E C O N O M A

El dinero 10
CMYK PANTONE METALIZADO 8680 C Lomo 18 mm 14,5 x 23 cm
www.ariel.es
www.espacioculturalyacademico.com
10038733 PVP 25,90 e
ESCRITO CON LA AGUDEZA Y LA DESTREZA LITERARIA POR LA
QUE EL AUTOR ES CONOCIDO, SE TRATA DE UNA AMENA HISTORIA
DEL DEVENIR DEL DINERO. UNA LECTURA AGRADABLE Y PROVE-
CHOSA. The Wall Street Journal
En esta obra, traducida a una docena de lenguas y considerada
por muchos un clsico de la literatura econmica, Galbraith
examina la evolucin del dinero y su uso a lo largo de la
historia.
El libro traza con ingenio y claridad los episodios ms signi-
ficativos de su historia, desde sus orgenes hasta el nacimien-
to de la banca y las primeras fiebres especulativas en Europa y
Estados Unidos. Asimismo, aborda acontecimientos de suma
relevancia como la creacin de la Reserva Federal y otros bancos
centrales, el crash de 1929, el advenimiento de la econo-
ma keynesiana, los dilemas financieros de la poca contem-
pornea y no pocas de las locuras que han marcado el deve-
nir de los asuntos monetarios. Segn palabras del propio autor,
hay muchas cosas fascinantes en la historia del dinero. Y hay
muchas ms que ilustran con elocuencia el comportamiento y
la locura de los seres humanos.
J OHN KENNETH GALBRAI TH
Uno de los economistas ms brillantes e inf lu-
yentes del siglo XX, fue profesor de economa
en las universidades de California, Princeton,
Cambridge, Bristol y Harvard. Su mayor
preocupacin no era el anlisis economtrico o
la teora econmica sino analizar las consecuen-
cias de la poltica econmica en la sociedad, de
forma accesible y eliminando gran parte del
tecnicismo propio de los economistas. Desempe-
cargos pblicos desde la poca de la segunda
guerra mundial, bajo el mandato de Franklin
D. Roosevelt, y fue nombrado por John F.
Kennedy embajador de los Estados Unidos en
la India. Entre sus obras destacan La sociedad
opulenta, El crash de 1929, Historia de la economa,
Breve historia de la euforia financiera y La cultura
de la satisfaccin, todos ellos publicados en Ariel.
Ilustracin de cubierta: Fine Art Images / Age Fotostock
Diseo de cubierta: Mauricio Restrepo
10
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B I B L I O T E C A
G A L B R A I T H
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El dinero de los dems
Louis D. Brandeis
Historia del anlisis econmico
Joseph A. Schumpeter
Manas, pnicos y cracs
Charles P. Kindleberger
Robert Z. Aliber
Historia econmica de Espaa
Agustn Gonzlez
Juan Manuel Mats
Vendiendo prosperidad
Paul Krugman
Un viaje por la economa de nuestro tiempo
John Kenneth Galbraith
Historia del capitalismo
Michel Beaud
El crash de 1929
John Kenneth Galbraith
La anatoma del poder
John Kenneth Galbraith
1
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6
7
8
9
OTROS TTULOS DE LA COLECCIN
JOHN KENNETH GALBRAITH
El dinero
DE DNDE VI NO Y ADNDE FUE
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16
G> ?V?D> D R7<MTD>, TDGD TVUR5V> SR PVEVSD, TDETOV>, 8OM>J6 6
BMRS?V>, V;E@;R G;6 VB?RTMVSD> BD? TMR?<D> GVR><?D>, E;ETV <;4
9MR?DE ;EV MGBD?<VETMV S;?VSR?V BV?V HV PRE<R VBV?<VSV SR HV B?M4
GM<M9V R7M><RETMV ?;?VHu hV V>DTMVTME OM><?MTV RE<?R SMER?D 6 GR4
<VH R> G;6 E<MGVu cV?V <DSD> HD> QMER> B?T<MTD>, RH SMER?D Q;R, HV
GV6D?V SR HV> 9RTR>, ;E GR<VH G> D GRED> B?RTMD>Du
oH GR<VH R?V ;EV TD>V UV><VE<R REPD??D>V SR VTRB<V?, BR>V?,
SM9MSM? 6 TDGB?DUV? >; TVHMSVS, RE BDH9D D RE BRSV5D>, V;E@;R
G> TDE9REMRE<R, V R><R ?R>BRT<D, @;R HV> TVUR5V> SR PVEVSDu cD?
TDE>MP;MRE<R, SR>SR HD> B?MGR?D> <MRGBD> @;R TDEDTRGD>, 6 B?D4
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BR>D SR<R?GMEVSDu lR?DSD<D V<?MU;6R R><V MEED9VTME VH ?R6 SR
hMSMV, B?R>;GMUHRGRE<R V QMEVHR> SRH >MPHD viii Vuqu
^DSV> HV> L9RER> SR hMSMV >R B?D><M<;6RE, 6 TDE RHHD >R B?DT;4
?VE >; SD<R} V>, SM>BDERE SR>B;> SR >;> BR?>DEV> TDGD TDE>MSR4
?VE VSRT;VSDuuu
uuu hV> GVER?V> 6 HV> TD><;GU?R> SR HD> HMSMD> ED SMQMR?RE R>RE4
TMVHGRE<R SR HV> SR m?RTMV, >VH9D RE R><V B?D><M<;TME SR HV> G;TOV4
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D?D 6 BHV<V RE GDERSV> 6 TDGR?TM VH SR<VHHu
