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  10. 10. 10 HVStULWRV DOYRURoDGRV SHOR GHVOXPEUDPHQWR GDV GHVFREHUWDV 2V KRPHQV D TXHP R 5HQDVFLPHQWR UHYHODUD R SUD]HU GH YLYHU ODQoDYDP VH FRP D HQHUJLD GD pSRFD DRV PDLV DUULVFDGRV HPSUHHQGLPHQWRV QD HVSHUDQoD GH IRUWXQD UiSLGD $ FRQTXLVWD VDQJXLQiULD GD $PpULFD (VSDQKROD p GRPLQDGD SRU HVVD SDL[mR IUHQpWLFD 5LR GD 3UDWD 5LR GR 2XUR &DVWHOD GR 2XUR &RVWD 5LFD 3RUWR 5LFR DVVLP VH EDWL]DYDP DV WHUUDV TXH RV FRQTXLVWDGRUHV GHVYHQGDYDP DR PXQGR DW{QLWR ´,R QR YLQH DTXL SDUD FXOWLYDU OD WLHUUD FRPR XQ ODEULHJR VLQR SDUD EXVFDU RURµ HVFUHYLD &RUWH] 1DV QDUUDWLYDV GH 2YLHGR HP GXDV SiJLQDV H PHLD DSDUHFHP YH]HV DV SDODYUDV RUR H GRUDGR QXPD LQVLVWrQFLD GH PDQtDFR ( DR VDXGDU R *DPD HP &DOLFXW JULWD OKH DOYLVVDUHLUR R 0RQoDLGH ´%RD YHQWXUD %RD YHQWXUD 0XLWRV UXELV PXLWDV HVPHUDOGDV (VWDLV QD WHUUD GD HVSHFLDULD GD SHGUDULD H GD PDLRU ULTXH]D GR PXQGR µ (UD SRU WRGD D SDUWH D PHVPD IDVFLQDomR GLDQWH GDV ULTXH]DV UHDLV RX IDEXORVDV TXH SURPHWLDP DV WHUUDV QRYDV (UD D SUHRFXSDomR FRQIHVVDGD RX GLVIDUoDGD GD DXUD PRUWLIHUD IDPHV GH TXH IDODYD 3HGUR 0iUWLU 2XUR 2XUR 2XUR 1HVVD DWPRVIHUD GH KHURtVPR LGHDO H GH LPSDFLHQWH DPELomR H FRP SRPSD GHVXVDGD SDUWLX GR 5HVWHOR HP 0DUoR GH D HVTXDGUD GH 3HGUR ÉOYDUHV $R IXQGHDU GLDQWH GR &DK EDLDQR HP IUHQWH j VHUUDULD D]XO GR OLWRUDO D H[SHGLomR WHYH D YLVmR GH XPD YLGD SDUDGLVtDFD FRP D YHUGXUD GR SDtV WURSLFDO H D SXMDQoD SXOXODQWH GD WHUUD YLUJHP $ FDUWD GH &DPLQKD QD VXD LGtOLFD LQJHQXLGDGH p R SULPHLUR KLQR FRQVDJUDGR DR HVSOHQGRU j IRUoD H DR PLVWpULR GD QDWXUH]D EUDVLOHLUD 1DV VXDV WLQWDV YLYDV H IUHVFDV GH SDLQHO SULPLWLYR ³ TXH Mi VH FRPSDURX D XP 0HPOLQJ ³ SHUFHEH VH R HQFDQWDPHQWR
  11. 11. 11 GR PDUDYLOKRVR DFKDGR TXH VXUJLD GLDQWH GRV QDYHJDQWHV GHSRLV GD ORQJD H LQFHUWD WUDYHVVLD 'H]HQDV GH DQRV PDLV WDUGH DLQGD GHL[DYD D *DQGDYR XPD GHOLFLRVD LPSUHVVmR GH SDUDtVR ´7RGD HVWi YHVWLGD GH PXL DOWR H HVSHVVR DUYRUHGR UHJDGD FRP DV iJXDV GH PXLWDV H PXL SUHFLRVDV ULEHLUDV GH TXH DEXQGDQWHPHQWH SDUWLFLSD WRGD D WHUUD RQGH SHUPDQHFH VHPSUH D YHUGXUD FRP DTXHOD WHPSHUDQoD GD SULPDYHUD TXH Fi QRV RIHUHFH $EULO H 0DLRµ 2 HQFRQWUR GR HXURSHX DR VDLU GD ]RQD WHPSHUDGD FRP D H[XEHUkQFLD GH QDWXUH]D WmR QXDQoDGD GH IRUoD H JUDoD IRL FHUWDPHQWH D FXOPLQkQFLD GD VXD DYHQWXUD &RORPER QR VHX 'LiULR HP GH RXWXEUR UHJLVWD D LPSUHVVmR GH GHVOXPEUDPHQWR GLDQWH GR HVSOHQGRU WURSLFDO GR FDQWDU GRV SiVVDURV GRV EDQGRV GH SDSDJDLRV ´TXH HVFXUHFLDP R VROµ GDV iUYRUHV GH PLO HVSpFLHV GRV IUXWRV GHVFRQKHFLGRV 3HUR 9D] IRL SDUD QyV R FURQLVWD GR PDUDYLOKRVR DFKDGR 1R %UDVLO D PDWD FREULD DV WHUUDV PROHV GD EDFLD DPD]{QLFD H D SDUWLU GD EDUUD GR 6 )UDQFLVFR GHSRLV GDV GXQDV H PDQJXHV GR 1RUGHVWH VHJXLD R OLWRUDO DWp PXLWR DOpP GR &DSULFyUQLR SDUD WHUPLQDU QDV SUDLDV EDL[DV GR 5LR *UDQGH 2IHUHFLD XP REVWiFXOR IRUPLGiYHO SDUD TXHP D TXHULD SHQHWUDU H DWUDYHVVDU FRPR TXH H[SULPLQGR D RSUHVVLYD WLUDQLD GD QDWXUH]D D TXH GLILFLOPHQWH VH IRJH QR HQYROYLPHQWR IOH[tYHO H UHVLVWHQWH GDV OLDQDV &RPSDFWD VRPEULD VLOHQFLRVD PRQyWRQD QD XPLGDGH SHVDGD DEDID VXIRFD H DVIL[LD R LQYDVRU TXH VH SHUGH QR FODUR HVFXUR HVYHUGHDGR GH VXDV SURIXQGH]DV 6WDQOH QR VHUWmR GD ÉIULFD &HQWUDO Mi QRWDUD QD IORUHVWD WURSLFDO D HQRUPLGDGH D IDOWD GH SURSRUomR HP UHODomR YLVtYHO FRP D KXPDQLGDGH TXH FDUDFWHUL]D HVVDV VROLG}HV PLVWHULRVDPHQWH KDELWDGDV
