1. Ulusal Uygulamalı Etik Kongresi Bildiriler Kitabı (pdf fotrmatında)

Transkript

1. Ulusal Uygulamalı Etik Kongresi Bildiriler Kitabı (pdf fotrmatında)
8/86$/
8<*8/$0$/,(7ù..21*5(6ù
.ù7$%,
.LWDEÖQ+D]ÖUODQPDVÖQD.DWNÖGD%XOXQDQODU
0XUDW$UÖFÖ6HOPD$\GÖQg]OHP%DUÖQ$EUHN&DQERODW&LKDQ&DPFÖ
6LQDQ.DGLUdHOLN(OLIdÖUDNPDQ(UGHPdLIWoL&H\ODQdL]PHOL/HYHQW'RøDQ
2QXU(UWXøUXOúDKDQ(YUHQ$KPHW(\LP3ÖQDU*HQo%LODO*O(PUDK*QRN
&HP.DP|]W$\ûH.DUDRøOX6LEHO.LEDU(OoLQgQGHU*QFHOgQNDO
g]JHgQHQOL6HQHPg]\UHN'HQL]6R\VDO=HKUD7DKWDNÖOÖo
&H\GD%DûDN7DQ(UGHP7DQHUùVNHQGHU7DûGHOHQ
(+DQGH7XQD(UD\<DøDQDN6LUHO<HOPDQ
(PHN<ÖOGÖUÖP3H\PDQ<ÖOGÖ]
7h%$·QÖQNDWNÖODUÖ\OD\D\ÖPODQPÖûWÖU
2FDN
.DSDNYH'L]JL
6RQHU6R\VDO
LLL
7(ú(..h5
8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL
QLQ WP PHVOHNOHUGHQ GûQUOHULPL]LQ
WRSOXPVDO \DûDPÖPÖ]D LOLûNLQ HWLN VRUXQODUÖ HQ JHQLû NDWÖOÖPOD WDUWÖûPDODUÖQÖ VDøOD\DUDN
|QHPOL ELU GHøHU ELOJLVL ELULNLPL \DUDWPD\Ö EDûDUGÖøÖQÖ GûQ\RUX] %X NLWDSOD GD
NRQJUHPL]LQ ELULQFL JQ DoÖOÖû NRQXûPDODUÖ YH SDQHOOHUGHNL WDUWÖûPDODUÖQ WDPDPÖ LOH
VXQXOPXû
ELOGLULOHULQ
oRøXQX
ELU
DUD\D
JHWLUHUHN
EX
ELULNLPL
NDOÖFÖ
NÖOPD\Ö
DPDoODPDNWD\Ö]
8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL
QLQ JHUoHNOHûPHVLQGH GHVWHNOHULQL HVLUJHPH\HQ
5HNW|UP]3URI'U8UDO$NEXOXW5HNW|U<DUGÖPFÖODUÖPÖ]3URI'U0HKPHW8WNX
3URI 'U &DQDQ dLOLQJLU 3URI 'U $KPHW $FDU 3URI 'U )DWRû <DUPDQ 9XUDO YH
3URI 'U 1H]LK *YHQ·H PLQQHWWDUÖ] $\UÖFD EL]H GHVWHNOHULQL HVLUJHPH\HQ )HQ
(GHEL\DW)DNOWHVL'HNDQÖ3URI'U0HKPHW7RPDN·DVRQVX]WHûHNNUOHU
.RQJUHPL]GHNL SDQHOOHULQ G]HQOHQPHVLQGH \DUGÖPÖQÖ HVLUJHPH\HQ 6D\ÖQ 1XUL
dRODNRøOX·QD YH NDWNÖODUÖQGDQ GROD\Ö 3URI 'U &DQDQ g]JHQ YH 6(0 %DûNDQÖ 3URI
'U+VH\LQ9XUDO
DWHûHNNUELUERUoELOLUL]
.RQJUHQLQ G]HQOHQPHVLQGH YH NLWDEÖQ KD]ÖUODQPDVÖQGD NLWDEÖQ LON VD\IDVÖQGD
DGODUÖQÖ VÖUDODGÖøÖPÖ] oRN VD\ÖGD DUDûWÖUPD J|UHYOLPL] YH |øUHQFLPL]LQ SDKD ELoLOPH]
NDWNÖODUÖ ROPXûWXU %X GHøHUOL GRVWODUÖPÖ]ÖQ \DQÖ VÖUD NRQJUHQLQ G]HQOHQPHVLQGH
E|OPP]Q GLøHU WP |øUHWLP \HOHUL YH DUDûWÖUPD J|UHYOLOHULQLQ GHVWHNOHULQL GH
XQXWDPD\Ö] %|OP 6HNUHWHULPL] 6D\ÖQ /H\OD ùSHN YH ùGDUL ùûOHU 0HPXUXPX] 6D\ÖQ
)DLN7XQo
XQ\DUGÖPODUÖQÖGDDQPDGDQJHoHPH\L]
6RQ RODUDN .RQJUH .LWDEÖQÖQ EDVÖOPDVÖQD PDGGL GHVWHN VDøOD\DQ 7UNL\H %LOLPOHU
$NDGHPLVL
QHûNUDQODUÖPÖ]ÖVXQX\RUX]
ùdù1'(.ù/(5
7(ú(..h5 LLL
*LULû3URI'U$NÖQ(UJGHQ
8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU" $d,/,ú.218ú0$/$5, 2'7h)HOVHIH%|OP%DûNDQÖ3URI'U$NÖQ(UJGHQ·LQ$oÖOÖû.RQXûPDVÖ 2'7h5HNW|U<DUGÖPFÖVÖ3URI'U0HKPHW8WNX·QXQ.RQXûPDVÖ 'HYOHW%DNDQÖ<ÖOPD].DUDNR\XQOX·QXQ.RQXûPDVÖ 3URI'UùRDQQD.XoXUDGL·QLQ.RQXûPDVÖ 0('<$(7ù÷ù3$1(/ù 3DQHO <|QHWLFLVL 1XUL dRODNRøOX 3DQHOLVWOHU 'DYLG %HUFKDUG 2NWD\ (NûL 0XVWDID
*|]DODQ1XUL.D\Öû$\GÖQ6H]JLQ
7(5g56ù<$6(7ùú'h1<$6,9((7ù.3$1(/ù 3DQHO<|QHWLFLVL$NÖQ(UJGHQ3DQHOLVWOHU$KPHWùQDP.D\D*YHQo2UKDQ%LUJLW8OXo
*UNDQ&HQJL]*OHo'RøX(UJLO+LNPHW8OXøED\
%ù/'ù5ù/(5 (PHO%DûWUN$NoD
)RWRøUDIÖQ´$U]X1HVQHVLµ2ODUDN.DGÖQ%HGHQL+DEHU)RWRøUDIÖQÖQ0DQWÖøÖh]HULQH%LU
7DUWÖûPD 6HPLKD$NÖQFÖ
ùQVDQ+DNODUÖYH'HPRNUDVL (PHO$N|]HU
6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH %HUQD$UGD
´ùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
=DNLU$YûDU
0HG\DGD.ODVLN(WLN.RGODU%LUùOO]\RQPX" (UGHP$\GÖQ
7ÖS(WLøLQGH7HPHOùONHOHU
ùQD\HW3HKOLYDQ$\GÖQ
(øLWLPYHgøUHWLPGH(WLN %DVUL%DUXW
7UN%DVÖQÖQGD(WLN 9DKLW%ÖoDN
'HPRNUDWLN7RSOXPGD3ROLV(WLøL úHEQHP%LOJHW
0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD0HG\D3ODWIRUPODUÖQGD2OXûWXUXODQgQHULOHU
YH<DVDO(QVWUPDQODUGDNL'XUXP 6DEUL%\NGYHQFL
$KODN(QGVWULVL (UGDO&HQJL]
$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU" <DVLQ&H\ODQ
.UHVHOOHûPH6UHFLQGH(WLN6RUXQODU 6DUDdHOLN
'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQHELUùQFHOHPH 1HVULQdREDQRøOX
+DVWDQH<|QHWLPLQLQ+HNLP²+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ 0XVD'RøDQ
dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN +DOXN(UGHP
%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
6HUYHW*|]HWOLN
6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH 'DYLG*UQEHUJ
8\JXODPDOÖ(WLNYH$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL .H]EDQ*OHU\]
6DQDWYH(WLN $OL+DOÖFÖ
(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN(OH$OÖQÖû6ÖNOÖøÖ
6HYJLù\L
dDøÖPÖ]GDYH(WLNWH%XQDOÖP 1XUWHQ.DUD
*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL 6LEHO2NWDU
(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ 1LPHWgQUYH$\ûHdDWDOFDOÖ
0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHOYH8OXVDO0HG\D8]DPODUÖQGD
(WLNùNL].XOHOHUgUQHN2OD\Ö
<DPDQgUV
8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL ùEUDKLPg]GHPLU
'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH(WLøLh]HULQH
%HGUL\H,ûÖNg]ND\D
0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ
+DIL]Hg]WUN
7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO +DNDQ3R\UD]
0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU0DVDO2NXPD'HQHPHVL
úNUDQ6HYLPOL
7ÖEEL6RV\DO+L]PHW(WLøL 0HKPHWúDKLQ
(QIODV\RQYH(WLN 'HPHW7DûGHOHQ
7RSOXPD8\XP6DøODPDNPÖ*HUoHNOLøL$QODPDNPÖ" 1HûHW7RNX
0RGHUQLWHYH(WLN (UVLQ7|UHFL1HFGHW.HVPH]YH7XQFHUhQH\
%LOLûLP7HNQRORMLVLùQWHUQHWYH(WLN 6DGÖN7XPD\
)RWRøUDILN*|UQWhVWQGHQ(WLN7DUWÖûPDODU *OL]8OXo
7UN0HG\DVÖQGD(WLN6RUXQODUgUQHN2OD\ODUYHgQHULOHU 3ÖQDU8\DQ
9DWDQVHYHUOLN*HUHNHQGHQ)D]ODVÖ +DVDQhQGHU
8\JXODPDOÖ(WLN3DQPRUDOL]P $OHPGDU<DOoÖQ
<]\ÖOGD(WLN.DYUDPÖQÖQgQHPLQLQ$UWPDVÖQD1HGHQ2ODQ*HUHNOLOLNOHU $VOÖ<D]ÖFÖ
$KODNL'HøHUOHQGLUPHGH*HQHOùONHOHUPL<RNVD7HNLO'XUXPODUPÖgQFH*HOLU" 6HGDW<D]ÖFÖ
gWHQD]LYHgOP2UXFX úDKLQ<HQLûHKLUOLRøOX
'RøDGDg]JUON(ûLWOLNYH$KODN<RNWXU (./(5 (.2'7h)HOVHIH%|OP8\JXODPDOÖ(WLNWHùNLQFL(øLWLP7H]VL]<NVHN/LVDQV
3URJUDPÖ (.2'7h8<(7$08\JXODPDOÖ(WLN$UDûWÖUPD0HUNH]L$PDoODUÖ (.2'7h8<(7$06(0ùûELUOLøLLOH<UWOHQ0HG\D(WLøL6HUWLILND3URJUDPÖ
*LULû
8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU"
3URI'U$NÖQ(UJGHQ 7KLV ZDV RXU SDUDGR[ QR FRXUVH RI DFWLRQ
FRXOG EH GHWHUPLQHG E\ D UXOH EHFDXVH
HYHU\ FRXUVH RI DFWLRQ FDQ EH PDGH WR
DFFRUG ZLWK WKH UXOH 7KH DQVZHU ZDV LI
HYHU\WKLQJFDQEHPDGHWRDFFRUGZLWKWKH
UXOH WKHQ LW FDQ EH PDGH RXW WR FRQIOLFW
ZLWK LW 6R WKHUH ZRXOG EH QHLWKHU DFFRUG
QRUFRQIOLFWKHUH
/:LWWJHQVWHLQ 3KLORVRSKLFDO ,QYHVWLJDWLRQV SDU
,
´8\JXODPDOÖ (WLNµ NDYUDPÖ DGÖ LFDEÖ HWLøLQ |øUHQLOHELOHFHøL |øUHWLOHELOHFHøL
YDUVD\ÖPÖQGDQ \ROD oÖNDU %X GD HWLøLQ ELU WU ELOJL ROGXøXQX NDEXOOHQPHN GHPHNWLU
%XUD\D NDGDU KHU ûH\ \ROXQGD $QFDN HWLøLQ QH WUGHQ ELU ELOJL ROGXøX VRUXOGXøXQGD
LûOHUNDUÖûÖU*HQHORODUDNHøLWLPLQLoLQGHHWLøLQ\HULVRUXOGXøXQGDLûOHUGDKDGDNDUÖûÖU
%XVRQVRUX\D\DQÖWYHUHELOPHNLoLQELU|QFHNLQH\DQL HWLøLQQHWUELUELOJLROGXøXQD
NDUDU YHUPHN JHUHNLU %X \D]Ö X\JXODPDOÖ HWLøLQ LoHUGLøL \D GD LoHUPHVL JHUHNHQ DGÖQD
´HWLNJUDPHULµGHGLøLPELOJLWUQHNÖVDELUJLULûQLWHOLøLQGHGLU
8\JXODPDOÖ HWLN ´HWLNµ V|]FøQQ |QQH ´PHG\Dµ ´ELRµ ´VL\DVHWµ ´WÖSµ
´PHVOHNµ YE JHWLULOHUHN ROXûWXUXODQ SHN oRN DODQÖ LoHUHQ ELU NDYUDPGÖU %|\OHFH
PHG\DHWLøLELRHWLNWÖSHWLøLLûHWLøLJLELNDYUDPODUODLIDGHHGLOPHNLVWHQHQûH\RQODUÖQ
EHOOL ELU WRSOXPXQ HWLN JUDPHUL EWQQQ SDUoDODUÖ ROGXøXGXU 8\JXODPDOÖ HWLN JUDPHUL
NDPXVDO DODQGD ROXûDQ \D GD VUHNOL ELU ELoLPGH ROXûDJHOHQ EX SDUoDODUÖQ EWQQ
LIDGH HGHU %X DQODPGD HWLN JUDPHUL NDPXVDO DODQÖQ LVNHOHWLQL \D GD WXWNDOÖQÖ ROXûWXUXU
'RøUXOXN GUVWON RQXU JYHQ JLEL HWLN GHøHUOHULQ JOREDO YH WRSOXPVDO NDPXVDO
DODQODUGDQ GÖûODQÖ\RU ROPDVÖ RQODUÖQ |]HO \D GD LQDQoVDO DODQD KDSVHGLOPHVL HWLN
JUDPHULQLQROXûDPDGÖøÖJHUoHøLQLQELUEDûNDELoLPGHLIDGHVLGLU
8\JXODPDOÖHWLNJUDPHULNDYUDPÖQGDJHoHQ´JUDPHUµV|]FøQGHQQRUPDOGHDQODûÖODQ
VDELW D SULRUL |QFHGHQ EHOLUOHQPLû NXUDOODU EWQQ &KRPVN\ NDVWHWPL\RUXP
*UDPHU NDYUDPÖ JHQo :LWWJHQVWHLQ·ÖQ DQODGÖøÖ ELoLPGH ELU NXUDOODU EWQGU DQFDN
EX NXUDOODU |QFHGHQ EHOLUOHQPLû WHSHGHQ LQPH YD]HGLOPLû DSULRUL X]DNWDQ LGDUH HGHQ
NXUDOODU GHøLOGLU *UDPHU V|]Fø ROJXODUÖQ GRøUXODUÖQ GHøHUOHULQ NDPXVDO DODQ
LoLQGHNL \DUDWÖOÖû ROXû D\UÖûPD \HQLGHQ G]HQOHQPH \RNROXû WHNUDU RUWD\D oÖNÖû YE
VUHoOHULQL LIDGH HGHU %X VUHoOHU \DQL HQ JHQHO DQODPGD WRSOXPVDO JUDPHU ROXûXPX
ELUH\OHULQ NDPXVDO DODQGD \DSWÖNODUÖ LûOHU V|\OHGLNOHUL V|]OHU R\QDGÖNODUÖ GLO R\XQODUÖ
ELOLQoOL \D GD ELOLQoVL] NDUDUODUÖ WXWWXUGXNODUÖ FDQOÖ PHWDIRUODU NÖVDFDVÖ V|\OHPVHO
GLVFXUVLYH YH V|\OHPVHO ROPD\DQ QRQGLVFXUVLYH SUDWLNOHULQLQ \DûDPD ELoLPOHUL IRUPV RI
2'7h)HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
OLIH/HEHQVIRUPHQRODUDNNXOODQÖPWDU]ODUÖQÖPRGHG·HPSORLLIDGHHGHU%XUDGDELUROJX\X
´JHUoHN ROJXµ ELU GHøHUL ´JHUoHN GHøHUµ ELU GRøUX\X ´JHUoHN GRøUXµ ELU HøUL\L
´JHUoHN HøULµ RODUDN J|VWHUHQ |QFHGHQ EHOLUOHQPLû ELU FHWYHO ELU WHUFPH HO NLWDEÖ YV
\RNWXU %XUDGD QH YDUGÖU" %XUDGD JHo :LWWJHQVWHLQ·LQ \DûDPD ELoLPOHUL IRUPV RI OLIH
/HEHQVIRUPHQGHGLøLoHUoHYHYHDUNDSODQ \DSÖSHWPHOHULSUDWLNOHULYDUGÖU%LUGRøUX\XELU
GHøHUL ELU ROJX\X DQODPDPÖ]Ö VDøOD\DQ ELU oHUoHYH IUDPHZRUN YH ELU DUNDSODQ
EDFNJURXQGGÖUdHUoHYH\XNDUÖGDVD\GÖøÖPV|\OHPVHOYHV|\OHPVHOROPD\DQSUDWLNOHULQ
|QHUPHVHO ELOJL G]H\LQH oÖNDQ EX G]H\GH LIDGH HGLOHELOHQ NÖVPÖQÖ DUNDSODQ LVH EX
SUDWLNOHUL DQODPODQGÖUDQ DQFDN ELOJLQLQ DUNDVÖQGD KHQ] ELOJL ROPD\DQ DPD ELOJL\L
PPNQ NÖODQ NÖVPÖQÖ LIDGH HGHU (WLN JUDPHUL LûWH EX HQ JHQHO DQODPGD LIDGH
HWWLøLPL] WRSOXPVDO JUDPHULQ HWLNOH LOJLOL RODQ SDUoDVÖGÖU %X SDUoD GRøDO RODUDN JHQHO
DQODPGDNL WRSOXPVDO JUDPHUGHQ VR\XWODQDPD] %X VR\XWODPD\Ö EL]OHU \DQL IHOVHIHFLOHU
YHWRSOXPELOLPFLOHUHøLWLPYHDUDûWÖUPDDPDFÖ\OD\DSDUÖ]
%|\OH ELU VR\XWODPD VRQXFXQGD ELUNDo NDYUDP E\WHo DOWÖQD DOÖQDELOLU %X
NDYUDPODUGDQ EX \D]Ö oHUoHYHVLQGH ûXQODU |Q SODQD oÖNÖ\RU HøLWLP HWLN JUDPHU NXUDO
oHUoHYHYHDUNDSODQ
,,
(øLWLPL HQ JHQLû DQODPGD LQVDQÖ GRøXPGDQ |OPH NDGDU HWNLOH\HQ HøLS ENHQ ELU
ûHNOH VRNDQ ELU VUHo RODUDN DOJÖOÖ\RUXP (WLN LVH LQVDQÖQ ´QH \DSPDOÖ\ÖP QDVÖO
\DûDPDOÖ\ÖPµ VRUXVXQD YHUGLøL YHUPH\H oDOÖûWÖøÖ VLVWHPDWLN \DQÖWWÖU (øLWLP YH HWLN
DUDVÖQGDNL EX DoÖN YH ]RUXQOX LOLûNL\L 6RNUDWHV·LQ ´.HQGLQL WDQÖµ V|] oRN J]HO LIDGH
HGHU(øLWLPNÖVDFD\DûDPER\XVUHQKLoELWPH\HQHWLNELUNHQGLQLWDQÖPDVUHFLGLU
ùNLQFL RODUDN 6RNUDWHV·LQ ELU EDûND V|] EL]H HøLWLP HWLN LOLûNLVLQLQ SDUDGRNVDO
QLWHOLøLQL J|VWHULU6RNUDWHVN|W VRILVWOHUGHQ NHQGLQL D\ÖUPDN LoLQ KHU ]DPDQNL LURQLN
WDYUÖ\OD N|W VRILVWOHUGHQ GDKD ´HUGHPOLµ ROGXøXQX ]LUD KLo GHøLOVH NHQGLVLQLQ ´KHU
ûH\L ELOPHGLøLQL ELOGLøLQLµ VRILVWOHULQ LVH KHU ûH\L ELOGLNOHULQL ]DQQHWWLNOHULQL V|\OHU
(øLWLPEXDQODPGD|PUER\XVUHFHNRODQELU´NHQGLQLWDQÖ\DPDPDµVUHFLGLUGH
hoQF RODUDN HøLWLP YH HWLN LOLûNLVLQLQ SDUDGRNVDO ELU GLøHU ER\XWXQX 6RNUDWHV
HUGHPLQ ´|øUHQLOHPH] |øUHWLOHPH]µ ELU ûH\ ROGXøXQX V|\OH\HUHN YXUJXODU (WLN YH
HøLWLP LOLûNLVLQGHNL EX SDUDGRNVX $ULVWRWHOHV (WKLFD 1LFKRPDFKHD DGOÖ HVHULQGH HWLN
ELOJLQLQ SKURQHVLV ´|øUHQLOHPH]µ ´|øUHWLOHPH]µ ´XQXWXOPD]µ ELU WU ELOJL ROGXøX
ûHNOLQGH LIDGH HGHU ´3UDWLN HUGHPµ RODUDN EDWÖ GLOOHULQH oHYULOHQ SKURQHVLV·L EHQ ´HWLN
ELOJLµ RODUDN oHYLUL\RUXP YH ELOLûVHO NDWHJRULOHUOH LIDGH HGLOHPH\HQ ORJRV ROPD\DQ EX
ELUWXKDI´ELOJLµ\LGHHøLWLPVUHFLQLQKHPELUHUHøLWHORVKHPGHELUEDûODQJÖoQRNWDVÖ
RODUDN J|U\RUXP $ULVWRWHOHV HWLN ELOJL\L DNOÖQ oRN |]HO ELU NXOODQÖP ELoLPL RODUDN
EHWLPOHU
(WLN
ELOJL
DNOÖQ
NXUDPVDO
NXOODQÖPÖQGDQ
HSLVWHPH
IDUNOÖGÖU
]LUD
R
GHøLûHELOHQLQ ROXPVDOÖQ ELOJLVLGLU $QFDN HWLN ELOJL GHøLûHELOHQLQ ELU WU ELOJLVL RODQ
KHVDS NLWDSOD LOJLOL RODQ WHNQRNUDWWHNQLV\HQ]DQDDWNDUPKHQGLVLQ ELOJLVLQGHQ WHFKQH
GHIDUNOÖGÖU7HFKQHLOHSKURQHVLV·LQRUWDN\DQÖLNLVLQLQGHELUWUELOJLYHGHQH\LPL\DSÖS
HWPHOHUL LoHUPHVLGLU $QFDN WHFKQH·GH EX \DSÖSHWPHOHUGH EXOXQDQ LQVDQ PDUDQJR]
PLPDU N|SHN HøLWLFLVL 79 SURJUDPFÖVÖ YE \DSÖS HWPHOHULQL |QFHGHQ EHOLUOHQPLû
KHVDS NLWDS NXUDOODUÖQD J|UH JHUoHNOHûWLULU %X KHVDS NLWDS NXUDOODUÖ LOH RUWD\D oÖNDUÖODQ
HVHU DUDVÖQGD KHP PDQWÖNVDO KHP GH ]DPDQVDO DQODPGD ELU ´|QFHOLNµ ´VRQUDOÖNµ V|]
NRQXVXGXU %XUDGD NXUDOODU \DSÖS HWPHOHUL :LWWJHQVWHLQ·ÖQ WDELUL\OH ´X]DNWDQ LGDUH
HGHUµ %XQD NDUûÖ SKURQHVLV·WH ´NXUDOODU X]DNWDQ LGDUH HWPH]OHUµ %XQODUÖQ QH ROGXøX
DûDøÖGD WDUWÖûÖODFDN (WLN \DSÖS HWPHOHULPL]GH HWLN NXUDO LOH HWLN NDUDUHGLP DUDVÖQGD
$NÖQ(UJGHQ³8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU"
PDQWÖNVDO \D GD ]DPDQVDO ELU ERûOXN \RNWXU SKURQHVLV VDKLEL LQVDQ 3KURQLPXV VRPXW
ELU GXUXP NDUûÖVÖQGD ´GRøUX RODQ ûH\L \DSDQµ LQVDQGÖU 3UDWLN HUGHP VDKLEL LQVDQ
|QFHGHQ EHOLUOHQPLû NXUDO NXUDPODUÖ VRPXW GXUXPODUD X\JXOD\DQ LQVDQ GHøLOGLU
7HFKQH ELOJLVLQGH ELU ûH\LQ NXUDOODU SURJUDPODU SURMHOHU YE ELU EDûND ûH\H DKûDED
WDûDN|SHøHYEX\JXODQPDVÖV|]NRQXVXGXU7HFKQHLOH3KURQHVLVDUDVÖQGDNLGLøHUIDUNODUÖ
|øUHQPHN
LVWH\HQ
RNX\XFXODU
\XNDUÖGD
YHUGLøLPL]
QXPDUDOÖ
GLSQRWXQGDNL
$ULVWRWHOHV·LQ HVHULQL RNX\DELOLUOHU %HQLP EX \D]ÖGD YXUJXODPDN LVWHGLøLP ûH\ HWLN
ELOJLQLQ NXUDOODUOD RODQ SDUDGRNVDO LOLûNLVL YH EX LOLûNLQLQ HøLWLP EDøODPÖQGD ELUD]
GHûLOPHVLGLU
'HUGLPL ELU EDûND DoÖGDQ V|]H G|NHOLP ´(WLN HøLWLPLQLQ NXUDOODUOD KLo LOLûNLVL \RN
PXGXU"µ VRUXVX 6RNUDWHV·LQ ´IHOVHIH |øUHWLOHPH]OLøLµ \D GD $ULVWRWHOHV·LQ ´(WLN
ELOJHOLøLQ |øUHWLOHPH]OLøLµ SDUDGRNVXQD EHQ]HU 6RUXODUD \DQÖW KHP ´HYHWµ KHP
´KD\ÖUµGÖU +D\ÖU HWLN HøLWLPLQ NXUDOODUOD KLo LOJLVL \RNWXU +D\ÖU HWLN ELOJHOLN
|øUHWLOHPH] +D\ÖU IHOVHIH |øUHWLOHPH] %X o VRUX\D GD \DQÖW ´KD\ÖUµ GÖU ûD\HW HWLN
ELOJL\L HWLN NXUDOODUÖ |UQHøLQ ELU GLOLQ JUDPHUL VHQWDNV DQODPÖQGD JLEL |QFHGHQ
EHOLUOHQPLû KHVDSNLWDS LûL VDELW NXUDOODU WRSODPÖ RODUDN J|UUVHN ho VRUX\D GD \DQÖW
´HYHWµWLU ûD\HW HWLN ELOJL\L HWLN NXUDOODUÖ E|\OH J|UPH] LVHN <D]ÖPÖQ JHUL NDODQÖQGD EX
VRUXODUD´HYHWµ\DQÖWÖQÖYHUHELOPHQLQWHPHOOHULQLGHûPH\HoDOÖûDFDøÖP
.XUDO NRQXVXQGDNL IHOVHIL J|UûOHU $ULVWRWHOHV YH GDKD \DNÖQODUGD .DQW·D NDGDU
JLGHU $QFDNHWLNYHUHWRULNEDøODPÖQGDNXUDOODLOJLOLJ|UûOHULQLON|UQHNOHULQL·QFL
<]\ÖOGD *+HUEHUW 0HDG YH .HQQHWK %XUNH JLEL GûQUOHUGH J|UHELOLUL] %X
GûQUOHU LQVDQÖQ WRSOXP LoLQGHNL VÖUDGDQ JQON \DSÖS HWPHOHULQGH NDUûÖODûWÖøÖ
GXUXPODU YH VRUXQODU ]HULQH NDID \RUPXûODU YH LQVDQÖQ EX GXUXP YH VRUXQODU
NDUûÖVÖQGD \DSPDVÖ JHUHNHQ VHoLPOHULQ WHSNLOHU GHøLO WDQÖP LFDEÖ HWLN QLWHOLNWH ROGXøXQX
YXUJXODPÖûODUGÖUgUQHøLQ%XUNHLQVDQÖQ\DSÖSHWPHOHULQLQV|]OHGLPOHULQLQVLPJHVHO
YH HWLN \|QQ YXUJXODPDN DPDFÖ\OD ´H\OHPµ YH ´KDUHNHWµ DFWLRQ YH PRWLRQ
NDYUDPODUÖQÖ ELUELULQGHQ D\ÖUÖU %XUNH·H J|UH H\OHPHN H\OHP LQVDQ NÖ]ÖRøOXQXQ HQ
EHOLUJLQ QLWHOLøLGLU LQVDQ VLPJHVHO H\OHPOHUGH HWLN \DSÖS HWPHOHUGH EXOXQDELOHQ WHN
KD\YDQWUGUùQVDQNRQXûDELOLUV|]YHUHELOLULNQDHGHELOLU\DODQV|\OH\HELOLU%XQXQ
\DQÖQGD
QHVQHOHU
YH
KD\YDQODU
VDGHFH
KDUHNHW
HGHELOLUOHU
%LU
EDûND
GH\LûOH
H\OH\HELOPHN VHoLP \DSDELOPHN NDUDU YHUHELOPHN HWLN NLûLOLN LoHULU \D GD JHUHNWLULU
dRøX \DSÖS HWPHOHULPL]GH ûX \DGD EX GXUXP NDUûÖVÖQGD ´HYHWµµKD\ÖUµ ´GRøUXµ
µ\DQOÖûµ GL\HELOPHN HWLN WDYÖU WDNÖQPDN GHPHNWLU ´+DUHNHWµ NDYUDPÖ HWLN GÖûÖGÖU
VDGHFHYHVDGHFHLQVDQH\OHPLGLUHWLNRODQ\DGDRODELOHQ %XUNH·Q EX J|UûQH NDWÖOPDNOD ELUOLNWH ûXQX HNOHPHNWH GH \DUDU J|U\RUXP
%XUNH·Q DPDFÖQÖQ |UQHøLQ D\QÖ ´KDUHNHWLQµ ELU KD\YDQ WDUDIÖQGDQ \DSÖOÖUVD HWLN GÖûÖ
ELU LQVDQ WDUDIÖQGDQ \DSÖOÖUVD PXWODND HWLN LoLOLøLQL V|\OHPHN ROGXøXQX VDQPÖ\RUXP
3HN oRN LQVDQ KDUHNHWL GH VDGHFH ´KDUHNHWµ RODUDN NDODELOLU \DQL HWLN DODQÖ GÖûÖQGDGÖU
gUQHøLQ NÖUGD WHN EDûÖPD SLSR LoL\RUXP 9XUJXODQPDN LVWHQHQ ûH\ SHN oRN LQVDQ
´KDUHNHWLQLQµ ]RUXQOX RODUDN HWLN DODQD JLULûLGLU %X ]RUXQOXOXøX GRøXUDQ ûH\ |WHNL
LQVDQODUGÖU gUQHøLQ SLSRPX NÖUGD \DOQÖ]NHQ GHøLO GH HYGH NÖ]ÖPÖQ \DQÖQGD LoL\RUVDP
D\QÖKDUHNHWSLSRLoPHPHWLNDODQDJLUHU%LUD]GDQJ|UHFHøLPL]JLELDUWÖND\QÖKDUHNHW
SLSRLoPHPELUoÖSODNROJXEUXWHIDFWROPDNWDQoÖNÖSELUGLOR\XQXQXQODQJXDJHJDPH
SDUoDVÖRODQVRV\DONXUXPVDOROJXLQVWLWXWLRQDOIDFWROXU .XUDOOD LOJLOL EX EHOLUWWLøLP J|UûOHU QFL <]\ÖOÖQ LNLQFL \DUÖVÖQD NDGDU ROGXNoD
\]H\VHO YH NÖVPL NDOPÖûWÖU .XUDO ]HULQH JHUoHN ELU LOJLQLQ EDûODQJÖo QRNWDVÖ /XGZLJ
:LWWJHQVWHLQ·LQ 3KLORVRSKLFDO ,QYHVWLJDWLRQV DGOÖ NLWDEÖQÖQ |OPQGHQ VRQUD ·GH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\D\ÖPODQPDVÖ ROPXûWXU )HOVHIHGH ROGXøX NDGDU GLøHU LQVDQ ELOLPOHULQGH GH GHYULPFL
J|UûOHUH \RO DoDQ EX \DSÖWÖQ DUGÖQGDQ :LWWJHQVWHLQ VRQUDVÖ NXUDO J|UûOHUL $XVWLQ
5\OH :LQFK 7RXOPLQ 6HDUOH JLEL $QJOR6DNVRQ *DGDPHU +DEHUPDV $SHO JLEL
$OPDQILOR]RIODUWDUDIÖQGDQGHøLûLNDoÖODUGDQJHOLûWLULOPLûWLU g]HWOHEXIHOVHIHFLOHUEL]H
NXUDOOD LOJLOL ûXQX V|\OHUOHU ùQVDQÖQ \DSÖS HWPHOHULQLQ EHOOL ELU NÖVPÖ HWLN DODQ GÖûÖ RODQ
´KDUHNHWOHUµ \D GD oÖSODN ROJXODUGÖU $QFDN oRøX LQVDQ H\OHPOHUL DOWHUQDWLI \ROODU
DUDVÖQGD \DSÖODQ YH GHøHU \DUJÖODUÖ WDûÖ\DQ HWLN VHoLPOHUGLU %X LNLQFL WU \DSÖS HWPHOHU
IL]LN \DVDODUD EDøOÖ ´KDUHNHWµ GHøLO JQGHOLN VÖUDGDQ GLO LoLQGH VRPXWODûDQ NXUDOODUD
EDøOÖ GLO R\XQODU \D GD GLO HGLPOHULGLU ODQJXDJHJDPH VSHHFK DFW %X V|\OHGLNOHULPL]L
:LWWJHQVWHLQ·GHQELU|UQHNOHDoDOÖP
:LWWJHQVWHLQ \XNDUÖGD GLSQRW EHOLUWWLøLP \DSÖWÖQGD oO ELU D\UÖP \DSDU 'H\LP
H[SUHVVLRQGLOR\XQXODQJXDJHJDPH\DûDPDELoLPLIRUPRIOLIH:LWWJHQVWHLQ·HJ|UHELU
GH\LP ELU V|]FN YH\D ELU WPFH DQODPÖQÖ EHOOL ELU GLO R\XQX EDøODPÖQGD \DQL EX GLO
R\XQX LoLQGHNL URO VD\HVLQGH ND]DQÖU 'LO R\XQX \D GD :LWWJHQVWHLQ VRQUDVÖ
IHOVHIHFLOHULQ GH\LPL\OH GLO HGLPL NDYUDPÖQÖ :LWWJHQVWHLQ·LQ NHQGL YHUGLøL |UQHNOHUOH
û|\OH DoDELOLUL] ´%LU ûH\L EHWLPOHPH ELU ûH\LQ EHWLPOHQPHVLQGHQ \ROD oÖNDUDN
oL]LPLQGHQ R ûH\L \DSPDN ELU ROD\Ö DQODWPDN ELU ROD\ KDNNÖQGD \RUXP \DSPDN ELU
KLSRWH] ROXûWXUXS VÖQDPDN ELU GHQH\LQ EXOJXODUÖQÖ WDEOR YH GL\DJUDPODU ELoLPLQGH
VXQPDN ELU R\XQGD URO DOPDN ûDUNÖ V|\OHPHN ELOPHFH o|]PHN ûDND \DSPDN IÖNUD
DQODWPDN ELU DULWPHWLN SUREOHPL o|]PHN \DEDQFÖ ELU GLOGHQ oHYLUL \DSPDN VRUX
VRUPDNWHûHNNUHWPHNODQHWRNXPDNELULQLNDUûÖODPDNGXDHWPHNµ <XNDUÖGDNL GLO R\XQX|UQHNOHULQGHQ DQODûÖODFDøÖ ]HUH EL]LP ´GLOµ GHQLQFH JHQHOGH
DQODGÖøÖPÖ] GDU WDQÖPÖQ GÖûÖQD oÖNDU :LWWJHQVWHLQ·ÖQ GLO NDYUDPÖ 2 KDOGH GLO HGLPOHUL
HQ JHQLû DQODPGD ´GLOµ LOH \DSÖS HGLOHQ ûH\OHU ROX\RU $XVWLQ·LQ WDQÖPÖ\OD GLO HGLPL
´V|]OHUOH\DSÖSHGLOHQûH\µGLU gUQHøLQ´HYHWµV|]FøQEHOOLELUNXUDOODUEDøODPÖQGD
VDUI HWPHN ELU ´HYOLOLN NRQWUDWÖQÖQµ ELU SDUoDVÖGÖU $\QÖ ELoLPGH ´ERû ROµ GH\LPLQLQ
EHOOL ELU NXUDOODU VLOVLOHVL EDøODPÖQGD ERûDQPD ROJXVXQXQ ELU SDUoDVÖ ROPDVÖ JLEL
$XVWLQ 6HDUOH +DEHUPDV JLEL GûQUOHULQ oHûLWOL DPDoODUOD JHOLûWLUGLNOHUL GLO HGLPL
VÖQÖIODPDODUÖ WD[DQRP\ YDUGÖU $XVWLQ GLO HGLPOHULQLQ ELU WRSOXP LoLQGH LOHWLûLP
DoÖVÖQGDQ |QHPOL RODQODUÖQD YHUGLøL LVLP LOORNXV\RQHUHGLPOHU LOORFXWLRQDU\ DFWV GLU
+HSVLHWLNDoÖGDQ|QHPOLRODQEXWUHGLPOHUHLûDUHWHGHQILLOOHUHV|]FNOHU$XVWLQ·LQ
YHUGLøL |UQHNOHU ûXQODUGÖU ´%HOLUWPHNµ ´EHWLPOHPHNµ ´LGGLD HWPHNµ ´LND] HWPHNµ
´LûDUHW HWPHNµ ´\RUXP \DSPDNµ ´HPUHWPHNµ ´NXPDQGD HWPHNµ FRPPDQG ´WDOHS
HWPHNµ UHTXHVW ´HOHûWLUPHNµ ´|]U GLOHPHNµ ´VDQVU HWPHNµ ´RQD\ODPDNµ ´KRû
NDUûÖODPDNµ ZHOFRPH ´V|] YHUPHNµ ´LWLUD] HWPHNµ ´WDOHSWH EXOXQPDNµ GHPDQG YH
´WDUWÖûPDNµDUJXH$XVWLQ·HJ|UHùQJLOL]FH·GHELQLQVWQGHEXWUILLOYDU
:LWWJHQVWHLQ·DJHULG|QHUVHNGL\HELOLUL]NLRQDJ|UHGH\LPOHUDQODPODUÖQÖ\XNDUÖGD
|UQHNOHQGLUGLøLPL] GLO R\XQODUÖ LoLQGH NXUDOODUD EDøOÖ NXOODQÖPODUÖQGDQ DOÖU %X GLO
HGLPOHULQLQEDøODPÖQGDQVR\XWODQÖUVDGH\LPDQODPÖQÖ\LWLULUYH:LWWJHQVWHLQ·ÖQGH\LûL\OH
ELUJUOWGHQ´ERûDG|QHQELUoDUNWDQµEDûNDELUûH\ROPD]'LOLPL]R]DPDQ´WDWLOH
JLGHUµ
:LWWJHQVWHLQ·D J|UH EX GLO R\XQODUÖ \D GD GLO HGLPOHUL GH RQODUÖ NDSVD\ÖFÖ ELU
ELoLPGH LoLQGH WDûÖ\DQ ´\DûDPD ELoLPOHULµ IRUPV RI OLIH /HEHQVIRUPHQ EDøODPÖQGD
GHøHUOHQGLULOPHOLGLU'H\LPOHULQDQODPODUÖQÖ\DQL\DSÖSHWPHOHULPL]LROXûWXUDQVWDQGDUW
NXOODQÖP WDU]ODUÖQÖ EHOLUOH\HQ GLO HGLPOHULQLQ NHQGLOHUL GH GDKD NDSVD\ÖFÖ ELU DODQ RODQ
\DûDPD ELoLPOHULQLQ ELU SDUoDVÖGÖU YH EXQODU WDUDIÖQGDQ EHOLUOHQLU ´<DûDPD ELoLPOHULµ
NDYUDPÖ oRN WDUWÖûPDOÖ YH oHWUHILO IHOVHIL VRUXQODU LoHUHQ ELU NDYUDPGÖU
7RXOPLQ EX
$NÖQ(UJGHQ³8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU"
NDYUDPÖHWLN\DSÖSHWPHOHULPL]LGHLoLQHDODQNXUDODEDøOÖGDYUDQÖûODUEDøODPÖQGDû|\OH
|]HWOHU
D
<DûDPD
ELoLPOHUL
HSLVWHPLNHQWHOHNWHO
LGHDOOHU
GHøLO
SUDWLN
\DSÖS
HWPHOHUGLU E <DûDPD ELoLPOHUL\OH DQODWÖOPDN LVWHQHQ ûH\ LQVDQ GRøDVÖQÖQ \D GD
NOWUQ
GHøLûPH\HQ
GHøLûNHQGLU
G]HQL
GHøLO
SHN
oRN
DoÖGDQ
EDNÖODELOHFHN
NOWUHO
ELU
%LU EDûND :LWWJHQVWHLQ |øUHQFLVL RODQ 6HDUOH GD \DûDPD ELoLPOHUL NDYUDPÖQÖ
´oHUoHYHµ IUDPHZRUN YH ´DUNDSODQµ EDFNJURXQG PHWDIRUODUÖ\OD DQODWPD\D oDOÖûÖU
gUQHøLQ LoLQGH ´NHVµ V|]FøQQ JHoWLøL GHøLûLN GH\LPOHU GûQHOLP ´3DVWD\Ö NHVµ
´'DøÖ NHVµ ´*QHûL NHVµ JLEL ´.HVµ V|]Fø EXUDGD PHWDIRU GHøLO OkI]vOLWHUDO DQODPGD
ROVXQ<DQL´NHVµ´NHVNLQELUûH\OHELUEDûNDûH\LGRøUDPDNµDQODPÖQGD´3DVWD\ÖNHVµ
GH\LPLQLQDQODPÖQÖLoLQGHNXOODQÖOGÖøÖGLOR\XQXEHOLUOHU%XQHROVXQ"%LUGRøXPJQ
NXWODPDVÖ ROVXQ .Ö]ÖP $\ûH·QLQ GRøXP JQ ROVXQ %X GLO R\XQX EDøODPÖQGD
´SDVWD\ÖNHVµGH\LPLQGHQQHDQOÖ\RUVXQ"GL\HVRUXOGXøXQGDFHYDS´$\ûHGRøXPJQ
SDVWDVÖQÖ NHVL\RUµ ´$\ûH·QLQ GRøXP JQQGH SDVWD NHVLOPLûµ ´$\ûH·QLQ \DûDGÖøÖ
ONHGH GRøXP JQOHUL NXWODQÖUPÖûµ ´'RøXP JQOHULQGH DGHW SDVWD \HPHNPLûµ %X
\DQÖWODUÖ RQODUD \]OHUH KDWWD EHONL GH ELQH oÖNDUDELOLUL] ùûWH HSLVWHPLN G]H\GH NDODQ
ELOJL WU |QHUPHOHU LoLQH KDSVHGLOHELOLS FPOHOHU KDOLQGH LIDGH HGLOHELOHQ NOWUHO
\DSÖSHWPHOHULQELOJLVLQH´oHUoHYHµDGÖQÖYHUL\RUX]YHELUGH\LPLQDQODPÖQÖEXoHUoHYH
EHOLUOHU GL\RUX] %X GLO R\XQXQX ´oHUoHYHµ NDYUDPÖQÖ DQODPDN LoLQ NXOODQGÖN (OOH
WXWXOXSJ|]OHJ|UOHQFPOHOHUOHLIDGHHGLOHELOHQDQODPÖEHOLUOH\HQELOJL
.ODVLNWLSLNJHOHQHNVHOIHOVHIHEXQRNWDGDLûLELWLULU%LOJLQLQ/RJRVDUNDVÖQGDELOJL
ROPD\DQKLoELUûH\RODPD]+HUûH\ELOJLLOHEDûODUELOJLLOHELWHU+D\DOHWELOJLRODFDN
GHøLO\D
3HNL ELOJLQLQ DUNDVÖQGD HSLVWHPLN ´oHUoHYHQLQµ DUNDVÖQGD ELU ´DUNDSODQµ RODPD]
PÖ" ùûWH EX VRUX\X :LWWJHQVWHLQ +HLGHJJHU *DGDPHU 'HUULGD JLEL ·QFL <]\ÖO
GûQUOHUL JQGHPH JHWLULUOHU %L] LNLQFL ELU GLO R\XQX NXUJXOD\DUDN GH\LPOHULQ
DQODPÖQGD KD\DWL V|] VDKLEL ROGXøXQX VH]GLøLPL] DQFDN HSLVWHPLN ELOJL G]H\LQGH
\DNDOD\DPDGÖøÖPÖ] EX ´DUNDSODQµ NDYUDPÖQÖ DQODPD\D oDOÖûDOÖP +DWÖUOD\DOÖP NL KkOk
:LWWJHQVWHLQ·LQ ´<DûDPD ELoLPOHULµ NDYUDPÖQÖ WDUWÖûÖ\RUX] ùNLQFL GLO R\XQXPX]GD LNL
GH\LP NXOODQDOÖP %X LNL GH\LPGH GH ´NHVµ V|]Fø \LQH PHFD]L GHøLO OkI]vOLWHUDO
DQODPGD\DQL´NHVNLQELUûH\OHELUEDûNDûH\LGRøUDPDNµDQODPÖQGDNXOODQÖOVÖQùûWHLNL
GH\LP ´'DøÖ NHVµ ´*QHûL NHVµ %X NH] LNL GH\LP NXOODQPD JHUHNoHPL
DoÖNODPDNODEDûOD\DOÖP$UNDSODQNDYUDPÖ|]HOELUWDULKVHOOLN²]DPDQVDOOÖNER\XWXLoHULU
%LULQFLGLOR\XQXEL]HDUNDSODQÖQWDELU\HULQGHLVH´ûLPGLNLJHoPLûµER\XWXQXLNLQFLGLO
R\XQX LVH EL]H DUNDSODQÖQ ´ûLPGLNL JHOHFHNµ ER\XWXQX J|VWHUPH\L DPDoOÖ\RU %LULQFL
GH\LPLRNXUXPD\|QHOWL\RUXP´'DøÖNHVµGH\LPLQGHQQHDQOÖ\RUVXQX]"
<ÖO PWKLû ELU WHNQRORML YDU 'HY GDø NHVPH PDNLQHOHUL YDU SURMH KD]ÖU
IDODQFD GDø NHVLOLS DUDVÖQD |]HO ELU WQHO \DSÖODFDN YV YV ùûWH EX YH EHQ]HUL FHYDSODUÖ
YHUL\RUVXQX] +DNOÖVÖQÖ] GD 'H\LP \HULQGH\PLû 'H\LPL DQODPDQÖ] LoLQ ´oHUoHYHµ
ELOJLVL \HWWL GH DUWWÖ ELOH úLPGL YDUVD\DOÖP LNL <]\ÖO JHULGH \DûÖ\RUX] YH EHQ VL]H D\QÖ
VRUX\X R ]DPDQ <]\ÖO \|QHOWL\RUXP ´'DøÖ NHVµ 1H DQOÖ\RUVXQX]" 6L]
ûDûÖUÖ\RUVXQX] |QFH DPD KHPHQ WRSDUODQÖS RNXGXøXQX] -XOHV 9HUQH URPDQODUÖQÖ
KDWÖUOÖ\RU YH EDûOÖ\RUVXQX] VD\PD\D ´g\OH ELU ]DPDQ JHOHFHN NL GHY GDø NHVPH
PDNLQHOHUL RODFDN 'HY NXûPDNLQHOHU KDYDGD XoDUDN EX GDøODUÖ NHVHFHNOHU YV YVµ
+DLûWHûLPGLDQODGÖQÖ]'H\LP\LQH\HULQGH\PLû$QODPDNLoLQQH\DSWÖQÖ]"&HYDS%LU
DUNDSODQ \DUDWWÖQÖ] +D\DOHWL oDøÖUGÖQÖ] 2 GD oDøUÖQÖ]D \DQÖW YHUGL 9HUPH\HELOLUGL GH
7LSLNNODVLNHøLWLPFLOHUJLELoDøÖUPD\DELOLUGLQL]GH2QODUÖQGHGLøLJLELGHUGLQL]NL´%X
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
oRN VDoPDµ ´%X GH\LP \HULQGH GHøLOµ YV YV $PDVL] RQODUGDQ IDUNOÖVÖQÖ] +D\DOHWOHUH
LQDQÖ\RUVXQX] ùûWH KD\DOHW ELOJL EX ùûWH ORJRV ROPD\DQ ELOJL EX +HPHQ G]HOWL\RUXP
$UNDSODQÖ ORJRV \DSWÖQÖ] $UWÖN R ELU ´oHUoHYHµ ELOJLVL ROGX $PD GDKD |QFH ´\RN
JLEL\GLµ 6L]LQ R GH\LPL DQODPD VUHFLQL] LoLQGH RUWD\D oÖNWÖ $QODPDQÖ]Ö R VDøODGÖ
7ÖSNÖ J|UPHPL VDøOD\DQ DPD EHQLP J|UHPHGLøLP J|]PQ UHWLQDVÖ JLEL 'HYDP
HGHOLP
´*QHûLNHVµ$QODGÖQÖ]PÖ"0HWDIRUGHøLOOLWHUDODQODPGDNHV&HYDS´1DVÖOROXU"
*QHû
SH\QLU
PL
NHVHOLP"
%X
oRN
VDoPD
$QODPDGÖP
%HQLP
DQODPDGÖøÖP
ELOPHGLøLP ûH\ ELOJL GHøLOGLUµ %X WLSLN NODVLN DNDGHPLV\HQ \DQÖWÖ +D\DOHW ELOJL\L
oDøÖUDUDN
DQODPDN
%XQX
RNXUODUÖQ
KD\DOHW
JFQH
EÖUDNÖ\RUXP
*QHûL
QDVÖO
NHVHUGLQL]"$WDODUÖPÖ]ÖQGHGLøLJLELLQVDQKD\DOHWWLøLPGGHWoH\DûDU
g]HWOHUVHNHWLNDODQV|]NRQXVXROGXøXQGDNXUDONDYUDPÖGH\LPGLOR\XQX\DûDPD
ELoLPL HNVHQLQGH |QHUPHVHOELOJL SURSRVLWLRQDO NQRZOHGJH HSLVWHPLN G]H\LQL DûDQRQWR
SUDWLN ELU \DSÖS HWPHOHU \DûDPD GQ\DVÖQÖ OLIH ZRUOG /HEHQVZHOW YDUVD\PDN ]RUXQGDGÖU
%|\OH ELU GQ\DGD HWLN ELOJL /\RWDUG·ÖQ GH\LPL\OH ´GLO R\XQODUÖQÖQ KHWHURMHQOLøLQLµ
NDEXOOHQPHN
]RUXQGD
<LQH
E|\OH
ELU
GQ\DGD
:LWWJHQVWHLQ·LQ GHøLûL\OH ´X]DNWDQ LGDUH HWPH]OHUµ
NXUDOODU
EX
GLO
R\XQODUÖQÖ
úLPGL ELUD] GD EX VRQ QRNWD
]HULQGHGXUDOÖP
%LU NXUDO X]DNWDQ LGDUH HWPH] 1H\L HWPH]" <DSÖS HWPHOHULPL]L %LU NXUDO ´ELU \RO
LûDUHWL JLELGLU %LU \RO LûDUHWL EL]H QH WDUDID JLWPHPL] JHUHNWLøLQL NHVLQ RODUDN J|VWHULU
PL"µ
7DELL NL J|VWHUPH] .XUDOODU \RO LûDUHWOHUL JLEL EL]H VHoHELOHFHøLPL] DOWHUQDWLI
\ROODUÖ J|VWHULUOHU $PD KHU \RO LûDUHWL JLEL KHU NXUDO GD ´\DQOÖûµ \RUXPODQDELOLU *HFH
ELUIÖUWÖQDVRQXFX\ROLûDUHWLG|QPûGHRODELOLU%X\]GHQELUNXUDOGDELU\ROLûDUHWL
JLEL KHU LKWLPDOL GHøHUOHQGLUHELOHQ XVWD ELU ûRI|U JLEL DQFDN X\JXODPD WHNQLøLQL
ELOHQ
ELULQH \DUGÖPFÖ RODELOLU %X EDøODPGD KLo ELU NXUDO GLO R\XQODUÖQÖQ KHWHURMHQOLøL LoLQGH
NHQGLNXOODQÖPODUÖQÖWPD\UÖQWÖODUÖ\ODGLNWHHGHPH]<LQHEXEDøODPGDGLOR\XQODUÖELU
NXUDOODUEWQRODUDN|QFHGHQEHOLUOHQPLûVDELWELUNDONOVRODUDNGûQOHPH]%X
DQODPGD ´NXUDOD EDøOÖOÖNµ UXOH IROORZLQJ |UQHøLQ &KRPVN\·GH ROGXøX JLEL
GLOLQ VDELW
KRPRMHQ GRøXûWDQ JHOHQ NXUDOODUÖ WDUDIÖQGDQ EDøODQPDN GHøLO WDP DNVLQH GLO
R\XQODUÖQÖQ
KHWHURMHQOLøLQL
\XNDUÖGD
|UQHNOHQGLUGLøLPL]
PPNQ
NÖODQ
NXUDOD
EDøOÖOÖNWÖU $QODP DoÖNODPDODUÖ \DQL V|]FNOHULQ NXOODQÖPÖQÖ EHOLUOH\HQ QRUPODUGÖU
NXUDOODU $QFDN EX DQODP DoÖNODPDODUÖ LoLQGH ROXûWXNODUÖ GLO HGLPOHUL YH \DûDPD
ELoLPOHULQHJ|UHSHNoRNIDUNOÖûHNLOOHUDOÖUODU%XGHPHNLVWHGLøLPLELUV|]ONLoLQGHNL
DQODP DoÖNODPDODUÖQÖ |UQHN YHUHUHN GH DQODWDELOLUL] +LoELU V|]ON ELU V|]FøQ
DQODPÖQÖ \DQL NXOODQPD ELoLPOHULQL EWQ D\UÖQWÖODUÖ\OD YHUHPH] %L]LP ELU V|]ONWHQ
\DUDUODQDELOPHPL] LoLQ R GLO NRQXVXQGD SHN oRN ûH\ ELOPHPL] GLøHU ELU GH\LûOH
NXOODQPDX\JXODPD WHNQLøLQL ELOPHPL] JHUHNLU %X DQODPGD NXUDOODU SUDWLN \ROX\OD
\DYDû \DYDû SUDWLøLQ |QJ|UGø GHøLûNHQOHUH GHøLûPHOHUH EDøOÖ RODUDN KHP |øUHQLOHQ
KHPGH\DSÖSHGLOHQûH\OHURODUDNJHOLûLUYHEHOLUJLQOHûLU
%X V|\OHGLNOHULPL] HWLN NXUDOODU LoLQ GH JHoHUOLGLU (WLN NXUDOODU GD VÖUDGDQ GLO
NXUDOODUÖ JLEL VDELW NDONOVYDUL DNVL\RPODUGDQ IDUNOÖ VWDWGHGLU %LULVL VL]H JHOLS ´EDQD
HWLøL|øUHWLUPLVLQ"µGHUVHEXLQVDQÖQVL]GHQHWLøLQELOJLVLQL\DQLEXNRQXGDNLNXUDPODUÖ
YH QRUPDWLI NXUDOODU EWQQ LVWHGLøLQL ELOLUVLQL] $PD EX NLûL\H VDELW NDONOV
NLWDEÖQDEHQ]HUNXUDOODUWRSODPÖQÖELUUHoHWHJLELYHUHELOLUPLVLQL]"9HUPH\HoDOÖûÖUVDQÖ]
EX ELU WU ´ûLGGHWµ \D GD KDNVÖ]OÖN ROPD] PÖ" 6L]H ELULQLQ JHOLS ´EDQD VDWUDQo |øUHWLU
PLVLQL]"µGHGLøLQLGûQQ1HLVWHQGLøLQLELOL\RUVXQX]$PDVDWUDQoR\XQXJLELNHVLQ
NXUDOODUD EDøOÖ ELU R\XQ V|] NRQXVX ROGXøXQGD ELOH R NLûL\H VDWUDQo |øUHWPH
$NÖQ(UJGHQ³8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU"
WHûHEEVQ] ELU WU ´ûLGGHWµ \D GD KDNVÖ]OÖN LoHUHFHNWLU gUQHøLQ RQD YHUHFHøLQL]
NXUDOODU DUDVÖQGD ´WHN ELU NDUHGH LNL WDû ELUGHQ EXOXQDPD]µ NXUDOÖ \HU DODFDN PÖGÖU"
%HQ]HU ûHNLOGH EL]OHU HWLN NXUDOODUÖ GD GLO JLEL EHOOL GRøDO RUWDPODU LoLQGH |øUHQLU YH
|øUHWLUL] (WLøLQ WP HYUHQVHO NXUDOODUÖQÖ ELU NLWDS LoLQGH WRSODVDN ELOH EX GXUXP ELU
\DEDQFÖGLO|øUHQPHNLoLQELUV|]OøH]EHUOHPH\HNDONPD\DEHQ]HU
6RQXo RODUDN EX \D]ÖQÖQ EDûOÖøÖQGD VRUPXû ROGXøXP VRUX\D G|QHUVHN (WLN
HøLWLPLQLQ NXUDOODUOD KHP GH oRN LOJLVL YDUGÖU \DQÖWÖ DøÖU EDVÖ\RU $QFDN WP \D]Ö
ER\XQFD YXUJXODPD\D oDOÖûWÖøÖP JLEL EX LOJL NXUDO NDYUDPÖQÖQ GRøUX DOJÖODQPDVÖQD
EDøOÖ <D]ÖPÖQ EDûÖQGD :LWWJHQVWHLQ·GDQ \DSWÖøÖP DOÖQWÖGDNL NXUDO SDUDGRNVX HWLN
NXUDOODUÖQ \DûDPÖ |QFHGHQ EHOLUOH\HQ VDELW IRUPOOHU RODUDN DOJÖODQPDVÖ \]QGHQ
RUWD\DoÖNDU(WLNNXUDOODUKD\DWVUHFLLoLQGH\DûDQDQGHQHQHQJHoHUOLøLQLNHQGLLoLQGH
ROXûWXUDQ GLQDPLN VLVWHPOHUGLU $QFDN E|\OH ELU EDNÖû DoÖVÖ SDUDGRNVXQ o|]OPHVLQL
VDøOD\DELOLU %X \D]Ö ER\XQFD NXUDO SDUDGRNVXQD EDøODPD\D oDOÖûWÖøÖP 6RNUDWHV·LQ YH
$ULVWRWHOHV·LQ IHOVHIHQLQ YH HWLN ELOJLQLQ |øUHWLOHPH]OLøL SDUDGRNVX GD DQFDN EX EDNÖû
DoÖVÖ\OD RUWDGDQ NDONDELOLU 6|]OHULPL ´HWLN HøLWLPLQLQ NÖVÖU ROPD\DQ G|QJVµ RODUDN
DGODQGÖUGÖøÖP
ELU
GûQFH\OH
ELWLUHFHøLP
%X
\D]ÖGD
LûOHPH\H
oDOÖûWÖøÖP
NXUDO
NDYUDPÖQÖQ EL]L ]RUXQOX RODUDN NDUûÖ NDUûÖ\D JHWLUGLøL D\UÖQWÖODUÖQÖQ D\UÖ ELU \D]ÖQÖQ
NRQXVX ROGXøX ELU G|QJGU EX %X G|QJ\ NÖVDFD +HLGHJJHU·LQ GH\LûL\OH LIDGH
HGHUVHN ´$QODPD\D NDWNÖGD EXOXQDELOHFHN ELU \RUXP \RUXPODQDFDN RODQÖQ ]DWHQ
DQODûÖOPÖû ROGXøX ELU \RUXPGXUµ
%X DQODPD G|QJV PDQWÖN NXUDOODUÖQD J|UH NÖVÖU
ELU G|QJGU %LOLPVHO DQODPDGD DQODPDN LVWHGLøLQL] ûH\L R ûH\L DQODPD\D \|QHOLN
\|QWHP LoLQGH YDUVD\DPD]VÖQÖ] (WLN ELOJL\L NXUDPVDO HSLVWHPH YH WHNQLN WHFKQH
ELOJLGHQ D\ÖUDQ ûH\ EX G|QJQQ HWLN ELOJLGH NÖVÖU ROPDN ELU \DQD WDP WHUVL HWLN
HøLWLPLQLQYHELOJLVLQLQWHPHOLQLROXûWXUGXøXJHUoHøLGLU(WLNHøLWLPL\OHXøUDûDQODUÖQEX
QRNWD\Ö oRN L\L DQODPDVÖ JHUHNL\RU (WLN HøLWLPL DoÖVÖQGDQ EX NH] :LWWJHQVWHLQ·LQ
GH\LûL\OH \D GD ELU V|]FøQ NXOODQDUDN EX G|QJ\ WHNUDUOD\DOÖP (WLN HøLWLPL
VUHFLQH NDWÖODQODU |øUHWPHQ |øUHQFL DQQH EDED YE EX VUHFLQ NXUDOODUÖQÖ GRøUX
X\JXODPD WHNQLøLQH VDKLS ROPDOÖGÖUODU %XWHNQLøH VDKLS RODPD]ODUVD HWLN ELOJLQLQ NHQGLVL
ELUWHFKQHROPDNWDQ|WH\HJLGHPH]
,,,
2UWD 'RøX 7HNQLN hQLYHUVLWHVL )HOVHIH %|OP HOHPDQODUÖ RODUDN EL]OHU GH
WRSOXPXPX]XQ HWLN JUDPHULQLQ ROXûXPXQGD NXUDOODUÖQ GRøUX X\JXODPD WHNQLøLQH
NDWNÖGD EXOXQPDN DPDFÖ\OD QLYHUVLWH VW \|QHWLPLQLQ GH GHVWHN YH NDWNÖODUÖ\OD \ÖOÖ EDûÖQGD VHIHUEHU ROGXN %X VHIHUEHUOLøLQ LON PH\YHVL .DVÖP GH
JHUoHNOHûWLUGLøLPL] , 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL ROPXûWXU (OLQL]GHNL EX NLWDS
EX NRQJUHGH VXQXODQ ·LQ ]HULQGHNL VD\ÖGD WHEOLøLQ ELU NÖVPÖQÖ YH NRQJUHQLQ LON
JQQGH \DSÖODQ LNL SDQHOLQ 0HG\D (WLøL YH 6L\DVHW (WLøL GHûLIUH HGLOHQ ND\ÖWODUÖQÖ
LoHUL\RU ,, 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL WDULKL \ÖOÖ (NLP D\Ö RODUDN
EHOLUOHQPLûROXSKD]ÖUOÖNoDOÖûPDODUÖEDûODPÖûWÖU
ùNLQFL RODUDN 2'7h )HOVHIH %|OP \ÖOÖ EDûÖQGD 8\JXODPDOÖ (WLN 7H]VL]
<NVHN /LVDQV 3URJUDPÖ EDûODWPÖûWÖU úLPGLOLN ´0HG\D (WLøLµ YH ´ùû (WLøLµ PRGOOHUL\OH
ùNLQFL gøUHWLP oHUoHYHVLQGH \UWOHQ EX SURJUDP KDOHQ G|QHPLQL WDPDPODPÖûWÖU
EN](N
hoQF RODUDN \ÖOÖQGD 5HNW|UOøH EDøOÖ RODUDN ELU 8\JXODPDOÖ (WLN 0HUNH]L
NXUXOPXûWXU 7UNL\H·GH ELU LON RODQ EX GLVLSOLQOHU DUDVÖ PHUNH]LQ EDûNDQOÖøÖQÖ )HOVHIH
%|OPP]QELU|øUHWLP\HVL\DSPDNWDGÖUEN](N
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
'|UGQF RODUDN )HOVHIH %|OP 8\JXODPDOÖ (WLN 0HUNH]L YH 6UHNOL (øLWLP
0HUNH]L
LûELUOLøL
LOH
KHU
\ÖO
´(WLN
%LOLQoOHQPH
+DON
.RQIHUDQV
YH
3DQHOOHULµ
G]HQOHQPHNWHGLU
6RQ RODUDN 8\JXODPDOÖ (WLN 0HUNH]L 6UHNOL (øLWLP 0HUNH]L LOH RUWDN RODUDN
´0HG\D(WLøL6HUWLILND3URJUDPÖµEDûODWPÖûWÖUEN](N
7PEXHWNLQOLNOHULQJLWJLGHoRøDOPDVÖD\QÖ]DPDQGD7UNL\HPL]LQHWLNJUDPHULQLQ
JHOLûPHVLROJXQODûPDVÖGHPHNWLU%XVUHFHKHSLPL]LQDNWLIELoLPGHNDWÖOPDVÖLVHNHQGL
EDûÖQDHWLNELU\NPOONWU
'LSQRWODU
$ULVWRWHOHV(WKLFD1LFKRPDFKHD:'5RVV7KH:RUNVRI$ULVWRWOH2[IRUGED
%N]$(UJGHQ´,OHWLûLPELOLPGH1LWHOLNVHO.XUDO$UDûWÖUPDODUÖµ.XUJX'HUJLVL6
.%XUNH7KH5KHWRULFRI5HOLJLRQ%RVWRQV
,ELG
´dÖSODNROJXµ´NXUXPVDOROJXµNDYUDPODUÖLoLQEN]-6HDUOH6SHHFK$FWV&DPEULGJH
%|OP
/:LWWJHQVWHLQ3KLORVRSKLFDO,QYHVWLJDWLRQV1HZ<RUN
%XIHOVHIHFLOHULQJ|UûOHULLoLQEN]5-%HUQVWHLQ%H\RQG2EMHFWLYLVPDQG5HODWLYLVP
3KLODGHOSKLD
/:LWWJHQVWHLQRS&LWSDU
-/$XVWLQ+RZWRGR7KLQJV:LWK:RUGV2[IRUGV
,ELGS
/:LWWJHQVWHLQRSFLWSDUSDU
%N]-)+XQWHU´)RUPVRI/LIHLQ:LWWJHQVWHLQ·V3KLORVRSKLFDO,QYHVWLJDWLRQVµ$PHULFDQ
3KLORVRSKLFDO4XDUWHUO\FLOWV
67RXOPLQ´&RQFHSWVDQG([SODQDWLRQRI+XPDQ%HKDYLRUµ70LVFKHOHG+XPDQ$FWLRQ
1HZ<RUNLoLQGHV
-6HDUOH7KH&RQVWUXFWLRQRI6RFLDO5HDOLW\1HZ<RUN%O
-)/\RWDUG7KH3RVWPRGHUQ&RQGLWLRQ0DQFKHVWHUV[[Y
/:LWWJHQVWHLQ7KH%OXHDQG%URZQ%RRN1HZ<RUNV
/:LWWJHQVWHLQ3KLORVRSKLFDO,QYHVWLJDWLRQVSDU
,ELGSDU
1&KRPVN\5XOHVDQG5HSUHVHQWDWLRQV1HZ<RUNV
0+HLGHJJHU%HLQJDQG7LPH1HZ<RUNV
$d,/,ú.218ú0$/$5,
2'7h)HOVHIH%|OP%DûNDQÖ3URI'U$NÖQ(UJGHQ·LQ$oÖOÖû
.RQXûPDVÖ
6D\ÖQ5HNW|U9HNLOLP6D\ÖQ%DNDQODU'HøHUOL.RQXNODU
8OXVDO 8\JXODPDOÖ (WLN .RQJUHVLQH KRû JHOGLQL] %X VDEDK VDDW ·GH 0HG\D
(WLøL3DQHOLPL]·GHLVH7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOLPL]YDU<DUÖQo
D\UÖ VDORQGD ELOLPVHO ELOGLUL VXQXODFDN 7UNL\H·QLQ KHU \HULQGHQ JHOHQ ELOLP
LQVDQODUÖPÖ]ÖQ PHG\D PHQVXSODUÖPÖ]ÖQ Lû HWLøLQGHQ PKHQGLVOLN HWLøLQH NDGDU JHQLû
ELU \HOSD]HGH ONHPL]LQ X\JXODPDOÖ HWLN JUDPHULQH NDWNÖODUÖQÖ L]OH\HFHøL] 7UNL\H·GH ELU
NRQXGDGDKD2'7h·QQELULONLJHUoHNOHûWLUPHVLQGHQE\NJXUXUGX\X\RUX]
*HoHQ VHQH EX VDORQGD EHQLP \|QHWWLøLP ELU PHG\D HWLøL SDQHOL \DSÖOGÖ %X SDQHOH
NDWÖODQ YH EXJQ GH DUDPÖ]GD RODQ .RUNPD] $OHPGDU·ÖQ ELU WPFHVLQL WHNUDUODPDN
LVWL\RUXP 6RQ GHUHFH LOJLQo ELU WPFH\GL DNOÖPD ND]ÖQPÖû ELU \ÖOGÖU ´%X LûLQ >PHG\D
HWLøLQLQ@µ GHGL VD\ÖQ $OHPGDU ´NXUDOODU QRUPODU JHOLûWLUPHNWHQ EDûND EDUÖûoÖO
>EDUÖûoÖOÖQ DOWÖQÖ oL]L\RUXP@ ELU \ROX \RNWXUµ (YHW QRUPODU NXUDOODU JHOLûWLUPHNWHQ
EDûND ELU \ROX \RNWXU EX LûLQ 0HG\D·\Ö NDOGÖUÖQ ¶PHVOHN HWLøL· YH\D ¶Lû HWLøL· GH\LQ
KHSVLQLQEDûÖEXQRUPODUÖRWRUHJODV\RQQRUPODUÖQÖNR\PDNWDQELUEDûNDGH\LûOHHWLN
JDPHUL ROXûWXUPDNWDQ JHoL\RU %HQFH EX FPOH NRQJUHQLQ |]HW FPOHVL RODFDN
.RQXûDFDøÖP oRN ûH\ YDUGÖ DPD |EU NRQXûPDFÖODUD YDNLW WDQÖPDN YH WDUWÖûPDOÖ
JHoHFHøLQL VDQGÖøÖP PHG\D SDQHOLPL]LQ GH YDNWLQL DOPDPDN LoLQ ELU WHûHNNU QRWX LOH
V|]OHULPHVRQYHUL\RUXP
.RQJUH·QLQ LON JQ JHUoHNOHFHN RODQ LNL SDQHOLPL]LQ ROXûPDVÖQD NDWNÖGD EXOXQDQ
0ONL\H · VÖQÖI DUNDGDûODUÖPD |]HOOLNOH 1XUL dRODNRøOX .XUWXOXû 7DûNHQW 6DPL
*QHU 0HKOLND 7XUJXW (UD\ 'HYULPFL 8OXo *UNDQ 1HGUHW 8OXøED\·D VRQVX]
WHûHNNUOHU 6ÖQÖI DUNDGDûÖP ROPD\DQ 0ONL\HOLOHUGHQ EDûWD VD\ÖQ EDNDQ <ÖOPD]
.DUDNR\XQOX ROPDN ]HUH +LNPHW 8OXøED\·D úHEQHP %LOJHW·H YH %HOPD *QHU·H GH
WHûHNNUOHU gQ VÖUDODUD EDNWÖøÖPGD DGÖQÖ EXUDGD VD\DPDGÖøÖP VD\DUVDP VÖQÖI
\RNODPDVÖ JLEL RODFDN 0ONL\HOLOHUH 0ONL\H UXKXQX 2'7h·\H WDûÖGÖNODUÖ LoLQ
WHûHNNUOHU 3URI 'U ,RQQD .XoXUDGL·\H GH EL]L KHU ]DPDQ GHVWHNOHGLNOHUL LoLQ
WHûHNNUHGL\RUXP7PNDWÖOÖPFÖODUDYHL]OH\HQOHUHGHWHûHNNUHGL\RUYHKHSLQL]HLNL
JQER\XQFDNH\LIOLELU]LKLQ]L\DIHWLGLOL\RUXP
2'7h5HNW|U9HNLOL3URI'U0HKPHW8WNX·QXQ.RQXûPDVÖ
6D\ÖQ%DNDQODUÖP6D\ÖQ.DWÖOÖPFÖODU'HøHUOL.RQXNODU6HYJLOLgøUHQFLOHU
8OXVDO 8\JXODPDOÖ (WLN .RQJUHVLQH NDWÖOGÖøÖQÖ] LoLQ ûNUDQODUÖPÖ VXQX\RUXP
2UWD 'RøX 7HNQLN hQLYHUVLWHVL )HOVHIH %|OP WDUDIÖQGDQ G]HQOHQHQ 8OXVDO
8\JXODPDOÖ (WLN .RQJUHVL WRSOXPVDO \DûDPÖPÖ]ÖQ KHU DODQÖQGD NDUûÖODûWÖøÖPÖ] HWLN
VRUXQODUÖQ WDUWÖûÖOPDVÖ
LoLQ
X\JXQ
ELU
RUWDP
\DUDWPD\Ö
DUDûWÖUPDFÖODUÖPÖ]ÖQ YH
PHVOHNOHULQGH HWNLQOLNOHULQL VUGUPHNWH RODQODUÖQ HWLN VRUXQODUÖPÖ] YH o|]P \ROODUÖ
]HULQH ELUOLNWH GûQPHOHULQL VDøODPD\Ö DPDoODPDNWDGÖU 0HG\D Lû VL\DVHW LOHWLûLP
WÖS LQVDQ KDNODUÖ HNRQRPL oHYUH PKHQGLVOLN YH WHNQRORMLGH ELU IHOVHIH GDOÖ RODUDN
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NXUDPVDO YH X\JXODPDOÖ HWLN NRQXODUÖQD LOLûNLQ VRUXQODUÖQ WDUWÖûÖOÖS o|]P \ROODUÖ
]HULQH GûQFH UHWLOHFHøL 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL ONHPL]GH EX DODQGD
\DSÖODQ LON NRQJUHGLU ùON ROPDVÖQD NDUûÖQ NRQJUHPL]H oHûLWOL DODQODUGDQ \DNODûÖN NDGDU DUDûWÖUPDFÖ YH GûQU NDWÖOPDNWDGÖU .DWÖOÖPGDNL EX \RøXQOXN YH oHûLWOLOLN
ONHPL]GH KHU DODQGDQ GûQUOHULPL]LQ YH D\GÖQODUÖPÖ]ÖQ HWLN VRUXQODUÖQ DøÖUOÖøÖQGDQ
QH GHQOL UDKDWVÖ] ROGXNODUÖQÖQ ELU J|VWHUJHVL VD\ÖOPDNWDGÖU $VOÖQGD EX UDKDWVÖ]OÖN
WRSOXPXQ KHU NHVLPLQGH YDUGÖU 2 KDOGH D\GÖQODUÖPÖ]ÖQ ELU J|UHYL GH SHN oRN
ROXPVX]OXøXQ ND\QDøÖ RODUDN J|UOHQ YH ELU WUO RUWDGDQ NDOGÖUDPDGÖøÖPÖ] VRUXQODUÖ
VLVWHPDWLNELU\ROODD\GÖQOÖøDNDYXûWXUPDNYHo|]P\ROODUÖQÖRUWD\DNR\PDNWÖU
.RQJUHPL]GDKDVDøOÖNOÖELUWRSOXPVDO\DûDPKHGHILQHGRøUXJLGHQ\ROGDDWÖODQELU
DGÖPGÖU 2'7h EX \ÖO LONL G]HQOHQHQ 8OXVDO 8\JXODPDOÖ (WLN .RQJUHOHULQL
VUGUPH\L YH ONHPL]GH VRQ JQOHUGH VÖNoD GLOH JHWLULOHQ HWLN NDYUDPÖQÖ DNDGHPLN
WDUWÖûPD G]H\LQH WDûÖPD\Ö 7UNL\H·GH SHN oRN NRQXGD |QGHUOLN HWPLû ELU QLYHUVLWH
RODUDN J|UHYOHUL DUDVÖQGD VD\PDNWDGÖU 7RSOXPXQ EWQ NHVLPOHULQGH HWLN NDYUDPODUOD
GûQPH YH WDUWÖûPD DOÖûNDQOÖøÖQÖQ \HUOHûPHVL LoLQ VRUXQODUD o|]P DUDPDNWD HQ HWNLOL
\|QWHP
EHOLUJLQ
ELU
NXUDPVDO
YH
ROJXVDO
oHUoHYHGH
DUDûWÖUPD
\DSPD
RODUDN
J|UOPHNWHGLU 7P oDOÖûPD DODQODUÖQGD HWLN PHG\D HWLøL oHYUH YH WHNQRORML HWLøL Lû
HWLøLNÖVDFDX\JXODPDOÖHWLNQH\D]ÖNNLEXJQQLYHUVLWHSURJUDPODUÖQÖQYHLû\DûDPÖQÖQ
D\UÖOPD] ELU SDUoDVÖ GXUXPXQD JHOHPHPLûWLU 2'7h YH QLYHUVLWHPL]LQ )HOVHIH
%|OP úXEDW ·GH EDûODWÖODFDN 8\JXODPDOÖ (WLNWH <NVHN /LVDQV 3URJUDPÖ LOH EX
DODQGD HNVLNOLøLQL GX\GXøXPX] ELU oDOÖûPD\D GD |QFON HWPH\L J|UHYOHUL DUDVÖQGD
VD\PDNWDGÖU %X \NVHN OLVDQV SURJUDPÖ |]HOOLNOH NDPXGD YH |]HO NHVLPGH oDOÖûDQODUD
\|QHOLN RODUDN WDVDUODQPÖûWÖU 3URJUDPGDNL GHUVOHU YH ELWLUPH SURMHVL |øUHQFLOHUH HWLN
ELOJLQLQ NXUDPVDO WDULKVHO YH X\JXODPD\D \|QHOLN \|QOHULQL GHøHUOHQGLUPH \HWLVL
ND]DQGÖUPD\ÖDPDoODPDNWDGÖU
hQLYHUVLWHPL] D\UÖFD IDNOWHOHULPL]GH HWLN NXUXOODUÖ ROXûWXUDUDN DUDûWÖUPD YH
|øUHWLP HWNLQOLNOHULQH IDUNOÖ ELU EDNÖû DoÖVÖQGDQ \DNODûPD\Ö YH QLYHUVLWHOHULPL]GH QH
\D]ÖNNLûLPGL\HNDGDUEHONLGHWHNQRORMLQLQ\DûDPÖPÖ]DEXGHQOLJLUPHPLûROPDVÖQGDQ
|WU J|] DUGÖ HGLOPLû RODQ HWLN GHøHUOHQGLUPH HWNLQOLøLQL KLoELU GÖû HWNL ROPDNVÖ]ÖQ
NHQGLVL
ELU
]RUXQOXOXN
RODUDN
J|UPû
YH
X\JXODPD
oDOÖûPDODUÖQD
EDûODPÖûWÖU
'HPRNUDWLN ELU |UJWOHQPH \DSÖVÖ\OD KHU IDNOWH NHQGL HWLN NXUXOODUÖQÖ ROXûWXUDFDN
DUDûWÖUPDYH|øUHQLPHWNLQOLNOHULQL\DOQÖ]FDELOLPVHOELUEDNÖûDoÖVÖQGDQGHøLOELUNH]GH
IHOVHILEDNÖûDoÖVÖQGDQGHøHUOHQGLUHFHNWLU
2'7h8OXVDO8\JXODPDOÖ(WLN.RQJUHVLYHV|]QHWWLøLPL]EXHWNLQOLNOHUOHHWLN
oDOÖûPDODUÖQÖ YH IHOVHIH\L EXJQ ROGXøX JLEL LOHUGH GH GHVWHNOH\HFHN YH EX NRQXGD
GLVLSOLQOHU DUDVÖ \HQL DUDûWÖUPD DODQODUÖQÖQ DoÖOPDVÖQD oHûLWOL DUDûWÖUPD DODQODUÖ DUDVÖQGD
LOHWLûLPLQ DUWPDVÖQD \DUGÖPFÖ RODFDNWÖU %WQ NDWÖOÖPFÖODUD YH NRQJUH\H EDûDUÖOÖ
oDOÖûPDODUGLOL\RUYHVD\JÖODUVXQX\RUXP
'HYOHW%DNDQÖ<ÖOPD].DUDNR\XQOX·QXQ.RQXûPDVÖ
'HøHUOL 0LVDILUOHU EX NRQXûPD EHQFH FLGGL ELU WDOLKVL]OLNOH PDOXO (YYHOD 3URI
.XoXUDGL NRQXûVD\GÖ YH HWLN NXUDPODUÖQ QH ROGXøXQX DQODWVD\GÖ EL] GH R NDYUDPODUÖQ
WDULILQGHNL GHøHUOHULQ VDGDNDWL\OH NRQX\X WDUWÖûPDGD GDKD FHVXU GDKD \UHNOL GDKD
HWNLQYHLoHULNOHULLWLEDUL\OHGHGDKDGRøUXûH\OHUV|\OH\HELOLUGLN
%HQ EX GDYHWL DOGÖøÖP ]DPDQ HWLN NDYUDPÖQÖQ QH\L LoHUGLøL NRQXVXQGDNL ELOJLPL
HYYHOD V|]ONOHUGHQ VRQUD DQVLNORSHGLOHUGHQ DUDGÖP *HQHO NDUDNWHUOL DQVLNORSHGLOHULQ
$oÖOÖû.RQXûPDODUÖ
LoHULVLQGHHWLNNDYUDPÖEL]LP¶DNW|UH·GHGLøLPL]DKODNNDYUDPÖQÖQHûGHøHULJLELWDNGLP
HGLOL\RU7UNL\H·GHoRN\D\JÖQûHNLOGHELOLQHQoE\NDQVLNORSHGL\HGHEDNWÖP'DKD
VRQUD IHOVHIH V|]ONOHUL LoHULVLQGHNL HWLN NDYUDPÖQÖ GHøHUOHQGLUPHN LVWHGLP WDPDPÖQD
\DNÖQÖQGD ELUD] HYYHO VL]OHUH VXQGXøXP ELOJLQLQ LoHULOGLøLQL J|UGP 'ROD\ÖVÖ\OD GD
DKODNLOHHWLNDUDVÖQGDNLIDUNÖWHIULNHGHELOHFHNEWQELOLPVHOGHøHUOHQGLUPHOHULEXLûLQ
GHøHUOL X]PDQÖ VD\ÖQ 3URI .XoXUDGL·QLQ \DSDFDøÖ NRQXûPD\D HUWHOH\HUHN NHQGL
DQOD\ÖûÖPLoHULVLQGHELUPHVOHøLQHWLøLDKODNÖQDVÖOWHûHNNOHGHUYHQDVÖOGHøHUOHQGLULOLU
EXQXQNLûLVHOWHFUEHOHULPHGHQH\LPOHULPHGD\DOÖ|UQHNOHULQLDQODWPDNLVWL\RUXP
\ÖOÖQGD
)LNUHW
0XDOOD
3DULV·WHQ
G|QGø
]DPDQ
NHQGLVLQL
$\YDOÖN
2UWDRNXOXQD UHVLP |øUHWPHQL RODUDN WD\LQ HWWLOHU 2 VÖUDGD 1D]ÖP NHQGLVLQGHQ
oÖNDUPDNWD ROGXøX GHUJL\H GHVHQOHU \DSPDVÖ ULFDVÖQGD EXOXQGX )DNDW )LNUHW 0XDOOD
HWUDIWDNL J]HO LQVDQODUÖQ oHKUHOHULQGHQ oRN HWNLOHQGLøLQL V|\OH\HUHN ELU Q WDEOR
\DSPÖûWÖ %X WDEOR RUWD\D oÖNDU oÖNPD] E\N KDGLVHOHU GRøGX YH 7UN DKODNÖQÖ
ER]X\RUJHUHNoHVL\OH)LNUHW0XDOOD·QÖQWXWXNODQPDVÖQDNDUDUYHULOGL$ûDøÖ\XNDUÖIRYLVW
HNROQ EWQ GHøHUOHULQL \DQVÖWDQ EX WDEORGD YDKûL ELU PDQ]DUD VH\UHWWLUHFHN HVWHWLN
GHøHUOHU YDUGÖ <DQL WSWHQ oÖNPÖû ER\DODU KLo ELU J|OJH YH ÖûÖN LKWL\DFÖ KLVVHGLOPHGHQ
WXYDOH WDWELN HGLOL\RU UHQNOHULQ X\XPXQGDNL R PXKWHûHP PDQ]DUD JHUoHNWHQ HWNLOH\LFL
ROX\RUGX 1 WDEOR \]QGHQ )LNUHW 0XDOOD·\Ö WXWXNODPDN ]HUH $\YDOÖN .D\PDNDPÖ
%DOÖNHVLU 9DOLOLøLQH \D]Ö \D]GÖ %DOÖNHVLU 9DOLOLøLQGHQ R ]DPDQNL GH\LPL\OH WDKDUEL
GHQLOHQ úXEH JL]OL SROLV PHPXUODUÖ JHOHUHN )LNUHW 0XDOOD·\Ö WXWXNODPDN LVWHGLOHU
+DGLVHEDVÖQD\DQVÖGÖYHQWDEORODUNRQXVXQGD7UNL\H·QLQoRNGDVDøOÖNOÖELUJHoPLûL
ROGXøX J|UOG g\OH NL G|QHPLQ LGGLDOÖ UHVVDPODUÖQGDQ dDOOÖ 3H\KDPDQ 1DPÖN
ùVPDLO Q WDEORODUÖ\OD GD û|KUHWOL\GLOHU +HOH EXQODUÖQ LoHULVLQGH PRGHO EXODPDGÖøÖ LoLQ
3H\KDPDQ NDUÖVÖQÖ 1DPÖN ùVPDLO VHYJLOLVLQL PRGHO RODUDN NXOODQPÖûWÖ %XJQ ELOH
HUNHQ G|QHP &XPKXUL\HW UHVVDPODUÖQÖ û|\OH ELU LQFHOHUVHQL] oRøXQXQ Q WDEORODUÖ
)LNUHW0XDOOD·QÖQGHUGHVWHGLOHQWDEORVXQGDQoRNGDKDWDKULNHGLFL\GL$UDGDQNÖVDELU
VUH JHoWL .ÖVD VUH GHGLøLP D\ D\ VRQUD 0DWLVVH·WHQ VRQUD HQ PNHPPHO IRYLVW
X\JXODPD JHUHNoHVL\OH ELULQFLOLN DOGÖ YH 1HZ <RUN P]HVLQH NDOGÖUÖOGÖ ùNLVL DUDVÖQGDNL
IDUNÖ WHIULN HGHELOHFHN DQOD\Öû ùoLûOHUL %DNDQÖ LOH (øLWLP %DNDQÖ DUDVÖQGDNL VL\DVHW
DQOD\ÖûÖ\GÖ\DGDEXJQQNRQXVX\ODVL\DVHWWHHWLNDQOD\ÖûÖ\GÖ'|QHPLQùoLûOHUL%DNDQÖ
úNU .D\D ELU VDQDWoÖ LoLQGHNL GHøHUOHUL QDVÖO \DQVÖWÖ\RUVD R \DQVÖWWÖNODUÖQGDNL
LKWLûDPOD PNHPPHOGLU GL\RUGX gWHNLVL GH G|Q\RU KD\ÖU EXQODUÖQ KHU ELULVL
WRSOXPXQ JHQHO NDEXOOHULQH D\NÖUÖ ROPDPDN ND\GÖ\OD PVDPDKD\OD NDUûÖODQDELOLU
GL\RUGX 6RQXoWD ùoLûOHUL %DNDQÖ YHUGLøL WDOLPDWOD WXWXNODPD NDUDUÖQÖ NDOGÖUGÖ DPD
(øLWLP %DNDQÖ YHUGLøL WDOLPDWWD ÖVUDU HWWL YH E|\OHOLNOH )LNUHW 0XDOOD·QÖQ GD UHVLP
|øUHWPHQOLøLVRQDHUGL
'HøHUOL GLQOH\HQOHU R WDULKOHUGH *XVWDYH )ODXEHUW·LQ 0DGDP %RYDU\ LVLPOL NLWDEÖQÖQ
WHUFPHVL V|] NRQXVX\GX YH NLWDS WHUFPH HGLOPLû KDOL\OH EDVNÖ\D JLUHFHøL VÖUDGD
KHPHQ PGDKDOH HWWLOHU 0DGDP %RYDUL·QLQ KDILI oDSNÖQ ELU NDGÖQ ROGXøXQX EX KDILI
PHûUHSOLN LoHULVLQGH 7UN DLOH KD\DWÖQÖ IHYNDODGH ROXPVX] \|QGH HWNLOH\HFHøLQL YH
NDGÖQODUÖPÖ]ÖQ EXQD PHUDNODQDUDN DLOH KD\DWÖQGDNL GLVLSOLQOHULQL LKODO HGHFHøLQL LGGLD
HWWLOHUYH\DSÖOPÖûWHUFPHPDDOHVHIGHUGHVWHGLOGLDOÖQGÖ)DNDWRWDULKWHPHVHOD0DQRQ
/HVNDXW·\X WHUFPH HWPLûWLN GROD\ÖVÖ\OD KDQJL HVHULQ KDQJL DQOD\Öû LoHULVLQGH KDQJL HWLN
GHøHUOHULPL]L \D GD DKODNL GHøHUOHULPL]L LKODO HWWLøL KDQJLOHULQL HWPHGLøL NRQXVXQGD
\HUOHûPLû N|NO ELU NDQDDWLPL] GH \RNWXU ùQVDQODUÖQ ûDKVL WHUFLKOHULQH HøLOLPOHULQH \D
GD \XNDUÖGDQ DOGÖøÖ WDOLPDWODUD ULD\HW HWPHGHNL NLûLVHO PXNDYHPHW YH LWDDW IDUNODUÖQD
J|UHX\JXODPDODUIDUNOÖOÖNJ|VWHUL\RUGX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
*POFLQH 0HEXVX ùVPDLO %H\ ùWWLKDW 7HUDNNLQLQ HQ ID]OD oHNLQGLøL DGDPGÖ YH R
WDULKWH GH 'HPRNUDW 0XVWDID LVLPOL ELU JD]HWHFL YDUGÖ 'HPRNUDW 0XVWDID NHQGL DKODN
GHøHUOHULQH ONHQLQ \DUDUODUÖQD D\NÖUÖ J|UGø KHU ûH\L UDKDWoD WHQNLW HGL\RU \D]GÖøÖ
JD]HWHGH EX NRQXGD IHYNDODGH GLNNDW oHNLFL KDEHUOHU YHUL\RUGX 1LKD\HW ELU JHFH
2UWDN|\·GHNLHYLQGHQDOÖQÖS)DWLK·WHNL.XUûXQOX0HGUHVHVLDUNDVÖQGDNLWHQKDVRNDNODUD
J|WUOSDGDPDNÖOOÖELUGD\DN\HGL(UWHVLJQ*POFLQH0HEXVXEXROD\ÖJQGHPH
JHWLUGLYHùWWLKDW7HUDNNL\LIHYNDODGHD\ÖSODGÖ$GDPÖQKDVWDROGXøXQX\U\HPH\HFHN
KDOGH SHULûDQ EXOXQGXøXQX V|\OHPHVLQH UDøPHQ NLPVH NHQGLVLQH LWLEDU HWPHGL 6HEHS
oRN EDVLWWL dQN NHQGLVLQH YHULOPLû RODQ UDSRU 3DULV 7ÖS )DNOWHVLQL ELWLUPLû ELU
GRNWRU WDUDIÖQGDQ YHULOPLûWL YH R WDULKOHUGH KHQ] 3DULV 7ÖS )DNOWHVL 2VPDQOÖ
WRSUDNODUÖQGD HKOL\HWL NDEXO HGLOPLû ELU WÖS IDNOWHVL RODUDN WDQÖQPÖ\RUGX %XQXQ
]HULQH3DULV7ÖS)DNOWHVLQLELWLUPLûRODQELUGRNWRUDLWLEDUHGLOHPH\HFHøLJHUHNoHVL\OH
'HPRNUDW 0XVWDID \HGLøL GD\DN \DQÖQD NkU NDODUDN VDOÖYHULOGL $UDGDQ NÖVD ELU VUH
JHoWL%XKDGLVH\LPHFOLVHJHWLUHQ*POFLQH0HEXVXùVPDLO%H\EXGHID'DPDW)HULW
%H\LQ NDELQHVLQGH ùoLûOHUL %DNDQÖ ROGX <LQH 'HPRNUDW 0XVWDID JD]HWHVLQGH EX GHID
*POFLQH PHEXVX ùVPDLO %H\·LQ \DQOÖûOÖNODUÖQÖ WHûKLU HGHQ PDNDOHOHUL\OH GLNNDW
oHNL\RUGX $\QÖ KDGLVH WHNHUUU HWWL *POFLQH PHEXVXQXQ WDOLPDWÖ\OD \DQL ùoLûOHUL
%DNDQÖ WDOLPDWÖ\OD 'HPRNUDW 0XVWDID·\Ö DOGÖODU $UQDYXWN|\ VÖUWODUÖQGD DGDPDNÖOOÖ
G|YGOHU %XQXQ ]HULQH 'HPRNUDW 0XVWDID ELULQFLVLQGHQ GHUV DOPÖûWÖ UDSRUX JLWWL
ùVWDQEXO 7ÖS )DNOWHVLQL ELWLUHQ ELU GRNWRUGDQ DOGÖ *HWLUGLOHU UDSRUX *POFLQH
PHEXVX ùoLûOHUL %DNDQÖ ùVPDLO %H\·H VXQGXODU ùVPDLO %H\ û|\OH ELU UDSRUD EDNWÖ 3DULV
7ÖS )DNOWHVL PH]XQX ELU GRNWRU WDUDIÖQGDQ YHULOPHPLû RODQ ELU UDSRUD LWLEDU HGHUHN
]DSWL\HOHU KDNNÖQGD PXDPHOHGH EXOXQPD\D KDNNÖP \RN GL\RUGX %LU LQVDQÖQ VL\DVL
DKODN DQOD\ÖûÖ LoHULVLQGH ûDUWODUD J|UH GHøLûHQ GHøHUOHUL KHU GHIDVÖQGD NHQGL LVWHøLQH
JHWLUPH DU]XVXQD YH ÖVUDUÖQD KLoELU KXNXN DQOD\ÖûÖQGD KLoELU DKODN DQOD\ÖûÖQGD KDWWD
PHGHQLELULQVDQÖQWHUEL\HDQOD\ÖûÖQGD\HUYHUPHNPPNQGHøLOGLU
%HQ HWLN NHOLPHVLQL EXQGDQ WDP VHQH HYYHO GX\GXP RUWD PHNWHEL \HQL
ELWLUPLûWLP OLVHGH RNXUNHQ HWLN NHOLPHVLQL J|UGP 2 WDULKWH HWLN NHOLPHVLQLQ
NDUûÖOÖøÖQGD DKODN NHOLPHVLQL NXOODQÖ\RUODUGÖ %XJQ LVH HWLN NHOLPHVLQH IDUNOÖ ELU PDQD
\NO\RUX] (OEHWWH ELUD] VRQUD VD\ÖQ KRFDPÖ]GDQ oRN GHøHUOL HWLN NDYUDPODUÖ
DoÖNODPDODUÖ GLQOH\HFHNVLQL] %DQD J|UH HWLNOH DKODN NDYUDPODUÖ DUDVÖQGDNL WHPHO D\UÖP
HWLN WHULPLQLQ DKODNÖ NRQX DODQ GLVLSOLQL LIDGH HWPHVLGLU 'ROD\ÖVÖ\OD GD GDKD DoÖN ELU
GH\LPOH HWLøL ELU DQODPGD DKODN IHOVHIHVLQLQ HûGHøHUL RODUDN HOH DOÖ\RUXP YH E|\OH
oHYLUHUHNE|\OHEDNDUDNJLGL\RUXP
'HøHUOL GLQOH\HQOHU EHQLP NRQXûPDPÖQ \DNODûÖN \DUÖ NÖVPÖ WDPDPODQGÖ %XQGDQ
VRQUDNL NÖVPÖ OLVHGH EXQGDQ \ÖO |QFH OLVHGH IHOVHIH |øUHWPHQLP RODQ ûLPGL 'LO YH
7DULK &RøUDI\D )DNOWHVL SURIHV|UOHULQGHQ )DWPD %DûDUDQ +DQÖPHIHQGLQLQ D] VD\ÖGD
|øUHQFLOL VÖQÖIÖQGD KHUNHVH ELU NRQX YHULS LûOHWPHVL\OH LOJLOL\GL %DQD GD DKODN NHOLPHVL
YHULOPLû
EX
NDYUDPÖQ
GHøHUOHUL
JQON
KD\DWÖPÖ]GDNL
\HUL
W|UHOHU
LWLEDUÖ\OD
IDUNOÖODûPDVÖ NOWUOHU LWLEDUÖ\OD ELUELUOHUL\OH NDUûÖW YH\D X\XûXU GHøHUOHU VLVWHPDWLøL YH
HQ |QHPOLVL GH \DûDGÖøÖPÖ] KD\DWÖQ VRV\RORMLN WDULIOHULQH X\JXQ RODUDN ELU LQVDQ
SVLNRORMLVLQGH DKODNÖQ QDVÖO GHøHUOHQGLULOHFHøL LGL %XQX ]DQQHWPH\LQL] NL EXJQN
ELULNLPLP oHUoHYHVLQGH X]XQ ELU FPOH HWUDIÖQGD DKODND DWIHGLOHQ GHøHUOHUL DEDUWDUDN
DNWDUÖ\RUXP +D\ÖU 2 WDULKOHUGH OLVHOHUGH IHOVHIH FLGGL ELU HøLWLPGL YH EXJQ 0LOOL
(øLWLP
%DNDQOÖøÖQÖQ
EXQX
NDOGÖUPÖû
ROPDVÖQÖ
ELU
HWLN
NDYUDPODU
WDUWÖûPDVÖQÖQ
NUVVQGH D\ÖSODGÖøÖPÖGD LIDGH HGL\RUXP)HOVHIH\L |øUHQPH]VHQL] PDWHPDWLøL QDVÖO
\DSDFDNVÖQÖ]" )L]LøL QDVÖO NDYUD\DFDNVÖQÖ]" 6RV\RORML\L QDVÖO DQOD\DFDNVÖQÖ]" 7DULK
$oÖOÖû.RQXûPDODUÖ
GHULQOLøLQL]L QDVÖO \DNDOD\DFDNVÖQÖ]" +DWWD FRøUDI\DQÖ]Ö QDVÖO GHøHUOHQGLUHFHNVLQL]"
%HQLP R WDULKOHUGHNL DKODN DQOD\ÖûÖ\OD LOJLOL \DSWÖøÖP DoÖNODPDODUGDQ DNOÖPGD NDODQ
ELUNDo NoN FPOH\OH VL]H ELOJLOHU VXQPDN LVWL\RUXP $KODN NHOLPHVL EL]LP GLOLPL]GH
\DQL 2VPDQOÖFD·GD KXON NHOLPHVLQLQ oRøXOX OJDWOHU LWLEDUL\OH V|]ONOHU LWLEDUL\OH
EDNWÖøÖQÖ]GD
EXQD
/·LPPRUDOLVW·LQL
/DWLQFH·GH
RNX\DQODU
PRUDO
<XQDQFD·GD
/DWLQFHGHNL
PRUDO
HWLN
GHQL\RU
NDYUDPÖQÖQ
$QGUp
9LUJLOLXV·GH
*LGH·LQ
DQODWÖOPÖû
RODQÖQGDQ oRN IDUNOÖ ROGXøXQX J|UHFHNOHU \D GD EHQLP JLEL +LOPL =L\DNDUD HNROQGHQ
\HWLûPLû RODQ ELULVLQLQ DKODN NHOLPHVL\OH HWLN NHOLPHVL DUDVÖQGDNL IDUNÖ J|UPHVL DQFDN
oDøGDû GHøHUOHUL oRN L\L DQODWDQ XVWD ELU IHOVHIHFLQLQ oRN NROD\FD NDYUD\DELOHFHøLPL]
|OoOHUGH WDNGLP HWPHVL\OH PPNQ KDOH JHOHFHN %L] KXON NHOLPHVL\OH ELU LQVDQ
GRøDVÖQGD\DSÖVÖQGDHûLWOLNHVDVÖQÖPXWODND|QHDODQELUGDYUDQÖûWUQNDVWHGL\RUX]
%HQLP oDøÖPÖQ LQVDQODUÖ KHP HVNL GLOL |øUHQPHN KHP \HQL GLOL |øUHQPHN
PHFEXUL\HWLQGH LGL dQN HYYHOD \ÖOÖQGD DQD\DVDVÖQÖQ R PNHPPHO
7UNoH·VL\OH \XUWWDûOÖN ELOJLOHULQL WDULK ELOJLOHULPL]L YH VRV\RORML\L RNXPXûWXN 'DKD
VRQUD GD 'HPRNUDW 3DUWL JHOLS WHNUDU GLOLQL HVNL 2VPDQOÖFD·\D G|QGUQFH EX
GHID 2VPDQOÖ GLOLQL GH |øUHQPHN PHFEXUL\HWLQGH NDOPÖû LGLN 'ROD\ÖVÖ\OD EHQLP
oDøÖPÖQLQVDQODUÖQÖQGLOLQGHEDûNDODUÖQÖUDKDWVÖ]HGHELOHFHNELUIDUNOÖOÖNGLNNDWoHNHELOLU
=DPDQ ]DPDQ 2VPDQOÖFD GH\LPOHUL NXOODQPDN ]RUXQGD NDODELOLUL] ]DPDQ ]DPDQ GD
7UNoH GH\LPOHUL %X EL]LP NRQXûXUNHQ DNWDUPDN LVWHGLøLPL] NDYUDPÖ \DQL EHQLP
]LKQLPGHNL WHFUEH DODQÖQÖ VL]LQ ]LKQLQL]GHNL WHFUEH DODQÖ KDOLQH JHWLUPHN LVWHøLPGH
DNOÖPD JHOHQ YH NDYUDPÖ HQ L\L DQODWWÖøÖQD LQDQGÖøÖP V|]Fø NXOODQPDPOD LOJLOLGLU
'ROD\ÖVÖ\OD
GD
KXON
NHOLPHVLQL
VL]H
ELUD]
DoÖNODPDN
LKWL\DFÖQÖ
KLVVHGL\RUXP
$UNDGDûODUÖQÖ] YDUGÖU DLOHQL]GHQ LQVDQODU YDUGÖU +XONL %H\ GHUVLQL] \D GD oRN
VHYGLøLQL]
N|IWH\L
\DSDQ
+XONL\H
WH\]HQL]
YDUGÖU
%XQODU
JQON
KD\DWÖQÖ]GD
UDVWODGÖøÖQÖ] NLPVHOHUGLU ùVWHU +XONL %H\ DPFDQÖ] ROVXQ LVWHU +XONL\H +DQÖP WH\]HQL]
ROVXQ VRQXo LWLEDUL\OH KXON NHOLPHVL HûLWOLN NDYUDPÖQÖ NLPVH\H ELU EDûNDVÖQÖQ
KDNNÖQGDQ YHUPHPH GLVLSOLQLQL LIDGH HGHU $UDSoD N|NHQL LWLEDUL\OH KXON NHOLPHVL
YDKD\D JHOHQ EWQ NDYLPOHULQ EWQ NDELOHOHULQ YDKDGDQ VX oHNHUNHQ NXOODQGÖNODUÖ
NRYDQÖQ DGÖGÖU dQN KHUNHVH LNL NRYD YHULOLU ùûWH R KXON GHGLøLPL] NRYD NX\X\D
GDOGÖUÖOÖU oÖNDUÖOÖU YH EDNUDoODUD G|NOU +XON NHOLPHVLQLQ DQODPÖ EX HûLWOLN DQODPÖQGD
GHøHUOHQGLULOPHVLQGHQ GDKD |QHPOL ELU PDQD RODUDN V|\O\RUXP DGDOHW KNPQQ
\FHOWLOPHVL YH KHU ]DPDQ HûLW |OoHNWH WHFHOOL HWPHVLQLQ VDøODQPDVÖGÖU %|\OHOLNOH
LQVDQODUKXONNDYUDPÖLoHULVLQGHKHU]DPDQDGDOHWDKODNÖQÖ\FHOWPHNGXUXPXQGDGÖUODU
*]HO DKODN N|W DKODN WDULIOHUL\OH RUWD\D JHOLS GH ELU WDNÖP DoÖNODPDODU \DSPDN
LVWHPL\RUXP \D GD GLQOHU LWLEDUL\OH IDUNOÖ IDUNOÖ GûQFH VLVWHPOHULQGH DKODN WDULIOHUL
ROGXøXQD GD LûDUHW HGHUHN NÖVD ]DPDQÖ GROGXUPDN LVWHPL\RUXP $PD V|\OHPHN
LVWHGLøLPoûH\YDU<HU\]QHQHELJHOPLûKHUELUQHELELUNDYPLGRøUX\ROD
J|WUPH YH KLGD\HWH HUPH VRUXPOXOXøX LoHULVLQGH ROPXû %XQODUÖQ LoHULVLQGH DGODUÖQÖ
EHONLGHLONGHIDLûLWHFHøLQL]NLPVHOHUGHYDUGÖUgUQHøLQEXQODUGDQELUL%DELO.UDOÖQÖQ
\|QHWLP DKODNÖQGDQ X]DNODûWÖøÖQÖ KXONX HûLW GDøÖWPDGÖøÖQÖ VX\X HûLW GDøÖWPDGÖøÖQÖ
FDQÖQÖQ oHNWLøLQH E\N NRYD LOH FDQÖQÖQ oHNWLøLQH NoN NRYD LOH VX YHUGLøLQL
V|\OH\HUHNHOHûWLUGLøLLoLQVDoODUÖQGDQWXWXODUDN%DELONDOHVLQHNDGDUoÖNDUWÖOPÖûYHVRQUD
H]L\HWLQ JHUHNoHVL NHQGLVLQH DQODWÖOPÖû <|QHWLFLOHULQ KDON \DUDUÖQD \DODQ V|\OHPHVLQL
WHûKLU HWPHN ELU SH\JDPEHULQ KDNNÖ RODPD] 2 WDULKWHNL +DEDNXN·X EXJQN EDVÖQ
KDOLQGH
GûQHELOLUVLQL]
<|QHWLFLOHULQ
\|QHWHQOHULQ
KDQJL
JHUHNoH\H
GD\DQÖUVD
GD\DQVÖQ\|QHWLOHQNLWOH\LDOGDWPD\D\|QHOLNGDYUDQÖûODUÖQÖWHûKLUHWPHGXUXPXQGDNLELU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NXUXPXQ FH]DODQGÖUÖOPDVÖQÖ LVWHPHN LVDEHWOL GHøLOGLU $PD \DODQ NRQXVXQGD NLûLOHULQ
NHQGLOHULQHJ|UHWDULIOHULQLQGHGRøUXROPDGÖøÖQÖELOL\RUVXQX]
0HûKXU
2PHQ·LQ
HOH
DOÖQGÖøÖ
7HYUDW·WDNL
YDKL\OHU
NÖVPÖQÖ
GX\DQODU
KDWÖUOD\DFDNODUGÖU %DELO·L 7HYUDW ELU E\N IDKLûH RODUDN WDULI HGHU dQN R WDULILQ
LoHULVLQGH .UDO +DPDV\DV \UWPHNWH ROGXøX \|QHWLP ELoLPLQGHNL HVDVODU LWLEDUL\OH
VUHNOL GRøUX KDUHNHW HWWLøLQH LQDQPDNWDGÖU ùûWH RQXQ GRøUX KDUHNHWLQL EX GHID \DODQ
WDYÖU WHûKLUL LoHULVLQGH EXOXQPDN LVWH\HQ SH\JDPEHU +DPDV GD WDP WHUVLQH LûLQ
JHUoHøLQLEDûNDODUÖQÖHWNLOHPHNLoLQVDSWÖUDUDN\DODQV|\OH\HUHNWHûKLUHWPHNWHGLU\DGD
R WHûKLU PHNDQL]PDVÖQÖQ LoLQGH NH\ILOHûHELOPHNWHGLU %X oHUoHYHGH EDNWÖøÖQÖ]GD
EXQGDQ VRQUD WDUWÖûDFDøÖQÖ] |øOHGHQ VRQUDNL RWXUXPODUÖQ LoHULVLQGH LNL NRQX ELULVL
3H\JDPEHU+DPDV·ÖQGLøHULGH+DEDNXN·XQGDYUDQÖûÖRODUDNRUWD\DoÖNDFDNWÖU6L\DVHWWH
HWLN VL]H *POFLQH 0HEXVX ùVPDLO %H\·OH 'HPRNUDW 0XVWDID PDFHUDVÖQÖ DQODWWÖP
YH\D EDVÖQGD HWLN ELUD] HYYHO V|]Q HWWLøLP 3H\JDPEHU +DEDNXN YH\D NDUûÖVÖQGD
3H\JDPEHU+DPDVYH\DEXQODUÖQWDPRUWDVÖQGDELUWDYÖUWDNÖQDQ3H\JDPEHU<HUHPL\D
'HøHUOL GLQOH\HQOHU EXQODUÖQ KLoELULVLQL VL]H HWLN WDULIL RODUDN YHUPL\RUXP dQN
HWLN WDULILQLQ QH ROGXøXQX \DûÖPGDQ VRQUD EHQ GH EXJQ LON GHID |øUHQHFHøLP
.HOLPHOHUL
JQON
KD\DWÖPÖ]ÖQ
LoHULVLQGH
NXOODQÖOGÖøÖ
PDQDGD
GHøHUOHQGLULUVHN
NHQGLPL]H J|UH YHUGLøLPL] WDULIOHUOH R NHOLPHOHULQ LoHULøL\OH \D GD GHULQOLøL\OH LOJLOL
\DSDFDøÖPÖ] DoÖNODPDODUOD EDûNDODUÖQD NDUûÖ \DQÖOWÖFÖ WDYÖUODU WDNÖQPÖû RODELOLUL] )HOVHIL
PDQDGD
HWLN
NDYUDPODUÖQÖQ
oRøXQXQ
DKODNOÖOÖN
|OoHøLQL
VUGUHELOPH
NDELOL\HWL
ROGXøXQX KLVVHGHQ ELU WDYÖU LoLQGH ROGXøXPX LIDGH HGL\RUXP $PD GRøUXOXøXQXQ QH
ROGXøXQXVL]OHUOHELUOLNWHEHQGH|øUHQHFHøLP
6RQ RODUDN PHVOHøLPOH LOJLOL LNL ûH\L GH V|\OH\LS YDNWLQL]L DOPDGDQ NUVGHQ LQPHN
LVWL\RUXP %XQODUGDQ ELULQFLVL DKODNÖQ HPUHGLFL ROGXøXQD LQDQPÖûÖPGÖU ùVWHU WPGHQ
JHOHQ PDQWÖN NXUDOÖ RODUDN EXQX NDEXO HGLQL] LVWHUVHQL] WPH YDUDQ GDYUDQÖû WU
RODUDN DOÖQÖ] .LûLVHO RODUDN J|VWHUGLøL GDYUDQÖû WUQQ LoHULVLQGHNL WPH YDUDQ YH\D
WPGHQ JHOHQ \|QWHPOHULQ IDUNOÖOÖøÖQGD DKODNÖQ HPUHGLFL NDUDNWHULQL GHøLûWLUPHN
PPNQ GHøLOGLU g\OH VDQÖ\RUXP NL HWLøLQ NXUDOODUÖQÖ GD GHøLûWLUPHN PPNQ
ROPD\DFDNWÖU gUQHøLQVL]HHVNL GHQH\LPOHULPOH LIDGH HWPHPH PVDDGH HGLQL] .OWU
GHøHULQGHNL
DKODN
NDYUDPÖ\OD
VRV\RORMLN
PDQDGDNL
DKODN
NDYUDPÖQÖ
GD
L\L
D\ÖUDPDGÖøÖPÖ]GD EX LNL NDYUDPÖ GD ELUELULQH NDUÖûWÖUGÖøÖPÖ]GD HWLN GHøHUOHU DoÖVÖQGDQ
NHQGLPL]H
J|UH
NH\ILOHûWLUHELOHFHøLPL]
WDUWÖûPD
EDûOÖNODUÖ
NXUDELOLUL]
%XQXQ
GD
\DQOÖûOÖøÖQDLûDUHWHGL\RUXP
6RQ GDNLNDP YDU R VRQ GDNLNDPGD GD V|\OH\HFHN ELU ûH\ YDU (øHU LQVDQODU NHQGL
WUQGHNL GDYUDQÖûODUÖ UXKXQGD PXKWHYDVÖQGD GLOLQGH YH VOXEXQGD VDGHFH NHQGLQH
KDNPÖû JLEL J|UHUHN KHU ûH\L NHQGL VDYXQGXøX oHUoHYHGH NDEXOH ]RUOD\DFDN QRNWD\D
JHOL\RUVDEXQGDQROXPOXELUVRQXooÖNPDVÖPPNQGHøLOGLUùVWHUVL\DVHWoLROVXQLVWHU
JD]HWHFL ROVXQ LVWHU GRNWRU ROVXQ LVWHU DYXNDW ROVXQ KDQJL PHVOHøLQ PHQVXEX ROXUVD
ROVXQ YH\D KDQJL ILNULQ PQWHVLEL ROXUVD ROVXQ V|\OH\HFHøL ûH\LQ JHQHO NDEXO HGLOHFHN
NULWHUOHULQL|QFHGHQELOLUYHRQODUÖQULD\HWLLoHULVLQGH\DSDELOLUVHVLVWHPGHøHULGHGLøLPL]
GRøUX QRNWD\D YDUPD\Ö HOGH HGHELOLU %XQX \DSDPDGÖøÖ ]DPDQ KHUKDQJL ELU VRQXFD
XODûPDVÖGDPPNQGHøLOGLU%L]LPXOXVDONLPOLøLPL]LQNRUXQPDVÖQGD2UWD$V\D·GDQ
7XUDQ
NOWUQGHQ
JQP]H
JHWLUGLøLPL]
EX
DUDGD
ùVODPL\HW·LQ
HWLNOHULQGHQ
\DUDUODQDUDN ROJXQODûWÖUGÖøÖPÖ] 7UN NOWUP]Q 6HOoXNOX 7UNOHUL LOH $QDGROX
EDûODWDQODUÖ RODUDN \HQL ELU KYL\HW LoLQGH JHOLûWLUGLøLPL] 2VPDQOÖ NLPOLøL\OH JHUoHNWHQ
VVOHGLøLPL] DPD VRQXoWD FXPKXUL\HW NOWU\OH GRUXN QRNWDVÖQD XODûWÖUGÖøÖPÖ] ELU
DKODNL DQOD\ÖûÖPÖ] YDUGÖU (Q PNHPPHOL GH EXGXU %X PNHPPHO QRNWDGDNL
$oÖOÖû.RQXûPDODUÖ
FXPKXUL\HW DKODNÖELUGHPRNUDVL LGHDOL YHELU FXPKXUL\HW LGHRORMLVL\OH EWQOHûHUHNVL]
JHQo QHVLOOHULQ JHOHFHøH KD]ÖUODQPDVÖQÖ DPDoODU %X NDGDU PNHPPHO ELU LGHDO YH
LGHRORMLN LOLûNL LoHULVLQGHNL VRUXPOXOXøXPX] ûXGXU +DQJL PHVOHøH LQWLVDS HGHUVHQL]
HGLQL] KDQJL PHVOHøLQ XVWDVÖ ROXUVDQÖ] ROXQX] ELU DKODNL VRUXPOXOXN LGUDNL LoLQGHNL
RODFDøÖQÖ]Ö XQXWPDPDOÖVÖQÖ] úLPGL HWLN NDYUDPÖQÖQ VWQ GHøHUOHULQL YH LoHULNOHULQL
|øUHQPHGHNL VDEÖUVÖ]OÖøÖQÖ]Ö JLGHUPHN LoLQ NUV\ WHUN HGHUNHQ KHSLQL]H VD\JÖODU
VXQX\RUXP%DûDUÖOÖELUNRQIHUDQVWHPHQQLHGL\RUXP
3URI'UùRDQQD.XoXUDGL·QLQ.RQXûPDVÖ
6D\ÖQ5HNW|U<DUGÖPFÖVÖ6D\ÖQ%DNDQODU'HøHUOL0LVDILUOHU6HYJLOL$NÖQYH)HOVHIH
%|OP gøUHWLP h\HVL $UNDGDûODUÖP YH \DUGÖPFÖODUÖ (WLN V|]Fø VRQ \ÖOGD
PRGD ROGX (WLøH GX\XODQ EX LOJLQLQ FDQODQPDVÖQGD NXûNXVX] oHûLWOL HWNHQOHU URO
R\QDGÖ 1H YDU NL PRGD RODQ IHOVHIHQLQ ELU DUDûWÖUPD DODQÖ RODUDN HWLN GHøLOGLU 0RGD
RODQ PHVOHN HWLNOHUL GHQLOHQHWLNOHUGLU %XPHVOHN HWLNOHUL DUDVÖQGD HQ oRN XøUDûÖODQÖ YH
HQ HVNLGHQ EHUL XøUDûÖODQÖ EL\RHWLN \D GD EL\RPHGLNDO HWLNWLU dHûLWOL PHVOHN DODQODUÖ
NHQGL HWLNOHULQL JHOLûWLUPH\H oDOÖûÖ\RUODU ùû HWLøL PHG\D HWLøL VL\DVHW HWLøL WLFDUHW HWLøL
SROLV HWLøL KDWWD MDQGDUPD HWLøL JLEL HWLNOHU NDUûÖPÖ]D oÖNÖ\RU 6RQ \ÖOODUGD E\N ELU
RODVÖOÖNODJ|UHFLSRVWPRGHUQLVW\DNODûÖPODUÖQYHQHROXUVDROVXQ´DQ\WKLQJJRHVµLONHVLQLQ
\DUDWWÖøÖ NDUJDûDGDQ ND\QDNODQDQ HWLNOH LOJLOL EDûND ELU JHOLûPH GH HWLøLQ HYUHQVHOOLøLQH
LOLûNLQ WDUWÖûPDODU YH oHûLWOL oHYUHOHUGH HYUHQVHO ELU HWLN \D GD HYUHQVHOOHûWLULOHELOLU ELU
HWLN \D GD JOREDO HWLN JHOLûWLUPH oDEDODUÖGÖU *HUHN IHOVHIL HWLN YH PHVOHN HWLøL
GHQLOHQOHULQoHUoHYHVLLoLQGH\DSÖODQEXoDOÖûPDODUGDJHUHNVHHYUHQVHOELUHWLNJHOLûWLUPH
oDEDODUÖQGD oHûLWOL HSLVWHPRORMLN NDUÖûWÖUPDODU J|]H oDUSÖ\RU %X NDUÖûWÖUPDODU GD
IHOVHIHQLQ ELU DOW DODQÖ RODUDN HWLøLQ ROGXøX NDGDU PHVOHN HWLNOHULQLQ GH HWLøL
JQP]GHNL
WDUWÖûPDODUÖQ
PHUNH]LQH
JHWLUHQ
LKWL\DoODUÖ
NDUûÖOD\DELOHFHN
ûHNLOGH
JHOLûPHVLQH HQJHO ROXûWXUX\RU NDQÖPFD %X QHGHQOH HWLN WHULPLQL DoÖNOÖøD NDYXûWXUPDN
YH EXJQ HWLN V|]FøQH \NOHWLOHQ IDUNOÖ NDYUDPVDO LoHULNOHUL J|UHELOPHN \DOQÖ]FD
WHRULN RODUDN HWLNOH XøUDûPDQÖQ LON DGÖPÖ RODUDN GHøLO D\QÖ ]DPDQGD |]HO NDPXVDO YH
PHVOHN \DûDPÖPÖ]GD DWWÖøÖPÖ] KHU DGÖPGD NDUûÖODûWÖøÖPÖ] HWLN VRUXQODUÖ HOH DOPDQÖQ LON
DGÖPÖRODUDNGDJHUHNOLJ|UO\RU
'HøHUOL .RQXNODU EXJQ HWLN V|]FøQH \NOHWLOHQ YH ELUELUL\OH NDUÖûWÖUÖOPDPDVÖ
JHUHNHQ IDUNOÖ NDYUDPVDO LoHULNOHUL J|VWHUPHN LoLQ EXUDGD HWLN SUREOHPOHU LIDGHVL\OH
NDUûÖPÖ]D oÖNDQ SUREOHPOHULQ IDUNODUÖQÖ J|VWHUPH\H oDOÖûDFDøÖP (WLN SUREOHPOHU
GHUNHQ NLPL ]DPDQ WDULKLQ EDûODQJÖFÖQGDQ EHUL IHOVHIHQLQ XøUDûWÖøÖ WHRULN SUREOHPOHU
GHPHWL NDVWHGLOL\RU gUQHøLQ HUGHP QHGLU DGDOHW QHGLU YH EX JLEL VRUXQODU %|\OH
VRUXODU
|UQHøLQ
3ODWRQ
GL\DORJODUÖQÖQ
PHUNH]LQGHNL
NRQXODUÖ
ROXûWXUX\RU
(WLN
SUREOHPOHU LIDGHVL D\UÖFD JQON \DûDPÖPÖ]OD GRøUXGDQ GRøUX\D LOJLOL RODQ ELU WU
SUREOHPLGLOHJHWLUPHNLoLQNXOODQÖOÖ\RU.HQGLPL]OHYHEDûNDODUÖ\ODLOLûNLOHULPL]GHNDUDU
DOÖUNHQ H\OHPGH EXOXQXUNHQ IDUNÖQGD ROVDN GD ROPDVDN GD V|] NRQXVX RODQ ELU WU
SUREOHPL GLOH JHWLUPHN LoLQ %LU NLûLQLQ VL]OHULQ EHQLP KHU ELULPL]LQ JQON
\DûDPÖPÖ]GDYHPHVOHN\DûDPÖPÖ]GDKHUDQNDUûÖODûWÖøÖPÖ]H\OHPGHEXOXQPDNLoLQûX
\D GD EX ûHNLOGH o|]PHN ]RUXQGD ROGXøXPX] HWLN SUREOHPOHU ILOR]RIODUÖQ HOH DOGÖøÖ
HWLN SUREOHPOHUGHQ IDUNOÖGÖU *QON \DûDPGD YH PHVOHN \DûDPÖPÖ]GD NDUûÖODûWÖøÖPÖ]
HWLN SUREOHPOHULQ KHUELUL EHOLUOL ELU NLûL WDUDIÖQGDQEHOLUOL ELU DQGD EHOLUOL ELU GXUXPGD
NDUûÖODûÖODQ YH WHNOLN J|VWHUHQ SUREOHPOHUGLU 'ROD\ÖVÖ\OD o|]POHUL GH ELUELUOHULQGHQ
IDUNOÖGÖU +HUELUL LoLQ D\UÖ D\UÖ o|]POHU EXOX\RUX] %X GHPHNWLU NL EXQODUÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
o|]POHULQL KHU ELU GXUXPGD EXOPDPÖ] JHUHNLU 2\VD IHOVHIHGHNL SUREOHPOHU JHQHO
WHRULN SUREOHPOHUGLU %|\OH ELU SUREOHP J|UPHQLQ VRQXQGD VRUXODQ VRUXODUD YHULOHQ
FHYDSODUIHOVHILELOJL\LROXûWXUX\RUgUQHøLQGRøUXH\OHPQHGLUVRUXVXLOHEXGXUXPGD
QH\L \DSPDP GRøUX ROXU VRUXVX IDUNOÖ ûH\OHU VRUX\RU )HOVHIL ELU VRUX RODQ ELULQFLVLQH
FHYDS H\OHPOH LOJLVLQGH GRøUX NDYUDPÖQ LoHULøLQL EHOLUOHPHNOH YHULOHELOLU ùNLQFLVLQLQ
FHYDSODQPDVÖ LVH ELU NLûLQLQ NDUûÖODûWÖøÖ R EHOLUOL JHUoHN VRPXW HûVL] GXUXPGD QH
\DSPDVÖ JHUHNWLøLQL EXOPDVÖ LOH ROXU %XQX GD R NLûL H\OHPLQLQ HWLN GHøHUL LoLQ IDUNOÖ
VRQXoODU\DUDWDQIDUNOÖûHNLOOHUGH\DSDELOLUYH\DSÖ\RU%HOLUOLELUGRøUXH\OHPNDYUDPÖQD
GD\DQDUDN \DSDELOLU \D GD NHQGLVL LoLQ JHoHUOL RODQ ELU QRUPD J|UH \DSDELOLU YH\D
\DOQÖ]FD KHGHILQH QDVÖO XODûDFDøÖQÖ KHVDS HGHUHN \DSDELOLU gUQHøLQ EX J|UHYGHQ LVWLID
HWPHP JHUHNLU GL\HELOLU YH LVWLID HGHELOLU \D GD DøDEH\LPGHQ KDNLNDWL VDNODPDP JHUHN
GL\HELOLU YH E|\OH \DSDELOLU *|UOGø JLEL EX VRQ LNL FHYDS IHOVHIH\OH LOJLOL GHøLOGLU
DPDEXQODUGDHWLNVRUXQODUGÖU\DûDPGD1HYDUNLûXDQGDPHVOHNHWLNOHULQLQHOHDOGÖøÖ
HWLNSUREOHPOHUEXLNLWUHWLNSUREOHPOHULQGHQIDUNOÖSUREOHPOHUGLU0HVOHNHWLNOHULQLQ
ûXDQGDHOHDOGÖøÖ\DGDRUWD\DNR\PDNLVWHGLøLELUWUQRUPODUWRSODPÖGÖU$PDEXQODU
|]HO QLWHOLNWH RODQ QRUPODUGÖU %X QRUPODUÖ GD R PHVOHøL LFUD HGHQ KHUNHVWHQ NHQGL
GQ\D J|UûQGHQ NOWUQGHQ LGHRORMLVLQGHQ GLQLQGHQ EDøÖPVÖ] RODUDN KHU \HUGH
X\JXODPDVÖ EHNOHQLU%XJQHYUHQVHO ELU HWLN \D GD JOREDO ELU HWLN JHOLûWLUPH JLULûLPOHUL
GH RUWDN QRUPODU SHûLQGHGLU h]HUOHULQGH DQODûPD\D NRQVHQVVH YDUÖODELOHFHN YH
JOREDO G]H\GH NDEXO HGLOHELOHFHN QRUPODU DUDQÖ\RU 1H YDU NL EX DUDQDQ QRUPODUÖQ
HSLVWHPRORMLN|]HOOLNOHULQHKLoEDNÖOPÖ\RU
úLPGL HWLN SUREOHPOHU LIDGHVLQLQ NXOODQÖOGÖøÖ DQD DQODPODUD GD\DQDUDN D\UÖFD GD
EXQODUÖ o|]PHGH L]OHQHQ IDUNOÖ \ROODUD EDNDUDN JQP]Q WDUWÖûPDODUÖQGD HWLN
V|]FøQQ NXOODQÖOGÖøÖ ELUELULQGHQ IDUNOÖ YH ELUELULQH NDUÖûWÖUÖOPDPDVÖ JHUHNHQ HQ D]
o DQD DQODPÖQÖ D\ÖUW HGHELOLUL] (WLN V|]Fø EXJQ NLPL ]DPDQ EHOLUOL ELU JUXSWD
EHOLUOL ELU ]DPDQGD JHoHUOL RODQ YH EX JUXSWDNL NLûLOHULQ ELUELUL\OH LOLûNLOHULQGH
GHøHUOHQGLUPHOHULQLH\OHPOHULQLWXWXPYHGDYUDQÖûODUÖQÖEHOLUOHPHOHULEHNOHQHQGHøLûLN
YH GHøLûNHQ QRUPODU VLVWHPL DQODPÖQGD NXOODQÖOÖU %XQODU \D]ÖOÖ ROPD\DQ QRUPODUGÖU
%HOLUOL ELU ]DPDQGD EHOLUOL ELU NOWUGH HJHPHQ RODQ L\L\H YH N|W\H LOLûNLQ GROD\ÖVÖ\OD
JHQHO RODUDN \DSÖOPDVÖ YH \DSÖOPDPDVÖ JHUHNHQOHUH LOLûNLQ DQOD\ÖûODUGÖU 2 DQGD \D\JÖQ
RODQIDUNOÖDQOD\ÖûODUYHD\QÖPHNkQGDELUNDoWDQH\D\JÖQDQOD\ÖûRODELOL\RU%XQRUPODUÖ
YH DQOD\ÖûODUÖ EXJQN WDUWÖûPDODUGD VÖN VÖN \DSÖOGÖøÖ JLEL HWLN GHøHUOHUOH NDUÖûWÖUPDPDN
JHUHNLU %X \D]ÖOÖ ROPD\DQ NOWUHO QRUP VLVWHPOHUL LoLQ DKODN NHOLPHVLQL NXOODQPDN
EDûND ELU GH\LûOH DKODN NHOLPHVLQL \DOQÖ]FD EX WU QRUP VLVWHPOHULQL DGODQGÖUPDN LoLQ
NXOODQPDN E|\OHFH GH EDûND ûH\OHUL ELUELUL\OH NDUÖûWÖUPDNWDQ VDNÖQPDN NDQÖPFD GDKD
X\JXQROXU<DQLEXNHOLPH\LRQDVDNOD\DOÖPGHPHNLVWL\RUXP%DûNDELUEDøODPGDHWLN
V|]Fø EXJQ EHOLUOL DPDoODUOD ED]ÖODUÖ WDUDIÖQGDQ ROXûWXUXODQ ED]Ö \D]ÖOÖ QRUP
VLVWHPOHUL \D GD QRUP NRGODUÖ DQODPÖQGD NXOODQÖOÖ\RU %X WU EHOJHOHU V|] NRQXVX RODQ
DPDoOD LOJLOL RODUDN WUHWLOHQ \D GD PHYFXW RODQODUGDQ VHoLOHQ YH EHOLUOL XVXOOHUOH oRøX
]DPDQ GD NRQVHQVVOH NDEXO HGLOHQ QRUPODUGDQ ROXûX\RU %X EHOJHOHULQ HYUHQVHO
JHoHUOLOLNND]DQPDVÖLVWHQLOLUNLPL]DPDQGDHYUHQVHOJHoHUOLOLNVDøODQÖU1HYDUNLE|\OH
EHOJHOHUH JHoHUOLOLN ND]DQGÖUPD oRøX ]DPDQ RQODUGD \HU YHULOHQ QRUPODUÖQ IHOVHIL
HSLVWHPRORMLN GHøHUOHQGLULOPHVL \DSÖOPDGDQ ROXS ELWL\RU 0HVOHN HWLNOHUL EDøODPÖQGDNL
HWLNV|]FøGHEXDQODPGDNXOODQÖOÖ\RU%XDQODPÖGDPHVOHNHWLNOHULYHHYUHQVHOHWLN
NRQXODUÖQD LOLûNLQ WDUWÖûPDODUÖQ J|VWHUGLøL JLEL EXJQ HWLN V|]FøQQ HQ \D\JÖQ
DQODPÖGÖU.DYUDPODUÖQELUELULQHNDUÖûWÖUÖOPDVÖQÖQNDPX\DûDPÖQGDYH\DVDPDGD\DVDODU
ROXûWXUPDGD LQVDQ KDNODUÖ LoLQ \DUDWWÖøÖ ROXPVX] VRQXoODUÖ J|] |QQH DODUDN EX QRUP
$oÖOÖû.RQXûPDODUÖ
WDNÖPODUÖQD \D GD HYUHQVHO QRUPODUGDQ ROXûWXøX IDU] HGLOHQ EX NRGODUD EHOJHOHUH
DKODNOÖOÖN NRGODUÖ \D GD EHOJHOHUL GHPH\L EHQ WHUFLK HGL\RUXP %XUDGD QRUPODUÖ
QLWHOHGLøL]DPDQHYUHQVHOV|]FøQGHQGHELUQRUPXQGQ\DG]H\LQGHNLJHoHUOLOLøLQL
GHøLOELUQRUPXQVDKLSROGXøXHSLVWHPRORMLNYHDNVL\RORMLNELU|]HOOLøLDQOÖ\RUXP<DQL
KHU LOJLOL LQVDQÖQ YH EWQ LOJLOL LQVDQODUÖQ JHQHO RODUDN J|UPHVL YH GLøHUOHULQH
J|VWHUPHVL JHUHNHQ PXDPHOH LoLQ JHWLULOHQ WDOHSOHUL \D GD QRUPODUÖ DQOÖ\RUXP dQN
EX WU QRUPODUÖ GQ\D G]H\LQGH JHoHUOL NÖOPD\Ö JHUHNWLUHQ EX |]HOOLNOHULQ KHUNHV
WDUDIÖQGDQNDEXOHGLOPHVLGHøLOXQXWPDPDNJHUHNLUNLEXJQKHUWUGHQQRUPYHLQVDQ
RQXUXQX\RNIDU]HGHQQRUPODUGDXVXOQHX\JXQRODUDNJHoHUOLNÖOÖQDELOL\RU0HFOLVOHU
EXQX oRN VÖN \DSÖ\RU %X JHoHUOL NÖOÖQPDODU GD QRUPODUÖQ HSLVWHPRORMLN YH DNVL\RORMLN
|]HOOLNOHULQH EDNÖOPDNVÖ]ÖQ SDUPDN KHVDEÖ\OD \DSÖOÖ\RU 0HVOHN NRGODUÖ EXJQ PHVOHN
HWLNOHUL GHQLOHQOHU DVOÖQGD EX WUGHQ QRUPODU RUWD\D NR\PDN DPDFÖ\OD JHOLûWLULOL\RU
$QFDN LQVDQ KDNODUÖ HYUHQVHO ELOGLUJHVL GH EX WU DKODNOÖOÖN QRUPODUÖ RUWD\D NR\PDN
DPDFÖ\OD ROXûWXUXOX\RU 'ROD\ÖVÖ\OD EX ELOGLUJH ELU HYUHQVHO DKODNOÖOÖN NRGX VD\ÖODELOLU
RQD|\OHGHQPL\RUVDGD
úLPGL oQF RODUDN HWLN WHULPL IHOVHIHQLQ ELU DOW DODQÖQÖ GLOH JHWLUPHN LoLQ GH
NXOODQÖOÖ\RU <DQL LQVDQODU DUDVÖ LOLûNL WUOHULQGH GHøHU VRUXQODUÖQÖ D\GÖQODWPD\D YH
RQODUD LOLûNLQ GRøUXODQDELOLU \DQOÖûODQDELOLU ELOJL RUWD\D NR\PD\D oDOÖûDQ IHOVHIH GDOÖ
LoLQGH 1H YDU NL \D\JÖQ ELU NDQÖ\D J|UH YH LOJLOL HO NLWDSODUÖQGD EX IHOVHIH GDOÖ oRøX
]DPDQQRUPDWLIELUDODQVD\ÖOÖ\RU2\VDIHOVHIHWDULKLQGHNLDQDHWLNJ|UûOHU3ODWRQ·XQ
$ULVWRWHOHV·LQ .DQW·ÖQ +DUWPDQQ·ÖQ J|UûOHUL EX NDEXO \DQOÖûOÖ\RU %HQLP J|UûPH
J|UHIHOVHIHQLQELUDUDûWÖUPDDODQÖRODUDNHWLNQRUPODUJHWLUHQELUDODQGHøLOELOJLUHWHQ
ELU DODQ YH EX DUDGD QRUPODU KDNNÖQGD GD ELOJL RUWD\D NR\DQ ELU DODQGÖU %LUD] |QFH
6D\ÖQ %DNDQ E|\OH ELU ûH\ V|\OHPHN LVWHPLûWL JDOLED ELUD] GDKD GDUGÖ ùQVDQODU DUDVÖ
LOLûNLWUOHULQGHYHH\OHPGHoÖNDQSUREOHPOHULHQEDûWDGDGHøHUSUREOHPOHULQLDUDûWÖUÖU
ùVLP RODUDN HWLN VXEVWDQWLY RODUDN HWLN NHOLPHVLQL \DOQÖ]FD IHOVHIHQLQ EX DODQÖQÖ
DGODQGÖUPDNLoLQNXOODQPDNWD\DUDUYDUGÖUGL\HGûQ\RUXP$VOÖQGDNHOLPHOHU|QHPOL
GHøLO DQFDN |QHPOL RODQ IDUNOÖ ûH\OHUH D\QÖ DGÖ YHUPHPHN YH D\QÖ ûH\H GH IDUNOÖ DGODU
YHUPHPHN EWQ PHVHOH RUGD <DQL NLûLQLQ NHQGLVL\OH LOLûNLVLQL YH EDûNDODUÖ\OD
LOLûNLOHULQL ELOPH NRQXVX \DSDQ RQODUGDNL GHøHU SUREOHPOHULQH ÖûÖN WXWDQ RQODUÖ
DUDûWÖUDQ YH KDNNÖQGD ELOJL NR\DQ IHOVHIHQLQ GDOÖ LoLQ NXOODQÖOPDVÖQGD \DUDU YDU %X
IHOVHILELOJL|UQHøLQH\OHPGHEXOXQXUNHQLVWHGLNOHULPL]LQYH\DSWÖNODUÖPÖ]ÖQQHWUGHQ
EHOLUOHQPH LPNDQODUÖ YDUGÖU VD\JÖ QHGLU YH EX JLEL NRQXODUD LOLûNLQ ELOJL ELU DKODNOÖOÖN
NRGXQX
YH\D
PHVOHN
NRGXQX
JHOLûWLULS
X\JXODPDN
LoLQ
YH
PHYFXW
DKODNODUÖ
GHøHUOHQGLUPHN LoLQ RQVX] ROXQDPD\DFDN ELU ELOJLGLU *QON \DûDPÖPÖ]GD PHVOHN
\DûDPÖPÖ]GD YH NDPXVDO \DûDPÖPÖ]GD NDUûÖODûWÖøÖPÖ] GXUXPODUGD LQVDQ RQXUXQX
NRUX\DUDN H\OHPGH EXOXQDELOPHN LoLQ GH RQVX] ROXQDPD\DFDN ELU ELOJLGLU GL\H
GûQ\RUXP
%X V|\OHGLNOHULPGHQ ûX VRQXo oÖNÖ\RU DKODN DQODPÖQGD GHøHU ELOJLVLQH GD\DQDUDN
JHOLûWLULOPLû LVHOHU \D GD IHOVHIL ELOJL LOH GHøHUOHQGLULOPLû LVHOHU YH UROOHUL ELUELULQH
NDUÖûWÖUÖOPDGÖøÖ WDNGLUGH û|\OH dRøX ]DPDQ GHQH\VHO RODUDN \DQL PHYFXW NRûXOODUGDQ
KDUHNHW HGHUHN WUHWLOHQ \D]ÖOÖ ROPD\DQ QRUPODU \DQL DKODNODUÖ ROXûWXUDQ WRSOXPVDO
QRUPODU X\JXQ WUHWLOGLNOHUL WDNGLUGH YH EDVLUHWOH WUHWLOGLNOHUL WDNGLUGH NLûLQLQ
GHøHUOHQGLUPHOHULQL GHøLO \DOQÖ]FD WRSOXPVDO LOLûNLOHULQGHNL GDYUDQÖûODUÖQÖ EHOLUOHPHOHUL
NRûXOX\OD NLûLQLQ \DûDGÖøÖ WRSOXOXøXQ GHøLûNHQ NRûXOODUÖQGD WRSOXPVDO \DûDPGD NHQGL
\DUDUÖQÖ NRUXPD RODVÖOÖøÖQÖ DUWWÖUÖU (YUHQVHO DKODNOÖOÖN QRUPODUÖ \DQL EX \D]ÖOÖ QRUPODU
KXNXNXQ WUHWLOPHVL LoLQ |QFOOHU RODUDN |QHPOLGLU $\UÖFD NLûLOHU PHVOHNOHULQL LFUD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HGHUNHQ YH NDPXVDO NRQXODUGD XOXVDO YH XOXVODUDUDVÖ G]H\OHUGH NDUDUODU DOÖQÖUNHQ
KDNNÖQGD NDUDU DOÖQDFDN WHN WHN GXUXPODUOD LOJLOL RODUDN GRøUX GHøHUOHQGLUPH \DSDFDN
NDGDU ELOJL\H VDKLS ROPDGÖøÖPÖ] ]DPDQ LQVDQ RQXUXQD ]DUDU YHUPHPH RODVÖOÖøÖQÖ
DUWÖUÖ\RUODUDPDKHU]DPDQNRUXQPDVÖQÖJYHQFHDOWÖQDDOPÖ\RUODUdQNQRUPODUWHN
WHNGXUXPODUGDGHøHUNRUX\XFXNDUDUODUDOPDNYHGHøHUOLGRøUXH\OHPGHEXOXQPDNLoLQ
\HWPL\RUWHNEDûODUÖQD+HUGXUXPWDULKVHOOLøLQGHWHNWLU.LPL]DPDQELUQRUPDX\JXQ
GDYUDQDUDN GHøHU KDUFDPDN GD RODQDNOÖ .DQW·ÖQ |GHYH X\JXQ GDYUDQPD LOH |GHYGHQ
GROD\Ö GDYUDQPD H\OHPGH EXOXQPDNOD \DSWÖøÖ D\UÖPGD ELU QRUPD X\JXQ GDYUDQPDNOD
HWLN EDNÖPGDQ GHøHUOL H\OHPGH EXOXQPDN DUDVÖQGDNL IDUND LûDUHW HGL\RU .LûLOHU
QRUPODUD J|UH GDYUDQPD\D ]RUODQDELOLUOHU %X ]RUOD HPSR]H HGLOHELOLU RQODUD DPD
GHøHU NRUX\XFX ûHNLOGH LVWHPH\H YH H\OHPGH EXOXQPD\D ]RUODQDPD]ODU 1H YDU NL
NLûLOHU GHøHU NRUX\DFDN H\OHPGH EXOXQPD LVWHøLQL ROXûWXUDFDN ûHNLOGH HøLWLOHELOLUOHU YH
\DûDPGDEXDUDGDPHVOHN\DûDPODUÖQGDGDE|\OHH\OHPOHUGHEXOXQDELOPHNLoLQJHUHNOL
RODQIHOVHILGHøHUELOJLVL\OHGRQDWÖODELOLUOHUdQNE|\OHELULVWHPHELOJL\DQLIHOVHIHQLQ
ELU DODQÖ RODUDN HWLN ELOJLVL H\OHPGH EXOXQXODFDN GXUXPXQ ELOJLVL\OH ELUOLNWH EHOLUOL
JHUoHN WHN WHN GXUXPODUGD GHøHU NRUX\XFX \D GD HQ D] KDUFD\ÖFÖ ûHNLOGH H\OHPGH
EXOXQDELOPHQLQ DVJDUL NRûXOODUÖGÖU (YUHQVHO ELU DKODNOÖOÖN NRGX \D GD \D\JÖQ GH\LPL\OH
HYUHQVHO ELU HWLN ROXûWXUPDQÖQ DVJDUL NRûXOODUÖ LVH IHOVHIL GHøHU ELOJLVL YH QRUPODUD
LOLûNLQ HSLVWHPRORMLN YH DNVL\RORMLN ELOJLGLU GL\H GûQ\RUXP úX DQGD \DSÖODQ
WDUWÖûPDODU E|\OH IHOVHIL ELOJLOHUH GD\DQÖ\RU JLEL J|UQP\RU %XQXQ LoLQ JQON
\DûDPÖPÖ]GDYHPHVOHN\DûDPÖPÖ]GDGHøHUNRUX\DUDN\DûD\DELOPHNLoLQQRUPODUELOJLVL
NDGDU YH\D RQGDQ oRN HWLN GHøHUOHULQ YH HWLN GHøHULQ ELOJLVLQH GD\DQDQ IHOVHIH HøLWLPL
JHUHNOLGLUdQNDQFDN\DGDROVDROVDEXHøLWLPWHNWHNGXUXPODUGDLQVDQRQXUXQXQ
QHUHGHWHKOLNHGHROGXøXQXJ|UHFHNELUJ|]HGLQPHPL]H\DUGÖPFÖRODELOL\RU\]GH\]
VDøODPÖ\RUDPD\DUGÖPFÖRODELOL\RU
%LUGHûXQXJ|]GHQNDoÖUPDPDNWD\DUDUYDUGÖUoHûLWOLPHVOHNDODQODUÖQGDLûEDûÖQGD
NDUûÖODûÖODQ HWLN VRUXQODU HWLN VRUXQODU RODUDN JQON \DûDPGD NDUûÖODûWÖøÖPÖ] HWLN
VRUXQODUGDQ WUFH IDUNOÖ GHøLOGLU $PD R VRUXQODUD o|]P DUDUNHQ HWLN GHøHU ELOJLVL YH
NDYUDP
ELOJLVL
JHUHNOL
ROGXøX
NDGDU
R
DODQGD
GRøUX
GHøHUOHQGLUPHQLQ
QDVÖO
\DSÖODELOHFHøLQHLOLûNLQELOJL YHE|\OHELUGHøHUOHQGLUPH\DSDELOPHNLoLQVDøODPPHVOHN
ELOJLVLJHUHNLU
6D\ÖQ NRQXNODU EX NRQJUHGH HQ ID]OD \HU PHG\D HWLøLQH D\UÖOGÖøÖ LoLQ JHQHO RODUDN
PHVOHN
HWLNOHUL\OH
LOJLOL
EX
VRQ
V|\OHGLNOHULPL
JHQLû
DQODPGD
NXOODQDFDøÖP
JD]HWHFLOLNWHNLLOJLOLVRUXQODUOD|UQHNOHQGLUH\LPL]LQYHULUVHQL]
*D]HWHFLOLNWH JD]HWHFLOLN GHUNHQ J|UVHO PHG\D\Ö GD NDSVÖ\RUXP HWLN \HQL ELU NRQX
GHøLOGLU DPD JQP]GH EX NRQX NLWOH LOHWLûLP DUDoODUÖQÖQ VDKLS ROGXNODUÖ WHNQRORMLN
RODQDNODUGDQ YH GROD\ÖVÖ\OD EDVÖQÖQ NDPXR\X ROXûWXUPDGDNL UROQQ DUWPDVÖQGDQ
GROD\ÖGDKDNDUPDûÖNKDOHJHOGL%HQLPJ|UHELOGLøLPNDGDUÖ\ODJQP]GHJD]HWHFLOLNWH
NDUûÖODûÖODQ HWLN VRUXQODU GRøUXGDQ GRøUX\D JD]HWHFLOLøLQ DPDoODUÖ\OD YH GRøUX
GHøHUOHQGLUPH VRUXQX\OD LOJLOLGLU *D]HWHFLOLøLQ DQD DPDoODUÖQGDQ ELUL EHONL GH DQD
DPDFÖ oHYUHPL]GH YH GQ\DGD ROXS ELWHQOHUL ELOPHPL]L RODQDNOÖ NÖOPDN \DQL ROXS
ELWHQOHU KDNNÖQGD ELU WHPHO KDN RODQ NLûLQLQ NHQGL NDQDDWLQL ROXûWXUPDVÖQD NDWNÖGD
EXOXQPDNWÖU *D]HWHFLQLQ DVÖO LûL DUDFÖOÖN HWPHNWLU 2QGDQ EHNOHQHQ EL]LP NHQGL
EDûÖPÖ]DWDQÖNOÖNHGHPHGLøLPL]DPDEL]LLOJLOHQGLUHQûH\OHULELOPHPL]LRODQDNOÖNÖOPDVÖ
E|\OHFH GH oRøX ]DPDQ oHûLWOL SURSDJDQGD YH UHNODPODUÖQ SVLNRORMLN HWNLOHUL\OH
ELoLPOHQHQ NDPXR\XQXQ RODELOGLøLQFH NDQGÖUÖOPDPÖû ELU ûHNLOGH ROXûPDVÖQD NDWNÖGD
$oÖOÖû.RQXûPDODUÖ
EXOXQPDVÖGÖU %|\OHFH JD]HWHFLQLQ LûLQGH \DOQÖ]FD HWLN VRUXQODU GHøLO D\QÖ ]DPDQGD
IHOVHILELOJLVRUXQODUÖGDV|]NRQXVXGXU
%LU JD]HWHFLQLQ LûLQL JD]HWHFLOLøLQ DPDoODUÖQD X\JXQ \DSPDVÖQÖQ DQD NRûXOX RQXQ
GRøUX GHøHUOHQGLUPH \DSDELOPHVLGLU GL\H GûQ\RUXP (Q EDûWD GD ROD\ODUÖ GRøUX
GHøHUOHQGLUPHVL g\OH NL ELU ONHGH \D GD GQ\DGD ELQ ELU RODQ ELWHQ DUDVÖQGD
KDQJLVLQLQ KDEHU ROGXøXQD KDQJLVLQLQ KDEHU ROPDGÖøÖQD \DQL NDPXQXQ KDQJLVLQL
ELOPHVL JHUHNWLøLQH \D GD KDQJLVLQL ELOPHVLQLQ X\JXQ ROGXøXQD NDUDU YHUPHVL dQN
KDEHU ELU JD]HWHFLQLQ YH\D GLøHU ELU NLWOH LOHWLûLP DUDFÖ PHQVXEXQXQ oRN IDUNOÖ
JHUHNoHOHUOH NDPXQXQ ELOPHVL JHUHNWLøLQL \D GD ELOPHVLQLQ X\JXQ RODFDøÖQÖ GûQGø
ûH\GLU *D]HWHFL |\OH GûQU úX \D GD EX D\UÖQWÖ\D |QFHOLN YHUPH ELU \DQD EHOLUOL ELU
ROD\ODU GHPHWL LoLQGHQ ELULQL VHoPHN YH RQGDQ ELU KDEHU \DSPDN NHQGL LoLQGH ELU
GHøHUOHQGLUPHGLU %XQXQ GD JD]HWHFLOLøLQ DPDFÖQD X\JXQ ELoLPGH \DSÖODELOPHVL GLøHU
ELOJLOHU \DQÖQGD HWLN GHøHU ELOJLVLQL GH NDSVD\DQ IHOVHIL ELOJL JHUHNWLULU 'RøUX ELU
\|QOHQGLUPH LoLQ WHN EDûÖQD \HWHUOL ROPD\DQ DPD RQVX] ROXQDPD\DFDN RODQ EX ELOJL
HNVLN ROGXøX ]DPDQ H]EHUH GHøHUOHQGLUPHOHUOH NDUûÖODûÖUÖ] %HQLP GHøHU DWIHWPH YH
GHøHU ELoPH GHGLøLP GHøHUOHQGLUPHOHUOH %DûND ELU GH\LûOH \DOQÖ]FD EL]LP LoLQ EHOLUOL
ELU JUXS LoLQ ELU ROD\ÖQ \DUDWWÖøÖ YH EDûND ELU JUXS LoLQ NDoÖQÖOPD]FDVÖQD IDUNOÖ RODQ
VRQXoODUÖQD EDNÖODUDN \DSÖOPÖû GHøHUOHQGLUPHOHUOH NDUûÖODûÖ\RUX] YH\D ELU ROD\ÖQ IDUNOÖ
WHRULN EDNÖû DoÖODUÖQGDQ YH\D NLûLQLQ GRøUX ROGXøXQD LQDQGÖøÖ ELU GRJPD DoÖVÖQGDQ
\DSÖODQ DoÖNODPDVÖ\OD NDUûÖODûÖ\RUX] %X IDUNOÖ GHøHUOHQGLUPH WDU]ODUÖ \DûDPGD VÖN VÖN
NDUûÖODûWÖøÖPÖ]
´DoÖNODQPDVÖQÖµ
D\QÖ
ROD\Ö
RODQDNOÖ
IDUNOÖ
NÖODU
ûHNLOGH
*QON
GHøHUOHQGLULOPHVLQL
\DûDPGD
EX
IDUNOÖ
YH
IDUNOÖ
ûHNLOGH
DoÖODUGDQ
\DSÖODQ
GHøHUOHQGLUPHOHU GL\H DGODQGÖUÖOÖU DPD D\QÖ NRQX KDNNÖQGDNL IDUNOÖ J|UûOHU \DQL
NLûLOHULQ IDUNOÖ NDQÖODUÖ\OD D\QÖ NRQXQXQ IDUNOÖ J|UQPOHUL \DQL NRQXQXQ NHQGLVLQLQ
IDUNOÖ\DQODUÖDUDVÖQGDJHQHOOLNOHD\UÖP\DSÖODPD]
(WLN VRUXQODU JD]HWHFLQLQ LûLQLQ NHQGLVLQGH YDUGÖU *HQHOOLNOH VDQÖOGÖøÖ JLEL EX HWLN
VRUXQODU GLøHU |]HOOLNOHUL \DQÖQGD JD]HWHFLGH RODQ YH DUDFÖQÖ JD]HWHFLOLNOH LOJLVL ROPD\DQ
NHQGL DPDoODUÖ LoLQ NXOODQDQ NLûLQLQ ELOLQoOL RODUDN \DSWÖøÖ NDPHUD KLOHOHUL\OH KDEHU
X\GXUPDODUÖ\ODIRWRPRQWDMODEDûODPD]ODUoRNGDKDWHPHOGHGLUOHU%|\OHFHJD]HWHFLOHULQ
D\QÖROD\ODUDIDUNOÖGHøHUDWIHWPHOHULYH\DGHøHUELoPHOHULIDUNOÖYHELUELULQHWHUVGûHQ
NDPXR\ODUÖQÖQ ND\QDøÖQÖ ROXûWXUX\RU /RELOHULQ JHQHOOLNOH \DSPD\D oDOÖûWÖøÖ ûH\ ELU
NRQXGD NDPXR\X ROXûWXUPDN LoLQ YH\D R NRQX\OD LOJLOL ELU GHøHU ELoPH YH\D ELU GHøHU
DWIHWPHQLQ \HULQH ELU \HQLVLQL NR\PDN LoLQ EHOLUOL ELU NRQXGD NHQGL GHøHU ELoPHOHULQL
YH\DNHQGLGHøHUDWIHWPHOHULQL\D\PD\DoDOÖûPDNWÖU'LøHU\DQGDEDVÖQÖQEDVNÖJ|UPHVL
GHøHU ELoPHOHUH YH\D GHøHU DWIHWPHOHUH ROGXøX NDGDU GRøUX GHøHUOHQGLUPHOHUH GH
GD\DQDQ
KDEHUOHULQ
VDQVU
HGLOPHVL
YH
JD]HWHFLOHULQ
\DUJÖODQPDVÖ
EX
WU
GHøHUOHQGLUPHOHUOH GH \DSÖOÖU $PD EX GHID GHøHUOHQGLULOHQ ROD\ODU GHøLO KDEHUOHUGLU
<DQL JD]HWHFL WDUDIÖQGDQ \D]ÖOPÖû PHWLQOHU \D GD oHNLOHQ LPJHOHUGLU %X GXUXP
NDUûÖVÖQGD \DQL ELOLQoOL \DSÖOPÖû NDPHUD KLOHOHULQLQ EDVÖQ |]JUOø DGÖQD VDQVU
HGLOPHPHVL DPD RODQÖ EHWLPOH\HQ \D GD J|VWHUHQ KDEHUOHULQ VDQVU HGLOPHVL NDUûÖVÖQGD
LQVDQ|QFHOLNOHQH\H]OHFHøLQLELOHPH]KDOHGûHU
'HøHUOL.RQXNODUD\QÖNRQXGDNLIDUNOÖGHøHU\DUJÖODUÖQÖQoDWÖûPDVÖQÖD\QÖNRQXGDNL
ELU GHøHU \DUJÖVÖ\OD ELU ELOJLQLQ oDWÖûPDVÖQGDQ GLNNDWOH D\ÖUW HWPHQL] JHUHNL\RU %XUD\D
JHWLUPHN LVWL\RUGXP R |UQHøL \\ |QFH 6RFUDWHV HUGHPLQ GRøUX ELOJL ROGXøXQX
V|\OHPLûWL <]\ÖOÖPÖ]GD EDûND ELU ILOR]RI û|\OH GHU ´'Q\DGDNL N|WON KHPHQ
KHPHQ KHS ELOPHPHNWHQ JHOLU ù\L\L LVWHPHGH D\GÖQODQPDPÖûVD N|W\ LVWHPHN NDGDU
]DUDU YHUHELOLUµ %XQD EHQ IHOVHIL GHøHU ELOJLVL WDUDIÖQGDQ D\GÖQODWÖOPDPÖûVD GL\H
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HNOHPHN GH LVWHULP (WLN ND\JÖODUÖPÖ] YDUVD QRUPODUÖQ ELOJLVLQGHQ |QFH IHOVHIL HWLN
ELOJLVLHGLQPHPL]GH\DUDUYDU%HQLGLQOHGLøLQL]LoLQWHûHNNUHGHULP
0('<$(7ù÷ù3$1(/ù
3DQHO <|QHWLFLVL 1XUL dRODNRøOX &11 7UN YH 7HOHYL]\RQ <D\ÖQFÖODUÖ 'HUQHøL
%DûNDQÖ
3DQHOLVWOHU
'DYLG%HUFKDUG6HUEHVW*D]HWHFL
2NWD\(NûL%DVÖQ.RQVH\L%DûNDQÖ
0XVWDID*|]DODQ'RøDQ0HG\D*UXEXDGÖQD
1XUL.D\Öû5DG\RYH7HOHYL]\RQhVW.XUXOX%DûNDQÖ
$\GÖQ6H]JLQ%DûEDNDQOÖN%DVÖQ<D\ÖQYH(QIRUPDV\RQ*HQHO0GU
1XULdRODNRøOX
%L]L EXUD\D GDYHW HGHQ VÖQÖI DUNDGDûÖP $NÖQ (UJGHQ·H YH 2'7h )HOVHIH
%|OPQHWHûHNNUHGHULP
0HG\D HWLøL |]HOOLNOH PHG\DQÖQ 7UNL\H·GH LoLQGH EXOXQGXøX GXUXP YH EHONL GH
GQ\DGD LoLQGH EXOXQGXøX GXUXP DoÖVÖQGDQ VRQ GHUHFH UHQNOL FD]LS ELU NRQX 6D\ÖQ
.XoXUDGL·QLQGHGHGLøLJLELN|UOHULQILOWDULILJLELQHUHVLQGHQEDûOD\DFDøÖQÖ]QH\LQHUH\H
RWXUWDFDøÖQÖ]GDELUEDûNDWDUWÖûPD\ÖEHUDEHULQGHJHWLUPH\HKD]ÖUELUNRQX
*HQHO RODUDN EDNWÖøÖPÖ]GD HøHU 6D\ÖQ .XoXUDGL·QLQ WDQÖPODUÖQGDQ \ROD oÖNDUDN
KDUHNHW HGHFHN ROXUVDN \DQL HWLøLQ LNL DQODPÖQGDQ DKODN YH SUDWLøH \|QHOLN PHVOHN
GDYUDQÖû LONHOHUL EXUDGD ELU ´ELOHûLN NDSODUµ ROGXøXQX J|]GHQ NDoÖUPDPDN OD]ÖP
7RSOXPGD DKODN GHøHUOHULQLQ JHoHUOL ROGXøX |OoGH EHOOL ELU PHVOHNWH GH HWLN LONHOHU
JHoHUOL YH X\JXODQDELOLU ROX\RU .HULP .RUFDQ·ÖQ /LQo URPDQÖQGD V|\OHGLøL JLEL
´'ÖûDUÖGD NDU \DøDUNHQùoHULGH EDKDU ROPX\RUµ 'ROD\ÖVÖ\OD E|\OH ELU ELOHûLN NDSODU
EDøODQWÖVÖYDU
$PD KHU ûH\H UDøPHQ ELUûH\OHU \DSÖOPDVÖ \|QQGH FLGGL ELUWDNÖP JD\UHWOHU GH YDU
úX DQGD EX SDQHOGH KD]ÖU EXOXQDQ GHøHUOL NRQXNODUÖPÖ]ÖQ KHSVL EX QRNWD\D NDGDU
\DSÖODQODU \DSÖOPDVÖ WDVDUODQDQODU \DSÖOPD\D WHûHEEV HGLOHQOHU NRQXVXQGD EL]H ÖûÖN
WXWDFDN GHQH\LPH ELULNLPH VDKLSOHU YH EXUD\D RWXUDQODU GDKD oRN LûLQ SUDWLøLQGHQ
JHOL\RUODU 2QXQ LoLQ EHQ LON |QFH V|] EXQGDQ DûDøÖ \XNDUÖ \ÖO |QFH %DVÖQ
.RQVH\L·QL NXUPDN LoLQ ELUOLNWH \ROD oÖNWÖøÖPÖ] %DVÖQ .RQVH\L %DûNDQÖ 2NWD\ (NûL·\H
YHUPHNLVWL\RUXP2NWD\(NûL%DVÖQ.RQVH\L·QLQDQD\DVDVÖ\ODLONHOHUL\OHLQVDQODUÖWHNHU
WHNHU EX LONHOHUL NDEXO HWPH\H oDøÖUDUDN EHONL EHOOL HWLN QRUPODUÖQ EX VHNW|UGH
\HUOHûPHVLNRQXVXQGDHQID]ODJD\UHWLRODQNLûLOHUGHQELULVLGLU%X\XUXQ2NWD\(NûL
2NWD\(NûL
6D\JÖGHøHU .RQXNODU HWLN NRQXVX JHUoHNWHQ 1XUL dRODNRøOX·QXQ YH 3URIHV|U
.XoXUDGL·QLQ LIDGH HWWLøL JLEL NRQXûPD NRQXVX RODUDN NDUûÖPD oÖNWÖøÖQGD EHQL HQ oRN
]RUOD\DQ VRUXQODUGDQ ELUL oQN JHUoHNWHQ QHUHVLQGHQ WXWDFDøÖPÖ KDQJL DoÖGDQ
EDNDFDøÖPÖWD\LQHGHPL\RUXPg]HOOLNOHKX]XUXQX]DJHOPHPHRODQDNYHUHQEXoDøUÖ\Ö
DOGÖøÖP]DPDQFLGGLELUûHNLOGHVÖNÖQWÖGX\GXPQHUHVLQGHQEDND\ÖPEXPHVHOH\HGL\H
%DQDGRVWXP3URI'U.RUNPD]$OHPGDUÖûÖNWXWWXYHEXWDNGLPNRQXûPDVÖVÖUDVÖQGD
1XULdRODNRøOXGRVWXPGDELUD]GDKDLûLPLNROD\ODûWÖUGÖ$PDL]LQYHULUVHQL]EHQ\LQH
GH û|\OH ELU NDo SDUDJUDIOÖN ELU JHUL\H JLGLû \DSPD\D RQGDQ VRQUD GD JHUoHNWHQ EL]LP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HWLN GHøHUOHU NRQXVXQGD EDVÖQ GQ\DVÖQGD QHOHU \DSPD\D oDOÖûWÖøÖPÖ]Ö KX]XUXQX]D
JHWLUPH\HQL\HWOL\LP
%XHWLNGHøHUOHUL³WDELVHYJLOLKRFDODUÖPÖ]EXUDGD³VRQGHUHFHNRQXQXQHWNLQYH
LOJLOLX]PDQODUÖQÖQKX]XUXQGDEHQLPGHULQOHPHVLQHDNWDUPDPDEHVROXU$PDû|\OHELU
EDNÖ\RUXP JHUL\H NHQGL ELULNLPLPH J|UH EDNÖ\RUXP NRGODûWÖUÖOPÖû HWLN GHøHUOHU
ELOL\RUVXQX]GLQNLWDSODUÖQGDYDU(VNLOHULQGH\LPL\OH´HYDULPHûDUHµ\DQL´2Q(PLUµ
ELOLQGLøLJLELHWLNGHøHUOHUVLVWHPLQLQLQVDQOÖNGQ\DVÖQD\DQVÖPÖûHQNÖVDPHWLQOHULQGHQ
ELULVLGLU $PD GLQLQ JHWLUGLøL HWLN GHøHUOHUOH GDKD VRQUDNL DVÖUODUGD JHOLûHQ LQVDQOÖN
GQ\DVÖQÖQDNODGD\DOÖRODUDNJHWLUGLøLHWLNGHøHUOHUDUDVÖQGD]DPDQoDWÖûPDVÖROGXøXQX
YH EXQODUGDQ VRQXoWD J|UHELOGLøLPL] 7DOLEDQ |UQHøL LVWLVQD VD\ÖOPD]VD \DQL RQODUÖ ELU
LVWLVQDRODUDNGLNNDWHDOPDNND\GÖ\ODRNLDNÖOEXNRQXGDWD\LQHGLFLHWNLQUROR\QX\RU
ùQVDQOÖN LoLQ JHQHOGH HWLN GHøHUOHULQ RUWDN SD\GDVÖ oRN %XQODUÖ VD\PD\D GD JHUHN
\RN2QXGDDU]HWWLøLPJLEL´2Q(PLUµJD\HWQHWRODUDNNHQGLoDøÖQGDRUWD\DNR\PXû
GXUXPGD %XQODUÖQ LOHUL DûDPDVÖ WRSOXPXQ EHOLUOL NHVLPOHUL LoLQ HWLN GHøHUOHU EL]L GH
LOJLOHQGLUHQEDVÖQODLOJLOLEDVÖQNDYUDPÖDUWÖNoRN\D\JÖQODûPÖûWÖUEWQPHG\D\ÖDODFDN
ûHNLOGH NRQXûX\RUXP HWLN GHøHUOHUGLU 3URI 'U .XoXUDGL EDVÖQOD LOJLOL HWLN GHøHUOHUH
EXPHVOHøLQLoLQGHELUKD\OL]DPDQJHoLUPLûELUNLPVHRODUDNDU]HGH\LPNLVRQGHUHFH
GRøUX ELU DoÖGDQ \DNODûWÖ 0HVHOHQLQ |]QGH NDPXR\XQXQ GRøUX ER]XOPDPÖû
DOGDWÖOPDPÖû ELU ûHNLOGH ROXûPDVÖQD KL]PHW HWPHN YDUGÖU $QFDN EXUDGD WHPHO QRNWD
|QFH JHUoHøH XODûDELOPHNWLU <DQL JD]HWHFLOHU NHQGL NDQDDWOHULQL \DQVÖWDUDN YH\D EHOLUOL
HWNLOHU DOWÖQGD RODQ NDQDDWOHULQL DNWDUDUDN NDPXR\XQD GRøUX\X \DQVÖWPDN NRQXVXQGD
J|UHYOHULQL WDP \DSÖ\RUODU JLEL GûQPH\HQOHUGHQ ELUL\LP 1LoLQ" dQN JHUoHNOHUH
WDP RODUDN XODûDPD\DQ LQVDQODU GQ\DVÖQGDNL JD]HWHFLOHULQ EXQX D\UÖFD SURIHV\RQHO
ELoLPGH J|UHY RODUDN VWOHQPLûOHUGLU NDPXR\XQD DNWDUGÖøÖ ROD\ODU NDoÖQÖOPD] RODUDN
HNVLNYH\DoDUSÖWÖOPÖûROXU2QHGHQOHJD]HWHFLOLNWHHWLNGHøHUOHUDoÖVÖQGDQELULQFLQRNWD
EXQXQ EHQ VDGHFH JD]HWHFLOLN EDøODPÖQGD GHøLO LQVDQ ROPDQÖQ KHSLPL]H \NOHGLøL ELU
J|UHY RODUDN DOJÖOÖ\RUXP DPD NRQXP EHQLP JD]HWHFLOLN ROGXøX LoLQ V|\O\RUXP
%DVÖQ .RQVH\L·QLQ HWLN GHøHUOHU PDQ]XPHVLQL LIDGH HGHQ EL]GHNL EDVÖQPHVOHN
LONHOHULQGHQGLU ´*D]HWHFLOLNWH WHPHO LûOHY JHUoHNOHUL EXOXS ER]PDGDQ DEDUWPDGDQ
NDPXR\XQD \DQVÖWPDNWÖUµ dQN JHUoHøL WDP RODUDN EHOLUOH\LS RQX ER]PDGDQ
DEDUWPDGDQ NDPXR\XQD DNWDUPD]VDQÖ] LQVDQODUÖQ UHVPLQ WDPDPÖQD EDNDUDN NDQDDW
UHWPHOHULQH RODQDN YHUPH]VLQL] 7DP WHUVLQH UHVPLQ RQODUÖQ |QQH NR\GXøXQX]
SDUoDVÖ\OD \DQOÖû NDQDDW UHWPHOHULQH VHEHS ROXU E|\OHFH HWLN DoÖGDQ GD EDNWÖøÖPÖ]
]DPDQ JD]HWHFLOLNWH VL]H GûHQ LûL GDKD EDûWDQ \DSPDPÖû ROXUVXQX] %L]LP EDVÖQ
GQ\DPÖ]GD JHQHO RODUDN ûLND\HW HGLOHQ YH KDNOÖ RODUDN ûLND\HW HGLOHQ EHQFH HQ FLGGL
HWLN GHøHU HNVLøL ER]XOPDVÖ EX QRNWDGDGÖU 2 QHGHQOH 7UN EDVÖQÖQGD ]JQP DPD
LWLUDIHWPHNLKWL\DFÖQÖGX\X\RUXPKHUKDQJLELUJD]HWHGHQKHUKDQJLELUROD\ÖWHNEDûÖQD
RNX\XS WDP ELU NDQDDWH YDUPDQÖ] \DQL UHVPLQ WDPDPÖQÖ VL]H DNWDUDQ PD]LVL\OH
HWNLOHUL\OHYHRJQNKDOL\OHVL]HDNWDUDQELUKDEHURNXPDQÖ]PDDOHVHIKkOkDQFDNSHN
QDGLUHQ PPNQGU KDWWD NXUDO RODUDN PPNQ GHøLOGLU GL\HELOLUVLQL] %X EL]GH HQ
|QHPOLHQFLGGL|QFHOLNOHWDPLUHGLOPHVLJHUHNHQELUPHVOHNHWLøLHNVLNOLøLGLU
%L] %DVÖQ .RQVH\L RODUDN \ÖOÖQGDQ EHUL úXEDW ·GHQ EHUL IDDOL] %DVÖQ
.RQVH\L RODUDN EDVÖQPHVOHN LONHOHUL GL\H NDOHPH DOÖQPÖû LONHGHQ ROXûDQ HWLN
GHøHUOHULJQON\DûDPGDX\JXODPD\DYHX\JXODWPD\DoDOÖûÖUÖ]1H\DSDUÖ]EXQXQLoLQ"
7HPHOLQDQFÖPÖ]KHUVRUXQX|]JUONoDQOD\ÖûLoLQGHo|]PHNROGXøXLoLQEL]|UQHøLQ
\DVDNOD\ÖFÖ ELU ûH\ JHWLUHPH\L] EL] FH]DODQGÖUÖFÖ RODPD\Ö] =DWHQ FH]DODQGÖUPDN LoLQ
NDUûÖ LUDGH\H UDøPHQ \DSWÖUÖPÖ X\JXODPDPÖ] JHUHNLU NL EL]LP E|\OH ELU LGGLDPÖ] V|]
0HG\D(WLøL3DQHOL
NRQXVX GHøLO 2 QHGHQOH QH \DSDELOLUL] NL" %L]LP \DSWÖøÖPÖ] V|]O EDVÖQGD J|UQWO
EDVÖQGD \D]ÖOÖ EDVÖQGD PHG\D NDYUDPÖ LoLQH JLUHQ QH NDGDU \D\ÖQ YDUVD \DSÖOPÖû
\D\ÖQODU LOH LOJLOL EX \D\ÖQODUÖ \DSDQ JD]HWHFLOHULQ PHVOHNOHUL\OH LOJLOL X\JXODPDVÖ
VÖUDVÖQGDNL WDYUÖ \DQL \D\ÖQODPDPÖû DPD ûDQWDM \DSPÖû GD GDKLO ROPDN ]HUH %DVÖQ
.RQVH\L·QHLOHWLOHQEDûYXUX\XD\OÖNELUVUHLoLQGHLQFHOHUL]GHøHUOHQGLULUL]NLûLOLN
%DVÖQ .RQVH\L <NVHN .XUXOX·QGD oHûLWOL PHG\D NXUXOXûODUÖQÖQ GD X]DQWÖODUÖ YDU
gUQHøLQ EHQ +UUL\HW JD]HWHVLQLQ EDû\D]DUÖ\ÖP +UUL\HW JD]HWHVL KDNNÖQGD GD HOEHWWH
ûLND\HWOHUJHOLU%X\HOHULQoDOÖûWÖNODUÖNXUXPODUODLOJLOLKHUKDQJLELUEDûYXUXJHOGLøLQGH
\NVHN NXUXOGDNL EX \HOHU R NRQX\OD LOJLOL R\ KDNNÖQGDQ PDKUXP NDOÖUODU .DUDUODUÖ
GLøHUOHULYHULUKDWWDKDVVDVNRQXODUGDRDUNDGDûODUJ|UûPHGHQGHoÖNDUODU6RQUDELULVL
V|\OHUVH EHONL QH NRQXûXOGXøXQX |øUHQLUOHU %X NDGDU GLNNDWOL ûHNLOGH X\JXODUÖ]
·GH NXUXOGXN ·D NDGDU SHN IDUNÖQGD GHøLOGL NDPXR\XPX] ·GDQ LWLEDUHQ
ILLOHQ EDûYXUXODUÖ DOPD\D EDûODGÖN <DNODûÖN EDûYXUX\OD R \ÖOODUÖ WDPDPODGÖN
%X VRQ VHQH .DVÖP D\ÖQÖQ ELU |QFHNL WRSODQWÖVÖQGD DOGÖøÖPÖ] NDUDU QXPDUDVÖ LGL
<ÖO VRQXQD NDGDU DQOÖ\RUXP NL ·L EXODELOLU EX NRQXGD YHULOPLû NDUDU VD\ÖVÖ 1H
\DSÖ\RUX]"
9HUGLøLPL]
NDUDUODUÖ
WP
EDVÖQD
J|QGHUL\RUX]
EDûYXUX
VDKLELQH
J|QGHUL\RUX]DUWÖ%DVÖQ.RQVH\L·QLQùQWHUQHWVLWHVLQGH\D\ÖQOÖ\RUX]'ÖûDUGDQEDNÖQFD
´NLP ELOL\RU IDUNÖQD YDUÖOÖ\RU PX"µ ´%DVÖQ .RQVH\L ELU ûH\OHU V|\O\RU EXQD DOGÖUÖû
HGHQ YDU PÖ"µ GL\H GûQHELOLU %HQ DU] HGH\LP <DUJÖ\D JLGHUHN PDKN€PL\HW DOÖS
VRQXFD J|WUHQOHUGHQ GDKD HWNLOL VRQXo DODQODU %DVÖQ .RQVH\L·QH EDûYXUDQODUGÖU
1LoLQ"dQNPHVOHNGQ\DPÖ]GD%DVÖQ.RQVH\L·QLQDOGÖøÖNDUDUODUQHNDGDUEDûNDODUÖ
WDUDIÖQGDQ IDUN HGLOPHVH GH \DQNÖODQPDNWDGÖU YH R NRQX R Lo GQ\DGD WDUWÖûÖOPDNWD
´VHQLQ \DSWÖøÖQ D\ÖEÖ LûWH J|UGOHUµ GHGLUWPHNWHGLU %HQ EXUDGD NHVH\LP oQN
KDNLNDWWHQ oRN JHQLû ELU NRQX EX NRQXQXQ SUDWLNWHNL X\JXODPDODUÖ YH VRQXoODUÖ
KDNNÖQGD ELU ûDQVÖPÖ] YDU GL\H GûQ\RUXP +HP 6D\ÖQ %DûNDQ %DVÖQ .RQVH\L
<NVHN .XUXOX·QGD GD J|UHY \DSWÖ KHP 6D\ÖQ 2UKDQ %LUJLW KDOHQ %DVÖQ .RQVH\LQLQ
\NVHNNXUXO\HVLYHNHQGLVLQLQGHV|]KDNNÖYDU%HQLPHNVLNEÖUDNWÖNODUÖPÖQDVÖOROVD
WDPDPODUODU6DøROXQ
1XULdRODNRøOX
dRN WHûHNNU HGHUL] +HPHQ EDûÖQGD ELU NoN KDIÖ]D ND\PDPÖ G]HOWH\LP 6D\ÖQ
(NûL·\LVXQDUNHQ\ÖO|QFHGHGLPDPD\ÖOROPXû)DNDWEDQD\ÖOJLELJHOL\RU7DELL
%DVÖQ .RQVH\L·QGH VDSWDQPÖû RODQ EDVÖQPHVOHN LONHOHULQLQ GDKD GD oHWUHILOOL ELU KDOL
·WHoÖNDUWÖODQ757NDQXQODUÖDUGÖQGDQoÖNDUWÖODQ5DG\RYH7HOHYL]\RQhVW.XUXOX
NDQXQXQGD ´\D\ÖQ LONHOHULµ ûHNOLQGH \HU DOÖ\RU hVWHOLN EXQODU VDGHFH PHVOHNL LONHOHUOH
VÖQÖUOÖ NDOPÖ\RU LoLQH ED]Ö VL\DVL LGHRORMLN J|UûOHU GH JLUPLû YD]L\HWWH %XQODU VWHOLN
6D\ÖQ(NûL·QLQEDKVHWWLøLJLELPH\\LGHVL]GHøLO*D\HWNXYYHWOLPH\\LGHVLODKÖQDVDKLS
ELU NXUXOXû WDUDIÖQGDQ GHQHWOHQHUHN X\JXODWÖOÖ\RU 5DG\RYH 7HOHYL]\RQ hVW .XUXOX EX
\]GHQ GH WRSOXPXQ KHGHI WDKWDVÖQGD RWXUX\RU %HøHQHQ GH EHøHQPH\HQ GH WRSD
WXWX\RU GDKD GRøUXVX NLPVH\H EHøHQGLUPH LPNDQÖ ROPD\DQ NDUDUODUÖ ]HULQGH VUHNOL
WRSD WXWXOX\RU $PD EX NRQXGD \DSPDNWD ROGXNODUÖQÖ DQODWPDN ]HUH 5DG\R YH
7HOHYL]\RQhVW.XUXOX%DûNDQÖ6D\ÖQ1XUL.D\Öû·ÖGDYHWHWPHNLVWL\RUXP
1XUL.D\Öû
6D\ÖQ %DûNDQ GHøHUOL NRQXNODU V|]OHULPH EDûODUNHQ KHSLQL]L VD\JÖ\OD VHODPODUÖP
0HG\D HWLøL VDGHFH EXJQQ NRQXVX GHøLO ùON 7UN JD]HWHVL 7DNYLPL 9HND\L·QLQ
\D\ÖQODQPDVÖQGDQ EX \DQD KHS WDUWÖûPD NRQXVX ROPXûWXU 0HûKXU |UQHNWLU ·OÖ
\ÖOODUGD%DED7DKLULVLPOLJD]HWHFL7HUNRV*|O·QGHQNHQWHVXWDûÖ\DQûLUNHWWHQLVWHGLøL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
UûYHW YHULOPH\LQFH JD]HWHVLQH ´7HUNRV *|O·QH GRPX] GûWµ GL\H PDQûHW DWPÖû
5ûYHWL DOÖQFD ´GûHQ KD\YDQÖQ GRPX] GHøLO GDQD ROGXøX DQODûÖOGÖµ GL\HUHN G]HOWPH
\D\ÖQODPÖûWÖ 'DKD \DNÖQ WDULKOHUH JHOLUVHN ·OL \ÖOODUGD ELU NÖVÖP \D\ÖQ NXUXOXûODUÖ
´EHVOHPHEDVÖQµGL\HDGODQGÖUÖOPÖûWÖ'|QHPLQVL\DVLLNWLGDUÖPXKDOLIEDVÖQÖEDVNÖDOWÖQD
DOPDN YH NHQGLQH WDUDIWDU EDVÖQ NXUXOXûODUÖ ROXûWXUDELOPHN LoLQ UHVPL LODQ YH NDøÖW
WDKVLVL PHNDQL]PDVÖQÖ NXOODQPÖûWÖ %X WDKVLVOHUL DODQ NXUXOXûODU LNWLGDUODUD PHWKL\HOHU
\D]PDNWD oRN F|PHUW GDYUDQÖUODUGÖ VRQUDVÖQD JHOLQFH QO DUPDW|U 0DOLN
<RODo·ÖQ $NûDP *D]HWHVL·QL VDWÖQ DOPDVÖQD \RO DoDQ ROD\ oDUSÖFÖ ELU |UQHNWLU 0DOLN
<RODo JHOLUOHUL\OH LOJLOL |QHPOL ELU VRUXQX JQGHPH JHWLUPHN DPDFÖ\OD $QNDUD·\D JLGHU
8ODûWÖUPD %DNDQOÖøÖ |]HO NDOHPLQGH EDNDQOD NRQXûPDN LVWHGLøLQL LIDGH HGHU DQFDN ELU
WUO EDûDUÖOÖ RODPD] 2 VÖUDGD JHQFHFLN oRFXNODU EDNDQÖQ RGDVÖQD WHNOLIVL]FH JLULS
oÖNPDNWDGÖU 0DOLN <RODo |]HO NDOHP PGUQH ´EXQODU NLP"µ GHU YH ´JD]HWHFLµ
FHYDEÖQÖDOÖU<RODoDNûDPùVWDQEXO·DG|QHUNHQNDUDUYHULU´%HQPXWODNDJD]HWHVDKLEL
ROPDOÖ\ÖP\RNVD|EULûOHULPLNROD\NROD\\UWHPH\HFHøLPµ2OD\ÖQDUGÖQGDQ$NûDP
*D]HWHVL·QLVDWÖQDOÖU*HoPLûWHGHPHG\DVL\DVHWWLFDUHWLOLûNLOHUL\RøXQGXYHR\ÖOODUGD
GD PHG\D HWLøL ]HULQGH \RøXQ WDUWÖûPDODU ROXUGX $PD ûXQX LIDGH HWPHP JHUHNLU NL
PHG\DQÖQ JHQHO DQODPGD \R]ODûPDVÖ VRQUDVÖQGD E\N VHUPD\HQLQ PHG\D\D
JLUPHVL\OH ROPXûWXU ·GHQ VRQUD JD]HWH VDKLSOHULQLQ NDUWYL]LWOHULQGH EDQNDFÖ
GHYOHW PWHDKKLGL VLJRUWDFÖ WXUL]PFL LWKDODWoÖ LKUDFDWoÖ HQHUML \DWÖUÖPFÖVÖ JLEL
PHVOHNOHUL RNXPD\D EDûODGÖN 7DELL E|\OH ROXQFD PHG\D VL\DVL LNWLGDUOD Lo LoH JLUGL
6L\DVLLNWLGDUÖQLUDGHVL\OHDOÖQDFDNNDUDUODUDEDøOÖNDOPD\D EDûODGÖJHOHQHNVHOLûOHYLRODQ
PXKDOHIHWL \DSDPD] ROGX +DONWDQ X]DNODûWÖ SDWURQODUÖQ GHYOHWWHNL WHûYLN NUHGL YH
LKDOH LûOHULQL \DSPDVÖ LoLQ NXOODQGÖøÖ ELU VLODKD G|QûW 0HG\D SDWURQODUÖ LNWLGDU
]HULQGHNL HWNLOHULQL DUWWÖUPDN LoLQ JD]HWHOHULQL GDKD oRN VDWWÖUPDN WHOHYL]\RQODUÖQÖ
GDKD oRN L]OHWWLUPHN NDYJDVÖQD JLULûWLOHU %X GD PHG\DQÖQ EDûÖQD SURPRV\RQ
DVSDUDJDVWHOHYROHWUSURJUDPODUÖVDUGÖ\DQL\R]ODûPD\ÖGDKDGDKÖ]ODQGÖUGÖ%LUNLûL
KHP PHG\D SDWURQX KHP EDQNDFÖ LVH EDQNDVÖ EDWPDN ]HUH\NHQ EXQX QDVÖO KDEHU
\DSDELOLU WRSOXPX QDVÖO ELOJLOHQGLUHELOLU" %LU NLûL KHP PHG\D SDWURQX KHP GH
PWHDKKLWLVHRQDEDøOÖWHOHYL]\RQYHJD]HWHOHUGH|]HOOHûWLUPHRSHUDV\RQODUÖVDøOÖNOÖELU
ûHNLOGH GHøHUOHQGLULOHELOLU PL" 0HG\D NXUXOXûODUÖQÖQ YH RQODUD EDøOÖ ûLUNHWOHULQ ERUVDGD
KLVVHOHUL YDU %RUVD Gû\RU KDEHU \RN VDGHFH SXDQ DUWÖ\RU ´ERUVD FRûWXµ
GL\H KDEHUOHU oÖNÖ\RU %D]Ö ûLUNHWOHU OHKLQH KDEHUOHU YHULOL\RU PDQLSODV\RQD \RO
DoÖOÖ\RU <DQÖQGD RQ ELQOHUFH LûoL oDOÖûWÖUDQ ELU SDWURQ JD]HWHVLQGH WHOHYL]\RQXQGD
QDVÖO LûoL FUHWOHULQ \HWHUVL]OLøLQL VDYXQDELOLU" 7UNL\H WDULKLQLQ HQ DøÖU HNRQRPLN
NUL]LQHJLUPHGHQELUNDoJQ|QFHNLJD]HWHPDQûHWOHULQLKDWÖUOD\DFDNROXUVDNoRNLOJLQo
ûH\OHU J|UU] WDPDPHQ SHPEH ELU WDEOR oL]LOPHNWH\GL 7UN PXFL]HVLQGHQ V|]
HGLOL\RUGX 7UN PHG\DVÖQGDNL HWLN ]DIL\HWLQ ELU GLøHU QHGHQL WHNHOOHûPHGLU %XJQ
SDWURQODUDELUJD]HWH\HWPL\RUELUoRNJD]HWH\LHOHJHoLUPH\HoDOÖûÖ\RUODUELUWHOHYL]\RQ
\HWPL\RUELUoRNWHOHYL]\RQDVDKLSROPDNLVWL\RUODUELUUDG\R\HWPL\RUELUoRNUDG\R\D
VDKLSROPD\ÖDU]XHGL\RUODU%XQXGD57h.NDQXQXQDD\NÖUÖELUûHNLOGHNDQXQDNDUûÖ
KLOH \DSDUDN JHUoHNOHûWLUL\RUODU 7DELL EX WDEOR WRSOXPXQ KDEHU DOPD KDNNÖQÖ JDVS
HGL\RU 7RSOXP ELU LNL SDWURQXQ YH RQODUÖQ \|QHWLFLOHULQLQ L]LQ YHUGLøL |OoGH
GRøUXODUGDQJHUoHNOHUGHQKDEHUGDURODELOL\RU$EGOKDPLGVDQVUQGHQGDKDWHKOLNHOL
ELUVDQVUGUEX'HPRNUDVLLoLQFLGGLELUWHKGLWWLU+DWÖUOÖ\RUVXQX]GXUJHoHQOHUGHLNL
PHG\D NXUXOXûXQXQ DUDVÖQGD FLGGL ELU NDYJD \DûDQGÖ .XUXOXûODU ELUELULQL PHG\D
HûNÖ\DVÖ SDS\RQOX KD\GXW G|YL] NDoDNoÖVÖ YDPSLU KRUWXPFX GL\H VXoODGÖODU %X
NXUXOXûODUGDQ ELULQLQ VW G]H\ \|QHWLFLVLQH VRUGXP ´%WQ EXQODUÖ \DSPDQÖ]Ö
0HG\D(WLøL3DQHOL
SDWURQXQX] PX V|\O\RU LVWL\RU"µ ´+D\ÖUµ GL\H FHYDEÖQÖ YHUGL ´.HVLQOLNOH E|\OH ELU
ûH\ \RN %L] SDWURQXPX]XQ KRûXQD JLWWLøLQL GûQHUHN EX ûHNLOGH \D\ÖQ \DSÖ\RUX]µ
0HG\DGDNL HWLN \R]ODûPDQÖQ ELU GLøHU QHGHQL \|QHWLFLOHUGLU 'HøHUOL ELUoRN JD]HWHFL\L
WHQ]LK HGHUHN V|\O\RUXP PHG\D \|QHWLFLVL JD]HWHFLOHU HGLW|UOHU EDøÖPVÖ]OÖøD |QHP
YHUVHOHUGL PHG\D VHNW|UQH \DWÖUÖP \DSPDQÖQ RQX GLøHU \DWÖUÖPODU LoLQ VLODK RODUDN
NXOODQPDN DQODPÖQD JHOPHGLøLQL JD]HWHFLOLN YH WHOHYL]\RQFXOXøXQ NDPXVDO ELU KL]PHW
ROGXøXQX VDYXQVDODUGÖ PHG\D EXJQN GXUXPXQD JHOPH]GL 0DQNHQOHUL VLQHPD
DUWLVWOHULQL JD]LQR ûDUNÖFÖODUÖQÖ \D]DU VXQXFX VSLNHU \DSDQ LUDGH GH PHG\D SDWURQODUÖ
GHøLORQODUÖQ\HWNLYHUGLNOHULGHQH\LPOLJD]HWHFLOHUGLU6UHPWDPDPODQGÖ7HûHNNUOHU
1XULdRODNRøOX
5DG\R YH 7HOHYL]\RQ hVW .XUXOX %DûNDQÖ 6D\ÖQ 1XUL .D\Öû·D oRN WHûHNNU
HGL\RUXPúLPGLEL]HEXNRQXGDXOXVODUDUDVÖGHQH\LPOHULGHDNWDUPDVÖLoLQ%DVÖQ<D\ÖQ
*HQHO0GU%\NHOoL$\GÖQ6H]JLQ·GHQNRQXûPDVÖQÖULFDHGHFHøLP
$\GÖQ6H]JLQ
3DQHOH NDWÖODQODU DUDVÖQGD PHVOHøL JD]HWHFLOLN ROPD\DQ ELU WHN EHQ YDUÖP 'LøHU
SDQHOLVWOHU IHYNDODGH ELULNLPOL YH GHøHUOL PHG\D PHQVXSODUÖ %X GXUXPGD ELU DQODPGD
WHGLUJLQ
ROGXøXPX
V|\OHPHP
JHUHNLU
%DVÖQ<D\ÖQ
(QIRUPDV\RQ
*HQHO
0GUOøQQ \D]ÖOÖ YH\D HOHNWURQLN PHG\D ]HULQGH JHoPLûWH ROGXøX JLEL GRøUXGDQ
PGDKDOH \HWNLVL YH\D DUDoODUÖ \RNWXU %XQD WDELL NL VHYLQPHN OD]ÖP $\UÖFD ELOGLøLP
NDGDUÖ\OD GHYOHW DGÖQD PHG\D\OD LOJLOL RODUDN ROXûWXUXOPXû J|Uû \D GD ELU SROLWLND GD
EXOXQPDPDNWDGÖU $QFDN NRQXPXP PHG\D\D LOLûNLQ JHOLûPHOHUL \DNÖQGDQ L]OHPHPH
LPNDQ
YHUL\RU
%XUDGD
V|\OH\HFHNOHULP
GH
PHG\DQÖQ
\DNÖQ
ELU
WDNLSoLVLQLQ
V|\OH\HFHNOHULQGHQLEDUHWWLU%XGXUXPGDGDEHQSDQHOLQELU|OoGH´QDwYHµLROX\RUXP
YH NHQGLPGH GH QDwYH RODUDN \RUXPGDQ ]L\DGH VRUX VRUPD KDNNÖQÖ DYDQWDMÖQÖ
J|U\RUXP 3URIHV|U .XoXUDGL ELUD] |QFHNL NRQXûPDVÖQGD $OEHUW &DPXV·QQ 9HED
URPDQÖQGDQ ELU DOÖQWÖ\D \HU YHUGL &DPXV D\QÖ ]DPDQGD JD]HWHFH\GL *D]HWHFLOLøL
ELOGLøL HQ J]HO PHVOHNOHUGHQ ELUL RODUDN WDQÖPOÖ\RUGX )UDQVD·QÖQ 1D]L $OPDQ\D·VÖ
WDUDIÖQGDQ LûJDOL VÖUDVÖQGD GLUHQLû JD]HWHFLOLøL \DSPÖûWÖ YH VDYDûÖQ KHPHQ HUWHVLQGH YH
GDKDVRQUDODUցONHVLQLQEDVÖQÖKDNNÖQGD|]HWOHûXJ|UûOHULGLOHJHWLUGL
´6DYDû |QFHVL EDVÖQ SDUD YH LKWLûDP PSWHODVÖ\GÖ DPDFÖ VDGHFH ELUNDo NLûLQLQ
JFQ DUWWÖUPDNWÖ +HSLPL]LQ DKODNÖQÖ ER]PDN GÖûÖQGD KHUKDQJL ELU HWNLVL ROPDPÖûWÖ
'ROD\ÖVÖ\OD\ÖOODUÖDUDVÖQGDYDUGÖøÖQRNWD\D\DQL)UDQVD·QÖQ\]NDUDVÖROPD
QRNWDVÖQD KLo ]RUODQPDGDQ JHOGL %XJQ LWLEDU \DUDWDQ YH\D \ÖNDQ EX PHNDQL]PD\OD
FHSKHGHQ PFDGHOH HWPHN ]RU VDWDQ LøUHQo ELU JD]HWH\H NDUûÖ PFDGHOH
YHUPHPL] JHUHNLUNHQ \|QHWLFLVLQL \HPHøH GDYHW HWPHN LoLQ VÖUD\D JLULOL\RU )UDQVÖ]
EDVÖQÖ LVH \ÖO LoLQGH WRSODP PLO\RQ RNX\XFX \LWLUL\RU %DVÖQ ELU ONHQLQ VHVL\VH
ONHQLQG]H\LQLEXVHVLQNDOLWHVLQLG]HOWHUHN\NVHOWHELOLUL]µ
&DPXV·QQ HOOL NVXU \ÖO |QFH EDVÖQOD LOJLOL IDUNOÖ \HUOHUGH \HU DOPÖû J|UûOHULQH GDNLNDOÖN NRQXûPD LoHULVLQGH ROGXNoD X]XQ \HU YHUGL\VHP EXQX EX V|]OHUL ûDûÖUWÖFÖ
|OoGH JQFHO EXOGXøXP LoLQ \DSWÖP %X V|]OHULQ LOOD GRøUX ROGXøXQX VDYODPÖ\RUXP
$PD EXJQ ONHPL]GH YH\D EDûND GHPRNUDVLOHUGH D\QÖ HOHûWLUL NDOÖSODUÖQD VÖN VÖN
UDVWODGÖøÖPÖ] DoÖN %X QRNWDGD &DPXV·QQ EDûND ELU WHVSLWLQH GH DWÖIWD EXOXQPDP
JHUHNL\RU ´%DVÖQ |]JU ROGXøX ]DPDQ L\L \D GD N|W RODELOLU g]JU ROPDGÖøÖ ]DPDQ
\DOQÖ]FD N|W RODELOLUµ &DPXV·QQ EX WHVSLWLQL ELU SRVWXODW RODUDN J|UHELOHFHøLPL]L
GûQ\RUXP 0HG\D HWLøLQL GH EX EDøODPGD WDUWÖûÖ\RUX] *|UHELOGLøLP NDGDUÖ\OD
PHG\D HWLøL EXJQH NDGDU QH GQ\DGD QH GH 7UNL\H·GH ûX VRQ \ÖOGD WDUWÖûÖOGÖøÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDGDU WDUWÖûÖOGÖ HOHûWLULOGL %X JQFHOOLøH VD\ÖQ .XoXUDGL GH GHøLQGL g]HOOLNOH
7UNL\H·GH EX WDUWÖûPD\Ö HVDV RODUDNEHVOH\HQOHU 6D\ÖQ (NûL·QLQ GH ELUD] |QFH DQODWWÖøÖ
JLEL %DVÖQ .RQVH\L YH\D 7UNL\H *D]HWHFLOHU &HPL\HWL JLEL PHVOHN |UJWOHUL YH EDVÖQ
PHQVXSODUÖQÖQ
NHQGLOHUL
RUWD\D
NR\GXNODUÖ
LONHOHUOH
ROXûWXUGXNODUÖ
GHQHWLP
PHNDQL]PDODUÖ\OD KD]ÖUODGÖNODUÖ WDUWÖûPD ]HPLQOHUL\OH VRUXQXQ D\GÖQODWÖOPDVÖQD NDWNÖ
VDøOÖ\RUODU%LUUHIHUDQVPDO]HPHVLVDøOÖ\RUODU*HUoHNWHQGH7UNL\H·GHPHG\DHWLøLQLQ
|QHPOLELUNÖVPÖQÖROXûWXUDQJD]HWHFLDKODNÖKDEHUHWLøLPHG\DGDVDKLSOLNJLELNRQXODU
\RøXQ ûHNLOGH LûOHQL\RU %XJQ PHG\DQÖQ HWLN VRUXQODUÖ DoÖVÖQGDQ ROGXNoD JHQLû
PDO]HPH\H VDKLEL] $QFDN GQ\DGD YH 7UNL\H·GH PHG\DQÖQ KDEHUFLOLN ER\XWX
GÖûÖQGDNL\RUXPODUÖ\ODELUOLNWHELUEWQRODUDN\DSÖVÖNHQGLLoLQGHNLLOLûNLOHUL\DUDWWÖøÖ
UQOHU YH HWNLOHUL NRQXVXQGDNL UDKDWVÖ]OÖNODU HOHûWLULOHUVDQNL VRQVX]D GHN VUHFHNPLû
JLEL
ELU
L]OHQLP
LoLQGH\L]
%XQXQ
\DQÖ
VÖUD
PHG\D\D
EDNÖûWDNL
PHG\DQÖQ
GHøHUOHQGLULOLûLQGHNLNÖVWDVODUEHONLGHPHG\DQÖQGLQDPLN\DSÖVÖQHGHQL\OHVDQNLVUHNOL
GHøLûL\RU 8OXVDO YH XOXVODUDUDVÖ NRQMRQNWUGHNL GHøLûLNOLNOHU GH EX GHøHUOHQGLUPHOHUL
HWNLOL\RU
%X NRQXGD IHOVHIHFLOHU WD\LQ HGLFL ELU URO R\QD\DFDNWÖU %X WRSODQWÖQÖQ IHOVHIHFLOHU
WDUDIÖQGDQG]HQOHQPHVLGHKHUKDOGHELUWHVDGIGHøLOGLUùRDQQD.XoXUDGL·QLQGHELUD]
|QFH GHøLQGLøL JLEL IHOVHIL GHøHU ELOJLVLQLQ D\GÖQODWPDVÖQD LKWL\DFÖPÖ] YDU *HQHO oDWÖ
HNVLNOLøLELU\DQDPHG\DQÖQEHOLUOLNHVLPOHULWDUDIÖQGDQROXûWXUXOPXûQRUPODUGDED]HQ
VRPXW JHOLûPHOHU NDUûÖVÖQGD \HWHUVL] NDOÖ\RU gUQHøLQ PONL\HW NRQXVX *HOLûHQ YH
GHøLûHQWPNRûXOODUDYHEXJQGQ\DQÖQPXKWHOLIONHOHULQGHROXûDQPHG\D\DSÖODUÖQD
UDøPHQ PHG\D DODQÖQGD GLNH\ YH \DWD\ HQWHJUDV\RQXQ \DUDWWÖøÖ YDUVD\ÖODQ VDNÖQFDODUD
NODVLN EDNÖû DoÖVÖ\OD \DNODûPDN QH GHQOL GRøUX YH JHUoHNoLGLU" <DVDODUOD G]HQOHQL\RU
ROVD GDKL HWLN WDUWÖûPDQÖQ PHUNH]LQGH EXOXQDQ EX DODQGDNL JHUHNOL VÖQÖUODPDODUÖQ
VÖQÖUODUÖ NRQXVXQGD JHQHO NDEXO J|UHFHN ELU NÖVWDV ROXûWXUXODELOLU PL" 9H\D JD]HWHFLQLQ
VDYDû GXUXPODUÖQD NDUûÖ WDYUÖ KDNNÖQGD .DUGDN NUL]L QHGHQL\OH ED]Ö JD]HWH YH
JD]HWHFLOHULQ L]OHGLøL WXWXPD \|QHOLN KDNOÖ HOHûWLULOHUL ûHNLOOHQGLUHQ QRUP NDOÖEÖQÖQ
EXJQ %LQ /DGLQ YH 7DOLEDQ·D NDUûÖ DVNHUL WHSNL J|VWHULOPHVLQL VDYXQPXû RODQ
JD]HWHFLOHUHX\JXODPDNQH|OoGHGRøUXGXU"%XUDGDJHUoHNWHQELUJ|UHFHOLNVRUXQXYDU
PÖGÖU" %X WU VRUXQODU WDELL NL GDKD GD DUWWÖUÖODELOL\RU 'ROD\ÖVÖ\OD EHONL GH PHG\D HWLøL
NRQXVXQGD
WRSOXPVDO
VRUXPOXOXN
NXUDPÖQÖ
GD
LoHUHFHN
WDU]GD
ELU
\HQLGHQ
GHøHUOHQGLUPHQLQ JQGHPH JHOPHVL JHUHNL\RU )HOVHIHFLOHULQ NDWNÖVÖ\OD EX \DSÖOÖUNHQ
GLøHU \DQGDQ PHG\DQÖQ PHG\DQÖQ EWQQ NDSVD\DFDN ELU PHG\D HWLøLQH LPNDQ
YHUHFHN \DSÖGD YH \|QGH ROXS ROPDGÖøÖQÖQ L\LFH WHVSLW HGLOPHVL JHUHNHFHNWLU .H]D
7UNL\H·GHYHHYUHQVHO|OoHNWHQk]ÖPNRQXPGDRODFDNELUPHG\DHWLøLQLJHoHUOLNÖODFDN
WRSOXPVDO LNOLPLQ YDU ROXS ROPDGÖøÖQÖQ GD DQODûÖOPDVÖ JHUHNHFHNWLU %XJQ PHG\DQÖQ
USHUWLFLELUJoKDOLQHJHOGLøLNHVLQGLU$QFDND\QÖ]DPDQGDPHG\DQÖQKHPJ|UHYLQLQ
QH ROPDVÖ JHUHNWLøL GûQFHVLQGHQ KHP GH JHUoHN GQ\DQÖQ QDVÖO LPJHOHQPHVL QDVÖO
DNWDUÖOPDVÖ
JHUHNWLøL
VRUJXODPDVÖQGDQ
X]DNODûWÖøÖ
JLEL
WHPHO
ROJXODUÖ
GXUPDGDQ
PDVNHOHGLøL ROD\Ö \DQVÖWPDN \HULQH NHQGLVLQL ROD\ \HULQH NR\GXøX EWQ HQHUMLVLQL
NHQGLVLQLEHVOHPH\HYHNHQGLQLWHNUDUUHWPH\HKDUFD\DQEXQLWHOLNOHUL\OHGHWRSOXPXQ
]DDIODUÖQÖ LVWLVPDU HGHQ RQX ûL]RIUHQ ELU oL]JL\H GRøUX oHNHQ ELU NXUXP ROGXøX
WDU]ÖQGD FLGGL LSXoODUÖQD GD\DQDQ HOHûWLULOHU PHYFXWWXU %X JHQHO HOHûWLULOHULQ SDUoDVÖ
RODQ WHNLO ROD\ODUÖQ KHSLPL] ]DPDQ ]DPDQ WDQÖøÖ YH ûLND\HWoLVL ROX\RUX] %|\OHVLQH ELU
\DSÖNDSVD\ÖFÖELUHWLøHWkELRODELOLUPL"'LøHUELUVRUXWRSOXPODUGDPHG\D\DPXKDWDS
JHQLû NLWOHOHUGHQ EXQODUD WNHWLFL YH\D \XUWWDûODU GD GL\HELOLUL] EX NRQXGD VUNOH\LFL
ELU URO R\QD\DFDN JoO ELU WDOHS ûHNLOOHQL\RU PX" dRN ID]OD VRUX VRUGXøXPXQ
0HG\D(WLøL3DQHOL
IDUNÖQGD\ÖP DQFDN PHG\D HWLøL LOH LOJLOL KHUKDQJL ELU \DSÖODQPD oDEDVÖQGD EX WU
VRUXODUÖQ
J|]
|QQGH
EXOXQGXUXOPDVÖQÖQ
\DUDUOÖ
RODFDøÖQÖ
GûQ\RUXP
+HU
KDONDUGD HYUHQVHO GRøUXODUD \DNODûPD DPDFÖQÖ WDûÖ\DFDN E|\OH ELU oDOÖûPDQÖQ
JHUHNOLOLøL GH DoÖN $NVL WDNGLUGH PHG\DQÖQ ROXûWXUGXøX JFQ YH VWOHQGLøL YDUVD\ÖODQ
WRSOXPVDO LûOHYLQ VRUXPOXOXøXQXQ D\UÖFD D\UÖFDOÖNODUÖQÖQ KDON DGÖQD J|UHY \DSPD
\HWNLVLQLQ PHûUXL\HWLQLQ VDUVÖFÖ WRS\HN€Q ELU VRUJXODPD\D WkEL WXWXODFDøÖ WDKPLQ
HGLOHELOLU %X EDøODPGD IHOVHIHFL +DUXQ 7HSH·QLQ JD]HWHFL LoLQ GHøLQGLøL QL\HW HWLøL
DQOD\ÖûÖQGDQVRUXPOXOXNHWLøLDQOD\ÖûÖQDJHoLû|QHULVLQLQDQODPOÖVRQXoODU\DUDWDELOHFHøL
GûQOHELOLU
6RQXoRODUDNûXQXV|\OH\HELOLULPNLPHG\DWRSOXPVDOLûOHYLQLQJHUHøLQLGûQPHVH
ELOHNHQGLEHNDVÖDGÖQD\HQLELUHWLN\DSÖODQPD\DLKWL\DoGX\DFDNWÖU-HDQ%DXGULOODUG
(\OO ROD\ÖQÖ GHøHUOHQGLULUNHQ ELU JFQ JFQQ VUHNOL \NVHOPHVLQLQ LQVDQGD YDU
RODQ\ÖNPDLVWHøLQLWDKULNHWWLøLQLEHOLUWL\RUGX7HûHNNUHGHULP
1XULdRODNRøOX
6D\ÖQ 6H]JLQ oRN oRN WHûHNNUOHU úLPGL SDQHOLPL]LQ WHN\DEDQFÖ NRQXûPDFÖVÖ RODQ
'DYLG %HUFKDUG·Ö GDYHW HWPHN LVWL\RUXP *HUoL 'DYLG·L \DEDQFÖ GL\H WDQÖPODPDN ]RU
oQN'DYLGVHQHGLU7UNL\HLOHLOJLOHQL\RUX]XQ\ÖOODUEXUDGD\DûDGÖYHVDQÖ\RUXP
oRNEHøHQHFHøLQL]ELU7UNoHLOHVL]OHUHKLWDSHGHFHN'DYLG
'DYLG%HUFKDUG
3HNLWHûHNNUHGHULP6D\ÖQ%DûNDQ'HøHUOL.RQXNODULON|QFH2UWD'RøX7HNQLN
hQLYHUVLWHVLQLQ )HOVHIH %|OPQH WHûHNNU HWPHN LVWL\RUXP $QNDUD·\D ELU NHUH GDKD
JHOGLøLPKD\DWÖPÖQE\NELUE|OPQWRSODPRODUDNVDQÖUÖPVHQHVLQL$QNDUD·GD
JHoLUGLP YH EX ûHKLU YH EX QLYHUVLWH\L oRN VHYGLøLP LoLQ GDYHWLQL] EHQL oRN
GX\JXODQGÖUGÖYHVL]HGHWHûHNNUHGHULPùNLQFLELUQRNWD\ÖEHOLUWPHPOD]ÖPPDDOHVHI
DUWÖN )LQDQFLDO 7LPHV LOH DODNDP \RN ]DWHQ VDQÖUÖP VHQH\H \DNÖQ ELU VUHGLU VHUEHVW
GDQÖûPDQRODUDNoDOÖûÖ\RUXP+DWWDELUVUH7UNKNPHWLLoLQEDVÖQ\D\ÖQGDoDOÖûWÖP
·OÖ \ÖOODUGD úLPGL ùQJLOWHUH·GH\LP YH VHUEHVW oDOÖûÖ\RUXP $\UÖFD oQF EDûODQJÖo
QRNWDVÖ VRQ GDNLNDGD 7UNoH NRQXûDFDøÖPÖ |øUHQGLP EHQL YH HNVLN 7UNoHPL
EDøÖûODPDQÖ]Ö YH DQOD\ÖûOD NDUûÖODPDQÖ]Ö ULFD HGL\RUXP%X NRQXûPDODU oRN NÖVD RODFDN
YH VDGHFH QRNWD\D GHøLQHFHøLP %XQODU PHVOHNL KD\DWÖPGDQ WHFUEHOHU YH VRPXW
|UQHNOHUOHLOJLOLRODFDNNDYUDPVDOELUoHUoHYHSHNROPD\DFDN
ùONQRNWD]DWHQJD]HWHFLOHUoDøGDûKD\DWÖQELUUQGU(WLøLQRULMLQDODQODPÖHVNL
<XQDQFDGD KHP PDQHYL\DWWÖU KHP GH \DûDQWÖGÖU *D]HWHFLOHUH |]J ELU \DûDPD |]
YDU *D]HWHFLOHU JHQHOOLNOH SHN EXUMXYD GHøLO HOHûWLULFLGLU EDøÖPVÖ]GÖU WRSOXPD ELUD]
HOHûWLUL\H \DNÖQ ELU J|]OH EDNÖ\RUODU %DøÖPVÖ]OÖN oRN|QHPOL JD]HWHFLOHU LoLQ YH VDQÖUÖP
oDOÖûPDNWDRODQKHUJD]HWHFLLoLQHQ|QHPOLVRUXE|\OHELUKDUHNHWWHEXOXQXUVDPE|\OH
ELU \D]Ö \D]DUVDP EDøÖPVÖ]OÖøÖP NRQXVXQGD WDYL] YHUPLû RODFDN PÖ\ÖP VRUXVXGXU %X
KHUKDOGHEWQJD]HWHFLOHULoLQoRN|QHPOLELUVRUX%XQXDQODPDNLoLQLNLQFLELUQRNWD
NR\PDN OD]ÖP *D]HWHFLOLN DQOD\ÖûÖQGD UHNDEHW oRN |QHPOL ELU \HU DOÖ\RU JD]HWHFLOHU
DUDVÖQGD JD]HWHOHU DUDVÖQGD )LQDQFLDO 7LPHV YH :DOO 6WUHHW -RXUQDO DUDVÖQGD 9RLFH RI
$PHULFDYH%%&DUDVÖQGD%%&LOHEDøÖPVÖ]WHOHYL]\RQDUDVÖQGD5HNDEHWJD]HWHFLOLøLQ
ELU SDUoDVÖGÖU 7DELL ED]Ö WRSOXPODUGD EDVÖQ YH PHG\D YDU DPD UHNDEHW \RN 0HVHOD
HVNL 6RY\HWOHU %LUOLøL·QGH 3UDYGD YH ù]YHVWL\D JLEL JD]HWHOHU YDU )DNDW RQODU EHQFH D\QÖ
DQODPGD JD]HWH YH PHG\D GHøLO oQN RQODU GDKD oRN ELU GHYOHW HQIRUPDV\RQ
VLVWHPLQL WHPVLO HGL\RUODU 2QXQ DPDoODUÖ YH \|QWHPOHUL oRN IDUNOÖ $\UÖFD %DWÖOÖ
WRSOXPODUGD YH DUWÖN 7UNL\H·GH YH VDQÖUÖP DUWÖN KHU WRSOXPGD HQIRUPDV\RQ ELOJL YH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KDEHUOHûPH\L ID]OD |Q SODQGD WXWPD\DQ GDKD oRN VDQVDV\RQ HøOHQFH YH \DQL R WU
ûH\OHUOHLOJLOLRODQPHG\DWLNNDQDWODUYDU2QODU]DWHQEDVÖQÖQLNLQFLELULNLOHPLQLWHPVLO
HGL\RUODU%DVÖQKHPELOGLUPHNLoLQ\DSÖOÖUHVDVDPDFÖEXGXUDPDD\QÖ]DPDQGDEDVÖQ
WLFDULGLU \DQL SL\DVDQÖQ JHUoHNOHULQH X\PDN ]RUXQGDGÖU <DQL VDWPD\DQ VDWÖOPD\DQ ELU
JD]HWH HU JHo LIODVD PDKN€PGXU %X ]DWHQ JD]HWHFLOHU LoLQ |QHPOL ELU oHOLûNLGLU %X
oHUoHYH LoLQGH VDQÖUÖP JD]HWHFLOHU NHQGLOHULQH J|UH ELU WDNÖP NXUDOODU IRUPHO YH
HQIRUPHO UHVPL YH UHVPL ROPD\DQ ELU WDNÖP NXUDOODU NR\PXû %L] EXQODU LoLQ HWLN
NHOLPHVLQL NXOODQÖ\RUX] GD ELU NXUDO KHU ]DPDQ HWLN ROPD\DELOLU YH HWLN ROXS ROPDGÖøÖ
NRQXVXQGDWDUWÖûPDRODELOLU%XWDUWÖûPD\ÖVL]OHUHEÖUDNÖ\RUXP)DNDWEHONLJD]HWHFLLoLQ
\D]Ö \D]DUNHQ HQ |QHPOL LNLOHP ´HWNLµ =DWHQ VL] ELU KDEHUL \D\ÖQOÖ\RUVDQÖ] ELU HWNLVL
RODFDN %HONL EX LVWHGLøLQL] ELU VRQXo GRøXUDELOLU EHONL LVWHPHGLøLQL] ELU VRQXo
GRøXUDELOLU %X JD]HWHFL LoLQ FLGGL ELU VRUXQGXU 0HVHOD EHQ )LQDQFLDO 7LPHV·GD
EDQNDFÖOÖN PXKDELUL LNHQ ELU UHIRUPX E\N ELU KH\HFDQOD L]OL\RUGXP \DQL EDQNDFÖOÖN
VLVWHPLQGH WHNQLN ELU VRUXQ EXUDGD D\UÖQWÖODUÖQD JLUPH\HFHøLP )DNDW WHVDGIHQ
|øUHQGLP NL oRN WHNQLN RODQ ELU NDQXQ KDWDVÖ YDUGÖ 2 NDQXQ KDWDVÖQÖ KDON |øUHQLUVH
ED]Ö NLûLOHU WHûHEEVWH EXOXQDELOLUGL YH EX UHIRUP PPNQ ROPD\DFDNWÖ YH EX KDEHUL
ELOHQ WHN JD]HWHFL EHQGLP %LUNDo KDIWD ELUNDo KDIWD GHøLO ELUNDo JQ GDKD \HULQGH
ROXUGX WDUWÖûWÖP EX KDEHUL YHUH\LP PL YHUPH\LP PL \DQL KDEHU VDNODPDN PHûUX
PXGXUGHøLOPLGLU6RQXQGDROGXNoDÖOÖPOÖELUûHNLOGHKDEHULYHUGLPYHDVOÖQGDROD\ODU
EHQLP EHNOHGLøLP ûHNLOGH JHOLûPHGL oQN KHUKDOGH VRUXQX KHUNHV NDYUDPDPÖûWÖ YH
ELU WDNÖP G]HQOHPHOHU ROGX YH UHIRUP GHYDP HWWL )DNDW \DQL EHQ oRN oDUSÖFÖ ELU
ûHNLOGH \D]VD\GÖP R UHIRUP VX\D GûHFHNWL YH ]DWHQ ND]DQDQ ROPD\DFDNWÖ ND\EHGHQ
oRNRODFDNWÖ%XELUQHYLPDQHYLLNLOHPGLU
ùNLQFLVRUXQWDELLJD]HWHFLOLNYHGRVWOXNODUODLOLûNLOLLVWHPHGLøLQL]VRQXoODU(QEDVLW
ûHNLOGH ´EX KDEHUL \D\ÖQOÖ\RUVXQX]µ GL\RUODU ED]HQ ´EX DGDPÖQ oRFXNODUÖ DøOD\DUDN