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SR _MTMHMV 6 SR k<VHMV HHRPVESD V >R? ;EV MGBD?<VE<R QD?GV SR V?<Ru
sHP;ED> RLRGBHV?R> @;R >R TDE>R?9VE B?DS;TRE ;EV P?VE MGB?R4
>ME BD? >; URHHR5Vu pR>SR sHRLVES?D gVPED, >R R><VUHRTM HV TD>4
<;GU?R SR B?R>RE<V? HV TVUR5V SRH >DUR?VED RE HV GDERSV, G>
TDGD SRHMUR?VSV VQM?GVTME BR?>DEVH SRH PDUR?EVE<R @;R TDGD
PV?VE<V SRH BR>D 6 HV QME;?V SRH GR<VHu cR?D R><D BDSV >R? ;EV
R>BVSV SR SDUHR QMHDu _RPE _;R<DEMD, SR>B;> SR HV G;R?<R SR
qVHP;HV, >R ?RTDPMR?DE D Q;ESMR?DE HV> GDERSV> TDE >; RQMPMR V
QME SR @;R >R DH9MSV>RE RH EDGU?R 6 HV> QVTTMDER> SRH <M?VEDu
=u lR?DSD<D, hMU?D k, qHDu ^?VS;TMSD SRH P?MRPD VH MEPH> BD? RH `SDu [MHHMVG rRHDT,
nMHVSRHQMV, g0qV?<6 VES pV9M>, (x%%, Bu *(u
*u sHR7VESR? pRH gV?, lM><D?6 DQ gDER<V?6 _6><RG>, hDES?R>, oQQMEPOVG [MH>DE, (x)"}
e;R9V YD?J, s;P;><;> gu iRHH6, ()&), BBu ( 6 =u
!!3-112728-!!1-35!-E dneo#ndd 16 !5"12"13 12:31
17
hV VT;VTME SR GDERSV> R?V >;GVGRE<R B?T<MTVu cR?D R?V
<VGUME ;EV ME9M<VTME V P?VESR> Q?V;SR> BUHMTD> 6 V BR@;RD>
Q?V;SR> B?M9VSD>u hD> PDUR?EVE<R> B?SMPD> D QVH<D> SR ?RT;?>D>
@;R RE V@;RHHD> <MRGBD> TDE><M<;6R?DE ;EV THV?V GV6D?V
TDGB?RESVE V GRE;SD @;R BDSVE ?RS;TM? HV TVE<MSVS SRH GR<VH
RE >;> GDERSV> D TDEQRTTMDEV?HV> SR TVHMSVS MEQR?MD?, TDE HV R>BR4
?VE5V SR @;R EVSMR HD VS9R?<M?V, VH GRED> RE U?R9R BHV5Du s>,
BDSV TDGB?V?>R HD GM>GD TDE ;EV TVE<MSVS GRED? SR D?D D SR
BHV<V, D BDSV TDGB?V?>R G> TDE ;EV TVE<MSVS MP;VHu ^VGUME
DT;??V @;R HD> RGB?R>V?MD> B?M9VSD>, SR>B;> SR TR??V? ;E <?V<D,
?RTD?<VUVE D HMGVUVE ;ED> GMHMP?VGD> SR GR<VH SR HV> GDERSV>
TDE @;R >R OVUV TDETR?<VSD RH BVPDu o><D, TDE RH <MRGBD, B?DS;4
TV ;E VP?VSVUHR V;GRE<D GV?PMEVH RE HD> URERQMTMD>u hV QVH>MQMTV4
TME Q;R <VGUME ;E ME9RE<D G;6 VE<MP;Du YV RE RH VD "%C Vuqu,
>R SMTR @;R cDHT?V<R> SR _VGD> R><VQ V HD> R>BV?<VED> TDE GDER4
SV> SR D?D QVH>V>u
qDE RH <?VE>T;?>D SRH <MRGBD, 6 >RPE HV> ERTR>MSVSR> QMEVETMR4
?V> SR HD> PDUR?EVE<R>, >; TVBVTMSVS BV?V ?R>M><M? HV <RE<VTME @;R
>DHV >R? GDSR><V 6 RH SR>V??DHHD B?M9VSD SR HV> V?<R> SRQ?V;SV<D4
?MV>, HV GDERSV <RESM TV>M ME9V?MVUHRGRE<R V RGBRD?V?u cV?RTR @;R
HD> P?MRPD>, 6 >DU?R <DSD HD> V<REMRE>R>, >R ?R>M><MR?DE V R><R RE9MHRTM4
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TD?<D BHV5D 6 BR?L;SMTMVH RE SRQMEM<M9V, 6 @;R HV ODE?VSR5 R?V, TDGD
GEMGD, ;EV U;REV BDH<MTV TDGR?TMVHu pR>B;> SR HV SM9M>ME SRH
kGBR?MD ?DGVED 6 HV ?RVQM?GVTME SR HV MEQH;RETMV P?MRPV RE qDE>4
<VE<MEDBHV, RH UR>VE<R Q;R S;?VE<R ;ED> >MPHD> >GUDHD SRH SMER?D
>HMSD, <VE VTRB<VUHR RE <DSV> BV?<R> TDGD RH D?D @;R TDE<REVu
oE TDE<?V><R TDE R><D, HV OM><D?MV SRH SR>V??DHHVSD >M><RGV GD4
ER<V?MD SR HV B?DBMV `DGV, >RPE OV R><VUHRTMSD HV HR6RESV, ?R9RHV
;E TDE<ME;D RE9MHRTMGMRE<D, @;R TDGRE5, >RPE >R B?R>;GR TD4
??MRE<RGRE<R, SRUMSD V HV> B?R>MDER> QMEVETMR?V> SR HV> P;R??V> B4
EMTV>u qDE RH <MRGBD, R><D <;9D BD? RQRT<D TDE9R?<M? RH BV<?E D?D
6 BHV<V GDER<V?MD RE BV<?E TDU?Ru oE HD> <MRGBD> SR s;?RHMVED HV
GDERSV U>MTV SR BHV<V <REV VB?D7MGVSVGRE<R ;E )" A SR TD4
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%u eD?GVE sEPRHH, ^OR _<D?6 DQ gDER6, e;R9V YD?J, n?RSR?MTJ su _<DJR> qDu, ()=), BBu
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!!3-112728-!!1-35!-E dneo#ndd 17 !5"12"13 12:31
18
EV> BMR5V> SR D?D 6 SR BHV<V @;R >R R>TDESMR?DE VE<VD 6 @;R, TDE
RH V>R>MEV<D, HV O;MSV B?RTMBM<VSV D HV R7B;H>ME ED?GVH SR >;> S;R4
D>, @;RSV?DE VUVESDEVSV> 6 DH9MSVSV>u
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qDE RH <MRGBD >R HHRPV?V
V VQM?GV? @;R HV SRB?RTMVTME SR HV GDERSV OVUV >MSD HV TV;>V SRH
SR??;GUVGMRE<D SR `DGVu o><V OM><D?MDP?VQV <RESRETMV V V<?M4
U;M? P?VESR> TDE>RT;RETMV> VS9R?>V> VH TDGBD?<VGMRE<D GDER<V4
?MD @;R SR>VB?;RUV RH DU>R?9VSD? >R ?RBR<M? V GRE;SDu kE<MH
SRTM? @;R SRUR >R? TDE>MSR?VSV TDE RH GV6D? ?RTRHDu
oE RH G;ESD VE<MP;D 6 GRSMR9VH, HV> GDERSV> SR SMQR?RE<R>
L;?M>SMTTMDER> TDE9R?PVE RE HV> TM;SVSR> TDGR?TMVHR> G> MGBD?4
<VE<R>u _M R7M><V HV B?RSM>BD>MTME V VTRB<V? GDERSV UVLD BVHVU?V,
>R BVPVUV MESRQRT<MUHRGRE<R TDE SMER?D GVHD 6 >R ?R<REV RH U;R4
EDu o><V TM?T;E><VETMV SMD D?MPRE, RE (""x, V HV G7MGV SR >M?
