Milton Friedman - Price Theory

J E *

46/+- 7.-369

8I@BF 6?NLB?MB EH@\hghfb\l( (,+

746ab\Z`h

vERDDDvDDD

8B;?D< FK9B?I>?D= :ECF8DM& :YZTRX)" &

l3Z[:(&& ;

J>< 8C

> k-?C!9!+ 2% % 6

\E

89EKJ J>< 8KJ>EH

Hbemhg Akb^]fZg bl KZne Nghp]^g Mnll^ee ?blmbg`nbla^] N^kob\^ Kkh_^llhk h_@\hghfb\l( Pgbo^klbmr h_ >ab\Z`h7 Z f^f[^k h_ ma^ k^l^Zk\a lmZ__( IZmbhgZe=nk^Zn h_ @\hghfb\l M^l^Zk\a7 Z iZlm Kk^lb]^gm h_ ma^

D*

.*/*0*( *k1*2*3*

Y/ )

5*

,*44'.*/*0*

1*2*

2&

7aZim^kDgmkh]n\mbhg Oa^hkr h_ ?^fZg] .Oa^ !R^e_Zk^! @__^\ml h_ OZq^l 21Oa^ Pmbebmr nko^l Zg] >hlm >nko^l 41Oa^ GZp h_ QZkbZ[e^ Kkhihkmbhgl Zg] Z Abkf#l >hlm >nko^l /,?^kbo^] ?^fZg] 1/Oa^ Oa^hkr h_ ?blmkb[nmbhg pbma Abq^] Kkhihkmbhgl 22Oa^ Oa^hkr h_ HZk`bgZe Kkh]n\mbobmr Zg] ma^ ?^fZg] _hkAZ\mhkl h_ Kkh]n\mbhg * 32HZk`bgZe Kkh]n\mbobmr ZibmZe Zg] ma^ MZm^ h_ Dgm^k^lm .4/

Qe

bq

4L@A@

Nahkmer Z_m^k ma^ bgbmbZe^]bmbhg h_ mabl[hhd pZl in[ebla^]( Dlab_m^] _hkg^Zker Z]^\Z]^ _khf m^Z\abg` ikb\^ ma^hkr mh m^Z\abgfhg^mZkr ma^hkr*Oak^^ r^Zkl Z`h( D k^lnf^] m^Z\abg` ikb\^ ma^hkr*I^qm r^Zk $ma^Z\Z)]^fb\ r^Zk 531)32%( D ieZg mh m^Z\a bm_hk ma eZlm mbf^*C^g\^( b_ D p^k^ô^k mh kôbl^ ln[lmZgmbZeerma^ ikhoblbhgZe o^klbhg maZm pZlin[ebla^] bg52.( ghp l^^f^] ma^ mbf^ mh ]h lh*

D \Zgghm ik^m^g] maZm ma^ ik^l^gm o^klbhg blma^ _bgbla^] mk^Zmbl^ maZm DaZ] bg fbg] $hk bg rhnma_ne ]k^Zfl%bg ma^ ^Zkeb^kr^Zkl h_ m^Z\abg`ma^\hnkl^* =nm bm blZ fn\a ^qiZg]^] Zg]( D ahi^( bfikho^] o^klbhg*D aZo^_bee^] bg_hnk h_ ma^ lbq `ZilmaZm D^gnf^kZm^] bg ma^ ik^_Z\^mh ma^ bgbmbZeo^klbhg* Oa^mph D aZo^ ghm _bee^] bgZk^bg]nlmkbZe hk`ZgbsZmbhg(_hkk^Zlhgl`bo^g Zm ma^g] h_ \aZim^k 2( Zg] mama^hkr h_ `^g^kZe ^jnbeb[kbnf( [^)\Znl^ ma^k^ Zkln\a `hh] ^qmZgm qihlbmbhgl h_ ma\eZllb\Ze RZekZlbZg`^g^kZe ^jnbeb[kbnf ZiikhZ\a Zg] DZf ghm \hfi^m^gm mh ik^l^gmZ ln\)\bg\m r^m _Zbma_ne ^qihlbmbhg h_ ma^fhk^ k^\^gm `^g^kZe ^jnbeb[kbnf ]^)oêhif^gml( iZkmb\neZkerbg ma^ _bê] h_khpma fh]êl* 4H Z]]bmbhg( DkZma^k lnli^\m maZm ma^l^]ôêhif^gml Zk^ Zl r^m bgZ ikêbfbgZkr Zg] ng)lZmbl_Z\mhkrlmZm^*

4H Z]]bmbhgmh _beebg` bgma^]^lb`gZm^] `Zil( DaZo^ Z]]^] Z ]bl\nllbhgh_ i^klhgZe ikh[Z[bebmrmh \hfie^m^ ma nmbebmr ZgZerlbl h_ \ahb\^lbgoheo)bg` ng\^kmZbgmr Zg] aZo^bgl^km^]Z eZk`êr ^qihlbmhkre^\mnk^ hg maKabe)ebil \nko^( pab\a D `Zo^ bg Nîm^f[^k 530 bg Ghg]hg* Oabl mhib\ fZrl^^f mh [êhg` bg fhg^mZkr ma^hkrkZma^k maZg bg ikb\^ma^hkr*Chpô^k( D[êbô^ maZmbm [êhg`lbg [hma(_hk k^Zlhgl maZm D mknlm ma^m^qm fZd^l \e^Zk*

D aZo^bg\en]^] bg mabl ^]bmbhg( ZlD ]b] bg mabgbmbZeo^klbhg( fr \eZllk^Z]bg` eblm Zg]Z \hee^\mbhgh_ ma ikh[e^fl maZm D aZo^*Zllb`g^] mh ma^\eZll mhphkd hg Zm ahf^* D aZo[^^g `kZmb_b^] Zmmaîkh_^llbhgZe Zmm^gmbhgZmmkZ\m^] [rmaîkh[e^fl bg ma bgbmbZeo^klbhg* Chpô^k(D aZo^ghm dîmmkZ\dh_ ma^ Zkmb\e^lZg] ghm^l maZm ma^raZo^ lmbfneZm^]( lhD\Zgghm ikh)ob]^ \hfikâ^glbo^ k^_^k^g\^l* D aZo k^mZbg^]bg mabl ^]bmbhg Zee ma^ ikh[)e^fl _khf ma^ bgbmbZe]bmbhgZg] aZo^ lbfier Z]]^] ma^ ikh[e^fl maZm D

QDD

) ) )))))))) )) ) ) ))

?

QDP KM@A@

aZo^ Zllb`g^] lbg\^ ma^g* Hr a^Zob^lm ]^[m _hk ikh[e^fl k^fZbgl mh he[^k` pZl iZkmb\neZker aêi_ne* Oh abf Zg]ma^ hma^kl pah l^gm f^ \hff^gml( fr lbg\^k^ maZgdl* D Zf ]^îer bg)]^[m^] Zelh mh fr l^\k^mZkr( BehkbZ QZe^gmbg^( pah( bg ikîZkbg` ma^ fZg)nl\kbim _hk mabl ^]bmbhg( \hgmbgn^] a^k ng[khd^g k^\hk] h_ ]blieZrbg` Z]^`k^^ h_ ^__b\b^g\r ^q\^^]^] hger [r a^k `hh] \a^^k*

D \Zgghm ^g] mabl ik^_Z\^ pbmahnm k^\hk]bg` ma^ `k^Zm i^klhgZe lZmbl_Z\)mbhg maZm D aZo^ ]^kbo^] _khf m^Z\abg` ikb\^ ma^hkr mh ln\\^llbo^ `^g^kZ)mbhgl h_ Z[e^ Zg] ^gmanlbZlmb\ `kZ]nZm^ lmn]^gml* Oa^ _hkfZe lmkn\mnk^ h_ikb\^ ma^hkr aZl Zg Z^lma^mb\ jnZebmr maZm aZl ZepZrl k^fbg]^] f^ h_ ma^_Zfhnl eZlm ebg^l h_ F^Zml#l !J]^ hg Z Bk^\bZg Pkg!6

!=^Znmr bl mknma( mknma [^Znmr(!)maZm bl ZeeT^ dghp hg ^Zkma( Zg] Zee r^ g^^] mh dghp*

Hbemhg Akb^]fZg@er( Q^kfhgm

4L@A@ NI 4LD>@ 7C@ILR)* 4LIPDMDIHab\Z`h* Oakhnàhnm maZm i^kbh](D aZo^ [^^g ^qmk^fêr kên\mZgmmhaZo^ ma^l^ghm^l h__^k^]_hk `^g^kZelZe^*Oa^ kên\mZg\âZl ]^kbo^] _khffr ]bllZmbl_Z\mbhgpbma ma^bkl\kZiir gZmnk^( _khf fr bgm^gmbhgmh nl^ma^f Zl Z[Zlbl _hk Z_nee^k Zg]fhk^ lZmbl_Z\mhkr mk^Zmf^gmh_ ikb\^ ma^hkr(Zg] _khf fr himbfblmb\[êb^_ maZm Dphne] [^ Z[e^ mh mnkgmhma^ ikîZkZ)mbhg h_ ma^_nee^kmk^Zmf^gm fhf^gmZkber* e^Zker( D fnlmk^c^\mmaârihma^lbl maZmZ _nee^kmk^Zmf^gm blbffbg^gm*Hhk^ho^k( bm aZl ghm [^^g _^Zlb[e^ mh d^îma^ fbf^h`kZia^] ghm^l _khf`^mmbg`_Zbker pb]^\bk\neZmbhg*C^g\^( ]^libm^ fr \hgmbgn^] ]bllZmbl_Z\)mbhg pbma ma^f( bm aZll^^f^] [^lm mh fZd^ ma^f `^g^kZeer ZoZbeZ[e^*

Oa^l^ ghm^l aZ] ma^bk hkb`bg bg ma^ ^gmkîk^g^nklabi h_ ?Zob] *AZg]pa^g a^ pZl Z lmn]^gmZm ma^ Pgbo^klbmrh_ >ab\Z`h* C^ bg]n\^] RZkk^g@(Bnlmnl mh \heeZ[hkZm^ bg ikîZkbg`lnffZkb^l h_ e^\mnk^l bg Z mph)jnZkm^k \hnkl^ bg ikb\ ma^hkr maZm D aZo^ `bo^gZm maPgbo^klbmrh_ >ab)\Z`h lbg\^ 502* D p^gm ho^k ma^ lnffZkb^l( kôbl^] ma^f bg ]^mZbe( pkhm^Zem^kgZmboô^klbhgl _hklhf^( ln[lmbmnm^] ikôbhnlerpkbmm^g [nm ngin[)ebla^] fZm^kbZe _hk hma^kl( Zg]bgl^km^]([hma ma^gZg] Zm bgm^koZel lbg\^(in[ebla^] fZm^kbZe maZml^^f^] iZkmb\neZker kêôZgm*Oa^l^ ghm^l phne]gô^k aZo^ [^^g [khnàm hnm[nm _hkAZg]#l Zg] Bnlmnl#l phkd( Zg]DZffn\a bg]^[m^] mh ma^f*

4H ma^ ik^l^gm o^klbhg( ma^ kîkbgm^] fZm^kbZebg\en]^l Zg Zkmb\e hg!Oa^ #Rê_Zk^# @__^\mlh_ Zg Dg\hf^ OZq Zg] Zg @q\bl^ OZq(! Z kôbl^]o^klbhg h_ Zg Zkmb\e^ maZm _bklm Zii^Zk^]bg ma^XV\YUHSVM?VSP[PJHS6JVU%VT`# kîkbgm^] a^k^ _khf fr 6ZZH`Z PU ?VZP[P]L6JVUVTPJZ0 Z _^p iZ`^l hglmZmblmb\Ze\hlm \nko^l _khf Z \hff^gm h_ fbg^ bg 3\ZPULZZ4VUJLU[YH[PVU!HUK ?YPJL ?VSPJ`0 iZkm h_Zg Zkmb\e^ h_ fbg^ maZm Zii^Zk^] bg ?Zob]H\>hk] Rkbàm $^]*%(*BOL 9TWHJ[ VM[OL CUPVU0Zg] Zg Zkmb\e^ hg!>ahb\^( >aZg\^( Zg] ma^*K^klhgZe ?blmkb[nmbhgh_ Dg\hf^(! kîkbgm^]

DS

+#

q KM@A@ OJ KMD>@OC@JMT6 < KMJQDNDJIab\Z`h Kk^ll( Kkbg\^mhg Pgbo^klbmr Kk^ll( Zg] ?Zob] H\>hk] Rkbàm _hki^kfbllbhg mh kîkbgm*

Dg m^Z\abgma^ \hnkl^ hg ikb\^ ma^hkrlbg\^ ma^l^ghm^l aZo [^^g ZoZbe)Z[e^( D aZo^ _hng] maZm ma^ \ab^_`Zil bg ma^f( pab\a bm blg^\^llZkr mhlniie^f^gm [r \eZll ik^l^gmZmbhg( Zk^ bg k^li^\m mh $% ma^ ma^hkrh_ ma^]boblbhg h_ bg\hf^ [^mp^^g \nkk^gm \hglnfimbhgZg] ma^Z\\nfneZmbhg h_p^Zema7 $.% bg]nlmkbZe hk`ZgbsZmbhg( pbma li^\bZe k^_^k^g\^ mh ikh[e^fl bgma^ ^\hghfb\l h_ ma^ bg]bob]nZe _bkf7 $/% _Z\m Zg] ma^hkr Z[hnm ma^ lbs^]blmkb[nmbhg h_ bg\hf^7 $0% ma^ma^hkr h_ ikh_bml7 $1% \ZibmZe ma^hkr)*ma^_bgZe l^\mbhg h_ ma^ ghm^l hg mabl mhib\ aZo^ mnkg^] hnm mh [^ mhh ln\\bg\mZg] \hg]^gl^]( iZkmb\neZker pbma k^li^\m mh ma^ Zkbmaf^mb\ h_ ma^ kêZmbhg[^mp^^g bg\hf^ lmk^Zfl Zg] \ZibmZe oZen^l Zg] ma^ lmh\d)_ehpZgZerlbl^f)[^]]^] bg maZm l^\mbhg7 Zg] $2% ma^ ma^hkrh_ `^g^kZe ^jnbeb[kbnf*

D aZo Z]]^] mh mablo^klbhg h_ ma^ ghm^l mphZii^g]bq^l maZm fZraêimh _bee ma^l^`Zil Zl pêe Zl lniie^f^gm ma^ ghm^l*

W

+

/HNLI?O>NDIH

l

?

Oa^l^ ghm^l ]^Ze pbma ikb\^ ma^hkr* Oa^ eZk`^k iZkm bl ]ôhm^] mh ma^ ikb\)bg` h_ _bgZe ikh]n\ml7! ma^ k^lm( mh ma^ ma^hkr h_ ]blmkb[nmbhg* Oa^ k^Zlhg _hk]ôhmbg` fhk^ Zmm^gmbhg mh ma^ ikb\bg` h_ _bgZe ikh]n\ml bl maZm ma^ ma^hkrh_ ]blmkb[nmbhg bl Z li^\bZe \Zl^ h_ ma^ ma^hkr h_ ikb\bg`( \hg\^kg^] pbma maîkb\bg` h_ _Z\mhkl h_ ikh]n\mbhg* C^g\^( ma^ ikbg\bie^l maZm ^qieZbg ikb\^lbg ma^ ikh]n\m fZkd^ml Zelh ^qieZbg ikb\^l bg ma^ _Z\mhk fZkd^ml*

, KMD>@ OC@JMT

!phkma! lZ\kb_b\bg` mh lZo^ Z \^kmZbg Zfhngm h_ p^bàm* Oabl bl Zg ^\h)ghfb\ ikh[e^f( bgoheobg` oZen^ cn]`f^gml*

Oabl \hg\îm h_ Zg ^\hghfb\ ikh[e^f bl Z o^kr `^g^kZe hg^ Zg] `h^l[^rhg] fZmm^kl hk]bgZkber mahnàm h_ Zl [êhg`bg` mh ^\hghfb\l* Ahk ^q)Zfie^( Z\\hk]bg` mh mabl \hg\îmbhg Zg bg]bob]nZe bl ]^Zebg` pbma Zg ^\h)ghfb\ ikh[e^f pa^g a^ ]^\b]^l ahp mh Zeeh\Zm^ abl e^blnk^ mbf^ [^mp^^gZem^kgZmbo^ nl^l* Dg]^^]( lmkb\mer li^Zdbg` ma^k^ bl aZk]er Zgr ikh[e^f maZmbl inkêr m^\agheh`b\Ze*@o^g bg ma^ \Zl^l \bm^] Z[ho^( ma^ ^g`bg^^k [nbe])bg` ma^ ^g`bg^ pbee aZo^ Zem^kgZmbo^ ^g]l( mabgdbg` Z[hnm hma^k mabg`l(fZdbg` abl phkd ie^ZlZgm( ^m^*( Zg] ma^l^ pbee Z__^\m abl ]^\blbhg Z[hnm ahpaZk] mh phkd hg ma^ lmZm^] m^\agheh`b\Ze ikh[e^f* Oabl \hg\îm h_ Zg ^\h)ghfb\ ikh[e^f bl Zelh [khZ] bg ma^ l^gl^ maZm bm \ho^kl ^jnZeer ma^ ikh[)e^fl bg Z Mh[bglhg >knlh^ ^\hgh*fr(bg Z [Z\dpZk] Z`kb\nemnkZe ^\hghfr(hk bg Z fh]^kg bg]nlmkbZe lh\b^mr*

@\hghfb\l( [r hnk ]^_bgbmbhg( bl ghm \hg\^kg^] pbma Zee ^\hghfb\ ikh[)e^fl* Dm bl ZZVJPHSl\b^g\^( Zg] bl ma^k^_hk^ \hg\^kg^] ikbfZkber pbma mahl^^\hghfb\ ikh[e^fl pahl^ lhenmbhgl bgoheo^ ma^ \hhi^kZmbhg Zg] bgm^kZ\)#mbhg h_ ]b__^k^gm bg]bob]nZel* Dm bl \hg\^kg^] pbma ikh[e^fl bgoheobg` Zlbgè^ bg]bob]nZe hger bglh_Zk Zl ma^ bg]bob]nZe#l [âZobhk aZl bfieb\Zmbhgl_hk hk ^__^\ml nihg hma^k bg]bob]nZel* Ankma^kfhk^( bm bl \hg\^kg^] ghmpbma ma^ ^\hghfb\ ikh[e^f bg ma^ Z[lmkZ\m([nm pbma ahp ZWHY[PJ\SHYlh\b^mr lheo^l bml ^\hghfb\ ikh[e^fl* AhkfZeer( ma^ ^\hghfb\ ikh[e^f blma^ lZf^ _hk Z Mh[bglhg >knlh^ ^\hghfr( Z [Z\dpZk] Z`kb\nemnkZe ^\hg)hfr( Z fh]^kg bg]nlmkbZe lh\b^mr hk`Zgbs^] hg Z\hffngblmb\ [Zlbl( Zg] Zfh]^kg bg]nlmkbZe lh\b^mr hk`Zgbs^] hg Z \ZibmZeblmb\ [Zlbl* =nm ma^l^ ]b_)_^k^gm lh\b^mb^l nl^ ]b__^k^gm bglmbmnmbhgZe ZkkZg`^f^gmlmh lheo^ ma^bk ^\h)ghfb\ ikh[e^fl* Oanl ma^k^ bl g^^] _hk Z ]b__^k^gm ^\hghfb\l)hk Z ]b__^k)^gm \aZim^k bg* ^\hghfb\l)_hk ^Z\a dbg] h_ lh\b^mr* Oa^k^ mnkgl hnm( bg_Z\m( mh [^ fn\a maZm bl \hffhg mh ma^ oZkbhnl \aZim^kl([nm mabl \Zgghm [^k^jnbk^] bg Z]oZg\^7bm bl( kZma^k( hg^ h_ ma^ \hg\enlbhgl h_ ^\hghfb\l\b^g\^*

Jnk ]^_bgbmbhg h_ ^\hghfb\l \Zg [^ ob^p^] Zl lhf^mabg` h_ Z \hfikh)fbl^ [^mp^^g Z \hfie^mêr `^g^kZe ]^_bgbmbhg h_ ma^ ^\hghfb\ ikh[e^fZg] Zg hiihlbg` ]^lbk^ _hk \hg\k^m^g^ll h_ Ziieb\Zmbhg*

Chp ]h^l mabl ]^_bgbmbhg h_ ^\hghfb\l ]blmbg`nbla bm_khf hma^k ln[c^\mlh_ lmn]r

Oa^ ^fiaZlbl hg !Zem^kgZmbo^! ^g]l( pab\a bgmkh]n\^l]HS\L Q\KNTLU[Z#]blmbg`nbla^l bm _khfma^ m^\agheh`b\Ze Zg] iarlb\Ze l\b^g\^l( pab\aZk^\hg\^kg^] pbma ma^ kêZmbhg [^mp^^g l\Zk\^ k^lhnk\^l Zg] lbgè^ ^g]l* Oa^Z\\îmZg\^ h_ ma^ ^g]l ZlNP]LU]blmbg`nbla^l bm _khf ilr\aheh`r( pab\a]^Zkl pbma ma^ _hkfZmbhg h_ ik^_^k^g\^l( Zg] _khf ^mab\l( pab\a ]^Zel pbmama^ ôZenZmbhg h_ ik^_^k^g\^l*

Oa^ fhlm ]b__b\nem ebgmh ]kZp bl [^mp^^g ^\hghfb\l Zg] ihebmb\Ze l\b)

9U[YVK\J[PVU /

^g\^* >^kmZbger `ho^kgf^gmZe bglmbmnmbhgl h_ ma^ dbg] lmn]b^] [r ihebmb\Zel\b^g\^ Zk^ f^Zgl pa^k^[r Z iZkmb\neZk lh\b^mr nl^l l\Zk\^ f^Zgl mh lZmbl_rZem^kgZmbo^ ^g]l* Oa^ mbme^ h_ Z pêe)dghpg [hhd [r CZkhe] GZllpêe bl?VSP[PJZ/ EOV NL[Z EOH[# EOLU# 8V^&MîeZ\^ WVSP[PJZ[r LJVUVTPJZZg]ma^ mbme^ phne] \e^Zker [^ ^jnZeer ZiikhikbZm^)r^m ma^ [hhd lh eZ[êe^]phne] [^ Zemh`^ma^k ]b__^k^gm*

Jk \hglb]^k

. KMD>@ OC@JMT

^Z\a nlbg` Z \hg\îmnZeer ]b__^k^gm ZkkZg`^f^gm6 ma^ `\p^kgf^gm l^\mhk(ma^ aLvYvveLE]l^\mhk( ma^ l*^86ELG>65Eelblmbg`Yh_ ghgikh_bm cglmbmnmbhgl( Zg]ma^ fZkd^m l^\mhk*) Y*)Y(()

