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PDWHULDOLGDGHVXEVWDQFLDOGRVRUJDQLVPRVKiHVVHSODQRFHQWUDOTXHpRFRUSRFRPRIHL[HGHDIHFo}HVHFDSDFLGDGHV
H TXH p D RULJHP GDV SHUVSHFWLYDV /RQJH GR HVVHQFLDOLVPR HVSLULWXDO GR UHODWLYLVPR R SHUVSHFWLYLVPR p XP
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SRUXPODGRDKXPDQLGDGH KXPDQNLQG pXPDHVSpFLHDQLPDOHQWUHRXWUDVHDDQLPDOLGDGHXPGRPtQLRTXHLQFOXL
RVKXPDQRVSRURXWURDKXPDQLGDGH KXPDQLW\ pXPDFRQGLomRPRUDOTXHH[FOXLRVDQLPDLV(VVHVGRLVHVWDWXWRV
FRDELWDP QR FRQFHLWR SUREOHPiWLFR H GLVMXQWLYR GH ³QDWXUH]D KXPDQD´ 'LWR GH RXWUR PRGR QRVVD FRVPRORJLD
LPDJLQD XPD FRQWLQXLGDGH ItVLFD H XPD GHVFRQWLQXLGDGH PHWDItVLFD HQWUH RV KXPDQRV H RV DQLPDLV D SULPHLUD
ID]HQGR GR KRPHP REMHWR GDV FLrQFLDV GD QDWXUH]D D VHJXQGD GDV FLrQFLDV GD FXOWXUD 2 HVStULWR p QRVVR JUDQGH
GLIHUHQFLDGRUpRTXHVREUHS}HDKXPDQLGDGHDRVDQLPDLVHjPDWpULDHPJHUDORTXHVLQJXODUL]DFDGDLQGLYtGXR
GLDQWH GH VHXV VHPHOKDQWHV R TXH GLVWLQJXH DV FXOWXUDV RX SHUtRGRV KLVWyULFRV HQTXDQWR FRQVFLrQFLDV FROHWLYDV RX
HVStULWRVGHpSRFD2FRUSRDRFRQWUiULRpRJUDQGHLQWHJUDGRUHOHQRVFRQHFWDDRUHVWRGRVYLYHQWHVXQLGRVWRGRV
SRUXPVXEVWUDWRXQLYHUVDO R$'1DTXtPLFDGRFDUERQRHWF TXHSRUVXDYH]UHPHWHjQDWXUH]D~OWLPDGHWRGRV
RV µFRUSRV¶ PDWHULDLV 2V DPHUtQGLRV HP FRQWUDSDUWLGD LPDJLQDULDP XPD FRQWLQXLGDGH PHWDItVLFD H XPD
GHVFRQWLQXLGDGHItVLFDHQWUHRVVHUHVGRFRVPRV'RSRQWRGHYLVWDItVLFRWRGRVQRVFRPXQLFDPRVSRUpPGRSRQWR
GH YLVWD PHWDItVLFR HVWDPRV WRGRV VHSDUDGRV 2 JUDQGH SUREOHPD SDUD D FLrQFLD VRFLDO HVSRQWkQHD GR RFLGHQWH p
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 8PDILJXUDGHKXPDQRSRGHHVWDURFXOWDQGRXPDDIHFomRMDJXDU

FRPRFRPXQLFDUSRLVQmRFRPXQLFDPRVDRQtYHOGRHVStULWRPDVDRQtYHOGRFRUSR2HVStULWRpVHPSUHVROLSVLVWD
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QmRHYLGrQFLD GRV RXWURV TXH SUHVLGLX DR QDVFLPHQWR GH QRVVD PHWDItVLFD PRGHUQD p H[DWDPHQWH R RSRVWR GD
PHWDItVLFDLQGtJHQDVHJXQGRDTXDOPXLWRSHORFRQWUiULRpR(XTXHHVWiHPULVFR1XQFDVHWHPFHUWH]DGHTXHP
VHpSRUTXHRVRXWURVSRGHPWHUXPDLGpLDPXLWRGLIHUHQWHTXDQWRDLVVRHFRQVHJXLULPS{ODDQyVRMDJXDUTXH
HQFRQWUHLQDIORUHVWDWLQKDUD]mRHUDHOHRKXPDQRHXQmRHUDVHQmRVXDSUHVDDQLPDO(XHUDXPDDQWDRXXP
YHDGR WDOYH] XP SRUFR (QWmR SDUD PLP p D PRUWH  FRVWXPHLUDPHQWH GHILQLGD QDV FXOWXUDV LQGtJHQDV FRPR