RNXOGDQ D\UÖODFDNODUµ \DQL DLOHYL KD\DWÖQÖ HWNLOH\HFHN %X WDEL NLûLVHO KD\DWÖ\OD LOJLOL
GHøLO \DQL ELULVLQL GRODQGÖUÖFÖ YH GUVW ROPD\DQ ELULVL LODQ HGHUVLQL] 'RøUX LVH ELOH
EXQXQ ELU EHONLVL YDU <DSDFDN PÖVÖQÖ] \DSPD\DFDN PÖVÖQÖ]" dQN ED]HQ oRN EHOOL
ROX\RUVDGDED]HQQHVL\DKQHGHEH\D]ELUE|OJHGHVLQL]9HELUJD]HWHFLEXNRQXODUGD
oRNGLNNDWOHGûQPHOLGLU)DNDWEXUDGDDVOÖQGDoLUNLQELUNHOLPHRODQVDQVUNHOLPHVL
JHOL\RU \DQL RWRVDQVU 2WRVDQVU L\L PLGLU NDoÖQÖOPD] PÖGÖU \RNVD \DQL ED]HQ RODQ
ED]HQ ROPD\DQ ELU JHoLW WRSOXPGDQ WRSOXPD GHøLûHQ ELU ROJX PXGXU ELU ROD\ PÖGÖU
ELOHPL\RUXPEXQXGDVL]HEÖUDNÖ\RUXP$PD|\OHELUVRUXQ]DWHQYDUGÖU
$\QÖ ]DPDQGD GQ\D VDELW GXUPX\RU =DWHQ EDVÖQ YH \]\ÖOODUGD RUWD\D
oÖNWÖ.DPXR\X|QHPOLROPD\DEDûODGÖøÖ]DPDQODUGD(OHûWLULOPHNJLEL$PDWRSOXPGD
GHøLûL\RU %DWÖOÖ ONHOHUGH EHQFH ELU PHG\D \R]ODûPDVÖ YDU %DVÖQÖQ VWDQGDUWODUÖ %DWÖOÖ
WRSOXPODUGD EHQ GDKD oRN ùQJLOWHUH·\L NDVWHGL\RUXP oQN JHOGLøLP ONH R VHQH
|QFHNL NDGDU \NVHN GHøLOGLU 0HVHOD JHQoOLøLPGH %%&·GH oDOÖûWÖP 2 ]DPDQODU %%&
KHU ]DPDQ KHUKDEHUGH WDUDIVÖ]GÖ)DNDW D\QÖ LGGLDGD EXOXQPDN EXJQOHUGH ELUD] ]RU
%D]HQPHG\DWLNNDPSDQ\DODUROX\RUED]HQORELOHULQHWNLVLYDU%%&·QLQED]ÖNÖVÖPODUÖ
EDøÖPVÖ]GÖU oRN WDUDIVÖ]GÖU DPD ED]Ö KDEHUOHUL HVNLVL NDGDU WDUDIVÖ] GHøLO %X GXUXPX
RUWD\D JHWLUHQ HWNHQOHU EHQFH oRN oHûLWOLGLU %XQODUÖQ DUDVÖQGD WHOHYL]\RQ YDU $\QÖ
]DPDQGD EHQFH HøLWLP VLVWHPLQGH ELU ER]XOPD YH\D \R]ODûPD YDU %X EHONL SRVW
PRGHUQLVW\DQLDûÖUÖoRøXOFXELUWRSOXPGDEDûJ|VWHUHQELUROD\GÖUùQJLOL]FHVL´SROLWLFDO
FRUUHFWQHVVµ 7UNoHVLQL WDP RODUDN EXODPÖ\RUXP DPD VDQÖUÖP VL\DVL RODUDN G]JQ
ROPDN|\OHELUûH\1H\VHHOHûWLULH\OHPLQLQD]DOPDVÖDQODPÖQDJHOL\RU%D]HQKDEHUOHU
0HG\D(WLøL3DQHOL
WDNOLWoLOLN DQODPÖQD JHOL\RU \DQL VDGHFH DOÖûÖODQODU VDGHFH KHUNHVoH GRøUX DOJÖODQÖODQ
ûH\OHUV|\OHQHELOLU\DQL\HQLOLNoLOLNSHNROPX\RU
%XUDGDELUNRQX\DGHøLQPHNLVWL\RUXP]DWHQEXROD\EHONLELUEDNÖPD\HQLGLUDPD
EHONL ELU EDNÖPD \HQL GHøLOGLU oQN \ÖO |QFHVL JHo 2VPDQOÖ WDULKLQH EDNDFDN
ROXUVDN D\QÖ ROD\Ö R ]DPDQNL ùQJLOL] JD]HWHOHULQGH WDELL R ]DPDQ WHOHYL]\RQ PHG\D
\RNWX J|UHELOLUVLQL] ·OÖ \ÖOODUGD ·O \ÖOODUGD 7LPHV·ÖQ %DONDQ PXKDELUL oRN
PHûKXU ELU DGDPGÖ DGÖ -RKQ 'DYLG %XUFKLHY YH ]DWHQ EXJQN %XOJDULVWDQ·ÖQ
\DUDWÖFÖODUÖQGDQ ELULGLU %XOJDUODU RQX R NDGDU VHYGL NL SXOODUÖQD ELOH RQXQ UHVPLQL
NR\GXODU 2QXQ VD\HVLQGH %DONDQ 6DYDûÖ EHONL ELOPH\HELOLUVLQL] DPD 7UN WDULKLQLQ
ELU SDUoDVÖGÖU \DQL %DONDQ 6DYDûÖ·QÖ PPNQ NÖODQ LWWLIDNÖ R \DSWÖ ùON |QFH
<XQDQLVWDQ·D JLWWL 6ÖUSODUOD YH %XOJDUODUOD ELUOLNWH VDYDûDELOHFHNOHULQL V|\OHGL LNQD HWWL
RQGDQ VRQUD PWKLû ELU LWWLIDN RUWD\D oÖNWÖ 2 VDYDûÖQ VRQXoODUÖQÖ KkOk %DONDQODUÖQ
KDULWDVÖQGD J|UHELOLUVLQL] %X ELU JD]HWHFLQLQ ELOLQoOL VL\DVL ELU NDPSDQ\DVÖ YH EHQ]HU
ROD\ODUÖ EXJQN EDVÖQGD J|UHELOLUVLQL] )DNDW EXJQN EDVÖQGD ED]Ö IDUNODUÖ GD
J|UHELOLUVLQL] oQN GQ\D GHøLûWL ]DWHQ EL] DUWÖN NR]PRSROLW ELU GQ\DGD\Ö]
+DEHUOHU VDGHFH GÖû PXKDELUOHU WDUDIÖQGDQ \D]ÖOPÖ\RU <DQL EDVÖQGD DUWÖN ´KRPH
FRUUHVSRQGHQFHµ YH PHUNH]LQ |QHPL oRN DUWPÖû YH EXQXQ GROD\ÖVÖ\OD ORELFLOLN DUWPÖû 9H
ELUoRN HWQLN YH VL\DVL VRUXQODUÖ \XUW GÖûÖQGDNL PXKDELU NDGURVX GHøLO PHWURSRO
PHUNH]GHNL JD]HWHFL NDGURVX \D]Ö\RU *HQHOOLNOH HWQLN ORELOHUH YH KDONOD LOLûNLOHU
ûLUNHWOHULQH GDQÖûDUDN \D]Ö\RUODU \DQL RQODUÖQ HWNLVL DOWÖQGD 2QXQ LoLQ KDONOD LOLûNLOHU
oRN |QHPOL ELU ROD\ +DQJL JD]HWHFL\H VRUVDQÖ] ´KDONOD LOLûNLOHU KDNNÖQGD QH
GûQ\RUVXQ"µ GL\H ´QHIUHW HGL\RUXP $OODK $OODK KLo DODNDP ROPX\RUµ GL\HFHN
$PD WDELL DUWÖN GHøLO %DVÖQ LNLOHPLQLQ VÖUUÖ JD]HWHFL LOH DUNDGDû ROPDN YH EX KDONOD
LOLûNLOHUûLUNHWOHULEXQXoRNL\LELOL\RUODU%D]HQEDûDUÖOÖROX\RUODUED]HQGHøLOOHU
6RQRODUDNE\NELUVRUXLûDUHWL=DWHQEHQFHPXKDELUOHULQGHøHULD]DOÖ\RU%XQXQ
HQ EHOLUJLQ LûDUHWL EXJQN VDYDûODUGD GDKD |QFH %RVQD VDYDûÖQGD YH EXJQN
$IJDQLVWDQ·GD ELUoRN VHUEHVW JD]HWHFL JHQo VHUEHVW JD]HWHFL \DûODUÖQGD RUD\D
NRûX\RUODU ELU JD]HWH LOH DQODûÖ\RUODU KDEHU UHNDEHWLQGH ROX\RUODU YH PDDOHVHI KLo
NRUXQPDGÖNODUÖ LoLQ |O\RUODU \DQL EDVÖQGD GD KD\DWODUÖQÖ ND\EHGHQ \LWLUHQ JHQo
JD]HWHFLOHULQ VD\ÖVÖ oRNWXU %X EHQFH ]F ELU ROD\ %DVÖQÖQ ED]Ö PDQHYL YH HWLN
LNLOHPOHULNRQXVXQGDILNLUOHULPLDQODWPD\DoDOÖûWÖP7HûHNNUHGHULP
1XULdRODNRøOX
3HNL oRN WHûHNNUOHU 'DYLG %HUFKDUG 3DQHOLQ VRQ NRQXûPDFÖVÖ 0XVWDID *|]DODQ
$\GÖQ 6H]JLQ·LQ V|\OHGLøLQLQ XIDN ELU IDUNOÖOÖøÖQÖ J|VWHUHQ ELU ûH\ SDQHOGH EHONL N|NHQ
LWLEDUÖ\OD 2NWD\ (NûL 1XUL .D\Öû EHQ YH 'DYLG %HUFKDUG JD]HWHFL\L] +HSLPL]LQ
EDûODPD QRNWDVÖ JD]HWHFLOLN 0XVWDID *|]DODQ LVH JD]HWHFLOLN LOH EDûODPD\DQODUGDQ
8OXVODUDUDVÖ GHQHWLP ûLUNHWL $UWKXU $QGHUVRQ·GDQ VHQH NDGDU |QFH PHG\D
GQ\DVÖQD LWKDO HWWLøLPL] PHG\DQÖQ DUWÖN NDOHPL NXYYHWOL ELU PXKDELU YH D\DøÖQD
NXYYHWOL PXKDELUGHQ LEDUHW ROPDGÖøÖQÖ J|VWHUHQ PHG\DQÖQ oRN GDKD NDUPDûÖN ELU
ILQDQVDO YH HQGVWUL\HO \DSÖ\D EUQGøQ J|VWHUHQ ELU DUNDGDûÖPÖ] 6|] ûLPGL
0XVWDID*|]DODQ·DDNWDUPDNLVWL\RUXP
0XVWDID*|]DODQ
6HYJLOL gøUHQFLOHU 6D\ÖQ +RFDODUÖP YH 6D\ÖQ %DûNDQ %XJQ VDEDKOH\LQ VDEDKWDQ
EHUL L]OHGLøLPL] YH GLQOHGLøLPL] ROD\ODUGDQ VRQUD EHQGRøUXVXQX LVWHUVHQL] GRøDoODPD
ELU NRQXûPD \DSPD\D NDUDU YHUGLP HOLPGHNL PDO]HPH\L RNXPD\DFDøÖP +HU ûH\GHQ
|QFHûXQXV|\OHPHPOD]ÖP%HQELUJD]HWHFLGHøLOLP$VOÖQGDJD]HWHFLOLNVHNW|UQHGH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JLUPHGLPWHOHYL]\RQFXGDGHøLOLP$PDEXQGDQVDGHFH ELUEXoXN\ÖO|QFH%UNVHO·GH
$QGHUVRQ ûLUNHWLQLQ WP JHOLûHQ ONHOHULQ ELUNDo VHNW|UQGHQ VRUXPOX ELU RUWDøÖ\GÖP
9H PHVOHøLP GDQÖûPDQOÖNWÖU %XJQ EXUDGD \]GH \] ]DPDQÖPÖ D\ÖUGÖøÖP 'RøDQ
*UXEX LoLQ ELU NRQXûPD \DSÖ\RUXP DPD V|\OH\HFHNOHULP HYUHQVHOGLU .DQÖPFD GD
QHUHGHROXUVDPROD\ÖPNHQGLJHUoHNOHULPNHQGLGRøUXODUÖPGÖU
%XJQ |\OH ELU QRNWDGD\Ö] NL DUWÖN ELU WDNÖP VHNW|UOHUH EX GQ\DQÖQ JHOLûHQ \DSÖVÖ
LoLQGH ELU QRNWDGDQ EDNPDN PPNQ GHøLO *D]HWHFLOLøH VDGHFH JD]HWHFLOLN RODUDN
EDNPDN PPNQ GHøLO YH\D HQHUML LûLQH HQHUML LûL RODUDN EDNPDN PPNQ GHøLO %X
DUDGD LOHUOHPHGHQ |QFH ûXQX GD V|\OHPHP OD]ÖP %HQ D\QÖ ]DPDQGD 7('0(5
9DNIÖQÖQ 7UNL\H (WLN 'HøHUOHU 9DNIÖQÖQ NXUXFX \HVL\LP (WLN NRQXVXQDVRQ GHUHFH
|QHP YHUL\RUXP oQN VHQHPL KDUFDGÖøÖPELU NXUXOXûWD HWLN GHøHULQ QH ROGXøXQX
EDQD |øUHWHQ \]OHUFH KDGLVH LOH NDUûÖODûWÖP %X NRQXODUGDNL HNVLNOLNOHULQ 7UNL\H LoLQ
IDUNÖQGD\ÖP%LURNX\XFXYH\DL]OH\LFLRODUDNGDNHQGLPJD]HWHOHUGHQWHOHYL]\RQODUGDQ
VL]YHDLOHOHULQL]QHNDGDUûLND\HWoLLVHQL]RNDGDUGDûLND\HWoL\LP$PDPHVHOH\LELUNDo
QRNWDGD HOH DOPDN OD]ÖP %LU WDNÖP PHVHOHOHU NL EXJQN NRQXPX] HWLN VDGHFH
PHG\DGD GHøLO EXJQ YH \DUÖQ GLøHU VHNW|UOHUGHNL HWLN NRQXVXQD GD GHøLQHFHNVLQL]
HWLNNRQXVXQGDELUWDNÖPG]HQOHPHOHULQ\DSÖODELOPHVLLoLQYHPHVDIHDOÖQDELOPHVLLoLQ
XQXWPD\DOÖP NL WHNQLN DODQGD GD YH GH GQ\DQÖQ JLGLûDWÖ QRNWDVÖQGD GD ELU WDNÖP
ROD\ODUGD G]HQOHPHOHU \DSPDN ]RUXQGD\Ö] $NVL WDNGLUGH EX LNLVLQLQ GHQJHVLQL
NXUDPD]VDNKHUûH\ODIWDNDOÖU
%XUD\D JHOPHGHQ |QFH GQ GRV\DODUÖPÖ ELU NDUÖûWÖUGÖP ùQJLOWHUH·QLQ $PHULND·QÖQ
$OPDQ\D·QÖQNHQGLPEDNWÖøÖPVHQH|QFHEDNWÖøÖPONHOHULQ´FRGHRIFRQGXFWµODUÖQÖ
\DQL WHOHYL]\RQFXOXN \D\ÖQFÖOÖN DODQÖQGDNL \D]ÖOÖ HWLN NRGODUÖQÖ G|NWP YH GH %DVÖQ
.RQVH\L·QLQ7UNL\H·GHoÖNDUPÖûROGXøX´FRGHRIFRQGXFWµÖDOGÖPYHPXND\HVHHWWLP6L]H
VDPLPL V|\OH\H\LP NL \D]ÖOÖ RODUDN $YUXSD·GD GHøLQLOHQ QRNWDODU QH LVH $PHULND·GD QH
LVH EL]LP GH ´FRGH RI FRQGXFWµÖPÖ]GD RQODU YDU %XQODUÖQ WHPHO XQVXUODUÖQD EDNDFDN
ROXUVDQÖ]DGDOHWEDVÖQÖQ|]JUOøWRSOXP\DUDUÖ%XQODUÖQKHUELULYDUIDNDWEXQODUÖQ
GDKDLûOHUKDOHJHOHELOPHVLLoLQNHVLQOLNOHKHUVHNW|UQWHNQLNVRUXQODUÖQÖo|]PHNOD]ÖP
(WLøL R VHNW|UQ JHOLûLPL LoLQGH EX oHUoHYH LoLQGH GHøHUOHQGLUPHN OD]ÖP 6RQXoWD
PHG\D GHGLøLQL] ]DPDQ GD EX ELU WLFDUL IDDOL\HWWLU %HQ ELU JD]HWHFL GHøLOLP WRSOXPXQ
GRøUX ELOJLOHQGLULOPHVLQH GH \UHNWHQ LQDQÖ\RUXP $PD GHøLûHQ GQ\DGD DFDED
JD]HWHOHULQ ELOJL YHUPH KDGLVHVL QH NDGDU VDGHFH JD]HWHOHUOH VÖQÖUODQPÖûWÖU gøUHQFLOHU
RODUDN |]HOOLNOH JHUoHøH EDNDUNHQ JHUoHNWHQ GX\GXøXQX] J|UGøQ] LûLWWLøLQL] KHU
ûH\LQ JHUoHN ROGXøXQGDQ DUWÖN ûSKH HWPH\H EDNÖQ %X JD]HWHOHUGHQ DOGÖøÖQÖ] ELOJLOHU
LoLQ GH JHoHUOLGLU dQN DUWÖN VL]LQ VRQ GHUHFH GHøLûLN ELOJL ND\QDNODUÖQÖ] YDU
'ROD\ÖVÖ\OD WRSOXPXQ NDPX \DUDUÖQD ELOJLOHQGLULOPHVL LoLQ WHN ND\QDN WHOHYL]\RQODU
GHøLO %LU GH XQXWXOPDPDVÖ JHUHNHQ ELU ûH\ YDU EX VHNW|UOHUGH DUWÖN GQ\DGD VDGHFH
JD]HWHFL\H JD]HWHFL RODUDN EDNDPÖ\RUX] WHOHYL]\RQ LûLQH VDGHFH WHOHYL]\RQ RODUDN
EDNDPÖ\RUX] %HQLP EXOXQGXøXP J|UHY \DSWÖøÖP DODQ 707 GHGLøLPL] WHFKQRORJ\
PHGLDWHOHFRPPXQLFDWLRQ DQG HQWHUWDLQPHQW \DQL WHNQRORML WHOHNRPQLNDV\RQ KDEHUOHûPH
PHG\D YH HøOHQFH VHNW|UGU %XQODUÖQ ELUELULQGHQ D\UÖOPD] SDUoDODUÖ YDU GQ\D EX
\|QH GRøUX JLGL\RU 6L] EX WU JHUoHNOHUL LQNkU HGHUHN ELU EDVÖQ NXUXOXûXQD VDGHFH
JD]HWHFLRODUDNNDODFDNVÖQGL\HPH]VLQL]%XQXGHUVHQL]RNXUXOXûXQHQ|QHPOL|]HOOLøL
RODQ EDVÖQ |]JUOøQ HOLQGHQ DOÖUVÖQÖ] dQN WLFDUL RODUDN |]JU ROPD\DQ KLoELU
EDVÖQ NXUXOXûX JHQHO RODUDN |]JU RODPD] (QLQGH VRQXQGD VL\DVLOHULQ HWNLVL DOWÖQGD
NDOÖU
0HG\D(WLøL3DQHOL
'LøHU ELU KDGLVH GH EX WU ROD\ODUÖQ GQ\DGD QDVÖO G]HQOHQGLøLQH EDNWÖøÖPÖ]GD
EDVÖQÖQPHG\DQÖQHWLøLLOHVDKLSOLNNRQXVXoRNLoLoH7UNL\H·GHGHEXNRQXGDELUVU
KDNOÖ YH\D KDNVÖ] GHøHUOHQGLUPHOHU YDU PHG\D WHNHOGLU VL\DVLOHUOH Lo LoHGLU YE <RUXP
\DSPÖ\RUXP NDWÖOPÖ\RUXP \RUXP \DSPÖ\RUXP )DNDW ELU JHUoHN YDU EXJQ HQ
GHPRNUDWLN ONHOHUGHQ |UQHøLQ )LQODQGL\D·\Ö HOH DODOÖP )LQODQGL\D·GD \DNODûÖN RODUDN
WDQH JD]HWH oÖNDU \Dû LOH \Dû DUDVÖQGDNL QIXVXQ \]GH GRNVDQÖ JD]HWH RNXU
YH oÖNDQ JD]HWHQLQ \HUHO JD]HWHOHU GDKLO ROPDN ]HUH VDKLSOLøLQL YH\D NXUXOXû
\DSDU $PD KLoELU ONH )LQODQGL\D·GD EDVÖQ WHNHOLQGHQ EDKVHWPH] .H]D EXJQ ED]Ö
NXUXOXûODUÖ
HOH
DOGÖøÖQÖ]
]DPDQ
|UQHøLQ
EXJQ
GQ\DQÖQ
HQ
EDûDUÖOÖ
PHG\D
NXUXOXûODUÖQGDQELUWDQHVLRODQ8YHQGL8QLYHUVDO·LQoÖNÖûQRNWDVÖELU´ZDVWHPDQDJHPHQWµ
ûLUNHWL\DQLûHKLUVXODUÖQÖQDWÖøÖQÖWHPL]OH\HQEXLûOHUL\DSDQELUNXUXOXûWXU%XJQEX
NXUXOXû *60 OLVDQVODUÖQD GD JLUPLûWLU LKDOHOHULQH GH NDWÖOPDNWDGÖU YH EXJQ GQ\DQÖQ
ELU QXPDUDOÖ HQ E\N PHG\D ûLUNHWOHULQGHQ HQ VWWHNL ûLUNHWWHQ ELU WDQHVL
KDOLQGHGLU 9H EX NXUXOXûXQ LoLQGH WHOHYL]\RQ LVWDV\RQODUÖ YDUGÖU GHUJLVL YDUGÖU
UHNODPFÖOÖøÖ YDUGÖU WHOHNRPQLNDV\RQ LûL YDUGÖU 9H $YUXSD·QÖQ KHPHQ KHPHQ KHU
ONHVLQGH JHoHUOL RODQ |GHPHOL WHOHIRQ VLVWHPL LOH ´SD\ WYµ GHGLøLPL] ELU WDNÖP LûOHUL
LûOHWLU /H *DUGUH DLOHVLQLQ VDKLEL ROGXøX )UDQVD·GDNL \DSÖODUÖQ LoLQGH KHU VHNW|UGHQ Lû
J|UUVQ] %UNVHO·GH /XPEUHW %UXVVHOV %UNVHO·LQ KROGLQJOHULQGHQ ELU WDQHVLGLU
GQ\DQÖQ EHOOL EDûOÖ \DWÖUÖP KROGLQJOHULQGHQ ELU WDQHVLGLU ùûLQ LoLQGH HQHUMLVL YDUGÖU
JD]HWHVL YDUGÖU WHOHYL]\RQX YDUGÖU %HUWHQVPDQODU HQ VRQ 57/·\L DOPÖûWÖU GHUJLOHUL
YDUGÖU úLPGL E|\OH ELU JLGLû YDUNHQ VL] VHNW|UQ HWLøL DGÖQD ELU WDNÖP VÖQÖUODPDODU YH
KDNVÖ] VDKLSOHQPHOHU JHWLUHPH]VHQL] %X NRQXGD 7UNL\H·GH VL\DVLOHU GQ\DGDNL
PHYFXWX\JXODPDODUDX\PDNYHHNVLNRODQQRNWDODUGDVÖQÖUODPDODUJHWLUPHN]RUXQGDODU
%XUDGD NDoÖû \ROX \RNWXU 1HGLU GQ\DGDNL X\JXODPDODU" (YHW GQ\DGD WHNHOOHûPH\L
|QOH\LFL X\JXODPDODU YDUGÖU EL]GH GH ROPDN ]RUXQGDGÖU ODI GHøLO PHG\DQÖQ HWLøLQLQ
oDOÖûPDVÖ LoLQ EX X\JXODPDODU ROPDN ]RUXQGDGÖU $PD Lû |]PVHQHUHN ROPDN
]RUXQGDGÖU ho WDQH WHOHYL]\RQ OLVDQVÖQÖ] RODPD] KHU WHOHYL]\RQXQ EXJQ GQ\D\D
EDNWÖøÖQÖ] ]DPDQ OLVDQV VD\ÖVÖ |QHPOL GHøLO KLoELU |QHPL NDOPDPÖû |QHPOL RODQ
L]OHQPH RUDQÖ %XJQ EHû WDQH JD]HWHQL]LQ ROPDVÖ |QHPOL GHøLO |QHPOL RODQ EXQXQ
WRSOXPXQ ELOJLOHQPH NRQXVXQGDNL WHNHOOHûPH\H QH GHUHFH HWNLOL ROGXøX %XJQ EHQ
VL]H V|\OH\H\LP 7UNL\H·QLQ HQ E\N JD]HWHVLQL DOÖQ VDPLPL V|\OH\H\LP LVWH\HQ
LQVDQODUD LVWDWLVWLNVHO RODUDN EXQX V|\OHULP JD]HWH VDWWÖøÖ ûHKLU VD\ÖVÖ o JHoPH]
%XJQ 7UNL\H·QLQ R\ SRWDQVL\HOLQLQ ·LQH VDKLS RODQ WDûUDGD WRSODP JD]HWH
WLUDMÖQÖQ ·L VDWÖOPD] 'ROD\ÖVÖ\OD ROD\ODUD ELU WDNÖP GDKD JHUoHNoL PDQWÖNOÖ YH
GQ\DQÖQ JLWWLøL \|QGH EDNPDN OD]ÖP GHøHUOHQGLUPHN OD]ÖP +DGLVHOHUL WHNQLN
SODWIRUPGD o|]PHQLQ \ROX GRøUXQXQ HYUHQVHO ER\XWXQX DQODPDNWÖU 1H GRøUX"
%XJQ7UN7HOHNRP·XQ$QNDUD·GDEDûODWWÖøÖELUX\JXODPDYDU]DQQHGHUVHPdDQND\D
WDUDIÖQGD%LUD]WHNQRORMLNELUNRQXGXUoRNL\LELOGLøLPELUNRQXGXUDPD'6/GHQLOHQ
ELU
WHOHNRP
WHNQRORMLVL
7HOHYL]\RQXQX]X
WHOHIRQ
NDEORQX]X
GDKD
GRøUXVX
DOÖ\RUVXQX] WDQH NDQDO VH\UHWPHN LoLQ NXOODQÖ\RUVXQX] 'HQHPH \D\ÖQODUÖQD
EDûODPÖûODU oRN \HQL oÖNDQ ELU WHNQRORMLGLU úLPGL EDNÖQ ELU WHOHIRQ ûLUNHWL ELU
WHOHYL]\RQ ûLUNHWL JLEL GXUX\RU GHøLO PL" úLPGL KDQJL VHNW|UGH 7UN 7HOHNRP PHG\D
VHNW|UQGH PL RODFDN ELU WHOHIRQ VHNW|UQGH PL RODFDN" 9H\D ELU WHOHIRQ ûLUNHWLQL HOH
DOÖQ EXJQ ELUoRN |QHPOL KDEHU NL EL]LP KDEHU RGDODUÖQD JLUGLøLP NDGDU J|U\RUXP
ELUoRN |QHPOL KÖ]OÖ KDEHU *60 HNUDQÖQGDQ JHOL\RU %XJQ VDEDKOH\LQ +LOPL %H\
$IJDQLVWDQ·GDNL ELU KDGLVH\L XoDNWDQ LQGLNWHQ VRQUD KDYDDODQÖQGD WHOHIRQXQD LQHQ ELU
KDEHUGHQ |øUHQGL úLPGL ELU WHOHIRQ ûLUNHWL PHG\D ûLUNHWL PLGLU" %XQXQ LoLQGHQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHOHFHN KDEHU GROD\ÖVÖ\OD \LQH WHOHIRQ ûLUNHWL ROPDVÖQD UDøPHQ PHG\D HWLøLQH X\JXQ
ROPDOÖPÖGÖU"2OD\NDUÖûÖN%HQLPPHVDMÖPûX$UWÖNKDEHUDOPDND\QDNODUÖoRN]HQJLQ
KHOH
ùQWHUQHW
GHQHQ
KDGLVHQLQ
JHOLûLPLQGHQ
VRQUD
WHOHNRPQLNDV\RQGDNL
JHOLûPHOHUGHQ VRQUD 6DGHFH |QHPOL RODQ KDEHU DOPD\D GD\DOÖ ELU HWLN DQOD\ÖûÖ GHøLO
PHG\DGD 0HG\D VHNW|U WLFDUL ROPDN ]RUXQGDGÖU DNVL WDNGLUGH JHUoHNWHQ VL\DVLOHULQ
R\XQFDøÖ ROXU 0HG\D VHNW|UQH VÖQÖUODPDODU JHOPHN ]RUXQGDGÖU *HUHN ELU VHNW|U
LoLQGH GLNLQH PRQRSRO |QOHPHN LoLQ JHUHNLUVH VHNW|UOHU DUDVÖQGD PHG\DQÖQ NHQGL
LoLQGHNL DOW VHNW|UOHUL DUDVÖQGDNL VDKLSOHQPHOHU LoLQ VÖQÖUODPDODU JHOPHN ]RUXQGDGÖU
%XQODUD WHNQLNVHYL\HGH GQ\D QHUH\H JLGL\RUVD R \|QGH EDNÖOPDOÖGÖU JHUoHNoL RODUDN
EXVÖQÖUODPDODUÖQJHWLULOLSED]Ö\DVDODUÖPÖ]oRNWDQYDUED]ÖODUÖ\RNWHNQLNWDUDIOÖEXWU
VRUXQODU o|]OPHOLGLU $NVL WDNGLUGH EWQ VHNW|UOHUGH ROGXøX JLEL WHNQLN WDUDIÖ HNVLN
ELU SODWIRUPGD PHG\D HWLøLQL DU]X HWWLøLPL] VHYL\HOHUH oÖNDUWPDPÖ] PPNQ GHøLOGLU
%|\OH ROGXøX VUHFH GH NHQGL HNRQRPLVL GLQDPL]PL LoLQGH WLFDUL ROPD\D oDOÖûDQ NDU
HWPH\H oDOÖûDQ PHVVHVHOHULQ ELU WDNÖP PHG\DWLN NRQXODUD \|QHOPHVL DVÖO PHVOHøLQL
XQXWPDVÖ NDoÖQÖOPD]GÖU %|\OH ROGXøX VUHFH GH EHQ GH ûLND\HWoL RODFDøÖP L\L ELU
RNX\XFX RODUDN *UXEXPX]GDNL YH\D JUXEXPX]XQ GÖûÖQGDNL JD]HWHOHUL RNXUNHQ YH\D
WHOHYL]\RQODUÖ VH\UHGHUNHQ DLOHOHULPL]OH ELUOLNWH ûLND\HWoL ROPD\D GHYDP HGHFHøL] dRN
WHûHNNUHGHULP
1XULdRODNRøOX
%LU VDDW LoLQGH LON WXUX KHU EHû NRQXûPDFÖPÖ]ÖQ GD NRQXûPDVÖ\OD WDPDPODGÖN úLPGL
L]QLQL]OH EHQ RQ EHû GDNLND VDORQGDQ V|] DOPDN LVWH\HQOHUH V|] YHUPHN LVWL\RUXP %X
J|UûOHUL GH GLNNDWH DODUDN VRQ ELU WXU \DSÖS SDQHOL NDSDWPDN LVWL\RUXP 6|] DOPDN
LVWH\HQOHU
'LQOH\LFL6RUXODUÖ
6DORQGDQ%LU'LQOH\LFL
3DQHOLQ JLGLûDWÖ LoLQGH JD]HWHFLOLN DODQÖQGDQ JHOHQ VD\ÖQ SDQHOLVWOHULQ KHSVL YH EDVÖQ
\D\ÖQGDQ VRUXPOX JD]HWHFL ROPD\DQ NRQXûPDFÖ PHG\D HWLøLQLQLQ EDVÖQ |]JUOø LOH
EWQOHûHQ|QHPLQLYXUJXOD\DUDNJHOGLOHU6RQNRQXûPDFÖLVHPHG\DDODQÖQGDJD]HWHFL
ROPD\DQ ELU LûOHYH VDKLS RODQ VRQ NRQXûPDFÖ LVH NRQXQXQ EDûND ELU ER\XWXQX GLOH
JHWLUGLYHE|\OHOLNOHoRN|øUHWLFLoRNLOJLQoELUVRQXFDXODûWÖN*HUoHNWHQGHGRøUXGXU
PHG\D KHU ûH\GHQ |QFH ELU WLFDUL HWNLQOLNWLU NkU HWPHN ]RUXQGDGÖU $QFDN WDULKVHO
JHOLûLP LoLQGH JHUHN PHG\D HWLøL JHUHN EDVÖQ |]JUOø ³NL JQP]GH LOHWLûLP
|]JUOøRODUDNGDKDJHQLûNDSVDPGDHOHDOÖ\RUX]³NDYUDPÖQÖQROXûXPVUHFLLoLQGH
ELU \HUH XODûÖOPÖûWÖU %X XODûÖODQ \HU OLEHUDO ELU \DNODûÖPGDQ OLEHUDO GûQFHGHQ
ND\QDNODQDQ WRSOXPVDO VRUXPOXOXN GûQFHVLGLU YH PHG\DQÖQ ELU WLFDUL HWNLQOLN
ROPDVÖQDNDUûÖQELUWRSOXPVDOVRUXPOXOXøXROGXøXGDYXUJXODQPÖûWÖU<DQLNRQXûPDFÖ
GD EXQX EHOOL ELU |OoGH NDEXO HWWL DPD EX WRSOXPVDO VRUXPOXOXN NDYUDPÖQÖQ LoHULPL
ûXGXU 0HG\D WLFDUL IDDOL\HWL GLøHU WLFDUL IDDOL\HWOHUOH D\QÖ NRûXOODUD EÖUDNÖODPD] %X
WRSOXPVDO VRUXPOXOXøXQ JHUHøL RODUDN JHUHNWLøLQGH NDPXVDO PGDKDOHOHUH DoÖNWÖU HøHU
NHQGLVL R PGDKDOHOHUH JHUHN EÖUDNDFDN ELU GXUXP \DUDWÖUVD \DKXW GD LûWH EDVÖQ
NRQVH\OHULJLELNHQGL|QOHPOHUL\OHNHQGLGHQHWLPLQLJHUoHNOHûWLUHPH]VH.ÖVDFDVÖPHG\D
NXUXOXûODUÖ VHUEHVW UHNDEHW RUWDPÖ LoLQGH oDOÖûPDVÖ VDYXQXODPD\DFDN NXUXOXûODUGÖU
%DVÖQÖQ EWQ NDYUDPODUÖ E|\OH ROXûPXûWXU úLPGL GHPHN NL PHG\D RUWDPÖQGD
NDYUDPODUÖ GHøLûWLUPHN JHUHNL\RU YH HVDVHQ 6D\ÖQ 1XUL .D\Öû GD E\N VHUPD\HQLQ
PHG\D\DJLULûL\OHPHG\DQÖQ\R]ODûPDVÖQGDQV|]HWWLúLPGLEXQRNWDGDEHQELUNDoVRUX
0HG\D(WLøL3DQHOL
VRUPDN LVWL\RUXP +HU ûH\GHQ |QFH NXûNXVX] 1XUL .D\Öû·D VRUX\RUXP %|\OH ELU
WRSOXPVDO VRUXPOXOXøX RODQ NXUXOXûODUÖELU NHQDUD EÖUDNDOÖP KHUûH\GHQ |QFH 7UNL\H
&XPKXUL\HWL·QGH KHUNHV \DVDODUD X\PDN ]RUXQGDGÖU %|\OH ELU RUWDPGD NHQGLVLQLQ GH
EHOLUWWLøL JLEL NDQXQD NDUûÖ KLOH LOH E\N UDG\RWHOHYL]\RQ NXUXOXûODUÖ ûX DQGD \DVDO
RODUDN WDUWÖûPDOÖ GXUXPGDGÖU .DQXQL NRQXPODUÖ KXNXND NDQXQD NDUûÖ KLOH LOH ROXûDQ
EX NXUXOXûODUÖQ EX NRQXPODUÖQÖQ DoÖøD oÖNDUWÖOPDVÖ HOEHWWH NROD\ GHøLOGLU $QFDN VRQ
UDG\R WHOHYL]\RQ \DVDVÖQGDNL GHøLûLNOLN oDEDODUÖ VÖUDVÖQGD EHONL GH VRQXFXQXQ E|\OH
RODFDøÖ KLo GûQOPHGLøL LoLQ PHG\D NHQGLQL oRN JoO KLVVHWWLøL LoLQ PHFOLV
NRPLV\RQODUÖQGDROVXQGHøLûLNSODWIRUPODUGDROVXQYHKDWWDHQVRQ6D\ÖQdRODNRøOXLOH
6D\ÖQ .D\Öû·ÖQ ELUOLNWH NDWÖOGÖNODUÖ ELU WHOHYL]\RQ RWXUXPXQGD \LQH ELU 'RøDQ 0HG\D
*UXEX \HWNLOLVL WDUDIÖQGDQ EX GXUXP LWLUDI HGLOPLûWLU 5DG\RWHOHYL]\RQ \DVDVÖQÖQ
GHøLûPHVL LoLQ NXOLV \DSDQ EDVNÖ JUXEX ROXûWXUDQ PHG\D NXUXOXûODUÖ WHPHO JHUHNoHOHUL
RODUDN \DVDO GXUXPODUÖQÖQ GDKD GRøUXVX NHQGL GXUXPODUÖQÖQ \DVD\D X\PDGÖøÖQÖ
V|\OH\HUHN \DVDQÖQ GHøLûWLULOPHVLQL WDOHS HWPLûOHUGLU <DQL VXoVW GXUXPODUÖ VXNXWD
HUPLûWLU %X GXUXPGD 5DG\R YH 7HOHYL]\RQ hVW .XUXOX DFDED ELU VXo GX\XUXVX
\DSPDN NRQXPXQGD GHøLO PLGLU" <D GD E|\OH ELU JLULûLPOHUL YDU LVH EX QDVÖO
VRQXoODQPÖûWÖU"
.D\D*YHQo7UN0KHQGLVYH0LPDU2GDODUÖ%LUOLøL%DûNDQÖ
%HQ 6D\ÖQ (NûL·\H ELU VRUX VRUPDN LVWL\RUXP úLPGL 6D\ÖQ .D\Öû·ÖQ YH 6D\ÖQ
*|]DODQ·QÖQ DQODWWÖNODUÖQGDQ GD oRN QHW ELU ûHNLOGH ELU NH] GDKD RUWD\D NRQXOGX NL
EXJQ DUWÖN JD]HWHFLOLN WHNHOOHûPLû E\N VHUPD\HOHULQ VHUPD\H JUXSODUÖQÖQ YH WLFDUL
ûLUNHWOHULQ HWUDIÖQGD \UWO\RU úLPGL D\QÖ VRUXQ PKHQGLVOHUOH LOJLOL RODUDN GD YDU
%XUDGD
û|\OH
ELU
VRUXQXPX]
YDU
RUWDN
ELU
VRUXQXPX]
YDU
EXUDGD
oDOÖûDQ
PHVOHNWDûODUÖQ³EL]LPPHVOHNWDûODUÖPÖ]GDD\QÖûHNLOGH³PHVOHNNXUDOODUÖQDX\GXNODUÖ
WDNGLUGH \DQL %DVÖQ .RQVH\L WDUDIÖQGDQ NRQXOPXû PHVOHN NXUDOODUÖQD SDWURQODUÖQ
JDGULQH XøUX\RUODU PÖ XøUDPÖ\RUODU PÖ" ùû VDKLSOHULQLQ ELU ûHNLOGH DQWLSDWLVLQL YH\D
WHSNLVLQL oHNPL\RUODU PÖ" %XQD EHQ]HU ROD\ODU PKHQGLVOLN DODQÖQGD VÖNoD \DûDQÖ\RU
%X ROD\ VL]GH GH \DûDQÖ\RU PX" %LU GH VRPXW RODUDN EXQD LOLûNLQ KHU KDQJL ELU ROD\OD
NDUûÖ NDUûÖ\D NDOGÖQÖ] PÖ YH QH JLEL |QOHPOHU DOGÖQÖ] |]HOOLNOH Lû VDKLSOHUL G]H\LQGH"
7HûHNNUHGHULP
ùVPDLO'HPLUG|øHQ+DFHWWHSHhQLYHUVLWHVL)HOVHIH%|OPgøUHWLPh\HVL
%HQ 6D\ÖQ 1XUL .D\Öû·D ELU VRUX VRUPDN LVWL\RUXP VRPXW ELU VRUX NÖVD ELU VRUX
.HQGLOHUL oRN ROXPVX] |UQHNOHU YHUGLOHU RQFD ROXPVX] |UQHNOHU YHUGLOHU YH
NRQXûPDODUÖGD]DWHQ\DUÖPNHVLOGL%HQVRQXQXoRNPHUDNHGL\RUGXP%HONLNHQGLOHUL
WDPDPOD\DFDNODUDPDEHQ\LQHGHVRUDFDøÖPEXQFDROXPVX]|UQHNOHUNDUûÖVÖQGDVL]QH
\DSDPÖ\RUVXQX] GL\HFHøLP <DQL QH \DSWÖøÖQÖ]Ö HQ D]ÖQGDQ EXUDGDNL L]OH\LFLOHU
ELOL\RUODU (NUDQ NDUDUWÖ\RUVXQX] WDELv 2QX GD VRUDFDøÖP \DQL LNLQFL RODUDN QH
\DSDPÖ\RUVXQX] DUWÖ HNUDQ NDUDUWPD X\JXODPDVÖ QH |OoGH HWNLOL EXQXQ ELU JHUL
ELOGLULPLQLDOGÖQÖ]PÖ"1H|OoGHHWNLOLRQXPHUDNHGL\RUXP(NUDQNDUDUWPDEHONLKHU
ûH\ GHøLO EHONL EDûNDûH\OHUGH \DSÖ\RUVXQX] DPD EL]ELOPL\RUX] EL]L ELUD] ELOJLOHQGLULU
PLVLQL]"7HûHNNUHGHULP
5HP]L\H*QD\(U\DPD]0HUVLQ·GHQ(øLWLPFLYHdHYUHFL
0HG\DQÖQQHUH\HJLWWLøLQLGQ\DGDYH7UNL\H·GHKHSLPL]ELOL\RUX]1HUH\HJLWWLøLQL
YH QHOHU \DSWÖøÖQÖ VRQXFD QDVÖO XODûÖOGÖøÖQÖ KHSLPL] \DûÖ\RU YH ELOL\RUX] $QFDN EX
JLGLûHNDUûÖELUûH\OHU\DSPDNJHUHNLUGQ\D\ÖYHONHPL]LNXUWDUPDNLoLQJ]HOûH\OHU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DSDQ GD oRN $QFDN PHG\DQÖQ URO GRøUXOWXVXQGD EX J]HO ûH\OHU KLoELU ûHNLOGH
RUWD\D oÖNDUÖODPÖ\RU %LU WDNÖP WHNHOOHUH WDNÖOÖ\RU YH \DûDGÖøÖPÖ] J|UVHO \DQOÖûOÖNODU
GRøUXOWXVXQGD LQVDQODU GD EXQD GRøUX |UJWOHQL\RU *|U\RUX] NL KHUNHV RNXPX\RU
GûQHPL\RU JHOLûWLULOPL\RU EX EDøODPGD Lû GH \DSDPÖ\RUX] 2NX\DPDGÖøÖPÖ] LoLQ
QH\LQ GRøUX QH\LQ \DQOÖû ROGXøXQX DQOD\DPÖ\RUX] %XJQ N|UIH] ROD\Ö ELOH \DQOÖû
\DQVÖWÖOGÖ EL]OHUH +DGL ELUNDo NLûL EXQX RNX\RU J|U\RU DPD KDONÖQ oRøX EXQXQ
IDUNÖQGD GHøLO YH HWNLOHQPH GRøUXOWXVXQGD \DQOÖûODUD GRøUX FLGGL ûHNLOGH ND\Ö\RUX]
3HNLEXQXQDVÖOo|]POHPHOL\L]GL\HGûQ\RUX]PHG\DRODUDN7DELWLFDULDQOD\ÖûDGD
VD\JÖGX\X\RUX]d|]POHPHNLoLQQH\DSPDNJHUHNL\RU"
5DPL]*LUD\2'7h0H]XQX(QGVWUL0KHQGLVL
ùNLJQ|QFH.DVÖPGÖYHRJQNPDQûHWOHUHEDNWÖPE\NJD]HWHOHUGHE\N
GHQLOHQJD]HWHOHUGH´2QXûLPGLDQODGÖODUGQ\DGDWDQÖGÖµJLEL$WDWUNP]LoLQRWU
LIDGHOHU YDUGÖ %HQ PHG\DQÖQ HQ E\N J|UHYOHULQGHQ ELU WDQHVLQLQ 0XVWDID .HPDO·LQ
VDGHFH 7UNL\H·\H GHøLO EWQ GQ\D\D DQODWÖOPDVÖ ROGXøXQX GûQ\RUXP YH EX
NRQXGD.DVÖPÖQVDGHFHELUEDûODQJÖoROGXøXQXGûQ\RUXP%XQXQRQDUDOÖøÖRQ
RFDøÖ RQ ûXEDWÖ GD ROGXøXQX GûQ\RUXP YH EX NRQXGDNL oDOÖûPDODUÖQ ELUD] GDKD
KÖ]ODQPDVÖ WDUDIÖQGD\ÖP dQN HWLN RODUDN E\N KDWDODU LûOL\RUX] HøHU $WDWUN·
DQODWPD]VDNGQ\D\DWHûHNNUHGL\RUXP
6DEDKDW%D\UDN3DPXNNDOHhQLYHUVLWHVLùNWLVDGLYHùGDUL%LOLPOHU)DNOWHVL
gøUHWLPh\HVL
%HQLP ûX DQD NDGDU GLQOHGLøLP NDGDUÖ\OD WDELL NL WLFDUHW YH JD]HWH YH PHG\D HWLøLQL
WDUWÖûÖ\RUX] DPD FPOHOHUGH û|\OH ELU ûH\ \DNDOÖ\RUXP <DQL KHUNHV ELU NLWDEÖQÖ DoÖ\RU
YHNLWDEÖQDX\JXQSL\DVDDGDPÖSL\DVDNLWDEÖQGDQLûWHJD]HWHFLOHUJD]HWHNLWDSODUÖQGDQ
ELU ûH\OHU V|\O\RU úSKHVL] KHUNHV NHQGL NLWDEÖQGDQ NHQGLQL VDYXQPD\D \|QHOL\RU
+HUNHVROD\ÖWHVSLWNDGDUNHQGLQLELUVDYXQPDLKWL\DFÖGDGX\GX%HQKHUûH\GHQ|QFH
HøHU RUWDGD HWLN ND\JÖODUÖPÖ] YH HWLN VRUXQODUÖPÖ] \RNVD EX VDYXQPD LKWL\DFÖ QHUHGHQ
ND\QDNODQÖ\RU |\OH ELU VRUX VRUPDN LVWL\RUXP 7DUWÖûPDGDQ JHOGLøLPL] ER\XW HøHU
VDYXQPD\VD
R
]DPDQ
EL]LP
EXJQ
EX
SDQHOL
\DSPDPÖ]
³NL
EHQ
E|\OH
GHøHUOHQGLUL\RUXP³ EXJQ ]DUDUÖ WD]PLQ QLWHOLøLQGH ELU WDUWÖûPD \DSÖ\RUX] %DNÖQ
HWLNOH JHOGLN HWLNVL]OLNOH JHOGLøLPL] EX QRNWDGD ]DUDUODUÖPÖ] YDU YH EXQX WD]PLQ
HGL\RUX]EXQXVL\DVHWWHEXQXPHG\DGDEXQXLûGQ\DVÖQGDWD]PLQHGL\RUX]$PDKLo
GHøLOVHEXJQGHQVRQUDDUWÖN]DUDUÖWD]PLQGHøLO]DUDUÖ|QOHPH\DNODûÖPÖPÖ]ROVXQ%HQ
VDYXQPDODUÖ GLQOHGLNoH GDKD QLFH \ÖOODU ]DUDUÖ WD]PLQ QLWHOLøLQGHQ oÖNDPD\DFDøÖPÖ]D
LQDQÖ\RUXP'ROD\ÖVÖ\ODEXJQRUWDNELUQRNWD\ÖEXOPDPÖ]YHEWQNXUXPODUÖQEWQ
NXUXOXûODUÖQ NLûLVHO VDYXQPDODU YH\D NXUXPVDO VDYXQPDODU ELU WDUDID EÖUDNÖODUDN WP
DODQODUGD WP VHNW|UOHUGH RUWDN ELU YLFGDQ RUWDN ELU ûXXU RUWDN ELU VRUXPOXOXN QDVÖO
\DUDWÖODELOLU YH HWLNVL]OLN LoLQGH HWLN QDVÖO \DNDODQDELOLU EXQX WDUWÖûPDPÖ] JHUHNWLøLQH
LQDQÖ\RUXP6D\JÖODUVXQDUÖP
6OH\PDQùUYDQ*D]LhQLYHUVLWHVLùOHWLûLP)DNOWHVL
%HQ GH oRN NÖVD NRQXûPDODUOD LOJLOL JHQHO ELU GHøHUOHQGLUPH \DSÖS DVOÖQGD 5DûLW
+RFD·QÖQ EÖUDNWÖøÖ QRNWDGDQ EHONL GHYDP HWPHN LVWL\RUXP úX DoÖNoD J|UOG NL
7UNL\H·GH
\DûDQDQ
PHG\D
HWLøL
VRUXQODUÖQÖQ
WHPHOLQGH
WHNHOOHûPH
YDU
\DQL
NRQXûPDFÖODU QH GHUOHUVH GHVLQOHU EXJQ \DûDGÖøÖPÖ] VRUXQODUÖQ WHPHOLQGH WHNHOOHûPH
YDU
6RQ
NRQXûPDFÖQÖQ
V|\OHGLøL
)LQODQGL\D·GD
WDUWÖûÖOPÖ\RU
GHGLøL
WHNHOOHûPH
PHVHOHVLQGH ùWDO\D·GD ELOL\RUVXQX] %HUOXVFRQL PHG\D LPSDUDWRUX ûX DQGD LNWLGDUGD
0HG\D(WLøL3DQHOL
0XUGRFKùQJLOWHUH·GH $PHULND·GD YH GQ\DQÖQELUoRN \HULQGH NUHVHO ELUPHG\D JF
YH WDUWÖûÖOÖ\RU EXQXQ JF %X VRUXQ VDGHFH WLFDUL ELU WHNHOOHûPH RODUDN J|UOHPH]
dQN PHG\DGDNL WHNHOOHûPHQLQ WHPHO VRUXQX WHPHO VRQXFX PHG\D JFQQ PHG\D
SDWURQODUÖQÖQ
EX
JF EDûND
oÖNDUODUÖ
GRøUXOWXVXQGD
NXOODQPDN
LVWHPHOHULQGHQ
ND\QDNODQPDNWDGÖU $VOÖQGD JD]HWHFLOHU GH EX JHUoHNOHUL ELOGLNOHUL LoLQ oRN \RøXQ ELU
ELoLPGH RWRVDQVU X\JXODPDNWDGÖUODU %X 7UNL\H·GH oRN DoÖN ELU ELoLPGH J|UO\RU
0HG\D JLGHUHN DUWÖN WRSOXPX D\GÖQODWDQ NDPXR\XQX GRøUX ELoLPGH ELOJLOHQGLUHQ ELU
JoROPDNWDQoÖNÖS\|QOHQGLUPHQRNWDVÖQDGRøUXLOHUOHPHNWHGLU%HQEXQRNWDGDX]XQ
ELU\RUXP\DSDFDNGHøLOLPDPD|]HOOLNOH1XUL.D\Öû%H\V|]HWWLWHOHYL]\RQODUÖHOHûWLUGL
ùNL %LULQFLVL VD\ÖQ 2NWD\ (NûL·\H .HQGLVL %DVÖQ .RQVH\L EDûNDQÖ DPD D\QÖ ]DPDQGD
'RøDQ %DVÖQ .RQVH\L \HVL úLPGL EHQLP DQOD\DPDGÖøÖP PDGHP NL %DVÖQ .RQVH\L
YDU QL\H D\UÖFD ELU 'RøDQ %DVÖQ .RQVH\L ROXûWXUXOGX EX NRQXGD FHYDS YHULUOHUVH
VHYLQLULP 0XVWDID %H\ GH DFDED |UQHøLQ EX L]OHQPH RUDQODUÖQD EDøODQPDOÖ GHGL
7HNHOOHûPHLOHLOJLOLVRUXQEXùQJLOWHUH·GH$OPDQ\D·GDRUDQÖQGDELUVÖQÖUYDU
%L]LP VÖQÖUÖPÖ] NDo ROPDOÖ PL PÖ" 2 NRQXGD HøHU ELU ûH\ V|\OHUOHUVH oRN
VHYLQLULP
&H\ODQdL]PHOL2'7h)HOVHIH%|OPgøUHQFLVL
6D\ÖQ 0XVWDID *|]DODQ·D VRUPDN LVWL\RUXP ´'RøUX QHGLU"µ GL\H $UDûWÖUPDOÖ\Ö]
GûQPHOL\L] YH KHUNHV LoLQ GRøUX\X EXOPDOÖ KDEHUOHULPL]L EXQD J|UH \DSPDOÖ\Ö]
GHGLN%XQGDQGD\RODoÖNDUDNEXJQWLUDMND\JÖVÖ\ODWLFDULND\JÖ\ODPDQûHWOHUHVUOHQ
YH LQVDQODUÖQ VRV\DO \DûDPODUÖQÖ WHKOLNH\H VRNDELOHFHN KDEHUOHULQ DUGÖQGDQ NRFD
VD\IDODUÖ
NDSOD\DQ
EX
KDEHUOHULQ
DUGÖQGDQ
NoFN
G]HOWPHOHULQ
GRøUX
ROXS
ROPDGÖøÖQÖVRUPDNLVWL\RUXP
0HG\D(WLøL3DQHOLùNLQFL7XU.RQXûPDODU
2NWD\(NûL
(IHQGLP |QFH KHPHQ ELU QRNWD\Ö ELU |QFHNL NRQXûPDPGD HNVLN EÖUDNWÖøÖP ELU
QRNWD\Ö EHOLUWPHN LVWL\RUXP 6DGHFH DKODNOÖ RODOÖP HWLN GHøHUOHU D\DNWD NDOVÖQ
NRUX\DOÖP %XQODU SUDWLNWH ID]OD DQODPÖ RODQ ûH\OHU GHøLO EXQODU QDVLKDW JUXEX ODIODU
%XQODUÖ \DûDPD JHoLUPHQLQ \ROODUÖ QHOHUGLU" %L]LP LOJLOHQPHPL] JHUHNHQ QRNWD R %HQ
JHUoHNOHULQ WDP RODUDN |øUHQLOPHVLQLQ YH WDP RODUDN NDPXR\XQD \DQVÖWÖOPDVÖQÖQ
PHVOHN GHøHUOHULPL] DoÖVÖQGDQ oRN |QHPOL ROGXøXQX LIDGH HWWLP GLøHUOHULQH JLUPHGLP
oQN ]DWHQ YDNLW ]RUODPDVÖ YDUGÖ $PD EXUDGD |QHPOL YH HNVLN EÖUDNÖOGÖøÖQÖ
GûQGøPELUQRNWDYDU2QDGHøLQHUHNNRQXûPDPÖWDPDPODPDNLVWL\RUXP
%X JHUoHNOHULQ WDP RODUDN |øUHQLOPHVL DVOÖQGD LQVDQODUÖ DKODNOÖ ROPD\D ]RUOD\DQ
GHPRNUDWLN LQVDQ KDNODUÖQD X\JXQ KXNXND X\JXQ HQ VDøODP oDUHGLU %XQXQ GD \ROX
VD\GDPODûPD\Ö NDEXO HWPHNWLU .DPX VHNW|UQGH VD\GDPODûPD\Ö NDEXO HGHFHNVLQL]
NDPX\D KL]PHW YHUL\RUXP LGGLDVÖQGD EXOXQDQODUÖQ GQ\DVÖQGD |UQHøLQ EDVÖQGD
|UQHøLQ VL\DVL \DûDPÖQ R |UJWOHU NHVLPLQGH YH |QFHOLNOH VD\GDPODûPD\Ö EDQNDODU
GQ\DVÖQGD WDEL NHQGL NXUDOODUÖ LoLQGH VD\GDPODûPD\Ö NDEXO HGHFHNVLQL] .DEXO
HWPH]VHQL] NDUDQOÖøÖQ ROGXøX KHU \HUGH DKODNVÖ]OÖøD \HûHUPH \DûDPD YH NHQGLQL HQ
N|W ûH\OHU NRQXVXQGD HWNLOL NÖOPD ûDQVÖ YHULUVLQL] 2 QHGHQOH WHNUDU HGL\RUXP ELULQFL
NRûXO WHPHO NRûXO VD\GDPODûPD\Ö NDEXO HWPHNWLU YH KXNXN GHYOHWLQL LûOHWPHNWLU <DQL
VD\GDPODûPD VDGHFH WHûKLUOH NDOPD] +XNXN GHYOHWLQGH GHYOHW KXNXNXQ LoLQGH WDP
RODUDN LûOHPHOLGLU %HQLP ELULQFL NRQXûPD\OD LOH LOJLOL WDPDPODPDN LVWHGLøLP QRNWD
EX\GX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ùNLQFLVLQH JHOHFHN ROXUVDN HIHQGLP LNL VRUX VRUXOGX ELU GH EHQLP D\UÖFD GHøLQPHN
LVWHGLøLP KXVXV YDU %LULVL 6D\ÖQ .D\D *YHQo·LQGL ´%DVÖQ PHVOHN LONHOHULQH X\DQ
EXQGD WLWL] RODQ JD]HWHFLOHU EX GXUXPGDQ ]DUDU J|UU P J|U\RUODU PÖ"µ GHGLOHU
%HQLP WDQÖN ROGXøXP \RN $PD \RNWXU GL\HPHP g\OH LûYHUHQOHU YDUGÖU NL NHQGLVLQLQ
oÖNDUÖ LOH DKODNL ELU X\JXODPD oDWÖûÖU YH DGDPÖ GD NDSÖQÖQ |QQH NR\DUODU %X ROPD]
GHPL\RUXP DPD VRPXW ELU |UQHN RODUDN DQÖPVDPDPÖ LVWL\RUVDQÖ] ]LKQLPGH ELU |UQHN
\RN <RNWXU GHPL\RUXP GLNNDWLQL]H DU] HGL\RUXP ùNLQFLVL ´%DVÖQ .RQVH\L YDUNHQ
'RøDQ *UXEXQXQ <D\ÖQ .RQVH\L QHGHQ NXUXOGX"µ GL\H ELU VRUX JHOGL DUNDODUGDQ %X
GRVWXPD V|\OH\H\LP ùNLVL ELUELULQGHQ IDUNOÖ ûH\OHU %DVÖQ .RQVH\L RQ DOWÖ LONH ED]ÖQGD
GHøHUOHQGLUPH\DSÖ\RU'RøDQ0HG\D*UXEXQXQ<D\ÖQ.RQVH\LQLQLONHVD\ÖVÖ\LUPLGLU
%D]Ö VRQ ]DPDQGDNL JHOLûPHOHUL GH GLNNDWH DODQ LONHOHU YDUGÖU 7HPHOGH ELUELULQH
SDUDOHOGLU oQN RQXQ LNLQFLVLQLQ GH ROXûPDVÖQD FLGGL ûHNLOGH NDWNÖGD EXOXQPD\D
oDOÖûWÖP 2OXûPDVÖQGD RUDGDNL WHPHO DPDo 'RøDQ 0HG\D *UXEX LoHULVLQGHNL
JD]HWHFLOHULQ R LONHOHU GRøUXOWXVXQGD X\JXODPD \DSPDODUÖGÖU %L] EX EDøODPGD
LVWHGLøLPL] QRNWD\D KHQ] YDUPÖû GHøLOL] 2QX GD KHPHQ DOWÖQÖ oL]HUHN V|\OH\H\LP
dQN EHQLP ûDKVL NDQDDWLPH J|UH JD]HWHFLQLQ PXNDYHOHVLQH R LONHOHUL NR\PD]VDQÖ]
EXQODUD X\PDGÖøÖQ WDNGLUGH VHQL NDSÖQÖQ |QQH NR\DFDøÖ] \DSWÖUÖPÖQÖ NDUûÖVÖQD
NR\PD]VDQÖ] EXJQ ELU \|QHWLFL LGDUH HGHU X\XOPDPDVÖ J|] DUGÖ HGLOLU |EU LGDUHFL
GLNNDWH DOÖU YH X\XOPD\D ]RUODQÖU $PD QLKDL DPDoODQDQ QRNWD\D HWLN GHøHUOHUH VD\JÖOÖ
X\JXODPDQÖQ EX JUXS LoLQGH \HUOHûPHVL LoLQ |QHULOHQ QRNWD\D DQFDN LûYHUHQOH \DSÖODQ
PXNDYHOH\HEXGHøHUVLVWHPLQLNR\PDN\ROX\ODXODûÖOÖU7DELNDUûÖOÖNOÖWD]PLQDWODUYE
*HOHOLP 6D\ÖQ .D\Öû·ÖQ V|]OHULQGH |]HOOLNOH VRPXWODûWÖ ´HVNLGHQ %DEÖkOL oRN L\L\GL
ûLPGL %DEÖkOL EDWWÖµ <DQL %DEÖkOL GHGLøLP ]DPDQ QH\L NDVWHWWLøLPL ELOL\RUVXQX] 6D\ÖQ
.D\Öû %DED 7DKLU·GHQ EDûODGÖ EX GHID %DED 7DKLU 7HUNRV *|O ROD\Ö RQGDQ
VRQUD EHVOHPH EDVÖQÖQGDQ V|] HWWL ·OL \ÖOODUGDQ |UQHN DOGÖ 9HUGLøL |UQHNOHU
GRøUXGXUGRøUXGXUGDRQODUEXJQQGHøLOHVNLVLQLQ|UQHNOHULGLU<DQLKDQJLELOLPVHO
DUDûWÖUPD 7UNL\H·GH EDVÖQ ·GD 7DNYLPL 9HND\L oÖNWÖøÖ JQGH L\L\GL %DVLUHWoL $OL
%H\ ]DPDQÖQGD L\L \UG $KPHW 0LWKDW (IHQGL ]DPDQÖQGD KDULND\GÖ úLQDVL oRN
PNHPPHOGL
YH
RQGDQ
VRQUD
JHOGLN
&XPKXUL\HW
G|QHPLQH
(EX]L\D
7HYILN
]DPDQÖQGD %DEÖkOL oRN L\L\GL ûLPGL oRN N|W GL\HELOLU" +DQJL ELOLPVHO DUDûWÖUPD EXQX
RUWD\D NR\GX EHQ EXJQH NDGDU J|UPHGLP (øHU EDVPDNDOÖS GHøHUOHQGLUPHOHUL
ELUELULPL]H DNWDUDFDN ROXUVDN VDQÖ\RUXP NL oRN LVDEHWOL ELU Lû \DSPÖû ROPD\Ö] %DVÖQGD
WHNHOOHûPH KDQJL ELOLPVHO DUDûWÖUPD EXQX RUWD\D NR\GX EHQ ELOPL\RUXP %LULVL HYHW
VL]GHQ|]HOOLNOHLûDUHWOHULQL]LoLQULFDHGL\RUXP7UNL\H·GHEHQLPNDQDDWLPLVRUDUVDQÖ]
\RøXQODûPD YDUGÖU 'RøUXGXU <DQL EHOOL VHUPD\HOHULQ RODELOGLøL NDGDU oRN \D\ÖQ
RUJDQÖQÖ
HOH
JHoLUPHOHULQGHQ
ND\QDNODQDQ
YH
\RøXQODûPD
NDYUDPÖ
LoHULVLQGH
WDQÖPOD\DELOHFHøLPL]ELUROJXYDUGÖU$PD7UNL\H·GHWHNHOOHûPHYDUGL\HQOHULQ'RøDQ
0HG\D*UXEX6DEDK*UXEXùKODV*UXEX$NûDPYH6KRZ79\DQLdXNXURYD*UXEX
6WDU *UXEX VDøGDNL EDVÖQ RODUDN DOJÖOD\DELOHFHøLPL] =DPDQ $NLW \DQL GLQFL EDVÖQ JLEL
DOJÖOD\DELOHFHøLPL]
<HQL
úDIDN·WDQ
ROXûDQ
o
D\UÖ
\D\ÖQGD
VRPXWODûDQ
\D\ÖQODU
$OPDQ\D·GD $[HO 6SULQJHU YDUGÖU %HUWHOVPDQQ YDUGÖU ùQJLOWHUH·GH ûLPGL GHøLûWL WDEOR
EXQD EHQ]HU \RøXQODûPDODU YDUGÖ %XQODU ]HULQGH ùQJLOL]OHU FLGGL oDOÖûPDODU \DSWÖODU
·GH YH ·WH \DSWÖODU RUWD\D oÖNDUWWÖODU \RøXQODûPD QH NDGDU YDU 2QODUÖ VRPXW
FLGGL YH REMHNWLI GHøHUOHQGLUPH\H WkEL WXWDU YH NR\DUVDQÖ] PDVDQÖQ ]HULQH KHUNHV
NXODN YHULU GHU NL ´KDK KDNLNDWHQ EXUDGD ELU \DQOÖû YDUµ 2QX G]HOWPHN GRøUX ROXU
(OEHWWH oQN oRøXOFX GHPRNUDVL LVWL\RUVDN LOHWLûLP GQ\DPÖ] |]JUFH ROXûVXQ
NDPXR\X LVWL\RUVDN HOEHWWH oRøXOFX \D\ÖQFÖOÖøD WDUDI RODFDøÖ] (OEHWWH WHNHOOHûPH\H
0HG\D(WLøL3DQHOL
KHSLPL] NDUûÖ oÖNDFDøÖ] %X EL]LP KD\DW PHVHOHPL] KD\DWL ELU PHVHOH $PD KHUKDQJL
ELUFLGGLGHøHUOHQGLUPH\HWkELROPDGDQELUELULPL]GHQDNWDUDDNWDUDEXQODUÖ\D\PDPÖ]Ö
LWLUDI HGL\RUXP NL GRøUX EXOPX\RUXP .RQXPODUÖPÖ]D GD X\JXQ ODIODU RODUDN
DOJÖODPÖ\RUXP
(IHQGLP VHUPD\H WHNQRORML JHOLûWL VHUPD\H EDVÖQD JLUGL GRøUXGXU %XQXQ
VDNÖQFDODUÖ YDU oRN GRøUXGXU dQN PHG\DQÖQ VDKLEL YHULOHQ |UQHNOHUGH ROGXøX JLEL
]DPDQ ]DPDQ RQX VLODK RODUDN NXOODQÖU )HYNDODGH \DQOÖûWÖU DPD EXQXQ oDUHVL RQXQ
|QQH NLOLW YXUPDN EXQD ûX \ROGDQ JLWVLQ GHPHN GHøLOGLU dRøXOFX GHPRNUDVLGHQ V|]
HGL\RUVDNoRøXOFX\D\ÖQFÖOÖNWDQV|]HGL\RUVDNEXKHUNHVHNHQGLVLQL\DQLNDUûÖoÖNDUODUÖ
LIDGH HWPH ûDQVÖ YHUHUHN KHUNHVH NHQGLVLQL WHPVLO HGHFHN \D\ÖQ RODQDNODUÖ VDøODPDNWÖU
<DQLEXJD]HWHQLQVDKLELEDQNDVÖQÖQ\]QGHQ\DQOÖûLû\DSWÖUÖ\RUVDRoÖNDUDNDUûÖRODQ
oÖNDUODUÖQ PHG\D GQ\DVÖQGD VHVL ROPDVÖQÖ VDøODPDPÖ] OD]ÖP %XQX J|] DUGÖ HGHFHøL]
YH EDQND VDKLEL \D]GÖUPÖ\RU .DUûÖ JoOH EXQX DQFDN |QOH\HELOLUVLQL] V|YHUHN
|QOH\HPH]VLQL] NL NDUûÖ oÖNDUDN |QOH\HPH]VLQL] NL $QFDN NDUûÖVÖQD oDUH RODQ NXUXPX
RUJDQÖo|]PNR\DUVDQÖ]VRQXoDODELOLUVLQL]7HûHNNUHGHULPVD\JÖODUVXQDUÖP
1XUL.D\Öû
%HQ|QFHVRUXODUGDQEDûODPDNLVWL\RUXP´(NUDQNDUDWPDQH|OoGHHWNLOLROX\RU"µ
GHGLELUDUNDGDûÖPÖ]57h.\ÖO|QFHNXUXOGX2WDULKWHQEX\DQDWRSODPJQ
HNUDQNDUDWPDYHPLNURIRQVXVWXUPDNDUDUÖYHUGLFH]DVÖYHUGL<DQLEX\DNODûÖN\ÖO
WXWX\RU \ÖOGD \ÖOOÖN NDSDWPD FH]DVÖ X\JXODGÖN 7DEL EXQXQ VDYXQXODELOLU ELU WDUDIÖ
\RN 'RøUX RODQÖQ EX ROGXøXQX GD VDQPÖ\RUXP d|]P QDVÖO NDSNDooÖOÖN VRUXQXQX
|QOHPHN LoLQ FH]DODUÖQ DøÖUODûWÖUÖOPDVÖ GD JHUHNL\RUVD DPD HVDV oDUH VRV\DO DGDOHWL
VDøODPDNVD LûVL]OLN VRUXQXQX o|]PHNVH QDVÖO WHU|U |QOHPHN LoLQ WHU|ULVWOHUL HWNLVL]
KDOH JHWLUPHN NDGDU WHU|U EHVOH\HQ XQVXUODUÖ GD RUWDGDQ NDOGÖUPDN JHUHNL\RUVD RQXQ
JLEL \DQL VDGHFH HNUDQ NDUDWDUDN PLNURIRQ VXVWXUDUDN \D\ÖQ GQ\DVÖQÖ G]HQOHPHN
PPNQ GHøLOGLU .RQXûPDPGD GD EHOLUWWLøLP JLEL VHUPD\H \DSÖVÖQÖ G]HOWPHGHQ EX
NRQXGDFLGGLDGÖPODUDWÖODELOHFHøLQLVDQPÖ\RUXP
´0HG\DSDWURQODUÖNDQXQGDoL]LOHQRUDQODUDX\PX\RUODUSHNLVL]QH\DSÖ\RUVXQX]"µ
GHGL ELU DUNDGDûÖPÖ] *HUoHNWHQ GH 7UNL\H·GH ELU NLûLQLQ ELU WHOHYL]\RQ NXUXOXûXQGD
\]GH \LUPLGHQ ID]OD KLVVHVLQLQ ROPDVÖ \DVDN EXJQN NDQXQXPX]D J|UH %LUGHQID]OD
WHOHYL]\RQGD KLVVHVL YDUVD RQODUÖQ WRSODPÖQÖQ GD ·\L JHoPHPHVL JHUHNL\RU )DNDW
EL]ELOL\RUX]NLEXJQ7UNL\H·GHoKDWWDG|UWWHOHYL]\RQXRODQPHG\DSDWURQODUÖYDU
%L] EXQX ELOLS QH \DSÖ\RUX]" 6HUPD\H 3L\DVDVÖ .XUXOX·QD %DQNDFÖOÖN 'HQHWOHPH
.XUXOX·QD
5HNDEHW
.XUXOX·QD
0DOL\H
%DNDQOÖøÖ·QD
\D]ÖODU
\D]GÖN
.RQXQXQ
DUDûWÖUÖOPDVÖ JHUHNWLøLQL LIDGH HWWLN %L]LP GLUHNW RODUDN JLGLS NXUXOXûODUÖQ HYUDNODUÖ
]HULQGHELULQFHOHPH\DSPD\HWNLPL]EXOXQPX\RUPDDOHVHI
´(NUDQODUÖ NDUDWPDN \HULQH \D\ÖQ KDNNÖ YHULUNHQ GDKD GLNNDWOL ROPDN GDKD X\JXQ
GHøLO PL"µ GHGL ELU DUNDGDûÖPÖ] GD 'RøUX DPD EL] ûX DQGD \D\ÖQ NXUXOXûODUÖQD KHQ]
OLVDQVODUÖQÖ YHUHPHGLN <HGL \ÖOGÖU OLVDQV YHUPHN LoLQ LKDOH \DSPDN LVWL\RUX] DPD ELU
WUO EDûDUDPÖ\RUX] %XQXQ ELU QHGHQL GH PDDOHVHI \D\ÖQ NXUXOXûODUÖ QH ]DPDQ
JLULûLPGH EXOXQVDN \D LNWLGDU ]HULQGH EDVNÖ NXUDUDN EX LKDOH\L LSWDO HWWLUL\RUODU \D GD
NDQXQL \ROODUD EDûYXUX\RUODU \UWPH\L GXUGXUPD NDUDUÖ DOGÖUÖ\RUODU 1LVDQ D\ÖQGD
\DSPD\Ö SODQODGÖøÖPÖ] LKDOH GH EX ûHNLOGH GXUGXUXOGX /LVDQVODUÖ GDøÖWDELOLUVHN \D\ÖQ
NXUXOXûODUÖ LKODO \DSPD\Ö DOÖûNDQOÖN KDOLQH JHWLUGLøLQGH RQODUÖ VXVWXUPDPÖ] HWNLVL] KDOH
JHWLUPHPL]OLVDQVLSWDOL\ROXQDJLWPHPL]NROD\ODûDFDNWÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
6D\ÖQ 2NWD\ (NûL WHNHOOHûPHQLQ ROPDGÖøÖQÖ \RøXQODûPD ROGXøXQX V|\OHGL %HQLP
ELOGLøLP NDGDUÖ\OD |]HOOLNOH \D]ÖOÖ EDVÖQGD oRN FLGGL ELU WHNHOOHûPH ROJXVX YDUGÖU 6D\ÖQ
(NûL·QLQ
GH
oDOÖûWÖøÖ
JUXS
7UNL\H·GHNL
\D]ÖOÖ
EDVÖQÖQ
·LQL
HOLQGH
EXOXQGXUPDNWDGÖU (øHU E|\OH ELU RUDQ WHNHOOHûPH GHøLOVH WHNHOOHûPHQLQ QH ROGXøXQX
PHUDNHGL\RUXP<LQHSDQHOLVWDUNDGDûODUÖPÖ]GDQELULUDG\RYHWHOHYL]\RQFXOXøXQWLFDUL
ELUHWNLQOLNROGXøXQXEXQDJ|UHKDUHNHWHWPHOHULJHUHNWLøLQLLIDGHHWWLOHU%XQDGDNDUûÖ
oÖNÖ\RUXP5DG\R YHWHOHYL]\RQFXOXN WLFDULELU HWNLQOLN GHøLOGLU NDPXVDO ELU HWNLQOLNWLU
.DPX oÖNDUODUÖ J|] |QQH DODUDN \DSÖODELOLU +HUKDQJL ELU IDEULNDGDQ IDUNÖ EXUDVÖGÖU
<DQL oRN NkU HWPHN LVWH\HQ LQVDQODU LoLQ 7UNL\H·GH \DSÖODFDN GDKD oRN LûOHU YDUGÖU
$PD UDG\R YH WHOHYL]\RQFXOXN \DSPDN LVWL\RUVDQÖ] RQX GLøHU VHNW|UGHNL LûOHULQL]GHQ
D\UÖWXWPDQÖ]JHUHNLU
GH
0HG\DQÖQ EX HWLN HUR]\RQGDQ YH \R]ODûPDGDQ NXUWXOPDVÖ LoLQ \DSPDVÖ JHUHNHQOHUL
NÖVDFD
LIDGH
HWPHN
LVWL\RUXP
0HG\DGDNL
WHNHOOHûPH\L
|QOH\HFHN
NDQXQODU
NDUDUOÖOÖNOD X\JXODQPDOÖGÖU %XQODU \HWPL\RUVD \HQL NDQXQL G]HQOHPHOHU LYHGLOLNOH
\DSÖOPDOÖGÖU 0HG\D NXUXOXûODUÖQÖQ KDOND DoÖOPDVÖQGD oRN RUWDNOD GHQHWOHQHQ ELU
VLVWHPH JHoLOPHVLQGH GH \DUDU J|U\RUXP %|\OHFH KHP PDOL ULVN D]DODFDNWÖU KHP GH
VL\DVL LNWLGDU ELQOHUFH KLVVHGDUÖ NDUûÖVÖQD DOPD\D FHVDUHW HGHPH\HFHNWLU +kOk GQ\DQÖQ
HQ VD\JÖQ JD]HWHOHULQGHQ ELUL NDEXO HGLOHQ /H 0RQGH E|\OH ELU DQOD\ÖûOD ùNLQFL 'Q\D
6DYDûÖ VRQUDVÖQGD 'H *DXOOH |QFOøQGH NXUXOPXûWXU 2 WDULKWH 'H *DXOOH GHYOHWLQ
YHHJHPHQJoOHULQHWNLVLDOWÖQGDNDOPD\DFDNEDøÖPVÖ]ELUJD]HWHNXUDELOPHQLQ\ROXQX
JD]HWH VHUPD\HVLQL oRN VD\ÖGD NLûL\H GDøÖWPDNOD EXOPXûWX %X PRGHO EXJQ GH HQ
GRøUX YH JHUoHNoL PRGHO RODUDN GXUPDNWDGÖU .oN VHUPD\HOHUOH E\N JD]HWHOHU YH
WHOHYL]\RQODU NXUPDN PPNQ GHøLOGLU DPD JD]HWH YH WHOHYL]\RQ NXUDFDN VHUPD\HQLQ
ELUNLûLGHROPDVÖGDVRQGHUFHVDNÖQFDOÖGÖU
%LU GH L]QLQL]OH -DSRQ |UQHøLQGHQ V|] HWPHN LVWL\RUXP -DSRQ\D·GD GQ\DQÖQ HQ
E\N JD]HWHVL \D\ÖPODQPDNWDGÖU 2Q G|UW PLO\RQ JQON WLUDMÖ\OD <RPXLUX úLPEXQ
JD]HWHVL %X JD]HWHQLQ \DQ NXUXOXûX \RNWXU ùNL WDQH \DQ NXUXOXûX YDUGÖU ELUL VHQIRQL
RUNHVWUDVÖGÖU ELUL EH\VERO WDNÖPÖGÖU 9H JHUoHN SDWURQX RNX\XFXODUÖGÖU 7UNL\H·GH
JD]HWHOHULQ WLUDMODUÖQÖQ EX NDGDU JGN NDOPDVÖQÖQ DUNDVÖQGD KDONÖQ JD]HWHOHUL NHQGL
JD]HWHVLNDEXOHWPHPHVLJHUoHøL\DWPDNWDGÖU
<R]ODûPDQÖQ |QQH JHoHELOPHN LoLQ \DSÖOPDVÖ JHUHNHQ ELU GLøHU KXVXV JD]HWHFL
FHPL\HWOHUL YH ELUOLNOHUL PHVOHN LONHOHULQH X\PD\DQ \HOHUL NDPXR\XQD DoÖNODPDOÖ
DIRUR]
HWPHOL
DUDODUÖQGD
EDUÖQGÖUPDPDOÖGÖU
*D]HWH
RNX\XFXODUÖ
YH
WHOHYL]\RQ
L]OH\LFLOHUL NHQGLOHULQGHQ \DQD ROPD\DQ JD]HWHFL YH SURJUDPFÖODUÖ SURWHVWR HWPHOL
RQODUÖQ
oDOÖûWÖøÖ
JD]HWHOHUL
DOPDPDOÖ
WHOHYL]\RQODUÖ
L]OHPHPHOLGLU
.DPX
WHOHYL]\RQFXOXøX ELU ONHGH JoO LVH RUDGD |]HO WHOHYL]\RQFXOXN GD NHQGLVLQH oHNL
G]HQ YHUPHNWHGLU ùQJLOWHUH·GH $OPDQ\D·GD ùWDO\D·GD EXQXQ |UQHNOHULQL J|U\RUX]
7UNL\H·GH GH 757 NDOLWHGHQ WDYL] YHUPHGHQ GDKD oRN L]OHQPHQLQ \ROXQX EXODELOLUVH
|]HO WHOHYL]\RQODU GD LVWHU LVWHPH] 757·\L WDNLS HWPHN ]RUXQGD NDODFDNODUGÖU
hQLYHUVLWHOHU EQ\HVLQGH DUDûWÖUPD HQVWLWOHUL NXUXODELOLU %X HQVWLWOHU PHG\DGDNL
KDEHU oDUSÖWPDODUÖQÖ G]HQOL ELU ûHNLOGH NDPXR\XQD DoÖNOD\DELOLU $\QÖ ûHNLOGH VLYLO
WRSOXP |UJWOHUL GH PHG\D J|]OHP HYOHUL ROXûWXUDELOLU 0HG\DQÖQ GHQHWOHQPHVL
DoÖVÖQGDQED]ÖùQWHUQHWVLWHOHULQLoRNXPXWYHULFLEXOX\RUXP)UDQVD·GD6DUÖ.DUWLVLPOL
ELU VLYLO JLULûLP YDU %X JLULûLP )UDQVÖ] WHOHYL]\RQ NDQDOODUÖQGD HWLøH NDQXQ YH
\|QHWPHOLNOHUH D\NÖUÖ EXOGXøX \D\ÖQ YH SURJUDPODUÖ KXNXNoXODUÖ\OD X]PDQODUÖ\OD
GHøHUOHQGLUL\RUYHNDQXQL\ROODUDEDûYXUX\RU$GHWD|]HOELU57h.JLELoDOÖûÖ\RU7UN
0HG\D(WLøL3DQHOL
PHG\DVÖQÖ GHQHWOH\HFHN E|\OH ELU VLYLO JLULûLPLQ GH \DUDUOÖ RODFDøÖQD LQDQÖ\RUXP
7HûHNNUHGHULP
$\GÖQ6H]JLQ
%L]EXJQN7UNL\H·\LID]ODNDUDQOÖNJ|U\RUX]57h.%DûNDQÖ6D\ÖQ.D\ÖûELUD]
|QFH EDKVHWWL $YUXSD ONHOHULQGH EDWÖ GHPRNUDVLOHULQGH ELU WDNÖP VLYLO WRSOXP
|UJWOHQPHOHUL PHG\D\Ö GHQHWLP DOWÖQD DOÖ\RU %X ELU UDKDWVÖ]OÖNWDQ GROD\Ö WDEL %HQLP
J|UHELOGLøLP NDGDUÖ\OD EL]LP EXUDGD 7UNL\H·GH PHG\D\D \|QHOWWLøLPL] \D\ÖQODUÖQ
LoHULøLDoÖVÖQGDQROVXQVDKLSOHQPHPONL\HWGXUXPXEDNÖPÖQGDQROVXQEXHOHûWLULOHULQ
ELUoRøX EHOOL GHPRNUDVLOHU WDUDIÖQGDQ GD VHVOHQGLULOL\RU KHP GH ûLGGHWOL ELU ELoLPGH
VHVOHQGLULOL\RU (YHW EL] %DVÖQ <D\ÖQ *HQHO 0GUOø RODUDN ELU DUDûWÖUPD \DSWÖN
57h.·OHGHSD\ODûWÖNRDUDûWÖUPDPÖ]Ö´%DWÖOÖGHPRNUDVLOHUGHPHG\DPONL\HWLGXUXPX
QDVÖO
ROXU"µ
GL\H
|]HOOLNOH
WHOHYL]\RQ
DODQÖQGD
$QOD\DELOGLøLPL]
NDGDUÖ\OD
EX
oDOÖûPDGDQ oÖNDUWDELOGLøLPL] NDGDUÖ\OD PHG\DGDNL HQWHJUDV\RQXQ oRN Xo QRNWDODUD
YDUDELOGLøLQLJ|U\RUX]ùKDOHOHUHJLUPHNÖVÖWODPDODUÖGDELUD]VÖQÖUOÖ(øHU7UNL\HN|W
ELU |UQHNVH R N|W ROPD GXUXPXQX WHN EDûÖQD \DûDPÖ\RU RQX V|\OHPHN LVWL\RUXP
úLPGL EL]GH EHONL NDPXR\XQXQ PHG\D\D EDNÖûÖQÖQ GDKD HOHûWLUHO ROPDVÖQD \RO DoDQ
ROJX EDVÖQ oDOÖûDQODUÖQÖQ EHOLUOL WHPLQDWODUGDQ \RNVXQ ROPDODUÖ <DQL VD\ÖOÖ %DVÖQ
dDOÖûDQODUÖ <DVDVÖQÖQ WDP RODUDN X\JXODQDPDPDVÖ %X \DVD GD DVOÖQGD JQP]
HNRQRPLN NRûXOODUÖQÖ oRN DûDQ LPNDQODU WDQÖ\RU oDOÖûDQD )HYNDODGH oHWUHILO ELU NRQX
ELOL\RUXP$QFDN7UNL\H·GHEHONLPHG\D\D\|QHOLNELUWDNÖPUDKDWVÖ]OÖNODUÖQJLGHULOPHVL
DoÖVÖQGDQEXVD\ÖOÖ\DVDQÖQJQQNRûXOODUÖQDX\GXUXOXSoRNGDKDFLGGLELUûHNLOGH
X\JXODQPDVÖQÖQ WHPLQLQH oDOÖûÖODELOLU %HONL NXUWXOXû \ROODUÖQGDQ ELUL EXGXU 6D\ÖQ
%DûNDQ 'H *DXOOH·Q /H 0RQGH·OD LOJLOL oDOÖûPDVÖQGDQ LQLVL\DWLILQGHQ ELU |UQHN YHUGL
$VOÖQGD ND\QDN RODUDN EDNDUVDN ROD\D 'H *DXOOH·Q \DSWÖøÖ SHN GH DKODNL GHøLOGL
dQN R G|QHPLQ RUWDPÖQGD NHQGLVLQL NHQGL J|UûOHULQL VDYXQDFDN |]HOOLNOH GH
)UDQVD·QÖQGÖûSROLWLNDVÖQÖVDYXQDFDNELUJD]HWH\DUDWPDXøUDûÖ\GÖR
<DEDQFÖ ONHOHUGHNL EDVÖQÖQ QH GHQOL WDUDIJLU RODELOGLøLQL 6D\ÖQ 2NWD\ (NûL LOH
\DSWÖøÖPÖ] ELU oDOÖûPDGD J|UGN *HQHOGH \DEDQFÖ EDVÖQGD 7UNL\H LOH LOJLOL oÖNDQ
KDEHUOHULQ NDOLWHVLQL \|QQ ELOL\RUVXQX] %XQODUÖQ LoLQGH WDEL NL GRøUXODU YDU
WDELDWÖ\OD HOHûWLULOPHPL] JHUHNHQ KDNOÖ KDEHUOHU YDU WDELDWÖ\OD KDNOÖ WHQNLWOHU YDU $PD
EX WHQNLWOHUGHQ |QHPOL ELU NÖVPÖ GD VLVWHPDWLN EHOOL SVLNRORMLN QHGHQOHUH GD\DQÖ\RU
YH\DKXW GD EX ONHOHULQ GÖû SROLWLNDODUÖQÖQ X]DQWÖVÖ VD\ÖODELOLU 6D\ÖQ (NûL 8OXVODUDUDVÖ
%DVÖQ .RQVH\L QH]GLQGH ELU JLULûLPGH EXOXQGX 8OXVODUDUDVÖ %DVÖQ .RQVH\OHULQLQ EX
ûLND\HW PHNDQL]PDVÖQÖQ XOXVODUDUDVÖ EDVÖQ DODQÖQGD X\JXODQPDVÖ ûHNOLQGH ELU |QHUL
JHWLUGL %X |QHUL EDVÖQ |]JUOøQH D\NÖUÖOÖN \DUDWDELOHFHøL JHUHNoHVL\OH UHGGHGLOGL
úLPGL ELU \DQGD EDVÖQ |]JUOø LONHVL YDU ELU \DQGD REMHNWLIOLN YDU ELU \DQGD GD ELU
XOXVXQ ELU ONHQLQ EX 7UNL\H ROVXQ EDûND ELU ONH ROVXQ KDNVÖ] \HUH HOHûWLULOPHVL
KDWWD LWLEDUÖQÖQ ]HGHOHQPHVLROD\Ö YDU %XUDGD o XQVXUXQ GD |QHPL YDU $QFDN ELULQFL
XQVXU EDVÖQ |]JUOø JHUHNoH J|VWHULOHUHN EX |QHUL XOXVODUDUDVÖ SODQGD UHGGHGLOGL
%DûND ELU GH\LûOH NHQGL HYLPL]L WHPL]OH\HOLP NHQGL HYLPL]GH HQ L\L\L VDøODPD\D
oDOÖûDOÖP DPD EX NRQX\D YHVLOH RODUDN GHøHUOHQGLUHOLP ONHPL]GHNL NRûXOODUÖ dRN
WHûHNNUHGHULP
'DYLG%HUFKDUG
%LU
LNL
QRNWD\D
$UNDGDûODUÖPÖ]ÖQ
EX
GHøLQPHN
LVWL\RUXP
QRNWDGDNL
ND\JÖODUÖQÖ
%LU
WDQHVL
EDVÖQÖQ
SD\ODûÖ\RUXP
=DWHQ
WLFDUHW
EL]
WDUDIÖ
D\GÖQODUD
D\GÖQODWPDNOD LOJLOL WHUV Gû\RU EX ELU JHUoHN $PD EL] JHUoHøH EDNPDOÖ\Ö] dQN
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ùQJLOWHUH·GHNLEDVÖQYHPHG\DQÖQoRøX|]HONLûLOHULQHOOHULQGHGLU%%&·GHELOHDUWÖNSDUD
DPDFÖ\OD oDOÖûÖOÖ\RU 2QXQ LoLQ ED]Ö NRQXODUGD PXWODND WDYL] RODFDN ùNLQFL NRQX EDVÖQ
]HULQGHNL NRQWUROOHU YH JHUoHNOHU EXUDGD oRN GHULQ NRQXODU YDU oRN NÖVD RODUDN
DQODWDFDøÖP %LU WDQHVL LWLUDI HGH\LP JHUoHN NRQXVXQGD oRN E\N GHøLûLNOLNOHU ROGX
.LûLVHO J|UûOH VDELW JHUoHNOHU DUDVÖQGD oHOLûNLOHU J|UO\RU +HUNHV NHQGL J|UûQ
LQDQGÖNODUÖQÖ DQODWÖ\RU ùVWHU LQDQÖ\RU LVWHU LQDQPÖ\RUVXQX] 'XUXP E|\OH EHONL L\L ELU
GXUXP GHøLO %HONL ùQJLOWHUH·GHNL WDULK GHUVOHULQGHQ YH WDULK GHUVOHULQLQ YH WDULK
ELOJLVLQLQD]ROPDVÖQGDQND\QDNODQDQELUJHUoHNDPDGXUXPE|\OH%XJQPHG\DGDELU
DoÖN RWXUXP \DNODûÖPÖ YDU %X ]DWHQ Lû GHøLO oQN EDVÖQ \ROX\OD DWÖûDQ NLûLOHU
ND\EHGL\RUODU$\QÖ]DPDQGDEXoRN|QHPOLùQJLOWHUH·GHDûÖUÖVHUEHVWOLNYDU%XEHQLP
J|UûPGU YH ùQJLOL] RUWD VÖQÖIÖQÖQ ELU NÖVPÖQÖQ $QFDN QH \DSDELOLUVLQL] 'HYOHWLQ
RWRULWHVLQL GHYLUHPH]VLQL] ùQJLOWHUH·GH EDVÖQÖQ ]HULQGHNL NÖVÖWODPD oRN D] =DWHQ
WHOHYL]\RQ LoLQ UXKVDW DOPDN ]RUXQGDVÖQÖ] %X 0HG79 LoLQ HYHW IRONORULN \D\ÖQ LoLQ
UXKVDW YHULOPLû YH RQODU GD WDPDPHQ VL\DVHWH G|QN ELU WDNÖP WHU|U GHVWHNOH\HQ
\D\ÖQD EDûODGÖ YH EXQX GXUGXUPDN ELU KD\OL ]DPDQ DOGÖ VRQXQGD GXUGXUXOGX dQN
PHNDQL]PD \RN 'LøHU NRQXODUGD ]DWHQ EDVÖQÖ NÖVÖWODPD PDKNHPHOHUH EDNÖ\RU
ùQJLOWHUH·GH LIWLUD NDQXQODUÖ YDU DPD KDNDUHW NDQXQODUÖ \RN $\UÖFD VDELW GHøHUOHUL
VDYXQXUODU ELU WHN LVWLVQD YDU R GD ÖUNoÖOÖN NRQXVXQGD 6L] ÖUNoÖOÖN NRQXVXQGD
EDûNDODUÖQD KDNDUHW HGHPH]VLQL] %X GXUXPXQ oRN ROXPVX] WDUDIODUÖ YDU EHQ GH
J|UûOHULQL]HND\JÖODUÖQÖ]DNDWÖOÖ\RUXPEXNRQXGD$PDD\QÖ]DPDQGDVUHNOLGHøLûPH
VUHFL LoLQGH RODQ WRSOXPODUGD QDVÖO ELU NÖVÖWODPD oHUoHYHVL NR\DFDNVÖQÖ] dQN EHOOL
ELU VUH VRQXQGD R oHUoHYH IRVLOOHûPLûRODFDN \DQL GHøLûHQ WRSOXPXQ \HQL GHøHUOHULQH
WHUV GûHFHN 'HPHN NL EDVÖQGD VUHNOL WDYL] YDU VUHNOL HKYHQLûHUL NDEXO HWPHN
]RUXQGDVÖQÖ]DPD]DWHQEXNHQGLOLøLQGHQGRøX\RU
0XVWDID*|]DODQ
(WLN VRUXQX YDU %X VRUXQ 7UNL\H·GH KHU DODQGD YDU KDVWDQHOHUGH YDU WÖS
GQ\DVÖQGD YDU HøLWLPGH YDU PHG\DGD GD YDU 6L\DVL HWLN VRUXQX GD YDU 2 \]GHQ NL
,0)·QLQ HQ VRQ VWDQGE\ DQODûPDVÖQGD ,0) ûDUW NR\PXûWXU %LU NRQXûODQPD
DODFDNVÖQÖ] YH VL\DVL HWLøL YH VL\DVL oUPH\L G]HOWPHN LoLQ ELU WDNÖP WHGELUOHU
DODFDNVÖQÖ] GL\H ùVWHUVHQL] VRQ ,0) VWDQGE\ DQODûPDVÖQD EDNDELOLUVLQL] 'ROD\ÖVÖ\OD
EXQX DVOÖQGD ELU WDUWÖûPD RUWDPÖQD JHWLUPHPL] OD]ÖP dÖNÖû QRNWDPÖ] HYHW ELU HWLN
VRUXQXPX] YDU 'ROD\ÖVÖ\OD EX VRUXODU GD LûWH NoN G]HOWPHOHU GRøUX PXGXU GL\H
dDUûDIoDUûDIKDNDUHWHGL\RUVXQX]\DQOÖûELOJLYHUL\RUVXQX]VRQUDNoNELUG]HOWPH
\DSÖ\RUVXQX] 2 ûLUNHW EX NXUXOXQ GHUGL oRN ID]OD EHQL LOJLOHQGLUPL\RU %X YDU PÖ
RQXQ EXQXQ \DSPDVÖ GD |QHPOL GHøLO (YHW YDU 'HPHN NL ELU HWLN VRUXQXPX] YDU
úLPGL EXUDGD WDUWÖûPDPDPÖ] OD]ÖP %LUGHQ ELU VRQUDNL DGÖPD VRQXQX ]DWHQ KHSLPL]
NDEXO HGL\RUX] +HSLPL] ]DWHQ VRQ GHUHFH PQHYYHU ]HQJLQ ELU ONH LoLQ KHU ûH\LQ
DGLO ROGXøX |]HOOLNOH JHQoOHUL LoLQ DGLO ROGXøX ELU RUWDP LoLQ oDOÖûÖ\RUX] úDKVHQ EHQ
E|\OH GûQ\RUXP úLPGL DQFDN EXUDGD ELU DQ ELOH DUD YHUPHPHPL] OD]ÖP 6RQ
GHUHFH JHUoHNOHUH EDøOÖ JHUoHNOHUL DQOD\DUDN KDUHNHW HWPHPL] OD]ÖP 7UNL\H·GH
WHNHOOHûPH YDU PÖGÖU JD]HWHOHUGH" %XQX VDPLPL V|\O\RUXP EHQ ELOPL\RUXP )DNDW
ûXQX ELOL\RUXP 6D\ÖQ .D\Öû·ÖQ YHUGLøL RUDQÖQÖQ GRøUX ROGXøXQX ELOL\RUXP
.HQGLVLQH GH HQ \DNÖQ ]DPDQGD HQ VRQ JD]HWH VDWÖû PLNWDUÖQÖ ELOGLUHFHøLP 7UNL\H·GH
PLO\RQJD]HWHVDWÖOÖ\RU·ÖEXQXQ]DWHQVL\DVLJD]HWHOHU%LUJUXEXQVDKLSROGXøX
ELU LNL YH o QXPDUDOÖ JD]HWHOHULQ ELU QXPDUDOÖ JD]HWH ROGXøX ûHKLU VD\ÖVÖ LNL YH\D o
úLPGL ûX YDU PÖ WHNHOOHûPH YDU PÖ VDPLPL V|\O\RUXP ELOPL\RUXP )DNDW EXQXQ ELU
0HG\D(WLøL3DQHOL
NXUDOÖ YDU DUNDGDûODU hVWQGH oDOÖûÖOPDVÖ JHUHNHQ ELU NXUDOÖ YDU $NVL WDNGLUGH EXQX
VUHNOL RODUDN YH EHQFH VL\DVLOHULQ WX]DøÖQD GûHUHN NDEXO HGHUL] HYHW WHNHO 7HNHO YDU
%L]LP ELU 5HNDEHW .XUXOXPX] YDUGÖU $YUXSD·GD GD EX LûOHU E|\OH \DSÖOÖ\RU
ùVNDQGLQDY\D·GD HQ L\L o JD]HWHQLQ LNL \] JD]HWHQLQ GDKD GRøUXVX o NXUXOXûWD
ROPDVÖQD
PVDDGH
HGLOL\RU
úXQD
EDNPDN
OD]ÖP
+DNVÖ]
KkNLP
ELULPLQ
N|W
NXOODQÖPÖQD YH |Q \DUJÖODUÖPÖ]OD GHøLO JHUoHNOHUL WRSOXPXQ LVWDWLVWLNVHO YHULOHULQH
EDNDUDN NRQXûPDPÖ] OD]ÖP %X VDGHFH PHG\D HWLøLQLQ VRUXQX GHøLO EX 7UNL\H·QLQ
HWLøLQLQ VRUXQX (øHU VL\DVLOHU ]HULQGH WHOHYL]\RQ OLVDQVODUÖ oÖNPDVÖ NRQXVXQGD ELU
EDVNÖ YDU LVH EXUDGD VL\DVHW HWLøLQLQ JHUHøLQLQ \DSÖOPDVÖ OD]ÖP RQXQ GHYUH\H JLUPHVL
OD]ÖP +HU ûH\ WLFDUHW DODQÖQGD GD EHONL \DQOÖû DQODûÖOPÖû RODELOLULP EHQ ûXQX GHPHN
LVWL\RUXP KHSLQL]H GH V|\O\RUXP 79 JD]HWH IDUN HWPH] ]DUDU HGHQ YH oRN L\L
QL\HWLQH UDøPHQ ]DUDU HGHQ YH VUHNOL RODUDN WHûYLNOH NDøÖW GHVWHøL\OH JD]HWHOHULQ
GHYOHWLQ HOLQH EDNWÖøÖ ELU RUWDPGD PÖ JD]HWH RNXPDN LVWHUVLQL] \RNVD NkU ]DUDU HVDVÖQD
J|UH oDOÖûDQ YH GH VRQXoODUÖQÖ J|UGøQ] GDKD ûHIIDI ELU PHG\DQÖQ UHWWLøL KDEHUOHUL
PL RNXPDN LVWHUVLQL]" <RUXPXQX]X VL]H EÖUDNÖ\RUXP WDPDPÖ\OD VL]H DLW ELU NDUDUGÖU
EX
úHIIDIODûPD NRQXVX KDOND DoÖOPD NRQXVX EXQGDQ J]HO ELU ûH\ YDU PÖ DUNDGDûODU"
1L\H7UNL\H·GHWPPHG\DNXUXOXûODUÖKDONDDoÖNROPDVÖQ"7PWHOHYL]\RQNXUXOXûODUÖ
KDOND DoÖN ROPDVÖQ" $PD EL] OLVDQVÖ ELOH YHUHPL\RUX] GDKD .LPGLU EXQODUÖQ VDKLSOHUL
EHOOL GHøLO 9H HøHU KDOND DoÖN ELU WHOHYL]\RQXQX] YDUVD EDûND LûOHUOH LOJLOHQPHQL]H L]LQ
YHUPL\RUX]3HNL R ]DPDQ DUNDGDûODUûHIIDIOÖøÖ EL] QH\OHVDøOD\DFDøÖ]" %DNÖQ EXJQ QH
]DPDQ LVWHUVHQL] HQ D]ÖQGDQ E\N PHG\D NXUXOXûODUÖQÖQ EX NXUXOXûODUÖQ ùQWHUQHW
VLWHOHULQH JLULQ %X VLWHOHUGH JYHQLOLU NXUXOXûODUÖQÖQ YHUGLøL UDSRUODUD EDNÖQ GHQHWLP
VRQXoODUÖQD EDNÖQ 6L]L ELOJL\L EXOPD\D GDYHW HGL\RUXP KHU ]DPDQ D\DøÖQÖ]D JHOPH]
%X UDSRUODUÖQ VRQXoODUÖ QDVÖO ROX\RU" .Do NDWÖOÖPFÖVÖ YDU NDo DPDFÖ YDU QH NDGDU
]DPDQGD \DSPÖû" +DQJL VHNW|UGH QHUHVLQGH EXQX KDNVÖ] \HUH NRYDODPÖû" %X WLS
NRQXODUGDûHIIDIOÖNoRN|QHPOLGLUEXWLSNRQXODUGDNDPX\DUDUÖQDVÖKKDWOLoDOÖûPDODUÖQ
JHUoHNOHûHELOPHVLLoLQGHûHIIDIYHWLFDULRODUDNGDWDPDPÖ\ODDKODNLYHNDQXQLKHUWUO
\NPOOøQ \HULQH JHWLUHELOHQ WHNQLN DQODPGD ûHIIDIODûPÖû JUXSODUOD EX PPNQ
RODELOLU7HûHNNUHGHULP
1XULdRODNRøOX
(IHQGLP SDQHOLVWOHUH oRN WHûHNNUOHU úLPGL EL] DVOÖQGD PHG\D HWLøLQL WDUWÖûPDN
]HUH \ROD oÖNWÖN 6RQXQGD VDKLSOLN WDUWÖûPDVÖQD G|QGN %XUDGD DVOÖQGD JDOLED WHN
WDUWÖûPDGÖøÖPÖ] HQ |QHPOL QRNWD J|]GHQ NDoWÖ *LGHUHN JQP]GH PHG\DQÖQ GDKD
E\N \DWÖUÖP JHUHNWLUHQ GDKD DøÖU PDOL \NOHU JHWLUHQ \DSÖVÖ \|QHWLPGH JLWWLNoH PDOL
JUXSODUÖQ \DQL VHUPD\H VDKLELQLQ GDKD ID]OD V|] VDKLEL ROPDVÖQD \RO DoÖ\RU %X VDGHFH
7UNL\H LoLQ GHøLO GQ\DQÖQ KHU \HULQGH EX |UQHNOHPL \DûÖ\RUVXQX] EX ROJX\D WDQÖN
ROX\RUVXQX] <DOQÖ] RUGD WDQÖN ROGXøXPX] oRN |QHPOL ELU EDûND ROD\ YDU (GLWRU\DO
WXWDUOÖN GHQLOHQ VDKLSOLNOH R JD]HWHQLQ R WHOHYL]\RQXQ \|QHWLPL DUDVÖQGD ELU oL]JL
oHNLOLSEXQODUÖQELUELULQGHQWDPDPHQEDøÖPVÖ]ELULûOH\LûRODUDNJ|WUOPHVLROJXVXQX
J|]DUGÖHGL\RUX]0XVWDID*|]DODQ·ÖQGHGLøLGRøUXGXU%LUJD]HWHELUWHOHYL]\RQSDUD
ND]DQPÖ\RUVD NHQGL JLGHULQL NDUûÖODPÖ\RUVD DQFDN EDøÖûODUOD \D GD VDøGDQ VROGDQ JHOHQ
SDUD LOH D\DNWD GXUDELOLU 2 SDUD GD \DUÖQ |EU JQ R JD]HWHQLQ R WHOHYL]\RQXQ |QQH
ELUIDWXUDNR\DU'ROD\ÖVÖ\ODEXQODUÖQNHQGLEDûÖQDSDUDND]DQDQNHQGL\DøÖLOHNDYUXODQ
NXUXOXûODUKDOLQHJHOPHVLJHUHNLU$QFDNEXQDNDUûÖOÖNELUJD]HWH\DGDWHOHYL]\RQXQELU
JUXS LOH EDøODQWÖOÖ RODUDN \DûÖ\RU ROPDVÖ PXWODND R JUXEXQ HPLU NRPXWDVÖ DOWÖQGD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
RODFDøÖ R JUXEXQ oÖNDUODUÖ GRøUXOWXVXQGD KDUHNHW HGHFHøL DQODPÖQD GD JHOPH] %XQXQ
7UNL\H·GH GH KHSLQL]LQ oRN L\L ELOGLøL LNL WDQH |UQHøL YDU %LUL 179·GLU ELUL &11
7UN·WU %XQODU WDPDPHQ SDWURQODUÖQÖQ GHQHWLPL GÖûÖQGD WDPDPHQ NHQGL EDøÖPVÖ]
oL]JLOHULQL VUGUPHNWHGLU 'LøHU WDUWÖûPDODUÖQ WDPDPHQ GÖûÖQGD NDODELOHFHN ûHNLOGH
\D\ÖQFÖOÖNODUÖQÖJ|WUHQNXUXOXûODUGÖU%LULQFLPHVHOHEXEHQFH
ùNLQFLVL GH oDOÖûDQODUÖQ KDQJL NXUDOODU oHUoHYHVLQGH GDYUDQPDVÖ JHUHNWLøLGLU %HONL
JHOHFHN VHQHNL SDQHOOHUH EX LNL \DNODûÖPÖ NR\DUDN EX LNL NRQX\X IDUNOÖ IDUNOÖ HOH DOPDN
OD]ÖP $PD EX ODIÖ GDKD ID]OD X]DWPDN LVWHPL\RUXP KHSLQL]H L\L JQOHU GLOHPHGHQ
|QFHNoNELUûH\GDKDV|\OHPHNLVWL\RUXP-HDQ3DXO6DUWUH·ÖQ6|]FNOHUGL\HDQÖODUÖQÖ
\D\ÖQODGÖøÖ NLWDSWD oRN J]HO ELU ûH\ YDUGÖU .ÖUND\DøD VRUPXûODU \UPH\H EDûODUNHQ
|QFH KDQJL D\DøÖQÖ DWDUVÖQ GL\H NÖUND\DN R JQGU EXJQGU GûQ\RUPXû (Q L\LVL
EL] R NDGDU GûQPH\HOLP NoN GH ROVD NHQGL oDSÖPÖ]GD ELU ûH\OHU \DSPD\D
EDûOD\DOÖPdRNWHûHNNUOHU
7(5g56ù<$6(7ùú'h1<$6,9((7ù.3$1(/ù
3DQHO<|QHWLFLVL3URI'U$NÖQ(UJGHQ2'7h)HOVHIH%|OP%DûNDQÖ
3DQHOLVWOHU
3URI'U$KPHWùQDP2'7h)HOVHIH%|OP
.D\D*YHQo7UN0KHQGLVYH0LPDU2GDODUÖ%LUOLøL%DûNDQÖ
2UKDQ%LUJLW%DVÖQ.RQVH\L<NVHN.XUXOh\HVL
8OXo*UNDQ0LOOHWYHNLOL
3URI'U&HQJL]*OHo0LOOHWYHNLOL
3URI'U'RøX(UJLO$QNDUDhQLYHUVLWHVL6L\DVDO%LOJLOHU)DNOWHVL
+LNPHW8OXøED\0LOOHWYHNLOL
$NÖQ(UJGHQ
'HøHUOL.RQXNODU.RQJUHPL]LQELULQFLJQQQLNLQFLRWXUXPXQDKRûJHOGLQL]
%XJQN LNLQFL SDQHOLPL]LQ DGÖ ´7HU|U 6L\DVHW ùû 'Q\DVÖ YH (WLNµ ú|\OH ELU
\|QWHP L]OL\RUX] ELULQFL WXUGD RQDU GDNLND NRQXûPD DUDGD VRUXODUÖ DOÖS RQGDQ VRQUD
LNLQFL WXUGD PPNQ ROGXøX NDGDU VRUXODUD FHYDS ûHNOLQGH 7DELv ELWLUPHGLøLQL]
NRQXODUÖ GD LNLQFL WXUD DNWDUÖUVDQÖ] VHYLQLULP %LULQFL WXU RQDU GDNLND $KPHW ùQDP ELU
IHOVHIL DoÖû NRQXûPDVÖ \DSDFDN 2QGDQ VRQUD GD VDQÖ\RUXP RWXUXû VÖUDVÖQD J|UH
NRQXûPDFÖODUD V|] YHUHFHøLP (YHW LON RODUDN 6D\ÖQ $KPHW ùQDP NRQX\D IHOVHIL ELU
JLULû\DSDFDN
%X\XUXQX]6D\ÖQùQDP
$KPHWùQDP
%HQ G|UW NDYUDPÖ ûX ûHNLOGH EDøOÖ\RUXP ùû GQ\DVÖ PHG\D WHU|U YH HWLN
'ûQFHPL DoÖNOD\D\ÖP EX G|UW NDYUDP DUDVÖQGDNL LOLûNL\L %LU G]HQGH \DûÖ\RUX] %X
G]HQGHøLûLNDGODUODDQÖOÖ\RU(øHUoRNVÖFDN\DNODûÖUVDQÖ]GQ\DQÖQLoLQGHEXOXQGXøX
VRV\RHNRQRPLN YH NOWUHO G]HQH LûWH OLEHUDO G]HQ GL\HELOLUVLQL] \D GD ELUD] GDKD
HOHûWLUHO ELU DGODQGÖUPD LOH NDSLWDOLVW G]HQ YH\D HPSHU\DOLVW G]HQ KHU QH\VH %X
G]HQ ELOLPGHQ YH WHNQRORMLGHQ JFQ DODQ ELU oDUN YH oRN \RøXQ N|NOHUL RODQ ELU
LûOH\LûRODUDNJ|]N\RUVDQD\LGHYULPLQGHQVRQUDúLPGLEXLûOH\LûLoHULVLQGHLûoHYUHVL
EX G]HQLQ NDoÖQÖOPD] ELU SDUoDVÖ RODUDN J|]N\RU <DQL EX G]HQLQ oDUNODUÖQÖ
G|QGUHQ LQVDQODU YH EX LQVDQODUÖQ ROXûWXUGXøX NXUXPODU YH EX G]HQLQ GLQDPLøLQL
ROXûWXUDQ E\N ELU HQHUML ND\QDøÖ Lû oHYUHVL %X G]HQLQ LoLQGH \DûD\DQ LQVDQODUOD EX
G]HQ DUDVÖQGDNL N|SU\ KDEHUOHûPH\L VDøOD\DQ GD PHG\D 0HG\DQÖQ R EDNÖPGDQ
oRN|QHPOLELULûOHYLYDUdQNPHG\DEXG]HQLQoDUNÖQÖG|QGUGøQGûQHQYH
EX oDUNÖQ G|QPHVLQGH JF HOLQGH EXOXQGXUDQODU LOH EX oDUNÖQ LoLQGH G|QHQ LQVDQODU
DUDVÖQGDNLKDEHUOHûPH\LVDøOD\DFDNRODQEXG]HQLQQDVÖOELUG]HQROGXøXNRQXVXQGD
ELOJL YHUHFHN RODQ EX G]HQLQ JHUoHNOLN DQOD\ÖûÖQÖQ JHUoHNOLNOH RODQ LOLûNLVLQL NXUDFDN
RODQKDEHUND\QDøÖRODUDNJ|]N\RU'ROD\ÖVÖ\ODEXG]HQGHNLDNVDNOÖNODUGDQKHPEX
G]HQL oHYUHOH\HQ YH EX G]HQLQ NDoÖQÖOPD] SDUoDODUÖ YH EX G]HQL oHYLUHQ NLûLOHU
RODUDN Lû oHYUHVL VRUXPOX KHP GH EX G]HQL oHYLUHQ YH GHYDP HWWLUHQ JF YHUHELOHQ
DNWDUDQ EX JoOH LOJLOL KDEHUOHU YHUHQ PHG\D E\N |OoGH VRUXPOX 7HU|U LûWH EX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
G]HQLQ oHYULOLûL LOH LOJLOL EX LNL JFQ LOLûNLVLQGH RUWD\D oÖNÖ\RU dQN EX G]HQGHQ
UDKDWVÖ] RODQ EX G]HQGHNL KDNVÖ]OÖøÖ EX G]HQGHNL DGDOHWVL]OLøL EX G]HQGHNL
HNVLNOLNOHUL YH |]UOHUL NDEXO HWPH\HQ YH EXQODUD NDUûÖ oÖNDQ LQVDQODUÖQ ELU WHU|U ³
RQD\OD\ÖQYH\DRQD\ODPD\ÖQWDELE\N|OoGHWHU|URQD\ODPÖ\RUX]DPD³EXG]HQH
NDUûÖ oÖNDELOPH %X G]HQLQ LûOH\LûLQH EDNDQ KHP Lû oHYUHOHULQLQ oHYLUGLøL ELU G]HQ
RODUDN EX G]HQH NDUûÖ oÖNÖ\RU KHP GH PHG\DQÖQ EX G]HQLQ LûOH\LûL LOH LOJLOL EX
G]HQLQ ]HULQH |UWWø |UWOHULQGHQ UDKDWVÖ] RODQ <DQL JHUoHNOLøL ELU ELoLPGH
VDSWÖUDQ VDNOD\DQ oDUSWÖUDQ JoOHUH NDUûÖ ELU oÖNÖû RODUDN WHU|U NHQGLQL J|VWHUL\RU GL\H
GûQ\RUXP %X DQODPGD WHU|U QH NDGDU N|WOHUVHN N|WOH\HOLP ³PDVXP ELU VU
LQVDQÖQ |OPQH \RO DoWÖøÖ LoLQ³ EX G]HQLQ LûOH\LûLQLQ NDoÖQÖOPD] ELU SDUoDVÖ RODUDN
J|]N\RU<DQLEXG]HQRQXoHYLUHQLûDGDPODUÖLOHG|Q\RUEXG]HQLQKDEHUFLOHUL
LOH G|Q\RU $PD EXQGDQ UDKDWVÖ] RODQ LQVDQODUÖQ LV\DQ HWPH ELoLPL RODUDN WHU|UOH GH
G|Q\RU ']HQ E|\OH NXUXOXQFD EDQD |\OH JHOL\RU NL LVWHU LVWHPH] EX G]HQGHQ
UDKDWVÖ] RODQ EX G]HQGHQ DFÖ oHNHQ LQVDQODUÖQ QH GHQOL LûWH |]JUON LQVDQ KDNODUÖ
NDUGHûOLNHûLWOLNDGDOHWV|]OHULNXOODQÖOÖUVDNXOODQÖOVÖQRODøDQG]HQLQNXUDOODUÖQDX\JXQ
NDUûÖ oÖNPD RODQDøÖ YH G]HQL GHøLûWLUPH XPXGXQX WDûÖPD\DQ G]HQGHQ EX DQODPGD
XPXGXQX NHVPLû YH G]HQLQ DNVDNOÖNODUÖQÖ ELU HOHûWLUL YH RQD ELU LV\DQ RODUDN J|]NHQ
WHU|U KDUHNHWL RUWD\D oÖNÖ\RU 'ROD\ÖVÖ\OD WHU|U LOH PFDGHOHGH EHQFH G]HQLQ
EWQQQ HOH DOÖQPDVÖ OD]ÖP <DQL QDVÖO ELU G]HQGH \DûÖ\RUX] NL WHU|U GHQLOHQ
LQVDQOÖNGÖûÖELUûH\RUWD\DoÖNÖ\RU1DVÖOELUG]HQGH\DûÖ\RUX]NLEXG]HQLQVUPHVLQL
VDøOD\DQ Lû DGDPODUÖ YH PHG\D PHG\DQÖQ JHUoL PXKDOLI RODQ NÖVÖPODUÖ GD YDUGÖU DPD
EHQPHG\D\ÖEWQ\OHWRSODPRODUDNROXPVX]ELU\HUGHJ|U\RUXP<DQLEXG]HQLQ
oDUNODUÖQÖQG|QPHVLQHKL]PHWHGHQELUNXUXPRODUDNJ|U\RUXPdQNPHG\DEXJQ
KHP EL]LP ONHPL]GH KHPGQ\DGD Lû oHYUHOHUL LOH oRN \DNÖQGDQ LOLûNLOLGLU 'ROD\ÖVÖLOH
WHU|U NDoÖQÖOPD] ELU H]LOHQ DFÖ oHNHQ KDNVÖ]OÖøD XøUD\DQ LQVDQÖQ NHQGLQL DQODWPD
ELoLPL RODUDN J|]N\RU $PD EX ûHNLOGH DQODWPDVÖQD HOEHWWH NL J|QOP] UD]Ö GHøLO
ùQVDQOÖøÖQ ELU DQODWÖP ELoLPL GHøLO $PD EDûND WUO EX G]HQGH H]LOHQ LQVDQODU
NHQGLOHULQL DQODWPD RODQDøÖ EXODPÖ\RUODU %HONL GH EX WHU|U \]QGHQ ELUWDNÖP ûH\OHUL
\HQLGHQ J|]GHQ JHoLUPHPL] JHUHN EX G]HQLQ EHONL VLONLQPH NHQGLQH JHOHELOPH
RODQDøÖ GD WHU|UGH J|]N\RU dRN DFÖ ELU ûH\ oRN NDQOÖ ELU ûH\ LVWHQPH\HQ ELU ûH\
DPD WHU|U EX DQODPGD ELU RODQDN LQVDQODU LoLQ <DQL ELUG]HQLQ DNVDNOÖNODUÖQÖ \HQLGHQ
J|]GHQ JHoLUPHN GDKD L\L ELU GQ\D YH GDKD L\L ELU JHOHFHN LoLQ QH GHQOL WUDMLN YH DFÖ
ROXUVDROVXQ|QHPOLELULPNDQRODUDNJ|UO\RUGRøUXVXùûWHHWLNEXUDGDJLUL\RU<DQL
EX G]HQ QDVÖO ELU G]HQ NL EX G]HQGH DFÖ oHNHQ LQVDQODU NHQGL VHVOHULQL WHU|UOH
GX\XUDELOL\RUODU
ùûWH HWLN EX oO LOLûNLQLQ \HQLGHQ J|]GHQ JHoLULOPHVL DoÖVÖQGDQ oRN |QHPOL %L]H
QH\L J|VWHUL\RU QH\L VRUX\RU HWLN ND\JÖPÖ]" ùQVDQ RODUDN EX GQ\DGD \DûDUNHQ LoLQGH
\DûDGÖøÖPÖ]G]HQLQGHøHUOHULQLVRUJXODPDPÖ]D\RODoÖ\RU%XQXHWLNDoÖGDQ\DSDFDøÖ]
6DQÖ\RUXP G]HQL oHYUHOH\HQ oDUNODUÖQ HQ E\N \DQÖOJÖVÖ G]HQGHNL EX DNVDNOÖøÖ EX
WHU|U EHODVÖQÖ J|UU J|UPH] EXQX KHPHQ ELU NDUûÖ WHU|UOH KDOOHWPH\H oDOÖûPDODUÖ HWLN
ER\XWX XQXWPDODUÖ <DQL VRUPDODUÖ JHUHNHQ KHU ûH\GHQ |QFH ´1HUHGH \DQOÖû
\DSÖ\RUX]" <DûDGÖøÖPÖ] EX KD\DWÖQ QHUHVL \DQOÖû" ´'HøHUOHULPL]LQ KDQJLVLQGH \D GD
KDQJLOHULQGH DNVDNOÖNODU |]UOHU YDU NL EX FHKHQQHPL \DûDPDN GXUXPXQGD\Ö]"µ JLEL
VRUXODU gQFHOLNOL RODUDN VRUXOPDVÖ JHUHNHQ EX VRUXODU HWLøH GDLU VRUXODUGÖU oQN HWLN
JHQHO DQODPÖ\OD ûXQD FHYDS YHULU ´1DVÖO \DûDPDOÖ" +DQJL GHøHUOHUOH \DûDPDOÖ" +DQJL
GHøHUOHUOH \DûDPDOÖ NL EX FHKHQQHP RUWDGDQ NDONVÖQ GQ\D GDKD J]HO ELU \HU KDOLQH
JHOVLQ"µ $PD EX VRUXOPX\RU DUDûWÖUÖOPÖ\RU YH EWQ Lû HWLN DGÖQD \DSÖODQ ELU WDNÖP
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
NRGODUÖQ DUDQPDVÖ RODUDN J|UO\RU (øHU ELU WDNÖP NRGODU EXOXQXUVD ELU WDNÖP
WDQÖPODPDODU \DSÖOÖUVD ³´WHU|U QHGLU" |]JUON QHGLU"µ JLEL³ PHVOHN DKODNÖQÖQ
NRGODUÖ YH PHVOHNWH oDOÖûDQODUÖQ X\PDVÖ JHUHNHQ NXUDOODU YHULOLUVH KHU ûH\ DoÖN YH VHoLN
RUWD\D NRQXUVD VRUXQ o|]OU VDQÖOÖ\RU $PD SUREOHP EXUDGD GHøLO NL 6L] LVWHGLøLQL]
NDGDU EDQD J|UH NXUDO NR\XQ EX G]HQ YH EX Lû GHøLûPHGHQ VUGø VUHFH NXUDOODU
XPXPXQ
NXUDOODUÖ
KDOLQH
JHWLULOHELOLU
LNWLGDUÖQ
JFQ
VUGUPH
\|QQGH
G|QûWUOHELOLU YH \R]ODûWÖUÖODELOLU 2UWDGD GHPRNUDVL LQVDQ KDNODUÖ DGDOHW HûLWOLN
|]JUON NDYUDPODU XoXûXUGXUXU YHVL] KHU QH NDGDU J]HO ELU G]HQGH \DûDGÖøÖQÖ]YH
KHU ûH\LQ \HUOL \HULQH RWXUGXøX KVQNXUXQWXVXQD NDSÖOÖUVDQÖ] NDSÖOÖQ EX GQ\DQÖQ
\DUDWWÖøÖ FHKHQQHP EX GQ\DGDNL KDNVÖ]OÖNODU YH ]XOP VUPH\H GHYDP HGHU 2QXQ
LoLQ EXUDGD KHP Lû oHYUHOHULQLQ KHP Lû oHYUHOHULQH EDøOÖ RODUDN VL\DVHWLQ YH RQD EDøOÖ
RODUDN GD DVNHUL JFQ HNRQRPLN JFQ NHQGLQL EX DQODPGD HWLN DoÖGDQ \HQLGHQ
J|]GHQ JHoLUPHVL JHUHNL\RU %X VDGHFH J|UQûWH ELU WDNÖP \HQL NXUDOODUÖQ \HQL
WDQÖPODUÖQ YH \HQL NDYUDPODUÖQ EXOXQPDVÖ VRUXQX GHøLOGLU EX ELU \DûDPD ELoLPL
VRUXQXGXU ELU WDYÖU VRUXQXGXU .XUDO ROXûWXUXOPDVÖQD YH GHøHUOHULQ DUDûWÖUÖOPDVÖQD
NDUûÖ GHøLOLP DPD EX NXUDOODUD X\JXQ LQVDQÖQ \DSÖVÖQÖ DUDûWÖUPDN OD]ÖP JHOGLøLQL
GûQ\RUXP %X NXUDOODUD X\JXQ WXWXPX DUDûWÖUPDN OD]ÖP %X NXUDOODUD X\JXQ DKODN
NDUDNWHULQL DUDûWÖUPDN JHUHN dQN LQVDQ |\OH JDULS ELU YDUOÖNWÖU NL VL] QH NDGDU
NXUDOODU NR\DUVDQÖ] NR\XQ YH RQODU QH NDGDU NXUDOODUD X\X\RUPXû L]OHQLPL YHULUOHUVH
YHUVLQOHURNXUDOODUDX\DUDNGDNXUDOVÖ]DKODNGÖûÖELUGQ\D\DUDWPDLPNDQÖKHU]DPDQ
YDUGÖU oQN LQVDQ NÖYÖUWDQ oDUSÖWDQ YH LVWHGLøL NXUDOÖ LVWHGLøL \|QH oHNHELOHQ ELU
YDUOÖNWÖU 2QXQ LoLQ LQVDQÖQ |]\OH LOJLOL oRN GHULQ ELU SUREOHPLPL]LQ ROGXøXQX
GûQ\RUXP ùûWH HWLN VRUJXODPD EXUDGD EDûOÖ\RU (WLN VRUJXODPD NRQXVXQX ûX WLS
VRUXODUGDQ DOÖU ´ùQVDQ QHGLU" 1DVÖO ROPDOÖGÖU" .RQXODQ NXUDOODUOD YH EX \NVHN
GHøHUOHUH X\JXQ \DûDPD\OD LOJLOL RODUDN QDVÖO NHQGLQL JHOLûWLUPHN ]RUXQGDGÖU"µ (øHU
LQVDQNHQGLNR\GXøX\NVHNGHøHUOHUHX\JXQ\DSÖVDOGHøLûLPLJHUoHNOHûWLUHPH]VHNHQGL
NHQGLQL DOGDWPD\Ö VUGUHFHNWLU <DQL \LQH WHU|UH WHU|UOH NDUûÖ NR\DFDN KDNVÖ]OÖøÖ
\HQPHNLoLQ\LQHKDNVÖ]OÖN\DSDFDNDPDDGÖGHøLûHFHNEXVHIHUNHQGL\DSWÖøÖKDNVÖ]OÖøD
GHPRNUDVL GL\HFHN |]JUON GL\HFHN LQVDQ KDNODUÖ GL\HFHN JF ROPD\DQODUÖQ NDUûÖ
oÖNÖûODUÖ WHU|U RODFDN DPD JF RODQODUÖQ HVWLUGLøL WHU|UQ DGÖ LQVDQ KDNODUÖ |]JUON
GQ\D EDUÖûÖ GQ\D G]HQL RODFDN 2QXQ LoLQ EWQ EXQODUÖ E\N ELU WDUDIVÖ]OÖNOD YH
JQGHOLN ND\JÖODUÖQ VÖUDGDQ oÖNDUODUÖQ X]DøÖQGD \HQLGHQ J|]GHQ JHoLUPHPL] JHUHNLU
GL\H GûQ\RUXP 2QXQ LoLQ HWLN ER\XWX oRN DQODPOÖ J|U\RUXP (WLN NRQXVXQD GD
oRN PHQIDDWSHUHVW oÖNDUFÖ ELU DoÖGDQ EDNPDPDN JHUHN oQN LoLP ûXQD oRN \DQÖ\RU
JHUoHNWHQùQVDQEXNDGDUGHøLOLQVDQEXFHKHQQHPLKDNHWPL\RUùQVDQEX]XOPKDN
HWPL\RU ùQVDQ ûX DûDPDGD \\·D JLUGLøLPL] E|\OH ELU G|QHPGH LQVDQ ROPD\Ö KkOk
EHFHUHPL\RU 2 QHGHQOH WDUWÖûPDODUÖ GDKD HWLN GDKD \NVHN GHøHUOHUOH YH NHQGL Lo
G|QûPP]OH LOJLOL VRUJXODPDODUOD VUGUPHOL\L] GL\H GûQ\RUXP 3UDWLN VL\DVL
oÖNDUFÖND\JÖODUGDQX]DNODûPD\DoDOÖûDUDN7HûHNNUHGL\RUXP
$NÖQ(UJGHQ
$KPHWùQDP·DEXVRQGHUHFHD\GÖQODWÖFÖJLULûNRQXûPDVÖLoLQWHûHNNUHGHUL]úLPGL
V|]+LNPHW8OXøED\·DEÖUDNPDNLVWL\RUXP%X\XUXQX]6D\ÖQ8OXøED\
+LNPHW8OXøED\
7HûHNNUOHU 6D\ÖQ %DûNDQ 6D\ÖQ %DûNDQ 2UWD 'RøX 7HNQLN hQLYHUVLWHVLQLQ
'HøHUOL<|QHWLFLOHULYH%LOLPgøUHWHQOHUL'HøHUOL.RQXNODUYH6HYJLOLgøUHQFLOHU+HU
ûH\GHQ |QFH 2UWD 'RøX 7HNQLN hQLYHUVLWHVLQL hQLYHUVLWHQLQ )HOVHIH %|OPQ YH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
E|OP EDûNDQÖ SDQHO \|QHWLFLPL] 3URI 'U $NÖQ (UJGHQ·L 8OXVDO 8\JXODPDOÖ (WLN
.RQJUHVL·QLQ LONLQL G]HQOHGLNOHUL LoLQ NXWODU YH EX oHUoHYHGH WHU|U VL\DVHW Lû GQ\DVÖ
YH HWLN SDQHOLQGH EDQD J|UûOHULPL DoÖNODPD IÖUVDWÖ YHUGLNOHUL LoLQ GH WHûHNNUOHULPL
VXQDUÖP
ùQVDQOÖNWDULKLQLHOHûWLUHOJ|]OHHOHDOGÖøÖPÖ]GDLNWLGDUÖYH\|QHWLPLHOHJHoLUHELOPHN
LoLQoHûLWOLNHVLPOHULQ\DSWÖøÖPFDGHOHOHULYHEXPFDGHOHOHUGHNXOODQÖODQoHûLWOLDUDoODUÖ
J|UU] %X PFDGHOHGH DUDoODUÖQ |QHPOL ELU URO R\QDGÖøÖQÖ GD J|]OHPOHUL] 6L\DVHW Lû
GQ\DVÖ PHG\D KDWWD YH KDWWD WHU|U ]DPDQ ]DPDQ R LNWLGDUÖ HOH JHoLUPHN YH\D R
LNWLGDUGDV|]VDKLELRODELOPHNLoLQoHûLWOL\|QWHPOHUNXOODQDJHOPLûWLUùNWLGDUÖYH\DGDKD
JHQLûELULIDGHLOHJFHOHJHoLUPHNLoLQ\DSÖODQoHNLûPHOHUGHX\JDUDGLODUDoODUNDGDU
KLOH GHVLVH JLEL VLODKODUÖQ GD \RøXQ ELU ûHNLOGH NXOODQÖOGÖøÖQÖ J|UU] dQN EX
PFDGHOHGH 0DN\DYHOL]PL WDQÖPODPDN LoLQ NXOODQÖODQ WHUPLQRORML\L NXOODQÖUVDN NL
0DFKLDYHOOL
]DPDQ
]DPDQ
\DQOÖû
\RUXPODQÖU
´JD\H
YDVÖWDODUÖ
PHûUX
NÖODUµ
0FDGHOHGH HUGHPOL DUDoODUÖ NXOODQDQODU NDGDU HUGHPVL] DUDoODUÖ NXOODQDQODUD GD VÖNoD
UDVWODQÖU 7RSOXP RODUDN oHNWLøLPL] VÖNÖQWÖODUÖQ YH KX]XUVX]OXNODUÖQ WHPHOLQGH EX
HUGHP EXQDOÖPÖ GD |QHPOL ELU \HU WXWDU 1LoLQ KHU WUO PFDGHOH\L EX LNWLGDU LoLQ
ROVXQ GLøHU DPDoODU LoLQ ROVXQ HUGHP oHUoHYHVLQGH \UWHPL\RU GD HUGHPH DGDOHWH
X\PD\DQ \|QWHP YH DUDoODUÖ NXOODQPDN GXUXPXQGD NDOÖ\RU LQVDQOÖN" 7DULK EX VUHFL
\DûDPÖû HUGHP |QHPOL ELU PFDGHOH YHUHJHOPLû DQFDN QHGHQ KkOk ELUD] VRQUD
|UQHNOHULQH GHøLQHFHøLP WUGHQ L\L \|QWHPOHU YH N|W \|QWHPOHUOH PFDGHOH GHYDP
HGL\RU" 'ROD\ÖVÖ\OD EXJQ VL]OHUOH ELUOLNWH EX NRQXODUÖ WDUWÖûWÖøÖPÖ]GD ELU DQODPGD
LQVDQOÖN WDULKLQGH \DSÖODJHOHQ WDUWÖûPDODUD ELU \HQLVLQL GDKD HNOHPLû RODFDøÖ] hPLW
HGHOLPNLEXWDUWÖûPDODUWRSOXPXGDKDL\L\HGRøUXJ|WUPHGHNDWNÖGDEXOXQVXQ
%X WDULKL VUHFH EDNWÖøÖPGD \DQL LQVDQOÖøÖQ LNWLGDU YH\D GLøHU PFDGHOHOHULQGH
HUGHPOLYH\DHUGHPVL]DUDoODUÖNXOODQPDVÖQÖQWHPHOLQGHDVOÖQGDDLOHGHEDûOD\DQRNXOGD
GHYDP HGHQ WRSOXP LoLQGH VUHQ YH VRQ oDøODUGD GD PHG\DQÖQ GD |QHPOL URO DOGÖøÖ
HøLWLP
RUWDPÖQGD
LQVDQOÖN
GHøHUOHULQLQ
|øUHWLOPHVLQGH
YH
ND]DQGÖUÖOPDVÖQGD
QRNVDQOÖNODU ROGXøXQX J|U\RUXP %XQD GD oRN |QHP YHUL\RUXP =LUD EL] oRFXøX
GRøGXøX DQGDQ LWLEDUHQ X\JXQ RUWDPGD X\JXQ GHøHUOHUOH \HWLûWLUPH]VHN \HWLûNLQ
oDøÖQD JHOGLøLQGH R G|QHPH NDGDU HOGH HWWLøL KDWDOÖ ND]DQÖPODUÖ GHøLûWLUHELOPHN oRN
]RUGXUdQNNLûLOLNROXûPXûLQDQÖODQGHøHUOHU\HUOHûPLûWLU.D]DQÖODQEXGHøHUOHUGHQ
\HWLûNLQ
oDøÖQGD
YD]JHoPHN
EX
DQODPGD
NLûLOLøLQGHQ
YD]JHoPHN
LQDQFÖQGDQ
YD]JHoPHN DQODPÖQD JHOL\RU %X PFDGHOHQLQ LoLQH JLUPHN LVWH\HQOHU GH oRN ID]OD
ROPX\RU 2 QHGHQOH LQVDQOÖøÖQ \DSDJHOGLøL YH EXJQ GH WHNUDUODPDNWD ROGXøX KDWD
oRFXøD GRøGXøX DQGDQ LWLEDUHQ YHUGLøL WRSOXPVDO HøLWLPH DWIHWWLøL |QHPLQ GûN
ROPDVÖ YHKDWDODUÖQÖ RUDGD LûOHPHVLGLU úLPGL GûQQ NL ELU oRFXNGQ\D\D JHOL\RU YH
RQVHNL]\DûÖQDNDGDUDQQHVLHYGHG|YO\RUNDUGHûOHULG|YO\RUNHQGLVLG|YO\RU
2NXOD JLGL\RU RNXOGD GD G|YO\RU 0DKDOOHGH GH G|YO\RU úLPGL EX oRFXøXQ
]LKQLQGH D\DNWD NDODELOPHN LoLQ WHU|U HVWLUPHNWHQ EDûND ELU DUDo YH JHUHFLQ |Q SODQGD
RODELOPHVL PPNQ P" 0PNQ GHøLO 'ROD\ÖVÖ\OD LoLQGH \HWLûWLøLPL] RUWDP YH\D
oRFXøD oRFXN ROGXøX DQGDQ LWLEDUHQ \NOHGLøLPL] GHøHUOHUOH EL] R LQVDQÖQ YH D\QÖ
]DPDQGDGDWRSOXPXQJHOHFHøLQLûHNLOOHQGLUL\RUX]
.LûLQLQ\HWLûPHVLQGHYHNLûLOLøLQROXûPDVÖQGDEXGHQOL\DûDPVDO|QHPLRODQHøLWLPH
PDDOHVHI 7UNL\H·GH NDPX ND\QDNODUÖQGD *60+·QÖQ ·VLQL D\ÖUPDN VXUHWL\OH
GQ\DQÖQ |QGH JHOHQ NÖUN HNRQRPLVL LoLQGH RWX] GRNX]XQFX VÖUDGD\Ö] %|\OH ROXQFD
GD DOWPÖû LOD \] NLûLOLN VÖQÖIODUGD GHUV YHUPHN GXUXPXQGD RODQ |øUHWPHQOHUH
WRSOXPXQ HQ GûN FUHWLQL YHULUVHQL] |øUHWPHQ PHVOHøLQL VHoHQOHULQ NDOLWHVL YH
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
NHQGLOHULQL \DûDP ER\X HøLWPHNWH NDUûÖODûWÖNODUÖ VÖNÖQWÖODU GD HøLWLPLQ NDOLWHVLQL YH
UQQ HWNLOHU %XQXQ \DQÖQGD RNXPDGDQ VRøXWDFDN WDU]GD ELU HøLWLP SROLWLNDVÖ
ROGXøXVUHFHEHOLUOLNXUXPODUÖGDELWLUVHOHUELOHJHQoOHUVRQXoWDELULûHJLUHPL\RUODUVD
VRUXQ FLGGL ELU ELoLPGH EDûOÖ\RU (øLWLPVL] NDOPÖû YH\D L\L HøLWLP DOPDPÖû ELU NLûL Lû
SL\DVDVÖQDJLUGLøLYDNLWNHQGLVLQHLûYHULOPL\RUVDYH\DYHULOHPL\RUVD\DVDGÖûÖ\ROODUGDQ
NDUQÖQÖ GR\XUPDN YH KD\DWÖQÖ LGDPH HWWLUHELOPHN NDUûÖVÖQGD ELU VHoHQHN RODUDN
EHOLUHFHNWLU $\UÖFD Lû RUWDPÖQGD GD HQ PDVXP NDGHPHVL ND\ÖW GÖûÖ RODUDN oDOÖûDQ
DOWHUQDWLI ELU LVWLKGDP DODQÖ YDUVD LûVL] NDODQ NLûLQLQ EX DODQODUD ND\PD RODVÖOÖøÖ
D]ÖPVDQPD\DFDN ER\XWWD RODFDNWÖU ùûWH GQ\DQÖQ KHU WDUDIÖQGD \DVD GÖûÖ oDOÖûDQODU
WHU|UHNXUEDQRODUDNVHoLOHQLQVDQODU\D\JÖQELUûHNLOGHEXLûVL]YHHøLWLPNDOLWHVLGûN
oHYUHOHUGHQ VDøODQPD\D oDOÖûÖOPDNWDGÖU $\UÖFD PRUDO GHøHUL GûN RODUDN \HWLûPLû
LQVDQODU GD EX SL\DVDQÖQ GLøHU ELU ND\QDøÖGÖU $øDo \Dû LNHQ HøLOLU PDQWÖøÖQGDQ
KDUHNHWOH GûQOGøQGH LQVDQODUD JHQoNHQ \DQOÖû GHøHUOHU \NOHPHQLQ RQODUGDQ
\HWLûNLQ ROGXNODUÖQGD GRøUX GHøHUOHUOH JGOHQHQ GDYUDQÖûODUGD EXOXQPDODUÖQÖ YH\D
WRSOXP LoLQGH GRøUX UROOHU DOPDODUÖQÖ EHNOHPHQLQ DûÖUÖ ELU L\LPVHUOLN RODFDøÖ VRQXFXQD
YDUDELOLUL]
úLPGL EHQ QLoLQ DøÖUOÖNOD HøLWLPLQ ]HULQGH GXUX\RUXP RQXQ QHGHQLQL GH
V|\OH\H\LP .RQJUHQLQ SURJUDP OLVWHVLQH EDNWÖøÖPÖ] ]DPDQ DLOH RNXO HøLWLP YH HWLN
GHøHUOHU ]HULQGH D\UÖ ELU RWXUXPD \HU YHULOPHGLøLQL J|]OHPOHGLP %X \DNODûÖPÖ GD
û|\OH DOJÖODGÖP +HU RWXUXPGD RWXUXP NRQXVX LûOHQLUNHQ GRøDO RODUDN NRQXQXQ
HøLWLPLQER\XWXQDGD\HUYHULOHFHNYHLûOHQHFHNWLU%XDQOD\ÖûÖGRøUXODPDNLoLQGHEHQ
NHQGL VUHPLQ EHOLUOL ELU E|OP HøLWLPH D\ÖUGÖP %LUD] |QFH GLOH JHWLUGLøLP DQOD\ÖûÖ
\DQL JHQoOLøLQGHQ LWLEDUHQ LQVDQODUD QH GHøHUOHU YHUL\RUVDN NHQGL \DûDPODUÖQÖ YH
WRSOXPX HWNLOH\Lû ER\XWODUÖQÖ ûHNLOOHQGLULUL] J|UûQ EHQGHQ oRN |QFH PLODWWDQ |QFH
G|UGQF \]\ÖOGD (IODWXQ V|\OHPLûWLU ´(øLWLPLQ EDûODGÖøÖ \|Q LQVDQÖQ JHOHFHN \DûÖQÖ
EHOLUOHUµ'RøUXHøLWLPOHEDûODUVDQÖ]L\LLQVDQ\HWLûWLULU\DQOÖûHøLWLPOHEDûODUVDQÖ]\DQOÖû
LQVDQ\HWLûWLULUYHVRQXoODUÖQDNDWODQÖUVÖQÖ]DUDVÖQGD\DûDPÖûùVYHoOLSHGDJRJ
-RKDQQ3HVWDOR]]Lû|\OHGL\RU´$KODNUXKYHJ|UHYELOLQFL\|QQGHQo|NPûRODQELU
GQ\D DQFDN YH DQFDN HøLWLPOH LQVDQ \HWLûWLUPHNOH LQVDQODUD HUGHPL |øUHWPHNOH
PPNQGUµ %XQD EHQ]HU ELUoRN |]GH\Lû \D]ÖOÖ WDULKLQ EDûODGÖøÖ 6PHUOHU·GH GH
EXOXQXU (øHU LoLPL]GH IÖUVDW EXOXS 7DULK 6PHUOH %DûODU NLWDEÖQD V|\OH ELU J|] DWDQ
YDUVD HWLN GHøHUOHULQ LON RQODUÖQ WDEOHWOHULQGH \HU DOGÖøÖQÖ GD DQÖPVDU ù\L YH N|W
PFDGHOH VUHFL PLODWWDQ |QFH LNL ELQ o ELQ \ÖO |QFHVLQH NDGDU JLGHU 2 JQGHQ EX
JQH ]DWHQ LQVDQOÖN HWLN GHøHUOHUL WDUWÖûDJHOPHNWHGLU 9H EX DUDGD WDELDWÖ\OD HøLWLP
LQVDQODUÖ HYGH ûX YH\D EX \|QWHPOH WHUEL\H HWPHN RNXO VÖUDODUÖQGD ûXQX YH\D EXQX
RNXWPDNWDQ LEDUHW GHøLOGLU (øLWLPLQ LoHULøL GH VRQ GHUHFH |QHPOL 8QXWPD\DOÖP NL
EL]LP WRSOXPXPX]GD KHUKDOGH ELULOHULQH ]DUDUOÖ J|UQGø LoLQ \ÖOODUGÖU IHOVHIH
VRV\RORML SVLNRORML PDQWÖN GHUVOHUL ]RUXQOX RODUDN RNXWXOPD] \ÖOÖQGD IHOVHIH
WHNUDU]RUXQOXGHUVOHUDUDVÖQDNRQXOGXDPDDUDGDNL\ÖOODU\LWLULOGL
%LU GH HøLWLP WHN EDûÖQD \HWPL\RU ùQVDQÖQ |] GHQHWLPL WRSOXPVDO \DUDUOÖOÖN
DoÖVÖQGDQWDûÖGÖøÖGHøHUOHU|QHPOLùVWHUVHVL\DVHWOHXøUDûVÖQLVWHUVHDNDGHPLV\HQROVXQ
LVWHUVH Lû DGDPÖ ROVXQ \DQL WRSOXPGD KDQJL URO VWOHQPLû ROXUVD ROVXQ KHU H\OHPLQL
PRUDOGHøHUOHUWDUWÖVÖQGDWDUWPÖ\RUVDRWRSOXPGDVÖNÖQWÖODUYDUGHPHNWLU%XEDøODPGD
QO ELUGûQUQ ELU LONHVLQL VL]OHUOH SD\ODûPDN LVWL\RUXP dLQOL GûQU .RQIo\V
PLODWWDQ
|QFH
DUDVÖQGD
\DûDPÖû
NHQGLVLQH
X\JXODGÖøÖ
YH
EL]LP
GH
]DQQHGL\RUXPEXJQGDKLX\JXODPDPÖ]JHUHNHQoLONH\LV|\O\RU´+HUJQNHQGLPL
o NRQXGD VRUJXODUÖP EDûNDODUÖ DGÖQD \DSWÖNODUÖPGD HOLPGHQ JHOHQLQ HQ L\LVLQL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DSDELOGLP PL"µ %X FPOH NDPX ND\QDNODUÖQÖ NXOODQDQ NDPX\D \|Q YHUHQ LQVDQODU
LoLQ
GDKD
L\L
LIDGH
HGLOHPH]GL
´'RVWODUÖPOD
LOLûNLOHULPGH
V|\OHGLøLP
V|]OHUOH
JYHQOHULQL \LWLUWHFHN ELU ûH\ GLOH JHWLUGLP PL"µ 7RSOXPVDO LOLûNLOHUL G]HQOH\HFHN
GUVWON LONHVL LoLQ NHQGLQL VRUJXODPDN EXQGDQ GDKD L\L LIDGH HGLOHELOLU PL" +HU JQ
NHQGLVLQH VRUGXøX oQF VXDO LVH ´.HQGLPH X\JXODPDGÖøÖP ELU ûH\L GLøHU LQVDQODUD
\DSWÖP PÖ"µ .DoÖPÖ] EX VXDOOHUL KHU JQ NHQGLPL]H VRUX\RUX]" (øHU NHQGL
|]HOHûWLULPL]L
\DSPÖ\RUVDN
NHQGLPL]GHNL
YH
oHYUHPL]GHNL
NoN
KDWDODUD
J|]
\XPX\RUVDN GDKD E\N \HWNL YH LPNDQODU HOLPL]H JHoWLøL YDNLW GDKD E\N KDWDODUÖ
\DSPD\DFDøÖPÖ]ÖQJDUDQWLVLQHUHGH"
%XJQ DOWÖQÖ oL]PHN LVWHGLøLP ELU GLøHU KXVXV GD WRSOXPVDO GHøHUOHULQ GDKD GD
N|W\H JLWPHVLQGH EL] EHOLUOL \HWNLOHUL YH DUDoODUÖ \DQOÖû NXOODQÖ\RUVDN KHP oRFXNODU
KHP GH \HWLûNLQOHU LoLQ FLGGL WHKOLNHOHU \DUDWÖ\RUX] <XUW GÖûÖQGD oHûLWOL ONHOHUGH
WHOHYL]\RQODUÖQ
ED]Ö
SURJUDPODUÖQGD
´NÖUPÖ]Ö
QRNWDµ
NRQXU
*D]HWHOHUGHNL
79
SURJUDPODUÖQÖQDOWÖQGDGDEXNÖUPÖ]ÖQRNWDLoLQHøHUNDWROLNONHVL\VHNRGNDWROLNGL\H
\D]DU <DQL RQX RQ VHNL] \DûÖQGDQ NoN oRFXNODUÖQ VH\UHWPHPHVL YH\D RNXPDPDVÖ
JHUHNLU %HQLP oRFXNODUÖP \XUW GÖûÖQGD EXOXQGXøXPX] G|QHPGH EXQX J|UGNOHULQGH
RGDODUÖQD JLGHUOHUGL $PD LON |øUHWLP oDøÖQGD EXUD\D G|QGNOHULQGH ´'DOODVµ GL]LVLQL
DUNDGDûODUÖQGDQGLQOHGLNOHULLoLQ´6HQEL]HQHGHQVH\UHWWLUPL\RUVXQ"µGL\HLV\DQHWWLOHU
%L]LP NHQGL ONHPL]GH KHU WUO SURJUDP KHU VDDWWH oRFXNODUD YH HULûNLQOHUH DoÖN
%XJQEXUDGD NHQGL NHQGLPL]L \ÖSUDWWÖøÖPÖ] DUDo YH JHUHoOHUL GH oRN L\LVRUJXODPDPÖ]
JHUHNLU ùûWH 57h. YV JLEL NXUXPODUÖQ ROXûWXUXOPDVÖQÖQ DUNDVÖQGD EX LKWL\DoODU
\DWÖ\RU2OD\ODUÖVLYLOWRSOXP|UJWOHULDUDFÖOÖøÖ\ODGHQHWOHPHN
%XJQ WRSOXP RODUDN WLFDUL DOÖûYHULûOHUGHNL KLOHGHQ N|W PDOGDQ ûXQGDQ EXQGDQ
ûLND\HW HGL\RUX] (PLQ ROXQ G|UW ELQ EHû \] \ÖO |QFH GH LQVDQODU EXQGDQ ûLND\HW
HGL\RUODUGÖ6PHU·GH,,,8UKDQHGDQÖQÖNXUDQ8U1DPPXPLODWWDQ|QFHLNLELQG|UW
\] \ÖOÖQGD oÖNDUGÖøÖ YH HWLN EDûDUÖODUÖQÖ VÖUDODGÖøÖ \DVD\D LOLûNLQ PHWLQGH ûXQODUÖ
YXUJXOX\RU
´.|N
VDOPÖû
EURNUDWLN
\ROVX]OXNODUD
VRQ
YHUGLP
SD]DU
\HULQGH
GUVWOø VDøODPDN LoLQ DøÖUOÖN YH |OoOHUH G]HQOHPH JHWLUGLP GXO \HWLP YH
\RNVXODUÖ N|W GDYUDQÖûODUGDQ NRUXGXPµ $GHWD EXJQ \D]ÖOPÖû $UDGDQ G|UW ELQ EHû
\] VHQH JHoPLû G|UW ELQ EHû \] \ÖOGD QH NDGDU GHYOHW NXUXOGX\VD KHU ELULQLQ
\DVDODUÖQGDEXQODUYDU$PDûXQXXQXWPD\DOÖPELUD]|QFH'HøHUOL+RFDPÖQGDLIDGH
HWWLøL JLEL LQVDQÖQ PD\DVÖQGD L\LOLNOH N|WON \DQ \DQD ù\LOLNOH N|WOøQ PFDGHOHVL
LQVDQOÖNWDULKLDGDOHWOLROPDNODDGDOHWVL]ROPDQÖQPFDGHOHVLEXWDULKD\QÖ]DPDQGD9H
EX PFDGHOHGH ]DPDQ ]DPDQ N|WONOHU DGDOHWVL]OLNOHU YH\D HUGHPVL]OLNOHU |Q SODQD
oÖNDELOGLøL LoLQ WRSOXPODU \ÖNÖOÖ\RU 8U1DPPX·QXQ GD KDQHGDQÖ \ÖNÖOGÖ GHYOHWL WDULKH
NDUÖûWÖRQGDQVRQUDELUVUWRSOXP\DûDPODUÖQÖVUGUGYHWDULKHNDUÖûWÖODUùûWHL\L\OH
N|WQQ
PFDGHOHVLQL
EX
EDûDUÖ
YH
EDûDUÖVÖ]OÖNODU
ûHNLOOHQGLUL\RU
6|]OHULPL
WDPDPODPDGDQ |QFH EX E|OPGH ELU ûH\LQ GDKD DOWÖQÖ oL]PHN LVWHULP 'HøHUOL
DUNDGDûÖP EHQGHQ |QFH V|\OHGL QRUPODUÖ NRGODUÖ oRN L\L NR\PDPÖ] OD]ÖP <HWHUOL
GHøLO oQN QRUPODUÖ YH NRGODUÖ NR\GXøXQX] DQGD RQODUÖQ GÖûÖQGD \DûDPDN LVWH\HQOHU
VL] RQODUÖ \D]GÖøÖQÖ] GDNLNDGDQ LWLEDUHQ RNX\XS RQODUÖQ ERûOXNODUÖQÖ EXOXS EX
ERûOXNODUGDQ LVWLIDGH HWPHQLQ \ROODUÖQÖ DUÖ\RU 6L] EXQX IDUN HGHQH GHøLQ GH EHOOL ELU
]DPDQ JHoL\RU 2 ]DPDQ ERûOXøXQGD GD LVWHQHQ VRQXoODU HOGH HGLOL\RU 2 QHGHQOH
3XEOLOLXV 6\UXV ûXQX GL\RU EX DQOD\ÖûÖ PRUDO GHøHUOHULPL]LQ LoLQH DOPDPÖ] JHUHNWLøLQH
LQDQÖ\RUXP´.DQXQODUROPDGÖøÖQGDELOHYLFGDQYDUGÖUµùûWH.RQIo\V·Q\DSWÖøÖGD
KHU JQ NHQGL YLFGDQ PDKNHPHVLQH oÖNÖS VRUJXODPD\D YHUGLøL \DQÖWODUOD PRUDO
GHøHUOHULQL NRUXPDVÖ YH \NVHN WXWPDVÖGÖU úLPGL EL]LP GH LQVDQODUÖPÖ]D DLOHGHQ
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
EDûOD\DQ HøLWLP VLVWHPLPL]OH NR\GXøXPX] NDQXQODU YHUGLøLPL] NRGODU YV YDU (YHW
DPDEXQODU\RNNHQGDKLYLFGDQGRøUX\X\DQOÖûWDQD\ÖUWHGHELOPH\HWHUOLOLøLQHVDKLSPL"
%X \DUJÖ\Ö YHUHELOHFHN GRQDQÖPODUOD GROX ROGXøXPX] YDNLW ]DQQHGL\RUXP HUGHP
ID]LOHW DGDOHW L\LOLN PFDGHOHVLQGH KHU ELULPL]LQ NLûLVHO YH\D NXUXPVDO NDWNÖODUÖ GDKD
JoO YH NDOÖFÖ RODFDNWÖU %X NDWNÖODUÖ \|QHOWWLøLPL] NXUXPODU LWLEDUL\OH D\DNWD
WXWWXøXPX] VUHFH GDKD L\L YH GDKD J]HO ELU \DUÖQÖ oRFXNODUÖPÖ]D EÖUDNDELOPHN LoLQ
J|UHYLPL]L\DSPÖûROPDRQXUXQXWDûÖ\DFDøÖ]7HûHNNUOHU
$NÖQ(UJGHQ
7HûHNNU HGHUL] 6D\ÖQ 8OXøED\ 6ÖUDGDNL NRQXûPDFÖPÖ] 'RøX (UJLO %X\XUXQX]
6D\ÖQ(UJLO
'RøX(UJLO
%HQ ELUD] IDUNOÖ ELU ER\XWX GLOH JHWLUPHN LVWL\RUXP 7HU|UL]P WDULK LoLQGH oHûLWOL
DûDPDODUGDQ JHoWL ·GHQ %LULQFL 'Q\D 6DYDûÖ·QD NDGDU JHoHQ G|QHPGH DQDUûLVW
KDUHNHWOHULQ GH LoLQGH EXOXQGXøX ELU WUO JHUoHNOHûPH\HQ UHIRUPX ]RUODPDN DGÖQD
ûLGGHW H\OHPOHULQL LoHUHQ ELU GDOJD\Ö J|UGN 2QGDQ VRQUD %LULQFL 'Q\D 6DYDûÖ LOH
ùNLQFL 'Q\D 6DYDûÖ·QGDQ ELU RQ \ÖO VRQUD\D NDGDU GHYDP HGHQ LNLQFL ELU G|QHP YDU
·ODUD NDGDU GL\HOLP %X GDKD oRN EDøÖPVÖ]OÖN |]JUON |]HUNOLN PFDGHOHOHULQL
LoHUHQ ELU WDU]GÖ ·WDQ VRQUD PHY]LL ROPDNWDQ oÖNÖS JLGHUHN XOXVODUDUDVÖODûDQ ELU WU
WHU|UL]P WLSLQH JHOL\RUX] %XQXQ HQ oDUSÖFÖ |UQHøL )LOLVWLQOL JHULOODODUÖQ 0QLK·WHNL
ROLPSL\DWNDPSÖQÖEDVPDVÖùVUDLOOLVSRUFXODUÖUHKLQDOPDVÖYHoRNNDQOÖELWHQRH\OHPGH
EWQGQ\DQÖQ|QQGHVHUJLOHQHQ WHDWUDO ELUROD\GÖ 2JQGHQ LWLEDUHQ ·OHUGH L\LFH
EHOLUJLQOHûPLû RODQ GDYDODUÖQ JLGHUHN NXWVDOODûWÖUÖOGÖøÖ YH EX NXWVDOOÖøÖQ E\N |OoGH
GLQ LOH WHPHOOHQGLULOGLøL VDGHFH R ]DPDQD NDGDU ELOGLøLPL] WHU|UL]P PDQWÖøÖQD X\JXQ
GHøLOIDNDWD\QÖ]DPDQGDNHQGLVLQLGH\RNHGHQQLKLOLVWELUWDU]RUWD\DoÖNWÖ
7HU|UL]PLQNODVLNPDQWÖøÖQÖQKHGHIRODUDNEHOLUOHQHQJUXEXNLWOH\LGHYOHWLDQOD\ÖûÖ
\DGDPDGGLKHGHIOHULPPNQROGXøXNDGDUD]ND\ÖSYHUHUHNPPNQROGXøXNDGDU
D] ]DUDU J|UHUHN WDKULS HWPHN YH EX WDKULELQ D\QÖ ]DPDQGD PHG\DWLN ELU ROD\D
G|QûWUOPHVLQL VDøODPDN ROGXøXQX ELOL\RUX] $] ]DUDUOD oRN ]DUDU YHUPHN YH EXQX
PPNQ ROGXøX NDGDU JHQLû oDSOÖ ELU HWNLOHPH ROD\ÖQD G|QûWUPHN EX DQODPGD
EWQ WHU|UL]P ROD\ODUÖ ELU VDKQH G]HQOHPHVLGLU GHQHELOLU 7DQÖPODQDFDN ROXUVD
WHU|UL]P |OGUOHQ VDOGÖUÖODQ YH\D WDKULS HGLOHQ LQVDQ YH PDGGL KHGHIOHULQ |WHVLQGH
oRN GDKD JHQLû NLWOHOHUL HWNLOH\HUHN VWUDWHMLN IDNDW \DVD GÖûÖ \ROODUOD ND]DQoODU HOGH
HWPHNWLU%XUDGDDOWÖoL]LOPHVLJHUHNHQûH\VDOGÖUÖODQYH\D\RNHGLOHQLQVDQLYH\DPDGGL
KHGHIOHUGHøLORQODUÖELUDUDoRODUDNNXOODQDUDNoRNGDKDJHQLûNLWOHOHULHWNLOHPHNWLU2
DQODPGD ´WHDWUDOGLUµ GHPHN LVWL\RUXP %X QH NDGDU GHKûHW LoHULUVH NL WHU|U GHKûHW
GHPHNWLUELOL\RUVXQX]RNDGDUHWNLOLROXU
7HU|UL]POH PFDGHOH EXJQH NDGDU KHS GDKD E\N JoOH RQX NDUûÖODPDN YH
EDVWÖUPDN ELoLPLQGH ROPXûWXU JHQHO DQODPGD )DNDW WHU|UL]P GH NHQGLVLQL EXQD
X\GXUGXYHVDGHFH\RNHWPH\HYHNDUûÖGDNLQL\RNHGHUHNNHQGLVLQLND]DQoOÖoÖNDUDPD\D
\|QHOLN ELU ûLGGHW ROJXVX ROPDQÖQ |WHVLQGH ND]DQÖPODUÖQÖ KLoH VD\DQ ELU \RN HWPH
ELoLPLQHG|QûW%XUDGLNDOELUQLKLOLVWWDYÖUGÖU<DQLND]DQGÖøÖQÖJ|UPHGHQNHQGLVLQL
GH IHGD HGHQ \HQL ELU DNÖP \HQL ELU WDU] WHU|UL]P %X WHNQRORMLQLQ PDVXP UQOHULQL
ELOH VLODKD G|QûWUHQ oQN GQ\D\Ö ELU VDYDû DODQÖ RODUDN DOJÖOD\DQ ELU PFDGHOH
WDU]Ö $UWÖN FHSKH VDYDûÖ DQOD\ÖûÖ VRQD HUGL %WQ GQ\D ELU PFDGHOHQLQ VDKQHVL
%\N GHYOHWOHULQ QNOHHU JoOHULQH NDUûÖ ELU |OP VLODKÖ JHOLûWLULOGL .HQGLVLQL GH \RN
HGHQELUPDQWÖøÖSR]LWLYLVWELUEDNÖûDoÖVÖQÖQDQODPDVÖPPNQGHøLOdQNNRQWURO
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PPNQGHøLOE|\OHELUPDQWÖøÖQúLPGL\HNDGDUHJHPHQOLNQDPOXXFXQGDQJ|UOHUHN
VDøODQGÖøÖ LoLQ GQ\D\Ö ELU NHUH GHøLO GQ\D ELU NHUH \RN HGLOVH EWQ \DûDP GXUXU
ELUNDo NHUH \RN HGHFHN NDGDU QNOHHU YH EDûND VLODKODU YDU GQ\DGD %X QLoLQ \DSÖOGÖ"
ùVWLNUDU DGÖQD \DSÖOGÖ ùVWLNUDU HûLWWLU EDUÖû R GD HûLWWLU GHKûHW GHQJHVLGLU 1H NDGDU
oDUSÖNELUDQOD\ÖûGHøLOPL"
=DWHQ WHU|UL]PLQ WHPHOLQGH RODQ ROJX WHU|U \DQL GHKûHWWLU 7HU|UL]P ELU H\OHPGLU
GHKûHW \DUDWPDN YH R GHKûHW \ROX\OD LQVDQODUÖ SDUDOL]H HGLS NRUNXWXS VLQGLUHUHN YH\D
GHYOHWOHUL \D GD VL\DVDO UHMLPOHUL JHULOHWHUHN WDYL]OHU NRSDUWPDNWÖU %LU WU ûDQWDM
\|QWHPLGLU$PDGHKûHWGHQJHVL³J|U\RUVXQX]³EHNOHQHQVRQXFXDoÖVÖQGDQoDUSÖN
ELU PDQWÖN %X PDQWÖN GHKûHWL \D\PD\D QHGHQ ROGX YH \HQL WU WHU|UL]P GDOJDVÖQÖQ GD
KHUKDOGH HEHOLøLQL \DSWÖ 5HIDK GHQJHOL JHOLûPH YH HûLWOLN DUD\ÖûÖ NUHVHOOHûHFHøLQH
GHKûHWLQ \DQLWHU|UQ NUHVHOOHûWLøLQL J|U\RUX] =HQJLQ PUHIIHK LOHULONHOHUH NDUûÖ
\RNVXO YH RWRULWHU WRSOXPODU YDU GQ\DGD DPD ONH LoLQGH ]HQJLQ YH GQ\DOÖ VÖQÖIODUD
NDUûÖ JHFHNRQGXODU HûLWVL] ELU LOLûNL\L LIDGH HGL\RUODU %X QLWURJOLVHULQ GROX ELU DUDEDQÖQ
WDULKLoLQGHKDUHNHWHWPHVLJLEL6RQGHUHFHWHKOLNHOLYHSDWODPD\DKD]ÖU
%|\OH HûLWVL] ELU LOLûNL \DQ \DQD \DûD\DQ ELUOLNWH \DûD\DQ LOLûNL HWLN PL" (JHPHQOLN
ELU WHN WDUDIOÖ \DûDP WDQÖPÖQÖQ |UQHN J|VWHULOPHVL LQVDQODUÖQ E|\OH \DûDPD\D
oDøUÖOPDVÖ\DQLDPDoODUÖQEHOLUWLOPHVLDPDDUDoODUÖQVXQXOPDPDVÖRODUDNODQVHHGLOLS³
NL VRV\RORMLGH EXQD DQRPL GL\RUX] NXUDOVÖ]OÖN³ GQ\DGD WRSOXPODU DUDVÖQGDNL LOLûNL
E|\OH \DûDQÖUNHQ EX \]GHQ ELUWDNÖP LQVDQODU WHU|ULVW VDOGÖUÖ VÖUDVÖQGD |OGUOGNWHQ
VRQUD PLO\RQODUFD LQVDQ VHYLQL\RUVD EX oDUSÖN JD\UL DKODNL ELU LOLûNL 3HNL DKODNL RODQ
QH" $KODNL RODQÖ DUDUNHQ ³KHUKDOGH³ \DûDP YH G]HQ LOLûNLVLQLQ VRUJXODQPDVÖ OD]ÖP
%XQGDQ +LNPHW %H\ EDKVHWWL $KPHW %H\ EDKVHWWL *o HøHU KXNXN YH DGDOHW
NDYUDPODUÖ\OD EHVOHQPL\RUVD RQODU ]HULQH RWXUPX\RUVD RQODUGDQ VR\XWODQPÖû RODUDN
NXUXOXS X\JXODQÖ\RUVD EX LOLûNL VDøOÖNOÖ GHøLO (WLN KLo GHøLO $PD EXQX |UWEDV HWPHN
LoLQ EDNÖQ XOXVODUDUDVÖ PHG\D\D ³.|UIH] 6DYDûÖ·QGD GD ROGX EXUDGD GD ROGX³ EX
NDGDU E\N KDOÖ ERPEDUGÖPDQÖ \DSÖOÖUNHQ ELU WHN |OQQ UHVPLQL J|UPHGLQL]
J|UG\VHQL]ELOHDUÖ]LGLUEX
3HNLEXWUNHQGLQLGH\RNHGHQWHU|ULVWWLSLQDVÖORUWD\DoÖNWÖ"9HQHV|\O\RUEL]H"
dQN RQXQ QH V|\OHGLøLQL DQODPDGDQ RQXQOD PFDGHOH HWPH\L YH GQ\D\Ö GD RQXQ
WHU|UQ |QOH\HFHN ELoLPH G|QûWUPH\L EDûDUDPD\Ö] 2QXQ LoLQ RQXQ GQ\DVÖ LKODO
HGLOPLûWL %HONL ÖU]ÖQD JHoLOPLûWL 2 \]GHQ GH GLNNDW HGHUVHQL] ùNL] .XOHOHULQ YH
3HQWDJRQ·XQ YXUXOPDVÖ GD ELU ÖU]D JHoLû LûOHYL JLEL NDUûÖOÖøÖQÖ J|UG 2QODU PRGHUQ
NOWUOH JHOHQHNVHO NOWUQ PHOH]L ELU NOWUQ oRFXNODUÖ 2 PHOH] NOWUQ HWLN
NDYUDPODUÖ GDKD ROXûPDGÖ $PD \DûDGÖNODUÖ NRûXOODUGD WHGLUJLQOLN YDU *HoPLûWHQ
NRSPD JHOHFHøLQ ELU SDUoDVÖ RODPDPD YDU (QGLûH YH PDUMLQDOOHûPH GX\JXODUÖ YDU
.DUûÖWOÖNYHERûOXN|INHOLELULV\DQDQHGHQROX\RUDPDGHYULPHGHøLOdQNGHYULPLQ
ELU JHOHFHN SURMHVL YDUGÖU LV\DQÖQ GHøLO 2 \]GHQ WDKULS HWWLøL LQVDQL YH\D PDGGL
KHGHIOHU JLEL NHQGLVLQL GH \RN HGHELOL\RU 2QXQ LoLQ \RN HWPHN DUWÖN DPDo %X QLKLOLVW
ELUWDYÖU
2 \]GHQ WHU|UL]POHVDYDûVDGHFH WHU|ULVWOHUL \DNDODPDNOD \D GD \RN HWPHNOH VÖQÖUOÖ
ROPDPDOÖ g]JUON DoÖNOÖN LQVDQ PHUNH]OL JHOLûPH YH DGDOHW LONHVLQH GD\DOÖ ELU
\|QHWLP ³LVWHUVHQL] \|QHWLûLP³ XOXVODUDUDVÖ HûLWOLN WHPHOLQGH \HQLGHQ ELU \DSÖODQPD
HWLN ELU \DSÖODQPD ROPDOÖ <D ROPD]VD QH ROXU" %LU VU %LQ /DGHQ RUWD\D oÖNDU LV\DQÖ
WHPVLO HGHQ 'LULVL |QHPVL] |OV NDKUDPDQ ELU VU LQVDQ VWHOLN JHQo LQVDQ RUWD\D
oÖNDU ´gOPH\H KHYHVOL H\OHPFLµ 1H GHPLûWL 7DOLEDQ·ÖQ WHPVLOFLVL" ´6L] \DûDPD\D QH
NDGDU KHYHVOL LVHQL] EL] GH |OPH\Hµ %XQX DQODPDN oRN Jo 1DVÖO ELU VRV\DOL]DV\RQ
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
VUHFLQGHQ JHoL\RU EX LQVDQODU NL |OPHN RQXQ LoLQ \DûDPDNWDQ GDKD GRøDO KDWWD
LVWHQHELOLUROX\RU"úXQXGHPHNLVWHPL\RUXP\DQOÖûDQODûÖOPDVÖQ%XDGDPODUoRNN|W
NRûXOODUGD\DûÖ\RUODUR\]GHQ|O\RUODU|OGU\RUODU+D\ÖUEXKD]ÖUOD\ÖFÖELURUWDP
$PD GRøUXGDQ GRøUX\D EX N|W NRûXOODU HûLWWLU ûLGGHW GHøLO %LU LNLQFL VRV\DOL]DV\RQ
VUHFL YDU 2QX L\L DQODPDPÖ] OD]ÖP %XQODUÖQ NDWÖ YH NHVLQ GHøHU \DUJÖODUÖ YDU 'LQVHO
RODELOLU GQ\HYL RODELOLU .HQGLOHUL YH PLV\RQODUÖ KDNNÖQGD DEDUWÖOÖ YH VRUXPOXOXøX
NHQGLOHULQHGHøLOKHGHILQH\DQVÖWDQJ|UûOHULYDU0HVHOD/DGLQ%XJQEDVÖQD\DQVÖ\DQ
ELU V|\OHPL YDU oRN LOJLQo ho |øHVLQL WHVSLW HWWLP VL]LQOH SD\ODûPDN LVWHGLøLP 'L\RU
NL ´(øHU KDONÖPÖ]ÖQ LQWLNDPÖQÖ DOPDN WHU|UL]P LVH EL] WHU|ULVWL]µ YH LNLQFL RODUDN
´0DVXP LQVDQODUÖ |OGU\RUX] GL\RUODU 'RøUX .XWVDO VDYDûWD |]JUON VDYDûÖQGD
PDVXP LQVDQODU |OGUOU 'LQLPL] GH EXQD FHYD] YHUL\RUµ GL\RU gOHQ LQVDQODU D\QÖ
WHU|UL]P PDQWÖøÖQGD ROGXøX JLEL WDUDIVÖ] GHøLOGLU =DWHQ WHU|UL]P YH\D WHU|ULVW
WDUDIVÖ]OÖøÖ NDEXO HWPH] ´<D EHQGHQVLQ \D GD GûPDQÖPVÖQ 7DUDIÖQÖVHoµ GHU 2 RUWD
DODQÖ X]ODûÖODELOHFHN J|UûOHELOHFHN DODQÖ \RN HGHU WHU|ULVW 7HN WDUDIOÖ ELU LUDGH
EH\DQÖGÖU EX %LU LUDGH\L ]RUODPD ELoLPLGLU (Q GUDPDWLN YH HQ HWNLOL |OP LoHUHQ
ELoLPLGLU
´gOHQOHU
$%'
VLVWHPL
LoLQ
oDOÖûÖ\RUGX
2
\]GHQ
RQODUÖ
PDVXP
DGGHGHPH\L]µ GL\RU 9H WDEL HQ |QHPOLVL ´%L]H GDYUDQGÖNODUÖ JLEL EL] RQODUD
GDYUDQGÖNµ GL\RU %X WDEL LOJLQo %X NÖVDVD NÖVDV DKODNÖ 'Q\D\Ö \DûDPÖ VRUXQODUÖ
DQODPDoDEDVÖQGDELUQHGHQVHOOLøLGÖûOD\DQVRUXQXGHøLOVRUXQOX\XRUWDGDQNDOGÖUPD\D
oDOÖûDQ YH DKODNÖ NDUûÖOÖNOÖ NDEXOH GD\DQDQ LONHOHUH GHøLO ûLGGHWH GD\DQGÖUÖOGÖøÖ LoLQ ELU
GHKûHWGHQJHVLPDQWÖøÖQDRWXUDQELUDQOD\Öû
$PD EX GHKûHW GHQJHVL VDGHFH WHU|ULVWLQ LIDGHVL YH\D GQ\D J|Uû GHøLO NL
'Q\DGDNL LVWLNUDU LoLQ EL]H EHOOHWLOHQ DQOD\Öû GD EX\GX 'Q\D EDUÖûÖ YH LVWLNUDUÖ
QNOHHU VLODKODUÖQ |]HOOLNOH VDøODGÖøÖ ELU GHKûHW GHQJHVL ]HULQH NXUXOPXûWX %L]H E|\OH
|øUHWWLOHU ùûWH EX |øUHWLQLQ oRFXNODUÖ WHU|ULVWOHUGLU $\QÖ PDQWÖøÖ ûLPGL EL]H NDUûÖ
NXOODQÖ\RUODU 3HNL LQVDQ QDVÖO EX KDOH JHOLU E|\OH GûQU GDYUDQÖU" ùûWH EX LNLQFL
VRV\DOL]DV\RQ GHGLøLP VUHo oRN |QHPOL 'RøGXNWDQ VRQUD DLOHGH EDûOD\ÖS RNXOGD
GHYDPHGHQYHWRSOXPGDVUHQVRV\DOL]DV\RQXQ|WHVLQGHEXKÖQoOÖEXPHOH]NOWUQ
ERûOXNWD EÖUDNWÖøÖ LQVDQODUÖQ JLUGLøL |UJWOHU ³ODLN RODELOLU EX³ \D GD FHPDDWOHU ³
GLQVHO RODELOLU³ RUDGD ELU LNLQFL VRV\DOL]DV\RQ VUHFLQL oDOÖûWÖUÖ\RU 2UDGD NHQGLOHULQLQ
GÖûÖQGDNLOHULQ N|W ROGXøX GROD\ÖVÖ\OD \RN HGLOPHVL JHUHNWLøL NHQGLOHULQLQ VHoLOPLû YH
E\N ELU GDYDQÖQ HUL ROGXNODUÖQD LQDQGÖUÖOGÖNODUÖ LNLQFL ELU VRV\DOL]DV\RQ VUHFL %XQX
DQODPDGÖNoD EX VRV\DOL]DV\RQ VUHFLQLQ KDQJL NRûXOODUGD RUWD\D oÖNWÖøÖQÖ ELOPHGLNoH
RQXQOD PFDGHOH HWPHPL] PPNQ GHøLO dQN EL]LP PDQWÖøÖPÖ] KDWWD NODVLN
WHU|UL]P PDQWÖøÖ EXQX DQODPDPÖ]D L]LQ YHUPL\RU %|\OH ELU DQOD\ÖûÖQ RUWDN E|OHQL
DQOD\ÖûGHøLOWROHUDQVGHøLOELUOLNWHOLNGHøLOQHIUHW$PDEXDQOD\ÖûODPFDGHOHHWPHQLQ
GH WHPHOL QHIUHW ROPDPDOÖ 8\JDUOÖNODU oDWÖûPDVÖ ROPDPDOÖ NDUûÖWOÖN ROPDPDOÖ 9H
J|U\RUVXQX] ûLGGHWH NDUûÖ ûLGGHW FHSKHVLQLQ GÖûÖQGD ELU GH EX ûLGGHWL PHûUXODûWÖUDQ
LNLQFL ELU FHSKH YDU %XQD JHUHNoHOHU PFDGHOHVL YH\D WHU|UL]P GL\HELOLUL] 0HG\D
EXQXQ KHP DODQÖ KHP GH DUDFÖ 2 \]GHQ PHG\DQÖQ EXUDGDNL URO IHYNDODGH |QHPOL
(øHU EX FHSKHGH |]JUONOHU NÖVÖODFDNVD WRSOXPODU OLEHUDO GHøHUOHU ]HULQGH GHøLO
JYHQOLN DQOD\ÖûÖ ]HULQGH NXûNX NRUNX YH JYHQOLN DQOD\ÖûÖ ]HULQH RWXUWXODFDNVD R
]DPDQ WHU|UL]P ]DWHQ DPDFÖQD YDUPÖûWÖU 7HU|UL]P ]DWHQ EX NXûNX YH NRUNX RUWDPÖQÖ
\DUDWPDN YH EXQXQ VRQXFXQGD NHQGL LVWHGLNOHULQL HOGH HWPHN LoLQ \DSÖODQ ELU ûLGGHW
H\OHPLGLU (WLN ROPD\DQ ELU PFDGHOH ELoLPLGLU 2QXQOD \DSÖODQ PFDGHOHQLQ GH HWLN
ROPDPDVÖKHUûH\LQDKODNGÖûÖQDGûPHVLQLKHUûH\LQPXEDKROPDVÖQÖYHKHUûH\LQJo
YHLNWLGDULoLQ\DSÖOGÖøÖQÖEL]HDQODWÖU%XUDGDWXWXQDFDNKLoELU\HUNDOPÖ\RU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
$NÖQ(UJGHQ
6D\ÖQ(UJLO·HWHûHNNUHGHUL]6D\ÖQ8OXo*UNDQEX\XUXQX]V|]VL]LQ
8OXo*UNDQ
gQFHOLNOH QDVÖO ELU 7UNL\H·GH \DûÖ\RUX]" %XQXQ WDULIL VRQ GHUHFH JHUHNOL GL\H
GûQ\RUXP %HONL EHQ \DûWDNLOHU JHoPLûH G|QN QRVWDOMLNWLUOHU YH J]HO JQOHUL
DQÖPVD\DELOLUOHU $PD VDORQXQ E\N oRøXQOXøXQX ROXûWXUDQ \LUPLOL \DûODUÖQ EHONL ELU
LNL\DûDOWÖQGDEHONLELULNL\DûVWQGHNLJHQoOHUGRøGXNODUÖJQGHQEHULHQIODV\RQXQ
GROX GL]JLQ LûVL]OLøLQ GL] ER\X JHOLU GDøÖOÖPÖQÖQ ER]XN E|OJHOHU DUDVÖQGDNL JHOLûPLûOLN
IDUNÖQÖQ HûLWVL] ROGXøX ELU 7UNL\H·GH \DûÖ\RU $KPHW ùQDP·ÖQ VRUXVXQX ELU NH] GDKD
DQÖPVD\DFDN ROXUVDN ´%X RUWDPGD EX NRûXOODUGD KDQJL GHøHUOHUOH \DûDQDELOLU"µ g\OH
J|UQ\RU NL 7UNL\H·GH EXJQ YDU RODQ QRNWDGD ROXPOX KLoELU GHøHUOH DûDøÖGDQ
\XNDUÖ\D \XNDUÖGDQ DûDøÖ\D \DûDQDPÖ\RU ùQVDQODUÖQ ]DWHQ E|\OHVL ELU RUWDPGD X]XQ
VUHGUVWYHQDPXVOXNDOPDODUÖGDoRNNROD\ROPX\RU
%DNÖQ UHVPL DKODNÖPÖ]OD ³HWLøLQ ELU ER\XWX RODUDN HOH DOÖQÖUVD³ JD\UL UHVPL
DKODNÖPÖ]DUDVÖQGDGDE\NELUIDUNOÖODûPDYDU+HUKDQJLELUJQIHOVHIHE|OPGHøLO
GH LGDUL ELOLPOHU IDNOWHVL PDOL\H E|OPQGH .DPX )LQDQVPDQÖ (WLøL GL\H ELU SDQHO
G]HQOHQVH KHUKDOGH NRQXûPDFÖODU EL] GH GDKLO ´%H\WOPDOH HO VUOPH] NDPX PDOÖ
NXWVDOGÖU \HWLPLQ KDNNÖ UHVPL DKODN YHUJL |GHPHN NXWVDOGÖUµ WDU]ÖQGD UHVPL DKODN
GHøHUOHULQL NRQXûXUX] $PD JD\UL UHVPL DKODNÖPÖ] QH" ´'HYOHWLQ PDOÖ GHQL] \HPH\HQ
GRPX]µ ´9HUJL |GHPHN HQD\LOLNWLUµ %X RUWDPGD UHVPL YH JD\UL UHVPL DKODN GD VRQ
GHUHFHDoÖOPÖûGXUXPGD5HVPLDKODNODJD\ULUHVPLDKODNÖQDoÖOGÖøÖQRNWDEL]LWLSLNELU
QRNWD\D GD J|WU\RU +LNPHW 8OXøED\·ÖQ EDKVHWWLøL R LNWLGDU PFDGHOHVLQGH EX
PFDGHOH
WP\OH
GHYOHWLQ
\DøPDVÖQD
NDPX
ND\QDNODUÖQÖQ
WDODQÖQD
G|QûPû
GXUXPGD *HUoHNWHQ ûX DQ 7UNL\H·GH WDULIOHUH VÖøPD\DFDN YH HWLN WDUWÖûPDODUÖQ
PXWODND
YH
PXWODND
RGDøÖQD
RWXUWPDPÖ]
JHUHNHQ
ELU
GHYOHW
\DøPDVÖ
NDPX
ND\QDNODUÖQÖQ WDODQÖ VRUXQX YDU %XQX KHP EL] SROLWLNDFÖODU \XNDUÖGDQ DûDøÖ\D GRøUX
J|WU\RUX] KHP GH WRSOXP DûDøÖGDQ \XNDUÖ\D GRøUX %X \DøPD WDODQ G]HQL
JHUoHNWHQ N|N VDOPÖû YD]L\HWWH YH oRNoD HOHûWLULOHQ KDNOÖ RODUDN HOHûWLULOHQ ELU NRQX
<DQL \DSÖODQ KHU WUO UH]LOOLN VRQ GHUHFH GRøDO ELU ROJX\PXû JLEL J|UQ\RU
7UNL\H·GH
HNRQRPLQLQ
\DUÖGDQ
ID]ODVÖQÖQ
ND\ÖWOÖ
ROPDGÖøÖQÖ
ND\ÖWVÖ] ROGXøXQX
NRQXûX\RUX]
0HG\D VDEDK NRQXûWXøXPX] 0HG\D EWQ GHøHUOHULQL ³HVNL PHG\D PHQVXEX
RODUDN EHQLP \DûDGÖøÖP \ÖOODUGD YDU RODELOHQOHU GH GDKLO³ \LWLUPLû GXUXPGD 7P\OH
ELUWLFDUHWNDYJDVÖ<DQLKDEHUGL\HLNLJUXEXQWLFDULoÖNDUODUÖVH\UHGLOPH\H]RUODQÖ\RUYH
R WLFDUL oÖNDUODUÖQ JYHQFHVL RODUDN oHûLWOL \DVDODUGD ELU HQJHO YDUVD ³|UQHøLQ 5DG\R
7HOHYL]\RQ hVW .XUXOX <DVDVÖQGD ED]Ö HQJHOOHU YDU³ ED]Ö JUXSODUÖQ HQHUML LKDOHOHULQH
JLUPHVLQH HQJHO ROX\RU LNWLGDUÖ\OD PXKDOHIHWL\OH EWQ VL\DVL SDUWLOHU ELUNDo NLûLQLQ
GLUHQPHVL\OH NDUûÖODûÖS R PHG\D JUXSODUÖQÖQ R WLFDUL oÖNDUODUÖQÖ QDVÖO JYHQFH\H DOÖUÖ]
GL\H\DVDNDYJDODUÖ\DSÖ\RU
%XQODUÖ ELU VL\DVHWoL RODUDN VRUXPOXOXNWDQ NDoPDN \D GD VRUXPOXOXøX SD\ODûWÖUPDN
LoLQ V|\OHPL\RUXP %LU WHVSLW ELU VDSWDPD EXOXQGXøXPX] QRNWD\Ö GRøUX DOJÖODPD
DQODPÖQGD V|\O\RUXP 9H JHUoHNWHQ 7UNL\H JHQoOHULPL]OH \DûÖW ³EXUDGD EXOXQDQ
JHQoOHULPL]OH QLYHUVLWH JHQoOLøLPL]OH \DûÖW³ \LUPL \ÖOÖQÖ KDU YXUXS KDUPDQ VDYXUGX
<DøPD WDODQ HNRQRPLVLQL \DUDWWÖ YH EXQXQ UQ RODUDN GD ûLPGL oRNoD \DNÖQÖODQ
WRSOXPGDKLoELUGHøHUL ROPD\DQ GHPDJRJ SRSOLVW NLUOLSROLWLNDODUÖQ YHSROLWLNDFÖODUÖQ
UHWLPLQH ELU DQODPGD \RO DoWÖ úLPGL KHS ELUOLNWH RQXQ NHIDUHWLQL |G\RUX] %X VRQ
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
GHUHFH DøÖU ELU NHIDUHW 7DKPLQOHULQ |WHVLQGH ELU NHIDUHW g\OHVLQH ELU NHIDUHW NL
\ROVX]OXNODU XVXOV]ONOHU YH \DøPD GHYOHWLQ HQ WHSH QRNWDODUÖQD XODûPÖû GXUXPGD
7UNL\H JLEL ELU ONHQLQ ûLPGL ELU LNL |UQHøLQL YHUHFHøLP HWLN ERûOXøX \DûDPDPDVÖ
JHUHNLU'Q\DQÖQKLoELU\HULQGHE|\OHELUûH\\DûDQPD]
'RNX]XQFX
&XPKXUEDûNDQÖPÖ]
SDUODPHQWRGD\GÖP³
QH
]DPDQ
6OH\PDQ
'HPLUHO·L
FXPKXUEDûNDQÖ
³R
VHoWLN"
G|QHPGH
0HFOLV
EHQ
NUVVQH
GH
³
KDWÖUOD\DELOPHN LoLQ KDIÖ]DODUÖPÖ]Ö ELUD] ]RUOD\DOÖP³ oÖNWÖ ELU ùONVDQ \ROVX]OXøX
WDUWÖûÖOÖ\RUGX ´9HUPLûVHP EHQ YHUGLP 1H ROPXû"µ GHGL .DUûÖOÖøÖQGD EL] RQX
FXPKXUEDûNDQÖ VHoWLN (WLøL WDUWÖûPDN oRN ]RU EX RUWDPGD 6RQUD ELU DLOH IRWRøUDIÖ
oHNWLUGL2DLOHIRWRøUDIÖQGDWRUXQODUKDULoKHUNHVKDSLVWH´%XEHQLPDLOHIRWRøUDIÖPµ
GHGL *|UHY VUHVLQL QDVÖO X]DWÖUÖ] GL\H DQD\DVD\Ö GHøLûWLUPH\H NDONWÖN 9H KDNLNDWHQ
LoLQGH oDOÖûWÖøÖPÖ] 7UNL\H %\N 0LOOHW 0HFOLVLQGH *HQHO .XUXO 6DORQX ELUD] VRQUD
UDNDPODUÖ\OD KDQJL ER\XWODUOD ELU \ROVX]OXøXQ NRQXVXGXU YXUJXODPD\D oDOÖûDFDøÖP
.HQGLQL VR\DQ ELU PHFOLV .HQGL NHQGLQL VR\GX 2QXQ LoLQGH oDOÖûÖ\RUX] 9H
VRUXPOXODUÖQD oÖNWÖN PHFOLVWH \DOYDUGÖN ´<DSPD\ÖQ DI \DVDVÖQÖµ $IIHWWLOHU <DUJÖ\D
JHWLUPHNLoLQNLPLLQVDQODUÖQJHUoHNWHQJ|EHøLoDWODPÖûWÖ<DUJÖX]DWWÖ6UDWOLo|]PHGL
DIoÖNDFDNGL\H9HDIoÖNWÖKHPHQELUFHOVHGHELWLUGLOHU
7UNL\H·QLQ EX RUWDPÖQGD ³\DûDGÖøÖPÖ] NUL] GL\RUX] EX RUWDPD³ EX HûLWVL]OLNOHU
WHU|U GH EHVOHU HWLN GHøHUOHULQ ER]XOPDVÖQÖ GD oUPH\L GH $PD EDNÖQ EX QDVÖO ELU
QRNWDGDQ ND\QDNODQÖ\RU 7UNL\H·QLQ |]HOOLNOH VRQ \LUPL \ÖOÖQGD \DQL EXUDGD EXOXQDQ
³WHNUDU YXUJXOX\RUXP³ JHQoOHULPL]LQ QLYHUVLWH |øUHQFLOHULPL]LQ \DûODUÖ\OD HûLW
G|QHPGH 7UNL\H JHUoHNOHûWLUGLøL NDPX \DWÖUÖPODUÖQÖQ \DUÖGDQ ID]ODVÖQÖ ³EX NRQXGD
HQ XIDN ELU GLO VUoPHP DEDUWPDP YDUVD VHYJLOL +LNPHW 8OXøED\ KHPHQ EHQL
G]HOWVLQ³ONV\HUVL]JHUHNVL]RODUDN\DSWÖ,VSDUWD·\DKDYDDODQÖ.DVWDPRQX·\DKDYD
DODQÖ 6LQRS·D KDYDDODQÖ úLPGL 0HQGHUHV +DYD $ODQÖ·QD NÖUN NLORPHWUH PHVDIHGH
$\GÖQ·D KDYDDODQÖQÖ WDUWÖûÖ\RUX] %|OQPû \ROODU GXUXUNHQ 7UNL\H $QNDUDùVWDQEXO
GÖûÖQGDNL EXQFD RWR\ROX ³ûLPGL .DUDGHQL]·GHNL³ QLoLQ \DSÖ\RU" hVWQGH ³
$QNDUD·QÖQoHYUHVLQGHNLRWR\ROODUÖGûQQ³NDoDUDED\DNDoVDQL\HGHNDoGDNLNDGD
XODûÖ\RUVXQX] G|UW ûHULWOL \ROGD" %HQ \LUPL NLORPHWUHGH LNL DUDED JHoWLøLPL ]RU
KDWÖUOÖ\RUXPYH\DEHQLoDUDEDQÖQJHoWLøLQL.DPXELQDODUÖûX$QNDUD·GDNL'Q\DGD
NDo ONHGH dHYUH %DNDQOÖøÖ YDU ELOPL\RUXP dRN D] ONHGH YDU *HQHOOLNOH EDNDQOÖN
RODUDN DOJÖODQPÖ\RU 9H ûX DQGD EL]LP dHYUH %DNDQOÖøÖPÖ] o ELQ PHWUHNDUH\H VÖøÖ\RU
<HQL GXUGXUXOGX NÖUN o ELQ PHWUHNDUHOLN NDPX ELQDVÖ SURMHVL YDUGÖ %X |UQHNOHUL
oRøDOWPDN PPNQ $PD DVÖO V|\OHPHN LVWHGLøLP EX ONV EX LVUDI GHøLO )D]OD LGGLDOÖ
RODFDN DPD GRøUX ROGXøXQGDQ KLo NXûNXP \RN HøHU EX NDPX \DWÖUÖPODUÖQÖ GQ\D
IL\DWODUÖ\OD \DSVD\GÖN 7UNL\H·QLQ ûX DQGD Lo YH GÖû ERUoODUÖQGD \|QHWLOHPHPH
NRQWUROGHQoÖNPDJLELELUVRUXQROPD\DFDNWÖ
ùNL |UQHN YHUHFHøLP ELUL GHPLQ GHøLQGLøLP 0HFOLV *HQHO .XUXO 6DORQX %HQ
LQûDDWoÖ GHøLOLP ùQûDDW LûLQL ELOPL\RUXP $PD EDQD V|\OHQGLøL NDGDUÖ\OD GQ\DGD ûX
DQDNDGDUELOLQHELOHQHQONVLQûDDWÖQPHWUHNDUHIL\DWցoELQEHû\]GRODUDPDOROPXû
7UNL\H
%\N
0LOOHW
0HFOLVL
*HQHO
.XUXOX
6DORQXQXQ
HOHNWURQLN
DNVDPÖQÖ
NDWPÖ\RUXP6DGHFH\LUPLELUPLO\RQGRODUDPDOHGLOHQLQûDDWJLGHULQLV|\O\RUXPùNL
ELQPHWUHNDUHROGXøXQDJ|UHLQûDDWDODQÖRQELQGRODU
úX $\Dû 7QHOL \ÖOÖQGD EDûOD\DQ 6HNL] EXoXN NLORPHWUH RODUDN EDûOD\ÖS RQ
EXoXNNLORPHWUH\HoÖNDQYHELWLULOHPH\HQho\]HOOLG|UW\]PLO\RQGRODUILLOHQSDUD
KDUFDQDQ %X GHPHNWLU NL PHWUHVL RWX] EHûNÖUN ELQ GRODUD JHOL\RU $PHULND·QÖQ
9LUJLQLD GL\H ELU WQHOL RWX] DOWÖ NLORPHWUHOLN EHû ELQ G|UW \] GRODUD 1RUYHo·LQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
/D·HUGDOGL\HELUWQHOL\LUPLDOWÖNLORPHWUH³ELUNDo\ÖOLoLQGHELWLUGLKHULNLVLGH³EHû
ELQGRODUDELWLUGLOHU
%X
\DøPD
KLoELU
GHøHUOH
DoÖNODQDPD\DFDN
KLoELU
HWLN
WDQÖPÖQÖQ
LoLQH
VÖøGÖUÖODPD\DFDN EX \DøPD D\QÖ ûHNOL\OH GH VU\RU úX DQ NDPXQXQ GHYDP HGHQ
\DWÖUÖPODUÖQÖQ SRUWUHVL VHNVHQ G|UW PLO\DU GRODU 9H EL] EXQX D\ÖNODPD WHûHEEVQGH
ELOHEXOXQDPÖ\RUX]=DPDQ]DPDQV|]QHGL\RUX]EX\DWÖUÖPODUÖGXUGXUDOÖPELWHFHN
JLEL RODQÖQD |QFHOLN YHUHOLP %X |GHQHNOHUOH EXQODU ELWPL\RU ELWPH\HFHN dQN
\DøPDVUHFHN7HU|ULoLQ'RøX(UJLO·LQV|\OHGLNOHULKDNLNDWHQoRNGRøUX%XWHU|UQ
UHPHVL EHVOHQPHVL LoLQ oRN X\JXQ ELU RUWDP %X RUWDPGD WHU|U ûX JHUHNoH\OH EX
JHUHNoH\OH LGHRORMLVLQL KHU DQ EXOXU 'LQFL RODUDN GD EXOXU E|OF RODUDN GD EXOXU
%XQXWHU|UPHûUXODûWÖUPDN\DGDKRûJ|VWHUPHNLoLQV|\OHPL\RUXP$PDG]HOWLOPHVL
JHUHNHQ WHU|U EHVOH\HQ ELU EDWDNOÖNVLYULVLQHN |\NV 9H EX EDWDNOÖN EL] EWQ
EXQODUÖ NRQXûXUNHQ GDKD GD GHULQOHûL\RU .|W \|QHWLP EURNUDVLQLQ NDUDUVÖ]OÖøÖ
VL\DVHWoLQLQ EHQFLOOLøL WHWLNOHPH PHNDQL]PDVÖQÖ KDQJL IDNW|UOH DoÖNODUVDQÖ] DoÖNOD\ÖQ
DPD.DVÖPYHúXEDW·GH\DûDGÖøÖPÖ]NUL]OHUEXNDUDWDEOR\X³KLoELUGHøHUOH
DoÖNODQDPD\DFDNEXWDEOR\X³GDKDGDN|WOHûWLUGL
%DNÖQGQ\DGD\RNVXOOXNVÖQÖUÖJQGHLNLGRODUOD\DûDPDNRODUDN|OoOG*QGHLNL
GRODUÖQ DOWÖQGD ELU JHOLUOH \DûDPD PHFEXUL\HWLQGH NDODQODU \RNVXOOXN VÖQÖUÖQGD <DQL LNL
GRODUOD EHVOHQHFHN EDUÖQDFDN JL\LQHFHN %X LQVDQODU \RNVXOOXN VÖQÖUÖQGD %LU GRODU
DoOÖN VÖQÖUÖ 7UNL\H·GH \RNVXOOXN YH DoOÖN VÖQÖUÖ LNL\H NDWODQGÖ ûX JHoWLøLPL] G|QHPGH
$ûDøÖ \XNDUÖ \LUPL PLO\RQ GROD\ÖQGD LQVDQ \RNVXOOXN VÖQÖUÖQÖQ DOWÖQGD o PLO\RQ
GROD\ÖQGD LQVDQ GD ³VRQ WDQÖPODPDODUD YH KHVDSODPDODUD J|UH³ DoOÖN VÖQÖUÖQGD
\DûÖ\RU%XHWLNRODUDNGDNDEXOHGLOHELOHFHNELUONHPDQ]DUDVÖGHøLO
3HNL QH \DSPDOÖ" %X VRUX\D \DQÖW YHUPH\H oDOÖûÖUVDN %XQD E|\OH JHOPLû E|\OH
JLGHFHN \DNODûÖPÖ\OD VH\LUFL NDOPD\D KLoELULPL]LQ KDNNÖ \RN %LU WRSOXPVDO VHIHUEHUOLN
JHUHNL\RU $PD WRSOXPVDO VHIHUEHUOLN KLo NXûNXVX] NHQGL NHQGLQH ROPD] ùûH PXWODND
VLYLO WRSOXP NXUXOXûODUցQLYHUVLWHOHUVL\DVHW o D\DøÖQÖ LWLFL Jo RODUDN ROXûWXUDELOPH
ILNUL]HULQGHQJLULûLOPHOLYHEXNRQXGDVL\DVHWHREXQGDQNDoVDGD|QFONPLV\RQX
]RUOD \NOHQPHOL JHUHNLUVH VL\DVHWoLOHUL VL\DVHW VDKQHVLQGHNL ILJUOHUL GHøLûWLUHUHN %X
ELULQFLVL 7UNL\H·QLQ |QQGH oRN KRû ELU WDNYLP YDU FXPKXUL\HWLQ \]QF \ÖO
G|QPQH G|QN ELU 7UNL\H KHGHIL NR\PDN %X KHGHIOHUL GRøUX WDULI HGLS LQDQÖOÖU
JYHQLOLU ELU ELoLPGH NXFDNODPD\D HOGH HWPH\H oDOÖûPDN dRN EDVLW 5XV\D·GD ELU
VL\DVHWoLQLQ oÖNÖS ´6L]L ùVYLoUH JLEL \DûDWDFDøÖPµ GHPHVL ELOH WRSOXPODUD KH\HFDQ
YHUHELOL\RU 7UNL\H EXQXQ oRN GDKD FLGGLVLQL oRN GDKD DQODPOÖVÖQÖ \DSDELOLU %X
KHGHIOHUL
KH\HFDQOD
³XQXWWXøXPX]
EL]H
XQXWWXUXODQ³
EWQOHûWLUHELOLU
8QXWWXøXPX] XQXWWXUXODQ GL\RUXP +DNLNDWHQ EDûÖPÖ] VÖNÖûWÖNoD FXPKXUL\HWLQ
ND]DQÖPODUÖQÖ
\LWLUPH
WHKOLNHVL\OH
NDUûÖ
NDUûÖ\D
NDOGÖNoD
2QXQFX
<ÖO
0DUûÖ·QÖ
V|\O\RUX]1L\H(OOLQFL<ÖO0DUûÖ\RN"1L\H<HWPLû%HûLQFL<ÖO0DUûÖ\RN"
ùNLQFLVL VL\DVHWL |]JUOHûWLUPHN 6L\DVL 3DUWLOHU YH 6HoLP \DVDODUÖQGD ³EHONL LNLQFL
WXUGD EXQX GDKD GD ER\XWODQGÖUDELOLUL]³ VL\DVHWL |]JUOHûWLUPHN hoQFV VL\DVHWL
NLUOHQHQ VL\DVHWL WHPL]OH\HFHN PLOOHWYHNLOOHULQLQ \DSDPD\DFDøÖ LûOHU 0DO EH\DQODUÖ
KHGL\H NDEXO YH GRNXQXOPD]OÖNODUÖQ VDGHFH \DVDPD HWNLQOLøL\OH VÖQÖUODQGÖUÖOPDVÖ
NRQXVXQGD GD VL\DVHWL WRSOXPD |QF RODFDN HWLN ER\XWXQD NDYXûWXUPDN 7HûHNNU
HGL\RUXP
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
$NÖQ(UJGHQ
6D\ÖQ 8OXo *UNDQ·D WHûHNNU HGHUL] %X DUDGD EHQ ELU SDUDQWH] DoDUDN ELUûH\
HNOH\H\LP 6D\ÖQ 'HPLUHO·GHQ EDKVHGLOGL %L]LP 7DULK %|OP %DûNDQÖPÖ] 6D\ÖQ 6HoLO
$NJQ ELU DUûLY \DNÖQ oDø DUûLYL ROXûWXUX\RU 2QGDQ GX\GXøXPD J|UH HWLN NDYUDPÖ DKODNRODUDNGHøLOHWLNRODUDN\DQL\DEDQFÖGLOGHNLHWKLFVRODUDNNDPXVDODODQGDLONGHID
'HPLUHO WDUDIÖQGDQ \HGL VHQH |QFH NXOODQÖOPÖû %XQX 6HoLO·GHQ |øUHQGLøLP ]DPDQ oRN
ûDûÖUPÖûWÖPgQHPOLRODQEXHWLNNDYUDPÖQÖQNLPLQWDUDIÖQGDQNXOODQÖOGÖøÖKDWWDGRøUX
PX\DQOÖûPÖNXOODQÖOGÖøÖGHøLODPDEXNDYUDPÖQNXOODQÖOPDVÖHWLNJUDPHULQLQROXûXPX
DoÖVÖQGDQ EX NDYUDPÖQ WRSOXPVDO JUDPHULQ LoLQH ELU ûHNLOGH JLUPHVL DoÖVÖQGDQ oRN
|QHPOL <DQL EXQX VDøOD\DELOPHN |QHPOL 7DELL EX GD LQVDQÖ DKODNOÖ \DSÖ\RU PX
\DSPÖ\RU PX R GD ELU EDûND VRUXQ DPD ELU WRSOXPVDO JUDPHU YDU %LUWRSOXP JUDPHUL
YDU ELU VL\DVHWPHG\D HWLøL JUDPHUL YDU EXQXQ ROXûPDVÖ oRN |QHPOL ùVWHU 'HPLUHO
NXOODQVÖQ LVWHU ELU EDûNDVÖ NXOODQVÖQ HWLN NDYUDPÖQÖQ NDPXVDO DODQGD NXOODQÖOPDVÖ oRN
|QHPOL ELU ROD\ (WLN NDYUDPÖ \DQOÖû GD NXOODQÖOÖ\RU WDELL NL $\QÖ NRQXûPDGD 6HoLO
$NJQ DNWDUGÖ 3DUWWLPH ELU |øUHWLP \HVL DOÖQDFDNPÖû <|QHWLP .XUXOX GD EXQX
UHGGHWPLû 5HG JHUHNoHVL ûX ´(WLN JHUHNoHOHUOH UHGGHGLOGLµ 6HoLO $NJQ EX ROD\
]HULQH WHODûODQÖ\RU VDøÖ VROX DUÖ\RU ´EXQXQ DQODPÖ QHGLU"µ GL\H $OGÖøÖ \DQÖW ûX
ûHNLOGH (IHQGLP EX SDUW WLPH |øUHWLP \HVL LONRNXO |øUHWPHQOLøL GH \DSPÖû DPD ELU
VU NLWDEÖ ROGXøX LoLQ E|OP RQX IDODQFD GHUVH LVWHPLû <DQL ´LONRNXO |øUHWPHQL ELU
QLYHUVLWH KRFDVÖ RODPD]µ EX GD HWLøLQ NXOODQÖP ELoLPOHULQGHQ ELULVL 7DELL EXQODU
\DYDû\DYDûG]HOHFHN']HOGLNoHNDYUDPODU\HULQHRWXUDFDN\HUOHûHFHNYHELUJUDPHU
ROXûDFDN%XJUDPHUROXûPDGDQELUPLOOHWYHNLOLELUSDUODPHQWRELOHNHQGLNROWXøXQXQ
\ROVX]OXøXQX G]HOWHPH\HFHN %X JUDPHU RWXUPDGDQ KLo ELU ûH\ \DSÖODPD] oDUH
EXOXQDPD]
PDDOHVHI
ùûWH
R
]DPDQ
E|\OH
JHOLUL]
NHQGL
SDUODPHQWRPX]XQ
\ROVX]OXøXQGDQ EDKVHWPHN ]RUXQGD NDOÖUÖ] %X oRN DFÖ ELU ûH\ (YHW 6D\ÖQ 2UKDQ
%LUJLWRQGDNLNDOXWIHQ
2UKDQ%LUJLW
'HøHUOL.RQXNODUVD\GDPOÖøÖKHUDODQGDJHUoHNOHûWLUHPHPLûELUONHGHVHYJLOL8OXo
*UNDQ·ÖQ DQODWWÖNODUÖ HOEHWWH GRøUXGXU DPD VDQÖUÖP \HWHUOL GHøLOGLU 1LWHNLP R GD
]DPDQ VUHFLQL NHQGLVL LoLQ oRN L\L GHøHUOHQGLUGL YH NXOODQGÖ DUWDQODUÖ LNLQFL WXUD
VDNOD\DFDøÖQÖV|\OHGL
%XUDGD EXOXQPD QHGHQLPL GRøUXVX EX QD]LN oDøUÖ\Ö DOGÖøÖP JQGHQ EHUL NHQGL
NHQGLPH VRUJXOX\RUXP %HQ LûDGDPÖ GHøLOLP \DûDPÖP ER\XQFD KLo Lû GQ\DVÖ\OD
X]DNWDQ \DNÖQGDQ LOLûNLP ROPDGÖ úX DQGD HPHNOL ELU VL\DVHWoL\LP WHU|U X]PDQÖ YH\D
DNDGHPLV\HQYVGHGHøLOLP%HQLHNVLNROPDVÖQODU%DVÖQ.XUXOX<NVHN.XUXOh\HVL
RODUDNHYVDKLSOHULQL]EXUD\DoDøÖUGÖ$PD\ÖOÖDûNÖQELUJD]HWHFLOLNYHRQXQODDWEDûÖ
JLGHQ ELU VL\DVHW ELULNLPLQLQ EHQGH EÖUDNWÖNODUÖQGDQ ED]Ö NHVLWOHUL 8OXo *UNDQ·ÖQ
QRNWDODGÖøÖ\HUGHQDODUDNNHQGLHY|GHYLPLWDPDPODPD\DoDOÖûDFDøÖP
%L]LP VL\DVHW \DSWÖøÖPÖ] G|QHPOHUGH SDUWLOHU GHYOHW \DUGÖPÖ DOPD]GÖ $PD
7UNL\H·GH KHQ] 6DEDQFÖ $LOHVLQLQ EDEDVÖQÖQ VÖUWÖQGDNL oÖUoÖU oXYDOODUÖQÖ EÖUDNDUDN
$GDQD·GDQ ùVWDQEXO·D J|oPHGLøL 5DKPHWOL 9HKEL .Ro·XQ $QNDUD·GDQ ùVWDQEXO·D
JLWPHGLøL 7DûKDQ LOH 8OXV DODQÖQÖQ NDUÖûWÖøÖ \HUGHNL *|UHFHOL ùû 0HUNH]L·QGH NDOGÖøÖ R
G|QHPGHVD\ÖOÖELUNDoEDQNDGHYOHWLQHOLQGH\GL3DUWLOHULQGH|\OHoRNE\NPDVUDIODUÖ
ROPD]GÖ%XQODUÖHVQDIODWLFDUHWDUDVÖQGDNLELUWDNÖPNoNER\XWOXLûDGDPODUÖ\ODELUOLNWH
EDVED\DøÖKHUD\YHKHULVWHQGLøLQGH|GHQWLOHULQLRFDNODUDEXFDNODUD|GH\HQVDGH\HOHU
\DSDUGÖ
3DUWL
PHUNH]OHULQGH
J|UHY
DODQODUÖQ
DOWÖQGD
J|UNHPOL
DUDEDODU
\RNWX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
WHOHNRPQLNDV\RQD JHUHNVLQPH \RNWX |\OH ELU ROD\ROJX \RNWX %DVÖQOD LOLûNLOHUGH GH
\LQHLûGQ\DVÖ\ODROGXøXJLELDOGÖODUYHUGLOHUJLELELUûH\\RNWX
0D\ÖV·Ö oRN L\L ELU ûHNLOGH VL\DVL SDUWLOHUH GHYOHW \DUGÖPÖQÖ JHWLUGL $PD
NLPLQ QH\L QH NDGDU KDUFDGÖøÖQÖ VL\DVL SDUWLOHU \DVDVÖ\OD NRQWURO HGHFHøLQL YDUVD\VD GD
NHQGL JHWLUGLøL \DUGÖPÖQ GÖûÖQGD KDQJL SDUWLOHUH QDVÖO ND\QDNODUÖQ DNWDUÖODFDøÖQÖ NRQWURO
HGHPHGL |QOHPH\L GûQHPHGL %HONL GH ELU |OoGH 7UNL\H·GH VRV\DO GHPRNUDWODUÖQ
\DKXW VRV\DOLVW SDUWLOHULQ \DQÖ VÖUD JHUoHNWHQ Lû GQ\DVÖQÖ WHPVLO HGHELOHFHN SDUWLOHULQ
|QQ DoPDN LVWHGL 2 QHGHQOH 7UNL\H·GH SD]DU HNRQRPLVL LOH ELUOLNWH SDUWLOHU GH
E|ON GHøLûWLUGL %HQLP ·H NDGDU J|UHY \DSWÖøÖP &+3 0HUNH] <UWPH
.XUXOX·QGDNHQGLFHELPL]GHQDUWÖUDELOGLøLPL]SDUDODUOD$QNDUD·GDQEL]HYHULOHQ\HUOHUH
JLGHUGLN 2UDGD \D ELU SDUWLOL DUNDGDûÖQ HYLQGH PLVDILU ROXUGXN \DKXW NHQGL
|OoWOHULPL]OH
EHOLUOL
RWHOOHUGH
NDODELOLUGLN
$PD
GRøUX\X
V|\OHPHN
JHUHNLUVH
WHOHNRPQLNDV\RQXQ IDNVODUÖQ WHOHNVOHULQ YV EX NDGDU JHOLûWLøL YH VL\DVL SDUWLOHULQ
ELOJLVD\DU DøODUÖ\OD GRQDQPDODUÖQÖQ NDoÖQÖOPD] KDOH JHOGLøL ELU G|QHPGH HOEHWWH GHYOHW
\DUGÖPODUÖ QH NDGDU E\UVH E\VQ SHN ID]OD \HWHUOL ROPDGÖ 6L\DVL SDUWLOHULQ
NRQJUHOHULQGH³oRøXQOXNODGHøLO³JHOHQGHOHJHOHULQDøÖUODQPDODUÖV|]NRQXVXROPD\D
EDûODGÖ %Hû \ÖOGÖ]OÖ RWHOOHUGH NDUDUJDKODU SD]DUODU NXUXOGX %XQODU LVWHU LVWHPH]
LûDGDPODUÖQÖQ
GHOHJHOHUL
WRSOD\ÖS
JHQHO
PHUNH]H
\|QOHQGLUPHOHULQH
YH
EXQXQ
NDUûÖOÖøÖQGD ELU WDNÖP DUWÖ GHøHUOHUL NHQGL Lû GQ\DODUÖQD \DQVÖWPDODUÖQD GD \RO DoWÖ %LU
WDNÖP VRV\DO GHPRNUDW SDUWLOHUGH R WUO LûDGDPODUÖ GD |YJ\H GHøHU |GHYOHU
RPX]ODQGÖ 8OXo *UNDQ EXQODUD oRN WDQÖNOÖN HWPLûWLU ELOLU GHPH\H\LP R LûOHUH
NDWÖOPDGDQJ|]OHPOHPLûWLU
$PD EDûND ED]Ö ûH\OHU GXUGX 1DVÖO GXUGX" (VNLGHQ VL\DVL SDUWL JUXSODUÖQGD ED\DøÖ
GLûH GLû WDUWÖûPDODU \DSÖOÖUGÖ 7UNL\H·GH WHN SDUWL G|QHPLQLQ JUXS WXWDQDNODUÖQÖ HGLQLU
YH L]OHUVHQL] 7%00·QLQ WHN SDUWLVLQLQ JUXSODUÖQGD EXJQN SDUODPHQWRQXQ oRN
]HULQGHoRNL\L|]JUONWDUWÖûPDODUÖ\DSÖOGÖøÖQÖ\DVDODUÖQLUGHOHQGLøLQLNRPLV\RQODUÖQ
KDOODo SDPXøX JLEL ELUWDNÖP VRUXQODUÖ DWWÖøÖQÖ VDSWDUVÖQÖ] 2QXQOD GD \HWLQLOPHPLûWLU
oRN SDUWLOL \DûDPD JHoLOLUNHQ 7%00·GH ùVPHW ùQ|Q G|QHPLQGH YH $OL 5DQD
7DUKDQ·ÖQ EDûNDQOÖøÖQGD GHQJH\L VDøODPDVÖ YH \DYDû \DYDû GD ROVD J|UHFHOL GH ROVD
SDUODPHQWRWDUWÖûPDODUÖQÖ\UWPHVLYHKNPHWLQGHQHWOHQPHVLLoLQPVWDNLOELUJUXS
NXUXOPXûWXU
6RQUD 'HPRNUDW 3DUWL G|QHPL JHOPLûWLU $oÖN \UHNOH V|\OH\H\LP |]JUONOHUL
VRQXQDNDGDUNÖVÖWODQPÖûEDVÖQUHVPLLODQODDERQH\OH|UWO|GHQHNYHULOHUHNGHYOHWLQ
DYXFXQD EDNDU ELU KDOH JHWLULOPH\H oDOÖûÖOPÖûWÖ oQN EDVÖQ VHUPD\H JUXSODUÖQD
GD\DQPÖ\RUGX
GHYOHW
JGPQGH
ROPDN
]RUXQOXOXøXQGD\GÖ
$PD
NHQGL
SDUWL
JUXEXQGD 5DKPHWOL $GQDQ 0HQGHUHV ´VL] LVWHUVHQL] KLODIHWL ELOH JHWLUHELOLUVLQL]µ
ELoLPLQGHNL V|\OHPL\OH DVOÖQGD JUXS \HOHULQLQ JFQ \DQVÖWPÖûWÖU <DQL ´NDGÖQÖ
HUNHN HUNHøL NDGÖQ \DSDELOLUµ GHQLOHQ ùQJLOWHUH .UDOLoHVL·QLQ JFQH DWIHGLOHQ ELU
EHQ]HWPH\LNHQGLWHRORMLN\DSÖVÖLoLQGHJ|VWHUPLûWLU
VRQUDVÖQGD ·WHQ ·H NDGDU &+3 JUXEXQXQ DNWLI HWNLQ YH ED]HQ GH
\|QHWLPLQGH EXOXQDQ \HOHULQGHQ ELULVL\LP %L]LP JUXEXPX] GD GLQJLQGL $3 PHFOLV
JUXEX GD gWHNL E\NO NoNO SDUWLOHULQ JUXEXQGD KDUHNHW YDUGÖ *UXS VDGHFH ELU
NRQXûPD LoLQ JHOLS WDWLOH JLUPH]GL 'DKDVÖ JUXSODUGD PLOOHWYHNLOOHULQLQ GÖûÖQGD
|UJWOHUGHQ JHOHQ ûX YH\D EX GHOHJHOHU EDVNÖ JUXSODUÖ VHoPHQ \DQGDûODU RWXUDPD]GÖ
dQN RUDODU 7%00·QLQ NoN ELUHU RUJDQÖ\GÖ YH KDOHQ GH |\OHGLU $PD VRQUD QH
ROGX\VDROGXJUXSODUELoLPGHøLûWLUGL7XUJXW%H\LOH6OH\PDQ%H\LOHGHøLûWLUGL7DQVX
+DQÖP LOH GHøLûWLUGL YH VRO SDUWLOHUH GH \DQVÖGÖ *UXSODU ûLPGL VDGHFH VD\ÖQ JHQHO
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
EDûNDQODUÖQ KDIWDOÖN V|\OHPLQGHQ LEDUHW NDOÖ\RU 3HNL EXQGD KHU SDUWL\H PHQVXS VD\ÖQ
PLOOHWYHNLOOHULQLQ EDûND DODQODUD DNWDUDFDNODUÖ ûLND\HWOHUL RUDGD NHQGL DLOH RGDODUÖ
LoHULVLQGHGLOHJHWLUPHOHULQLHQJHOOH\HQKDQJLKNPYDU"+LoELUKNP\RN
7HNSDUWLG|QHPLQHG|QHUVHQL]|UJWVHOED]GDDûDøÖGDQ\XNDUÖ\DGRøUXEHQ
\ÖOODUÖQGD ´RFDNµWDQ EDûOD\DUDN JHOGLP 2FDNODUGDQ EXFDNODUD LOoHOHULQ WPQGH
EDûNDQOÖNWDEXOXQGXPùVWDQEXO·GDLOVHNUHWHUOLøL\DSWÖP2QXQDUNDVÖQGDQPLOOHWYHNLOL
VHoLOLUVHoLOPH]EXUDGDJUXS\|QHWLPNXUXOXQDJLUGLP*UXSV|]FOø\DSWÖP0HUNH]
<UWPH .XUXOXQGD oHûLWOL LûOHU J|UHYOHU \DSWÖP +HSVLQGH DûDøÖGDQ \XNDUÖ\D GRøUX