Dg ô^kr lh\b^mr( pa^ma^k ma^ P*N* hk ma^P*N*N*M*(Z ln[lmZgmbZe_kZ\mbhgh_ Zee k^lhnk\^l( ikh[Z[er fhk^ maZg aZe_(Zk^ nl^] bg ma OV\ZLOV\PZLJ[VY&Oa^ fZchk k^lhnk\^ bg Zeelh\b^mb^l bl anfZg ikh]n\mbo^ JHWHJP[`%O\THUG

,,,=8@4, Zl bm aZl \hf^ mh [^ \Zee^])Zg] fhlm h_ hnk mbfZg] ^g^k`r blli^gm( ghm bg ikh]n\mbo^Z\mbobmb^l hk`Zgbs^] makhnà ma^ fZkd^m hk [rma^ \hffZg] h_ `ho^kgf^gmZe Znmahkbmb^l [nm bgZ\mbobmb^l pbmabg maâhnlâhe]* Dg Z]]bmbhg( fn\a iarlb\Ze o\ZibmZe)\)_khf hpg^] ahf^l mhdbm\a^g ^jnbif^gm mh \ehma^l)bl nmbebs^] pbmabg maâhnlâhe] l^\mhk*HLvGLEva^l*^ nl^l h_ k^lhnk\^l kZbl^ gh lh\bZe ikh[e^f( Zm e^Zlm ghm _hk*^\hghfb\l* T^m ma^k^ ZkfZkkr bgm^kZ\mbhgl [^mp^^g ma^ ahnlâhe] l^\mhkZg] ma^ fZkd^m l^\mhk*

Jg^ h_ ma^ bfihkmZgm bgm^kZ\mbhglZkbl^l hnm h_ lab_ml h_Z\mbobmb^l mh Zg]_khf ma^ ahnlâhe]* Nn\a lab_ml Z__^\m(Zfhg` hma^k mabg`l( ma^ oZeb]bmrh_ ^lmbfZm^l h_ gZmbhgZe bg\hf^ Zl f^Zlnk^l h_ `khpma* Ahk ^qZfie^( ma^lm^Z]r ]^\ebg^ bg Zo^kZ`^ ahnkl h_ ^fiehrf^gm aZl f^Zgm maZm ma^ `khpmah_ f^Zlnk^] gZmbhgZe bg\hf^ ng]^klmZm^l ma^ `khpma h_ mhmZe hnminm [^)\Znl^ bm ^q\en]^l ma^ oZen^ h_ ma^ Z]]bmbhgZe e^blnk^* Jg ma^ hma^k aZg](ma^ mkZgl_^k h_ fZgr Z\mbobmb^l(ln\a Zl _hh] ikîZkZmbhg Zg] eZng]^kbg`(_khf ma^ ahnlâhe] mh ma^ fZkd^m aZl aZ] ma^ hiihlbm^ ^__^\m*

Dg k^\^gm ]^\Z]^l( ma^k^ aZl [^^g Zg bg\k^Zlbg` nl^ h_ ^\hghfb\ ZgZerlblmh bgm^kik^m [âZobhk bg ma^ ahnlâhe] maZm pZl mkZ]bmbhgZeer^q\en]^]_khf ma^ k^Zef h_ ^\hghfb\l* BZkr =^\d^k#l ibhg^^kbg` phkd bg mabl ]bk^\)mbhg ]^l^ko^l li^\bZe f^gmbhg *

*Oa^ ikbg\bie^ h_ hk`ZgbsZmbhg hi^kZmbg`bg ma^ ahnlâhe] bl lbfbeZk mhmaZm ^fiehr^] bg Z \hee^\mboblm lh\b^mr)\^gmkZe Znmahkbmr* Oa^ fZchk ]b_)_^k^g\^ bl maZm iZkmb\biZmbhg bg ma^ ahnlâhe] bl ohengmZkr _hk Z]neml*=nmô^g mabl ]b__^k^g\^ ]h^l ghm ^qblm _hk \abe]k^g*

Oa^ NV]LYUTLU[ZLJ[VYaZl \e^Zker [^^g `khpbg` kZib]er bg ma^ P*N* Zg]bg fhlm hma^kR^lm^kg \hngmkb^l* Dg ma^ P*N*( li^g]bg`[r lmZm^( eh\Ze(Zg]_^]^kZe `ho^kgf^gml( Z_m^k [^bg` khnàer lmZ[e^ ZlZ i^k\^gmZ`^ h_ g^m gZ)mbhgZe ikh]n\m _hk Z \^gmnkr hk fhk^ ^q\îm _hk fZchk pZkl( aZl kbl^g _khfkhnàer , i^k\^gm h_ g^mgZmbhgZe ikh]n\m bg5.5 mh., i^k\^gm bg50,(mh./ i^k\^gm bg51,( mh/, i^k\^gm bg52,( mh/1 i^k\^gm bg53,* Oa^l^gnf[^kl bg lhf^ pZrl ho^klmZm^ ma^ khe^ h_ `ho^kgf^gm( bg hma^kl( ng]^k)lmZm^ bm* Oa^r ho^klmZm^ bm [^\Znl^ fn\a h_ ma^ ^qi^g]bmnk^ lbfier mkZgl)_^kl \hgmkhe h_ k^lhnk\^l_khf lhf^ i^hie^ mh hma^kl $^*`*( pê_Zk^qi^g]b)mnk^l% kZma^k maZg nl^l k^lhnk\^l ]bk^\mer$^*`*(abàpZr \hglmkn\mbhg%*Oa^r ng]^klmZm^ bm [^\Znl^ `ho^kgf^gmZe Z\mbhgl maZm aZo^ lb`gb_b\Zgm^__^\ml hg ma^ ^\hghfr fZr bgoheo^ g^èb`b[e^ ^qi^g]bmnk^l $^*`*(bfihkmjnhmZl( fbgbfnf pZ`^ kZm^l( D*>*>*( Zgmbmknlm%*

A 5

9U[YVK\J[PVU 1

=^\Znl^ lh eZk`^ Z _kZ\mbhg h_ ma^ `ho^kgf^gm#l Z\mbobmb^l Zk^ \Zkkb^]hnm makhnà ma^ fZkd^m hk bfibg`^ hg ma^ fZkd^m( ma^ `khpma h_ ma^ `ho)^kgf^gm l^\mhk aZl ghm k^]n\^] ma^ kêôZg\^ h_ ma^ ikb\^ ma^hkr ik^l^gm^]bg mabl [hhd* Dg]^^]( mabl ma^hkr aZl ikho^] abàer kêôZgm ghm hger mhma^ `ho^kgf^gm l^\mhk bg Z !fbq^]! ^\hghfr ebd^ ma^ P*N* [nm Zelh mh ma^hi^kZmbhg h_ Z lniihl^]er paheer `ho^kgf^gm ^\hghfr ebd^ ma^ P*N*N*M*Dg ikZ\mb\^( ô^g mahnà ma^ [Zlb\ hk`Zgbsbg` ikbg\bie^ h_ ln\a Zg ^\hg)hfr fZr [^ \^gmkZe Znmahkbmr( ô^kr ln\a ^\hghfr aZl _hng] bm g^\^llZkrmh inm ^qm^glbo^ kêbZg\^ hg fZkd^m f^\aZgblfl _hk hk`Zgbsbg` k^lhnk\^l*

Oa^ UVUWYVMP[ ZLJ[VYbl ma^ lfZee^lm h_ ma^ _hnk l^\mhkl bg ma^ P*N* ^\hg)hfr * Dm \hglblml h_ ln\a bglmbmnmbhgl Zl ngbo^klbmb^l( \ank\a^l( fnl^nfl(ghgikh_bm ahlibmZel( [nm Zelh h_ fnmnZe bglnkZg\^ \hfiZgb^l( fnmnZe lZo)bg`l [Zgdl( \hhi^kZmbo^ `kh\^kr lmhk^l* Oa^ \aZkZ\m^kblmb\ _^Zmnk^ h_ ma^ghgikh_bm l^\mhk bl maZm ma^ i^klhgl bg \aZk`^h_ ln\a bglmbmnmbhgl ^q^k\bl^Znmahkbmr ghm Zl Z`^gml _hk !hpg^kl! hk Zl kîk^l^gmZmbo^l h_ ma^ [h]rihebmb\ bg `^g^kZe [nm Zl !mknlm^^l! ^bma^k _hk Z inkihl^ $Zl bg Z ngbo^klbmrhk \ank\a% hk _hk Z lê_)\hglmbmnm^] `khni $ln\a Zl iheb\rahe]^kl h_ Zg bg)lnkZg\^ \hfiZgr%* J_ \hnkl^( bg fZgr \Zl^l ma^ ghgikh_bm _hkf bl lbfierZ]him^] Zl Z mZq)ôZlbhg ]ôb\^*Dg Zgr ô^gm( ma^ ghgikh_bm l^\mhk hi^k)Zm^l( Zm e^Zlm bg R^lm^kg \hngmkb^l( ikbfZkber makhnà ma^ fZkd^m*

Oa^ THYRL[ ZLJ[VYmanl ho^keZil Zee ma^ hma^k l^\mhkl* Oa^ _ng]Zf^gmZeikbg\bie^ h_ ma^ fZkd^m l^\mhk bl ma^ nl^ h_ ink\aZl^ Zg] lZe^ mh hk`Zgbs^ma^ nl^ h_k^lhnk\^l*

Dg Z !ink^! fZkd^m ^\hghfr( \hhi^kZmbhg Zfhg` bg]bob]nZel bl Z\abô^]^gmbkêr makhnà ohengmZkr ^q\aZg`^* Dg bml lbfie^lm _hkf( ln\a Zg ^\hg)hfr \hglblml h_ Z gnf[^k h_ bg]bob]nZe ahnlâhe]l)Z \hee^\mbhg h_ Mh[bg)lhg >knlh^l( Zl bm p^k^* @Z\a ahnlâhe] nl^l ma^ k^lhnk\^l bm \hgmkhel mhikh]n\^ `hh]l Zg] l^kob\^l maZm bm ^q\aZg`^l _hk `hh]l Zg] l^kob\^l ikh)]n\^] [r hma^k ahnlâhe]l( hg m^kfl fnmnZeer Z\\îmZ[e^ mh ma^ mphiZkmb^l mh ma^ [Zk`Zbg* Dm bl ma^k^[r ^gZ[e^] mh lZmbl_r bml pZgml bg]bk^\mer[r ikh]n\bg` `hh]l Zg] l^kob\^l _hk hma^kl( kZma^k maZg ]bk^\mer [r ikh)]n\bg` `hh]l _hk bml hpg bff^]bZm^ nl^* Oa^ bg\^gmbo^ _hk Z]himbg` mablbg]bk^\m khnm^ bl( h_ \hnkl^( ma^ bg\k^Zl^] ikh]n\m fZ]^ ihllb[e^ [r ]bob)lbhg h_ eZ[hk Zg] li^\bZebsZmbhg h_ _ng\mbhg* Nbg\^ ma^ ahnlâhe] ZepZrlaZl ma^ Zem^kgZmbo^ h_ ikh]n\bg` ]bk^\mer _hk bmlê_( bm g^^] ghm ^gm^k bgmhZgr ^q\aZg`^ nge^ll bm [^g^_bml _khf bm* C^g\^( gh ^q\aZg`^ pbee mZdîeZ\^ nge^ll [hma iZkmb^l ]h [^g^_bm _khf bm* >hhi^kZmbhg bl ma^k^[rZ\abô^] pbmahnm \h^k\bhg*

Ni^\bZebsZmbhg h_ _ng\mbhg Zg] ]boblbhg h_ eZ[hk phne] ghm `h _Zk b_ ma^nembfZm^ ikh]n\mbo^ ngbm p^k^ ma^ ahnlâhe]* Dg Z fh]^kg lh\b^mr( pâZo^ `hg^ fn\a _Zkma^k* R^ aZo^ bgmkh]n\^] ^gm^kikbl^l maZm l^ko^ Zl bg)m^kf^]bZkb^l [^mp^^g bg]bob]nZel bg ma^bk \ZiZ\bmb^l Zl lniieb^kl h_ l^kob\^lZg] Zl ink\aZl^kl h_ `hh]l* R^ aZo^ bgmkh]n\^] fhg^r mh _Z\bebmZm^ ^q)

Z0

2 KMD>@ OC@JMT

\aZg`^ Zg] Zohb] [Zkm^k( ma^k^[r ^gZ[ebg` ma^ Z\ml h_ ink\aZl^ Zg] lZe^ mh[^ lîZkZm^] bgmh mph iZkml*

Oa^ bgmkh]n\mbhg h_ ^gm^kikbl^l Zg] fhg^r ]h^l ghm \aZg`ma^ _ng]Z)f^gmZe ikbg\bie^ h_ Z fZkd^m lrlm^f( [nm bm ]h^lbgmkh]n\^ \hfieb\ZmbhglmaZmZk^ ma^ fZbg ln[c^\m fZmm^k h_ ikb\ma^hkr Zg] Zelh fhg^mZkrma^hkr*< fhk^ _ng]Zf^gmZe)\aZg`^ bl bgmkh]n\^] [r ma^ fbqbg` h_ ma^ fZkd^ml^\mhk pbma ma^ hma^k l^\mhkl( iZkmb\neZkerma^ `ho^kgf^gmZe l^\mhk* HZgrh_ ma^ fhlm ln[me^ Zg] bgm^k^lmbg` Ziieb\Zmbhgl h_ ikb\^ ma^hkr bgoheo^ZgZersbg` ma^ ^__^\m h_ oZkbhnl `ho^kgf^gmZe bgm^ko^gmbhgl*

=hma MnllbZ Zg] ma^ Pgbm^] NmZm^l \Zg [^ ]^l\kb[^] ZlLU[LYWYPZL TVUL`L_JOHUNL LJVUVTPLZ&Dg [hma \hngmkb^l( ma^ [ned h_ ma^ k^lhnk\^l hnmlb]^ma^ ahnlâhe] l^\mhk Zk^ nl^] bg ^gm^kikbl^l maZmZ\jnbk^ ma^ nl^ h_ k^)lhnk\^l [r ink\aZl^ _hk fhg^r Zg] ]blmkb[nm^ ma^ [ned h_ ma^ hnminm [rlZe^ _hk fhg^r* Oa^ d^r ]b__^k^g\^ blmaZm bg MnllbZZefhlm Zee ^gm^kikbl^lZk^W\ISPJ hk NV]LYUTLU[HS0bg ma^ P*N*( fhlmZk^WYP]H[L#bg ma l^gl^ maZmma^ k^lb]nZe bg\hf^ k^\bib^gm)l)ma^ [h]rhk i^klhgl ^gmbme^] mh k^\^bo^ hkk^jnbk^] mh iZr Zgr ]b__^k^g\^l [^mp^^g k^\^biml _khf lZe^lZg] ^qi^g]b)mnk^l hg ma^ ink\aZl^ h_ k^lhnk\^l)bl ma^ [h]r ihebmb\ bg ma^ P*N*N*M*(b]^gmb_bZ[e^ ikboZm^ bg]bob]nZel bg ma^P*N*

Oa^ ]b__^k^g\^ D aZo^ lmk^ll^] [^mp^^g ma^ \aZkZ\m^k h_ ma^ ^gm^kikbl^lbl ghm b]^gmb\Ze pbma ma^ ]b__^k^g\^ maZm bl h_m^g k^`Zk]^]Zl \kbmb\Ze)maZmma^k^ bl !ikboZm^ ikhi^kmr!bg ma^ P*N*( !in[eb\ ikhi^kmr!bg ma^ P*N*N*M*Dg [hma \hngmkb^l(ma^ [ned h_ ikhi^kmr(]^_bg^] [khZ]er mh bg\en]^ anfZgikh]n\mbo^ \ZiZ\bmr( bl ikboZmêrhpg^]* I^bma^k bl ma]b__^k^g\^ [^mp^^gma^ P*N* Zg] ma^ P*N*N*M* maZm bg]bob]nZel( bg\en]bg` fZgZ`^kl h_ ^gm^k)ikbl^l( Z\m)bg ma^bk ikboZm^ bgm^k^lm bg ma^P*N* Zg] bg ma^ in[eb\ bgm^k^lm bgma^ P*N*N*M* Dg [hma \hngmkb^l( bg]bob]nZel Z\m ikbfZkberbg ma^bk hpg bg)m^k^lm(_Zbker gZkkhper]^_bg^]*! Oa^ ]b__^k^g\^ blmaZm ma^\aZkZ\m^k h_ ma^nembfZm k^lb]nZe bg\hf^ k^\bib^gm Zem^klma^ k^pZk]l Zg] lZg\mbhgl Zllh\b)Zm^] pbma oZkbhnlZ\mbhgl Zg] manl \aZg`^l paZm bm blbg ma^ lê_)bgm^k^lm h_i^hie^ mh ]h* Oh beenlmkZm^ bgZ ]kZfZmb\ pZr6 ma^ fZgZ`^kh_ [hma Z P*N*Zg] Z MnllbZg _Z\mhkrfnlm mZd^ bgmhZ\\hngm ma^ ihllb[bebmrh_ [^bg` ]bl)\aZk`^] _hk Zee^`^] fblfZgZ`^f^gm( [nm ma^ MnllbZg fZgZ`^k fnlmZelhmZd^ bgmh Z\\hngm ma^ ihllb[bebmr h_ [^bg` lahm*

KkboZm^ ^gm^kikbl^ ^q\aZg`^ ^\hghfb^l Zelh ]b__^k pb]êr* K^kaZil ma^d^r ]b__^k^g\^ _hk inkihl^l h_ ikb\^ ma^hkrbl bg ma \hg]bmbhgl maZm fnlm[^ f^m _hk ^lmZ[eblabg` Zg ^gm^kikbl^*

9U[YVK\J[PVU

f Zgr hma^k Zk^Zl%*

4 KMD>@OC@JMT

_bklm f^Zgbg`( ma^ kêôZgm jn^lmbhg mh [^ Zld^] bl nl^_neg^llZg] ghm kbàm)g^ll hk pkhg`g^ll* Oa^ ikhihlbmbhg maZm ikb\^bl ]^m^kfbg^] [r ma^ bgm^k)Z\mbhg h_ ]^fZg] Zg] lniier _hk\^l bl f^kêr Zg Zmm^fim mh l^m niZ nl^_ne_bebg` lrlm^f pbmabgpab\a ma^k^ \Zg ^Zlber [^ ieZ\^] ng]^k ma^ a^Z]bg`l!]^fZg]! hk !lniier! Zgrhg^ h_ ma^ _hk\^lZ__^\mbg` ikb\^* Oanl^_ne)g^ll h_ mabl _bebglrlm^f pbee bg mnkg ]î^g] hg ma^ ln[lmZgmbo^ _Z\m(pa^ma^k Z eblmbgh_ ma _hk\^l hi^kZmbg` hg ]^fZg] \hgmZbgl _^p ê^f^gmlbg \hffhg pbma Z eblmbg`h_ ma^ _hk\^lhi^kZmbg` hg lniier* @\hghfb\ ma^)hkr Zl Z l^m h_ ln[lmZgmbo^ ikhihlbmbhgl\hgmZbgl ikhihlbmbhglmaZmZk^( bgikbg\bie^( \ZiZ[e^ h_ [^bg` m^lm^] [^\Znl^ ma^r Zmm^fim mh [îk^]b\mbo^*Oa^ ]^_bgbmbhg h_Z KLTHUK J\Y]Lbl !ma^hkr Zl eZg`nZ`^*! Chpô^k( ma^lmZm^f^gm maZm ma^]^fZg] \nko^ lehi^l ]hpgpZk] mh ma^ kbàm blma^hkr ZlZ ln[lmZgmbo^ ^fibkb\Ze ikhihlbmbhg* Dm aZl ^fibkb\Zeerh[l^koZ[e^ \hgl^)jn^g\^l( pa^k^Zl ma^ ]^_bgbmbhg h_ ZKLTHUK J\Y]L]h^l ghm* Oa^hkr ZleZg`nZ`^ \hbg\b]^l pbma HZklaZee#lLUNPULVMHUHS`ZPZ&Oa^ h[c^\mbo^ blmh\hglmkn\m Z eZg`nZ` maZmpbee [^ fhlm _knbm_ne bg [hma \eZkb_rbg`mahnàmZg] _Z\bebmZmbg` ma^]bl\ho^kr h_ ln[lmZgmbo^ ikhihlbmbhgl*

BOL >WLYH[PVU VM [OL?YPJLA`Z[LT

YNHUPaH[PVU#ma^ ^\hghfb\ ikh[)e^f fZr [^ ln[]bob]^] bgmh _bo^ bgm^kkêZm^] ikh[e^fl* @o^kr lh\b^mr fnlmfZd^ lhf^ ikhoblbhgl _hk ma^ aZg]ebg` h_ ma^l^ _bo^ ikh[e^fl6

$% _bqbglmZg]Zk]l($.% hk`Zgbsbg` ikh]n\mbhg($/% ]blmkb[nmbg` ma^ ikh]n\m($0% ikhob]bg` _hk ^\hghfb\ fZbgm^gZg\^ Zg] ikh`k^ll(Zg]$1% Z]cnlmbg` \hglnfimbhg mh ikh]n\mbhg ho^k lahkm i^kbh]l*

9U[YVK\J[PVU .

aZo^ ma^ bg_hkfZmbhg k^jnbk^] mh hi^kZm^bg mabl pZr hk ma^ \ZiZ\bmr mhmkZglfbm Zg] ^g_hk\^ ln\a ]^mZbe^] bglmkn\mbhgl*Oh beenlmkZm^ bg Z mkbobZepZr( hg^ pb]êr nl^] mZ\mb\ bg eZ[hk ]blinm^l bl mh !makhp ma^ [hhd! ZmfZgZ`^f^gm hk !phkd [r ma^ kne^(! b*^*( mh hi^kZm^ hger bg Z\\hk]Zg\^ pbmaikbgm^] kne^lhk hk]^kl* Oa^ k^lnem bl mh [kbg` ikh]n\mbhg mh Z aZem* DgikZ\mb\^ ma^k^_hk^( !\hffZg]! bl ZepZrl lniie^f^gm^] [r ohengmZkr\hhi^kZmbhg*

Oa^ ink^ b]^Ze mri^ h_ Z _k^^)^gm^kikbl^ fhg^r ^q\aZg`^ ^\hghfr k^)jnbk^l fhk^ ]bl\nllbhg mh lahp ahp ikb\^l h_ ]b__^k^gm dbg]l ieZrZ d^rkhe^ bg ma^ k^lhenmbhg h_ ^Z\a h_ ma^ _bo^ ikh[e^fl*