UHVXOWDGR GD FDSWXUD GR VXMHLWR KXPDQR SRU XPD DJrQFLD QmRKXPDQD (QILP R SUREOHPD SDUD RV tQGLRV QmR p D
DXVrQFLD RX D IDOWD GH FRPXQLFDomR $R FRQWUiULR Ki XP H[FHVVR GH FRPXQLFDomR TXH GHYH VHU DGPLQLVWUDGR SRU
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QmR SURIHVVDP XPD WHRULD LUrQLFD GD FRQFLOLDomR GH WRGRV RV YLYHQWHV HP TXH WXGR VHULD ERP EHOR H YHUGDGHLUR
SRUTXH KXPDQR $R FRQWUiULR VH WXGR p KXPDQR HQWmR WXGR p SHULJRVR $ ³DUWH GH YLYHU´ LQGtJHQD QR VHQWLGR
ILORVRILFDPHQWH GHQVR GD H[SUHVVmR p XPD DUWH GDV GLVWkQFLDV  UHODomR SHOD GLIHUHQoD UHODomR FRPR GLIHUHQoD
VtQWHVH GLVMXQWLYD 2V tQGLRV VmR GHOHX]LDQRV (P QRVVD RQWRORJLD QDWXUDOLVWD PDJLVWUDOPHQWH FDUDWHUL]DGD SRU
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FRUSRVREMHWRVHPLQWHUDomRµHFROyJLFD¶FRPRXWURVFRUSRVHIRUoDVWRGRVUHJXODGRVSHODVOHLVQHFHVViULDVGDELRORJLD
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pSURIXQGDPHQWHLQVWiYHOHFRPRPRVWUDQRVVDWUDGLomRSHUSHWXDPHQWHRVFLODQWHHQWUHRPRQLVPRQDWXUDOLVWDHR
GXDOLVPRRQWROyJLFR1DWXUH]D&XOWXUD$DILUPDomRGHVWH~OWLPRGXDOLVPRHVHXVFRUUHODWRV DSKXVLVHRQRPRVD
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UHIRUoDURFDUiWHUGHUHIHUHQFLDO~OWLPRGDQRomRGH1DWXUH]DDRVHUHYHODUGHVFHQGHQWHHPOLQKDGLUHWDGDRSRVLomR
WHROyJLFDHQWUHHVWDHDQRomRGHµ6REUHQDWXUH]D¶GHQRPHHPVLPHVPRUHYHODGRU$&XOWXUDpRQRPHPRGHUQRGR
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 RX SHOR PHQRV R QRPH GR FRPSURPLVVR LQFHUWR HQWUH D 1DWXUH]D H D *UDoD 1RV PXQGRV µDQLPLVWDV¶ FRPR RV
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FHUWDPHQWHQmRXPDGDVPDLVVRILVWLFDGDVGHGLVFHUQLURTXHGL]HPRVtQGLRVpFRPHoDUSRUYLUDUQRVVDPHWDItVLFD
GH FDEHoD SDUD EDL[R 6HPHOKDQWH LQYHUVmR WHP DQWHV GH WXGR SHOR PHQRV WHYH SDUD PLP XPD ILQDOLGDGH
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HXURSHX(QILP SRGHUVHLD REMHWDU  PDV R SRQWR GH YLVWD RFLGHQWDO H R GRV tQGLRV  PDV Vy Ki HVVHV GRLV " 1mR
VHULDP WUrV RX TXDWUR RX PLO RX GH] PLO  ³SRQWRV GH YLVWD´ TXH HVWmR RX HVWLYHUDP Dt H TXH ILQDOPHQWH VH
HTXLYDOHP HQWUH VL FRPR RXWUDV WDQWDV ³DOXFLQDo}HV FROHWLYDV´ RX ³LOXV}HV QHFHVViULDV´ j QRVVD HVSpFLH " 1mR
KDYHULDRTXHHVFROKHU5HODWLYLVPR)DGLJDVROLSVLVWDGLDQWHGRFUHS~VFXORGDHVSpFLH2~OWLPRKRPHP3RLVEHP
LVWRpH[DWDPHQWHRTXHHVWRXHPYLDGHQmRGL]HUQRVHQWLGRGHTXHpDQRomRGHSRQWRGHYLVWDTXHGHSHQGHGH