|UJWQ \DKXW KDONÖQ VHVL \DQVÖWÖOÖU WDUWÖûÖOÖUGÖ úLPGL SDUWL PHFOLVOHULQLQ 0<.·QÖQ
*<.·QÖQ KHU QH GHUVHQL] GH\LQ ³KHU SDUWLQLQ NHQGL V|\OHPLQH J|UH oHûLWOL LVLPOHUL
YDU³ LoHULVLQGHQ E|\OH GLûH GRNXQXU JD]HWHFLOHULQ VÖ]GÖUDELOHFHøL KDEHUOHUL \RN
0HVHOD 7UNL\H·QLQ \|QHWVHO \DSÖODQPDVÖ LoLQ \ÖOÖQGD 6D\ÖQ 6OH\PDQ 'HPLUHO·LQ
'HYOHW 3ODQODPD 7HûNLODWÖ·QGD \HGHN VXED\ RODUDN J|UHY \DSWÖøÖ 6D\ÖQ 0PWD]
6R\VDO·ÖQ6L\DVDO%LOJLOHU)DNOWHVLQGHDVLVWDQRODUDNEXOXQGXøXELUG|QHPGH´0HKWDS
3URMHVLµ\OH 7UNL\H·QLQ LGDUL \DSÖODQPDVÖQGD ELU GHøLûLP WDUWÖûÖODUDN HOH DOÖQGÖ %LU GH
EDNWÖN $1$3 ELU JHUHNVLQPH GX\PXû LNL GHøHUOL 0<. \HVL ELUL *HQHO %DûNDQ
<DUGÖPFÖVÖ (UNDQ 0XPFX |WHNL HNRQRPLN LûOHUGHQ VRUXPOX 1HVULQ 1D] ELU RGD\D
NDSDQPÖû ELU WDNÖP \HUOHUGHQ YDKL\ DOPÖûODU ´7UNL\H·QLQ <DSÖVDO 'HøLûLPLµ GL\H ELU
SURMH\OH JHOGLOHU úLPGL (UNDQ %H\·H NLPVH VRUPX\RU 7XUL]P %DNDQÖ LNHQ EXQGDQ D\ |QFH\H NDGDU EDûÖQGD EXOXQGXøX EDNDQOÖøÖQ ODøYÖQÖ LVWL\RUGX ûLPGL R EDNDQOÖøÖ
.OWU %DNDQOÖøÖ YH dHYUH %DNDQOÖøÖ LOH GDKD GD E\WPH\H \|QHOL\RU %XQODU QH
PHFOLVWH J|UûO\RU QH GH JUXSODUGD +HUNHV DNOÖQD JHOHQ ELU ûH\L \DSÖ\RU YH
SDUODPHQWR LûWH E|\OH VL]LQ WDUDIÖQÖ]GDQ JQDK NHoLVL JLEL J|UO\RU NL EHQFH KDNVÖ]
%HQFHVL]VLYLOWRSOXP|UJWOHULVL]EURNUDWODUVL]DNDGHPLV\HQOHUVL]|øUHQFLOHUoRN
KDNOÖ RODUDN ONHQLQ XOXVXQ WRSOXPXQ JHOLU GDøÖOÖPÖQGDNL DGDOHWVL]OLN DoÖVÖQGDQ
SDUODPHQWHUOHULQ
ELUGHQELUH
PDDûODUÖQÖ
DUWWÖUPD\D
\|QHOPHVLQH
EDûNDOGÖUÖGD
EXOXQX\RUVXQX] 3DUODPHQWR LoLQGH ELUoRN DUNDGDûÖPÖ] GD VL]OHUOH KDUHNHW HGL\RU EX
EDûNDOGÖUÖ KDUHNHWLQGH $PD WHSHOHUGHQ GDøODUÖ J|UHPL\RUVXQX] NXVXUD EDNPD\ÖQ
6D\ÖQ &XPKXUEDûNDQÖ D\QÖ DQD\DVD SDNHWL LoLQGH GRNXQXOPD]OÖN NXUXPXQD LOLûNLQ
PDGGH\H GRNXQPX\RU RQX RQD\OÖ\RU DPD |EUQ UHIHUDQGXPD J|WUPH\H NDONÖûWÖøÖ
VÖUDGD NHQGLVLQL oRN VD\JÖGHøHU ELoLPGH DONÖûOÖ\RUX] %HONL GRøDVW ELU ûHNLOGH
NDKUDPDQ
LODQ
GRNXQXOPD]OÖøÖQGD
HWPH\H
NDONÖûÖ\RUX]
\DWÖ\RU
%HQFH
3DUODPHQWHULQ
DVÖO
VRUXQ
SDUODPHQWHUOLNOH
SDUODPHQWHUOHULQ
EDøGDûPD\DQ
LûOHU
\DSPDVÖQGD \DWÖ\RU %DNDQODUÖQ VL\DVDO NXUDOODUOD LûOHGLNOHUL YDUVD\ÖODQ VXoODUÖQ VL\DVDO
NXUDOODUOD DNODQPDVÖQGD YH LûWH VRQ ED\ÖQGÖUOÖN HVNL EDNDQÖQÖQ GXUXPXQGD ROGXøX JLEL
ELUGHQELUHELULOHULQLQNDIDVÖQGDLDGHLLWLEDUHWPHVLQGH\DWÖ\RU
7UNL\H·QLQ VRUXQODUÖQÖ ELUELULQGHQ D\UÖûWÖUDPD]VDN EURNUDWODUÖQ DVNHU VLYLO YH\D
DNDGHPLV\HQ DOGÖNODUÖ PDDûODUÖQ VD\GDPOÖøÖQD GLNNDW HWPH]VHN ELU NÖVPÖPÖ] JL]OL
NDUDUQDPHOHUOH
QLoLQ
PDDû
YHULOL\RU
EXQX
VRUJXOD\DPD]VDN
\DQL
QLIRUPDOÖ
QLIRUPDVÖ]LQVDQODUDUDVÖQGDD\UÖP\DSPD]VDNONHGHELUWDNÖPLûOHUWHUVJLWWLøL]DPDQ
DQFDN EXJQN +UUL\HW·LQ PDQûHWLQGH ROGXøX JLEL VHQH |QFH G|QHPLQ +DYD
.XYYHWOHUL
.RPXWDQÖ·QÖQ
´)·ODU
PÖ
)·OHU
PL
DOÖQVÖQ"µ
GL\H
$PHULNDQ
.RQJUHVL·QGHQ 'Öû ùûOHUL .RPLWHVL·QH \DQVÖ\DQ VRQUD GD G|QHPLQ GHYOHW EDûNDQÖQFD
KDVÖUDOWÖHGLOHQ\ROVX]OXøXQ]HULQGHEDûND\ROVX]OXNODUELULNLU
6HQGLNDODUÖPÖ]ÖQ KDQJL LûOHUOH XøUDûWÖøÖQÖ ELOHPL\RUXP 7UNL\H·GH |]HO VHNW|U
JLGHUHN E\\RU g]HO VHNW|U LoHULVLQGH QH 'LVN QH +DNLû QH 7UNLû ELU WHN
VHQGLNDQÖQ WRSOX V|]OHûPH JF NDOPDPÖû +HSVL YDU JF\OH PHUNH] \|QHWLPOHULQL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\UWPHN LoLQ NDPX J|UHYOLOHULQLQ HOLQH NROXQD FHNHWLQH \DSÖûÖ\RUODU YH EDûEDNDQOÖN
PHUGLYHQOHULQGH VL\DVDO HUNOH SD]DUOÖN HGHUHN D\DNWD NDOPD\D oDOÖûÖ\RUODU 'Q\DQÖQ
QHUHVLQGHE|\OHVHQGLNDFÖOÖNNDOGÖDUNDGDûODU"2QGDQVRQUDEL]NLEHQKkOkoDOÖûÖ\RUXP
JLWWLøLPL] \HUGH WRSOX V|]OHûPHGHQ \RNVXQX] 7RSOX V|]OHûPHPL] ROVD R WRSOX
V|]OHûPH\H R EDVÖQ PHVOHN LONHOHULQL DOGÖUPD RODQDøÖQD EHONL NDYXûDFDøÖ] $PD
JLUGLøLP Lû\HULQGH KHU VDEDK LûH JLUHUNHQ EDVWÖøÖP NDUWOD JLUHELOL\RUXP WXUQLNHOHUGHQ
%D]HQ \DQÖPGDNL DUNDGDûÖQ NDUWÖ oDOÖûPÖ\RU ´$FDED PDQ\HWLN DODQÖ GHøHULQL PL
\LWLUGL"µ GL\H EDNÖ\RUX] \XNDUGDQ JHOHQ HPLUOH NDSÖ\Ö DoDPD] KDOH JHWLULOPLû YH\D
JLUPLûVHELUHPDLOJHOL\RULûLQHVRQYHULOPLû%LOJLVD\DUÖQÖNDSDWÖ\RULûWHQoÖNÖ\RU
GHQHQ ELU ûH\ NDOPDPÖû WRSOX V|]OHûPH GHQHQ ELU ûH\ NDOPDPÖû KLoELU ûH\ DOPDGDQ
EHOOLELUSD]DUOÖNODQHNRSDUDELOLUVHLûLQGHQD\UÖOÖSJLGL\RU
7UNL\H·QLQ E|\OH JLWPH\HFHøLQL ELOL\RUX] 7UNL\H·QLQ E|\OH JLWPHPHVL LoLQ
JHUoHNOHUL\HQLGHQNRQXûPDG|QHPLEDûODWÖQDUWÖN%HQGHQJHoWLEHQVL]HDONÖûWXWD\ÖP
EHQVL]HGXDHGH\LP\HQLG|QHPLoLQ+HSLQL]HWHûHNNUHGL\RUXP
$NÖQ(UJGHQ
6D\ÖQ 2UKDQ %LUJLW·H WHûHNNU HGL\RUX] $QOD\DPDGÖøÖQÖ V|\OHPLûWL QHGHQ EX
SDQHOGHROGXøXQX+HUKDOGHEXNRQXûPDJ|VWHUGLRQDEXQXQQHGHQOHULQL
2UKDQ%LUJLW
%XQHLûH\DUÖ\RUVD\ÖQ%DûNDQ
$NÖQ(UJGHQ
úLPGLûLPGLJHOL\RU%X\XUXQ6D\ÖQ.D\D*YHQo
2UKDQ%LUJLW
.D\D*YHQoûLPGLLûDGDPÖPÖROX\RU"
*OûPHOHU
.D\D*YHQo
'HøHUOLDUNDGDûODUÖPVD\ÖQNDWÖOÖPFÖODUVD\ÖQEDûNDQWHûHNNUHGL\RUXP2VRUX\X
EHQGHNHQGLNHQGLPHVRUDELOLULPEHQQL\HEXUDGD\ÖP"úLPGLWDELLEXQRNWDGDELUoRN
ûH\ EXODELOLUVLQL] %L] PKHQGLVOHUPLPDUODU oRN GRøXUJDQ ELU PHVOHøLQ LoLQGH\L]
$UDPÖ]GD ELOL\RUVXQX] LNL EDûEDNDQ VRQUDGDQ FXPKXUEDûNDQÖ ROPXû EDûEDNDQ YDU
<DQL oRN VD\ÖGD VL\DVHWoL YDU ûX DQ VDQÖUÖP WDQH PLOOHWYHNLOL YDU PKHQGLV YH
PLPDU VÖIDWÖQÖ WDûÖ\DQ ùNL FXPKXUEDûNDQÖ YDU oRN VD\ÖGD LûDGDPÖ YDU VD\ÖQ $KPHW
ùQDPJLELoRNGHøHUOLIHOVHIHFLOHULPL]YDUEDûNDPHVOHNOHUGHQDUNDGDûODUÖPÖ]YDU
6DEDKNLRWXUXPGD6D\ÖQ.XoXUDGL·QLQ\DSPÖûROGXøXGHøHUOHULOHLOJLOLWDQÖPDELUD]
GHøLQLS RQGDQ VRQUD EX oHUoHYHGHQ VL\DVHW GQ\DVÖQD YH Lû GQ\DVÖQD ELU EDNPDN
LVWL\RUXP 6RQUD EXQODUÖQ LOLûNLOHULQH YH WHU|UOH RODQ VRQ GHøLQPHOHULQH JHoPHN
LVWL\RUXP
úLPGL EDûYXUGXøXPX] GHøHUOHU ´(YUHQVHO GHøHU YDU PÖGÖU"µ VRUXVXQX \DQÖWODPD\Ö
JHUHNWLUL\RU (YUHQVHO GHøHUOHU EHONL EHOOL ELU ]DPDQ NHVLWLQGH EHOOL ELU WRSOXOXNWD YH
EHONLGHELUDQODPGDUHWLPVUHFLQLQRUHWLPLOLûNLOHULQLQQHUHVLQGH\HUDOGÖøÖQDEDøOÖ
RODUDNEHOOLELUJHQHOOLNWHGHøHUOHURODELOLU$PDVDGHFHYHVDGHFHEXNDGDU'ROD\ÖVÖ\OD
EXJQJHoHUOLRODQGHøHUOHUOHEXQGDQ\ÖO|QFHJHoHUOLRODQGHøHUOHU\DGDELUWHNHOFL
VHUPD\HVDKLEL\OHELUDW|O\HVDKLELQLQGHøHUOHULEXQODUGDQYHELUELUOHULQGHQIDUNOÖGÖU
.ÖVDFD|QFHOLNOHLûGQ\DVÖQDEDNDOÖP6D\ÖQùQDP·ÖQ´EHQµWDQÖPÖQÖDOD\ÖPRUDGDQ
EDûOD\DOÖP 'L\RU NL ùQDP ´<DûDPD G]HQLQLQ oDUNODUÖQÖ G|QGUHQ NHQGL LoLQGH
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
NXUDOODUÖ RODQ NkU HWPH JHQLûOHPH J|]HWHQ ELU GQ\Dµ úLPGL EX GQ\DQÖQ NXUDOODUÖ
YDUPÖ"9DU$oÖNYHQHW%XQXXOXVODUDUDVÖELUWDNÖPEHOJHOHUOHGH]DWHQLIDGHHGL\RUODU
%X WRSODQWÖGDQ |QFH PHVOHøLP YH X]PDQOÖN DODQODUÖP ROPDPDVÖ QHGHQL\OH
ùQWHUQHWWH ´$FDED Lû GQ\DVÖQGD ELU XOXVODUDUDVÖ EHOJH YDU PÖGÖU"µ GL\H û|\OH ELU
JH]LQGLP ùNL WDQH EHOJH GLNNDWLPL oHNWL %LULVL 0LQQHVRWD LONHOHUL GLøHUL GH .DQDGD
N|NHQOL ´&RRNVµ GL\H DGODQGÖUÖODELOHFHN ED]Ö WHPHO LONHOHU NL EXUDODUGD DVOÖQGD
NHQGLOHULQH|]JGHøHUOHULQLQQHROGXøXV|\OHQL\RU%D]ÖWHPHOGDYUDQÖûLONHOHULNRGODUÖ
GL\H DGODQGÖUÖOPÖûODU %XQXQ WHPHOLQGH NkU YDU ùû GQ\DVÖQÖQ KHP YDUOÖN QHGHQL KHP
GH
WHPHO
GHøHUL
NkU
%XUDGD
ELU
SDUDQWH]
DoPDN
]RUXQGD\ÖP
<DSDFDøÖPÖ]
WDUWÖûPDODUGD JHQHOOLNOH KHS VLVWHP LoL NRQXODUD GHøLQL\RUX] 2\VD |UQHøLQ Lû GQ\DVÖ
\D GD VHUPD\H\H EDNÖû 0DUNVLVW EDNÖû DoÖVÖ\OD oRN GDKD IDUNOÖ GHøHUOHQGLULOPHN
GXUXPXQGDGÖU 0DU[·ÖQ GHøHU WHRULVL DUWÖ GHøHU NDYUDPÖ GL\RU NL ´$UWÖ GHøHU NDUûÖOÖøÖ
|GHQPH\HQ HPHNWLU FUHWWLUµ .DUûÖOÖøÖ |GHQPH\HQLQ ELU EDûND oHYLULVL DVOÖQGD
KÖUVÖ]OÖNWÖU <DQL KÖUVÖ]OÖN EHGHOLQL |GHPHGHQ ELU EDûNDVÖQD DLW RODQ KHUKDQJL ELU ûH\H
VDKLSOHQPH ROD\ÖGÖU 9H EXQXQ NDQXQODUGDNL \HUL EXGXU 'ROD\ÖVÖ\OD 0DUNVLVW DoÖGDQ
EDNWÖøÖQÖ]GD VHUPD\H G]HQL \DQL NDSLWDOLVW VLVWHP ]DWHQ DKODNL ROPD\DQ ELU VLVWHPGLU
%X SDUDQWH]L QHGHQ DoWÖP" %XQX V|\OHPH]VHN HNVLN ROXU %L] WDUWÖûPDPÖ]Ö JHQH
PHYFXW VLVWHP ]HULQGHQ VUGUHFHøL] dQN VLVWHP WDUWÖûPDVÖ \DSPD\DFDøÖ] $PD
PHYFXW
VLVWHP
]HULQH
NDSLWDOLVW
VLVWHPLQ
NHQGL
GHøHUOHUL
YH
NHQGL
WHPHO
GHøHUOHQGLUPHOHUL NXUDOODUÖ ]HULQGHQ WDUWÖûPDPÖ]Ö VUGUHFHøL] .DSDWÖ\RUXP EX
SDUDQWH]L
7HPHO HWNHQL .kU úLPGL ELUoRN |UQHøL YHULOHELOLU ELUD] |QFH EDKVHWWLøLP EX
XOXVODUDUDVÖ EHOJHOHULQ $PD WHPHOLQGH Lû GQ\DVÖ KHS GL\RU NL ´(IHQGLP EL] HQ L\L\L
YHUHFHøL] EL] WRSOXPD PXWODND ELU ID\GD VDøOD\DFDøÖ] LVWLKGDP \DUDWDFDøÖ] ³JHQHO
KDWODUÖ LWLEDUL\OH V|\O\RUXP³ \DEDQFÖ VHUPD\H RODUDN JLWWLøLPL] ONHOHULQ KDONÖQÖQ
UHIDK G]H\LQLQ \NVHOWLOPHVLQH NDWNÖGD EXOXQDFDøÖ]µ 3HNL QH ROX\RU" 6|\OHQHQOHULQ
KHSVLQLQ WHUVL ROX\RU %LU |UQHN YHUHFHøLP *HQHUDO (OHFWULFV GQ\DQÖQ HQ E\N
ILUPDODUÖ DUDVÖQGD ELU QXPDUDGD RODQ PHûKXU oRN XOXVOX ûLUNHWOHUGHQ ELULVL <|QHWLP
NXUXOXEDûNDQÖQGDQELUDQHNGRWELUD]HVSUL\DSDUJLELNRQXûPDVÖDPDEHOJHOHUHJHoPLû
RODQ ELU ûH\ ´%HQ UHWLP WHVLVOHULQL JHPLOHUH PRQWH HGHFHøLP 'Q\DQÖQ QHUHVLQGH
XFX] LûJF YDUVD GQ\DQÖQ QHUHVLQGH oHYUH VRUXQODUÖ LOH LOJLOL ELU NÖVÖWODPD \RNVD
JLGHFHøLPUHWLPLRUDGD\DSDFDøÖPYHGQ\DQÖQJHULNDODQÖQDVDWDFDøÖPµùûWHNkUYH
DKODNÖ \DQ \DQD NR\GXøXPX] ]DPDQ NDSLWDOLVW VLVWHPLQ EXJQN GQ\D VLVWHPLQLQ
DKODNNXUDOÖEDNÖûÖ\DGDNHQGLQHJ|UHGHøHULEX
6HYJLOL $UNDGDûODUÖP oRN L\L DQÖPVDUVÖQÖ] 7UNL\H·GH FLGGL ELU WHKOLNH \DûDGÖN
VRQUD QH ROGX\VD JHUL oHNLOGL .DWNÖVÖ RODQ EWQ DUNDGDûODUD WHûHNNU HGL\RUXP ³
EXUDGD RWXUDQ DUNDGDûODUÖPÖQ ROGXøXQX GD ELOL\RUXP R NRQXGD³ ´(QGVWUL <DVD
7DVDUÖVÖµ JHOGL 6L] VDGHFH YH VDGHFH PLO\RQ GRODU SDUD\Ö JHWLULQ QH LVWL\RUVDQÖ]
EHQGHQ $UVD PÖ LVWL\RUVXQX]" %HQGHQ $OW\DSÖ PÖ LVWL\RUVXQX]" %HQGHQ %DûND QH
LVWL\RUVXQX]" <D EX oHYUH NDQXQX 7UNL\H·GH EHQL HQJHOOL\RU" 7DPDP PXDIVÖQ ùPDU
NDQXQX" 7DPDP RQGDQ GD PXDIVÖQ %HOHGL\HOHULQ ELOPHP QH NDQXQX" 2QGDQ GD
PXDIVÖQ<DQL|\OHVLQHELUûH\JHOL\RUGXNL\HWHUNLPLO\RQGRODUJHWLULQ1H\VHJLWWL
.LPGLUEXQXQDUNDVÖQGDRODQVHUPD\HJUXSODUÖ"7UNL\H·\H\DWÖUÖP\DSPDNLVWH\HQED]Ö
\DEDQFÖ VHUPD\H JUXSODUÖQÖQ 7UNL\H·GH \UUONWH ROPDVÖQÖ LVWHGLøL ELU NDQXQ
WHNOLIL\GL ´%DûEDNDQOÖN WDUDIÖQGDQ WDVDUÖ KDOLQH JHWLULOL\RUµ V|\OHQWLOHUL LOH NÖ\DPHWOHU
NRSWX JHUL oHNLOGL úLPGLNL JHOHQ DUWÖN QH\VH KLo ROPD]VD EX DNVDNOÖNODUÖ WDûÖPÖ\RU
ùWLUD]HWWLøLPL]QRNWDODUROPDNODELUOLNWH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
1H \DSÖOÖ\RU EDûND" %LUD] |QFH *HQHUDO (OHFWULFV·WHQ YHUPLû ROGXøXP |UQHøL
DVOÖQGD EWQ GQ\D\D X\JXOD\DELOLUVLQL] <DSÖODQ ûH\ ûXGXU .kU RUDQODUÖ WHNQRORMLN
DODQODUGD DUDûWÖUPD\D JHOLûWLUPH\H WDVDUÖPODPD\D GD\DQDQ QRNWDODUGD oRN GDKD
\NVHNROGXøXQGDQPHWURSROONHOHUEXDODQODUÖEXoDOÖûPDODUÖNHQGLOHULQHD\ÖUÖ\RUODU
<DQL ELOLPVHO WHNQLN WHNQRORMLN DUDûWÖUPD JHOLûWLUPH IDDOL\HWOHUL PHWURSRO ONHOHUGH
NDOÖ\RU %L]H QH Gû\RU SD\ RODUDN" %L]H oHYUH NLUOHWHQ JHUL WHNQRORMLOL GûN NDWPD
GHøHUOL HQGVWULOHU NDOÖ\RU ( KDQL EXQODU GQ\DGD HûLWOLN JQGHPH JHWLUHFHNOHUGL"
.UHVHOOHûPHQLQ E\N LGHRORMLVL EX\GX" dQN Lû GQ\DVÖQÖQ WHPHO GHøHUL NkU
ROD\ÖGÖU %XQX LVWHUVHQL] oRN ID]OD X]DWPD\DOÖP 1H ROPXûWXU" g]HOOLNOH VRQ \ÖO
LoLQGH RODQ ûXGXU 'Q\DQÖQ JHUL NDOPÖû ONHOHUL LOH JHOLûPLû ONHOHUL DUDVÖQGDNL JHOLU
XoXUXPX ELU WDUDIWDQ GHULQOHûPLûWLU GLøHU WDUDIWDQ GD ONHOHULQ NHQGL LoLQGHNL DOWVW
JUXSODU DUDVÖQGDNL JHOLU XoXUXPX GHULQOHûPLûWLU .DSLWDOL]P YH EWQ R \NVHN GHøHU
\DUJÖODUÖQÖQ VRQXFXQGD JHOGLøLPL] QRNWD EXGXU 6D\ÖQ *UNDQ·ÖQ oL]GLøL WDEOR\D
HNOH\HFHN ID]OD ELU ûH\ \RN dRN GDKD JHQLûOHWLOHELOLU LVWHQLUVH DPD 7UNL\H·QLQ QH
GXUXPGDROGXøXQXJ|U\RUVXQX]
úLPGL JHOHOLP VL\DVHW GQ\DVÖQD 6D\ÖQ ùQDP·ÖQ VL\DVHW GQ\DVÖQD LOLûNLQ R WDQÖPÖ\OD
EDûOD\DOÖP WHNUDU 'L\RU NL ´hUHWLPLQ UHIDKÖQ SD\ODûÖOPDVÖQGD V|] VDKLEL RODQ ELU
GQ\Dµ <DQL Lû GQ\DVÖQÖQ \DUDWWÖøÖ R GHøHUOHULQ SD\ODûÖOPDVÖ 7DPDP GRøUX %X
WRSOXOXøXQWHPHOGHøHULQHGLU"ùNWLGDUROD\ÖGÖU1DVÖOLNWLGDURODFDNVÖQ"<LQHVLVWHPGHQ
EDKVHGL\RUXP 3DUODPHQWHU GHPRNUDWLN G]HQGHQ EDKVHGL\RUXP 1HGLU EX VLVWHP
LoLQGH LNWLGDUD XODûPDQÖQ \|QWHPL" 6HoLPGLU 1H \DSDFDNVÖQÖ]" 6HoLPOHUH JLULS
VHoPHQLQL]H ELU SURJUDP VXQDFDNVÖQÖ] 9DDW NHOLPHVLQL NXOODQPDN LVWHPL\RUXP \DQOÖû
GHøHUOHQGLULOHELOL\RU ´=DWHQ EXQODU \DODQ V|\O\RUµ GL\H %HQ KLoELU SROLWLNDFÖQÖQ R
DQODPGD \DODQ V|\OHGLøL NDQÖVÖQGD GHøLOLP $VOÖQGD NHQGL J|UHYLQL \HULQH JHWLUL\RU
6HoLOPHN LoLQ QH JHUHNL\RUVD RQX \DSÖ\RU %XUDGD WDUWÖûÖOPDVÖ JHUHNHQ DKODNL QRNWD
ûXUDVÖ úLPGL EHQ VL]H JHOLS GL\RUXP NL ´6L] EDQD R\ YHUHFHNVLQL] EHQ GH VL]LQ LoLQ
2'7h $UDûWÖUPD*HOLûWLUPH )RQX·QD ûX NDGDU ND\QDN EXODFDøÖP FUHWOHULQL]GH GH
L\LOHûWLUPH \DSDFDøÖPµ 6L] GH GL\RUVXQX] NL ´$D QH NDGDU J]HOµ %LU WRSOXPVDO
V|]OHûPH ³\D]ÖOPDNVÖ]ÖQ³ \DSÖOÖ\RU *LGL\RUXP PHFOLVH XQXWX\RUXP VL]L %X NDGDU
EDVLW dQN R VÖUDGD Lû GQ\DVÖQÖQ |QFHOLNOHUL JQGHPH JHOL\RU %DûND NDQXQODU
JQGHPH JHOPH\H EDûOÖ\RU gUQHøLQ úHNHU .DQXQX 7WQ .DQXQX 0LOOHWOHUDUDVÖ
7DKNLP .DQXQX JLEL 6L]LQOH RODQ WRSOXPVDO V|]OHûPH\L EHQ WHN WDUDIOÖ XQXWX\RUXP
%HQFH VL\DVHW GQ\DVÖQÖQ WHPHO ROPDVÖ JHUHNHQ GHøHUL EXUDGD \DWPDNWDGÖU 7RSOXPVDO
V|]OHûPH\H X\PD QRNWDVÖQGD ELU WHUHGGGP]Q ROPDPDVÖ JHUHNLU 2\VD |\OH GHøLO
gUQHNOHULGDKDGDoRøDOWDELOLUL]
%HQ EX NUL]GHQ EHUL YH ,0)·QLQ HPUHWWLøL R RQ EHû \DVDGDQ EHUL KHS V|\O\RUXP
SDUODPHQWHU DUNDGDûODUÖPD YH EDûND \HUOHUGH GH LIDGH HGL\RUXP VL] ûHNHUSDQFDUÖ
UHWLFLVLQH VHoLPOHUGHQ |QFH JLWWLøLQL]GH GHVH\GLQL] NL ´$UNDGDû EHQ ûHNHU NDQXQXQX
|\OH ELU QRNWD\D JHWLUHFHøLP NL VHQL GH PDKYHGHFHøLP 7UNL\H·GHNL ûHNHU ROD\ÖQÖ GD
PDKYHGHFHøLPµ %X EHQFH VRQ GHUHFH DoÖN J]HO ELU GDYUDQÖû ROXUGX dQN GDKD
VRQUD \DSDFDøÖQÖ]Ö V|\OHPLû ROXUGXQX] $PD RQX V|\OHPL\RUVXQX] GL\RUVXQX] NL
´+Lo PHUDN HWPH\LQ EHQ ûHNHUSDQFDUÖQÖQ IL\DWODUÖQÖ D\DUOD\DFDøÖP VL]L HQIODV\RQD
H]GLUPH\HFHøLPµ %XQX \DSPDGÖQÖ] SHNL NDEXO R ]DPDQ NUL] \RNWX &XPKXUEDûNDQÖ
LOH %DûEDNDQ DUDVÖQGD NLWDS IÖUODWPD ROD\Ö KHQ] JHUoHNOHûPHPLûWL ,0) GH KHQ]
\RNWX HPUHWPHPLûWL 3HNL úHNHU .DQXQX JHOGL 2 ]DPDQ JLGHFHNVLQL] %HQLP
DQOD\ÖûÖP ûX úHNHUSDQFDUÖ UHWLFLVLQLQ NDUûÖVÖQD JHoLS ûXQX V|\OH\HFHNVLQL] ´%HQ VL]H
DNVLQL V|\OHGLP DPD EXQX \DSDPÖ\RUXP úX QHGHQOH \DSDPÖ\RUXP YH EX ûHNHU
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
NDQXQXQX GHøLûWLULS VL]L PDKYHGHFHøLPµ %XQD GD VD\JÖ GX\DUÖP EX GD GRøUX ELU
GDYUDQÖûWÖU <DSÖOPD\DQ QHGLU" <DSÖOPD\DQ EX WRSOXPVDO V|]OHûPH\H X\PDPDVÖQD
UDøPHQ NDUûÖ WDUDID EX NRQXGD KHUKDQJL ELU |]U ELOGLUPHPHN YH\D ELOJLOHQGLUPH
\DSPDPDNWÖU
3DUODPHQWHU VLVWHP LoLQGH KHU ELU VL\DVHWoL VL\DVHW \DSPD EHOJHVLQL \DQL PLOOHWYHNLOL
ROPDNLNWLGDUDX]DQPDNLoLQJHUHNHQEHOJH\LVHoPHQLQGHQDOÖ\RUYHEXQXQLoLQGHELU
WRSOXPVDO V|]OHûPH\H LP]D DWÖ\RUVD R ]DPDQ WHPHO RODQ QRNWD R WRSOXPVDO
V|]OHûPH\H X\PDNWÖU <DSDPD\DELOLUVLQL] NRûXOODU |\OH JHUHNLU NL YHUGLøLQL] V|]OHUL
WXWDPD\DELOLUVLQL] JHUoHNOHûWLUHPH\HELOLUVLQL] $PD oDED KDUFDPDN ]RUXQGDVÖQÖ]
\DSDPDGÖøÖQÖ]]DPDQGDJLGLSVHoPHQLQL]HV|\OHPHN]RUXQGDVÖQÖ]
%XUDGDNL DUNDGDûODUÖ WHQ]LK HGL\RUXP ROD\Ö NLûLOHUH LQGLUPHN NHVLQOLNOH \DQOÖûWÖU
2OD\ ELU VLVWHP VRUXQXGXU 1HGHQ ROPDGÖøÖQD JHOLQFH %DNÖQÖ] VL\DVHW GQ\DVÖ DUWÖN
NUHVHO GQ\DQÖQ |\OH ELU QRNWDVÖQD JHOGL NL DUWÖN XOXVODUDUDVÖ VHUPD\H G]HQL XOXV
GHYOHWLGROD\ÖVÖ\ODXOXVGHYOHWLQELURUJDQÖELUNXUXPXRODQSDUODPHQWR\XYHEXDODQGD
|]JUOø \DVDNOÖ\RU 8OXVODUDUDVÖ VHUPD\HQLQ WHPHO NXUDOÖ NXUDOVÖ]ODûWÖUPDGÖU <DQL
NHQGL NkU PDNVLPL]DV\RQX |QQGHNL KHU WUO HQJHOL \DVDO YH\D DKODNL ³YH\D KHU
QH\VH³ ELU ELoLPGH NDOGÖUPDNWÖU 'ROD\ÖVÖ\OD SDUODPHQWR\X DVOÖQGD LûOHYVL]OHûWLUHQ EX
NUHVHO GQ\DGÖU 6DGHFH SDUODPHQWR\X LûOHYVL]OHûWLUHQ GHøLO D\QÖ ]DPDQGD VL\DVHWoL\L
KDONÖQ J|]QGHQ GûUPH\H oDOÖûDQ GD WHPHOGH QH VROFXODU QH LûoLOHU QH NDPX
oDOÖûDQODUÖGÖU\LQHVHUPD\HGLU$PDWDELNLSDUODPHQWRQXQLWLEDUND\EHWPHVLQGHJHQHO
RODUDN LIDGH HWPHN JHUHNLUVH VD\ÖQ WHPVLOFLOHULPL]LQ GH ELU KD\OL oDED J|VWHUGLNOHULQL
PDDOHVHI NDEXO HWPHPL] JHUHNL\RU 9H EXQXQ |QQH JHoPHQLQ \ROX EHQFH UûYHW
DOPDPDN NDPX ND\QDNODUÖQÖ \DNÖQODUÖ LoLQ NXOODQPDPDN JLEL NDQXQL \DVDNODUÖQ
X\JXODQPDVÖ GHøLOGLU %XQGDQ GDKD GRøDO ELU WDOHS ]DWHQ RODPD] <DSÖOPDVÖ JHUHNHQ
NHQGL VHoPHQLQH RODQ ERUFXQX KL]PHW RODUDN |GH\HELOPHQLQ \ROODUÖQÖ EXOPDNWÖU ³
KDQJLVÖQÖIÖWHPVLOHGL\RUVDEXQDGDLWLUD]ÖPÖ]\RN
ùûoL\H YH YDWDQGDûD JLGLS GH ´6HQLQ KDNNÖQÖ NRUX\DFDøÖPµ GL\HQ VHUPD\H\H KL]PHW
HGHUVH EXUDGD DKODN VRUXQX YDUGÖU %HQ VRUJXODUÖP EXUDGD DKODN QHUHGHGLU GL\H $PD
ûD\HW JLGLS LûoL\H ´+D\ÖU EHQ VHQLQ KDNNÖQÖ NRUX\DFDøÖP KL]PHW HGHFHøLPµ GL\RUVD
EXQX DONÖûODUÖP %HQ R\XPX YHULULP YHUPHP R D\UÖ NRQX <DQL DKODN NXUDOODUÖQÖ EHONL
WHPHOGHRQRNWD\DJHWLUPHPL]JHUHNL\RU
6RQXo RODUDN û|\OH LIDGH HGH\LP *HUoHNWHQ GH oDUHVL]OLN LQVDQODUÖ LVWHU LVWHPH]
WHU|UH GRøUX VHYN HWPHNWHGLU 6D\ÖQ $\JQ oRN J]HO DQODWWÖ %DQD VRUDUVDQÖ] WHU|U
GHYOHW WHU|UQH NDUûÖ GD RODELOLU <DQL GHYOHW WHU|U GHGLøLPL] ³7UNL\H·\L GH
DQÖPVD\ÖQÖ]³ ELUoRN ûH\L DQÖPVD\DELOLUVLQL] 7HU|U EHVOH\HQ R ]HPLQL \HûHUWHQ
DVOÖQGD oDUHVL]OLNWLU +DQJLQL] ³EHQ GH GDKLO ROPDN ]HUH³ KDQJLPL] JQQ ELULQGH
KHUKDQJL ELU KDNVÖ]OÖN QHGHQL\OH |UQHøLQ QH ELOH\LP EDNNDOÖQ NDIDVÖQD ELU ûLûH
LQGLUPH\LGûQPHGLN"9H\DûXûRI|UHELU\XPUXNLQGLUH\LPGHVXUDWÖQÖGDøÖWD\ÖPGL\H
DNOÖPÖ]GDQ JHoPHGL PL" 6RQ GHUHFH QRUPDOGLU 1HGLU ROD\" +DN DUDPD ROD\ÖGÖU +DN
DUDPD
ROD\Ö
QHUHGH
GøPOHQL\RU"
.DUûÖQÖ]GD
ELU
VHUPD\HQLQ
LNWLGDUÖ
ROPDVÖ
QRNWDVÖQGD 'DKD |QFH GH V|\OHGLøLP JLEL VRUXQX LNWLGDU YH VLVWHP VRUXQXQD
LQGLUJHPL\RUXP 'HPRNUDVLQLQ WDQÖPÖ VRQ GHUHFH QHW ELU oÖNÖû QRNWDVÖ YHUL\RU
8\JXODQÖ\RU PX EX %DWÖ ONHOHULQGH" ·WH 9L\DQD %LOGLUJHVL·QGH DOÖQDQ LQVDQODUÖQ
NHQGL\DûDPODUÖQDNDWÖOPD|]JUOøQNDEXOHWPHNYVJLELDGODQGÖUÖODELOHFHNEWQ
EXQODUÖQKHSVLX\JXODQPDPDNODELUOLNWHoÖNÖûQRNWDVÖRUDVÖGÖU
g]HWOH ûXQX V|\OH\H\LP 6HUPD\H G]HQL NkU DPDoOÖ LQVDQÖ WDPDPHQ GÖûOD\DQ ELU
VLVWHP ROGXøX YH VL\DVHW GH WDQÖPÖ LWLEDUL\OH VHUPD\H G]HQLQLQ JHUHNOHULQL \HULQH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHWLUPHNLoLQ\DSÖOGÖøÖVUHFHLVWHULVWHPH]WHU|ULoLQ\HûLOELU]HPLQYHULPOLWRSUDNODU
KD]ÖUODQPÖûROX\RU
$NÖQ(UJGHQ
6D\ÖQ .D\D *YHQo·H WHûHNNU HGL\RUX] 6RQ RODUDN VD\ÖQ 3URI 'U &HQJL] *OHo
LNLOL ELU NLPOLNOH NRQXûDFDN %LU SVLNL\DWULVWDNDGHPLV\HQ YH ELU VL\DVHWoLPLOOHWYHNLOL
RODUDN%X\XUXQX]HIHQGLP
&HQJL]*OHo
6D\ÖQ %DûNDQ WHûHNNU HGHULP 7D]H VL\DVHWoL GL\H DoÖNODPDN JHUHNLU VDQÖUÖP
%XUDGD NÖGHPOL GRVWODUÖPÖ] DELOHULPL] YDUNHQ EL]LP VL\DVHWHQ ODI HWPHPL] ROPD]
'HUOHU NL $QDGROX·GD ELU ODI YDUGÖU ´XVWDQÖQ |QQGH SDUHQGH DWÖOPD]µ GL\H %XUDGD
WHFUEHOL VL\DVHWoLOHU ELU WDUDIWD IHOVHIHFLOHU |EU WDUDIWD KHOH KHOH ELU NLWOH |UJWQQ
PHVOHN |UJWQQ EDûNDQÖ RODUDN YH EHOOL NL VL\DVHWH oRN KD]ÖU GXUDQ ELU EDûND
NRQXûPDFÖYDUNHQELUGHHVNLYHNÖGHPOLVL\DVHWoLNHQGLQLHPHNOL\HD\ÖUPÖûELUDELPL]
EXUDGD\NHQQHV|\OH\HELOLULPGRøUXVX"
2UKDQ%LUJLW
%HQNHQGLPLHPHNOL\HD\ÖUPDGÖP
&HQJL]*OHo
3HNL ELULOHUL D\ÖUPÖû EHOOL NL *DOLED VL\DVHWWH YHID DUDPDN KHUKDOGH \DQOÖû ELU ûH\
6L\DVHWLQGÖûÖQGDGXUDQ\DGDGÖûÖQDLWLOPLûOHUGHQVL\DVHWHLOLûNLQELUH\VHOGX\JX\DûDQWÖ
YH J|]OHPOHULQL GLQOHPH\L oRN DU]X HGHUGLP DPD |\OH ROPX\RU PDDOHVHI EX
WRSODQWÖODUGD 1H\VH V|]H QDVÖO EDûOD\D\ÖP GL\H GûQGP EX oDøUÖ\Ö DOGÖøÖP ]DPDQ
(NVLN ROPDVÖQ $NÖQ EL]L E|\OH ELU ûH\H GDYHW HWWLøL ]DPDQ EHQ ]DQQHGL\RUGXP NL
VL\DVHWYHHWLN\DGDVL\DVHWWHHWLøLWDUWÖûDFDøÖ]6RQUDGDQGDKDGLNNDWOLRNX\XQFDEXGD
EHQLP LKPDOLP WHU|U VL\DVHW Lû GQ\DVÖ YH HWLN \DQL G|UW NDYUDP DUDVÖQGD ELU
HWNLOHûLP V|] NRQXVX\PXû <DQL EXQODU DUDVÖQGD ELU LOLûNL YDUPÖû EHVEHOOL EL]LP
ILOR]RIODUÖPÖ] E|\OH GûQGøQH J|UH %X GXUXPGD EX LOLûNL QH ELU NHUH RQX
NHûIHWPHOL\LP EX LOLûNL\H GDLU oRN |QHPOL GHøHUOL D\GÖQODWÖFÖ V|]OHU V|\OHPHOL\LP
GLQOH\LFLOHUL X\DUPDOÖ\ÖP GL\H GûQGP WDELL 6RQUD IDUNÖQD YDUGÖP NL EHQ EX LûL
\DSDPD\DFDøÖP EX EHQL DûDU hVWHOLN DFDED E|\OH ELU LOLûNL GH YDU PÖ" .D\D%H\ VDQNL
YDUPÖûJLELVXQGXGRøUXVXKD\UDQROGXP
%|\OH ELU LOLûNL\L EDøODPDN KHOH KHOH ELU GH WHU|UH EDøODPDN oRN IDNW|UO NDUPDûÖN
ELUVUHo6L\DVHWLQNHQGLVLDNÖODOPD]HYUHQYHGHU\DùûGQ\DVÖQDV|]P]\RNRoRN
DoÖNYHQHW+LoGHøLOVHNkUHGHFHøLPGL\RUYHNHQGLQLDSDoÖNWDQÖPOÖ\RU(WLNLVH]DWHQ
VR\XW NDYUDPODU EWQ DKODN PÖGÖU DKODN VW GHøHUOHU IHOVHIHVL PLGLU" (WLNoLOHU
VUHNOL WDUWÖûÖ\RU 'ROD\ÖVÖ\OD EHQ EX LOLûNL\L \DNDOD\DFDN JoWH YH \HWHQHNWH GHøLOLP
6DGHFH PWHYD]Ö RODUDN WD]H ELU VL\DVHWoL VÖUDGDQ ELU ELOLP DGDPÖ RODUDN ´1HOHU
\DSDELOLUVLQ"µ ´$FDED VL\DVHWOH HWLN DUDVÖQGDNL LOLûNLOHUH GDLU ELU ûH\OHU V|\OH\HELOLU
PLVLQ"µ GL\H VRUGXP NHQGLPH %|\OH G|UW EDûÖ PDPXU ELU V|\OHPL EHFHUHPL\RUXP 2
ND\JÖGDQ X]DNODûWÖP ELU DOÖûNDQOÖN YH WDU]ÖPÖQ LIDGHVL RODUDN V|\O\RUXP 6HYJLOL
$KPHW ùQDP EL]H QDVÖOVD ELU \RO KDULWDVÖ \ROODPÖû WDQH VRUX YDU EXQODUÖQ
]HULQGHNDID\RUGXP7PVRUXODUWHU|UOHEDûOD\ÖSWHU|UOHELWPLû
3ROLWLND\D
JHo
JLUPHQLQ
DYDQWDMODUÖ
YDU
%LU
GH
DNDGHPLV\HQ
LVHQL]
$NDGHPLV\HQOHUGHQ EDûDUÖOÖ SROLWLNDFÖ SHN oÖNPDPÖûWÖU %LU G|QHP SDUODPÖû DQFDN
SDUODNOÖøÖQÖ VUGUHELOHQH SHN UDVWODQPÖ\RU %X JHQHO ELU GXUXP +HUKDOGH EXQXQ
DUNDVÖQGD ELU QHGHQ ROPDOÖ RQX ELU EDûND NRQXûPD\D EÖUDNDOÖP $YDQWDMÖ ûX
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
3ROLWLNDQÖQLoLQGHoHNLUGHNWHQ\HWLûLUVHQL]YHSROLWLND\ÖELU\DûDPWDU]ÖDGHWDELUPHVOHN
JLEL EHQLPVHUVHQL] LoLQGH \DûDGÖøÖQÖ] NXUXPD GÖûDUÖGDQ HOHûWLUHO RODUDN EDNPDQÖ] SHN
PPNQ ROPD\DELOLU %L]LP JLEL oDøUÖ\OD JHOHQ ELUD] GÖûDUÖGDQ \D GD EWQH HøUHWL
GXUDQ ´|PUPQ VRQXQD NDGDU EHQ EXUDGD\ÖPµ GL\H ELU LGGLDVÖ EXOXQPD\DQ
LQVDQODUÖQELUD]DNDGHPLNWHUEL\HGHYDUVDSROLWLNDQÖQJL]OLNXOYDUODUÖQÖNHûIHWPHûDQVÖ
RODELOL\RU(OHûWLUHODoÖGDQNHQGLXøUDûDODQÖQDEDNDELOPHûDQVÖRODELOL\RU+HOHKHOHELU
GHDQDOLVWIDODQLVHQL]GDKDL\LEDNDELOPHQL]PPNQ%|\OHROXQFDLQVDQODUSROLWLND\D
YHSROLWLNDFÖODUDQDVÖOEDNÖ\RUODU"
*DOLED LNL WU EDNÖû PPNQ %LULQFLVL EL]LP JLELOHU \DQL DNWLI SROLWLNDQÖQ LoLQGH
RODQODUÖ ELU NHûLI ELU ´LQQRYDWLRQµ ELU LFDW JLEL ELU SURMH JLEL J|UHQOHU ùNLQFLVL
SROLWLND\DLOJLGX\PD\DQODULoLQJHQHONLWOHLoHULVLQGH\DGDHQWHOHNWHOoHYUHOHUGHGHEX
J|Uû KDNLP RODELOLU 3ROLWLND ROVD ROVD ELU NDGHUGLU <DQL SROLWLND ELU EHOLUOHQPHGLU
0HVHOD 0DUNVLVW DoÖGDQ EDNWÖøÖPÖ]GD WHPHO EHOLUOH\LFL LONH RODQ HNRQRPLN \DSÖGÖU
ùNLQFLORODUDNVWG]H\GHGHoRNNDEDFDV|\O\RUXPSROLWLND\HUDOÖU3ROLWLNDGDNLKHU
GH\Lû
GRøUXGDQ
GRøUX\D
HNRQRPL
WDUDIÖQGDQ
EHOLUOHQLU
'ROD\ÖVÖ\OD
SROLWLND
EHOLUOHQPLûOLN LOLûNLVL LoLQGH DQODûÖODELOLU 3ROLWLNDQÖQ LoLQGH NDODUDN VL] SROLWLNDGD HWNLOL
RODPD]VÖQÖ] R KDOGH SROLWLND\Ö EHOLUOH\HQ SDUDPHWUHOHUL GLQDPLNOHUL PDQLSXOH HGHUHN
SROLWLNDGD GD ELU ûH\OHU GHøLûWLUHFHNVLQL] %XUDGD ELU NDGHUFLOLN EHOLUOHQPLûOLN V|]
NRQXVX 'ROD\ÖVÖ\OD HNRQRPLN \DûDPDG]H\H GRøUXGDQ GRøUX\D PGDKDOH ûDQVÖP
SHN\RN3HNoRNoDøGDû0DUNVLVW´+D\ÖUEXE|\OHWHN\|QOPHNDQLNELUGHWHUPLQL]P
GHøLO SHNDOD VW G]H\ \DQL LGHRORML YH SROLWLND GD DOW \DSÖ\Ö EHOLUOHUµ GHVH GH VRQ
NHUWHGH EHOLUOH\LFL RODQ HNRQRPLGLU %X DQOD\ÖûÖ ´HNRQRPL]Pµ GL\HUHN oRN LOHUL
J|WUUVHQL]oDøGDû0DUNVLVWOHULQGHoRNNÖ]GÖøÖELUNDYUDPDYDUDELOLUVLQL]$PDJHQHO
NLWOH DoÖVÖQGDQ EDNÖOGÖøÖ ]DPDQ DûDøÖ \XNDUÖ KDNLP RODQ J|Uû EXGXU %X JHQHO
EHOLUOHQPLû DODQGD XIDN ELU ILJUDQ \D GD DNW|U ROPDN LVWHPL\RUVDQÖ] SROLWLND\Ö DNWLI
LQVDQ\DûDPÖQDELUSURMHVXQDELOHQ\DûDPÖû|\OH\DGDE|\OHHWNLOH\HQELUHWNLQOLNDODQÖ
RODUDN KDWWD |]HUN ELU HWNLQOLN DODQ RODUDN J|UHELOLUVLQL] NL EX GD LQVDQ QH ]DPDQGDQ
EHUL WRSOXFD \DûDPD\D EDûODGÖ\VD YDUGÖU %X PRGHUQ LQVDQÖQ \D GD EHOOL X\JDUOÖNODUÖQ
JHOLûWLUGLøL ELU DODQ GLVLSOLQ GHøLO LQVDQOÖøÖQ WD EDûÖQGDQ EHUL YDU RODQ ELU DODQGÖU
dQNELUWRSOXPXQJHQHOVRUXQODUÖSROLWLNVRUXQODUGÖU3ROLWLNVRUXQODUGDKHU]DPDQ
R WRSOXPX LOJLOHQGLUHQ JHQHO VRUXQODUGÖU 2 \]GHQ SROLWLND LQVDQOÖøÖQ JHQHOOLNOH
ELOHELOGLøLPL] WDULKLQGHQ EHUL KHS YDU RODJHOPLûWLU 'DKD |UJWO GDKD VLVWHPDWL]H
GDKDVRILVWLNHYH\DGHøLODPDHQLQGHVRQXQGDYDU
3ROLWLNDQÖQ LoLQGHNL HWLN VRUXQODUD GD JDOLED DQFDN SROLWLND\D WXWXOPD\DQ WP
\DûDPÖQÖ SROLWLND\OD |]GHûOHûWLUPH\HQ WP NLûLOLøLQL SROLWLN GHøHUOHUOH ELUHELU |]GHû
J|UPH\HQ ELUL HOHûWLUL \DSDELOLU ´3ROLWLNDGD HWLN VRUXQODUÖQ \HUL QHUHVLGLU"µ GL\H
VRUXODELOLU2QHGHQOHEHQEXNHûLIPHVHOHVLQL|QHPVL\RUXP+HUQHNDGDUEL]JHoPLû
JHOHQHNOHULPL] YH DWDODUÖPÖ] WDUDIÖQGDQ EL]H GHYUHGLOHQ NOWU PLUDVÖQD |QHPOL |OoGH
EDøÖPOÖLVHNGHRQGDQFLGGL|OoGHHWNLOHQL\RUYHEHVOHQL\RUX]YH'RøX%H\·LQ(UJLO
LIDGHHWWLøLSULPHUVRV\DOL]DV\RQVUHoOHUL\DQLDLOHLoLQGHNLHøLWLPDOÖûYHULûWHQWXWXQGD
|UJQ HøLWLPH NDGDU VRV\DOL]DV\RQX WRSOXPVDOODûPD VUHFLQL $PD EX VUHo NHQGL
EDûÖQD YH NHQGLQGHQ EDûOD\DQ ELU VUHo GHøLO GDKD |QFHNL NXûDNODUÖQ EL]H WDûÖGÖøÖ
NOWUHO VUHNOLOLøL RODQ ELU PLUDV WDUDIÖQGDQ EHOLUOHQL\RU 'ROD\ÖVÖ\OD EL] JHUoHNWHQ
SROLWLNDQÖQELUNDGHUROGXøXQDLQDQPDNGXUXPXQGD\Ö]%LUEHOLUOHQPLûOLNYDU$PDEX
PXWODNELUEHOLUOHQPLûOLNGHøLOLoHULVLQGH|]HUNELUDODQGDYDU
2 GD QHGLU" 7RSOXPD \HQL SURMHOHU VXQDELOPHN *DOLED SROLWLNDFÖQÖQ KDVÖ WRSOXPD
\HQL SURMHOHU VXQDELOHQ LQVDQGÖU %X SURMHOHUL VXQDUNHQ LQDQGÖUÖFÖ PÖ" 3ROLWLNDQÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDOLWHVLQL WHVW HGHUNHQ LQDQGÖUÖFÖOÖøD EDNDELOLUL] *]HO DKODNOÖ L\L DKODNOÖ L\L GHøHUOHUOH
GRQDQPÖû ROXS ROPDGÖøÖQD EDNDELOLUL] 2QODU ROVD ROVD SROLWLNDFÖQÖQ ELUH\VHO DODQÖ LOH
LOJLOLELUH\VHOGXUXûXLOHLOJLOLELUWDNÖPDKODNLVRUXODUGÖU$PDVL\DVHWELU\DSÖYHNXUXP
RODUDNDKODNYHHWLNOHQHNDGDU|UWûU"1HNDGDUoDNÖûÖU"
%HQLPNDIDPÖNXUFDOD\DQVRUXQODU
3ROLWLNDQÖQQHROGXøXQHOLøL
3ROLWLNDYHHWLNYH\DDKODNDUDVÖQGDNLLOLûNLOHU
3ROLWLNDFÖQÖQDKODNÖ
6L\DVHWWHDKODN
6L\DVHWDKODNÖJLELDOWE|OPOHUHD\UÖODELOLU
$KODN SUREOHPOHULQL VR\XW G]H\GH WDUWÖûÖUVDQÖ] GD HWLN ROX\RU 'L\HOLP NL ELUHELU
LQVDQ LOLûNLVL LoLQGH EDNWÖøÖPÖ] ]DPDQ VRPXW LQVDQ GXUXPODUÖQGD DKODNÖ WDUWÖûPDN JLEL
ELU DNÖP YDU *HQHO QRUPODU YH LONHOHU YH GHøHUOHUOH LOJLOL DODQODU ]HULQGH WDUWÖûÖUNHQ
IHOVHIHGH HWLNWH \HU DODELOLUL] $PD DKODN V|] NRQXVX ROGXøXQGD PHVHOD EHQ 6HYJLOL
$KPHW·H YHUGLøLP V|] WXWPDGÖøÖPGD DKODNVÖ] ELU DGDP RODELOLULP \D GD RQX
NDQGÖUGÖøÖPGD
\D
GD
GRODQGÖUGÖøÖPGD
NÖVDFDVÖ
GHøHU
\NO
GDYUDQPDGÖøÖPGD
DUNDGDûOÖøÖQ WDQÖPÖ LoLQGH EXOXQDQ PRUDO QRUPODUD WLWL] YH |]HQOL ELU ELoLPGH
X\PDGÖøÖPGD $KPHW EDQD ´DKODNVÖ] DUNDGDûÖPµ \DIWDVÖQÖ \DSÖûWÖUDELOLU %X G]H\GH
WDPDP EXQX DQOD\DELOLULP DPD SROLWLNDFÖ GHGLøLPL] LQVDQ SROLWLND LFUD HGHUNHQ
SROLWLNDQÖQLoLQGHYDUROXUNHQ\DGDELUHWNLQOLN\UWUNHQVUGUUNHQELUNHUHEHOOL
ELU NLûL\H NDUûÖ VRUXPOX GHøLO .HQGLOHULQGHQ RQODUÖ WHPVLO HWPH \|QQGH RQD\
DOGÖøÖPÖ] VHoPHQ NLWOH\H NDUûÖ GX\GXøXPX] VRUXPOXOXN LOH $KPHW·H NDUûÖ GX\XODQ
VRUXPOXOXN DUDVÖQGD IDUN YDU 3ROLWLN DKODN \D GD SROLWLNDFÖQÖQ DKODN VRUXQXQX
WDUWÖûÖUNHQ ELUH\OHU DUDVÖQGD JHoHUOL RODQ DKODN NDYUDPODUÖQÖ WUDQVIHU HGHPH\L] NROD\
NROD\ %X LNLVL EX NDGDU NROD\ |UWûPH] <DQL EHQ JLGHFHøLP LO ROPD\Ö \ÖOODUGÖU
EHNOH\HQLOoH\L'LYULøL\DGD6XûHKULGL\HOLPKHOHELUGHJHQHOEDûNDQVDPSDUWLPLQR\
DOPDûDQVÖQÖDUWWÖUPDNLoLQLO\DSPDV|]YHULSVRQUDGDRV|]\HULQHJHWLUPH\HFHøLP
2QGDQ VRQUD GD EXQD JFPQ \HWPHGLøLQL LOHUL VUS NRDOLV\RQ ROPD\Ö ELU PD]HUHW
RODUDN LOHUL VUHFHøLP %XQX \HULQH JHWLUPHGLøLP ]DPDQ EDQD EDûDUÖVÖ] PÖ GHQLOHELOLU
\RNVD DKODNVÖ] PÖ EXQX D\ÖUPDN OD]ÖP $PD JHQHO JQGHOLN DODQGD EL] EXQX KHPHQ
DKODNVÖ] NDWHJRULVLQH NR\X\RUX] 3ROLWLNDFÖQÖQ J|UHYL XPXW \DUDWPDNWÖU 7HPHOVL] ERû
XPXW RQX GD \DSDELOLU 8PXW WDFLUL GH RODELOLU YH EXQX \DSDUNHQ EXQX \DSÖ\RU GL\H
DKODNVÖ]OÖNOD VXoOD\DPD]VÖQÖ] 2 ELU EDûND G]OHPGLU 2QX \DUJÖOD\DFDNVDQÖ] EDûND
NDYUDPODUOD\DUJÖODPDNYHEX\DUJÖODPD\ÖEDûNDG]OHPGH\UWPHNOD]ÖP
úLPGL oQF RODUDN SROLWLN SVLNRORML\H GDLU ELU ûH\OHU V|\OH\HFHøLP 8VWD
SROLWLNDFÖODUÖQKD\DWÖQDEDNWÖøÖQÖ]]DPDQ|]HOOLNOH7UNL\H·GHVL\DVHWoLOHUOHLOJLOLVDøODP
JYHQOL EL\RJUDILN oDOÖûPDODU \RN JLELGLU 2ODQODU GDKD oRN JD]HWHFLOHULQ \DSWÖøÖ
NURQRORMLN
YH
R
SROLWLNDFÖODUÖQ
SDUODN
ROGXøX
G|QHPOHUH
LOLûNLQ
DQHNGRW
YH
J|]OHPOHUGLU %DWÖ·\D EDNWÖøÖQÖ]GD ELUoRN WRSOXPGD FLGGL ELU GHøLûLPLQ |QFV ROPXû
E|\OH ELU JF RODQGHYOHW DGDPODUÖQÖQ oRN FLGGLEL\RJUDILOHUL YDUGÖU úX DQGD QH \D]ÖN
NL \ÖOGÖU 7UNL\H·QLQ NDGHULQL HWNLOH\HQ LQVDQODU KDNNÖQGD G]JQ EL\RJUDILN
oDOÖûPDODU \RNWX %XQODU LoHULVLQGH UDVWODGÖøÖP HVNL SROLWLNDFÖODUÖQ |øG ûXGXU JHQo
SROLWLNDFÖ DGD\ODUÖQD ´$PDQ LNWLGDU NLUOHWLUµ %X oRN |QHPOL ELU WHVSLW $FDED KHU
GXUXPGD LNWLGDU NLUOHWLU PL" ùNWLGDUD WXWXOPDGDQ PXNWHGLU RODELOPHN NLUOHQPHGHQ
NDODELOPHNPPNQP"%XQXQ|UQHNOHULQHUDVWODPD\ÖoRNDU]XHGL\RUXPDPDHSH\FH
]RURODFDNgUQHøLQ7URoNL·QLQoRN\XPXûDNKX\OXELUWDUDIÖYDU%LUN|\O\HELULVLQLQ
H]L\HW HWWLøLQL J|UVH DøOD\DQ D\DøÖ ND\DQ EH\JLUL J|UQFH \UHøL SDUoDODQDQ ELU
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
DGDPPÖû $PD ELU WDUDIWDQ GD GHYULP DGÖQD ELQOHUFH N|\O\ EXUMXYD\Ö NDWOHWPLû ELU
DGDP %X QDVÖO RODELOL\RU" %LUH\VHO \DûDPÖQGD DODELOGLøLQH GX\DUOÖOÖNODU WDûÖ\RUVXQX]
DPD JHQHO YH ELU SRSODV\RQX LOJLOHQGLUHQ NRQXODUGD GD NDVNDWÖ RODELOL\RUVXQX] 1DVÖO
PPNQRODELOL\RU"
3ROLWLN SVLNRORML\H \LQH ELU DWÖIWD EXOXQD\ÖP .LP SROLWLNDFÖ ROXU" 1HGHQ SROLWLNDFÖ
ROXU" 1DVÖO SROLWLNDFÖ ROXU" %X VRUXODUÖQ FHYDSODUÖ GD DKODN DODQÖ GÖûDUÖGD EÖUDNÖODUDN
FHYDSODQDPD\DFDNWÖU
$NÖQ(UJGHQ
6D\ÖQ *OHo·H YH WP NRQXûPDFÖODUÖPÖ]D WHûHNNU HGHUL] ùON WXUX WDPDPODGÖN YH
ûLPGL VDORQGDQ VRUXODUÖ DODELOLUL] 6RUXODUÖQ FHYDSODQPDVÖ LoLQ WP NRQXûPDFÖODUD ELU
WXUGDKDV|]KDNNÖYHUHFHøLP(YHWV|]DOPDNLVWH\HQOHUEX\XUXQ
'LQOH\LFL6RUXODUÖ
6DORQGDQ%LU'LQOH\LFL
$KPHW +RFDPÖ] ´$FÖ oHNHQ LQVDQODU NHQGLOHULQL |]HOOLNOH WHU|U NXOODQDUDN YDU
HGHUOHUµ GHGL 3HNL EDûND QDVÖO NHQGLVLQL GX\XUDELOLU YH E|\OH ELU RUWDPGD PHG\DQÖQ
GXUXûXQHRODELOLU"
6DORQGDQ%LU%DûND'LQOH\LFL
%LU VRUX YH EHONL ELU GH NDWNÖ RODELOLU 6D\ÖQ ùQDP·ÖQ JHOGLøL QRNWD EHONL GH NLûLQLQ
NHQGLVLQLVRUJXODPDVÖdQNWHU|UKHU\HUGHWHU|UGU/DGHQ´%LUùVODPL\HWYDUGÖUELU
GH+ÖULVWL\DQOÖNµGL\RUYH´<D$PHULND·GDQ\DQDVÖQÖ]\DGDGHøLOVLQL]µGHUNHQ%XVKGD
RQXQ \DSWÖøÖQÖ \DSÖ\RU 6D\ÖQ ùQDP oRN KDNOÖ $QFDN ´%HQ NLûL RODUDN QH \DSDUGÖP"µ
VRUXVXQD WHRULN RODUDN VW QRUPODUOD FHYDS YHULOHELOLU $QFDN ELU \DNÖQÖQÖ]D EXQODU
ROVD\GÖ \DQL ´%L] GH LûLQ LoLQGH ROGXøXPX]GD QH \DSDUGÖN"µ VRUXVXQD FHYDS DQFDN R
ROD\LoLQGHYHULOHELOLU'ROD\ÖVÖ\ODWHRULNRODUDNNRQXûPDNRODQDNVÖ]JHOL\RU
ùNLQFLVL 6D\ÖQ 0LOOHWYHNLOL ´0HFOLVWHNL RWXUXPODUÖ J|UGNoH LoLP LoLPH VÖøPÖ\RU
XWDQoGX\XODFDNELUPHFOLVµGHGL.HQGLOHULLoOHULQGHELUPLOOHWYHNLOLRODUDNQHGX\X\RU
QH\DûÖ\RUODU"
6DEDKDW%D\UDN3DPXNNDOHhQLYHUVLWHVLùNWLVDGLYHùGDUL%LOLPOHU)DNOWHVL
gøUHWLPh\HVL
<DQOÖû DQODûÖOPDNWDQ NRUNDUDN FPOH\H EDûODGÖøÖPÖ EHOLUWPHN LVWL\RUXP úLPGL EL]
DKODNÖ YH\D HWLøL GHGLøLQL] JLEL LNL DQODPGD NXOODQÖ\RUX] %LU WDQHVL Lo GHQHWLPH |]
GHQHWLPH GD\DOÖ YH HWLN DQODPGDNL NXOODQÖPÖ ELU GLøHUL LVH GÖû GHQHWLPH GD\DOÖ PRUDO
DQODPGDNLNXOODQÖPÖ
úLPGL EL]LP WRSOXPXPX]GD QRUPDWLI \DQÖQ PRUDO DQODPGDNL HWLøLQ oRN GDKD |Q
SODQGD ROGXøXQX J|U\RUX] %HQ VL]OHUGHQ oRN |]U GLOH\HUHN PHVHOD ]DPDQ
NXOODQÖPÖQD EDNÖ\RUXP KLoELU NRQXûPDFÖ NHQGL VDDWLQL NRQWURO HGHUHN ]DPDQÖ WDNLS
HWPHGLKHSEDûNDQGDQLND]LVWHGLOHU1RUPDWLIHWLNNRQXVXQGDNL\DWNÖQOÖøÖPÖ]PÖGL\H
VRUX VRUPDN LVWL\RUXP <DQL WRSOXPVDO RODUDN EL] GÖû GHQHWLPH EDûNDQÖPÖ]D PHVHOD
EDøOÖ NDOGÖN Lo GHQHWLPL NXOODQPDGÖN %X DKODN NRQXVXQGD JQGHPH JHOGLøLQGH oRN
GDKD ]RU GXUXPODUGD oRN GDKD ]RU NDUDUODUGD oRN GDKD EXODQÖN WDEORODUGD NDUûÖPÖ]D
JHOGLøLQGH EL] KHS GÖû GHQHWLPH LKWL\Do GX\X\RUX] 0HVHOD VL\DVHWoLOHULPL] JLWPL\RU
´9DWDQGDû JHOVLQ ]RUOD LQGLUVLQµ GL\RU 0LNURIRQX DODQ EÖUDNPÖ\RU ]RUOD VXVWXUXOVXQ
LVWL\RU<DQLQH]DPDQLoGHQHWLPLNXOODQDFDøÖ]GL\HEHQPHUDNHGL\RUXP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%LU GLøHU NRQX &HQJL] %H\ NRQXûPDVÖ LoHULVLQGH EDKVHWWLOHU ELUH\VHO YH NLWOHVHO
GXUXPODU <DQL ELUH\VHO RODUDN EX NDGDU J]HO GX\JXODUÖ RODQ LQVDQODU QDVÖO ROX\RU GD
NLWOHOHULQ EDûÖQD JHOGLNOHULQGH ELQOHUFH N|\O\ NDWOHGHELOL\RUODU" %HQ RQXQ GD \LQH
LoVHO ROGXøXQD LQDQÖ\RUXP <DQL RUDGDNL NLWOH SVLNRORMLVLQL WDEL NL EHQ NHQGLPFH
WDUWÖûPDN LVWHPL\RUXP DPD NLWOH SVLNRORMLVLQLQ JHWLUGLøL R NLWOH\H DLW ROPDQÖQ YH NLWOH
LoLQGH GDYUDQÖûÖQ JHWLUGLøL GûQPHGHQ KDUHNHW HWPHQLQ oRN DIIHGHUVLQL] VU
SVLNRORMLVLQLQ PDQWÖøÖQÖQ ROGXøXQD LQDQÖ\RUXP $PD RVUOHU LoHULVLQGH GH EHQ DUWÖN
oREDQ J|UPHN LVWHPL\RUXP %LQOHUFH LQVDQ ´%L] HVNLGHQ KHS NDKUDPDQ EHNOHGLN
EXJQH NDGDU GD KkOk EDNÖQÖ] $WDWUN· DQÖ\RUX] EL] PPNQVH RQXQ \HQLGHQ
FDQODQPDVÖQÖ GLOL\RUX]µ GHGL 3HNL EX NDGDU QHVLO EX NDGDU LQVDQ QH ]DPDQ NHQGL
VWQHGûHQL\DSDFDNYHNHQGLQLNDKUDPDQDGGHGHFHN"<DQLELULOHULQLKDUFDPDGDQQH
]DPDQNHQGLVWP]HGûHQVRUXPOXOXøXNDEXOHGHFHøL]"%L]NDKUDPDQODULVWL\RUX]
oQN NDKUDPDQODU ELOL\RUVXQX] NHQGLOHULQL IHGD HGHUHN WRSOXPD ELU ûH\ YHUL\RUODU
%L] NHQGL NHQGLPL]GHQ YD]JHoHPL\RUX] NHQGLQGHQ YD]JHoHFHN ELULOHULQL LVWL\RUX] 9H
EX EHQLP FDQÖPÖ \DNÖ\RU 2 QHGHQOH EHQ DUWÖN HQ VW NUVGHQ HQ VW VHVOHUGHQ
KHUNHVLQ NHQGLVLQL NDKUDPDQ ROPDVÖQD LQDQGÖUDFDøÖ ELU ]DPDQGD \DûDGÖøÖPÖ]Ö YH
KHUNHVLQ VRUXPOXOXN ELOLQFLQGH NHQGL Lo VHVLQH VHVOHQPHVL JHUHNWLøLQH LQDQÖ\RUXP
8]XQROGX|]UGLOL\RUXP
6DUDdHOLN0HUVLQhQLYHUVLWHVL)HOVHIH%|OPgøUHWLPh\HVL
gQFH GLøHU NRQXûPDFÖODUGDQ |]U GLOL\RUXP *HUoHNWHQ KHU ELULQLQ NRQXûPDVÖ\OD
LOJLOL ELU VRUX oÖNÖ\RU DVOÖQGD ]LKQLPL]GH ROXûX\RU $PD WDEL NL KHU ELU NRQXûPDFÖ\D
VRUX\|QHOWPHN]DWHQSUDWLNGHøLO%XJQELUD]DNWHOROPDVÖQHGHQL\OHWHU|UL]PGDKD
oRNLOJLPL]LoHNL\RU2QXQLoLQWHU|UL]PGDKDGRøUXVXWHU|UVRUJXODQPDOÖEXYHVLOH\OH
GL\RUXP 2 \]GHQ VRUXPXQ ELU \|Q 6D\ÖQ $KPHW ùQDP %H\ LOH EHONL .D\D %H\·H
RODELOLU %LU EDûND \|Q GH 'RøX %H\·H JLGL\RU gQFHOLNOH RQX EHOLUWH\LP *HUHN
$KPHWùQDP%H\JHUHN'RøX%H\NRQXûPDODUÖQGDWLFDUHWROD\ODUÖQÖQNkUDGD\DQGÖøÖQÖ
V|\OHGLOHU <D GD \|QHWLPGH GH EHOOL ELU \|QHWLP oDUNÖQGDQ GROD\Ö ELU oHûLW EDVNÖ
ROGXøXQX V|\OHGLOHU 9H EXQXQ NDUûÖVÖQGD GD WHU|U GRøDOPÖû JLEL ELU VRQXo oÖNWÖ
g]HOOLNOH $KPHW ùQDP %H\ WÖNDQPÖû KDNVÖ]OÖNODU \DSDQ ELU oDUNÖQ G]HQLQ LûOH\LûL
QHGHQL\OH WHU|UH EDûYXUXOGXøXQX YH EX QHGHQOH GH HWLøLQ GDKD oRN WHU|UH EDûYXUDQ
GHøLOGHEXWÖNDQPÖûOÖøÖJ|VWHUHQG]HQWHPVLOFLOHULWDUDIÖQGDQGûQOPHVLJHUHNWLøLQL
V|\OHGL %XQD NDWÖOÖ\RUXP )DNDW EXUDGD WHU|U WDQÖPÖQGD PÖ ELU ûH\ ELU EXODQÖNOÖN YDU
RQGDQ ûSKHOL\LP 6DQÖUÖP |\OH %HQ WHU|UGHQ ûXQX DQOÖ\RUXP ûDKVHQ EHOOL ELU DPDFD
XODûPDNLoLQEDVNÖNXUPD\ROXQXVHoLSLQVDQ\DûDPÖQD\|QHOLNWHKGLWROXûWXUPDNLQVDQ
|OGUPHN YH ELU GHKûHW RUWDPÖ \DUDWDUDN VRUXQX LOJLOL NLûLOHUH GX\XUPDN úLPGL E|\OH
ELU GXUXPXQ |]QGH ELU \DQOÖûOÖN YDU GL\RUXP <DQL WHU|U LQVDQ \DûDPÖQD \|QHOLN
ROXQFD |]HOOLNOH PDVXP LQVDQODUÖQ \DûDPÖQD \|QHOLN ROXQFD HWLNOH X]DNWDQ \DNÖQGDQ
LOJLVL ROPX\RU <DQL WHU|U ELU EDNÖPD NHQGL NHQGLQL \ÖNÖ\RU KDNOÖ oÖNDUÖODFDN ELU \|Q
YDU JLELPH JHOPL\RU %LU EDNÖPD KHU DODQÖQ GD HWLøL RODELOLU GûQFHVLQGHQ KDUHNHWOH
WHU|ULVW GH ELU HWLN PL \DUDWÖ\RU" 'RøX %H\ YXUJXODGÖODU EXJQ JHOLQHQ QRNWDGD
QLKLOL]P DQODûÖODPD\DQ ELU ûH\ oQN KHU LQVDQ \DûDPDN LVWHU <DQL R \]GHQ NHQGL
NHQGLQL KHGHI DODQ NHQGL \DûDPÖQD VRQ YHUHQ ELU WHU|ULVW PDQWÖøÖ oRN ûDûÖUWÖFÖ JHOL\RU
$FDED DVOÖQGD LQVDQ \DûDPÖQD \|QHOLN E|\OH ELU X\JXODPD \DSWÖNODUÖ LoLQ PDVXP
LQVDQODUÖ |OGUGNOHUL LoLQ ELU oHûLW |OPH PH\GDQ RNXPD |OPQ oRN |QHPOL
ROPDGÖøÖ LûWH EL] GH |O\RUX] JLEL ELU HWLN PL YXUJXOX\RUODU" .D\D %H\ \D GD $KPHW
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
ùQDP·D GD VRUXP \RNVD VL]LQ WHU|U DQOD\ÖûÖQÖ] IDUNOÖ PÖ ELU KDN DUDPD JLEL PL
J|U\RUVXQX]"
6LEHO2NWDU&RPPHUFLDO8QLRQ
7HûHNNUHGL\RUXP%HQoRNNÖVDFDLNLVRUXVRUPDNLVWL\RUXP%LULQFLVL6D\ÖQ.D\D
*YHQo·H úLUNHWOHULQ DQD DPDoODUÖ NkU GHGLQL] %HQ Lû HWLøL LOH NkU NDYUDPÖ WDPDPHQ
ELUELULQL GÖûOD\DQ NDYUDPODU PÖ RQX VRUPDN LVWL\RUXP ùNLQFL VRUXP 6D\ÖQ 8OXo
*UNDQ·DDoOÖNVHYL\HVLQGHQEDKVHWWLQL]LNLGRODUGHGLQL]$VJDULFUHW\DNODûÖNûX
DQGD JQON RODUDN %|\OH ELU RUWDPGD VL\DVHWoLOHULPL]LQ HWLN DoÖGDQ Lû HWLøLQGHNL
X\JXODPDODUGD DVJDUL FUHWL GH GLNNDWH DODUDN QH GûQGøQ PHUDN HGL\RUXP
7HûHNNUOHU
+DIL]Hg]WUN$NGHQL]hQLYHUVLWHVL7ÖS)DNOWHVLgøUHWLPh\HVL
6RUXP 6D\ÖQ ùQDP·D .RGODUÖ ROPD\DQ ELU DKODNÖ VDYXQDELOHFHøLQL]L oÖNDUÖ\RUXP
NRQXûPDQÖ]GDQ +HU QH NDGDU NRGODUD LWLUD]ÖP \RN GHVHQL] GH NRGODUÖQ N|W\H
NXOODQÖPODUD GD DoÖN ROGXøXQX GD V|\OHGLQL] 9H LQVDQ GRøDVÖQÖ LQVDQÖQ |]Q
VRUJXODPDPÖ]
JHUHNL\RU
GHGLQL]
dRN
WDULKVHO
ELU
VRUX
EX
´ùQVDQ
LQVDQÖQ
NXUGXGXUµGDQ´ùQVDQPDVXPGXUµDNDGDUVSHNWUXPXoRNJHQLûRODQYHoRNWDUWÖûÖOPÖû
NDUDU GD YHULOHPHPLû ELU VRUX EX 9H QHUHGH\VH EX LQVDQ GRøDVÖ EDNÖPÖQGDQ DKODNHQ
EHOLUVL]GLU
GHGLUWHELOHFHN
ELU
QRNWD
%HQ
EXQXQ
oRN
GD
WHKOLNHOL
ROGXøXQX
GûQ\RUXP 6RQXoWD 6D\ÖQ 8OXøED\·ÖQ HWLN NRGODUGDQ oRN YLFGDQ V|\OHPL\OH
QHUHGH\VH \DQ \DQD GXUX\RU %LU VLVWHP RODUDN DKODN \D GD EXQXQ NXUDPVDO DoÖGDQ HOH
DOÖQPDVÖRODQHWLNYLFGDQODNLOLWOHQHELOLUPLGL\HGûQ\RUXP
0HKPHW7XUDQ0DGHQ7HWNLNYH$UDPD*HQHO0GUOø
ho NRQXûPDFÖ\D o NÖVD VRUX VRUDFDøÖP 6D\ÖQ 2UKDQ %LUJLW VDQNL VL\DVHWWHQ
oHNLOGLNWHQ VRQUD VL\DVHWLQ \R]ODûWÖøÖQÖ DQODWÖU JLEL ELU ûH\ oÖNWÖ EHQ |\OH DQODGÖP %X
*QHû 0RWHO ROD\ÖQÖ WHNUDU KDWÖUODWPD\D JHUHN \RN KHUKDOGH 6D\ÖQ 8OXo *UNDQ
LNWLGDUGD\NHQ PXKDOHIHW JLEL ûLND\HW HWPHN QDVÖO ROX\RU" 6D\ÖQ .D\D *YHQo UHWLP
DUDoODUÖ HøHU KDONÖQ GHøLO GHLûDGDPODUÖ \DQL SDWURQODUGD\VD EWQ Lû DGDPODUÖ DKODNVÖ]
PÖGHPHNLVWL\RUVXQX]"
*|NKDQ%XOXW$QNDUDhQLYHUVLWHVLùOHWLûLP)DNOWHVL*D]HWHFLOLN%|OP
gøUHQFLVL
%DûWD 6D\ÖQ 8OXo *UNDQ·D ELU VRUX VRUPDN LVWL\RUXP 5HVPL YH JD\UL UHVPL
DKODNWDQ EDKVHWWLQL] YH LNLVLQLQ DUDVÖQGDNL oHOLûNLOHULQ YDUOÖøÖQD GLNNDW oHNWLQL] 9H
|QP]H NR\PDPÖ] JHUHNHQ ELU KHGHIWHQ ·QF \ÖO NXWODPDODUÖ KHGHILQGHQ V|]
HWWLQL] 6DGHFH ELU VRUX GLUHNW YH OWIHQ \DQOÖû DQODPD\ÖQ EX SRSOLVW VRNDN VL\DVHWL
VRUXVX IDODQ GHøLO GRøUXGDQ HWLN VRUXVXGXU 6D\ÖQ (FHYLW VL]LQ GH EDøOÖ ROGXøXQX]
SDUWLQLQ JHQHO EDûNDQÖ ELU WDULNDWWDQ EDKVHGHUNHQ L\L WDULNDW YDUGÖU N|W WDULNDWWDQ
D\ÖUW HWPHN JHUHNLU WU ELU WDQÖPGD EXOXQPXûWX %X DQODPGD VL]LQ &XPKXUL\HWLQ
ND]DQÖPODUÖ KHGHILQL]OH EX V|]OHULQ QH NDGDU EDøGDûWÖøÖQÖ VRUPDN LVWL\RUXP %LU
GH 6D\ÖQ 'RøX +RFDP·D ELU VRUXP YDU 7HU|UOH PFDGHOH Jo VDYDûÖQD G|QG GHGL
KRFDP 7HU|UQ WDQÖPODUÖQÖQ NHVLQ ROGXøXQX \D EL]GHQVLQL] \D RQODUGDQVÖQÖ] JLEL ELU
WDQÖP \DSÖOGÖøÖQÖ V|\OHGLQL] 'HPLQ GH EDKVHGLOGL %XVK·XQ $PHULNDQ %DûNDQÖ
%XVK·XQ ´<D EL]GHQVLQL] \D RQODUGDQVÖQÖ] %X \HQL X\JDUOÖN G]HQLQGH NHQGL
\|QQ] WD\LQ HWPHOLVLQL]µ JLEL ELU V|] YDUGÖ %X DQODPGD GD WHU|UQ OHJDOOHûWLøL
PHûUXODûWÖøÖ YH XOXVODUDUDVÖ G]H\GH GH WDUDI EXOPD LVWHøLQLQ EXOXQGXøX DoÖN
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
J|UOPHNWHGLU%XQRNWDGDQVRQUDEXVDYDûWDQVRQUD$PHULND·QÖQRODVÖJDOLEL\HWLQGH
WHU|U\HQLGHQWDQÖPODQDFDNPÖGÖUYHQDVÖOWDQÖPODQDFDNWÖU"
6DORQGDQ%LU'LQOH\LFL
'RøX %H\·LQ V|\OHGLNOHULQGHQ oÖNDUGÖøÖP ELU VRUX EX DPD KHUNHV \DQÖWOD\DELOLU
DVOÖQGD 7HU|UVDYDû NDYUDPODUÖQÖQ LNLOLøLQL EHQ ELUD] WDUWÖûPDN LVWHULP úXQODU YDU
NÖVDVD NÖVDV PDQWÖøÖ QLKLOLVW LUUDV\RQHO \DQ JHOHFHN SURMHVL \RN VRUXPOX GHøLO
VRUXQOX\X RUWDGDQ NDOGÖUDQ YH NDUûÖOÖNOÖ NDEXOH GD\DQPD\DQ ELU ûH\ úLPGL $IJDQLVWDQ
RSHUDV\RQXQD EDNWÖøÖQÖ]GD EXQODUÖQ KHSVL YDU DVOÖQGD <DQL X]DWPDN LVWHPHGLøLP LoLQ
V|\OHPL\RUXPWHDWUDO\DQODUÖPHG\DWLNWDUDIÖD]]DUDUODoRNND\ÖSPDQWÖøÖYHVDLUHJLEL
ûH\OHU YDU úLPGL EDQD LNLVL DUDVÖQGDNL IDUN ûX JLEL JHOL\RU úLGGHWL NLPLQ X\JXODGÖøÖ
<DQLXOXVODUDUDVÖKXNXNWDGHYOHWOHUHHJHPHQROPDYHVDYDûDoPD\HWNLVLYHULOL\RUIDNDW
\DSDQ NXUXP \D GD DNW|U ELU GHYOHW GHøLOVH EXQXQ DGÖ WHU|U ROX\RU +DOEXNL RUDGD
JYHQOLNWH ROPD\DQ ûH\ \LQH \DûDPDN YH GHøLûHQ ELU ûH\ROPX\RU 9H EHQ]HU ûH\OHU GH
EX VRQ RSHUDV\RQGD GD J|UO\RU \DQL YHUGLøLPL] WDQÖPODUÖQ oRN EHQ]HU WDUDIODUÖ YDU
%X DQODPGD DVOÖQGD VDYDûÖQ HWLN ROXS ROPDGÖøÖQÖ KLo WDUWÖûPDGÖN YH EXUDGDQ ûH\ JLEL
oÖNÖ\RU \DQL WHU|U HWLN GHøLO WDPDP DPD VDYDû HWLN PL" <DQL GHYOHW YHUGLøL ]DPDQ EX
NDUDUÖ YH HJHPHQ ELU Jo ROGXøX LoLQ XOXVODUDUDVÖ KXNXND X\GXøX LoLQ ³NL GHYOHWOHU
\DSÖ\RUEXQX³R]DPDQHWLNELUNDUDUPÖROX\RU"
*L]HP$UÖNDQ2'7h)HOVHIH%|OPgøUHQFLVL
gQFHOLNOH LON VRUXPX 'RøX (UJLO·H VRUPDN LVWL\RUXP %LUD] |QFH (\OO
ROD\ODUÖQGDQ EDKVHWWLN %X EDøODPGD HøLWLPGHQ PDKUXP NDOPÖû YH KLoELU ûHNLOGH
NDONÖQPDPÖûELUONHQLQ\LUPLEHû\ÖOGÖUEDUÖû\]J|UPH\HQKDONÖQÖQDFDEDQDVÖOHWLN
RODUDN GRøUX EXOGXøXPX] ELU ûHNLOGH WHSNL J|VWHUHELOHFHøLQL VRUX\RUXP 'DKD VRQUD
+LNPHW 8OXøED\·ÖQ JHoHQ .DVÖPGD 2'7h·GH \DSPÖû ROGXøX NRQXûPDGDQ IH\L]
DODUDN DFDED ODUGDQ LWLEDUHQ NHW YXUXOPXû RODQ 7UN HøLWLP VLVWHPLQLQ IHOVHIH\L
ELUD] GDKD HUNHQ \DûODUD LQGLUHUHN FLGGL ELU IHOVHIH HøLWLPL YHULS YHUPH\HFHøLQL
VRUX\RUXP 6RQ VRUXP GD 8OXo *UNDQ·D RODFDN ùoLQGH EXOXQGXøX PHFOLVLQ DOGÖøÖ
ED]Ö
NDUDUODUÖ
QDVÖO
RQD\ODPDGÖøÖQÖ
VHoWLøL
ED]Ö
FXPKXUEDûNDQODUÖQÖ
QDVÖO
GHøHUOHQGLUGLøLQL ELUD] |QFH GLQOHGLN $FDED NHQGL HWLN DQOD\ÖûÖ LoLQGH EX PHFOLVLQ ELU
SDUoDVÖ ROPD\ÖS LVWLID PHNDQL]PDVÖQÖ NHQGL KD\DWÖQD JHoLUPH\L KLo GûQG P EXQX
VRUPDNLVWL\RUXPWHûHNNUOHU
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOLùNLQFL7XU.RQXûPDODU
$NÖQ(UJGHQ
'HøHUOL .RQXNODU SDQHOLPL]LQ LNLQFL WXU NRQXûPDODUÖQD JHoL\RUX] %X WXUGD
NRQXûPDFÖODU VRUXODU oHUoHYHVLQGH ROXûDQ QRNWDODUÖ GD J|] |QQGH EXOXQGXUDUDN
ELULQFL WXU NRQXûPDODUÖQGD YXUJXOD\DPDGÖNODUÖ NRQXODU ]HULQGH GXUXUODUVD L\L ROXU
.RQXûPDFÖODU NRQXûPD VÖUDVÖQD J|UH 8OXo *UNDQ 2UKDQ %LUJLW +LNPHW 8OXøED\
'RøX (UJLO .D\D *YHQo YH &HQJL] *OHo ùON NRQXûPDFÖ 6D\ÖQ 8OXo *UNDQ
%X\XUXQX]6D\ÖQ*UNDQ
8OXo*UNDQ
*HQHOGH 7UNL\H %\N 0LOOHW 0HFOLVLQGHQ |]HOGH PHQVXS ROGXøXP VL\DVL
SDUWLGHQ QLoLQ LVWLID HGH\LP" ùVWLID HøHU GRøUX DQGD DOÖQDQ ELU NDUDUVD KLo NXûNXVX]
HUGHPGLU $PD LVWLIDQÖQ ED]HQ GH ELU NDoÖû ELU YD]JHoLû ELU ER\XQ HøLû ROPD |]HOOLøL
YDUGÖU ùVWLID QH ]DPDQ HUGHPGLU" 6L] HøHU GQ\DGD |UQHNOHULQL J|U\RUX] ELU
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
\ROVX]OXøD ELU XVXOV]OøH EXODûPÖûVDQÖ] PXKDWDSVDQÖ] KHVDEÖQÖ YHUPHN LoLQ
VRUXPOXOXNODUÖQÖ]GDQ
NXUWXOPDN
LoLQ
LVWLID
HGHUVLQL]
9H\D
KHVDEÖQÖ]Ö
YHUHPL\RUVXQX]GXUD\UÖOÖUVÖQÖ]%XQODULVWLIDQÖQLûOHWLOPHVLJHUHNHQGXUXPODU<DKXWGD
.D\D *YHQo·LQ EDKVHWWLøL JLEL EHQLP DQOD\ÖûÖPD J|UH VHoPHQLQL]OH \DSWÖøÖQÖ] VRV\DO
PXNDYHOH\H WHUV Gû\RUVXQX]GXU ER\XQ HøGLULOL\RUVXQX]GXU \ÖOODUÖQÖ]Ö YHUGLøLQL]
PFDGHOHQL]LQ LQDQoODUÖ GÖûÖQGD LûOHU \DSÖ\RUVXQX]GXU LVWLID HGHUVLQL] EHQ EXQX
WDûÖPÖ\RUXP
6RUX ELUH\VHO RODUDN JHOGLøL LoLQ ELUH\VHO FHYDS YHUL\RUXP ùVWLID\Ö HUGHP RODUDN
NXOODQDFDN E|\OH ELU VÖNÖQWÖ\OD NDUûÖ NDUûÖ\D GHøLOLP 3DUWLPOH JHUHNLUVH WHUV GûPHN
SDKDVÖQD GRøUX ELOGLøLP ûHNLOGH VHoPHQLPOH o G|QHPGLU \DSWÖøÖP PXWDEDNDW
GRøUXOWXVXQGD GDYUDQDELOL\RUXP D\NÖUÖ R\ YHUHELOL\RUXP 2 ]DPDQ EX PFDGHOH\L R
PHFOLVWHEXGHøHUOHUGRøUXOWXVXQGDNHQGLLQDQFÖPGRøUXOWXVXQGDGHøLûWLUPHNLoLQYDU
ROPDP JHUHNLU ùVWLID HGHUVHP NDoDUÖP YD]JHoHULP ER\XQ HøHULP %XQD ID]OD ELU
PLV\RQ \NO\RUVXQX] GL\HELOLUVLQL] DPD E|\OH ELU HUGHP QRNWDVÖQD JHOPHGHQ JHoLFL
NÖVDVUHOLELUDONÖûLoLQLVWLIDHWPHN³KDNLNDWHQKDQÖPHIHQGLQLQGHGLøLJLELNDKUDPDQ
DGGHGLOHELOLU LVWLID HGHQOHU³ PFDGHOHGHQ GH YD]JHoPH\L JHUHNWLULU %LU VL\DVHWoLQLQ
HOHûWLUGLøLQ \DSÖGD QL\H \HU DOÖ\RUVXQ GL\H HOHûWLULOPHPHVL HOHûWLUGLøL \DSÖ\D ER\XQ HøLS
HøPHGLøL NRQXVXQGD \DUJÖODQPDVÖ JHUHNWLøLQH LQDQÖ\RUXP (øHU ]DWHQ D] VD\ÖGD
PFDGHOH HGHQ VL]LQ KD\DO HWWLøLQL] LGHDOL]H HWWLøLQL] GRøUXOWXGD PFDGHOH HGHQ
LQVDQODUÖ GD QL\H LVWLID HWPL\RUVXQX] GL\H EX PFDGHOHOHUL N|UHOWPHPHN OD]ÖP %X
EDøODPGDGDûXQXV|\OHPHNLVWHULPHOHûWLULoRNKRûELUûH\DPDHOHûWLUL\LNXWVDPDPDN
OD]ÖP HOHûWLUL\L WDSÖQDFDN ELU GHøHUH G|QûWUPHPHN OD]ÖP ù\L YH J]HO RODQ ELU ûH\
YDUVDRQXGDOWIHQIDUNHGLS|GOOHQGLUPH\LELUNHQGLPL]LNoOWPHDOoDOWPDYHVLOHVL
RODUDNJ|UPH\HOLP
ùNWLGDUGD\NHQ PXKDOHIHW JLEL GDYUDQPDN GL\HQ ELU DUNDGDûÖPÖ]ÖQ VRUXVXQD DVOÖQGD
ELULQFLVRUX\X\DQÖWODUNHQNÖVPHQFHYDSYHUGLP%HQLPVRUXQXPROPDVÖJHUHNHQHøHU
EHQ VHoPHQLQ NDUûÖVÖQGD NHQGL SDUWLPLQ VHoLP EH\DQQDPHVLQH X\JXQ GDYUDQÖ\RUVDP
RUDGDVRUJXODQPDVÖJHUHNHQLNWLGDUGD\NHQPXKDOHIHWJLELGDYUDQDQODUGHøLOWDPDNVLQH
LNWLGDUGDNLPLQQH\DSWÖøÖGÖU<DQLEXHOHûWLUL\LGHRDQODPGDoRNKDNOÖJ|UP\RUXP
<RNVXOOXN VÖQÖUÖ ùNL GRODU \RNVXOOXN VÖQÖUÖ DoOÖN VÖQÖUÖ ELU GRODU $ûDøÖ \XNDUÖ DVJDUL
FUHW EXJQN GHøHUL\OH GRODU KHU JQ GHøLûWLøL LoLQ LNL EXoXN GRODU FLYDUÖQGD ELU
QRNWD\D JHOL\RU DPD EDNÖQ EX G|UW NLûLOLN ELU DLOH ED]HQ DVJDUL FUHWOH JHoLQL\RU %X
NDEXO HGLOHELOLU ELU ROD\ GHøLO DPD 7UNL\H |\OH ELU NRQXPGD NL EDKVHWWLøLP WRSOXPVDO
VHIHUEHUOLN\DøPD\ÖGXUGXUDFDNVL\DVHWLQ|QFOø\OHEDûOD\DFDNWRSOXPVDOVHIHUEHUOLN
JHUoHNOHûPH]VHNLPVHQLQHOLQGHGHELU$ODDGGLQ·LQVLKLUOLODPEDVÖ\RNùoLQGHQoNDW
G|UWNDWDJLWPLûDVJDULFUHWOHUUHWHELOPHLPNDQÖ\RN7UNL\HDVJDULFUHWVRUXQXQXQ
|WHVLQGHDVÖORODUDNE\PHVLQLKÖ]ODQGÖUDFDN(NRQRPLNSURJUDPÖQÖVDGHFHYHVDGHFH
GÖû
YH
Lo
ERUoODUÖQÖ
JYHQOL
ELU
ûHNLOGH
|GH\HFHN
ELU
\DSÖ
NXUPDN
]HULQH
\RøXQODûWÖUPDN \HULQH EXJQN GQ\D NRûXOODUÖQGD NDONÖQPD \DUÖûÖQGD JHUL NDOÖûÖQÖ
DûDFDN KLoELU \ÖO \]GH GRNX]XQ DOWÖQD E\PH KÖ]ÖQÖ GûUPH\HFHN NDONÖQPD
VHIHUEHUOLøLQL EDûODWPDN ]RUXQGD <RNVD DVJDUL FUHWL ûX DQ oH NDWODUVÖQÖ] 7UN OLUDVÖ
RODUDN NDWODUVÖQÖ] GRODUÖ GD oH NDWODPÖû ROXUVXQX] <DQL R |Oo\ WXWWXUDPD]VÖQÖ]
7UNL\H·QLQ
EX
VRUXQX
EHUDEHULQGH
WHPL]
WRSOXPGDQ
NDONÖQPD
VHIHUEHUOLøLQH
G|QûWUHFHNELUE\NSURMH\OHJ|WUPHVLOD]ÖP
6RQ RODUDN GD ·H G|QN GHøHUOHUGH LûWH EX NDONÖQPD\Ö EX WHPL] WRSOXPX
KHGHIOH\HFHN RUDGD LQVDQÖ |]JU ELUL WDULI HGHFHN ELU SODQ KD\DO NR\PDN OD]ÖP +D\DO
GL\RUXPEXQDoQNEWQGLULOLûOHUKD\DOOHEDûOÖ\RU2UDGD|]JUELUH\LELUFHPDDWLQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NXOXQD LQGLUJH\HQ KLoELU WDULNDWÖQ FXPKXUL\HW GHøHUOHUL\OH ELU EDøODQWÖVÖ RODPD]
ROPDPDOÖGÖUWHûHNNUHGL\RUXP
2UKDQ%LUJLW
%LU |øUHQFL DUNDGDûÖP VDQÖ\RUXP GHGL NL VL\DVHWWHQ oHNLOGLNWHQ VRQUD PÖ VL\DVHWLQ
\R]ODûWÖøÖQÖ V|\O\RUVXQX] KD\ÖU %|\OH ELU ûH\ V|\OHPHGLP 6L\DVHWWH KHU ]DPDQ L\LOHU
YDUGÖU N|WOHU YDUGÖU 7ÖSNÖ WRSOXPXQ EWQ NHVLWOHULQGH ROGXøX JLEL úLPGL EXUDGD
ID]OD VL\DVHWoL YDU GL\H YH RQODUÖ JQDK NHoLVL \DSPDQÖ]D GD HVNL ELU VL\DVHWoL RODUDN
J|QOPHOYHUPL\RU+HUNHVOWIHQDNûDP\DWDøDJLWWLøLQGH\DVWÖøDEDûÖQÖNR\GXøXQGD
|øUHQFL RODUDN |øUHWLP \HVL RODUDN \|QHWLFL RODUDN ûX RODUDN EX RODUDN NHQGL Lo
PXKDVHEHVLQL \DSVÖQ EXJQ QH \DSWÖP GL\H GHPLQ ]DQQHGL\RUXP VD\ÖQ 8OXøED\·ÖQ
V|\OHGLøL ûHNLOGH 2 G|QHPGH HøHU PHFOLV L\L ROVD\GÖ 7UNL\H (\OO LYPHVLQH
JLUPH]GLGXUXSGXUXUNHQJLUPHGL$PDRG|QHPLQPHFOLV\DSÖVÖQÖGHøHUOLDUNDGDûÖPÖQ
PLOOL NWSKDQHGHQ PHFOLV NLWDSOÖøÖQGDNL JD]HWHOHUGHQ OWIHQ ELU J|]GHQ JHoLUPHVLQL
LVWL\RUXP 7UNL\H 0LOOHW 0HFOLVLQGH &XPKXUL\HW +DON 3DUWLVL HQ ID]OD R\X DODUDN
oÖNPÖûWÖVHoLPGHQ2QXQDUNDVÖQGDQ$GDOHW3DUWLVLJHOL\RUGXGDKDVRQUD0LOOL6HODPHW
3DUWLVL 0LOOL\HWoL +DUHNHW 3DUWLVL YH &XPKXUL\HWoL *YHQ 3DUWLVL YDUGÖ 6ÖUDODPDODUGD
DUND VÖUDODUGDNLOHUGH \DQOÖûOÖN \DSDELOLULP %LULQFL SDUWL G|UW \] HOOL NLûLOLN PLOOHWYHNLOL
LoHULVLQGHQKNPHWLNXUDFDNLNL\]\LUPLDOWÖVDQGDO\H\HVDKLSGHøLOGL7UNL\HRQGDQ
|QFH ELU %LULQFL 0LOOL\HWoL &HSKH |UQHøLQL JHoLUGL <DQL $GDOHW 3DUWLVL\OH 7UNHû·LQ
0LOOL\HWoL +DUHNHW 3DUWLVL YH DOWÖQÖ oL]HUHN V|\OHGLP 1HFPHWWLQ (UEDNDQ·ÖQ 0LOOL
6HODPHW3DUWLVLEHUDEHUKNPHWROGXODU%XKNPHWROXûXPXQGD|øUHWPHQOHUGHLûWH
EDûND NDGURODUGD QH JLEL GHøLûLNOLNOHU ROGX 3ROLV%LU·OHU 3RO'HU·OHU QDVÖO NXUXOGX ELU
WDNÖP GHUQHNOHU PKHQGLVOHU LûWH EWQ GRNWRUODU ûXQODU EXQODU PLOOL\HWoL RODQODU
ROPD\DQODU GL\H QDVÖO D\UÖûÖOGÖ R G|QHPL \DûDPD\DQODU ELOPL\RUODU WRSOXPXPX]XQ
EHOOHøLoRNoDEXNXQXWNDQOÖN\DSÖ\RUDPDJD]HWHOHURUWDGD6D\ÖQ3URIHV|U(UJLOSROLWLN
EL\RJUDILOHUGHQ EDKVHWWL ELU GH SROLWLN |]JHoPLûOHULQ EDûND \|QWHPOHUL YDU dRN
PLOOHWYHNLOL YH WRSOXPXQ oRN NDWPDQÖ WDUDIVÖ] \DQVÖ] &XPKXUL\HW +DON 3DUWLVLQLQ
*HQHO %DûNDQÖ·QD KNPHW ROPDQÖQ \|QWHPOHUL LoHULVLQGH EDûND SDUWLOHUGHQ D\UÖOPDN
LVWH\HQOHUHNDSÖDoPD\Ö|QHUGL%XQODUD*QHû2WHO·GHEHQRG|QHPGHSDUWL\|QHWLFLVL
GHøLOGLP EXQODUOD *QHû 2WHO·GH EXOXûWXUDQ DUNDGDûODUÖPGDQ PHVHOD HQ EDûWD $OL
7RSX] YDUGÖ GDKD VRQUD (FHYLW·LQ NDUûÖVÖQD JHoWL YH DPD R ]DPDQ oRN |]YHUL\OH EX
KDUHNHWL \DSWÖøÖQÖ KHUNHVH DQODWÖ\RUGX %XQODUD KHUKDQJL ELU EHGHO |GHQPHGL %XQXQ
DOWÖQÖoL]L\RUXP$PDEHQSDUWL\|QHWLFLVL\NHQED]ÖGRøXOXEDøÖPVÖ]PLOOHWYHNLOOHULQGHQ
JYHQ R\X DOPDN LoLQ ELU WDNÖP RWRPRELO JLEL LVWHNOHULQL NRWD\D WkEL L]OHGLNOHULQL oRN
DoÖN \UHNOLOLNOH LWLUDI HGL\RUXP <DQL EL]H IDODQFD DGDPD V|\OHUVHQL] R GD EL]H ELU
RWRPRELOLoLQNDP\RQLoLQNRWDYHUGLULUVH|]HOVHNW|UGHQEL]GHJHOLU$GDOHW3DUWLVL·QH
R\YHUPH\L]GL\RUGXN2EXUJDoLoHULVLQGHoÖUSÖQÖ\RUGXN$PDR*QHû2WHOROD\ÖQGD
NLPVH\H ELU EHGHO |GHQPHGL ùoOHULQGHQ LNL WDQHVL GDKD VRQUD EXJQ LoLQ oRN PDVXP
VD\ÖODELOHFHN EHGHOOHUOH LUWLûD\D JLUPLûOHUGLU %LU WDQHVL G|QHPLQ 6RV\DO *YHQOLN
%DNDQÖ |EUV G|QHPLQ 7HNHO %DNDQÖ ùUWLûDQÖQ E\ø Noø \RNWXU UûYHWLQ
$KODNVÖ]OÖøÖQGDE\øNoø\RNWXU$PDRROD\GDELUWUDQVIHUSDUDVÖ|GHQPHPLûWLU
KHUKDQJL ELU ûHNLOGH ]DWHQ EXQD GD NLPVHQLQ JF \HWPL\RUGX %XQXQ EHOJHOHUL
NDQÖWODUÖ G|QHPLQ JD]HWHOHULGLU 2 G|QHP VÖUDVÖQGD GD EWQ JD]HWHOHU YH R G|QHPNL
VLYLO WRSOXP |UJWOHUL DONÖû WXWPXûWXU 2 KNPHW \U\HELOVH\GL GHøHUOL DUNDGDûODUÖP
LNLQFL PLOOL\HWoL FHSKH NXUXODPD]GÖ %DKoHOLHYOHU NDWOLDPÖ ROPD]GÖ |UQHøLQ YH EDûND
WRSOX NDWOLDPODU ROPD]GÖ úLPGL EXQODUÖQ KHSVL WDULKWH NDOGÖ 2QODUGDQ GHUV DODFDøÖ]
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
N|WOHULQGHQ GHUV DODFDøÖ] L\LOHULQL |UQHN DOPD\D oDOÖûDFDøÖ] |QP]GHNL KHGHI
VL]OHULQ
KHGHILQL]GLU
JHQoOHULQ
KHGHILGLU
+LoELULVLQL
EHøHQPH\LQ
KLoELULPL]L
EHøHQPH\LQ 8OXo·XQ V|\OHGLøL 7UNL\H·VLQL VL] \DUDWDFDNVÖQÖ] +HSLQL]L VD\JÖ\OD
VHODPOÖ\RUXP
+LNPHW8OXøED\
'HøHUOL GLQOH\HQOHULPL]LQ VRUGXNODUÖ ED]Ö VRUXODUÖ \DQÖWODPDQÖQ \DQÖQGD ELU LNL
NRQXGD GD GHøHUOHQGLUPH VXQDFDøÖP %LU |QFHOLNOH ]DQQHGL\RUXP 6D\ÖQ *OHo·LQ
EH\DQÖ \DQOÖû GHøHUOHQGLULOGL oQN VXDO EL]OHUH GH \|QHOWLOGLøL LoLQ GHøLQPHN
GXUXPXQGD\ÖP %HQLP DOJÖODGÖøÖP V|]FNOHUOH 6D\ÖQ *OHo XWDQo GX\XODFDN 0HFOLV
GHPHGL0HFOLVLQLoLQGHXWDQoGX\XODELOHFHNGDYUDQÖûWDEXOXQDQODURODELOLUGHGLdQN
&HQJL] +RFDQÖQ E|\OH ELU PDQWÖN KDWDVÖQD GûPHVL PPNQ GHøLO 7UNL\H %\N
0LOOHW 0HFOLVL ELU NXUXP .XUXPODUÖQ QH VXo LûOHGLøL QH \DUJÖODQGÖøÖ J|UOU
.XUXPODUÖQ EQ\HVLQGHNL LQVDQODU \DQOÖû \DSDELOLU RQODU HOHûWLULOLU RQODU \DUJÖODQÖU YH
YHULOHQ NDUDUODUD NDWODQÖU %X QHGHQOH 7UNL\H·GH JHQHOGH NHQGL NRQXûPDODUÖPÖ]GD
ROGXøX NDGDU PHG\D RUWDPÖQGD GD \DSDJHOGLøLPL] WLSLN ELU KDWD EX %L] NXUXPODUÖ
\ÖSUDWÖ\RUX] 2QGDQ VRQUD GD R NXUXPODU \ÖSUDQÖQFD GD R NXUXPODUÖQ \HULQH QH\L
NR\DFDøÖPÖ]Ö ELOHPH] QRNWD\D JHOL\RUX] 2 QHGHQOH HOHûWLULOHUL \DSDUNHQ HQ DøÖUÖQD
GDKL NXUXPODUÖ \ÖSUDWPDNVÖ]ÖQ KDWD \DSDQODUÖ HOHûWLUHUHN YH \DUJÖOD\DUDN \DSPDPÖ]GD
VÖQÖUVÖ] ID\GDODU YDU dQN GRøUX LQVDQODUÖ NL ELUD] HYYHO \DSÖODQ GHøHUOHQGLUPH GH
EXQXQODLUWLEDWOÖDNVLWDNGLUGHRNXUXPODUÖQLoLQHVRNDELOPHNWHEDûDUÖOÖRODPD\Ö]úLPGL
R GHøHUOHQGLUPHQLQ DUNDVÖQGDQ VRUX ûX1HGHQ LoLQGHVLQL]" 'HøHUOL DUNDGDûODU EHQ HOOL
\HGL \DûÖQGD VL\DVHWH JLUGLP 2WX] \ÖO NDPX KL]PHWLQGH oDOÖûÖS HPHNOL ROXS EHû \ÖO
QLYHUVLWHGHGHUVYHULSKX]XULoLQGH\DûDUNHQEXKX]XUXEÖUDNÖSVL\DVHWLQLoLQHJLUGLP
1HGHQLJD\HWEDVLW(OLPLWDûÖQDOWÖQDNR\PDGDQHOHûWLUPHONVQHVDKLSRODPD\DFDøÖP
LQDQFÖ\OD JLUGLP YH VL\DVHWLQ HOHûWLULOHQ YH WDNGLU HGLOHQ ER\XWX\OD ELU PFDGHOHQLQ
LoLQGH\LP $VOÖQGD VRUPDPÖ] JHUHNHQ VRUX EHQ QL\H VL\DVHWLQ LoLQGH GHøLOLP YH X]DN
GXUX\RUXPgQFHOLNOHVRUXOPDVÖJHUHNHQVRUXEX9HVL\DVHWLOOD7UNL\H%\N0LOOHW
0HFOLVLQH JLUPHN GHøLOGLU 6L\DVL SDUWLOHULQ HQ DOW G]H\GHNL IDDOL\HWOHULQGHQ EDûODPDN
VXUHWL\OH
ILNLUOHULQL]OH
GDYUDQÖûODUÖQÖ]OD
VL\DVHWL
\|QOHQGLUHELOPHNWLU
%DWÖGD
EHøHQGLøLPL] ER\XWX\OD GHPRNUDVLGH HQ QLWHOLNOL LQVDQODU VL\DVL SDUWLOHULQ HQ DOW
NDGHPHVLQGHQ EDûOD\ÖS EDûEDNDQOÖøD NDGDU JHOHELOPLû LQVDQODUGÖU +HS NDKUDPDQODU
EHNOHGLN ùûWH EX R GDYUDQÖû 6L\DVHW NLUOL NLUOL GL\RUVDQÖ] NLUOL LQVDQODUGDQ WHPL] LûL
QDVÖO EHNOL\RUVXQX]" 7HPL] ELULVL JLUHFHN NL WHPL]OLN IDDOL\HWL EDûODVÖQ <HQL ELU HYL GH
NLUDODGÖøÖQÖ]YDNLWSLVRODELOLUYH|QFHHYLWHPL]OH\HUHNLûHEDûODUVÖQÖ]YHWHPL]OHUNHQGH
]HULQL]H SLVOLNOHU IDODQ EXODûWÖUÖODELOLU 2 EDNÖPGDQ VL\DVHWL ONH\H KL]PHW RODUDN
J|U\RUVDN X]DN GXUPD KDNNÖQD YH ONVQH VDKLS GHøLOL] %X EDøODPGD GD VL]OHUOH ELU
DQHNGRWX SD\ODûPDN LVWHULP DQODPOÖ EXOGXøXP LoLQ +DVDQ $OL <FHO ELU EURNUDWNHQ
$WDWUN·Q \XUW LoL JH]LOHULQH NDWÖOPÖûWÖU .DWÖOGÖøÖ JH]LGH ELU DNûDP $WDWUN \DSWÖøÖ
VRKEHWVÖUDVÖQGDEURNUDWODUDûXVRUX\XVRUDU´7UNL\HJHUoHNWHQQH]DPDQNXUWXOPXû
RODFDNWÖU"µ dHûLWOL EURNUDWODU oHûLWOL FHYDSODUÖ YHULU 2QODUÖ EXUDGD WHNUDUODPD\D JHUHN
\RN +DVDQ $OL·\H VÖUD JHOGLøLQGH V|\OHGLøL ûXGXU ´7UNL\H NXUWDUÖFÖ DUDPDNWDQ
NXUWXOGXøXQGDNXUWXOPXûRODFDNWÖUµ
'HøHUOL DUNDGDûODU 7UNL\H·QLQ NXUWDUÖFÖ DUDPDNWDQ NXUWXODELOPHVL KHSLPL]LQ
EXOXQGXøXPX] NRQXPGD HQ L\LVLQL YHUHELOPHPL]OH PPNQ%XQX GD NHQGLPL]H
PLV\RQ VHoPHPL] JHUHN 9H EXQD LVWLQDGHQ ELU |UQHN YHUH\LP .RQIo\V·Q $QDORJ
LVLPOLNLWDEÖQGDoRNLOJLQoWLUJHUHNVWOHUGHQJHOHQJHUHNVHWRSOXPXQLoLQGHQJHOHQELU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
EDED\|QHWLFLDQOD\ÖûÖYDUGÖU.RQIo\VV|\O\RU%HQEXWDELULNHQGLPV|\OHPL\RUXP
.LWDEÖQGD ùQJLOL]FHVLQGH YDU EDED \|QHWLFL %DED \|QHWLFL\L .RQIo\V \ÖO HYYHO
DUDPÖû EL] KkOk DUDPD\D GHYDP HGL\RUX] ùûWH EX GD ELUH\LQ VRUXPOXOXøX ELUH\LQ
NHQGLQL VRUJXOD\ÖS PFDGHOHGH EHQ GH YDUÖP GL\HELOPHVL OD]ÖP 2 ]DPDQ DQFDN
NDWNÖODUÖPÖ]ROX\RU)HOVHIHHøLWLPLNRQXVXQXVRUDQGHøHUOL|øUHQFLDUNDGDûÖPÖ]<]GH
\]NDWÖOÖ\RUXP2ODELOGLøLQFHHUNHQIHOVHIH³VDGHFHIHOVHIHGHøLO³VRV\RORMLPDQWÖN
YH SVLNRORML GHUVOHULQL ELUH\VHO YH WRSOXPVDO SVLNRORML RODUDN YHUPHN JHUHNLU %HONL
LON|øUHWLPLQ VRQ \ÖOODUÖQGDQ EDûODPDN VXUHWL\OH RODELOGLøL NDGDU GD X]XQ \ÖOODU YHUPHN
JHUHN dQN LQVDQÖQ NDUDNWHULQL YH ]LKLQ ER\XWXQX ûHNLOOHQGLULU EX NRQXODU %X
QHGHQOH \]GH \] NDWÖOGÖøÖP ELU J|]OHP %HQ VDGHFH IHOVHIH\L ]RUXQOX GHUV KDOLQH
JHWLUHELOPHûDQVÖQÖHOGHHWWLP
'LøHU ELU NRQX HøHU WRSOXPGD ELUH\ RODUDN YH\D JUXSODU RODUDN VL\DVHWWHQ
ND\ÖUPDFÖOÖN LVWL\RUVDN YH D\UÖPFÖOÖN \DSÖOPDVÖQÖ LVWL\RUVDN WD\LQGH WHUILGH YE ELUWDNÖP
LûOHULQ YHULOPHVL JLEL RQGDQ VRQUD GD VL\DVHW D\UÖPFÖOÖN \DSÖ\RU GL\HUHN HOHûWLUPH
KDNNÖPÖ] \RN %HQ VL\DVHWLQ LoLQGH\NHQ EDQD JHOHQ EX WLS LVWHNOHUL JHUL oHYLUGLøLP LoLQ
³JHUHN VHoPHQ WDUDIÖQGDQ JHUHNVH GLøHU DUNDGDûODUÖP WDUDIÖQGDQ³ VHYLOHQ ELU NLûL
GHøLOLP 6L]H ELU DQHNGRW GDKD DQODWD\ÖP 0LOOL (øLWLP %DNDQÖ RODUDN QRUP NDGUR\X
JHWLULS \|QHWLFLOHULQ VÖQDYOD VHoLOHFHøLQL V|\OHGLøLP ]DPDQ HQ oRN HOHûWLULOGLøLP NHVLP
D\GÖQ RODQ \D GD D\GÖQ RODUDN WDQÖPODQDQ NHVLPGL 6HEHEL GH ûX (IHQGLP VÖQDY
NR\GXQX]DPDVÖQDYDJHULFLOHUoDOÖûÖ\RU%L]EXGXUXPGD\LQH\|QHWLFLRODPÖ\RUX]%HQ
GH EX LQVDQODUÖQ RGDPGDQ oÖNPDVÖQÖ LVWHGLP JLW RQODUGDQ ID]OD oDOÖû GHGLP 2
HOHûWLUGLNOHULQ NHQGL PFDGHOHVL LoLQ oDOÖûÖ\RU 6HQ RQGDQ JoO ROPDN GXUXPXQGDVÖQ
'ROD\ÖVÖ\OD oLIWH VWDQGDUGÖ NHQGL LoLPL]GH \DûÖ\RUVDN EX GD WRSOXPXQ VRUXQODUÖQÖQ
EDûÖQGDJHOL\RU%HQLPELULQVDQRODUDNYHDOWÖ\ÖOGÖUVL\DVHWLQLoLQGHRODQELUNLûLRODUDN
J|UûP ûX g]HO \DûDPÖPÖ]GD GD NHQGL ]LKLQVHO \DUJÖODUÖPÖ]GD GD D\UÖPFÖOÖN YH oLIWH
VWDQGDUW VRQ GHUHFH \D\JÖQ gQFH NHQGLPL]L ÖVODK HGHFHøL] 'LøHU ELU ûH\ GH SROLWLNDFÖ
³ELUD]|QFH*OHoKRFDPGDJD\HWJ]HOYXUJXODGÖ³YDDWHGHFHN%LUWDNÖPKL]PHWOHU
UHWPHNLoLQRUD\DJHOL\RU$QFDNQOELUGûQU6WHYHQ+DUYH\3HUORII·XQELUV|]
YDU ´3ROLWLNDFÖQÖQ FHQQHWLµ ´9HUJL NDQXQODUÖQÖ oÖNDUWPDGDQ KDUFDPD \HWNLVLQL ELU
SROLWLNDFÖ\DYHUL\RUVDQÖ]RQDFHQQHWLEDKûHGL\RUVXQX]µ1H\DSDU"%RUoODQÖUHQIODV\RQ
YHUJLVLQL DOÖU LVWHGLøL \HUGH GH KDUFDU úLPGL HYYHOD WRSOXPGD WRSOXP ELOLQFL
GHPRNUDVL ELOLQFL ´%HQ YHUJLPL YHUL\RUXP YH R SDUDQÖQ GD QDVÖO KDUFDQGÖøÖQÖQ
KHVDEÖQÖ
VRUX\RUXPµ
DQOD\ÖûÖQÖQ
\HUOHûPHVL
JHUHN
%X
ELOLQFH
VDKLS
ROPDGDQ
SROLWLNDFÖ\ÖHOHûWLUPHNOHVDGHFHNROD\FÖOÖN\DSÖ\RUX]
6RQ KXVXV RODUDN GHøHUOL DUNDGDûODU LQVDQD YHUGLøLPL] GHøHU EDûODQJÖoWDNL
V|]OHULPGH GH LIDGH HWWLøLP JLEL DLOH LoLQGH EDûOÖ\RU 7UNL\H·QLQ QIXVX \ÖOGD DUWPÖû GXUXPGD .HQWOHULQ QIXVX PLO\RQ DUWPÖû GXUXPGD 6XXGL $UDELVWDQ·ÖQ
QIXVX\ÖOGDDUWPÖûGXUXPGDSHWUROJHOLULDUWWÖ8VDPH%LQ/DGLQoRFXNOX
ELU
DLOHQLQ
oRFXøX
(OOL
G|UW
oRFXNOX
ELU
DLOHGHQ
oRFXN
HøLWLPLQGH
QH
EHNOH\HELOLUVLQL]"hONHPL]GHGHoRFXNOXDLOHOHUD]GHøLO'ROD\ÖVÖ\ODLQVDQDGHøHU
YHUPH LûL GDKD oRFXN VDKLEL ROPDPÖ]GD EDûOÖ\RU 8QXWPD\ÖQ NL KHSLPL] GQ\D\D ELU
oRFXNJHWLUGLøLPL]YDNLWELUERUoVHQHGLQLQDOWÖQDLP]DDWPÖûROX\RUX]2GDûX´6DQD
EHQLP\DûDGÖøÖPGDQoRNGDKDL\LYHJ]HOELUGQ\D\DûDWPDNLoLQEHQHOLPGHQJHOHQL
\DSDFDøÖPD V|] YHUL\RUXPµ %|\OH ELU VHQHW LP]DOD\DPÖ\RUVDQÖ] oRFXN GQ\D\D
JHWLUPHPHOLVLQL] *HWLUHQOHUL LVH X\DUÖS HøLWPHPL] JHUHNL\RU %HQLP V|\OH\HFHNOHULP
EXNDGDU%DQDEXQODUÖV|\OHPHIÖUVDWÖYHUGLøLQL]LoLQWHûHNNUHGL\RUXP
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
'RøX(UJLO
(IHQGLP VRUXODUD WHN WHN FHYDS YHUPHGHQ |QFH ELU LNL JHQHO ûH\ V|\OHPHN
LVWL\RUXP (øLWLPLQ |QHPLQGHQ EDKVHGLOGL 7DEL NL oRN |QHPOL %X KHP UHVPL HøLWLP
KHP GH WRSOXPGDQ HGLQGLøLPL] HøLWLP NL EXQD VRV\DOL]DV\RQ \D GD WRSOXPVDOODûPD
GL\RUX] +HP UHVPL IRUPHO HøLWLP KHP GH WRSOXPGD HGLQPLû ROGXøXPX] GHøHUOHU YH
GDYUDQÖû NRGODUÖ ³EXQODUÖQ KHSVLQH LVWHUVHQL] HøLWLP GHUVHN³ IHYNDODGH |QHPOL
%XQXQ QDVÖO ûHNLOOHQGLøL GH NULWLN VRUXQX JQGHPH JHWLUL\RU úLPGL EL] ELUH\ PL
\HWLûWLUL\RUX] \RNVD ELU NROHNWLYLWHQLQ SDUoDVÖ RODQ EDøÖPOÖ ELU NLûLOLN PL RUWD\D
oÖNDUÖ\RUX]" ùûWH (øLWLP %DNDQOÖøÖ GD \DSPÖû RODQ GHøHUOL ELU DUNDGDûÖPÖ] YDU EXUDGD
+HSLPL] ELOL\RUX] NL ³KHP NHQGL \HWLûPH WDU]ÖPÖ]GDQ KHP oRFXNODUÖPÖ]ÖQ RNXOGD
QDVÖO HøLWLOGLøLQGHQ³ NROHNWLI ELU YDUOÖøÖQ SDUoDVÖ RODUDN \HWLûL\RU %LU ELUH\ RODUDN
\HWLûPL\RU <DQL |]JU NDUDU YHUHELOHQ YH EX NDUDUÖQ VRUXPOXOXøXQX VWOHQHELOHQ YH
WDûÖ\DELOHQ NHQGL KD\DWÖQÖ YH WRSOX KD\DWÖ \|QOHQGLUPH\L ELU KDN RODUDN J|UHQ ³ELU
D\UÖFDOÖN GHøLO³ EXQX \DSDELOHQ \DQL WDULKL \DSDQ WDULKLQ |]QHVL RODQ LQVDQ WLSL %XQD
\XUWWDû GL\RUX] úLPGL E|\OH ELU LQVDQ WLSL PL \HWLûWLUL\RUX] \DQL JHUHN RNXOGDNL
HøLWLPLPL]GHJHUHNGLQHøLWLPLPL]GHJHUHNGHEWQWRSOXPVDOVUHoOHUGH\RNVDEDøOÖ
EDøÖPOÖ NROHNWLYLWHQLQ ELU SDUoDVÖ RODQ NLPOLøLQL RQGDQ DODQ ELU YDUOÖN PÖ" úLPGL HøHU
LNLQFLVLQL \DSÖ\RUVDN ³NL |\OH ROGXøXQD NXYYHWOH LQDQÖ\RUXP³ EX YDUOÖN R NLPOLN
JUXEXQXQ V|\OHGLNOHULQLQ NR\PXû ROGXøX NRGODUÖQ GÖûÖQD oÖNDPD\DFDNWÖU dÖNDPDGÖøÖ
LoLQ EDûDUÖVÖ] RODFDNWÖU %DûDUÖVÖ] ROGXøX LoLQ GH \DûDGÖøÖ PDøGXUL\HW \HQLNOLN
GX\JXVXQXELUKÖQoELU|INHRODUDN\DQVÖWDFDNWÖU9HKHSNXUWDUÖFÖDUD\DFDNWÖU%LULQFLVL
\DQL\XUWWDûNXUWXOXûXIRUPOHHWPH\HoDOÖûÖUNHQ|WHNLVLKHSELUNXUWDUÖFÖDUD\DFDNWÖU
6HYJLOL
DUNDGDûODU
EXQODUÖ
V|\OHGLNWHQ
VRQUD
ELU
WRSOXPXQ
WDULK
LoLQGHNL
VHUYHQLQGH LNL GLQDPL]P QRNWDVÖ YDUGÖU %LU NDWDU GûQQ .DWDUÖQ ELU |QQGH
ORNRPRWLI YDUGÖU ELU GH DUNDVÖQGD gQQGHNL ORNRPRWLI HøHU VHoNLQOHUL\VH ELU
WRSOXPXQ RQXQ ELU GLQDPL]PDVÖ \RNVD EX NDWDUÖ J|WUHFHN ELU GLQDPL]PDVÖ
NDOPDPÖûVDR]DPDQDUNDGDNLLWHU7RSOXPXQNHQGLVLLWHU0DDOHVHI7UNL\HLoLQ³KLo
7UNL\H ODIÖQÖ Dø]ÖPD DOPDN LVWHPHGLP GX\JXVDO EDøODUÖPÖ] YH NHVLQ LQDQoODUÖPÖ]
ROGXøXLoLQIDUNOÖELUWDUWÖûPDoÖNDFDNGL\H³DPD7UNL\HLoLQWHN|QHPOL\LV|\OH\H\LP
7UNL\HHOLWL·ODUGDQVRQUDGLQDPL]PDVÖQÖND\EHWPLûWLU3HNLEXQXQHWHODILHGHUGL"
7RSOXPXQ LWPHVL JLWPHN LVWHGLøL GRøUXOWXGD NHQGL HOLWLQL YH EWQ NXUXPODUÖ LWPHVL
JHUHNLUGL 2 GD \RN 1LoLQ" dQN EL] ELUH\ \HWLûWLUHPHGLN %L] \XUWWDû \HWLûWLUHPHGLN
%DNÖQKHUVDEDKVORJDQODUDRNXODoÖOÖSNDSDQÖUNHQoRFXNODUÖPÖ]ÖQKHSLPL]LQV|\OHGLøL
´9DUOÖøÖP 7UN YDUOÖøÖQD DUPDøDQ ROVXQµ %X ELU \RNOXN LûDUHWLGLU <RN ROPD\D ELU
oDøUÖGÖUEX1L\HYDUOÖøÖQ\FHOVLQYH7UNYDUOÖøÖQÖ\FHOWVLQGL\HSR]LWLIELUHQHUMLELU
JLULûLP DU]XVX oDøUÖVÖ \RN EXQGD %XQODUÖ oRN GûQP\RUX] YH WDEL RQD J|UH GH
NXUXPODUÖPÖ]ÖYHGHøHU\DUJÖODUÖPÖ]ÖROXûWXUPX\RUX]
$PD ûXQX XQXWPDPDN OD]ÖP KHU PXKDID]DNkU ELU |QFHNL GHYULPH WDSDU 'DKD
|QFH ROPXû RODQ GHYULPL VWDWNR RODUDN EHQLPVHU YH RQX PXKDID]D HWPH\H oDOÖûÖU
úLPGL EL] QH \DSPDOÖ\Ö] NL ROXûDQ GHYULPFLVL J|UOPH\HQ SURIHV\RQHO GHYULPFLVL
ROPD\DQ EX \HQL GHYULPL ³GQ\D oRN KÖ]OÖ YH GHYULPVHO ELU ELoLPGH HYLULOL\RU³ EX
GHYULPLQ ELU SDUoDVÖ \DSDOÖP EX GHYULPLQ |QFV RODQ JUXSODU \HUHO YH XOXVDO
QLWHOLNOHUL ELU NDUûÖW RODUDN WDQÖPDVÖQODU <HUHO YH XOXVDO QLWHOLNOHU YH JUXSODU GD EX
GQ\DGD NHQGLOHULQL ROXûPDNWD RODQ E\N GHYULPLQ NDUûÖWOÖøÖ GHYULPL GH NHQGLOHULQL
H]HFHN ELU VLOLQGLU RODUDN J|UPHVLQ %X DQFDN ELUH\ RODUDN LQVDQÖ \HWLûWLULUVHN \DQL
GHøLûLPL DOJÖOD\DQ YH RQD X\XP VDøOD\DELOHFHN ELU WLS \DUDWDELOLUVHN RODELOLU %L] EXQX
KLo GûQPHGLN +Lo SODQODPDGÖN %HONL V|]Q HWWLN ]DPDQ ]DPDQ ùûWH VD\ÖQ 0LOOL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
(øLWLP %DNDQÖ GD EXUDGD .HQGLVLQLQ GH EX NRQXGD oDEDODUÖ ROGX ùûWH EX \ÖOOÖN
HøLWLP GH EX DPDoOD JHUoHNOHûWLULOPH\H oDOÖûÖOGÖ DPD EDûDUDPDGÖN dQN GHYOHW
PHUNH]OL ELU GHøLûLP YH WRSOXPD QL]DP LQWL]DP YHUPH DQOD\ÖûÖQGDQ KLo YD]JHoPHGLN
7RSOXPDELULWLFLJoWDULKLQELU\DSÖFÖVÖRODUDNGHøLOVDGHFHYHVDGHFHGHYOHWLYHRQXQ
HJHPHQ JF QH\VH GDKD oRN EURNUDWLN RODQ R JF |QF RODUDN J|UGN 2 Jo
|QFOøQ oRNWDQ \LWLUGL 2QXQ WHPHO UHIOHNVL PHYFXGX NRUXPDN YH EL] KkOk RQGDQ
EHNOHGLøLPL] EX GHYULPL \DSPD\Ö YH GQ\DOÖ ROPD\Ö EHNOL\RUX] %XQX V|\OHGLNWHQ
VRQUD R VRPXW VRUXODUD JHOHOLP %XVK·XQ V|]QGH GH D\QÖ PDQWÖN \RN PX\GX"
7HU|ULVWOHUOH LOJLOL \D EL]GHQVLQL] \D GD RQGDQVÖQÖ] GL\H (YHW YDUGÖ 2 \]GHQ GH SHN
oRøXPX] WDUDIÖQGDQ \DGÖUJDQGÖ 7HU|U \HQLGHQ WDQÖPODQDFDN PÖ" 7DQÖPODQDFDN YH
WDQÖPODQPDVÖ OD]ÖP $PD WHU|U EXQGDQ VRQUD JHUHNoHOHUL\OH WDQÖPODQPD\DFDN dQN
JHUHNoHOHU oRN GRøUX RODELOLU oRN KDNOÖ RODELOLU KDWWD E\N LQVDQL GHøHUOHUL GLOH
JHWLUL\RU RODELOLU dQN WHU|U KDUHNHWOHULQLQ DUNDVÖQGD E\N |OoGH KDNVÖ]OÖøD NDUûÖ
oÖNÖû GD YDUGÖU2 KDOGH R JHUHNoHOHU QH NDGDU KDNOÖ YH QH NDGDU NDEXO HGLOHELOLU ROXUVD
ROVXQ WHU|UL]P DUDFÖOÖøÖ\OD ELU J|Uû ELU JUXEXQ WHUFLKOHULQL GLøHULQH RQXQ YDUOÖøÖQÖ
FDQÖQÖ KLoH VD\DUDN RQX Hû\DODûWÖUDUDN RQXQ ]HULQH VL\DVHW \DSDUDN GD\DWPDVÖQD L]LQ
YHULOPH\HFHNWLU%XJQROPD]EXDPD\DUÖQRODFDN<HQLWHU|UL]PWDQÖPÖVDGHFHH\OHP
RODFDN H\OHP EDøODPÖQGD RODFDN ROPDN ]RUXQGD úX DQGD \UWOHQ \|QWHP \DQL
WHU|UL]POH PFDGHOH \|QWHPL $PHULND·QÖQ EDûÖQÖ oHNWLøL \|QWHP GRøUX ELU \|QWHP
PL" <DQL LODQ HGLOGLøL JLEL WHU|UL]POH PFDGHOH\L EDûDUÖ\D XODûWÖUDFDN ELU \|QWHP PL"
+D\ÖU dQN ûLGGHWLQ ]HULQH ûLGGHWOH JLWPHN DQFDN ûLGGHWL \D\JÖQODûWÖUÖU 9H D\QÖ
]DPDQGD GD NDUûÖOÖøÖQÖ GRøXUXU %X PPNQ GHøLO EDûND ûH\OHULQ GH ROPDVÖ OD]ÖP
1HGLU R EDûND ûH\OHU" (Q |QFH QHGHQOHULQL DQODPDN úX GQ\DGD RUWD\D oÖNPÖû RODQ
E\N NDUûÖWOÖøÖQ QHGHQOHULQL o|]PHN %\N DGDOHWVL]OLøLQ YH KDNVÖ]OÖøÖQ LQVDQODUÖ
PDøGXU HGHQ YH EX PDøGXUL\HW GX\JXVXQX E\N ELU |INH\H YH NDUûÖ oÖNPD\D
G|QûWUHQ EX HûLWVL]OLNOHULQ %XJQ JHOLûPH GL\RUVDN R JHOLûLPLQ LQVDQ PHUNH]OL
ROPDVÖUHIDKGL\RUVDNHûLWOLNoLROPDVÖ%XGHøHUOHULÖVNDOD\DQEWQEXLQVDQLJ|]NHQ
GHøHUOHULQ KLoELUL NDEXO J|UPH\HFHN YH LNL \]OON RODUDN QLWHOHQGLULOHFHN =DWHQ |\OH
QLWHOHQGLULOL\RU 2 \]GHQ ROXûDQ EX GHYULPH \DQL GQ\DGDNL EX E\N YH KÖ]OÖ N|NO
GHøLûLPH
³GHøLûWLUHQ
GHøLûLPH³
EWQ
DNW|UOHULQ
\RNVXOIDNLU
GRøXOXEDWÖOÖ
NDWÖOPDVÖQÖVDøODPDNOD]ÖP<HQLDKODNLGHøHUOHU|\OHROXûDFDN9HRDKODNLGHøHUOHUGH
ELUKXNXNRODFDNROPDNGXUXPXQGD+XNXNGDQH$PHULND·QÖQQHùQJLOWHUH·QLQQHGH
EDWÖQÖQ DQFDN PQKDVÖUDQ VDKLS oÖNWÖøÖ RQXQ GHøHUOHULQH RWXUDQ ELU KXNXN RODFDN
<HQLELUHYUHQVHOGHøHUOHUVLVWHPLRODFDNYHROPDVÖGDJHUHNOL6|\OH\HFHøLPEXNDGDU
.D\D*YHQo
%D]Ö VRUXODUD KHPHQ NÖVDFD \DQÖW YHUPHN LVWL\RUXP %LULNL QRNWD\D GDKD VRQUD
GHøLQHFHøLP 7HU|U ELU KDN DUDPD PFDGHOHVL PLGLU" %LU KDN DUD\ÖûÖ RODUDN PÖ
J|U\RUVXQX]"úLPGLKDNDUDPD\ROODUÖQÖQWÖNDQPDVÖQÖQWHU|UEHVOH\HQoRN|QHPOLELU
HWNHQ ROGXøXQX LIDGH HWWLP YH EXQXQ GRøUX ROGXøXQX GûQ\RUXP %HQ \LQH VR\XW
ELU NDYUDPD JLWPHNWHQVH 9L\DQD %LOGLULVL ·WHNL GHPRNUDVLQLQ WDQÖPÖ\OD LOJLOL
ROGXøX LoLQ 'L\RU NL KDONÖQ NHQGL VL\DVDO HNRQRPLN WRSOXPVDO NOWUHO VLVWHPOHULQL
EHOLUOHPHN LoLQ LUDGHVLQLQ |]JUFH LIDGHVLQH NHQGL \DûDPODUÖQÖQ WP \|QOHULQLQ WDP
NDWÖOÖPÖQD GD\DQPDVÖ WHPHOLQGH LQVDQD VD\JÖ YH KXNXNXQ VWQOøGU <DQL VLVWHP
RODUDN GHPRNUDVL\H EHQLP UDVWOD\DELOGLøLP EX XOXVODUDUDVÖ EHOJHOHUGH HQ \DNÖQ
RODQODUGDQELUWDQHVLEXWDULKRODUDN
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
úLPGL EXUDGD oRN WHPHO RODQ NDYUDPODU YDU ùUDGHQLQ |]JUFH LIDGHVL \RNVD KDN
DUDPD \ROODUÖQÖ DoÖN WXWWXøXPX] ]DPDQ KLo WHU|U ROPD\DFDN PÖ VRUXVXQD EHQLP FHYDS
YHUPHP PPNQ GHøLO 6DGHFH KDN DUDPD \ROODUÖQÖQ NDSDQPDVÖQÖQ WHU|U EHVOH\HQ
WHU|UHX\JXQELU]HPLQ\DUDWDQGXUXPROGXøXQXLIDGHHGL\RUXP
ùû HWLøL\OH NkU ELUELULQL WDPDPHQ GÖûOD\DQ NDYUDPODU PÖGÖU" úLPGL DVOÖQGD EXUDGD
VRUXQ Lû HWLøL JLEL ELU HWLNWHQ EDKVHWPHN \D GD JHQHO GHøHUOHUGHQ EDKVHWPHN oRN ]RU
dQN WHPHO GHøHU Lû GQ\DVÖQÖQ YDUOÖN QHGHQL ROPD]VD ROPD]Ö NkU <DQL XOXVODUDUDVÖ
ELU LNL EHOJH GHGLN %X EHOJHOHULQ QH NDGDU GHøHUOL ROGXøX NRQXVXQGD ELOJL VDKLEL
GHøLOLP 2 \]GHQ EXQD KLo GHøLQPH\HFHøLP $PD RUDODUGD GD ûXQX V|\O\RU 6L]
KDOND KL]PHW HWPHN ]RUXQGDVÖQÖ] DPD VDNÖQ ROD NL D\DNWD NDOPD\Ö \HWHUOL ELU DPDo
RODUDN GHøHUOHQGLUPH\LQ <DQL NkUÖQÖ]Ö PDNVLPL]H HWPHN ]RUXQGDVÖQÖ] %DûND WUO
]DWHQ KL]PHW YHUHPH]VLQL] ûHNOLQGHGLU úLPGL EX VLVWHP LoLQGH EHQ GH ûXQX
V|\O\RUXPg]HOOLNOHNUHVHOGQ\DGDVHUPD\HQLQDUWÖNIL]LNLVHUPD\HROPDNWDQoÖNWÖøÖ
ELU G|QHPGH RUWDODPD WULO\RQ GRODUÖQ ]HULQGHNL ELU SDUDQÖQ VUHNOL RODUDN GQ\DGD
GRODûWÖøÖ RUWDODPD NDOÖû VUHOHULQLQ ELU KDIWD ROGXøX R ELU KDIWD NDOGÖøÖ ONHQLQ
UHIDKÖQDUHWLPLQHKLoELUûH\LQHNDWNÖGDEXOXQPDGDQVDGHFHSDUDVDODQODPGDNkUHGLS
ELUWDNÖP UDQWODU DOÖS JLWWLøL EXUDGD KHUKDQJL ELU NDWNÖVÖQÖQ ROGXøXQX V|\OHPHN
PPNQGHøLODPDWHNUDULIDGHHWPHNJHUHNLUVHLûHWLøL\OHNkUELUELULQLWDPDPHQGÖûODU
PÖ" 'ÖûOD\DQ NDYUDPODU PÖGÖU" +D\ÖU ûLPGL |UQHøLQ NDSLWDOLVW VLVWHPLQ NHQGL GHøHU
\DUJÖODUÖ LoLQGH GûQGøP] ]DPDQ VRV\DO GHYOHW X\JXODPDVÖQÖQ ROGXøX QRNWDODUGD
NkUHGHQNXUXOXûODUÖQD\QÖ]DPDQGDED]ÖKL]PHWOHUUHWHELOGLøLQL|UQHøLQLûVDKDODUÖQÖQ
DoÖOPDVÖ NRQXVXQGD WNHWLPLQ DUWÖUÖOPDVÖ UHIDK G]H\LQLQ \NVHOWLOPHVL NRQXVXQGD GD
EHOOL NDWNÖODUÖQÖQ GD ROGXøXQX V|\OHPHN OD]ÖP %XUDGD WHPHO RODQ WHNUDU LIDGH HWPHN
LVWHGLøLPûXLûGQ\DVÖQÖQHWLNGHøHUOHULQLQKHSVLQHEDNWÖøÖPÖ]]DPDQYDUOÖNQHGHQL\OH
EWQ GHøHUOHULQLQ RUWDVÖQGD NkU GHQLOHQ R ROD\Ö J|U\RUX] =DWHQ VÖNÖQWÖ EXUDGDQ
ND\QDNODQÖ\RU
hUHWLP DUDoODUÖ KDOND DLW GHøLOVH EWQ Lû DGDPODUÖ DKODNVÖ] PÖGÖU" <DQL E|\OH ELU
LIDGHROPDVÖQGL\H|]HOOLNOHYXUJXODPDNLVWHGLP7HNUDULIDGHHGL\RUXP0DUNVLVWGHøHU
WHRULVLQL DUWÖ GHøHU NDYUDPODUÖ\OD WDUWÖûWÖøÖPÖ] ]DPDQ ROD\ÖQ NDUûÖVÖQD ELU GH NDSLWDOLVW
LGHRORML\L VDYXQDQODU oÖNÖ\RU 2QODU GD GL\RUODU NL HIHQGLP VL]LQ V|\OHGLøLQL] GHøHUOHU
V|\OHGLøLQL] JLEL RODELOLU DPD EL] RQX R JLULûLP ULVNOHULQLQ NDUûÖOÖøÖQGD DOÖ\RUX] %X GD
EL]LP HQ GRøDO KDNNÖPÖ]GÖU %X WDUWÖûPD\D JLUPHPHN LoLQ ³|]HOOLNOH WDUWÖûPD\Ö
GHULQOHûWLUPHPHN LoLQ DPD EXQX GD ]LNUHWPHGHQ JHoHPH\HFHøLP LoLQ³ VDGHFH
]LNUHWWLP<RNVDNHVLQOLNOHEDûWDGDEHOLUWWLøLPJLELEDûYXUGXøXPX]GHøHUOHUELU]DPDQ
NHVLWLQH ELU WRSOXOXøD UHWLP VLVWHPL LoLQGH DOGÖøÖPÖ] \HUH J|UH oRN GHøLûNHQ
NDYUDPODUGÖUYHE|\OHELULIDGHNHVLQOLNOHNXOODQPÖ\RUXP
úLPGL JHOHOLP %HONL \DQOÖû DQODûÖOGÖøÖQÖ GûQGøP ELU ROD\ YDU oQN |]HOOLNOH
&HQJL] *OHo DUNDGDûÖPÖQ 'LYULøL LOH LOJLOL YHUGLøL ELU |UQHN YDU <DQLYHULOHQ LûLQ L\L
\DSÖOPDVÖYDDGLQLYHUGLPEX\HULQHJHWLULOPH]VHEXQXDKODNVÖ]OÖNNDYUDPÖ\ODDoÖNODPDN
GRøUX GHøLO <]GH \] NDWÖOÖ\RUXP =DWHQ |\OH ELU ûH\ GH V|\OHPHGLP 6|\OHGLøLP
ûXGXU 7RSOXPVDO V|]OHûPHQLQ JHUHøLQL \HULQH JHWLUPH\H oDEDODPDN ]RUXQGDVÖQ
%XUDGDNL GHøHU EX ROPDN ]RUXQGD %DûDUÖUVÖQÖ] EDûDUDPD]VÖQÖ] +DWWD |\OH NRQXODU
JQGHPH JHOHELOLU NL |QFHOLNOHUL GHøLûHELOLU $PD EXQX ELU ûHNLOGH WHNUDU JLGLS R
WRSOXPVDO V|]OHûPH\L \DSWÖøÖPÖ] NL EX WRSOXPVDO V|]OHûPHOHU ]ÖPQL ROD\ODUGÖU ELU
V|]OHûPH ILODQ GD \RNWXU \DQOÖû DQODûÖODELOLU +DWWD ELU VHoPHQ NLWOHVL 6L]LQ HVDV
LWLEDUL\OHEHONLELUXOXVDVHVOHQPHQL]JHUHNL\RU8OXVGHUNHQRUGDWDELVÖQÖIODUDUDVÖQGDNL
LOLûNLOHUL GH J|] |QQGH EXOXQGXUDUDN \DQL LûoLOHUL NRUX\DFDøÖP GHUNHQ VHUPD\H\H
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KL]PHW HGL\RUVDQÖ] \D GD VHUPD\H\H KL]PHW HGHFHøLP GL\H LûoLOHUL NRUX\RUVDQÖ] EHQFH
LNL WDUDIOÖ RODUDN GD VÖQÖIVDO VÖNÖQWÖ YDU GHPHNWLU 'ROD\ÖVÖ\OD EDûDUÖEDûDUÖVÖ]OÖN GHøLO
EXUDGD WHPHO NULWHU RODQ R WRSOXPVDO V|]OHûPH\L \HULQH JHWLUPHN LoLQ oDEDODPDN
%DûDUGÖøÖQÖ]
WDNGLUGH
EDûDUÖOÖGÖU
EDûDUDPDGÖøÖQÖ]
WDNGLUGH
EXQXQ
JHUHNoHOHULQL
QHGHQOHULQL DoÖN DoÖN DQODWPDN EXQX WRSOXPOD SD\ODûPDN DQODPÖQD JHOLU úLPGL EX
V|\OHGLøLP ROD\ DVOÖQGD VDGHFH VL\DVHW GQ\DVÖ LoLQ JHoHUOL ELU ROD\ GHøLOGLU %X EHQLP
LoLQ GH JHoHUOLGLU %HQ 7UN 0KHQGLVOHU 2GDODUÖ %LUOLøLQLQ EDûNDQÖ\ÖP %HQ GH
VHoLPOHUH NDWÖOÖ\RUXP %HQ GH VHoLPOHUH NDWÖOGÖøÖP ]DPDQ ELU SURJUDPOD oÖNÖ\RUXP
$\QÖ ûH\ EHQLP LoLQ GH JHoHUOLGLU %L]OHU ]DWHQ VL\DVHWLQ LoLQGH\L] %L]LP VL\DVHWH
VR\XQPDNJLELELUGûQFHPL]QL\HWLPL]GH\RNDPD]DWHQVL\DVHWLQLoLQGH\L]úXDQGD
7UNL\H JLEL ONHOHULQ LoLQGH EXOXQGXøX HQ E\N VÖNÖQWÖODUGDQ ELU WDQHVL VL\DVHWLQ
WRSOXPVDOODûWÖUÖODPDPDVÖQGDQND\QDNODQPDNWDGÖU \D GD WRSOXPXQ VL\DVDOODûWÖUÖODPDPD
VÖQGDQ %XQXQ QHGHQL GH 7UNL\H·GH VL\DVHWH RODQ JYHQVL]OLNWLU 2 JYHQVL]OLøLQ
QHGHQL GH ELU WUO ELU \HUH YDUDPD\ÖûÖPÖ]GÖU .RQXPX] HWLN WHU|U WDUWÖûPDVÖ ROGXøX
LoLQ VL\DVHWH GX\XODQ JYHQVL]OLN GH VL\DVHW GQ\DVÖQÖQ YHULOHQ V|]OHUL ELU WUO \HULQH
JHWLUHPHPHVL YH KHUKDQJL ELU ûH\ \DSPDPDVÖ WRSOXPX ELOLQoOHQGLUHUHN ´EHQ EXQX
\DSDPÖ\RUXP H\ YDWDQGDû ûX ûX JHUHNoHOHUOH \DSDPÖ\RUXPµ GL\HPHPHVLQGHQ YH
LQVDQODUÖ XPXWVX]OXøD NDSDWÖS VL\DVHWWHQ VRøXWPDVÖQD JLGL\RU 6L\DVHWWHQ VRøXPD
VHYJLOL DUNDGDûODU EX NRQXGD oRN QHW ELU J|UûP ROGXøXQX GûQ\RUXP 6L\DVHWLQ
WRSOXPGD ELU ûHNLOGH GHøHU ND\EHWPHVL EL]LP HPHNoLOHULQ oDOÖûDQODUÖQ LVWHGLøL \D GD
RQODUÖQ oÖNDUODUÖQD X\JXQ RODQ ELU ûH\ GHøLOGLU %X ROVD ROVD XOXVODUDUDVÖ VHUPD\HQLQ
oÖNDUODUÖQD KL]PHW HGHU dQN XOXV GHYOHWL RODUDN HOLQL]GH EDûND ELU NXUXPXQX] \RN
%X NXUXPD VDKLS oÖNPDQÖ] JHUHNWLøL LoLQ EXQODUÖ |]HOOLNOH YXUJXOX\RUXP %D]HQ
V|]OHULPL]GH ELUD] DûÖUÖ\D JLGL\RU ED]HQ \DUDOD\ÖFÖ RODELOL\RUX] DPD XQXWPD\DOÖP NL
EDûND
oDUHPL]
\RN
<DQL
VL\DVHWL
WRSOXPVDOODûWÖUDFDNVDQÖ]
WRSOXPX
GD
VL\DVDOODûWÖUDFDNVÖQÖ]EDûNDoDUHQLQoÖNDU\ROXQXQ\|QWHPLQROPDGÖøÖQÖGûQ\RUXP
6RQ RODUDN GHøLQHPHGLøLP ELU NRQX\D GD GHøLQLS WDPDPOÖ\RUXP g]HOOLNOH 6D\ÖQ
ùQDP·ÖQ EDûODQJÖoWD EHOLUWWLøL ³WHKOLNHOL ROGXøXQX EHOLUWWLøL³ ELU QRNWD\D EHQ GH
GHøLQPHN LVWL\RUXP úLPGL KHU ELU QRNWDGD DKODN NXUDOODUÖ\OD YH GDYUDQÖû NXUDOODUÖ\OD
LOJLOL ELU GL]L NXUDO oDOÖûPDVÖ \DSÖOÖ\RU %X Lû GQ\DVÖQGD GD YDU VL\DVHW GQ\DVÖQGD GD
%L]LP NHQGL DODQÖPÖ]GD GD \DSWÖøÖPÖ] LQFHOHPHOHUGH J|]OHPOHGLøLPL] ELU ROD\Ö VL]OHUOH
VDGHFH SD\ODûPDN LVWL\RUXP %X JLULûLPOHU DVOÖQGD LOJLOL NHVLPLQ WRSOXPD ´VL] PHUDN
HWPH\LQ EHQLP GH NHQGLPH J|UH DKODN NXUDOODUÖP YDU EHQ GH DKODNOÖ ROPD\D
oDOÖûÖ\RUXP \D GD EHQ GH DKODN NXUDOODUÖQD X\PD\D oDOÖûÖ\RUXPµ JLEL ELU PHVDM YHUPH
ND\JÖVÖQÖ GD ELUOLNWH WDûÖ\RU úLPGL PXWODND EX oDOÖûPDODUÖQ LoLQGH EX oDOÖûPDODUÖ
EDûODWDQODUÖQ
L\L
QL\HWOHULQGHQ
\DSÖODQ
oDOÖûPDQÖQ
GRøUXOXøXQGDQ
KLoELU
ND\JÖ
GX\PX\RUXP $PD EXQXQ DUNDVÖQGD LOJLOL NHVLPLQ WRSOXPD ´H\ WRSOXP EHQL VHQ oRN
N|W RODUDN WDQÖ\RUVXQ DPD EHQLP NHQGL DKODN NXUDOODUÖP YDU %DN EHQ EX DKODN
NXUDOODUÖQD X\PD\D oDOÖûÖ\RUXP 'ROD\ÖVÖ\OD EDQD JYHQµ PHVDMÖQÖ YHUPHN JLEL ELU
D\UÖFD QL\HWLQLQ GH ROGXøXQX LIDGH HWPHN LVWL\RUXP %LU LNLQFLVL 1UQEHUJ·GH oÖNDQ
NLûLVHO VRUXPOXOXN LONHVL WDPDP oRN GRøUX ELU LONHGLU DPD HWLNOH LOJLOL WDUWÖûPDODUGD
NLûLVHO VRUXPOXOXNODU |Q SODQD oÖNDUÖOÖS GD VLVWHPH LOLûNLQ VRUXPOXOXNODU DUND SODQGD
NDOÖUVD \DQOÖû ELU QRNWD\D JHOLQLU 2QXQ LoLQ GH DVOÖQGD \LQH 6D\ÖQ ùQDP·ÖQ VRQ GHUHFH
QHW ELU ûHNLOGH JQGHPH JHWLUGLøL YH EDøODGÖøÖ WHPHO RODQ QRNWD HWLN WDUWÖûPDODUÖQ ELU
\DûDP ELoLPLQH \|QHOLN RODUDN J|WUOPHVL YH EXUDGDQ NXUDOODU JLEL ELUWDNÖP ROD\ODUÖQ
JQGHPH JHWLULOHUHN ´WDPDP DUNDGDûODU EX NXUDOODU YDU KDGL H\YDOODKµ GHPHPHN
ûHNOLQGH JHUoHNOHûWLULOPHVL OD]ÖP $NVL WDNGLUGH LNL WHKOLNH\L \DQL VLVWHPL WDUWÖûPD\Ö
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
VRUJXODPD\Ö XQXWDELOLU ELU LNLQFLVL LOJLOL NHVLPOHULQ WRSOXPD YHUPLû ROGXøX \DQOÖû
PHVDMODUD\RODoDELOLUL]GL\HGûQ\RUXP7HûHNNUHGHULP
&HQJL]*OHo
%HONL VUoOLVDQ HWPLû RODELOLULP DPD SDUODPHQWR\X XWDQo YHULFL ELU \HU RODUDN
J|UP\RUXP g\OH NXUXPVDO YDUOÖøÖQD VD\JÖVÖ]OÖN \DSPDN JLEL ELU GHUGLP QL\HWLP GH
\RN$PDSDUODPHQWRGDXWDQoYHULFLûH\OHUROX\RU%DûNDNXUXPODUGDROGXøXJLEL+HOH
QLYHUVLWHOHUGH
GDKD
GD
ID]OD
ROX\RU
<DQL
7UNL\H·QLQ
GHPRNUDWLNOHûPHVLQGH
SDUODPHQWRoRN|QHPOLoRNDVOLELUNXUXPYD]JHoLOPH]ELUNXUXP%XVRUXPOXOXNKDO
YH LûOHPH QH ]DPDQ X\JXQ GDYUDQÖ\RU"'DYUDQDELOL\RUPX" %XQX WDUWÖûDELOLULP *D\HW
WDELGDYUDQDPÖ\RU2QHGHQOHEHQGH6D\ÖQ8OXo*UNDQ%H\LQJHUHNoHOHULoRNIDUNOÖ
ELU
oRøXQD
NDWÖOÖ\RUXP ùVWLID
HGHULP
HWPHP
%XOXQGXøXP
NRQXPGDQ XWDQo
GX\PX\RUXP DPD EHQ ûX DQGDNL PHYFXW KNPHWWHQ ³ûX \D GD EX ûHNLOGH \HVL
ROVD\GÖP³ VL]H \HPLQ HGL\RUXP LVWLID HGHUGLP úLPGL SDUODPHQWR\OD KNPHW
DUDVÖQGDNL LOLûNLOHUL DoÖN V|\OH\H\LP RUWDODPD KDONWDQ SHN oRN LQVDQ NDUÖûWÖUÖ\RU
8PDUÖP
HQWHOHNWHOOHU
NDUÖûWÖUPÖ\RUGXU
3DUODPHQWR\OD
\DQL
PHûKXU
NXYYHWOHU
D\UÖOÖøÖ\OD \DUJÖQÖQ \DVDPDQÖQ \UWPHQLQ D\UÖOÖøÖ GL\H ELU ûH\ LGHDO RODUDN DU]X
HGLOHELOLU ELU ûH\ DPD \UUONWHNL LûOH\LûH EDNWÖøÖQÖ] ]DPDQ GXUXP |\OH GHøLO
3DUODPHQWRODUÖ YH\D \ÖOGDQ EHUL VRQUDVÖQGDNL SDUODPHQWRODUÖ 7UNL\H·GH
KNPHW \|QOHQGLUL\RU +NPHW LQDQÖOÖU JYHQLOLU YH JHUoHNWHQ ROXPOX ûH\OHU
\DSÖ\RUVD EX PXWODND SDUODPHQWR\D GD \DQVÖ\RU dQN KNPHWLQ LFUDDWÖQD KXNXNL
oHUoHYH\L oL]HQ ELU NXUXP QLWHOLøLQH EUQG PDDOHVHI 'ROD\ÖVÖ\OD KNPHWOH
SDUODPHQWR\X |]GHû YDUOÖNODU JLEL J|UPHN \DQOÖûÖ YDU ELU NHUH %XQXQ FHUHPHVLQL
oHNPL\RU GHøLOLP <DQL KNPHWLQ ELU VU KDNLNDWHQ NDWÖODPD\DFDøÖP YH oRN LV\DQ
LWLUD] HGHELOHFHøLP SHN oRN ûH\LQLQ DUNDVÖQGD KHU ]DPDQ SDUODPHQWR GXUPX\RU DPD
GXUGXøX GXUXPODU GD YDU +NPHWH UDøPHQ SDUODPHQWR NXUXP RODUDN RQXUXQX
NRUX\DELOPHOLPL".HVLQOLNOHGRøUX2QRNWDODUGD]DPDQ]DPDQ]DDILoLQGHROGXøXELU
JHUoHN 2 ]DPDQODU SDUODPHQWRGDQ XWDQÖ\RUXP $PD NXUXP RODUDN YDUOÖøÖQGDQ GHøLO
9H R XWDQo GX\JXVXQX LoLPGH WDûÖPDNWDQ GD JXUXU GX\X\RUXP <DQL R XWDQFÖ GD
WDûÖPD\DQ KRFDPÖQ R YLFGDQ GHGLøL ILOR]RIODUÖQ HWLN \D GD DKODNL GX\DUOÖOÖN GHGLøL KHU
QHKDOWVDRQXWDûÖPD\D|]HQJ|VWHUL\RUXP
%DûND QH \DSÖ\RUXP" *DOLED 2UKDQ %LUJLW·LQ EHQ \ÖOODU |QFH ELU \D]ÖVÖQÖ
RNXPXûWXP 6DQÖ\RUXP \HQL VHoLOGLøL ]DPDQ %OHQW (FHYLW ³DUWÖN KDQJL \ÖOODU
KDWÖUODPÖ\RUXP DPD KHUKDOGH ·OHULQ EDûÖ ROPDOÖ NHûNH R DQODWVD\GÖ ELU \D]ÖVÖQGD
RNXGXP KHP GH oRN HWNLOHQPLûWLP³ VHoLOLU VHoLOPH] JDOLED JUXS EDûNDQ YHNLOOLøL
|QHUL\RU 9H 2UKDQ %H\ GH GûQ\RU WDûÖQÖ\RU YH GL\RU NL (IHQGLP EHQ EX J|UHYL
NDEXO HGHPHP 1HGHQ" <HWHUL NDGDU SROLWLND ELOJLP \RN %HQLP KD]ÖUODQPDP OD]ÖP
<DQL VHoLOHELOLUVLQL] DPD HUJLQ ELU SROLWLNDFÖ PÖVÖQÖ] YH GH E|\OH ELU VRUXPOXOXN
\NOHQPH\HKD]ÖUPÖVÖQÖ]EXQXDQFDNELULoGHQHWLPOHV|\OH\HELOLUVLQL]'RøUXVXE|\OH
ELU J|UHY WHNOLI HGLOPHGLøL LoLQ EHQ QH FHYDS YHULUGLP QH GXUXPD JLUHUGLP
ELOPL\RUXP RQXQ FHYDEÖQÖ YHUHPHP DPD HQ D]ÖQGDQ EX o \ÖO |QFHNL &HQJL]·OH ûX
DQGDNL&HQJL]·LQD\QÖDGDPROPDGÖøÖQÖELOL\RUXP%XQDGDELUEHGHO|GH\HUHNDoÖNoDVÖ
YDUPDNWD ROGXøXPD LQDQÖ\RUXP <DQL ELU YHEDO GH WDûÖ\RUXP $PD KRFDPÖQ V|\OHGLøL
JLEL \DQL KHUNHVLQ GHPLQ V|\OHGLøLP NRQX \DQL SROLWLND JHQHO VRUXQODUÖQ DODQÖ 9H
JHQHO VRUXQODU SROLWLN VRUXQODU KHUNHVLQ VRUXQX %X DoÖGDQ GD EHQ ûXQX EXQX
J|VWHUHFHN ELU VU JHUHNoH EXODELOLULP 5DV\RQDOL]H HGHELOLULP 3HN oRN LQVDQ KDQJL
PHVOHNWHH\OHPGHEXOXQXUVDEXOXQVXQNHQGL\OHWXWDUOÖNDODELOPHNLoLQ\DSÖSHWWLNOHULQL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GH PHûUXODûWÖUÖU +DNOÖ oÖNDUDELOHFHN oRN FLQJ|] JHUHNoHOHU \DUDWDELOLU %HQ GH
PXKWHPHOHQ \DUDWÖ\RU RODELOLULP ]DPDQ ]DPDQ $PD GXU EDNDOÖP NHQGLQL QDVÖO
NDQGÖUÖ\RUVXQ EH DGDP GL\H GH NHQGLPL VÖQDYD oHNPH\H oDOÖûÖ\RUXP JFPQ \HWWLøL
NDGDU $PD oRN ûH\ ND]DQGÖøÖPÖ GD oRN ûH\ J|WUGøQ GH ELOL\RUXP %XQXQ
VRQXQGDNDUDUÖEHQYHUHFHøLP'HYDPHGLSHWPHPHROXUROPD]
'HPLQ V|]Q EDûÖQGD V|\OHGLP DNDGHPLV\HQOHU QL\H SROLWLNDGD oRN EDûDUÖOÖ
RODPÖ\RU GL\H ùNL WDQH ûH\ V|\OH\H\LP %LULQFLVL NHQGL DGÖPD HQ D]ÖQGDQ ûXQX
V|\OH\HELOLULP %HQ EX \DûÖPD NDGDU QHUH\H KDQJL GXUXPD JHOHELOGL\VHP NLûLVHO
LUDGHPOH YH oDEDPOD JHOGLøLPH YH EXQX GD KDN HWWLøLPH LQDQÖUÖP EXQXQ GD RQXUXQX
WDûÖUÖP GL\H GûQUNHQ SROLWLND\D JLUL\RUVXQX] J|QOO ELU ELoLPGH NHQGL LUDGHQL]OH
ELUVWLUDGH\H³EXELUSDUWLQLQJHQHO\|QHWLPNXUXOX\DGDSDUWLEDûNDQÖRODELOLU³ELU
VW LUDGH\H WHVOLP ROPDN ]RUXQGD NDOÖ\RUVXQX] 2ODPD]VDQÖ] KD\ÖU EHQ RWRQRP ELU
YDUOÖøÖP GHPH KDNNÖQD VDKLS GHøLOVLQL] KHU ]DPDQ <HU \HU GH EXQX GHPHN
]RUXQGDVÖQÖ]ùûWHRGD'RøX·QXQGHPLQELUH\VHOOHûPHPHVHOHVL\OHVRQGHUHFHLOJLOLELU
NRQX2QHGHQOHGHSDUWLOLGHUOHULQVXOWDVÖQDL]LQYHUHQ6L\DVL3DUWL<DVDVÖ·QDYH6HoLP
<DVDVÖ·QD GX\DUVÖ] NDODQ ûX SDUODPHQWRGDNL KLoELU SDUODPHQWHULQ DoÖNoDVÖ ELU RQXU YH
VD\JÖQOÖN WDûÖGÖøÖQD LQDQPÖ\RUXP dQN EX PHYFXW VLVWHPL GHYDP HWWLUHELOHFHN
VLVWHPHODND\WNDODQPHYFXW ELUSDUODPHQWHUEDQDJ|UHoRNFLGGLELUWDULKLVRUXPOXOXN
WDûÖ\RU GHPHNWLU 2 NDYJD\Ö YHUPL\RU *FP \HWHU \D GD \HWPH] 'LYULøL \DSDPDGÖN
EHONLDPDEHONLRQDJFP\HWHURQXGHQHPH\HGHøHUgPUP\HWHUGHELUVUHGDKD
NDODELOLUVHPHQD]ÖQGDQûXoDEDELOHEXQXKDNOÖJ|VWHULUJLELJHOL\RUEDQD1H\VHEL]LP
GHLûWHNHQGLPL]LKDNOÖoÖNDUPDPÖ]LoLQELUJHUHNoHROGX7HûHNNUHGL\RUXP
$NÖQ(UJGHQ
'HøHUOL .DWÖOÖPFÖODU EL]L EX JHo VDDWH NDGDU VDEÖUOD L]OH\HQ GLQOH\LFLOHU 8OXVDO
8\JXODPDOÖ (WLN .RQJUHVL·QLQ JQ 3DQHOLQL EXUDGD NDSDWÖ\RUXP 6D\ÖQ *OHo·LQ
LON NRQXûPDVÖQGDNL PHUDNÖ ELU QHE]H ROVXQ JLGHULOPLûWLU XPDUÖP 6D\ÖQ *OHo 3DQHOLQ
EDûOÖøÖQGDNLG|UWNDYUDPDUDVÖQGDQDVÖOELULOLûNLRODELOHFHøLQLoRNPHUDNHWPLûWL%HQLP
VUHNOLYXUJXODGÖøÖPJLELVL\DVHWHWLøLELUWRSOXPXQNDPXVDODODQÖQGDROXûPDVÖJHUHNHQ
HWLNJUDPHULQLQELUSDUoDVÖGÖU%XJUDPHULQVL\DVHWHWLøLDoÖVÖQGDQEDNÖOGÖøÖQGDHQ\DNÖQ
LNL NDYUDPÖ GD ´WHU|Uµ YH ´Lû GQ\DVÖµGÖU ´6XVXUOXNµ DUWÖN EX LOLQWL\L EHOLUJLQOHûWLUHQ
FDQOÖ ELU PHWDIRUGXU ´8øXU 0XPFXµ GD |\OH NH]D GLøHUOHUL GH ´dHWLQ (PHo
0XDPPHU$NVR\%DKUL\HhoRNµ
*OREDOG]H\GHEXPHWDIRUODUD´(\OOµVRQ|UQHNWLU%XFDQOÖPHWDIRUODUEXJQ
WDUWÖûWÖøÖPÖ] \DUÖQ WDUWÖûDFDøÖPÖ] KHS WDUWÖûPD\D GHYDP HWWLøLPL] VUH ER\XQFD EL]H
VL\DVHWHWLøLPHG\DHWLøLLûHWLøLJUDPHUOHULQLROXûWXUDFDNLSXoODUÖQÖYHUHFHNWLU<DUÖQEX
NRQXODUÖ
G|UW
VHODPOÖ\RUXP
D\UÖ
VDORQGD
WDUWÖûPD\D
GHYDP
HGHFHøL]
+HSLQL]L
VD\JÖODUÖPOD
%ù/'ù5ù/(5
)RWRøUDIÖQ´$U]X1HVQHVLµ2ODUDN.DGÖQ%HGHQL+DEHU)RWRøUDIÖQÖQ
0DQWÖøÖh]HULQH%LU7DUWÖûPD
$UDû*|U(PHO%DûWUN$NoD *LULû
)RWRøUDI JHOLûHQ WHNQRORMLQLQ GH HWNLVL\OH PPNQ RODQ HQ oRN VD\ÖGD ûH\L
J|UQWOHPHN DU]XVXQGDGÖU %LOLQHQ ûX EHQ]HWPH IRWRøUDI YH IRWRøUDIoÖQÖQ DPDFÖQÖ
|]HWOHU ´)RWRøUDIoÖ PRGHUQ ]DPDQODUÖQ J|UQW DYFÖVÖGÖUµ )RWRøUDI PDNLQHVLQLQ
J|UQW
DYÖQGD
HQ
LOJLQo
NRQXODUÖ
KHS
WRSOXPVDO
KL\HUDUûLQLQ
DOW
NHVLPOHUL
ROXûWXUPXûWXU6|PUJHKDONODUÖ\RNVXOODUGRøDYHWDELLNLNDGÖQODU%DûNDELULIDGH\OH
]HQJLQEH\D]YHHUNHNIRWRøUDIoÖQÖQPGDKDOHDODQODUÖ
%X oDOÖûPDGD IRWRøUDIÖQ ´J|UQPH\HQL J|UQU NÖOPDJ|VWHUPHµ ³PHG\D LoLQ
GûQOUVH L]OH\LFLOHULQ LOJLVLQL oHNHFHN J|UQWOHUL EXOPD³ oDEDVÖ LoLQGH NDGÖQ
EHGHQLQH GDKD ELU ûHKYHWOH VDOGÖUÖS RQX VR\PD\DoÖSODNODûWÖUPD\D EDûND ELU GH\LûOH
HUNHN
J|]
LoLQ
HULûLOHELOLU
VH\UHGLOHELOLU
ELU
QHVQH\H
G|QûWUPH\H
oDOÖûWÖøÖ
VDYXQXOPDNWDGÖU .DGÖQ EHGHQLQLQ PHWDODûPDVÖ GDKD |QFH SHN oRN NH] WDUWÖûÖOPÖû ELU
NRQXGXU %HQLP EXUDGD WDUWÖûPDN YH DOWÖQÖ oL]PHN LVWHGLøLP QRNWD LQVDQODUD KHU JQ
PLO\RQODUFD J|UQW DNWDUDQ NLWOH PHG\DVÖ\OD ELUOLNWH ³SHN oRN ûH\LQ ROGXøX JLEL³
J|UQWOHULQ GH KÖ]OD WNHWLOPHVL ROJXVXGXU 0HG\DQÖQ WNHWLP QHVQHOHUL DUDVÖQGD
NDGÖQ EHGHQL D\QÖ ]DPDQGD ELU DU]X QHVQHVL RODUDN |QHPOL ELU \HUH VDKLSWLU $QFDN
WNHWLP oÖOJÖQOÖøÖQÖQ QHGHQ ROGXøX PHG\DGDNL SHUYDVÖ]OÖN LoLQGH DUWÖN ]HULQGH
GûQOPHVL JHUHNHQ NRQX WRSOXPGD ´VD\JÖQµ PHVOHNOHUH VDKLS ELOJL YH HPHNOHUL\OH
EHOOLELUNDUL\HUHGLQPLûYHPHG\DGDGDEX\|QOHUL\OHJQGHPHJHOHQNDGÖQODUÖQGDNLPL
]DPDQ SDUD NDUûÖOÖøÖ NLPL ]DPDQ GD JL]OLFH ³WDP GD IRWRøUDIÖQ VDOGÖUJDQOÖøÖQÖ
oDøUÖûWÖUÖUELoLPGH³oÖSODNRODUDNJ|UQWOHQPH\HoDOÖûÖOPDVÖROPDOÖGÖU
dDOÖûPDGD GRøUXGDQ ELU HWLN WDUWÖûPDVÖQD JLGLOPHPLû DQFDN WDULKVHO VUHo LoLQGH
IRWRøUDIÖQ ³oHûLWOL DoÖODUGDQ³ NHQGLVLQH WHPHO REMH RODUDN VHoWLøL NDGÖQD \DSWÖøÖ
VDOGÖUÖGDQ KDUHNHWOH \LQH NDGÖQODUD LOLûNLQ KDEHU IRWRøUDIODUÖQÖQ PDQWÖøÖ VRUJXODQPD\D
oDOÖûÖOPÖûWÖU %X VRUJXODPD GD JHQHO RODUDN IRWRøUDIÖQ GRøDVÖ YH PDQWÖøÖ ]HULQGHQ
\DSÖODFDNWÖU %HQLEX oDOÖûPD\Ö \DSPD\D LWHQ 1LVDQ WDULKLQGH 6DEDK JD]HWHVLQGH
\D\ÖPODQDQ ´+DQJL VSLNHUL oÖSODN J|UPHN LVWHUVLQL]"µ EDûOÖNOÖ KDEHUGLU +DEHUGH
3OD\ER\ GHUJLVLQLQ RNXUODUÖQD ´GQ\DQÖQ HQ VD\JÖQ WHOHYL]\RQODUÖQGD ILQDQV KDEHUOHUL
VXQDQ NDGÖQ PXKDELUOHUGHQ KDQJLVLQL oÖSODN J|UPHNµ LVWHGLNOHULQL VRUDQ ELU DQNHW
KD]ÖUODGÖøÖ ELOGLULOPHNWHGLU %X KDEHUGHQ \ROD oÖNÖODUDN 1LVDQ D\ÖQD DLW 6DEDK +UUL\HW
YH =DPDQ JD]HWHOHUL WDUDQPÖû WRSOXPGD VD\JÖQ ELU \HUH VDKLS NDUL\HU VDKLEL NDGÖQÖ
oÖSODNODûWÖUPD\D \|QHOLN EHQ]HU KDEHUOHU WHVSLW HGLOHUHN ELU GHøHUOHQGLUPH \DSPD
\ROXQDJLGLOPLûWLU
dDOÖûPDGD VDSWDQDQ EXOJXODU LNL DoÖGDQ o|]POHQPHNWHGLU %LULQFLVL RU\DQWDOLVW
V|\OHPoHUoHYHVLQGHNDGÖQÖ´KHPELUELOJLKHPGHELUDU]XQHVQHVLµûHNOLQGHHOHDODUDN
RU\DQWDOLVW
V|\OHPGHNL
´'RøXµQXQ
\HULQH
ELU
´|WHNLµ
RODUDN
NDGÖQÖ
NR\PDN
PPNQGU .DGÖQÖQ WHPVLOL GH HUNHN V|\OHP DoÖVÖQGDQ ´IDQWH]LOHU DU]XODU NRUNXODU
YH U\DODUOD |UOPûWUµ %X oHUoHYH LoLQGH NDGÖQ EHGHQLQLQ HUNHN |]QH LoLQ ³
(JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL*D]HWHFLOLN%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PHG\DQÖQ HUNHN HJHPHQ EDNÖûÖ WHPVLO HWWLøL GH GûQOHUHN³ QDVÖO YH QHGHQ DU]X
QHVQHVLQH G|QûWø VRUJXODQDFDNWÖU ùNLQFL \DNODûÖP LVH EL]]DW IRWRøUDID YH RQXQOD
EDøODQWÖOÖ RODUDN KDEHU IRWRøUDIÖQD YH KDEHUH LOLûNLQ ELU o|]POHPH \DSPDNWÖU
*|UQWOHULQ
YH
KDEHULQ
J|UOPHPLûGX\XOPDPÖû
VUHNOL
RODQÖ
DNWÖøÖ
EXOPD
JQP]GH
oDEDVÖ
YH
PHG\DQÖQ
EXQXQ
GDKD
GRøXUGXøX
|QFH
VRQXoODU
WDUWÖûÖODFDNWÖU
0HG\D)RWRøUDIYH7NHWLP
)RWRøUDI oDøÖQÖQ NDSÖVÖQÖ DoDQ -RVHSK 1LFHSKRUH 1LHSFH /RXLV 'DXJHUUH YH
:LOOLDP +HU\ )R[ 7DOERW ELOPHGHQ LOHWLûLP YH PHG\D oDøÖQÖ GD EDûODWPÖûODUGÖU
dL]JHQ 0HG\D oDøÖ J|UQWOHULQ oRN GDKD KÖ]OD DNWÖøÖ EX KÖ]D SDUDOHO
RODUDN J|UQWOHULQ GH KÖ]OD WNHWLOGLøL L]OH\LFLOHULQ YH NDPHUDPDQODUÖQ KHU DQ \HQL ELU
J|UQW SHûLQGH NRûWXNODUÖ ELU oDøGÖU 0HG\D oDøÖ WNHWLP WRSOXPX\OD ELUOLNWH DQÖOÖU
+HUûH\LQELUWNHWLPQHVQHVLQHG|QûWøEXWRSOXPGDPHG\DQHVQHOHULQJ|UQWOHU
GDKDJHQHODQODPGDLPDMODUûHNOLQGHWNHWLOPHVLQHQHGHQROPXûWXU
*|UPHNLûLOHULQHVQHOHULWDQÖPDYHNRQXPODQGÖUPDGDV|]GHQGDKDHWNLOLGLU$QFDN
EX HWNLVL YH |QHPLQH UDøPHQ GQ\DQÖQ J|UQWOHUOH WDQÖPODQPDVÖ VRUXQOX ELU ûH\GLU
dQNJ|UQWOHUYDUOÖNODUÖQ\DOQÖ]FDEHOOLELUDQGDEHOOLELUGXUXPXQX\DQVÖWDELOLUOHU
%DûND ELU LIDGH\OH ´J|UVHO KDIÖ]D\D DOÖQDQ ELOJL DVOÖQGD QHVQHQLQ ELU |]HW IRUPXGXUµ
&H\ODQ *|UQWOHU R ûH\LQ NHQGLVL GHøLOGLU DQFDN IRWRøUDI E|\OH ELU
\DQÖOVDPD\DUDWÖU
(JHPHQ HUNHN V|\OHPL NDGÖQÖ EHGHQL ]HULQGHQ NRQXPODQGÖUÖS WDUWÖûDUDN RQX
\DOQÖ]FDELUEHGHQHGROD\ÖVÖ\ODELUFLVPHLQGLUJHUNHQRQXWDQÖQÖUJ|UQUNÖOPDoDEDVÖ
LoLQGH RODQ IRWRøUDI GD NDGÖQ EHGHQLQL J|UQWOHUH LQGLUJHU %XUDGD NDGÖQ LNL NH]
LQGLUJHQLU ELULQFL RODUDN EHGHQH LNLQFL RODUDN GD J|UQW\H &H\ODQ·ÖQ YXUJXODGÖøÖ JLEL
´J|UQHQûH\J|UHQNLûLDGÖQDNHQGLoL]JLOHULQGHQIHGDNDUOÖNµ\DSPD\D]RUODQÖU*|UHQ
³YH J|VWHUHQ³ NLûL J|UQW\ LVWHGLøL JLEL ELoLPOHQGLUHELOLU %X ELoLPOHQGLUPH V|]
NRQXVX ROPDVD ELOH ³|]HOOLNOH GH PHG\D oDøÖQGD³ J|UQW RODUDN YDU ROPDGD VÖUI
JHOLS JHoHQ ELQOHUFH J|UQWGHQ ELUL ROPD DQODPÖQGD ELOH D]DOPD LQGLUJHQPH V|]
NRQXVXGXU
)RWRøUDIODU LQVDQODUD J|UQWOHGLNOHUL QHVQHOHULQ NHQGLOHULQL VXQPD] DPD RQODUÖ
´XODûÖODELOHFHNµ QHVQHOHU RODUDN J|]OHULQLQ |QQH HOOHULQLQ DOWÖQD JHWLULU %LU JD]HWH\L
GûQGøQ]GH RNXU JD]HWHGH \HU DODQ \DUÖJL\LPOL ELU PDQNHQH EHONL GH KLoELU
]DPDQ JHUoHNWHQ VDKLS RODPD\DFDNWÖU DQFDN RQXQ J|UQW\H LQGLUJHQPLû ûHNOLQH
LVWHGLøL ]DPDQ WHNUDU WHNUDU EDNDELOHFHøL ELU J|UQWVQH VDKLSWLU 'HQH\VHO SVLNRORML
LQVDQODUD XODûÖODELOHFHN NDGDU \DNÖQ J|UQGø KDOGH ELU WUO XODûÖODPD\DQ QHVQHOHULQ
WRSOXPVDO LûWDKÖ WDOHEL JLGHUHN DUWÖUGÖøÖQÖ V|\OHU ùûWH EX QRNWDGD VDWÖQ DOPD YH VDKLS
ROPD\DLOLûNLQGR\XUXOPD]ELUûHKYHWNDSLWDOLVWWNHWLPLQN|UNOH\LFLQHGHQLKDOLQHJHOLU
&H\ODQ *|UQWOHU KÖ]OD WNHWLOLU KHS WNHWLOHFHN \HQL ELU J|UQW DUD\ÖûÖ
YDUGÖU 6RQWDJ IRWRøUDI PDNLQHOHULQLQ \DOQÖ]FD J|UPH \ROX\OD GDKD ID]OD DQODPD\Ö
PPNQ NÖOPDGÖøÖQÖ D\QÖ ]DPDQGD J|UPH XøUXQD J|UPH GûQFHVLQL EHVOH\HUHN
J|UPHQLQNHQGLVLQLGHøLûWLUGLøLQLV|\OHU
(QGVWULOHûPLû WRSOXPODU YDWDQGDûODUÖQÖ J|UQW EDøÖPOÖODUÖQD oHYLULUOHU
]LKLQVHO
NLUOHQPHQLQ
HQ
NDUûÖ
NRQXOPD]
ELoLPLGLU
EX
ùQVDQODUÖQ
IRWRøUDIODPDN LoLQ NDUûÖ NRQXOPD] ELU ]RUXQOXOXNODUÖ ROGXøXQX V|\OHPHN
\DQOÖû ROPD] %X GHQH\LPLQ NHQGLVLQL ELU J|UPH ELoLPLQH oHYLUPHNWLU
6RQXoWD ELU GHQH\LPH VDKLS ROPDN ELU IRWRøUDI oHNPHNOH D\QÖ ûH\ KDOLQH
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
JHOLUNHQ WRSOX ELU ROD\D NDWÖOPDN GD JLGHUHN RQXQ IRWRøUDIODQPÖû
ELoLPLQH EDNPDNOD HûLWOHQLU 0DOODUPH GQ\DGDNL KHU ûH\LQ ELU NLWDSWD
VRQ EXOPDN LoLQ YDU ROGXøXQX V|\OHPLûWL %XJQVH KHU ûH\ ELU IRWRøUDIWD
VRQEXOPDNLoLQYDUROX\RU6RQWDJ
)RWRøUDI GRøDO JHUoHNOLøL J|UQWOHUHQHVQHOHUH G|QûWUU YH GROD\ÖVÖ\OD ELU ûH\L
J|UQWOHPHN ELU DQODPGD RQX QHVQHOHûWLUPHN VH\LUOLN ELU ûH\ KDOLQH JHWLUPHNWLU
)RWRøUDIODQDQ YH IRWRøUDIoÖ DUDVÖQGD IRWRøUDIoÖ OHKLQH ELU LNWLGDU LOLûNLVL NXUXOXU
)RWRøUDIoÖ J|UQWOHGLøL ´JHUoHNOLøLµ R KDOL\OH \DNDODPÖû RQX NDPHUD NDUûÖVÖQGD
VDYXQPDVÖ]
EÖUDNPÖû
YH
NHQGL
PDNLQHVLQLQ
LoLQH
\HUOHûHELOHQ
ELU
QHVQH\H
G|QûWUPûWU 0DNLQH IRWRøUDIoÖQÖQ VLODKÖGÖU YH NDUûÖVÖQGDNLQL E|\OHFH WHVOLP DOÖU
6RQWDJIRWRøUDIoHNPHHGLPLQGH´\ÖUWÖFÖµELUûH\OHUROGXøXQXV|\OHU
g]HOOLNOH NLWOH PHG\DVÖQÖQ \D\JÖQODûPDVÖ\OD J|UQWOHU GH WNHWLP QHVQHOHULQH
G|QûPûWU YH KHU IRWRøUDI \HQL ELU ûH\ GDKD |QFH WNHWLOPHPLû ELU ûH\ J|VWHUPHN
]RUXQGDGÖU )RWRøUDIÖ \ÖUWÖFÖ YH PGDKDOHFL NÖODQ QHGHQOHUGHQ ELUL GH EX \HQLOLN
DUD\ÖûÖGÖU )RWRøUDI PDNLQHVLQLQ J|UQW DYÖQGD HQ LOJLQo NRQXODUÖ KHS WRSOXPVDO
KL\HUDUûLQLQ DOW NHVLPOHUL ROXûWXUPXûWXU 6|PUJH KDONODUÖ \RNVXOODU GRøD YH WDELL NL
NDGÖQODU %DûND ELU LIDGH\OH ]HQJLQ EH\D] YH HUNHN IRWRøUDIoÖQÖQ PGDKDOH DODQODUÖ
g]HOOLNOH \]\ÖO VRQX YH \]\ÖO EDûODUÖQGD IRWRøUDI PDNLQHVLQLQ GDKD NROD\
WDûÖQDELOLU KDOH JHOPHVLQLQ GH HWNLVL\OH IRWRøUDIoÖODU ³EDûND LIDGH\OH %DWÖOÖ HUNHNOHU³
2UWDGRøX YH .X]H\ $IULND·\D DNÖQ HWPLûOHUGLU %X E|OJH KDONODUÖQÖQ J|UQWOHUL
%DWÖOÖODULoLQROGXNoDLOJLoHNLFLROPXûWXU(OEHWWHIRWRøUDIÖQWDULKLELUNDQÖWROPDN\DGD
DLOHIRWRøUDIODUÖQGDROGXøXJLELDQÖODUÖVDNODPDNJLELJ|] DUGÖHGLOHPH\HFHNLûOHYOHULGH
YDUGÖU$QFDNEXDPDoODUOD NXOODQÖOGÖNODUÖDQODUGÖûÖQGDLQVDQODUÖIRWRøUDIoHNPH\HLWHQ
ûH\ ´J]HO ELU ûH\ EXOPDNµWÖU %X JG \XNDUÖGD VD\ÖODQ JUXSODUÖ KHP IRWRøUDIoÖQÖQ
WHPHO LOJL DODQÖQD VRNDU KHP GH RQXQ PGDKDOHVLQH ³J]HOL \DNDODPDN LoLQ \DSDFDøÖ
GHøLûLNOLNOHUH³DoÖNKDOHJHWLULU
)RWRøUDIÖQ YH ³ELU VÖoUDPD\OD³ PHG\DQÖQ J|UOPHPLû RODQÖ J|VWHUPH oDEDVÖ
\XNDUÖGD
VD\ÖODQ
PGDKDOHVLQL
EH\D]
GDKD
HUNHøLQIRWRøUDIÖQ
ûLGGHWOL
KDOH
JHWLULU
PGDKDOHVLQH
DoÖN
1H
´PHG\D
YDU
NL
NHVLPOHUH
oDøÖµ
RODQ
GL\H
DGODQGÖUDELOHFHøLPL] JQP]GH V|PUJH KDONODUÖ YH GRøDQÖQ IRWRøUDILN J|UQWOHU
RODUDN |QHPLQL \LWLUGLøLQL V|\OH\HELOLUL] %X LNL JUXS DUWÖN E\N |OoGH ´EHOJHVHOµ
QLWHOLNOHUL\OHJ|UQWOHQPHNWHGLUOHU%XJQ´\RNVXOODUµJUXEXQXPHG\D\Ö´GHPRNUDWLN
NDWÖOÖPµ oHUoHYHVLQGH NXOODQDELOHQ YH \|QOHQGLUHQ JUXSODUÖQ GÖûÖQGD NDODQ VÖUDGDQ
LQVDQODURODUDNJHQLûOHWHELOLUL]2QODU|OPOHUFLQD\HWOHUWHFDY]OHUNDYJDODUJLELGDKD
oRN ûLGGHW LoHUHQ J|UQWOHUOH NDUûÖPÖ]D oÖNPDNWD NDGÖQODU LVH KHU ]DPDQNL EDûDW
´QHVQHµNRQXPODUÖQÖNRUXPDNWDGÖUODU
0HG\DGDNL KDEHU NULWHUOHUL GH \XNDUÖGDNL V|]OHUL GHVWHNOHPHNWHGLU %LU ROD\ÖQ KDEHU
RODUDN GHøHUOHQGLULOHELOPHVL LoLQ oHûLWOL NULWHUOHU V|] NRQXVXGXU %XQODU DUDVÖQGD ROD\ÖQ
LOJL oHNLFL ROPDVÖ WDQÖQPÖû QO NLûLOHUOH LOJLOL ROPDVÖ oRN VD\ÖGD NLûL\L LOJLOHQGLUPHVL
NDPX\DUDUÖ\ODLOJLOLROPDVÖYHJQFHOROPDVÖJLELNULWHUOHU\HUDOÖU$QFDNJQP]GH
SRSOHU PHG\DGD LNL NULWHU ³ROD\ÖQ LOJL oHNLFL ROPDVÖ YH WDQÖQPÖû \D GD QO NLûLOHUOH
LOJLOLROPDVÖ³E\N|OoGH|QSODQDoÖNPÖûWÖU%DVÖQ\D\ÖQNXUXOXûODUÖLOJLoHNLFLKDEHU
EXOPDN DGÖQD NLPL ]DPDQ NLûLOLN KDNODUÖQD GD VDOGÖUDUDN GDKD |QFH NLPVHQLQ
HGLQPHGLøLJ|UQWOHULYHELOJLOHULHGLQHELOPH\DUÖûÖQDJLUPHNWHGLUOHUg]HOOLNOH7UNL\H
LoLQ SROLWLN NRQXODUGD LNWLGDUÖQ L]LQ YHUGLøLQGHQ GDKD ID]OD ELOJL \D GD J|UQW
VXQPDQÖQ FD\GÖUÖFÖ \DVDO \DSWÖUÖPODUÖ EXOXQPDNWDGÖU %XQXQ GD HWNLVL\OH PHG\D GDKD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ID]OD PDJD]LQH ND\PDNWD YH 6H]HQ $NVX·QXQ ELNLQLOL IRWRøUDIODUÖ \D GD QO ELU
PDQNHQLQVRQVHYJLOLVL\OHJ|UQWOHULHQLOJLoHNLFLNRQXODUDUDVÖQDJLUPHNWHGLU
6RQWDJ ûLGGHW IRWRøUDIODUÖ\OD LOJLOL RODUDN ´)RWRøUDIODU \HQL ELU ûH\ J|VWHUGLNOHUL
VUHFHûRN\DUDWDELOLUOHUùQVDQEXWUJ|UQWOHULELUNH]J|UGPGDKDID]ODVÖQÖGD
J|UPH \ROXQGD LOHUOHPH\H EDûODPÖûWÖUµ GHU úLGGHW IRWRøUDIODUÖQGD ´NDQÖNVDPDµ
V|] NRQXVXGXU úLGGHW LoHUHQ J|UQW LON NH] NDUûÖODûÖOGÖøÖQGD VDUVÖFÖ ELU HWNL \DSDU
DQFDN D\QÖ WLS J|UQWOHUH NÖVD VUHGH DOÖûÖOÖU YH IRWRøUDIÖQ \DUDWWÖøÖ HWNL JLWWLNoH D]DOÖU
dÖSODNWD LVH ´WNHWPHµ YDUGÖU dÖSODNODûWÖUÖODQ NDGÖQ EHGHQL LON NH] J|UOGøQGH LOJL
oHNLFLGLUoQNR\DOQÖ]FDSRUQRJUDILNELUJ|UQWGHøLOD\QÖ]DPDQGD\HQLELUIHWKLQ
GH VLPJHVLGLU 6WDQGDUWODûWÖUÖOPÖû J]HOOLN |OoOHUL J|] |QQH DOÖQGÖøÖQGD VHUJLOHQHQ
NDGÖQ EHGHQOHULQLQ J|UVHO RODUDN ELUELULQGHQ oRN GD ID]OD ELU IDUNÖ \RNWXU $QFDN EX
\HQL J|UQW EHGHQL J|UQU NÖOÖQPÖû \HQL ELU NDGÖQGÖU HUNHN EDNÖûÖQÖQ QIX]
HGHELOGLøLEDûNDELUNDGÖQ0HG\D³ELUD]GD³EXLoJG\OHPPNQROGXøXQFDGDKD
ID]OD NDGÖQÖ oÖSODNODûWÖUPD oDEDVÖ LoLQGHGLU %X DU]X \DSWÖøÖ Lû IL]LNVHO |]HOOLNOHUL\OH
GRøUXGDQ EDøODQWÖOÖ ROPD\DQ NDUL\HU YHYH\D û|KUHW VDKLEL NDGÖQODUÖQ GD oÖSODN
J|UQWOHQPHVLoDEDVÖQÖGRøXUPDNWDGÖU+HU]DPDQJL\LQLNJ|UGøP]NDUL\HUVDKLEL
NDGÖQÖ oÖSODN J|UQWOHPHN LON YH ³EHONL GH³ VRQ NH] JHUoHNOHûHFHN ELU GXUXPX
LIDGH
HGHU
%X
WDP
GD
IRWRøUDIÖQ
WHPHO
LGGLDVÖ
RODQ
´DQOÖN
J|UQWOHUL
|OPV]OHûWLUPHµ´DQÖ\DNDODPDµLGGLDVÖ\OD|UWûHQELUûH\GLU
.DGÖQ%HGHQLQLQ´$U]X1HVQHVLµQH'|QûP
%X E|OPH EDûWD GHøLQGLøLPL] 1LVDQ WDULKOL 6DEDK JD]HWHVLQGH ´+DQJL
VSLNHULoÖSODNJ|UPHNLVWHUVLQL]µEDûOÖøÖ\OD\HUDODQKDEHULLQFHOH\HUHNEDûODPDNWD\DUDU
YDUGÖU +DEHULQ VSRWXQGD ´3OD\ER\ RNXUODUÖQD GQ\DQÖQ HQ VD\JÖQ WHOHYL]\RQODUÖQGD
ILQDQV KDEHUOHUL VXQDQ NDGÖQ PXKDELUOHUGHQ KDQJLVLQL oÖSODN J|UPHN LVWHGLNOHULQL
VRUGX $QNHW HUNHNOHULQ IDQWH]LOHULQL FRûWXUGX DPD IHPLQLVWOHUL oÖOGÖUWWÖµ V|]OHUL \HU
DOPDNWDGÖU+HSVLRWX]\DûÖQÖQVWQGHL\LHøLWLPDOPÖûL\LELUNDUL\HUHVDKLSPHG\DGD
³EHONLGHKHU]DPDQ³GHNROWHVLROPD\DQG|SL\HVOHUOHJ|UQHQGDKDL\LELULIDGH\OH²
HQ D]ÖQGDQ \DSWÖNODUÖ Lû JHUHøL³ ´VHNVLOLNµ DWIHGLOHQ WDYÖU YH JL\VLOHUGHQ X]DN RODQ EX
NDGÖQODU
\DOQÖ]FD
´HUNHNOHULQ
IDQWH]LOHULQL
FRûWXUPDNµ
LoLQ
oÖSODNODûWÖUÖOPD\D
oDOÖûÖOPDNWDGÖU%XKDEHUGHQVRQUDoDOÖûPD\DELU|UQHNOHPROXûWXUPDNDPDFÖ\OD1LVDQ
D\ÖQDDLW6DEDK+UUL\HWYH=DPDQ*D]HWHOHULLQFHOHQPLûWLU
%X ELU D\OÖN G|QHP LoLQGH 6DEDK JD]HWHVLQGH EHOLUOHGLøLPL] NULWHUOHUH X\JXQ ELU
KDEHUH GDKD UDVWODQPÖûWÖU +UUL\HW YH =DPDQ JD]HWHOHULQGH LVH NULWHUOHULPL]H X\JXQ
KDEHU EXOXQDPDPÖûWÖU $QFDN EX VRQXo =DPDQ YH +UUL\HW JD]HWHOHULQLQ \D\ÖQ
SROLWLNDVÖ\OD LOJLOL ELU JHQHOOHPH \DSPDPÖ]D \HWHFHN ELU VRQXo GHøLOGLU +UUL\HW
JD]HWHVLQGH NDGÖQ EHGHQLQLQ WHûKLULQH LOLûNLQ oRN VD\ÖGD KDEHU EXOXQPDNWD DQFDN
DUDGÖøÖPÖ]ELoLPGHELUKDEHU\HUDOPDPDNWDGÖU=DPDQJD]HWHVLEXLNLJD]HWHGHQELUD]
GDKD IDUNOÖ ELU \HUGH GXUPDNWDGÖU *D]HWHGH |QFHOLNOH GLøHU SRSOHU JD]HWHOHUGH
ROGXøX JLEL ELU PDJD]LQ VD\IDVÖ EXOXQPDPDNWD YH PDJD]LQVHO KDEHUOHU ´NOWUVDQDWµ
EDûOÖøÖ DOWÖQGD HOH DOÖQDELOHFHN WUGHQ KDEHUOHU RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU =DPDQ
JD]HWHVLQGHNL KDEHUOHU NDGÖQÖ JHOHQHNVHO ´DQQHµ YH ´Hûµ NLPOLøL\OH VXQDQ KDEHUOHUGLU
%X
GD
³EX
ELoLPOHUL\OH
oDOÖûPDGD
LOJLOLGLU
ID]ODFD
0HG\DGD
GHøLQPH\HFHøLPL]³
NDGÖQD
\|QHOLN
NDGÖQÖ
PHG\DGD
LNLQFLO
NDGÖQÖQ
YH
DûDøÖ
WHPVLO
RODUDN
NRQXPODQGÖUDQELUD\UÖPFÖOÖNV|]NRQXVXGXU
´0HG\DGD FLQVL\HWoLOLNµ RODUDN WDQÖPODQDQ EX GXUXP NDGÖQÖQ PHG\DGD \DOQÖ]FD
EHOLUOL ûHNLOOHUGH WHPVLO HGLOPHVL ûHNOLQGH DoÖNODQDELOLU .DGÖQ \D ELU FLQVHO REMH RODUDN
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
\D DQQH Hû JLEL ´NXWVDOµ GHøHUOHU DWIHGLOHUHN \D GD ROXPVX]ODQDUDN VXQXOXU 0HG\DGD
NDGÖQÖQQDVÖOWHPVLOHGLOGLøLQHGDLUûXVÖQÖIODQGÖUPDFLQVL\HWoLOLøHLOLûNLQ|QHPOLLSXoODUÖ
YHULU ´ûLGGHWH PDUX] NDODQ NDGÖQ NRUXQPD\D PXKWDo NDGÖQ FLQVHO REMH RODUDN NDGÖQ
L\LHûL\LDQQHN|WHûN|WDQQH\XYD\ÖNDQDKODNVÖ]NDGÖQWNHWHQNDGÖQWNHWWLUHQ
NDGÖQµ .XUXRøOX 0HG\DGD NDGÖQ \XNDUÖGD VÖUDODQDQ NDWHJRULOHULQ GÖûÖQGD
WHPVLO RODQDøÖ EXODPDPDNWDGÖU .DEDFD HUNHNWHQ EDøÖPVÖ] RODUDN \DûDPD\Ö VDYXQDQ
IHPLQLVWOHULQ
|]HOOLNOH
7UN
WRSOXPXQGD
´oLUNLQ
YH
\DOQÖ]
NDGÖQODUµ
RODUDN
QLWHOHQGLULOGLøL YH PHG\DQÖQ EX \DUJÖ\Ö GHVWHNOHGLøL GûQOUVH EX V|]OHU GDKD L\L
DQODûÖODFDNWÖU1LWHNLPV|]QHWWLøLPL]KDEHUOHUGHGHNDUL\HUVDKLELNDGÖQODUÖQJHUoHN
NLPOLNOHULQLQGÖûÖQGDFLQVHOREMHRODUDNWHPVLOLQHLOLûNLQELUoDEDV|]NRQXVXGXU.ÖVDFD
=DPDQJD]HWHVLQLQNDGÖQÖ\DOQÖ]FDDQQHYHHûUROOHUL\OHWHPVLOHGL\RUROPDVÖQÖQIHPLQLVW
\DNODûÖPDoÖVÖQGDQROXPODQDELOHFHNELUWXWXPROPDGÖøÖEHOLUWLOPHOLGLU
6DEDK JD]HWHVLQGH \HU DODQ LNLQFL KDEHU ´9H VRQXQGD $QQD oÖSODNµ EDûOÖøÖQÖ
WDûÖPDNWDGÖU 1LVDQ WDULKLQGH \D\ÖPODQDQ ´KDEHUGHµ GQ\DFD QO WHQLV R\XQFXVX
$QQD .RXUQLNRYD·QÖQ HYLQLQ EDKoHVLQGH JQHûOHQLUNHQ oHNLOPLû ELU IRWRøUDIÖ \HU
DOPDNWDGÖU ´+DEHUµ EX IRWRøUDI ]HULQH NXUXOXU YH VSRUFXQXQ J]HO YFXGXQD YH
HYLQGHNL UDKDW WDYÖUODUÖQD LOLûNLQ V|]OHUOH VVOHQLU úLPGL VÖUD\OD EX KDEHUOHU ELUD] GDKD
GHWD\OÖRODUDNLQFHOHQHFHNWLU
%LULQFL KDEHUGH ´DGD\µ RODUDN VXQXODQ VHNL] ED\DQGDQ G|UGQQ IRWRøUDIÖQD \HU
YHULOPLûWLU %X ´DGD\ODUµ SRUWUH IRWRøUDIÖ GL\HELOHFHøLPL] J|UQWOHUOH YH WDP GD
\XNDUÖGD oL]LOHQ LPDMODUÖ\OD \HU DOÖUODU +DWD KDEHU VSLNHUOHUL ROGXNODUÖ GûQOGøQGH
WHOHYL]\RQ HNUDQÖQGDNL J|UQWOHUL GH SRUWUH G]H\LQGHGLU J|øV KL]DODUÖQGDQ DûDøÖVÖ
oHUoHYH\HJLUPH]JLUGLøL]DPDQODUGDGDJHQHOOLNOHELUPDVDQÖQDUNDVÖQGDGÖUODU.ÖVDFDVÖ
EHGHQOHUL JL\LQLN RODUDN ELOH ELU EWQ RODUDN J|UOPH\HQ NDGÖQODUGÖU +DEHUGH
´DGD\ODUµ &1%&·GHQ ³KDEHUH J|UH³ ´ILQDQV WDQUÖoDVÖµ RODUDN DQÖODQ 0DULD
%DUWLURPR &11·GHQ :LOORZ %D\ \LQH D\QÖ NDQDOGDQ -HQQLIHU :HVWKRYHQ YH )R[
1HZV &KDQQHO·GDQ 0ROO\ )DOFRQHU 7HFK 7Y·GHQ 6WDFHH %DUFHODWD %ORRPEHUJ·GHQ
3UXH/HZDUQHYH0RQLFD%HUWUDQ&%6·GHQ6XVDQ0F*LQQLVRODUDNVÖUDODQÖU
.RXUQLNRYDVSLNHUOHUGHQELUD]GDKDIDUNOÖROPDNODELUOLNWHEDûDUÖ\OD\DSPÖûROGXøX
LûL LOH JQGHPGH RODQ DQFDN PHG\DQÖQ FLQVHOOLøH LOLûNLQ WDFL]OHULQGHQ NXUWXODPD\DQ
ELULGLU +DEHUGH NXOODQÖODQ ´'Q\DFD QO WHQLVoL $QQD .RXUQLNRYD·QÖQ oÖSODN
IRWRøUDIODUÖ LON NH] \D\ÖQODQGÖµ V|]OHUL\OH EX J|UQWQQ LON ROPDVÖQD GLNNDW
oHNLOPHNWHGLU +DEHULQ GHYDPÖQGD LVH ´3DSDUD]]LOHU VHNVLOLøL YH J]HOOLøL VD\HVLQGH
GQ\D oDSÖQGD PLO\RQODUFD HUNHN KD\UDQÖ EXOXQDQ \DûÖQGDNL 5XV WHQLVoLQLQ
0LDPL·GHNL YLOODVÖQÖQ EDKoHVLQGH JQHûOHQGLøL VÖUDGD IRWRøUDIODUÖQÖ oHNPH\L EDûDUGÖµ
V|]OHUL \HU DOÖU %X J|UQW DoÖNoD IRWRøUDIoÖQÖQ ³J|UQW DYFÖVÖQÖQ³ EDûDUÖVÖ RODUDN
QLWHOHQGLULOLU $\UÖFD .RXUQLNRYD·QÖQ J|UQWV RQX L]OH\HQ HUNHN NRPûXVXQXQ
KD\UDQOÖNELOGLUHQV|]OHUL\OHELUOLNWHYHULOLU
)RWRøUDIODUÖ
oHNHQ
.RXUQLNRYD·QÖQ
1HZV
RI
NRPûXODUÖQGDQ
WKH
ELUL
:RUOG
QO
GHUJLVLQH
WHQLVoLQLQ
NRQXûDQ
VWV]
JQHûOHQPHVLQGHQ ROGXNoD HWNLOHQGLøLQL V|\OHGL ´9FXGX WHOHYL]\RQGD
J|UQGøQGHQ GH J]HOPLûµ GL\HQ HUNHN NRPûX ´$QQD KDNLNDWHQ ELU
QXPDUDµGL\HNRQXûWX
%LULQFLKDEHULQV|\OHPL]HULQGHGHELUD]GûQPHNWH\DUDUYDUGÖU+DEHUGH
'HUJL 3OD\ER\ RNXUODUÖQD WHOHYL]\RQGD ILQDQV KDEHUOHULQL VXQDQ NDGÖQ
VSLNHUOHUGHQ KDQJLVLQL oÖSODN J|UPHN LVWHGLNOHULQL VRUGX YH HQ oRN R\
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
DODFDNDGD\ÖQ|GOQGHEHOLUOHGL6HoLOHFHNVSLNHUHoRN\NVHNELUFUHW
NDUûÖOÖøÖ oÖSODN SR] YHUPH WHNOLIL J|WUOHFHN .DEXO HGHUVH IRWRøUDIODU
3OD\ER\·GD\D\ÖQODQDFDN
$QNHW $PHULNDQ NDPXR\XQGD ERPED HWNLVL \DSWÖ 3OD\ER\FXODU DNÖOOÖ
NDUL\HU VDKLEL VRQ GHUHFH FLGGL J|UQPO EX NDGÖQODUÖ oÖSODN KD\DO
HWPH\L ID]ODVÖ\OD HURWLN EXOXNODUÖQÖ EHOLUWHUHN GHUJL\H R\ \DøGÖUPD\D
EDûODGÖODU )HPLQLVWOHU LVH DGHWD oÖOGÖUGÖ 3OD\ER\·X SURWHVWR HGHQ NDGÖQ
GHUQHNOHULROD\ÖNDGÖQFLQVLQHKDNDUHWRODUDNDOJÖODGÖNODUÖQÖEHOLUWWLOHU
LIDGHOHULQH\HUYHULOPHNWHGLU
%XUDGDNL VRUXQXP NDGÖQÖQ KDNDUHWH XøUDPÖû ROPDVÖ YV JLEL ELU RQXU VRUXQX
GHøLOGLU 6RUXQXP KDEHULQ VW EDûOÖøÖQGD \HU DODQ ûX V|]OHUOH |]HWOHQHELOLU EHONL
´3OD\ER\ GHUJLVL HUNHNOHULQ FLGGL NDGÖQ IDQWH]LVLQL WHWLNOHGLµ (UNHNOHULQ NDGÖQD \|QHOLN
IDQWH]LOHULHOEHWWHNL´FLGGLNDGÖQµODVÖQÖUOÖGHøLOVDUÖûÖQNDGÖQYDPSNDGÖQ]HQFLNDGÖQ
PHOH] NDGÖQ .ÖVDFDVÖ NDGÖQ EDûOÖ EDûÖQD ELU IDQWH]LDU]X QHVQHVLGLU $QFDN EX
KDEHUGH ´FLGGL NDGÖQµ RODUDN WDQÖPODQDQ EHQLP LVH ELUD] GDKD JHQHOOHûWLUHUHN
´JL\LQPHN LoLQ JL\LQPLû RODQ NDGÖQµ ûHNOLQGH WDQÖPOD\DFDøÖP NDGÖQÖQ ELU DU]X
QHVQHVLQH
G|QûWUOPHVL
]HULQGH
NRQXûXOPDVÖ
JHUHNHQ
IDUNOÖ
DQODPODU
GD
LoHUPHNWHGLU%XQXDoÖNOD\DELOPHNLoLQRU\DQWDOLVWV|\OHPHEDNPDNJHUHNPHNWHGLU
%LOLQGLøL JLEL ´'RøXQXQ WHPVLO HGLOPH ELoLPOHUL GDLPD FLQVHO LPDMODU ELOLQoGÖûÖ
IDQWH]LOHU DU]XODU NRUNXODU YH U\DODUOD ELUOLNWH |UOPûWU %LU EDûND GH\LûOH FLQVHOOLN
VRUXQX g]QH·QLQ gWHNL LOH KHU LOLûNLVLQL \|QHWLU YH \DSÖODûWÖUÖUµ <HøHQRøOX
%XDOÖQWÖGD´'RøXµ\HULQHELU|WHNLRODUDN´NDGÖQµÖNR\PDPÖ]PPNQGU
.DGÖQÖQ WHPVLOL GH HUNHN V|\OHP DoÖVÖQGDQ ´IDQWH]LOHU DU]XODU NRUNXODU YH U\DODUOD
|UOPûWUµ gWHNLQH GX\XODQ LOJLQLQ DOWÖQGD KHP JL]OL ELU NRUNX KHP GH RQD GX\XODQ
DU]XYDUGÖUùûWHNDUL\HUVDKLELEDûDUÖOÖNDGÖQEXLNLGX\JXQXQNHVLûWLøLQRNWDGDGÖUKHP
\DOQÖ]FD´ELOJLYH\HWHQHøLµVD\HVLQGHHGLQGLøLNDUL\HUL\OHVLVWHPLWHKGLWHGHUGROD\ÖVÖ\OD
NRUNXQHVQHVLGLUKHPGHELUNDGÖQRODUDNDU]XQHVQHVLROPDNWDQNXUWXODPD]
2U\DQWDOLVW V|\OHP JoO ELU ûHNLOGH IDOOXVPHUNH]FL V|\OHP LOH oDNÖûÖU YH NOWUHO
YH FLQVHO IDUNÖ WHPVLO HGHQ V|\OHPOHU DUDVÖQGD D\UÖOPD] ELU EDø YDUGÖU <HøHQRøOX
%X D\UÖOPD] EDø QHGHQL\OH WDUWÖûPDQÖQ ELULQFL D\DøÖ RU\DQWDOLVW V|\OHP ]HULQH
NXUXOPXûWXU <HøHQRøOX ´3HoHOL )DQWH]LOHU 2U\DQWDOLVW 6|\OHPGH .OWUHO YH &LQVHO
)DUNµEDûOÖNOÖ\RODoÖFÖoDOÖûPDVÖQGD'RøXOXNDGÖQÖQNXOODQGÖøÖSHoHQLQ%DWÖOÖg]QHLoLQ
QDVÖO'RøX·\DGX\GXøXPHUDNNRUNXHOHJHoLUPHDU]XVXJLELWPELOLQoGÖûÖDU]XODUÖQ
WHPVLOFLVLQHG|QûWøQJ|VWHULU
SHoH
RQXQ
'RøXOX
NDGÖQ
YFXGXQX
%DWÖOÖ
EDNÖû
YH
DU]XQXQ
HULûLPLQGHQX]DNWXWDU%XJL]HPOLIDQWD]PDWLNILJUJ|UQPH]OLøLQGHQ
YH HULûLOPH]OLøLQGHQ SHoHOL ILJUQ EDNÖûD J|VWHUGLøL EX GLUHQJHQOLNWHQ
KD\DONÖUÖNOÖøÖQDXøUD\DQ%DWÖOÖ DU]XEX WXKDI¶NXPDûPDGGH\L·DPDQVÖ]
ELUVRUXûWXUPD\DWkELWXWDU
'RøXOX SHoHOL NDGÖQÖQ \HULQL KHP WRSOXPVDO VWDWV KHP GH ´JHUoHNµ DQODPGD
JL\VLOHUL\OH HUNHN EDNÖûÖQÖQ QIX] DODQÖ GÖûÖQGD NDODQ ³%DWÖOÖ \D GD 'RøXOX³ NDGÖQODU
DOPÖûWÖU %X NH] HUNHøLQ DûDPDGÖøÖ ûH\ KHP \LQH ELU ´NXPDû SDUoDVÖµ RODUDN NÖ\DIHW
KHP GH NDGÖQÖQ VDKLS ROGXøX NDUL\HUWRSOXPVDO VWDWGU .DGÖQÖQ VDKLS ROGXøX
NDUL\HU RQXQ HWUDIÖQÖ ELU KDOH JLEL NXûDWDUDN HUNHN PGDKDOHVLQH NDUûÖ NRUXQDNOÖ KDOH
JHWLULU%XNDGÖQODUHQD]ÖQGDQHNRQRPLNEDøÖPVÖ]OÖNODUÖ\ODELUJoHOGHHWPLûOHUGLU%X
oLIWH NRUXQPXûOXN HUNHN EDNÖû LoLQ oLIWH PHUDN GHPHNWLU <LQH SHoHOL NDGÖQ JLEL EX
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
NDGÖQODU GD ´J|] FH]S HGHU YH DUNDVÖQGD QH ROGXøX NRQXVXQGD GûQPH\H
VSHNODV\RQ\DSPD\DNÖûNÖUWÖUµ
.DUL\HU VDKLEL ´FLGGLµ NDGÖQODUD GX\XODQ LOJLOL WÖSNÖ \LQH 'RøXOX NDGÖQGD ROGXøX
JLEL RQXQ oÖSODNODûWÖUÖOPÖû JL]HPLQGHQ YH JFQGHQ ³HQ D]ÖQGDQ NHQGL EHGHQLQH
VDKLS ROPDN DQODPÖQGD³ VR\XWODQPÖû J|UQWVQH KHU ûHNLOGH UD]Ö ROPD\Ö GD
EHUDEHULQGH JHWLUPHNWHGLU gUQHøLQ %DWÖOÖ IRWRøUDIoÖODU %DWÖGD ROGXNoD LOJL J|UHQ
'RøXOX NDGÖQÖQ HY YH KDUHPGHNL J|UQWOHULQLQ E\N oRøXQOXøXQX JHUoHNWHQ R
PHNkQODUGD GHøLO EX |]HO PHNkQODUD LOLûNLQ GX\XPODUÖ\OD G]HQOHGLNOHUL VWG\RODUGD
oHNPLûOHUGL
$QFDN
EX
J|UQWOHU
JHUoHN
PHNkQODUGD
oHNLOPLû
ROGXøX
KDYDVÖ
\DUDWPDNWDYHFD]LEHVLQGHQELUûH\\LWLUPHPHNWH\GL´%XDoÖGDQIRWRøUDIEXNDSDOÖYH
PDKUHP E|OJH\H JLUHQ ELU U|QWJHQFLQLQ D\UÖFDOÖNOÖ NRQXPXQX WDNÖQDQ YH IRWRøUDID
EDNDQD GD D\QÖ RODQDøÖ VDøOD\DQ ELU LPJHOHP UQ\Gµ $OORXOD·GDQ DNW 6KLFN
-RDQ 5LYLHUH ´HUNHN G]HQLQGH VDNODQPDQÖQ NÖOÖN NÖ\DIHW GHøLûWLUPHQLQ YH PDN\DM
\DSPDQÖQ HQWHOHNWHO RODUDN JoO NDGÖQODU LoLQ WHN PPNQ YDU ROPD \ROXµ
ROGXøXQX VDYXQXU 6|] HGLOHQ NDGÖQODU GD EX PPNQ ´YDU ROPD \ROXµ LoLQGH YDU
RODELOPLû NDGÖQODUGÖU 0DN\DMOÖGÖUODU WRSOXPGD RQD\ J|UHQ WDU]GD JL\LQLUOHU DQFDN
PHG\D RQODUÖ WP ´GLûLOLNOHULµ\OH J|UPHN LVWHPHNWHGLU 0DN\DMODUÖQÖ oÖNDUPDVDODU ELOH
JL\VLOHULQL oÖNDUPDODUÖ DU]XODQÖU $QFDN PDN\DMÖQ NDGÖQODUÖQ DUNDVÖQD VDNODQGÖNODUÖ
PDVNHOHU RODUDN J|UOGNOHUL GRøUXGXU .LPL ]DPDQ QOOHUL PDN\DMVÖ] J|UQWOHPHN
GH ELU PDKUHPL\HWL DOHQLOHûWLUPHN RODUDN DOJÖODQPDNWDGÖU %XUDGDQ KDUHNHWOH NRQX\X
ELUD]GDøÖWPDNSDKDVÖQDEHGHQOHULQLFLQVHOREMHRODUDNNXOODQDQ\DGDHQD]ÖQGDQEXQD
LWLUD] HWPH\HQ NDGÖQODUÖQ GD EHGHQOHULQL J|VWHUPHN LoLQ JL\VLOHULQL oÖNDUGÖNODUÖQGD ELOH
WDP RODUDN ´oÖSODNµ DOJÖODQPDGÖNODUÖQÖ V|\OH\HELOLUL] 'DKD L\L ELU LIDGH\OH EX GD NÖVD
VUHGH WNHWLOLU YH L]OH\LFL\L WDWPLQ HWPH] KDOH JHOLU %X WU J|UQWOHUGH NDGÖQ
L]OH\LFLVLRODQHUNHNEDNÖûDNHQGLQLDoPÖûDPDD\QÖ]DPDQGDRQDJ]HOJ|UQPHNLoLQ
HQJHQHODQODPÖ\ODPDN\DM\DSPÖûWÖU.DGÖQEHGHQLQLWNHWPHNWHQHVQHOHûWLULOPLûGLøHU
ûH\OHUHNÖ\DVODGDKDDFHOHFLYHVDOGÖUJDQRODQHUNHNEDNÖûÖNLPL]DPDQEXVR\XQPDGDQ
GD WDWPLQ ROPDPDNWD YH J]HOOLNOHUL\OH |Q SODQD oÖNPÖû RODQ NDGÖQODUÖ EX NH] GH
PDN\DMVÖ] JQON GRøDO KDOOHUL\OH YH WDELL NL HøHU HVWHWLN DPHOL\DW \DSWÖUPÖûODU LVH EX
PGDKDOHGHQ |QFHNL J|UQWOHUL\OH VHUJLOHPH\H oDOÖûÖUODU %XUDGD GD PDKUHP RODQÖQ