Oa^ ^qblm^g\^ h_ Zem^kgZmbo^ ^g]l bfieb^l maZm ma^k^ fnlm [^ lhf^ pZrh_ kZmbg` ma^l^ ^g]l Zg] k^\hg\bebg` \hg_eb\mbg` ôZenZmbhgl h_ ma^l^ ^g]l[r bg]bob]nZel pbmabg ma^ lh\b^mr* Dg Z _k^^)^gm^kikbl^ ^q\aZg`^ ^\hghfr(mabl mZld bl Z\\hfiebla^] ^ll^gmbZeer makhnà ohmbg`)ohmbg` bg ma^ fZkd^mieZ\^ pbma ]heeZkl* Dg ^__^\m( mabl bl Z lrlm^f h_ ^__^\mbo^( ikhihkmbhgZe kîk^)l^gmZmbhg maZm i^kfbml ô^kr `khni bg ma^ lh\b^mr mh ^qik^ll bml pbla^l mhma^ ^qm^gm h_ bml ]heeZk ohm^l* Oa^ ohm^l h_ ma^ f^f[^kl h_ Z _k^^)^gm^kikbl^^q\aZg`^ ^\hghfr Zk^ fZgb_^lm^] makhnà ikb\^l( pab\a( bg mnkg( kô^Zema^ lmZg]Zk]l h_ ma^ lh\b^mr*

Bbo^g ma^l^ lmZg]Zk]l( ma^k^ fnlm [^ lhf^ fZ\abg^kr mh mkZgleZm^ ma^lôZen^l hk \ahb\^l bgmh ikh]n\mbo^ Z\mbobmr*Kkh]n\mbhg fnlm [^ hk`Zgbs^][hma Zfhg` Zg] pbmabg bg]nlmkb^l* Oabl bl Z\\hfiebla^] [r ma^ ikb\^ lrl)m^f makhnà ma^ bgm^kZ\mbhg h_ mph l^ml h_ ikb\^l6 ikb\^l h_ ikh]n\ml Zg]ikb\^l h_ k^lhnk\^l hk _Z\mhkl h_ ikh]n\mbhg* Kkb\^l h_ ikh]n\ml bg kêZmbhgmh ma^ \hlml h_ ikh]n\bg` ma^f ]^m^kfbg^ ma^ ]blmkb[nmbhg h_ k^lhnk\^lZfhg` bg]nlmkb^l7 ma^ kêZmbo^ ikb\^l h_ k^lhnk\^l( bg mnkg( ]^m^kfbg^ ma^\hhk]bgZmbhg h_ _Z\mhkl pbmabg bg]nlmkb^l*

@o^kr lh\b^mr fnlm ikhob]^ lhf^ f^Zgl h_ ]bob]bg` ma^ mhmZe ikh]n\mZfhg` bg]bob]nZel bg ma^ lh\b^mr* Dg Z _k^^)^gm^kikbl^ ^q\aZg`^ ^\hghfr(mabl mZld bl Z\\hfiebla^] [r ma^ ikb\^ lrlm^f* Dg]bob]nZel bg ln\a Z lh\b^mrlîZkZmêr hpg ma^ k^lhnk\^l nl^] bg ikh]n\mbhg* Oa^r `^m Z \eZbf hg maîkh]n\m [r lêebg` ma^bk l^kob\^l hg ma^ fZkd^m _hk Z ikb\^* Oa^ mhmZe \eZbfh_ Zgr bg]bob]nZe bl ]^m^kfbg^] [r ma^ jnZgmbmr h_ k^lhnk\^l a^ hpgl Zg]ma^ ikb\^l Zm pab\a a^ bl Z[e^ mh lêe ma^ l^kob\^l h_ ma^l^ k^lhnk\^l* AZ\mhkikb\^l hk ma^ k^mnkg i^k ngbm h_ mbf^ i^k ngbm h_ k^lhnk\^ mh`^ma^k pbma ma^]blmkb[nmbhg h_ hpg^klabi h_ k^lhnk\^l manl ]^m^kfbg^ ma^ ]blmkb[nmbhg h_ma^ mhmZe ikh]n\m Zfhg` ma^ bg]bob]nZel bg ma^ lh\b^mr*

Kkb\^l l^ko^ Zl `nb]îhlml mh pa^k^ k^lhnk\^l Zk^ pZgm^] fhlm( Zg](bgZ]]bmbhg( ikb\^l ikhob]^ ma^ bg\^gmbo^ _hk i^hie^ mh _heehp ma^l^ `nb]^)ihlml*Oa^ nl^ h_ _Z\mhk ikb\^l mh ]blmkb[nm^ ma^ ikh]n\m fZd^l bmihllb[e^_hk hma^k ikb\^l( gZfêr ikh]n\m ikb\^l( mh l^ko^ ma^ _ng\mbhgl h_ _bqbg`lmZg]Zk]l Zg] hk`Zgbsbg` ikh]n\mbhg*Oabl \hgg^\mbhg bl \kn\bZe* Oa^`k^Zm ]b__b\nemr pbma ma^ Zmm^fiml [r \hee^\mboblm \hngmkb^l mh kêr fhkâ^Zober hg fZkd^m f^\aZgblfl Zkbl^l _khf ma^bk mkrbg` mh lîZkZm^ ma^ ]bl)

, KMD>@ OC@JMT

?"(t

mkb[nmbhg h_ ma^ ikh]n\m _khf ma^ nl^ h_ ikb\^l mh mkZglfbm bg_hkfZmbhgZg] hk`Zgbs^ ikh]n\mbhg*

Kkh[e^fl )/ Z[ho^ ]^Ze pbma ma^ Z]cnlmf^gm h_ ikh]n\mbhg mh \hg)lnfimbhg* Oa^l^ Zk^ ma^ hger ^\hghfb\ ikh[e^fl pbma pab\a ma^ f^f[^klh_ Z lmZmb\ lh\b^mr phne] aZo^ mh [^ \hg\^kg^]( b*^*( ma^ hk`ZgbsZmbhg h_ ^q)blmbg` k^lhnk\^l Zg] ma^bk nmbebsZmbhg bg dghpg pZrl* Chpô^k(ma^ f^f)[^kl h_ Z \aZg`bg` lh\b^mr Zelh _Z\^ ma^ ikh[e^f h_Z__^\mbg` ma^ ohenf^ h_k^lhnk\^l Zg] \aZg`bg` ma^ pZrl bg pab\a ma^r \Zg [^ nmbebs^]* Oabl bl( h_\hnkl^( ikh[e^f 0( ma^ ikh[e^f h_ ^\hghfb\ fZbgm^gZg\^ Zg] ikh`k^ll*Oa^ kêôZgm ikb\^ _hk lheobg` mabl ikh[e^f bg Z _k^^)^gm^kikbl^ ^q\aZg`^^\hghfr bl ma^ bgm^k^lm kZm^( pab\a ikhob]^l Zg bg\^gmbo^ _hk hpg^kl h_\ZibmZe mh fZbgmZbg ma^bk \ZibmZe hk mh Z]] mh bm*

Dg Zgr lahkm i^kbh] h_ mbf^ _hk pab\a ma^ Zfhngm h_Z ikh]n\m bl kêZ)mboêr _bq^]( ma^k^ fnlm [^ lhf^ pZr mh Z]cnlm \hglnfimbhg mh ikh]n\mbhg(mh kZmbhg ma^ ebfbm^] Zfhngm ZoZbeZ[e^ Zfhg` ihm^gmbZe \hglnf^kl*MZ)mbhgbg` fZr[^ [r _Zohkbmblf( [kb[^kr( \aZg\^( hk [rikb\^l( [nm hg^ pZr hkZghma^k bm fnlm [^ Z\\hfiebla^]* Ra^g i^hie^ Zk^ Zeehp^] mh [b] _k^êr_hk `hh]l( ikb\^l pbee Z]cnlm mh Z eôê ln\a maZm ma^ jnZgmbmr i^hie^ pZgmmh [nr H[ [OLTHYRL[ WYPJLbl ^jnZe mh ma^ jnZgmbmrZoZbeZ[e^*

Kkb\^l(ma^k^_hk^( ]h mak^^ dbg]l h_ mabg`l bg lheobg` ma^ Z[ho^ _bo^ ikh[)e^fl* Oa^r mkZglfbm bg_hkfZmbhg( ma^r ikhob]^ Zg bg\^gmbo^ mh nl^kl h_k^lhnk\^l mh [^ `nb]^] [r mabl bg_hkfZmbhg( Zg] ma^r ikhob]^ Zg bg\^gmbo^mh hpg^kl h_ k^lhnk\^l mh _heehp mabl bg_hkfZmbhg*

Oa^k^ Zk^ mph fZbg ]b__b\nemb^l pbma Z lnffZkr]^l\kbimbhg ln\a Zl maîk^\^]bg` hg^6 ho^klbfieb_b\Zmbhg Zg] ma^ ]Zg`^k h_ \hg_nlbg`]^l\kbimbhgpbma cnlmb_b\Zmbhg* Oa^ ikh[e^f lheo^] [r Z ikb\^ lrlm^f bl Zg ^qmk^fêr\hfieb\Zm^] hg^( bgoheobg` ma^ \hhk]bgZmbhg h_ ma^Z\mbobmb^l h_ m^gl Zg]ang]k^]l h_ fbeebhgl h_ i^hie^ Zee ho^k ma^ èh[^ Zg] ma^bk ikhfimZ])cnlmf^gm mh ô^k)\aZg`bg` \hg]bmbhgl* Oa^ ikb\^ lrlm^f bl Zg ^qmk^fêrln[me^ Zg] \hfie^q ]ôb\^ _hk lheobg` mabl ikh[e^f* >ZlnZe h[l^koZmbhg h_ma^ phke] e^Z]l mh Zg ng]^k^lmbfZmbhg h_ ma^ \hfie^qbmrh_ [hma ma^ ikh[)e^f Zg] ma^ ]ôb\^l nl^] mh lheo^ bm( [^\Znl^ bglh_ZkZl ma^ ikb\^ lrlm^fphkdl p^ Zk^ aZk]er \hgl\bhnl h_ bml phkdbg`l* Oa^ \hfie^qbmb^l Zk^[khnàm mh hnk Zmm^gmbhg hger pa^g lhf^mabg` `h^l pkhg`* < lnffZkr]^l\kbimbhg g^\^llZkberbgoheo^l ho^klbfieb_b\Zmbhg(^fiaZlbl hg ma^ abà)ebàml( Zg] g^è^\m h_ ghm ngbfihkmZgm ]^mZbel*

Dg Zgr ghkfZmbo^ cn]`f^gm h_ ma^ ikb\^ lrlm^f hg ma^ [Zlbl h_ ma^ ik^)\^]bg` ]^l\kbimbhg( lô^kZe mabg`l fnlm [^ dîm bg fbg]* Abklm( ma^ ]^)l\kbimbhg bfieb\bmer lniihl^l ma^ ^qblm^g\^ h_ ^__^\mbo^\hfi^mbmbhg bgmkZgleZmbg` \hglnf^k pbla^l bgmh ikh]n\mbo^ Z\mbobmr* Dm blZllnf^] maZm#i^hie^ \Zg Z__^\m ma^bk bg\hf^l hger makhnà nl^ h_ ma^bk k^lhnk\^l Zg]ghm makhnà bgm^k_^k^g\^ pbma ma^ ikb\^ lrlm^f* Oa^k^ bl _k^^]hf mh \hf)i^m^ [nm ghm _k^^]hf mh \hf[bg^* N^\hg]( ma^ \hgmkheebg` _hk\^ bl i^\ngb)Zkr ]^fZg]7 ohmbg` bl bg ikhihkmbhg mh ma^ gnf[^k h_ ]heeZkl Z i^klhg

DT *\*k^`neZmbhg h_ ma^hi^kZmbhg h_kZbekhZ]l bgmkh]n\^l Z\hffZg] ê^f^gm bgmh ma^hk`ZgbsZ)mbhg h_ ikh]n\mbhg* Rê_Zk^ iZrf^gml Zg] ma^bg\hf^ mZq bgmkh]n\^ \hf)fZg] ê^f^gml bgmh ma^ ]blmkb[nmbhg h_ ma^ ikh]n\m*

Oa^l^ Zk^ ^qZfie^l h_ \hffZg] ê^f^gml bgmkh]n\^] ]êb[^kZmêrmakhnà ^qieb\bm ihebmb\Ze\aZggêl* =nm \hffZg] ê^f^gml Zk^ Zelh bgmkh)]n\^] [r ]b__b\nemb^lh_ Zllb`gbg` \k^]bm _hk [^g^_bml hk Zllb`gbg`k^lihglb)[bebmr_hk \hlml* Ahk ^qZfie^( bg ma^ \eZllb\Ze \Zl^bgmkh]n\^] [r Kb`hn( b_lfhd^ _khf fr \abfg^r ]bkmb^l rhnk ahnl^( Zg] bm blghm _^Zlb[e^ _hk rhnmh k^jnbk^ f^ mh \hfi^glZm^ rhn _hk ma^\hlm bfihl^] hg rhn( ma^g Z \hf)fZg] ê^f^gm aZl [^^g bgmkh]n\^]* Thn Zk^ bg ^__^\m iZrbg` iZkm h_ ma^\hlm h_ a^Zmbg` frahnl^* Thn phne] [^ pbeebg` mh ]h lh b_ Ziikhikb)Zmêr\hfi^glZm^]* =nm Zl bm bl( rhn ]hlh ghmZl Z k^lnem h_ ZohengmZkr q)\aZg`^ [nm [r fr [^bg` bg Z ihlbmbhg mh!\hffZg]! rhn* Dm fnlm [^lmk^ll^] maZm mabl blZg ^qmk^fêr \hfie^q jn^lmbhg( Zg] mabl ^qZfie^ lbf)ier beenlmkZm^l ma^ ihllb[bebmb^l pbmahnm ikhob]bg`Zg ZgZerlbl h_ ma^ ikh[)e^fl bm kZbl^l*

nl?

,

7C@ILR IA ,@GaZim^k .% maZm pZgml\Zg[^ [hma ma^ \Znl^Zg] ma^ k^lnem h_ Z\mbhg*Oa^k^ bl ma^ !phkd)mh)ebo^!l\ahhe( pah mk^ZmpZgml Zl ma^ ikbfZkr ^g]l( Zg] ma^ !ebo^)mh)phkd! l\ahhe(pah mk^Zm Z\mbobmb^l Zl ma^#ikbfZkr ^g]l* DD%*fZgr pZrl( mabl \eZllb_b\Zmbhg blo^kr _ng]Zf^gmZe Zg] bl Z d^r mh Zg ^\hghfblm#l ihlbmbhg hg fZgr blln^l*Ahk ^qZfie^( hg^ pah $bfieb\bmer( i^kaZil% [^ehg`l mh ma^ !phkd)mh)ebo^!l\ahhe( ebd^

n ) ) )) ) )v ) ))))) ) ) ) )) ))l )))

E#v

BOLVY VM 5LTHUK /

0 KMD>@ OC@JMT

mh[nr ma^ bg]b\Zm^] jnZgmbmr Zm ma^ bg]b\Zm^] ikb\^7 Zg] ma^ liZ\^ mh ma^kbàm h_ ma^ ]^fZg] \nko^ kîk^l^gmbg` ihbgml maZm Zk^ ngZmmZbgZ[e^ bgma^ l^gl^ maZm ]^fZg]^kl phne] ghm [^ pbeebg` mh[nrc*a^ bg]b\Zm^]jnZgmbmr Zm ma^bg]b\Zm^] ikb\^ $l^^ Ab`nk^ .*%*(@

4LD>@J@L

NHDN %L&&,@GIH? >OLP@

5Ohglnf^k ]^fZg] _hk _bgZeikh]n\ml bl ma nembfZm^ lhnk\^ h_ ma^ ]^)kbo^] ]^fZg] _hk k^lhnk\^l* Ahk lahkm i^kbh]l( ahpô^k( ma^ ]^fZg] h_]^Ze^kl \Zg oZkrbg]î^g]^gmer h_ ma^ ]^fZg] h_ _bgZe\hglnf^kl* Oa^ ]^)fZg] h_ ]^Ze^kl( bg mnkg( fZr [^ lmkhgèr bg_en^g\^] Zg] Z__^\m^] [r^q)#i^\mZmbhgl \hg\^kgbg` _nmnk^ ikb\^l( Z _Z\mhk maZm `^g^kZeer ieZrl Z fn\alfZee^k khe^ bg ]^m^kfbgbg` \hglnf^k ]^fZg]* Ahk mabl k^Zlhg( ma^ nlnZemhhel h_ ]^fZg] Zg] lniier fZr ghm [^ o^kr nl^_ne bg Z lmn]r h_ ]Zr)mh)]Zr _en\mnZmbhgl bg mabl mri^ h_ fZkd^m* J_ \hnkl^( _hkfZeerma^r \hne] lmbee[^ nl^] _hk mabl inkihl^( [nm fZchk Zmm^gmbhg phne] ma^g aZo^ mh [îeZ\^] hg \aZg`^l bg ma^f kZma^k maZg fho^f^gmlZehg` ma^f*

#) 0E !("Q( & 5" (.

BOLVY` VM5LTHUK (,

hg^ lb]^ h_ ma^ fZkd^m mh ma^ hma^k*Dg mabl \Zl^(ma^ _bebg`vl*r*NRh_ lniier$Zg] )]^fZg] bl ghm o^kr nl^_ne*

Ra^g ma^ ]^fZg] \nko^ bl \hg\^bo^] h_ Zl Z[hng]Zkr ebg^(ng]^k `bo^g\hg]bmbhgl( Zihbgm hg ma^ ]^fZg] \nko^ k^ik^l^gml ma^ fZqbfnfjnZgmbmrmaZm [nr^kl phne]ink\aZl^ i^k ngbm mbf^ZmZ`bo^g ikb\^* Oh [^ik^\bl^( hg^ lahne] li^\b_r ma^Zem^kgZmbo^l \hglb]^k^] hi^g mh ma^ ]^)fZg]^kl* @

&&*//&c7 _ eYD HB% ?@GO LP@

h

!

5O

2 KMD>@ OC@JMT

Y\nko^Zg] Z \nko^ ]^m^kfbg^] [r mabl \hg]bmbhg*Oa^ Zee)hk)ghmabg]^)fZg] \nko^ bl nl^_ne bg ZgZersbg` \^kmZbg ikh[e^fl([nm hnk fZbg\hg\^kga^k^ pbee[^ pbma ma^ ]^fZg] \nko^ h_ ma^ nlnZemri^* *$ Oak^^ ]b__^k^gm khe^l Zk^ ieZr^] [r !mbf^!bg ma^ ]^fZg] \nko^* Abklm(maâhkbshgmZeZqblf^Zlnk^l jnZgmbmri^k ngbm h_ mbf^6*`*( iZbkl h_ lah^li^k fhgma hk i^k r^Zk* Oablnl^ h_ mbf^ ^gZ[e^l hg^mh ]kZp Z \hgmbgnhnl\nko^ ô^g _hk bm^fl ln\a Zl ibZghl hk ahnl^l( pa^k^ ink\aZl^l Zk^ fZ]^bg ]bl\k^m^ Zfhngml* N^\hg]( ma^ oZkbhnlihbgml hg ma ]^fZg] \nko^lahne] [^ mahnàm h_Zl HS[LYUH[P]LZZl h_ Z fhf^gm bg mbf^*Oa^ ]^fZg]\nko^ bl Z lgZilahm ZmZ fhf^gm bg mbf^ Zg]kîk^l^gml ma fZqbfnfjnZgmbmb^lmaZm phne] [ ink\aZl^] Zm Zem^kgZmbo^ ikb\^l* Dg mabl l^gl^(!mbf^! bl nl^] Zl Z lrghgrf _hk!ng]^k ma^ `bo^g \hg]bmbhgl*!Oabk]( ma^]^fZg] \nko^ pbee ]î^g] hg ma^ i^kbh]h_ Z]cnlmf^gm* Oa^ inkihl^ h_Z]^fZg] \nko^ bl mh _Z\bebmZm^ ZgZerlbl h_ma^ ^__^\ml h_ \aZg`^lbg lniier*Oa^ ^__^\ml h_ Zgr `bo^g \aZg` bg lniier pbee(bg mnkg( ]î^g] hg maî^kbh] h_ Z]cnlmf^gm Zeehp^] _hk bgma^]^fZg] \nko^* Dgma (lahkm^lm h_Zeekngl( pa^k^ \hg]bmbhgl Zk^ Zeehp^] mh oZkr o^krebmme^( hg^ phne] ^qi^\mma^ ]^fZg] \nko^ mh aZo^ mae^Zlm êZlmb\bmr*K7v FcZTV

H$l

/HN@LG@?D

! K

+(BOLVY` VM 5LTHUK 3

h_ Z _hkpZk])_Zeebg`( g^`Zmboêr lehi^] lniier \nko^(Zl pbee [^\hf^ ôb)]^gm ln[l^jn^gmer **Ahk fZgr ikh[e^fl( bm bl ghm lh fn\a ma^lniier \nko^bmlê_ maZm blbfihkmZgm [nm kZma^k ma^Zk^Z maZm bm [hng]l* Oa^ lniier\nko^( ebd^ ma]^fZg] \nko^( bgoheo^l ma^ nl^ h_ mbf^ bg mak^^]b__^k^gml^gl^l* Oa^k^ bl mbf^ bg ma^ l^gl^ maZmma^ ahkbshgmZeZqbl f^Zlnk^ljnZgmbmri^k ngbm h_ mbf^*Oa^k^ bl mbf^ bg ma^ l^glmaZm maôZkbhnlihbgmlhg ma^lniier \nko^ Zk^ mh [^ bgm^kik^m^] ZlHS[LYUH[P]LZZmZ fhf^gm bgmbf^* AbgZeer(ma^k^ bl mbf^ bg ma^ l^gl^ h_ZeehpZg\^ _hk Z i^kbh] h_ Z]ZimZ)mbhg bg\en]^] bg ma^ ]kZpbg` h_ ma^ lniier \nko^* Oabl eZlm nl^ h_ mbf^ ^g)Z[e^l hg^ mh `^g^kZm^ lahkm)Zg] ehg`)kng lniier \nko^l*

R^ \Zg ghp inm mh`^ma^k ma^ mph mhhel h_ lniier Zg] ]^fZg] Zg] ^q)Zfbg^ lnffZkber ma^ lh)\Zee^] eZp h_lniier Zg] ]^fZg]*

4LD>@

A=

8

\ h

h 5O

?6!&!