^ODGV> m?R>OVG, B?R9MVGRE<R QD?G;HVSV BD? d?R>GD 6 qDB?4
EMTD, 6 ?RQHRLVSV RE HV VT;G;HVTME >RT?R<V SRH U;RE SMER?D ?DGV4
ED, >RPE HV T;VH HV GDERSV GVHV R7B;H>V >MRGB?R V HV U;REVu ><V
R>, @;M5, HV EMTV HR6 RTDEGMTV @;R E;ETV OV >MSD SM>T;<MSV, 6
RHHD BD? HV ?V5E SR @;R E;ETV OV <REMSD ;EV R7TRBTME MGBD?4
<VE<Ru hV EV<;?VHR5V O;GVEV B;RSR >R? ;EV TD>V MEQMEM<VGRE<R
9V?MVUHRu cR?D <MRER TDE><VE<R>u ]EV SR RHHV> R> @;R, VE<R ;EV VH4
<R?EV<M9V, TVSV T;VH P;V?SV HD GRLD? BV?V > GM>GD, 6 <VGUME
BV?V V@;RHHD> V @;MRER> @;MR?R G>u
qDE E;GR?D>V> GDERSV> RE TM?T;HVTME, SM9R?>VGRE<R VS;H4
<R?VSV>, ?RTD?<VSV>, HMGVSV>, >DUVSV> D ?RUVLVSV>, SR HV> @;R >MRG4
B?R >R DQ?RTRE B?MGR?D HV> BRD?R>, HV GDERSV >R TDE9M?<M RE ;E
B?DUHRGVu qDE RHHD >R VU?V RH TVGMED V HV B?7MGV ?RQD?GV, @;R
R?V 9DH9R? VH TDE<?V><R SRH BR>Du o><R BV>D SRTM>M9D Q;R SVSD BD? HV
TM;SVS SR sG><R?SVG RE (&C), ;E BV>D @;R OVTR TDEQH;M? HV OM>4
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GRE<R B?D9DTVSD BD? RH P?VE TDGR?TMD SR sG><R?SVG, RH T;VH
R><VUV V >; 9R5 ?RHVTMDEVSD TDE ;ED SR HD> VTDE<RTMGMRE<D> G>
MEQH;6RE<R> RE HV OM><D?MV SRH SMER?Da HD> 9MVLR> SR qDHE 6 RH RQRT<D
B?DS;TMSD >DU?R o;?DBV BD? HV >;U>MP;MRE<R TDE@;M><V 6 RH SR>V4
??DHHD SR HV sG?MTV R>BVDHVu
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!!3-112728-!!1-35!-E dneo#ndd 18 !5"12"13 12:31
19
pR>B;> SR (%)*, OVUV G;TOV PRE<R RE o;?DBV @;R R><VUV
BDTD RE<R?VSV SRH SR>T;U?MGMRE<D 6 HV TDE@;M><V SR <MR??V> RE ;H<?V4
GV?, D @;R METH;>D HD> SR>TDEDTV RE VU>DH;<Du cR?D B;RSR VQM?GV?4
>R @;R R?VE G;6 BDTD> HD> @;R ED R7BR?MGRE<VUVE ;EV SR >;> B?ME4
TMBVHR> TDE>RT;RETMV>u oH SR>T;U?MGMRE<D 6 HV TDE@;M><V B?D9DTV?DE
;EV RED?GR VQH;RETMV SR GR<VH B?RTMD>D SR sG?MTV V o;?DBV, 6 RH
?R>;H<VSD Q;R ;E MET?RUHR V;GRE<D SR HD> B?RTMD>, ;EV MEQHVTME
DTV>MDEVSV BD? ;E MET?RGRE<D SR HV DQR?<V SRH SMER?D G> Q;R?<R
SR <DSD>u qV>M EVSMR R><VUV RE o;?DBV <VE V >VH9D SR HV> MEQH;RETMV>
SR GR?TVSD @;R ED >ME<MR>R VHP;EV MEQH;RETMV RE >; >VHV?MD, RE >;>
9RE<V> R METH;>D RE >;> TDGB?V> G> ME>MPEMQMTVE<R>u oH V;GRE<D SR
B?RTMD> >R B?DS;LD VE<R <DSD RE o>BVV, @;R R?V VSDESR HHRPV?DE
B?MGR?D HD> GR<VHR>u pR>B;>, VH BV>V? ><D> V n?VETMV, V HD> cV>R>
rVLD> 6 V kEPHV<R??V, P?VTMV> VH TDGR?TMD -D <VH 9R5, RE GRED? GRSM4
SV, VH TDE<?VUVESD D V HV TDE@;M><V3, >MP;M HV MEQHVTME RE R><D>
BV>R>u oE<?R ("CC 6 (&CC, HD> B?RTMD> >R @;ME<;BHMTV?DE @;M5 RE
sESVH;TVu oE kEPHV<R??V, >M <DGVGD> TDGD UV>R HD> B?RTMD> SR HV
>RP;ESV GM<VS SRH >MPHD xv, R> SRTM?, VE<R> SR qDHE, SESDHR> ;E
9VHD? SR (CC, 9R?RGD> @;R, V QMEVHR> SRH >MPHD xvi, OVUVE >;UMSD
VB?D7MGVSVGRE<R V ="C, 6 DTORE<V VD> G> <V?SR, RE HV STVSV SR
(&#* V (&x=, R><VUVE VH?RSRSD? SR *"C, D >RV, <?R> 9RTR> 6 GRSMV G>
@;R VE<R> SR qDHE, qD?<> 6 HD> cM5V??Du pR>B;> SR (&xC, >R R@;M4
HMU?V?DE 6 UVLV?DE, TDGD OVUVE UVLVSD G;TOD VE<R> RE o>BVVu
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qDGD >R OV DU>R?9VSD, Q;R?DE R><D> B?RTMD>, 6 ED HV> T?EMTV>
&u r;REV BV?<R SR HD> TDEDTMGMRE<D> GDSR?ED> >DU?R R><R BR?DSD >R SRUR V HD>
SMHMPRE<R> 6 >ME S;SV QREDGREVHR> R><;SMD> SR oV?H ju lVGMH<DE, B?MGR?D RE HV p;JR ]EM4
9R?>M<6 6 G> <V?SR RE HV ]EM9R?>MSVS SR qOMTVPD, <?VUVLD @;R iR6ER>, L;E<D TDE G;TOD>
D<?D>, VBHV;SM TVH;?D>VGRE<R, SMTMRESD @;R <REV >;GV MGBD?<VETMV OM><?MTVu oH B?DQR4
>D? lVGMH<DE BV> GMHR> SR OD?V> SR >; L;9RE<;S R><;SMVESD HMU?D> SR T;RE<V> 6 GRGD?MV>
RE HD> OD>BM<VHR>, TDE9RE<D> 6 D<?V> ME><M<;TMDER> R>BVDHV>, ?RSVT<VESD ESMTR> SR B?RTMD>,
V> TDGD R>T;S?MVESD V?TOM9D> R>BVDHR> -RE<?R RHHD> R>R GV?V9MHHD>D GDE;GRE<D SR
BVBRHRD U;?DT?<MTD @;R R> RH s?TOM9D mRER?VH SR kESMV>3, BV?V R><VUHRTR? HV B?DTRSRETMV,
HV THV>R 6 HV> TVE<MSVSR> SR <R>D?D> VGR?MTVED> @;R HHRPV?DE V o>BVVu \V>R RE BV?<MT;HV?