GHûLIUH HGLOPHVL V|] NRQXVXGXU (UNHN EDNÖûÖQ \HULQH JHoHQ IRWRøUDI LoLQ NDGÖQODUÖQ
|]HO DODQODUÖQGD WXWPDN LVWHGLNOHUL WP J|UQWOHU \DNDODQPD\Ö EHNOH\HQ DYODU JLELGLU
.ÖûNÖUWÖUWDKULNHGHUHNHOHJHoLULOPH\LYHGLøHUOHULQHGHJ|VWHULOPH\LEHNOHU
*oO NDGÖQÖ IHWKHWPH DU]XVXQXQ \D GD KDEHUGHNL LIDGH\OH ´HUNHNOHULQ FLGGL NDGÖQ
IDQWH]LVLµQLQ ND\QDøÖQÖQ RQXQ LNWLGDUD NDUûÖ GLUHQPHVL ROGXøX V|\OHQPHOLGLU ´1HUHGH
GLUHQo YDUVD RUDGD DU]X ROGXøXQX NDEXO HWPHPL] JHUHNLU GLUHQo DU]X\X PPNQ
NÖODQ NRûXOGXUµ ´'LUHQoµL HQ JHQHO DQODPÖ\OD HOH DOGÖøÖPÖ]GD \XNDUÖGD V|]Q
HWWLøLPL] EHGHQOHULQL VHUJLOH\HQ DQFDN PDN\DM \DSDQ NDGÖQODUÖQ GD GLUHQPH QRNWDODUÖ
PDN\DMODUÖGÖU 0HG\DGD VÖNoD J|UGøP] 5XV\D YH HVNL 'RøX %ORøX ONHOHULQGHQ
JHOPLû
RODQ
´KD\DW
NDGÖQODUÖQÖQµ
³KDON
DUDVÖQGDNL
WDELUL\OH
´1DWDûDODUµÖQ³
J|UQWOHUL EX V|\OHGLNOHULPL]H GDKD L\L ELU |UQHN ROXûWXUPDNWDGÖU 3ROLV WDUDIÖQGDQ
\DNDODQDQ KD\DW NDGÖQODUÖ \]OHULQL NDPHUDODUGDQ VDNODPD\D oDOÖûÖUODU YH EX QRNWDGD
NDPHUDPDQ LoLQ \DSÖOPDVÖ JHUHNHQ WHN ûH\ NDGÖQODUÖQ \]OHULQL J|UQWOHPHNWLU 2OD\
PDKDOOLQGH EXOXQDQ WP IRWR PXKDELUOHUL YH NDPHUDPDQODU VDQNL DUDODUÖQGD ELU
DQODûPD YDUPÖûoDVÖQD NDGÖQODUÖQ \]OHULQGHNL |UW\ oHNPH\H \D GD EXOGXNODUÖ NoN
ELU DUDOÖNWDQ \]OHULQL J|UQWOHPH\H oDOÖûÖUODU 3HNL RQODUÖ EXQD LWHQ QHGLU" %XODûÖFÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KDVWDOÖNWDûÖPDRODVÖOÖøÖEXOXQDQNDGÖQODUÖGHûLIUHHGHUHNKDONÖX\DUPDQÖQ|WHVLQGH³\D
GD JHULVLQGH³ ELU DU]XGXU RQODUD EXQX \DSWÖUDQ %X |UQHNWH GLUHQPH \]Q
J|UQPHVLQH LOLûNLQGLU YH NDPHUD \]H XODûDELOGLøLQGH EDûND ELU GH\LûOH R NDGÖQODUOD
J|] J|]H JHOHELOGLøLQGH RQX HOH JHoLUPLû RODFDNWÖU )DNDW J|UQWOH\HQ ELU NDPHUDQÖQ
DUNDVÖQGD ROGXøX LoLQ EX J|] J|]H JHOPH GXUXPX JHUoHNOHûHPH\HFHN NDUûÖOÖNOÖ ELU
EDNÖûPD \HULQH J|UQWOH\HQLQ EDNÖûÖ V|] NRQXVX RODFDNWÖU %X GXUXP NDPHUDQÖQ
LNWLGDUÖQÖ
NXUDQ
|QHPOL
QRNWDODUGDQ
ELULGLU
(UNHN
EDNÖûÖQÖ
WHPVLO
HGHQ
IRWRøUDIoÖNDPHUDPDQ J|UQWOHGLøL QHVQH\H EDNÖûODUÖ\OD VDKLS ROXU J|UQWOHQHQLQ
RQXWDPRODUDNJ|UHELOPHRODQDøÖ\RNWXU
3HoH |UQHøLQGH GH ´%DWÖOÖ g]QH·QLQ DU]XVX J|UPH DU]XVX\OD D\UÖODPD] ELU ELoLPGH
EDøODQWÖOÖGÖU 6|PUJHFL g]QHQLQ \DEDQFÖ WRSUDøÖ NRQWURO HWPH YH RQD KDNLP ROPD
DU]XVX VNRSLN DU]XVXQGDQ SVLNDQDOL]GH EDNPD JGVQH YHULOHQ DG J|]OH\LFL
EDNÖûÖ\OD
SHoHQLQ
DUNDVÖQD
QIX]
HWPH
VÖ]PD
DU]XVXQGDQ
EDøÖPVÖ]
GHøLOGLUµ
)DQRQ·GDQ DNW<HøHQRøOX 1LWHNLP %DWÖOÖ IRWRøUDIoÖ JHQHO RODUDN 'RøX·\D
IRWRøUDIODUÖ\OD VDKLS oÖNDU ´3HoHQLQ gWHNL·QH VDøODGÖøÖ ¶J|UQPH]OLN· D\QÖ DQGD KHP
DU]XQXQHNOHPOHQGLøLQRNWDKHPGHg]QH·QLQEDNPDDU]XVXQXQND\GÖøÖ\HUGLUµ
3HoHOL NDGÖQGD \XNDUÖGD V|\OHQHQ LNWLGDU LOLûNLVL WHUVLQH G|QHU .DGÖQ IRWRøUDIoÖ
WDUDIÖQGDQ J|UOU DPD %DWÖOÖ HUNHN NDGÖQÖ J|UHPH] %X GD DU]X\X N|UNOHU +DEHU
|UQHNOHULPL]LoLQD\QÖLNWLGDULOLûNLVLQGHQV|]HGLOHPH]DQFDNHUNHøLQEDNÖûODUÖ|QQGH
RODQIDNDWWDPRODUDNQIX]HGLOHPHPLûELUNDGÖQV|]NRQXVXGXU
%HGHQ7NHWLPYH7HPVLO
1LOIHU *|OH ´0VOPDQµ NDGÖQÖQ |UWQPHVLQGHQ V|] HGHUNHQ ´YFXW VL\DVHWLµ
NDYUDPÖQÖ NXOODQÖU YH HUNHN HJHPHQ J|UûWH NDGÖQÖQ KHU ]DPDQ EHGHQL ]HULQGHQ
NXUXOGXøXQX NDGÖQD \|QHOLN WDUWÖûPDODUÖQ GD ³VL\DVDO WRSOXPVDO \D GD PDJD]LQVHO
ER\XWWD³ VUHNOL RODUDN EHGHQ ]HULQGHQ \DSÖOGÖøÖQÖ V|\OHU %HQ]HU ELU
WDUWÖûPD\Ö GDKD DoÖNOD\ÖFÖ ELU ELoLPGH 6HYGD $ODQNXû .XUDO ´ùVODPLµ YH ´OLEHUDOµ
EDVÖQGD )D]LOHW 3DUWLVL ùVWDQEXO HVNL PLOOHWYHNLOL 0HUYH .DYDNoÖ·QÖQ WHPVLOLQH LOLûNLQ
LQFHOHPHVLQGH \DSPÖûWÖU .DGÖQ VL\DVDO DUHQDGD ELU VL\DVDO DNW|U NRQXPXQGD\NHQ ELOH
JL\LPL
|UWV
KDWWD
NLORVX
JLEL
EHGHQLQH
LOLûNLQ
J|VWHUJHOHU
]HULQGHQ
WDQÖPODQPDNWDGÖU 0HG\D KDEHUOHULQGH ´HUNHN DNOÖ NDGÖQ LVH EHGHQL ]HULQGHQ WHPVLO
EXOPDNWDGÖUµ %X WHPVLO SUDWLøL LVH ´NDGÖQ EHGHQLQL ELOPH RQX QHVQHOHûWLUPH YH
E|\OHOLNOHGHRQXGLVLSOLQDOWÖQDDOPDSUDWLøLQLQSRSOHUOHûPLûELUWUHYLµGLU
´9FXW VL\DVHWLµQL ELUD] DoDUVDN *|OH ´ODLN ELUH\ LOH GLQGDU ELUH\ WDUDIÖQGDQ GÖûD
YXUXOGXøX ELoLPL\OH YFXW VHPL\RORMLVLQLQ YFXGD YH NLûLOLøH LOLûNLQ IDUNOÖ NDYUDPODUD
LûDUHWµ HWWLøLQL V|\OHU ´0RGHUQ ELUH\ LoLQ YFXW GRøDO YH GRøD VW WDQÖPODUÖQ
QIX]XQGDQ JLWJLGH NXUWXOPDNWDGÖUµ $QFDN EX NH] *LGGHQV·ÖQ GD EHOLUWWLøL JLEL
PRGHUQELUH\OHULQLGHDOOHUL´YFXWJHOLûWLUPH]LQGHOLNYHHQHUMLµ\HG|QûPûWU.DGÖQ
LoLQ LVH EX EHOLUOHQHQ YFXW |OoOHUL GDKD oRN UHNODP PHWLQOHUL\OH |]HQGLULOHQ
SU]V] \XPXûDN WHQ GROJXQ VDoODU oDUSÖFÖ GXGDNODU YV RODUDN ûHNLOOHQPHNWHGLU
%HGHQ ³GDKD EHOLUJLQ ELU ELoLPGH GH NDGÖQ EHGHQL³ VUHNOL RODUDN LGHDO ELU ELoLPH
GRøUX \|QOHQGLULOPHNWH YH EX ELoLPH HULûHQ EHGHQOHULQ GH VHUJLOHQHELOHFHøLHUNHN
EDNÖûÖQD DoÖODELOHFHøL PHVDMÖ |UWN RODUDN YHULOPHNWHGLU 0HG\D NDGÖQÖ oÖSODN RODUDN
J|UQWOHPH\H oDOÖûPDQÖQ \DQÖ VÖUD EHGHQLQL J|UQU NÖODQ NDGÖQÖ GD ´FHVXUµ RODUDN
WDQÖPOD\DUDNWDOWLIHWPHNWHYHELUDQODPGDGLøHUNDGÖQODUÖGD|]HQGLUPHNWHGLU
*|OH·QLQ|UWQPH\HLOLûNLQ|QHPOLELUVDSWDPDVÖGD|UWQPHQLQEL]H´|]HO\DûDPOD
VÖQÖUOÖ WXWXOPDVÖ YH KDONÖQ |QQGH LIDGH HGLOPHPHVL JHUHNHQ \DVDN YH PDKUHP ELU
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
DODQÖQ YDUOÖøÖQÖµ KDWÖUODWPDVÖGÖU <XNDUÖGD DQODWÖODQ ´FLGGL NDGÖQµ YH ´VHNVL NDGÖQµ
IDUNOÖ ELoLPOHUGH GH ROVD |UWOGU 2QODUÖQ R KDOOHUL\OH NDPXVDO DODQGD EXOXQPDODUÖ
VUHNOLRODUDN\DVDNYHPDKUHPELUDODQÖQYDUOÖøÖQÖKDWÖUODWPDNWDGÖU
%X QRNWDGD |QFHOLNOH LQVDQ EHGHQLQ ELU IRWRøUDILN J|UQW RODUDN QHGHQ LOJL oHNLFL
EXOXQGXøX ]HULQGH GXUPDNWD \DUDU YDUGÖU +H\NHO YH UHVLP JLEL GLøHU VDQDWODUGD GD
LQVDQ EHGHQL WHPHO NRQX\XROXûWXUPXû YH \DOQÖ]FD NDGÖQ GHøLO HUNHN EHGHQL GH oÖSODN
RODUDN \DQVÖWÖOPÖûWÖ 3HNL IRWRøUDIÖ IDUNOÖ NÖODQ QH\GL" %X VRUX\D 5RODQG %DUWKHV·ÖQ ûX
V|]OHUL\OH FHYDS YHUPHN PPNQGU ´)RWRøUDIÖQ LFDGÖ EDûND ELU GH\LûOH VXUHWLQ
LVWHQLOGLøLQFH oRøDOWÖODELOPHVL NROHNWLI J|YGH ELOLQFLPL]L GHøLûWLUPLû |]HOOLNOH GH NHQGL
J|YGHPL]OH YH EDûNDVÖQÖQ J|YGHVL\OH NXUGXøXPX] LOLûNL\H ELU QDUVLVWLN ELU |] WXWNX
GROD\ÖVÖ\OD GD ELU FLQVHOOLN NDWPÖûWÖUµ DNW &H\ODQ ùQVDQÖQ NHQGL J|YGHVLQH
QDUVLVWLNELUGX\JX\ODEDøODQPDVÖEWQ\OHIRWRøUDIÖQJHUoHNOHûWLUGLøLELUGHøLûLNOLNWLU
)RWRøUDIOD ELUOLNWH LQVDQ EHGHQL ³|]HOOLNOH GH NDGÖQ EHGHQL³ LGHDOL]H HGLOPLû ELU
ELoLPGH J|UQWOHQPH\H EDûODU .DGÖQ EHGHQL IRWRøUDIÖQ ´J]HOOLNµ YH HVWHWLN DUD\ÖûÖ
LoLQGH EHOOL |OoOHUH NDYXûPXûWXU %X HVWHWL]H HGLOPLû NDGÖQ EHGHQL HûVL] ELU J]HOOLN
RODUDN VXQXOPDNWD NDGÖQÖQ VDKLS ROGXøX EX J]HOOLøL J|UQU NÖOPDN GD ELU DPDo
KDOLQH JHOPHNWHGLU %DXGULOODUG·ÖQ V|\OHGLøL JLEL WNHWLOHQ ûH\OHU DUDVÖQGD EHGHQGHQ
´GDKD J]HO GDKD HûVL] ELU QHVQHµ EXOPDN ]RUGXU %LQ \ÖOOÖN ELU SULWDQL]P oDøÖQGDQ
VRQUDIL]LNVHOYHFLQVHO|]JUOHûPHELoLPLQGHEHGHQ\HQLGHQNHûIHGLOPLûYH|]HOOLNOHGH
NDGÖQ EHGHQL UHNODPODUGD PRGDGD YH NLWOH NOWUQGHNL PXWODN YDUOÖøÖQÖ ND]DQPÖûWÖU
)RWRøUDI LQVDQÖQ NHQGL J|YGHVLQL J|]QQ |QQH WDûÖ\DUDN ELOLQFLQ RQD ELU QHVQH
J|]\OH EDNDELOPHVLQL NROD\ODûWÖUPÖûWÖU %LOLQo EX EDNÖûOD EHUDEHU J|YGH\L NHQGLQGHQ
D\ÖUÖSVR\XWOD\DELOPLûYHRQGDNHQGLLKWL\DoODUÖQDX\JXQG]HQOHPHOHU\DSPDFHVDUHWLQL
EXOPXûWXU&H\ODQ%XJQSRSOHUNDGÖQYHHUNHNGHUJLOHULQGHNLNRQXODUGDE\N
|OoGH EHGHQH LOLûNLQGLU %HGHQL J]HOOHûWLUPHN YH EHGHQLQLQ DOGÖøÖ KD]ODUÖ HQ \NVHN
G]H\HHULûWLUPHN%|\OHFHKHPEHGHQWNHWLOLUKHPGHEHGHQLoLQ
7NHWLP VUHFL WRSOXPVDO NXUXPODUGDQ NLWOH LOHWLûLP DUDoODUÖQGDQ |]HOOLNOH GH
WHOHYL]\RQGDQHWNLOHQLU0HG\DGDEHGHQHLOLûNLQRODUDNVXQXODQPHVDMODU|UWNELoLPGH
WP PHG\D PHWLQOHULQH VÖ]PÖûWÖU +DEHUOHUGHQ WY GL]LOHULQH UHNODPODUGDQ PRGD
SURJUDPODUÖQD
NDGDU
KHPHQ
KHU
PHWLQGH
EHGHQL
LGHDOL]H
HGHQ
YH
FLQVHOOLNOH
LOLûNLOHQGLUHQ PHVDMODU \D GD PLWOHU J|UPHN PPNQGU %RFRFN·ÖQ V|\OHGLøL
JLEL´$U]XODUDNÖûNDQGÖUEHNOHQPHGLN\|QOHUHDNDELOLUOHUµùQVDQODUÖELUDUDED\DGDELU
PH\YH VX\XQX DOPD\D LWHQ DU]X FLQVHO ELU DU]X\OD ELUOHûWLULOHELOLU ´6LQHPDQÖQ
GHUJLOHULQUHQNOLIRWRøUDIoÖOÖøÖQYHKHSVLQLQVWQGHWHOHYL]\RQXQNHûILQGHQVRQUDNLRQ
\ÖOODU LoLQGH ROXûWXUXODQ LPDMODUGD VHPEROOHUGH J|UQWOHUGH \DQVÖGÖøÖ JLEL DU]XODU
LQVDQEHGHQLQLQFLQVHOSRWDQVL\HOLLOHLOLûNLOHQGLULOPHNWHGLUOHUµ
´7DQÖPDµµ%LOPHµ2ODUDN)RWRøUDI
)RWRøUDI GDKD JHQHO DQODPGD J|UQW QHVQHOHULQ WDQÖPODQPDVÖ YH GROD\ÖVÖ\OD
ELOLQPHVLQGHHQHWNLOLDUDoWÖU%LUQHVQH\LWDQÖPDNLoLQWPWDQÖPODPDODUÖQ\DQÖVÖUDVRQ
WDKOLOGH
\LQH
GH
RQX
J|UPHN
LVWHUL]
*|UHPHGLøLPL]
EDNÖûODUÖPÖ]OD
NRQXPODQGÖUDPDGÖøÖPÖ] YDUOÖNODU EL]LP LoLQ ûSKHOLGLU YH KHS JL]HPOL PLVWLN ELU KDYD
WDûÖUODU <XNDUÖGD V|] HGLOHQ %DWÖOÖ |]QHQLQ 'RøX\X'RøXOX NDGÖQÖ J|UPHN YH
EDûNDODUÖ LoLQ GH J|UQU NÖOPDN DU]XVX EX GX\JXODUGDQ ND\QDNODQÖU %DWÖ RQX
J|UHPHGLøL VUHFH KLoELU ]DPDQ RQX WDP RODUDN WDQÖ\DPD\DFDN YH RQD HJHPHQ
RODPD\DFDNWÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
-RKQ %HUJHU J|UPHQLQ NRQXûPDGDQ |QFH JHOGLøLQL V|\OHU YH oRFXøXQ NRQXûPD\D
EDûODPDGDQ |QFH EDNÖS WDQÖPD\Ö |øUHQGLøLQL EHOLUWLU <D]DUD J|UH EL]L oHYUHOH\HQ
GQ\DGD NHQGL \HULPL]L J|UHUHN EXOXUX] %X QHGHQOH J|UPH DU]XVX LQVDQÖQ |QHPOL
GUWOHULQGHQ ELULQL ROXûWXUXU ´%X GQ\D\Ö V|]FNOHUOH DQODWÖUÖ] DPD V|]FNOHU
GQ\D\OD oHYUHOHQPLû ROPDPÖ]Ö KLoELU ]DPDQ GHøLûWLUHPH]µ %HUJHU LoLQ
J|UPH EDVLW ELU IL]\RORMLN ROD\ GHøLOGLU %DNPDN YH J|UPHN DUDVÖQGDNL D\UÖPÖ GD
KDWÖUODWDUDN EDNPDQÖQ ELU ´VHoPH HGLPLµ ROGXøXQX V|\OHU ´%X HGLPLQ VRQXFX RODUDN
J|UGøP] QHVQH ³KHU ]DPDQ HOLPL]OH GRNXQDELOHFHøLPL] ELU QHVQH DQODPÖQGD
ROPDVD GD³ XODûDELOHFHøLPL] ELU DODQD JHWLULOPLû ROXUµ *|UPHN QHVQHOHUOH
QHUHGH\VH GRNXQPDN NDGDU HWNLOL ELU LOLûNL NXUPD\Ö VDøODU 1LWHNLP GRNXQPD\OD LOJLOL
ELUV|]RODQ´WHPDVµV|]Fø´J|]WHPDVÖµLIDGHVLQGHJ|UPHLOHELUOHûWLULOPHNWHGLU
ùQVDQRøOXQX IRWRøUDIÖQ LFDGÖQD J|WUHQ ûH\LQ GH J|UHUHN WDQÖPD YH J|UGNOHULQL
VDNODPD \HQLGHQ EDNÖODELOHFHN J|UQW SDUoDFÖNODUÖ KDOLQH JHWLUPH DU]XVX ROGXøX
V|\OHQHELOLU ´)RWRøUDIÖQ WHPHO ROJXVX ¶J|US· ¶J|VWHUPHNWLU·µ dL]JHQ )RWRøUDIOD
ELUOLNWH
J|UPHQLQ
\HULQL
J|UQWOHPH
DOPÖû
YH
IRWRøUDI
G|QHPLQ
PDFHUDSHUHVWOHUL LoLQ ELU J|UQW DYÖQD G|QûPûWU ´%LU ûH\L J|UQWOHPHN EHOOL
|OoOHUGH RQX NHVLQOHûWLUPHN DQODPÖ WDûÖUµ %LU QHVQHQLQ IRWRøUDIOD WDQÖPÖ RQXQ V|]OH
WDQÖPÖQGDQoRNGDKDNHVLQELULIDGHGLU)RWRøUDIÖQEXJoOHWNLVLQGHQGROD\ÖQHVQH\H
DLW \DQOÖû \D GD oDUSÖWÖOPÖû ELU IRWRøUDILN PHVDM oRN GDKD VUNOH\LFL YH LQDQGÖUÖFÖ ROXU
&H\ODQ
*|UQWOHULQ DOJÖODPDGDNL |QHPL QHGHQL\OH KDEHUGH GH IRWRøUDIJ|UQW ROGXNoD
|QHPOLGLU +DEHU IRWRøUDIODUÖ KDEHULQ LQDQGÖUÖFÖOÖøÖQÖ NXUDQ HQ |QHPOL XQVXUODUGDQ
ELULGLU )RWRøUDIÖQ ³WÖSNÖ KDEHU JLEL³ JHUoHøLQ NHQGLVL ROPDGÖøÖ NDEXO HGLOVH GH
RNX\XFX LoLQ KDEHU IRWRøUDIÖ R ROD\ÖQ JHUoHNOLøLQH LOLûNLQ |QHPOL ELU NDQÖWWÖU
)RWRøUDIODU KDEHU EDûOÖNODUÖ JLEL LVWHP YH ELU HN oDED ROPDGDQ DOJÖODQDQ J|UVHO |øHOHU
ROPDODUÖ GROD\ÖVÖ\OD GD |QHP WDûÖUODU +DEHUH VDøODGÖNODUÖ J|UVHO NDWNÖ\OD DQODPÖQ
ROXûPDVÖQD NDWNÖGD EXOXQXUODU +DOO·GHQ DNW 'RøDQD\ .HVNLQ .LPL
GXUXPODUGD IRWRøUDI EDûOÖ EDûÖQD KDEHUL ROXûWXUXU <D]ÖOÖ PHWLQ \DOQÖ]FD ROD\ÖQ QDVÖO
ROGXøXQDLOLûNLQGHWD\ODUÖYHULU6DYDûIRWRøUDIODUÖSDSDUD]]LoHNLPOHULEXQODUD|UQHNWLU
%X
QRNWDGD
IRWRøUDIÖQ
DNÖS
JLGHQ
J|UQW\H
NÖ\DVOD
GDKD
HWNLOL
ROGXøX
V|\OHQPHOLGLU $QÖQ \DNDODQPDVÖ YH |OPV]OHûWLULOPHVL R HûVL] ]DPDQÖQ DNWDUÖOPDVÖ
DQODPÖQGD IRWRøUDI 7HOHYL]\RQ YH VLQHPDGD KHU NDUH ELU |QFHNLQLQ HWNLVLQL VLOHU YH
GLNNDWL NHQGLQH oHNHU $NÖS JLGHQ NDUHOHU ER\XQFD EX LûOHP GHYDP HGHU %HONL GH EX
QHGHQOH ILOPOHUGH ILQDO VDKQHOHUL HQ J|VWHULûOL VDKQHOHU RODUDN NXUJXODQÖUODU ù]OH\LFL\H
VXQXODQ ELQOHUFH NDUH LoLQGHQ ELU WDQHVLQLQ VHoLOPHVL YH ILOPOH |]GHûOHûWLULOHUHN
KDWÖUODQPDVÖLVWHQLU%XQDNDUûÖOÖNIRWRøUDIODU´ELUDNÖûGHøLODQFDNJHUoHNELUHU]DPDQ
GLOLPLROGXNODUÖLoLQKDUHNHWOLJ|UQWOHUGHQGDKDID]ODDNÖOGDNDOÖUODU+HUELUGXUDøDQ
IRWRøUDIVDNODQÖSWHNUDUWHNUDUEDNÖODELOHFHNLQFHELUQHVQH\HG|QûPûRODQD\UÖFDOÖNOÖ
ELUDQGÖUµ6RQWDJ
1LWHNLP KDEHU IRWRøUDIODUÖQGD ROD\Ö DQODWDQ HQ NULWLN J|UQW\ NXOODQPD HøLOLPL
YDUGÖU +DEHUGH DUDQDQ 1 . NXUDOÖ IRWRøUDI LoLQ GH JHoHUOLGLU ù\L ELU KDEHU
IRWRøUDIÖ ROD\D WDUDI RODQ NLûLOHUL PHNkQÖ NDEDFD ]DPDQÖ DQODWDELOHFHN QLWHOLNWH
ROPDOÖGÖU 6FKODSS +DEHU IRWRøUDIÖQGD HNVLN RODQ WHN ûH\ ´QDVÖOµ VRUXVXQXQ
FHYDEÖGÖU EX GD KDEHUGH DQODWÖOÖU %X NULWHUOHUL VDøODPD\DQ IRWRøUDIODU DQFDN GDKD L\L
J|UQW DOPDQÖQ PPNQ RODPDGÖøÖ oRN |QHPOL DQODUGD NXOODQÖOÖUODU %X oDOÖûPDGD
LQFHOHQHQ $QQD .RXUQLNRYD·QÖQ DUNDGDQ oHNLOPLû IRWRøUDIÖ L\L IRWRøUDI NULWHUOHULQL
VDøODPDGÖøÖKDOGHDMDQVWDUDIÖQGDQJHoLOPLûYHJD]HWHOHUGHGH\HUEXOPXûWXU%XGXUXP
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
.RUQLNRYD·QÖQJ|UQWVQHEDVÖQÖQDWIHWWLøL|QHPLJ|VWHUPHNWHGLU7HQLVoLQLQPD\ROX
J|UQWVIRWRøUDIWDNLHNVLNOLøLNDSDWDFDNNDGDU|QHPOLGLU
)RWRøUDIÖQ
HWNLVLQH
\HQLGHQ
G|QHUVHN
NLPL
]DPDQ
IRWRøUDIODUÖQ
JHUoHøLQ
NHQGLVLQGHQELOHGDKDHWNLOLROGXøXQXV|\OHPHOL\L]*|UOPHNLVWHQHQûH\|QHDOÖQDUDN
oHNLOHQ ELU IRWRøUDIÖQ HWNLVL ROGXNoD E\NWU dQN IRWRøUDI VL]H DVÖO J|UOPH\H
GHøHU RODQ ûH\LQ EX ROGXøXQX V|\OHU .RXUQLNRYD·QÖQ KDYOX\D VDUÖOPÖû KDOL GHøLO GH
PD\ROXKDOLJ|UOPH\HGHøHUGLU
)RWRøUDINDUHVLQLQWHOHYL]\RQ\DGDVLQHPDGDDNÖSJLGHQJ|UQWOHUGHQGDKDE\N
ELU HWNL EÖUDNPDVÖ VDYDûûLGGHW IRWRøUDIODUÖQGD GDKD DoÖN ELU ELoLPGH J|UOU 7HN ELU
NDUH IRWRøUDI WHOHYL]\RQGD L]OHGLøLPL] VDDWOHU VUHQ VDYDû J|UQWOHULQGHQ GDKD
HWNLOLGLU ,, 'Q\D 6DYDûÖ VÖUDVÖQGD WRSODPD NDPSODUÖQGD oHNLOHQ IRWRøUDIODU DWRP
ERPEDVÖQÖQ DUGÖQGDQ -DSRQ KDONÖQÖQ J|UQWOHUL 9LHWQDP 6DYDûÖ %X WU NULWLN
J|UQWOHUIRWRøUDIÖQHWNLVLQGHQGROD\ÖWHOHYL]\RQKDEHUOHULQGHNXOODQÖOÖUNHQELOHNLPL
]DPDQGRQGXUXODUDN\DGDDøÖUoHNLPOHVORZPRWLRQJ|VWHULOLUOHU
.DGÖQEHGHQLQLQoÖSODNODûWÖUÖOPÖûJ|UQWOHUL\DGDSDSDUD]]LWDU]ÖJL]OLoHNLPOHUGH
ILOPH DOÖQPDN \HULQH IRWRøUDIODQPD\D oDOÖûÖOÖUODU <LQH .RXUQLNRYD |UQHøLQGH ROGXøX
JLELIRWRøUDIROD\D\DOQÖ]FD ELUNH]\DûDQDELOHFHNELUDQÖQ\DNDODQPDVÖKLVVLQLYHUHUHN
J|UQWGHQ GX\XODQ KD]]Ö DUWÖUPDNWDGÖU 2 \DOQÖ]FD ELU NH] \DûDQDELOHFHN ELU DQ
ROGXøX LoLQ WHN NDUHGLU J|UQWGH ED]Ö ND\ÖSODU ROVD ELOH EX IRWRøUDIÖQ ´EDûDUÖVÖQÖµ
LOJL oHNLFLOLøLQL D]DOWPD] %X IRWRøUDIODU SDVLI G]HQOHPH LoLQGH oHNLOPLû ROVDODU ELOH
´LONµ ROPD |]HOOLNOHULQGHQ GROD\Ö ELU ´NULWLN DQµ IRWRøUDIÖ KDYDVÖ \DUDWÖUODU 'LøHU
KDEHUGHNL JLEL QO NLûLOHULQ SDUD NDUûÖOÖøÖ oÖSODN IRWRøUDIODUÖQÖ oHNWLUPHOHULQGH GH ELU
NHUHROPDGXUXPXV|]NRQXVXGXU*]HOYHQOVSLNHULONYHEHONLGHVRQNH]oÖSODN
RODUDNJ|UOHELOHFHNWLU%XDQIRWRøUDIOD|OPV]OHûWLULOLUYHWHNUDUWHNUDUEDNÖODELOHFHN
ELU GXYDUD \D GD PDVD\D \HUOHûWLULOHELOHFHN ELU J|UQW\H G|QûWUOU %LU NDGÖQÖ LON
NH]oÖSODNJ|UHFHNROPDNGDPHFD]LRODUDNRQDLONGHIDVDKLSROPDNDQODPÖWDûÖU
6RQXo
7NHWLP WRSOXPXQXQ |QHPOL D\DNODUÖQGDQ ELUL RODQ PHG\D JQP]GH \DûDQDQ
WNHWLP
oÖOJÖQOÖøÖ
LoLQGH
LQVDQODUÖ
J|UQW
ERPEDUGÖPDQÖQD
WXWPDNWDGÖU
ù]OH\LFLRNX\XFX LoLQ LOJL oHNLFL YH \HQL ELU J|UQW EXOPD oDEDVÖ oRøX ]DPDQ PHG\D
HWLøL NLûL KDNODUÖ JLEL NDYUDPODUÖQ KLoH VD\ÖOPDVÖQD QHGHQ ROPDNWDGÖU 0HG\DGDNL
WNHWLPGHQ HQ ID]OD HWNLOHQHQOHU LVH NDGÖQODUGÖU ³KHP VÖUDGDQ KHP NDPXVDO DODQGD
PHG\D GROD\ÖPÖ\OD YDU RODQ NDGÖQODU .DGÖQ HøLWLPOL YH EHOOL ELU NDUL\HU VDKLEL GH ROVD
PHG\DGD \DOQÖ]FD LNL ûHNLOGH WHPVLO HGLOPHNWHGLU FLQVHO REMH \D GD NXWVDO DQQHHû
dDOÖûPDGDLQFHOHGLøLPL]KDEHUOHUGHNHQGLDODQODUÖQGDEDûDUÖND]DQPÖûNDGÖQODUPHVOHNL
NLPOLNOHUL\OH GHøLO GH \HOSD]HQLQ ELULQFL XFXQGD FLQVHO REMH RODUDN WHPVLO HGLOPH\H
oDOÖûÖOPDNWDGÖUODU
dDOÖûPDGD <HøHQRøOX·QXQ SHoHOL NDGÖQ |UQHøL\OH ELUOLNWH o |UQHNWHQ KDUHNHWOH
HUNHN EDNÖûÖQ NDGÖQ EHGHQLQH QIX] HWPH RQX J|UPH YH J|UQU NÖOPD DU]XVX LoLQGH
ROGXøX V|\OHQPLûWLU .DGÖQ HUNHN EDNÖû LoLQ |QFHOLNOH NDUûÖ FLQV RODUDN gWHNL ROPDVÖ
QHGHQL\OH HOH JHoLULOPHN LVWHQHQ DU]XODQDQ ELU QHVQHGLU (UNHN RQX KHP KDNLP
ROGXøX G]HQLQ NXUDOODUÖQD X\PDN ]RUXQGD EÖUDNDUDN KHP GH NDGÖQÖQ NHQGLQL WHPVLO
HWPH NDQDOODUÖQÖ WÖND\DUDN YH RQX NHQGL ELoLPOHQGLUGLøL ûHNLOGH WHPVLO HGHUHN HJHPHQ
NRQXPXQXNRUXPDNWDGÖU.DGÖQNHQGLQLNHQGLGLOLQGHQLIDGHHWPHRODQDøÖQÖEXODPD]
YHHUNHøLQWHPVLOELoLPLQHPDKN€PROXU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ù\L ELU HøLWLP DODUDN HUNHNOHUOH HQ D]ÖQGDQ \DVDO G]H\GH HûLW NRûXOODUGD oDOÖûDUDN
L\L ELU NDUL\HU HGLQPLû EDûND ELU LIDGH\OH WRSOXPGD EHOOL ELU \HU YH ´Joµ ND]DQPÖû
NDGÖQODU ELOH EX WHPVLO VLVWHPLQLQ GÖûÖQD oÖNDPD]ODU (UNHN NDGÖQÖ ]HNDVÖ GX\JXODUÖ
EDûDUÖODUÖ YV LOH GHøLO EHGHQL ]HULQGHQ NXUDU YH RQX EHGHQL ]HULQGHQ WDUWÖûÖU %X
oHUoHYHGH NDGÖQD KNPHWPH RQX HOH JHoLUPH oDEDVÖ GD \LQH EHGHQLQL HOH JHoLUPH\OH
ELUWXWXOXU
dDOÖûPDGD HUNHN EDNÖûÖ\OD |]GHûOHûWLULOHQ IRWRøUDIoÖQÖQ NDGÖQÖ oÖSODNODûWÖUPD oÖSODN
RODUDN J|UQWOHPH oDEDVÖQÖQ YH EX J|UQWOHUH GX\XODQ LOJLQLQ DOWÖQGD GD EX GX\JX
\DWPDNWDGÖU gUQHNOHUGH VXQXODQ NDGÖQODU EHGHQOHULQL VHNV REMHVL RODUDN NXOODQPDGDQ
WRSOXPGD YDU RODELOPLû YH EX NRQXPXQ YHUGLøL JoOH HUNHøLQ PGDKDOHVLQH NDUûÖ
NRUXQDNOÖ NDGÖQODUGDQGÖU %X GXUXP ³WÖSNÖ NDSDOÖ 0VOPDQ NDGÖQ \D GD 'RøXOX
NDGÖQGD ROGXøX JLEL³ RQODUD GX\XODQ DU]X\X DUWWÖUPDNWDGÖU %XUDGD IRWRøUDIÖQ DNÖS
JLGHQJ|UQWOHUGHQGDKDHWNLOLROPDVÖQÖQQHGHQLIRWRøUDIÖQLQVDQODUD\DOQÖ]FDELUNH]
RODELOHFHNELUJ|UQW\HWDQÖNOÖNHWWLNOHULKLVVLQLYHUPHVLGLU
.D\QDNoD
$ODQNXû .XUDO 6HYGD YH dDYGDU $\ûH ´ùVODPFÖ YH /DLN 0HG\DGD .DGÖQ
%HGHQYH7HPVLOµ8OXVDOùOHWLûLP6HPSR]\XPX%LOGLULVL0D\ÖV$QNDUD
%DXGULOODUG -HDQ 7NHWLP 7RSOXPX dHY + 'HOLoD\OÖ YH ) .HVNLQ ùVWDQEXO
$\UÖQWÖ<D\ÖQODUÖ
%HN *HQFHO 0LQH ´0HG\DGD &LQVL\HWoLOLN YH ùOHWLûLP 3ROLWLNDODUÖµ ùOHWLûLP
'HUJLVL6V
%HUJHU-RKQ*|UPH%LoLPOHULdHY<XUGDQXU6DOPDQùVWDQEXO0HWLV<D\ÖQODUÖ
%HUJHU -RKQ 2 $QD $GDQPÖû -RKQ %HUJHU·GHQ 6HoPH <D]ÖODU dHY <XUGDQXU
6DOPDQYH0JH*UVR\6|NPHQùVWDQEXO0HWLV<D\ÖQODUÖ
%RFRFN5REHUW7NHWLPdHYùUHP.XWOXN$QNDUD'RVW.LWDEHYL<D\ÖQODUÖ
&H\ODQ07DKLU)RWRøUDI(VWHWLNYH*|UQWh]HULQH'HQHPHOHUùVWDQEXOù)6$7
<D\ÖQODUÖ1R
dL]JHQ *OWHNLQ )RWRøUDIÖQ <DSÖVÖ YH .LPOLøL h]HULQH 'HQHPHOHU ùVWDQEXO $WDRO
<D\ÖQFÖOÖN
dL]JHQ*OWHNLQ)RWRøUDIÖQ*|UVHO'LOLùVWDQEXO$UNHRORMLYH6DQDW<D\ÖQODUÖ
'RøDQD\ h YH (UWDQ .HVNLQ =HUULQ ´<D]ÖOÖ %DVÖQGD <HUHO YH *HQHO
6HoLPOHUL 6L\DVDO 3DUWL /LGHUOHULQLQ +DEHU )RWRøUDIODUÖQGD 7HPVLOLµ , 8OXVDO
ùOHWLûLP.RQJUHVL
*|OH 1LOIHU ´0RGHUQOHûPH %DøODPÖQGD ùVODPL .LPOLN $UD\ÖûÖµ 7UNL\H·GH
0RGHUQOHûPHYH8OXVDO.LPOLNHG%R]GRøDQ6YH.DVDED5ùVWDQEXO7DULK9DNIÖ
<XUW<D\ÖQODUÖV
.XUXRøOX +XUL\H ´0HG\D YH .DGÖQµ .DUL]PD 'HUJLVL (NLP.DVÖP$UDOÖN
6V
6FKODS +HUPDQ *D]HWHFLOLøH *LULû dHY , $\JQ $QNDUD .RQUDG $GHQDXHU
9DNIÖ<D\ÖQODUÖ
6KLFN &HPLO ,UZLQ ´6LPJH 2ODUDN 2UWDGRøX .DGÖQÖ 6|PUJHFLOLNWHQ 8OXVDO
.XUWXOXûD *|UVHO .OWUµ .LWDEL\DW 'HUJLVL 1LVDQ &,, 6 6
6RQWDJ 6XVDQ )RWRøUDI h]HULQH dHY 5 $NoDND\D ùVWDQEXO $OWÖNÖUNEHû
<D\ÖQODUÖ
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
<HøHQRøOX0H\GD´3HoHOL)DQWD]LOHU2U\DQWDOLVW6|\OHPGH.OWUHOYH&LQVHO
)DUNµ 2U\DQWDOL]P +HJHPRQ\D YH .OWUHO )DUN 'HU .H\PDQ 0XWPDQ <HøHQRøOX
ùVWDQEXOùOHWLûLP<D\ÖQODUÖV
*D]HWHOHU
´+DQJLVSLNHULoÖSODNJ|UPHNLVWHUVLQL]µ6DEDK*D]HWHVL1LVDQV
´9HVRQXQGD$QQDoÖSODNµ6DEDK*D]HWHVL1LVDQV
ùQVDQ+DNODUÖYH'HPRNUDVL
<UG'Ro'U6HPLKD$NÖQFÖ %X oDOÖûPDQÖQ DPDFÖ GHPRNUDVL\OH LQVDQ KDNODUÖ DUDVÖQGDNL LOLûNLOHULQ RUWD\D
oÖNDUÖOPDVÖGÖU %X NRQXODU JQP]GH JHUHN LQVDQ KDNODUÖ NXUXPODUÖ JHUHNVH %DWÖOÖ
ONHOHULQ GÖû SROLWLNDODUÖQGD DUWDQ |OoGH LOLQWLOHQGLULOPHNWHGLU %X LOLQWLQLQ \HWHUOL
ELoLPGH
NDYUDQPDVÖ
J|VWHUPH\H
oDOÖûDFDøÖP
JLEL
\DOQÖ]
GHPRNUDVLQLQ
QDVÖO
WDQÖPODQGÖøÖQD GHøLO LQVDQ KDNODUÖ DQOD\ÖûÖPÖ]Ö WRSOXPVDO YH VL\DVL NRQXODU GÖûÖQD
WDûÖUPD\D UÖ]D J|VWHULS J|VWHUPH\HFHøLPL]H GH EDøOÖGÖU %|\OH JHQLû ELU DQOD\ÖûÖQ
EHQLPVHQPHVL
LQVDQ
KDNODUÖ
JQGHPLQLQ
VÖQÖUOÖ
GHøLO
NDSVD\ÖFÖ
\DNODûÖPOD
HOH
DOÖQDELOPHVL LoLQ ]RUXQOXGXU DPD EX \DNODûÖP GHPRNUDVL LOH LQVDQ KDNODUÖ DUDVÖQGDNL
EDøÖQWÖ\Ö NRQX DODFDN DQODWÖPODUÖ GDKD GD NDUPDûÖN KDOH JHWLULU %X \D]ÖQÖQ |QGH JHOHQ
DPDoODUÖQGDQ ELUL DQÖODQ NDUPDûÖNOÖøD DoÖNOÖN JHWLUPHNWLU EX NRQXGDNL WDUWÖûPDODUD
JHWLUGLøLNDWNÖDQÖODQDoÖNOÖNRODFDNWÖU
'HPRNUDVL7RSOXPVDOYH6L\DVL+DNODU
7DULKLoLQGHGHPRNUDVLLOHLQVDQKDNODUÖVL\DVHWDODQÖQÖQIDUNOÖNHVLPOHULQGH\HUDODQ
D\UÖ ROJXODU VD\ÖOPÖûODUGÖU GHPRNUDVL \|QHWLPLQ |UJWOHQPHVL LOH LOJLOLGLU LQVDQ KDNODUÖ
LVH ELUH\ KDNODUÖQÖQ EHOLUOHQPHVL YH VDYXQXOPDVÖ\OD 'HPRNUDVL GHQGLøLQGH \DUÖûPDOÖ
VHoLPOHU oRN SDUWLOLOLN NXYYHWOHU D\UÖPÖ JLEL NXUXPVDO DQODûPD\Ö GûQPH\H DOÖûPÖûÖ]
EXQODU |]QGH DQD\DVDO G]HQOH YH NDPX JFQQ |UJWOHQPHVL\OH LOJLOL VRUXQODUGÖU
gWH \DQGDQ LQVDQ KDNODUÖ ELUH\H \|QHOLN GX\DUOÖOÖøÖQ RUWD\D oÖNDUGÖøÖ VRUXQODU ROXS
ELUH\OHUHEHOLUJLQRODUDNLQVDQFD\DûDPDQÖQDVJDULûDUWODUÖQÖVDøODPD\D\|QHOLNWLU*HQHO
RODUDN ´LQVDQµ V|]QQ NXOODQÖOPDVÖQGDQ DQODûÖODFDøÖ JLEL EX KDNODU KHS XOXVODUDUDVÖ
NDSVDPGD
XOXVODUDUDVÖ
DQOD\ÖûD
YH
G]HQOHPHOHUH
X\JXQ
RODFDN
ELoLPGH
WDQÖPODQPÖûODUGÖU R\VD \|QHWLP LOH LOJLOL G]HQOHPHOHU HJHPHQOLøLQ |]QGH \HU
DOGÖNODUÖQGDQ
JHOHQHNVHO
RODUDN
EVEWQ
LOJLOL
GHYOHWOHULQ
Lo
VRUXQODUÖQGDQ
VD\ÖOPÖûODUGÖU 'HPRNUDVL NRQXVXQXQ LQFHOHQPHVLQL VL\DVHW ELOLPLQH LQVDQ KDNODUÖ
NRQXVXQX LVH KXNXN GDOÖQD EDøOD\DQ DNDGHPLN LûELUOLøL GH EX D\UÖPÖ JoOHQGLUPLûWLU
dQNKLoGHøLOVH$QJOR6DNVRQGQ\DVÖQGDEXLNLGDOKLoGH\DNÖQROPDPÖûWÖU
(VNLGHQ EHQLPVHQLOHELOLUOLøL ROPXû ROVD ELOH JQP]GH EX D\UÖPÖQ GD\DQDøÖ
NDOPDPÖûWÖU
+DON
NLWOHOHULQLQ
EDVNÖVÖ
DOWÖQGD
NRPQLVW
UHMLPOHULQ
o|NPHVL
GHPRNUDVLQLQ GH LQVDQ KDNODUÖ JLEL \HUHO ELU \|QHWLP ELoLPLQGHQ oRN HYUHQVHO RODUDN
|\NQOHQ ELU \|QHWLP ELoLPL ROGXøXQX RUWD\D NR\PXûWXU ùVWHU VDø ROVXQ LVWHU VRO
GLNWDW|UON \|QHWLPL DOWÖQGD EHOLUHQ LQVDQ KDNODUÖ LKODOOHUL VLFLOL ELU ONHGH \UUONWH
RODQVL\DVLG]HQLQRONHX\UXNODUÖQÖQ\DUDUODQGÖNODUÖLQVDQKDNODUÖG]H\LQGHQKLoGH
EDøÖPVÖ]
GHøLOGLU
%XJQ
DUWÖN
GHPRNUDVL
LOH
LQVDQ
KDNODUÖQÖQ
DQFDN
ELUOLNWH
\UWOHELOHFHøLQL NDEXO HGL\RUX] 1H YDU NL DUDODUÖQGDNL EDøÖQWÖ oRøX ]DPDQ \DQOÖû
WDVDUODQÖU LoVHO ELU ELUOLN RODUDN DQODûÖODFDN \HUGH \D VDOW GHQH\VHO ELU ELUOLNWHOLN RODUDN
\D GD ELUELULQL WDPDPODPD EDøÖQWÖVÖ RODUDN GûQOU %X PH\DQGD GHPRNUDVLQLQ
LQVDQ KDNODUÖQÖ VDYXQPD\D ´HQ X\JXQµ \|QHWLP WDU]Ö ROGXøX GHPRNUDVLQLQ GH LQVDQ
KDNODUÖ\OD ´GHVWHNOHQPHVL JHUHNWLøLµ |QH VUOU VDQNL LQVDQ KDNODUÖ GHPRNUDVL\H
$QDGROXhQLYHUVLWHVLùOHWLûLP%LOLPOHUL)DNOWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HNOHQHFHN KXVXVODUPÖû EDøÖPVÖ] JYHQFHOHU VDøODQPD]VD GHPRNUDVLGHQ UHQFLGH
RODELOHFHNKXVXVODUPÖûJLEL+HUQHNDGDUVHEHSOHULQLDQODPDNPPNQROVDGDDQÖODQ
EDøÖQWÖQÖQE|\OHGLOHJHWLULOPHVL\LQHGH\DQOÖûWÖU
6RUXQXQ |] GHPRNUDVLQLQ QDVÖO WDQÖPODQDFDøÖGÖU dRN SDUWLOLOLøH \DUÖûPDOÖ
VHoLPOHUH NXYYHWOHU D\UÖPÖQD YE GD\DQDQ VDOW NXUXPVDO WDQÖPODUÖQ RUWDN ]D\ÖIOÖøÖ
EXQODUD J|UH GHPRNUDWLN \|QHWLPOHULQ OLEHUDO oRøXOFX JLEL NXOODQÖODELOHFHN ELUoRN
WHULPOH
EHOLUOHQHELOHFHN
QLWHOLNOHUL
RODQ
\|QHWLPOHUGHQ
QDVÖO
WHIULN
HGLOHFHNOHUL
VRUXQXGXU 9HULOHFHN FHYDS DQÖODQ QLWHOLNOHULQ GHPRNUDWLN VD\ÖODQ EWQ \|QHWLPOHUGH
EXOXQGXøX LVH V|] NRQXVX \|QHWLPOHULQ QHGHQ EDûWDQ GHPRNUDWLN VD\ÖOGÖNODUÖ
VRUXOPDOÖGÖU %|\OH ELU EHOLUOHPH G|QJVQGHQ NDoÖQPDQÖQ \ROX EX WUO NXUXPODUÖQ
VRPXWODûWÖUGÖNODUÖ JHUoHNOHûPHVLQH NDWNÖGD EXOXQGXNODUÖ WHPHO LONHOHULQ GHPRNUDWLN
VD\ÖOPDNLoLQVDøODPDODUÖJHUHNHQNRûXOODUÖQDoÖNoDVD\ÖOPDVÖGÖU
1HGLU EX WHPHO LONHOHU" 'HPRNUDVLQLQ WHPHO LONHVL NDPX\OD LOJLOL NDUDUODUÖQ KDON
WDUDIÖQGDQYHULOPHVL \D GDGHQHWOHQPHVLGLU%DûODQJÖo QRNWDVÖ \|QHWLP NXUXPODUÖ GHøLO
VDGH YDWDQGDûWÖU %HOLUOH\LFL LONHVL WP YDWDQGDûODUÖQ WRSOXP NXUXPODUÖQGD ROVXQ
GRøUXGDQ\|QHWLPNXUXOODUÖQGDROVXQ\HUDODUDNNDPXLûOHULQGHV|]VDKLELROPDODUÖEX
NDWÖOPD KDNNÖQÖQ GD HûLW RODUDN KHUNHVH DoÖN ROPDVÖGÖU .DPX LûOHULQGH YDWDQGDûODUFD
GHQHWLP YH EX J|UHYLQ LIDVÖQGD YDWDQGDûODU DUDVÖQGD HûLWOLN GHPRNUDVLQLQ WHPHO
LONHOHULGLU dRN NoN oDSWD YH EDVLW WRSOXOXNODUGD GHQHWLP YDWDQGDûODUÖQ NDUDU YHUPH
VUHFLQH
GRøUXGDQ
NDWÖOPDODUÖ\OD
JHUoHNOHûWLULOHELOLUVH
GH
NDODEDOÖN
YH
NDUPDûÖN
WRSOXPODUGD DQFDN GROD\OÖ \ROODUGDQ JHUoHNOHûWLULOHELOLU .DPX J|UHYOHULQH DGD\OÖN
NR\PDN |QHPOL NDPX J|UHYOLOHULQLQ VHoLPLQH HûLW KDNODUOD NDWÖOPDN \|QHWLPOHUGHQ
KHVDSVRUDELOPHNDQD\DVDGHøLûLNOLNOHULQGHGRøUXGDQRQD\YHUPHNJLEL\ROODUOD
6|] HGLOHQ HûLW YDWDQGDûOÖN KDNODUÖQD GD\DQÖODUDN NXOODQÖODQ NDPX LûOHULQLQ
JGPQHNDWÖOPDKDNNÖQGDQ\RODoÖNÖOÖUVDEXUDGDQVWG]H\GHELUVRUX\DJHoHELOLUL]
oDøGDûGHYOHWRUWDPÖQGDEXLONHOHUL\UUOøHNR\PDNLoLQQHJHUHNLU"9HULOHFHNFHYDS
D\QÖ]DPDQGDLNLD\UÖGRøUXOWX\D\|QHOWLULOJLQL]L
%X \|QOHUGHQ ELUL ]DPDQ LoLQGH HWNLOL KDON \|QHWLPL VDøODPDN LoLQ JHUHNOL ROGXøX
RUWD\D oÖNPÖû NXUXPVDO G]HQOHPHOHULQ DoÖNODQPDVÖGÖU %X EDûOÖN DOWÖQGD KDON RQD\ÖQD
DOPDûÖN SURJUDPODU VXQDQ VL\DVL SDUWLOHU DUDVÖQGD VHoLOPH \DUÖûÖ \|QHWLPL GHQHWOHPH
J|UHYLQL
VHoPHQOHU
DGÖQD
\UWHQ
WHPVLOFLOHU
WP
UHVPL
J|UHYOLOHULQ
PHFOLVoH
RQD\ODQPÖû \DVDODUD X\JXQ GDYUDQÖS GDYUDQPDGÖNODUÖQÖ GHQHWOH\HQ EDøÖPVÖ] \DUJÖ
KH\HWL\|QHWLPLJ|]OHPDOWÖQGDWXWDFDNKDONÖQLVWHNYHHøLOLPOHULQL\DQVÖWDFDNEDøÖPVÖ]
EDVÖQN|W\|QWHPLQELUH\OHUHYHUHELOHFHøL]DUDUODUÖQWD]PLQLLoLQDWDQDFDNND\\XPOXN
JLEL
NXUXPODU
VD\ÖODELOLU
<|QHWLPLQ
KDON
WDUDIÖQGDQ
GHQHWOHQPHVLQH
NDWNÖGD
EXOXQGXNODUÖ |OoGH EX NXUXPODUÖQ KHSVL GHPRNUDWLN NXUXPODU VD\ÖODELOLU 6D\ÖODQ
LONHOHULQ JHUoHNOHûPHVLQH ûLPGL \DSWÖNODUÖQGDQ GDKD JHQLû |OoGH NDWNÖGD EXOXQPDODUÖ
YDWDQGDûODU YH WRSOXPXQ IDUNOÖ NHVLPOHUL DUDVÖQGD GDKD E\N ELU HûLWOLN VDøODPDODUÖ
NÖVDFDVÖ ROGXNODUÖQGDQ GDKD GHPRNUDWLN ROPDODUÖ ûSKHVL] PPNQGU $PD EDûWDQ
GHPRNUDWLN VD\ÖOPDODUÖ EX WHPHO LONHOHUL NDSVDPDODUÖQGDQ RQODUÖQ JHUoHNOHûPHVLQH
NDWNÖGDEXOXQPDODUÖQGDQGÖU
'HPRNUDVL LONHOHULQLQ X\JXODPD\D NRQPDVÖ\OD LOJLOL VRUXQXQ EL]L \|QHOWWLøL NRQX
LNLQFLVL NDPX LûOHULQGH VHVOHULQLQ GX\XOPDVÖ RODUDN EHOLUOHQHQ WHPHO GHPRNUDWLN
KDNODUÖQÖQ HWNLOL NÖOÖQDELOPHVL LoLQ YDWDQGDûODUÖQ EDûND KDQJL KDNODUOD GRQDWÖOPÖû
ROPDODUÖ JHUHNWLøL NRQXVXGXU %XUDGD LQVDQ KDNODUÖ JQGHPLQLQ WRSOXPVDO YH VL\DVL
\] EHOLUJLQOLN ND]DQÖU ùIDGH WRSODQPD \UPH |]JUONOHUL ROPDGDQ QH WRSOXP
NXUXPODUÖQÖQ|UJWOHUL\OHQHGHUHVPLWDVDUÖODUNRQXVXQGDYDWDQGDûÖQV|]VDKLELROPDVÖ
6HPLKD$NÖQFÖ³ùQVDQ+DNODUÖYH'HPRNUDVL
PPNQ GHøLOGLU %X WUO |]JUONOHU YDWDQGDûODU DUDVÖQGD LOHWLûLPLQ YH E|\OH ELU
LOHWLûLPLQ NXUXOPDVÖQD RUWDP VDøOD\DFDN IRUXPODUÖQ YDU ROGXNODUÖQÖ YDUVD\GÖNODUÖQGDQ
ELUH\VHO|]JUONVD\ÖODPD]ODU1HYDUNL DQFDNWHNWHN ELUH\OHUHWDQÖQDQKDNODURODUDN
JYHQFH\HDOÖQDELOLUOHUEXQXQLoLQGHNLûLVHO|]JUONNLûLVHOHPQL\HWYHEDøÖPVÖ]\DUJÖ
|QQGH\DUJÖODQPDKDNODUÖ\ODGHVWHNOHQPHOHULJHUHNLU
%XQDJ|UHGHPRNUDVLQLQ|]QGHKHUYDWDQGDûÖQ|EUYDWDQGDûODUODHûLWNRûXOODUGD
NDPX\X LOJLOHQGLUHQ NRQXODUGD V|]VDKLELROPDVÖ YH \|QHWLPL GHQHWOHPHKDNNÖQD VDKLS
ROPDVÖ YDUGÖU %X KDNNÖQ HWNLQ RODUDN NXOODQÖODELOPHVL LVH ELU \DQGDQ RWXUPXû
GHPRNUDVLOHUGHNL WHFUEHOHUGHQ ELOGLøLPL] VL\DVL NXUXPODUÖ VL\DVL SDUWLOHU VHoLPOHU
\DVDPDPHFOLVOHULYE|WH\DQGDQGDWRSOXPVDOYHVL\DVLGHQHQ8OXVODUDUDVÖ7RSOXPVDO
YH 6L\DVL +DNODU 6|]OHûPHVL $YUXSD ùQVDQ +DNODUÖ $QODûPDVÖ JLEL EHOJHOHUGH EHOLUWLOHQ
KDNODUÖQ JHWLUGLøL JYHQFH\L JHUHNWLULU 'HPRNUDVLQLQ WHPHO LONHOHULQLQ JHUoHNOHûPHVL
LoLQ KHU LNL NRûXO GD JHUHNPHNWHGLU %X \]GHQ GHPRNUDVL\OH LQVDQ KDNODUÖ DUDVÖQGDNL
EDøÖQWÖLOLQWLVHOROPD\ÖSLoVHO\DSÖVDOELUEDøÖQWÖGÖULQVDQKDNODUÖGHPRNUDVLQLQ]RUXQOX
ELUELOHûHQLGLU'HPHNNLGHPRNUDVL\L\DOQÖ]NLPLVL\DVLNXUXPODUDEDøODPDNLNL\|QO
ELU \DQOÖûWÖU %LU NHUH DQÖODQ NXUXPODUÖQ GHPRNUDWLN VD\ÖOPDODUÖQÖ KDNOÖ oÖNDUDQ QH
|OoGH GHPRNUDWLN ROGXNODUÖQÖQ GHøHUOHQGLUPHVLQH ]HPLQ VDøOD\DQ WHPHO LONHOHUL J|]
DUGÖ HGHU ùNLQFL RODUDN JHUoHNOHûPHVLQLQ ]RUXQOX NRûXOX RODQ LQVDQ KDNODUÖQÖ GLNNDWH
DOPDGÖøÖQGDQ
EX
NXUXPODUÖ
GHPRNUDVL
LoLQ
\HWHUOL
VD\DU
$QÖODQ
NRûXOODUÖQ
GHPRNUDWLNOHûPH LoLQ ]RUXQOX ROPDVÖ \]QGHQGLU NL NLPL NRûXOODUGD LQVDQ KDNODUÖQÖQ
JHOLûWLULOPHVL
LoLQ
YHULOHFHN
XøUDûODU
GHPRNUDVLQLQ
JHOLûWLULOPHVL
LoLQ
YHULOHFHN
XøUDûODUGDQGDKDHWNLOLRODELOPHNWHGLU
8\JXODPDGD EHOOL ELU SDUODPHQWHU oRøXQOXN DUDFÖOÖøÖ\OD GLOH JHWLULOHQ ´KDON R\Xµ LOH
LQVDQ KDNODUÖQÖQ VDYXQXOPDVÖ DUDVÖQGD ELU JHULOLP RODELOHFHøL ELOLQLU %HOOL XOXVDO
NRQXODUÖQ \D GD KDON |INHVLQLQ DøÖU EDVPDVÖ WHPHO |]JUONOHULQ JHoLFL \D GD VUHNOL
RODUDN NDOGÖUÖOPDVÖQD \RO DoDELOPHNWHGLU 7RFTXHYLOOH YH - 6 0LOO·LQ ]DPDQÖQGDQ EHUL
EXQD´oRøXQOXøXQWLUDQOÖøÖµGHQPHNWHGLU%|\OHEDVNÖODUDNDUûÖNRQDELOPHVLLoLQLQVDQ
KDNODUÖQÖQ |]HO JYHQFHOHUH EDøODQPDVÖ JHUHNPLûWLU %|\OH JYHQFHOHU KDN VDøOD\DQ
\DVDODU KXNXNL \ROODU PHFOLV LûOH\LûL LOH LOJLOL G]HQOHPHOHUOH VDøODQDELOPHNWHGLU 6ÖNoD
\DSÖOGÖøÖ JLEL DQÖODQ JHULOLPLQ LQVDQ KDNODUÖ\OD GHPRNUDVL \D GD |]JUON DUDVÖQGD
ROGXøXQX |QH VUPHN \D GD PHFOLV oRøXQOXNODUÖQÖQ LUDGHOHULQH VÖQÖUODPD JHWLUPHQLQ
GRøUXGDQ GHPRNUDVL\L VÖQÖUODPDN RODFDøÖQÖ V|\OHPHN \DQOÖû ROXU <XNDUÖGD JHOLûWLULOHQ
EX VDYXQPD GRøUXOWXVXQGD V|] NRQXVX oDWÖûPDODUÖQ KDONR\XQXQ EHOOL ELU GXUXPGD
HJHPHQ ROPDVÖ\OD D\QÖ R\ KDNNÖQÖQ VUHNOL RODUDN HWNLOL ROPDVÖ NRûXOODUÖQÖQ VDøODQPDVÖ
DUDVÖQGDNL ELU oDWÖûPD EHOOL ELU NRQXGD R\XQX GX\XUPD LPNDQÖ\OD R\XQX GHYDPOÖ
RODUDN GX\XUDELOPH KDNNÖ DUDVÖQGDNL ELU JHUJLQOLN RODUDN GHøHUOHQGLUPHN JHUHNLU
'HPHN NL GHPRNUDVLOHU LoWHQ oHOLûNLOL ROPD\DFDNODUVD \|QHWLPOHU ]HULQGH KDON
GHQHWLPL VDøOD\DQ NRûXOODUD LoWHQ ]DUDU YHULOPHVLQH L]LQ YHULOPH\HFHNVH |]GHQHWLP
X\JXODPDN JHUHNHQ VÖQÖUODUÖ EHQLPVHPHN ]RUXQGDGÖUODU EHVEHOOLGLU NL EX WU DQD\DVDO
VÖQÖUODPDODUÖQNHQGLSD\ODUÖQDKDONWDUDIÖQGDQRQD\ODQPDVÖJHUHNHFHNWLU
9DUÖODQ VRQXo LQVDQ KDNODUÖQÖQ GHPRNUDVLQLQ YD]JHoLOPH] ELOHûHQL ROGXNODUÖGÖU
oQN KDONÖQ UHVPL NRQXODUGD V|] VDKLEL ROPDVÖQÖ \|QHWLPL GHQHWOHPHVLQL VDøODPDQÖQ
RQVX] ROPD] NRûXOX WHPHO KDNODUÖQ JYHQFH\H EDøODQPÖû ROPDVÖGÖU 'HPRNUDVL YH
LQVDQ KDNODUÖ NRQXODUÖ GDKD GHULQ ELU G]H\GH GH LOJLOLGLUOHU NL EX LOJL KDNOÖ
oÖNDUÖOPDODUÖQGD GD\DQÖODQ LONHOHULQ WHPHOLQGHNL YDUVD\ÖPODUGDQ ND\QDNODQÖU ùQVDQ
KDNODUÖ JQGHPLQLQ GD\DQGÖøÖ IHOVHIL LONH DUDODUÖQGDNL IDUNOÖOÖNODU QH ROXUVD ROVXQ WP
LQVDQODUÖQ JHUHNVLQLP YH KDNODUÖQÖQ HûLW ROGXøXQXQ EHQLPVHQPHVL LONHVLGLU g]HOOLNOH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
WUO |]JUON KDNODUÖ NLûLVHO |]JUON KDNNÖ GûQFH YH YLFGDQ |]JUOø VHUEHVW
GRODûÖP YE ELUH\OHULQ NHQGL KD\DWODUÖ NRQXVXQGD ELOLQoOL DNOÖ EDûÖQGD NDUDUODU
YHUHELOHFHNOHUL YDUVD\ÖPÖQD GD\DQÖUODU 'HPRNUDWLN KDNODU GD RUWDN NDPX \DûDPÖQÖ
LOJLOHQGLUHQNRQXODUGDEX\HWHQHNOHULYDUVD\DUODU2\YHUPHUHVPLJ|UHYOHUHDGD\ROPD
JLEL KDNODU ELUH\OHULQ NHQGL KD\DWODUÖ\OD LOJLOL ROGXøX NDGDU NDPX \DûDPÖ\OD LOJLOL
NRQXODUGDGDELOLQoOLWDUWÖûPDODUDNDUDUYHUPHVUHoOHULQHNDWÖOPD\HWHQHøLWDûÖGÖNODUÖQÖ
YDUVD\DU *HUHN ELUH\LQ NHQGLQH JHUHNVH NDPX\X LOJLOHQGLUHQ NRQXODUGD DQÖODQ
ROJXQOXøDHUJLQOLNOHHULûLOGLøLNDEXOHGLOLU
.XûNXVX] WRSOXP NDUDUODUÖ ELUH\LQ |]JUONOHULQL VÖQÖUODU %X DQODPGD ELUH\VHOOH
WRSOXPVDO
DUDVÖQGD
ELU
JHUJLQOLN
V|]
NRQXVXGXU
%XQGDQ
GROD\Ö
GHPRNUDVL
WDUWÖûPDODUÖQÖQ DQÖODQ LNL WHULP DUDVÖQGDNL GHQJHQLQ QDVÖO VDøODQDELOHFHøLQL EHOLUOHPHNOH
\NPO ROPDODUÖ JLEL LQVDQ KDNODUÖ JQGHPLQLQ ELU NRQXVX GD WRSOXP NDUDUODUÖQÖQ
JFQQ QDVÖO VÖQÖUODQDFDøÖQÖQ WDUWÖûÖOPDVÖGÖU *HUHN ELUH\VHO KDNODU JHUHNVH WRSOXP
NDUDUODUÖ WDUDIODUÖQÖQ EX WDUWÖûPDGD GD\DQGÖNODUÖ RUWDN SD\GD LQVDQ \HWHQHNOHUL
NRQXVXQGD EHQLPVHQHQ ELU YDUVD\ÖPGÖU +Lo NLPVHQLQ EDûNDODUÖQÖQ \DUDU YH LVWHNOHULQL
EHOLUOHPH\HEXNRQXGDYHOD\HWHWPH\H\HWNLOLROPDGÖøÖEXKDNNÖQDQFDNL\LEHOLUOHQPLû
VÖQÖUODU LoLQGH YH LUDGH\H GD\DQDUDN EHOOL NLPVH YH NXUXOODUD JHoLFL VUHOHU LoLQ
GHYUHGLOHELOHFHøLLONHVL
%XUD\D NDGDU \HWHUVL] GHPRNUDVL WDQÖPODUÖQÖQ GHPRNUDVL\OH LQVDQ KDNODUÖ NRQXODUÖ
DUDVÖQGDNL LOLûNLQLQ HNVLN NDYUDQPDVÖQD \RO DoDELOHFHøL J|] |QQH DOÖQDUDN GHPRNUDVL
WDQÖPÖQD RGDNODQÖOGÖ 2\VD LQVDQ KDNODUÖQÖQ DQODWÖOPDVÖQGD GD WRSOXPVDO YH VL\DVL
KDNODU JQGHPLQGHNL NRQXODUGDQ LEDUHW ROGXNODUÖ L]OHQLPLQH \RO DoDELOHQ EHQ]HU ELU
\HWHUVL]OLN WHûKLV HGLOHELOLU %DWÖOÖ \DNODûÖPODU KHS EX \|QGH HNVLN ROPXûODUGÖU VRøXN
VDYDûÖQVRQDHUPHVLGHEXHøLOLPLJoOHQGLUPLûWLU%DWÖOցONHOHUGHQELULQLQLQVDQKDNODUÖ
NRQXVXQGD \D\ÖQODGÖøÖ KDQJL ELOGLUJH\L DOÖUVDQÖ] DOÖQÖ] KHPHQ KHS UHVPL YH VL\DVL
KDNODUÖQ V|] NRQXVX ROGXøXQX J|UUVQ] (NRQRPLN WRSOXPVDO YH HNLQVHO KDNODUÖQ
QLoLQJ|]DUGÖHGLOGLNOHULNRQXVXQXQWDUWÖûÖOPDVÖEXEDøODPGD\HUVL]RODFDNWÖUúXNDGDUÖ
EHOLUWLOPHOL NL EXKDNODUÖ GLNNDWH DOPD\DQ LQVDQKDNODUÖ\OD GHPRNUDVLQLQ LOLûNLVL NRQXOX
KHU DQODWÖ \DUÖP NDOPÖû VD\ÖOÖU $VOÖQGD \DUÖPGDQ oRN GDKD ID]OD HNVLN NDOPÖû VD\ÖOÖU
oQN GHPRNUDVL\OH WRSOXPVDO HNRQRPLN YH HNLQVHO KDNODU DUDVÖQGDNL LOLûNLOHU |UJV
EXUD\D NDGDU HOH DOÖQDQ GHPRNUDVLUHVPL YH VL\DVL KDNODU LOLûNLVLQGHQ GDKD JLULIWWLU
6L\DVL NXUXPODUÖ ELU DODQ HNRQRPLN WRSOXPVDO YH HNLQVHO KDNODUÖ EDûND ELU DODQ
VD\DUVDNUHVPLYHVL\DVLKDNODUÖQEXDODQODUÖQDUDNHVLWLQGH\HUDOGÖøÖV|\OHQHELOLU
.D\QDNoD
%HHWKDP'DYLG'HPRFUDF\DQG+XPDQ5LJKWV3ROLW\3UHVV&DPEULGJH
%\NNDUDJ|] 6DYDû .HVLFL úDKLQ 'HPRNUDVL YH ùQVDQ +DNODUÖ (øLWLPL 7UNL\H
'HPRNUDVL9DNIÖ<D\ÖQODUÖ$QNDUD
.DSDQL 0QFL ùQVDQ +DNODUÖQÖQ 8OXVODUDUDVÖ %R\XWODUÖ 7UNL\H 'HPRNUDVL 9DNIÖ
<D\ÖQODUÖ
.XoXUDGL ùRDQQD GHU ùQVDQ +DNODUÖQÖQ )HOVHIL 7HPHOOHUL 8OXVODUDUDVÖ 6HPLQHUL 7UNL\H
)HOVHIH.XUXPX$QNDUD
.XoXUDGL ùRDQQD GHU 7KH ,GHD DQG WKH 'RFXPHQWV RI +XPDQ 5LJKWV 3KLORVRSKLFDO
6RFLHW\RI7XUNH\$QNDUD
3DLQH7KRPDVùQVDQ+DNODUÖ0(%<D\ÖQODUÖùVWDQEXO
6HPLKD$NÖQFÖ³ùQVDQ+DNODUÖYH'HPRNUDVL
3DOXPER 0LFKDHO +XPDQ 5LJKWV 0HDQLQJ DQG +LVWRU\ 5REHUW ( .UÖHJHU 3XE
&RPSDQ\)ORULGD
6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH
'Ro'U(PHO$N|]HU ,
$GROI +LWOHU·LQ EDû PLPDUÖQÖQ NHQGLVLQH ´VRQVX]OXøD NDODFDN ELQDODU LQûD HWPH
J|UHYLµ
WHYFLK
HGLOHQ
$OEHUW
6SHHU·LQ
*L]OL
*QFHOHU·LQGH
VL\DVHWLQ
HVWHWLNOHûWLULOPHVL\HûLOOHûWLULOPHVL LOH 1D]L ùPSDUDWRUOXøX DUDVÖQGDNL LOLûNL\H WDQÖNOÖN
HGHQoRNVD\ÖGDLWLUDIEXOPDNPPNQ úLPGL DNûDP YDNWL KFUHPGH UHMLPLQ J]HOOLøH NDUûÖ JHUoHNWH oRN DûLNkU
RODQ LOJLVL ]HULQH GûQ\RUXP 5HMLPLQ DFÖPDVÖ]OÖøÖQD YH LQVDQOÖNGÖûÖ
\DNODûÖPÖQD
oRøX
GX\JXVDOOÖøÖQD
]DPDQ
G|QûPû
GHMHQHUH
ROVD
GD
ROXS
NDUWSRVWDO
J]HOOLN
HOGH
PDQ]DUDVÖ
GHøPHPLûOLN
NLUOHQPHPLûOLN NDUûÖVÖQGD GLNNDWH GHøHU ELU GX\DUOÖOÖN HûOLN HWPLûWL .XûNXVX] UHMLPLQ J]HOOLN |]OHPL +LWOHU·LQ NLûLVHO EHøHQLVL\OH PRGHUQ
GQ\D\D NDUûÖ EHVOHGLøL QHIUHWOH JHOHFHN NRUNXVX\OD LOLûNLOL\GL $PD LûLQ
LoLQGH
EHQFLO
ROPD\DQ
ELU
WRSOXPVDO
QHGHQ
WHNQRORMLN
GQ\DQÖQ
NDoÖQÖOPD] oLUNLQOLøLQL DOÖûÖOPÖû HVWHWLN ELoLPOHUOH J]HOOLNOH EDøGDûWÖUPD
oDEDVÖGDYDUGÖ 0RGHUQOLNNDUûÖWÖURPDQWLNELU\DNODûÖPRODQHVWHWLNoLOLNOH\DQLIHOVHIHQLQHWLøLQYH
VL\DVHWLQ HVWHWLNOHûWLULOPHVL\OH ÖUNoÖOÖN WRSODPD NDPSODUÖ YH VR\NÖUÖP DUDVÖQGDNL LOLûNL\L
IDUNOÖ EDNÖû DoÖODUÖQGDQ HOH DODQ GHøLûLN ]DPDQODUGD \D]ÖOPÖû oRN VD\ÖGD ND\QDNWDQ V|]
HGLOHELOLU *HUHN HVWHWLNoLOLøLQ JHUHNVH VL\DVHW IHOVHIH YH HWLøLQ \HûLOOHûWLULOPHVLQLQ
JQP]GH J|] DUGÖ HGLOHELOHQ LQVDQOÖNGÖûÖ VRQXoODUÖ oHûLWOL ELOLPVHO YH IHOVHIL
oDOÖûPDODUGD HOH DOÖQPÖûWÖU 6RQ RQ \ÖOGD GLNNDWL oHNHQ 7HUU\ (DJOHWRQ·ÖQ (VWHWLøLQ
ùGHRORMLVL YH /XF )HUU\·QLQ <HQL (NRORMLN ']HQ $øDoODU +D\YDQODU YH ùQVDQODU
EDûOÖNOÖ NLWDSODUÖQGDQ oRN |QFH |UQHøLQ .DUO 5 3RSSHU·LQ$oÖN7RSOXPYH
'ûPDQODUÖ·QGD EX URPDQWLN \DNODûÖPODUÖQ LGHRORMLN N|NOHULQLQ YH VL\DVL
VRQXoODUÖQÖQ WDUWÖûÖOGÖøÖQÖ EHOLUWPHN JHUHNLU %XQD NDUûÖOÖN ·ODUGDQ EDûOD\DUDN
HWLøLQ \HûLOOHûPHVLQL \HU\]QGH ´LQVDQ WUQQ ûRYHQL]PLµQH VRQ YHUHQ ELU JHOLûPH
RODUDN VXQDQ YH WRSODPD NDPSODUÖQÖQ GHKûHWLQL GH PRGHUQOLN SURMHVL\OH DoÖNOD\DQ
URPDQWLN\DNODûÖPODUÖQKÖ]OD\D\JÖQODûWÖøÖJ|UOPHNWHGLU %X URPDQWLN PRGHUQOLNNDUûÖWÖ \DNODûÖPODU JHoWLøLPL] \]\ÖOGD GD HQWHOHNWHO
PRGDODULoLQGH|QHPOLELU\HUWXWPXûEX\DNODûÖPODUD\|QHOWLOHQHOHûWLULVDQDWYHoHYUH
GûPDQOÖøÖ
JLEL
DOJÖODQDELOPLûWLU
(VWHWLNoLOLøLQ
VDQDWVHYHUOLN
ROPDGÖøÖQÖ
VWHOLN
JHoPLûWH VL\DVHWLQ VDQDWD PGDKDOHVLQH ]HPLQ KD]ÖUODGÖøÖQÖ oHYUHVHO VRUXQODUÖQ VLKLUOH
2'7h0LPDUOÖN)DNOWHVL
$OEHUW6SHHU6SDQGDX7KH6HFUHW'LDULHV)RQWDQD&ROOLQVV
ùELGV
%N]7HUU\(DJOHWRQ7KH,GHRORJ\RIWKH$HVWKHWLF&DPEULGJH%DVLO%ODFNZHOO/XF)HUU\
7KH1HZ(FRORJLFDO2UGHUdHY&DURO9RON&KLFDJR8QLYHUVLW\RI&KLFDDJR3UHVV.DUO
3RSSHU$oÖN7RSOXPYH'ûPDQODUÖdHY0HWH7XQFD\ùVWDQEXO5HP]L.LWDEHYL
5RGHULFN)UD]LHU1DVK7KH5LJKWVRI1DWXUH³$+LVWRU\RI(YLURQPHQWDO(WKLFV/RQGRQ7KH
8QLYRI:LVFRQVLQ3UHVVII5LFKDUG6\OYDQDQG'DYLG%HQQHWW7KH*UHHQLQJRI
(WKLFV7KH8QLYHUVLW\RI$UL]RQD3UHVV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
o|]OHPH\HFHøLQL PRGHUQOLøLQ YH HOHûWLUHO DNÖOFÖ ELU \DNODûÖPÖQ VDQDWVDO GX\DUOÖOÖøÖQ YH
oHYUH
GX\DUOÖOÖøÖQÖQ
JHOLûPHVLQL
HQJHOOHPHGLøLQL
V|\OHPHN
KHU
]DPDQ
\HWHUOL
ROPDPDNWDGÖU1HZ$JHGL\HWDQÖPODQDQSRSOHUNOWUQVXQGXøXDNÖOGÖûÖNDUÖûÖPODUÖQ
|]HOOLøLLoOHULQHELUPLNWDUGRøUXNDWÖOPÖûROPDVÖGÖU%XRQODUÖKHQ]´DNODYHGDµHWPH
NRQXVXQGD NDUDUVÖ] RODQODU LoLQ GH LNQD HGLFL NÖODELOPHNWHGLU %|\OHFH EX NDUÖûÖPODUÖQ
HQ ]HKLUOL RODQODUÖ XPXOPDGÖN \HUOHUGH YH ]DPDQODUGD NDUûÖPÖ]D oÖNDELOL\RU YH ELU WU
´DNÖOWXWXOPDVÖµVD\HVLQGHVRQGHUHFHGHHWNLOLRODELOL\RU'DKD|QHPOLVLEDUÖQGÖUGÖNODUÖ
D]PLNWDUGDNLGRøUXGDLoOHULQGHHUL\LSJLGL\RU
(VWHWLNoLOLøLQ YH HWLøLQ \HûLOOHûWLULOPHVLQLQ 3RSSHU·LQ NXOODQGÖøÖ WHULPOHUOH ´NDELOH
WRSOXPXµQXQ \D GD ´NDSDOÖ WRSOXPµXQ HWKRV·XQX JHUL JHWLUPH GûOHUL\OH LOLûNLVL QHGLU" %X VRUX\X \DQÖWODPDN YH ED]Ö NDYUDPODUD DoÖNOÖN JHWLUPHN EDNÖPÖQGDQ EX GûOHULQ LNL
ELQ \ÖOGDQ GDKD |QFHVLQH X]DQDQ WDULKL LoLQGH |QHPOL ELU \HU WXWDQ 3ODWRQ·XQ
7LPDHXV·XQGDQ \ROD oÖNPDN \DUGÖPFÖ RODELOLU %DWÖ·GD YH 'RøX·GD <HQLSODWRQFX
JHOHQHNOHU NDGDU 1HZ $JH NRODMODUÖQD GD PDO]HPH VDøOD\DQ 7LPDHXV J|]P]Q |QQH
ELOLPVDQDWYHDKODNÖQVL\DVHWOHLoLoHJHoWLøLELUGQ\DVHUHU%XUDGD3ODWRQ·XQHWLøLLOH
7LPDHXV·XQRUWD\DNR\GXøXDKODNÖQELUYHD\QÖûH\ROPDGÖøÖQÖYXUJXODPDNJHUHNLU
,,
7LPDHXV3ODWRQ·XQ'HYOHWDGÖ\ODELOLQHQ\DSÖWÖQGDQDNWDUÖODQHQL\LGHYOHWWDVYLUOHUL\OH
EDûODU &ULWLDV·ÖQ $WLQDOÖ QO \DVD \DSÖFÖ 6RORQ·XQ (VNL 0ÖVÖU UDKLSOHULQGHQ GLQOHGLøLQL
V|\OHGLøL $WODQWLV |\NV\OH GHYDP HGHU %X |\N\OH DQODWÖOPDN LVWHQHQ 3ODWRQ·XQ HQ
L\L GHYOHW WDVYLULQLQ GûVHO ROPD\DELOHFHøL JHoPLûWH E|\OH ELU GHYOHWLQ .R]PRV·XQ
7DQUÖVDO ']HQL·\OH X\XPOX ELU WRSOXP G]HQLQLQ YDU ROPXû RODELOHFHøLGLU 6RQ
RODUDN \DSÖWD DGÖQÖ YHUHQ 3\WKDJRUDVoÖ GûQU 7LPDHXV .R]PRV·XQ YH LQVDQÖQ
\DUDWÖOÖûÖ|\NVQGLOHJHWLULU
%X VRQ |\N JHUoHNWH \DUDWÖFÖ HGLPLQ |\NVGU 7LPDHXV |QFH 9DUOÖN YH 2OXû
DUDVÖQGDNL D\UÖPD GHøLQLU 9DUOÖN DNÖO \ROX\OD NDYUDQÖU HEHGL YH H]HOLGLU 2OXûPDNWD
RODQ KHU ûH\ JHoLFLGLU YH KLoELU ]DPDQ JHUoHN DQODPGD YDU ROPD] DPD J|UOHELOLU YH
HOOH WXWXODELOLU 2OXûPDNWD RODQ KHU ûH\LQ ROXûPDVÖQD \RO DoDQ ELU 1HGHQ >&DXVH@
YDUGÖU7LPDHXV.R]PRV·XQGDJ|UQUYHHOOHWXWXOXUROGXøXQXGX\XPVDQDELOGLøLQL
EX \]GHQ GH ELU 1HGHQ·L ELU \DUDWÖFÖVÖ ROPDVÖ JHUHNWLøLQL |QH VUHU 7LPDHXV·D J|UH
.R]PRV RODELOHFHNOHULQ HQ J]HOL YH .R]PRV·XQ <DUDWÖFÖVÖ %DEDVÖ \D GD 0LPDUÖ
\DUDWÖFÖODUÖQHQL\LVLGLU2KDOGH.R]PRV·XQ0LPDUÖH]HOLYHHEHGL9DUOÖN·Ö|UQHNDOPÖû
ROPDOÖGÖU.R]PRVH]HOLYHHEHGL9DUOÖN·ÖQNRS\DVÖGÖU
7LPDHXV VRQVX] VD\ÖGD GQ\DQÖQ ROGXøXQX |QH VUHQ $WRPFXODUGDQ IDUNOÖ RODUDN
HûVL] YH NXVXUVX] ELU EWQ ROGXøXQD LQDQGÖøÖ .R]PRV·XQ NXVXUVX] SDUoDODUÖ\OD
X\XPOX ELUOLøLQL VDøOD\DQ WRSUDøÖ YH DWHûL VX\X YH KDYD\Ö GHøLûPH\HQ LOH JHoLFL RODQÖ
g]GHû LOH gWHNL·QL 9DUOÖN LOH 2OXû·X LOLûNLOHQGLUHQ J|N NXEEHGH $NOÖQ LoLPL]GH
5XK·XQ
GHYLUOHULQL
G]HQOH\HQ
JL]HPOL
RUDQODUGDQ
3\WKDJRUDVoÖODUÖQ
NXWVDO
JHRPHWULVLQGHQNÖVDFDVÖ7DQUÖVDO6DQDW·ÖQJL]OHULQGHQV|]HGHU
3RSSHU·LQ $oÖN 7RSOXP YH 'ûPDQODUÖ·QGD EHOLUWWLøL JLEL 3ODWRQ·D J|UH VL\DVHW
7LPDHXV·WD EHWLPOHQHQ 7DQUÖVDO 6DQDW JLELGLUVL\DVHWGH P]LN JLEL PLPDUOÖN JLEL H]HOL
<XQDQOÖODULoLQHWKRVWHULPLQLQLNLDQODPÖYDUGÖKDONÖQDKODN\DGDGDYUDQÖûNXUDOODUÖYHYH
NDUDNWHULP]LNWHKDONÖQDKODNYHNDUDNWHUOHULQLHWNLOH\HQPDNDP\DGDDNRUW%N]
KWWSZZZIDFVWDIIRJOHWKRUSHHGX-%RKDUW+LVWRULFDO2XWOLQHKWP
3ODWR7LPDHXV3ODWR,Q7ZHOYH9ROXPHV&DPEULGJH0DVV+DUYDUG8QLYHUVLW\3UHVV
3ODWR7LPDHXVH
(PHO$N|]HU³6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH
YHHEHGLRODQÖ|UQHNDODQELUG]HQJHWLUPHELoLPYHUPHVDQDWÖGÖU.XVXUVX]6DQDW·WÖU
%X VDQDWÖ LFUD HGHQOHULQ PDO]HPHVL LQVDQ WRSOXOXNODUÖGÖU 6L\DVHWLQ HVWHWLNOHûWLULOPHVL
LQVDQ WRSOXOXNODUÖQÖ 7DQUÖVDO gUQHN·H J|UH \HQLGHQ ELoLPOHQGLUPH NXVXUVX] YH J]HO
\HQL
ELU
WRSOXP
\DUDWPD
DU]XVXQXQ
VRQXFXGXU
3RSSHU·LQ
5RPDQWLNOLN
GL\H
DGODQGÖUGÖøÖ EX WXWXP NDSDOÖ WRSOXPGDQ DoÖN WRSOXPD JHoLû VUHFLQGH \DûDQDQ
VÖNÖQWÖODUÖQYHVRUXQODUÖQN|NWHQo|]PQJHoPLûWHGRøD\DG|QûWH\DGD´JHOHFHøLQ
VHYJLYHJ]HOOLNGQ\DVÖQDGRøUX\U\ûWHµDUD\DELOLU$PDKHUGXUXPGDEDûYXUGXøX
|UQHN LGHDOOHûWLUGLøL NDSDOÖ WRSOXP ELoLPOHULGLU WRSOXP \DûDPÖQÖ G]HQOH\HQ \DVDODUÖQ
KHQ] GRøD \DVDODUÖ JLEL J|UOGø ´NDELOH WRSOXPXµ \D GD ´RUJDQLN WRSOXPµGXU 7LPDHXV·WDDQODWÖODQ$WODQWLV|\NVQGHNLDQDNURQL]PEXLGHDOOHûWLUPHQLQUQGU%X
|\NGH $WODQWLV·OH VDYDûDQ $WLQD LQVDQ KD\DWÖQGDNL KHU ûH\LQ .R]PRV·XQ ']HQ·L\OH
X\XPLoLQGHROGXøXLGHDOELUGHYOHW]DPDQÖQWRSOXPODUÖQGDQoRNGDKDLOHULELUWRSOXP
|UQHøLRODUDNVXQXOPXûWXU
,,,
*HUoHNWH HQ HVNL ELoLPL\OH NDSDOÖ WRSOXP \D GD NDELOH WRSOXPX ELOJLQLQ DKODNL
EX\UXNODUOD VÖQÖUODQGÖUÖOGÖøÖ GROD\ÖVÖ\OD ´1H\L ELOHELOLUL]"µ VRUXVXQXQ KLo VRUXOPDGÖøÖ
WRSOXPGXU %X WRSOXPXQ \HOHULQLQ QH \DSPDVÖ JHUHNWLøL WRSOXPVDO \DûDPÖQ WDEXODUÖ
YH WRSOXPVDO \DSÖ LoLQGHNL \HUOHUL\OH EHOLUOHQPLûWLU NLûLVHO NDUDUODU V|] NRQXVX GHøLOGLU
GROD\ÖVÖ\OD ´'RøUX H\OHP QHGLU"µ VRUXVX IHOVHIHQLQ ELU GDOÖ RODUDN HWLøLQ WHPHOLQGH
\DWDQ YH ´1H \DSPDP JHUHNLUµ VRUXVXQX GD RODQDNOÖ NÖODQ VRUX KLo JQGHPH JHOPH]
2UJDQLN WRSOXP VDQDWVDO UHWLPLQ E\FONWHQ KHQ] IDUNOÖODûPDGÖøÖ VDQDWÖQ \D GD
E\QQ HUNOH Lo LoH JHoWLøL IHOVHIHQLQ ELU GDOÖ RODUDN HVWHWLøLQ KHQ] RUWD\D oÖNPDGÖøÖ
WRSOXPGXU´.DSDOÖWRSOXPµGHU3RSSHU´KÖVÖPOÖNELUDUDGD\DûD\ÖûRUWDNoDEDODUÖ
RUWDNWHKOLNHOHULRUWDNVHYLQoOHULYHRUWDNNDGHUOHULSD\ODûPDJLEL\DUÖEL\RORMLNEDøODUOD
ELUELULQHWXWXQPXû\DUÖRUJDQLNELUELULPROGXøXLoLQGLUNLELUVU\\DGDELUNDELOH\L
DQGÖUÖU.DSDOÖWRSOXPKkOkELUELUOHUL\OHEDøÖLûE|OPYHPDOGHøLûWRNXûXJLELVR\XW
WRSOXPVDOLOLûNLOHUGHQLEDUHWROPD\ÖSGDGRNXQPDNRNODPDYHJ|UPHJLELVRPXWIL]LN
LOLûNLOHUGHQPH\GDQDJHOHQVRPXWELUH\OHULQVRPXWELUJUXEXGXUµ 3ODWRQ·XQ \DûDGÖøÖ G|QHPGHQ oRN |QFH GDKD ùg \]\ÖOGD ùRQ\D E|OJHVLQGH
0LOHWRV·WDIHOVHIHYHELOLPGLQVHOYHDKODNLNÖVÖWODPDODUÖWDQÖPD]ROPXûYHVDQDWELOLûVHO
DKODNVDOE\VHOYHVL\DVDOLûOHYLQL\LWLUPLûWLU<HQLWHNQLNYHELOLPVHONOWUQHWKRV·X
NDELOH WRSOXPXQXQ E\ YH HIVDQHOHU GQ\DVÖQÖQ HWKRV·X GHøLOGLU DUWÖN 3RSSHU $oÖN
7RSOXP YH 'ûPDQODUÖ·QGD YH ´.OWUOHULQ dDUSÖûPDVÖ +DNNÖQGDµ EDûOÖNOÖ \D]ÖVÖQGD
$\GÖQODQPD·QÖQ LON NH] GHQL]FLOLN YH WLFDUHWLQ JHOLûWLøL 'RøX YH %DWÖ NOWUOHULQLQ \]
\]H JHOGLøL 'RøX $NGHQL] NHQWOHULQGH |UQHøLQ 0LOHWRV·WD EDûODPÖû ROPDVÖQÖQ YH EX
HQWHOHNWHO YH WLFDUL PHUNH]OHUGHQ \D\ÖOPDVÖQÖQ ELU UDVWODQWÖ ROPDGÖøÖQÖ DQODWÖU %WQ
EXJHOLûPHOHUEXVL\DVDOYHUXKVDOGHYULPFHQQHWEDKoHVLQLQX\XPXQXER]PXûNDSDOÖ
WRSOXPXQo|Nû\OHELUOLNWHEXDoÖNWRSOXPDJHoLûLQ\DOQÖ]FDLONDGÖPÖGÖU´X\JDUOÖøÖQ
VÖNÖQWÖVÖµGX\XOPD\DEDûODPÖûWÖU
,9
.DUO53RSSHU$oÖN7RSOXPYH'ûPDQODUÖV
,ELG
%N]&KDUOHV+.DKQ7KH$UWDQG7KRXJKWRI+HUDFOLWXV&DPEULGJH&DPELGJH8QLYHUVLW\
3UHVV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.DSDOÖ WRSOXPGDQ DoÖN WRSOXPD JHoLû VUHFLQGH KkOk \DûDPDNWD ROGXøXPX] EX
VUHoWH RUWD\D oÖNDQ ´VUNOHQPH GX\JXVXµQXQ \DUDWWÖøÖ EHOLUVL]OLN YH VL\DVDO GHøLûLP
NDUûÖVÖQGD |]HO DODQ RLNRV NDELOH WRSOXPXQXQ DOÖûNDQOÖNODUÖQÖQ HWKRV·XQXQ KkOk JHoHUOL
ROGXøX J|UQûWH JYHQOL ELU DODQ ELU VÖøÖQDN RODUDN NDOPÖûWÖU -HDQ)UDQoRLV /\RWDUG
·GH ´2LNRVµ EDûOÖøÖQÖ WDûÖ\DQ \D]ÖVÖQGD <XQDQFD·GD RLNHLRQ YH SROLWLNRQ DUDVÖQGDNL
DSDoÖNNDUûÖWOÖøDGLNNDWoHNHU2LNHLRQKDQHKDONÖGÖUNDGÖQODUoRFXNODUKL]PHWNkUODU\D
GD N|OHOHU HYFLO KD\YDQODUGÖU ´2LNHLRQ NDPXVDO ROPD\DQ KHU ûH\GLUµ
2LNHLRQ YH
SROLWLNRQDUDVÖQGDNLNDUûÖWOÖNPDKUHPYHNDPXVDODUDVÖQGDNLNDUûÖWOÖøDNDUûÖOÖNJHOLU
/\RWDUG·D J|UH WUDMHGL RLNRV·XQ EX WHNLQVL] PHNkQÖQ DODFDNDUDQOÖøÖQGD GRøPXûWXU
'RPHVWLN DODQ WUDMHGLOHULQ YD]JHoLOPH] DUNDSODQÖGÖU WUDMHGLOHULQ NRQXVX >NDSDOÖ
WRSOXPGDQ DoÖN WRSOXPD JHoLû VUHFLQGH@ DLOH LOLûNLOHULGLU ´7UDMHGL EX HNRORMLN YH
HNRWUDMLN oHUoHYH GÖûÖQGD PPNQ GHøLOGLUµ GHU /\RWDUG
%XQXQ QHGHQL NDELOH
WRSOXPXQXQ HWKRV·XQXQ GRPHVWLN DODQGD JHoHUOLOLøLQL VUGUPHVLGLU 7HNLQVL]OLøLQ
ND\QDøÖEXHWKRV·WXU
6L\DVHWLQ HVWHWLNOHûWLULOPHVLQLQ \D GD HVWHWLNoLOLøLQ VRQXFX NDELOH WRSOXPXQXQ
HWKRV·XQXQ RQDUÖOPDVÖ UHVWRUH HGLOPHVL YH \HQL\PLû JLEL VXQXOPDVÖGÖU \HQLGHQ oHYULPH
VRNXOPDVÖGÖU .DELOH WRSOXPXQXQ LOLûNLOHULQL JHUL JHWLUPH\H oDOÖûDQ YH LoH NDSDQDQ
WRSOXPODUGD
UHVWRUDV\RQ
DODQÖGÖU
RLNRV
(WLøLQ
\HûLOOHûWLULOPHVL
VL\DVHWLQ
HVWHWLNOHûWLULOPHVLQL L]OHU 2LNRV LoLQGH VDNODQÖS NRUXQDQ NDELOH WRSOXPXQXQ HWKRV·XQXQ
JHQLûOH\LS
\D\ÖOPDVÖ
NDPXVDO
DODQÖQ
GRPHVWLNOHûPHVLGLU
'RPHVWLN
PHNkQÖQ
NUHVHOOHûPHVL VUHFLQLQ ·ODUGD HNRORMLQLQ WHN ELU DLOHQLQ \DûDGÖøÖ GHYDVD ELU HY
RODUDN GûOHQHQ \HUNUHQLQ \|QHWLPL RODUDN WDQÖPODQPDVÖ\OD EDûODGÖøÖQÖ V|\OHPHN
\DQOÖûROPD]
*HoPLûWH NDELOHFL \D GD RUJDQLN WRSOXPD |\NQHQ WRSOXPODUÖQ PLPDUODUÖQÖQ
IL]LNVHO PHNkQGD g]GHû RODQÖ YH gWHNL·QL NRQXPODQGÖUÖûODUÖQGDNL |]HO DODQOD NDPXVDO
DODQÖ D\ÖUÖS EWQOHûWLUPHOHULQGHNL XVWDOÖN YH J]HOOLN 7LPHDXV·WD GLOH JHWLULOHQ 7DQUÖVDO
6DQDW·ÖQ NXWVDO JHRPHWULVLQGHQ ND\QDNODQPÖû NDELOHFL WRSOXPXQ GHøHUOHUL NXWVDO
JHRPHWUL NXUDOODUÖQD J|UH LQûD HGLOHQ NHQWOHULQ G]HQLQGH NRUXQPXûWXU $PD NDELOH
WRSOXPX LGHDVÖQÖQ VRPXWODûWÖøÖ NDELOH WRSOXPXQXQ HWKRV·XQXQ WDûÖQGÖøÖ WHN ELoLP
JHOHQHNVHO NHQW GHøLOGLU NXûNXVX] %X HWKRV HNRORMLNWHNQRORMLN WRS\DODUGD YH
NDUDEDVDQODUGDGD\DûDWÖOPDNWDGÖU0DUN:LJOH\´<HQLGHQdHYULPLQ<HQLGHQdHYULPLµ
EDûOÖNOÖ
\D]ÖVÖQGD
HNRORMLQLQ
EDûÖQGDQ
EHUL
PLPDUOÖN
]HULQH
YH
PLPDUOÖNWDQ
ND\QDNODQDQ ELU GûQPH ELoLPL ROGXøXQX V|\OHPHNWHGLU %X G|QJVHO GûQFHQLQ
EDûODQJÖFÖYHVRQX.R]PRV·XQLQVDQWUQYHFDQOÖYHFDQVÖ]WPYDUOÖNODUÖLoHUHQELU
DLOH\L EDUÖQGÖUGÖøÖ LQDQÖûÖGÖU $LOHQLQ X\XPXQX NRUXPDN LoLQ LQVDQ WUQQ \RN
HGLOPHVLJHUHNWLøLQLVDYXQDQODUGD\RNGHøLOGLU
'DKD J]HO ELU GQ\D YDDW HGHQ LGHRORMLOHU DGÖQD LQVDQ KD\DWÖQD YH LQVDQ RQXUXQD
\|QHOWLOHQ KHU VDOGÖUÖ NDUûÖVÖQGD 3RSSHU·LQ $oÖN 7RSOXP YH 'ûPDQODUÖ·QÖQ VRQXQGD DoÖN
ELUELoLPGHGLOHJHWLUGLøLX\DUÖ\Ö\HQLGHQDQÖPVÖ\RUXP
3ODWRQ·GDQ DOPDPÖ] JHUHNHQ GHUV RQXQ EL]H |øUHWPH\H oDOÖûWÖøÖQÖQ WDP
NDUûÖWÖROPDOÖGÖU3ODWRQ·XQVRV\RORMLNWDQÖVÖ\HWNLQROPDNODELUOLNWHNHQGL
JHOLûLPLVDOÖNYHUGLøLVDøDOWÖPÖQVDYDûPD\DoDOÖûWÖøÖN|WONWHQGDKDEHWHU
-HDQ)UDQoRLV/\RWDUG´2LNRVµ3ROLWLFDO:ULWLQJV/RQGRQ8&/V
,ELG
%N]0DUN:LJOH\´5HF\FOLQJ5HF\FOLQJµ,QWHUVWLFHV-RXUQDORI$UFKLWHFWXUHDQG5HODWHG
$UWV
(PHO$N|]HU³6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH
ROGXøXQX NDQÖWODPDNWDGÖU 6L\DVDO JHOLûLPL GXUGXUPDN oDUH GHøLOGLU EX
PXWOXOXNJHWLUPH].DSDOÖWRSOXPXQV|]GHPDVXPOXNYHJ]HOOLøLQHDUWÖN
JHUL G|QHPH\L] &HQQHW GûP] \HU\]QGH JHUoHNOHûWLULOHPH] %LU NH]
DNOÖPÖ]D JYHQPH\H YH HOHûWLUPH \HWLOHULPL]L NXOODQPD\D EDûOD\ÖQFD ELU
NH]NLûLVHOVRUXPOXOXNODUÖPÖ]ÖQVHVLQLYHRQXQODELUOLNWHELOJL\LLOHUOHWPH\H
\DUGÖP HWPHQLQ VRUXPOXOXøXQX GX\XQFD DUWÖN ELU GDKD NDELOH VLKULQH
ND\ÖWVÖ] ER\XQ HøPH GXUXPXQD GûHPH\L] %LOPH DøDFÖQÖQ PH\YHVLQL
\L\HQOHU LoLQ FHQQHW \LWLULOPLûWLU .DKUDPDQ NDELOHFLOLN oDøÖQD JHUL JLWPHN
LoLQ QH NDGDU oDOÖûÖUVDN (QJL]LV\RQD *L]OL 3ROLVH YH URPDQWLNOHûWLULOPLû
ELU JDQJVWHUOLøH XODûPDPÖ] R NDGDU NHVLQ ROXU $NOÖQ YH GRøUXQXQ
VXVWXUXOPDVÖ\OD EDûOD\ÖQFD LQVDQÖQ RODQ KHU ûH\L HQ NDED YH ûLGGHWOL ELU
\ROGDQ \ÖNPDNOD ELWLUPHN ]RUXQGD NDOÖUÖ] 8\XPOX ELU GRøD GXUXPXQD G|Qû
\RNWXU'|QHUVHN\ROXQHQEDûÖQDKD\YDQOÖøDNDGDUG|QPHPL]JHUHNLU
´5RPDQWLNOLNµ GHU 3RSSHU ´J|NVHO ûHKULQL JHoPLûWH \D GD JHOHFHNWH DUD\DELOLU
¶GRøD\D G|Qû· \DKXW ¶JHOHFHøLQ ELU VHYJL YH J]HOOLN GQ\DVÖQD GRøUX \U\û·Q
VDYXQDELOLU IDNDW oDøUÖVÖ KHU ]DPDQ DNÖOGDQ oRN GX\JXODUÖPÖ]DGÖU <HU\]Q FHQQHW
\DSPDN \ROXQGDNL HQ L\L QL\HWOHUL ELOH DQFDN GQ\D\Ö FHKHQQHPH ³\DOQÖ] LQVDQÖQ
KHPFLQVOHULLoLQKD]ÖUOD\DELOHFHøLELUFHKHQQHPH³oHYLUPH\LEDûDUDELOLUµ
*|UQûWH
EDUÖûÖQ KNP VUGø \HU\] FHQQHWOHULQGH ELOH LQVDQODUÖQ ELU E|OP GRøXP
UDVWODQWÖODUÖQGDQND\QDNODQDQIDUNOÖOÖNODUÖ\DGDIDUNOÖGûQFHOHUL\]QGHQJ]HOOLøLYH
X\XPX NRUXPD\Ö DPDoOD\DQ ûLGGHWLQ KHGHIL RODELOL\RUODUVD HVWHWLNoLOLN JLEL HWLøLQ
\HûLOOHûWLULOPHVLQLGHVRUJXODPDNJHUHNLU
.DUO3RSSHU$oÖN7RSOXPYH'ûPDQODUÖV
.DUO3RSSHU$oÖN7RSOXPYH'ûPDQODUÖV
´ùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
3URI'U%HUQD$UGD 7DULK |QFHVL oDøODUGD RUPDQGDQ \NVHOHQ
LONDøUÖoÖøOÖøÖKHNLPLGDYHWHGHQLONoDøUÖ
LGL
ùQVDQODUÖQ \DûDPODUÖQÖ VUGUPHN LoLQ JHUoHNOHûWLUGLNOHUL YH UHWLPOHUL VRQXFX
JHoLPOLN ELU SDUD HGLQGLNOHUL HWNLQOLNOHUGLU LûOHU %LOJLVHO \D GD WHNQLN LoHULøL LOH EX
PHVOHøL \DSPD \HWNLQOLøLQH XODûPD \ROODUÖ QH GHQOL IDUNOÖ ROXUVD ROVXQ PHVOHNOHULQL
X\JXODUNHQ
SURIHV\RQHOOHULQ
VHUJLOHPHOHUL
EHNOHQHQ
EHOLUOL
GDYUDQÖû
ELoLPOHUL
EXOXQPDNWDGÖU %X ´IRUPODUµ PHVOHNOHULQ NHQGL |]JQ \DSÖODUÖ\OD RUWD\D oÖNÖû
]DPDQODUÖ LOH YH EHONL ELU DQODPGD RQODUÖQ WDULKVHOOLNOHUL\OH GH EDøODQWÖOÖ ELoLPOHUGLU
2NX\DFDøÖQÖ] \D]Ö JQP]GH WÖEEÖQ ELU PHVOHN X\JXODPDVÖ RODUDN VHUJLOHGLøL
J|UQPQ ´Lû DKODNÖµ JLELELU SD\GDWHPHOLQGH GûQGUGNOHUL ]HULQHGLU %XJQQ
WÖEEÖQÖWDQÖPODPD\DoDOÖûPDNGHYDVDELUELOJLELULNLPLQLD\QÖ]DPDQGDWHNQRORML\LELUR
NDGDU \RøXQ ´VDQDWVDOµ \DNODûÖPÖ YH LOHWLûLP EHFHULOHUL \XPDøÖQÖ GD NDVWHWPHN
GHPHNWLU %LOLPVHO ELOJL ELULNLPL DoÖVÖQGDQ WÖS LoHULøLQL E\N ELU KÖ]OD NDWOD\DUDN
QHUHGH\VH ORJDULWPLN ER\XWODUGD DUWWÖUPDNWD RODQ YH D\QÖ ]DPDQGD \RøXQ WHNQRORML
NXOODQÖPÖQD DoÖN ELU DODQGÖU %X \D]Ö oHUoHYHVLQGH WÖEEÖQ ELOLPVHO ELOJL UHWLPL LOH LOJLOL
\DQÖ LOH NRUX\XFX KHNLPOLN EDøODPODUÖ \D]Ö\Ö oRN JHQLûOHWPHPHN ND\JÖVÖ LOH NDSVDP
GÖûÖQGDWXWXOPXûWXU'ROD\ÖVÖ\OD´LûDKODNÖµDoÖVÖQGDQWÖSGHQGLøLQGHNDVWHGLOHQWHGDYL
HGLFL WÖEEÖQ \D GD JHOHQHNVHO ´ELU KHNLP ELU KDVWDµ LOLûNLVLQLQ JQP]GH VHUJLOHGLøL
J|UQPOHU EDøODPÖQGDNL WÖSWÖU <LQH D\QÖ QRNWDGDQ KDUHNHWOH KDQJL WU KHNLP
GDYUDQÖûÖQÖQ ´DKODN GÖûÖµ VD\ÖOGÖøÖ LOH LOJLOL |UQHNOHU WDELS RGDODUÖQÖQ RQXU NXUXOODUÖ
SHUVSHNWLILQGHQJQGHPHJHWLULOHFHNWLU
8\JXODPDOÖELU(WNLQOLN2ODUDN7ÖSYH´*YHQµh]HULQH
+HNLPLQ LQVDQOD GRøUXGDQ EDøODQWÖOÖ ELU PHVOHøL YDUGÖU %X EDøODQWÖ DGÖQD ´LQVDQµ
GHQHQ YDUOÖøÖQ VHUJLOH\HELOHFHøL WP XPXOPDGÖN WP VÖUD GÖûÖ J|UQPOHUOH ELU
SURIHV\RQHO RODUDN PXKDWDS ROPD\Ö JHUHNWLUHFHN ELU \RøXQOXN WDûÖPDNWDGÖU ùQVDQ
EL\RORMLVLQLQ JHUHNWLUGLøL oHûLWOL GXUXPODU |UQHøLQ WHPHOGH IL]\RORMLN YH GRøDO ELU ROD\
ROPDNOD ELUOLNWH JQP]GH oRNoD WÖEELOHûWLULOPLû ROGXøX GûQOHQ GRøXP LoLQ
KDVWDOÖN GHQHQ HYUHQVHO ROJXQXQ SHQoHVLQH DOGÖøÖ KHU ELU ELUH\ LoLQ WUDYPD\D PDUX]
NDODQ KHU LQVDQ LoLQ KHNLP PHVOHNL ELOJL YH EHFHULVL QHGHQL\OH NHQGLVLQH \DNÖQ
EXODFDøÖ ELU SURIHV\RQHOGLU =DDIODUÖPÖ]Ö NLPVH\H EHONL NHQGLPL]H ELOH J|VWHUPHN
LVWHPH\HFHøLPL] YH EDûND NLPVHQLQ ELOPHVLQL LVWHPH\HFHøLPL] \DQODUÖPÖ]Ö KHPHQ
VDGHFH KHNLPOHUOH SD\ODûPD\D \DQDûÖUÖ] +DVWDOÖN GXUXPODUÖ QHGHQL QH ROXUVD ROVXQ
NHQGLPL]L ]D\ÖI YH \DUGÖPD PXKWDo VD\GÖøÖPÖ] \D GD |\OH GX\XPVDGÖøÖPÖ] GXUXPODU
GHøLO PLGLU" 9H EX GXUXPODUÖPÖ]Ö J|UPHVLQHWDQÖN ROPDVÖQD L]LQ YHUPHPL]H \RO DoDQ
HWNHQKHNLPOHULQEL]HYHUGLøL´JYHQGX\JXVXµGHøLOPLGLU"
7ÖS NXûNXVX] WHN ER\XWD LQGLUJHQHPH\HFHN NDGDU oRN \|QO YH LoVHO ]HQJLQOLøL
RODQ ELU HWNLQOLNWLU 2QX ELU PHVOHN ROPDQÖQ |WHVLQGH X\JXODPDOÖ ELU ELOLP D\QÖ
]DPDQGD ELU VDQDW D\QÖ ]DPDQGD ELU DOW NOWU RODUDN GD J|UPHN PPNQGU 7ÖS
$QNDUDhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML$QDELOLP'DOÖgøUHWLPh\HVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
DODQÖ WDULKVHO HYULPL LoHULVLQGH oHûLWOL ER\XWODUÖ YH oHûLWOL QLWHOLNOHUL\OH WDQÖPODQPÖû YH
DGODQGÖUÖOPÖûWÖU gQFHOHUL LoJGVHOOLøLQ |Q SODQGD ROGXøX WÖS X\JXODPDVÖQGD ELU
]DPDQODU PLVWLN QLWHOLNOHUOH EH]HOL YH KHNLPOHULQ D\QÖ ]DPDQGD GLQ DGDPÖ QLWHOLøL
WDûÖGÖNODUÖ G|QHPOHU GH \DûDQPÖûWÖU $UGÖQGDQ WÖS X\JXODPDVÖQÖQ ODLN ELU \DSÖ\D
EUQGø KHNLPOHULQ GLQVHO |øHOHUGHQ VÖ\UÖOGÖøÖ YH J|]OHPH GD\DOÖ DPSLULN
\DNODûÖPODUÖQ JHoHUOLN ND]DQPDVÖ\OD GD DNÖOFÖ XVVDO KHNLPOLøH \|QHOLN DGÖPODUÖQ
DWÖOPD\D EDûODQGÖøÖ J|UOHELOLU 9H EXJQ QLKD\HW ELOLPVHOGHQH\VHO EDNÖûÖQ HJHPHQ
ROGXøXELU\DNODûÖPWÖSWDNLJHQHOHøLOLPLROXûWXUPDNWDGÖU
7ÖEEÖQ HYULPVHO JHOLûLPLQGH NDUûÖPÖ]D oÖNDQ KHU ELU G|QHPLQ NHQGLQH |]J
NDUDNWHULVWLNOHUL YDUGÖU NXûNXVX] +HNLP NLPOLøL GH EXQD NRûXW RODUDN GHøLûLNOLNOHU
J|VWHUPLûWLU
$QFDN
KDQJL
G|QHPGH
EXOXQX\RU
ROXUVDN
RODOÖP
EX
NLPOLøLQ
oHNLUGHøLQGH QH ROXUVD ROVXQ YD]JHoLOHPH] ELU WDNÖP |øHOHU EXOXQPDN ]RUXQGDGÖU %X
|øHOHU KHU KHNLP LoLQ RQXQ FLQVHO \|UHVHO HWQLN XOXVDO GLQVHO YH LGHRORMLN DOW
E|OPOHUL
GH
EXOXQDQ
NLûLVHO
NLPOLøLQLQ
|WHVLQGHNL
ELU
´PHVOHN
NLPOLøLµQL
WDQÖPODPDNWDGÖU +HNLPLQ GDYUDQÖûÖQÖ EHOLUOH\HQ GH RQXQ NLûLVHO NLPOLøLQLQ
oDWÖûPD\D GûWø GXUXPODUGD ELOH PHVOHNL NLPOLøLQLQ LûDUHW HWWLøL YH GH JYHQFHVL
ROGXøX GHøHUOHUL|QH oÖNDUÖS oÖNDUDPDPDVÖGÖU+HNLPL ´JYHQLOLUµ NÖODQ YH EXQDGD\DOÖ
RODUDN GD WÖS NXUXPXQX ELQOHUFH \ÖOGÖU ´D\DNWDµ WXWDELOHQ WHPHO GD\DQDN QRNWDVÖGD
KHNLP NLPOLøLQH J|OJHVLQL GûUHQ LQVDQFÖO YH ELU R NDGDU GD HYUHQVHO ELU NLPOLøLQ
LoHULøLQGH VDNOÖ ROVD JHUHNWLU %LU NXUXP RODUDN WÖEEÖQ KDQJL |]HOOLNOHUH VDKLS
SURIHV\RQHOOHUL
NHQGLVLQGHQ
VD\DFDøÖ
YH
´KHNLPµ
NDEXO
HGHELOHFHøL
LOH
LOJLOL
EHOLUOHQPLûNULVWDOL]H ROPXûLONHOHUL ELQOHUFH \ÖOGÖU EXOXQPDNWDGÖU %LU ORQFD LûOH\LûLQGH
YH NHQGL LoLQH G|QN ELU PHVOHN |]HOOLøL WDûÖGÖøÖ +LSRNUDW G|QHPLQGHQ EX \DQD RQXQ
DGÖ\OD
ELOLQHJHOHQ
KHNLP
DQWODUÖ
GD
WÖS
NXUXPXQXQ
NHQGLQGHQ
VD\GÖøÖ
SURIHV\RQHOOHUGHQ WRSOXP |QQGH ´GUVWµ ´JYHQLOLUµ ROPD ´VÖU VDNODPDµ ´LQVDQ
NLûLOLøLQH VD\JÖ GX\PDµ YH ´D\UÖPFÖOÖøD NDUûÖ GXUPDµ V|]Q DOPDVÖ GHøLO PLGLU" %X
W|UHQVHO|øHOHULVRQGHUHFH|QSODQGDRODQDQGROJXVXQGDWÖSNXUXPXQXQKHUELU\HQL
SURIHV\RQHOL ]HULQGHQ DVOÖQGD NHQGL YDUOÖøÖQÖ JYHQFH\H DOPD ND\JÖVÖ EXOXQPDPDNWD
PÖGÖU"+HNLPOHUEXULWHOLNEDøODPGDWPSRWDQVL\HOKDVWDODUÖQD´%DQDJYHQHELOLUVLQ
PHVOHNLELOJLYHEHFHULPLVHQLQL\LOLøLQLoLQNXOODQDFDøÖPµV|]QYHUPHNWHGLUOHU
+HNLPKDVWD LOLûNLVL WÖEEÖQ HYULPL ER\XQFD GHøLûLNOLøH XøUDPÖû IDUNOÖ J|UQPOHUH
EUQPûWU%XIDUNOÖ J|UQPOHUGHQELULVL KHNLPLQ HWNLQ YH KDVWDQÖQ LVH EWQ\OH
HGLOJLQ ROGXøX ´HWNLQOLNHGLOJHQOLNµ WU ELU LOLûNL ELoLPLGLU %LU LNLQFLVL KHNLPLQ
KDVWDVÖQD X\PDVÖ JHUHNHQ NXUDOODUÖ YH \DSPDVÖ JHUHNHQOHUL V|\OHGLøL GDKD GRøUXVX
|QFHOLNOH KHNLPFH EHOLUOHQPLû ELU VWUDWHML\L KDVWDQÖQ X\JXOD\DJHOGLøL ELU LOLûNL ELoLPLGLU
%X ´\RO J|VWHUPHLûELUOLøL HWPHµ RODUDN DGODQGÖUÖOPDNWDGÖU +HNLPKDVWD LOLûNLVLQLQ oQF
DQDELoLPLLVHKHNLPLQELUSURIHV\RQHORODUDNKDVWDVÖQD\DUGÖPFÖROGXøXRQXQKDVWDOÖN
VUHFLQGHNDUûÖOÖNOÖNDWÖOPDELoLPLQGHRUWD\DoÖNDQ´SD\ODûÖPFÖµLOLûNLELoLPLGLUg]HOOLNOH
WHGDYL HGLFL KHNLPOLNWH ELU EDûND GH\LûOH KHNLPKDVWD LOLûNLVLQLQ WHPHOLQL ROXûWXUGXøX
ELU G]OHPGH EX LOLûNLQLQ JYHQ WHPHOLQH GD\DQPDVÖ JHUHNWLøL DoÖNWÖU *QP]GH
SDWHUQDOLVW
ELU
LOLûNLGHQ
KHNLPLQ
\RO
J|VWHULFL
ROGXøX
YH
KHNLPLQ
KDVWDVÖ\OD
´SD\ODûÖPFÖµELULOLûNL\LVUGUHELOGLøLELUKHNLPKDVWDLOLûNLVLQHJLGLOGLøLJ|UOPHNWHGLU
7RSOXPODUÖQ NHQGL VRV\RNOWUHO |]HOOLNOHULQLQ KHNLPKDVWD LOLûNLOHULQGH GH EDûOÖFD
EHOLUOH\LFLOHUGHQ ELUL ROGXøX |UQHøLQ EX EDøODPGD ONHPL]GH GH GDKD VÖNOÖNOD KDVWDQÖQ
HGLOJLQ ROGXøX ´SDWHUQDOLVWLNµ ELU LOLûNL WUQQ RUWD\D oÖNWÖøÖ YH VWHOLN EX WU ELU
LOLûNLQLQKHPKDVWDODUKHPGHKHNLPOHUWDUDIÖQGDQJHQHOGHEHQLPVHQHUHNX\JXODQGÖøÖQÖ
J|]OHPOHPHNPPNQGU
%HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
<XNDUÖGD GD GLOH JHWLULOHQ KHNLPKDVWD LOLûNLVLQLQ ]HULQH LQûD HGLOGLøL JYHQ
|øHVLQLQ ]DPDQ LoHULVLQGH \HULQL ND\ÖWVÖ] NRûXOVX] ELU JYHQ \HULQH ´D\GÖQODWÖOPÖû RQDPµ
NDYUDPÖQD EÖUDNWÖøÖQÖ V|\OHPHN PPNQGU %X GXUXP EDûWD WP LQVDQOÖN DGÖQD
XWDQo H\OHPOHUL RODQ 1D]LOHULQ X\JXODPDODUÖ JLEL oHûLWOL HWNHQOHU QHGHQL\OH JYHQ
WHPHOLQLQ VDUVÖOPDVÖQD GD\DQPDNWDGÖU %LU EDûND GH\LûOH JQP]GH ´KHNLPLQ KDVWDVÖ
DGÖQD HQ L\L\L \DSDFDøÖµ GûQFHVL \HULQL ´KDVWDQÖQ NHQGL EHGHQLQH YH NHQGL VDøOÖøÖQD
LOLûNLQ HQ GRøUX NDUDUÖ YHUPHN LoLQ JHUHN GX\DFDøÖ ELOJL\L KHNLPLQ KDVWDVÖQD YHUHFHøLµ
GûQFHVLQHG|QûPûWU*QP]GHWÖSX\JXODPDVÖQGDD\GÖQODWÖOPÖûRQDPNDYUDPÖ
VRQGHUHFHPHUNH]LELUNRQXPGDEXOXQPDNWDGÖU+DVWDQÖQKDVWDOÖøÖQDYHEXQD\|QHOLN
WHGDYL\H LOLûNLQ \HWHULQFH ELOJL DOPDVÖQGDQ VRQUD NHQGLVLQH X\JXODQDFDN WHGDYLOHU
KDNNÖQGDUÖ]DJ|VWHUPHVLELoLPLQGH|]HWOH\HELOHFHøLPL]D\GÖQODWÖOPÖûRQDPNDYUDPÖLOH
ELUOLNWH KHP KHNLPLQ HWLN YH KXNXNL VRUXPOXOXNODUÖ \HQLGHQ J|]GHQ JHoLULOPH\H
EDûODQPÖû KHP GH EX WU ELU SD\ODûÖPFÖ LOLûNLQLQ HJHPHQ ROGXøX KHNLP KDVWD LOLûNLVL
WUQGH KHNLPOHULQ RWRULWHU YH SDWHUQDOLVW ELU ILJU ROPDNWDQ YD]JHoHUHN KDVWDQÖQ
NDUDUÖQD VD\JÖ GX\PDN ]RUXQGD ROGXNODUÖ NRQXVX JQGHPH JHOPLûWLU $QFDN \LQH
GH VRQ o|]POHPHGH HWLN DGÖQD GLOH JHWLULOHQ LONHOHUGHQ ´|]HUNOLN LONHVLQLµ EX LOLûNL
ELoLPLQL\RUXPODUNHQVDGHFHWHN\|QOELUELoLPGHKDVWDQÖQ|]HUNOLøLRODUDNDOJÖODPDN
KHNLPLQ|]HUNOLøLQLKLoKHVDEDNDWPDPDNJLELELU|QNDEXOKHU]DPDQYHKHUNRûXOGD
JHoHUOL VD\DELOLU PL\L]" *QON \DûDP KHNLPOHULQ NDUûÖVÖQD RQODUÖ LNLOHPOHUH GûUHQ
|\OH |]HO YH VÖUD GÖûÖ GXUXPODU oÖNDUPDNWDGÖU NL KHNLPOHU DoÖVÖQGDQ NDUDU YHUPH
VUHFLQLQ KLo GH NROD\ LûOHPHGLøLQL DQFDN ´KDVWDQÖQ L\LOLøLµQL J|]HWPHN JLEL ELU WHPHO
YDUVD\ÖPÖQDQDoÖNÖûQRNWDVÖRODUDNDOÖQDELOHFHøLQLV|\OHPHNPPNQGU
1HGHQ+HNLP2OPD\Ö6HoL\RUX]"
%LU PHVOHøLQ QHGHQ VHoLOGLøL VRUXVXQD YHULOHQ \DQÖWODU ELUGHQ ID]OD VD\ÖGD YH oRN
IDUNOÖ ER\XWODUGD RODELOLU ûSKHVL] '|QHPVHO RODUDN IDUNOÖ PHVOHNOHULQ ´J|]GHµ
ROGXøXQX YH EX UHYDoWD ROXûWDQ ND\QDNODQDQ ´L\L PHVOHNOHUµ ´L\L ROPD\DQN|W
PHVOHNOHUµ
D\UÖPÖQÖQ
\DSÖOGÖøÖQD
KHSLPL]
WDQÖN
ROPXûX]GXU
%X
EDøODPGD
YXUJXODQPDVÖ JHUHNHQ QRNWDODUGDQ ELU GLøHUL GH ´ELU PHVOHøL L\L \DSPDNµ \D GD ELU
PHVOHøL JHUHNWLøL JLEL LFUD HWPHN \HULQH KHSSHûLQGHQ JLGLOHQ ´L\L PHVOHNµ NDYUDPÖQÖQ
FD]LEHVLGLU'ROD\ÖVÖ\ODELUoRNJHQoLoLQNHQGL\HWHQHNOHUL\DûDPDEDNÖûDoÖVÖNLûLVHOYH
WRSOXPVDOEHNOHQWLOHUL\OHELUH\VHO|]HOOLNOHUL\OHX\XPOXELUELoLPGHEHOLUOHQHELOHFHNELU
PHVOHNVHoPHN\HULQH´DODPRGHµPHVOHNRG|QHPGHQHLVHRQXQSHûLQHWDNÖOÖQGÖøÖQÖ
V|\OHPHN \DQOÖû ROPD\DFDNWÖU %X QHGHQOH ]DPDQ LoLQGH IDUNOÖ PHVOHNOHULQ ELU G|QHP
NLP\D PKHQGLVOLøLQLQ WÖEEÖQ ELU G|QHP HOHNWURQLN YH ELOJLVD\DU PKHQGLVOLNOHULQLQ
ELU G|QHP LûOHWPHFLOLøLQ J|]GH PHVOHNOHU RODUDN WDQÖPODQGÖNODUÖQÖ \DûDGÖN\DûÖ\RUX]
%X EDøODPGD \DSDFDøÖPÖ] VDSWDPDODUGDQ LONL JQP]GH WÖEEÖQ JHQoOHU DoÖVÖQGDQ
´J|]GH PHVOHNOHUGHQ ELULVL ROPDGÖøÖµ \|QQGH RODFDNWÖU %LUH\VHO WXWXPODUÖQ VRV\DO
SVLNRORMLQLQ ELOLPVHO DUDûWÖUPD \|QWHPOHUL\OH RUWD\D NRQXODELOHFHøL WHPHO \DNODûÖPÖ\OD
WDVDUODQDQ oHûLWOL oDOÖûPDODU EXOXQPDNWDGÖU 7ÖS IDNOWHVLQLQ LON VÖQÖIÖQGDNL |øUHQFLOHUOH
\DSÖODQ DUDûWÖUPDODUÖQ EHOLUOHGLøL VDSWDPDODU |øUHQFLOHULQ JHQHOGH ´LGHDOLVWµ KHGHIOHUOH
WÖS PHVOHøLQH \|QHOGLNOHULQL DQFDN GDKD VRQUD LGHDOL]PLQ EX PHVOHøL \UWPHN LoLQ
X\JXQRODPD\DFDøÖJ|Uû\OHIDNOWHQLQYH\DVÖQÖIODUÖQDJHOGLNOHULQGHLGHDOL]PGHQ
YD]JHoWLNOHULQL J|VWHUPHNWHGLU %X QRNWDGDQ KDUHNHWOH WÖS IDNOWHOHULQH JLULûWH
EHOLUOL NLûLOLN |]HOOLNOHULQH VDKLS |øUHQFLOHULQ VHoLOPHVLQL |QHUHQ EX |]HOOLNOHUH VDKLS
ROPD\DQ|øUHQFLOHUHLVHWÖSHøLWLPLDOPD\ROXQXQKLoDoÖOPDPDVÖJHUHNWLøLQLGLOHJHWLUHQ
J|UûOHU GH EXOXQPDNWDGÖU \ÖOÖQGD \DSÖODQ ELU oDOÖûPDGD ´LQVDQODUÖ VHYPH YH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DUGÖPHWPHLVWHøLµ´KHNLPOLøLQûHUHIOLELUPHVOHNROXûXµJLELELURUDQGD
|øUHQFLOHULQ WÖS IDNOWHOHULQL VHoPHVLQGH EDûOÖFD PRWLYDV\RQODU RODUDN EHOLUOHQPLû D\QÖ
|øUHQFLOHULQDPDoGHøHUOHUVNDODVÖQÖQEDûÖQD´NHQGLQHVD\JÖµJLELELULONH\L\HUOHûWLUPLû
ROPDVÖGD \DûDPD EDNÖû DoÖODUÖ NRQXVXQGD ILNLU YHUPHN ]HUH DQODPOÖ EXOXQPXûWXU
'DKDGûNPRWLYDV\RQODWÖEEÖVHoHQ|øUHQFLOHULQLVHNLJHQHOGHWHUFLKOHULPKHQGLVOLN
GDOODUÖQD ROXS \HWHUOL SXDQ WXWWXUDPDGÖNODUÖ LoLQ WÖS IDNOWHVLQGH RNXPDNWDGÖUODU GDKD
SUDJPDWLNGHøHUOHUHVDKLSROGXNODUÖEHOLUOHQPLûWLU
1DVÖOELU(øLWLP$OÖ\RUX]YH(WLøLQ%X6UHoWHNL<HUL
hONHPL]GH WÖS HøLWLPLQH LOLûNLQ HOHûWLUHO ELU VUHo X]XQ ELU ]DPDQGDQ EHUL
LûOHWLOPHNWHGLU 7UNL\H %\N 0LOOHW 0HFOLVL·QGH ROXûWXUXODQ ELU NRPLV\RQFD \ÖOÖQGD KD]ÖUODQDQ ´7UNL\H·GH 7ÖS (øLWLPLµ EDûOÖNOÖ oDOÖûPD ELU GXUXP GHøHUOHQGLUPHVL
\DSDUDN WÖS IDNOWHOHULQGH YHULOHQ HøLWLPLQ ONH JHUHNVLQLPOHULQH X\JXQ ROPDGÖøÖQÖ
D\UÖFD QLWHOLNVHO RODUDN GD SHN oRN JHGLN EXOXQGXøXQX VDSWDPÖûWÖU $QFDN VRQUDVÖQGD WDQH \HQL WÖS IDNOWHVLQLQ DoÖOPDVÖQD RQD\ YHUHQ GH 7%00 LUDGHVL GHøLO
PLGLU" %X QH \DPDQ oHOLûNLGLU NL YDU RODQ IDNOWHOHUGH YHULOHQ HøLWLPL PHUFHN DOWÖQD
WXWPXû NDUûÖODûWÖøÖ PDQ]DUD\Ö EHøHQPHVH GH EXQX GLNNDWH DOPDPÖû YH QHUHGH\VH YDU
RODQ
IDNOWH
VD\ÖVÖQFD
\HQL
IDNOWHQLQ
DOW\DSÖ
HNVLNOHULQH
NDUûÖQ
DoÖOPDVÖQÖ
EHQLPVH\HELOPLûWLU
7UN 7DELSOHU %LUOLøL·QLQ |QFH YH DUGÖQGDQ \ÖOÖ 0H]XQL\HW gQFHVL 7ÖS
(øLWLPL 5DSRUODUÖ·QGD \DSÖODQ GXUXP GHøHUOHQGLULOPHVL LOH XODûÖODQ VRQXoODUGDQ ELULVL
7UNL\H· GH ELOLPVHOOLøH GD\DQPD\DQ YH JHQHOGH SROLWLN JHUHNoHOHUOH WÖS IDNOWHOHULQLQ
DoÖOGÖøÖ NDU DPDFÖ JGHUHN HûLWVL]OLNOHUL DUWWÖUDQ DGLO ROPD\DQ ELoLPGH GûN SXDQODUOD
|øUHQFL DODQ \HUOHûLN WÖS IDNOWHOHULQLQ |]HOOLNOH WHPHO ELOLPOHUGH LQVDQ JF ND\QDøÖQÖ
D]DOWDQ |]HO WÖS IDNOWHOHULQLQ DoÖOPDVÖQD RQD\ YHULOPHNWH ROXûXGXU 7ÖS
HøLWLPLQLQ KHP LoHULN KHP GH \|QWHP RODUDN ONHQLQ VDøOÖN SROLWLNDVÖQGDQ NDoÖQÖOPD]
ELU ELoLPGH HWNLOHQGLøL DoÖNWÖU %|\OHFH VDøOÖN RFDNODUÖQD GD\DOÖ ELU VHYN VLVWHPL
JHOLûWLULOPHPLû ROGXøX |]HO VDøOÖN VHNW|UQQ GHQHWLPVL] RODUDN \D\JÖQODûPDVÖ NDPX
VDøOÖN VHNW|UQQ |QHPVHQPHPHVL WÖS HøLWLPLQL LoHULNEHOLUOHPHNVL]LQ HøLWLPLQ YHULOLû
\|QWHPLQH
NDGDU
WP
DoÖODUGDQ
ROXPVX]
ELoLPGH
HWNLOHPHNWHGLU
6DøOÖN
SROLWLNDODUÖQGDNL ROXPVX]OXNODU ELU \DQGDQ ONHQLQ QDVÖO ELU KHNLP WLSLQH JHUHNVLQLP
GX\GXøXQXEHOLUOHPH\L]RUODûWÖUÖUNHQX]PDQODûPD\ÖGDKHNLPOHULQ|QQGHWHNVHoHQHN
RODUDN
EÖUDNPDNWDGÖU
7ÖS
HøLWLPLQH
\HWHULQFH
ND\QDN
D\UÖOPDPDNWD
IDNOWHOHU
NDSDVLWHOHULQLQ ]HULQGH |øUHQFL DOÖUNHQ |øUHQFL EDûÖQD \DSÖODQ KDUFDPDODU GD JLGHUHN
D]DOPDNWDGÖU
7ÖS
HøLWLP
SURJUDPODUÖ
GLQDPLN
RODUDN
ELoLPOHQPHOL
VÖN
VÖN
GHøHUOHQGLULOPHOLGLU dRN D\UÖQWÖOÖ ELOJLOHU YHUPHN \HULQH WÖS |øUHQFLVLQH ´|øUHQPH\L
|øUHWPHNµWÖSHøLWLPLQLQWHPHOLûOHYLROPDOÖGÖUgøUHWLPHOHPDQODUÖQÖQ|]ONKDNODUÖQÖQ
L\LOHûWLULOHUHNWDP]DPDQOÖoDOÖûPDODUÖQÖQ|]HQGLULOPHVLJHUHNPHNWHGLU
7ÖS HøLWLPLQLQ \RøXQ ELOJL \N NDUûÖVÖQGD KHNLP DGD\ÖQÖQ JLGHUHN PHNDQLNOHûHQ
LQVDQFÖO |]HOOLNOHULQGHQ GH oRN ûH\ \LWLUHQ ELU HWNLQOLøLQ X\JXOD\ÖFÖVÖ ROPD\D EDûODGÖøÖ
KDVWDVÖQÖ GLQOHPH\HQ RQD YH JHQHOGH WRSOXPXQD \DEDQFÖODûDQ ELU SURIHV\RQHO ROGXøX
VDSWDQPDNWDGÖU %X VDSWDPD GROD\ÖVÖ\OD WÖS HøLWLPLQLQ PHVOHNL GHøHUOHU YH LOHWLûLP
EHFHULOHUL LOH LOJLOL \|QOHULQLQ E\WHo DOWÖQD DOÖQPD\D KHNLPOHULQ JQON X\JXODPDGD
\DûDQDQ GHøHU VRUXQODUÖQÖQ IDUNÖQD YDUPDODUÖQÖ VDøOD\DFDN ELU HøLWLP ELoLPLQH
JHUHNVLQLPGX\XOGXøXDoÖNWÖU
7ÖS IDNOWHOHULQLQ ROPDVÖ JHUHNHQ GRQDQÖPGDQ ROGXNoD X]DNWD EXOXQGXøX ELU
QRNWDGD D\QÖ QRNVDQODUOD EH]HOL WDEOR WÖS HWLøL YH GHRQWRORML NRQXVXQGD GD JHoHUOLGLU
%HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
)DNOWHOHULQ
·LQGH
EXOXQPDPDNWD
\UWOPHNWHGLU
EX
GHUVOHU
9DU
RODQ
NRQXODUÖQ
IDUNOÖ
VRUXPOXVX
X]PDQOÖN
HøLWLPOHUGH
RODELOHFHN
DODQODUÖQGDNL
HOHûWLUHO
ELU
EDNÖûOD
ELU
DQDELOLP
GDOÖ
DNDGHPLV\HQOHUFH
GHøHUOHQGLULOGLøLQGH
RQODUÖQGD DPDFD X\JXQ ROPDGÖøÖ LoHULN YH \|QWHP DoÖODUÖQGDQ ELUELUOHULQGHQ ROGXNoD
IDUNOÖROGXNODUÖJ|UOPHNWHGLU
'Q\D +HNLPOHU %LUOLøL· QLQ *HQHO .XUXOX·QGD ´7ÖEEL (WLN YH ùQVDQ +DNODUÖ
.RQXODUÖQÖQ7P'Q\DGD7ÖS)DNOWHOHUL0IUHGDWÖQD$OÖQPDVÖ.DUDUÖµDOÖQPÖûWÖU7HO$YLY·
GH(NLP·GDWRSODQDQ'+%EXNDUDUÖQÖû|\OHPDGGHOHûWLUPLûWLU
7ÖEEL (WLN YH ùQVDQ +DNODUÖQÖQ WÖS PHVOHøLQLQ NOWU YH LûLQLQ ELU SDUoDVÖ
ROPDVÖ
7ÖEEL (WLN YHùQVDQ+DNODUÖNRQXODUÖQÖQ '+%·QLQ WDULKL \DSÖVÖ YH DPDoODUÖQÖQ
ELUSDUoDVÖROPDVÖQHGHQL\OH
'+%·QLQ WP GQ\DGDNL WÖS IDNOWHOHULQH 7ÖEEL (WLN YH ùQVDQ +DNODUÖQÖ
]RUXQOX ELU GHUV RODUDN PIUHGDWODUÖQD DOPDODUÖQÖ NXYYHWOH |QHUPHVL NDEXO
HGLOPLûWLU
$\GÖQ+HNLP2OPD+DNNÖh]HULQH
XELVXQWWUHVPHGLFLLELVXQWGXRDWKHL
+HNLP NLPOLøLWÖS IDNOWHOHULQH DGÖP DWPD\OD EDûOD\DQ \RUXFX YH ROGXNoD ]DKPHWOL
ELU |øUHQLP VUHFLQGH ELoLPOHQHQ ELU NLPOLNWLU 7ÖEEÖQ HYULPVHO JHOLûLPL ER\XQFD
KHNLPOHUL ELUoRN NH] WRSOXPVDO KDUHNHWOHULQ |QQGH EXOPD JHUHNoHOHULQGHQ ELULVL
RQODUÖQ ´D\GÖQµ |]HOOLNOHULQLQ |Q SODQGD ROPDVÖGÖU %X GXUXPX |UQHøLQ %DWÖ
2UWDoDøÖ·QGD KHNLPOHUL GLQVL] NDWHJRULVLQGH WDQÖPOD\ÖS RQODUD \|QHOLN VXoOD\ÖFÖ ELU
WDYÖUOD NDUûÖPÖ]D oÖNDQ NLOLVH PDQWÖøÖQGD DoÖNoD J|UPHN PPNQGU +HNLPOHULQ
WRSOXPVDO VL\DVDO KDUHNHWOHULQ EDûODWÖFÖVÖ \|QOHQGLULFLVL \D GD ELoLPOHQGLULFLVL ROGXøX
WDULKVHO \D GD JQFHO |UQHNOHU NXûNXVX] ONHPL]GHQ GHYHULOHELOLU +HNLPOHU DoÖVÖQGDQ
´D\GÖQ NLûL ROPDQÖQµ QH JLEL UDV\RQHOOHUL EXOXQDELOLU" %LU EL\RORMLN VUHo RODUDN
LQVDQRøOXQXQ JHOLûLPLQLQ KHPHQ KHU DûDPDVÖQD QHGHQL\OH QDVÖOÖ\OD HJHPHQ ROPDNWDQ \D
GD EXQX ELOPHNWHQ ND\QDNODQDQ ELU ´VWQONµ P \RNVD ELOJLQLQ JHWLUGLøL NDoÖQÖOPD]
´VRUXPOXOXNµ PX V|] NRQXVXGXU" <RNVD JHOHFHøL NXUPD\Ö JYHQ YH VUHNOLOLøL
VDøODPD\Ö WDQUÖVDO \D GD EHOOL ELU WRSOXPVDO G]HQH VÖNÖ VÖNÖ\D EDøODPDN \HULQH LQVDQ
]HNDVÖQÖQ |]JU HWNLQOLøLQGH DUDPDN JLEL ELU DQDKWDUD VDKLS ROXQGXøX ELOLQFL PLGLU NLûL\L
D\GÖQ\DSDQ"
<D GD ´DOGDQPDPDN YH DOGDWPDPDN LoLQ JHUHNHQ GûQVHO WLWL]OLøL J|VWHUHELOHQOHUµ
PLGLU EX WDQÖPODPD\Ö KDN HGHQOHU" +DQJL WHPHOOHQGLUPH\L NDEXO HGHUVHN HGHOLP ELU
D\GÖQ NLPOLøLQLQ \HûHUHELOPHVL YH EHVOHQHELOPHVL LoLQ JHUHNOLOLøL |QJ|UOHQ NRûXOODUD
VDKLS ROPD\Ö YH EXQODUÖQ VUGUOPHVLQL LVWHPHN GH PHVOHNL DoÖGDQ ELU KHNLP KDNNÖ
RODUDNJ|UOPHOLGLU
%X EDøODPGD D\GÖQ NLûL RODELOPH\L GRøUXGDQ HWNLOH\HFHN VRPXW NRûXOODU ]HULQGH
GXUPDN ELU ]RUXQOXOXN ROVD JHUHNWLU +HU DODQGD ROGXøX JLEL ELOJL YH HPHN \RøXQ ELU
LQVDQ HWNLQOLøL RODQ KHNLPOLøLQ GH HOEHWWH ELU FUHW NDUûÖOÖøÖ ROPDOÖGÖU &XPKXUL\HW· LQ
NXUXOPDVÖ\OD ELUOLNWH EDûOD\DQ YH ·H NDGDU VUHQ G|QHPGH KHNLP FUHWOHULQLQ
PVWHûDU G]H\LQGH EHOLUOHQPLû ROGXøXQX LOJLQo ELU VDSWDPD RODUDN EHOLUOHPHN
GXUXPXQGD\Ö] %XJQ ONHPL]GH VD\ÖODUÖ ELQL EXODQ KHNLPOHULQ NDGDUÖQÖQ
NDPX DODQÖQGD oDOÖûWÖøÖQÖ J|] |QQH DOÖUVDN 86' NDUûÖOÖøÖ D\OÖN FUHWOHULQ
KHNLPOHULQ EHOLUOL ELU DNDGHPLN ELOLPVHO G]H\L \DNDODPDODUÖ YH D\GÖQ NLPOLøLQL
VUGUHELOPH\L VDøODPDN LoLQ \HWHUOL ROPDGÖøÖ DoÖNWÖU · GDQ JQP]H NDGDU WP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDPX oDOÖûDQODUÖ LoLQGH FUHWOHUL HQ D] DUWDQ PHVOHN JUXEX KHNLPOLNWLU KHPûLUHOLN YH
|øUHWPHQOLN LNLQFL YH oQF VÖUD\Ö DOPDNWDGÖU +HNLPOHUH \|QHOLN X\JXODQPDNWD RODQ
GûNFUHWSROLWLNDVÖRQODUÖLNLQFLoQFLûOHUEXOPD\DDûÖUÖX]PDQODûPD\DEL\RORMLN
VÖQÖUODUÖQÖ ]RUODPD SDKDVÖQD ID]OD PHVDL\H Q|EHWH NDOPD\D YH EHQ]HUL ELUH\VHO oÖNÖû
\ROODUÖ EXOPD\D \|QHOWPHNWHGLU %XQXQ ELUWDNÖP ROXPVX] VRQXoODUÖ EXOXQPDNWDGÖU
.DPX DODQÖQGD YHULOHQ VDøOÖN KL]PHWLQLQ YH WÖS HøLWLPLQLQ DNVDPDVÖ PRWLYDV\RQXQ
GûPHVL YHULPOLOLøLQ D]DOPDVÖ \DQÖ VÖUD HWLN GÖûÖ o|]POHUH EDûYXUXOPDVÖGD EXQODUGDQ
LON DNOD JHOHQOHUGLU $VOÖQGD WHPHOGHNL HQ |QHPOL VRQXo ´KHNLP HPHøLQLQ XFX]ODWÖOPÖû
ROPDVÖµ GHøLO PLGLU" %|\OHFH KHP NDPXGD YH KHP GH WP DOGDWÖFÖ J|UQPQH NDUûÖQ
|]HOVHNW|UGHNLKHNLPFUHWOHULQLQGûNWXWXOPDVÖV|]NRQXVXROPDNWDGÖU
8\JXODPDGDQ.LPLgUQHNOHU
7ÖS X\JXODPDVÖ NHQGLQL IDUNOÖ ELoLPOHUGH RUWD\D NR\DELOHQ IDUNOÖ J|UQPOHUL RODQ
ELU X\JXODPDGÖU *QP]GH DNDGHPLN RUWDPGDNL WÖS X\JXOD\ÖFÖODUÖQÖQ KHP VDøOÖN
KL]PHWL UHWPHN KHP DUDûWÖUPD \DSPDN KHP GH WÖS HøLWLPLQL \UWPHN JLEL o \|QO
ELU LûOHYOHUL YDUGÖU %HQ]HU WDEOR HøLWLP YHUHQ GHYOHW KDVWDQHOHULQGH GH ELU |OoGH
JHoHUOLGLU $QFDN KHNLP ROPDN RUWDN SD\GDVÖ WHPHO DOÖQÖQFD ´VDøOÖN KL]PHWL UHWPHNµ
GÖûÖQGD NDODQ HWNLQOLNOHUH EXUDGD \HU YHULOPH\HFHNWLU 'ROD\ÖVÖ\OD HøLWLP YH DUDûWÖUPD
ER\XWODUÖQGD \DûDQDQ VRUXQODU LOH EX ER\XWODUÖQ HWLN DoÖGDQ HOH DOÖQPDVÖ EX \D]ÖQÖQ
NRQXVXGHøLOGLU
%XUDGD
JQON
WÖS
X\JXODPDVÖQGD
NDUûÖODûÖODQ
YH
KHNLP
RGDODUÖQÖQ
RQXU
NXUXOODUÖQFD WDUWÖûÖODUDN VRQXoODQGÖUÖODQ ROD\ODU ]HULQGHQ |UQHNOHU YHULOHFHNWLU %XJQ
KDQJLKHNLPH\OHPLQLQGHRQWRORMLNYHGDKDJHQLûDQODPGDGDHWLNDoÖGDQELUVXo\DGD
HQ D]ÖQGDQ ROXPVX] EXOXQGXøXQD LOLûNLQ 7ÖEEL 'HRQWRORML 1L]DPQDPHVL 7'1
HOLPL]GHNL WHN oÖNÖû QRNWDVÖQÖ ROXûWXUPDNWDGÖU 6|] NRQXVX PHWLQ WDULKOLGLU YH
GROD\ÖVÖ\OD
ONHPL]LQ
·OL
\ÖOODUÖQÖQ
WÖS
DQOD\ÖûÖQÖ
\DQVÖWPDNWD
KHPHQ
VDGHFH
PXD\HQHKDQH KHNLPOLøLQL YH GROD\ÖVÖ\OD WHGDYL HGLFL WÖEEÖ HNVHQLQH DOPÖû YH GRøDO
RODUDN KHNLP KDVWD LOLûNLVLQL GH SDWHUQDOLVWELoLPGH WDQÖPOD\DQ ELU \DNODûÖPD VDKLSWLU
%XJQ JQON WÖS X\JXODPDVÖQGD NDUûÖODûÖODQ YH ´HWLN GÖûÖµ NDEXO HGLOHQ NLPL
GXUXPODUÖQ 7'1·GH \HUL \RNWXU E|\OH GXUXPODUGD W]N DoÖNoD \HWHUVL] NDOPDNWD
´ROVD ROVDµ PDQWÖøÖ LOH YDU RODQ PDGGHOHULQ UXKXQXQ LûDUHW HWWLøL YDUVD\ÖODQ ELoLPGH
o|]P
UHWLOPH\H
oDOÖûÖOPDNWDGÖU
g]HOOLNOH
·OL
\ÖOODUGDQ
EDûOD\DUDN
7'1·QLQ
JQFHOOHûWLULOPHVLQH \|QHOLN GLOHNOHULQ V|] NRQXVX HGLOGLøLQL YH EX \|QGH 77%·QLQ
EHOLUJLQELUoDEDLoHULVLQGHROGXøXQXJ|]OHPOHPHNPPNQGU
$QNDUD7DELS2GDVÖ·QÖQKHNLPOHUKDNNÖQGD\ÖOODUÖQDDLWVRUXûWXUPDODUÖ\OD
LOJLOLELUDUDûWÖUPDGDDoÖODQVRUXûWXUPDODUÖQûLND\HWVDKLSOHULQLHQID]ODRUDQÖQGD
KDVWD YH KDVWD \DNÖQODUÖ JUXEXQXQ ROXûWXUGXøX VDSWDQPÖûWÖU 'DKD VRQUD
PHVOHNWDûODUÖQ ELUELULQH \|QHOLN ûLND\HW EDûYXUXODUÖ YH DUGÖQGDQ 6DøOÖN %DNDQOÖøÖ
KDVWDQHOHU YH NDPX NXUXPODUÖQÖQ ûLND\HWOHUL JHOPHNWHGLU <DNÖQPD EDûYXUXODUÖQÖQ
RQD\VÖ] oDOÖûPD KDVWD\D N|W PXDPHOH GHRQWRORML W]øQH D\NÖUÖOÖN PDOSUDNWLV YH
PHVOHNWDûD N|W PXDPHOH EDûOÖNODUÖ DOWÖQGD WRSODQGÖøÖ EHOLUOHQPLûWLU ´+DVWD\D N|W
PXDPHOHµ LOH NDVWHGLOHQ |UQHNOHU DVNHUOH oDWÖûPÖû VL\DVL WXWXNOX\D WÖEEL KL]PHW
YHUPHPHN KDVWD\Ö J|UPHNVL]LQ EDûNDODUÖQÖQ \D]ÖOÖ EDûYXUXODUÖQD GD\DQDUDN WHûKLV
NR\PDN JLEL ROD\ODU \HU DOPÖûWÖU 0HVOHN LoL N|W GDYUDQÖû |UQHNOHUL DUDVÖQGD EX
oDOÖûPDGD VDSWDQDQ VRUXûWXUPD NRQXODUÖ ´KHPûLUH\H YH PHVOHNWDûD WRNDW DWPDNµ
´PHVOHNWDû FDPLDVÖ LoLQGH DûDøÖOD\ÖFÖ GDYUDQÖûODUGD EXOXQPDNµ JLEL |UQHNOHUGLU
0DOSUDNWLV EDûOÖøÖ DOWÖQGD ´VQQHW VRQXFX VDNDW NDODQ oRFXNµ ´XOWUDVRQRJUDILN
%HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
LQFHOHPHGH NDOS VHVOHUL VDSWDQPDVÖQD NDUûÖQ |O GRøDQ EHEHNµ EHQ]HUL GRV\DODU
EXOXQPDNWDGÖU 7'1·\H D\NÖUÖOÖN EDûOÖøÖ DOWÖQGD GD ´PXD\HQHKDQHGH LODo VDWÖûÖµ
´\DSÖOPD\DQ
WHWNLNOHULQ
\DSÖOGÖ
J|VWHULOHUHN
NDPX
NXUXPXQGDQ
KDNVÖ]
ND]DQo
VDøODQPDVÖµ JLEL |UQHNOHU VDSWDQPÖûWÖU %XQXQ \DQÖQGD 77% <NVHN 2QXU .XUXOX
GRV\DODUÖQÖQ LQFHOHQPHVL\OH ·GD \D\ÖQODQDQ ELU oDOÖûPDGD \ÖOODUD J|UH KHNLP
VD\ÖVÖQGDNL DUWÖûD RUDQOD JHOHQ GRV\D VD\ÖVÖQÖQ ROGXNoD GûN EXOXQGXøX EX GRV\DODUD
NRQX
RODQ
KHNLPOHULQ
G|UWWH
oQQ
X]PDQ
KHNLP
ROGXøX
YH
oRøXQXQ
PXD\HQHKDQHGH oDOÖûWÖøÖ HQ VÖN J|UOHQ ROJXODUÖQ GD ´GHRQWRORML\H D\NÖUÖ GDYUDQÖûODUµ
´Lû\HULKHNLPOLøLLOHLOJLOLROJXODUµ´DVJDULFUHWHX\PDPDµ´ELOLPGÖûÖDOGDWÖFÖQLWHOLNWH
WDQÖYHWHGDYLµYH´\DûDPDYHVDøOÖøD|]HQYHVD\JÖJ|VWHUPHPHNµROGXøXVDSWDQPÖûWÖU
&LYDQHU EX oDOÖûPDVÖQGD ROJXODUÖ JUXSODQGÖUDUDN LQFHOHGLøLQGH HQ VÖN ´WÖEEL HWLN
LKODOOHULµ LOH NDUûÖODûÖOGÖøÖQÖ YH EXQODUÖQ LoLQGH GH HQ oRN ´KDVWD KDNODUÖ LKODOOHULµ LOH
´KDNVÖ]
oÖNDUµ
VDøODPD\D
\|QHOLN
KHNLPOHUH
LOLûNLQ
GRV\DODUÖQ
EXOXQGXøXQX
EHOLUOHPLûWLU
ùOHUL\H<|QHOLNgQHULOHU
+HUNHVGQ\D\ÖGHøLûWLUPHNWHQV|]HGHU
KLoNLPVHNHQGLQLGHøLûWLUPHNOHEDûODPD]
<XNDUÖGD|]HWOHQHQWDEOR\DEDNÖQFDJ|UGNOHULPL]L´L\Lµ\DGD´PHPQXQOXNYHULFLµ
RODUDN WDQÖPOD\DELOLU PL\L]" ´<D NkUOÖOÖN G]HQL \D HWLNµ ELoLPLQH G|QûHQ ELU
UHDOLWHQLQ YDUOÖøÖQÖ KHU JQ KLVVHGHUHN YH D\QÖ ]DPDQGD HQ ID]OD VDøOÖN KL]PHWL DOPD\Ö
JHUHNWLUHQNHVLPLQEXONHQLQHQ\RNVXOLQVDQODUÖROGXøXQXGDNHVLQOLNOHELOHUHNVDøOÖN
VLVWHPLQGHNL LûOHPH\LûOHUGHQ VÖNÖQWÖ GX\DQ KDVWDODUÖQ NDUûÖVÖQD KHGHI RODUDN oÖNPDN
]RUXQGD NDODUDN KHNLPOLN \DSPDQÖQ QH GHQOL Jo ROGXøX R NDGDU DoÖN NL 7ÖS DODQÖQGD
\DûDQDQODUÖQ EHOLUOL LONHOHUL PHVOHN \DûDPÖQGD JHoHUOL YH X\JXODQÖU NÖODELOPHN YH EXQX
GHQHWOH\HELOPHN
DGÖQD
EHQ]HUOHULQL
|WHNL
PHVOHNOHU
LoLQ
GH
\DNODûÖN
ELoLPGH
EXODFDøÖPÖ]Ö WDKPLQ HGHELOLUL] $QFDN ELU EDûND DoÖ EL]OHUH EX ONHGH ´PDQ]DUD L
XPXPLµQLQoRNGDKDN|WROGXøX|\OHG|QHPOHULQGH\DûDQPÖûROGXøXQXKDWÖUODWÖ\RU
NL E|\OHFH XPXWVX]OXøD NDSÖOPDPÖ]Ö HQJHOOL\RU úX DQ LoLQGH EXOXQGXøXPX] WDEOR\X
GDKDROXPOXELU\|QHoHNHELOPHNDGÖQDoÖNÖû\ROODUÖQÖQWP\OHNDSDOÖROPDGÖøÖQÖNHQGL
EDNÖû DoÖPÖ]GDQ V|\OH\HELOLUL] +HNLPOHULQ YDU RODQ |]ON KDNODUÖQÖQ L\LOHûWLULOPHVL\OH
oDOÖûPDNRûXOODUÖQÖQG]HOWLOPHVL\OHX\JXODPDODUÖQGDKDJ|]|QQGHRODFDøÖWRSOXPVDO
VRUXPOXOXøXPX]XQ JLGHUHN GDKD GD VRUJXODQDFDøÖ DPD KHU GXUXPGD KHNLPOHULQ EX
PHVOHøL \DSÖ\RU ROPDNWDQ GROD\Ö PHPQXQL\HW GX\DFDøÖ ELU XIND \HONHQ DoPDPÖ]ÖQ
]RUXQOXROGXøXJ|UO\RU7ÖEEÖQJHOLûPH\HG|QN\DSÖVÖYHWHNQRORMLDNWDUÖPÖQÖQoRN
\RøXQ\DûDQÖ\RUROPDVÖ\DNÖQ]DPDQODUGD´ELOLPNXUJXµJLELDOJÖODGÖøÖPÖ]ROD\ODUÖQELU
´UHDOLWHµ RODUDN NDUûÖPÖ]D oÖNPDVÖ JLEL QHGHQOHUOH ´WÖEEÖQ HWLN DoÖGDQ VRUJXODQPDVÖµ
NHQGLQH oRN JHUHNVLQLP GX\XODQ ELU NRQXGXU 8OXVDO G]H\GH ELU HWLN GDQÖûPD
NXUXOXQXQROXûWXUXOPDVցVWSROLWLNDODUROXûWXUDELOPHNLoLQJHUHNOLJ|UQPHNWHGLU
6LYLOWRSOXP|UJWOHULQLQJLGHUHN|QSODQGDHWNLVLQLKLVVHWWLUHQUROOHULQLQQHWOHûPHVL
YH E|\OHFH Lû DKODNÖ NRQXVXQGD EHOLUOL ELU G]H\L \DNDOD\DELOPHQLQ KHNLPOHULQ PHVOHN
|UJW RODUDN 7UN 7DELSOHU %LUOLøLQLQ \HWNLVLQGH YH GHQHWLPLQGH EXOXQDQ ELU DODQ
RODUDNWDQÖPODQPDVÖ]RUXQOXOXNWXU+HNLPRODUDNoDOÖûDELOPHNLoLQ77%\HVLROPDQÖQ
]RUXQOXWXWXODFDøÖELUG]HQOHPHVHUEHVWoDOÖûDQODUGÖûÖQGDLVWH\HQKHNLPLQ\HROGXøX
YH E|\OHFH GROD\OÖ ELoLPGH NHQGL PHVOHøLQH \DEDQFÖODûPD VRQXFXQX GD JHWLUHQ
JQP] WÖS RUWDPÖQÖ GHøLûWLUPHNWH NDWNÖGD EXOXQDELOHFHN JLEL J|UQPHNWHGLU \ÖOÖQGD 77% 2ODøDQ *HQHO .XUXOX·QGD NDEXO HGLOHQ DQFDN JHUHNOL ´\DVDOµ VUHoOHUL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KHQ] JHoPHPLû RODQ 7ÖS 0HVOHN (WLøL ùONHOHUL PHWQLQLQ W]N DGÖQÖ DOPDVÖ WDULKOL 7ÖEEL 'HRQWRORML 1L]DPQDPHVLQH J|UH JQP] WÖS X\JXODPDVÖQD oRN GDKD
X\JXQJHUHNVLQLPOHUHNDUûÖGDKDGRQDQÖPOÖROPDPÖ]ÖVDøOD\DFDNWÖU
3HOOHJULQR·\D
J|UH
´.LûLOHU
PRUDO
|]QHOHUGLU
YH
NHQGL
GDYUDQÖûODUÖQGDQ
VRUXPOXGXUODU $QFDN KHSLPL]LQ NHQGLPL]L SDUDQÖQ QQ JFQ YH SUHVWLMLQ EDûWDQ
oÖNDUÖFÖ HWNLOHULQH NDUûÖ NRUXPD |GHYLPL] YDUGÖUµ %HOLUOL ELU PHVOHN JUXEXQXQ PHVOHøH
LOLûNLQ ROXûWXUGXøX NRUXGXøX PHVOHN \HOHULQH HPUHGLFL YH RQODUÖ EHOLUOL ELU ûHNLOGH
GDYUDQPD\D]RUOD\DQNLûLVHOHøLOLPOHULVÖQÖUOD\DQ\HWHUVL]YHLONHVL]\HOHULQLPHVOHNWHQ
GÖûOD\DQ PHVOHN LoL UHNDEHWL G]HQOH\HQ YH KL]PHW LGHDOOHULQL NRUXPD\Ö DPDoOD\DQ
PHVOHNLLONHOHUEWQRODUDNWDQÖPODQDQPHVOHNLHWLN\XNDUÖGDGLOHJHWLULOHQ|GHYLPL]L
\HULQH JHWLUPHPL]H \DUGÖPFÖ RODFDNWÖU 0HVOHNL HWLN ELU PHVOHN JUXEXQXQ HVHUL RODUDN
NDEXOHGLOHELOHFHøLQHJ|UHELUJUXSQHGHQOLJoONXUXOPXûLVHHWLNLONHOHULGHRGHQOL
HWNLOLROPDNWDGÖU
<XNDUÖGD WÖS HøLWLPL LoHULVLQGH WÖS HWLøLQLQ \HUL\OH LOJLOL VDSWDPDODU EDøODPÖQGD ONH
G]H\LQGHWÖSHWLøLQHLOLûNLQELUoHNLUGHNPIUHGDWÖQEHOLUOHQPHVLELU]RUXQOXOXNRODUDN
J|UOPHNWHGLU %X PIUHGDW LoHULVLQGH ROPD]VD ROPD]ODUÖQ VDSWDQPDVÖ oHUoHYHVLQGH
WP WÖS IDNOWHOHULQGH EHQ]HU ELU SURJUDPÖQ \UWOPHVLGH JHUHNOLGLU %|\OHFH HQWHJUH
ELU WÖS HøLWLPL \DNODûÖPÖQGD PH]XQL\HW |QFHVL ER\XQFD WÖS HWLøL LOH LOJLOL NRQXODUÖQ
ELUELULQH NRûXW YH RODELOGLøLQFH LûOHYVHO ELoLPGH HOH DOÖQPDVÖ PPNQ RODELOHFHNWLU
$\UÖFD
KHNLPOHULQ
HøLWLPLQLQ
WÖS
IDNOWHVL
\ÖOODUÖ\OD
VÖQÖUOÖ
NDODPD\DFDøÖ
KHS
VDSWDQDJHOHQ ELU ROJXGXU +HNLPLQ PHVOHN \DûDPÖ ER\XQFD NHQGLQL \HQLOHPHN YH
EXQXQ \DQÖ VÖUD ELOGLNOHULQL PHVOHNWDûODUÖQD |øUHWPHNOH GH ´\NPOµ ROGXøX GLOH
JHWLULOPHNWHGLU
7RSOXPXQ
KHNLPGHQ
EHNOHQWLVL
RQXQ
´QLWHOLNOLµ
ROXûX
]HULQH
RGDNODQPÖûWÖU %X QLWHOLN WHN ER\XWOX ROPD\ÖS KHP ´PRUDOµ KHP GH ´SURIHV\RQHOµ
QLWHOLN ROVD JHUHNWLU %LU EDûND V|\OH\LûOH KHNLPGHQ PHVOHN X\JXODPDVÖQÖ GUVWoH
JHUoHNOHûWLUPHVLYHRQDWLFDULELU|]HOOLNYHUPHPHVLQLQ\DQÖVÖUD\NVHNELOJLYHEHFHUL
G]H\LQGH EXOXQPDVÖ GD EHNOHQPHNWHGLU %LU KHNLPLQ ´PRUDOµ YH ´SURIHV\RQHOµ
QLWHOLNOL ROXûX RQXQ HUGHPLGLU +HNLP EX QLWHOLNOHULQL NRUXGXøX RQODUÖ \LWLUPHGLøL
VUHFH WRSOXPXQ EHNOHQWLOHULQL NDUûÖOD\DELOHFHNWLU 2\VD NHQGLQL \HQLOHPH\HQ HGLQGLøL
GHQH\LPOHUL ELU ELOJL VLVWHPDWLøL LoHULVLQGH EWQOHûWLUPH\HQ \HQL VRUXQODU NDUûÖVÖQGD
\HQL DUD\ÖûODUD \|QHOPH\HQ KHNLP V|] NRQXVX QLWHOLNOHULQGHQ |GQOHUYHUHUHN ]DPDQOD
´HUGHPLQL
\LWLUPHNµ
QRNWDVÖQD
JHOHFHNWLU
+HNLPLQ
JQON
HWNLQOLøLQLQ
NRQXVX
JQP]H JHOLQFH\H NDGDU EWQ DKODN VLVWHPOHULQGH HQ \NVHN GHøHUOHULQ EDûÖQD
\HUOHûWLULOHQ ´LQVDQµ GÖU +HNLPLQ ELOLPVHO PHVOHNL YH PRUDO QLWHOLNOHULQL KHS JQQ
EHNOHQWLOHUL G]H\LQGH WXWPDVÖ LOH DQFDN EX \NVHN GHøHUH X\JXQ ELU KL]PHW UHWLPL
PPNQGU%XDPDoVUHNOLX]XQVROXNOXELUoDED\ÖJHUHNWLUHFHNWLU
.D\QDNoD
$UGD % ´+HNLPLQ (øLWLPL YH .HQGLQL <HQLOHPH 6RUXPOXOXøXµ $QNDUD
hQLYHUVLWHVL7ÖS)DNOWHVL0HFPXDVÖ
$UGD % ´&XPKXUL\HW '|QHPL )DNOWH 7ÖS (øLWLPL <DNODûÖPODUÖµ 6DøOÖN
%LOLPOHUL $UDûWÖUPD 'HUJLVL $QNDUD 7DELS 2GDVÖ \ÖOÖ
$OWDQ*QDOS·OLN|GO
%HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
$UGD % ´5RNHDFK 6NDODVÖ LOH ELU dDOÖûPD 7ÖS gøUHQFLOHULQLQ 0HVOHøH
<|QHOLPOHULYH'HøHU6LVWHPOHULµ$QNDUDhQLYHUVLWHVL7ÖS)DNOWHVL0HFPXDVÖ
$UGD%´7ÖEEL(WLN(øLWLPL(OHûWLUHOELU'HøHUOHQGLUPHµ7ÖEEL(WLN
$UGD % ´(WLN $oÖGDQ +HNLP +DNODUÖµ $QNDUD hQLYHUVLWHVL 7ÖS )DNOWHVL
%DûDUDQ ) ´hQLYHUVLWHOL *HQoOHULQ 'HøHUOHULµ 8OXVDO 6RV\DO %LOLPOHU.RQJUHVL
&LYDQHU 0 ´7UN 7DELSOHUL %LUOLøL <NVHN 2QXU .XUXOX·QD <DQVÖ\DQ
0HFPXDVÖ
V$QNDUD
2OJXODUGD 7ÖEEL (WLN ùKODOOHULQLQ ùQFHOHQPHVLµ 7ÖS (WLøL $UDûWÖUPDODUÖ %L\RHWLN
'HUQHøL<D\ÖQÖ1R(G%$UGDV$QNDUD
'RZQLH 5 6 0DFQDXJKWRQ - &OLQLFDO -XGJHPHQW (YLGHQFH LQ 3UDFWLFH 2[IRUG
*|NVHO)$´+HNLP$QGÖµ7UNL\H.OLQLNOHUL
8QLYHUVLW\3UHVV
*|NVHO)$'HRQWRORML5HSHWLWRU\XPX%DVÖP$QNDUD
7UN 7DELSOHUL %LUOLøL 0H]XQL\HW gQFHVL 7ÖS (øLWLPL 5DSRUX .DWNÖGD EXOXQDQODU
$ND\GÖQ 0 $NVDNRøOX * $UGD % $UÖRøXO 2 %XOXW $ &RûNXQ % 'RøDQ <
)LGDQ'.DODoDd.ÖOÖod2NWD\úg]WHN=6DoDNOÖRøOX)6D\HN)6D\HNù
7RSX]RøOX$(Gù6D\HN%.ÖOÖoVD\ID$QNDUD+D]LUDQ
7UN7DELSOHUL%LUOLøL0H]XQL\HWgQFHVL7ÖS(øLWLPL5DSRUX<D\ÖQDKD]ÖUOD\DQODU%
.ÖOÖoù6D\HN77%\D\ÖQÖ$QNDUD
gUV < ´*HoPLûWH YH *QP]GH +HNLP+DVWD ùOLûNLOHULµ 7ÖS 'Q\DVÖ g]WUN + $UGD % ´$QNDUD 7DELS 2GDVÖ·QÖQ G|QHPLQGHNL
VRUXûWXUPD GRV\DODUÖ\OD LOJLOL DQDOLWLN ELU oDOÖûPDµ ,,, 7ÖEEL (WLN 6HPSR]\XPX
%LOGLULOHUL%L\RHWLN'HUQHøL<D\ÖQÖV<g.0DWEDDVÖ$QNDUD
g]WUN 2 ´+HNLPLQ .LPOLøLµ $72 +HNLPGHQ +HNLPH 1LVDQ+D]LUDQ
3HKOLYDQ ù ´<|QHWVHO gUJWVHO YH 0HVOHNL (WLN $oÖVÖQGDQ 7ÖEEL (WLN YH 7ÖS
(WLøL (øLWLPLµ 7ÖS (WLøL $UDûWÖUPDODUÖ %L\RHWLN 'HUQHøL <D\ÖQÖ 1R (G %
$UGDV$QNDUD
5H]OHU $* ´$WWLWXGH FKDQJHV GXULQJ PHGLFDO VFKRRO $ UHYLHZ RI WKH
OLWHUDWXUHµ-RXUQDORI0HGLFDO(GXFDWLRQ
0HG\DGD.ODVLN(WLN.RGODU%LUùOO]\RQPX"
'Ro'U=DNLU$YûDU $PHULNDQ HGHEL\DWÖQGDQ GLOLPL]H DNWDUÖODQ +RUDFH 0F &R\·XQ ´*D]HWHFL·QLQ
gOPµURPDQÖQGD URPDQÖQNDKUDPDQÖ0LNH'RODQ·ÖQûDKVÖQGDLONHOLELUJD]HWHFLQLQ
|OPQH |OGUOPHVLQH NDGDU X]DQDQ PFDGHOHVL GLOH JHWLULOLU 0LNH 'RODQDQ
JD]HWHFLOLN VHUYHQL EDWÖ WRSOXPODUÖQGD RUWD\D NRQXODQ JHUHN NODVLN YH JHUHNVH
JQP] LOHWLûLP RUWDPÖQGDQ QHû·HW KHPHQ KHPHQ EWQ HWLN NRGODUÖQ LKODOL YH
VDYXQPDVÖQD ELUHU FDQODQGÖUPDOÖ |UQHN JLEL JHoHU 5RPDQÖQ LON VD\IDODUÖ NDKUDPDQÖQ
PHG\D \|QHWLFLOHUL WDUDIÖQGDQ ÖVUDUOD JL]OHQPHN LVWHQHQ ELU ´GRøUXµ KDEHULQ KDOND
GX\XUXODELOPHVL LoLQ LûLQL ND\EHWPH\L GDKL J|]H DODFDN NDGDU LONHOL WDYÖUODUÖ LOH
EDûODUNHQ WDKPLQ HGLOHFHøL ]HUH VRQ VD\IDODUÖ GD RQXQ \LQH ´NDWÖDKODNLµ GXUXûX
QHGHQL\OH |OGUOPHVL\OH RUWD\D oÖNDU 5RPDQÖQ VRQXQGD DGHWD |OGUOHQVDGHFH 0LNH
'RODQGHøLOD\QÖ]DPDQGDPHG\DDKODNÖGÖU
ùOHWLûLPWDULKoLVL%DOGLQL0F/XKDQ·GDQ2QJ·D,QQÖV·GHQ+DYHORFN·DNDGDULOHWLûLP
VRUXQODUÖ\OD LOJLOHQPLû EWQ GûQUOHULQ LQVDQODUÖQ ELUELUOHUL LOH LOHWLûLP NXUGXNODUÖ
PHG\DQÖQRQODUÖQGûQûELoLPOHULQLYHEXQXQVRQXFXRODUDNGRøUXGDQYH\DGROD\OÖ
ELU ûHNLOGH LoLQGH \DûDGÖNODUÖ WRSOXPX HWNLOHGLNOHUL J|UûQGH ELUOHûWLNOHULQL DNWDUDUDN
LOHWLûLP GQ\DVÖQÖQ \DNÖQ YH X]DN JHoPLûLQGH ]DPDQ LoHULVLQGH ELUELULQL L]OH\HQ o
WHPHO GHYULPH LûDUHW HGHU %XQODU ´FKLRJUDILN GHYULPµ ùg <]\ÖOGD \D]ÖQÖQ
EXOXQPDVÖQÖ
L]OH\HQ
´*XWHQEHUJ
GHYULPLµ
<]\ÖO
RUWDODUÖQGD
PDWEDDQÖQ
EXOXQPDVÖQÖL]OH\HQ´HOHNWULNHOHNWURQLNGHYULPLµGLU·O\ÖOODUÖQRUWDODUÖQDGRøUX
WHOJUDI YH GDKD VRQUDVÖQGD UDG\R YH WHOHYL]\RQXQ EXOXQPDVÖ $QFDN NLWOH LOHWLûLP
DUDoODUÖQÖQ\DGDPHG\DODUÖQRUWD\DoÖNÖûÖ\D\JÖQODûPDVÖYH|]HOOLNOH´JD]HWHFLOLNµDGOÖ
ELU PHVOHøLQ GRøXûX YH |QHP ND]DQPDVÖ O \]\ÖOÖQ VRQX YH \]\ÖOÖQ EDûODUÖQD
UDVWODU
*D]HWHFLOLN PHVOHøLQLQ RUWD\D oÖNPDVÖ |QHP ND]DQPDVÖ YH JHOLûPHVL\OH ELUOLNWH
EDûWD NXUXPVDOODûPD ROPDN ]HUH WHNHOOHûPH PHG\D VDKLSOHULQLQ PHG\D GÖûÖ LûOHUH
JLUPHVL HNRQRPLN YH VL\DVL oÖNDU DODQODUÖQD \|QHOPHVL JLEL JHQHO YH \DODQ KDEHU
PDQLSODV\RQ \|QOHQGLUPH DPDoOÖ KDEHU |]HO KD\DWODUÖQ JL]OLOLøLQLQ LKODOL NLûLVHO
oÖNDUODU NDPX \DUDUÖQÖQ J|] DUGÖ HGLOPHVL YE JLEL ELU GL]L PHVOHøH |]HO VRUXQODU
EDûJ|VWHUPLû EXQODUÖQ o|]P LoLQ |QFHOLNOH KXNXNL G]HQOHPHOHU DNOD JHOPLû
\DSÖOPÖû EX G]HQOHPHOHULQ \HWHUVL]OLøL VDNÖQFDODUÖ YH |]HOOLNOHGH ¶EDVÖQ |]JUOø·
NDYUDPÖHWUDIÖQGDHWLNNRGODUJHOLûWLULOPHVLJHUHøLRUWD\DoÖNPÖûWÖU0HG\DNXUXOXûODUÖQÖQ
NHQGLOHUL YH\D VW PHVOHN NXUXOXûODUÖQÖQ RNXUXQ JYHQLQL ND]DQPDN YH NRUXPDN
DPDFÖ\OD RUWD\D NR\GXøX ¶HWLN NRGODU· WHPHOGH JD]HWHFLOLN PHVOHøLQLQ NRUXQPDVÖ
oDEDODUÖQGDQGRøPXûWXU (WLNNDYUDP0HVOHN$KODNÖYH¶0HG\D$KODNÖ(WLNL·
5DG\RYH7HOHYL]\RQhVW.XUXOXh\HVL
+RUDFH0F&R\*D]HWHFLQLQgOPoHY$KPHW$OWDQ%LOJL<D\ÖQHYL$QNDUD
0DVVLPR%DOGLQLùOHWLûLP7DULKL$YFÖRO%DVÖQ<D\ÖQùVWDQEXO
.RUNPD]$OHPGDU0HG\D*FYH'HPRNUDWLN.XUXPODU$ID<D\ÖQODUÖùVWDQEXOV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
$QODPÖ WRSOXPODUD KDWWD NLûLOHUH J|UH GHøLûPHNOH ELUOLNWH HWLN ELUH\ GDYUDQÖûODUÖ\OD
LOJLOL
NXOODQÖODQ
DKODN
WHULPOHULQL
DKODNL
\DUJÖODUÖ
LQFHOHPHNWH
ELUH\OHULQ
DKODNL
WXWXPODUÖQÖQ DUGÖQGD \DWDQ \DUJÖODUÖ HOH DOPDNWDGÖU /DWLQFH ¶HWKLFXV·WDQ JHOHQ
V|]FøQ GLOLPL]GHNL NDUûÖOÖøÖ LVH ¶W|UHELOLP· RODUDN RUWD\D NRQPXûWXU EXQD J|UH
´7|UHELOLP L\LN|W \DUDUOÖ\DUDUVÖ] VRUXQODUÖ LQFHOH\HQ W|UHVHO ELU GDYUDQÖû \DVDVÖ
JHOLûWLUHQLQFHOHPHGDOÖGÖUµ %LUEDûND\D]DULVHEXWDQÖPÖGDKDJHQLûELUoHUoHYHGHûX
ûHNLOGH LIDGH HWPHNWHGLU ´ùQVDQ GDYUDQÖûODUÖQÖQ QDVÖO ROPDVÖ JHUHNWLøLQL LQFHOH\HQ
GLVLSOLQµ $QFDN |]JO HWLN NXUDOODUÖ GDLPD ELU NOWUQ GLQL LQDQoODUÖQD VRV\DO QRUPODUÖQD
WDULKL ûDUWODUÖQD YH HNRQRPL IHOVHIHOHULQH EDøÖPOÖGÖU %X QHGHQOHGLU NL HWLN LONHOHULQH
J|QGHUPH \DSÖOÖUNHQ VWDQGDUGÖQ X\JXODQGÖøÖ VLVWHPL J|] |QQGH EXOXQGXUPDN E\N
|QHPWDûÖPDNWDGÖU -RQDKWDQ *ORYHU LVH HWLN LONHOHUL ELU DQODPGD ELOLPVHO NXUDPODUD EHQ]HWPHNWH YH
EHOOL ELU RWRULWH HOL\OH EHOLUOHQPHGLNOHULQH YXUJX \DSPDNWDGÖU ´%LOLP YH HWLN DODQÖQGDNL
LONHOHU ELU \DQGDQ oRN |QHPOL VRQXoODU HOGH HGLOLUNHQ ELU \DQGDQ GD EX oDOÖûPDODUÖQ
KHP ELU \DQÖOPD SD\ÖQÖQ ROGXøX KHP GH VRQVX]OXøXQXQ NDEXO HGLOGLøL ELU VUHoWH
LQVDQ
DNOÖQÖQ
YH
LQVDQ
GHQH\LPOHULQLQ
ELUELUOHULQL
HWNLOHPH
EHFHULOHUL
\ROX\OD
NHûIHGLOPHVLGLUµ $OWXQ LOHWLûLP HWLøLQL HOH DOÖUNHQ ROD\D ´PHVOHN DKODNÖµ SHQFHUHVLQGHQ \DNODûPDNWD
YHPHVOHNPHQVXSODUÖQÖQX\PDN]RUXQGDROGXNODUÖSHNoRNNXUDOÖQ\DVDODUNDSVDPÖQGD
EHOLUWLOHUHN PHVOHNOHULQ LFUDVÖ VÖUDVÖQGDNL GDYUDQÖûODUÖQ NDPX \DUDUÖ LoLQ NRQWURO DOWÖQD
DOÖQPD\D oDOÖûÖOGÖøÖQÖ EXQXQ \DQÖ VÖUD ELU GH \D]ÖOPÖû YH\D \D]ÖOPDPÖû ROVD ELOH
EDøOD\ÖFÖOÖøÖ\DVDODUG]H\LQGHROPD\DQNXUDOODUÖQEXOXQGXøXQXYHEXQODUÖPHVOHNDKODN
NXUDOODUÖ PHVOHN LONHOHUL RODUDN WDQÖPOD\DELOHFHøLPL]L EHOLUWPHNWHGLU %X LONHOHULQ HQ
HVNLVL YH HQ QOV NXûNXVX] NL KHNLPOLN PHVOHøLQH EDûODUNHQ GRNWRUODU WDUDIÖQGDQ
HGLOHQ´+LSRNUDW\HPLQLµGLU
0HVOHNDKODNÖNRQXVXQGD(PLOH'XUNKHLP·ÖQJ|UûYHGûQFHOHULGHEXEDøODPGD
|QHP WDûÖPDNWDGÖU 'XUNKHLP·H J|UH WRSOXPVDO KD\DWÖ G]HQOH\HQ DKODN YH KXNXN
NXUDOODUÖQÖQRUWDNELUQRNWDVÖEXOXQPDNWDGÖUPH\\LGH\DSWÖUÖP0H\\LGHGHDKODNÖQ
WHPHO XQVXUXGXU %X QRNWDGD ´$KODNÖQ |WHNL DODQODUÖQD J|UH PHVOHN DKODNÖQÖQ JHQHO
|]HOOLøL QHGLU"µ YH ´+HU PHVOHN DKODNÖQÖQ NXUXOPDVÖ YH QRUPDO RODUDN LûOHPHVL LoLQ
]DUXUvRODQûDUWODUQHOHUGLU"µVRUXODUց]HULQGHGXUDQ'XUNKHLPPHVOHNDKODNÖQÖQWHPHO
D\ÖUW HGLFL |]HOOLøLQLQ ´NDPX YLFGDQÖQÖQ RQD J|VWHUGLøL LOJLVL]OLNµ ROGXøXQX EHOLUWLU
'ROD\ÖVÖ\OD 'XUNKHLP·D J|UH ´PHVOHN DKODNÖ FHPL\HWLQ EWQ X]XYODUÖ DUDVÖQGD RUWDN
ROPDGÖøÖLoLQEXNXUDOODUDX\XOPDPDVÖJHQHOWHSNLGRøXUPD]µ
7RSOXPXQLOJLVL]OLøLQH
NDUûÖ EX NXUDOODUÖQ LûOH\LûLQH QH]DUHW HGHFHN ELU WDNÖP JUXSODUD LKWL\Do EXOXQPDNWDGÖU
1XWWDOO-RKQ$KODNh]HULQH7DUWLûPDODUoHY$EGXOODK<ÖOPD]$\UÖQWÖ<D\ÖQODUÖùVWDQEXO
V
'HPLUD\.HPDO7HPHO7UNoH6|]ON%DVNÖùQNÖODS.LWDEHYLùVWDQEXOV
%OEO$5ÖGYDQùOHWLûLPYH(WLN.RQ\DV
0DOWHVNL79+DEHUFLOLøLQGH(WLN<DSÖ.UHGL<D\ÖQODUÖùVWDQEXOV
*ORYHU-RQDWKDQ&DXVLQJ'HDWKDQG6DYLQJ/LYHV+DUPRQGVZRUWK3HQJXLQV
GHQ
DNWDUDQ$QGUHY%HOVH\YH5XWK&KDGZLFN0HG\DYH*D]HWHFLOLNWH6RWXQODUoHY1XUoD\
7UNRøOX$\UÖQWÖ<D\ÖQODUÖùVWDQEXOV
$OWXQ$EGXUUH]]DN7UNL\H·GH*D]HWHFLOLNYH*D]HWHFLOHUd*'\D\ÖQÖ$QNDUDV
'XUNKHLP(PLOH0HVOHN$KODNÖoHY0HKPHW.DUDVDQ0(%\D\ÖQÖ$QNDUDV
DNW$OWXQDJHV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
$\QÖ PHVOHNWHQ ELUH\OHULQ YH\D NXUXOXûODUÖQ ELU DUD\D JHOPHVL\OH NXUXODQ PHVOHNL
JUXSODUÖQ PHVOHN DKODN NXUDOODUÖQÖQ X\JXODQPDVÖQGD |QHPOL URO YDUGÖU %X NXUDOODU QH
NDGDU VDøODP YH WHûNLODWOÖ NXUXOPXû ROXUODUVD PHVOHN DKODNÖ DoÖVÖQGDQ YLFGDQODU
]HULQGHNLRWRULWHVLGHRGHQOLID]ODROXUPHVOHNDKODNÖGDRNDGDUJHOLûLUYHVD\ÖOÖU
*D]HWHFLOLøLQ \]\ÖOÖQ VRQX YH \]\ÖOÖQ EDûÖQGDQ LWLEDUHQ KHU JHoHQ JQ
|QHPLQL DUWÖUDQ ELU PHVOHN RODUDN RUWD\D oÖNPDVÖ\OD ELUOLNWH LûLQ \DSÖOPDVÖ YH PHVOHN
JUXEX \HOHULQLQ NHQGL DUDODUÖQGD YH PHVOHN JUXEXQXQ \HOHUL DUDVÖQGD WRSOXPXQ JHUL
NDODQ E|OPOHUL LOH LOLûNLOHULQLQ G]HQOHQHELOPHVL LoLQ ELU WDNÖP NXUDOODUÖQ JHUHNOLOLøL
]HULQGH GXUXOPD\D EDûODQPÖûWÖU ùON NXUDO RODUDN WD NDPX DKODNÖQÖQ GD EDûWD JHOHQ
NXUDOÖ RODQ ´GRøUXOXNGUVWONµ LONHVL RUWD\D NRQXOPXûWXU
=H\QHS $OHPGDU EX LON
NXUDOD LOLûNLQ RODUDN $%' JD]HWHFLOHULQLQ KDVVDVL\HWOHULQL LIDGH HGHUNHQ WDUWÖûPDODUGDQ
X]DN NDOPDN LVWH\HQOHULQ NHVLQ RODUDN NDEXO HWWLNOHUL LNL DQD NXUDOÖQ GRøUXOXN YH
KDNNDQL\HW ROGXøXQX YXUJXODU YH $VVRFLDWHG 3UHVV $MDQVÖ·QÖQ ûX WHPHO NXUDOÖQÖ
KDWÖUODWÖU ´+DEHUL |QFH DO IDNDW RQGDQ |QFH GRøUX DO JHW LW ILUVW EXW ILUVW JHW LW
ULJKWµ
%XHOEHWWHNLRNDGDUNROD\ELUûH\GHøLOGLUDQFDNKHUJD]HWHFLYH\D\ÖQRUJDQÖ
LoLQE\N|QHPWDûÖPDNWDGÖU*HOLûHQKDEHUOHUGHKDEHUL|QFHGHQDOPDQÖQKDWDSD\ÖQÖ
DUWÖUGÖøÖ ]DPDQÖ GRøUX NXOODQDPDPDQÖQ GD KDEHUL DWODPD WHKOLNHVL \DUDWWÖøÖ JHUoHøLQH
UDøPHQ GRøUXOXN YHKDNNDQL\HW NXUDOODUÖQÖQ LKODOL KDEHULQ GHøHULQLGûUHQ HQ |QHPOL
IDNW|UOHURODUDNRUWD\DoÖNPDNODGÖU
0HG\DHWLøLYH\D|]GHQHWLPNRQXODUÖQD\DNODûÖPODUGDE|\OHELUVÖQÖUODPDQÖQ´EDVÖQ
|]JUOøµ oHUoHYHVLQGH QH DQODPD JHOHFHøL EDVÖQ |]JUOøQQ JHOHQHNVHO VÖQÖUODPD
oDEDODUÖQD ELU \HQLVL ROXS ROPDGÖøÖ WDUWÖûPDODUÖ \DûDQPDNWDGÖU $QFDN .RUNPD]
$OHPGDU·ÖQ \DNODûÖPÖ\OD ´(WLN J|UHFH |]JU ELoLPGH oDOÖûDQ JD]HWHFLOHULQ DUWDQ oHûLWOL
EDVNÖODUD NDUûÖ NHQGLOHULQL YH PHVOHNOHULQL NRUXPDN RNXUXQ JYHQLQL ND]DQPDN
DPDFÖ\OD X\PD\D V|] YHUGLøL NXUDOODU RODUDN RUWD\D oÖNPÖûWÖU %DûND ELU GHøLûOH NLWOH
LOHWLûLPL DODQÖQGDNL HWLN DQOD\ÖûÖ EDVÖQ |]JUOøQ JHOHQHNVHO RODUDN VÖQÖUODPD HøLOLPL
LoHULVLQGHNL GHYOHWH NDUûÖ PFDGHOHGHQ GHøLO VHUPD\HQLQ DUWDQ HJHPHQOLøLQLQ \DUDWWÖøÖ
VRUXQODUDNDUûÖJD]HWHFLOLNPHVOHøLQLQNRUXQPDVÖoDEDODUÖQGDQGRøPXûWXUµ
%HVWH\YH&KDGYLFNPHG\DHWLøLNRQXVXQX\DNODûÖPODUÖQGD´NDOLWHµER\XWXQDYXUJX
\DSPDNWDGÖUODU
*D]HWHFLOLøLQ
KDWDOÖ
X\JXODPDODUÖQGDQ
PHQ
HGLOLS
JD]HWHFLOHULQ
\DSWÖNODUÖQGDQ VRUXPOX WXWXOPDODUÖQÖ VDøOD\DFDN ELU GDYUDQÖû NRGX ]HULQGH GXUPDQÖQ
EDVÖQGD NDOLWHQLQ NRQWURO\OH LOJLOL ELU EDûODQJÖo RODELOHFHøL ]HULQGH GXUDQ \D]DUODU
VRUXQXQ NRGXQ LoHULøLQLQ QH RODFDøÖ JHQLû ELU DODQD \D\ÖODQ LONHOHUOH PL RODFDøÖ \RNVD
GDKDNDSDOÖD\UÖQWÖOÖWDQÖPODPDODUODPÖEHOLUOHQHFHøLROGXøXQXLIDGHHWPHNWHGLUOHU\DQL
NÖVDFDVÖ VÖQÖU oL]JLVLQLQ QHUHGHQ JHoHFHøLQL PHUDN HWPHNWHGLUOHU
<LQH \D]DUODUFD EX
QRNWDGD VRUXQXQ ELU EDûND ER\XWX RODUDN GD ´NRGXQ ROXPOX PX ROXPVX] PX HWLN
ROPD\DQ ELU GDYUDQÖûÖ |QOHPH\H PL \RNVD HWLN GDYUDQÖûÖQ JHOLûWLULOPHVLQH PL \|QHOLN
RODFDøÖµ]HULQGHGXUXOPDNWDGÖUgUQHøLQ´\DODQV|\OHPHµLOH JHUoHøLV|\OHµ D\QÖûH\
'XUNKHLPDJHV
$OWXQDJHV
$OHPGDU=H\QHS2\XQXQ.XUDOÖ%DVÖQGDg]GHQHWLP%LOJL<D\ÖQHYL$QNDUDV
$OHPGDU.RUNPD]$JHV
%HOVH\$&KDGZLFN50HG\DYH*D]HWHFLOLNWH(WLN6RUXQODUoHY1XUoD\7NRøOX$\UÖQWÖ
<D\ÖQODUÖùVWDQEXOV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GHøLOGLU 6HVVL] NDODUDN \RUXP \DSPD\DUDN NRQX\X GHøLûWLUHUHN \DODQ V|\OHPHNWHQ
NDoÖQÖODELOLUDPD\DODQÖV|\OHPL\RUROPDNQHJQONKD\DWWDQHGHJD]HWHFLOLNWH\HWHUOL
ELU LONHOLOLN RODUDN J|UOHPH]
(Q VRQ RODUDN WDUWÖûÖODQ NRQX HWLN ELU GDYUDQÖû
NRGXQXQ KDQJL WHPHOH GD\DQDFDøÖ ]HULQGH RGDNODQPDNWDGÖU <D]DUODUD J|UH ´HWLN
\DOQÖ]ELUGDYUDQÖûNRGXGHøLOGLUDUWÖ\DGDHNVL\DSWÖUÖPODUÖRODELOLU<DOQÖ]FDL]OHQPHVL
JHUHNHQ NXUDOODUGDQ GD LEDUHW GHøLOGLU 'DKD oRN LQVDQ GDYUDQÖûODUÖQÖQ GRøUXODUÖ YH
\DQOÖûODUÖ\OD LOJLOL LONHOHULQ PDNXO NXUXPODUD GD\DQDUDN QHVQHOOLN YH WDUDIVÖ]OÖNOD
X\JXODQPDVÖ\ODLOJLOLGLUµ
%XEDøODPGD]LNUHGLOPHVLQGH\DUDUEXOXQDQELU|QHPOLoDOÖûPDGD6LHEHUW3HWHUVRQ
YH 6FKUDP·ÖQ ´%DVÖQÖQ '|UW 7HRULVLµGLU WDULKOL EX HVHULQ |QHPL LOHWLûLP
VLVWHPOHULQLQ GD\DQGÖUÖOGÖøÖ GûQVHO WHPHOOHULQ NDUûÖODûWÖUPDOÖ RODUDN LQFHOHQPHVL
oDOÖûPDODUÖQÖQ HQ oRN ELOLQHQOHUGHQ ROPDVÖQGDQ YH VRQUDNLOHUH ND\QDNOÖN HWPHVLQGHQ
GROD\ÖGÖU ùOHWLûLP VLVWHPOHULQLQ QRUPDWLI WHPHOOHULQL ´RWRULWHUµ ´OLEHUDOµ ´6RY\HW
.RPQLVWµYH´WRSOXPVDOVRUXPOXOXNµNXUDPODUÖEDûOÖNODUÖDOWÖQGDG|UWDQDNDWHJRULGH
GH DODQ 6LHKHUU YH DUNDGDûODUÖQÖQ EX \DNODûÖPÖ JHQHO RODUDN NDEXO J|UPûWU
%X
HNLSWH \HU DODQ 6FKUDPP·ÖQ 5LYHUV YH &KULVWLDQV·OD ELUOLNWH NDOHPH DOGÖNODUÖ .LWOH
ùOHWLûLPLQGH6RUXPOXOXNDGOÖHVHUOHULGH\LQHD\QÖ\DNODûÖPÖWDûÖPDNODGÖU<D]DUODUDJ|UH
ùON
JD]HWHFLOHU
RWRULWHU
ELU
WRSOXPGD
IDDOL\HW
J|VWHUPHN
]RUXQGD
NDOPÖûODUGÖ %|\OH ELU VLVWHPGH LOHWLûLP DKODNÖQÖQ HVDVODUÖ VRQ GHUHFH
DoÖNWÖU
2OXPVX]
ELU
LIDGH\OH
RWRULWHOHULQ
J|]QGH
GHYOHWH
YH
YDWDQGDûODUÖQD ]DUDU YHUHELOHFHøL GûQOHQ KLo ELU HVHU \D\ÖQODQDPD]GÖ
'DKD ROXPOX ELU LIDGH\OH WP \D\ÖQFÖOÖN OWXINDU GHYOHWLQ E\NOøQH
NDWNÖGD EXOXQPDN ]RUXQGD\GÖ YH EX VRQXo LWLEDUL\OH LQVDQÖQ D]DPL
ID\GD\D YH PXWOXOXøD XODûPDVÖQÖ VDøOD\DFDNWÖ %HOLUJLQ RODQ ûH\ LQVDQÖQ
NHQGL EDûÖQD NDUDU YHUPHPHVL\GL oQN KHU ]DPDQ RQXQ DGÖQD NDUDU
YHUHFHNKDNHPJ|UHYLVWOHQHQELURWRULWHPHYFXWWX
<LQH D\QÖ \D]DUODU JHOLûHQ WLFDUHW VRQXFXQGD \HQL ELU VÖQÖIÖQ GRøGXøXQX EX VÖQÖIÖQ
HNRQRPLNJFGROD\ÖVÖ\ODVL\DVHWHRUWDNROGXøXQXGROD\ÖVÖ\ODGHPRNUDWLNNDWÖOÖPÖHVDV
DODQ OLEHUDO ELU \DNODûÖPÖP RUWD\D oÖNWÖøÖQÖ V|\OHPHNWHGLU /LEHUDO \DNODûÖP ILNLUOHULQ
GHYOHW NRQWURO ROPDNVÖ]ÖQ VHUEHVWoH LIDGH HGLOPHVL J|UûQGHGLU %XQD J|UH
WRSOXPGDNL WP IDUNOÖ ILNLUOHU EDVÖQ \ROX\OD |]JUFH VHVOHULQL GX\XUDELOHFHNOHU YH EX
ûHNLOGH IDUNOÖ EDNÖû DoÖODUÖQÖQ DoÖNoD oDUSÖûPDVÖ VRQXFX KDON GRøUX\X \DQOÖûWDQ D\ÖUW
HGHELOHFHNWLU
$QFDN·OÖ\ÖOODUGDQLWLEDUHQOLEHUDOEDVÖQWHRULVLoRN\RøXQHOHûWLULOHUOH\]\]H
JHOPH\H EDûODPÖûWÖU 7HRULQLQ ûSKH\OH NDUûÖODQPDVÖQD NDGDU XODûDQ EX HøLOLPGH
PHG\DGD WHNHOOHûPHOHULQ oRN |QHPOL URO ROPXûWXU g\OH NL EX WHRUL\H GX\XODQ
\DNODûÖPODU
X]DQWÖVÖ
RODUDN
NDEXO
HGLOHQ
GRøDO
KXNXN
\DNODûÖPÖQD
GD
J|OJH
GûUPûWU $NLW VHUEHVWLVL \D GD VHUEHVW V|]OHûPH HVDVÖ ]HULQH NXUXOX GRøDO KXNXN
\DNODûÖPÖYHOLEHUDOPRGHOVHUEHVWSL\DVDX\JXODPDVÖQDGD\DQDQELUDU]WDOHSGHQJHVLQL
<DJHV
<DJHV
.D\D5DûLWùOHWLûLP6LVWHPOHUL$QNDUDV2NWD\0DKPXW.LWOHùOHWLûLP$UDoODUÖQÖQ
8OXVODUDVÖ6RUXPOXOXøXYHùOHWLûLP$KODN.XUDOODUÖùh6%(<D\ÖQODQPDPÖû'RNWRUD7H]LùVWDQEXO
V
5LYHUV:6FKUDPP:&KULVWLDQV&*5HVSRQVLELOLW\LQ0DVV&RPPXQLFDWLRQ1HZ<RUN
DNW02NWD\DJWV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
|QJ|UPHNWH\GL 'ROD\ÖVÖ\OD DU] WDOHS PHNDQL]PDVÖQD GD\DQDQ VHUEHVW V|]OHûPH NXUDOÖ
WP WRSOXPVDO VRUXQODUÖ o|]POHU YH DGLO ELU KXNXN G]HQLQH XODûPDPÖ]D YHVLOH
ROXUGX %XQGDQ KDUHNHWOH EDVÖQGD JHUHN LûoL YH LûYHUHQ YH JHUHNVH SL\DVD ûDUWODUÖQÖQ
D\QÖ HVDVD J|UH LûOHGLøL J|Uû LOHUL VUOPHNOH\GL 2OD\D PHG\D DKODNÖ SHQFHUHVLQGHQ
EDNÖOGÖøÖ ]DPDQ VRPXWD LQGLUJHQHFHN GXUXP û|\OH\GL ´%LU WDUDIWDQ ILNLUOHULQ |]JU
GRODûÖPÖ LOH GHPRNUDWLN oRøXOFXOXN VDøODQDFDN GLøHU \DQGDQ GD WRSOXPVDO LKWL\DoODUD
FHYDS YHUPH\HQ JD]HWHOHU DU] YH WDOHS VLVWHPL JHUHøL GRøDO RODUDN SL\DVDGDQ
oHNLOHFHNWLµ
dDOÖQDQODUDoÖVÖQGDQGD\LQHoRøXOFXOXNYHSL\DVDûDUWODUÖLoHULVLQGHNHQGL
J|UûOHULQH X\JXQ PHG\D RUJDQODUÖQGD oDOÖûPD YH DNLW VHUEHVWLVLQH GROD\ÖVÖ\OD Lû
GHøLûWLUHELOPHKDNNÖQDVDKLSROPDKDNNÖGRøPDNWD\GÖ
1H YDU NL WRSOXPVDO \DSÖGDNL GHQJHVL]OLNOHU YH LûYHUHQLQ oDOÖûDQODUÖQD J|UH JoO
NRQXPX VHUEHVW V|]OHûPH |]JU LUDGH\H GD\DQDQ DU] YH WDOHS GHQJHVL HûLWOLN YE
NDYUDQÖODQ VRQ GHUHFH DQODPVÖ] NÖOPÖûWÖ
%WQ EX JHOLûPHOHUGHQ GROD\ÖGÖU NL
YDWDQGDûODUÖQD NDUûÖ \NPOONOHU WDûÖ\DQ ´PGDKDOHFLµ YH ´VRV\DO GHYOHWµ DQOD\ÖûÖQÖ
GRøXUDQEXJHOLûPHOHUPHG\DDODQÖQGDGDNDUûÖOÖNEXOPDNWDJHFLNPHGL
0HG\D VHNW|UQGHNL WHNHOOHûPH HøLOLPOHUL GÖû HNRQRPLN YH PDGGL oÖNDUODU
UHNODPFÖODUÖQHWNLVLE\NVHUPD\HQLQYDUOÖøÖQÖKLVVHWWLUPHVLYHEDVÖQÖGHQHWLPDU]XVX
oRøXOFXOXN YH oDOÖûDQODU DoÖVÖQGDQ DNLW VHUEHVWLVLQL RUWDGDQ NDOGÖUPÖûWÖ /LEHUDO
\DNODûÖPÖQ |QJ|UGø YH\D JHWLUGLøL WHGELUOHU GH ]DWHQ JHQHOOLNOH PHG\D VDKLSOHULQLQ
KDNODUÖQÖ NROOD\DQ DPD EX DODQGD oDOÖûDQ JD]HWHFL YH oDOÖûDQODUÖQ VRUXQODUÖQD J|]
\XPDQ RQODUÖQ |]JUONOHULQLQ NÖVÖWODQPDVÖQÖ FLGGL ELU SUREOHP RODUDN J|UPH\HQ ELU
WHPHOH GD\DQÖ\RUGX %WQ EXQODU WHSNL RODUDN \HQL ELU \DNODûÖP ELoLPLQLQ RUWD\D
oÖNPDVÖQD DUDFÖOÖN HWWL 6RV\DO VRUXPOXOXN DQOD\ÖûÖ RODUDN LIDGH HGHFHøLPL] EX VUHoWH
LOHWLûLPL G]HQOH\HQ ELU WDNÖP NXUDOODUÖQ EDVÖQ NRQVH\OHULQLQ DQWLWU|VW \DVDODUÖQÖQ YH
GHYOHWLQ DOGÖøÖ ED]Ö WHGELUOHULQ ROXûWXUXOPDVÖ KXVXVX JQGHPH JHOGL <ÖOÖQGD
$PHULND %LUOHûLN 'HYOHWOHULQGH NXUXODQ +XWFKLQV .RPLV\RQX UDSRUXQGD \HU DOGÖøÖ
ûHNOL\OHVRV\DOVRUXPOXOXNDQOD\ÖûÖQÖQDQDHVDVODUÖûXûHNLOGHLGL
*HOHQHNVHO EDVÖQ |]JUOø GûQFHVL LOH RQXQ JHUHNOL NÖOGÖøÖ D\UÖOPD]
SDUoDVÖRODQVRUXPOXOXNDUDVÖQGDELUoHOLûNLYDUGÖU
6RUXPOXOXN \DVDODUD VD\JÖ JLEL NHQGL EDûÖQD |]JUONOHU |QQGH ELU
HQJHO GHøLOGLU 7DP WHUVLQH SR]LWLI ELU |]JUOøQ JHUoHN ELU LIDGHVL
RODELOLU$QFDNEXVRUXPOXOXNND\ÖWVÖ]NDOPD|]JUOøQHWHUVGûHU
6|]GH
EDVÖQ
ROXûWXUGXøXQD
|]JUOøQQ
EX
JQOHUGH
EX
WU
oRN
WRSOXPVDO
VÖN
WDQÖN
VRUXPVX]OXN
|UQHøL
ROXQPDNWDGÖU
%DVÖQ
\DQOÖûOÖNODUÖQÖQ YH WXWNXODUÖQÖQ |]HW kOkQ GÖûÖQD WDûÖS NDPXVDO WHKOLNH
KDOLQH JHOGLøLQL ELOPHOLGLU %DVÖQ \DQOÖû \DSDUVD DOGDWWÖøÖ NDPXR\XGXU
.LûLOHUH WDQÖGÖøÖ JLEL EDVÖQD GD KDWD \DSPD KDNNÖQÖQ WDQÖQPDVÖ EXQGDQ
E|\OHPPNQGHOLOGLU
%XQD J|UH PHG\D VDKLSOHUL YH oDOÖûDQODUÖ WRSOXPXQ EHNOHQWLOHULQL \HULQH JHWLUPH\L
ELU \NPOON RODUDN NDEXOOHQPHOLGLUOHU 6HUEHVW SL\DVD YH UHNDEHW ûDUWODUÖQGD
<DJH
2NWD\0DJWV
$NW5.D\DDJHV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PH\GDQD JHOHELOHFHN DNVDNOÖNODU NDPXVDO LKWL\DoODUÖ NDUûÖOD\DFDN PHNDQL]PDODUOD
G]HOWLOPHOLGLU
0HG\D\Ö
WRSOXPVDO
DPDoODUGDQ
X]DNODûWÖUDQ
EDVNÖODUÖ
RUWDGDQ
NDOGÖUDELOPHN LoLQ GHYOHULQ VHNW|UH PDOL YH HNRQRPLN \DUGÖPODU oRøXOFXOXøXQ
VDøODQPDVÖQD KL]PHW HGHQ |]HO KL]PHW YH NROD\OÖNODUÖQ WHPLQL PHG\D RUJDQODUÖQD
\|QHOLN |]HO WDULIHOHU |QFHOLNOHU YH D\UÖFDOÖNODU JHWLULOPHVL D\UÖFD PHG\DQÖQ YH
oDOÖûDQODUÖQÖQ KDN YH |]JUONOHULQL NRUX\DQ |]HO NDQXQODU YH DQWLWHNHO NDQXQODUÖ
oÖNDUÖOPDVÖ EDVÖQ NRQVH\OHULQLQ ROXûWXUXOPDVÖ |]HO NRPLV\RQODUÖQ YH SDUODPHQWR
NRPLV\RQODUÖQÖQ G]HQOHQPHVL JLEL ELUoRN WHGELU VLVWHPLQ HVDVÖQÖ ROXûWXUPDNWDGÖU
.H]DLOHWLûLPNXUXOXûODUÖQGDoDOÖûDQODUÖQPHVOHNLVWDQGDUWODUÖQÖQGD|]GHQHWLPHVDVODUÖ
GDKLOLQGHRUWD\DNRQPDVÖGDEXQXQELUSDUoDVÖGÖU
$JHH$XOWYH(UQHU\·QLQPHG\DGDVRV\DOVRUXPOXOXøXELoLPOHQGLULUNHQEHûNRQWURO
PHNDQL]PDVÖ |QJ|UHQ \DNODûÖPODUÖ GD |QHP WDûÖPDNWDGÖU %X PHNDQL]PD VX\D DWÖODQ
WDûODUÖQLoLFHKDONDODUoÖNDUPDVÖQGDROGXøXJLELELUELULQHGHøPHGHQLoLFHJHoPLûVRV\DO
NRQWUROKDONDODUÖQGDQROXûPDNWDGÖU(QLoWHNLNoNKDONDELUH\OHULQ\DQL\D\ÖQFÖODUÖQ
PXKDELUOHULQ HGLW|UOHULQ PHG\D VDKLSOHULQLQ KDEHU PGUOHULQLQ ILOP YH YLGHR
HGLW|UOHULQLQ YE NLûLVHO PHVOHNL VWDQGDUWODUÖQÖ YH DKODNL WHFUEHOHULQL VLPJHOHPHNWHGLU
.LûL KHU ûH\GHQ |QFH NHQGL YLFGDQÖQD YH LQDQoODUÖQD NDUûÖ VRUXPOXGXU %X NLPLOHULQ
NHQGLOHULQL oHYUHOH\HQ GLøHU G|UW KDOND\Ö J|] |QQGH WXWPDVÖ JHUHNPHNWHGLU ùNLQFL
KDOND\Ö WHNHU WHNHU PHG\D NXUXOXûODUÖQÖQ NHQGL NXUXPVDO YH |]HO VWDQGDUWODUÖ YH DKODNL
NXUDOODUÖ ROXûWXUPDNWDGÖU +HU NXUXOXûXQ NHQGLOHULQH |]J NÖVWDVODUÖ YH GHøHUOHQGLUPH
XVXOOHUL EXOXQPDNWDGÖU EXUDODUGD oDOÖûDQODU GD WDPDPÖ\OD EX NXUDOODUD EDøOÖ NDOPDOÖGÖU
hoQF KDONDGD ONH G]H\LQGH \HUOHûLN PHVOHNL DKODN NXUDOODUÖ YDUGÖU 'RøDO RODUDN
ONHGHEXNXUDOODU]HULQGHELUDQOD\ÖûELUOLøLEXOXQXU%XQDPHG\DVHNW|UQGHNLIDUNOÖ
LOHWLûLP DUDoODUÖQÖQ UDG\R WHOHYL]\RQ JD]HWH GHUJL UHNODPFÖOÖN VLQHPD YH EHONL
ûLPGLOHUGH ùQWHUQHW XOXVDO G]H\GH JHWLUGLNOHUL VSHVLILN VWDQGDUWODUÖ GD GDKLOGLU
'|UGQF KDOND GHYOHWLQ YH VRV\DO VLVWHPLQ LOHWLûLPLQH LOLûNLQ WHPHO IHOVHIHOHUL YH
KXNXNXQ NR\GXøX VÖQÖUODPDODUÖ J|VWHULU (Q GÖûWDNL KDOND LVH \DQL EHûLQFL KDOND LVH
WRSOXPXQ QH WU KDEHUOHUH WROHUDQV J|VWHUHFHøLQL YH\D J|VWHUPH\HFHøLQL LIDGH HGHQ
VÖQÖUODPDODUÖ LoHULU %LU |UQHNOH KHU WRSOXPGD PVWHKFHQOLN DQOD\ÖûÖ IDUNOÖOÖNODU DU]
HWPHNWHGLU
0HG\D DKODN NRGODUÖ YH\D LONHOHUL LVH EX SHUVSHNWLIWHQ KDUHNHWOH JHQHO DQODPGD
\DVDO G]HQOHPHOHUH WHNDEO HWVLQ YH\D HWPHVLQ PHVOHNWH RODQODUÖQ X\PDN GXUXPXQGD
EXOXQGXøX GDYUDQÖû NXUDOODUÖQÖ LIDGH HWPHNWHGLU 'DU DQODPGD LVH PHVOHøLQ NHQGL
NHQGLVLQH UHWWLøL YH \HOHULQLQ X\PDODUÖ JHUHNHQ NXUDOODU PDQ]XPHVLGLU %X NRGODUÖQ
ND\QDøÖ PHVOHNL \HWHQHNOHU PDKNHPH NDUDUODUÖ EDVÖQ ûHUHI GLYDQODUÖ YH\D EDVÖQ
NRQVH\OHUL
YE
PHVOHN
|UJWOHUL
ROGXøX
JLEL
EL]DWLKL
PHG\D
NXUXOXûODUÖQÖQ
NHQGLOLNOHULQGHQVWOHQGLNOHUL\NPOONOHURODELOLU
%DVÖQ DKODN NRGODUÖQÖ YH\D LONHOHULQL G|UW JHQHO NDWHJRUL LoHULVLQGH GHøHUOHQGLUPHN
GHPPNQGU
D +HU PHVOHNWH ROGXøX JLEL \DOQÖ]FD EDVÖQ PHVOHøLQGH RODQODUÖ YH PHVOHN |UJWOHULQL
LOJLOHQGLUHQ NRGODUGÖU %XUDGD PHVOHN UQQQ \FHOWLOPHVL PHVOHN oÖNDUODUÖQÖQ
NRUXQPDVÖ ILNUL KDNODUD VD\JÖ \D]Ö DûÖUPD \DVDøÖ YH RUWDN ]LKQL\HW J|VWHUPH
]RUXQOXOXøXJLELNXUDOODUÖVÖUDODQDELOLU
2NWD\0DJWV
$NW2NWD\0DJWV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
E +HU WUO LIVDW JLULûLPOHULQL UHGGHWPH JHUoHøLQ DUDQPDVÖ KDEHULQ \RUXPGDQ D\UÖOPDVÖ
GRøUXROPD\DQKDEHUOHULQG]HOWLOPHVL]RUXQOXOXøXPDQHYLGLQLGX\JXODUDVD\JÖOÖROPD
EDûNDODUÖQÖQKDNODUÖQDVD\JÖOÖROPDJLELKDONODLOLûNLOHULG]HQOH\HQNXUDOGÖU
F .LûL\OH RODQ LOLûNLOHUGH X\JXODQDQ NXUDOODU +DNDUHW YH V|YPHQLQ GLQ ÖUN HWQLN N|NHQ
VL\DVDOWHUFLKFLQVL\HWYEQHGHQOHUOHD\UÖP\DSÖOPDVÖQÖQ\DVDNODQPDVÖYV
G 'HYOHW YH XOXVODUDUDVÖ WRSOXOXNOD LOLûNLOHUL EHOLUOH\HQ NXUDOODU %DVÖQ |]JUOøQ YH
PHVOHNL VÖUODUÖ VDYXQPD LQVDQ KDNODUÖ EDUÖû XOXVODUDUDVÖ LûELUOLøL DQOD\ÖûÖQGDQ \DQD WDYÖU
WDNÖQPDYE
0HG\D$KODNÖ%DøODQÖPGD(OH$OÖQDQ7HPHO6RUXQODU
0HG\D DKODNÖ DQOD\ÖûÖ LOH ELUOLNWH ´EDûWD NDPX \DUDUÖ NDYUDPÖQÖQ LoHULøLQLQ QH
RODFDøÖ ROPDN ]HUH ´EDVÖQ |]JUOøµ PHG\D GHQHWLPLQGH KXNXNL YH |]GHQHWLP
\ROODUÖ YH JQP]GH \HQL ELU \RO RODUDN EHOLUJLQOHûHQ ´RUWDN GHQHWLP EDEÖQGD
WHNHOOHûPH YH PHG\D VDKLSOHULQLQ SDWURQODUÖQÖQ EDVÖQ GÖûÖ LûOHUGH IDDOL\HW J|VWHUPHVL
NRQXODUÖVÖNOÖNODWDUWÖûÖOPD\DEDûODPÖûWÖU
D.DPX<DUDUÖ
.DPX \DUDUÖQÖQ QH ROXS ROPDGÖøÖ NDPX \DUDQPD KDQJL KDOOHUGH V|] NRQXVX
HGLOHFHøL YH EX NDYUDPÖQ PHG\D HWLN NRGODQÖQ LKODO LoLQ \HWHUOL ELU JHUHNoH WHûNLO HGLS
HWPH\HFHøL]HULQGHoRNGHULQYHDQODPOÖWDUWÖûPDODU\UWOPûWU
%XNRQXGDNLWDUWÖûPDODUÖQLNLWHPHOER\XWXYDUGÖU%LULFLVLNLûLOHULQ|]HOKD\DWODUÖQD
PGDKDOHLNLQFLVLLVHGHYOHWVÖUUÖQLWHOLøLQGHNLELOJLOHULQDNWDUÖOPDVÖGÖU
g]HOOLNOH ELULQFL ER\XWOD LOJLOL RODUDN NDPX \DUDUÖQÖQ VÖQÖUÖQÖQ QHUH\H NDGDU RODFDøÖ
NRQXVXQGD REMHNWLI ELU VÖQÖUODPD EXOXQPDPDNOD ELUOLNWH |]HO KD\DWD LOLûNLQ KDEHU
\RUXP YH J|UQWOHULQ VXQXPXQGD JL]OL NDPHUD JL]OL VHV YH ND\ÖW G]HQL WHOH REMHNWLI
YE \|QWHPOHUOH X]DNWDQ KDEHU YHUPHNVL]LQ J|UQW DOPDQÖQ YH GXGDN RNXPD
\|QWHPL\OH NRQXûPDODUÖ DNWDUPDQÖQ JHQHO RODUDN HWLN GÖûÖ J|UOGø YH NLPL ONHOHUGH
EXNRQXODUÖQKXNXNLG]HQOHPHOHUHNRQXROGXøXELOLQPHNOHGLU
'HYOHWVÖUODUÖQÖQLIûDVÖQRNWDVÖQGDGD\LQHKHPKXNXNLKHPGHHWLNNXUDOODUGHYUH\H
JLUPHNOHGLU $QFDN \LQH EXUDGD GD QH\LQ KDQJL ûDUWODU DOWÖQGD GHYOHW VÖUUÖ NDEXO
HGLOHFHøLGLU gUQHøLQ GHYOHWLQ NDQXQODUGD \HUL ROPD\DQ H\OHP YH LûOHPOHULQLQ
EXOXQPDVÖ KDOLQGH JD]HWHFLOHU EXQX |øUHQGLNOHUL ]DPDQ WRSOXPD DNWDUDPD\DFDNODU
PÖGÖU"
%X EDøODPGD EDKVHGLOPHVL JHUHNHQ ELU GLøHU KXVXV LVH \D]PDPDQÖQ WHUVLQH ´PLOOL
oÖNDUODU V|] NRQXVX ROGXøX ]DPDQ DFDED JD]HWHFLOHU R GRøUXOWXGD PÖ KDEHU
\DSPDOÖGÖUODU"µVRUXVXQXQFHYDEÖGÖU
E%DVÖQg]JUOø$FÖVÖQGDQ+XNXNLYH(WLN'HQHWLPg]GHQHWLPYH2UWDN
'HQHWLP
0HG\D GHQHWLPLQGH HWLN LONHOHULQ ELU \HUGH ´JD]HWHFLQLQ YH\D PHG\D RUJDQÖQÖQ
NHQGL DU]XVXQD EÖUDNÖOPÖû ROPDVÖ LONHOHULQ PXWODN ELU \DSWÖUÖPÖ VDøOD\DPDPDVÖ oRøX
NH] HWLN NRGODUÖQ KXNXNL PHWLQOHUGH GH NDUûÖOÖN EXOPDVÖ VRQXFXQX GRøXUPDNWDGÖU
+XNXNL GHQHWLPGH \DSWÖUÖPODUÖQ NHVLQ YH ED]HQ GH DøÖU ROPDVÖ YH ED]Ö ]DPDQODUGD GD
KNPHWOHUOH EDVÖQ DUDVÖQGDNL LOLûNLQLQ WDQ]LPLQGH NXOODQÖOPD LKWLPDOLQL GRøXUPDVÖ
'DQÖûPDQ$KPHWDJPDNW02NWD\DJWV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PHG\DQÖQ |]JUON DODQÖQÖQ GDUDOWÖOGÖøÖ ELoLPLQGH \RUXPODQDELOPHNWHGLU *LUJLQ ELU
KDEHULQYHULOPHVLQGHYHJD]HWHFLQLQKDEHUYHUPHKDNNÖQÖNXOODQPDVÖQGDNDPX\DUDUÖQÖ
WHVSLWOH J|UHYOL \DUJÖFÖQ GDYD NRQXVX KDEHULQ RNX\XFXQXQ PDUD]L PHUDN GX\JXODUÖQÖ
WDWPLQHPL\RNVDVWQDKODNLYHKXNXNLGHøHUOHULQNRUXQPDVÖQDPÖ\|QHOLNROGXøXQX
DUDûWÖUPDN YH RQD J|UH NDPX \DUDUÖQÖQ ROXS ROPDGÖøÖ VRQXFXQD YDUPDN GXUXPXQGD
EXOXQGXøXQXV|\OHPHNWHGLU
!