  12. 12. 12 1D ]RQD HTXDWRULDO GR %UDVLO R FOLPD FRQVWDQWHPHQWH ~PLGR H TXHQWH GHVHQYROYH XPD IRUoD H YLROrQFLD GH YHJHWDomR LQFRPSDUiYHO e D +LOpLD DPD]{QLFD FREULQGR GH DUYRUHGR D PDLRU H[WHQVmR GH WHUUDV GR XQLYHUVR PDLV GH PLOK}HV GH TXLO{PHWURV TXDGUDGRV 1HOD RV VHQWLGRV LPSHUIHLWRV GR KRPHP PDO SRGHP DSDQKDU H IL[DU D GHVRUGHP GH JDOKRV IROKDJHQV IUXWRV H IORUHV TXH R HQYROYH H VXEPHUJH 'D FRQIXVmR VREUHVVDHP RV WURQFRV GD VHULQJXHLUD GD VDSXFDLD GR SDX G DUFR GD PDVVDUDQGXED D iUYRUH GR OHLWH ³ GR EDFRUL SHORV TXDLV jV YH]HV VREH R FDXOH IOH[tYHO GD MDVVLWDUD SDOPHLUD HQUHGLoD j SURFXUD GD FODULGDGH GR FpX $ YHJHWDomR HOHYD VH SRU DQGDUHV DWLQJLQGR D PHWURV GH DOWXUD HQODoDQGR VH DRV WURQFRV RV FLSyV H SDUDVLWDV HP OXWD SHOD YLGD FRPR QXP HVSDoR GHPDVLDGDPHQWH SRYRDGR 3HOD FRVWD GR $WOkQWLFR D PDWD DSURYHLWDQGR R DFLGHQWDGR GR VROR H D XPLGDGH FRQGHQVDGRUD GRV YHQWRV JHUDLV GH VXHVWH H[FHGH HP EHOH]D H SXMDQoD j SUySULD IORUHVWD HTXDWRULDO e R PHVPR HPDUDQKDGR KRVWLO GH OLDQDV WUHSDGHLUDV H RUTXLGpLDV PDV QD VXEPDWD DV XUWLFiFHDV HVSLQKRV VDPDPEDLDV WROKHP DLQGD PDLV R DQGDU GR KRPHP TXH Vy YHQFH D YHJHWDomR D JROSHV GH IDFmR $V PDGHLUDV SUHFLRVDV SHOR UHILQDGR GD TXDOLGDGH H SHOD PXOWLSOLFDomR GDV HVSpFLHV VmR VXSHULRUHV jV GD +LOpLD DVVLP RV MDFDUDQGiV SRU H[HPSOR VH GHVGREUDP QXPD YDULHGDGH LQILQGiYHO ³ R MDFDUDQGi SUHWR MDFDUDQGi URVD MDFDUDQGi UR[R MDFDUDQGi GH HVSLQKR MDFDUDQGi WDQ MDFDUDQGi YLROHWD MDFDUDQGi PRFy MDFDUDQGi EDQDQD e D PDWD GR SDX EUDVLO TXH GHX R QRPH j WHUUD H GR VHX PDFLoR YHUGH HVFXUR DOoD VH D JDOKDGD GR MHTXLWLEi LJXDO j GRV YHDGRV DFLPD GRV ILQRV SDOPLWRV H GDV HPED~EDV GH SUDWD 2 FKmR p XP WDSHWH GH IORUHV FDtGDV GH WRGRV RV
  13. 13. 13 WRQV GHVGH R DPDUHOR HVFXUR GR YHUPHOKR UXEUR GD FRU GH URVD DWp R OLOiV R D]XO FHOHVWH H R EUDQFR DOYtVVLPR 9DULDQGR FRP DV HVWDo}HV SRQWHLDP D WDSHoDULD GH YHUGXUD R UR[R GD IORU GD TXDUHVPD RX R RXUR YLYR GR LSr 3HOD HQFRVWD DFLPD D IORUHVWD DYDQoD SDUD R LQWHULRU QXPD IDL[D VXSHULRU D RX TXLO{PHWURV FRPR QR ULR 'RFH RQGH YDL DOFDQoDU R VHJXQGR SODQDOWR Mi QD VHUUD GR (VSLQKDoR +DELWD R YDVWtVVLPR WHUULWyULR D PDLV YDULDGD IDXQD WmR H[WHQVD FRPR D SUySULD IORUD 5HSUHVHQWDP QD FRPR WLSRV FDUDFWHUtVWLFRV DV HVSpFLHV GH (GHQWDGRV WDWXV SUHJXLoDV H WDPDQGXiV 3iVVDURV GDV PDLV YLVWRVDV SOXPDJHQV ³ FRP DV VXDV HVSpFLHV GH SDSDJDLRV DUDUDV SHULTXLWRV H PDLWDFDV ³ FRP RV VHXV WXFDQRV EHLMD IORUHV H EDQGRV GH ERUEROHWDV DFRUGDP H DQLPDP R VLOrQFLR GD PDWD IHLWR GH PLO UXtGRV GH LQVHWRV 1RV SULPHLURV WHPSRV FDUGXPHV GH EDOHLDV IUHTHQWDYDP D PL~GR DV SUDLDV H UHF{QFDYRV GD FRVWD GDV MDQHODV GR &ROpJLR GD %DKLD RV SULPHLURV MHVXtWDV DV DYLVWDYDP ´VDOWDQGR WDQWDV H WmR JUDQGHV TXH HUD SDUD YHUµ 0DLV SDUD GHQWUR DOpP GD DQWHFkPDUD VXQWXRVD GD IORUHVWD VH HVWHQGLD D YDVWLGmR GD WHUUD GHVFRQKHFLGD ³ FDDWLQJDV FDWDQGXYDV FHUUDGRV FHUUDG}HV FDUUDVFRV FDPSRV JHUDLV SDQWDQDLV ³ GRQGH GHVFLDP RX VH DIXQGDYDP SHORV VHUW}HV RV ODUJRV ULRV FKHLRV GH SURPHVVDV PLVWHULRVDV FRQYHUJLQGR QDV WUrV JUDQGHV EDFLDV GR $PD]RQDV GR 3UDWD H QD GR 2FHDQR $WOkQWLFR HP TXH DYXOWDP R 3DUQDtED H R 6 )UDQFLVFR 3RU HVVH LQWHULRU HP 0LQDV *RLiV 0DWR *URVVR 6 3DXOR H WRGR R 6XO UHFRPHoDYD D PDWD DSURYHLWDQGR RV JUDQGHV DFLGHQWHV GH UHOHYR R SDUHGmR GR SODQDOWR D XPLGDGH GDV FDEHFHLUDV DV FRQGHQVDo}HV IUHTHQWHV