>; sGR?MTVE ^?RV>;?R VES <OR c?MTR `R9DH;<MDE ME _BVME, ("C(4(&"C, lV?9V?S oTDEDGMT _<;SMR>
Zhkkk, qVGU?MSPR, lV?9V?S ]EM9R?>M<6 c?R>>, ()*%, 6 sGR?MTVE ^?RV>;?R VES <OR `M>R DQ qVBM4
<VHM>G -("CC4(#CC3, oTDEDGMTV, 9DHu kZ, Eu, =# -ED9MRGU?R, ()=)3, SRH @;R OR <DGVSD HD>
ESMTR> SR B?RTMD> TM<VSD>u hD> EGR?D> SRH ESMTR TM<VSD> V@;, ?RSDESRESDHD> ;E BDTD,
>DE DU?V SRH OM><D?MVSD? VHRGE mRD?P [MRURu _;> THT;HD>, B;UHMTVSD> BD? B?MGR?V 9R5 RE
(x)", Q;R?DE TD??RPMSD> RE SR<VHHR>, BR?D ED RE ?SRER> SR GVPEM<;S, RE HV DU?V SR sU4
UD<< cV6>DE ]>OR?, c?MTR> DQ [ORV< VES qDGGDSM<6 c?MTR kESR7R> QD? oEPHVES, (=")4
()*C, ^OR `R9MR8 DQ oTDEDGMT _<V<M><MT>, 9DHu Zkkk, Eu, ( -QRU?R?D, ()*(3, BBu (C* 6 >>u
!!3-112728-!!1-35!-E dneo#ndd 19 !5"12"13 12:31
20
SR HD> TDE@;M><VSD?R>, HD> @;R ?R9RHV?DE V HV GV6D?V SR HD> R;?D4
BRD> @;R sG?MTV OVUV >MSD SR>T;UMR?<Vu pR ;EV GVER?V B?MGM<M4
9V, BR?D METDEQ;ESMUHR, >R BHVE<R HV B?DBD>MTME R>RETMVH TDETR?4
EMRE<R V HV ?RHVTME SRH SMER?D TDE HD> B?RTMD>a HV <RD?V T;VE<M<V<M9V
SRH SMER?Du ><V >D><MRER, RE >; QD?GV G> RHRGRE<VH, @;R, RE MP;VH4
SVS SR <DSD HD SRG>, HD> B?RTMD> 9V?VE RE ?RHVTME SM?RT<V TDE HV
TVE<MSVS SR SMER?D RE TM?T;HVTMEu oE RH >MPHD xvi 6 V B?METMBMD> SRH
xvii, HD> B?RTMD> >;UMR?DE, 6 G;TOD, SRUMSD VH P?VE V;GRE<D RE RH
>;GMEM><?D SR GR<VHR> B?RTMD>D> BV?V >; VT;VTME B?DTRSRE<R> SR
VHHRESR RH s<HE<MTDu g> VSRHVE<R <RES?RGD> DTV>ME SR R><;SMV?
R><V <RD?V SR HV TVE<MSVS RE >; QD?GV GDSR?EV 6 G> ?RQMEVSVu oE
V@;RH RE<DETR>, HV R7BR?MRETMV GDER<V?MV OVUV B?DBD?TMDEVSD TD4
EDTMGMRE<D> >;QMTMRE<R> BV?V @;R B;SMR>R TDGB?RESR?>R QTMHGRE4
<R 6, HD @;R R> G> MGBD?<VE<R, ED >R ME<R?B?R<V>R GVHu
oH GRE>VLR SR HD> VGR?MTVED> ED B?DS;LD ;EV >V<M>QVTTME
;EM9R?>VHu oE o>BVV, HV E;R9V ?M@;R5V TDES;LD <VGUME V ;EV
RHR9VTME SR HD> >VHV?MD>} V@;, BV?RTR @;R HD> >VHV?MD> P;V?SV?DE
G> D GRED> ?RHVTME TDE HD> B?RTMD>u oE RH ?R><D SR o;?DBV, >R
@;RSV?DE G;6 V<?>, @;M5 BD? HV MEQH;RETMV SR HV> SMQR?RETMV> RE
RH T?RTMGMRE<D SR HV BDUHVTMEu hV> TMQ?V> SR @;R SM>BDERGD> >HD
G;R><?VE ?SRER> SR GVPEM<;Su ^VGUME, RE V@;RHHD> <MRGBD>,
HD> <?VUVLVSD?R>, 6 >DU?R <DSD HD> E;GR?D>>MGD> SRH TVGBD, <R4
EVE MEP?R>D> MESRBRESMRE<R> SR >; >VHV?MD RE SMER?Du _ME RGUV?4
PD, RE kEPHV<R??V, RE HV STVSV SR (&#* V (&x=, RE @;R HD> B?RTMD>
R@;M9VHVE V <?R> 9RTR> 6 GRSMV HD> B?RTDHDGUMED>, BV?RTR B?DUV4
UHR @;R HD> V;GRE<D> SR HD> >VHV?MD> >HD Q;R?DE SRH SDUHRu ]E
SR>R@;MHMU?MD >MGMHV? >R B?DS;LD RE n?VETMV 6 B?DUVUHRGRE<R RE
HV> TM;SVSR> TDGR?TMVHR> SR HD> cV>R> rVLD> 6 SRH ED?<R SR o;?DBVu
eD BD? H<MGV 9R5 6 B?DUVUHRGRE<R <VGBDTD BD? HV B?MGR4
?V, HV MEQHVTME <;9D ;E B?DQ;ESD RQRT<D >DU?R HV SM><?MU;TME SR
HV ?RE<V, TDE ;EV BV?<MT;HV? <RESRETMV V TV><MPV? G> V HD> @;R <R4
EVE GRED>u hV B?SMSV SR HD> @;R TDU?VUVE HD> >VHV?MD> UVLD>
R?VE ;EV PVEVETMV SR HD> @;R HD> BVPVUVE 6 >R URERQMTMVUVE TDE