4 KMD>@ OC@JMT

mbhg^]! Zfhg` ]^fZg]^kl ^Z`^k mh [nr Z eZk`^k Zfhngm h_ =?* >? f^Z)lnk^l ma^ lbs^ h_ ma^ kZmbhgbg` ikh[e^f Zg] ma^ ik^llnk^ hg ma^ fZqbfnfikb\^* D_ mabl bl aZg]e^] [r lhf^ f^mah] hma^k maZg ln[lb]bsbg` lniieb^kl7ma^ _bgZe ihbgm pbee [^ Zm >*NbfbeZker( lniihl^ J@ bl*^lmZ[ebla^] Zl Z fbgb)fnf ikb\^ Zg] ^__^\mboêr ^g_hk\^]* ?^fZg]^kl phne] pZgm mh [nr vhger@A( lniieb^kl mh lêe @B* Oa^ ikh[e^f bl ghp mh kZmbhg lniieb^kl( Zg] ABf^Zlnk^l ma^ lbs^ h_ ma^ ikh[e^f*

Oph ^qZfie^l fZr l^ko^ mh beenlmkZm^ ma^ nl^_neg^ll h_ ma^l^ \hg\îml*>hglb]^k( _bklm*o_a \Zl^ h_ Znmhfh[be^l ]nkbg` Zg] lahkmer Z_m^k Rhke]RZk DD( pa^g Znmhfh[be^ fZgn_Z\mnk^kl fZbgmZbg^] eblm ikb\^l [êhp maîkb\^ Zm pab\a ma^ jnZgmbmr lniieb^] phne] aZo^ [^^g ^jnZe mh ma^jnZgmbmr ]^fZg]^]* Oa^ k^lnem pZl maZm fhlm \hglnf^kl \hne] ghm [nr\Zkl Zm ma^ ghfbgZe eblm ikb\^7 ma^r iZb] abà^k ikb\^l bg ma^ _hkf h_ ik^)fbnfl mh ]^Ze^kl( ehp^k ZeehpZg\^l hg nl^] \Zkl mkZ]^] bg( hk [hnàm^ll^gmbZeer g^p \Zkl Zm ng\hgmkhee^] ikb\^l Zl !nl^]! \Zkl* Oa^ ikb\^ \hg)lnf^kl Z\mnZeer iZb] pZl bg]^^] abà^k maZg bm phne] aZo^ [^^g b_ fZgn)_Z\mnk^kl aZ] \aZk`^] Z *abà^k eblm ikb\^* D_ fZgn_Z\mnk^kl aZ] \aZk`^] Zabà^k eblm ikb\^( ma^ jnZgmbmr h_ \Zkl lniieb^] phne] aZo^ [^^g abà^k(lbg\^ ma^ abà^k ikb\^ phne] aZo^ bg]n\^] ma^f mh inla ma^bk ikh]n\mbhg_Zkma^k ]^libm^ ma^ abà^k \hlml mabl phne] aZo^ bgoheo^]* =nm \e^Zker ZeZk`^k jnZgmbmr h_ \Zkl phne] aZo^ f^Zgm Z ehp^k _k^^ fZkd^m ikb\^ _hk\hglnf^kl( lbg\^ ma^ \hg]bmbhgl h_ ]^fZg] phne] aZo^ [^^g ma^ lZf^pab\aô^k iheb\r ma^ fZgn_Z\mnk^kl _heehp^]* !Ghp! ikb\^l Zm ma^ fZgn)_Z\mnkbg` eôê manl k^lnem^] bg _^p^k \Zkl( Z abà^k ikb\^ i^k \Zk mh _bgZe\hglnf^kl( Zg] Z k^]blmkb[nmbhg h_ bg\hf^ _khf eZ[hk^kl Zg] \hglnf^kl mhZnmhfh[be^ ]^Ze^kl* ?bZ`kZffZmb\Zeer( ma^ ikh\^ll bl bg]b\Zm^] bg Ab`nk^.*1* D_ ma^ _hk\^l ng]^kerbg` lniier Zg] ]^fZg] aZ] [^^g Zeehp^] _k^^

4LD>@

8e(((&l

;el

>

7H""""H1HH3"""""""""""""5O* Rbma Z ghfbgZe !eblm! ikb\^ h_ J%(Zg]

o

U*

+lZ&

BOLVY` VM 5LTHUK (.

ma^ jnZgmbmr lniieb^] $J=% pZl e^ll maZg ma^ jnZgmbmr $J@% maZm phne]aZo^ [^^g lniieb^] Zm ma^ ikb\^ v>*

< l^\hg] ^qZfie^ bl ngbhg Z\mbhg hg pZ`^ kZm^l* Oa^ Z[bebmr h_ ngbhglmh l^m pZ`^ kZm^l hk mh _bq fbgbfnf pZ`^ kZm^l $pab\a Zk^ ik^lnfZ[erZ[ho^ ma^ ^jnbeb[kbnf kZm^% bl ma^ _ng]Zf^gmZe k^lmkb\mbo^ Z\mbhg* =^\Znl^ma^ ngbhg l^ml ma^ pZ`^ Z[ho^ ma^ ^jnbeb[kbnf pZ`^( ma^ gnf[^k h_ i^hie^pbeebg` mh phkd Zm mabl ngbhg pZ`^ Zl `bo^g [r ma^ lniier \nko^ ^q\^^]l ma^gnf[^k h_ i^hie^ maZmfiehr^kl Zk^ pbeebg` mh abk^ Zm mabl pZ`^ Zl `bo^g[r ma^ ]^fZg] \nko^* Oa^k^_hk^( fn\a h_ ngbhg Z\mbobmr bl \hg\^kg^] pbmakZmbhgbg` ma^ ZoZbeZ[e^ ch[l Zfhg` ma^ ch[)l^^d^kl* Oabl bl ma^ k^Ze ^\h)ghfb\ _ng\mbhg h_ ln\a ikZ\mb\^l Zl abà bgbmbZmbhg _^^l Zg] _^Zma^k)[^]]bg`*

Oa^ \hg\îm h_ Zg ^jnbeb[kbnf ikb\^ aZl [^^g ^fiehr^] bg ma^ Z[ho^ZgZerlbl( Zg] i^kaZil lhf^ êZ[hkZmbhg h_ mabl \hg\îm h_ ^jnbeb[kbnf bl bghk]^k* aZg`^l bg jnZgmbmrZg] ikb\^ Zk^ `^g^kZeer f^Zlnk^] Zl i^k\^gmZ`^ \aZg`^l( bg hk]^k mh aZo^Zg êZlmb\bmr f^Zlnk^ maZm bl bg]î^g]^gm h_ ma^ ngbml bg pab\a ikb\^ Zg]jnZgmbmr Zk^ ^qik^ll^]* Hhk^ li^\b_b\Zeer( êZlmb\bmr h_ ]^fZg] bl ma^ kZmbhh_ ma^ i^k\^gmZ`^ \aZg`^ bg jnZgmbmr ]^fZg]^] mh ma^ i^k\^gmZ`^ \aZg`^bg ikb\^ maZm bl k^lihglb[e^ _hk mabl \aZg`^ bg jnZgmbmr ]^fZg]^] pa^g!hma^k mabg`l! Zk^ `bo^g Zg] pa^g ma^ \aZg`^ bg ikb\^ ZiikhZ\a^l s^kh*

Dg fZma^fZmb\Ze m^kfl(êZlmb\bmr 7_ ]^fZg] bl ^jnZe mh ]]j* K6 3X(pa^k^ >@ Abl jnZgmbmr]^fZg]^] Zg] W bl ikb\^* Ahk Z ]^fZg] \nko^( ma^ kZg`^ h_

l QQ !!&&ll(l (! oooo( "ee&( Q((D QQ v*Y#_Z66)!### """""""""66l

J>< 8!k)Jm!

., KMD>@ OC@JMT

oZen^l _hk"M$ pbee `^g^kZeer [^ _khf , mh ) ** bgZlfn\a Zl jnZgmbmr Zg]ikb\^ fho^ bg hiihlbm^ ]bk^\mbhgl* J_m^g Zg Zmm^fim bl fZ]^ mh ^lmbfZm^êZlmb\bmr ho^k Zg Zk$ `bo^g ma^ mph ihbgml maZm ma^ Zk\ \hgg^\ml( Zg] ma^

_hkfneZ j. ) jD * KD bl Zm mbf^l nl^]( Rbma mabl _hkfneZmbhg( ahpô^k(jD K. ) KD 5&

ma^ Zglp^k ]î^g]l hg pab\a ihbgm bl mZd^g Zl Z lmZkmbg` ihbgm* Dg `^g^kZe(ma^k^ bl gh hg^( ngZf[b`nhnl pZr h_ f^Zlnkbg` êZlmb\bmr ho^k Zg Zk\*Oa^k^ Zk^ Z eZk`^ gnf[^k h_ _hkfneZl _hk ^lmbfZmbg` Zg] ZiikhqbfZmbg`Zk\ êZlmb\bmr* Oa^ \hg\îm h_ ihbgm êZlmb\bmr bl _hk mabl k^Zlhg( Zfhg`hma^kl( fhk^ nl^_ne*

Oa^ \hg\îm h_ êZlmb\bmr \Zg [^ Ziieb^] mh Zgr _ng\mbhg( b*^*( ma^ êZl)mb\bmr h_ < pbma k^li^\m mh = `bo^g >* Dm bl( manl( Z ikhi^kmr h_ Zgr mph oZkb)Z[e^l kêZm^] _ng\mbhgZeer* Dg ma^ `^g^kZe \Zl^( êZlmb\bmr phne] ma^k^_hk^ [^

=l( %\zChpô^k( bg ma^ \Zl^ h_ ]^fZg]( pa^g hger mph oZkbZ[e^l Zk^[^bg` ]^Zem pbma( bm bl ihllb[e^ mh lmZm^ ma^ _hkfneZ _hk êZlmb\bmr Zl

U]j| i*

@ AHZma^fZmb\Zeer( êZlmb\bmr bl lbfier ma^ eh`Zkbmafb\ ]^kboZmbo^ h_ Z_ng$* * ] eh` jghg( D*^*( *

] ehì$ Jg^ h_ ma^ fhlm bfihkmZgm k^Zlhgl _hk ^fiehrbg` ma^ êZlmb\bmr \hg\îm

pa^g ]^Zebg` pbma ]^fZg] \nko^l bl maZm bm ikhob]^l Z o^kr \hgo^gb^gmf^mah] h_ bg]b\Zmbg` ma^ [âZobhk h_ mhmZe k^\^biml#(Oa^ \aZg`^ bg mhmZek^\^biml ]î^g]l hg mph _Z\mhkl6 ma^ \aZg`^ bg ikb\^ Zg] ma^ \aZg`^ bgjnZgmbmr* Ahk Z g^`Zmboêr lehi^] ]^fZg] \nko^( ma^l^ _Z\mhkl aZo^ hi)ihlbm^ ^__^\ml hg mhmZe k^\^biml* < ]^\ebg^ bg ikb\^ m^g]l mh k^]n\^ k^\^biml(ma^ Zllh\bZm^] bg\k^Zl^ bg jnZgmbmr m^g]l mh bg\k^Zl^ k^\^biml( Zg] \hg)o^klêr _hk Z kbl^ bg ikb\^* D_ ma^ i^k\^gmZ`^ \aZg`^ bg ikb\^ bl ^jnZe bg Z[)lhenm^ oZen^ mh ma^ Zllh\bZm^] i^k\^gmZ`^ \aZg`^ bg jnZgmbmr( ma^ mph ^_)_^\ml h__l^m hg^ Zghma^k Zg] mhmZe k^\^biml ]h ghm \aZg`^* =nm bg mabl \Zl^(Zl bl h[obhnl _khf bml ]^_bgbmbhg( êZlmb\bmr h_ ]^fZg] bl ) * Oabl bl `^g)^kZeer ]^l\kb[^] Zl ngbm êZlmb\bmr h_ ]^fZg]* D_ maî^k\^gmZ`^ \aZg`^ bgikb\^ bl eZk`^k bg Z[lhenm^ oZen^ maZg ma^ Zllh\bZm^] i^k\^gmZ`^ \aZg`^ bgjnZgmbmr( ma^g ma^ ^__^\m h_ ma^ \aZg`^ bg ikb\^ pbee ]hfbgZm^( lh mhmZe k^)\^biml pbee fho^ bg ma^ lZf^ ]bk^\mbhg Zl ikb\^( ]^\ebgbg` pa^g ikb\^ ]^)\ebg^l Zg] kblbg` pa^g ikb\^ kbl^l* Dg mabl \Zl^( ma^êZlmb\bmr pbee kZg`^ [^)mp^^g , Zg] ) ( Zg] ]^fZg] bl lZb] mh [^ bgêZlmb\* D_ ma^ i^k\^gmZ`^\aZg`^ bg ikb\^ bl lfZee^k bg Z[lhenm^ oZen^ maZg ma^ Zllh\bZm^] \aZg`^ bgjnZgmbmr( ma^g ma^ ^__^\m h_ ma^ jnZgmbmr \aZg`^ pbee ]hfbgZm^( lh mhmZe k^)\^biml pbee fho^ bg ma^ lZf^ ]bk^\mbhg Zl jnZgmbmr Zg] bg ma^ hiihlbm^ ]b)k^\mbhg _khf ikb\^( lh mhmZe k^\^biml pbee kbl^ pa^g ikb\^ ]^\ebg^l Zg] ]^)\ebg^ pa^g ikb\^ kbl^l* Dg mabl \Zl^( ma^ êZlmb\bmr pbee kZg`^ [^mp^^g ) Zg] ) ,,( Zg] ]^fZg] bl lZb] mh [^ êZlmb\*

B^hf^mkb\Zeer( ma^ Z[ho^ kêZmbhglabil Zk^ beenlmkZm^] bg Ab`nk^ .*2*

"e

BOLVY VM 5LTHUK .

89#JeR]HVgV_fV$ / +

89# JeR]HVgV_fV$

GfR_eZej $[% FcZTV

ADBPM@.*2

ermb\Zeer( e^m ma^k^ [^Z \aZg`^ bg ikb\^(

,, KMD>@ OC@JMT

lbg\^ bm \Zg bg `^g^kZe ghm \hlm fhk^ mh ikh]n\^ Z lfZee^k maZg Z eZk`^jnZgmbmr $a^ \hne] ZepZrl ikh]n\^ ma^ lfZee^k jnZgmbmr [r ikh]n\bg` maêZk`^k Zg] ]blihlbg` h_ ma^ ^q\^ll%* Chpô^k( b_ hg^ \hne] \ahhl^ pab\a bg)]nlmkr mh fhghihebs^( a^ phne] pZgm mh \ahhl^ hg^ _hk pab\a ma^ ]^fZg]\nko^ pZl abàer bgêZlmb\ Zm ma^ \hfi^mbmbo^ ikb\^* Jg\^ Z ln\\^ll_nefhghiher aZ] [^^g ^lmZ[ebla^]( ikb\^ phne] [^ kZbl^] lh Zl mh hi^kZm^ bgma^ êZlmb\ ihkmbhg h_ ma^ ]^fZg] \nko^ $ma^ ^qZ\m ihbgm bg ma^ êZlmb\ k^)`bhg pbee( h_ \hnkl^( ]î^g] hg \hlm \hg]bmbhgl%*

BOLVY` VM 5LTHUK ./

$% ikb\^l h_ Zee hma^k ikh]n\ml($.% jnZgmbmb^l h_ Zee hma^k ikh]n\ml($/%fhg^r bg\hf^ hk fhg^r ^qi^g]bmnk^l h_ \hglnf^kl*

D_ Zee mak^^ p^k^bg\en]^] bg \^m^kbl iZkb[nl( ma^g lbg\^ ma^ ikb\^l Zg]jnZgmbmb^lh_ Zee hma^k ikh]n\ml Zk^ aê] \hglmZgm Zg] lbg\^ ma^ Zfhngm h_fhg^r bg\hf^ hk ^qi^g]bmnk^l bl aê] \hglmZgm( ma^ Zfhngm h_ f86:g^re^_m_hk ^qi^g]bmnk^ hg ma^ \hffh]bmrbg jn^lmbhg phne] [^ `bo^g **>hgl^)

)

jn^gmer( ma^ ]^fZg] \nko^ phne] aZo^ mh [^ h_ ngbmZkr êZlmb\bmr* >e^Zker(bm bl ghm o^kr nl^_ne mh ]^_bg^ Z ]^fZg] \nko^ bg ln\a Z pZr maZm Zee ]^fZg]\nko^l Zk^ h_ ngbmZkr êZlmb\bmr*

Oa^ inkihl^ h_ \^m^kbl iZkb[nl bl f^mah]heh`b\Ze Zg] ghm ln[lmZgmbo^*Oa^ jn^lmbhg Zm blln^ bl ghm ma^ _Z\mnZe hg^ h_ paZm mabg`l pbee hk pbee ghmk^fZbg \hglmZgm( [nm kZma^k paZm ikbg\bie^ laZee [^ nl^] mh lê^\m ma^mabg`l maZm pbee ikhoblbhgZeer[^ Zllnf^] mh k^fZbg \hglmZgm* IHMN

.0 KMD>@ OC@JMT

[^ \hg lmkn\m^] maZm phne]rbê] ma^ Zglp^k ]bk^\mer pbmahnm k^lhkm mh ma^f^mah] h_ ln\\^llbo^ ZiikhqbfZmbhgl*

Dg ZgZersbg` ma^ __^\mlh_ ma^ k^fhoZe h_ ma^ mZq hg he^h(e^m nl]kZpma^ ]^fZg] \nko^ _hk he^h ahe]bg`ma^ ikb\ h_ [nmm^k \hglmZgm* D_ ma^lni)ier h_ [nmm^k p^k^ \hfie^mêr eZlmb\( ma^g ma^ ikb\^ h_ he^h phne]`h]hpg( ma^ jnZgmbmrh_ he^h phne] `h ni( Zg] ma^ jnZgmbmrh_ [nmm^kphne]`h ]hpg* Oa^ Zllnfimbhg aZl [^^g fZ]^ bg Ab`nk^ .*4 maZm ma^lniier

li il

() 8WeVc cV^gV]1/! l W mZq

1', ?llA) FcZTV W SfeeVc,/! + je 41!

)+

41!D))))vYYc:8** FcZTV W) ]V Zm1/ Y[4,v_))))vF

! ) FcZTV W ]V"! e 21!

H""""""""""A9feeVc $,%

FcZTV W SfeeVcZm 4,!

H""H""""""AE]V#S$

ADBPM@ .*4

&W Z

\nko^ h_ [nmm^k bl ghm \hfie^mêrêZlmb\* Ra^g he^h ]^\ebg^l bg ikb\_khf(lZr( 31w mh 21w( ma^ ]^fZg] \nko^ _hk [nmm^kpbee lab_mZg] ma^ ikb\^ h_[nmm^k pbee ]^\ebg^ _khf( lZr( 41w mh 4,w* Chpô^k( pa^g maîkb\^ h_ [nmm^k]^\ebg^l _khf 41w mh 4,w(ma^ ]^fZg] \nko^ _hk he^h pbee lab_m Zg] maîkb\^h_ he^h pbee _Zee mh 2/w( Z`Zbg \Znlbg` Z lab_m bg ma^]^fZg] \nko^ _hk [nmm^k(^m^* D_ mabl ikh\^ll bl \hgmbgn^] ehg` ^ghnà(ma^lhenmbhg h_ Z lrlm^f h_lbfnemZg^hnl ^jnZmbhgl pbee [^ Zkkbo^] Zm*

Nniier?^fZg]

=nmm^kj[ 6 j[ $K[%j[ 9 _[ $K[#Kh%

Je^hjh 6 jh $Kh%jh 6 _h$K[# Kh%

Oa^ eZlm qZfie^ lahne] fZd^ \e^Zk ma^ ]blmbg\mbhg [^mp^^g ahe]bg`lhf^mabg` \hglmZgm hgZ \nko^ $pbma \^m^kbl iZkb[nl% Zg]Zllnfbg` maZm(bg _Z\m(bm pbee k^fZbg \hglmZgm* Dg mabl ^qZfie^(maîkb\^ h_ [nmm^k pZlaê] \hglmZgm ik^\blêrbg hk]^k mhZgZers^ ma^ \aZg`^l maZm bmphne]ng]^k`h*

Jg^ fZr Zld( par ghmlheo^ ma^ lbfnemZg^hnl ^jnZmbhgl]bk^\merbglm^Z]h_ `hbg` makhnà ma^ ikh\^llh_ ln\\^llbo^ ZiikhqbfZmbhgl cnlm ]^l\kb[^]Oa^ Zglp^k bl maZmp^ lê]hf bg _Z\m dghp ma^ lbfnemZg^hnl ^jnZmbhgl^qieb\bmer* R nl^ hnk \hg\îmnZe ZiiZkZmnl mh hk`Zgbs^ ZeZk`êr jnZebmZ)mbo^ ZgZerlbl* Oa^ ikh\^llh_ ln\\^llbo^ ZiikhqbfZmbhgl fZd^l bm \e^Zk Zm^Z\a ihbgm paZm bg_hkfZmbhg bl g^^]^]Zg] fZd^l bm ihllb[e^ mh \Zkkrma^ZgZerlbl Zl _Zk Zl maZoZbeZ[e dghpe^]`^ pbee i^kfbm hk Zl _ZkZl bm blphkma \Zkkrbg` bg ebàm h_ ma^ Z\\nkZ\r h_ bg_hkfZmbhg ZoZbeZ[e^Zg] maîk^\blbhg k^jnbk^] bg ma Zglp^k*

B)

?l

BOLVY` VM 5LTHUK ),

Ahkma^ ZgZerlblh_ ]^fZg] Zg] _hkhma^k inkihl^l( bm blnl^_ne mh\eZllb_rma^!hma^k mabg`l! mh [aê] \hglmZgmbgmh mak^^ \Zm^`hkb^l6

$%mahl^!mabg`l! maZmlb`gb_b\ZgmerZ__^\m maôZkbZ[e ng]^k lmn]r Zg]maZmZk^bg mnkglb`gb_b\ZgmerZ__^\m^][r bm( *`*ma^ ikb\^h_ [nmm^kbg ZgZgZerlblh_ma^ ^__^\m hg maîkb\^ h_ he^h h_ k^fhobg` ZmZqhg he^h7

$.%mahl^ !mabg`l!maZmlb`gb_b\ZgmerZ__^\m maoZkbZ[e^ ng]^k lmn]r [nmmaZmZk^ghm lb`gb_b\Zgmer Z__^\m^][rbm7*`*( bg\hf^ bg Zg ZgZerlbl h_ ma^^__^\m hg maîkb\^ h_ he^h h_k^fhobg` Z mZq hg he^h7

$/% mahl^ !mabg`l! maZm g^bma^kZ__^\m lb`gb_b\Zgmer ma^ oZkbZ[e^ bg jn^l)mbhg ghkZk^ lb`gb_b\ZgmerZ__^\m^] [r bm(*^*`*( maikb\^ h_ _^Zma^kl bg ZgZgZerlblh_ ma^ __^\m hg maîkb\^ h_ he^h h_ k^fhobg` ZmZq hg he^h*