+XNXNLG]HQOHPHOHUYHGROD\ÖVÖ\OD\DUJÖVDOGHQHWLPGHJHWLULOHQVWDQGDUWODUGDJHQHO
RODUDN ´PHVDM LoLQ ELOJL WRSODQPDVÖQGD YH EX ELOJLOHULQ VHoLOHUHN PHVDM KDOLQH
JHWLULOPHVLQGH X\XOPDVÖ JHUHNHQ SR]LWLI VWDQGDUWODUGÖUµ GL\HQ 9XUDO LOHWLûLPFLOHULQELOJL
WRSODPD VÖUDVÖQGD VH\UHN WH ROVD ELOHUHN \D GD ELOPH\HUHN \DVD GÖûÖ GDYUDQÖûODUGD
EXOXQGXøXQDGLNNDWoHNPHNWHYH´EXQODUNLûLKDNODUÖQDGRNXQPDKDWDOÖ\D\ÖQ\DSPD
D\UÖFDOÖNKDNNÖQÖN|W\HNXOODQPDWLFDULJYHQOLøLVDUVPDoDOÖQPÖûGRNPDQNXOODQÖPÖ
EDûNDVÖQÖQ HVHULQL NHQGLVLQH PDO HWPH \D GD |\OH ELU GRNPDQÖ NXOODQPD KDEHU
ND\QDøÖQÖ NDQÖWOD\DPDPD SURJUDPODUÖQ ûLGGHW YH VHNV LoHUPHVL JLEL GDYUDQÖûODUµ
!
RODUDNVÖUDODPDNWDGÖU
gWH \DQGDQ KXNXNL G]HQOHPHOHU YH \DUJÖVDO GHQHWLP GÖûÖQGDNL \ROODU LVH ]DWHQ
PHG\DQÖQ NHQGLVL WDUDIÖQGDQ KHP RNX\XFX NLWOHVL\OH LOLûNLOHULQL L\LOHûWLUPHN YH KHP GH
PHG\DQÖQ PGDKDOH DOWÖQGD NDOPDVÖQÖ |QOHPHN DPDFÖ\OD JHOLûWLULOPLû \ROODU RODUDN
RUWD\D
oÖNPÖûWÖU
*QP]GH
|]GHQHWLP
\DQL
\D\ÖQ
NXUXOXûXQXQ
WRSOXPVDO
VRUXPOXOXN GRøUXOXN JHUoHNoLOLN KDNNDQL\HW REMHNWLIOLN YH WDUDIVÖ]OÖN J|UHYOHUL
X\DUÖQFD \|QHWLPLQL NHQGLVLQLQ EHOLUOH\HFHøL NDPXVDO \D\ÖQFÖOÖN YH ONHVLQLQ NDQXQODUÖ
YH WDUDI ROGXøX XOXVODUDUDVÖ \DVDO G]HQOHPHOHUH WHUV GûPHPHN LoLQ KDEHU SURJUDP
YH\D GLøHU \D\ÖQODUÖQÖ J|]HWOHPH NRQWURO YH G]HQOHPH VRUXPOXOXøXQXQ \DQÖ VÖUD ELU
GH RUWDN GHQHWLP RODUDN LIDGH HGHELOHFHøLPL] \D\ÖQ NXUXOXûX LOH \D\ÖQ NXUXOXûXQXQ
GÖûÖQGDNL ELU RUJDQ NRQVH\ NXUXO YH\D VLYLO WRSOXP NXUXOXVX WDUDIÖQGDQ \D\ÖQODUÖQ
LoHULNOHULQH LOLûNLQ NRQWURO G]HQOHPH YH J|]HWOHPH VRUXPOXOXøX DQOD\ÖûÖ JHOLûPLûWLU
%XUDGD JHQHO RODUDN NDPX NXUXPODUÖ XODûÖODFDN KHGHIOHUL WD\LQ HWPHNWH YH EX
GRøUXOWXGD JHUHNOL GHWD\ODUÖQ WHVSLW YH UHWLOPHVL VHNW|U oDOÖûDQODUÖQD YH\D GLøHU LOJLOL
WDUDIODUDEÖUDNÖOPDNWDGÖU
F0HG\DGD7HNHOOHûPH<RøXQODûPD0HG\DQÖQYH3DWURQODUÖQÖQ%DVÖQ'ÖûÖ
ùûOHUL
0HG\DGD WHNHOOHûPH YH\D \RøXQODûPD IDUNOÖ PHG\D VHNW|UOHULQGH D\QÖ JUXS YH\D
ûLUNHW oÖNDUODUÖQÖQ ELULNPHVLQL LIDGH HWPHNWHGLU *HQHOOLNOH LNL ûHNLOGH ROPDNWDGÖU
%LULQFLVL NHQGL \D]Ö LûOHUL NDGURVXQD VDKLS PHG\D RUJDQÖ VD\ÖVÖQGD D]DOPD LNLQFLVL LVH
ELUGHQoRNPHG\DQÖQNRQWUROQQELUNLûLYH\DELUJUXSHOLQHJHoPHVLGLU
!
ùNLQFLJUXS
LVH NHQGL LoHULVLQGH IDUNOÖ ELoLPOHUGH WH]DKU HGHELOPHNWHGLU dDSUD] VDKLSOLN FURVV
RZQHUVKLS RODUDN LIDGH HGHELOHFHøLPL] EDVÖQ UDG\R YH WHOHYL]\RQ VHNW|UOHUL DUDVÖQGD
KLVVHDOÖPÖVDWÖPÖDNWDUÖPÖQÖQ\DQÖVÖUD\DWD\HQWHJUDV\RQKRUL]RQWDOLQWHJUDWLRQ\ROX\OD
ELUûLUNHWYH\DJUXEXQD\QÖPHG\DVHNW|UQGHELUGHQoRN\D\ÖQRUJDQÖQÖNRQWUROHWPHVL
YH\D GLNH\ HQWHJUDV\RQ YHUWLFDO LQWHJUDWLRQ LOH ELU ûLUNHWLQ YH\D JUXEXQ PHG\D
VHNW|UQGH GDøÖWÖPGDQ UHWLP VUHFLQH NDGDU GHøLûLN E|OPOHUL NRQWURO HWPHVL \D GD
*LUJLQ$WLOOD<D]ÖOÖ%DVÖQGD+DEHUYH+DEHUFLOLN(WLNLùQNÖODS<D\ÖQHYLùVWDQEXOV
9XUDO6DFLGH.LWOHùOHWLûLPGH'HQHWLP6WUDWHMLOHUL%LOLP<D\ÖQODUÖ$QNDUDV
.RUNPD]$OHPGDU´%DVÖQGD7HNHOOHûPH)UDQVDgUQHøLµ$ù7ù$ùOHWLûLP'HUJLVLV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
oRN WDUDIOÖ PHG\D HQWHJUDV\RQX PXOWLPHGLD LQWHJUDWLRQ \ROX\OD ELU ûLUNHW YH\D JUXEXQ
ELUoRNPHG\DVHNW|UQGHSD\YHV|]VDKLELROPDVÖELoLPLQGHJHUoHNOHûHELOPHNWHGLU
*D]HWHOHULQ WHOHYL]\RQ YH UDG\RODUÖQ HNRQRPLN ûDUWODUD D\DN X\GXUPDGD oHNWLNOHUL
JoONOHU \D\ÖQ KD\DWODUÖQÖ VUGUPHOHULQL GRøDO RODUDN HWNLOHPHNWH |]HOOLNOH GH \D]ÖOÖ
EDVÖQGD ELU WDNÖP JD]HWHOHU \D NDSDQPDNWD YH\D HO GHøLûWLUPHNWHGLU %X HO GHøLûLPOHUL
JHQHOOLNOH EDûND \D\ÖQ RUJDQODUÖQD GD VDKLS RODQ ´SDWURQODUDµ GRøUX ROPDNWD EX
SDWURQODU JD]HWHOHULQ YH\D GLøHU PHG\DODUÖQÖQ PHYFXW \|QHWLP YH \D]Ö LûOHUL
NDGURODUÖQÖ PXKDID]D HWPHN \HULQH ´KDYX]µ VLVWHPL LOH EWQ \D\ÖQ RUJDQODUÖQÖ
´EHVOHPHNWHGLUµ'ROD\ÖVÖ\OD\D\ÖQRUJDQODUÖQGDKDEHUOHUGHQ\D\ÖQSROLWLNDODUÖQDNDGDU
SHNoRNEHQ]HUOLNOHUGRøPDNWDGÖU
7HNHOOHûPHQLQ LON HWNLVL GRøDO RODUDN EDVÖQ oDOÖûDQODUÖQD NDUûÖ GRøPDNWDGÖU
7HNQRORML\H G|QN E\N \DWÖUÖPODU \DSÖOÖUNHQ EDVÖQ oDOÖûDQODUÖQÖQ VD\ÖODUÖQGD VUHNOL
ELUD]DOWPD\ROXQDJLGLOPHNWHGLU
0HG\D LûOHWPHFLOLøLQLQ GH GLøHU LûOHWPHOHU JLEL NkUOÖOÖN YH YHULPOLOLN HVDVÖ ]HULQGH
\DûÖ\RU ROPDVÖ WHNQRORMLN YH PDOL UHNDEHW RUWDPÖQGD ´JD]HWHFL PHG\D SDWURQXµ WLSLQL
GH WHKGLW HGHQ ELU XQVXU RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU gWH \DQGDQ PHG\DQÖQ
NDPXR\X YH LNWLGDUODU QH]GLQGH E\N ELU Jo ROXûWXUPDVÖ GD \HQL HNRQRPLN DQOD\Öû
oHUoHYHVLQGH ´SDWURQODUÖQµ PHG\D\D EDNÖûÖQÖ GHøLûWLUPLûWLU ´3DWURQODUµ SHN oRN
´ûH\LQµ \DQÖQGD ELU GH ´PHG\D SDWURQXµ ROPD\Ö UHNDEHW YH Jo R\XQXQXQ ELU SDUoDVÖ
RODUDN J|UPH\H EDûODPÖûODUGÖU %X ûHNLOGH GQ\DQÖQ ELUoRN ONHVLQGH ROGXøX JLEL
7UNL\H·GHGHPHG\DSDWURQOXøX\HULQL´SDWURQXQPHG\DODUÖQDµEÖUDNPÖûWÖU
$QFDN PHG\D LûOHWPHFLOLøLQLQ KHU ûH\H UDøPHQ SDKDOÖ ELU XøUDû ROPDVÖ PHG\D
VDKLSOHULQLQ\HU\HUSUDWLNo|]POHUEXOPDODUÖQÖQ\ROXQXDoPÖûWÖU
%XQODUÖQ EDûÖQGD ORWDU\D X\JXODPDVÖ JHOPHNWHGLU *D]HWH\L JD]HWH RODUDN YH\D
WHOHYL]\RQX WHOHYL]\RQ RODUDN L]OHWWLUPHGH RUWD\D oÖNDQ JoONOHU EHOOL VD\ÖODUGD NXSRQ
NDUûÖOÖøÖ\DQLRVUHoWHJD]HWH\LYH\DV|]NRQXVXPHG\D\ÖWDNLSHWPH]RUXQOXOXøXHY
DUDED ELOJLVD\DU YH\D EDûND oHNLOLûOHUOH KHGL\H GDøÖWDUDN VDøODPD JLEL SUDWLN ELU o|]P
ELoLPL JHOLûWLUPLûWLU
!
5DG\R YH WHOHYL]\RQODUGD ELU WDNÖP oHNLOLûOHU QHWLFHVLQGH
NDWÖOÖQDQ YH ND]DQÖOGÖøÖ WDNGLUGH E\N PDGGL |GOOHU YHULOHQ SURJUDPODU GD EX
NDSVDPDGDKLOHGLOHELOLU
%LU GLøHU ´oÖOJÖQµ X\JXODPD LVH SURPRV\RQODUGÖU 3URPRV\RQ X\JXODPDODUÖQGD
RNX\XFX L]OH\LFLQLQ \LQH NXSRQ ELULNWLUPH YE \NPOONOHUL EXOXQPDNOD ELUOLNWH
oHNLOLû YH NXUD ROPDNVÖ]ÖQ KHUNHVLQ ´KHGL\HOHULQLµ DOPD ûDQVÖ EXOXQPDNWDGÖU %X
X\JXODPDGD ELU G|QHP EWQ GQ\D\Ö VDUPÖû DQFDN SHN oRøX KXNXNL G]HQOHPHOHU
ROPDN]HUHEXoÖOJÖQOÖøÖQ|QQQDOÖQPDVÖLoLQoDEDJ|VWHULOPLûWLUhONHPL]GHGH
VD\ÖOÖ
7NHWLFLQLQ
.RUXQPDVÖ
+DNNÖQGD
.DQXQ·OD
SURPRV\RQX\JXODPDODUÖQDVÖQÖUOÖOÖNODUJHWLULOPLûWLU
ELUOLNWH
PHG\D
RUJDQODUÖQÖQ
gWH\DQGDQPHG\DQÖQWHNEDûÖQDELUJoROPDVÖELUoRNONHGHEXJFHVDKLSRODQ
SDWURQODUD
EDVÖQ
ROXûWXUPXûWXU
GÖûÖ
$QFDN
VHNW|UOHUGH
ELUoRN
NROD\
ONH
YH
EDVÖQ
UDNLSVL]
Lû
SDWURQODUÖQÖQ
\DSDELOPH
EDVÖQ
GÖûÖ
LPNDQODUÖ
VHNW|UOHUH
7UNL\H·GHGHJHoWLøLPL]\ÖOODUGDoÖOJÖQOÖNER\XWXQDYDUDQEXWUX\JXODPDODUROPXûWXU%X
NRQXGDEN]7XWDU+LOPL<]\ÖOGD7UN%DVÖQÖ$QNDUD
.ÖOÖQo7DQÖO%DVÖQGD3URPRV\RQ8\JXODPDOUÖù72<D\ÖQÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
DoÖOPDODUÖQÖQ YH |]HOOLNOH GH GHYOHW LOH EX WU LOLûNLOHUH JLUPHOHULQLQ |QQ WÖND\DQ
KXNXNLG]HQOHPHOHUHJLWPLûWLU
0HG\D$KODNÖh]HULQH']HQOHPHOHUGH*HQHO.DEXO*|UPûùONHOHU.ODVLN
ùONHOHU
%LOLQHQ LON \D]ÖOÖ EDVÖQ DKODN \DVDODUÖ RODQ )UDQVD YH ùVYHo·WHNL G]HQOHPHOHULQ
DNDELQGH ELUoRN ONHGH EDVÖQÖQ NHQGL NHQGLVLQL NRQWURO YH GHQHWLPLQL YH PHVOHNL
JHOLûPH\L KHGHIOH\HQ NXUDOODU RUWD\D NRQPXûWXU
!
%XJQ KHPHQ KHPHQ EWQ
ONHOHUGHPHG\DQÖQX\PDVÖJHUHNHQELUWDNÖP´HWLNNRGODUµPHYFXWEXOXQPDNODGÖU
%X HWLN NRGODUÖQ X\JXODQÖS X\JXODQPDGÖøÖ YH\D LKODOLQL WHVSLW YH JHUHNOL WHGELUL
DOPDNOD J|UHYOL RODQ LNL WHPHO PHVVHVH EXOXQPDNWDGÖU %XQODUGDQ LONL EX HWLN
NXUDOODUÖQ SHN oRøXQX RUWD\D NR\DQ YH NDEXO HGHQ PHVOHNL |UJWOHU JHQHOOLNOH LOHWLûLP
NRQVH\OHUL ELU GLøHUL LVH PHG\D RUJDQODUÖQÖQ NHQGL LoOHULQGH X\JXODPD\D NR\GXNODUÖ
RPEXGVPDQX\JXODPDVÖGÖU
*HUHN PHVOHNL |UJWOHQPHOHU RODQ LOHWLûLP NRQVH\OHUL YH EHQ]HUL \DSÖODQPDODUÖQ
JHUHNVH PHG\D RUJDQODUÖQÖQ NHQGLOHULQLQ E\N |OoGH NDPXR\X EDVNÖVÖ ûLND\HWOHUL YH
PHPQXQL\HWVL]OLNOHUL GLNNDWH DOÖQDUDN YH \DûDQDQ VRUXQODUÖQ ÖûÖøÖQGD RUWD\D NR\GXNODUÖ
LONHOHU HWLN NRGODU DUDVÖQGD E\N |OoGH EHQ]HûPHOHU EXOXQPDNWDGÖU hONHOHULQ
VRV\DO HNRQRPLN VL\DVDO YH NOWUHO IDUNOÖOÖNODUÖQD UDøPHQ PHG\DODUÖQÖQ EX NDGDU
EHQ]HûLN HWLN NRGODU HWUDIÖQGD EXOXûDELOPHOHUL PHG\DQÖQ HWNLOHULQLQ YH VRUXQODUÖQÖQ
EHQ]HûLNOLøLGûQFHVLQLGHEHUDEHULQGHJHWLUPHNWHGLU%\N|OoGHRUWDNRODQEXHWLN
NRGODUÖQEHOOLEDûOÖODUÖûXûHNLOGHGLU
D'RøUXOXN'UVWON.XUDOÖ
%DVÖQ DKODNÖQD LOLûNLQ G]HQOHPHOHULQ KHPHQ KHSVLQGH HQ |QFH VÖUDODQDQ LONH
KDEHUOHULQ GRøUX YH GUVW ELU ûHNLOGH VXQXOPDVÖGÖU +DEHULQ ED]Ö XQVXUODUÖQÖQ
DWODQÖODUDNYH\DNDVÖWOÖELUûHNLOGHHNVLNEÖUDNÖODUDNYH\D\DQOÖû\|QOHQGLULOHUHNYHULOPHVL
HWLN NXUDOODUOD EDøGDûPDPDNWDGÖU gQHPOL JHUoHNOHUL KDVÖU DOWÖ HWPHPHN NDGDU EL]GH
´DVSDUDJDVµ
RODUDN LIDGH HGLOHQ ´X\GXUPDµ KDEHU GH KRûJ|UOHPH] *D]HWHFLQLQ
KDEHUL LOH LOJLOL XQVXUODUÖ NHVLQ ELU ûHNLOGH GRøUXODPDNVÖ]ÖQ \D]PDVÖQÖQ VRQXFXQGD
E\NPDøGXUL\HWOHURUWD\DoÖNPDNWDGÖU
$PHULNDQ *D]HWH (GLW|UOHUL &HPL\HWL·QLQ \ÖOÖQGD NDEXO HWWLøL ´*D]HWHFLOLN
.XUDOODUÖQGDµ ´2NX\XFX\D JYHQ WHONLQ HWPHN WP QLWHOLNOL JD]HWHFLOLN ELoLPOHULQLQ
WHPHOLQL WHûNLO HGHU ù\L QL\HW NXUDOÖQÖQ JHUHøL JD]HWH GUVW ROPD\D PHFEXUGXU %LU
gUQ)UDQVÖ]%DVÖQ$KODN<DVDVÖ·GHNDEXOHGLOGL8OXVDO*D]HWHFLOHU6HQGLNDVÖ
WDUDIÖQGDQNDEXOHGLOHQEX\DVDYH·GDLNLNH]J|]GHQJHoLULOHUHNGHøLûWLULOGL<LQH
ùVYHo·WH8OXVDO%DVÖQ.XOXE·WH<D\ÖQ.XUDOODUÖDGÖDOWÖQGDELUDKODNYHGDYUDQÖû\DVDVÖ
RUWD\DNR\GX$PHULND*D]HWH(GLW|UOHUL&HPL\HWL\ÖOÖQGD´*D]HWHFLOLN.XUDOODUÖµDGÖ
DOWÖQGDHWLNNRGODUÖRUWD\DNR\DUNHQ%UH]LO\D·GDD\QÖ\ÖO8OXVDO*D]HWHFLOHU.RQJUHVLWDUDIÖQGDQ
|QHULOHQEDVÖQ\DVDVÖNDEXOHGLOPHGL$%'·GHD\UÖFD·WH8OXVDO<D\ÖQFÖODU%LUOLøLNXUXOGX
%XELUOLN·GDELU´8\JXODPD6WDQGDUWODUÖpKD]ÖUODGÖYH\ÖOÖQGD\HQLGHQJ|]GHQ
JHoLULOHUHN´5DG\R.RGHNVLµDGÖQÖDOGÖ·GHELUOLN´7HOHYL]\RQ.RGHNVLµQLKD]ÖUODGÖ
\ÖOÖQGD)LQODQGL\D·GD%DVÖQúHUHI'LYDQÖNÖVDELUDKODN\DVDVÖNDEXOHWWL\ÖOÖQGD\HQLELU
DKODN\DVDVÖNDEXOHGLOGLYH.LWOHùOHWLûLP.RQVH\LNXUXOGX.RQVH\·HKHPJD]HWHFLOHUYH
\D\ÖQFÖODUYHKHPGH)LQODQGL\D5DG\R79NXUXOXûXLûWLUDNHWWLùWDO\D·GD·GH8OXVDO%DVÖQ
.RQVH\LWDUDIÖQGDQPDGGHOLN´0HVOHN$KODNÖ3UHQVLSVLSOHULµROXûWXUXOGX)$OPDQ\D·GD
·GH'HUJL<D\ÖQFÖODUÖ'HUQHøLELUEDVÖQDKODN\DVDVÖRUWD\DNR\GX7UNL\H·GHLVH
\ÖOÖQGD%DVÖQúHUHI'LYDQÖ·QÖNXUDUDNLONNH]ELUEDVÖQDKODN\DVDVÖROXûWXUXOGX
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
JD]HWHQLQGLNNDWYHWLWL]OLNJ|VWHUPHGHNLYH\DEXWHPHOQLWHOLNOHUHRODQKDNLPL\HWLQGHNL
EDûDUÖVÖ]OÖøÖDVODDIIHGLOHPH]µ
GHQPHNWHGLU
<LQH $PHULNDQ 3URIHV\RQHO *D]HWHFLOHU ´&HPL\HWL 6LJPD 'HOWD &KLµQLQ NR\GXøX
LONHOHU GH EX EDNÖPGDQ E\N |QHP WDûÖPDNWDGÖU ´.HVLQOLN YH QHVQHOOLNµ EDûOÖøÖ
DOWÖQGD ´7RSOXPX NDUûÖ L\L QL\HW YH LQDQo JD]HWHFLOLøLQ WHPHOLGLUµ GL\H EDûOD\DQ EX LONH
ûXûHNLOGHGLU
*HUoHN HQ |QHPOL DPDoWÖU +DEHU YHUPHGH QHVQHOOLN EDûND ELU
DPDoWÖU %X XODûPD\D oDEDODGÖøÖPÖ] ELU VWDQGDUWWÖU %DûDUDQODUD VD\JÖ
GX\DUÖ] +DWD YH \DQOÖûOÖN |]U NDEXO HWPH] *D]HWH \|QHWLFLOHUL
\D\ÖQODGÖNODUÖ KDEHULQ LoHULøLQGHQ WDPDPHQ KDEHUGDU ROPDOÖGÖU )RWRøUDI
YH J|UQWOHU ROD\Ö WDP RODUDN \DQVÖWPDOÖ NRQX\OD LOJLVL] D\UÖQWÖ\Ö |QH
oÖNDUPDPDOÖGÖU
+DEHU
LOH
J|UûOHULQ
DoÖNODQPDVÖ
ELUELULQGHQ
D\UÖOPDOÖGÖU +DEHU WP |]QHO J|UûOHUGHQ D\UÖOPÖû ROPDOÖ YH ROD\ÖQ KHU
\|QQ VHUJLOHPHOLGLU *HUoHøLQ ELOLQoOL RODUDN oDUSÖWÖOGÖøÖ SDUWL]DQ
\D\ÖQFÖOÖN$PHULNDQJD]HWHFLOLNUXKXQDD\NÖUÖGÖU*D]HWHFLOHUWRSOXPVDO
ROD\ODU
YH
NRQXODU
]HULQGH
o|]POHPH
\RUXP
YH
\D\ÖQ
\DSPD
VRUXPOXOXNODUÖQÖ NDEXO HGHUOHU <LQH EX NRQXODUGD V|] VDKLEL ROGXøXQX
ELOGLNOHUL NLûLOHULQ J|UûOHULQL DNWDUPD\Ö NDEXO HGHUOHU 6DYXQPD \D GD
\D]DUÖQNHQGL\RUXPODUÖQDD\UÖODQ\D]ÖODUGDEXGXUXPEHOLUWLOPHOLGLU
0HG\DQÖQ VHEHEL KHU ROXUVD ROVXQ \DODQ \DQOÖû YH \|QOHQGLUPH DPDoOÖ KDEHU
J|UQW YE \D\ÖQODUÖQGD EWQ KDWDODUÖQÖ \DQOÖûODUÖQÖ NDEXO HGHUHN G]HOWPH\H JLWPHVL
YH
D\UÖFD
VRUXPOXODU
KDNNÖPOD
JHUHøLQL
\DSPDVÖ
RUWDN
ELU
LONH
RODUDN
RUWD\D
oÖNPDNWDGÖU
E7DUDIVÖ]YH2EMHNWLI2OPD.XUDOÖ
+DEHUOHULQ
VXQXPXQGD
PXKDELULQ
YH\D
HGLWRU\DQÖQ
NLûLVHO
YH\D
NXUXPVDO
\DNODûÖPODUÖQÖQ URO R\QDPDPDVÖ E\N |QHP WDûÖPDNWDGÖU +DEHU LOH GûQFH
DUDVÖQGDNLIDUNÖQQHWELUûHNLOGHRUWD\DNRQPDVÖEXLONHDoÖVÖQGDQGDYD]JHoLOPH]GLU
h]HULQGH HQ ID]OD WDUWÖûÖODQ EX LONH LOH LOJLOL RODUDN 6LJPD 'HOWD &KL |UJWQQ
\XNDUÖGD ]LNUHGLOHQ J|UûQH HN RODUDN )UDQVÖ] /H 0RQGH·QLQ oDOÖûDQODUÖQD \DQVÖ] YH
REMHNWLIRODELOPHOHULLoLQûDUWNRûWXøXKLoELUSDUWL\H\HROPDPDLONHVLGLNNDWoHNLFLGLU
dQN JD]HWHQLQ PXKDELU \D]DU YH\D HGLW|UOHULQ ELU SDUWLQLQ \HVL ROPD GXUXPXQGD
VL\DVL KDEHU YH \RUXPODUÖQGD REMHNWLI RODPD\DFDNODUÖ JLEL ELU HQGLûHVL EXOXQPDNWDGÖU
%XHQGLûH\LWDûÖ\DQJD]HWHQLQ\D\ÖQoL]JLVLYHKLWDSHWWLøLRNX\XFXSURILOLLWLEDUL\OHEHOOL
ELU VL\DVL WHUFLKLQLQ EXOXQGXøX GD GLNNDWH DOÖQÖUVD EX NXUDOÖQ WDûÖGÖøÖ DQODPÖ
NDYUD\DELOPHNNROD\ODûÖU
gWH \DQGDQ NXUDOD LOLûNLQ RODUDN (GJDU ´*D]HWHFLOLN QHVQHO RODPD] dQN
JD]HWHFLOLøLQ
QHVQHO
RODELOPHVL
ELU
H\OHP
ELoLPLQGHNL
ROD\ÖQ
KDEHU
RODUDN
DNWDUÖOPDVÖQGDQ |QFH ER]XODPD\DFDN ELoLPGH \RUXPODQPÖû ROPDVÖ JHUHNLUµ J|UûQ
LOHUL VUPHNWHGLU dQN 2·QD J|UH KDEHU DNWDUÖPÖ ELU WRSOXPVDO ROD\ÖQ DQODPÖQÖ
VDSWDU KHU QH NDGDU EX DQODP NHVLQOH\LFL ROPDVD GD KDEHU DNWDUÖPÖ ELU \RUXPODPD
VUHFLQGHNL XøUDNWÖU YH VHoLOHQ |]JO \RUXP JD]HWHFLOHULQ YH RNX\XFXODUÖQ XIXNODUÖ
2NWD\0DJWV
$OHPGDU=H\QHSDJHV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHUHøLQFH ´\DQOÖµGÖU +DEHU \DSÖODQ H\OHPLQ LFUDFÖODUÖ H\OHPLQ \RUXPODQPDVÖQGD EHOOL
ELU URO R\QDUODU DPD \RUXPODUÖ D\UÖFDOÖNOÖ GHøLOGLU
<LQH EX EDøODPGD 7DOX ´EDVÖQ
WDULKLQLQ HQ HVNL PLWOHULQGHQ ELUL RODUDNµ EHOLUWWLøL REMHNWLIOLN NRQXVXQGD ´J|UPH
ELoLPLQLQ V|] NRQXVX ROGXøX KHU GXUXPGD LVH ¶J|UQHQGHQ ID]ODVÖ· YH\D ¶J|UQHQGHQ
EDûNDVÖ· \D GD ¶J|UQHQLQ |WHVL· YDUGÖUµ GHUNHQ LODYH HWPHNWH ´VDGHFH R NDGDU GHøLO
*|UPH
%LoLPLQLQ
NDUGHûL
J|VWHUPH
ELoLPLGLU
g\OH\VH
¶J|VWHULOHQGHQ
ID]ODVÖ
J|VWHULOHQGHQ EDûNDVÖ J|VWHULOHQLQ |WHVL· ROPDOÖGÖUµ %X J|UûOHULQL VÖUDODGÖNWDQ VRQUD
´REMHNWLIOLN N|NHQLQGHNL \DQVÖ]OÖN WDUDIVÖ]OÖN PDGGLOLN QHVQHO YDUOÖN ûH\OHUL ROGXøX
JLELJ|UPHNJLELPDQDODUÖDoÖVÖQGDQELUPHG\DSDODYUDVÖQGDQEDûNDELUûH\GHøLOGLU%LU
J|UPH ELoLPL RODUDN LVH GRøUX 0HG\D KHU ELU \D\ÖQ RUJDQÖ KHU JD]HWHFL R PDQDGD
REMHNWLIWLUµ
V|]OHUL\OH ROD\ÖQ LURQLN \|QQ YH REMHNWLIOLøLQ ´J|UPHPH ELoLPLµQL
|]HOOLNOH7UNEDVÖQÖDoÖVÖQGDQHOHDOVDJHUHNRUWD\DNR\PDNWDGÖU
<DQOÖ
KDEHUFLOLN
JHOPHNWHGLU
'Öû
JHQHOOLNOH
SROLWLNDODUD
GÖû
KDEHUOHUGH
X\XPOX
RODUDN
YH
VL\DVL
KD]ÖUODQDQ
KDEHUOHUGH
KDEHUOHULQ
JQGHPH
WHPHOLQGH
HNRQRPLN LGHRORMLN YH VL\DVL oÖNDUODU V|] NRQXVXGXU 8OXVODUDUDVÖ KDEHU GDøÖOÖPÖQÖQ
GHQJHVL]OLøLDoÖVÖQGDQROD\DEDNÖOGÖøÖ]DPDQ
JHOLûPLûONHOHUGHQD\QÖ]DPDQGDKDEHU
YH KDEHUOHûPH WHNHOLQL HOLQGH WXWDQ EDøÖPOÖ ONHOHUH \|QHOLN ELU \|QOHQGLULFL YH \DQOÖû
ELOJL GLVLQIRUPDWLRQ YH oDUSÖWPD GLVWRUWLRQ J|UOPHNWHGLU %XQODU GDKD oRN VDYDû
WHU|UL]PVDOJÖQKDVWDOÖNGRøDODIHWKDEHUOHULQGH\DûDQPDNWDGÖU
gWH \DQGDQ Lo KDEHUOHUGH ELOKDVVDVL\DVL YH LNWLVDGL SL\DVDODUGD \DQOÖ KDEHUFLOLN V|]
NRQXVXRODELOPHNWHGLU
%X EDøODPGD KDEHULQ LoHULøLQH PGDKDOH \ROX LOH PDQLSXOH HGLOPHVLQH GH
GHøLQPHNOH \DUDU EXOXQPDNWDGÖU 0DQLSODV\RQ KHP EDVÖQ HWLøL KHP GH EDVÖQ
|]JUOø LOH oHOLûPHNWHGLU dQN X\JXODPDGD JHQHOOLNOH \D KDEHUL \D]DQ PXKDELUH
YH\D YHUHQ NXUXOXûD HWNL V|] NRQXVXGXU 0HG\DGD WHNHOOHûPH V|] NRQXVX ROGXøX
GXUXPODUGD PHG\D SDWURQ YH \|QHWLFLOHULQLQ HPLU YH J|UûOHUL GRøUXOWXVXQGD
JHUoHNOHûHQ YH VÖNOÖNOD |UQHNOHULQH UDVWODQDELOHFHN EX LKODOLQ EDVÖQ |]JUOøQH NDUûÖ
GLUHN ELU PGDKDOH ROGXøX GD NXûNXVX]GXU %OEO PDQLSODV\RQX ELU QHYL |UWO
VDQVURODUDNGDLIDGHHWPHNWHGLU
F+DEHUYH<RUXP$\UÖPÖ.XUDOÖ
+DEHU YH \RUXPODU DUDVÖQGD ELU D\UÖPÖQ ROPDVÖ ]RUXQOXOXøX EXOXQPDNWDGÖU %X GD
KDEHUOHULQ \DQOÖ \D]ÖOGÖøÖQD \|QHOLN NXûNXODUD VHEHS ROPDNWDGÖU %X NRQXGD $YUXSD
.RQVH\L 3DUODPHQWHUOHU 0HFOLVL WDUDIÖQGDQ NDEXO HGLOHQ %DVÖQ 0HVOHN ùONHOHUL·QGH
G]HQOHPHOHUJHWLULOPLûWLU%XQDJ|UH
0DGGH *D]HWHFLOLøLQ WHPHO DKODNL \NPOONOHULQGHQ ELULVL KDEHU LOH
\RUXP DUDVÖQGD EHOLUJLQ ELU D\UÖP oL]LOPHVL YH EXQODUÖQ NDUÖûWÖUÖOPDVÖQÖQ
$QGUHZ(GJDU1HVQHOOLN<DQOÖOÖNYH+DNLNDW$%LOVH\(&KDGZLFNDJHV
7DOX8PXU'LSVL].X\XùOHWLûLP<D\ÖQODUÖùVWDQEXOV7DOX3DXO0*/HY\·QLQ
¶6DP<DIHV.RPSOHNVL·QLGH]LNUHWPHNWHGLU(IVDQH\HJ|UH+]1XK·XQ\D]DU¶*HPLFL1XK·
GL\HDNWDUPÖûRøXOODUÖQGDQ+DPRQXELUJQoÖUÖOoÖSODNX\XUNHQJ|UU.DUGHûOHUL6DP·OD
<DIHV·HKDEHUYHULU%XLNLVLEDEDODUÖQÖ|\OHJ|UPH\LUHGGHGHUOHURQDEDNPDGDQJHULJHUL
\U\HUHN]HULQHELUûH\DWDUYHoÖSODNOÖøÖQÖ|UWHUOHU/HY\EX¶J|UPHELoLPL·QH¶6DPYH<DIHV
.RPSOHNVL·DGÖQÖYHUPHNWHGLU
%XNRQXGDEN]=H\WLQOL0XUDW8OXVODUDUDVÖ+DEHU'HQJHVL]OLøL5HEHO<D\ÖQFÖOÖNùVWDQEXO
%EO5ÖGYDQDJHV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
|QOHQPHVLGLU+DEHUJHUoHNOHUHYHYHULOHUHGD\DOÖELOJLOHQGLUPHGLU<RUXP
LVH\D]DQÖQ\D\ÖQOD\DQÖQYH\DPHG\DûLUNHWLQLQGûQFHOHULQLLQDQoODUÖQÖ
YH
NLûLVHO
\DUJÖODUÖQÖ
LoHULU
0DGGH
+DEHU
\D\ÖPÖ
JHUoHNOHUH
GD\DQGÖUÖOPDOÖ YH GRøUXOXøX LVSDWODQDELOLU ROPDOÖGÖU +DEHULQ VXQXPXQGD
YH EHWLPOHPHVLQGH WDUDIVÖ] GDYUDQÖOPDOÖGÖU +DEHU EDûOÖNODUÖ YH |]HWOHUL
PPNQ ROGXøX NDGDU HOGHNL YHULOHUL \DQVÖWPDOÖGÖU 0DGGH <RUXPODU
JHQHOGûQFHOHUYH\DJQONROD\ODU]HULQH\DSÖODELOLU <RUXPVEMHNWLI
ROGXøX LoLQ GRøUXOXøX ]HULQH HOHûWLUL \DSÖODPD] %XQXQ \HULQH EL]OHU
\RUXPODUÖQ GUVW YH DKODNL ROPDVÖQÖ VDøODPDOÖ\Ö] 0DGGH .LûL YH
NXUXOXûODUOD LOJLOL ROD\ODU ]HULQH \DSÖODQ \RUXPODU JHUoHNOHUL YH YHULOHUL
oDUSÖWPDPDOÖYHJL]OHPHPHOLGLU
$%' 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL·QLQ \DNODûÖPÖ GD \XNDUÖGDNL G]HQOHPH\OH
SDUDOHOOLNDU]HWPHNWHGLU'HUQHøLQHWLNNRGODUÖDUDVÖQGD´JD]HWHFLOHUKDEHUYH\RUXPX
ELUELULQGHQ D\ÖUPDOÖGÖU $QDOL] YH \RUXPODU DoÖNoD EHOLUWLOPHOL YH EXQODU JHUoHøL YH\D
KDEHULQEDøODPÖoDUSÖWÖOPDPDOÖGÖUµGHQLOPHNWHGLU
G0HVOHN6ÖUUÖ+DEHU.D\QDøÖQD6D\JÖYH6DGDNDW.XUDOÖ
*D]HWHFLQLQ KDEHU ND\QDøÖ LVWHPHGLøL YH L]LQ YHUPHGLøL PGGHWoH RQXQ NLPOLøLQL
DoÖNODPDPDVÖ LOH LOJLOL LONHGLU +DWWD ED]Ö ONHOHUGH EX DODQGDNL G]HQOHPHOHU HWLN
NRGODUÖQ oRN oRN |WHVLQH WDûÖQPÖû NDQXQODUOD YH\D ùVYHo·WH ROGXøX JLEL DQD\DVD LOH
WHPLQDW DOWÖQD DOÖQPÖûWÖU $\UÖFD JD]HWHFL\H KDEHU ND\QDNODUÖ WDUDIÖQGDQ JL]OL NDOPDVÖ
YH\DEHOOLELUVUHLoLQDoÖNODQPDVÖJHFLNWLULOPHVLLoLQYHULOHQELOJLOHUGHGHEXHWLNNXUDO
JHoHUOLGLU
*D]HWHFLOHULQ PDKNHPH YH\D EDûND ELU WDKNLN PHYNLL |QQGH GDKL JL]OL NDOPDVÖ
ND\GÖ\ODYHULOHQELOJLOHULYH\DND\QDøÖQÖDoÖNODPDVÖKRûJ|UOPHPHNWHGLU
<LQH JD]HWHFLQLQ Lû GHøLûWLUPHVL GXUXPXQGD HVNL SDWURQXQD Lû\HULQH YH oDOÖûPD
DUNDGDûODUÖQD DLW VÖUODUÖ GD VDNODPDVÖ EX HWLN NRG HWUDIÖQGD G]HQOHQPLûWLU %X
EDøODPGD $PHULNDQ *D]HWHFLOHU &HPL\HWL WDUDIÖQGDQ RQD\D NRQXODQ HWLN NRG ûX
ûHNLOGHGLU ´*D]HWHFLOHU PDKNHPHGH YH\D GLøHU DGOL YH\D WDKNLNDW PHUFLL |QQGH
PDKUHP
ND\GÖ\OD
YHULOHQ
ELOJLOHUL
YH\D
JL]OL
ELOJLOHULQ
ND\QDNODUÖP
DoÖNODPD\Ö
UHGGHFHNOHUGLU *D]HWHFLQLQJL]OLOLøH VD\JÖ J|UHYL Lû GHøLûWLUPHVLGXUXPXQGD GDKL HVNL
SDWURQX\ODSD\ODûWÖøÖVÖUODUÖGDNDSVDPDNWDGÖUµ
%D]Ö ONHOHUGH LVH ELOJLOHULQ N|W\H NXOODQÖOPDVÖ EX HWLN NRGXQ LKODOL DQODPÖQÖ
WDûÖPDNWDGÖU *D]HWHFLQLQ \D]Ö LOH YH\D EDûND ELU \ROOD ûDKVD |]HO RODUDN YHULOPLû YH\D
VDGHFH JD]HWH \|QHWLPLQLQ ELOPHVL JHUHNHQ ELOJLOHQ DoÖNODPDVÖ YH KDWWD EXQX VDGHFH
JD]HWH GDKLOLQGH \DSPÖû ROPDVÖ ELOH HWLN NRGXQ LKODOL RODUDN GHøHUOHQGLULOPHNWHGLU
<LQH JD]HWHFLQLQ ELU GHYOHW VÖUUÖQÖ \DSÖODQ J|UHYOH LOJLOL JL]OL KXVXVODUÖ HQGVWUL\HO
VÖUODUÖYH\D NLûLVHO|]JUON DODQÖQD JLUHQPDKUHP NRQXODUÖ \D\ÖQODPDVÖ YH\D EDûND ELU
\ROODDoÖNODPDVÖGDJL]OLOLøLLKODOLOHULVLQHJLUPHNWHGLU
H0DKUHPL\HWYH\Dg]HO+D\DWÖQ*L]OLOLøLQH6D\JÖ.XUDOÖ
$NWDUDQùUYDQ6DJP
2NWD\0DJWV
%XNRQXGDHQLOJLoHNLFLYHoDUSÖFÖ|UQHN0DFDULVWDQ$KODN<DVDVÖ·GÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
3HN oRN ONH |]HO KD\DWÖQ JL]OLOLøLQL NDQXQODUOD WHPLQDW DOWÖQD DOÖQPÖûWÖU %XQD
UDøPHQ ELUoRN ONHGH PHG\D HWLN NRGODUÖ RUWD\D NRQXOXUNHQ |]HO KD\DWÖQ JL]OLOLøLQLQ
NRUXQPDVÖSUHQVLELQH|QFHOLNYHULOPLûWLUg]HOKD\DWÖQJL]OLOLøLQLRUWDGDQNDOGÖUDFDNWHN
LVWLVQD´NDPX\DUDUÖµQÖQEXOXQGXøXGXUXPODUGÖU
$QFDN ´NDPX \DUDUÖµ NDYUDPÖQGDQ KDUHNHWOH JHWLULOHQ LVWLVQDGDQ GROD\ÖGÖU NL
PHG\D
NDUûÖVÖQGD
LQVDQODUÖQ
|]HO
KD\DWÖQÖQ
JL]OLOLøL
NXUDOÖ
|QHPOL
|OoGH
]HGHOHQPHNWHGLU%XUDGD|QSODQDoÖNDQVRUXûXROPDNWDGÖU$FDEDNDPX\DUDUÖQÖQYH
|]HOKD\DWÖQJL]OLOLøLQLQVÖQÖUÖQHGLU"
$YUXSD .RQVH\L 3DUODPHQWHUOHU 0HFOLVL WDUDIÖQGDQ NDEXO HGLOHQ ´%DVÖQ 0HVOHN
ùONHOHULµQLQ PDGGHVL ´.LûLOHULQ |]HO KD\DWODUÖQÖ VDNOÖ WXWPD KDNNÖQD VD\JÖ
J|VWHULOPHOLGLU 'HYOHW LOH LOJLOL LûOHUGH J|UHYOL LQVDQODU GHYOHW LûOHULQL HWNLOHPHGLøL
VUHFH |]HO KD\DWODUÖQÖ JL]OL WXWPD KDNNÖQD VDKLSWLUOHU %X JLEL LûOHUGH J|UHYOL EXOXQDQ
LQVDQODU VÖUI EX \]GHQ |]HO KD\DWODUÖQÖ JL]OL WXWPD KDNNÖQGDQ PDKUXP NDODPD]ODUµ
GHUNHQ ùQJLOWHUH·GH %DVÖQ úLND\HWOHULQL L]OHPH .RPLV\RQX %DVÖQ .RQVH\L \HULQH
NXUXOPXûWXUGD|]HOKD\DWDLOLûNLQRODUDN´%LUH\LQNHQGLL]QLROPDNVÖ]ÖQ|]HOKD\DWÖQD
GLO X]DWPDN YH EX NRQXGD VRUJXODPDN |]HO PHNkQODUÖQGDQ WHOH REMHNWLIOH UHVLP
oHNPHN JHQHOGH \DNÖûÖNVÖ] NDEXO HGLOPHNOH EX WU ELU GDYUDQÖû DQFDN NDPX oÖNDUÖ V|]
NRQXVX ROGXøXQGD KDNOÖ NÖOÖQPDNWDGÖUµ .RPLV\RQ·D J|UH ELUH\LQ HYL YH RQXQ ELU
SDUoDVÖ RODQ EDKoH YH HN \DSÖODU |]HO PHNkQ RODUDN NDEXO HGLOPHNWH \DQÖQGDNL DODQ \D
GD SDUN EXQXQ GÖûÖQGD NDOPDNWDGÖU $\UÖFD RWHO YH KDVWDQHOHULQ RGDODUÖ GD |]HO PHNkQ
NDSVDPÖQGD EXOXQPDNWDGÖU /DG\ 'LDQD·QÖQ \ÖOÖQGD SDSDUD]]L GL\H DQÖODQ
JD]HWHFLOHUGHQ NDoDUNHQ WUDILN ND]DVÖ JHoLULS |OPHVL ]HULQH DQÖODQ .RPLV\RQ |]HO
KD\DWDODQÖQÖGDKDGDJHQLûOHWHQNDUDUODUDOPÖûWÖU%XQDJ|UH
,VUDUOÖ WDNLS VRQXFX HOGH HGLOHQ IRWRøUDIODU \D\ÖQODQPDPDOÖGÖU (GLW|UOHULQVHUEHVWoDOÖûDQJD]HWHFLYHIRWRøUDIoÖODUGDQJHOHQPDO]HPHQLQ
KDQJL \ROGDQ JHOGLøLQL |øUHQPHOHUL JHUHNPHNWHGLU 0HG\DWLN ELU ROD\
PH\GDQD
JHOGLøLQGH
JHUHNWLUGLøLQGHQ
ID]OD
JD]HWHFLOHU
ROD\
NDOPDPDOÖGÖU
\HULQGH
*HQo
NDPX
oÖNDUÖQÖQ
LQVDQODU
PHG\DQÖQ
VDOGÖUÖVÖQD PDUX] NDOPDGDQ HøLWLPOHULQL UDKDWOÖNOD \DSDELOPHOLGLU 5ûWQ LVSDW HWPHPLû NLûLOHULQ KLND\HOHULQH EDVÖQ WDUDIÖQGDQ SDUD
|GHQPHPHOLGLU %LU oRFXøXQ |]HO KD\DWÖ\OD LOJLOL KDEHU \D\ÖPODQDELOLU
DQFDN EXQXQ VRPXW ELU QHGHQL ROPDOÖGÖU (øHU WHN QHGHQ oRFXøXQ DQQH
\D GD EDEDVÖQÖQ QO ELU NLûL ROPDVÖ\VD KDEHU \D\ÖQODQPDPDOÖGÖU .LûLOHULQ |]HO DODQODUÖQD WHFDY] HGLOHPH] h]QW DQODUÖQGD NLûLOHUOH
LOJLOL\D]ÖODFDNKDEHUOHULQLQFHOLNOHNDOHPHDOÖQPDVÖJHUHNLU
%X EDøODPGD JL]OL NDPHUD JL]OL VHV ND\GÖ YH KDWWD LQVDQODUÖ X]DNWDQ NDPHUD\D
ND\GHGHUHN DUDODUÖQGDNL NRQXûPDODUÖ RUWD\D oÖNDUPDN LoLQ GXGDN RNXPD \ROXQD JLWPH
JLEL \|QWHPOHUH EDûYXUXOPDVÖ GD PHG\D HWLøL oHUoHYHVLQGH KRû NDUûÖODQDPD] %LOKDVVD
ONHPL]GH |]HO WHOHYL]\RQODUÖQ VDQVDV\RQHO KDEHU \DSDELOPHN LoLQ EDûYXUGXøX JL]OL
NDPHUD \|QWHPL\OH LOJLOL $PHULNDQ 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL·QLQ J|Uû
|QHPOLGLU %XQD J|UH ´ (OGH HGLOHFHN HQIRUPDV\RQ oRN E\N ELU |QHPH VDKLSVH
KD\DWL ELU NDPX oÖNDUÖ V|] NRQXVX LVH YH KDONÖ |QHPOL ELU ]DUDUGDQ NRUX\DFDNVD %X
KDEHUL HOGH HGHELOPHN LoLQ GLøHU WP DUDûWÖUPD \|QWHPOHUL NXOODQÖOPÖû LVH YH EDûDUÖVÖ]
ROXQPXû LVH (QIRUPDV\RQXQ DoÖøD oÖNDUÖOPDVÖ\OD |QOHQHQ ]DUDU EX \|QWHPOH
YHULOHQ]DUDUGDQGDKDE\NVHµJL]OLNDPHUDNXOODQÖPÖELU|OoGHKRûNDUûÖODQPDNWDGÖU
ùUYDQ6OH\PDQ0HG\DYH(WLNKWWSZZZELDQHW2UJDUDVWÖUPDKWP
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
$QFDN ùUYDQ·ÖQ GHGLøL JLEL JL]OL NDPHUD NXOODQÖPÖ DUDûWÖUPDFÖ JD]HWHFLOLN |GO
ND]DQPDN UHNDEHWWH |QH JHoPHN YH E\N UDWLQJ \DSPDN KDEHUL ]DPDQGDQ YH
SDUDGDQ WDVDUUXI HWPHN LoLQ NXOODQÖOPDPDOÖGÖU
+DEHUH NRQX NLûLOHULQ \DSWÖNODUÖQÖQ
DKODNLROPDPDVÖJD]HWHFLOHULQDKODNROPD\DQ\|QWHPOHUNXOODQPDODUÖQÖKDNOÖoÖNDUPD]
H(OHûWLUL6ÖQÖUÖQÖ$ûPDPDùIWLUD+DNDUHW.|WOHPHYH0HVQHWVL]
ùGGLDODUGDQ.DoÖQPD.XUDOÖ
0HG\DQÖQ KDEHU YH \RUXPODUÖQGD NLûLQLQ RQXUXQX \D GD DKODNL NDUDNWHULQL KHGHI
DODQ GD\DQDNVÖ] VXoODPDODUD \HU YHUPHPHOLGLU <LQH NDVÖWOÖ LIWLUD NDUDODPD YH
NoOWF LIDGHOHU NXOODQPD YH WHPHOVL] LWKDPODUGD EXOXQPD HQ FLGGL PHVOHN HWLN
LKODOOHULDUDVÖQGD\HUDOPDNWDGÖU
%LULQFL 8OXVDO YH 3DQ$PHULNDQ %DVÖQ .RQJUHVL·QLQ \ÖOÖQGD NDEXO HWWLøL
´*D]HWHFLQLQ 2Q (PULµQGH ´$GÖQD OD\ÖN ELU JD]HWHFL LIWLUD NDUDODPD RQXU NÖUÖFÖ
VXoODPDODU YH WHPHOVL] LWKDPODUÖ HQ FLGGL PHVOHNL VXoODU RODUDN NDEXO HGHUµ
GHQLOPHNWHGLU%XNXUDOSHNoRNONHQLQHWLNNRGXQGD\HUDOPÖûEXOXQPDNWDGÖU
I&HYDSYH']HOWPH+DNNÖQD6D\JÖ.XUDOÖ
0HG\D RUJDQODUÖ KDNNÖQGD ELUWDNÖP LGGLDODU RUWD\D DWÖODQ VXoODPDODUGD EXOXQXODQ
NLPVHOHUH ´FHYDS KDNNÖ YH G]HOWPH KDNNÖµ WDQÖPDN ]RUXQGDGÖU %X NXUDO DVOÖQGD
GRøUXOXNGUVWON NXUDOÖ REMHNWLI YH \DQVÖ] ROPD NXUDOÖ YH HOHûWLUL VÖQÖUÖQÖ DûPDPD
LIWLUD KDNDUHW YH PHVQHWVL] LGGLDODUGDQ NDoÖQPD NXUDOÖ LOH GH GRøUXGDQ LOJLOLGLU &HYDS
KDNNÖ ELUH\OHULQ NHQGLOHUL LOH LOJLOL LGGLD YH LWKDPODUD NDUûÖ \DNODûÖPÖP YH WHN WDUDIOÖ
ELOJLOHQLOPHVLQLQ |QOHQPHVLQL LIDGH HGHUNHQ G]HOWPH KDNNÖ GD KDNNÖQGD \DODQ YH\D
\DQOÖûELOJLOHUKDEHUOHUYHULOHQLQVDQODUÖQEXQDPXNDELOGRøUXODUÖDQODWDELOPHVLKDNNÖQÖ
NDSVDU %X KDNODU ELUH\OHULQ JoO ELU EDVÖQD NDUûÖ VDKLS ROGXøX HQ HWNLOL VLODK RODUDN
NDEXOHGLOPHNWHGLU
&HYDS YH G]HOWPH KDNODUÖQÖQ NXOODQÖOPDVÖ NRQXVXQGD G]HQOHPHOHU oRN HVNL
WDULKOHUH GD\DQPDNWDGÖU &HYDS YH G]HOWPH KDNNÖQÖQ WDQÖQPDVÖ LOH LOJLOL LON WDOHSOHUH
)UDQVÖ] ùKWLODOL·QLQ KHPHQ DNDELQGH \D\ÖQ RUJDQODUÖQÖQ KHUNHVOH LOJLOL RODUDN
LVWHGLNOHUL JLEL \D]ÖS oL]PHVL ]HULQH )UDQVÖ] 0LOOL 0HFOLVL·QH VXQXODQ ELU NDQXQ
|QHULVLQGH UDVWODQPDNWDGÖU $QFDN 0HFOLV EX WDOHEL NDEXO HWPHPLû NDQXQXQ oÖNPDVÖ
WDP \ÖO VRQUD \ÖOÖQGD JHUoHNOHûPLûWLU
gWH \DQGDQ PHVOHN DKODN NRGODUÖ
DUDVÖQDJLUPHVLLVHEXWDULKWHQGDKDVRQUD\DUDVWODPDNWDGÖU3UDJ·GD\ÖOÖQGDNDEXO
HGLOHQ8OXVODUDUDVÖ%DVÖQ'HUQHNOHUL%LUOLøL,83$$KODN<DVDVÖ·QDJ|UH´ùVPLQHOD\ÖN
ELU JD]HWHFL VRQUDGDQ JHUoHN YH\D GRøUX ROPDGÖøÖ DQODûÖODQ KDEHUOHUL J|QOO RODUDN
G]HOWPHNOH \NPOGUµ
GHQLOPLûWLU <LQH %LUOHûPLû 0LOOHWOHU WDUDIÖQGDQ ùUYDQ6DJP
:DVKLQJWRQ3RVWHGLW|UOHULQGHQ%HQMDPLQ%UDGOHHJL]OLNDPHUDODUVHVYHND\ÖWFLKD]ODUÖ
NXOODQDUDNJHUoHNOHûWLULOHQELUKDEHUHQLoLQ3XOLW]HUgGOYHULOPHGLøLQL´'UVWROPD\DQ
\|QWHPOHUOHKDEHUWRSOD\DQJD]HWHOHUGUVWONDGÖQDVDYDûWÖNODUÖQÖQDVÖOV|\OH\HELOLUOHU"3ROLVOHU
JD]HWHFLNLPOLøLQHJLUGLNOHULQGHRQODUÖDøÖUELUûHNLOGHHOHûWLUL\RUX]SHNLD\QÖ\|QWHPLEL]QLoLQ
NXOODQPÖ\RUX]µV|]OHUL\OHDoÖNODPDNWDGÖU$NWDUDQ6,UYDQDJP
2NWD\0DJWV
ùoHO.D\ÖKDQ.LWOH+DEHUOHûPH+XNXNXùVWDQEXOV
2NWD\0DJWV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\ÖOÖQGDNDEXOHGLOHQELUXOXVODUDUDVÖDQODûPDGDEXOXQPDNWDGÖU%XDQODûPDQH\D]ÖN NL
EXJQHNDGDUVDGHFHRQGHYOHWWDUDIÖQGDQLP]DODQPÖûWÖUYHEXQODUGDQGD\DOQÖ]FDLNLVL
$YUXSD ONHVLGLU )UDQVD YH <XJRVODY\D $QFDN DUDODUÖQGD 7UNL\H·QLQ GH EXOXQGXøX
ELUoRN ONHGH FHYDS YH G]HOWPH KDNNÖQÖQ HWLN NRGODU DUDVÖQGD EXOXQXOPDVÖ\OD
\HWLQLOPHPLûYHD\UÖFDNDQXQODG]HQOHQPLûWLU
$PHULNDQ 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL·QLQ HWLN NRGODUÖQGD ´+DEHU PHG\DVÖ
VXoODQDQDFHYDSKDNNÖYHUPHNVL]LQNLûLQLQRQXUXQX\DGDDKODNLNDUDNWHULQLKHGHIRODQ
GD\DQDNVÖ]VXoODPDODUD\HUYHUPHPHOLGLUµ
GHQPHNWHGLU
J.LûLVHOdÖNDUODUÖQYHdHN'HIWHUL*D]HWHFLOLøLQLQ5HGGL.XUDOÖ
%WQ GQ\DGD PHVOHN |UJWOHUL WDUDIÖQGDQ RUWD\D NRQXODQ HWLN NRGODU LoHULVLQGH
\HU DODQ NXUDOODUGDQ ELULVL GH SDUDOÖ KDEHUFLOLN EDûWD ROPDN ]HUH |]HO YH W]HO
NXUXOXûODUGDQ KDEHU \DSPD PXNDELOL KHGL\HOHU YH\D VH\DKDW LPNDQODUÖ HOGH HGLOPHVLQH
L]LQYHULOPHPHVLGLU
g]HOYHW]HONLûLOHUGHQJD]HWHFLOHUHJHOHQKHGL\HVH\DKDWYEûH\OHULQDVOÖQGDRNLûL
YH\D NXUXPOD LOJLOL RODUDN PHG\DGD ROXPOX ELU KDEHU VDWÖQ DOPD\Ö KHGHIOHGLøL WDUDIVÖ]
ROPDODUÖJHUHNHQJD]HWHFLOHULQEXWUoÖNDUODUÖNDEXOHWPHNOHELUOLNWHWDUDIVÖ]OÖNODUÖQDGD
J|OJH GûUPû RODFDNODUÖ JLEL ELU HQGLûH KHPHQ EWQ GQ\DGD HWLN NXUXOODU
WDUDIÖQGDQSD\ODûÖOPDNWDGÖU
$%' 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL WDUDIÖQGDQ EX KXVXVWD JHOLûWLULOHQ LONH
û|\OHGLU ´*D]HWHFLOHU DUPDøDQODUÖ L\LOLNOHUL EHGDYD JH]LOHUL YH |]HO PXDPHOHOHUL
UHGGHWPHOLYHJD]HWHFLGUVWOøQ]HGHOH\HFHNLNLQFLLûVL\DVDOEDøODQWÖNDPXJ|UHYL
YHVLYLOWRSOXPNXUXOXûODUÖQGDKL]PHWJLELLûOHUGHQNDoÖQPDOÖGÖUµ
%DWÖ PHG\DVÖQÖ X]DQ VUH NHPLUHQ SDUDOÖ KDEHUFLOLN dHN 'HIWHUL *D]HWHFLOLøL LVH
KDEHU ND\QDNODUÖQD NRQXûPDODUÖ YH ELOJL YHUPHOHUL NDUûÖOÖøÖ SDUD |GHQPHVL DQODPÖQD
JHOPHNWHGLU %XQXQ HQ E\N VDNÖQFDVÖ KDEHULQ SDUD LOH HOGH HGLOHQ ELU PHWD KDOLQH
G|QûWUOPHVLGLU ùQJLOWHUH %DVÖQ úLND\HWOHUL .RPLV\RQX EX NRQXGD D\UÖFD ELU
VÖQÖUODQGÖUPD JHWLUPLûWLU .RPLV\RQ VXo LûOHPLû NLûLOHUH YH\D EXQODUÖQ \DNÖQODUÖQD
DQODWDFDNODUÖ |\NOHU YHUHFHNOHUL HQIRUPDV\RQ YH IRWRøUDIODU LoLQ SDUD |GHQPHPHVLQL
LVWHPHNWHGLU úD\HW LOJLOL PDWHU\DOLQ NDPX oÖNDUODUÖ DoÖVÖQGDQ PXWODN \D\ÖQODQPDVÖ LFDS
HGL\RUVDYHEXQXQLoLQSDUDWDOHSHGLOL\RUVD|GHPH\DSÖODELOHFHøLQLV|\OHPHNWHGLU
+DEHUH GRøUXGDQ NRQX RODQODUD KLo ELU ûHNLOGH |GHPH \DSÖOPDPDVÖ DPD KDEHUL
\RUXPOD\DQ NRQXPGDNL X]PDQODUD YH GHYOHWWH J|UHY \DSPÖû NLûLOHULQ DQÖODUÖQD EHOLUOL
RUDQGD|GHPH\DSÖODELOHFHøL\ROXQGDJHQHOELUNDQDDWEXOXQPDNWDGÖU
K.XUXPVDO3DWURQdÖNDUODUÖQ*HUoHNOHULQgQQH*HoLULOPHPHVL.XUDOÖ
*QP]GH
ELUoRN
ONHGH
PHG\D
SDWURQODUÖ
PHG\D
GÖûÖQGD
LûOHUOH
GH
XøUDûPDNWDGÖU %XQODUÖQ ]DPDQ ]DPDQ VDKLS ROGXNODUÖ PHG\D RUJDQODUÖ DUDFÖOÖøÖ\OD
PHG\D GÖûÖQGDNL LûOHULQH NROD\OÖN VDøODPD \ROXQD JLWWLNOHUL GH ELOLQHQ ELU JHUoHNWLU
%XQXQLoLQGLUNLJ|UHYL\DOQÖ]FDNDPXQXQELOPHKDNNÖQDKL]PHWRODQJD]HWHFLOHULQEX
WULOLûNLOHUHJLUPHPHOHULJHUHNPHNWHGLU
<LQH EX EDøODPGD UHNODP YHUHQOHULQ oÖNDUODUÖ GRøUXOWXVXQGD KDEHU \DSÖOPDVÖ YH\D
JHUoHNOHULQ JL]OHQPHVL GH HWLN NRGODUOD EDøGDûPDPDNWDGÖU %X NRQXGD \LQH $%'
3URIHV\RQHO *D]HWHFLOHU &HPL\HWL·QLQ ]LNUHGLOPHVLQGH \DUDU EXOXQDQ ELU LONHVL YDUGÖU
%XQDJ|UH´*D]HWHFLOHUUHNODPFÖODUÖQYH|]HOoÖNDUoHYUHOHULQLQNHQGLOHKOHULQGHKDEHU
ùUYDQ6DJP
%N]ùUYDQ6DJP
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
EHNOHQWLOHULQL UHGGHWPHOL EXQODUÖQ KDEHUOHU ]HULQGH HWNLGH EXOXQPDODUÖQD NDUûÖ
NR\PDOÖGÖUODUµ
%X NXUDOODUD UDøPHQ QH \D]ÖN NL PHG\DGD UHNODP NDUûÖOÖøÖ KDEHU \D\JÖQGÖU +DWWD
\LQH NDQXQL G]HQOHPHOHUOH \DVDN ROPDVÖQD UDøPHQ PHG\DGD ´JL]OL UHNODPµ YH\D
´|UWOUHNODPµGHGLøLPL]KDEHUIRUPDWÖQGDUHNODP\D\ÖQODPDDOÖûNDQOÖøÖYH\D\|QWHPL
RUWDGDQNDOGÖUÖODPDPDNWDGÖU
Ö7HU|UL]PúLGGHWYH3RUQRJUDIL\H.DUûÖ7DYÖU$OPD.XUDOÖ
7HU|U WHU|UL]P VXo YH VXo |UJWOHUL\OH LOJLOL KDEHUOHULQ VXQXPXQD LOLûNLQ RODUDN
ELUoRN ONHGH JHUHN PHVOHN |UJWOHULQLQ HWLN NRGODUÖ YH JHUHNVH KXNXNL G]HQOHPHOHU
\ROX\ODVÖQÖUOÖOÖNODUYHVRUXPOXOXNODUJHWLULOPLûWLU
$%' 3URIHV\RQHO *D]HWHFLOHU &HPL\HWL 6LJPD 'HOWD &KL ´VXo \D GD N|W
GDYUDQÖûODUD |]HQGLULFL \D\ÖQ \DSÖOPDPDOÖGÖUµ LONHVL\OH JHQHO ELU VÖQÖUODPD JHWLULUNHQ EX
ONHQLQ HQ E\N NLWOH LOHWLûLP JUXSODUÖQGDQ ELULVL RODQ &%6 1HZV WHU|U ROD\ODUÖQÖQ
NDPXR\XQD GX\XUXOPDVÖ LOH LOJLOL NHQGL SHUVRQHOLQLQ X\PDVÖ JHUHNHQ NXUDOODUÖ RUWD\D
NR\PXûWXU$QDKDWODUÖ\ODEXNXUDOODU
D7HU|UH\OHPOHULQLQ\DQVÖWÖOPDVÖVÖUDVÖQGDWHU|ULVWOHULQWDOHSOHULPPNQ
ROGXøXQFD EDVÖQ PHQVXSODUÖQÖQ V|]OHUL LOH DNWDUÖOPDOÖGÖU 'RøUXGDQ
GRøUX\DWHU|ULVWLQDø]ÖQGDQYHULOPHPHOLGLUE=RUXQOXOXNGRøXUDQKDOOHU
GÖûÖQGDNXUXOXûXQEDûNDQYH\D\DUGÖPFÖVÖQÖQX\JXQJ|UPHVLGXUXPXQGD
PDOXP NDoÖUPD YH DOÖNR\PD ROD\ODUÖ FDQOÖ \D\ÖQOD DNWDUÖOPDPDOÖGÖU F
%DVÖQ PHQVXSODUÖ WHU|ULVWOHULQ UHKLQHOHUL EXOXQGXUGXNODUÖ \HUL ELOPHOHUL
KDOLQGH H\OHPFLOHUOH WHPDVD JHoPH\H oDOÖûPDPDOÖ EX JLEL oDOÖûPDODUÖQ
NDPX J|UHYOLOHULQFH \HULQH JHWLULOPHVLQH \DUGÖPFÖ ROPDOÖGÖUODU G %DVÖQ
PHQVXSODUÖ LOH SROLV ROD\ÖQ KHPHQ EDûÖQGD NDUûÖOÖNOÖ RODUDN JHUHNWLøL
]DPDQ EDûYXUXODFDN \HWNLOL LVLPOHUL YHUPHOLGLUOHU H +HUKDQJL ELU WHU|U
ROD\ÖQÖQ \DQVÖWÖOPDVÖ R JQQ GLøHU KDEHUOHULQL RUWDGDQ NDOGÖUPD\DFDN
ûHNLOGHGHQJHOLRODUDNDNWDUÖOPDOÖGÖU
$%' YH EDûWD ùQJLOWHUH ROPDN ]HUH ELUoRN %DWÖ ONHVLQGH WHU|U KDEHUOHULQLQ
VXQXPXQD LOLûNLQ RODUDN \DûDQDQ GHQH\LPOHUGHQ ND\QDNODQDQ |QHPOL ELU KDVVDVL\HW
EXOXQPDNWDGÖU ùQJLOWHUH·QLQ HVNL %DûEDNDQODUÖQGDQ 0DUJDUHW 7KDWFKHU·ÖQ PHG\DQÖQ
WHU|ULVWOHULQ UHNODP LoLQ LKWL\Do GX\GXøX RNVLMHQL VDøODPD HøLOLPLQGH ROGXøX LGGLDVÖ
EWQ GQ\D NDPXR\XQGD \DQNÖODQPÖû YH oRN |QHPOL WDUWÖûPDODUÖ EHUDEHULQGH
JHWLUPLûWLU
*QP]GH PHG\D HWLøL EDøODPÖQGD HQ ID]OD WDUWÖûÖODQ NRQXODUGDQ ELU GLøHULQL LVH
JHQHO RODUDN ûLGGHW |]HOGH LVH NDGÖQODUD YH oRFXNODUD \|QHOLN ûLGGHW ROXûWXUPDNWDGÖU
<HQL PHG\D WHNQRORMLOHUL VRQXFXQGD NODVLN PHG\DODU GÖûÖQGD ùQWHUQHW YLGHR R\XQODUÖ
LQWHUDNWLI WHOHYL]\RQ YE \HQL LOHWLûLP RUWDPODUÖQGD ûLGGHW VHNV YH SRUQRJUDIL LoHUHQ
\D\ÖQODUÖQ KÖ]OD DUWWÖøÖ EXQXQ oRFXNODUÖQ VDøOÖNOÖ JHOLûLPLQLQ \DQÖ VÖUD DLOH NXUXPXQX
WHKGLW HGHU ELU PDKL\HW ND]DQGÖøÖ VÖNoD GLOH JHWLULOPH\H EDûODQPÖûWÖU ùVYHo .OWU
ùUYDQ6DJP
%N]$YûDU=DNLU.LWOHùOHWLûLP$UDoODUÖYH7HU|U.DPHU<D\ÖQODUÖùVWDQEXO
6FKOHVLQJHU3KLOLS0HG\D'HYOHWYH8OXV6L\DVDOúLGGHWYH.ROOHNWLI.LPOLN$\UÖQWÖ<D\ÖQODUÖ
ùVWDQEXOV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%DNDQOÖøÖ
YH
$YUXSD
.RPLV\RQX
6WRFNKROP·GH G]HQOHQHQ
ùûELUOLøL
LOH
úXEDW
WDULKOHULQGH
<HQL 0HG\D dDøÖQGD dRFXNODU YH *HQoOHUµ NRQXOX
X]PDQODUNRQIHUDQVÖQGDROXûWXUXODQoDOÖûPDJUXSODUÖQÖQNRQXODUÖELOHEXoHUoHYHGHELU
ILNLUYHUHELOPHNWHGLU
*UXS dRFXNODUÖQ YH JHQoOHULQ ùQWHUQHW ELOJLVD\DU YLGHR R\XQODUÖQGD
\HUDODQ]DUDUOÖLoHULNOHUGHQNRUXQPDVÖ1HOHUGHQNLPWDUDIÖQGDQYHKDQJL
PHWRWODUOD" *UXS dRFXNODUÖQ YH JHQoOHULQ VD\ÖVDO \D\ÖQFÖOÖN YH
NUHVHOOHûPHoDøÖQGDWHOHYL]\RQODUGD\HUDODQ\DUDUOÖLoHULNWHQNRUXQPDVÖ
1HOHUGHQ NLP WDUDIÖQGDQ YH KDQJL PHWRWODUOD" *UXS dRFXNODUÖ KHGHI
DODQWHOHYL]\RQUHNODPFÖOÖøÖdRFXNODUÖQVXLVWLPDOLQDVÖO|QOHQHELOLU"
7DUWÖûPDYHoDOÖûPDJUXSODUÖQÖQRUWDNODûDXODûWÖøÖNDQDDWEX\HQLRUWDPGDYDURODQ
G]HQOH\LFLYH\D\ÖQFÖNXUXOODUÖQVRUXPOXOXNODUÖQÖQGDKDGDDUWWÖøÖEXQODUÖQoDEDODUÖQÖQ
EXQD UDøPHQ \HWHUOL RODPD\DFDøÖ YH |]HOOLNOH VD\ÖVDO \D\ÖQODUÖQ NÖVPHQ GH ROVD
EDûODGÖøÖ IDNDW WPWHNQLN LPNDQODUÖQ \D\JÖQODûPDGÖøÖ YH ELOKDVVD ILOWUHOHPH ûLIUHOHPH
JLEL \|QWHPOHULQ JHOLûPHGLøL EX VUHoWH |]GHQHWLPLQ HQ |QHPOL YH HWNLOL GHQHWLP
\|QWHPLRODFDøÖGÖUµ
<LQH EX QRNWDGDQ KDUHNHWOH |]HOOLNOH \HQL PHG\D RUWDPODUÖQD LOLûNLQ RODUDN VLPJH
YH VHPERO NXOODQÖPÖQÖQ \D\JÖQODûWÖUÖOPDVÖ YH ]RUXQOX KDOH JHWLULOPHVL JQGHPGHNL
\HULQL DOPÖû EXOXQPDNWDGÖU ´$YUXSD 6ÖQÖU gWH\L 7HOHYL]\RQ 6|]OHûPHVLµ YH ´$YUXSD
%LUOLøL 'LUHNWLIOHULµ
ELUoRN ONHGH \D\ÖQODUGD NRUX\XFX VLPJH YH VHPERO NXOODQÖPÖQÖ
YH\D KD]ÖUOÖN oDOÖûPDODUÖQÖ EDûODWPÖûWÖU .RUX\XFX VLPJH FLQVHOOLN ûLGGHW UNQW
\DUDWDFDN J|UQWOHU JLEL ROXPVX] XQVXUODUÖ EDUÖQGÖUDQ WHOHYL]\RQ SURJUDP YH
ILOPOHULQLQ L]OH\LFLOHUL V|]O YH\D \D]ÖOÖ X\DUÖODUD HN RODUDN J|UVHO VHPERO YH\D
VLPJHOHUOHELOJLOHQGLUPHYH\DX\DUPDDQODPÖQDJHOPHNWHGLU
57h.·WHKD]ÖUODQDQUDSRUúXEDW
57h.\DJUDSRU
$YUXSD%LUOLøL·QGH|]HOOLNOHWHOHYL]\RQYHUDG\R\D\ÖQODUÖQD\|QHOLNFLGGLVÖQÖUODPDODUYH
\DSWÖUÖPODUEXOXQPDNWDGÖU$YUXSD6ÖQÖUgWHVL7HOHYL]\RQ6|]OHûPHVL·QLQ7770DGGHVL
´3URJUDPKL]PHWOHULQLQVXQXûYHLoHULNEDNÖPÖQGDQEWQXQVXUODUÖLQVDQRQXUXQDYHWHPHO
LQVDQKDNODUÖQDVD\JÖOÖRODFDNWÖU3URJUDPKL]PHWOHUL|]HOOLNOHD(GHEHD\NÖUÖROPD\DFDNYH
SRUQRJUDILLoHUPH\HFHNEúLGGHWHøLOLPLQLN|UNOHPH\HFHNYH\DÖUNoÖQHIUHWGX\JXODUÖQÖ
NÖûNÖUWÖoÖQLWHOLNWHROPD\DFDNWÖU*HQoOHULQYHoRFXNODUÖQIL]LNVHO]LKLQVHOYHDKODNLJHOLûLPLQL
]HGHOH\HELOHFHNWUGHQSURJUDPKL]PHWOHULEXQODUÖQVH\UHGLOHELOHFHøL]DPDQYHVDDWOHUGH
\D\ÖQODQPDPDOÖGÖU<D\ÖQFÖKDEHUOHUGHJHUoHNOHUYHROD\ODUÖQGRøUXRODUDNVXQXOPDVÖQÖ
VDøOD\DFDNYH|]JUFHNDQDDWROXûXPXQXWHûYLNHGHFHNWLUµ%XV|]OHûPHLOHX\XPOXYH$%
ONHOHULQFHX\JXODQDQ7UNL\H·QLQWDUDIROPDGÖøÖ$%'LUHNWLIL·QLQ0DGGHVLGHEXNRQXGD
oRN|QHPOLELUG]HQOHPHGLU%XQDJ|UH´0DGGHh\HONHOHU\HWNLOHULGDKLOLQGHNL
\D\ÖQFÖODUÖQWHOHYL]\RQ\D\ÖQODUÖQGDoRFXNODUÖQIL]LNVHO]LKLQVHOYH\DDKODNLJHOLûLPOHULQLFLGGL
ûHNLOGHROXPVX]HWNLOH\HELOHFHNSURJUDPODUD|]HOOLNOHSRUQRJUDILYH\DûLGGHWLoHUHQ
SURJUDPODUD\HUYHUPHPHOHULQLVDøODPDNLoLQX\JXQ|QOHPOHULDODFDNODUGÖU3DUDJUDI·GH
DOÖQDELOHFHN|QOHPOHUoRFXNODUÖQIL]LNVHO]LKLQVHOYHDKODNLJHOLûLPOHULQLHWNLOHPHVLPXKWHPHO
GLøHUSURJUDPODUDGDX\JXODQDELOLUYHEX|QOHPOHU\D\ÖQÖQ\DSÖOGÖøÖE|OJHGHEXOXQDQoRoXNODUÖQ
EXWU\D\ÖQODUÖJ|UPHOHULQHYH\DGX\PDOUÖQDHQJHORODELOPHNLoLQ\D\ÖQVDDWLEHOLUOHPHVLYH\D
WHNQLNDUDoODUÖQNXOODQÖOPDVÖûHNOLQGHRODELOLU%XQDLODYHWHQEXWUSURJUDPODUÖQûLIUHVL]
\D\ÖQODQDPVÖKDOLQGH\HONHOHUEXSURJUDPODUGDQGDKD|QFHV|]OELUX\DUÖQÖQ\DSÖOPDVÖQÖ
YH\D\D\ÖQVUHVLQFHJ|UVHOELUVHPEROOHWDQÖPODQPDVÖQÖVDøOD\DFDNWÖU0DGGHDh\HONHOHU
ÖUNFLQVL\HWGLQYH\DPLOOL\HWoLOLNED]ÖQGDNLQYHQHIUHWGX\JXODUÖQDVHYNHGHQXQVXUODUD
\D\ÖQODUGD\HUYHULOPHPHVLQLWHPLQHGHFHNOHUGLUµ
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
%X WU G]HQOHPHOHULQ GÖûÖQGD $%' YH ELUoRN $YUXSD ONHVLQGH KHU WUO LOHWLûLP
RUWDPÖQGD oRFXN YH KD\YDQ FLQVHOOLøL YH oRFXNODUD YH KD\YDQODUD \|QHOLN ûLGGHW
J|UQWOHULQHNDUûÖoRNFLGGLKXNXNL\DSWÖUÖPODUEXOXQPDNWDGÖU
6RQXo
0HG\DQÖQ HWLN GHQHWLPL NRQXVXQXQ NLWOH LOHWLûLP DUDoODUÖQÖQ YH ´JD]HWHFLOLNµ
PHVOHøLQLQ YH GROD\ÖVÖ\OD ´KDEHUFLOLNµLQ RUWD\D oÖNÖûÖQD NDGDU X]DQDQ ELU JHoPLûL
EXOXQPDNWDGÖU %DûWD KXNXNL YH LGDUL G]HQOHPHOHUOH EHOOL NXUDOODU oHUoHYHVLQH
RWXUWXOPDN LVWHQHQ ´JD]HWHFLOLNµ PHVOHøL EDVÖQ |]JUOø NDYUDPÖQÖQ GRøXûX YH
JHOLûPHVL\OHELUOLNWHNHQGLPHVOHNHWLøLQLROXûWXUPDNYH|]JUOøQGHYOHWWHQJHOHFHN
RODQODU GD GDKLO ROPDN ]HUH KHU WUO GÖû PGDKDOHGHQ NRUXPDN LVWHPLûWLU =DPDQ
LoHULVLQGH ONHGHQ ONH\H ED]Ö IDUNOÖOÖNODU J|VWHUPHNOH ELUOLNOH |QHPOL |OoGH GH
EHQ]HûHQPHG\DHWLNNXUDOODUÖRUWD\DoÖNPÖûWÖU
*QP]GH
JHQHOOLNOH
ONHOHULQ
EDVÖQ
NRQVH\OHUL
FHPL\HWOHUL
JLEL
PHVOHN
|UJWOHQPHOHULQLQ HQ VWQGH \HU DODQ NXUXOXûODU WDUDIÖQGDQ ]DPDQ ]DPDQ J|]GHQ
JHoLULOHUHN JQFHOOHûWLULOHELOHQ ´HWLN NRGODUµ \D\JÖQODûPÖûWÖU +DWWD ED]Ö ONHOHUGH
PHG\D RUJDQODUÖQÖQ JHQHO PHVOHN HWLN NXUDOODUÖQÖQ GÖûÖQGD NHQGLOHULQL VÖQÖUOD\DQ YH\D
ND\ÖWOD\DQ ´NXUXP LoL PHVOHN NXUDOODUÖµ NR\GXNODUÖQÖ YH EX NXUDOODUD X\XOPDVÖQGD VÖNÖ
ELUGHQHWLPPHNDQL]PDVÖROXûWXUGXNODUÖJ|UOPHNWHGLU
*HUHN PHVOHN VW NXUXOXûODUÖQÖQ HWLN NRGODUÖQÖQ YH JHUHNVH PHG\D RUJDQODUÖQGD
NXUXP LoL |]HO G]HQOHPHOHUOH JHWLULOHQ NXUDOODUÖQ HQ |QHPOL JHUHNoHVLQL |QFHOLNOH
´RNX\XFXQXQ GLQOH\LFLQLQ L]OH\LFLQLQµ JYHQ YH WHUFLKLQL VUHNOL NÖOPDN VRQUD ONH
LQVDQODUÖQÖQJYHQYHWHUFLKLQLHOGHHWPHNROXûWXUPDNWDGÖU
0HG\D GHQHWLPLQLQ VDOW KXNXNL YH EXQXQ X]DQWÖVÖ RODUDN LGDUL PHNDQL]PDODU
DUDFÖOÖøÖ\OD JHUoHNOHûWLULOL\RU ROPDVÖQÖQ EDVÖQ |]JUOøQH \|QHOLN ELU WHKGLW RODUDN
DOJÖODQPDVÖ QH NDGDU GRøDOVD GHQHWLPVL]OLøLQ GH EDVÖQ |]JUOøQQ \DQÖ VÖUD
GHPRNUDVLQLQ YH EWQ |]JUONOHULQ |QQGHNL HQ E\N WHKGLW RODUDN DOJÖODQPDVÖQÖQ
]RUXQOXOXøXGDRNDGDUJHUoHNWLU
0HG\DQÖQ
WDULKVHO
VUHo
LoHULVLQGH
JHoLUGLøL
HYULPOHU
EL]LP
EX
\DUJÖPÖ]Ö
GRøUXOD\DFDNSHNoRN|UQHNOHGROXGXU
7HNQRORMLN JHOLûPHOHUOH ELUOLNOH \HQL RUWD\D oÖNDQ ELUoRN LOHWLûLP RUWDPÖQÖQ LVH KkOk
QDVÖO
GHQHWOHQHELOHFHøLQH
GDLU
G]HQOHPHOHU
\DSÖODPDPÖûWÖU
%X
RUWDPODUGDNL
GHQHWLPVL]OLN PHG\DQÖQ ûD\HW ELU ´HWLNµL ROPDVD oRøX ]DPDQ HWLN·LQLQ YDUOÖøÖQD
UDøPHQDVOÖQGDLQVDQKDNYH|]JUONOHULQLQ|QQGHQHNDGDUE\NELUWHKOLNHRODUDN
GXUDELOHFHøLQLJ|VWHUPHVLDoÖVÖQGDQ|QHPWDûÖPDNWDGÖU
<LQH EX oHUoHYHGH PHG\D HWLøL YH GHQHWLPLQLQ \DOQÖ]FD ´LoHULNµ DoÖVÖQGDQ GHøLO
\DSÖVDO RODUDN GD ]RUXQOXOXøXQXQ J|UOPHVL JHUHNPHNWHGLU *QP]GH JHUHN XOXVDO
YH JHUHNVH XOXVODUDUDVÖ RUWDPODUGD PHG\DGD WHNHOOHûPHQLQ \RøXQODûPDQÖQ YH KDEHU
GRODûÖPÖGHQJHVL]OLøLQLQPHG\DHWLøLQL\ÖNDQHQ|QHPOLIDNW|UOHUROGXøXDoÖNWÖU%XWU
RUWDPODUGD KHU WUO PDQLSODV\RQ \|QOHQGLUPH \DQOÖû YH oDUSÖWÖFÖ ELOJL DNWDUÖPÖ
PPNQROPDNWDPHG\DE\NoÖNDUODUÖQDUHQDVÖQDG|QûHELOPHNWHGLU1LWHNLPVRQ
\ÖOODUÖQ PHG\D HWLøL DODQÖQGD HQ |QHPOL WDUWÖûPD D\DNODUÖQGDQ ELULVLQL GH XOXVDO |OoHNWH
PHG\DGD
WHNHOOHûPH
ROXûWXUPDNWDGÖU
YH
XOXVODUDUDVÖ
|OoHNWH
GH
KDEHUOHULQ
GHQJHVL]
GRODûÖPÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
+HU QH NDGDU EX WDUWÖûPD VDKDODUÖQGD ´PHG\D HWLøLµ GDKLOLQGH ELU QHWLFH DOÖQPDVÖ
PPNQ J|]NPHVH GH ONHOHULQ PHG\D NXUXOXûODUÖQÖQ VW RUJDQODUÖ YH\D EL]DWLKL
NHQGLOHULWDUDIÖQGDQRUWD\DNRQXODQ HWLNNRGODUµYDVÖWDVÖ\ODGRøXUDELOHFHøLVDNÖQFDODUÖQ
HQD]DLQGLULOPHVLJLELELULKWLPDOGHV|]NRQXVXRODELOPHNWHGLU
*QP]GH GHøLûHQ YH JHOLûHQ LOHWLûLP WHNQRORMLOHULQLQ YH EXQD EDøOÖ RODUDN
LOHWLûLP RUJDQODUÖQÖQ JHUHN KXNXNL YH JHUHNVH PHVOHNL NXUDOODUOD GHQHWLPLQGHNL
JoONOHULQRUWD\DoÖNDUGÖøÖ\HQLELUGHQHWLP\ROXRODQ´RUWDNGHQHWLPµ\|QHWLPLQLQLVH
QH
NDGDU
HWNLOL
RODFDøÖQD
GDLU
KHQ]
FLGGL
ELU
EXOJX
YH
KDWWD
L]OHQLP
GH
EXOXQPDPDNWDGÖU dQN EDVÖQ NXUXOXûODUÖQÖQ KXNXNL GHQHWLPL EDVÖQ |]JUOøQ
NÖVÖWOD\ÖFÖ |QOHPOHU RODUDN GHøHUOHQGLUPHOHULQH PXNDELO NHQGL RUWD\D NR\GXNODUÖ HWLN
NXUDOODUDX\PDKXVXVXQGDGDSHNID]ODLVWHNOLJ|UQPHGLNOHULGHELUJHUoHNWLU
$UWÖN HQ NODVLN HWLN NRGODU KDOLQH JHOPLû EXOXQDQ GRøUXOXNGUVWON \DQVÖ]OÖN
REMHNWLIOLN JLEL NXUDOODUD X\XOPDVÖ YH\D LVWHQPH\HUHN GH ROVD LKODOLQGH FHYDS YH
G]HOWPH KDNODUÖQÖQ NXOODQGÖUÖOPDVÖQGD ELOH GQ\DQÖQ SHN oRN ONHVLQGH VÖNÖQWÖODU
ROXûPDNWD LNHQ \HQL \HQL ûHNLOOHQPHNWH RODQ RUWDN GHQHWLP \|QWHPLQLQ GH EDûDUÖOÖ
RODELOHFHøLQHLQDQPDNELUKD\OLJoOHûPHNWHGLU
0HG\D VHNW|UQGH GH NkUOÖOÖN YH YHULPOLOLN LONHVLQLQ LûOHWPHOHULQ YDUOÖøÖQÖQ GHYDP
HWWLUHELOPHVL LoLQ ]DUXUL RODUDN J|UOPHVLQLQ \DQÖ VÖUD PHG\D SDWURQODUÖQÖQ EDVÖQ GÖûÖ
VHNW|UOHUH ND\DELOPHVL YH KDWWD EDVÖQ GÖûÖ VHNW|UOHUGHQ JHOL\RU ROPDVÖ JD]HWHFLOLøLQ
GHøLûLN |]HO oÖNDU DODQODUÖQÖQ VDYXQXFXVX GXUXPXQD GûPHVLQL GH EHUDEHULQGH
JHWLUPHNWHGLU
%LUoRN ONHGH JD]HWHFLOLN PHVOHøLQLQ ]LUYHVLQGH RODQODUÖQ EDûWD VL\DVL PDNDPODUOD
NROD\ YH VÖNÖ GL\DORJ RUWDPÖ ROXûWXUDELOPHOHUL E\N WLFDUL ROXûXPODUÖQ J|EHøLQGH \HU
EXODELOPHOHUL
HWLN
RODUDN
GRøUX
NDEXO
HGLOPHPHNOH
ELUOLNWH
QH
\D]ÖN
NL
|QOHQHPHPHNWHGLUGH
%X WU LOLûNLOHULQ X]DQWÖVÖ RODUDN KDEHU YH \RUXP D\UÖPÖQÖ |QHPVHPH\HQ YH KDWWD
EX NXUDOÖ NDVÖWOÖ RODUDN LKODO HGHQ NXUXPVDO oÖNDUODUÖ JD]HWHFLOLN PHVOHøLQLQ YH
WRSOXPVDO GHøHUOHULQ ]HULQGH WXWDQ YH EXQODUÖ \DSDUNHQ GH ´NDPX \DUDUÖµ NDYUDPÖQÖQ
LoLQLERûDOWÖQELUDQOD\ÖûGDYDUOÖøÖQÖVUGUHELOPHNWHGLU
g]HO
KD\DWODU
oRøX
NH]
JL]OLOLN
LONHVL
ELU
NHQDUD
EÖUDNÖODUDN
GLGLN
GLGLN
HGLOHELOPHNWH VWHOLN EX \DSÖOÖUNHQ JHUHN KXNXNL YH JHUHNVH HWLN VÖQÖUODPDODUOD PHQ
HGLOHQJL]OLNDPHUDVHVND\GÖYH\DGXGDNRNXPDJLEL\|QWHPOHUX\JXODQPDNWDGÖU
0F /XKDQ·ÖQ EHQ]HWPHVL\OH LOHWLûLP RUWDPODUÖ LOH ELUOLNWH JOREDO ELU N|\H G|QûHQ
GQ\DPÖ]GD KHUKDQJL ELU LQVDQÖQ ´QHµ NDYXûPDVÖ GLøHU LQVDQODUD ´WDQÖGÖNµ YH\D
´DûLQDµELULVLGXUXPXQDJHOPHVLLoLQDUWÖNVDQL\HOHU\HWPHNWHGLU%XDQODûÖOPDVÖYHL]DKÖ
Jo ´GXUXPµD ELU GH EXOXQGXøX NRQXP LWLEDUL\OH ´PHG\DµQÖQ GRøDO LOJL RGDøÖQGD
EXOXQDQ LQVDQODU HNOHQGLøL ]DPDQ JHUoHNWHQ LoLQGHQ oÖNÖOPDVÖ ]RU ´PHG\DWLN DODQµ
GRøPDNWDGÖU 6RUXQ EX PHG\DWLN DODQGD ûX YH\D EX ûHNLOGH \HU DODQ LVWHNOL YH\D
LVWHNVL]EXOXQDQLQVDQODUÖQPHG\DDoÖVÖQGDQQHROGXøXGXU
0HG\DQÖQ NHQGLVLQL DVOÖQGD FDQOÖ GLUL YH VUPHNWH RODQ EX GRøDO VUHFLQ GÖûÖQGD
YH\D ]HULQGH DPD PXWODND D\UÖ ELU \HUGH J|UPHVLQLQ YH EXQD J|UH KDUHNHW HWPHVLQLQ
QHVQHO WHPHOLQLQ ´NDPX \DUDUÖµ YH\D ´KDONÖQ ELOJLOHQPH |]JUOøµ JLEL PXøODN
NDYUDPODU]HULQH|U\RUROPDVÖQÖQQHUH\HNDGDUJHoHUOLOLøLQLNRUX\DFDøÖYHûXYH\DEX
ûHNLOGH RUWD\D NRQXODQ ´HWLN NRGODUÖQµ VRUXQX o|]PHGH QH NDGDU \DUGÖPFÖ ROGXøX
RODFDøÖGDD\QÖûHNLOGHWDUWÖûPDOÖKDOHJHOPHNWHGLU
0HG\DQÖQNHQGLOHULWDUDIÖQGDQ´PKLPVHWLOHQµLQVDQODUÖVDOW´KDEHUOLNµPDO]HPHOHU
GXUXPXQD LQGLUJHPHVLQLQ YH\D LoLQGH YDU ROGXøX NDPXQXQ RUWDN GHøHUOHULQL ELU
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
´KDEHUµ LoHULøLQGH ELWLUPHVLQLQ ED]HQ oRN LURQLN YH WUDMLN VRQXoODUÖ LOH NDUûÖODûPDN
DUWÖN EL]L ûDûÖUWPDPDNWDGÖU 0DDOHVHI EX LKODOOHU ´NDPX \DUDUÖµ ´KDONÖQ ELOJLOHQPH
KDNNÖµ YH\D ´EDVÖQ |]JUOøµ NDYUDPODUÖ JLEL JD]HWHFLOLN PHVOHøL oHUoHYHVLQGH L]DKÖ
VRQ GHUHFH VD\JÖGHøHU RODQ NDYUDPODUD \DVODQÖODUDN JHUoHNOHûWLULOPHNWHGLU 2\VD NL
QLWHOLøL LWLEDUL\OH ´NDPXVDO ELU J|UHYµ ROPDNOD ELUOLNWH JD]HWHFLOLN PHVOHøLQGH HOGH
HGLOHQELOJLOHULQKDQJLOHULQLQNDPX\DUDUÖQDROGXøXQXYH\DKDQJLOHULQLQROPDGÖøÖQÖQHW
ELU ûHNLOGH EHOLUOH\HFHN ELU |OoWQ EXOXQPDGÖøÖ GROD\ÖVÖ\OD EX NDYUDPÖQ VRQ GHUHFH
WDUWÖûPDOÖ ROGXøX GD ELOLQHQ ELU JHUoHNWLU $\UÖFD EX ´NDPX \DUDUÖµQÖQ oRøX ]DPDQ
LQVDQODUÖQ
LVWHNOHUL
GÖûÖQGD
NHQGL
GRøDO
KDN
YH
|]JUONOHULQLQ
KLODIÖQD
QDVÖO
NXOODQÖODELOGLøLQLQWXWDUOÖELUDoÖNODPDVÖGDQH\D]ÖNNL\DSÖODPDPDNWDGÖU
<LQHEHQ]HULELUVRUXQWHU|UûLGGHWYHFLQVHOOLNJLELNRQXODUGD´NDPXQXQ|]JUFH
ELOJLOHQPHVLµ JHUHNoHVL\OH WRSOXPVDO VRUXPOXOXN LONHVLQLQ J|] DUGÖ HGLOL\RU ROPDVÖGÖU
.H]D ONH oÖNDUODUÖ GHYOHW VÖUUÖ JLEL KXVXVODUGD GD V|] NRQXVX ´KDEHUµ ROXQFD ELU
GX\DUVÖ]OÖNYH\DXPDUVÖ]OÖNODNDUûÖODûÖODELOPHNWHGLU
%XUDGD ´HWLN NRGODUÖQµ \DUDUVÖ]OÖøÖQGDQ EDKVHWWLøLPL] JLEL DQODPD VRUXQXQXQ GD
oÖNPDPDVÖ HQ E\N GLOHøLPL] ROPDNOD ELUOLNOH EL]OHU DoÖVÖQGDQ FHYDEÖ DUDQPDVÖ
JHUHNHQ HQ WHPHO VRUX KHUKDOGH ûX ROPDOÖGÖU *D]HWHFL UXKX \UHøL GHøHUOHUL DOÖQPÖû
YHGQ\DGDROXSELWHQKHUûH\LVDOWKDEHURODUDNJ|UHQGHøHUOHQGLUHQ\D]DQYHRNX\DQ
ELUURERWPXGXU"%XVRUX\DHNRODUDNVRUXOPDVÖJHUHNHQELUGLøHUVRUXLVHKHUKDOGHûX
ROPDOÖGÖU <RNVD EXUD\D NDGDU DNWDUGÖøÖPÖ] EWQ EX HWLN NRGODU ELU LOO]\RQ PXGXU"
+HPQL\HYDUODUYHKHPQL\H\RNODU"
7ÖS(WLøLQGH7HPHOùONHOHU
'Ro'U(UGHP$\GÖQ 7ÖS DODQÖQGDNL HWLN GHøHUOHULQ \DûDPD JHoLULOPHVL YH EX GHøHUOHULQ DQDOL] HGLOPHVL
VRQ \ÖOODUGD VD\ÖODUÖ DUWDQ HWNLQOLNOHU DUDFÖOÖøÖ\OD L]OHQPHNWHGLU *QP]GH KHNLP
KDVWD LOLûNLVL WÖS LOH WRSOXP LOLûNLVL VDøOÖN KL]PHWOHUL \D GD GLøHU ELUoRN WÖEEL ROJX HWLN
GHøHUOHULPL]
HGLOPHNWHGLU
\|QQGHQ
'LøHU
VRUJXODQPDNWD
\DQGDQ
GD
EX
YH
JHOHQHNVHO
NRQXODUD
GHøHUOHU
LOLûNLQ
\HQL
\HQLGHQ
HWLN
DQDOL]
\DNODûÖPODU
JHOLûWLULOPHNWHGLU
7RSOXP LoLQGH \DûDPDPÖ]GDQ GROD\Ö EL]OHUL ELU WU ´EDVNÖGHQHWLPµ DOWÖQGD WXWDQ
|øHOHUGHQ ELUL GH HWLN GHøHUOHULPL]GLU ùQVDQOÖøÖQ EHQLPVHGLøL HWLN GHøHUOHU oHûLWOL
ELoLPOHUGH JQON KD\DWÖPÖ]D JLUPHNWH YH R GHøHUOHUH X\XPOX ROPDN WRSOXP
WDUDIÖQGDQ \FHOWLOLUNHQ DNVL \|QGH GDYUDQÖOPDVÖ KDOLQGH R ELUH\OHU \HULOPHNWH YH
DûDøÖODQPDNWDGÖU 7XWXP YH GDYUDQÖûODUÖPÖ]GD HWLN X\XP EL]OHU LoLQ VÖUDGDQODûWÖøÖ LoLQ
JQON KD\DWÖPÖ]ÖQ VUHNOL ELU HWLN JHUHNOLOLNOHUL NDUûÖODPD ûHNOLQGH VUGøQQ oRN D]
IDUNÖQGDROXUX]
(WLN GHøHUOHULPL]L oHûLWOL ELoLPOHUGH LIDGH HGHELOLUL] %XQODUGDQ ELUL GH ´LONHOHUµGLU
ùONHOHU LQVDQ LOLûNLOHULQLQ QLWHOLøLQL EHOLUOH\HQ NDYUDPODUGÖU ùQVDQ LOLûOHULQLQ EHOOL ELU
ELoLP YH \|QHOLP ND]DQPDVÖ LONHOHU DUDFÖOÖøÖ\OD ROXU %LU LONH GDYUDQÖû ELoLPLQL
EHOLUOHPH] IDNDW NLûLVHO VRUXPOXOXøXQ DOWÖQÖ oL]HU $\QÖ LONH\H EDøOÖ NDODUDN D] \D GD oRN
IDUNOÖ GDYUDQÖûODU J|VWHUPHN PPNQGU ùONHOHU LQVDQODUD GHøHUOHQGLUPH \DSPD YH
\DUJÖGD EXOXQPD IÖUVDWÖQÖ YHULUOHU 2\VD ´NXUDOODUµGDQ V|] HWWLøLPL]GH RQODU NLûL\H
VHoPH\DGD\DUJÖODPDIÖUVDWÖYHUPH]OHU.LûL|QFHGHQWHVSLWHGLOPLûNXUDODWPKDOL\OH
X\PDNOD \NPOGU YH NXUDOODU WHN WHN GXUXPODUROJXODU ]HULQH RGDNODQPDNWDGÖU
(WNL DODQODUÖ V|] NRQXVX RODQ WHNLO GXUXPROJXODU LOH VÖQÖUOÖGÖU ùONHOHU LVH EX \|Q\OH
NXUDOODUGDQ D\UÖOÖU ùONHOHU GDKD JHQHO YH GDKD WHPHO QLWHOLNWHGLUOHU ùONHOHULQ NXUDOODUÖ
GHøHUOHQGLUPHGRøUXODPD\HWNLQOLøLQHVDKLSROPDJLEL|]HOOLNOHULGHEXOXQPDNWDGÖU
*HQHOLQVDQLOLûNLOHULQGHROGXøXJLELWÖSHWLøLDODQÖQGDNLGHøHUOHQGLUPHOHUGHGHEHOOL
HWLNLONHOHULQYDUOÖøÖNDoÖQÖOPD]GÖUg]HOOLNOHVRQRQOX\ÖOODUGD\DûDQDQJHOLûPHOHUGHHWLN
LONHOHULQ YDUOÖøÖ YH WDUWÖûPDVÖ ELU KD\OL |QHPOL ELU HWNLQOLN DODQÖ KDOLQH JHOPLûWLU
*QP] WÖS HWLøLQGH oHûLWOL VD\ÖGD LONHOHUGHQ V|] HGLOVH GH JHQHO HøLOLP RODUDN G|UW
D\UÖ LONHQLQ YDUOÖøÖQGDQ V|] HGLOHELOLU %XQODU ´\DUDUOÖOÖNµ ´]DUDU YHUPHPHµ ´|]HUNOLøH
VD\JÖµYH´DGDOHWµLONHOHULGLU
<DUDUOÖOÖNùONHVL
<DUDUOÖ ROPDN HGLPL WÖS HWLøL LoHULVLQGH EDûNDODUÖQD \DUGÖP HWPH\L YH \DUDUOÖ ROPD\Ö
\NPOON GXUXPXQD JHWLUHQ ´\DUDUOÖOÖN LONHVLµ ELoLPLQGH NDUûÖPÖ]D oÖNPDNWDGÖU 7ÖS
HWLøLQGH\DUDUOÖROPDNNÖVDFDVDøOÖNXøUDûODUÖQGDKDVWD\D|QFHOLNOHYHKHUûH\LQ]HULQGH
\DUDUOÖ ROPD\Ö |QJ|UPHNWHGLU *HOHQHNVHOWÖS HWLøLQLQ KDVWDQÖQ L\LOLN YH \DUDUÖQÖ ELULQFLO
GHøHU RODUDN J|UPHVLQL KHNLPLQ \DUDUOÖOÖN LONHVLQH ]DUDU YHUPHPH NDYUDPÖ\OD ELUOLNWH
X\JXQGDYUDQÖûÖRODUDNDoÖNOÖ\RUX]
+DFHWWHSHhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML7ÖEEL(WLNYH7ÖS7DULKL$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
7DULKVHO ND\QDøÖ DoÖVÖQGDQ \DUDUOÖOÖN LONHVLQLQ +LSRNUDW·WDQ JHOGLøL V|\OHQHELOLU
+LSRNUDWLN HWLNWH \HU DODQ DûDøÖGD WHNUDU GHøLQHFHøLPL] ´gQFHOLNOH ]DUDU YHUPHµ
SULPXP QRQ QRFHUH LONHVL ELUDoÖGDQ \DUDUOÖ ROPD\ÖKHGHIOHU 6|] NRQXVX EX \NPOON
NDSVDPÖQGD DPDoODQDQûH\ ELU H\OHPLQ RODVÖ ROXPOXVRQXoODUÖQÖQ ROXPVX]VRQXoODUÖQD
DøÖU EDVPDVÖ \D GD HQ D]ÖQGDQ EHOOL ELU GHQJHGH WXWXODELOPHVLGLU %|\OHFH ELUH\VHO
H\OHPOHULQ QLWHOLøLQGH \DUDU \|QQGHNL ROXPOX VRQXoODU DUWÖû J|VWHULUNHQ ]DUDU YHULFL
ROXPVX] VRQXoODUÖ LVH RODELOGLøLQFH D]DODFDNWÖU %XQXQOD ELUOLNWH ELUH\LQ H\OHPOHUL QH
NDGDUROXPOXYH\DUDUOÖVRQXoODUDNRûXOODQPÖûROXUVDROVXQEX\DUDUOÖVRQXoODU\DQÖQGD
ROXPVX] LVWHQPH\HQ VRQXoODU GD PH\GDQD oÖNDELOLU %XQD J|UH EX LONH oHUoHYHVLQGHNL
WXWXP YH GDYUDQÖûODUÖPÖ] ´PXWODN \DUDUOÖ ROPDNµ LOH ´\DUDU YH ]DUDUÖQ GHQJHOHQPHVLµ
NRûXOODUÖ\ODûHNLOOHQHELOLU
=DUDU9HUPHPHùONHVL
=DUDU YHUPHPH LONHVLQLQ ND\QDøÖQÖ +LSRNUDWLN WÖS HWLøLQGH DUDPDN JHQHO ELU
DOÖûNDQOÖNWÖU ùOJLOL E|OPGH GH GHøLQGLøLPL] JLEL KDVWDOÖøÖQ GRøDO VH\ULQL HWNLOHPH
JD\UHWL LoHULVLQGH KHNLPLQ KDVWDVÖQD ]DUDU YHUPHGHQ ELU PGDKDOHGH EXOXQDELOPHVLQLQ
|Q NRûXOX /DWLQFH ´3ULPXP QRQ QRFHUHµ ûHNOLQGH GLOH JHWLULOHQ ´gQFHOLNOH ]DUDU YHUPHµ
LONHVLGLU+LSRNUDWLNJHOHQHNWHGRøDQÖQGHYLQLPVHO\DSÖVÖLoHULVLQGHKDVWDEHONLL\LOHûPH
RODQDøÖ EXOPD RODVÖOÖøÖ LoLQGH LNHQ KHNLPLQ JHUHNVL] PGDKDOHVL\OH EX RODVÖOÖøÖQ GD
ND\EROPDVÖ YH EDûND HN ]DUDUODUD \RO DoDELOHFHN ROPDVÖ EXUDGDNL DQOD\ÖûÖQ WHPHOLQL
WHûNLOHWPHNWHGLU
ùQVDQD]DUDUYHUPHPHNJHUoHNWHWPLQVDQOÖNLoLQJHoHUOLELUGHøHUGLUùQVDQD]DUDU
YHUPHN ELU H\OHPOH RODELOHFHøL JLEL ELU LKPDO LOH GH JHUoHNOHûWLULOHELOLU %XUDGD ´]DUDU
YHUPHPHNµLOH´N|WON\DSPDPDµNDYUDPODUÖDUDVÖQGDNL´QDQVODUµGDQV|]HGLOVHELOH
EXQODUÖ WHPHOGH D\QÖ \|QHOLPLQ GHøLûLN LIDGHOHUL RODUDN J|UHELOLUL] ùONH RODUDN ]DUDU
YHUPHPHNN|WON \DSPDPDN EDûNDODUÖQD N|WON \DSPDPDPÖ]Ö YH ]DUDU]L\DQ
YHUPHPL]JHUHNWLøLQLEHOLUOHU
=DUDU YHUPHPHN LONHVL NXûNXVX] ELU QRNWDGD \DUDUOÖ ROPDN LONHVL\OH SDUDOHOOLN
J|VWHULUdRN]DPDQKHULNLVLQLD\QÖSHUVSHNWLIWHQGHøHUOHQGLUPHNPPNQGU<DUDUOÖ
ROPDN ]DUDU YHUPHPH\L GH LoHUHELOLU \D GD ]DUDU YHUPHPHN \DUDUOÖ ROPDN RODUDN GD
DOJÖODQDELOLU
g]HUNOLøH6D\JÖùONHVL
7ÖS HWLøLQGHNL \DUDUOÖOÖN LONHVLQLQ HQ E\N HWLN GHøHU ROGXøXQXQ NDEXO \]\ÖOODUFD
YDUOÖøÖQÖ VUGUGNWHQ VRQUD ·ODUÖQ VRQODUÖQGDQ LWLEDUHQ \DYDû \DYDû HWNLVLQL
D]DOWPD\D EDûODPÖûWÖU 2UWD\D oÖNDQ \HQL GXUXPGD KHNLP KDVWDVÖQÖQ \DOQÖ]FD WÖEEL
\|QGHQ\DUDUÖQÖ|QJ|UPH\HFHNRQD|]HUNELUNLûLROPDVÖQGDQND\QDNODQDQKDNODUÖQÖGD
NXOODQDELOPH
IÖUVDWÖ
WDQÖ\DFDNWÖU
NL
EX
ROJX
´|]HUNOLøH
VD\JÖ
LONHVLµ
RODUDN
WDQÖPODQPDNWDGÖU %X LONHQLQ KHNLP WDUDIÖQGDQ OD\ÖNÖ\OD X\JXODQPDVÖQÖQ DQODPÖ WÖEEL
ELU PGDKDOH VÖUDVÖQGD KDVWDQÖQ ELUH\VHO KDNODUÖQD GLNNDW HGLOPHVL YH WÖEEL NDUDUD
KDVWDQÖQ GD NDWÖOÖPÖQÖQ VDøODQPDVÖGÖU %|\OHOLNOH KHP KDVWDQÖQ WÖEEL PGDKDOHGHQ
GROD\Ö XøUD\DELOHFHøL ]DUDU ULVNL D]DOWÖOPDNWD KHP GH KHNLPKDVWD LOLûNLVL LoHULVLQGHNL
KDVWDKDNODUÖQÖQWHPHOOHQGLULOPHVLVDøODQPÖûROPDNWDGÖU
7DULKVHO
\|QGHQ
WÖS
HWLøLQLQ
]DPDQ
LoHULVLQGH
GLNNDW
oHNHQ
|QHPOL
ED]Ö
QRNWDODUÖQGDQ V|] HGLOHELOLU $QFDN KHNLPKDVWD LOLûNLVLQH KDVWD |]HUNOLøL NDYUDPÖQÖQ
\HUOHûPHVL VDQÖUÖ] LOHULGH WÖS HWLøLQLQ HQ |QHPOL WDULKVHO G|QHPHoOHULQGHQ ELUL RODUDN
DQÖODFDNWÖU +DVWD VDøOÖøÖ LOH LOJLOL ELU UDKDWVÖ]OÖøÖQÖQ JLGHULOPHVL DPDFÖ\OD KHNLPH
EDûYXUGXøXQGDKHNLPLOHKDVWDDUDVÖQGDVW|UWNGHROVDELUWU´V|]OHûPHµGXUXPX
(UGHP$\GÖQ³7ÖS(WLøLQGH7HPHOùONHOHU
RUWD\DoÖNDU$GÖNRQVXQNRQPDVÖQEXV|]OHûPHGRøUXOWXVXQGDKDVWDQÖQ\DUDUJ|UPHVL
YD]JHoLOHPH] |øHGLU $QFDN KDVWDQÖQ \DUDUÖ NRQXVX JQP] GHøHUOHUL LoHULVLQGH
\HQLER\XWODULoHULVLQGH\RUXPODQPDNWDGÖU
$øUÖDFÖGDQNXUWXOPDVÖVDNDWOÖNWDQoÖNPDVÖL\LOHûLS\DûDPÖQÖVUGUPHVLNRQXVXQGD
KDVWDODUÖQÖQ DGÖQD GRøUXGDQ VRUXPOXOXN DOPDODUÖ KHNLPOLøL WRSOXP \DûDPÖQGD EDûND
|UQHøL NROD\ NROD\ J|UOHPH\HFHN ELU PHVOHN JUXEX KDOLQH JHWLUPLûWLU +HNLP
KDVWDVÖQÖQ
PXWODN
RODUDN
\DUDUÖQD
YH
L\LOLøLQH
RODFDN
ûHNLOGH
GDYUDQPDN
GXUXPXQGDGÖU +LSRNUDWLN HWLøLQ HQ |QHPOL EHOJHOHULQGHQ RODQ +LSRNUDW $QGÖ·QGD
KHNLP´.HQGLKNPYH\HWHQHNELOJLVLGRøUXOWXVXQGDKDVWDQÖQ¶\DUDUÖ·QDRODFDNGL\HW
X\JXOD\DFDøÖPµ GHPHNWHGLU %X LIDGHQLQ JHQHO \RUXPX KDVWD LoLQ QH\LQ \DUDUOÖ
RODFDøÖQÖ KHNLPLQ ELOHELOHFHøL YH EX NRQXGDNL VRUXPOXOXøXQXQ KHNLPH DLW ROGXøX
ûHNOLQGHGLU
+HNLPLQ KDVWDVÖQD \DUDUOÖ ROPDN LoLQ oDEDODPDVÖ ELU LONH RODUDN EXJQ GH YDUOÖøÖQÖ
VUGUPHNWHGLU $QFDN GHøLûHQ GQ\D NRûXOODUÖ YH GHøHUOHUL oHUoHYHVLQGH EX LONH\H
PXWODN EDøOÖOÖN DUWÖN \HWHUOL JHOPHPHNWHGLU *|UOPHNWHGLU NL \HQL LONH YH GHøHUOHU
KHNLPKDVWD LOLûNLVLQLQ HWLN ER\XWXQGD NHQGLQL J|VWHUPHNWH \HQL HWLN NDYUDPODU LODYH
ROPDNWDGÖU +HNLPKDVWD LOLûNLVLQGH KDVWD \DUDUOÖOÖøÖ WÖS HWLøLQGH WHN YH PXWODN ELU LONH
ROPDNWDQ oÖNPD VUHFLQH JLUPLûWLU <DUDUOÖOÖN LONHVL JQP]GH DUWÖN |WHNL LONHOHUOH
´\DUÖûDQµELULONHGLU
ùQJLOL]FH·GH |]HUNOLN DQODPÖQGD NXOODQÖODQ ´DXWRQRP\µ (VNL <XQDQFD·GDQ JHOPH
ELU V|]FNWU %X V|]FN <XQDQFD·GD ´NHQGLNHQGLQHµ DQODPÖQD JHOHQ ´DXWRVµ LOH
NXUDO \|QHWLP \D GD \DVD DQODPODUÖQD JHOHQ ´QRPRVµ V|]FNOHULQLQ ELUOHûPHVLQGHQ
PH\GDQD JHOPLûWLU g]HUNOLN V|]FøQQ EXJQ DQODGÖøÖPÖ] DQODPGD NXOODQÖOPDVÖQÖQ
WDULKVHO LON |UQHNOHULQL HVNL <XQDQ NOWUQGH J|U\RUX] %XUDGD |]HUNOLN <XQDQ
ûHKLU GHYOHWOHULQLQ KHUKDQJL ELU GÖû EDVNÖ DOWÖQGD NDOPDGDQ NHQGL NXUDO YH \DVDODUÖQÖ
\DSDELOPH \D GD NHQGL NHQGLQL \|QHWHELOPHOHUL DQODPÖQGD NXOODQÖOPDNWD\GÖ g]HUNOLN NDYUDPÖQÖQ EXJQ NXOODQÖP DODQODUÖQGDQ ELUL ´KDVWD |]HUNOLøLQH VD\JÖµ LONHVL
oHUoHYHVLQGHWÖSHWLøLDODQÖGÖU
g]HUNOLN NDYUDPÖQÖQ WÖS HWLøLQH JLUPHVL WHVDGIL \D GD ELOLQoOL ELU GDYUDQÖû VRQXFX
GHøLO LQVDQ LOLûNLOHULQLQ JQP]GH YDUGÖøÖ QRNWDQÖQ ELU VRQXFXGXU %DWÖ GQ\DVÖQGD
LQVDQ KD\DWÖQD YHULOHQ |QHP YH NLûLOLN KDNODUÖQÖQ JHOLûPHVL EXQGD HQ |QHPOL oÖNÖû
QRNWDVÖGÖU %X GHøLûLP VUHFL %DWÖ GQ\DVÖQGD EDûODPÖû GDKD VRQUD GLøHU GQ\D
ONHOHULQH \D\ÖOPÖûWÖU %X GHøLûLPH \RO DoDQ HWPHQOHU DUDVÖQGD GHPRNUDWLN NDWÖOÖP
oRøXOFXOXNPHG\DQÖQNDWNÖVÖ\DûDPÖQKHUDODQÖQGDNLRWRULWHUHøLOLPOHUHNDUûÖEHVOHQHQ
NXûNXFXOXN YH GDKD EDûNDODUÖ \DQÖQGD WÖS ELOLP YH WHNQRORMLVLQGHNL E\N JHOLûPHOHU
VD\ÖODELOLU %X EDøODPGD KHU WUO WRSOXP YH HWNLQOLN ELULPOHULQGHNL \HWNL YH Jo
VDKLSOHULQLQ NLûLOHULQ |]HUNOLøLQH VD\JÖ J|VWHUPHOHUL YH NRUXPDODUÖ EHNOHQLU KDOH
JHOPLûWLU
%LU NLûLQLQ ´|]HUNOLøLµQGHQ V|] HWPHN R NLûL DoÖVÖQGDQ VHUEHVWoH YH NHQGL |]XVVDO
\HWLOHULLOHVHoPHYHGDYUDQÖûWDEXOXQDELOPHDQODPÖQDJHOHELOLUg]HUNOLNELUH\|]JUYH
KHUKDQJL ELU GÖû EDVNÖ DOWÖQGD NDOPDGDQ EDøÖPVÖ] RODUDN NHQGL EDûÖQD GûQHELOPH
NHQGL KDNNÖQGD NDUDU YHUHELOPH YH EX NDUDUD GD\DQDQ ELU H\OHPGH EXOXQDELOPH
\HWHUOLOLøL\HWNLQOLøL LoHULVLQGHGLU \DVDO VÖQÖUODU LoHULVLQGH %X \HWHUOLOLN YH
\HWNLQOLN oHUoHYHVLQGH \DSÖODQ H\OHP YHVHoLPOHU \DQL |]HUN H\OHP YHVHoLPOHU oDøGDû
GQ\D LQVDQÖQGD EXOXQPDVÖ EHNOHQHQ ELUH\VHO GHøHUOHULQ |Q NRûXOODUÖQGDQ ELUL RODUDN
NDEXOHGLOPHNWHGLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%XQXQOD ELUOLNWH oHYUH NRûXOODUÖ LoHULVLQGH LQVDQÖQ HWNLOHQPHGHQ EXQX QDVÖO
JHUoHNOHûWLUHELOHFHøL WDUWÖûÖOÖU ELU NRQXGXU $QFDN HQ D]ÖQGDQ |]HUN ELU NLûLGHQ V|]
HGHELOPHN
LoLQ
RQXQ
VHUEHVWoH
YH
NHQGL
XVX
LOH
GDYUDQGÖøÖQÖ
YDUVD\PDPÖ]
JHUHNPHNWHGLU .LûL |]HUNOLøL WDUWÖûPDVÖ LoHULVLQGH ELU EDûND |øH ´\HWHUOLOLNµWLU
FRPSHWHQFH <HWHUOLOLN EX oHUoHYHGH GÖû ELU EDVNÖ]RUODPD DOWÖQGD NDOPDGDQ VHUEHVW
YH XVVDO GDYUDQDELOPH \HWHQHøL DQODPÖQD JHOPHNWHGLU %X NRûXOODUGDNL ´\HWHUOLµ ELU
NLûLQLQ|]HUNOLøLQGHQV|]HGHELOLUL]
$GDOHWùONHVL
*QP]GH WÖS HWLøL DODQÖQGD |QGH JHOHQ LONHOHUGHQ ELUL DGDOHW LONHVLGLU %LOLQGLøL
JLEL DGDOHW NDYUDPÖQÖQ \D\JÖQ ELoLPGH NXOODQÖPÖ GDKD oRN KXNXN DODQÖQGD ROPDNWDGÖU
%XQXQODELUOLNWHDGDOHWL\DOQÖ]FDEXDODQDDLWELUNDYUDP RODUDNGûQHPH\L]ùQVDQYH
WRSOXP \DûDPÖ HQ LQFH D\UÖQWÖODUÖQD NDGDU EX NDYUDPÖQ |UJV LOH |UOPûWU
*QP]GH DGDOHW NDYUDPÖQÖQ \D\JÖQ RODUDN NXOODQÖOPD\D EDûODQGÖøÖ DODQODUGDQ ELUL
VDøOÖNXøUDûODUÖQGDGHøHUVRUXQODUÖQÖQHOHDOÖQGÖøÖWÖSHWLøLDODQÖGÖU
$GDOHW V|]FøQQ WDûÖGÖøÖ DQODP \N ´GRøUXOXNµ ´KDN HWPHµ ´KDN ND]DQPDµ
JLEL DQODWÖPODUOD GLOH JHWLULOHELOVH GH JHUoHNWH EXQODU DUDVÖQGD D] \D GD oRN DQODP
D\UÖOÖNODUÖV|]NRQXVXGXU%XQODUGDQKHUELULQLQDGDOHWNDYUDPÖQÖQWDPNDUûÖOÖøÖROGXøX
V|\OHQHPH]
6DøOÖN DODQÖQGD DGDOHW LONHVL WÖEEL ND\QDNODUÖQ DUDoJHUHoWHQ KHU WUO KL]PHWH
NDGDU JHUHNVLQLPOHUH J|UH HûLW YH GUVWoH GDøÖOPÖû ROPDVÖQÖ EHNOHU %X LONH VDøOÖN
oDOÖûDQODUÖQÖQ oDOÖûPDODUÖQGD NDUûÖODûÖ\RU ROGXNODUÖ ND\QDNODUÖQ GDøÖOÖPÖ\OD LOJLOL HWLN
VRUXQODUD\DUGÖPFÖRODFDNED]Ö\DQÖWODUJHWLULU
$GDOHW LONHVLQLQ VDøOÖN XøUDûODUÖQGD \DûDPD JHoLULOPHVL NXûNXVX] LON EDûWD PHYFXW
ND\QDNODUÖQ VDøOÖN XøUDûODUÖQGD DGLO NXOODQÖOPDVÖQD LOLûNLQGLU %XUDGD HWLN \|QQGHQ
VRUXQVDORODUDNJ|]NHQQRNWDJHUHNGHYOHWG]H\LQGHJHUHNKDONVDøOÖøÖXøUDûODUÖQGD
JHUHNVH WHGDYL HGLFL VDøOÖN NXUXPODUÖQGD KDVWDQHOHU YE WÖEEL ND\QDNODUÖQ ELUH\ YH
WRSOXPNHVLPLQHDGDOHWOLELoLPGHQDVÖOSD\ODûWÖUÖODFDøÖGÖU
7ÖEEL RODQDNODUÖQ KHU ELUH\H \HWHULQFH VDøODQDPDPDVÖ ELUH\LQ VDøOÖN EDNÖP KDNNÖQÖ
]HGHOHPHNWHGLU 2\VD ELOL\RUX] NL E\N KDUFDPDODUOD VDøODQDQ oDøGDû WÖEEL EDNÖP
RODQDNODUÖ oRøXQOXNOD VÖQÖUOÖGÖU 'ROD\ÖVÖ\OD GHYOHW G]H\LQGH HNRQRPLN ND\QDNODUÖQ QH
|OoGH DGDOHWOL NXOODQÖOGÖøÖ D\UÖ ELU VRUXQVDO RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU %XUDGD
KHPHQND\QDNODUÖQNRUX\XFXVDøOÖNKL]PHWOHULQHPL\RNVDWHGDYLHGLFLWÖSKL]PHWOHULQH
PLDNWDUÖODFDøÖLNLOHPLQLNRQX\D|UQHNVRUXQVDORODUDNGLOHJHWLUHELOLUL]
gWH
\DQGDQ
DGDOHW
LONHVLQLQ
NOLQLN
X\JXODPDODU
VÖUDVÖQGD
ND\QDNODUÖQ
DGLO
NXOODQÖPÖ\OD LOJLOL RUWD\D oÖNDELOHFHN HWLN oDWÖûPD VRUXQODUÖQGD GD EDûYXUXODELOHFHN ELU
LONH ROGXøXQX EHOLUWPHOL\L] .OLQLN HWLN oDOÖûPDODUÖQGD oRN |QHPOL \HUL RODQ EX LONHQLQ
JHUHNVLQLP GX\XOGXøX ELUoRN WÖEEL ROJX EXUDGD NRQX\D |UQHN RODUDN YHULOHELOLU
gUQHøLQ ELU \RøXQ EDNÖP ELULPLQGHNL \DWDN VD\ÖVÖQÖQ VÖQÖUOÖ ROPDVÖ QHGHQL\OH
EXQODUGDQKDQJLKDVWDODUÖQQH|OoGH\DUDUODQDELOHFHøL\DGDD\QÖDQGDJHUHNVLQLPLRODQ
KDVWDODU DUDVÖQGD GL\DOL] DUDFÖ NXOODQÖPÖQD QH ûHNLOGH NDUDU YHULOHFHøL JLEL VÖNoD
NDUûÖODûÖODQ HWLN LNLOHPOHUGH DGDOHW LONHVL J|] |QQGH EXOXQGXUXOPDVÖ JHUHNHQ ELU
LONHGLU
$GDOHW LONHVLQLQ |QHP ND]DQGÖøÖ ELU EDûND NRQX RUJDQ DNWDUÖPODUÖGÖU 2UJDQ
DNWDUÖPODUÖVÖUDVÖQGDRUWD\DoÖNDQHWLNVRUXQODUGHULQWDUWÖûPDODUDNRQXRODQWÖSHWLøLQLQ
|]HO GXUXPODUÖQGDQ ELULGLU gUQHøLQ RUJDQ DNWDUÖPÖ \DSÖODFDN RODQ KDVWDODUÖQ VÖUDVÖ
QDVÖOEHOLUOHQHFHNWLU"7ÖEEL|\N\HJ|UHPLJHUHNVLQLPHJ|UHPLEDûYXUXVÖUDVÖQDJ|UH
(UGHP$\GÖQ³7ÖS(WLøLQGH7HPHOùONHOHU
PL |GHPH JFQH J|UH PL ELUH\OHULQ WRSOXPVDO NRQXPXQD J|UH PL \RNVD WP
EXQODUÖQ NDUÖûÖPODUÖQGDQ HOGH HGLOHFHN \HQL |OoWOHUH J|UH PL" %XQXQ JLEL VRUXODUÖQ
\DQÖWODUÖ LoLQ DGDOHW LONHVLQLQ GH J|] |QQH DOÖQDFDøÖ VÖNÖ ELU HWLN GHøHUOHQGLUPH VUHFL
JHUHNLU
.D\QDNoD
$\GÖQ(7ÖS(WLøLQH*LULû$QNDUD3HJHP$\D\ÖQFÖOÖN
%D\OH03URIHVVLRQDO(WKLFV%HOPRQW:DGVZRUWK3XEOLVKLQJ&
%HDXFKDPS 7/ YH &KLOGUHVV -) 3ULQFLSOHV RI %LRPHGLFDO (WKLFV EDVÖP 1HZ
<RUN2[IRUG8QL3UHVV
%HDXFKDPS 7/ YH :DOWHUV / &RQWHPSRUDU\ ,VVXHV LQ %LRHWKLFV EDVÖP
*LOORQ 5 ´3ULPXP QRQ QRFHUH DQG WKH 3ULQFLSOH RI QRQPDOHILFHQFHµ %0-
%HOPRQW&DOLIRUQLD:DGVZRUWK,QF
&KLOGUHVV -) ´5HVSHFW IRU 3HUVRQµ :KR 6KRXOG 'HFLGH 3DWHUQDOLVP LQ
+HDOWK&DUH1HZ<RUN2[IRUG8QLYHUVLW\3UHVV
*LOORQ % ´$XWRQRP\ DQG WKH 3ULQFLSOH RI 5HVSHFW IRU $XWRQRP\µ %0-
)DGHQ 55 YH %HDXFKDPS 7/ $ +LVWRU\ DQG 7KHRU\ RI ,QIRUPHG &RQVHQW 1HZ
<RUN2[IRUG8QLYHUVLW\3UHVVV
*LOORQ 5 ´$XWRQRP\ DQG FRQVHQWµ 0RUDO 'LOHPPDV LQ 0RGHUQ 0HGLFLQH HG
/RFNZRRG01HZ<RUN2[WRUG8QLYHUVLW\3UHVVV
%HDXFKDPS 7/ 3KLORVRSKLFDO (WKLFV EDVNÖ 1HZ <RUN 0F*UDZ+LOO ,QF
/XFH-0´(WKLFDO3ULQFLSOHVLQ&ULWLFDO&DUHµ-$0$
(øLWLPYHgøUHWLPGH(WLN
'Ro'UùQD\HW3HKOLYDQ$\GÖQ *LULû
dDøGDû \DûDPGD HWLN GHøHUOHU YH DKODNL GX\DUOÖOÖNODUÖQ D]DOGÖøÖQD LOLûNLQ \DNÖQPDODU
HWLN HøLWLPLQH LOLûNLQ \NVHOHQ ELU LOJL\L GH EHUDEHULQGH JHWLUPHNWHGLU (øLWLP VLVWHPL
HWLN GHøHUOHU YH X\JXODPDODU DoÖVÖQGDQ VRQ GHUHFH |QHPOL ELU DODQ ROPDNOD ELUOLNWH
ONHPL]GHEX\|QGHNLWDUWÖûPDODUYHoDOÖûPDODUVRQGHUHFHVÖQÖUOÖGÖU
3HN oRN NLûLELUH\OHULQ \HWLûWLULOPHVL YHKHU \|QGHQ JHOLûWLULOPHVL J|UHYLQL VWOHQPLû
RODQ ´RNXOµ GHQLOHQ |]HO NXUXPGD ´L\Lµ YH ´GRøUXµ NDYUDPODUÖQD JHUHNHQ YXUJXQXQ
\DSÖOPDPDVÖQGDQ \DNÖQDUDN HWLN HøLWLPLQLQ |øUHQFLOHUOH LOJLOHQHQ ED]Ö HøLWLPFLOHULQ
ELUH\VHO SRWDQVL\HOL YH LOJLOHUL LOH VÖQÖUOÖ NDOGÖøÖQD LQDQPDNWDGÖUODU 2\VD HøLWLP YH RNXO
NDYUDPODUÖQÖQ GRøDVÖQGD HWLN ELU oDED \DWPDNWDGÖU 7RSOXPXQ ELUH\OHULQLQ LVWHQLOLU
L\LOHUL ND]DQPDVÖ YH EXQX ND]DQGÖUDFDN NXUXPXQ GD HWLN GHøHUOHU oHUoHYHVLQGH LûOHY
J|VWHUPHVLEHNOHQPHOLGLU
7RSOXP WDUDIÖQGDQ VRUXPOXOXN VD\JÖ JYHQ DGDOHW \XUWWDûOÖN ELOLQFL JLEL WHPHO
GHøHUOHUL LoHUHQ ELU HWLN \DNODûÖPÖQ RNXOODUGD JHOLûWLULOPHVL YH |øUHQFLOHULQ NDUDNWHU
HøLWLPLQLQ GHVWHNOHQPHVL EHNOHQPHNWHGLU $QFDN EX EHNOHQWLOHULQ NDUûÖODQDELOPHVL LoLQ
HøLWLP YH |øUHWLP DODQÖQGDNL WDUWÖûPDODUÖQ HWLN DoÖGDQ o DODQGD HOH DOÖQPDVÖ
JHUHNPHNWHGLU
(øLWLPSROLWLNDODUÖQGDHWLNWDUWÖûPDYH\DQVÖPDODU
gøUHWPHQOHULQPHVOHNHWLøL
2NXOODUGDHWLNHøLWLPL
%X ELOGLULGH LON RODUDN HøLWLP|øUHWLP YH RNXOGD HWLN NRQXVX HOH DOÖQPÖûWÖU ùNLQFL
RODUDN HøLWLP |øUHWLP PHVOHøLQLQ SURIHV\RQHOOHUL RODQ |øUHWPHQOHULQ HWLN GHøHUOHUL YH
X\JXODPD LONHOHULQL LoHUHQ PHVOHNL HWLN NRQXVX LQFHOHQHUHN |øUHQFL YH YHOL KDNODUÖQD
GHøLQLOPLûWLU
(øLWLPgøUHWLPYH2NXOGD(WLN
+HUWUHøLWLPHWNLQOLøLQGHWHPHORODUDNG|UWER\XW]HULQGHGXUPDNJHUHNOLGLU%X
ER\XWODU DPDo²NDSVDP²\|QWHP YH GHøHUOHQGLUPHGLU %X ER\XWODU D\QÖ ]DPDQGD
HøLWLP
SURJUDPODUÖQÖQ
JHOLûWLULOPHVLQGH
VRUXODQ
G|UW
VRUXQXQ
GD
\DQÖWÖQÖ
ROXûWXUPDNWDGÖU1LoLQVRUXVXQXQ\DQÖWÖQÖDPDoER\XWXROXûWXUXU1HVRUXVXQXQ\DQÖWÖ
LVH NDSVDP ER\XWXQGD YHULOLU 1DVÖO 6RUXVX \|QWHP ER\XWXQGD \DQÖWODQÖU 1H ROGX
VRUXVXLVHGHøHUOHQGLUPHER\XWXQGDHOGHHGLOHQELOJLOHUOH\DQÖWODQDELOLU
(øLWLPLQ PDNUR YH PLNUR G]H\OHUGHNL X\JXODPDODUÖ HOH DOÖQGÖøÖQGD ELU XOXVXQ
\XUWWDûODUÖQÖHøLWPHVRUXPOXOXøXQXVWOHQHQHøLWLPVLVWHPOHULRNXOODUYHHøLWLPFLOHUEX
G|UW ER\XWOD LOJLOL H\OHP YH LûOHPOHULQGH D\QÖ ]DPDQGD FLGGL HWLN GHøHUOHQGLUPHOHU GH
\DSPDNGXUXPXQGDGÖUODU
$QNDUDhQLYHUVLWHVL(øLWLP%LOLPOHUL)DNOWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
(øLWLPgøUHWLPGH$PDo%R\XWX
+HU WRSOXP HøLWLP VLVWHPL LoLQ EHOLUOL KHGHIOHUH YH LGHDOOHUH VDKLSWLU %X KHGHI YH
LGHDOOHU RNXO YH VÖQÖIODUGD SUDWLN RODUDN RUWD\D NRQXOXU 7RSOXPXQ KHGHI YH LGHDOOHUL
GRøUXOWXVXQGD RNXOODUGD JHUoHNOHûWLULOHQ DPDoOÖ YH SODQOÖ HWNLQOLNOHU HøLWLP YH |øUHWLP
DODQÖQÖQ NDSVDPÖ LoLQH JLUPHNWHGLU (øLWLP HQ JHQHO DQODPGD ELUH\OHUH NHQGL
\DûDQWÖODUÖ \ROX\OD LVWHQGLN GDYUDQÖûODUÖ ND]DQGÖUPD VUHFL RODUDN WDQÖPODQPDNWDGÖU
(øLWLPLQWDQÖPÖLOHELUOLNWHHWLNWDUWÖûPDYHVRUJXODPDODUÖQGDEDûODPDVÖNDoÖQÖOPD]GÖU
<XNDUÖGDNL
WDQÖPGD
ELUH\OHUH
LVWHQGLN
GDYUDQÖûODUÖQ
ND]DQGÖUÖOPDVÖQGDQ
V|]
HGLOPHNWHGLU $QFDN ELUH\OHUH ND]DQGÖUÖODFDN GDYUDQÖûODUÖQ NLPH J|UH LVWHQGLN RODFDøÖ
GLøHUELUGH\LûOHKDQJLDPDoODUODHøLWLPYH|øUHWLP\DSÖODFDøÖHWLNELUWDUWÖûPD\ÖJHUHNOL
NÖOPDNWDGÖU
%DOODQWLQH·D J|UH HøLWLPLQ KHGHI YH LGHDOOHUL DoÖVÖQGDQ EDNÖOGÖøÖQGD KRPRMHQ
WRSOXPODUGD EX LGHDO YH KHGHIOHUGH J|Uû ELUOLøL YDUGÖU $QFDN KHWHURMHQ WRSOXPODUGD
WDUWÖûPDODU YH ELUELUL LOH oHOLûHQ KHGHIOHU RODELOPHNWHGLU %X GXUXPGDQ NDoÖQÖOPD]
RODUDN RNXOODU GD HWNLOHQPHNWHGLU )RQNVL\RQHO NXUDPFÖODUD J|UH EX KHGHIOHU RNXOODUÖ
\|QOHQGLUPHNWH YH RNXOODUÖQ G]JQ LûOHPHVLQL VDøODPDNWDGÖU dDWÖûPD NXUDPFÖODUÖ LVH
EXQODUÖQ WRSOXPGDNL EDVNÖQ JUXSODUÖQ KHGHIOHUL ROGXøXQX YH VDGHFH WRSOXPXQ ELU
SDUoDVÖQÖ \DQVÖWWÖøÖQÖ DVOÖQGD oHOLûHQ YH oHNLûHQ GLøHU KHGHIOHULQ WRSOXPGDNL GLøHU
JUXSODUWDUDIÖQGDQNDEXOJ|UHFHøLQLVDYXQXUODUg]GHPLU
(øLWLP VLVWHPLQLQ KDQJL WU GDYUDQÖûODUD VDKLS \XUWWDûODU \HWLûWLUHFHøLQH NLPLQ YH
QDVÖONDUDUYHUHFHøLNRQXVXWHNEDûÖQDELUHWLNWDUWÖûPDDODQÖRODUDNNDUûÖPÖ]DoÖNPDNWD
YH]DPDQ]DPDQWRSOXPXQoHûLWOLJUXSODUÖDUDVÖQGDFLGGLoDWÖûPDODUDGD\RODoPDNWDGÖU
(øLWLPgøUHWLPGH.DSVDP%R\XWX
7RSOXPGD ELUH\OHULQ JUXSODUÖQ \D GD DLOHOHULQ DPDoODUÖ WRSOXPVDO NRQXPODUÖ \D GD
LoLQGHEXOXQGXNODUÖWRSOXPVDOVÖQÖIDJ|UHRNXOODUGDQYHHøLWLPVLVWHPLQGHQEHNOHQWLOHUL
GH GHøLûPHNWHGLU 'LøHU ELU GH\LûOH WRSOXPXQ IDUNOÖ NHVLPOHULQLQ RNXOGDQ EHNOHQWLOHUL
GHIDUNOÖGÖU3HNoRNDLOHoRFXNODUÖQÖQ|øUHQPHVLQLDU]XHGHUDPD|øUHQGLNOHULûH\OHULQ
DLOHQLQGHøHUOHULLOHoHOLûPHVLQLLVWHPH]gUQHøLQFLQVHOHøLWLP\DGD]RUXQOXGLQHøLWLPL
JLEL NRQXODUGD WRSOXPXQ IDUNOÖ NHVLPOHULQFH \UWOHQ WDUWÖûPDODU GHYDP HWPHNWHGLU
%X GXUXP HøLWLP YH RNXOODUÖQ LûOH\LûLQGH ED]Ö HWLN WDUWÖûPDODUD GD NDSÖ DUDODPDNWD YH
HøLWLPOH LOJLOL RODUDN DOÖQDQ NDUDUODUÖQ YH SROLWLNDODUÖQ ]HULQGH GLNNDWOH GXUXOPDVÖQÖ
JHUHNWLUPHNWHGLU
7RSOXPXQELUH\OHULQHQH\LQQHNDGDU|øUHWLOHFHøLNRQXVXQGDNDUDUYHULOPHVLYHEX
NDUDUODUÖQ WRSOXPXQ YH ELUH\OHULQ \DUDUODUÖQD X\JXQ ROPDVÖQÖQ VDøODQPDVÖ HøLWLPLQ
NDSVDPER\XWXQGDNLHWLNWDUWÖûPDODUÖQÖQRGDøÖQÖROXûWXUPDNWDGÖU
(øLWLPgøUHWLPLQ<|QWHP%R\XWX
(øLWLP YH |øUHWLP NHQGLQH |]J \|QWHP YH WHNQLNOHUL RODQ ELU PHVOHN DODQÖGÖU
$QFDN HøLWLP YH |øUHWLP VDGHFH UXWLQ YH WHNQLN ELU Lû RODUDN J|UOHPH] (øLWLP YH
|øUHWLPLQ LoLQGH oHûLWOL G]H\OHUGH HWLN GHøHUOHQGLUPHOHULQ \DSÖOPDVÖ JHUHNPHNWHGLU
$QFDN oRøX ]DPDQ EDûWD |øUHWPHQOHU YH GLøHU HøLWLPFLOHU ROPDN ]HUH SHN oRN NLûL
HøLWLP YH |øUHWLP VUHFLQLQ HWLN ER\XWXQX J|] DUGÖ HWPHNWHGLUOHU gUQHN YHUPHN
JHUHNLUVH KHU WUO HøLWVHO H\OHP YH LûOHPGH |øUHQFLOHULQ \DUDUÖQGDQ EDûND KLoELU ûH\
GûQOPHPHVL GHUV SURJUDPODUÖ JHUHøL VHoLOHQ PDWHU\DO YH NLWDSODUÖQ HøLWVHO YH HWLN
DoÖGDQ X\JXQ ROPDVÖ VÖQÖI LoLQGH NXOODQÖODQ VÖQÖI \|QHWLPL YH GLVLSOLQ X\JXODPDODUÖQGD
HWLN ELU DQOD\ÖûÖQ HWNLOL ROPDVÖ |øUHQFLOHUH DGLO YH HûLW GDYUDQÖOPDVÖQÖ VDøOD\DFDN
SHGDJRMLN\|QWHPOHULQNXOODQÖOPDVÖJLELNRQXODU]HULQGHGLNNDWOHGXUXOPDOÖGÖU
ùQD\HW3HKOLYDQ$\GÖQ³(øLWLPYHgøUHWLPGH(WLN
2NXOODU |øUHQFLOHULQ PXWOX VDøOÖNOÖ YH |]JU ELoLPGH \DûD\DUDN NHQGLOHULQL
JHUoHNOHûWLUGLøL \HUOHU ROPDOÖGÖU $QFDN RNXOODUÖPÖ] JHQHOOLNOH |øUHQFLQLQ D]DUODQGÖøÖ
QRWXQ ELU WHKGLW XQVXUX RODUDN NXOODQÖOGÖøÖ FH]DODQGÖUÖFÖ GD\DN \HQHQ \HUOHU RODUDN
JQGHPGHGLU %X GXUXPGD RNXOODUÖQ ELUH\OHUH GRøUX GDYUDQÖûODUÖQ ND]DQGÖUÖOGÖøÖ
JHUoHN|øUHQPHYHJHOLûPHPHUNH]OHULROPDVÖRODQDNVÖ]KDOHJHOPHNWHGLU
2NXOODU GHPRNUDVL LQVDQ KDNODUÖ |]JUON VHYJL VD\JÖ YH KRûJ|U JLEL GHøHUOHUL
ND]DQGÖUDQ YH EX NDYUDPODUD LOLûNLQ WXWXPODUÖ SHNLûWLUHQ NXUXPODU ROPDVÖ JHUHNLUNHQ
ûLGGHW YH N|U N|UQH LWDDWLQ HJHPHQ ROGXøX NXUXPODU RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU
%X DQODPGD HøLWLP VLVWHPL YH RNXOODUÖQ DPDo \DSÖ YH LûOHYOHULQLQ HWLN EDøODPGD FLGGL
WDUWÖûPDODUDNRQXROPDVÖJHUHNPHNWHGLU
(]EHUFL HøLWLP ELUH\OHULQ GûQVHO EHFHULOHUL ND]DQPDODUÖQÖ YH \DUDWÖFÖ JoOHULQL
NXOODQPDODUÖQÖHQJHOOHPHNWHGLU%XQHGHQOHHøLWLPGHNXOODQÖODQ|øUHWLP\|QWHPOHULQLQ
]HQJLQOHûWLULOPHVLYHJHUoHNELU|øUHQPHRUWDPÖQÖQ\DUDWÖOPDVÖ]RUXQOXGXU
(øLWLP NXUXPODUÖ RODQ RNXOODU WRSOXPVDO JHOHQHNOHULQ GH HWNLVL LOH DVNHUL GLVLSOLQ
X\JXODQDQ NXUXPODUD G|QûPHNWH NDED NXYYHW KDNDUHW YH GD\DN VÖUDGDQ ELU HøLWLP
DUDFÖRODUDNJ|UOPHNWHGLU
(øLWLP²gøUHWLPLQ'HøHUOHQGLUPH%R\XWX
gøUHQFLOHULQ GHøHUOHQGLULOPHVLQGH \DQVÖ] YH GRøUX |OoPH YH GHøHUOHQGLUPH
WHNQLNOHULQLQ X\JXODQPDVÖ JLEL WHNQLN EHFHULOHU D\QÖ ]DPDQGD HWLN GHøHUOHQGLUPHOHU YH
\DNODûÖPODUÖGDLoHUPHNWHGLU
+HU |øUHQFLQLQ |øUHQHELOPHVL LoLQ oDOÖûPDNWDQ oRN |øUHQFLOHUL EDûDUÖVÖ]OÖøD LWHQ
X\JXODPDODUYHHøLWLPVWDQGDUWODUÖQÖQGûUOPHVLQH\RODoDQSROLWLNDODUÖQWRSOXPDYH
\HQLNXûDNODUDYHUGLøL]DUDUODUFLGGLHWLNWDUWÖûPDODUÖQÖJHUHNWLUPHNWHGLU
2NXOODUGDNL GHøHUOHQGLUPH VUHFLQGH |øUHQFLOHULQ KHU WUO D\UÖPFÖOÖNWDQ X]DN
WXWXODUDN\DQVÖ]YHQHVQHOELoLPGHGHøHUOHQGLULOPHOHULE\N|QHPWDûÖPDNWDGÖU
gøUHWPHQOHULQ0HVOHN(WLøL
0HVOHNL HWLN EWQ PHVOHNL XøUDûODUÖQ L\L YH GRøUX\D \|QOHQGLULOPHVL NRQXVXQGD
LONHOHUNR\DQPHVOHN\HOHULQLQNLûLVHODU]XODUÖQÖYHEHOOLELUoL]JLQLQGÖûÖQDoÖNPDODUÖQÖ
|QOHPH\H oDOÖûDQ PHVOHNL LGHDOOHUL JHOLûWLUHQ YH LONHVL] \HOHUL PHVOHNWHQ GÖûOD\DQ ELU
LONHOHUGL]JHVLGLU
7P PHVOHNOHU LoLQ \HOHULQLQ GDYUDQÖûODUÖQÖ oHUoHYH LoLQH DODQ HWLN LONHOHU
ROXûWXUXODUDN PHVOHN \HOHULQLQ ELOJLVL]OLNWHQ \D GD NLûLVHO HøLOLPOHULQGHQ ND\QDNODQDQ
HWLNGÖûÖGDYUDQÖûODUD\|QHOPHOHULHQJHOOHQPHOLGLU
(øLWLP|øUHWLP LûLQLQ D\QÖ ]DPDQGD ELU HWLN ER\XWX ROGXøX YH GRøUX HWLN
GHøHUOHQGLUPHOHULQ \DSÖODELOPHVLQLQ NXUDPVDO ELU WHPHO YH DQDOLWLN ELU \DNODûÖP
JHUHNWLUGLøL JHUoHøLQGHQ \ROD oÖNÖODUDN WP HøLWLPFLOHULQ KL]PHW |QFHVLQGH L\L ELU HWLN
HøLWLPLQGHQ JHoPHVL JHUHNPHNWHGLU $GD\ |øUHWPHQOHU NDUDUODUÖQÖQ YH H\OHPOHULQLQ
WHPHOLQH HVDV DOGÖNODUÖ HWLN LONHOHUH EDøOÖ RODUDN |øUHQFLOHUH YH EDûNDODUÖQD QDVÖO
GDYUDQPDODUÖ
JHUHNWLøL
NRQXVXQGD
YH
NDUûÖODûDELOHFHNOHUL
HWLN
LNLOHPOHUL
QDVÖO
o|]POH\HELOHFHNOHUL NRQXVXQGD KHP NXUDPVDO ELU DOW\DSÖ KHP GH ELU IDUNÖQGDOÖN
JHOLûWLUHELOPHOLGLUOHU
7P DODQODUGDNL HWLN oDOÖûPDODUGD \NPOON VRUXPOXOXN YH KDN NDYUDPODUÖ
ELUELULQGHQ D\UÖODPD] ELU QLWHOLN WDûÖU gøUHWPHQLQ HWLN \NPOONOHUL |øUHQFLQLQ
KDNODUÖQÖ ROXûWXUXU DVOÖQGD gøUHWPHQLQ KDNODUÖQÖQ VDøODQPDVÖ LVH \|QHWLPLQ HWLN
\NPOONOHUL DUDVÖQGDGÖU %LU |UQHN YHUPHN JHUHNLUVH SHN oRN PHVOHNWH ROGXøX JLEL
´D\UÖPFÖOÖN \DSPDPDNµ |øUHWPHQOLN PHVOHøLQLQ HQ WHPHO HWLN LONHOHUL DUDVÖQGDGÖU %X
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\NPOON D\QÖ ]DPDQGD |øUHQFLOHULQ ´RNXOGD HûLW PXDPHOH J|UPHµ KDNNÖQÖ JDUDQWL
DOWÖQDDOÖU
'Q\DGDNL X\JXODPDODUD EDNÖOGÖøÖQGD |øUHWPHQOHULQ HWLN LONHOHU oHUoHYHVLQGH
\HWLûWLULOPHVL KL]PHW |QFHVL HøLWLP VUHoOHULQGH EDûODU *HQHOOLNOH |øUHWPHQOHUH EX
\NPOONOHULQL EHQLPVHWPHN YH VUHNOL KDWÖUODWPDN DPDFÖ\OD ´|øUHWPHQ DQWODUÖµ
KD]ÖUODQPÖûWÖU %X DQWODU |øUHWPHQOHUH GDKD PHVOHøH JLUPHGHQ VWOHQHFHNOHUL J|UHYOH
ELUOLNWH \NOHQGLNOHUL HWLN VRUXPOXOXNODUÖ YH \HULQH JHWLUPHOHUL EHNOHQHQ HWLN LONHOHUL GH
KDWÖUODWÖU
gøUHWPHQOLN PHVOHøLQLQ WHPHO HWLN LONHOHUL $PHULND %LUOHûLN 'HYOHWOHUL·QGH oHûLWOL
|øUHWPHQ GHUQHNOHUL VHQGLNDODU (\DOHW (øLWLP %|OPOHUL WDUDIÖQGDQ HOH DOÖQPÖû YH
\D]ÖOÖRODUDNEHOLUOHQPLûWLU%XHWLNLONHOHULQFHOHQGLøLQGH|]QGHKHUELULQLQD\QÖWHPHO
HWLNGHøHUOHUHGD\DOÖRODUDNJHOLûWLULOGLøLJ|UOU0LQQHVRWDgøUHWPHQ+DNODUÖ.RQVH\L
WDUDIÖQGDQ \ÖOÖQGD ROXûWXUXODQ 0LQQHVRWD gøUHWPHQOLN PHVOHøL HWLN LONHOHUL \ÖOÖQGD 0LFKDHO '+XEHUW\ WDUDIÖQGDQ \HQLGHQ J|]GHQ JHoLULOPLûWLU 0LQQHVRWD 6WDWH
&RGH
7H[DV (øLWLP %|OP WDUDIÖQGDQ GD |øUHWPHQOHULQ HWLN LONHOHUL D\UÖQWÖOÖ RODUDN
EHOLUOHQPLûWLU
gøUHWPHQOHULQ |øUHQFL YH YHOL KDNODUÖQD X\JXQ ELU GDYUDQÖû J|VWHUPHOHUL PHVOHN
HWLøLNDSVDPÖQGDVRQGHUHFH|QHPOLGLU
+HUWUYHG]H\GHNLHøLWLPNXUXPODUÖQGDHWLNELUX\JXODPDGDQV|]HGHELOPHNLoLQ
|øUHQFL KDNODUÖQÖQ WDQÖPODQDUDN |øUHQFL YHOL YH HøLWLPFLOHULQ EX KDNODU KDNNÖQGD
ELOJLOHQGLULOPHVL YH EX KDNODUÖ LKODO HGHFHN KHU WUO GDYUDQÖûWDQ X]DN GXUPDODUÖ
VDøODQPDOÖGÖU
dRFXNODUÖQÖ HøLWLP J|UPHN ]HUH RNXOODUD J|QGHUHQ YHOLOHULQ EX VUHo LoLQGH
VRUXPOXOXNODUÖROGXøXJLELED]ÖWHPHOKDNODUÖGDYDUGÖUhONHPL]GHYHOLKDNODUÖQÖQ\DVDO
ELUEHOJHGHKHQ]DoÖNoDWDQÖPODQPÖûROPDPDVÖYHOLOHULQEXNRQXGDELOLQoOHQGLULOPHVL
JHUHøLQLGDKDELUJoOHQGLUPHNWHGLU
9HOL KDNODUÖ |]HOOLNOH $PHULND %LUOHûLN 'HYOHWOHUL·QLQ SHN oRN H\DOHWLQLQ HøLWLP
\DVDODUÖQGD DoÖNoD WDQÖPODQPÖû YH EX KDNODU YHOLOHULQ ELOLQoOHQGLULOPHVLQH \|QHOLN HO
NLWDSODUÖQGDDoÖNoD\D]ÖOPÖûWÖU\ÖOÖQGD$PHULND·GDNDEXOHGLOHQDLOHOHULQ(øLWLPVHO
+DNODUÖ YH *L]OLOLN <DVDVÖ YHOLOHULQ ED]Ö KDNODUÖQÖ WDQÖPODPÖûWÖU $\UÖFD 7H[DV YH
&DOLIRUQLD
H\DOHWOHULQLQ
HøLWLPOH
LOJLOL
\DVDO
EHOJHOHUL
LQFHOHQGLøLQGH
YHOLOHULQ
oRFXNODUÖQÖQHøLWLPLLOHLOJLOLRODUDNRNXOGDVDKLSROGXNODUÖKDNODUÖWDQÖPODQPÖûWÖU
6RQXo
(øLWLP YH |øUHWLP DODQÖQGD HWLN ]HULQGH GLNNDWOH GXUXOPDVÖ JHUHNHQ ELU NRQX
RODUDN |QHPLQL NRUXPDNWDGÖU %LU \DQGDQ WRSOXPXQ |QHPOL ELU NHVLPLQLQ LoLQGH \HU
DOGÖøÖ HøLWLP VLVWHPLQGHNL X\JXODPDODUÖQ HWLN GHøHUOHUH X\JXQ RODUDN JHUoHNOHûWLULOPHVL
GLøHU \DQGDQ RNXOGD HWLN HøLWLPLQLQ GDKD L\L X\JXODQPDVÖ PHVOHN HWLøLQLQ |øUHWPHQ
\HWLûWLUPHSURJUDPÖQÖQ|QHPOLYHUHVPLELUSDUoDVÖKDOLQHJHWLULOPHVLQHEDøOÖGÖU
.D\QDNoD
0LQQHVRWD6WDWH&RGH
g]GHPLU6HUYHW(øLWLPGHgUJWVHO<HQLOHûPH$QNDUD3(*(0
7H[DV(GXFDWLRQ&RGH1R
KWWSZZZUOFGFFFGHGXPDWKVFL
7UN%DVÖQÖQGD(WLN
<UG'Ro'U%DVUL%DUXW %DVÖQYH(WLN
ùQVDQ DNÖO YH KLVOHUL\OH ELUoRN ILLOOHUH DKODND J|UH ELU NÖ\PHW KNP YHUPHNWHGLU
0HVHOD YHULOHQ ELU V|] WXWPDN ]XOP \DSPDPDN KRûJ|UO GDYUDQPDN LQVDQ
ûDKVL\HWLQHYHKD\DWÖQDVD\JÖOÖROPDNGUVWYHDGDOHWOLROPDNJLELWXWXPYHGDYUDQÖûODU
DKODNÖQ JHUHNoHOHUL RODUDN NDEXO HGLOLU %X EDøODPGD DKODN WHULPLQLQ WDQÖPODUÖQD ELU
J|]DWDFDNROXUVDN
6RV\DO JXUXEXQ V|] JHoHQ LQDQoODUÖ HVDVWD DKODNÖ ROXûWXUXU 2 KDOGH GDU DQODPGD
DKODN NLûL YLFGDQÖQÖQ EHOLUOL KDUHNHWOHUL ´GRøUXµ YH ´L\Lµ RODUDN YDVÖIODQGÖUÖUNHQ
NXOODQGÖøÖ NXUDOODUÖQ EWQGU %LU VRV\DO QRUPXQ \DVDNODGÖøÖ KDUHNHWOHUH GRøUXGDQ
GRøUX\D NDUûÖOÖN ROPDN ]HUH N|WON ûHNOLQGH ELU PH\\LGHQLQ PH\GDQD JHOGLøL
KDOOHUGH QRUP ELU DKODN NXUDOÖQÖ ROXûWXUXU ´%LU NXUDO PHûUXOXøXQX L]DKÖQÖ L\L YH N|W
KDNNÖQGDNL LQVDQ \RUXPODUÖQGDQ GRøUXGDQ GRøUX\D DODQ WDYÖU YH KDUHNHW VWDQGDUWODUÖ
NR\GXøXQGDDKODNLGLUµ'|QPH]HU
%DVÖQ|]HOLQGHHWLNNDYUDPÖQGDQV|]HWPHNJHUHNLUVH
.LWOH LOHWLûLP DUDoODUÖQD NDUûÖ GX\XODQ JYHQVL]OLN EHUDEHULQGH DKODNL GHøHU HWLN
WDUWÖûPDODUÖQÖJQGHPHJHWLUPLûWLUdDOGDø
%DVÖQ WRSOXPX \|QOHQGLUPH YH GRøUX ELOJLOHQGLUPHGHNL |QHPL GLNNDWH
DOÖQDUDN \DVDPD \DUJÖ YH\UWPHQLQ KHPHQ DUGÖQGDQ G|UGQF ELU Jo
RODUDNNDEXOHGLOLU
7HNQRORMLN JHOLûPHOHULQ EDû G|QGUF ELU LYPH ND]DQGÖøÖ JQP]GH
\D]ÖOÖ YH J|UVHO EDVÖQÖQ |QHPL JLGHUHN DUWDUNHQ HWLN YH GHøHUOHULQ
NRUXQPDVÖ ´YD]JHoLOHPH] ELU LONHµ NRQXPXQD JHOPLûWLU .DUDLVPDLORøOX
0HG\DYHHWLNLOLûNLVLVRQ\ÖOODUGDJLGHUHNDUWDQRUDQGDNDPXVDOWDUWÖûPDQÖQPHUNH]L
|øHOHULQGHQELULVLKDOLQHJHOL\RU%XQXQWHPHOQHGHQOHULQGHQELULVLPHG\DQÖQND]DQGÖøÖ
JoOH LOLûNLOL 0HG\D JoOHQGLNoH WRSOXPVDO YH VL\DVDO \DûDP ]HULQGH GDKD ID]OD
GHQHWLP VDKLEL ROX\RU %LU EDûND QHGHQ GH PHG\D SUDWLNOHULQGHQ JLGHUHN GDKD ID]OD
NLûLQLQ UDKDWVÖ]OÖN GX\PDODUÖ 0HG\D ELU \DQGDQ WRSOXPGDNL N|WONOHUL DoÖøD oÖNDUÖ\RU
DPD |WH \DQGDQ GD EX N|WONOHUL DoÖøD oÖNDUÖUNHQ KLoELU NXUDO WDQÖPÖ\RU ùUYDQ 7UN%DVÖQÖQÖQ(WLN.ULWLøL
%DVÖQÖQ6HUPD\H<DSÖVÖQÖQ7DUDIVÖ]OÖøD<DQVÖPDODUÖ
*QP]GH LOHWLûLP DUDoODUÖ GQ\DGD ROGXøX JLEL ONHPL]GH GH E\N WHNHOOHULQ
GROD\ÖVÖ\OD GD E\N VHUPD\HQLQ HOLQGH EXOXQPDNWDGÖU g]HO WHOHYL]\RQODUÖQ VHUPD\H
\DSÖVÖ KHU KDQJL ELU WLFDUL VHUPD\HGHQ IDUNOÖ GHøLOGLU 7HOHYL]\RQ NDPX KL]PHWL J|UHQ
YHNDPX\DUDUÖJ|]HWPHNNRQXPXQGDoÖNPÖûYHRQDVDKLSRODQVHUPD\HQLQNHQGL|]HO
)ÖUDWhQLYHUVLWHVL%DVÖQYH+DONODùOLûNLOHU0GU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
oÖNDUODUÖQÖ NRUXPD YH KDEHUOHUL EXQD J|UH ELoLPOHQGLUPH DUDFÖQD G|QûPûWU
+DEHUL\OHGHVL\DVDOLNWLGDU]HULQGHEDVNÖQLWHOLøLWDûÖPDNWDGÖUODU
7UNL\H·GH KDEHU \D\ÖQÖ \DSDQ NLWOH LOHWLûLP DUDoODUÖ WHPHOGH EHû E\N VHUPD\H
JXUXEXQXQ HOLQGHGLU 6HUPD\H JXUXSODUÖ \DOQÖ]FD WHOHYL]\RQD GHøLO JD]HWHGHUJL JLEL
\D]ÖOÖ EDVÖQ RUJDQODUÖQD YH UDG\R\D GD VDKLSWLU ù]OH\LFLOHU GHøLûLN DUDoODUGDQ KDEHU
DOPD\D
oDOÖûÖUNHQ
JHUoHNWH
D\QÖ
VHUPD\H
JXUXSODUÖQÖQ
ELoLPOHQGLUGLøL
KDEHUOHUH
XODûDELOPHNWHGLUOHU %X GXUXP NDPXR\XQXQ |]JU ROXûDELOPHVLQLQ |QQGHNL HQ
E\NHQJHORODUDNNDUûÖPÖ]DoÖNPDNWDGÖU.DUV
ùOHWLûLP WHNQRORMLOHULQGHNL KÖ]OÖ GHøLûLP YH JHOLûLP EDVÖQ LûOHWPHOHULQLQ NXUXOXû YH
LûOHWLOPHVLQL JHUHNWLUHQ VHUPD\HOHULQ |OoHøLQGH |QHPOL RUDQGD E\PH JHUHNOLOLøLQL
GRøXUPXûWXU ´ùOHWLûLP WHNQRORMLVL DODQÖQGD PWKLû ELU EXOXûPD YH EWQOHûPH
FRQYHUJHQFH \DûDQPDNWD YH EX GXUXP LOHWLûLP VHNW|UQQ VHUPD\H \DSÖVÖQÖ YH
PONL\HWELoLPOHULQLGHHWNLOHPHNWHGLUµúDKLQ
0HG\DGDNL
EX
WHNHOOHûPHOHU
KDEHU
YH
\RUXPODUGD
VEMHNWLI
HøLOLPOHUL
GH
EHUDEHULQGH JHWLUPHNWHGLU 3DWURQODU FXQWDVÖ DOWÖQGDNL PHG\DQÖQ HQIRUPDV\RQ DNÖûÖ
EXOXQPDVÖJHUHNHQGRøDONDQDOÖQGÖûÖQDWDûPDNWDGÖU
+HUKDQJL ELU JD]HWH\H \D GD WHOHYL]\RQD EDNÖOGÖøÖ ]DPDQ EX \D\ÖQ NXUXPXQXQ ELU
EX]GDøÖQÖQ VX VWQGHNL E|OP ROGXøX J|UOPHNWHGLU 7HNHOOHûHQ SL\DVDGD ELU
JD]HWHQLQ DUNDVÖQGDQ ELU EDQND oÖNPDNWD WHOHYL]\RQ \D GD UDG\R ûLUNHWL\OH RUWDNOÖN
EHOLUPHNWH NXUXODQ DøÖQ LoLQGH LWKDODW LKUDFDW WLFDUHW ûLUNHWOHUL \HUOHULQL DOPDNWD
WXUL]PGHQ VLJRUWDFÖOÖøD PWHDKKLWOLNWHQ QDNOL\H LûOHULQH GHøLQ KHU DODQGD NROODUÖ
EXOXQDQ ELU KROGLQJLQ X]DQWÖVÖ RODUDN ³\D GD V|]FV NLPOLøL\OH³ JD]HWH SL\DVD\D
VUOPHNWHGLU %|\OH ELU \DSÖQÖQ EWQ \D]ÖOÖ \D GD J|UVHO RUJDQODUÖ KROGLQJLQ
oÖNDUODUÖQÖVL\DVDOLNWLGDUODUDûDQWDMOD\UWPH\ROXQDGDVDSDELOPHNWHGLU6HOoXN(\OO
(NLP +ROGLQJOHULQ X]DQWÖVÖ PHG\DQÖQ KDEHUFLOLN DQOD\ÖûÖQD |UQHN RODUDN
EN]'HPLUNHQW1HELOHU6DøQDN
+ROGLQJOHULQX]DQWÖVÖPHG\DQÖQKDEHUFLOLNDQOD\ÖûÖLOHLOJLOLRODUDNJD]HWHFL\D]DU&DQ
'QGDU·ÖQLOJLQoELUDQÖVÖQÖDNWDUDOÖP
.DPXR\XQX
JoV]
EÖUDNDQ
HQ
E\N
IDNW|U
\D\ÖQFÖOÖøÖQ
oÖNDU
LONHOHUL
GRøUXOWXVXQGD \DSÖOPDVÖGÖU %X EDøODPGD SHN oRN LONH ROPDVÖQD UDøPHQ VRQ \ÖOODUGD
VHUPD\HQLQ HJHPHQOLøL \]QGHQ EDûOD\DQ \R]ODûPD EDVÖQÖQ VD\JÖQOÖøÖQÖ RUWDGDQ
NDOGÖUPÖûWÖU +DQJL KDEHULQ QH PDNVDWOD \D]ÖOGÖøÖQÖ L]OHPHN PHUDNÖQD GûOGø LoLQ
JYHQ VDUVÖOPÖû YH JD]HWHOHU RNXU WHOHYL]\RQODU L]OH\LFL EXOPDNWD JoON oHNHU
ROPXûODUGÖU'HPLUNHQWD\UÖFD
0HG\DQÖQ KDEHU YH \RUXP HNVHQLQGH WDUDIVÖ]OÖøÖQÖ HWNLOH\HQ ELU EDûND |QHPOL
IDNW|U GH ´LNWLGDUODUµ LOH RODQ LOLûNLOHULGLU *HUHN UHVPL LODQ YH UHNODPODU JHUHNVH oRN
GûN IDL]OL NUHGLOHU YHUHUHN PHG\D\Ö EDøÖPOÖ KDOH JHWLUPH\H oDOÖûDQ LNWLGDUODU
JHoPLûWHQJQP]HEXX\JXODPDODUÖQGDEDûDUÖOÖROPXûODUGÖU
ùNWLGDUODU JHQHOOLNOH EDVÖQD GRøUXGDQ GRøUX\D YH\D HO DOWÖQGDQ \DUGÖP HWPH\L
SROLWLNDODUÖQD X\JXQ EXOXUODU =LUD \DUGÖP J|UHQ ELU JD]HWHQLQ EDûÖQÖQ VWQGH GDLPD
'HPRNOHV·LQNÖOÖFÖYDUGÖU3HULQ
$OEHUW &DPXV·QQ GHGLøL JLEL ´%DVÖQ KNPHWLQ YH SDUDQÖQ JFQH EDøÖPOÖ
ROPDGÖøÖ]DPDQ|]JUGUµdDQND\D
0HG\DGDNL KHUKDQJL ELU WHNHOLQ EDûÖQGDNL LQVDQ VDQPD\ÖQ NL NHQGL NHQGLVLQH
KDNLPGLU %DøODQGÖøÖ EDQNDODUD \D GD EDQNDODUÖQ EDøODQGÖøÖ KROGLQJOHU \D GD
KROGLQJOHUL EDøODQGÖøÖ ûLUNHWOHU \D GD ûLUNHWOHUL QDVÖO GDYUDQPDVÖ JHUHNWLøLQL RQD
V|\OH\HQ ELUHU FDQDYDUD G|QûPûOHUGLU (øHU E\N ELU JXUXEXQ oRN E\N
%DVUL%DUXW³7UN%DVÖQÖQGD(WLN
\DWÖUÖPODUD LKWL\DFÖ YDUVD \D GD ERUoODQPÖûVD R E\N JXUXS KNPHWOH DQODûPDN
]RUXQGDGÖU 2WXUXS %DûEDNDQOD NRQXûWXøX ]DPDQ EL]LPNL JLEL GHYOHW EDQNDODUÖQÖQ
LEDGXOODK VHUJLOHGLøL ELU ONHGH XFX] NUHGL DOPDN LoLQ KHU WUO SD]DUOÖøÖ \DSDELOLU
<DSPDN ]RUXQGDGÖU 2QX GD VXoODPDPDN JHUHNLU dQN R GD PHNDQL]PDQÖQ ELU
GLûOLVL KDOLQH JHOPLûWLU 6HOoXN 0HG\DLNWLGDU LOLûNLOHULQH |UQHN RODUDN
EN],OÖFDN$ûÖN(UROYH%LOJH(ULQo
(NRQRPLN DoÖGDQ oHûLWOL VHUPD\H oHYUHOHUL\OH YH GHYOHWOH J|EHN EDøÖ\OD EDøODQPÖû
RODQ PHG\DQÖQ VXQGXøX KDEHU YH \RUXPODUGD REMHNWLI GDYUDQDELOPHVL PPNQ
GHøLOGLU 7RSOXP DoÖVÖQGDQ VRQ GHUHFH |QHPOL ED]Ö KDEHUOHUL \DQVÖWPD\ÖS ELU WDNÖP
NDUÖûÖN oÖNDU LOLûNLOHUL \|QQGH JQGHP ROXûWXUDQ KDEHU YH \RUXPODUÖ ELUL ELULQH
NDUÖûWÖUDUDNWHPHOEDVÖQDKODNÖQÖELOHKLoHVD\DQPHG\DQÖQGXUXPXNDPXR\XID\GDVÖYH
EDVÖQHWWLøLDoÖVÖQGDQLoOHUDFÖVÖELUGXUXPGD
+DEHUYH<RUXP']OHPLQGH7UN%DVÖQÖQÖQ2EMHNWLIOLN$QDOL]L
<DODQ KDEHU WDUDIVÖ]OÖN YH VRQ \ÖOODUGD HOHûWLUL NRQXVX RODQ \RUXPGD WDUDIVÖ]OÖN
<RUXPXQ KDEHUH NDUÖûWÖUÖOPDVÖ LVH WDUWÖûPDODUÖQ ELU EDûND RGDN QRNWDVÖ 2EMHNWLIOLN
G]OHPLQGH X]XQ \ÖOODUGDQ EHULGLU WDUWÖûÖODQ WHPHO ELU VRUX YDUGÖU 'HQLU NL ´%DVÖQ
WDUDIVÖ] RODELOLU PL"µ %X VRUX\D QHW ELU FHYDS YHULOHPHPLûWLU $QFDN NDQÖPFD
WDUDIVÖ]OÖNEDVÖQLoLQJQP]GHX\JXODPDVÖROPD\DQELUONVWU*QP]EDVÖQÖQÖQ
EXJQN ûDUWODUÖ\OD XODûPDVÖ Jo RODQ ELU ONV gQFHNL E|OPGH LIDGH HWWLøLPL]
´HNRQRPLN EDøÖPOÖOÖNµ JHUoHøLQGHQ VRQUD WDUDIVÖ]OÖNWDQ V|] HWPHN ]RUGXU 6DGHFH
GDKDD]VEMHNWLIOLNWHQYHEX\|Q\OHREMHNWLIOLøH\DNÖQ ED]ÖEDVÖQNXUXOXûODUÖQGDQV|]
HWPHN PPNQ RODELOLU $YUXSD·GD YH $PHULND·GD VD\ÖOÖ |UQHNOHUL EXOXQDQ ´YDNÖI
PHG\DODUµREMHNWLIYH\DEXQD\DNÖQPHG\D\D|UQHNRODELOLU
ùûWHREMHNWLIOLNDGÖQDROPDVÖJHUHNHQOHU
<D]ÖOÖYHV|]O EDVÖQL]OH\LFLOHULQLQIDUNOÖLOJLYHPHUDNODUÖQÖWDWPLQHWPHN
LoLQ GHøLûLN KDEHU \DNODûÖPODUÖ X\JXODPDNWDGÖU %WQ EX J|UOHQ
GHøLûLNOLNOHUHNDUûÖQGHøLûPH\HQKDEHUFLOLøLQWHPHO JHUHNOHULRODQDoÖNOÖN
VDGHOLNNHVLQOLNYHGRøUXOXNWXU
*D]HWHFL L]OH\LFLVLQH KDEHULQL VDGH ELU GLOOH GRøUX DoÖN YH NHVLQ RODUDN
VXQPDOÖGÖUù]OH\LFLLoLQEXWUVXQXûDQODPD\ÖNROD\ODûWÖUÖU*D]HWHOHULoLQ
GRøUXOXN \DûDPVDO |QHP WDûÖU 5DG\R YH WHOHYL]\RQ LoLQ DoÖNOÖN NHVLQOLN
VDGHOLNGRøUXOXNWPGHQ|QHPOLGLU7RNJ|]
+DEHUOHULQ PXWODND GRODûPDVÖ KDONÖ ELOJLOHQGLUPHN ]HUH WRSODQPDVÖ YH JHUoHøH
X\JXQ ROPDVÖ NRûXOX PHVOHøLPL]LQ WHPHO |øHOHULGLU %X VD\GÖøÖPÖ] NXUDOODU WP
GQ\DGD YDUGÖU *D]HWHFL\LP GL\HQ DNOÖQD JHOHQL \DSDPD] YH\D KDEHU GL\HUHN ELU ROD\Ö
oDUSÖWDPD] KDWWD |OoV GÖûÖQGD E\WHPH] EX NDELO ROD\ODUGD KHS PHVOHøLQ NXUDOODUÖ
JQGHPH JHOLU +XNXND D\NÖUÖOÖNODUD NDUûÖ ROPDN DUDVÖQGD ELU LQFHOLN ROGXøXQX NDEXO
HWPHOL\L] WHPHO RODQ GHPRNUDWLN NXUDOODUGÖU ED]Ö ROD\ODUÖ GHPRNUDVLQLQ D\ÖEÖ RODUDN
J|UHQOHU DVOÖQGD D\ÖS ELU Lû \DSWÖNODUÖQÖ |øUHQPHOLGLUOHU *D]HWHFL GHPRNUDWLN G]HQL
ER]PDN \HULQH RQD Jo NDWDU EXQX \DSDUNHQ J|UHYL VDGHFH GRøUXODUÖ DNWDUPDNWDQ
LEDUHWWLU'HPLUNHQW
*D]HWHFL\D]DU <DOoÖQ %D\HU NHQGLVL\OH \DSÖODQ ELU V|\OHûLGH EDVÖQÖQ REMHNWLIOLøL\OH
LOJLOLRODUDNûXQODUÖV|\O\RU
*D]HWHFL NLPVH\OH \DNÖQ GRVW ROPD] YH\D ROXUVDQÖ] EXQXQ \DQÖWÖQÖ ]RU
YHULUVLQL].XUDOûXGXUEHOOLLQVDQODUODVDPLPLRODPD]VÖQÖ]8]DNNDOPD\D
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PHFEXUVXQX] 2QODUÖ \DUÖQ HOHûWLUHELOHFHøLQL]L XQXWPD\DFDNVÖQÖ] %X
XQVXUX KDEHU ND\QDNODUÖQÖ]D GD GRøUX DQODWDFDNVÖQÖ] 6Xo LûOH\HQ ELULVLQH
ELOH |Q \DUJÖOÖ ROPD\DFDNVÖQÖ] PHVHOHQLQ DVOÖQÖ |øUHQHFHNVLQL] 2OD\Ö
\D]DFDNVÖQÖ] KLoELU ]DPDQ NHQGL J|UûQ] DNWDUPD\DFDNVÖQÖ] <HQL
7UNL\H
7DUDIVÖ]OÖN DQFDN KDEHUFLQLQ WDUDIVÖ] GDYUDQPD\Ö LONH KDOLQGH JHWLUPHVL\OH VDøODQÖU
%XUDGD V|] NRQXVX RODQ \DOQÖ]FD NLûLOHU GHøLOGLU <D\ÖQ NXUXOXûODUÖQÖQ GD KDEHUFLOLøLQ
HQ|QHPOL|]HOOLøLRODQWDUDIVÖ]OÖøÖNDEXOHWPHVLJHUHNPHNWHGLUg]WUN
%DVÖQÖQ REMHNWLIOLøL\OH LOJLOL RODUDN \XNDUÖGD VD\GÖøÖPÖ] WHPHO KXVXVODUÖ JHQLûOHWPHN
PPNQ$QFDNEXNDGDUÖREMHNWLIOLNNRQXVXQGD\HWHULQFHD\GÖQODWÖFÖ%WQEXWHPHO
NXUDOODUÖQ LOHWLûLP DGÖQD HYUHQVHO NXUDOODU ROGXøXQX GD HNOHPHPL] JHUHNL\RU %X
NXUDOODUÖQ 7UNL\H |]HOLQGH X\JXODPDODUÖQGDQ GRøDQ DQDOL]LQH |UQHN RODUDN EN]
$NWXQD.DSODQ
2EMHNWLIOLøLQWHPHOHVDVODUÖQGDQELULQLQGHKDEHULQ\DQVÖ]OÖøÖROGXøXQXV|\OHPLûWLN
´+DEHU WDUDIVÖ] ROPDOÖGÖU GHQLOGLøLQGH GH WDUWÖûPDODU RUWD\D oÖNPDNWDGÖU %X QHGHQOH
NDYUDPD\ÖNROD\ODûWÖUPDVÖDoÖVÖQGDQWDUDIVÖ]OÖNWDQ|QFHWDUDIROPD\ÖJ|]GHQJHoLUPHNWH
\DUDU YDUGÖU %LU ILNULQ ELU J|UûQ VDYXQXFXOXøXQX \DSPDN ELU J|Uû EHQLPVHPHN
WDUDI ROPDNWÖU %X WDQÖP KDEHU WHPHO DOÖQDUDN J|]GHQ JHoLULOHFHN ROXUVD KDEHULQ ELU
WDUDIÖQ GûQFHOHUL YH EDNÖû DoÖVÖ\OD YHULOPHVL ROGXøX J|UOU ùVWHQLOHQ EX GHøLOGLU
7DUDIVÖ]OÖN KDEHUFLOLNWH GRøUXOXøXQ oHûLWOL \ROODUGDQ GHQHWOHQHUHN NDQÖWODQPDVÖ YH
NHVLQOLøLQLQEHOLUOHQPHVLLOHPPNQGUµ<DQLEXNRQXLOHLOJLOLEWQGûQFHOHUH\HU
YHULOGLøLQGHWDUDIVÖ]OÖNWDQV|]HGLOHELOLUg]WUN
+DEHU JHUoHNWHQ ROPXû ELU ROD\ÖQ KLND\HVL \D GD JHUoHNWH V|\OHQPLû ELU LIDGHGLU
+DEHUGH
YDUVD\ÖPODUD
\HU
\RNWXU
'X\JX
|Q\DUJÖ
\D
GD
NLûLVHO
J|Uû
YH
GHøHUOHQGLUPHOHUH \HU YHULOHPH] +DEHULQ GRøUX ROPDVÖ WDUDIVÖ] ROPDVÖ\OD VDøODQÖU
g]WUN
%|OPQJLULûNÖVPÖQGDLIDGHHWWLøLPL]JLELREMHNWLIPHG\DNDYUDPÖ|]HOOLNOHEL]LP
ONHPL]GHEXJQQûDUWODUÖQGDELUONVWUELUKD\DOGLU
0DVD EDûÖ KDEHUOHU YH JQGHP EHOLUOHPHGH NH\IL\HWOHUGHQ EDKVHWPLûNHQ D\QÖ
oHUoHYH
LoLQGH
´\D]Ö
LûOHUL
PGUOHULQLµ
GH
HOH
DOPDN
JHUHNLU
´
2OD\ODUÖ
GHøHUOHQGLULUNHQ \D]Ö LûOHULPGUOHUL KDQJL ROD\ÖQ RNX\XFX\X QH GHUHFH HWNLOH\HFHøLQL
ELOJLOHULQ QH NDGDUÖQÖQ QDVÖO \HU DOPDVÖ JHUHNWLøLQL EHOLUOHPHN ]RUXQGDGÖU %X WHUFLK
YH\D EHOLUOHPH VÖUDVÖQGD REMHNWLI VWDQGDUWODUÖQ ROGXøX V|\OHQHPH] µ /LSSPDQQ
%XE|OPGHVRQRODUDNREMHNWLIOLøHD\NÖUÖVRPXW|UQHNOHUYHUHUHNEDKVLNDSDWDOÖP
ùûWH|UQHNOHU
+DEHU VXQXFXODUÖQÖQ KDEHUL VXQDUNHQ EDûYXUGXNODUÖ MHVWOHU YH PLPLNOHU KDEHULQ
ED]Ö
E|OPOHULQLQ
WHOHYL]\RQ
YXUJXODQPDVÖ
NDQDOODUÖQGD
KDEHU
DPDFÖQÖ
´VXQDQµ
JG\RU
*OJQ
6|]JHOLûL
)H\PDQ
7UNL\H·GH
6KRZ
79·GH
GHøLûLN
KDEHU
VXQXFXOXøX \DSDUNHQ MHVWOHULQ YH PLPLNOHULQL EHOLUJLQ ELU ûHNLOGH |QH oÖNDUDUDN KDEHU
VXQX\RUGX %X VXQXFX KDEHUL VXQDUNHQ HNUDQÖ VDGHFH EDûÖ GROGXUX\RUGX %D]Ö
KDEHUOHULQ ED]Ö E|OPOHULQGH EX VXQXFXQXQ EDûYXUGXøX MHVW YH PLPLNOHU VXQXODQ
KDEHUHNDUûÖWDNÖQÖODQWDYUÖYXUJXODPD\D\|QHOLNWL+DEHUGHYXUJXODQPDNDOWÖoL]LOPHN
LVWHQHQ E|OPOHU JHOGLøLQGH VXQXFX KDEHUL L]OH\LFLQLQ NHQGLVL\OH |]GHûOHûPHVLQL
VDøOD\DFDN
ûHNLOGH
L]OH\LFLQLQ
NHQGLVL\OH
\D
GD
VXQXODQ
KDEHU
PHWQLQLQ
LOJLOL
E|OP\OH|]GHûOHûPHVLQLDU]XODPDGÖøÖGXUXPODUGDLVHL]OH\LFLQLQGHWÖSNÖVXQXFXQXQ
WDNÖQGÖøÖROXPVX]WDYUÖWDNÖQPDVÖQÖVDøOD\DFDNûHNLOGHVXQX\RUGX.DSODQ
%DVUL%DUXW³7UN%DVÖQÖQGD(WLN
(NRQRPLN JoOHU NDUûÖVÖQGD VRQ GHUHFH X\VDO YH DQOD\ÖûOÖ RODQ EDVÖQÖPÖ] VÖUDGDQ
LQVDQODUÖPÖ]D NDUûÖ oRN JDGGDUGÖU 6DKLSVL] LQVDQODUÖPÖ]DFÖPDVÖ] ELoLPGH WHûKLU HGLOLU
*HoHQGH ELU LûoL DUNDGDû JHOGL \DûÖQGDNL NÖ]Ö\OD NRPûXQXQ oRFXøX DUDVÖQGD NoN
ELU NDYJD ROPXû NDUDNROD GûPûOHU (UWHVL JQ JD]HWHQLQ PDQûHWLQGH NÖ]ÖQ NRFDPDQ
UHVPL YH ELU EDûOÖN ´'RNWRUFXOXN R\QDUNHQ WHFDY]H XøUDGÖµ $VSDUDJDV NDUûÖVÖQGD
\XUWWDû\DOQÖ]GÖUNRUXPDVÖ]GÖU3HULQoHN
6DEDK·ÖQ
VSRU
VD\IDVÖ
GD
\DODQ
KDEHUGHQ
QDVLELQL
DOPÖûWÖ
$YUXSD
*UHû
úDPSL\RQDVÖQGDUDNLSOHULQHNROD\\HQLOHQLNLJUHûoLQLQNDQVD\ÖPÖQGDûHNHUOHULQLQVÖIÖU
oÖNWÖøÖYHJL]OLRUXoWXWWXNODUÖLGGLDVÖ´.RUNXQo&HKDOHWµEDûOÖøÖ\ODVVOHQPLûWL
=DPDQ PXKDELULQLQ NRQX\OD LOJLOL J|UûWø JUHûoL .DQL .DUDGHQL] NHQGLVL YH
DUNDGDûÖ $KPHW $NÖQ·ÖQ RUXoOX ROPDGÖøÖQÖ YXUJXOX\RUGX .DUDGHQL] EWQ PDoODUGDQ
|QFHYLWDPLQKDSODUÖDOGÖNODUÖQÖKDWWD6DEDK*D]HWHVLPXKDELULQLQJ|]|QQGH\HPHN
\HGLNOHULQLND\GHWPLûWL.DQL.DUDGHQL]D\UÖFDûXQODUÖV|\O\RUGX
.DQÖPÖ]ÖQ ûHNHULQL NLP |OoPû NL ûHNHULQ VÖIÖUD LQGLøLQL V|\O\RU"
(NLELPL]GH GRNWRU YDUGÖ DPD KLoELULPL]L PXD\HQH HWPHGL 6DEDK
*D]HWHVL JHoHQ \ÖO +D]LUDQGD ùWDO\D·GD \DSÖODQ PVDEDNDODUGD \LQH
D\QÖûHNLOGHKDNNÖPÖ]GD\DODQKDEHUYHUPLûWL.RUNPD]
<DODQ YH oDUSÖWÖOPÖû KDEHUOHUGHQ ROXûDQ \XNDUÖGD VÖUDODGÖøÖPÖ] VRPXW |UQHNOHU
7UNEDVÖQÖQÖQLoHULVLQGHEXOXQGXøXDKODNDoPD]ÖQDoDUSÖFÖELUHU|UQHN
6RQRODUDNûXJHQHOLIDGHOHUOHEXNRQXQXQILQDONULWLøLQL\DSDOÖP
+LoELU LOHWLûLP WDPDPHQ \DQVÖ] RODPD] +DEHUFLOHU NHQGL DUND SODQ YH LQDQoODUÖQÖ
LGHRORMLOHULQL NXOODQDUDN \D]DUODU *D]HWHOHU LVPLQGHQ GH DQODûÖODELOHFHøL JLEL WDUDI
WXWDUODUoQNKLoELULOHWLûLP\DQVÖ]\DGDGHøHULoHUPL\RURODPD]%XUWRQ
$QFDN NDPX J|UHYL \DSDQ EDVÖQ PHQVXSODUÖQÖQ NHQGL NXUXPVDO YH\D NLûLVHO
LGHRORMLOHULQLKDEHUHNDWPDNWDQLPWLQDHWPHOHULLûLQDVÖOQRNWDVÖQÖROXûWXUPDNWDGÖU
7RSOXP DGÖQD LOHWLûLP \DSDQODU |]HOOLNOH WDUDIVÖ] NDOPD\D JD\UHW HWPHOLGLU dQN
\DSWÖNODUÖ Lû oRN |QHPOLGLU 7DUDIOÖ \D\ÖQODUOD PHG\D GQ\DVÖ NLUOHQGLøL JLEL GRøUXODUD
XODûPDNWD GD JHo NDOÖQPDNWDGÖU úHIIDIOÖN V|]OHULQLQ DUGÖQD VÖøÖQDQODU KRûJ|U LoLQGH
JHUoHNOHUH WDKDPPO HWPHVLQL |øUHQPHOLGLUOHU ùQVDQODUÖQ GRøUX ELOJL HGLQPHVLQH
\DUGÖPHGLOGLøLVUHFHRWRSOXPODUJHOLûHFHNYHGQ\D]HULQGHV|]VDKLELRODFDNODUGÖU
7HN \|QO \D\ÖQFÖOÖN DUWÖN WRWDOLWHU ONHOHUGH ELOH JHoHUOLOLøLQL ND\EHWPLûWLU %HOOL
VUHOHUGH LQVDQODUÖ KH\HFDQODQGÖUDELOLU YH\D NDQGÖUDELOLUVLQL] DPD EXQXQ NÖVD VUHOL
RODFDøÖQÖ YH LQVDQOÖøÖQ \]\ÖOODU ER\XQFD YDU RODFDøÖQÖ DNÖOGDQ oÖNDUPDPDN JHUHNLU
'HPLUNHQW
+DEHUGHYH<RUXPGD6EMHNWLIOLøLQ1HWLFHOHUL
%DVÖQÖQùQDQGÖUÖFÖOÖøÖ6RUXQX
7UN EDVÖQÖ KDEHU YH \RUXP JLEL EDVÖQÖQ LNL WHPHO GHøHUL ]HULQGHNL WDUDIVÖ]OÖøÖQÖ
NRUX\DPDPDVÖ YH EX ROXPVX] JHOLûPH\L GHVWHNOH\HQ oHûLWOL VHEHSOHUOH ELU ´JYHQ
EXQDOÖPÖµ LoHULVLQH VUNOHQPLûWLU +Lo ûSKH \RN NL EDûWD KDEHU YH \RUXPGDNL
VEMHNWLIOLNROPDN]HUHORWDU\DODUJHQHOWRSOXPDKODNÖQDD\NÖUÖ\D\ÖQODUYHGDKDEDûND
VHEHSOHUOH 7UN EDVÖQÖ EXJQ FLGGL ELU ûHNLOGH ´LQDQGÖUÖFÖOÖNµ VRUXQX\OD NDUûÖ NDUûÖ\D
NDOPÖûWÖU
<D\ÖQFÖOÖøÖQ JFQ NXOODQDUDN NLûLOHUH YH NXUXPODUD ûDQWDM \DSPDN KDEHUOHUL
oDUSÖWDUDN \DQOÖ ELU ûHNLOGH WRSOXPD DNVHWWLUPHN ORWDU\D oÖOJÖQOÖNODUÖ VHEHEL\OH GLøHU
PHG\D NXUXOXûODUÖQÖ NDUDODPDN YH KDEHUH \RUXP NDWPDN GHUNHQ PHG\D WRSOXPXQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
J|]QGHQ GûPûWU *D]HWHFL \D]DU ùOKDQ 6HOoXN EX NRQX\OD LOJLOL RODUDN ´
0HG\DQÖQ VD\JÖQOÖøÖ EXJQ \RN 1H \D]ÖN NL NHQGL HOOHULPL]OH EX VD\JÖQOÖøÖ \RN HWWLNµ
GL\RU6HOoXN
7UN %DVÖQÖ HWLN GHøHUOHUGHQ X]DNODûDUDN ND\EHWWLøL VD\JÖQOÖøÖQÖ DQFDN YH VDGHFH
\HQLGHQ HWLN GHøHUOHUH VDUÖODUDN ND]DQDELOLU 7UN WRSOXPXQXQ EDVÖQD \HQLGHQ
JYHQHELOPHVL LoLQ EDVÖQÖQ WHPVLOFLOHUL LOH KDON DUDVÖQGD X]XQ VUHOL YH VDEÖUOÖ
oDOÖûPDODUOD JYHQ WHVLV HGLFL \|QGH GUVW LOLûNLOHU NXUXOPDN ]RUXQGDGÖU $QFDN EX
ûDUWOD7UN%DVÖQÖHWLNVRUXQODUÖDûDUDNLQDQGÖUÖFÖROPDûDQVÖQÖ\DNDOD\DELOLU
.D\QDNoD
$ûÖN0HOLK´5HNODPµ0LOOL\HW0DUW0HKPHW6DøQDN
$WHû7RNWDPÖû1HROGXEL]H"ùVWDQEXOdÖQDU<D\ÖQODUÖ0HKPHW6DøQDN
$WDEHN1HMGHW´*D]HWHFLOLNWHWDUDIVÖ]OÖNµ0DUPDUDùOHWLûLP'HUJLVL7HPPX]
%XUWRQ *UDHPH *|UQHQGHQ )D]ODVÖ dHYLUHQ 1HILQ 'LQo ùVWDQEXO $ODQ <D\ÖQFÖOÖN
dDOGDø6HQL\H´(WLNYHdRøXOFXOXNµ<HQL7UNL\H(\OO(NLP
dDQND\Dg]GHQ´0HGLD.LPH+L]PHW(GHU"µùOHWLûLP'Q\DVÖ0DUW1LVDQ
'HPLUNHQW1H]LK´0HG\DQÖQ.DPX*|UHYL1HGLU"1H'HøLOGLU"µùOHWLûLP'Q\DVÖ
2FDN²úXEDW
'HPLUNHQW1H]LK0HG\D0HG\DùVWDQEXO'Q\D<D\ÖQODUÖ
'|QPH]HU6XOKL6RV\RORML%DVÖùVWDQEXO%HWD%DVÖP<D\ÖP
(UJLQ 6HGDW ´%DVÖQ $KODN .RQXVXQGD $PHULND·GDQ gUQHNOHU YH 7UN %DVÖQÖQGD