HD> B?RTMD> TDE<ME;VGRE<R RE VH5Vu pR RHHD ?R>;H<V?DE P?VESR> UR4
ERQMTMD>
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6 >;TR>M9VGRE<R ;EV VTRHR?VTME PRER?VH SRH TVBM<VHM>GD
#u pM><METME ORTOV BD? iR6ER>, @;R OVUHVUV SR MEQHVTME SR URERQMTMD RE DBD>MTME
V HV MEQHVTME SR HV ?RE<Vu jDOE gV6EV?S iR6ER>, s ^?RV<M>R DE gDER6, e;R9V YD?J, lV?TD;?<,
r?VTR | qDu, ()*C, 9DHu kk, BBu (%x 6 >>u
!!3-112728-!!1-35!-E dneo#ndd 2! !5"12"13 12:31
21
TDGR?TMVH 6, RE ;EV GVEMQR><VTME G> RHRGRE<VH, SRH MES;><?MVHu
hD> OM><D?MVSD?R> OVE OVUHVSD G;TOD, V GRE;SD TDE G> RHD4
T;RETMV @;R TDGB?RE>ME BR?>DEVH, SR TGD HD> <R>D?D> VGR?MTV4
ED> QMEVETMV?DE, H;U?MTV?DE, R><MG;HV?DE D QDGRE<V?DE SR VHPE
GDSD RH B?MGM<M9D SR>V??DHHD SRH TVBM<VHM>GD R;?DBRDu oE >; DBM4
EME, Q;R?DE RH D?D 6 HV BHV<V BR? >R HD> @;R OMTMR?DE RH TVBM<VHM>GDu
oE ?RVHMSVS, ED Q;R RH GR<VH, >MED >;> TDE>RT;RETMV>, 6 ><V> ED
R?VE RE GDSD VHP;ED GM><R?MD>V>u hD> B?RTMD> VH<D> 6 HD> >VHV?MD>
UVLD> >MPEMQMTVUVE P?VESR> URERQMTMD>u hD> P?VESR> URERQMTMD> SV4
UVE H;PV? V P?VESR> VOD??D> 6 R?VE ;E Q;R?<R METRE<M9D BV?V HV ME4
9R?>MEu sSRG>, HD> B?RTMD> RE VH5V OVTVE QTMH RH PVEV? SMER?Du
s HV ?RG;ER?VTME EV<;?VH SR ;E TDGR?TMD V><;<D D SR ;EV GVE;4
QVT<;?V RQMTMRE<R, >R VVSM, TDE RH <?VE>T;?>D SRH <MRGBD, HV PV4
EVETMV ?R>;H<VE<R SR HV OVUMHMSVS RE 9RESR? HV GM>GV TD>V BD? G>
SMER?Du hV MEQHVTME H;U?MTV RH TDGR?TMD, BR?D HD OVTR >VTVESD V
HD> TDGR?TMVE<R> SR >;> R??D?R> EVTMSD> SRH DB<MGM>GD D SR HV R>4
<;BMSR5u cD? H<MGD, OV6 @;R B?R>;GM? @;R RH URERQMTMD QTMH SMD
GV6D?R> DBD?<;EMSVSR> V HD> E;R9D> RGB?R>V?MD>, @;R, TDGD >;R4
HR DT;??M?, R?VE G> RE?PMTD>, VP?R>M9D> D MGVPMEV<M9D>, D GRED>
9;HER?VUHR> V HD MGBD>MUHR @;R HD> @;R R><VUVE 6V RE RH TVGBDu s>
Q;R TGD RH SMER?D VGR?MTVED, 6 HV MEQHVTME ?R>;H<VE<R, V6;SV?DE
VH EVTMGMRE<D SRH TVBM<VHM>GD R;?DBRDu kES;SVUHRGRE<R, ><R OV4
U?V EVTMSD SR <DSD> GDSD>u cR?D ED B;RSR ERPV?>R @;R >; ME4
QH;RETMV Q;R ?RVHu
oE HD @;R TDETMR?ER V o>BVV, HV HR6RESV B?R9VHRTR ?RP;HV?4
GRE<R >DU?R RH Q;R?<R BR>D SR HD> ORTOD>u cD>MUHRGRE<R, R><D >R
SRUR V @;R HD> OM><D?MVSD?R> R>BVDHR>, V SMQR?RETMV SR HD> SR D<?D>
BV>R>, ?V?V> 9RTR> >R OVE SRLVSD HHR9V? BD? RH VGD? B?DBMD EVTMD4
EVHu _R OVE TDE<RE<VSD TDE B?R>;GM? HD BRD?u hV _VE<V kE@;M>M4
TME R>BVDHV BR?GVERTR RE HV GRE<R SR <DSD> TDGD RH G7MGD
RLRGBHD SR T?;RHSVS BUHMTV, VH GRED> OV><V HD> <MRGBD> SR lM<4
HR?u YD ED @;M>MR?V VHVUV?HVu cR?D RH EGR?D SR L;SD>, GV??VED> 6
D<?D> OR?RLR>, @;R TV6R?DE 9T<MGV> SR >;> TDEDTMSD> B?DTRSM4
GMRE<D> L;SMTMVHR> S;?VE<R HD> <?R> >MPHD> SR >; MGBR?MD ;ED>
BDTD> GMHR>, TDGD G7MGD Q;R GRED? @;R RH SR HD> RLRT;<VSD>,
DTV>MDEVH 6 >;GV?MVGRE<R, RE ;E >DHD VD, RE HV> TM;SVSR> SR `R4
EVEMVu hV s?GVSV o>BVDHV R> TDE>MSR?VSV, <DSV9V OD6, TDGD RH
!!3-112728-!!1-35!-E dneo#ndd 21 !5"12"13 12:31
22
TH>MTD RLRGBHD SR ;EV >DUR?UMV 6 VU?;GVSD?V BD<RETMV GMHM<V?