Oa^ oZkbZ[e^lng]^k $%Zkâê] \hglmZgm bghk]^k mhlmn]r ma^ \aZg`^lma^rpbee ng]^k`h7 ma^r Zkâê] \hglmZgm hger ZlZg bgm^kf^]bZm^ lmî bgma^ ZgZerlbl* Oa^ oZkbZ[e^lng]^k $.%Zkâê] \hglmZgm bg hk]^k mh _bq ma^ZgZerlbl( mhlîZkZm^ma^ iZkmb\neZk kêZmbhgl ng]^k \hglb]^kZmbhg _khfhma^k$bg]î^g]^gm%\aZg`^l `hbg` hg* Oa^ oZkbZ[e^lng]^k $/%Zk^ b`)ghk^]* >hglb]^k ma^ ]^fZg] _hk he^h* OaoZkbZ[e^lmaZmZk^bg\en]^] bg$% Zkma^ ikb\^lh_ hkjnZgmbmb^lh_ \ehlêr kêZm^]\hffh]bmb^l( b*^*(ln[)lmbmnm^l hk\hfie^f^gml* Oa^ oZkbZ[e^l maZmZk^ ieZ\^] bg$.%bg\en]^ mZlm^lZg] ik^_^k^g\^l( fhg^r bg\hf^( ma^ Zo^kZ`^ ikb\ h_ Zee$hkZee hma^k%\hf)fh]bmb^l( p^ZemaZg] ]blmkb[nmbhg h_ bg\hf^* @o^krmabg`êl^ bg ma^ phke]bl bg\en]^] bg $/%*J_ \hnkl^( cnlm pa^k^ ma^ ebg bl ]kZpg [^mp^^g ma^l^\Zm^`hkb^l\Zgghm [^ li^\b_b^] hg\^ Zg] _hk Zee7 bm ]î^g]l hg paZm ^__^\mlZk^ k^`Zk]^] Zl !lb`gb_b\Zgm! _hkma^ inkihl^ bg aZg] Zg] hg ^fibkb\Zedghpe^]`^ Z[hnm ma^ kêôZgm _Z\mhkl Zg] ma^bk^__^\ml*

Oa^ ]^fZg] _ng\mbhg pbma ma^ Z[ho^ \eZllb_b\Zmbhg bg fbg] fZr [^pkbmm^g bg ma^ _heehpbg` fZgg^k6

$%

pa^k^ ir Zg] is Zk^ ma^ ikb\^l h_ \hffh]bmb^l \ehlêrkêZm^] mh q(Kh bl ma^Zo^kZ`îkb\^ h_ hma^k \hffh]bmb^l( D lmZg]l _hk bg\hf^ Zg] bml ]blmkb[n)mbhg(R _hk p^ZemaZg] bml]blmkb[nmbhg( Zg] O _hk mZlm^lZg] ik^_^k^g\^l*

D_ hg^ h^l mh ma^ ebfbm h_k^`Zk]bg` Zgr \hg\^boZ[e^ ^__^\m Zl !lb`gb_b)\Zgm! Zg] blngpbeebg` mh inmZgrmabg` bgmh \Zm^`hkr $/%(ma^g bm phne] [^g^\^llZkr mh bg\en]^ maikb\^ h_ !ô^kr! hma^k \hffh]bmr( ma^ bg\hf^Zg] p^Zema h_o^kr bg]bob]nZe(Zg] ma^Dbd^*!Nn\a Z ]^fZg] \nko^ bl nl^][r fZma^fZmb\Ze ^\hghfblml Zg] bl _k^jn^gmerpkbmm^gZl _heehpl6

$.% bi 6 W#Fi&Fj& Ks( ****7 KZ#FS" (((( $&Oa^ _bklml^m h_ ikb\^l Zk^ ma^ ikb\^l h_ ikh]n\ml7 ma^ l^\hg](h_ ma^ l^kob\^lh_ _Z\mhklh_ ikh]n\mbhg* Oabl !RZekZlbZg! _ng\mbhg ]h^l ghm bg]b\Zm^^q)

.* !@o^kr! bl bg jnhmZmbhg fZkdlbg hk]^k mhfiaZlbs^ ma^ Zf[b`nbmr bg ma\hg\îmh_ Z \hffh]bmr Zg] ma^ bfihllb[bebmr h_`^mmbg`Zg ^qaZnlmbo^ eblm h_ \hffh]bmb^l hg\^Zg] _hkZeeZg] bg]î^g]^gmer h_ ma ikh[e^f*

.2 KMD>@ OC@JMT

ieb\bmer Zee h_ ma^ oZkbZ[e^l aê] \hglmZgm* Dm bg\en]^l ^qieb\bmer hger ikb\^l*Dfieb\bmer( ahpô^k( ma^ jnZgmbmr h_ k^lhnk\^l h_ oZkbhnl dbg]l hpg^] [r]b__^k^gm bg]bob]nZel bl lniihl^] _bq^]( Zg] lh Z iZkmb\neZk l^m h_ _Z\mhkikb\^l bl mZd^g Zl ]^m^kfbgbg` ma^ bg\hf^ Zg] p^Zema h_ ô^kr bg]bob]nZe*NbfbeZker( mZlm^l Zg] ik^_^k^g\^l Zk^ Zelh k^`Zk]^] Zl _bq^]* Oabl RZekZlbZg]^fZg] _ng\mbhg fZr( Zl Zek^Z]r ln``^lm^]( [^ k^`Zk]^] Zl Z ebfbmbg` _hkfh_ Z _ng\mbhg ebd^ maZm h_ ^jnZmbhg * Dm bl \e^Zk( ahpô^k( maZm bml oZen^ bl_hk Z o^kr ]b__^k^gm inkihl^* Dm bl Zg ^qmk^fêr nl^_ne Z[lmkZ\m \hg\îmbhgmh [kbg` hnm ma^ eh`b\ h_ ma^ bgm^kkêZmbhg h_ ma^ ikb\^ lrlm^f7 bm \Zgghm [^nl^] mh ZgZers^ Z \hg\k^m^ ikh[e^f*

Oh k^mnkg mh ma^ ]^fZg] \nko^ pbma pab\a p^ Zk^ ikbfZkber \hg\^kg^](e^m nl \hg\^gmkZm^ Zmm^gmbhg hg ma^ oZkbZ[e^l pahl^ ik^\bl^ mk^Zmf^gm kZbl^lma^ fhlm ]b__b\nem ikh[e^fl6 ma^ ikb\^ h_ ma^ \hffh]bmr bg jn^lmbhg( ma^Zo^kZ`^ ikb\^ h_ Zee hma^k \hffh]bmb^l( Zg] fhg^r bg\hf^* D_ p^ \hg\^g)mkZm^ hg ma^l^ oZkbZ[e^l( p^ \Zg pkbm^ ^jnZmbhg Zl6

$/%

k^f^f[^kbg` maZm ma^ oZkbZ[e^l p^ aZo^ hfbmm^] Zk^ mh aZo^ `bo^g oZen^l*@jnZmbhg / `bo^l ma^ bfik^llbhg maZm ma^ jnZgmbmr h__ ]^fZg]^] bl mh

[^ k^`Zk]^] Zl Z _ng\mbhg h_ mak^^ lîZkZm^ Zg] bg]î^g]^gm oZkbZ[e^l*Cvpô^k( mabl bl ghm ma^ \Zl^* Oa^ ]^fZg] \nko^ bl ikbfZkber nl^] mhZgZers^ kêZmbhgl Zfhg` iZkml h_ ma^ ^\hghfb\ lrlm^f( mh ZgZers^ ma^ bg)_en^g\^ h_ \aZg`^l bg ma^ !k^Ze! ng]^kerbg` \bk\nflmZg\^l* D_ Zee h_ maôZkbZ[e^l bg ma^ iZk^gma^lbl $Kq(D(Kh%p^k^ fnembieb^] [r Z \hffhg _Z\mhk(mabl phne] ghm \aZg`^ Zgr h_ ma^ !k^Ze! ihllb[bebmb^l hi^g mh ma^ \hglnf^k7bm phne] lbfier bgoheo^ Z \aZg`^ bg ngbml( ^*`*( ma^ ln[lmbmnmbhg h_ !i^ggr!_hk !]heeZk*! >hgl^jn^gmer( bm l^^fl ZiikhikbZm^ mh k^`Zk] ma^ kbàm)aZg]lb]^ h_ ^jnZmbhg / Zl Z ahfh`^g^hnl _ng\mbhg h_ s^kh ]^`k^^ bg Kq( D( Zg]Kh7 b*^*( Z _ng\mbhg maZm aZv ma^ ikhi^kmr maZm

$0%4&[& pa^k^ 8( bl Zgr Zk[bmkZkr gnf[^k* Oabl bl ^jnboZe^gm mh lZrbg` maZm Kqbl Z

_ng\mbhg ghm h_ mak^^ oZkbZ[e^l [nm k^Zeer hger h_ mph*Oabl \hkk^lihg]l o^kr fn\a mh Z kZma^k \hffhg)l^gl^ ob^p maZm ma^k^

Zk^ mph dbg]l h_ _hk\^l maZm pbee Z__^\m ma^ jnZgmbmr h_ Z ikh]n\m ]^fZg]^][r Zg bg]bob]nZe6 $% \aZg`^l bg ma^ `^g^kZe kZg`^ h_ `hh]l ZoZbeZ[e^ mhabf)\aZg`^l bg !k^Ze! bg\hf^ hk `^g^kZe \hffZg] ho^k `hh]l Zg]l^kob\^l( Zg] $.% \aZg`^l bg ma^ m^kfl hg pab\a a^ \Zg ln[lmbmnm^ hg^ \hf)fh]bmr _hk Zghma^k)\aZg`^l bg kêZmbo^ ikb\^l*

Oa^ ikh[e^f ghp bl ahp mh ^qik^ll mabl ]blmbg\mbhg bg m^kfl h_ ma^ ]^)fZg] \nko^( ahp mh !\heeZil^(! Zl bm p^k^( ma^ mak^^ oZkbZ[e^l K{ D Zg]Khbgmh mph bg ln\a Z pZr Zl mh `bo^ f^Zgbg`_ne k^lneml pa^g ^bma^k h_ ma^ k^)]n\^] oZkbZ[e^l bl aê] \hglmZgm Zg] ma^ hma^k oZkb^]*

&&4

BOLVY` h_ 5LTHUK .3?Oa^ nlnZe lhenmbhg bl mh fZd^8( bg ^jnZmbhg 0jnZe mhi lh maZm ma^

h]^fZg] _ng\mbhg [^\hf^l6

$1% j 6 W#FL*)%( F" Fh *Oabl bl `^g^kZeer ]^l\kb[^] [r lZrbg` maZm fhg^r bg\hf^ Zg] ma^ ikb\^ h_!hma^k! \hffh]bmb^l Zk^ aê] \hglmZgmpa^g ma^ ^__^\m h_Z \aZg`^ bg ikb\^bl [^bg` \hglb]^k^]* Oabl bl ZfZma^fZmb\Zeerlbfie^ Zg] \hgo^gb^gm pZrh_ k^]n\bg` iq( D( Zg] Kh mh mph oZkbZ[e^l( [nm ng_hkmngZmêr bm ]h^l ghm\hkk^lihg] mh ma^ ]blmbg\mbhg ]kZpg ^Zkeb^k [^mp^^g \aZg`^lbg !k^Ze!bg\hf^ Zg] bg kêZmbo^ ikb\^l* D_ mabl iZkmb\neZk pZrh_ \heeZilbg` ma^ _ng\)mbhg bl \ahl^g( k^Ze bg\hf^ pbee oZkr Zl p^ fho Zehg` ma^ ]^fZg] \nko^*hglb]^k ghpma^ \aZg`^_khf ebg^ mh ebg^ /Zg] ma^g mh ebg^ 0* Oa^ ^g] jnZgmbmr bl h[)obhnler ma^ lZf^ Zl hg ebg^ . lbg\^ ebg 0 bgoheo^l lbfier fnembierbg` ma^

ikb\^ Zg] bg\hf^ ^gmkb^l hg ebg^ . [r *,* $vZg] Kq Zk^ ma^ lZf^*% Oa^Kh Kh

fho^f^gm _khf ebg^ mh ebg^ . blmanl ^jnboZe^gm mhZ fho^f^gm _khfebg^ mh ebg^/ ienl Zfho^f^gm _khf ebg^ / mh ebg0* Oa^ fho^f^gm _khfebg^?mh ebg^ / bgoheo^lZ \aZg`^ bg !k^Ze!bg\hf^ khnàer ^jnZe mh maZm

,2 KMD>@ OC@JMT

bgoheo^] bg ma^ fho^f^gm _khf ebg mh ebg .( lbg\^ " bl ma^ ^qmkZ fhg^rmaZm phne] [^ ZoZbeZ[e^ mh ma^ bg]bob]nZe Zm ma^ ehp^k ikb\^ h_L b_ a^[hnàm ma^ lZf^ jnZgmbmr h_S $gZfêr( ,% Zl a^ ]b] [^_hk^* Oanl ma^fho^f^gm _khf ebg^ mh ebg / bl b]^gmb\Ze pbma iZkm h_ maZm bgoheo^] bg`hbg` _khf ebg^ + mh ebg^ .( r^m bm bl \eZllb_b^] o^kr ]b__^k^gmer( gZfêr Zl ma^bg\hf^ ^__^\m h_ Z \aZg`^ bg bg\hf^( ghm Zl ma^ bg\hf^ ^__^\m h_ Z \aZg`^fig\^*

J89B< .*

%& W_ Kh +&! &% % & &%%#,$ ?? %#. & &%%$/% &%#& % & &%&$0% ?? %#.%. %& &%&

BOLVY` VM 5LTHUK ).

ma^r Zk^ ghm( lbg\^( Zl lahpg [r ma^ eZlm mph \henfgl( ebg^l Zg] . ]b__^kbg mph k^li^\ml6 _bklm( ma^ ikb\^ h_ q blehp^k hg ebg^ . maZg hg ebg^ ( Zg]

l^\hg]( k^Ze bg\hf^ Zl f^Zlnk^] [r v bl abà^k* Oa^ \aZg`^ bg k^Ze bg\hf^

bl ma^ lZf^ Zl maZm bgoheo^] bg `hbg`_khf ebg^ mh ebg^ /7 ma^ \aZg`^ bgikb\^ bl ma^ lZf^ Zl maZm bgoheo^] bg `hbg`_khf ebg^ / mh ebg^ 0* Gbg^l /Zg] 0 Zk^ hg ]b__^k^gm ]^fZg] \nko^l [r ma^ nlnZe ]^_bgbmbhg Zg] hg ma^lZf^ ]^fZg] \nko^ [r ma^ Zem^kgZmbo^ ]^_bgbmbhg*

J89B< .*.

?_ + ? ?_ +X_ ?_ ?V + ?V ?V ? ?

&! &% % & &%% % &%% & & &%%#,$ && %#. & &%% %#. &%% %#.. %#.%. &%-$ &%#& % & &%& % &%& & & &%&$0% && %#.%. %& &%& %#. &%% & %#.%. &%&

$IJO@6 8 9 #& iq % #.8 ,# lbg\^ `q 9 &$. h_ `h _hk &!#!

Oh lnffZkbs^( `^g^kZe \hglb]^kZmbhgl ln``^lm ma^ ]^lbkZ[bebmr h_ aZobg`mph _ng\mbhgl* Jg^ _ng\mbhg lahne] [^ lh ]^_bg^] Zl mh lnffZkbs^ ma^

#)##_hk\^l Z__^\mbg` ma^ ]^fZg] _hk ma^ \hffh]bmr bg jn^lmbhg hi^kZmbg` obZkêZmbo^ ikb\^l* Dg mabl _ng\mbhg( k^Ze bg\hf^ lahne] [^ aê] \hglmZgm* Oa^hma^k _ng\mbhg lahne] [^ lh ]^_bg^] Zl mh lnffZkbs^ ma#exhk\^l Z__^\mbg`mv]^fZg] _hk ma^ \hffh]bmr bg jn^lmbhg obZ k^Ze bg\hf^* Dg mabl _ng\)mbhg( kêZmcvkb\^l h[obhnler lahne] [^ aê] \hglmZgm* < _ng\mbhg h_ mableZmm^k mri^ bl ma^ @g`ê \nko^( pab\a kêZm^l jnZgmbmr ]^fZg]^] Zg] k^Zebg\hf^* Oa^*hk]bgZkr ]^fZg] _ng\mbhg bl bgm^g]^] mh ikhob]^ Z _ng\mbhgh_ ma^ _hkf^k mri^ [nm ]h^l ghm ]h lh( [^\Znl^ \aZg`^l bg k^Ze bg\hf^ Zk^ghm kb`hkhnler ^q\en]^]*< ]^fZg] _ng\mbhg bg pab\a k^Ze bg\hf^( bg ma^l^gl^ h_ fhg^r bg\hf^ ]bob]^] [r ma^ ink\aZlbg` ihp^k h_ bg\hf^( bl aê]\hglmZgm ]h^l rbê] ma^ ]^lbk^] _ng\mbhg*

A[H[PZ[PJHS 5LTHUK 4\Y]LZ

Oa^ h[c^\mbo^ bg ^lmbfZmbg` Z ]^fZg] \nko^ lmZmblmb\Zeer bl mh ]^kbo^ ZHZklaZeebZg ]^fZg] \nko^ _hk Z iZkmb\neZk \hffh]bmr ng]^k li^\b_b^]\hg]bmbhgl*Oph dbg]l h_ ikh[e^fl fnlm [^ _Z\^] bg ]^kbobg` ]^fZg]\nko^l lmZmblmb\Zeer6 ma^_bklm bgoheo^l ma^ ]ZmZ ma^flêo^l Zg] ma^ l^\hg]bl ma^ ikh[e^f h_ mkZglbmbhg _khf ma^ ]ZmZ mh ma^ ]^fZg] \nko^*

B^g^kZeer( ma^k^ Zk^ mph dbg]l h_ ]ZmZ6 mbf^ l^kb^l ]ZmZ( ikb\^lZg]jnZgmbmb^l h_ ma^ \hffh]bmr bg jn^lmbhg Zm ]b__^k^gm ihbgml bg mbf^7Zg]\khll)l^\mbhg ]ZmZ( ikb\^lZg] jnZgmbmb^l _hk ]b__^k^gm ngbml hk`khnil Zmhg^ ihbgm bg mbf^*

Rbma k^li^\m mh ]ZmZ( lhf^ h_ maîkh[e^fl Zk^ Zl _heehpl6 $%

/, 8:523 437:=

fhnl gnf[ ^k h_ ikb\^l ^qblm _hkZefhlm Zgr \hffh]bmr hk l^kob\^* NaZeek^mZbe hkpahe^lZe^ ikb\^l [^ nl^] Oahl^ bg I^p Thkd hk >ab\Z`h ^g^kZeer( ma^ jnZgmbmrink\aZl^] _hk _bgZe \hglnfimbhg bl mZd^gZl ma^ kêôZgm jnZgmbmr* $/%Dlma^ mbf^ ngbm mh pab\a ma^_b`nk^lk^_^k malZf^ _hk ikb\^ Zg] jnZgmbmrOa^ `^h`kZiab\ ngbm

Nniihl^ maZm Zee ma^l^Zg] hma^k kêôZgm ]^\blbhgl\hg\^kgbg` ma^ ]ZmZaZo^ [^^g fZ]^* Oa^ g^qm ikh[e^f bl mh nl^ma^]ZmZmh ]^kbo Z ]^fZg]\nko^* 4H _hkfZe m^kfl ma^ Zglp^kbl kêZmboêr lmkZbàm_hkpZk]*4Mbl ]^)lbk^] mh inm ma^ ]ZmZ bgln\a Z _hkf maZm ma^r kêZm^mhZ lbgè^ ]^fZg]\nko^* >hkk^\mbhgllahne] [^ fZ]^ _hk Zee _Z\mhklmaZmaZo^ ]b__^k^] _hkma^]b__^k^gm h[l^koZmbhglbg hk]^k mh ZiikhZ\a Zl \ehlêr Zl ihllb[e^ Z l^m h_`bo^g \hg]bmbhgl* Chpô^k( Z]be^ffZ ^qblml a^k^* D_\hg]bmbhgl \hne]( bg_Z\m([^ fZ]^ b]^gmb\Ze( ma^g hgerhg^ ikb\^ Zg] hg^ jnZgmbmr phne] [^

*h[l^koZ[e^* Oa^k^_hk^( paZm blk^Zeer]^lbk^] bl mh aZo^ ma\hg]bmbhgl Z_)_^\mbg`]^fZg] ngZem^k^] Zg] Zm malZf^ mbf^ mh aZo^ ZfZqbfnf h_\aZg`^ pbma k^li^\m mh ma_hk\^l Z__^\mbglniier*

BOLVY` VM 5LTHUK /

k^Ze bg\hf^ aZl Z__^\m^] [hma ]^fZg] Zg] lniier* Chpô^k( b_ ]bZ`kZf Zrbê]l Z iZmm^kg lbfbeZk mh maZm h_ ]bZ`kZf \( ma^g bm l^^fl ghm ngk^Zlhg)Z[e^ maZm \aZg`^lbg k^Ze bg\hf^ aZo Z__^\m^] ikbfZkberma^ ]^fZg] \nko^Zg] maZmZ ]^fZg] \nko^ \Zg [^ ^lmbfZm^] _khf ma^ l\Zmm^k h_ ihbgml _hk^Z\a bg\hf^ eôê*

-, KMD>@ OC@JMT

ikb\^ ]b__^k^g\^l mh ^lmbfZm^ ma^ ]^fZg] \nko^* Dm bl ghm ihllb[e^ mh `^m Zikb\^)jnZgmbmr\nko^( [nm Zg @g`ê \nko^ fZr [^ ]^kbo^] `bobg` Z kêZ)mbhglabi [^mp^^g bg\hf^ Zg] ^bma^k jnZgmbmb^link\aZl^] hk ^qi^g]bmnk^lhg Z iZkmb\neZk \Zm^`hkrh_ \hglnfimbhg*

Jg^ ln\a lmZmblmb\Ze \hglmkn\mbhg mh pab\a fn\aZmm^gmbhg aZl [^^g iZb]bl ma kêZmbhglabi [^mp^^g mhmZe^qi^g]bmnk^l hg \hglnfimbhg bg Zbo^gi^kbh] $nlnZeerZ r^Zk% Zg] paZm bl k^`Zk]^]Zl mhmZe bg\hf^ bg ma^lZfî^kbh]* R^ fZr nl^ mabl kêZmbhglabi mh beenlmkZm^maîkh[e^fl bg bgm^k)ik^mbg` ln\a ]ZmZ*

RaZm bl ]^lbk^] bl ma^ ^__^\m hg Z _Zfber h_ Z li^\b_b^] \aZg`^ bg bml \bk)\nflmZg\^l* RaZm bl ZoZbeZ[e^ Zk^ ]ZmZ hg ]b__^k^g\^l [^mp^^g ]b__^k^gm_Zfbeb^l bg ]b__^k^gm \bk\nflmZg\^l* Oabl kZbl^lZ ikh[e^f h_ \hkk^\mbg` _hk]b__^k^g\^l bg \bk\nflmZg\^l hma^k maZg ma^ hg^ h_ bff^]bZm^ bgm^k^lm$gZfêr( ]b__^k^g\^lbg fhg^r bg\hf^%* =nm fhk^bfihkmZgm( _hk hnk ink)ihl^l( bl ma^ f^Zgbg` h_ ln\a Z \nko^ Zl ?@ hg Ab`nk^ .*,*Dg mabl_b`nk^(