  14. 14. 14 ÉJXDV H PDWDV IRUDP D VXUSUHVD H R HQFDQWR GRV GHVFREULGRUHV 'D EHOH]D GDV SDLVDJHQV QmR FXLGDYDP 1mR HUD QHP GR WHPSR QHP GD UDoD R DPRU j QDWXUH]D &DP}HV QmR VRXEH YHU H DSUHFLDU RV HQFDQWRV GD YHJHWDomR WURSLFDO Vy R LQWHUHVVDYDP DV HVSHFLDULDV H RV SURGXWRV FRPHUFLDLV +XPEROGW QRWD TXH QD VXD LOKD HQFDQWDGD Vy GHVFUHYH SODQWDV HXURSpLDV $ PHVPD LQGLIHUHQoD RX LQFRPSUHHQVmR p QRWiYHO QRV TXH DTXL SULPHLUR HQIUHQWDUDP D WHUUD UHFpP DFKDGD 3LJDIIHWD GXUDQWH D VXD HVWDGLD QR 5LR GH -DQHLUR QD IURWD GH 0DJDOKmHV DSHQDV UHJLVWD QR VHX GLiULR R H[FHVVLYR FDORU 0DUWLP $IRQVR H 3HUR /RSHV QmR VH GHL[DUDP VHGX]LU SHOR PDJQtILFR DQILWHDWUR GD EDtD GR 5LR IRUDP PDLV DR VXO DSURYHLWDU SDUD D YLOD TXH IXQGDUDP D YHOKD IHLWRULD GH WUDILFDQWHV GH HVFUDYRV HVFRQGLGD QXP UHFDQWR GD DEUD GH 6mR 9LFHQWH $OpP GH 9HVSXFFL ³ PXLWR GD VXD SiWULD H GD VXD pSRFD ³ UDURV VmR QHVVH GXUR VpFXOR ;9, RV TXH FRPR 7RPp GH 6RXVD H )HUQmR &DUGLP VHQWLUDP R HQFDQWR GD *XDQDEDUD 0DV WRGRV VRIULDP D VHGXomR GRV WUySLFRV YLYHQGR LQWHQVDPHQWH XPD YLGD DQLPDO H EHEHQGR FRP GHOtFLD XP DU FRPR TXH DWp HQWmR LUUHVSLUDGR 1RV FDSXFKLQKRV GH OD 5DYDUGLqUH Mi WRFDGRV SHOR KXPDQLVPR GD 5HQDVFHQoD UDEHODLVLDQD DR FRPHoDU R VpFXOR ;9,, H DR SLVDUHP R VROR DUGHQWH GR 0DUDQKmR YDPRV SRUpP HQFRQWUDU D UHYHODomR GHVVH PXQGR QRYR FRP R TXDO QXQFD WLQKDP VRQKDGR QDV FpOXODV WULVWHV GR VHX FRQYHQWR GH 3DULV )UHL &ODXGH G $EEHYLOOH SRU H[HPSOR DR FRQWUiULR GDV DSUHHQV}HV GD SDUWLGD GHVFREULD QR 0DUDQKmR XPD QDWXUH]D VRUULGHQWH H DFROKHGRUD ´6L HVWDQW Oi YRXV DYH] XQ FRQWHQWHPHQW QRQ SDUHLO HQ UHJDUGDQW OD WHUUH YRLUH OD GLYHUVLWp GH WDQW G DQLPDX[ DX PLOLHX GH OD YHUGXUH TXL HVW HQ WRXW WHPV
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  39. 39. 39 Q~FOHRV GH LQIOXrQFLD H SHQHWUDomR TXH VHJXLQGR H OLJDQGR RV ULRV GHVYHQGDYDP H H[SORUDYDP R LQWHULRU GD WHUUD 6HUi DVVLP SRVVtYHO UHXQLU H UHVXPLU D QRVVD H[SDQVmR JHRJUiILFD GD PDQHLUD VHJXLQWH D EDQGHLUDV SDXOLVWDV OLJDQGR R 3DUDQi DR 3DUDJXDL H SHOR *XDSRUp 0DGHLUD 7DSDMyV H 7RFDQWLQV DWLQJLQGR R $PD]RQDV R ;LQJX SHODV PiV FRQGLo}HV GH QDYHJDELOLGDGH QXQFD IRL IUHTHQWDGR EDQGHLUDV SDXOLVWDV OLJDQGR R 3DUDtED DR 6mR )UDQFLVFR DR 3DUQDtED H ,WDSHFXU~ DWp R 3LDXt H 0DUDQKmR SRU XP ODGR OLJDQGR R 6mR )UDQFLVFR R 'RFH R 3DUDLEXQD DR 3DUDtED GR 6XO JDOJDQGR D VHUUD GRV ÐUJmRV SDUD WHUPLQDU QD *XDQDEDUD EDQGHLUDV SDXOLVWDV HQWUH D VHUUD GR 0DU H R 3DUDQi WRGDV HODV DWUDYHVVDQGR R 8UXJXDL SDUD R 5LR *UDQGH GR 6XO E EDQGHLUDV EDLDQDV OLJDQGR R 6 )UDQFLVFR DR 3DUQDtED H FKHJDQGR DR 0DUDQKmR SHOR ,WDSHFXU~ EDQGHLUDV EDLDQDV OLJDQGR R 6mR )UDQFLVFR DR 7RFDQWLQV EDQGHLUDV EDLDQDV TXH LQGR GR 6HUUR H 0LQDV 1RYDV SURFXUDYDP R 5LR SHOR FDPLQKR GD WHUUD GR RXUR F EDQGHLUDV SHUQDPEXFDQDV HQWUH R &DSLEDULEH H VHUUD GH ,ELDSDED PXLWR PHQRV LPSRUWDQWHV TXH DV GXDV DQWHULRUHV WUDoDGDV D PHQRU GLVWkQFLD GR OLWRUDO SHOR VHUWmR ´GH IRUDµ UHFHEHQGR PXLWD JHQWH GLUHWDPHQWH GR OLWRUDO VXELQGR RV ULRV TXH QHOH GHVHPERFDP G EDQGHLUDV PDUDQKHQVHV GH SRXFR DOFDQFH OLJDQGR R ,WDSHFXU~ DR 3DUQDtED H 6mR )UDQFLVFR H R 3DUQDtED jV WHUUDV DTXpP GR ,ELDSDED H EDQGHLUDV DPD]{QLFDV TXH SHOR 0DGHLUD VH OLJDUDP jV GH 6mR 3DXOR DOFDQoDUDP RV OLPLWHV GR -DYDUL