'XUXPµ<HQL7UNL\H(\OO(NLP
(UHO 1XUVXQ YH $OL %LOJH 7DQVX dLOOHULQ 6L\DVHW 5RPDQÖ $QNDUD %LOJL <D\ÖQHYL 0HKPHW6DøQDN
(ULQo2UKDQ0HG\DLOH3ROLWLNDùVWDQEXOdDøGDû<D\ÖQODUÖ
<ÖOGÖUÖP $NWXQD 'HYOHW %DNDQÖ ´0HG\DGD ùQDQGÖUÖFÖOÖN YH .DPX +L]PHWLµ .RQXOX
SDQHOGHNLNRQXûPDVÖùOHWLûLP'Q\DVÖ2FDN²úXEDW
,OÖFDN1D]OÖ´$WDWUNg]DOdLOOHUµ7HUFPDQ7HPPX]0HKPHW6DøQDN
ùUYDQ6OH\PDQ0HG\D.OWU6L\DVHW$QNDUD%LOLP6DQDW<D\ÖQODUÖ
.DSODQ <XVXI ´0HG\D (SLVWHPRORMLVL ´*|UVHOOHûWLUPHµ 5HWRULN YH úLGGHWµ <HQL
7UNL\H.DVÖP²$UDOÖN
.DUDLVPDLORøOX(NUHP´%DVÖQYH(WLNµ<HQL7UNL\H,,(\OO(NLP
.DUV1HûH´7HOHYL]\RQGD6HUPD\HYH+DEHUµ<HQL7UNL\H,,(\OO(NLP
.RUNPD] 7DPHU <DODQ +DEHU 'RV\DVÖ ùVWDQEXO =DPDQ *D]HWHVL <D\ÖQODUÖ 1R ´/LSPDQQ:DOWHU3XEOLF2SLQRQ1HZ<RUN7KH)UHH3UHVVµ1XUHWWLQ*]
1HELOHU+DOLO0HG\DQÖQ(NRQRPL3ROLWLøLùVWDQEXO6DUPDO<D\ÖQHYL
g]WUN 6HUDS <D]DU ´7HOHYL]\RQ +DEHUFLOLøL YH 7UNL\H·GHNL 8\JXODPDODUµ <HQL
7UNL\H.DVÖP²$UDOÖNV
3HULQ &HYGHW 7DULK %R\XQFD 'ûQFH YH %DVÖQ g]JUOø ùVWDQEXO 5HP]L .LWDEHYL
3HULQoHN'RøX´'HYOHWLQ7DEXODUÖQYH3L\DVDQÖQ+DEHUh]HULQGHNL'HQHWLPLµ7UN
%DVÖQÖQÖQ%Hû6RUXQXùVWDQEXO%DVÖQ.RQVH\L<D\ÖQODUÖ
6DøQDN0HKPHW0HG\D3ROLWLNùVWDQEXO(WL.LWDSODUÖV
%DVUL%DUXW³7UN%DVÖQÖQGD(WLN
6HOoXN ùOKDQ ´.HQGL (OOHULPL]OH 6D\JÖQOÖøÖ \RN (WWLNµ %DVÖQ .HQGLQL 6RUJXOX\RU
ùVWDQEXO7UNL\H*D]HWHFLOHU&HPL\HWL<D\ÖQODUÖ
6HOoXNùOKDQ´0HG\DGD7HNHOOHûPHµ<HQL7UNL\H(\OO(NLP
´6ù%(576)UHG7KHGRUH3HWHUVRQYH:LOEXU6FKUDPP7KH)RXU7KHRULHVRIWKH3UHVV
8UEDQD8QLYHUVLW\RILOOLQRLV3UHVVµ6HQL\HdDOGDø
´7UN7RSOXPXQXQ'HøHUOHULµ7h6ù$'<D\ÖQ1R7ùVWDQEXO(\OOµ
&HPDOHWWLQg]GRøDQ
úDKLQ +DOXN ´5DG\R YH 79 GHQHWLPL 3ROLWLNDFÖODUD %ÖUDNÖODPD]µ ùOHWLûLP 'Q\DVÖ 0D\ÖV²+D]LUDQ
7RNJ|]2\D7HPHO*D]HWHFLOLNhoQF%DVÖP$QNDUDùPJH<D\ÖQODUÖ
<DSDU$VOÖµ%DVÖQGD(WLNµùOHWLûLP)DNOWHVL'HUJLVL,9
<HQL7UNL\H´<DOoÖQ%D\HU·OH.RQXûPDµ.DVÖP²$UDOÖN
'HPRNUDWLN7RSOXPGD3ROLV(WLøL
<UG'Ro'U9DKLW%ÖoDN *LULû
ùo JYHQOLN KL]PHWL NROOXN WDUDIÖQGDQ \UWOPHNWHGLU .ROOXN GD HQ JHQHO RODUDN
3ROLV -DQGDUPD YH 6DKLO *YHQOLN ELULPOHULQGHQ ROXûPDNWDGÖU +HU ELU ELULP D\QÖ
KL]PHWLVXQX\RUROPDNODELUOLNWHEXoDOÖûPDNROOXNoHûLWOHULQGHQSROLVOHVÖQÖUOÖGÖU
3ROLVLQ WHPHO J|UHYL YH LûOHYL Lo JYHQOLN KL]PHWL VXQPDNWÖU $QFDN Lo JYHQOLN
KL]PHWL NDSVDPÖQGD GHøHUOHQGLUHPH\HFHN RODQ ED]Ö LGDUL LûOHULQ GH SROLV WDUDIÖQGDQ
\HULQHJHWLULOGLøLJ|UOPHNWHGLU
ùo JYHQOLN KL]PHWL\OH LOJLVL ROPD\DQ LûOHULQ ED]ÖODUÖ SROLVLQ \HULQH JHWLUHFHøL ED]Ö
\DVDODUOD KNPH EDøODQPÖûWÖU $GOL LGDUL YH DVNHUL WHEOLJDW LûOHPOHUL $3. V
NHQGL
|]HO
JYHQOLN
NXUXPODUÖQÖ
NXUPDODUÖ
JHUHNHQ
YHUJL
GDLUHOHULQLQ
NDPX
EDQNDODUÖQÖQ YH |]HO VHNW|U NXUXOXûODUÖQÖQ YH]QH JYHQOLøL YH SDUD QDNLOOHULQLQ
VDøODQPDVÖ DGUHV WHVSLWL SDVDSRUW LûOHPOHUL GHUQHN WHVFLOL DUDo WHVFLO LûOHPOHUL JLEL
KL]PHWOHUEXROJXQXQ|UQHNOHULQLROXûWXUPDNWDGÖU
ùo JYHQOLN KL]PHWL\OH LOJLVL ROPD\DQ DQFDN SROLV WDUDIÖQGDQ \HULQH JHWLULOHQ LûOHULQ
ED]ÖODUÖQÖQ LVH KHUKDQJL ELU \DVDO GD\DQDøÖ EXOXQPDPDNWDGÖU %D]Ö ILLOL ]RUXQOXOXNODU
QHGHQL\OH EX KL]PHWOHU X\JXODPDGD SROLV WDUDIÖQGDQ \HULQH JHWLULOPHNWHGLU 3ROLVLQ
VRV\DO WHVLVOHUGH LûOHWPHFLOLN \DSPDVÖ YDOLOLN YH ND\PDNDPOÖNODUGD EUR LûOHULQGH
NXOODQÖOPDVÖ PDNDP YH\D VHUYLV ûRI|U RODUDN LVWLKGDP HGLOPHVL NDUDNRO WHPL]OLøL YH
NDORULIHU \DNÖOPDVÖ JLEL ELQD KL]PHWOHUL \|QHWLFLOHULQ PONL YH\D DGOL YH\D SROLV
DPLUOHULQLQ
|]HO
HPLUOHUL
DNÖO
KDVWDODUÖQÖQ
DNÖO
KDVWDQHVLQH
QDNOHGLOPHVL
VSRU
PVDEDNDODUÖQD ELOHWVL] JLULûOHULQ |QOHQPHVL NkU DPDoOÖ G]HQOHQHQ NRQVHU WUQGHQ
HøOHQFHOHULQ JYHQOLøLQLQ VDøODQPDVÖ YH UDG\R YH WHOHYL]\RQ \D\ÖQODUÖQÖQ L]OHQPHVL JLEL
KL]PHWOHUEXX\JXODPDODUÖQ|UQHNOHULQLROXûWXUPDNWDGÖU$3.V
ùo JYHQOLN KL]PHWL\OH GRøUXGDQ LOJLVL EXOXQPD\DQ EX JLEL KL]PHWOHUGH SROLVLQ
LVWLKGDPHGLOPHVLQLQQHGHUHFHGRøUXROGXøXHWLNDoÖGDQVRUJXODQDELOLUROPDNODELUOLNWH
EX oDOÖûPDQÖQ LOJL DODQÖ GÖûÖQGD NDOPDNWDGÖU %X oDOÖûPD SROLVLQ DVÖO J|UHYL RODQ Lo
JYHQOLNKL]PHWOHULQGHSROLVHWLøLNRQXVX\ODVÖQÖUOÖGÖU
0XKWHPHO6RUXQ$ODQODUÖ
(WNLQ ELU JYHQOLN KL]PHWL VXQXODELOPHVL LoLQ SROLVLQ KL]PHW VXQGXøX WRSOXPXQ
GHVWHøLQH VDKLS ROPDVÖ JHUHNLU %LUELULQL DQODPD YH NDUûÖOÖNOÖ VD\JÖ SROLVOH WRSOXP
DUDVÖQGD JYHQLQ ROXûPDVÖQÖQ LNL WHPHO XQVXUXGXU 3ROLVH YHULOPLû RODQ NDSVDPOÖ
\HWNLOHUYHVRUXPOXOXNODU\NVHNVWDQGDUWWDGDYUDQÖûODUJHUHNWLUPHNWHGLU.DEDNHQGLQL
EHøHQPLû YH D\UÖPFÖ WDYÖUODU WRSOXP GHVWHøLQLQ ND\EÖ VRQXFXQX GRøXUPDNWDGÖU
gUQHøLQSDUN\DVDøÖRODQELU\HUHSROLVLQNHQGLDUDFÖQÖSDUNHWPHVLWRSOXPWDUDIÖQGDQ
SROLVLQ NHQGLQL NXUDOODUÖQ ]HULQGH J|UGø ûHNOLQGH DOJÖODQDFDNWÖU 3ROLV NHQGLVLQLQ
NDQXQODUÖQ VWQGH ROPDGÖøÖ GDLPD NXUDOODU oHUoHYHVLQGH KDUHNHW HWPHVL JHUHøL
NRQXVXQGD VUHNOL X\DUÖOPDOÖGÖU 3DUN \DVDøÖ RODQ ELU \HUH DUDFÖQÖ SDUN HWPHGHQ |QFH
NDUûÖ NDOGÖUÖPGD \U\HQ ELU NLûL\H GHYUL\H DUDEDVÖQGDQ EDøÖUPDQÖQ ´VÖUDGDQ ELU LQVDQ
]HULQGHQDVÖOELUHWNLGRøXUDFDøÖµVRUXVXQXSROLVNHQGLVLQHVRUPDOÖGÖU
3ROLV$NDGHPLVL*YHQOLN%LOLPOHUL)DNOWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
3ROLVLQ WDYÖUODUÖQGD RQXUOX DGLO WDUDIVÖ] QD]LN YH KRûJ|UO ROPDVÖ JHUHNLU 3ROLVLQ
\DûDP DODQÖ WRSOXPXQ LoLQGH ROPDOÖGÖU %LU E|OJH\H VDGHFH Lû LoLQ JHOHQ YH DUGÖQGDQ
EDûND ELU E|OJHGH RODQ HYLQH JLGHQ SROLV \|UHVHO SUREOHPOHUOH ELU LOJLVL ROPD\DQ ELU
LûJDONXYYHWLJLELDOJÖODQÖU+RPH2IILFHV
%LU SROLV ELULPLQGH oDOÖûDQ NLûLOHULQ ELUELUOHULQH QDVÖO PXDPHOH HWWLNOHUL GH SROLV
WRSOXP LOLûNLVLQLQ |QHPOL ELU J|VWHUJHVLGLU 0HVOHNWDûÖQD NDUûÖ GDYUDQÖûODUÖ NDEXO
HGLOHPH] RODQ NLûLQLQ WDYÖUODUÖ WRSOXPX ROXûWXUDQ ELUH\OHUH NDUûÖ GD NDEXO HGLOHPH]
RODFDNWÖU
6Xo LûOHGLøL VDQÖODQ NLûLOHULQ DUDûWÖUÖOPDVÖ YH ROD\ODUÖQ D\GÖQODWÖOPDVÖ \NPOOø
SROLV]HULQGHELUEDVNÖROXûWXUPDNWDGÖU$QFDNEXEDVNÖSROLVLQNHQGLVLQH\HWNLYHUHQ
oHUoHYH
NXUDOODUÖ
DoPDPDOÖGÖU
]RUODPDVÖ
7RSOXP
YH
HWLN
NDWLOOHULQ
ROPD\DQ
\RODUD
WHU|ULVWOHULQ
EDûYXUPDVÖ
WHFDY]FOHULQ
VRQXFXQD
YH
\RO
JDVSoÖODUÖQ
FH]DODQGÖUÖOPDVÖQÖ LVWHPHNWHGLU 6Xo LûOHQPHVLQL |QOHPH YH LûOHQPLû EXOXQDQ VXoODUÖQ
D\GÖQODWÖOPDVÖ LûOHYOHULQL \HULQH JHWLULUNHQ SROLVLQ LQVDQ RQXUXQX ]HGHOH\LFL YH WRSOXP
\DUDUODUÖQD
D\NÖUÖ
\|QWHPOHUH
EDûYXUDELOPHVL
ULVNL
KHU
WRSOXPGD
PHYFXWWXU
7HNQRORMLQLQoRNJHOLûPLûROPDVÖGDSROLVH´\HWNLOHUµROPDVDGDoRNE\N´LPNDQODUµ
VDøODPÖûWÖU 3ROLVLQ VDKLS ROGXøX LPNDQODU oHUoHYHVLQGH GHøLO NDQXQODUÖQ NHQGLVLQH
YHUGLøL\HWNLOHUoHUoHYHVLQGHKDUHNHWHWPHVLJHUHøLGHSROLVHWLNNXUDOODUÖQGDQGÖU
(WLNVWDQGDUWODUDoÖVÖQGDQHQVRUXQOXDODQODUGDQELULVLPXKELUYHDMDQNXOODQÖPÖGÖU
%X NXOODQÖPÖQ VWDQGDUWODUÖ \HWHUVL]GLU YH oRøX ]DPDQ YDU RODQ NXUDOODUÖQ DUNDVÖQGDQ
GRODQÖOPDNWDGÖU
0XKELU
ID\GDOÖ
YH
JHUHNOL
ROPDNOD
ELUOLNWH
PXKELUOHULQ
GHøHUOHQGLUPHOHULQLQ GHQHWLPOHULQLQ ND\ÖWODUÖQÖQ YH |GHPHOHULQLQ QDVÖO \DSÖODFDøÖ
NRQXODUÖQÖQD\UÖQWÖOÖRODUDNG]HQOHQPHVLJHUHNPHNWHGLU
3ROLV JHFH NXOSOHULQH FUHWVL] JLULû UHVWRUDQODUGDQ EHGHOLQL |GHPHGHQ \L\HFHN
DOPDFUHWVL]VH\DKDWIXWEROPDoODUÖQDFUHWVL]JLUPHNRQVHUOHUHFUHW|GHPHPHJLEL
NoN
oÖNDUODU
VDøOD\DELOPHNWHGLU
.DEXO
HGLOHPH]
GDYUDQÖûODUÖQ
QHOHU
ROGXøX
NRQXVXQGD ELOJL YHULOPHPHVL E\N ELU HNVLNOLNWLU 6DøGX\X LOH GRøUX YH \DQOÖû
GDYUDQÖûODUÖQEXOXQDFDøÖYDUVD\ÖPÖ\HWHUOLGHøLOGLU
3ROLV
DGD\ODUÖQÖQ
VHoLPLQGH
HWLN
GHøHUOHUH
EDøOÖ
DGD\ODUÖQ
VHoLPLQH
|]HQ
J|VWHULOPHOLGLU $GD\ÖQ JHoPLûL KD\DW WDU]Ö PDOL GXUXPX DUDûWÖUÖOPDOÖ X\XûWXUXFX
WHVWOHULQGHQ JHoLULOPHOLGLU (øLWLP VUHFLQGH HWLN NXUDOODUD \HU YHULOPHOL EXQODUÖQ ]DWHQ
ELOLQGLøLYHEHQLPVHQGLøLYDUVD\ÖOPDPDOÖGÖU
3ROLV WHûNLODWÖQGD oDOÖûDQ VLYLO SHUVRQHO JHQHOGH LKPDO HGLOPHNWHGLU 6LYLO SHUVRQHOLQ
GHEHQ]HUELUHWLNDQOD\ÖûDVDKLSROPDVÖJHUHøLJ|]GHQX]DNWXWXOPDPDOÖGÖU
3ROLVLQPHGHQLELUûHNLOGHNHQGLOHUL\OHPXKDWDSROPDVÖQÖEHNOHPHNYDWDQGDûODULoLQ
ELU KDNWÖU *HoPLûLQGHQ ÖUNÖQGDQ LQDQFÖQGDQ FLQVL\HWLQGHQ YH FLQVHO WHUFLKLQGHQ
GROD\Ö NLPVH KHUKDQJL ELU D\UÖPD YH\D ND\ÖUPD\D XøUDPD HQGLûHVL \DûDPDPDOÖGÖU
3ROLVLQLOJLOHQGLøLROD\KHUQHROXUVDROVXQLQVDQODUÖQPDGGLYHPDQHYLNLûLOLøLQHVD\JÖOÖ
GDYUDQPDN
GXUXPXQGDGÖU
(WQLN
D]ÖQOÖNODU
JD\
YH
OH]EL\HQOHU
D\UÖPD
WkEL
WXWXOPDPDOÖGÖU6XoXQPDøGXUXQDGDDQOD\ÖûYHVHPSDWLJ|VWHULOPHOLGLU
6XoWDQ PDøGXU RODQ NLûLOHU YH VXoXQ VDQÖNODUÖ SROLVLQ NHQGLOHULQH DGLO PXDPHOH
HWPHVLQL YH VXoX SURIHV\RQHO YH EDøÖPVÖ] ELU ûHNLOGH DUDûWÖUPDVÖQÖ EHNOHPH KDNNÖQD
VDKLSWLU 7RSOXP SROLVLQ \ROVX]OXNODUD EXODûPDPÖû ROPDVÖQÖ EHNOHPHN KDNNÖQD
VDKLSWLU 3ROLV LVH KHU QH VHEHSOH ROXUVD ROVXQ D\UÖPFÖOÖøÖQ YH WDFL]LQ ROPDGÖøÖ ELU
RUWDPGDJ|UHYLQL\HULQHJHWLUPH\LEHNOHPHKDNNÖQDVDKLSWLU
3ROLVOLN KL]PHWLQLQ WHPHO IDDOL\HWOHULQGHQ ELULVL NDQXQ LKODOOHULQL DUDûWÖUPDNWÖU
6XoXQ UDSRU HGLOPHVLQGHQ GHOLOOHULQ WRSODQPDVÖ YH PDKNHPH\H VXQXOPDVÖQD NDGDU
9DKLW%ÖoDN³'HPRNUDWLN7RSOXPGD3ROLV(WLøL
JHoHQG|QHPGHGHHWLNVRUXQODURUWD\DoÖNDELOPHNWHGLU%D]ÖVXoODUSROLVND\GHWPHGHQ
DoÖNODQDELOLUgUQHøLQELUGNNDQÖQYLWULQLQHDWÖODQELUWDû\ROGDQJHoHQNDP\RQXQELU
HVHUL RODUDN DoÖNODQDELOLU 6XoXQ LVPL IDUNOÖ NRQXODELOLU gUQHøLQ KÖUVÖ]OÖøD WHûHEEV
NDSÖNLOLGLQH]DUDUYHUPHRODUDNLVLPOHQGLULOHELOLU
6XoODUÖQ WDNLELQH D\UÖODFDN ND\QDNODUÖQ GDøÖOÖPÖQGD HWLN NXUDOODU J|] DUGÖ HGLOHELOLU
&LGGL FLQVHO VXoODU LoLQ VÖQÖUOÖ ND\QDN D\UÖOÖUNHQ RWR YH RWR WH\S KÖUVÖ]OÖøÖ JLEL GDKD D]
|QHPOLVXoODU]HULQGHSHUVRQHOYHND\QDNODU\RøXQODûWÖUÖODELOLU
+DNNÖQGD KD]ÖUOÖN WDKNLNDWÖ \DSÖODQ VDQÖN VD\ÖVÖ ROPDVÖ JHUHNHQGHQ oRN ID]ODGÖU
\ÖOÖ LoLQGH NLûL ',( V \ÖOÖ LoHULVLQGH NLûL
',( V KDNNÖQGD KD]ÖUOÖN WDKNLNDWÖ \DSÖOPÖûWÖU %X NLûLOHUGHQ VXoOX ROGXøX
VDELW RODQ NLûL VD\ÖVÖ NLûL FLYDUÖQGDGÖU ',( V %X UDNDPODU PDNXO
ûSKH ROPDGDQ ELUH\OHUH VXoODPD \|QHOWLOPHVLQGHQ NDoÖQÖODPDGÖøÖQÖ J|VWHUPHNWHGLU
7RSOXPXQE\NELUE|OPVDQÖNRODUDNSROLVOHNDUûÖNDUûÖ\DJHOPHNWHGLU
8OXVODUDUDVÖ']H\GH3ROLV(WLøL
6XoXOXVDOVÖQÖUODUÖQGÖûÖQDoRNWDQWDûPÖûXOXVODUDUDVÖELUQLWHOLNND]DQPÖûWÖU6ÖQÖUODU
KHU JHoHQ JQ LûOHYLQL GDKD ID]OD ND\EHWPHNWHGLU 3ROLVLQ X\PDVÖ JHUHNHQ WHPHO HWLN
NXUDOODU KHUKDQJL ELU ONH\OH VÖQÖUOÖ RODUDN GûQOPHPHOLGLU 'HPRNUDWLN RODUDN
\DSÖODQDQ WP WRSOXPODUGD EXOXQPDVÖ JHUHNHQ PLQLPXP SROLV HWLøL NXUDOODUÖ RUWD\D
NRQXODELOLU%X\ROODGHPRNUDWLNWRSOXPODUGDSROLVHWLNNXUDOODUÖQÖQX\XPODûWÖUÖOPDVÖQD
GDNDWNÖVDøODQPÖûRODFDNWÖU
%LUOHûPLû 0LOOHWOHU G]H\LQGH $UDOÖN WDULKLQGH NDEXO HGLOPLû EXOXQDQ YH
GQ\D SROLVOHULQGHQ EHNOHQHQ PLQLPXP VWDQGDUWODUÖ G]HQOH\HQ YH VHNL] PDGGHGHQ
ROXûDQ ´+XNXN 8\JXODPD *|UHYOLOHULQLQ 'DYUDQÖû 6|]OHûPHVLµ $', EXOXQPDNWDGÖU
%X6|]OHûPHQLQPDGGHVLSROLVLQLQVDQKDNODUÖQDVD\JÖJ|VWHUPHVLYHLQVDQKDNODUÖQÖ
NRUXPDVÖ JHUHøLQH GLNNDW oHNPHNWHGLU %X V|]OHûPH LQVDQOÖN GÖûÖ DûDøÖOD\ÖFÖ N|W
PXDPHOHYHLûNHQFH\DVDøÖQÖGDLoHUPHNWHGLU6|]OHûPHQLQPDGGHVLSROLVOHUHVDGHFH
NDQXQODUD EDøOÖ ROPDNOD \HWLQPHPH D\QÖ ]DPDQGD NDQXQODUD NDUûÖ JHOLûOHUL |QOHPHN
\NPOOø GH JHWLUPHNWHGLU 3ROLV GLøHU PHVOHNWDûODUÖQÖQ NDQXQ GÖûÖ GDYUDQÖûODUÖQÖ
VWPHUFLOHUHELOGLUPHOLEXELOGLULPQHWLFHYHUPL\RULVHEDVÖQJLELWHûNLODWGÖûÖRUJDQODUD
VRUXQDNWDUÖOPDOÖGÖU6WDQGDUWGÖûÖGDYUDQÖûJ|VWHUHQPHVOHNWDûODUÖQÖUDSRUHWWLNOHULQGHQ
GROD\Ö
SROLVOHUH
LGDUL
YH\D
GLøHU
FH]DODU
YHULOPHPHVL
JHUHøL
GH
V|]OHûPH
GH
YXUJXODQPDNWDGÖU %X 6|]OHûPH SROLVLQ NHQGLVLQL VÖQÖUODQGÖUDQ QRUPODUD EDøOÖ NDOGÖøÖ
RUDQGDWRSOXPXQVD\JÖVÖQÖND]DQDFDøÖQÖGDLIDGHHWPHNWHGLU
$YUXSD.RQVH\LEQ\HVLQGHLVH$YUXSD3ROLV(WLøL6|]OHûPHVL&RGHKD]ÖUODPDYH
\UUOøH NR\PD oDOÖûPDODUÖ GHYDP HWPHNWHGLU %D]Ö %DWÖ $YUXSD ONHOHUL KDOLKD]ÖUGD
ELU SROLV HWLN NRGXQD VDKLS EXOXQX\RU ROPDNOD ELUOLNWH $YUXSD .RQVH\L EQ\HVLQGH
\DSÖODQ oDOÖûPDODUOD WP $YUXSD GHPRNUDVLOHULQGH JHoHUOL RODELOHFHN RUWDN SROLV HWLN
NXUDOODUÖJHOLûWLULOPHVLDPDoODQPDNWDGÖU*HOLûWLULOHFHNHWLNNXUDOODUÖNDPXRWRULWHOHULQLQ
NH\ILOLøLQH NDUûÖ YDWDQGDûODUÖ NRUXPDNOD NDOPD\DFDN D\QÖ ]DPDQGD ELUH\OHULQ |]HO
\DûDPODUÖQÖNRUXPDLûOHYL\HULQHJHWLUHFHNWLU
$YUXSD 3ROLV (WLøL 6|]OHûPHVL KD]ÖUODPD oDOÖûPDODUÖ \ÖOÖQGD $YUXSD .RQVH\L
3DUODPHQWHUOHU 0HFOLVLCQLQ DOGÖøÖ VD\ÖOÖ NDUDUOD ´WHPHO KDNODU YH |]JUONOHUL
GLNNDWH DODQ SROLV HWLøL
NXUDOODUÖQÖQ $YUXSD LQVDQ KDNODUÖQÖ NRUXPD VLVWHPLQL
JHOLûWLUHFHøLµ J|UûQ EHQLPVHPHVL LOH EDûODPÖûWÖU \ÖOÖQGD $YUXSD .RQVH\L
WDUDIÖQGDQ JHUoHNOHûWLULOHQ ´'HPRNUDWLN 7RSOXPGD 3ROLV (WLøLµ NRQIHUDQVÖQGD SROLV
HWLøL
NRQXVXQGD
XOXVODUDUDVÖ
QRUPDWLI
NXUDOODUÖQ
HNVLNOLøLQH
GLNNDW
oHNLOPHNOH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDOÖQPD\DUDN´$YUXSD3ROLV(WLøL6|]OHûPHVLµKD]ÖUODQPDVÖQDLKWL\DoROGXøXVRQXFXQD
YDUÖOPÖûWÖU \ÖOÖQGD 3ROLV (WLøL 6|]OHûPHVLQLQ WDVODøÖQÖ KD]ÖUODPDN ]HUH ´3ROLV
+L]PHWLQLQ3UREOHPOHULYH3ROLV(WLøL8]PDQODU.RPLWHVLµROXûWXUXODUDNoDOÖûPDODUÖQD
EDûODPÖûWÖU 2FDN WDULKLQGH 8]PDQODU .RPLWHVL6|]OHûPH WDVODøÖQÖKD]ÖUODPD
J|UHYLQLWDPDPODPÖûWÖUEN]'RF
6|]OHûPHQLQùûOHYL
0RGHUQ GHPRNUDWLN WRSOXPODUGD SROLVLQ X\PDVÖ JHUHNHQ VWDQGDUWODUÖ YH VDKLS
ROPDVÖ JHUHNHQ GHøHUOHUL DoÖNOÖøD NDYXûWXUPDN DPDFÖ\OD 6|]OHûPH KD]ÖUODQPÖûWÖU %X
6|]OHûPH·GH \HU DODQ KNPOHU SROLV HWLøL VWDQGDUWODUÖ YH GHøHUOHULQLQ oHUoHYHVLQL
ROXûWXUPDNWDGÖU $YUXSD·GD LQVDQODUÖQ VHUEHVW GRODûÖPÖQÖQ \D\JÖQODûPÖû ROPDVÖ ONH
VÖQÖUODUÖQD EDøOÖ ROPD\DQ RUWDN SROLVOLN VWDQGDUWODUÖQÖQ ROXûWXUXOPDVÖ LKWL\DFÖQÖQ
EHOLUJLQOHûPHVLQH\RODoPÖûWÖU
'HPRNUDWLNONHOHULQYDWDQGDûODUÖNHQGLOHULQHRODELOHQHQID]OD|]JUOøVDøODPDVÖ
LoLQ GHYOHWOHULQL \DSÖODQGÖUPÖûODUGÖU $\QÖ ûHNLOGH FH]DDGDOHW VLVWHPL GH ELUH\OHULQ
|]JUONOHULQLYHJYHQOLNOHULQLVDøODPDNDPDFÖ\ODJHOLûWLULOPLûWLU
+XNXN GHYOHWL LONHVLQLQ JHoHUOL ROGXøX GHPRNUDWLN ONHOHUGH SROLV VXoX |QOHPH
VXoOD PFDGHOH HWPH VXoX VRUXûWXUPD KDONÖQ KX]XUXQX VDøODPD NDPX G]HQLQL
NRUXPD YH ELUH\LQ WHPHO KDNODUÖQÖ NRUXPD JLEL JHOHQHNVHO LûOHYOHU \HULQH JHWLULU
%XQODUD LODYH RODUDN SROLV JHOHQHNVHO IDDOL\HW NRQXODUÖQGD NHQGLVLQH GHVWHN VDøOD\DQ
VRV\DO QLWHOLNOL oHûLWOL KL]PHWOHU GH VXQDU 'HPRNUDVLOHUGH SROLV NHQGLVL GHPRNUDWLN
GHøHUOHUH VDKLS ROGXøX JLEL GHPRNUDWLN GHøHUOHULQ \FHOPHVLQH \DUGÖPFÖ GD ROPDOÖGÖU
3ROLV J|UHYLQL HWLN RODUDN NDEXO HGLOHELOLU ELU WDU]GD VUGUGø GHUHFHGH PHûUX ELU
RWRULWHX\JXOD\ÖFÖVÖRODUDNNDODELOLUYHKDONÖQGHVWHøLQLVDøOD\DELOLU
3ROLV (WLN 6|]OHûPHVL KD]ÖUODQPDVÖ RUWDN VWDQGDUWODUÖQ VDøODQPDVÖ LoLQ VDGHFH ELU
EDûODQJÖoROPDNODELUOLNWHLONDGÖPROPDGDQGDLOHUOHPHVDøODQDPD\DFDNROPDVÖROJXVX
EXLONDGÖPÖQ|QHPLQLDUWWÖUPDNWDGÖU6|]OHûPHHWLNQRUPODUÖQWHPHOLQLQROXûWXUXOPDVÖ
\DQÖQGDHWLNSUREOHPOHULQGDKDNROD\WDQÖPODQPDVÖGDKDQHWDQODûÖOPDVÖGDKDGLNNDWOL
DQDOL] HGLOPHVL YH GDKD KÖ]OÖ o|]PH NDYXûWXUXOPDODUÖ ûDQVÖQÖ DUWWÖUDFDNWÖU $\QÖ
]DPDQGD SROLV WHûNLODWODUÖQÖQ KL]PHW HWWLNOHUL GHøHUOHU YH EDûYXUGXNODUÖ \|QWHPOHU
KDNNÖQGDVRUXODUROXûPDVÖQÖWHûYLNHGHFHNWLU
´%DøOÖOÖNµ ´KDON GHVWHøLµ ´WDUDIVÖ]OÖNµ ´WDNGLU \HWNLVLµ YH ´SURIHV\RQHOOLNµ JLEL
SROLV WHûNLODWODUÖQÖQ RUWDN NDYUDPODUÖQÖQ D\QÖ DQODPODUGD NXOODQÖOPDVÖ YH D\QÖ ûHNLOGH
DQODûÖOPDVÖQÖGDEX6|]OHûPHPPNQNÖODELOHFHNWLU$\UÖFD6|]OHûPHSROLVWHûNLODWÖQD
\HQL
NDWÖODQODUÖQ
\DSDFDNODUÖ
LûLQ
WHPHO
GHøHUOHUL
NRQXVXQGD
NLûLVHO
VWDQGDUWODU
JHOLûWLUPHVLQH \DUGÖPFÖ RODELOLU 3ROLV HøLWLPLQGH 6|]OHûPH |QHPOL ELU LûOHY \HULQH
JHWLUHELOLU 6WDQGDUWODUD YH GHøHUOHUH EX WU REMHNWLI UHIHUDQVODU ROPDGÖøÖ GXUXPODUGD
HøLWLFLOHULQLûLROGXNoD]RUROPDNWDGÖU6WDQGDUWODUÖQRULMLQLYHEDøOD\ÖFÖOÖøÖVDGHFH\HUHO
GHøHU \DUJÖODUÖ ROXS ROPDGÖøÖ HøLWLFLQLQ NHQGL GHøHU \DUJÖODUÖ ROXS ROPDGÖøÖ WDUWÖûPD
NRQXVX RODELOPHNWHGLU %|\OH ELU 6|]OHûPHQLQ YDUOÖøÖ SROLV HøLWLPLQLQ KHU VDIKDVÖQGD
HøLWLFLOHUH|QHPOLNROD\OÖNVDøOD\DELOHFHNQLWHOLNWHGLU
3ROLVLQ KDONOD \DNÖQ LûELUOLøLQH YH KDONÖQ JYHQLQH VDKLSROPDVÖ GXUXPXQGD SROLVOLN
KL]PHWOHUL oRN JHOLûPHNWHGLU +L]PHWOHULQ VRUXPOXOXN ELOLQFL\OH VXQXOPDVÖ |QHP
ND]DQPDNWDGÖU 3ROLV PHûUX RODUDN Jo NXOODQPD WHNHOLQH VDKLSWLU %XQGDQ GROD\Ö
%XVDWÖUODUÖQ\D]DUÖGDEX.RPLWHoDOÖûPDODUÖQÖQELUE|OPQHNDWÖOPÖûWÖU%N](XURSHDQ
&RPPLWWHHRQ&ULPH3UREOHPV&RPPLWWHHRI([SHUWVRQ3ROLFH(WKLFVDQG3UREOHPVRI
3ROLFLQJ6XPPDU\5HSRUWRIWKH7KLUG0HHWLQJ3&32V
9DKLW%ÖoDN³'HPRNUDWLN7RSOXPGD3ROLV(WLøL
WRSOXPXQ JYHQFH\H LKWL\DFÖ YDUGÖU 2UWDN VWDQGDUWODUÖ DPDoODUÖ YH SROLVLQ GHøHUOHULQL
RUWD\D NR\DQ YH WRSOXPD LODQ HGLOPLû ELU 3ROLV (WLN .RGX KDONÖQ SROLVH JYHQLQL
DUWWÖUDFDN KDONOD LOLûNLOHUL YH KDONOD LûELUOLøLQL JHOLûWLUHFHNWLU $\QÖ VWDQGDUWODU SROLV
KL]PHWOHULQLQ DODQÖQÖ YH oHûLGLQL DoÖNOÖøD NDYXûWXUDUDN SROLVWHQ LVWHQHELOHFHN RODQ \HWNL
GÖûÖ HKHPPL\HWVL] YH FDQ VÖNÖFÖ WDOHSOHUH NDUûÖ JYHQFH ROXûWXUDELOLU %XQGDQ GD
|QHPOLVLKL]PHWWHNL\HWHUVL]OLNOHUGHQGROD\ÖVRUXPOXOXNODUÖQÖVÖQÖUODQGÖUDFDNWÖU
%XQODUD LODYH RODUDN 3ROLV (WLN .RGX SROLV WHûNLODWÖQÖQ Lo LûOH\LûLQL G]HQOH\HQ ELU
HQVWUPDQ RODELOLU 0LQLPXP VWDQGDUWODUÖ GHøHUOHUL YH HWLN oHUoHYH\L RUWD\D NR\DUDN
G]HQOH\LFL LûOHYLQL HQ D] G|UW IDUNOÖ ûHNLOGH \HULQH JHWLUHELOLU 3ROLV WHûNLODWÖQÖQ
PHQVXSODUÖQÖQ NDOLWH NRQWUROOHULQL VDøODPDN GHQHWLP \|QHWLP YH OLGHUOLN LûOHYLQLQ
\HULQH JHWLULOPHVLQH \DUGÖPFÖ ROPDN VW G]H\ \|QHWLFLOHULQLQ GDKDID]OD ´KHVDS YHULUµ
ROPDVÖQDLPNDQYHUPHNJQONLoX\XûPD]OÖNODUÖQo|]PQHNDWNÖGDEXOXQPDN
6|]OHûPHGH(WLN.DYUDPÖ
´(WLNµ NHOLPHVL ELUGHQ ID]OD IDUNOÖ DQODPODUGD NXOODQÖOPDNWDGÖU 6|]OHûPH HWLN
NHOLPHVLQLKDQJLDQODPGDNXOODQPDNWDGÖU"
0RGHUQ HQGVWUL WRSOXPX LûE|OP YH LûELUOLøL LNL] SUHQVLEL LOH \|QHWLOPHNWHGLU
ùQVDQODU ELUoRN IDDOL\HWOH PHûJXO ROPDNWDGÖU YH EX IDDOL\HWOHU VÖUDVÖQGD RUWDN HWLN
VWDQGDUWODUÖX\JXODPDNWDGÖU%HOOLELULûYH\DPHVOHøLLFUDHWWLNOHUL]DPDQGDKDID]OD|]HO
DQOD\Öû YH \RO J|VWHULFLOLøH LKWL\Do GX\PDNWDGÖUODU %XQXQ QHGHQOHUL LFUD HGLOHQ LûLQ
LQVDQ GDYUDQÖûÖQÖQ EHOOL ER\XWODUÖ ]HULQGH \RøXQODûPDVÖQGD G]HQOL RODUDN WHNUDU
HGLOHQ DKODNL oÖNPD]ODUÖQ |QH oÖNPDVÖ YH \DSÖODQ LûWH R\QDGÖNODUÖ UROOHULQ EX VRUXQODUOD
EDû HWPHOHULQL YH o|]PHOHULQL JHUHNWLUPHVLGLU %X EDøODPGD ´HWLNµ ELU PHVOHøLQ
G]HQOHQPHVL LOH X\XPOX RODQ DKODNL ]RUXQOXOXNODUÖ YH WDQÖPODUÖ RQD\ODQDQ YH
RQD\ODQPD\DQGDYUDQÖûODUÖLIDGHHWPHNWHGLU
6|]OHûPH EDøODPÖQGD HWLN NDYUDPÖ JQON KD\DWWDNL HWLN NDYUDPÖQGDQ D\UÖ ELU ROJX
GHøLOGLU RQGDQ ND\QDNODQDQ RQXQ VDGHFH |]HO ELU WUGU *QON \DûDPÖQ DKODNL
NXUDOODUÖQÖQ ELU WHûNLODWÖQ |]HO VRUXQODUÖQD YH WDOHSOHULQH X\JXODQPDVÖGÖU $YUXSD 3ROLV
(WLøL6|]OHûPHVLQGHHWLNEXDQODPDGDNXOODQÖOPÖûWÖU
+XNXN'HYOHWLYH(WLN
+XNXN GHYOHWLQL NRUXPD DPDFÖ ELUELULQGHQ IDUNOÖ DQFDN ELUELUL\OH LOJLOL LNL J|UHYLQ
ELU DUDGD EXOXQPDVÖQÖ JHUHNWLULU 8VXOQH J|UH NDQXQODûPÖû EXOXQDQ QRUPODUÖ
X\JXODPDN EX KDONÖQ KX]XUXQXQ VDøODQPDVÖQÖ GD LoHULU YH WDQÖPODQPÖû RODQ \HWNL
oHUoHYHVLQLQ LoLQGH NDOPDN NH\IL X\JXODPDODUGDQ NDoÖQPDN YH WRSOXPX ROXûWXUDQ
ELUH\OHULQKDNODUÖQDVD\JÖJ|VWHUPHN
+XNXN GHYOHWL VDGHFH QH\LQ \DSÖOÖS QH\LQ \DSÖOPD\DFDøÖ ]HULQGH GHøLO D\QÖ
]DPDQGD \DSÖODELOHFHN ûH\OHULQ QDVÖO \DSÖODFDøÖ ]HULQGH GH \RøXQODûÖU *|UHYLQL
\DSDUNHQ SROLV ELUH\OHULQ WHPHO KDNODUÖQD VD\JÖ J|VWHUPHN GXUXPXQGDGÖU YH NH\IL YH
KXNXN GÖûÖ GDYUDQÖûODUGDQ GD NDoÖQPDOÖGÖU %X KXNXN GHYOHWLQLQ WHPHOLGLU YH EXQGDQ
GROD\ÖGDGHPRNUDVLGHSROLVOLøLQDPDFÖYHDQODPÖGÖU
%XQODUÖQ |WHVLQGH KXNXN GHYOHWL NDQXQODUÖ \DSDQODUÖQ NDQXQODU oHUoHYHVLQGH
KNP YHUHQOHULQ YH NDQXQODUÖ X\JXOD\DQODUÖQ D\QÖ NDQXQODUD NHQGLOHULQLQ GH EDøOÖ
ROPDVÖQÖ
JHUHNWLULU
7DP
RODUDN
JHOLûPLû
ROJXQ
GHPRNUDVLOHUGH
SROLVOHU
NHQGL
X\JXODGÖNODUÖ NDQXQODUOD NHQGLOHULQL EDøOÖ J|UPHNWH YH D\QÖ NDQXQD WkEL ROPDNWDGÖUODU
+XNXN GHYOHWLQL NRUXPD YH JHOLûWLUPHGH SROLVLQ URO R NDGDU |QHPOL ROPDNWDGÖU NL
KHUKDQJL ELU GHPRNUDVLQLQ LoLQGH EXOXQGXøX GXUXP SROLVLQ GDYUDQÖûODUÖQÖ LQFHOH\HUHN
RUWD\DNRQXODELOLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
$YUXSD 3ROLV (WLøL 6|]OHûPHVL KXNXN GHYOHWL\OH \|QHWLOHQ YH $YUXSD ùQVDQ KDNODUÖ
6|]OHûPHVL
WDUDIÖQGDQ
HWNLOHQHQ
GHPRNUDVLOHUGH
JHQHO
RODUDN
SROLVLQ
DPDoODUÖ
SHUIRUPDQVÖ GHQHWLPL NRQXODUÖQGD \RO J|VWHULFL LONHOHU ROXûWXUPD\Ö DPDoODPÖûWÖU
6|]OHûPH NDPX G]HQLQL NRUXPD VXoODUOD PFDGHOH HWPH YH VXoX |QOHPH KDVVDV
J|UHYOHUL\OH X\XP LoLQGH EHOLUOL VRPXW JHUHNOLOLNOHUOH LOJLOLGLU 7DYVL\H QLWHOLøLQGH RODQ
EX6|]OHûPHKNPHWOHUH\|QHOLNROPDNODELUOLNWHSROLVOHYHSROLVOLNOHSUDWLNDPDoODUOD
LOJLOHQHQOHUHLOKDPYHUPHVLLoLQPDNXOVHYL\HGHDoÖNELUGLOOH\D]ÖOPÖûWÖU
6|]OHûPHQLQ.DSVDPÖ
%HOOL DPDoODU LoLQ NXYYHW NXOODQPDVÖQD GHYOHW WDUDIÖQGDQ L]LQ YHULOHQ YH |QFHOLNOL
DPDo RODUDN WRSOXPGD KXNXNXQ YH G]HQLQ NRUXQPDVÖQÖ DPDoOD\DQ JHOHQHNVHO SROLV
KL]PHWOHUL YH NDPXQXQ L]LQ YHUGLøL YH GHQHWOHGLøL GLøHU JYHQOLN ELULPOHUL EX
6|]OHûPHQLQNDSVDPÖQGDEXOXQPDNWDGÖU
$YUXSD·GD GHøLûLN SROLV VLVWHPOHUL EXOXQPDNWDGÖU 3ROLV ELULPOHUL IDUNOÖ JHOLûPLûOLN
DûDPDVÖQGD GHøLûLN WHûNLODW \DSÖVÖQGD EXOXQPDNWDGÖU 7P EXQODUÖ NDSVDPDVÖ LoLQ
WDQÖPODUÖQJHQLû\DSÖOPDVÖQDLKWL\DoEXOXQPDNWDGÖU
6|]OHûPHQLQ NDSVDPÖ WP SROLV WHûNLODWODUÖQÖQ WHPHO IDDOL\HW DODQODUÖ\OD VÖQÖUOÖ
EXOXQPDNWDGÖU %X DODQODU VLYLO WRSOXPGD KXNXNXQ YH G]HQLQ VUGUOHELOPHVL LoLQ
NXYYHW NXOODQPD \HWNLVL NDPX G]HQLQL VDøODPD VXoXQ WDNLEL YH VXoXQ |QOHQPHVL
IDDOL\HWOHULGLU %X IDDOL\HWOHUL \UWPHNOH J|UHYOL ELULPOHU KDNNÖQGD ELULPH QH LVLP
YHULOLUVH YHULOVLQ EX 6|]OHûPH X\JXODQÖU %X WHûNLODWODUÖQ QDVÖO \DSÖODQGÖøÖQÖQ |QHPL
\RNWXU \HUHO YH\D PHUNH]L VLYLO YH\D DVNHUL NXYYHW YH\D KL]PHW ROPDVÖ NLPH NDUûÖ
PHUNH]L KNPHWH E|OJHVHO KNPHWH YH\D \HUHO KNPHWH VRUXPOX ROGXøX
DoÖVÖQGDQIDUNEXOXQPDPDNWDGÖU
dRN VSHVLILN DPDoODUOD ROXûWXUXODQ |]HO NXYYHWOHU 6|]OHûPHQLQ NDSVDPÖ GÖûÖQGD
WXWXOPXûWXU gUQHøLQ DVNHUL LûOHY \HULQH JHWLUHQ DVNHUL LQ]LEDW JL]OL JYHQOLN ELULPOHUL
FH]DHYOHULQGHJYHQOLøLVDøOD\DQLQID]PHPXUODUÖJLELg]HOILUPDODUWDUDIÖQGDQVXQXODQ
JYHQOLN KL]PHWL $YUXSD·GD \D\JÖQOÖN ND]DQPDNWDGÖU %D]Ö ONHOHUGH |]HO JYHQOLN
JHOHQHNVHO
RODUDN
SROLVLQ
\DSWÖøÖ
LûOHUL
³ELQD
NRUXPDVÖ
VSRU
IDDOL\HWOHULQGH
NRQVHUOHUGH JYHQOLN KL]PHWOHUL JLEL³ \DSPDNWDGÖU g]HO JYHQOLN ûLUNHWOHUL GH EX
6|]OHûPHNDSVDPÖQGDGÖU
6|]OHûPHQLQùoHULøL
6|]OHûPH \HGL E|OPGHQ ROXûPDNWDGÖU %XQODU VÖUDVÖ\OD SROLVLQ DPDoODUÖ KXNXN
GHYOHWLQGH SROLVLQ \DVDO WHPHOL SROLV YH FH]D DGDOHW VLVWHPL SROLVLQ \DSÖODQPDVÖ SROLV
PGDKDOHVLQLQ LONHOHUL SROLVLQ KHVDS YHUPHVL YH GHQHWLPL DUDûWÖUPD YH XOXVODUDUDVÖ
LûELUOLøLGLU
3ROLVOLøLQ ELU NDPX KL]PHWL ROGXøX YH NDQXQOD NXUXOPDVÖ JHUHNWLøL 6|]OHûPH
WDUDIÖQGDQ |QJ|UOPûWU 3ROLVOH LOJLOL PHY]XDW NDPX\D DoÖN ROPDOÖGÖU 'LOL DQODûÖOÖU
ROPDOÖGÖU (øHU NDQXQODUÖQ \|QHWPHOLNOHUOH DoÖNODQPDVÖQD LKWL\Do YDUVD \|QHWPHOLNOHU
KDONWDUDIÖQGDQXODûÖODELOLUROPDOÖGÖU3ROLVLQIDDOL\HWOHULXOXVDOKXNXNYHONHOHULQNDEXO
HWWLøLXOXVODUDUDVÖVWDQGDUWODUoHUoHYHVLQGH\UWOPHOLGLU
6ÖUDGDQ YDWDQGDûODUÖQ WkEL ROGXøX NXUDOODUD SROLV GH NXUDO RODUDN WkEL ROPDOÖGÖU
3ROLVH WDQÖQDQ LVWLVQDODU GHPRNUDWLN WRSOXPGD SROLVOLN J|UHYLQLQ \HULQH JHWLULOPHVL
LKWL\DFÖLOHKDNOÖoÖNDUÖOPDOÖGÖU'LVLSOLQNXUDOODUÖDUDVÖQGDIDUNOÖODûWÖUPD\DSÖODELOLUDQFDN
FH]DLVRUXPOXOXNDoÖVÖQGDQIDUNROPDPDOÖGÖUPG
3ROLV KDON GHVWHøLQL ND]DQPD\D WRSOXPD KL]PHW VXQPD\D YH KXNXNX NRUX\DPD\D
\|QHOLN RODUDN \DSÖODQPDOÖGÖUPG .DPX LOH WRSOXP DUDVÖQGD JYHQ NXUXOPDOÖGÖU
9DKLW%ÖoDN³'HPRNUDWLN7RSOXPGD3ROLV(WLøL
*YHQ NXUPDQÖQ |QHPOL ELU ER\XWX GD \NVHN VHYL\HGH SURIHV\RQHOOLNWLU 'LøHU ELU
ER\XWLVHSROLVLQELUKL]PHWELULPLRODUDNRUJDQL]HHGLOPHVLGLU
3ROLVNHQGLVLQHYHULOHQJ|UHYOHUL\HULQHJHWLULUNHQVLYLORWRULWH\HEDøOÖROPDOÖGÖUPG
$VNHULQ YH SROLVLQ ED]Ö LûOHYOHUL YH VRUXPOXOXNODUÖ DUDVÖQGD EHQ]HUOLNOHU ROPDNOD
ELUOLNWH SROLVLQ FH]D DGDOHW VLVWHPLQLQ ELU SDUoDVÖ ROPDVÖ NDPX G]HQLQL NRUXPDNOD
\NPO ROPDVÖ SROLVLQ LûLQLQ NDPX KL]PHWL ER\XWX SROLVLQ WRSOXPD HQWHJUH ROPXû
ROPDVÖ QRNWDODUÖQGD SROLV YH DVNHU DUDVÖQGD |QHPOL IDUNOÖOÖNODU EXOXQPDNWDGÖU 6LYLO
WRSOXPGDSROLVVLYLORWRULWH\HEDøOÖROPDOÖGÖU
3ROLV WHûNLODWÖ J|UHYLQL QDVÖO \HULQH JHWLUHFHøL NRQXVXQGD EDøÖPVÖ] ELU KDUHNHW
DODQÖQD VDKLS ROPDOÖGÖU PG 3ROLV \UWPHQLQ ELU X]DQWÖVÖGÖU <UWPHGHQ
WDPDPHQ EDøÖPVÖ] RODPD] $QFDN NHQGLVLQH YHULOHQ J|UHYOHUL \HULQH JHWLULUNHQ KXNXN
QRUPODUÖQDEDøOÖROPDOÖYHNHQGLVLQHWDQÖQDQWDNGLU\HWNLVLQLNXOODQPDOÖGÖU%XJ|UHYLQL
\HULQH JHWLULUNHQ VL\DVL QLWHOLNOL WDOLPDWODU DOPDPDOÖGÖU 2SHUDV\RQHO EDøÖPVÖ]OÖN
WHûNLODWÖQ KHU ELULPLQGH EXOXQPDOÖGÖU %|\OH ELU EDøÖPVÖ]OÖN SROLV RSHUDV\RQODUÖQÖQ
NDQXQODU oHUoHYHVLQGH WDUDIVÖ] YH SURIHV\RQHO ELU ûHNLOGH \DSÖOPDVÖQÖ VDøODPD\Ö
DPDoOD\DQ KXNXN GHYOHWLQLQ |QHPOL QLWHOLNOHULQGHQ ELULGLU 2SHUDV\RQHO EDøÖPVÖ]OÖN
SROLVLQWP\DSWÖNODUÖYH\DSPDGÖNODUÖKDNNÖQGDWDPDPHQVRUXPOXROPDVÖQÖûDUWNÖODU
6RQXo
+XNXN GHYOHWL LONHVLQLQ JHoHUOL ROGXøX GHPRNUDWLN WRSOXPODUGD SROLVLQ WHPHO
DPDoODUÖ NDPX KX]XUXQX NDPX G]HQLQL YH KXNXN VLVWHPLQL NRUXPDN NLûLOHULQ YH
RQODUÖQ PONL\HW KDNODUÖQÖQ NRUXQPDVÖ VXoOD PFDGHOH YH VXoX |QOHPHN VXoX WDNLS
HWPHN YH KDOND \DUGÖP HWPHNWLU 7HPHO LQVDQ KDNODUÖQD VD\JÖ J|VWHUHUHN EX LûOHYOHUL
\HULQHJHWLUPHOLGLU
3ROLV PHPXUODUÖ JHQHO RODUDN RWRULWHU YH PXKDID]DNDU LQVDQODUGÖU &RXQFLO RI
(XURSH V 3ROLV \|QHWLPLQ EDVNÖ NXOODQDQ HOL RODUDN KDUHNHW HGHU YH Jo
NXOODQPD \HWNLVL\OH GRQDWÖOPÖûWÖU *o NXOODQÖPÖQÖQ JHUHNWLUGLøL IL]LNVHO |]HOOLNOHUH GH
VDKLSWLU $QFDN VXoOD PFDGHOHGH EXQODU \HWHUOL GHøLOGLU VXoOD PFDGHOH WRSOXPXQ
GHVWHøLQLYH\DUGÖPÖQÖJHUHNWLULUPG6XoODUÖQE\NELUE|OPQQLKEDUODRUWD\D
oÖNÖ\RUROPDVÖEXJHUoHøLQLIDGHVLGLU
'HPRNUDWLN WRSOXPGD SROLVLQ \HWNLOHUL YH IRQNVL\RQODUÖ NDWÖ VÖQÖUODPDODUD WkEL
WXWXOPXûWXU YH NXOODQÖPODUÖ GHQHWLP PHNDQL]PDODUÖQD EDøOÖGÖU 3ROLVLQ WDYÖUODUÖQÖ
PDKNHPHOHUGHQHWOHULGDULGHQHWLPPHNDQL]PDODUÖGDV|]NRQXVXGXU
6L\DVL RWRULWH YH\D GLøHU RWRULWHOHU WDUDIÖQGDQ SROLVWHQ KXNXND D\NÖUÖ ]DOLPDQH YH
EDUEDU X\JXODPDODU \DSPDVÖ LVWHQLOHELOPHNWHGLU %X JLEL GXUXPODUGD SROLV LQVDQ
KDNODUÖQD WHKGLW ROXûWXUDELOLU 3ROLV LQVDQ KDNODUÖ\OD LNL ûHNLOGH LOLûNLOHQGLULOHELOLU ùON
RODUDN SROLV YH DLOHVL WRSOXPXQ GLøHU IHUWOHUL JLEL LQVDQ KDNODUÖQGDQ ID\GD VDøOD\DQ
NLûLOHUGLU ùNLQFL RODUDN SROLV GLøHU ELUH\OHULQ LQVDQ KDNODUÖQÖ NRUXPDN J|UHY YH
VRUXPOXOXøXQDVDKLSWLU 'HPRNUDWLN ROPD\DQ GHYOHWOHUGH SROLV LQVDQ KDNODUÖQD NHQGLVL
VDKLSROPDGÖøÖJLELGLøHUELUH\OHULQKDNODUÖQÖGDED]HQJ|UHYLQLLKPDOHGHUHNED]HQGH
UHVPLRQD\ODWDKULSHGHELOLU
3ROLVOHU DUDVÖQGD GD\DQÖûPD GX\JXVXQXQ ROGXNoD JoO ROGXøX JHUoHøL GH J|]
|QQGH EXOXQGXUXOGXøXQGD SROLVOLN LûOHYLQL \HULQH JHWLUHQOHULQ EDøOÖ EXOXQPDVÖ
JHUHNHQ PRUDO \NPOONOHUL EHOLUOHPHQLQ YH KD\DWD JHoLUPHQLQ NROD\ ELU Lû ROPDGÖøÖ
DûLNkUGÖU$YUXSD.RQVH\LWDUDIÖQGDQKD]ÖUODQDQ´3ROLV(WLøL6|]OHûPHVLµEXJoOøQ
VWHVLQGHQJHOHELOPHQLQHQ|QHPOLDGÖPODUÖQGDQELULQLROXûWXUPDNWDGÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.D\QDNoD
&RXQFLO RI (XURSH 3ROLFH (WKLFV LQ D 'HPRFUDWLF 6RFLHW\ &RXQFLO RI (XURSH
3XEOLVKLQJ*HUPDQ\
'HYOHWùVWDWLVWLN(QVWLWV$GDOHWùVWDWLVWLNOHUL<D\ÖQQR$QNDUD
'HYOHWùVWDWLVWLN(QVWLWV$GDOHWùVWDWLVWLNOHUL<D\ÖQQR$QNDUD
(XURSHDQ &RPPLWWHH RQ &ULPH 3UREOHPV &RPPLWWHH RI ([SHUWV RQ 3ROLFH (WKLFV DQG
3UREOHPVRI3ROLFLQJ6XPPDU\5HSRUWRIWKH7KLUG0HHWLQJ3&32
(PQL\HW *HQHO 0GUOø $3. 'DLUH %DûNDQOÖøÖ 3ROLVLQ $GOL *|UHYL 'ÖûÖQGD
0WDODD(GLOHQ*|UHYOHUL<D\ÖQ1R$UDûWÖUPD1R$QNDUD
+RPH 2IILFH ,QVSHFWRUDWH RI &RQVWDEXODU\ 3ROLFH ,QWHJULW\ 6HFXULQJ DQG
0DLQWDLQLQJ3XEOLF&RQILGHQFH+RPH2IILFH&RPPXQLFWLRQ'LUHFWRUDWH/RQGRQ
0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD0HG\D3ODWIRUPODUÖQGD
2OXûWXUXODQgQHULOHUYH<DVDO(QVWUPDQODUGDNL'XUXP
úHEQHP%LOJHW <DûDGÖøÖPÖ] \]\ÖOGD JHUoHNOHûHQ WHNQRORMLN JHOLûPHOHU PHG\DQÖQ NDUûÖVÖQD E\N
IÖUVDWODU oÖNDUPÖûWÖU *HOHQHNVHO \D\ÖQFÖOÖN DUDoODUÖ RODQ UDG\R YH WHOHYL]\RQXQ \DQÖ VÖUD
\HQL HOHNWURQLN LOHWLûLP RUWDPODUÖQÖQ HQ \HQL ELOJL\H DQÖQGD HULûPH RODQDøÖ VDøODPDVÖ
VRQXFXQGDGQ\DHOHNWURQLNELUN|\KDOLQHJHOPLûWLU
*OREDOOHûHQ GQ\DGD WRSOXPODUÖQ NDUûÖ NDUûÖ\D NDOGÖøÖ ROD\ODUOD LOJLOL ELOJL YH
KDEHUOHULQ \D\ÖOPDVÖ YH WDUWÖûÖOPDVÖ GHPRNUDVLQLQ JHOLûPHVL LoLQ ]DUXULGLU %X QHGHQOH
EXûHNLOELU|QHPHKDL]PHG\DGDNDOLWHXQVXUXGD|QSODQDoÖNPDNWDGÖU
0HG\DQÖQ NDOLWHVL RQXQ |]JU YH JoO ROPDVÖ\OD SDUDOHOGLU *oO YH |]JU
PHG\DQÖQNDOLWHVLQLVDøOD\DQXQVXUGDSHNWDELLNLPHVOHøLQHWLNLONHOHULGLU
%HQGHQ |QFHNL NRQXûPDFÖODUÖQ GD DoÖNODGÖøÖ JLEL KHU PHVOHN GDOÖQÖQ NHQGLQH |]J
HWLN LONHOHUL YDUGÖU %X LONHOHU PHVOHNL NDOLWHQLQ \NVHOPHVLQL VDøOD\DQ |]GHQHWLP
NXUDOODUÖGÖU0HVOHNOHULQLONRUWD\DoÖNWÖøÖG|QHPOHUGH\D]ÖOÖNXUDOODUDEDøODQPDPÖûRODQ
EX LONHOHU ]DPDQ LoLQGH RUWD\D oÖNDQ JHUHNVLQLPOHUL VDøODPDN LoLQ \D]ÖOÖ NXUDOODUD
G|QûWUOPûWU
+XNXN NXUDOODUÖ GD PHVOHNL NDOLWH\L |QJ|UPHNOH ELUOLNWH HWLN LONHOHULQ EDûDUÖ\OD
X\JXODQDPDPDVÖ GXUXPXQGD WNHWLFL NLWOHQLQ YH D\QÖ ]DPDQGD \D\ÖQFÖQÖQ KDNODUÖQÖQ
NRUXQPDVÖ DPDFÖ\OD ROXûWXUXOPDNWDGÖU +XNXN NXUDOODUÖ HWLN LONHOHULQ LûOH\LûLQH NDWNÖGD
EXOXQDUDN PHG\DQÖQ |]JU YH JoO ROPDVÖ \ROXQGD RUWD\D oÖNDFDN HQJHOOHUL RUWDGDQ
NDOGÖUPD\ÖDPDoODPDNWDGÖU
%X
PH\DQGD
ROXûWXUXODQ
KXNXN
NXUDOODUÖQÖQ
oHUoHYHVLQL
oL]HQ
LNL
WHPHO
GRNPDQGDQ ELULVL RODQ %LUOHûPLû 0LOOHWOHU ´ùQVDQ +DNODQ (YUHQVHO %LOGLUJHVLµQLQ PDGGHVLQLQLNLQFLEHQGLQGHûXLIDGH\HUDOPÖûWÖU
+HUNHVKDNODUÖQÖYH|]JUONOHULQLNXOODQÖUNHQDQFDNEDûNDODUÖQÖQKDNYH
|]JUONOHULQLQ JHUHøLQFH WDQÖQPDVÖ YH EXQODUD VD\JÖ J|VWHULOPHVLQLQ
VDøODQPDVÖ GHPRNUDWLN ELU WRSOXPGD JHQHO DKODN YH NDPX G]HQL\OH
JHQHO
UHIDK
JHUHNOHULQLQ
NDUûÖODQPDVÖ
DPDFÖ\OD
\DVD\OD
EHOLUOHQPLû
VÖQÖUODPDODUDEDøOÖRODELOLU
+XNXN NXUDOODUÖ ELU \DQGDQPHG\DQÖQ KDEHU YH GûQFHOHUL VHUEHVWoH DoÖNOD\DELOPH
|]JUOøQ |WH \DQGDQ LVH NDPXQXQ KÖ]OÖ GRøUX YH \DQVÖ] ELOJL\H XODûPD oÖNDUODUÖQÖ
J|]HWHUHNROXûWXUXOPXûWXU
7HPHOGH JD]HWHFLOLN PHVOHøL LoLQ ROXûWXUXODQ HWLN LONHOHU \D\ÖQFÖOÖøÖQ JHOLûPHVL LOH
\D\ÖQFÖOÖN
PHVOHøLQH
|]J
GHøLûLNOLNOHU
\DSÖODUDN
J|UVHO
YH
LûLWVHO
DODQGD
GD
X\JXODQPD\DEDûODQPÖûWÖU
ùûWH EX QHGHQOHGLU NL \D\ÖQFÖOÖN DODQÖ JHOHQHNVHO RODUDN PHG\D VHNW|UQQ GLøHU
E|OPOHULQGHQ GDKD ID]OD KXNXNL G]HQOHPHOHUH WDEL WXWXOPXûWXU %XUDGDNL HWNHQ
\D\ÖQÖQ EHOLUJLQ YH GLUHNW HWNLVL NDGDU NOWUHO YH VRV\DO UROGU %XQXQOD ELUOLNOH |]
GHQHWLP NXUDOODUÖQÖQ |QFHOLNOL RODUDN EDûDUÖOÖ YH JHUHNOL ROGXøX \D\ÖQ DODQODUÖ GD YDUGÖU
5DG\RYH7HOHYL]\RQhVW.XUXOX8OXVODUDUDVÖùOLûNLOHU'DLUHVL%DûNDQÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
$QFDN ED]Ö DODQODUGD |UQHøLQ \D\ÖQFÖODU WDUDIÖQGDQ NLûLQLQ |]HO KD\DWÖQÖQ JL]OLOLøLQLQ
LKODOLNLûLQLQûHUHIYHKD\VL\HWLQLQHWNLOHQPHVLNDPX\DUDUÖQÖQYHoRFXNODUÖQNRUXQPDVÖ
NRQXODUÖQGDHWLNNRGODUoRøX]DPDQ\HWHUVL]NDOPDNWDKXNXNLNXUDOODUNDEXOHGLOHELOLU
KDWWD JHUHNOL ROPDNWDGÖU $QFDN XQXWXOPDPDOÖGÖU NL KXNXNL NXUDOODUOD HWLN NRGODU
DUDVÖQGD DoÖN ELU X\XP YH ELUELULQL WDPDPOD\DQ ELU LOLûNL YDUGÖU EX |]HOOLøLQ
GHVWHNOHQPHVLPHG\DQÖQNDPXR\XQXQJ|]QGHJYHQLOLUOLøLQLDUWWÖUDFDøÖJLELPHG\D
VWDQGDUWODUÖQÖQ\NVHOPHVLQLGHGRøUXGDQHWNLOH\HFHNWLU
<D]ÖOÖ EDVÖQGD ROGXøX JLEL J|UVHO YH LûLWVHO PHG\D DODQÖQÖQ GD DQD LûOHYL RODQ
NDPXQXQLIDGHYHKDEHUDOPD|]JUOøQQNXOODQÖOPDVÖLNLQFLoHUoHYHGRNPDQRODQ
´$YUXSD
ùQVDQ
+DNODUÖ
6|]OHûPHVLµQLQ
PDGGHVLQLQ
ELULQFL
SDUDJUDIÖQGD
G]HQOHQPLûWLU6|]NRQXVXLONSDUDJUDIWD
+HUNHV J|UûOHULQL DoÖNODPD YH DQODWPD |]JUOøQH VDKLSWLU %X KDN
NDQDDW |]JUOøQ NDPX RWRULWHOHULQLQ PGDKDOHVL YH ONH VÖQÖUODUÖ V|]
NRQXVXROPDNVÖ]ÖQKDEHUYH\DIÖNÖUDOPDYHYHUPH|]JUOøQGHLoHULU
%X PDGGH GHYOHWOHULQ UDG\RWHOHYL]\RQ YH VLQHPD LûOHWPHOHULQL ELU L]LQ
UHMLPLQHWDELWXWPDODUÖQDHQJHOGHøLOGLU
LNLQFLSDUDJUDIWDLVH
.XOODQÖOPDVÖ J|UHY YH VRUXPOXOXN \NOH\HQ EX |]JUONOHU GHPRNUDWLN
ELU WRSOXPGD ]RUXQOD WHGELUOHU QLWHOLøLQGH RODUDN XOXVDO JYHQOLøLQ
WRSUDN EWQOøQQ YH\D NDPX JYHQOLøLQLQ NRUXQPDVÖ DVD\LûVL]OLøLQ
YH\DVXoLûOHQPHVLQLQ|QOHQPHVLVDøOÖøÖQYH\DDKODNÖQEDûNDODUÖQÖQQYH
KDNODUÖQ NRUXQPDVÖ JL]OL NDOPDVÖ JHUHNHQ KDEHUOHULQ \D\ÖOPDVÖQD HQJHO
ROXQPDVÖ YH\D \DUJÖ JFQQ RWRULWH YH WDUDIVÖ]OÖøÖQÖQ VDøODQPDVÖ LoLQ
NDQXQOD
|QJ|UOHQ
ED]Ö
IRUPDOLWHOHUH
ûDUWODUD
VÖQÖUODPDODUD
YH
\DSWÖUÖPODUDEDøODQDELOLU
GHQLOPHN VXUHWL\OH EX |]JUONOHULQ NXOODQÖPÖQD KXNXNL VÖQÖUODPDODU JHWLULOPHNWH GDKD
GRøUXVX|]JUOøQVÖQÖUODUÖoL]LOPHNWHGLU
$\UÖFD ´ùQVDQ +DNODQ 6|]OHûPHVLµQLQ ´|]HO KD\DWD VD\JÖ KDNNÖµQÖ G]HQOH\HQ PDGGHVL ´DGLO \DUJÖODQPD KDNNÖµQÖ G]HQOH\HQ PDGGHVL YH ED]Ö GLøHU PDGGHOHU
PHG\D WDUDIÖQGDQ HWLN NRGODU RODUDN \D\ÖQODUÖQ G]HQOHQPHVLQGH GLNNDWH DOÖQGÖøÖ JLEL
$YUXSD.RQVH\L·QLQKXNXNLG]HQOHPHOHULQGHWHPHOND\QDNODUÖQÖWHûNLOHWPHNWHGLU
%X oHUoHYHGH \D\ÖQFÖOÖNWD HWLN LONHOHULQ JoOHQGLULFLVL YH WDPDPOD\ÖFÖVÖ RODUDN
JHWLULOHQ \D]ÖOÖ KXNXN NXUDOODUD YH $YUXSD·GD \D\ÖQFÖOÖN PHY]XDWÖQÖQ EX DoÖGDQ
LQFHOHQPHVLQH EDNWÖøÖPÖ]GD $YUXSD·GD J|UVHO PHG\DQÖQ G]HQOHQPHVLQH LOLûNLQ LNL
DQD KXNXNL EHOJH EXOXQPDNWDGÖU %LULQFLVL $YUXSD %LUOLøL \H GHYOHWOHUL QH]GLQGH
JHoHUOL RODQ ´$YUXSD 6ÖQÖU 7DQÖPD\DQ 7HOHYL]\RQ 'LUHNWLILµ LNLQFLVL LVH $YUXSD
.RQVH\L·QH \H GHYOHWOHULQ oRøXQXQ WDUDI ROGXøX ´$YUXSD 6ÖQÖU|WHVL 7HOHYL]\RQ
6|]OHûPHVLµGLU%XQODUÖQ\DQÖVÖUD$YUXSD.RQVH\L·QLQWDYVL\HNDUDUODQGHNODUDV\RQYH
NDUDUODQLOH$YUXSD3DUODPHQWRVX·QFDDOÖQDQNDUDUODUÖGD$YUXSDG]H\LQGHROXûWXUXODQ
\DVDO PHY]XDW RODUDN GHøHUOHQGLUHELOLUL] %X KXNXNL EHOJHOHU EDøOD\ÖFÖ ROPDPDNOD
ELUOLNOH\ROJ|VWHULFL|]HOOLNWHGLU
$YUXSD PHY]XDWÖQÖ LQFHOHUNHQ |QFHOLNOH ´$YUXSD 6ÖQÖU 7DQÖPD\DQ 7HOHYL]\RQ
'LUHNWLILQLµHOHDODOÖP'LUHNWLIWHJHQHOGHWHNQLNKXVXVODU\HUDOPDNODELUOLNWH|]HOOLNOH
·GH\DSÖODQGHøLûLNOLNOHUoHUoHYHVLQGHGDKDJHQLûNDSVDPOÖG]HQOHPHOHUHJLGLOPLû
WHPHO KDNODU JDUDQWL DOWÖQD DOÖQPÖû NoNOHULQ NRUXQPDVÖQD YH UHNODPODUD LOLûNLQ
úHEQHP%LOJHW³0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD3ODWIRUPODUÖQGD2OXûWXUXODQgQHULOHU
SUHQVLSOHU JHQLûOHWLOPLûWLU &HYDS KDNNÖ YH PHG\DGD ûLGGHW J|VWHULPL GÖûÖQGD GLøHU HWLN
NRGODUÖQG]HQOHQPHVLWRSOXOXN\HOHULQLQLoKXNXNX\JXODPDODUÖQDEÖUDNÖOPÖûWÖU
ùNLQFL PHY]XDW RODUDN HOH DODFDøÖPÖ] YH 7UNL\H·QLQ GH WDUDI ROGXøX ´$YUXSD
6ÖQÖU|WHVL 7HOHYL]\RQ 6|]OHûPHVLµQLQ |QV|]QGH LIDGH YH KDEHU DOPD |]JUOøQQ
\D\ÖQFÖQÖQ EDøÖPVÖ]OÖøÖQÖQ oRøXOFXOXN YH IÖUVDW HûLWOLøLQLQ |QHPL YXUJXODQPÖû YH
EXQODUÖQ NRUXQPDVÖ LoLQ JHUHNOL |QOHPOHU VÖUDODQPÖûWÖU 6|]OHûPHQLQ |QV|]QGH
YXUJXODQDQ
EX
WHPHO
SUHQVLSOHU
$YUXSD
\D\ÖQ
RUWDPÖQÖQ
RUWDN
GHøHUOHULQL
ROXûWXUPDNWDGÖU
%X oHUoHYHGH ´\D\ÖQFÖQÖQ VRUXPOXOXNODUÖµQÖ EHOLUOH\HQ PDGGHVLQGH WHPHO HWLN
LONHOHUH UHIHUDQV YHULOHUHN ´SURJUDP KL]PHWOHULQLQ VXQXû YH LoHULN EDNÖPÖQGDQ EWQ
XQVXUODU LQVDQ RQXUXQD YH WHPHO LQVDQ KDNODUÖQD VD\JÖOÖ RODFDNWÖUµ GHQLOPHNWHGLU $\QÖ
PDGGHGHYXUJXODQDQELUGLøHU|QHPOLKXVXVKDEHUOHUHLOLûNLQROXS´\D\ÖQFÖKDEHUOHUGH
JHUoHNOHU YH ROD\ODUÖQ GRøUX RODUDN VXQXOPDVÖQÖ VDøOD\DFDN YH |]JUFH NDQDDW
ROXûXPXQX
WHûYLN
HGHFHNWLUµ
LIDGHVL\OH
GRøUX
KDEHULQ
\DSÖOPDVÖ
YH
L]OH\LFL\H
DNWDUÖOPDVÖ JYHQFH DOWÖQD DOÖQPÖûWÖU $\UÖFD \LQH PDGGHGH ÖUNoÖOÖN YH ûLGGHWLQ
WHûYLNLQL\DSDQSURJUDPODUD\HUYHULOPH\HFHøLEHOLUWLOPHNWHGLU
$\QÖ V|]OHûPHQLQ ´&HYDS +DNNÖµ EDûOÖNOÖ PDGGHVL FHYDS KDNNÖQÖ JDUDQWL DOWÖQD
DOPDNWD YH EX KDNNÖQ QDVÖO NXOODQÖODFDøÖQÖ EHOLUOHPHNWHGLU $\UÖFD HWLN LONHOHU
´5HNODPODU YH 7HOHDOÖûYHULûµ EDûOÖNOÖ E|OPQQ PDGGHVLQGHNL KXNXNL NXUDOODUOD
GDGHVWHNOHQPHNWHGLU
%X LNL PHY]XDWD HN RODUDN ³D] |QFH GHøLQGLøLP JLEL³ $YUXSD .RQVH\L 0HG\D
%|OP·QQ \H GHYOHWOHULQ \HWNLOL NXUXPODUÖQÖQ \HU DOGÖøÖ NRPLV\RQ oDOÖûPDODUÖ
VRQXFXQGD G]HQOHQHQ WDYVL\H NDUDUODQ GD $YUXSD·GD RUWDN LONHOHULQ ROXûPDVÖQÖ
VDøODPDNWDGÖU +XNXNL EDøOD\ÖFÖOÖøÖ ROPD\DQ DQFDN GHYOHWOHULQ NHQGL Lo KXNXNODUÖQÖ
ROXûWXUPD DûDPDVÖQGD ÖûÖN WXWDQ YH $YUXSD oDSÖQGD ELU ELUOLN VDøODPD\Ö DPDoOD\DQ EX
WDYVL\H NDUDUODUÖ LoLQGH HWLN LONHOHULQH \|QHOLN |QHPOL NDUDUODU YDUGÖU gUQHøLQ \ÖOÖQGD oÖNDUÖODQ 6D\ÖOÖ 7DYVL\H .DUDUÖ ´JD]HWHFLOHULQ KDEHU ND\QDøÖQÖ DoÖNODPDPD
KDNNÖµQD LOLûNLQGLU ·GD \D\ÖQODQDQ 6D\ÖOÖ 7DYVL\H .DUDUÖ ´PHG\DGD VHoLP
NDPSDQ\DODUÖQÖQYHULOPHVLQGHNL|QOHPOHUµLNDSVDPDNWDGÖU<LQH·GDNDEXOHGLOHQ
6D\ÖOÖ.DUDUGD´PHG\DGDoRøXOFXOXøXQWHûYLNLQH\|QHOLN|QOHPOHUµ\ÖOÖQGDNDEXO
HGLOHQ ÖUNoÖOÖN PHG\DGD ûLGGHW J|VWHULPL JLEL WDYVL\H NDUDUODQ EX NDUDUODU DUDVÖQGD
VD\ÖODELOLU
h\H ONHOHULQ HWLN NRGODUÖQÖ Lo KXNXN G]HQOHPHVL KDOLQH JHWLUPHOHUL LVH EX
NXUDOODUÖ
\D\ÖQFÖOÖNOD
LOJLOL
\DVDODUÖ
YH
EX
\DVDODUÖQ
X\JXODQPDVÖQD
LOLûNLQ
\|QHWPHOLNOHULQH GDKLO HWPHOHUL ûHNOLQGH ROPDNWDGÖU gUQHøLQ ONHPL]GH \D\ÖQFÖOÖN
VHNW|UQ G]HQOH\HQ 6D\ÖOÖ <DVD·QÖQ PDGGHVLQGH \HU DODQ ´<D\ÖQ ùONHOHULµQLQ
oHûLWOL EHQWOHUL HWLN NRGODUÖQ \D]ÖOÖ YH EDøOD\ÖFÖ QRUPODU KDOLQGH G]HQOHQPHVLGLU %X
VDGHFH 7UNL\H·\H PDKVXV ELU GXUXP ROPD\ÖS KHPHQ KHPHQ EWQ $YUXSD
ONHOHULQGHHWLNNRGODU\D\ÖQ\DVDODUÖQGDX\XODFDNQRUPODURODUDNEHOLUOHQPLûWLU
$YUXSD·GD \D\ÖQFÖOÖNWD X]XQ YDGHGH DPDoODQDQ KHGHI \D]ÖOÖ EDVÖQGD ROGXøX JLEL
WHOHYL]\RQGD YH GLøHU HOHNWURQLN RUWDPODUGD ùQWHUQHW JLEL GHYOHW G]HQOHPHOHULQH
LKWL\Do NDOPDPDVÖ YH PHVOHN PHQVXSODUÖQFD ROXûWXUXODQ |]GHQHWLP PHNDQL]PDODUÖQÖQ
HWNLOL ROPDVÖGÖU %X NRQXGD J|UVHO YH LûLWVHO PHG\DGD UHNODP DODQÖQGDNL |]GHQHWLP
PHNDQL]PDODUÖ $YUXSD %LUOLøL YH XOXVDO G]H\GH ROGXNoD JoOGU %XQXQ GD VHEHEL
UHNODP SDVWDVÖQÖ SD\ODûDQ EWQ WDUDIODUÖQ JoO ELU ûHNLOGH |UJWOHQPLû ROPDVÖ YH
ELUELUOHULQL ROXPOX ELU ûHNLOGH HWNLOHPHOHULGLU $\UÖFD UHNODPODUD LOLûNLQ HWLN LONHOHUL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
G]HQOH\HQ8OXVODUDUDVÖ7LFDUHWgUJW,&&YH8OXVODUDUDVÖ5HNODP%LUOLøL,$$JLEL
EHQ]HULNXUXOXûODUGDXOXVDOPHNDQL]PDODUDGHVWHNYHUPHNWHGLU
*|UVHO YH LûLWVHO DODQGD GHYOHW GHQHWLPLQLQ WDPDPHQ NDOGÖUÖOPDVÖ GHUHJODV\RQ
KHGHILQHXODûDELOPLûWHNONH$%'·GLU$%'·GHEXKHGHIHQDVÖOXODûÖOGÖøÖQÖQDoÖNODPDVÖ
û|\OH RODELOLU $%' ·OÖ \ÖOODUGDQ EDûOD\DUDN FLGGL YH ROGXNoD NDWÖ UHJODV\RQODU
NR\PXû YH RQODUÖ \LQH D\QÖ FLGGL\HWOH <D\ÖQ 2WRULWHVL )&& HOL\OH X\JXODPÖûWÖU $QFDN
·OL \ÖOODUÖQ VRQXQD JHOLQGLøLQGH \D\ÖQFÖODUGDQ NHQGL VHNW|UOHULQGHNL HWLN NXUDOODUÖQ
EHOLUOHPH YH X\JXODPD LVWHøL GX\XOPD\D EDûODQPÖûWÖU 6HNW|U EX NRQXGD ÖVUDUOÖ ROPXû
YH ·GD ´<D\ÖQFÖOÖN <DVDVÖµQGD ED]Ö \HQL G]HQOHPHOHU \DSÖOÖUNHQ SROLWLND RODUDN
GHYOHWoH
HPSR]H
HGLOHQ
VLVWHPLQ
\HULQH
|]GHQHWLPGHUHJODV\RQ
VLVWHPLQLQ
JHWLULOPHVL ELU VWUDWHML RODUDN EHOLUOHQPLûWLU .|NO ELU JHOHQHøL RODQ VHNW|U $%'·GH
EXQXEDûDUPÖûWÖU$QFDNO(\OOWUDMHGLVLQGHQVRQUDPH\GDQDJHOHQJHOLûPHOHULQ$%'
<D\ÖQ6HNW|UQHGHQHWUG]HQOHPHOHUJHWLUHFHøLWDUWÖûPDOÖGÖU
%XWHNLO|UQHNWHQVRQUD$YUXSD·GDNLGXUXPDEDNPDNJHUHNLUVH$YUXSD·GDGD\D\ÖQ
JHOHQHNOHUL RODQ ONHOHU YDUGÖU DQFDN $YUXSD %LUOLøL UHDOLWHVL E|\OH N|NO JHOHQHøL
ROPD\DQ $YUXSD ONHOHULQL LOH UHVPLQ LoLQH GDKLO HWPLûWLU $YUXSD·GD SHN oRN ONH
KHQ] UHJODV\RQODUÖQÖ ROXûWXUPD \D\ÖQ \DVDODUÖQÖ oÖNDUWPD YH \D\ÖQ VHNW|UQ
G]HQOHPHDûDPDVÖQGDGÖU<LQHGH|]GHQHWLPVLVWHPLQLQUHJODV\RQVLVWHPOHULQLQ\DQÖ
VÖUD \HûHUPHVL YH \HUOHûPHVL LoLQ oDOÖûPDODU \DSÖOPDNWDGÖU %X NRQXGD )UDQVD ELU DUD
VLVWHP|QHUPLûROXSX\JXODPD\DNR\PD\DEDûODPÖûWÖU2UWDNG]HQOHPHFRUHJODWLRQ
DGÖ YHULOHQ VLVWHP KXNXNL G]HQOHPHOHULQ GHYOHW LOH \D\ÖQ VHNW|UQFH RUWDN RODUDN
\DSÖOPDVÖQÖ |Q J|UPHNWHGLU 'LøHU $YUXSD ONHOHULQGH GH EX VLVWHPL GHVWHNOH\HQ ELU
\DNODûÖPJ|UOPHNWHGLU
%XGXUXPGDVRUXKXNXNNXUDOODUÖPÖHWLNLONHOHUPLVRUXVXGXU"%XUDGDWDUWÖûÖOPDVÖ
JHUHNHQ HWLN NXUDOODUÖQÖQ GD\DQDøÖGÖU (WLN LONHOHUL \DOQÖ]FD GDYUDQÖû NRGX RODUDN
GHøHUOHQGLUPHPHN JHUHNLU DUWÖ YH\D HNVL \DSWÖUÖPODUÖ GD YDUGÖU (WLN LONHOHU LQVDQ
GDYUDQÖûÖQÖQ GRøUXODUÖ YH \DQOÖûODUÖ\OD LOJLOL LONHOHULQ PDNXO NDYUDPODUD GD\DQDUDN
QHVQHOOLN YH WDUDIVÖ]OÖNOD X\JXODQPDVÖ\OD LOJLOLGLU %X PHVOHNWH HWLN LONHOHUH VDKLS
ROPDQÖQ QLKDL JHUHNoHVL GDKD |QFH GH EHOLUWWLøLP JLEL PHVOHNL NDOLWH\L JYHQFH DOWÖQD
DOPDNWÖU
%X LIDGHGHQ \ROD oÖNDUDN \D\ÖQFÖODUÖQ WRSOXPD NDUûÖ RODQ |GHYLQLQ |QFHOLNOH
WRSOXPX ELOJLOHQGLUPHN YH VRQUD HøOHQGLUPHN ROGXøXQX V|\OH\HELOLUL] +HU QH NDGDU
7UNL\H·GH ELUoRNPHG\D NXUXOXûX EX|GHYL |QFH HøOHQGLUPHN YH VRQUD ]DPDQ NDOÖUVD
HøLWPHN RODUDN GHøHUOHQGLUVH GH GQ\DGD NDPX \DUDUÖ J|]HWHQ NDPX \D\ÖQFÖOÖøÖ
QRV\RQXJHUHNHQGHøHUL\HQLGHQND]DQPDNWDGÖU
*HOLûPLû ONHOHUGH HWLN LONHOHU X\JXODPDGD |Q SODQD oÖNDUNHQ JHOLûPHNWH RODQ
ONHOHUGH HWLN LONHOHU \HWHULQFH X\JXODQPDPDNWDGÖU %XQXQ QHGHQL JHOLûPLû ONHOHUGH
HWLN LONHOHULQ X\JXOD\ÖFÖVÖ |]GHQHWLP NXUXOXûODUÖQÖQ \DSÖODUÖQÖQ JoO ROPDVÖ YH
\DSWÖUÖPODUÖQÖQ KXNXN NXUDOODUÖQD JHUHN NDOPD\DFDN ûHNLOGH FD\GÖUÖFÖ ROPDVÖGÖU $\UÖFD
JHOLûPLû ONHOHUGH WRSOXP ELOLQFLQLQ YH HøLWLP VHYL\HVLQLQ \NVHN ROPDVÖ VRUJXODPD YH
NDOLWH\L WDOHS HWPH ROJXVXQX JoO NÖOPDNWD EX GD \D\ÖQFÖQÖQ GDYUDQÖû NRGODUÖQD VÖNÖ
VÖNÖ\D EDøOÖ NDOPDVÖQÖ VDøODPDNWDGÖU 'ROD\ÖVÖ\OD WNHWLFL NRQXPXQGDNL L]OH\LFLQLQ
\D\ÖQODU ]HULQGHNL HWNLVL HWLN LONHOHUH X\XOPDVÖ VUHFLQGH HQ HWNLOL GHQHWLP ûHNOL
ROPDNWDGÖU
6RQXo RODUDN ELOJL YH HQIRUPDV\RQ ELU JoWU YH WRSOXPXQ HQ |QHPOL LKWL\DFÖGÖU
'|UGQF NXYYHW NLPL ]DPDQGD ELULQFL NXYYHW RODUDN GHøHUOHQGLULOHQ PHG\DQÖQ EX
JF DGLO RODUDN NXOODQPDVÖ YH GRøUXOXN YH WDUDIVÖ]OÖN NRQXVXQGD JYHQLUOLOLøLQL
úHEQHP%LOJHW³0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD3ODWIRUPODUÖQGD2OXûWXUXODQgQHULOHU
ND\EHWPHPHVL KXNXN NXUDOODUÖQÖQ YH HWLN LONHOHULQ ELUOLNWH YH X\XPOX oDOÖûPDVÖQD
EDøOÖGÖU
$KODN(QGVWULVL
3URI'U6DEUL%\NGYHQFL ,
$KODNÖQ QHOLøLQH \|QHOLN \DSPD\D oDOÖûWÖøÖP VRUJXODPD GHQHPHVL HQGVWULOHûHQ ELU
DKODN DQOD\ÖûÖ QRNWDVÖQD EHQL JHWLUGL %X GHQHPHGH WHPHOH DOGÖøÖP YDUVD\ÖP PDVXP
]DUDUVÖ]
YDUOÖNODU
ROPDGÖøÖPÖ]
DVOÖQGD
PDVXP
]DUDUVÖ]
YDUOÖNODUÖQ
\DûDPODUÖQÖ
VUGUHPH\HFHøLGLU
7DULKVHO VUHoWH DKODN DUD\ÖûODUÖ DKODNVDO V|\OHPOHULQ WHPHOOHQGLULOPHVL \D H\OHPL
\DSDQ|]QHQLQPXWOXOXøXQDoÖNDUÖQDGD\DQGÖUÖOPÖû\DGDH\OHPLQNHQGLOLøLEXH\OHPGH
YDU ROGXøX NDEXO HGLOHQ ´L\LOLNµ WHQ oÖNÖû DOPÖûWÖU %LULQFL WUGHQ JHUHNoHOHQGLUPHQLQ
WLSLN |UQHøLQL 3ODWRQ·GD J|U\RUX] 3ODWRQ·GD DKODN JHWLUGLøL \DUDUOD WHPHOOHQGLULOLU
´1LoLQE|\OHH\OHPHOL\LP"µVRUXVXEX\DNODûÖPÖQWHPHOVRUXVXGXUWÖSNÖUDKDWVÖ]OÖøÖPD
L\L JHOHFHøLQH LQDQGÖøÖP LoLQ EHOLUOL LODoODUÖ DOPDP JLEL %XQD NÖVDFD LVWHGLøLP
DU]XODGÖøÖP ELU ûH\H \RO DoDFDøÖQD LQDQGÖøÖP LoLQ |\OH H\OHPHN GHQHELOLU <D GD VDOW
KRûODQGÖøÖPLoLQ|\OHH\OHPHNWH\LPVHYLûPHNJLEL
%X \DNODûÖPODUGD RUWD\D oÖNDQ WHPHO VRUXQODUÖQ DKODN NDYUDPÖQGDNL DQODP
G|QûPOHULQLQ GH DVÖO QHGHQL ROGXøXQX GûQ\RUXP %XUDGD |QHPOL J|UGøP
´NLOLWµ WHULP ´\NPOONµWU ELU ûH\LQ NHQGLOLøL NHQGL LoLQGH L\L ROPDVÖ |\OH H\OHPH
\NPOOøQ ]RUXQOX NÖOPÖ\RU %LU EDûND GH\LûOH |\OH H\OHPHN JHUHNOLOLøLQLQ
GX\XPVDQPDVÖ ]RUXQOX GHøLO (\OHPLQ \DSÖOPDVÖ DQFDN RQX \DSPD DU]XVXQGDQ
LVWHPLQGHQ oÖNÖûÖQÖ DODELOLU (\OHPLQ L\L ROGXøXQXQ WDQÖQPDVÖ RQXQ GRøUX ROGXøX
DQODPÖQD GD JHOPH] dQN H\OHPLQ GRøUXOXøXQX GHøHUOHQGLUPHN EXQXQ VRQXoODUÖQÖ
WDPRODUDNL]OHPH\LJHUHNWLULU
$\UÖFD LOLûNLOHUH EDøOÖ RODUDN oHûLWOL WUGHQ \NPOONOHU YDU oRøX GD JHoPLû
HGLPOHULPL]OH EDøODQWÖOÖ JHUL |GHPH \NPOOø JLEL %X NRQXGD YHUGLøLPL] V|]OH
LOJLOL $PD JHUoHøL V|\OHPH \NPOOøQGH E|\OH ELU LOLûNL V|] NRQXVX GHøLO &HVDUHW
DOoDNJ|QOOON DoJ|]OON ELOJL VHYJLVL GH |\OH <NPOON GX\JXVX DPDFÖ GD
RUWDGDQNDOGÖUÖ\RU$PDoYDUOÖøÖQÖDU]XODGÖøÖPÖ]EL]LH\OHPHLWHQDU]X\VD\NPOON
GX\JXVX\OD H\OHGLøLPL] VUHFH ELU DPDoWDQ \RNVXQX] GHPHNWLU 'DKDVÖ \NPOON
ELOLQFLJHOLûPLûDKODNVDOELU|]QH·\LJHUHNWLULU2\VDLQVDQIDUNOÖJHOLûPHGHUHFHOHULQGH
%LUNDo \NPOOøQ EHQLPVHQPHVL LoVHOOHûPHVL EX QHGHQOH RODQDNVÖ] J|UQ\RU
<NPOON EHQLPVHQPLû ROVD ELOH EXQX JHUoHNOHûWLUPHN LoLQ QH \DSÖOPDVÖ JHUHNWLøL
DoÖN GHøLO 6|]JHOLPL NHQGLPL]L GDKD L\L ELU LQVDQ NÖOPD \NPOOø QLoLQ YH QDVÖO
H\OHPHPL] JHUHNWLøLQL DQODPDPÖ]Ö ]RUXQOX NÖOPD] dRøX ]DPDQ GD \NPOON
´%HQµGHNL LVWHNOH oDWÖûÖU $ULVWRWHOHV·LQ L\L LQVDQ WDQÖPÖQÖ WHPHOH DOVDN \DûDPGDNL WHN
LûLPL] NHQGLPL]L JHOLûWLUPHN ROXU .DUûÖODQPDVÖ RODQDNVÖ] ELUûH\ *HUoHN \DûDPODSHN
LOLûNLVL ROPD\DQ VDOW DNDGHPLN ELU J|Uû %XQD J|UH DKODN VDQNL NHQGL EDûÖQD ELU ûH\
NHQGL NHQGLQH YH NHQGL LoLQ YDUPÖû JLEL <DûDPGDQ \DOÖWÖOPÖû ELU DKODN dRN ID]OD L\L
ROPD\D oDOÖûPDN GRøDO RODUDN GHQJH\L ER]DU YH \DûDPGDQ VDSPDODUD \RO DoDU
<DûDPGDNL oRøXOFXOXøX oHûLWOLOLøL WHN ELU LONH\H EDøODPD JLULûLPOHUL \DûDPD NDUûÖ
\DSÖODQ ELU KDNVÖ]OÖNWÖU %X ]HQJLQOLN YH oHûLWOLOLN GRøDO RODUDN oDWÖûPDODUÖ oHOLûNLOHUL GH
$QNDUDhQLYHUVLWHVL'7&))HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
LoLQGH WDûÖU <DûDP WHN EWQFO ELU DKODNÖQ LoLQH VÖøPD\DFDN GHQOL JHQLûWLU %X
QHGHQOH \DûDPD D\NÖUÖ GûHQ DKODN \DûDPD \DEDQFÖODûDUDN NDUûÖWÖQD DKODNVÖ]OÖøD
G|QûPûWU
,,
%X |QEHOLUOHPHOHUOH ûX QRNWD\D JHOPH\H oDOÖûÖ\RUXP YDUROXû QHGHQLQL NHQGLQGH
WHPHOOHQGLUHQ DKODNODU \DûDPÖ ÖVNDOD\DUDN N|WOøQ WHPHO QHGHQL ROPXûODUGÖU +HU
DKODN DUD\ÖûÖ JLULûLPL GÖûODGÖøÖ LoLQH DOPDGÖøÖ DPD SDUDGRNVDO ELU ELoLPGH WHPHOH
DOGÖøÖ EHOOL ELU DKODNVÖ]OÖøD GD\DQÖ\RU .HQGLQL WHPHOOHQGLUPHN LoLQ |QFH N|W RODQÖ
DKODNVÖ]RODQÖWDQÖPODPDNODLûHEDûOÖ\RU$KODNVÖ]N|WRODQDKODNOÖL\LRODQÖQ\DUDUÖQD
X\JXQGûPH\HQRQD]DUDUYHUHQRODUDNEHOLUOHQL\RU%|\OHFH\DUDUYHoÖNDUKHUNRûXO
YHEDøODPGDG|QHPGHIDUNOÖOÖNJ|VWHUGLøLLoLQDKODNVÖ]RODQGDVUHNOLGHøLûL\RU
<DûDPÖoÖNDU\DUDULOLûNLVL\XPDøÖRODUDNDOGÖøÖPÖ]GDLQVDQ\DûDPÖGDVUHoLoLQGH
GHøLûHQ HNOHQHQ IDUNOÖ DKODNODUOD SDUoDODQÖU ELU NXOODQÖP QHVQHVL ROXU dÖNDU V|]
NRQXVX ROGXøXQGD D\QÖ ]DPDQGD ELU UDQW GD JQGHPH JHOLU %X UDQWÖQ E\NOø
DKODNVÖ]OÖøÖQ
QH
|OoGH
\D\JÖQODûWÖUÖOÖS
UHWLOGLøLQH
EDøOÖGÖU
5DV\RQHO
RODQOD
|]GHûOHûWLULOHQ \DûDPGD LUUDV\RQHOLQ \DûDP KDNNÖ VÖQÖUODQGÖUÖOÖS ED]HQ GH RUWDGDQ
NDOGÖUÖOÖU%|\OHFHLQVDQGRøDVÖQD\|QHOLNHQE\NDKODNVÖ]OÖN\DSÖOPÖûROXU
,,,
$KODNVÖ]RODQÖQGDEXoÖNDUGDQSD\DOPD\DKDNNÖROGXøXQXGûQ\RUXP7DULKVHO
VUHoWH WDQÖQPD\DQ EX KDNNÖ oDøÖPÖ]GD DKODNVÖ]OÖøÖQ NHQGL DKODNÖQÖ ROXûWXUDUDN JHUL
DOGÖøÖQÖ J|]OHPHNWH\L] 'QQ DKODNVÖ]OÖNODUÖ EXJQ DKODN ROPXûWXU %LU DKODN
HQIODV\RQX LOH NDUûÖ NDUûÖ\D NDOGÖøÖPÖ] ELU ROJX 9H EX ELU VHNW|U KDOLQH JHOPLûWLU
NXûNXVX] KHU VHNW|UGH ROGXøX JLEL EXQXQ GD LKDOHOHUL NUHGLOHUL PWHDKKLWOHUL
WDûHURQODUÖYDUGÖUhUQOHULQSD]DUODQPDVÖQDYHUHNODPÖQDEDøOÖRODUDNN|WYHDKODNVÖ]
RODQDOÖFÖVÖQDJ|UHL\LJ]HORODELOPHNWHGLU
'LQVHO DKODNVHNOHU DKODN WHNQRORML DKODNÖoHYUH DKODNÖ PHG\D DKODNÖELUH\
DKODNÖ KHU ELULQLQ DKODNVDO V|\OHPOHUL ELUELULQH NDUûÖ 7DULKVHO VUHoWH DKODN HUNHNNHQ
´HUNHN ROPDNµ DKODNOÖ\NHQ JQP]GH EXQXQ NDUûÖVÖQD GLNLOLS KDNNÖQÖ LVWH\HQ ´NDGÖQ
DKODNÖµ+HWHURVHNVHODKODNNDUûÖVÖQGDJD\YHOH]EL\HQDKODNÖ
%X UHVPH EDNWÖøÖPÖ]GD HQ D]ÖQGDQ DKODNÖQ ELUELULQH D\NÖUÖ YDUOÖNODUÖ ELU ELUOLøH
EWQOøH J|WUPH LVWHPOHULQGHQ YD]JHoPLû J|UQGøQ V|\OH\HELOLUL] $PD WHN
YD]JHoLOPH\HQ DKODN DUD\ÖûÖ %DQD J|UH EX DUD\Öû NHQGL DKODNVÖ]OÖøÖQGDQ XWDQDQ
|]QHQLQ ELU WU JQDK oÖNDUPD D\LQLQH G|QûW %LU oÖNPD] V|] NRQXVX NRUNX
NÖVNDQoOÖN Do J|]OON KÖUV YH \DUÖûPD ]HULQH NXUXOX ELU WRSOXPVDO \DSÖ ROVD ROVD
DKODNVÖ]OÖN UHWLU $KODN DUD\ÖûÖ GD ]DWHQ EXQXQ PHûUXODûWÖUÖOPDVÖGÖU %XUDGDNL VRUXQ
UHWLOHQEXDKODNVÖ]OÖNODUÖQELUNÖVPÖQÖQHJHPHQELUDKODNDG|QûPHVLGLU$KODNVÖ]OÖøÖQ
DKODNROPDVÖGÖU
,9
6|]Q VRQXQX EDøODPDP JHUHNLUVH VRUXQXQ WHPHOGH WRSOXPVDO \DSÖODUÖQ \HOHULQH
VXQGXøX
GD\DWWÖøÖ
NLPOLNWH
\DWWÖøÖQÖ
GûQ\RUXP
´%HQ
NLPLP"µ
VRUXVXQGD
VRPXWODûDQ EX V|] NRQXVX NLPOLN DQOD\ÖûÖ LQVDQD EHOLUOL \NPOONOHU |GHYOHU
\NO\RU 7HPHO JHUHNoHVLQL GH EHOOL WRSOXPVDO DPDoODUD KL]PHW HWPHNWH EXOX\RU
$KODN LoLQ WRSOXPVDO ELU NLPOLøLQ JHUHNOL ROGXøXQX YDUVD\Ö\RU %|\OHFH \HQL IDUNOÖ
LVWHPOHULQ VRUJXODPDODUÖQ LUGHOHPHOHULQ |Q NHVLOL\RU %X YHULOL HWLN YH SROLWLN NRGODUÖ
VRUJXODPDQÖQ GHøLûWLUHELOPHQLQ \ROXQXQ ´%HQ QL\H E|\OH\LP"µ VRUXVXQGD \DWWÖøÖQÖ
6DEUL%\NGYHQFL³$KODN(QGVWULVL
GûQ\RUXP ùQVDQODU NHQGL NLPOLNOHULQL ROXûWXUPDQÖQ \ROXQX EXOGXNoD DKODNÖQ
DKODNVÖ]OÖøÖGDDûÖOPD\DEDûODQDELOLU%HQYH|WHNLROPD\DQELUEHQ%XQODUÖQGÖûÖQGDYH
VWQGH \DûDPD EDøOÖOÖøÖ WHPHO DODQ ELU EHQ EXQD GD \DûDPVDO EHQ GL\RUXP
6DQÖ\RUXP VRUXQ WHPHOGH \D ´%HQµ \D GD ´|WHNLµ ]HULQH RGDNODQPÖû YH oÖNÖûÖQÖ
EXQODUGDQ DODQ \DNODûÖPODUGDQ ND\QDNODQÖ\RU %X \DNODûÖPODU NHQGLOHULQL NXUDUNHQ
ELUoRN ûH\L GÖûWD EÖUDNÖS ÖVNDOÖ\RU (Q |QFH GH \DûDPÖ <DûDP GQ\DVÖ QHVQHO ELU
GQ\D\D LQGLUJHQHPH] %XUDVÖ ELUH\OHUDUDVÖOÖøÖQ HJHPHQ EHOLUOH\HQ ROGXøX ELU DODQGÖU
PDQWÖNVDO
YH
XVVDO
GûQFHOHULQ
GHøLO
(QGVWULOHûHQ
DKODN
NLUOLOLN
(SLVWHPRORMLNEHQOHULPL]GHQVÖ\UÖOPDQÖQ\ROODUÖQÖEXOPDNGXUXPXQGD\Ö]
UHWL\RU
"
$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU" <UG'Ro'U(UGDO&HQJL]
)HOVHIH \D GD |]HO RODUDN DKODN IHOVHIHVL QH LûH \DUDU" +HUKDQJL ELU VRUXQXQ
o|]PQGH IHOVHIH JQGHOLN ELU DKODNL VRUXQXQ \DQÖWÖQGD DKODN IHOVHIHVL QHUHGH
GXUPDNWDGÖU"
g]HO
RODUDN
DKODN
IHOVHIHVL
GûQOGøQGH
JQGHOLN
DKODN
VRUXQODUÖPÖ]ÖQ o|]PQGH JHUoHNWHQ IHOVHIH\H \D GD IHOVHIHFH ELOJL\H JHUHNVLQLP
GX\XOPDNWDPÖGÖU"*QGHOLN\DûDPÖPÖ]DNDWNÖVÖROPD\DQELUûH\LûH\DUDPD]RODUDNPÖ
HWLNHWOHQPHOLGLU"
$KODN
IHOVHIHVLQLQ
LûH
\DUDUOÖOÖøÖ
X\JXODPD
DODQODUÖQD
J|UH
PL
EHOLUOHQPHOLGLU" 8\JXODPD DODQODUÖ X\JXODPD ELoLPOHULQL JHQHO ELU NXUDPVDO oHUoHYH\H
EDøOÖNDODUDNPÖEHOLUOHPHNWHGLU"(øHUEWQX\JXODPDODUD|UQHNVDøOD\DQELUNXUDPVDO
oHUoHYHGHQ V|] HGLOHELOLUVH EX NXUDPVDO oHUoHYHQLQ HYUHQVHO YH PXWODN ROPDVÖ
JHUHNWLøL VDYXQXOPDOÖ PÖGÖU" (øHU DKODN IHOVHIHVL oHYUH WÖS PHG\D LOHWLûLP YE
X\JXODPD DODQODUÖ LoLQ ELU NXUDPVDO oHUoHYH RODFDNVD EX X\JXODPD DODQODUÖ LoLQ JHoHUOL
RODELOHFHNYDUVD\ÖPODUÖQHOHUROPDOÖGÖU"
%WQ EX VRUXODUÖQ \DQÖWÖ JHQHO RODUDN DKODN IHOVHIHVLQLQ DODQÖQÖQ HøHU X\JXODPD
DODQODUÖYDUVDLûH\DUDUOÖOÖøÖQÖQPHûUXL\HWLQLJ|VWHUHFHNWLU%XoDOÖûPDDKODNIHOVHIHVLQLQ
X\JXODPD DODQODUÖ\OD RODVÖ LOLûNLOHQGLULOPH ELoLPOHULQL YH \|QWHPOHULQL VRUJXODPDNWD
X\JXODPD DODQODUÖQD EDøOÖ RODUDN HWLN \DUJÖODUÖQÖQ PHûUXL\HWLQLQ VDøODQDPD\DFDøÖQÖ LOHUL
VUPHNWH
X\JXODPD
JHQHOOHPHOHULQ
DODQODUÖQGD
HYUHQVHO
YH
EDûDUÖOÖ
PXWODN
VRQXoODU
\DUJÖ
VDøODGÖøÖ
ELoLPOHUL
RODUDN
YDUVD\ÖODQ
NXUDPVDO
WDQÖPODQDPD\DFDøÖQÖ
VDYXQPDNWDGÖU
%LU XøUDûÖQ X\JXODPD DODQÖ NXûNXVX] RQXQ \DUDUÖQÖQ \D GD LûH \DUDUOÖOÖøÖQÖQ V|]
NRQXVX HGLOGLøL YH X\JXODQDELOLUOLøLQLQ GHQHWOHQGLøL DODQGÖU %XQD J|UH KHUKDQJL ELU
XøUDûÖQ LûH \DUDUOÖOÖøÖ \DUDUOÖOÖN V|]FøQGHQ |WU SUDWLN ELU VRUXQOD LOJLOL ROXS
ROPDGÖøÖQD EDøOÖ J|UQPHNWHGLU %X GXUXPGD DKODN IHOVHIHVL ¶SUDWLN ELU VRUXQOD LOJLOL
PLGLU"· ELoLPLQGH VRUX \HQLGHQ VRUXODELOLU %X VRUX GD KHUKDQJL ELU XøUDûÖQ SUDWLN
ROPDVÖ\DGDSUDWLNROPDPDVÖELUEDûNDGH\LûOHSUDWLNROPDVÖ\DGDNXUDPVDOROPDVÖQH
DQODPD JHOPHNWHGLU ELoLPLQH G|QûWUOHELOLU 2 ]DPDQ VRUXODUÖ VRQGDQ EDûD GRøUX
\DQÖWODPDNHQoÖNDU\ROJ|UQPHNWHGLU
<DQÖWD JHQHO ELU D\UÖP \DSÖODUDN EDûODQÖUVD EHONL VRQXFD XODûPDNWD HQ NÖVD \RO
VHoLOPLûRODFDNWÖU%XJHQHOD\UÖPNXUDPVDOYHSUDWLNELOLPOHUDUDVÖQGDoL]LOHELOHFHNELU
D\UÖPGÖU .XUDPVDO ELOLPOHU ûH\OHULQ GRøDVÖ JHQHO \DSÖVÖ YH LûOH\Lû G]HQL KDNNÖQGD
JHQHO LONHOHU \D GD \DVDODU ROXûWXUPD XøUDûÖVÖGÖU ELoLPLQGH WDQÖPODQDELOLU %X XøUDûÖQ
EHOLUJLQ
|]HOOLøL
GLOH
JHWLUPLû
ROGXøX
YDUVD\ÖPODUÖQ
JHQHOOH\LFL
ROPDVÖ
RODUDN
J|VWHULOHELOLU *HQHOOH\LFL |]HOOLNWHNL YDUVD\ÖPODU WDQÖPODPDODUGDQ EHWLPOHPHOHUGHQ
DoÖNODPDODUGDQ \DVDODUGDQ YH JHQHOOHûWLUPHOHUGHQ ROXûXU 3UDWLN ELOLPOHU X\JXODPDOÖ
ELOLPOHUGDKDGRøUXVXNXUDPVDOELOLPOHULQX\JXODPDDODQODUÖRODUDNWDQÖPODQDELOLU$VÖO
DPDFÖ ROPDVD GD NXUDPVDO ELOLPOHULQ WHN WHN ûH\OHUH WLNHO DODQODUD X\JXODQPDVÖ SUDWLN
ELOLPOHUHDODQDoDUgUQHøLQELUWUGRøDELOLPOHULRODQNXUDPVDOELOLPOHULQWHNQRORMLN
%XPHWLQ)HOVHIH'Q\DVÖGHUJLVLQLQVD\ÖVÖQGD´$KODN)HOVHIHVL%LOLPVHOgUQHNOHPH
YH$KODN<DUJÖODUÖQÖQ*HoHUOLOLøLµEDûOÖøÖ\OD\D\ÖPODQPÖûWÖU
$QNDUDhQLYHUVLWHVL'7&))HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DQVÖPDODUÖ SUDWLN ELOLPOHU GHQLOHQ WHNQRORML DODQODUÖQÖ \DUDWPDNWDGÖU ùQûDDW WHNQRORMLVL
\D GD PKHQGLVOLøL RWRPRELO WHNQRORMLVL \D GD PKHQGLVOLøL WÖS WHNQRORMLVL \D GD
PKHQGLVOLøL JLEL 2 ]DPDQ LNLQFL VRUX\D EDNDUDN GRøD ELOLPOHULQLQ LûH \DUDUOÖOÖøÖQÖQ
PKHQGLVOLN X\JXODPDODUÖQGD RUWD\D oÖNWÖøÖQÖ EX \|Q\OH GH SUDWLN VRUXQODUÖQ
o|]PQ VDøODGÖøÖ VDYODQDELOLU ùON VRUX\D G|QOGøQGH IHOVHIHQLQ \D GD DKODN
IHOVHIHVLQLQ LûH \DUDUOÖOÖøÖ V|] HGLOHQ DODQÖQ NXUDPVDO ELOJLVLQLQ QH WUGHQ SUDWLN
VRUXQODUÖQ o|]PQGH NXOODQÖOGÖøÖQD GD\DQPDNWDGÖU 1H \DSPDP JHUHNLU GL\H LQVDQÖQ
NHQGLVLQH \|QHOWWLøL ELU VRUXQXQ \DQÖWÖ SUDWLN ELU X\JXODPDVÖ RODQ ELU DKODN LONHVLQL
EHQLPVHGLøLQL J|VWHULU YH JQON \DûDPÖQGDNL NDUDUODUÖQÖ GDYUDQÖûODUÖQÖ NÖVDFD SUDWLN
X\JXODPDODUÖQÖ EHOLUOHU úXQX \DSPDN JHUHNLU ELoLPLQGH ELU EX\UXøX ELU |øG \D GD
ELU GLOVHO \DUJÖ\Ö EDûNDVÖQD \D GD EDûNDODUÖQD \|QHOLN RODUDN GLOH JHWLUGLøLQGH VR\XW
JHQHO ELU LONHQLQ YDUOÖøÖQÖ GD GLOH JHWLUPLû ROXU %X GXUXPGD WHPHO DPDFÖQÖQ JQON
\DûDP ROPDGÖøÖ YDUVD\ÖPÖ\OD ELUOLNWH IHOVHIHQLQ VR\XW YH NXUDPVDO ELU HWNLQOLN ROGXøX
V|\OHQHELOLU $QFDN LûH \DUDUOÖOÖN EDNÖPÖQGDQ VUHNOL SUDWLN ELU EDø ROXûWXUPD
]RUXQOXOXøX RUWDGD GXUPDNWDGÖU %HONL IHOVHIHQLQ EXUDGDNL |]HO DQODPÖ\OD DKODN
IHOVHIHVLQLQ JQON \DûDPD LOLûNLQ ROGXøX SUDWLN X\JXODPDODUÖ ROGXøX GûQOHELOLU YH
EX
GûQFH\H
\RO
DoDQ
YDUVD\ÖPODU
ELU
ELoLPGH
WHPHOOHQGLULOHELOLU
GH
%X
WHPHOOHQGLUPH ELU H\OHPLQ DKODNOÖOÖøÖQÖQ JHUHNoHOHQGLULOPHVLQGH NXOODQÖODELOHFHN ELU
DKODNLoHUoHYHQLQYDUOÖøÖQDGD\DQPDNWDGÖU%XoHUoHYHVD\HVLQGHELUH\OHPLQDKODNOÖOÖøÖ
LOH H\OHPLQ GHøHUOHQGLULOGLøL DKODN LONHOHUL DUDVÖQGD ELU EDø ROXûWXUXOPDVÖ RODQDNOÖ
J|UOHELOLU
$KODNIHOVHIHVLQLQJQGHOLN\DûDPODELUEDøÖROGXøXQXVDYODPDQÖQELU\ROX\XNDUÖGD
GHøLQLOHQ NXUDPVDO YH SUDWLN ELOLPOHU DUDVÖQGDNL EDø EHQ]HWPHVL\OH RODQDNOÖ NÖOÖQDELOLU
%X EDø PKHQGLVOLNOH NXUDPVDO ELOLPOHU DUDVÖQGD NXUXODQ EDø JLEL YDUVD\ÖODELOLU
gUQHøLQ IL]LN ELOLPL PKHQGLVOLN X\JXODPDODUÖQGD NXOODQÖODELOLU 6UWQPH NDWVD\ÖVÖ
ELOJLVL RWRPRELO ODVWLøL UHWLPLQGH X\JXODQDELOLU YH NXUDPVDO ELU ELOJL PKHQGLVOLN
X\JXODPDVÖQGDNXOODQÖODUDNSUDWLNNXOODQÖPÖRODQELOLPVHOYHWHNQRORMLNELUUQRUWD\D
NRQXODELOLU%XWUGHQELUNXUDPVDOYHX\JXODPDOÖELOJLPKHQGLVOLN|UQHNOHPHVLRODUDN
WDQÖPODQDELOLU YH EX |UQHNOHPH DKODN IHOVHIHVL LOH X\JXODPDOÖ HWLN DUDVÖQGDNL EDøÖ
PHûUXODûWÖUDELOHFHNELU\|QWHPRODUDNLOHULVUOHELOLU
%X
|UQHNOHPH
NXUDPVDO
\|QQ
VDøÖQ
ELOLPOHUGHQ
DOPDNWDGÖU
\DQL
GRøD
ELOLPOHULQLQ JHOLûWLUPLû ROGXøX JHQHO \DVDODU PKHQGLVOLN ELOLPLQH WLNHO \D GD WHNLO
GXUXPODU LoLQ|UQHNOHPHROXûWXUXU'DKD DoÖN ELU GH\LûOH ELOLPVHO \DVDODUPKHQGLVOLN
HOL\OH SUDWLøH X\JXODQÖU YH SUDWLN ELU VRUXQXQ \DQÖWÖ ELOLPVHO YH XVVDO ELU ELoLPGH \DVD
DUDFÖOÖøÖ\OD o|]OPû ROXU %XQD ELOLPVHO DoÖNODPD PRGHOL GH GHQPHNWHGLU 0RGHO ELU
\|Q\OHGHJHQHO\DVDQÖQGRøUXOXøXQXQJ|VWHULOPHVLQLVDøODUú|\OHNL \DVDDUDFÖOÖøÖ\OD
o|]OHQ VRUXQ \DVDQÖQ JHoHUOLOLøLQL GRøUXOXøXQX SHNLûWLULU %|\OHFH KHP SUDWLN ELU
VRUXQo|]OPûROXUKHPGHJHQHO\DVDPHûUXL\HWND]DQPÖûROXU$\QÖELoLPGHDKODN
IHOVHIHVL GH D\QÖ GRøD ELOLPOHULQLQ \DSWÖøÖ JLEL ELU WDNÖP JHQHO LONHOHU ROXûWXUDELOLU EX
JHQHO LONHOHUGHQ VRPXW DKODN VRUXQODUÖQD LOLûNLQ \DQÖWODU WUHWLOHELOLU YH DKODNL ELU
VRUXQODNDUûÖNDUûÖ\DNDOÖQGÖøÖQGDo|]PJHQHOLONHQLQDUDFÖOÖøÖ\ODYHULOHELOLU6RPXWELU
DKODNL ROD\ JHQHO \DVD\OD DoÖNODQPÖû ROXU D\QÖ ]DPDQGD VRPXW ROD\ GD JHQHO DKODN
LONHVLQLQ JHoHUOLOLøLQL SHNLûWLUPLû ROXU %X GXUXPGD IHOVHIHFL XøUDû HGLQGLøL IHOVHIH
DODQÖQÖQ D\QÖ ELU PKHQGLV JLEL ELU X]PDQÖ RODUDN LûLQL XVVDO JHQHO LONHOHUH EDøOÖ
\DSDQELOLPVHOELUNLûLRODUDNWDQÖPODQDELOLU
$QFDN E|\OH ELU |UQHNOHPHQLQ JHoHUOLOLøL QHGLU" 6DøÖQ ELOLPOHU V|] NRQXVX
ROGXøXQGD EX ELOLPOHULQ X\JXODPD DODQODUÖ\OD LOLûNLOHUL WPGHQJHOLPVHO ELU \DSÖ
(UGDO&HQJL]³$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU"
VHUJLOHPHNWHGLU 6DøÖQ ELOLPOHU ELU NDYUDPVDO oHUoHYHQLQ \D GD SDUDGLJPDQÖQ ÖûÖøÖQGD
\DUDWÖODQ NXUDPODUÖQ JHoHUOLOLøL VDøODPDN LoLQ GHQHWOHPH DODQODUÖQÖ WDQÖPODPDNWD YH
EHOLUOHPHNWHGLU gUQHøLQ 7KRPDV 6 .XKQ %LOLPVHO 'HYULPOHULQ <DSÖVÖ DGOÖ NLWDEÖQGD
ELOLPVHO ELU XøUDûÖQ \|QWHPOHULQLQ VRUXQODUÖQÖQ YH EDûDUÖ |OoWOHULQLQ EHOLUOHQPHVLQGH
X\JXOD\ÖFÖODUÖQ \D GD X]PDQODUÖQ EDøOÖ ROGXøX ELU SDUDGLJPDQÖQ EHOLUOH\LFL LûOHYLQGHQ
V|] HWPHNWH EHOLUOL ELU SDUDGLJPD DOWÖQGD oDOÖûDQ X]PDQODUÖQ SDUDGLJPDQÖQ RUWD\D
NR\GXøX
VRUXQODUD
YH
RQODUÖQ
o|]POHULQH
NDUûÖ
HOHûWLUHO
ROPD\DQ
ELU
WXWXP
VHUJLOHGLNOHULQL EHOLUWPHNWHGLU %WQ X]PDQODUÖQ NDEXO HWWLøL ELU NDYUDPVDO oHUoHYHQLQ
YDUOÖøÖ NXUDPODUÖQ YH YDUVD\ÖPODUÖQ ROXûWXUXOPDVÖQGD EX NXUDPODUD LOLûNLQ VRUXODU
\DUDWÖOPDVÖQGDGHQHWOHPHDODQODUÖQÖQYH\|QWHPOHULQLQEHOLUOHQPHVLQGHELULQFLOELULûOHY
J|UPHNWHGLU
8\JXOD\ÖFÖODU
GHQHWOHPH
DODQODUÖQÖ
|QJ|UOHELOHQ
NHVWLULOHELOHQ
YH
J|]OHPOHQHELOHQ ELU DODQ RODUDN EHOLUOHPHNWH YH NHQGLOHULQL DODQÖQ X]PDQODUÖ RODUDN
WDQÖPODPDNWDGÖUODU %|\OHFH |UQHNOHPH JHQHO YDUVD\ÖPODUÖQ X]PDQ X\JXOD\ÖFÖODU
WDUDIÖQGDQ
NHVWLULOHELOLU
J|]OHPOHQHELOLU
YH
GHQHWOHQHELOLU
DODQD
X\JXODQPDVÖ\OD
LûOHPHNWHGLU
$\QÖ |UQHNOHPHQLQ DKODN IHOVHIHVLQLQ X\JXODPD DODQODUÖQGDNL JHoHUOLOLøL QHGLU"
gUQHNOHPHQLQ LûOH\HELOPHVL LoLQ |QFHOLNOH ELU SDUDGLJPD\D JHUHNVLQLP GX\XOPDNWDGÖU
$KODNIHOVHIHVLWDULKLQGHSDUDGLJPDVD\ÖODELOHFHNoWHPHO\DNODûÖPGHøLûLNELoLPOHUL\OH
NHQGLOHULQL J|VWHUPLûOHUGLU HUHNVHOFLOLN |GHYFLOLN YH \DUDUFÖOÖN (Q E\N VDYXQXFXVX
$ULVWRWHOHV RODQ HUHNVHOFLOLN EWQ YDUOÖNODUÖQ ELU HUHøL ROGXøXQX LQVDQÖQ HUHøL RODQ
PXWOXOXøXQHUGHPOLOLNWHQJHoWLøLQLYHKHULQVDQÖQDGLOELUWRSOXPGDL\LELU\DûDPVUPH
HUHøL\OH GRQDWÖOGÖøÖQÖ GLOH JHWLUPHNWHGLU gGHYFLOLN LQVDQÖQ XVVDO ELU YDUOÖN ROGXøX
YDUVD\ÖPÖ\OD DKODNÖ LQVDQÖQ NHQGLVLQH YH EDûNDODUÖQD NDUûÖ ELU |GHY VRUXPOXOXøX\OD
GDYUDQPDVÖQÖQ ELOLPL RODUDN WDQÖPODPDNWDGÖU <DUDUFÖOÖN LQVDQODUÖQ NHQGL \D GD
EDûNDODUÖQÖQ PXWOXOXNODUÖQÖ HQ VW G]H\GH JHUoHNOHûWLUPH DPDFÖ\OD DKODN NXUDOODUÖ
JHOLûWLUGLNOHULQL
NXUDOODUÖQ
ND\QDøÖQÖQ
WRSOXPVDO
\DûDP
LoHULVLQGH
EXOXQGXøXQX
YDUVD\PDNWDGÖU .ÖVDFD GHøLQLOHQ EX o \DNODûÖPGDQ HUHNVHOFLOLN YH \DUDUFÖOÖN DKODNÖQ
GLøHU ELOLPOHU JLEL ELOJLVLQL WLNHO \D GD WHNLO DODQODUGD NXOODQÖODELOHFHN ELoLPGH
G]HQOHGLøLQL EX ELOJLQLQ LQVDQODUÖQ JHQHO HøLOLPLQL \DQVÖWWÖøÖQÖ EHOLUWPHNWHGLU %X
\DNODûÖPODUÖQ YDUVD\ÖPODUÖ\OD ELOLP |\NQPHVL YH |UQHNOHPHVL HOH DOÖQPDNWD DKODN
IHOVHIHVLQHX\JXODPDDODQÖDoÖOPD\DoDOÖûÖOPDNWDGÖU
%LOLP|UQHNOHPHVLQLQLûOH\HELOPHVLLoLQ|QFHOLNOHDKODNIHOVHIHVLQLQX\JXOD\ÖFÖODUÖQÖQ
YH X]PDQODUÖQÖQ EHOLUOHQPHVL YH WDQÖPODQPDVÖ JHUHNPHNWHGLU $KODN IHOVHIHVLQLQ
DODQÖQÖQ WDQÖPODQPDVÖ X\JXOD\ÖFÖVÖQÖQ GD DODQÖQÖ WDQÖPOD\DFDNWÖU (øHU DKODN IHOVHIHVL
DKODN WHULPOHULQLQ DKODN NDYUDPODUÖQÖQ GRøDVÖQÖ LoHULøLQL WDQÖPOD\DQ ELU DODQ RODUDN
EHOLUOHQLUVH EX GXUXPGD RQXQ X\JXOD\ÖFÖODUÖ GD NXUDPVDO DQODPGD Lû J|UHQ X]PDQODU
RODUDN WDQÖPODQDFDNWÖU <DQL DKODN IHOVHIHFLOHULQLQ X\JXODPD DODQÖ \LQH NXUDPVDO
oHUoHYH LoHULVLQGH NDODFDNWÖU %X GXUXPGD DKODNL NDUDU YHUPH VUHFL SUDWLN ELU DODQD
GHQN GûWøQGHQ DKODN IHOVHIHFLVLQLQ X]PDQOÖøÖ SUDWLN DODQD \|QHOLN ELU X]PDQOÖN
ROPD\DFDNWÖU
%X
\]GHQ
DKODNL
NDUDU
YHUPH
VUHFLQLQ
X]PDQODUÖ
DKODN
IHOVHIHFLOHULQGHQ|WHGRøUXGDQVUHFLQLoLQGHNDUDUYHUPHGXUXPXQGDRODQODURODFDNWÖU
dQN NLPL LQVDQODU DKODNL GDYUDQÖûWD \D GD NDUDU YHUPHNWH NLPLOHULQH J|UH GDKD L\L
RODELOLUOHUEX GDKD L\L LQVDQODUD DKODN X]PDQODUÖGHQLOHELOLU YH EX X]PDQOÖNODUÖ |]HO ELU
ELOJL\H VDKLS ROPDNWDQ ]L\DGH GX\DUOÖOÖNODUÖQGDQ \D GD EHOOL ELU \DûDP ELoLPLQH DKODN
LONHVLQH EDøOÖOÖNWDQ ND\QDNODQDELOLU %X GXUXPGD DKODN IHOVHIHFLVL DODQÖQÖQ WHN X]PDQÖ
$ULVWRWHOHV1LNRPDNKRV·D(WLN,.LWDS%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
RODUDN
J|UOHPH\HFHN
EHONL
GH
WHVDGIHQ
EX
DODQÖQ
ELU
X]PDQÖ
ROGXøX
V|\OHQHELOHFHNWLU g\OH\VH X]PDQOÖN WHPHOOHQGLUPHVL\OH IHOVHIHQLQ GRøD ELOLPOHULQH
|\NQPHVLQHERûELUNXUXQWXRODUDNNDODFDNWÖUYHE|\OHELUWHPHOOHQGLUPHGûHFHNWLU
ùNLQFL RODUDN DKODNÖQ ELOLP ROPDGÖøÖ GRøD ELOLPOHUL JLEL SUDWLN DODQOD \DQ \DQD
GXUPDGÖøÖ YDUVD\ÖPÖ\OD |UQHNOHPH\H NDUûÖ oÖNÖODELOLU dQN PKHQGLVOLN NDUDUODUÖQGD
IL]LN ELOLPLQLQ \DSWÖøÖ HWNL\OH ELU DKODNL GDYUDQÖûD NDUDU YHUPHGH DKODN IHOVHIHVLQLQ
\DSWÖøÖHWNLD\QÖER\XWWDYHQLWHOLNWHGHøLOGLU$KODNLNXUDOODUELOLP\DVDODUÖJLELGHøLOGLU
oQN DKODN NXUDOODUÖ X]PDQÖQGDQ EDøÖPVÖ] ELU ELoLPGH NHQGL WHNQLNOHULQL YH NHQGL
NDYUDPODUÖQÖ NXOODQDUDN X]XQ GHQH\VHO DUDûWÖUPDODU VRQXFXQGD EXOXQPXû ELOLP
\DVDODUÖQDEHQ]HPHPHNWHGLU%|\OHROXQFDDKODNNXUDOODUÖLoLQHQID]ODWHUEL\HNXUDOODUÖ
GHQHELOLU \HWLûPH G|QHPLPL]GH GRøUXQXQ YH \DQOÖûÖQ QHOHU ROGXøXQXQ D\ÖUWÖQD
YDUDELOPH \HWLPL] GH GHQHELOLU <HWLûNLQ YH DNOÖ EDûÖQGDKHU ELULPL] L\LQLQ YH N|WQQ
QHOHU ROGXøXQX ELOLUL] YH KHSLPL] DKODNL NDUDUODUÖPÖ]GD EX WUGHQ ELOJL\H ]DWHQ
VDKLEL]GLU .LPLOHULQLQ EX NDUDUODUÖ GDKD GRøUX ELU ELoLPGH YHUPHVLQLQ QHGHQL
VDøGX\XVX\ODNXUDOODUÖJHUoHNGXUXPODUDX\JXODPDEHFHULVLDNOÖVHOLPVDKLELELULROPDVÖ
YHEXQODUÖX\JXODPD\DLVWHNOLOLøLRODUDNJ|VWHULOHELOLU
hoQF RODUDN DKODN IHOVHIHVLQLQ DKODN NXUDOODUÖQÖQ HYUHQVHO ELOJLVL RODUDN
WDQÖPODQPDPDVÖ JHUHNWLøL LOHUL VUOHELOLU (YUHQVHO ELOJL RODPD] oQN E|\OH ELU
ELOJLQLQ RODQDNOÖOÖøÖ ]HULQH ELU XøUDû RODUDN WDQÖPODU NHQGLVLQL DKODN IHOVHIHVL %X
GXUXPGDDKODNIHOVHIHVLQLQNRQXVXQH\LQGRøUXQH\LQ\DQOÖûROGXøXQXV|\OHPHNGHøLO
GRøUXOXøXQ YH \DQOÖûOÖøÖQ |OoWOHULQLQ QHOHU ROPDVÖQD LOLûNLQGLU $KODN IHOVHIHFLOHUL
DKODNÖQ ND\QDøÖQÖ YH DKODN NDYUDPODUÖQÖQ LQVDQ GRøDVÖ EX\UXN DNÖO ROJX JLEL
NDYUDPODUOD LOLûNLVLQL DoÖNODPD\D oDOÖûÖUODU %X GXUXPGD DKODN IHOVHIHVL DUDFÖOÖøÖ\OD
ELOLPVHO ELU ELOJLQLQ HOGH HGLOPHVL EX \ROOD GD WLNHO \D GD WHNLO ELU DKODN GXUXPXQXQ
DoÖNODQPDVÖ DPDoODQPD] <DOQÖ]FD GRøUX \D GD \DQOÖû JLEL DKODN WHULPOHULQLQ ROXûXP
VUHFL WDQÖPODQPD\D oDOÖûÖOÖU %X GXUXPGD DKODN IHOVHIHVL ELU ELOLP GHøLOGLU EX
QHGHQOHELOLP|UQHNOHPHVLJHoHUVL]NDOPDNWDGÖU
%X|UQHNOHPH\HHQ\DNÖQGXUDQDKODNIHOVHIHVL\DNODûÖPÖRODQ\DUDUFÖOÖNWDHQ\NVHN
\DUDU LONHVLQLQ X\JXQ RUWDPGD VRPXW DKODN NDUDUODUÖQÖQ YHULOPHVLQGH HWNLOL ROGXøX
YDUVD\ÖOPDNWDGÖU %X \DNODûÖP X\JXODPDOÖ HWLN XøUDûÖQÖ ELOLPVHO |UQHNOHPH\H NXUDPVDO
ELOLP LOH RQXQ PKHQGLVOLN X\JXODPDVÖQD GHQN GûUU J|UQPHNWHGLU $QFDN KD]]ÖQ
DUWÖUÖOPDVÖ DFÖQÖQ D]DOWÖOPDVÖ LONHVLQH GD\DQDQ \DUDUFÖ DKODN IHOVHIHVL DKODNÖQ WHPHO
NDYUDPÖRODQL\LLQVDQNDYUDPÖQGDQX]DNODûPÖûROXU|UQHNOHPHGHJHoHUVL]NDOÖU
%X o DUJPDQ DKODN IHOVHIHVLQLQ SUDWLN ELU \|Q ROPDGÖøÖQÖ DKODND LOLûNLQ
NDUDUODUÖPÖ]GD DKODN IHOVHIHOHULQGH GLOH JHWLULOHQ JHQHO LONHOHULQ JHoHUVL] ROGXøXQX
J|VWHUPHNWHGLU $QFDN KHUo DUJPDQGD ELOLPVHO |UQHNOHPH \|QWHPLQHGD\DQÖODUDN
LOHULVUOPHNWHGLU
*QGHOLN
\DûDPÖPÖ]GDNL
DKODN
\DUJÖODUÖQÖQ
DKODND
LOLûNLQ
NDUDUODUÖPÖ]ÖQ
EHOLUOHQPHVLQGH DKODN IHOVHIHFLVLQH SHN Lû GûPHPHNWHGLU +HUNHV DKODN IHOVHIHVL
HøLWLPLDOPDVDELOHGRøUXGDYUDQÖûÖQQHROGXøXQXELOPHNWHGLU2KDOGHDKODNIHOVHIHVL
QHUHGH Lû J|UU" (WLN \DUJÖODUÖQ PHûUXL\HWL \D GD HWLN QHUHGHGLU" <DQÖW EHONL HWLøLQ HQ
WHPHOVRUXODUÖQGDQELULRODQELUH\OHPLGRøUXNÖODQûH\QHGLUVRUXVXQDYHULOHELOHFHNELU
\DQÖWOD
VDøODQDELOLU
(WLN
GRøUX
GDYUDQÖûÖ
\DQOÖû
GDYUDQÖûWDQ
D\ÖUDQ
|]HOOLNOHUL
EHOLUOH\HUHNEXVRUX\D\DQÖWYHUHELOLUgUQHøLQ$KPHWLOH0HKPHWWDUWÖûPDNWDGÖU(øHU
0HKPHW $KPHW·H GHøLO GH $KPHW 0HKPHW·H ELU WRNDW DWÖ\RUVD $KPHW KDNOÖ 0HKPHW
KDNVÖ] PÖGÖU JHUoHNWH" <D GD $KPHW 0HKPHW·H GHøLO GH 0HKPHW $KPHW·H ELU WRNDW
DWÖ\RUVD 0HKPHW KDNOÖ $KPHW KDNVÖ] PÖGÖU JHUoHNWH" <D GD KHU LNLVL \DUÖ KDNOÖ \DUÖ
(UGDO&HQJL]³$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU"
KDNVÖ] PÖGÖUODU" <D GD KHU LNLVL EWQ\OH KDNVÖ] \D GD EWQ\OH KDNOÖ PÖGÖUODU"
ùNLVLQLQ DUDVÖQGD GRøUX\X NLP ELOHFHNWLU" <D GD ELU KDNHP DWDPDN KDNOÖ\Ö KDNVÖ]Ö
EHOLUOH\HELOHFHN PLGLU" $KPHW NHQGLVL JLEL GûQHQ ELULQGHQ KDNHPOLN LVWHGLøLQGH
]DWHQ$KPHWJLELGûQGøQGHQQDVÖOKDNHPVD\ÖODELOHFHNWLU"<DGD0HKPHWNHQGLVL
JLEL GûQHQ ELULQGHQ KDNHPOLN LVWHGLøLQGH ]DWHQ 0HKPHW JLEL GûQGøQGHQ QDVÖO
KDNHPVD\ÖODELOHFHNWLU"+HP$KPHWKHPGH0HKPHWJLELGûQPH\HQELUL]DWHQRQODU
JLEL GûQPHGLøLQGHQ QDVÖO KDNHP VD\ÖODELOHFHNWLU" +HU LNLVL JLEL GûQHQ ELUL ]DWHQ
RQODU JLEL GûQGøQGHQ QDVÖO KDNHP VD\ÖODFDNWÖU" %X \]GHQ $KPHW 0HKPHW YH
KDNHPOLN\DSDFDNEDûNDODUÖDUDVÖQGDGRøUX\XELOHQKLoNLPVHROPD\DFDNWÖU
$QFDN ELUELULQLQ NDUûÖWÖ LNL GDYUDQÖûWDQ ELULQLQ KDNOÖ GLøHULQLQ KDNVÖ] ROPDVÖ
NDoÖQÖOPD] ELU ELoLPGH DoÖøD oÖNPDNWDGÖU (WLN ROPDNVÖ]ÖQ KHU KDQJL ELU GDYUDQÖûÖQ
KDNOÖOÖøÖ JHUHNoHOHQGLULOHPH] GH (WLN HQ D]ÖQGDQ ELU ELUH\LQ ELU WRSOXOXøXQ ELU
XOXVXQ GDYUDQÖûÖQÖQ \DUJÖODQPDVÖQGD ELU WDNÖP |OoWOHU VXQPDOÖGÖU gUQHøLQ ELU
FLQD\HWLQ ELU VR\NÖUÖPÖQ ELU XOXVXQ \RN HGLOLûLQLQ ELU HWLN GHøHUOHQGLUPHVL ROPDOÖGÖU
2UJDQ KÖUVÖ]OÖøÖQÖQ JHQ PKHQGLVOLøL WHNQRORMLOHULQLQ oHYUH VRUXQODUÖQÖQ EDûNDODUÖQÖQ
KDNODUÖQÖQ HWLN ELU LoHULøL ROPDVÖ JHUHNPHNWHGLU <D GD LQVDQ \DûDPÖQÖQ oRFXN
KDNODUÖQÖQNDGÖQKDNODUÖQÖQWDQÖPODQPDVÖHWLNELUGHøHULoHUPHOLGLU%WQEXVRUXQODU
DKODN NDYUDPODUÖQÖQ EWQ ]HULQH NXUDPVDO ELU GûQFH ROXûWXUPDN JHUHNWLøLQL
J|VWHUPHNWHGLU (WLN \DOQÖ]FD NHQGL VRUXQODUÖQÖ o|]PH\H oDOÖûDQ ELU XøUDû DODQÖ JLEL
J|UQPHNWHGLU %LOLPVHO DoÖNODPDODUGD ROGXøX JLEL WHN WHN ROJXODUÖ NXUDPVDO oHUoHYH
LoHULVLQGHX\JXQGûHFHNELUELoLPGHVÖUD\DNR\PDLûOHPLQGHQoRNHWLNNHQGLVLQH\HQL
EDNÖû DoÖODUÖ \DUDWDQ \HQL \|QOHU EXOPD\D oDOÖûDQ NDYUDPODUÖ DUDVÖQGD D\UÖPODUÖ
EHOLUJLQOHûWLUHQ LoH G|QN ELU XøUDû RODUDN WDQÖPODQPDOÖGÖU (WLN \DUJÖODUÖQ PHûUXL\HWL
\LQHNHQGLLoLQGHND]DQÖODFDNELUPHûUXL\HWWLU
.UHVHOOHûPH6UHFLQGH(WLN6RUXQODU
3URI'U<DVLQ&H\ODQ .UHVHOOHûPH KDUHNHWLQLQ VHEHS RODFDøÖ \HQLNOHUGHQ HQ |QHPOLVL YH EHNOHQPHGLN
RODQÖ EX KDUHNHWLQ \DûD\DQ NOWUOHULQ WHPHO GD\DQDNODUÖ RODQ YH IDUNOÖ \DûDP
PRGHOOHUL VXQDQ GHøHUOHU VLVWHPL ]HULQGHNL \ÖNÖFÖ HWNLVLGLU %D]Ö GûQUOHU EDøOÖ
ROGXNODUÖ NOWUQ GHøHUOHULQH ]DUDU JHOPHVLQ GL\H NUHVHOOHûPH\H ûLGGHWOH NDUûÖGÖUODU
%XQODU oRøX ]DPDQ QHUHGHQ JHOLUVH JHOVLQ KHU WUO \HQLOLøH NDUûÖ WHPNLQOL GDYUDQDQ
YH HOGHNLQLQ ND\EROPDVÖQGDQ NRUNDQ NLPVHOHUGLU %X PXKDID]DNkU GûQFHQLQ
GD\DQGÖøÖ\HJkQHDUJPDQELUNOWUEHOLUOH\HQYHIDUNOÖNÖODQGHøHUOHULQo|]OPHVL\OH
RUWD oÖNDFDN EHOLUVL]OLN YH EXQXQ QHWLFHVL R NOWU \DûD\DQ ELUH\OHULQ PDUX]
NDODFDNODUÖ NLPOLN EXQDOÖPÖGÖU %X WDYUÖ GHVWHNOH\HQ GLøHU ELU HQGLûH GH NUHVHOOHûPH
DGÖQD HJHPHQ ELU NOWUQ \HQL ELU HPSHU\DOL]P VWUDWHMLVL\OH GLøHU NOWUOHU ]HULQGH
]DWHQ NÖVPHQ PHYFXW RODQ KHJHPRQ\DVÖQÖ SDVLI NOWU QH]GLQGH PHûUXODûWÖUDUDN GDKD
HWNLQKDOHJHWLUPHVLGLU
.UHVHOOHûPH KDUHNHWLQH IDUNOÖ ELU DoÖGDQ EDNÖS RQX ROXPOX ELU VUHo RODUDN
WDQÖPOD\DQODU GD YDUGÖU %XQODUD J|UH NUHVHOOHûPH DNÖPÖ ELOLP WHNQRORML VDQDW
LOHWLûLP YH WLFDUHW JLEL HWNLQOLNOHULQ XOXVODUDUDVÖ DODQGD \RøXQOXN ND]DQPDVÖ\OD EXQODUÖQ
GRøDO ELU VRQXFX RODUDN RUWD\D oÖNDQ ELU DûDPDGÖU %X VHEHSOH EX KDUHNHWLQ
JHWLULOHULQGHQ NRUNPDPDN JHUHNWLøLQL LOHUL VUHUOHU 5DV\RQHO YH GLQDPLN ELU ]LKLQ
\DSÖVÖQD VDKLS RODQ EX LNLQFL WU GûQUOHUH J|UH \DûDPÖPÖ]ÖQ KHU DODQÖQGD ELU GRøD
NXUDOÖ JFQGH RODQ ELU GHøLûLP YH\D HYULOPH SUHQVLEL YDUGÖU <DûDPÖPÖ]D KNPHGHQ
EX GHøLûLP LONHVLQLQ JHUHN ELUH\VHO YH JHUHNVH WRSOXPVDO \DûDQWÖPÖ]GD GHQJHVL]OLNOHUH
\RO DoPDPDVÖ LoLQ ED]Ö \DûDP DODQODUÖQÖ EX LONHQLQ LûOHUOLøLQH DoÖN EÖUDNÖUNHQ GLøHU
DODQODUÖNDSDOÖWXWDPD\Ö]2]DPDQKHUDODQLoLQIDUNOÖELUKÖ]NDWHJRULVLQLNDEXOOHQHUHN
\DûDPÖPÖ]ÖQ WP GHSDUWPDQODUÖQÖ EX GRøD LONHVLQLQ VH\ULQH DoÖN WXWPDN JHUHNLU %|\OH
ROXQFD NLPOLøLPL]L YH GQ\D\D EDNÖû WDU]ÖPÖ]Ö EHOLUOH\HQ NOWUHO GHøHUOHULQ GH
GHøLûPHVLQHPVDDGHHWPHNJHUHNLU
.UHVHOOHûPH\L IDUNOÖ NOWUOHUH PHQVXS WRSOXPODUÖQ ED]Ö HYUHQVHO GHøHUOHU
]HULQGH DQODûÖS X]ODûPDODUÖQD \RO DoDFDN ELU VUHo RODUDN DOJÖODUVDN EX PLV\RQX
JHoPLû PHGHQL\HWOHULQ KLo ELULQLQ JHUoHNOHûWLUHPHGLNOHULQL J|UU] dQN HVNL
PHGHQL\HWOHU \D |UIH GD\DQDQ PDKDOOL ELU NOWUQ \D GD ELU LQDQo VLVWHPLQLQ NRPûX
WRSOXPODU ]HULQGH ELU Jo KDOLQH JHOLS JHQLûOHPHVL ûHNOLQGH ROPXûWXU *HUHN |UIOHULQ
YH JHUHNVH LQDQo VLVWHPOHULQLQ HYUHQVHOOLN YDVÖIODUÖ ROPDGÖøÖQGDQ EX WHPHOOHU ]HULQGH
NXUXOPXû GQ\D J|UûOHULQLQ WP GQ\D KDONODUÖ WDUDIÖQGDQ EHQLPVHQPHVL ]DWHQ
EHNOHQHPH]GL %X VHEHSOH |UI YH LQDQFD GD\DQDQ NOWUOHU WP oDEDODUD UDøPHQ
HYUHQVHO ELU PHGHQL\HW YH\D JOREDO GHøHUOHU UHWHPHPLûOHUGLU 2ODVÖ ELU FLKDQ
PHGHQL\HWL YH\D ELU ]DPDQ GLOLPLQGH PHYFXW EWQ WRSOXPODUÖQ LûWLUDN HGHELOHFHøL
JOREDO ELU GQ\D J|UûQQ YDU RODELOPHVL LoLQ LNL WHPHO ûDUWÖQ \HULQH JHWLULOPHVL
OD]ÖPGÖU %LULQFLVL E|\OH ELU GQ\D J|UûQQ LVNHOHWLQL ROXûWXUDFDN LONHOHULQ DNÖO
WHPHOLQHGD\DQPDVÖGÖUùNLQFLVLEXLONHOHULQ\D\ÖOPDYHSURSDJDQGD\|QWHPLQLQELOLQFH
2'7h)HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\|QHOLN LNQD PHWRGX\OD JHUoHNOHûPHVLGLU %LULQFL ûDUWWD ¶DNÖO· XQVXUXQX YXUJXODPDNOD
LQDQo
YH
JHOHQHNOHULQ
\HUHO
|]HOOLNOHU
WDûÖPDVÖ
VHEHEL\OH
HYUHQVHO
NDEXOH
XODûDPD\DFDNODUÖQÖ GROD\ÖVÖ\OD HYUHQVHOOLN VÖIDWÖQÖQ DQFDN EWQ LQVDQODUGD RUWDN ELU
|øH RODQ DNÖO WHPHOLQGH RODELOHFHøLQL LIDGH HWPHN LoLQGLU ùNLQFL ûDUWWD ¶LNQD· \|QWHPLQL
YXUJXODPDNOD DNOD GD\DQDQGHøHUOHULQ Jo YHûLGGHW X\JXODPDODUÖ\OD \D\ÖODPD\DFDøÖQÖ
EX GHøHUOHULQ NXYYHWLQL |]JU LûOH\HQ ELOLQFLQ NDEXOOHQPHVLQGHQ DOGÖøÖQÖ EHOLUWPHN
LoLQGLU
7HPHOLQGHVDIDNOLGHøHUOHURODQYH\|QWHPRODUDN¶LNQD·PHWRGXQXVHoHQELUGQ\D
J|Uû WDULKWH EHQ]HUL ROPD\DQ ELU GQ\D J|UûGU ùQVDQÖ DOÖûÖOPÖûÖQ GÖûÖQGD ELU
\DûDP PRGHOLQH VUNOH\HQ EX GQ\D J|Uû ELUH\OHU WDUDIÖQGDQ EHQLPVHQLS HWNLQOLN
ND]DQÖQFD ]DPDQ LoLQGH ELUH\LQ GDKD |QFH EDøOÖ ROGXøX XOXVDO YH GLQVHO GHøHUOHULQ
]HULQGH D\UÖûWÖUÖFÖ ELU URO R\QD\DFDNWÖU 'HøHUOHU DODQÖQGD ELU GHYULP \DUDWDFDN RODQ
NUHVHOOHûPH GDOJDVÖQÖQ WDULKVHO DUNDSODQÖQÖ EDûND ELU DUDûWÖUPD\D EÖUDNÖS EX \HQL
GûQFH KDUHNHWL\OH KDQJL GHøHUOHULQ ND\EROXS \HULQH KDQJL GHøHUOHULQ RWXUDFDøÖQÖ
LOHUL\HG|QNELUVSHNODV\RQELoLPLQGHHOHDODOÖP
.UHVHOOHûPH|QFHVL\DQLKDOLKD]ÖUGDPHYFXWRODQGHøHUOHUHEDNWÖøÖPÖ]GDRQODUÖûX
ûHNLOGHVÖUDOD\DELOLUL]'LQÖUNGLOYDWDQWDULK%XQODUÖQKHSVLQLQYH\DELUNÖVPÖQÖQELU
DUD\D JHOPHVL\OH XOXVDO NOWU PH\GDQD JHOLU 8OXVDO NOWU oRøX ]DPDQ EDûND XOXVDO
NOWUOHUL GH NDSVD\DQ ELU GQ\D J|UûQQ DOW NLPOLøL QLWHOLøLQGHGLU 'Q\D
J|UûQGHNL GHøLûPHOHUNL EX X]XQ ]DPDQ LVWHU XOXVDO NOWU ROXûWXUDQ |øHOHUGHNL
GHøLûPHOHUH EDøOÖGÖU .UHVHOOHûPH U]JkUÖQD PDUX] NDODQ XOXVDO NOWUQ EX WHPHO
|øHOHULQL WDQÖPODPD\D oDOÖûÖUVDN ûX |]HOOLNOHU GLNNDW oHNHU %LU XOXV LoHULVLQGHNL
ELUH\OHUL ED]Ö RUWDN GHøHUOHUGH ELUOHûWLUHQ EX NDYUDPODU KHU ûH\GHQ |QFH ND]DQÖOPÖû
VÖIDWODU GHøLO YHULOPLû VÖIDWODUGÖU <DQL ELUH\ NLPOLøLQL ROXûWXUDQ EX |]HOOLNOHUL NHQGLVL
HOGH HGLS VHoPH] .HQGLVLQL EHOOL ELU ÖUNÖQ PHQVXEX RODUDN EHOOL ELU YDWDQGD EHOOL ELU
GLQGH YH EHOOL ELU GLOL NRQXûPD\D ]RUODQPÖû RODUDN J|UU %LUH\ EL\RORMLN \|QGHQ
NHQGLVLQLGLøHULQVDQODUGDQQDVÖOIDUNOÖJ|U\RUVDNHQGLVLQHHPSR]HHGLOPLûEXVÖIDWODU
VHEHEL\OH GH NHQGLVLQL EDûND NOWUQ LQVDQODUÖQGDQ D\UÖ J|UPHNWHGLU .LPOLøL
ROXûWXUDQ |øHOHUOH GRøDGDQ JHOHQ |]HOOLNOHU DUDVÖQGD ELU SDUDOHOOLN RUWD\D oÖNPDNWDGÖU
úLPGL ELU GRøD NXUDOÖ YH\D ]RUXQOX ELU ûDUW ELoLPLQGH ELUH\LQ VWQH o|NHQ EX NLPOLN
EHOLUOH\HQ IDNW|UOHU JLWWLNoH |]JUOHûPH\H YH RWRQRP ROPD\D oDOÖûDQ JOREDO LQVDQÖQ
NDEXOHGHFHøLELUGXUXPPXGXU"
%LU NÖVPÖ 2UWDoDøGDQ GHYUDOÖQDQ EX NOWUHO GHøHUOHULQ EDûND ELU RUWDN |]HOOLøL GH
DOJÖ\D GD\DQPDODUÖGÖU ,UN NDUDNWHUOHUL GLQL ELoLP YH ULWHOOHU OLQJXLVWLN VHV IDUNOÖOÖNODUÖ
YHFRøUDILNDULQHOHUKHSDOJÖREMHOHULGLU<DQLDNÖOVDOOÖNWDQGRøDQYHDOJÖVÖQÖUODUÖQÖDûDQ
VR\XW GHøHUOHUH ]ÖW J|UPH YH LûLWPH\H GD\DQDQ ]RUXQOX VÖQÖU EHOLUOH\HQ VRPXW
GHøHUOHUGLU
$OJÖ REMHVL ROPDODUÖ YH GROD\ÖVÖ\OD VÖQÖU EHOLUOHPHOHUL VHEHEL\OH ELU WDUDIWDQ ELUH\OHU
DUDVÖQGD X]ODûÖPODU VDøODUNHQ GLøHU WDUDIWDQ D\UÖûPDODUD \RO DoDU %X \]GHQ EX
GHøHUOHU\HUHOOLøHPDKN€PROGXNODUÖQGDQHYUHQVHOOLNG]H\LQHoÖNDPD]ODU
6DøODGÖNODUÖ X]ODûÖPODUÖQ NDOLWHVLQH JHOLQFH H\OHPLQ JHULVLQGHNL HWLN YH\D SUDJPDWLN
SUHQVLSOHUGHQ \RNVXQ ROGXNODUÖ LoLQ EX GHøHUOHUOH \HWLQHQ ELUH\ EHGHQVHO YH ]LKLQVHO
\HWHQHNOHULQL KDUHNHWH JHoLUHPH] %XQXQ VRQXFX RODUDN PXWOXOXN YH HUGHPOLOLN
PLV\RQXQX LFUD HGHPH] %LUH\LQ LQVDQ RODUDN \HWLOHULQL ROXPOX \|QGH KDUHNHWH
JHoLUHPH\HQEXGHøHUOHUHEX\]GHQ¶DWÖO·GHøHUOHUGHQLOHELOLU
'LøHU WDUDIWDQ EX GHøHUOHU HWUDIÖQGD ELUOHûHQ ELUH\OHULQ ELUELUOHULQL GDKD ID]OD
VHYGLNOHULQL \DUGÖPODûWÖNODUÖQÖ VD\JÖ GX\GXNODUÖQÖ GD V|\OHPHN ]RUGXU dQN GDKD
<DVLQ&H\ODQ³.UHVHOOHûPH6UHFLQGH(WLN6RUXQODU
|QFH GH EHOLUWWLøLPL] JLEL EX GHøHUOHU H\OHPOHULPL]LQ KHPHQ JHULVLQGHNL SUHQVLSOHU
GHøLOOHUGLU GDKD X]DNWD DLGL\HW ELOGLUHQ NDYUDPODUGÖU +DWWD EX DLGL\HWOHU ED]Ö
GXUXPODUGD L\LOLN YH J]HOOLNOH |]GHûOHûWLULOGLøLQGH ELUH\L VRUXPVX] GDYUDQÖûODUD
LûOHGLøLN|WONOHULHUGHPRODUDNJ|UPH\HVUNOH\HELOLU
%X DWÖO GHøHUOHU D\UÖFD LQVDQODUÖ KDNVÖ] NULWHUOHU ]HULQGH NDPSODUD D\ÖUÖU %LUH\LQ
NHQGLVLQLQ VHoPHGLøL QH L\L QH GH N|W RODQ EX GHøHUOHU ED]ÖQGD LQVDQODU EHOOL
NDWHJRULOHUHD\UÖOÖQFDEXNDWHJRULOHULQELUNÖVPÖQDVÖUINH\ILELULUDGH\OH¶L\L·GLøHUOHULQH
¶N|W·GHQLOPHVLWRSOXPODUDUDVÖQGDILWQHoÖNDUPDQÖQHQVLQVLPHWRGXGXU
0RGHUQ]DPDQODUGDLOHWLûLPYHXODûÖPDUDoODUÖQÖQKÖ]ND]DQPDVÖ\ODIDUNOÖNOWUYH
\DûDP ELoLPOHULQL EHQLPVH\HQ WRSOXPODUÖQ ELUELUOHULQH NDUûÖ GX\GXNODUÖ JHOHQHNVHO
NXûNXODU \DYDû \DYDû RUWDGDQ NDONPDNWDGÖU )DUNOÖ ELU GLQH YH\D ÖUND PHQVXS ROPDNOD
WRSOXPODUÖQ ¶L\LOLNOHU· YH ¶N|WONOHU· EDNÖPÖQGDQ ELU LPWL\D]D VDKLS ROPD\DFDNODUÖQÖ
YH\D oHNLQFH\H PDUX] NDOPD\DFDNODUÖQÖ LQVDQODU EL]]DW ELUELULOHULQL J|]OHPOH\HUHN
NDYUDPÖûODUGÖU +HQ] D\GÖQODQPDPÖû NLWOHOHUL ELU DUDGD WXWPDN LoLQ NXOODQÖODQ YH
DNÖOVDO JHUHNoHGHQ \RNVXQ EX DWÖO YH KDWWD oRøX ]DPDQ ]DUDU YHUHQ X]ODûÖPODUÖQ
PRGHUQD\GÖQWRSOXPODUÖQGHøHUOHUVLVWHPLQGH\HUL\RNWXU
%LOLP WHNQRORML HNRQRPL YH HWLN NRQXODUÖQGD ]RUXQOX RODUDN EHQ]HûHQ YH RUWDN
GHøHUOHUH GRøUX VUNOHQHQ WRSOXPODUÖQ EX HøLOLPL WDPDPODPDN LoLQ XOXVDO NOWU
oHPEHULQGHQ oÖNÖS EWQ LQVDQODUD KLWDS HGHQ \HQL GHøHUOHU EXOPDVÖ ûDUWWÖU %X
GHøHUOHULQ HQ EDUL] YDVIÖ \HUHOOLNWHQ YH DOJÖVDOOÖNWDQ X]DN ROPDVÖGÖU %XQXQ DGÖ ¶DNOL
GHøHUOHU·GLU %X GHøHUOHU D\QÖ ]DPDQGD GLQDPLN GHøHUOHUGLU ùQVDQODUÖ JHUHN GRøD\OD
RODQ LOLûNLVLQGH YH JHUHNVH ELUELUOHUL\OH RODQ LOLûNLVLQGH ELULNLPFL ELU PNHPPHOOLøH
J|WUU
$NOLGHøHUOHUELUH\OHUYHNLWOHOHUDUDVÖQGDDQODPOÖYHYHULPOLLUDGHYHHUNLûELUOLøLQH
\RODoDUNHQELUH\VHOOLøHGHJHQLûELUDODQEÖUDNÖU%LUH\LLKPDOHGHQGQ\DJ|UûOHULQLQ
WDULK VUHFLQGH RUWD\D NR\GXNODUÖ PHGHQL\HW WHûHEEVOHUL KHS HNVLN NDOPÖûWÖU 7RSOXP
DGÖQDELUH\LIHGDHGHQNOWUOHUVRQXQGDLQVDQVWKD\DOLGHøHUOHU\DUDWDUDNLQVDQODUÖ
NHQGL NXUXQWXODUÖQD N|OH \DSPDN VXUHWL\OH ]LKQHQ QH WU KDVWDOÖNOÖ FHPDDWOHU
\DUDWWÖNODUÖQÖEXJQN\DûD\DQIDUNOÖWRSOXPODU\HOSD]HVLQGHJ|UPHNPPNQGU
$NOL GHøHUOHULQ HJHPHQ ROGXøX JOREDO ELU GQ\D J|UûQGH LQVDQ ELOLQFL WHPHO
PHûUXL\HW ]HPLQL ROGXøXQGDQ ELU GHøHULQ GHøHU PHUWHEHVLQH oÖNPDVÖ LoLQ ELOLQo
WDUDIÖQGDQ DQODûÖOPDVÖ YH ELUH\OHUDUDVÖ ELU NDEXOH XODûPDVÖ JHUHNLU %LOLQo LoLQGH
NDYUDQPDVÖ PPNQ ROPD\DQ YH D\QÖ JHUHNoH ED]ÖQGD ELUH\OHUDUDVÖ ELU RUWDNOÖøD
XODûDPD\DQV|]GH\FHGHøHUOHULQE|\OHELUGQ\DJ|UûQGH\HUL\RNWXU
*OREDO VHYL\H\H JHOHELOPHN LoLQ \HJkQH ûDUW RODQ DNOD X\JXQOXN YH\D GHøHULQ DNÖO
WHPHOOL ROPDVÖ ûDUWÖ EX GHøHUL LIDGHGH NXOODQÖODQ GLOLQ PHWDIL]LN YH\D VÖQÖUÖ EHOOL
ROPD\DQ JL]HPOL NDYUDPODUGDQ DUÖQPÖû ROPDVÖQÖ GD JHUHNWLULU 6DGH DQODPÖ EHOLUJLQ
V|]FNOHUOH WDQÖPODQDQ JOREDO GHøHUOHULQ JOREDO \DûDP WDU]ÖQD JHoLû VUHFL LoHULVLQGHNL
NOWUOHUGHD\QÖDQODPODUÖYHUPHVLJHUHNOLGLU
*OREDO ELU GQ\D J|UûQH HULûHELOPHN LoLQ JOREDO GHøHUOHU UHWHFHN RODQ LQVDQ
ELOLQFLQLQEXPLV\RQXQXLFUDHGHELOPHVLLoLQ|]JUROPDVÖHQ|QHPOLNRûXOGXU$QFDN
|]JUFH LûOH\HQ ELU ELOLQo NHQGLVLQL KDSVHGHQ HPSR]H HGLOPLû KDVWDOÖNOÖ GHøHUOHUGHQ
NXUWDUÖS \HQL GHøHUOHU UHWHELOLU g]JU RODPDPÖû ELOLQo ]LKLQVHO LûOHYLQL IHOo HGHQ
V|]GH GHøHUOHULQ ND\EROPDVÖQGDQ DFÖ KLVVHGHU (Q N|NO NLPOLøLPL] RODQ ¶LQVDQ·
NLPOLøLPL]LJoOHQGLUPHNXøUXQDGLøHUHNVLNDLGL\HWOHULPL]LEÖUDNPDPÖ]GRøDOGÖU(øHU
LQVDQ \DûDPÖQD ELU DPDo YHULOHELOVH\GL RQD HQ \DNÖûDQ DPDo EX WHPHO YH |] NLPOLøL
LFUDHWPHNRODELOLUGL
'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQHELUùQFHOHPH
'Ro'U6DUDdHOLN *QON NRQXûPDODUÖPÖ]GD oHûLWOL EDøODPODUGD VUHNOL RODUDN NXOODQGÖøÖPÖ] ´L\Lµ
´N|Wµ ´GRøUXµ ´\DQOÖûµ ´KDNOÖµ ´KDNVÖ]µ ´|GHYµ ´VRUXPOXOXNµ ´JHUHNOLOLNµ JLEL
WHULPOHU \D GD NDYUDPODU HWLN GHøHUOHUL \D GD QLWHOLNOHUL J|VWHULUOHU %XQODUÖQ LoLQGH \HU
DOGÖøÖ \DUJÖODU GD HWLN \DUJÖODU RODUDN VÖQÖIODQGÖUÖOÖU $QFDN EX HWLN \DUJÖODU GH\LPL
ROGXNoDJHQLûoHUoHYHOHQPLûELUDODQÖDQODWPDNWDGÖUdQNEXoHUoHYHLoLQGH|QFHOLNOH
HWLN GHøHUOHULQ ´L\Lµ ´N|Wµ JLEL GHøHU WHULPOHULQLQ WDQÖPODUÖ YH E|\OH WDQÖPODUÖQ
JHoHUOLOLøLQL \D GD RODVÖOÖøÖQÖ DUDûWÖUDQ |QHUPHOHU RODELOLU ùNLQFL RODUDN DKODNVDO
\NPOON \D GD VRUXPOXOXNWDQ GRøDQ DKODNVDO GDYUDQÖûÖQ JGOHULQL DUDûWÖUDQ YH
VRUJXOD\DQ |QHUPHOHU RODELOLU %LU oQFV DKODNVDO HUGHPL |øWOH\HQ WHûYLN HGHQ
\DUJÖODU RODELOLU YH QLKD\HW LQVDQODUÖQ NLûLOLN QLWHOLNOHULQH NLûLOLNOHULQLQ EWQQH
H\OHPOHULQH JHQHO RODUDN ELU H\OHP WUQH \|QHOLN \DUJÖODU |QH VUOPû RODELOLU (WLN
WHRULLoLQGHDVÖOGDUDQODPGDGHøHU\DUJÖODUÖEXVRQXQFXODUÖGÖU
$VOÖQGD EX G|UW HWLN \DUJÖ WU DUDVÖQGDNL D\UÖP JHoPLûWHQ EXJQH SHN oRN HWLN
ILOR]RIX WDUDIÖQGDQ DoÖN RODUDN J|UOPû YH GX\DUOÖOÖNOD HOH DOÖQPÖû GHøLOGLU +DWWD
oRøXQOXNOD ILOR]RIODUÖQ HWLN NDYUDPODUÖQGD QH\LQ QH ROGXøX VRQ GHUHFH EXODQÖN ELU
GXUXPGDGÖU%XGDHWLNDODQÖQGDLûOHULQROGXNoDNDUPDûÖNELUJ|UQPDOPDVÖQDQHGHQ
ROPDNWDGÖU
$-$\HUEXG|UWOVÖQÖIODPD\ÖYXUJXOD\DUDNEXQODUGDQVDOWELULQFLNDWHJRULQLQ\DQL
HWLN GHøHU WHULPOHULQLQ WDQÖPODUÖ\OD LOJLOL RODQ |QHUPHOHU DODQÖQÖQ NDWÖNVÖ] DKODN
IHOVHIHVLQL ROXûWXUGXøXQX LIDGH HGHU 2QD J|UH LNLQFL JUXEX ROXûWXUDQODU \DQL DKODNVDO
VRUXPOXOXNOD LOJLOL \DUJÖODUÖQ JGOHULQL DUDûWÖUDQODU |QQGH VRQXQGD VRV\RORML YH
SVLNRORML |QHUPHOHULQH LQGLUJHQHELOLUOHU $KODNVDO HUGHPL |øWOH\HQOHU LVH KLoELU
ELoLPGH ELU ROJX |QHUPHVL ROPD\ÖS ELUH\L EHOLUOL WUGHQ ELU H\OHPH \|QHOWPH LûOHYLQL
VWOHQHQ HPLU \D GD GLOHN \D GD QOHP WUQGH LIDGHOHUGLU %XQODU QRUPDWLI HWLNWH ERO
ERO \HU DODQ LIDGHOHU ROPDNOD ELUOLNWH EXJQ oDøGDû ELU EDNÖû DoÖVÖ RODQ PHWDHWLN \D GD
HOHûWLUHO HWLN DoÖVÖQGDQ |QHUPH ELOH GHøLOGLUOHU %X QHGHQOH GH ELOJL GHøHUL WDûÖGÖNODUÖQÖ
V|\OHPHN VRQ GHUHFH ]RUGXU '|UGQF JUXS \DUJÖODUD \DQL GDU DQODPGD GHøHU
\DUJÖODUÖQDJHOLQFHEXQODUÖQGDQDVÖOGHøHUOHQGLULOPHOHULJHUHNWLøLKHQ]WDPRODUDNJQ
ÖûÖøÖQD oÖNDUÖOPÖû GHøLOGLU $QFDN EXJQ LoLQ HWLN WDUWÖûPDODUÖQ oRN E\N ELU E|OP
EXDODQ]HULQGHRGDNODQPÖûJ|UQPHNWHGLU
%XGHøHU\DUJÖODUÖQÖQJHUoHNPDQWÖøÖQHGLU"%XQODUROJX|QHUPHVLPLGLU\RNVDGHøLO
PLGLU"ùONEDNÖûWDWDQÖPÖJHUHøLELUNLûLQLQELUWDNÖPQLWHOLNOHULNDUDNWHUL\DGDELUH\OHP
LOH LOJLOL \DUJÖODU ROGXNODUÖQD J|UH EXQODUÖQ ELU ROJXVDOOÖøÖ GLOH JHWLUPHOHUL GRøDOPÖû JLEL
J|UQPHNWHGLU$QFDNLûOHUKLoGHGûQOGøJLELNROD\GHøLOGLUdQNELUH\OHP\D
GD NLûL ELU GHøHU V|]Fø LOH QLWHOHQPHNWHGLU YH EX GHøHU V|]FøQQ ELU ROJX\X
J|VWHULS
J|VWHUPHGLøL
NXûNXOXGXU
%XUDGDNL
VRUXQ
´L\Lµ
´N|Wµ
JLEL
GHøHU
NDYUDPODUÖQÖQ \D GD WHULPOHULQLQ QH ROGXøXQXQ QH WU YDUOÖNODU ROGXøXQXQ WDP RODUDN
JQÖûÖøÖQDoÖNDUÖODPDPDVÖQGDQND\QDNODQPDNWDGÖU%XQODUJHUoHNPLLGHDOPLRODQPÖ
0HUVLQhQLYHUVLWHVL)HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ROPDVÖJHUHNHQPLPXWODNPÖJ|UHOLPL"(WLN\DNODûÖPODUEXVRUXODUDVRQGHUHFHIDUNOÖ
\DQÖWODU YHUPLûWLU YH YHUPH\H GH GHYDP HWPHNWHGLUOHU $VOÖQGD HWLN VRUXQODUOD LOJLOL KHU
DODQGD ROGXøX JLEL EX DODQGD GD WDP ELU X\XûPD]OÖN YDUGÖU %X WHPHOGHQ X\XûPD]OÖN
NXûNXVX]GDUDQODPGDGHøHU\DUJÖODUÖDODQÖQÖGDGRøUXGDQHWNLOHPHNWHGLU
%L] EXUDGD GLNNDWLPL]L GHøHU \DUJÖODUÖQÖQ PDQWÖNVDO \DSÖVÖQD \|QHOWWLøLPL] LoLQ EX
DODQÖ GRøUXGDQ LOJLOHQGLUHQ J|UûOHUL LQFHOH\HUHN ELU GHøHUOHQGLUPH \DSPD \ROXQD
JLGHFHøL]'HøHU\DUJÖODUÖQÖQPDQWÖNVDO\DSÖVÖQD\|QHOLNHQWXWDUOÖYHNDSVDPOÖDoÖNODPD
\\ RUWDODUÖQD GRøUX IHOVHIH VDKQHVLQGH \HULQL DODQ 0DQWÖNoÖ 3R]LWLYLVWOHUGHQ
JHOPLûWLU %XQODUÖQ \DNODûÖPÖQD GX\JXVDOFÖ NXUDP GHQLOPHNWHGLU $PD EX NXUDPÖ GD
LoLQHDODQGDKDJHQHOELUGRøUXOWX|]QHOFLOLNVEMHNWLYL]PRODUDNEHOLUOHQPHNWHGLU%X
\DNODûÖPÖQ WHPHOOHUL GH \\·D 'DYLG +XPH·D NDGDU J|WUOHELOLU \\·ÖQ HWNLOL
GûQU %HUWUDQG 5XVVHOO·ÖQ GD HWLN HOHûWLULOHUL EDNÖPÖQGDQ D\QÖ \DNODûÖPÖ EHQLPVHGLøL
GLNNDWOHUGHQNDoPDPÖûWÖU
0HWDHWLNELU\DNODûÖP\DQLELUHWLNHOHûWLULVLRODQ|]QHOFLOLøLQJHQHOVDYÖQDJ|UHWP
HWLN\DUJÖODUGLOVHOJ|UQPOHULQDVÖOROXUVDROVXQEXHWLN\DUJÖ\Ö|QHVUHQLQGÖûÖQGDNL
QHVQHO ELU YDUOÖøD \D GD GXUXPD GHøLO WDP WHUVLQH \DUJÖ\Ö |QH VUHQLQ NHQGL
]LKLQVHOOLøLQH NHQGL ]LKLQVHO ELU HGLPLQH J|QGHUPHGH EXOXQXUODU g] EDNÖPÖQGDQ
EXUDGDHWLN\DUJÖ\Ö|QHVUHQNLûLQLQGX\JX\DGD ]LKLQVHO\|QHOLPLLOHLOJLOLELUDQODWÖP
YDUGÖU RUWDGD %|\OH ROXQFD GD HWLN \DUJÖODU GDLPD |]QHO DQODWÖPODUGÖU 6RQXO RODUDN
DKODNOÖOÖNGDLPDVDOWELUKRûODQPDNRQXVXGXUù\LGL\HELUûH\\RNWXUDPDGûQPHRQX
YDU
HGHU
$KODNVDO
X\XûPD]OÖNODU
E\N
|OoGH
WXWXPODUGD
NDUûÖPÖ]D
oÖNDQ
X\XûPD]OÖNODUGÖU $KODNVDO WDUWÖûPDODU HøHU VRQD HUGLULOHFHNVH DQFDN ûX EDøODPGD
RODELOLU %HQ ´(QYHU3DûD L\L ELU DGDPGÖµGL\RUVDP VHQGH ´KD\ÖU (QYHU3DûD N|WELU
DGDPGÖµGL\RUVDQEXUDGDNLWDUWÖûPDV|]JHOLPLEHQLPVHQLVXVWXUPDPDQODPÖQGD\DGD
VHQLQ GX\JXODUÖQÖ EHQLPNLQH \DNODûWÖUPDP DQODPÖQGD VRQD HUGLULOHELOLU YH EHQ EX
DQODPGDELU]DIHUND]DQDELOLULP<RNVDKLoELU]DPDQVHQLQ\DUJÖQÖQ\DQOÖûEHQLPNLQLQ
GRøUXROGXøXDQODPÖQGDGHøLOGLUEX
g]QHOFLOLøH SHN oRN NDUûÖ oÖNÖû \DSÖOPÖûWÖU ùON DNOD JHOHQOHUGHQ ELULVL |]QHOFL
GûQUOHULQ KLoELU HWLN \DUJÖ |QH VUPHPHOHUL \|QQGHGLU dQN |QH VUHUOHUVH
NHQGL VDYODUÖ LOH WXWDUVÖ] ELU GXUXP ROXûDFDNWÖU $QFDN ELOLQGLøL JLEL 5XVVHOO HYOLOLN
ERûDQPD
GRøXP
NRQWURO
GûPDQOÖN
NÖVNDQoOÖN
VXoOXOXN
NRUNX
VHYJL
JLEL
NRQXODUGD|øWYHULFL\DQLQRUPDWLIQLWHOLNWHSHNoRN|QHUPHRUWD\DNR\PXûWXU3HNLR
]DPDQ 5XVVHO HWLN \DUJÖODUÖQ PDQWÖNVDO \DSÖVÖQD |]QHOFL \DNODûÖPOÖ ELULVL RODUDN NHQGL
NHQGLVL\OHoHOLûPL\RUPX".HVLQOLNOHGHøLOdQN5XVVHOO|QHVUGøILNLUOHULQELULFLN
GRøUXOXNODU ROGXNODUÖQÖ LGGLD HWPL\RU 6DGHFH NHQGLVLQLQ KRûXQD JLGHQ EX DoÖGDQ
NHQGLVLQLQ
RQD\
YHUGLøL
o|]POHUL
|QH
VU\RU
%X
DoÖGDQ
3DXO
(GZDUGV·ÖQ
XVODPODPDVÖQÖ GD DNWDUDELOLUL] ´)DUNOÖ EHVWHFLOHULQ HVHUOHULQLQ ELULQLQ |WHNLQGHQ GDKD
VWQ ROGXøXQX V|\OH\HPH\L] dQN EXUDGDNL GXUXP WP\OH ELU EHøHQL NRQXVXGXU
%X GXUXPGD EHQ 6LEHOLXV·WDQ GDKD oRN 6FKXEHUW·WHQ KRûODQGÖøÖPÖ V|\OHUVHP KLoELU
ELoLPGH WXWDUVÖ] GDYUDQPÖûROPDP 6DGHFH ûX ûHNLOGH WXWDUVÖ] RODELOLUGLP (øHU EHQLP
6FKXEHUW·LWHUFLKLPLQVHQLQ6LEHOLXV·XWHUFLKLQGHQGDKDGHøHUOLROGXøXQXV|\OHVH\GLPµ
$\QÖ ûHNLOGH ELU |]QHOFL GHRUWD\D DKODN \DUJÖODUÖ NR\GXøXQGD ¶VHQLQ HWLN \DUJÖODUÖQVDOW
QH KLVVHWWLøLQOH LOJLOL \DUJÖODUGÖU EHQLPNLOHUVH QHVQHO GRøUXOXNODUGÖU· GHPHGLNoH KLoELU
ELoLPGH WXWDUVÖ] GDYUDQPÖû ROPD] %X GXUXP WÖSNÖ :LWWJHQVWHLQ·ÖQ ûX \DNODûÖPÖQD
EHQ]HPHNWHGLU:LWWJHQVWHLQHWLNYHHVWHWLN\DUJÖODUÖQGÖûGQ\DGDQHVQHOELUNDUûÖOÖNODUÖ
ROPDGÖøÖQÖ EX QHGHQOH DQODPGDQ \RNVXQ ROGXNODUÖQÖ \DQL QH GRøUX QH \DQOÖû RODELOHQ
|QHUPHOHUROGXNODUÖQÖ|QHVUQFHNHQGLVLQH´VHQLQEXV|\OHGLNOHULQL\DGD\D]GÖNODUÖQÖ
6DUDdHOLN³'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQH
QDVÖO DQODPDOÖµ GL\H VRUXOPXû R GD ´EHQLPNLOHU GH ELU PHUGLYHQ J|UHYL J|UPHNWHGLU
oÖNDFDøÖQÖ] \HUH oÖNWÖNWDQ VRQUD HOLQL]OH LWLS \ÖNDELOLUVLQL]µ GHPLûWLU *|UOGø JLEL
|QHPOLRODQVDYXQXODQILNLUOHUGHQoÖNDELOHFHNRODQWXWDUOÖVRQXoODUÖYXUJXODPDNWÖU
$PD EX DODQGD \DSÖODQ GDKD VDUVÖFÖ NDUûÖ oÖNÖûODU NDUûÖVÖQGD |]QHOFLOHU J|UûOHULQL
ELUD] GDKD JHOLûWLUPH \ROXQD JLWPLûOHUGLU gUQHøLQ ´[ L\LGLUµ GHQGLøLQGH EXQXQ VRQXO
DQODPÖ ´[·GHQ KRûODQÖ\RUXPµ GHPHNWLU úX KDOGH EXQODU ELUELULQH |]GHû |QHUPHOHU
ROX\RUODU g\OH LVH ELULQL NDQÖWOD\DQ ROJXODU |WHNLVLQL GH NDQÖWODPDOÖ |UQHøLQ 5XVVHOO·ÖQ
DWHLVW ROGXøXQX NDQÖWOD\DQ WP YHULOHU RQXQ WDQUÖQÖQ YDUOÖøÖQÖ \DGVÖ\DQ ELU NLûL
ROGXøXQXGDNDQÖWODPÖûROXU3HNLELULVL´GRøXPNRQWURON|WELUX\JXODPDGÖUµGHUVH
|]QHOFLOLøHJ|UHEXQXQDQODPÖ´GRøXPNRQWUROX\JXODPDVÖQÖRQD\ODPÖ\RUXPµROX\RU
$QFDNEXLNLVLQLGHVWHNOH\HQYHULOHUELUYHD\QÖPÖ"gUQHøLQNLûLQLQGRøXPNRQWUROQ
RQD\ODPDGÖøÖ \DUJÖVÖQÖ GHVWHNOH\HQ ROJXODU GRøXP NRQWUROQH NDUûÖW ELU WRSOXOXøD \H
ROPDVÖ DOH\KLQGH \D]ÖODU \D]ÖS NRQXûPDODU \DSPDVÖ DKODNVDO NRQXPXQD HWNLQOLNOHULQH
GHVWHN ROPDVÖ JLEL RWREL\RJUDILN ROJXODU RODFDNWÖU 7P EX ROJXODU RQXQ ¶GRøXP
NRQWURO X\JXODPDVÖQÖ RQD\ODPÖ\RUXP· \DUJÖVÖQÖ GRøUXODPD\DELOLU DPD WP EX ROJXODU
¶GRøXPNRQWUROX\JXODPDVÖN|WGU·\DUJÖVÖQÖQDVÖOGHVWHNOH\HELOLUNL"úXKDOGHEXLNL
|QHUPHELUELULQHHûGHøHUGHøLOPLû%|\OHFHWPHWLN|QHUPHOHUNLûLQLQKRûODQPD\DGD
KRûODQPDPD GX\JXODUÖ LOH LOJLOL |QHUPHOHUH LQGLUJHQHPH] %XQGDQ GD |]QHOFLOLøLQ HWLN
\DUJÖODUÖQÖQDQODPÖ\ODLOJLOLRODUDNKLoWHX\JXQELUJ|UûROPDGÖøÖVRQXFXoÖNDFDNWÖU
%XQXQ ]HULQH |]QHOFLOHU GLOOHQGLULOGLøL ûHNOL\OH NXUDPODUÖQÖQ QH DQODPD JHOGLøLQL
ELUD] GDKD DoÖN KDOH JHWLUPH oDEDVÖQD JLUPLûOHUGLU gUQHøLQ 5LFKDUG%UDQGW·D J|UH ELU
NLûL ¶[ L\LGLU· GHGLøL ]DPDQ DVOÖQGD ûXQX LIDGH HWPHNWHGLU (øHU [ LOH LOJLOL RODUDN WP
ROJXODUD VDKLS ROVD\GÖP YH HWLN RODUDN WXWDUOÖ ROVD\GÖP [·L RQD\ODUGÖP gUQHøLQ
$YXVWUDO\DOÖ GûQU -RKQ 0DFNLH·\H J|UH EL]OHU ELU ûH\LQ L\L ROGXøXQX V|\OHGLøLPL]
]DPDQ KRûODQPDPÖ]ÖQ \DQÖ VÖUD RQXQ EHOLUOL QHVQHO ELU QLWHOLøH VDKLS ROGXøXQX GD
GûQPHN LVWL\RUX] $PD GûQPHN LVWHPHPL] LOH E|\OH ELU QHVQHO QLWHOLN YDU ROPXû
ROPX\RU 6RQXo RODUDN ¶[ L\LGLU· LIDGHVL\OH EL]LP RQX RQD\ODPDPÖ]GDQ GDKD ID]ODVÖQÖ
NDVWHWPHPL]H NDUûÖQ E|\OH ELU QHVQHO ELU ¶L\L· QLWHOLøL EXODPDGÖøÖPÖ] LoLQ EX \DUJÖ LOH
LOJLOL RODUDN VDKLS ROGXøXPX] GRøUXQXQ WP [·L RQD\ODGÖøÖPÖ]Ö LIDGH HWPHNWHGLU
%|\OHFH |]QHOFLOLN L\L YH N|W JLEL |]HO QLWHOLNOHULQ YDUROXûXQX \DGVÖGÖøÖ |OoGH VHV
JHWLUHQELUNXUDPRODUDNNDEXOHGLOHELOLU
6RQ RODUDN EX EDøODPGD GX\JXVDOFÖ HPRWLYH NXUDPÖQÖQ V|]Q HGHFHøL] $QFDN
|]QHOFLOLøLQ HQ WDQÖQPÖû YH HWNLOL ROPXû RODQ EX WUQH JHoPHGHQ |QFH QHVQHOFLOLøLQ
JHQHO VRUXODUÖQD GD |]HW RODUDN ELU J|] DWPDN |]QHOFLOLøLQ \HULQLQ GDKD NROD\
EHOLUJLQOHûPHVLQHNDWNÖVDøOD\DFDNWÖU
2OGXNoDIDUNOÖODûPDODUROPDVÖQDNDUûÖQEXUDGDEX\DNODûÖPÖLNLDQDGRøUXOWXRODUDN
J|USHOHDOPDNNRQX\XoRNID]OD\D\PDPDNDGÖQD\DUDUOÖRODFDNWÖU
1HVQHOFLOLøLQ ELU WLSL GHøHU \DUJÖODUÖQÖQ NRQXVXQXQ GDLPD QHVQHO \DQL \DUJÖ\Ö |QH
VUHQLQ ]LKQLQLQ GÖûÖQGD GRøDO ELUûH\ ROGXøXQX |QH VUHU %X GRøDOûH\ KHU QHROXUVD
ROVXQ EL]LP GHQH\LPLPL]LQ ELU QHVQHVLGLU %X QHGHQOH HWLN \DUJÖODU GRøDO ELOLPOHUGH
NXOODQÖODQ ELU WU \|QWHPOH GRøUXODQDELOLU \D GD \DQOÖûODQDELOLUOHU %X \|QWHP KLo
NXûNXVX] J|]OHPGLU %X \DNODûÖPÖ EHOLUOH\HQ ILOR]RIODUD QHVQHO GRøDOFÖODU GHQLU %X
QHVQHO GRøDOFÖOÖøÖQ HQ ELOLQHQ IRUPX \DUDUFÖOÖN XWLOLWDUL]P GÖU 1RUPDWLI ELU DKODN
NXUDPÖ ROPDNWDQ GDKD oRN PHWDHWLN ELU NXUDP RODUDN DOJÖODQPD\D oDOÖûÖOGÖøÖQGD
\DUDUFÖOÖNûXQXLIDGHHGHU¶[GRøUXGXU\DGD[L\LGLU·GHPHN[HQID]ODVD\ÖGDLQVDQLoLQ
PPNQ RODQ HQ E\N PXWOXOXøX VDøODU· GHPHNWLU %XUDGD ¶[ L\LGLU· \DUJÖVÖ \DUDUFÖ
GRøUXOXN |OoWQH EDûYXUXODUDN YH VWHOLN QH GHQOL oRN LQVDQD \DUDU VDøODGÖøÖQD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
EDNÖODUDN GRøUXODQPD\D oDOÖûÖOÖU gUQHøLQ ELULVL ¶GRøXP NRQWURO X\JXODPDVÖ L\LGLU·
GHUVH EX ¶L\L ROPD·QÖQ NDUûÖOÖøÖ RODUDN WRSOXPXQ HQ E\N NHVLPLQH QH WU \DUDUODU
VDøODGÖøÖ J|]OHP \ROX\OD EHOLUOHQPH\H oDOÖûÖOÖU 3HNL DPD EX X\JXODPD ELU NLûL\H ELOH
]DUDU JHWLUPLû ROVD WDQÖP JHUHøL RQXQ LoLQGH \LQH L\L ROPD\D GHYDP PÖ HGHFHN"
*HUoHNWHEXDODQGDGDLûOHUKLoGHVRUXQVX]GHøLOGLU%XJ|Uû$PHULNDOÖGûQU-RKQ
'HZH\WDUDIÖQGDQELUD]GDKDVLVWHPDWL]HHGLOPLûWLU2QDJ|UHGHH\OHPLPL]LQYH\DHWLN
LONHQLQ VRQXoODUÖ DPSLULN NDQÖWODUOD GRøUXODQDELOPHOLGLU YH EXQD EDøOÖ RODUDN HWLN
\DUJÖODUÖPÖ]VRQXoODUÖQVÖQDYÖQGDQEDûDUÖ\ODoÖNDELOPHOLGLU
%X J|UûH GH E\N LWLUD]ODU ROPXûWXU %LU NH] PXWOXOXøX KD] LOH HûOHûWLULUVHN oRN
VD\ÖGD LQVDQÖQ RODELOGLøLQFH KD] DOPDVÖQÖ VDøOD\DQ ELU G]HQHN ]QWO VRQXoODU
GRøXUDELOLU$\UÖFDVRQXoODUÖQÖQNRQWURO\DGDLûOHQPHVLEDNÖPÖQGDQ]RUOXNODURODELOLU
YH \LQH EX L]OH\LûJ|]OHP KDQJL ]DPDQ VUHFL ER\XQFD RODFDNWÖU gUQHøLQ ELOLPVHO WÖS
E\FONWÖEEÖQDJ|UHVRQXoODUÖEDNÖPÖQGDQ\DUDUOÖYHoRNGDKD\D\JÖQRODELOLU$QFDN
KHUELOLPVHOX\JXODPDPXWODND\DUDUOÖVRQXoODUGRøXUXUGL\HPL\RUX]
1HVQHOFLOLøLQ ELU GLøHU WU VH]JLFLOLN HQWLV\RQL]P GLU 6H]JLFLOHUH J|UH GX\XODUD
YH Lo J|]OHPH HN RODUDN ELU GH DKODNVDO VH]JL YH\D LoJ|U GL\HELOHFHøLPL] ELU \HWLPL]
GDKD YDUGÖU %X \HWL LOH NLûLOHU KLo ROPD]VD HQ WHPHO HWLN \DUJÖODUÖQ GRøUXOXøXQX
NDYUDUÖ]%X\HWLELUWUDQODPD\HWLVLGLUDSULRULGLU%LUDQGD¶LoHGRøPD·GHQLOHQûH\LOH
KLoELU LOJLVL \RNWXU 7HUVLQH XVVDO ELU \HWLGLU %X NXUDPD J|UH WHPHO DKODNVDO LONHOHU
PDQWÖN YH PDWHPDWLN LONHOHUL\OH D\QÖ NRQXPD VDKLSWLU $PD EXQODU ELU WU WDQÖP GD
GHøLOGLU dQN EXQODU ROXPVDO GRøUXOXNODU NDWHJRULVLQGH \HU DOPD]ODU HYUHQGHNL
JHUoHNYH]RUXQOXLOLûNLOHUL\DQVÖWÖUODU%XNXUDPÖQROGXNoDHVNLWHPVLOFLOHULQGHQ6DPXHO
&ODUNH ´DNÖO VDKLEL ELU LQVDQ EXQODUÖQ GRøUXOXøXQX \DGVÖUVD EX GXUXP
JHRPHWUL \D GD DULWPHWLNWHNL GRøUXODUÖ \DGVÖPDNOD D\QÖ DQODPD JHOLUµ GHPHNWLU \\·GDEXJ|UûWXWDQODUDUDVÖQGD'DYLG5RVV$&(ZLQJ1LFRODL+DUWPDQQ·ÖQDGODUÖ
VD\ÖODELOLU *(0RRUH·GD 3ULQFLSLD (WKLFD·VÖQGD EX J|UûH \DNÖQ GûPûWU 2QD J|UH
L\LYHN|WVÖUDGDQGX\XGHQH\LPLLOHYHULOHPH\HQELUWUQHVQHOQLWHOLNOHUHLûDUHWHGHUOHU
YH EX QLWHOLNOHU \DOÖQ ELU \DSÖGD ROGXNODUÖ LoLQ WDQÖPODQDPD]ODU )DNDW 0RRUH D SULRUL
HWLN ELU \HWLGHQ V|] HWPHPHNWH YH HWLN WDULKLQGH ûLPGL\H GHN \DSÖODQ WP L\L
WDQÖPODUÖQÖQGDJHoHUVL]OLøLQL´NDSDOÖVRUXDoÖNVRUXµJLELELUWDNÖPXVODPODPD\ROODUÖLOH
NDQÖWODPD\D oDOÖûPDNWDGÖU $VOÖQGD 0RRUH·XQ oDOÖûPDVÖ oRN E\N |OoGH PHWDHWLN ELU
oDOÖûPDGÖUYHNHQGLQH|]JGU<XNDUÖGDV|]HGLOGLøLJLELVH]JLFLOHUGHGHL\L·QLQKLoELU
WDQÖPÖ \RNWXU %X GXUXPGD QH WU DoÖNODPD \DSÖOÖUVD \DSÖOVÖQ VH]JLFL QHVQHOFLOLN GH
\HWHUVL]NDOPD\DPDKN€PGXU
0RRUH·XQL\LWDQÖPODQDPD]\DUJÖVÖJHUoHNWH|]QHOFLOLN\DNODûÖPÖQÖELUEDûND\|QGHQ