QRVVRSRQWRGHYLVWD2SUREOHPDDQWURSROyJLFRSRURQGHFRPHFHLUHFRUGRHUDTXDOpRSRQWRGHYLVWDGRVtQGLRV
VREUHRSRQWRGHYLVWD"3RLVRSUREOHPDQmRSRGHVHUDTXHOHWULYLDOGHVDEHUTXDOpRSRQWRGHYLVWDGRVtQGLRVVREUH
RPXQGR&RPHVVDSHUJXQWDDUHVSRVWDMiHVWiGDGD$SHUJXQWDVXS}HTXHRSRQWRGHYLVWDpXPDFRLVDRPXQGR
XPDRXWUDTXHRPXQGRpH[WHULRUDRSRQWRGHYLVWDHTXHpQHFHVViULRTXHVHGHL[HRPXQGRWUDQTXLOR LVWRpQDV
PmRVGDVFLrQFLDVGXUDV SDUDREVHUYDUDVDPHQDVYDULDF}HVGRSRQWRGHYLVWD DFDUJRGDVFLrQFLDVPROHV DKD
LQILQLWD YDULHGDGH GD KXPDQLGDGH ,PDJLQHPRV DV GXDV KDVWHV DV GXDV SHUQDV  GH XP FRPSDVVR  QDWXUH]D
FXOWXUD3DUDTXHXPDKDVWHSRVVDVHGHVORFDUpSUHFLVRTXHDRXWUDVHMDPDQWLGDIL[D,PDJLQHPRVHQWmRDYXOJDWD
PHWDItVLFDFRQWHPSRUkQHDQRVVRPXOWLFXOWXUDOLVPRVXUIRQGGHPRQRQDWXUDOLVPRQRVVDGHPRFUDFLDHSLVWHPROyJLFD
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PXOWLWXGHVVDPL]GDWQHWVSLSSKS"SDJH LPSULPHU LGBDUWLFOH  
 8PDILJXUDGHKXPDQRSRGHHVWDURFXOWDQGRXPDDIHFomRMDJXDU

DKDVWHFRUUHVSRQGHQWHjFXOWXUDGHVFUHYHURFtUFXORGRVSRQWRVGHYLVWDVREUHHVVHFHQWURTXHILFDDOLLPyYHOHP
WRUQRGRTXDOJLUDDYLVmRLQILQLWDPHQWHGLYHUVLILFDGDFRPRRFtUFXORpFRPSRVWRGHXPDLQILQLGDGHGHSRQWRVHP
WRUQRGDKDVWHIL[DGDQDWXUH]D¬SULPHLUDYLVWDRVtQGLRVSDUHFHPID]HURLQYHUVReDKDVWHGDFXOWXUDTXHpIL[D
KiDSHQDVXPDFXOWXUDHRTXHYDULDVmRRVFRUSRVTXHLQFRUSRUDPHVVDFXOWXUDTXHGmRDHVVDFXOWXUDH[SUHVV}HV
GLIHUHQFLDGDVGHVFUHYHQGRRFtUFXORGRPXOWLQDWXUDOLVPR3RGHUtDPRVPHVPRREVHUYDUTXHQmRKiWHUFHLUDSRVLomR
QmRVHSRGHID]HUDVGXDVKDVWHVVHGHVORFDUHPDRPHVPRWHPSRVHQmRRFRPSDVVRFDL0DVQmRVHGHYHHVTXHFHU
TXHGHIDWRHVVDKDVWHIL[DVHMDDGDQDWXUH]DRXDGDFXOWXUDPRYHVHVREUHVLPHVPD$ILQDOQmRpIL[DHODJLUD
H JLUD DOLiV PXLWR PDLV UDSLGDPHQWH TXH D KDVWH GLVWDO  ( HOD VH MXQWD FRP D RXWUD KDVWH HP XPD WHUFHLUD
GLPHQVmRH[WHULRUDRSODQRGHILQLGRSHORPRYLPHQWRGRFRPSDVVR2SRQWRHPTXHDVGXDVKDVWHVVHHQFRQWUDPpR
SRQWRRQGHVHVLWXDDVHSDUDomRHQWUHQDWXUH]DHFXOWXUD$OLHVWiRPRPHQWR³LPHGLDWLYR´GDQDWXUH]DHGDFXOWXUD
RSRQWRGHRULJHPHGHGLVWDQFLDPHQWRHQWUHRTXHpFRUSRUDOHRTXHpHVSLULWXDO1HVVHSRQWRWXGRVHHQFRQWUD
QmRVHSRGHGHFLGLURTXHpPyYHOHRTXHpLPyYHORTXHpFRQVWDQWHHRTXHYDULD1DUHDOLGDGH QRGXSORVHQWLGR
GD H[SUHVVmR  WXGR p IL[R H PyYHO DR PHVPR WHPSR &RPR VDEHPRV GHVGH %UXQR /DWRXU QDWXUH]D H FXOWXUD
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PXOWLWXGHVVDPL]GDWQHWVSLSSKS"SDJH LPSULPHU LGBDUWLFOH  

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