  40. 40. 40 H RFXSDUDP D *XLDQD 3RU WRGD D SDUWH R DYHQWXUHLUR FRUULD DWUiV GD SUDWD GR RXUR H GDV SHGUDV SUHFLRVDV TXH GXUDQWH TXDVH GRLV VpFXORV QmR IRUDP VHQmR LOXV}HV H GHVHQJDQRV &RPSHQVDYD D HVWHULOLGDGH GR HVIRUoR D GHVFLGD GR LQGtJHQD (QWUHODoDYDP VH H FRQIXQGLDP VH DVVLP EDQGHLUDV GH FDoD DR JHQWLR H EDQGHLUDV GH PLQHUDomR 4XDQGR VH GLVVLSDYD D PLUDJHP GD PLQD ILFDYD FRPR FRQVROR R tQGLR HVFUDYL]DGR ´HVWHV 6HQKRUHV ³ HVFUHYLD R SDGUH 9LHLUD ³ VmR DV PLQDV FHUWDV GHVWH (VWDGR TXH D IDPD GDV GH RXUR H SUDWD VHPSUH IRL SUHWH[WR FRP TXH DTXL VH LDP EXVFDU DV RXWUDV PLQDV TXH VH DFKDP QDV YHLDV GRV tQGLRV H QXQFD DV KRXYH QD WHUUDµ 1D YHUGDGH DV QRWtFLDV YDJDV GH ULTXH]DV HVFRQGLGDV QRV VHUW}HV DLQGD HUDP PHUDV SURPHVVDV 2 ERP VHQVR SUiWLFR GH DOJXQV DGPLQLVWUDGRUHV FKHJRX D GXYLGDU GR VXFHVVR GHVVDV HPSUHVDV (P R H[SHULPHQWDGR 7RPp GH 6RXVD GHVLOXGLGR GH WDQWD WHQWDWLYD LQ~WLO DFRQVHOKDYD DR SRGHU UHDO ´HX DOJXPDV HQWUDGDV IDUHL PDV Ki GH VHU FRP PXLWR WHPSR H SRXFD SHUGD GH JHQWH H ID]HQGD TXH QmR KHL GH IDODU PDLV HP RXUR VH QmR VH R PDQGDU D YRVVD $OWH]Dµ ( QRV SULPHLURV DQRV GR VpFXOR ;9,, HVFUHYLD DR UHL R JRYHUQDGRU GD UHSDUWLomR GR 1RUWH ' 'LRJR GH 0HQH]HV ´FUHLD Y P TXH DV YHUGDGHLUDV PLQDV GR %UDVLO VmR Do~FDU H SDX EUDVLO GH TXH Y P WHP WDQWR SURYHLWR VHP OKH FXVWDU GH VXD ID]HQGD XP Vy YLQWpPµ 3DUD VXVWHQWDU D TXLPHUD GR RXUR TXH IRL D ORXFXUD GD pSRFD VHPSUH ODWHQWH H LQVLVWHQWH HP WRGRV RV HPSUHHQGLPHQWRV HUD QR HQWDQWR QHFHVViULR YLYHU H WUDEDOKDU D WHUUD SDUD R VXVWHQWR GLiULR GDt SRU WRGR R VpFXOR ;9, R OHQWR SURJUHVVR GD ODYRXUD LQFLSLHQWH H GR FRPpUFLR UXGLPHQWDU &RPR YLPRV D SULQFtSLR YLYLD R
  41. 41. 41 HXURSHX GH FDoD SHVFD H IUXWDV TXH HUDP D EDVH GD VXD DOLPHQWDomR (P SRUpP Mi LQLFLDYD DOJXPD H[SRUWDomR D QDX %UHWRD QHVVH DQR OHYDYD SDUD 3RUWXJDO FLQFR PLO WRURV GH SDX EUDVLO H RV DQLPDLV GRPpVWLFRV TXH R tQGLR FKDPDYD ´PLPEDERµ FRPR YLQWH H GRLV WXLQV GH]HVVHLV VDJLV GH]HVVHLV JDWRV TXLQ]H SDSDJDLRV WUrV PDFDFRV ³ H TXDUHQWD SHoDV GH HVFUDYRV )XQGDUDP VH IHLWRULDV WRVFRV JDOS}HV DVVHQWHV HP PHLR GH HVWDFDGDV SDUD HYLWDU VXUSUHVDV DOJXQV HGLILFDYDP FDVDV FRPHoDYD D DJULFXOWXUD GH JrQHURV H[SRUWiYHLV R Do~FDU R IXPR HWF 'HVWD IDVH p FDUDFWHUtVWLFR R JDGR PL~GR ³ JDOLQiFHRV SRUFRV FDEUDV RYHOKDV R ´IHGHUYLHKµ GRV DOHPmHV (TLQRV H ERYLQRV DLQGD UDURV $ HFRQRPLD QDWXULVWD PRYLPHQWDYD FRP OHQWLGmR D SHUPXWD GRV SURGXWRV ID]LDP VH RV SDJDPHQWRV HP VDO IHUUDPHQWDV ID]HQGDV QXQFD HP GLQKHLUR GH FRQWDGR (UD R TXH %XFKHU FKDPD D HFRQRPLD IHFKDGD RX GRPpVWLFD SURGXWRU H FRQVXPLGRU VmR LGrQWLFRV 2 SUySULR DUUHPDWDQWH GRV LPSRVWRV SDJDYD VH HP JrQHURV )UHL 9LFHQWH GR 6DOYDGRU FRQWD D UHVSHLWR D KLVWyULD GH XP ELVSR GH 7XFXPDQ TXH GH SDVVDJHP HVWLYHUD DOJXP WHPSR QR %UDVLO (VWH ELVSR YLD TXH TXDQGR PDQGDYD FRPSUDU XP IUDQJmR TXDWUR RYRV H XP SHL[H SDUD FRPHU QDGD OKH WUD]LDP SRUTXH QmR VH DFKDYD QD SUDoD QHP QR DoRXJXH H VH PDQGDYD SHGLU DV GLWDV FRXVDV H RXWUDV PDLV jV FDVDV SDUWLFXODUHV OKDV PDQGDYDP ´9HUGDGHLUDPHQWH GL]LD R ELVSR QHVWD WHUUD DQGDP DV FRLVDV WURFDGDV SRUTXH HOD WRGD QmR p UHS~EOLFD VHQGR R FDGD FDVDµ $ FXOWXUD GR Do~FDU DXPHQWRX UDSLGDPHQWH FULDUDP VH SULPHLUR RV HQJHQKRV GH 6mR 9LFHQWH H 3HUQDPEXFR PDLV WDUGH RV GD %DKLD (P HVWHV ~OWLPRV Mi H[SRUWDYDP DUUREDV GH 3HUQDPEXFR QHVVH