2IH@R-QJ@H? DNOL@ @

?H""""""H""""""""""""""""""""""2IH@R /H>IG@

ADBPM@ .*,

fhg^r bg\hf^ bg Z iZkmb\neZk r^Zk blf^Zlnk^] Zehg` ma^ ahkbshgmZeZqbl(fhg^r ^qi^g]bmnk^ Zehg` maô^kmb\Ze Zqbl* Oaebg^ J> [bl^\ml ma^jnZ]kZgm Zg] ma^k^_hk^ bg]b\Zm^lma^ ihbgml Zmpab\a fhg^r ^qi^g]bmnk^bl ^jnZe mh fhg^r bg\hf^* Oa^ ebg^ ?@ kîk^l^gml ma^ Zo^kZ`^ ^qi^g]b)mnk^h_ _Zfbeb^lbg ]b__^k^gm bg\hf^ \eZll^l( \hfinm^] _khf Z iZkmb\neZk_Zfber [n]`^m lmn]r* Dmlihlbmbhg bl khnàerma^lZf^ Zl ma k^lneml Z\mnZeerh[mZbg^] _khfln\a lmn]b^l)bm lahpl ]bllZobg` Zfhg` ehp bg\hf^ \eZll^l(lZobg` Zfhg` abà^k hg^l7 bmlahpl ma^ i^k\^gmZ` h_ bg\hf^ lZo^] Zl bg)\k^Zlbg` pbma bg\hf^* < gZbo^bgm^kik^mZmbhg h_ ma^l^k^lneml phne] ln`)`^lm $% maZm ma^ kb\aZk^`^mmbg` kb\a^kZg] maîhhk ihhk^k Zg] $.%maZmma^ i^k\^gmZ` h_ bg\hf^ lZo^] bg Z \hngmkr phne] m^g] mh [^ abà^k( maâbà^k ma i^k \ZibmZ bg\hf^*=nm hma^k ]ZmZ \hgmkZ]b\m ma^l^ \hg\enlbhgl6bg^jnZebmr h_ bg\hf^ aZl ghm m^g]^] mh bg\k^Zl^ho^k mbf^Zg] ma^ i^k)\^gmZ`^ h_ bg\hf^ lZo^] aZl [^^g khnàer \hglmZgm bg mabl\hngmkr _hkZme^Zlm ma^ iZlm _b_mr r^Zkl*

Oa^ ^qieZgZmbhgbl maZm ma^fhg^r bg\hf^ [r pab\a ma^ _Zfbeb^lZk^

/0 KMD>@ OC@JMT

BOLVY` VM 5LTHUK //

\eZllb_b^]]h^l ghm kîk^l^gm hkf^Zlnk^ ma^bk i^kfZg^gm bg\hf^ lmZmnl7bm blma^ Zfhngmh_ bg\hf^ k^\^bo^] ]nkbg` Z iZkmb\neZk r^ZkZg] manl k^)_e^\ml Zeelhkml h_ kZg]hf Zg] m^fihkZkr ^__^\ml* Oablbgmkh]n\^l Z[bZl bgmhZ _b`nk^ ln\a Zl Ab`nk^ .*J* >hglb]^k( _hk ^qZfie^( ma^ ehp^lm bg\hf^`khni* Dglh_Zk Zlma^bg\hf^l h_ i^hie^ bg mabl `khni aZo [^^g Z__^\m^][r kZg]hf bg_en^g\^l( ma^r aZo^ \e^Zker[^^g fZ]^ ehp^k maZg nlnZe)mhinm bm ]b__^k^gmer( gh hg^ \Zg [^bg mabl ehp^lm bg\hf^ `khni [^\Znl^ ablbg\hf^ pZl Z\\b]^gmZeerOPNOLYmaZg nlnZe* Jg ma^ Zo^kZ`^( ma^ !ghkfZe!bg\hf^ h_ ma^ i^hie^ bg mablkhni bl abà^k maZg ma^bk bg\hf^ ]nkbg` maîZkmb\neZk lnko^rr^Zk6 mh lhf^ ^qm^gm( ma^rZ]cnlm ma^bk ^qi^g]bmnk^l mhma^bk ghkfZe bg\hf^7 a^g\^ma^bk ^qi^g]bmnk^l pbeeZii^Zk abà kêZmbo^mhma^bkZo^kZ`^ bg\hf^ bg ma^ lnko^r r^Zk* >hgo^klêr( Zm ma^ mhi h_ ma^bg\hf^ l\Ze^( ma^ Zo^kZ` bg\hf^ bg ma^ iZkmb\neZkr^Zk h_ mahl^ pbma maâbà^lm bg\hf^ bg maZmr^Zk m^g]l mh q\^^] ma^bk Zo^kZ`ghkfZe bg\hf^(lh ^qi^g]bmnk^l Zii^Zk ehpkêZmbomhZo^kZ`^bg\hf^ bg ma lnko^r r^Zk*Oabl ^__^\mbl h[obhnler ik^l^gm bg mabgm^kf^]bZm^ \eZll^l mhZ lfZee^k]^`k^^* >eZll^l [êhp ma fb]]e^ bg\hf^ m^g] mh aZo^ Zo^kZ`^bg\hf^l _hkma^ lnko^r r^Zk [êhp ma^bk ghkfZe bg\hf^l( Zg] \hgo^klêr* Dg \hgl^)jn^g\^( ô^g b_^qi^g]bmnk^l p^k^ Z \hglmZgm i^k\^gmZ`^h_ !ghkfZe! bg)\hf^( Z lnko^r phne] rbê] Z kêZmbhg ebd^ ?@ bg Ab`nk^.*, [^mp^^gZo^kZ`^ \hglnfimbhg ^qi^g]bmnk^l Zg] bg\hf^( _hk _Zfbeb^l \eZllb_b^] [rbg\hf^*

=nm malZf^ ]ZmZ fbàm pêerbê] Z o^kr]b__^k^gm kêZmbhg ebd^ ma^ ebgÂB b_ ma^ _Zfbeb^l p^k^ \eZllb_b^] [r \hglnfimbhgqi^g]bmnk^l Zg] Zo^k)Z`^ bg\hf^ p^k^ iehmm^] _hkZ\a ln\a \eZll* Oabl kô^kl^l ma^ [bZl* AZfb)eb^l pbma maehp^lm ^qi^g]bmnk^l Zk^ ebdêr hg maZo^kZ`^ mh aZo^ ^q)i^g]bmnk^l [êhp !ghkfZe! Zg] \hgo^klêr* RaZm mabl ^qZfie^ beenlmkZm^lbl ma pêe)dghpg !k^`k^llbhg [bZl*!

BOLVY` VM 5LTHUK *,

aZii^g mh ma^ jnZgmbmr ]^fZg]^] _khf Zg bg]bob]nZe ikh]n\^k b_ aôZkb^] abl ikb\^ pabe^ hma^k ikh]n\^kl ]b] ghm* ?^fZg] \nko^l ]^lb`g^]mh Zglp^k mabl jn^lmbhg pbee ghm [^ Z]]bmbo^*

Jnk inkihl^ bg bgo^lmb`Zmbg` ma^ ]^fZg] \nko^ h_ ma^ bg]bob]nZe bl mhe^Zkg fhk^ Z[hnm ma^ fZkd^m ]^fZg] \nko^* D_ ma^ ]^fZg] \nko^ h_ hg^bg]bob]nZe ]î^g]^] \kbmb\Zeer hg ma^ [âZobhk h_ abl g^bà[hk( p^ \hne]e^Zkg ebmme^ Z[hnm ma^ fZkd^m ]^fZg] \nko^ _khf ZgZerlbl h_ ma^ [âZobhkh_ Zg blheZm^] bg]bob]nZe7 ma^ ^ll^g\^ h_ ma^ ia^ghf^ghg phne] [^ ik^)\blêr fZll k^Z\mbhgl( Zg] p^ phne] ]h [^mm^k mh lmb\d mh ma^ fZkd^m ]^)

*fZg] \nko^* Oa^ ZgZerlbl maZm _heehpl( ma^k^_hk^( mZd^l bm _hk `kZgm^] maZmmabl bl ghm ma^ \Zl^( maZm ma^ bg]bob]nZe#l ]^fZg] \nko^ ]î^g]l hg ablhpg kêZmboêr _bq^] ik^_^k^g\^l Zg] hg abl h[c^\mbo^ \bk\nflmZg\^l( ghmbff^]bZmêr hk ]bk^\mer hg paZm abl g^bà[hkl Zk^ ]hbg`* !F^îbg` nipbma ma^ Ehg^l^l! bl ghm êbfbgZm^] Zl Z _Z\mhk Z__^\mbg` abl ik^_^k^g\^l7 bmDNêbfbgZm^]Zl ma^ ikhqbfZm^ ]^m^kfbgZgm h_ abl \hglnfimbhg [âZobhk*

Oa^ `hh]l maZm Zg bg]bob]nZe \Zg [nr Zk^( h_ \hnkl^( ebfbm^] [r abl k^)lhnk\^l)abl bg\hf^ Zg] p^Zema)Zg] [r ma^ ikb\^l hk m^kfl Zm pab\a`hh]l Zg] l^kob\^l Zk^ ZoZbeZ[e^* Nn[c^\m mh ma^l^ ebfbml( ma^ bg]bob]nZe ]^)\b]^l lhfâhp hk hma^k paZm `hh]l Zg] l^kob\^l mh ink\aZl^* Oa^l^ ]^\b)lbhgl \Zg [^ k^`Zk]^] Zl $e% inkêr kZg]hf hk aZiaZsZk]7 $.% bg lmkb\m \hg)_hkfbmr pbma lhf^ \nlmhfZkr( inkêr aZ[bmnZe fh]^ h_ [âZobhk7 hk $/% ZlZ ]êb[^kZmbo^ Z\m h_ \ahb\^* Jg ma^ pahe^( ^\hghfblml k^c^\m Zg] . Zg]Z\\îm /( iZkmer( hg^ lniihl^l( [^\Znl^ ô^g \ZlnZe h[l^koZmbhg ln``^lmlfhk^ \hglblm^g\r Zg] hk]^k bg \ahb\^l maZg phne] [^ ^qi^\m^] _khf D Zg]fhk^ oZkbZmbhg maZg phne] [^ ^qi^\m^] _khf .7 iZkmer( [^\Znl^ hger /lZmbl_b^l hnk ]^lbk^ _hk Zg !^qieZgZmbhg*!

/2 KMD>@ OC@JMT

h_ ma^ oZkbhnl \hffh]bmb^l \Zg [^ ^qik^ll^] [r pkbmbg` nmbebmr ZlZ _ng\)mbhg h_ S( T(U **** Oabl _ng\mbhg`bo^l !mhmZe! nmbebmr*

BOLVY` VM 5LTHUK /3CRcXZ_R]KeZ ?Zej

0B"""""""H""""""""""""HHH""""""""""""""""""HH

Z

;ZR^_Ud

; h

ADBPM@ .*

Oa^ lhenmbhg h_ ma^ ]bZfhg])pZm^k iZkZ]hq ^gZ[e^] ma^ g^h\eZllb\blmlmh [kbg` bg ]^fZg] Zl Z ]^m^kfbgZgm h_ ikb\^* Chp^o^k( ma^ mkbnfia h_fZk`bgZe Zg] ]bfbgblabg` fZk`bgZe nmbebmr aZl( bg Z l^gl^( [^^g \Zkkb^]mhh _Zk* Rabe^ bm bl mkn^ maZm ]bfbgblabg` fZk`bgZe nmbebmr \Zg Z\\hngm _hkeZ\d h_ li^\bZebsZmbhg bg \hglnfimbhg( bm [r gh f^Zgl _heehpl maZm p^fnlm aZo^ ]bfbgblabg` fZk`bgZe nmbebmr mh ^qieZbg hk kZmbhgZebs^ mablh[l^koZmbhg*

R^ laZee ghp lahp ahp Z ]^fZg] _ng\mbhg \Zg [^ h[mZbg^] _hk Zg bg)]bob]nZe _khf abl nmbebmr _ng\mbhg Zg] [n]`^m \hglmkZbgm*

/4 KMD>@ OC@JMT

?&??3

SK q %TKj %UKs % D6 ,

Akhf mabl bm _heehpl maZmPq 9 Pir 9 Pis 9 9

E

& !&+

+ ,

BOLVY` VM 5LTHUK /5

bg]bob]nZe phne] ^bma^k li^\bZebs^ bg ma^ \hglnfimhg h_ S hk T* Oabl bloZeb] [nm hger [^\Znl^ h_ ma^ _Z\m maZm p^ aZo^ Zllnb6g^]bg]î^g]^g\^*

Ab`nk^ .*/ kîk^l^gml Z \Zl^ h_ ]î^g]^g\^* Dg mabl \Zl^( ô^g pbma bg)\k^Zlbg` fZk`bgZe nmbebmr( p^ ]h ghm g^\^llZkber `^m li^\bZebsZmbhg bg\hglnfimbhg*

CRcXZ_R]KeZ]Zej

q 6 ?

C( K( W L hYV_3C(K( W MhYV_3

i 9 *

j6

=""""""""""""""""""""""""""""H"""""""""""""""""""""""""""@ OC@JMT

Nniihl^ ghp maZm ma^ nmbebmr _ng\mbhg blP 9 SQ* Dg mabl _ng\mbhg( ma^fZk`bgZe nmbebmr h_ S bl^jnZe mh T$P79 Q%(Zg] ma^fZk`bgZe nmbebmrh_ Tbl ^jnZe mh S$P79 S%*?bZ`kZffZmb\Zeer mabl\Zg [^ lahpg Zl bg Ab`nk^.*0* Dg mabl_ng\mbhg ma^fZk`bgZe nmbebmrh_ S k^fZbgl \hglmZgm b_ S bl bg)\k^Zl^]( Zg] ma^fZk`bgZe nmbebmrh_ T k^fZbgl \hglmZgm b_T bl bg\k^Zl^]*Oabl _ng\mbhg ]b__^kl_khf ma^_hkf^k bg mphl^gl^l6 ma^k bl gh ehg`^k ]b)fbgblabg` fZk`bgZe nmbebmrZg] ma^k^bl ]î^g]^g\^* Chpô^k( ma^ ]^)

fZg] _ng\mbhg `^g^kZm^] [r ma nmbebmr_ng\mbhg bl ma^lZf^( S 9 .v i"

JeR]KeZ] Zej

# M6 +*$

B"""""""""""""""=/57!

7I6""""""""""7H!""""""""""E H"""""""""""""""""""""E#S$

ADBPM@ .*0

Ihp \hglb]^k Z mabk] nmbebmr _ng\mbhg(P 9 S.T.* Dg mabl\Zl^ ma^ fZk)`bgZe nmbebmrh_ S $Po%bl ^jnZe mh .ST.( Zg] ma^ fZk`bgZe nmbebmrh_ T $P#(#%bl .TS.* Dg mabl_ng\mbhg ma^kbl ]î^g]^g\^ Zg] bg\k^Zlbg` fZk`bgZenmbebmr _hk [hma SZg] T* Nheobg _hk ma^ ]^fZg] _ng\mbhg p^ h[mZbg S 9

.v *# pab\a bl Z`Zbg ma^lZf^ Zl pZl h[mZbg^] bg mamph ikôbhnl bglmZg\^l*Y qWDg ma^ mak^^ ik^\^]bg_ng\mbhgl p^ aZoâZ] bg]î^g]^g\^ Zg] ]^)

\k^Zlbg` fZk`bgZe nmbebmr(]î^g]^g\^ Zg] \hglmZgm fZk`bgZe nmbebmr( Zg]]î^g]^g\^ Zg] bg\k^Zlbg` fZk`bgZe nmbeb mr*%T^m bg Z\a \Zl^ p^ ^g] nipbma ma^ lZf^ ]^fZg] _ng\mbhg* Oabl l^^fbg` iZkZ]hq\Zg [^ lmZm^] bgZghma^k fZgg^k* R ghmb\^ maZm i^hie^li^g] hg^)aZe_ h_ ma^bkbg\hf^ hg

\hffh]bmr S( pab\a bl ma^ \Zl^pa^g ma^ ]^fZg] _ng\mbhg bl.> 9 .vq#e#^mma^k^Zk^ mak^ ]b__^k^gm nmbebmr _ng\mbhgl maZmkZmbhgZebs^ mabl h[l^ko^]ia^ghf^ghg* G^m nl \hglmkn\mZ mZ[e bg]b\Zmbgàhp ]b__^k^gm [Zld^ml h_`hh]l pbee [^ kZgd^] [r ma^l^ nmbebmr _ng\mbhgl6 Ang\mbhg D6 P 9 eh` S%eh` T $ma^gnf[^kl Zk^ _hk gZmnkZe eh`Zkbmafl%7 Ang\mbhg DD6 P 9(ST7Ang\mbhg DDD6 P9 S.T.7 Zg] e^m nlZ]] Z _hnkma _ng\mbhg(Ang\mbhg DQ6

" D=K6gL ' ,"

Akhf OZ[e^ .*/ bm fZr [^ l^^g maZm nmbebmr_ng\mbhgl D(DD(Zg] /// ZeekZgd [ng]e^l bg ma lZf^ pZr( pabe^ DQ ]h^l ghm* Oa ]b__^k^gm nmbebmr_ng\mbhglZllb`g ]b__^k^gm gnf[^kl mh ma^l^ [ng]e^l7 [nm pa^g\hglb]^kbg`

BOLVY` VM 5LTHUK 0

Zgr mph [ng]e^l( b_ _ng\mbhg D bg]b\Zm^lma hg^ [ng]e^ aZl Zabà^k nmbebmrmaZg ma^ hma^k( _ng\mbhglDDZg] /// pbee ]h ebd^pbl^* Nbg\ bg hk]bgZkrfZkd^m [âZobhk( b*^*( [âZobhkng]^k \^kmZbgmr(ma^bg]bob]nZe bg]b\Zm^lhger pa^ma^k a^ ik^_^kl hg^ [Zld^m mh Zghma^k[nm gô^k[r ahp fn\a( bmlahne] ghm [^ lnkikblbg` maZm ma^l^ mak^^nmbebmr_ng\mbhglrbê] ma lZf^]^fZg] _ng\mbhg* Ang\mbhglD( DD( Zg]/// Zk^ Zee_ng\mbhgl h_ $ST%( Zg]manlb_p^ \Zee P 6 ST hg^ nmbebmr_ng\mbhg(ma^hma^kmph\Zg [^ pkbmm^g]hpg Zl _ng\mbhglh_ P( gZfêr A 9 eh` P Zg] B 9 P.* Ang\mbhgDQ( ahp)ô^k(\Zgghm [^ fZ]^ Z _ng\mbhg h_ P*Oabl fZr [^ `^g^kZebs^] [r lZrbg`maZm b_ lhf^ P6 _$S(T% bl\hglblm^gm pbma ma^bg]bob]nZe#l [âZobhk(ma^g

lh bl Zgr hma^k _ng\mbhg P&6 A VP$S(T%X ikhob]bgmaZmvv& : J* Oa^l^mph \hg]bmbhgl `nZkZgm^^ maZm ma^ oZkbhnlnmbebmr_ng\mbhgl`^g^kZm^] pbee

YkZgd [Zld^ml bg ma^ lZfpZr* 4H ma^ m^kfbgheh`rh_ ma^ g^qml^\mbhg(*ma^l mak^ nmbebmr_ng\mbhglphne] aZo^ b]^gmb\Ze bg]b__^k^g\^ \nko^lô^gmahnà ma^r ZmmZ\a ]b__^k^gm gnf[^kl mh ma^ \nko^l*

J89B< .*/

S j ( ++ ((( 9D

, *1 . *25/ . 0 *3,3 / *,55 / 5 *422. *25/ . 0 *50/ *,55 / 5 .*./.. . */42 0 2 .*.