GHVWHNOHU J|UQPHNWHGLU 1LWHNLP 0DQWÖNoÖ 3R]LWLYLVWOHU :LWWJHQVWHLQ·ÖQ ´HWLN \DUJÖODU
DQODPGDQ \RNVXQGXUµ \DNODûÖPÖ NDGDU 0RRUH·XQ ´L\L WDQÖPODQDPD]µ \DUJÖVÖQGDQ GD
E\N Jo DODUDN NHQGL ELOJLELOLPVHO \DNODûÖPODUÖQÖQ GD ÖûÖøÖ DOWÖQGD HWLN \DNODûÖPODUÖQÖ
UDKDWoD IRUPOH HWPLûOHUGLU %|\OHFH \\·GD HQ oRN NRQXûXODQ YH HQ HWNLOL HWLN
NXUDPODUGDQELULRUWD\DoÖNPÖûROX\RUGX%XNXUDPDGX\JXVDOFÖNXUDPGHQGLøLQL]DWHQ
V|\OHPLûWLN %XQODU |QFO RODUDN 0RRUH·XQ L\L WDQÖPODQDPD] |QHUPHVLQGHQ \ROD
oÖNDUODU DPD \LQH 0RRUH·XQ YXUJXODGÖøÖ \DOÖQ ELU QLWHOLøL J|VWHUGLøL LoLQ GHøLO DQODPVÖ]
ROGXøXDQODPGDQ\RNVXQROGXøXLoLQWDQÖPODQDPD](øHUPXWODNDELUDQODPÖROPDOÖGÖU
GL\H ÖVUDU HGLOLUVH R ]DPDQ ûX V|\OHQPHOLGLU ù\L YH |WHNL HWLN \NOHPOHU EHWLPOH\LFL \D
GD ELOLûVHO DQODPGDQ \RNVXQ RODUDN VDOW GX\JXVDO ELU DQODPD VDKLSWLUOHU %LUH\OHUGH
ROXûDQGX\JXVDOOÖNLVHWDQÖPODQDELOHFHNWUGHQELUûH\GHøLOGLU%XQHGHQOHRQODUDJ|UH
DKODN \DUJÖODUÖQÖQ LûOHYL |WHNL NXUDPODU WDUDIÖQGDQ ûLPGL\H GHN KHS \DQOÖû DQODûÖOPÖûWÖU
6DUDdHOLN³'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQH
%XHWLN\DUJÖODUGRøUX\DGD\DQOÖûRODELOHFHNWUGHQ\DUJÖODUGHøLOGLUdQNRQODUROJX
|QHUPHOHUL GHøLOGLU 2QODUÖQ LûOHYL KHUKDQJL ELU ûH\ KDNNÖQGD ELOJL YHUPHN GHøLOGLU
+DWWD EL]LP NHQGL GX\JXODUÖPÖ] KDNNÖQGD GD ELOJL YHUPH]OHU (WLN \DUJÖODUÖQ LûOHYL
GLQDPLNWLU EL] RQODUÖ GX\JXODUD LûDUHW HGHQ QOHPOHU JLEL \D GD GX\JXODUÖ KDUHNHWH
JHoLUHQ HPLUOHU YH \LQH LQVDQODUÖQ H\OHPOHULQL HWNLOHPHN ]HUH YHULOHQ HPLUOHU JLEL
NXOODQÖUÖ] (øHU ´6OH\PDQ 'HPLUHO L\L ELU DGDPGÖµ GL\RUVDP EX NDEDFD ´6OH\PDQ
'HPLUHO oRN \DûDµ GHPHNOH Hû DQODPOÖGÖU (øHU ELULVL ´JHOLU YHUJLVL YHULUNHQ YHUJL
NDoÖUPDPDOÖGÖUµ GL\RUVD EX WÖSNÖ ´YHUJL NDoÖUPD KDDµ GHPHNOH Hû DQODPOÖGÖU 6DGHFH
EXUDGD EHOLUOL |]HO ELU WRQ YH YXUJXODPD LoLQGH NRQXûDUDN GRøUXGDQ GRøUX\D HPLU
YHUPHNWHQ
NDoÖQÖOPDNWDGÖU
úX
KDOGH
HWLN
\DUJÖODU
DODQÖQGD
NDUûÖPÖ]D
oÖNDQ
X\XûPD]OÖNODU GX\JXODUÖPÖ]GDQ JGOHQHQ WDYÖU YH WXWXPODUGDNL X\XûPD]OÖNODUGÖU %X
QHGHQOHHWLNWDUWÖûPDODUEHONLVRQDHUGLULOHELOLUDPDo|]POHQHPH]
*HOLQHQ EX QRNWDGD RUWD \RO WXWDQ ED]Ö GûQUOHU GH HWLN \DUJÖODUÖQ KHP GX\JXVDO
KHP GH EHWLPOH\LFL ELU DQODP WDûÖGÖøÖQÖ J|VWHUPH DUD\ÖûÖ LoLQH JLUPLûOHUGLU GHQHELOLU
%XUDGDNL WHPHO WH] |UQHøLQ ´6OH\PDQ 'HPLUHO L\L ELU LQVDQGÖUµ GHQGLøLQGH EXQX
GL\HQ NLûL 6OH\PDQ 'HPLUHO·H NDUûÖ |QH oÖNDQ KRûODQPD GX\JXODUÖQÖ LIDGH HWPHNOH
ELUOLNWH \LQH GH 6OH\PDQ 'HPLUHO·LQ LoWHQOLøL LQVDQVHYHUOLøL ELOJHOLøL JLEL QLWHOLNOHUL
]HULQH
ROJXVDO
ELUWDNÖP
LGGLDODU
|QH
VUPHNWHGLU
9H
\LQH
ELULVL
´YHUJL
NDoÖUÖOPDPDOÖGÖUµ GHGLøLQGH R ELU WU HPLU YHUPHNWHGLU DPD ELU WDUDIWDQ GD YHUJL
NDoÖUPDQÖQ RUJDQL]H WRSOXPXQ WHPHOLQL DOWWDQ o|NHUWPH\H G|QûHELOHFHøL \ROOX ELU
ELOJL YHUPLû ROPDNWDGÖU $QFDN \LQH GH HWLN \DUJÖODUÖQ EHWLPOH\LFL ELU DQODPD VDKLS
ROPDVÖQD L]LQ YHUHQ EX GûQUOHU EXUDGD GDLPD ´GRøDO ELU ûH\µ |QH VUGNOHULQGH
|]HO ELU \HWLQLQ ND\QDNOÖN \DSPDVÖQD JHUHNVLQLP ROPDNVÖ]ÖQ EX GRøDO ûH\LQ D\ÖUW
HGLOHELOHFHøLQH LQDQÖUODU gUQHøLQ 6OH\PDQ 'HPLUHO·LQ \UHNOL YH YDWDQVHYHU ROXS
ROPDGÖøÖQÖ DQOD\DELOPHN LoLQ JHUHNVLQLP GX\XODQÖQ WP ELU WU GX\X J|]OHPLQLQ
\HULQH JHWLULOPHVLGLU 'X\JXVDOFÖ NXUDPÖQ DOGÖøÖ EX ELoLPH LVH ´GX\JXVDOFÖ GRøDOFÖOÖNµ
GHQPHNWHGLU%XGD|]QHOFLOLNOHQHVQHOFLOLøLQEHOLUOLWUOHULQLQELUOHûWLULOPH\HoDOÖûÖOPDVÖ
DQODPÖQD JHOPHNWHGLU 'X\JXVDOFÖ NXUDP LOH GRøDO QHVQHOFLOLN ELUELUOHULQL EWQOHPH
\|QHOLPLLoLQHJLUPLûOHUGLU
7P EX DoÖNODPDODUGDQ oÖNDQ VRQXFD J|UH HWLN \DUJÖODUÖQ ELOJL GHøHUL DoÖVÖQGDQ VDOW
GX\JXVDO ELU DQODP WDûÖGÖNODUÖ \DNODûÖPÖ ROGXNoD JoO RODUDN JHUHNoHOHQGLULOPHVLQH
NDUûÖQ KHP VÖUDGDQ LQVDQ KHP GH KLo GH D] ROPD\DQ ELU GûQU JUXEXQX \HWHULQFH
LNQD HGHPHPHNWHGLU (WLN \DUJÖODUÖQ VDGHFH GX\JXVDO ELU DQODP WDûÖPDVÖQÖQ \DQÖQGD \D
GD|WHVLQGHQHVQHOELUYHUL\HGHLûDUHWHWPHOHULJHUHNWLøLLQDQFÖ\DGD\DNODûÖPÖWHPHOLQL
VDQÖUÖP û|\OH ELU EHNOHQWLGHQ DOPDNWDGÖU (WLN GHøHU \DUJÖODUÖ EL] LQVDQODUÖQ \DûDPÖQÖ
E\N|OoGHHWNLOH\HQYHKDWWD\|QOHQGLUHQ\DUJÖODUGÖU'DYUDQÖûODU]HULQGHE|\OHVLQH
\|QOHQGLULFLOLN JF RODQ EX \DUJÖODUÖQ PDQWÖNVDO \DSÖODUÖ EDNÖPÖQGDQ GD JoO YH
VDøODP ROPDODUÖ JHUHNWLøL LQDQFÖ VDQNL WXWDUOÖ GûQPHQLQ GRøDO ELU VRQXFXGXU
g]QHOFLOHULQEHWLPOHGLøLELoLPL\OHNDUDUVÖ]ELUPDQWÖNVDOYHGLOVHO\DSÖHWNLJF\NVHN
RODQ EX \DUJÖODUD DGHWD \DNÖûWÖUÖODPDPDNWDGÖU %X V|\OHQHQOHUGHQ oÖNDQ VRQXFD J|UH
GHøHU \DUJÖODUÖQÖQ QHVQHO ELU YHUL\H LûDUHW HWPHVL JHUHNWLøLQL |QH VUHQ \DNODûÖPODUÖQ
WHPHOLQGH\LQHGX\JXVDOLQVDQVDOELUWXWXPXQYDUOÖøÖGLNNDWLoHNHUJLELGLU%XDODQGDNL
DUD\ÖûODUVRQDHUPLûGHøLOGLU
+DVWDQH<|QHWLPLQLQ+HNLP²+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN
%R\XWODUÖ
'U1HVULQdREDQRøOX +DVWDQHOHU WÖEEÖQ GDKD GRøUXVX WHGDYL HGLFL KHNLPOLøLQ DPDFÖQÖ JHUoHNOHûWLUPHN
LoLQ
G]HQOHQHQ
oDøGDû
KL]PHW
NXUXPODUÖGÖU
+DVWDQH
\|QHWLPL
´KDVWDODUÖQ
L\LOHûWLULOPHVLµ RODQ EX DPDFÖQ JHUoHNOHûPHVL LoLQ ELU DUDoWÖU <|QHWLPLQ J|UHYOHUL LOH
KHNLPKDVWD
LOLûNLVLQLQ
|]HUNOLøL
EX
DPDoOD
X\XPOX
ROPDOÖGÖU
dQN
KL]PHW
VXQXPXQXQ PHUNH]LQGH KHNLP²KDVWD LOLûNLVL YDUGÖU +HNLP²KDVWD LOLûNLVL VÖUDVÖQGD
RUWD\DoÖNDQDKODNLGHøHUVRUXQODUÖ7ÖEEL(WLNDODQÖQÖQNRQXVXGXU%XLOLûNLJHoPLûWHQ
JQP]H GRøDVÖ JHUHøL |]HUN ROPXû ELU LOLûNLGLU +DVWDQHOHULQ HYULPLQGH JHOLQHQ
QRNWD YH ELOLPVHO²WHNQLN JHOLûPHOHULQ HWNLVL\OH EX |]HUNOLøLQ NXUXP \|QHWLPL
WDUDIÖQGDQ VÖQÖUODQGÖUÖOPDVÖ V|] NRQXVX ROPD\D EDûODPÖûWÖU %X VÖQÖUODPDODUÖQ WHPHO
DPDoOD X\XPOX NXUXPXQ NHQGLQL JHOLûWLUPHVL YH LûOHYVHOOLøLQLQ DUWWÖUÖOPDVÖQD \|QHOLN
FLGGLGHøHUVRUXQXROXûWXUPDGDQ\DSÖOPDVÖ|QHPOLGLU
*HOLûHQ WÖS WHNQRORMLVL WRSOXPVDO LOLûNLOHULQ oRN ER\XWOXOXøX YH VL\DVDO JHOLûPHOHU
KHNLP²KDVWD LOLûNLVLQL GH HWNLOHPHNWHGLU gWH \DQGDQ ELUH\LQ |]HUNOLøL NDYUDPÖQÖQ
JLGHUHN |QHP ND]DQPDVÖ KHNLP²KDVWD LOLûNLVLQH \DQVÖPDNWD KDVWDQHOHUGH KDVWD
PHUNH]OL
\|QHWLP
\DNODûÖPODUÖ
NDEXO
J|UPHNWHGLU
dDøGDû
KDVWDQH
\|QHWLPOHUL
WRSOXPXQ YH ELUH\OHULQ EHNOHQWL YH JHUHNVLQLPOHULQL HQ L\L ELoLPGH NDUûÖODPD\Ö
KHGHIOH\HQ ´'HYDPOÖ .DOLWH ù\LOHûWLULOPHVLµ \|QWHPLQL X\JXODPD\D \DQVÖWDELOGLNOHUL
RUDQGDEDûDUÖOÖROPDNWDGÖUg]QHVLYHQHVQHVLLQVDQROGXøXLoLQ|WHNLUHWLPYHKL]PHW
UHWLPL DODQODUÖQGDQ D\UÖODQ KHNLPOLN PHVOHøLQGH KDVWD\Ö |]QHOHûWLUHQ EX \|QHWLP
ELoLPLQLQ X\JXODPD\D DNWDUÖOPDVÖ WHGDYL HGLFL KHNLPOLNWH YHULOHQ KL]PHWWH NDOLWH\L
JHOLûWLUPHN DPDFÖ\OD WRSOXPVDO VL\DVDO GHøLûPHOHULQ HWNLVL\OH YDUÖODQ ELU VUHoWLU
*QP]GH GHøLûHQ YH NDUPDûÖNODûDQ KDVWDQHOHUGH VXQXODQ KL]PHWL GHQHWOHPHN YH
JHOLûWLUPHN J|UHYL\OH \NPO \|QHWLPLQ KHNLP²KDVWD LOLûNLVLQH HWNLOHUL X\JXODPDGD
GHøHUVRUXQX\DUDWPD\DEDûOD\ÖQFD\|QHWLPNDUûÖVÖQGDLOLûNLQLQ|]HUNOLøLNDYUDPÖWÖEEL
HWLNDoÖVÖQGDQVRUXQNPHVLRODUDNJQGHPHJHOPLûWLU
+DVWDQH<|QHWLPLQLQ+HNLPOHUHYH+DVWDODUD.DUûÖ6RUXPOXOXøX
7ÖEEL
HWLN
VRUXQ
NPHOHULQL
LUGHOHUNHQ
|QHPOL
RODQ
LNL
NDYUDP
KDN
YH
VRUXPOXOXNODUGÖU +DVWDQH \|QHWLPL VDøOÖN KL]PHWL YHUHQ YH DODQODU DUDVÖQGD JHoHQ
LOLûNLQLQED]Ö\|QOHUL\OHWDUDIODUÖQKHUELULQHNDUûÖD\UÖVRUXPOXOXNODUWDûÖU
+DVWD KDNODUÖ DoÖVÖQGDQ KDVWDQH \|QHWLPLQLQ HWLN X\JXODPDODUÖQÖQ DPDFÖ KHU ELU
KDVWDQÖQKDNODUÖQDVD\JÖJ|VWHUHUHNKDVWDOÖøÖQWHGDYLVUHFLQGHKDVWD\ODNDPXVDOYHLoLû
LOLûNLOHULQL HWLN \DNODûÖPODUOD o|]POH\HUHN KDVWDQÖQ L\LOHûPHVL VRQXFXQX VDøODPD\D
oDOÖûPDNWÖU dREDQRøOX +DVWDQH \|QHWLPOHULQLQ HWLN GDYUDQÖûÖ |QFHOLNOH
KDVWDQÖQ |QHULOHQ WHGDYL \|QWHPLQL UHGGHWPHVLQL GH NDSVD\DFDN ELoLPGH RQXQ
GHøHUOHULQHYH|]HUNOLøLQHVD\JÖJ|VWHULOPHVL\OHEDûODU<HULQHJ|UHKDVWDQÖQKDVWDQH\H
XODûÖPÖQÖQHQNROD\\ROGDQVDøODQPDVÖLOHEDûODPDVÖJHUHNHQLOLûNLRQDKDVWDOÖøÖLOHLOJLOL
ELOJLOHULQ
JHUHNHQ
|OoOHUGH
YHULOPHVL
X\JXODQDFDN
WHGDYL
\|QWHPOHULQLQ
*D]LhQY7ÖS)DN7ÖSGRNWRUX.DPX<|QHWLPLX]P7ÖEEL(WLN%LOLPGRNWRUX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DUDUÖQÖQ]DUDUÖQÖQ DQODWÖOPDVÖ KDVWD WHGDYLVL LOH LOJLOL NDUDU DODELOHFHN \HWHUOLOLøH
XODûWÖøÖQGDGDLUDGHVL\OHDOGÖøÖNDUDUDVD\JÖJ|VWHUHUHNR\|QGHLûOHPOHULNROD\ODûWÖUÖFÖELU
\DSÖGD ROPDOÖGÖU $PHULFDQ 0HGLFDO $VVRFLDWLRQ +DVWDQHQLQ ELUH\LQ VDøOÖNOÖ
\DûDP KDNNÖQD LOLûNLQ \DVDO VRUXPOXOXNODUÖQÖQ IDUNÖQGD RODUDN JHUHNOL DFLO |QOHPOHUL
DOPDVÖ EXQODUÖ \DSDUNHQ KDVWDQÖQ YH \DNÖQODUÖQÖQ RQXQ KDVWDOÖøÖQÖQ \DûDPÖQGDNL
ELULFLNOLøLQLQJ|]GHQX]DNWXWXOPDGDQNRQX\ODLOJLOLRODUDNELOJLOHQGLULOPHVL|QHPOLGLU
+DVWDQH \|QHWLPL WDUDIÖQGDQ KDVWD HøLWLP |øUHWLP SROLWLNDVÖ ROXûWXUXOPDOÖ YH EX
GRøUXOWXGD KDVWD\D KDNODUÖ YH VRUXPOXOXNODUÖ NRQXVXQGD oHûLWOL ELoLPOHUGH ELOJL
YHULOPHOLGLU +DVWDOÖøÖQÖQ QHGHQOHULQLQ WDQÖ WHGDYL YH EDNÖPÖ LoLQ JHUHNOL RODQ
JLULûLPOHULQKDVWD\DYHDLOH\H|øUHWLOPHVLKDVWDQÖQVDøOÖNKL]PHWLYHUHQOHUOHRODQLOHWLûLP
YH LûELUOLøLQL DUWÖUÖU L\LOHûPH VUHFLQL KÖ]ODQGÖUÖU +DVWD YH DLOH WHGDYL YH EDNÖPOD HOGH
HGLOHQ L\LOHûPH\L VUGUPHN LoLQ oDUHVL]OLN NDGHUFLOLN EDøÖPOÖOÖN GDYUDQÖûODUÖQÖ NHQGL
VDøOÖøÖLoLQVRUXPOXOXNDOPDGDYUDQÖûODUÖQDG|QûWUU%LUVDøOÖNNXUXOXûXQGDEXQXQOD
LOJLOL ELU ELULPLQ NXUXOPDVÖ LoLQ NDUDU YHULOGLNWHQ VRQUD \Dû JUXSODUÖ YH GHøLûLN VDøOÖN
VRUXQODUÖQÖ LoLQH DODQ HøLWLP²|øUHWLP SURJUDPODUÖ KD]ÖUODQPDOÖ EHOJHOHQGLULOPHOL
X\JXODQPDOÖ
L]OHQPHOL
GHøHUOHQGLULOPHOLGLU
ND\GHGLOPHOL
+HGHIOHQHQ
YH
DOÖQDQ
HøLWLP²|øUHWLP
VRQXoODU
VRQXoODUÖ
EHOLUOL
VDøOÖN
DUDOÖNODUOD
NXUXOXûXQXQ
DPDoODUÖQD X\JXQOXN J|VWHUPL\RUVD RQODUÖQ HNVLN YH DNVD\DQ \|QOHUL JLGHULOPHOL YH
VUHNOLOLøL VDøODQPDOÖGÖU +DVWD YH DLOHQLQ VDøOÖN VRUXQXQX DQODPDODUÖ KDVWDQHQLQ WDQÖ
WHGDYL YH EDNÖP KL]PHW X\JXOD\ÖFÖODUÖ LOH LûELUOLøL LoLQGH ROPDODUÖ HøLWLP²|øUHWLP
SURJUDPÖQÖQ LoHULøLQH YH X\JXOD\ÖFÖODUÖQ SURIHV\RQHO EHFHULOHULQH EDøOÖGÖU dRUXK
EV
%LU KDVWDQÖQ WHGDYL YH EDNÖPÖQGDQ DPDoODQDQ WHGDYLGHQ HQ NÖVD VUHGH HQ L\L
VRQXFX DOPDN YH EXQX VUGUHELOPHNWLU %X DPDFD YDUPDN LoLQ KDVWDQÖQ YH\D DLOHQLQ
KDVWDOÖN QHGHQOHULQL ELOPHOHUL WHGDYL SODQÖQÖ HNVLNVL] X\JXODPDODUÖ KDVWDOÖøÖQ WHNUDUÖQÖ
|QOHPH ELOJLOHULQL ND]DQPDODUÖ YH EWQ EXQODUGD VRUXPOXOXN DOPDODUÖ JHUHNPHNWHGLU
+DVWDDLOH NHQGLOHULQL LOJLOHQGLUHQ VDøOÖNVRUXQXQX DQODGÖNODUÖQGD WHGDYL YH EDNÖP LoLQ
JHUHNOL LûELUOLøL YH VRUXPOXOXN SD\ODûÖPÖQD NDWÖODFDNWÖU +DVWD HøLWLP ² |øUHWLPL
KDVWDQH\HNDEXO|QFHVLQGHEDûODWÖOPDOÖYHVDøOÖNVRUXQXQXQQHGHQOHULYHGRøDVÖQDJ|UH
KDVWD WDEXUFX ROGXNWDQ VRQUD GD VUGUOPHOLGLU dRUXK E V $NDED\DVKL
+DVWDQH \|QHWLPL KDVWDODUD DLW ELOJLOHULQ JL]OLOLøLQLQ NRUXQPDVÖQGDQ JHQHO RODUDN
VRUXPOXGXU +DVWDOÖNODUÖQ JUXSODQGÖUÖOGÖøÖ GRV\DODU YH ELOJLVD\DUGD WXWXODQ ND\ÖWODU
JL]OLOLN
NXUDOODUÖ
DoÖVÖQGDQ
GHQHWOHQPHOLGLU
%LUoRN
ONHGH
KDVWDQH
ND\ÖWODUÖQÖQ
ELOJLVD\DUODU DUDFÖOÖøÖ\OD WXWXOPDVÖ EX ELOJLOHULQ JL]OLOLN VÖQÖUODUÖ LOH LOJLOL VRUXQODU
\DûDQPDVÖQD QHGHQ ROPDNWDGÖU .XûNXVX] EX \|QHWLPOHULQ VRUXPOXOXN DODQÖQGDNL
VRUXQODUGDQELULGLUdREDQRøOXYHhQDO
+HNLPOHU
\DVDO
RODUDN
X\PDN
]RUXQGD
ROGXNODUÖ
JL]OLOLN
NXUDOODUÖQD
X\JXQ
GDYUDQVDODU GD ELOJLVD\DUODUD JLULOHQ ELOJLOHUH R E|OPGH \D GD EDûND E|OPGH oDOÖûDQ
ELULVL NROD\OÖNOD JLUHELOLU YH |UQHøLQ KDVWDQÖQ FLQVHO \DûDPÖ GD LoLQGH ROPDN ]HUH WP
ELOJLOHUHXODûDELOLU+DVWDQHQLQELOJLVD\DUKDWODUÖQDJLUPH\LEDûDUDQKHUKDQJLELULELOHEX
ELOJLOHUL HOGH HGHELOLU %X NRQXGD KHNLPOHULQ JHUHNHQL \DSPDVÖQD NDUûÖQ ELU N|W
KHNLPOLN
\D
GD
KHNLP
KDWDVÖ
X\JXODPDVÖ
JLEL
VUPHNWH
RODQ
EX
EXQDOÖP
o|]POHQLQFH\H NDGDU NXUDOODUÖQ G]HQOHQPHVLQL EHNOHPHNVL]LQ HWLN \DNODûÖPODUOD
|]HQ
J|VWHUHUHN
|QOHP
DOPDOÖ
YH\D
\|QHWLPOH
X]ODûDUDN
ûLIUH
NXOODQÖOPDVÖQÖ
|QHUPHOL\L]<RNVDELOJLOHUL\NOHPH\LUHGGHWPHNGDKDX\JXQELUHWLNo|]PRODFDNWÖU
-D\DZDUGHQD
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
+HNLP²KDVWD
DUDVÖQGD
GûQFH
D\UÖOÖNODUÖQÖQ
D]DOPDVÖQD
\DUGÖPFÖ
RODFDN
GHVWHNOH\LFL ELU LOLûNL\L ELoLPOHQGLUPHN LoLQ LOHWLûLP EHFHULVLQLQ NDUûÖOÖNOÖ JHOLûWLULOPHVL
JHUHNOLGLU %LOJL
GRøUXGDQ
X\JXODPD\D
G|QûHPH]
X]PDQOÖN
YH
SURIHV\RQHOOLN
JHUHNWLUHQ DODQODUGD EXQXQ \DQÖQGD ELU VRQUDNL DGÖP \HQL WHNQLNOHU |øUHQHUHN
EHFHULOHULJHOLûWLUPHNYHGDYUDQÖûODUGDGHøLûLNOLN\DSPDNWÖU.XUW]YHDUNV
+DVWDQH\|QHWLPLSURIHV\RQHOELOJLYHEHFHULQLQHWNLOLNXOODQÖOPDVÖQÖQDUDoODUÖQGDQELUL
RODQ LOHWLûLPLQ DUWPDVÖQÖ KHGHIOH\HUHN EXQD \|QHOLN HøLWVHO YH PHNkQVDO G]HQOHPHOHU
\DSPDOÖGÖU
´ù\L ELU KHNLP ROPDQÖQ \ROX KDVWDODUOD VDøOÖNOÖ LOHWLûLP NXUPDNWDQ JHoHUµ <NVHN
NDOLWHOL WHGDYL X\JXODPDN LoLQ HWNLOL LOHWLûLP ]RUXQOXGXU 'RøUX LOHWLûLP KHNLP²KDVWD
DUDVÖQGD ]RUOXNODUD QHGHQ RODQ \DQOÖû DQODPDODUGDQ GRøDQ oDWÖûPDODUÖ D]DOWÖU GDKD
KDVWD PHUNH]OL ELU \DNODûÖP VHUJLOHQPHVLQH \RO DoDU %|\OHFH KHNLPOHULQ WDQÖODUÖ GDKD
GRøUX KDOH JHOLUNHQ NDUDUODUÖ SD\ODûDQ YH KD]ÖUODQDQ WHGDYL SODQODUÖQD GDKD X\XPOX
RODQKDVWDODUODNOLQLNEDûDUÖ\NVHOHFHNWLU.XUW]YHDUNV
+DVWDQH\|QHWLPLVDøOÖNSHUVRQHOLQHNHQGLVDøOÖøÖQÖNRUXPDVÖLoLQJHUHNOLWÖEELDUDo
JHUHoYHIL]LNL\DSÖ\ÖVDøODPDNOD\NPOGU6DøOÖNSHUVRQHOLQLQNHQGLQLNRUXPDNLoLQ
DOPDVÖ JHUHNHQ |QOHPOHUL ELOGLøL YH X\JXODGÖøÖ YDUVD\ÖOPDNWDGÖU .RUXQPD\D \|QHOLN
GRQDQÖP VDøODQPÖ\RUVD \|QHWLPLQ R LûOHPLQ \DSÖOPDVÖQÖ EHNOHPH KDNNÖ \RNWXU
7UNL\H·GHNLX\JXODPDGDELUoRNKDVWDQHGHEXQODUÖQVDøODQPDGÖøÖQÖELOL\RUX]$FLOYH\D
NURQLN VRUXQODUÖQ o|]PQGH ELUoRN NH] VDøOÖN SHUVRQHOLQLQ |]YHULVL GHYUH\H
JLUPHNWHGLU %D]Ö EXODûÖFÖ KDVWDOÖNODUD NDUûÖ JHUHNVL] EXODûPD NRUNXVXQX YH |Q\DUJÖ\Ö
\RN HWPHN LoLQ SHUVRQHOLQ NRUXQPD NRQXVXQGD VUHNOL HøLWLPL\OH ELUOLNWH VDøOÖN
SHUVRQHOLQL NRUXPD\D \|QHOLN GRQDQÖPÖQ VDøODQPDVÖ HWNLQ ELU o|]P VDøOD\DFDNWÖU
dREDQRøOXhQDOV
gUJWOHUGH PRGHUQ GHQHWLP DQOD\ÖûÖ JHUHøL KDVWDQHOHUGH \|QHWLP ELUOLNWH oDOÖûWÖøÖ
SHUVRQHOLQ
HøLWLPLQGHQ
YHULPOL
ELU
ELoLPGH
oDOÖûPD\D
\|QOHQGLULOPHVLQGHQ
YH
oDOÖûPDODUÖQ JGOH\LFL ELU RUWDP LoLQGH GHøHUOHQGLULOPHVLQGHQ VRUXPOXGXU %X
SODQODPDQÖQ \DSÖODELOPHVL oDOÖûDQ SHUVRQHOLQ KDQJL Jo oHûLWOHULQGHQ HWNLOHQGLøLQLQ
PHVOHNLGHøHUVLVWHPOHULQLQELOLQPHVL\OHRODQDNOÖGÖU$VWODUÖQÖHWNLOHPH\ROODUÖQÖL\LELOHQ
ELU \|QHWLFL PRGHUQ VDøOÖN |UJWQQ YHULPLQL DUWÖUPD YH oDOÖûDQODUÖQ GR\XPXQX
VDøODPD JLEL LNL |QHPOL DPDFÖQÖ JHUoHNOHûWLUPHGH GDKD EDûDUÖOÖ RODFDNWÖU .DVDSRøOX
V
$PDoODUÖ L\L VDSWDQPÖû YH oDOÖûDQODU WDUDIÖQGDQ |]PVHQPLû ELU NXUXPGD HWNLOL ELU
GHQHWLP
LûOHYOHULQ
DNVD\DQ
\|QOHULQLQ
VDSWDQPDVÖ
YH
G]HOWLOPHVLQH
RODQDN
VDøOD\DFDNWÖU
+DVWDQHOHUGH \|QHWLP KHNLP YH KDVWD\D oHûLWOL VRUXPOXOXNODU \NOH\HUHN YH
GHQHWOH\HUHNLOLûNL\HJ|UHYLJHUHøLPGDKDOHHGHFHNWLU
+DVWDQH<|QHWLPL$oÖVÖQGDQùOLûNL\H0GDKDOH*HUHNoHOHUL
6DøOÖN
KL]PHWOHULQGH
NDOLWH
NDYUDPÖ
KL]PHWL
WDOHS
HGHQOHULQ
LVWHN
YH
JHUHNVLQLPOHULQL NDUûÖODPDQÖQ \DQÖQGD ELOLPVHO YH WHNQLN RODQDNODUÖQ NXOODQÖPÖQÖ GD
LoHUPHNWHGLU +L]PHW VXQXPXQGD DPDoODQDQ VRQXFD XODûPDN LoLQ NOLQLN DOW\DSÖ
GHVWHN
KL]PHWOHUL
JLEL
WP
KL]PHW
ELULPOHULQGH
VUHNOL
YHULELOJL
WRSODPD
GHøHUOHQGLUPH YH L\LOHûWLUPHOHULQ ELU HûJGP LoLQGH \UWOPHVL JHUHNLU dDøÖPÖ]
LQVDQÖ JHOLûHQ VDøOÖN ELOLQFL LOH VDøOÖøÖ\OD GDKD oRN LOJLOHQPHNWH YH RODQDNODUÖ |OoVQGH
HQ L\L WDQÖ YH WHGDYL RODQDNODUÖQD XODûPD\Ö LVWHPHNWHGLU 6DøOÖN KL]PHWOHULQLQ GHøLûLN
DODQODUGD YH \NVHN G]H\GH HøLWLP J|UPû X]PDQODUD YH PRGHUQ WDQÖ WHGDYL DUDo ²
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHUHoOHULQ NXOODQÖPÖQD JHUHNVLQLP J|VWHUPHVL LVH DûÖUÖ PDOL\HW DUWÖûODUÖQD QHGHQ
ROPDNWDGÖU dRUXK V %XQXQ VRQXFXQGD |QFHOLNOH $%'·GH YH |]HOOLNOH
ILQDQVPDQÖ VDøOD\DQ KNPHW YH VLJRUWD ûLUNHWOHULQLQ EDVNÖVÖ\OD KDVWDQÖQ WHGDYLVLQL
HWNLOH\HQ ELU NÖVÖP NOLQLN YH LGDUL VUHoOHULQ L]OHQPHVLQL KHGHI DODQ VWDQGDUWODU
JHOLûWLULOPLûWLU
+DVWD WHGDYL YH EDNÖPÖQGDNL KÖ]OÖ IL\DW DUWÖûODUÖ \DQÖQGD LQVDQODUÖQ VDøOÖNOÖ YH X]XQ
ELU \DûDP VUPH LVWHNOHUL \DûDP NDOLWHVL EHNOHQWLVLQLQ \NVHOPHVL VDøOÖN KL]PHWOHUL
VXQXPXQGD\HQL\DNODûÖPODUGRøXUPDNWDGÖU+DVWDOÖN\|QHWLPLVUHFLQGHULVN\|QHWLPL
VUHo NRQWURO NRQXODUÖ SODQODPDODUGD \HU DOPDNWDGÖU %|\OHFH ´\|QHWLPOL KDVWD
EDNÖPÖµNDYUDPÖ\|QHWLPVUHFLQHJLUPHNWHGLU%XNDYUDPGDQVDøOÖNKL]PHWLVXQXPX
|QFHVLQGH KHU KDVWD LoLQ D\UÖ D\UÖ KHVDSODQPDN ]HUH KDVWDQÖQ WHGDYLVL YH EDNÖPÖQÖ
HWNLOH\HQVDøOÖNPDVUDIODUÖQÖQKDVWDYH|GHPH\L\DSDFDNNXUXPXQ|QFHGHQKHVDSODPD
\DSPDVÖQD \DUGÖPFÖ RODFDN ELoLPGH \|QOHQGLULOPHVL LoLQ NXOODQÖODQ WHNQLNOHU EWQ
DQODûÖOPDNWDGÖU
2
KDVWD\D
VXQXODQ
WP
KL]PHWOHULQ
VÖQÖUOÖ
ND\QDN
NXOODQÖPÖ
oHUoHYHVLQGH RQXQ KHU DûDPDVÖQÖ L]OH\HUHNVRQXoWDPDNVLPXP \DUDUÖQ HOGH HGLOPHVLQL
DPDoOD\DQELUVUHoRODUDNWDQÖPODQPDNWDGÖU%X\HQL\DNODûÖPODUVDøOÖNNXUXOXûODUÖQGD
YHULOHQ KL]PHW SHUIRUPDQVODUÖQÖQ L\L WDQÖPODQPDVÖ YH |OoOPHVLQL JHUHNWLUPHNWHGLU
dRUXKV
%X VUHoWH KHNLP²KDVWD LOLûNLVLQH |QFHVLQGHQ SODQODQDQ LOLûNL VÖUDVÖQGD YH VRQXFD
\|QHOLN ELU PGDKDOH ROGXøX J|UQHQ ELU JHUoHNWLU 7HGDYL \|QWHPOHULQH J|UH
VWDQGDUWODûWÖUÖOPÖû KDVWDQHGH NDOPD VUHOHUL EHOLUOHQLU WHGDYL ER\XQFD KDQJL G|QHPGH
NLPOHULQ QHOHUGHQ VRUXPOX RODFDøÖ |QFHGHQ \D]ÖOÖ ND\ÖWODUOD \|QOHQGLULOLU YH \DSÖODQ
LûOHULQ VWDQGDUWODUD X\JXQOXøX KHU DûDPDGD LOJLOL NRQX\D J|UH KD]ÖUODQPÖû IRUPODUOD
GHQHWOHQLU
%XPGDKDOHQHGHQL\OHKHNLP²KDVWDLOLûNLVLQLQ|]HUNOLNDODQÖQÖVÖQÖUOD\DQNRûXOODUÖQ
JHUHNoHOHULQLQ L\L DoÖNODQPDVÖ RODQDNODU HOYHUGLøLQFH |QFHGHQ VDSWDQDQ NXUDOODUOD
EHOLUOHQPLûROPDVÖYHULOHQKL]PHWWHQLWHOLøLQ\NVHOWLOPHVLDoÖVÖQGDQJHUHNOLGLU+DVWDQH
\|QHWLPLQLQ KHNLP²KDVWD LOLûNLVLQH HWNLOHUL NLûLVHO ROPDPDOÖ YH NLûLOLN KDNODUÖQÖ
]HGHOH\LFL QLWHOLN WDûÖPD\DQ VWDQGDUW LûOHPOHUOH ROPDOÖGÖU %X VWDQGDUWODU VÖN \DûDQDQ
VRUXQODUD
o|]P
RODFDN
GHQH\LPOHUOH
ROXûDFDøÖQGDQ
VRUXQ
ROXûPDGDQ
|QOHP
DOÖQPDVÖQD NDWNÖGD EXOXQXU $\UÖFD LOLûNL\H JHUHNVL] \HUH PGDKDOH HWPHGHQ GHQHWLP
LûOHYLQL NROD\ODûWÖUDFDøÖ JLEL VRUXQ oÖNDQ QRNWDODUÖQ JHUL\H G|QN DUDûWÖUÖOPDVÖQGD YH
LOHUL\H \|QHOLN SODQODPDODUGD EX VWDQGDUW ND\ÖWODU \RO J|VWHULFL RODFDNWÖU +DVWDQH
NXUXPXQXQ |UJWOHQPH G]HQLQGH VRUXQ \DUDWDQ DNVDNOÖNODUÖQ o|]P GH \|QHWLPLQ
J|UHYOHULDUDVÖQGDGÖU
%|\OHFH
\|QHUJHOHULQ
KDVWDQÖQ
WHGDYL
KD]ÖUODQDUDN
SODQÖQÖQ
X\JXODQPDVÖ
KD]ÖUODQPDVÖQGD
GDKD
D]
KDWD
\RO
J|VWHUHQ
\DSÖOPDVÖQÖ
LûOHP
YH
YH
JHUHNVL]
WDUWÖûPDODUÖQ |QOHQPHVLQL VDøODU dRUXK D +DVWD ER\XWXQGD LVH KDVWDQHOHUGH
KDVWDODUÖQ |]HUNOLøLQL VDYXQXUNHQ VÖQÖUVÖ] ELU |]HUNOLNWHQ V|] HGHPH\L] %XUDGD KDVWD
KDNODUÖ YH VRUXPOXOXNODUÖ\OD ELUOLNWH KDVWDQHQLQ NXUDOODUÖ YH KDVWDQHQLQ \DVDODU
NDUûÖVÖQGDNL\NPOONOHULKDNNÖQGDGDKDVWDELOJLOHQGLULOPHOLGLU+DVWDODUDEDûNDODUÖQÖ
UDKDWVÖ] HWPHGHQ KDVWDOÖøÖQÖQ EDNÖPÖQÖ HQJHOOHPH\HFHN ELoLPGH HQ JHQLû |]HUNOLN
DODQÖQÖQ VDøODQPDVÖQD oDOÖûÖOPDOÖGÖU %X QHGHQOH KDVWDQHOHUGH KDVWD HøLWLP|øUHWLP
SURJUDPODUÖ
ROXûWXUXOPDVÖ
GDKD
L\L
LOHWLûLP
NXUXODQ
KDVWDODU
ROXûWXUDFDøÖQGDQ
KDVWDQHQLQKL]PHWNDOLWHVLQLQ\NVHOPHVLQH\|QHOLNYHHWLNDoÖVÖQGDQKDVWDPHUNH]OLL\L
ELUDGÖPRODUDN\|QHWLPLQVRUXPOXOXNDODQÖQGDGÖU
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
*HoPLûWHQJQP]HKHNLP²KDVWDLOLûNLVLQGHQLWHOLN|QHPOLROPXûWXU$QFDNGDKD
ELUH\VHO \DNODûÖPOD VUGUOHELOHQ PXD\HQHKDQH KHNLPOLøLQGH JHQHOGH |OoW KHNLPLQ
QOHQPHVL YH KDVWD VD\ÖVÖQÖQ DUWPDVÖ \D GD D]DOPDVÖ ROPXûWXU %XUDGD QLWHOLøLQ WHN ELU
QLFHOLNVHO \|QWHPOH NÖVPHQ GH ROVD GHøHUOHQGLULOPHVL V|] NRQXVXGXU 6RUXPOXOXN
KL]PHWL VXQDQ YH VRQXoODUÖQGDQ HWNLOHQHFHN RODQ ´WHNµ KHNLPLQGLU *QP]GH
KDVWDQHOHUGHYHULOHQWDQÖWHGDYLYHEDNÖPKL]PHWOHULQGHNLNDUPDûÖNKL]PHWVXQXPXQGD
QLWHOLøLQ |OoOPHVL KDVWDQHQLQ \|QHWLPLQLQ ELUoRN DoÖGDQ JHUHNOL ELU VRUXPOXOXøXGXU
7RSOXPVDO YH ELUH\VHO KDNODUOD LOJLOL HNRQRPL HøLWLP Lû GR\XPX YHULPOLOLN HWNLOLOLN
JLEL ER\XWODU LoHUHQ ELU GHQHWLP VUHFLQLQ NLûLVHOOLNWHQ X]DN \|QWHPOHUOH KL]PHWH |]HO
VWDQGDUWODUOD GHQHWOHQPHVL JHUHNOLGLU %XUDGD \DOQÖ]FD WHN WHN ELUH\OHULQ GHøLO WP
oDOÖûDQODUÖQ WDNÖP ELoLPLQGH \HVL ROGXNODUÖ KDVWDQHQLQ ELU VLVWHP RODUDN KDVWDODU
DUDFÖOÖøÖ\ODWRSOXPDNDUûÖELUEDûDUÖ\DGDEDûDUÖVÖ]OÖøÖV|]NRQXVXGXU
<|QHWLPLQg]HOOLN*|VWHUHQ8]PDQOÖN$ODQODUÖQD(WNLOHUL
+DVWDQH \|QHWLPLQLQ LQVDQÖ EWQVHOOLøL LoLQGH YH ´FDQOÖµ RODUDN J|UHQ YH DUDFÖVÖ]
LOHWLûLP NXUDQ NOLQLNoL KHNLP LOH KDVWDVÖ DUDVÖQGDNL LOLûNL\H HWNLOHUL DoÖVÖQGDQ ED]Ö
X]PDQOÖN DODQODUÖQD J|UH IDUNOÖOÖNODU YDUGÖU 7ÖSWD SURIHV\RQHO PHVOHNL ELOJL \DQÖQGD
HWNLOL LOHWLûLP NXUPD EHFHULVL VDøOD\DQ WHNQLNOHUL ELOPHNOH RQODUÖ X\JXODPDGDNL
GDYUDQÖûD G|QûWUHUHN NXOODQPDN DUDVÖQGDNL IDUNÖQ DOWÖQÖ oL]HUHN LOHUL X]PDQOÖN
JHUHNWLUHQKHNLP²KDVWDDUDVÖQGDNLLOHWLûLPGHKDVWDQH\|QHWLPLQNRQXPXQXLUGHOH\HOLP
+DVWDQH \|QHWLPLQLQ FHUUDKL DODQODUÖQGDNL KHNLP²KDVWD LOLûNLVLQGH EHNOHQWLVL
KDVWDOÖøÖQ X\JXQ \|QWHPOHUOH WDQÖVÖQÖQ NRQXODUDN VDøOÖN DoÖVÖQGDQ LVWHQPH\HQ GXUXPX
|QOH\HQ D]DOWDQ \D GD \RN HGHQ WHGDYL \|QWHPLQLQ KDWDVÖ] RODUDN X\JXODQPDVÖ YH
VRQXFXQ
KDVWD
WDUDIÖQGDQ
EHNOHQHQOH
X\XPOX
ROPDVÖGÖU
%X
EHNOHQWLQLQ
JHUoHNOHûWLULOPHVL YH GHQHWLPL DoÖVÖQGDQ KDVWDODUÖQ FHUUDKL WHGDYL VUHFLQGH \|QHWLPLQ
ED]Ö \D]ÖOÖ LûOHP VWDQGDUWODUÖ ROXûWXUPDVÖ JHUHNLU 6DøOÖN VRUXQXQXQ DQODûÖOPDVÖ LoLQ
KDVWD²KHNLP
DUDVÖQGD
|QFHOLNOH
L\L
ELU
LOHWLûLP
NXUXODUDN
WDQÖ
\|QWHPOHUL
X\JXODQPDOÖGÖU $VÖO FHUUDKL WDQÖ L\L VDSWDQPDOÖ RQXQ JHUHNoHOHUL YHULOHELOPHOL YH
DPHOL\DW|QFHVLLûOHPOHUL\L\DSÖOPDOÖGÖU%XQDEDøOÖRODUDNFHUUDKLDPHOL\DWODUVÖUDVÖQGD
KHNLP²KDVWD DUDVÖQGD HWNLQOLN²HGLOJHQOLN ELoLPLQGHNL LOLûNL WLSLQLQ JHoHUOL ROPDVÖQD
NDUûÖQ WRSOXPVDO YH VL\DVDO DoÖGDQ HYULOHQ KDVWD KDNODUÖ NDYUDPÖ GRøUXOWXVXQGD
LOLûNLQLQ DPHOL\DW |QFHVL YH VRQUDVÖ DûDPDODUÖQGD NDUDUODUÖ SD\ODûPDQÖQ V|] NRQXVX
ROGXøX ELU KHNLP KDVWD LOLûNLVL EHNOHQWLVL WP DODQODUGD ROGXøX JLEL FHUUDKL DODQODUGD
GD LVWHQHQ LOLûNL WU RODUDN EHOLUPHNWHGLU g]HOOLNOH WP FHUUDKL WHGDYL \|QWHPOHULQLQ
ED]HQ \DûDPVDO |QHP WDûÖ\DQ ED]HQ GH \DûDPVDO |QHPL ROPD\DQ YH VÖQÖUOÖ ELU \DUDU
LoLQ YFXW EWQOøQH ]DUDU YHUGLøL GûQOUVH EX DODQGDNL NDUDUÖQ KDVWD\OD
SD\ODûÖOPDVÖ YH D\GÖQODWÖOPÖû RQDPÖQ |QHPL GDKD L\L DQODûÖODELOLU 0HUHGLWK YH :RRG
&HUUDKL DODQODUGD DFLO DPHOL\DWODU GÖûÖQGD WDQÖ NR\PD\D \|QHOLN NRQWURO YH
LQFHOHPHOHUOH
EDûOD\DQ
LOLûNL
WHGDYL
\|QWHPLQLQ
VHoLPL
VHoLOHQ
WHGDYLQLQ
JHUoHNOHûWLULOPHVLYHWHGDYLVRQUDVÖL]OHPOHUL\OHVUGUOPHNWHGLU
$PHOL\DW|QFHVLQGHEXRODøDQLQFHOHPHOHULQVRQXoODUÖYHQHDPDoODQDUDNDPHOL\DWD
JLULOGLøL DoÖNoD \D]ÖOPDOÖGÖU $PHOL\DW NDUDUÖQÖQ R DQGD YH\D LOHULGH RUWD\D oÖNDFDN ELU
VRUXQ QHGHQL\OH \DSÖOGÖøÖ KDVWD\D DQODWÖOPDOÖ EX ND\ÖWODUD JHoLULOPHOLGLU %XUDGD
|]HOOLNOH LOHUGH RUWD\D oÖNDFDN ELU VRUXQXQ JLGHULOPHVL DPDoODQÖ\RUVD DPHOL\DWÖQ
JHUHNoHVLL\LYHULOPHOLEXQODUJHUHNLUVHOLWHUDWUGHQWDQÖPODQDUDN\D]ÖOPDOÖGÖU$PHOL\DW
ROPD]VD QH RODFDøÖ EXQXQ \DQÖQGD DPHOL\DWÖQ NRPSOLNDV\RQODUÖ DoÖNODQPDOÖ DPHOL\DW
NDUDUÖ KDVWD\OD SD\ODûÖODUDN DOÖQPDOÖGÖU dRUXK D %D]Ö KDVWDQH \|QHWLPOHUL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
|UQHøLQ ùVWDQEXO·GDNL &HQWHU +RVSLWDO KHU DPHOL\DW NDUDUÖQÖQ LOJLOL X]PDQODUGDQ
ROXûWXUXOPXû
ELU
NXUXO
WDUDIÖQGDQ
GHøHUOHQGLULOLS
RQD\ODQGÖNWDQ
VRQUD
JHUoHNOHûWLULOPHVLQLLVWHPHNWHGLUOHU7HPSR
$PHOL\DWNDUDUÖQÖQKDVWDWDUDIÖQGDQDOJÖODQDUDNEHQLPVHQPHVLYHRQXQD\GÖQODWÖOPÖû
RQDPÖQÖQ \D]ÖOÖ RODUDN DOÖQPDVÖ |QHPOLGLU %X KDVWDOÖøÖQ DOJÖODQPDVÖ YH L\LOHûPH
VUHFLQH ROXPOX NDWNÖ \DSPDNWD YH KDVWD PHPQXQL\HWLQL DUWÖUPDNWDGÖU 0HUHGLWK 3
:RRG & V *HQHOOLNOH ELOLQGLøL JLEL DPHOL\DW |QFHVL JHUHNOL RODøDQ
LQFHOHPHOHULQ WDPDPÖ \DSWÖUÖOPDOÖ YH GHøHUOHQGLULOPHOLGLU \ÖOÖQGD 7UN 7DELSOHU
%LUOLøL <NVHN 2QXU .XUXOX WDUDIÖQGDQ ELU FHUUDKD YHULOHQ D\ PHVOHNWHQ PHQ
FH]DVÖQÖQ JHUHNoHVL DPHOL\DW |QFHVL DNFLøHU JUDILVLQLQ LVWHQPHVLQH NDUûÖQ EXQXQ
GHøHUOHQGLULOPHGHQ
DPHOL\DWD
JLULOLS
KDVWDQÖQ
DNFLøHUOHULQGHNL
VRUXQ
QHGHQL\OH
ND\EHGLOPHVLGLU 5DGLNDO V $%'·QGH -RKQ +RSNLQV +DVWDQHVLQGH J|]
NOLQLøLQGH KDVWDQÖQ FHUUDKL WDQÖVÖ QHGHQL\OH \DWÖUÖOPDVÖ YH \DWÖû |QFHVL VDSWDQPDPÖû
EDûND DODQODUÖ LOJLOHQGLUHQ VRUXQODU QHGHQL\OH LûOHP \DSÖOPDGDQ EDûND E|OPH VHYN
HGLOPHVL
KL]PHW
NDOLWHVLQL
GûUHQ
LVWHQPH\HQ
ELU
ROD\
RODUDN
J|UOPûWU
dRUXKD
$PHOL\DW VRQUDVÖQGD DPHOL\DW VUHFL GRV\D\D \D]ÖOPDOÖGÖU +DVWDQÖQ DPHOL\DW
VRQUDVÖ \DNÖQPDODUÖQÖQ JLGHULOPLû \D GD D]DOPÖû ROPDVÖ |QHPOLGLU +DVWD\D EXQGDQ
VRQUDNL VUHo NRQXVXQGD ELOJL YHULOPHOL YH R NRQWUROOHU LoLQ ]DPDQ VDSWDQDUDN
L]OHQPHOLGLU%|\OHFHDPDoODQDQVRQXFDXODûÖOÖSXODûÖOPDGÖøÖL]OHQHUHNGHQHWOHQPHOLGLU
&HUUDKLDODQODUGDEDûOÖFDVÖNÖQWÖ\DUDWDQGXUXPODUDPHOL\DW|QFHVLEHOLUOHQPH\HQELU
JLULûLPLQ \DSÖOPDVÖ ONHPL]GH YH 'Q\D·GD WÖS KXNXNXQXQ NXVXU RUDQÖ HQ WDUWÖûPDOÖ
GXUXPODUÖQGDQDPHOL\DW\HULQGHSHQVWDPSRQXQXWXOPDVÖDPHOL\DWÖWDPDPODQPÖûELU
KDVWDQÖQ WHNUDU DPHOL\DWD DOÖQPDVÖ JLEL ROD\ODUGÖU $ûoÖRøOX V %XQODU
KDVWDQH
\|QHWLPLQLQ
DODFDøÖ
|QOHPOHUOH
D]DODELOHFHN
´|]HQ
\NPOOø
NXVXUODUÖµQGDQVD\ÖOPDNWDGÖU
+DVWDQH \|QHWLPL DoÖVÖQGDQ \HQLGRøDQ KHNLPOLøL NOLQLN KHNLPOLNWH HWLN VRUXQODUÖQ
HQ \RøXQ ROGXøX DODQODU LoLQGHGLU %XUDGDNL VRUXQODU YH o|]POHUL HULûNLQ NOLQLN
KHNLPOLøLQGHQ ROGXNoD IDUNOÖGÖU <HQLGRøDQ DODQÖQGD HWLN VRUXQODUÖ DQQH YHYH\D
EDED\OD ELUOLNWH NOLQLN KHNLPL EDNÖP VRUXPOXODUÖ YH KDVWDQH \|QHWLPL \DûDPDNWDGÖU
.DUDUÖ YHULUNHQ DLOH LOH SD\ODûPDVÖQD NDUûÖQ KHNLPLQ EXUDGDNL VRUXPOXOXøX HULûNLQ
NOLQLNGDOODUÖQDRUDQODGDKDID]ODGÖUdQNJ|]GHQJHoLULOPLû/L]ERQ%LOGLUJHVLQHJ|UH
´oRFXN KDNNÖQGD NDUDU DOPD\Ö VWOHQPHVL |QHULOHQ \DVDO WHPVLOFLµ +DWXQ RODQ
DQQHEDEDQÖQ NDUDUÖ oRFXøX HWNLOH\HFHN DQFDN KHNLP GH NHQGLQL VRQXoWDQ VRUXPVX]
KLVVHGHPH\HFHNWLU %HEHN YH RQXQ VRUXQODUÖ\OD oRøX GXUXPGD EDû EDûD NDODQ
SHGLDWULVWOHU
KDVWDQHOHUGH
HWLN
NXUXOODUÖQ
|QHPLQL
HQ
oRN
GLOH
JHWLUHQ
KHNLP
JUXSODUÖQGDQELULROPDNWDGÖUODUdREDQRøOXYH7DQÖU
$PHULND·GD \ÖOÖQGD ´'RH %HEHN .XUDOODUÖµ GL\H WÖS WDULKLQGH \HULQL DODQ YH
HWLN WDUWÖûPD \DUDWDQ VUHoWH ELUL 6SLQD %LILGD·OÖ |WHNLVL 'RZQ 6HQGURPOX LNL EHEHøLQ
DQQH²EDEDODUÖ JHOHFHNWHNL \DûDP NDOLWHVL DoÖVÖQGDQ FHUUDKL JLULûLP NDUûÖWÖ NDUDU
YHUPLûOHUGLU .LQODZ 3HDERG\ <HQLGRøDQ FHUUDKLVL YH \RøXQ EDNÖP
ELULPOHULQGH VÖN NDUûÖODûÖODQ HWLN VRUXQODUGD ELULPGH J|UHYOL VDøOÖN HOHPDQODUÖQÖQ YH
EHEHøLQDQQHEDEDVÖQÖQ\DûDPIHOVHIHVLGHøHUYHLQDQoODUÖNDUDUYHULOPHVLQLYHH\OHPH
JHoLOPHVLQL|QHPOL|OoGHHWNLOHPHNWHGLU6DøOÖNHOHPDQODUÖWHPHOHWLNLONHYHNXUDPODUÖ
J|]|QQHDOGÖNODUÖYHKDVWDKDNODUÖQDVD\JÖOÖRODUDNDQQHEDEDODUÖQVRUXQLOHEDûHWPH
JFQH VD\JÖ GX\GXNODUÖ RUDQGD EHEHN LoLQ HQ \DUDUOÖ RODQÖQ VHoLPLQH NDWNÖGD
EXOXQDELOHFHNOHUGLU $OJÖHU YH DUN +DVWDQH \|QHWLPOHUL GH EX DODQGDNL
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
HWLN NXUXOODUÖ ELU DQ |QFH NXUDUDN EXQODUD HWNLQ LûOHYVHOOLN ND]DQGÖUPDOÖGÖU .DUDU
VUHFLQGH /L]ERQ %LOGLUJHVLQGH \HU DOGÖøÖ JLEL DQQH²EDEDQÖQ NDUDUÖ GLNNDWH DOÖQPDOÖ
D\UÖFD NRQX\X RQXQOD LOJLOL RODUDN EHEHøLQ EDNÖPÖQGDQ VRUXPOX RODQODUOD YH LOJLOL WÖEEL
SHUVRQHOOHSD\ODûDFDNHWLNNXUXOODUÖEXUDGDHWNLOLROPDOÖGÖU
<HQLGRøDQ KHNLPOLøLQGH NOLQLN HWLN VRUXQODUÖQ XOXVDO YH XOXVODUDUDVÖ ER\XWODUÖ GD
YDUGÖU gUQHøLQ ONHPL]GH JHOLûPLû ONHOHUH RUDQOD EHEHN |OP RUDQODUÖQÖQ oRN
\NVHN ROGXøX DûÖODPD G]H\OHULQLQ LVWHQHQ ·ON RUDQODUD XODûDPDGÖøÖ VDøOÖN
RUWDPÖQGDGRøXPVDODQRPDOLOLYH\DSUHPDWUHEHEHNOHULQ\DûDWÖOPDVÖLoLQSDUDYHoDED
KDUFDQPDVÖGRøUXPXGXU"%XQDKHNLPLQNDUûÖODûWÖøÖROD\G]H\LQGHEDNWÖøÖPÖ]GDRQXQ
DoÖVÖQGDQNXûNXVX]\DûDWPDoDEDVÖQGDQEDûNDELUVHoHQHNROPDPDOÖGÖU
+DVWDVÖQÖ \DûDWPDN LONHVL KHU ûH\GHQ |QFH JHOHQ KHNLPOLN DQOD\ÖûÖQD NDUûÖ PDOL\HW
YH VDøODP GRøDQ EHEHN |OPOHULQGHNL ID]ODOÖN JHUHNoH J|VWHULOHUHN SUHPDWUHOHULQ
\DûDWÖOPDVÖoDEDVÖQÖHWLNELUVRUXQRODUDNLOHULVUHQOHUEXOXQPDNWDGÖU<X7ÖEEL
WHGDYL\H EDûODQPDPDVÖQÖ \D GD RQXQ VUGUOPHPHVLQL GHVWHNOH\HQ oHûLWOL J|UûOHU
YDUGÖU %XQODUGDQ ED]ÖODUÖ VDøOÖN HOHPDQÖQÖQ EHEHøLQ JHOHFHNWHNL \DûDP NDOLWHVLQL
GûQHUHNNDUDUYHUPHVLQLVDYXQXUNHQ&DQLDQRED]ÖODUÖDUDoJHUHoHNRQRPLN
\N SHUVRQHO VÖQÖUOÖ ND\QDNODUÖQ SD\ODûÖPÖ LoLQH DODQ \DNODûÖPODUÖ GHVWHNOHPHNWHGLU
3LQFK .DUûÖ J|UûWHNLOHUL GH oDEDODUÖQÖ VUGUPHNWH YH VDøOÖN SROLWLNDODUÖQGD
ND\QDN D\UÖOPDVÖ KDVWDQH \|QHWLPOHULQLQ NRQX\D |QHP YHUPHVL YH\D HQ D]ÖQGDQ
UHIHUDQVPHUNH]OHULNXUXOPDVÖLVWHøLQGHEXOXQPDNWDODU
.RQXPX]%DøODPÖQGDhONHPL]GHNL+XNXNVDO'XUXP
$QD\DVDPÖ]GD´KXNXNGHYOHWLµRODUDNWDQÖPODQDQ7UNL\H&XPKXUL\HWL'HYOHWL·QGH
|]HO
VHNW|U
YH
NDPX
KDVWDQHOHULQGHNL
oDOÖûPD
LOLûNLOHULQL
ELoLPOH\HQ
KXNXNVDO
G]HQOHPHOHU YDUGÖU <|QHWLP KXNXNX \D GD \|QHWVHO \DUJÖ NDSVDPÖQD JLUHELOHFHN EX
KXNXNVDO G]HQOHPHOHU |]HOOLNOH KDVWDQH oDOÖûDQODUÖQÖQ KL]PHW YHUGLNOHUL NLûLOHUOH
KDVWDODUOD LOLûNLOHUL NHQGL DUDODUÖQGDNL Lû JHUHøL NXUXODQ UHVPL LOLûNLOHU YH \|QHWLPOH
RODQ LOLûNLOHU oHUoHYHVLQGH EDøOD\ÖFÖGÖU <|QHWLP EX LOLûNLOHU DøÖQGD \DVDODUOD VDSWDQDQ
GHQHWLPJ|UHYLEDøODPÖQGDLOLûNL\LHWNLOH\HQKXNXNVDOVRUXPOXOXNWDûÖPDNWDGÖU
hONHPL]GHKHNLP²KDVWDLOLûNLVLQLQJHUoHNOHûWLøLKDVWDQHOHUKXNXNVDORODUDN\|QHWLP
\HWNLVL DoÖVÖQGDQ NDPX KDVWDQHOHUL YH |]HO KDVWDQHOHU RODUDN LNL\H D\UÖOPDNWDGÖU
hONHPL]GH ´+XVXVL +DVWDQHOHU .DQXQXµ DGOÖ ELU \DVD ROPDNOD ELUOLNWH NDPX
KDVWDQHOHUL\OH LOJLOL ELU \DVD \RNWXU <DWDNOÖ 7HGDYL .XUXPODUÖ ùûOHWPH <|QHWPHOLøL
6DøOÖN %DNDQOÖøÖQD EDøOÖ \DWDNOÖ WHGDYL NXUXPODUÖQÖQ LûOHWLOPHVLQH LOLûNLQ KNPOHU
LoHUPHNWHGLU %X \|QHWPHOLøLQ |]HOOLøL GD\DQGÖøÖ ELU \DVDQÖQ EXOXQPD\ÖûÖGÖU 2\VD ELU
´g]HO +DVWDQHOHU 7]øµ YH EXQXQ GD\DQGÖøÖ ´+XVXVL +DVWDQHOHU .DQXQXµ YDUGÖU
6D\ÖVDO DoÖGDQ oRN RODQ NDPX KDVWDQHOHUL LOH LOJLOL \DVD YH W]N ROPD\ÖûÖ LOJLQo ELU
GXUXPGXUg]FDQYH*HQoV
hONHPL]GH KDVWDQH \|QHWLPLQLQ \HWNL YH J|UHYOHUL WDULKOL 1R %DNDQODU .XUXOX NDUDUÖ\OD 1R LOH WDULKOL 5HVPL*D]HWH GH \D\ÖQODQDQ
´<DWDNOÖ 7HGDYL .XUXPODUÖ ùûOHWPH <|QHWPHOLøLµ LOH WDQÖPODQPÖûWÖU %X \|QHWPHOLøLQ
DPDFÖ \DWDNOÖ WHGDYL NXUXPODUÖQGD oHûLWOL KL]PHWOHULQ X\JXODPD HVDVODUÖQÖ SHUVRQHOLQ
J|UHY \HWNL YH VRUXPOXOXNODUÖQÖ EHOLUOHPHN YH VUDWOL NDOLWHOL HNRQRPLN ELU KDVWDQH
LûOHWPHFLOLøLVDøODPDNRODUDNEHOLUWLOPLûWLU
.DPXGD
YH\D
|]HO
KDVWDQHGH
oDOÖûDQ
KHNLP
LOH
KDVWD
DUDVÖQGDNL
LOLûNLQLQ
JHUoHNOHûPH ELoLPL QDVÖO ROXUVD ROVXQ EXUDGD KDVWDQÖQ KHNLP VHoPH KDNNÖ ROGXøX YH
|]HOKXNXNLOLûNLVLQLQYHNDOHWEXOXQGXøXNDEXOHGLOPHOLGLUg]HOOLNOHKHNLPLQWHGDYL\L
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
LGDULKXNXNNXUDOODUÖQDJ|UHGHøLOEDøÖPVÖ]WÖSNXUDOODUÖQDJ|UH\DSWÖøÖXQXWXOPDPDOÖGÖU
$ûoÖRøOXV
6DøOÖN %DNDQOÖøÖ·QÖQ oÖNDUGÖøÖ +DVWD +DNODUÖ <|QHWPHOLøL 6D\ÖOÖ 6DøOÖN
+L]PHWOHUL 7HPHO .DQXQX·QXQ 0DGGHVLQLQ F EHQGLQH YH VD\ÖOÖ 6DøOÖN
%DNDQOÖøÖ·QÖQ 7HûNLODW YH *|UHYOHUL +DNNÖQGD .DQXQ +NPQGH .DUDUQDPH·QLQ 0DGGHVLQH GD\DQÖODUDN KD]ÖUODQPÖû ELU PHWLQGLU %X PHWLQ VD\ÖOÖ 5HVPL
*D]HWH·GH \D\ÖQODQDUDN \UUOøH JLUPLûWLU %X \|QHWPHOLN LOH \DVDO G]HQOHPH DOWÖQD
DOÖQDQ KDNODUÖQ ´VDøOÖN KL]PHWLQGHQ \DUDUODQPD NRQXVXQGD VÖUI LQVDQ ROPDN KDVHEL\OH
VDKLS ROXQDQ YH 7UNL\H &XPKXUL\HWL $QD\DVDVÖ XOXVODUDUDVÖ DQWODûPDODU NDQXQODU YH
GLøHU
PHY]XDW
LOH
WHPLQDW
DOWÖQD
DOÖQPÖû
EXOXQDQ
KDNODUÖQµ
WDQÖPODQPDVÖQÖQ
KHGHIOHQGLøLJ|UOPHNWHGLU
+DVWDQH \|QHWLPLQLQ LOLûNLQLQ |]HUNOLøLQH HWNLVL GHQHWLP DPDoOÖ YH \DVDO oHUoHYHGH
VRUXPOXOXN RODUDN RUWD\D oÖNPDNWDGÖU %X HWNLQLQ HWLN ND\JÖODU ROXûWXUGXøX GûQOHQ
\|QOHUL WDUWÖûÖODELOLU DQFDN EX WDUWÖûPD VRQXoODUÖQÖQ X\JXODPD\D \DQVÖPDVÖ LoLQ
\DVDOODûPDVÖ JHUHNLU 6RQXoWD LOLûNL\H \|QHOLN YH HWLN DoÖVÖQGDQ VRUXQ \DUDWDQ ED]Ö
KXNXNVDO HWNLOHU WDUWÖûPD\D DoÖN ROPDNOD ELUOLNWH \|QHWLPLQ KXNXNVDO VRUXPOXOXøX
LoLQGHGLU hONHPL]GH \|QHWLPLQ X\JXODPDODUÖQÖQ KXNXN GÖûÖQD oÖNDUDN LOLûNL\H YH
LOLûNLQLQ |]HUNOLøLQH \DQVÖGÖøÖ ROD\ODU KXNXNVDO GXUXPXQ \DUDWWÖøÖ WHUV HWNLOHUGHQ GDKD
ND\JÖ YHULFLGLU ´+XNXN 'HYOHWLµ JHOHQHøL \HULQH NRûXOODUD J|UH ELoLPOHQHQ ´LOLûNLOHU
DøÖµ HWNLQOHûPHNWHGLU 7HN WHN ROD\ODU G]H\LQGH ROGXøXQGDQ NDQÖWODQPDVÖ YH VLVWHPOL
ELU ELoLPGH HOHûWLULOPHVL GH JoON \DUDWPDNWDGÖU g]HOOLNOH KHNLP YH LûNHQFH J|UHQ
LQVDQODUÖQ WHGDYLVL PDKN€PODUÖQ WHGDYLVL JHUHNVL] SHULQH PXD\HQHVL JLEL NRQXODUGD
\|QHWLPOHULQ
LOLûNL\H
JHUHNVL]
\HULQH
J|UH
HWLN
GÖûÖ
PGDKDOHOHUGH
EXOXQGXøX
J|]OHQPHNWHGLU %X WÖEEL HWLN VRUXQ ROPDQÖQ |WHVLQGH WRSOXPVDO GHøHU VRUXQX RODUDN
GûQOHELOLU
8OXVODUDUDVÖ+XNXNVDO'XUXP
´+HNLPOLN $KODNÖ 8OXVODUDUDVÖ <DVDVÖµ 'Q\D 7DELSOHU %LUOLøL·QLQ \ÖOÖQGD
/RQGUD·GD \DSÖODQ ·QF *HQHO .XUXOX·QGD EHQLPVHQPLû ·QFL 'Q\D 7DELSOHU
.XUXOX·QGD6\GQH\YH·LQFL'Q\D7DELSOHU%LUOLøL*HQHO.XUXOX·QGD
9HQHGLN JHOLûWLULOPLûWLU %XQD J|UH NRQXPX] EDøODPÖQGD KHNLPOHULQ JHQHO RODUDN
J|UHYOHUL DUDVÖQGD ´KHNLP PHVOHøLQL KHU ]DPDQ HQ \NVHN G]H\GH VUGUHFHNWLU
+HNLP KDVWDODUÖQÖQ \DUDUÖ LoLQ |]JU YH EDøÖPVÖ] RODUDN YHUHFHøL NDUDUODUÖ oÖNDU
JGOHULQLQ HWNLOHPHVLQH L]LQ YHUPH\HFHNWLU +HNLP KDQJL oHûLW WÖEEL X\JXODPD LoLQGH
ROXUVD ROVXQ LQVDQÖQ GHøHULQH VD\JÖ YH VHYHFHQOLN J|VWHUHFHN YH JHUHN WHNQLN JHUHNVH
DKODN \|QQGHQ EWQ\OH EDøÖPVÖ] \HWHUOL ELU WÖEEL KL]PHW VDøODPD\D NHQGLQL
DGD\DFDNWÖUµ QRNWDODUÖ EXOXQPDNWDGÖU $\UÖFD &HQHYUH %LOGLUJHVL·QGH EHQLPVHQHQ
KHNLP DQGÖQGD ´'LQ GLO ÖUN SDUWL SROLWLNDODUÖ \D GD WRSOXPVDO GXUXPOD LOJLOL
GHøHUOHQGLUPHOHULQ
J|UHYLPOH
KDVWDPÖQ
DUDVÖQD
JLUPHVLQH
L]LQ
YHUPH\HFHøLPµ
ELoLPLQGH YXUJXODQGÖøÖ JLEL KDVWD²KHNLP LOLûNLVLQLQ |]HUNOLøLQLQ |QHPL DoÖNoD GLOH
JHWLULOPHNWHGLU &H]DHYOHUL KHNLPOHUL LûNHQFH YH KHNLP $,'6 YH KHNLP VRUXPOXOXøX
NRQXOXELOGLUJHOHUGHGHGHøLûLNDQODWÖPODUODLOLûNLQLQ|]HUNOLøLQLQ|QHPLEHOLUWLOPHNWHGLU
77%V
/L]ERQ%LOGLUJHVL+DVWD+DNODUÖ'Q\D7DELSOHU%LUOLøL·QLQ*HQHO.XUXOX·QGD
(\OO(NLP /L]ERQ3RUWHNL] EHQLPVHQPLûWLU .RQXPX]OD LOJLOL NÖVÖPODUÖ
ûXQODUGÖU
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
8\JXODPD\D \|QHOLN DKODNL YH \DVDO JoONOHULQ YDU RODELOHFHøLQL J|]
|QQH DOPDNOD ELUOLNWH KHNLP KHU ]DPDQ LoLQ KHP NHQGL YLFGDQÖQD J|UH
KHP GH KDVWDQÖQ HQ oRN \DUDUÖQD RODFDN ûHNLOGH GDYUDQPDOÖGÖU %LOGLUJH
WÖS PHVOHøLQLQ KDVWDODUÖQD VDøODPD\D oDOÖûWÖøÖ NLPL WHPHO KDNODUÖ GLOH
JHWLUPHNWHGLU <DVDO GXUXP \D GD KNPHWLQ WXWXPX KDVWDODUÖQ EX
KDNODUÖQÖ \DGVÖ\RUVD KHNLPOHU EX KDNODUÖQ HOGH HGLOPHVL \D GD RQDUÖOPDVÖ
LoLQ
\ROODU
DUDPDOÖGÖU
%X
KDNODUÖQ
DUDVÖQGD
|UQHøLQ
ûXQODUD
\HU
YHULOPHNWHGLU D +DVWDQÖQ KHNLPLQL |]JUFH VHoPH KDNNÖ YDUGÖU E
+DVWDQÖQ GÖûDUÖGDQ KHUKDQJL ELU NDUÖûPD ROPDGDQ NOLQLN YH DKODNL
\DUJÖODUD |]JUFH YDUDELOHQ ELU KHNLP WDUDIÖQGDQ EDNÖOPD\D KDNNÖ YDUGÖU
F +DVWDQÖQ \HWHUOL ELOJLOHUL DOGÖNWDQ VRQUD WHGDYL\L NDEXO HWPH\H \D GD
\DGVÖPD\D KDNNÖ YDUGÖU G +DVWDQÖQ NHQGLVL\OH LOJLOL WÖEEL YH NLûLVHO
ELOJLOHULQ JL]OLOLøLQH JHUHNHQ VD\JÖ\Ö J|VWHUPHVLQL KHNLPGHQ EHNOHPH\H
KDNNÖYDUGÖU77%V
'Q\D
7DELSOHUL
%LUOLøL·QLQ
\ÖOÖQGD
+DPEXUJ·WD
WRSODQDQ
*HQHO
.XUXOX·QGD EHQLPVHGLøL ´6DøOÖN %DNÖPÖQGD 'HYDPOÖ .DOLWH ù\LOHûWLULOPHVLQGH $QD
dL]JLOHUµ ELOGLUJHVLQLQ PDGGHVLQGH ´'HYDPOÖ NDOLWH L\LOHûPHVL LoLQ DKODNL DQD KDWODU
WP
KHNLPOHUL
VDøOÖN
EDNÖP
KL]PHWOHULQL
KDVWDODU
LoLQ
VDøOD\DQ
NXUXPODUÖ
YH
GHøHUOHQGLUPHKL]PHWOHULQLUHWHQOHULLOJLOHQGLULUµPDGGHVLQGH\HWNLOLOHUWDUDIÖQGDQ
GHøHUOHQGLUPHYHJHQHOGHQHWLPEDûOÖøÖDOWÖQGD\|QHWLPLQHWNLVLDoÖVÖQGDQNRQX\ODLOJLOL
RODUDN ûX GLOH JHWLULOPLûWLU ´6DøOÖN EDNÖPÖQÖQ NDOLWH GHøHUOHQGLUPHVL YH KL]PHWOHUGH
GHYDPOÖ NDOLWH DUWÖûÖ KHU KHNLP YH NXUXPXQ HWNLQOLøLQLQ ELU SDUoDVÖGÖU 6DøOÖN VXQXPX
\HWNLOLOHUL WDUDIÖQGDQ JHUoHNOHûWLULOHQ XøUDû HWNLQOLøLQLQ GHQHWLPL D\UÖ ELU LûWLU YH VDøOÖN
EDNÖPÖ
GHøHUOHQGLUPHVLQGHQ
D\UÖ
WXWXOPDOÖGÖU
+HNLPOHULQ
GHøHUOHQGLUPHVLQLQ
VRQXoODUÖ XOXVDO \DVDODU WHUVLQL J|VWHUPHGLNoH VDøOÖN KL]PHWL \HWNLOLOHUL YH LOJLOL
KHNLPOHULQ
GHQHWLPOHUL
DQODûPDN
ND\GÖ\OD
GHQHWLP
NXUXPODUÖQÖQ
DPDoODUÖ
LoLQ
NXOODQÖODELOLUµ%XPHWQLQPDGGHVLQGHLVHWÖEELEDNÖPGHøHUOHQGLULOHFHNVH´HWNLQOLøL
GHøHUOHQGLUHQELUKHNLPROPDOÖGÖUµJ|UûOHULQH\HUYHULOPHNWHGLU77%V
6DøOÖN
KL]PHWOHUL
VXQXPXQGD
NDOLWH
NDYUDPÖ
´XOXVODUDUDVÖ
JHoHUOLOLøL
RODQ
J|VWHUJHOHUGHNL VWDQGDUWODUD X\JXQ WDQÖ WHGDYL YH EDNÖP KL]PHWOHULQLQ \DQÖ VÖUD WP
KL]PHW VUHoOHULQGH KDVWDODUÖQ EHNOHQWL YH JHUHNVLQLPOHULQLQ WDP RODUDN NDUûÖODQPDVÖµ
RODUDN WDQÖPODQDELOLU =RUOXWXQD 7RSOXPVDO VL\DVDO DoÖGDQ VDøOÖN KL]PHWOHULQGH
JHOLQHQ QRNWDGD 'Q\D 7DELSOHU %LUOLøL·QLQ ELOGLUJHOHUL EX NRQXGD GD X\JXQ \RO
J|VWHULFL ROPDNWDGÖU %XQODU oDOÖûPDPÖ]GD VDYXQXODQ J|UûOHULQ |]\OH GH X\XP
LoLQGHGLU +DVWDQH \|QHWLPLQGH NDOLWHQLQ JHOLûWLULOPHVL ELU JHUHNOLOLN RODUDN EHOLUOHQLS
WÖEEL HWLN DoÖVÖQGDQ |]HQOL ROXQPDVÖ JHUHNHQ QRNWDODUD GLNNDW oHNLOPHNWHGLU $QFDN
EXQODUÖQGD ]DPDQ LoLQGH RUWD\D oÖNDFDN \HQL NRûXOODUD J|UH J|]GHQ JHoLULOLS
GHøLûWLULOHELOHFHNOHULQLNXûNXVX]J|]DUGÖHGHPH\L]hONHOHUDUDVÖGHøHUVLVWHPOHULQLQYH
WÖEEL HWLN LONHOHULQ DOJÖODQPDVÖQGDNL NOWUHO IDUNOÖOÖNODU GûQOPHOLGLU &KHQJ YH
DUNDGDûODUÖ $\UÖFD ONHPL]LQ NRûXOODUÖQÖQ \DUDWWÖøÖ KHNLP VD\ÖVÖ KDVWDQH VD\ÖVÖ
IL]LNVHO DOW\DSÖ NOWUHO GRNX \DSÖODQ DUDûWÖUPDODUOD VDSWDQDQ EL]H |]J GHøHU
VLVWHPLQLQ J|] |QQH DOÖQPDVÖ\OD \DSÖODFDN KXNXNVDO G]HQOHPHOHULQ GDKD X\JXQ
RODFDøÖDoÖNWÖU%XQXQ|QDûDPDVÖEXDODQGD\DSÖODFDNHWLNWDUWÖûPDODUGÖU
6RQXoYHgQHULOHU
+DVWDQH \|QHWLPLQLQ LOLûNLQLQ |]HUNOLøLQH PGDKDOHVL WÖEEÖQ YH KDVWDQHQLQ WHPHO
DPDoODUÖGRøUXOWXVXQGDKDVWDODUÖQHQVWG]H\GHL\LOHûWLULOPHVLDPDFÖQD\|QHOLNHQD]
GHøHU ND\EÖ\OD HQ oRN \DUDUÖ ROXûWXUDFDN ELoLPGH NLûLVHO ROPD\DQ \|QWHPOHUOH YHULOHQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KL]PHWLQ QLWHOLøLQL \NVHOWPHN LoLQ \DSÖOPDOÖGÖU <|QHWLPLQ LOLûNLQLQ |]HUNOLøLQL
VÖQÖUOD\DQ HWNLOHULQL JHUHNoHOHQGLUHUHN \DUDU²]DUDU GHQJHVLQL L\L NXUPDVÖ JHUHNOLGLU %X
GHQJHQLQ ROXûWXUXOPDVÖQD \|QHOLN oDOÖûPDQÖQ VRQXoODUÖ GRøUXOWXVXQGD X\JXODPD\D
\DQVÖWÖOPDVÖJHUHNWLøLQLGûQGøP]ED]Ö|QHULOHUGHEXOXQPDNLVWL\RUX]
6DøOÖN VL\DVDODUÖ KHUNHVH JHUHNVLQGLøL ]DPDQ XODûDELOHFHøL KDNNDQL\HW DGDOHW
HûLWOLN JLEL HWLN LONHOHU GRøUXOWXVXQGD KL]PHW VXQXOPDVÖQÖ VDøOD\DFDN ELoLPGH
ROXûWXUXOPDOÖGÖU
%XQXQ
LoLQ
\DQVÖ]
ELOLPVHO
DUDûWÖUPDODUÖQ
YHULOHULQGHQ
\DUDUODQÖODUDNWRSOXPXQVDøOÖNG]H\LQLQJHOLûWLULOPHVLQH\|QHOLN|QHULOHUGL]JHVL
VDSWDQPDOÖGÖU 6DøOÖN \|QHWLPL LOH LOJLOL oDøGDû \DNODûÖPODU GRøUXOWXVXQGD
KXNXNVDO
G]HQOHPHOHU
GHQHWOHQPHVL\OH
D\QÖ
\DSÖOPDOÖGÖU
DPDo
LoLQ
6DøOÖN
oDOÖûDQ
\|QHWLPLQLQ
ELULPOHULQ
ELU
HOGHQ
HûJGPOHQPHVL
VDøODQPDOÖGÖU +DVWDQHOHU WRSOXPVDO JHUHNVLQLPOHUH J|UH GHQJHOL ELoLPGH
NXUXOPDOÖGÖU
6DøOÖN KL]PHWOHULQGH |QHPOL \HU WXWDQ WHGDYL HGLFL YH EDNÖP KL]PHWOHULQLQ
YHULOGLøL
KDVWDQHOHULQ
|]HOOLNOHUL
VDSWDQDUDN
EX
|]HOOLNOHU
ÖûÖøÖQGD
|UJWOHQPHOLGLU dDøGDû |UJW NXUDPODUÖQGDQ \DUDUODQDUDN \|QHWLP ELOLPVHO²
WHNQLN
JHOLûPHOHUL
X\JXODPD\D
DNWDUDELOHFHN
NHQGLQL
\HQLOH\HUHN
GHøLûWLUHELOHFHNELoLPGH\DSÖODQPDOÖGÖU
+DVWDQHOHUGH KL]PHWLQ WHPHO DPDFÖ KDVWDODUÖQ L\LOHûWLULOPHVLGLU $UDo²DPDo
LOLûNLVL XQXWXOPDGDQ NXUXPXQ WHPHO DPDFÖQÖ JHUoHNOHûWLUPHVL LoLQ LûOHYVHOOLøL
DUWWÖUÖOPDOÖGÖU
+DVWDQHOHUGH
QH\LQ
QDVÖO
QHGHQ
\|QHWLOHFHøL
VRUXODUÖQÖQ
LUGHOHQPHVL JHUHNOLGLU 6DøOÖN oDOÖûDQODUÖQÖQ YH KDVWDODUÖQ RGDN QRNWDVÖQGD
GHøHUOHQGLULOPHVL |QHPOLGLU 2 ]DPDQ \|QHWLP ELU DPDo GHøLO EX DPDFÖQ
VDøODQPDVÖ\|QQGHELUDUDoROPDNWDGÖU
ùQVDQ KDNODUÖQÖQ HYULOPHVL\OH KDVWD KDNODUÖ JQGHPH JHOPLûWLU .DOLWHOL KL]PHW
VXQXPXQGD KDVWDQÖQ KL]PHWLQ QLWHOLøLQL DOJÖODPDVÖ |QHPOLGLU 7RSODP NDOLWH
\|QHWLPL KDVWD\Ö YH KHNLPL |]QHOHûWLUHUHN NDOLWHOL KL]PHW VXQXPXQX VDøOD\DFDN
ELU\|QHWLPELoLPLGLU
*QP]GH
KDVWDQHOHUGH
YHULOHQ
WDQÖ
WHGDYL
YH
EDNÖP
KL]PHWOHULQGHNL
NDUPDûÖN KL]PHW VXQXPXQGD QLWHOLøLQ |OoOPHVL KDVWDQHQLQ \|QHWLPLQLQ ELUoRN
DoÖGDQJHUHNOLELUVRUXPOXOXøXGXU
7RSOXPVDO YH ELUH\VHO KDNODUOD LOJLOL HNRQRPL HøLWLP Lû GR\XPX YHULPOLOLN
HWNLOLOLNJLELER\XWODULoHUHQELUGHQHWLPVUHFLQLQNLûLVHOOLNWHQX]DN\|QWHPOHUOH
KL]PHWH|]HOVWDQGDUWODUODGHQHWOHQPHVLJHUHNOLGLU
+DVWDQH \|QHWLPLQLQ \DSÖVÖ YH \|QHWLFLQLQ NLPOLøL NRQXVXQGD IDUNOÖ J|UûOHU
YDUGÖU
.DOLWH
GHQHWLPLQLQ
ELU
\|QHWLFL
HNLS
WDUDIÖQGDQ
KHU
DûDPDGD
\DSÖODELOPHVL DPDFÖ\OD \|QHWLP VUHFL SD\ODûÖOPDOÖGÖU .DQÖPÖ]FD L\L LûOH\HQ ELU
\|QHWLP WDNÖPÖQÖQ QLWHOLøL |QGHULQLQ NLPOLøLQGHQ |QHPOLGLU %LU WÖEEL KL]PHW
NXUXPXQXQ
\|QHWLP
HNLELQLQ
VRUXPOXOXøXQX
DODFDN
KHNLPLQ
NOLQLN
J|UHYOHULQGHQ X]DNODûPÖû \|QHWLP HøLWLPL DOPÖû ELU KHNLP ROPDVÖQÖQ GRøUX
RODFDøÖNDQÖVÖQGD\Ö]
.DOLWHQLQ JHOLûWLULOPHVL ELU JHUHNOLOLNWLU %XUDGD WÖEEL HWLN DoÖVÖQGDQ |]HQOL
ROXQPDVÖ JHUHNHQ QRNWDODUD GLNNDW HGLOPHOLGLU ùOLûNLQLQ |]HUNOLøLQL VÖQÖUOD\DQ
QHGHQOHULQ JHUHNoHOHULQLQ HQ D] GHøHU ND\EÖ \DUDWDFDN YH NLûLVHO ROPD\DQ
ELoLPGH KD]ÖUODQDQ IRUPODUOD ELOLPVHO YHUL RODUDN NXUXPX JHOLûWLUPHN DPDFÖ\OD
LOJLOL LQVDQODUÖQ RQD\Ö DOÖQDUDN YH ELUH\VHO ROPD\DQ GHQHWLP LoLQ NXOODQÖOPDVÖ
VRUXQODUÖQDûÖOPDVÖQD\DUGÖPFÖRODFDNWÖU
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
.D\QDNODU
$NDED\DVKL$)HWWHUV0'(OZ\Q76´)DPLO\&RQVHQW&RPPXQLFDWLRQDQG
$GYDQFH 'LUHFWLYHV IRU &DQFHU 'LVFORVXUH²$ -DSDQHVH &DVH DQG 'LVFXVVLRQµ
-RXUQDORI0HGLFDO(WKLFV9RO,VVSS
$OJÖHU / 8\DU * ´<RøXQ %DNÖP +HPûLUHOLøLQLQ (WLN <|QOHULµ ,,, 7ÖEEL (WLN
6HPSR]\XPX%LOGLULOHUL.LWDEÖ%L\RHWLN'HUQHøL<D\ÖQÖ<g.PDW$QNDUDV
&DQLDQR ' ´(QG RI /LIH 'HFLVLRQV IRU 6XUJLFDO 1HRQDWHV ([SHULDQFH LQ
1HWKHUODQVDQG86$µ-RXUQDORI3HGLDWULF6XUJHU\
&KHQJ ),S0 :RQJ . . <DQ : : ´&ULWLFDO &DUH (WKLFV LQ +RQJ.RQJ²
&URVV²&XOWXUDO&RQIOLFWVDV(DVW0HHWV:HVWµ-RXUQDORI0HGLFLQHDQG3KLORVRSK\9RO
,VVSS
dREDQRøOX1´+DVWD+DNODUÖ$oÖVÖQGDQ+DVWDQHOHUGH<|QHWLP(WLøLµ,,,7ÖEEL
(WLN6HPSR]\XPX%LOGLULOHUL%L\RHWLN'HU<D\ÖQÖ<g.PDW$QNDUDV
dREDQRøOX17DQÖU*´<HQL'RøDQ$ODQÖg]HOLQGH3HGLDWULGH(WLN6RUXQODUµ
6UHNOL7ÖS(øLWLPL'HUJLVLV
dREDQRøOX 1 hQDO 6 E ´(WLN YH 'HRQWRORML $oÖVÖQGDQ $,'6+,9µ *QFHO
%LOJLOHU
,ûÖøÖQGD
$,'6+,9
7UN
(F]DFÖODUÖ
%LUOLøL
<D\ÖQÖ
$QNDUD
V
dRUXK
0
´6DøOÖN
+L]PHWOHULQGH
.DOLWH
YH
3HUIRUPDQV
.DYUDPÖQGDNL
*HOLûPHOHUµ6DøOÖN+L]PHWOHULQGH7RSODP.DOLWH<|QHWLPL9H3HUIRUPDQVgOoPHG0
dRUXK+DEHUDO(øLWLP9DNIÖ$QNDUDV
dRUXK 0 D +DVWDQH <|QHWLPLQLQ +HNLP²+DVWD ùOLûNLVLQH (WNLOHUL .RQXVXQGD
g]HO*|UûPH
dRUXK 0 E +DVWD (øLWLP YH gøUHWLPL *D]L hQLYHUVLWHVL .DOLWH *QOHUL
6HPSR]\XPXQGD6XQXODQ$oÖû.RQXûPDVÖ
+DWXQú´dRFXNODUÖQ6DøOÖN+DNNÖµ(WLN%XQXQ1HUHVLQGH$72\D\V
-D\DZDUGHQD + ´$,'6 DQG 3URIHVVLRQDO 6HFUHF\ LQ WKH 8QLWHG 6WDWHVµ 0HGLFDO
6FLHQFH/DZ(QJODQGS
.DVDSRøOX $ 6DøOÖN 6RV\RORMLVL 7UNL\H·GHQ $UDûWÖUPDODU 6RV\RORML 'HUQHøL
<D\ÖQODUÖ9,$QNDUD
.LQODZ . ´7KH &KDQFLQJ 1DWXUH RI 1HRQDWDO (WKLFV LQ 3UDFWLVHµ &OLQLF LQ
3HULQDWRORML
.XUW] 6 6LOYHUPDQ - 'UDSHU - 7ÖSWD ùOHWLûLP 7HNQLNOHUL oHY 6 <HQLoHUL $
<XUGDoDOÖû0<DûDUODU%H\D]<D\ùVWDQEXO
0HUHGLWK 3 :RRG & ´,QMXU\ ,QWR WKH 3RWHQWLDO 9DOXH RI DQ ,QIRUPDWLRQ
SDPSKOHW RQ &RQVHQW WR 6XUJHU\ WR ùPSURYH 6XUJHRQ ² 3DWLHQW &RPPXQLFDWLRQµ
4XDOLW\LQ+HDOWK&DUH
g]FDQ&*HQo0)7UN6DøOÖN0HY]XDWÖ$72\D\ùPDMPDWù]PLU
3HDERG\-´+RZ6PDOOLVWRR6PDOOWR+RZ0XFKLVWRR0XFK(WKLFDO,VVXHV
DWWKH/LPLWVRI1HRQDWDO9LDELOLW\µ&OLQLFLQ3HULQDWRORML
3LQFK : ´(WKLFDO 'HFLVLRQ 0DNLQJ IRU +LJK 5LVN ,QIDQWV 7KH 3DUHQWV·
3HUVSHFWLYHµ1XUVLQJ&OLQLF1RUWK$PHULFD
5DGLNDO*D]HWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
7UN 7DELSOHUL %LUOLøL D 6DøOÖNOD ùOJLOL 8OXVODUDUDVÖ %HOJHOHU <D\ÖQD +D]ÖUOD\DQ )
6D\HN$QNDUD
7(032GHUJLVL
<DWDNOÖ 7HGDYL .XUXPODUÖùûOHWPH <|QHWPHOLøL WDULKOL1R %DNDQODU
.XUXOXNDUDUÖ\ODWDULKOL5HVPL*D]HWH1R
<X 9 ´([WUHPH 3UHPDWXULW\ &OLQLFDO DQG (WKLFDO ,VVXHV 7KH $YXVWUDOLDQ
3HUVSHFWLYHµ QG :RUOG &RQJUHVV 2I 3HULQDWDO 0HGLFLQH $EVWUDFW ERRN 5RPD )ORUHQFH6HSWHPEHUV
=RUOXWXQD < ´6DøOLN +L]PHWOHULQGH 7RSODP .DOLWH <|QHWLPL HG 0 dRUXKµ
6DøOÖN <|QHWLPLQGH 'HYDPOÖ .DOLWH ù\LOHûWLUPH +DEHUDO (øLWLP 9DNIÖ \D\ $QNDUD V
dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN
3URI'U0XVD'RøDQ dHYUHYHùQVDQ
ùQVDQ WU LON NH] PLO\RQ \ÖO |QFH RUWD\D oÖNPÖû YH R JQGHQ EHUL oHYUHVL LOH
LOLûNL LoLQGH ROPXûWXU ùQVDQ GLøHU WP FDQOÖODUGD ROGXøX JLEL oHYUHVL LOH PDGGH YH
HQHUML LOLûNLVL LoLQGHGLU %X VUHQLQ DQFDN VRQ \ÖOOÖN VUHVLQH LOLûNLQ ELOJL
YH EXOJXODU YDUGÖU %X VRQ G|QHPLQ LON \ÖOOÖN VUHVLQGH DYFÖOÖN YH
WRSOD\ÖFÖOÖNOD \DûDPÖQÖ VUGUHQ LQVDQ ND\QDNODUÖ LKWL\DFÖ |OoVQGH NXOODQPÖûWÖU
.D\QDNODUÖQEROROGXøXEXG|QHPGHLQVDQQIXVXQXELUWUODUWÖUDPDGÖøÖJLEL]DPDQ
]DPDQ oHûLWOL IHODNHWOHUH GH PDUX] NDOPÖûWÖU dHYUHGHNL ND\QDNODUÖQ WNHQPHVL
LQVDQRøOXQX \HQL DUD\ÖûODUD VRNPXû YH \HQL DODQODUD J|o HWPHVLQL VDøODPÖûWÖU ùQVDQ YH
oHYUHHWNLOHûLPLLQVDQÖQIL]LNVHOYH]LKLQVHO\DSÖVÖQÖQûHNLOOHQPHVLQH\RODoPÖûWÖU
*QP]GHQ\ÖO|QFHVLQGHWDUÖP\DSPD\ÖYH\HUOHûLNKD\DWDJHoPH\L
EDûDUDQ LQVDQ WU EHVLQ DUWÖûÖQD EDøOÖ RODUDN QIXVXQX GD DUWÖUPD HøLOLPLQH JLUPLûWLU
$QFDN GHøLûLN ]DPDQODUGD RUWD\D oÖNDQ oHûLWOL KDVWDOÖNODU YH NÖWOÖNODUD EDøOÖ RODUDN
QIXVXQXELUWUODUWÖUDPDPÖûWÖU
%LOLP YH WHNQRORMLN JHOLûPHOHULQ EHUDEHULQGH JHWLUGLøL HQGVWUL YH WÖSWD ND\GHGLOHQ
JHOLûPHOHU WP \DûDPÖ GRøDO IDNW|UOHUFH EHOLUOHQHQ LQVDQRøOXQXQ |Q SODQD oÖNPDVÖQD
VHEHS ROPXûWXU %|\OHOLNOH LQVDQRøOX DUWÖN PDNLQH NXOODQPD\D YH GRøDO DODQODUÖ WHKGLW
HWPH\H EDûODPÖûWÖU $\UÖFD WÖSWDNL JHOLûPHOHU KDVWDOÖNODUOD PFDGHOHGH LQVDQÖQ UROQ
DUWÖUPÖûWÖU +HU ûH\LQ LQVDQ LoLQ ROXûWXUXOGXøX LONHVLQGHQ KDUHNHW HGHQ LQVDQRøOX
oHYUHVLQLDFÖPDVÖ]FDWNHWPH\HEDûODPÖûWÖU
ùQVDQ PHUNH]OL DQWKURSRFHQWULF EL\RORMLN GQ\D PRGHOL oHûLWOL LQDQo VLVWHPOHULQLQ
GH GHVWHøL LOH DVÖUODUFD NDEXO J|UPûWU %X J|UûH J|UH LQVDQ WP FDQOÖODUÖQ HQ
DNÖOOÖVÖ ROXS EL\RORMLN GQ\DQÖQ HQ PHUNH]LQGHGLU ´+HU ûH\ RQXQ LoLQ GRøDGD
\DUDWÖOPÖûWÖUµ %DûND ELU GH\LûOH KHU ûH\ GRøD VW JoOHULQ HVHULGLU ùQVDQÖQ
\DSDELOHFHøLKLoELUûH\\RNWXU6DGHFHLWDDWHWPHN]RUXQGDGÖU%XJ|UûHLONNDUûÖoÖNDQ
7KRPDV 0DOWKXV YH &KDUOHV 'DUZLQ·GLU 'DUZLQ·LQ \ÖOÖQGD \D\ÖQODGÖøÖ 7UOHULQ
.|NHQLLVLPOLNLWDEÖQDJ|UHPHYFXWWUOHURUJDQLNHYULPYHGRøDOVHoLOLPOH\DûDPEXOXU
'DUZLQ EX HVHULQGH WP FDQOÖ WUOHULQLQ GRøDO VHoLOLPOH HYULP \ROX\OD ROXûWXøXQX
RUWD\D NR\PXû YH FDQOÖODUÖQ IHQRWLSLN \DSÖVÖQÖQ ROXûPDVÖQGD oHYUHQLQ UROQH LûDUHW
HWPLûWLU %X EXOJXODU ) 5HGL YH / 3DVWHXU WDUDIÖQGDQ YLWDOLVWLN J|UûH NDUûÖ RUWD\D
DWÖODQYHVHEHSVRQXoLOLûNLVLQHYHPHNDQLVWLNJ|UûHGD\DOÖ|QHPOLEXOJXODUGÖUùûWHEX
QRNWDGDQ KDUHNHWOH WP FDQOÖOÖN ROD\ODUÖQÖQ GRøD VW JoOHUFH NRQWURO HGLOGLøL
ûHNOLQGHNL YDUVD\ÖP \HULQL GRøDO VHoLOLPOH WP FDQOÖODUÖQ RUJDQLN HYULP VRQXFXQGD
ROXûWXøXQDLOLûNLQELOLPVHOJ|UûHEÖUDNPÖûWÖU
%LOLP YH WHNQRORMLGH ND\GHGLOHQ JHOLûPHOHU LQVDQRøOXQXQ JHoPLûWH \DûDGÖøÖ oHYUH
IHODNHWOHULQLNÖWOÖNODUÖVDOJÖQKDVWDOÖNODUÖWHNUDUJ|]GHQJHoLUPHVLQLVDøODPÖûWÖUg]HOOLNOH
HQGVWUL GHYULPL VRQUDVÖQGD HQGVWULQLQ \RøXQ ROGXøX \|UHOHUGH RUWD\D oÖNDQ oHYUH
VRUXQODUÖ FLGGL VDøOÖN SUREOHPOHULQL GH EHUDEHULQGH JHWLUPLûWLU %X VRUXQ PDGHQOHU
FLYDUÖQGD oRN EHOLUJLQGLU 7P EX ROD\ODUD UDøPHQ LQVDQODU VDKLS ROGXNODUÖ \DQOÖû
2'7h%L\RORML%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GHøHUOHU
QHGHQL\OH
EXQXQ
VRUXPOXVXQXQ
LQVDQÖQ
NHQGLVL
ROGXøXQX
ELU
WUO
J|UHPHPLûWLU
%L\RORMLNdHûLWOLOLN
&DQOÖ WUOHULQLQ HNRORMLOHULQH YH KDELWDWODUÖQD EDøOÖRODUDN VHUJLOHGLNOHUL GHøLûHELOLUOLN
YH YDU\DV\RQD ´EL\RoHûLWOLOLNµ DGÖ YHULOLU %L\RORMLN oHûLWOLOLN NRQXVXQGD GQ\DGD
EXOXQDQ WUOHULQ WHVSLWLQH \|QHOLN DUDûWÖUPDODU X]XQ ]DPDQGÖU GHYDP HWPHNWHGLU
´'Q\DGD PHYFXW WU VD\ÖVÖ QHGLU"µ ´%XJQH NDGDU QH NDGDU WU ROXûPXûWXU"µ JLEL
VRUXODUD \DQÖW YHUPHN KD\OL ]RUGXU %LOLQHQ WU VD\ÖVÖ PLO\RQ FLYDUÖQGD ROPDNOD
EHUDEHU JHUoHN VD\ÖVÖQÖQ EXQXQ oRN |WHVLQGH ROGXøX GûQOPHNWHGLU %XJQH
NDGDU ROXûPXû WU VD\ÖVÖ LVH PHYFXW WU VD\ÖVÖQÖQ NDWÖ NDGDUGÖU 'Q ROGXøX JLEL
\DUÖQÖQ GQ\DVÖQGD GD EL\RORMLN oHûLWOLOLN \DûDPÖQ VLJRUWDVÖ ROPD\D GHYDP HGHFHNWLU
)DNDW EXJQ JHOLQHQ QRNWD LWLEDUÖ LOH VDGHFH 7URSLNDO <DøPXU 2UPDQÖ·QGD \ÖOGD
ND\EHGLOHQWUVD\ÖVÖFLYDUÖQGDROXSEXJQGHWUGHPHNWLU
%L\RORMLN oHûLWOLOLøLQ NRUXQPDVÖQD \|QHOLN RODUDN %HUQ 5DPVDU &,7(6 JLEL oHûLWOL
XOXVODUDUDVÖ DQODûPDODU LP]DODQPÖûWÖU $QFDN oRøX ]DPDQ LQVDQÖQ GHøHU \DUJÖODUÖQD
\|QHOLNHWLNER\XWXVÖQÖUOÖNDOPÖûWÖU
%L\RORMLN oHûLWOLOLøLQ NRUXQPDVÖQD \|QHOLN LON FLGGL DGÖP5LR·GD \ÖOÖQGD DWÖOPÖû
YH SUHQVLS NDEXO HGLOPLûWLU %X SUHQVLSOHULQ \DûDPD JHoLULOPHVLQH \|QHOLN RODUDN
KD]ÖUODQDQ H\OHP SODQÖ $*(1'$ LoLQGH EXOXQGXøXPX] \]\ÖOÖQ oHYUH
SROLWLNDVÖQÖQ oHUoHYHVLQL oL]PHNWHGLU %X H\OHP SODQÖQGD NRQXQXQ LQVDQ ER\XWX
DøÖUOÖNOÖ RODUDN LûOHQPLûWLU 6UGUOHELOLU NDONÖQPD LoLQ PXWODN VXUHWOH GRøDO \DûDP YH
oHYUHNRUXQPDOÖND\QDNODUL\L\|QHWLOPHOLGLU%XEDøODPGDRUPDQWDKULEDWÖ|QOHQPHOL
KDVVDV HNRVLVWHPOHU L\L \|QHWLOPHOL o|OOHûPH LOH PFDGHOH HGLOPHOL EL\RORMLN oHûLWOLOLN
NRUXQPDOÖoHYUHX\XPOXEL\RWHNQRORMLYH\DûDPûHNLOOHULGHVWHNOHQPHOLGLU
7UNL\H·GH $*(1'$ GRNPDQÖQD SDUDOHO RODUDN KD]ÖUODQDQ 7UNL\H 8OXVDO
dHYUH (\OHP 3ODQÖ LOH (øLWLP YH .DWÖOÖP 5DSRUX LON NH] XOXVDO G]H\GH oDøGDû ELU
\DNODûÖPOD VRUXQXQ NHVLQ o|]P LoLQ oHYUH HWLøL YH EXQD LOLûNLQ KHU G]H\GHNL
HøLWLPLQLoHULøLQLQEHOLUOHQPHVLEDNÖPÖQGDQ|QHPOLJHOLûPHOHUGLU
ùQVDQYHdHYUHùOLûNLVL
ùQVDQ YH oHYUHVL DUDVÖQGDNL LOLûNLQLQ WDULKL LON LQVDQÖQ GRøDGD RUWD\D oÖNWÖøÖ DQGDQ
LWLEDUHQ EDûODU %XJQ VD\ÖODUÖ PLO\RQ RODQ FDQOÖODUGDQ ELU WDQHVL GH LQVDQ WUGU
ùQVDQ KDYDGD EXOXQDQ RNVLMHQL DOÖU YH NDUERQGLRNVLWL KDYD\D EÖUDNÖU 7P EHVLQ
PDGGHOHUL oHYUHGH EXOXQDQ KD\YDQVDO YH ELWNLVHO ND\QDNODUGDQ HOGH HGLOLU *L\HFHN
LoHFHN \DNDFDN EDUÖQDN YH LODo KDPPDGGHOHUL \LQH oHYUHGHQ HOGH HGLOLU g\OH LVH
LQVDQRøOXQXQ \DûDPÖ oHYUHGHNL V|] HGLOHQ PDGGHOHUH EDøOÖGÖU dHYUHVL\OH PDGGH YH
HQHUML LOLûNLVL LoLQGH RODQ LQVDQRøOX WP FDQOÖ WUOHUL JLEL NHQGL \DûDPD RUWDPÖQÖQ ELU
ELUH\LGLU
%LU
GûQUQ
GH\LPL\OH
´'RøDQÖQ
HNRQRPLVL
YH
LQVDQÖQ
HNRORMLVL
ELUELULQGHQD\UÖOPD]ELUEWQQSDUoDODUÖGÖU%XQODUÖD\ÖUPD\DoDOÖûPDNWHKOLNHOLGLUµ
\]\ÖOÖQ LNLQFL \DUÖVÖQGD LYPH ND]DQDQ HNRORML ELOLPL oHYUH\L FDQOÖ YH FDQVÖ]
HOHPDQODU LOH ELU EWQ RODUDN GHøHUOHQGLUPLûWLU dHYUH VRUXQODUÖ LQVDQÖQ HVHULGLU
dHYUH NHQGLVLQH QH \DSÖOÖUVD \DSÖOVÖQ EXQODUD EHOOL |OoOHUGH \DQÖW YHUPHNOH EHUDEHU
oRøX]DPDQWDKULSROPDNWD\DGDNLUOHQPHNWHGLU%HONLGHNHQGLHNRVLVWHPLQLWHUN
HGHQYHNHQGLNXUGXøXVXQLRUWDPODUGD\DûD\DQ\HJkQHWULQVDQGÖU&KXUFKLO·LQGH\LPL
LOH ´%L] HYOHULPL]L HYOHULPL] GH EL]OHUL ûHNLOOHQGLULUµ 7P FDQOÖ RUJDQL]PDODU KHP
oHYUHOHUL KHP GH ELUELUOHUL LOH LOLûNL LoLQGHGLU &DQOÖODUÖQ oHYUHOHUL LOH RODQ LOLûNLOHUL
JHoLUGLNOHUL RUJDQLN HYULPH YH NHQGL JHQHWLN \DSÖODUÖQD EDøOÖGÖU ùûWH EX QHGHQOH
0XVD'RøDQ³dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN
GQ\DQÖQ GHøLûLN \|UHOHULQGH GHøLûLN FDQOÖ WUOHULQL EXOXUX] 'XUXP LQVDQ WU LoLQ GH
D\QÖGÖU .XWXSODUGD \DûD\DQ HVNLPRODUÖQ \DûDPÖ NXWXS oHYUHVLQFH EHOLUOHQLUNHQ
%RUQHR·GD\DûD\DQ\HUOLKDONÖQ\DûDPÖGDWURSLNDOoHYUHNRûXOODUÖQFDEHOLUOHQLU'XUXP
EXLQVDQODUÖQHWLN\DSÖODUÖQGDGDNHQGLQLJ|VWHULU
ùQVDQ YH oHYUH LOLûNLVL ]DPDQ LoLQGH IDUNOÖ VH\LU L]OHU %XQXQ HVDV QHGHQL LQVDQÖQ
ROXûWXUGXøX ´VRV\DO VLVWHPLQµ ]DPDQOD oRN GHøLûPHVL YH EXQXQ HNRVLVWHPH WHN WDUDIOÖ
\DQVÖPDVÖGÖU 8]PDQODU EX HNRVLVWHP YH VRV\DO VLVWHPL EHUDEHUFH HNRVRV\DO VLVWHP
RODUDN GDKD VW ELU \DSÖGD ELUOLNWH HOH DOPDNWDGÖU *QP]H NDGDU oHYUH YH
LQVDQ LOLûNLVL o DûDPDGD GHøHUOHQGLULOLU %XQODUGDQ LON DûDPDGD LQVDQRøOX ELOLQoVL]GLU
%X QHGHQOH EX GHYUH\H ´ELOLQoVL] YDUROXû GHYULµ DGÖ YHULOLU ùQVDQRøOX oHYUHQLQ YH
oHYUHGH ROXS ELWHQOHULQ NHQGLVLQH QDVÖO \DQVÖ\DFDøÖQÖQ IDUNÖQGD GHøLOGLU %X GHYUH \]\ÖOD NDGDU JHoHQ VUH\L NDSVDU dRøX ]DPDQ EX ELOLQoVL] YDUROXûXQ IDWXUDVÖ DøÖU
ROPXû YH ELUoRN PHGHQL\HW RUWDGDQ NDONPÖûWÖU 8]PDQODU HVNL <XQDQ YH 5RPD·QÖQ
o|NûQQ
DUNDVÖQGD
$NGHQL]
oHYUHVLQGHNL
oHYUH
VRUXQODUÖQÖQ
\DWWÖøÖQÖ
LGGLD
HWPHNWHGLUOHU
ùNLQFLGHYUH|QELOLQoOHQPHQLQEDûODGÖøÖHWLNGHøHUOHULQFLGGLRODUDNUHYL]HHGLOPH\H
EDûODGÖøÖ G|QHPL NDSVDU %X G|QHP \]\ÖOÖQ LNLQFL \DUÖVÖQGDQ ·OL \ÖOODUD NDGDU
VUHU%XQHGHQOHEXG|QHPH´ELOLQoOHQPHG|QHPLµDGÖYHULOLU
hoQF G|QHP LVH ·OL \ÖOODUGD EDûOD\ÖS JQP]GHGH GHYDP HGHU %X G|QHP
´ELOLQoOL ROXû G|QHPLµ RODUDN LVLPOHQGLULOLU %X G|QHPGH HNRORML ELOLPLQLQ WHPHO
SUHQVLSOHULQH GD\DOÖ RODUDN WP FDQOÖODUÖQ ELUELUOHUL YH oHYUHOHUL LOH RODQ LOLûNLOHUL
LQFHOHQPHNWHGLU$UWÖNLQVDQPHUNH]OLELU\DûDPPRGHOLQLQ\HULQLWPFDQOÖODUÖQLoLQGH
\HU DOGÖøÖ ´HNRVHQWULNµ \DûDP PRGHOLQH WHUN HWWLøL J|UOU %WQ FDQOÖODU |QHPOLGLU
7PQQ URO HNRVLVWHP EWQ LoLQGH YD]JHoLOPH]GLU %XQODUGDQ KHUKDQJL ELULVLQH
ELU ûH\ ROPDVÖ WP \DûDPÖ WHKGLW HWPHNWHGLU %X ELOLPVHO J|Uû LVH \HQL ELU \DûDP
ûHNOLQLYHNDONÖQPDPRGHOLQLQRUWD\DDWÖOPDVÖQÖEHUDEHULQGHJHWLUPLûWLU7PNDONÖQPD
SODQODUÖQÖQ GRøDQÖQ NRUXQPDVÖQÖ J|]HWPHVL JHUHNWLøLILNULQGHQ KDUHNHWOHVUGUOHELOLU
NDONÖQPD \]\ÖOÖQ PRGHOLGLU %X QHGHQOH EXQXQ KD\DWD JHoLULOPHVL LûL LVH HQ VW
G]H\GH VRUXPOX YDWDQGDû \HWLûWLUPH YH NDWÖOÖPOD LOLQWLOLGLU %X KLo ûSKHVL] ELU HWLN
ROD\ÖGÖU%XQXQLoLQ·OL\ÖOODUVRQUDVÖQGDoHYUHHøLWLPLDGÖLOH\HQLELUGLVLSOLQRUWD\D
oÖNPÖûWÖU
%L\RORMLNdHûLWOLOLøHùOLûNLQ.RUXPDdDEDODUÖ
%XJQ LYHGL RODUDN o|]POHQPHVL JHUHNHQ NRQX DUWDQ QIXVXQ ND\QDN VRUXQXGXU
g]HOOLNOH EHVLQ GDUERøD]Ö LQVDQ \DûDPÖQÖ WHKGLW HWPHNWHGLU 'Q\D QIXVXQXQ ·VL
DoOÖN ·VL LVH VDøOÖNOÖ LoPH VX\XQGDQ \RNVXQ ROPDQÖQ \RO DoWÖøÖ VDøOÖN VRUXQODUÖ LOH
NDUûÖ NDUûÖ\DGÖU %X GXUXP GQ\DQÖQ GHøLûLN ONHOHULQGHNL LQVDQ \DûDP VUHVLQL ELOH
HWNLOHPHNWHGLU6RUXQXQo|]PKHUQHNDGDULONHWDSWDELOLPYHWHNQRORMLNXOODQÖPÖLOH
PPNQ JLEL J|UQU LVH GH NHVLQ o|]P EL\RORMLN oHûLWOLOLøLQ NRUXQPDVÖ YH
VUGUOHELOLU \DûDP LONHOHULQH X\JXQ HWLN GHøHUOHULQ WP ELUH\OHUFH VHUJLOHQPHVL LOH
PPNQGU
%L\RORMLN oHûLWOLOLøLQ |]HOOLNOH \DNÖQ JHoPLûWH 5LR 'Q\D =LUYHVL |QFHVLQGHNL
NRUXPD SROLWLNDODUÖQGD EXQODUÖQ NXUXPGD NRUXQDELOHFHøLQGHQ KDUHNHWOH oHûLWOL JHQ
EDQNDODUÖ WRKXP EDQNDODUÖ YE NXUXPVDO \DSÖODU ROXûWXUXOPXûWXU 5LR·GD \DSÖODQ
GHøHUOHQGLUPHOHUGH EXQXQ DPDoODUÖQ oRN JHULVLQGH NDOGÖøÖ VDSWDQPÖû YH JHOLûPHNWH
RODQONHOHULQER\XWODUÖQÖDûDQELUX\JXODPDROGXøXEHOLUOHQPLûWLU%XQHGHQOHoHYUHQLQ
YH GROD\ÖVÖ\OD EL\RORMLN oHûLWOLOLøLQ NRUXQPDVÖQÖQ VDGHFH oHYUH\L ROXûWXUDQ KDYD VX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
WRSUDN YH EL\RORMLN oHûLWOLOLN JLEL ELOHûHQOHULQLQ YXUJXODQPDVÖ LOH PPNQ RODPD\DFDøÖ
DQODûÖOPÖûWÖU dQN NRQX HNRQRPLN HNRORMLN SROLWLN HøLWVHO YH EXQODUÖQ WPQQ
]HULQGHHWLNVRUXQXRODUDNRUWD\DoÖNPÖûWÖU
%LOLP YH WHNQRORMLGHNL JHOLûPHOHU EHUDEHULQGH JHQ WHNQRORMLOHULQL RUWD\D NR\PXû YH
WUDQVJHQLNoHûLWOLRUJDQL]PDODU\DYDû\DYDûSD]DUODUDJLUPH\HEDûODPÖûWÖU+HUQHNDGDU
XOXVODUDUDVÖ
G]H\GH
WUDQVJHQLN
RUJDQL]PDODU
YH
EXQODUÖQ
UQOHULQH
LOLûNLQ
´%L\RJYHQOLN3URWRNROµJLELV|]OHûPHOHU\UUOøHJLUPHNWHLVHGHLûLQ|]XOXVODUÖQ
NHQGL Lo \|QHWLPOHUL LOH LOJLOLGLU 8OXVDO PHY]XDW KNPOHUL PXWODN VXUHWOH EL\RORMLN
oHûLWOLOLøL NRUXPDOÖ NDPXR\XQX EX NRQXGD ELOJLOHQGLUPHOL NRQX\D LOLûNLQ HWLN GHøHUH
VDKLS ELUH\OHU ROXûWXUPDOÖ YH RQODUÖQ VLVWHPH NDWÖOÖPÖQD RODQDN YHUPHOLGLU *HOLûPLû
ONHOHUGHHWLNHWOHQGLUPHQLQL\L\DSÖOPDVÖYHHWLNQHGHQOHUGHQGROD\ÖSD]DUGDWUDQVJHQLN
UQOHUGRøDOUQOHUGHQoRNXFX]GXU
dHYUH(WLøL
ùQVDQEL\RORMLN\DSÖVÖLWLEDUL\OHWÖSNÖGLøHUFDQOÖODUJLELEHOOLEL\RORMLNPROHNOOHUGHQ
\DSÖOPÖûWÖU1DVÖONLFDQOÖODUDOHPLQLDQODPDNLoLQFDQOÖOÖøÖYHRQXQGDHQDOWEDVDPDNWD
FDQOÖ ELULPL RODQ KFUHVLQL oDOÖûPDNOD LûH EDûOÖ\RUVDN D\QÖ ûHNLOGH oHYUH VRUXQODUÖQÖQ
KHUWUOVQQDUNDVÖQGD\DWDQHVDVVRUXPOXQXQLQVDQROGXøXQXELOPHNJHUHNLUùQVDQ
oHYUHVLQL ELOHUHN YH\D ELOPH\HUHN WDKULS HWPHNWHGLU %XQXQ QHGHQL oHYUH GHøHUOHULQLQ
|QHPLQLQ IDUNÖQGD RODPDPDNWDQ JHoHU %XQXQ WHGDYLVL LVH LQVDQRøOXQXQ ´JHUoHNoLOLN
WHUDSLVLµ LOH JHUoHøLQ IDUNÖQD YDUPDVÖ YH X\JXQ oHYUHGHøHU VLVWHPOHULQH VDKLS
RODELOPHVLLOHPPNQGUùûWHEXQHGHQOHGLUNLGRøDDUWÖNNHQGLQLWDPLUHGHPHPHNWH
DNDUVXODU
SLVOLN
WXWPDNWD
YH
RN\DQXVODU
NLUOHQPHNWHGLU
%XQODUÖQ
WP
HWLN
HNVLNOLøLQGHQND\QDNODQÖUùQVDQÖGLøHUFDQOÖODUGDQD\ÖUDQGX\JXGûQFHYHEHONLGHHQ
|QHPOLVLHWLNGHøHUOHULGLU
&KDLVVRQ·D J|UH HWLN ´LQVDQOÖøÖ PXWOXOXøD WDûÖ\DQ WXWXP YH GDYUDQÖûODUGÖUµ %X
GûQFHWDU]ÖX]XQYDGHGHND\QDNODUÖQHWNLQNXOODQÖPÖQÖYHVUGUOHELOLU\DûDPÖLûDUHW
HWPHNWHGLU 0XWOXOXN VDGHFH WHN WDUDIOÖ DûÖUÖ WNHWLP GHøLOGLU dHYUH HWLøL oHYUHQLQ
X\JXQ NXOODQÖOPDVÖQÖ YH ND\QDNODUGDQ WNHQPHGHQ \DUDUODQPD\Ö JHUL G|QûPO
NXOODQPD\Ö YH oHYUH\L NLUOHWPHGHQ \DûDPD\Ö |QJ|UU 'XUXP JHOLûPLû YH JHOLûPHNWH
RODQ ONHOHUGH IDUNOÖOÖN VHUJLOHU 'Q\D QIXVXQXQ NDGDUÖQÖ ROXûWXUDQ JHOLûPLû
ONHOHULQ ND\QDNODUÖQ NDGDUÖQÖ WNHWPHVLQLQ GH oHYUH HWLøL LOH EDøGDûPDGÖøÖ ELU
JHUoHNWLU g\OH LVH \]\ÖOÖQ EDûÖQGD ROGXøXPX] EX JQOHUGH EX WHPHO VRUXQXQ
o|]POHQPHVLNDoÖQÖOPD]J|UQPHNWHGLU
·OL \ÖOODUGD NRUXPDFÖOÖN EDøODPÖQGD ´DUD]L HWLøLµ YH ´EL\RHWLNµ NRQXODUÖ
JQGHPH JHOPLûWLU %X EDøODPGD /HRSROG oHYUH HWLøLQH LOLûNLQ RODUDN ´EL\RORMLN
NRPQLWHQLQ EWQOøQ PHYFXW \DSÖQÖQ NRUXQPDVÖQÖ YH HVWHWLN \DSÖQÖQ PXKDID]D
HGLOPHVLQH \|QHOLN GDYUDQÖûODUÖQ GRøUX EXQODUÖQ DNVL RODQODUÖQÖQ LVH \DQOÖû ROGXøXQX
LIDGH HWPHNWHGLU %X WHPHOGH oHYUH HWLøLQLQ JHQHO oHUoHYHVLQLQ oL]LOPHVL
EDNÖPÖQGDQ GRøUX ROPDNOD EHUDEHU HVDV LWLEDUL\OH oHYUHQLQ NRUXQPDVÖ RQD X\JXQ
\DûDPûHNOLQLQYHVUGUOHELOLUNDONÖQPDPRGHOOHULQLQEHQLPVHQPHVLLOHLOJLOLGLU
.D\QDNoD
%DUHW-0YHDUN%LRORJ\3UHQWLFH+DOO(QJOHZRRG&OLIIV1
0XUG\ :+ (WKLFDO DQG 3KLORVRSKLFDO $VSHFWV RI %LRGLYHUVLW\ &RQVHUYDWLRQ
%LRORJL
0XVD'RøDQ³dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN
'DUZLQ&7KH2ULJLQRI6SHFLHV7KH0RGHUQ/LEUDU\1HZ<RUN1<SS
-DFNVRQ:0DQDQG(QYLURQPHQW:0&%URZQ&R,RZD
'RøDQ0dHYUHYHùQVDQ,6HFDQ<D\ÖQODUÖ$QNDUD
:LOVRQ(2%LRGLYHUVLW\1DWLRQDO$FDG3UHVV1HZ<RUN
'RøDQ 0 ´7UNL\H·GH %L\RoHûLWOLOLN YH %LWNLVHO *HQ .D\QDNODUÖ
7UNL\H·QLQdHYUH.RQXVXQGD7DUDI2OGXøX8OXVODUDUDVÖ6|]OHûPHOHU$QNDUD
$*(1'$ 5LR 'HFODUDWLRQ RQ (QYLURQPHQW DQG 'HYHORSPHQW 81 3XEO *HUoHøLµdHYUHYHùQVDQ
-XQH5LR
'RøDQ
0
´7UNL\H·GH
6UGUOHELOLU
.DONÖQPD
dDEDODUÖ
YH
%L\RoHûLWOLOLNµdHYUHYHùQVDQ
0D\50´+RZ0DQ\6SHFLHVDUHWKHUHRQ(DUWK"µ6FLHQFH
9RON 7/ ´3URMHFW 6\QWKHVLV DQG (QYLURQPHQWDO (GXFDWLRQµ 6FLHQFH
(GXFDWLRQ
'RøDQ 0 ´ùQVDQ dHYUH YH dHYUH (øLWLPLµ %L\RORML (øLWLPLQGH dHYUH
6RUXQODUÖQD <DNODûÖP 6HPSR]\XPX +DFHWWHSH hQLYHUVLWHVL <D\ÖQODUÖ $QNDUD
V
'RøDQ0´7UNL\H·GH*HQHWLN(UR]\RQµdHYUHYHùQVDQ
'RøDQ0´8OXVDO*QGHP7UNL\H·GH)HQ(øLWLPL3URJUDPODUÖYH
dHYUH(øLWLPLµ,9)HQ%LOLPOHUL(øLWLPL.RQJUHVL(NLP$QNDUD
'RøDQ 0 ´6WRFNKROP .RQIHUDQVÖQGDQ *QP]H 7UNL\H·GH dHYUH
(øLWLPLµdHYUHYHùQVDQ
&KDLVVRQ(-2XU&RVPLF+HULWDJH=\JRQ
0XUG\ :+ ´(WKLFDO DQG 3KLORVRSKLFDO $VSHFWV RI %LRGLYHUVLW\
&RQVHUYDWLRQµ
%LRORJLFDO
$FDGHP\RI6FLHQFH
'LYHUVLW\
3UREOHPV
DQG
&KDOLHQJHV
3HQQV\OYDQLD
%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
$UDû*|U++DOXN(UGHP $PD H\OHPOHU QDVÖO \DSÖOÖUVD YH YHULOHQ ûH\OHU QDVÖO
YHULOLUVH DGDOHWOL RODFDNODU EXQX ELOPHN VDøOÖøD
\DUDUOÖ
ûH\OHUL
ELOPHNWHQ
GDKD
E\N
LûWLU
$ULVWRWHOHV1LNRPDNKRV·D(WLND
*LULû
%LOGLULPLQ DPDFÖ \DûDPD KDNNÖ YH VRUXQODUÖQÖ WDUWÖûPDNWÖU <DQÖWÖQÖ DUDPD\D
oDOÖûWÖøÖP VRUX ûXGXU ùûNHQFH |OP FH]DVÖ |WHQD]L YH NUWDM RODUDN ELOLQHQ DERUWXV
X\JXODPDVÖ KHU ]DPDQ ELU \DûDPD KDNNÖ LKODOL PLGLU" 6RUXQXPX IHOVHIL EDNÖû LOH
VHULPOHPH\H oDOÖûDFDøÖP \]\ÖOÖQ EDûÖQGD LQVDQOÖøÖQ \] \]H JHOGLøL GQ\D
SUREOHPOHULQGHQ ELULVL RODQ \DûDPD KDNNÖQD YH VRUXQODUÖQD IHOVHIL DoÖGDQ \DNODûPDQÖQ
JHUHNOLOLøL
DoÖNWÖU
%X
JHUHNOLOLN
LQVDQFD
\DûDPDQÖQ
JHUoHNOHûHFHøL
ELU
GQ\D
|]OHPLQGHQ GRøPDNWDGÖU <DûDPD KDNNÖQÖQ QH ROGXøXQX YH KDQJL GXUXPODUGD LKODO
HGLOGLøLQL KDQJL GXUXPODUGD LKODO HGLOPHGLøLQL ELOPHGLNoH RQXUXQX NRUXPD ELOLQFL
GQ\DEDUÖûÖQÖYHLQVDQÖQRQXUXQX]HGHOH\HQELOLQoNDUûÖVÖQGDJoORODPD\DFDNWÖU
$QFDN EX KDNNÖQ NDYUDPÖQÖQ LoHULøLQLQ \HWHULQFH VRUJXODQGÖøÖQÖ V|\OHPHN ROGXNoD
JoWU )UDQVÖ] ILOR]RI $OEHUW &DPXV ¶¶oDøÖQÖ DQODPD \ROXQGD ELU oDED··
RODUDNNDOHPHDOGÖøÖ%DûNDOGÖUDQùQVDQDGOÖ\DSÖWÖQGD\DûDPDKDNNÖQDLOLûNLQVRUJXODPD\Ö
ûX V|]OHUOH GLOH JHWLUPHNWHGLU ¶¶gQP]GH GXUDQ ûX |WHNLQL |OGUPH\H \D GD
|OGUOPHVLQHER\XQHøPH\HKDNNÖPÖ]ROXSROPDGÖøÖQÖELOPHGLøLPL]VUHFHKLoELUûH\
ELOHPH\L] %XJQ KHU H\OHPG|QS GRODûÖS GROD\OÖ \D GD GROD\VÖ] |OGUPH\H YDUGÖøÖQD
J|UH |OGUPHPL] JHUHNLS JHUHNPHGLøLQL JHUHNL\RUVD QHGHQ JHUHNWLøLQL JHUHNPL\RUVD
QHGHQJHUHNPHGLøLQLELOPHGLNoHH\OHPHJHoHPH\L]··&DPXV
<DGVÖ\DPD\DFDøÖPÖ] LON ûH\LQ ¶¶EDûNDVÖQÖQ \DûDPDVÖ·· ROGXøXQX GûQHQ
&DPXV \DûDPD KDNNÖ NDYUDPÖQÖQ LoHULøLQL ELU NH] GDKD VRUJXODPDPÖ]D RODQDN
YHUPHNWHGLU<DûDPDKDNNÖYHVRUXQODUÖQÖWDUWÖûPD\DJHoPHGHQ|QFHWHPHOLQVDQKDNNÖ
NDYUDPÖQDDoÖNOÖNJHWLUPHNJHUHNL\RU
%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖ
7HPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖQÖQ GQ\DPÖ]GD ELU SUREOHP RODUDN
YDUOÖøÖQÖ VUGUPHVLQLQ QHGHQOHULQLQ EDûÖQGD EX KDNNÖQ QH\LQ WDOHEL ROGXøXQXQ YH
QHGHQ NRUXQPDVÖ JHUHNWLøLQLQ \HWHULQFH ELOLQFLQH YDUÖODPDPDVÖ YH LQVDQ KDNODUÖQÖQ QH
ROGXøXNRQXVXQGDNLELOJLVL]OLøLQYHNDUJDûDQÖQVUSJLWPHVLJHOPHNWHGLU
3URI 'U ùRDQQD .XoXUDGL· \H J|UH LQVDQ KDNODUÖ ¶¶KHU LQVDQOD LOJLOL·· ED]Ö JHUHNOHUL
GLOH JHWLUPHNWLU %X JHUHNOHU LQVDQÖQ GHøHULQL WDQÖPD YH NRUXPD LVWHPOHUL RODUDN \DQL
LQVDQODUÖ ¶¶\DOQÖ]FD LQVDQ ROGXNODUÖ LoLQ·· NRUXPD LVWHPOHUL RODUDN RUWD\D oÖNPDNWDGÖU
.XoXUDGL D ùIDGH GH V|] JHoHQ ¶¶LQVDQÖQ GHøHUL··QGHQ QH DQODûÖOPDNWDGÖU"
ùQVDQÖQGHøHULLQVDQÖQGLøHUYDUOÖNODUOD\DGDLQVDQROPD\DQKHUûH\OHLOJLVLEDNÖPÖQGDQ
|]HOGXUXPXYHEX|]HOGXUXPXQGDQGROD\ÖVDKLSROGXøXED]ÖKDNODUEDûNDELUGH\LûOH
*D]LhQLYHUVLWHVL*D]L(øLWLP)DNOWHVL)HOVHIH*UXEX(øLWLPL$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
LQVDQÖQ YDUOÖNWDNL |]HO
\HULGLU ùQVDQÖQ GHøHUL
RQXQ
|]HOOLNOHUL
\D GD
\DSÖVDO
RODQDNODUÖGÖU.XoXUDGL
.XoXUDGL WHPHO LQVDQ KDNODUÖQGDQ LQVDQD |]J RODQDNODUÖ NLûLOHUGH NRUXPD
LVWHPOHUL RODUDN DQODPDNWDGÖU %X KDNODU ¶¶KHUNHVLQ KHUNHVWH KHUNHV LoLQ·· NRUXQGXøX
KDNODUGÖU 2QD J|UH NLûL LVWHPOHULQGH GH ED]Ö |QHPOL IDUNODU YDUGÖU ùVWHPOHUGHQ ELU
NÖVPÖ LQVDQÖQ RODQDNODUÖ\OD GRøUXGDQ GRøUX\D LOJLOLGLU %X LVWHPOHU LQVDQD |]J
HWNLQOLNOHUL JHUoHNOHûWLULUNHQ NLûLOHUH GRNXQXOPDPDVÖQÖQ LIDGHVLGLU %X KDNODU ¶¶EWQ
LQVDQODUÖQ HûLW ROGXøX KDNODUÖQ ELU NÖVPÖQÖ·· ROXûWXUPDNWDGÖU ¶¶7HPHO |]JUONOHU·· GH
EX NLûL KDNODUÖQÖQ \DVDO JYHQFHOHULGLU %LOGLULPLQ NRQXVXQX ROXûWXUDQ \DûDPD KDNNÖ
EX WU ELU LVWHPL GLOH JHWLUPHNWHGLU 'LøHU ELU LVWHP WU LVH LQVDQÖQ RODQDNODUÖQÖ
JHOLûWLUHELOPHVLQLQ |QNRûXOODUÖ LOH LOJLOLGLU (øLWLP VDøOÖN oDOÖûPD EX WU LVWHPOHUH
|UQHNWLU.XoXUDGLD
7HPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ NLûLQLQ KHP EHGHQVHO KHP UXKVDO
EWQOøQQ ER]XOPDPDVÖQÖ YH EX EWQOøQ WPGHQ \D GD ELU E|OPQQ ]DUDU
J|UPHPHVLQLWDOHSHGHU6DYFÖ
ùûNHQFHQLQ
\DûDPD
KDNNÖQÖQ
WDOHS
HWWLøL
UXKVDOEHGHQVHO
EWQOø
ER]XS
ER]PDGÖøÖQD LQVDQGD \RNVXQ EÖUDNWÖøÖ ûH\OHULQ QH ROGXøXQD LQVDQ KDNODUÖ DoÖVÖQGDQ
EDNDOÖP
ùûNHQFHYH<DûDPD+DNNÖ
%LUOHûPLû 0LOOHWOHULQ ùûNHQFH YH %DûND =DOLPFH ùQVDQOÖN GÖûÖ \D GD 2QXU .ÖUÖFÖ
'DYUDQÖû \D GD &H]D\D .DUûÖ 6|]OHûPHVL·QGH LûNHQFH û|\OH WDQÖPODQPDNWDGÖU ¶¶%LU
NLPVH\HNHQGLVLQGHQ\DGDoQFELUNLûLGHQELUELOJL\DGDLWLUDIVDøODPDNNHQGLVLQLQ
\D GD oQF ELU NLûLQLQ LûOHGLøL \D GD LûOHGLøLQGHQ NXûNX GX\XODQ ELU H\OHPGHQ |WU
RQX FH]DODQGÖUPDN NHQGLVLQH \D GD oQF ELU NLûL\H J|]GDøÖ YHUPHN \D GD RQODUÖ
]RUODPDNDPDFÖ\OD\DGDKHUKDQJLELUD\UÖPFÖOÖøDGD\DOÖELUQHGHQOHELUUHVPLJ|UHYOL\D
GD UHVPL VÖIDWOD GDYUDQDQ ELU EDûNDVÖ WDUDIÖQGDQ \D GD RQXQ NÖûNÖUWPDVÖ \D GD ROXUX \D
GD L]QL\OH ELOHUHN PDGGL \D GD PDQHYL DøÖU DFÖ YHUPHN \D GD H]L\HWWH EXOXQPDNWÖU··
%LUOHûPLû 0LOOHWOHU·LQ EX V|]OHûPHVLQLQ PDGGHVLQGH KLoELU GXUXPXQ LûNHQFH\L KDNOÖ
J|VWHULOHPH\HFHøL YH ELU VW \D GD UHVPL PDNDPGDQ DOÖQDQ HPULQ LûNHQFHQLQ JHUHNoHVL
RODPD\DFDøÖYXUJXODQÖU
*HRUJH 5\OH\ 6FRWW LûNHQFHQLQ \DVDO WDQÖPÖQÖQ NDEXO LOH LûNHQFHQLQ \DOQÖ]FD
GHYOHW WDUDIÖQGDQ YH DoÖNoD WDQÖPODQPÖû DPDoODU LoLQ X\JXODQDELOHFHøL J|UûQ NDEXO
HWPHN DQODPÖQD JHOHFHøLQL GHYOHW WDUDIÖQGDQ ELU LûNHQFH ELoLPL RODUDN X\JXODQDQ
]XOP
GHYOHW
RWRULWHVL
ROPDNVÖ]ÖQ
ELU
ELUH\
\D
GD
ELUNDo
\XUWWDû
WDUDIÖQGDQ
JHUoHNOHûWLULOGLøLQGH PHûUX VD\ÖODPD\DFDøÖQÖ EXQXQ LûNHQFH GHøLO VDOGÖUÖ RODUDN NDEXO
HGLOHFHøLQL EHOLUWHUHN E|\OH ELU \RUXPXQ KLo GH \HWHUOL ROPDGÖøÖ YH PDQWÖNHQ
VDYXQXODPD\DFDøÖQÖGûQPHNWHGLU6FRWW·DJ|UHDFÖoHNHQNLûL\H\DSÖODQX\JXODPDQÖQ
H]L\HW\DGD]XOPQGHUHFHVL\HWHULQFHûLGGHWOLROGXøXQGDEXQXQLûNHQFHGHQEDûNDELU
WDQÖPÖQÖQRODPD\DFDøÖDoÖNWÖU6FRWW
*HRUJH 5\OH\ 6FRWW LûNHQFHQLQ \DVDO WDQÖPÖQÖQ NDEXO LOH LûNHQFHQLQ \DOQÖ]FD
GHYOHW WDUDIÖQGDQ YH DoÖNoD WDQÖPODQPÖû DPDoODU LoLQ X\JXODQDELOHFHøL J|UûQ NDEXO
HWPHN DQODPÖQD JHOHFHøLQL GHYOHW WDUDIÖQGDQ ELU LûNHQFH ELoLPL RODUDN X\JXODQDQ
]XOP
GHYOHW
RWRULWHVL
ROPDNVÖ]ÖQ
ELU
ELUH\
\D
GD
ELUNDo
\XUWWDû
WDUDIÖQGDQ
JHUoHNOHûWLULOGLøLQGH PHûUX VD\ÖODPD\DFDøÖQÖ EXQXQ LûNHQFH GHøLO VDOGÖUÖ RODUDN NDEXO
HGLOHFHøLQL EHOLUWHUHN E|\OH ELU \RUXPXQ KLo GH \HWHUOL ROPDGÖøÖ YH PDQWÖNHQ
VDYXQXODPD\DFDøÖQÖGûQPHNWHGLU6FRWW·DJ|UHDFÖoHNHQNLûL\H\DSÖODQX\JXODPDQÖQ
+DOXN(UGHP³%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
H]L\HW\DGD]XOPQGHUHFHVL\HWHULQFHûLGGHWOLROGXøXQGDEXQXQLûNHQFHGHQEDûNDELU
WDQÖPÖQÖQRODPD\DFDøÖDoÖNWÖU6FRWW
6FRWWLûNHQFHQLQLQWLNDPKÖUVÖQÖQKD]ÖUHWNLOLWDWPLQHGLFLYHNDEDELUDUDFÖROGXøX
GûQFHVLQGHGLU %X DUDo GHYOHWWHQ oRN ELUH\OH LOLûNLOL LQWLNDP ELoLPOHULQGH V|]
NRQXVXGXU <DQL ¶¶VÖUDGDQ NRûXOODU DOWÖQGD LûNHQFH WRSOXPD NDUûÖ LûOHQPLûELU VXo YH\D
VR\XW LONHOHULQ oLøQHQPHVL NDUûÖVÖQGD GHYOHWLQ DGDOHWL VDøODPDN LoLQ EDûYXUGXøX ELU \RO
ROPDNWDQ oRN KDNVÖ]OÖøD XøUDGÖøÖQÖ NHQGLVLQH \D GD DLOHVLQH VDOGÖUÖGD EXOXQXOGXøXQX
GûQHQ ELUH\GH JHOLûHQ FH]D YHUPH GX\JXVX\OD EDøODQWÖOÖGÖUµ .RUNXQo ELU VXoOD
\DNÖQGDQLOLûNLOLRODQELUH\OHUWDUDIÖQGDQVÖNoDLIDGHHGLOHQLGDPFH]DVÖQÖQDGDOHWL\HULQH
JHWLUPHGH WDWPLQ HGLFL ROPDGÖøÖ J|Uû GH EX WXWXPGDQ ND\QDNODQPDNWDGÖU .LûLVHO
LQWLNDPoÖøOÖøÖVXoOXQXQ|OPGHQ|QFHX]XQVUHûLGGHWOLELUELoLPGHÖVWÖUDSoHNPHVLQL
LVWHU ELU EDûND GH\LûOH |OPGHQ |QFH LûNHQFH \DSÖOPDOÖGÖU 6FRWW·D J|UH EWQ LûNHQFH
ELoLPOHULQLQ GRøDVÖQGD EXOXQDQ EX LQWLNDP GX\JXVXQXQ DOWÖQGD ELUH\ LoLQ LNWLGDU
GHYOHWLoLQRWRULWHYHGLNWDW|UFHKNPHWPHLVWHøL\DWPDNWDGÖU
ùûNHQFHQLQ \XNDUÖGDNL DoÖNODPDODU ÖûÖøÖQGD QHGHQ KDNOÖ J|VWHULOHPH\HFHøLQH IHOVHIL
DoÖGDQ
EDNWÖøÖPÖ]GD
LûNHQFHQLQ
LQVDQVDO
RODQDNODUÖ
NLûLOHUGH
JHUoHNOHûWLULS
JHOLûWLUHELOPHOHULQL HQJHOOHGLøLQL J|U\RUX] $UDûWÖUPDODUD J|UH LûNHQFH J|UHQ NLûLOHUGH
RUWD\DoÖNDQSUREOHPOHUûXQODUGÖU+X]XUVX]OXNYHNXûNXKH]H\DQODUÖ\ODELUOLNWHJHOLûHQ
ûL]RIUHQL \DOQÖ]OÖN ERûOXN DQODPVÖ]OÖN WHUNHGLOPLûOLN GX\JXODUÖ NLûLOHUDUDVÖ YH DLOH LoL
X\XP ER]XNOXNODUÖ Lû YH oDOÖûPDGD YHULPVL]OLN VHYJL \LWLULOPHVL \DûDPD VXoOXOXøX YH
NDOÖFÖEH\LQKDVDUODUÖ
<DûDPDVXoOXOXøXQDLOLûNLQRODUDNRNXGXøXPELUYDND\ÖNÖVDFDQDNOHWPHNLVWL\RUXP
$\ODU ER\X LûNHQFH J|UPû YH VRQXQGD VHUEHVW EÖUDNÖOPÖû ELUL QLûDQOÖVÖQÖQ ]RUX\OD
GRNWRUD JLGHU 2OD\ODU |QFHVLQGH HYOHQPH KD]ÖUOÖNODUÖ \DSÖODQ YH PXWOX ELU JHOHFHN
GûOHULNXUXODQEXEHUDEHUOLN\ÖNÖOPDN]HUHGLUùûNHQFHJ|UHQHUNHNDUWÖNFLQVHOOLøLQLQ
NDOPDGÖøÖQÖ V|\O\RU YH oHYUHVLQGHNLOHULQ \DUJÖODQGÖøÖ ELU G|QHPGH \DûÖ\RU ROPDNWDQ
GROD\Ö NHQGLVLQL VXoOX\RU DUWÖN \DOQÖ] \DûDPDN LVWHGLøLQL V|\O\RUGX 1H oHYUHVL QH GH
KHNLPEXLQVDQD\DUGÖPHGHELOGLELUVUHVRQUDHUNHNLQWLKDUHWWL7DQJ|U
%LOGLULPLQ EDûÖQGD VRUGXøXP VRUX\X LûNHQFH LoLQ \DQÖWOD\DELOLULP ùûNHQFH KHU
]DPDQ WHPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ LKODOLGLU oQN LQVDQÖQ ED]Ö \DSÖVDO
RODQDNODUÖQÖ |UQHøLQ NRUNXGDQ YH \RNOXNWDQ DUÖQPÖû ELU GQ\DQÖQ ROXûXPXQD NDWNÖ
\DSDELOPH RODQDøÖ NLûLOHUGH HQJHOOHPHNWH \DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDO YH
EHGHQVHO EWQOø ER]PDNWD YH LQVDQÖQ GHøHULQL \D GD RQXUXQX ]HGHOHPHNWHGLU
g\OH\VH ùQVDQ +DNODUÖ (YUHQVHO %LOGLUJHVL·QLQ PDGGHVLQGH EHOLUWLOGLøL JLEL ¶¶KLo
NLPVH\H LûNHQFH \D GD ]DOLPFH LQVDQOÖN GÖûÖ \D GD RQXU NÖUÖFÖ GDYUDQÖû \D GD FH]D
X\JXODQPDPDOÖGÖU··
$\QÖVRUXQXQ\DQÖWÖQÖLGDPFH]DVÖLoLQYHUPH\HoDOÖûDOÖP
ùGDP&H]DVÖYH<DûDPD+DNNÖ
ùGDP |OP FH]DVÖGÖU ùGDP \ROX\OD NLûLQLQ KHP UXKVDO KHP EHGHQVHO EWQOø
WDPDPHQ VRQD HUPHNWHGLU %X FH]DGD D\QÖ VXoX LûOH\HFHN LQVDQODUÖ NRUNXWPDN YH
LûOH\HFHNOHUL VXoWDQ FD\GÖUPDN GûQFHVL ROGXøXQD LQDQÖOÖU 2\VD $OEHUW &DPXV EX
FH]D ]HULQH NDOHPH DOGÖøÖ *L\RWLQ h]HULQH DGOÖ \DSÖWÖQGD VHULPOHGLøL JLEL LGDP FH]DVÖ
VXo LûOH\HFHN NLûLOHUH LEUHW ROPDPDNWDGÖU %X FH]D VXoD ¶¶IHODNHWH GûHU JLEL GûHQ
DGDPÖ·· \ÖOGÖUDPDPDNWDGÖU \]\ÖOÖQ EDûÖQGD ùQJLOWHUH·GH \DSÖODQ ELU LVWDWLVWLøH J|UH
LGDP PDKN€PXQGDQ ·L GDKD |QFH ELU YH\D LNL LGDP FH]DVÖQÖQ LQID]ÖQGD EL]]DW
KD]ÖU EXOXQPXûWXU &DPXV %X GXUXPD EHQ]HU ELU VDSWDPD\Ö $IULNDOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GûQU 2GHUD 2UXND·GD \DSÖ\RU ¶¶ùGDP FH]DVÖ ELUoRN GHYOHWWH KÖUVÖ]OÖøD YHULOHQ
FH]DGÖU 6DGHFH ELU NDoÖQÖ EHOLUWLUVHN .HQ\D 8JDQGD =DPELD 6LHUUD /HRQH *DQD YH
1LMHULD· GD KÖUVÖ]OÖN LoLQ YHULOHQ |OP FH]DVÖ \DVDOODûWÖUÖOPÖûWÖU %X GHYOHWOHUGH LûOHQHQ
VXoD NDUûÖ YHULOHQ NDUDU MUL NDUDUÖQGDQ VRQUD LNL KDIWD LoLQGH \HULQH JHWLULOPHNWHGLU
$IULND·GDNL ûLGGHWH LOLûNLQ VXoODU YH KÖUVÖ]OÖN ROD\ODUÖ DOD\ HGHUFHVLQH EX VXoODUD NDUûÖ
VHUWFH]DODUÖQNRQXOPDVÖQDUDøPHQDUWPDNWDGHYDPHWPHNWHGLU··2UXND
&DPXV·D J|UH LGDP FH]DVÖ LQVDQODUGD NRUNX X\DQGÖUDQ HQ E\N FH]DGÖU gOP
NRUNXVX NLûLQLQ YDUOÖøÖQÖQ HQ NDUDQOÖN GHULQOLNOHULQGHQ IÖûNÖUÖU YH RQX EDûWDQ EDûD
NDSODU
<DûDPD
JGV
WHKGLW
HGLOGLøL
]DPDQ
LQVDQ
IHFL
NRUNXODU
LoLQGH
NÖYUDQPDNWDGÖU %X NRUNX\OD NLûL SVLNRORMLN ELU SDUoDODQPD \DûDPDNWDGÖU gUQHN
ROPDN EDNÖPÖQGDQ GD DKODN ER]PDNWDQ EDûND ELU HWNL\H VDKLS GHøLOGLU %X FH]D ELU
LQWLNDPGÖU YH NÖVDV DGÖQÖ WDûÖU .ÖVDVWD DGDOHW NDED ELU DULWPHWLN NXUDOÖ RODUDN
WDQÖPODQPDNWDGÖU
$OEHUW &DPXV NÖVDV DGDOHWLQH LOLûNLQ )UDQVD·GDQ ELU |UQHN YHULU $OWÖ 7XQXVOX o
)UDQVÖ] MDQGDUPDVÖQÖ |OGUGø LoLQ LGDPD PDKN€P HGLOLU &H]D RODUDN o PDKN€P
LGDP HGLOLU o |OP FH]DVÖQGDQ NXUWXOXU oQN o NXUEDQD NDUûÖOÖN o NLûL LGDP
HGLOHFHNWLU
'HYOHWLQGHLQVDQODUÖQVXoLûOHPHRUDQց]HULQGHHWNLVLROGXøXQXGûQHQ&DPXV·D
J|UHHøHUVXoOXODUX\JXQNRQXWODUGDRWXUDELOVHOHUGLDONROWNHWLPLD]DOWÖODELOVH\GLEHONL
GH VXo LûOHPH\HFHNOHUGL &DPXV·QQ VD\GÖNODUÖQD EHQ GH HøLWLPL NDWPDN LVWHULP
hONHPL]GH GH HøLWLP J|UPH\L KHU LQVDQD VDøOD\DELOVH\GLN VXo RUDQODUÖ D]DODELOLUGL
dQNHøLWLOHELOPHLQVDQÖQ\DSÖVDORODQDNODUÖQGDQELULVLGLUùGDPFH]DVÖQÖQJHULG|Qû
ROPDGÖøÖQÖ VDYXQDQ &DPXV EWQ LGDP HGLOHQ LQVDQODUÖQ PXWODN VXoOX LQVDQODU
ROPDGÖNODUÖ J|UûQGHGLU 7DULKLQ \DQOÖû NDUDU |UQHNOHUL\OH GROX ROGXøXQX V|\OHU YH
¶¶GHYOHW KHU ûH\GHQ |QFH |OP FH]DVÖQÖ NDOGÖUPDOÖGÖU·· oDøUÖVÖ \DSDU &DPXV·QQ ELU GH
|QJ|UV YDUGÖU *HOHFHøLQ ELUOHûPLû $YUXSDVÖ ¶¶KHUNHVLQ XPXWOD EHNOHGLøL·· $YUXSD
.DQXQXQ
ELULQFL
PDGGHVLQGH
|OP
FH]DVÖ
NDOGÖUÖODFDNWÖU
%X
|QJ|U
EXJQ
JHUoHNOHûPLûWLU $YUXSD ùQVDQ +DNODUÖ 6|]OHûPHVL·QLQ LON PDGGHOHULQGHQ ELULVL ¶¶\DûDP
KDNNÖQÖQ \DVD\OD NRUXQPDVÖ·· YH gOP &H]DVÖQÖQ .DOGÖUÖOPDVÖQD ùOLûNLQ QR·OX
3URWRNRO·QLONPDGGHVL¶¶|OPFH]DVÖQÖQNDOGÖUÖOPDVÖ··GÖU
ùûNHQFH LoLQ \DQÖWODGÖøÖP VRUXPX WHNUDUOD\D\ÖP ùGDP FH]DVÖ KHU ]DPDQ ELU LQVDQ
KDNNÖ RODQ \DûDPD KDNNÖ LKODOL PLGLU" %X VRUX\D \DQÖWÖP EX FH]DQÖQ KHU ]DPDQ WHPHO
ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ LKODOL ROGXøX ELoLPLQGH RODFDNWÖU dQN EX FH]D
LQVDQÖQ ED]Ö \DSÖVDO RODQDNODUÖQÖ |UQHøLQ HøLWLOHELOPH \DUDWÖFÖ RODELOPH RODQDøÖ
NLûLOHUGH HQJHOOHPHNWH \DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDO YH EHGHQVHO EWQOø
ER]PDNWD YH LQVDQÖQ GHøHULQL \D GD RQXUXQX ]HGHOHPHNWHGLU g\OH\VH ùQVDQ +DNODUÖ
(YUHQVHO %LOGLUJHVL·QLQ PDGGHVLQGH EHOLUWLOGLøL JLEL ¶¶KHUNHVLQ \DûDPD KDNNÖ YDUGÖU··
YHROPDOÖGÖU
$\QÖVRUXQXQ\DQÖWÖQÖ|WHQD]LLoLQYHUPH\HoDOÖûDOÖP
gWHQD]LYH<DûDPD+DNNÖ
(VNL <XQDQFD HX HX YH WKDQDWRV TDQDWR9 V|]FNOHULQGHQ ROXûPXû ELU NDYUDP
RODQ |WHQD]L L\L |OP DQODPÖQD JHOPHNWHGLU gOP L\LNÖODQ ûH\LQ QHROGXøX YH GLøHU
|OPH|OGUPH ELoLPOHULQGHQ IDUNÖQ RQXQ WDQÖPÖ LoLQGH VDNOÖ ROGXøX GûQOU
gWHQD]L ¶¶XPXWVX] ELU KDVWDOÖøD \DNDODQDQ YH EXQGDQ GROD\Ö DFÖ oHNHQ ELULQLQ NHQGL
KD\DWÖQD VRQ YHUPHVL YH\D ELU EDûNDVÖQGDQ EX LûOHPL NHQGLVL LoLQ \DSPDVÖQÖ
LVWHPHVLGLU··3R\UD]
+DOXN(UGHP³%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
%X LûOHPL \DSDQ DoÖVÖQGDQ EDNÖOGÖøÖQGD |WHQD]L DNWLI YH SDVLI ROPDN ]HUH LNL\H
D\UÖOPDNWDGÖU $NWLI |WHQD]L ¶¶DQL |OPH QHGHQ RODQ |OPFO GR]GD LODFÖ HQMHNWH
HWPHN·· SDVLI |WHQD]L ¶¶KDVWDQÖQ ELU PGGHW GDKD \DûDPDVÖQÖ VDøOD\DQ \DûDP
GHVWHNOH\LFL WHGDYL VXQPD\DUDN YH\D \DûDP GHVWHNOH\LFL WHGDYL\L VRQD HUGLUHUHN |OP
KÖ]ODQGÖUPDNWÖU··ùQFHRøOX
+DVWDJ|]|QQHDOÖQGÖøÖQGD|WHQD]LLVWHPOLYHLVWHPGÖûÖ|WHQD]LROPDN]HUHLNL\H
D\UÖOPDNWDGÖU ùVWHPOL |WHQD]L ¶¶DFÖ oHNHQ |OPFO ELU KDVWDQÖQ NHQGL WDOHEL ]HULQH
KHNLPLQ ELU H\OHPL YH\D KDUHNHWVL] NDOPDVÖ LOH KDVWDQÖQ |OPHVLQH \DUGÖP HWPHVL··
LVWHP GÖûÖ |WHQD]L LVH ¶¶|OPFO KDVWDQÖQ |OP LOH \DûDP DUDVÖQGD VHoLP \DSDELOHFHN
GXUXPGDROPDGÖøÖLUDGHVLQLQQH\|QGHRODFDøÖQÖQVDSWDQDPDGÖøÖGXUXPODUGD··|WHQD]L
X\JXODPDVÖGÖU
%X VÖQÖIODPDODUÖQ \DQÖQGD |WHQD]LQLQ NDEXO HGLOGLøL YH X\JXODQGÖøÖ ONHOHUGH
JHOLûWLULOHQ KDVWDQÖQ LVWHPLQH GD\DQDQ \HQL ELU |WHQD]L VÖQÖIODPDVÖ GDKD YDUGÖU +HNLP
KDVWDQÖQ
NHQGLVLQLQ
JHUoHNOHûWLUHFHøL
|OPH
H\OHPLQH
\RO
J|VWHUHUHN
\DUGÖPFÖ
ROPDNWDGÖU
úLPGL DFDED EWQ EX |WHQD]L VÖQÖIODPDODUÖQGD WHPHO ELU KDN RODQ \DûDPD KDNNÖ
LKODOL KHU ]DPDQ V|] NRQXVX PXGXU" <DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDO YH EHGHQVHO
EWQON DFÖ oHNHQ |OPFO ELU KDVWDQÖQ NHQGL |OP WDOHEL LOH \D GD EX WDOHS
ROPDNVÖ]ÖQ X\JXODQDQ |WHQD]L LOH ER]XOPDNWD PÖGÖU" gWHQD]L LûOHPL GDKD |QFH LûNHQFH
YHLGDPFH]DVÖLoLQV|\OHGLøLPLQVDQÖQ\DSÖVDORODQDNODUÖQÖNLûLOHUGHHQJHOOHPHNWHPLGLU"
gWHQD]L KDNNÖQGD JHQHO \DUJÖODUÖQ YH KXNXN ROXûWXUPDODUÖQ GRøUX ROPDGÖøÖQÖ
GûQ\RUXP +HU GXUXP NHQGL |]HO NRûXOODUÖQGD GRøUX GHøHUOHQGLULOPHOLGLU %LU
KHNLPLQ |WHQD]LQLQ IDUNOÖ GXUXPODUÖQGD NDUûÖODûWÖøÖQGD EXQXQ VWHVLQGHQ JHOPHVL
QRNWDVÖQGD H\OHPLQLQ HWLN ELU H\OHP RODFDøÖ DoÖNWÖU (WLN H\OHP H\OHPL \DSDQ NLûLQLQ
\|QHOGLøL NLûL\L YH ELU EWQ RODUDN GXUXPX KHVDED NDWDQ YH LQVDQÖQ GHøHULQH HQ D]
]DUDU YHUHQ H\OHPGLU .XoXUDGL E 7ÖS HWLøLQGH GH GXUXP EXQGDQ IDUNOÖ
GHøLOGLU $ULVWRWHOHV·LQ 1LNRPDNKRV·D (WLN DGOÖ \DSÖWÖQGD V|\OHGLøL JLEL H\OHPL \DSDQ
¶¶NLPHQH\LQHLOHQLoLQ··\DSWÖøÖQÖQIDUNÖQGDROPDVÖ$ULVWRWHOHVENRQXVXQGD
\DQOÖûDGûPHPHOLGLU
gWHQD]L NRQXVXQGD NLWOH LOHWLûLP DUDoODUÖQD NRQX ROPXû DFÖODUÖQGDQ NXUWXOPDN
LVWH\HQLQVDQODUÖQKDEHUOHUL\OHNDUûÖODûÖ\RUX]%XKDEHUOHUGHGLNNDWoHNHQ|QHPOLQRNWD
LQVDQODUÖQ|WHQD]LWDOHSOHULIDUNOÖOÖNODUJ|VWHUPHVLGLUhONHPL]GH|WHQD]LWDOHSOHULPDGGL
YH WHNQLN GRQDQÖP \HWHUVL]OLNOHUL VRQXFX GD RODELOPHNWHGLU .LWOH LOHWLûLP DUDoODUÖQD
\DQVÖPÖûELU|WHQD]LWDOHELV|\OHGLøLPEXGXUXPD|UQHNROXûWXUDELOLU
gWHQD]L NRQXVXQGD NLWOH LOHWLûLP DUDoODUÖQD NRQX ROPXû DFÖODUÖQGDQ NXUWXOPDN
LVWH\HQLQVDQODUÖQKDEHUOHUL\OHNDUûÖODûÖ\RUX]%XKDEHUOHUGHGLNNDWoHNHQ|QHPOLQRNWD
LQVDQODUÖQ|WHQD]LWDOHSOHULIDUNOÖOÖNODUJ|VWHUPHVLGLUhONHPL]GH|WHQD]LWDOHSOHULPDGGL
YH WHNQLN GRQDQÖP \HWHUVL]OLNOHUL VRQXFX GD RODELOPHNWHGLU .LWOH LOHWLûLP DUDoODUÖQD
\DQVÖPÖûELU|WHQD]LWDOHELV|\OHGLøLPEXGXUXPD|UQHNROXûWXUDELOLU
ùûVL] NDOÖS HNRQRPLN VÖNÖQWÖ \DûDGÖøÖQÖ V|\OH\HQ ELUL \DVDODUÖPÖ]GD |WHQD]LQLQ
ROPDGÖøÖQÖ YH EX \DVDQÖQ oÖNDUÖOÖS NHQGLVLQLQ YH RøOXQXQ ID\GDODQPDVÖQÖ WDOHS HWPLûWL
.DQDO
%X WDOHELQ DVOD |WHQD]L WDOHEL LOH EDøGDûPDGÖøÖ DoÖNWÖU 6RUXPX]XQ \DQÖWÖQÖ |WHQD]L
LoLQ YHUPH\H oDOÖûÖUVDN ûXQODUÖ V|\OHPHN PPNQGU gWHQD]L X\JXODPDVÖ KHU ]DPDQ
\DûDPD KDNNÖ LKODOL ROPD\DELOLU $QFDN |WHQD]L LOH \DûDPD KDNNÖ LKODOL DUDVÖQGD oRN
NoN VÖQÖUODUÖQ GD RODELOHFHøL NRQXVXQGD X\DQÖN ROXQPDOÖGÖU dQN EX X\JXODPDGD
SHNoRNHWLNVRUXQYDUGÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%LOGLULPLQ WDUWÖûPD QRNWDVÖQÖ ROXûWXUDQ VRUXPX VRQ RODUDN NUWDM RODUDN ELOGLøLPL]
DERUWXV LOH LOJLVLQGH VRUD\ÖP $FDED DERUWXV \DûDP KDNNÖQÖQ WDOHS HWWLøL EHGHQVHO YH
UXKVDOEWQOøKHU]DPDQER]PDNWDPÖGÖU"%XX\JXODPDGDLQVDQÖQKDQJLRODQDNODUÖ
NLûLOHUFHJHUoHNOHûHPHPHNWHGLU"
$ERUWXVYH<DûDPD+DNNÖ
$ERUWXV ¶¶XWHUXV LoLQGHNL HPEUL\R \D GD IHWVQ \DûDPÖQÖQ VRQODQGÖUÖOPDVÖ
DPDFÖ\OD YDNWLQGHQ |QFH XWHUXV GÖûÖQD oÖNDUWÖOPDVÖ \D GD LPKD HGLOPHVL·· RODUDN
WDQÖPODQPDNWDGÖU$NVR\
$ERUWXVD LOLûNLQ WDUWÖûPDODUGD LNL IDUNOÖ WXWXPXQ V|] NRQXVX ROGXøXQX J|U\RUX]
ùONLDERUWXVXQKDPLOHOLøLQKHUDûDPDVÖQGD\DQOÖûROGXøXGRøPXûELUEHEHNOHGRøPDN
]HUH RODQ ELU FHQLQL |OGUPH DUDVÖQGD KLoELU DKODNL IDUNÖQ EXOXQPDGÖøÖ YH GRøPDPÖû
oRFXøXQ GD \DûDPD KDNNÖQD VDKLS ROGXøXQX VDYXQDQ DERUWXV NDUûÖWÖ WXWXP GLøHUL LVH
DERUWXV LûOHPLQH KDPLOHOLøLQ KHU DûDPDVÖQGD L]LQ YHULOHFHøL G|OOHQPLû \XPXUWD LOH
EDûOD\DQ
VUHFLQ
NDGÖQÖQ
EHGHQLQGH
\DûDQGÖøÖ
JHUoHøL
LOH
EX
LûOHPLQ
\DSÖOÖS
\DSÖODPD\DFDøÖ KDNNÖQGD VRQ V|] NDGÖQÖQ V|\OHPHVL JHUHNWLøLQL VDYXQDQ DERUWXV
\DQOÖVÖWXWXPGXU1XWWDOO
%X LNL IDUNOÖ WDUWÖûPD\D QHGHQ RODQ VRUX ¶¶<DûDP QH ]DPDQ EDûODU"·· VRUXVXGXU
$ERUWXV NDUûÖWÖ GûQFH \DûDPÖQ ¶¶\XPXUWDQÖQ G|OOHQGLøL DQ·· LOH EDûODGÖøÖQÖ YH
G|OOHQPLû \XPXUWDQÖQ SRWDQVL\HO ELU LQVDQ ROGXøXQX RQD JHUoHN LQVDQODUÖQ VDKLS
ROGXøXKDNODUÖQYHNRUXQPDD\UÖFDOÖøÖQÖQD\QÖVÖQÖQYHULOPHVLJHUHNWLøLQLVDYXQPDNWDGÖU
+DUULV
-RKQ +DUULV G|OOHQPLû \XPXUWDQÖQ SRWDQVL\HO LQVDQ ROGXøXQX GûQPHQLQ ED]Ö
VRUXQODU GRøXUDFDøÖQÖ GûQU YH G|OOHQPLû \XPXUWD\D LQVDQ JLEL GDYUDQÖODFDNVD
NDoÖQÖOPD] ELoLPGH |OHFHN RODQ EL] LQVDQODUD GD ûX DQGD |OPû JLEL GDYUDQPDN
JHUHNWLøLQL LIDGH HGHU '|OOHQPLû \XPXUWD\D LQVDQ PXDPHOHVL \DSPDQÖQ \DUDWDFDøÖ
GLøHU VRUXQ SRWDQVL\HO LQVDQ RODQÖQ \DOQÖ]FD G|OOHQPLû \XPXUWD KFUHVL ROPDGÖøÖ
QRNWDVÖQGD GRøPDNWDGÖU '|OOHQPHPLû \XPXUWD YH VSHUP GH D\QÖ ûHNLOGH ELUHU
SRWDQVL\HO LQVDQGÖU %X J|UûH ]DPDQ ]DPDQ LWLUD]ODU GD EXOXQXOX\RUVD GD +DUULV ELU
JHUoHøL KDWÖUODPDNWDGÖU '|OOHQPHPLû \XPXUWD YH VSHUPGH GH G|OOHQPLû \XPXUWD
KDOLQH JHOPH SRWDQVL\HOL YDUGÖU <DûDP GXUPDNVÖ]ÖQ HYULPOHûHQ GHYDPOÖ ELU VUHoWLU
<XPXUWD G|OOHQPHGHQ |QFH GH FDQOÖGÖU KDWWD VSHUP GH FDQOÖGÖU YH KDUHNHWOLGLU ¶¶2
KDOGH··GHU+DUULV¶¶G|OOHQPH\OHEDûOD\DQûH\\DûDPGHøLOGLU··
)HWXVXQNLûLROPDGÖøÖQÖGûQHQYHEXQHGHQOHGHIHWXVXQ\DûDPÖQÖYDNWLQGHQ|QFH
VRQD HUGLULOGLøLQGH GH KDNVÖ]OÖN \DSÖOPD\DFDøÖQÖ GûQHQ +DUULV ELU NDGÖQÖQ oRFXN
VDKLELROPD\Ö\DGDROPDPD\Ö|]JUFHVHoHELOGLøLQLVDYXQXU3HNLEXQDNDUDUYHULOLUNHQ
IHWXVXQEDEDVÖQÖQ\DGDGLøHUNLûLOHULQLVWHNOHULQHRODFDN"1HGHQVDGHFHNDGÖQÖQWHUFLKL
|QHPOLGLU" )HWXVXQ EDEDVÖ IHWXVXQ KD\DWWD NDOPDVÖ NRQXVX\OD HOEHWWH LOJLOLGLU )HWXV
EDEDQÖQGDJHQHWLN\DSÖVÖQÖQELUSDUoDVÖQÖWDûÖPDNWDGÖU(øHUDQQH\OHEDEDX]ODûÖ\RUVD
VRUXQ \RN GHPHNWLU $PD X]ODûPD]OÖøD GûWNOHULQGH GXUXP QH RODFDN" +DUULV
IHWXVXQ NDGHULQLQ EDED\Ö QH NDGDU LOJLOHQGLULUVH LOJLOHQGLUVLQ EX NDUDUÖQ DQQH OHKLQGH
ROGXøXQXVDYXQPDNWDGÖU
6RUXPX û|\OH \DQÖWOD\DELOLULP $ERUWXV X\JXODPDVÖ WHPHO ELU LQVDQ KDNNÖ RODQ
\DûDPD KDNNÖQÖ KHU ]DPDQ LKODO GHPHN GHøLOGLU %X X\JXODPD LQVDQÖQ ED]Ö \DSÖVDO
RODQDNODUÖQÖ JHUoHNOHûWLUPHVL LoLQ NRûXOODUGDQ \RNVXQ EÖUDNPDPDNWDGÖU <DûDPD KDNNÖ
LQVDQODUÖQ \DûDUNHQ J|UPHVL JHUHNHQ PXDPHOH\L GLOH JHWLULU <DûDPD KDNNÖQÖQ WDOHS
HWWLøL PXDPHOH NLûLOHULQ UXKVDO YH EHGHQVHO EWQOøQ ER]PDPDNWÖU $ERUWXV
+DOXN(UGHP³%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
X\JXODPDVÖQÖQ EX EWQOø ER]GXøXQX GûQP\RUXP $QFDN DERUWXV NRQXVXQGD
GD|WHQD]LGHROGXøXJLELGHøHUVRUXQODUÖQD\RODoDFDNELUGXUXPGDGHøHUNRUXQPDVÖ
\|QQGH X\DQÖN ROXQPDVÖ JHUHNWLøLQL GH V|\OHPHOL\LP dQN DERUWXV LûOHPLQLQ HWLN
VRUXQODUODRODQLOJLVLQGHGûQOPHPLûSHNoRNQRNWDNDUûÖPÖ]DoÖNDELOLU
<DûDPD KDNNÖ LOH RODQ LOJLVLQGH NDUûÖODûWÖøÖPÖ] VRUXQODU \DOQÖ]FD LûNHQFH |OP
FH]DVÖ |WHQD]L YH DERUWXV X\JXODPDODUÖ GHøLOGLU %XQODUÖQ \DQÖQGD WHU|U VDYDûODU
LQVDQ ]HULQGH \DSÖODQ GHQH\OHU |OP RUXoODUÖ YH LQWLKDU IHOVHIL EDNÖû LOH WDUWÖûÖOPD\Ö
EHNOH\HQVRUXQODUGÖU%XVRUXQODUNRQXVXQGDV|\OH\HFHNV|]OHULRODQEL]IHOVHIHFLOHULQ
NRUNXGDQYH\RNOXNWDQDUÖQPÖûELUGQ\DQÖQROXûXPXQDE\NNDWNÖODUÖRODFDNWÖU
.D\QDNoD
$NVR\ ú ¶¶.UWDM VDGHFH WÖEEL ELU NDUDU RODELOLU PL"·· 7 .OLQ 7ÖEEL (WLN DNW
+DIL]H g]WUN ¶¶$ERUWXV YH (WLN 6RUXQODU·· (WLN%XQXQ 1HUHVLQGH $QNDUD $QNDUD
7DELS2GDVÖ<D\ÖQÖV
$ULVWRWHOHV1LNRPDNKRV·D(WLNoHY6DIIHW%DEU$QNDUD$\UDo<D\ÖQHYL
&DPXV$OEHUW*L\RWLQh]HULQHoHY$OL6LUPHQùVWDQEXO&HP<D\ÖQHYL
BBBBBBBBBBB%DûNDOGÖUDQùQVDQoHY7DKVLQ<FHOùVWDQEXO&DQ<D\ÖQODUÖ
+DUULV-RKQ+D\DWÖQ'HøHULoHY6KD6HUWDELERøOXùVWDQEXO$\UÖQWÖ<D\ÖQODUÖ
ùQFHRøOX6LEHOgOPH+DNNÖùVWDQEXO$\UÖQWÖ<D\ÖQODUÖ
.XoXUDGL ùRDQQD D ¶¶)HOVHIH YHùQVDQ +DNODUÖ·· ùQVDQ +DNODUÖQÖQ )HOVHIL7HPHOOHUL
KD]ùRDQQD.XoXUDGL$QNDUD7UNL\H)HOVHIH.XUXPX
BBBBBBBBBBBE(WLN$QNDUD7UNL\H)HOVHIH.XUXPX
BBBBBBBBBBBùQVDQYH'HøHUOHUL$QNDUD7UNL\H)HOVHIH.XUXPX
1XWWDOO -RQ $KODN h]HULQH 7DUWÖûPDODU oHY $EGXOODK <ÖOPD] ùVWDQEXO $\UÖQWÖ
<D\ÖQODUÖ
2UXND + 2GHUD ¶¶<DVDO 7HU|UL]P YH ùQVDQ +DNODUÖ·· ùQVDQ +DNODUÖQÖQ )HOVHIL
7HPHOOHULKD]ùRDQQD.XoXUDGL$QNDUD7UNL\H)HOVHIH.XUXPX
3R\UD]+DNDQ¶¶(WLN6RUXQODU$oÖVÖQGDQ(XWKDQDVLH··)HOVHIH'Q\DVÖ.Öû
6D\Ö$QNDUD7UN)HOVHIH'HUQHøL<D\ÖQÖ
6DYFÖ%DKUL¶¶<DûDP+DNNÖ)HOVHIH$oÖVÖQGDQ3UDWLøH'RøUX··ùQVDQ+DNODUÖQÖQ
)HOVHIL7HPHOOHULKD]ùRDQQD.XoXUDGL$QNDUD7UNL\H)HOVHIH.XUXPX
6FRWW *HRUJH 5\OH\ ùûNHQFHQLQ 7DULKL oHY +DPLGH .R\XNDQ $QNDUD 'RVW
.LWDEHYL
7DQJ|U $WDPDQ ¶¶%LU 6RUJXODPD <|QWHPL 2ODUDN ùûNHQFH YH ùûNHQFHQLQ
5XKVDO 6RQXoODUÖ·· +HNLPOLN YH ùQVDQ +DNODUÖ 7UN 7DELSOHUL %LUOLøL 'HQH\LPL GHU$WD6R\HU$QNDUD7UN7DELSOHU%LUOLøL<D\ÖQÖ
6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH
$UDû*|U6HUYHW*|]HWOLN *LULû
%X oDOÖûPDQÖQ DPDFÖ 6WRD DKODN IHOVHIHVLQGH ù\L·QLQ GRøD YH VÖQÖUODUÖQD LOLûNLQ ED]Ö
WDUWÖûPDODUÖ JHOLûWLUPHN YH GHVWHNOHPHNWLU %X DPDFÖQ JHUoHNOHûWLULOPHVLQGH ]RUXQOX
RODUDN ´GRøDµ ´LQVDQ GRøDVÖµ ´HUGHPµ ´L\Lµ YH ´PXWOXOXNµ JLEL VWRD DKODN
IHOVHIHVLQLQED]ÖD\ÖUWHGLFLNDYUDPODUÖQDEDûYXUDFDøÖ]+HVDEÖQÖYHUPH\HoDOÖûDFDøÖPÖ]
EWQ EX NDYUDPODU LQVDQL DNÖO \UWPH YH RQXQ DKODNVDO J|VWHULPOHUL JLEL WHN ELU
WHULPHLQGLUJHQHELOLU*|UOHFHøL]HUH6WRDOÖODU´LQVDQGRøDVÖµ´GRøUXDNÖO\UWPHµ YH ´L\Lµ DUDVÖQGD NDoÖQÖOPD] ELU LOLûNL NXUDU%XQD UDøPHQ EL] EX J|UûH NDUûÖ oÖNPD\D
oDOÖûDFDøÖ] %XQX GD ûX WHPHO ]HULQGH JHUoHNOHûWLUHFHøL] 6WRDOÖODUGDNL L\L D\QÖ
]DPDQGDQHVQHOHUYHRQODUÖQoHûLWOLEHOLUOHQLPOHUL\OH J|]OHQHELOLUELULOLûNLLoHULVLQGHGLU
ùQVDQ GRøDVÖ YH L\L HUGHP DUDVÖQGD PDQWÖNVDO ELU |]GHûOLN YDUVD\DQ GûQFHOHUGHQ
NDoÖQPD\D
oDOÖûDFDøÖ]
IDNDW
|WH
\DQGDQ
L\L
YH
HUGHPLQ
HOGH
HGLOPHVL
LoLQ
JHUoHNOHûWLULOPH LKWL\DFÖ LoHULVLQGH RODQ ELUoRN DKODNL |GHYOHU ROGXøXQX |QHUHFHøL] %X
GûQFH EL]H LQVDQ GRøDVÖ YH RQXQ ]LKLQVHO \HWHQHNOHULQLQ DKODNL L\L\L \DNDODPDN LoLQ
\HWHUOL ROPDGÖøÖQÖ |QHULU JLEL J|UQ\RU )DNDW EX QRNWDGD QHVQHO DKODNL GRøUXODU
ROGXøXQX LGGLD HGHQ DKODNL JHUoHNoLOLøH NDUûÖ ROPDGÖøÖPÖ]Ö GD V|\OHPHN ]RUXQGD\Ö]
%L]LP WHN NDUûÖ oÖNÖûÖPÖ] 6WRDOÖODUÖQ EDKVLQL HWWLNOHUL DKODNL GRøUXODUÖQ LQVDQ GRøDVÖ YH
DNOÖ\OD |]GHûOHûWLULOHPH\HFHøL \|QQGHGLU dQN HøHU ELULVL EXQX LGGLD HGHUVH R
]DPDQL\LYHHUGHPLQ ELOJLVLQLLKPDOHWWLøLNROD\OÖNODJ|UOHELOLU$VOÖQGD6WRDOÖODUDKODNL
GHøHUOHULQ ELOJLVLQL LKPDO HWPHN YH D\QÖ ]DPDQGD EWQ DKODNL GHøHUOHUL WHN L\L RODQ
HUGHPHLQGLUJHPHNOHVXoODQDELOLU
$KODNOÖ2OPDQÖQ.RûXOX2ODUDN´(UGHPµ
6WRDOÖODU ´QDVÖO ELU LQVDQ ROPDOÖ\ÖPµ \D GD ´QDVÖO PXWOX RODELOLULPµ VRUXODUÖ
]HULQGH E\N ELU |QHPOH GXUXUODU %X VRUXODUÖQ FHYDEÖ PXWOX \D GD HUGHPOL ELU NLûL
ROXS ROPDGÖøÖPÖ]ÖQ LûDUHWOHULQL WDûÖU 6WRDOÖODUD J|UH ´HUGHP HXGDLPRQLD·QÖQ ]RUXQOX ELU
|øHVLGLU EHQLP oHYLULPµ %X LIDGH\L HUGHPOL ELU NLûLQLQ D\QÖ ]DPDQGD PXWOX ELU NLûL
ROGXøX ûHNOLQGH \RUXPOD\DELOLUL] *HOHQHNVHO DKODN WHRULOHULQLQ oRøXQXQ DNVLQH
2'7h)HOVHIH%|OP
%XWHULPLQVDQGRøDVÖQDX\JXQ\DûDPDQÖQ|QHPLQLDoÖNODPDNLoLQ/RQJWDUDIÖQGDQ6WRLF6WXGLHV
DGOÖoDOÖûPDVÖQGD|QHULOPLûWLU´GRøUXDNÖO\UWPHµD\QÖ]DPDQGDED]ÖODUÖQÖQWHNL\L\DGD
HUGHPGL\HEDKVLQLHWWLNOHULVRQDPDFÖQHOGHHGLOLûLQHNDWNÖGDEXOXQDFDNH\OHPJUXEXQDGDLûDUHW
HGHU
%XGûQFHWHPHOL]HULQGHûXQX|QHUPH\HoDOÖûDFDøÖ]GRøDO\DUDUODUÖQVHoLPLL\LELUDKODNL
ELUH\ROPDGXUXPXQXQHOGHHGLOPHVLLOH\DNÖQGDQLOLûNLOLGLU
dQN/RQJ·XQ6WRLF6WXGLHVDGOÖoDOÖûPDVÖQGDRUWD\DNR\GXøXJLEL6WRDOÖODUWHNL\LHUGHPLOH
RQXQELOJLVLDUDVÖQGDPDQWÖNVDOELU|]GHûOLNYDUVD\DUJLELJ|UQ\RU%XûXGHPHNWLUHUGHPLQ
NHQGLVLGÖûÖQGDNLKHUKDQJLELU|øH\HEDûYXUPDGDQELUoHûLWELOJLRODUDNGûQO\RU$VOÖQGDEX
GXUXPELUPLVWLVLVL]P|UQHøLRODUDNGûQOHELOLU%L]EXJ|UûHHUGHPLQGRøDODYDQWDMODUÖQ
VHoLPLLOHEDøODQWÖOÖROGXøXQXVDYXQDUDNNDUûÖoÖNDFDøÖ]
%N]6KDUSOHV6WRLFV(SLFXUHDQVDQG6FHSWLFVV
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
6WRDOÖODU ELUH\LQ JHUoHNOHûWLUGLøL H\OHPOHUL GûQPH] EXQXQ \HULQH ELUH\LQ \DûDPÖQÖQ
\HWNLQ ELU KDOH JHOPHVLQH DUDo RODELOHFHN H\OHP PRGHOLQL EHWLPOHPH\H oDOÖûÖU %XQD
J|UH EHQLP LoLQ HQ X\JXQ \DûDP HUGHPOL LQVDQÖQ \DûDPÖ\OD D\QÖGÖU *HUoHNWHQ HøHU
NHQGLPL PXWOX HGHFHN \HWNLQ ELU KD\DWÖ \DûDPDQÖQ \ROODUÖQÖ DUDûWÖUDUDN NHQGL
PXWOXOXøXPOD LOJLOHQL\RUVDP R ]DPDQ EDûNDODUÖQÖQ GD KDNODUÖQÖ VDYXQX\RU JLEL
J|UQHELOHFHøLPL]ELUGXUXP\DUDWPDN]RUGXUúLPGLDKODNLELUH\OHUDUDVÖQGDVRV\DOELU
X]ODûÖP ROGXøX YDUVD\ÖOÖUVD NHQGLP LoLQ HQ X\JXQ \DûDP \ROXQX DUDûWÖUPDN DKODNL
RODUDNX\JXQROXUPX"6WRDOÖODUD\QÖ]DPDQGDVRUJXODQDQ\DûDPWUQ6WRDOÖHUGHPLQ
\DûDPÖ\ODLOLûNLOHQGLULU
6WRDFÖOÖN·WD ´LQVDQ GRøDVÖµ WHULPL ´GRøDµ WHULPL\OH HûDQODPOÖGÖU 'RøD ORJRV RODQ
7DQUÖ\Ö LIDGH HGHU %XQD J|UH HUGHP GRøD\D LQVDQ GRøDVÖQD X\JXQ \DûDPD\Ö LIDGH
HGHU $\QÖ ]DPDQGD ´'RøDµ LQVDQ GRøDVÖQÖ GD LoLQGH EDUÖQGÖUDQ GDKD NDSVDPOÖ ELU
WHULPGLU 6WRDOÖODU·GD 'RøDQÖQ DKODNL WHPVLOL ´GRøD\D X\JXQ \DûDPµ ´HUGHPH J|UH
\DûDPµ YH ´PXWOXOXøD J|UH \DûDPµ GH\LPOHUL\OH IRUPOOHûWLULOLU úLPGL EX PDNVLPL
RNXPDQÖQ ELU \ROX GDYUDQÖûODUÖPÖ]ÖQ X]ODûÖPVDO \ROODUÖQÖ YH DKODNL ELUH\OHULQ X\JXQ
GXUXPODUGD YDUGÖNODUÖ NLûLVHO NDUDUODUÖ GÖûODU JLEL J|UQ\RU )DNDW EXQXQ DNVLQH
6WRDOÖODU·ÖQ EX PDNVLPGHQ DQODGÖNODUÖ NHQGL GRøDPÖ]D X\JXQ ELU ûHNLOGH \DûDPDNWÖU
%|\OHFH HøHU NHQGL GRøDPÖ]D X\JXQ ELU ûHNLOGH \DûDUVDN R ]DPDQ SDUoDVÖ ROGXøXPX]
HYUHQVHOGRøDQÖQNHQGLVL\OHGHWXWDUOÖELUûHNLOGH\DûD\DFDøÖ]6WRDOÖODU´KHUûH\LQDKODNL
GHøHULQLQ WDPDPÖ\OD RQXQ GRøD\OD RODQ LOLûNLVLQH GD\DQGÖøÖQDµ LQDQGÖODU ùQVDQODU LoLQ
NHQGLGRøDODUÖQDX\JXQ\DûDPDN]RUXQOXGXUdQNGRøDKHULNLDQODPGDGDLQVDQODUÖQ
NHQGLOHUL\OH EWQOHûHFHøL D\ÖUW HGLOHELOLU ELU H\OHPOHU PRGHOLQL IDUN HGLOLU KDOH JHWLULU
9H EHQ]HU ELU H\OHP PRGHOL D\QÖ ]DPDQGD GQ\DGDNL GLøHU EWQ FDQOÖODU LoLQ GH
GûQOUgUQHøLQELUGLONRQXûPDLQVDQODULoLQGRøDOIDNDWNHGLOHULoLQGHøLO.ÖVDFD
´ELWNLOHU KD\YDQODU YH LQVDQODU JLEL |]HO YDUOÖNODU LoLQ GRøDO ELU QRUP \D GD PDNVLP
ROGXøXµ V|\OHQHELOLU %X GRøDO QRUP VD\HVLQGHGLU NL YDUOÖNODU HYUHQVHO GRøD\D
X\JXQOXøX \D EDûDUÖU \D GD EDûDUDPD]ODU 6WRDOÖODU·D J|UH HYUHQVHO 'RøD VHoLOPLû
YDUOÖNODU LoLQ E|\OH GRøDO QRUPODU NDEXO HWWLøL VUHFH ´ELU ûH\ LoLQ L\L ROPDN QHGLUµL WDQÖPOD\DELOHFHøL] )DNDW EXUDGD LoLQH GûHELOHFHøLPL] ELU NDUÖûÖNOÖN YDU HøHU HYUHQVHO
'RøD NHQGL WUQGHQ RODQ |]HO YDUOÖNODU LoLQ GRøDO ELU QRUP \D GD PDNVLP NDEXO
HGHUVH
R
]DPDQ
IDUNOÖ
VÖQÖIODUD
DLW
RODQ
EHQ]HU
\D
GD
RUWDN
ûH\OHUL
QDVÖO
DoÖNOD\DELOHFHøL]" gUQHøLQ NHQGLPL]L NRUXPD LoJGV LQVDQODUÖQ \DQÖ VÖUD KD\YDQODU
WDUDIÖQGDQGDSD\ODûÖOÖU7DPDNVLQHHøHUHYUHQVHO'RøD·QÖQ|]HOYDUOÖNODULoLQGRøDOELU
QRUP \D GD PDNVLP RQD\ODGÖøÖQÖ NDEXO HGHFHN ROXUVDN R ]DPDQ GRøDO QRUP \D GD
PDNVLP LOH V|] NRQXVX |]HO YDUOÖN DUDVÖQGDNL LOLûNLQLQ EDûND ELU ûH\H X\JXODQPDPDVÖ
]RUXQOXOXøX DoÖNOÖøD NDYXûPXû ROXU (YUHQVHO 'RøD DoÖVÖQGDQ |]HO YDUOÖNODU LoLQ
RQD\ODQDQKHUûH\\DX\JXQ\DGDX\JXQVX]RODFDNWÖU
3DUoDYH%WQ<DNODûÖPÖ
$VOÖQGD6WRDOÖODUSDUoDYHEWQ\DNODûÖPÖDUDVÖQGDELUD\UÖP\DSDUDNEXVRUXQDELU
o|]P
EXOPXû
JLEL
J|UQPHNWHGLUOHU
%XQD
LODYHWHQ
SDUoD
\DNODûÖPÖQGDQ
%N]/RQJ6WRLF6WXGLHVV
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
3DUoDYHEWQ\DNODûÖPÖD\UÖPÖQGDE\N|OoGH/RQJ·XQ+HOOHQLVWLF3KLORVRSK\DGOÖ
oDOÖûPDVÖQGDNLWDUWÖûPDODUDGD\DQPDNWD\ÖP
6HUYHW*|]HWOLN³6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH
EDNWÖøÖPÖ]GD HYUHQVHO 'RøD WDUDIÖQGDQ RQD\ODQPÖû ROPXû ROPDVÖQD UDøPHQ DVOD
\DûDQPDPÖûRODQELUoRNûH\YDURODFDN%X\DûDQPDPÖû|]HOGXUXPODUDEDûYXUDQGRøDO
QRUP YH PDNVLPOHU V|] NRQXVX HGLOHELOLU (YUHQVHO 'RøD LoLQ EX |]HO \DûDQPDPÖû
GXUXPODU DKODNL GRøDPÖ]ÖQ HVDV |øHOHUL RODUDN NDUûÖPÖ]D oÖNDU )DNDW EWQF
\DNODûÖPD J|UH EX \DûDQPDPÖû |]HO GXUXPODU EL]LP DKODNL ELU ELOJHOLøH XODûPDPÖ]Ö
HQJHOOHPH](YUHQVHO'RøD·QÖQLQVDQODULoLQGRøDOELUQRUP\DGDPDNVLPRQD\ODGÖøÖQÖ
NDEXO HWWLøLQL KDWÖUODUVDN EX HYUHQVHO 'RøD·\D ]ÖW J|UQHQ LQVDQÖQ DNÖO GRQDQÖPODUÖQÖQ
WHNLO J|UQPOHUL GHøLO (YUHQVHO 'RøD VDGHFH LQVDQ GRøDVÖ YH DNOÖQÖQ ROXPOX
J|UQPOHULQLGHøLOD\QÖ]DPDQGDROXPVX]J|UQPOHULQLQGH\HULQLEHOLUOHU(YUHQVHO
'RøD·QÖQ EX |]HOOLøLQH UDøPHQ RQX L\L \D GD N|W GL\H QLWHOHQGLUPHN PPNQ GHøLO
%WQ GQ\DVDO ROD\ODU DUDODUÖQGD L\L \D GD N|W ûH\OHULQ EXOXQGXøX 'RøD·QÖQ
QHVQHOHULQLROXûWXUXU
%X QRNWDGD EWQ DKODNL ROD\ODUÖQ HYUHQVHO 'RøD·QÖQ EX\UXøXQD EDûYXUDUDN GHøHU
HOGH HWWLNOHUL JHUoHøLQH GLNNDW oHNPHN LVWL\RUX] (YUHQVHO 'RøD·QÖQ VÖQÖUODUÖ LoHULVLQGH
NDODUDN 'RøD\D X\JXQ ROD\ODU LOH 'RøD·\D D\NÖUÖ RODQODU DUDVÖQGD ELULQLQ \DSPD\D
oDOÖûDFDøÖ DKODNL D\UÖP ELU EWQ RODUDN HYUHQVHO 'RøD·\D X\JXODQDPD] %|\OH
GûQPHNOH/RQJ·XQGD\DSWÖøÖJLELLQVDQGRøDVÖQÖQSDUoDVÖROGXøXHYUHQVHO'RøD·GDQ
ELU D\UÖPÖQÖ YDUVD\Ö\RUX] %|\OH ELU D\UÖPD GD\DQDUDN LQVDQODU EHOLUOL ROD\ODUÖQ NHQGL
GRøDODUÖQD´\DUDUOÖ\DGD]DUDUOÖµ
ROGXøXQXIDUNHWPH\HEDûODUODUgUQHøLQIDNLUOLNYH
KDVWDOÖN LQVDQODU LoLQ GRøDO ROPD\DQ NRûXOODUGÖU %X GXUXP VDGHFH SDUoD \DNODûÖPÖ
LWLEDUL\OHGRøUXIDNDWHYUHQVHO'RøDLWLEDUL\OHGHøLO%WQGRøDOROD\ODUÖL\L\DUDUOÖ\D
GD N|W ]DUDUOÖ ROPDODUÖQD EDNÖOPDNVÖ]ÖQ HYUHQVHO 'RøD·QÖQ \HWNLQOLøLQH NDWNÖGD
EXOXQXUODU%HQ]HUELUûHNLOGHV|\OHQLOGLøLQGHHYUHQVHO'RøD\DUDUOÖ\DGD]DUDUOÖL\L\D