  42. 42. 42 PHVPR DQR SDUWLDP QDYLRV FDUUHJDGRV GH Do~FDU H SDX EUDVLO (P GL]LD 3UDUG QmR Ki OXJDU QR PXQGR RQGH VH SURGX]D Do~FDU FRP WDQWD DEXQGkQFLD IDOD HP HQJHQKRV QD FRVWD GR %UDVLO GH ,WDPDUDFi D ,WDQKDpP 'HYH VHU H[DJHUR 3RU HVVD pSRFD GL] &DSLVWUDQR DV VHGHV GDV FDSLWDQLDV PHVPR DV SUyVSHUDV HUDP VLPSOHV OXJDUHMRV $ SURVSHULGDGH UHODWLYD GH 3HUQDPEXFR H D VXD ULTXH]D TXH WDQWR DGPLURX )HUQmR &DUGLP IRL PRWLYDGD DQWHV SHOD VLWXDomR JHRJUiILFD PDLV SUy[LPD GD PHWUySROH GR TXH SHOR GHVHQYROYLPHQWR GDV FXOWXUDV &KDPRX 'XDUWH &RHOKR j VXD &DSLWDQLD ´1RYD /XVLWkQLDµ H HUD GH IDWR FRPR REVHUYD 2OLYHLUD /LPD XP SURORQJDPHQWR GD DQWLJD XP 3RUWXJDO DPHULFDQR 'HVWDFDYD VH GHQWUH DV RXWUDV SHOR DU FLYLOL]DGR TXH OKH HPSUHVWDYD D SUR[LPLGDGH GDV WHUUDV GH DOpP PDU 2 SDVWRUHLR WHYH LQIOXrQFLD PDLV IXQGD H GH PDLRUHV FRQVHTrQFLDV )DFLOLWRX D FRQTXLVWD H R SRYRDPHQWR GR VROR Vy GHSRLV GH SUyVSHUD D FULDomR SXGHUDP VHU WHQWDGDV DV PLQDV $QWHV PRUUHULDP GH IRPH RV PLQHLURV QR GHVHUWR /RJR QDV SULPHLUDV IURWDV FRORQL]DGRUDV FKHJRX D 3HUQDPEXFR %DKLD H 6mR 9LFHQWH JDGR YDFXP LPSRUWDGR GDV LOKDV GH &DER 9HUGH $V H[SHGLo}HV TXH SURFXUDYDP R LQWHULRU HVSDOKDYDP RV FXUUDLV SHORV VHUW}HV SHUQDPEXFDQRV EDLDQRV H VHUJLSDQRV LQGR DWp R 6XO GR &HDUi H GR 0DUDQKmR 'Dt YLQKD DR FHQWUR GH FRQVXPR SHOR SUySULR Sp &DUGLP Mi IDODYD HP SURSULHWiULRV TXH WLQKDP TXLQKHQWDV RX PLO FDEHoDV 1R H[WUHPR 6XO R JDGR DSDUHFH SHOD SULPHLUD YH] HP TXDQGR ³ QDUUD 6RXWKH ³ R FDSLWmR -XDQ GH 6DOD]DU WURX[H GD $QGDOX]LD SDUD R %UDVLO VHWH YDFDV H XP WRXUR 2V DQLPDLV IRUDP WUDQVSRUWDGRV DWp R ULR 3DUDQi H GHSRLV HP MDQJDGD DWp $VVXQomR 'HVVD SRQWD
  43. 43. 43 GH JDGR H GR LPSRUWDGR GR YLFH UHL GR 3HUX GHYH VH WHU HVSDOKDGR SHOR 6XO GH 0DWR *URVVR H SHODV UHGXo}HV MHVXtWLFDV R JUDQGH UHEDQKR TXH UDSLGDPHQWH LQoRX RV FDPSRV H SDQWDQDLV GHVVDV UHJL}HV (P 6mR 9LFHQWH QRV FDPSRV GH 3LUDWLQLQJD VH GHVHQYROYLD WDPEpP D FULDomR LPSRUWDGD GLUHWDPHQWH H DSURYHLWDQGR RV SDVWRV H[FHOHQWHV GRV ODWLI~QGLRV GH VHUUD DFLPD *DEULHO 6RDUHV GL] ´TXH DV RXWUDV FDSLWDQLDV DOL VH LDP SURYHU GH YDFDV SDUD FULDUHPµ 1R 1RUWH R JDGR DFRPSDQKRX R FXUVR GR 6mR )UDQFLVFR QDV PDUJHQV SHUQDPEXFDQD H EDLDQD (P VHJXLGD RXWURV FDPLQKRV VH WRUQDUDP QHFHVViULRV SDUWLQGR GR JUDQGH ULR FLYLOL]DGRU 1HVVD SHQHWUDomR HP TXH R VHUWDQHMR WHYH GH OXWDU FRP PLO GLILFXOGDGHV GHVGH D VHFD H R tQGLR LQLPLJR DWp D IDOWD GH DOLPHQWRV FRPR D IDULQKD H R PLOKR FRQVWLWXLX VH XP PHLR HVSHFLDO TXH &DSLVWUDQR GH $EUHX GHQRPLQRX D ´pSRFD GR FRXURµ ´'H FRXUR HUD D SRUWD GDV FDEDQDV R UXGH OHLWR DSOLFDGR DR FKmR GXUR H PDLV WDUGH D FDPD SDUD RV SDUWRV GH FRXUR WRGDV DV FRUGDV D ERUUDFKD SDUD FDUUHJDU iJXD R PRFy RX DOIRUJH SDUD OHYDU FRPLGD D PDFD SDUD JXDUGDU URXSD D PRFKLOD SDUD PLOKDU FDYDOR D SHLD SDUD SUHQGr OR HP YLDJHP DV EDLQKDV GH IDFD DV EUXDFDV H VXUU}HV D URXSD GH HQWUDU QR PDWR RV EDQJrV SDUD FRUWXPH RX SDUD DSXUDU VDO SDUD RV DoXGHV R PDWHULDO GH DWHUUR HUD OHYDGR HP FRXURV SX[DGRV SRU MXQWDV GH ERLV TXH FDOFDYDP D WHUUD FRP VHX SHVR HP FRXUR SLVDYD VH WDEDFR SDUD R QDUL]µ 1RV VHUW}HV GR 1RUWH LD WHU R 3DXOLVWD D VXD PLVVmR SRYRDGRUD OLJDGD j LQG~VWULD SDVWRULO $PHDoDGRV SHOR JHQWLR UHYROWDGR H SHORV QHJURV GRV 3DOPDUHV RV JRYHUQDGRUHV JHUDLV UHFRUUHUDP j IDPD JXHUUHLUD GRV EDQGHLUDQWHV GH 6mR 3DXOR 'HVVDV H[SHGLo}HV ORQJtQTXDV PXLWRV QmR YROWDUDP DR DOWLSODQR QDWDO