SR??D<VSV BD? ;E RERGMPD MEQR?MD? BR?D G;TOD G> VP;R??MSD 6
V><;<Du hV 9R?SVS ED >R OV MGB;R><D E;ETV V R><V T?RRETMVu Y R>
@;R HD> MEPHR>R> <REVE ;E <DERHVLR TV>M R@;M9VHRE<R SR UV?TD> SR
P;R??V, G;TOD GRLD? V?GVSD> 6 <?MB;HVSD>, HD T;VH OVTV @;R, RE
<D<VH, >; Q;R?5V Q;R>R >;BR?MD?u
x
hD B?DBMD DT;??R TDE HV DBMEME TD??MRE<RGRE<R VTRB<VSV
>DU?R RH <R>D?D VGR?MTVED SR o>BVVu _RPE HV HR6RESV, R?V D?D
?DUVSD SR HD> <RGBHD> SR HD> V5<RTV>, V??VETVSD TDGD ?R>TV<R BD?
n?VETM>TD cM5V??D V s<VO;VHBV HV QVE<><MTV OVUM<VTME HHREV SR
DULR<D> SR D?D, R7MPMSV BD? cM5V??D VH METV D RE<?RPVSD BD? HD>
MESMD> SR>B;> SR ;EV BR?>;V>ME >;GVGRE<R SDHD?D>Vu o><D> <R4
>D?D> Q;R?DE SR>B;> RE9MVSD> V o>BVV RE PVHRDER>, G;TOD> SR
HD> T;VHR> Q;R?DE 9T<MGV> SR HV> OD?SV> SR BM?V<V> @;R MEQR><VUVE
HV> VP;V> R>BVDHV> 6 T;6D HV<?DTMEMD R><VUV, VH GRED> BV?TMVHGRE4
<R, L;><MQMTVSD BD? HV GV6D? TDSMTMV 6 T?MGMEVHMSVS SR HD> R>BV4
DHR>u
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V HD> METV> R?VE ;EV BR@;RV BV?<R SRH <D<VHu ><R OVUV >MSD R74
<?VSD B?METMBVHGRE<R SR HV> GMEV>u Y RH <R>D?D ED R?V SR D?Du qV>M
RE >; <D<VHMSVS R?V SR BHV<V, SR>B;> SRH B?MGR? VDu s BV?<M? SR
HV STVSV SR ("*( V ("%C, RH BR>D RE BHV<V ED Q;R E;ETV MEQR?MD?
VH x" A SRH <D<VH, 6, SR>SR ("&( OV><V ("#C, VH )# Au
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TDGBVR?V> SR cR?, Q;R?DE HV 9R?SVSR?V Q;RE<R SRH <R>D?D VGR4
?MTVEDu pMPVGD>, RE QME, @;R, RE >; GV6D?V, Q;R <?VE>BD?<VSD V
o>BVV >ME GV6D?R> SMQMT;H<VSR>u qDE HV >VH9RSVS SR SD> D <?R>
VD> GVHD>, HV> B?SMSV> SRUMSV> V HV BM?V<R?V, G> D GRED> HRPVH,
Q;R?DE HMPR?V>u o><D >MP;M SR HV GM>GV GVER?V OV><V HD> VD> SR
xu oE ("xx, k>VURH k R?V S;RV SR HV QHD<V G> BDSR?D>V @;R LVG> >R O;UMR>R 9M><D
RE o;?DBVuuu, ;EV QHD<V TVBV5 SR EV9RPV? G> 9RHD5GRE<R 6 SR GVEMDU?V? GRLD? @;R T;VH4
@;MR? RERGMPD RE T;VH@;MR? <MRGBD, 6, V HV SM><VETMV RHRPMSVuuu SR 9RETR?HR SRQMEM<M9VGRE<R
TDE >;> TVDER>u mV??R<< gV<<MEPHR6, ^OR s?GVSV, rD><DE, lD;PO<DE gMQQHME qDu, ()"),
BBu ()"4()&u
)u lVGMH<DE, sGR?MTVE ^?RV>;?R VES <OR c?MTR `R9DH;<MDE ME _BVME, Bu %Cu ^OD?DHS `D4
PR?>, RE >; TH>MTD R><;SMD >DU?R HD> B?RTMD> MEPHR>R>, ?RVHM5VSD RE RH >MPHD BV>VSD, OVUHV SR
HD> P?VESR> RQRT<D> SR HV E;R9V BHV<V 6 SR HD> HMPR?D> RQRT<D> SRH E;R9D D?Du s lM><D?6 DQ
sP?MT;H<;?R VES c?MTR> ME oEPHVES, 9DHu \, ("x*4(#C=, d7QD?S, d7QD?S ]EM9R?>M<6 c?R>>, (xx#,
Bu ##)u
!!3-112728-!!1-35!-E dneo#ndd 22 !5"12"13 12:31
23
(&*C, SR>B;> SR HD> T;VHR> SRTHME HV R7BD?<VTME SR BHV<V BD?
VPD<VGMRE<D SR HD> G> ?MTD> QMHDER>u
oH D?D D HV BHV<V RE HMEPD<R> @;R HHRPVUV DQMTMVHGRE<R V o>BV4
V R?VE VT;VSD>, >RPE HV HR6 6 HV BDH<MTV GR?TVE<MHM><V, RE HV>
qV>V> SR HV gDERSVu pR>B;>, HV> GDERSV> MUVE V BV?V? V HD> TRE4
<?D> TDGR?TMVHR> SRH ED?<R SR o;?DBV, @;R 9RESVE HD> B?DS;T<D>
SR>RVSD> D, VH >R? GRED> VQRT<VSD> BD? HV VQH;RETMV SR SMER?D, <R4
EVE B?RTMD> G> UVLD>u sH GM>GD <MRGBD @;R HV> GDERSV>, BV>VUV
GR<VH SR TDE<?VUVESD @;R >R OVUV HMU?VSD SR HV> qV>V> SR HV gD4
ERSV D ED OVUV RE<?VSD >M@;MR?V RE o>BVVu oE RH >MPHD xvi, RE4
<?V?DE RE n?VETMV P?VESR> TVE<MSVSR> SR GR<VHR> B?RTMD>D>, 6 RE RH
>MPHD >MP;MRE<R RE<?V?DE RE HD> cV>R> rVLD> BV?V BVPV? V HV> <?DBV>
R>BVDHV> @;R DBR?VUVE VHHu qDE9MRER ?RTD?SV? @;R HV P;R??V R?V
;EV DT;BVTME MGBD?<VE<R RE V@;RHHV BDTV 6 VQRT<VUV P?VESR4
GRE<R V HV ?RE<V BUHMTVu -gV7 [RUR? TVHT;H @;R, RE V@;RH BR4
?DSD, VB?D7MGVSVGRE<R RH #C A SR HV ?RE<V R>BVDHV 6 ;ED> SD>
<R?TMD> SR HV> ?RE<V> SR D<?D> BV>R> R;?DBRD> <REVER><R SR><MEDu3
(C
]EV BV?<R EVSV SR>SRVUHR SR R><R TV;SVH MUV V BV?V? V sG><R?4
SVG, >RPE 9R?RGD>u
oH <R>D?D VGR?MTVED ED >HD QDGRE< HD> URERQMTMD> 6 R><MG;4
H RH TDGR?TMD 6 HV MES;><?MV, >MED @;R V;GRE< HV> DBD?<;EMSVSR>
SR HD> @;R <REVE SMER?D BV?V TDE>RP;M? SMER?Du hV> GDERSV> SR
BHV<V SR V@;RHHV BDTV TDE<REVE ;EV BV?<R SR TDU?Ru s HD> QVH>M4
