOHULQ�

D\GÕQOÕ÷Õ�DOWÕQGD��NRP�QLVW�ELU�QL]DPGDQ�YH�EX�QL]DPÕ�JHWLUHFHN�YH�HOEHWWH�NL�EL]LP�

LPNDQODUÕPÕ]OD�ND]DQÕODPD\DFDN�NRP�QLVW�XVXOOHUGHQ��'HYOHWoL�ELU�LNWLVDW�J|U�ú�QH�

J|W�UP�úW���ELU�LKWLODO�ED÷OÕOÕ÷ÕQGDQ�D\ÕUPÕúWÕ��$PD�EX��R�NDGDU�NROD\�ROPDGÕ��1LFH�

WHUHGG�WOHU��QLFH�Lo�EXUNXQWXODUÕ�\DúDGÕP���«��$UWÕN�GHYOHW�LPDP�YH�PLOOHW�FHPDDW�ROPDOÕ\GÕ��

%X�LPDPÕQ�GD�FHPDDWH�YHUHFH÷L�KHU�KDOGH��ELU�úH\OHU�YDUGÕ�´��

����¶�GD�EHNOHQPHGLN�ELU�JHOLúPH�\DúDQÕU��&XPKXUL\HW�%D\UDPÕ�\ÕOG|Q�P�QGH�

$\GHPLU�VHUEHVW�NDOÕU����7HPPX]�����¶GD�\�U�UO�÷H�JLUHQ�\HQL�FH]D�NDQXQX�GROD\ÕVÕ\OD�

VXoODQGÕ÷Õ�NRQXODUGDQ�FH]DVÕ�LQGLULOPLú��FH]DVÕQÕ�oHNPLú�VD\ÕOPÕú�YH�WDKOL\H�HGLOPLúWLU���

ùHILN�+�VQ�¶Q�Q�\XUWGÕúÕQGD�ROGX÷X�G|QHPGH��7.)¶\L�D\DNWD�WXWPD�J|UHYL�9HGDW�

1HGLP¶H�YHULOLU��$\GHPLU�\D\ÕPODUGDQ�VRUXPOXGXU��ù��+�VQ���øVWDQEXO¶GDNL�JUXEXQ�

.RPLQWHUQ�GR÷UXOWXVXQGD�SROLWLND�J�WPHVLQL�ÕVUDUOD�LVWHPHVLQH�UD÷PHQ��øVWDQEXO�JUXEX�

PLOOL\HWoL�ELU�oL]JL�WDNLS�HGHU��QLKD\HW�+�VQ���øVWDQEXO¶D�JHOHUHN�\HQL�ELU�PHUNH]�\�U�WPH�

NXUXOX�PH\GDQD�JHWLULU��%X�GXUXPX�KD]PHGHPH\HQ�9HGDW�1HGLP��ùHILN�+�VQ��YH�JUXEXQX�

LKEDU�HGHU�������WXWXNODPDODUÕ�\DúDQÕU��$\GHPLU��.RPLQWHUQ¶LQ�P�GDKDOHOHULQL�KDNVÕ]�

����$�J�H���V����������$�J�H���V���������������$�J�H���V����������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V�����

EXOXUNHQ��9��1HGLP¶L�DQOD\ÕúOD�NDUúÕODU��³9HGDG�1HGLP¶LQ�LIúDDWÕ��YHUGL÷L�YHVLNDODUOD�EHQLP�

.RP�QWHUQH�NDUúÕ�P�FDGHOHPL�RUWD\D�oÕNDUGÕ�YH�EHUDDWLPH�\RO�DoWÕ��3DUWL�JHQHO�VHNUHWHUL�

9HGDG¶ÕQ�GXUXPXQX�D\ÕSODPDP�´���$\GHPLU��.RPLQWHUQ�YH�ùHILN�+�VQ�¶GHQ�NRSXú�V�UHFLQL�

6D\ÕOJDQ¶D�ú|\OH�DQODWPÕúWÕ��³0LOOL\HWoLOLN�LVQDGÕ�GR÷UX\GX��%HQ�LON�JHQoOLN�\ÕOODUÕPGD�

7XUDQFÕ\GÕP��.Õ]ÕO�HOPD\Õ�EXOPDN�LoLQ�$]HUED\FDQ¶D�JLWPLúWLP��%XJ�Q�D\QÕ�NDPSWD�GH÷LOLP��

$PD�EHQGH�PLOOL\HWoLOL÷LQ�D÷ÕU�ELU�WRUWXVX�NDOPÕúWÕU������¶OHUGH�7.3¶QLQ�6L\DVL�%�UR�VHNUHWHUL�

LGLP��7.3¶GH�ED÷ÕPVÕ]OÕN�P�FDGHOHVLQL�.RP�QWHUQH�NDUúÕ�LON�EHQ�DoPÕúWÕP��$\QÕ�DQGD�

'�Q\D�.RP�QLVW�3DUWLOHUL�LoLQGH�PLOOL\HWoLOLN�FHUH\DQODUÕ�EDúODGÕ��<XUWGÕúÕQGD�EXOXQDQ�'U��

ùHILN�+�VQ��'H÷PHU�EX�NRQX\OD�LOJLOL�.RP�QWHUQ�J|UHYOLVL�RODUDN�dLQ¶H�NDGDU�JLWPLúWL��

.RP�QWHUQ¶GHQ�ELU�<DKXGL�JHOPLúWL��0�QDNDúD�HWWLN��%HQL�µ\HQL¶�J|UG�÷��J|U�úOHULPL�

NRP�QWHUQGH�WDUWÕúPDN��]HUH�0RVNRYD¶\D�GDYHW�HWPLúWLU��7DELDWÕ\OD�UHGGHWWLP��.RP�QLVW�

3DUWLOHUL�LoLQGH�PLOOL\HWoLOLN�LON�GHID�7.3�LoLQGH�EDúODPÕúWÕU��%XQX�NHQGLPH�ELU�SD\H�YHUPHN�

LoLQ�GH÷LO��ELU�JHUoH÷L�WHVSLW�LoLQ�V|\O�\RUXP�´���$\GHPLU¶H�J|UH�DUWÕN�ELU�G�Q\D�LKWLODOLQLQ�

ROPD\DFD÷Õ�WDPDPÕ\OD�DQODúÕOPÕúWÕ��6RY\HWOHUGH�GHYULP�NHQGL�VÕQÕUODUÕ�LoLQH�oHNLOPLú�³WHN�

�ONHGH�VRV\DOL]P´�V�UHFLQH�JLUPLúWL��GROD\ÕVÕ\OD��7�UNL\H¶GH�NRP�QL]P�ELU�VHoHQHN�ROPDNWDQ�

oÕNPÕúWÕ�������WHYNLIDWÕQÕQ�DUGÕQGDQ�PDKNHPHGH�ELU�NRP�QLVW�WHúNLODWÕQÕQ�NXUXFXVX�

ROPDGÕ÷ÕQÕ�YH�GDKLO�GH�EXOXQPDGÕ÷ÕQÕ�V|\OHU��EHUDDW�HGHU��\ROGDúODUÕQD�YHGD�HGHU��$UWÕN�

³LQNÕODEÕQ�HPULQGH´�RODFDNWÕU�

����6D\ÕOJDQ��7�UNL\H¶GH�«��V����������$�J�H���V������

������øQNÕODEÕQ�(PULQGH��.DGUR�+DUHNHWL

ùHYNHW�6�UH\\D�������\ÕOÕ�EDúÕQGD�$QNDUD¶\D�JLGHU��EXUDGD�ELU�LONRNXO�|÷UHWPHQOL÷L�

DOPD\Õ�G�ú�Q�UNHQ�EX�VÕUDGD��DQODúÕODQ��0LOOL�(÷LWLP�%DNDQOÕ÷Õ¶QGD�HWNLOL�ELU�\HUL�RODQ�$KPHW�

&HYDW�(PUH�DUDFÕOÕ÷Õ\OD�³<�NVHN�YH�7HNQLN�g÷UHWLP�8PXP�0�G�U�´QH�PXDYLQ�ROXU��

%DNDQOÕN�0�VWHúDUÕ�.HPDO�=DLP�6XQHO�$\GHPLU¶H�ú|\OH�GHU��³(÷HU�PDNVDW�SUROHWDU\D�GDYDVÕ�

LVH��EL]�PLOOHWoH�SUROHWHUL]��+DQJL�PHPOHNHW�oRFXNODUÕQD�EL]LPNL�NDGDU�PXKWDoWÕU"�+DQJL�

PLOOHW�EL]LPNL�NDGDU�IDNLUGLU"�g\OH�ELU�LúLQ�LoLQGH\L]�NL��KHUNHV�GD÷DUFÕ÷ÕQGD�QH�YDUVD�RUWD\D�

G|NPHOLGLU�´���$\GHPLU��$QNDUD¶\D�EHUDEHULQGH��7�UN�3DUDVÕQÕQ�3HUL\RGLN�'DOJDODQPD�

.DUDNWHUL�DGOÕ�ELU�oDOÕúPD�JHWLUPLúWL��%X�DUDúWÕUPD\Õ�LOJLOL�\HUOHUH�VXQDU��WDNGLU�HGLOLU��øNWLVDW�

0HFOLV�L�$OLVL�XPXPL�NDWLS�PXDYLQOL÷LQH�JHWLULOLU��gWH�WDUDIWDQ�$QNDUD�7LFDUHW�0HNWHEL�

0�G�UO�÷�Q���RNXOX�|UQHN�ELU�H÷LWLP�NXUXPX�KDOLQH�JHWLUPHN�DPDFÕ\OD�NDEXO�HGHU���

$KPHW�&HYDW�(PUH¶QLQ�\D\ÕPODGÕ÷Õ�UHMLPL�GHVWHNOH\HQ�0XKLW�GHUJLVLQGH��ùHYNHW

6�UH\\D������0DUW�D\ÕQGDQ�LWLEDUHQ�\D]PD\D�EDúODU��0XKLW�GHUJLVL�LOHULGH�\D\ÕPODQDFDN�

.DGUR¶QXQ�NXUXFXODUÕQÕ�ELU�DUD\D�JHWLUPLúWL��%XUDGD�<DNXS�.DGUL��øVPDLO�+�VUHY�YH�0HKPHW�

ùHYNL¶QLQ�GH�\D]ÕODUÕ�oÕNDU��ùHYNHW�6�UH\\D�������\ÕOÕQGD�&LKDQ�øNWLVDGL\DWÕQGD�7�UNL\H

DGOÕ�oDOÕúPDVÕQÕ��0LOOL�øNWLVDW�YH�7DVDUUXI�&HPL\HWL�DUDFÕOÕ÷Õ\OD�\D\ÕQODU�

$\GHPLU�EX�G|QHPGH�LQNÕODED�ELU�LoHULN�ND]DQGÕUPDN��NXUDPVDO�ELU�]HPLQ�PH\GDQD�

JHWLUPHN�LoLQ�oDOÕúPDODUÕQÕ�\R÷XQODúWÕUÕU�����2FDN�����¶GH�7�UN�2FD÷Õ�JHQHO�PHUNH]LQGH�

YHUGL÷L � ³øQNÕODS�YH�.DGUR´�DGOÕ�VHPLQHU�ELU�G|Q�P�QRNWDVÕGÕU��%XUDGD�V|]OHULQH�ú|\OH�

EDúODPÕúWÕ��³7�UNL\H�ELU�LQNÕODS�LoLQGHGLU��%X�LQNÕODS�GXUPDGÕ���«��%XJ�QH�NDGDU�\DúDGÕ÷ÕPÕ]�

KDUHNHWOHU��úDKLW�ROGX÷XPX]�NÕ\DP�YH�LQKLGDP�PDQ]DUDODUÕ��RQXQ�\DOQÕ]�ELU�VDIKDVÕGÕU��%LU�

LKWLODO�JHoLUGLN��%X�LKWLODO�LQNÕODEÕQ�JD\HVL�GH÷LO��YDVÕWDVÕGÕU��%X�LKWLODO�VDIKDVÕQGD�GXUVD\GÕN��

LQNÕODEÕPÕ]�NÕVÕU�NDOÕUGÕ��+DOEXNL�R�JHQLúOL\RU��GHULQOHúL\RU��2�KHQ�]�VRQ�V|]�Q��V|\OHPLú�

GH÷LOGLU�´���6HPLQHULQ�GDKD�GHUOL�WRSOX�ELU�|UQH÷L��LOJLOL�NLúLOHUOH�EHUDEHU�0XVWDID�.HPDO¶H�GH�

VXQXOPXú�YH�WDNGLU�HGLOPLúWL��EX�LON�WH]LQ�JHOLúWLULOPHVL\OH�øQNÕODS�YH�.DGUR�NLWDEÕ�����¶GH�

\D\ÕPODQGÕ�

$\GHPLU¶LQ�VHPLQHULQLQ�\DQNÕODU�EXOGX÷X�J�QOHUGH��6HUEHVW�&XPKXUL\HW�)ÕUNDVÕ

NDSDWÕOPÕú��*D]L���ONHQLQ�VRUXQODUÕQÕ�WDQÕPODPDN��\HQL�ELU�DWÕOÕP�JHUoHNOHúWLUHELOPHN�LoLQ���

D\OÕN�\XUW�JH]LVLQH�oÕNPÕúWÕ��*H]L�QHWLFHVLQGH�KD]ÕUODQDFDN�UDSRUX�\D]PDN�J|UHYL�5HFHS�

����$\GHPLU��6X\X�$UD\DQ�«��V����������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V����������$\GHPLU��6X\X�$UD\DQ�«��V������

3HNHU¶H�YHULOLU��3HNHU�D\QÕ�]DPDQGD����0DUW�����¶GH�&+)¶QLQ�JHQHO�VHNUHWHUOL÷LQH�JHWLULOLU��

³2QGDQ�&+)¶\H�\HQL�LúOHYOHU�ND]DQGÕUPDVÕ�YH�RQX�DNWLI�KDOH�JHWLUPHVL�EHNOHQPHNWHGLU�´������

���0D\ÕV�DUDVÕQGD�GD�&+)����.XUXOWD\Õ�WRSODQÕU��3DUWL�SURJUDPÕQGD�LON�NH]��&XPKXUL\HW�+DON�

)ÕUNDVÕ¶QÕQ�³DQD�YDVÕIODUÕ´�RODUDN��$OWÕ�øONH�\HU�DOÕU��&+)�.XUXOWD\Õ¶QÕQ�DoÕOÕúÕQGD�*D]L��

³%LUELULPL]L�LUúDG�YH�KDNOÕ�WHQNLW�HWPHNWH�ID\GD�YDUGÕU��%XQGDQ�DVOD�]DUDU�JHOPH]��)DNDW�

DNVLQGHQ�oRN�ID]OD�]DUDU�JHOHFH÷L�WHFU�EHOHUOH�VDELWWLU´�GL\RU��)DOLK�5ÕINÕ��0LOOL\HW¶WH ³+DON�

IÕUNDVÕ�KLoELU�]DPDQ�P�GDIDD�GH÷LO��KHU�]DPDQ�WDDUUX]�\DSDFDN��\DOQÕ]�NHQGL�VDIODUÕQGD�V�NXQ�

J|UG�÷��]DPDQ�LUNLOHFHNWLU´�GL\H�\D]Õ\RUGX��³.XúNXVX]��EX�V|]OHUH�EDNDUDN�WHN�SDUWL�UHMLPL�

LoLQGH�ELU�G�ú�QFH�|]J�UO�÷��NDQÕVÕQD�NDSÕOPDN�JHUHNPH]��DPD�EXQXQ�.DGURFXODU�WDUDIÕQGDQ��

GLNNDWOL�ROXUODUVD�GHUJLOHULQL�oÕNDUPDN�LoLQ�ELU�DoÕN�NDSÕQÕQ�EXOXQDELOHFH÷L�úHNOLQGH�DOJÕODQGÕ÷Õ�

YH�EXQXQ�NDUDUODUÕQGD�HWNLOL�ROGX÷X�G�ú�Q�OHELOLU�´���ùHYNHW�6�UH\\D��(\O�O�����¶GHQ�LWLEDUHQ�

&+)¶QLQ�\D\ÕQ�RUJDQÕ�+DNLPL\HW�L�0LOOL\H¶GH��³øQNÕODEÕQ�øGHRORMLVL´��VW�EDúOÕ÷Õ�LOH�NXUDPVDO�

\D\ÕPODU�\DSÕ\RU��E|\OHFH�.DGUR¶QXQ�J|U�úOHUL�GDKD�GHUJL�\D\ÕPODQPDGDQ�GX\XOPD\D��

WDUWÕúÕOPD\D�EDúOÕ\RUGX�

.DGUR�GHUJLVLQLQ�\D\ÕPODQPD�ILNUL�øVPDLO�+�VUHY�7|NLQ�LOH�$\GHPLU�DUDVÕQGDNL�

NRQXúPDODUGD�RUWD\D�oÕNPÕúWÕ��<DNXS�.DGUL�GH�]DPDQOD�G�ú�QFHOHULQLQ�|UW�úW�÷��EX�JUXED�

NDWÕOPÕú�YH�dDQND\D�LOH�LOLúNLOHULQ�NXUXOPDVÕQÕ��GHUJLQLQ�\D\ÕP�L]QL�DOPDVÕQÕ�VD÷ODPÕúWÕ��<��

.DGUL�|QFHOLNOH�5HFHS�3HNHU¶H�JLGHUHN�+DON�3DUWLVL¶QLQ�LONHOHULQL�DQODWPDN�LoLQ�ELU�GHUJL�

oÕNDUPDN�LVWL\RUXP�GHPLú��IDNDW�3HNHU�EX�EL]LP�YD]LIHPL]�GL\HUHN�L]LQ�YHUPHPLúWL��%XQXQ�

�]HULQH�<��.DGUL��0XVWDID�.HPDO¶GHQ�JHUHNOL�L]LQOHUL�DOÕU��'HUJL�WRSODQWÕODUÕ��<��.DGUL¶QLQ�

øVPHW�3DúD�FDGGHVLQGHNL�HYLQGH�JHUoHNOHúLU��KHU�D\�LNL��o�J�Q�V�UHQ�J|U�úPHOHU�QHWLFHVL�

GHUJL\H�VRQ�ELoLPL�YHULOLU��.DGUR�KDUHNHWL�LoLQGH�ùHYNHW�6�UH\\D�EDVNÕQ�ELU�\HUH�VDKLSWLU��

³$VOÕQGD�W�P�|\N�\��ELU�DUD\D�JHWLULQFH�EX�KDUHNHWH�.DGUR�KDUHNHWL�\HULQH�ùHYNHW�6�UH\\D�

KDUHNHWL�GHPHQLQ�ELOH�GR÷UX�RODFD÷Õ�LOHUL�V�U�OHELOLU���«��%LU�DQ�LoLQ�ùHYNHW�6�UH\\D¶QÕQ�

KDUHNHWWHQ�oHNLOGL÷L�G�ú�Q�OG�÷�QGH��RUWDGD�ELU�KDUHNHWLQ�NDOPD\DFD÷Õ�IDUN�HGLOHELOHFHNWLU�´��

.DGUR�GHUJLVLQLQ�Lú�E|O�P��ú|\OH�VDSWDQÕU��<DNXS�.DGUL��GHUJLQLQ�VDKLEL��HGHEL\DW�

\D]DUÕ��EHONL�GH�KHU�úH\GHQ�|QHPOLVL�LNWLGDUÕQ�úLPúHNOHULQL�|QOH\HFHN��GHUJL\L�NROOD\DFDN�ELU�

SDUDWRQHUGL��ùHYNHW�6�UH\\D�LGHRORMLN�G�]H\GHNL�EDú\D]ÕODUÕQÕ�\D]DFDN��9HGDW�1HGLP��WHNQLN�

LúOHULQ�\DQÕ�VÕUD�SODQOÕ�HNRQRPL�\|QHWLPL�J|U�úOHULQL�LúOH\HFHN��øVPDLO�+�VUHY��J�QFHO�

HNRQRPLN�VRUXQODUÕ��|]HOOLNOH�WDUÕP�YH�SDUD��DUDúWÕUDFDN��%XUKDQ�$VDI��oD÷ÕQ�N�OW�UHO�YH�

VL\DVDO�KDYDVÕQÕ�L]OH\HFHN��0HKPHW�ùHYNL�LVH��P�KHQGLVOLN��|]HOOLNOH�HOHNWULNOL�HQHUML�

����7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V����������$�J�H���V����������$�J�H���V������

NRQXVXQGD�oDOÕúPDODU�\DSDFDNWÕ��'HUJLQLQ�PDGGL�ILQDQVPDQÕ�LVH�WHPHO�RODUDN�0LOOL�(÷LWLP�

%DNDQOÕ÷Õ¶QÕQ��=LUDDW�%DQNDVÕ¶QÕQ�DERQHOHU��ND\GHWPHVL�\ROX�YH�NXUXFXODUÕQ�NDWNÕODUÕ�LOH�

VD÷ODQGÕ� ��

$\GHPLU��øQNÕODS�YH�.DGUR�LOH�.DGUR�\D]ÕODUÕQGD�JHQHO�RODUDN�7�UN�øQNÕODEÕQÕQ�

NXUDPVDO�]HPLQLQL�ROXúWXUPD\D�oDOÕúÕU��øQNÕODS�YH�.DGUR�NLWDEÕQÕQ�����¶GH�\D\ÕPODQDQ�LNLQFL�

EDVNÕVÕQÕQ�|QV|]�QGH�NLWDEÕQ��³LQNÕODEÕPÕ]ÕQ�LGHRORMLVLQLQ´�EHOLUOL�ELU�J|U�ú�DoÕVÕQGDQ�

GH÷HUOHQGLULOPHVL�VD\ÕODELOHFH÷LQL��DPDFÕQ�LVH�0LOOL�.XUWXOXú�+DUHNHWL¶QLQ��LONHOHULQL�

DUDúWÕUPDN�YH�VDSWDPDN�ROGX÷XQX�V|\OH\HUHN�GHYDP�HGHU����³7DULKL�PDWHU\DOL]P´�DoÕVÕQGDQ�

G�Q\D�VL\DVDO�JHOLúPHOHUL�GH÷HUOHQGLULOGL÷LQGH��LNL�E�\�N�NDPSÕQ�RUWD\D�oÕNWÕ÷Õ�J|U�O�U�����

6DQD\LOHúPLú��V|P�UJHFL��ONHOHU�LOH������VDQD\LVL]��V|P�UJH�YH\D�\DUÕ�V|P�UJH��ONHOHU��%X�

NHVNLQ�D\UÕP�VDQD\LOHúPLú��ONHOHULQ�NHQGL�LoLQGHNL�VÕQÕI�VDYDúÕPODUÕ\OD�ELUOLNWH�WHPHO�RODUDN�

V|P�UJHFL��ONHOHUOH�V|P�UJH��ONHOHU�DUVÕQGD�ELU�WH]DW�PH\GDQD�JHWLULU��EX�WH]DGÕQ�DúÕOPDVÕ\VD�

DQFDN�0.+�LOH�P�PN�QG�U��%DúDUÕOÕ�YH�|QF��ELU�0.+�JHUoHNOHúWLUHQ�7�UNL\H��GHYOHWoL�ELU�

WXWXPOD�VDQD\LOHúPHVLQL�ROXúWXUPDOÕ��VÕQÕIODúPD\D�RODQDN�YHUPHGHQ�WH]DWVÕ]�ELU�PLOOHW�

PH\GDQD�JHWLUPHOL\GL��³%L]�LQDQÕ\RUX]�NL��7�UN�LQNÕODEÕQÕQ�LGHDOLVW�QHVOL��G�Q\D�WDULKLQGHNL�EX�

\HQL�IRQNVL\RQXQX�NROD\FD�EHQLPVH\HFHNWLU�´��

7�UNL\H�ELU�³LKWLODO´�JHUoHNOHúWLUPLúWL��úLPGL�\DSÕODFDN�Lú�ELOLQoOL�ELU�.DGUR¶QXQ�

LGDUHVLQGH�³LQNÕODS´�KDUHNHWLQL�\�U�WPHNWL��øQNÕODEÕQ�LoHUL÷LQL��LGHRORMLVLQL�ROXúWXUDQ�.DGUR��

LQNÕODS�|÷UHWLVLQL�JHQo�NXúDNODUD�|]HOOLNOH�H÷LWLP�NDQDOÕ\OD�DNWDUÕU��øPGL�7�UN�øQNÕODEÕ�úX�

LONHOHUL�|]J�Q�ELU�ELoLPGH�RUWD\D�NR\PXúWX�����øPWL\D]VÕ]��VÕQÕIVÕ]�ELU�PLOOHW�PH\GDQD�

JHWLUPHN�����SODQOÕ�GHYOHWoL�ELU�HNRQRPLN�SURJUDP�X\JXODPDN�����HYUHQVHO�G�]H\GH�ED÷ÕPVÕ]�

PLOOHWOHU�VLVWHPL�ROXúWXUPDN��7�UN�øQNÕODEÕ�³�«��KDNLP�YH�PDKNXP��ONHOHU��KDNLP�YH�

PDKNXP�VÕQÕIODU�WH]DGÕQÕ´�o|]�POH\HFHN�ELU��ON�G�U���

$\GHPLU��.DGUR�GHUJLVLQLQ�LON�\D]ÕVÕQD��³7�UNL\H�ELU�LQNÕODS�LoLQGHGLU��%X�LQNÕODS�

ELWPHGL´�ELoLPLQGH�EDúOD\DFDN�YH�.DGUR¶QXQ�DPDFÕQÕ�ú|\OH�LIDGH�HGHFHNWLU���³�«���RQXQ

�LQNÕODEÕQ��SUHQVLSOHULQL�KXGXGX�PXD\\HQ�NULWHU\XPODU�úHNOLQGH�ELOPH\H��EHQLPVHPH\H�YH�

EHQLPVHWPH\H�PHFEXUX]��.$'52�%8181�ødø1�d,.,<25�´�� ho�QF��VD\ÕGDNL�\D]ÕVÕQGD�

LVH�7�UN�øQNÕODEÕ¶QÕQ�HYUHQVHO�ER\XWODUÕ��]HULQGH�GXUX\RU��E�W�Q�G�Q\D�ELU�G�]HQ�DOWÕQGD�

ELUOHúPH\H�PL�JLGL\RU�VRUXVXQX�ú|\OH�\DQÕWOÕ\RUGX��³%L]H�J|UH�FLKDQGD�\HQL�FHPL\HWOHU�

����$�J�H���V���������������ùHYNHW�6�UH\\D�$\GHPLU��øQNÕODS�YH�.DGUR�����%DV���øVWDQEXO��5HP]L�.LWDEHYL�����������$�J�H���V���������$�J�H���V���������$\GHPLU��³.DGUR´��.DGUR��6D\Õ����,,��.DQXQ�������V�����.DGUR�������&LOW�,��7ÕSNÕEDVÕP���<D\��+D]��&HP�$OSDU��$QNDUD��$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�$NDGHPLVL��������

PXYD]HQHVL��KHU�ELU�D\U�D\U��VL\DVHWHQ�YH�LNWLVDGHQ�P�VWDNLO��VL\DVL�YH�LNWLVDGL�F�]��WDPODU�

PXYD]HQHVL�RODFDNWÕU���«��%L]��E�\�N�LVWLKVDO�YDVÕWDODUÕQÕ�HOLQGH�WXWDQ�PHPOHNHWOHUGH�EX�

LVWLKVDO�YDVÕWDODUÕ��VW�QGHNL�P�ONL\HW�P�QDVHEHWOHULQLQ�GH÷LúPHVLQGHQ�]L\DGH��E�\�N�VDQD\L�

PHPOHNHWOHUL\OH��VDQD\LGHQ�PDKUXP�HGLOPLú�PHPOHNHWOHU��\DKXW��LNWLVDGL�P�VWHPOHNHOHU�

DUDVÕQGDNL�LNWLVDGL�WDELL\HW�YH�PHWEXL\HWLQ�WDVIL\HVLQL�LVWL\RUX]�´��

øOHULGH�GDKD�GHULQOHPHVLQH�WDUWÕúPD\D�oDOÕúDFD÷ÕPÕ]�³WDULKL�PDWHU\DOLVW´�\|QWHPL�

NXOODQÕOPDVÕ\OD�$\GHPLU��V|P�UJHFL��ONHOHU�LOH�V|P�UJHOHU�DUDVÕQGD�WHPHO�oHOLúNLQLQ�

\DúDQGÕ÷ÕQÕ�VDYODPÕúWÕ��7DULKL�PDWHU\DOLVW�\|QWHPL�PLOOL\HWoL�ELU�G�]OHPGH�LúOHPLú��EXUDGD�

KHUKDQJL�ELU�VRV\DOLVW�oÕNDUÕP�JHUoHNOHúWLUPHPLúWL��$\GHPLU�LoLQ��0.+�YH�RQXQ�|QF��

.DGURVX�VD\HVLQGH� � LQNÕODS�WDPDPODQDFDN�YH� LPWL\D]VÕ]�VÕQÕIVÕ]�³PLOOL��ON�´�

JHUoHNOHúWLULOHFHNWL��7DQHU�7LPXU��.DGUR¶QXQ�WDULKL�PDWHU\DOL]PL��ELOLPVHO�VRV\DOL]PGHQ�

D\ÕUDQ�WDYUÕQÕ�ú|\OH�GH÷HUOHQGLUL\RU��³*|U�OG�÷��JLEL�.DGUR¶QXQ�WH]OHUL��WDULKL�PDWHU\DOL]P�LOH�

LOPL�VRV\DOL]P�DUDVÕQGD�\DSÕODQ�D\UÕPD�GD\DQPDNWDGÕU��2\VD�EX�D\UÕP�NH\ILGLU�YH�0DUNVL]PH�

D\NÕUÕGÕU��(QJHOV¶LQ�EHOLUWWL÷L�JLEL���WRSLN�VRV\DOL]P��DQFDN�WDULKL�PDWHU\DOL]P�\|QWHPLQLQ�YH�

µDUWÕ�GH÷HU¶�WHRULVLQLQ�RUWD\D�NRQPDVÕ�LOH�µLOPL�VRV\DOL]P¶�KDOLQH�JHOPLúWLU��7DULKL�PDWHU\DOL]P�

ELU�WRSOXPXQ�KXNXNXQXQ��IHOVHIHVLQLQ��VDQDWÕQÕQ�NÕVDFD�E�W�Q��VW\DSÕ�NXUXPODUÕQÕQ���UHWLP�

LOLúNLOHULQLQ�YH��UHWLP�J�oOHULQLQ�PH\GDQD�JHWLUGL÷L�DOW\DSÕ�LOH�L]DKÕGÕU���«��.ÕVDFD�

.DGURFXODU��GHYOHW�P�GDKDOHFLOL÷LQL�YH�GHYOHW�NDSLWDOL]PLQL�HNRQRPL\H�HJHPHQ�NÕOPDN�

�PLGL\OH�$WDW�UN¶H�KL]PHWOHULQL�VXQDQ��RUWD�VÕQÕI�N|NHQOL�N�o�N�ELU�µNDGUR¶GXUODU��6RUXQODUÕ�

LGHDOLVW�G�]H\GH�YH�VÕQÕI�NDYJDVÕQÕQ�GÕúÕQGD�HOH�DOGÕNODUÕ�LoLQ��SHN�N�o�PVHGLNOHUL�VÕQÕI�

NDYJDVÕ�VRQXFXQGD�WDVIL\H�ROPXúODUGÕU��*HUoHNWHQ�ùHYNHW�6�UH\\D�$\GHPLU¶LQ�DQODWWÕ÷Õ�JLEL��

µøVWDQEXO¶GDNL�OHYDQWHQOHUOH�YH�HNDOOL\DW�PXKLWOHUL\OH��LWKDODWoÕ�oHYUHOHUL\OH��GDKD�GR÷UXVX�Lú�

DOHPL�GL\HELOHFH÷LPL]�R�J�Q�Q�LQVDQODUÕ�LOH�JDULS�ELU�LúELUOL÷L�LoLQGH¶�RODQ�øú�%DQNDVÕ�oHYUHVL�

K�FXPD�JHoPLú�YH�.DGUR�GHUJLVLQLQ�NDSDWÕOPDVÕQÕ�VD÷ODPÕúWÕU�´��

2FDN�����¶GH�\D\ÕQ�KD\DWÕQD�EDúOD\DQ�.DGUR��$UDOÕN�����¶WH�����YH�����VD\ÕODUÕQÕQ�

ELUOLNWH�\D\ÕPÕ\OD�VRQD�HUGL��.DGUR¶QXQ�NDSDWÕOPDVÕ�EL]LP�VDSWD\DELOGL÷LPL]�ELoLPL\OH�LNL�

W�UO��\RUXPODQÕU��øONL�\XNDUÕGD�7LPXU¶XQ�LúDUHW�HWWL÷L�JLEL�YH�$\GHPLU¶LQ�JHUHNoHOHQGLUPHVL\OH�

ELU�³VÕQÕIVDO�NDYJD´�QHWLFHVLQGH�WDVIL\H�ROPDVÕ�ELoLPLQGHGLU��øNLQFL�\RUXP�7HNHOL�YH�øONLQ¶LQ�

DoÕNODPDODUÕ�GR÷UXOWXVXQGD�<DNXS�.DGUL¶QLQ�DQÕODUÕ��]HULQH�WHPHOOHQLU��%XQD�J|UH�&+)�*HQHO�

6HNUHWHUL�5HFHS�3HNHU��EDúÕQGDQ�EHUL�.DGUR�GHUJLVLQH�NDUúÕ�YH�\D\ÕQODUÕQGDQ�UDKDWVÕ]GÕU��

LQNÕODEÕ�LGHRORMLN�EDNÕPGDQ�WHPHOOHQGLUPHQLQ�NHQGL�LúL�ROGX÷XQX�G�ú�Q�\RU��.DGUR¶\X�EX�

����$\GHPLU��³øQNÕODS�%LWWL��PL"´��.DGUR« ��6D\Õ����0DUW��������V������������7DQHU�7LPXU��7�UN�'HYULPL�YH�6RQUDVÕ�����%DV���$QNDUD��øPJH�.LWDEHYL��������V������

DODQÕ�LúJDO�LOH�VXoOX\RUGX��.DGUR�LOH�GR÷UXGDQ�SROHPL÷H�JLUPH\HQ�3HNHU��EX�LúL�0XVWDID�

.HPDO¶LQ�VRIUDVÕQGD�WDUWÕúPD\D�DoPÕú�YH�.DGUR¶QXQ�NDSDWÕOPDVÕQÕ�VDYXQPXúWX��1LKD\HW�

3HNHU¶LQ�J|U�úOHUL�\DQNÕ�EXOXU�YH�*D]L�GHUJLQLQ�NDSDWÕOPDVÕ�GR÷UXOWXVXQGD�RQD\�YHULU��

'HUJLQLQ�VDKLEL�<DNXS�.DGUL¶\H�7LUDQ�%�\�NHOoLVL�ROGX÷XQXQ��ELOGLULOPHVL\OH�LúDUHW�YHULOPLú��

NÕVD�ELU�]DPDQ�VRQUD�GHUJL�\D\ÕPÕQÕ�GXUGXUPXúWX����3HNHU�LOH�ELUOLNWH�0XVWDID�.HPDO¶LQ�GH�

GHUJL�\D\ÕPODUÕQGDQ�UDKDWVÕ]�RODELOHFH÷L�LOHUL�V�U�OHELOLU��<LQH�HNOHPHN�JHUHNWLU�NL�ELU�LQNÕODS�

LGHRORMLVLQH�NDUúÕ�oÕNDQ��LGHRORML\L�KDUHNHWL�³GRQGXUPD´�WHKOLNHVL�RODUDN�J|UHQ�0��.HPDO��

NHQGL�LúOHYL�J|UG�÷��ILNUL�NRQXODUGD�ELU�EDúND�|QF��PH\GDQD�JHOPHVLQGHQ�UDKDWVÕ]�ROPXú�

RODELOLU���

����<DNXS�.DGUL�.DUDRVPDQR÷OX��=RUDNL�'LSORPDW��$QNDUD��%LOJL�<D\ÕQHYL�����������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V������

�����.DGUR�6RQUDVÕ

.DGUR�GHUJLVL�NDSDQGÕ÷ÕQGD�$QNDUD�7LFDUHW�0HNWHEL�0�G�U��RODQ�$\GHPLU��J|UHYLQL�

�����\ÕOÕQD�NDGDU�V�UG�U�U�������±������DUDVÕQGD�$QNDUD�%HOHGL\HVL�øNWLVDW�0�G�UO�÷��\DSDU��

�����VRQXQGD��øNWLVDW�9HNDOHWL�.RQWURO�øúOHUL�0�G�UO�÷�¶QH�DWDQÕU�����ùXEDW�����¶GD�øNWLVDW�

9HNDOHWL�6DQD\L�7HWNLN�+H\HWL�%DúNDQOÕ÷Õ¶QD�JHWLULOLU��øNLQFL�'�Q\D�6DYDúÕ�GÕúÕQGD�NDODQ�

7�UNL\H¶QLQ�HNRQRPLN�VRUXQODUÕQÕQ�o|]�P��LoLQ�EXUDGD�øVPDLO�+�VUHY�LOH�oHúLWOL�UDSRUODU�

KD]ÕUODU������¶GH�7LFDUHW�9HNDOHWL¶QH�ED÷OÕ�øDúH�0�VWHúDUÕ�ROXU��DUGÕQGDQ�GD�úX�J|UHYOHUGH�

EXOXQXU�������%DúEDNDQOÕN�*HQHO�0XUDNDEH�+H\HWL��\HVL�������(NRQRPL�%DNDQOÕ÷Õ�7HWNLN�

.XUXO�%DúNDQOÕ÷Õ�������%DúEDNDQOÕN�8PXPL�0XUDNDEH�+H\HWL�h\HVL��%X�VRQXQFX�J|UHYLQL�

'HPRNUDW�3DUWL�LNWLGDUÕQGD�X]DNODúWÕUÕODFD÷Õ��J�QH�NDGDU��V�UG�U�U����øúLQGHQ�D\UÕOPDVÕQÕ�ú|\OH�

DQODWÕU��³�����VHoLPOHULQGHQ�VRQUD�ELU�J�Q��ELU�YHNLOOHU�KH\HWL�NDUDUÕ\OH�LúLPGHQ�D\UÕOGÕP���«��

9D]LIHP�J�]HO�YH�UXKX�NXYYHWOHQGLULFL\GL��0HPOHNHWL�EDúWDQEDúD�JH]L\RUGXP��'D÷ODUÕQ�

GHOLQLúLQL��VDQWUDOOHULQ�NXUXOXúXQX��SLORQODUÕQ��FHUH\DQ�KDWODUÕQÕQ�DúDFD÷Õ�GD÷ODUÕ�

GRODúÕ\RUGXP�´���ùHYNHW�6�UH\\D��LúVL]�NDOGÕ÷ÕQGD����\DúÕQGD\GÕ��D\QÕ�\ÕO�ELU�]DPDQODU�VDWÕQ�

DOGÕ÷Õ�.D\Dú�9DGLVL¶QGHNL�\DUÕ�EDWDNOÕN�WRSUD÷ÕQD�oHNLOGL�YH�EXUD\Õ�ELU�oLIWOLN�KDOLQH�JHWLUPH\H�

oDOÕúWÕ��.D\Dú�6�W�)DEULNDVÕ¶QÕQ�NXUXOPDVÕQD�|QF�O�N�HWWL��\DúDP�|\N�V�Q��DQODWWÕ÷Õ�6X\X�

$UD\DQ�$GDP DGOÕ�NLWDEÕQÕ�EXUDGD�\D]PD\D�NR\XOGX�YH�����¶GH�\D\ÕPODGÕ�

'HPRNUDW�3DUWL��G|QHPLQGH�LúLQL�ND\EHWPHVLQH�NDUúÕQ��LNWLGDU�oHYUHVLQGHQ�WDQÕGÕNODUÕ�

YDUGÕ��2QODUGDQ�ELUL�RODQ�'U��0�NHUUHP�6DURO�DUDFÕOÕ÷Õ\OD�0HQGHUHV�LOH�WDQÕúPÕú�������¶OL�

\ÕOODUÕQ�VRQODUÕQGD�ELU�DNúDP�\HPH÷L�\HPLúWL��³<HPHNWH�0HQGHUHV���ONHQLQ�WHPHO�GDYDODUÕQD�

NRQVDQWUH�ROPXúWXU«�$\GHPLU¶H�W�P�\DSÕODQODUÕQ��|]HOOLNOH�\HQL�oLPHQWR�YH�úHNHU�

IDEULNDODUÕQÕQ�LVDEHWL�YH�JHOHFHNWHNL�WDKPLQOHULQL�VRUDU«�$\GHPLU�GH�E�\�N�UDNDPODUGDQ�

GX\JXODQPÕúWÕU����.RFDPDQ�VD\ÕODUGDQ�NRUNPDGDQ��GDKD�JHQLú�NDSVDPOÕ�SURMHOHULQ�LVDEHWLQGHQ�

E�\�N�\DUDUODUÕQGDQ�|Y�QoOH�V|]�HGHU«�0HQGHUHV�LVH��EX�V|]OHU�NDUúÕVÕQGD�VHYLQo�

J|]\DúODUÕQÕ�WXWDPD]��µ%HQL�VL]�DQOÕ\RUVXQX]¶�GL\HUHN�WDNGLUOHULQL�EHOLUWLU�´���$\GHPLU��'U��

6DURO¶XQ�LVWH÷L\OH�'3�\DQOÕVÕ�$QNDUD�7HOJUDIÕ�DGOÕ�JD]HWHQLQ�EDúPDNDOHOHULQL�LP]DVÕ]�RODUDN�

\D]DU�������±������"���GDKDVÕ�'3¶QLQ�GR÷UXGDQ�JD]HWHVL�RODFDN�+DGLVHOHUL�7DVYLU�LVLPOL�ELU�

JD]HWHQLQ�EDú\D]DUÕ�RODFDNWÕ��$QFDN����0D\ÕV������DVNHUL�P�GDKDOHVL�LOH�EX�WDVDUÕ�

JHUoHNOHúPHGL���

����$�J�H��YH�*|NW�UN��%LOLQPH\HQ�<|QOHUL\OH�«��V����������$\GHPLU��6X\X�$UD\DQ�«��V����������*|NW�UN��%LOLQPH\HQ�<|QOHUL\OH�«��V����������$�J�H���V���������

����¶ODUGD�$\GHPLU��\DúDPÕQÕ�$QNDUD�%DKoHOLHYOHU¶GH�V�UG�U�\RU�\DúDGÕ÷Õ�

DSDUWPDQGD�LNL�GDLUH�LúJDO�HGL\RUGX��%XQODUGDQ�ELULQGH�DLOH�KD\DWÕ�\DúDQÕ\RU��GL÷HULQGH\VH�

$\GHPLU��KHU�\DúWDQ�oRN�VD\ÕGD�NRQXNODUÕQÕ�D÷ÕUOÕ\RUGX��=DPDQ�]DPDQ�LVH�&XPKXUL\HW

JD]HWHVLQGH�LNLQFL�VD\IDQÕQ��VW�N|úHVLQGH�\D]ÕODU�\D]Õ\RUGX��³7RSOXPGDQ�NRSPX\RU�YH�

WRSOXPX�\LQH�HWNLOHPH\H�oDOÕúÕ\RUGX�´���ùHYNHW�6�UH\\D�LoLQ�EX�G|QHPGH�LNL�X÷UDú�|QHPOL\GL��

���%LUELUL�DUGÕQD�KDFLPOL�NLWDSODU�\D]PDN�YH�\D\ÕQODPDN��������0D\ÕV�VRQUDVÕ�PH\GDQD�JHOHQ�

VL\DVDO�KDUHNHWOHUL�HWNLOHPHN�JD\UHWL����%X�G|QHPLQ�LON�NLWDEÕ�(NPHNVL]�.|\������¶WH�

\D\ÕPODQGÕ��$UGÕQGDQ��7HN�$GDP� � � F L O W � � ��������� � øNLQFL�$GDP� � � F L O W � � ����������

0HQGHUHV¶LQ�'UDPÕ���������0DNHGRQ\D¶GDQ�2UWD�$V\D¶\D�(QYHU�3DúD���FLOW������������

øKWLODOLQ�0DQWÕ÷Õ�YH����0D\ÕV�'HYULPL���������\D\ÕPODQDUDN����FLOWOLN�ELU�VHUL\OH�DúD÷Õ�

\XNDUÕ�����\ÕOOÕN�ELU�G|QHP�HQLQH�ER\XQD�DQODWÕOGÕ�

³�����'HPRNUDVLVL´�RODQDNODUÕ�LoLQGH�LON�VRO�KDUHNHOLOLN�<|Q�GHUJLVLQLQ�oÕNPDVÕ\OD�

EDúODPÕúWÕ��'HUJLQLQ�LON�VD\ÕVÕ�����D\GÕQÕQ�LP]DODGÕ÷Õ�ELU�ELOGLUL\OH�ELUOLNWH�\D\ÕPODQPÕú��GDKD�

VRQUD�EX�ELOGLUL\H�����D\GÕQ�GDKD�LP]D�YHUPLúWL��.HQGLVLQL�³KDIWDOÕN�ILNLU�YH�VDQDW�JD]HWHVL´�

RODUDN�WDQÕPOD\DQ�<|Q���NLúLOLN�ELU�NDGURQXQ�HVHUL\GL��0�PWD]�6R\VDO��øOKDPL�6R\VDO��øOKDQ�

6HOoXN��&HPDO�5HúLW�(\�ER÷OX��+DPGL�$YFÕR÷OX�YH�GHUJLQLQ�LPWL\D]�VDKLEL��VRUXPOX�P�G�U��

'R÷DQ�$YFÕR÷OX��$QNDUD¶GD�KD]ÕUODQÕS�øVWDQEXO¶GD�EDVÕODQ�GHUJLQLQ�oÕNÕúÕ�LoLQ�JHUHNHQ�SDUD\Õ�

(\�ER÷OX�VD÷ODPÕú��GDKD�VRQUD�GHUJL�VDWÕúODUOD�NHQGLQL�NDUúÕODPÕú�NkU�HGHQ�ELU�NXUXOXú�

ROPXúWXU��*�QFHO�VL\DVHW��]HULQGH�HWNLOL�ROPD\D�oDOÕúDQ��KDIWDOÕN�ELU�GHUJL�RODQ�<|Q�����VD\Õ�

oÕNWÕNWDQ�VRQUD���+D]LUDQ�����¶WH�%DKUL�6DYFÕ¶QÕQ�ELU�\D]ÕVÕ�GROD\ÕVÕ\OD�$QNDUD�6ÕNÕ\|QHWLP�

.RPXWDQOÕ÷Õ�WDUDIÕQGDQ�NDSDWÕOGÕ��%X�G|QHP�WLUDMÕ�������ELQ�FLYDUÕQGD\NHQ��(\O�O�����¶WH�

\HQLGHQ�\D\ÕPODQPDVÕQÕQ�DUGÕQGDQ�WLUDMÕ����ELQ�VHYL\HVLQH�NDGDU�G�úW���'HUJL�����+D]LUDQ�

����¶GH������VD\ÕVÕ\OD�\D\ÕQ�KD\DWÕQD�VRQ�YHUGL���

<|Q�KDUHNHWLQL�$WÕOJDQ��³6RV\DOL]PH�(NOHPOHQPLú�%LU�.HPDOL]P´�RODUDN�DGODQGÕUÕS�

WHPHO�WH]OHULQL�ú|\OH�EHOLUOL\RU�����<|Q�LoLQ�WHPHO�VRUXQ�LNWLVDGL�NDONÕQPD�VRUXQXGXU��VL\DVDO�

VRUXQODU��LNWLVDGL�VRUXQODUÕQ�VRQXFXGXU��7�UNL\H�KÕ]OÕ�LNWLVDGL�NDONÕQPD\Õ�DQFDN�³\HQL�ELU�

$WDW�UNo�O�N´�SURJUDPÕQGD�VD÷OD\DELOLU�����<HQL�$WDW�UNo��SURJUDP��.HPDOLVW�NDGURODUÕQ�

NDSLWDOLVW�NDONÕQPD�\ROXQX�VHoHUHN�\DQOÕú�\ROD�VDSWÕNODUÕQÕ�WHVSLW�HWPHOLGLU�����.HPDOL]PLQ�

EDúDUÕ\D�XODúPDVÕ�LoLQ�VRV\DOLVW�ELU�\ROD�JLUPHN�JHUHNWLU��7�UNL\H¶\L�HNRQRPLN�ELU�NDONÕQPD\D�

J|W�UHFHN�\RO�VRV\DOL]PGLU�����.HPDOLVW�LONHOHU��GHYOHWoLOLN��PLOOL\HWoLOLN��KDONoÕOÕN�YH�

����7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V����������$�J�H���V����������*|NKDQ�$WÕOJDQ��<|Q�'HYULP�+DUHNHWL��øVWDQEXO��7h67$9������YH�7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V���������

LQNÕODSoÕOÕN��VRV\DOL]PLQ�GD\DQD÷ÕGÕU�YH�VRV\DOLVW�ELU�\|QHOLPOH��EX�LONHOHU�\HQLGHQ�

WDQÕPODQPDOÕGÕU���³µøQNÕODSoÕOÕN¶��UDGLNDO�ELU�LNWLVDGL�YH�VRV\DO�G�]HQ�GH÷LúLNOL÷LQL�LIDGH�HWPHN�

�]HUH�µGHYULPFLOLN¶�úHNOLQGH�WHUF�PH�HGLOGL��µ+DONoÕOÕN¶�µVÕQÕIVÕ]��]�PUHVL]�ND\QDúPÕú�NLWOH¶�

\HULQH�µøúoL�YH�N|\O�OHUGHQ�ROXúDQ�HPHNoL�NHVLPOHU¶GHQ�\DQD��WRSUDN�D÷DODUÕQD�YH�EXUMXYD]L\H�

NDUúÕ�ELU�SROLWLND�RODUDN�DQODPODQGÕUÕOGÕ��µ'HYOHWoLOLN¶�KDONoÕ�SROLWLNDQÕQ�\ROX�RODUDN�WDULI�

HGLOGL��µ0LOOL\HWoLOLN¶�HPSHU\DOL]PH�NDUúÕ�P�FDGHOHQLQ��WDP�ED÷ÕPVÕ]OÕ÷ÕQ�LONHVL�RODUDN�

LoHULNOHQGLULOGL�´��

<|Q�NROHNVL\RQX�LoLQGH����\D]ÕVÕ�RODQ�$\GHPLU�LON�\D]ÕVÕQÕ����2FDN�����¶GH�<|Q�

GHUJLVLQLQ�DOWÕQFÕ�VD\ÕVÕQGD�\D\ÕPODPÕúWÕ��³)LNLU�$WDW�UNo�O�÷��YH�.HOLPH�$WDW�UNo�O�÷�´��

EXUDGD�NÕVDFD�$WDW�UNo�O�÷�Q�³LPWL\D]VÕ]�YH�VÕQÕIVÕ]´�ELU�7�UNL\H�LoLQ�\|Q�WD\LQ�HGLFL�

ROGX÷XQX�YXUJXODPÕú�YH�ú|\OH�GHPLúWL��³.HOLPH�$WDW�UNo�O�÷���GRQPXú�ELU�oÕ÷OÕN�KDOLQGH�

NDOÕUNHQ�ILNLU�$WDW�UNo�O�÷���EL]H�G�Q�ROGX÷X�JLEL�EXJ�Q�GH��\DUÕQ�GD�\|Q�YHUHFHN�ELU�

GRNWULQGLU�´����+HPHQ�ELU�VRQUDNL�VD\ÕGD�\D\ÕPODQDQ�\D]ÕVÕQGD��<|Q�U�]JDUÕ\OD�ROPDOÕ��

$\GHPLU�LON�GHID�ELU�7�UN�6RV\DOL]PL¶QGHQ�V|]�HGHU��øNL�W�U�VRV\DOL]P�YDUGÕU�GHU��ELUL�

³LKWLODOFL�VRV\DOL]P´�RODQ�NRP�QL]P��6RY\HWOHU���GL÷HUL�³ÕVODKDWoÕ�VRV\DOL]P´�GHQLOHQ�YH�%DWÕ�

$YUXSD¶GD�J|U�OHQ�G�]HQGLU��øNLQFLVL�VÕQÕI�P�FDGHOHVLQH�GD\DQPD\DQ��GHYOHWLQ�HNRQRPLN�YH�

WRSOXPVDO�\DúDPD�P�GDKDOHVL\OH�VÕQÕIVDO�IDUNOÕODúPDODUÕ�|QOH\HQ�JHOLU�GD÷ÕOÕPÕQÕ�DGLO�ELU�

ELoLPGH�NXUDQ�ELU�VLVWHPGLU��³%L]LP�$WDW�UN�GHYOHWoLOL÷LPL]�EDWÕ�PDQDVÕQGD�ELU�VRV\DOL]PGHQ�

EDúND�ELU�úH\�GH÷LOGLU�´����'ROD\ÕVÕ\OD�ELU�³7�UN�GHYOHWoLOL÷L´�\D�GD�³7�UN�VRV\DOL]PL´�KÕ]OÕ�ELU�

NDONÕQPD�\ROXGXU�

'DKD�ELUoRN�\D]ÕVÕQGD�$\GHPLU�7�UN�GHYOHWoLOL÷L�\D�GD�VRV\DOL]PL�VRUXQODUÕQÕ�WDUWÕúÕU��

W�P�³D]JHOLúPLú´�KDONODU�LoLQ�JHoHUOL�ELU�PRGHO�RODUDN��³PHPOHNHWoL�VRV\DOL]P´�J|U�ú�Q��

LúOHU��2QXQ�LoLQ�7�UN�VRV\DOL]PL�YH\D�PHPOHNHWoL�VRV\DOL]P��PLOOL�NXUWXOXú�KDUHNHWLQLQ�

V�UHNOLOL÷L�LoLQGH�HOH�DOÕQPDOÕGÕU��³0HPOHNHWoL�VRV\DOL]P��D]JHOLúPLú�PHPOHNHWOHUGH��PLOOL�

NXUWXOXú�KDUHNHWOHULQLQ�ELU�GHYDPÕ�QLWHOL÷LQGHGLU�´���

$\GHPLU��.DGUR¶GD�V|P�UJHFL�YH�V|P�UJH��ONHOHU�oHOLúNLVL�ED÷ODPÕQGD�LúOHGL÷L�WH]OHUL��

<|Q¶GH�\HQLGHQ��IDNDW�EX�GHID�0.+¶\L�DúDQ�VRV\DOL]PH�G|Q�úHQ�ELU�ED÷ODPGD�\HQLGHQ�

RUWD\D�NR\GX��%XUDGD�GD�0.+�HYUHQVHO�ER\XWWD�ELU�KDUHNHWWL�YH�GHYOHWoL�LNWLVDGL�J|U�úOHUL�

WHPHOLQH�GD\DQPÕúWÕ��DQFDN�$\GHPLU��EHONL�GH�����¶ODUGD�VDNÕQGÕ÷Õ�VRV\DOL]P�V|\OHPLQL�

����¶OÕ�\ÕOODUGD�DUWÕN�VDNÕQÕPVÕ]�WDUWÕúPD�RODQD÷Õ�EXOPXúWX��gWH�\DQGDQ�$\GHPLU�LoLQ�

����$WÕOJDQ���<|Q�'HYULP�«��V�������������ùHYNHW�6�UH\\D�$\GHPLU��³)LNLU�$WDW�UNo�O�÷��YH�.HOLPH�$WDW�UNo�O�÷�´��<|Q��<ÕO����6D\Õ�������2FDN�������V��������ùHYNHW�6�UH\\D�$\GHPLU��³7�UN�6RV\DOL]PL�YH�)LNLU�$WDW�UNo�O�÷�´��<|Q��<ÕO����6D\Õ��������2FDN�������V��������ùHYNHW�6�UH\\D�$\GHPLU��³,��0HPOHNHWoL�6RV\DOL]PLQ�øONHOHUL´��<|Q��<ÕO����6D\Õ��������2FDN�������V����

J|U�úOHULQLQ�WHPHOLQGH�\HU�DODQ�GHYOHWLQ�HJHPHQOL÷L�YH�³VÕQÕIODUÕQ�UHGGL´�EX�G|QHP�GH�GDKL�

JHoHUOLOL÷LQL�NRUXU�GXUXPGD\GÕ��7�UNL\H¶GH�EXJ�Q�GL\HFHNWL������¶ODUGD��³LúoL�VÕQÕIÕ´�

JHOLúL\RU��VHQGLNDODU�LOH�|UJ�WOHQL\RU��VL\DVDO�\DúDPD�JLUL\RU��'LOH÷LP�RODVÕ�³VÕQÕI�

oDWÕúPDODUÕQÕQ´�LOHUL�ELU�GHYOHWoLOLN�LOH�\XPXúDWÕOPDVÕGÕU����

6|\OHGL÷LPL]�JLEL�<|Q�GHUJLVL�NÕVD�ELU�DUDQÕQ�DUGÕQGDQ����(\O�O�����¶WH�\HQLGHQ�

\D\ÕPODQPD\D�EDúODU��LNLQFL�G|QHPGH�$\GHPLU¶LQ�\D]ÕODUÕQGD�D]DOPD�J|U�O�U��'DKDVÕ�

LGHRORMLN�\D]ÕODUGDQ�oRN�J�QFHO�VRUXQODUD�GH÷LQLU��6|]JHOLPL������G�Q\D�J�]HOL�+LQGLVWDQOÕ�

)DUL\D¶\D DoÕN�ELU�PHNWXS�NDOHPH�DODFDN��VHQLQ�\HULQ�VDUKRú�$PHULNDOÕODUÕQ�GH÷LO��$V\DOÕODUÕQ�

\DQÕQGDGÕU�GL\HFHNWL���������¶GH�<|Q�GHUJLVL�NDSDWÕOGÕ÷ÕQGD�$\GHPLU��NLWDS�oDOÕúPDODUÕ�YH�

&XPKXUL\HW¶WHNL�\D]ÕODUÕ\OD�\DúDPÕQÕ�V�UG�UG�������¶ODUÕQ�VRQXQGD�VRO�JUXSODU�DUDVÕQGDNL�

J|U�ú�D\UÕOÕNODUÕQGDQ�E�\�N�UDKDWVÕ]OÕNODU�GX\PXú�����\DúÕQGD�ROPDVÕQD�NDUúÕOÕN�ELU�SDUWL�

NXUPD\D�NDUDU�YHUPLú��DQFDN�oRN�JHoPHGHQ�YD]JHoPLúWL�����'R÷DQ�$YFÕR÷OX��<|Q�KDUHNHWLQLQ�

ELU�WDPDPOD\ÕFÕVÕ�J|UG�÷��'HYULP�GHUJLVLQL����(NLP�����¶GD�oÕNDUPD\D�EDúODPÕú��$\GHPLU��

'HYULP�GHUJLVLQLQ��o�VD\ÕVÕQGD��o�\D]ÕVÕ\OD�J|U�OP�úW������<D]ÕODUÕQGD�J�QFHO�VL\DVDO�

VRUXQODUOD��0.+¶QLQ�DQD�KDWODUÕQÕ�\HQLGHQ�WDUWÕúPÕú��EXUDGDNL�VRQ�\D]ÕVÕQÕ�LVH�&HYDW�

'XUVXQR÷OX¶QXQ�D\GÕQ�NLPOL÷LQH�D\ÕUPÕúWÕ��'HYULP�GHUJLVLQLQ�DUGÕQGDQ�VDGHFH�&XPKXUL\HW�

LoLQ�\D]GÕ�YH�EXUDGD�����0DUW�����¶GD�\D\ÕPODQDQ�³'R÷XP�$÷UÕVÕ�PÕ�7�NHQLú�PL"´�EDúOÕNOÕ�

\D]ÕVÕQGDQ�ELUNDo�J�Q�VRQUD����0DUW�����¶GD�����\DúÕQGD�|OG���ùHYNHW�6�UH\\D�$\GHPLU��

$QNDUD�*�OYHUHQ��PH]DUOÕ÷ÕQGD�WRSUD÷D�YHULOGL����

�����ùHYNHW�6�UH\\D�$\GHPLU��³,,��(PHN��øúoL�6ÕQÕIÕ�YH�(PH÷LQ�6RV\DO�'H÷HUL´��<|Q��<ÕO����6D\Õ�������ùXEDW�������V���������ùHYNHW�6�UH\\D�$\GHPLU��³'�Q\D�*�]HOLQH�$oÕN�0HNWXS´��<|Q��<ÕO����6D\Õ���������$UDOÕN�������V��������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V�����������ùHYNHW�6�UH\\D�$\GHPLU��³.RP�QLVW�<DUDWPDN´��'HYULP��6D\Õ�������(NLP�������V�����³%LU�6HQDW|UH�$oÕN�0HNWXS´��'HYULP��6D\Õ�������DUDOÕN�������V����³%LU�*HUoHN�$\GÕQ´��'HYULP��6D\Õ��������2FDN�������V���������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V���������

���7$5ø+�$1/$<,ù,

øNLQFL�E|O�PGH�$\GHPLU¶LQ�WDULKVHO�\|QWHPLQL�HQLQH�ER\XQD�LQFHOHPH\H�oDOÕúDFD÷Õ]��

EXUDGD�|QFHOLNOH�\D]DUÕQ�\|QWHP�NRQXVXQGD�V|\OHGLNOHULQL�J|U�S�DUGÕQGDQ�GL\DOHNWLN�

\|QWHPLQ�ND\QDNODUÕ\OD�NDUúÕODúWÕUDFD÷Õ]��'L\DOHNWLN�\|QWHP�HVNL�oD÷ODUGDQ�EHUL�NXOODQÕOVD�GD�

RQD�\D\JÕQOÕN�ND]DQGÕUDQ�+HJHO�YH�0DUNV�ROGX÷XQGDQ��EX�LNL�G�ú�Q�U�Q�\|QWHP�NRQXVXQGDNL�

WHPHO�ILNLUOHULQH�GH÷LQLS��LúOH\Lú�WDU]ODUÕQÕ�EHWLPOH\HFHN�DUGÕQGDQ�$\GHPLU¶LQ�V|]�NRQXVX�

\|QWHPL�QDVÕO��KDQJL�VRPXW�\|QHOLPOHUOH�YH\D�oD÷UÕODUOD�ELoLPOHQGLUGL÷LQL�LúOH\HFH÷L]��øON�

DOWE|O�P�WHPHO�RODUDN�$\GHPLU¶LQ�0DUNVLVW�\|QWHPLQ�VRPXW�\|QHOLPOHULQH�WHUV�G�úHQ�

LIDGHOHUL\OH�VRQ�EXOX\RU��EXUDGD�NDWÕ�NDWÕ\D�ELU�\|QWHP�oL]JLVL��]HULQGH�GXUXOPX\RU�YH�

$\GHPLU¶LQ�VDSWDPDODUÕ�G|QHPLQ�NRúXOODUÕ�ED÷ODPÕQGD�\RUXPODQÕ\RU��øNLQFL�DOWE|O�P�

HPSHU\DOL]P�NDYUDPÕQGD�0LOOL�.XUWXOXú�+DUHNHWOHUL¶QL�LoHUL\RU��$\GHPLU�DQFDN�

HPSHU\DOL]PLQ�\HQLOPHVL\OH�ED÷ÕPVÕ]�PLOOL�GHYOHWOHULQ�YDURODFD÷ÕQÕ�EHOLUWPLú��DQFDN�/HQLQ�

JLEL�VRV\DOL]P�ED\UD÷ÕQÕ�GDOJDODQGÕUPDPÕúWÕ��RQD�J|UH�HPSHU\DOL]PLQ�\ÕNÕOÕúÕ�PLOOL�ED÷ÕPVÕ]�

GHYOHWOHULQ�YDUROPDVÕ\OD�VRQ�EXODFDNWÕ��ho�QF��DOWE|O�P�LVH�NDKUDPDQODUD�YH�NDGURODUD�\DQL�

PLOOL�NXUWDUÕFÕODUÕQ�H\OHPFLOL÷LQH�D\UÕOGÕ��WDULKVHO�JLGLúDWWD�%DWÕ�LOH�'R÷X�NDUúÕWOÕ÷ÕQÕ�EHOLUOH\HQ�

$\GHPLU�LoLQ�'R÷XOX��ONHOHUGH�ED÷ÕPVÕ]OÕN��NDONÕQPD�JLEL�VRUXQODUÕQ�o|]�OPHVLQGH�

VÕQÕIODUGDQ�\D�GD�NLWOHOHUGHQ�oRN�NDKUDPDQODU�YH�NDGURODU�|QHP�ND]DQÕ\RU��6RQ�DOWE|O�PGH\VH�

$\GHPLU¶LQ�7�UNL\H¶GH�\D]ÕODQ�³UHVPL´�YH\D�³HJHPHQ´�WDULK�WH]L\OH�\DNÕQOÕ÷Õ�YH�PHVDIHOHUL�

LUGHOHQL\RU�

������7DULKVHO�<|QWHP��'L\DOHNWLN�YH�YH\D�7DULKVHO�0DWHU\DOL]P

ùHYNHW�6�UH\\D�$\GHPLU��.879�|÷UHQLPLQLQ�DUGÕQGDQ�7�UNL\H¶\H�G|QP�ú��$\GÕQOÕN�

oHYUHVLQGH�VL\DVDO�YH�\D]ÕQVDO�HWNLQOLNOHULQH�EDúODPÕúWÕ��%X�G|QHPGH�6DGUHWWLQ�&HODO�LOH�

\D\ÕPODGÕNODUÕ�/HQLQ�YH�/HQLQL]P�NLWDEÕQGD�WDULKVHO�\|QWHP�VRUXQODUÕQÕ�0DUNVLVW�ELU�WDYÕU�LOH�

GH÷HUOHQGLUGL��/HQLQ�LKWLODOFLOL÷LQL�DQOD\DELOPHN�LoLQ��0DUNV¶ÕQ�GL\DOHNWLN�\|QWHPLQL�ELOPHN�

JHUHNWL÷L��]HULQGH�GXUX\RU��|QFHOLNOH�LKWLODO�NDYUDPÕQÕQ�DoÕNODQPDVÕ��JHUHNWL÷LQL�EHOLUWL\RUGX��

³&HPL\HWWH�LKWLODO��LoWLPDL�ELU�KDGLVHGLU��ELU�VÕoUDPDGÕU��'DKD�GR÷UXVX�VÕQÕIOÕ��P�ONL\HWOL�

FHPL\HWLQ�LQNLúDIÕ�HVQDVÕQGD�WDULKL�ELU�]DUXUHWWLU�´�'R÷D�JLEL�WDELDWÕQ�ELU�SDUoDVÕ�RODQ�WRSOXP�

GD�GH÷LúPH]��KDUHNHWVL]�ELU�YDUOÕN�GH÷LOGLU��úLPGL�GL\DOHNWLN�J|U�ú�PDGGHOHU�KDOLQGH�ú|\OH�

DoÕNODQDELOLU���³���<DQL�KHU�úH\�VH\LU�YH�FHUH\DQ�KDOLQGHGLU��KHU�úH\�GH÷LúLU��KHU�úH\�FHUH\DQ�

HGHU��«��øúWH�EX�HVDV�GL\DOHNWLN�J|U�ú�Q�GH�ELULQFL�HVDVÕGÕU������6DQL\HQ�KLoELU�KDGLVH�

P�FHUUHW�YH�P�VWDNLO�RODPD]������6DOLVHQ�ELU�NH\IL\HW�GL÷HU�ELU�NH\IL\HWH�LQNÕODS�HGHELOPHN�

LoLQ�ELU�KD]ÕUOÕN��NRPLWH�L�WHUDNNLP�GHYUL�JHoLUPHN�PHFEXUL\HWLQGHGLU��<DQL�GDLPD�NRPLWH�L�

GH÷LúLNOLNOHU��NH\IL\HWOHULQ�GH�GH÷LúPHVLQL�GDYHW�HGHUOHU���«������5DELDQ�JHUHN�WDELDW�YH�

JHUHNVH�FHPL\HWWH�LQNLúDI�GDLPD�ELUELULQH�]ÕW�NXYYHWOHULQ�oDUSÕúPDVÕ��NDUúÕODúPDVÕ�QHWLFHVLGLU�

�«������1LKD\HW�GL\DOHNWL÷LQ�HQ�VRQ�YH�]DUXUL�ELU�HVDVÕ�GD�úXGXU�NL��ELU�NH\IL\HWWHQ�GL÷HU�ELU�

NH\IL\HWH�LQWLNDO�GDLPD�VHNWHOHU��VÕoUDPDODU��LQNÕODSODU�úHNOLQGH�ROXU��øoWLPDL��NLP\HYL��

KHNHPL�����EL\RORMLN«�K�ODVD�WDELDWWD�YH�FHPL\HWWH�E�W�Q�KDGLVDWWD�EX�KDO�GDLPD�WDKDGG�V�

HGHU�´���

$\GHPLU��WDULKVHO�\|QWHP�VRUXQXQD�EL]LP�VDSWD\DELOGL÷LPL]�NDGDUÕ\OD�LNLQFL�NH]�

øQNÕODS�YH�.DGUR�NLWDEÕQGD�GH÷LQGL��%X�GHID�\|QWHP�VRUXQXQX�³WDULKL�PDWHU\DOL]P´�

ED÷ODPÕQGD�LUGHOHPLúWL��7DULKL�PDWHU\DOL]P�GL\RU��³VDQÕ\RUX]�NL�WDULKLQ�HQ�GR÷UX�ELU�DQOD\Õú�

WDU]ÕGÕU�´����7DULKL�PDWHU\DOL]P�LQVDQÕ�WRSOXPVDO�LOLúNLOHULQ�ELU�|÷HVL�RODUDN�LQFHOHU��7RSOXPVDO�

ELU�YDUOÕN�RODQ�LQVDQ�GR÷D\D�NDUúÕ�VDYDúÕQÕ�³WHNQLN´�YH\D�GL÷HU�ELU�V|\OH\LúOH�³�UHWLP�DUDo�YH�

YDVÕWDODUÕ´�LOH�JHUoHNOHúWLULU��³7HNQLN�JHOLúPH\L��WRSOXPODúPD\Õ�JHUHNWLULU��7HNQLN�WRSOXPXQ�

LVNHOHWLQL�WHúNLO�HGHU��øQVDQODU��DQFDN�E|\OH�ELU�WHNQLN�WHPHO��VW�QGH�YH�WHNQL÷LQ�R�DQGDNL�

JHOLúPH�VHYL\HVLQLQ�HOYHUGL÷L�QLVSHWWH�NDUúÕOÕNOÕ�ELU�WDNÕP��UHWLP�LOLúNLOHULQH�JLUHUOHU��9H�EX�

LOLúNLOHU�HWUDIÕQGD�GL÷HU�VRV\DO�P�QDVHEHWOHU�GR÷PD\D��EHOLUPH\H�EDúODU���«��'LO��DKODN��GLQ��

KXNXN��HVWHWLN�LOLúNLOHU�YH�WRSOXPXQ�LGHRORMLVL��EX�WHNQL÷LQ�JHOLúPHVLQH�HYYHOD�WDEL�YH�ED÷OÕ�

�����7ÕEEL�DQODPÕQGD�³KHNLPL´�ROPDOÕ������&HODO��$\GHPLU��/HQLQ�YH«���V�������������$\GHPLU��øQNÕODS�YH«���V�����

NDOÕU�´����$\GHPLU�LoLQ�NÕVDFD�V|\OHPHN�JHUHNLUVH���UHWLP�DUDo�YH�YDVÕWDODUÕQD�GD\DQDQ��UHWLP�

LOLúNLOHUL�KHU�]DPDQ�WRSOXPXQ�WHPHO�LOLúNLOHULQL�EHOLUOHU��7HPHO�LOLúNLOHU��]HULQGH\VH��\XNDUÕGD�

VD\ÕODQ�³�VW�P�HVVHVHOHU´�PH\GDQD�JHOLU�YH�DQFDN�WHPHOGHNL�oHOLúPHOHU�YH�GD÷ÕOPDODU���VW�

P�HVVHVHOHUL�EHOLUOHU��$\GHPLU�LoLQ�$YUXSD¶GDNL�NRúXOODU�LoLQGH�JHOLúHQ�0DUNVL]PLQ��0LOOL�

.XUWXOXú�+DUHNHWOHULQL�KHVDED�NDWPD\DUDN��WDULKL�PDWHU\DOLVW�\|QWHP�LOH��WDPDPHQ�VÕQÕI�

P�FDGHOHOHULQH�\|QHOPHVL�NHQGL�LoLQGH�DQODúÕODELOLU��IDNDW�7�UNL\H�JLEL�WHPHOGH�V|P�UJHFL�

V|P�UJH��ONHOHU�oHOLúNLVLQL�\DúD\DQ�PHPOHNHWOHU�LoLQ�VÕQÕI�P�FDGHOHVL�JHoHUOLOL÷LQL�\LWLULU����

.DGUR�\D]ÕODUÕ�DUDVÕQGD��³)LNLU�+DUHNHWOHUL�$UDVÕQGD�7�UN�1DV\RQDOL]PL´QL�LQFHOH\HQ�

$\GHPLU��EXUDGD�GD�WDULKVHO�\|QWHP�VRUXQXQD�H÷LOPLú��0DUNVL]P�EDúOÕNOÕ�\D]ÕVÕQGD��EX�

NXUDPÕQ��o�|÷HGHQ�±)HOVHIL�0DWHU\DOL]P��'L\DOHNWLN��7DULKL�0DWHU\DOL]P��PH\GDQD�JHOGL÷LQL�

EHOLUWHUHN��0DUNVLVW�GL\DOHNWL÷L�ú|\OH�DoÕNODPÕúWÕ�����%LU�PDGGH�KDUHNHWL�RODQ�ROD\ODU�GH÷LúLU�YH�

ROJXQODúÕU�����QLFHOLNVHO�ELULNLP��QLWHOLNVHO�GH÷LúLPOHUL�GDYHW�HGHU�����QLWHOLNVHO�GH÷LúLPOHU�

VÕoUDPDODU�RODUDN�\DúDQÕU�����LOHUOHPH�]ÕW�NXYYHWOHULQ�oDUSÕúPDVÕ\OD�PH\GDQD�JHOLU�����

NDQXQL\HW�GHPHN��QHGHQOHULQ�]LQFLUOHPHVL�GHPHNWLU����

6RQ�RODUDN�\|QWHP�VRUXQXQX�$\GHPLU¶LQ�VRQ�oDOÕúPDODUÕQGDQ�ELULQGH�����¶WH�

\D\ÕPODGÕ÷Õ�øKWLODOLQ�0DQWÕ÷Õ�YH����0D\ÕV�øKWLODOL�DGOÕ�NLWDEÕQGD�J|UHOLP��%XUDGD�\|QWHP�

VRUXQX�PDQWÕN�ED÷ODPÕQGD�GH÷HUOHQGLULOLU��³GR÷UX�G�ú�QHQ�]LKLQ¶LQ�YDUGÕ÷Õ�QHWLFH´OHUL�

EXOJXOD\DQ�$ULVWRWDOHVoL�NODVLN�PDQWÕ÷D�NDUúÕ��$\GHPLU�³oHOLúNLOHU�PDQWÕ÷Õ´�LOH�WDULKVHO�

PDO]HPHQLQ�GDKD�GR÷UX�GH÷HUOHQGLUHELOHFH÷LQL�LúDUHW�HGHU�YH�EX�PDQWÕN�WDU]ÕQÕ�ú|\OH�WDQÕPODU��

³�«��HVDV��PDGGHQLQ�KDUHNHWLGLU��7DELDW��\DKXW�GR÷D��W�P��LOH�PDGGH�ROGX÷X�JLEL��WRSOXP�YH�

WRSOXP�LoLQGH�LQVDQ�GD��PDGGHQLQ��\DQL�WDELDWÕQ��NDLQDWÕQ�ELU�SDUoDVÕGÕU��2�KDOGH�WRSOXP�GD��

WRSOXP�LoLQGH�LQVDQ�GD��PDGGHQLQ�KDUHNHW�NDQXQODUÕQD�WDELGLU��%X�NDQXQODU�HVDVÕQGD�YH�\HULQH�

J|UH��KDUHNHWLQ�|]��RODQ�HQHUML�ELULNLPL��GLQDPLN�NXGUHW�ELULNLPL��J�o�ELULNLPL��ILNLU�ELULNLPL��

NÕVDFDVÕ�ELULNLPOHU�\DWDU�´����.RúXOODU�WDPDP�ROGX÷XQGD��QDVÕO�VX�\�]�GHUHFHGH�ND\QDUVD��

WRSOXPGDNL�KkO�YH�QLWHOLNOHU�GH�LúWH�E|\OH�NDoÕQÕOPD]�ELU�ELoLPGH�GH÷LúLU��'L\DOHNWLN�PDQWÕN��o�

KkO�YH\D�VDIKDGD�LQFHOHQHELOLU�����7H]��'R÷DGD�\D�GD�WRSOXPGD�ELU�KDOLQ�YH\D�QLWHOL÷LQ�KDUHNHW�

QRNWDVÕGÕU�����$QWLWH]��dHOLúNLOHU��KDUHNHW�QRNWDVÕ��]HULQGHNL�NDUúÕW�J�oOHU�����6HQWH]��7H]�YH�

DQWLWH]�LOLúNLOHUL��oDWÕúNÕODUÕ�QHWLFHVLQGH�RUWD\D�oÕNDQ�\HQL�KkO�YH�QLWHOLNOHUH�GHQLU��.ÕVDFD�

V|\OHPHN�JHUHNLUVH������\�]\ÕOGD�+HJHO�LOH�ELUOLNWH�GL\DOHNWLN�PDQWÕN�RUWD\D�oÕNPÕú�YH�

JHOLúPLúWL��³%|\OHFH��'L\DOHNWLN�0DQWÕN�YH\D�dHOLúNLOHU�0DQWÕ÷Õ��ELU�DNÕO�YH\D�]LKLQ�WHUNLEL�

�����$�J�H���V����������$�J�H���V����������$\GHPLU��³)LNLU�+DUHNHWOHUL�$UDVÕQGD�7�UN�1DV\RQDOL]PL�,,��0DUNVL]P´��.DGUR��6D\Õ�����+D]LUDQ�������V���������ùHYNHW�6�UH\\D�$\GHPLU��øKWLOkOLQ�0DQWÕ÷Õ�YH ���0D\ÕV�øKWLOkOL�����%DV��øVWDQEXO��5HP]L�.LWDEHYL��V�����

ROPD\ÕS��K�N�POHULQL�ROD\ODUÕQ�KHGHI�YH�JD\HVLQH�J|UH�GH÷LO��REMHNWLI�úDUWODUÕQ�YH�]DUXUHWOHULQ��

NDQXQL\HWOHULQH�J|UH�YHUHQ��GHWHUPLQLVW�ELU�VLVWHP�RODUDN�JHOLúWL�´���

<|QWHP�VRUXQXQX�|QF�OHU�LoLQGH��JHUoHNOHúWLUHELOGL÷LPL]�RUDQGD��WDUWÕúPD\D�JLUPHGHQ�

|QFH�úXQX�YXUJXODPDN�JHUHNWLU�NL�$\GHPLU�JHUHN�GL\DOHNWLN�JHUHNVH�WDULKL�PDWHU\DOL]P�

WDUWÕúPDODUÕQGD�DúD÷Õ�\XNDUÕ�W�P�\D]ÕODUÕQÕQ�DUGÕQGDQ�7�UNL\H¶GH�oD÷GDú�EXUMXYD�SUROHWDU\D�

VÕQÕI�oHOLúNLVLQLQ�ROPDGÕ÷ÕQÕ��7�UNL\H�LoLQ�GL\DOHNWLN�WDULKL�PDWHU\DOLVW�\|QWHP�NXOODQÕOGÕ÷ÕQGD�

WHPHO�VRUXQXQ�V|P�UJHFL�V|P�UJH��ONHOHU�oHOLúNLVLQGH�EHOLUHQ�0.+�YH�VRQUDVÕ�ROGX÷XQX�

EHOLUOHU��7�UNL\H¶GH�oD÷GDú�VÕQÕIODUÕQ�ROPDPDVÕ�ELU�EDNÕPD�YDURODQ�GHYOHWLQ��WRSOXPVDO�

G�]HQLQ�GH÷HUOHQGLUPHVLQLQ�GH�|Q�Q��NHVPLú�JLELGLU��$VOÕQGD�$\GHPLU��.DGUR�\ÕOODUÕQGDQ�

EDúOD\DUDN�ILNLUOHULQL�ELU�NXYYHW�KDOLQH�JHWLUPH\H�oDOÕúPÕú��HQ�D]ÕQGDQ�NXUDPVDO�G�]H\GH�

LNWLGDUD�WDOLS��ELU�NDGUR�PH\GDQD�JHWLUPHN�LVWHPLú��GROD\ÕVÕ\OD�V|\OHP�G�]H\LQGH�WDULKVHO�

PDWHU\DOLVW�\|QWHPH�ED÷OÕ�ROGX÷XQX�EHOLUWVH�GH�V|]JHOLPL�7�UNL\H¶GH�.HPDOLVW�LNWLGDUÕQ�

VÕQÕIVDO�\DSÕVÕQÕ�.DGUR�\ÕOODUÕQÕ�GD�DúDQ�ELU�V�UHoWH�����¶ODUGD�7HN�$GDP�oDOÕúPDVÕQGD�GDKL�

GH÷HUOHQGLUPHPLú��0XVWDID�.HPDO¶L�W�P�PLOOHWLQ�WHPVLOFLVL�VD\PÕúWÕ��gWH�WDUDIWDQ�\XNDUÕGD�

7LPXU¶XQ�GD�EHOLUWWL÷L�JLEL�$\GHPLU�LoLQ�WDULKVHO�PDWHU\DOL]P�LOH�ELOLPVHO�VRV\DOL]P�

ELUELULQGHQ�D\ÕUW�HGLOHELOLUGL��\DQL�WDULKVHO�PDWHU\DOLVW�\|QWHP�LOH�VRV\DOL]PH�JLGLú�V�UHFL�

VDSWDQPDNVÕ]ÕQ��ED÷ÕPVÕ]�PLOOHWOHU�KHGHIL�J�G�OHELOLUGL��'ROD\ÕVÕ\OD�$\GHPLU¶LQ�NDOHPLQGH��

WDULKL�PDWHU\DOL]P�0DUNV�YH�/HQLQ�oL]JLVLQGHNL�J|U�Q�P�QGHQ�oRN��FR÷UDIL�QLWHOLNOHUOH�

V|P�UJHFL�V|P�UJH�oHOLúNLVL\OH�VRPXW�RODUDN�NDUúÕPÕ]D�oÕNDU�

.|N��HVNL�<XQDQFD¶\D�GD\DQDQ�GL\DOHNWLN�NDYUDPÕ��<XQDQ�DOWÕQ�oD÷ÕQÕQ�E�\�N�

ILOR]RIODUÕQGDNL�EHOLUOHQLPOHUL�ELU�\DQD�JHQHO�RODUDN��WDUWÕúPD�VDQDWÕ��DNÕO�\�U�WPH�\ROX\OD�

DUDúWÕUPD�YH�GR÷UXODUD�XODúPD�\|QWHPL�RODUDN�EHOLUOHQHELOLU�����0DUNVLVW�JHOHQH÷LQ�GL\DOHNWLN�

WDUWÕúPDODUGD�|QF�V��$\GHPLU¶LQ�GH�EHOLUWWL÷L�JLEL�+HJHO�ROPXúWX��$OPDQ�LGHDOL]PLQLQ�VRQ�YH�

HQ�E�\�N�VLVWHP�G�ú�Q�U��RODUDN�NDEXO�J|UHQ�ILOR]RI��NHQGLVLQH�NDGDU�JHOHQ�W�P�IHOVHIL�

NDUúÕWOÕNODUÕ�X]ODúWÕUPDN�YH�ELUOHúWLUPHN�LVWHPLúWL��+HJHO�LoLQ�JHUoHNOL÷L�NDYUDPDN�DQFDN�YH�

VDGHFH�G�ú�QFH\OH��IDNDW�IHOVHIL�ELU�G�ú�QFH\OH�RODVÕ\GÕ��)HOVHIL�G�ú�QPH�LVH�GX\XODUGDQ�

ED÷ÕPVÕ]�VDOW�XVVDO�ELU�V�UHoWLU��)LOR]RI�|QFHOLNOH�³HYUHQ�NDYUDPÕ´QÕ�G�ú�Q�U��GL÷HU�W�P�

NDYUDPODUÕ�EX�NDYUDP�DOWÕQGD�G�]HQOHU��³.DYUDP�ELOJLQLQ�XSX\JXQ�IRUPXGXU�´���*HUoHNOL÷L�

NDYUDPDN��DoÕNODPDN�LoLQ�PH\GDQD�JHWLULOHQ�VLVWHP��NDSVDPÕ�HQ�JHQLú�NDYUDPGDQ�EDúODU�YH�

WDPDPODQÕQFD\D�NDGDU�DúD÷Õ\D�GR÷UX�LQHU��%XUDGD�GL\DOHNWLN�\|QWHP��G�ú�QFH�YH�YDUOÕ÷ÕQ�

JHOLúPH�ELoLPLQL�EHOLUOH\HQ�ELU�JHQLúOLNWH�X\JXODQÕU��9DUOÕN�GD�G�ú�QPH�GH�NDUúÕWODUÕQ�

�����$�J�H���V����������$KPHW�&HYL]FL��3DUDGLJPD�)HOVHIH�6|]O�÷������%DV��øVWDQEXO��3DUDGLJPD�<D\ÕQODUÕ���������V�����������0DFLW�*|NEHUN��)HOVHIH�7DULKL�����%DV��øVWDQEXO��5HP]L�.LWDEHYL��������V������

ELUOL÷L\OH�JHUoHNOHúLU��³�«��GL\DOHNWLN�KDUHNHW��G�ú�QFHQLQ�YDUOÕ÷Õ�ELU�E�W�Q�RODUDN�

NDYUDPDVÕQD��YDUOÕ÷ÕQ�GD�ELOLQFLQH�HULúLS�|]J�UO�÷�Q��HOGH�HWPHVLQH�NDGDU�V�U�S�JLGHU�´���

'L\DOHNWLN�KDUHNHW�HQ�W�PHO�NDYUDP�LOH�³VDOW�YDUOÕN´�LOH�EDúODU��VDOW�YDUOÕN�NHQGLQGH�KLoELU�

LoHULN�EXODPD\DUDN�³\RNOXN´�NDYUDPÕ�LOH�NDUúÕODúÕU��9DUOÕ÷ÕQ�\RNOXN�ROPDNWDQ�NXUWDUÕOPDVÕ�

LoLQ�ELU�LoHULN�ND]DQGÕUÕOÕU��³ROXú´�PH\GDQD�JHOLU��øúWH�EX�QRNWDGDQ�EDúOD\DQ�VLVWHP�

WDPDPODQÕQFD\D�NDGDU�GHYDP�HGHU��NDYUDPODUÕQ�LVH�ELUELULQGHQ�W�UHPHVL�]DPDQVDO�GH÷LO�

PDQWÕNVDOGÕU�

9DUOÕN�NHQGLVLQL�ELU�HUH÷H�J|UH�\HU\�]�QGH�DoÕPODU��+HJHO�DoÕPODPD�LONHVLQH�\HULQH�

J|UH�LGH��V|]�YH\D�WLQ��JHLVW��GHU��7LQ��o�DúDPDGD�NHQGLQL�DoÕPODU�����.HQGL�LoLQGH��NHQGL�

NHQGLQGH��EXUDGD�PDWHPDWLN�YH�PDQWÕN�\HU�DOÕU�NL�LQVDQ�ELOLQFL�EX�DODQÕ�NHúIHGHU������'R÷DGD�

JHUoHNOHúLU��WDELDW�QHVQHOHUL�PH\GDQD�JHOLU��WLQ�NHQGLVLQH�\DEDQFÕODúÕU��%XUDGD��QHVQHOHU�\HU��

]DPDQD�J|UH�EHOLUOHQLU��QHGHQ�HWNL�LOLúNLVL�LoLQGHGLU�����.�OW�U�G�Q\DVÕQGD�YH�ELU�JLGLP�RODUDN�

WDULKWH��|QFH�ELUH\OHU�DUGÕQGDQ�KDONODU�YH�GHYOHWOHUGH�EHOLULU�����+HJHO�LoLQ�PXWODN�WLQ�\D�GD�

7DQUÕ�WDPDPÕ\OD�JHUoHNOLNWLU�YH\D�JHUoHNOL÷LQ�\HU\�]�QGH�DúDPD�DúDPD�PH\GDQD�JHOPHVLQLQ�

WHPHO�PDO]HPHVLGLU��³+HJHO¶LQ�IHOVHIHVL�ELU�WHRGLVHGLU��7DQUÕ¶QÕQ�\DUDWÕFÕ�HWNLQOL÷L�DOWÕQGD�YH�

EHOLUOH\LFLOL÷LQGH�G�Q\D��D\QÕ�]DPDQGD�WDP�ELU�|]J�UO�÷�Q�JHUoHNOHúHFH÷L�PH\GDQGÕU�´���

:RRG��+HJHO�GL\DOHNWL÷LQL�RUJDQLN�ELU�JHOLúLP�RODUDN�LUGHOHU��ELU�NDYUDP�]LKLQVHO�ELU�

HWNLQOL÷LQ��U�Q��RODUDN�ND]DQÕOÕU�YH�H\OHPVHO�G�Q\DGD�VRPXWODúÕU��%LU�ELWNL�YH\D�KHUKDQJL�ELU�

FDQOÕ�|OHQH�GH÷LQ��ELOLQFLQGH�ROPDNVÕ]ÕQ��\DúDPÕQÕ�NHQGL�PDGGHVLQLQ�oHOLúNLOHUL\OH�

V�UG�UHELOLU��DQFDN�NHQGL�ELOLQFLQGH�RODQ�LQVDQ��ELU�FDQO�RODUDN�NHQGL�NHQGLQH�HWNL�HGHQ�

ELOLQFH�VDKLSWLU��LoLQGHNL�oDWÕúPDODU�RQX�\HQL�ELU�DúDPD\D�J|W�U�U��'H÷LúLP�YH�ELUH\VHO�JHOLúLP�

LoLQ�|QJ|U�OHQ�EX�PRGHO��PXWODN�WLQLQ�\HU\�]�QGHNL�DoÕOÕPÕ\OD�ELUOLNWH�GH÷HUOHQGLULOHELOLU��

2UJDQLN�JHOLúLP�YH\D�GL\DOHNWLN��W�P�GH÷LúPHOHULQ�WHPHOLGLU��HQ�JHQLú�GH\LPL\OH�N�OW�UHO�

GH÷LúLPOHU��NDYUDPVDO�YH\D�JHOHQHNVHO�GH÷LúLPOHU�EXUDGD�J|U�O�U�

7LQVHO�YDUOÕN��W�P�GR÷DVÕ�LWLEDUL\OH�\DOÕQ�ELU��RUJDQLN�\DSÕ�\D�GD�LGH�RODUDN�

G�ú�Q�OHPH]��DQFDN�LoVHO�RUJDQLN�\DSÕODUÕQÕQ��EHOLUOL�DúDPDODUÕ�RODUDN�NDYUDQPDOÕGÕU��9DUOÕ÷ÕQ�

GR÷DVÕQÕ�NDYUDPDN�LoLQ�EHOOL�EDúOÕ�LNL�úH\�\DSÕOPDOÕGÕU�����.HQGL�LoVHO�RUJDQLN�JHOLúLPL\OH�

NDYUDPDN�����YDUOÕ÷ÕQ�JHOLúLP�V�UHFLQL�LOHUOHPHFL�ELU�WDU]GD��ELU�DúDPDGDQ�GL÷HU�ELU�DúDPD\D�

JLGHQ�ELU�WDU]GD�NDYUDPDN��'ROD\ÕVÕ\OD��|QFHOLNOH�YDUOÕ÷ÕQ�LoVHO�\DSÕVÕ�DUGÕQGDQ�X]XQ�

G|QHPGHNL�G�]H\L�DQODúÕOPDOÕGÕU��³%X�+HJHO¶LQ�GL\DOHNWLN�RODUDN�DGODQGÕUGÕ÷Õ��RUJDQLN�

�����$�J�H���V�����������$�J�H���YH�'R÷DQ�g]OHP��7DULK�)HOVHIHVL�����EV��øVWDQEXO��øQNÕODS�.LWDEHYL������������$OOHQ�:��:RRG��.DUO�0DU[��1HZ�<RUN��/RQGRQ��5RXWOHGJH��������V������

JHOLúLPLQ�EHOOL�ELU�WDU]ÕGÕU��+HJHO�LoLQ�WLQVHO�FDQOÕOÕN�W�P�G�]H\OHUL�NDOGÕUDUDN�ELU�VRQUDNLQL�

PH\GDQD�JHWLULU�´����

+HJHO�IHOVHIHVLQGH�LNL�W�U�GL\DOHNWLN�NDYUD\Õú�ROGX÷X�V|\OHQHELOLU�����6RPXW�JHoLFL�

�WHPSRUDO��GL\DOHNWLN� %XUDGD�GH÷HUOHQGLULOHQ��WRSOXPVDO�JHOHQHNOHU��VL\DVDO�NXUXPODU��

VDQDWVDO��IHOVHIL�HWNLQOLNOHU�ELU�RUJDQLN�JHOLúLP�RODUDN�GHUHFH�GHUHFH�PH\GDQD�JHOLU��JHoLFL�YH�

VRPXWWXU��gWH�\DQGDQ�IHOVHIL�ELOJL�GR÷UXGDQ�GR÷UX\D�PDQWÕNVDO�ELU�G�]H\GH�JHUoHNOHúLU�

J|U�OG�÷�QGDQ�\DUÕ�VRPXW��VHPL�WHPSRUDO��RODUDN�DGODQGÕUÕODELOLU�����+L\HUDUúLN�GL\DOHNWLN��

EXUDGD�VRPXW�JHoLFL�J|U�Q�POHU�EHOLUOHQPH]��WLQLQ�NHQGLVLQL�G�Q\DGD�PDQWÕNVDO�ELU�ELoLPGH�

JHUoHNOHúWLUGL÷L�DQODWÕOÕU��+HJHO¶LQ�PDQWÕN�VLVWHPL�NDYUDPODUÕQ�EHOLUOHQLPL��G�ú�QFHQLQ�

JHUoHNOL÷L�ND]DQÕPÕ�RODUDN�DoÕNODQDELOLU��.DYUDPVDO�EHOLUOHQLP�GL\DOHNWLNWLU��NDYUDPODU�YH\D�

EHWLPOHPHOHU�JHUoHNOL÷L�\HWHUOL�RODUDN�NDUúÕOD\DPD]��IDNDW�KL\HUDUúLN�ELU�ELoLPGH�HQ�]D\ÕI�YH�

ERú�RODQGDQ�WDP�YH�EHOLUOL�ELU�ELoLPH�X]DQÕU��³$oÕNWÕU�NL�+HJHO¶LQ��GL\DOHNWLN�NXUDPÕQÕQ�

GH÷HUL��ELUELUL\OH�LOLúNLOL�YH�JHOLúPH�LoLQGH�J|U�OHQ�H÷LOLPOHULQ�LoHULOPHVLQH�GD\DQÕU��+HJHO�

GL\DOHNWLN�DúDPDODUÕ�YH�|]HO�SDUoDODUÕ�ELU�E�W�Q�RODUDN�ELUOLNWH�GH÷HUOHQGLUHELOPLúWLU�´���

+HJHO�GL\DOHNWL÷LQLQ�EHONL�GH�HQ�|QHPOL�|]HOOL÷L�KHU�úH\LQ�GR÷DVÕQGD�NDUúÕWODUÕQ�

ELUOL÷LQL�NDYUDPÕú�ROPDVÕQGDGÕU��)LOR]RI�VSHN�ODWLI�\D�GD�GL\DOHNWLN��ROVXQ�úH\OHULQ�ELUOL÷LQGH�

NDUúÕWODUÕ�RUWD\D�NR\PXúWX��³+HJHO��|QFHVHO�RODUDN�G�ú�QFHGH��JHUoHNOL÷LQ�oDWÕúPDOÕ�

J|U�Q�POHULQL�NDYUDPÕúWÕU��0DQWÕNVDO�RODUDN�ELU��\HQLQ�YDUOÕ÷Õ�NDUúÕWODUÕQ�ELUOL÷LQGH�J|U�O�U�

YH\D�NDYUDPVDO�RODQ�ELU�GL÷HULQLQ�YDUOÕ÷ÕQD�LKWL\Do�GX\DU�´���

+HJHO¶LQ�WDULK�IHOVHIHVL�W�P�VLVWHPL\OH�ELUOLNWH�GH÷HUOHQGLULOPHOLGLU��7DULK��7LQ¶LQ��

7DQUÕ¶QÕQ�YH\D�øGH¶QLQ�\HU\�]�QGH�GR÷UXGDQ�GR÷UX\D��HUHNVHO�ELU�ELoLPGH�JHUoHNOHúPHVL�

RODUDN�DQODúÕODELOLU�����7LQ¶LQ�\HU\�]�QGH�GL\DOHNWLN�RODUDN�JHUoHNOHúPHVL�|]J�UO�÷�Q�

ROJXQOX÷D�XODúPDVÕ�ELoLPLQGH�GH÷HUOHQGLULOLU��³ùXQX�V|\OH\HELOLUL]�NL�|]J�UO�÷�Q�WHFHVV�P�

HWPHVL��µ7LQ¶LQ�|]J�UO�N�ELOLQFL�RODQ�G�Q\DQÕQ��VRQXO�HUH÷L�YH�|]J�UO�÷�Q�LON�NH]�WDP�RODUDN�

JHUoHNOHúPHVL¶�V�UHFLGLU�´����+HJHO�WDULK�IHOVHIHVLQL��7DULKWH�$NÕO��DGOÕ�NLWDEÕQGD�RUWD\D�

NR\DU��%XUDGD�D\UÕQWÕOÕ�RODUDN�NLWDS��]HULQGH�GXUPD\DFDN��GL\DOHNWLN�ELU�ELoLPGH�YH�7LQ¶LQ�

EHOLUOH\LFLOL÷LQGH�|]J�UO�÷�Q�JHUoHNOHúPH�V�UHFLQL�NÕVDFD�J|UPH\H�oDOÕúDFD÷Õ]��+HJHO�LoLQ�

WDULK�V|\OHQGL÷L�JLEL�7DQUÕVDO�YH\D�7LQVHO�YH�KHU�QDVÕO�V|\OHUVHN�V|\OH\HOLP�VRPXW�J|U�Q�POHU�

ND]DQDQ�JL]HPOL�ELU�V�UHoWL��³'�Q\D�WDULKL�\DOQÕ]FD�EX�WHN�XVXQ�J|U�Q�ú�G�U��NHQGLVLQL�

DoÕNODGÕ÷Õ�WLNHO�ROXúXPODUGDQ�ELUL��NHQGLVLQL�WLNHO�ELU�|÷H�RODUDN��KDONODUGD�VHUJLOH\HQ�ELU�

�����$�J�H���V�����������$�J�H���V�����������$�J�H���V������������&KDUOHV�7D\ORU��+HJHO��&DPEULGJH��/RQGRQ��1HZ�<RUN��0HOERXUQH��&DPEULGJH�8QLYHUVW\�3UHVV��������V�����������$�J�H���V������

PRGHOLQ�NRS\DVÕ�´����+DON�WLQL�NHQGLVLQL�VRPXW�RODUDN�GLQ��ELOLP��VDQDWODU�JLEL�HWNLQOLNOHUOH�

J|VWHULU�

7LQ��G�Q\DGD�JHUoHNOHúPHN�LoLQ�LQVDQ�HWNLQOL÷LQH�JHUHNVLQLP�GX\DU��E|\OHFH�JHQHO��

WLNHO��]HULQGHQ�JHUoHNOHúLU��7DULKWHNL�³E�\�N�DGDPODU´�YH\D�³NDKUDPDQODU´�7LQ¶LQ�JHUoHNOLN�

ND]DQPDVÕQGD�|QHPOL�DUDoODU�ROXU��³7DULKWHNL�E�\�N�DGDPODU�E|\OHGLU��G�Q\D�WLQLQLQ�LVWHQFLQL�

ROXúWXUDQ�W|]��RQODUÕQ�NLúLVHO�HUHNOHULQGHGLU��%X�LoHULN�RQODUÕQ�DVÕO�J�F�G�U��\LQH�GH�LQVDQODUÕQ�

JHQHO�YH�ELOLQoVL]�LoJ�G�V�QGH�\DúDQÕU��«��+DONODU�GDKD�oRN�R�NLúLQLQ�ED\UD÷Õ�oHYUHVLQGH�

WRSODQÕUODU�´���

'�Q\D�WDULKL�D�SULRUL�ELU�EDNÕúOD��LONHVHO�RODUDN�GH÷HUOHQGLULOGL÷LQGH�WDULKLQ�|Oo�V��

RODUDN�DOÕQDQ�|]J�UO�÷�Q�JHOLúLPL�YH\D�7LQVHO�JHOLúLPL�EHOOL�EDúOÕ�DúDPDODUGDQ�JHoHU�����

dRFXNOXN��'R÷X�G�Q\DVÕQGD�EHOLUOHQHQ�WLQ�YH�GR÷DQÕQ�ELUOLNWHOL÷L\OH�J|U�O�U��EXUDGD�VDGHFH�

WHN�NLúLQLQ��GHVSRWXQ�|]J�UO�÷��YDUGÕU�������'HOLNDQOÕOÕN��'HVSRWD�ER\XQ�H÷PHNWHQ�oÕNÕODQ��

IDNDW�|]J�UO�÷�Q�KHQ�]�NÕVPL�RODUDN�\DúDQGÕ÷Õ�HVNL�<XQDQ�oD÷Õ�������2OJXQODúPD��%LUH\VHO�

JHOLúPHQLQ�GHYOHW�KL]PHWLQGH�X\JXODQGÕ÷Õ�JHQHO�RODQ�LOH�WLNHO�RODQÕQ�NDUúÕODúWÕ÷Õ�5RPD�oD÷Õ�����

&HUPHQLN�+ÕULVWL\DQ�dD÷��g]QHO�YH\D�ELUH\VHO�WLQOHULQ�QHVQHO�\D�GD�7DQUÕ�LOH�NDUúÕODúPDODUÕ�YH�

7DQUÕ¶\Õ�WLQVHO�RODQÕ�NDYUD\DUDN�|]J�UO�÷H�HULúWLNOHUL�G|QHP�

0DUNV¶ÕQ��|]HOOLNOH�WDULKVHO�NDYUD\ÕúÕQGD�+HJHO�IHOVHIHVLQLQ�GHULQOHPHVLQH�HWNLOHULQL�

J|UPHN�P�PN�Q��%U\DQ�0DJHH��0DUNV¶ÕQ�+HJHO¶GHQ�HGLQGL÷L�PLUDVÕ�EHú�EDúOÕNWD�WRSOX\RU�����

*HUoHNOLN�WDULKVHO�ELU�V�UHoWLU�����WDULKVHO�V�UHo�GL\DOHNWLN�ELU�ELoLPGH�GH÷LúLU�����GL\DOHNWLN�

GH÷LúLPOHULQ�EHOLUOL�ELU�DPDFÕ�YDUGÕU�����DPDo�oHOLúNLOHUGHQ�DUÕQPÕú�ELU�WRSOXP�ILNULGLU�����

DPDFD�XODúÕQFD\D�NDGDU�LQVDQODU�\DEDQFÕODúPD\Õ�úX�YH\D�EX�ELoLPGH�\DúDUODU��øNL�G�ú�Q�U�

DUDVÕQGDNL�WHPHO�IDUN�LVH�+HJHO�\XNDUÕGD�DQODWÕODQ�V�UHFL�WHPHOGH�]LKLQVHO�\D�GD�WLQVHO�RODUDN�

GH÷HUOHQGLUPLúNHQ�0DUNV��PDGGL�ELU�JHUoHNOLN��]HULQH�GD\DQGÕUPÕúWÕ����

0DUNV��+HJHO�IHOVHIHVLQL�ROXPOX�YH�ROXPVX]�WDUDIODUÕ\OD�GH÷HUOHQGLUPLú��LON�HOGH�

+HJHO¶LQ�JL]HPOL�WDUDIODUÕQGDQ�DUÕQGÕUÕOPDVÕ��WLQVHO�RODQÕQ�\HULQH�PDGGL�RODQÕQ�JHoLULOPHVL\OH�

GL\DOHNWLN�\|QWHPLQ�D\DNODUÕ��]HULQH�EDVWÕUÕOPDVÕ�JHUHNOLOL÷LQL�EHOLUOHPLúWL��0DUNV�LoLQ�

JHUoHNOL÷LQ�DQODúÕOPDVÕ�WDPDPÕ\OD�GL\DOHNWLN�ELU�\|QWHP�LOH�LúOHQPHOL��G�Q\DQÕQ�NDUPDúÕN�

PDGGL�JHUoHNOL÷LQLQ�ROJXODUÕ�EHOLUOHQPHOLGLU��%XUDGD�|QFHVHO�ELU�7DQUÕ��7LQ�YH\D�øGH�ILNULQLQ�

\HUL�\RNWXU��0DUNV��+HJHO�GL\DOHNWL÷LQLQ�³JL]HPOL�NDEX÷X´�LoLQGHNL�³XVVDO�|]�Q�´�

EHQLPVHPLúWL��³+HJHO�GL\DOHNWL÷LQLQ�µXVVDO�|]�¶�RQXQ�RUJDQLN�ELU�E�W�QO�N�LoLQGH�YH�JHOLúLP�

�����*��:��)��+HJHO��7DULKWH�$NÕO��dHY��gQD\�6|]HU�����%DV���øVWDQEXO���.DEDOFÕ�<D\ÕQHYL��������V����������$�J�H���V����������%U\DQ�0DJHH��%�\�N�)LOR]RIODU��7�UNoHVL�$KPHW�&HYL]FL��øVWDQEXO��3DUDGLJPD�<D\ÕQODUÕ��������V������

\|Q�QGH�EHOLUOHGL÷L�WDULKVHO�NDOÕWÕ�GH÷HUOHQGLUGL÷L�JHUoHNOLN�J|U�ú�G�U��µ*L]HPOL�NDEXN¶�+HJHO�

PDQWÕ÷ÕQÕQ�SDQWHLVWLN�PHWDIL]L÷LGLU��EXUDGD�JHUoHNOL÷LQ�GL\DOHNWLN�\DSÕVÕ�G�ú�QFHQLQ�ELU�

VRQXFX�RODUDN��7LQ¶LQ�\DUDWÕFÕ�HWNLQOL÷L�RODUDN��\HU\�]�QGH��\HQLGHQ�J|U�Q�P�ND]DQÕU�´���

0DUNV�EX�GXUXPX�.DSLWDO¶LQ�|QV|]�QGH�ú|\OH�DQODWÕU��³�%HQLP�GL\DOHNWLN�\|QWHPLP��+HJHOFL�

\|QWHPGHQ��\DOQÕ]FD�IDUNOÕ�GH÷LO��RQXQ�WDP�NDUúÕWÕGÕU�GD��+HJHO�LoLQ�LQVDQ�EH\QLQLQ�\DúDP�

V�UHFL��\DQL�G�ú�QFH�V�UHFL�±�+HJHO�EXQX�µ)LNLU¶��µøGHD¶��DGÕ�DOWÕQGD�ED÷ÕPVÕ]�ELU�|]QH\H�

G|Q�úW�U�U�±�JHUoHN�G�Q\DQÕQ�\DUDWÕFÕVÕ�YH�PLPDUÕ�ROXS��JHUoHN�G�Q\D��\DOQÕ]FD��µ)LNLU¶LQ�

GÕúVDO�YH�J|U�QJ�VHO��SKHQRPHQDO��ELoLPLGLU��%HQLP�LoLQ�LVH�WHUVLQH��ILNLU��PDGGL�G�Q\DQÕQ�

LQVDQ�DNOÕQGD�\DQVÕPDVÕQGDQ�YH�G�ú�QFH�ELoLPOHULQH�G|Q�úPHVLQGHQ�EDúND�ELU�úH\�GH÷LOGLU�´

³��«��+HJHO¶LQ�HOLQGH�GL\DOHNWL÷LQ�PLVWLVL]POH�ER]XOPDVÕ��D\UÕQWÕOÕ�YH��ELOLQoOL�ELU�

ELoLPGH�GL\DOHNWL÷LQ�JHQHO�LúOH\Lú�ELoLPLQL��LON�NH]�RQXQ�VXQPXú�ROGX÷X�JHUoH÷LQL�|UWHPH]��

+HJHO¶GH�GL\DOHNWLN�EDú�DúD÷Õ�GXUX\RU��0LVWLN�NDEXN�LoLQGHNL�XVD�X\JXQ�|]��EXOPDN�

LVWL\RUVDQÕ]��RQXQ�\HQLGHQ�D\DNODUÕ��]HULQH�RWXUWXOPDVÕ�JHUHNLU�´����

0DUNV¶ÕQ�WDULKVHO�PDWHU\DOL]PL�EHOLUOL�WRSOXPVDO�ELU�GL\DOHNWLN�NXUDPGÕU��%XUDGD��

HNRQRPLN�LOLúNLOHU�RUJDQLN�ELU�E�W�QO�N�RODUDN��ELU�WRSOXPVDO�G�]HQ�PH\GDQD�JHWLULU��7DULKVHO�

PDWHU\DOL]P��WDULKVHO�JHOLúLPLQ�EHOLUOL�DúDPDODUÕQÕ�YH�WHPHO�HNRQRPLN�H÷LOLPLQ�EHOLUOHGL÷L�

GH÷LúLPOHUL�LúDUHW�HGHU��7HPHO�GLQDPLN�H÷LOLPOHU��WHPHO�HNRQRPLN�LOLúNLOHULQ�RUWD\D�oÕNDUGÕ÷Õ�

VÕQÕIODU�DUDVÕQGDNL�NDUúÕWOÕN�RODUDN�DQODúÕOÕU�YH�ELU�WRSOXPX�PH\GDQD�JHWLULU��7DULKVHO�

PDWHU\DOL]P��KHU�QH�NDGDU�+HJHOFL�WHPHO�WLQVHO�EHOLUOHQLPOHUL�UHGGHWVH�GH��+HJHO¶LQ�IHOVHIL�

J|U�ú�Q�Q�±�0DJHH¶QLQ�GH�LúDUHW�HWWL÷L�JLEL����\R÷XQ�HWNLVLQL�WDúÕU������0DUNV�YH�(QJHOV�WDULKVHO�

PDWHU\DOLVW�J|U�ú�Q�PDGGL�\DúDPD�YXUJXVXQX�LVH�ú|\OH��DQODWÕU��³%X�WDULK�DQOD\ÕúÕ��GHPHN�NL��

JHUoHN��UHWLP�V�UHFLQLQ��\DúDPÕQ�GROD\VÕ]�PDGGL��UHWLPLQGHQ�EDúOD\DUDN�DoÕNODQPDVÕQD�YH�EX�

�UHWLP�WDU]ÕQD�ED÷OÕ�YH�RQXQ�WDUDIÕQGDQ�\DUDWÕOPÕú�NDUúÕOÕNOÕ�LOLúNL�ELoLPOHULQLQ��\DQL�GH÷LúLN�

DúDPDODUÕQGDNL�VLYLO�WRSOXPXQ��E�W�Q�WDULKLQ�WHPHOL�RODUDN�NDYUDQPDVÕQD��YH�RQXQ�'HYOHW�

KDOLQGHNL�H\OHPL�LoLQGH�J|VWHULOPHVLQH��«��GLQ��IHOVHIH��HWLN�Y�E��ELoLPOHULQ�DoÕNODQPDVÕQD�

�«��RODQDN�YHULU�´���

+HJHO�GL\DOHNWLN�\|QWHPLQ�VRPXW�\|QHOLPOHULQGH�WDULKVHO�DNÕPÕQ�NÕVD�ELU�'R÷X�

EDúODQJÕFÕ�YH\D�GXUD÷ÕQÕQ�DUGÕQGDQ�<XQDQOÕODU�YH�5RPDOÕODU�DUDFÕOÕ÷Õ\OD�%DWÕ¶GD�VH\UHWWL÷LQL�

V|\OHU��7LQ¶LQ�WDULK�LoLQGHNL�JHOLúLPLQLQ��RQXQ�G|QHPLQGHNL�GXUD÷Õ�&HUPHQ�G�Q\DVÕ�ROPXú�YH�

7LQ�ROJXQ�ELU�DúDPD\D�XODúPÕúWÕ��0DUNV�YH�(QJHOV��ILNUL�G�]H\GHNL�EX�GH÷HUOHQGLUPHOHUL�

�����:RRG��.DUO�0DU[�«��V�����������.DUO�0DU[��.DSLWDO��FLOW����dHY��$ODDWWLQ�%LOJL�����%DV���$QNDUD��6RO�<D\ÕQODUÕ��������V�������������:RRG��.DUO�0DU[�«��V�����������.DUO�0DU[��)ULHGULFK�(QJHOV��$OPDQ�øGHRORMLVL��)HXUEDFK���dHY��6HYLP�%HOOL�����%DV���$QNDUD��6RO�<D\ÕQODUÕ���������V�����

UHGGHGHU�YH�WDPDPHQ�ROJXVDO�GXUXPXQ�HNRQRPLN�LOLúNLOHUGH�GH÷HUOHQGLULOPHVL�JHUHNWL÷L�

�]HULQGH�GXUXU��$\GHPLU�GL\DOHNWLN�YH\D�WDULKVHO�PDWHU\DOL]P�WDUWÕúPDODUÕQGD�0DUNVLVW�ELU�

ELoHPGH�HNRQRPLN�LOLúNLOHUL�WHPHO�DOGÕ÷ÕQÕ�YDUVD\VD�GD��7�UNL\H¶GHNL�VÕQÕIVDO�oHOLúNLOHUL�

oD÷GDú�VÕQÕIVDO�oHOLúNLOHULQ�EXUMXYD�SUROHWDU\D�VÕQÕIODUÕQÕQ�WDP�DQODPÕ\OD�ROPDGÕ÷ÕQÕ�|QH�

V�UHUHN��WDULKVHO�VRUXQX�%DWÕ���'R÷X�YH\D�V|P�UJHFL�V|P�UJH�oHNLúPHVLQGH�EHQLPVHPLúWL��

(OEHWWH�EX�WDYUÕQGD�/HQLQ¶LQ�HPSHU\DOL]P�NDYUD\ÕúÕ�HWNLOL\GL��DQFDN�/HQLQ¶LQ��úX�V|]OHUL�

XQXWXOPDPDOÕGÕU��³7HN�ELU�E�W�Q�Q�SDUoDODQPDVÕ�YH�RQXQ�oHOLúNLOL�SDUoDODUÕQÕQ�NDYUDQPDVÕ�

GL\DOHNWL÷LQ�|]�G�U�´����2\VD�$\GHPLU�ELU�E�W�Q��'R÷X�%DWÕ�ELoLPLQGH�LNL�SDUoD\D�D\ÕUPÕú��

SDUoDODU�LoLQGH�7�UNL\H¶GH�\DúDQDQ�VÕQÕIVDO�LOLúNLOHUL�J|UPHPLú�YH\D�J|UPH]GHQ�JHOPLúWL��

7�UNL\H�LoLQGHNL�VÕQÕIVDO�V�UW�úPHOHUL�YH\D�GD\DQÕúPDODUÕ��EHONL�GH�.HPDOL]PLQ�VÕQÕIODUÕ�UHGGL�

SDUDGLJPDVÕ�LoLQGH�����¶ODUGD�LNWLGDUGD�³NDGURVXQD´�ELU�\HU�HGLQHELOPHN�DPDFÕ\OD�

J|UPH]GHQ�JHOPLú��WDULKVHO�JHOLúLPLQ�VRQXO�DPDFÕQÕ�0.+�LOH�YH�VRQUDVÕQGD�ELU�.DGUR�

|QGHUOL÷LQGH�GHYOHWoL�SODQFÕ�LNWLVDGL�\|QHOLPOH�JHUoHNOHúWLULOHFHN�ELU�NDONÕQPDGD�J|UP�úW���

DPDo�VRV\DOLVW�ELU��ON��YH\D�+HJHOFL�ELU�WDU]GD�7LQVHO�|]J�UO�÷H�XODúPDN�GH÷LO��ED÷ÕPVÕ]�

PLOOL�ELU�GHYOHWWL��øOJLQoWLU�NL�$\GHPLU�DúD÷ÕGD�YH�WDULKVHO�oDOÕúPDODUÕQÕ�LQFHOHUNHQ�J|UHFH÷LPL]�

JLEL�����¶ODUGD�VÕQÕIODU�LOLúNLVLQLQ�P�FDGHOHVLQLQ�DODELOGL÷LQH�WDUWÕúÕOGÕ÷Õ�ELU�RUWDPGD�GDKL�

WDULKL�PDWHU\DOL]P�GR÷UXOWXVXQGD�GHULQOHPHVLQH�VÕQÕIVDO�o|]�POHPHOHUH�JLUPHPLú��VRV\DOL]PL�

DQFDN�V|\OHP�G�]H\LQGH�EHQLPVHPLú��7�UN�6RV\DOL]PL�GL\HUHN�EX�NDYUDPD�PLOOL�YH\D�

³|]J�Q´�ELU�KDYD�YHUPLúWL��'ROD\ÕVÕ\OD�$\GHPLU¶LQ�����¶ODUGD�NXOODQGÕ÷Õ�\|QWHPLQ�VRQXoODUÕ�

����¶ODU�RUWDPÕ�LoLQGH�KDNOÕ�RODUDN�GH÷HUOHQGLULOHELOVH�GH�����¶ODUGD�GD�ELoLPVHO�\DQÕ�ELU�

WDUDID�LoHULNWH�KHPHQ�D\QÕ�VRQXoODUÕ�YHUPLú��VRV\DOL]PGHQ�]L\DGH�PLOOL�ED÷ÕPVÕ]�GHYOHW�KHGHIL�

VRPXW�G�]H\GH�J�G�OP�úW��

�����9��ø��/HQLQ��0DUNV��(QJHOV��0DUNVL]LP��dHY��9��(UGR÷GX�����%DV���$QNDUD��6RO�<D\ÕQODUÕ��������V������

�� ���(PSHU\DOL]P�YH�7DULKVHO�%LU�(UHN�2ODUDN�0LOOL�.XUWXOXú�+DUHNHWOHUL

/HQLQ¶GH�ROJXQOX÷XQD�NDYXúDFDN�HPSHU\DOL]P�NXUDPÕ��0DUNV¶WD�WHPHO�LONHOHU�

EDNÕPÕQGDQ�RUWD\D�NRQPXúWX��(PSHU\DOL]P�NDYUDPÕ�0DUNV�LoLQ�úX�LoHULNOHUGH�DQODP�

ND]DQPÕúWÕ���������%UXPLHU�DGOÕ�WDULKVHO�oDOÕúPDVÕQGD�WHN�NLúLQLQ�HJHPHQOL÷L�DQODPÕQGD������

NDSLWDOL]PLQ�XOXVODUDUDVÕ�YH\D�XOXVODU�VW��ELU�G�]HQ�ROGX÷X�DQODPÕQGD�����0DUNV�D]DODQ�NkU�

KDGGL�NDQXQXQXQ�VDGHFH�ELU�H÷LOLPL�EHOLUWWL÷LQL�V|\OHPLú��NkU�KDGGLQGHNL�D]DOÕúÕ�|QOH\HQ�

HWNHQOHU�DUDVÕQGD�GÕú�WLFDUHWL�VD\PÕúWÕ��GROD\ÕVÕ\OD�NDSLWDOL]PLQ�\D\ÕOPD�H÷LOLPLQL�J|VWHUPLú��

NDSLWDOL]PLQ�|PU�Q��X]DWPD�H÷LOLPOHULQH�GROD\OÕ�RODUDN�LúDUHW�HWPLúWL�������NRORQ\DOL]P�

\ROX\OD�G�Q\D�SD]DUODUÕQGDNL�E�\�PH�DQODPÕQGD�GD�EX�NDYUDPÕ�NXOODQGÕ����

0DUNV¶WDQ�VRQUD�GD��]HULQGH�GXUXODQ�NDYUDPÕ�V|\OHGL÷LPL]�JLEL�/HQLQ������¶GD�

\D]GÕ÷Õ�NÕVDFD�(PSHU\DOL]P�DGÕ\OD�DQÕODQ�NLWDEÕ\OD�VLVWHPOL�ELU�ELoLPGH�WHPHOOHQGLUGL��/HQLQ�

LoLQ�HPSHU\DOL]P�NDSLWDOL]PLQ�HQ�\�NVHN�YH�WHNHOFL�DúDPDVÕGÕU��7HNHOOHU�G�Q\D�SD]DUODUÕQÕ�

NHQGL�DUDODUÕQGD�E|O�ú�\RU��IL\DWODUÕ�EHOLUOL\RU��UHNDEHWoL�DúDPD�DUWÕN�NDSDQÕ\RUGX��.DSLWDOLVW�

G�]HQ�WHNHOFLOLN�LOH�ELUOLNWH��UHWLPLQ�WDP�ELU�WRSOXPVDOODúPDVÕQÕ�GD�EHUDEHULQGH�JHWLULU��%XUDGD�

EDQNDODUÕQ�|]HO�ELU�|QHPL�YDUGÕU��7HPHO�LúOHYL�|GHPH�DUDFÕ�RODQ�NXUXOXúODU�KHU�oHúLW�SDUD�

JHOLULQL�WRSOD\ÕS�NDSLWDOLVW�VÕQÕIÕQ�HPULQH�VXQDU��=DPDQOD�EDQNDODU�DUDFÕ�NXUXPODU�ROPDNWDQ�

oÕNDU��JHQHO�LNWLVDGL�GXUXP�ROXPOX\NHQ�NkUODUÕQÕ�DUWWÕUÕU��ER]XOGX÷XQGD\VD�KDFL]�JLEL�

\|QWHPOHUOH�E�\�U��KROGLQJOHúLUOHU��³%DQNDODUOD�VDQD\L�DUDVÕQGDNL�úDKVL�ELUOL÷L��KHU�LNLVL�LOH�

K�N�PHW�DUDVÕQGDNL�úDKVL�ELUOLN�WDPDPODU�´�����(PSHU\DOL]P�EDQNDODUÕQ�|]J�Q�LúOHYOHUL\OH�

PDOL�ROLJDUúLQLQ�HJHPHQOL÷LQH�G|Q�ú�U�YH�D]�VD\ÕGD�³NXGUHWOL´�GHYOHW��GL÷HUOHULQLQ�DUDVÕQGDQ�

VÕ\UÕODUDN�\�NVHOLU��0DOL�VHUPD\HQLQ�E�\�N�ELU�NÕVPÕQD�K�NPHGHQ�EX�GHYOHWOHU�G�Q\DQÕQ�JHUL�

NDODQ�NÕVPÕQÕ�NHQGLOHULQH�ED÷ÕPOÕ��ERUoOX�NÕODU��RQODUGDQ�KDUDo�NHVHU��/HQLQ�LoLQ�

HPSHU\DOL]PLQ�EHOOL�EDúOÕ��QLWHOLNOHUL�ú|\OH\GL��³���hUHWLPLQ�YH�VHUPD\HQLQ�\R÷XQODúPDVÕ�|\OH

\�NVHN�ELU�VDIKD\D�JHOPLúWLU�NL��HNRQRPLN�KD\DWWD�WD\LQ�HGLFL�ELU�URO�R\QD\DQ��WHNHOOHUL�

\DUDWPÕúWÕU�����%DQND�VHUPD\HVL�LOH�VDQD\L�VHUPD\HVLQLQ�ELUOHúLS�ND\QDúPDVÕ�YH�EX�PkOL�

VHUPD\H�WHPHOL��]HULQGH�ELU�PkOL�ROLJDUúLQLQ�\DUDWÕOPDVÕ�����(PWLD�LKUDFÕQGDQ�D\UÕ�RODUDN�

VHUPD\H�LKUDFÕQÕQ�LVWLVQDL�ELU�|QHP�ND]DQPDVÕ������'�Q\D\Õ�DUDODUÕQGD�SD\ODúDQ�XOXVODUDUDVÕ�

WHNHOFL�NDSLWDOLVW�ELUOLNOHULQ�NXUXOPDVÕ�����(Q�E�\�N�NDSLWDOLVW�GHYOHWOHU�DUDVÕQGD�E�W�Q�

G�Q\DQÕQ�WRSUDN�EDNÕPÕQGDQ�SD\ODúÕOPDVÕ�WDPDPODQPÕúWÕU�´���

�����*�OWHQ�.D]JDQ��øNWLVDGL�'�ú�QFH�YH\D�3ROLWLN�øNWLVDGÕQ�(YULPL�����%DV���$QNDUD��%LOJL�<D\ÕQHYL��������V���������������/HQLQ��.DSLWDOL]PLQ�(Q�<�NVHN�$úDPDVÕ�(PSHU\DOL]P��dHYLUHQ�(UGR÷DQ�%DúDU��$QNDUD��6RO�<D\ÕQODUÕ��������V����������$�J�H�������

/HQLQ�JHQHO�ELU�ELoLPGH�LONHOHULQL�EHOLUOHGL÷L�HPSHU\DOLVW�NXUDPGDQ�LVH�úX�VRQXoODUÕ�

oÕNDUÕ\RU�����(PSHU\DOLVW��ONHOHUGH�±�V|P�UJH��ONHOHU�ND\QD÷Õ�GROD\ÕVÕ\OD�±�EXUMXYD]L\OH�

LúELUOL÷L�\DSDQ�ELU�LúoL�DULVWRNUDVLVL�PH\GDQD�JHOLU�����HPSHU\DOLVW��ONHOHU�DUDVÕQGD�

V|P�UJHFLOLN�P�FDGHOHVL�GROD\ÕVÕ\OD�oDWÕúPDODU�NDoÕQÕOPD]GÕU�YH����G�Q\D�HPSHU\DOLVWOHU�YH�

V|P�U�OHQOHU�RODUDN�LNL\H�D\UÕOÕ\RU��H]LOHQ��ONHOHULQ�NLWOHOHUL�\HQL�ELU�SUROHWHU�VÕQÕI�PH\GDQD�

JHWLUL\RU��'ROD\ÕVÕ\OD�V|P�U�OHQ��ONHOHU��GHYULPFL��ELU�ND\QDN�GXUXPXQD�JHOLU��DQFDN�

EXUDODUGD�GR÷UXGDQ�GR÷UX\D�ELU�SUROHWHU�GHYULPL�ROPDVÕ�JHUHNPH]��GDKD�VRQUDNL�DúDPD�ELU�

SUROHWHU�GHYULPL�RODELOLU�����/HQLQ��$\GHPLU�LoLQ�\|Q�J|VWHUHFHN�úX�V|]OHUL�\LQH�(PSHU\DOL]P�

DGOÕ�HVHULQGH�V|\O�\RU��³(PSHU\DOL]P�\DOQÕ]�\HQL�DoÕOPÕú��ONHOHUGH�GH÷LO�HVNLOHUGH�GH�LOKDND��

DUWDQ�PLOOL�EDVNÕ\D�YH�EXQXQ�VRQXFX�RODUDN�DUWDQ�GLUHQPH\H�J|W�U�U�´���

$\QÕ�G|QHPGH�HPSHU\DOL]P�NXUDPÕQGDQ�KDUHNHW�HGHQ�6XOWDQ�*DOL\HY�IDUNOÕ�VRQXoODUD�

YDUPÕúWÕ��<DNÕQ�G|QHPOHUGH�.DGUR�KDUHNHWLQL�GH�HWNLOHPLú�RODELOHFH÷L�YDUVD\ÕODQ�6XOWDQ�

*DOL\HY������¶H�NDGDU�dDUOÕN�5XV\D�YH�%DWÕ¶QÕQ�$V\D��]HULQGHNL�KDNLPL\HWLQH�VRQ�YHUHQ�

%ROúHYLN�GHYULPL�GHVWHNOHPLú�������\ÕOÕQGDQ�LWLEDUHQ�0�VO�PDQ�WRSOXPODUGD�VÕQÕIODUDUDVÕ�

IDUNOÕOÕ÷ÕQ�KHQ�]�NHVNLQOHúPHGL÷LQL�YH�VÕQÕIVDO�oDWÕúPDODUD�G|Q�úPHGL÷LQL�V|\OH\HUHN�EX�

WRSOXPODUÕQ�WHNLO�YH�PD]OXP�ELULPOHU�ROGX÷XQX�LOHUL�V�UP�úW�������¶WHQ�LWLEDUHQ�*DOL\HY�LoLQ�

0�VO�PDQ�WRSOXPODUGD�EXUMXYD]LQLQ��VW�NDQDGÕ�WRSUDN�D÷DODUÕ�DúLUHW�UHLVOHUL�ELU�WDUDID�

PD]OXPODUGDQ�ROXúWXUXODQ�ELU�FHSKH�NXUXOPDOÕ\GÕ��*DOL\HY�LoLQ�DVÕO�oDWÕúPD�VDQD\LOHúPLú�

PHWURSROOHU�LOH�VDQD\LOHúPHPLú�XOXVODU�DUDVÕQGD\GÕ������*DOL\HY��EXQGDQ�E|\OH�VRV\DOLVW�ELU�

GHYULPLQ�GDKL�XOXVODUDUDVÕ�DODQGD�V|P�UJHOHúWLULOPLú�KDONODUOD�VDQD\L�PHWURSROOHUL�DUDVÕQGDNL�

oHOLúNL\L�o|]HPH\HFH÷LQL�V|\O�\RU��DUWÕN�³WHN�YH�E|O�QPH]´�5XV\D¶\Õ�PH\GDQD�JHWLUPHN�

X÷UDúÕQD�JLUHQ�5XV�%ROúHYLNOHUGHQ�GH�ELU�úH\�EHNOHQHPH\HFH÷LQL�EHOLUWL\RUGX��*DOL\HY�LoLQ�

\DSÕODFDN�úH\�V|P�UJH�KDONODUÕQ�³6|P�UJHOHU�(QWHUQDV\RQDOL´QGH�ELUOHúPHOHUL�YH�EX�

ELUOHúPHQLQ�LON�KDONDVÕ�RODUDN�5XV\D¶GD�E�\�N�ELU�7XUDQ�&XPKXUL\HWL�NXUXOPDVÕ\GÕ��

.XUXODFDN�FXPKXUL\HW�VRV\DOLVW�ELU�QLWHOLNWH�RODFDN��7XUDQ¶ÕQ�YH�6|P�UJHOHU�

(QWHUQDV\RQDOL¶QLQ�LGDUHVL�RWRULWHU�YH�PHUNH]L�ELU�WHN�SDUWL\H�YHULOHFHNWL��%X�SDUWL�LúoLOHULQ��

N|\O�OHULQ�\HU�DOGÕ÷Õ�ELU�NLWOH�SDUWLVL�ROXUNHQ�XOXVDO�VDQD\L�EXUMXYD]LVL\OH�JHoLFL�ELU�LWWLIDN�

NXUDELOLUGL����

$\GHPLU��/HQLQ�YH�/HQLQL]P�LVLPOL�oDOÕúPDVÕQGD�/HQLQ¶LQ�|O�P�Q��GH�DQDUDN�

|QFHOLNOH�/HQLQ�YH�KDUHNHWL�LOH�7�UNL\H�DUDVÕQGDNL��ED÷Õ�YXUJXODPÕúWÕ��³7�UNL\H�/HQLQ¶LQ�

�����.D]JDQ��øNWLVDGL�'�ú�QFH�«��V���������������/HQLQ��(PSHU\DOL]P�«��V�����������7�UNHú��.DGUR�+DUHNHWL«��V��������������$OH[DQGUH�%HQQÕJVHQ��&KDQWDO�4XHOTXHMD\��6XOWDQ�*DOL\HY�YH�6RY\HW�0�VO�PDQODUÕ��7HUF�PH��1H]LK�8]HO��øVWDQEXO��(OLSV�.LWDS��������V����������

úDKVÕQGD�QDVÕO�ELU�GRVW�ND\EHWWL÷LQL�KLVVHGL\RU�YH�JLWWLNoH�GDKD�L\L�KLVVHGHFHNWLU�´�$UGÕQGDQ�

/HQLQ¶LQ��5XV\D¶GDNL�LKWLODO�KDUHNHWLQGH�EDúDUÕOÕ�ROGX÷XQX�V|\OHPLú��RQXQ�|QGHUOL÷LQGHNL�

ho�QF��(QWHUQDV\RQDO¶LQ��ùDUN�0LOOL�+DUHNHWOHULQLQ�|QHPLQL�YH�PHúUXOX÷XQX�J�Q�\�]�QH�

oÕNDUGÕ÷ÕQÕ�EHOLUWPLúWL��³/HQLQ�EH\QHOPLOHO�SUROHWDU\DQÕQ�ROGX÷X�NDGDU��7�UNL\H¶PL]LQ�

7�UNL\H¶QLQ�PLOOL�LVWLNOkO�KDUHNHWLQLQ�HQ�\DNÕQ�HQ�VDPLPL�YH�HQ�KD\ÕU�KDK�GRVWX�LGL�´���

*HUoHNWHQ�GH�7�UNL\H�.XUWXOXú�6DYDúÕ��6RY\HWOHULQ�|QHPOL�GHVWH÷L\OH�EDúDUÕ\D�

XODúPÕú��%DN��'R÷X�+DONODUÕ�.XUXOWD\Õ��HPSHU\DOL]PH�NDUúÕ�VDYDúDQ�7�UNL\H¶\H�VHYJLOHULQL�

LOHWPLú��DQFDN�HPHNoLOHULQ�NHQGL�|UJ�WOHULQGH�ELUOHúPHOHULQL�WDYVL\H�HWPLúWL��$\GHPLU�LVH�V|]�

NRQXVX�oDOÕúPDVÕQGD�7�UNL\H¶QLQ�NDONÕQPD�VRUXQODUÕQÕ�³GLVLSOLQOL�YH�P�WHúHNNLO�ELU�

FXPKXUL\HW�SDUWLVL´�LOH�o|]HELOHFH÷LQL�YXUJXODPÕúWÕ��ùHILN�+�VQ��\|QHWLPLQGHNL�$\GÕQOÕN�

GHUJLVL�FXPKXUL\HWLQ�LODQÕQÕ�KDON�LUDGHVLQGHQ�NRSXú��ELU�EXUMXYD�KDUHNHWL�RODUDN�J|U�UNHQ�

$\GHPLU��7�UNL\H¶GH�oD÷GDú�VÕQÕIVDO�P�FDGHOH�LoLQ�JHUHNLU�WRSOXPVDO�\DSÕQÕQ�ROPDGÕ÷ÕQÕ�LOHUL�

V�UP�úW��

$\GHPLU��.DGUR�\D]ÕODUÕ�DUDVÕQGD�HPSHU\DOL]P�VRUXQXQX�LúOHU��(PSHU\DOL]P�RQXQ�

LoLQ��NDSLWDOL]PLQ�LVWLODFÕOÕN�QLWHOL÷LQLQ�LIDGHVLGLU�NL�ROJX\X�LNL�G|QHPGH�LQFHOH\HELOLUL]���������

\�]\ÕOGDQ�����\�]\ÕOÕQ�VRQ�\DUÕVÕQD�NDGDU��HPSHU\DOL]P��YDKúL�ELU�NRUVDQ�DYFÕOÕ÷Õ�YH\D�HVLU�

DYFÕOÕ÷Õ�YDVÕWDVÕ\OD�WLFDUHW�VHUPD\HVLQL�PH\GDQD�JHWLULU���������\�]\ÕOÕQ�VRQ�oH\UH÷LQGH�

PDNLQHOHULQ�LFDGÕ\OD�EDúOD\DQ�HPSHU\DOL]PLQ�JHQoOLN�oD÷Õ��LNWLVDGL�YH�VL\DVL�VLVWHP�KDOLQH�

JHOLU��0DNLQHOHU�LOH��UHWLPLQL�DUWWÕUDQ�HPSHU\DOL]P��GR÷X\D�\D\ÕOÕU��N�o�N�DW|O\HOHU�LOH�HO�

LúoLOL÷LQLQ�o|NPHVLQH�\RO�DoDU��³<DUÕ�P�VWHPOHNHOHU´�G�Q\DVÕ�PH\GDQD�JHWLULOLU��ùLPGL�G�Q\D�

³����0DNLQDOÕ�PHPOHNHW�YH�P�VWHPOHNHOL�PHPOHNHW´

³���0DNLQDGDQ�PDKUXP�PHPOHNHW�YH�P�VWHPOHNH�PHPOHNHW´�ROPDN��]HUH�LNL\H�

D\UÕOPÕúWÕU��0�VWHPOHNHOHUL�WDVIL\H�P�FDGHOHVLQLQ�DGÕQD\VD�0LOOL�.XUWXOXú�1L]DPÕ�LVPL�

YHULOLU����

øOHUOH\HQ�VD\ÕODUGD�7�UN�1DV\RQDOL]PLQL�WDUWÕúDQ�$\GHPLU��7�UN�0LOOL\HWoLOL÷L�LOH�

0DUNVL]P�DUDVÕQGDNL�IDUNODUÕ�EHOLUOHU��$\GHPLU�LoLQ��0DUNVL]P�LoLQ�WHPHO�YXUJX�

³FLKDQú�PXOOXN´�ILNULGLU��0DUNV��NDSLWDOL]PLQ�YH�VÕQÕI�P�FDGHOHVLQLQ�HYUHQVHO�ER\XWODUD�

XODúDFD÷Õ�ILNULQGH\GL��$YUXSD¶GD�ELU�VÕQÕI�P�FDGHOHVLQLQ�ROGX÷X�ú�SKHVL]GLU��IDNDW�VDQD\L�

PHPOHNHWOHULQGHNL�LúoLOHU�LOH�P�VWHPOHNH�KDONÕ�DUDVÕQGD�ELU�³KD\DW�IDUNÕ´�ROGX÷X�

UHGGHGLOHPH]��³�«��EX�VXUHWOH��0DU[¶ÕQ��VÕQÕI�P�FDGHOHVLQL�NHQGLVLQLQ�L]DK�HWWL÷L�JLEL�

�����&HODO��$\GHPLU��/HQLQ�YH�«���V���������YH���������$\GHPLU��³(PSHU\DOL]P�ùDKODQÕ\RU�PX"´��.DGUR��&�����6D\Õ�����1LVDQ�������V������

FLKDQú�PXOOHúWLUHPHPHN�]DUXUHWL�YDUGÕU�´����dD÷GDú�$YUXSD¶GD�PH\GDQD�JHOHFHN�VRV\DOLVW�ELU�

]DIHULQ�V|P�UJHFL�PHPOHNHWOHU�LOH�V|P�UJH�PHPOHNHWOHU�DUDVÕQGDNL�³IDUNOÕOÕN�WH]DGÕQÕ´�WDVIL\H�

HGHPHPHVL�E�\�N�LKWLPDOGLU��2�KDOGH��³�«��PHPOHNHWOHUOH�PHPOHNHWOHU�DUDVÕQGDNL�WH]DGÕQ�

E�W�Q�WH]DGODUÕQ�EDúÕQD�JHoHUHN��PLOOL�NXUWXOXú�KDUHNHWOHULPL]LQ�DOHPú�PXO�LQNÕODEÕ�\DUDWPDVÕ�

EHúHULQ�WDULKL�ELU�NDGHUL�RODFDNWÕU�´���

$\GHPLU¶H�J|UH�KHU�ILNLU�VLVWHPL�ELU�WDULKVHO��U�QG�U��GROD\ÕVÕ\OD�7�UN�0LOOL\HWoLOL÷L�LOH�

LKWLODOFL�VRV\DOL]P�DUDVÕQGD�|QHPOL�D\UÕOÕNODU�YDUGÕU��LKWLODOFL�VRV\DOL]P��\�NVHN�WHNQLN�YH�

VHUPD\HQLQ�KDNLP�ELU�VÕQÕIÕQ�HOLQGH�WRSODQGÕ÷Õ�PHPOHNHWOHUGH�PH\GDQ�DODQ�VÕQÕI

P�FDGHOHOHULQH�GD\DQÕU��7�UNL\H¶GH�GH�J|U�OHQ�0.+�LVH�$YUXSD�HPSHU\DOL]PLQH�NDUúÕ�

oÕNDUDN�ROXúPXúWXU��0.+�VL\DVDO�DODQGD��ED÷ÕPVÕ]�VDQD\LOHúPLú�|]HO�ELU�VÕQÕI�PH\GDQD�

JHWLUPHGHQ��E�\�N�ELULNLPOHULQ�PLOOHW�\DUDUÕQD�GHYOHW�HOLQGH�WRSODQDFD÷Õ��³WH]DWVÕ]�YH�

P�VWDNLO´�ELU�PLOOHW�PH\GDQD�JHWLUPH\L�KHGHIOHU��0DUNVL]P�LoLQ�WDULKVHO�ELU�DúDPD\Õ�ROXúWXUDQ�

³PLOOHW´��0.+�LoLQ��³�«��FHPL\HWLQ�DVOL�E�Q\HVLGLU��«��%L]LP�PLOOL\HWoLOL÷LPL]GH�PLOOHW�

E�Q\HVL�VL\DVHWHQ�PDVXQ��\DQL�P�VWDNLO��YH�LNWLVDGHQ��\�NVHN�WHNQL÷LQ�PLOOHW�KHVDEÕQD�

NXUXOPDVÕ�VD\HVLQGH�KHU�W�UO��WH]DWODUGDQ�WDVIL\H�HGLOPLú�P�WHFDQLV�ELU�YDUOÕN�RODUDN�WHODNNL�

ROXQPDNWDGÕU�´���

$\GHPLU�LoLQ�0DUNVL]P�%DWÕ¶\D�|]J��ELU�VL\DVDO�WRSOXPVDO�NXUDPGÕU��+HU�QH�NDGDU�

/HQLQ��0DUNVL]PL�'R÷X�VRUXQX�ED÷ODPÕQGD�GHULQOHúWLUPLú��SUROHWHU�GHYULP�\ROXQGD�PLOOL�

GHQHELOLU��NLPL�VDIKDODUÕQ�JHoLOPHVL�JHUHNWL÷LQL�V|\OHPLúVH�GH�$\GHPLU�WDULKVHO�ELU�HUHN�RODUDN�

7�UNL\H¶QLQ�EDúÕQÕ�oHNWL÷L�0.+�V�UHFLQL�GH÷HUOHQGLULU��/HQLQ�LoLQ�|Q�QGH�VRQXQGD�VRV\DOLVW�

ELU�LGDUH�NDoÕQÕOPD]NHQ�YH\D�HQ�D]ÕQGDQ�KHGHINHQ�$\GHPLU�PLOOL�GX\JXODU�YH\D�PLOOL�

GHYOHWOHU�DúÕODPD\DFDNWÕU�GL\HUHN�VRQXO�KHGHIL�ED÷ÕPVÕ]�PLOOL�ELUOLNOHU�RODUDN�EHOLUOHU��

'L\DOHNWLN�\|QWHPLQ�NXUXFXVX�+HJHO�GH�EX�NRQXGD��ELU�\DQGDQ�WDULKLQ�VRQXO�DPDFÕQÕ�7LQ¶LQ�

\HU\�]�QGH�WDPDPÕ\OD�JHUoHNOHúPHVL�ELoLPLQGH��LQVDQÕQ�7LQVHO�RODQÕQ�WDPDPÕ\OD�IDUNÕQD�

YDUDUDN�7LQ�LOH�|]GHúOLN�NXUPDVÕ�GROD\ÕVÕ\OD�|]J�UOHúPHVL�ELoLPLQGH��JL]HPOL�ELU�WDU]GD�

DoÕNODPÕú��|WH�\DQGDQ�LVH�LQVDQODUÕQ�PRGHUQ�GHYOHWWH��HYUHQVHO�ELU�\XUWWDúOÕN�LoLQ�JHUHNLU�WHPHOL�

EXODPD\DFD÷ÕQÕ�V|\OHPLúWL��o�QN�������)DUNOÕ��ONHOHU�YH�IDUNOÕ�]�PUHOHUL�WHN�ELU�DQD\DVD�

DOWÕQGD�WRSODPDN�P�PN�Q�GH÷LOGLU�YH�����GROD\ÕVÕ\OD�KHU�ELU��ONH�LoLQ�IDUNOÕ�K�N�PHW�ELoLPOHUL�

JHUHNOLGLU�����0DUNV�YH�(QJHOV�LVH�GL\DOHNWLN�WDULKVHO�PDWHU\DOLVW�\|QWHPLQ�IDUNO�WRSOXPODUD�

X\JXODQGÕ÷ÕQGD�IDUNOÕ�VRQXoODU�YHUHELOHFHNOHULQL�EHOLUWVHOHU�GH�WDULKVHO�ELU�LOHUOH\Lú�RODUDN�

�����$\GHPLU��³)LNLU�+DUHNHWOHUL�$UDVÕQGD�7�UN�1DV\RQDOL]PL�,,��0DUNVL]P´��.DGUR�&�����6D\Õ�����7HPPX]�������V����������$�J�P���V����������$\GHPLU��³%H\QHOPLOHO�)LNLU�+DUHNHWOHUL�$UDVÕQGD�7�UN�1DV\RQDOL]PL�,,,��7�UN�1DV\RQDOL]PL���'HYDP�YH�6RQ�´��.DGUR� �&�����6D\Õ�����(\O�O�������V������������7D\ORU��+HJHO�«��V������

GHYOHWLQ�V|Q�POHQHFH÷L�NRP�QLVW�DúDPD\Õ�VRQXO�DúDPD�RODUDN�J|UP�úOHUGL��6|\OHQGL÷L�JLEL�

/HQLQ�GH�HPSHU\DOL]PLQ�DUGÕQGDQ��RQD�NDUúÕ�oÕNDQ��ONHOHUGH�GR÷UXGDQ�GR÷UX\D�ELU�SUROHWDU\D�

GHYULPL�\DúDQPDVD�GD�VRQXO�RODUDN�VRV\DOLVW�ELU�G�]HQLQ�NXUXODFD÷ÕQD�LQDQPÕúWÕ�

$\GHPLU�LoLQ��7�UNL\H�/HQLQ¶GH�J|U�OG�÷��JLEL�oHúLWOL�DúDPDODUÕQ�DUGÕQGDQ�ELU�SUROHWHU�

GHYULP�\DúD\DFDN�GH÷LOGL��³PLOOL��ON�´�7�UNL\H¶QLQ�|QGHUOLN�\DSWÕ÷Õ�WDULKVHO�ELU�HUHN�RODUDN�

JHUoHNOHúWLULOHFHN��$YUXSD¶GD�VRV\DOLVW�UHMLPOHU�NXUXOVXQ�YH\D�NXUXOPDVÕQ��P�ONL\HW�LOLúNLOHUL�

GH÷LúVLQ�\D�GD�GH÷LúPHVLQ��HYUHQVHO�WH]DWODUÕ�0.+�o|]�POH\HFHNWL��³%L]�E�\�N�LVWLKVDO�

YDVÕWDODUÕQÕ�HOLQGH�WXWDQ�PHPOHNHWOHUGH�EX�LVWLKVDO�YDVÕWDODUÕ��VW�QGHNL�P�ONL\HW�

P�QDVHEHWOHULQLQ�GH÷LúPHVLQGHQ�]L\DGH��E�\�N�VDQD\L�PHPOHNHWOHUL\OH��VDQD\LGHQ�PDKUXP�

HGLOPLú�PHPOHNHWOHU��\DKXW��LNWLVDGL�P�VWHPOHNHOHU�DUDVÕQGDNL�LNWLVDGL�WDELL\HW�YH�PHWEXL\HWLQ�

WDVIL\HVLQL�LVWL\RUX]�´���

'L÷HU�WDUDIWDQ�$\GHPLU�LOH�6XOWDQ�*DOL\HY�DUDVÕQGD�LOLúNL�NXUPDN�GD�KD\OL�J�o�

J|U�Q�\RU��6XOWDQ�*DOL\HY�GLQVHO�PLOOL�YH�VÕQÕIVDO�LOLúNLOHU�WHPHOLQGH�5XV�%ROúHYLNOHULQ�

HOHúWLULVL��]HULQGH�VL\DVDO�\|QHOLPLQL�EHOLUOHPLú��6|P�UJHOHU�(QWHUQDV\RQDOL�LOH�HYUHQVHO�

ER\XWODUGD�ELU�'R÷X�6RV\DOL]PL�WDVDUÕVÕ�LúOHPLúWL��$\GHPLU�LVH�|]HOOLNOH�����¶ODUGD�VÕQÕIVDO�

SDUDGLJPD\Õ�UHGGHWPLú��7�UNL\H�ED÷ODPÕQGD�YH�EHONL�HQ�|QHPOLVL�GLQVHO�KHUKDQJL�ELU�DWÕIWD�

EXOXQPDNVÕ]ÕQ�J|U�úOHULQL�LúOHPLú��7XUDQFÕ�ELU�\D\ÕOPDFÕ��ON�\H��VÕUWÕQÕ�G|QP�ú��PLOOL�

ED÷ÕPVÕ]�GHYOHWOHU�oHNLUGH÷LQGH�J|U�úOHULQL�RUWD\D�NR\PXúWX��$\GHPLU�*DOL\HY¶LQ�ILNLUOHULQL�

ELOL\RU�LKWLPDOL�ROVD�GD�\DúDPÕQÕQ�VRQXQD�NDGDU�J|UHELOGL÷LPL]�KLoELU�PDNDOHVLQGH�NLWDEÕQGD�

*DOL\HY¶L�DQPDPÕú��RQD�DWÕI�\DSPDPÕúWÕ����

$\GHPLU��<|Q�\D]ÕODUÕQGD�\HQLGHQ�0.+�ED÷ODPÕQGD�PLOOL�NDONÕQPD�VRUXQXQX�LúOHPLú��

DQFDN�EX�GHID�����¶ODUÕQ�\�NVHOHQ�VRO�GDOJDVÕ�YH�$YFÕR÷OX¶QXQ�HWNLVL\OH�ROPDOÕ�0.+¶\L�

³7�UN�6RV\DOL]PL´�RODUDN�DGODQGÕUPÕú���VÕQÕIVDO�LOLúNLOHULQ�JHOLúPHVLQL�ELU�WHKGLW�RODUDN�

DOJÕODPÕú��\HQLGHQ�GHYOHW�YXUJXVX�\DSPÕúWÕ��0.+�LOH�7�UN�6RV\DOL]PL��0HPOHNHWoL�

6RV\DOL]P��ED÷ÕQÕ�ú|\OH�NXUDU��³0HPOHNHWoL�VRV\DOL]P��D]�JHOLúPLú�PHPOHNHWOHUGH��PLOOL�

NXUWXOXú�KDUHNHWLQLQ�LOHULFL�ELU�GHYDPÕGÕU�´����$\GHPLU��VRV\DOL]PL�LNL�ELoLPGH�GH÷HUOHQGLULU��

EXQODUGDQ�ELUL�GHU��³LKWLODOFL�VRV\DOL]P´�RODQ�NRP�QL]P��GL÷HUL�LVH�³ÕVODKDWoÕ�VRV\DOL]P´�

GHQLOHQ�YH�%DWÕ�$YUXSD¶GD�J|U�OHQ�VRV\DOL]PGLU��øNLQFLVL�VÕQÕIODU�NDYJDVÕQD�GD\DQPD]��EXUDGD�

GHYOHW�LNWLVDGL�YH�WRSOXPVDO�\DúDPD�P�GDKDOH�HGHUHN�VÕQÕI�IDUNOÕODúPDODUÕQÕ�|QOHU��JHOLU�

GD÷ÕOÕPÕQÕ�DGDOHWOL�ELU�ELoLPGH�NXUDU��³%L]LP�$WDW�UN�GHYOHWoLOL÷LPL]��EDWÕ�PDQDVÕQGD�ELU�

�����$\GHPLU��³øQNÕODEÕQ�øGHRORMLVL´��.DGUR��&�����6D\Õ�����ùXEDW�������V���������7�UNHú�GH�*DOL\HY�LOH�$\GHPLU¶LQ�D\UÕ�NDWHJRULOHUGH�GH÷HUOHQGLULOPHVL�JHUHNWL÷LQL��.879¶GD�GHUV�YHUHQ��EX�\ÕOODUGD�GHUJLOHUGH�\D]DQ�*DOL\HY¶GHQ�$\GHPLU¶LQ�E�\�N�LKWLPDOOH�KDEHUGDU�RODELOHFH÷LQL�V|\O�\RU��7�UNHú��.DGUR�+DUHNHWL«��V���������������$\GHPLU��³,��0HPOHNHWoL�6RV\DOL]PLQ�øONHOHUL´��<|Q��<ÕO�����6D\Õ���������2FDN�������V�����

VRV\DOL]PGHQ�EDúND�ELU�úH\�GH÷LOGLU�´�$UGÕQGDQ��7�UN�GHYOHWoLOL÷LQLQ�NHQGLQH�KDV�|]HOOLNOHU�

J|VWHUGL÷LQL�YH��7�UN�6RV\DOL]PLQLQ��7�UNL\H¶\L�oD÷GDú�JHOLúPH�KÕ]ÕQD�\DNODúWÕUDELOHFH÷LQL�

EHOLUWLU� ����$\GHPLU�LoLQ�7�UNL\H¶GH�³EXJ�Q�LúoL�VÕQÕIÕ´�JHOLúL\RU��VHQGLNDODU�DUDFÕOÕ÷Õ\OD�

|UJ�WOHQL\RU�YH�VL\DVDO�\DúDPD�NDWÕOÕ\RU��GROD\ÕVÕ\OD�NRUNXOX��RODVÕ�³VÕQÕI�oDWÕúPDODUÕQÕQ´�

|Q�QH�JHoPHN�LoLQ�LOHUL�ELU�GHYOHWoLOLN�SROLWLNDVÕQÕQ��X\JXODQPDVÕ�]RUXQOX�KkOH�JHOL\RUGX����

0LOOL\HWoLOL÷LQ�ELU�W|]�RODUDN�LQDQoOÕ�VDYXQXFXVX�RODQ�$\GHPLU�LoLQ�DQODúÕODQ�VÕQÕIVDO�

LOLúNLOHULQ�YH\D�P�FDGHOHQLQ�NDEXO���GROD\ÕVÕ\OD�E|\OHVL�ELU�EDNÕú�DoÕVÕ\OD�VL\DVDO�WDYÕU�

DOÕQPDVÕ�PLOOL�ELUOL÷L�]HGHOH\HFH÷L�JHUHNoHVL\OH�NDEXO�HGLOLU�GH÷LOGL��'ROD\ÕVÕ\OD�³7�UN�

6RV\DOL]PL´�J|U�ú�QGH�GDKL��GHYOHW�|QF�O�÷�QGH�VÕQÕIVDO�P�FDGHOH\L�|QOHPH\L��YH\D�HQ�

D]ÕQGDQ�ÕOÕPOÕ�ELU�KDOH�JHWLUPH\L��GROD\ÕVÕ\OD�³PLOOL�E�W�QO�÷�´�VD÷ODPD\Õ�DPDoODPÕúWÕ���gWH�

\DQGDQ�<|Q�\ÕOODUÕQGD��.DGUR�V�UHFLQGH�LúOHQHQ�����¶ODUÕQ�RWDUúLN�KDYDVÕ\OD�ROPDOÕ�WDULKVHO�

ELU�HUHN�RODUDN�0.+�J|]GHQ�G�úP�ú��$\GHPLU�VRV\DOL]P�DQOD\ÕúÕQÕ�%DWÕ�G�Q\DVÕ�LoLQGH�

WHPHOOHQGLUPH�LKWL\DFÕ�GX\PXúWX��7DULKVHO�ELU�HUHN�RODUDN�0.+�GH÷HUOHQGLUPHVL�LOHULGH�

WDUWÕúDFD÷ÕPÕ]�JLEL�G|QHPLQ�UHVPL�WDULK�DQOD\ÕúÕ�YH\D�³EL]�EL]H�EHQ]HUL]´�J|U�ú�\OH�|UW�ú�\RU��

GROD\ÕVÕ\OD�����¶ODUGD�DUWÕN�ELU�HUHN�RODUDN�0.+¶QLQ�GHYUL�NDSDQÕ\RU��EHONL�GH�GDKD�GR÷UXVX�

G|QHPLQ�JHoHUOL�V|\OHPL�LoLQGH�VRV\DOL]P�NDYUDPÕ�DOWÕQGD�\HQLGHQ�RUWD\D�oÕNÕ\RUGX��g\OH�\D�

GD�E|\OH�$\GHPLU�ELU�7�UN�VRV\DOL]PLQGHQ�V|]�HGL\RU��DQFDN�GHYOHWoL�PLOOL�ELUOLN�V|\OHPLQL�

VÕQÕIVDO�oDWÕúPDODUGDQ�NRUXPDN�LVWL\RUGX��0DUNV�YH\D�/HQLQ�LoLQ�VÕQÕI�P�FDGHOHVL�GDKD�

\DúDQÕU�ELU�G�Q\DQÕQ�NXUXOPDVÕ�RODUDN�J|U�Q�UNHQ�$\GHPLU�VÕQÕI�P�FDGHOHVLQL�\ÕNÕFÕ�J|U�\RU��

VÕQÕIODU�VW��YH\D�VÕQÕIODUDUDVÕ�J|UG�÷��GHYOHWLQ�KDNHPOL÷LQGHQ�\DQD�ELU�WDYÕU�DOÕ\RUGX���

�����$\GHPLU��³7�UN�6RV\DOL]PL�YH�)LNLU�$WDW�UNo�O�÷�´��<|Q��<ÕO�����6D\Õ��������2FDN�������V���������$\GHPLU��³,,��(PHN��øúoL�6ÕQÕIÕ�YH�(PH÷LQ�VRV\DO�'H÷HUL´��<|Q��<ÕO�����6D\Õ��������ùXEDW�������V�����

�� ���7DULKVHO�(UH÷LQ�(\OHPFLOHUL�2ODUDN�.DKUDPDQ�YH�.DGUR

$\GHPLU��WDULKVHO�ELU�HUHN�RODUDN�J|UG�÷��0.+¶QLQ�H\OHPFLOHUL�RODUDN�0DUNVLVW�

JHOHQHN��EHONL�GH�3OHKHQRY¶GDQ�\DUDUODQDUDN�EHOLUOHGL÷L�NDKUDPDQ�LOH�ROJXVDO�GXUXPGDQ�

NDONDUDN�EHOLUOHGL÷L�YH�/HQLQ¶GHQ�EHOOL�RUDQGD�HVLQOHQHQ��ELU�NDGUR�KDUHNHWLQL�NDoÕQÕOPD]�

J|UP�úW���0DUNVLVW�JHOHQH÷LQ�³WDULKWH�ELUH\´�VRUXQXQX�\LQH�+HJHO¶GHQ�GHYUDOGÕ÷Õ�YH�VRUXQX�

³JL]HPOL�NDEX÷X´QGDQ�VÕ\ÕUDUDN�LúOHGL÷L�V|\OHQHELOLU�

+HJHO��7LQ¶LQ�\HU\�]�QGH�|]J�UO�N�YH\D�NHQGLQH�NDYXúPD�GR÷UXOWXVXQGD�LOHUOH\LúLQGH�

ELU�WDNÕP�DUDoODUD�JHUHNVLQLP�GX\GX÷XQX�EHOLUWLU��7LQ�JHQHO��VR\XW�ELU�úH\GLU�YH�G�Q\DGD�

JHUoHNOLN�ND]DQDELOPHN�LoLQ�LQVDQ�HWNLQOL÷LQH�JHUHNVLQLP�GX\DU��+HJHO¶LQ�DGODQGÕUPDVÕ\OD�

³WDULKWHNL�E�\�N�LQVDQODU´�\D�GD�³NDKUDPDQODU´�WXWNXODUÕ��LUDGHOHUL�NDQDOÕ\OD�JHQHO�RODQ�LOH��

7LQ�LOH�GROD\OÕ�ELU�ELUOLNWHOLN�JHUoHNOHúWLULU��³7DULKWHNL�E�\�N�LQVDQODU�E|\OHGLU��G�Q\D�WLQLQLQ�

LVWHQFLQL�ROXúWXUDQ�W|]��RQODUÕQ�NLúLVHO�HUHNOHULQGHGLU��%X�LoHULN�RQODUÕQ�DVÕO�J�F�G�U��\LQH�GH�

LQVDQODUÕQ�JHQHO�YH�ELOLQoVL]�LoJ�G�V�QGH�\DúDQÕU��«��+DONODU�GDKD�oRN�R�NLúLQLQ�ED\UD÷Õ�

oHYUHVLQGH�WRSODQÕUODU�´����'�Q\D�WDULKLQGHNL��³E�\�N�DGDPODU´��7LQ¶LQ�LVWHQFLQH�X\JXQ�GDKD�

E�\�N�HUHNOHUL�JHUoHNOHúWLULU�YH�RQODUD�³NDKUDPDQODU´�GHQLOLU��RQODU��³�«��]RUXQOX�ELU�úH\L�

LVWHPLú�YH�PH\GDQD�JHWLUPLú��LoOHULQH�GR÷DQ�úH\LQ�]DPDQÕ�JHOPLú�YH�]RUXQOX�ELU�úH\�ROGX÷XQX�

ELOHQ�NLúLOHUGLU�´����.DKUDPDQODU�WRSOXPX�G|Q�úW�UPHN�DGÕQD�JHUHNLUVH�úLGGHW�NXOODQDELOLU��

7LQ¶LQ�NDKUDPDQODU�DUDFÕOÕ÷Õ\OD�JHUoHNOHúPHVL�³XVXQ�KLOHVL´�RODUDN�DGODQGÕUÕOÕU��YDUROXúXQ�YH�

JHoLFLOL÷LQ�EHGHOLQL�7LQ�GH÷LO�ELUH\OHU�|GHU�

+HJHO¶LQ�ROGXNoD�JL]HPOL�YH�SH\JDPEHUFH�EHOLUHQ�NDYUD\ÕúÕQÕ�0DUNV��PDWHU\DOLVW�ELU�

WXWXPOD�HOHúWLULU�YH�WDULKVHO�DNÕPÕQ�EHOLUOH\LFLVL�RODUDN�LNWLVDGL�LOLúNLOHUGH�DoÕ÷D�oÕNDQ�VÕQÕIODUÕ�

RUWD\D�NR\DU��g]J�U�LOH�N|OH��SDWULV\HQ�LOH�SOHE�GHU��³�«��úLPGL\H�NDGDU�NL�E�W�Q�WRSOXPODUÕQ�

WDULKL�VÕQÕI�P�FDGHOHOHUL�WDULKLGLU�´����dD÷ÕPÕ]GD\VD�WRSOXP��NDUúÕ�NDUúÕ\D�JHOHQ�LNL�E�\�N�

VÕQÕIÕQ��EXUMXYD�YH�SUROHWDU\D�oHOLúNLVLQL�\DúÕ\RU��WDULKLQ�WHPHO�EHOLUOH\LFLVL�YH\D�WDúÕ\ÕFÕVÕ�

VÕQÕIODU�RODUDN�EHOLUOHQL\RUGX�

5XV�0DUNVLVW�JHOHQH÷L�LoLQGH�|QF��ELU�NRQXPX�RODQ�3OHKHQRY�NDKUDPDQ�RODUDN�

J|U�QHQ�³WDULKWH�ELUH\´�VRUXQXQX�\LQH�PDWHU\DOLVW�ELU�WDYÕU�LOH�LúOHPLú��+HJHO¶LQ�SH\JDPEHUFH�

NLúLOHU�RODUDN�7LQ¶LQ�WDúÕ\ÕFÕODUÕ�RODUDN�EHOLUOHGL÷L�NDKUDPDQODUÕQ��WDULKVHO�NLúLOHULQ�

]RUXQOXOXNODUÕQ�NRúXOODUÕQ�LoLQGH�EHOLUOHQPHVL�JHUHNWL÷LQL�V|\OHPLúWL��6RUXVX�ú|\OH\GL��

�����+HJHO��7DULKWH�$NÕO�«���V����������$�J�H���V�����������.��0DU[��)��(QJHOV��.RP�QLVW�3DUWL�0DQLIHVWRVX��6L\DVL�<D]ÕODU���dHY�$KPHW�)HWKL��øVWDQEXO��+LO�<D\ÕQODUÕ��������V�����

³%HQLP�DNVL\RQXP�]DUXUL�KDGLVHOHU�]LQFLULQGH�]DUXUL�ELU�KDOND�PÕGÕU"´����7DULKWH�ELUH\OHULQ�

URO�Q��VÕIÕUD�LQGLUJH\HQOHU�ROGX÷X�JLEL��WDULKL�ELUH\OHULQ�H\OHPL�RODUDN�J|UHQOHU�GH�YDUGÕ��

3OHKHQRY�LoLQVH�GR÷UXVX�ELU�VHQWH]H�YDUPDN�RODFDNWÕ��³)HUWOHU�NDUDNWHUOHULQLQ�|]HOOLNOHUL�

VD\HVLQGH�FHPL\HWLQ�NDGHUL��]HULQGH�WHVLUOL�RODELOLUOHU��«��DPD�E|\OH�ELU�WHVLULQ�JHUHN�LPNDQÕ��

JHUHNVH�\D\JÕQOÕ÷Õ�FHPL\HWLQ�RUJDQL]DV\RQX�WDUDIÕQGDQ��VRV\DO�NXYYHWOHULQ�QLVSHWL�WDUDIÕQGDQ�

WHVSLW�HGLOLU�´

³.DELOL\HWOL�LQVDQODU�EL]]DW�NHQGLOHUL�DQFDN�EX�JHQHO�LVWLNDPHW�VD\HVLQGH�YDUGÕUODU��YH�

EX�ROPDGDQ�RQODU�KLoELU�]DPDQ�P�PN�Q¶��JHUoHN¶WHQ�D\ÕUDQ�HúL÷L�DúDPD]ODU�´�2QODU�

ROPDVD\GÕ�H÷HU�EHONL�GH�EDúNDODUÕ��RUWD\D�oÕNDELOLUGL��EHONL�GH�RQODU�GDKD�NXGUHWOL�EDúNDODUÕQÕQ�

|Q�Q��NHVWLOHU��+HU�QH�ROXUVD�ROVXQ�³E�\�N�DGDP´�ELU�|QF�G�U��EDúNDODUÕQGDQ�GDKD�X]D÷Õ�

J|U�U��GDKD�J�oO��DU]XODU��³2�ELU�NDKUDPDQGÕU��«��Hú\DQÕQ�]DUXUL�YH�úXXUVX]�DNÕúÕQÕQ�K�U�YH�

úXXUOX�LIDGHVL�ROGX÷X�LoLQ�´���

0DUNV�|UJ�W�YH\D�EHONL�ELU�NDGUR�RODUDN�DGODQGÕUÕODELOHFHN�NRP�QLVWOHULQ�WHúNLODW

VRUXQXQD LVH�|]HO�ELU�LOJL�J|VWHUPHPLú��ED]Õ�\D\ÕQODUÕQGD�GH÷LQPLúWL��2QD�J|UH�NRP�QLVWOHU�

LúoL�VÕQÕIÕ�SDUWLOHULQH�NDUúÕ�D\UÕ�ELU�SDUWL�ROXúWXUPDPDOÕ� WHPHO�J|UHYOHUL�LVH�ú|\OH�ROPDOÕ\GÕ�����

6ÕQÕI�P�FDGHOHVLQL�HYUHQVHO�ER\XWODUD�WDúÕPDN�����SUROHWHU�KDUHNHWLQ�\�U�\�ú�oL]JLVLQL�

NDYUDPDN�YH�DQODWPDN���� 0DUNV�GHYULP�NRúXOODUÕQÕ�WHPHO�RODUDN�DOW\DSÕ�LOLúNLOHULQGH�J|UP�ú��

NRúXOODUÕQ�GHYULPFL�LYPH\L�KDUHNHWH�JHoLUHFH÷LQH�LQDQPÕúWÕ��/HQLQ�LVH�0DUNV¶ÕQ�GD�YXUJX�

\DSWÕ÷Õ�³HJHPHQ�LGHRORML �́NDUúÕVÕQGD�LúoLOHULQ�DQFDN�HNRQRPLN�oÕNDUODU�LoLQ�VHQGLNDOL]P�

GR÷UXOWXVXQGD�ELU�DUD\D�JHOHFHNOHULQL�VDSWDPÕú��RQODUÕQ�VRV\DOL]P�P�FDGHOHVL�LoLQ�SURIHV\RQHO�

GHYULPFLOHUGHQ�NXUXOX�ELU�SDUWL\L�]RUXQOX�J|UP�úW���³%X�ELOLQo�RQODUD�GÕúDUÕGDQ�

JHWLULOPHOL\GL�´����.ÕVDFD�0DUNV�LOH�/HQLQ�DUDVÕQGDNL�|UJ�W�NRQXVXQGDNL�WHPHO�IDUNÕ�=DIHU�

'R÷DQ�ú|\OH�VDSWÕ\RU��³�0DU[�LúoL�|UJ�W�Q��SROLWLN�ELU�V�UHFLQ�ELUD]�GD�NHQGLOL÷LQGHQ�\DUDWWÕ÷Õ�

ELU�VL\DVDO�YDUOÕN�RODUDN�WDQÕPODUNHQ��/HQLQ�|UJ�W�ILNULQL�LúoL�VÕQÕIÕQÕQ�KDUHNHWL�LoLQGH�DPD�

RQXQ��]HULQGH�|UJ�WVHO�ELU�YDUOÕN�RODUDN�WDQÕPODPÕúWÕU�´���

0DUNV�YH�/HQLQ¶GH�|UJ�WOHQPH�VRUXQX�GR÷UXGDQ�GR÷UX\D�GHYULP�KHGHILQH�\|QHOLN�

L N HQ � VRQUDVÕ�GHYOHW�VRUXQX�ED÷ODPÕQGD�LúOHQPLú��0DUNV�LúoL�VÕQÕIÕQÕ�WHPVLO�HGHQ�

NRP�QLVWOHUGHQ�V|]�HGHUNHQ�/HQLQ�SURIHV\RQHO�GHYULPFLOHUGHQ�GHYULPLQ�PRWRUX�ROPDVÕQÕ�

LVWHPLúWL��$\GHPLU�LoLQ LVH�VRUXQ�YDURODQ�ELU�GHYULPL�0.+�YH�VRQUDVÕQÕ�ELoLPOHQGLUPHN�

�����*�9�3OHKHQRY��0DUNVLVW�'�ú�QFHQLQ�7HPHO�0HVHOHOHUL��dHYLUHQOHU�6��+LODY��(��%XUL��1��%XUKDQ��6�0LPR÷OX��øVWDQEXO��6RV\DO�<D\ÕQODUÕ��������V�����������$�J�H�� V���������������������$�J�H���V������������9�ø��/HQLQ��³�1H�<DSPDOÕ�"�´�0DUNV�(QJHOV�0DUNVL]P��dHYLUHQ��9DKDS�(UGR÷GX��$QNDUD��6RO�<D\���������V�����������=DIHU�'R÷DQ��7�UNL\HOL�%LU�6RV\DOLVW��0HKPHW�$OL�$\EDU��øVWDQEXO��%HOJH�<D\���������V�����

ROGX÷XQGDQ�KHGHI�LNWLGDUÕ�HOH�JHoLUPHN�GH÷LO��RQD�\|Q�YHUPHN��LoHUL÷LQL�VD÷ODPDNWÕ� $\GHPLU�

EX�NRQX\X��IHOVHIL�YH\D�VL\DVDO�ELU�ELoHPGH�LúOHPHVH��+HJHO¶H��0DUNV¶D�YH\D�3OHKDQRY¶D�

DWÕIODU�\DSPDVD�GD�GR÷UXGDQ�GR÷UX\D�EX�WDUWÕúPDQÕQ�LoLQGH�J|U�OHELOLU��$\GHPLU�LoLQ�

NDKUDPDQODU�NXUWXOXú�GHYULQLQ�NLúLOHUL��NDGUR�LVH�GHYULP�VRQUDVÕQGD�GHYULPH�LoHULN�

ND]DQGÕUDFDN�\|Q�YHUHFHN�NLPVHOHUGL�

$\GHPLU�NDKUDPDQ�YH�NDGUR�WDUWÕúPDVÕQGDQ�|QFH�WDULKVHO�V�UHo��]HULQGH�GXUPXú�YH�

EXQX�ú|\OH�DQODWPÕúWÕ�%DúODQJÕoWD��UHWWL÷L�W�NHWWL÷LQH�\HWHQ�³LONHO�WRSOXPODU´�YDUGÕ��=DPDQOD�

³�UHWLP�YDVÕWDODUÕ´�JHOLúWL�YH�WRSOXP�³�UHWLP�ID]ODVÕ´�YHUPH\H�EDúODGÕ��øONHO�WRSOXPODUÕQ�

HúLWOL÷L��ELUOL÷L�ER]XOGX��7DEDNDOÕ�ELU�WRSOXP�\DSÕVÕ�PH\GDQ�DOGÕ��WDEDNDOÕ�WRSOXP�\DSÕVÕQÕ�

G�]HQOH\HFHN�³�VW�WDEDND´�LQVDQODUÕ�RUWD\D�oÕNWÕ��ùHKLU�YH�GHYOHW�LOLúNLOHUL�ROXúWX��VÕQÕIODU�

EHOLUGL��gQFHOLNOH�N|OHOL÷H�GD\DOÕ�NXUXODQ�VLWHOHULQ�\HULQL�]DPDQOD�IHRGDO�LOLúNLOHU�DOGÕ��%X�

WRSOXPODUGD�³HVLUOHU´��³HVLU�VDKLSOHUL´�VHUIOHU�YH�VHQ\|UOHU�JLEL�VÕQÕIODUD�E|O�QG��YH�QLKD\HW�

oD÷GDú�NDSLWDOLVW�DúDPD�JHUoHNOHúWL��³7DULK�LoLQGH��UHWLP�YDVÕWD�YH�XVXOOHULQLQ�HQ�LOHUL�ROGX÷X�

WRSOXP�LVH��HOEHWWH�NL�oD÷GDú�WRSOXPGXU��«��<DQL��UHWLP�kOHW�YH�YDVÕWDODUÕQÕ�HOLQGH�WXWDQODUOD��

EXQODUGDQ�PDKUXP�RODQODU�DUDVÕQGD��EX�VDQD\L��ONHOHULQGHNL�D\UÕOÕN��EX��ONHOHUGHNL�NHVNLQ�

VÕQÕI�IDUNODUÕ��VÕQÕI�NDYJDODUÕ�úHNOLQGH�NHQGLQL�J|VWHUPLúWLU�´�����%�\�N�VDQD\L��ONHOHULQGHNL�Lo�

GXUXP�]DPDQOD�GL÷HU��ONHOHUL�HVDUHWL�DOWÕQD�DODFD÷Õ�HPSHU\DOLVW�ELU�JHOLúPH�PH\GDQD�JHWLUGL�YH�

LúWH�EXUDGD�0.+�RUWD\D�oÕNWÕ��0.+¶QLQ�|QGHUOL÷LQL�LVH�PLOOL�NDONÕQPD�LoLQ�ELU�|QGHU�YH�RQXQ�

oHYUHVLQGH�ELU�NDGUR�GHYUDODFDNWÕ��³+�ODVD�PLOOL�NXUWXOXú�KDUHNHWL�LoLQGH�\DúD\DQ�ELU�

PHPOHNHWWH��LQNÕODEÕQ�VL\DVL�RWRULWHVL��SUHQVLSOHULQL�LQNÕODEÕQ�PHQIDDWLQGHQ�YH�JHOLúPH�

LVWLNDPHWOHULQGHQ�DODQ�YH�SUHQVLSOHUL�NHQGLQH�DKODN�HGLQHQ�ELU�µNDGUR¶�RODELOLU�´

³%|\OH�ELU�WRSOXOXN��HOEHWWH�NL�ELU�úHI�YH�ELU�SDUWL�VLVWHPLGLU��øQNÕODSoÕ�ELU�úHI�YH�

LQNÕODSoÕ�ELU�SDUWL«´����.DGUR�ú|\OH�WDULI�HGLOLU��³�«��WHúNLODW�oHYUHVL�GDU��GLVLSOLQOL�YH�úXXUOX�

ELU�\|QHWLFLOHU�YH�NXUXFXODU�]�PUHVL��«��.DGUR�ELU�\Õ÷ÕQ�GH÷LOGLU�´����.DGUR¶QXQ�PLV\RQX��

øQNÕODEÕ�LONHOHU�NR\DUDN�DoÕNODPDN��ELU�ILNLU�VLWHPLQH�GD\DQÕU�ELU�LGHRORML�PH\GDQD�JHWLUPHN�YH�

NXUXPODU�ROXúWXUPDN�ELoLPLQGH�VDSWDQDELOLU��$\GHPLU�LoLQ�.DGUR��V|P�UJHFL�V|P�UJH��ONHOHU�

oHOLúNLVLQL�\DúD\DQ�G|QHPLQ�WDULKVHO�HUH÷LQL�EHOLUOH\HQ�0.+�LoLQ�X\JXOD\ÕFÕ�ELU�J�oW�U��

7DULKVHO�VH\UL�0DUNVLVW�ELU�WXWXPOD�GH÷HUOHQGLUHQ�$\GHPLU��VRQXO�oHOLúNLQLQ�DúÕOPDVÕQGD�

.DGUR�KDUHNHWLQL��WRSOXPVDO�\DúDPÕQ�EDúWDQ�VRQD�GH÷LúWLULOPHVLQLQ�|QF�OHUL�RODUDN�

GH÷HUOHQGLUPLúWLU��.DGUR�YH�EX�NDGUR\D�|QGHUOLN�\DSDFDN�ELU�úHI�GHYOHW�RUJDQODUÕ�YDVÕWDVÕ\OD�

WRSOXPXQ�UHIDKÕQÕQ�VD÷ODPDOÕ\GÕ��$\GHPLU�LoLQ�úHI�YH�NDGUR�G�]HQL�VDGHFH�����¶ODUÕQ�NHQGLQH�

�����$\GHPLU��øQNÕODS�YH�.DGUR�«���V�����������$�J�H���V�����������$�J�H���V������

NDSDOÕ�WRSOXPODUÕQGD�G�ú�Q�OPHPHOLGLU��GHPRNUDVL�V�UHFLQGH�GH�ELU�úHI�YH�NDGURGDQ�V|]�

HGLOHELOLU��QLWHNLP�����¶WH�\D\ÕPODGÕ÷Õ�ELU�URPDQ�RODUDN�GH÷LO�EHONL�DPD�VL\DVDO�ELU�PHWLQ�

RODUDN�GH÷HUOHQGLULOHELOHFHN�7RSUDN�8\DQÕUVD�DGOÕ�NLWDEÕQGD�EX�VRUXQX�HQLQH�ER\XQD�

LúOH\HFHNWL�

5RPDQ�³NDKUDPDQÕ´�HPHNOL�ELU�N|\�|÷UHWPHQLGLU��g÷UHWPHQ�HPHNOLOL÷H�DOÕúDPD]�YH�

\HQLGHQ�J|UHY�DOÕU��*|UHY�\HUL�ELU�]DPDQODU�ED÷OÕN�EDKoHOLN�RODQ��DQFDN�úLPGL�QH�RUPDQÕ�QH�GH�

HNLQL�EXOXQDQ�NXUDN�ELU�N|\G�U��.HOWHSH��g÷UHWPHQ�EDúWDQ�\DGÕUJDVD�GD�]DPDQOD�DOÕúÕU��

N|\O�OHULQ�L\L�QL\HWOL�DQFDN�|QGHUVL]�ROGX÷XQX�IDUN�HGHU��ú|\OH�G�ú�Q�U��³2QODU�HPLU�YH�

NXPDQGD�EHNOH\HQ�LQVDQODUGÕU�´����=DPDQOD�N|\�\DNÕQÕQGD�EXOXQDQ�3RODWOÕ�LOoHVLQGHQ�YH�

$QNDUD¶GDQ�WDQÕGÕNODU�HGLQLU��RQODUGDQ�N|\�LoLQ�\DUGÕPODU�DOÕU��$UWÕN�.HOWHSH¶QLQ�

NDONÕQGÕUÕOPDVÕ�LoLQ�DUDODUÕQGD�ND\PDNDPODUÕQ��DOED\ODUÕQ��YDOL�PXDYLQOHULQLQ��NÕVDFD�DVNHU�

VLYLO�E�URNUDVLGHQ�ROXúDQ�ELU�.DGUR�PH\GDQD�JHWLULOPLúWLU��.|\O�OHULQ�GH�HO�YHUPHVL\OH�

.HOWHSH�NÕVD�]DPDQGD�ED\ÕQGÕU�NÕOÕQÕU��EDWDNOÕ÷Õ�WHPL]OHQLU��\HQL�WDUÕP�VDKDODUÕ�ND]DQÕOÕU��

oHúLWOL��U�QOHU�\HWLúWLULOLU��dRN�JHoPHGHQ�.HOWHSH��7�UNL\H¶QLQ�N|\�NDONÕQPDVÕ�EDNÕPÕQGDQ�

|QGH�JHOHQ�PHUNH]OHULQGHQ�ELUL�GXUXPXQD�JHOLU�

5RPDQGD��$\GHPLU�VL\DVDO�J|U�úOHULQGH�PHUNH]LQGH�\HU�DODQ�úHI�YH�NDGUR�DQOD\ÕúÕQÕ�

N|\�HNVHQLQGH�LúOHPLúWLU��N|\H�JHOHQ�YH�úHI�GL\HELOHFH÷LPL]�|÷UHWPHQ�NÕVD�]DPDQGD�

oHYUHVLQGH�ELU�NDGUR�PH\GDQD�JHWLUPLú��N|\�Q�H÷LWLP�VRUXQODUÕQGDQ�LNWLVDGL�VRUXQODUÕQD�KÕ]OÕ�

ELU�NDONÕQPD�JHUoHNOHúWLUPLúWL��$\GHPLU��NDKUDPDQODUÕ�LVH�ú|\OH�DQODWPÕúWÕ��³.DKUDPDQODU��

WRSOXPXQ�XOXODUÕGÕU��.DKUDPDQODUÕQ�úDKVÕQGD�WRSOXP��NHQGL�LQDQFDODUÕ\OD��NHQGL�LGHDOOHULQH�

úHNLO�YHULU�´����%LU�EDúND�PDNDOHVLQGH\VH�ú|\OH�GL\RU���³'HPRNUDVL�ELU�NDKUDPDQODU�UHMLPL�

GH÷LOGLU��.DKUDPDQODUÕ��LKWLOkO�YH�GHYULP�GHYLUOHUL�YHULU�´�����gWH�\DQGDQ�$\GHPLU�LoLQ�

0XVWDID�.HPDO¶LQ�|O�P�\OH�7�UNL\H�LoLQ�NDKUDPDQODU�GHYUL�NDSDQPÕú��DQFDN��7�UNL\H�KHQ�]�

NDONÕQPD�VRUXQXQX�o|]�POH\HFHN�oD÷GDú�OLGHUOHU�\HWLúWLUHPHPLúWL�

�����ùHYNHW�6�UH\\D�$\GHPLU��7RSUDN�8\DQÕUVD�����%DV���øVWDQEXO��5HP]L�.LWDEHYL��������V���������ùHYNHW�6�UH\\D�$\GHPLU�´.DKUDPDQODU�'R÷PDOÕ\GÕ´��.DKUDPDQODU�'R÷PDOÕ\GÕ��øVWDQEXO��dD÷GDú�<D\ÕQODUÕ��������V���������$\GHPLU��³.DKUDPDQ��/LGHU�YH�'HYOHW�$GDPÕ´��$�J�H���V�����

������7�UN�7DULK�7H]L�YH\D�³5HVPL�7DULK´�YH�$\GHPLU

³�«��ELU�GHYULP�VDGHFH�HJHPHQ�NRQXPGDNL�ELU�WRSOXPVDO�VÕQÕIÕQ�D\UÕFDOÕNODUÕQD�VRQ�YHUPHNWHQ�LEDUHW�GH÷LOGLU���

2QXQ�EX�D\UÕFDOÕNODUÕQÕ�PHúUX NÕODQ�G�Q\D�J|U�ú�Q��YH�VRV\DO�PHNDQL]PDODUÕQÕ�GD�\RN�HWPH\L�]RUXQOX�NÕODU��«��%XJ�Q�

ELUoRN�WDULKoLQLQ�DOD\�HWWL÷L�GLO�YH�WDULK�WH]OHULQLQ�.HPDOLVW�UHMLPLQ�\HQL�ELU�G|Q�ú�P�\OH��\HQL�µNXUXOXú�HIVDQHOHU¶�DUDPD�

LKWL\DFÕ\OD�\RUXPODQPD\D�oDOÕúÕOPDVÕ�GDKD�GR÷UX�ELU�\DNODúÕP�ROPD\DFDN�PÕGÕU�"´���

8]XQ�����\�]\ÕOGD�$YUXSDOÕODU�7�UNOHUL�EDUEDUOÕNOD�VXoODPÕú�YH�³ùDUN�0HVHOHVL´�

ED÷ODPÕQGD�SD\ODúÕP�WDVDUÕODUÕ\OD�RQODUÕ�JHOGLNOHUL�\HUH�$V\D¶\D���V�UPHN����LVWHPLúOHUGL��,��

'�Q\D�6DYDúÕ�\ÕOODUÕQGD�JHUoHNOHúHQ�(UPHQL�7HKFLUL��$YUXSDOÕODUÕQ�JHOHQHNVHO�'R÷X�

SROLWLNDODUÕQÕ�V�UG�UPHGH�RQODUD�\HQL�ELU�NR]�YHUHFHN��<XQDQ�LúJDOOHUL�LVH�H\OHP�J�F�Q��

PH\GDQD�JHWLUHFHNWL��7�UN�7DULK�7H]L�EX�NRúXO�YH�ELULNLPOHUOH�ELoLPOHQPLú��NHQGLQL�JHQHO�

RODUDN�$YUXSDOÕODUÕQ�GÕúOD\ÕFÕ�WDYÕUODUÕQD�YH�|]HOGH�(UPHQL�YH��<XQDQOÕODUÕQ�$QDGROX¶QXQ�

PHVNXQ�KDONÕ�EL]L]�WH]OHULQH�NDUúÕ��\HUOHúLN�ELU�PHGHQL\HW�RODUDN�PHúUXODúWÕUPD\D�YH�

GR÷UXODPD\D�JD\UHW�HGHUNHQ��\HQL�ELU�XOXV�PH\GDQD�JHWLUPHQLQ�LGHRORMLN�J�YHQLQL�ROXúWXUPD�

oDEDVÕQD�JLUPLú��\HQL�³NXUXOXú�HIVDQHOHUL´�PH\GDQD�JHWLUPHN�LVWHPLúWL�

����\�]\ÕOGD�0XVWDID�&HODOHWWLQ�3DúD�YH�/HRQ�&DKXQ¶XQ�oDOÕúPDODUÕ�7�UNOHUH�H÷LOPLú��

RQODUD�D\UÕFD�WDULKVHO�ELU�\HU�YHUPH\H�EDúODPÕúWÕ��%X�WDULKoLOHUH�J|UH�7�UNOHU�oRN�HVNL�YH�

\HUOHúLN�ELU�PHGHQL\HWLQ�GHYDPÕ\GÕODU�YH�7�UNoH��$YUXSDOÕ�GLOOHULQ�N|NHQLQGH�\HU�DOÕ\RUGX����

����¶ODUGD�2UKXQ�<D]ÕWODUÕQÕQ�o|]�OPHVL�DUGÕQGDQ�&DKXQ������¶GD�$V\D�7DULKLQH�*LULú�DGOÕ�

NLWDEÕQÕ�\D]PÕú��EXUDGD�7�UN�7DULK�7H]L¶QLQ�N|NHQOHULQL�ROXúWXUDQ��DGDOHW�GX\JXVX��NDGÕQ�

HUNHN�HúLWOL÷L��|UJ�WOHQPH��GLVLSOLQ��XOXVDO�GX\JX�YV��EHOOL�EDúOÕ�WHPDODUÕQÕ�LúOHPLúWL��'DKD�

VRQUDNL�V�UHoWH�EX�PLUDVÕ�GHYUDODQODUÕ�UHVPL�WDULK�V|\OHPLQL�ROXúWXUDQODU�LoLQ�&RSHDX[���o�

E�\�N�LVLPGHQ�V|]�HWPHN�JHUHNWL÷LQL�V|\O�\RU�

���<XVXI�$NoXUD��|���������$NoXUD�����¶WH�\D\ÕPODQDQ�ho�7DU]Õ�6L\DVHW�PDNDOHVL\OH�

7XUDQFÕ�ER\XWODUD�XODúDELOHFHN�ELU�7�UNo�O�÷H�H÷LOLP�J|VWHUGL��<DúDPÕQÕQ�E�\�N�ELU�

NHVLPLQGH�WDULKVHO�DUDúWÕUPDODU�LOH�X÷UDúPÕú��oHúLWOL�NXUXPODUGD�WDULK�GHUVOHUL�YHUPLúWL��$NoXUD�

|QFHOLNOH�2VPDQOÕ�YDNDQ�YLVOL÷LQH�VÕNÕ�HOHúWLULOHU�JHWLUPLú��ú|\OH�GHPLúWL��³%LU�PHPOHNHWLQ�

DKYDO�L�LNWLVDGL\H�YH�LoWLPDL\HVL�PDOXP�ROPD]VD��YHND\L�L�WDULKL\HVL�NDWL\HQ�DQODúÕODPD]�´���

$NoXUD�LoLQ�2VPDQOÕ�YDNDQ�YLVOHUL�J�QO�N�ROD\ODUÕQ�DUGÕQÕ�GH÷HUOHQGLUHPH]��ROD\ODUD�LGHDOLVW��

\DNODúÕU��VL\DVDO�\DúDPÕQ�DKODNoÕ�ELU�WDYÕU�LOH�\�U�\HFH÷LQL�VDQÕUODUGÕ��2\VD�WDULKVHO�PDO]HPH�

�����7DQHU�7LPXU��7�UN�'HYULPL�YH�«��V�����������(WLHQQH�&RSHDX[��7DULK�'HUV�.LWDSODUÕQGD��������������7�UN�7DULK�7H]LQGHQ�7�UN�øVODP�6HQWH]LQH��øVWDQEXO��7DULK�9DNIÕ�<XUW�<D\ÕQODUÕ������������)UDQoRLV�*HRUJHRQ��7�UN�0LOOL\HWoLOL÷LQLQ������V�����

ROD\ODUÕQ��]HULQGH�EHOOL�EDúOÕ�³NDQXQODU´�LOH�GH÷HUOHQGLULOPHOL\GL��³øOP�L�WDULK�QHY�L�KDGLVHOHUH�

KDNLP�NDYDQLQL�DUDU�´�$NoXUD¶\D�J|UH�LGHDOL]PH�NDUúÕ�VÕQÕUOÕ�ELU�PDWHU\DOL]P�WDULKVHO�

DUDúWÕUPDODUGD�NXOODQÕODELOLU�ELU�\|QWHPGLU��PDWHU\DOL]P�LOH�PDGGL�YH�HNRQRPLN�XQVXUODU�DoÕ÷D�

oÕNDUÕODELOLU�

2QD�J|UH�WDULKLQ�DNÕúÕ�PLOOL\HWoLOLN�YH�GHPRNUDVL�FHUH\DQODUÕ�GR÷UXOWXVXQGDGÕU��DQFDN�

7�UNOHULQ�WDULKL�\HQLGHQ�GH÷HUOHQGLULOPHOL��øVODPL�YH\D�%DWÕOÕ�WDULKVHO�G|QHPOHPHOHU�ELU�WDUDID�

EÕUDNÕOPDOÕ��\HULQH�7�UNOHULQ�PLOOL�NLPOLNOHULQL�ROXúWXUPDODUÕ�GR÷UXOWXVXQGD�GH÷HUOHQGLULOHQ�úX�

G|QHPOHPH�\DSÕOPDOÕGÕU��³��(VNL�'|QHP��0R÷RO�LVWLODVÕQD�NDGDU�HVNL�7�UN�X\JDUOÕNODUÕ����

2UWD�'|QHP��7�UN�KDONODUÕQÕQ�&HQJL]�+DQ�YH�DUGÕOODUÕQÕQ�NXUGX÷X�LPSDUDWRUOX÷XQ�ED\UD÷Õ�

DOWÕQGD�ELUOHúPHVL�����<HQL�'|QHP��&HQJL]�+DQ�øPSDUDWRUOX÷X¶QXQ�GD÷ÕOPDVÕQGDQ�GR÷DQ�

GHYOHWOHU����dD÷GDú�'|QHP��7�UNOHULQ�oD÷GDú�G|QHPGHNL�XOXVDO�X\DQÕúODUÕ�´����*|U�OG�÷��

JLEL�$NoXUD��2VPDQOÕ�YDNDQ�YLVOHULQLQ�WHPHO�YXUJXVX�øVODP�NLPOL÷LQL�ELU�\DQD�EÕUDNPÕú��/HRQ�

&DKXQ¶XQ�³PLOOL�NDKUDPDQ´�VD\GÕ÷Õ�&HQJL]�+DQ¶Õ�7�UN�7DULKL�E|O�POHPHVL�LoLQ�ELU�G|Q�P�

QRNWDVÕ�NDEXO�HWPLúWL��%|\OHVL�ELU�G|QHPOHPH�LNL�EDNÕPGDQ�|QHP�ND]DQÕU�����&HQJL]�+DQ�LOH�

7�UN�YH�7DWDU�KDONODUÕ�ELUOHúPLú��LON�GHID�ELU�7�UN�ELUOL÷L�VD÷ODQPÕú�����2VPDQOÕ�øVODP�JHoPLúL�

\HULQH�PLOOL�ELU�JHoPLú�NRQXODELOPLúWLU������$NoXUD��G|Q�P�QRNWDODUÕ�YH�PHUNH]�RODUDN�7�UN�

WDULKLQH�H÷LOLQFH��VRUXQODUD�³EL]LP�WDUDIWDQ´�EDNÕOPDVÕ�JHUHNWL÷LQL�V|\OH\HFHN�YH�ú|\OH�

GL\HFHNWL��³�«��YDNÕDODUD�EL]LP�WDUDIWDQ��ùDUN¶WDQ�EDNÕOÕUVD��ELU�µùDUN�0HVHOHVL¶�GH÷LO�ELU�

µ*DUS�0HVHOHVL¶�YDUGÕU�´���

� � � =L\D�*|NDOS� � | � � � � � � � � � 7�UNOHúPHN�øVODPODúPDN�0XDVÕUODúPDN� Y H �

7�UNo�O�÷�Q�(VDVODUÕ�NLWDSODUÕ\OD�³V�UHNOL´�ELU�7�UN�WDULKL�ILNULQLQ�ROXúXPXQD�|QHPOL�

NDWNÕODUGD�EXOXQXUNHQ�7XUDQFÕ�PHINXUHOHUL��\D\ÕOPDFÕ��ON�OHUL��YH�³7�UNOHúPH´�LOH�

³øVODPODúPD´\Õ�ELUOLNWH�GH÷HUOHQGLUPHVL��GDKDVÕ�³KDUV´�YH�³PHGHQL\HW´�D\UÕPÕQD�GD\DQDQ�

WHPHO�J|U�ú��7�UN�'HYULPL��]HULQGH�YXUJXODQGÕ÷Õ�NDGDU�HWNLOL�ROPDPÕú��GROD\ÕVÕ\OD�7�UN�

7DULK�7H]L��]HULQGH�HWNLVL�VÕQÕUODQPÕúWÕ�

���=HNL�9HOLGL�7RJDQ��|���������8PXPL�7�UN�7DULKLQH�*LULú��������DGOÕ�NLWDEÕQGD�

7RJDQ��7�UN�³ÕUNÕQÕQ´�EUHNLVHIDO�|]HOOLNOHU�WDúÕGÕ÷ÕQÕ�YH�7�UNOHULQ�³PHGHQL\HW´�WDúÕ\DQ�

J|oOHULQL�LúOHPLúWL�

<XNDUÕGD�GD�V|\OHQGL÷L�JLEL�7�UN�7DULK�V|\OHPL��<XQDQ�YH�(UPHQL�WH]OHULQH�NDUúÕ�

\HUOHúLN�$QDGROXOX�7�UNOHUL�LúOHUNHQ��GL÷HU�WDUDIWDQ�øVODP�2VPDQOÕ�N|NHQL�]D\ÕIODWPDN�LoLQ�

�����$�J�H���V����������$�J�H���V����������$�J�H���V�����

$V\DOÕ�NLPOL÷L�YXUJXODPÕúWÕ��7�UN�7DULK�7H]L¶QH�|QHPOL�GD\DQDN�QRNWDODUÕ�ROXúWXUDQ��(JXHQH�

3LWWDUG�EX�G|QHPGH�,UNODU�YH�7�UOHU�LVLPOL�ELU�NLWDS�\D]PÕú��DQWURSRORML\H�|QHPOL�ELU�

\D\JÕQOÕN�ND]DQGÕUPDN�X÷UDúÕQD�JLUPLúWL��7�UN�7DULK�<D]ÕPÕQÕQ�|QHPOL�NDOHPOHULQGHQ�$IHW�

øQDQ�������\ÕOÕ�LoLQGH�ELU�J�Q��)UDQVÕ]FD�ELU�FR÷UDI\D�NLWDEÕQGD�7�UNOHULQ�³VDUÕ�ÕUND´�PHQVXS�

ROGXNODUÕQÕ�YH�$YUXSD�]LKQL\HWLQH�J|UH�LNLQFL�W�U�ELU�LQVDQ�WLSL�ROGX÷XQX�RNXGX��%X�VDWÕUODUÕ�

0XVWDID�.HPDO¶H�J|VWHULU�YH�úX�\DQÕWÕ�DOÕU��³+D\ÕU��ROPD]��EXQXQ��]HULQGH�PHúJXO�RODOÕP��VHQ�

oDOÕú´����øQDQ��EX�ROD\ÕQ�DUGÕQGDQ�WDULK�LOH�\DNÕQGDQ�LOJLOHQPH\H�NR\XOXU��3LWWDUG�LOH�oDOÕúÕU��

RQXQ�WHúYLNL\OH�EUHNLVHIDO�|Oo�POHUH�JLUHU������¶GH�6D÷OÕN�%DNDQOÕ÷Õ¶QÕQ�\DUGÕPÕ\OD��WH]L�LoLQ�

���ELQLQ��]HULQGH�NDGÕQ�HUNHN�LVNHOHWLQLQ��]HULQGH�oDOÕúÕOÕU��&HQHYUH�hQLYHUVLWHVL¶QH�VXQGX÷X�

WH]�³7�UN�+DONÕQÕQ�YH�7DULKLQLQ�$QWURSRORMLN�g]HOOLNOHUL´�LVPLQL�WDúÕU��DPDFÕ�$QDGROX¶QXQ�

DQWLNLWHGHQEHUL�7�UN�\XUGX�ROGX÷XQX�IL]LNL�DQWURSRORMLN�YHULOHU�LOH�NDQÕWODQPDNWÕU����

&RSHDX[��EX�G|QHP�7�UN�7DULK�<D]ÕPÕQÕ��øQDQ¶ÕQ�3LWWDUG�LOH�oDOÕúPDODUÕQÕ�GD�J|]�

|Q�QGH�WXWDUDN��ú|\OH�GH÷HUOHQGLUHFHNWLU��³�7�UN�7DULK�7H]L¶QH��JHOLúLPLQLQ�W�P�DúDPDODUÕQGD�

��%DWÕ�RU\DQWDOL]PL�VDGHFH�EHOLUOH\LFL�LWNL\L�YHUPHNOH�NDOPDPÕú��7�UN�WDULK�V|\OHPLQLQ�HQ�

D]ÕQGDQ�����¶OHUH�NDGDU�GD\DQGÕ÷Õ�RWRULWH\L�GH�VD÷ODPÕúWÕU�´���

'|QHPLQ�WDULK�GHUV�NLWDSODUÕ�YH�WDULK�NRQJUHOHUL �]HULQGH�GXUPDN�EL]L�³5HVPL�

6|\OHP´H��GDKD�GD�\DNÕQODúWÕUDFDNWÕU��|QFHOLNOH�GHUV�NLWDSODUÕ��]HULQGH�GXUDOÕP�

���7�UNL\H�7DULKL �77�� ��������DUDVÕQGD�RUWDRNXOODU����VÕQÕIÕQGD�NXOODQÕODQ��GHUV�

NLWDEÕQÕ�+DPLW�YH�0XKVLQ�%H\OHU�\D]DU��<D]DUODU�KLND\HFL�ELU��VOXSWDQ�VÕ\UÕODUDN�KDGLVHOHUL�

QHGHQ�VRQXo�LOLúNLVL�LoLQGH�GH÷HUOHQGLUHFHNOHULQL�V|\OHPLúOHU��NLWDSWD�2VPDQOÕ�7DULKL��$YUXSD�

7DULKL�LOH�NDUúÕODúWÕUPDOÕ�ELU�ELoLPGH�DQODWÕOPÕúWÕ��(UVDQOÕ�NLWDEÕ�JHQHO�RODUDN�ú|\OH�

GH÷HUOHQGLULU��³�«��NLWDEÕQ�H÷LWLP�YH�|÷UHQLP�DPDFÕ\OD�7�UNO�÷��YXUJXODPDN�LoLQ�ÕUNVDO�YH�

HWQLN�ELU�ELUOLN�YH�E�W�QO�N�DUDPDGÕ÷ÕQÕ��EX�W�U�ELU�KRPRMHQOLN�\DUDWPDQÕQ�DVÕO�DPDFÕ�WHúNLO�

HWPHGL÷LQL�J|U�\RUX]�´���

���7�UN�7DULKLQLQ�$QDKDWODUÕ��77$�� .LWDEÕQ�\D]ÕPÕ�0XVWDID�.HPDO¶LQ�LVWH÷L\OH�

����¶GD�EDúODPÕú�����¶GD�7�UN�2FD÷Õ�E�Q\HVLQGH�NXUXODQ�7�UN�7DULK�+H\HWL¶QGH�V�UP�ú��

QLKD\HW�����¶GH�DUDODUÕQGD�$IHW�øQDQ��$NoXUD�<XVXI��6DPLK�5LIDW¶ÕQ�GD�EXOXQGX÷X 7�UN�

7DULKLQL�7HWNLN�&HPL\HWL��\HOHULQFH�\D]ÕOPÕúWÕ��.LWDEÕQ�VRQXQD�/��&DKXQ¶XQ�³)UDQVDGD�$UL�

'LOOHUH�7HNDGG�P�(WPLú�2ODQ�/HKoHQLQ�7XUDQL�0HQúHL´�DGOÕ�ELU�NRQIHUDQV�oHYLULVL�YHULOPLúWLU��

�����&RSHDX[��7DULK�'HUV�.LWDSODUÕQGD�«��V����������g]J�U�6HYJL�*|UDO��³$IHW�øQDQ´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFHOHU��&����.HPDOL]P��(GLW|U��$KPHW�øQVHO� øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ��������V����������&RSHDX[��7DULK�'HUV�.LWDSODUÕQGD�«����������%�úUD�(UVDQOÕ��øNWLGDU�YH�7DULK��7�UNL\H¶GH�³5HVPL�7DULK´�7H]LQLQ�2OXúXPX�����������������%DV���øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ�������

0XVWDID�.HPDO¶LQ�SHN�WXWPDGÕ÷Õ�NLWDS�����NRS\D�RODUDN�EDVÕOÕU��77$�7�UN�7DULK�7H]L�

\D]ÕOPDVÕQD�LOLúNLQ�LON�NLWDSWÕU��NLWDSWD�2UWDoD÷�YH�<HQLoD÷�$YUXSDVÕ�DQODWÕOPDPÕú��GDKD�oRN�

$V\D�YH�$QDGROX�WDULKL�7�UNOHU�LOH�LOLúNLOHUL�ED÷ODPÕQGD�GH÷HUOHQGLULOPLúWLU�

.LWDEÕQ�\D]ÕOPD�JHUHNoHVLQL�\D]DUODU�ú|\OH�EHOLUWLU��³7�UN�Q�KXVXVL\HW�YH�NXYYHWLQL�

NHQGLQH�J|VWHUPHN�YH�PLOOL�LQNLúDIÕPÕ]ÕQ�GHULQ�ÕUNL�N|NOHUH�ED÷OÕ�ROGX÷XQX�DQODWPDN�

LVWL\RUX]�´����dDOÕúPDQÕQ�DPDFÕ�LVH�ú|\OH�LIDGH�HGLOLU��³�«��DVÕUODUFD�oRN�KDNVÕ]�LIWLUDODUD�

X÷UDWÕOPÕú��LON�PHGHQL\HWOHULQ�NXUXOXúXQGDNL�KL]PHW�YH�HPHNOHUL�LQNDU�ROXQPXú�%�\�N�7�UN�

0LOOHWLQH��WDULKL�KDNLNDWOHUH�GD\DQDQ�úHUHIOL�PD]LVLQL�KDWÕUODWPDNWÕU´����77$�ELU�V�UH�VRQUD����

ELQ�DGHW�EDVÕODUDN�77$�0HWKDO�DGÕ\OD�RUWD�GHUHFHOL�RNXOODUD�J|QGHULOLU� 2VPDQOÕ�7DULKL¶QH�\HU�

YHULOPH\HQ�NLWDSWD���oR÷XQOXNOD�HVNL�7�UNOHULQ�N|NHQOHUL��DQDYDWDQODUÕ�YH�J|oOHUL��]HULQGH�

GXUXOXU�

���7DULK��7��G|UW�FLOW���2UWD�0HNWHS�øoLQ�7DULK��27���o�FLOW���/LVHOHU�LoLQ�KD]ÕUODQDQ�7��

77$¶GDQ�\DUDUODQDUDN�����¶GH�\D]ÕOPÕú��27�LVH�7¶QLQ�EDVLWOHúWLULOPHVL\OH�PH\GDQD�JHOPLú�YH�

����¶WH�\D\ÕPODQPÕúWÕU��³%X�NLWDSODU�7�UNOHUL�ELU�µÕUN¶�RODUDN�\�FHOWWLOHU�YH�E�\�N�ELU�X\JDUOÕN�

NXUPXú�ROGXNODUÕQÕ�YXUJXODGÕODU�YH�GL÷HU�E�\�N�X\JDUOÕNODU��]HULQGHNL�HWNLOHULQLQ�DOWODUÕQÕ�

oL]GLOHU�´����27¶GH�³ÕUN´�D\QÕ�³NDQGDQ´�JHOHQ�YH�IL]LN�\DSÕODUÕ�EHQ]HU�NLúLOHU�RODUDN�

WDQÕPODQÕU��LNLQFL�E|O�P�ú|\OH�EDúODU��³7DULKLQ�HQ�E�\�N�FHUH\DQODUÕQÕ�\DUDWPÕú�RODQ�7�UN�ÕUNÕ��

EHQOL÷LQL�HQ�oRN�NRUXPXú�RODQ�ELU�ÕUNWÕU�´���

ùLPGL�GH�NÕVDFD�LON�7�UN�7DULK�.RQJUHVLQH�GH÷LQHOLP��,��7�UN�7DULK�.RQJUHVL��7�UN�

7DULK�7H]L¶QL�WDQÕWPDN�DPDFÕ\OD�0XVWDID�.HPDO¶LQ�JLULúLPL\OH�7HPPX]�����¶GH�$QNDUD�

+DONHYL�ELQDVÕQGD�WRSODQGÕ��.DWÕOÕPFÕODUÕQ�DUDVÕQGD������OLVH�YH�RUWDRNXO�|÷UHWPHQL�����

SURIHV|U�����77.��\HVL�YDUGÕ�����J�Q�V�UHQ�.RQJUH¶QLQ�|QGH�JHOHQ�NDWÕOÕPFÕODUÕ�$IHW�øQDQ��

)XDW�.|SU�O���<XVXI�$NoXUD��$KPHW�$÷DR÷OX�ROGXODU��.RQJUH�G|UW�NRQX\D�RGDNODQPÕúWÕ�����

7DULK�|QFHVL�G|QHPOHU�YH�7�UNOHU�����7�UN�GLOOHUL��ND\QDNODUÕ�YH�HWNLOHUL�����2UWD�$V\D¶GDQ�

\R÷XQ�J|oOHUH�\RO�DoDQ�FR÷UDIL�YH�GR÷DO�GH÷LúLPOHU������'HUV�NLWDSODUÕ��]HULQH�WDUWÕúPD�

$��øQDQ��WDULK�oDOÕúPDODUÕQD�)UDQVÕ]FD�ELU�NLWDSWD�RNXGX÷X��7�UNOHULQ�LNLQFL�VÕQÕI�ELU�

LQVDQ�WLSL�ROGX÷X�VDYÕ��]HULQH�YH�0XVWDID�.HPDO¶LQ�\|QOHQGLUPHVL\OH�EDúODPÕúWÕ��øúWH�úLPGL�

.RQJUH¶GHNL�NRQXúPDVÕQGD�ELU�EDNÕPD�$YUXSDOÕODUD�\DQÕWODU�YHUL\RUGX��³7�UN�Q�DQD\XUGX�

2UWD�$V\D�\D\ODVÕGÕU������«��7�UNOHU�EX�EHúLNWH��HQ�D]�PLODWWDQ������\ÕO�HYYHO��N�OW�U�VDKLEL�

ELU�ÕUN�ROPXú�EXOXQX\RUGX��«��7�UN�oRFXNODUÕ�ELOL\RU�YH�ELOHFHNOHUGLU�NL��RQODU������oDGÕUOÕ�ELU�

�����$�J�H������������7�UN�7DULKLQLQ�$QD�+DWODUÕ��0HWKDO�.ÕVPÕ��0DDULI�9HNDOHWL��øVWDQEXO�'HYOHW�0DWEDDVÕ�������V����������(UVDQOÕ��øNWLGDU�YH�«����������$NWDUDQ��$�J�H���V������

DúLUHWWHQ�GH÷LO��RQ�ELQOHUFH�\ÕOOÕN��$UL��PHGHQL��\�NVHN�ELU�ÕUNWDQ�JHOHQ��\�NVHN�NDELOL\HWOL�ELU�

PLOOHWWLU�´���

)��.|SU�O���ELOLPVHO�D÷ÕUOÕ÷ÕQÕ�(UVDQOÕ¶QÕQ�GH\LúL\OH�XWDQJDo�ELU�ELoLPGH�VHUJLOHPLú��

V|]JHOLPL�2VPDQOÕ�øPSDUDWRUOX÷X¶QXQ�NXUXOXúXQGD�GLQ�YH\D�ÕUN�NDYUDPODUÕQÕ�WHN�EDúÕQD�HOH�

DODPD\Õ]�ELoLPLQGH�NRQXúPXúWX��6DPLK�5LIDW��7�UN�'LOL�7HWNLN�&HPL\HWL¶QLQ�GH�ELU�V�UH�

EDúNDQOÕ÷ÕQÕ�\DSDQ�\D]DU�EXUDGD��7�UNoH¶QLQ�$YUXSDOÕ�GLOOHULQ�N|NHQLQGH�ROGX÷XQX�LGGLD�HWWL��

.RQJUH�%DúNDQÕ�$NoXUD�LVH�V|]OHULQL�ú|\OH�QRNWDOÕ\RUGX��³�«��WDULK��PLOOHWOHULQ��NDYLPOHULQ�

YDUOÕNODUÕQÕ��PXKDID]D�HWPHN��NXYYHWOHULQL�LQNLúDI�HWWLUPHN�LoLQGLU�´���

.ÕVDFD�.XUXOWD\�øVODP�YH�2VPDQOÕ�ND\QDNODUÕQ�|WHVLQH�JHoHUHN�$V\DOÕ�YH�$QDGROXOX�

JLGHUHN�W�P�X\JDUOÕODUÕQ�WHPHOLQGH�ELU�7�UN�NLPOL÷LQL�YXUJXODPÕúWÕ��.XUXOWD\D�EDúNDQOÕN�

\DSDQ�<XVXI�$NoXUD��ùXEDW�����¶WH�hON��GHUJLVLQGH�.RQJUH�ED÷ODPÕQGD�\HQLGHQ�7�UN�

WDULKoLOL÷LQL�GH÷HUOHQGLUGL��gQFHOLNOH�2VPDQOÕ�WDULKoLOHULQL�VDGHFH�K�N�PGDUODUÕQ�KD\DWODUÕ\OD�

LOJLOHQPHOHUL��7�UN�NDYLPOHUL�KDNNÕQGD�KLoELU�úH\�V|\OHPHGLNOHUL�LoLQ�HOHúWLULU��+DOEXNL�PLOOL�

ELU�WDULK�DQOD\ÕúÕ�ROPDGDQ�PLOOHWOHU�\DúD\DPD]��'LO�YH�WDULK��ELU�PLOOHWLQ�YDUOÕ÷ÕQÕQ�LNL�WHPHO�

XQVXUXGXU��2VPDQOÕ�WDULKoLOHUL�ELU�\DQGDQ�SDGLúDK�\DúDPODUÕ\OD�LOJLOHQPLú�|WH�WDUDIWDQ�øVODP�

YDKGHWL�QD]DUÕ\OD�WDULKH�\DNODúPÕúWÕ��³7�UNOHULQ�ÕUNL�ELUOLNOHUL�DVOD�J|VWHULOPH]GL�´����$QFDN�

³8OX�*D]L´�LOH�PLOOL�JD\H\H�\|QHOLN�oDOÕúPDODU�EDúODPÕú�YH�7�UN�7DULK�.RQJUHVL�WRSODQPÕúWÕU��

.RQJUH¶QLQ�GDYDVÕ�LVH�ú|\OH�DoÕNODQDELOLU��³7�UNOHULQ�HVNL�YH�RUWD�NXUXQODUGD�DQFDN�J|oHEH�YH�

P�VWHYOL RODUDN�\DúÕ\DQ�YH�\�NVHN�PHGHQL\HW�VHYL\HVLQH�HULúHPL\HQ�LNLQFL�GHUHFHGH�

LQVDQODUGDQ�ROPD\ÕS��EHúHU�WDULKLQGH�LON�PHGHQL\HWL�NXUDQ�YH�WD�HQ�HVNL�]DPDQODUGDQEHUL�

PXKWHOLI�GHYLUOHUGH�PHGHQL\HW�PHúDOHVLQL�HOOHULQGH�WDúÕ\DQ�LQVDQODU�ROGX÷X�GDYDVÕGÕU�´���

7�UN�7DULK�7H]L¶QLQ�DQWURSRORMLN�ER\XWODUÕ�LVH��ú|\OH�DoÕNODQDELOLU�����$V\D�YH�

$YUXSD¶GD�HQHRORWLN��QHRORWLN�YH�EXQX�WDNLS�HGHQ�PDGHQ�oD÷Õ��X\JDUOÕ÷Õ�PH\GDQD�JHWLUHQOHU�

EH\D]��ÕUNWDQ��EUHNLVHIDOOHUGLU�������EUHNLVHIDO��ÕUNÕQ��DQD\XUGX�2UWD�$V\D¶GÕU�����7�UNOHU�VDUÕ�

ÕUNWDQ�GH÷LO��EH\D]�ÕUNWDQGÕU�YH�DQD\XUWODUÕ�2UWD�$V\D¶GÕU�����6�PHUOHU�Y�V«�2UWD�$V\D¶GDQ�

JHOPLú��GLO�YH�ÕUNVDO�|]HOOLNOHUL\OH�7�UNOHU�LOH�DNUDED�ROGXNODUÕ�DQODúÕOPÕúWÕU�����.ÕVDFD�7�UN�

7DULK�7H]L��7�UNOHULQ�³LNLQFL�GHUHFHGHQ´�ELU�³ÕUND´�GH÷LO��$YUXSD�PHGHQL\HWLQLQ�N|NHQOHULQL�

PH\GDQD�JHWLUPLú�³EH\D]�ÕUN´WDQ�ELU�WRSOXOXN�ROGX÷X�WH]LQL�EHQLPVHGL��'ROD\ÕVÕ\OD�7�UNL\H¶\L�

�����$�J�H���V�������������$�J�H���V�����������<XVXI�$NoXUD��³%LULQFL�7�UN�7DULK�.RQJUHVL´��hON���ùXEDW�������hON��6HoPHOHU�������������<D\�+D]��=HUULQ�%D\UDNWDU��&HP�$OSDU��$QNDUD��$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�$NDGHPLVL��������V����������$NoXUD��³%LULQFL�7�UN�7DULK«´��V����������6XDYL�$\GÕQ��³&XPKXUL\HW¶LQ�øGHRORMLN�ùHNLOOHQPHVLQGH�$QWURSRORMLQLQ�5RO���,UNoÕ�3DUDGLJPDQÕQ�<�NVHOLúL�YH�'�ú�ú�´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFHOHU��&�����.HPDOL]P��(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ���������V������

$YUXSD¶GDQ�GÕúODQDPD]��WHUVLQH�DQFDN�NXUXFXODUÕ�DUDVÕQGDQ�\HU�DODELOLU�ELU��ONH�NRQXPXQD�

JHWLUGL��$QWURSRORMLN�H÷LOLP�7�UNL\H¶GH�|]HOOLNOH�,,��'�Q\D�6DYDúÕ¶QÕQ�DUGÕQGDQ�ND\EROGX�

7�UN�7DULK�7H]L¶QLQ�PH\GDQD�JHWLULOGL÷L�V�UHoWH�$\GHPLU��.DGUR�GHUJLVLQGH�YH�øQNÕODS�

YH�.DGUR�DGOÕ�NLWDEÕQGD�EX�VRUXQX��NLPL�\DNÕQOÕNODUOD�EHUDEHU�|QHPOL�IDUNODUOD�LúOHPLúWL��

6|]JHOLPL�.DGUR¶GD�$YUXSDPHUNH]FL��(XURSDFHQWHULVPH���WDULKoLOLN��]HULQH�ELU�\D]ÕVÕQGD��

$YUXSD�WDULKLQLQ�G�Q\D�WDULKLQLQ�PLKYHUL�YH�PHUNH]L�VD\ÕOPDVÕ�GROD\ÕVÕ\OD�$V\DOÕ�KDONODUÕ�

GÕúDUÕGD�EÕUDNWÕ÷ÕQÕ�EHOLUWHUHN�³EXJ�QOHUH´�JHOL\RU��DQFDN��³úLPGL´�G�Q\D�WDULKLQGH�$YUXSDOÕ�

ROPD\DQ�PLOOHWOHULQ�HWNLOHULQLQ��J|U�OG�÷�Q��V|\O�\RUGX��7�UNOHU�EX�HWNLOHUL�PH\GDQD�JHWLUHQ

PLOOHWOHULQ�EDúÕQGD��\HU�DODQ�ELU�PLOOHWWL��³7�UN�WDULKL��FLKDQ�WDULKLQLQ�EDúÕ�YH�7�UN�øQNÕODEÕ�

$YUXSD�WDULKLQLQ�\LUPLQFL�DVÕUGD�LQNLúDIÕQÕ�EXOPXú�ELU�WDULKL�UHDNVL\RQX�ROPDN�LWLEDUL\OH��EL]�R�

PD]L�LOH�EX�KDOLQ�ELUELULQH�ED÷ODQÕúÕQGD�JHQLú�ELU�PLOOL�KH\HFDQÕQ�E�W�Q�XQVXUODUÕQÕ�

EXOX\RUX]�´����$\GHPLU�EXUDGD�NÕVDFD�7�UNOHULQ�³PHGHQL\HW�NXUXFX´�|]HOLNOHULQL�oD÷UÕúWÕUÕU�

ELoLPGH�0.+¶\L�G�Q\D�WDULKLQLQ�ELU�G|Q�P�QRNWDVÕ�RODUDN�GH÷HUOHQGLUPLú�YH�7�UNOHULQ�

³ELULFLNOL÷L´QH�GDLU�J|QGHUPHOHU�\DSPÕúWÕ�

gWH�WDUDIWDQ�7�UN�7DULK�7H]LQLQ�DQWURSRORML\H�YHUGL÷H�D÷ÕUOÕ÷D�VÕUWÕQÕ�G|QP�ú��N�OW�UHO�

YH�LNWLVDGL�ELUOLNWHOL÷L�YXUJXODPÕúWÕ��øQNÕODS�YH�.DGUR¶GD�NDOHPH�DOGÕ÷Õ�³0LOOHW�.DYUDPÕ�

+DNNÕQGD´�DGOÕ�E|O�PGH�|]HOOLNOH�DQWURSRORMLN�|]HOOLNOHU�LOH�WRSOXPVDO�ELU�PHVHOH�RODQ�³PLOOHW�

NDYUDPÕQD´�EHOLUOL�PHVDIHOHU�NR\DUDN��úX�\DNODúÕPÕ�JHWLUGL������\�]\ÕOGDQ�|QFH��PLOOHW�NDYUDPÕ�

SHN�NXOODQÕOPD]�YH\D�EX�ELU�ÕUN�ELUOL÷L�RODUDN�J|U�O�UG���DQFDN�ÕUN�PLOOHW�NDYUDPÕ�NRQXVXQGD�

DoÕNOD\ÕFÕ�GH÷LOGL��³d�QN��GLO��GLQ��PLOOL\HW�JLEL�GH÷HUOHU��VRV\DO�YH�N�OW�UHO�UHDOLWHOHUGLU��

.DQÕQ�GH÷LO��N�OW�U�Q�YHUDVHWLQH�ED÷OÕGÕU�´����,UN�DQFDN�ELU�PLOOHW�ROXúXPXQ�WHPHOOHULQL�

J|VWHUL\RUVD�DQODP�ND]DQÕU��HOEHWWH�7�UNOHU�LoLQ�GH�³ÕUNL�YH�NDYPL´�DVÕOODUÕQÕ�WDQÕPDN��G�Q\D�

PHGHQL\HWLQLQ�JHOLúLPLQGHNL�ROXPOX�HWNLOHULQL�EXOPDN�YH�EHQLPVHPHN�³PLOOL�úXXUXQ´�ROD÷DQ�

JHUH÷LGLU��'L÷HU�\DQGD�PLOOHW�GH÷LúPHGHQ�JHOHQ�ELU�ROJX�GH÷LOGLU��PLOOHW�WDULKL�JHOLúPHOHULQ�ELU�

�U�Q�G�U��\DQL�WDULK�LoLQGH�PLOOHWLQ�ROPDGÕ÷Õ�]DPDQODUGD�YDUGÕ��%XJ�QN��$YUXSD�PLOOHWOHUL�

����\�]\ÕOÕQ��U�Q�G�UOHU��|]HOOLNOH�VDQD\L�YH�WLFDUHWLQ�JHOLúPHVL\OH�RUWDoD÷�XVXOOHULQH�GD\DQDQ�

LúE|O�P��SDUoDODQPÕú��NÕUVDO�DODQGDNL�IHRGDO�KXNXN�YH�LOLúNLOHU�RUWDGDQ�NDOGÕUÕOPÕú��E|\OHFH��

³$UDODUÕQGD�JHOHQHN�YH�OHKoH�IDUNODUÕ�RODQ�D\QÕ�ÕUNWDQ�YH\D�\DNÕQ�ÕUNWDQ�LQVDQ�WRSOXOXNODUÕ��

P�úWHUHN�ELUWDNÕP�J|U�úOHU�YH�\DúD\Õú�WDU]ODUÕ��]HULQGH�ELUOHúWLOHU�´����'R÷X¶GD�LVH�E|\OH�ELU�

JHOLúPH�J|U�OPHGL��PLOOHWL�ROXúWXUDFDN�úDUWODU��|]HOOLNOH�VDQD\L�YH�WLFDUHW��0.+�LOH�PH\GDQD�

JHOHELOLUGL�

�����$\GHPLU��³(XURSDFHQWHULVPH¶LQ�7DVIL\HVL´��.DGUR«��6D\Õ�����7HPPX]�������V����������$\GHPLU��øQNÕODS YH�«��V�����������$�J�H���V������

%DWÕ¶GD�PLOOL�JHOLúPH�VÕQÕI�NDYJDODUÕ�GROD\ÕVÕ\OD�WDPDPODQDPDGÕ��øo�oHOLúPHOHULQ�

\DQÕVÕUD�GÕúDUÕ\D�GR÷UX�\D\ÕODQ�ELU�JHOLúPH�GH�\DúDQGÕ��(PSHU\DOL]P��³%X�GD÷ÕQÕN�YH�

oHOLúPHOL�PHQIDDWOHU��VW�QGH�ELU�LúELUOL÷L�YH�PXNDGGHUDW�ELUOL÷L�NXUXODPDPÕúWÕU��<DQL��PLOOHWLQ�

PLOOHW�ROXúX�%DWÕ��ONHOHULQGH��KLoELU�VXUHWWH�WDPDPODQDPDPÕúWÕU«´����<HQL�7�UNL\H�LVH�

³VRV\DO�PLOOL\HWoLOLN´�QL]DPÕQÕ�VDYXQXU��³0LOOL�VÕQÕUODU�PLN\DVÕQGD�ELU�LúELUOL÷LQH�YH�PHUNH]L�

ELU�PXUDNDEH�DOWÕQGD�LúOH\HQ�ELU�PLOOL�LNWLVDW�E�W�QO�÷�QH�GD\DQPD\DQ�ELU�PLOOL�GHYOHWLQ��PLOOL�

YDVIÕ�P�QDNDúD�J|W�U�U��«��7�UN�PLOOL\HWoLOL÷L��UHHO��oD÷GDú�NDYUDPÕQÕ�YH�KD\DWL\HWLQL�7�UN�

'HYOHWoLOL÷L�LOH�WDPDPOD\DFDNWÕU´

³+XOkVD��ELU�7�UN�PLOOL�NXUWXOXú�KDUHNHWLQLQ�\R÷XUGX÷X�YH�úHNLOOHúWLUGL÷L�7�UN�

PLOOL\HWoLOL÷L��NHQGLQL�KD]ÕUOD\DQ�YH�ROJXQODúWÕUDQ�WDULKL�úDUWODUÕQ�WDELv�LFDEÕ�RODUDN�´

³D�'ÕúDUÕ\D�NDUúÕ�DQWL�HPSHU\DOLVW´

³�E��øoHUL\H�NDUúÕ�GD�DQWL�NDSLWDOLVWWLU�´���

7�UN�7DULK�7H]L�PH\GDQD�JHWLULOLUNHQ�$\GHPLU��7H]�LOH�ED]Õ�\DNÕQOÕNODU����7�UNOHULQ�

³PHGHQL\HW�NXUXFX´�YDVÕIODUÕ��ÕUN�DQOD\ÕúÕQÕQ�EHOOL�|Oo�OHUGH�LúOHQPHVL�JLEL�ED]Õ��\DNÕQOÕNODU��

NXUVD�GD�DQWURSRORMLN�XQVXUODUÕ�GÕúOD\ÕFÕ�ELU�WDYÕU�DODUDN�PLOOHWLQ�ELU�WDULKVHO��U�Q�ROGX÷X�WHPHO�

YXUJXVX��]HULQGH�LNWLVDGL�\DSÕ\Õ�|QH�oÕNDUPÕúWÕU��7DP�ELU�PLOOHW�ROXúXPX�LoLQ�LVH�PLOOL�ELU�

LNWLVDW��VÕQÕIVDO�LOLúNLOHUL��VÕQÕIVDO�P�FDGHOHOHUL�|QOH\HFHN�PLOOL�ELU�LNWLVDW�JHUHNOL\GL��

'ROD\ÕVÕ\OD�7�UN�0LOOL\HWoLOL÷L�$\GHPLU�LoLQ�DQFDN�ELU�GDKDNL�E|O�PGH�DUDúWÕUDFD÷ÕPÕ]�7�UN�

'HYOHWoLOL÷L�LOH�DQODP�ND]DQDELOLUGL�

$\GHPLU������¶ODUGD�.DGURFX�J|U�úOHUL\OH�7�UN�7DULKoLOL÷LQL�VL\DVDO�DODQGD�

\|QOHQGLUPHN�LVWHUNHQ������¶ODUGD�\D]GÕ÷Õ�7HN�$GDP�DGOÕ�NLWDEÕQGD�WDULK�YH�GLO�WH]OHULQH�

\HQLGHQ�H÷LOPLú��EX�oDEDODUÕ�ELU�EDúND�ER\XWX\OD�³LQVDQOÕ÷ÕQ�ND\QDNODUÕQD�\|QHOLú´�ELoLPLQGH�

GH÷HUOHQGLUPLúWLU��2QD�J|UH�2VPDQOÕODU�GHYULQGH�$WDW�UN�QHVOLQLQ�WDULK�DQOD\ÕúÕ�LNL�KDWDOÕ�

J|U�ú�LOH�\�NO�\G���%LULQFLVL�UHVPL�NLWDSODUD�J|UH�7�UN�WDULKL�\RNWX�YH\D�2VPDQOÕ�WDULKLQGHQ�

LEDUHWWL��LNLQFLVL�LVH�WDULKWH�ELU�7�UN�X\JDUOÕ÷Õ�\RNWX��ELU�7�UN�VR\X�GD�\RNWX��7DQ]LPDW¶WDQ�EHUL�

LQDQÕODQ�LVH�PHGHQL\HWLQ�ND\QD÷ÕQÕQ�KHS�%DWÕ�ROGX÷X\GX��LúWH�EX�ELULNLPOHU�QHGHQL\OH�D\GÕQODU�

DUDVÕQGD�\D\JÕQ�YH�\HUOHúPLú�ELU�³DúD÷ÕOÕN´�GX\JXVX�KDNLPGL�������VRQODUÕQGD�\D]ÕODQ�7�UN�

7DULKLQLQ�$QD�+DWODUÕ�ELU�EDNÕPD�EX�GX\JX\OD�P�FDGHOH\GL��³g\OH�GHQHELOLU�NL�EX�NLWDSOD�

*D]L��oRFXNOXN�YH�JHQoOLN�oD÷ÕQGD�NHQGL�NXúD÷ÕQD�YHULOHQ�WDULK�DQOD\ÕúÕ\OD��EX�DQOD\ÕúÕQ�R�

]DPDQ�E�W�Q�D\GÕQ�QHVOL�VDUDQ�DúD÷ÕOÕN�GX\JXVXQD�NDUúÕ��ELU�LV\DQ�ED\UD÷Õ�DoPÕúWÕU�´����.ÕVDFD�

�����$�J�H���V�����������$�J�H���V����������������$\GHPLU��7HN�$GDP«��&��,,,���V������

V|\OHUVHN�$\GHPLU�LoLQ�7�UN�GLO�YH�WDULK�WH]OHUL�EHOOL�RUDQGD�³KD\DO�WHUNLEL´�ROVD�GD�7�UNOHUL�

\DGVÕ\DQ�ELU�DQOD\ÕúWDQ�NXUWXOPDQÕQ�YH�³E�W�Q�LQVDQOÕ÷Õ�ELU�YH�NDUGHú�N|NH�ED÷ODPDN´�

oDEDVÕQÕQ�ELU��U�Q�\G��

���7$5ø+ø1�6ø<$6$/�'(ö(5ø��$<'(0ø5¶ø1�'(9/(7�

$1/$<,ù,

<XNDUÕGD�\DúDPÕQÕ�YH�WDULK�DQOD\ÕúÕQÕ�DQODWÕUNHQ�\HU�\HU�GH÷LQGL÷LPL]�$\GHPLU¶LQ�

GHYOHW�NRQXVXQGDNL�J|U�úOHUL��]HULQGH�EXUDGD�GDKD�GHUOL�WRSOX�ELU�ELoLPGH�GXUDFD÷Õ]��

gQFHOLNOH�����¶ODUÕQ�EDúÕQGD�LúOHGL÷L�³0LOOL�.XUWXOXú�+DUHNHWL�YH�'HYOHWoLOLN´�WH]LQL��DUGÕQGDQ�

�����YH�����¶OHUGH�|QFH�³7�UN�6RV\DOL]PL´�VRQUDVÕQGD�³'HPRNUDVL´�WH]OHULQL�G|QHPLQ�

NRúXOODUÕQÕ�VDSWD\DUDN�GH÷HUOHQGLUHFH÷L]�

����¶ODUÕQ�EDúÕQGD��&+3�LNWLGDUÕ�G�Q\D\Õ��GROD\ÕVÕ\OD�7�UNL\H¶\L�HWNLOH\HQ�ELU�

³LNWLVDGL�EXKUDQ´�LOH�NDUúÕ�NDUúÕ\D�NDOGÕ��%XKUDQÕQ��VWHVLQGHQ�JHOPHN�LoLQ�GHPRNUDVL�DoÕOÕPÕ�

JHUoHNOHúWLUPHN�\D�GD�WHN�SDUWL�LNWLGDUÕQÕ�EHOLUOL�LGHRORMLN�D\JÕWODUOD�NXUPDN�]RUXQGD\GÕ��

%LULQFL�\RO�6HUEHVW�)ÕUND�WHFU�EHVL\OH�GHQHQVH�GH�NÕVD�]DPDQGD�G|Q�OG��YH�EDVNÕFÕ�

SROLWLNDODUD�JLGLOGL��$QFDN�KHU�QDVÕO�ROXUVD�ROVXQ�����¶ODUÕQ�EDúÕ�&+3�NDGURODUÕ�LoLQ�DUD\ÕúODU�

G|QHPL\GL��øúWH�EX�RUWDPGD�ùHYNHW�6�UH\\D�$QNDUD¶GD�&+3�oHYUHOHULQGH�øQNÕODE¶Õ�HWNLOHPHN��

RQD�ELU�WHPHO�ND]DQGÕUPDN�X÷UDúÕQGD\GÕ��.DGUR�oHYUHVL�EX�GR÷UXOWXGD�PH\GDQD�JHOGL��

DUGÕQGDQ�GD�.DGUR�\D\ÕQODUÕ\OD�³LGHRORML´�ROXúWXUXOGX�YH�EX�\ROOD�&+3�NDGURODUÕ�HWNLOHQPHN�

LVWHQGL������¶GH�\D\ÕQODQDQ�øQNÕODS�YH�.DGUR�NLWDEÕ�$\GHPLU�YH�.DGUR�oHYUHVLQLQ�J|U�úOHULQL�

|]O��ELU�ELoLPGH�DQODWWÕ��(VHU�0XVWDID�.HPDO¶H�VXQXOGX�YH�WDNGLU�J|UG���DQFDN�³LNWLGDU�

oHNLúPHOHUL´�.DGUR�YH�oHYUHVLQLQ�|PU�Q��NÕVD�NÕOGÕ��øúWH�EXUDGD�LON�RODUDN�\DSPDN�

LVWHGL÷LPL]������¶ODUÕQ�DWPRVIHULQGH�øQNÕODS�YH�.DGUR�NLWDEÕQÕ�LQFHOHPHN��GHYOHW�J|U�ú�Q�Q�

WHPHO�WH]OHULQL�VDSWDPDNWÕU�

ho�QF��DOWE|O�P�RODUDN�LVH�$\GHPLU¶LQ�<|Q�oHYUHVLQGHNL�JLULúLPOHULQL�YH�G|QHPH�

NHQGLQL�X\DUODPDVÕQÕ�LQFHOH\HFH÷L]��7�UNL\H������YH�����¶OHUGH�G�Q\DGDNL�JHOLúPHOHUH�

SDUDOHO�YH������$QD\DVDVÕQÕQ�LYPHVL\OH�\�NVHOHQ�ELU�VRO�GDOJD\D�VDKQH�ROGX��³�����

'HPRNUDVLVL´QLQ�RODQDNODUÕ�LoLQGH�|QFH�<|Q�GHUJLVL��DUGÕQGDQ�GD�7�UNL\H�øúoL�3DUWLVL��LúoL�

|UJ�WOHQPHOHUL�YH�&+3¶QLQ�³RUWDQÕQ�VROX´�DQOD\ÕúÕ�VL\DVHWH�GDPJDVÕQÕ�YXUGX��%X�NRúXOODUGD�

$\GHPLU�|QFHOLNOH�<|Q�GHUJLVL�oHYUHVLQGH�\HULQL�DOGÕ��<D]ÕODUÕ�YH�³EHú�oD\ODUÕ\OD´��GDKDVÕ�

\HQL�ELU�VRO�SDUWL�NXUPD�KD\DOL\OH�VL\DVHWWH�HWNLOL�ROPDN�YH�J|U�úOHULQL�G|QHPLQ�KDYDVÕ\OD�

ELUOLNWH�\HQLGHQ�|QH�oÕNDUPDN�oDEDVÕQD�JLUGL��'|QHP�&+3¶QLQ�GDKL�NHQGLVLQL�VROGD�

NRQXPODPDN�JHUH÷L�GX\GX÷X��LON�³PHúUX´�VRO�SDUWLQLQ�PHFOLVWH�\HU�EXODELOGL÷L�ELU�G|QHPGL�YH�

\�NVHOHQ�oL]JL�³VRV\DOL]P´�GR÷UXOWXVXQGD\GÕ��øúWH�EX�NRúXOODUGD�$\GHPLU�³0.+�YH�

'HYOHWoLOLN´�V|\OHPLQL�³7�UN�6RV\DOL]PL´�V|\OHPLQH�G|Q�úW�UG������0DUW������UHMLPLQLQ�

DUGÕQGDQ�GD��������DQD\DVDVÕQÕ��LúoL�|UJ�WOHQPHOHULQL�NÕVDFD�GHPRNUDWLN�RUJDQODUÕ�NRUXPDN�

ND\JÕVÕ\OD�ROPDOÕ���³'HPRNUDVL´�V|\OHPLQL�EHQLPVHPLú�YH�7�UN�'HYULPL¶QL�GHPRNUDVL�

KHGHIL\OH�GH÷HUOHQGLUPH\H�EDúODPÕúWÕ��øúWH�EL]�EXUDGD�VRQ�RODUDN������YH�����¶OHULQ�NRúXOODUÕ�

LoLQGH�$\GHPLU¶LQ�|QFH�7�UN�6RV\DOL]PL�YH�DUGÕQGDQ�'HPRNUDVL�WH]OHULQL�LQFHOH\HFH÷L]�

����������¶ODUGD�7�UNL\H��'HPRNUDVL�'HQH\LPLQGHQ�%DVNÕFÕ�3ROLWLNDODUD

ùHYNHW�6�UH\\D�������\ÕOÕ�EDúÕQGD�$QNDUD¶\D�JLWPH\L��EXUDGD�ELU�LONRNXO�|÷UHWPHQOL÷L�

DOPD\Õ�G�ú�Q�UNHQ�$KPHW�&HYDW�(PUH�DUDFÕOÕ÷Õ\OD�³<�NVHN�YH�7HNQLN�g÷UHWLP�8PXP�

0�G�U�´QH�PXDYLQ�ROGX��%DNDQOÕN�0�VWHúDUÕ�.HPDO�=DLP�6XQHO¶LQ�V|\OHGL÷L�úX�V|]OHU�

$\GHPLU¶L�ROGXNoD�HWNLOHPLúWL��³(÷HU�PDNVDW�SUROHWDU\D�GDYDVÕ�LVH��EL]�PLOOHWoH�SUROHWHUL]��

+DQJL�PHPOHNHW�oRFXNODUÕQD�EL]LPNL�NDGDU�PXKWDoWÕU"�+DQJL�PLOOHW�EL]LPNL�NDGDU�IDNLUGLU"�

g\OH�ELU�LúLQ�LoLQGH\L]�NL��KHUNHV�GD÷DUFÕ÷ÕQGD�QH�YDUVD�RUWD\D�G|NPHOLGLU�´���

$\GHPLU��$QNDUD¶\D�EHUDEHULQGH��7�UN�3DUDVÕQÕQ�3HUL\RGLN�'DOJDODQPD�.DUDNWHUL

DGOÕ�ELU�oDOÕúPD�LOH�JHOPLú�YH�EX�DUDúWÕUPD\Õ�LOJLOL�\HUOHUH�VXQPDVÕQÕQ�QHWLFHVLQGH�øNWLVDW�

0HFOLV�L�$OLVL�XPXPL�NDWLS�PXDYLQOL÷LQH�JHWLULOPLúWL��gWH�WDUDIWDQ�$QNDUD�7LFDUHW�0HNWHEL�

P�G�UO�÷�Q���RNXOX�|UQHN�ELU�H÷LWLP�NXUXPX�KDOLQH�JHWLUPHN�DPDFÕ\OD�NDEXO�HWWL�����ùHYNHW�

6�UH\\D�������\ÕOÕQGD�&LKDQ�øNWLVDGL\DWÕQGD�7�UNL\H�DGOÕ�oDOÕúPDVÕQÕ��0LOOL�øNWLVDW�YH�

7DVDUUXI�&HPL\HWL�DUDFÕOÕ÷Õ\OD�\D\ÕQODGÕ�

.LWDS��/R]DQ�DQODúPDVÕQÕ�ELU�PLODW�RODUDN�NDEXO�HGHUHN�7�UNL\H¶QLQ�oHúLWOL�DODQODUGDNL�

LVWDWLVWLN�oDOÕúPDODUÕQÕ�WRSDUODU��GL÷HU��ONHOHUOH�NDUúÕODúWÕUPDOÕ�ELU�ELoLPGH�WDEORODU�KDOLQGH�

VXQDU�����E|O�PH�D\UÕODQ�DUDúWÕUPDQÕQ�E|O�P�EDúOÕNODUÕ�ú|\OHGLU�����'L÷HU�0HPOHNHWOHU�

$UDVÕQGD�7�UNL\H¶QLQ�7RSUDN�*HQLúOL÷L�YH�1�IXV�6HUYHWL�����.|\�øNWLVDGL\DWÕ�����7�W�Q�����

3DPXN�����$I\RQ�����6XVDP�����øKUDFDW�0H\YHFLOL÷L�����+D\YDQ�<HWLúWLUPH�øúL�����2UPDQFÕOÕN��

����6DQD\L������'D÷�6DQD\L������+DULFL�7LFDUHW�������%H\QHOPLOHO�6HUPD\H�+DUHNHWOHUL������

7�UNL\H¶GH�3DUD�øúOHUL������7UDQVSRUW������'HYOHW�0DOL\HFLOL÷L�

dDOÕúPDQÕQ�WHPHO�VRUXQX��G�Q�V|P�UJH�RODQ�GR÷X��ONHOHULQLQ��EXJ�Q�QDVÕO�VL\DVDO�YH�

LNWLVDGL�DODQGD�ED÷ÕPVÕ]�ELUOLNOHU�RODELOHFHNOHUL\GL��$\GHPLU�LoLQ�\DUÕ�V|P�UJH�GXUXPXQGDQ�

oÕNDQ�YH�/R]DQ�DQODúPDVÕ\OD�NXUXODQ��7�UNL\H¶GH�EXJ�Q�\DSÕOPDVÕ�JHUHNHQ�G�Q\D�

HNRQRPLVLQGH�GHQJHOL�ELU�ELoLPGH�\HULQL�DOPDNWÕU��³0HPOHNHWLPL]LQ�FLKDQ�LNWLVDGL\DWÕQD�

WDELL\HWL�YH�FLKDQ�LNWLVDGL\DWÕQÕQ�ELOPXNDEHOH�YH�R�QLVEHWWH�PHPOHNHWLPL]H�WkEL�

NÕOÕQPDVÕGÕU�´����6L\DVDO�YH�LNWLVDGL�ED÷ÕPVÕ]OÕNWDQ�|G�Q�YHUPHNVL]LQ�G�Q\D�WLFDUHWLQGH�VD\JÕQ�

ELU�\HU�DUD\DQ�7�UNL\H�ELU�³0LOOL�øNWLVDW��0�FDGHOHVL´�LoLQGHGLU��0�FDGHOHFLOHU�LVH��UHWLFL��

QDNOL\HFL��LKUDFDWoÕ��LNWLVDW�P�KHQGLVOHUL�NÕVDFD�oDOÕúDQ�KHU�YDWDQGDúWÕU��dDOÕúPDQÕQ�HUH÷LQL�

$\GHPLU�ú|\OH�RUWD\D�NR\DU��³+�ODVD�GDYDPÕ]��PHPOHNHWLPL]�KDONÕQÕQ�LNWLVDGL�P�FDGHOHGH�

�����$\GHPLU��6X\X�$UD\DQ�«��V�����������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V�����������ùHYNHW�6�UH\\D�$\GHPLU��&LKDQ�øNWLVDGL\DWÕQGD�7�UNL\H��$QNDUD��0LOOL�øNWLVDW�YH�7DVDUUXI�&HPL\HWL��������V����

úXXUODQPDVÕ�YH�P�FHKKH]�ROPDVÕGÕU��0LOOL�NXUWXOXú�KDUHNHWLPL]LQ�QLKDL�PXNDGGHUDWÕ�EX�

P�FDGHOHQLQ�VH\ULQH�WkELGLU�´���

$\GHPLU�EX�G|QHPGH�LQNÕODED�ELU�LoHULN�ND]DQGÕUPDN��NXUDPVDO�ELU�]HPLQ�PH\GDQD�

JHWLUPHN�LoLQ�oDOÕúPDODUÕQÕ�\R÷XQODúWÕUÕ\RU�����2FDN�����¶GH�7�UN�2FD÷Õ�JHQHO�PHUNH]LQGH�

³øQNÕODS�YH�.DGUR´�DGOÕ�ELU�VHPLQHU�YHUL\RUGX��6HPLQHULQ�GDKD�GHUOL�WRSOX�ELU�|UQH÷L��LOJLOL�

NLúLOHUOH�EHUDEHU�0XVWDID�.HPDO¶H�GH�VXQXOPXú��WDNGLU�HGLOPLú�YH�øQNÕODS�YH�.DGUR�NLWDEÕ�

����¶GH�\D\ÕPODQPÕúWÕ�

$\GHPLU��GHYULPH�ELU�WHPHO�ND]DQGÕUPDN�X÷UDúÕ�LoLQGH\NHQ�7�UNL\H������'�Q\D�

%�\�N�øNWLVDGL�%XKUDQÕ¶QÕQ�VDQFÕODUÕQÕ�\DúÕ\RU�YH�LNWLVDGL�DODQGD�GHYOHWoL�SROLWLNDODUD�D÷ÕUOÕN�

YHUL\RUGX�������'�Q\D�%�\�N�(NRQRPLN�%XKUDQÕ�NÕVD�V�UHGH�7�UNL\H¶\L�GH�HWNLVLQH�DOPÕúWÕ��

%�\�N�%XKUDQ������¶OHULQ�VRQXQGDQ�LWLEDUHQ�KLVVHGLOPH\H�EDúODQPÕú��GHULQOHúPLú�YH�

����¶ODUÕQ�LNLQFL�\DUÕVÕQGD�KDILIOHPH\H�EDúODVD�GDKL�(ULF�+REVEDZP¶D�J|UH�øNLQFL�'�Q\D�

6DYDúÕ¶QD�\RO�DoDQ�HQ�|QHPOL�HWNHQ�ROPXúWX�

,��'�Q\D�VDYDúÕ�VRQUDVÕQGD�����������G|QHPLQGH�JHQHOOLNOH�KÕ]OÕ�ELU�LNWLVDGL�JHOLúPH�

G|QHPL�J|U�OP�ú������¶GH�VDYDú�VRQUDVÕQÕQ�LON�HNRQRPLN�VÕNÕQWÕODUÕ�KLVVHGLOPLúWL������������

\ÕOODUÕ�DUDOÕ÷ÕQGD�FDQODQDQ�HNRQRPLN�\DúDP�ED]Õ��ONHOHUGH�]DPDQ�]DPDQ�GXUDNODPDODU�

J|VWHUVH�GH������\ÕOÕQD�NDGDU�JHOLúLPLQL�V�UG�UP�úW��������\ÕOÕQGD�SDWODN�YHUHQ�%�\�N�

%XKUDQ������\ÕOÕQD�NDGDU�\R÷XQODúDUDN�GHYDP�HWWL��%XKUDQÕQ�JHOHQHNVHO�LNWLVDGL�SROLWLNDODUOD�

o|]�OHPH\HFH÷L�DQODúÕOÕQFD�����¶WHQ�VRQUD�oHúLWOL��ONHOHU�o|]�P��VL\DVDO�QLWHOL÷L�D÷ÕU�EDVDQ�

NDUDUODUGD�DUDGÕ��G�Q\D�HNRQRPLVL�LVH�DQFDN�����¶GDQ�VRQUD�WRSDUODQPD\D�EDúODGÕ��%XKUDQÕ�

XOXVODUDUDVÕ�G�]H\GH�o|]PHN�LVWH\HQ�$%'��øQJLOWHUH��)UDQVD�JLEL�³PHUNH]´��ONHOHU��EX�

DUD\ÕúODU�VRQXo�YHUPH\LQFH�LoH�G|Q�N�|QOHPOHUOH�VRUXQXQ��VWHVLQGHQ�JHOPHN�\ROXQD�JLUGLOHU��

%|\OHFH�G�Q\D�HNRQRPLVL��]HULQGH�NDUDU�DOÕS�X\JXOD\DFDN�EDVNÕQ�ELU�J�o�NDOPDPÕú��

GROD\ÕVÕ\OD�³oHYUH´��ONHOHU��|]HOOLNOH�7�UNL\H�JLEL�VL\DVDO�ED÷ÕPVÕ]OÕ÷ÕQÕ�ND]DQPÕú�RODQODU��ELU�

V�UH�LoLQ�G�Q\D�HJHPHQ�HNRQRPLN�VLVWHPLQLQ�GÕúÕQGD�NDODUDN�RWRQRP�ELU�JHOLúPH�oDEDVÕQD

JLUPLúWL����

gQFHOLNOH�$%'¶GH�RUWD\D�oÕNDQ�YH�EXUDGDQ�G�Q\D\D�\D\ÕODQ�EXKUDQÕQ�QHGHQOHULQH�GDLU�

úXQODU�V|\OHQHELOLU������¶GHQ�VRQUD��$%'¶GH�G�ú�N�IDL]�KDGOHULQLQ�HWNLVL\OH�PHQNXO�GH÷HUOHU�

SL\DVDVÕQGD�VSHN�ODV\RQ�KÕ]ODQPÕú��J�QO�N���PLO\RQ�KLVVH�VHQHGL�HO�GH÷LúWLULU�ROPXúWX��$UWÕN�

KLVVH�VHQHWOHUL�JHWLUGLNOHUL�JHOLUOHUGHQ�GROD\Õ�GH÷LO��GH÷HU�\�NVHOLúL�LoLQ�DOÕQÕ\RUGX��DQFDN�EX�

�����$�J�H���V���������ø��7HNHOL��6��øONLQ�������'�Q\D�%XKUDQÕQGD�7�UNL\H¶QLQ�øNWLVDGL�3ROLWLND�$UD\ÕúODUÕ��$QNDUD��2'7h�<D\���������V������

\�NVHOLú�\HQL�VSHN�ODW|UOHULQ�JLULúL\OH�RODQDNOÕ\GÕ�YH�ELU�J�Q�GXUDFDNWÕ��2�J�Q�oRN�JHFLNPHGL��

���(NLP������J�Q��1HZ�<RUN�ERUVDVÕQGD����PLO\RQ�KLVVH�VHQHGL�GH÷HULQGHQ��������

ND\EHGHUHN�VDWÕOGÕ��'XUXPXQ�ELU�IHODNHW�ROPDVÕQÕ�HQJHOOHPHN�LoLQ�GHYUH\H�JLUHQ�E�\�N�

EDQNDODU�KLVVH�VHQHGL�DOPÕú��EX�LVH�GXUXPX�G�]HOWPHN�ELU�WDUDID�EX�EDQNDODUÕQ�LIODVÕ\OD�

VRQXoODQPÕúWÕ��%XKUDQ��ELU�\DQGD�$%'�HNRQRPLVLQLQ�N�o�N�YH�oRN�VD\ÕGDNL�EDQND\D�GD\DQDQ�

\DSÕVÕ�GROD\ÕVÕ\OD��ONH�LoLQGH��|WH��\DQGD\VD�$YUXSD��ONHOHULQLQ�$%'¶GHQ�ERUo�DODUDN�

GHQJHOHULQL�VD÷ODPDODUÕ�GROD\ÕVÕ\OD�|QFH�$YUXSD�DUGÕQGDQ�G�Q\D\D�KÕ]OD�\D\ÕOGÕ��'�Q\D�

LNWLVDGL�EXKUDQÕQÕ�DoÕNODPDN�LoLQ�ELU�EDúND�EXKUDQD�GDKD�GLNNDW�HWPHN�JHUHNLU��7DUÕP�EXKUDQÕ��

�����\ÕOÕQGD�]LUYH\H�oÕNDQ�EX�EXKUDQÕQ�WHPHOLQGH�DúÕUÕ��UHWLP�J|U�O�U�����������¶GD�EX÷GD\�

�UHWLPL�JHoPLú�G|UW�VHQHQLQ��]HULQH�oÕNPÕú��EX÷GD\Õ�GL÷HU�WDUÕP��U�QOHUL�WDNLS�HWPLú��IL\DWODU�

G�úP�ú�YH�EXUDGD�GD�ELU�EXKUDQ�PH\GDQD�JHOPLúWL����

-��.HQQHWK�*DOEUDLWK��%�\�N�%XKUDQ�LOH�LOJLOL�oDOÕúPDVÕQGD�oHúLWOL�DoÕNODPDODU��]HULQGH�

GXUVD�GD�DúÕUÕ��UHWLP�\HWHUVL]�W�NHWLP�WH]LQL�YXUJXODU������������DUDOÕ÷ÕQGD�VH\UHGHQ�DúD÷Õ�

\XNDUÕ�W�P�DODQODUGDNL��UHWLP�DUWÕúÕ������¶GD�\HWHUVL]�W�NHWLP�QHGHQL\OH�GXUDNODPÕú��VWRN�

SD]DUÕQGDNL�o|N�ú��:DOO�6WUHHW�WDNLS�HWPLúWL��%XKUDQÕQ�|]HOOLNOH�$PHULND¶GD�KÕ]OD�

\D\JÕQODúPDVÕ\VD�EHú�]D\ÕIOÕNWDQ�ND\QDNODQGÕ�����*HOLU�GD÷ÕOÕPGDNL�DGDOHWVL]OLN�QHGHQL\OH�

Q�IXVXQ�HQ�\�NVHN�JHOLUH�VDKLS�\�]GH��¶L������¶GD�W�P�NLúLVHO�JHOLUOHULQ��DúD÷Õ�\XNDUÕ��oWH�

ELULQH�VDKLS�ROPXúWX�����YH����ùLUNHWOHULQ��EDQNDODUÕQ�\DSÕVDO�ER]XNOXNODUÕ�����$PHULNDQ�GÕú�

LOLúNLOHULQLQ�ND\JÕ�YHULFL�GXUXPX��%LULQFL�'�Q\D�6DYDúÕ�ER\XQFD�$%'�XOXVODUDUDVÕ�DODQGD�

NUHGL�YHULFL�ELU��ONH�GXUXPXQD�JHOPLú��LOHUOH\HQ�\ÕOODUGD�GÕúVDWÕPÕ�GÕúDOÕPÕQÕQ��]HULQH�

oÕNPÕúWÕ��$PHULNDQ�ERUoODUÕ�YH�PDOODUÕ�DODQ��ONHOHU�VDWWÕNODUÕQGDQ�]L\DGH�VDWÕQ�DOGÕODU�YH�

QLKD\HW�ELU�GDUER÷D]D�JHOLQGL��%X��ONHOHULQ��$PHULND¶\D�PDO�VDWPDODUÕ�JHUHNOL\GL��DNVL�

GXUXPGD�ERUoODUÕQÕ�|GHPHOHUL�P�PN�Q�GH÷LOGL��øúWH�EX�oÕNPD]GD��ELULQFLVL�P�PN�Q�

ROPD\ÕQFD�LNLQFLVL�JHUoHNOHúPLú��EX�GXUXP�$PHULND�PDOODUÕQÕQ�GÕúVDWÕPÕQÕQ�VÕQÕUODQPDVÕQD�

\RO�DoDUDN�|]HOOLNOH�oLIWoLOHU��]HULQGH�D÷ÕU�ELU�\�N�PH\GDQD�JHWLUPLúWL�����(NRQRPLN�ELOJL�

ELULNLPLQLQ�]D\ÕIOÕ÷Õ����

+REVEDZP�GD�EXKUDQÕQ�WHPHO�QHGHQLQL�³DúÕUÕ��UHWLP´�RODUDN�VDSWDPÕúWÕ��2QD�J|UH�

$%'��VDYDú�VRQUDVÕQGD��UHWLPLQL�DúÕUÕ�ELU�ELoLPGH�DUWWÕUPÕú��IDNDW�\HWHUOL�WDOHS�J|UHPHPLúWL��

$YUXSD�oHúLWOL�VÕNÕQWÕODUÕ�GROD\ÕVÕ\OD�WDOHS�ROXúWXUDPD]NHQ�9HUVDLOOHV�$QODúPDVÕ��LOH�ED÷ODQDQ�

$OPDQ\D�³SD]DU´�GÕúÕQGD�NDOPÕúWÕ��%XKUDQ��:DOO�6WUHHW�%RUVDVÕ¶QÕQ�o|N�ú�\OH�����¶GD�SDWODN�

YHUPLú��VWRNODUÕQÕ�HULWHPH\HQ�úLUNHWOHU�ERUVDGDNL�KLVVHOHULQL�VDWDUDN�ERUoODUÕQÕ�NDUúÕODPD\Õ�

�����$JH���V�������������-RKQ�.HQQHWK�*DOEUDLWK��7KH�*UHDW�&UDVK�����%DV���%RVWRQ��+RXJKWRQ�0LIIOLQ�&RPSDQ\��������V����������

G�ú�QP�ú��IDNDW�ERUVD\D�KDNLP�RODQ�SDQLN�GROD\ÕVÕ\OD�KLVVHOHU�GH÷HU�\LWLUPLú��ERUVD�o|NP�ú��

LIODVODU�\DúDQPÕúWÕ��g]HOOLNOH�WDUÕPVDO�KDPPDGGH�IL\DWODUÕQGD�E�\�N�G�ú�úOHU�\DúDQPÕú��NUL]L�

HQJHOOHPHN�LoLQ�JHUoHNOHúWLULOHQ�ID]OD��UHWLPOHU�LVH�NUL]L�GDKD�GD�GHULQOHúWLUPLúWL��d|N�ú�Q�

IDWXUDVÕ�HPHNoLOHUH�\DQVÕ\RU�YH�DNOD�JHOPH\HFHN�ER\XWODUGD�LúVL]OLN�\DúDQÕ\RUGX��øúoL�

VÕQÕIÕQÕQ��V|]JHOLPL��$%'¶GH�����¶VL��$OPDQ\D¶GD�����¶��LúVL]�NDOGÕ� ³(PHNoLOHULQ�

KD\DWÕQGD�EX�NDGDU�E�\�N�ELU�HNRQRPLN�IHODNHW�GDKD�|QFH�J|U�OPHPLúWL�´�����øúVL]OLNOH�HQ�

E�\�N�P�FDGHOH\L�LVH���������DUDVÕQGD�IDúL]PLQ�JLGHUHN�D÷ÕUOÕN�ND]DQGÕ÷Õ�$OPDQ\D�

JHUoHNOHúWLUHFHNWL�

'�Q\D�WLFDUHWLQLQ�G|UW�\ÕO�LoLQGH������������������RUDQÕQGD�D]DOGÕ÷Õ�ELU�RUWDPGD�

GHYOHWOHU�XOXVDO�SL\DVDODUÕQÕ�NRUXPDN�LoLQ�VÕNÕ�|QOHPOHU�DOGÕ��øQJLOWHUH�GDKL�VHUEHVW�WLFDUHWL�

NDOGÕUGÕ��øQJLOWHUH�LOH�ELUOLNWH�)UDQVD��$OPDQ\D��øWDO\D��$YXVWUDO\D��øVSDQ\D��.DQDGD��$PHULND�

XOXVDOFÕ�SROLWLNDODUD�\|QHOGL��J�PU�N�GXYDUODUÕ�\�NVHOWLOGL��³�%XKUDQ�R�]DPDQD�NDGDU�$%'¶GH�

G�ú�Q�OHPH\HFHN�|Oo�GH�GHYOHWLQ�HNRQRPLN�KD\DWÕ�G�]HQOHPH�\HWNLOHULQL�HOH�JHoLUPHVLQH�

LPNDQ�YHUGL�´�����.UL]GHQ�HWNLOHQPH\HQ�WHN��ONH�NDSLWDOLVW�VLVWHPLQ�GÕúÕQD�oÕNPÕú�RODQ�66&%�

ROPXú����������DUDVÕQGD�VDQD\L��UHWLPLQL���NDW�DUWWÕUPÕúWÕ��6RY\HWOHU������\ÕOÕQGD�\�U�UO�÷��

NRQDQ�LON�EHú�\ÕOOÕN�SODQ�LOH�³RWDUúLN´��NHQGL�NHQGLQH�\HWHUOL��ELU�JHOLúPH�PRGHOL�RUWD\D�

NR\PXúWX�

%�\�N�'HSUHV\RQ��VL\DVDO�RODUDN�OLEHUDO�GHPRNUDVLOHUL��DQD\DVDO��PHFOLVOL��|]J�UO�No��

DQOD\ÕúÕ�o|NHUWLUNHQ�IDúL]PLQ�\�NVHOPHVLQH�\RO�DoWÕ��³-DSRQ\D��������YH�$OPDQ\D¶GD��������

XOXVDOFÕ��VDYDú�\DQOÕVÕ�YH�ILLOHQ�VDOGÕUJDQ�UHMLPOHULQ�QHUHGH\VH�Hú]DPDQOÕ�RODUDN�]DIHU�

ND]DQPDVÕ�%�\�N�'HSUHV\RQ¶XQ�HQ�X]XQ�YDGHOL�YH�X÷XUVX]�VL\DVDO�VRQXFXQX�ROXúWXUGX��øNLQFL�

'�Q\D�6DYDúÕ¶QÕQ�NDSÕODUÕ�����¶GH�DoÕOGÕ���«��)DúL]P�E�\�N�ELU�FRúNX\OD�OLEHUDOL]PH�NDUúÕ�

oÕNWÕ��øQVDQODUÕQ�G�Q\D\D�GDLU�VDoPD�VDSDQ�LQDQoODUÕ�LOH�oD÷GDú�\�NVHN�WHNQRORML\H�WDP�ELU�

KDNLPL\HWL�]RUOXN�oHNPHGHQ�ELUOHúWLUHELOHFHNOHULQL�GH�NDQÕWODGÕ�´���

'�Q\D�NDSLWDOLVW�G�]HQL�LoLQGH�\HULQL�DOPÕú�ELU�7�UNL\H�LoLQ�EX�EXKUDQGDQ�VDNÕQPDN�

RODQDNVÕ]GÕ��GROD\ÕVÕ\OD�����¶GDQ�LWLEDUHQ�\DúDQDQODU�E�\�N�EXKUDQ�LOH�\DNÕQGDQ�LOJLOLGLU��

7�UN�GÕú�WLFDUHWL�JHQHOOLNOH�WDUÕPVDO��U�QOHUH�YH�KDPPDGGH�GÕúVDWÕPÕQD�GD\DQÕ\RUGX��%XKUDQ�

WDUÕPVDO��U�QOHUGH�E�\�N�G�ú�úOHU�PH\GDQD�JHWLUGL÷L�LoLQ�7�UNL\H¶QLQ�GÕú�WLFDUHW�KDFPL�

GDUDOGÕ������¶GH�/R]DQ¶GD�KDOOHGLOHPH\HQ�GÕú�ERUo�VRUXQXQXQ�����¶GD�0LOOHWOHU�&HPL\HWL�

�����(ULF�+REVEDZP��.ÕVD�����<�]\ÕO�$úÕUÕOÕNODU�dD÷Õ��7�UNoHVL��<DYX]�$ORJDQ��øVWDQEXO��6DUPDO�<D\ÕQHYL��������V���������ø��7HNHOL��6��øONLQ�������'�Q\D�%XKUDQÕQGD«V����������$JH�������YH�����

DUDFÕOÕ÷Õ\OD�o|]�OPHVL�YH�7�UNL\H¶QLQ�EX�\ÕO�|GHPHOHUH�EDúODPDVÕ�D\UÕFD�ELU�\�N�PH\GDQD�

JHWLUGL��øúWH�EX�NRúXOODUGD�7�UNL\H�GHYOHWoLOLN�SROLWLNDODUÕQD�\|QHOHFHNWL����

�����\ÕOÕQGDQ�EDúOD\DUDN�$QDGROX�RQ�\ÕOÕ�DúNÕQ�ELU�V�UH�ER\XQFD�ELUELULQL�L]OH\HQ�

VDYDúODUGDQ�GROD\Õ�E�\�N�\ÕNÕPODUD�X÷UDPÕú��%DONDQ�6DYDúODUÕQÕ��%LULQFL�'�Q\D�6DYDúÕ�YH�

.XUWXOXú�0�FDGHOHVL�WDNLS�HWPLúWL�������\ÕOÕQGD�7�UNL\H�VÕQÕUODUÕ�LoLQGH�Q�IXV�������PLO\RQ�

FLYDUÕQGD\NHQ�����¶WH�\�]GH����RUDQGD�ELU�D]DOPD\OD����PLO\RQ�GROD\ÕQD�JHULOHPLú�������

�����G|QHPLQGH�WDUÕPGD�WRSODP��UHWLP�\�]GH����FLYDUÕQGD�DúD÷Õ\D�G�úP�úW���øúWH�

$QNDUD¶GDNL�\HQL�|QGHU�NDGUR�E|\OH�ELU�PLUDVÕ�GHYUDOÕ\RU��KHGHI�RODUDN�LVH�XOXVDO�ELU�HNRQRPL�

NXUPDN�ILNULQL�EHQLPVL\RUGX��³6DQD\LOHúPH�YH�ELU�7�UN�EXUMXYD]LVLQLQ�\DUDWÕOPDVÕ��RQODUD�

J|UH��XOXVDO�LNWLVDGL�NDONÕQPDQÕQ�WHPHO�XQVXUODUÕ\GÕ�´���

7�UNL\H�/R]DQ�$QODúPDVÕ�LOH�$YUXSDOÕ�J�oOHUOH�LOLúNLOHULQL�VDSWD\DFDN��o�WHPHO�QRNWD\Õ�

EHOLUOHGL�����.DSLW�ODV\RQODU�NDOGÕUÕOGÕ��GROD\ÕVÕ\OD�EDúWD�GHPLU\ROODUÕ�ROPDN��]HUH�

\DEDQFÕODUÕQ�HOLQGH�RODQ�NLPL�LúOHWPHOHULQ�PLOOLOHúWLULOPHVLQLQ�|Q��DoÕOGÕ�����2VPDQOÕ�

øPSDUDWRUOX÷X¶QXQ�PLUDVÕ�ERUoODUÕQ�SD\�HGLOPHVL\OH�7�UNL\H�EXQODUÕQ�\�]GH���¶VLQL��VWOHQGL��

���6HUEHVW�GÕú�WLFDUHW�DQODúPDODUÕQD�VRQ�YHULOGL��DQFDN������\ÕOÕQD�NDGDU�G�ú�N�J�PU�N�

WDULIHOHULQH�YH�NRWD�VÕQÕUODPDODUÕQD�GD\DQDQ�\DSÕ�V�UHFHNWL�

�����\ÕOÕQD�NDGDU�ELU�7�N�EXUMXYD]LVL�\DUDWPD�oDEDODUÕ�V�U�\RU��NLEULW��DONROO��LoHFHN�

�UHWLPL��JD]�\D÷Õ�LWKDOL��OLPDQODUÕQ�GHYOHW�WHNHOLQGH�LúOHQPHVL�JLEL�DODQODUGDNL�GHYOHW�WHNHOOHUL�

&+)�DUDFÕOÕ÷Õ\OD�|]HO�úLUNHWOHUH�GHYUHGLOL\RUGX��'L÷HU�WDUDIWDQ�.HPDOLVW�UHMLP�����¶GH�

\�U�UO�÷H�NRQDQ�7HúYLN�L�6DQD\L�.DQXQX�LOH�VHUPD\H\L�WHúYLN�HGL\RU��\DEDQFÕ�VHUPD\H�

\DWÕUÕPODUÕ\VD�D]ÕPVDQPD\DFDN�ELU�RUDQGD������¶OL�\ÕOODUGD����¶��DúNÕQ�DQRQLP�úLUNHWLQ�

��¶XQGDQ�ID]ODVÕQÕQ�RUWDNODUÕ�DUDVÕQGD�\DEDQFÕODU�YDUGÕ�±�J|U�O�\RUGX�����%X�\ÕOD�NDGDU�

WDUÕPVDO��UHWLP�GH�VDYDúODUÕQ�VRQD�HUPHVL��DúDUÕQ�NDOGÕUÕOPDVÕ�JLEL�QHGHQOHUOH�QHUGH\VH�LNL�NDW�

DUWPÕúWÕ��DQFDN�����¶GD�SDWOD\DQ�%�\�N�%XKUDQ�7�UNL\H¶\L�HWNLVL�DOWÕQD�DOPDNWD�JHFLNPHGL�

%�\�N�%XKUDQ�7�UN�HNRQRPLVLQL�|]HOOLNOH�WDUÕP��U�QOHUL�IL\DWODUÕQGD�J|U�OHQ�DQL�YH�

|QHPOL�PLNWDUGDNL�G�ú�úOHUOH�HWNLOHGL��(Q�|QHPOL��U�Q�RODQ�EX÷GD\�YH�GL÷HU�WDKÕOODUÕQ�

IL\DWODUÕQGD���������YH���������DUDVÕQGD�\�]GH����FLYDUÕQGD�ELU�G�ú�ú�PH\GDQD�JHOGL��

7DUÕPVDO��U�QOHUH�GD\DQDQ�7�UNL\H¶QLQ�GÕú�WLFDUHWL���������G|QHPLQGH�\�]GH����GROD\ÕQGD�

JHULOHGL�7DUÕPD�YH�WLFDUHWWH�\DúDQDQ�ER]XOPD�K�N�PHWL�HNRQRPL�SROLWLNDODUÕQGD�|QHPOL�ELU�

GH÷LúLNOL÷H�VHYN�HWWL�

�����7LPXU��7�UN�'HYULPL�«��V��������������5RJHU�2ZHQ��ùHYNHW�3DPXN������<�]\ÕOGD�2UWDGR÷X�(NRQRPLOHUL�7DULKL��dHYLUL��$\úH�(GLUQH��øVWDQEXO��6DEDQFÕ�hQLYHUVLWHVL�<D\���������V����������$JH���V�����

����������DUDVÕQÕ�NDSVD\DQ�G|QHPGH�NÕVDFD�GÕúD�NDSDOÕ�GHYOHW�HOL\OH�ELU�PLOOL�

VDQD\LOHúPH�GHQHPHVL�LoLQH�JLULOGL÷L�V|\OHQHELOLU��'|QHP�ELU�|QFHNL�G|QHPGHQ��GHYOHW�HOL\OH�

EXUMXYD�PH\GDQD�JHWLUPH�SROLWLNDVÕ�L]OHQHQ�����¶OL�\ÕOODUGDQ�EHOLUJLQ�oL]JLOHUOH�NRSXúX�GD�

LIDGH�HGL\RUGX� �����%�\�N�%XKUDQÕ�KDPPDGGH�IL\DWODUÕQÕ�VDQD\L�PDOODUÕ�IL\DWODUÕQGDQ�GDKD�

DúD÷Õ\D�oHNPLúWL��=RUXQOX�W�NHWLP�PDOODUÕ��|UQH÷LQ�úHNHU��XQ�YH�NXPDú�LWKDOLQLQ�G�úPHVL�

�ONHGH�FLGGL�NUL]OHUH�\RO�DoDELOLUGL��%X��U�QOHUL�PH\GDQD�JHWLUHFHN�\DEDQF�VHUPD\H�

\DWÕUÕPODUÕQÕQ�\RNVXQOX÷X�LVH�GÕúD�NDSDOÕ�YH�LoHUGH�WHPHO�PDGGHOHUL��UHWLFL��LWKDO�LNDPHFL��

NRUXPDFÕ�GHYOHWoL�X\JXODPDODUÕ�]RUXQOX�NÕOGÕ� gWH�WDUDIWDQ�EX�G|QHP�LoLQGH�7�UNL\H¶GH�

GHYOHWoLOL÷LQ�NDSLWDOLVW�JHOLúPHQLQ�ELU�SDUoDVÕ�ROGX÷X�|QHPOH�EHOLUWLOPHOLGLU��g\OH�NL�VDQD\L�

OHKLQH�IL\DW�WHVSLWOHUL�|]HO�VDQD\L�LoLQ�GH�JHoHUOL�ROX\RU��D\UÕFD��DUWDQ�NDPX�\DWÕUÕPODUÕ�

oHYUHGHNL�N�o�N�VDQD\L�YH�W�FFDUD�ND]DQo�LPNDQODUÕ�VXQX\RUGX�

����¶OX�\ÕOODUGD�2VPDQOÕ�NDOÕQWÕVÕ�\DEDQFÕ�\DWÕUÕPODUÕQ�|QHPOL�ELU�E|O�P��

PLOOLOHúWLULOGL��<LQH�EX�G|QHPGH�EDQNDFÕOÕN��GHQL]�\ROODUÕ��EHOHGL\H�KL]PHWOHUL��HQHUML�

VHNW|U�QGH�GHYOHW�HJHPHQOL÷L�VD÷ODQGÕ��GHYOHW�HNRQRPLN�HWNLQOLNOHUL������%LULQFL�%Hú�<ÕOOÕN�

6DQD\L�3ODQÕ�LoLQGH�EHOLUOHQGL��'|QHPLQ�VDQD\L�E�\�PH�KÕ]Õ�RUWDODPD������RODUDN�VDSWDQGÕ��

'|QHP�VRQXQGD�7�UNL\H�XQ��úHNHU�YH�NXPDú��UHWLPLQGH�NHQGLQH�\HWHUOL��GHPLU�oHOLN��ND÷ÕW��

NLP\D�VDQD\L�NROODUÕQGD�LON�PRGHUQ�WHVLVOHULQL�NXUPXú�ELU��ONH�GXUXPXQD�NDYXúWX��7�P�EX�

JHOLúPHOHULQ�HNRQRPLQLQ�|]�J�oOHUL\OH�VD÷ODQPÕú�ROPDVÕ\VD�|QHPOL�ELU�EDúDUÕ\GÕ��'|QHPLQ�

VÕQÕIODU�WDEORVXQGDNL�LOLúNLOHUL�LVH�JHQHO�RODUDN�ú|\OH�VDSWDQDELOLU��(Q�ND]DQoOÕ�JUXS�GHYOHW�

LKDOHOHUL��]HULQGH�\�NVHOHQ�P�WHDKKLWOHU�ROPXú��7HúYLN�L�6DQD\L�.DQXQX¶QGDQ�\DUDUODQDQ�|]HO�

VDQD\L�JHOLULQL�DUWWÕUPÕúWÕ����������DUDOÕ÷ÕQGD�|]HO�VDQD\L�PLOOL�JHOLU�LoLQGHNL�NkU�SD\ÕQÕ�

RUWDODPD����¶WHQ����¶\D�oÕNDUÕ\RU��|QFHOLNOH�N|\O�OHU�YH�LúoL�VÕQÕIÕ�LVH�VDQD\LOHúPH�\�N�Q��

VÕUWODQÕ\RUGX����

'�Q\D�%XKUDQÕ��GÕú�WLFDUHW�NDQDOÕ\OD�7�UNL\H¶GHNL�LNWLGDU�NRDOLV\RQXQXQ�RUWDNODUÕ�

DUDVÕQGD�\HU�DODQ�WLFDUHW�EXUMXYD]LVL�YH�E�\�N�WRSUDN�VDKLSOHULQLQ�GXUXPXQX�VDUVPÕú�

E�URNUDWLN�D÷ÕUOÕ÷Õ�DUWWÕUPÕúWÕ��DQFDN�7DNULU�L�6�NXQ�.DQXQX¶QGDQ�LWLEDUHQ�VL\DVDO�\DúDPÕQ�

NÕVÕWODQPDVÕ�YH�LNWLVDGL�VÕNÕQWÕODUÕQ�\RNVXO�NLWOHOHUH�\�NOHQPHVL�GROD\ÕVÕ\OD�E�URNUDWODUÕQ�KDON�

QD]DUÕQGDNL�LWLEDUODUÕ�GD�D]DOPÕúWÕ��%X�QHGHQOHUOH�EXKUDQ�SDWODGÕ÷Õ�VÕUDGD�7�UNL\H¶GH�LNWLGDUÕQ�

L]OH\HFH÷L�LNL�\RO�YDUGÕ��%LULQFLVL�GHPRNUDWLN�KDN�YH�K�UUL\HWOHULQ�JHUL�YHULOPHVL\OH�UHMLPL�

\XPXúDWPDN��LNLQFLVL�GDKD�GD�NDWÕ�ELU�KDOH�JHWLUPHN��%LULQFL�\RO�6HUEHVW�)ÕUND�GHQHPHVL\OH�

X\JXODQPDN�LVWHQGL����

�����%RUDWDY��7�UNL\H�øNWLVDW«��V�����������7LPXU��7�UN�'HYULPL�«��V��������

'�Q\D�E�\�N�ELU�NUL]H�KÕ]OD�JLUHUNHQ��0��.HPDO��ONHQLQ�LNWLVDGL�YH�WRSOXPVDO�

VRUXQODUÕQÕQ�LYHGLOLNOH�o|]�OHPH\LúLQLQ�QHGHQLQLQ�PXKDOHIHW�HNVLNOL÷L�ROGX÷XQX�G�ú�Q�\RU��

|WH�\DQGDQ�GD�\HQL�ELU�PXKDOHIHW�ROXúXPX\OD�WRSOXPVDO�KX]XUVX]OX÷XQ�\DWÕúWÕUÕOPDVÕQÕ�YH��

&+)�NDUúÕWODUÕQÕQ�J�F�Q��J|UPHN�LVWL\RUGX��%X�GR÷UXOWXGD�0��.HPDO¶LQ�DU]XVX�YH�RQD\Õ\OD�

)HWKL�2N\DU�����$÷XVWRV�����¶GD�6HUEHVW�&XPKXUL\HW�)ÕUNDVÕ¶QÕ�NXUGX�YH�6&)¶\H�

&XPKXUL\HW�+DON�)ÕUNDVÕ¶QGDQ�0��.HPDO¶LQ�EHOLUOHGL÷L����YHNLO�NDWÕOGÕ��0��.HPDO�ELU�\DQGDQ�

&+)�SROLWLNDODUÕQD�NDUúÕW�NLúLOHUL�ELU�SDUWL�ROXúXPXQD�WHúYLN�HGL\RU��GL÷HU�\DQGDQ�RQODUÕ�

GHQHWLP�DOWÕQGD�WXWX\RUGX�

6&)��SURJUDPÕQGD��|]HO�WHúHEE�V�Q�HVDV�NÕOÕQPDVÕQÕ��\DEDQFÕ�VHUPD\HQLQ�WHúYLNLQL��

WHNHOOHULQ�NDOGÕUÕOPDVÕQÕ��NDGÕQODUD�VHoPH�YH�VHoLOPH�KDNNÕ�YV���JHWLULOPHVLQL�VDYXQX\RUGX��

6&)�NÕVD�]DPDQGD�WLFDUHW�EXUMXYD]LVLQGHQ�E�\�N�WRSUDN�VDKLSOHULQH��\RNVXO�N|\O�OHUGHQ��

LúoLOHUH�WRSOXPVDO�ELU�GHVWHN�VD÷ODGÕ��1H�YDU�NL�\HQL�SDUWL�&+)�oHYUHOHULQGH�NLPL�]DPDQ�

³VD÷FÕ´�NLPL�]DPDQ�³VROFX´�RODUDN�HOHúWLULOL\RUGX��6&)¶QLQ�\R÷XQ�ELU�LOJL�J|UPHVL�YH�LNWLGDUD�

DOWHUQDWLI�ELU�KDOH�JHOPHVL�VRQXQGD�0��.HPDO¶L�GH�UDKDWVÕ]�HWWL�YH�)ÕUND��o�EXoXN�D\OÕN�

|PU�Q�����.DVÕP�����¶GD�WDPDPODGÕ��7DQHU�7LPXU�LoLQ�6&)��oÕNDUODUÕ�HPSHU\DOL]P�LOH�HQ�

oRN�X\XúDQ�VÕQÕIODUÕQ�ELU�VL\DVDO�KDUHNHWL\GL��GHYOHW�NDSLWDOL]PL�\HULQH�|]HO�NDSLWDOL]PL�

VDYXQPDVÕ�&+)�LOH�DUDODUÕQGDNL�HQ�|QHPOL�IDUNWÕ�����

$\GHPLU���øQNÕODS�YH�.DGUR�DGOÕ�HVHULQL�\D\ÕPD�KD]ÕUODGÕ÷Õ�VÕUDGD��øVPHW�øQ|Q�����

$÷XVWRV�����¶GD�$QNDUD�6LYDV�GHPLU\ROX�KDWWÕQÕQ�DoÕOÕúÕQGD�\DSWÕ÷Õ�NRQXúPDGD�PLOOHWLQ�KHU�

úH\L�PHUNH]GHQ�EHNOHPHN�GR÷DO�H÷LOLPL�GROD\ÕVÕ\OD�NHQGLOHULQLQ�³ÕOÕPOÕ�GHYOHWoLOLN´�\DQOÕVÕ�

ROGXNODUÕQÕ�LON�NH]�DoÕNODPÕúWÕ��.DVÕP�D\Õ�LoLQGH��6&)�NDSDWÕOPÕú������$UDOÕN�����¶GD�*LULWOL�

0HKPHW�NHQGLVLQLQ�PHKGL�ROGX÷XQX�LOHUL�V�UHUHN�0HQHPHQ¶GH�D\DNODQPÕú��WRSOXOX÷X�

GD÷ÕWPDN�LVWH\HQ�$VWH÷PHQ�.XELOD\�|OG�U�OP�ú��VRUXúWXUPDODUÕQ�DUGÕQGDQ�GD����NLúL�

DVÕOPÕúWÕ��ùLPGL�LNLQFL�\ROD�JLULOL\RU�WHN�SDUWL�LNWLGDUÕ�GDKD�VHUW�ELU�ELoLPGH�NXUXOX\RUGX��

����¶ODUÕQ�EDúÕQGD�GLO�YH�WDULK�WH]OHUL��KDONHYOHULQLQ�KÕ]OD�DoÕOPDVÕ�YH�\D\JÕQODúPDVÕ\OD�ELU�

WDUDIWDQ�VRPXW�G�]H\GH�o|]�OHPH\HQ�VRUXQODU�LGHRORMLN�ELU�G�]H\GH�o|]�OPH\H�oDOÕúÕOÕ\RU��|WH�

WDUDIWDQ�WRSOXPD�³XOXV�ELOLQFL´�ND]DQGÕUÕOPDN�LVWHQL\RUGX�

*D]L��6&)¶QLQ�NDSDWÕOPDVÕQÕQ�DUGÕQGDQ��ONHQLQ�VRUXQODUÕQÕ�WDQÕPODPDN��\HQL�ELU�DWÕOÕP�

JHUoHNOHúWLUHELOPHN�LoLQ���D\OÕN�\XUW�JH]LVLQH oÕNPÕúWÕ��*H]L\H�³LNWLVDW�P�úDYLUL´�RODUDN�

NDWÕODQ�$KPHW�+DPGL�%DúDU��WUHQ�\ROFXOXNODUÕ�VÕUDVÕQGD�����¶GH�&+)¶QLQ�DQD�YDVÕIODUÕ�RODUDN�

RUWD\D�NRQDQ�SURJUDP�YH�SUHQVLS�PHVHOHOHULQLQ�*D]L¶QLQ�KX]XUXQGD�ELU�YH\D�LNL�GHID�

NRQXúXOGX÷XQX�YH�WDULKVHO�GHQH\LPOHUGHQ�GH�\DUDUODQÕODUDN�³DOWÕ�YDVIÕQ´�PH\GDQD�JHWLULOGL÷LQL�

�����$�J�H���V������

V|\OHU������*H]L�QHWLFHVLQGH�KD]ÕUODQDFDN�UDSRUX�\D]PDN�J|UHYL�5HFHS�3HNHU¶H�YHULOPLúWL��

3HNHU�D\QÕ�]DPDQGD����0DUW�����¶GH�&+)¶QLQ�JHQHO�VHNUHWHUOL÷LQH�JHWLULOGL��³2QGDQ�&+)¶\H�

\HQL�LúOHYOHU�ND]DQGÕUPDVÕ�YH�RQX�DNWLI�KDOH�JHWLUPHVL�EHNOHQPHNWHGLU�´���

*D]L�����1LVDQ�����¶GH�³0LOOHWH�8PXPL�%H\DQQDPH´\L�\D\ÕQODU��������0D\ÕV�

DUDVÕQGD�&+)����.XUXOWD\Õ WRSODQÕU��3DUWL�SURJUDPÕQGD�LON�NH]��&XPKXUL\HW�+DON�)ÕUNDVÕ¶QÕQ�

³DQD�YDVÕIODUÕ´�RODUDN��$OWÕ�øONH�\HU�DOÕU��&+)�.XUXOWD\Õ¶QÕQ�DoÕOÕúÕQGD�*D]L��³%LUELULPL]L�LUúDG�

YH�KDNOÕ�WHQNLW�HWPHNWH�ID\GD�YDUGÕU��%XQGDQ�DVOD�]DUDU�JHOPH]��)DNDW�DNVLQGHQ�oRN�ID]OD�]DUDU�

JHOHFH÷L�WHFU�EHOHUOH�VDELWWLU´�GL\RUGX��%X�VÕUDGD�)DOLK�5ÕINÕ��GD�0LOOL\HW¶WH���7HPPX]�

����¶GH��³+DON�IÕUNDVÕ�KLoELU�]DPDQ�P�GDIDD�GH÷LO��KHU�]DPDQ�WDDUUX]�\DSDFDN��\DOQÕ]�NHQGL�

VDIODUÕQGD�V�NXQ�J|UG�÷��]DPDQ�LUNLOHFHNWLU´�GL\H�\D]Õ\RUGX����

$VOÕQGD�V|\OHGL÷LPL]�JLEL�LONHOHU�ELU�DQGD�RUWD\D�oÕNPÕú�GH÷LOGL��'DKD�����¶WH�0XVWDID�

.HPDO�ELU�IÕUND�NXUXODFD÷ÕQÕ�GX\XUGX÷X�'RNX]�8PGH�%H\DQQDPHVL¶QGH�PLOOL\HWoLOLN�YH�

KDONoÕOÕN�LONHOHULQL�EHQ]HU�DQODPODUGD�NXOODQÕ\RU��\HQL�ELU�GHYOHWLQ�EHOLUGL÷LQL�RUWD\D�

NR\X\RUGX���³0HPOHNHWL�YH�PLOOHWL�LQKLODO�YH�L]PLKODO�IHODNHWLQGHQ�NXUWDUPDN�LoLQ´��GL\RUGX�

0��.HPDO�3DúD��³PLOOHWLQ�DOGÕ÷Õ�VDODKL\HW�L�PXWODND�LOH�LoWLPD�HGHQ��7�UNL\H�%�\�N�0LOOHW�

0HFOLVL��KkNLPL\HW�L�PLOOL\H�HVDVÕQD�P�VWHQLGHQ�ELU�KDON�GHYOHWL�LOH�K�N�PHW�WHúHNN�O�HWWL�´���

øNL�LONH��PLOOL\HWoLOLN�YH�KDONoÕOÕN��VDOWDQDWÕQ�NDOGÕUÕOPDVÕQÕQ�DUGÕQGDQ�KLODIHWH�GH�J|]�GD÷Õ�

YHUPLú��oRN�JHoPHGHQ�PLOOL�HJHPHQOL÷H�GD\DQDQ�ELU�GHYOHW�UHMLPL�FXPKXUL\HW�\|QHWLPL�

úHNOLQGH�G�]HQOHQPLúWL�������%H\DQQDPHVL¶QLQ�����XPGHVL�GDKD�DoÕN�ELU�ELoLPGH�PLOOL\HWoLOLN�

KDONoÕOÕN�LONHVLQL�RUWD\D�NR\X\RUGX��³+DNLPL\HW�ELOD�ND\G��úDUW�PLOOHWLQGLU��øGDUH�XVXO��KDONÕQ�

PXNDGGHUDWÕQÕ�EL]]DW�YH�ELOILLO�WHGYLU�HWPHVL�HVDVÕQD�P�VWHQLWWLU��0LOOHWLQ�KDNLNL�YH�\HJDQH�

P�PHVVLOL��7�UNL\H�%�\�N�0LOOHW�0HFOLVL��GLU��7�UNL\H�%�\�N�0LOOHW�0HFOLVL¶QLQ�KDULFLQGH�

KLoELU�IHUW��KLoELU�NXYYHW�YH�KLoELU�PDNDP�PXNDGGHUDW�Õ�PLOOL\H\H�KDNLP�RODPD]�´

$\QÕ�\ÕO�NDEXO�HGLOHQ�+DON�)ÕUNDVÕ�1L]DPQDPHVL��KDON�NDYUDPÕQÕ�KHUKDQJL�ELU�VÕQÕID�

GD\DQGÕUPDNVÕ]ÕQ��NDQXQODU�|Q�QGHNL�HúLWOLN�ELoLPLQGH�EHOLUOHPLúWL��³+DON�IÕUNDVÕ�QD]DUÕQGD�

KDON�PHIKXPX��KHUKDQJL�ELU�VÕQÕID�P�QKDVÕU�GH÷LOGLU��+LoELU�LPWL\D]�LGGLDVÕQGD�EXOXQPD\DQ�

YH�XPXPL\HWOH�NDQXQ�QD]DUÕQGD�PXWODN�ELU�P�VDYDWÕ�NDEXO�HGHQ�E�W�Q�IHUWOHU�KDONWDQGÕU��

+DONoÕODU��KLoELU�IHUGLQ�LPWL\D]ODUÕQÕ�NDEXO�HWPH\HQ�YH�NDQXQODUÕ�Yk]¶HWPHNWHNL�PXWODN�

K�UUL\HW�YH�LVWLNODOL�WDQÕ\DQ�IHUWOHUGLU�´���

�����$KPHW�+DPGL�%DúDU��$WDW�UN¶OH�ho�$\�YH�����¶GDQ�6RQUD�7�UNL\H��$QNDUD��$ø7ø$�������������7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V�����������$NWDUDQ��7HNHOL��øONLQ��%LU�&XPKXUL\HW�g\N�V��«��V�����������0HWH�7XQoD\��7�UNL\H�&XPKXUL\HWL¶QGH�7HN�3DUWL�<|QHWLPL������������79<<��øVWDQEXO�������V�����������$�J�H���V������

�����\ÕOÕQGD�&+)�1L]DPQDPHVL�LVLPOHQGLUPHNVL]LQ�G|UW�LONH\L�GHUOL�WRSOX�ELU�ELoLPGH��

VÕUD\OD�&XPKXUL\HWoLOLN��/DLNOLN��+DONoÕOÕN��0LOOL\HWoLOLN�RODUDN��EHOLUOHGL�������&+)�

3URJUDPÕ�LVH�$OWÕ�2N�LONHOHULQL�ROXúWXUX\RU��SURJUDPÕQ�JLULúLQGH�ú|\OH�GHQL\RUGX��

³&XPKXUL\HW�+DON�)ÕUNDVÕQÕQ�SURJUDPÕQD�WHPHO�RODQ�DQD�ILNLUOHU��LQNÕODEÕPÕ]ÕQ�EDúODQJÕFÕQGDQ�

EXJ�QH�NDGDUNL�ILLOL\DW�YH�WDWELNDWWD�DúLNDUGÕU�´�$UGÕQGDQ�GD�&+)¶QLQ�DQD�YDVÕIODUÕ�RODUDN�

ú|\OH�VÕUDODQÕ\RUGX�

��&XPKXUL\HWoLOLN��³)ÕUND��&XPKXUL\HWLQ��PLOOL�KDNLPL\HW�PHINXUHVLQL�HQ�L\L�YH�HQ�

HPLQ�VXUHWWH�WHPVLO�YH�WDWELN�HGHU�GHYOHW�úHNOL�ROGX÷XQD�NDQLGLU��)ÕUND��EX�VDUVÕOPD]�NDQDDWOH�

&XPKXUL\HWL�WHKOLNH\H�NDUúÕ�KHU�YDVÕWD�LOH�P�GDIDD�HGHU�´

���0LOOL\HWoLOLN��³)ÕUND��WHUDNNL�YH�LQNLúDI�\ROXQGD�YH�EH\QHOPLOHO�WHPDV�YH�

P�QDVHEHWOHUGH�E�W�Q�PXDVÕU�PLOOHWOHUH�PXYD]L�YH�RQODUOD�ELU�DKHQNWH�\�U�PHNOH�EHUDEHU�

7�UN�LoWLPDL�KH\HWLQLQ�KXVXVL�VHFL\HOHULQL�YH�EDúOÕ�EDúÕQD�P�VWDNLO�K�YL\HWLQL�PDKIX]�WXWPD\Õ�

HVDV�VD\DU�´

���+DONoÕOÕN��³øUDGH�YH�KDNLPL\HWLQ�ND\QD÷Õ�PLOOHWWLU��%X�LUDGH�YH�KDNLPL\HWLQ��GHYOHWLQ�

YDWDQGDúD�YH�YDWDQGDúÕQ�GHYOHWH�NDUúÕOÕNOÕ�YD]LIHOHULQLQ�KDNNL\OH�LIDVÕQÕ�WDQ]LP�\ROXQGD�

NXOODQÕOPDVÕ�)ÕUNDFD�E�\�N�HVDVWÕU�´

³.DQXQODU�|Q�QGH�PXWODN�ELU�P�VDYDW�NDEXO�HGHQ�YH�KLoELU�IHUGH��KLoELU�DLOH\H��KLoELU�

VÕQÕID��KLoELU�FHPDDWH�LPWL\D]�WDQÕPD\DQ�IHUWOHUL�KDONWDQ�YH�KDONoÕ�RODUDN�NDEXO�HGHUL]�´

��'HYOHWoLOLN��³)HUGL�PHVDL�YH�IDDOL\HWL�HVDV�WXWPDNOD�EHUDEHU�P�PN�Q�ROGX÷X�NDGDU�

D]�]DPDQ�LoLQGH�PLOOHWL�UHIDKD�YH�PHPOHNHWL�PkPXUL\HWH�HULúWLUPHN�LoLQ�PLOOHWLQ�XPXPL�YH�

\�NVHN�PHQIDDWOHULQLQ�LFDS�HWWLUGL÷L�LúOHUGH���ELOKDVVD�LNWLVDGL�VDKDGD�±�'HYOHWL�ILLOHQ�DODNDGDU�

HWPHN�P�KLP�HVDVODUÕPÕ]GDQGÕU�´

���/DLNOLN��³)ÕUND��'HYOHW�LGDUHVLQGH�E�W�Q�NDQXQODUÕQ��QL]DPODUÕQ�YH�XVXOOHULQ�LOLP�YH�

IHQOHULQ�PXDVÕU�PHGHQL\HWH�WHPLQ�HWWL÷L�HVDV�YH�úHNLOOHUH�YH�G�Q\D�LKWL\DoODUÕQD�J|UH�

\DSÕOPDVÕQÕ�YH�WDWELN�HGLOPHVLQL�SUHQVLS�RODUDN�NDEXO�HWPLúWLU�´

³'LQ�WHODNNLVL�YLFGDQL�ROGX÷XQGDQ��)ÕUND��GLQ�ILNLUOHULQL��'HYOHW�YH�G�Q\D�LúOHULQGHQ�YH�

VL\DVHWWHQ�D\UÕ�WXWPD\Õ�PLOOHWLPL]LQ�PXDVÕU�WHUDNNLGH�EDúOÕFD��PXYDIIDNL\HW�DPLOL�J|U�U�´

���øQNÕODSoÕOÕN��³)ÕUND��PLOOHWLPL]LQ�ELUoRN�IHGDNDUOÕNODUOD�\DSWÕ÷Õ�LQNÕODSODUGDQ�GR÷DQ�

YH�LQNLúDI�HGHQ�SUHQVLSOHUH�VDGÕN�NDOPD\Õ�YH�RQODUÕ�P�GDIDD�HWPH\L�HVDV�WXWDU�´���

�����$NWDUDQ��$JH���V���������

ùHYNHW�6�UH\\D��(\O�O�����¶GHQ�LWLEDUHQ�&+)¶QLQ�\D\ÕQ�RUJDQÕ�+DNLPL\HW�L�

0LOOL\H¶GH��³øQNÕODEÕQ�øGHRORMLVL´��VW�EDúOÕ÷Õ�LOH�NXUDPVDO�\D]ÕODU�\D]DU��E|\OHFH� .DGUR¶QXQ�

J|U�úOHUL�GDKD�GHUJL�\D\ÕPODQPDGDQ�GX\XOPD\D��WDUWÕúÕOPD\D�EDúOD\DFDNWÕU�

����¶ODUÕQ�EDúÕQGD�GLO�YH�WDULK�WH]OHUL�7�UNOHUL�LQVDQOÕN�WDULKLQLQ�PHGHQL\HW�NXUXFX�YH�

WDúÕ\ÕFÕVÕ�RODQ�ELU�³PLOOHW´�RODUDN�NRQXPODQGÕUÕUNHQ��7�UNoH¶\L�\HU\�]�Q�Q�W�P�GLOOHULQLQ�

N|NHQLQGH�J|U�\RU��GL÷HU�\DQGDQ�GD�����¶GH�7�UN�2FDNODUÕQÕQ�NDOGÕUÕOPDVÕ\OD�&+)¶\H�ED÷OÕ�

+DONHYOHUL�YH�NÕUVDO�DODQGD�+DONRGDODUÕ�NXUXOX\RUGX��$PDFÕ�³PLOOL�ELUOL÷L´�VD÷ODPDN�RODQ�EX�

NXUXOXúODU���������DUDVÕQGD�����+DONHYL�YH������+DONRGDVÕ�KDOLQGH�WHúNLODWODQPÕúWÕ����������

\ÕOODUÕ�DUDVÕQGD�+DONHYOHULQGH��������NRQIHUDQV�YHULOPLú��NLWDSOÕNODUÕQGDQ�\DUDUODQDQODUÕQ�

VD\ÕVÕ�����PLO\RQXQ��]HULQH�oÕNPÕúWÕ�����+DONHYOHULQLQ�PHUNH]�\D\ÕQ�RUJDQÕ�RODQ�hON��GHUJLVL�

G|QHPLQ�RWRULWHU�VL\DVDO�\DNODúÕPÕQÕ�\DQVÕWÕU��1LVDQ�����¶WHNL�VD\ÕVÕQGD�&+)�*HQHO�6HNUHWHUL�

5HFHS�3HNHU��³K�UUL\HW´�NDYUD\ÕúÕ��]HULQH�ELU�PDNDOHVLQGH�RWRULWHU�ELU�GLVLSOLQL�YXUJXODU��³�«��

'LVLSOLQOL�+�UUL\HW��%X�&XPKXUL\HW�+DON�)ÕUNDVÕ�(YODWODUÕQD��+DONHYOHULQGH�KHU�J�Q�ELUD]�

GDKD�JHOLúLS�DoÕODQ�PHPOHNHW�oRFXNODUÕQD�YH�E�W�Q�YDWDQGDúODUD�µ0RW�G¶RUGUH¶��SDUROD��

ROPDOÕGÕU�´���

.DGUR¶QXQ�\D\ÕPÕQD�VR÷XN�\DNODúDQ�YH�<DNXS�.DGUL¶\H�GHYULPL�WHPHOOHQGLUPHN�

JHUHNLUVH�NHQGLOHULQLQ�EXQX�\DSDFD÷ÕQÕ�V|\OH\HQ�3HNHU��.DGUR¶QXQ�\D\ÕPÕ�VÕUDVÕQGD�GD�

PHVDIHVLQL�NRUXPXú��GHUJL\L�+DONHYOHULQH�WDYVL\H�HWPHPLúWL��.DGUR�NDUúÕVÕQGD�hON��GH�

LQNÕODEÕQ�LGHRORMLVLQL�ROXúWXUPDN�JD\UHWLQGH\GL��3HNHU�ú|\OH�GL\RUGX��³¶hON�¶GH�E�\�N�GDYD\D�

LQDQDQODUÕQ��EXQX�7�UN�FHPL\HWLQH�LQDQGÕUPDN��WRSOX�YH�KH\HFDQOÕ�ELU�PLOOHW�N�WOHVL�\DUDWPDN�

KL]PHWLQGH�YD]LIH�YH�KLVVH�DOPDN�LVWH\HQOHULQ�\D]ÕODUÕ�oÕNDFDNWÕU�´�����3HNHU�EXUDGD�KHUKDQJL�

ELU�VÕQÕIVDO�D\UÕPD�GD\DQPD\DQ�KDONoÕOÕN�LONHVL�GR÷UXOWXVXQGD�W�P�XOXVDO�J�oOHULQ��ONH�

\DUDUÕQD�VHIHUEHU�HGLOPHVL�JHUHNWL÷LQL�LOHUL�V�U�\RUGX��.DGUR�|]HO�VHNW|U��GDU�ELU�DODQGD�

WXWDUNHQ��hON����ONH�oÕNDUODUÕ�GR÷UXOWXVXQGD�YH�WHN�SDUWLQLQ�GHQHWLPLQGH�|]HO�VHNW|UH�GDKD�

JHQLú�ELU�DODQGDQ�V|]�HGL\RUGX����

3HNHU������¶WH�øVWDQEXO�hQLYHUVLWHVL¶QGH�YHUGL÷L�øQNÕODS�'HUVOHUL¶QGH��.DGURFXODUÕQ�

|]HOOLNOH�LNWLVDGL�DODQGD�VD÷ODQDFDN�ELUOLNWHOL÷LQ�PH\GDQD�JHWLUHFH÷L�PLOOL\HWoL�J|U�ú�QH�

NDUúÕQ�DQWURSRORMLN�H÷LOLPOHULQL�RUWD\D�NR\DU������\�]\ÕOGD�2VPDQOÕ�øPSDUDWRUOX÷X�o|N�úH�

�����1HúH�*��<HúLOND\D��³+DONHYOHUL´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&�����.HPDOL]P��(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\���������V�����������$NWDUDQ��7HYILN�dDYGDU��7�UNL\H�(NRQRPLVLQLQ�7DULKL������������øPJH�.LWDEHYL��$QNDUD�������V�����������5HFHS�3HNHU��³hON��1LoLQ�dÕNÕ\RU�"�´��hON����ùXEDW�������V���������+DNNÕ�8\DU��³5HVPL�øGHRORML«�hON��YH�.DGUR«´�7RSOXP�YH�%LOLP�����*�]����������

JHoPLúNHQ��GL\RUGX�3HNHU��³�7�UN�NDQÕ��E�W�Q�EX�J�U�OW�OHU�LoLQGH�WHPL]�NDOPÕúWÕ�´����%XUDGD�

WRWDOLWHU�H÷LOLPOHUL�J|U�OHQ�3HNHU��7�UN�LQNÕODEÕQÕ��KDONWDQ�EDúODPÕú�ELoLPLQGH�GH÷HUOHQGLULU��

DQFDN�GHU��³RWRULWHGHQ�KDOND�GR÷UX�GHYDP�HWPLúWLU�´����2QXQ�LoLQ�OLEHUDO�ELU�LNWLVDW�SROLWLNDVÕ�

LVWLVPDUD�GD\DQÕU��LVWLVPDUÕQ�|Q�QH�JHoPHQLQ�WHN�\ROX\VD�XOXVDO�SDUWLQLQ�YDUOÕ÷Õ�YH�GHYOHWLQ�

P�GDKDOHFLOL÷LGLU��7�UN�LQNÕODEÕ�LVWLVPDUFÕ�ROPDPDN�úDUWÕ\OD�VHUPD\H�VHUEHVWLVLQL�WDQÕPÕúWÕU��

3HNHU�����¶ODUGD�SDUWL�LOH�GHYOHWLQ�ELUOLNWHOL÷LQL�VDYXQX\RU��XOXVXQ�VRUXQODUÕQÕ�SDUWL�

oDWÕúPDODUÕQD�L]LQ�YHUPH\HFHN�GHYOHW�LOH�|]GHúOHúPLú�ELU�SDUWLQLQ�o|]HELOHFH÷LQL�V|\OH\HUHN�

WRWDOLWHU�H÷LOLPOHULQL�RUWD\D�NR\X\RUGX�

�����0��(��%R]NXUW��<��.��7HQJLUúHQN��5��3HNHU�������<ÕOÕQGD�øVWDQEXO�hQLYHUVLWHVLQGH�%DúOD\DQ�øON�øQNÕODS�7DULKL�'HUV�1RWODUÕ��+D]��2NWD\�$VODQDSD��øVWDQEXO��7�UN�'�Q\DVÕ�$UDúWÕUPDODUÕ�9DNIÕ������������$�J�H���V������

������øQNÕODS�YH�.DGUR��³'HYOHWoL´�%LU�6L\DVDO�0HWLQ

<XNDUÕGD��DQODWÕODQ�NRúXOODUGD�\D\ÕP�KD\DWÕQD�EDúOD\DQ�.DGUR��LNL�\ÕOÕ�DúNÕQ�ELU�V�UH�

\DúDPÕQÕ�V�UG�UHFHN�DUGÕQGDQ�3HNHU¶LQ�PXKDOHIHWL�YH\D�øú�%DQNDVÕ�oHYUHVLQLQ�GHYOHWoL�

V|\OHPGHQ�UDKDWVÕ]�ROPDVÕ��\DQL�VÕQÕIVDO�oÕNDUODUÕQ�D÷ÕU�EDVPDVÕ\OD�NDSDQDFDNWÕ���.DGUR�

GHUJLVLQLQ�LGHRORMLN�WHPHOOHULQL�ROXúWXUDQ�$\GHPLU��GHUJLQLQ�JHQHO�J|U�úOHULQL�����¶GH�

\D\ÕPODGÕ÷Õ�øQNÕODS�YH�.DGUR�DGOÕ�NLWDEÕQGD�RUWD\D�NR\DU�

$\GHPLU�NLWDEÕQ�HUH÷LQL�����¶GH�LNLQFL�EDVÕPÕQD�\D]GÕ÷Õ�|QV|]GH��³øQNÕODEÕPÕ]ÕQ�

øGHRORMLVL´QL�EHOLUOL�ELU�J|U�ú�DoÕVÕQGDQ�GH÷HUOHQGLUPHN��0LOOL�.XUWXOXú�+DUHNHWL¶QLQ�LONHOHULQL�

DUDúWÕUPDN��RUWD\D�NR\PDN�ELoLPLQGH�DoÕNODU�����dDOÕúPDQÕQ�ELULQFL�NÕVPÕ�����¶GH�7�UN�

2FD÷Õ¶QGD�YHULOHQ�ELU�NRQIHUDQVÕQ�JHQLúOHWLOPLú�ELoLPL��LNLQFL�NÕVPÕ�RODQ�.DGUR�LVH�&+3�

PHUNH]�WHúNLODWÕQD�VXQXOPXú�ELU�³PXKWÕUD´GÕU��'ROD\ÕVÕ\OD��\XNDUÕGD�.DGUR�GHUJLVLQLQ�

\D\ÕPODQPDVÕQGD�GD�GH÷LQGL÷LPL]�JLEL��$\GHPLU�GR÷UXGDQ�GR÷UX\D�LNWLGDU�oHYUHOHULQL�

KHGHIOHPLú������¶ODUGD�EDúOD\DQ�LGHRORMLN�DUD\ÕúODUÕ�WHPHOOHQGLUPHN��³LQNÕODEÕQ�LGHRORMLVLQL´�

EHOLUOHPHN�LVWHPLúWL��%XQX�\DSDUNHQ�.HPDOLVW�NDGURODUÕQ�KDVVDVL\HWOHULQL�J|]HWPLú��V|]JHOLPL�

KDONoÕOÕN�LONHVLQH�SDUDOHO�RODUDN��WDULKL�PDGGHFLOLN�\|QWHPLQL�NXOODQVD�GD�ÕVUDUOD�7�UNL\H¶GH�

VÕQÕIVDO�D\UÕPODUÕQ�GROD\ÕVÕ\OD�VÕQÕIVDO�oDWÕúPDODUÕQ�ROPDGÕ÷ÕQÕ��RODVÕ�VÕQÕIVDO�D\UÕPODUÕQ�LVH�

GHYOHWoL�SROLWLNDODUOD�|QOHQHELOHFH÷LQL�EHOLUWPLúWLU�

.LWDEÕQD�\|QWHP�VRUXQX\OD�EDúOD\DQ�$\GHPLU�úX�WH]OHUL�LOHUL�V�UHU��7DULKL�PDWHU\DOL]P�

DoÕVÕQGDQ�G�Q\D\D�EDNÕOGÕ÷ÕQGD�ELU�\DQGD�VDQD\LOHúPLú��GL÷HU�\DQGD\VD�VDQD\LOHúHPHPLú�

V|P�UJH�YH\D�\DUÕ�V|P�UJH��ONHOHU�J|U�O�U��%X�GXUXP�LNL�oHOLúNLQLQ�RUWD\D�oÕNPDVÕQD�\RO�

DoDU������%LU�\DQGD�VDQD\LOHúPLú��ONHOHU�NHQGL�LoLQGH�VÕQÕI�VDYDúODUÕ�\DúDUNHQ������|WH�WDUDIWDQ��

VDQD\LFL�V|P�UJHFL��ONHOHU�LOH�V|P�UJH��ONHOHU�DUDVÕQGD�0LOOL�.XUWXOXú�VDYDúODUÕ�PH\GDQD�

JHOLU��6DQD\LOHúPLú��ONHOHU�NDONÕQPDODUÕQÕ��V|P�UJH�NÕOGÕNODUÕ�PHPOHNHWOHUH�ERUoOXGXU��

%|\OHFH�HOGH�HWWL÷L�]HQJLQOL÷L�NHQGL��ONHVLQGH�EHOOL�RUDQGD�E|O�úW�UHUHN�LoHULGHNL�VÕQÕI�

VDYDúÕPÕQÕ�EHOLUOL�V�UHOHUOH�ELU�VÕQÕI�X]ODúPDVÕQD�G|Q�úW�UHELOLU��DQFDN�oDWÕúPDODU�HU�YH\D�JHo�

\DúDQÕU�

+HU�LNL�WH]DGÕQ�WDPDPHQ�RUWDGDQ�NDONPDVÕ�LoLQ�LVH�0.+�EDúDUÕOÕ�ROPDOÕ��GHYOHWoL�

SROLWLNDODUÕ\OD�NXUXFX��LQúDFÕ��SODQOÕ�X\JXODPDODUÕ�VD\HVLQGH�G�Q\DGD�ELU�GHQJH�PH\GDQD�

JHWLUPHOLGLU��7�UNL\H�0LOOL�.XUWXOXú�P�FDGHOHVLQL�VD÷ODPODúWÕUPDN�LoLQ�GHYOHW�HOL\OH�

\DSÕODQGÕUDFD÷Õ�ELU�VDQD\L�NXUPDOÕ��VÕQÕIVÕ]�ELU��PLOOHW�PH\GDQD�JHWLUPHOLGLU��³%L]�LQDQÕ\RUX]�

�����$\GHPLU��øQNÕODS�YH«��V����

NL��7�UN�LQNÕODEÕQÕQ�LGHDOLVW�QHVOL��G�Q\D�WDULKLQGHNL�EX�\HQL�IRQNVL\RQXQX�NROD\�

EHQLPVH\HFHNWLU�´���

$\GHPLU��øQNÕODS�YH�.DGUR�NLWDEÕQGD�GHYOHW�VRUXQXQD�D\UÕ�ELU�E|O�PGH�³'HYOHW�

.DYUDPÕQÕ�$QOD\Õú�7DU]Õ�+DNNÕQGD´�DGOÕ�E|O�PGH�\R÷XQODúÕU��%|O�P�úX�|Q�V|]OHUOH�EDúODU��

³0LOOL�%LUOLN��ELU�GHYOHW�\DSÕVÕQGD�NHPkOLQL�EXOXU��g]J�U�GHYOHW��0LOOL�%LUOL÷LQ�GÕúDUÕ\D�NDUúÕ�

NDOHVLGLU��0LOOHW�\DSÕVÕQD�JHOLQFH��0LOOHW�\DSÕVÕQGD�GHYOHW��PLOOHWLQ�KHP�HVHUL�KHP�GH�

P�HVVLULGLU��<DQL�PLOOHW��GHYOHW�GHQLOHQ�J�F���KHP�NHQGL�\DUDWÕU��KHP�VRQUD�GD�RQXQ�HPULQGH�

YH�KL]PHWLQGH�ROXU�´�����$QFDN�GHYOHWLQ�PLOOHW�HPULQGH�ROPDN�YDVIÕ�ELU�WDNÕP�GÕú�J�oOHULQ�YH\D�

Lo�oÕNDU�]�PUHOHULQLQ�PHQIDDWOHUL�GR÷UXOWXVXQGD�JHUoHNOHúLUVH�R�]DPDQ�GHYOHW�YDVIÕQÕ�YH�

YDUOÕ÷ÕQÕQ�KLNPHWLQL�ND\EHGHU����

;,;��\�]\ÕOÕQ�PH\GDQD�JHWLUGL÷L�YH�³LGHDO´�RODUDN�DGODQGÕUÕODQ�$YUXSDOÕ��GHPRNUDWLN��

OLEHUDO�GHYOHWOHULQ�X\XPOX�\DSÕVÕ�J|U�Q�úWHQ�LEDUHWWLU��%X�LGHDO�GHYOHW�J|U�Q�P��ELU�WDUDIWDQ��

P�VULI�ELU�ROLJDUúL\L�]RUOD�\DUDWPDQÕQ��RQX�NHQGL�WRSOXPX�LoLQGH�VÕQÕIODUÕQ�HQ��VW�QH�

NR\PDQÕQ�kOHWL�YH�H\OHPFLVL��|WH�\DQGDQ�GD�G�Q\DQÕQ�$YUXSDOÕ�V|P�UJHFLOHULQ�oÕNDUODUÕ�

GR÷UXOWXVXQGD�N|OHOHúWLULOPHVLQLQ�DUDFÕGÕU��³;,;��\�]\ÕOÕQ�\DUDWWÕ÷Õ�EX�OLEHUDO±LQVDQL\HWoL�

GHQLOHQ�%DW�GHPRNUDVLOHUL�YH�GHPRNUDWLN�GHQLOHQ�GHYOHW�P�HVVHVHOHUL��NHQGL�LoLQGH�VHUPD\H�

G�]HQOHUL��NHQGL�GÕúÕQGD�VLODK�J�F���NDSLW�ODV\RQODU��GLSORPDWLN�LWWLIDNODU�YH�HQWULNDODU��

ERUoODQGÕUPD�\ROODUÕ��LúJDOOHU��WDNVLPOHU�YH�\D÷PDODUOD�\�U�W�OHQ�NRUNXQo�ELU�NDSLWDOL]P�

HPSHU\DOL]P�VLVWHPLQLQ��PDVNHOL�LIDGHVLQGHQ�EDúND�ELU�úH\�GH÷LOGLU�´���

7�UN�LQNÕODEÕ�GHPRNUDVL�LONHOHULQGHQ�oRN�GLVLSOLQH��KÕ]OÕ�ELU�NDONÕQPD�KDPOHVLQH�

JHUHNVLQLP�GX\DU��'HPRNUDVL�;,;��\�]\ÕOGD�NXUXPVDOODúPD\D�EDúODPÕú�NHQGLQGHQ�|QFHNLOHUH�

J|UH�LOHUL�ELU�DúDPDGÕU��DQFDN�G�Q\D�VDYDúÕ�VRQUDVÕ�GHPRNUDVL�G�]HQLQLQ�\HWHUVL]OL÷L�DoÕ÷D�

oÕNPÕú��WRSOXPODUD�YHUHFHN�ELU�úH\L�NDOPDPÕúWÕU��7�UN�LQNÕODEÕQÕQ�J|UHYL�³K�U�PLOOHW�LoLQGH�

IHUGH�Lú�YH�YD]LIH�YHUPHNWLU��EX�D\QÕ�]DPDQGD��K�UUL\HWLQ�WD�NHQGLVLGLU�´����)UDQVÕ]�LKWLODOL�ELU�

EXUMXYD�LKWLODOLGLU��1DSRO\RQ��LKWLODOLQ�KHPHQ�DUGÕQGDQ�G�Q\D\Õ�)UDQVD¶QÕQ�V|P�UJHVL�NÕOPD\D�

JLULúPLúWL��7�UN�LQNÕODEÕ�)UDQVÕ]�LQNÕODEÕQGDQ�LOKDP�DODPD]��LQNÕODS�ELU�VÕQÕI�KDNLPL\HWLQH�

G|Q�ú�UVH�LQNÕODS�ROPDNWDQ�oÕNPÕú�GHPHNWLU�

��������DUDVÕQGD�\DúDQDQ�LNWLVDW�EXKUDQÕ��PLO\RQODUFD�NLúL\L�LúVL]�EÕUDNÕUNHQ��N|\O�OHUL�

E�\�N�VÕNÕQWÕODU�LoLQH�VRNWX��$\GHPLU�LoLQ�NODVLN�DQODPÕ\OD�³LNWLVDW�EXKUDQÕ´�GHQHWLPVL]�LOHUL�

�����$�J�H���V����������$�J�H���V�����������$�J�H�� V��������������$�J�H���V�����������$�J�H���V������

OLEHUDO�WRSOXPODUGD��UHWLP�YH�W�NHWLP�DUDVÕQGDNL�RUDQWÕVÕ]OÕNWDQ�ND\QDNODQDQ�SHUL\RGLN�ELU�

KDOGLU��øOHUL�PHPOHNHWOHUGH�RUWD\D�oÕNDQ�EXKUDQ�DUGÕQGDQ�JHUL��ONHOHUH�GH�VÕoUDU�YH�E�\�N�

WDKULEDWODU�PH\GDQD�JHWLULU��*HUL��ONHOHU�DQFDN GHYOHWoL�ELU�VDQD\LOHúPH�LOH�LNWLVDGL�EXKUDQGDQ�

NHQGLOHULQL�NRUX\DELOLU��ùLPGL�7�UNL\H�EX�NRúXOODU�DOWÕQGD�NHQGL�\ROXQX�EXOPDOÕ���GHYOHWoL�

SROLWLNDODUOD��|]J�Q��UHWLPL\OH�G�Q\D�WLFDUHWLQH�NDWÕODELOPHOLGLU��7�UNL\H�W�P�V|P�UJH�

KDONODUD�|UQHN�ROPDOÕ��|QGHUOLN HWPHOLGLU��0.+¶\L��VÕQÕIVDO�oDWÕúPDODUD�PH\GDQ�YHUPH\HFHN�

GHYOHWoL�SROLWLNDODUOD�WDPDPODPDOÕGÕU�

0.+¶QLQ�JHWLUGL÷L�GHYOHW�G�]HQL�ELU�WDNÕP�GHUVOHU�oÕNDUPDOÕ��%DWÕOÕ��ONHOHUGH�J|U�OHQ�

PLOOHW�LoLQGHNL�VÕQÕIVDO�oDWÕúPDODU�YH�PLOOHWOHUDUDVÕ�oHOLúPH�oDWÕúPD�XQVXUODUÕ�0.+�'HYOHW�

1L]DPÕ¶QGD�\HU�DOPDPDOÕGÕU��7�UNL\H�SODQOÕ�ELU�GHYOHW�G�]HQLQL��³GHYOHWoLOL÷L´�

EHQLPVHPHOLGLU��'HYOHWoLOLN�KHP�EX�WHNQLNVL]��ONHGH�WHNQL÷L�PH\GDQD�JHWLUHFHN�KHP�GH�

GHPRNUDVLQLQ�VRUXQODUÕQÕ�WRSOXPVDO�\DúDPGDQ�X]DN�WXWDFDNWÕU��³'HYOHWLQ�NDQXQX��EXQD�J|UH�

G�]HQOHQHFHNWLU��<DQL��PLOOHWLQ�LoLQGHQ�JHOHQ��IDNDW�PLOOL�HNRQRPLQLQ�DNÕúÕQÕ�ILLOHQ�

LVWLNDPHWOHQGLUHFHN��VHUPD\H�ELULNPHOHULQL�WRSOXP�\DUDUÕQD�LúOHWHFHN��VHYN�YH�LGDUH�HGHFHN�ELU�

LNWLVDW�GHYOHWL�RODFDNWÕU��«��0LOOL�NXUWXOXú�KDUHNHWLQLQ�GHYOHW�P�HVVHVHVL��PLOOHWLQ�PLOOHWOHúPH�

KDGLVHVLQLQ�ELU�LIDGHVLGLU�´���

øKWLODOLQ�DUGÕQGDQ�JHUoHNOHúHFHN�LQNÕODS�LoLQ�ELOLQoOL�ELU�NDGUR�JHUHNWLU��.DGUR�

NHQGLVLQH�LQNÕODS�LONHOHUL�HGLQLU�YH�EXQODU�GR÷UXOWXVXQGD�SROLWLNDODUÕQÕ�ELoLPOHQGLULU��øQNÕODEÕQ

\HUOHúPHVL�.DGUR�ELOLQFLQLQ�\D\JÕQODúWÕUÕOPDVÕ\OD�RODVÕGÕU��GROD\ÕVÕ\OD�LQNÕODS�LoLQ�H÷LWLP�YH�

EDVÕQ�VHIHUEHU�HGLOPHOLGLU��7�UN�LQNÕODEÕ�NXúNX\D�\HU�EÕUDNPD\DFDN�ELoLPGH�úX�LONHOHUL�

PH\GDQD�JHWLUPLúWLU�����øPWL\D]VÕ]��VÕQÕIVÕ]�ELU�PLOOHW�����3ODQOÕ�GHYOHWoL�HNRQRPLN�G�]HQ��

��%D÷ÕPVÕ]�PLOOHWOHU�G�]HQL��EX�LONHVL\OH�7�UN�LQNÕODEÕ�³KDNLP�YH�PDKNXP�PLOOHWOHU��KDNLP�YH�

PDKNXP�VÕQÕIODU�WH]DGÕQÕ´�o|]�POHPH\H�\�U�\HQ�ELU�LQNÕODSWÕU��.DGUR��PLOOL�VHUPD\HQLQ�

E�\�N�D÷ÕUOÕ÷ÕQÕ�HOLQGH�WXWDQ�YH�EXQX�KDON�\DUDUÕQD�NXOODQDQ�NLPVHOHUGHQ�ROXúPDOÕGÕU��NÕVDFD�

ú|\OH�WDQÕPODQDELOLU��³.DGUR¶\X�WHúNLODW�oHYUHVL�GDU��GLVLSOLQOL�YH�úXXUOX�ELU�\|QHWLFLOHU�YH�

NXUXFXODU�]�PUHVL�RODUDN�LIDGH�HGHELOLUL]�´���

$\GHPLU�LoLQ�ELU�WRSOXPXQ�PLOOHW�RODELOPHVL�GH�LNWLVDGL�LOLúNLOHUGH�RUWD\D�oÕNDU��

V|]JHOLPL�$YUXSDOÕ�KDONODU�NHQGL��ONHOHULQGH�VÕQÕI�VDYDúÕPODUÕQÕ�RUWDGDQ�NDOGÕUDPDPÕú��

GROD\ÕVÕ\OD�³�«��PLOOHWLQ�PLOOHW�ROXúX�%DWÕ��ONHOHULQGH��KLoELU�VXUHWWH�WDPDPODQDPDPÕúWÕU�´���

0LOOHW�ÕUNVDO�|]HOOLNOHUOH�LOJLOL�GH÷LO��EDúWD�VÕQÕIVDO�D\UÕPODU�ROPDPDVÕQD�GDKD�VRQUD�YDWDQ��

WDULK��GLO��N�OW�U�ELUOL÷L�JLEL�XQVXUODUD�GD\DQÕU��7�UN�PLOOL\HWoLOL÷L�oD÷GDú�DQODPÕQÕ�7�UN�

�����$�J�H���V����������������$�J�H���V�����������$�J�H���V������

GHYOHWoLOL÷L�LOH�WDPDPODPDOÕ�YH�úX�LNL�LONH\L�EHQLPVHPHOL\GL��³D��'ÕúDUÕ\D�NDUúÕ�DQWL�

HPSHU\DOLVW��E��øoHUL\H�NDUúÕ�GD�DQWL�NDSLWDOLVW�´

$\GHPLU������¶GH�\D\ÕPODQDQ�&LKDQ�øNWLVDGL\DWÕQGD�7�UNL\H�DGOÕ�NLWDEÕQGD�\LQH�

7�UNL\H¶QLQ�G�Q\D�WLFDUHWLQGH�ED÷ÕPVÕ]�ELU�ELoLPGH��\HU�DOPDVÕ�JHUHNWL÷LQL�VDYXQXUNHQ��

GHYOHWL�|QH�oÕNDUPDPÕú��PLOOL�LNWLVDW�P�FDGHOHVL�LoLQ��UHWLFLOHUGHQ��QDNOL\HFLOHUH�W�P�

YDWDQGDúODUÕQ�VRUXPOXOX÷X��]HULQGH�GXUPXúWX��$÷XVWRV�����¶GD�øVPHW�øQ|Q�¶Q�Q�³ÕOÕPOÕ�

GHYOHWoLOLN´�DoÕNODPDVÕ�YH�DUGÕQGDQ�GHYOHWoLOL÷LQ�&+)�NXUXOWD\ÕQGD�ELU�LONH�RODUDN�

EHQLPVHQPHVL\OH�$\GHPLU��.DGUR�GHUJLVL�\D\ÕQODUÕQGD�YH�LQFHOHGL÷LPL]�NLWDEÕQGD�GHYOHWoLOLN�

J|U�ú�Q��HQLQH�ER\XQD�DoÕNODPÕú��KDONoÕOÕN�LONHVLQL�GH�DQÕPVDWÕUFDVÕQD�GHYOHWoLOL÷LQ�VÕQÕIVDO�

oDWÕúPDODUD�PH\GDQ�YHUPH\HFHN�ELU�ELoLPGH�X\JXODQPDVÕ�JHUHNWL÷LQL�YXUJXODPÕúWÕU��+DOEXNL�

7�UNL\H¶GH�����¶ODUGD�X\JXODQDQ�GHYOHWoLOLN�KHU�QH�NDGDU�GHYOHW�\DWÕUÕPODUÕQD�GD\DQVD�GD�

VÕQÕIVDO�oDWÕúPDODUÕ�|QOHPHN�YH\D�NDSLWDOL]PH�NDUúÕ�ROPDN�ELU�\DQD�³GHYOHW�NDSLWDOL]PL´�

ELoLPLQGH�X\JXODQDFDNWÕ�����¶GD�*D]L¶QLQ�\XUW�JH]LVLQH�NDWÕODQ�$��+DPGL�%DúDU��ú|\OH�

GL\RUGX��³6RY\HWOHUGH�'HYOHW�VRV\DOL]PL�YDU��EL]�LVH�'HYOHW�NDSLWDOL]PL�\DSÕ\RUX]�´���

gWH�WDUDIWDQ�&+)¶QLQ�KDONoÕOÕN�DQOD\ÕúÕ�LNWLVDGL�HúLWOLN�YH\D�VÕQÕIVDO�oDWÕúPDODUGDQ�

NDoÕQPDNWDQ�GH÷LO��NDQXQODU�|Q�QGHNL�ELU�HúLWOLNWHQ�V|]�HGL\RUGX���.XUWXOXú�6DYDúÕ�VÕUDVÕQGD�

HPSHU\DOL]P�NDUúÕWÕ�ELU�ELOLQoOHQPH\L�LIDGH�HGHQ�KDONoÕOÕN�YH�PLOOL\HWoLOLN��VDYDúÕQ�DUGÕQGDQ�

³VÕQÕIVÕ]�LPWL\D]VÕ]�ELU�NLWOH´�úLDUÕ\OD�³WRSOXPVDO�G�]HQL´�VDYXQXU�ROPXúWX��2UWDoD÷�

NXUXPODUÕQÕQ�WDVIL\HVLQLQ�DUGÕQGDQ�.HPDOL]P�NHQGLVLQH�PHúUX�ELU�GD\DQDN�RODUDN�³W�P�KDONÕ´�

NRQXPODQGÕUPDN�LVWL\RUGX��³�«��HJHPHQOL÷LQ�PHúUX�ND\QD÷ÕQÕQ�ELU�KDQHGDQ�\D�GD�GLQVHO�ELU�

VLPJHGH�ROPDGÕ÷Õ�GXUXPODUGD��PLOOHWH�YH�KDOND�GD\DQDQ�ELU�DQOD\Õú�KDOL\OH�WHN�YH�E|O�QPH]��

LoHULVLQGH�WH]DWODUÕQ��VÕQÕIODUÕQ��IDUNOÕOÕNODUÕQ�PLQLPXPD�LQGLUJHQGL÷L�ELU�KDON�YH�PLOOHW�

NDYUDPÕQD�GD�LKWL\Do�GX\DU��øúWH�FXPKXUL\HW�LOH�J�QGHPH�JHOHQ�µVÕQÕIVÕ]��ND\QDúPÕú�NLWOH\L]¶�

úLDUÕQÕ�EX�DQODPGD�WDULKVHO�ED÷ODPÕQD�RWXUWPDN�JHUHNLU�´���

.ÕVDFD�$\GHPLU��øQNÕODS�YH�.DGUR�DGOÕ�NLWDEÕQÕ�J�QFHO�VL\DVDO�JHOLúPHOHUL�HWNLOHPHN��

ROXúWXUXODFDN��ELU�³NDGUR´QXQ�VL\DVDO�SURJUDPÕQÕ�PH\GDQD�JHWLUPHN�LoLQ�\D]Õ\RU��DQFDN��|QFH�

.DGUR�GHUJLVLQLQ�NDSDQPDVÕ��DUGÕQGDQ�GD�VRPXW�G�]H\GHNL�X\JXODPDODU��$\GHPLU¶LQ�WH]OHULQL��

³LQNÕODEÕQ�LGHRORMLVL´QL�GÕúDUÕGD�EÕUDNÕ\RUGX�

&HP�(UR÷XO��GHYOHWLQ�\D�GD�VL\DVHWLQ��o�LúOHYLQGHQ�V|]�HGLOHELOHFH÷LQL�V|\O�\RU��

<D]DUD�J|UH�GHYOHW�D\QÕ�]DPDQGD�VL\DVHW�GHPHNWLU�NL�ú|\OH�WDQÕPODQDELOLU��³�6L\DVHW��EHOOL�ELU�

�����%DúDU��$WDW�UN¶OH«��V����������0��$VÕP�.DUD|PHOLR÷OX��³7HN�3DUWL�'|QHPLQGH�+DONoÕOÕN´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&�����.HPDOL]P��(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\���������V������

�UHWLP�ELoLPLQLQ�YDUOÕ÷Õ�YH�JHOLúLPL�LoLQ�JHUHNOL�RODQ�NRúXOODUÕ�WRSOXPVDO�oDSWD�VD÷ODPD�

X÷UDúÕGÕU�´����'HYOHWLQ��YH\D�VL\DVHWLQ��o�LúOHYLQL�LVH�NÕVDFD�ú|\OH�EHOLUWHELOLUL]�����7RSOXPXQ�

2UWDN�dÕNDUODUÕQD�+L]PHW��hUHWLP�DUDoODUÕQÕQ�YH��UHWLFLOHULQ�NRUXQPDVÕ�LoLQ�NRúXOODUÕQ�

VD÷ODQPDVÕ��GDKD�DoÕN�V|\OHPHN�JHUHNLUVH��WRSOXPXQ�RUWDN�oÕNDUODUÕQÕQ�NROODQPDVÕ�NL�EX�LúOHY�

NDSLWDOLVW�ELU�G�]HQGH�H÷LWLP�YH�WRSOXPVDO�J�YHQOL÷LQ�JHOLúWLULOPHVL\OH��VRV\DOLVW�ELU�G�]HQGH�

LVH�GDKD�LOHUL�ER\XWODUGD�VD÷ODQDELOLU�����(JHPHQ�6ÕQÕIÕQ�dÕNDUÕQD�+L]PHW��VÕQÕIVDO�D\UÕPOÕ�

WRSOXPODUGD�³]RUXQOX�RODUDN��VW�VÕQÕIODUÕQ�KL]PHWLQGHGLU�YH�DOW�VÕQÕIODUD�FHSKH�DOPÕúWÕU�´�������

'HYOHWLQ�.HQGL�dÕNDUÕQD�+L]PHW��6ÕQÕIODúDQ�WRSOXPODUGD�|]HOOLNOH�LNLQFL�LúOHYLQ�GHYDPÕ�LoLQ�

GHYOHW�PH\GDQD�JHOPLú��GHYOHWLQ�J|UHYOLOHUL�RUWD\D�oÕNPÕú��E�URNUDVL�ROXúPXúWXU�%�URNUDVL�

NHQGL�oÕNDUODUÕQÕ�³GHYOHW�oÕNDUODUÕ´QÕ�NRUXPDN�DPDFÕ\OD�KDUHNHW�HGHU��NHQGLVL�HJHPHQ�VÕQÕIWDQ�

oÕNDU�YH�RQXQ�ELU�SDUoDVÕGÕU��DQFDN�NHQGLVLQL�GH�HJHPHQ�VÕQÕIWDQ�D\ÕUW�HGHU��RQODUGDQ�GDKL�

YHUJL�DOÕU��oÕNDUODUÕQÕ�NROODU�

(OEHWWH�\XNDUÕGD�VD\ÕODQ�GHYOHWLQ�LúOHYOHUL�KHU�]DPDQ�DSDoÕN�J|U�OPH\HELOLU��oHOLúNLOL�

NDWÕúÕN�ELU�ELoLPGH�NDUúÕPÕ]D�oÕNDELOLU��JHQHO�RODUDN�V|\OHPHN�JHUHNLUVH�$\GHPLU��øQNÕODS�YH�

.DGUR¶GD�GHYOHW�LOH�PLOOHWL�RUJDQLN�ELU�WDU]GD�ELUOLNWH�GH÷HUOHQGLULU��EX�WDYUÕ\OD�NODVLN�WDULKVHO�

PDWHU\DOLVW�\|QWHPLQ�VRQXoODUÕQGDQ�X]DNODúPÕú��GHYOHWL�ELULQFL�LúOHYL\OH��VÕQÕIVDO�

ROXúXPODUGDQ�HWNLOHUGHQ�ED÷ÕPVÕ]�ELU�ELoLPGH�GH÷HUOHQGLUPLúWL��'HQHELOLU�NL�+HJHOFL�LGHDOLVW�

ELU�DQOD\ÕúD�ND\PÕúWÕ��ILOR]RI�ú|\OH�GL\RUGX��³7LQVHO�ELUH\�RODUDN�KDON��NHQGL�LoLQGH��\HOHUH�

D\UÕODUDN�RUJDQLN�ELU�E�W�Q�ROXúWXUGX÷X�|Oo�GH�GHYOHW�ROXU�´����+HJHO�LoLQ�ELU�WRSOXP�

PHVOHNOHUH�GD\DOÕ�]�PUHOHUH�D\UÕOÕU�NL�EXQODU�ú|\OH�VÕUDODQDELOLU������.|\O�OHU�����7RSUDN�

VDKLSOHUL�����øúYHUHQOHU��%XUMXYD]L������<|QHWLFLOHU�����3UROHWDU\D��=�PUHOHU�DUDVÕQGD�

oHNLúPHOHU��oÕNDU�oDWÕúPDODUÕ�YDUGÕU�YH�DQFDN�GHYOHW�DGDPODUÕ�YH\D�E�URNUDVL�LOH�EX�

oDWÕúPDODUÕQ�|Q�QH�JHoLOHELOLU��³7�P�LQVDQODU�NHQGLOHULQL�WRSOXPVDO�\DúDPD�DGD\DPD]��«��

%XUMXYD�VÕQÕIÕ��NHQGL�|]HO�oÕNDUODUÕQÕ�NRUXU��GROD\ÕVÕ\OD�NHQGL�LoOHULQGHQ����GHYOHW�\|QHWLPL�

LoLQ��WHPVLOFLOHU�oÕNDUPDNWDQ�PHPQXQOXN�GX\DUODU��)DNDW�GL÷HU��WRSOXOXNODU�YDUGÕU��«��

DULVWRNUDVL��«��VRQUD�E�URNUDVL�\D�GD�HYUHQVHO�VÕQÕI�NL�GHYOHW�\|QHWLPL�WDPDPÕ\OD�NHQGLOHULQH�

YHULOLU�´����%�URNUDVL��]�PUHOHU�DUDVÕQGD�GHQJH�VD÷ODPDOÕ��WRSOXPVDO�\DúDPGD�LV\DQFÕ�ELU�

GXUXPD�JHOHELOHFHN�RODQ�SUROHWDU\DQÕQ�JHUHNVLQLPOHULQL�EHOOL�|Oo�OHUGH��JHUHNLUVH�GHQL]DúÕUÕ�

SD]DUODU�EXODUDN�YH\D�NRORQLOHúWLUPHOHUOH��JLGHUPHOLGLU��.ÕVDFD�+HJHO�LoLQ�LGHDOLVW�ELU�ELoLPGH�

RUWD\D�NRQXODQ�7LQ¶LQ�\HU\�]�QGH�LQVDQODU�DUDFÕOÕ÷Õ\OD�JHUoHNOHúPHVL�YH�|]J�UO�÷H�GR÷UX�

�����&HP�(UR÷XO��'HYOHW�1HGLU�"�����%DV���$QNDUD��øPJH�.LWDEHYL��������V����������(UR÷XO��'HYOHW«��V����������+HJHO��7DULKWH�$NÕO�«��V�����������7D\ORU��+HJHO�«��V������

DWÕODQ�ELU�DGÕP�RODUDN�NRQXPODQDQ�GHYOHW��LoLQGHNL�oDWÕúPDODUGDQ�E�URNUDVL�DUDFÕOÕ÷Õ\OD�

VÕ\UÕODELOHFHN��RUJDQLN�E�W�QO�÷�Q��NRUX\DELOHFHNWLU�

+HJHO¶LQ�DUGÕQGDQ�0DUNV��+HJHOFL�LGHDOLVW�\|QHOLPOHUL�WHPL]OHU�YH�WDULKLQ��UHWLP�

LOLúNLOHULQGH�EHOLUOHQHQ�ELU�VÕQÕIODU�VDYDúÕPÕ�ROGX÷XQX�V|\OHU��%XUDGD�GHYOHW��HQ�JHQLú�

DQODPÕ\OD��HJHPHQ�VÕQÕIÕQ�LNWLGDU�DUDFÕGÕU��³0RGHUQ�GHYOHWLQ�\�U�WPH�RUJDQÕ��E�W�Q�

EXUMXYD]LQLQ�RUWDN�LúOHULQL�LGDUH�HGHQ�ELU�NRPLWHGHQ�EDúND�ELU�úH\�GH÷LOGLU�´����+HJHO�LoLQ�

E�URNUDVL\L�PH\GDQD�JHWLUHQ�PHPXUODU��N�OW�U�YH�GHYOHW�ELOLQFLQL�WDúÕU�YH�WHPVLO�HGHUOHU�

'HYOHW�YH�K�N�PGDU�JHQHO�\DUDUÕ�J|]HWLUNHQ��VLYLO�WRSOXPX�ROXúWXUDQ���UHWLP�YH�WLFDUHWL�

JHUoHNOHúWLUHQ�]�PUH�LOH�³JHQHO�\DUDU´�DUDVÕQGDNL�VRUXQODUÕ�GHYOHW�DUDFÕOÕ÷Õ\OD�E�URNUDVL�

JLGHULU��0DUNV�LVH��EXUMXYD]LQLQ�PH\GDQD�JHWLUGL÷L�³VLYLO�WRSOXP´�LOH�E�URNUDVLQLQ��DUDODUÕQGD�

V�UW�úVHOHU�GH��NHQGLOHULQH�NDUúÕ�LNWLGDUÕ�VDUVDELOHFHN�ELU�WRSOXPVDO��NDONÕúPDGD�

ELUOHúHFHNOHULQL�V|\OHU��%�URNUDVL�ELU�IRUPDOL]P�ROXúWXUDUDN�GHYOHWL�NXGUHWOL�NÕOPD\D�JD\UHW�

HGHU�����0DUNV�LoLQ�VÕQÕI�IDUNOÕOÕ÷Õ�VL\DVDO�\DúDPÕQ�ROXúPDVÕQGD�EHOLUOH\LFL�ELU�HWNL�

ROXúWXUXUNHQ���+HJHO�LoLQ�P�ONL\HW�LOLúNLOHUL�VL\DVDO�DODQGD�ELUELULQL�GHQJHOH\LFL�ELU�|]HOOLN�

J|VWHULU����

0DUNV��*RWKD�3URJUDPÕQÕQ�(OHúWLULVL¶QGH�DUGÕQGDQ�/HQLQ��'HYOHW�YH�'HYULP�DGOÕ�

oDOÕúPDVÕQGD��EXUMXYD�GHYOHWOHULQ�|Q�QGH�VRQXQGD�\ÕNÕODFD÷ÕQÕ�V|\OHPLú��GDKDVÕ�GHYOHWLQ�

RUWDGDQ�NDONDFD÷Õ�ELU�JHOHFHN�WDVDUÕVÕ�RUWD\D�NR\PXúODUGÕ��'HYOHW�YH�'HYULP¶GH�0DUNV¶ÕQ�

oL]JLVLQL�V�UG�UHQ�/HQLQ�ROGXNoD�NDWÕ�ELU�WXWXPOD�ú|\OH�GL\RUGX��³�%XUMXYD�GHYOHWOHU�ELoLP�

RODUDN�oRN�GH÷LúLNWLU�DPD�|]GH�D\QÕGÕUODU��%LoLPOHUL�QH�ROXUVD�ROVXQ�E�W�Q�EX�GHYOHWOHU��VRQ�

WDKOLOGH�NDoÕQÕOPD]�RODUDN�EXUMXYD�GLNWDW|UO�÷�G�U�´����0DUNV�YH�/HQLQ�LoLQ�VÕQÕIOÕ�WRSOXPODUÕQ�

\ÕNÕOPDVÕ�VÕQÕIVÕ]�ELU�WRSOXPD�HYULP�DQFDN�ELU�SUROHWHU�GHYULP�LOH�RODVÕ\GÕ��JHUoHNOHúHFHN�ELU�

GHYULP�NRP�QL]PH�JHoLú�LoLQ�|QFH�GHYULPFL�SUROHWHU�GLNWDW|UO�N�NXUDFDN�DUGÕQGDQ�VÕQÕIVÕ]�

V|P�U�V�]�WRSOXP�PH\GDQD�JHWLUL OHFHNWL � �øúWH�EX�GXUXPGD�/HQLQ�LoLQ�GHYOHW �

V|Q�POHQHFHNWL����

$\GHPLU��EX�G|QHPGH�%DWÕOÕ�GHPRNUDVLOHUL�GH÷HUOHQGLULUNHQ��LoLQGHNL�VÕQÕIVDO�

oDWÕúPDODUD�YH�/HQLQ¶LQ�HWNLOHUL\OH�HPSHU\DOL]PH�GLNNDW�oHNHU��GROD\ÕVÕ\OD�7�UNL\H�PRGHUQ�

VÕQÕIVDO�oDWÕúPDODUÕQ�|Q�QH�JHoPHVL�JHUHNHQ�YH�HPSHU\DOL]P�NDUúÕWÕ�ELU�SROLWLND�X\JXODPDVÕ�

X\JXQ�J|U�OHQ�ELU�GHYOHW�DQOD\ÕúÕQD�GD\DQGÕUÕOÕU��gWH�\DQGD�$\GHPLU�LoLQ�7�UNL\H�+HJHOFL�ELU�

��� ��.��0DU[��)��(QJHOV��.RP�QLVW�3DUWL�0DQLIHVWRVX��6L\DVL�<D]ÕODU��dHY��$KPHW�)HWKL��øVWDQEXO��+LO�<D\ÕQODUÕ��������V����������+HQUL�/HIHEUH��0DU[¶ÕQ�6RV\RORMLVL��dHY��6HODKDWWLQ�+LODY��øVWDQEXO��gQF��.LWDEHYL������������6KORPR�$YLQHUL��7KH�6RFLDO�DQG�3ROLWLFDO�7KRXJKW�RI�.DUO�0DU[��/RQGRQ��1HZ�<RUN��&DPEULGJH�8QLYHUVW\�3UHVV��������V����������/HQLQ��³'HYOHW�YH�'HYULP´��0DUNV«��V�����������0DUNV��*RWKD�3URJUDPÕQÕQ�(OHúWLULVL���6L\DVL�«��V����������YH�/HQLQ�³'HYOHW�YH«´�0DUNV«��V������

ELoHPGH��7RSUDN�8\DQÕUVD�DGOÕ�URPDQÕQGD�RUWD\D�NR\GX÷X�JLEL�YDWDQVHYHU�E�URNUDWODU�HOL\OH�

JHUoHNOHúHQ�ELU�.DGUR�|QGHUOL÷LQGH��VÕQÕIVDO�oDWÕúPDODUÕQ�|Q�QH�JHoHELOLU�YH�RUJDQLN�ELU�

ELUOLNWHOLN�VD÷OD\DUDN�WRSOX�ELU�NDONÕQPD�JHUoHNOHúWLUHELOLU��$\GHPLU��LoLQ��GHYULP�

JHUoHNOHúWLULOPLú��RQD�\|Q�YHUPHN�LKWL\DFÕ�V|]�NRQXVX�ROPXúWX��*HUoHNOHúWLULOHQ�0LOOL�

.XUWXOXú�+DUHNHWL��%DWÕ�'R÷X�oHOLúNLVLQGH�RUWD\D�oÕNPÕú��VÕQÕIVÕ]�V|P�U�V�]�ELU�G�Q\DQÕQ�

G�]HQLQ�VD÷ODQPDVÕ�LVH�ED÷ÕPVÕ]�PLOOL�GHYOHWOHULQ�KDNLP�RODFD÷Õ�\LQH�\DQÕ�oHOLúNLQLQ�

JLGHULOPHVLQH�ED÷ODQPÕúWÕ��EXUDGD�ELU�SUROHWDU\D�GLNWDW|UO�÷��GH÷LO��DQFDN�WHN�SDUWL�úHI�YH�

NDGUR�G�]HQL�KDNLP�RODELOLUGL�

gWH�WDUDIWDQ�$\GHPLU¶LQ�GHYOHWoL�J|U�úOHULQL��GDKD�����¶WH�øQNÕODS�YH�.DGUR�NLWDEÕQÕ�

GH÷HUOHQGLUPHVLQLQ�DUGÕQGDQ�\D\ÕPODGÕ÷Õ�'HYOHW�YH�)HUW�LVLPOL�NLWDEÕ\OD�OLEHUDO�ELU�DQOD\ÕúOD�

$KPHW�$÷DR÷OX�úLGGHWOL�ELU�ELoLPGH�HOHúWLUPLúWL��$÷DR÷OX�LoLQ�����¶ODUGD�øWDO\D�YH�

$OPDQ\D¶GD�GLNWDW|UO�NOHU�VÕQÕUODUÕ�DúDUDN�.DGUR�GHUJLVL�DUDFÕOÕ÷Õ\OD�7�UNL\H¶\H�NDGDU�JHOPLú�

.DGURFXODU�DUDFÕOÕ÷Õ\OD�WHPVLOFLOHULQL�EXOPXúWXU��$÷DR÷OX�.DGURFXODUD�HOHúWLULOHULQL�úX�

EDúOÕNODUGD�WRSODU��%LULQFL�RODUDN�.DGURFXODU�WDUWÕúPD��VOXEXQGDQ�X]DN��SH\JDPEHUFH�ELU�

�VOXS�EHQLPVHPLúOHU��ROD\ODUÕ�DoÕNODPDNWDQ�X]DN�NDOPÕúODUGÕU��øNLQFL�RODUDN�.DGUR�YH�

GL÷HUOHUL��\DQL�\|QHWLFLOHU�YH�\|QHWLOHQOHU�ELoLPLQGH�ELU�D\UÕP�$÷DR÷OX�LoLQ�\DQOÕúWÕU��

.DGURFXODU�³GL÷HUOHUL´�V|\OHPL\OH�LQVDQODUÕ�GÕúOD\ÕFÕ�ELU�WDYÕU�DOPÕúODUGÕU�����ùHYNHW�6�UH\\D��

7�UN�LQNÕODEÕQÕ��DQD\DVDODUÕ��NDQXQODUÕ��GHYOHW�WHúNLODWÕQÕ�DUDúWÕUPDPÕú��NHQGL�ILNLUOHULQL�

LQNÕODED�\�NOHPLúWLU��$÷DR÷OX�LoLQ�.DGURFXODUÕQ�VÕQÕIODUÕQ�JHOLúPHGL÷L�ELU��ONHGH�GHYOHWoL�

SROLWLNDODU�X\JXODQPDOÕGÕU�ELoLPLQGHNL�J|U�úOHUL�WXWDUVÕ]GÕU��%LU�WDUDIWDQ�IHUGL\HWL�LQNDU�

HWPL\RU��DQFDN�IHUGLQ��GHYOHWLQ�SODQOÕ�YH�LUDGHOL�\|QHWLPLQH�DOÕQPDVÕQÕ�LVWL\RUODU����

$÷DR÷OX�LoLQ�.DGURFXODU�GHPRNUDVL\L�\DQOÕú�|UQHNOHU�YHUHUHN�NDUDOÕ\RU��³IHUW�

K�UUL\HWL´�\HULQH�ODI�R\XQODUÕ\OD�GHYOHWL�|QH�oÕNDUÕ\RU��PLOOHW�IHUWOHULQH�|GHYOHU�YHUPHN�

LVWL\RUODU��+DOEXNL�$÷DR÷OX�LoLQ�³PLOOL�YDKGHW´�DQFDN�IHUGL�K�UUL\HW�LOH�PH\GDQD�JHOHELOLU��

.DGURFXODU�G�Q\D\Õ�NHVNLQ�ELoLPGH�LNL\H�D\ÕUGÕNODUÕ�JLEL�±�V|P�UHQOHU�YH�V|P�UJHOHU��

%DWÕOÕODUÕQ�QDVÕO�JHOLúWLNOHUL��]HULQGH�GXUPX\RU��$÷DR÷OX�LoLQ�%DWÕOÕODUÕQ�JHOLúLPL�IHUGL�K�UUL\HW�

LOH�WHGULFHQ�JHUoHNOHúPLúWLU��7DULKVHO�JHOLúLPH�EDNÕOGÕ÷ÕQGD��ELU�\DQGDQ�IHUGL�K�UUL\HW�DUWDUNHQ�

RQX�GHYOHW�VRUXPOXOX÷X�L]OHPLúWLU��7RSOXPVDO�G�]HQLQ�VD÷ODQPDVÕ�IHUW�LOH�GHYOHW�GHQJHVLQLQ�

VD÷ODQPDVÕ\OD�P�PN�QG�U��)HUWOHU�X\JXQ�RUWDP�EXOGXNODUÕQGD�oHúLWOL�K�QHUOHUL\OH�

WRSOXPODUÕQÕ�JHOLúWLULUOHU��V|]JHOLPL�0XVWDID�.HPDO��³�«��]XKXU�HGHUNHQ�7�UN�PXKLWLQGH�

�����$KPHW�$÷DR÷OX��'HYOHW�YH�)HUW��øVWDQEXO��6DQD\LLQHILVH�0DWEDDVÕ��������V�����������$�J�H��V����

NXUWXOXú�FHUH\DQÕ�YDUGÕ��IDNDW�FHUH\DQD�ELOGL÷LPL]�LVWLNDPHW�YH�PDKL\HWL�YHUHQ�0XVWDID�

.HPDO¶GLU�´���

$÷DR÷OX�LoLQ�.DGURFXODU�V�UHNOL�PLOOHW�GHVHOHU�GH�GHYOHWoLOLN�J|U�úOHUL�PLOOHW�\HULQH�

JHoHU�YH�RQX�VLOLNOHúWLULU��<D]DUD�J|UH�IHUWOHUH�GHPRNUDVL�G�]HQL�LoLQGH�LPNDQODU�VXQXOPDOÕ��

WRSOXPODU�JHOLúWLNoH�GHYOHW��DGDOHW��VD÷OÕN��H÷LWLP��ED\ÕQGÕUOÕN�JLEL�NRQXODUGD�WH]DWODUÕ�

o|]�POH\LFL�J|UHYOHU��VWOHQPHOLGLU��IDNDW�EXUDGD�DVÕO�RODQ�IHUGL�JLULúLPFLOLN�YH�GHPRNUDVLGLU��

.DGURFXODUÕQ�|QH�V�UG�NOHUL�GHYOHWoLOLN�7�UNL\H�JLEL�GRQDQÕPOÕ�LQVDQ�J�F��]D\ÕI�RODQ�

�ONHOHUGH�JHoHUVL]GLU��LQVDQ�JHOLúLPL�DQFDN�GHPRNUDVL�LOH�PH\GDQD�JHOHELOLU����

�����$�J�H���V���������$�J�H���V����

�����������'HPRNUDVLVL������¶ODUGDQ�����¶OHUH�7�UNL\H

$\GHPLU¶LQ�oDOÕúPDODUÕQÕ�\D\ÕPODGÕ÷Õ�����¶ODU�YH�����¶OHU�������³$UD�5HMLPL´�ELU�

WDUDID��+LNPHW�g]GHPLU¶LQ�V|\OHGL÷L�JLEL�³�����'HPRNUDVLVL´�RODUDN�DGODQGÕUÕODELOLU��

'|QHPLQ�NDSÕVÕQÕ�DoDQ����0D\ÕV�DVNHUL�GDUEHVL�VL\DVDO�LNWLGDUÕQ�ELU�VÕQÕIWDQ�GL÷HULQH�JHoPHVL�

DQODPÕQGD�ELU�³GHYULP´��GH÷LOGL��DQFDN�EX�GDUEH�DUGÕQGDQ�PH\GDQD�JHOHQ������$QD\DVDVÕ�LOH�

WRSOXPXQ�GHPRNUDWLNOHúPHVLQH�HWNLGH�EXOXQGX÷XQGDQ������YH������P�GDKDOHOHULQGHQ��

D\UÕOPDOÕGÕU����������$QD\DVDVÕ�LOH�OLEHUDO�VL\DVHWH�JHoLú�\DSÕOPÕú�LON�NH]�\|QHWLFL�VÕQÕIODUÕQ�

oÕNDUODUÕ\OD�oDWÕúDQ�ELU�SDUWL\H�7�UNL\H�øúoL�3DUWLVL¶QH�L]LQ�YHULOPLúWL����

'DUEH\L�\DSDQ�JHQo�VXED\ODU�DoÕNODGÕNODUÕ�ELOGLULOHULQGH�PHPOHNHWLQ�LoLQGH�EXOXQGX÷X�

EXKUDQGDQ�VÕ\UÕOPD\Õ�VD÷ODPDN�LoLQ�ELU�P�GDKDOH\L�JHUHNOL�J|UG�NOHULQL�ELOGLUPLú�YH�

%LUOHúPLú�0LOOHWOHUH��1$72¶\D�ED÷OÕ�ROGXNODUÕQÕ�|]HQOH�EHOLUWPLúOHUGL��$VOÕQGD�GDUEH\L�

JHUoHNOHúWLUHQ�YH�0LOOL�%LUOLN�.RPLWHVL¶QL��0%.��PH\GDQD�JHWLUHQ�JUXS�NHQGL�LoLQGH�W�UGHú�

GH÷LOGL��%LU�\DQGD��ONH\L�DVNHUL�UHMLP�LOH�\|QHWPHN�LVWH\HQ�³DúÕUÕODU´��GL÷HU�\DQGD�LVH�&+3�

OLGHUL�øQ|Q�¶Q�Q�HWNLVLQGH�RODQ��GDUEHQLQ�DUGÕQGDQ�\DSÕODFDN�KXNXNVDO�YH�VL\DVDO�

G�]HQOHPHOHUOH�LNWLGDUÕQ�PHFOLVH�WHUN�HGLOPHVLQL�LVWH\HQ�³ÕOÕPOÕODU´�YDUGÕ��0%.�LoLQGHNL�

oDWÕúPD�ÕOÕPOÕODUÕQ�|QGHUOL÷H�JHWLUGL÷L�2UJHQHUDO�&HPDO�*�UVHO¶GHQ�DOGÕNODUÕ�J�o�LOH�DúÕUÕODUÕ�

����VXED\��WDVIL\H�HWPHOHUL\OH�VRQXoODQGÕ�����0D\ÕV���������(NLP������DUDOÕ÷ÕQGD�\DúDQDQ�

0%.�LNWLGDUÕQGD�oR÷XQOX÷X�VLYLOOHUGHQ�ROXúDQ�ELU�EDNDQODU�NXUXOX�PH\GDQD�JHWLULOPLú��

DQD\DVD�SURIHV|UOHULQGHQ�ROXúDQ�ELU�ELOLP�NXUXOX�\HQL�ELU�DQD\DVD�KD]ÕUODPÕúWÕ����2FDN������

���(NLP������DUDOÕ÷ÕQGD�.XUXFX�0HFOLV�DoÕODUDN�EXUDGD�0%.�YH�7HPVLOFLOHU�0HFOLVL�ELUOLNWH�

oDOÕúWÕ�

���(NLP�����¶GH�\DSÕODQ�JHQHO�VHoLPOHUH�NDGDU�0%.��'3¶OLOHULQ�\DUJÕODQPDVÕ��RUGX�

YH��QLYHUVLWH�WDVIL\HOHUL�JLEL�H\OHPOHU�JHUoHNOHúWLUGL��'3¶OLOHULQ�\DUJÕODQPDVÕ�QHWLFHVLQGH�

0%.¶QLQ�RQD\Õ\OD�0HQGHUHV��=RUOX�YH�3RODWNDQ�LGDP�HGLOPLú��³WHPEHO��\HWHQHNVL]��UHIRUP�

G�úPDQÕ´�ROGXNODUÕ�LGGLDVÕ\OD��QLYHUVLWHGHQ�oÕNDUÕODQ�|÷UHWLP��\HOHUL�����¶OHU�2OD\Õ��LVH��DúD÷Õ�

\XNDUÕ�ELU�\ÕO�VRQUD�\HQLGHQ�LúOHULQH�G|QP�úW��

�����'HPRNUDVLVL�G|QHPLQGH�2UGX��2<$.�LOH�LNWLVDGL�DODQGD��0*.�LOH�GH�VL\DVDO�

DODQGD�|QHPOL�ELU�PHYNL�HGLQPLúWL��$UWÕN�DOW�U�WEHOL�VXED\ODUOD�DOD\�HGLOPL\RU��RQODU�HQ�L\L�

VHPWOHUGH�RWXUPD\D�EDúOÕ\RUGX��(PHNOL�VXED\ODU�E�URNUDVLQLQ��VW�NDGHPHOHULQGH��|]HO�YH\D�

�����+LNPHW�g]GHPLU��³6L\DVDO�7DULK������������´��7�UNL\H�7DULKL����dD÷GDú�7�UNL\H���<D\��<|Q��6LQD�$NúLQ��øVWDQEXO��&HP�<D\ÕQODUÕ���������V��������������)HUR]�$KPDG��'HPRNUDVL�6�UHFLQGH�7�UNL\H��������������7�UNoHVL��$KPHW�)HWKL����%DV��øVWDQEXO��+LO�<D\���������V�����

GHYOHW�VHNW|U�QGH�oDOÕúÕ\RU��JHQHUDOOHU�E�\�NHOoLOLNOHU�DOÕ\RUGX��gWH�WDUDIWDQ��]DPDQOD�

J�oOHQGLULOHQ�KL\HUDUúLN�G�]HQOH�GH�ELU�GDKD�VXED\ODU�GDUEHVL�\DúDQPDVÕQÕQ�|Q�QH�JHoLOPLúWL���

6RQUDNL�GDUEHOHULQ�|QGHUOHUL�JHQHUDOOHU�RODFDNWÕ�����0D\ÕV�GDUEHVL�ELU�WDNÕP�ROXPOX�

ND]DQoODUÕ\OD�EHUDEHU�oRN�SDUWLOL�VL\DVDO�\DúDPÕ�NHVLQWL\H�X÷UDWDQ�GDUEHFL�JHOHQH÷LQ�GH�|Q�Q��

DoPÕúWÕ�

<HQL�DQD\DVD���������G|QHPLQGH�\DúDQDQODUD�ELU�WHSNL�RODUDN�PH\GDQD�JHOPLúWL��

'HPRNUDWLNOHúPHQLQ�|Q�Q��DoDQ������$QD\DVDVÕ�HJHPHQOLN�NDYUD\ÕúÕQD�\HS\HQL�ELU�\DNODúÕP�

JHWLUGL�������$QD\DVDVÕ�HJHPHQOLN�WDQÕPÕQÕ�ú|\OH�EHOLUOHPLúWL��³7�UNL\H�%�\�N�0LOOHW�

0HFOLVL��PLOOHWLQ�\HJDQH�YH�KDNLNL�P�PHVVLOL�ROXS��PLOOHW�QDPÕQD�KDNNÕ�KDNLPL\HWL�LVWLPDO�

HGHU�´�%XQD�NDUúÕOÕN����$QD\DVDVÕ¶QÕQ�HQ�|QHPOL�|]HOOL÷L�HJHPHQOLN�NDYUD\ÕúÕQÕ�ú|\OH�LIDGH�

HWPHVL\GL��³PLOOHW�HJHPHQOL÷LQL�DQD\DVDQÕQ�NR\GX÷X�HVDVODUD�J|UH��\HWNLOL�RUJDQODU�HOL\OH�

NXOODQÕU�´�'ROD\ÕVÕ\OD�7%00��WHN�RUJDQ�ROPDN�GXUXPXQGDQ�oÕNDUÕOPÕú��GL÷HU�RUJDQODUGDQ�ELUL�

RODUDN�WDQÕPODQPÕúWÕ����������$QD\DVDVÕ�|QFHOLNOH�DQD\DVDQÕQ��VW�QO�÷��YH�ED÷OD\ÕFÕOÕ÷Õ�

LONHVLQL�YH�EXQODUÕ�VD÷OD\DFDN�RUJDQODUÕ�PH\GDQD�JHWLUPLúWL��\DQL�7%00¶QLQ�oÕNDUGÕ÷Õ�\DVDODU�

$QD\DVD�0DKNHPHVL¶QH�J|W�U�OHELOLUGL��%X�|]HOOL÷L\OH������$QD\DVDVÕ�ELU�LON�NRQXPXQGD\GÕ��

³�«��$QD\DVD�0DKNHPHVL�NXUXOPXúWXU��$UWÕN��VW�QO�N�úX�\D�GD�EX�RUJDQGD�GH÷LO�GR÷UXGDQ�

GR÷UX\D�DQD\DVDQÕQ�NHQGLVLQGHGLU��%X�������$QD\DVDVÕQÕQ�HQ�|QHPOL�|]HOOL÷LGLU�´ ���

<HQL�DQD\DVD�LOH�\�U�WPH�YH�\DVDPD�\XPXúDN�ELU�ELoLPGH�ELUELULQGHQ�D\UÕOPÕú��\DUJÕ�

LVH�<�NVHN�+DNLPOHU�.XUXOX¶QXQ�PH\GDQD�JHWLULOPHVL�YH�LGDUHQLQ�X\JXODPDODUÕQÕQ�

'DQÕúWD\¶ÕQ�GHQHWLPLQH�WDEL�NÕOÕQPDVÕ\OD�VL\DVDO�\DúDPÕ�GHQHWOHPH�LPNDQÕ�ND]DQPÕúWÕ�������

$QD\DVDVÕ¶QD�J|UH�³KDN�YH�|]J�UO�NOHU´�GHYOHWLQ�WHPHO�QLWHOLN�YH�J|UHYOHULQGHQGL��GHYOHWLQ�

|]J�UOHúWLULFL�ELU�YDVIÕ�YDUGÕ��³GHPRNUDWLN�KXNXN�GHYOHWLQL�E�W�Q�KXNXNL�YH�VRV\DO�WHPHOOHUL\OH�

NXUPDN´���EDúODQJÕo�SDUDJUDI�����g]J�UO�NOHULQ�VÕQÕUODQPDVÕ�DQD\DVDQÕQ�|]J�UO�No��UXKXQD�

X\JXQ�ROPDOÕ�YH�NDQXQ�\ROX\OD��LGDUL�ELU�LúOHPOH�GH÷LO��\DSÕOPDOÕGÕU��g]J�UO�NOHULQ�NRUXQPDVÕ�

���$QD\DVD�0DKNHPHVL�YH�'DQÕúWD\¶ÕQ�GHQHWLPOHUL�DOWÕQD�DOÕQPÕú�����$QD\DVD�LOH�JHWLULOHQ�

WHPLQDWODUOD�WRSOXPXQ�|UJ�WO��J�oOHU�ROXúWXUPDVÕ�YH�NHQGLQL�NRUXPDVÕQÕQ�KXNXNVDO�

RODQDNODUÕQÕQ�PH\GDQD�JHWLULOPHVL�VD÷ODQPÕúWÕ������D\GD�KD]ÕUODQDQ�DQD\DVD������RUDQÕQGDNL�

HYHW�R\X\OD�NDEXO�HGLOGL�YH�\�U�UO�÷H�JLUGL�

�����*HQHO�6HoLPOHUL�QHWLFHVLQGH�&+3�\�]GH�����'3¶QLQ�PLUDVoÕODUÕQGDQ�$3�\�]GH�

� � � � <73� \�]GH � � � � �&.03�\�]GH����R\�DOPÕú��'3¶QLQ�PLUDVoÕODUÕQD�YHULOHQ�R\ODU�

³0HQGHUHV¶LQ�]DIHUL´�RODUDN�GH÷HUOHQGLULOPLúWL�������\ÕOÕQGDNL�&XPKXUEDúNDQOÕ÷Õ�VHoLPLQL�

�����g]GHPLU��³6L\DVDO�7DULK«´��V��������������%�OHQW�7DQ|U��øNL�$QD\DVD������������øVWDQEXO��%HWD�<D\ÕQODUÕ��������V�����

0%.¶QLQ�DGD\Õ�&HPDO�*�UVHO�LWWLIDN�LOH�ND]DQGÕ������������\ÕOODUÕ�LVH�øQ|Q�¶Q�Q�EDúÕQÕ�

oHNWL÷L�³JHoLú�G|QHPL´�NRDOLV\RQODUÕ\OD�WDPDPODQÕU��%X�G|QHPGH�$3�VHUW�oÕNÕúODU�

\DSPDNVÕ]ÕQ�DVNHUL�GDUEH�DUGÕQGDQ�JHUoHNOHúHQ�³JHoLú�G|QHPL´QLQ�øQ|Q��EDúNDQOÕ÷ÕQGD�

\DúDQPDVÕQÕ�NDEXOOHQPLúWL�

���(NLP������*HQHO�6HoLPOHULQGH�$3��6�OH\PDQ�'HPLUHO�OLGHUOL÷LQGH�R\ODUÕQ�\�]GH�

��¶�Q��DODUDN�WHN�EDúÕQD�LNWLGDUD�JHOL\RU��&+3�\�]GH����R\�DOÕUNHQ�VHoLP�VLVWHPLQLQ�JHWLUGL÷L�

DYDQWDMODUOD�7ø3�\�]GH���R\�DOVD�GD�0HFOLV¶WH����YHNLOOH�WHPVLO�RODQD÷Õ�EXOX\RUGX��g]GHPLU¶H�

J|UH�&+3¶QLQ�R\�ND\EÕQÕQ�QHGHQL�RODUDN�³RUWDQÕQ�VROXQD´�ND\PDVÕ�YH�KHQ�]�SROLWLNDVÕQÕ�

DQODWDFDN�\D�GD�\HUOHúWLUHFHN�]DPDQ�EXODPD\ÕúÕ�J|U�OHELOLU��%XQD���������G|QHPLQGH�

LNWLGDUGD�EXOXQDQ�&+3¶QLQ�\ÕSUDQPÕú�ROPDVÕ�GD�HNOHQPHOL�

��������G|QHPLQGH��WHN�SDUWL�RODUDN�NRDOLV\RQODU�G|QHPLQH�VRQ�YHUHUHN�LNWLGDU�

ND]DQDQ�$GDOHW�3DUWLVL������¶GH�HPHNOL�JHQHUDO�5DJÕS�*�P�úSDOD¶QÕQ�|QGHUOL÷LQGH�

NXUXOPXúWX��2UGX�úHUHIOL�ELU�PHQVXEXQXQ�SDUWL�NXUXFXVX�ROPDVÕQGDQ�PHPQXQGX�����$QFDN�

SDUWLGH�'HPRNUDW�3DUWL�JHOHQH÷LQH�ED÷OÕ�NLPVHOHU�YDUGÕ�YH�*�P�úSDOD�����¶WH�|OG�÷�QGH�

6�OH\PDQ�'HPLUHO�RQODUÕQ�GHVWH÷LQL�VD÷OD\DUDN�EHNOHQPHGLN�ELU�ELoLPGH�SDUWL�JHQHO�EDúNDQÕ�

VHoLOGL��'HPLUHO��øVODPN|\¶GH�G�Q\D\D�JHOPLú��P�KHQGLVOLN�H÷LWLPL\OH�VWDW�V�Q��GH÷LúWLUPLú��

GHYOHW�YH�|]HO�VHNW|UGH��oDOÕúDUDN�JHQLú�ELU�oHYUH�HGLQPLú��0HQGHUHV�LOH�\DNÕQ�LOLúNLOHU�

NXUPXúWX��6L\DVDO�\DúDPÕQGD�DVNHUOHUOH�L\L�ELU�ELoLPGH�JHoLQHFHN��³KDONÕQ�DUDVÕQGDQ´�JHOHQ�

ELUL�RODUDN�$3¶\L�LNWLGDUD�WDúÕ\DFDNWÕ���³µ6ÕUDGDQ�7�UN¶�Q��|]HOOLNOH�NÕUVDO�DODQGDQ�JHOLS��\HQL�

ELWHQ�NHQWOHUGHQ�ELULQH�\HUOHúHQ�KÕUVOÕ�J|oPHQOHULQ��NHQGL�NHQGLQL�\HWLúWLUHQ�DGDP�DoÕVÕQGDQ�

NHQGLOHULQL�|]GHúOHúWLUHELOGLNOHUL�ELU�OLGHUGL��6HoLPOHUGH�EXQXQ�E�\�N�ELU�GH÷HUL�ROGX÷X�RUWD\D�

oÕNWÕ«´���

'HPLUHO�VL\DVDO�\DúDPD�JLUHU�JLUPH]�NHQGLVLQL�³NRP�QL]PLQ�G�úPDQÕ´�LODQ�HWPLú��

|]HOOLNOH�7ø3¶H�NDUúÕ�VDOGÕUJDQ�SROLWLNDODU�X\JXODPÕúWÕ�����¶ODUÕQ�RUWDODUÕQGD�YH�LNWLGDU�

\ÕOODUÕQGD�\�NVHOHQ�VROD�NDUúÕ�LNL�\�]O��ELU�SROLWLND�L]OHPLúWL��³�«��$3�K�N�PHWOHUL�|÷UHQFL�YH�

LúoLOHULQ�J|VWHULOHULQH�KRúJ|U��LOH�EDNÕ\RUPXú�JLEL�J|]�N�\RUODUVD�GD��JHOLúPHOHULQL�

J|UPH]OLNWHQ�JHOHUHN�HO�DOWÕQGDQ�GHVWHNOHGLNOHUL�VD÷FÕ�PLOLVOHUL�J�YHQOLN�NXYYHWOHULQLQ�

\DUGÕPFÕVÕ�����GXUXPXQD�\�NVHOWHQOHUL�NROODPÕúODU�YH�RQODUÕ�|÷UHQFL�YH�LúoL�WRSOXOXNODUÕQÕQ�

�VW�QH�VDOPÕúODUGÕU�´���

�����$KPDG��'HPRNUDVL«��V�����������$�J�H���V�����������g]GHPLU��³6L\DVDO�7DULK«´��V������

����¶ODUÕQ�RUWDODUÕQGDQ�LWLEDUHQ�&+3¶GH�EDúOD\DQ�³VROD�DoÕOÕP´�%�OHQW�(FHYLW¶LQ�JHQHO�

EDúNDQ�ROXúX\OD�GDKD�GD�LYPH�ND]DQGÕ��³2UWDQÕQ�VROX´�VORJDQÕQÕ������VHoLPOHULQGHQ�NÕVD�ELU�

V�UH�|QFH�øQ|Q��RUWD\D�DWPÕú��$QD\DVD¶QÕQ�GD�RUWDQÕQ�VROXQGD�\HU�DOGÕ÷ÕQÕ�V|\OHPLúWL��$VOÕQGD�

EX�V|\OHP�&+3¶QLQ�\HQLGHQ�WRSDUODQPD�oDEDVÕQÕ�J|VWHUL\RUGX��.XUXFX�0HFOLV¶WH�&+3�KDNLP�

ROPXú����0D\ÕV�KDUHNHWLQH�\|Q�YHUPLúWL��DQFDN�LKWLODOGHQ�NÕVD�ELU�]DPDQ�VRQUD�NRDOLV\RQ�

K�N�PHWOHUL�ELoLPLQGH�LNWLGDU�ROPDVÕ��YDDWOHULQL�WDPDPÕ\OD�\HULQH�JHWLUHPHPHVL��&+3¶\L�

\ÕSUDWPÕú������VHoLPOHULQGH�FLGGL�ELU�\HQLOJL�DOPÕúWÕ��<HQLOJLQLQ�KHPHQ�|QFHVLQGH�øQ|Q���

D\GÕQODUÕQ�YH�JHQoOHULQ�7ø3¶H�ND\PDVÕQÕ�|QOHPHN����\�NVHOHQ�VRO�GDOJD\D�|QF�O�N�\DSDELOPHN�

YH�³NRP�QL]P�WHKOLNHVL´QH�ELU�VHW�ROXúWXUDELOPHN�LoLQ�³RUWDQÕQ�VROX´�DQOD\ÕúÕQD�VDUÕOPÕú��IDNDW�

VHoLPGH�ELU�\DQNÕ�X\DQGÕUDPDPÕúWÕ�

����¶GH�øQ|Q���DVOÕQGD�GH÷LúLPLQ�\R÷XQODúWÕ÷Õ�ELU�V�UHoWH��&+3¶QLQ�RUWDQÕQ�VROXQGD�

\HU�DODQ�ELU�SDUWL�ROGX÷XQX�\LQHOL\RUGX��³&+3�E�Q\HVL�LWLEDUL\OH�GHYOHWoL�ELU�SDUWLGLU��%X�

VÕIDWOD�HOEHWWH�RUWDQÕQ�VROX�ELU�DQOD\ÕúWDGÕU������¶WHNL�KDUDS��ONHGH��GHYOHWoLOLN�QDVÕO�WHN��HúL�YH�

\DUGÕPFÕVÕ�ROPD\DQ�ELU�NDONÕQPD�oDUHVL�LGL\VH��EXJ�Q�GH�HNRQRPLN�KD\DWÕPÕ]ÕQ�WHPHO�ELU�

XQVXUXGXU�́ ����øQ|Q�¶Q�Q�V|]OHUL�$3�WDUDIÕQGDQ�VXLVWLPDO�HGLOPLú�YH�³RUWDQÕQ�VROX�0RVNRYD�

\ROX´�ELoLPLQGH�VORJDQODúWÕUÕOPÕúWÕ�

(FHYLW�����¶GD�JHQHO�VHNUHWHUL�ROPXú��øQ|Q�¶Q�Q�EHOLUOHGL÷L�³RUWDQÕQ�VROX´�V|\OHPLQL�

VDKLSOHQPLúWL��IDNDW�øQ|Q��\HQL�SROLWLND\Õ�NRP�QL]PH�NDUúÕ�DúÕOPD]�ELU�GXYDU�RODUDN�VXQDUNHQ�

(FHYLW�OLGHULQLQ�J|U�ú�Q��SD\ODúÕ\RU��DQFDN�WRSOXPVDO�EDUÕú�LoLQ�UDGLNDO�UHIRUPODUGDQ��PHYFXW�

G�]HQLQ�G|Q�úW�U�OPHVLQGHQ�V|]�HGL\RUGX����������P�GDKDOHVLQGH�øQ|Q�¶Q�Q�(ULP�

K�N�PHWLQL�GHVWHNOHPHVL��]HULQH�øQ|Q��(FHYLW�ELUOLNWHOL÷L�ER]XOPXú��(FHYLW�JHQHO�

VHNUHWHUOLNWHQ�LVWLID�HGHUHN�OLGHUOLN�oDOÕúPDODUÕQD�EDúODPÕúWÕ������¶GH�JHQHO�EDúNDQOÕ÷Õ�

ND]DQPÕú�YH�RUWDQÕQ�VROX�V|\OHPLQL�\D\JÕQODúWÕUPÕúWÕ��%X�G|QHPGH (FHYLW�QHRNHPDOLVW�ELU�VRO�

GRNWULQ�RUWD\D�NR\PXú��$OWÕ�2N�LONHOHULQL�EHQLPVHPLú��DQFDN�GDKD�oRN�LNWLVDGL�VRUXQODU�

�]HULQGH�GXUPXú���N|\O��YH�LúoLOHULQ�\DQÕQGD�\HU�DOPDN�LVWHPLúWL��³*�QH\GR÷X�6RUXQX´QX��

IHRGDOL]PLQ�GHYDPÕ�ELoLPLQGH�GH÷HUOHQGLUPLú��7�UN�PLOOHWLQLQ�HJHPHQOL÷LQGH�N�OW�UHO�

E�W�QOHúPH\L�VDYXQPXúWX��%X�G|QHPGH�\D]GÕ÷Õ�NLWDSODUGD�J|U�úOHULQL�DQODWÕU��2UWDQÕQ�6ROX�

��������%X�'�]HQ�'H÷LúPHOLGLU���������$WDW�UN�9H�'HYULPFLOLN��������

(FHYLW��³LQVDQÕQ�H÷LOLP�YH�\HWHQH÷LQH�J|UH´��GL\H�EDúODU�2UWDQÕQ�6ROX�NLWDEÕQD��

³HULúHELOHFH÷L�G�]H\H�LPNDQ�WDQÕPD\DQ�ELU�GHYOHW�YH�WRSOXP�G�]HQL�LQVDQOÕ÷D�YH�DGDOHWH�

�����$NWDUDQ��$�J�H���V�����������$KPDG��'HPRNUDVL«�V������

D\NÕUÕGÕU´��GROD\ÕVÕ\OD�DGLO�ELU�G�]HQ�LVWH\HQ�LQVDQ�RUWDQÕQ�VROX�ELU�DQOD\ÕúWDGÕU�����&+3�������

VHoLPOHULQH�RUWDQÕQ�VROX�VORJDQÕ\OD�NDWÕOPÕúWÕ��³�����'HYULPL´�LOH��VL\DVDO�SDUWLOHU�PH\GDQD�

JHOHQ�|]J�UO�N�RUWDPÕQGD�NRQXPODUÕQÕ�GDKD�DoÕN�ELU�ELoLPGH�EHOLUOHPHOLGLU���úLPGL�EX�VRUXQD�

H÷LOGL÷LPL]GH�SDUWLOHU�\HOSD]HVLQGH�����$úÕUÕ�6D÷��JHULFLOHU�YH�VHUPD\H�V|P�U�V�Q��

VDYXQDQODU�����2UWDQÕQ�6D÷Õ��WXWXFXODU��WRSOXPVDO�DGDOHWL�VD÷ODPDN�LoLQ�J|VWHULOHQ�JD\UHWOHUL�ELU�

\�N�RODUDN�J|UHQOHU�����2UWD�YH\D�0HUNH]��EXUDGDNLOHU�KDON�EDVNÕVÕ�LOH�ELU�WDNÕP�G�]HOWLPOHU�

\DSVDODU�GD�GHYULPFL�GH÷LOGLUOHU��DQFDN�VRV\DO�DGDOHWH�D]�oRN�GH÷HU�YHULUOHU�����2UWDQÕQ�6ROX��

LQVDQVDO�JHOLúLPL�KHGHIOH\HQ�ELU�WRSOXP�G�]HQL�LVWHUOHU��³KDONoÕGÕUODU´�YH�VÕQÕIODU�DUDVÕQGD�

E�\�N�IDUNOÕOÕNODU�ROVXQ�LVWHPH]OHU��7RSOXPVDO�DGDOHWL�VDYXQXUODU��³GDU�JHOLUOL�KDON´�LoLQ�

³GHYULPFLGLUOHU´��KDONoÕ�ELU�WDYÕU�LOH�³GHYOHWoL´��³GHPRNUDW´�YH�KDON�\DUDUÕQD�ELU�VRV\DO�

GHPRNUDVL�WDUDIWDUÕGÕUODU��������$úÕUÕ�6RO��|]HO�P�ONL\HWL�UHGGHGHU��LQVDQODUÕQ�JHOHFHNWHNL�

L\LOL÷LQL�LVWHU��IDNDW�\DúD\DQ�NXúD÷Õ�JHOHFHNWHNL�L\LOLN�LoLQ�³N|OH�GXUXPXQD´�G�ú�U�U�

.ÕVDFD�(FHYLW�LoLQ�DúÕUÕ�VD÷�YH�VRO�\ÕNÕPODUD�NDUúÕ��³2UWDQÕQ�VROX��«��HQ�VD÷ODP�GXYDU��

HQ�HWNLOL�VHWWLU�´����7�UNL\H��5XV\D¶GDQ��$UDS��ONHOHULQGHQ��%DWÕ�YH�dLQ¶GHQ�JHOHQ�VRO�EDVÕQoODU�

DOWÕQGDGÕU��WRSOXPVDO�VRUXQODUÕPÕ]�\R÷XQODúWÕNoD��ONH�DúÕUÕ�VD÷GDQ�DúÕUÕ�VROD�ND\PDODU�

J|VWHUHELOLU��GROD\ÕVÕ\OD�EX�³WHKOLNHOHUL´�|QOHPHN�LoLQ�2UWDQÕQ�6ROX�JHUHNOLGLU��2UWDQÕQ�6ROX�

G�ú�QFH�|]J�UO�÷�QH�\HU�YHUHQ�%DWÕOÕ�ELU�VRO�DQOD\ÕúWÕU��'HPRNUDVL�LoLQ�³NDPX�\DUDUÕ´�LOH�

VÕQÕUOÕ�P�ONL\HW�YH�PLUDV�KDNNÕ�VD÷ODQPDOÕGÕU��&+3�WHN�SDUWL�UHMLPL�VÕUDVÕQGD��DQODúÕOÕU�

QHGHQOHUGHQ��KDOND�EDVNÕ�\DSPÕú��WHSHGHQ�EDNPÕúWÕU��úLPGL\VH��GHYOHW�\HWNL�YH�VRUXPOXOX÷XQX�

KDOND�GD÷ÕWDELOPHOLGLU�

&+3��7�UN�KDONÕQD�X\JXQ�ELU�DQOD\ÕúÕ��$QD\DVDQÕQ�JHUHNOL�NÕOGÕ÷Õ�ELU�VRV\DO�GHPRNUDVL�

DQOD\ÕúÕQÕ�VDYXQXU��GROD\ÕVÕ\OD�SDUWL��KDONoÕ�ELU�WXWXPOD�VRV\DO�YH�HNRQRPLN�UHIRUP�YH�

GHYULPOHUL�JHUoHNOHúWLUPHOLGLU��³�«��E|\OH�GHYULP�YH�UHIRUPODUD�NDUúÕ��\HUOL�V|P�U�F�OHULQ�

\XUW�LoLQGH�NXUDFDNODUÕ�FHSKH��\XUW�GÕúÕQGDQ�GD�GHVWHNOHQLU�´����&+3�WHN�SDUWLOL�G|QHPLQ�ELU�

]D\ÕIOÕ÷Õ�RODUDN�³PHUNH]GHQ�oHYUH\H´�GR÷UX�ELU�KDUHNHWWL��úLPGL�LVH�³oHYUHGHQ�PHUNH]H´�GR÷UX�

GD�LúOH\HQ�ELU�KDUHNHW�ROPDOÕ\GÕ�

(FHYLW¶LQ�\XNDUÕGD�V|\OHGL÷L�NXUDPVDO�LONHOHUL�VL\DVDO�\DúDPGD�QH�RUDQGD�

JHUoHNOHúWLUGL÷L�D\UÕFD�LUGHOHQPHOLGLU��+DPLW�%R]DUVODQ��(FHYLW¶L�PXKDOHIHWWH�UDGLNDO�

V|\OHPOHUGH�EXOXQPXú��DQFDN�LNWLGDUGD�X]ODúPDFÕ�ELU�WXWXP�L]OHPLúWLU�ELoLPLQGH�

�����%�OHQW�(FHYLW��2UWDQÕQ�6ROX� ���%DV���øVWDQEXO��7HNLQ�<D\ÕQHYL������������$��J�H�� V��������������$��J�H���V����������$�J�H���V�����

GH÷HUOHQGLULUNHQ������7DQHU�7LPXU�(FHYLW�OLGHUOL÷LQGH������VHoLPOHUL�LoLQ�KD]ÕUODQDQ�³$N�

*�QOHUH´�DGOÕ�SURJUDPD�GLNNDW�oHNHU��3URJUDPD�J|UH�HNRQRPLQLQ�HQ�|QHPOL�VHNW|U���N|\O��

NRRSHUDWLIOHULQLQ��LúoL�RUWDNOÕNODUÕQÕQ�NDWÕODFD÷Õ�+DON�6HNW|U��ROXúWXUDFDNWÕ��+DON�VHNW|U�Q�Q�

LNL�DPDF�YDUG��ELULQFLVL�HNRQRPLN�J�F�Q�KDON�HOLQGH�WRSODQDUDN�GHPRNUDVLQLQ�

J�oOHQGLULOPHVL��LNLQFLVL\VH�VÕQÕIVDO�X]ODúPDQÕQ�VD÷ODQPDVÕ��7LPXU�EX�DQOD\ÕúWD�ELU�SURJUDPÕQ�

LúoLOHUL�YH�N|\O�OHUL�DQFDN�ELUHU�N�o�N�P�ON�VDKLEL�\DSPD\Õ��N�o�N�YH�RUWD�EXUMXYD]L\L�

J�oOHQGLUPH\L��KDWWD�E�\�N�EXUMXYD]L�KDOLQH�JHWLUPH\L�DPDoODGÕ÷ÕQÕ�VDSWDPÕú��VÕQÕI�

X]ODúPDVÕQÕQVD�DQFDN�HJHPHQ�VÕQÕIODUÕQ�oÕNDUÕQD�RODFD÷ÕQÕ�EHOLUWPLúWLU��³(FHYLWoL�J|U�ú�H]LOHQ�

NLWOHOHUH�ELU�P�FDGHOH�ELOLQFL�GH÷LO��VRQ�NHUWHGH�ELU�µWHVOLPL\HW�UXKX¶QD�G|Q�úHFHN�ELU�

µND\QDúPD�UXKX¶�WHONLQ�HWPHNWH\GL�´�����.ÕVDFD�V|\OHUVHN�(FHYLW��|]HOOLNOH�����¶ODUGD�

\�NVHOHQ��³DúÕUÕ�VRO´�GDOJD\D�NDUúÕ�&+3¶\L��PLOOL\HWoL���N|\O��YH�LúoLOHUH�LúDUHW�HGHQ�³VÕQÕIVDO�

X]ODúPD´�WHPHOLQGH�³KDONoÕ´�ELU�SROLWLND�oL]JLVLQGH�WXWPDN�LVWL\RU��P�ONL\HW�KDNNÕQÕ�³NDPX�

\DUDUÕ´�VÕQÕUÕQGD�EHQLPVH\HQ�SDUWLQLQ�7�UNL\H¶\L�³DúÕUÕ�VRO´�YH�³DúÕUÕ�VD÷´�SROLWLNDODUGDQ�X]DN�

WXWDFD÷ÕQÕ�V|\O�\RUGX�

�����6HoLPOHULQGH�0HFOLV¶WH�\HULQL�DODQ�7�UNL\H�øúoL�3DUWLVL�����ùXEDW�����¶WH�

ø]PLU¶GH�WRSODQDQ�,��%�\�N�.RQJUHVLQGH�NDEXO�HWWL÷L�SURJUDPÕQ�EDúÕQD�$WDW�UN¶�Q�úX�V|]OHULQL�

NR\PXúWX��³�«��PLOOHWoH�EL]L�PDKYHWPHN�LVWH\HQ�HPSHU\DOL]PH�NDUúÕ�YH�EL]L�\XWPDN�LVWH\HQ�

NDSLWDOL]PH�NDUúÕ�PLOOHWoH�VDYDúPD\Õ�X\JXQ�J|UHQ�ELU�GRNWULQL�L]OH\HQ�LQVDQODUÕ]�´

7ø3�����ùXEDW�����¶GH����VHQGLNDFÕ�WDUDIÕQGDQ�NXUXOGX��3DUWLQLQ�NXUXOXúX��7�UNL\H¶GH�

H]LOHQ�LúoL�VÕQÕIÕQÕQ�KDNODUÕQÕ�NRUXPDN��ELoLPLQGH�DoÕNODQGÕ��gWH�WDUDIWDQ�7ø3������¶GH�

0HKPHW�$OL�$\EDU¶ÕQ�JHQHO�EDúNDQOÕ÷Õ�|QFHVLQGH�VRV\DOLVW�ELU�SURJUDPGDQ�]L\DGH�VRV\DO�

GHPRNUDW�ELU�SURJUDP�EHQLPVHPLúWL��7ø3�NXUXFXVX�VHQGLNDFÕODU�7�UN�øú¶LQ�SDUWL\L�

GHVWHNOH\HFHNOHULQL�G�ú�QP�úOHU��IDNDW�7�UN�øú�SDUWL\L�GHVWHNOHPH\LQFH�SDUWL�NXUXOXú�

G|QHPLQGH�KHUKDQJL�ELU�HWNLQOLN�J|VWHUHPHPLúWL��.XUXFXODU��ELU�\DQGDQ�SDUWL\L�HWNLQ�ELU�KDOH�

JHWLUPHVL�LoLQ��|WH�WDUDIWDQ�VRUXPOXOXNWDQ�VÕ\UÕOPDN�DPDFÕ\OD�D\GÕQODU�LoLQGHQ�ELU�JHQHO�

EDúNDQ�DUD\ÕúÕQD�JLUPLú��QLKD\HW���ùXEDW�����¶GH�0HKPHW�$OL�$\EDU�JHQHO�EDúNDQ�

VHoLOPLúWL����

.XUXFXODU�$\EDU¶ÕQ�JHQHO�EDúNDQ�ROGX÷XQX�YH�RQXQ�\D]GÕ÷Õ�VRV\DOLVW�ELU�SDUWL�

ELOGLULVLQL���ùXEDW�����¶GH�NDPXR\XQD�GX\XUXU��$\EDU¶ÕQ�\D]GÕ÷Õ�\HQL�W�]�N����1LVDQ�

����¶GH����PDGGH�YH���JHoLFL�PDGGH��KDOLQGH�NDEXO�HGLOLU�����YH����PDGGHOHUGH�7ø3�VRV\DOLVW�

�����+DPLW�%R]DUVODQ��³%�OHQW�(FHYLW´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&���� .HPDOL]P��(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ��������V� ��������7DQHU�7LPXU��³�&+3¶GHNL�(YULP�YH����0DUW�µ$UD�5HMLPL¶�´��7�UNL\H�1DVÕO�.�UHVHOOHúWL"��$QNDUD��øPJH�<D\���������V�����������6DGXQ�$UHQ��7LS�2OD\Õ�������� ��øVWDQEXO��&HP�<D\ÕQHYL�������

ELU�SURJUDP�EHQLPVHGL÷LQL�DoÕNoD�RUWD\D�NR\DU�����PDGGH\OH��SDUWL�VL\DVDO�\DúDPGD�LúoL�

VÕQÕIÕQÕ�|QF��J�o�RODUDN�WDQÕPODU�YH�LNWLGDU�P�FDGHOHVLQL�\DVDO�\ROODUOD�JHUoHNOHúWLUHFH÷LQL�

DoÕNODU�����PDGGHGH�LNWLGDUD�VHoLP�\ROX\OD�JHOHQ�7ø3��GHQLU��EXUDGD��UHWLP�LOLúNLOHULQL�

GH÷LúWLUHFHN��|]HO�VHUPD\H�NDUúÕVÕQGD�NDPXODúWÕUPDODUD�JLGHFHN��GHYOHWoL�SROLWLNDODU�

X\JXOD\DFDNWÕU������PDGGH�LOH�W�P�SDUWL�RUJDQODUÕQGD�J|UHYOL�RODQODUÕQ�\�]GH�HOOLQLQ�DOWÕQD�

G�úPHPHN�ND\GÕ\OD��LúoLOHU�DUDVÕQGDQ�VHoLOPHVL�NDUDU�DOWÕQD�DOÕQÕU�

����¶WH�EDúOD\DQ�SDUWL�SURJUDPÕ�oDOÕúPDODUÕ�����¶WH�VRQXoODQÕU�YH�7ø3�3URJUDPÕ�

³ELOLPVHO�ELU�oDOÕúPD´��J|U�OHUHN�\D\ÕPODQÕU��3URJUDPD�J|UH�7�UNL\H¶GHNL�HJHPHQ�VÕQÕIODU��

VDQD\LFLOHU��WRSUDN�VDKLSOHUL��PDOL�VHUPD\H�YV���HPSHU\DOL]P�LOH�LOLúNLOLGLU��GROD\ÕVÕ\OD�

HPSHU\DOL]P�\DEDQFÕ�YH�\HUOL�KHU�W�UO��VHUPD\H\L�LIDGH�HGHU��7ø3�LoLQ�7�UNL\H¶QLQ�

HPSHU\DOL]PH�ED÷ÕPOÕ�\HUOL�HJHPHQOHU�WDUDIÕQGDQ�NDONÕQGÕUÕOPDVÕ�P�PN�Q�GH÷LOGLU��

7�UNL\H¶QLQ�NDONÕQGÕUÕOPDVÕ�J|UHYL��WRSOXPXQ�GH÷LúPHVL�YH�LOHUOHPHVLQL�LVWH\HQ�LúoLOHULQ�

|QF�O�÷�QGH��RUWD�VÕQÕIODUGD�YH�$WDW�UN�JHQoOL÷LQGHGLU��3URJUDPGD�LúoLOHU�LOH�ELUOLNWH��\RNVXO�

N|\O�OHULQ�GXUXPXQD�E�\�N�\HU�YHULOLU��7RSUDN�UHIRUPX�EHQLPVHQPLú��UHIRUP�LOH�����

WRSUDNODUÕQ�YHULPOL�LúOHQPHVL������D÷DODUÕQ�HJHPHQOL÷LQLQ�NÕUÕOPDVÕ�KHGHIOHQPLúWLU�

0�ONL\HW�VRUXQODUÕQÕQ�LúOHQGL÷L�SDUDJUDIODUGD\VD��HPHNoLOHULQ�NDWÕODFD÷Õ�SODQOÕ�ELU�

GHYOHWoLOLN�YXUJXODQÕU��³��«��|]HO�VHNW|U�EX�SODQOÕ�GHYOHWoLOL÷LQ�|QHPL�JLWWLNoH�D]DODQ�ELU�

\DUGÕPFÕVÕ�GXUXPXQD�JHWLULOHFHNWLU�´���

7�UNL\H¶QLQ�|]J�Q�VRUXQODUÕQD�GDLU�7ø3�úX�\DNODúÕPODUÕ�JHWLUL\RUGX�����$YUXSD�

(NRQRPLN�7RSOXOX÷X��7ø3��$(7¶\H�³RUWDN�SD]DUD�KD\ÕU´�VORJDQÕ\OD�NDUúÕ�oÕNDU��³SD]DU´�PDOL�

WHNHOOHULQ�Q�I�]�YH�KDNLPL\HW�DODQÕ�RODUDN�GH÷HUOHQGLULOPLú��7�UNL\H¶QLQ�|]�J�oOHUL\OH�

ED÷ÕPVÕ]�ELU�ELoLPGH�NDONÕQPDVÕ�KHGHIOHQPLúWLU�����(PSHU\DOL]P��$PHULND�YH�1$72��7ø3�

HPSHU\DOL]PL�GÕú�YH�Lo�HJHPHQ�VÕQÕIODUÕQ�RUWDN�KDNLPL\HWOHUL�RODUDN�GH÷HUOHQGLULU�YH�NDUúÕ�

oÕNDU��$PHULND¶\D�NDUúÕ�WDYUÕQÕ�LVH�³SDVLI�GLUHQLú´�H\OHPOHUL\OH�JHUoHNOHúWLUPHN�LVWHU�����.ÕEUÕV�

VRUXQXQGD�DGDQÕQ�ED÷ÕPVÕ]�IHGHUDWLI�\DSÕOÕ�ELU�GHYOHW�ROPDVÕ�SROLWLNDVÕQÕ�EHQLPVHU�����'R÷X�

YH\D�.�UW�6RUXQX��%XUDGD�ROGXNoD�WHPNLQOL�ELU�GLO�NXOODQÕOPDVÕQD�NDUúÕOÕN�³JHUL�NDOPÕúOÕN´��

³D\UÕPFÕOÕN´�VRUXQODUÕQD�GH÷LQLOPLú������¶WHNL�SURJUDP�GH÷LúLNOL÷L\OH�VRUXQ�³.�UW�6RUXQX´�

RODUDN�EHOLUOHQPLú�GDKD�VHUW�ELU��VOXS�NXOODQÕOPÕúWÕ�����6DGXQ�$UHQ¶H�J|UH�SDUWL�oL]JLVL�³|]GH�

0DUNVLVW��H\OHPGH�GHPRNUDWLN´�LGL����

�����$NWDUDQ��$�J�H���V��������������¶GHNL�³.�UW�6RUXQX´�LOH�LOJLOL�PDGGHOHU�7ø3¶LQ�NDSDWÕOPD�JHUHNoHVLQL�ROXúWXUXU������$UHQ��7ø3«��V�����

����¶WHQ�����¶H�0HFOLVOHUGH�WHPVLO�RODQD÷Õ�ND]DQDQ�7ø3�LoLQGH������¶ODUÕQ�RUWDODUÕQGD�

NXUDPVDO�WDUWÕúPDODU�\DúDQPÕú��$\EDU�³J�OHU\�]O��VRV\DOL]P´�NDYUDPÕQÕ�WDUWÕúPD\D�DoDUDN�YH�

³K�UUL\HWoL�VRV\DOL]P´�YH\D�³7�UNL\H�6RV\DOL]PL´�GHGL÷L�ELU�DQOD\ÕúÕ�VDYXQPD\D�EDúODPÕúWÕ��

$UDOÕN�����¶GD�'|Q�ú�P�GHUJLVL�LOH�ELU�J|U�úPHVLQGH�GL÷HU�NDSLWDOLVW��ONHOHU�ELU�\DQD�

7�UNL\H¶QLQ�|]J�Q�NRúXOODUÕQGDQ�ND\QDNOÕ�³7�UNL\H�6RV\DOL]P´LQGHQ�V|]�HWWL��$\EDU�LoLQ�

7�UNL\H�úX�|]J�Q�\DQODUÕ\OD�GL÷HU��ONHOHUGHQ�IDUNOÕ\GÕ�����7�UNL\HOL�ELOLQoOHQHQ�oDOÕúDQ�

VÕQÕIODU�XOXVODUDUDVÕ�PRQRSROOHUOH��ONHGHNL�LúELUOLNoLOHUL�RODQ�E�\�N�WRSUDN�VDKLSOHUL�YH�

NRPSUDGRUODUÕQ�V|P�U�V��LOH�NDUúÕ�NDUúÕ\D�NDOÕ\RU�����øNLQFL�.XUWXOXú�6DYDúÕ�$PHULNDQ�

HPSHU\DOL]PLQH�NDUúÕ�DoÕOÕ\RU�����NLWOHOHU�DUDVÕQGD��ONHQLQ�VRUXQODUÕQD�VÕQÕIVDO�ELU�\DNODúÕP�

JHWLULOL\RU���������¶GDQEHUL�YDURODQ�oRN�SDUWLOL�G�]HQ�VD\HVLQGH�&+3�K�N�PHWOHUL�ELoLPLQGHNL�

³2VPDQOÕ�WLSL´�GHYOHWOH�ELWLúLN�VL\DVHW�����¶GHQEHUL�\ÕNÕOÕ\RU��������0D\ÕV������GHYULPL\OH�

NDEXO�HGLOHQ�\HQL�DQD\DVD�LOH�VRV\DOL]PLQ�NXUXOXúX�P�PN�Q�ROX\RU���������¶GH�oDOÕúDQODUÕQ�

PH\GDQD�JHWLUGL÷L��RQODUÕQ�oÕNDUODUÕQÕ�NROOD\DQ��ELU�VRV\DOLVW�|UJ�W�Q�7ø3¶LQ�NXUXOXúX�

JHUoHNOHúL\RUGX����

$\EDU��³7�UNL\H�6RV\DOL]PL´�NDYUDPÕQÕQ��o�XQVXUXQX�ú|\OH�VDSWDPÕúWÕ��'HPRNUDWLN��

KDONoÕ�YH�ED÷ÕPVÕ]��6RV\DOL]P�WHN�ELU�VÕQÕIÕQ�GH÷LO���KDONÕQ�YH�W�P�oDOÕúDQ�VÕQÕIODUÕQ�

GHPRNUDWLN�KDUHNHWL\OH�NXUXODFDN��LNWLGDU�VHoLPOHUOH��oRN�SDUWLOL�UHMLP�LoHULVLQGH��PHFOLV�

NDQDOÕ\OD�ND]DQDFDN��GROD\ÕVÕ\OD�\XNDUÕGDQ�DúD÷Õ�GH÷LO��DúD÷ÕGDQ�\XNDUÕ\D�ELU�KDUHNHW�RODFDNWÕ��

%X�LIDGHOHU�³7�UNL\H�6RV\DOL]PL´QLQ�GHPRNUDWLN�YH�KDONoÕ�\DQODUÕQÕ�ROXúWXUXUNHQ��VRV\DOLVW�

LNWLGDUÕQ�GÕú�LOLúNLOHULQGH�VDGHFH�$PHULND¶\D�GH÷LO�W�P��ONHOHUH�NDUúÕ�ED÷ÕPVÕ]�WDYUÕ��RQXQ�

ED÷ÕPVÕ]OÕN�LONHVLQL�PH\GDQD�JHWLUHFHNWL��$\EDU�VRV\DOL]PLQ�0DUNVLVW�/HQLQLVW�\RUXPXQX�

UHGGHGHUNHQ���UHWLP�LOLúNLOHULQGHQ�ND\QDN�DODQ�DQD�KDWODUÕQD�VDGÕN�NDOPÕúWÕ��'DKD�VRQUD�

V|\OH\HFH÷L�JLEL�/HQLQLVW�ELU�PRGHOOH�NXUXODQ�6RY\HWOHU�³VRV\DOL]PLQ�QDVÕO�NXUXODPD\DFD÷ÕQÕ�

VHUJLOL\RU´GX����

$\EDU�³7�UNL\H�6RV\DOL]PL´�V|\OHPLQL�LúOHUNHQ�$UHQ�YH\D�%RUDQ¶GDQ�|QFHOLNOH�ELU�

WHSNL\OH�NDUúÕODúPDPÕú��GDKDVÕ�³KDONoÕ´�YH�³GHPRNUDWLN´�NDUDNWHUOHUL�NRQXVXQGD�GHVWHN�

DOPÕúWÕ��³$UHQ¶LQ�VRV\DOL]P�YH�VRV\DOL]PLQ�NXUXOXúX�J|U�ú��|]VHO�RODUDN�$\EDU¶GDQ�IDUNOÕ�

GH÷LOGL��2QODU�DUDVÕQGDNL�oDWÕúPD�LGHRORMLN�IDUNOÕOÕNODUGDQ�oRN�EDúNDQÕQ�GHPRNUDWLN�ROPD\DQ�

YH�RWRULWHU\HQ�WDYÕUODUÕ\OD�DoÕNODQDELOLU�´����%XQXQOD�ELUOLNWH�]DPDQOD�NDUúÕ�NDUúÕ\D�JHOHQ�

$\EDU��$UHQ�%RUDQ�JUXSODUÕ�DUDVÕQGD�úX�IDUNODUGDQ�V|]�HGLOHELOLU��$\EDU���UHWLP�LOLúNLOHULQGHQ�

ND\QDNODQDQ�ELUWHNOL÷L�ROVD�GD�VRV\DOL]PLQ�oHúLWOL�³PRGHO´OHULQGHQ�V|]�HGHUNHQ��$UHQ�YH�

�����,JRU�3��/LSRVN\��7KH�6RFLDOLVW�0RYHPHQW�LQ�7XUNH\�������������/HLGHQ��1HZ�<RUN��.|OQ��(��-��%ULOO��������V����������0HKPHW�$OL�$\EDU��1HGHQ�6RV\DOL]P"�����EDV���\�\���%'6�<D\���W�\�������/LSRYVN\��7KH�6RFLDOLVW«��V�����

%RUDQ�VRV\DOL]PLQ�ELUWHN�³PRGHO´�ROGX÷XQD�LQDQÕ\RU��EXQXQ�oHúLWOHUL�ROGX÷XQX�V|\O�\RUGX��

+HU�LNL�WDUDI�GD�VRV\DOL]PLQ�GHPRNUDWLN�ROPDVÕ�JHUHNWL÷LQL�V|\OHUNHQ��$\EDU��6RY\HWOHUH�DWÕIOD�

³GHPRNUDWLN�ROPD\DQ´�VRV\DOL]PL�ÕVUDUOD�YXUJXODPÕú��$UHQ�YH�%RUDQ�LVH�6RY\HWOHUL�

³WRWROLWHU\HQ�VDSPD´�RODUDN�QLWHOHPLúWL��$VOÕQGD�WHPHO�PHVHOH�$\EDU¶D�NDUúÕ��$UHQ�%RUDQ�

JUXEXQXQ�6RY\HWOHULQ�XOXVODUDUDVÕ�LúoL�YH�NRP�QLVW�KDUHNHWOHU��]HULQGHNL�HJHPHQOL÷LQL�

UHGGHWPHPHVL��7�UNL\H¶QLQ�|]J�Q�NRúXOODUÕQGDQ�ND\QDNOÕ��ED÷ÕPVÕ]�ELU�VRV\DOLVW�NXUXOXú�

LONHVLQL�YXUJXODPDPDVÕ\GÕ��³�%X�DQODPGD�$UHQ�%RUDQ�JUXEX�KHU�QH�NDGDU�$\EDU�JUXEXQXQ�

VRV\DOL]P�DQOD\ÕúÕQÕ�SD\ODúVD�YH�VRV\DOL]PLQ�NXUXOXúX�LoLQ�6RY\HW�DQOD\ÕúÕQGDQ�ELUoRN�WHPHO�

IDUNOD�D\UÕOVD�GD��7�UN�VRV\DOLVW�KDUHNHWL�LoLQGH�6RY\HW�oL]JLVLQH�GDKD�\DNÕQGÕ�´���

$\EDU¶ÕQ�\DNODúÕPODUÕQÕ��|]HOOLNOH�³7�UNL\H�VRV\DOL]PL´�V|\OHPLQL��JHQHO�JHoHU�NDEXO�

J|UP�ú�6RY\HWOHU�WLSL�ELU�VRV\DOL]PGHQ�VDSPD�RODUDN�J|UHQ�6DGXQ�$UHQ�YH�%HKLFH�%RUDQ�

JUXEX�SDUWLGH�$\EDU¶D�NDUúÕ�LNWLGDU�P�FDGHOHVL�EDúODWPÕú�YH�VRQXQGD��(NLP�����¶WH�

G�]HQOHQHQ����%�\�N�.RQJUH¶\L�$UHQ�%RUDQ�JUXEXQXQ�ND]DQPDVÕ\OD�%HKLFH�%RUDQ�JHQHO�

EDúNDQ�VHoLOPLúWL�

6DGXQ�$UHQ�\DNÕQGD��������\ÕOÕ�LoLQGH�±�\D\ÕPODQDQ�DQÕODUÕQGD�SDUWL�LoLQGH�G�ú�QVHO�

ELU�P�FDGHOHGHQ�]L\DGH�LNWLGDU�P�FDGHOHVL�ROGX÷XQD�LúDUHW�HGHUHN�$\EDU¶ÕQ�³7�UNL\H�

6RV\DOL]PL´�\DNODúÕPÕQÕ�LNWLGDU�P�FDGHOHVLQLQ�LGHRORMLN�D\UÕPÕ�RODUDN�QLWHOHGL��$UHQ�LoLQ�

����¶OHUGH�HVNL�7�UNL\H�.RP�QLVW�3DUWLOLOHU��ONH�LoLQGH�PXKDOHIHWH�EDúODPÕú��|QGHUOHUL�RODUDN�

LVH�0LKUL�%HOOL�\�NVHOPLúWL��=DPDQOD�EX�DNÕP�WHRULN�ELU�ELoLP�GH�DOPD\D�EDúODPÕú�YH�7ø3�

LoLQGH�HWNLQOLN�NXUPDN�LVWHPLúWL��LúWH�EX�GXUXPGD��³$\EDU�EDúNDODUÕ\OD�NHQGL�DUDVÕQD�ELU�IDUN�

NR\DELOPHN�LoLQ�WHRULGH�ED]Õ�GH÷LúLNOLNOHU�\DSDELOHFH÷LQL�G�ú�QPH\H�EDúODGÕ��%X�GD�NHQGLQL�

HQ�oRN�µ7�UNL\H�6RV\DOL]PL¶�GH\LPLQGH�J|VWHUGL��«��µ7�UNL\H�6RV\DOL]PL¶�GHGL÷LQL]�]DPDQ�

µG�Q\D�VRV\DOL]PLQGHQ�IDUNOÕ\ÕP¶�GHPHN�LVWL\RUVXQX]��$PD�QDVÕO�IDUNOÕ�RODFDNVÕQÕ]"�µ7�UNL\H�

6RV\DOL]PL¶�QH�W�UO��ELU�GH÷LúLNOLN�\DSDFDN"�2�\RN��6|\OHPHN�GH�P�PN�Q�GH÷LO�´����$\EDU¶ÕQ�

DUGÕQGDQ�0LKUL�%HOOL¶QLQ�\HQL�ELU�LGHRORMLN�|UJ��LoLQH�JLUHUHN�|QFHOL÷L�0LOOL�'HPRNUDWLN�

'HYULP��V|\OHPLQH�YHUPHVL�SDUWL�LoLQGHNL�ELUOLNWHOL÷L�ER]PXúWX��$UHQ�LoLQ�\DSÕODQODU�

WDUWÕúPDODU�³PXKDOHIHW�HWPH´QLQ�GÕúÕQGD�ELU�]HQJLQOLN�GH÷LOGL��$\EDU¶ÕQ�SDUWLGHQ�WDVIL\HVL�LVH�

QLKD\HW�µ7�UNL\H�6RV\DOL]PL¶�V|\OHPLQL�NXOODQDUDN�0DUNVLVW�WHRULGHQ�X]DNODúPDVÕQGDQ�

ND\QDNODQPÕúWÕ��$UHQ¶H�J|UH�$\EDU¶ÕQ�IDUNOÕ�DUD\ÕúODU�LoLQH�JLUPHVL��ELU�\DQGD�SDUWLGHNL�

PXKDODIHWOH�DUDVÕQD�LGHRORMLN�ELU�GXYDU�|UPH�oDEDVÕQÕQ�GL÷HU�\DQGDQVD��VRV\DOL]PGHQ�

X]DNODúPDVÕQÕQ�ELU�J|VWHUJHVL\GL��7ø3¶LQ�EHOLUOHGLNOHUL�GÕúÕQGD�$\EDU�\DSÕODFDNODUÕ�

���� �$JH���V��������� 6DGXQ�$UHQ��3XVOX�&DPÕQ�$UNDVÕQGDQ��$QNDUD��øPJH�<D\���������V������

³J�OHU\�]OH�\DSDFD÷Õ]´�GL\RUGX��³%�W�Q�G�Q\DQÕQ�NDEXO�HWWL÷L�IDUNÕ�YD]ÕK�ROPD\DQ�úH\OHU�

V|\O�\RUGX��7�UNL\H¶\H�|]J��VRV\DOL]PLQ�KLoELU�DQODPÕ�\RNWX�´����$UHQ�LoLQ�6RY\HWOHU�%LUOL÷L�

o|NHQH�NDGDU�W�P�G�Q\DGD�6RY\HW�VWUDWHMLVL�HJHPHQGL��GROD\ÕVÕ\OD�EXQXQ�GÕúÕQGD�ELU�DQOD\Õú�

V|]�NRQXVX�RODPD]G����

7ø3�LoLQGHNL�oDWÕúPDODU�KHU�QDVÕO�NDEXO�HGLOLUVH�HGLOVLQ�SDUWL\L�]D\ÕIODWPÕú�����0DUW�

³$UD�5HMLPL´�G|QHPLQGH\VH�SDUWL�$QD\DVD�0DKNHPHVL�NDUDUÕ\OD ����¶GH�SURJUDPGD�\HU�

YHUGL÷L�³.�UW�6RUXQX´�LOH�LOJLOL�PDGGHOHU�QHGHQL\OH� ³6L\DVL�SDUWLOHU�7�UN�GLOLQGHQ�YH�

N�OW�U�QGHQ�JD\UL�GLO�YH�N�OW�UOHUL�NRUXPDN�YH\D�JHOLúWLUPHN�YH\DKXW�\D\PDN�\ROX\OD�7�UNL\H�

FXPKXUL\HWL��ONHVL��]HULQGH�D]ÕQOÕNODU�\DUDWDUDN�PLOOHW�E�W�QO�÷�Q�Q�ER]XOPDVÕ�DPDFÕQÕ�

J�GHPH]OHU´�NXUDOODUÕQD�D\NÕUÕ�GDYUDQGÕ÷ÕQGDQ�WHPHOOL�NDSDWÕOPÕú������LGDUHFLOHUL���LOH����\ÕO�

DUDVÕQGD�PDKNXPL\HWOH�FH]DODQGÕUÕOPÕúWÕ���7ø3�VHoLP�|QFHVLQGH�$%'��VOHULQLQ�NDOGÕUÕOPDVÕ�

JHUHNWL÷LQL��EDQND�YH�VLJRUWDODUÕQ�GHYOHWOHúWLULOPHVLQL��WRSUDN�UHIRUPXQX��KDONWDQ�\DQD�ELU�

SODQOÕ�GHYOHWoLOLN�DQOD\ÕúÕQÕ��G�ú�QFH�|]J�UO�÷�Q�Q�LIDGHVL�J|VWHUL�YH�|UJ�WOHQPH�KDNNÕQÕ�

VDYXQPXú��0HFOLV¶WH�EXOXQGX÷X�V�UH�LoHULVLQGH�GH�$3¶QLQ�W�P�VDOGÕUÕODUÕQD�NDUúÕQ�

J|U�úOHULQGH�GLUHQPLúWL�

'|QHPLQ�GL÷HU�ELU�|QHPOL�VL\DVDO�|UJ�WOHQPHVL�0+3��&XPKXUL\HWoL�.|\O��0LOOHW�

3DUWLVL¶QGH��Y�FXW�EXOPXú��EX�SDUWL�����¶GDNL�GH÷LúLP�LOH�0+3�LVPLQL�DOPÕú�YH�7�UN�VD÷�

N|NWHQFLOL÷LQLQ�H\OHP�J�F��GXUXPXQD�\�NVHOPLúWL��$OSDVODQ�7�UNHú¶LQ�JHQHO�EDúNDQOÕ÷ÕQÕ�

\DSWÕ÷Õ�0+3��7�UNHú¶LQ�����¶WH�\D]GÕ÷Õ�³'RNX]�,úÕN´�SURJUDPÕQÕ�EHQLPVHPLúWL��0LOOL\HWoLOLN��

hON�F�O�N��$KODNoÕOÕN��øOLPFLOLN��7RSOXPFXOXN��.|\O�F�O�N��+�UUL\HWoLOLN�YH�ùDKVL\HWoLOLN��

*HOLúPHFLOLN�YH�+DONoÕOÕN��(QG�VWULFLOLN�YH�7HNQLNoLOLN��0+3�PLOOL\HWoLOLN�LOH�GLQ�|÷HVLQL�GH�

ELUOHúWLUPLúWL�

����¶ODUÕQ�VRQXQGD�$QDGROX¶QXQ�ELU�NÕVÕP�N�o�N�YH�RUWD�E�\�NO�NWHNL�Lú\HUL�

VDKLSOHULQLQ�GLQVHO�GX\DUOÕOÕNODUÕQÕ�WHPVLO�HGHQ�NHVLPOHU�IDUNOÕ�ELU�VL\DVL�SDUWLGH�ELUOHúPH�

JHUH÷L�GX\PXú�YH�EX�ED÷ODPGD��3URI��1HFPHWWLQ�(UEDNDQ�EDúNDQOÕ÷ÕQGD��0LOOL�1L]DP�3DUWLVL�

NXUXOPXúWX�������DVNHUL�P�GDKDOHVLQLQ�DUGÕQGDQ�7ø3�LOH�ELUOLNWH�NDSDWÕODQ�013��D÷ÕU�

VDQD\LQLQ�JHOLúWLULOPHVLQL�VDYXQX\RU�YH�$YUXSD�2UWDN�3D]DUÕ¶QD�NDUúÕ�oÕNÕ\RUGX�

����¶ODUGD�VL\DVDO�\DúDPÕQ�|QHPOL�J�oOHULQL�ROXúWXUXQ�GL÷HU�XQVXUODU�LVH�LúoL�VÕQÕIÕ�YH�

|÷UHQFL�KDUHNHWL\GL������¶GH�NXUXODQ�'HYULPFL�øúoL�6HQGLNDODUÕ�.RQIHGHUDV\RQX��|]HOOLNOH����

���+D]LUDQ�����¶WHNL�H\OHPOHUL\OH�LúoL�VÕQÕIÕQÕQ�J�F�Q��KLVVHWWLULU��g÷UHQFL�KDUHNHWOHULQH�

�����$JH���V��������������$JH���V�����������1HFOD�)HUWDQ��³+XNXN�$oÕVÕQGDQ�7�UNL\H�øúoL�3DUWLVL�'DYDVÕ´�%HKLFH�%RUDQ��1HFOD�)HUWDQ��øNL�$oÕGDQ�7�UNL\H�øúoL�3DUWLVL�'DYDVÕ��øVWDQEXO��%LOLP�<D\���������V�����

EDNWÕ÷ÕPÕ]GD�LVH�7ø3¶H�ED÷OÕ�)LNLU�.XO�SOHUL�)HGHUDV\RQX�LOH�����¶GD�NXUXODQ�'(9�*(1d�

|÷UHQFL�H\OHPOHULQL�WDúÕ\DQ�|UJ�WOHQPHOHU�RODUDN�NDUúÕPÕ]D�oÕNDU������¶H�JHOLQGL÷LQGH�|÷UHQFL�

KDUHNHWOHUL�JHQHOOLNOH�VLODKOÕ�P�FDGHOH\L�VDYXQDQ�|UJ�WOHQPHOHULQ�GHQHWLPLQH�JHoHFHNWLU�

7�UNL\H�VL\DVHWLQGH�³���0DUW�$UD�5HMLPL´�����0DUW�����¶GH�*HQHONXUPD\�%DúNDQÕ�YH�

NXYYHW�NRPXWDQÕ�EHú�JHQHUDOLQ��PXKWÕUD�GDUEHVL�LOH�EDúOD\ÕS�1LVDQ�����¶WH�GDUEHFLOHULQ�

&XPKXUEDúNDQÕ�DGD\Õ )DUXN�*�UOHU¶LQ�FXPKXUEDúNDQOÕ÷Õ�VHoLPLQGH�VDI�GÕúÕ�EÕUDNÕOPDVÕ\OD�

VRQD�HUHU��'DUEHGHQ�HQ�D]�HWNLOHQHQ�'HPLUHO�YH�SDUWLVL�ROXUNHQ��&+3�GÕúÕQGD�|UJ�WOHQPH�

P�FDGHOHVL�YHUHQ�VRV\DOLVWOHU�GDUEHQLQ�HQ�oRN�]DUDU�YHUGL÷L�YH�GHYOHW�HOL\OH�VL\DVDO�\DúDPGDQ�

X]DNODúWÕUÕODQ�NHVLP�ROPXúWXU��'DUEH�VRQUDVÕQGD�E�URNUDW�YH�WHNQRNUDW�D÷ÕUOÕNOÕ�1LKDW�(ULP�

EDúNDQOÕ÷ÕQGD�ELU�K�N�PHW�NXUXOPXú��7�UNL\H�+DON�.XUWXOXú�2UGXVX�|QGHUOHUL�'HQL]�*H]PLú��

+�VH\LQ�øQDQ��<XVXI�$VODQ�LGDP�HGLOPLú��³LVWLNUDU´�LoLQ�7ø3�YH�013�NDSDWÕOPÕú��WRSOX�

V|]OHúPH�YH�JUHY�KDNNÕ�LVH�DVNÕ\D�DOÕQPÕúWÕ��g]GHPLU��G|QHPGH�$%'�HWNLVLQH�GLNNDW�oHNHUHN�

ú|\OH�GL\RU��³�«��DVNHUL�PDKNHPHOHULQ�YHUGLNOHUL�|O�P�YH�D÷ÕU�KDSLV�FH]DODUÕQGD�ELUD]�GD�

$%'¶QLQ�E|OJHGHNL�LVWLNUDUD�\|QHOLN�SROLWLND�DUD\ÕúÕ�LoLQ�JLULúWL÷L�H\OHPOHULQ�HWNLVL�

DUDQPDOÕGÕU�´���

*HQHUDOOHU����0DUW�PXKWÕUDVÕ\OD�'HPLUHO�K�N�PHWLQL�LVWLID\D�]RUODGÕ÷ÕQGD��

P�GDKDOHQLQ�QLWHOL÷L�KHPHQ�DQODúÕOPDPÕú��P�GDKDOHQLQ�'HPLUHO�NDUúÕWÕ�RODELOHFH÷L�\RUXPODUÕ�

\DSÕOPÕúWÕ��øQ|Q��P�GDKDOH\L�|QFH�VHUW�ELU�ELoLPGH�HOHúWLUGL\VH�GH�&+3�N|NHQOL�3URIHV|U�

1LKDW�(ULP¶LQ�K�N�PHW�NXUPDVÕ��]HULQH�GHVWH÷LQL�HVLUJHPHGL��(ULP¶LQ�NXUGX÷X�LON�K�N�PHW�

UHIRUP�\DQOÕVÕ�J|U�QVH�GH�EDúDUÕOÕ�RODPDPÕú��LNLQFL�GHQHPHGH\VH�LVH�ELU�$3�K�N�PHWL�JLEL�

GDYUDQPÕúWÕ��2QXQ�DUGÕQGDQ�NXUXODQ�HPDQHW�K�N�PHWOHULQ�J|UHYL\VH��ONH\L������VHoLPOHULQH�

WDúÕPDN��VROFXODUÕ�EDVNÕ�DOWÕQGD�WXWDUDN�³G�]HQL�VD÷ODPDN´�GR÷UXOWXVXQGD\GÕ� ���

'L÷HU�WDUDIWDQ����0DUW�P�GDKDOHVLQLQ�JHUHNoHOHUL�DUDVÕQGD�GHYOHW�RWRULWHVLQLQ�

]D\ÕIODGÕ÷Õ�YH�J�oOHQGLULOPHVL�JHUHNWL÷L�DQOD\ÕúÕ�YDUGÕ��'ROD\ÕVÕ\OD�DQD\DVDO�GH÷LúLNOLNOHU�

NDoÕQÕOPD]�J|U�Q�\RU��JHQHUDOOHU�EX�NRQXGD�EDVNÕFÕ�GDYUDQÕ\RUGX��'|QHPLQ�%DúEDNDQÕ�(ULP�

JD]HWHFLOHUH�úXQODUÕ�V|\OHPLúWL��³(÷HU�NXPDQGDQODUÕQ��]HULPGH�ELU�EDVNÕVÕ�V|]�NRQXVX�LVH��EX�

VDGHFH�$QD\DVD�GH÷LúLNOLNOHULQLQ�ELU�DQ�HYYHO�\DSÕOPDVÕ��\HQL�NDQXQ�WDVDUÕODUÕQÕQ�ELU�DQ�HYYHO�

KD]ÕUODQPDVÕ�LoLQGLU�´����0XKDOHIHW�OLGHUL�øQ|Q��GH�JHUHNOL�J|U�OHQ�DQD\DVDO�GH÷LúLNOLNOHUH�

GHVWHN�YHUPLúWL��%�OHQW�7DQ|U�JHQLú�ELU�GHVWHN�EXODQ�GH÷LúLNOLN�LVWHNOHULQLQ�IDLOLQL�ú|\OH�\D]DU��

³���0DUW�G|QHPL�DQD\DVD�GH÷LúLNOLNOHUL�SDUODPHQWRQXQ�|]J�U�LUDGH�YH�LQLVL\DWLILQLQ�HVHUL�

�����g]GHPLU��6L\DVDO�«��V�����������$KPDG��'HPRNUDVL«��V���������������$NWDUDQ��7DQ|U��øNL�$QD\DVD«��V�����

GH÷LOGLU��76.¶QÕQ�µPXWODN�LVWH÷L�YH�EDVNÕVÕ¶�VRQXFX�JHUoHNOHúPLúOHUGLU�´����'H÷LúLNOLNOHU�úX�

EDúOÕNODU�DOWÕQGD�WRSODQDELOLU����'HYOHW�øNWLGDUÕQÕQ�<HQLGHQ�'�]HQOHQLúL��LON�RODUDN�DVNHUL�\DUJÕ�

VLYLO�\DUJÕ�DOH\KLQH�JHQLúOHWLOLU��DVNHUL�ROPD\DQ�VXoODUGD�GDKL�DVNHUL�\DUJÕ\HUOHUL�\HWNLOL�NÕOÕQÕU��

0*.�LOH�LOJLOL�G�]HQOHPHGH�³\DUGÕPFÕOÕN´�LIDGHVL�\HULQH�³WDYVL\H�HGHU´�LIDGHVL�NXOODQÕOPD\D�

EDúODQÕU��hQLYHUVLWH�LOH�757¶QLQ�|]HUNOL÷L�VÕQÕUODQÕU����7HPHO�+DN�YH�g]J�UO�NOHU��EXUDGD�

G�]HQOHPHOHUOH�NÕVDFD�GHYOHW�RWRULWHVL�SHNLúWLULOLU��V|]JHOLPL�VÕNÕ\|QHWLP�LODQ�NRúXOODUÕ�

KDILIOHWLOLU��DNDGHPLN��\HOHULQ�VL\DVDO�SDUWLOHUH�JLUPHVL�RODQDNVÕ]ODúWÕUÕOÕU��J|]DOWÕ�V�UHVL�

X]DWÕOÕU�

����¶WH�$3�YH�&+3¶QLQ�LúELUOL÷L�LOH�*�UOHU¶LQ�\HULQH�WDUDIVÕ]�ELU�\DúDP�LoLQGHNL�HPHNOL�

2UDPLUDO�)DKUL�.RUXW�UN�&XPKXUEDúNDQÕ�VHoLOPLú�YH�VL\DVDO�\DúDP�QRUPDOH�G|QP�úW���$\QÕ�

\ÕO�\DSÕODQ�VHoLPOHUGHQ�&+3��RUWDQÕQ�VROX�VWUDWHMLVL\OH�ROVD�JHUHN�������VDQGDO\HGHQ�����

VDQGDO\H�ND]DQDUDN�ELULQFL�SDUWL�KDOLQH�JHOLU�YH�EHNOHQPHGLN�ELU�ELoLPGH�013�DUGÕQGDQ�D\QÕ�

NDGURODUOD�NXUXODQ�0LOOL�6HODPHW�3DUWLVL���VDQGDO\H�VD\ÕVÕ�����LOH�RUWDN�K�N�PHW�NXUDU��³øVODPL�

G�ú�QFH\L�VDYXQDQ�SDUWL�E|\OHFH�PHúUXL\HW�ND]DQÕ\RUGX��'HYOHWL�NXUDQ�YH�ODLNOL÷L�WLWL]OLNOH�

\HUOHúWLUHQ�&+3¶QLQ�J�Q�Q�ELULQGH�063�JLEL�øVODP¶Õ�|Q�SODQGD�WXWDQ�ELU�DNÕP�LOH�LNWLGDU�

RUWDNOÕ÷Õ�\DSPDVÕ�GDKD�|QFH�G�ú�Q�OHPH]GL�ELOH«´���

����¶WH�(FHYLW¶LQ�����¶GH�\DVDNODQDQ�KDúKDú��UHWLPLQH�\HQLGHQ�L]LQ�YHUPHVL�$%'¶QLQ�

DVNHUL�\DUGÕPÕ�NHVHUHN�DPEDUJR�NDUDUÕ�DOPDVÕQD�\RO�DoWÕ��&+3�063�+�N�PHWL��.ÕEUÕV�7�UN�

WRSOXPXQD�NDUúÕ�\�U�W�OHQ�EDVNÕFÕ�SROLWLNDODUÕQ�|Q�QH�JHoPHN�LVWHU�YH�øQJLOWHUH¶GHQ�GHVWHN�

DODPD\ÕQFD�WHN�EDúÕQD�DGD\D�P�GDKDOH�HGHU��0�GDKDOH�VÕUDVÕQGD�063�NDQDGÕ�IHWLKoL�ELU�

DQOD\ÕúOD�W�P�DGDQÕQ�LúJDO�HGLOPHVLQGH�ÕVUDUOÕ�ROPXú��GXUXP�K�N�PHWLQ�GD÷ÕOPDVÕQD�\RO�DoDQ�

|QHPOL�HWNHQOHUGHQ�ELUL�RODUDN�\RUXPODQPÕúWÕU��'L÷HU�ELU�|QHPOL�HWNHQ�LVH�(FHYLW¶LQ�R\ODUÕQÕ�

DUWWÕUDFD÷Õ�KHVDEÕ\OD�ELU�DQ�|QFH�HUNHQ�VHoLPH�JLWPHN�DU]XVX\GX��6RQXQGD�NRDOLV\RQ�ER]XOXU��

IDNDW�VD÷�NHVLP�(FHYLW¶LQ�WHN�EDúÕQD�LNWLGDU�RODFD÷Õ�NRUNXVX\OD�HUNHQ�VHoLPOHUH�L]LQ�YHUPH]��

³7�UNL\H��%�OHQW�(FHYLW�YH�DUNDGDúODUÕQÕQ�L]OHGL÷L�SROLWLNDODUÕQ�VRQXFXGXU�NL��.X]H\�

.ÕEUÕV¶WDNL�DVNHUL�KDUHNDWODUGDQ�VRQUD�0&��0LOOL\HWoL�&HSKH��K�N�PHWOHULQH�WHVOLP�

HGLOPLúWLU�´���

0LOOL\HWoL�&HSKH�+�N�PHWL����1LVDQ�����¶WH�6�OH\PDQ�'HPLUHO�%DúEDNDQOÕ÷ÕQGD�$3�

063�&*3�0+3�YH�%D÷ÕPVÕ]ODUGDQ�ROXúWXUXOXU��0LOOL\HWoL�&HSKH�+�N�PHWL�LGHRORMLN�

IDUNOÕOÕNODUÕQD�UD÷PHQ�EX�|UJ�WOHQPHOHUL�6ROD�.DUúÕ�&HSKH¶GH�ELUOHúWLUPLúWL��DQFDN�HNRQRPL�

N|W�\H�JLWPLú������¶GDQ�LWLEDUHQ�LVH�7�UNL\H�ELU�Lo�VDYDú�RUWDPÕQD�V�U�NOHQPLúWL�

�����$�J�H�����������$�J�H���V�����������$�J�H���V������

������³7�UN�6RV\DOL]PL´��³'HPRNUDVL´�YH�ùHYNHW�6�UH\\D�$\GHPLU

����¶OÕ�\ÕOODUGD�VRO�UDGLNDOOHU�DUDVÕQGD�GHYULPFL�LNWLGDUÕQ�QDVÕO�NXUXODFD÷Õ�|QHPOL�ELU�

WDUWÕúPD��GDKDVÕ�D\UÕúPD�NRQXVX\GX��7ø3�YH�&+3�GHPRNUDWLN�NXUDOODUD�X\JXQ��PHFOLV�

NDQDOÕ\OD�LNWLGDU�P�FDGHOHVLQL�VDYXQXUNHQ��UDGLNDOOHU�PHFOLV�GÕúÕ�PXKDOHIHWH�VHVOHQL\RU��

SDUODPHQWHU�UHMLPL�ELU�DOGDWPDFD�RODUDN�J|U�UNHQ�³]LQGH�NXYYHWOHUL´�J|UHYH�oD÷ÕUÕ\RUGX��7ø3�

$QD\DVD¶\Õ�VDYXQX\RU��GHPRNUDVLQLQ�LúoL�VÕQÕIÕ�GR÷UXOWXVXQGD�JHOLúWLULOPHVL�P�FDGHOHVL�

YHUL\RUGX��$úD÷ÕGD�GDKD�X]XQ�V|]�HGHFH÷LPL]�<|QF�OHU�LVH�SDUODPHQWHU�UHMLPL�³FLFL�

GHPRNUDVL´�RODUDN�N�o�PV�\RU��LNWLGDU�ROPDN�LoLQ�DVNHU�VLYLO�D\GÕQODUÕQ�LúELUOL÷LQL�VDYXQX\RU�

YH�JHQHUDOOHULQ�GHVWH÷LQL�DUÕ\RUGX��gWH�WDUDIWDQ�<|Q�oHYUHVLQGH�\HU�EXODQ�0LOOL�'HPRNUDWLN�

'HYULPFLOHU�LoLQ�GH�LNWLGDU�ROPDN�³]LQGH�NXYYHWOHUH´�ED÷OÕ\GÕ��GROD\ÕVÕ\OD�0''¶FLOHU�

<|QF�OHU�LOH�\DNÕQODúPÕúWÕ����

����¶ODUGD�$\GHPLU��$QNDUD¶GD�|QHPOL�ELU�KDUHNHWOLOLN�LoLQGH\GL��(YLQGH�KHU�\DúWDQ��

oHúLWOL�oHYUHOHUGHQ��EDVÕQGDQ��DNDGHPLV\HQOHUH��DVNHUOHUH�NDGDU�NRQXNODUÕQÕ�D÷ÕUOÕ\RU��RQODUOD�

X]XQ�NRQXúPDODU�\DSÕ\RUGX��6|]JHOLPL�ELU�WDQÕGÕ÷Õ�DUDFÕOÕ÷Õ\OD�$\GHPLU¶LQ�³EHú�oD\Õ´QD�

NDWÕODQ�$\VHO�.XWOX�NHQGLVLQL�$\GHPLU¶LQ�G|UW�VDDW�V�UHFHN�ELU�NRQXúPDVÕ�LoLQGH�EXOX\RU��

³+RFD´��ELU�EXoXN�VDDW�$WDW�UN�LOH�LOJLOL�NRQXúX\RU��D\GÕQODUÕQ�$WDW�UN�GHYULPOHULQL�

DQODPDGÕNODUÕQGDQ�YH�KLoELU�]DPDQ�VDKLSOHQPHGLNOHULQGHQ�\DNÕQÕ\RUGX��$WDW�UN¶�Q�

WDEXODúWÕUÕOPDPDVÕ��GHYULPOHULQ�|]�POHQPHVL�JHUHNWL÷LQL�VDYXQX\RUGX��³%Hú�oD\´ODUÕQD�

NDWÕODQ�NRQXNODU�DUDVÕQGD�$\GHPLU¶LQ�³R÷OX�JLEL�VHYGL÷L´�øOKDQ�6HOoXN��)DNLU�%D\NXUW��8÷XU�

0XPFX��0HWH�7XQoD\���6XSKL�.DUDPDQ��&HPDO�0DGDQR÷OX�JHQHOOLNOH�\HU�DOÕ\RUGX�����ùHYNHW�

6�UH\\D������¶GH����\DúÕQGD��KDOND�GDKD�\DNÕQ�RODFDN�ELU�VRO�SDUWL�NXUXOPDVÕQD�\|QHOLN�

G�ú�QFHOHU�LoLQGH�%DKUL�6DYFÕ¶QÕQ�GD�GHVWH÷LQL�DUD\DFDNWÕ��6DYFÕ��VL\DVHWH�JLUPH\L�

G�ú�QPHGL÷LQL�V|\OH\LQFH�ùHYNHW�6�UH\\D��\DúOÕOÕ÷ÕQGDQ�\DNÕQDFDN��$\VHO�.XWOX¶\D�ELU�RQ�\Dú�

JHQo�ROVD\GÕP�GL\H�GHUW�\DQDFDNWÕU�����gWH�WDUDIWDQ��$\GHPLU�EX�\ÕOODUGD�������'HPRNUDVLVL�

RODQDNODUÕ�LoLQGH�NXUXODQ�'R÷DQ�$YFÕR÷OX¶QXQ�JHQHO�\D\ÕQ�\|QHWPHQOL÷LQL�\DSWÕ÷Õ�<|Q�

GHUJLVL�\D]DUODUÕ�DUDVÕQGD�\HULQL�DOGÕ�YH�GHUJL�VD\IDODUÕQGD�\HQLGHQ�J|U�OG��

'R÷DQ�$YFÕR÷OX������¶GD�%XUVD¶GD�GR÷PXú��)UDQVD¶GD�VL\DVDO�ELOLPOHU�YH�HNRQRPL�

|÷UHQLPL�J|UG�NWHQ�VRQUD�7�UNL\H¶\H�G|QP�úW���'3¶\H�PXKDOHIHW�HGHQ�8OXV��$NLV�JLEL�

JD]HWHOHUGH�oDOÕúWÕNWDQ�VRQUD����0D\ÕV�DVNHUL�P�GDKDOHVLQLQ�DUGÕQGDQ�øVPHW�øQ|Q�¶Q�Q�

�����7DQHU�7LPXU��7�UNL\H�1DVÕO�.�UHVHOOHúWL�"��$QNDUD��øPJH�.LWDEHYL�����������0XVWDID�(NPHNoL��³ùHYNHW�6�UH\\D¶GDQ�$\VHO�.XWOX¶\D�'RVW�0HNWXSODUÕ´��&XPKXUL\HW����0D\ÕV�������V����������0XVWDID�(NPHNoL��³ùHYNHW�6�UH\\D¶GDQ�$\VHO�.XWOX¶\D�'RVW�0HNWXSODUÕ´��&XPKXUL\HW�����0D\ÕV�������V�����

NRQWHQMDQÕQGDQ�7HPVLOFLOHU�0HFOLVL¶QH�JLUGL��$QD\DVD�.RPLV\RQX¶QGD�oDOÕúWÕ��<HQL�DQD\DVD�

WDVOD÷ÕQGD�KÕ]OÕ�oDOÕúDQ��J�oO��ELU�K�N�PHW�G�ú�QFHVL�JHUoHNOHúPH\LQFH�YH�HNRQRPL�LOH�LOJLOL�

WHPHO�J|U�úOHUL�NDEXO�J|UPH\LQFH�DQD\DVD\D�³KD\ÕU´�R\X�YHUGL�����

�����'HPRNUDVLVL�RODQDNODUÕ�LoLQGH�LON�VRO�KDUHNHWOLOLN�$YFÕR÷OX�LOH�|]GHúOHúHQ��<|Q�

GHUJLVLQLQ�oÕNPDVÕ\OD�EDúODPÕú��GHUJLQLQ�LON�VD\ÕVÕ�����D\GÕQÕQ�LP]DODGÕ÷Õ�ELU�ELOGLUL\OH

ELUOLNWH�\D\ÕPODQPÕúWÕ��'DKD�VRQUD�EX�ELOGLUL\H�����D\GÕQ�GDKD�LP]D�YHUGL��.HQGLVLQL�³KDIWDOÕN�

ILNLU�YH�VDQDW�JD]HWHVL´�RODUDN�WDQÕPOD\DQ�<|Q�ELOGLULVLQGH�úX�QRNWDODU��]HULQGH�GXUXOX\RUGX��

7�UN�GHPRNUDVLVLQL�\DúDWPDN��VRV\DO�DGDOHWL�JHUoHNOHúWLUPHN��GHPRNUDVL�UHMLPLQL�VD÷ODP�

WHPHOOHU��]HULQH�RWXUWPDN�DQFDN�LNWLVDGL�DODQGD�KÕ]OD�NDONÕQPDNOD��PLOOL��UHWLP�VHYL\HVLQL�

KÕ]OD�DUWWÕUPDNOD�P�PN�QG�U��7�UNL\H¶QLQ�LoLQGH�EXOXQGX÷X�WRSOXPVDO�EXKUDQÕQ�QHGHQL�

LNWLVDGL�EXKUDQGÕU��³6RV\DO�EXKUDQ��LNWLVDGL�EXKUDQÕQ�WDELv�ELU�VRQXFXGXU�´����'ROD\ÕVÕ\OD�

WRSOXPVDO�VRUXQODUÕQ�o|]�P��GR÷UXGDQ�GR÷UX\D�LNWLVDGL�VRUXQODUÕQ�o|]�P�QH�ELU�³NDONÕQPD�

IHOVHIHVL´QH�GD\DQÕU��%XUDGD�\DSÕOPDVÕ�JHUHNHQ�³\HQL�GHYOHWoLOLN´�DQOD\ÕúÕ�LOH�7�UNL\H¶QLQ�

KÕ]OD�NDONÕQPDVÕQÕ�JHUoHNOHúWLUPHNWLU��³<HQL�GHYOHWoLOLN´�DQOD\ÕúÕ�NDUPD�ELU�HNRQRPL\L�

|QJ|UVH�GH�|]HO�WHúHEE�VH�GD\DQDQ�NDONÕQPDQÕQ�\DYDúOÕ÷Õ��LVUDIÕ�JLEL�QHGHQOHUOH�GHYOHW�

VHNW|U�QH�D÷ÕUOÕN�YHULOPHOLGLU��³'HYOHWoLOLN��D\QÕ�]DPDQGD��JHOLU�GD÷ÕOÕúÕQGDNL�DGDOHWVL]OLNOHUL�

JLGHUPHN��VRV\DO�J�YHQOL÷L�JHOLúWLUPHN��P�VWDKVLO�YH�P�VWHKOLNLQ�PXWDYDVVÕW�ELU�]�PUH�

WDUDIÕQGDQ�H]LOPHVLQL�|QOHPHN��E|OJHOHU�DUDVÕQGDNL�GHQJHVL]OLNOHUL�RUWDGDQ�NDOGÕUPD÷D�

oDOÕúPDN�LoLQ�GH�HQ�HOYHULúOL�VLVWHPGLU�´���

'HYOHWoLOLN�SROLWLNDODUÕ�VD\HVLQGHGLU�NL�GHPRNUDWLN�UHMLPLQ�³úHNLOGHQ´�LEDUHW�NDOPDVÕ�

|QOHQHFHN��SODQOÕ�ELU�H÷LWLP�VHIHUEHUOL÷L�VD\HVLQGH�N|\O��YH�LúoL�oRFXNODUÕ�H÷LWLP�DODELOHFHN��

PHPOHNHW�LGDUHVLQGH�HúLW�LPNDQODUD�NDYXúDELOHFHNWLU�

7�UNL\H¶QLQ�LoLQGH�EXOXQGX÷X�WRSOXPVDO�EXKUDQGDQ�NXUWXOPDQÕQ�|QFHOLNOL�úDUWÕ\VD�

ú|\OH�DoÕNODQÕU��³7�UN�WRSOXPXQXQ�oHúLWOL�NHVLPOHULQGH�J|UHY�DOPÕú�RODQODUÕQ�YH�PLOOHW�

NDGHULQH�KkNLP�RODELOHFHN�PHYNLOHUH�JHOPLú�EXOXQDQODUÕQ��G�ú�QFHOHULQL�DoÕNoD�RUWD\D�

NR\DUDN�ELU�WHPHO�NDONÕQPD�IHOVHIHVL�HWUDIÕQGD�ELUOHúPHOHULQGH�J|U�\RUX]�´���

$\GHPLU��<|Q�\D]ÕODUÕQGD��<|Q�ELOGLULVL�SDUDOHOLQGH�J|U�úOHULQL�RUWD\D�NR\GX��2QXQ�

LoLQ�GH�7�UNL\H¶GH�HQ�|QHPOL�VRUXQ�KÕ]OÕ�NDONÕQPD�VRUXQX\GX�YH�$WDW�UN¶�Q�U�\DVÕ�RODQ�

³LPWL\D]VÕ]�YH�VÕQÕIVÕ]´�ELU�WRSOXP�PH\GDQD�JHWLULOPHOL\GL��<|Q�NROHNVL\RQX�LoLQGHNL����

�����(OoLQ�0DFDU��³'R÷DQ�$YFÕR÷OX´���0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&����.HPDOL]P��(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ�����������³<|Q�%LOGLULVL´��$WÕOJDQ��<|Q�'HYULP«��V�����������$�J�H���V�������������$�J�H���V������

\D]ÕVÕ\OD�<|Q�\D]DUODUÕ�DUDVÕQGD�\D]Õ�\D]PD�VÕNOÕ÷Õ�EDNÕPÕQGDQ�GRNX]XQFX�VÕUDGD\GÕ��

'ROD\ÕVÕ\OD�GHUJLQLQ�HWNLOL�\D]DUODUÕ�DUDVÕQGD\GÕ��DQFDN�$YFÕR÷OX�LOH�D\QÕ�oL]JLGH�ROGX÷X�

V|\OHQHPH]�����$YFÕR÷OX�³\HQL�$WDW�UNo�O�÷�´�HPHNoL�VÕQÕIODU�OHKLQGH�LúOHUNHQ��$\GHPLU�

EXUDGDNL�\D]ÕODUÕQGD�GD�.DGUR�oL]JLVLQL�JHQHO�RODUDN�V�UG�UP�ú��7�UN�VRV\DOL]PLQLQ�VÕQÕIVDO�

P�FDGHOHOHUH�RODQDN�YHUPH\HFHN�ELoLPGH�JHUoHNOHúHFH÷LQL�YXUJXODPÕúWÕ�

$\GHPLU��<|Q�\D]ÕODUÕQGD�VÕNOÕNOD��0.+¶QLQ�³NHQGLQH�KDV´�ELU�³7�UN�6RV\DOL]PL´�LOH�

WDPDPODQPDVÕ�JHUHNWL÷L�G�ú�QFHVL��]HULQGH�GXUX\RU��7�UN�6RV\DOL]PL�YH\D�$WDW�UN�

'HYOHWoLOL÷L¶QL�WDQÕPOÕ\RUGX��³7�UN�6RV\DOL]PL�YH�)LNLU�$WDW�UNo�O�÷�´�DGOÕ�PDNDOHVLQGH�LNL�

W�U�VRV\DOL]PGHQ�V|]�HGHU��%LU�WDUDIWD�6RY\HWOHUGH�X\JXODQDQ�NRP�QL]P�GL÷HU�WDUDIWD\VD�%DWÕ�

$YUXSD¶GD�J|U�OHQ�VRV\DOL]P�YDUGÕU��2QD�J|UH�LNLQFLVL�VÕQÕIODU�NDYJDVÕQD�GH÷LO��GHYOHWLQ�VÕQÕI�

IDUNOÕOÕNODUÕQÕ�|QOHPH\L�DPDoOD\DQ�P�GDKDOHOHULQH�GD\DQDQ�ELU�DQOD\ÕúWÕU�NL�7�UNL\H¶GH�EX�

\ROX�WXWPDOÕ��VÕQÕI�IDUNOÕODúPDODUÕQÕQ�|Q�QH�JHoLOPHOL��WRSOXPVDO�DGDOHW�GHYOHW�P�GDKDOHOHUL\OH�

VD÷ODQPDOÕGÕU����

$\GHPLU������¶GH NXUXODQ�YH�����¶H�JHOLQGL÷LQGH��\HOHUL�EHú�ELQH�\DNODúDQ 6RV\DOLVW�

.�OW�U�'HUQH÷L¶QLQ NXUXFXODUÕ�DUDVÕQGD�GD�\HULQL�DOGÕ� 6.' NXUXOXú�ELOGLULVLQGH�<|Q�LOH�

SDUDOHO�ELU�PHWLQ�RUWD\D�NR\X\RU��NÕVDFD�úX�QRNWDODU��]HULQGH�GXUX\RUGX��øNLQFL�'�Q\D�

6DYDúÕ¶QÕQ�DUGÕQGDQ�7�UNL\H�NDSLWDOLVW�ELU�NDONÕQPD�PRGHOLQL�WHUFLK�HWPLú��DQFDN�EDúDUÕVÕ]�

ROPXúWXU��1�IXVXQ�KÕ]OD�DUWPDVÕQD�NDUúÕOÕN��UHWLPGHNL�DUWÕúÕQ�\HWHUVL]�ROXúX�GROD\ÕVÕ\OD�DoÕN�

YH�JL]OL�LúVL]OLN�JHQLú�NLWOHOHULQ�\DúDPÕQÕ��GD\DQÕOPD]�ELU�KDOH�JHWLUPLúWLU��%X�G�]HQH�NDUúÕ����

0D\ÕV�KDUHNHWL�LOH�ELU�³X\DQPD�YH�DUDPD´�GHYUHVL�EDúODPÕúWÕU��%XJ�QN��úDUWODUÕQ�PH\GDQD�

JHWLUGL÷L�J�YHQVL]OLN�RUWDPÕ�LoLQGH�³\DSÕFÕ�D\GÕQODU´�ELU�oÕNÕú�\ROX�DUDPÕú�YH�QLKD\HW�VRV\DOLVW�

ELU�o|]�P�\ROX�HWUDIÕQGD�ELUOHúPH\H�EDúODPÕúWÕU��7�UN�VRV\DOLVWOHUL��PLOOL\HWoL��K�UUL\HWoL�YH�

GHPRNUDWLN�LONHOHUH�GD\DQDQ�ELU�VRV\DOL]P�DQOD\ÕúÕ�oHYUHVLQGH�ELUOHúPHNWHGLU��7�UN�

VRV\DOLVWOHUL�LoLQ�PLOOL\HWoLOLN��ELUELULQL�V|P�UPH\HQ�NLúLOHUGHQ�NXUXOX�ELU��ONH\L�VDYXQXU�YH�

XOXVODUDUDVÕ�G�]HQGH�ED÷ÕPVÕ]OÕ÷Õ�KHGHIOHU��+�UUL\HWoLOLN��HPH÷L�HQ�E�\�N�GH÷HU�VD\DU��NLúL\L�

RQXUOX�ELU�LQVDQ�RODUDN�\DúDWDFDN�LPNDQODUOD�GRQDWPD\Õ�DPDoODU��6D÷ODP�ELU�GHPRNUDWLN�UHMLP�

LoLQ�LVH�V|P�U�F��ROPD\DQ�ELU�NDONÕQPD�PRGHOLQL�³VRV\DOLVW�NDUPD�HNRQRPL´\L�EHQLPVHU��

³6RV\DOL]P�7�UN�XOXVXQX�LOHUL�ELU�PHGHQL\HW�VHYL\HVLQH�XODúWÕUPDN�KHGHILQH�\|QHOPLú�KDONoÕ�

ELU�G�]HQ�NXUPDN��]HUH�\DSÕODQ�0LOOL�.XUWXOXú�6DYDúÕPÕ]ÕQ�ELU�GHYDPÕ�YH�\HQL�ELU�KDPOHVL�

RODFDNWÕU���«��6RV\DOLVW�.�OW�U�'HUQH÷L��7�UNL\H¶QLQ�PHVHOHOHULQL�VRV\DOLVW�ELU�G�Q\D�J|U�ú��

������7HNHOL��øONLQ�%LU�&XPKXUL\HW�g\N�V��«��V�����������ùHYNHW�6�UH\\D�$\GHPLU��³7�UN�6RV\DOL]PL�YH�)LNLU�$WDW�UNo�O�÷�´��<|Q��<ÕO����6D\Õ��������2FDN�������V���

DoÕVÕQGDQ�LQFHOHPHN��EXQODUÕ�DoÕNoD�WDUWÕúPDN�YH�EX�oDOÕúPDODUÕQÕ�VRQXoODUÕQÕ�\D\PDN��]HUH�

NXUXOPXúWXU�´���

$\GHPLU��<|Q�oHYUHVLQLQ �6RV\DOLVW�.�OW�U�'HUQH÷L¶QL�ROXúWXUGX÷X�J�QOHUGH�³7�UN�

6RV\DOL]PLQLQ�øONHOHUL´�DGÕ\OD�G�ú�QFHOHULQL�WRSDUODPÕúWÕ��$\GHPLU�LoLQ�WHPHOOHULQL�7�UN�0LOOL�

.XUWXOXú�6DYDúÕ¶QGDQ�DODQ�7�UN�VRV\DOL]PL�LONHOHUL�ú|\OH�VDSWDQDELOLUGL���³���$QWL�

HPSHU\DOL]P��LVWLNODOFLOLN�����$QWLNDSLWDOL]P��PLOOL�YH�KDONo�HNRQRPL�����.DUPD�HNRQRPL\L�

UHGGHWPH\HQ��IDNDW�SDUD]LW�ELU�LVWLVPDUFÕOÕ÷Õ�UHGGHGHQ�LOHUL�ELU�GHYOHWoLOLN�����+DON�LoLQ��KDONOD�

EHUDEHU�KDONoÕOÕN��ID\GDQÕQ�KDON�\DUDUÕQD�NXOODQÕOÕúÕ��\DQL�VRV\DO�DGDOHW�����0XVWDID�.HPDO¶LQ�

DQODGÕ÷Õ�PDQDGD�ELU�YDWDQ�DQODPÕ��VDOGÕUJDQOÕ÷D�YH�LVWLODFÕOÕ÷D�NDUúÕ�oÕNÕú�����0XVWDID�

.HPDO¶LQ�DQODGÕ÷Õ�PDQDGD�ELU�PLOOHW�DQODPÕ��'LO��7DULK��.�OW�U�LúOHULQGH�ELOLPVHO�ELU�

PLOOL\HWoLOLN�����'HYOHWWH��UHMLPGH��GÕú�SROLWLNDGD�YH�HNRQRPLGH�PLOOL�ROPDN�YDVIÕ�����

'HPRNUDWLN�G�]HQGH�VRV\DO�'HYOHW�DQODPÕQÕQ�LúOHQPHVL�YH�RUJDQODUÕQÕQ�\DUDWÕOPDVÕ�����0LOOL�

KD\DWÕQ�E�W�Q�NROODUÕQÕ�LoLQH�DODQ�ELU�SODQFÕOÕN������(PH÷LQ�YH�KL]PHWLQ�NRUXQPDVÕ�YH�

WHúNLODWODQGÕUÕOPDVÕ��*�oO��YH�ED÷ÕPVÕ]�VHQGLNDFÕOÕN������'LQ�YH�GHYOHW�LúOHULQLQ�NHVLQ�RODUDN�

D\UÕOPDVÕ��ODLNOLN�´���

6'.�LoLQ�³7�UN�6RV\DOL]PLQLQ�øONHOHULQL´�NDOHPH�DODQ�$\GHPLU���³KÕ]OD�VÕQÕIODUD�

D\UÕODQ´�7�UNL\H¶GH�\DSÕODFDN�LúL��HNRQRPLGHQ�NDONDUDN�W�P�DODQODUD�\D\ÕODQ�ELU�GHYOHWoLOLN�

SROLWLNDVÕ�RODUDN�J|U�\RU��.DGUR�\ÕOODUÕQGD�0.+�ED÷ODPÕQGD�VDYXQGX÷X�J|U�úOHULQL�

����¶ODUÕQ�WRSOX�GXUXPXQGDQ�HWNLOHQHUHN�\HQLGHQ�J�QFHOOL\RUGX��.ÕVDFD�\XNDUÕGD�

V|\OHGL÷LPL]�JLEL�$\GHPLU�GHYOHWLQ�ELULQFL�LúOHYLQL�|QH�oÕNDUÕ\RU�VÕQÕIVDO�oDWÕúPDODUÕQ�

\DúDQGÕ÷Õ�ELU�RUWDPGD�GHYOHWL�WRSOXPXQ�RUWDN�oÕNDUODUÕQD�KL]PHWH�oD÷ÕUÕ\RUGX��%LU�WDUDIWD�

7ø3¶LQ��7�UNL\H¶GH�LON�GHID��VRV\DOLVW�ELU�SDUWLQLQ�PHFOLVWH�WHPVLOFL�EXOXQGXUPDVÕ�YH�&+3¶QLQ�

(FHYLW�LOH�VÕQÕUOÕ�GD�ROVD�VROD�DoÕOÕP�JHUoHNOHúWLUPHVL���HQ�D]ÕQGDQ�VRO�V|\OHPL�VL\DVHWLQ�

PHUNH]LQH�WDúÕPDVÕ���$\GHPLU¶L�FHVDUHWOHQGLUPLú��J|U�úOHULQL�H÷UL�YH\D�GR÷UX��VRV\DOL]P�

oHYUHVLQGH�WRSODPDVÕQD�RUWDP�KD]ÕUODPÕúWÕU�

'R÷DQ�$YFÕR÷OX�DUWÕN�³GHYULP´�]DPDQÕQÕQ�JHOGL÷LQL�G�ú�QHUHN�'HYULP�GHUJLVLQL�

oÕNDUPD\D�EDúODGÕ÷ÕQGD�$\GHPLU�EXUDGD�GD�DQFDN�ELUNDo�PDNDOH�\D]PÕúWÕ��øNL�GHUJL\L�

$YFÕR÷OX�ú|\OH�DQODWÕU��³����¶ODUGD�<|Q¶OH�7�UNL\H¶QLQ�\|Q�Q��EHOLUOHGLN��'HYULP¶OH�GHYULP�

\DSDFD÷Õ]�´����'HYULP�GHUJLVLQLQ�NXUXFXODUÕ��0�PWD]�6R\VDO�HNVL÷L\OH��KHPHQ�D\QÕ�NDGURGXU��

�����³6RV\DOLVW�.�W�U�'HUQH÷L�.XUXOXú�%LOGLULVL´��$WÕOJDQ��<|Q�'HYULP«��V�������������ùHYNHW�6�UH\\D�$\GHPLU��³7�UN�6RV\DOL]PLQLQ�øONHOHUL´��<|Q��<ÕO����6D\Õ�������2FDN�������V���������$WÕOJDQ��<|Q�'HYULP�«��V������

øON�VD\ÕODUGD����ELQ�WLUDMD�XODúDQ�GHUJL��]DPDQOD����ELQOHUH�NDGDU�G�úP�ú�����1LVDQ������

WDULKOL�VRQ�VD\ÕVÕ�LVH�������FLYDUÕQGD�EDVÕOPÕúWÕU����

'R÷DQ�$YFÕR÷OX��LON�EDú\D]ÕVÕQGD�³FLFL�GHPRNUDVL´�RODUDN�DGODQGÕUGÕ÷Õ�SDUODPHQWHU�

\ROXQ�7�UNL\H¶QLQ�NDONÕQPDVÕQGD�HQ�|QHPOL�HQJHO�ROGX÷XQX�YXUJXODU�YH�'HYULP�WHPHO�

VRUXQXQX�RUWD\D�NR\DU��'HUJL�HPSHU\DOL]PL��SDUODPHQWHU�UHMLP�LOH�WHPVLOFLOHULQL�NHQGLVLQH�

KDVÕP�J|UP�ú��RQODUD�NDUúÕ�RUGX�LoLQGHNL�GHYULPFL�VXED\ODUÕ�YH�JHQoOL÷L�ELUOHúPH\H�³KDVÕP�

NXYYHWOHUH´�NDUúÕ�KDUHNHWH�JHoPH\H�oD÷ÕUPÕúWÕU��'HYULP¶LQ�NDSDWÕOPDVÕ�LVH�XPXGXQX�ED÷ODGÕ÷Õ�

NXUXP�PDULIHWL\OH�JHUoHNOHúLU��³'HYULP¶LQ�NDGHUL��|Q�QGH�VRQXQGD�.DUD�.XYYHWOHUL�.RPXWDQÕ�

)DUXN�*�UOHU¶LQ�µG�÷PH\H�EDVPDVÕQD¶�ED÷ODQPÕúWÕ��*�UOHU�G�÷PH\H�EDVPD\ÕQFD����0DUW�GH÷LO�

���0DUW�GDUEHVL�JHUoHNOHúWL�YH�'HYULP�GH����0DUW¶OD�ELUOLNWH�6ÕNÕ\|QHWLP�.RPXWDQOÕ÷Õ�

WDUDIÕQGDQ�NDSDWÕOGÕ�´����6|\OHGL÷LPL]�JLEL�$\GHPLU�'HYULP�GHUJLVLQGH�ELUNDo�PDNDOH�\D]PÕú�

DQFDN�]DPDQ�JHoWLNoH�����¶ODUÕQ�LNLQFL�\DUÕVÕQGD�EDúOD\DQ�&XPKXUL\HW�\D]ÕODUÕQD�D÷ÕUOÕN�

YHUPLúWL�

�����³$UD�5HMLPL´QLQ�DUGÕQGDQ�$\GHPLU�������$QD\DVDVÕQÕ�NRUXPD�ND\JÕVÕ�LoLQGH�

J|U�O�U�����+D]LUDQ������WDULKOL�\D]ÕVÕQGD�$QD\DVD�NRQXVXQGDNL�KDVVDVL\HWLQL�GLOH�JHWLULU��

hONH��JDPVÕ]�YH�LGUDNVL]�ELU�LNWLGDUÕQ�\DUDWWÕ÷Õ�³G�]HQ�ER]XOXúX´�QHGHQL\OH�ELU�DVNHUL�

P�GDKDOH\H�]RUXQOX�NDOPÕú��RUGX�LVH�HO�NR\PD�LúLQH�KD]ÕUOÕNOÕ�ROPDGÕ÷ÕQGDQ�JLGLúDW�

G�ú�QG�U�F��ELU�ER\XW�ND]DQPÕúWÕU��³%LU�WDNÕP�ELOLQoOL�HOOHU�úLPGL�ELU�WDUDIWDQ��YDNWL\OH�HO�

GRNXQGXUDPDGÕNODUÕ��DPD�NHQDUÕQGDQ�N|úHVLQGHQ�NÕUSPDN�LoLQ�KHU�JHFH�U�\DVÕQÕ�J|UG�NOHUL�

$QD\DVD¶\Õ��KHP�GH�HVNL�PXKDOLIOHULQ�\DUGÕPÕ�LOH�GLOHGLNOHUL�úHNOH�VRNPDNWDGÕUODU�´�������

$÷XVWRV�����¶GH�LVH�7ø3¶LQ�NDSDWÕOPDVÕQD�GH÷LQHFHN�YH�³VROGDNL�ERúOX÷XQ´�JLGHULOPHVL�

JHUHNOLOL÷L��]HULQGH�GXUDFDNWÕ��7ø3¶LQ�NDSDWÕOPDVÕ\OD�øQ|Q�¶Q�Q�V|\OHGL÷L�JLEL�³VRO�NDQDWWD�ELU�

ERúOXN´�PH\GDQD�JHOPLúWLU��7ø3��³FHVXU�YH�E�W�Q�oLOHOHUH�GD\DQÕNOÕ�ELU�D\GÕQÕQ�|QF�O�÷�QGH´�

0HKPHW�$OL�$\EDU�|QF�O�÷�QGH�VL\DVDO�\DúDPD�NDWÕOGÕ�YH�EHNOHQPH\HQ�EDúDUÕODU�J|VWHUGL��

PHFOLVWH�WHPVLO�HGLOGL��øúoL�WDULKLQGH�GDLPD�DQÕPVDQDFDNWÕU��DQFDN�$QD\D�0DKNHPHVL¶QLQ�

NDUDUÕQGDQ�|QFH�NHQGL�LoLQGHNL�oHNLúPHOHUOH�LQLúH�JHoPLúWL��+HU�QDVÕO�ROXUVD�ROVXQ�7ø3¶LQ�

NDSDWÕOPDVÕ\OD�VRO�NDQDWWD��LúoLOHULQ�WHPVLOL�NRQXVXQGD�ELU�ERúOXN�PH\GDQD�JHOPLúWLU��$\GHPLU�

LoLQ�³GR÷UX�RODQ��GHPRNUDWLN�RODQ��7�UNL\H�LúoL�NLWOHOHULQLQ��ELU�WDUDIWDQ�VHQGLNDODU�HWUDIÕQGD�YH�

SDUoDODQPDGDQ�ELUOHúHUHN�LNWLVDGL�PHVHOHOHULQL�L]OHPHOHULGLU��%LU�WDUDIWDQ�GD�YH�WÕSNÕ�%DWÕ�

GHPRNUDVLOHULQGH�ROGX÷X�JLEL��GHPRNUDWLN�SDUODPHQWRODUGD�VL\DVL�SDUWL�úHNOLQGH�\HUOHULQL�

DODUDN���ONHQLQ�\DVDPD�YH�NDQXQ�G�]HQOHPH�IDDOL\HWOHULQH�NDWÕOPDODUÕGÕU�´

�����$WÕOJDQ��<|Q�'HYULP�«��V����������$�J�H���V�����������$\GHPLU��³.RPXWDQÕQ�g]OHPL´��.DKUDPDQODU«��V������

³1LWHNLP�LúL�EX�EDNÕPGDQ�P�WDODD�HGHUVHN��úLPGL�E�\�N�0LOOHW�0HFOLVL¶QGH�FHUH\DQ�

HGHQ�$QD\DVD�GH÷LúLNOLNOHULQH��NHQGL�J|U�ú�YH�ILNLUOHULQL�DNVHWWLUHFHN�ELU�LúoL�SDUWLVLQLQ�

NDWÕODPDPÕú�ROPDVÕQÕQ�HNVLNOL÷L��LOHULGH�YH�GDLPD�KLVVHGLOHFHNWLU�´���

øON�EDVNÕVÕ�����¶WH�\DSÕODQ�øKWLOkOLQ�0DQWÕ÷Õ�YH����0D\ÕV�øKWLOkOL�DGOÕ�NLWDEÕQGD��

$\GHPLU��\HQLGHQ�GHYOHW�VRUXQXQD�GH÷LQPLú��DQFDN�EXUDGD�GDKD�|QFHNL�J|U�úOHULQL��\DQL�

LNWLVDGL�DODQGDQ�JLGHUHN�W�P�DODQODUD�\D\ÕODQ�GHYOHWoL�J|U�úOHULQL�ELU�\DQD�EÕUDNPÕúWÕ��

<XNDUÕGD�LúDUHW�HWWL÷LPL]�JD]HWH�\D]ÕODUÕQGD�J|U�OG�÷��JLEL��WRSOXPVDO�|UJ�WOHQPHQLQ�|Q�Q��

DoDQ�³�����'HPRNUDVLVLQL´�VDYXQPDN�YH����0DUW�5HMLPL¶QLQ�\ÕNÕQWÕODUÕQÕQ�|Q�QH�JHoPHN�

ND\JÕVÕ\OD�GHPRNUDVL\L�VDYXQPD�H÷LOLPL�J|VWHUPLú��GDKDVÕ��0LOOL�.XUWXOXú�+DUHNHWL¶QLQ�

GHPRNUDVL\L�KHGHIOHGL÷LQL�VDYXQPXúWXU�

$\GHPLU�GR÷UXGDQ�GR÷UX\D�DWÕI�\DSPDVD�GD�DQODúÕODQ�����¶OHUGH�³PRGHUQOHúPH´

GDOJDVÕ�LoLQGH�WDULKVHO�V�UHFL�\HQLGHQ�GH÷HUOHQGLUGL�������YH�����¶ODUGD�|]HOOLNOH�øQJLOWHUH�YH�

$PHULND¶\Õ�³LGHDO�WLS´�RODUDN�NDEXO�HGHQ�PRGHUQOHúPHFL�J|U�ú��%DWÕ�GÕúÕ�WRSOXPODUÕQ�WDULKVHO�

V�UHFLQL�EX�LGHDO�WLSH�HULúPHN�GR÷UXOWXVXQGD�GH÷HUOHQGLUPLú��PRGHUQ�WRSOXPXQ�|]HOOLNOHUL�

RODUDN�úXQODUÕ�VDSWDPÕúWÕ��³HNRQRPLN�EDNÕPGDQ�VDQD\LOHúPLú��VRV\DO�\DSÕ�EDNÕPÕQGDQ�

NHQWOHúPHQLQ�JHUoHNOHúWL÷L��RNXU\D]DUOÕN�G�]H\LQLQ�YH�GROD\ÕVÕ\OD�H÷LWLPOL�Q�IXV�RUDQÕQÕQ�

\�NVHN�ROGX÷X��LQVDQODUÕQ�NHQGL�\DúDP�oHYUHOHULQL�YH�EX�oHYUH\OH�VÕQÕUOÕ�N�OW�UOHULQL�DúDUDN�

HYUHQVHOOL÷H�\|QHOGLNOHUL��«��YH�N�OW�UHO�\DSÕ�|]HOOLNOHULQH�HN�RODUDN��SROLWLN�|UJ�WOHQPHQLQ�

GH�WHPVLOL�GHPRNUDWLN�LONHOHUH�X\JXQ�RODUDN�JHUoHNOHúWL÷L�ELU�WRSOXPX�DQODWPDNWDGÕU�´���

0RGHUQOHúPH�%DWÕ�G�Q\DVÕQGD�\�]\ÕOODUD�\D\ÕOPÕúNHQ�%DWÕ�GÕúÕ�G�Q\DGD�NÕVD�V�UHGH�

JHUoHNOHúWLULOPHN�]RUXQOXOX÷XQGDQ�GHYOHWLQ�RWRULWHU�ELU�³JHoLú´�GHYUHVLQH�\RO�DoPÕúWÕ�

$\GHPLU�����¶OHUGH�\XNDUÕGD�V|]�HWWL÷LPL]�QHGHQOHUGHQ�PRGHUQOHúPHFL�J|U�úH�H÷LOLP�

J|VWHUPLú��EX�J|U�ú�Q�³GHPRNUDVL´�KHGHIL�ED÷ODPÕQGD�WDULKVHO�RODUDN�EDNÕOGÕ÷ÕQGD�

7�UNL\H¶QLQ�úX�DúDPDODUGDQ�JHoWL÷LQL�V|\OHPLúWL�����0LOOL�.XUWXOXú�5HMLPL��%XUDGD�JHoLFL�ELU�

GHYOHW�UHMLPL�V|]�NRQXVXGXU��0.+�%�\�N�0LOOHW�0HFOLVL¶QL�PH\GDQD�JHWLUPLúWLU�����

'HPRNUDVL�gQFHVL�YH\D�'HPRNUDVL\H�*HoLú�'HYUHVL�����0D\ÕV�����¶\H�NDGDU�PHúUXOXN�

NXUXPODUÕQÕQ�ROXúWXUXOGX÷X�YH�\HUOHúWLULOGL÷L��7HN�3DUWL�YH�2WRULWHU�'HYOHW�5HMLPL�����'3�LOH�

ELUOLNWH�dRN�3DUWLOL�3DUODPHQWR�1L]DPÕ��'3�LOH�ELUOLNWH�oRN�SDUWLOL�G�]HQH�JHoLOVH�GH�'3�NÕVD�

]DPDQGD�\HQLGHQ�³$QNDUD�KHJHPRQ\DVÕQD´�G|Q�úP�ú�YH�LNWLGDUÕQÕQ�VRQXQD�NDGDU�+DON�

3DUWLVL�JHOHQH÷LQL�V�UG�UP�úW�U�����3HNL�QHGLU�GHPRNUDVL"�$\GHPLU¶LQ�\DQÕWÕ�úXGXU��³�

�����$\GHPLU��³6ROGDNL�%RúOXN´��.DKUDPDQODU«��V������������/HYHQW�.|NHU��³.HPDOL]P�$WDW�UNo�O�N��0RGHUQOHúPH��'HYOHW�YH�'HPRNUDVL´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&����.HPDOL]P��(GLW|U��$KPHW�øQVHO�����%DV���øVWDQEXO��øOHWLúLP�<D\���������V���������������$\GHPLU��øKWLOkOLQ�«��V�����

�'HPRNUDVL\L��KDON�LUDGHVLQLQ�LGDUH\H�KDNLPL\HWL�YH\D�LúWLUDNL�RODUDN�WDQÕPOD\DELOLUL]�´���

dHúLWOL�GHPRNUDVL�ELoLPOHUL�VD\ÕODELOLUVH�GH�RUWDN�|]HOOLN�RODUDN�PHFOLVOL�ELU�G�]HQ�

V|\OHQPHOLGLU��$YUXSD¶GD�SDUODPHQWROX�FXPKXUL\HW�ELoLPLQGH�OLEHUDO�GHPRNUDVLOHU�

X\JXODQÕUNHQ��7�UNL\H¶QLQ�NRQXPX�ú|\OH�VDSWDQÕU��³<HQL�7�UNL\H�&XPKXUL\HWLQLQ�NXUXOXú�YH�

\HUOHúPH�GDYD�YH�VDIKDODUÕ�LVH�HOEHWWHNL��%DWÕ�DQODPÕQGD�'HPRNUDVL\H�G|Q�N��DPD�DUDGD�X]XQ�

ELU�JHoLú�GHYULQLQ�\DúDQPDVÕQÕ�JHUHNWLUHQ��ELU�ùHIOLN�VLVWHPL�YH�RWRULWHU�GHYOHW�QL]DPÕ�LoLQGH�

JHoWL�´���

�����$�J�H���V�����������$�J�H���V������

���7$5ø+�d$/,ù0$/$5,1,�2.85.(1

%X�VRQ�E|O�PGH�$\GHPLU¶LQ�����¶ODUGHQ�����¶OHUH�\�]�\ÕOÕ�NDSVD\DQ�WDULK�oDOÕúPDODUÕ�

�]HULQGH�GXUDFDN��ELU�³PHWLQ�RNXPDVÕ´�\DSPD\D�oDOÕúFD÷Õ]��<XNDUÕGD�$\GHPLU¶LQ�WDULK�YH�

GHYOHW��]HULQH�J|U�úOHULQL�G|QHPOHUOH�ED÷ODQWÕOÕ�ELU�ELoLPGH�LUGHOHGLN��úLPGL�EXUDGD�RQXQ�

G|QHPOHUGHQ�KHU�QH�NDGDU�D\ÕUW�HGLOHELOLUVH�WDULK�YH�GHYOHW��]HULQH�NXUDPVDO�\DNODúÕPODUÕQÕ�ELU�

EDNÕPD�VRPXW�oDOÕúPDODUÕ�LoLQGH�VÕQD\DFD÷Õ]��$PDFÕPÕ]�NXUDPVDO�J|U�úOHUL\OH�VRPXW�WDULK�

oDOÕúPDODUÕ�DUDVÕQGDNL�LOLúNL\L�DoÕ÷D�oÕNDUDELOPHN�$\GHPLU¶L�GDKD�DQODúÕOÕU�NÕODELOPHNWLU��

6|]JHOLPL�GL\DOHNWLN�\|QWHPL�X\JXODGÕ÷ÕQGD�'R÷X�%DWÕ�P�FDGHOHVLQL�VDSWD\DQ�$\GHPLU�EXQX�

NLWDSODUÕQGD�QH�|Oo�GH�LúOHGL"�(PSHU\DOL]P�LOH�0.+�DUDVÕQGDNL�V�UHFL�QDVÕO�EHOLUOHGL"�

0.+¶QLQ�NDKUDPDQODUÕ��NDGURODUÕ�NLPOHUGL"�'HYOHW�QDVÕO�HOH�DOÕQPÕúWÕ��|]HOOLNOH�LNWLVDGL�

DODQGD�JHUoHNOHúHFHN�GHYOHWoL��WRSOXPXQ�RUWDN�oÕNDUODUÕQÕ�VDYXQXU�ELU�ELoLPGH�PL�LúOHQPLúWL��

\RNVD�GHPRNUDVL\H�GR÷UX�ELU�VH\LU�PL�L]OHPLúWL"�%X�WLS�VRUXODUÕQ�\DQÕWODUÕQÕ�DUDUNHQ�HOEHWWH�

WDULK�oDOÕúPDODUÕQÕQ�W�P�QH�H÷LOHFHN��EDúÕQGDQ�VRQXQD�|]HWOH\HFHN�KHPHQ�KHU�NRQXGDNL�

J|U�úOHULQL�LQFHOH\HFHN�GH÷LOL]��%L]�RQXQ�(QYHU�3DúD��7HN�$GDP�YH�0HQGHUHV¶LQ�'UDPÕ�DGOÕ�

NLWDSODUÕQÕ�VHoWLN�YH�\�]�\ÕOOÕN�V�UHFH�\DNODúÕPÕQÕ�EX�NLWDSODUÕ��]HULQGHQ�GH÷HUOHQGLUGLN�

������øPSDUDWRUOXN�dD÷ÕQÕQ�6RQX��(QYHU�3DúD

$\GHPLU��(QYHU�3DúD�DGOÕ�NLWDEÕQÕ���������\ÕOODUÕQGD��o�FLOW�KDOLQGH�\D\ÕQODGÕ��%X�

VÕUDGD�KHP�&XPKXUL\HW�\D]DUOÕ÷ÕQÕ�V�UG�U�\RU��KHP�GH�J�QFHO�VL\DVHWLQ�\DQÕ�VÕUD��(QYHU�3DúD�

DGOÕ�NLWDEÕQGD�VÕN�VÕN��]HULQGH�GXUGX÷X�³NRúXOODU�YH�NDKUDPDQ´�VRUXQODUÕQÕ�LúOL\RUGX��

6|]JHOLPL����0D\ÕV�����¶GHNL�\D]ÕVÕQGD�NDKUDPDQÕ�ú|\OH�WDQÕPOÕ\RU��³.DKUDPDQODU�

WRSOXPXQ�XOXODUÕGÕU��.DKUDPDQODUÕQ�úDKVÕQGD�WRSOXP�NHQGL�LQDQFDODUÕQD��NHQGL�LGHDOOHULQH�

úHNLO�YHULU�´����7�UNOHU�QLFH�GHYOHWOHU�NXUPXú�QLFH�NDKUDPDQODU�\HWLúWLUPLúWL��|UQH÷LQ�³WXWVDN�

NDYPL�NXUWDUDQ��D]OÕN�NDYPL�oR÷DOWDQ�YH�\RNVXO�NDYPL�]HQJLQ�HGHQ´�.�OWLJLQ�JLEL�ELU�|QGHU�

KHP�NXUWDUÕFÕ�KHP�NDKUDPDQGÕ�

$úD÷Õ\D�(QYHU�3DúD¶QÕQ�³PHWLQ�RNXPDVÕ´QD�JHoPHGHQ�\HQLGHQ�V|\OH\HOLP�NL�EL]LP�

EXUDGD�\DSDFD÷ÕPÕ]��D\UÕQWÕODUÕ\OD�ROD\ODU�GH÷HUOHQGLUPHVL�\DSPDN�GH÷LO��$\GHPLU¶LQ�HOH�

DOGÕ÷Õ�NRQXODUGD�RQXQ�WDULKH�\DNODúÕPÕQÕ�|QH�oÕNDUDFDN�VRUXODU�VRUXQODU��]HULQGH�GXUPDN��

EXQX�\DSDUNHQ�GH�IDUNOÕ�ND\QDNODUD�DWÕIODU�\DSVDN�GD�ELU�G|QHP�YH\D�ROD\�o|]�POHPHVLQH�

JLUPHGHQ�$\GHPLU¶L�VX\XQ��]HULQH�oÕNDUPD\D�oDOÕúPDN�RODFDNWÕU��gQFHOLNOH�LON�FLOW�LoLQ�

VRUXODUÕPÕ]�LVH�úXQODU�RODELOLU��$\GHPLU�����\�]\ÕO�JHOLúPHOHULQL�2VPDQOÕ�øPSDUDWRUOX÷X�

DoÕVÕQGDQ�QDVÕO�GH÷HUOHQGLUGL������¶OHUGHQ�EDúODWWÕ÷Õ�oDOÕúPDVÕQGD�,,��$EG�OKDPLW¶H�YH�

\|QHWLPLQH�\DNODúÕPÕ�QDVÕOGÕ��0LWKDW�3DúD¶\Õ�QDVÕO�ELU�³GHYOHW�DGDPÕ´�RODUDN�J|UP�úW�"�

$\GHPLU�ELULQFL�FLOGLQ�VRQODUÕQGD�YH�GHYDP�HGHQ�FLOWOHUGH�HOH�DOGÕ÷Õ�(QYHU�3DúD¶\Õ�QLoLQ�

oD÷ÕQÕ�DQODPDNWDQ�X]DN�J|UP�ú��RQX�ELU�RUWDoD÷�DGDPÕ�RODUDN�DGODQGÕUPÕúWÕ��2VPDQOÕ�

'HYOHWL¶QLQ�'�Q\D�6DYDúÕ¶QD�V�U�NOH\HQOHU�NLPOHUGL��øWWLKDWoÕOÕN�QH�DQODPD�JHOL\RUGX��(QYHU�

3DúD�ELU�7�N�PLOOL\HWoLVL��7XUDQFÕ�PÕ\GÕ��\RNVD�2VPDQOÕFÕ�YH�øVODPFÕ�PÕ�NDOPÕúWÕ"

$\GHPLU��(QYHU�3DúD�NLWDEÕQÕQ�LON�FLOGLQLQ�|QHPOL�ELU�E|O�P�Q��,,��$EG�OKDPLW�GHYUL�

2VPDQOÕ�'HYOHWL¶QL�GH÷HUOHQGLUPH\H�D\ÕUPÕú��EXUDGD�,,��$EG�OKDPLW�0LWKDW�3DúD�NDUúÕWOÕ÷ÕQÕ��

oHOLúNLOHULQL�VHUJLOHPLú��0LWKDW�3DúD¶GDQ�\DQD�ELU�WDYÕU�DODUDN��RQX�EX�GHYULQ�HQ�|QHPOL�NLúLVL�

VD\DUDN�ELU�³GHYOHW�DGDPÕ´�RODUDN�QLWHOHPLúWL��2QD�J|UH�2VPDQOÕ�øPSDUDWRUOX÷X¶QGD�|QHPOL�

LúOHU�EDúDUDQ�0LWKDW�3DúD��LPSDUDWRUOXN�WDULKLQLQ�³HQ�E�\�N�GHYOHW�DGDPÕ´�LGL��IDNDW�

$EG�OKDPLW¶LQ�JD]DEÕQD�X÷UDPÕúWÕ���$\GHPLU�LoLQ�NDKUDPDQ��NXUWDUÕFÕ�YH�NXUXFX��GHYOHW�DGDPÕ�

LVH�WRSOXPXQ�NDONÕQPDVÕQÕ��J|QHQPHVLQL�VD÷OD\DQ�NLPVH\GL��*|NW�UNOHULQ�KDNDQÕ�.�OWLJLQ�YH�

0XVWDID�.HPDO�³NDKUDPDQ´�LNHQ�0LWKDW�3DúD�ELU�E�\�N�³GHYOHW�DGDPÕ´�LGL���VWHOLN�WDULKLQ�

DNÕúÕQÕ�HWNLOH\HELOHFHN�ELU�WDULKL�úDKVL\HW´�RODELOLUGL��DPD�³FDKLO�ELU�VDUD\�PDKOXNX�RODQ�

�����$\GHPLU��³.DKUDPDQODU�'R÷PDOÕ\GÕ´��.DKUDPDQODU�'R÷PDOÕ\GÕ��øVWDQEXO���dD÷GDú�<D\ÕQODUÕ� ������V����

$EG�OKDPLW´�RQXQ�|Q�Q��NHVPLúWL��$EG�OKDPLW�G|QHPLQGH�LPSDUDWRUOX÷XQ�VÕQÕUODUÕ�GDUDOPÕú��

RUGXGD��H÷LWLPGH��PDOL\H�YH�LGDUHGH�E�\�N�o|N�úOHU�\DúDQPÕú��EDVÕQ�VÕNÕ�ELU�VDQV�U�DOWÕQD�

DOÕQDUDN�EDVNÕFÕ�ELU�\|QHWLP�NXUXOPXú��NÕVDFD�$\GHPLU�LoLQ�VXOWDQ�NHQGLQGHQ�VRQUDNLOHUH�

o|N�QW��KDOLQGH��ELU��ONH�GHYUHWPLúWL��7DULKoLOHULQ X]ODúPD\D�YDUDPDGÕNODUÕ�$EG�OKDPLW�YH�

G|QHPLQH�JHQHOOLNOH�LNL�XoWD�\DNODúÕP�J|VWHULOGL÷L�V|\OHQHELOLU��%LU�WDUDI��$EG�OKDPLW�YH�

\|QHWLPLQL��GÕú�SROLWLNDGDQ��PDOL\H\H��DVNHUOL÷H��H÷LWLPH�³8OX�+DNDQ´�RODUDN�\�FHOWLUNHQ�

GL÷HU�WDUDIVD�$EG�OKDPLW¶L�|]HOOLNOH�úLGGHWH�GD\DOÕ��EDVNÕFÕ��DPDQ�YHUPH\HQ�VL\DVHWLQH�DWÕIOD�

³.Õ]ÕO�6XOWDQ´�ELoLPLQGH�GH÷HUOHQGLUL\RU��$\GHPLU�LVH�³.Õ]ÕO�6XOWDQ´�J|U�ú�QH�H÷LOLP�

J|VWHUL\RU�

$EG�OKDPLW¶H�\DNÕúWÕUÕODQ�.Õ]ÕO�6XOWDQ��Q��(UPHQL�VRUXQXQGDQ�ND\QDNODQPÕúWÕ�������

\ÕOÕQGD�+ÕQoDN�|UJ�W�QGHQ�PLOLWDQODU��6DVRQ¶GD�(UPHQLOHUL�X\DQGÕUPD\D�oDOÕúPÕú��RQODUÕ�

NHQGLOHULQGHQ�KDUDo�DODQ�.�UWOHUH�NDUúÕ�GLUHQPH\H�VHYN�HWPLúWL��%X�KDEHUOHU�øVWDQEXO¶D�

XODúWÕ÷ÕQGD�$EG�OKDPLW¶LQ�HPUL\OH�(UPHQL�PLOLWDQODUÕ�NDWÕ�ELU�ELoLPGH�EDVWÕUÕOPÕú�YH�EX�VÕUDGD�

(UPHQL�KDONÕ�GD�]DUDU�J|UP�ú��EX�\ÕOGDQ�VRQUD�$YUXSDOÕ�YH�$PHULNDOÕODUÕQ�³ÕVODKDW´�

LVWHNOHULQH�NDUúÕ�'R÷X¶GD�GDKD�E�\�N�VRUXQODU�\DúDQPÕú�������YH�����¶GD�GDKD�E�\�N�

ND\ÕSODU�PH\GDQD�JHOPLúWL�����øúWH�EX�ROD\ODUGDQ�GROD\Õ�$EG�OKDPLW��$YUXSD�EDVÕQÕQGD�³.ÕVÕO�

6XOWDQ´�RODUDN�DGODQGÕUÕOPÕúWÕ��EX�XQYDQ�]DPDQOD�$EG�OKDPLW�PXKDOLIOHULQFH�RQXQ�KHU�W�UO��

EDVNÕFÕ�WXWXPXQX�DGODQGÕUPDN�LoLQ�NXOODQÕOGÕ���������$\GHPLU��EX�VRUXQXQXQ�(UPHQL�KDONÕQÕQ�GD�

]DUDU�J|UG�÷��NDWÕ�ELU�ELoLPGH�EDVWÕUÕOPDVÕQÕ�HOHúWLUHUHN�ú|\OH�GL\RU��³$EG�OKDPLW��EX�

KDUHNHWOHUL�LGDUH�HGHQ�NXPDQGDQD��QLúDQ�YHUPHN��WDOWLI�HWPHNOH�\HWLQGL��+DOEXNL�GHYOHW�

GHPHN��LGDUH�GHPHN��HOEHWWH�NL�WHU|U�GHPHN�GH÷LOGL�´�'ROD\ÕVÕ\OD�$\GHPLU�LoLQ�.Õ]ÕO�6XOWDQ�

ODNDEÕQGD�³ELU�GR÷UXOXN�SD\Õ�EXOXQGX÷X�JL]OHQHPH]�´����gWH � WDUDIWD �1HFLS�)D]ÕO¶ÕQ�

LVLPOHQGLUPHVL\OH�$EG�OKDPLW�+DQ�ELU�³8OX�+DNDQ´�LGL��³7�UN�G�úPDQODUÕ´�RQD�.Õ]ÕO�6XOWDQ�

XQYDQÕQÕ�YHUPLú��³PDDOHVHI�7�UNoH¶\H�oHYULOHUHN��NHQGLOHULQH�7�UN�GHQLOHQ�NLPVHOHU´�GH�EX�

XQYDQÕ�NXOODQPÕúWÕ�����+DOEXNL�$EG�OKDPLW��+DQ��Lo�YH�GÕú�EDVNÕODUD�NDUúÕ�øPSDUDWRUOX÷X��RWX]�

\ÕO�D\DNWD�WXWPD\Õ�EDúDUPÕú��LGDUHVLQL�NDED�NXYYHWH�GD\DQGÕUPDPÕú��LGDP�FH]DVÕ�YHUPHPLú��

VXLNDVW�\|QWHPL�NXOODQPDPÕú��E�W�Q�G�Q\D�P�VO�PDQODUÕQÕQ�KDOLIHVL�RODUDN�oRN�E�\�N�ELU�

SUHVWLMH�VDKLS�ROPXú��NÕVDFD�RQXQ�]DPDQÕQGD�KDON�KD\DWÕQGDQ�PHPQXQ�NDOPÕúWÕ�����8OX�+DNDQ�

��� ��)UDPoRLV�*HRUJHRQ��6XOWDQ�$EG�OKDPLG��dHY��$OL�%HUNWD\��øVWDQEXO��+RPHU�.LWDEHYL��������V�����������ùHYNHW�6�UH\\D�$\GHPLU��0DNHGRQ\D¶GDQ�2UWDDV\D¶\D�(QYHU�3DúD &��,�����������������%DV����øVWDQEXO���5HP]L��.LWDEHYL���������V�������������������<�]\ÕOGD�6XOWDQ�,,��$EG�OKDPLG¶�%DNÕú��+D]���0HKPHW�7RVXQ��<D\��'DQ���+D\UHWWLQ�7XUDQ��5|SRUWRM��$EG�ONDGLU�g]FDQ��øVWDQEXO��<�\���������V����������$�J�H���5|SRUWRM��$KPHW�$NJ�QG�]��V��������

NDUúÕVÕQGD�$NJ�QG�]�LoLQ�³0LWKDW�3DúD�YH�HNLELQLQ´�LNWLGDU�G|QHPL\VH�³2VPDQOÕ�'HYOHWL¶QLQ�

o|N�ú�YH�KDWWD�\ÕNÕOÕú�\ÕOODUÕ�ROPXúWXU�´���

6XOWDQ�$EG�OKDPLW¶L�GDKD�E�\�N�ELU�|OoHNWH�GH÷HUOHQGLUPHN���$\GHPLU¶LQ�EHOLUWWL÷L�

JLEL�RQX�YH�G|QHPLQL�GDKD�DQODúÕOÕU�NÕODFDNWÕU������¶WH�)UDQVÕ]�'HYULPL¶QLQ�PXWODNL\HWoL�

FHSKH�WDUDIÕQGDQ�EDVWÕUÕOPDVÕ��VL\DVHWL�'R÷X¶\D�\|QHOWPLú�YH�³ùDUN�0HVHOHVL´QLQ�RUWD\D�

oÕNPDVÕQD�\RO�DoPÕúWÕ��ùDUN�0HVHOHVL�����YH�����\�]\ÕO�VL\DVDO�HGHEL\DWÕQÕQ�|QHPOL�

GH\LPOHULQGHQ�ELUL\GL�YH�PHVHOHQLQ�HVDVÕQGD�%DWÕOÕ�HPSHU\DOLVW�J�oOHULQ�'R÷X¶\X�WDNVLPL�

\DWÕ\RUGX��%DúWD�JHOHQ�HPSHU\DOLVW�J�oOHU�øQJLOWHUH�YH�)UDQVD�'R÷X¶QXQ�WDNVLPL�LoLQ�P�FDGHOH�

HGHUNHQ�RQODUD�oRN�JHoPHGHQ�5XV\D�YH�DUGÕQGDQ�$OPDQ\D�GD�NDWÕOGÕ��6|P�UJH�DUD\ÕúÕQD�JLUHQ�

5XV\D¶\D�NDUúÕ�%DWÕOÕ��ONHOHU�2VPDQOÕ�øPSDUDWRUOX÷X¶QX�ELU�\DQGD�WDPSRQ��ONH�\DSPD�

X÷UDúÕQGD��GL÷HU�WDUDIWDQ�2VPDQOÕ�LoLQGHNL�P�WWHILN�WLFDUL�J�oOHU�DUDFÕOÕ÷Õ\OD��ONH\H�HJHPHQ�

ROPDN�DUD\ÕúÕQGD\GÕ������¶WH�5XV�dDUÕ�,��1LNROD�3HWHUVEXUJ¶GD�ELU�GDYHW�VÕUDVÕQGD�øQJLOWHUH�

E�\�NHOoLVLQH��5XVODUÕQ�7�UNOHUL������������������������VDYDúODUÕQGD�\HQGL÷LQL�KDWÕUODWDUDN�

7�UNOHULQ�$YUXSD¶GD�KD\DW�KDNNÕQÕ�\LWLUGL÷LQL�LOHUL�V�U�\RU��SD\ODúÕODFDN�RODQ�2VPDQOÕ�

FR÷UDI\DVÕQGD�DVODQ�SD\ÕQÕQ�NHQGLOHULQH�EÕUDNÕOPDVÕQÕ�±|]HOOLNOH�øVWDQEXO¶X��LVWL\RUGX���dDU��

E�\�NHOoL\H�øQJLOWHUH�YH�5XV\D¶QÕQ�DQODúPDOÕ�ELU�SD\ODúÕP�\DSDELOHFH÷LQL�KDWÕUODWWÕ��2VPDQOÕ�

DUWÕN�ELU�³KDVWD�DGDP´GÕ�YH�|OPHN��]HUH\GL��³%DNÕQÕ]�NROODUÕPÕ]ÕQ�DUDVÕQGD�KDVWD��D÷ÕU�KDVWD�

ELU�DGDP�YDU��«��/kNLQ�NROODUÕPÕ]ÕQ�DUDVÕQGD�ELUGHQELUH�|OHELOLU��%X�\�]GHQ�KHU�LKWLPDOL�

EXJ�QGHQ�WHPLQ�HWPHQLQ�ELU�NDUÕúÕNOÕ÷D�YH�PXKDNNDN�ELU�$YUXSD�VDYDúÕQD�V�U�NOHQPHNWHQ�

GDKD�L\L�RODELOHFH÷LQL�V|\OH\HELOLULP��(÷HU�EX�VÕUDGD�øQJLOWHUH�øVWDQEXO¶D�\HUOHúPH\L�

G�ú�Q�\RUVD��EXQD�P�VDDGH�HWPH\HFH÷LPL�DoÕNoD�LIDGH�HWPHOL\LP��%X�EHQL��øVWDQEXO¶X�LúJDO�

HWPHN�]RUXQGD�EÕUDNDELOLU�´����.ÕVDFD�W�P�����\�]\ÕO�HPSHU\DOL]PLQ�'R÷X¶GDNL�SD\ODúÕP�

VDYDúÕ\OD�JHoPLú��EXUDGD�J�oOHQHQ�5XV\D¶\D�NDUúÕ�%DWÕOÕ��ONHOHU�2VPDQOÕ�øPSDUDWRUOX÷X¶QX�

ELU�\DQGDQ�WDPSRQ��ONH�\DSPD�X÷UDúÕQGD��GL÷HU�WDUDIWDQ�2VPDQOÕ�LoLQGHNL�P�WWHILN�WLFDUL�

J�oOHU�DUDFÕOÕ÷Õ\OD��ONH\H�HJHPHQ�ROPDN�DUD\ÕúÕQGD\GÕ��2VPDQOÕ�GHYOHW�DGDPODUÕ\VD�7DQ]LPDW�

LOH�ELUOLNWH�����\�]\ÕO�ER\XQFD�³ÕVODKDW´�DGÕQÕ�YHUGLNOHUL�V�UHFH�$YUXSD¶QÕQ�JDUDQWLVL\OH�

JHUoHNOHúHFHN�LPSDUDWRUOX÷XQ�E�W�QO�÷�Q��NRUXPD�DUD\ÕúÕQD�JLUPLúOHUGL��IDNDW�JHUHN�

³UHIRUPFX´ODU�JHUHNVH�RQODUD�NDUúÕ�oÕNDQODU��úHULDW�GÕúÕQGD�ELU�WDNÕP�LONHOHUH�GD\DQDQ�G�Q\D�

J|U�ú�QH�VDKLS�GH÷LOOHUGL��gWH�WDUDIWDQ�$YUXSDOÕ�K�N�PHWOHU�LVH�NXYYHW�GHQJHOHULQL�J|]HWHUHN�

2VPDQOÕ�'HYOHWL¶QLQ�E�W�QO�÷�Q��NROOX\RU��DQFDN�GL÷HU�WDUDIWDQ�LPSDUDWRUOX÷XQ�

HJHPHQOL÷LQGHNL�E�\�N�+ÕULVWL\DQ�Q�IXVXQ�GXUXPXQX�G�]HOWPHN�DUD\ÕúODUÕQÕ�V�UG�U�\RUGX��

�����$�J�H���V��������� $\GHPLU��0DNHGRQ\D¶GDQ«��V������

³2VPDQOÕ�E�W�QO�÷�Q��NRUXPDN��IDNDW�2VPDQOÕ�'HYOHWL�LoLQGHNL�+ÕULVWL\DQODUÕQ�GXUXPXQX�

JLGHUHN�G�]HOWLS�VRQXQGD�RQODUÕ�LNWLGDU�\DSPDN��+HGHI�EX\GX�´���

<XNDUÕGD�GD�V|\OHGL÷LPL]�JLEL�LNL�NLúL�EX�G|QHPL�NDYUD\DELOPHN�LoLQ�EHONL�GH�

NRúXOODUÕQ�|WHVLQGH�$\GHPLU�LoLQ�oRN�|QHPOLGLU�YH�2VPDQOÕ�øPSDUDWRUOX÷X¶QXQ�o|N�ú�Q�Q�

DQODúÕOPDVÕ�LoLQ�EXQODUÕQ��]HULQGH�X]XQ�X]DGÕ\D�GXUXOPDOÕGÕU��0LWKDW�3DúD�YH�,,��$EG�OKDPLW�

0LWKDW�3DúD�H÷HU�LNWLGDUGD�NDODELOVH\GL�WRSOXPD�|QGHUOLN�\DSDELOLU��LPSDUDWRUOX÷X�\XPXúDN�

ELU�ELoLPGH�G|Q�úW�UHELOLUGL��IDNDW�³LGUDNVL]´�$EG�OKDPLW��0LWKDW�3DúD¶\Õ��RUWDGDQ�

NDOGÕUPDNOD�o|N�ú�Q�HQ�|QHPOL�VRUXPOXODUÕQGDQ�ELUL�RODFDN��LPSDUDWRUOXN�oDWÕUGDUNHQ��\ÕNÕFÕ�

ELU�URO�R\QD\DFDNWÕ��$\GHPLU�LoLQ�7DQ]LPDW�³ÕVODKDWODUÕ´�GDKD�oRN�GÕú�P�GDKDOHOHU�LOH�

JHUoHNOHúWLULOPLú��GL÷HU�\DQGD�2VPDQOÕ�WRSOXPXQGD�G�]HQL�GH÷LúWLUPH\H�\|QHOLN��|UJ�WO���ILNLU�

YH�|QGHUOHU�PH\GDQD�JHWLUHQ�ELU�³VL\DVDO�P�FDGHOH´�EX�G|QHPL�WDNLS�HGHUHN�*HQo�2VPDQOÕODU

LOH�EDúODPÕúWÕ��*HQo�2VPDQOÕODU�DUDVÕQGDQ�oÕNDQ�0LWKDW�3DúD��2VPDQOÕ�WRSOXPVDO�G�]HQLQL�

GH÷LúWLUHELOLU�ELU�NLúL\GL��DQFDN�NDUúÕVÕQD�oHWLQ�NRúXOODU�YH�DQOD\ÕúVÕ]�ELU�NLúL�RODQ�SDGLúDK�,,��

$EG�OKDPLW�GLNLOPLúWL��0LWKDW�3DúD�E�\�N�ELU�GHYOHW�DGDPÕ\GÕ��oHúLWOL�YLOD\HWOHULQ�

\|QHWLPOHULQGH�EXOXQPXú��EDúDUÕOÕ�LúOHU�JHUoHNOHúWLUPLúWL��³%|\OH�ELU�LQVDQ�YH�RQXQ�KHSVL�GH�

N|NO��ILNLU�YH�oDEDODUÕ��FDKLO�ELU�VDUD\�PDKOXNX�RODQ�$EG�OKDPLW�LoLQ�ELU�úDQVWÕ��$PD�

$EG�OKDPLW�WDULKL�NDGHULQ�RQXQ�NDUúÕVÕQD�oÕNDUGÕ÷Õ�EX�úDQVWDQ�QH�\D]ÕN�NL�LVWLIDGH�HGHPHGL��

9H�$EG�OKDPLW¶LQ�EX�LGUDNVL]OL÷L��LPSDUDWRUOXN�LoLQ�GH�ELU�úDQVVÕ]OÕN�ROGX�´��������¶GD�

WRSODQDQ�7HUVDQH�.RQIHUDQVÕ��%DONDQ�0HVHOHVL¶QL�G�YHOL�PXD]]DPD�\|QHWLPLQGH�

J|U�ú�OPHVLQL�DPDoODPÕú��DQFDN�0LWKDW�3DúD¶QÕQ�P�GDKDOHVL\OH�PHúUXWL�\|QHWLPGH�ELU�

NXUWXOXú�\ROX�EXOXQPXúWX��(÷HU�$EG�OKDPLW��0LWKDW�3DúD¶\Õ�V�UJ�Q�HGLS�0HFOLV¶L�

GD÷ÕWPDVD\GÕ�EHONL�GH�2VPDQOÕ�FR÷UDI\DVÕQGDNL�JHOLúPHOHU�GDKD�IDUNOÕ�ROXU�³WHNDP�OF��ELU�

LVWLNDPHWH�\�U�\HELOLUGL´��EX�\RO�³PLOOL�LVWLNODOOHUH´�YDUÕU��DQFDN�PDQGD�LGDUHOHULQH�

G|Q�úPH]GL��0LWKDW�3DúD�V�UJ�Q�Q�DUGÕQGDQ�6XOWDQ�$]L]¶LQ�|O�P�QH�VHEHS�ROGX÷X�

JHUHNoHVL\OH�\DUJÕODQPDN�LVWHQLU��NDoDUDN�)UDQVÕ]�.RQVRORVOX÷X¶QD�VÕ÷ÕQÕU��$EG�OKDPLW��

)UDQVÕ]ODUÕQ�ILLOL�7XQXV�LúJDOLQH�VHV�oÕNDUPDPDN�ND\GÕ\OD�0LWKDW�3DúD¶\Õ�)UDQVÕ]ODUGDQ�DOÕU��

\DUJÕODPD�QHWLFHVLQGH\VH�0LWKDW�3DúD�|O�PH�PDKNXP�HGLOLU��7DLI¶H�V�U�O�U��RUDGD�ELU�V�UH�

VRQUD�����¶WH�|OG�U�O�U� ���

$\GHPLU�LoLQ�,,��$EG�OKDPLW�KHU�úH\GHQ�|QFH�0LWKDW�3DúD¶QÕQ��H÷HU�\DúD\DELOVH�YH�

LNWLGDUGD�NDODELOVH\GL��LPSDUDWRUOX÷XQ�NDGHULQL�GH÷LúWLUHELOHFHN�RODQ�³WDULKL�úDKVL\HW´LQ�

�����7DQHU�7LPXU��2VPDQOÕ�dDOÕúPDODUÕ��øONHO�)HRGDOL]PGHQ�<DUÕ�6|P�UJH�(NRQRPLVLQH�����%DV���$QNDUD��øPJH�.LWDEHYL��������V����������$\GHPLU��(QYHU�3DúD«��&�,���V����������$�J�H���V�����

|O�P�QH�VHEHEL\HW�YHUPLúWL��0LWKDW�3DúD�WDPDPÕ\OD�ROXPOX�LoHULNOHUOH�NDUúÕPÕ]D�oÕNDQ��oD÷ÕQ�

KDYDVÕQÕ�GX\DQ�YH�EXQD�J|UH�SROLWLNDODU�JHOLúWLUHQ��YDOLOLN�J|UHYOHULQGH�EDúDUÕOÕ�ROPXú��

PHúUXWL\HW�LODQÕ\OD�LPSDUDWRUOX÷XQ�\DúDP�GL]JLQOHULQL�WXWDELOPLú�ELU�³WDULKL�úDKVL\HW´WL��2�ELU�

WDULKL�úDKVL\HW�RODUDN���ONHQLQ�NDGHULQL�HWNLOH\HELOLUGL��0LWKDW�3DúD¶\D�NDUúÕOÕN�LVH��,,��

$EG�OKDPLW�����VHQH�LNWLGDUGD�NDOGÕ�YH�LPSDUDWRUOX÷XQ�³KD]LQ�NDGHULQL�WD\LQ�HGHQ�DGDP´�

ROGX��øPSDUDWRUOXNWD�MXUQDOFLOLN�RQXQ�]DPDQÕQGD�N|NOHúWL��NLPL�J�QOHU�VDUD\D�JHOHQ�����ELQ�

MXUQDOL�WHN�WHN�LQFHOHUGL��%LU�)UDQVÕ]�KHNLPLQ�$EG�OKDPLW�LoLQ�V|\OHGL÷L�$\GHPLU�LoLQ�

WDPDPÕ\OD�\HULQGH\GL��³FLQQHW�L�P�QHYYHUH��DNÕOOÕ�GHOL�´�$\GHPLU�LoLQ�E|\OH�ELU�WLS�ELU�

LPSDUDWRUOXN�\|QHWVH�GDKL�NHQGL�GÕúÕQGD�KLoELU�úH\L�G�ú�QPH]��NHQGL�GÕúÕQGD�KHUNHVWHQ�

NXúNXODQÕU��oDOÕúPDODUÕQÕQ�oR÷XQX�MXUQDO�DUDúWÕUPDODUÕQD�D\ÕUÕUGÕ��dRFXN�\DúWDNL�VDUD\�NXOODUÕ��

úHK]DGHOHU�ELQEDúÕ��\DUED\�\DSÕOÕUGÕ��EX�JLEL�X\JXODPDODUGDQ�GROD\Õ�RUGX�$EG�OKDPLW�

SROLWLNDODUÕQGDQ�WLNVLQPLúWL�����$\GHPLU�LoLQ�HOEHWWH�VDGHFH�$EG�OKDPLW¶LQ�NLúLOL÷L��N|W��

\|QHWLPL�GHYULQ�SHULúDQ�KDOLQL�DQODPDN�LoLQ�\HWHUOL�GH÷LOGL��2VPDQOÕ��UHWLP�VDQD\LVL�����\�]\ÕO�

ER\XQFD�KÕ]OD�JHULOL\RU��WRSUDNODU�ND\EHGLOL\RU��\DEDQFÕODU�NDSLW�OHU�D\UÕFDOÕNODUÕQÕ�

SHNLúWLUL\RUGX��$EG�OKDPLW¶LQ�VDOWDQDWÕQÕQ�KHQ�]�EDúÕQGD�JHoPLúLQ�ERUo�ELULNLPOHUL�

QHWLFHVLQGH������\ÕOÕQGD�0XKDUUHP�)HUPDQÕ�LOH�'�\XQ�X�8PXPL\H�NXUXOPXú�GHYOHW�PDOL\HVL�

GR÷UXGDQ�GR÷UX\D�\DEDQFÕODUÕQ�GHQHWLPH�DOWÕQD�JLUPLúWL��$\QÕ�G|QHPGH�\DEDQFÕODU�

NDSLW�ODV\RQ�ND\ÕWODUÕQD�GD\DQDUDN�NHQGL�SRVWDQHOHULQL�LúOHWL\RU��NHQGL�PDKNHPHOHULQGH�

\DUJÕODQÕ\RU��2VPDQOÕ�PDKNHPHOHULQH�oÕNPÕ\RUODUGÕ���$QFDN��QH�W�UO��NRúXOODU�ROXUVD�ROVXQ��

$\GHPLU�LoLQ�,,�$EG�OKDPLW�EX�NRúXOODUÕ�GH÷LúWLUHELOHFHN�³WDULKL�úDKVL\HW´LQ�NDUúÕVÕQD�oÕNPÕú�

³LGUDNVL]�DGDP´GÕ��GROD\ÕVÕ\OD�WDULKVHO�DNÕúÕ�2VPDQOÕODU�DoÕVÕQGDQ�ROXPVX]�ELU�ELoLPGH�

HWNLOHPLúWL��%X�G|QHPGH�VDQD\LOL�VDQD\LVL]�PHPOHNHWOHU�oHOLúNLVL�QH�NDGDU�EDVNÕQ�ROXUVD�

ROVXQ��$\GHPLU¶H�J|UH��0LWKDW�3DúD�$EG�OKDPLW�oHOLúNLVL�GH�ELU�³WDULKL�úDKVL\HWOHU´�oHOLúNLVL�

RODUDN�NDUúÕPÕ]D�oÕNÕ\RUGX��$\GHPLU�LoLQ�$EG�OKDPLW�WDKWWDQ�LQGLULOPH�NRUNXVX�QHGHQL\OH�

6XOWDQ�$]L]¶LQ�HQ�|QHPOL�PLUDVÕ�RODQ�GRQDQPDQÕQ�WDWELNDWD�oÕNPDVÕQÕ�LVWHPHPLú��RQXQ�

HNVLNOHULQL�NDUúÕODPDPÕú��+DOLo¶WH�VÕNÕúÕS�NDODQ�GRQDQPD�QLKD\HW�o�U�PH\H�WHUNHGLOPLúWL��

'HYUDOGÕ÷Õ�NDUD�RUGXVX�NRQXVXQGD�NLPL�RNXOODU�DoVD�GD�]DPDQÕQGD�DVNHUH�DOPDODUGDNL�

KDNVÕ]OÕNODU���]HQJLQ�YH�D÷D�oRFXNODUÕQÕQ�DVNHUH�DOÕQPDPDVÕ�YH\D�RQODUÕQ�NDUúÕOÕ÷ÕQGD�SDUD�\D�

GD�EDúNDODUÕQÕQ�DVNHUH�DOÕQPDVÕ�JLEL�X\JXODPDODU���VXED\�PDDúODUÕQÕQ�]DPDQÕQGD�

YHULOHPHPHVL��WHUILOHUGH�VDUD\�oHYUHVLQGHNL�NLPVHOHULQ�NROODQPDV�JLEL�VRUXQODU�QHGHQL\OH�

RUGX�$EG�OKDPLW�\|QHWLPLQGHQ�X]DNODúPÕúWÕ��<LQH�RQXQ�]DPDQÕQGD�øPSDUDWRUOXN�VÕQÕUODUÕ�

GDUDOPÕú��%DONDQODUGD�|QHPOL�|Oo�GH�WRSUDN�LOH�ILLOL�RODUDN�7XQXV�YH�0ÕVÕU�ND\EHGLOPLúWL����

�����$�J�H���V���������������$�J�H���V����������

$EG�OKDPLW¶LQ�HQ�E�\�N�|YJ��GD\DQD÷Õ�GÕú�LOLúNLOHULQL�LVH�$\GHPLU�\LQH�ROXPVX]OD\DUDN�ú|\OH�

GH÷HUOHQGLUL\RU��³�%L]�EX�VL\DVHWLQ�DGÕQD�µøGDUH�L�0DVODKDW¶�VL\DVHWL��\DQL�J�Q��J�Q�HWPHN��

VÕ]ÕOWÕ\D�PH\GDQ�YHUPHPHN��KHU�GÕú�PHVHOH\L�R�PHVHOH�oÕNWÕ÷Õ�]DPDQ�YH�QDVÕO�P�PN�QVH�|\OH�

|UWEDV�HGHUHN�LGDUH\H�oDOÕúPDN�VL\DVHWL�GL\HELOLUL]�´����$EG�OKDPLW�GHYULQGH�KDNLPOHU�

NDKYHOHUGH�WDYOD�R\QDUNHQ�GDYDODUÕ�KDOOHWPLú��oRFXNODUÕQ�H÷LWLPL�PROODODUÕQ�HOLQH�EÕUDNÕOPÕú��

øVWDQEXO�GÕúÕQGD�SHN�D]�U�úWL\H�YH�LGDGL�DoÕOPÕúWÕ��*D]HWHOHU��NLWDSODU�VDQV�UOHQPLú��KHOH�WDULK�

\DVDN�ELOJL�KDOLQH�JHWLULOPLúWL������7�P�EX�HOHúWLULOHUGHQ�VRQUD�$\GHPLU�NÕVDFD�ú|\OH�GL\RU��³�

�«��\DNÕQ�WDULKLPL]GH�\DOQÕ]�NHQGL�GHYULQLQ�GH÷LO��NHQGLQGHQ�VRQUDNL�GHYULQ�YH�KDWWD�

LPSDUDWRUOX÷XQ�QLKD\L�o|N�ú�Q�Q��WDVIL\HVLQLQ�GH�LON�SODQGD�VRUXPOXVX��,,�$EG�OKDPLW¶WLU�

GHPHNWH�ELU�KDWD�ROPDVD�JHUHNWLU�´���

.Õ]ÕO�6XOWDQ�LOH�8OX�+DNDQ�DQOD\ÕúÕQÕQ�GÕúÕQGD�,,��$EG�OKDPLW�YH�GHYULQH�\DNODúDQ�)��

*HRUJHRQ�LoLQ��0LWKDW�3DúD�P�VO�PDQODU�LOH�JD\UL�P�VOLPOHU�DUDVÕQGD�WDP�ELU�HúLWOLN�

VD÷OD\DFDN�ELU�DQD\DVDQÕQ�%DONDQ�VRUXQXQX�o|]HFH÷LQH�YH�øPSDUDWRUOX÷X�UDKDWODWDFD÷ÕQD�

LQDQPÕú��DQFDN�WDVDUÕODUÕ�GR÷UXOWXVXQGD�$YUXSD¶GDQ�EHNOHGL÷L�GHVWH÷L�DODPDPÕú�±�KDWWD�

$YUXSDOÕODU�7HUVDQH�NRQIHUDQVÕ¶QÕQ�³EDúDUÕVÕ]OÕ÷ÕQÕ´�0LWKDW�3DúD¶\D�\�NOHPLúOHU���QLKD\HW�RQX�

LNWLGDUÕQÕQ�HQ�E�\�N�G�úPDQÕ�J|UHQ�$EG�OKDPLW¶LQ��JD]DEÕQD�X÷UDPÕúWÕ�����*|NKDQ�

dHWLQVD\D¶QÕQ�V|\OHGLNOHUL�GH�*HRUJHRQ¶X�GHVWHNOHU�QLWHOLNWH��RQD�J|UH��0LWKDW�3DúD¶QÕQ�

VL\DVDO�G�ú�QFHOHUL��o�EDúOÕN�DOWÕQGD�WRSODQDELOLU������2VPDQOÕFÕOÕN�����0HúYHUHW�0HúUXWL\HW�

øGDUHVL�����*HQLúOHWLOPLú�DGHP�L�PHUNH]L\HW��0LWKDW�3DúD�LoLQ�NÕVDFD�GL\RU�dHWLQVD\D��³�«��

H÷HU�JD\ULP�VOLP�WHEDQÕQ�FDQ�YH�PDO�J�YHQOL÷L�VD÷ODQÕU��VRV\R�HNRQRPLN�EDNÕPGDQ�GXUXPX��

L\LOHúWLULOLU�YH�\|QHWLPH�NDWÕODUDN�V|]�VDKLEL�ROPDVÕ�VD÷ODQÕUVD��«��2VPDQOÕ�\XUWVHYHUOL÷L�

\DUDWÕODELOLU��PLOOL\HWoLOLN�DNÕPODUÕ�|QOHQHELOLUGL�´����*HRUJHRQ��$EG�OKDPLW�GHYULQLQ�

PXWODNL\HWoLOL÷L�NDGDU�ÕVODKDWoÕOÕ÷ÕQGDQ�GD�V|]�HGL\RU��$EG�OKDPLW��0LWKDW�3DúD¶\Õ�RUWDGDQ�

NDOGÕUÕS�PHFOLVL�GD÷ÕWPDVÕQÕQ�DUGÕQGDQ��\�U�WPH�YH�\DVDPDQÕQ�W�P�\HWNLOHULQL�HOLQGH�WRSODPÕú��

VDUD\�LoLQGH�GH�WDP�ELU�LNWLGDU�NXUPXúWX��1D]ÕUOÕNODU�7DQ]LPDW�G|QHPLQGHNL�|QHPLQL�\LWLUPLú��

HQ�|QHPOLVL�J|U�OHQ�+DULFL\H�1D]ÕUOÕ÷Õ�VDUD\ÕQ�ELU�X]DQWÕVÕ�NRQXPXQD�JHOPLú��NÕVDFD�

$EG�OKDPLW�oRN�JHoPHGHQ�WHUILGHQ�WD\LQH��EDVNÕGDQ�VDQV�UH�oHúLWOL�DUDoODUOD�E�URNUDVL\H��

DVNHUL\H\H�WDP�ELU�KDNLPL\HW�NXUPXúWX�����6XOWDQ�����¶OHULQ�EDúÕQGD��EHOOL�EDúOÕ�QD]ÕUODUGDQ�

ÕVODKDW�LOH�LOJLOL�PXKWÕUDODU�LVWHPLú��DUGÕQGDQ�JHUHNOL�J|U�OHQ�DODQODUGD�ÕVODKDW�oDEDODUÕQD�

�����$�J�H���V�����������$�J�H���V���������������$�J�H���V�����������)UDPoRLV�*HRUJHRQ��6XOWDQ«��V������������*|NKDQ�dHWLQVD\D��³0LWKDW�3DúD´��0RGHUQ�7�UNL\H¶GH�6 L\DVL�'�ú�QFH��&��,��&XPKXUL\HW¶H�'HYUHGHQ�'�ú�QFH�0LUDVÕ�7DQ]LPDW�YH�0HúUXWL\HW¶LQ�%LULNLPL��(GLW|U��0HKPHW�g��$NODQ��øVWDQEXO��øOHWLúLP�<D\��������V���������*HRUJHRQ��6XOWDQ�«��V����������

JLUPLúWL������¶GH�LON�GHID�GHUOL�WRSOX�JHQHO�ELU�LVWDWLVWLN�oÕNDUÕOPÕú������¶OHULQ�VRQXQGD�DGOL\H�

NRQXVXQGD�HQ�D]ÕQGDQ�³ND÷ÕW��]HULQGH´��ÕVODK�oDEDODUÕQD�JLULOPLú������¶OHU�ER\XQFD�VD\ÕODUÕ�

VÕQÕUOÕ�GD�ROVD�]LUDDW��WLFDUHW�YH�VDQD\L�RNXOODUÕ�DoÕOPÕúWÕ������*HRUJHRQ�LoLQ�GRQDQPDQÕQ�ELU�

WDUDID�EÕUDNÕOPDVÕ�$EG�OKDPLW¶LQ�GHYULOPH�NRUNXVXQGDQ�GH÷LO�WHUFLKLQGHQ�ND\QDNODQPÕú��

SDGLúDK�oHúLWOL�QHGHQOHUGHQ�VÕQÕUOÕ�PDOL�ND\QDNODUÕQÕ�NDUD�RUGXVXQX�J�oOHQGLUPHN�LoLQ�

NXOODQPÕúWÕ�YH�QLKD\HW��³�$EG�OKDPLG�2VPDQOÕ�RUGXVXQX�NDGURVX�GDKD�L\L�WDPDPODQPÕú��GDKD�

L\L�GRQDWÕOPÕú��GDKD�HWNLOL��WHN�ELU�V|]F�NOH�GDKD�PRGHUQ�ELU�KDOH�JHWLUPH\L�EDúDUPÕúWÕU�´���

$EG�OKDPLW�FDPLGHQ�oRN�RNXO�\DSWÕUPÕú��DQFDN�|÷UHWPHQ�\HWHUVL]OL÷LQGHQ�RNXOODU�XOHPDQÕQ�

KDNLPL\HWLQH�EÕUDNÕOPÕúWÕ��.DSLW�ODV\RQODUÕQ�VÕQÕUODQPDVÕ�NRQXVXQGD�]DPDQ�]DPDQ�JLULúLPOHUL�

ROVD�GD�HPSHU\DOLVW�J�oOHULQ�EDVNÕODUÕ\OD�EDúDUÕOÕ�RODPDPÕúWÕ��'Õú�SROLWLNDGD�LVH�ELU�³WHUD]L�

R\XQX´�V�UG�UP�ú��E�\�N�GHYOHWOHU�DUDVÕQGD�D\DNWD�NDOPD\D�oDOÕúPÕúWÕ� ����.ÕVDFD�

$EG�OKDPLW��ÕOÕPOÕ�ELU�\DNODúÕPOD�LPSDUDWRUOX÷XQ�\D]JÕVÕQÕQ�|Q�QH�JHoHPHPLú��DQFDN�

³ÕVODKDW´�JLULúLPOHULQGHQ�NDoÕQPDPÕúWÕ��VL\DVDO�\DNODúÕPÕ�LVH�ÕOÕPOÕ�ELU�EDNÕú�DoÕVÕ\OD�ú|\OH�

WRSDUODQDELOLU�����(÷LWLPH�|QHP�YHUGL�����$YUXSD¶\Õ�L\L�L]OH\HUHN�2VPDQOÕ�OHKLQH�GHQJH�

SROLWLNDVÕ�L]OHGL�����%LU�7DQ]LPDWoÕ�RODUDN�GLQH�|]HO�ELU�|QHP�YHUPHGL�����6LODKOÕ�oDWÕúPDODUGDQ�

X]DN�NDOGÕ��VÕNÕúWÕ÷ÕQGD�WDYL]�YHUGL����

$EG�OKDPLW�UHMLPLQH�PXKDOHIHW�\HQL�ELU�-|Q�7�UN�KDUHNHWLQH�\RO�DoPÕú��-|Q�7�UNOHULQ�

WRSOX�KDOGH�EXOXQGXNODUÕ�LON�NXUXOWD\�����¶GH�\DSÕOPÕúWÕ�.XUXOWD\ÕQ��]HULQGH�X]ODúDPDGÕ÷Õ�

PHVHOH�\DEDQFÕ�P�GDKDOHVL�ROGX��$EG�OKDPLW¶LQ�GHYULOPHVL�LoLQ�DVNHUGHQ�\DUGÕP�DOÕQPDVÕ�YH�

³GHPRNUDW�PLOOHWOHULQ´�P�GDKDOHVL�QHWLFHGH�EHQLPVHQVH�GH�$KPHW�5Õ]D¶QÕQ�EDúÕQÕ�oHNWL÷L�

JUXS�GÕú�P�GDKDOH\L�UHGGHWPLú��3UHQV�6DEDKDWWLQFLOHUOH�D\UÕ�G�úP�úW��%X�NXUXOWD\GDQ�VRQUD�

5Õ]DFÕODU�NHQGLOHULQH�2VPDQOÕ�7HUDNNL�YH�øWWLKDW�&HPL\HWL���6DEDKDWWLQFLOHUVH�7HúHEE�V�L�ùDKVL�

YH�$GHP�L�0HUNH]L\HWoL�GL\HFHNOHUGL��-|Q�7�UNOHULQ�LNLQFL�NXUXOWD\Õ\VD�����¶GH�WRSODQDFDN�

.DQXQ�L�(VDVL¶QLQ�\�U�UO�÷H�JLUPHVLQGH�PXWDEÕN�NDODFDNWÕ��EX�NXUXOWD\D�\XNDUÕGDNL�JUXSODUOD�

EHUDEHU�(UPHQLOHU�EDúWD�ROPDN��]HUH�JD\ULP�VOLP�WHPVLOFLOHU�GH�NDWÕOPÕúWÕ�

-|Q�7�UNOHULQ�NXUXOWD\ODUÕ� oHNLúPHOHUL�VÕUDVÕQGD��(\O�O�����¶GD�RQ�DUNDGDú�6HODQLN¶WH�

2VPDQOÕ�+�UUL\HW�&HPL\HWL¶QL�NXUDU�YH�RUGX�LoLQGH�DUDODUÕQGD�(QYHU�3DúD¶QÕQ�GD�ROGX÷X�

VXED\ODU�DUDVÕQGD�|UJ�WOHQPH\H�EDúODU��%X�|UJ�WWHQ�3DULV¶H�NDoDQODU��RUDGD�2+&�LOH�27ø&¶L�

���(\O�O�����¶GH�NRQIHGHUDWLI�ELU�\DSÕGD�ELUOHúWLUHUHN�|UJ�W�Q�\HQLGHQ��øWWLKDW�YH�7HUDNNL�

�����$�J�H���V���������������$�J�H���V�����������$�J�H���V����������������������� 2UKDQ�.ROR÷OX��³,,��$EG�OKDPLW¶LQ�6L\DVDO�'�ú�QFHVL´��0RGHUQ�7�UNL\H¶GH�6 L\DVL�'�ú�QFH��&��,��&XPKXUL\HW¶H�'HYUHGHQ�'�ú�QFH�0LUDVÕ�7DQ]LPDW�YH�0HúUXWL\HW¶LQ�%LULNLPL���(GLW|U��0HKPHW�g��$NODQ��øVWDQEXO��øOHWLúLP�<D\��������V������

DGÕOD�DQÕOPDVÕQÕ�VD÷ODGÕODU��gUJ�W�Q�DPDFÕ�PHúUXWL\HW�LKWLODOGLU����+D]LUDQ�����¶GH�J�oOHQHQ�

$OPDQ\D�YH�-DSRQ\D¶\D�NDUúÕ�øQJLOWHUH�YH�5XV\D�GHYOHW�EDúNDQODUÕ�HSH\GLU�ND\QD\DQ�

0DNHGRQ\D��VRUXQXQX�J|U�úPHN�LoLQ�WRSODQÕU��0DNHGRQ\D¶GDNL�øWWLKDWoÕ�VXED\ODU�DUVÕQGD�EX�

J|U�úPHQLQ�KDYDVÕ�ú|\OH�\DQVÕU��³5HYDO¶GH�7�UNL\H¶QLQ�WDNVLPLQH�NDUDU�YHULOGL�´�øWWLKDWoÕODUÕQ�

0DQDVWÕU�úXEHVL�5XV\D�GÕúÕQGDNL�GHYOHWOHUH�WHOJUDIODU�J|QGHUHUHN��0DNHGRQ\D¶\D

P�GDKDOHGHQ�YD]JHoLOPHOHULQL�ELOGLULU��gUJ�W�LoLQGHQ�5HVQHOL�1L\D]L�����+D]LUDQ�����¶GH�

\�]��DúNÕQ�VLODKOÕ�J�F�\OH�GD÷D�oÕNDU��D\QÕ�VÕUDGD�(QYHU�%H\�GH�KDUHNHWOLGLU��+HU�LNL�DVNHU�

.DQXQ�Õ�(VDVL¶\L�LVWHGLNOHULQL�YH�0HúUXWL\HW�UHMLPLQH�JHoLOPHVL�JHUHNWL÷LQL�NDPXR\XQD�

ELOGLULU��<ÕOGÕ]�VDUD\ÕQD�0HúUXWL\HW�LVWHNOL�WHOJUDIODU�\D÷DU��0DNHGRQ\D�LV\DQÕQÕ�EDVWÕUPDN�LOH�

J|UHYOL�$UQDYXW�ùHPVL�3DúD��0DQDVWÕU�3RVWDQHVL�|Q�QGH�ELU�øWWLKDWoÕ�IHGDLQLQ��$WÕI�%H\LQ��

NXUúXQX\OD�|OG�U�O�U��$UQDYXWODU�GD�NLWOHVHO�ELU�ELoLPGH�0HúUXWL\HW�LVWH\LQFH�<ÕOGÕ]�6DUD\Õ�

ILLOL�GXUXPX�NDEXOOHQLU�YH�,,�0HúUXWL\HW�����7HPPX]�����¶GH�LODQ�HGLOLU�

(QYHU�%H\� ù�6��$\GHPLU¶LQ�HVHULQLQ�ELULQFL�FLOGLQLQ�VRQXQGD�YH�LNLQFL�FLOGLQ�EDúÕQGD�

0HúUXWL\HW¶LQ�LODQÕ\OD�ELU�³K�UUL\HW�NDKUDPDQÕ´�RODUDN�NDUúÕPÕ]D�oÕNÕ\RU�����7HPPX]�����¶GH�

0DNHGRQ\D¶GD�2VPDQOÕ�'HYOHWL¶QLQ�KDVWD�RODUDN�J|U�OG�÷���DUWÕN�SD\ODúÕOPDVÕ�JHUHNHQ�

WRSUDNODU�RODUDN�J|U�OG�÷��ùDUN�0HVHOHVL¶QH�DWÕIOD�ú|\OH�GL\RUGX��³+DVWD\Õ�WHGDYL�HWWLN�´���

øVPDLO�(QYHU������¶GH�øVWDQEXO¶GD�NRQG�NW|U�RODUDN�oDOÕúDQ�ELU�EDEDQÕQ�R÷OX�RODUDN�GR÷PXú��

DVNHUL�U�úWL\H�YH�LGDGL\L�0DQDVWÕU¶GD�RNXPXúWX�³VDNLQ��oDOÕúNDQ��IDNDW�YDVDW�]HNDOÕ�ELU�|÷UHQFL�

RODUDN´�DQÕOÕUPÕú�����øGDGL\L�WDPDPODGÕNWDQ�VRQUD�+DUEL\H¶\H�JLUPLú������¶GH�.XUPD\�

2NXOX¶QX�LNLQFLOLN�LOH�WDPDPODPÕúWÕ��RNXOXQ�DUGÕQGDQ�0DNHGRQ\D¶\D��o�QF��2UGX¶\D�

DWDQPÕú��EXUDGD�%XOJDU�oHWHOHUL\OH�JLUGL÷L�P�FDGHOH\OH��QOHQPLú������¶GD�ELQEDúÕOÕ÷D�WHUIL�

HWPLúWL������¶GD�DPFDVÕ�+DOLO�DUDFÕOÕ÷Õ\OD�2+&¶\H�NDWÕODQ�(QYHU�%H\��0HúUXWL\HW�

NDKUDPDQODUÕ�DUDVÕQD�JLUHUHN��LODQ�HGLOGL÷LQGH�6HODQLN¶H�JHOLU��EXUDGD�FRúNX\OD�NDUúÕODQÕU��

WRSOXP�RQX�³�VW�Q�DGDP´�RODUDN�NDEXO�HGHU��&HPDO�3DúD�NDUúÕODPD�VÕUDVÕQGD�³(QYHU�VHQ�DUWÕN�

1DSRO\RQ�ROGXQ´�GHU��$\GHPLU¶LQ��.DUDEHNLU¶LQ�DQÕODUÕQD�GD\DQDUDN�DNWDUGÕ÷ÕQD�J|UH�

(QYHU¶LQ�HYLQGH�1DSRO\RQ�KH\NHOOHUL��UHVLPOHUL�YDUGÕ��(QYHU�LoLQ�1DSRO\RQ�ELU�LGHDO�ROPXúWX��

0HúUXWL\HW¶LQ�LODQÕ\OD�VL\DVDO�\DúDPGD�GD�ER\�J|VWHUPH\H�EDúOD\DFDN��EX�PLOOHWL�NXUWDUPD\D�

$OODK¶ÕQ�NHQGLVLQL�VHoWL÷LQH�LQDQDFDNWÕ����

0HúUXWL\HW�UHMLPLQH�WHSNL�JHFLNPHPLú�����0DUW�9DNDVÕ�PH\GDQD�JHOPLúWL��$\GHPLU�

LoLQ����0DUW�2OD\Õ��UHMLPL�NRUXPDN�LoLQ�øVWDQEXO¶D�JHOHQ�$YFÕ�7DEXUODUÕQÕQ�VDKLSVL]�

�����$\GHPLU��(QYHU�3DúD«��&�,��V�����������$�J�H���V����������ùHYNHW�6�UH\\D�$\GHPLU��0DNHGRQ\D¶GDQ�2UWDDV\D¶\D�(QYHU�3DúD��&��,,���������������%DV���øVWDQEXO��5HP]L�.WDEHYL�������V�����

NDOPDVÕ\OD�SDWODN�YHUGL��6XED\ODU�NHQGLOHULQL�%H\R÷OX�\DúDPÕQD�NDSWÕUPÕú��DVNHUOHU�'HUYLú�

9DKGHWL¶QLQ�úHUDLWoL�SURSDJDQGDVÕQGDNL�oDYXúODUÕQ�HOLQGH�NDOPÕú��JD]HWHFL�+DVDQ�)HKPL¶QLQ�

|OG�U�OPHVL��]HULQH�9DKGHWL�JD]HWHVLQGH�0HúUXWL\HW�UHMLPLQLQ�NDOGÕUÕOPDVÕ�JHUHNWL÷LQL�

V|\OHPLú��LV\DQ�SDWODN�YHUPLúWL��.ÕVD�V�UHQ�LV\DQ�0DNHGRQ\D¶GDQ�JHOHQ�+DUHNHW�2UGXVX�

WDUDIÕQGDQ�EDVWÕUÕODUDN�$EG�OKDPLW�WDKWWDQ�LQGLULOGL������¶OX�\ÕOODU�2VPDQOÕODU�LoLQ�\ÕNÕPÕQ�

EDúODQJÕFÕ�ROGX��|QFH�7UDEOXVJDUS¶WD�EDúOD\DQ�VDYDúODU��%DONDQODU�YH�'�Q\D�6DYDúÕ\OD�

JHQLúOHGL��%DONDQ�6DYDúÕ�2VPDQOÕODU�LoLQ�E�\�N�ND\ÕSODUD�\RO�DoDUNHQ����2FDN�����¶WH�EHú�

NLúL\OH�JHUoHNOHúHQ�%DEÕDOL�%DVNÕQÕ�LOH�ø7&��.DPLO�3DúD�K�N�PHWLQL�GHYLUPLú�����+D]LUDQ�

����¶WH�GH�6DGUD]DP�YH�+DUEL\H�1D]ÕUÕ�0DKPXW�ùHYNHW�3DúD¶QÕQ�|OG�U�OPHVLQLQ�DUGÕQGDQ�

ø7&�³WDP�YH�VRUXPVX]´�ELU�ELoLPGH�LNWLGDUD�\HUOHúPLúWL��(QYHU�%H\�����2FDN�����¶WH�SDúDOÕ÷D�

\�NVHOGL�YH�|QFH�+DUEL\H�1D]ÕUÕ�DUGÕQGDQ�*HQHONXUPD\�%DúNDQÕ�RODFDN��7DODW��+DOLO�YH�6DLW�

+DOLP�3DúD¶QÕQ�NDUDUÕ\OD�2VPDQOÕODUÕ�$OPDQ\D¶QÕQ�\DQÕQGD�'�Q\D�6DYDúÕ¶QD�V�U�NOH\HFHNWL��

$OPDQODUOD���$÷XVWRV�����¶WH�LWWLIDN�DQODúPDVÕ�LP]DODQGÕ�NL�EX�DQODúPDGDQ�0HKPHW�&DYLW�

%H\�YH�&HPDO�3DúD�KDEHUVL]GLOHU���VWHOLN�øWWLKDWoÕODUÕ�KDUEH�V�U�NOH\HQ�HWNHQOHULQ�DUDVÕQGD�

(QYHU¶L�³�VW�Q�DGDP´�ROGX÷X�NRQXVXQGD�JD\UHWH�JHWLUHQ��øVODPFÕ�7XUDQFÕ�H÷LOLPOHUL�

JÕGÕNOD\DQODU�GD�XQXWXOPDPDOÕ\GÕ��³�«��EL]L�KDUEH�V�U�NOHUNHQ��EL]LP�øUDQ��7XUDQ�YH�$OHP�L�

øVODP�ED÷ODQWÕODUÕPÕ]Õ�JÕFÕNOD\DQ��PHVHOD�øUDQ¶GD�EL]H��$IJDQLVWDQ��+LQGLVWDQ��KD\DOOHUL�

\DúDWDQODU�$OPDQODUGÕ�´����$QFDN�QH�ROXUVD�ROVXQ�$\GHPLU�LoLQ���³��«��EX�KDUELQ�EDú�DGDPÕ�

YH�\|QHWLFLVL��ú�SKH�\RN�NL�(QYHU�3DúD¶GÕU´���

(QYHU�%H\��ø7&¶QLQ������6HODQLN�.XUXOWD\Õ¶QGD�LGDUL�NRPLWHVL�LoLQGH�\HU�DOPÕú��

FHPL\HWLQ�|QGH�JHOHQOHULQGHQ�ELUL�ROPXúWX��øKWLODO�JHUoHNOHúWLULOPLú���0HúUXWL\HW��LGDUHVL�

\HQLGHQ�NXUXOPXúWX��DQFDN�RUWD\D�ELU�LKWLODO�K�N�PHWL��oÕNPDGÕ��VDGUD]DPOÕN�HVNLOHU�DUDVÕQGD�

JLWWL�JHOGL�������VRQODUÕQGD�\DSÕODQ�VHoLPOHUL�E�\�N�ELU�oR÷XQOXNOD�ø7&�ND]DQPÕú��3UHQV�

6DEDKDWWLQ¶GHQ�HVLQOH�NXUXODQ�$KUDU�)ÕUNDVÕ�LVH�DQFDN�ELU�YHNLO�oÕNDUDELOPLúWL��$\GHPLU�

ø7&¶QLQ�QH�ROGX÷X�VRUXVX�NDUúÕVÕQGD�RQXQ�ELU�SDUWLGHQ�oRN�NRPLWHFL�\DQÕQD�LúDUHW�HGL\RU��

NHQGLQL�ELU�SDUWL�RODUDN�LODQ�HWVH�GH�GL\RU��³�KDNLNDWWH�SDUWL�GH÷LO��NRPLWH�ROPDN��YH\D�

NRPLWHFLOLN�]LKQL\HWL��KLoELU�]DPDQ�GH÷LúPH\HFHNWLU�´�����$VOÕQGD�ELU�GH÷LO�LNL�øWWLKDWoÕ�

JHOHQHNWHQ�V|]�HWPHN�P�PN�Q��%LULQFL�øWWLKDW�7HUDNNL�RODUDN�DGODQGÕUDELOHFH÷LPL]�KDUHNHWLQ�

ND\QD÷Õ��DQD\DVDO�ELU�DQOD\ÕúD�GD\DQDQ�*HQo�2VPDQOÕODU�YH\D�-|Q�7�UNOHUGL��2QODU��)UDQVÕ]�

'HYULPL¶QLQ�LQVDQ�KDNODUÕ�WHPHOLQH�GD\DQDQ�DQD\DVDO�KDUHNHWLQL�EHQLPVHPLú��\HUOL�

EXUMXYD]LQLQ�|Q�Q��DoDQ�LNWLVDGL�OLEHUDOL]PH�\|QHOPLú��³2VPDQOÕ�9DWDQÕ´�ILNULQL�VDYXQPXúWX��

�����$�J�H���V�����������$�J�H���V�����������$�J�H���V�����

<HQL�2VPDQOÕODU�øWWLKDW�YH�7HUDNNL�ELoLPLQGH�|UJ�WOHQPLú��LNL�KHGHI�EHOLUOHPLúOHUGL�����

$EG�OKDPLW¶LQ�WDKWWDQ�LQGLULOPHVL��GHVSRWL]PLQ�RUWDGDQ�NDOGÕUÕOPDVÕ�����$QD\DVDO�HúLWOLNOH�ELU�

³RUWDN�YDWDQ´�NXUXOPDVÕ������¶GH�2+&�LOH�27ø&¶LQ�ELUOHúPHVL�KDUHNHWLQ�VXED\�D÷ÕUOÕ÷ÕQÕ�

DUWWÕUPÕú�YH�ø7&�DoÕN�YH\D�JL]OL�7�UNo�O�÷H�\|QHOPLúWL�����%XQXQOD�ELUOLNWH�L\L�N|W��

VDYXQXOPDVÕ�JHUHNHQ�ELU��LPSDUDWRUOXN�YDUGÕ�YH�øWWLKDWoÕODU�EXQGDQ�GROD\Õ�2VPDQOÕOÕ÷Õ�

EHQLPVHPLú�J|U�QG�OHU��³øPSDUDWRUOX÷XQ�o�U�N�GH�ROVD�GHVWHNOHULQGHQ�ELUL�EX\GX��'L÷HU�ELU�

GHVWHN��\D�GD�ELUOHúWLULFL�LONH�RODQ�øVODPFÕOÕ÷Õ�GD�\HGHNWH�EXOXQGXUPD\Õ�LKPDO�HWPHGLOHU´���

$\GHPLU�LoLQ�(QYHU�3DúD�KÕUVOÕ\GÕ��LQDWoÕ\GÕ��DQFDN�PLOOL\HWoLOLNOHU�oD÷ÕQGD�ELU�RUWDoD÷�

DGDPÕ\GÕ��³oD÷ÕQ�UXKX´�PLOOL�GHYOHWOHUL�J�oOHQGLUL\RU�VÕQÕIODU�HVDVÕQD�GD\DQVD�GD

PLOOL\HWoLOLNOHU�GHYUL�\DúDQÕ\RUGX��2VPDQOÕ�øPSDUDWRUOX÷X�GD�GD÷ÕOÕ\RU��%DONDQOÕ�KDONODU�NHQGL�

GHYOHWOHULQL�NXUX\RUGX��'�Q\D�VDQD\LOL�YH�VDQD\LVL]�PHPOHNHWOHU�ROPDN��]HUH�LNL�E�\�N�NXWED�

D\UÕOÕ\RU��7�UNL\H�ELU�\DUÕ�V|P�UJH�GXUXPXQD�JHOL\RUGX��%XUDGD�DVÕO�RODQ�$\GHPLU�LoLQ�

7�UNOHULQ�³PLOOL�úXXUXQD�GR÷UX�\�U�\�S�PLOOL\HWoLOL÷LQL�JHOLúWLUPHVLGLU�´����'�Q\D�6DYDúÕ�

\ÕOODUÕQGD�øWWLKDW�7HUDNNL�GHPHN�(QYHU�3DúD�GHPHN�ROPXú��VDYDúWDQ�V|]�HWPHN�(QYHU�3DúD¶QÕQ�

VDYDúÕQGDQ�V|]�HWPHN�DQODPÕQD�JHOPLúWL��$\GHPLU¶H�J|UH�(QYHU�3DúD���KHU�]DPDQ 2VPDQOÕFÕ�

YH�øVODPFÕ�NDOPÕúWÕ���� $\GHPLU¶LQ�(QYHU�3DúD¶QÕQ�ø7&¶\H�WDP�DQODPÕ\OD�|]HOOLNOH�VDYDú�

\ÕOODUÕQGD�KDNLP�ROGX÷XQX�V|\OHPHVLQH�NDUúÕOÕN�)HUR]�$KPDG � � &HPL\HW�\|QHWLPLQLQ�

J|U�QG�÷�QGHQ�GDKD�NDUPDúÕN�ROGX÷XQX�'�Q\D�6DYDúÕ�\ÕOODUÕQGD�(QYHU¶LQ�HWNLQOL÷LQLQ�

DUWWÕ÷ÕQÕQ�V|\OHQHELOHFH÷LQL�EHOLUWVH�GH�0HUNH]�.RPLWH¶QLQ�VRQXQD�NDGDU�|QHPLQL�NRUXGX÷XQX�

V|\O�\RU�����.ÕVDFD�V|\OHUVHN�(QYHU�3DúD�GL\RU�$\GHPLU���³5RPDQWLN�PL\GL"�+D\ÕU��%LU�

+D\DOSHUHVW�PL\GL"�%HONL«�)DNDW�ú�SKH�\RN�NL�NDUDUODUÕQGD�VÕQÕUVÕ]�ELU�øKWLUDV�$GDPÕ\GÕ��

(÷HU��dD÷��EDúND�ELU�dD÷�ROVD\GÕ��H÷HU�dD÷ÕQ�DNÕPODUÕ��EX�dD÷ÕQ�DNÕPODUÕ�GH÷LO�GH�'�Q\D��

2UWDoD÷�úDUWODUÕ�LoLQGH�EXOXQVD\GÕ��EHONL�(QYHU�3DúD�GD�R�J�Q�RUDGD�ELU�$GVÕ]�RODUDN�oÕNWÕ÷Õ�

\ROGD��ELU�J�Q��EHONL�ELU�6HY�NWHNLQ��ELU�*D]QHOL�0DKPXW��\D�GD�ELU�6HOoXN��7LPXU�ROXU��

oÕNDELOLUGL�´���

$\GHPLU¶LQ�X]XQ�X]XQ�DQODWWÕ÷Õ�VDYDú�\ÕOODUÕQÕ�ELU�WDUDID�EÕUDNÕS�NÕVDFD�(QYHU�3DúD¶QÕQ�

VDYDú�VRQUDVÕ�GXUXPXQD�EDNDOÕP��(QYHU�3DúD�GD�DUNDGDúODUÕ�JLEL�VDYDú�VRQUDVÕQGD�$OPDQ\D¶\D�

NDoPÕú��EXUDGD�KHP�%ROúHYLNOHUOH�KHP�GH�øQJLOL]OHUOH�WHPDVODU�NXUPXúWX��gQFHOLNOH�

�����6XDYL�$\GÕQ��³øNL�øWWLKDW�7HUDNNL��øNL�$\UÕ�=LKQL\HW�øNL�$\UÕ�6L\DVHW´�0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&�,�&XPKXUL\HW¶H�'HYUHGHQ�'�ú�QFH�0LUDVÕ�7DQ]LPDW�YH�0HúUXWL\HW¶LQ�%LULNLPL��(GLW|U��0HKPHW�g��$NODQ��øVWDQEXO��øOHWLúLP�<D\��������V����������6LQD�$NúLQ��-|Q�7�UNOHU�YH�øWWLKDW�YH�7HUDNNL�����%DV���$QNDUD��øPJH�.LWDEHYL��������V�����������$\GHPLU��(QYHU�3DúD«�&,,��V�����������$�J�H���V���������������)HUR]�$KPDG��øWWLKDW�YH�WHUDNNL������������dHYLUHQ��1XUDQ�<DYX]�����%DV���øVWDQEXO��.D\QDN�<D\���������V���������������ùHYNHW�6�UH\\D�$\GHPLU��0DNHGRQ\D¶GDQ�2UWDDV\D¶\D (QYHU�3DúD���&��,,,�����%DV���øVWDQEXO��5HP]L�.LWDEHYL������ �V������

%ROúHYLNOHUOH�WHPDV�NXUXS�³øVODP�6RV\DOL]PL´�LONHVLQL�EHQLPVHPLú��KHPHQ�DUGÕQGDQ�GD�

øQJLOL]OHU�LOH�WHPDVODUÕ�QHWLFHVLQGH�\DUGÕP�DODELOLUVH��³7�UN�YH�øVODP�kOHPLQLQ�NXUWDUÕOPDVÕ´�

LoLQ�%ROúHYLNOHUH�NDUúÕ�VDYDúDELOHFH÷LQL�V|\OHPLúWL��1LKD\HW�%ROúHYLNOHU�LOH�\DNÕQ�WHPDV�

NXUDELOPHN�LoLQ�0RVNRYD¶\D�JLGHU�JHOLU��%kN��'R÷X�+DONODUÕ�.XUXOWD\Õ¶QD�)DV��7XQXV��

&H]D\LU��7UDEOXVJDUS�LQNÕODSODUÕQÕ�WHPVLOHQ�NXUPD\Õ�WDVDUODGÕ÷Õ�³øVODP�øKWLODO�&HPL\HWOHUL�

øWWLKDGÕ´�DGÕQD�NDWÕOÕU��DQFDN�EXUDGD�QXWNXQX�NHQGLVLQLQ�RNXPDVÕQD�L]LQ�YHULOPH]��1XWNXQ�

RNXQDFD÷Õ�VÕUD�7�UN�.RP�QLVWOHUL��VDYDú�GROD\ÕVÕ\OD�VRUXPOX�J|UG�NOHUL�3DúD¶\D�³.XUXOWD\D�

GH÷LO��+DON�PDKNHPHVLQH����´�ELoLPLQGH�ED÷ÕUDUDN�VDWDúÕU��QXWNX�NHQGLVLQLQ�RNXPDVÕQD�L]LQ�

YHUPH]OHU��QLKD\HW�V|\OHY�ELU�EDúNDVÕ�WDUDIÕQGDQ�RNXQXU��(QYHU�3DúD�LVWLODFÕOÕN�SHúLQGH�

NRúPDGÕ÷ÕQÕ���ONHQLQ�IHODNHWOHUH�X÷UDPDVÕ�GROD\ÕVÕ\OD�VDYDúD�JLULOGL÷LQL�V|\OHU��³<ROGDúODU�´��

GHU��³úLPGLNL�5XV\D�R�]DPDQ�PHYFXW�ROVD�YH�EXJ�QN��PDNVDWODU�X÷UXQGD�KDUS�HWVH\GL��EL]�

úLPGL�\DSWÕ÷ÕPÕ]�JLEL��R�]DPDQ�GD�E�W�Q�NXYYHWLPL]OH�RQXQ�VDIÕQGD�EXOXQXUGXN´���

$\GHPLU¶H�J|UH�(QYHU�3DúD¶QÕQ�WHPHO�ND\JÕVÕ��'R÷X�KDONODUÕQÕQ�NXUWXOXúXQGDQ�oRN�

$QDGROX�LGL��0XVWDID�.HPDO¶LQ�D\D÷ÕQÕQ�V�UoPHVL�GXUXPXQGD�$QDGROX¶\D�JLUHFHN�YH�GLUHQLú�

P�FDGHOHVLQLQ�EDúÕQD�JHoHFHN��LNWLGDU�RODFDNWÕ��]LUD�%ROúHYLNOHU�GH�RQX�E|\OHVL�ELU�GXUXP�LoLQ�

\DQODUÕQGD�WXWPXúWX��3DúD��|QFHOLNOH�øVODP�øKWLODO�&HPL\HWOHUL�øWWLKDGÕ��DUGÕQGDQ�7�UNL\H�+DON�

ùXUDODUÕ�.RQJUHVL¶QL�G�]HQOHVH�GH�|UJ�WOHQPH�NRQXVXQGD�KHU�KDQJL�ELU�EDúDUÕ�ND\GHGHPH]��

%LU�V�UH�VRQUD�0XVWDID�.HPDO�6DNDU\D�=DIHUL¶QL�ND]DQÕU��6RY\HWOHU�7�UNL\H¶\H�GDLPL�

HOoLOL÷LQL�J|QGHULU��GROD\ÕVÕ\OD�(QYHU�3DúD¶\D�GX\XODQ�LKWL\Do�GD�RUWDGDQ�NDONDU��%XQXQ�

�]HULQH�(QYHU�3DúD�%ROúHYLNOHUH�NDUúÕ�7XUDQ�YH�øVODP�LoLQ�VDYDúDFDNWÕ��øON�RODUDN�%XKDUD¶\D�

JLGHU��EXUDGD�NHQGLVL\OH�J|U�úHQ�=HNL�9HOLGL�7RJDQ RQX�GHULQ�ELU�³PHoKXODW´�LoLQGH�J|U�U��³�

(QYHU�3DúD��EX�P�FDGHOH\H�JLULúPHN�LVWHGL÷L�7�UNLVWDQ�KDNNÕQGD��KDWWD�FR÷UDI\D\D�YH�

LVWDWLVWL÷H�DLW�$YUXSD�QHúUL\DWÕQGDQ�ELOH�KDEHUOL�GH÷LOGL��%LU�LQVDQÕQ�EX�NDGDU�PHoKXODW�LoLQGH��

QDVÕO�NHQGLQL�PDFHUD\D�DWDELOHFH÷LQH�KD\UHW�HWPHPHN�HOGHQ�JHOPH]GL��+Lo�ú�SKH�\RN�NL�(QYHU�

3DúD�7�UNLVWDQ¶GD�\DSDFD÷ÕP�GHGL÷L�LúOHUL��%XKDUD¶GD�EXOXQGX÷X����J�Q�]DUIÕQGD�

NDUDUODúWÕUPÕú�RODFDNWÕ«´����(QYHU�3DúD�³8OX�7XUDQ´�LoLQ�%ROúHYLNOHUH�NDUúÕ�VDYDúDQ�

%DVPDFÕODUD NDWÕOPDN��]HUH�'R÷X�%XKDUD¶\D�JLGHU��EXUDGD�\�]�HOOL�NLúLOLN�ELU�ELUOL÷L�YDUGÕ��

DQFDN�NÕVD�]DPDQGD�$EG�OKDPLW¶L�LQGLUHQ�ELU�³FHGLWoL´�RODUDN�J|U�O�U��DGDPODUÕ\OD�ELUOLNWH��o�

D\�V�UHFHN�ELU�HVLU�KD\DWÕ�\DúDU��1LKD\HW�VHUEHVW�NDOÕU��%XKDUD�úHULILQLQ�\DUGÕPODUÕ\OD�

DVNHUOHULQLQ�VD\ÕVÕ�LNL�\�]H�oÕNPÕú��%ROúHYLNOHUOH�oDWÕúPD\D�EDúODPÕúWÕU��.HQGLVLQL�øVODP�

2UGXODUÕQÕQ�.XPDQGDQÕ�RODUDN�J|U�U��ELU�EH\DQQDPHGH�ú|\OH�GHU��³.kILUOHULQ�G�úPDQÕ�RODUDN�

EHQ��VL]H��GLQLQ�YH�YDWDQÕQ�PXKDID]DVÕ�LoLQ�P�FDGHOH�HGHQ�JD]LOHUH�VHODP�HGHULP��2QGDQ�

�����$�J�H���V�����������$�J�H���V������

VRQUD�ELOGLULULP�NL��EX�DQGDQ�LWLEDUHQ��%XKDUD�\Õ�ùHULI��+LYH�YH�E�W�Q�7�UNLVWDQ¶Õ�LVWLOD�HGHQ�

5XVODUGDQ�WHPL]OHPHN�LoLQ��5XVODUD�NDUúÕ�FLKDW�LODQÕ�LOH��E�W�Q�øVODP�NXYYHWOHULQLQ�

NXPDQGDVÕQÕ��]HULPH�DOGÕP�´����(QYHU�3DúD¶QÕQ�PDFHUDVÕ�oRN�JHoPHGHQ�VRQD�HUHFHN��

DGDPODUÕ\OD�ELUOLNWH�oHNLOGLNOHUL�ELU�N|\GH�EDVNÕQD�X÷UD\DFDN��\DOÕQ�NÕOÕoOD�|O�PH�JLGHFHNWL��

³%|\OHFH�oD÷GDú�PLWUDO\|]��RUWDoD÷ÕQ��QO��VLODKÕ�RODQ�NÕOÕFÕ�\HQHU��(QYHU�3DúD�YXUXOXU´���

�����$�J�H���V�����������$�J�H���V������

������7HN�$GDP��0XVWDID�.HPDO�$WDW�UN

ùHYNHW�6�UH\\D�$\GHPLU��7HN�$GDP�DGOÕ�DQÕWVDO�oDOÕúPDVÕQÕ�����������\ÕOODUÕQGD��o�

FLOW�KDOLQGH�\D\ÕPODGÕ��dDOÕúPDVÕQÕQ�NLPL�E|O�POHUL�GDKD�|QFH�<|Q�GHUJLVLQGH�\D\ÕPODQPÕú��

ELU�NLWDS�KDOLQGH�oÕNPDVÕQÕQ�DUGÕQGDQ�LVH�KD\OL�\DQNÕ�X\DQGÕUPÕúWÕ��<XNDUÕGD�DQODWÕOGÕ÷Õ�JLEL�

$\GHPLU�������'HPRNUDVLVL�RODQDNODU�LoLQGH�|]HOOLNOH�<|Q�oHYUHVL�&XPKXUL\HW�JD]HWHVL\OH��

\DNÕQ�LOLúNLOHU�NXUPXú��HYLQL�oHúLWOL�oHYUHOHUGHQ�LQVDQODUÕQ�NDWÕOGÕ÷Õ��G�ú�QFHOHULQL�\D\GÕ÷Õ�

VL\DVDO�ELU�G�]OHP�KDOLQH�JHWLUPLúWL��%X�G|QHPGH�0XVWDID�.HPDO�YH�KDUHNHWLQLQ�GR÷UX�

GH÷HUOHQGLULOPHGL÷LQL�V|\O�\RU��7�UN�D\GÕQODUÕQÕ�HOHúWLUL\RUGX��6L\DVDO�\DúDPÕQ�UHQNOHQGL÷L��

VÕQÕIVDO�P�FDGHOHQLQ�V|\OHP�G�]H\LQGH�DODELOGL÷LQH�WDUWÕúÕOGÕ÷Õ�����¶ODUGD�$\GHPLU��7HN�

$GDP�DGOÕ�oDOÕúPDVÕQÕ��o�FLOW�KDOLQGH�DUND�DUND\D�\D\ÕPODGÕ��%L]�EXUDGD��o�FLOGL�WHN�WHN�HOH�

DODUDN�YH�JHQHO�KDWODUÕ\OD��|QHPOL�VRUXQODUÕ�HOH�DOÕS�EX�VRUXQODUD�$\GHPLU¶LQ�\DNODúÕPODUÕQÕ�

|QH�oÕNDUDFD÷Õ]��.LPL�]DPDQ�|]HWOHPHOHU�\DSPDN�]RUXQGD�NDOVDN�GD�VRUXQOX�DODQODU��]HULQGH�

\R÷XQODúDFDN��V|]JHOLPL�LON�FLOWWH�³WDULKL�ELU�úDKVL\HW´�RODUDN�0XVWDID�.HPDO��0XVWDID�.HPDO�

øWWLKDW�7HUDNNL��0XVWDID�.HPDO�(QYHU�3DúD��0XVWDID�.HPDO¶LQ�$QDGROX¶\D�oÕNÕúÕ�JLEL�VRUXQODU�

�]HULQGH�GXUXUNHQ�����������\ÕOODUÕQÕ�.XUWXOXú�P�FDGHOHVLQL�NDSVD\DQ�LNLQFL�FLOWWH�GDKD�oRN�

øVWDQEXO�$QNDUD�LOLúNLOHUL��DVNHUL�GLSORPDWLN�P�FDGHOHOHU�YH�,��0HFOLV¶LQ�úHNLOOHQPHVL�

NRQXPX]�RODFDN��VRQ�RODUDN�����������\ÕOODUÕQÕ�NDSVD\DQ��o�QF� FLOWWH��0XVWDID�.HPDO�

|QGHUOL÷LQGH�JHUoHNOHúHQ�GHYULPOHU�V�UHFLQL��7S&)�KDUHNHWLQL�YH�WHN�SDUWL�VRUXQXQX��

����¶ODUGDNL�6&)�GHQH\LPLQL��7�UN�'HYULPL¶QLQ��VÕQÕIVDO�N|NHQLQL��NÕVDFD��$\GHPLU¶LQ��

\DQÕWODU�DUDGÕ÷Õ�VRUXODU�VRUXQODU��]HULQGH��RQXQ�J|U�úOHULQL�|QH�oÕNDUÕU�ELU�ELoLPGH�GXUDFD÷Õ]��

%X�VRUX�YH�VRUXQODU��]HULQGH�GXUXUNHQ�$WDW�UN�RGDNOÕ�GL÷HU�oDOÕúPDODUGDQ�GD�\DUDUODQDFDN��

$\GHPLU¶L�ELU�EDNÕPD�NHQGL�NXOYDUÕQGD�PHVOHNWDúODUÕQÕQ�\RUXPODUÕ\OD�D\ÕUW�HWPH\H�oDED�

J|VWHUHFH÷L]��DQFDN�\XNDUÕGD�GD�\DSWÕ÷ÕPÕ]�JLEL�EL]GHQ�ELU�G|QHP�oDOÕúPDVÕ�EHNOHQPHPHOL��

\DSPDN�LVWHGL÷LPL]�V�UHNOL�YXUJXODGÕ÷ÕPÕ]�JLEL�$\GHPLU�WDULKoLOL÷LQL�J|U�O�U�KDOH�

JHWLUHELOPHNWLU�

%LULQFL�&LOW��������������dDOÕúPDQÕQ�PHUNH]LQGH�\HU�DODQ�0XVWDID�.HPDO�$\GHPLU�

LoLQ�ELU�³WDULKL�úDKVL\HW´�LGL� |QV|]GH�ú|\OH�\D]PÕúWÕ��³0XVWDID�.HPDO��KHP�7�UN�WRSOXPXQXQ�

YH�oD÷ÕQÕQ�ELU�PDKVXO���KHP�EX�WRSOXPD�YH�oD÷ÕQÕQ�úDUWODUÕQD��NDUúÕOÕNOÕ�RODUDN�WHVLU�HGHQ�ELU�

WDULKL�úDKVL\HW�RODUDN�DOÕQPÕúWÕU��<DQL�0XVWDID�.HPDO�KHP�WRSOXPXPX]XQ�YH�GHYULPL]LQ�

HVHUL¶GLU��+HP�NHQGLQL�\DUDWDQ�EX�WRSOXPXQ�YH�oD÷ÕQ�KD\DW�YH�NDGHULQH�WHVLU�HGHUHN�RQODUD�

\|Q�YH�úHNLO�YHUPLúWLU�´����dDOÕúPDQÕQ�LOHUOH\HQ�FLOWOHULQGH�GH÷LQHFH÷L��]HUH�$\GHPLU�LoLQ�

0XVWDID�.HPDO��JHUHN�.XUWXOXú�VÕUDVÕQGD��JHUHN�&XPKXUL\HW¶LQ�NXUXOXúXQGD�YH�JHUHNVH�

GHYULPOHU�V�UHFLQGH�HQ�|QHPOL�IHQRPHQ��RODUDN�|QH�oÕNPÕúWÕ��%DVNÕQ�2UDQ�GD�D\QÕ�NRQX�

�]HULQGH�GXUDUDN�³WDULKWH�NLúL´QLQ�ROD\ODUÕQ�DNÕúÕQÕ�KÕ]ODQGÕUPDN�YH\D�\DYDúODWPDNWD�HWNLOL�

ROGX÷XQX�DQÕPVDWDUDN�ú|\OH�GL\RU��³7�UN�GHYULPLQL�LQFHOHGL÷LPL]�]DPDQ�0XVWDID�.HPDO¶LQ�

EXQX�GD�DúDQ�ELU�URO��ROGX÷XQX�J|U�\RUVXQX]��=DWHQ�EDúDW�LGHRORMLQLQ�$WDW�UN¶��

WDEXODúWÕUPDVÕQÕQ�ELU�JHUoHNOLN�WHPHOL�\RN�GH÷LO�´����$\GHPLU�YH�2UDQ�JLEL�EDúOÕ�EDúÕQD�

$WDW�UN¶��oDOÕúPD�NRQXVX�VHoPLú�SHN�oRN�WDULKoL��7�UNoH¶\H�oHYULOHQOHU�DUDVÕQGD�.LQURVV�YH�

\DNÕQ�]DPDQODU�LoLQ�0DQJR¶\X�GD�$WDW�UN¶�Q�WDULKVHO�ROD\ODUÕ�JHQHO�RODUDN�WDULKVHO�DNÕúÕ�

HWNLOHPHVL�EDNÕPÕQGDQ�³WDULKL�úDKVL\HW´�ROGX÷X�J|U�ú�QH�NDWÕOÕ\RUODU�VD\DELOLUL]��$\GHPLU�

oDOÕúPDVÕQÕQ��ELULQFL�FLOGLQGH�(QYHU�3DúD�0XVWDID�.HPDO�oHOLúNLVLQL�|QHPVHPLúWL��2QD�J|UH�

LNL�DVNHULQ�V�UW�úPHOL�LNWLGDU�P�FDGHOHVL�NÕVD�]DPDQGD�oRN�GDKD�GHULQ�DQODPODU�ND]DQDFDN��

0XVWDID�.HPDO�øWWLKDWoÕOÕ÷Õ�VHUW�HOHúWLULOHUL\OH�(QYHU�%H\�oHYUHVLQGHQ�X]DNODúDFDN��ELU�EDNÕPD�

\HQL�GH÷HUOHU�P�FDGHOHVLQH�JLULúHFHNWL��$úD÷ÕGD�ROD\ODU�LOH�(QYHU�3DúD�0XVWDID�.HPDO�

LOLúNLVLQH�\DNODúÕUNHQ�WHNUDU�HWPHNWHQ�VDNÕQPDGDQ�úXQX�V|\OH\HOLP�NL�$\GHPLU�LoLQ�(QYHU�

3DúD�oD÷ÕQÕ�WDPDPODPÕú��LKWLUDVOÕ�ELU�NLúL�0XVWDID�.HPDO�LVH�\HQL�GHYULQ�NDKUDPDQÕ\GÕ�

0XVWDID��6HODQLN¶WH�0�VO�PDQODUÕQ��+ÕULVWL\DQODUÕQ�YH�<DKXGL�WRSOXOXNODUÕQÕQ�D\UÕ�D\UÕ�

\DúDGÕ÷Õ��2VPDQOÕ�$YUXSDVÕQÕQ�YLOD\HW�PHUNH]LQGH�GR÷PXúWX��%DEDVÕ�$OL�5Õ]D�%H\��J�PU�N�

PXKDID]D�PHPXUX\GX��NÕVD�ELU�]DPDQ�WLFDUHW�LOH�PHúJXO�ROPXúVD�GD�EDúDUÕOÕ�RODPDPÕú��

NHQGLQL�LoNL\H�YHUPLú��oRN�JHoPHGHQ�ED÷ÕUVDN�YHUHPLQH�WXWXODUDN�GDKD����\DúÕQGD�EX�

G�Q\DGDQ�J|oP�úW������0XVWDID��6HODQLN¶WH�����¶WH�P�ONL\H�U�úWL\HVLQH��EXUDGDQ�DVNHUL�

U�úWL\H\H�YH�0DQDVWÕU�$VNHUL�øGDGLVL¶QH�ND\GROGX��øGDGLGH�VÕNÕ�ELU�1DPÕN�.HPDO

RNX\XFXVX\GX������¶GD��øVWDQEXO¶D�JHOHUHN�ELU�+DUEL\HOL�ROGX������¶GH�NXUPD\�VÕQÕIÕQD�NDEXO�

HGLOGL�YH�����¶WH����NXUPD\�DUDVÕQGDQ�EHúLQFLOLNOH�RNXOXQX�WDPDPODGÕ��.XUPD\�RNXOXQGDNL�

DUNDGDúODUÕ\OD�³JL]OL�HWNLQOLNOHUL´QLQ�LKEDU�HGLOPHOHUL��]HULQH���PH]XQ�ROGXNWDQ�VRQUD�RNXOGDQ�

DUNDGDúODUÕ\OD�ELU�DSDUWPDQ�GDLUHVL�WXWPXú��EXUDGD�PHPOHNHW�PHVHOHOHUL��]HULQH�WDUWÕúPDODUD�

JLULúPLúWL����NÕVD�ELU�]DPDQ�7DúNÕúOD¶GD�K�FUHOHUH�NDSDWÕOPÕúODU��VRUJXODQPÕúODU��DUGÕQGDQ�

³PHPOHNHWOHULQH�NROD\FD�G|QHPH\HFHNOHUL�ELU�E|OJH\H�J|QGHULOPHOHUL´�LúDUHWOHQPLú��QLKD\HW�

6XUL\H¶\H�ELU�EDNÕPD�V�UJ�Q�HGLOPLúOHUGL�����%X�G|QHPGH�ùDP��%HúLQFL�2UGX�PHUNH]L\GL��

0XVWDID�.HPDO�EXUDGD��o�NLúL\OH�³9DWDQ�YH�+�UUL\HW´�FHPL\HWLQL�NXUGX��DQFDN�6XUL\H¶QLQ�

NRúXOODUÕ�K�UUL\HW�P�FDGHOHVL�LoLQ�X\JXQ�ROPDPÕú��0XVWDID�.HPDO�|QFH�JL]OLGHQ�JLWWL÷L�

�����ùHYNHW�6�UH\\D�$\GHPLU��7HN�$GDP�0XVWDID�.HPDO������������&��,�������%DV���øVWDQEXO��5HP]L�.LWDEHYL��������V����������%DVNÕQ�2UDQ��$WDW�UN�0LOOL\HWoLOL÷L����%DV���$QNDUD��ELOJL�<D\ÕQHYL��������V�����������$\GHPLU��7HN«��V��������������$�J�H���V��������

6HODQLN¶H������¶GH�WD\LQLQL�DOGÕUPÕúWÕ��%XUDGD����(NLP�����¶GH�øWWLKDW�YH�7HUDNNL�

&HPL\HWL¶QH�NDWÕOGÕ��$\GHPLU�LoLQ�0XVWDID�.HPDO�FHPL\HWLQ�LKWLODOFL�ILNLUOHULQL�HOHúWLUGL÷LQGHQ�

NÕVD�]DPDQGD�J|]GHQ�G�úW���R�G|QHP�EHUDEHU�ROGX÷X�$OL�)XDW�&HEHVR\�EX�GXUXPX�ú|\OH�

DQODWÕ\RU��³�6HODQLN¶WH�KHU�LNLPL]�GH�FHPL\HWLQ�XPXPL�PHUNH]LQH�JLUPLú�YH�VRQUDODUÕ�PHUNH]OH�

WDúUD�WHúNLODWÕ�DUDVÕQGD�µUHKEHUOLN¶�HWPLúWLN��5HKEHUOLN�R�]DPDQODU�µJ|]GHQ�G�úP�ú¶�PDQDVÕQD�

JHOLUGL��6HEHS��KHU�LNLPL]�GH�FHPL\HWLQ�LKWLOkO�VL\DVHWLQL�oRN�QRNVDQ�J|U�U�YH�EXQX�JL]OL�

P�]DNHUHOHULPL]GH�V|\OHU�YH�WHQNLW�HGHUGLN�´����.LQURVV¶D�J|UH�0XVWDID�.HPDO¶LQ�³GDU�

oHYUHOL´�9DWDQ�9H�+�UUL\HW�&HPL\HWL��øWWLKDW�YH�7HUDNNL�\DQÕQGD�³J|OJHGH�YH�JHULGH´�NDOPÕú�

YH�0XVWDID�.HPDO�øWWLKDWoÕODUD�7DODW�3DúD¶QÕQ�DUDFÕOÕ÷Õ\OD�NDWÕOPÕúWÕ��.LQURVV�LoLQ�GH�

øWWLKDWoÕODU�0XVWDID�.HPDO¶L�DWÕOJDQ�EXOGXNODUÕ�LoLQ�X]DNODúWÕUPÕúNHQ�0DQJR��³J|QGHUPH�

NDUDUÕ´QGD��WDúUD�UHKEHUOL÷L��N|W��ELU�QL\HW�DUDPDQÕQ�JHUHNVL]�ROGX÷XQX�V|\O�\RU�����0XVWDID�

.HPDO��6HODQLN¶WH�WDQÕQPÕú��VLYULOPLúWL��DNúDPODUÕ�JD]LQRODUGD�QXWXNODU�V|\OHPH\H�GDKD�R�

]DPDQGDQ�HWUDIÕQGDNLOHUH�J|UHYOHU��PHVOHNOHU�GD÷ÕWPD\D�EDúODPÕúWÕ��$\GHPLU�LoLQ�(QYHU�%H\��

0XVWDID�.HPDO¶LQ�EX�KDOOHULQL�DKODNVÕ]OÕN�VD\PÕú��LúWH�EX�QHGHQOH�RQX�ø7&�PHUNH]�RUJDQÕQGDQ�

WDúUD�UHKEHUOL÷LQH�V�UP�úW���³(QYHU¶GH�kGHWD�ELU�0XVWDID�.HPDO�NRPSOHNVL�WHúHNN�O�HGHU��%X�

NRPSOHNV��0XVWDID�.HPDO¶H�NDUúÕ�ú�SKH��LQDQoVÕ]OÕN��oHNLQPHGLU��%X�NRPSOHNV�(QYHU¶L�

0XVWDID�.HPDO¶GHQ�GDLPD�X]DNODúWÕUPÕúWÕU�«´����.LQURVV�LVH�(QYHU¶LQ�0HúUXWL\HW�LODQÕ\OD�

NDKUDPDQODúWÕUÕOGÕ÷ÕQÕ�EXQXQ�NDUúÕVÕQGD�0XVWDID�.HPDO¶LQ��GH\LP�\HULQGH\VH�KDNOÕ�ELU�

NÕVNDQoOÕN�GX\GX÷XQX��\D]Õ\RU��³(YHW��0XVWDID�.HPDO��(QYHU¶L�NÕVNDQÕ\RUGX��DPD�NHQGL�

\HWHQHNOHULQH��RQGDQ��VW�Q�ROGX÷XQD�VDUVÕOPD]�ELU�LQDQFÕ�ROGX÷X�LoLQ���«��$PD�(QYHU¶LQ�

NHQGLQGHQ�EHNOHQHFHN�LúOHUL�\DSDFDN�NÕUDWWD�ELU�DGDP�ROPDGÕ÷ÕQÕ�LON�EDúWDQ�J|UP�úW��´���

6|\OHGL÷LPL]�JLEL�oRN�JHoPHGHQ�,,��0HúUXWL\HW�LODQ�HGLOHFHN��(QYHU�%H\¶LQ�UHVLPOHUL�

³K�UUL\HW�NDKUDPDQÕ´�RODUDN�NDKYHOHUL��HYOHUL��J|÷�VOHUL�V�VOH\HFHNWL��0XVWDID�.HPDO�EX�

G|QHPGH�7DODW�%H\¶LQ�LVWH÷L��]HULQH�7UDEOXVJDUS¶D�JLWPLú��D\QÕ�VHQH�LoLQGH��$\GHPLU¶LQ�

YHUGL÷L�WDULKH�J|UH���(NLP������¶GH�6HODQLN¶WH�WRSODQDQ�%LULQFL�ø7&�.RQJUHVLQH�7UDEOXVJDUS

PXUDKKDVÕ�RODUDN�NDWÕOPÕúWÕ��%XUDGD�0HúUXWL\HW¶WHQ�VRQUD�DUWÕN�NRPLWDFÕOÕ÷ÕQ�VRQD�HUGLULOPHVL�

JHUHNWL÷LQL�V|\OHPLú�YH�$\GHPLU¶H�J|UH�úX�QRNWDODUÕ�YXUJXODPÕúWÕ��³���&HPL\HWLQ�ELU�VL\DVL�

SDUWL�KDOLQH�JHWLULOPHVL�����2UGXQXQ�SROLWLND\D�NDUÕúPDPDVÕ�����&HPL\HWOH�PDVRQOXN�DUDVÕQGD�

ELU�LOJL�NDOPDPDVÕ�����&HPL\HWLQ�LoLQGH�HúLWOLN�ROPDVÕ�����+�N�PHW�LúOHUL\OH�GLQ�LúOHULQLQ�

ELUELULQGHQ�D\UÕOPDVÕ�´�0XVWDID�.HPDO�����¶GD�WRSODQDQ�øNLQFL�.XUXOWD\GD�GD�J|U�úOHULQL�

�����$NWDUDQ��$�J�H���V�����������/RUG�.LQURVV��$WDW�UN��%LU�0LOOHWLQ�<HQLGHQ�'R÷XúX������%DV���7�UNoHVL��1HFGHW�6DQGHU��øVWDQEXO��$OWÕQ�.LWDSODU��������V��������LOH�$QGUHZ�0DQJR��$WDW�UN��7�UNoHVL��)�VXQ�'RUXNHU��øVWDQEXO��6DEDK�.LWDSODUÕ��������V���������$\GHPLU��$�J�H���V�����������.LQURVV��$WDW�UN��%LU«��V�����

VDYXQPXú��DQFDN�ELU�\DQNÕ�DODPD\ÕQFD�$\GHPLU¶H�J|UH�FHPL\HW�LOH�ILLOL�LOLúNLVLQL�NHVPLú��

VDGHFH�DVNHU�RODUDN�\DúDPÕQÕ�V�UG�UP�úW������.LQURVV�YH�0DQJR¶GD�LVH�0XVWDID�.HPDO�øWWLKDW�

7HUDNNL�LOLúNLVLQLQ�NHVLOLS�NHVLOPHGL÷LQH�GDLU�ELU�úH\OHUH�UDVWOD\DPDGÕN�

,,��0HúUXWL\HW¶H�NÕVD�]DPDQGD����0DUW�9DNDVÕ�GL\H�DGODQGÕUÕODQ�ELU�WHSNL�PH\GDQD�

JHOGL��EX�WHSNL\L�EDVWÕUPDN��]HUH�øVWDQEXO¶D�LOHUOH\HQ�+DUHNHW�2UGXVX�LoLQGH�0XVWDID�.HPDO�

GH�YDUGÕ��GDKDVÕ�EX�RUGX\D�DGÕQÕ�YHUPLú��RUGXQXQ�øVWDQEXO�KDONÕQD�KLWDEHQ�GRNX]��PDGGHOLN�

ELOGLULVLQL�\D]PÕúWÕ���������¶OX�\ÕOODU�LPSDUDWRUOX÷XQ�VRQ�\ÕOODUÕ\GÕ��|QFH�7UDEOXVJDUS��

DUGÕQGDQ�%DONDQ�6DYDúODUÕ�YH�'�Q\D�6DYDúÕ�\DúDQGÕ��2VPDQOÕODU��'�Q\D�6DYDúÕ�VÕUDVÕQGD�

0XVWDID�.HPDO�|QGHUOL÷LQGH�dDQDNNDOH¶GH�ELU�GLUHQLú�J|VWHUHELOGL��0XVWDID�.HPDO��%DEÕDOL�

%DVNÕQÕ�DUGÕQGDQ�DWDúH�PLOLWHU�RODUDN�6RI\D¶\D�JLWPLú��G|Q�ú�QGH�dDQDNNDOH¶\H�VHYN�

HGLOPLúWL��$\GHPLU��0XVWDID�.HPDO¶LQ�dDQDNNDOH¶GHQ�D\UÕOPD�JHUHNoHVLQL�GR÷UXGDQ�GR÷UX\D�

(QYHU�3DúD�LOH�LOLúNLVLQH�ED÷OD\ÕS�ú|\OH�DQODWÕ\RU��(QYHU�3DúD��dDQDNNDOH�PXKDUHEHOHULQLQ�

VRQXQD�GR÷UX�FHSKH\H�X÷UDPÕú��IDNDW�0XVWDID�.HPDO¶L�J|UPHPLúWL��EX�GXUXP�0XVWDID�.HPDO�

�]HULQGH�E�\�N�ELU�KD\DO�NÕUÕNOÕ÷Õ�\DUDWWÕ�YH�VD÷OÕN�JHUHNoHOHUL\OH�LVWLIDVÕQÕ�/LPDQ�9RQ�

6DQGHUV¶H�ELOGLUGL��6DQGHUV�LVWLID\Õ�KDNOÕ�J|UVH�GH�NDEXO�HWPHGL�����.LQURVV�LVH�0XVWDID�

.HPDO¶LQ�LWLODI�J�oOHULQH�VRQ�ELU�GDUEH�YXUPDN�LoLQ��VWOHULQGHQ�L]LQ�LVWHGL÷LQL�YHULOPH\LQFH�

VD÷OÕN�JHUHNoHVL\OH�D\UÕOGÕ÷ÕQÕ�V|\OHUNHQ�����0DQJR�0XVWDID�.HPDO¶LQ�L\L�JHoPHVH�GH�(QYHU�

3DúD�LOH�J|U�úW�÷�Q���DQFDN�/LPRQ�9RQ�6DQGHUV�LOH�DQODúPD]OÕ÷D�G�úHUHN�FHSKHGHQ�

D\UÕOGÕ÷ÕQÕ�\D]Õ\RU�����+HU�QDVÕO�ROXUVD�ROVXQ�0XVWDID�.HPDO��dDQDNNDOH¶GHNL�J|UHYLQL����

.DVÕP�����¶WH�)HY]L�3DúD¶\D�EÕUDNWÕ�����(NLP�����¶WH�(GLUQH�;9,��.RORUGX�NXPDQGDQOÕ÷ÕQD�

DUGÕQGDQ����ùXEDW�����¶GD�EXUDGDQ�D\UÕODUDN�.DINDV�&HSKHVL¶QH�WD\LQ�HGLOGL��EX�VÕUDGD�X]XQ�

V�UHGLU�EHNOHGL÷L�PLUOLYDOÕN�U�WEHVLQL�DOGÕ��1LoLQ�EX�GHQOL�X]XQ�]DPDQ�U�WEHVLQLQ�EHNOHGL÷LQL�

$\GHPLU�LoLQ�(QYHU�3DúD�ú|\OH�DoÕNODPÕúWÕ��³0XVWDID�.HPDO¶LQ�PLUOLYDOÕ÷D��WX÷JHQHUDO��WHUIL�

LGDUHVL�FHELPGHGLU��$PD�VL]�RQX�ELOPH]VLQL]��2�KLoELU�úH\OH�PHPQXQ�ROPD]��*HQHUDO�ROXU��

NRUJHQHUDOOLN�LVWHU��.RUJHQHUDO�ROXU��RUJHQHUDOOLN�LVWHU��2UJHQHUDO�ROXU��P�úLUOLN�LVWHU��0�úLU�

\DSDUVÕQÕ]�EXQXQOD�GD�\HWLQPH]��SDGLúDKOÕN�LVWHU�´���

$\GHPLU�LoLQ�ELU�|QFHNL�DOWE|O�PGH�GH÷LQGL÷LPL]�JLEL�(QYHU�3DúD�oD÷ÕQÕ�ÕVNDODPÕú�ELU�

DGDPGÕ��LKWLUDVOÕ\GÕ��DQFDN�PLOOL\HWOHU�oD÷ÕQGD�ELU�RUWDoD÷�ú|YDO\HVL\GL��0XVWDID�.HPDO�LVH�

7�UN�'HYULPLQLQ�PLPDUÕ\GÕ��LNL�DVNHULQ�\DúDPODUÕ�NHVLúPLú�YH�(QYHU�3DúD�$\GHPLU¶LQ�

�����$\GHPLU��7HN«���V���������������$�J�H���V�����������$�J�H���V�����������.LQURVV��$WDW�UN��%LU«��V�����������$QGUHZ�0DQJR��$WDW�UN«��V��������������$\GHPLU��7HN«��V������

\XNDUÕGD�VD\GÕ÷Õ�NHVLúPHOHUGH�0XVWDID�.HPDO¶LQ�|Q�Q��NHVPH\H�oDOÕúPÕú��NÕVNDQPÕú�QLKD\HW�

\HQLN�G�úP�úW���$\GHPLU¶LQ�(QYHU�3DúD�0XVWDID�.HPDO�NDUúÕWOÕ÷ÕQÕ�LúOHPHVL�EHOOL�|Oo�GH�

2VPDQOÕ�øPSDUDWRUOX÷X�7�UNL\H�&XPKXUL\HWL��+DON�)ÕUNDVÕ�øWWLKDW�7HUDNNL�NDUúÕWOÕ÷ÕQÕQ�

ELUH\VHO�LIDGHVL�RODUDN�J|U�OHELOLU��(QYHU�3DúD¶QÕQ�NLPOL÷LQGH�oD÷ÕQÕ�WDPDPODPÕú��GDKDVÕ�

JHoPLúLQH�D÷ÕW�\DNPDNWD�RODQ�ELU�LPSDUDWRUOXN��NRPLWDFÕOÕ÷D��VXLNDVWODUD�GD\DQDQ�ELU�VL\DVDO�

JHoPLú��0XVWDID�.HPDO�LVH�\HQL�GH÷HUOHULQ��PLOOL�GHYOHW�DQOD\ÕúÕQÕQ��PHúUX�ELU�VL\DVDO�

\|QHOLPLQ�VLPJHVL�ROGX��7HN�$GDP�RODUDN�W�P�KDONÕQ�WHPVLOFLVL��Q�Q��ND]DQGÕ��NÕVDFD�

V|\OHPHN�JHUHNLUVH�2UWD�$V\D¶GD�ND\ÕS�ELU�ú|YDO\HQLQ�PH]DU�ND]ÕFÕVÕ\GÕ�

0XVWDID�.HPDO�dDQDNNDOH¶GHQ�VRQUD�GL÷HU�FHSKHOHUGH�NXPDQGDQOÕ÷ÕQÕ�V�UG�UVH�GH�

2VPDQOÕ�'HYOHWL��0RQGURV�0�WDUHNHVL\OH�WHVOLP�ROPXú��R�GD�øVWDQEXO¶D�G|QP�úW���%XUDGD�

NHQGLVL�+DUEL\H�1D]ÕUÕ�ROPDN�ND\GÕ\OD�L\L�ELU�NDELQH�PH\GDQD�JHOLUVH�ELU�úH\OHU�

\DSDELOHFH÷LQL�G�ú�QP�ú��EX�GR÷UXOWXGD�ELU�WDNÕP�JLULúLPOHUL�ROPXúVD�GD�QLKD\HW�$QDGROX¶\D�

oÕNPD\D�NDUDU�YHUPLúWL��$\GHPLU���0XVWDID�.HPDO�+DUEL\H�1D]ÕUÕ�ROVD\GÕ��E�\�N�RODVÕOÕNOD�

LúJDOFL�J�oOHUL�%ROúHYLN�\D\ÕOPDVÕQD�NDUúÕ�J�oO��ELU�7�UNL\H�NRQXVXQGD�LNQD�HWPH\H�oDOÕúÕUGÕ�

GL\RU�����0XVWDID�.HPDO¶LQ�$QDGROX¶\D�JLGLúL�$\GHPLU�LoLQ�$OL�)XDW�3DúD�DUDFÕOÕ÷Õ\OD�

JHUoHNOHúWL��øúJDO�NXYYHWOHUL�EX�VÕUDGD�7�UNOHULQ�6DPVXQ�YH�oHYUHVLQGH�5XPODUD�VDOGÕUGÕ÷ÕQÕ�

ELOGLUPLú��øVWDQEXO�+�N�PHWL¶QGHQ�EX�VDOGÕUÕODUÕQ�GXUGXUXOPDVÕQÕ��LVWHPLúWL��øúWH�EX�VÕUDGD�$OL�

)XDW�3DúD�NDUGHúLQLQ�ND\ÕQSHGHUL��YH�+�UUL\HW�YH�øWLODI�)ÕUNDVÕ�LoLQGH�Q�I�]OX�ELU�NLúL�RODQ

'DKLOL\H�1D]ÕUÕ�0HKPHW�$OL�%H\�LOH�0XVWDID�.HPDO¶L�WDQÕúWÕUPÕú��0XVWDID�.HPDO¶LQ�øWWLKDWoÕ�

ROPDGÕ÷ÕQD�RQX�LNQD�HWPLúWL�����$UGÕQGDQ�0HKPHW�$OL�%H\��6DGUD]DP�'DPDW�)HULW�3DúD¶\D�

0XVWDID�.HPDO¶L�WDNGLP�HWPLú��RQXQ�GD�RQD\Õ�DOÕQGÕNWDQ�VRQUD�0XVWDID�.HPDO�JHQLú

\HWNLOHUOH�6DPVXQ�YH�oHYUHVLQGHNL�ROD\ODUÕ�G�]HQOHPHNOH�J|UHYOHQGLULOPLúWL��0XVWDID�.HPDO�

J|UHYL�DOGÕNWDQ�VRQUD�6DGUD]DP�LOH�NRQD÷ÕQGD�\HQLGHQ�J|U�úP�ú��NRQDNWDQ�D\UÕOGÕ÷ÕQGD�

*HQHONXUPD\�%DúNDQÕ�&HYDW�3DúD�LOH�DUDODUÕQGD�ú|\OH�ELU�NRQXúPD�JHoPLúWL�

³��%LU�úH\�PL�\DSDFDNVÕQ�.HPDO"´

³��(YHW�SDúDP��ELU�úH\�\DSDFD÷ÕP«´

³��$OODK�PXYDIIDN�HWVLQ«´

³��0XWODND�PXYDIIDN�RODFD÷Õ]����´���

�����$�J�H���V�����������$OL�)XDW�LNQD�LoLQ�ú|\OH�GL\RU��³0XVWDID�.HPDO�3DúD�øWWLKDWoÕ�GH÷LOGLU��2QXQ�(QYHU�3DúD�LOH��JHUHN�KDUSWHQ�|QFH��JHUHNVH�KDUS�LoLQGH�RODQ�P�FDGHOHOHUL�EXQXQ�GHOLOLGLU�´�$NWDUDQ��$�J�H���V�����������$�J�H���V������

øNLQFL�&LOW��������������øNLQFL�FLOW�0XVWDID�.HPDO¶LQ����0D\ÕV�����¶GD�6DPVXQ¶D�

\DQÕQGDNLOHUOH�EHUDEHU�oÕNÕúÕ\OD�EDúOD\ÕS�<XQDQLVWDQ�LúJDO�J�oOHULQLQ��ONHGHQ�oÕNDUÕOPDVÕ\OD�

VRQD�HUL\RU��%X�G|QHPGH�0XVWDID�.HPDO�|QGHUOL÷LQGH�$QDGROX�GLUHQLúL�NRQJUHOHU�V�UHFL\OH�

ELUOHúWLULOPLú��0HFOLV¶LQ�DoÕOPDVÕ\OD�PHúUXOXN�ND]DQPÕúWÕ��$\GHPLU�6DPVXQ¶D�oÕNÕú�LOH�

EDúOD\DQ�JHOLúPHOHUL�WDULK�GL]LQVHO�ELU�ELoLPGH�DQODWÕ\RU��EX�G|QHPGH�J|UG�÷��HQ�|QHPOL�

ROD\ODU�NXúNX�\RN�NL�]DPDQOD�RUWD\D�oÕNDFDN�YH�FLGGL�oDWÕúPDODU�\DúDQDFDN�øVWDQEXO�$QNDUD�

LOLúNLOHUL��$QDGROX�KDUHNHWLQLQ�|UJ�WOHQPH�oDEDODUÕGÕU��%L]�ELOLQHQ�WDULK�GL]LQVHO�JLGLúL�

$\GHPLU�oL]JLVLQGH�|]HWOH\HUHN�WDNLS�HGHFHN�GDKD�]L\DGH�øVWDQEXO�$QNDUD�LOLúNLOHULQL�|QH�

oÕNDUDFDN�YH�NÕVDFD�,��0HFOLV��]HULQGH�GXUDFD÷Õ]��0XVWDID�.HPDO�KHU�QDVÕOVD�øVWDQEXO¶GDQ�

|QHPOL�\HWNLOHUOH�$QDGROX¶\D�oÕNPD\Õ�EDúDUVD�GD�EXUDGD�GLUHQLúL�|UJ�WOHPH\H�EDúOD\ÕQFD�

øVWDQEXO¶XQ�EDVNÕODUÕQGDQ�NXUWXODPDPÕú��|QFH�JHUL�oD÷ÕUÕOPÕú��DVNHUOLNWHQ�D]OHGLOPLú�

DUGÕQGDQVD�KDNNÕQGD�LGDP�NDUDUÕ�oÕNDUÕOPÕúWÕ��$\GHPLU�LoLQ�øVWDQEXO��NÕVD�|P�UO��$OL�5Õ]D�

3DúD�+�N�PHWL�ELU�\DQD�GR÷UXGDQ�GR÷UX\D�0XVWDID�.HPDO�KDUHNHWLQLQ�NDUúÕVÕQGD�\HU�DOPÕú��

DQFDN�&HYDW�3DúD�JLEL�NLPL�DVNHUOHU�DOWWDQ�DOWD�EX�KDUHNHWL�GHVWHNOHPLúWL�

0XVWDID�.HPDO�$QDGROX¶\D�oÕNDUNHQ��<XQDQOÕODU�����0D\ÕV�����¶GD�ø]PLU¶H�DVNHU�

oÕNDUPÕú��ø]PLUOLOHU�ELU�J�Q�|QFH�LOKDND�NDUúÕ�0DúDWOÕN�PLWLQJLQH�NDWÕOVD�GD�LúJDO�J�oOHUL�

NDUD\D�oÕNWÕ÷ÕQGD�|QHPOL�YH�NLWOHVHO�ELU�GLUHQLú�J|VWHUPHPLúWL��]LUD�SDGLúDK�ELU�D\�|QFHVLQGHQ�

LúJDO�NXYYHWOHULQLQ�³PLVDILUSHUYHU´�ELU�ELoLPGH�NDUúÕODQPDVÕQÕ�LVWHPLú��LúJDOH�NDUúÕ�]DPDQOD�

NLPL�GLUHQLúOHU�EHOLUVH�GH�LúJDO�\D\ÕOPÕúWÕ��3DGLúDKÕQ�WHUVLQH�*HQHONXUPD\�%DúNDQÕ�&HYDW 3DúD

LúJDOLQ�NDEXO�HGLOHPH\HFH÷LQL�����7�PHQ�NRPXWDQÕQD����0D\ÕV�����¶GD�ELOGLUPLúWL��������

0D\ÕV¶WD�6DPVXQ¶D�JHOHQ�0XVWDID�.HPDO�����0D\ÕV¶WD�+DY]D¶\D�KDUHNHW�HWWL��%X�VÕUDGD�

.DUDGHQL]¶GH�EXOXQDQ�øQJLOL]�NRPXWDQ�0XVWDID�.HPDO�YH�oHYUHVLQGHQ�UDKDWVÕ]�ROPXú��RQXQ

+DUEL\H�1H]DUHWL�WDUDIÕQGDQ� JHUL�oD÷ÕUÕOPDVÕQÕ�LVWHPLú�YH�EX�LVWHN�oRN�JHoPHGHQ���+D]LUDQ�

����¶GD�\HULQH�JHWLULOPLúWL��DQFDN�0XVWDID�.HPDO�\ROXQD�GHYDP�HWWL��øON�QXWNXQX�$PDV\D¶GD�

YHUPLú��øVWDQEXO¶XQ�HVLU�ROGX÷XQX�GX\XUPXúWX��DUGÕQGDQ����NLúLQLQ�LP]DODGÕ÷ Õ �$PDV\D�

0XNDUUHUDWÕ�J|U�OG���PLOOHW�NXUWDUÕFÕ�RODUDN�LODQ�HGLOGL�YH�ELU�³PLOOL�KH\HW´�PH\GDQD�

JHWLULOPHVL�NDUDUODúWÕUÕOGÕ��øVWDQEXO +�N�PHWL�0XVWDID�.HPDO�KDUHNHWLQL�ER÷PDN��]HUH�

VDOGÕUÕODUÕQÕ�V�UG�UP�ú�����+D]LUDQ�����¶GD�'DKLOL\H�1D]ÕUÕ�$OL�.HPDO��0XVWDID�.HPDO¶LQ�

D]OL�LoLQ�JHUHNOL�\HWNLOHUL�oÕNDUPÕúWÕ��0XVWDID�.HPDO�YH�DUNDGDúODUÕ���7HPPX]�����¶GD�

(U]XUXP¶D�XODúPÕú��ELU�D\GÕU�KD]ÕUOÕNODUÕ�V�UHQ�(U]XUXP�.RQJUHVL¶QLQ�KD]ÕUOÕNODUÕQD�

NDWÕOPÕúODUGÕ����7HPPX]¶GD�<ÕOGÕ]�6DUD\Õ� 0XVWDID�.HPDO¶LQ�DVNHUOLN�KL]PHWLQGHQ�

D]OHGLOGL÷LQL�ELOGLUPLúVH�GH�.D]ÕP�.DUDEHNLU��.HPDO�3DúD¶\D�VDGDNDW�J|VWHUHUHN�HPULQGH�

�����ùHYNHW�6�UH\\D�$\GHPLU��7HN�$GDP�0XVWDID�.HPDO������������&��,,�������%DV���øVWDQEXO��5HP]L�.LWDEHYL��������V��������

ROGX÷XQX�EH\DQ�HWWL�����7HPPX]¶GD�(U]XUXP�.RQJUHVL�JHUoHNOHúWL�����D]DQÕQ�NDWÕOGÕ÷Õ�NRQJUH�

QHWLFHVLQGH�PDQGD�YH�KLPD\HQLQ�NDEXO�HGLOHPH\HFH÷L�YH�ELU�WHPVLO�KH\HWLQLQ�NXUXODFD÷Õ�NDUDU�

DOWÕQD�DOÕQGÕ��DUGÕQGDQ����NLúLQLQ�NDWÕOGÕ÷Õ�6LYDV�.RQJUHVL�JHUoHNOHúWLULOHUHN��$QDGROX�YH�

5XPHOL�0�GDIDD�L�+XNXN�&HPL\HWL�PH\GDQD�JHWLULOPLú��GLUHQLúLQ�E�W�QO�÷�Q��VD÷ODPDN�

EDNÕPÕQGDQ�|QHPOL�ELU�DGÕP�DWÕOPÕúWÕ����(NLP¶GH�'DPDW�)HULW�3DúD�NDELQHVL�G�úP�ú��$OL�5Õ]D�

3DúD�NDELQHVL�NXUXOPXúWX��0XVWDID�.HPDO��5Õ]D�3DúD�NDELQHVLQLQ�%DKUL\H�1D]ÕUÕ�6DOLK�3DúD�

LOH�$PDV\D¶GD�J|U�úW��YH�ELU�SURWRNRO�LP]DODGÕ��EXQD�J|UH�øVWDQEXO�+�N�PHWL��7HPVLO�

+H\HWL¶QLQ�L]QL�ROPDGDQ�VXOK�P�]DNHUHOHULQH�JLULúPH\HFHNWL�����2FDN�����¶GH�2VPDQOÕ�

0HEXVDQ�0HFOLVL�WRSODQGÕ��EXUDGD�7HPVLO�+H\HWL�LOH�\DNÕQ�LOLúNLOL�0�GDIDD�L�+XNXN�*UXEX�

NXUXODFDNVD�GD�RQXQ�\HULQH�5DXI�%H\�|QGHUOL÷LQGH�)HODK�Õ�9DWDQ�JUXEX�NXUXOGX���%X�JUXS�

5Õ]D�3DúD�+�N�PHWL�LOH�\DNÕQOÕN�NXUPXú��5Õ]D�3DúD�DUWÕN�WHN�WHPVLOFLQLQ�EX�PHFOLV�ROGX÷XQX�

LODQ�HWPLú��GROD\ÕVÕ\OD�7HPVLO�+H\HWL¶QLQ�YDUOÕ÷ÕQD�DUWÕN�JHUHN�NDOPDGÕ÷ÕQÕ�)HODK�Õ�

9DWDQFÕODUÕQ�GD�\DNÕQOÕ÷Õ\OD�GX\XUPXúWX��DQFDN�oRN�JHoPHGHQ�EX�K�N�PHW�oHNLOPLú�����0DUW�

����¶GH�LVH�øVWDQEXO�UHVPHQ�LúJDO�HGLOPLúWL��$\GHPLU�LoLQ�VRQ�0HEXVDQ�0HFOLVL¶QLQ�HQ�|QHPOL�

|]HOOL÷L\VH�KHU�QDVÕO�ROXUVD�ROVXQ�����ùXEDW�����¶GH�0LVDN�Õ�0LOOL�NDUDUODUÕQÕ�NDEXO�HWPLú�

ROPDVÕ\GÕ����

øVWDQEXO�LúJDOL�DUGÕQGDQ����1LVDQ�����¶GH�$QNDUD¶GD�%00������PHEXV�LOH�WRSODQPÕú��

0XVWDID�.HPDO�PHFOLV�EDúNDQOÕ÷ÕQD�VHoLOPLúWL��$\GHPLU�LoLQ�EX��G|QHPLQ�HQ�|QHPOL�GDYDODUÕ�

LVH��úXQODU�ROPXúWX�����øVWDQEXO¶XQ�NÕúNÕUWPDODUÕ�LOH�$QNDUD�DOH\KLQH�Lo�LV\DQODU������%00¶QLQ�

\HQL�RUGX�NXUXOXúXQD�JLWPHVL�YH�NHQGLQL�PHúUXODúWÕUPD�oDEDVÕ��%X�VÕUDGD�øVWDQEXO�+�N�PHWL�

VDOGÕUÕODUÕQÕ�V�UG�U�\RU�YH�$QDGROX�KDUHNHWLQL�ER÷PDN�LoLQ�IHWYDODU�\D\ÕPODQÕ\RU��øQJLOL]�YH�

<XQDQ�XoDNODUÕ\OD�$QDGROX¶\D�VHUSLOL\RUGX��$QNDUD�IHWYDODUD�oHúLWOL�KRFDODUÕ�WRSOD\DUDN��IHWYD�

LOH�NDUúÕOÕN�YHUHUHN�ú|\OH�GHGL��³(VDUHWWH�EXOXQGX÷X�PXKDNNDN�RODQ�)HWYD�(PLQL¶QLQ�

IHWYDODUÕQD�X\XOPDPDN�OD]ÕPGÕU�´��������0D\ÕV�����¶GH�øVWDQEXO��0XVWDID�.HPDO�YH�NLPL�

DUNDGDúODUÕQÕ�³YDWDQD�LKDQHW´�VXoODPDVÕ\OD�LGDPD�PDKNXP�HWWL��%X�VÕUDGD�PH\GDQD�JHOHQ�

ELUoRN�Lo�LV\DQVD�J�oO�NOHUOH�EDVWÕUÕOGÕ�

���1LVDQ¶GD�DoÕOPÕú�RODQ������\HOL�0HFOLV�NÕVD�]DPDQGD������\H\H�\�NVHOPLúWL���

,�%00¶GH�PHPXU�YH�HPHNOLOHUGHQ�VDUÕNOÕ�KRFDODUD��NXPDQGDQODUGDQ��oLIWoLOHUH��W�FFDUODUD�

oHúLWOL�NHVLPOHUGHQ�NLPVHOHU�YDUGÕ��$\GHPLU�|QFHOLNOH�0HFOLV�LoL�YH\D�oHYUHVLQGHNL�NRP�QLVW�

KDUHNHWOHU��]HULQGH�GXUX\RU��%X�KDUHNHWOHUL�G|UGH�D\ÕUDUDN�ú|\OH�YHUL\RU�����<HúLO�2UGX�

+DUHNHWL��+HP�JL]OL�KHP�DoÕN�RODQ�EX�KDUHNHW��<HQL�'�Q\D�DGOÕ�ELU�JD]HWH�\D\ÕPODGÕ��0XVWDID�

�����$�J�H���V���������������$�J�H���V������

.HPDO¶LQ�\DNÕQ�oHYUHVL\OH��HVNL�øWWLKDWoÕODUÕQ��øVODPFÕODUÕQ�\HU�DOGÕ÷Õ�EX�KDUHNHW�]DPDQOD�

]DUDUOÕ�J|U�OHUHN�NDSDWÕOGÕ��0XVWDID�.HPDO�WHPHO�RODUDN�%ROúHYLNOHUOH�JHUHNOL\VH�ELU�LúELUOL÷L�

VD÷OD\DELOPHN�LoLQ�<HúLO�2UGX¶\D�KDNLP�ROPDN�LVWHPLú��DQFDN�DQODúÕODQ�KDUHNHW�GHQHWLPGHQ�

oÕNÕQFD�øVWLNODO�0DKNHPHVL�WDUDIÕQGDQ�NDSDWÕOPÕúWÕ�����7�UNL\H�+DON�øúWLUDNL\XQ�)ÕUNDVÕ��<HúLO�

2UGX¶QXQ�NDSDWÕOPDVÕQÕQ�DUGÕQGDQ��RQXQ�NDGURODUÕQÕ�GHYUDODQ�EX�KDUHNHW�$\GHPLU�LoLQ�

7�UNL\H�.RP�QLVW�3DUWLVL¶QLQ�JL]OL�YH�DoÕN�FHSKHOHULQGH�\HU�DOGÕ������5HVPL��7�UNL\H�

.RP�QLVW�3DUWLVL��0XVWDID�.HPDO¶LQ�JLULúLPL\OH�PH\GDQD�JHOPLú��6RY\HWOHUGHQ�JHOHQ�VRV\DOLVW�

GDOJDQÕQ�|Q�Q�DODELOPHN�LoLQ�NXUXOPXú�ELU�³PXYD]DD´�SDUWLVL\GL��$\GHPLU�G|UG�QF��DNÕPGDQ�

\DQL�JL]OL�7.3¶GHQ�LVH�EXUDGD�EDKVHWPL\RU������.RP�QLVWOHU�ELU�\DQD�$\GHPLU�0HFOLV¶WH�GHUOL�

WRSOX�LNL�JUXSWDQ�V|]�HGLOHELOHFH÷LQL�V|\O�\RU��³��0LOOL\HWoL��ÕVODKDW�YH�LQNÕODS�H÷LOLPOHUL�

J|VWHUHQ�UDGLNDO�]�PUH������0XKDID]DNDUODU�´�%LULQFL�*UXS�����0D\ÕV�����¶GH�$50+&�DGÕ\OD�

UHVPHQ�NXUXOPXú��DPDFÕQÕ�0LVDN�Õ�0LOOL¶\L�JHUoHNOHúWLUPHN��\HQL�$QD\DVD¶\D�J|UH�GHYOHWH�

G�]HQ�YHUPHN�ELoLPLQGH�VDSWDPÕúWÕ��øNLQFL�*UXS�LVH�.DVÕP�����¶GH�&HODOHWWLQ�$ULI�%H\

EDúNDQOÕ÷ÕQGD�úHNLOOHQGL��øúWH�EX�VL\DVDO�KDUHNHWOLOLN�LoLQGH�JHUoHNOHúHQ�.XUWXOXú�6DYDúÕ��

<XQDOÕODUÕQ�7�UNL\H¶GHQ�oÕNDUÕOPDODUÕ\OD�EDúDUÕ�ND]DQVD�GD�VL\DVDO�oHNLúPHOHU�&XPKXUL\HW�

G|QHPLQGH�GH�YDUOÕ÷ÕQÕ�V�UG�UHFHNWL�

ho�QF��&LOW���������������ho�QF��FLOW�7�UNL\H¶QLQ�NXUWXOXú�VDIKDVÕQÕQ�VRQ�VD\IDODUÕQÕ�

\D]ÕOPDVÕQÕQ�DUGÕQGDQ�0XGDQ\D�0�WDUHNHVL�LOH�DoÕOÕ\RU��/R]DQ�$QODúPDVÕ�LOH�2VPDQOÕ�

'HYOHWL¶QLQ�WDULKVHO�|PU�Q��WDPDPODGÕ÷Õ�YXUJXODQDUDN�7�UNL\H�&XPKXUL\HWL¶QLQ�JHoPLúOH�

KLoELU�ED÷Õ�ROPDGDQ�NXUXOGX÷XQX�EHOLUWL\RU�YH�DQÕWVDO�oDOÕúPD�$WDW�UN¶�Q�|O�P�Q�Q�DUGÕQGDQ�

³$WDW�UNo�O�÷�Q�øONHOHUL\OH´�WDPDPODQÕ\RU��%XUDGD�$\GHPLU�VÕN�VÕN�³7HN�$GDP´�YXUJXVX�

\DSDUDN�7�UN�'HYULPL¶QLQ�HQ�|QHPOL�H\OHPFLVLQL�YXUJXOX\RU��$\GHPLU�LoLQ�DúD÷ÕGD�\HUL�

JHOGLNoH�V|\OH\HFH÷LPL]�JLEL�VDOWDQDWÕQ�NDOGÕUÕOPDVÕ��FXPKXUL\HWLQ�LODQÕ��ODLNOL÷LQ�

JHUoHNOHúWLULOPHVLQLQ�EDú�PLPDUÕ�0XVWDID�.HPDO�ROGX��GHYULPLQ�³|QGHU�ER\XWX´�KHU�W�UO��

NRúXOXQ�ELULNLPLQ�ILLOL�RODUDN�|Q�QH�JHoWL��$\GHPLU�GHYULPLQ�WHN�SDUWL\L�NDoÕQÕOPD]�NÕOGÕ÷ÕQÕ�

YXUJXOD\DUDN�7S&)�GHQHPHVLQH��LOHUGH�6&)�ROD\ÕQGD�ROGX÷X�JLEL�\DNODúPÕú��EX�G|QHPGH�

OLEHUDO�\|QHOLPOHULQ��GHPRNUDVL�WDUDIWDUOÕ÷ÕQÕQ�P�PN�Q�RODPD\DFD÷ÕQÕ�V|\OH\HUHN�ELU�|QGHU�

YH�NDGUR�HWUDIÕQGD�³KDOND�UD÷PHQ�KDON�LoLQ´�ELU�GHYULP�V�UHFLQGHQ�V|]�HWPLúWLU��2QD�J|UH�

7�UN�GHYULPL�WHN�SDUWL��WHN�|QGHU�VORJDQÕQÕ�EHQLPVHPHOL��GHYOHWLQ�EDúÕ�oHNHFH÷L�ELU�LNWLVDGL�

SODQOD�KÕ]OÕ�ELU��NDONÕQPD�VD÷OD\DUDN�%DWÕ�LOH�DUDVÕQGDNL�JHOLúPLúOLN�IDUNÕQÕ�NDSDWPDOÕ��V|P�UJH�

LOLúNLOHULQH�WDP�DQODPÕ\OD�VRQ�YHUPHOL\GL�

�����$�J�H���V����������

0XGDQ\D�0�WDUHNHVLQLQ�DUGÕQGDQ�EDUÕú�J|U�úPHOHULQH�øVWDQEXO�YH�$QNDUD�

+�N�PHWOHULQLQ�oD÷UÕOPDODUÕ�GROD\ÕVÕ\OD�0XVWDID�.HPDO¶LQ�NDUDUOÕOÕ÷Õ\OD�VDOWDQDW���.DVÕP�

����¶GH�NDOGÕUÕOPÕú��øVWDQEXO¶XQ�LNWLGDUÕ�G�ú�U�OHUHN�$QNDUD�/R]DQ�%DUÕú�J|U�úPHOHULQLQ�

7�UNL\H�DGÕQD�WHN�WHPVLOFLVL�GXUXPXQD�JHOPLúWL��6DOWDQDWÕQ�NDOGÕUÕOPDVÕQÕ�³PLOOL�KDNLPL\HW´LQ�

JHUoHNOHúPHVL�GR÷UXOWXVXQGD�ELU�³J|OJH´GHQ�NXUWXOPDN�RODUDN�GH÷HUOHQGLUHQ�$\GHPLU��

0XVWDID�.HPDO¶LQ�URO�Q��DQÕPVDWDUDN��ú|\OH�GL\RU��³2OD\ODUÕQ�DNÕúÕQGDQ�GD�J|U�O�\RU�NL��EX�

QHWLFHQLQ�HOGH�HGLOPHVLQGH�*D]L�0XVWDID�.HPDO¶LQ�úDKVL�NDUDU�YH�WHúHEE�V�Q�Q��WDP�YH�NHVLQ�

GDPJDVÕ�YDUGÕU«´���

��1LVDQ�����¶WH�0HFOLV�VHoLPOHULQ�\HQLOHQPHVL�NDUDUÕQÕ�DOPÕú��0XVWDID�.HPDO�

|QGHUOL÷LQGH�ELoLPOHQHQ�$50+&�VHoLPOHUL�ND]DQPÕú�YH�øNLQFL�0HFOLV���$÷XVWRV�����¶WH�

DoÕOPÕúWÕ����(\O�O�����¶WH�$50+&¶QLQ�G|Q�ú�P�\OH�+DON�)ÕUNDVÕ�PH\GDQD�JHOGL��+DON�

)ÕUNDVÕ�ELU�VÕQÕI�SDUWLVL�ROPD\DFD÷ÕQÕ�KDONÕQ�RUWDN�oÕNDUODUÕQÕ�NRUX\DFD÷ÕQÕ�V|\OHPLúWL��

$\GHPLU�LoLQ�EX�V|\OHPLQ�JHUoHNOL÷LQL�]DPDQ�J|VWHUHFHNWL��'L÷HU�WDUDIWDQ�+DON�)ÕUNDVÕ�ELU�

LQNÕODSoÕ�SDUWL�RODUDN�NHQGLVLQL�WDNGLP�HGL\RU��\DQL�³WRSOXPX�ELU�NH\IL\HW�GH÷LúLNOL÷LQH�

J|W�UHFHN�YH�EXQX�\DSDUNHQ�HOEHWWH�NL�LQNÕODSoÕ�D]ÕQOÕ÷ÕQ��\DQL�|QGHU�NDGURQXQ�LUDGHVLQL�

LQNÕODSoÕ�WHGELUOHUOH��\DQL�FHELU�YH�]RU�LOH�oR÷XQOX÷XQ�LUDGHVLQH�KDNLP�NÕODFDN�ELU�JHOLúPH�HOH�

DOÕQPÕú�ROX\RUGX�´���

�����\ÕOÕQÕQ�HQ�|QHPOL�ROD\Õ�NXúNXVX]�/R]DQ�%DUÕú�$QODúPDVÕQÕQ�LP]DODQPDVÕ\GÕ�����

.DVÕP�����¶GH�EDúOD\DQ�J|U�úPHOHU�ELU�NHVLQWL\OH����7HPPX]�����¶WH�VRQD�HUPLú�YH�DQODúPD�

LP]DODQPÕúWÕ��$\GHPLU�LoLQ�/R]DQ�LOH DVÕUOÕN�KHVDSODU�J|U�OP�úW���³+DOEXNL�\HQL�7�UNL\H��

2VPDQOÕ�øPSDUDWRUOX÷X¶QXQ�PLUDVoÕVÕ�YH�GHYDPÕ�GH÷LOGL«´�/R]DQ�%DUÕúÕ�QHOHU�JHWLUGL�VRUXVX�

LVH�NÕVDFD�ú|\OH�\DQÕWODQDELOLU��³/R]DQ�EDUÕúÕ��7�UNL\H¶QLQ�LVWLNODOLQL�JHWLUGL��7�UNL\H¶\H�

0LVDNÕ�0LOOL�VÕQÕUODUÕQÕ�VD÷ODGÕ�´����/R]DQ�%DUÕú�J|U�úPHOHUL�VÕUDVÕQGD�%DúYHNLO�5DXI�%H\�LOH�

øVPHW�3DúD�DUDVÕQGD�\DúDQDQ�JHUJLQOLNOHU�ELU�NRSXúXQ�LúDUHWOHUL�ROGX��øVPHW�3DúD��%DúYHNLOLQ�

/R]DQ¶D�\DSÕODFDN�WHEOL÷OHUL�YH�NHQGLVLQH�YHULOHFHN�FHYDSODUÕ�JHFLNWLUGL÷L��K�N�PHWH�\DSWÕ÷Õ�

EDúYXUXODUGDQ�YH�NHQGLVLQH�\DSÕODQ�WHEOL÷OHUGHQ�GHYOHW�EDúNDQÕQÕ�KDEHUGDU�HWPHGL÷L��

%DúYHNDOHWoH�YH�9HNLOOHU�+H\HWLQFH�DOÕQDQ�NDUDUODUÕQ��GDKD�NHQGLVLQLQ�KDEHUL�ROPDGDQ��

/R]DQ¶D�XODúWÕ÷Õ�YH�RUDGD�HWUDID�GX\XUXOGX÷X�NDQÕVÕQGD\GÕ��'L÷HU�WDUDIWDQ�K�N�PHW��/R]DQ¶GD�

GDKD�ID]OD�úH\OHU�HOGH�HGLOHELOHFH÷LQL�G�ú�Q�\RU��V|]JHOLPL�<XQDQOÕODUGDQ�VDYDú�WD]PLQDWÕ�

DOÕQDELOHFH÷LQL�LOHUL�V�U�\RUGX��$UDGDNL�JHUJLQOLNOHULQ�JLGHULOPHVL�YH�EDUÕúÕQ�LP]DODQPDVÕ�

�����ùHYNHW�6�UH\\D�$\GHPLU��7HN�$GDP�0XVWDID�.HPDO������������&��,,,�������%DV���øVWDQEXO��5HP]L�.LWDEHYL��������V����������$�J�H���V����������$�J�H���V�����YH�����

*D]L¶QLQ�D÷ÕUOÕ÷ÕQÕ�NR\PDVÕ��ELU�EDNÕPD�øVPHW�3DúD¶\Õ�GHVWHNOHPHVL�LOH�JHUoHNOHúPLú��LP]DQÕQ�

DUGÕQGDQ�LVH�5DXI�%H\�LVWLID�HWPLú��øVPHW�3DúD¶\Õ�NDUúÕODPD\D��WHEULN�HWPH\H�GDKL�JLWPHPLúWL��

³'HPHN�NL�\ROODU��EDUÕúÕQ�GDKD�LON�J�Q�QGHQ�D\UÕOÕ\RUGX��0LOOL�0�FDGHOH¶GH�\RO�YH�ILNLU�

DUNDGDúODUÕ�RODQ�|QF�OHU�DUDVÕQGD�LON�NRSXQWX��5DXI�%H\LQ�NHQGLQFH�P�QDVLS�J|UG�÷��ELU�

LVWLNDPHWWH�EX�D\UÕOÕúÕ�LOH�EDúODGÕ�YH�J|UHFH÷L]�NL��RQX�GL÷HUOHUL�WDNLS�HGHFHNWLU�´����/R]DQ�

%DUÕú�$QODúPDVÕ¶QÕQ�DUGÕQGDQ�(NLP�D\Õ�LoLQGH�0HFOLV�øNLQFL�%DúNDQOÕ÷ÕQÕ�5DXI�%H\¶LQ�

ND]DQPDVÕ�YH�)HWKL�2N\DU�+�N�PHWL¶QLQ�LVWLIDVÕQÕ�ELU�K�N�PHW�EXKUDQÕ�L]OHPLú��EX�GXUXP�NÕVD�

]DPDQGD�ELU�UHMLP�EXKUDQÕQD�G|Q�úW�U�OG���0XVWDID�.HPDO��)HWKL�2N\DU�EDúNDQOÕ÷ÕQGDNL�

K�N�PHW�EXQDOÕPÕQÕ�&XPKXUL\HWLQ�LODQÕ�GR÷UXOWXVXQGD�NXOODQPÕú��K�N�PHWLQ�LVWLIDVÕQÕQ�

DUGÕQGDQ�\DúDQDQ�EXKUDQÕQ�DQFDN�UHMLPL�G�]HQOHPHNOH�JLGHULOHELOHFH÷LQL�V|\OHPLú�YH����(NLP�

����¶WH�&XPKXUL\HW�LODQ�HGLOPLúWL��KHPHQ�DUGÕQGDQ�0XVWDID�.HPDO�5HLVLFXPKXU��øVPHW�3DúD�

LVH�%DúYHNLO�VHoLOGL�

&XPKXUL\HW¶LQ�LODQÕQÕ�øVWDQEXO�EDVÕQÕ�PHVDIHOL�NDUúÕODPÕú��5DXI�%H\�DQL�ELU�KDUHNHW�

RODUDN�GH÷HUOHQGLUPLúWL�����.DVÕP�����¶WH�$QNDUD¶GD�+DON�)ÕUNDVÕ�WRSODQWÕVÕQGD�øVPHW�3DúD�

YH�DUNDGDúODUÕ�5DXI�%H\�YH�oHYUHVLQL�LQNÕODS�]DPDQÕQGD�³ú�SKH�J|VWHUGLNOHUL´�LoLQ�VXoODPÕú��

+DON�)ÕUNDVÕ�LoLQGH�LSOHU�L\LGHQ�L\L\H�JHULOPLúWL��$\GHPLU�LoLQ�EX�JHUJLQOL÷LQ�WHPHO�QHGHQL�

+DON�)ÕUNDVÕ¶QÕQ�ELUOLN�ELU�NDGUR�ROPD�LVWH÷L�NDUúÕVÕQGD�5DXI�%H\�YH�oHYUHVLQLQ�GHPRNUDVL�

WDUDIWDUOÕ÷Õ�\DSPDODUÕ�YH�GLNWDW|UO�÷H�JLGLú�ND\JÕVÕ�LoLQGH�ROPDODUÕ�ELoLPLQGH�DoÕNODQDELOLU��øúWH�

EX�JHUJLQ�RUWDPGD�ELU�WDNÕP�GÕú�JHOLúPHOHULQ�GH�HWNLVL\OH�+LODIHW�YH�ùHU¶L\\H�9HNDOHWL���0DUW�

����¶WH�NDOGÕUÕOGÕ��H÷LWLP�ELUOHúWLULOGL��RUGX�LOH�VL\DVHW�ELUELULQGHQ�D\UÕOGÕ��$\GHPLU�LoLQ�

'L\DQHW�øúOHUL¶QLQ�NXUXOPDVÕ�ODLNOL÷L�VÕQÕUODPÕú��]D\ÕIODWPÕúWÕ��DPD�GLQ�LúOHUL�WDPDPÕ\OD�

FHPDDWOHUH�EÕUDNÕOÕUVD�³GHYOHW�LoLQGH�GHYOHW´�GHPHN�RODFDNWÕ��gWH�\DQGDQ�VDOWDQDWÕQ�LOJDVÕQGD�

ROGX÷X�JLEL�ODLNOLN�oDEDODUÕ�GD�E�W�Q�\OH�*D]L�0XVWDID�.HPDO¶LQ�NDEXO�HGLOHELOLU���������¶WH�

NDEXO�HGLOHQ�$QD\DVD¶\D�GDLU�LVH�$\GHPLU�ú|\OH�GL\RU�YH�\LQH�0XVWDID�.HPDO¶LQ�GHYULPFL�

NLúLOL÷LQL�YXUJXOX\RU��³�����DQD\DVDVÕ�\DSÕ�YH�IDVÕOODUÕ��NODVLN�EDWÕ�GHPRNUDVLVLQLQ�QRUPDO�

WHúNLODW�YH�LONHOHULQL�DNWDUDQ��OLEHUDO�ELU�VLVWHP�JHWLUL\RUGX���«��0LOOL�\DSÕ\Õ�NDONÕQGÕUÕFÕ��

WHúNLOkWODQGÕUÕFÕ�YH\D�NDONÕQPD\Õ�KÕ]ODQGÕUÕFÕ�LONHOHU�YH�RUJDQODU�JHWLUPL\RUGX��«��(÷HU�KHQ�]�

VRQ�V|]�Q��V|\OHPHPLú�YH�\DSDELOHFHNOHULQL�ELWLUPHPLú�RODQ�ELU�*D]L�0XVWDID�.HPDO�GH�

ROPDVD\G��EX�NDQXQXQ�J|OJHVLQGH�\HQL�7�UNL\H��KLoELU�KDPOH�\ROX�EXODPDGDQ�YH�KDWWD�

DUD\DPDGDQ��NÕVÕUODúÕU�JLGHUGL�´���

�����$�J�H���V�����������$�J�H���V���������������$�J�H���V������

�����\ÕOÕQGD�0HFOLV�LoLQGHNL�D\UÕOÕNODU�JLGHUHN�EHOLUJLQOHúLU��5DXI�%H\��.D]ÕP�

.DUDEHNLU�YH�oHYUHOHULQGHNL�LQVDQODU�NHQGLOHULQH�NDUúÕ�KDNVÕ]�\HUH�WDYÕU�DOÕQGÕ÷ÕQÕ��øVPHW�3DúD�

oHYUHVLQGH�WRSODQDQODUÕQ�NHQGLOHULQL�WDVIL\H�HWPHN�oDEDVÕ�LoLQGH�ROGXNODUÕQÕ�G�ú�Q�\RU��

0XVWDID�.HPDO¶LQ�LVH�GLNWDW|UO�÷H�\|QHOHELOHFH÷L�ND\JÕODUÕ�GX\X\RUODUGÕ��1LKD\HW����(NLP�

����¶WH�.DUDEHNLU��WHIWLú�YH�RUGXQXQ�J�oOHQGLULOPHVL�LoLQ�YHUGL÷L�UDSRUODUÕQ�GLNNDWH�

DOÕQPDPDVÕQGDQ�úLND\HWoL�RODUDN�LVWLID�HWWL��RQX�$OL�)XDW�3DúD�L]OHGL���0XVWDID�.HPDO�EX�LNL�

LVWLID\Õ�JHQHUDOOHULQ�5DXI�%H\�LOH�ELUOLN�ROXS��RUGXQXQ�GD�GHVWH÷L\OH�NHQGLVLQL�GHYLUPHN��]HUH�

ELU�NRPSOR�RODUDN�QLWHOHGL��RUGXQXQ�NHVLQ�RODUDN�VL\DVHWWHQ�D\UÕ�GXUPDVÕQÕ�HPUHWWL��$\GHPLU�

LoLQ�0XVWDID�.HPDO¶LQ�LGGLD�HWWL÷L�³NRPSOR´\X��D\GÕQODWDFDN�YHULOHU LVH�HOGH�\RNWXU���� .DVÕP�

D\ÕQGD�PXKDOLIOHU�|UJ�WOHQHUHN�7S&)¶\L�NXUGXODU��DQFDN�SDUWLQLQ�|PU��VDGHFH�ELUNDo�D\�ROGX�

YH���+D]LUDQ�����¶WH�NDSDWÕOGÕ��$\GHPLU¶H�J|UH�7S&)�SURJUDPÕ�QRUPDO��OLEHUDO�G�]HQLQ�

SURJUDPÕ\GÕ��KDOEXNL�R�J�QOHUGH�V|P�UJH�LOH�\DUÕ�V|P�UJH�NÕVNDFÕQGD�NDOPÕú�7�UNL\H¶GH�³oRN�

SDUWL\H�GH÷LO��WHN�YH�NXGUHWOL�ELU�LUDGH\H�YH�EX�LUDGHQLQ��KDOND�UD÷PHQ�IDNDW�KDON�LoLQ�úHIOL÷LQH�

LKWL\DFÕ�YDUGÕ��%X�úHI�DQFDN�*D]L�0XVWDID�.HPDO�RODELOLUGL�´���

���.DVÕP�����¶WH�NXUXODQ�7S&)¶QLQ�NXUXFXODUÕ�DUDVÕQGD�$OL�)XDW�3DúD��.D]ÕP�3DúD�YH�

5DXI�%H\�YDUGÕ��)ÕUND¶QÕQ�%DúNDQÕ�.D]ÕP�.DUDEHNLU���øNLQFL�%DúNDQÕ�5DXI�%H\�YH�*HQHO�

6HNUHWHUL�$OL�)XDW�3DúD�ROPXúODUGÕ��7S&)�EH\DQQDPH�YH�W�]�÷�QH�J|UH�OLEHUDO�GHPRNUDVL\L�

VDYXQDQ�ELU�ROXúXPGX�YH�|]HOOLNOH�SURJUDPÕQGD���0��.HPDO¶L�KHGHI�DODQ���GLNWDW|UO�N�

HQGLúHOHUL�GLNNDWL�oHNPLúWL��0��.HPDO�LVH�7S&)�SURJUDPÕQGDNL�EX�J|QGHUPHOHUL�DoÕNODQDPD]�

RODUDN�GH÷HUOHQGLUGL������7LPXU¶D�J|UH�7S&)�$QDGROX�HúUDIÕ�LOH�DVNHU�VLYLO�D\GÕQODUD�\DVODQDQ�

GHYULPFLOHU�NDUúÕVÕQGD�GDU�VÕQÕIVDO�oÕNDUODUÕ��E�\�N�WLFDUHW�EXUMXYD]LVLQL�VDYXQDQ�øVWDQEXO�

EDVÕQÕQÕQ�GHVWH÷LQL�ND]DQPÕúWÕ��RUWDGD�ELU�LNWLGDU�P�FDGHOHVL�YDUGÕ��RQD�J|UH�IÕUND�SURJUDPÕQD�

EDNÕOGÕ÷ÕQGD��GHYOHW�YD]LIHOHULQLQ�DVJDUL\H�LQGLULOPHVL�JHUHNOLOL÷L�YH�LGDUL�DGHPL�

PHUNH]L\HWoLOLN�LONHOHUL�LOH�7S&)�HPSHU\DOL]P�YH�IHRGDOL]P�LOH�LúELUOL÷L�KDOLQGH\GL����

.LQURVV�LoLQ�LVH�7S&)��³'DKD�NXUXOXúXQGDQ�EHUL��0XVWDID�.HPDO¶L�GHYLULS�EDúND�ELU�K�N�PHW�

NXUPD\Õ�GH÷LO��IDNDW��«��\DOQÕ]FD�RWRULWHVLQL�GL]JLQOHPH\L�YH�VÕQÕUODQGÕUPD\Õ�DPDo�

HGLQPLúWL�´����0DQJR��SDUWLQLQ�LNWLGDU�oHYUHVLQGHQ�GÕúODQPÕú�NLúLOHUL�ELU�DUD\D�JHWLUPHVLQH�

GLNNDW�oHNHUHN�ú|\OH�GL\RU���³+HSVL�GH 7�UN�PLOOL\HWoLVL\GL�YH�oR÷X�oD÷GDúODúPD�\DQOÕVÕ\GÕ��

/LEHUDO�J|U�úO��ROGXNODUÕ�NXúNXOX\GX��DUDODUÕQGDNL�WHN�RUWDN�QRNWD��0XVWDID�.HPDO¶LQ�

�����$�J�H���V���������������$�J�H���V�����������7XQoD\��7�UNL\H�&XPKXUL\HWL¶QGH«��V�����������7LPXU��7�UN�'HYULPL«��V����������.LQURVV��$WDW�UN��%LU«��V������

%DúYHNLO�øVPHW�3DúD�DUDFÕOÕ÷Õ\OD�NXOODQGÕ÷Õ�LNWLGDU�WHNHOLQH�NDUúÕ�oÕNPDNWÕ�´����+HU�QH�DPDoOD�

NXUXOPXú�ROXUVD�ROVXQ�7S&)¶QLQ�|PU��X]XQ�V�UHPH\HFHN�ùH\K�6DLW�LV\DQÕ�VRQUDVÕQGD�

NDSDWÕODFDNWÕ�

ùXEDW�����¶WH�SDWODN�YHUHQ�ùH\K�6DLW�øV\DQÕ DQFDN�1LVDQ�D\ÕQÕQ�RUWDODUÕQGD�WDPDPHQ��

EDVWÕUÕOPÕú��ùH\K�6DLW�|]HOOLNOH�6�QQL�.�UWOHU��]HULQGH�HWNLOL�ROPXúWX��%|O�QP�ú�GH�ROVDODU�

.�UWOHULQ�&XPKXUL\HW�\|QHWLPLQGHQ�KRúQXW�ROGXNODUÕ�V|\OHQHPH]GL��&XPKXUL\HW�LGDUHVL��YHUJL��

YH�DVNHU�WRSODPDN�NRQXVXQGD�oRN�FLGGL�GDYUDQÕ\RU��EXQD�NDUúÕ�E|OJH�\RNVXOOX÷XQX�

V�UG�U�\RUGX��$úLUHW�DOD\ODUÕQD�LKWL\Do�NDOPDGÕ÷ÕQGDQ�UHVPL�GHVWHN�NDOGÕUÕOPÕú��PHGUHVHOHULQ�

NDSDWÕOPDVÕ\VD�GLQL�|QGHUOHUL�ND\JÕODQGÕUPÕúWÕ�������(\O�O�D\ÕQGD�NLPL�.�UW�VXED\ODU�7�UN�

ELUOLNOHULQGHQ�NDoDUDN�,UDN¶WD�øQJLOL]�LúJDOL�DOWÕQGDNL�E|OJH\H�\HUOHúPLúOHU��NDoDNODUÕQ�

ED÷ODQWÕOÕ�ROGX÷X�.�UW�JL]OL�PLOOL\HWoL�|UJ�W��$]DGL��g]J�UO�N��NXUXFXODUÕQGDQ�ùH\K�6DLW¶LQ�

DNUDEDVÕ�+DOLW�&LEUDQ�WXWXNODQPÕú��EX�VRQ�WXWXNODQPD��\XNDUÕGDNL�NRúXOODUOD�ELUOHúLQFH�

HWUDIÕQGDNL�KDONDQÕQ�GDUDOGÕ÷ÕQÕ�VH]LQOH\HQ�ùH\K�6DLW¶L�LV\DQD�V�U�NOHPLúWL��ùH\K�6DLW�LV\DQÕQ�

EDVWÕUÕOPDVÕQÕQ�DUGÕQGDQ�PDKNHPHGH�WHN�DPDFÕQÕQ�úHULDWÕ�G�]HQLQL�JHUL�JHWLUPHN�ROGX÷XQGD�

ÕVUDU�HWPLú��DQFDN�\DNDODQPDVÕQD�\DUGÕPFÕ�RODQ�HVNL�DGDPODUÕQGDQ�%LQEDúÕ�.DVÕP�&LEUDQ�

LV\DQÕQ�DQD�DPDFÕQÕ�ED÷ÕPVÕ]�ELU�.�UW�GHYOHWL�ROXúWXUPDN�RODUDN�WDQÕPODPÕúWÕ����

+DON�)ÕUNDVÕ�LoLQGHNL�RWRULWHU�H÷LOLPOL�JUXS�LV\DQÕQ�VRUXPOXODUÕ�DUDVÕQGD�³P�UWHFL´�

J|UG�÷��7S&)¶\L�LúDUHW�HWPLú��)HWKL�%H\�+�N�PHWL¶QLQ�GH�LV\DQGD�\HWHULQFH�VHUW�WHGELUOHU�

DOPDGÕ÷Õ�LGGLD�HGLOPLúWL��7S&)¶QLQ�³P�UWHFL´�VDYÕ\OD�W|KPHW�DOWÕQGD�NDOPDVÕQÕQ�EDúOÕFD�QHGHQL�

SURJUDPÕQGD�³GLQH�VD\JÕ�GX\GX÷XQX´�EHOLUWPHVL\GL��R\VD�KHQ�]�$QD\DVD¶GD�GHYOHWLQ�GLQL�

øVODP�LEDUHVL�PHYFXWWX����0DUW¶WD�)HWKL�%H\�SDUWL�LoL�HOHúWLULOHU�NDUúÕVÕQGD�WXWXQDPD\DUDN�LVWLID�

HGHU��\HULQL�VHUWOLN�\DQOÕVÕ�WXWXPX\OD�VLYULOHQ�øVPHW�3DúD�DOÕU����0DUW¶WD�0HFOLV¶WHQ�J�YHQR\X�

DODQ�øVPHW�3DúD�+�N�PHWL�D\QÕ�J�Q�7DNULU�L�6�NXQ�NDQXQXQX�oÕNDUÕU��.DQXQ�LOH�K�N�PHW�

&XPKXUEDúNDQÕ¶QÕQ�RQD\Õ�LOH�³V�NXQXQXQ´�ER]XOPDVÕQD�QHGHQ�RODQ�W�P�NXUXOXúODUÕ�LGDUL�

\HWNLVL\OH�NDSDWDELOPH�J�F��HOGH�HGHU��ùDUN�YH�$QNDUD�øVWLNODO�0DKNHPHOHUL�NXUXOXU��ùDUN�

øVWLNODO�0DKNHPHVL����0D\ÕV¶WD�J|UHY�DODQÕQD�JLUHQ�E|OJHGH�7S&)¶QLQ��NDSDWÕOPDVÕQÕ�

YDOLOHUGHQ�LVWHU�YH�LVWHN�GHUKDO�\HULQH�JHWLULOLU��ùH\K�6DLW�YH����DUNDGDúÕ����+D]LUDQ¶GD�LGDPD�

PDKNXP�HGLOLU��1LKD\HW���+D]LUDQ�����¶WH�K�N�PHW��7DNULU�L�6�NXQ�.DQXQX¶QXQ�YHUGL÷L�

J�oOH�7S&)¶QLQ�NDSDWÕOPDVÕQD�NDUDU�YHULU��&HPLO�.RoDN��7S&)¶QLQ�NDSDWÕOPDVÕ\OD�

JHUoHNOHúHQ�V�UHFL�ú|\OH�GH÷HUOHQGLUL\RU��³7DNULU�L�6�NXQ�NDQXQX�LOH�K�N�PHW�W�P��ONHGH�

RWRULWHU�ELU�\|QHWLP�NXUPD\Õ�EDúDUGÕ��%XQGDQ�VRQUDNL�G|QHPGH�JHUHN�0HFOLV¶WH�YH�JHUHNVH�

�����0DQJR��$WDW�UN«��V�����������$�J�H���V������

0HFOLV�GÕúÕQGDNL�PXKDOHIHW�JHoPLúH�RUDQOD�SHN�FÕOÕ]�NDOGÕ�YH�VHUEHVW�WDUWÕúPD�YH�HOHúWLUL�

RODQD÷Õ�E�\�N�|Oo�GH�RUWDGDQ�NDONWÕ�´���

6|\OHQGL÷L�JLEL�7S&)�����¶WH�ùXEDW�D\ÕQGD�EDúOD\DQ�ùH\K�6DLW�LV\DQÕQÕQ�EDVWÕUÕOPDVÕ�

LoLQ�oÕNDUÕODQ�7DNULU�L�6�NXQ�NDUDUODUÕQD�GD\DQDN�DOÕQDUDN�NDSDWÕOPÕúWÕ��EL]�EXUDGD�ùH\K�6DLW�

LV\DQÕ��]HULQGH�X]XQ�X]DGÕ\D�GXUDFDN�GH÷LOL]��DQFDN�LV\DQD�oHúLWOL�\DNODúÕPODU�DUDVÕQGD�|QH�

oÕNDQ��NLPLOHULQL�J|UPHN�JHUHNWLU��7XQoD\��D\DNODQPD\Õ�³GLQVHO�ELU�JL\VL�DOWÕQGD�XOXVDO´���

RODUDN�GH÷HUOHQGLULUNHQ��.�UW�VRUXQX��]HULQGH�P�QKDVÕU�ELU�DUDúWÕUPD�\DSDQ�.LULúoL�YH�:LQURY�

D\DNODQPD\Õ���NDWHJRULN�ELU�D\UÕPD�JLWPHGHQ�GDKD�EHOLUVL]�ELU�ELoLPGH�ú|\OH�VDSWÕ\RU��³%X�

D\DNODQPD�$QNDUD¶GDNL�\HWNLOLOHULQ�GD\DWWÕNODUÕ�PHUNH]LOHúPH\H�NDUúÕ�GLUHQPHN�LoLQ�oHúLWOL�

.�UW�DúLUHWOHUL�ELUOHúWLUPHGH�KDVVDV�ELU�URO�R\QD\DQ�NDUL]PDWLN�ELU�GLQL�OLGHULQ�|QGHUOL÷LQGHNL�

ELU�D\DNODQPD�RODUDN�GH÷HUOHQGLULOHELOLU�´����$\GHPLU�LVH�ùH\K�6DLW�LV\DQÕQÕQ ³ELU�%H\OHU�

ùH\KOHU´�LV\DQÕ�ROGX÷XQX��LV\DQD�V�U�NOHQHQOHULQ�ID]OD�ROPDNOD�EHUDEHU��EX�LV\DQÕ�ELU�.�UW�

LV\DQÕ�RODUDN�YDVÕIODQGÕUPDQÕQ�]RU�ROGX÷XQX�V|\O�\RU��³%X�EH\OHULQ��úH\KOHULQ�LUDGHOHULQH�

ED÷OÕ�RODUDN�LV\DQD�V�U�NOHQHQ�NXOODUÕQ��P�ULWOHULQ�|QHPOL�\HNXQODUD�YDUPDVÕQD�UD÷PHQ��ELU�

KDON�KDUHNHWL�KDOLQL�DOPDG��.�UWOHUOH�PHVNXQ�E�W�Q�E|OJHOHUGH��PLOOL�ELU�KDUHNHW�KDOLQH�

JHOPHGL���«��%X�GXUXPX��.�UWOHULQ�HWQLN�\DSÕODUÕ���PHVHOD�DúLUHW�KD\DWÕ��YH�VRV\DO�úDUODUOD�

L]DKD�oDOÕúPDN�P�PN�QG�U��$úLUHWOL�WRSOXPODUGD�LVH�PLOOL�GX\JX�]DWHQ�\HWLúPH]��6RQUD�úX�ELU�

JHUoHNWLU�NL�.�UWOHU��NHQGL�DUDODUÕQGD��E�\�N�IDUNOÕOÕNODU�J|VWHUHQ�NROODUD�E|O�QP�úOHUGLU�´���

����¶QÕQ�\D]�D\ODUÕQGD�*D]L�ELU�\XUW�JH]LVLQH�oÕNWÕ��\ROX�ø]PLU¶H�YDUDFDNNHQ�NHQGLVLQH�

NDUúÕ�HVNL�YHNLO�=L\D�+XUúLW�YH�DUNDGDúODUÕQÕQ�ELU�VXLNDVW�WHUWLEL�RUWD\D�oÕNDUÕOGÕ��.ÕVD�]DPDQGD�

EDúOD\DQ�WXWXNODPDODU�YH�\DUJÕODPDODU�LVH�VXLNDVWÕQ�|WHVLQH�JHoHQ�ELU�KHVDSODúPD\Õ�J�QGHPH�

JHWLUGL��JHQLúOH\HQ�VRUXúWXUPDGD�$\GHPLU�VDQÕNODUÕQ�ú|\OH�WDVQLI�HGLOHELOHFH÷LQL�V|\O�\RU��³�

6XLNDVWÕQ�GR÷UXGDQ�GR÷UX\D�LFUDVÕQGD�YD]LIH�DODQODU��%XQODUÕ�WHúYLN�HGHQ��KD]ÕUOD\DQ�EDú�

WHUWLSoLOHU��%XQODUGDQ�JD\UL�RODQ�YH�VXLNDVWÕQ�LFUD�YH�WHUWLELQGH�GR÷UXGDQ�GR÷UX\D�LúWLUDN�YH�

P�GDKDOHOHUL�J|U�OPHPHNOH�EHUDEHU��$QNDUD¶\D�YH�*D]L¶\H�FHSKH�DOPÕú�VD\ÕODQ��ED]Õ�ú�SKHOL�

KDUHNHWOHUL�VH]LQOHQHQ�HVNL�øWWLKDW�YH�7HUDNNL�NDOÕQWÕVÕ�úDKVL\HWOHU��.DSDWÕODQ�7HUDNNLSHUYHU�

)ÕUND�|QGHUOHUL�YH�*D]L¶QLQ�\DNÕQ�P�FDGHOH�DUNDGDúODUÕ�RODQ�SDúDODU«´����ø]PLU¶GH�

JHUoHNOHúWLULOHQ�VXLNDVW�GDYDVÕQGD�WHUWLSoLOHU�|O�PH�PDKNXP�HGLOLUNHQ��7S&)¶QLQ�|QGH�JHOHQ�

�����.RoDN��³6L\DVDO�7DULK«´��V�����������7XQoD\��7�UNL\H�&XPKXUL\HWL¶QGH«��V����������.HPDO�.LULúoL��*DUHWK�0��:LQURY��.�UW�6RUXQX�*HOLúLPL�YH�.|NHQL�dHYLUL��$KPHW�)HWKL��øVWDQEXO��79<<��������V�����������$\GHPLU��7HN�$GDP«�&��,,,��V�����������$�J�H���V�������7XQoD\��D\GHPLU�LOH�D\QÕ�GR÷UXOWXGD�DQFDN�GDKD�NÕVD�ELU�ELoLPGH�\DUJÕODQDQODUÕ�ú|\OH�WDVQLI�HGL\RU��³����VXLNDVW�G�]HQOH\LFLOHUL������RQODUOD�LOLúNLOL�YH�LOLúNLVL]�HVNL�7S&)¶OLOHU�YH�����GDKD�HVNL�øWWLKDWoÕODU´��7�UNL\H�&XPKXUL\HWL¶QGH«��V������

SDúDODUÕ�.D]ÕP�.DUDEHNLU�YH�$OL�)XDW�EHUDDW�HWWLOHU��RQODUÕQ�GDYDVÕQÕ�$QNDUD¶GD�øWWLKDWoÕODUÕQ�

GDYDVÕ�L]OHGL��%X�GDYDGD�DUDODUÕQGD�HVNL�0DOL\H�1D]ÕUÕ�0HKPHW�&DYLW�%H\�GH�ROPDN��]HUH�G|UW�

øWWLKDWoÕ�|O�P�LOH�FH]DODQGÕUÕOPÕú��RWX]�\HGL�NLúL�EHUDDW�HWPLúWL��6RQXoWD�X]XQ�oHNLúPHOHULQ�

DUGÕQGDQ�øWWLKDWoÕOÕN�WDVIL\H�HGLOPLúWL��³øVWHQLOHQ�GH��EX�GHYULQ�YH�EX�KDWÕUDODUÕQ�NHVLQ�RODUDN�

WDVIL\HVL�LGL�´���

6L\DVDO�JHOLúPHOHU������\ÕOÕQGD�E�\�N�ELU�KHVDSODúPD\D�G|Q�úP�úNHQ���������

G|QHPLQLQ�LNWLVDW�SROLWLNDODU���������G|QHPL\OH�EHQ]HUOLNOHU�J|VWHUL\RU��PLOOL�LNWLVDW�

RNXOXQXQ�NRUXPDFÕ�YH�VDQD\LOHúPHFL�\|QHOLPOHUL�EX�G|QHPGH�/R]DQ¶ÕQ�JHWLUGL÷L�NÕVÕWODPDODU�

GROD\ÕVÕ\OD�J|OJHOHQVH�GH�GHYOHW�HOL\OH�³PLOOL�EXUMXYD´�PH\GDQD�JHWLUPH�oDEDODUÕ�

JHUoHNOHúWLULOL\RUGX��/R]DQ�$QODúPDVÕ�LWKDO�PDOODU�LOH�\HUOL�PDOODUD�IDUNOÕ�RUDQODUGD�W�NHWLP�YH�

VDWÕú�YHUJLOHUL�X\JXODPDVÕQÕ�|QOHPLú��GROD\ÕVÕ\OD�\HUOL�HPWLDQÕQ�NRUXQPDVÕQÕ�HQJHOOHPLúWL��

DQFDN�GHYOHW�WHNHOLQGH�EXOXQDQ�PDOODU�NDPX�JHOLUOHULQL�DUWWÕUPDN�DPDFÕ\OD�GDKD�\�NVHN�ELU�

IL\DWODPD\D�LPNDQ�YHUPLúWL��'ROD\ÕVÕ\OD�/R]DQ�NÕVÕWODPDODUÕQGDQ�VÕ\UÕOPDQÕQ�\ROX�ELUoRN�PDO�

YH\D�KL]PHWLQ�GHYOHW�WHNHOLQH�DOÕQPDVÕ��DUGÕQGDQ�EXQODUÕQ�LPWL\D]OÕ�\HUOL�\D�GD�\DEDQFÕ�

úLUNHWOHUH�GHYUHGLOPHVL�ELoLPLQGH�J|U�O�\RUGX��%X�LúOHULQ�\�U�PHVLQGH�����¶WH�NXUXODQ�øú�

%DQNDVÕ�YH�oHYUHVL KD\OL�HWNLOL�ELU�GXUXPGD\GÕ��'|QHPGH�øú�%DQNDVÕ�oHYUHVLQH�oÕNDUFÕ�

DQODPÕQGD�³DIHULVWOHU´�GHQL\RUGX��)DOLK�5ÕINÕ�$WD\�ú|\OH�\D]DU��³�.ROD\�ND]DQo�HOGH�HWPH\H�

oDOÕúDQODU«�$QNDUD¶GD�Q�IX]�W�FFDUODUÕQÕ�EXOPDNWD�YH�RQODU�YDVÕWDVÕ\OD�EDQND\Õ�NHQGL�

WHúHEE�VOHULQH�V�U�NOHPHNWH�LGL�´���

ø]PLU�øNWLVDW�.RQJUHVL¶QGH�0XVWDID�.HPDO�\DEDQFÕ�VHUPD\HQLQ�NDQXQODUD�X\PDN�

NDSLW�OHU�D\UÕFDOÕN�DUDPDPDN�úDUWÕ\OD�Lú�J|UHELOHFH÷LQL�EHOLUWPLú��G|QHP�ER\XQFD�EX�DQOD\Õú�

JHoHUOL�ROPXúWX��6|]JHOLPL���������DUDVÕQGD�NXUXODQ�����7�UN�DQRQLP�úLUNHWLQGHQ���¶VÕQGD�

\DEDQFÕ�VHUPD\H�RUWDNOÕ÷Õ�YDUGÕ��ø]PLU�øNWLVDW�.RQJUHVL�/R]DQ�.RQIHUDQVÕ�J|U�úPHOHULQLQ�

NHVLOPHVL\OH�G�]HQOHQPLú�YH�%DWÕOÕODUD��7�UNL\H¶QLQ�³VLVWHP´�LoLQGH�NDODFD÷Õ�PHVDMÕQÕ�

YHUPLúWL��.RQJUH¶QLQ�DoÕú�NRQXúPDVÕQÕ����ùXEDW�����¶WH�0��.HPDO�\DSDU�YH�úX�|QHPOL�

QRNWDODU��]HULQGH�GXUXU��³0LOOHWLPL]�KDODVÕ�NDWL�YH�KDNLNL\H�PD]KDU��RODELOPHN�LoLQ�LNL�

XPGH\H�LVWLQDGÕQ�úDUW�ROGX÷XQX�DQODGÕ��2QODUGDQ�ELULQFLVL�0LVDN�Õ�0LOOL¶QLQ�LKWLYD�HWWL÷L�UXK�

YH�PDQD��øNLQFLVL�7HúNLODWÕ�(VDVL\H�.DQXQXPX]XQ�WHVSLW�HWWL÷L�JD\UL�NDELO�L�WHEHGG�O�KDND\ÕN��

0LVDN�Õ�0LOOL��PLOOHWLQ�LVWLNODO�L�WDPPÕQÕ�WHPLQ�HGHQ�YH�EXQXQ�LoLQ�LNWLVDGL\DWÕQGD�LQNLúDIÕQD�

�����$�J�H���V�������.LQURVV�0XVWDID�.HPDO¶LQ�LNWLGDUÕQÕ�WHN�EDúÕQD�NXUDELOPHN�LoLQ��VXLNDVW�JLULúLPLQLQ�ELU�RODQDN�ROGX÷XQX�ND\GHGHUHN�ú|\OH�GL\RU��³6XLNDVW��WDPDPHQ�NLúLVHO�QLWHOLNWH\GL��QRUPDO�ELU�D÷ÕU�FH]D�GDYDVÕ�JLEL�LúOHP�J|UHELOLUGL���«��*D]L��LúL�E�\�N�|Oo�GH�VL\DVL�ELU�NRPSOR�JLEL�HOH�DOPD\Õ�GDKD�X\JXQ�J|UG���%X�NDoÕUÕOPD\DFDN�ELU�IÕUVDWWÕ��d�QN���WRS\HN�Q�ELU�LNWLGDU�LoLQ�VDEÕUVÕ]ODQDQ�YH�NHQGLVLQGHQ�NDUúÕ�RODQ�KHUNHVWHQ�NXúNXODQPD\D�EDúOD\DQ�*D]L¶\H��RQODUÕ�VXoODPDN�YH�\ROXQXQ��]HULQGHQ�X]DNODúWÕUPDN�RODQD÷Õ�YHUL\RUGX�´�$WDW�UN��%LU«��V�����������$NWDUDQ��%RUDWDY��7�UNL\H«��V�����

PDQL�RODQ�E�W�Q�VHEHSOHUL�ELU�GDKD�DYGHW�HWPHPHN��]HUH�OD÷YHGHQ�ELU�G�VWXUGXU��7HúNLODW�Õ�

(VDVL\H�.DQXQX�2VPDQOÕ�øPSDUDWRUOX÷X¶QXQ��'HYOHWLQLQ�WDULKH�NDUÕúWÕ÷ÕQÕ�LGUDN�HGHQ��RQXQ�

\HULQH�\HQL�7�UNL\H�'HYOHWLQLQ�NDLP�ROGX÷XQX�LGUDN�HGHQ�ELU�NDQXQGXU«�øVWLNODO�L�WDP�LoLQ�úX�

G�VWXU�YDU��+DNLPL\HW�L�PLOOL\HW�KDNLPL\HW�L�LNWLVDGL\H�LOH�WDUVLQ�HGLOPHOLGLU«�øNWLVDGL\DW�

VDKDVÕQGD�G�ú�Q�U�YH�NRQXúXUNHQ�]DQQROXQPDVÕQ�NL�HFQHEL�VHUPD\HVLQH�KDVÕPÕ]��KD\ÕU�EL]LP�

PHPOHNHWLPL]�YDVLGLU��dRN�HPHN�YH�VHUPD\H\H�LKWL\DFÕPÕ]�YDU��.DQXQODUÕPÕ]D�ULD\HW�úDUWÕ\OD�

HFQHEL�VHUPD\HOHULQH�OD]ÕP�JHOHQ�WHPLQDWÕ�YHUPH\H�KHU�]DPDQ�KD]ÕUÕ]��0D]LGH��7DQ]LPDW�

GHYULQGHQ�VRQUD�HFQHEL�VHUPD\HVL�P�VWHVQD�ELU�PHYNL\H�VDKLSWL��'HYOHW�YH�K�N�PHW�HFQHEL�

VHUPD\HVLQLQ�MDQGDUPDOÕ÷ÕQGDQ�EDúND�ELU�úH\�\DSPDPÕúWÕU��+HU�\HQL�PLOOHW�JLEL�7�UNL\H�EXQD�

PXYDIDNDW�HGHPH]��%XUDVÕQÕ�HVLU��ONHVL�\DSWÕUPD\Õ]�´���

.RQJUH�VRQXFXQGD�DKODNL�VWDQGDUWODU�QLWHOL÷LQGH�J|U�QHQ�³0LVDN�L�øNWLVDGL�(VDVODUÕ´�

NDEXO�HGLOLU��DQFDN�DVÕO�NDUDUODU�NDWÕOÕPFÕ�JUXSODUÕQ�VXQGXNODUÕ�LNWLVDGL�HVDVODUGÕ��ùLPGL�

JUXSODUÕQ�ED]Õ�|QHPOL�HVDVODUÕQÕ�J|UHOLP����dLIWoL�*UXEX��.|\OHUGHNL�RNXOODUÕQ�EDKoHOHULQLQ�

ROPDVÕ�YH�|÷UHQFLOHUOH�SUDWLN�X\JXODPDODUÕQ�JHUoHNOHúWLULOPHVL��DúDUÕQ�NDOGÕUÕOPDVÕ��VXODPD�

SURMHOHULQLQ�\DSÕOPDVÕ��WDUÕP�YH�KD\YDQ��U�QOHULQLQ�\DEDQFÕODUD�NDUúÕ�NRUXQPDVÕ��J|oHEH�

DúLUHWOHULQ�LVNDQ�HGLOPHVL«����7�FFDU�*UXEX��<DEDQFÕ�SDUDODUÕQ�DQL�\�NVHOLú�YH�G�ú�úOHULQH��

NDUúÕ�|QOHP�DOÕQPDVÕ��NDERWDM�KDNNÕQÕQ�VD÷ODQPDVÕ��LQKLVDUÕQ�HQJHOOHQPHVL��PLOOL�VDQD\LQLQ�

NROODQPDVÕ��GHPLU\ROODUÕQÕQ�GHYOHWoH�LQúDVÕ�YH�LúOHWLOPHVL«����6DQD\L�*UXEX��*�PU�NOHUGH�

KLPD\HQLQ�NDEXO�HGLOPHVL�YH�KDPPDGGHQLQ�J�PU�NV�]�LúOHP�J|UPHVL��K�N�PHW�DOÕPODUÕQGD�

\HUOL��U�Q�WHUFLKL��7HúYLN�L�6DQD\L�.DQXQX¶QXQ�JHOLúWLULOPHVL��W�P�YDWDQGDúODUD�\HUOL�PDOÕ�

NXOODQPD�PHFEXUL\HWL�JHWLULOPHVL«����øúoL�*UXEX��6HQGLND�KDNNÕQÕQ�WDQÕQPDVÕ��JUHY�\DVDVÕQÕQ�

G�]HQOHQPHVL��J�QO�N���VDDWOLN�oDOÕúPD�\DVDVÕQÕQ�NDEXO���DVJDUL��FUHWLQ�NDEXO��YH��o�D\GD�ELU�

WHVSLWL����0D\ÕV¶ÕQ�LúoL�ED\UDPÕ�RODUDN�UHVPHQ�NDEXO�HGLOPHVL��LVWLKGDP�RODQDNODUÕQ�VDGHFH�

7�UN�YDWDQGDúÕ�LúoLOHULQ�\DUDODQPDVÕQÕQ�NDEXO���%RUDWDY��ø]PLU�øNWLVDW�.RQJUHVL¶QGH�øVWDQEXO�

LúoLOHULQLQ�W�FFDU�WHPVLOFLVL�JLEL�GDYUDQGÕ÷ÕQÕ�DQÕPVDWWÕNWDQ�VRQUD�ú|\OH�GL\RU��³��.RQJUH��

øVWDQEXO�YH�ø]PLU¶LQ�7�UN�0�VO�PDQ�VHUPD\H�oHYUHOHULQLQ�VL\DVL�LNWLGDUOD�ND\QDúPDODUÕQGD�

ELU�LON�DGÕP�ROXúWXUPXúWXU�´����dDYGDU�LVH�.RQJUH¶\L�ú|\OH�GH÷HUOHQGLULU��³�«��W�FFDU��

VDQD\LFL�YH�oLIWoL�JUXSODUÕQÕQ�WDOHSOHULQLQ�KHPHQ�KHPHQ�WDPDPÕ�\HULQH�JHWLULOPLúWLU��«��DPHOH�

JUXEXQXQ�LVWHNOHUL�\DGD�]DEÕWODUGD�\HU�DOGÕ÷Õ�JLEL�µøNWLVDGL�(VDVODUÕ¶�VDGHFH�ND÷ÕW��]HULQGH�

NDOPÕúWÕU��«��W�FFDU��VDQD\LFL�YH�E�\�N�WRSUDN�VDKLSOHUL�NRDOLV\RQX�FXPKXUL\HWLQ�LNWLVDGL�

SROLWLNDVÕQÕQ�oL]JLOHULQL�NHQGL�VÕQÕI�oÕNDUODUÕ�DoÕVÕQGDQ�EHOLUOHPLúOHUGLU�´���

�����$NWDUDQ��7HYILN�dDYGDU��7�UNL\H�(NRQRPLVLQLQ«��V�����������%RUDWDY��7�UNL\H�øNWLVDW«��V����������dDYGDU��7�UNL\H�(NRQRPLVLQLQ«��V������

.RQJUH¶GHQ�VRQUD���¶OL�\ÕOODUÕQ�RUWDODUÕQGDQ�LWLEDUHQ�GHPLU\ROODUÕ�PLOOLOHúWLULOPH\H�

EDúODQPÕú��W�W�Q�UHMLVL�LVH�����¶WH���PLO\RQ�OLUD\D�DOÕQDUDN�GHYOHWOHúWLULOPLúWL�������\ÕOÕQGD�

NDEXO�HGLOHQ�7HúYLNL�6DQD\L�.DQXQX�VDQD\L�\DWÕUÕPODUD�E�\�N�WHúYLNOHU�JHWLUPLúWLU������¶GD�

/R]DQ�NÕVÕWODPDODUÕ�RUWDGDQ�NDONDU��J�PU�N�YHUJLOHULQLQ�\�NVHOWLOPHVL�YH�GL÷HU�G�]HQOHPHOHUOH�

/R]DQ�|QFHVL������RODQ�³PLOOL�NRUXQPD´�����RUDQÕQD�\�NVHOWLOLU�������\ÕOÕQGDNL�E�\�N�

G�Q\D�LNWLVDGL�EXKUDQÕ�YH�7�UNL\H¶QLQ�D\QÕ�\ÕO�LKUDFDWÕQÕQ������JHULOHPHVL\VH�LNWLVDW�

SROLWLNDODUÕQÕQ�GH÷LúHFH÷LQLQ�KDEHUFLVL�RODFDNWÕ��7�UNL\H�EX�G|QHP�JHUoHNOHúWLUGL÷L�GÕúVDWÕPÕQ�

��������RUDQÕQÕ�W�W�Q��NXUX��]�P��SDPXN��LQFLU�HPWLDVÕ��]HULQGHQ�JHUoHNOHúWLUL\RU��GÕúDOÕPÕQ�

E�\�N�ELU�NHVLPLQL�LVH�VDQD\L�PDOODUÕ�PH\GDQD�JHWLUL\RUGX��.ÕVDFDVÕ�7�UNL\H�KDPPDGGH�

LKUDFDWÕ�YH�PDPXO�PDO�LWKDODWÕ�\DSÕ\RUGX��'|QHPGH�WDUÕPGD�YH�VDQD\LGH�J|U�OHQ������

FLYDUÕQGDNL�E�\�PH�VDQD\LOHúPH�WHPSRVXQX�GH÷LO��DQFDN�ELU�\HQLGHQ�LQúD�V�UHFLQL�J|VWHULU��

�����6DQD\L�6D\ÕPÕ¶QD�J|UH�LPDODW�VDQD\LQGH�oDOÕúDQ�����ELQ�LúoLQLQ�����ELQL��¶WHQ�D]�LúoL�

oDOÕúWÕUDQ�\HUOHUGH�LVWLKGDP�HGLOPLúWLU��GROD\ÕVÕ\OD�DQODPOÕ�ELU�VDQD\LOHúPHGHQ�V|]�HWPHN�

J�oW�U������¶WH�E�WoH�JHOLUOHULQLQ������RUDQÕQÕ�ROXúWXUDQ�DúDU�YHUJLVL�NDOGÕUÕOÕU��$úDUÕQ�

NDOGÕU Õ OPDVÕ\ OD �PH\GDQD�JHOHQ�YHUJL �JH O LU LQGHNL �ND\ÕS�úHNHU �YH �JD]\D÷ÕQÕQ�

YHUJLOHQGLULOPHVL\OH�NDUúÕODQPÕú��GROD\ÕVÕ\OD�NHQWOL�HPHNoL�W�NHWLFL�VÕQÕIODUGDQ�WDUÕP�NHVLPLQH�

ELU�JHOLU�DNWDUÕPÕ�JHUoHNOHúWLULOPLúWLU��.ÕVDFD�VÕQÕIODU�DoÕVÕQGDQ�V|\OHPHN�JHUHNLUVH���������

G|QHPL�N|\O��NLWOHOHUL�LoLQ��UHWLP�YH�IL\DW�DUWÕúODUÕ�GROD\ÕVÕ\OD��GÕúDOÕP�YH�GÕúVDWÕP�\|Q�QGHQ�

W�FFDUODU�LoLQ��LVWLKGDP�RODQDNODUÕQÕQ�DUWPDVÕ\OD�LúoLOHU�LoLQ��YH�UHIDK�GXUXPODUÕQÕQ�

NROODQPDVÕ\OD�PHPXUODU�LoLQ�ROXPOX�\ÕOODU�ROPXúWXU��g]HWOH�PLOOL�JHOLUGH�VD÷ODQDQ�UHHO�DUWÕú�

W�P�VRV\DO�VÕQÕI�YH�WDEDNDODUD�\D\ÕOPÕúWÕU� ���

$\GHPLU�LoLQ���������� DUDVÕQGD�X\JXODQPDVÕ�JHUHNHQ�LNWLVDW�SROLWLNDODUÕ��ONH\H�

\HWHULQFH�ID\GD�VD÷OD\DPDPÕúWÕ��2QD�J|UH������$QD\DVDVÕ¶QÕQ�0DNVDW�YH�0HVOHN�E|O�P�QGH�

LNWLVDW�SROLWLNDVÕ��LIDGHVLQL��EXOPXúWX��³7�UNL\H�%�\�N�0LOOHW�0HFOLVL�+�N�PHWL��KD\DW�YH�

LVWLNOkOLQL�NXUWDUPD\D�\HJkQH�PDNVDW�YH�JD\H�ELOGL÷L�KDONÕ��HPSHU\DOL]P�YH�NDSLWDOL]PLQ�

WDKDNN�P�QGHQ�YH�]XOP�QGHQ�NXUWDUDUDN��LGDUH�YH�KDNLPL\HWLQLQ�KDNLNL�VDKLEL�NÕOPDNOD��

JD\HVLQH�YkVÕO�RODFD÷Õ�NDQDDWLQGHGLU�´�$QFDN�RQD�J|UH�NDSLWDOL]PH�NDUúÕ�LIDGH�HGLOHQ�NDUDNWHU�

�����$QD\DVDVÕ¶QÕQ�OLEHUDO�\DSÕVÕ�LOH�oHOLúNLOHU�J|VWHUPLú��EHNOHQHQ�SROLWLNDODU�WDP�DQODPÕ\OD�

X\JXODQDPDPÕúWÕ��%X�GHYUHGH�PLOOL�VHUPD\H�ELULNPHGL��|]HO�WHúHEE�V�|QHPOL�\DWÕUÕPODU�

JHUoHNOHúWLUHPHGL�������HNRQRPLN�EXKUDQÕQD�NDGDU�OLEHUDO�SROLWLNDODU�X\JXODQGÕ��gWH�WDUDIWDQ�

�����%RUDWDY��7�UNL\H�øNWLVDW«��V�����

GHYOHW�GHPLU\ROODUÕQÕQ�JHOLúWLULOPHVL��\ROODUÕQ�ÕVODKÕ��DVD\LúLQ�VD÷ODQPDVÕ��DVNHUOLN�KL]PHWLQLQ�

NÕVÕWODQPDVÕ�N|\H�VD÷ODQDQ�GROD\OÕ�ID\GDODU�ROGX����

�����\ÕOÕQGD�SDWODN�YHUHQ�HNRQRPLN�EXKUDQ�$\GHPLU�LoLQ�NDSLWDOL]PLQ�NDoÕQÕOPD]�ELU�

KDVWDOÕ÷Õ\GÕ��%X�EXKUDQ�NDUúÕVÕQGD�W�P��ONHOHU�NHQGL�LoOHULQH�oHNLOHUHN�NHQGLQH�\HWHUOL�ROPD�

JD\UHWLQH�JLUHUHN�³RWDUúL´�SROLWLNDODUÕ�EHQLPVHGLOHU��7�UNL\H�GH�EX�G|QHPGH�XOXVODUDUDVÕ�

NRúXOODUÕQ�]RUODPDVÕ\OD�GHYOHWoL�LNWLVDW�SROLWLNDODUÕQD�\|QHOGL�³D]�oRN�VRV\DOLVW�DQODPGD��\DQL�

WRSOXP�\DUDUÕQD�ELU�LQúD�YH�G�]HQOHPH�QLWHOL÷LQGH��SODQ�YH�SODQODPD�KDUHNHWLQH�JLULúLOGL�´���

øON�EHú�\ÕOOÕN�SODQ�����¶WH�\�U�UO�÷H�JLUGL\VH�GH�DQFDN�NÕVPHQ�WDPDPODQDELOGL��LNLQFL�SODQ�LVH�

øNLQFL�'�Q\D�6DYDúÕ�NRúXOODUÕQGD�X\JXODQDPDGÕ��$\GHPLU�LoLQ������VRQUDVÕQGD�X\JXODQDQ�

SROLWLNDODUD�$WDW�UN�oRN�ID]OD�GDKLO�ROPDPÕúWÕ��³��«��KHOH�����¶WHQ�VRQUD�$WDW�UN��DUWÕN������

|QFHVLQLQ�DNWLI��DWÕOJDQ��KDWWD�P�FDGHOHFL�$WDW�UN¶��GH÷LOGL��+�N�PHWL�LFUDDWÕQGD�JHQLú�|Oo�GH�

VHUEHVW�EÕUDNÕ\RUGX�´���

����¶OX�\ÕOODUGD�$\GHPLU¶H�J|UH�&+3�KDONWDQ�NRSPXú��GDU��EDVLW�ELU�KL]EH�

G|Q�úP�úW���³(÷HU�ELU�U�]JDU��\HQL�ELU�WDNÕP�KHGHIOHU�YH�VORJDQODUOD�EX�GXUJXQODúDQ�VX\X�

GDOJDODQGÕUPD]VD��SDUWL�KDWWD�WDPDPHQ�VRQD�HUHELOLUGL�´����%X�NRúXOODUGD�*D]L�³KDYD\Õ�

GDOJDODQGÕUPDQÕQ�YDNWL�JHOGL÷LQL´�G�ú�QHUHN�ELU�³YHVD\HW�SDUWLVL´�NXUPD\D�NDUDU�YHUGL��

E|\OHFH�³KDONÕQ�GX\JXODUÕQÕ�NDQDOL]H�HWPHN´�P�PN�Q�RODELOLUGL��øúWH�6HUEHVW�)ÕUND�EX�RUWDP�

LoLQGH�GR÷UXGDQ�GR÷UX\D�0XVWDID�.HPDO¶LQ�JLULúLPL\OH�)HWKL�2N\DU�EDúNDQOÕ÷ÕQGD�NXUXOGX��

DQFDN�NÕVD�]DPDQGD�E�\�N�ELU�LOJL�J|UG��YH�VRQX�\DNÕQ�ROGX��$\GHPLU�LoLQ�6HUEHVW�)ÕUND¶QÕQ�

HQ�|QHPOL�VL\DVHWoLVL�$÷DR÷OX�$KPHW�%H\ LGL��$KPHW�%H\¶LQ�J|U�úOHUL�GR÷UXOWXVXQGD�

ELoLPOHQHQ�6&)�GHYOHWoL�SROLWLNDODUÕ�\HUVL]�EXOX\RU��OLEHUDO�ELU�DQOD\ÕúÕ�VDYXQX\RUGX��+DOEXNL�

GL\RU�$\GHPLU��³%DWÕ�GHPRNUDVLVL��NDONÕQPDVÕQÕ��G�Q\DQÕQ�ELU�DVÕU��KDWWD�DVÕUODU�V�UHQ�LNWLVDGL�

\D÷PDVÕ�VD\HVLQGH�\DSPÕúWÕ��7ÕND�EDVD�GR\PXúWX��7�UNL\H�LVH�GDKD�G�Q�NHQGLVL�ELU�NRORQL\GL��

$]�JHOLúPLú��GDKD�GR÷UXVX�JHOLúPHPLú�ELU�PHPOHNHWWL��.RORQL�YH�\DUÕ�NRORQL�UHMLPOHULQH�NDUúÕ�

D\DNODQPÕú��JHUL��VHUPD\HVL]�ELU��ONH\GL��0X]DIIHU��IDNDW�\DOQÕ]�ELU��ONH\GL��.HQGL�J�F�Q��

ROD÷DQ�VW��WHGELUOHUOH��PHVHOD�GHYOHWoLOLNOH�VHIHUEHU�HWPHGHQ�QDVÕO�NDONÕQDELOHFH÷L�KDNNÕQGD�

6HUEHVW�)ÕUND�YH�$÷DR÷OX�KLoELU�ILNLU�JHWLUPL\RUODUGÕ�´���

&+3¶QLQ����0D\ÕV�����¶GH�JHUoHNOHúWLUGL÷L�øNLQFL�.XUXOWD\ÕQGD�NDEXO�HGLOHQ�$OWÕ�2N��

LONHOHULQGHQ�$\GHPLU��0LOOL\HWoLOL÷L��2VPDQOÕFÕ�,UNoÕ�7XUDQFÕ�J|U�úOHUL�ELU�WDUDID�EÕUDNPDVÕ\OD�

HQ�³D\GÕQOÕN´�LONH�VD\DUNHQ�+DONoÕOÕN�LONHVLQLQ�VÕQÕIVÕ]OÕN�V|\OHPLQL�oHOLúNLOL�RODUDN�

�����$\GHPLU��7HN�$GDP�����&�,,,��V���������������$�J�H���V�����������$�J�H���V�����������$�J�H���V�����������$�J�H���V����������

GH÷HUOHQGLULU��³d�QN��HYYHOD��PHPOHNHWWH�VÕQÕIODU�GDLPD�YDUGÕU��6RQUD������7HúNLOkWÕ�(VDVL\H�

.DQXQX��EDWÕGDQ�DNWDUÕOPÕú�OLEHUDO�ELU�WHPHO�NDQXQ�ROGX÷X�JLEL��7�UNL\H¶QLQ�LPWL\D]VÕ]��

VÕQÕIVÕ]��ELUOHúPLú�ELU�NLWOH�WHúNLO�HWWL÷L�J|U�ú��GH��JHUoH÷L�DNVHWWLUPL\RUGX�´

$\GHPLU��7HN�$GDP�DGOÕ�\DSÕWÕQÕ�$WDW�UN¶�Q�NLúLOL÷L�YH�$WDW�UNo�O�N��]HULQH�NLPL�

VDSWDPDODUOD�VRQODQGÕUÕ\RU��úLPGL�EX�NRQXODUD�NÕVDFD�GH÷LQHOLP��ho�FLOWOLN�NLWDEÕQÕQ�SHN�oRN�

\HULQGH�YXUJXODGÕ÷Õ�JLEL�$\GHPLU�LoLQ�$WDW�UN��PL]DFÕQGDQ��oHYUHVLQGHQ��oD÷ÕQGDQ��

PLOOHWLQGHQ��ELU�úH\OHU�DODUDN�NLúLOL÷LQL�NXUDQ�YH�oD÷ÕQ��PLOOHWLQ�DNÕúÕQD�ELU�úH\OHU�NDWDQ��\|Q�

YHUHQ�ELU�³WDULKL�úDKVL\HW´�ROGX��'DKD�RNXO�\ÕOODUÕQGD�LKWLUDVOÕ��LNWLGDUÕ�DU]XOD\DQ�ELU�LQVDQGÕ��

DQFDN�³LKWLUDVÕQÕQ�VÕQÕU�YH�LPNkQODUÕQÕ��Lo�kOHPLQGH��7DQUÕ�YHUJLVL�ELU�ELOLQoOH�GXUPDGDQ�

\R÷XUDQ��|Oo�O���PXYD]HQHOL�ELU�LKWLUDV�DGDPÕ�´����$WDW�UN�ELU�GRNWULQ�DGDPÕ�GH÷LOGL��³|QFHGHQ�

VLVWHPOHúWLULOPLú��KDUHNHW�SUHQVLSOHUL�EHOOL��VÕQÕUOÕ�ELU�ILNLU�VLVWHPLQH�ED÷OÕ�NDOPDGÕ���«��2�WÕSNÕ�

ELU�NXUPD\�JLEL��PHPOHNHW�YH�G�Q\D�|Oo�V�QGH�KDUHNHWOHULQL��PDQHYUDODUÕQÕ��NDUúÕODúWÕ÷Õ�YH�

LoLQGH�\DúDGÕ÷Õ�úDUWODUD�YH�EX�úDUWODUÕQ�DoÕOPDVÕQD��JHOLúPHVLQH�J|UH�G�]HQOHGL�´����$\GHPLU�

LoLQ�$WDW�UN�ELU�GLNWDW|U GH÷LOGL��2QD�J|UH�GLNWDW|U��³KXNXN�YH�NDQXQ�P�HVVHVH�YH�úHNLOOHUL�

\HULQH�NHQGL�PXWODN�NH\LI�YH�LUDGHVLQL�KDNLP�NÕODQ�DGDPGÕU�´�$WDW�UN�LVH�WHN�SDUWLOL�UHMLPGH�

GDKL�NHQGL�LUDGHVLQL�KLoELU�]DPDQ�NDQXQ�\HULQH�NR\PDGÕ��(Q�E�\�N�EDúDUÕVÕ�LVH�³WRSOXPX�

DúD÷ÕOÕN�GX\JXVXQGDQ�WHPL]OHPHN��NXUWDUPDN�VDYDúÕ�ROPXúWXU�´����%LU�DVNHUGL��DQFDN�PLOLWDULVW�

GH÷LOGL��ø7&�LoLQGH�DVNHUOHULQ�VL\DVHWWHQ�D\UÕOPDVÕ�JHUHNWL÷LQL�VDYXQPXú��.XUWXOXú�\ÕOODUÕQGD�

VLYLO�LGDUH\L�K�N�PHWL�LGDUHFL�NÕOPÕúWÕ�

$WDW�UN�LQNÕODSODUÕQÕQ�ELWPHGL÷LQL�V|\OH\HQ�$\GHPLU��$WDW�UNo�O�÷�Q�|QHPOL�J|UG�÷��

LONHOHULQL�QLKD\HW�ú|\OH�VÕUDOÕ\RU��³����$QWLHPSHU\DOL]P��<DQL�ND\ÕWVÕ]��úDUWVÕ]�LVWLNOkOFLOLN��«��

���<DEDQFÕ�VHUPD\HQLQ�LNWLVDGL�LPWL\D]�YH�NRQWUROOHULQH�NDUúÕ��ND\ÕWVÕ]��úDUWVÕ]�GLUHQLú��'�Q\D�

PLOOHWOHUL�DUDVÕQGD��DQFDN�HúLW�úDUWODUOD�LNWLVDGL�LúELUOL÷L���«�����.D\ÕWVÕ]��úDUWVÕ]�KDON�

KkNLPL\HWL��«��+HU�W�UO��]�PUH��NOLN��VÕQÕI�YH�úDKVL�WDKDNN�POHULQH�NDUúÕ�GLUHQLú���«�����0LOOL�

PLVDN�VÕQÕUODUÕ�LoLQGH�PLOOL�YDWDQ���«��WRSUDNODUÕPÕ]ÕQ�GÕúÕQGD�NDODQ�7�UNOHUH�NDUúÕ�NDUGHúOLN�

VHYJLVL��7�UN�VÕQÕUODUÕ�LoLQGH�N�OW�U�ELUOL÷L��PLOOL�E�W�QO�N«����0LOOL�JXUXU��%DúND�PLOOHWOHU�

NDUúÕVÕQGD�KHU�W�UO��DúD÷ÕOÕN�GX\JXVXQGDQ�VLONLQLú��«��$PD�oD÷GDú�PHGHQL\HWLQ�\RNVXQ�

ROGX÷XPX]�GH÷HUOHULQH��WHNQLN�J�F�QH�YH�RUJDQODUÕQD�NDUúÕ�LKWLUDVOD�\|QHOLú«����6L\DVHWL�ELU�

VSHN�ODV\RQ�NRQXVX�GH÷LO��ELU�SURJUDP��RUJDQ�YH�LQúD�LúL�RODUDN�DOPDN«����'LQ�YH�GLQL�

�����$�J�H���V�����������$�J�H���V�����������$�J�H���V����������

LQDQoODUÕ��PXWODN�RODUDN�VL\DVHW�GÕúÕ�EÕUDNPDN�����+HU�W�UO��GRJPDWL]PH�YH�WDDVVXED�NDUúÕ�

GLUHQLú��«�����.HOLPHFLOLN�GH÷LO��DNVL\RQ«´���

�����$�J�H���V������

������0HQGHUHV¶LQ�'UDPÕ

$\GHPLU��0HQGHUHV¶LQ�'UDPÕ�DGOÕ�NLWDEÕ\OD�\�]�\ÕOÕ�NDSVD\DQ�WDULK�oDOÕúPDODUÕQÕ�

WDPDPODGÕ��%X�NLWDEÕQGD�$GQDQ�0HQGHUHV¶LQ�\DúDPÕ�NLúLOL÷L�GR÷UXOWXVXQGD�ELU�GHYULQ��

7�UNL\H¶GH�³oRN�SDUWLOL´�GHYULQ�KLND\HVLQL�RNXUX]��%L]�\XNDUÕGD�\DSWÕ÷ÕPÕ]�JLEL�EXUDGD�GD�

WDULK GL]LQVHO�ELU�VÕUD�WDNLS�HGHUHN�7�UNL\H¶GH�oRN�SDUWLOL�\DúDPD�JHoLúLQ�QHGHQ�YH�VRQXoODUÕQÕ�

NÕVDFD�EHOLUWHFH÷L]�YH�VRQUD�GD�'HPRNUDW�3DUWL¶QLQ�NXUXOXúX�QDVÕO�JHUoHNOHúWL��'3�KDQJL�

WRSOXPVDO�VÕQÕIODUÕQ�WHPVLOFLVL\GL��0HQGHUHV¶LQ�'3�KDUHNHWL�LoLQGHNL�\HUL�QH\GL��0HQGHUHV�

%D\DU�LOLúNLOHUL�QDVÕOGÕ��'3¶QLQ�EDúDUÕODUÕ�YH�EDúDUÕVÕ]OÕNODUÕ��o|N�ú�Q�Q�QHGHQOHUL�QHOHUGL�JLEL�

VRUXODU�YH�VRUXQODU��]HULQGH�GXUDUDN�EXQODUD $\GHPLU¶LQ�\DQÕWODUÕQÕ�|QH�oÕNDUPD\D��

GROD\ÕVÕ\OD�GD�$\GHPLU¶LQ�WDULK�o|]�POHPHVLQL�\XNDUÕGD�\DSWÕ÷ÕPÕ]�JLEL�ELU�PHWLQ�RNXPD�

oDOÕúPDVÕ�ELoLPLQGH�RUWD\D�NR\PD\D�JD\UHW�HGHFH÷L]�

*HQHO�RODUDN�V|\OHPHN�JHUHNOL\VH��$\GHPLU�LoLQ�0HQGHUHV�GH�|QHPOL�ELU�³WDULKL�

úDKVL\HW´WL��NHQGL�NHQGLQL�\HWLúWLUPLú��PLOOHWLQ�NDGHULQH�HWNLGH�EXOXQPXú�ELU�NLúL\GL����

0HQGHUHV�JHQLú�WRSUDNODUÕ�RODQ�ELU�DLOHQLQ�YDULVL�RODUDN�GD�G�Q\D\D�JHOVH�GH�oRFXNOX÷XQX�W�P�

\DNÕQODUÕQÕ�\LWLUHUHN�WUDMLN�ELU�ELoLPGH�\DúDPÕú��JHQoOL÷LQL�D÷ÕU�KDVWDOÕNODUOD�JHoLUPLúWL��

6&)¶GHNL�NÕVD�VL\DVDO�GHQH\LPLQ�DUGÕQGDQ�&+)¶GH�VL\DVDO�\DúDPD�DWÕOPÕú��DQFDN�'3

NXUXOXQFD\D�NDGDU�SHN�|QH�oÕNPDPÕúWÕ��0HQGHUHV¶LQ�P�FDGHOHVL�dLIWoL\L�7RSUDNODQGÕUPD�

.DQXQX¶QD�PXKDOHIHW�LOH�EDúODPÕú��QLKD\HW�³GHPLU�NÕUDWÕQ´�V�YDULVL�ROPXúWX��3DUWL�OLGHUOL÷LQGH�

RWRULWHU��]DPDQ�]DPDQ�J�YHQLOPH]��³LNL�úDKVL\HWOL´�ELU�WXWXP�EHQLPVH\HQ�0HQGHUHV¶LQ�\DúDPÕ�

WUDMLN�ELU�VRQOD�ELWHFHNWL�

���0D\ÕV�|QFHVL�YH�VRQUDVÕQGD�'3�LoLQGH�YH�GÕúÕQGD�NLPL�oHYUHOHULQ�EDú�WDFÕ�HWWL÷L

$GQDQ�0HQGHUHV��&+3�oHYUHOHULQGH\VH�KXNXN�GÕúÕ��RWRULWHU�X\JXODPDODUÕ��GÕú�SROLWLNDGD�

³WHVOLPL\HWoL´�WDYUÕ\OD�ODQHWOHQPLúWL��$\GHPLU� Lo LQ� L V H � 0HQGHUHV��GÕú�SROLWLNDGDNL��

HNRQRPLGHNL�KDWDODUÕ�ROXPVX]�\|QOHUL�ELU�\DQD��WDUÕPGD��VDQD\LGH��ED\ÕQGÕUOÕN�LúOHULQGH�E�\�N�

SURMH�YH�UDNDPODUD�\|QHOPLú�ELU�EDúEDNDQGÕ��$\GHPLU�NRúXOODUÕQ�|WHVLQGH�0HQGHUHV¶L�³LNL�

úDKVL\HWOL´�\DSÕVÕ��GR÷UXOWXVXQGD�GH÷HUOHQGLUPLú��]D\ÕI�YH�J�oO��\DQODUÕ\OD�NLPL�]DPDQ�ELUH�

ELU�\DNÕQOÕNODU�NXUGX÷X�ELU�EDúEDNDQÕQ�VL\DVDO�\DúDPÕQÕ�oL]PLúWLU��$\GHPLU¶LQ�����¶OL�\ÕOODUÕQ�

VRQXQGD��H÷HU�úDUWODU�HOYHUVH\GL�'3¶QLQ�ELU�\D\ÕQ�RUJDQÕQÕQ�EDúÕQD�JHoHFH÷LQL�\DúDPÕQÕ�

DQODWÕUNHQ�V|\OHPLúWLN��EXQXQ�|QFHVLQGH�YH�VRQUDVÕQGD�GD�0HQGHUHV�LOH�J|U�úP�ú��NLúLVHO�ELU�

\DNÕQOÕN�NXUPXúWX��.LWDEÕQÕQ�\D\ÕPODGÕ÷Õ������\ÕOÕQGD�0HQGHUHV¶L�ODQHWOH\HQ�YH�\�FHOWHQ�

�����ùHYNHW�6�UH\\D�$\GHPLU��0HQGHUHV¶LQ�'UDPÕ�����%DV���øVWDQEXO��5HP]L�.LWDEHYL��������V����

oHYUHOHUH�NDUúÕ�EHOLUOL�ELU�PHVDIH�DODELOPLú��RQX�L\L�YH�N|W��\DQODUÕ\OD�LNL�úDKVL\HWOL�WXWXPX\OD�

HQLQH�ER\XQD�GH÷HUOHQGLUPH�X÷UDúÕQD�JLUPLúWLU� 'L÷HU�WDUDIWDQ�$\GHPLU��0HQGHUHV�LOH�

\DNÕQOÕ÷ÕQÕQ�YHUGL÷L�\DNÕQOÕNOD�ROPDOÕ��0HQGHUHV¶LQ�WUDMLN�VRQXQX��RQXQ�|WHVLQH�NR\PXú��ELU�

EDNÕPD�&HODO�%D\DU¶ÕQ�ROXPVX]�P�GDKDOHOHULQH�ED÷ODPÕúWÕU���(OEHWWH�0HQGHUHV¶LQ�KLND\HVL�

KHU�úH\GHQ�|QFH�YH�NLúLOL÷L\OH�EHUDEHU��ELU�GHYULQ�oRN�SDUWLOL�GHYULQ�KLND\HVL\GL��EL]�úLPGL�

EXUDGDQ�EDúOD\DOÕP�

7HN�SDUWL�LGDUHVLQLQ�WHUN�HGLOHUHN�\HQL�ELU�UHMLPH�JHoLú���øNLQFL�'�Q\D�6DYDúÕ�HUWHVLQLQ�

NXWXSODúPDVÕ�V�UHFLQGH�7�UNL\H¶QLQ�WHUFLKOHUL\OH�NDoÕQÕOPD]�ELU�KDOH�JHOPLúWL��6DYDú�

VRQUDVÕQGD�$%'�LOH�66&%�NDUúÕ�NDUúÕ\D�JHOPLú��7�UNL\H�EX�NXWXSODúPDGD�WHUFLKLQL�%DWÕ�

WDUDIÕQGD�NXOODQPÕúWÕ��dRN�SDUWLOL�G�]HQH�JHoLú�V�UHFLQGH�VRO�SDUWLOHUH�L]LQ�YHULOPHPLú��

GROD\ÕVÕ\OD�GD��(UR÷XO¶XQ�KDNOÕ�RODUDN�VDSWDGÕ÷Õ�JLEL��DQFDN�³ELoLPVHO�ELU�GHPRNUDVL´�

JHUoHNOHúWLULOHELOPLúWL��7�UNL\H¶QLQ�%DWÕ�EOR÷XQD�]DPDQOD�J|U�OHFHN�|Oo�V�]�\DNODúÕPÕQGD��

����¶WH�6RY\HWOHULQ�ER÷D]ODU�YH�GR÷X�VÕQÕUÕQÕ�\HQLGHQ�J|]GHQ�JHoLUPHN�LVWHPHVL�HWNLOL�ROPXú��

DQFDN�GL÷HU�WDUDIWDQ�oRN�SDUWLOL�VL\DVDO�P�FDGHOH�DQODPÕQGD�³ELoLPVHO�GHPRNUDVL´�&XPKXUL\HW�

V�UHVLQFH�7S&)�YH�6&)�GHQH\LPOHUL�LOH�DUDQPÕú��ELU��ON��ROPXú��øQ|Q��X\JXQ�NRúXOODUGD�EX�

V�UHFL�WDPDPODPDN�LVWHPLúWL��7�UNL\H¶QLQ�WRSOXPVDO�LOLúNLOHULQH�EDNÕOGÕ÷ÕQGD\VD�ELU�\DQGD�

VDYDú�\ÕOODUÕQGD�X\JXODQDQ�LNWLVDGL�SROLWLNDODU�&+3¶\H�NDUúÕ�WRSOXPGD�GHULQ�ELU�PXKDOHIHW�

PH\GDQD�JHWLULUNHQ�GL÷HU�\DQGD�GD�VDYDú�G|QHPLQGH�NDUDERUVDFÕOÕNOD�KD\OL�]HQJLQOHúPLú�

HJHPHQ�VÕQÕIODU�±�WLFDUHW�EXUMXYD]LVL�YH�WRSUDN�D÷DODUÕ����LNWLGDU�LoLQ�DUWDQ�ELU�LúWDK�GX\X\RU��

+DON�3DUWLVL¶QLQ�P�GDKDOHFL�LNWLVDW�SROLWLNDODUÕQGDQ�ND\JÕ�GX\DUDN�NHQGLOHULQL�J�YHQ�LoLQGH�

KLVVHWPL\RU��KDONÕQ�UDKDWVÕ]OÕ÷ÕQÕ�LNWLGDU�ROPDN�LoLQ�NXOODQPDQÕQ�\ROODUÕQÕ�DUÕ\RUGX����

$\GHPLU�7�UNL\H¶GH�oRN�SDUWLOL�\DúDPD�JHoLú�V�UHFLQL�øQ|Q�¶Q�Q�WDYUÕQD�D÷ÕUOÕN�YHUHUHN�

DQODWÕ\RU��øQ|Q�����.DVÕP������UDG\R�NRQXúPDVÕQGD�$WDW�UN¶�Q�GHPRNUDWLN�ELU�UHMLP�

WDUDIWDUÕ�ROGX÷XQX�EHOLUWHUHN��øNLQFL�'�Q\D�6DYDúÕ¶QGDQ�|QFH�VD÷ÕOÕ÷Õ�HOYHUVH\GL��oRN�SDUWLOL�

UHMLPL�GDKD�|QFH�6&)�|UQH÷LQGH�ROGX÷X�JLEL�\HQLGHQ�GHQH\HFH÷LQL�V|\OHPLúWL��$\GHPLU�GH�

$WDW�UN¶�Q�oRN�SDUWLOL�UHMLPL�ELU�PLUDV�RODUDN�EÕUDNWÕ÷ÕQÕ�EHOLUWL\RU�YH�EX�PLUDVÕQ�LON�YDULVLQLQ�

øQ|Q��ROGX÷XQX�DQÕPVDWDUDN��NÕVDFD�øNLQFL�'�Q\D�6DYDúÕ�VRQUDVÕQGD�PH\GDQ�JHOHQ�

NRúXOODUGD��øQ|Q�¶Q�Q�\RO�DoPDVÕ�YH�PXKDOHIHWLQ�EHOLUPHVL\OH�7�UNL\H¶GH�oRN�SDUWLOL�ELU�

UHMLPH�JHoLúLQ��VD÷ODQDELOGL÷LQL�V|\O�\RU����

6|\OHGL÷LPL]�JLEL�VDYDú�VRQUDVÕQGD�G�Q\D�LNL�HNVHQOL�ELU�KDOH�JHOGL�YH�DVNHUL�DODQGD�

$%'�YH�66&%�oHYUHVLQGH�N�PHOHQHUHN�\ÕOODUFD�V�UHFHN�³VR÷XN�VDYDú´�RUWDPÕQD�V�U�NOHQGL��

�����&HP�(UR÷XO��'HPRNUDW�3DUWL�7DULKL�YH�øGHRORMLVL�����%DV���$QNDUD��øPJH�.LWDEHYL��V�������������ùHYNHW�6�UH\\D�$\GHPLU��øNLQFL�$GDP��&�,,����������������%DV���øVWDQEXO��5HP]L�.LWDEHYL��������V����������

%DWÕ�%OR÷XQXQ�|QGHUL�$%'��HYUHQVHO�ELU�J�o�KDOLQH�JHOPLúWL�YH�øNLQFL�'�Q\D�6DYDúÕ¶QÕQ�

DUGÕQGDQ�|UJ�WOHQHQ�%LUOHúPLú�0LOOHWOHUGH�oRN�Q�I�]OX\GX��(NRQRPLN�DODQGD�\LQH�$%'��

VDYDú�VRQUDVÕ�NXUXPODúWÕUDFD÷Õ�,0)�YH�'�Q\D�%DQNDVÕ�DUDFÕOÕ÷Õ\OD�NDSLWDOLVW�HNRQRPL\H�\|Q�

YHULU�ELU�J�FH�XODúWÕ��'R÷X�%OR÷XQGD�LVH�VDYDú�VRQUDVÕQGD�]RUOD�\D�GD�NHQGL�JD\UHWOHUL\OH�

VRV\DOLVW�G�]HQL�EHQLPVH\HQ�'R÷X�$YUXSD��ONHOHUL�����¶ODUÕQ�VRQXQGD�6RY\HWOHUH�

ED÷ODQGÕODU��$%'¶QLQ�WHPHO�KHGHIL�VDYDú�VRQUDVÕQGD�66&%¶\H�NDUúÕ�%DWÕ�$YUXSD¶\D�HJHPHQ�

RODELOPHNWL��%X�GR÷UXOWXGD�|QFHOLNOH�$PHULND�KDONÕ�SVLNRORMLN�RODUDN�NRP�QLVWOHUH�NDUúÕ�

KD]ÕUODQPÕú��NRUNXWXOPXúWX��.XWXSODúPD�LON�$PHULNDQ�VDYDú�PDO]HPHOHULQLQ�������7UXPDQ�

'RNWULQL�LOH�³6RY\HW�WHKGLGLQH´�NDUúÕ�<XQDQLVWDQ�YH�7�UNL\H¶\H�GD÷ÕWÕOPDVÕ\OD�EHOLUPLú��LNLQFL�

RODUDN�6RY\HWOHUL�³oHYUHOH\HFHN´�ELU�|UJ�WOHQPH�PH\GDQD�JHWLULOPLú�YH�����¶GD�1$72�

NXUXOPXúWX��$UGÕQGDQ�LNWLVDGL�RODUDN��'R÷X�$YUXSD��ONHOHULQH�DPEDUJR�EDúODWÕOGÕ�YH�G�Q\D�

HNRQRPLN�RODUDN�GD�E|O�QG���$%'¶QLQ�HQ�|QHPOL�HNRQRPLN�JLULúLPL�LVH�0DUVKDOO�<DUGÕPÕ�LOH�

JHUoHNOHúWL��<DUGÕP�oHUoHYHVLQGH�YHULOHQ�NUHGLOHU����\ÕO�YDGHOL�YH�\�]GH�����RUDQÕQGD�IDL]OL��

JD\HW�X\JXQ�NRúXOGD\GÕ��DQFDN�EXQODUD�NDUúÕOÕN��\DUGÕPÕ�DODQ��ONH�W�P�JLULúLPOHULQL�$PHULNDQ�

GHQHWLPLQGH�\DSPDN�]RUXQGD\GÕ�YH�$PHULNDQ�PDOODUÕQÕ�NXOODQPDOÕ\GÕ��³��«��EX�GXUXPGD��

0DUVKDOO�<DUGÕPÕ���DPDFD�\|QHOLN�ROGX��%LULQFLVL�%DWÕ�$YUXSD¶\Õ�D\D÷D�NDOGÕUDUDN�G�Q\D�

WLFDUHWLQH�ND]DQGÕUPDN��LNLQFLVL��\DUGÕP�DODQ��ONHOHULQ�HNRQRPLOHULQL�GHQHWOHPHN��\DUGÕP�

66&%�YH�'R÷X�$YUXSD�WDUDIÕQGDQ�UHGGHGLOPLúWL����o�QF�V��$%'�HNRQRPLVLQL�FDQODQGÕUPDN�

YH�PDOODUÕQD�3D]DU�VD÷ODPDN��<DUGÕP�EXQODUÕQ��o�Q��GH�EDúDUÕ\OD�\HULQH�JHWLUGL�´��������¶GD�

NXUXODQ�'3��LNWLGDUÕ�ER\XQFD�%DWÕ�EOR÷XQD�\|QHOHQ�&+3�SROLWLNDODUÕQÕ�VDNÕQÕPVÕ]�ELU�ELoLPGH��

GDKDVÕ�WHVOLPL\HWoL�ELU�oL]JLGH�V�UG�UHFHNWL�

<HQL�ELU�SDUWLQLQ�RUWD\D�oÕNPDVÕ�YH�0HQGHUHV¶LQ�PHFOLV�\DúDPÕQGDNL�HQ�P�FDGHOHFL�

G|QHPL������\ÕOÕQGD�NDEXO�HGLOHQ�dLIWoL\L�7RSUDNODQGÕUPD�.DQXQX�WDVDUÕVÕ�VÕUDVÕQGD�

JHUoHNOHúWL��ho�D\�V�UHQ�oDOÕúPDODUGD�0HQGHUHV�NDQXQ�NRPLV\RQXQXQ�PD]EDWD�PXKDUULUOL÷LQL�

\DSPÕú��WDVDUÕ\D�NDUúÕ�oÕNPÕú��NDEXO�HGLOPHVLQGHQ�ELU�J�Q�|QFH�GH�J|UHYLQGHQ�LVWLID�HWPLúWL��

.DQXQ�LOH�WRSUDNODUGD�EHú�ELQ�G|Q�PO�N�ELU��VW�VÕQÕU�WDQÕQÕ\RU��HOOL�G|Q�PH�NDGDU�DUD]LQLQ�

NDPXODúWÕUÕODELOHFH÷L�YH�EDúOÕFD�WRSUDNVÕ]�N|\O�OHUH�GD÷ÕWÕODFD÷Õ�EHOLUWLOL\RUGX��0HQGHUHV�

WDVDUÕQÕQ�N�o�N�LúOHWPHOHUH�\RO�DoDFD÷ÕQÕ�VDYXQDUDN�WHPHO�VRUXQXQ�E�\�N�LúOHWPHOHUH�JLWPHN�

ROGX÷XQX�YXUJXODPÕúWÕ��2QXQ�EX�G|QHPGHNL�³P�FDGHOHVLQL´�$\GHPLU�ú|\OH�GH÷HUOHQGLUL\RU��

³�«��ELU�JHUoH÷L�EHOLUWPHN�\HULQGH�ROXU��2�GD�0HQGHUHV¶LQ�GDYDVÕQÕ�NR\XúWD��VDYXQXúWD��HOH�

DOGÕ÷Õ�GHOLOOHULQ��DUJ�PDQODUÕQ��NROD\�UHGGHGLOHPH\HFHN�NDGDU�L\L�NXOODQÕOGÕ÷ÕGÕU�´���

�����%DVNÕQ�2UDQ� ³����������'|QHPLQ�%LODQoRVX´��7�UN�'Õú�3ROLWLNDVÕ��&LOW��������������(GLW|U��%DVNÕQ�2UDQ��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ��������V�����������ùHYNHW�6�UH\\D�$\GHPLU��0HQGHUHV¶LQ«��V������

0HQGHUHV¶LQ�oÕNÕúÕ\OD�+DON�3DUWLVL¶QGHQ�NRSXú�EDúODGÕ��&+3�LoLQGHQ�G|UW�PLOOHWYHNLOL��

&HOkO�%D\DU��$GQDQ�0HQGHUHV��)XDW�.|SU�O��YH�5HILN�.RUDOWDQ¶ÕQ�LP]DODUÕ\OD�YHULOHQ�'|UWO��

7DNULU�LOH�³PHPOHNHWWH�GHPRNUDWLN�XVXOOHULQ��GDKD�JHQLú�WDWELNLQH�JHoLOPHVL´�LVWHQGL��3DUWLQLQ�

WDNULU��]HULQH�DOGÕ÷Õ�WHGELUOHU�LVH�KD\OL�VHUW�ROGX��EDVÕQGD�HOHúWLULOHUGH�EXOXQDQ�0HQGHUHV�LOH�

.|SU�O�¶Q�Q�DUGÕQGDQ�RQODUD�GHVWHN�YHUHQ�.RUDOWDQ�SDUWLGHQ�LKUDo�HGLOLUNHQ��%D\DU�|QFH�

PLOOHWYHNLOOL÷LQGHQ��DUGÕQGDQ�GD�SDUWLGHQ�LVWLID�HWWL����$UDOÕN�����¶WH�LVH�%D\DU�\HQL�SDUWLQLQ��

'3¶QLQ�W�]�÷�Q��LOJLOL�PDNDPODUD�VXQGX����2FDN�����¶GD\VD�'HPRNUDW�3DUWL�UHVPHQ�NXUXOGX�

$GQDQ�0HQGHUHV�������\ÕOÕQGD�$\GÕQ¶GD�WRSUDN�EH\L�ELU�DLOHQLQ�oRFX÷X�RODUDN�

G�Q\D\D�JHOPLú��N�o�N�\DúODUÕQGD�DQQHVLQL�YH�EDEDVÕQÕ��DUGÕQGDQ�DEODVÕQÕ�YHUHPGHQ�

ND\EHWPLú��RQX�E�\�NDQQHVL�)ÕWQDW�+DQÕP�\HWLúWLUPLúWL��$QQH�YH�EDEDVÕQÕQ�|O�P�Q�Q�

DUGÕQGDQ�$GQDQ��)ÕWQDW�+DQÕP¶ÕQ�\DQÕQGD�ø]PLU¶H�J|oP�ú��EXUDGD�øWWLKDWoÕODUÕQ�DoWÕ÷Õ�øWWLKDW�

7HUDNNL�øGDGLVL¶QH�ND\GROPXúWX��%X�RNXOX�ELWLUHPHGHQ�$PHULNDQ�NROHMLQH�JLUPLú��EXUD\Õ�GD�

WDPDPOD\DPDGDQ������(NLP�D\ÕQGD����\DúÕQGD�DVNHUH�DOÕQPÕúWÕ��$\GHPLU��$GQDQ¶ÕQ�

$PHULNDQ�.ROHML¶QGHQ�SHN�HWNLOHQPHGL÷LQL�V|\O�\RU��RQD�J|UH��³$GQDQ¶GD�J|]H�oDUSDQ�YH�

LoLQGHQ�WDúDQ�LVH��R�GHYLU�JHQoOL÷LQLQ��7�UN�PHNWHSOHULQGHQ�YH�KRFDODUÕQGDQ�DOGÕNODUÕ�DWHúOL�YH�

LKWLUDVOÕ�PLOOL\HWoLOLNWLU�´����³=DELW�QDP]HGL´�RODUDN�6XUL\H�FHSKHVLQH�J|QGHULOHQ�$GQDQ�

(IHQGL��\ROGD�KDVWDODQÕU�YH�ø]PLU¶H�QDNOHGLOLU��DQFDN�]DWHQ�EX�VÕUDGD�VDYDú�VRQD�HUPLú�

P�WDUHNH�LP]DODQPÕúWÕU��6DYDú�VRQUDVÕQGD�$\GÕQ¶GD�EDED�oLIWOL÷LQH�G|QHQ�$GQDQ�(IHQGL��

.XUWXOXú�6DYDúÕ¶QD�NDWÕODUDN�øVWLNODO�PDGDO\DVÕ�DOÕU��.XUWXOXú�6DYDúÕ¶QÕQ�DUGÕQGDQ�\HQLGHQ�

oLIWOL÷H�$\GÕQ�dDNÕUEH\OL¶\H�G|QHU�YH�EXUDGD�����¶D�GH÷LQ�NDODUDN�WRSUDN�LúOHULQL�|÷UHQLU��

oLIWOL÷L�oHNLS�oHYLULU��³%XJ�Q�GH�$\GÕQ�oHYUHVLQGH�YH�0HQGHUHV�YDGLVLQGH��X]DN�\DNÕQ�GRVW�

G�úPDQ�KHU�WRSUDNWDQ�DQOD\DQ������������DUDVÕQGDNL�0HQGHUHV¶L��HQ�PXYDIIDN�oLIWoL�YH�RQXQ�

WRSUDNODUÕQÕ�HQ�EDNÕPOÕ��YHULPOL�WRSUDNODU�RODUDN�DQODWÕUODU�´���

0HQGHUHV������YH\D�����¶GD�ø]PLU¶LQ�WDQÕQPÕú�DLOHOHULQGHQ�(YOL\D]DGHOHUGHQ�%HUULQ�

+DQÕP�LOH�HYOHQLU������¶GD�GD�6HUEHVW�)ÕUND¶\D�NDWÕOÕU�YH�VL\DVDO�\DúDPÕQD�EDúODU��$\GHPLU��

7HN�$GDP¶GD�ROGX÷X�JLEL�EXUDGD�GD�NÕVDFD�6HUEHVW�)ÕUND��]HULQGH�GXUPXú��EX�KDUHNHWL�\HUVL]��

]DPDQVÕ]�RODUDN�QLWHOHUNHQ�$÷DR÷OX�$KPHW�%H\¶LQ�OLEHUDO�J|U�úOHULQLQ�GHYULQ�VL\DVDO�

\DúDPÕQD��LNWLVDGL�LOLúNLOHULQH�X\JXQ�ROPDGÕ÷ÕQÕ�YXUJXODPÕúWÕU��0HQGHUHV�NÕVD�|P�UO��

6&)¶QLQ��$\GÕQ�UHLVL�YH�EHOHGL\H�EDúNDQÕ�ROPXú��SDUWL�NDSDWÕOÕQFD�GD��DUDODUÕQGD�&HODO�

%D\DU¶ÕQ�GD�EXOXQGX÷X��³K�UPHW�HWWL÷L´�NLúLOHULQ�ÕVUDUÕ\OD�+DON�3DUWLVL¶QH�NDWÕOPÕú������¶GH�LVH�

EXUDGDQ�PLOOHWYHNLOL�VHoLOPLúWLU��0HQGHUHV�YHNLOOLN�G|QHPLQLQ�LON�\ÕOODUÕQGD�oRN�VLYULOPLú�ELU�

�����$�J�H���V����������$�J�H���V�����

NLúL�GH÷LOGL��DQFDN�5HFHS�3HNHU¶LQ�X\DUÕVÕ\OD�WDKVLOLQL�WDPDPOD\DFDN�YH�GDKD�|QHPOL�J|UHYOHU�

�VWOHQHFHNWL�������\ÕOÕQGD�����\DúÕQGD�$QNDUD¶GD�+XNXN�0HNWHEL�|÷UHQFLVL�ROGX��6RQUDNL�

\ÕOODUGD�=LUDDW�9HNLOOL÷L�LoLQ�ELU�WDNÕP�JLULúLPOHUL�ROPXú��DQFDN�øQ|Q�¶Q�Q�J|]�QH�

JLUHPHPLúWL��$\GHPLU�EX�GXUXPXQ�0HQGHUHV¶WH�ELU�|INH�\DUDWPÕú�RODELOHFH÷LQL�V|\O�\RU��

³0HQGHUHV¶LQ�LOHULGH�YH�'HPRNUDW�3DUWL�LNWLGDUÕ�VDIKDVÕQGD��ELOKDVVD�øQ|Q�¶\H�NDUúÕ��LNWLGDU�

KD\DWÕQÕQ�EHONL�GH�HQ�E�\�N�KDWDVÕ�RODUDN�\�U�WW�÷��|Oo�V�]��KDWWD�ED]HQ�PXYD]HQHVL]��DUGÕ�

DUDVÕ�NHVLOPH\HQ�VDOGÕUÕODUÕQGD��EX�úXXUDOWÕQD�LWLOHQ�KLGGHWOHULQ�HWNLVL�ROPDVÕ�oRN�

PXKWHPHOGLU«´���

<HQL�ELU�SDUWL�NXUXODELOHFH÷LQH�GDLU�LON�VLQ\DOOHUL�øQ|Q������0D\ÕV������QXWNXQGD�

YHUPLú����.DVÕP�����¶WH�LVH�0HFOLV�DoÕú�NRQXúPDVÕQGD�GD�DoÕN�ELU�ELoLPGH�úXQODUÕ�V|\OHPLúWL��

³%L]LP�WHN�HNVL÷LPL]��K�N�PHW�SDUWLVLQLQ�NDUúÕVÕQGD�ELU�SDUWL�EXOXQPDPDVÕGÕU��

>$QWLGHPRNUDWLN@�PDGGHOHULQ�L\LOHúWLULOPHVLQGH��SDUWLOHU�WHúNLOLQGH��WRSODQPD�YH�J�YHQOLN�

KDNODUÕQD�NDUúÕ�NR\PDVÕ�LKWLPDOL�RODQ�K�N�POHU�GH÷LúWLULOPHOLGLU«�7HN�GHUHFHOL�ROPDVÕQÕ�

GLOHGL÷LPL]������VHoLPLQGH��PLOOHWLQ�oRNOXNOD�YHUHFH÷L�R\ODU��JHOHFHN�LNWLGDUÕ�WD\LQ�

HGHFHNWLU�´����6HoLPOHU�&+3¶QLQ�J�oOHQHQ�PXKDOHIHWL�KD]ÕUOÕNVÕ]�\DNDODPD�G�ú�QFHVL\OH�ELU�

\ÕO�|QH�DOÕQPÕú�YH�QHWLFHGH�7�UN�VL\DVDO�WDULKLQH�³XVXOV�]�VHoLP´�RODUDN�JLUHQ������JHQHO�

VHoLPOHULQH�&+3��'3�LOH�ELUOLNWH�ELUNDo�SDUWL�GDKD�NDWÕOPÕúWÕ��'3¶QLQ�VHoLPL�³XVXOV�]´�

\|QGHNL�HOHúWLULOHULQH�UD÷PHQ�&+3������'3����YH�%D÷ÕPVÕ]ODU���YHNLO�oÕNDUGÕ��'3¶QLQ�VHoLPL�

LQFHOHPHN�LoLQ�NXUGXUGX÷X�NRPLV\RQ�LVH�VRQXoWD�'3¶QLQ�YHNLOOHULQL�D]DOWDUDN�VRQXoODUÕ�

PHúUXODúWÕUGÕ�������E�WoH�J|U�úPHOHUL�VÕUDVÕQGD�%DúYHNLO�5HFHS�3HNHU��0HQGHUHV¶LQ�

HOHúWLULOHUL��]HULQH�úXQODUÕ�V|\OHPLúWL��³'HPRNUDW�3DUWL�DGÕQD�GLQOHGL÷LQL]�$GQDQ�0HQGHUHV¶LQ�

VHVLQGH��N|W�PVHU�YH�SVLNRSDW�ELU�UXKXQ�KDVWD�NDUDQOÕNODU�LoLQGH��«��ELU�ERúOXN�KDOLQGH�LIDGH�

HGHQ�ELU�UXK�KDOLQLQ�DNLVOHULQL�GLQOHGLN�´����.RQXúPDQÕQ�DUGÕQGDQ�0HFOLV¶L�WHUN�HGHQ�

'HPRNUDWODU�ER\NRWODUÕQÕ�GRNX]�J�Q�V�UG�UP�ú��øQ|Q�¶Q�Q�DUD\D�JLUPHVL\OH�0HFOLV¶H�

G|QP�úW���DQFDN�3HNHU�+�N�PHWL¶QLQ�EDVNÕFÕ�WDYUÕ�oHNLOPHN�]RUXQGD�NDODQD�NDGDU�GH÷LúPHGL�

'3�%LULQFL�%�\�N�.RQJUHVL���2FDN�����¶GH�WRSODQÕU��'3�EDúNDQOÕ÷ÕQD�\HQLGHQ�&HODO�

%D\DU¶ÕQ�VHoLOGL÷L�.RQJUH�K�N�PHWLQ�EDVNÕFÕ�WDYUÕQD�NDUúÕ�³+�UUL\HW�0LVDNÕ´QÕ��EHQLPVHU��

0LVDN¶D�J|UH�'3¶QLQ�VL\DVDO�WDOHSOHUL�NDUúÕODQPD]VD��SDUWL�0HFOLV¶L�WHUN�HGHFHNWL��øNL�SDUWL�

DUDVÕQÕ�EXOPDN��øQ|Q�¶\H�G�úP�ú��&XPKXUEDúNDQÕ�³���7HPPX]�%H\DQQDPHVL´�LOH��'3¶QLQ�

PHúUX�ELU�PXKDOHIHW�SDUWLVL�ROGX÷XQX�YXUJXODPÕúWÕ��3HNHU�YH�&+3�LoLQGHNL�VHUWOLN�\DQOÕODUÕQD�

NDUúÕOÕN��øQ|Q��&+3�LoLQGHNL�ÕOÕPOÕODUÕQ�WDUDIÕQD�D÷ÕUOÕ÷ÕQÕ�NR\PXú��'3�GH�EX�GXUXPX�ROXPOX�

�����$�J�H���V�����������$NWDUDQ��(UR÷XO��'HPRNUDW�3DUWL«��V������������$NWDUDQ��$\GHPLU��0HQGHUHV¶LQ«��V������

NDUúÕODPÕúWÕU��&+3�ÕOÕPOÕOÕODUÕ�YH�'3¶QLQ�\R÷XQ�HOHúWLULOHUL�NDUúÕVÕQGD�3HNHU�+�N�PHWL����(\O�O�

����¶GH�LVWLID�HGHU��\HULQH�K�N�PHW�NXUPD�J|UHYL�OLEHUDO�H÷LOLPOL�+DVDQ�6DND¶\D�YHULOLU��6DND�

+�N�PHWLQLQ�HQ�|QHPOL�LFUDDWÕ�JL]OL�R\�DoÕN�VD\ÕP�NDUDUÕQÕ�oÕNDUPÕú�ROPDVÕGÕU��gWH�\DQGD�'3�

LoLQGHQ�ELU�PXKDOLI�YHNLO�WRSOXOX÷X�EHOLULU��'3�\|QHWLFLOHULQLQ�øQ|Q��LOH�\DNÕQODúWÕ÷ÕQÕ�

GROD\ÕVÕ\OD�ÕOÕPOÕ�ELU�\DSÕ\D�G|Q�úW�÷�Q��EHOLUWHQ�PXKDOLIOHU�]DPDQOD�SDUWLGHQ�D\UÕOPDN�

]RUXQGD�NDOÕU�YH�0LOOHW�3DUWLVL¶QL�PH\GDQD�JHWLULUOHU��PXKDOLIOHULQLQ�VL\DVDO�V|\OHPLQH�NDUúÕOÕN�

(UR÷XO�EX�KDUHNHWL�NLúLVHO�oHNHPHPH]OLN��NÕVNDQoOÕN�ELoLPLQGH�DoÕNOÕ\RU�����6DND�

+�N�PHWL¶QLQ�DUGÕQGDQ�NXUXODQ�ùHPVHWWLQ�*�QDOWD\�+�N�PHWLQLQ�HQ�|QHPOL�JLULúLPL�LVH�

'HPRNUDWODUÕQ�EDVNÕVÕ�QHWLFHVLQGH�GHUOL�WRSOX�ELU�VHoLP�\DVDVÕ�KD]ÕUODPDN�ROPXúWXU��<DVD�WHN�

GHUHFHOL��JHQHO��HúLW�YH�JL]OL�R\OD�VHUEHVW�VHoLP�\DSÕOPDVÕ��VDQGÕN�NXUXOODUÕQGD�VL\DVDO�SDUWL�

WHPVLOFLOHULQLQ�EXOXQPDVÕ��JL]OL�R\�DoÕN�VD\ÕP�LONHVLQL��\DUJÕ�GHQHWLPLQL��NDEXO�HGL\RU��IDNDW�

\LQH�oR÷XQOXN�VLVWHPLQLQ�X\JXODQDFD÷ÕQÕ�NDUDUODúWÕUÕ\RUGX�����0D\ÕV������VHoLPOHUL����\ÕOOÕN�

&+3�\|QHWLPLQH�VRQ�YHULU��dR÷XQOXN�VLVWHPL�JHUH÷L�R\ODUÕQ�����¶�Q��DODQ�'3�����YHNLO�

oÕNDUÕUNHQ�R\ODUÕQ������µXQX�DODQ�&+3�DQFDN����YHNLO�oÕNDUDELOPLú����YHNLO�LVH�0LOOHW�3DUWLVL�

ND]DQPÕúWÕ�

'3¶QLQ�WRSOXPVDO�WHPHOLQGH�VDYDú�G|QHPLQGH�L\LGHQ�L\L\H�]HQJLQOHúHQ�YH�&+3¶QLQ�

RODV�P�GDKDOHOHULQGHQ�WHGLUJLQ�RODQ�WLFDUHW�EXUMXYD]LVL�YH�E�\�N�WRSUDN�VDKLSOHUL�J|U�OHELOLU��

'3�SURJUDPÕ��WDUÕP�VHNW|U�QH�|QFHOLN�WDQÕQDFD÷ÕQÕ�YH�|]HO�NHVLPLQ�HVDV�NDEXO�HGLOHFH÷LQL�

EHQLPVHPLú��&+3¶QLQ�EDúODWWÕ÷Õ�EDWÕ\OD�LWWLIDN�V�UHFLQL�LVH�ED÷ÕPOÕOÕN�LOLúNLOHULQH�NDGDU�

YDUGÕUPÕúWÕ��(UR÷XO�LoLQ�'3��³�,,��'�Q\D�6DYDúÕ¶QGDQ�VRQUD��7�UNL\H¶GH��LNWLGDUD�WDPDPHQ�

VDKLS�ROPDN�LoLQ�ELU�KDON�KDUHNHWLQL�DUDo�HGLQHQ�DVDODN�HJHPHQ�VÕQÕIODUÕQ�VL\DVDO�

|UJ�W�G�U�́ ����7LPXU�GD�WRSUDN�UHIRUPXQD�PXKDOHIHW�KDUHNHWL�RODUDN�GR÷DQ�'3¶QLQ�RUWD�YH�

E�\�N�oLIWoLOHULQ�\DUDUÕQD�\|QHOLN�ELU�NUHGL�SROLWLNDVÕ\OD�\HWLQGL÷LQL�V|\OH\HUHN�ú|\OH�GHYDP�

HGL\RU��³N|\O��Q�IXVXQXQ�oRN�E�\�N�ELU�NÕVPÕQÕ�ROXúWXUDQ�N�o�N�oLIWoLOHUL�GR÷DO�\DúDQWÕODUÕQÕQ�

DFÕPDVÕ]�NDGHULQH�WHUN�HWWLOHU�´������$\GHPLU�LVH�����¶ODUGD�7�UNL\H¶QLQ�VÕQÕIVDO�\DSÕVÕQÕ�NDEXO�

HWPHNOH�ELUOLNWH� '3¶QLQ�SDUWL�NDGURVXQX�J|]�|Q�QGH�EXOXQGXUDUDN�SDUoDOÕ�\DSÕVÕQGDQ�V|]�

HWPLú�YH�ú|\OH�GHPLúWL��³+DON�3DUWLVL�GH�GDKLO�ROGX÷X�KDOGH��E�W�Q�GHPRNUDWLN�RUWD�SDUWLOHUGH�

VRV\DO�E�W�QO�N�\RNWXU�YH�DUDQDPD]��%X�VHEHSOHGLU�NL�'HPRNUDW�3DUWL¶QLQ�\DSÕVÕ�YH�

NDGURVX\OD�+DON�3DUWLVL¶QLQ�\DSÕVÕ�YH�NDGURVX�DUDVÕQGD�ELU�IDUNOÕOÕN�PHYFXW�GH÷LOGLU�´

�����(UR÷XO��'HPRNUDW�3DUWL«��V����������$�J�H���V��������� 7DQHU�7LPXU��³'HPRNUDW�3DUWL�YH�.DONÕQPD�3ROLWLNDVÕ��ùHKLUOLOHU��.|\O�OHU�YH�$ODFDNOÕODU´��7�UNL\H�1DVÕO�.�UHVHOOHúWL"��$QNDUD��øPJH�.LWDEHYL��������V������

'3��&+3¶GHQ�KHP�NDGURVXQX�KHP�GH�SURJUDPÕQÕ�DOPÕúWÕ�����gWH�\DQGDQ�'3�LOH�ELUOLNWH�

$\GHPLU¶H�J|UH�7�UNL\H¶GH�VL\DVHWLQ�³KDOND�LQLúL´�DQFDN�'3�G|QHPLQGH�VD÷ODQGÕ��

&XPKXUL\HWOH�ELUOLNWH�NXUXODQ�UHMLP�ELU�LQNÕODS�UHMLPL\GL��GROD\ÕVÕ\OD�D]ÕQOÕN�ELU�NDGURQXQ�

NHQGL�LUDGHVLQL�FHELU�\ROX\OD�KDOND�NDEXO�HWWLUPHVL�³KDOND�UD÷PHQ��IDNDW�KDON�LoLQ´�\�U�PHVL�

NDoÕQÕOPD]GÕ��0HQGHUHV�WRSOXP�LoLQGH�ELU�KDON�DGDPÕ�RODUDN�VLYULOGL��KDON�LoLQGHQ�NDODEDOÕN�YH�

LGGLDOÕ�ELU�NDGUR\X�oHYUHVLQGH�|UJ�WOH\HELOGL��³ùX�KDOGH�YH�ELU�WDNÕP�GRNWULQ�HOHúWLUPHOHULQH�

JLUPHGHQ�GL\HELOLUL]�NL��EL]GH�'HPRNUDW�3DUWL��LON�GHID�DúD÷ÕGDQ�JHOHQ�ELU�VRV\DO�KDUHNHW�

RODUDN�PHPOHNHWWH��RUJDQLN��\DSÕVDO��ELU�WHPHO��]HULQH�RWXUWXODELOPLúWLU�´����*HUoHNWHQ�GH�'3�

LOH�ELUOLNWH�VL\DVHWoLOHU�R\�LoLQ�GH�ROVD�KDON�LoLQH�JLUPLú��WRSOXPXQ�VL\DVDOODúPDVÕ�KDUHNHWH�

JHWLULOPLú��|]HOOLNOH���������G|QHPLQGHNL�V|\OHPL\OH '3�ELU�³N�o�N�DGDP�SDUWLVL�KDOLQH�

JHOPLúWL��³6ÕQÕI�oDWÕúPDVÕQD�D\QÕ�úHNLOGH�NDUúÕ�RODQ��DQFDN�µGHYOHWLQ�WLUDQOÕ÷ÕQD¶�NDUúÕ�VDOGÕUÕ\Õ�

V�UG�UHQ�GHPRNUDWODU��WDDKK�WOHUL�\�]�QGHQ�ELU�µN�o�N�DGDP¶�SDUWLVL�KDOLQH�JHOGLOHU��%X�

µN�o�N�DGDP¶�GHPRNUDWODUÕQ�LNWLGDUD�JHOPHOHULQH�\DUGÕP�HGHUHN��VDGHFH�NHQGLVLQL�EDVNÕFÕ�ELU�

GHYOHWWHQ�NXUWDUPDNOD�NDOPD\DFD÷ÕQD��D\QÕ�]DPDQGD�PDGGL�GXUXPXQX�GD�G�]HOWHFH÷LQH�

LQDQPD\D�EDúODGÕ�´���

�����VHoLPOHUL�QHWLFHVLQGH�LNWLGDUÕ�GHYUDODQ�\HQL�SDUWL�%D\DU¶Õ�FXPKXUEDúNDQOÕ÷ÕQD�

0HQGHUHV¶L�LVH�EDúEDNDQOÕ÷D�oÕNDUGÕ��%DúEDNDQ�0HFOLV¶WH�LON�V|\OHYLQL�NDELQH�OLVWHVL�NDEXO�

HGLOGLNWHQ�VRQUD�YHUHUHN�úXQODUÕ�V|\OHGL��³7DULKLPL]GH�LON�GHIDGÕU�NL��\�NVHN�KH\HWLQL]��PLOOL�

LUDGHQLQ�WDP�YH�VHUEHVW�WHFHOOLVL�QHWLFHVLQGH��PLOOHW�PXNDGGHUDWÕQD�KDNLP�ROPDN�PHYNLLQH�

JHOPLú�EXOXQX\RUVXQX]��«�����PD\ÕV�VHoLPOHUL\OH�PHPOHNHWWH��úLPGL\H�NDGDU�\DSÕODQODUOD�

|Oo�OHPH\HFHN�HKHPPL\HWWH�P�KLP�ELU�LQNÕODEÕQ��HQ�P�KLP�PHUKDOHVL�DúÕOPÕúWÕU�´����$\GHPLU�

LoLQ�0HQGHUHV¶LQ�KHQ�]�LON�NRQXúPDVÕ�E�\�N�EHNOHQWLOHUL�ELU�KD\DO�NÕUÕNOÕ÷ÕQD�X÷UDWWÕ��

NRQXúPDGD�ELU�NH]�GDKL�$WDW�UN�DQÕOPDGÕ��³+DOEXNL��\HQL�ELU�GHYULQ�EDúODQJÕFÕ�RODQ�oRN�SDUWLOL�

LNWLGDU��$WDW�UN�GHPRNUDVLVLQLQ�ELU�HYULPL��ELU�WHNDP�O��RODUDN�SHNDOD�DOÕQDELOLUGL���«��

$WDW�UN¶�Q��KHP�JHOPLú�JHoPLú�LQNÕODSODUÕQ��\DOQÕ]�KDWÕUODQPD\ÕúÕ�GH÷LO�GH��ELU�QHYL�LQNkU�

HGLOLúL��L\L�ELU�EDúODQJÕo�VD\ÕODPD]GÕ�´����'L÷HU�\DQGD�%D\DU¶ÕQ�EX�oÕNÕúD�J|]�\XPXúX�GD�

$\GHPLU�LoLQ�DQODúÕOÕU�GH÷LOGL����

$\GHPLU�LoLQ�0HQGHUHV����������G|QHPLQGH�HNRQRPLN�DODQGD��|]HOOLNOH�WDUÕPVDO�

HWNLQOLN�DODQÕQGD�EDúDUÕOÕ�ROPXú��WDUÕP��U�QOHULQH�L\L�IL\DWODU�VD÷ODPÕú���UHWLPLQ�oR÷DOPDVÕQÕ��

�����$\GHPLU��0HQGHUHV¶LQ«��V�����������$�J�H���V����������)HUR]�$KPDG��0RGHUQ�7�UNL\H¶QLQ�2OXúXPX��dHY��<DYX]�$ODJRQ�����%DV���øVWDQEXO��.D\QDN�<D\���������V�����������$NWDUDQ��$�J�H���V�����������$�J�H���V�����������$�J�H���V������

WDUÕP�DODQODUÕQÕQ�JHQLúOHPHVLQH�RODQDNODU�DoPÕúWÕ�������VHoLPOHULQGH�'3�R\�ND\EÕQD�X÷UDVD�GD�

VHoLP�G�]HQLQLQ�JHWLULOHUL\OH�PLOOHWYHNLOL�VD\ÕVÕQÕ����¶H�oÕNDUGÕ��&+3�LVH�DQFDN����YHNLO�

VD÷OD\DELOGL��'3�K�N�PHWOHUL�LoLQ����������$\GHPLU¶LQ�LúDUHW�HWWL÷L�JLEL�ELU�³\�NVHOPH´�

G|QHPL\GL��DQFDN�PDGDO\RQXQ�ELU�GH�GL÷HU�\�]��YDUGÕ��øNWLVDW�SROLWLNDODUÕ�LNWLGDUÕQ�WHPHO�

\|QHOLPOHULQL�YH�VÕQÕIVDO�\DSÕVÕQÕ�GD�DoÕ÷D�oÕNDUPÕúWÕ��'3¶QLQ�LON�\ÕOODUÕQGD�PLOOL�JHOLU�\�]GH�

���FLYDUÕQGD�DUWPÕú��WDUÕPVDO�HWNLQOLN�JHQLúOHUNHQ�EXUDODUGD�VD÷ODQDQ�LVWLKGDP�LOH�LúVL]OLN�

DúD÷Õ\D�oHNLOHELOPLúWL��6DGHFH�GHYOHW�oLIWOLNOHULQGH�J|U�OHQ�WUDNW|UOHU�N|\OHUH�NDGDU�JLUPLú��

WDUÕPVDO��U�QOHULQ�GHSRODQDFD÷Õ�GHSRODU�DUWWÕUÕOPÕú��L\LOHúWLULOPLúWL��'ÕúDUÕGD�WDKÕO�WDOHELQLQ�

DUWPDVÕ��LoHULGH�LNOLPLQ�X\JXQOX÷X�'3�LNWLGDUÕQÕQ�ELU�EDNÕPD�NÕVPHWL�ROPXúWX��\ROODU�

\DSÕOPÕú��úHNHU��oLPHQWR��GRNXPD�VDQD\LVLQGH�LOHUOHPHOHU�ND\GHGLOPLúWL��$QFDN�W�P�

\DSÕODQODU�QLKD\HW�VROXNVX]�J|U�Q�\RU��LNWLGDU�HJHPHQ�VÕQÕIODUOD�JLUGL÷L�LOLúNL�QHGHQL\OH�

³EDúDUÕVÕQÕQ´�VÕQÕUODUÕQD�JHOLS�GD\DQÕ\RUGX��'3�K�N�PHWOHULQLQ�WRSUDN�GD÷ÕWÕPÕ��NUHGLOHUL��

WDUÕPVDO�DUDo�JHUHo�DOÕPÕQÕ�NROD\ODúWÕUPDVÕ�KHUNHVWHQ�|QFH�P�ONL\HW�LOLúNLOHUL�

GH÷LúWLULOHPHGL÷LQGHQ�E�\�N�WRSUDN�VDKLSOHULQH�\DUDPÕú��HWNLOL�ELU�YHUJLOHQGLUPH\H�

JLGLOHPHGL÷LQGHQ�EX�\HQL�NDSLWDOLVWOHULQ�ND]DQFÕ�VDQD\L\H�DNWDUÕODPDPÕú��\RO�YH�N|SU��

\DSÕPODUÕ�LKDOHOHU��]HULQGHQ�JHUoHNOHúWLULOGL÷LQGHQ�PDOL\HWOHU�úLúLULOPLúWL�����$\GHPLU�LVH�

��������\ÕOODUÕQÕ�LNWLVDGL�DODQGD�UDNDPODUOD�EDúDUÕOÕ�RODUDN�GH÷HUOHQGLUPLú��(UR÷XO¶XQ�

VDSWDPDODUÕQÕ�J|UPHPLú�YH\D�J|UHPHPLúWL��2QD�J|UH�'3�LoLQ�\�NVHOLúLQ�GRUXNODUÕ�YH�LQLúLQ�

J|VWHUJHOHUL�����������DUDVÕQGD�JHUoHNOHúWL�

%X�G|QHPLQ�HQ�FDQ�DOÕFÕ�PHVHOHVL�.ÕEUÕV�VRUXQX\GX������¶OL�\ÕOODUÕQ�EDúÕQGDQ�LWLEDUHQ�

.ÕEUÕV¶WD�5XPODU�0DNDU\RV�|QGHUOL÷LQGH�<XQDQLVWDQ�LOH�ELUOHúPH\L�VDYXQX\RU��

|UJ�WOHQL\RUGX��%X�VRUXQ�ED÷ODPÕQGD�RNXQDELOHFHN�����(\O�O�2OD\ODUÕ�WDP�GD�.ÕEUÕV�

J|U�úPHOHULQLQ�/RQGUD¶GD�EDúOD\DFD÷Õ�VÕUDGD�JHUoHNOHúPLú��øVWDQEXO��$QNDUD�YH�ø]PLU¶GH�

|]HOOLNOH�5XPODUÕQ�JD\UL�P�VO�POHULQ�HYOHUL��Lú\HUOHUL��\D÷PDODQPÕú��NLOLVHOHU�DWHúH�YHULOPLú�

QH\VH�NL�ELU�NÕUÕP�KDOLQL�DODFDN�úHNLOGH�FDQ�ND\EÕ�\DúDQPDPÕúWÕ��$\GHPLU�LoLQ�����(\O�O�

ROD\ODUÕ�ELU�WHUWLS�ELoLPLQGH�J|U�QVH�GH�'3¶OLOHU�JHQHOOLNOH�NRP�QLVWOHUL�VXoODPÕúODU��VRQXoWD�

ROD\ODU�D\GÕQODWÕODPDGDQ�NDOPÕúWÕ��<DVVÕDGD�$GDOHW�'LYDQÕ�LVH�ROD\ODUGDQ�K�N�PHW�LOHUL�

JHOHQOHULQL�VRUXPOX�WXWDFDNWÕ��.ÕEUÕV�VRUXQX�LVH�J|U�úPHOHU�QHWLFHVLQGH�����¶GD�/RQGUD¶GD�

LP]DODQDQ��DQODúPD\OD�ELU�V�UHOL÷LQH�NDSDWÕOPÕúWÕ����

$\GHPLU�������VRQUDVÕQGDNL�HNRQRPLN�JHOLúPHOHUL�ROXPOX�YH�ROXPVX]�\|QOHUL\OH�

øNLQFL�$GDP�DGOÕ�oDOÕúPDVÕQÕQ��o�QF��FLOGLQGH�'3¶QLQ�W�P�LNWLGDU�G|QHPLQL�NDSVD\DFDN�ELU�

�����(UR÷XO��'HPRNUDW�3DUWL«��V���������������ùHYNHW�6�UH\\D�$\GHPLU��øNLQFL�$GDP��&�,,,����������������%DV���øVWDQEXO��5HP]L�.LWDEHYL��������V����������

ELoLPGH�oHúLWOL�UDNDPVDO�WDEORODUOD�GH÷HUOHQGLUPLúWLU��%X�WDEORODUD�J|UH�7�UNL\H�WDUÕPVDO�

DODQGD��WDUÕPVDO�PDNLQHOHúPHGH��WDUÕPVDO��U�Q�DUWÕúÕQGD���U�Q�GHSRODPDGD��PDGHQ�YH�LPDODW�

VDQD\LVLQGH��\RO�YH�N|SU��LQúDDWODUÕQGD�|QHPOL�LOHUOHPHOHU�ND\GHWPLú��DQFDN�WDUÕPGD�UDQGÕPDQ�

DUWÕúÕ�ROPD]NHQ��GÕú�\DUGÕP�YH�NUHGLOHU�³�ONH\L�LNWLVDGL�HVDUHW�YH�NRQWURO�DOWÕQD�V�U�NOH\HQ�ELU�

VLVWHP´�KDOLQH�JHOPLúWL�����(NRQRPLGH�LOHUOHPHOHU�J|VWHUHQ�PDGDO\RQXQ�GL÷HU�\�]�QGH�

LKDOHOHUGHQ�ND\QDNOÕ�\ROVX]OXNODU�LVH�KDG�VDIKD\D�oÕNPÕú��0HQGHUHV�ELU�J|U�úPH�VÕUDVÕQGD��

³%DúYHNDOHW�HYLQGH´�$\GHPLU¶H�úXQODUÕ�V|\OHPLúWL��³�dDOÕ\RUODU�ELUDGHU��oDOÕ\RUODU��1H�

GL\H\LP��$OODK�EHOkODUÕQÕ�YHUVLQ��$PD��EHQ�QH�\DSD\ÕP"�%HQ�EDúYHNLOLP��P�IHWWLú�GH÷LOLP�

NL«´����$\GHPLU¶H�J|UH��ONHGHNL�LNWLVDGL�LOHUOHPHOHU�SDUD�KDFPLQGH�ELU�JHOLúPH\L�]RUXQOX�

NÕOPÕú��DUWDQ�SDUD�PLNWDUÕ�LVH�³LOOHWOL�ELU�JHOLúPH´\H�\RO�DoDUDN�HQIODV\RQD�PH\GDQ�YHUPLúWL��

%X�GXUXPGD\VD�HPWLD�IL\DWODUÕ�\�NVHOLU��GHYOHWLQ�Lo�YH�GÕú�ERUoODUÕ�V�UHNOL�DUWDU��IL\DW�LVWLNUDUÕ�

NDOPD]��'3�LNWLGDUÕ�GD�EX�VDUPDOD�JLUPLú��GÕú�ERUo�EXOPD�oDEDODUÕ�GD�VRQXo�YHUPH\LQFH�

����¶GH�ELU�³øVWLNUDU�3URJUDPÕ´�LODQ�HWPLúWL�����(UR÷XO�LoLQ�'3�PHYFXW�P�ONL\HW�LOLúNLOHULQL�

GH÷LúWLUHPHGL÷LQGHQ��GHUOL�WRSOX�ELU�YHUJL�G�]HQL�X\JXOD\ÕS�WDUÕPVDO�]HQJLQOL÷L�VDQD\L\H�

DNWDUDPDGÕ÷ÕQGDQ�YH�QLKD\HW�DUWDQ�SDUD�PLNWDUÕ\OD�ELUOLNWH��UHWLPLQ�DUWWÕUÕODPDPDVÕ�

GROD\ÕVÕ\OD�HQIODV\RQD�\HQLN�G�úP�ú�YH�EDVNÕFÕ�SROLWLNDODUD�\|QHOPLúWL��³'HPRNUDW�LNWLGDU��

D÷Õ]ODUÕ�DUWÕN�\HWHULQFH�GR\XUDPDGÕ÷Õ�LoLQGLU�NL��RQODUÕ�úDPDUOD�NDSDPD�SROLWLNDVÕQD�

LWLOPLúWLU�´���

$\GHPLU¶H�J|UH�'3�G|UW�NLúL�WDUDIÕQGDQ�NXUXOVD�GD�³NÕUDWÕQ�V�YDULVL��EDúWDQ�VRQD�NDGDU�

0HQGHUHV¶WLU��'R÷UX�YH�\DQOÕú�E�W�Q�PDQHYUDODUÕ\OD��'�3�¶QLQ�|QGH�JHOHQ�V|]�VDKLEL�GDLPD�R�

ROGX�´����������\ÕOÕQD�NDGDU�SDUWLQLQ�JHQHO�EDúNDQOÕ÷ÕQÕ�\DSDQ�YH�EX�\ÕO�FXPKXUEDúNDQÕ�RODQ�

%D\DU�LVH�$\GHPLU¶H�J|UH�³GLUHNWLI�DODQ�YH�GLUHNWLI�DOWÕQGD�oDOÕúDQ�VL\DVHW�DGDPODUÕ´�

DUDVÕQGD\GÕ��6L\DVDO�\DúDPÕ�ER\XQFD�0XVWDID�.HPDO¶LQ�GLUHNWLIOHUL�GR÷UXOWXVXQGD��³RQXQ�

LVWHGL÷L�oHUoHYH�LoLQGH�oDOÕúWÕ�´����'3¶QLQ�NXUXOXúXQGDQ�LWLEDUHQ�%D\DU�0HQGHUHV�oHYUHVLQGH�

RODQ�&LKDG�%DEDQ�GD�oHúLWOL�|UQHNOHU�YHUHUHN�GHPLU�NÕUDWÕQ��KDNLPLQLQ�0HQGHUHV�ROGX÷XQX�

V|\O�\RU��³0HQGHUHV�NkK�GR÷UXGDQ�GR÷UX\D�NHQGLVLQL�RUWD\D�DWDUDN�GXUXPD�KkNLP�ROXU��NkK�

%D\DU¶Õ�NHQGL�DU]XODUÕQD�YDVÕWD�HGHUHN�SDUWLGH�V|]�VDKLEL�ROXUGX�´����������VHoLPOHULQGH�

'3¶QLQ�JHULOHPHVL��R\�RUDQÕ�\�]GH�������LNHQ�YHNLO�VD\ÕVÕ����¶H�JHULOHPLú��&+3�\�]GH�������

R\�DOÕUNHQ�YHNLO�VD\ÕVÕQÕ����¶H�oÕNDUPÕúWÕ��ELU�GDKDNL�VHoLPOHUGH�&+3¶QLQ�ND]DQPD�LKWLPDOL��

�����$�J�H���V����������������$�J�H���V������������$�J�H���V����������������(UR÷XO��'HPRNUDW�3DUWL«��V�����������$\GHPLU��0HQGHUHV¶LQ«��V�����������$�J�H���V�����������&LKDG�%DEDQ��3ROLWLND�*DOHULVL��øVWDQEXO��5HP]L�.LWDEHYL��������V��������

LNL�SDUWL�DUDVÕQGDNL�JHUJLQOL÷L�DUWWÕUPÕúWÕ��$\GHPLU�LoLQ�0HQGHUHV�LNWLGDUÕ�RQ�\ÕOOÕN�]DPDQ�

LoLQGH��SDUWLOHUDUDVÕ�LOLúNLOHUGH�VD\JÕVÕ]�GDYUDQÕúODU��|QGHUOHU�DUDVÕQGD�YH�0HFOLV¶WH�GL\DORJ�

NXUXODPDPDVÕ��øQ|Q�¶Q�Q�VH\DKDWOHULQGHNL�HQJHOOHPHOHU��V|]JHOLPL�8úDN¶WD�WDúODQPÕú��

7RSNDSÕ¶GD�|O�P�Q�NÕ\ÕVÕQGDQ�G|QP�ú�ROPDVÕ���'3¶QLQ�WHN�SDUWL�]LKQL\HWLQGHQ�

NXUWXODPDPDVÕ��'3¶QLQ�LNWLGDUD�JHOLUNHQ�\DSWÕ÷Õ�YDDWOHUL�XQXWPDVÕ�JLEL�QHGHQOHU�\�]�QGHQ

\ÕSUDQPÕúWÕ�����'Õú�SROLWLNDGD WHVOLPL\HWoL�WXWXP�LVH�'3¶\L�]D\ÕIODWDQ�GL÷HU�HWNHQOHUGHQGL��

1$72¶\D��.RUH¶\H�J|QGHULOHQ�DVNHU�EHGHOL\OH�JLUPHQLQ�|WHVLQGH��$%'�LOH�LP]DODQDQ�LNLOL�

DQODúPDODU��³7�UNL\H¶GH�$PHULND¶\D��KLo�ELU�7�UN�PDNDPÕQÕQ�NRQWURO�HGHPH\HFH÷L��VOHU��

WHVLVOHU�YH�EXQODUÕQ�GLOHGLNOHUL�LVWLNDPHWWH�NXOODQÕODELOPHOHUL�\HWNLOHULQL�YHUHQ��$PHULNDOÕODUÕQ�

\DUJÕ�KDNNÕ�YH�LPWL\D]ODUÕ�WDQÕ\DQ�LNLOL�DQODúPDODU��«��.ÕVDFD�GHQHELOLU�NL��'�3��LNWLGDUÕ�

GHYULQGH��7�UNL\H��EX�LNLOL�DQODúPDODUOD��PDKL\HWOHUL��QHWLFHOHUL�KLo�GH�EHOOL�ROPD\DQ�EDú�H÷LFL�

ELU�VL\DVL�DVNHUL�NRQWURO�DOWÕQD�VRNXOPXúWXU�´����dDUSÕFÕ�ELU�|UQHN�YHUPHN�JHUHNLUVH���0DUW�

����¶GD�$PHULND�LOH�\DSÕODQ�ELU�LNLOL�DQODúPD�VDYXQPD�LúELUOL÷L�|Q�J|U�\RU��VDYXQPDQÕQ�

VDGHFH�GR÷UXGDQ�GH÷LO��GROD\OÕ�RODELOHFH÷LQH�GH�LúDUHW�HGL\RUGX��'ÕúLúOHUL�%DNDQOÕ÷Õ�WHPVLOFLVL�

³GROD\OÕ�WHFDY�]�Q´�VLODKVÕ]�GDKL�RODELOHFH÷LQL�V|\OHPLúWL��%LU�WHFDY�]�KDOLQGH�$PHULNDQ�

\DUGÕPÕ�K�N�PHWLQ�WDOHELQH�YH�WHFDY�]�Q�XOXVODUDUDVÕ�NRP�QL]PLQ�HVHUL�ROPDVÕQD�ED÷ÕOÕ\GÕ��

DQFDN�EX�QRNWDODU�KD\OL�HVQHNWL��$QODúPD\Õ�\RUXPOD\DQ�(UR÷XO�NÕVDFD�ú|\OH�GL\RU��

³+�N�PHWLQ��VLODKVÕ]�ELU�PXKDOHIHW�NDUúÕVÕQGD�GDKL�DF]H�G�úHELOHFH÷L�YH�PHPOHNHWLQ�Lo�

GXUXPXQX�G�]HOWPHVL�LoLQ�$PHULNDQ�DVNHULQLQ�\DUGÕPÕQÕ�LVWH\HELOHFH÷L�IDU]HGLOL\RUGX�´���

$\GHPLU¶H�J|UH�ELUL�N�o�N�GL÷HUL�E�\�N�LNL�$GQDQ�0HQGHUHV�YDUGÕ��.�o�N�0HQGHUHV�

V|]�QH�SHN�J�YHQLOPH]��NDUDVÕ]�ELU�NLúL��GL÷HUL�E�\�N�0HQGHUHV�LVH�E�\�N�KHGHIOHU�J�GHQ��

E�\�N�ELU�P�FDGHOHFL��³%HQ��EX�0HQGHUHV¶LQ�LNWLGDU�V�UHVLQFH�HQ�|QHPOL�YDVIÕQÕ��E�\�N�

UDNDPODUGDQ�NRUNPDPDN��E�\�N�LQúD�NDUDUODUÕQGDQ�NRUNPDPDN�NDUDNWHULQGH�EXOXUXP�´���

0HQGHUHV¶LQ�HQ�E�\�N�KDWDVÕ\VD�$\GHPLU�LoLQ�³VDGHFH�UXKL�QHGHQOHUGHQ´�ND\QDNODQDQ��øQ|Q��

IRELVL\GL��EX�NRQXGD�³D÷ÕU�EDúOÕ�ELU�HVNL�'HPRNUDW�PLOOHWYHNLOL´QGHQ�$\GHPLU�úX�V|]OHUL�

DNWDUÕ\RU��³*HUHN�%D\DU�JHUHNVH�0HQGHUHV��EDúÕQGDQ�EHUL�$WDW�UN�YH�øQ|Q�¶Q�Q�WHVLUL�DOWÕQGD�

NDOGÕODU��%X�WHVLU�ELUD]�GD��ELU�IREL�úHNOLQGH�ROGX��<DQL�VRQXoODUÕ�LWLEDUL\OH��øQ|Q�¶Q�Q�GHYDPOÕ�

NRUNXVX�DOWÕQGD�NDOGÕODU�´����'DKDVÕ�$\GHPLU��0HQGHUHV¶LQ�ELU�J�Q�RGDVÕQGD�±�ELU�'3�WDUDIWDUÕ�

\D]DUD�J|UH���øQ|Q��LoLQ�³$WDFDNVÕQÕ]�EX�DGDPÕ�GÕúDUÕ��.RYDFDNVÕQÕ]�0HFOLVWHQ��6|]OHULQL�

]DEÕWWDQ�oÕNDUDFDNVÕQÕ]�´�GHGL÷LQL�KDWÕUODWDUDN��]DPDQ�]DPDQ�øQ|Q��NDUúÕVÕQGDNL�|Oo�V�]�

�����$\GHPLU��0HQGHUHV¶LQ«��V����������$\GHPLU��øNLQFL�$GDP�&�,,,«��V�����������(UR÷XO��'HPRNUDW�3DUWL«��V�����������$�J�H���V�����������$�J�H���V������

oÕNÕúODUÕQÕQ��VRQXQX�KD]ÕUOD\DQ�HWNHQOHUGHQ�ROGX÷XQX�LIDGH�HGHUHN�ú|\OH�GL\RU��³�«��H÷HU�

PHVHOD�0HQGHUHV��SDUODPHQWR�N�UV�V�QH�VÕ÷GÕUDPD\DFD÷Õ�GX\JXODUÕQÕ��PHVHOD�&KXUFKLOO�JLEL��

D\UÕFD�\D]DFD÷Õ��KDWÕUDODUD�EÕUDNVD\GÕ��úLPGL�EX�\D]ÕODUÕQ�WDUWÕúPDVÕQD��EHONL�0HQGHUHV�GH�

NDWÕODFDNWÕ��«��´���

�����VHoLPOHULQGHQ�VRQUD�GL÷HU�\DQGD�%D\DU�J�QO�N�oDWÕúPDODU�LoLQH�JLUPLú��

FXPKXUEDúNDQOÕ÷ÕQÕ�ELU�NHQDUD�EÕUDNÕS�ELU�'3¶OL�JLEL��GDYUDQPD\D�EDúODPÕúWÕ��EX�LVH�$\GHPLU�

LoLQ�0HQGHUHV¶L�GDKD�ID]OD�\ÕSUDWPDNWDQ�EDúND�ELU�úH\H�\RO�DoPDPÕúWÕ�����gWH�\DQGDQ�

%D÷GDW¶WD�����¶GH�ELU�LKWLODO�LOH�NUDOOÕ÷ÕQ�GHYULOPHVL��NUDO�YH�oHYUHVL\OH�\DNÕQ�LOLúNLOHU�LoLQGH�

RODQ�0HQGHUHV��]HULQGH�ELU�LKWLODO�NRUNXVX�\DUDWWÕ��³9H�LúL�GHUKDO�7�UNL\H�úDUWODUÕQD�DNWDUDUDN��

EL]GH�GH�ELU�LKWLODO�NRPSOHNVL�YH�LKWLODO�HGHEL\DWÕ�X\DQGÕUPDNWDQ�NHQGLQL�DODPDGÕ�´���

$\GHPLU�LoLQ�0HQGHUHV¶LQ�ND\JÕODUÕ�ELU�\DQD�7�UNL\H¶GH�LNWLGDU�YH�PXKDOHIHW�DUDVÕQGDNL�

JHUJLQOLNOHU�GDKL�ELU�LKWLODOLQ�NRúXOODUÕQÕ�KD]ÕUOÕ\RUGX��'DKD������\ÕOÕQGD�RUGX�LoLQGH�'3�

LNWLGDUÕQD�NDUúÕ�ELU�WDNÕP�LKWLODOFLOHU�EHOLUPH\H�EDúODPÕúWÕ������¶D�JHOLQGL÷LQGH�LVH�LKWLODOFLOHU�

DUDVÕQGD�VLYULOHQ�6XSKL�.DUDPDQ��JHQHUDO�&HPDO�*�UVHO¶LQ�GHVWH÷LQL�VD÷ODPÕúWÕ�������\ÕOÕQGD�

øQ|Q�¶\H�\DSÕODQ�VDOGÕUÕODU���QLYHUVLWHOHU��]HULQGHNL�EDVNÕODU��LKWLODOFLOHUL�L\LGHQ�L\L\H�WHWLNOHGL��

$\GHPLU�LKWLODOFLOHULQ�QLoLQ�DVNHUOHU�DUDVÕQGDQ�oÕNWÕ÷ÕQÕ�LVH�ú|\OH�\DQÕWODU��³d�QN��EL]GH�DVÕO�

DNVL\RQ�DGDPODUÕ�DVNHUOHUGLU���«��6RQUD�HOOHULQGH�GDLPD��NXPDQGD�HGHELOHFHNOHUL�ELU�NXYYHW�

EXOXQDQ�LQVDQODU��DVNHUOHUGLU«´����(UR÷XO�LoLQ�'3��LNWLVDGL�SROLWLNDODUÕ�QHWLFHVLQGH�]DWHQ�

DVNHU�VLYLO�D\GÕQODUÕ�NDUúÕVÕQD�DOPÕúWÕ��³$VNHU�VLYLO�D\GÕQ�]�PUH��JHoLP�VÕNÕQWÕVÕQD�

NDWODQDELOLUGL��IDNDW�PHYNL�G�úN�QO�÷�Q��VLQH\H�oHNPHVLQH�LPNDQ�\RNWX��%LU�JHQHUDO���ELU�

SURIHV|U�YH\D�ELU�JD]HWH�\D]DUÕ��NDVDEDGDQ�\HQL�JHOPLú�ELU�W�UHGL�]HQJLQGHQ�GDKD�D]�VD\JÕ�

J|UPH\L�NROD\OÕNOD�KD]PHGHPL\RUGX��%X�SVLNRORMLN�H]LNOLN��EX�]�PUHQLQ�'HPRNUDWODUD�

KXVXPHW�EHVOHPHVLQGH�LKPDO�HGLOHPH\HFHN�ELU�HWPHQ�ROXúWXUPXúWXU�´�����gWH�WDUDIWDQ�'3�

SDUODPHQWHU�UHMLPL�ELU�oÕNPD]D�VRNPXú�³UHMLP�GÕúÕ�ELU�P�GDKDOH\L�]RUXQOX�KDOH�JHWLUPLúWLU�

�«��5HMLP�NHQGL�LúOH\LúLQL�DUWDQ�]RUOXNODUOD�NDUúÕODúWÕNoD��WDELL�ELU�WHSNL�RODUDN��WRSOXPXQ�

GL÷HU�|UJ�WO��J�oOHUL�VL\DVDO�LúOH\LúH�NDUÕúPDN�H÷LOLPLQH�NDSÕOGÕODU��%X�J�oOHULQ�HQ�|QHPOLVL��

ELOLQGL÷L�JLEL�RUGXGXU�´��� $\GHPLU¶H�J|UH�RODVÕ�ELU�LKWLODOLQ�|Q�QH�JHoPHN��VHoLPLQ�

\HQLOHQPHVL�YH\D�ELU�K�N�PHW�GH÷LúLNOL÷L\OH�P�PN�QG�����

�����$�J�H���V�����������$�J�H���V�����������$�J�H���V�����������$�J�H���V�����������(UR÷XO��'HPRNUDW�3DUWL«��V�����������$�J�H���V���������������$\GHPLU��0HQGHUHV¶LQ«��V������

1LVDQ�����¶WD�'3�LNWLGDUÕ�&+3�YH�PXKDOLI�EDVÕQD�NDUúÕ�DUDúWÕUPDODU�\DSPDN��]HUH�ELU�

0HFOLV�7DKNLNDW�.RPLV\RQX�NXUGX��.RPLV\RQXQ�JHUHNoHVL�&+3¶QLQ�VHoLP�GÕúÕ�\ROODUGDQ�

LNWLGDUD�JHOPHN�LoLQ�K�FUH�|UJ�W��NXUGX÷X��VLODKODQGÕ÷Õ��LV\DQ�KD]ÕUODGÕ÷Õ�ELoLPLQGH�

DoÕNODQPÕú��NRPLV\RQXQ�LON�\DVDNODUÕ\VD�EDVNÕFÕ��KXNXN�GÕúÕ�QLWHOL÷LQL�RUWD\D�NR\PXúWX��ho�

\DVDN�ú|\OH\GL����3DUWLOHULQ�NXUXOWD\ODUÕ��WRSODQWÕODUÕ��E�W�Q�VL\DVDO�HWNLQOLNOHUL��\HQL�|UJ�W�

NXUPDODUÕ�����.RPLV\RQXQ�HWNLQOLNOHUL\OH�LOJLOL�W�P�\D\ÕQODU����0HFOLV¶LQ�WDKNLNDW�NDUDUÕ\OD�

LOJLOL�P�]DNHUHOHULQ�\D\ÕPÕ�\DVDNODQGÕ�����øQ|Q��EX�NRPLV\RQ�NDUúÕVÕQGD����1LVDQ¶GD�úX�

WDULKVHO�NRQXúPDVÕQÕ�\DSDFDNWÕ��³�(÷HU�ELU�LGDUH��LQVDQ�KDNODUÕQÕ�WDQÕPD]��EDVNÕ�UHMLPL�NXUDUVD�

R�PHPOHNHWWH�LKWLODO�ROXU��%|\OH�ELU�LKWLODO��EL]LP�GÕúÕPÕ]GD�YH�EL]LPOH�P�QDVHEHWL�ROPD\DQODU�

WDUDIÕQGDQ�\DSÕODFDNWÕU��%X�\ROGD�GHYDP�HGHUVHQL]��EHQ�GH�VL]L�NXUWDUDPDP��ùDUWODU�WDPDP�

ROGX÷X�]DPDQ��PLOOHWOHU�LoLQ�LKWLODO��PHúUX�ELU�KDNWÕU��øKWLODO�PHúUX�ELU�KDN�RODUDN�

NXOODQÕODFDNWÕU�´����.RPLV\RQD�NDUúÕ�J|VWHULOHU�|QFH��QLYHUVLWHOHUGH�EDúODGÕ��DUGÕQGDQ�

VXED\ODUÕQ�E�\�N�ELU�oR÷XQOXNOD�\HU�DOGÕ÷Õ�³����.´�PLWLQJL��EHúLQFL�D\ÕQ�EHúLQFL�J�Q��VDDW�

EHúWH�.Õ]ÕOD\¶GD�JHUoHNOHúWLULOLUNHQ�0HQGHUHV�LVWLID\D�oD÷ÕUÕOGÕ��%X�PLWLQJ�VÕUDVÕQGD�%D\DU¶ÕQ�

J|VWHULFLOHU��]HULQH�JHUoHNOHúWLULOPH\HQ�DWHú�DoÕOPDVÕ�HPULQL�YHUGL÷L�V|\OHQWLOHUL�NDUúÕVÕQGD�

$\GHPLU�ú|\OH�GL\RU��³%L]LP�DUDúWÕUPDODUÕPÕ]ÕQ��EL]L�XODúWÕUGÕ÷Õ�QHWLFH�úXGXU��(YHW�´����0LWLQJ�

|QFHVLQGH�dDQND\D¶GD�JHUoHNOHúWLULOHQ�ELU�WRSODQWÕGD�0HQGHUHV��$\GHPLU¶H�J|UH�LVWLID�HWPH�

QL\HWLQGH�ROVD�GD�%D\DU¶ÕQ�P�GDKDOHVL\OH�YD]JHoWL��³<DQL�%D\DU¶ÕQ�WHVLUL�JHQH�JDOLS�JHOPLúWLU��

%|\OHFH�GH�0HQGHUHV¶LQ�GUDPÕQGD�%D\DU¶ÕQ�WHUV�P�GDKDOHOHULQH�\HQL�ELU�PLVDO�GDKD�

HNOHQPLúWLU�´����øQ|Q�¶Q�Q�EDúEDNDQ�N�UV�\H�oÕNDUDN�VHoLP�WDULKLQL�LODQ�HWVLQ��RQX�

GHVWHNOH\HFH÷LP�|QHULVL�GH�\LQH�%D\DU¶ÕQ�HQJHOLQH�WDNÕOPÕúWÕ��'3¶QLQ�VRQ�J�QOHULQGH�GHPLU�

NÕUDWÕQ�GL]JLQOHUL�$\GHPLU¶H�J|UH�DUWÕN�%D\DU¶ÕQ�HOLQGH\GL�����%DEDQ�LVH�LVWLIDQÕQ�EHONL�

%D\DU¶ÕQ�HQJHOLQH�WDNÕOPÕú�RODELOHFH÷LQL�V|\OHPHNOH�ELUOLNWH�0HQGHUHV¶LQ�LVWHVH\GL�%D\DU¶D�

UD÷PHQ�LVWLID�HGHFH÷LQL�V|\O�\RU��³%D\DU�µ0HQGHUHV�EHQL�VD\PDGÕ��KHS�ELOGL÷L�JLEL�\DSWÕ¶�

GHPH\L�NHQGLVLQH�\HGLUHPHGL÷L�LoLQ��EL]FH�0HQGHUHV¶LQ�DUNDVÕQGDQ�V�U�NOHQGL�YH�E|\OHFH�

JXUXUX\OD�EHUDEHU��0HQGHUHV¶LQ�NDSULVOHUL\OH��LQDWODUL\OH��GDONDYXNODUÕQÕQ�JD\UHWL\OH�ND]GÕ÷Õ�

oXNXUD�J|]��NDSDOÕ�\XYDUODQGÕ�´����2UJHQHUDO�*�UVHO¶LQ�0LOOL�6DYXQPD�%DNDQÕ¶QD�\D]GÕ÷Õ�

³E�W�Q�IHQDOÕNODUÕQ´�ND\QD÷Õ�RODUDN�J|U�OHQ�%D\DU¶Õ�LVWLID\D�GDYHW�HGHQ�PHNWXS�GD�ELU�\DQNÕ�

X\DQGÕUPDPÕú�YH�DUWÕN�LKWLODO�oDQÕ�oDOPÕúWÕ�����0D\ÕV¶WD�VXED\ODUÕQ�YH�+DUS�2NXOX�

|÷UHQFLOHULQLQ�.Õ]ÕOD\�LVWLNDPHWLQGH�\�U�\�ú��VRQ�X\DUÕ�ROPXú��QLKD\HW����0D\ÕV�J�Q��LKWLODO�

�����(UR÷XO��'HPRNUDW�3DUWL«��V���������������$NWDUDQ��$\GHPLU��0HQGHUHV¶LQ«��V�����������$�J�H���V�����������$�J�H���V�����������$�J�H���V�����������&LKDG�%DEDQ��3ROLWLND«��V�����

JHUoHNOHúWLULOPLúWL�����0D\ÕV¶WD�LKWLODO�NRPLWHVLQLQ�NXPDQGDQOÕ÷ÕQÕ�WX÷JHQHUDO�&HPDO�

0DGDQR÷OX��VWOHQPLú��DQFDN�LúLQ�EDúÕQD�ELU�RUJHQHUDOLQ�JHoPHVL�X\JXQ�J|U�OHUHN�&HPDO�

*�UVHO�LKWLODOFLOHULQ�ROXúWXUGX÷X�0LOOL�%LUOLN�.RPLWHVL�EDúNDQOÕ÷ÕQD�JHWLULOPLúWL��øKWLODOFLOHU�

%D\DU¶D�LVWLID�HWPHVLQL�WHNOLI�HWVHOHU�GH�UHGGHGLOGLOHU��$\GHPLU�EX�GXUXPX�ú|\OH�\RUXPOX\RU��³�

%X�WHNOLIL�NDEXO�HWPHN�VXUHWL\OH�LKWLODOLQ��EHONL�GH�ELU�K�N�PHW�GDUEHVL�úHNOLQGH�NDOÕúÕQD�

%D\DU¶ÕQ�HQJHO�ROXúX��EHQFH��LKWLODOLQ�GHULQOHúPHVLQH�\DUGÕP�HWPLúWLU�´����'3�LNWLGDUÕQÕQ�

\DUJÕODQPDVÕ�0%.¶QLQ����+D]LUDQ������WDULKLQGH�oÕNDUGÕ÷Õ�ELU�NDQXQOD�NXUXODQ�<�NVHN�

$GDOHW�'LYDQÕ�LOH�JHUoHNOHúWLULOGL�YH�QHWLFHGH�$QD\DVD¶\Õ�LKODO�VXoXQGDQ�0HQGHUHV�YH�LNL�

EDNDQÕ��LGDP�LOH�FH]DODQGÕUÕOGÕ��$\GHPLU�X\JXODQDQ�K�NPH�GDLU�LVH�NLWDEÕQÕQ�VRQXQGD�úXQODUÕ�

V|\O�\RU��³�$PD�EX�NRQXGD�YH�ELU�YDWDQGDú�RODUDN�NDQDDWLPL]L�EHOLUWPHN�JHUHNLUVH��

YHUHFH÷LPL]�FHYDS�úXGXU����7�UN�NDPX�HINkUÕ��EX�K�N�POHUL�YH�EX�LQID]ODUÕ�DVOD�GR÷UX�

EXOPDPÕúWÕU�´���

�����$�J�H���V�����������$�J�H���V������

6218d

ùHYNHW�6�UH\\D�$\GHPLU¶LQ�WDULK�YH�GHYOHW�DQOD\ÕúÕQÕ�EHOLUOHPHN�LoLQ�\ROD�oÕNWÕ÷ÕPÕ]�

oDOÕúPDQÕQ�VRQXQGD\Õ]��7H]LPL]L�\HQLGHQ�WDQÕPODPDN�YH�L]OHGL÷LPL]�\|QWHPL�DoÕNODPDN�LoLQ�

NÕVDFD�úXQODU�V|\OHQHELOLU��%XUDGDNL�DPDFÕPÕ]�JHQHOOLNOH�.DGURFX�RODUDN�ELOLQHQ�$\GHPLU¶LQ�

WDULK�YH�GHYOHW�DQOD\ÕúÕQÕ�GHUOL�WRSOX�ELU�ELoLPGH�YH�G|QHPVHO�NDUDNWHUL\OH�VHUJLOH\HELOPHNWL��

%XQXQ�LoLQ�|QFHOLNOH�G�ú�Q�U�Q�\DúDPÕ�WRSOX�ELU�ELoLPGH�YH�LoLQGH�EXOXQGX÷X�NRúXOODUGD�

JHQHO�KDWODUÕ\OD�DQODWÕOPÕú��DUGÕQGDQ�WDULK�YH�GHYOHW�DQOD\ÕúÕ��]HULQGH�LUGHOH\LFL�ELU�ELoLPGH�

GXUXOPXúWXU��1HVQHO�NRúXOODUGDQ��ED÷ÕPVÕ]�ELU�VL\DVDO�G�ú�QFH�RNXPDVÕ��$\GHPLU�JLEL�VL\DVDO�

\DúDPÕ�KHU�GHYLUGH�HWNLOHPHN�LVWH\HQ�ELU�D\GÕQ�V|]�NRQXVX�ROGX÷XQGD�P�PN�Q�J|U�QP�\RU��

$\GHPLU������¶GH�7.)�oHYUHVLQGHQ�NRSDUDN�LQNÕODEÕQ�KL]PHWLQH�JLUPLú� WDULK�YH�GHYOHW�

DQOD\ÕúÕQÕ�.HPDOLVW�LNWLGDUÕQ�KRúJ|U�V��GDKLOLQGH�RUWD\D�NR\PXúWX��DQFDN�J|U�úOHUL�7XQoD\¶ÕQ�

GD�EHOLUOHGL÷L�JLEL�EX�NRSXúWD�DOW��VW�ROPDPÕú�DNVLQH�\XPXúDN�ELU�JHoLú��EHONL�GH�ELU�V�UHNOLOLN�

J|VWHUPLúWL��+HQ�]�����¶WH�7.)�oHYUHVLQGH�\D\ÕPODGÕ÷Õ�/HQLQ�YH�/HQLQL]P�NLWDEÕQGD�

FXPKXUL\HW�K�N�PHWOHULQH�YHUGL÷L�E�\�N�|QHPL�RUWD\D�NR\PXú��ú|\OH�GHPLúWL��³%LQDHQDOH\K�

EL]GH�QH�VRV\DO�GHPRNUDVL��QH�GH�GL÷HU�úHNLO�NLWOHYL�KDUHNHWOHU�LoLQ�OD]ÕP�RODQ�LoWLPDL�]HPLQ�

KHQ�]�WDELDWÕ\OD�WHúHNN�O�HWPLú�GH÷LOGLU��0HPOHNHWLQ�]HQJLQ��VHUPD\HGDU��LOHUL�ELU�KDOH�

JHOPHVL�úLPGL�J�Q�Q�WDULKL�ELU�YD]LIHVLGLU�YH�EX�YD]LIH�LVH�GLVLSOLQOL�YH�P�WHúHNNLO�ELU�

FXPKXUL\HW�SDUWLVLQH�G�úHU��&XPKXUL\HWLQ�LGDPH�YH�PXKDID]DVÕ�LoLQ�\DSÕODFDN�KHU�KDUHNHW��

KDWWD�QH�NDGDU�úLGGHWOL�ELOH�ROVD��GR÷UX��WHUDNNLSHUYHUDQH��LOHUL�ELU�KDUHNHWWLU�´����1HUHVLQGHQ�

EDNÕOÕUVD�EDNÕOVÕQ�WDULK�YH�GHYOHW�DQOD\ÕúODUÕ�VL\DVDO�\DNODúÕPODUÕQÕQ�HWUDIÕQGD�EHOLUOHQPLú��ELU�

GD\DQDN�QRNWDVÕ�ROXúWXUPXúWX������¶ODUGD�NXUDPFÕVÕ�ROGX÷X�.DGUR�KDUHNHWL\OH�LNWLGDUÕ�

HWNLOHPH\H�oDOÕúPÕú��ELU�úHI�YH�oHYUHVLQGH�PH\GDQD�JHWLULOHFHN�NDGUR�LOH�LQNÕODEÕQ�VÕQÕIVDO�

D\UÕPODUD�L]LQ�YHUPH\HQ�ELU�SROLWLND�VD\HVLQGH�PLOOL�HNRQRPL�YH�PLOOL�ED÷ÕPVÕ]OÕN�WHPHOLQGH�

WDPDPODQPDVÕ�JHUHNWL÷LQL�VDYXQPXúWX�

.DGUR�GHUJLVLQLQ�LNWLGDUÕQ�WDVDUUXIX\OD�YH\D�øú�%DQNDVÕ�oHYUHVLQLQ�GHYOHWoL�V|\OHPGHQ�

UDKDWVÕ]OÕ÷Õ\OD��\DQL�GR÷UXGDQ�GR÷UX\D�ELU�VÕQÕI�P�FDGHOHVL\OH�NDSDQPDVÕQÕQ�DUGÕQGDQ��

$\GHPLU��LQNÕODEÕQ�KL]PHWLQGH�ILLOL�RODUDN������\ÕOÕQD�NDGDU�V�UHQ�J|UHYOHUL�VÕUDVÕQGD��GHYOHWoL�

SROLWLNDODUÕQ�X\JXODQPDVÕQGD�HWNLOL�ROPXú��ELU�EDNÕPD�NXUDP�H\OHP�ELUOL÷L�VD÷ODPÕúWÕ������¶OL�

\ÕOODUÕ�DQÕODUÕQÕ�\D]PDNOD�YH�DQÕWVDO�\DúDP|\N�V��WDULK�NLWDSODUÕQD�KD]ÕUOÕNOD�JHoLUHQ�\D]DU��

����¶OÕ�\ÕOODUGD�<|Q�oHYUHVLQGH�\HQLGHQ�RUWD\D�oÕNPÕú��\|QWHP�DQOD\ÕúÕQÕ�NRUXPXú��DQFDN�

�����6DGUHWWLQ�&HODO��ùHYNHW�6�UH\\D��/HQLQ�YH�/HQLQL]P��dHYUL\D]Õ��(OPDV�ùDKLQ��$QNDUD��6DONÕPV|÷�W�<D\ÕQODUÕ��������V�����

V|\OHP�G�]H\LQGH�7�UN�VRV\DOL]PLQL�ED\UDN�\DSPÕúWÕ��'|QHP�VÕQÕIVDO�oDWÕúPDODUÕQ�

|UJ�WOHQPHVLQH�HOYHULúOL�ROVD�GD�$\GHPLU�VRPXW�WDULK�NLWDSODUÕQGD�VÕQÕIODUGDQ�oRN�³WDULKL�

úDKVL\HWOHUH´�GH÷HU�YHUPLú��GHYOHWLQ�NXFDNOD\ÕFÕ��VÕQÕIODU�VW��YH\D�VÕQÕIODUDUDVÕ�NDUDNWHUL�

NRQXVXQGDNL�J|U�úOHULQGH�KHU�KDQJL�ELU�GH÷LúLNOL÷H�JLWPHPLúWL��NÕVDFD�V|\OHPHN�JHUHNLUVH�

V|\OHP�G�]H\LQGHNL�GH÷LúLNOLN��DQOD\ÕúD�LoHUL÷H�\DQVÕPDPÕúWÕ��2QD�J|UH�7�UN�6RV\DOL]PL��

����¶OHUGH�JHUoHNOHúHQ�0LOOL�.XUWXOXú�+DUHNHWL¶QL�WDPDPOD\ÕFÕ�QLWHOLNWH�ELU�VL\DVDO�

\DNODúÕPGÕ��%X�G|QHPGH�VRV\DOL]PLQ�LNL�ELoLPGH�JHUoHNOHúWL÷LQL��7�UNL\H¶QLQ�6RY\HWOHUGH�

J|U�OG�÷��JLEL�NRP�QLVW��ELU�\ROX�EHQLPVHPHN�\HULQH�%DWÕ�$YUXSD¶GD�J|U�OHQ�GHYOHWLQ�VÕQÕI�

IDUNOÕODúPDODUÕQÕ�|QOHPH\H�\|QHOLN�SROLWLNDODUÕQÕ�PRGHO�DOPDVÕ�JHUHNWL÷LQL�V|\O�\RU��

G�ú�QFHOHULQL�EX�oHUoHYHGH�NRQXPODQGÕUÕ\RUGX��7�UN�VRV\DOL]PLQLQ�WHPHO�LONHOHULQL\VH��DQWL�

HPSHU\DOLVW��DQWL�NDSLWDOLVW��LVWLVPDUFÕOÕ÷Õ�UHGGHGHQ�ELU�GHYOHWoLOLN��$WDW�UNo��YDWDQ�YH�PLOOHW�

DQOD\ÕúÕ��GHPRNUDWLN�G�]HQGH�VRV\DO�GHYOHW�DQOD\ÕúOÕ�ELoLPLQGH�EHOLUOL\RUGX�

$\GHPLU�LoLQ�WDULK�NXUJXVXQXQ��VL\DVDO�\DNODúÕPÕQÕQ�NÕUÕOPD�QRNWDVÕ������$UD�

5HMLPL¶QLQ�DUGÕQGDQ�JHUoHNOHúPLú������¶ODUÕQ�VRQXQD�NDGDU�V�UG�UG�÷��WHPHO�J|U�úOHULQL���

\HQLGHQ�GH÷HUOHQGLUPHN�]RUXQOXOX÷X�GX\PXú��LON�GHID�|UW�O��ELU�VÕQÕIVDO�V|\OHP�WXWWXUXS�

7�UNL\H�LúoL�NLWOHOHULQH�VHVOHQPH\H�EDúODPÕú��ú|\OH�GHPLúWL��³GR÷UX�RODQ��GHPRNUDWLN�RODQ��

7�UNL\H�LúoL�NLWOHOHULQLQ��ELU�WDUDIWDQ�VHQGLNDODU�HWUDIÕQGD�YH�SDUoDODQPDGDQ�ELUOHúHUHN�LNWLVDGL�

PHVHOHOHULQL�L]OHPHOHULGLU��%LU�WDUDIWDQ�GD�YH�WÕSNÕ�%DWÕ�GHPRNUDVLOHULQGH�ROGX÷X�JLEL��

GHPRNUDWLN�SDUODPHQWRODUGD�VL\DVL�SDUWL�úHNOLQGH�\HUOHULQL�DODUDN���ONHQLQ�\DVDPD�YH�NDQXQ�

G�]HQOHPH�IDDOL\HWOHULQH�NDWÕOPDODUÕGÕU�´����7DULK�NXUJXVXQX�LVH�PRGHUQOHúPHFL�J|U�ú

GR÷UXOWXVXQGD�LúOHPLúWL������¶ODUGD�GHPRNUDVL\L�ODQHWOHPLúNHQ�����¶GH������$QD\DVDVÕQÕQ�

W|US�OHQPHVL��7ø3¶LQ�NDSDWÕOPDVÕ\OD��ND\JÕODQPÕú��WDULK�NXUJXVXQX�PRGHUQOHúPHFL�J|U�ú�

ED÷ODPÕQGD�GHPRNUDVL�KHGHIL\OH�\HQLGHQ�ELoLPOHQGLUPLú��\HQLGHQ�VL\DVDO�J|U�úOHULQLQ�ELU�

GD\DQD÷Õ�KDOLQH�JHWLUPLúWL��2QD�J|UH�7�UN�'HYULPL�GHPRNUDVL\L�KHGHIOHPLú��WHN�SDUWL�

LNWLGDUÕQGD�V�UHQ�ELU�³JHoLú´�GHYULQLQ�DUGÕQGDQ�EX�KHGHILQH�XODúPÕúWÕ��.ÕVDFD�$\GHPLU�LoLQ�

\|QWHP�VRUXQX�ELU�IRUP�ROXúWXUXUNHQ��VRPXW�\|QHOLPOHU�VL\DVDO�GD\DQDNODUÕ�LoLQ�EX�IRUPXQ�

LoHUL÷LQL�EHOLUOHPLúWL�

6L\DVDO�\DNODúÕPÕQÕQ�oHYUHVLQGH�ELoLPOHQHQ�WDULK�YH�GHYOHW�DQOD\ÕúÕQD�GDKD�\DNÕQGDQ�

YH�VL\DVDO�\DNODúÕPÕQGDQ�P�PN�Q�ROGXNoD�X]DNODúWÕUDUDN�EDNDUVDN�WRSOX�ELU�ELoLPGH�úXQODUÕ�

V|\OH\HELOLUL]������¶WH�6DGUHWWLQ�&HODO�LOH�ELUOLNWH�\D\ÕPODGÕ÷Õ�/HQLQ�YH�/HQLQL]P�DGOÕ�

NLWDEÕ\OD�7�UN�G�ú�QFH�\DúDPÕQD�GDKLO�RODQ�ùHYNHW�6�UH\\D�$\GHPLU�GL\DOHNWLN�WDULK�

DQOD\ÕúÕQÕ�NHQGL�NDYUD\ÕúÕ�ED÷ODPÕQGD�EXUDGD�LoHULNOHQGLUGL��7.)�LoLQGH�\D]GÕ÷Õ�/HQLQ�YH�

�����$\GHPLU��³6ROGDNL�%RúOXN´��.DKUDPDQODU«��V������

/HQLQL]P�NLWDEÕQGD�WDULKVHO�\|QWHP�VRUXQODUÕQD�GH÷LQPLú��EXUDGD�LúOHGL÷L�\|QWHP�NDYUD\ÕúÕQÕ�

VRPXW�LOLúNLOHUL\OH�����¶ODU�VRQXQD�NDGDU�V�UG�UP�úW���%X�G|QHPGH�GL\DOHNWLN�YH\D�WDULKL�

PDWHU\DOLVW�\|QWHPLQ�WDULKL�NDYUD\DELOPHN�LoLQ�HQ�\DUDUOÕ�\|QWHP�ROGX÷XQX�V|\OH\HQ�

$\GHPLU��+HJHO�LOH�EHOLUHQ�YH�0DUNV��(QJHOV�YH�/HQLQ¶LQ�HOLQGH�LúoL�VÕQÕIÕQÕQ�YH�JLGHUHN�W�P�

LQVDQOÕ÷ÕQ�NXUWXOXúX�LoLQ��VL\DVDO�ELU�H\OHP�SURJUDPÕQD�G|Q�úHQ�WDULKL�PDWHU\DOLVW�\|QWHPLQ�

VRPXW�LoHUL÷LQL�7�UNL\H�LoLQ��NRúXOODUÕ�J|]HWHUHN�\HQLGHQ�GH÷HUOHQGLUPLú��G�Q\DQÕQ�JHOLS�

GD\DQGÕ÷Õ�QRNWD\Õ�V|P�UJHFL�V|P�UJH�oHOLúNLVLQGH�NRQXPODQGÕUPÕúWÕ��<D]DU�LoLQ�WDULKL�

PDWHU\DOLVW�\|QWHP��7�UNL\H�JLEL�oD÷GDú�VÕQÕIVDO�IDUNOÕODúPDODUÕQ�\DúDQPDGÕ÷Õ�ELU��ONHGH��

VRPXW�G�]H\GH�HNRQRPLN�YH�VL\DVDO�ED÷ÕPVÕ]OÕ÷ÕQ�VÕNÕ�VÕNÕ\D�J|]HWLOGL÷L� �VÕQÕI�

IDUNOÕODúPDODUÕQÕ�GR÷PDGDQ�RUWDGDQ�NDOGÕUDQ�ELU�LNWLGDU�YH\D�GHYOHW�\DSÕVÕQÕQ�DQDKWDUÕ�

ROPXúWX�

<D]DUÕQ�WDULK�DQOD\ÕúÕQÕQ�|QHPOL�NDYUDPODUÕQGDQ�ELUL�GH�HPSHU\DOL]P��ROPXú��|]HOOLNOH�

����¶ODUGD�V|P�UJHFL��ONHOHU�NDUúÕVÕQGD��7�UNL\H¶QLQ�NRQXPXQX�EX�ROJX�NDUúÕVÕQGD�

EHOLUOHPLúWL��$\GHPLU�LoLQ�7�UNL\H�PLOOL�NXUWXOXú�VDYDúÕ\OD�HPSHU\DOL]PLQ�ER\XQGXUX÷XQGDQ�

oÕNPÕú��DQFDN�WDP�ED÷ÕPVÕ]OÕ÷ÕQÕ�VD÷ODPDVÕ�\D�GD�\HQLGHQ�HPSHU\DOL]PLQ�ER\XQGXUX÷XQD�

JLUPHPHVL�LoLQ�GHYOHWoL�SROLWLNDODUÕ�X\JXODPDVÕ�NDoÕQÕOPD]�ELU�KDOH�JHOPLúWL������¶ODUGD\VD�

VRV\DOL]P�V|\OHPL��LoLQGH�HPSHU\DOL]P�VORJDQÕ�ELU�WDUDID�EÕUDNÕOPÕú��7�UN�VRV\DOL]PLQLQ�

HYUHQVHO�ER\XWODUÕ�YXUJXODQPÕú��%DWÕ�$YUXSDOÕ�VRV\DO�\|QWHPOHU�$\GHPLU�LoLQ�WHUFLK�HGLOPHVL�

JHUHNHQ�ELU�\|QHWLP�ELoLPL�ROPXúWX�

$\GHPLU�LoLQ�WDULK�NDYUD\ÕúÕQÕQ�VDUVÕOPD]�NDWHJRULVL�RODUDN�³NDKUDPDQODU´�YH�³WDULKL�

úDKVL\HWOHU´�EHOLUOHQHELOLU������¶ODUGD�úHI�YXUJXVX������¶ODUÕQ�EDúÕQGDQ�LWLEDUHQ�J|U�OHQ�

WDULKVHO�oDOÕúPDODUÕQGD�J|U�OHQ�\DúDP|\N�V��IRUPX��WDULKL�úDKVL\HWOHUH�YHUGL÷L�|QHPLQ�

LIDGHVL\GL��(QYHU�3DúD��7HN�$GDP��øNLQFL�$GDP��0HQGHUHV¶LQ�'UDPÕ�NLWDSODUÕQÕQ�LVPL�

GR÷UXGDQ�GR÷UX\D�WDULKH�\DNODúÕPÕQÕQ�WHPHO�NDWHJRULVLQL�GH��\DQL�WDULKL�úDKVL\HWOHUH�YHUGL÷L�

|QHPLQ�GH�ELU�EDNÕPD�LODQÕ\GÕ��$\GHPLU�DúD÷Õ�\XNDUÕ�W�P�oDOÕúPDODUÕQGD�NLúLOHUL�HQLQH�ER\XQD�

WDUWÕúWÕ��LPSDUDWRUOX÷XQ�o|N�ú�QGH�6XOWDQ�$EG�OKDPLW¶LQ�N|W��SROLWLNDODUÕQÕ�|QH�oÕNDUÕUNHQ�

(QYHU�3DúD¶QÕQ�SROLWLNDODUÕQÕ�RUWDoD÷�]LKQL\HWL�RODUDN�GH÷HUOHQGLUGL��2QD�J|UH�0XVWDID�.HPDO�

ROPDVD�7�UN�'HYULPL�KHPHQ�EDúÕQGD�NHVLQWL\H�X÷UD\DFDNWÕ��0HQGHUHV¶LQ�WUDMLN�VRQX�LVH�\D]DU�

LoLQ�E�\�N�RUDQGD�&HODO�%D\DU¶ÕQ�NDEDKDWL\GL�

����¶OHUGHQ�LWLEDUHQ�K�N�PHWLQ�GROD\ÕVÕ\OD�GHYOHWLQ�WRSOXPVDO�oÕNDU�LoLQ�VÕQÕIODU�VW��

YH\D�VÕQÕIODUDUDVÕ�NRQXPXQD�GLNNDW�oHNHQ�$\GHPLU��WRSOXPVDO�DGDOHWLQ�DQFDN�GHYOHWLQ�

|QF�O�÷�QGH�|]HOOLNOH�LNWLVDGL�DODQGD�X\JXOD\DFD÷Õ�SODQOÕ�SROLWLNDODUOD�JHUoHNOHúHFH÷LQH�

LQDQPÕúWÕ������¶GH�7.)�LoLQGHQ�D\UÕOPDVÕ�ELU�EDNÕPD�GHYOHW�NRQXVXQGDNL�WDYUÕ\OD�\DNÕQ�

LOLúNLOL�J|U�OHELOLU��7.)�YH�$\GÕQOÕN�oHYUHVL��|]HOOLNOH�FXPKXUL\HWLQ�LODQÕ�YH�0RVNRYD¶QÕQ�GD�

GLNNDW�oHNPHVL\OH�LNWLGDUÕ�ELU�EXUMXYD�LNWLGDUÕ�RODUDN�QLWHOHPLú��$\GHPLU�LVH�FXPKXUL\HW�

K�N�PHWOHULQH�RODQ�LQDQFÕQÕ��GDKD�����¶WH�YXUJXODPÕúWÕ��%X�0DUNVLVW�GL\DOHNWLN�\|QWHPLQ��

VRPXW�LIDGHVL�RODQ�GHYOHW�DQOD\ÕúÕ\OD�WDP�DQODPÕ\OD�ELU�oDWÕúPD\GÕ��0DUNVL]PLQ�WHPHO�

VRUXQODUÕQÕ�LUGHOH\HQ�$QWL�'�KULQJ�oDOÕúPDVÕQGD�(QJHOV��PDWHU\DOLVW�\|QWHPLQ�GR÷UXGDQ�

GR÷UX\D�VÕQÕI�VDYDúÕPODUÕQÕ�EHOLUOHGL÷LQL�V|\OH\HUHN�ú|\OH�GHYDP�HGL\RU��³%XQXQ�VRQXFX�

VRV\DOL]P��«��WDULK�WDUDIÕQGDQ�ROXúWXUXODQ�LNL�VÕQÕIÕQ��SUROHWDU\D�LOH�EXUMXYD]LQLQ�

VDYDúÕPODUÕQÕQ�]RUXQOX��U�Q��RODUDN�J|U�Q�\RU´����øúWH�$\GHPLU��GL\DOHNWLN�\|QWHPL�

VRV\DOL]PGHQ�D\ÕUW�HWPLú��GHYOHWLQ�VÕQÕIODU�VW��NDUDNWHULQH�GLNNDW�oHNPLú��RQXQ�W�P�WRSOXPXQ�

oÕNDUODUÕQÕ�VDYXQPDVÕ�JHUHNWL÷LQL�VDYXQPXúWX��.DGUR�\ÕOODUÕQGD�EX�J|U�ú�Q��\ÕOPDGDQ�

VDYXQGX��LNWLGDUÕ�GHYOHWoL�SROLWLNDODU�OHKLQGH�HWNLOHPHN�LVWHGL��GDKDVÕ�����¶\H�HPHNOL�ROXQFD\D�

NDGDU�ILLOL�RODUDN�GHYOHWoL�SROLWLNDODUÕQ�X\JXODQPDVÕQGD�oDOÕúWÕ������¶ODUGD�7�UN�VRV\DOL]PL�

G�ú�QFHVL\OH�GHYOHWoL�V|\OHPL�NRUX\DQ�$\GHPLU��7�UN�6RV\DOL]PL¶QLQ�LONHOHULQL�\D]DUNHQ�

LVWLVPDUFÕOÕ÷Õ�UHGGHGHQ�ELU�GHYOHWoLOL÷H�LúDUHW�HWPLú������¶OHUGH\VH�GR÷UXGDQ�GR÷UX\D�LúoL�

NLWOHOHULQLQ�oÕNDUODUÕQÕ�VDKLSOHQPHVL�JHUHNWL÷L��]HULQGH�GXUPXúWX��DQFDN�EXUDGD�VRV\DOLVW�ELU�

KHGHI�GH÷LO��GHPRNUDWLN�ELU�RUWDPGD�oÕNDUODU�GHQJHVLQLQ�|QHPLQH�LúDUHW�HWPLúWL��.ÕVDFD�

GHYOHWoL�V|\OHPL�VRQ�\ÕOODUGD�HULPLú������¶ODUD�NDGDU�UHGGHWWL÷L�VÕQÕIVDO�\DSÕ��EX�WDULKWH�VL\DVDO�

\DúDP��DQOD\ÕúÕ�WRSOXPVDO�VÕQÕIODUÕQ�GHQJHOHGL÷L��ELU�NDUDNWHU�ND]DQPÕúWÕ�

.ÕVDFD�V|\OHPHN�JHUHNOL\VH�$\GHPLU¶LQ�J|U�úOHUL�³XOXVoX�ELU�VRO´�\DNODúÕP�LoLQGH�

GH÷HUOHQGLULOHELOVH�GH�³GHYOHWL�NXUWDUPD´�VÕ÷OÕ÷ÕQGD�\RUXPODQPDPDOÕGÕU��gQGHU��$\GHPLU¶L�

0DUGLQ¶LQ�-|Q�7�UNOHU�LoLQ��EHOLUOHGL÷L��VÕQÕUODU�LoLQGH�J|UP�ú��RQXQ�G�ú�QFHOHULQL�.HPDOLVW�\D�

GD�0DUNVLVW�³GHYOHWL�NXUWDUPD´�GD\DQD÷ÕQGD�LúOHPLúWLU��R\VD�$\GHPLU�KHU�QH�NDGDU�0DUNVLVW�

\|QWHPGHQ�ELU�VDSPD�RODUDN�GH÷HUOHQGLULOHELOLUVH�GH�GHUOL�WRSOX�ELU�\|QWHP�YH�GHYOHW�DQOD\ÕúÕ�

RUWD\D�NR\PXú��GHYOHWoL�NDUDNWHUL\VH�KDONoÕ�NDUDNWHUL\OH�Lo�LoH�JHoPLúWL��6RQ�RODUDN�úXQX�

V|\OH\HOLP�NL�HOGHNL�oDOÕúPD�$\GHPLU¶L�E�W�Q�RODUDN�LQFHOHPH\H�oDOÕúPÕú��G|QHPVHO�

NDUDNWHUL��ELU�D\GÕQÕQ�GH÷LúHQ�WDYUÕQÕ�HOGHQ�JHOGLNoH�YXUJXODPD\D�oDOÕúPÕúWÕU��%X�oDOÕúPDQÕQ�

KHP�ROXPOX�KHP�GH�ROXPVX]�\|Q�Q��ROXúWXUDELOLU��L\L�N|W��ELU�VD\DVDO�G�ú�Q�U��DQODPDN�

HOHúWLUPHN�VDQÕUÕ]�ELU�\DQGD�G�ú�QVHO�GHULQOL÷L�GL÷HU�WDUDIWD�G|QHPVHO�NDUDNWHUL�VHUJLOHPHNOH�

P�PN�Q��HOGHNL�oDOÕúPD�EXQX�\DSPD\D�HQ�D]ÕQGDQ�X÷UDúPÕúWÕU���

�����)ULHGULFK�(QJHOV��$QWL�'�KULQJ��dHYLUHQ��.HQDQ�6RPHU����%DV���$QNDUD��6RO�<D\���������V����

.$<1$.d$

$÷DR÷OX��$KPHW��'HYOHW�YH�)HUW��øVWDQEXO��6DQD\LLQHILVH�0DWEDDVÕ�������

$KPDG��)HUR]��'HPRNUDVL�6�UHFLQGH�7�UNL\H��������������7�UNoHVL��$KPHW�)HWKL����%DV���

øVWDQEXO��+LO�<D\��������

$KPDG��)HUR]��øWWLKDW�YH�WHUDNNL������������dHYLUHQ��1XUDQ�<DYX]�����%DV���øVWDQEXO��

.D\QDN�<D\��������

$KPDG��)HUR]��0RGHUQ�7�UNL\H¶QLQ�2OXúXPX��dHY��<DYX]�$ODJRQ�����%DV���øVWDQEXO��

.D\QDN�<D\��������

$NEXOXW��(UGHQ��.RP�QWHUQ�%HOJHOHULQGH�1D]ÕP�+LNPHW��øVWDQEXO��7h67$9�������

$NoXUD��<XVXI��³%LULQFL�7�UN�7DULK�.RQJUHVL´��hON���ùXEDW�������hON��6HoPHOHU�������

������<D\� +D]��=HUULQ�%D\UDNWDU��&HP�$OSDU��$QNDUD��$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�

$NDGHPLVL��������V�����

$NúLQ��6LQD��-|Q�7�UNOHU�YH�øWWLKDW�YH�7HUDNNL�����%DV���$QNDUD��øPJH�.LWDEHYL�������

$UHQ��6DGXQ��3XVOX�&DPÕQ�$UNDVÕQGDQ��$QNDUD��øPJH�<D\��������

$UHQ��6DGXQ��7LS�2OD\Õ����������øVWDQEXO��&HP�<D\ÕQHYL�������

$WÕOJDQ��*|NKDQ��<|Q�'HYULP�+DUHNHWL��øVWDQEXO��7h67$9������

$YLQHUL��6KORPR��7KH�6RFLDO�DQG�3ROLWLFDO�7KRXJKW�RI�.DUO�0DU[��/RQGRQ��1HZ�<RUN��

&DPEULGJH�8QLYHUVW\�3UHVV�������

$\EDU��0HKPHW�$OL��1HGHQ�6RV\DOL]P"�����%DV���\�\���%'6�<D\���W�\�

$\GHPLU��ùHYNHW�6�UH\\D��³.DGUR´� .DGUR��&�����7ÕSNÕEDVÕP�������� 6D\Õ����,,��.DQXQ������

V������<D\��+D]��&HP�$OSDU��$QNDUD��$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�$NDGHPLVL���������

$\GHPLU��ùHYNHW�6�UH\\D��³øQNÕODEÕQ�øGHRORMLVL´��.DGUR��&�����7ÕSNÕEDVÕP�� 6D\Õ����� ùXEDW�

������V������<D\��+D]��&HP�$OSDU��$QNDUD��$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�$NDGHPLVL���

�����

$\GHPLU��ùHYNHW�6�UH\\D��³øQNÕODS�%LWWL��PL"´� .DGUR��&�����7ÕSNÕEDVÕP�� 6D\Õ����0DUW������

V��������<D\��+D]��&HP�$OSDU��$QNDUD��$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�$NDGHPLVL��������

$\GHPLU��ùHYNHW�6�UH\\D��³(XURSDFHQWHULVPH¶LQ�7DVIL\HVL´��.DGUR��&����7ÕSNÕEDVÕP�� 6D\Õ��

���7HPPX]�������V���������<D\��+D]��&HP�$OSDU��$QNDUD��$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�

$NDGHPLVL��������

$\GHPLU��ùHYNHW�6�UH\\D��³(PSHU\DOL]P�ùDKODQÕ\RU�PX"´��.DGUR��&�����7ÕSNÕEDVÕP�� �6D\Õ�

����1LVDQ�������V�������<D\��+D]��&HP�$OSDU��$QNDUD��$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�

$NDGHPLVL��������

$\GHPLU��ùHYNHW�6�UH\\D��³)LNLU�+DUHNHWOHUL�$UDVÕQGD�7�UN�1DV\RQDOL]PL�,,��0DUNVL]P´�

.DGUR��&�����7ÕSNÕEDVÕP����6D\Õ�����+D]LUDQ�������V��������<D\��+D]��&HP�$OSDU��$QNDUD��

$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�$NDGHPLVL��������

$\GHPLU��ùHYNHW�6�UH\\D��³)LNLU�+DUHNHWOHUL�$UDVÕQGD�7�UN�1DV\RQDOL]PL�,,��0DUNVL]P´��

.DGUR��&�����7ÕSNÕEDVÕP���6D\Õ�����7HPPX]�������V��������<D\��+D]��&HP�$OSDU��$QNDUD��

$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�$NDGHPLVL��������

$\GHPLU��ùHYNHW�6�UH\\D�³%H\QHOPLOHO�)LNLU�+DUHNHWOHUL�$UDVÕQGD�7�UN�1DV\RQDOL]PL�,,,��

7�UN�1DV\RQDOL]PL���'HYDP�YH�6RQ�´��.DGUR��&�����7ÕSNÕEDVÕP���6D\Õ�����(\O�O�������V����

����<D\��+D]��&HP�$OSDU��$QNDUD��$QNDUD�øNWLVDGL�YH�7LFDUL�øOLPOHU�$NDGHPLVL��������

$\GHPLU��ùHYNHW�6�UH\\D��³)LNLU�$WDW�UNo�O�÷��YH�.HOLPH�$WDW�UNo�O�÷�´��<|Q��<ÕO����6D\Õ�

��� ���2FDN�������V����

$\GHPLU��ùHYNHW�6�UH\\D��³7�UN�6RV\DOL]PL�YH�)LNLU�$WDW�UNo�O�÷�´��<|Q��<ÕO����6D\Õ��������

2FDN�������V���

$\GHPLU��ùHYNHW�6�UH\\D��³7�UN�6RV\DOL]PLQLQ�øONHOHUL´��<|Q��<ÕO����6D\Õ�������2FDN�������

V�������

$\GHPLU��ùHYNHW�6�UH\\D��³,��0HPOHNHWoL�6RV\DOL]PLQ�øONHOHUL´��<|Q��<ÕO����6D\Õ��������

2FDN�������V�����

$\GHPLU��ùHYNHW�6�UH\\D��³,,��(PHN��øúoL�6ÕQÕIÕ�YH�(PH÷LQ�6RV\DO�'H÷HUL´��<|Q��<ÕO����6D\Õ�

������ùXEDW�������V�����

$\GHPLU��ùHYNHW�6�UH\\D��³'�Q\D�*�]HOLQH�$oÕN�0HNWXS´��<|Q��<ÕO����6D\Õ���������$UDOÕN�

������V� ��

$\GHPLU��ùHYNHW�6�UH\\D��³.RP�QLVW�<DUDWPDN´��'HYULP��6D\Õ�������(NLP�������V����

$\GHPLU��ùHYNHW�6�UH\\D��³%LU�6HQDW|UH�$oÕN�0HNWXS´��'HYULP��6D\Õ�������$UDOÕN�������V���

$\GHPLU��ùHYNHW�6�UH\\D��³%LU�*HUoHN�$\GÕQ´��'HYULP��6D\Õ��������2FDN�������V����

$\GHPLU��ùHYNHW�6�UH\\D��&LKDQ�øNWLVDGL\DWÕQGD�7�UNL\H��$QNDUD��0LOOL�øNWLVDW�YH�7DVDUUXI�

&HPL\HWL�������

$\GHPLU��ùHYNHW�6�UH\\D��.DKUDPDQODU�'R÷PDOÕ\GÕ��øVWDQEXO��dD÷GDú�<D\ÕQODUÕ� �����

$\GHPLU��ùHYNHW�6�UH\\D��øKWLOkOLQ�0DQWÕ÷Õ�YH ���0D\ÕV�øKWLOkOL�����%DV���øVWDQEXO��5HP]L�

.LWDEHYL��������

$\GHPLU��ùHYNHW�6�UH\\D��øNLQFL�$GDP��&�,,����������������%DV���øVWDQEXO��5HP]L�.LWDEHYL��

�����

$\GHPLU��ùHYNHW�6�UH\\D��øNLQFL�$GDP��&�,,,����������������%DV���øVWDQEXO��5HP]L�.LWDEHYL��

�����

$\GHPLU��ùHYNHW�6�UH\\D��øQNÕODS�YH�.DGUR�����%DV���øVWDQEXO��5HP]L�.LWDEHYL�������

$\GHPLU��ùHYNHW�6�UH\\D��.ÕUPÕ]Õ�0HNWXSODU�YH�6RQ�<D]ÕODU��øVWDQEXO��dD÷GDú�<D\ÕQODUÕ��

�����

$\GHPLU��ùHYNHW�6�UH\\D��0DNHGRQ\D¶GDQ�2UWDDV\D¶\D�(QYHU�3DúD &��,�����������������

%DV����øVWDQEXO���5HP]L��.LWDEHYL��������

$\GHPLU��ùHYNHW�6�UH\\D��0DNHGRQ\D¶GDQ�2UWDDV\D¶\D�(QYHU�3DúD��&��,,����������������

%DV���øVWDQEXO��5HP]L�.WDEHYL�������

$\GHPLU��ùHYNHW�6�UH\\D��0DNHGRQ\D¶GDQ�2UWDDV\D¶\D (QYHU�3DúD���&��,,,�����%DV���

øVWDQEXO��5HP]L�.LWDEHYL�������

$\GHPLU��ùHYNHW�6�UH\\D��0HQGHUHV¶LQ�'UDPÕ�����%DV���øVWDQEXO��5HP]L�.LWDEHYL�������

$\GHPLU��ùHYNHW�6�UH\\D��6X\X�$UD\DQ�$GDP������%DV���øVWDQEXO��5HP]L�.LWDEHYL��������

$\GHPLU��ùHYNHW�6�UH\\D��7HN�$GDP�0XVWDID�.HPDO������������&��,�������%DV���øVWDQEXO��

5HP]L�.LWDEHYL�������

$\GHPLU��ùHYNHW�6�UH\\D��7HN�$GDP�0XVWDID�.HPDO������������&��,,�������%DV���øVWDQEXO��

5HP]L�.LWDEHYL�������

$\GHPLU��ùHYNHW�6�UH\\D��7HN�$GDP�0XVWDID�.HPDO������������&��,,,�������%DV���øVWDQEXO��

5HP]L�.LWDEHYL�������

$\GHPLU��ùHYNHW�6�UH\\D��7RSUDN�8\DQÕUVD�����%DV���øVWDQEXO��5HP]L�.LWDEHYL�������

$\GÕQ��6XDYL��³&XPKXUL\HW¶LQ�øGHRORMLN�ùHNLOOHQPHVLQGH�$QWURSRORMLQLQ�5RO���,UNoÕ�

3DUDGLJPDQÕQ�<�NVHOLúL�YH�'�ú�ú�´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&����.HPDOL]P��

(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ��������V����������

$\GÕQ��6XDYL��³øNL�øWWLKDW�7HUDNNL��øNL�$\UÕ�=LKQL\HW�øNL�$\UÕ�6L\DVHW´ 0RGHUQ�7�UNL\H¶GH�

6L\DVL�'�ú�QFH��&�, &XPKXUL\HW¶H�'HYUHGHQ�'�ú�QFH�0LUDVÕ�7DQ]LPDW�YH�0HúUXWL\HW¶LQ�

%LULNLPL���(GLW|U��0HKPHW�g��$NODQ��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ����������������

%DEDQ��&LKDG��3ROLWLND�*DOHULVL��øVWDQEXO��5HP]L�.LWDEHYL�������

%DúDU��$KPHW�+DPGL��$WDW�UN¶OH�ho�$\�YH�����¶GDQ�6RQUD�7�UNL\H��$QNDUD��$ø7ø$�������

%HQQÕJVHQ��$OH[DQGUH���4XHOTXHMD\��&KDQWDO��6XOWDQ�*DOL\HY�YH�6RY\HW�0�VO�PDQODUÕ��

7HUF�PH��1H]LK�8]HO��øVWDQEXO��(OLSV�.LWDS�������

%LULQFL�'R÷X�+DONODUÕ�.XUXOWD\Õ��%'+.���%DN���%HOJHOHU���øVWDQEXO�.D\QDN�<D\ÕQODUÕ��

�����

%R]DUVODQ� +DPLW��³%�OHQW�(FHYLW´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&����.HPDOL]P��

(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ����������������

%R]NXUW��0�(���7HQJLUúHQN��<�.���3HNHU� �5� ������<ÕOÕQGD�øVWDQEXO�hQLYHUVLWHVLQGH�

%DúOD\DQ�øON�øQNÕODS�7DULKL�'HUV�1RWODUÕ��+D]��2NWD\�$VODQDSD��øVWDQEXO��7�UN�'�Q\DVÕ�

$UDúWÕUPDODUÕ�9DNIÕ�������

&HODO��6DGUHWWLQ���6�UH\\D��ùHYNHW��/HQLQ�YH�/HQLQL]P��dHYUL\D]Õ��(OPDV�ùDKLQ��$QNDUD��

6DONÕPV|÷�W�<D\ÕQODUÕ�������

&HYL]FL��$KPHW��3DUDGLJPD�)HOVHIH�6|]O�÷������%DV��øVWDQEXO��3DUDGLJPD�<D\ÕQODUÕ��������

&RSHDX[��(WLHQQH��7DULK�'HUV�.LWDSODUÕQGD��������������7�UN�7DULK�7H]LQGHQ�7�UN�

øVODP�6HQWH]LQH��øVWDQEXO��7DULK�9DNIÕ�<XUW�<D\ÕQODUÕ�������

dDYGDU��7HYILN��7�UNL\H�(NRQRPLVLQLQ�7DULKL������������$QNDUD��øPJH�.LWDEHYL��������

dHWLQVD\D��*|NKDQ��³0LWKDW�3DúD´��0RG H U Q � 7�UNL\H ¶GH �6 L\DV L �'�ú�QFH��&���

&XPKXUL\HW¶H�'HYUHGHQ�'�ú�QFH�0LUDVÕ�7DQ]LPDW�YH�0HúUXWL\HW¶LQ�%LULNLPL��(GLW|U��

0HKPHW�g��$NODQ��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ��������������

'R÷DQ��=DIHU��7�UNL\HOL�%LU�6RV\DOLVW��0HKPHW�$OL�$\EDU��øVWDQEXO��%HOJH�<D\��������

(FHYLW��%�OHQW��2UWDQÕQ�6ROX� ���%DV���øVWDQEXO��7HNLQ�<D\ÕQHYL�������

(NPHNoL��0XVWDID��³ùHYNHW�6�UH\\D¶GDQ�$\VHO�.XWOX¶\D�'RVW�0HNWXSODUÕ´��&XPKXUL\HW����

0D\ÕV�������V�����

(NPHNoL��0XVWDID��³ùHYNHW�6�UH\\D¶GDQ�$\VHO�.XWOX¶\D�'RVW�0HNWXSODUÕ´��&XPKXUL\HW�����

0D\ÕV�������V�����

(QJHOV��)ULHGULFK��$QWL�'�KULQJ��dHYLUHQ��.HQDQ�6RPHU����%DV���$QNDUD��6RO�<D\��������

(UHO�7HOODO���³6RY\HWOHUOH�øOLúNLOHU´��7�UN�'Õú�3ROLWLNDVÕ�&��,�������������(GLW|U��%DVNÕQ�

2UDQ��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ���������V����������

(ULúLUJLO��0��(PLQ��%LU�)LNLU�$GDPÕQÕQ�5RPDQÕ�=L\D�*|NDOS��øVWDQEXO��5HP]L�.LWDEHYL��

������

(UR÷XO��&HP���'HPRNUDW�3DUWL�7DULKL�YH�øGHRORMLVL�����%DV���$QNDUD��øPJH�.LWDEHYL�

(UR÷XO��&HP��'HYOHW�1HGLU�"�����%DV���$QNDUD��øPJH�.LWDEHYL�������

(UVDQOÕ��%�úUD��øNWLGDU�YH�7DULK��7�UNL\H¶GH�³5HVPL�7DULK´�7H]LQLQ�2OXúXPX�������

����������%DV���øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ�������

)HUWDQ��1HFOD����%HKLFH�%RUDQ��1HFOD�)HUWDQ��øNL�$oÕGDQ�7�UNL\H�øúoL�3DUWLVL�'DYDVÕ��

øVWDQEXO��%LOLP�<D\��������

*DOEUDLWK��-RKQ�.HQQHWK��7KH�*UHDW�&UDVK�����%DV���%RVWRQ��+RXJKWRQ�0LIIOLQ�&RPSDQ\��

�����

*HRUJHRQ��)UDPoRLV��6XOWDQ�$EG�OKDPLG��dHY��$OL�%HUNWD\��øVWDQEXO��+RPHU�.LWDEHYL��

�����

*HRUJHRQ��)UDQoRLV��7�UN�0LOOL\HWoLOL÷LQLQ�.|NHQOHUL��<XVXI�$NoXUD�����������������%DV��

øVWDQEXO��7DULK�9DNIÕ�<XUW�<D\ÕQODUÕ��������

*|NDOS��=L\D�7�UNOHúPHN��øVODPODúPDN��0XDVÕUODúPDN��øVWDQEXO��øQNÕODS�.LWDEHYL��W�\�

*|NEHUN��0DFLW��)HOVHIH�7DULKL�����%DV��øVWDQEXO��5HP]L�.LWDEHYL�������

*|NW�UN� �+DOLO�øEUDKLP��%LOLQPH\HQ�<|QOHUL\OH�ùHYNHW�6�UH\\D�$\GHPLU��$QNDUD��\�\��

�����

*|UDO��g]J�U�6HYJL��³$IHW�øQDQ´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFHOHU��&�����.HPDOL]P��

(GLW|U��$KPHW�øQVHO� øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ���������������

+HJHO��*��:��)��7DULKWH�$NÕO��dHY��gQD\�6|]HU�����%DV���øVWDQEXO���.DEDOFÕ�<D\ÕQHYL�������

+LODY��6HODKDWWLQ��³'�ú�QFH�7DULKL������������´�7�UNL\H�7DULKL����dD÷GDú�7�UNL\H���<D\��

<|Q��6LQD�$NúLQ��øVWDQEXO��&HP�<D\ÕQODUÕ���������V����������

+REVEDZP��(ULF��.ÕVD�����<�]\ÕO�$úÕUÕOÕNODU�dD÷Õ��7�UNoHVL��<DYX]�$ORJDQ��øVWDQEXO��

6DUPDO�<D\ÕQHYL�������

+�VQ���ùHILN��³7�UNL\H¶GH�6RV\DO�6ÕQÕIODU´��7�UNL\H¶GH�6RV\DO�6ÕQÕIODU��dHYUL\D]Õ�YH�

6DGHOHúWLUHQ�0HKPHW�7�UNDQ��øVWDQEXO��.D\QDN�<D\ÕQODUÕ�������

.DUDFD��(PLQ��³6HYGDOÕQÕ]�.RP�QLVWWLU´��1D]ÕP�+LNPHW¶LQ�6L\DVDO�<DúDPÕ��øVWDQEXO�

.DUDNXWX�<D\ÕQODUÕ��������

.DUDRVPDQR÷OX��<DNXS�.DGUL��=RUDNL�'LSORPDW��$QNDUD��%LOJL�<D\ÕQHYL�������

.DUD|PHOLR÷OX��0��$VÕP��³7HN�3DUWL�'|QHPLQGH�+DONoÕOÕN´��0RGHUQ�7�UNL\H¶GH�6L\DVL�

'�ú�QFH��&�����.HPDOL]P��(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ����������������

.D]JDQ��*�OWHQ���øNWLVDGL�'�ú�QFH�YH\D�3ROLWLN�øNWLVDGÕQ�(YULPL�����%DV���$QNDUD��%LOJL�

<D\ÕQHYL�������

.LQURVV��/RUG�$WDW�UN��%LU�0LOOHWLQ�<HQLGHQ�'R÷XúX������%DV���7�UNoHVL��1HFGHW�6DQGHU��

øVWDQEXO��$OWÕQ�.LWDSODU�������

.LULúoL��.HPDO���:LQURY��*DUHWK�0��.�UW�6RUXQX�*HOLúLPL�YH�.|NHQL� dHYLUL��$KPHW�)HWKL��

øVWDQEXO��7DULK�9DNIÕ�<XUW�<D\ÕQODUÕ�������

.ROR÷OX��2UKDQ��³,,��$EG�OKDPLW¶LQ�VL\DVDO�'�ú�QFHVL´� 0RGHUQ�7�UNL\H¶GH�6L\DVL�

'�ú�QFH��&��,� &XPKXUL\HW¶H�'HYUHGHQ�'�ú�QFH�0LUDVÕ�7DQ]LPDW�YH�0HúUXWL\HW¶LQ�

%LULNLPL��(GLW|U��0HKPHW�g��$NODQ��øVWDQEXO��øOHWLúLP�<D\������� V���������

.|NHU��/HYHQW��³.HPDOL]P�$WDW�UNo�O�N��0RGHUQOHúPH��'HYOHW�YH�'HPRNUDVL´��0RGHUQ�

7�UNL\H¶GH�6L\DVL�'�ú�QFH��&�����.HPDOL]P��(GLW|U��$KPHW�øQVHO�����%DV���øVWDQEXO��øOHWLúLP�

<D\���������V���������

/HIHEUH��+HQUL��0DU[¶ÕQ�6RV\RORMLVL��dHY��6HODKDWWLQ�+LODY��øVWDQEXO��gQF��.LWDEHYL�������

/HQLQ��9��ø��.DSLWDOL]PLQ�(Q�<�NVHN�$úDPDVÕ�(PSHU\DOL]P��dHYLUHQ�(UGR÷DQ�%DúDU��

$QNDUD��6RO�<D\ÕQODUÕ�������

/HQLQ��9�ø�0DUNV�(QJHOV�0DUNVL]P��dHYLUHQ��9DKDS�(UGR÷GX��$QNDUD��6RO�<D\��������

/HQLQ��9�ø��1H�<DSPDOÕ"��dHY��0��.DEDJLO��$QNDUD��6RO�<D\ÕQODUÕ�������

/LSRVN\��,JRU�3��7KH�6RFLDOLVW�0RYHPHQW�LQ�7XUNH\�������������/HLGHQ��1HZ�<RUN��.|OQ��

(��-��%ULOO�������

0DFDU��(OoLQ��³'R÷DQ�$YFÕR÷OX´���0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&���� .HPDOL]P��

(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ����������������

0DFOHRG��:LOOLDP�$OOLVWHU��6HYNHW�6�UH\\D�$\GHPLU��0RGHUQ�7XUNLVK�%LRJUDSKHU��$QQ�

$UERU��0LFKLJDQ��8�6�$���/RQGRQ��(QJODQG��8QLYHUVLW\�0LFURILOPV�øQWHUQDWLRQDO�������

0DJHH��%U\DQ��%�\�N�)LOR]RIODU��7�UNoHVL�$KPHW�&HYL]FL��øVWDQEXO��3DUDGLJPD�<D\ÕQODUÕ��

�����

0DQJR��$QGUHZ��$WDW�UN��7�UNoHVL��)�VXQ�'RUXNHU��øVWDQEXO��6DEDK�.LWDSODUÕ�������

0DU[��.DUO���.DSLWDO��FLOW����dHY��$ODDWWLQ�%LOJL�����%DV��$QNDUD��6RO�<D\ÕQODUÕ�������

0DU[��.DUO���(QJHOV��)ULHGULFK��$OPDQ�øGHRORMLVL��)HXUEDFK���dHY��6HYLP�%HOOL�����%DV��

$QNDUD��6RO�<D\ÕQODUÕ��������

0DU[��.DUO���(QJHOV��)ULHGULFK��6L\DVL�<D]ÕODU���dHY�$KPHW�)HWKL��øVWDQEXO��+LO�<D\ÕQODUÕ��

�����

1XUHGGLQ��9kOk��%X�'�Q\DGDQ�1D]ÕP�*HoWL�øVWDQEXO���0LOOL\HW�<D\ÕQODUÕ�������

2UDQ��%DVNÕQ� ³����������'|QHPLQ�%LODQoRVX´��7�UN�'Õú�3ROLWLNDVÕ��&LOW��������������

(GLW|U��%DVNÕQ�2UDQ�����%DV���øVWDQEXO��øOHWLúLP�<D\����������

2UDQ��%DVNÕQ��$WDW�UN�0LOOL\HWoLOL÷L����%DV���$QNDUD��%LOJL�<D\ÕQHYL�������

2ZHQ��5RJHU���3DPXN��ùHYNHW������<�]\ÕOGD�2UWDGR÷X�(NRQRPLOHUL�7DULKL��dHYLUL��$\úH�

(GLUQH��øVWDQEXO��6DEDQFÕ�hQLYHUVLWHVL�<D\��������

gQGHU��7XQFD\��ùHYNHW�6�UH\\D�$\GHPLU�±6L\DVDO��6RV\DO�YH�(NRQRPLN�*|U�úOHUL�

<D\ÕPODQPÕú�<�NVHN�/LVDQV�7H]L��$QNDUD�������

g]FDQ��$EG�ONDGLU������<�]\ÕOGD�6XOWDQ�,,��$EG�OKDPLG¶H�%DNÕú��+D]���0HKPHW�7RVXQ��

<D\��'DQ���+D\UHWWLQ�7XUDQ���øVWDQEXO��\�\��������

g]GHPLU��+LNPHW��³6L\DVDO�7DULK������������´��7�UNL\H�7DULKL����dD÷GDú�7�UNL\H���<D\��

<|Q��6LQD�$NúLQ��øVWDQEXO��&HP�<D\ÕQODUÕ���������V����������

g]OHP��'R÷DQ��7DULK�)HOVHIHVL�����%DV���øVWDQEXO��øQNÕODS�.LWDEHYL�������

3HNHU��5HFHS��³hON��1LoLQ�dÕNÕ\RU�"�´��hON����ùXEDW�������V���

3OHKHQRY��*�9��0DUNVLVW�'�ú�QFHQLQ�7HPHO�0HVHOHOHUL��dHYLUHQOHU�6��+LODY��(��%XUL��1��

%XUKDQ��6�0LPR÷OX��øVWDQEXO��6RV\DO�<D\ÕQODUÕ�������

6D\ÕOJDQ��$FODQ��6RY\HWOHUGH�(÷LWLP�YH�7�UN�g÷UHQFLOHUL��$QNDUD��\�\��������

6D\ÕOJDQ��$FODQ�7�UNL\H¶GH�6RO�+DUHNHWOHU��øVWDQEXO��+DUHNHW�<D\ÕQODUÕ�������

7DQ|U��%�OHQW��øNL�$QD\DVD������������øVWDQEXO��%HWD�<D\ÕQODUÕ�������

7D\ORU��&KDUOHV��+HJHO��&DPEULGJH��/RQGRQ��1HZ�<RUN��0HOERXUQH��&DPEULGJH�8QLYHUVW\�

3UHVV�������

7HN��0�ILGH�)HULW��$\GHPLU�øVWDQEXO��.DNQ�V�<D\ÕQODUÕ�������

7HNHOL��øKDQ���øONLQ��6HOLP�������'�Q\D�%XKUDQÕQGD�7�UNL\H¶QLQ�øNWLVDGL�3ROLWLND�

$UD\ÕúODUÕ��$QNDUD��2'7h�<D\��������

7HNHOL��øOKDQ����øONLQ��6HOLP��%LU�&XPKXUL\HW�g\N�V���.DGURFXODUÕ�YH�.DGUR¶\X�$QODPDN��

øVWDQEXO��7DULK�9DNIÕ�<XUW�<D\ÕQODUÕ��������

7HYHWR÷OX��)HWKL��7�UNL\H¶GH�6RV\DOLVW�YH�.RP�QLVW�)DDOL\HWOHU��������������$QNDUD��\�\��

�����

7LPXU��7DQHU��7�UNL\H�1DVÕO�.�UHVHOOHúWL"��$QNDUD��øPJH�<D\��������

7LPXU��7DQHU��2VPDQOÕ�dDOÕúPDODUÕ��øONHO�)HRGDOL]PGHQ�<DUÕ�6|P�UJH�(NRQRPLVLQH�����

%DV���$QNDUD��øPJH�.LWDEHYL�������

7LPXU��7DQHU��7�UN�'HYULPL�YH�6RQUDVÕ�����%DV���$QNDUD��øPJH�.LWDEHYL�������

7XQoD\��0HWH��³ùHYNHW�6�UH\\D�$\GHPLU¶LQ�7.3¶�\H�%DúYXUXVX´��7RSOXPVDO�7DULK��6D\Õ�

�����V��������

7XQoD\��0HWH��7�UNL\H�&XPKXUL\HWL¶QGH�7HN�3DUWL�<|QHWLPL������������7DULK�9DNIÕ�<XUW�

<D\ÕQODUÕ��øVWDQEXO�������V������

7XQoD\��0HWH��7�UNL\H¶GH�6RO�$NÕPODU��������������øVWDQEXO��%'6�<D\ÕQODUÕ�������

7�UN�7DULKLQLQ�$QD�+DWODUÕ��0HWKDO�.ÕVPÕ��0DDULI�9HNDOHWL��øVWDQEXO�'HYOHW�0DWEDDVÕ�

�����

7�UNHú��0XVWDID���.DGUR�+DUHNHWL�8OXVoX�6RO�%LU�$NÕP��$QNDUD��øPJH�.LWDEHYL�������

8\DU��+DNNÕ�³5HVPL�øGHRORML«�hON��YH�.DGUR«´�7RSOXP�YH�%LOLP�����*�]�������V������

����

:RRG��$OOHQ�:��.DUO�0DU[��1HZ�<RUN��/RQGRQ��5RXWOHGJH�������

<HúLOND\D��1HúH�*��³+DONHYOHUL´��0RGHUQ�7�UNL\H¶GH�6L\DVL�'�ú�QFH��&�����.HPDOL]P�

(GLW|U��$KPHW�øQVHO��øVWDQEXO��øOHWLúLP�<D\ÕQODUÕ��������V����������

g=*(d0øù

��1LVDQ������øVWDQEXO�GR÷XPOX\XP��øONRNXO�YH�RUWDRNXOX�+D]QHGDU�$EGL�øSHNoL�øON�YH�

2UWDRNXOX¶QGD�OLVH\L�LVH�*�QJ|UHQ�ø]]HW�hQYHU�/LVHVL¶QGH�WDPDPODGÕP��.ÕVD�ELU�V�UH�.RFDHOL�

hQLYHUVLWHVL�7XUL]P�YH�2WHOFLOLN�%|O�P�¶QGH�RNXGX\VDP�GD�WRSOXPVDO�ELOLPOHUH�LOJLP�

GROD\ÕVÕ\OD�\HQLGHQ�VÕQDYD�JLUHUHN�0LPDU�6LQDQ�hQLYHUVLWHVL�7DULK�%|O�P�¶Q��ND]DQGÕP��

����¶GD�JLUGL÷LP�E|O�PGHQ�����¶WH�PH]XQ�ROGXP��<ÕOGÕ]�7HNQLN�hQLYHUVLWHVL¶QGH�LNL�\ÕOD�

\DNÕQ�ELU�]DPDQGÕU��$WDW�UN�øONHOHUL�YH�øQNÕODS�7DULKL�GHUVL�YHUL\RUXP���øQJLOL]FH�ELOL\RUXP���