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  54. 54. 54 RXUR GR ULEHLUR GR &DPSR H GR ULEHLUR GH 1RVVD 6HQKRUD GH 0RQWHVHUUDWH JURVVR H PXLWR DPDUHOR RXUR GR ULR GDV 9HOKDV ILQtVVLPR RXUR GR 5LEHLUmR GR ,WDWLDLD GH FRU EUDQFD FRPR D SUDWD DLQGD LQFRPSOHWDPHQWH IRUPDGR $V IRUWXQDV DPRQWRDYDP VH UHSHQWLQDPHQWH SHOR DFDVR IHOL] GDV GHVFREHUWDV &RQWD $QWRQLO TXH %DOWKD]DU GH *RGR DMXQWDUD YLQWH DUUREDV GH RXUR 0DQRHO 1XQHV 9LDQQD R FDXGLOKR GD JXHUUD GRV HPERDEDV XP SRXFR PHQRV 7KRPD] )HUUHLUD JUDQGH WUDILFDQWH HP HVFUDYRV JDGR H PDQWLPHQWRV PDLV GH TXDUHQWD H )UDQFLVFR $PDUDO FLQTHQWD DUUREDV 9LOD 5LFD SRU PHDGRV GR VpFXOR HUD D FLGDGH PDLV RSXOHQWD GR PXQGR VH RXUR H VRPHQWH RXUR FRQVWLWXL ULTXH]D 3DUD R %UDVLO SRUpP HVVH VpFXOR ;9,,, IRL WDPEpP R VpFXOR GR VHX PDUWtULR &RPR QR GUDPD KLVWyULFR GD &DOLIyUQLD HP TXH R YHOKR 6XWHU PLOOLRQiULR VH DUUXLQDYD SHOR DFKDGR GH XPD PLQD ULTXtVVLPD QDV VXDV WHUUDV GH ODYRXUD FREHUWDV GH YLQKDV ROLYHLUDV H JDGR GH UDoD ³ R RXUR HPSREUHFLD R %UDVLO *XHUUD FLYLO LQRPLQiYHLV DEXVRV GR ILVFR H GR FOHUR HSLGHPLDV GH IRPH HP TXH VH PRUULD GH LQDQLomR DR ODGR GH PRQWHV GH RXUR SHOR DEDQGRQR GD FXOWXUD H GD FULDomR 1RV SULPHLURV WHPSRV GRV GHVFREHUWRV XP ERL FKHJRX D YDOHU FHP RLWDYDV GH RXUR HP Sy XP DOTXHLUH GH IDULQKD TXDUHQWD $ VLWXDomR Vy PHOKRURX TXDQGR FRPHoDUDP D FKHJDU DV ERLDGDV GH &XULWLED H DR ULR GDV 9HOKDV RV UHEDQKRV GRV FDPSRV EDLDQRV 2OKRV IL[RV QD ORWHULD GD PLQD VXUJLQGR GH UHSHQWH D SRSXODomR YLYLD HQWUH D PDLV DEMHWD LQGROrQFLD H IUHQHVL GH PLQHUDomR GHVRUGHQDGD 'H IDWR Vy R QHJUR WUDEDOKDYD H HVWH FRPSUDYD VH D TXDOTXHU SUHoR SDUD RV
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  56. 56. 56 HVEDQMDPHQWRV 3DUD LVVR FRQWULEXtD VRPHQWH 0LQDV H DWp FRP DUUREDV GH RXUR QmR FRQWDQGR RV TXLQWRV RV Gt]LPRV RV GLUHLWRV GDV HQWUDGDV DV SDVVDJHQV GRV ULRV $Wp D H[WUDomR HP 0LQDV GHYH WHU DQGDGR SRU SHUWR GH DUUREDV 2 UHVWR GR %UDVLO QHVVH SHUtRGR SDUHFH WHU IRUQHFLGR D 3RUWXJDO VHJXQGR RV FiOFXORV GH &DOyJHUDV FHUFD GH DUUREDV 'LJDPRV QXP WRWDO IDEXORVR FHUFD GH DUUREDV GH RXUR 1DGD SRUpP EDVWDYD SDUD D YRUDFLGDGH GD PHWUySROH 3DUD D FDUROLFH GR UHL SDUD RV GHVSHUGtFLRV GR UHLQR 1HP DV ILQDQoDV GR (VWDGR PHOKRUDUDP QHP DXPHQWRX D IRUWXQD S~EOLFD 2 *RYHUQR DVVREHUEDGR SHODV GHVSHVDV QmR SRGLD UHVROYHU R HQLJPD GH WDQWD IDOWD GH GLQKHLUR DR ODGR GH PRQWDQKDV GH RXUR 3DUD D ,QJODWHUUD HVFRDYD VH XPD SDUWH GD UHFHLWD FRORQLDO QDV FRPSUDV GH WHFLGRV GH VHGD H GH Om GH TXH SUHFLVDYD R OX[R GD FRUWH SDUD D DOLPHQWDomR H[SRUWDYDP VH JUDQGHV VRPDV SDUD RXWURV SDtVHV GR 1RUWH R UHVWR GLVSHQGLD VH HP SHQV}HV DRV FRUWHVmRV HP JDVWRV FRP HPEDL[DGDV H FRQVWUXo}HV GLVSHQGLRVDV 8PD PLVVmR D 5RPD FXVWRX GRLV PLOK}HV GH FUX]DGRV R &RQGH GH 7DURXFD UHFHELD XPD SHQVmR GH FUX]DGRV R 0DUTXrV GH $EUDQWHV GH $ FRQVWUXomR GH 0DIUD DEVRUYLD D LPSRUWkQFLD GD UHFHLWD H GHVSHVD WRWDLV GR (VWDGR HPSUHJDYDP RSHUiULRV TXH VH SDJDYDP FRP GLILFXOGDGH ( TXDQGR PRUUHX ' -RmR 9 D SHQ~ULD GR (VWDGR HUD WDO TXH R JRYHUQR UHFRUUHX D XP QHJRFLDQWH GH /LVERD SDUD DV GHVSHVDV GRV IXQHUDLV 1R %UDVLO VDQJUDGR H[DXVWR VH H[WLQJXLD WDPEpP D IRQWH PLODJURVD GH WDPDQKD ULTXH]D $ MXQWD GD ID]HQGD GH 9LOD 5LFD HP MXOJDYD GLItFLO RX TXDVH