QMTVSD?R> ED HR> ?R>;H<VUV SMQTMH TDE>RP;M? MGM<VTMDER> R7TRHRE<R>
@;R TDE<REVE ;E BDTD D G> SR ;E BDTD SR R><R GR<VHu hR>
V6;SVUV RE R><D HV TM?T;E><VETMV SR @;R HV VT;VTME SR GDER4
SV>, METH;>D RE o>BVV SDESR R><VUV >R9R?VGRE<R ?RP;HVSV, R?V
PRER?VHGRE<R ;EV QD?GV SR RGB?R>V B?M9VSVu hD> GR?TVSR?R> SR
sG><R?SVG, V QMEVHR> SRH >MPHD xvi TMRE VD> SR>B;> SR @;R
RGBR5V?V HV P?VE VQH;RETMV SR BHV<V, ?RTMUVE ;EV >R?MR >;GV4
GRE<R SM9R?>V SR GDERSV> RE9MHRTMSV> RE P?VE BV?<R RE >; TDE<R4
EMSD SR D?D D BHV<V P?VTMV> V SMQR?RE<R> MEED9VTMDER>u oE ;E GV4
E;VH B;UHMTVSD BD? RH cV?HVGRE<D ODHVES> RE (&C& BV?V ;>D SR
HD> TVGUM><V>, >R TDE>MPEVUVE *%( GDERSV> SR BHV<V 6 "C" GDER4
(Cu qM<VSD RE lVGMH<DE, sGR?MTVE ^?RV>;?R VES <OR ?M>R DQ qVBM<VHM>G -("CC4(#CC3,
Bu *%Cu
!!3-112728-!!1-35!-E dneo#ndd 23 !5"12"13 12:31
24
SV> SR D?Du
((
pRE<?D SR HV `RBUHMTV ODHVESR>V, ED GRED> SR
TV<D?TR qV>V> SR HV gDERSV B?DS;TVE TDBMD>VGRE<R SMER?D RE
V@;RHHV BDTVu qDGD >MRGB?R, OVUV ;EV GV?TVSV 9RE<VLV RE >;>4
<M<;M? HV TVHMSVS BD? HV VBV?MRETMVu o?V ;E REPD??D, BV?V HD> GR?4
TVSR?R>, BR>V? HV> GDERSV> @;R ?RTMUVEu Y HV> UVHVE5V> R?VE <VG4
UME SMPEV> SR P?VESR> 6 L;><MQMTVSV> >D>BRTOV>u sSVG _GM<O
OVUH, (#C VD> G> <V?SR, SR HV >DH;TMEa
sH DULR<D SR ?RGRSMV? HD> METDE9REMRE<R> -V??MUV MESMTVSD>3,
>R Q;ES ;E UVETD RE (&C) TDE HV PV?VE<V SR HV TM;SVSu o><R UVETD
VTRB<VUV ED >HD GDERSV> R7<?VELR?V>, >MED <VGUME HV> HMPR?VGRE4
<R PV><VSV> GDERSV> SRH BV> V >; 9VHD? ?RVH ME<?E>RTD, >RPE HV
U;REV GDERSV <MBD SRH BV>, SRS;TMRESD EMTVGRE<R HD ERTR>V?MD
BV?V TDGBRE>V? RH PV><D SR VT;VTME 6 HD> D<?D> PV><D> ERTR>V?MD>
SR HV VSGMEM><?VTMEu oH 9VHD? ?R><VE<R, SR>B;> SR R><V BR@;RV
SRS;TTME, R?V VT?RSM<VSD RE >;> HMU?D>u
(=
s> VBV?RTM, BV?V ?RP;HV? 6 HMGM<V? HD> VU;>D> SRH SMER?D, RH
B?MGR? UVETD MGBD?<VE<Ru
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c?DE<D >R R><VUHRTMR?DE ME><M<;TMDER>
>MGMHV?R> RE `D<<R?SVG, pRHQ< 6 HV RE<DETR> MGBD?<VE<R TM;SVS TD4
GR?TMVH SR gMSSHRUD;?Pu qDE RH <MRGBD, D<?D> UVETD> P;V?SMVER>
VBV?RTMR?DE RE D<?D> BV>R>u
qDE RH V;PR SR R><D> UVETD> SM>GME;6R?DE HV> PVEVETMV> ?R4
>;H<VE<R> SR HV VS;H<R?VTME, RH ?RTD?<R ; D<?D> B?DTRSMGMRE<D>
@;R GREP;VUVE HV> GDERSV>u oE RH UVETD BUHMTD, >HD TDE<VUV
RH GR<VH 9HMSDu Y <VE<D D G> MGBD?<VE<R, RH V;PR SR HD> o><VSD>
EVTMDEVHR> ?RS;LR?DE RH EGR?D SR GDERSV> 6 GRLD?V?DE >; VT;4
VTMEu qDE RHHD, HV VT;VTME SRL SR HHVGV? HV V<RETME V HD>
ODGU?R> SR ME><ME<D> SRQ?V;SVSD?R>u sOD?V, RH ?RESMGMRE<D SR >;
OVUMHMSVS R?V R7MP;D D M??M>D?MDu hD> B?DUHRGV> ?RHV<M9D> VH SMER?D
6V ED <;9MR?DE EVSV @;R 9R? TDE HV VT;VTME 6 >, RE TVGUMD, TDE
HD> UVETD> 6 TDE RH QM>TD, >ME R7TH;M? HD> SR HV> ME><M<;TMDER> T?RVSV>
((u `MTOV?S 9VE SR? rD?PO<u s lM><D?6 DQ rVEJMEP ME <OR eR<OR?HVES>, s lM><D?6 DQ
rVEJMEP, e;R9V YD?J, (x)&, 9DHu k\, Bu ()=u
(=u sSVG _GM<O, [RVH<O DQ eV<MDE>, hDES?R>, ^u eRH>DE VES _DE>, (xx%, hMU?D k\,
TVBu kkk, Bu ()&u
(*u l;UD VH GRED> ;E RQGR?D B?RT;?>D? 9RERTMVEDu oH TVHMQMTV<M9D VSRT;VSD R?V RH
SR rVETD cUHMTD, G> @;R RH SR rVETD qRE<?VHu oH rVETD SR sG><R?SVG ED <REV RH TV?T4
<R? 6 GRED> VE HV> Q;ETMDER> @;R >R D<D?PV?DE G> <V?SR V HD> UVETD> TRE<?VHR>u
!!3-112728-!!1-35!-E dneo#ndd 24 !5"12"13 12:31
25
BV?V PV?VE<M5V? HV VT;VTMEu ]EV TDE><VE<R SR HV OM><D?MV SRH SM4
ER?D R> @;R TVSV ?RGRSMD B;RSR SV? D?MPRE V E;R9D> VU;>D>u
s> B;RSR SRTM?>R TDE 9R?SVS SRH rVETD SR sG><R?SVG, >D4
U?R RH T;VH VVSM?RGD> ;EV> BVHVU?V> BV?V TDGBHR<V? RH ?RHV<Du
p;?VE<R ;E >MPHD, V BV?<M? SR >; Q;ESVTME, Q;ETMDE RQMTV5GRE<R
6 TDE R><?MT<V ?RT<M<;Su hD> SRB>M<D> R?VE SRB>M<D> 6 RH GR<VH
SRBD>M<VSD BR?GVERTV P;V?SVSD V SM>BD>MTME SR >; S;RD OV><V
@;R ><R HD <?VE>QR?V V D<?Du eD >R OVTVE B?><VGD> TDE Hu oE
(&#=, T;VESD HD> RL?TM<D> SR h;M> Zk\ >R VB?D7MGV?DE V sG><R?4
SVG, O;UD ;EV Q;R?<R VHV?GVu hD> GR?TVSR?R> V>RSMV?DE RH UVE4
TD, >D>BRTOVESD VHP;ED> SR RHHD> @;R >; ?M@;R5V BDSV ED R><V?