9UKPMMLYLUJL4\Y]L BOLVY`

Oa^ bg]b__^k^g\^ \nko^ ZiiZkZmnlbl Zghma^k ]ôb\mhlnffZkbs^ mZlm^lln\\bgmer*>hglb]^k Zgr \hffh]bmr liZ\^( SQ( Zg] \hglb]^k Zgr [ng]e^ h_S Zg] T eZ[êe^] K bg mabl\hffh]bmr liZ\^* Oabl \hffh]bmr liZ\^ fZr[^ ]bob]^] bgmh _hnk jnZ]kZgmlZl bg Ab`nk .*1* G^m nl Zllnf^ maZm ma^

r

%

>?h l?L

ADBPM@ .*1

0. KMD>@ OC@JMT

bg]bob]nZe ik^_^kl fhk^ h_ ^Z\a \hffh]bmr mh e^ll* Oa^g Zgr ihbgm bg ma^k^`bhg eZ[êe^] / bl \e^Zker ik^_^kZ[e^ mh ihbgm K( lbg\^ bm kîk^l^gml^bma^kfhk^ h_ S hk fhk^ h_ T hk fhk^ h_ [hma* =r lbfbeZk k^Zlhgbg`( K bl \e^Zkerik^_^kZ[e^ mh Zgr ihbgm bg ma^ k^`bhg eZ[êe^] D bgZlfn\a Zl K kîk^l^gml^bma^k fhk^ h_ S hk fhk^ h_ T hk fhk^ h_ [hma* Rbma k^li^\m mh ma^ ihbgmlbg jnZ]kZgml . Zg] 0( p^ \Zg mabgd h_Zldbg` ma^ bg]bob]nZe pahl^ ik^_^k)^g\^l p^ Zk^ ]^m^kfbgbg` ahp a^ kZgdl ^Z\a ihbgm kêZmbo^ mh K* D_ aîk^)_^kl ma^ ihbgm( p^ \Zg eZ[ê bm '( b_ a^ ik^_^kl K( p^ \Zg eZ[ê ma^ ihbgm )*Dg mabl pZrp^ \Zg ZmmZ\a ' hk ) mh ihbgml bg k^`bhgl. Zg] 0* Oa^k^ pbee[^ lhf^ [hng]Zkr ebg^ [^mp^^g ma^ )#l Zg] ma^ '#l7ma^ ihbgmlhg mablD[hng]Zkr ebg^ kîk^l^gm \hf[bgZmbhgl Zfhg` pab\a a^ bl bg]b__^k^gm( Zg]?mabl [hng]Zkr ebg^ p^ fZr \Zee Zg bg]b__^k^g\ \nko^*#Jnk Zllnfimbhg maZmfhk^ bl ik^_^kk^] mh e^ll*f^Zgl maZm ma^ bg]b__^k^g\^ \nko^ \Zgghm`hmakhnà jnZ]kZgml D#Zg] /c$e^g\^( ma^ bg]b__^k^g\ \nko^ \Zg gô^k aZo^ Zihlbmbo^ lehi^ [nm fnlm [^ g^`Zmboêr bg\ebg^]Zm Zee ihbgml bg ma^ ^\hghfb\k^`bhg* Bbo^g maZm ma^ bg]b__^k^g\^ \nko^ bl g^`Zmboêr bg\ebg^] Zm Zee ihbgml(ma^k^ bllmbee ma^ ihllb[bebmr maZm !bm fZr[^ ^bma^k \hg\Zo^ hk \hgo^q mh ma^hkb`bg* Jg `khng]l maZm pbee [^ lahpg eZm^k(bmbl k^ZlhgZ[e^ mh Zllnf^ ma^bg]b__^k^g\^ \nko^ mh [^ \hgo^q mh ma^ hkb`bg%=r lmZkmbg`pbma Z ihbgm hma^kmaZg K(p^ \hne] bg ma^ lZf^ fZgg^k `^g^kZm^ Z ]b__^k^gm bg]b__^k^g\^\nko^* Dg ikbg\bie^( Zg bg]b__^k^g\^ \nko^ `h^l makhnà ô^kr ihbgm* Oa^l^m h_ bg]b__^k^g\^ \nko^l bl Z fZi h_)ma^ bg]bob]nZe#l mZlm^l*

Rbma k^li^\m mh ma^ bg]bob]nZe#l hiihkmngbmb^l(ma^r fZr [^ kîk^l^gm^]`^hf^mkb\Zeer Zl bg Ab`nk^ .*2*Oa^ bg]bob]nZe blZllnf^] mhaZo^ Z fhg^r

r

Z6Z

h q

ADBPM@ .*2

bg\hf^ D( pab\a a^ li^g]l hg \hffh]bmb^l S Zg] T* D_ a^ li^g]l Zee ablbg)

\hf^ hg \hffh]bmr T( a^ \Zg ink\aZl^ v ngbml h_T* D_ a^ li^g]l Zee ablKj

BOLVY h_ 5 LTHUK +*

bg\hf^ hg \hffh]bmr S( a^ \Zg ink\aZl^ v ngbml h_ S* Oa^ lehi^ h_ mabl* Kq

ebg^ pbma k^li^\m mh ma^ S Zqbl bl ma^k^_hk^ Ks @\hghfb\Zeer mabl f^Zgl8j

maZm b_ ma^ bg]bob]nZe ink\aZl^l hg^ ngbm e^ll h_ S(a^ lZo^l Zg Zfhngm h_

fhg^r ^jnboZe^gm mh#Kq) Rbma mabl Zfhngmh_ fhg^r a^ \Zg [nr v q ngbmlZ

h_ T* vi ma^k^_hk^ kîk^l^gml ma^ kZm^ Zm pab\a \hffh]bmrT \Zg [^ ln[lmb)j

mnm^] _hk S* Oa^ laZ]^] Zk^Zbg ma^ ]bZ`kZf kîk^l^gml ma^ Zk^Z h_ ZmmZbg)Z[e^ \hf[bgZmbhgl*7

Nni^kbfihlbg` ma^ mph [hng]Zkb^l h[mZbg^]( p^ l^^ maZm ma^ bg]bob]nZepbg gô^k lmhi pbmabg ma^ Zk^Z h_ ZmmZbgZ[e^ \hf[bgZmbhgl [nm pbee ^g)]^Zohk mh ^g] ni hg ma^ [hng]Zkr ebg^*$Oa^ \hg]bmbhg h_jnbeb[kbnf blmaZm ma^ bg]bob]nZe lê^\m maZm ihbgm hg maêbg^ h_ZmmZbgZ[e^\hf[bgZmbhglmaZm bl hg ma^ abà^lm bg]b__^k^g\^ \nkov+Oa^ kZmbhgZe^ _hk ma^ Zllnfimbhgh_ \hgo^qbmr h_ ma^ bg]b__^k^g\^ \nko^ pbma k^li^\m mh ma^ hkb`bg fZrGJQe*#[^ l^^g* D_ ma^ bg]b__^k^g\^ \nko^ p^k^ ô^krpa^k^ \hg\Zo^ mh ma^ hkb`bg(ma^g ma^ ihbgm h_ ^jnbeb[kbnf phne] [^ hg hg^ h_ ma^ Zq^l( b*^*( p^ lahne]^qi^\m mh _bg] i^hie^ li^\bZebsbg` bg \hglnfimbhg* R^( ma^k^_hk^( kne^ mablhnm* D_ ma^ bg]b__^k^g\^ \nko^ p^k^ lhf^pa^k^ \hgo^q Zg] lhf^pa^k^ \hg)\Zo^ mh ma^ hkb`bg( ma^ bg]bob]nZe phne] gô^k [^ bg ^jnbeb[kbnf Zm ZgriZkm h_ ma^ bg]b__^k^g\^#\nko^ maZm pZl \hg\Zo^ mh ma^ hkb`bg*Oa^k^_hk^(ma^ ^\hghfb\Zeer kêôZgm iZkm bl ZepZrl ma^ iZkm pa^k^ ma^ bg]b__^k^g\^\nko^ bl \hgo^q* D_ ma^ bg]b__^k^g\^ \nko^l Zk^ \hgo^q mh ma^ hkb`bg( maîhbgm h_ ^jnbeb[kbnf bl Z ihbgm Zm pab\a ma^ ebg^ h_ ZmmZbgZ[e^ \hf[bgZ)mbhgl bl mZg`^gm mh Zg bg]b__^k^g\^ \nko^*q

00 KMD>@ OC@JMT

mbhglrbê] ma^ lZf^ bg]b__^k^g\^ fZi* Ahk ^qZfie^( b_ P6 _$S(T% bl ma^nmbebmr _ng\mbhg( ma^g ma^ bg]b__^k^g\^ \nko^l `^g^kZm^] [r mabl nmbebmr _ng\)

Znmbhg pbee aZo^ ma^ lehi^ h_ ) 6v6 l3( D_ p^ mZdZgr _ng\mbhg h_ P(

41lZr P& pa^k^ /$ 9 *"/"0%1##%ma^g malehi^ h_ ma^ bg]b__^k^g\^ \nko^

]P&

`bo^g [r mabl P& _ng\mbhg pbee [^ 66*6&vq 6 vq* Oanl( p^ l^^ maZm)) r r]P

Zee ma^l^ nmbebmr _ng\mbhglpbee aZo^ malZf^ bg]b__^k^g\^ \nko^l* Oabl ahe]l

h_]P& 5 , Oa ]z m + ]P& : , mô^g ]P ) * ^ \hg DmDJg m kZm ]P DNg^\^llZkr mh nZkZgm^^maZm ma^ hk]^kbg` bl bg 5^ lZf^ ]bk^\mbhg*

knlh^ \hghfr( ma^bg]b__^k^g\^ \nko^l phne] [^ ma lZf^ Zl mahl^ ]^l\kb[^] Z[ho^( [nm bg)lm^Z] h_ Z [n]`^m ebg^ ma^k^ phne] [^ ZmkZgl_hkfZmbhg\nko^* Oa^ lehi^h_ mabl \nko^ phne] kîk^l^gm ma^ kZm^ h_ ln[lmbmnmbhg ghm bg ma^fZkd^m [nmbg ikh]n\mbhg*

Oa^ h[c^\mbo^ h_ ma^ bg]b__^k^g\^ \nko^ ZiiZkZmnl bl mh ]^kbo^ Z ]^fZg]_ng\mbhg _hk(lZr( \hffh]bmr S bg m^kfl h_ ma^ ikb\^ h_ S(ma^ ikb\^h_ TvZg] fhg^r bg\hf^* Chpô^k( bm bl \e^ZkmaZm b_Zee ikb\^lZg] bg\hf^ p^k^]hn[e^]( ma^ bg]bob]nZe#l hiihkmngbmrebg^phne] k^fZbg ngZem^k^]*Oablf^Zgl maZm bm bl ghm ma^ Z[lhenmêôêlh_ Kq( Kj& Zg] D maZm Zk^bfihkmZgm

[nm kZva^k ma^ kZmbhl(ln\a Zl vq Zg] vr* Oa^k^ Zk^ k^Zeerhger mph bg]^)

i^g]^gm oZkbZ[e^l* D_p^ Zllnf^ kêZmbo^ ikb\^lng\aZg`^] pa^g bg\hf^bg\k^Zl^l( p^ \Zg h[mZbg ma^ jnZgmbmr h_ SZg] T ]^fZg]^] Zl Z _ng\mbhgh_ k^Ze bg\hf^*

Ahk ^qZfie^( bg Ab`nk .*3 maêbg^?@ bl lniihl^] mh [^maêh\nlh_ ihbgmlZmpab\a ebg^l h_ ZmmZbgZ[e^ \hf[bgZmbhgliZkZeeêmh mahl^ lahpgZk^ mZg`^gmmh bg]b__^k^g\^ \nko^l* Dgma^l^`f^gm ( ma jnZgmbmr h_ Sbg\k^Zl^l Zg] ma jnZgmbmr h_ T ]^\k^Zl^l Zlbg\hf^ bg\k^Zl^l7_khf > mh?(ma^ jnZgmbmb^lh_ [hma S Zg] T bg\k^Zl^ Zl bg\hf^ bg\k^Zl^l7 _khf ? mh @(ma^ jnZgmbmr h_S ]^\k^Zl^l Zg] ma^ jnZgmbmrh_ T bg\k^Zl^l Zlbg\hf^ bg)

BOLVY` VM 5LTHUK +,

r h

ADBPM@.*3

\k^Zl^l* < `hh] bl lZb] mh [^ Z Z\WLYPVYhh] b_ ma^ jnZgmbmr\hglnf^] bg)\k^Zl^l Zl bg\h*f^ bg\k^Zl^l Zg] Zg PUMLYPVY`hh] b_ ma^jnZgmbmr\hglnf^]]^\k^Zl^l Zl(bg\hf^ bg\k^Zl^l* Dg ma^ Z[ho^ ]bZ`kZf( L Zg] TZk^ [hmalni^kbhk `hh]l [^mp^^g < Zg] =Zg] > Zg] ?7 S bl Z lni^kbhk `hh] Zg] TZg bg_^kbhk `hh] [^mp^^g =Zg] >7 S blZg bg_^kbhk `hh] Zg] T Z lni^kbhk`hh] [^mp^^g ? Zg] @* Oa^l^ lZf^ k^lneml \Zg [^ iehmm^] bg ma^ _hkf h_Zg @g`ê \nko^ Zl bg Ab`nk.*4* Oa^ [âZobhk h_ jnZgmbmrpbma k^li^\m mh

GfR_eZej W L GfR_eZej WT

?_T^V$,% ?_T^V $ [%

ADBPM@.*4

bg\hf^ \Zg [^ ]^l\kb[^] [r ma^ êZlmb\bmr h_ jnZgmbmr pbma k^li^\m mh bg)

\hf^ $`^g^kZeer \ve^] PUJVTL LSHZ[PJP[`#hk ]j * ( 3(D_ ]]j| ( 7 *&ma^ `hh]* ]D j D j

bg jn^lmbhg bl Z lni^kbhk `hh]7b_ ]j | ( ( 5 *&ma^ `hh] bl Zg bg_^kbhk `hh]* D_]D b (

]j D]D * j 5 ( ma^ i^k\^gmZ`^ h_ bg\hf^ li^gm hg ma^hh] bg jn^lmbhg ]^)

\k^Zl^l Zl Dg\hf^ bg\k^Zl^l(# b_ ]j | 6 + ma^ i^k\^gmZ`^ h_ bg\hf^ k^)]D j (

02 KMD>@ OC@JMT

* b_]j D : ? _ * a ]f Zfl \hglmZgm7 ( A4' j ( m e^ i^k\^gmZ`^ , f\hf^ li^gm hg m^ `hhbg\k^Zl^l Zl bg\hf^ bg\k^Zl^l*!

BOLVY` VM 5LTHUK +

eh\Zmbhg Zl Zhh] f^Zlnk^] hg hg^ h_ ma^ Zq^l* >hkk^lihg]bg` mh ^Z\a k^)`bhgZeeh\Zmbhg(ma^k^ bl Z \khll)l^\mbhg h_ ma^ fnemb]bf^glbhgZe lnk_Z\^ h_ZmmZbgZ[e^ \hf[bgZmbhgl Zg] bg]b__^k^g\^ lnk_Z\^l* Oa^ \khll)l^\mbhg _hkhg^ k^`bhgZe eh\Zmbhg fZr \hkk^lihg] mh ]b__^k^gm hiihkmngbmb^l Zg] ]b_)_^k^gm mZlm^l maZg ma^ \khll)l^\mbhg _hkZghma^k* =nm pabe^ mabl bl ^gmbk^er\hkk^\m _hkfZeer(bm ]h^l ghm Zem^k ma^ lab_m h_ ^fiaZlbl Z\\hk]bg` mh ma^ikh[e^f*

04 KMD>@ OC@JMT

\hfinm^ bm Zl ma^ $kêZmbo^% \hlm h_Z li^\b_b^] [ng]e^ h_ `hh]l* Ahk ^q)Zfie^( b_ ma^ [ng]e^ h_hh]l \hglblml h_ $Sh# Th% Zg] b_ ikb\^l ng]^k mphlbmnZmbhgl$mph mbf^ngbml( mph `^h`kZiab\ Zk^Zl( ^m^*%Zk^ $iq(Kr% Zg]$K#q(K#r%(ma^g ma^ ikb\^ bg]^q bg ma^l^\hg] lbmnZmbhg kêZmbo^ mh ma^ _bklm bl

K#qSh %K#gT * = *_ez _b ] z ** [ob *W * ** nm DN q^( m nlkZmbhDN, QeJPNT nfmr hk Z m e^KqSh % KrTh[n]`^m ebg^l `hbg` makhnà ma ihbgm $S7Th%( lbg\^ [hma gnf^kZmhk Zg]]^ghfbgZmhk Zk^ ma^g ^jnZe mh+(

r

H""""""""H""""H""""""""H""""""""EADBPM@,(,*

Oa^ ihbgml h_ mZg`^g\r h_ ma^l^ ebg^l mh bg]b__^k^g\^ \nko^l `^g^kZm^ Z]^fZg] \nko^ _h_ pab\a !k^Ze bg\hf^! bl \hglmZgm( bg ma^ l^gl^ maZmfhg^r bg\hf^ ]bob]^] [r Z ikb\^ bg]^q \hfinm^] Zl cnlm ]^l\kb[^] bl ma^lZf^*

Nmbee Zghma^k dbg] h_ ]^fZg] \nko^\hne] [^ `^g^kZm^] [r \hglb]^kbg`ma^ l^m h_ [n]`^m ebg^l mZg`^gm mhZ lbgè^ bg]b__^k^g\^ \nko^* Oa^ \hkk^)lihg]bg` jnZgmbmb^lZg] kêZmbo^ ikb\^l phne] `bo^ Z ]^fZg] \nko^ _hkpab\a !k^Ze bg\hf^! bl \hglmZgm bg ma^ l^gl^ h_ nmbebmr*

Oa^ kêZmbhglabiZfhg` ma^l^ oZkbhnl \hglmkn\mbhgl \Zg i^kaZil [^[khnàm hnm [^lm [r \hglb]^kbg` ma^ lh)\Zee^] bg\hf^ Zg] ln[lmbmnmbhg ^_)_^\ml h_ Z \aZg`^ bg hg ikb\^ pbma Zee hma^k ikb\^lZg] fhg^r bg\hf^ ng)\aZg`^]* Dg \hglb]^kbg` ma^l^( p^ laZee pZgm mh ]blmbg`nbla [^mp^^g ma^!Nenmldr! ^__^\ml(pab\a \hkk^lihg] pbma khmZmbg` [n]`^m ebg^lZ[hnm Zihbgm $ShTh%( Zg] Cb\dlbZg ^__^\ml(pab\a \hkk^lihg. pbma \hglb]^kbg` ma^l^m h_ [n]`^m ebg^l mZg`^gmmh Zlbgè^ bg]b__^k^g\^ \nko^*

>hglb]^k OZ[e^ .*0( Zg] Ab`nk^ .*.* OZ[e^ .*0 [kbg`l hnm mabeb__^k^g\^*[^mp^^g Nenmldr#Nf^Zlnk^ h_ ma bg\hf^ ^__^\mZg] ma^ Cb\dlbZg f^Zlnk^*Oa^ ]b__^k^g\^ [^mp^^g $Z% Zg]$[%bl maZm maîkb\^ h_ S bl ehp^k pabe^ma^ ikb\^ h_ M Zg] fhg^r bg\hf^ Zk^ ng\aZg`^]* Oa^ \hglnf^k bl h[ob)hnler [^mm^k h__lbg\^ a^ bl \hglnfbg` fhk^ h_ [hma S Zg] M( NbmnZmbhg$\%bl paZm Nenmldrphne] aZo^ \Zee^] Z JVTWLUZH[LK\aZg`^ bg ikb\^ _khflbmnZmbhg$Z%* Dg\hf^bg $\% ble^ll maZg maZm bg $Z%[r cnlm ^ghnà lh maZm

???

BOLVY` VM5LTHUK +.

Zm maehp^k ikb\^ _hkS ma^ bg]bob]nZe\hne]( b_ a^pZgm^] mh([nr ma^ lZf^Zfhngm h_ S Zg] T Zl ikôbhnler* Ab_mr ngbmlh_ S phne] \hlm ".1*,, ghpbglm^Z] h_"1,*,, Zg] a^ aZl ".1*,, e^ll bg\hf^* Dg Nenmldr#lm^kfl( ablHWWHYLU[ YLHSPUJVTLbl ng\aZg`^]( [nm Zm mag^p ikb\^( ma^bg]bob]nZe]h^l ghm [nr _b_mrh_ S Zg] _b_mrh_ T7 a^ [nrl lbqmr h_ S Zg] _hkmr)_boh_T* Nbg\â^ ]êb[^kZmêr \ahhl^l maeZmm^k [ng]ebglm^Z] h_ ma^ _hkf^k(p^ fnlm lniihl^ abf mh ik^_^k bm7 bg \hgl^jn^g\âbl !k^Ze! k^Ze bg\hf^ blabà^k _hk $\%maZg_hk $Z%7 a^bl hg Z abà^k bg]b__^k^g\^ \nko^* AhkCb\dl bmphne] [^ g^\^llZkr mh mZdZpZr ^ghnà fhg^r mh d^î ma^ bg]bob]nZe hgma^ lZf^ bg]b__^k^g\^\nko^* R^ fZr lniihl^ mablphne] k^jnbk^ mZdbg`ZpZr ".4*,,( Zl lahpg [r lbmnZmbhg $]%( pab\a ]^l\kb[^l Z[n]`^m ebg^mZg`^gm mh ma^ lZf^ bg]b__^k^g\^ \nko^Zl maZm mhpab\a $Z%\hkk^lihg]l* Nbm)nZmbhg $^% bl b]^gmb\Zepbma $\% ^q\îm maZm bglm^Z] h_ Z \aZg`^] bg\hf^ mh!\hfi^glZm^! _hk ma^ ]^\ebg^ bg kêZmbo^ ikb\^(bm lahpl Z \aZg`^] ikb\^ h_T ) Z \hglmZgm !ink\aZlbg` ihp^k h_ fhg^r*! NbmnZmbhg $_% bl lbfbeZkerb]^gmb\Zepbma$]%Zg] lahpl Z \hglmZgm!ink\aZlbg` ihp^k h_ fhg^r! bg Zlebàmer ]b__^k^gm l^gl^*

j

bGG b bb bG_ADBPM@ .*.

J89B< .*0

+ 8q #` L `!

$Z% &%% & & *% *%

#S$ &%% &$' & % +%

$\% ,* &&' & +% )*

#U$ ,' &&' & * )(

$^% &%% '$( )$( +% )*

#W$ &%% *%&,' &%%$,' * )(

OGGGGGGGGGGGGGGG Y&

1, KMD>@ OC@JMT

Oa^ Z]oZgmZ`^l h_ ma^ Nenmldrf^Zlnk^( ô^g mahnà bg hg l^gl^ bm blZgZiikhqbfZmbhg pabe^ ma Cb\dl f^Zlnk^ bl ghm(bl maZm bm\Zg [^ \hfinm^]]bk^\mer_khf h[l^koZ[e^ fZkd^m ia^ghf^gZ Zg] [âZobhk( gZfêr( ikb\^lZg] jnZgmbmb^link\aZl^]* Oa^ Cb\dl f^Zlnk^ \Zgghm7 bm k^jnbk^ldghpe)^]`^ h_ bg]b__^k^g\^\nko^l* Oa^ lfZee^k ma^ ikb\^ \aZg`^( gZfêr ma^\ehl^k Ki bl mh bg ma^ mZ[e^(ma^ e^ll lb`gb_b\Zgm ma^]b__^k^g\^ [^mp^^g ma^Nenmldr f^Zlnk^ Zg] ma^ Cb\dl f^Zlnk^*

Oa^ Cb\dl Zg] Nenmldrf^Zlnk^l `bo^ mph ]b__^k^gm pZrl h_ `^g^kZmbg`]^fZg] \nko^l maZm aZo^ maikhi^kmr h_ d^îbg` k^Ze bg\hf^ \hglmZgm* R^\Zg `^g^kZm^ Z*]^fZg] \nko^ [r nlbg` Cb\dl#l f^Zlnk^ h_ ma^ \aZg`^ bgk^Ze bg\hf^7 mabl phne] [^ ma^jnboZe^gm h_l\Zeehibg` Zg bg]b__^k^g\^\nko^* Jk p^ \Zg `^g^kZm Z ]^fZg] \nko^ [r nlbg` Nenmldr#l f^Zlnk h_ ma^\aZg`^ bg k^Ze bg\hf^(pab\a bl ^jnboZe^gm mh khmZmbg` Zebg^Z[hnmZihbgm*Dm fbàm [^ lZb] maZm ma^Nenmldrf^mah] bl ZpZr h_ d^îbg` ZiiZk^gm k^Zebg\hf^ \hglmZgm* Ab`nk^#.*.. bg]b\Zm^l ma^ kêZmbhglabilZfhg` ma^ mak^^mri^l h_ ]^fZg] \nko^ ]bl\nll^]6 $% ma^ hk]bgZkr]^fZg] \nko^( Zehg`pab\a Zee hma^k ikb\^l Zg] fhg^rbg\hf^ Zk^ ma^ lZf^ Zg]( Zl Z \hgl^)jn^g\^( k^Ze bg\hf^ \aZg`^l7 $.% ma^]^fZg] \nko^ pa^k^ k^Ze bg\hf^ bldîm \hglmZgm [rd^îbg` ma^bg]bob]nZe hg ma^ lZf bg]b__^k^g\^ \nko^$_heehpbg`Cb\dl%7 Zg]$/%ma^]^fZg] \nko^ pa^k^ ZiiZk^gm k^Ze bg\hf^bl dîm \hglmZgmZg] pa^k^ ma^ bg]bob]nZe bl ZepZrl ^gZ[e^] mh [nrma^hkb`bgZe [ng]e^ $_heehpbgNenmldr%*

6@F@ IA 8 ? ? 3L?DHIHMN

BOLVY h_ 5LTHUK ,(

\aZg`^ bg ikb\^ bl Z \hfihng] h_ Zg bg\hf^ Zg] Z ln[lmbmnmbhg ^__^\m*

1. KMD>@OC@JMT

"?