  57. 57. 57 LPSRVVtYHO D FREUDQoD GRV SHVDGRV LPSRVWRV FULDGRV SHOR JRYHUQR UHDO 2 ODQoDPHQWR GD GHUUDPD GL]LDP ID]LD FRP TXH ´RV PLQHLURV SRU IDOWD GH LQWHUHVVH RV QHJRFLDQWHV SRU IDOWD GH FRPpUFLR H RV URFHLURV SRU IDOWD GH FRQVXPLGRUHV DEDQGRQDVVHP D FDSLWDQLD TXH ILFDYD TXDVH GHVHUWDµ 2 RXUR GDV PLQDV HP Sy SDVVDUi WRGR SDUD R HVWUDQJHLUR Mi REVHUYDYD $QWRQLO ´VDOYR R TXH VH JDVWD HP FRUG}HV DUFDGDV H RXWURV EULQFRV GRV TXDLV VH YrP KRMH FDUUHJDGDV DV PXODWDV GH PDX YLYHU H DV QHJUDV PXLWR PDLV TXH DV VHQKRUDVµ ,VWR HP SOHQD SURVSHULGDGH QRV SULPHLURV DQRV GR VpFXOR ;9,,, DR ILQGDU HVVH VpFXOR HUD SRUpP GHVRODGRUD D VLWXDomR GD FDSLWDQLD 3RU HVVH WHPSR D PLQHUDomR TXDVH DEDQGRQDGD PDO GDYD SDUD R VXVWHQWR GRV PLQHUDGRUHV HVWHV FRQVWLWXtDP XPD FODVVH GH LQGLJHQWHV 3URFXUDYDP OLYUDU VH GD PLVpULD SHOD YROWD DRV WUDEDOKRV DJUtFRODV TXH GHVFRQKHFLDP SRU FRPSOHWR 2 HVWDGR GD VRFLHGDGH GHSORUiYHO SRXFDV SHVVRDV WDOYH] PHLD G~]LD GH IDPtOLDV SRVVXtDP DOJXQV KDYHUHV RX XPD FHQWHQD GH HVFUDYRV 2 YLDMDQWH TXH VH DYHQWXUDYD SRU HVVDV UHJL}HV GHYLD OHYDU SURYLV}HV SRUTXH HP SDUWH DOJXPD DV SRGHULD FRPSUDU DR FRQWUiULR R SUySULR KDELWDQWH GD FDVD D FXMD SRUWD EDWHVVH WDOYH] OKH VXSOLFDVVH ´SHOR DPRU GH 'HXVµ D HVPROD GH XP SXQKDGR GH IDULQKD $OpP PDU QmR HUD PXLWR PHOKRU D VRUWH GR F~PSOLFH GHVVH FULPH HVW~SLGR TXH IRL D H[SORUDomR GDV PLQDV GR %UDVLO $ DGPLQLVWUDomR SRPEDOLQD SRU DOJXP WHPSR FRQVHJXLX GHVHQYROYHU D SURGXomR H FRPpUFLR GDV FRO{QLDV VREUHWXGR GD ÌQGLD (PSUHHQGHX D WDUHID GLItFLO GH UHWHU QR SDtV R RXUR TXH R %UDVLO DLQGD SURGX]LD +RXYH XP UHFRPHoR GH SURVSHULGDGH TXH GXURX DOJXQV
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  68. 68. 68 VHJUHJDGRV H DSXUDGRV SRU XPD PHVWLoDJHP DSURSULDGD )RL R FDVR GH 3LUDWLQLQJD HP TXH R &DPLQKR GR 0DU SUHSDURX H IDFLOLWRX SDUD D IRUPDomR GR PDPDOXFR HVVH ´FHQWUR GH LVRODPHQWRµ GD WHRULD GH 0RULW] :DJQHU 2XWURV Q~FOHRV GH SRSXODomR FRPR D FDSLWDQLD GH 'XDUWH &RHOKR PDLV FLYLOL]DGD H D %DKLD VHGH GR JRYHUQR FHQWUDO VH OLJDYDP XPELOLFDOPHQWH DR RUJDQLVPR GRHQWLR H HQIUDTXHFLGR GD PHWUySROH 1mR YLYLDP SDUD DVVLP GL]HU GH YLGD SUySULD D SUR[LPLGDGH GD (XURSD R LQWHUFkPELR FRPHUFLDO D LQIOXrQFLD GLUHWD GD DGPLQLVWUDomR FHQWUDO PLO IDWRUHV pWQLFRV H HFRQ{PLFRV VROLGDUL]DYDP HVVDV FRO{QLDV FRP R ULWPR YLWDO GR YHOKR UHLQR RUD SDXSpUULPR RUD HVEDQMDGRU GH ULTXH]DV PDV QR FDPLQKR IDWDO SDUD D YHOKLFH &RPR GD (XURSD GR 5HQDVFLPHQWR QRV YLHUD R FRORQR SULPLWLYR LQGLYLGXDOLVWD H DQiUTXLFR iYLGR GH JR]R H YLGD OLYUH ³ YHLR QRV HP VHJXLGD R SRUWXJXrV GD JRYHUQDQoD H GD IUDGDULD )RL R FRORQL]DGRU )RL R QRVVR DQWHSDVVDGR HXURSHX $R SULPHLUR FRQWDWR FRP R DPELHQWH ItVLFR H VRFLDO GR VHX H[tOLR QRYDV LQIOXrQFLDV GDV PDLV YDULDGDV HVSpFLHV GHOH VH DSRGHUDULDP H R WUDQVIRUPDULDP QXP HQWH QRYR QHP LJXDO QHP GLIHUHQWH GR TXH SDUWLUD GD PmH SiWULD 'RPLQDYDP QR GRLV VHQWLPHQWRV WLUkQLFRV VHQVXDOLVPR H SDL[mR GR RXUR $ KLVWyULD GR %UDVLO p R GHVHQYROYLPHQWR GHVRUGHQDGR GHVVDV REVHVV}HV VXEMXJDQGR R HVStULWR H R FRUSR GH VXDV YtWLPDV 3DUD R HURWLVPR H[DJHUDGR FRQWULEXtDP FRPR F~PSOLFHV ³ Mi GLVVHPRV ³ WUrV IDWRUHV R FOLPD D WHUUD D PXOKHU LQGtJHQD RX D HVFUDYD DIULFDQD 1D WHUUD YLUJHP WXGR LQFLWDYD DR FXOWR GR YtFLR VH[XDO $R ILQGDU R VpFXOR GDV GHVFREHUWDV R TXH VDEHPRV GR HPEULmR GH VRFLHGDGH HQWmR H[LVWHQWH p XP WHVWHPXQKR GRV GHVYDULRV GD SUHRFXSDomR HUyWLFD 'HVVHV H[FHVVRV GH