VHHu ^DSD> HD> @;R BMSMR?DE >; SMER?D HD ?RTMUMR?DE RE BVPD 6 VH
9R? HD @;R BV>VUV B?RQM?MR?DE SRLV?HDu qDGD >R DU>R?9V?V G;TOV>
9RTR> RE RH Q;<;?D, G;TOV PRE<R @;R ERTR>M<V SR>R>BR?VSVGRE<R
>; SMER?D SRH UVETD SRLV SR ERTR>M<V?HD T;VESD R>< >RP;?V SR @;R
HD <MRER V >; SM>BD>MTMEu
_ME RGUV?PD, TDE RH <MRGBD, HV> TD>V> <DGV?DE ;E ?;GUD
BRD?u _MRGB?R OVUV R7M><MSD ;EV Q?VETV TVGV?VSR?V RE<?R RH VH4
TVHSR 6 HD> GMRGU?D> SRH _REVSD SR HV TM;SVS SR sG><R?SVG, @;R,
G> @;R METMSRE<VHGRE<R, BD>RVE RH UVETD, 6 HD> SM?RT<D?R> SR HV
qDGBVV lDHVESR>V SR HV> kESMV> d?MRE<VHR>u qDE Q?RT;RETMV,
R?VE HV> GM>GV> BR?>DEV>u oE RH >MPHD xvi, HV TDGBVV OVUV >MSD
;EV RGB?R>V R7<?VD?SMEV?MVGRE<R >HMSV, V;E@;R V GRE;SD ER4
TR>M<VUV RQRT<M9D V TD?<D BHV5D BV?V R@;MBV? >;> UV?TD> D BV?V R>BR4
?V? RH ?RP?R>D SR ><D>u oH UVETD RGBR5 V D<D?PV? R><D> B?><V4
GD>, BV>ESDHD> SR HD> QDESD> RE SRB>M<D V HV> T;RE<V> SR D<?D>u
o?V RH B?MGR? BV>D OVTMV HD @;R, BV?V HD> UVETD> TDGR?TMVHR> GD4
SR?ED>, R> HV DBR?VTME G> D?<DSD7Vu oE<DETR>, V QMEVHR> SRH >M4
PHD xvii, HV qDGBVV SR HV> kESMV> d?MRE<VHR> RGBR5 V QHV@;RV?u
_;> SQMTM<> 6 >;> SR;SV> V;GRE<V?DE, 6, RE RH >MPHD xviii, HV> TD>V>
Q;R?DE SR GVH RE BRD?u oE (#xC, HV P;R??V TDE kEPHV<R??V <?VLD
TDE>MPD GV6D?R> B?SMSV> SR UV?TD> 6 SR GR?TVETV> 6 RH UVETD >R
SRGD? G> RE >;> BVPD>u kETH;>D RH mDUMR?ED SR HV TM;SVS RGBR4
5 V BRSM?HR B?><VGD>u sOD?V, >M <DSD> HD> SRBD>M<V?MD> VT;SMR>RE
>MG;H<ERVGRE<R V U;>TV? >; SMER?D, ED OVU?V GVER?V SR TDG4
BHVTR?HD> V <DSD>u cV?<R SRH SMER?D OVU?V >VHMSD SR VHH, RE B?><V4
GD> ED ?RME<RP?VSD> D METH;>D METDU?VUHR>, ORTOD> V HV TDGBVV
D V HV TM;SVSu sE<R?MD?GRE<R, HD> GR?TVSR?R>, VTRB<VESD BVPD>
BD? V?<T;HD> D RE HM@;MSVTME SR SR;SV>, OVUVE <DGVSD SRB>M4
!!3-112728-!!1-35!-E dneo#ndd 25 !5"12"13 12:31
26
<D> TDE B?MGV, B?RQM?MESDHD> V ;EV GDERSV S;SD>V @;R R?V HV
VH<R?EV<M9Vu sOD?V, >D>BRTOVESD SMQMT;H<VSR> RE RH UVETD, VTRB<V4
UVE RH BVPD >HD BD? <?VE>QR?RETMV SR ;E SRB>M<D UVETV?MD, GR4
SMVE<R SR>T;RE<Du lV><V @;R RH UVETD RGBR5 V HMGM<V? HV TVE<M4
SVS SR GDERSV> @;R BDSVE R7<?VR?>R D <?VE>QR?M?>R V D<?D UVETDu
hV ERPV<M9V D HV MGBD>MUMHMSVS SR ?RME<RP?V? HD> SRB>M<D> RE SMER4
?D >R?V, RE <MRGBD> 9REMSR?D>, >RVH MEQVHMUHR SR @;R ;E UVETD
R><VUV RE SMQMT;H<VSR>, SR @;R, V;E B;SMRESD R7BHMTV?>R >; VT<M4
<;S, RH QMEVH ED R><VUV HRLD>u cV?V RH rVETD SR sG><R?SVG, R><R QM4
EVH HHRP RE (x()u pR>B;> SR BDTD G> SR SD> >MPHD> SR >R?9MTMD>
<;9D @;R HM@;MSV? >;> ERPDTMD>u
!!3-112728-!!1-35!-E dneo#ndd 26 !5"12"13 12:31