K mh M hk_khf S( mh S/* Aheehpbg` Nenmldr(p^ fZr \Zee mablma^ ln[lmbmnmbhg^__^\m(Zg] ma^ fho^f^gm _khf M mhL hk _khf S/ mhS(( ma^bg\hf^ ^__^\m*Oa^k^_hk^6

BV[HS 6MMLJ[ 9UJVTL 6MMLJ[ A\IZ[P[\[PVU 6MMLJ[$S0 ) Se% $S0) S/% % $S/ ) Se%

Dmpbee [^ ghm^] maZm ma^]b__^k^g\^ [^mp^^g ma^ Cb\dl Zg] Nenmldr Zi)ikhZ\a bl $S/ ) S.%* Oa^ _ng]Zf^gmZe ikhihlbmbhg bo^g [r HhlZd bl maZmZl m**Ki `h^l mh s^kh(ma^ m^kf$S/ ) S.% ZiikhZ\a^l s^kh fhk^ kZib]er maZgZgr hma^k ]b__^k^g\^*Dmbl( h_\hnkl^( mkn^maZmZl m**Kq `h^l mhs^kh( L( M( Zg]N Zee m^g] mh \hgo^k`mh ihbgmK* Oabl f^Zgl maZm$S0 ) S/%( $S( ) Sc %($S0 ) S.%( Zg] $S. ) Sc %Zl pêe Zl $S/ ) S.% Zee`h mh s^kh Zlm**Kq Zi)ikhZ\a^l s^kh* Chpô^k( $Sl) S.% bl ]b__^k^gm _khfZee ma^l hma^k jnZgmb)mb^lbg maZm bmZiikhZ\a^l s^kh fhk^ kZib]er( bg ma l^gl^ maZm maêbfbm h_

ll3 6 l3l Zl m**Kq ZiikhZ\a^l s^kh bl s^kh( [nm maebfbm h_( lZrvv6 6 l3lZl m**KqZiikhZ\a^l s^kh bl ghm g^\^llZkbers^kh*Oabl aZl ma^ bfieb\Zmbhg maZmma^ Nenmldrf^Zlnk^ h_ ma^ \aZg`^ bg fhg^r bg\hf^ g^^]^] mh d^î k^Zebg\hf^ \hglmZgm bl Z `hh]ZiikhqbfZmbhg mh ma^ b]^Ze\aZg`^ bg fhg^r bg)\hf^* R^ \Zg ghp pkbm^ ma^l ]bl\hgmbgnhnl ]b__^k^g\^ ^jnZmbhgl bg\hgmbgnhnl _hkf6

#+$Zq Zq $ YYDDC4D % ZqZi q 6 (Z/ &Zi q % ZKq

D9 P 9 P P 9 P Fj 6 F j+ F j 6 F j+

$Cb\dl%

$.% Zq Y S ZqZKi

eZD9k(6 FM+

ZS%ZKq

K(6 KreD6 %S( m**Kq

$Nenmldr%

pa^k^ _hk ^jnZmbhg .(q( 6 ZiD(lbg\^ ma^\aZg`^ bg Dk^jnbk^] mh\hfi^g)Z qW(W a a * ** S K\ Zg] h^k ngb a ** Sem**Kq SlZm^ hk m^ \ Zg`^ f ig\^ DN +e(( i Zg i^k ngbm\ Zg`^ DmDN i* hk ]"

C## q

Oa^ m^kf hg ma^ e^_m lb]^ h_ [hma h_ ma^l^^jnZmbhgl bl ma^ fho^f^gm _khfS( mh S0 ]bob]^] [r ma^ \aZg`^ bg ikb\^7 b*^*( bm blma^ \aZg`^ bg jnZgmbmri^k ngbm\aZg`^ bg ikb\^* Oa^ _bklm m^kf hg ma^kbàm lb] h_ [hma ^jnZmbhglbl ma^bg\hf^ ^__^\m pab\a bl `hmm^gZgZermb\Zeer[r( mZdbg` ma^ \aZg`^ bgjnZgmbmri^k ngbm\aZg`^ bg bg\hf^ Zg] fnembierbg` bm[r ma^ \aZg`^ bgbg\hf^ i^k ngbm \aZg`^ bg ikb\^ bfieb\bm bg iZllbg`_khf ma^ hkb`bgZe bg)]b__^k^g\^ \nko^ mhma^ g^p bg]b__^k^g\^ \nko^* Oa^ l^\hg] m^kf bg [hma^jnZmbhgl bl ma ln[lmbmnmbhg ^__^\m( Zg] bm lmZm^lma^ \aZg`^ bg jnZgmbmri^k

( l((((((oo(()))

N &

BOLVY` VM 5LTHUK ,*

ngbm \aZg`^ bg ikb\ pa^g ^bma^k ma^ bg]bob]nZe bld^im hg ma lZf^ bg]b_)_^k^g\^ \nko^ hka^ bl `bo^g Z \hfi^glZmbg` \aZg`^ bg abl fhg^r bg\hf^$l^^ Ab`nk^ .*.0%*

0/G

4! )(? 3L?DHIHMN

10 KMD>@ OC@JMT

bl ma^ êZlmb\bmr h_ ]^fZg] Zm ma^ ihbgm K h_ Z ]^fZg] \nko^ ]kZpg lh maZmk^Ze bg\hf^ bl \hglmZgm* R^ laZee \Zee mablbqi* R^( ma^k^_hk^( h[mZbg ma^_heehpbg`60

"M$LF 6 dq "M$L?%(8B=

C[PSP[` 2UHS`ZPZ VM HIVY A\WWS`

Pi mh mabl ihbgm( p^ aZo^ [^^g mk^Zmbg` bg\hf^ Zg] mhmZe ^qi^g]bmnk^_hk \hglnf^k l^kob\^l Zl b]^gmb\Ze( hk( mh inm bm fhk^ `^g^kZeer( p^ aZo^[^^g ^qZfbgbg` ma^ Zeeh\Zmbhg h_ Z _bq^] lnf ZfhgZem^kgZmbo^ \hglnfi)mbhg l^kob\^l pbmahnm Zldbg` ahp maZm _bq^] lnf bl Zkkbo^] Zm* Oa^ lnfZeeh\Zm^] mh li^g]bg` bl bmlê_ ma^ k^lnem h_ mph l^ml h_ ]^\blbhgl mh [^ k^)`Zk]^] Zl Zkkbo^] Zm mh fZqbfbs^ nmbebmr6 $% ma^ ]^\blbhg Z[hnm ahp fn\ah_ ma^ k^lhnk\^ l^kob\^l Zm ma^ ]blihlZe h_ ma^ \hglnf^k ngbm mh ]ôhm^ mhikh]n\mbo^ Z\mbobmb^l( Zg] $.% ma^ ]^\blbhg Z[hnm ahp fn\a mh li^g] hg\nkk^gm \hglnf^k l^kob\^l Zg] ahp fn\a mh Z]] mh hk ln[mkZ\m _khf Z\)\nfneZm^] p^Zema*4Hikbg\bie^( ma^ pahe^ l^m h_ ]^\blbhgl bl mh [^ k^`Zk]^]Zl Zkkbo^] Zm lbfnemZg^hnler( [nm bm bl ZgZermb\Zeer \hgo^gb^gm mh \hglb]^kma^f lîZkZmêr* R^ \Zg k^`Zk] ma^ ]^\blbhg ahp Z arihma^mb\Ze lnfphne] [^ ]blmkb[nm^] Zfhg` Zem^kaZmbo^ \hglnf^k l^kob\^l Zl ]^m^kfbgbg`ma^ nmbebmr ZmmZ\a^] mh maZm Zfhngm h_ \hglnfimbhg( mabl nmbebmr ma^g ^g)m^kbg` bgmh ma^ hma^k ]^\blbhgl Zl Z lbgè^ ]bf^glbhg*

Ahk lhf^ k^lhnk\^l hpg^] [r ma^ \hglnf^k ngbm( a^ bl bg]b__^k^gm ahpma^r Zk^ nl^]*Oabl bl `^g^kZeer ma^ \Zl^ _hk ikhi^k(mr $ghganfZg \ZibmZe%*Ahk ln\a k^lhnk\^l( fZqbfbsbg` nmbebmr _khf ma^bk nl^ bl lbfier ^jnboZe^gmmh fZqbfbsbg` ma^ iZrf^gm k^\^bo^] _hk ma^bk l^kob\^l* Ahk hma^k k^lhnk\^l(iZkmb\neZker _hk ikh]n\mbo^ l^kob\^l k^g]^k^] [r Zg bg]bob]nZe i^klhgZeer(abl anfZg \ZibmZe( bm fZmm^kl mh abf ghm hger ahp fn\a a^ bl iZb] _hk ma^bknl^( [nm ahp ma^r Zk^ nl^]* RLkd ^gmZbel nmbebmr hk ]blnmbebmr( Zg] ma^nmbebmr hk ]blnmbebmr fZr ]î^g] hg ma^ dbg]Zg] Zfhngm h_ phkd maZmbl ]hg^* 4H ^__^\m( ma^ ikhoblbhg h_ anfZg ikh]n\mbo^ l^kob\^l fnlm [^k^`Zk]^] ZlZ chbgm Z\m h_ lZe^ h_ ikh]n\mbo^ l^kob\^lZg] \hglnfimbhgh_ ma^Zllh\bZm^] Zf^gbmb^l h_ ma^ ikh]n\mbo^ Z\mbobmrinkln^]* R^ laZee(*\hglb]^k mabl \ahb\^ _nkma^k bg \aZim^k hg !Oa^ Nniier h_ AZ\mhkl h_Kkh]n\mbhg*!

C^k^( bm pbee [^ ^ghnà mh beenlmkZm^ ma^ nmbebmr ZgZerlbl h_ ma^ Zeeh\Zmbhgh_ anfZg \ZibmZe [r ^qZfbgbg` ma^ lbfie^ \Zl^ h_ ma^ \ahb\^ h_ ahp fZgrahnkl h_ ahfh`^g^hnl eZ[hk i^k ngbm mbf^ mh h__^k hg ma^ fZkd^m( g^è^\m)bg` maîhllb[bebmr maZm ma^k^ Zk^ ]b__^k^gm Z\mbobmb^l( bgoheobg` ]b__^k^gm

2* Thn pbee _bg] bm bglmkn\mbo^ mh ]^fhglmkZm^ _hk rhnklê_ maZm ma^\nko^l bg Ab`*.0 Zk^bg ma^ \hkk^\m hk]^k_hk Z lni^kbhk `hh] [nm ghm _hkZg bg_^kbhk `hh](Zg] mh ]kZp Z\hkk^lihg]bg` ]bZ`kZf _hk Zg bg_^kbhkhh]*

@NKUX_i` 3KSGTJ **

m_nm i` qilecha ]ih^cncihm $hihj_]ohc[ls [^p[hn[a_m [h^ ^cm[^p[hn[a_m%([p[cf[\f_ ni nb_ ch^cpcô[f+

Bcaol_ /+/2 jfinm [ bsjinb_nc][f m_n i` ch^c``_l_h]_ ]olp_m ìl [h ch^c*pcô[f+Pb_ p_lnc][f [rcm g_[mol_m ]ihmogjncih( il nb_ nin[f p[fo_ i` ]ih*mog_l m_lpc]_m j_l ohcn ncg_+ =m hin_^( [ g[rcgct[ncih jli]_mm cm cg*jfc]cnfs mojjim_^ ni \_ \_bch^ _[]b p[fo_ i` ]ihmogjncih7 ]ihmogjncih cm[mmog_^ [ffi][n_^ [giha [fn_lh[ncp_ m_lpc]_m mi [m ni g[rcgct_ oncfcns+Pb_ bilctihn[f [rcm g_[mol_m nb_ hog\_l i` biolm i` qile j_l q__e+Pb_l_ cm [ p_lnc][f fch_ [n .35 biolm [&__e( \_][om_ nb[n cm nb_ g[rcgogjbsmc][ffs [p[cf[\f_+ Pb_ ch^c``_l_h]_ ]olp_m [l_ ^l[qh [m `clmn ^_]fchchanb_h lcmcha [m nb_ f_hanb i` nb_ qile q__e cm ch]l_[m_^+ Pb_ ^_]fchcha m_a*g_hn cgjfc_m nb[n mig_ qile cm [ !aii^(! c+_+( nb[n nb_ ch^cpcô[f qiof^\_ qcffcha ni m[]lc`c]_ mig_ ]ihmogjncih ch il^_l ni \_ [\f_ ni qile( nb[nc` b_ b[^ [h [fn_lh[ncp_ miol]_ i` ch]ig_( b_ qiof^ \_ qcffcha ni j[s chil^_l ni qile+ >_sih^ mig_ hog\_l i` biolm( biq_p_l( Bcaol_ /+/2 [m*mog_m nb[n [^^cncih[f qile cm [ !\[^(! nb[n cn chpifp_m ^cmoncfcns [h^ ch^c*pcô[fm qcff hin \_ qcffcha ni qile [^^cncih[f biolm ohf_mm nb_s [l_ ]ig*

444 44 4

!

&

0KJNPILOFKJ

D

;i = (*, EKPMN KD

RKMG LCM RCCG

BECQNA /+/2

+7+8+++**#*u+ i+ Z +Z+ ZZy

23 LNE?A PDAKNU

j_hm[n_^ \s a_nncha [^^cncih[f ]ihmogjncih+ Pb_ ch^c``_l_h]_ ]olp_m[l_mbiqh [mofncg[n_fs [msgjninc] ni nb_ jbsmc][ffs g[rcgog fcgcn i` .35biolm j_l q__e+ Pb_ bcab_l nb_ ch^c``_l_h]_]olp_( nb_ bcab_l nb_oncfcns*c+_+(il [ acp_h [giohn i` f[\il( nb_ al_[n_l nb_ ]ihmogjncih nb_ bcab_lnb_ oncfcns+

K\pciomfs( nb_ ^_]fchcha m_ag_hn g[s hin _rcmn8 qile g[s \_ l_a[l^_^[m[ !\[^! l_a[l^f_mm i` biq+mbiln nb_ qile q__e+ Pb_ ^_]fchcha m_ag_hncmch]fo^_^ b_l_ ni cffomnl[n_ [ a_h_l[f jichn( qbc]b cmj[lnc]of[lfs _pc^_hnìl f[\il m_lpc]_m( h[g_fs( nb[nqb_nb_l [ j[lnc]of[l m_lpc]_cm [ !aii^! il [!\[^! cmhin [ n_]bhc][f jb_hig_hih ^_j_h^_hn ih cnm jbsmc][f ]b[l[]n_l*cmnc]m \on [ g[le_n jb_hig_hih ^_j_h^cha ih ]ihmog_l jl_`_l_h]_m [hîh g[le_n mojjfs [h^ ^_g[h^+ Pb_ m[g_ jbsmc][f cn_g g[s \_ [ !aii^!il [ !\[^! ^_j_h^cha ih ]cl]ogmn[h]_m+ E` nb_g[le_n jlc]_ cm jimcncp_(cncm[ aii^8 c` h_a[ncp_( [\[^+ Pi cffomnl[n_ch [ nlcpc[fq[s( nb_ech^ i` mcha*cha nb[n cmih_ \s [ li]e mn[l cmi\pciomfs [ !aii^(! mch]_nb_ jo\fc] cmqcffcha ni j[s [ bcab jlc]_ ni fcmn_h ni cn8 nb_ech^ i` mchachamig_ i` omî cm[ !\[^(! mch]_ q_ qiof^ b[p_ ni j[s j_ijf_ ni fcmn_h ni om+ =mgomc][fn[mn_m ]b[ha_( qb[nq[m [n ih_ ncg_ [ !aii^! g[s \_]ig_ [ !\[^(! [h^]ihp_lm_fs+ Pi cffomnl[n_ch [ gil_ òh^[g_hn[f q[s( ch gi^_lh [^*p[h]_^ mi]c_nc_m( [fgimn nb_ihfs b[l^( \[]e*\l_[echa jbsmc][f f[\il nb[n][h \_ i\m_lp_^ cm îh_ \s j_ijf_ ìl mjiln [h^ nb_s nsjc][ffs j[s ìl nb_jlcpcf_a_ i` _ha[acha ch mo]b f[\il+ Sb[n b[m ìl gcff_hc[ \__h [ ]ih*mjc]oiom!\[^! b[m \_]ig_ [ !aii^+! !*

Pb_ mnl[cabn fch_mKS [h^ S#S# ch Bcaol_ /+/2 [l_ fch_mi` [nn[ch[\f_]ig\ch[ncihm( il \oâ_n fch_m+Pb_ fch_ KS ]ill_mjih^m ni nb_ ][m_ chqbc]b nb_ ch^cpcô[f b[m himiol]_ i` ch]ig_ inb_l nb[h j[sg_hn ìlf[\il m_lpc]_m(mi cn mn[lnm[n nb_ ilcach+ Pb_mfij_ i` nb_ fch_ cm nb_q[a_l[n_ j_l biol $h_n i` n[r_m( _n]+( mi nb[n cn mbiqmnb_ [giohn [p[cf[\f_ ni[^^ ni ]ihmogjncih%+ Pb_ jichn i` n[ha_h]s acp_mKH [m nb_ [giohn i`f[\il nb[n qcff _h[\f_ nb_ ch^cpcô[f ni i\n[ch nb_ bcab_mn ch^c``_l_h]_]olp_+ Jin_ nb[n cn cmnb_!bcab_mn! [h^ hin nb_ !fiq_mn!ch^c``_l_h]_ ]olp_\_][om_ nb_ ]olp_m [l_ ]ih][p_ ojq[l^m( qbc]b cm nb_ òh^[g_hn[f domnc*`c][ncih ìl ^l[qcha nb_g nb[n q[s+

Pb_ fch_ S#S# ]ill_mjih^m ni [ ][m_ ch qbc]b nb_ ch^cpcô[f b[m [hih*f[\il miol]_ i` ch]ig_ i` KS#+ =m^l[qh( b_ cmnb_l_\s f_^ ni l_ô]_ nb_f_hanb i` nb_ qilecha q__e ni KH#+ Pbcm l_mofn cm hin i` ]iolm_ch_pcn[\f_+En mcgjfsl_`f_]nmnb_ j[lnc]of[l m_ni` ch^c``_l_h]_ ]olp_m(nbioab cn î_mm__g fce_nb_ l_mofn ni \__rj_]n_^( [n f_[mn ìlhihf[\il ch]ig_ [\ip_mig_ gchcgog+

Pb_ ech^ i` [h[fsmcmom_^ chnb_ jl_]_^cha m_]ncihni ^_lcp_ ^_g[h^]olp_m `lig ]ihmog_l ch^c``_l_h]_ ]olp_m ][h ]f_[lF+s\_ om_ b_l_ ni ^_lcp_mojjfs ]olp_m i` f[\il ìl ^c``_l_hn ]ig\ch[ncihm i` q[a_ l[n_m [h^ hih*f[\il ch]ig_( [h^ nb_ _[lfc_l [h[fsmcmi` ch]ig_ [h^ mo\mncnoncih_``_]nm][h \_ ][llc_^ ip_l b_l_+ Uio qcff `ch^ cn om_òf niî mi+

!h#

@NKUX_ UL 3KSGTJ *,

AZOROZ_ 0 TGR_YOY UL ?G\OTMY

H_n om nolh hiq ni nb_ ^_]cmcih [\ion biq go]b i` ]oll_hn l_]_cjnm `lignb_ m[f_ i` l_miol]_ m_lpc]_m ni mj_h^ ih ]oll_hn ]ihmogjncih [h^ biqgo]b ni [^^ ni []]ogof[n_^ q_[fnb( il [fn_lh[ncp_fs biq go]b ni mo\nl[]n`lig q_[fnb ni [^^ ni ]oll_hn l_]_cjnm ìl mj_h^cha ih ]oll_hn ]ihmogj*ncih+$Pbcm[h[fsmcm qcff \_fcm_^ [h^ _rj[h^_^ òlnb_l ch mig_ ^cl_]ncihmch ]b[jn_l .4+% En cm n_gjncha ni nls ni ch]iljil[n_ nbcm ^_]cmcih chni oncfcns[h[fsmcm \s nb_ m[g_ ^_pc]_ [m q_ b[p_ domn ch]iljil[n_^ nb_ ^_]cmcih [\ionbiq g[hs biolm ni qile( h[g_fs( \s [^^cha [hinb_l [rcm ni nb_ ch^c``_l*_h]_ ^c[al[g ih qbc]b cm g_[mol_^ m[pcham( il nb_ hog\_l i` îff[lm j_ls_[l [^^_^ ni []]ogof[n_^ q_[fnb+ Eh^__^( H_ih S[fl[m mo]]og\_^ ni nbcmn_gjn[ncih ch nb_ f[n_mn _^cncih i` bcm al_[n \iie(4RKSKTZY J!KIUTUSOIVUROZOW[K V[XK#jo\fcmb_^ ch Ahafcmb nl[hmf[ncih oh^_l nb_ ncnf_(4RKSKTZYUL K\OK]# 12 $@_]_g\_l .22%7 6*66+

!*

25 LNE?A PDAKNU

nb_ l[n_ i` m[pcha+ O[pcha cm [ q[s i` mo\mncnoncha `onol_ ]ihmogjncih `iljl_m_hn ]ihmogjncih+ Bil [ m[ncm`[]nils [h[fsmcm i` m[pcha( q_ b[p_ ni n[e_[]]iohn i` cnm \[mc] lif_( hin mcgjfs [^^ [h [rcm ni [h ch^c``_l_h]_ ^c[al[g+En cm _mm_hnc[f ni ]ihmc^_l gil_ nb[h ih_ ncg_ j_lci^+ =]]ogof[n_^ q_[fnb(ohfce_ m[pcha( g[s b[p_ ]_ln[ch ]b[l[]n_lcmnc]m nb[n g[e_ cn ch j[ln [ aii^fce_ inb_l ]ihmogjncih m_lpc]_m( chmi`[l [m cn jlipc^_m [ l_m_lp_ [a[chmn_g_la_h]c_m+ Pbcm m_lpc]_ ][h \_ g_[mol_^ [fiha [h ch^c``_l_h]_ ]olp_[rcm( [h^ j[ln i` ch]ig_ l_a[l^_^ [m om_^ ni jol]b[m_

Documents

Milton Friedman - Price Theory