  69. 69. 69 YLGD VHQVXDO ILFDUDP WUDoRV LQGHOpYHLV QR FDUiFWHU EUDVLOHLUR 2V IHQ{PHQRV GH HVJRWDPHQWR QmR VH OLPLWDP jV IXQo}HV VHQVRULDLV H YHJHWDWLYDV HVWHQGHP VH DWp R GRPtQLR GD LQWHOLJrQFLD H GRV VHQWLPHQWRV 3URGX]HP QR RUJDQLVPR SHUWXUEDo}HV VRPiWLFDV H SVtTXLFDV DFRPSDQKDGDV GH XPD SURIXQGD IDGLJD TXH IDFLOPHQWH WRPD DVSHFWRV SDWROyJLFRV LQGR GR QRMR DWp R yGLR 3RU RXWUR ODGR FRPR GHULYDWLYR GHVVD SDL[mR RXWUR VHQWLPHQWR VXUJLD QD DOPD GR FRQTXLVWDGRU H SRYRDGRU RXWUR VHQWLPHQWR H[WHQXDQWH QD VXD HVWHULOLGDGH PDWHULDOLVWD D IDVFLQDomR GR RXUR H[FOXVLYD FRPR XPD PDQLD 7LSR UHSUHVHQWDWLYR H SLWRUHVFR GD H[DOWDomR D TXH FKHJDUDP HVVDV SDL[}HV YLROHQWDV IRL 6HEDVWLmR 3LQKHLUR 5DSRVR EDQGHLUDQWH SDXOLVWD 9LQGR GH 6mR 3DXOR SHUFRUUHX FRP D FRPLWLYD GH FDPDUDGDV H HVFUDYRV tQGLRV H QHJURV RV VHUW}HV GR 1RUWH H 1RUGHVWH GHL[DQGR SRU WRGD D SDUWH XP UDVWR VDQJXLQROHQWR H XPD OHQGD GH ULTXH]D $FRPSDQKDYD R XP EDQGR GH PXFDPEDV FRP TXHP WLQKD LQ~PHURV ILOKRV 8PD YH] GXDV GHVWDV H[DXVWDV SHOR FDPLQKR PRQWDQKRVR FDtUDP GHVIDOHFLGDV j EHLUD GD HVWUDGD 2 VHUWDQLVWD PDQGRX DV GHVSHQKDU SHOR SUHFLStFLR DEDL[R SRLV ´QmR TXHULD GHL[i ODV YLYDV SDUD QmR VHUYLUHP D RXWUHPµ 7HYH IDPD GH ULTXtVVLPR FRP DV ERUUDFKDV H VXUU}HV VHPSUH FKHLRV GH RXUR HUDP DV VXDV ´DUURELQKDVµ GL]LD 'HQRPLQDUDP QR R UHL GR 2XUR H GD 9RO~SLD 1D OXWD HQWUH HVVHV DSHWLWHV ³ VHP RXWUR LGHDO QHP UHOLJLRVR QHP HVWpWLFR VHP QHQKXPD SUHRFXSDomR SROtWLFD LQWHOHFWXDO RX DUWtVWLFD ³ FULDYD VH SHOR GHFXUVR GRV VpFXORV XPD UDoD WULVWH $ PHODQFROLD GRV DEXVRV YHQpUHRV H D PHODQFROLD GRV TXH YLYHP QD LGpLD IL[D GR HQULTXHFLPHQWR ³ QR DEVRUWR VHP ILQDOLGDGH GHVVDV SDL[}HV LQVDFLiYHLV ³ VmR YLQFRV IXQGRV QD QRVVD
  70. 70. 70 SVFKp UDFLDO SDL[}HV TXH QmR FRQKHFHP H[FHo}HV QR OLPLWDGR YLYHU LQVWLQWLYR GR KRPHP PDV DTXL VH GHVHQYROYHUDP GH XPD RULJHP SDWRJrQLFD SURYRFDGD VHP G~YLGD SHOD DXVrQFLD GH VHQWLPHQWRV DIHWLYRV GH RUGHP VXSHULRU )RL QD H[DOWDomR GHVVHV LQVWLQWRV TXH VH IRUPRX D DWPRVIHUD HVSHFLDO HP TXH QDVFHX YLYHX H SUROLIHURX R KDELWDQWH GD FRO{QLD 'R HQIUDTXHFLPHQWR GD HQHUJLD ItVLFD GD DXVrQFLD RX GLPLQXLomR GD DWLYLGDGH PHQWDO XP GRV UHVXOWDGRV FDUDFWHUtVWLFRV QRV KRPHQV H QDV FROHWLYLGDGHV p VHP G~YLGD R GHVHQYROYLPHQWR GD SURSHQVmR PHODQFyOLFD 3RVW FRLWXP DQLPDO WULVWH QLVL JDOOXV TXL FDQWDW DILUPDYD R YHOKR DGiJLR GD PHGLFLQD p R ´FRODSVRµ GRV PpGLFRV GHSUHVVmR ItVLFD H PRUDO SDVVDJHLUD HP FHUWDV FRQGLo}HV QRUPDLV FRQWtQXD QRV FDVRV GH H[FHVVRV UHSHWLGRV 1R %UDVLO D WULVWH]D VXFHGHX j LQWHQVD YLGD VH[XDO GR FRORQR GHVYLDGD SDUD DV SHUYHUV}HV HUyWLFDV H GH XP IXQGR DFHQWXDGDPHQWH DWiYLFR 3RU VXD YH] D FRELoD p XPD HQWLGDGH PyUELGD XPD GRHQoD GR HVStULWR FRP VHXV VLQWRPDV VXDV FDXVDV H HYROXomR 3RGH DEVRUYHU WRGD D HQHUJLD SVtTXLFD VHP UHPpGLRV SDUD R VHX GHVHQYROYLPHQWR VHP FXUD SDUD RV VHXV PDOHV (QWUH QyV SRU VpFXORV IRL SDL[mR LQVDWLVIHLWD FRQYHUWLGD HP LGpLD IL[D SHOD SUySULD GHFHSomR TXH D VHJXLD $EVRUYHX WRGD D DWLYLGDGH GLQkPLFD GR FRORQR DYHQWXUHLUR VHP TXH QXQFD OKH GHVVH D VDFLHGDGH GD ULTXH]D RX D VLPSOHV WUDQTLOLGDGH GD PHWD DWLQJLGD 1R DQVHLR GD SURFXUD DIDQRVD QD GHVLOXVmR GR RXUR HVVH VHQWLPHQWR p WDPEpP PHODQFyOLFR SHOD LQXWLOLGDGH GR HVIRUoR H SHOR UHVVDLER GD GHVLOXVmR /X[~ULD FRELoD PHODQFROLD 1RV SRYRV FRPR QRV LQGLYtGXRV p D VHTrQFLD GH XP TXDGUR GH SVLFRSDWLD

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