GD N|W J]HO \D GD oLUNLQ DUDVÖQGD DVOD ELU D\UÖP J|]HWPH] dQN HYUHQVHO 'RøD
EWQ EX QLWHOLNOHUL PNHPPHOOLøL DoÖVÖQGDQ EQ\HVLQGH EDUÖQGÖUÖU .ÖVDFD HYUHQVHO
'RøDDoÖVÖQGDQGRøDOROPD\DQ\DGD\DUDUOÖROPD\DQKLoELUûH\\RNWXU
(YUHQVHO'RøDYHùQVDQ
úLPGL HYUHQVHO 'RøD·QÖQ LQVDQODU ]HULQGHNL RODVÖ HWNLVLQLQ ER\XWODUÖQÖ DoÖNODPDN
LKWL\DFÖQÖ GX\PDNWD\Ö] 6WRDOÖODUÖQ LGGLD HWWLøL JLEL HYUHQVHO 'RøD LQVDQÖ NHQGLVL
DUDFÖOÖøÖ\ODL\L\DGDN|WELUELoLPGHGDYUDQPDVÖQD\RODoDFDNDNÖOLOHGRQDWWÖ%XEDûND
ELUFDQOÖLOHSD\ODûÖOPD\DQLQVDQÖQD\ÖUWHGLFLNDSDVLWHVLGLU'RøD|øHVLGûQOGøQGH
LQVDQ NHQGLVLQL WHN L\L RODQ HUGHPLQ |QFHO GUWOHULQH J|WUHFHN H\OHPOHU PRGHOL LOH
VÖQÖUOÖGÖU%XILNLUEL]L6WRDOÖODULoLQ|QHPOLRODQÖQED]ÖDU]XHGLOHQVRQXoODUDXODûPDQÖQ
GHøLO IDNDW EHOLUOL HUGHPOHUL DPDo HGLQPHQLQ |QHPOL ROGXøX JHUoHøLQH J|WUU %X
EDøODPGD 6WRDOÖODUÖQ ´GRøD\D X\JXQ RODQ ûH\OHULQ VHoLPLQLQ DKODNL ELOJLQLQ HOGH
HGLOPHVL LoLQ WHPHO ELU JHUHNVLQLP ROGXNODUÖQDµ
LQDQGÖNODUÖ V|\OHQLOHELOLU (UGHPOL ELU
NLûL X\JXQ ûH\OHUL VHoHU YH NDUûÖWODUÖQÖ UHGGHGHU (UGHP GÖû GQ\DGDNL \DUDUOÖ
GHøLûLPOHUOH LOJLOL ELU ûH\ GHøLOGLU %XQXQ \HULQH HUGHP GDKD oRN HYUHQVHO 'RøD·QÖQ
EX\UXNODUÖ\OD E\N ELU X\XP LoLQGH RODQ LQVDQ DNOÖ\OD LOJLOLGLU %|\OHFH GÖû GQ\DGDNL
X\JXQ ûH\OHULQ GRøDO \DUDUODU VHoLPL 6WRDOÖODUD J|UH DNÖOFÖO ELU HøLOLPH GD\DQÖ\RU JLEL
J|UQPHNWHGLU NL EXQXQ VD\HVLQGH EL]OHU \DSWÖøÖPÖ] H\OHPLQ GRøUXOXøXQD NDQDDW
JHWLULUL] 'RøDO \DUDUODUÖQ VHoLPL UDV\RQHO ELU HøLOLPGHQ ND\QDNODQÖ\RU ROPDVÖQD
UDøPHQ HUGHPLQ ELU ROXûWXUXFXVX ROGXøXQX V|\OHPHN X\JXQ GHøLOGLU (øHU GRøDO
/RQJWDUDIÖQGDQEXWHULPOHU´WHUFLKHGLOHQ\DGDWHUFLKHGLOPH\HQIDUNVÖ]ûH\OHUµWHULPOHUL\OH
HûDQODPOÖRODUDNNXOODQÖOPÖûWÖU
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DUDUODUÖQ VHoLPLQLQ 'RøD·QÖQ DNÖOFÖOÖøÖ \D GD HUGHPOL ELU HøLOLPGHQ RUWD\D oÖNWÖøÖQÖ
V|\OHPHNPPNQVHR]DPDQNDoÖQÖOPD]ELUûHNLOGHNHQGLOHULLoLQGHED]Ö|]HODKODNL
GHøHUOHULQ NDEXOQH LûWLUDN HGL\RUX] 'RøDO \DUDUODUÖQ EX DKODNL GHøHUOHUL DKODNL ELU
QRUPXQNHQGLVLQHEDûYXUGXøXH\OHPHQLQSUHQVLSOHULQHLûDUHWHGHU%XV|\OHQHQGHQûX
VRQXFX oÖNDUDELOLUL] 'RøDO \DUDUODUÖQ VHoLPL 'RøD·\OD GD X\JXQOXN LoHULVLQGHGLU
dQN LQVDQODUÖQ UDV\RQHO GRQDQÖPODUÖ NHQGLOHUL LoLQ ]HQJLQOLøL IDNLUOLøH WHUFLK
HWPHOHULQH PVDDGH HGHU (YUHQVHO 'RøD·QÖQ UDV\RQHO GRQDQÖPÖ\OD DKODNL ELUH\ GRøDO
\DUDUODUÖQ HOGH HGLOPHVL ]RUXQOXOXøXQXQ IDUNÖQD YDUÖU 6WRDOÖODU LoLQ GRøDO \DUDUODUÖQ
HOGHHGLOPHVLEXQODUDUDVÖQGDEHOLUOLWHUFLKOHU\DSDQELUH\LQPXWOXOXøXQDKLoELUûHNLOGH
NDWNÖGDEXOXQPD]ODU
6WRD IHOVHIHVLQLQ VÖQÖUODUÖ LoHULVLQGH GRøDO \DUDU YH ]DUDUODUÖQ ROXûXPXQD EDûYXUDQ
ELUD\UÖPYDUEXD\UÖPû|\OHIRUPOHHGLOLU'RøDO\DUDUODU´WHUFLKHGLOHQGLUµVHoLOHFHN
ûH\OHUGLU YH EXQXQ NDUûÖWODUÖ ´WHUFLK HGLOPH\HQGLUµ UHGGHGLOHFHN ûH\OHUGLU
%|\OHFH
6WRDOÖODU WHN L\L RODQ HUGHPH EDûYXUDQ E|\OH ELU VÖQÖIODPD\Ö UHGGHWPLû J|UQ\RUODU
úLPGLûXVRUX\XRUWD\DDWDELOLUL](UGHPLQQHWHUFLKHGLOHELOHQQHGHWHUFLKHGLOHPH\HQ
ROGXøXQX GûQPHN PPNQ PGU" 2UWDN DNÖO \UWPH\H GD\DQDUDN HUGHPLQ
´WHUFLKHGLOHELOHQµROGXøXQXQNDEXOQHNHQGLOLøLQGHQXODûÖODELOLU%XVRUX\D6WRDOÖODUÖQ
FHYDEÖ û|\OHGLU ùQVDQ YDUOÖøÖQÖQ DPDFÖ GHYDPOÖ ELU HUGHPOL HøLOLPL V|] NRQXVX HGHUHN
HUGHPLQ NHQGLVLQH GRøUX LOHUOHPH \DSPDNWÖU %XQXQ |WHVLQGH ´WHUFLK HGLOHQµ ûH\OHU
KD\DWÖQ DPDFÖQD NDWNÖGD EXOXQXUODUNHQ RQXQ DKODNL \DSÖVÖQÖ GHøLûWLUPH]OHU %XQD
UDøPHQ JHQHO KHGHIL JHUoHNOHûWLUHELOPHN LoLQ EL]LP GRøDO \DUDUODU JLEL WHNLO ûH\OHULQ
VHoLPLQGH EXOXQPDPÖ] JHUHNLU g]HO YH WHNLO ûH\OHULQ VHoLPL KHU ]DPDQ GDKD JHQHO
DPDoODUÖQ ]HULQH NXUXOX ROGXøX HUGHPOL ELU HøLOLPH EDûYXUXVX V|] NRQXVXGXU *HQHO
KHGHILQ \DQL HUGHPOL GDYUDQÖûÖQ JHUoHNOHûWLULOPHVLQLQ WDPDPÖ\OD GÖûVDO |øHOHULQ
VHoLPLQH EDøOÖ ROPDGÖøÖQÖ V|\OHPHN ]RUXQGD\Ö] )DNDW WDP DQODPÖ\OD EDøÖPVÖ] ELU
JHUoHNOHûPH DODQÖQD VDKLS ROGXøX GD J|UOU 9H EX DODQ ûXQX |QHULU 'RøUX DNÖO
\UWPH
DKODNL
ELUH\LQ
WHNLO
H\OHPLQL
WDQÖPOD\DQ
HUGHPOL
ELU
HøLOLPLQ
JHUoHNOHûWLULOPHVLQHNDWNÖGDEXOXQDFDN
<XNDUÖGDNL V|\OHQHQOHUGHQ ûX VRQXFX oÖNDUDELOLUL] (YUHQVHO 'RøD LOH X\XP
LoHULVLQGHRODQGRøUXDNÖO\UWPHGRøDO\DUDUODUÖQVHoLPLQLQGHNDWNÖVÖQÖ]RUXQOXNÖODU
dQN D\QÖ DNÖO \UWPH\H GD\DQDUDN HUGHPOL ELU WXWXPXQ DKODNL ELOJLVLQH XODûWÖøÖPÖ]
V|\OHQHELOLU'DKD|QFHGHV|\OHGLøLPL]]HUHHUGHPOLELUWXWXPXQHOGHHGLOPHVLEHOLUOL
ELU |OoGH VHoLOHFHN GRøDO \DUDUODUÖQ DUDFÖOÖøÖQD GD\DQÖ\RU JLEL J|UQ\RU 9H EL]LP
GRøDO\DUDUODUD\NOH\HELOHFHøLPL]DKODNLGHøHUD\QÖ]DPDQGDDKODNLELUWXWXPXQGHøHUL
LoLQ GH ]RUXQOXGXU dQN ]HQJLQOLøLQ IDNLUOLøH WHUFLKL VDGHFH GQ\DGDNL GHøLûLNOLNOHUH
QHGHQROPD\DFDND\QÖ]DPDQGDDKODNLELUH\LQLoVHOWXWXPXQGDGDGHøLûLNOLNOHUHQHGHQ
RODFDNWÖU %X QRNWDGD EL]LP GRøDO \DUDUODUD DWIHGHELOHFHøLPL] KHUKDQJL ELU GHøHULQ
HUGHPOLELUWXWXPXQHOGHHGLOPHVLDPDFÖQGDQEDøÖPVÖ]ROGXøXQXV|\OHPHNWXWDUOÖGÖU
%XQD J|UH GRøDO \DUDUODU DODQÖ HYUHQVHO 'RøD·QÖQ GÖûVDO |øHOHUL YH HUGHP DUDVÖQGD
ELU N|SU ROXûWXUXU 'RøDO \DUDUODUÖQ VHoLPLQGHQ HOGH HGLOHQ LoVHO ROPD\DQ GÖûVDO
PXWOXOXN HYUHQVHO 'RøD·QÖQ L\LOLøL LOH ELU EDøÖ EXOXQGXøXQXQ LûDUHWLQH VDKLS RODELOLU
(øHU|\OH\VHR]DPDQEXILNLUûXLGGLDLOH|]GHûOHûWLULOHELOLU'RøDO\DUDUODUÖQVHoLPOHUL
HYUHQVHO'RøDLOHX\XPLoHULVLQGHROGXNODUÖVUHFHHXGDLPRQLD·QÖQPXWOXOXøXQ|]HOELU
|øHVL RODELOLU %XQXQ |WHVLQGH ûX GD V|\OHQHELOLU (UGHP \D GD HUGHPOL ELU WXWXPXQ
HOGH HGLOLûLQH LOLûNLQ \|QHOLPOHULPL] WHPHO RODUDN HUGHPLQ \DOQÖ]FD WHN L\L ROPD\ÖS D\QÖ
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
6HUYHW*|]HWOLN³6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH
]DPDQGD ´WHUFLK HGLOHQµ ROGXøX ILNULQGHQ oÖNDUÖOÖU %XUDGD YXUJXODQPDVÖ JHUHNHQ
ûXGXU EL] HUGHPLQ ELUH\VHO HWNLQOLøLQL IDUN HGLQFH\H NDGDU oHûLWOL GLøHU L\LOHUL GH
GHQH\LPOHUL] 'LøHU ELU GH\LûOH |\OH J|UQ\RU NL GRøDO \DUDUODUÖQ GHQH\LPLQH
EDûYXUPDNVÖ]ÖQ HUGHPL WHN L\L RODUDN GûQPHN ROGXNoD ]RUGXUdQN HøHU HUGHP
NHQGLVLQH DKODNL ELU GHøHU DWIHGHELOHFHøLPL] WHN ûH\ ROVD\GÖ R ]DPDQ DKODNL ELU ELUH\
LoLQ NHQGLVLQH GRøUX LOHUOHPH ND\GHWPHNVL]LQ HUGHP \D GD HUGHPOL ELU WXWXPXQ DKODNL
ELOJLVLQL HGLQPHN QDVÖO PPNQ RODELOLUGL" %XQD J|UH HUGHPH GRøUX DKODNL RODUDN
\|QHOHQ ELU LOHUOHPHQLQ ROGXøXQX YDUVD\DUVDN R ]DPDQ WHN L\L RODQ HUGHPLQ
ROXûXPXQGDHOGHHGLOHFHN|QFHOLNOLGHQH\LPOHUHLOLûNLQNHVLQROPDN]RUXQGD\Ö]
$oÖNODPD\DoDOÖûPDNLVWHGLøLPL]ûH\ûXGXUNLHYUHQVHO'RøD·QÖQGD|QHUGLøL]HUH
|]HO DPDoODU YH RQODUÖQ |QFHOLNOL \DûDQWÖODUÖ YDUGÖU %XQGDQ ûX VRQXFX oÖNDUDELOLUL]
%HOLUOLûH\OHULQGLøHUûH\OHUHWHUFLKHGLOPHVLELULVLQLQHUGHPOLELUWXWXPXJHOLûWLUHELOHFHøL
DKODNL ELU DODQD LûDUHW HGL\RUPXû JLEL J|UQ\RU $VOÖQGD 6WRDOÖODU JHUoHNOHûWLULOHQ
DKODNL H\OHPLQ GÖûVDO |øH\H ´WHUFLK HGLOHQµ \D GD ´WHUFLK HGLOPH\HQµ ELU ûH\ RODUDN ELU
EDûYXUX\DVDKLSROGXøXQXLGGLDHGHUNHQEHQ]HUELUJ|UûGHVWHNOL\RUODU
6RQXo
%HOLUOL ELU EDNÖû DoÖVÖQGDQ GRøDO \DUDUODUÖQ VHoLPL |\OH ELU \RO DoDU NL EXQXQ
DUDFÖOÖøÖ\OD HUGHP LQVDQ KD\DWÖQÖQ VRQ DPDFÖ RODUDN DUDûWÖUÖOÖS RUWD\D oÖNDUÖODELOLU %X
QRNWD\D NDGDU GRøDO \DUDUODUÖQ GHQH\LPLQH GD\DQDUDN WHN L\L RODQ HUGHPLQ ELOJLVLQH
XODûWÖøÖPÖ]Ö RUWD\D oÖNDUPD\D oDOÖûWÖN %X VRQXo ûX LIDGH LOH WHPHOOHQGLULOHELOLU 'RøDO
\DUDUODUEL]HGDLPD|\OHELUDKODNLH\OHPOHUPRGHOLVXQDUNLLQVDQODUÖQ\DUDUODUÖ\ODGDLo
LoHJHoPLûROXU$\QÖ]DPDQGDGRøDO\DUDUODUÖQGHQH\LPLED]Ö|]HOGXUXPODUÖQL\LOLøLQLQ
IDUNÖQDYDUÖODELOHFHøLELUWHPHOLROXûWXUXU
.D\QDNoD
/RQJ$$6WRLF6WXGLHV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
/RQJ$$+HOOHQLVWLF3KLORVRSK\'XFNZRUWK
6KDUSOHV 5 : 6WRLFV (SLFXUHDQV $QG 6FHSWLFV /RQGRQ DQG 1HZ <RUN
5RXWOHGJH
8\JXODPDOÖ(WLNYH$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL
'Ro'U'DYLG*UQEHUJ (WLN8\JXODPDODUYH8\JXODPDOÖ(WLN
(WLN DKODN VRUXQODUÖQÖ YH NXUDOODUÖQÖ LQFHOH\HQ \D GD WHN WHN DKODN NXUDOODUÖQÖ
WHPHOOHQGLUHQ JHQHO LONHOHUL RUWD\D NR\DQ IHOVHIH GDOÖGÖU $KODN LVH L\L YH N|W ûH\OHUL
KDNOÖ YH KDNVÖ] HGLPOHUL ELUELULQGHQ D\ÖUDQ NXUDOODU GL]JHVLGLU %LU NLûLQLQ EDûND ELU
GH\LPOHX\JXOD\DQÖQEHOOLELUûH\LQL\LYH\DN|WROGXøXQX\DGDELUHGLPWUQQKDNOÖ
YH\DKDNVÖ]ROGXøXQXNLPLHWLNLONHOHUHGD\DQDUDNEDûNDODUÖQDNDEXOHWWLUPHHWNLQOLøLQH
\DQLEDûNDODUÖQÖEX\ROGDLNQDHWPH\HLVHELUHWLNX\JXODPDVÖGHQLU%LUûH\LQL\LOLøLQL\DGD
ELU HGLPLQ KDNOÖOÖøÖQÖ NDEXO HWWLUPHN NDEXO HGHQLQ \DQL GLQOH\LFLQLQ EHOOL ELU GDYUDQÖûWD
EXOXQPDVÖQD\RODoDU1LWHNLPGLQOH\LFLELUNLPVHQHVQHYH\DGXUXPXQL\LOLøLQLNDEXO
HWWLøLQGH RQX |YPHN LVWHU YH ELU HGLP WUQQ KDNOÖOÖøÖQÖ NDEXO HWWLøLQGH R WU ELU
HGLPGH EXOXQPDN LVWHU 7HUVLQH ELU ûH\LQ N|WOøQ EHQLPVHGLøLQGH RQX \HUPHN
LVWHU ELU HGLPLQ KDNVÖ]OÖøÖQÖ EHQLPVHGLøLQGH LVH R WU HGLPGH EXOXQPDNWDQ NDoÖQPDN
LVWHU%|\OHFH HWLN X\JXODPD ELU GLQOH\LFL NLWOHVLQLQ GDYUDQÖûÖQÖ HWNLOHPH\L DPDoODU +HU
HWLN
X\JXODPD
DPDFÖQÖ
JHUoHNOHûWLUGLøL
|OoGH
EDûDUÖOÖGÖU
EDûDUÖ
GHUHFHVL
LVH
X\JXODPDFÖQÖQGLQOH\LFL\LLNQDHWPHJFQHEDøOÖGÖU
8\JXODPDOÖ HWLN ELU \DQGDQ EDûDUÖOÖ HWLN X\JXODPDODU \DSPDVÖQÖ |øUHWHQ VDQDW |EU
\DQGDQ HWLN X\JXODPDODUÖQÖ NXUDPVDO RODUDN LQFHOH\HQ ELOLP YH\D |øUHWL GHPHNWLU
8\JXODPDOÖ HWLøLQ NRQXVX RODQ HWLN X\JXODPDODU oRN oHûLWOL DODQODUD DLW RODELOLU %X
DODQODUD J|UH X\JXODPDOÖ HWLN oHYUH HWLøL WÖS HWLøL YH EL\RHWLN PHG\D HWLøL VL\DVHW HWLøL
KXNXNHWLøLLûHWLøLYHPKHQGLVOLNHWLøLJLELoHûLWOLGDOODUDD\UÖOPDNWDGÖU
ùNQD(GLFL8VODPODPDODUYH5HWRULN
*HQHO RODUDN LNQD HWPH HWNLQOLøL ELU NRQXûPDFÖ LOH ELU GLQOH\LFL DUDVÖQGD JHoHQ
LOHWLûLPVHO ELU GDYUDQÖû ELoLPLGLU .RQXûPDFÖ GLQOH\LFL\H EHOOL ELU ûH\L \DSWÖUPD\Ö \D GD
\DSPDVÖQÖ HQJHOOHPH\L DPDoODU $QFDN LNQD HWPH HWNLQOLøLQGH NRQXûPDFÖ DPDFÖQÖ
IL]LNVHO]RUODPDLOHGHøLONRQXûPD\ROXLOHGLQOH\LFLQLQUXKGXUXPXQX|]HOOLNOHLQDQo
ELOJL YH GX\JXODUÖQÖ HWNLOH\HUHN JHUoHNOHûWLUPH\H oDOÖûÖU 1LWHNLP E|\OH ELU HWNLOHPH
VRQXFXQGD GLQOH\LFL DUWÖN NHQGL LVWHQFL LOH NRQXûPDFÖQÖQ DPDoODGÖøÖ GDYUDQÖûWD
EXOXQDELOLUùNQDHWPHH\OHPLQLQEDûDUÖVÖGLQOH\LFLQLQLVWHQFLQLQNRQXûPDFÖQÖQDPDFÖQD
X\JXQRODUDN\|QOHQGLULOPHVLQHEDøOÖGÖU
ùNQD HWPH HWNLQOLøLQLQ WHPHOLQGH NRQXûPDFÖ LOH GLQOH\LFL DUDVÖQGD \HU DODQ LOHWLûLP
DQFDN ELU XVODPODPD\Ö LoHUHQ ELU GDYUDQÖû LOH VDøODQDELOLU %X WU GDYUDQÖûD LNQD HGLFL
XVODPODPD GHQLU %XQODU LOHWLûLP VDøODPD\Ö DPDoOD\DQ GDYUDQÖûODU ROGXøXQGDQ |]HO ELU
LOHWLûLPVHO GDYUDQÖû WUQ ROXûWXUXUODU +HU LNQD HGLFL XVODPODPD GDYUDQÖûÖ ELU
NRQXûPD WU ROXS EHOOL ELU NRQXûPDFÖ LOH GLQOH\LFL DUDVÖQGD JHUoHNOHûLU 8VODPODPD
NRQXûPDFÖ GLQOH\LFL\L LNQD HWWLøL |OoGH EDûDUÖOÖ VD\ÖOÖU %X EDûDUÖ XVODPODPDQÖQ LNQD
HGLFL JFQH EDøOÖGÖU 5HWRULN ELU \DQGDQ EDûDUÖOÖ \DQL LNQD HWPH JF \NVHN RODQ
2'7h)HOVHIH%|OP
%N]-+DEHUPDV7KH7KHRU\RI&RPPXQLFDWLYH$FWLRQ9ROWUE\7KRPDV0F&DUWK\%HDFRQ
3UHVV%RVWRQV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
XVODPODPD \DSPD\Ö |øUHWHQ VDQDW |EU \DQGDQ JHQHO RODUDN LNQD HGLFL XVODPODPDODUÖ
LQFHOH\HQELOLPGDOÖYH\D|øUHWLGLU
ùNQD HGLFL XVODPODPDODU ELU YH\D GDKD oRN VD\ÖGD oÖNDUÖP LoHULU .RQXûPDFÖQÖQ
GLQOH\LFL\L DNOÖQD KLWDS HGHUHN LNQD HGHELOPHVL LoLQ NXOODQGÖøÖ EWQ oÖNDUÖPODUÖQ DNÖOFÖ
\ROOD JHoHUOL ROGXøXQX YH EX oÖNDUÖPODUÖQÖQ EWQ |QFOOHULQLQ GRøUX ROGXøXQX NDEXO
HWWLUPHVL JHUHNLU 1H NL oRøX NH] LNQD HGLFL XVODPODPDODU GLQOH\LFLQLQ DNOÖQGDQ oRN
GX\JXODUÖQD KLWDS HGHU R ]DPDQ GD \DQOÖû |QFOO YHYH\D JHoHUVL] oÖNDUÖPODUD
GD\DQDQ ELU XVODPODPDQÖQ oRN \NVHN LNQD HGLFL JF RODELOLU %X GXUXPGD LNQD HWPH
NDQGÖUPDGDQ \DQL DOGDWPDGDQ EDûND ELU ûH\ GHøLOGLU $PD EX WU XVODPODPDODU GD
UHWRULøLQ NRQXVX LoLQGH ROXS EXQODUÖQ LQFHOHQPHVL UHWRULøLQ oRN |QHPOL ELU DPDFÖ
VD\ÖOÖU .DQGÖUPD\D \RO DoDQ XVODPODPDODU DKODND D\NÖUÖVD\ÖOPDOÖGÖU *HQHO RODUDN LNQD
HGLFL XVODPODPDODU DKODND X\JXQ YH DKODND D\NÖUÖ ROPDN ]HUH LNL |EHøH D\UÖODELOLU
$KODND X\JXQ XVODPODPDPODU D\QÖ ]DPDQGD PDQWÖN YH \|QWHPELOLP NXUDOODUÖQD X\DQ
oÖNDUÖPODUD GD\DQPDN ]RUXQGDGÖU %X WUO oÖNDUÖPODU LVH PDQWÖNoD JHoHUOL ROXS
|QFOOHUL DNÖOFÖ \|QWHPOHUFH EHOJHOHQPLûWLU $\UÖFD NRQXûPDFÖQÖQ \DQOÖû VD\GÖøÖ YH\D
LQDQPDGÖøÖ ELU |QHUPH\L ELOH ELOH |QFO RODUDN \DODQ \HUH NXOODQPDPDVÖ JHUHNLU
.RQXûPDFÖQÖQ \DQOÖû ELU |QFO \DQOÖûOÖøÖQÖ ELOH ELOH NXOODQPDPDVÖ GXUXPXQGD
XVODPODPD DKODND D\NÖUÖ ROPD] 1LWHNLP ELUoRN XVODPODPDGD JHoHQ |QFOOHU GHQH\VHO
|QHUPHOHUGLU %X WU |QHUPHOHULQ GRøUXOXNODUÖ NHVLQ RODUDN EHOJHOHQHPH] \DQL \DQOÖû
ROPDODUÖRODQDNOÖGÖU
*HoHUOLELUoÖNDUÖPDGD\DQDQXVODPODPDODUDELU|UQHNYHUHOLP
ùQVDQ|OGUPHPHûUXVDYXQPDJLELKDNOÖQHGHQOHUGÖûÖQGDKDNVÖ]GÖU
'|OW FHQLQ GH ELU LQVDQ VD\ÖOÖU oQN G|OW HPEUL\RQXQ EWQ RUJDQODUÖ
EHOLUGLNWHQVRQUDDOGÖøÖHYUHGLU
'ROD\ÖVÖ\ODG|OWDOGÖUPDH\OHPLELULQVDQ|OGUPHH\OHPLVD\ÖOPDOÖGÖU
+DNVÖ]GDYUDQÖûODU\DSÖOPDPDVÖJHUHNHQGDYUDQÖûODUGÖU
%XQHGHQOHG|OWDOGÖUPDKDNVÖ]ELUGDYUDQÖûWÖU
6RQXoRODUDNG|OWDOGÖUPD\DSÖOPDPDVÖJHUHNHQELUGDYUDQÖûWÖU
<XNDUÖGDNL oÖNDUÖP YH\D GDKD GRøUXVX oÖNDUÖPODU ]LQFLUL JHUoHNWHQ JHoHUOLGLU
$QFDNEXoÖNDUÖPDGD\DQDQELUXVODPODPDQÖQGLQOH\LFL\LLNQDHWPHVLLoLQJHoHUOLROPDVÖ
\HWHUOL GHøLOGLU .RQXûPDFÖQÖQ ELU GH GLQOH\LFL\H oÖNDUÖPÖQ EWQ |QFOOHULQL NDEXO
HWWLUPHVLJHUHNLU
(WLN8\JXODPDODULOHùNQD(GLFL8VODPODPDODU$UDVÖQGDNLùOLûNL
+HU HWLN X\JXODPD PXWODND ELU YH\D GDKD oRN VD\ÖGD LNQD HGLFL XVODPODPD
LoHUPHOLGLU 1LWHNLP HWLN X\JXODPDGD X\JXOD\ÖFÖ GLQOH\LFL\L EHOOL ELU \|QGH LNQD HWPH\L
DPDoODU R\VD LNLQFL E|OPGH EHOLUWLOGLøL JLEL LNQD HWPH HWNLQOLøL LNQD HGLFL
XVODPODPDODUD GD\DQÖU %XQX û|\OH DoÖNOD\DELOLUL] +HUKDQJL ELU HWLN X\JXODPDGD
X\JXOD\ÖFÖHQLQGHVRQXQGDGLQOH\LFLVLQLELUûH\L\DSPD\DYH\D\DSPDPD\DLNQDHWPH\H
oDOÖûÖU 'ROD\ÖVÖ\OD KHU HWLN X\JXODPD LNQD HGLFL HWNLQOLNOHU LoHULU 2\VD LNLQFL E|OPGH
EHOLUWLOGLøL JLEL LNQD HGLFL HWNLQOLNOHU LNQD HGLFL XVODPODPDODUD GD\DQÖU %|\OHFH HWLN
X\JXODPDODUÖQ KHS LNQD HGLFL XVODPODPDODUD GD\DQGÖøÖQÖ J|VWHUPLû ROX\RUX] gUQHøLQ
G|OW DOGÖUPD\D NDUûÖ oÖNDQ HWLN X\JXODPD LNLQFL E|OPGHNL oÖNDUÖPODU ]LQFLULQH
GD\DQDQLNQDHGLFLELUXVODPODPDLoHUHELOLU
gWH \DQGDQ LNQD HGLFL \RUXPODPDODU LVWHU ELU HWLN X\JXODPDGD \HU DOVÖQODU LVWHU
DOPDVÖQODU KHU ]DPDQ DKODND X\JXQ ROXS ROPDPDODUÖ EDNÖPÖQGDQ GHøHUOHQGLULOPHN
GXUXPXQGDGÖUODU %|\OH ELU GHøHUOHQGLUPH LVH EDûOÖ EDûÖQD ELU XøUDû DODQÖ \DUDWÖU %X
'DYLG*UQEHUJ³8\JXODPDOÖ(WLNYH$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL
XøUDû DODQÖ X\JXODPDOÖ HWLøLQ \HQL ELU GDOÖ ROXS LNQD HGLFL XVODPODPDODU HWLøL \D GD
NÖVDFD XVODPODPD HWLøL RODUDN DGODQGÖUÖODELOLU 8VODPODPD HWLøLQL ROXûWXUDQ WHN WHN HWLN
X\JXODPDODUÖ WRSOXPGD |QHPOL HWNLVL RODQ LNQD HGLFL XVODPODPDODUÖ GHøHUOHQGLUPH\L
DPDoOD\DQ X\JXODPDODU QLWHOLøLQGHGLU gUQHøLQ ELU VL\DVDO |øUHWL\L VDYXQDQ ELU
XVODPODPDQÖQ DKODND X\JXQ ROXS ROPDGÖøÖQÖQ GHøHUOHQGLULOPHVL EHOOL ELU HWLN X\JXODPD
|UQHøLQLROXûWXUDELOLU
$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL
$ULVWRWHOHV 5HWRULN DGOÖ \DSÖWÖQGD LNQD HGLFL XVODPODPDODUÖ VLVWHPDWLN RODUDN
LQFHOHPLûWLU 5HWRULøLQ ELU \DQGDQ GL\DOHNWLøLQ DPD |WH \DQGDQ HWLøLQ ELU X]DQWÖVÖ
ROGXøXQX V|\OHPLûWLU 'L\DOHNWLN LVH GL\DOHNWLN oÖNDUÖP GHQLOHQ ELU oÖNDUÖP WUQQ
ELOLPLGLU D 'L\DOHNWLN oÖNDUÖPODU |QFOOHUL GRøUX ROXS ROPDGÖøÖ NHVLQ
RODUDN ELOLQPH\HQ DPD WRSOXPGD JHQHOOLNOH NDEXO J|UHQ oÖNDUÖPODUGÖU 7RSLFD D
ùûWH UHWRULøLQ NRQXVX RODQ LNQD HGLFL XVODPODPDODUÖQ NXOODQGÖøÖ WP oÖNDUÖPODU
GL\DOHNWLN oÖNDUÖP QLWHOLøLQGHGLU %|\OHFH UHWRULøLQ JHUoHNWHQ GL\DOHNWLøLQ ELU X]DQWÖVÖ
ROGXøXQXJ|U\RUX]
$ULVWRWHOHV KHUKDQJL LNQD HGLFL ELU XVODPODPDGD JHoHQ ELU GL\DOHNWLN oÖNDUÖPÖ LNQD
HWPH\LVDøOD\DQELUDUDoVD\PDNWDGÖU$QFDNGL\DOHNWLNoÖNDUÖPDUDFÖQÖQ\DQÖVÖUDEDûND
LNL LNQD HWPH DUDFÖQGDQ V|] HWPHNWHGLU %XQODUGDQ ELUL NRQXûPDFÖQÖQ LNQD HWPH
\HWHQHøL |EU GH GLQOH\LFLQLQ LNQD ROPDVÖQD \RO DoDQ GX\JXVDO GXUXPXGXU
$ULVWRWHOHV UHWRULøLQ ELU GH HWLøLQ X]DQWÖVÖ ROPDVÖQÖ EX VRQ LNL LNQD HWPH DUDFÖQD
EDøOÖ\RU
dQN
EXQODUGDQ
ELULQFLVL
NRQXûPDFÖ
LQVDQÖQ
QLWHOLNOHULQL
|]HOOLNOH
HUGHPOHULQL GLøHUL LVH GLQOH\LFLQLQ GX\JXODUÖQÖ DQODPD\D GD\DQÖU ùNQD HGLFL ELU
XVODPODPDGD NXOODQÖODQ EX LNL WUGHQ DUDFÖQ DKODND X\JXQ \D GD D\NÖUÖ ROGXøX HWLN
DoÖVÖQGDQ GHøHUOHQGLULOPHOLGLU %|\OHFH LNQD HWPH\L VDøOD\DQ KHU o DUDFÖQ HWLN QLWHOLøL
EXDUDoODUÖNXOODQDQLNQDHGLFLXVODPODPDQÖQDKODNDX\JXQ\DGDD\NÖUÖROXSROPDGÖøÖQÖ
EHOLUOHU%XGDUHWRULøLQJHUoHNWHQHWLøLQGHELUX]DQWÖVÖROGXøXQXJ|VWHULU
$ULVWRWHOHV \|QHOGLøL DPDoODU DoÖVÖQGDQ LNQD HGLFL XVODPODPDODUÖ oH D\ÖUÖ\RU (øHU
XVODPODPD GLQOH\LFLQLQ ELU H\OHPGH EXOXQPDVÖQÖ \D GD EXOXQPDPDVÖQÖ DPDoOÖ\RUVD
H\OHPH \|QHOLN XVODPODPD ELU NLûLQLQ KDNOÖ \D GD KDNVÖ] ROGXøX \DUJÖVÖQÖ VDøODPD\Ö
DPDoOÖ\RUVD \DUJÖODPD\D \|QHOLN XVODPODPD YH ELU NLûLQLQ |YOPHVLQL \D GD \HULOPHVLQL
DPDoOÖ\RUVD|YPH\DGD\HUPH\H\|QHOLNXVODPODPDDGÖQÖDOÖUE$ULVWRWHOHV·LQEX
oO D\UÖPÖ JQP]GH |QHP ND]DQDQ X\JXODPDOÖ HWLN DODQODUÖQÖQ VÖQÖIODQPDVÖ LoLQ
\DUDUOÖGÖU
(\OHPH \|QHOLN XVODPODPDODUGD NRQXûPDFÖ EHOOL ELU GDOGD X]PDQOÖøÖ RODQ ELU
GDQÖûPDQ \D GD ELU GLQOH\LFL NLWOHVL LOH LOHWLûLP NXUPD\D oDOÖûDQ ELU KDWLSWLU +HU LNL
GXUXPGD
GLQOH\LFL
H\OHPGH
EXOXQXS
EXOXQPDPD
NRQXVXQGD
NDUDU
YHULFL
GXUXPXQGDGÖU gUQHøLQ ELULQFL GXUXPGD GLQOH\LFL EHOOL ELU \DWÖUÖPGD EXOXQXS
EXOXQPDPDNRQXVXQGDNDUDUYHUHFHNELULûDGDPÖNRQXûPDFÖGDX]PDQELUHNRQRPLVW
RODELOLU ùNLQFL GXUXPGD GLQOH\LFL ELU PLWLQJH NDWÖODQ R\ YHUHFHN RODQ YDWDQGDû NLWOHVL
NRQXûPDFÖ
GD
R\
LVWH\HQ
ELU
PLOOHWYHNLOL
DGD\Ö
RODELOLU
%LULQFL
GXUXPGDNL
XVODPODPDODUÖQ HWLN GHøHUOHQGLUPHVL Lû HWLøLQL LNLQFL GXUXPGDNL XVODPODPDODUÖQ HWLN
GHøHUOHQGLUPHVL LVH VL\DVHW HWLøLQL ROXûWXUXU 'LQOH\LFL JD]HWH RNX\XFXVX WHOHYL]\RQ
VH\LUFLVL
ùQWHUQHW
NXOODQÖFÖVÖ
NRQXûPDFÖ
LVH
JD]HWHFL
79
VXQXFXODUÖ
ùQWHUQHW
SURJUDPFÖODUÖ ROGXøXQGD XVODPODPDODUÖQ HWLN DoÖGDQ LQFHOHQPHVL PHG\D HWLøLQLQ
NRQXVXQXROXûWXUXU'LQOH\LFLLOHNRQXûPDFÖQÖQQLWHOLøLQHJ|UHEXWUOXVODPODPDODUÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HWLN GHøHUOHQGLULOPHVL oHYUH HWLøL WÖS HWLøL EL\RHWLN JLEL oRN oHûLWOL X\JXODPDOÖ HWLN
DODQODUÖQÖROXûWXUXU
<DUJÖODPD\D \|QHOLN XVODPODPDODUGD GLQOH\LFL ELU PDKNHPH \DUJÖFÖ YH YDUVD MUL
\HOHULQGHQ ROXûXU .RQXûPDFÖ LVH VDYXQPD DYXNDWÖ YH\D VDYFÖGÖU 'ROD\ÖVÖ\OD EX WU
XVODPODPDODUÖQHWLNGHøHUOHQGLUPHVLQLQKXNXNHWLøLQLROXûWXUGXøXQXJ|U\RUX]
gYPH \D GD \HUPH\H \|QHOLN XVODPODPDODU GD JHQHOOLNOH Lû KD\DWÖQGD EURNUDVLGH
YH VL\DVHWWH ELULQLQ OHKLQH YH\D DOH\KLQH V|\OHQLOHQL GHVWHNOHPHN LoLQ NXOODQÖOÖU ùû
KD\DWÖQGD YH\D EURNUDVLGH GLQOH\LFL ELU J|UHYOLQLQ \NVHOPHVLQH NDUDU YHUHFHN ELU
\|QHWLFL NRQXûPDFÖ LVH \|QHWLFLQLQ EX J|UHYOLQLQ oDOÖûPDODUÖ KDNNÖQGD ELOJL HGLQPHN
LoLQ EDûYXUGXøX X]PDQ ELU NLûL RODELOLU 6L\DVHWWH LVH GLQOH\LFL R\ YHUHFHN RODQODU
NRQXûPDFÖ GD NDUûÖ WDUDIÖ \HUHQ ELU VL\DVHWoL RODELOLU%XWU XVODPODPDODUÖQ HWLN RODUDN
GHøHUOHQGLULOPHVLGHVÖUDVÖLOHLûHWLøLNDPX\|QHWLPLYHVL\DVHWHWLøLQGH\HUEXODFDNWÖU
6RQXo
6RQXo RODUDN LNQD HGLFL XVODPODPDODUÖQ X\JXODPDOÖ HWLNOH LNL \|QO ELU LOLûNLVL
ROGXøXQX V|\OH\HELOLUL] %LU \|QGHQ KHU HWLN X\JXODPDGD NRQXûPDFÖ \|QHOGLøL
GLQOH\LFL\HJ|UûQNDEXOHWWLUPHNLoLQELUYH\DELUGHQoRNXVODPODPDGDEXOXQXU%X
GXUXPGD LNQD HGLFL XVODPODPDODU HWLN X\JXODPDQÖQ WHPHO ELU DUDFÖ LûOHYLQL J|UU gEU
\|QGHQ LVH LQVDQ \DûDPÖQÖQ oHûLWOL DODQODUÖQGD NXOODQÖODQ |QHPOL HWNLVL RODQ LNQD HGLFL
XVODPODPDODUÖQ HWLN DoÖVÖQGDQ DKODND X\JXQ \D GD D\NÖUÖ RODUDN GHøHUOHQGLULOPHVL EDûOÖ
EDûÖQD\HQLWUGHQELUHWLNX\JXODPDVÖQD\RODoDU%XWUHWLNX\JXODPDODUÖNRQXHGLQHQ
X\JXODPDOÖ HWLN DODQÖQD XVODPODPD HWLøL GHPLûWLN%X GXUXPGD LNQD HGLFL XVODPODPDODU
HWLN X\JXODPDQÖQ DUDFÖ GHøLO GRøUXGDQ GRøUX\D NRQXVXGXU %|\OHFH LNQD HGLFL
XVODPODPDODUÖQ HWLN X\JXODPDODUGD ELU \DQGDQ DUDo RODUDN |WH \DQGDQ NRQX RODUDN \HU
DOGÖNODUÖRUWD\DoÖNÖ\RU
6DQDWYH(WLN
3URI'U.H]EDQ*OHU\] (WLNPHVHOHOHULQDQODûÖODELOPHVLLoLQLQVDQYDUOÖøÖQÖQWDQÖQPDVÖJHUHNLUdQNLQVDQ
N|N GXDOLWH\H GD\DQDQ GûQFH \DSÖVÖQÖQ oHOLûNLOHUH DoÖN ROPDVÖ QHGHQL\OH HWLN
SUREOHPOHULQRUWD\DoÖNPDVÖQÖQVRUXPOXVXGXU
ùQVDQ VSLULWDOLVWOHUGHQ |GQo DOÖQDFDN ELU WDQÖPODPD\OD \NVHN YH VSHNWUXPX
JHQLû
ELU
YDUOÖNWÖU
6SLULWDOLVW
GûQFHQLQ
WHPHOLQL
ROXûWXUDQ
VHPDYL
GLQOHUGH
UHVPHGLOGLøL KDOL\OH \DOQÖ] L\LOLøL ELOHELOHQ PHOHNOHULQ VWQGH EDûND ELOJLOHUL GH
|øUHQHELOHQYHNXOODQDELOHQYDUOÖNLQVDQGÖUúH\WDQN|WLOHRODQWDQÖûÖNOÖøÖEDNÖPÖQGDQ
LQVDQÖQ JHQLû YDUROXû VSHNWUXPXQD VDKLS ROPDVÖQÖQ ELU VRQXFXGXU %X \NVHN
G]H\GHNL NDSVDPD NDSDVLWHVL LQVDQÖQ WDQUÖVDO JoWHQ E\N ELU SD\ DOPÖû ROGXøXQX
J|VWHULU ELOHELOPHQLQ \DQÖ VÖUD \DUJÖOD\DELOPH GHQHWOHPH YH \DUDWPD JF GH EDûND
WUOHUHJ|UHRQDVWQONND]DQGÖUÖU
.HQGLQL YH NHQGLVL GÖûÖQGDNLOHUL WDQÖPD YH ELOPH DU]XVX |QQH JHoLOPH] ELU LWNL
RODUDN LQVDQ \D]JÖVÖQGD |QHPOL ELU \HU WXWDU +HU ]DPDQ \NVHNWH YH KX]XUOX WHVLU
ÖUPDNODUÖQÖQ ELOH DOWÖQGDQ DNWÖøÖ FHQQHWWHQ NRYXOPDVÖQD \RO DoDQ \DVDNODUÖ ûH\WDQ
DUDFÖOÖøÖ\OD LKODO HWPHN E|\OHFH ûH\WDQÖQ YDDW HWWLøL ]HYNOHUL WDQÖPDN LoLQ FHQQHWL IHGD
HWPHN LQVDQÖQ EDûND YDUROXû KDOOHULQL GH ELOPH \DQL HPSDWL NXUDELOPH NDELOL\HWLQLQ
JFQ J|VWHULU $VOÖQGD LQVDQ ûH\WDQ NDUûÖVÖQGD LUDGHVLQL NXOODQDUDN GLUHQHELOLU YH
EHONLGH\NVHNKDVOHWOHULQLFHQQHWRUWDPÖQGDNXOODQPD\DGHYDPHGHELOLUGL$PDKD\ÖU
NDUûÖOÖøÖQGD\FHOLNWHQDûDøÖ\DGûPH\LJ|]HDODUDNFHQQHWLGQ\DELOJLVLQHYHGQ\DLOH
|]GHûOHûPH\HIHGDHWPLûWLU
ùQVDQ GQ\D \DûDPÖQD LQGLNWHQ VRQUD NÖVÖWODQPDODU LoLQGH ROGXøXQX IDUN HGHU
'RøD YH PDGGH NHVLQNHV ûDUWODUOD GûQGNOHULQL YDU HGHELOPHVL NRQXVXQGD LQVDQÖ
]RUODU %X ]RUOX oDEDGD NHQGLVLQL GQ\D \DSÖVÖ LoLQGH \HQLGHQ \DUDWPDN \NVHOWPHN
\HQL PHNkQÖQGD \DûDPDVÖQD LPNDQ YHUHQ ELOJLOHUL HGLQPHN EDûNDODUÖQD DNWDUPDN
JHOLûWLUPHNLoLQNXOODQGÖøÖ\HJkQH\ROVDQDWWÖU
%X EDNÖPGDQ VDQDW 7DQUÖ·GDQ JHOHQ ELU H\OHP LOHWLûLP YH \DUDWÖFÖOÖN JFGU YH
HGHS DKODN J]HOOLN JLEL NDYUDPODUOD VÖQÖUOÖ ROPDN ]RUXQOXOXøX WDûÖPD] 2UWD\D NRQDQ
QHROXUVDROVXQVDQDWVHYL\HVLQHXODûPÖûELU\DUDWPDLQVDQUXKXQX\NVHOWHQELUHWNHQ
ROXUoQNVDQDWPNHPPHOHYDUPD\NVHNNDOLWH\L\DNDODPDJD\UHWLLOHDQODWÖODELOLU
(VNL <XQDQ DQOD\ÖûÖ LQVDQÖQ GQ\D DUGÖ \NVHN G]H\GH ELU YDUOÖN ROGXøXQX NDEXO
HGHUHN PNHPPHOH YDUPDQÖQ VRUXPOXOXøXQX WDûÖGÖøÖQÖYDUVD\PÖûWÖU0NHPPHOOLN LVH
GRøDGDGÖU
GRøD
NDQXQODUÖ\OD
WHPVLO
HGLOPHNWHGLU
g\OH\VH
GRøDQÖQ
WDNOLGL
PNHPPHOOLøL GHQHPHN DQODPÖQD JHOHELOLU 1DWUDOL]P EX GûQFHGHQ \ROD oÖNDUDN
GRøD\D EDøOÖ ELU LGHDO RUWD\D NR\DU \DQL \DSÖODQ KHU ûH\ 3ODWRQ·XQ GH\LûL LOH GRøDGDQ
\DQVÖ\DQ ´LGHDµODUD YDUPD oDEDVÖGÖU 1H YDU NL LGHD XøUXQGD \DUDWÖODQ HQ PNHPPHO
WDNOLGLQ GH VWQGH GXUPDNWDGÖU 'RøD NDQXQODUÖQD X\DQ D\QÖ GRøDGD ROGXøX JLEL ELU
YDUOÖøÖ\DUDWPDNLPNDQVÖ]GÖU6DQDWLGHDODUÖWHPVLOHGHQDQFDNRQODUÖQELULQFLGHUHFHGH
VDKWHVL ROPDNWDQ NXUWXODPD\DQ \DUDWÖODUÖQ WDNOLGL LOH ´VDKWHQLQ GH VDKWHVLQLµ RUWD\D
*D]LhQLYHUVLWHVLùOHWLûLP)DNOWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NR\PDNWDGÖU %XQXQOD EHUDEHU LQVDQ QDWUDOL]P JHUHøL LGHDOH YDUPD oDEDVÖ VÖUDVÖQGD
JHUoHøL QH JLEL ELU \|QWHPOH NXUPD YH\D JHUoHøL DVOD NXUDPDPD ELOJLVLQL ND]DQPÖû
ROXU
$VOÖQGD PNHPPHOH YDUDPDPDN LGHDO RODQODUOD LGHDO ROPD\DQ \DQL NXVXUOX ûH\OHU
DUDVÖQGD ELU GHøHU IDUNÖQÖQ ROGXøXQX RUWD\D oÖNDUPÖûWÖU $ULVWRWHOHV WUDJHG\DQÖQ
´RUWDODPDQÖQ VWQGH LQVDQODUÖµ NRPHG\DQÖQ LVH ´RUWDODPDQÖQ DOWÖQGD NXVXUOX
LQVDQODUÖµWDNOLWHWWLøLQLV|\OH\HUHNLQVDQODUÖG]H\OHULQHEDøOÖGHøHUOHULEDNÖPÖQGDQoH
D\ÖUPÖûWÖU 2UWDODPD LQVDQODU VW G]H\ LQVDQODU YH NXVXUOX DûDøÖ G]H\ LQVDQODU hVW
G]H\ LQVDQODU LQVDQ LGHDVÖQD \DNÖQ RODQODU ROPDOÖODU YH QDWUDOL]PLQ |QHUGLøL ûHNLOGH
LQVDQ GRøDVÖQÖQ LFDEÖ RODQ QRUPODUD X\JXQ \DQL QRUPDO LQVDQODU RODUDN D\UÖOPDOÖODU
$OoDNODU LVH DQRUPDOGLUOHU \NVHN ELU YDUOÖN RODQ LQVDQ LGHDVÖQÖQ LFDEÖ QRUPODUD
X\PD\DQ \DUDGÖOÖûWD NXVXUOX YH oRN GHID JOQoWUOHU 2QODU \NVHN LQVDQ LGHDOOHULQL
LKODO HGHUOHU J]HOOLøH YH HGHEH WHUV GûHUOHU %XQXQOD PXKDWDS L]OH\LFL\H DFÖ
YHUPH]OHU DPD EHOOL NL JOGUUOHU YH VR\OXOXNVR\VX]OXN ]HULQGH GûQGUUOHU 2
KDOGHNRPHG\DQÖQLûOHYLHOHûWLULNXUPDNWÖUVR\OX\DJ|UHVR\VX]XQ\FH\HJ|UHDOoDøÖQ
L\L\H J|UH N|WQQ YDUOÖøÖQÖ J|VWHUPHNWLU $ULVWRWHOHV NRPHG\D LOH LOJLOL ELU EDûND ELOJL
GDKD YHULU 0HJDUD·OÖODU NRPHG\D\Ö EXOGXNODUÖ LGGLDVÖQGDGÖUODU %|\OH ELU WUQ RUWD\D
oÖNÖûÖQGD NHQGL GHPRNUDWLN \|QHWLPOHULQLQ HWNLVL YDUGÖU <DQL GHPRNUDWLN \|QHWLP
NXVXUOXQXQ NHQGLQL LIDGHVLQH FHYD] YHUPHNWHGLU %LU EDûND QRNWD GD NRPHGLQLQ
´NRPDLµ \DQL N|\OHUGH R\QDQGÖøÖGÖU .HQWOHUGH EX R\XQFXODUÖQ KLoELU LOJL J|UPHPLû
ROPDVÖ L\LN|W \NVHNNXVXUOX HGHSOLHGHSVL] LNLOL NDYUDPODUÖQÖQ VRV\DO \DSÖODU
|QQGHQDVÖONDEXOJ|UGøKDNNÖQGDDNODoHûLWOLVRUXODUJHWLUPHNWHGLU
*HUHN QDWUDOL]PLQ LGHDOH YDUPÖû JD\UHWL JHUHNVH PRGHUQL]P LOH RUWD\D DWÖODQ YH
|QFHGHQ LGHDO RODUDN EHOLUOHQPLûOHUH ]ÖW RQX ER]DQ YH\D DOWHUQDWLIOHU |QH VUHUHN
LQVDQ DNOÖQÖQ YH DOJÖ GQ\DVÖQÖQ VRQVX] VD\ÖGD YH oHûLWOLOLNWH YDUOÖN ROXûXPODUÖ
NXUDELOGLøLQL J|VWHUHQ DNÖPODU LQVDQGDNL \DUDWÖFÖOÖN NDSVDPÖQÖQ JHQLû ROGXøXQD LûDUHW
VD\ÖOPDOÖGÖU <DUDWÖFÖOÖN DVOÖQGD YDUROXûoX ELU J|]OH EDNDFDN ROXUVDN KHU YDUOÖNWD
NHQGLQLQYDUROXûXQXPPNQNÖODQYH\DSDUDNLPDOHGHUHN\RNODUÖYDUROXûDoHYLUHQ
JoWU+HUYDUOÖNWDNHQGLQLWHOLNOHULNDSVDPÖQGDVDNOÖYHYDURODQEX\DSWÖUÖPJF\D
LûOHY \D GD LIDGH JHUHøL\OH VDQDW H\OHPLQLQ HYUHQVHOOLøLQL DQODWÖU 6DQWD\DQD ´DPDFÖQD
ELOLQoOH X\DQ SODVWLN LoJGVµQGHQ EDKVHGHUNHQ ELU NXûXQ \XYDVÖQÖQ ELOH ELOLQoOL
\DSÖOPDPDVÖQD UDøPHQ ELU DPDFD X\JXQOXN WDûÖGÖøÖQÖ EXQXQ LoLQ GH VDQDW \DSÖWÖ
VD\ÖODFDøÖQÖ LIDGH HGHU *HUoHNWHQ GH KHU YDUOÖN VUHNOL ELU ROXûXP YH ELU ûH\OHUL
GHøLûWLUPHH\OHPLLOHNHQGLQH|]J\DUDWÖFÖJFQRUWD\DNR\PDNWDGÖU
<DUDWÖFÖOÖN D\QÖ ]DPDQGD NHQGL ROXûXPXQD KL]PHW HGHQ |QFHNL ûH\LQ ³ELOLQHQ
IRUPXQ ELU GX\JXQXQ ELU DOJÖVDO GX\XQXQ³ GHQHWLPH WDEL NÖOÖQPDVÖ \HQLGHQ
G]HQOHQPHVL ED]Ö NÖVÖPODUÖQÖQ NHVLOLS DWÖOPDVÖ LONHO GH ROVD NHQGLQH |]JOøQQ
GHøLûWLULOPHVL H\OHPLGLU <DUDWÖFÖOÖN EX H\OHP LoLQGH |QFHNLQLQ YDUROXû KDNODUÖQÖ LKODO
HWPH VUHFLGLU +HU YDUOÖN ELOLQoOL \D GD ELOLQoVL] ELU |QFHNLQLQ |QFHNL DQÖQ VUS
JLWPH KDNNÖQÖ LKODO HWPHNWHGLU YH EHONL GH |QFHNLQH RUWDGDQ NDONPD KDNNÖQÖ
ND]DQGÖUPDNWDGÖU
6DQDWNDU\DUDWPDH\OHPLQLQEDûIDLOLGLU%XQXQLoLQVDQDWNDUVUHNOLELUûH\OHULLKODO
HGHQ NLPVHGLU %LU NRPHG\HQ JLEL NXVXUOXOXøX EHQLPVH\HUHN HGHEH D\NÖUÖ VR\VX]
YDUROXûXQLWHOH\HELOLUYH\FHLQVDQWDYUÖLoLQGHLGHDOLDUD\DELOLU
<DUDWÖFÖOÖøÖQELUûH\LLKODOHWPHVLoHûLWOLûHNLOOHUGHJ|UQPHNWHGLU<|QWHPYHWHNQLN
QH ROXUVD ROVXQ VDQDW HVHUL \D NRQX LWLEDUL\OH YH\D IRUP LOH LOJLOL ELOLQH JHOHQ DOJÖVDO
NDQÖODU LWLEDUL\OH \D GD DQOD\Öû LWLEDUL\OH NDEXO J|UHQ GHøHUOHUL LKODO HWPLûWLU *R\D·QÖQ
.H]EDQ*OHU\]³6DQDWYH(WLN
GHYULPFL ELU UHVVDP RODUDN VRV\DO EHøHQLOHUH D\NÖUÖ YH JHUoHNoL ELU WDYÖUOD VÖQÖI
EDVNÖVÖQÖQ DFÖPDVÖ] H\OHPOHULQL DKODN \DUJÖODUÖQÖQ VWQ |UWWø WDûNÖQOÖN GûOHULQL
UHVPHWWLøLQL ELOL\RUX] ùûOHQHQ NRQX DUDFÖOÖøÖ\OD HVNL EHøHQL YH LQDQÖûODUÖ o|NHUWHQ YH
DFÖ\Ö NÖ]JÖQOÖøÖ YH GHKûHWL \DûDWDQ HVHUOHU KHU G|QHPGH \DSÖOPÖûWÖU <DOQÖ] VRV\DO
EHøHQLOHULQ GHøLO LQVDQOÖN LGHDOLQLQ LKODO HGLOGLøL NRQXODU KHP VDQDWoÖQÖQ KHP
VDQDWoÖQÖQ \DûDGÖøÖ VRV\DO RUWDPÖQ KHP GH HVHUH PXKDWDS RODQ L]OH\LFLQLQ UXKVDO
GQ\DVÖ KDNNÖQGD NDUPDûÖN VRUXODUD \RO DoPÖûWÖU :LOOLDP +RJDUW DFÖPDVÖ]OÖøÖ WDVYLU
HGHQ JUDYUOHULQGH DQVQGHQ VRSD VRNXODQ N|SHøL QDVÖO ELU LQVDQOÖN YH VDQDW HWLøL
GûQFHVLLoLQNXOODQPÖûWÖU"(URWLNVDKQHOHUL\DGDVHNVDKODNÖQÖWDUWÖûPDOÖEDNÖûODUGDQ
J|VWHUHQELQOHUFHUHVPLKH\NHOLIRWRøUDIÖKDQJLHWLNoHUoHYHLoLQGH\DUJÖODPDNJHUHNLU"
0RGHUQL]P LOH JHOHQ \HQL \DUDWÖFÖOÖN DWÖOÖPODUÖQGD QDWUDOL]P LOH |øUHQLOHQ GRøDO
IRUPODU NDVÖWOÖ RODUDN LKODO HGLOPLû DNÖO YH \DUDWÖFÖOÖN EDûND ER\XWODUD \|QHOPLûWLU gQ
DoÖOPÖû GûQFH \ROODUÖ VDQDWD LOLûNLQ NDYUDPODUÖQ LKODOLQL GH JHWLUPLûWLU $UWÖN VDQDW
\DOQÖ] UHVLPGH KH\NHOGH P]LNWH ûLLUGH GHøLOGLU 0DUFHO 'XVFKDPS·ÖQ ELVLNOHW
WHNHUOHøLQLQ G|QûQGH NHûIHGLOHQ HVWHWLN Jo VDQDWÖQ DOHODGH JQON NXOODQÖP
Hû\DODUÖQGD ELOH JL]OLGHQ JL]OL\H YDU RODELOHFHøLQL LûDUHW HWPLûWLU (Q \DOÖQ NDYUDPÖQ
oDNÖûÖN DQOD\ÖûODUÖQ VR\XW YH PLQLPDO SODQODUGD LûOHQPHVL LQVDQÖQ DOÖûDJHOGLøL GûQPH
WDU]ÖQÖQYHVUHFLQLQGHDOWHUQDWLIOHULRODFDøÖQÖJ|VWHUPLûWLU
7PELOLQHQOHULYHEHQLPVHQHQOHULLKODOHGHQVDQDWJHQHGHUXKX\NVHOWPHLûOHYLQL
\HULQHJHWLUPHNWHGLU6DQDWDUDFÖOÖøÖLOH\DUDWÖFÖJFQNDPoÖODPDVÖQDPDUX]NDODQLQVDQ
\DQOÖû WDUDIODUD VDSVD GD \NVHN UXKXQX LGHD\D HULûWLUHFHN PNHPPHOL LFUD HWPHN LoLQ
oDEDOD\DFDNWÖU %X oDEDODPDGD EHONL GH QDWUDOL]PLQ J|VWHUGLøL LQVDQ GRøDVÖQD DLW
QRUPODU ELU VW EHQOLøH NDNÖOPÖû LGHDO VDELWHOHUL KDOLQGH \FHOLN IRUPOQQ
NXUXOPDVÖQÖVDøOD\DFDNWÖU
dQN VDQDW \DUDWÖOPÖû ûH\OHU DUDFÖOÖøÖ LOH LQVDQD WHVLUOHU J|QGHULU 6DQDWÖQ UXKX
\NVHOWPH LûOHYL EX WHVLUOHULQ PXKDWDED XODûPDVÖ YH RQXQ WDUDIÖQGDQ DOJÖODQPDVÖ LOH
PPNQGU 7HVLUOHU ROXPOX RODELOLU YH ROXPVX] GD RODELOLU 6DQDWÖQ ROXPOX WHVLUOHU
KDOLQGHPXKDWDEDXODûPDVÖKX]XUXQNXUXOPDVÖLoLQLVWHQLU2OXPVX]WHVLUOHULQLVHUXKX
KDUHNHWH JHoLUHUHN \DUDWÖFÖOÖN JFQ \NVHOWWLøL GûQOU 7ROVWR\ VDQDWÖQ ´EXODûÖFÖµ
|]HOOLøLQGHQ EDKVHGHUHN LQVDQODU DUDVÖQGD VDQDW HVHUL LOH \D\ÖODQ WHVLUOHULQ SD\ODûÖODUDN
UHGLøLQL E|\OHFH RUWDN ELU KH\HFDQÖQ NXUXOGXøXQX LIDGH HWPLûWLU ùoLQGH \DûDGÖøÖPÖ]
]DPDQGD LVH VDQDW WHPHO LKWL\DoODUÖQ JLGHULOPHVLQH EDøOÖ HNRQRPL PHVHOHOHULQH J|UH
LNLQFL KDWWD oQF SODQGD EÖUDNÖOPÖû JLEL J|UQ\RU R\VD VDQDWÖQ VDQDW RODUDN
LVLPOHQGLULOPHGLøLG|QHPOHUGH\DûDPIDDOL\HWLQLQEDûWDJHOHQWHPHOPHVHOHVLLGLoQN
LQVDQÖQ HUGHPOLOLN J]HOOLN YH EHFHUL JFQQ GHUHFHVLQL J|VWHUL\RUGX 2 G|QHP
LQVDQODUÖQÖQVDQDWODE|\OHVLQHLoLoHELU\DûDPVUGUPHOHULEXJQVDQDWIDDOL\HWLVDQDW
HVHUL RODUDN ELOGLøLPL] UHVLPOHULQ KH\NHOOHULQ WL\DWURQXQ P]LøLQ ûLLU YH GLøHU HGHEL
oDOÖûPD UQOHULQLQ \DûDPÖQ LoLQGH \HU DOPDVÖQGDQ YH WRSOXP ELUH\OHULQLQ HUHøL ROPD
QLWHOLøLQL FDQOÖ WXWPDVÖQGDQGÖ 'LQL PHNkQODU VDUD\ODU |]HQOH \DSÖOPÖû \]H\ VDQDWODUÖ
YH KH\NHOOHUOH PLPDUL X\XPOXOXN LoLQGH GRQDWÖOÖUNHQ HGHEL\DWÖ ROXûWXUDQV|]HO LIDGHOHU
YH P]LN W|UHQVHO NXOODQÖPODUOD NDWÖOÖPD DoÖN WXWXOX\RUGX 6DQDWÖQ E|\OHVLQH KD\DWL ELU
VRUXPOXOXNJLELJ|UQPHVLX]DNGRøXNOWUOHULQGHYXUJXODQÖûÖ\OD|UQHNOHQHELOLU(VNL
dLQ YH -DSRQ WRSOXPODUÖQGD JQ LoLQGH LûH \DUD\DQ Hû\DQÖQ NRQXPX \HUL NXOODQÖP
]DPDQÖ PDQHYL DQODPODUOD EDøGDûWÖUÖOÖ\RU \D GRøD\D \D GD HUGHP YH HGHEH X\JXQOXøX
VRUJXODQÖ\RUGX%DWÖGDLVH(VNL0ÖVÖUGLQVHOW|UHQOHULQLQ<XQDQWL\DWURDQOD\ÖûÖQÖQLFUD
HGHQOHU YH PXKDWDEÖ KDON DUDVÖQGD QDVÖO SD\ODûÖOGÖøÖ KDWÖUODQPDOÖGÖU 0RGHUQL]P LOH
JHOLûHQ´KHUûH\LQVDQDWROPD´SRWDQVL\HOLWDûÖGÖøÖGûQFHVLEDûNDGûQFHOHUDUDVÖQGD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HUL\HUHN JHUoHNWH PDQDQÖQ KHU WU PDGGL \DSÖ LoLQGH \RO DOGÖøÖ ELOJLVLQLQ DUNDVÖQD
VDNODQPÖûWÖUYHVDQDWÖQJHQHUHVLPKH\NHOP]LNûLLUJLELDODQODUGDYDUOÖNJ|VWHUHQELU
ONV ROGXøX GûQFHVLQH KHUNHV LQDQPÖûWÖU (YHW LQVDQÖQ PDQHYL GHøHUOHULQLQ PDGGH
LOH \RøUXODUDN RUWD\D NRQPDVÖ LoLQGH \DûDGÖøÖPÖ] ]DPDQGD VDQDWÖQ ELU DUND SODQGD
LKPDO HGLOPLû ROGXøX \DUJÖVÖQD YDUÖOPDVÖQD \RO DoÖ\RU DQFDN VDQDW JQP] LQVDQÖQÖQ
PDQD LOH LOLûNLVLQL VW |UWO ELU ]HPLQGH DNDQ ELU \HUDOWÖ VX\X JLEL GHULQGHQ GHULQH
VUGU\RU 1H YDU NL EX GXUXP PDQD\D DWIHGLOPLû GHøHUOHUL GHøLûWLUL\RU YH PDQDQÖQ
JFQ ]D\ÖIODWÖ\RU $QFDN LoLQGH \DûDQDQ ûX ]DPDQGD \DSÖWODUGDQ EHOLUOL WUOHUGH
\D\ÖODQ YH KHUNHVoH SD\ODûÖODQ KH\HFDQODUÖ EXODûWÖUDQ WHVLUOHU \HULQH \D VDQDW VHYL\HVLQH
\NVHOHPHPLû \R] LOHWLOHU \D GD ûRN HWNLVL \DSDUDN PXKDWDEÖ UXKVDO NDUJDûD\D GûUHQ
D\NÖUÖWHVLUOHU\D\ÖOÖ\RU6DQDWÖQLoHULøL\OH\DGD\DSÖVÖ\ODLQVDQÖQDNOÖQÖGX\JXGQ\DVÖQÖ
KD\DO JFQ JHOLûWLUHELOHFHøL UXK \NVHOWHQ WHVLUOHU RQD PXKDWDS RODELOHQ D] VD\ÖGDNL
LQVDQWDUDIÖQGDQDOJÖODQDELOL\RU
%LU VDQDW HVHULQGHQ \D\ÖODQ WHVLUOHULQ QLWHOLøL YH JF RQD PXKDWDS RODQ LQVDQÖQ
JHQHO YH R DQGDNL UXK GXUXPXQD GD EDøOÖ RODUDN IDUNOÖODûPDNWDGÖU %X GD VDQDWÖQ
LûOHYLQL QDVÖO \DSWÖøÖ LûOHYLQL \DSÖS \DSPDGÖøÖ NRQXVXQGD EHOOL ELU VRQXFD YDUPD\Ö
]RUODûWÖUÖU %D]Ö VDQDW HVHUOHUL NRQX YH \DSÖ LWLEDUÖ\OD ELOLQH JHOHQ YH ROXPOX LOHWLOHU
WDûÖ\DQ J|UQPGH RODELOLU $QFDN VDQDWNDUÖQ UXKXQGD LQVDQ LoLQ QRUPDO ROPD\DQ
|UWN NDOPÖû VDSÖQoODU ERûOXNODU GD RODELOLU %XQODU VDQDW HVHULQGHQ PXKDWDED DOJÖ
HûLøL DOWÖQGD XODûDUDN V|]HO WDULIH oÖNDPD\DQ WHVLUOHU KDOLQGH EXODûDELOLU 3ODWRQ SODVWLN
VDQDWODUÖ NDVWHGHUHN VDQDWÖQ oRFXNODU YH VDI LQVDQODU ]HULQGH JHUoHNOHUH NDUûÖ
\DEDQFÖODûWÖUÖFÖ DOGDWÖFÖ ELU HWNLVL ROGXøXQX LGGLD HGHU 7ROVWR\ NH]D FLQVHOOLøLQ VDQDW
HVHUOHUL
DUDFÖOÖøÖ
LOH
VXQXOPDVÖQÖQ
RUWDODPD
LQVDQODU
DUDVÖQGD
ûHKYHWH
HøLOLPL
EXODûWÖUDUDNRQODUÖQDNÖOODUÖQÖFLQVHONRQXODUDoHOHFHøLQL|UQHNYHUHUHNDQODWÖU
%X GXUXPGD VDQDWÖQ WRSOXP LoLQ YH VDQDW LoLQ D\UÖ D\UÖ GûQOPHVL JHUHøL V|]
NRQXVXRODELOLUúHKLUPH\GDQODUÖQGDSDUNODUGD\D\ÖQDUDFÖODUÖ\ODKDONDVXQXODFDNVDQDW
WHVLUOHULQLQ R WRSOXPX ELUH\OHULQLQ \DSÖVÖ YH WRSOXP UXKXQXQ LKWL\DoODUÖ J|] |QQH
DOÖQDUDN LQFHOHGLNWHQ VRQUD EHOLUOHQHQ ELU SROLWLND GRøUXOWXVXQGD \D\ÖOPDVÖ DNOD X\JXQ
J|UQPHNWHGLU dRFXNODU YH VDI LQVDQODU JQON \DûDPGD HVWHWLN JF D\NÖUÖ ILNLUOHUOH
\NVHOWLOPLû HVHUOHULQ VDUVÖFÖ ûRNODUÖQGDQ NRUXQXU YH UXK \NVHOWLFL KH\HFDQODUÖ
EXODûWÖUDQWHVLUOHUHPXKDWDSROXUNHQVDQDWNHQGL|]JU\ROXQGD\U\HFHNWLU
.DQXQODUVDQDWHVHUOHULQLQWHVLUJFQYHVRQXoWDLQVDQUXKX]HULQGHNLLûOHYOHULQL
J|] |QQH DODUDN VDQDWÖQ WRSOXPOD HWNLOHûLPLQL G]HQOHPHOLGLU %XQXQ LoLQ VDQDW
HVHUOHULQLQ EHOOL UXK G]H\OHUL LoLQ X\JXQ WHVLUOHUL GûQOHUHN oRN VD\ÖGD UHWLOPHOL
oRøDOWÖOPDOÖ \D\ÖOPDOÖ NXOODQÖPD VXQXOPDOÖGÖU %X NRQXGD PHYFXW )LNLU YH 6DQDW
(VHUOHUL .DQXQX GDKD oRN ILNLU YH VDQDW HVHUL VDKLELQLQ KDNODUÖ ]HULQH RGDNODQPÖû
ILNUH YH VDQDW HVHUOHULQH PXKDWDS ROPD GXUXPXQGDNL LQVDQODUÖQ KDNODUÖQÖ J|] DUGÖ
HWPLû J|UQPHNWHGLU )LNLU YH VDQDW HVHUL VDKLELQLQ KDNODUÖQÖ L]LQVL] YH XVXOV]
NXOODQPD\D NDUûÖ NRUXPD JHWLULOLUNHQ ILNLU YH VDQDWÖQ KDOND PDO HGLOPHVL E|\OHFH DVÖO
NXOODQÖFÖVÖ KDON LoLQ PDOL HQJHOOHU NDOGÖUÖODUDN \D\JÖQODûWÖUÖOPDVÖ GûQFHVL LKPDO
HGLOPLûWLU 2\VD VDQDWÖ HVHUOHULQ EXODûÖFÖ JF LOH SD\ODûÖPD DoPDN WRSOXPVDO UXKXQ
\NVHOWLOPHVL LoLQ ûDUWWÖU $NVL KDOGH PH\GDQ EXODQ ERûOXNWD VDQDW DGÖQD VDQDW
VHYL\HVLQHoÖNDPDPÖûLûOHU\D\JÖQODûDUDN\HQLHWLNVRUXQODUÖQRUWD\DoÖNPDVÖQD\RODoDU
(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN(OH
$OÖQÖû6ÖNOÖøÖ
<UG'Ro'U$OL+DOÖFÖ *LULû
(WLN \DNODûÖN VHQHGLU |]HOOLNOH IHOVHIHFLOHU WDUDIÖQGDQ WDUWÖûÖOPDNWDGÖU %X VUH
LoLQGHQH\LQL\LYHGRøUX\DGDN|WYH\DQOÖûROGXøXQD\|QHOLNoRNIDUNOÖ\DNODûÖPODUD
UDVWODQPDNWDGÖU
+DOÖFÖ
%X
\DNODûÖPODUÖQ
IDUNOÖ
VÖQÖIODQGÖUPDODUÖQD
UDVWODQÖOGÖøÖ KDOGH HQ VÖN NXOODQÖODQ D\UÖP DQDOLWLN YH QRUPDWLI \DNODûÖPODU ûHNOLQGHGLU
1RUPDWLI \DNODûÖPODUÖ LVH JHQHO QRUPDWLI HWLN YH X\JXODPDOÖ QRUPDWLI HWLN ûHNOLQGH
D\ÖUPDNPPNQGU%HDXFKDPS
8\JXODPDOÖ HWLN NLûLVHO VRV\DO SROLWLN YH\D SUDWLN KHUKDQJL ELU HWLNVHO SUREOHPLQ
LQFHOHQPHVLGLU %LU EDûND LIDGH LOH NXUDOODU SUHQVLSOHU LGHDOOHU YH GHøHUOHU JLEL
ELUH\OHULQ \D GD JUXSODUÖQ GDYUDQÖûODUÖQÖ GHøHUOHQGLUHQ HWLNVHO XQVXUODUÖQ SUDWLN
QHGHQVHOOHûWLULOPHVLGLU(QF\ORSHGLDRI(WKLFV*HQHORODUDNWÖSLûOHWPH
EDVÖQYEDODQODUGDNLHWLNVHOROD\YHSUREOHPOHULLoHUPHNWHGLU
ùûWH X\JXODPDOÖ HWLøLQ VÖQÖUVÖ] DODQODUÖ LoLQGH \HU DODQ HWLNVHO ROD\ YH SUREOHPOHU
oHûLWOL DUDûWÖUPDODUD NRQX ROPXûWXU 0HVOHNL HWLøLQ JLGHUHN GDKD ID]OD WDUWÖûÖOGÖøÖ YH
|]HOOLNOHWÖSHWLøLQLQ]HULQGHoDOÖûPDODUROGXøXELOLQPHNWHGLU.XoXUDGL$QFDN
KDQJL DODQODUÖQ QH NDGDU VÖNOÖNOD WDUWÖûÖOGÖøÖ NRQXVXQGD OLWHUDWUGH KHUKDQJL ELU
oDOÖûPD\DUDVWODQDPDPÖûWÖU
'LøHU WDUDIWDQ DNDGHPLN oDOÖûPDODUÖQ \DQÖQGD JQON KD\DWWD \DSÖODQ HWLN NDSVDPOÖ
WDUWÖûPDODUÖQ EHOLUOHQPHVL JQGHPLQ RUWD\D NRQPDVÖ DoÖVÖQGDQ |QHPOLGLU %|\OHOLNOH
NLûLVHO
\D
GD
VRV\DO
SROLWLN
\D
GD
SUDWLN
ROD\ODUÖQ
YH
SUREOHPOHULQ
VDøOÖNOÖ
EHOLUOHQHELOPHVL LPNDQÖ RODFDNWÖU +Lo NXûNXVX] NL LKWL\DoODUÖQ NDUûÖODQPDVÖQD \|QHOLN
WDUWÖûPDODUGRøUXYHL\L\LEXOPD\DNDWNÖJHWLUHFHNWLU
$UDûWÖUPD'L]D\QÖYH%XOJXODUÖ
$UDûWÖUPDQÖQ$PDFÖ
%X EDøODPGD DUDûWÖUPDQÖQ DPDFÖ HWLN NRQXVXQXQ7UN\D]ÖOÖ EDVÖQÖQGD HOH DOÖQGÖøÖ
DODQODUÖQYHEXDODQODUGDNXOODQÖPVÖNOÖøÖQÖQEHOLUOHQPHVLGLU%|\OHOLNOHHWLNNDYUDPÖQÖQ
|]HOOLNOH JQGHPGHEXOXQDQ NXOODQÖP DODQODUÖ EHOLUOHQHFHNWLU%XQXQOD ELUOLNWH oDOÖûPD
X\JXODPDOÖHWLøLQ|QFHOLNOLDUDûWÖUPDDODQODUÖQÖQWHVSLWLQGH\ROJ|VWHULFLRODFDNWÖU
<D]ÖOÖ EDVÖQGD HWLN NDYUDPÖQÖQ HOH DOÖQGÖøÖ DODQODUÖQ EHOLUOHQPHVL LoLQ HWQRJUDILN
YHULOHUH
LKWL\Do
YDUGÖU
'ROD\ÖVÖ\OD
\DSÖODQ
oDOÖûPD
HWQRJUDILN
ELU
DUDûWÖUPD\Ö
NDSVDPDNWDGÖU
%X QHGHQOH 7UNL\H·GH \D]ÖOÖ EDVÖQÖQ HWLN NDYUDPÖQÖ NXOODQGÖøÖ \D GD WDUWÖûWÖøÖ
\D]ÖODUÖQEHOLUOHQPHVL\ROXQDJLGLOPLûWLU
$UDûWÖUPDQÖQ$ODQÖ
$UDûWÖUPD DODQÖ RODUDN JQON KD\DWÖQ WDNLELQGH HWNLQ URO VWOHQHQ 7UNL\H
JHQHOLQGHoÖNDQJQONJD]HWHOHUVHoLOPLûWLUdQNJD]HWHOHUJQGHPLQWDNLELQGHHWNLQ
%DûNHQWhQLYHUVLWHVL8\JXODPDOÖ%LOLPOHU<NVHNRNXOX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
URO R\QDPDNWD IDUNOÖ ]DPDQODUGD WDNLS HGLOHELOPHNWH YH JD]HWHOHULQ PHVDMODUÖQÖQ
VDNODQDELOLU|]HOOLøLEXOXQPDNWDGÖU$\UÖFDRNX\XFXNDWVD\ÖVÖ\NVHNOLøLV|]NRQXVXGXU
$UDûWÖUPD |UQHNOHPL VHoLOLUNHQ LVH JD]HWHOHULQ WLUDMÖ YH HOHNWURQLN RUWDPGD DUûLY
KL]PHWL YHUPH |]HOOLøL J|] |QQGH WXWXOPXûWXU $UDûWÖUPDQÖQ WDVDUÖPÖQGD 7UNL\H
JHQHOLQGHJQONWLUDMODUÖQ·VLQLROXûWXUDQJD]HWHOHUHXODûÖOPDVÖDPDoODQPÖûWÖU
%XQD J|UH 7DEOR ·GH J|UOGø JLEL DUDûWÖUPD |UQHNOHPL &XPKXUL\HW )RWRPDo +UUL\HW 7UNL\H 5DGLNDO 6DEDK =DPDQ JD]HWHOHUL YH KHSVLQLQ HN \D\ÖQODUÖGÖU %LU EDûND GH\LûOH DUDûWÖUPD\D
\|QHOLNWDUDPDV|]NRQXVXJD]HWHOHUYHHN\D\ÖQODUÖQGDQJHUoHNOHûWLULOPLûWLU$UDûWÖUPD
|UQHNOHPL
LOH
RUWDODPD
WLUDMD
XODûPD
RUDQÖ
ROPXûWXU
$UDûWÖUPDQÖQ
|UQHNOHPLQGH 0LOOL\HW WLUDMÖ *D]HWHVL GH EXOXQPDVÖQD UDøPHQ DUûLYOHULQH
XODûÖODPDPDVÖ
QHGHQL\OH
GHøHUOHQGLUPH\H
DOÖQDPDPÖûWÖU
%|\OHOLNOH
XODûÖOPDVÖ
KHVDSODQDQ ·OXN WLUDMÖ ROXûWXUDQ JD]HWHOHUH XODûPD KHGHIL RODUDN
JHUoHNOHûPLûWLU
(NLP WDULKOHUL DUDVÖQGD 7UNL\H·GH \D\ÖQODQDQ WP JD]HWHOHULQ KDIWDOÖN
RUWDODPD WLUDM WRSODPÖ ·GXU 0HG\D 3D] $ú gUQHNOHP RODUDN VHoLOHQ
JD]HWHOHULQD\QÖWDULKOHUGHKDIWDOÖNRUWDODPDWLUDMWRSODPÖLVH·WU
7DEORgUQHNOHPRODUDNVHoLOHQJD]HWHOHULQJQONWLUDMODUÖ
*D]HWH
(NLP2UWDODPD7LUDM
&XPKXUL\HW
)RWRPDo
+UUL\HW
7UNL\H
5DGLNDO
6DEDK
=DPDQ
7RSODP
7PWLUDMODUWRSODP
8ODûPDRUDQÖ
9HULOHULQ7RSODQPDYH'HøHUOHQGLULOPH<|QWHPL
$UDûWÖUPD HOHNWURQLN RUWDPGD EXOXQDQ WP JD]HWHOHULQ EDVÖQ DUûLYOHULQGHQ WDUDPD
\DSÖODUDNJHUoHNOHûWLULOPLûWLU
$UDûWÖUPDQÖQ
DPDFÖQÖ
JHUoHNOHûWLUHELOPHN
LoLQ
DûDøÖGD
YHULOHQ
EDVDPDNODU
X\JXODQPÖûWÖU
#
7UNL\HJHQHOLQGHGDøÖWÖPÖRODQJD]HWHOHUYHHQVRQYHULOHUHJ|UHEXJD]HWHOHULQ
#
*D]HWHOHU LoLQGHQ WLUDM DUûLY WDUDPD NROD\OÖøÖ |OoOHUL HOHNWURQLN DUûLY WDUDPD
JQONWLUDMODUÖEHOLUOHQPLûWLU
KL]PHWL YHUPH YH |UQHNOHP E\NOøQH XODûPD |OoOHUL GLNNDWH DOÖQDUDN
|UQHNOHPVHoLOPLûWLU
#
gUQHNOHP RODUDN VHoLOHQ JD]HWHOHULQ KDEHUOHULQL VÖQÖIODQGÖUGÖøÖ WHPHO DODQODU
WHVSLW
HGLOPLû
YH
NDUûÖODûWÖUPDOÖ
NRQWUROOHUL
\DSÖODUDN
DUDODUÖQGD
DQODPOÖ
IDUNOÖODûPDROXSROPDGÖøÖDUDûWÖUÖOPÖûWÖU
#
)DUNOÖODûPDQÖQ
ROPDGÖøÖ
VÖQÖIODQGÖUÖOPDVÖQGD
EHOLUOHQHUHN
NXOODQÖODELOHFHøLQH
EHOLUOHQHQ
NDUDU
WHPHO
YHULOPLûWLU
DODQODUÖQ
\D]ÖODUÖQ
%XQODU
SROLWLND
$OL+DOÖFÖ³(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN$OH$OÖQÖû6ÖNOÖøÖ
HNRQRPL VSRU ELOLP YH WHNQRORML VDøOÖN NOWU YH VDQDW GQ\D YH \DûDP
ûHNOLQGHGLU
#
6HoLOHQJD]HWHOHULQDUûLYOHULQHJHUL\HG|QNDUûLYWDUDPDNÖVÖWODUÖGLNNDWHDOÖQPÖû
YHWDUDPDQÖQ\ÖOODUÖDUDVÖQGD\DSÖODELOHFHøLRUWD\DoÖNPÖûWÖU
#
*D]HWH DUûLYOHULQH JLUHELOPHN LoLQ oHûLWOL JD]HWHOHU WDUDIÖQGDQ LVWHQHQ FUHWOL \D
GDFUHWVL]DERQHOLNLûOHPOHULJHUoHNOHûWLULOPLûWLU
#
(WLN NHOLPHVL KHU ELU JD]HWHQLQ DUDPD PRWRUXQD JLULOPLû YH HWLN NDYUDPÖQÖQ
#
7DUDPD .DVÖP WDULKLQGH DUDûWÖUPD JD]HWHOHULQ WDPDPÖQGD D\QÖ ]DPDQ
JHoWLøL\D]ÖODUEHOLUOHQPLûWLU
GLNNDWHDOÖQDUDNELWLULOPLûWLU
#
*HUoHNOHûWLULOHQWDUDPDVRQXFXHOHNWURQLNDUûLYWDUDPDWDUDIÖQGDQKDEHULQIDUNOÖ
VD\IDODUGD GHYDP HWPHVL QHGHQL\OH \D GD GHID J|VWHULOHQ KDEHUOHU WHN KDEHU
RODUDN GHøHUOHQGLULOPLûWLU $\UÖFD LoLQGHNLOHU E|OPQGH JHoHQ HWLN V|]FNOHUL
GLNNDWH DOÖQPDPÖûWÖU $\QÖ ûHNLOGH LoLQGH HWLN JHoWLøL LoLQ DUûLYGH NDUûÖODûÖODQ
KDEHUOHUGHGHøHUOHQGLULOPHPLûWLUHWLNHWHVWHWLNWHWLNoLYE
#
%HOLUOHQHQ \D]ÖODUÖQ WP HOHNWURQLN RUWDPGDQ LQGLULOHUHN oÖNWÖODUÖ DOÖQPÖû YH
|QFHOLNOHJD]HWHLVLPOHULQHJ|UHVÖQÖIODQGÖUÖODUDNDUûLYOHQPLûWLU
#
<D]ÖODUÖQJD]HWHOHUGH\HUDOGÖøÖWHPHODODQEHOOLLVHEXDODQODUDJ|UHVÖQÖIODQGÖUPD
\ROXQDJLGLOPLûWLU
#
<D]ÖODUÖQ JD]HWHOHUGH \HU DOGÖøÖ WHPHO DODQ EHOOL GHøLO \DQL N|ûH \D]ÖODUÖ \D GD
#
<D]ÖODUÖQWHPHODODQODUÖQDOWGLVLSOLQOHULQHJ|UHVÖQÖIODQGÖUÖOPDVÖLoLQWP\D]ÖODUD
ûHKLUVD\IDODUÖQGDLVH\D]ÖODUDLoHULNDQDOL]LX\JXODQDUDNVÖQÖIODQGÖUPD\DSÖOPÖûWÖU
LoHULNDQDOL]LX\JXODQPÖûYHLoHUGLøLNRQXODUDJ|UH\D]ÖODUNRGODQPÖûWÖU
#
<DSÖODQ NRGODPDODU oDUûDI OLVWHOHUGH WRSODQDUDN RUWDN YH \DNÖQ NRGODPDODU ELU
DUD\DJHWLULOPLû\DGDIDUNOÖRUWDNELUNRGYHULOPLûWLU
#
$\UÖFD DGHW NLWDS WDQÖWÖPÖ \D]ÖVÖ NLWDSODUGD HWLN NRQXVX LûOHQGLøL LoLQ
GHøHUOHQGLUPH\H DOÖQPÖûWÖU %XQXQOD ELUOLNWH EDVÖQ HWLøL GH KHP ELU |]HOHûWLUL
\|Q ROPDVÖ KHP GH ELU JD]HWH WHPHO DODQÖ NDGDU HOH DOÖQPDVÖ QHGHQL\OH D\UÖ ELU
DODQRODUDNHOHDOÖQPÖûWÖU
#
.RGODPDODUWHNUDUNRQWUROHGLOGLNWHQVRQUDIUHNDQVODUÖVD\ÖOPÖûWÖU
*HoHUOLOLNYH*YHQLOLUOLN
<DSÖODQ DUDûWÖUPDQÖQ JHoHUOLOLøL YH JYHQLOLUOLøL QLWHOLNVHO DUDûWÖUPD NDSVDPÖQGD HOH
DOÖQDFDøÖQGDQ 0LOHV YH +XEHUPDQ·ÖQ QLWHOLNVHO DUDûWÖUPDODU LoLQ JHOLûWLUGLøL NULWHUOHU
0LOHVGLNNDWHDOÖQPÖûEXoHUoHYHGHEHOLUWLOHQ\|QWHPOHUNXOODQÖOPÖûWÖU
$UDûWÖUPDQÖQ6ÖQÖUOÖOÖNODUÖ
*HUHN NXOODQÖP GLOLQGH JHUHNVH DNDGHPLN oDOÖûPDODUGD HWLN YH HWLN LOH \DNÖQ LOLûNLOL
oHûLWOL NDYUDPODUÖQ \DQOÖû NXOODQÖPÖQD ROGXNoD VÖN UDVWODQPDNWDGÖU g]HOOLNOH DKODN YH
HWLN NHOLPHOHUL JQON NXOODQÖPODUGD VÖN VÖN ELUELULQLQ \HULQL DOPDNWDGÖU $QFDN
DUDûWÖUPDGD DKODN NDYUDPÖQÖQ HWLN DQODPÖQGD NXOODQÖOGÖøÖ \D]ÖODUD XODûPD LPNDQÖ
ROPDPÖûWÖU
*D]HWHOHUGH
WHPHO
DODQODUD
\|QHOLN
VD\IDODUÖQ
GÖûÖQGD
\HU
DODQ
\D]ÖODUÖQ
VÖQÖIODQGÖUÖOPDVÖQGD NHVLQ ELU VÖQÖU EHOLUOHPHN PPNQ GHøLOGLU $UDûWÖUPDGD \DSÖODQ
VÖQÖIODQGÖUPDODUD\|QHOLNWDUWÖûPDODURODELOHFHNWLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%XOJXODU
$UDûWÖUPDGD HOGH HGLOHQ EXOJXODU DUDûWÖUPDQÖQ DPDFÖQD \|QHOLN RODUDN |QFHOLNOH
\ÖOODUD YH JD]HWHOHU J|UH RUWD\D oÖNPD VÖNOÖøÖ DoÖVÖQGDQ GHøHUOHQGLULOPHNWHGLU 'DKD
VRQUD LVH NXOODQÖP DODQODUÖQD J|UH VÖQÖIODQGÖUPD \DSÖOPDNWDGÖU 6RQ RODUDN GD
X\JXODPDOÖHWLNDUDûWÖUPDODUÖQDNRQXRODELOHFHøLGûQOHQWDUWÖûPDDODQODUÖJD]HWHOHUGH
\HUDOPDVÖNOÖøÖQDJ|UHEHOLUOHQPHNWHGLU
<D]ÖOÖ EDVÖQGD HWLN NDYUDPÖQÖQ NXOODQÖOGÖøÖ KDEHUOHULQ \ÖOODUD J|UH GDøÖOÖPÖ 7DEOR
·GH YHULOPHNWHGLU %XQD J|UH \ÖOÖQGD \ÖOÖQGD \ÖOÖQGD KDEHUH UDVWODQÖOPÖûWÖU \ÖOÖQGD LVH DUDûWÖUPDQÖQ GHøHUOHQGLULOPHVLQH EDûODQGÖøÖ .DVÖPJQQHNDGDUWRSODPKDEHUYDUGÖU
7DEOR*D]HWHOHUGHoÖNDQHWLNNDSVDPOÖKDEHUOHULQ\ÖOYHD\ODUDJ|UHGDøÖOÖPÖ
$\ODU
2FDN
úXEDW
0DUW
1LVDQ
0D\ÖV
+D]LUDQ
7HPPX]
$øXVWRV
(\OO
(NLP
.DVÖP
$UDOÖN
7RSODP
.DVÖPWDULKOHULDUDVÖ
(WLN NDSVDPOÖ KDEHUOHULQ JD]HWHOHUH J|UH GDøÖOÖPÖ LVH 7DEOR ·GH YHULOPHNWHGLU
'DøÖOÖPGD D\QÖ HOHNWURQLN VLVWHPH EDøOÖ ROGXøX LoLQ ZZZJDULOGLFRPWU (\OO &XPKXUL\HW )RWRPDo YH <HQL\]\ÖO JD]HWHOHULQLQ WRSODP KDEHU VD\ÖODUÖ ELUOLNWH
YHULOPHNWHGLU 6|] NRQXVX JD]HWHOHUGH WRSODP KDEHU VD\ÖVÖ RODUDN J|UOPHNWHGLU
$\QÖûHNLOGHDUDûWÖUPDLoLQGH\HUDODQJD]HWHOHULQDUûLYOHULQHHWLNNHOLPHVLWDUDWÖOGÖøÖQGD
+UUL\HW *D]HWHVLQGH ZZZKXUUL\HWFRPWU (\OO 5DGLNDO *D]HWHVLQGH ZZZUDGLNDOFRPWU (\OO 6DEDK *D]HWHVLQGH ZZZVDEDKFRPWU (\OO
7UNL\H *D]HWHVLQGH ZZZWXUNL\HJD]HWHVLFRPWU (\OO =DPDQ
*D]HWHVLQGH ZZZ]DPDQFRPWU (\OO KDEHU ROGXøX VRQXFX RUWD\D
oÖNPDNWDGÖU
$OL+DOÖFÖ³(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN$OH$OÖQÖû6ÖNOÖøÖ
7DEOR(WLNNDSVDPOÖKDEHUOHULQJD]HWHOHUHJ|UHGDøÖOÖPÖ
*D]HWHOHU
*|UQWOHQHQ
1HWKDEHU
KDEHUVD\ÖVÖ
VD\ÖVÖ
<]GH
&XPKXUL\HW
)RWRPDo
<HQL\]\ÖO
+UUL\HW
5DGLNDO
6DEDK
7UNL\H
=DPDQ
7RSODP
$QFDNGDKD|QFHEHOLUWLOGLøLJLELHOHNWURQLNDUûLYWDUDPDWDUDIÖQGDQIDUNOÖVD\IDODUGD
GHYDP HGHQ D\QÖ KDEHUOHU D\UÖ D\UÖ VD\ÖOGÖøÖQGDQ oLIW VD\ÖPÖ HQJHOOHPHN LoLQ V|]
NRQXVX KDEHUOHU WHN KDEHU RODUDN GHøHUOHQGLULOPLûWLU $\UÖFD JD]HWHOHULQ LoLQGHNLOHU
E|OPQGH JHoHQ HWLN V|]FNOHUL GLNNDWH DOÖQPDPÖûWÖU $\QÖ ûHNLOGH LoLQGH HWLN JHoWLøL
LoLQDUûLYGHNDUûÖODûÖODQKDEHUOHUGHGHøHUOHQGLULOPHPLûWLUHWLNHWHVWHWLNWHWLNoLYE
7LUDMÖ GûN ROPDVÖQD NDUûÖQ &XPKXUL\HW *D]HWHVL·QGH HWLN NDYUDPÖ GLøHU
JD]HWHOHUGHQ
DQODPOÖ
RODUDN
GDKD
ID]OD
NXOODQÖOPDNWDGÖU
$QFDN
DUDûWÖUPDQÖQ
VÖQÖUOÖOÖNODUÖQGD EHOLUWLOHQ DKODN WHULPLQLQ NDYUDPÖQ \HULQH NXOODQÖOPD GXUXPX VDøOÖNOÖ
GHøHUOHQGLUPH\LHWNLOHPHNWHGLU
(WLN NDYUDPÖ NXOODQÖPÖQÖQ JD]HWH NRQXODUÖQD J|UH NXOODQÖP VÖNOÖøÖ LVH 7DEOR ·WH
EHOLUWLOGLøL JLEL 6DøOÖN 3ROLWLND %LOLP 7HNQRORML (NRQRPL 'Q\D
.OWU6DQDW6SRU·GÖU$\UÖFDDGHWNLWDSWDQÖWÖPÖ\D]ÖVÖNLWDSODUGDHWLN
NRQXVX LûOHQGLøL LoLQ GHøHUOHQGLUPH\H DOÖQPÖûWÖU %XQXQOD ELUOLNWH EDVÖQ HWLøL GH KHP
ELU |]HOHûWLUL \|Q ROPDVÖ KHP GH ELU JD]HWH NRQXVX NDGDU HOH DOÖQPDVÖ QHGHQL\OH D\UÖ
ELU DODQ RODUDN HOH DOÖQPÖûWÖU %DVÖQ HWLøL GH JD]HWHOHUGH \D]ÖGD WDUWÖûPD NRQXVX
ROPXûWXU
7DEOR(WLNNDSVDPOÖKDEHUOHULQWHPHODODQODUDJ|UHGDøÖOÖPÖ
7HPHODODQODU
)UHNDQV
<]GH
6DøOÖN
3ROLWLND
%LOLP7HNQRORML
(NRQRPL
'Q\D
.OWU6DQDW
%DVÖQ
.LWDS
6SRU
7RSODP
(WLN NDYUDPÖ NXOODQÖPÖQÖQ JD]HWH NRQXODUÖQD YH NRQXODUÖQ DOW DODQODUÖQD J|UH
GDøÖOÖPÖLVHûXûHNLOGHGLUGDøÖOÖPODUIUHNDQVVÖNOÖøÖQDJ|UHVÖUD\ODYHULOPHNWHGLU
6DøOÖNJHQHODQODPGDWÖSHWLøLRODUDNWDQÖPODQPÖûWÖU$OWWDUWÖûPDDODQODUÖLVH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
#
ùQVDQJHQHWLøLQH|]JHWLNVRUXQODULOHJHQOHU
#
+HUWÖEELJHOLûPHQLQGHQHQPHVLJHUHNOLOLøLWDUWÖûPDODUÖLOHNORQODPD
#
+DQJLNRQXODUGDHøLWLPYHULOPHVLJHUHNWLøLLOHWÖSHWLøLHøLWLPL
#
7ÖEEL PGDKDOHGH KDVWD RQD\Ö KDVWDQÖQ ELOJLOHQGLULOPHVL KDVWD NDUDUÖQÖQ
RWDQWLNOLøL\|Q\OHKDVWDKDNODUÖ
#
+HNLPOHUOHRODQLOLûNLOHULYHWÖSNRQJUHOHULQGHNLVSRQVRUOXNODUÖLOHLODoILUPDODUÖ
#
'RNWRUPGDKDOHVLQLQ\DSÖOÖS\DSÖOPDPDVÖJHUHNWLøL\|Q\OHDoOÖNJUHYOHUL
#
2UJDQ EDøÖûODUÖ YH RUJDQ PDI\DVÖ \|Q\OH RUJDQ QDNOL HWLN WDUWÖûPDODUD NRQX
ROPDNWDGÖU
$\UÖFD|]HOELUNRQXRODUDNWDQÖPODQDQ%DEXQDROD\ÖYDUGÖU%LOLQGLøLJLELLOLNQDNOL
LoLQ EDûODWÖODQ NDPSDQ\DODU NLûL\H |]HO ROPDVÖ YH VXLLVWLPDO HGLOPHVL \|Q\OH HWLN
NDSVDPGDWDUWÖûPDNRQXVXROPXûWXU
3ROLWLND JHQHO DQODPGD VL\DVL HWLN DODQÖ RODUDN WDQÖPODQPÖûWÖU %X WHPHO NRQXQXQ
DOWWDUWÖûPDDODQODUÖDûDøÖGDNLYHULOPHNWHGLU
#
g]HOOLNOH
Lû
GQ\DVÖ
LOH
LOLûNLOHUL
YH SDUWL
GHøLûLNOHUL
LOH
SDUODPHQWR
YH
PLOOHWYHNLOOHULQLQGDYUDQÖûODUÖ
#
ùVWLIDHWPHJHUHNOLOLNOHULDoÖVÖQGDQKNPHWOHUYH%DNDQODU.XUXOX\HOHUL
#
6Dø\DGDVROSDUWLROXûXPODUÖQGDSDUWLFLOLNYHVL\DVLHøLOLPOHUH\|QHOLNHOHûWLULOHU
#
<DVDNODUYHHOHNWURQLNGLQOHPHROD\ODUÖLOHGHPRNUDVL]HULQHWDUWÖûPDODU
#
6L\DVL OLGHUOHU YH FXPKXUEDûNDQODUÖ $PHULND %DûNDQÖ &OLQWRQ GD \DEDQFÖ VL\DVL
OLGHUOHU DUDVÖQGD HQ oRN HWLN NDSVDPGD WDUWÖûPD\D NRQX RODQ VL\DVL OLGHUGLU
WXWXPYHGDYUDQÖûODUÖLOHHWLNNDSVDPGDWDUWÖûÖOPDNWDGÖU
%LOLP YH 7HNQRORML JHQHO DQODPGD ELOLPVHO HWLN RODUDN LIDGH HGLOHELOLU %X
NRQXQXQDOWWDUWÖûPDDODQODUÖ
#
%LOLPKÖUVÖ]OÖøÖYHKÖUVÖ]OÖøÖ\DSDQODUÖQDoÖNODQPDVÖ
#
(øLWLPVLVWHPL
#
$UDûWÖUPDHWLøL
#
'RoHQWOLNVÖQDYODUցQLYHUVLWHOHUGHNLDWDPDODU\|Q\OHDNDGHPLN\NVHOWPHOHU
#
ùQWHUQHW NXOODQÖPÖ ZHE VD\IDODUÖQGDNL DKODN GÖûÖ \D\ÖQODU YH HSRVWD DKODNÖ HWLN
WDUWÖûPDODUDNRQXROPDNWDGÖU
$\UÖFD |]HO ELU NRQX RODUDN WDQÖPODQDQ 7UNL\H·GH \DûDQDQ GHSUHP VRQXFX
DNDGHPLV\HQOHUH \NOHQHQ ELOLP DGDPÖ VRUXPOXOXøX WDUWÖûPDODUÖ YDUGÖU .RQX ELOLP
DGDPODUÖDUDVÖQGDWDUWÖûÖOGÖøÖJLELQLYHUVLWHOHUDUDVÖQGDGDWDUWÖûPDNRQXVXROPDNWDGÖU
(NRQRPLJHQHODQODPGDLûHWLøLRODUDNHOHDOPDNPPNQGU%XDODQGDWDUWÖûÖODQ
NRQXODUVÖUDVÖ\ODûXQODUGÖU
#
5ûYHW\ROVX]OXNODUYHWNHWLFLKDNODUÖ\|Q\OHLûGQ\DVÖ
#
ùûWHQoÖNDUÖOPDYHGûNFUHWOHULLOHLûJ|UHQOHU
#
%DQNDFÖOÖN ']HQOHPH YH 'HQHWOHPH .XUXOX WDUDIÖQGDQKD]ÖUODQDQ HWLN NXUDOODU
#
gGHQPH\HQYHUJLOHUYHYHUJLDIODUÖ
#
2UWD\DoÖNDQROXPVX]VRQXoODUÖLOHNUHVHOOHûPH
#
6RPXWo|]PEXOXQDPDPDVÖYH\DUDWWÖøÖSDKDOÖOÖN\|Q\OHHNRQRPLNNUL]OHU
#
g]HOOHûWLUPH LKDOHOHUL YH KD]LQH DUD]LOHULQLQ VDWÖûÖ HWLN WDUWÖûPDODUD NRQX
YHRIIVKRUHKHVDSODUÖQGDNLX\JXODPDODULOHEDQNDFÖOÖNVHNW|U
ROPDNWDGÖU
'Q\DYH\DûDPNRQXODUÖDOWÖQGD
#
$KODNLGHøHUOHULQQHROGXøX\|Q\OHWRSOXPVDOLOLûNLOHU
#
ùQVDQKDNODUÖ
$OL+DOÖFÖ³(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN$OH$OÖQÖû6ÖNOÖøÖ
#
<DUJÖYHDGDOHWWH\DûDQDQVRUXQODU
#
dHYUHNRUXPDYHLQVDQOÖøÖQJHOHFHøLLOHLOJLOLoHYUHVRUXQODUÖ
#
'Q\DGD\DûDQDQVDYDûODUoDUSÖûPDODUYHoDWÖûPDODULOHûLGGHW
#
7ÖEEL GHQH\OHUGH NXOODQÖOPD YH LQVDQODUÖQ N|W GDYUDQÖûODUÖ \|Q\OH KD\YDQ
KDNODUÖHWLNNDSVDPGDWDUWÖûÖOPDNWDGÖU
.OWU6DQDWNRQXODUÖDOWÖQGD
#
)HOVHIH\D]ÖODUÖ
#
6DQDWHWLNYHHVWHWLNLOHLOJLOL\D]ÖODUEXOXQPDNWDGÖU
%DVÖQHWLøLDOWÖQGDVÖQÖIODQGÖUÖODQNRQXODULVHûXQODUGÖU
#
+DEHUGRøUXOXøX
#
*L]OLNDPHUDL]LQVL]GLQOHPHYH\D\ÖQ\|Q\OHL]LQVL]\D\ÖQODU
#
0XKDELUGDYUDQÖûODUÖ
.LWDSWDQÖWÖPODUÖ
)HOVHIH
LOHWLûLP
|\N
PDFHUD
YV
NRQXODUVD
\D\ÖQODQDQ
NLWDSODUÖQ
WDQÖWÖP
\D]ÖODUÖQGD NLWDSODUÖQ NRQXODUÖQD SDUDOHO RODUDN HWLN WDUWÖûPDODUD \HU YHULOGLøLQGHQ D\UÖ
ELUDODQRODUDNGHøHUOHQGLUPH\HDOÖQPÖûWÖU
6SRU JHQHO DQODPGD VSRU HWLøL RODUDN WDQÖPODQPÖûWÖU 6SRU HWLøLQGH NRQXODU LNL
WHPHODODQD\|QHOLNRUWD\DoÖNPDNWDGÖU%XQODUIXWEROYHGRSLQJGLU
#
)XWERO)XWEROFXWUDQVIHUOHUL´KOOHFLOLNµRODUDNWDQÖPODQDQIXWEROFXODUÖQÖQ\XUW
GÖûÖQD WUDQVIHU ROXS EHGHOVL] RODUDN 7UNL\H·\H JHUL G|QPHVL NRQXVX VSRU
NXOSOHULQGH
\DSÖODQ
VHoLPOHU
WHNQLN
GLUHNW|U
GDYUDQÖûODUÖ
|]HOOLNOH
VRQ
G|QHPOHUGH'DXP·XQ%HûLNWDû.OXEQHWUDQVIHUL
#
'RSLQJ 7P VSRU GDOODUÖQGD VSRUFXODUÖQ \DSWÖNODUÖ GRSLQJOHU HWLN NDSVDPGD
WDUWÖûÖOPDNWDGÖU
'HøHUOHQGLUPH
7UN\D]ÖOÖEDVÖQÖQGDHWLNNDYUDPÖKHUJHoHQ\ÖOGDKDID]ODLûOHQPHNWHGLU%LUEDûND
LIDGH\OH HWLN JQP]H JHOGLNoH GDKD ID]OD NXOODQÖOÖU KDOH JHOPHNWHGLU $QFDN \ÖOODU
LWLEDUL LOH HWLN WDUWÖûPDODUÖQ DUWÖûODUÖ DUDVÖQGD DQODPOÖ ELU IDUN RUWD\D oÖNPDPDNWDGÖU
'ROD\ÖVÖ\OD DUWÖûODUÖQ NDYUDPÖQ ELU ´PRGDµ DNÖPÖ RODUDN RUWD\D NRQPDVÖ YH 7UNoH·GH
\HQL\HQLNXOODQÖPDODQODUÖEXOPD\DoDOÖûPDVÖQÖQELUVRQXFXRODUDNJ|UOPHNWHGLU
(WLN JD]HWHOHUGH HOH DOÖQPDVÖNOÖøÖQD J|UH WÖS HWLøLVL\DVL HWLN ELOLP HWLøL Lû HWLøL YH
EDVÖQ HWLøL RODUDN RUWD\D oÖNPDNWDGÖU 7ÖS HWLøL HQ HVNL PHVOHNL HWLN WDUWÖûPD
DODQODUÖQGDQELULGLU*QP]GHGHHOHDOÖQPDVÖNOÖøÖGLøHUPHVOHNOHUHJ|UH\NVHNWLU
%XQD NDUûÖQ 7UN WRSOXPXQXQ JQP]GHNL HQ |QHPOL VRUXQODUÖQGDQ ELUL RODQ
VRV\DO YH HNRQRPLN G]HQLQ ER]XNOXøX ]HULQH HWLN WDUWÖûPDODUÖQ ROGXNoD \HWHUVL]
NDOGÖøÖ J|UOPHNWHGLU $UDûWÖUPDGD EHNOHQHQ HNRQRPL\H \D GD Lû GQ\DVÖQD \|QHOLN
HWLNWDUWÖûPDODUÖQGDKDID]OD\DSÖOPDVÖROGXøXKDOGHWÖSVL\DVHWYHELOLPHWLøLQGHQGDKD
D] WDUWÖûÖOPDNWDGÖU %X EDøODPGD Lû GQ\DVÖQÖQ ELU EDVNÖ XQVXUX ROXûWXUPDVÖ NRQXVX
DUDûWÖUÖOPD\D GHøHU J|UOPHNWHGLU %XQXQOD ELUOLNWH WHPHO DODQODUÖQ DOWÖQGD RUWD\D
NRQDQ WDUWÖûPD NRQXODUÖ ]HULQGH |]HOOLNOH |UQHN ROD\ oDOÖûPDODUÖQÖQ JHUoHNOHûWLULOPHVL
PPNQGU %|\OHOLNOH JHQHOOLNOH \DEDQFÖ OLWHUDWUGHQ oHYLUL RODUDN RUWD\D NRQDQ YH
GHøHUOHQGLUPHOHULQGHJoONoHNLOHQROD\ODU\HULQLNOWUP]\DQVÖWDQ|UQHNROD\ODUD
EÖUDNDFDNWÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.D\QDNoD
%HDXFKDPS7RP/3KLORVRSKLFDO(WKLFVQG(G0F*UDZ+LOO,QF1HZ<RUN
(QF\FORSHGLDRI(WKLFV(G/DZUHQFH&%HFNHU6W-DPHV3UHVV9RO,/RQGRQ
+DOÖFÖ $OL ´ùû (WLøL YH ù0.%·GH ùûOHP *|UHQ ùûOHWPHOHULQ <D]ÖOÖ YH 5HVPL
$oÖNODPDODUÖQGDNL (WLN ùoHULNOHULQ 7HVSLWLQH <|QHOLN %LU $UDûWÖUPDµ ù0.% 'HUJLVL
6D\Ö
.XoXUDGL ùRDQQD ´8\JXODPDOÖ (WLN .RQJUHVL $oÖOÖû .RQXûPDVÖµ 2UWD 'RøX
7HNQLNhQLYHUVLWHVL
0HG\D 3D]DUODPD $ú (NLP 7DULKOHUL $UDVÖ 7UNL\H *HQHOL *QON 1HW 6DWÖû
YH+DIWDOÖN2UWDODPD6DWÖûODU7DEORVX
0LOHV % 0 4XDOLWDWLYH 'DWD $QDO]VLV $Q ([SDQGHG 6RXUFH %RRN QG (G 7KRXVDQG
2DNV&$6DJH
ZZZJDULOGLFRPWU
ZZZKXUUL\HWFRPWU
ZZZUDGLNDOFRPWU
ZZZVDEDKFRPWU
ZZZWXUNL\HJD]HWHVLFRPWU
ZZZ]DPDQFRPWU
dDøÖPÖ]GDYH(WLNWH%XQDOÖP
3URI'U6HYJLù\L <DSDFDøÖPNRQXûPDGDJQP]GQ\DVÖQÖQGXUXPXQDJHQHOoL]JLOHUL\OHGHøLQHUHN
EXJQ LQVDQ YH \DûDPOD LOJLOL |]HO ELU |QHP DU] HGHQ NLPL SUREOHPOHUH o|]P DUDPD
\|QHOLPOHUL ]HULQGH GXUDFDøÖP $øÖUOÖNOÖ ûHNLOGH HWLøH \|QHOLN ELU LOJL ûHNOLQGH EHOLUHQ
EX\|QHOLPHLOLûNLQGûQGNOHULPLV|\OH\HFHøLP
dDøÖPÖ]ÖQ NHQGLQH |]J VRUXQODUÖ DUWÖN NDSÖGD EHNOH\HQ VRUXQODU ROPDNWDQ oÖNÖS
LoHUL\H JLUPLû VRUXQODU ROPDODUÖQGDQ GROD\Ö KLoELU |QJ|U JHUHNWLUPHNVL]LQ KHPHQ
KHUNHVoH J|UOHELOHFHN GXUXPGDGÖU ùoLQGH \DûDGÖøÖPÖ] GQ\D KHP oHYUH YH GRøD
NRûXOODUÖ KHP GH PHYFXW WRSOXPVDO G]HQOHPHOHU |]HOOLNOH HNRQRPLN VL\DVDO YH
KXNXNVDO G]HQOHPHOHU EDNÖPÖQGDQ E\N VÖNÖQWÖ LoLQGHGLU %X GXUXP LQVDQ \DûDPÖQÖ
KHU\|Q\OHoHSHoHYUHVDUÖSNXûDWPDNWDYHLQVDQGDDøÖUELUEXQDOÖP\DUDWPDNWDGÖU
%XJQNDUûÖNDUûÖ\DNDOGÖøÖPÖ]YHJHOHFHNWHGHNDODFDNJLELJ|UQGøP]WHKOLNH\L
|QFHGHQ J|UHUHN ´PRGHUQ GQ\DµQÖQ DUWÖN DoÖNoD RUWDGD RODQ ROJXODUÖQD LûDUHW HWPLû
NLPL ILOR]RIODUÖ |]HOOLNOH WHPHO ND\JÖODUÖQÖQ DOWÖQÖ oL]HUHN KDWÖUODPDNWD \DUDU YDU
%XQODUÖQ DUDVÖQGD LQVDQÖQ YDU ROPDVÖQÖ ELU KLo ROPD\D J|WUHQ ´PRGHUQ GQ\Dµ\Ö
GHøHUOHQGLUHUHN
JLWWLøL
\|Q
NRQXVXQGD
|QHPOL
X\DUÖODUGD
EXOXQDQ
1LHW]VFKH·\L
|QFHOLNOH EHOLUWPHN JHUHNLU <LQH D\QÖ VRUXQD IDUNOÖ ELU \DNODûÖPOD HøLOHUHN ´PRGHUQ
GQ\DµGD ´\XUWVX]µ NDODQ LQVDQÖQ GXUXPXQD o|]P DUD\DQ YH ´GûQOPH\HQµ
oDøÖPÖ]GDEL]L´GûQPH\HµoDøÖUDQ+HLGHJJHU·LXQXWPDPDNJHUHNLU$\UÖFD´PRGHUQ
GQ\Dµ JQP]GH VRV\DO ELOLPOHULQ NLPL DODQODUÖQGD GD \D\JÖQ ûHNLOGH YH ]DPDQ
]DPDQDûÖUÖGHUHFHGHVRUJXODQPDNWDGÖU
<HQL ELU \]\ÖOÖQ HûLøLQGH LQVDQOÖøÖQ JHOGLøL QRNWD QH \D]ÖN NL KLo PHPQXQ HGLFL
GHøLOGLU %X ELOGLøLPL] JLEL 5|QHVDQV·WD \HQLGHQ ELOLQoOHQGLULOHQ LQVDQÖQ YDU ROPDVÖ
GQ\DQÖQ EX GQ\D YH LQVDQÖQ GQ\DVÖ RODUDN \DSÖODQGÖUÖOPDVÖ JHUHNOLOLøL GûQFHVL\OH
EDûOD\DQ WDULKVHO VUHFLQ XODûWÖøÖ QRNWDGÖU %XJQ JHUL\H G|QS EDNÖOGÖøÖQGD DVOÖQGD
LQVDQ LoLQ LVWHQHQLQ oRN X]DøÖQD GûOPû ROGXøX J|UOPHNWH YH ´PRGHUQ GQ\DµQÖQ
EXQDOÖPÖDøÖUELULQVDQOÖNEXQDOÖPÖRODUDNNHQGLQLJ|VWHUPHNWHGLU*QP]GQ\DVÖQÖ
EHOLUOH\HQ GHøHUOHU LQVDQÖ VUHNOL NHQGL YDUOÖN NRûXOODUÖQÖQ X]DøÖQD LWPHNWH SD]DU
HNRQRPLVL\OH \|QOHQHQ WHNQRORML YH RQD EDøÖPOÖ KDOH JHOHQ ELOLP KL]PHW HWWLøL DPDo
EDNÖPÖQGDQ NHQGL ROPDNWDQ oÖNÖS DGHWD WHUVLQH ELU \ROGD LQVDQÖQ \DûDPOD RODQ EDøÖQÖ
NRSDUPDNWDGÖU ùQVDQÖ LQVDQ \DSDQ YDUOÖN NRûXOODUÖ EDNÖPÖQGDQ LQGLUJHQPLû ELU
GQ\DQÖQ GDUOÖøÖ LoLQGH LQVDQ LQVDQ ROPDQÖQ YH YDU ROPDQÖQ GÖûÖQD DWÖOPDNWDGÖU
6RQXoWDEXGQ\DLQVDQÖQWDPELU\DEDQFÖODûPD\DGûWøELUGQ\DROPXûWXU
0RGHUQ oDøÖQ HULûWLøL ´LOHULµ ELU QRNWDGD \HQL ELU GQ\D RODUDN ´PRGHUQ GQ\Dµ\Ö
\DUDWDQ \]\ÖO ELUoRN EDNÖPGDQ |QHPOL ELU \]\ÖOGÖU %LU \DQGD KD\UDQOÖN YHULFL
EXOXûODUÖYH|WH\DQGDJLUGLøLLQVDQOÖNoÖNPD]ÖLOHWXKDIELU\]\ÖO7HNQLøLQRODøDQVW
JHOLûLPLYH\NVHOLûLNDUûÖVÖQGDLQVDQOÖNWDNLGûûYH´o|NQWµEX\]\ÖOÖQEDûoHOLûNLVL
RODUDN NHQGLQL KHUWDUDIWD KLVVHWWLUPHNWHGLU 6ÖQÖUELOPH\HQ WHNQRORMLN LOHUOHPH LoLQGHNL
GQ\DGD LQVDQD LQVDQ RQXUXQD D\NÖUÖ GXUXPODU oRN VÖN \DûDQPDNWD LQVDQOÖNWDNL
8OXGDøhQLYHUVLWHVL)HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHOLûPH G]H\L LOH WHNQRORMLN LOHUOHPH DUDVÖQGDNL XoXUXP KÖ]OD E\PHNWH YH
GHULQOHûPHNWHGLU ùQVDQÖ KHU DQ NDUûÖODûDELOHFHøL KHU WUO WHKOLNH\H NDUûÖ JYHQFHVL]
KDWWD oDUHVL] EÖUDNDQ EX GXUXPD oDUHOHU DUDQPDNWDGÖU ùûWH JQP]GH HWLøH PHVOHN
HWLNOHUL YH \HQL HWLNOHU RODUDN \D\JÖQ ûHNLOGH DUWDQ LOJL EX GXUXPGDQ EDøÖPVÖ]
GûQOHPH]$QFDN´GûQPHGHNLµE\NELULKPDOGHQGROD\ÖHWLNGÖûÖWXWXOPXûELU
GQ\DQÖQ EXJQ JLUGLøL oÖNPD]GD HWLøH \HQLGHQ |QHP YHUHQ YH RQX WDOHS HGHQ EX
ROXPOX \|QHOLPGH IHOVHIHQLQ LKPDO HGLOPHNWH ROGXøXQX GD J|]GHQ NDoÖUPDPDN
JHUHNLU
%XJQN GQ\DQÖQ oRN FLGGL SUREOHPOHUL YH NLûLOHULQ \DûDUNHQ NLPL ]DPDQ GD
GQ\DQÖQ GXUXPXQGDQ GROD\Ö \] \]H JHOGLNOHUL ED]Ö SUREOHPOHU NDUûÖVÖQGD GRøUXGDQ
HWLøH ELU WDOHS RODUDN EHOLUHQ ELU WXWXP J|UPHNWH\L] 1H YDU NL LQVDQ VRUXQXQD YH\D
HWLøLQ VRUXODUÖQD HøLOPLû ILOR]RIODUÖQ RUWD\D NR\GXøX ELOJLOHULQ ÖûÖøÖQGD EDNÖOGÖøÖQGD
HWLøL LOJL RGDøÖ KDOLQH JHWLUHQ EX WXWXPXQ GD \]\ÖOÖPÖ]ÖQ EDûÖQGD RQX GÖûOD\DQ WXWXP
NDGDUHWLøHX]DNYHHWLøLQGÖûÖQGDNDOGÖøÖEHOLUOHQHELOLU<]\ÖOÖPÖ]ÖQEXLQVDQVRUXQODUÖ
oÖNPD]ÖQGD ´PRGHUQ GQ\DµQÖQ EDûWDQ EHUL HWLNWHQ \RNVXQ NDOPDVÖQÖQ E\N URO
R\QDGÖøÖQÖ ELU |OoGH J|UPHN |QHPOL YH ROXPOX ELU DGÖPGÖU $QFDN IHOVHIHQLQ YH
´GûQPHQLQµKDOLVOLøLNRUXQDPDGÖNoDYHELOPHQLQLQVDQLoLQDQODPÖVRUXOPDGÖNoDEX
\RNVXQOXNEDûNDELUELoLPGHKkOkVUHFHNJLELJ|UQ\RU
(WLøH PHVOHN HWLNOHUL YH \HQL HWLN DUD\ÖûODUÖ RODUDN KÖ]OD DUWDQ LOJL oDøÖPÖ]GDNL
LQVDQOÖN EXQDOÖPÖ\OD LOJLOL ROGXøX NDGDU HWLNWHNL EXQDOÖPOD GD \DNÖQGDQ LOJLOLGLU %LU
\DQGD ´PRGHUQ GQ\DµQÖQ HWLøL LKPDO HGHQ WXWXPXQXQ JHWLUGLøL NLPL VRQXoODU YH
RUWD\D oÖNDQ ROJXODU NDUûÖVÖQGD ELU ûH\OHULQ IDUNÖQD YDUÖOÖS HWLøH \|QHOHUHN oDUH
DUDQPDNWDGÖU DPD |WH \DQGD HWLøLQ NHQGLQH LOLûNLQ ELOJLGH \HWHUOL ELU ELOLQoOHQPH
J|UOHPHPHNWHGLU%XQRNWDGD.XoXUDGL·QLQJQP]GH\HQLGHQ|QHPND]DQDQHWLøH
LOLûNLQ \DSWÖøÖ ûX VDSWDPD\D GLNNDW HWPHNWH \DUDU YDUGÖU ´<]\ÖOÖPÖ]GD HWLN \D\JÖQ ELU
\DNODûÖP RODQ PHWDHWLN LOH QRUPDWLI HWLN DQOD\ÖûODUÖQÖQ ELUOLNWH EHOLUOHGLøL ELU DQOD\ÖûOD
QRUPODUD LOLûNLQ ELU DODQ GL\H J|UOPHNWHGLUµ dHûLWOHUL JLGHUHN DUWDQ PHVOHN HWLNOHUL
LVHEXJQ\D\JÖQûHNLOGHEHQLPVHQHQEXHWLNDQOD\ÖûÖQÖQX\JXODPDDODQÖQGDNL\DQVÖPDVÖ
RODUDNRUWD\DoÖNPDNWDGÖU
2\VD HWLN QH WHN WHN PHVOHNOHUH LOLûNLQ ELU QRUPODU DODQÖ QH GH HYUHQVHO QLWHOLNOL
QRUPODU DODQÖGÖU (WLN WDULKLQGH EXQX J|VWHUHQ |UQHNOHU YDUGÖU $\UÖFD JQP]GH
.XoXUDGL·QLQ HWLN J|Uû YH HWLøH \DNODûÖPÖ EX NRQXGD oRN D\GÖQODWÖFÖ ELU |UQHNWLU
(WLøLQQHROGXøXQXNÖVDFDEHOLUWPHNJHUHNLUVHHWLNIHOVHIHQLQHQHVNLGDOODUÖQGDQYDUOÖN
ELOJL YH PDQWÖN DODQODUÖQGDNL ELOJLOHULQ RQD GRøUX YH RQXQ LoLQ ROGXøX RQGD
WDPDPODQDUDN LQVDQ YDUOÖøÖQD EDøODQÖS DQODP ND]DQGÖøÖ WHPHO ELU ELOJL DODQÖGÖU
.HQGLQH |]J REMHVL YH VRUXODUÖ RODQ ELU ELOPH HWNLQOLøL DODQÖGÖU %X EDNÖPGDQ WÖSNÖ
GLøHU ELOJL DODQODUÖ JLEL ELOJLVHO ELU HWNLQOLN ROXS DVOD QRUPODUD LQGLUJHQHPH] QLWHOLNWH
ELU ELOJL GDOÖGÖU $QFDN EX WHPHO |]HOOLøL J|]GHQ NDoÖUÖOGÖøÖQGD HWLN EXJQ \D\JÖQ
ELoLPL X\JXODPD DODQÖQGD PHVOHN HWLNOHUL RODUDN J|UQHQ ELU QRUPODU EWQ RODUDN
J|UOHELOPHNWHGLU
%X GXUXPGD \]\ÖOÖQ EDûÖQGD HWLøL GÖûOD\DQ WXWXPXQ WHUVLQH ûLPGL RQD E\N
|QHP YHUHQ WXWXP NDUûÖVÖQGD \DQÖOJÖ\D GûPHPHN JHUHNLU (WLøLQ ELOJLVHO QLWHOLøLQL
J|]GHQ NDoÖUDUDN YH E|\OHFH IHOVHIH\H X]DN NDODUDN JQP] GQ\DVÖQÖQ HWLN
WDOHSOHULQH \DQÖW YHULOHELOHFHøLQL EHNOHPHN \DQÖOWÖFÖ RODELOLU dQN JQP]GH oRN
oHûLWOLYH]HQJLQJ|UQPLoLQGHELULOJLRGDøÖKDOLQHJHOHQHWLNKkOkELOLPFLELUDoÖGDQ
J|UOPHNWH YH PHVOHN HWLNOHUL ELoLPL\OH JLGHUHN GDKD GD ELOLPOHûPHNWH VRQXoWD
IHOVHIHGHQ NRSXN NLPL X]PDQOÖN DODQODUÖQD G|QûPHNWHGLU %X DQOD\Öû LoLQGH GH
6HYJLù\L³dDøÖPÖ]GDYH(WLNWH%XQDOÖP
HWLNWHQ JQON \DûD\ÖûÖPÖ]GD YH LûLPL]GH NDUûÖODûWÖøÖPÖ]VRUXQODUGDQ oHYUH VRUXQODUÖQD
NDGDU X]DQDQ KHU WU LQVDQ VRUXQXQD EDøOÖ ûHNLOGH oHûLWOHQHUHN NLPL PHVOHNOHU YH
GQ\D G]H\LQGH QRUPODU JHOLûWLUPHNOH o|]P EXOPDVÖ EHNOHQPHNWHGLU $QFDN ELU
ELOJLDODQÖRODUDNHWLøLQLûL´DKODNQRUPODUÖµ\DGDNLPLRODVÖGXUXPODULoLQL\LYHGRøUX
RODQÖ EHOLUOH\LFL QRUPODU NR\PDN GHøLOGLU %LU ELOJL GDOÖ \D GD IHOVHIH HWNLQOLøL RODUDN
HWLøLQ DVÖO LûOHYL DoÖNODGÖøÖ NLPL NDYUDPODUÖQ ELOJLVL\OH YH HøLOGLøL VRUXQODUD JHWLUGLøL
o|]POHUOH NLûLOHUH \DûDUNHQ YH H\OHUNHQ NDUûÖODûWÖNODUÖ VRUXQODU NDUûÖVÖQGD NHQGLOHUL
ELOJL UHWHUHN o|]P EXODELOPHOHUL LoLQ \DUGÖPFÖ ROPDNWÖU %X EDNÖPGDQ HWLøLQ KLoELU
GXUXPGDIHOVHIHGHQNRSPDPDVÖJHUHNLU
%X EDNÖPGDQ JQP]GH HWLøLQ PHVOHN HWLNOHUL RODUDN ELU QRUPODU DODQÖQD
G|QûPHVLQH PHVOHN HWLNOHUL QRUPODUÖQÖQ YH\D HYUHQVHO QLWHOLNOL QRUPODUÖQ EHNOHQHQ
ûH\L QH |OoGH \DSDELOHFHNOHUL NRQXVXQXQ GD KD\OL WDUWÖûPDOÖ ROGXøXQX J|] |QQH
DODUDN GLNNDW HWPHNWH \DUDUYDUGÖU ´(WLN YH +HNLPOLN 6DQDWÖµ DGOÖ \D]ÖVÖQGD WÖS HWLøLQL
LUGHOH\HQ3HWHU.RVORZVNL´L\LLVWHPHROPDNVÖ]ÖQGRøUXELOJLGRøUXH\OHPHJ|WUPH]µ
GL\RU YH ûXQX EHOLUWL\RU ´+LoELU LQVDQ ELU EDûNDVÖQÖ EX DUDGD KHNLPL GH NHQGL
ELOJLVLQLHQHOYHULûOLELoLPGHNXOODQPD\DYHL\L\LLVWHPH\H]RUOD\DPD]µ
.LûLOHULQ LûOHULQL \DSDUODUNHQ LoLQGH EXOXQGXNODUÖ WRSOXPVDO LOLûNLOHU EWQQGH
HOEHWWH \DVD \|QHWPHOLN YH PHVOHNOHULQ |]HOOLøLQH J|UH NLPL Lo LONHOHUOH \DSÖODQ ELU
G]HQOHPH RODFDNWÖU $PD NLûLOHULQ LûLQL \DSDUNHQ \DûDUNHQ YH H\OHUNHQ NDUDUODU
YHULUNHQ NDUûÖODûWÖøÖ VRUXQODUÖQ WHNOLN J|VWHUHQ ûH\OHUH LOLûNLQ ROPDODUÖ QHGHQL\OH GDLPD
QRUPODUÖDûDQNHQGLWHNOLNOHULQGHQRUPODUODHULûLOHPH]RODQELU\|QOHULYDUGÖUg\OH\VH
NLûLOHU \DûDUNHQ YH H\OHUNHQ NDUûÖODûWÖNODUÖ VRUXQODUOD LOJLOL GRøUX o|]POHULQ ELOJLVLQL
KHU WHN GXUXPGD YH EL]]DW NHQGLOHUL UHWPHN ]RUXQGDGÖU %XQXQ DQODPÖ ûXGXU
<DûD\DQYHH\OH\HQKHULQVDQKHUGXUXPGDROPDVDGDNLPLGXUXPODUGDIHOVHIH\DSPDN
]RUXQGDGÖU%X\DûDPÖQJHWLUGLøL|]HOOLNOHGHLQVDQ\DûDPÖQGDKHUKDQJLELUNRûXOGDYH
KHUKDQJLELUûHNLOGHRUWD\DoÖNÖYHUHQVRUXPOXOXøXQXDODOÖP\DGDDOPD\DOÖPRUDGDYDU
RODQHWLNIHQRPHQOHUJHUoHNOLøLQLQJHWLUGLøLELU]RUXQOXOXNWXU
ùQVDQ\DûDPÖQÖQNLPLDODQODUÖQGD|UQHøLQWÖSEDVÖQVL\DVHWJLELYHVRQ]DPDQODUGD
ELOLP DUDûWÖUPDODUÖQGD NDUûÖODûÖODQ HWLN VRUXQODUÖQ oHûLGL YH NDSVDPÖQGDQ GROD\Ö IHOVHIL
ELOJL JHUHNVLQLPL YH IHOVHIH \DSPD JHUHNOLOLøL NHQGLQL GDKD ID]OD KLVVHWWLUPHNWHGLU %X
GXUXPGDHWLNEDNÖPGDQHVDVRODQûH\HøLWLOLUOHUNHQNLûLOHUHELUELoLPGHPXWODNDIHOVHIH
\DSDELOPH
EHFHULVL
NDUûÖODûWÖNODUÖ
ND]DQGÖUPDNWÖU
VRUXQODU
PXWODND
ELU
dQN
ELOPH
PHVOHNOHULQL
YH
ELOJL
\UWUOHUNHQ
RUWD\D
NR\PD
NLûLOHULQ
HWNLQOLøLQL
JHUHNWLUHFHøLQGHQIHOVHIH\DSPDEHFHULVLQLND]DQGÖUPD\|QHOLPLELUHøLWLPHWNLQOLøLQLQ
YD]JHoLOPH] NRûXOX ROPDOÖGÖU %X IHOVHIHQLQ |]\DSÖVÖQGD EXOXQDQ LQVDQD G|QN
LûOHYLQGHQND\QDNODQÖU
gWH \DQGDQ EXJQ GQ\DGD NDUûÖODûÖODQ UNWF ER\XWWDNL VRUXQODU NDUûÖVÖQGD
IHOVHIH YH IHOVHIHGH XODûÖOPÖû EXOXQXODQ ELOJL G]H\L \HWHUVL] GHøLOGLU )LOR]RIODU HWLN
IHQRPHQOHUH GRøUX YH HOYHULûOL \DNODûÖPODU JHOLûWLUPLûWLU ´0RGHUQ GQ\DµGD DûÖOPDVÖ
Jo J|UQHQ VRUXQODU YH EXQFD N|WOøQ ROXS GXUPDVÖ JQP]GH IHOVHIL ELOJL
G]H\LQGHNL \HWHUVL]OLNWHQ GHøLO EX ELOJLQLQ \DûDPOD RODQ EDøÖQÖQ NXUXODPDPDVÖQGDQ
GROD\ÖVÖ\OD ´L\L LVWHPHQLQµ JHQHOOLNOH ELOJLVL]OLN DPD ED]HQ GH ELOLQVH GH ND\ÖWVÖ]OÖN
QHGHQL\OH´LVWHQPHPHVLQGHQµLOHULJHOPHNWHGLU
´0RGHUQ GQ\DµQÖQ oÖNPD]D G|QûHQ VRUXQODUÖQÖ KHU \|QGH GDOJD GDOJD \D\ÖODQ
LQVDQOÖøÖQ EX EXQDOÖPÖQÖ QDVÖO DûDELOLUL]" %XQXQ LoLQ LONLQ ´PRGHUQ GQ\DµQÖQ
GûQVHO DODQGDNL GDøÖOPÖûOÖøÖQGDQ oÖNPDN KHS GDKD ID]OD ELOJL DGÖQD DûÖUÖ ELU
X]PDQODûPDQÖQ JHWLUGLøL ´NOWUV]ONµWHQ NXUWXOPDN \DQL LQVDQÖ \HQLGHQ YDU HWPHN
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHUHNLU +HLGHJJHU·LQ GH\LûL\OH GLOH JHWLUPHN JHUHNLUVH <HQLoDøÖQ GûQûQGHNL
LKPDOGHQ GROD\Ö XQXWXOPXû RODQ ELU VRUX\X ´9DUOÖøÖQ DQODPÖ VRUXVXQXµ VRUPDN YH
´9DU ROPDµ\Ö \HQLGHQ YDUODûWÖUPDN JHUHNOLGLU %XQX \DSDELOPHN DQFDN VDøODP ELU HWLN
WHPHO]HULQGHPPNQGU'Q\DHWLNELOJLHNVLNOLøLQLQGHQH\LPLQL\HWHULQFH\DûDGÖ
%XJQ ELUELULQGHQ NRSXN X]PDQOÖN DODQODUÖQD G|QûHUHN YDU JF\OH KNP VUHQ
VÖQÖUVÖ] ELOPH WXWNXVX NDUûÖVÖQGD ELOJLQLQ LQVDQ LoLQ GHøHULQLQ YH DQODPÖQÖQ QH ROGXøX
VRUXVXQXDVOÖQGDLQVDQÖQQHROGXøXVRUXVXQXGDKDVÖNVRUPDNJHUHNOLJ|UQPHNWHGLU
%XQXQ \DQÖQGD LQVDQÖQ RQVX] ROXQDPD] ELU GûQVHO HWNLQOLøL RODQ IHOVHIH DODQÖQGD
ELOLPOH GH EWQOHûHQ ELUOLNOL ELU NDYUD\ÖûÖQ ND]DQÖOPDVÖ |]HOOLNOH LQVDQÖQ NHQGL
KDNNÖQGDNL ELOJLVL YH HWLN ELOJLVL LoLQ E\N |QHP WDûÖPDNWDGÖU %X QRNWDGD KHP
\DûDUNHQ YH H\OHUNHQ NDUûÖODûÖODQ VRUXQODUÖQ KHP JHQHOGH GQ\D VRUXQODUÖQÖQ o|]P
LoLQ WHPHOGH GRøUX YH HWNLOL ELU HøLWLP HWNLQOLøLQLQ \DQL IHOVHIL ELU HøLWLPLQ JHUHNOL
ROGXøXQX YXUJXODPDNWD \DUDU YDUGÖU dQN DQFDN GRøUX YH HWNLOL ELU HøLWLPOH JHQHO
RODUDN IHOVHIL ELU HøLWLPOH NLûLOHULQ EWQONO ELU NDYUD\ÖûD YDUPDODUÖ YH E|\OHFH
\DûDUNHQYHH\OHUNHQNDUûÖODûWÖNODUÖHWLNVRUXQODUDo|]PEXOPDODUÖPPNQGU
&XPKXUL\HWLQ NXUXOXû \ÖOODUÖQGD ONHPL]GH HøLWLP HWNLQOLøL\OH LOJLOL E|\OH ELU
NDYUD\ÖûÖQ ROGXøXQX J|UPHNWH\L] %X QRNWDGD VD\ÖQ .XoXUDGL·QLQ GQ \DSWÖøÖ
NRQXûPDGD GLOH JHWLUGLøL ELU D\UÖPÖ ´ELU GHøHU \DUJÖVÖQÖQ ELU GHøHU \DUJÖVÖ\OD oDWÖûPDVÖ
LOH ELU GHøHU \DUJÖVÖQÖQ ELU ELOJL LOH oDWÖûPDVÖµ DUDVÖQGD \DSWÖøÖ D\UÖPÖ YXUJXOD\DUDN
V|]OHULPL .ULWRQ &XUL·QLQ ûX GûQFHVL\OH ELWLUPHN LVWL\RUXP ´dHYUH HWLNoLOLøLQLQ ELU
¶LPDMROXûWXUPD·\ROXROPDVÖQDVRQYHULOPHOLGLUµ
.D\QDNoD
.XoXUDGL ù ´)HOVHIL (WLN YH ¶0HVOHN (WLNOHUL·µ (WLN YH 0HVOHN (WLNOHUL \D\ÖQD
KD]ÖUOD\DQ+DUXQ7HSH7UNL\H)HOVHIH.XUXPX$QNDUDV
.RVORZVNL 3 ´(WLN YH +HNLPOLN 6DQDWÖµ (WLN YH 0HVOHN (WLNOHUL \D\ÖQD
KD]ÖUOD\DQ+DUXQ7HSH7UNL\H)HOVHIH.XUXPX$QNDUDV
$J\V
&XUL . ´0HVOHN (WLNOHULQGH <HQL %LU %R\XW dHYUH (WLøLµ (WLN YH 0HVOHN
(WLNOHUL \D\ÖQD KD]ÖUOD\DQ +DUXQ 7HSH 7UNL\H )HOVHIH .XUXPX $QNDUD
V
*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHUL
h]HULQGHNL(WNLVL
'U1XUWHQ.DUD %X WHEOLøGH 7UNL\H·GH JD]HWHFLOHULQ NHQGL VL\DVDO YH NOWUHO ELULNLPOHULQLQ KDEHU
VHoLPOHULQGH HWNLOL ROXS ROPDGÖøÖ ]HULQGH GXUDFDøÖP %XQX JD]HWHFLOHULQ ELUELULQGHQ
IDUNOÖIHPLQLVWNDGÖQKDUHNHWOHULQLKDEHU\DSDUNHQNXOODQGÖNODUÖNULWHUOHUHEDNDUDNRUWD\D
NR\PD\D oDOÖûDFDøÖP )HPLQLVW KDUHNHWOHUL ED] DOPDPGDNL QHGHQ EX KDUHNHWOHULQ
IDUNOÖOÖNODUÖ\ODKHUELULQLQWRSOXPXG|QûWUPHLGHDOLQHVDKLSROPDVÖGÖU
7RSOXPX G|QûWUPH LGHDOLQH VDKLS ROPDVÖQÖ ûX KHGHIOHULQGHQ \ROD oÖNDUDN
V|\O\RUXP
#
NDGÖQODUÖQLQLVL\DWLIYH|]JYHQND]DQPDVÖQÖVDøOD\DFDNoDOÖûPDODU\DSPDODUÖ
#
NHQGLOHUL LoLQ SROLWLND \DSDU KDOH JHOPHOHUL LoLQ ELOLQo \NVHOWPH oDOÖûPDODUÖ
\DSPDODUÖ
#
PHUNH]LROPD\DQ\D\JÖQJHYûHN\HUHO|UJWOHQPHPRGHOOHULVXQPDODUÖ
#
KHU WUO RWRULWH YH KL\HUDUûLQLQ VRUJXODPDVÖQÖ VDøOD\DFDN ROGXNoD ]HQJLQ
PFDGHOHYH|UJWOHQPHGHQH\LPOHULVXQPDODUÖ
7PEXQODUODIHPLQLVWKDUHNHWOHUELUH\LQ|]JUJHOLûLPLQLQ|]JQNRûXOX
RODUDN WDQÖPODGÖøÖ ELU GQ\DQÖQ JHUoHNOHûPHVLQL LVWHUOHU %X GD IHPLQLVW NDGÖQ
KDUHNHWOHULQLWRSOXPVDOKDUHNHW\DSDU
%X IDUNOÖ IHPLQLVW NDGÖQ KDUHNHWOHUL³EX oDOÖûPDGD OLEHUDO UDGLNDO PDUNVLVW
VRV\DOLVW LVODPFÖ KDUHNHWOHU RODUDN \HU DODFDNODUGÖU³NDGÖQODUÖQ H]LOGLøL YH NXUWXOXûODUÖ
LoLQ VWUDWHMLOHU JHOLûWLUPHVL QRNWDVÖQGD ELUOHûLUOHU DPD H]LOPHQLQ QHGHQOHUL YH NXUWXOXûD
JLGHQ\ROODUKDNNÖQGDELUELULQGHQIDUNOÖOÖNODUJ|VWHULUOHU
%XoDOÖûPDJD]HWHFLOHULQIHPLQLVWKDUHNHWOHULIDUNOÖOÖNODUÖLOHQHNDGDUWDQÖGÖNODUÖQÖYH
GÖûDUÖGDQ KHUKDQJL ELU EDVNÖ \D GD NÖVÖWODPDQÖQ ROPDGÖøÖ ELU RUWDPGD \HQL ELU
WRSOXPVDO
KDUHNHW
NDUûÖVÖQGD
JD]HWHFLOHULQ
NXOODQGÖNODUÖ
RUWDN
KDEHU
VHoPH
NDWHJRULOHULQLQYDUROXSROPDGÖøÖQÖRUWD\DoÖNDUPD\ÖKHGHIOHPLûWLU
)HPLQLVWKDUHNHWOHUGHROGXøXJLELWPWRSOXPVDOKDUHNHWOHUJHQHORODUDNLNLWHKOLNH
LOHNDUûÖNDUûÖ\DNDOPÖûODUGÖU
%LULQFLVL ´QRUPDOµ \D GD NXUXPVDOODûWÖUÖOPÖû H\OHPOHUGHQ QLWHOLN RODUDN D\UÖ
WXWXOPDVÖYHEXQHGHQOHGHPDQWÖNVÖ]\DGDROJXQODûPDPÖûRODUDNGHøHUOHQGLULOPHVLLNLQFL
RODUDN GD DPSLULN RODUDN GDKD GHULQ SUREOHPOHULQ \]H\VHO EDûNDOGÖUÖVÖ RODUDN J|UOPHVLQGHQ
´LNLQFLOµSR]LV\RQDLWLOPHVL
<HQL WRSOXPVDO KDUHNHWOHU GHøLûHQ GHøHU \DUJÖODUÖ YH JHOLûHQ DOWHUQDWLI \DûDP
ûHNLOOHUL\OH WRSOXPVDO ELU GHøLûLNOLN JLULûLPL ROPD |]HOOLøL GH WDûÖUODU .OWUHO
PGDKDOHOHU YH \HQL \DûDP WDU]ODUÖ LOH JHOHQHNVHO GHøHUOHUH PH\GDQ RNXUODU gUQHøLQ
.DGÖQKDUHNHWOHULQGHQ
5DGLNDOIHPLQL]PHJ|UH
#
NDGÖQ
HUNHN
DUDVÖQGDNL
HJHPHQOLN
LOLûNLVL
HQ
WHPHO
HJHPHQOLN
.DGÖQODUÖQHQWHPHOPFDGHOHVLHUNHNOHUHNDUûÖYHULOHQPFDGHOHGLU
*D]LhQLYHUVLWHVLùOHWLûLP)DNOWHVL
LOLûNLVLGLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
/LEHUDOIHPLQL]PHJ|UH
#
NDGÖQODUDNDUûÖX\JXODQDQD\UÖPFÖOÖNOD\DVDOYHGLøHUUHIRUPODUODEDûHGLOHELOLU
#
WHPHORODUDNHûLWOLNYHELUH\LQ|]HUNOLøL]HULQGHGXUXUODU
0DUNVLVWIHPLQLVWOHUHJ|UH
#
NDGÖQODUÖQ WRSOXPVDO UHWLPLQ GÖûÖQGD WXWXOPDVÖQÖ DVÖO QHGHQ RODUDN DOÖU YH
|]JUOHûPHN LoLQ YHULOHFHN PFDGHOHQLQ NDSLWDOL]PH NDUûÖ YHULOHQ PFDGHOHGHQ
D\ÖUPD]
6RV\DOLVWIHPLQLVWOHUHJ|UH
#
NDGÖQÖQ H]LOPHVLQL SDWULDUNDO LOLûNLOHU YH NDSLWDOL]PLQ ELU |]HOOLøL RODUDN ELUOLNWH
WDUWÖûÖUODU
#
DWDHUNLONDSLWDOL]PQLWHOHPHVL\OHNDGÖQODUÖQH]LOPHVLQLVÖQÖIWHPHOOLDoÖNODUODU
ùVODPFÖPVOPDQIHPLQL]PHJ|UH
#
NDGÖQÖQPRGHUQWRSOXPODUGDH]LOPHVLQHo|]PRODUDN´PDKUHPµDODQÖ|QSODQD
oÖNDUÖUODU
#
PFDGHOHOHULQLPVOPDQNDGÖQRODUDNVUGUUOHU
$QFDNWPEXIHPLQLVWKDUHNHWOHUIDUNOÖOÖNODUÖYXUJXODQDUDNPHG\DGDHûLWûHNLOGHYH
QHVQHO |OoWOHUGH \HU DOPD]ODU =DWHQ PHG\DGD NDGÖQODUÖQ VXQXPXQD LOLûNLQ oDOÖûPDODU
YDUGÖU DPD GRøUXGDQ IHPLQLVW KDUHNHWOHULQ VXQXPXQD LOLûNLQ ELU oDOÖûPD 7UNL\H·GH
\RNWXU
0HG\DGD ED]Ö ROD\ODU VUHNOL RODUDN KDEHU GHøHULQH VDKLSWLUOHU ED]ÖODUÖ LVH
\D\ÖQODQDFDN NDGDU |QHPOL EXOXQPD]ODU +DOEXNL E|\OH ELU VUHoWH VHoLOHQ KDEHUOHULQ
VUHNOL RODUDN \HQLGHQ UHWLOPHVL JLEL VHoLOPH\HQOHULQ GH \HQLGHQ \RN HGLOPHVL V|]
NRQXVXGXU %LU ROD\ KDEHU RODUDN \DQVÖWÖOPÖ\RUVD ]DWHQ LoHULøLQLQ QH GHUHFH GRøUX YH
QHVQHORODUDNYHULOGLøLQLWDUWÖûPDRODQDøÖGDEDûWDQ\RNRODFDNWÖU
+DEHU \DSPD VUHFLQGH KDEHULQ KD]ÖUODQPDVÖ YH VHoLOPHVLQGH NXUXPVDO HNRQRPLN
YH VL\DVDO NÖVÖWODPDODU ELU \DQD EÖUDNÖOGÖøÖQGD PHG\D SURIHV\RQHOOHULQLQ ]HULQGHNL
ELUH\VHO |]QHO NÖVÖWODPDODU |Q SODQD oÖNDU %XUDGD PHG\D SURIHV\RQHOOHUL ELU ROD\D
KDEHU GHøHUL DWIHWPHN LoLQ WRSOXPXQ GLøHU ELUH\OHUL JLEL NHQGL LGHRORMLN YH NOWUHO
DQODP KDULWDODUÖQÖ YH oHUoHYHOHULQL UHIHUDQV RODUDN NXOODQDFDNODUGÖU %X QHGHQOH GH
KDEHUGHJHUoHNOLNRQXKDEHU\DSDQKHUELUELUH\HJ|UHGHøLûNHQRODFDNWÖU
3HGHOW\·QLQ JD]HWHFLOHULQ ELUH\VHO YH RUWDN NOWUHO GHøHUOHULQLQ \D]GÖNODUÖ KDEHU
PHWLQOHULQHE\N|OoGH\DQVÖGÖøÖQÖRUWD\DNR\DQoDOÖûPDODUÖYDUGÖU *RIIPDQ GD ELU JHUoHNOLøLQ DOJÖODQPDVÖ YH \DûDQPDVÖ LoLQ EX JHUoHNOLøLQ LoLQGH
JHOLûWLøL VLVWHPLQ G]HQLQ ELOLQPHVL JHUHNWLUGLøLQL YXUJXODU $QFDN GHQH\LP VDKLEL
ROXQPD\DQ NRQXODUGD QH \DSÖOGÖøÖQD LOLûNLQ WDWPLQ HGLFL ELU DoÖNODPD \DSPD] %X VRQ
GHUHFH |QHPOLGLU dQN JQGHOLN \DûDPD LOLûNLQ ´oHUoHYHOHULQµ ROPDGÖøÖ GXUXPGD
ROD\ODUÖ DOJÖOD\DELOPHN LoLQ JHUHNOL J|QGHUPHOHULQ \DSÖODELOHFHøL UHIHUDQVODUD LKWL\Do
YDUGÖU YH EXQODU ROPDGÖøÖ WDNGLUGH |QHPOL ELU ROD\ IDUN HGLOPH\HQ ELU ROD\D
G|QûHELOLU
%LU WRSOXPXQ JHOLûLP VUHFL LoHULVLQGH SHN oRN WRSOXPVDO KDUHNHW LOH NDUûÖODûPDVÖ
oRN GRøDOGÖU $QFDN EX WRSOXPVDO KDUHNHWOHULQ ED]ÖODUÖQD KDEHU GHøHUL DWIHGLOHUHN
\D\ÖQODQPDVÖ YH ED]ÖODUÖQÖQ GD \RN VD\ÖOPDVÖ VDGHFH KDEHU ROXûXPXQGDNL oHûLWOL VUHo
03HGHOW\´7KH0DUJLQDO0DMRULW\:RPHQ:DU&RUUHVSRQGHQWVLQWKH6DOYDGRUDQ
3UHVV&RUSV$VVRFLDWLRQµ&ULWLFDO6WXGLHVLQ0DVV&RPPXQLFDWLRQ9RO
(*RIIPDQ)UDPH$QDO\VLV$Q(VVD\RQWKH2UJDQL]DWLRQRI([SHULHQFH1HZ<RUN
+DUSHU5RZ3UHVVV
1XUWHQ.DUD³*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL
YH ]RUOXNODUÖQ YDUOÖøÖ LOH DoÖNODQDPD] dQN L]OH\LFL YH RNX\XFXGDQ X]DN WXWXODQ EX
ROD\ODUÖQ WRSOXPVDO KD\DWÖQ DQODûÖOPDVÖ YH DQODPODQGÖUÖOPDVÖQGD \DSDFDøÖ HWNLOHU \RN
HGLOPLûROXU
)HPLQLVWKDUHNHWOHUVL\DVDONOWUQG|QûPQVDøODPDNLoLQDWÖODQVHVVL]NoN
DPD |QHPOL DGÖPODUGÖU %X QHGHQOH IHPLQLVW KDUHNHWOHU VLYLO WRSOXPXQ |QFV RODUDN
GHøHUOHQGLULOPHOLGLUOHU $OWHUQDWLI ELU VL\DVDO NOWUQ PHG\DGDNL \DQVÖPDODUÖ EXQXQ
WRSOXP LoHULVLQGH YDUOÖøÖQÖQ J|UOPHVL GûQOPHVL \D\JÖQODûPDVÖ YH UHWLOPHVLQLQ
\ROXQX
DoDFDNWÖU
%X
QHGHQOH
IHPLQLVW
NDGÖQ
KDUHNHWOHUL
JLEL
\HQL
WRSOXPVDO
KDUHNHWOHULQ LoHULNOHULQLQ QHVQHO RODUDN KDEHU \DSÖOPDVÖ WRSOXPVDO \HQLOLNOHUH YH
G|QûPHJLGHQ\ROGD|QHPOLELUEDVDPDNRODFDNWÖU
%XQHGHQOHEXoDOÖûPDGDûXVRUX\DFHYDSDUDQPD\DoDOÖûÖOPÖûWÖU
0HG\D SURIHV\RQHOOHUL ]HUOHULQGH HNRQRPLN \D GD NXUXPVDO KHUKDQJL ELU
EDVNÖ XQVXUX ROPDGÖøÖQGD ELOH ELU WRSOXPVDO ROD\D KDEHU GHøHUL DWIHWPHGH
EHOLUOLVHoLPNDOÖSODUÖNXOODQÖ\RUODUPÖ"
.XOODQÖODQ KDEHU VHoPH NDWHJRULOHUL PHG\D SURIHV\RQHOOHULQLQ VL\DVDO YH
NOWUHODUNDSODQODUÖLOHEDøODQWÖOÖPÖ"
%XQXEXODELOPHNLoLQ
0HG\D SURIHV\RQHOOHULQH LoHULVLQGH KHU ELU IHPLQLVW KDUHNHWH GHQN GûHQ |]QHVL
NDGÖQ YH HUNHN RODQ KHP ROXPOX KHP ROXPVX] NXUPDFD KDEHULQ EXOXQGXøX ELU
VRUPDFD YHULOHUHN WHN VRUXPOXQXQ NHQGLOHUL ROGXøX YH KHUKDQJL ELU EDVNÖ XQVXUXQXQ
ROPDGÖøÖ ELU RUWDPGD NHQGL \D\ÖQODUÖQGD EX KDEHUOHUGHQ KDQJLOHULQH \HU YHULS
YHUPH\HFHNOHULQL GRNX]OX ELU GHøHUOHQGLUPH FHWYHOLQGH EHOLUOHPHOHUL LVWHQPLûWLU %X
VRUPDFDYHDQDOL]OHU4PHWRGRORMLVLNXOODQÖODUDN\UWOPûWU
4 PHWRGRORMLVL KDEHU VHoLPLQGH NDUDU YHUPH VUHFLQLQ NDOÖSODUÖQD X\JXQ GûPHVL
QHGHQL\OHLOHWLûLPDODQÖQGDX\JXODQPD\DoRNHOYHULûOLELU\|QWHPGLUKDEHUVHoLPLQGHNL
NDOÖSODUÖ WDQÖPODPDVÖQÖQ \DQÖ VÖUD KDEHULQ \D\ÖQD \D GD EDVNÖ\D KD]ÖUODQPDVÖ VUHFL\OH
GHEHQ]HUOLNJ|VWHULU
%XVHEHSOH|QFHOLNOHKDEHUVHoPHLûOHPLQHoRNX\JXQROPDVÖQGDQGROD\ÖYHLNLQFL
RODUDNGDLQVDQODUÖQ|]QHONULWHUOHULQLQQHOHUROGXøXQXVDSWDPDGDVDøODGÖøÖNROD\OÖNWDQ
GROD\ÖEXoDOÖûPDGD40HWRGRORMLVLNXOODQÖOPÖûWÖU
4 PHWRGRORMLVLQLQ DYDQWDMÖ WHN WHN YDNDODU ]HULQGHQ oDOÖûPDODU \DSPD\Ö PPNQ
NÖOPDVÖGÖU ´7HN YDNDµGDQ NDVÖW oDOÖûPD NDSVDPÖQGDNL ELU WHN NLûL \D GD ELUELUL LOH
HWNLOHûLPKDOLQGHRODQNLûLOHUGHQROXûPXûELUJUXSWXU
%XUDGD \DSÖODQ KHUKDQJL ELU NLûLQLQ EDûND NLûLOHUOH RUWDN |]HOOLNOHULQLQ ROXS
ROPDGÖøÖQÖ RUWD\D oÖNDUDUDN RUWDN |]HOOLøH VDKLS RODQODUÖ JXUXSODQGÖUDELOPHNWLU %HQ]HU
ELUH\OHULQELUDUD\DJHOPHVLGH´RUWDNUHIHUDQVoHUoHYHVLµ RODUDNWDQÖPODQÖU
gUQHNOHP
%XDUDûWÖUPDJD]HWHWHOHYL]\RQYHKDEHUDMDQVODUÖQGDDNWLIRODUDNKDEHU\D]DQ\DGD
GHøHUOHQGLUHQ KDEHU LOH GRøUXGDQ LOLûNLOL NLûLOHU ]HULQGH \DSÖOPÖûWÖU 8ODûÖODELOHFHN
PHYFXW JD]HWHOHUGHQ KHU ELULQLQ JHQHO HGLW|U KDEHU VSRU NDGÖQ YH VRV\DO NRQXODUOD
LOJLOL RODQ SHUVRQHOL DUDûWÖUPD NDSVDPÖQD DOÖQPÖûWÖU $UDûWÖUPD HYUHQLQLQ VDøOÖNOÖ ELU
ûHNLOGHEHOLUOHQHELOPHVLLoLQVDGHFHVDUÖEDVÖQNDUWÖWDûÖ\DQODUDUDûWÖUPDNDSVDPÖQGD\HU
-XP&1XQQDOO\-U,QWURGXFWLRQWR3V\FKRORJLFDO0HDVXUHPHQW1HZ<RUN0F*UDZ+LOOV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
DOPÖûWÖU 6HUEHVW oDOÖûDQODU SDUW WLPH oDOÖûDQODU \D GD oHûLWOL QHGHQOHUOH EDVÖQ NDUWÖ
DODPD\DQDPDDNWLIRODUDNJD]HWHFLOLN\DSDQODUGDoDOÖûPDNDSVDPÖGÖûÖQGDWXWXOPXûWXU
']HOWPHQ WHUFPDQ NDPHUDPDQ PHVVHVH PGU \D GD LGDUL WHPVLOFL JLEL
J|UHYOHUHVDKLSRODUDNVDUÖEDVÖQNDUWÖWDûÖ\DQDQFDNKDEHU\DSÖPÖLOHLOLûNLVLGROD\OÖRODQ
oDOÖûDQODU GD NDSVDP GÖûÖQGD EÖUDNÖOPÖûWÖU dHUoHYHQLQ LoLQGH NDODQODU PXKDELUOHU
LVWLKEDUDW ûHIOHUL KDEHU PGUOHUL \D]Ö LûOHUL PGUOHUL JHQHO \D\ÖQ \|QHWPHQOHUL YH
N|ûH\D]DUODUÖROPXûWXU
7RSODP
NLûL\H
X\JXODQDQ
DQNHWLQ
·LQL
NDGÖQODU
·Q
HUNHNOHU
ROXûWXUPXûWXU
8\JXODQDQ DQNHW oDOÖûPDVÖQGD NDGÖQ YH HUNHNOHU DUDVÖQGD HûLW ELU GDøÖOÖPÖQ
VDøODQPDVÖQD |]HQ J|VWHULOPLûWLU DQFDN ELU HûLWOLN VDøODQPDVÖ PPNQ ROPDPÖûWÖU
%XQXQ VHEHEL PHG\D VHNW|UQGH |]HOOLNOH NDUDU DOPD VHYL\HVLQGH oDOÖûDQ NDGÖQODUÖQ
VD\ÖFDD]OÖøÖGÖU
PXKDELU YH VW G]H\ SR]LV\RQODUGD EXOXQDQ PHG\D SURIHV\RQHOL DUDûWÖUPD
NDSVDPÖLoHULVLQGH\HUDOPÖûWÖU
6L\DVDO
J|UûH
LOLûNLQ
NDWHJRULOHULQ
7UNL\H·QLQ
PHYFXW
VL\DVDO
\DSÖVÖQD
YH
NRûXOODUÖQD X\JXQ LGHRORMLOHUL \DQVÖWPDVÖQD |]HQ J|VWHULOPLûWLU 'HQHNOHUH VL\DVDO
J|UûOHULQL
HQ
L\L
DoÖNOD\DELOHQ
NDYUDPÖQ
QH
ROGXøX
VRUXOPXû
ELU
NHVLQOLN
EHOLUWLOPHPLûWLU
%X oDOÖûPDGD DUDûWÖUPD GHQHNOHULQGHQ ·VLVL\DVDO J|Uû KDNNÖQGDELOJL YHUPHN
LVWHPHPLûWLU
$
$QDOL] %X DQDOL]OHU \DSÖOÖUNHQ VRUXODUÖQ GHøLO \DQÖWOD\DQ NLûLOHULQ DUDVÖQGDNL LOLûNL\H
EDNÖOGÖøÖQGDQNLûLOHUDUDVÖQGDNLIDNW|UDQDOL]LQLQNRUHODV\RQPDWULNVLoÖNDUÖOPÖûWÖU
%XOJXODU
%LULQFL*UXS
7RSODP NLûLQLQ ROXûWXUGXøX EX JUXSWD PHG\D SURIHV\RQHOOHUL |QFHOLNOH
VDQVDV\RQHO RODQ KDEHUOHUL VHoPLûOHUGLU %X VDQVDV\RQHO KDEHUOHU NDGÖQOD LOJLOL DQFDN
KHUKDQJL ELU IHPLQLVW NDGÖQ KDUHNHWLQH GHQN GûPH\HQ KDEHUOHUGLU %N] (N KDEHU
QRJLEL
6L\DVDO J|UûOHUL DoÖVÖQGDQ HûLW ELU GDøÖOÖPÖQ YDU ROGXøX \DQÖW \RN GL\HQOHULQ GH EX
JUXSLoHULVLQGHRUDQÖQGD\HUDOGÖøÖJ|UOU
ùNLQFL*UXS
7RSODPNLûLQLQROXûWXUGXøXLNLQFLJUXSGDYUDQÖûNDOÖEÖQÖQVHUJLOHGLøL|]HOOLNoRN
|QHPOLGLU %X GDYUDQÖû NDOÖEÖQGD UDGLNDO IHPLQLVW NDGÖQ KDUHNHWOHULQH GHQN GûHQ
KDEHUOHU UHGGHGLOLUNHQ OLEHUDO RODQ KHP ROXPOX KHP GH ROXPVX] WP KDEHUOHU
\D\ÖQODQPDNLVWHQPLûWLU
%X
JUXSWD
\HU
DODQ
PHG\D
SURIHV\RQHOOHUL
LQFHOHQGLøLQGH
VL\DVDO
J|UûOHUL
EDNÖPÖQGDQ QHUHGH\VH WDPDPHQ HûLW ELU GDøÖOÖP VHUJLOHGLNOHUL J|UOPûWU .DEXO
J|UHQ WRSOXPVDO GHøHUOHU GÖûÖQGD NDODQ KDEHUOHU PDQWÖN GÖûÖ RODUDN GHøHUOHQGLULOPLûWLU
7RSOXPVDO VDøGX\X NL EX VDGHFH oRøXQOXøD DLW ROGXøX GûQOHQ VDøGX\XGXU KDEHU
VHoLPLQLHWNLOHPLûWLU
$QDOL]OHULQ\DSÖOPDVÖQGD6366SURJUDPÖNXOODQÖOPÖûWÖU
1XUWHQ.DUD³*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL
hoQF*UXS
%X JUXSWD |]HOOLNOH 5DGLNDO YH ùVODPFÖ IHPLQLVW KDUHNHWOHULQ QHJDWLI RODUDN
J|VWHULOGLøL KDEHUOHU WDPDPHQ UHGGHGLOPLûWLU 6RV\DOLVW YH 0DUNVLVW IHPLQLVW NDGÖQ
KDUHNHWOHULQLQSR]LWLIRODUDNYHULOGLøLKDEHUOHULVH\D\ÖQODQPDNLVWHQPLûWLU
.HQGLVLQL $WDWUNo OLEHUDO PLOOL\HWoL RODUDN WDQÖPOD\DQODUÖQ EX JUXSWDNL GHQHNOHU
DUDVÖQGDKLo\HUDOPDGÖNODUÖEXOJXODUDUDVÖQGDGÖU'HQHNOHULQ·VLQLNHQGLVLQL6RV\DO
'HPRNUDW
YH
0DUNVLVW
RODUDN
WDQÖPOD\DQODU
·LQL
GH
\DQÖW
YHUPH\HQOHU
ROXûWXUPDNWDGÖU
%X GD J|VWHUL\RU NL EX JUXS LoHULVLQGHNLOHU ELU \DQGDQ NHQGL VL\DVDO J|UûOHUL
GRøUXOWXVXQGDNLKDEHUOHULQ\D\ÖQODQPDVÖQÖLVWHUNHQGLøHU\DQGDQGDDQDDNÖPLoHULVLQGH
VDSNÖQ
\D
GD
D\NÖUÖ
RODUDN
WDQÖPODQDQODUÖQ
GD
NHVLQOLNOH
ROXPVX]
RODUDN
\DQVÖWÖOPDVÖQGDQ\DQDGHøLOOHU
'|UGQF*UXS
0DUNVLVWUDGLNDOYHOLEHUDOKHPSR]LWLIKHPGHQHJDWLINDGÖQKDUHNHWOHULQL\DQVÖWDQ
KDEHUOHULQ WPGHQ UHGGHGLOGLøL EX JUXSWD LVODPFÖ YH OLEHUDO NDGÖQ KDUHNHWOHULQLQ GH
|]HOOLNOHNDGÖQODUWDUDIÖQGDQROXPVX]ODQGÖøÖKDEHUOHULQ\D\ÖQODQPDNLVWHQGLøLJ|UOU
%XJUXSWDNL\DQÖWOD\ÖFÖODUÖQ·VÖNHQGLVLQLùVODPFÖRODUDNJHULNDODQÖGD0DUNVLVW
RODUDNWDQÖPODPÖûWÖU
%XJUXSWDNLOHUPHG\DSURIHV\RQHOOHULQLQNHQGLVL\DVDO\DNODûÖPÖQDGHQNGûVHELOH
NDGÖQ KDUHNHWOHULQH LOLûNLQ KDEHUOHUL \D\ÖQODPDN LVWHPHGLNOHULQL RUWD\D NR\DU +DWWD
NHQGL J|UûQH GHQN GûHQ ELU VL\DVDO V|\OHPGH GH NHQGLVLQL ùVODPFÖ RODUDN
WDQÖPOD\DQODUGDROGXøXJLELEL]]DWNDGÖQODUWDUDIÖQGDQEXKDUHNHWLQROXPVX]ODQPDVÖQÖ
GROD\ÖVÖ\OD \RN HGLOPHVLQL \D GD VDoPD J|VWHULOPHVLQL VDøOD\DFDN KDEHUOHUL \D\ÖQODPDN
LVWHGLNOHULRUWD\DoÖNPÖûWÖU
%HûLQFL*UXS
dRøXQOXNOD ùVODPFÖ NDGÖQ KDUHNHWLQH GHQN GûHQOHULQ \DQÖ VÖUD 0DUNVLVW YH UDGLNDO
RODQODUÖQ GD \D\ÖQODQPD\D GHøHU J|UOGø EX JUXSWDNLOHUGH GLøHU WP NDGÖQ
KDUHNHWOHULQLROXPVX]OD\DQKDEHUOHULQUHGGHGLOGLøLELUGDYUDQÖû|]HOOLøLRUWD\DoÖNPÖûWÖU
%X
JUXS
LoHULVLQGH
\HU
DODQ
GHQHNOHU
NHQGLOHULQL
GDKD
oRN
OLEHUDO
RODUDN
WDQÖPOD\DQODUGDQ ROXûPDNWDGÖU %X GD NHQGLOHULQL DQDDNÖP IHPLQLVW KDUHNHWOHUH
GûQFH RODUDN GDKD \DNÖQ KLVVHGHELOHFHNOHULQL J|VWHULU *HUoHNWHQ GH DQDDNÖP
IHPLQLVW KDUHNHWOHUL ROXPVX]OD\DQ KDEHUOHUL \D\ÖQODPDN LVWHPHPHNWH DPD NHQGLOHULQH
J|UH DûÖUÖ \D GD VDSNÖQ RODUDN WDQÖPOD\DELOHFHNOHUL KDUHNHWOHUH GHQN GûHQ KDEHUOHUGH
KHPROXPOXKHPGHROXPVX]KDEHUOHUL\D\ÖQODPDNLVWHPHNWHGLUOHUùEUHWROVXQKHUNHV
QHPDOROGXNODUÖQÖJ|UVQ
$OWÖQFÖ*UXS
(UNHNOHU WDUDIÖQGDQ NDGÖQ KDUHNHWOHULQLQ ROXPVX]ODQGÖøÖ KDEHUOHUL \D\ÖQODPDN
LVWH\HQ DQFDN HUNHNOHULQ NDGÖQ KDUHNHWOHULQL GHVWHNOHGLøLQL EHOLUWHQ |]HOOLNOH UDGLNDO
IHPLQL]PGHNLSR]LWLIKDEHUOHULUHGGHGHQELUGDYUDQÖû|]HOOLøLRUWD\DoÖNPÖûWÖU
g]HOOLNOH EX JUXSWD \HU DODQODUÖQ KDEHUVHoLPLQGH FLQVL\HWoL ELU \DNODûÖP NHQGLVLQL
DoÖNoDJ|VWHUPHNWHGLU
<HGLQFL*UXSWD
0DUNVLVW YH ùVODPFÖ IHPLQL]PL ROXPVX]OD\DQ KDEHUOHUH \NVHN KDEHU GHøHUL YHUHQ
YH|]HOOLNOH&XPDUWHVL$QQHOHULLOHLOJLOLRODQKDEHULNHVLQOLNOH\D\ÖQODPD\ÖUHGGHGHQELU
NDOÖS RUWD\D oÖNPÖûWÖU %X JUXSWDNL VL\DVDO J|Uû GDøÖOÖPÖQD EDNWÖøÖPÖ]GD EXQODUÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
·QQ NHQGLVLQL $WDWUNo RODUDN WDQÖPODGÖNODUÖ J|UOU %X JUXS LoHULVLQGH
ùVODPFÖ/LEHUDO\DGD0DUNVLVWVL\DVDOJ|UûOKLoNLPVHEXOXQPDPDNWDGÖU
%X JUXS LoHULVLQGH \HU DODQODU LoLQ PHG\D KHJHPRQ\D NXUPDN LoLQ JoO ELU D\JÖW
RODUDNJ|UOU
6HNL]LQFL*UXS
%XJUXSWDNLOHULoLQKDEHUGHøHULQLHWNLOH\HQEDûNDXQVXUODUÖQYDUOÖøÖQGDQV|]HWPHN
GDKD GRøUX RODFDNWÖU %X JUXSWD \HU DODQODU LoLQ KDEHU XQVXUODUÖQÖQ WDP ROXS ROPDGÖøÖ
GDKDEHOLUOH\LFLROPXûWXU
*UXSWDNLGHQHNOHUGHQ·GHDQNHWVRUXODUÖQÖGLNNDWOLELUûHNLOGHRNXPDODUÖQD
UDøPHQ KHSVLQH NHVLQOLNOH \D\ÖQODUÖP DQODPÖQD JHOHQ SXDQÖQÖ YHUPH\L X\JXQ
J|UPûOHUGLU $QNHW \DQÖWODUÖ DOÖQGÖNWDQ VRQUD \DSÖODQ \] \]H J|UûPHOHUGH EX
NLûLOHULQ DQNHW oDOÖûPDODUÖQÖQ X\JXODQGÖøÖ G|QHPGH JQGHPL \RøXQ ûHNLOGH PHûJXO
HGHQ
0LOOL
*YHQOLN
.XUXOX
.DUDUODUÖ
GRøUXOWXVXQGD
X\JXODQDQ
VÖNÖ
VDQVU
X\JXODPDVÖQD ELU WHSNL RODUDN EX SXDQÖ VHoWLNOHUL DQODûÖOPÖûWÖU %X GD J|VWHUL\RU NL
XOXVDO JYHQOLN V|\OHPL LoHULVLQGH JHOLûWLULOHQ \RøXQ VDQVU X\JXODPDODUÖ JD]HWHFLOHU
]HULQGHE\NELUEDVNÖXQVXUXROXûWXUPDNWDYHKDEHUVHoLPOHULQLHWNLOHPHNWHGLU
%X oDOÖûPDQÖQ VRQXQGD ûX V|\OHQHELOLU ù\L \D GD N|W WP KDEHUOHULQ
\D\ÖQODQPDVÖ \D GD \D\ÖQODQPDPDVÖ ELU \DUJÖQÖQ UQGU <DSÖODQ oDOÖûPD KDEHUGH
NOWUHO YH VL\DVDO ELU WDUDIOÖOÖøÖQ NDoÖQÖOPD] ROGXøXQX RUWD\D NR\PXûWXU DPD EXQXQ
GR]X \D GD \|QQ D\DUODPDN PHG\D SURIHV\RQHOOHUL LoLQ LPNDQVÖ] RODQ ELU ûH\
GHøLOGLU /DNDWRV NDYUDPVDO KDSLVKDQHOHULPL]L EL] NXUX\RUVDN RQODUÖ \ÖNPDN GD EL]LP
HOLPL]GHGLUGHU
%X YHULOHULQ DQDOL]L VRQXFXQGD PHG\D SURIHV\RQHOOHULQLQ NXOODQGÖNODUÖ GRNX] D\UÖ
KDEHU VHoPH NDWHJRULVL RUWD\D oÖNPÖûWÖU %X NDWHJRULOHU PHG\D SURIHV\RQHOOHULQLQ
]HULQGH R\QD\DPD\DFDNODUÖ LoHULøLQL GHIRUPH HGHPH\HFHNOHUL ELU KDEHU KDYX]XQGDQ
\DSWÖNODUÖKDEHUVHoLPOHUL\OHEHOLUOHQPLûWLU
LOH
$UDûWÖUPDVRQXQGD40HWRGRORMLVLLOHVDSWDQDQGRNX]D\UÖKDEHUVHoPHNDWHJRULVL
X\XPOX
WRSODP
GRNX]
IDNW|UJUXS
RUWD\D
oÖNPÖûWÖU
%LULQFLVLQGH
PHG\D
SURIHV\RQHOOHULQLQ|QFHOLNOHIHPLQLVWNDGÖQKDUHNHWOHULLOHLOJLOL\DGDLOJLVL]VDQVDV\RQHO
RODQ KDEHUOHUH KDEHU GHøHUL YHUGLNOHUL J|UOPûWU ùNLQFLVLQGH PRGHUQ NDGÖQ
LPJHVL\OH |UWûHQ OLEHUDO IHPLQL]PLQ GÖûÖQGD NDODQ IHPLQL]POHULQ IDUNOÖ VL\DVDO
J|UûOHUH VDKLS ELU JUXS PHG\D SURIHV\RQHOL WDUDIÖQGDQ JHQHO ELU X]ODûÖ\OD GÖûODQGÖøÖ
DoÖøD oÖNPÖûWÖU $QDDNÖP OLEHUDO IHPLQL]PGHQ D\UÖODQ NDGÖQ KDUHNHWOHUL EX JUXSWDNL
PHG\D
SURIHV\RQHOOHULQFH
J|UPH]GHQ
JHOLQPLûWLU
hoQF
JUXSWD
PHG\D
SURIHV\RQHOOHULQLQ |]HOOLNOH NHQGL VL\DVDO J|UûOHULQH GHQN GûHQ IHPLQLVW NDGÖQ
KDUHNHWOHULQH KDEHU GHøHUL YHUGLNOHUL VDSNÖQ \D GD D\NÖUÖ VD\ÖODELOHFHNOHUL NHVLQOLNOH
UHGGHWWLNOHUL ELU VHoLP RUWD\D oÖNPÖûWÖU '|UGQF JUXSWD |]HOOLNOH NDGÖQODU WDUDIÖQGDQ
ROXPVX]ODQDQ
IHPLQLVW
NDGÖQ
KDUHNHWOHULQH
KDEHU
GHøHUL
YHULOGLøL
J|UOU
%X
JUXSWDNLOHU NDGÖQ KDUHNHWOHULQH NDUûÖ DoÖN ELU NDUDODPD NDWHJRULVLQLQ YDUOÖøÖQÖ RUWD\D
NR\PXûWXU %HûLQFL JUXSWD GHUV YHULFL X\DUÖFÖ QLWHOLNWH ROGXNODUÖ GûQOHQ QHJDWLI
KDEHUOHUH \HU YHULOPLûWLU %LU EDûND GH\LûOH ´LEUHW ROVXQµ \D GD ´KHUNHV QH PDO
ROGXNODUÖQÖ J|UVQµ GL\H |]HOOLNOH QHJDWLI KDEHUOHULQ VHoLOGLøL ELU NDWHJRUL RUWD\D
oÖNDUPÖûWÖU $OWÖQFÖ JUXSWDNLOHU IHPLQLVW NDGÖQ KDUHNHWOHULQL NoPVH\HQ YH DûDøÖOD\DQ
KDWWDHUNHNOHULQEXKDUHNHWOHULQGHVWHNoLVLROPDODUÖQÖ\DQVÖWPDNLVWHPH\HQFLQVL\HWoLELU
\DNODûÖPOD KDEHU VHoLOGLøLQL RUWD\D NR\PXûWXU <HGLQFL JUXS WDPDPHQ VWDWNRFX ELU
KDEHU \DSPD DQOD\ÖûÖQÖQ YDUOÖøÖQÖ J|VWHUPLûWLU <DQL VLVWHPL HOHûWLUHQ QLWHOLNWH \D GD
1XUWHQ.DUD³*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL
´UDGLNDO oÖNÖûODUÖµ ROXPOX J|VWHUHELOHFHøL GûQOHQ KDEHUOHU VHoLOPHPLûWLU 6HNL]LQFL
JUXS KDEHU XQVXUODUÖQÖQ \HULQGH ROPDVÖQÖ \HWHUOL EXODQ IHPLQLVW NDGÖQ KDUHNHWOHUL
DUDVÖQGD VHoLFL ROPD\DQ ELU KDEHU NDOÖEÖQÖ RUWD\D NR\DU 'RNX]XQFX JUXS KNPHW
WDUDIÖQGDQ X\JXODQDQ VÖNÖ VDQVUOHULQ PHG\D SURIHV\RQHOOHUL DUDVÖQGD WHSNLVHO KDEHU
VHoLPL \DSPDODUÖQD QHGHQ ROGXøX RUWD\D oÖNPÖûWÖU %X JUXS LoHULVLQGH \HU DODQODUÖQ
WPQQ HUNHN ROGXøX J|UOPûWU %X GD HUNHNOHULQ \HWNL NXOODQPDGD GDKD UDKDW
GDYUDQGÖNODUÖQÖRUWD\DNR\PDNWDGÖU
(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ
6LEHO2NWDU 6RV\DO YH WHNQRORMLN NRûXOODUGDNL GHøLûLPJHOLûPH ûLUNHWOHULQ Lû \DSÖû ûHNLOOHULQL
\|QHWLP WDU]ODUÖQÖ WDPDPHQ GHøLûWLUPLûWLU .DOLWH DUWÖN ûLUNHWOHUL ELUELULQGHQ D\ÖUDQ
IDUNOÖODûPDODUÖQÖVDøOD\DQELUNDYUDPROPDNWDQoÖNÖSLûLQROPD]VDROPD]SDUoDVÖKDOLQH
JHOPLûWLU %X JHOLûLPOH EDøODQWÖOÖ RODUDN ûLUNHW oDOÖûDQODUÖQÖQ NDWNÖ YH GHøHUL LûOHWPHOHU
LoLQ|QHPOLNRQXODUÖQEDûÖQGDJHOPH\HEDûODPÖûWÖU
úLUNHWOHULQKLVVHGDUODUÖQDPûWHULOHULQHNLPûWHULWDQÖPÖVDGHFHûXDQGDRûLUNHWLQ
VDøODGÖøÖ UQ YH KL]PHWWHQ \DUDUODQDQ NLûLOHU ROPDNOD VÖQÖUODQGÖUÖOPD\ÖS SRWDQVL\HO
PûWHULOHUL NDSVDGÖøÖQGD WRSOXPD YH oDOÖûDQODUÖQD NDUûÖ VRUXPOXOXNODUÖ YDUGÖU %X
VRUXPOXOXNODUÖQELULQFLOEHOLUOH\LFLVLYH\|QOHQGLULFLVLûLUNHWLQHWLNoHUoHYHVLQLROXûWXUDQ
DQDGHøHUOHULGLU
%X GHøHUOHULQ ûLUNHWOHU LoLQ |QHPOL ROPDVÖQÖQ VHEHEL QHGLU" <D]ÖOÖ KDOH JHWLULOPHVL
SD\ODûÖOPDVÖ GDYUDQÖû NRGODUÖ RODUDN EHQLPVHQPHVL QHGHQ JHUHNOL" úLUNHWOHU Lû HWLøL
]HULQHQHGHQHøLWLPYHUL\RUODUDQDGHøHUFPOHOHULQLSD\ODûÖ\RUODU"6DGHFHVRQPRGD
LûOHWPH\|QHWLPLVORJDQODUÖROGXøXLoLQPLûLUNHWOHUE|\OHELU\DNODûÖPDVÖFDNEDNÖ\RU"
úLUNHWOHULQ DQD DPDFÖQÖ EDVLW ELU ûHNLOGH DoÖNODPDN JHUHNLUVH X]XQ G|QHPOL NDU YH
JHOLûPH VDøODPDN GL\HELOLUL] %X DPDFD PûWHUL GHYDPOÖOÖøÖQÖ X]XQ VUH VDøOD\DUDN
XODûÖODELOLU$PDFÖVRQXFDEDøOD\DQ]LQFLULQKDONDODUÖQÖGDDPXWOXPûWHULEûLUNHWH
EDøOÖNHQGLQLLûLQHYHUHQ\HWHQHNOLPXWOXYH\HWNLQSHUVRQHOYHFPNHPPHOUQYH
VHUYLV G YL]\RQ YH H X]XQ VUHOL E\PH YH NkU·GDQ ROXûXU 3HN oRN ûLUNHWoH
EHQLPVHQPLû
RODQ
´KL]PHWNkU
]LQFLULµ J|UûQQ
KD\DWD
JHoHELOPHVLJHUoHNOHûHELOPHVL LoLQ KDONDODUÖQ HWNLOHûLP LoLQGH ROPDVÖ JHUHNLU %X
HWNLOHûLP 1HZWRQ·XQ GHYLQLP \DVDVÖQGD EHOLUWWLøL ´X\JXODQDQ KHU NXYYHWLQ WHUV
\|QQGHHûLWE\NONWHELUNXYYHWRUWD\DoÖNDUµJ|UûLOHSDUDOHOOLNJ|VWHULU %XUDGD
NDVWHGLOHQHWNLOHûLPELODUGRWRSODUÖQÖQHWNLOHûLPLQGHQIDUNOÖRODUDNoLIW\|QOYHEHOLUOL
ELU G]HQ LoLQGH ROPDVÖGÖU %X G]HQL KDONDODUÖQ \HU DOGÖøÖ oHUoHYH EHOLUOHU úLUNHWOHUGH
LVH EX HWNLOHûLPLQ JHUoHNOHûPHVL LoLQ JHUHNOL oHUoHYH\L YH GHYLQLPLQ G]HQOL YH oLIW
\|QO ROPDVÖQÖ ûLUNHW GHøHUOHUL YH HWLN ROXûWXUXU %X QHGHQOH ûLUNHW GHøHUOHULQLQ YDU
ROPDVÖYHX\JXODQPDVÖEDûNDELUGH\LûOHJHoHUOLROPDVÖNDøÖW]HULQGHûÖNJ|UQPHQLQ
oRN|WHVLQGHKD\DWLELU|QHPWDûÖPDNWDGÖU
%XJQ ELUoRN ûLUNHW PLV\RQ YL]\RQ YH GHøHUOHULQL \D]ÖOÖ KDOH JHWLUPHNOH NDOPD\ÖS
GDYUDQÖû NRGODUÖ RODUDN EHQLPVHPH YH EHQLPVHWPH \ROXQX L]OHPHNWHGLU 0LV\RQ
FPOHVL ELU ûLUNHWLQ YDU ROPD QHGHQLQL YL]\RQ FPOHVL XODûPDN LVWHGLøL QRNWD\Ö DQD
GHøHUOHULLVHLû\DSÖûûHNOLQLJ|VWHULU
%LUoRN ûLUNHWLQ DQD GHøHUOHUL LQFHOHQGLøLQGH JHQHO RODUDN GUVWON EDûNDODUÖQD
|QHP YHUPHGLNNDWH DOPD JYHQLOLUOLN DoÖNOÖN WDNÖP oDOÖûPDVÖ PûWHUL RGDNOÖOÖN
&RPPHUFLDO8QLRQ
%XUDGDNÖVDFD|]HWOHQHQEXJ|Uû-DPHV/+HVNHWW:(DUO6DVVHUYH/HRQDUG
$6FKOHVLQJHU·HDLWWLU'DKDGH\D\OÖELOJL\H6HUYLFH3URILW&KDLQ+RZ/HDGLQJ&RPSDQLHV/LQN3URILW
DQG*URZWKWR/R\DOW\6DWLVIDFWLRQDQG9DOXHDGOÖNLWDSODUÖQGDQXODûÖODELOLU
1HZWRQ%HûLøL´1HZWRQ·VFUDGOHµGHQLOHQDUDoODUODEXILNULQJ|VWHULPL\DSÖOPÖûWÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
oDEXN YH GRøUX FHYDS YHUPH JLEL NDYUDPODUÖQ \HU DOGÖøÖQÖ J|U\RUX] %X GHøHUOHULQ
ûLUNHW oDOÖûDQODUÖQFD EHQLPVHQL\RU ROPDVÖ GDYUDQÖûD G|QûWUOPHVL |QHPOLGLU $QD
GHøHUOHU ûLUNHW LoL \DûDQWÖGD G]HQOH\LFL YH X\JXODPD\Ö NROD\ODûWÖUÖFÖ IDNW|U RODUDN
GDYUDQÖû YH HWLN NRGODUÖ RODUDN NDUûÖPÖ]D oÖNÖ\RU úLUNHWOHULQ EXOXQGXøX ONHOHUGHQ GH
EDøÖPVÖ]HYUHQVHOJHQHONXUDOYHGHøHUOHUGHQROXûWXNODUÖQÖGDV|\OH\HELOLUL]
úLUNHW
DQD
GHøHUOHULQLQ
NUL]
DQODUÖQGD
|QHP
YH
|QFHOLNOHULQL
ND\EHGLS
ND\EHWPHGLNOHULQLQ HNRQRPLN NRûXOODUGDNL GHøLûLNOLNOHULQ HWLN GDYUDQÖû NRGODUÖQÖQ
X\JXODPD\D NRQPDVÖQGD HWNLOL ROXS ROPDGÖøÖQÖQ NUL] DQODUÖQÖQ EX ´GHøHUµOHULQ
GHøHUOHQGLULOPHVLQGHIDUNOÖOÖN\DUDWÖS\DUDWPDGÖøÖQÖQVRUJXODQPDVÖ|QHPOLGLU
úLUNHW DQD GHøHUOHUL VHoPH YH \HUOHûWLUPH JQON Lû SUDWLNOHUL YH LûWHQ D\UÖOPD
SURWRNROOHUL GH GDKLO ROPDN ]HUH ûLUNHW \DûDPÖQÖQ KHU ROJXVXQXQ LoLQH LûOHPLû ROPDVÖ
YHWPûLUNHWoDOÖûDQODUÖQÖQEXGHøHUOHULEHQLPVH\HUHNEXGHøHUOHUOH\DûÖ\RUROPDVÖEX
GHøHUOHULQSUDWLN\DûDPDDNWDUÖOÖ\RUROPDVÖDoÖVÖQGDQ|QHPOLELUJ|VWHUJHGLU
´8\JXODPDOÖ (WLNµLQ NRQXVX RODELOPHVL LoLQ ELU NRQXQXQ WDUWÖûPD\D \RO DoDQ
FRQWURYHUVLDO EHOLUOL ELU J|UûQ NDUûÖW J|UûOHULQLQ GH YDU ROGXøX ELU NRQX ROPDVÖ
JHUHNWLøL J|UûQGHQ \ROD oÖNDUVDN EXUD\D NDGDU EHOLUWLOHQOHU KHUNHV WDUDIÖQGDQ
EHQLPVHQHELOHFHN WDUWÖûPD NRQXVX ELOH ROPDVÖ JHUHNPH\HFHN NDGDU NDEXO HGLOHELOLU
J|UQHELOLUYH´X\JXODPDOÖHWLNµLQNRQXVXROXSROPDGÖøÖWDUWÖûÖODELOLU
.RQX\X ELUD] GDKD |]HOH LQGLUJHPHN YH ûLUNHW DQD GHøHUOHULQLQ X\JXODPD\D
\DQVÖPDVÖQÖ
LVWL\RUXP
7UNL\H·GH
ùûWH
EX
\DûDQDQ
QRNWDGD
HNRQRPLN
GD
GXUXPNUL]
NRQXQXQ
oHUoHYHVLQGH
´X\JXODPDOÖ
HWLNµL
WDUWÖûPDN
LOJLOHQGLUGLøLQL
GûQ\RUXP.UL]G|QHPLX\JXODPDODUÖùQVDQ.D\QDNODUÖYH3HUVRQHO\|QHWLFLOHULQLQ
PHVOHN NXUXOXûODUÖQD NRQX ROGX GRøUX ROPDGÖøÖ GûQOHQ X\JXODPDODU HOHûWLULOGL YH
V|\OHQHQOHUH NDUûÖW ELU J|Uû ROPDGÖøÖQGDQ WDUWÖûPD \DUDWPDNWDQ oRN ELOJL SD\ODûÖPÖ
RUWDPÖ
\DUDWWÖ
.DUûÖW
J|UûOHULQ
V|]FNOHUOH
GLOH
JHWLULOPHPLû
ROPDVÖQÖQ
EL]L
\DQÖOWPDPDVÖJHUHNWLøLQLGûQ\RUXPoQNNDUûÖWJ|UûH\OHPGDYUDQÖûRODUDNGLOH
JHWLULOGL %L]]DW X\JXODPDGD NHQGLQL J|VWHUGL %X QHGHQOH Lû HWLøLQLQ G|QHPVHO
GHøLûLNOLNOHUGHQHWNLOHQLûELoLPLQLQWDUWÖûÖOPDVÖQÖQ|QHPOLROGXøXQXGûQ\RUXP
.UL]G|QHPLQGHNLX\JXODPDODUODNUL]|QFHVLEHQLPVHQPLûRODQûLUNHWDQDGHøHUOHUL
YH RQXQ JHWLUGLøL GDYUDQÖû ELoLPLQGH ELU oDWODN ROXûWXøXQD WDQÖN ROGXN <DûDQDQ
HNRQRPLN NUL] EHQLPVHGLøLPL] GHøHUOHUGH ELU VDUVÖQWÖ PÖ \DUDWWÖ \RNVD DVOÖQGD EX WLS
GHøHUOHULPL]ROPDGÖøÖQÖPÖRUWD\DoÖNDUWWÖ"
1H\D]ÖNNLVRQD\LoHULVLQGHLûVL]NDODQNLûLVD\ÖVÖQÖELOHWDPRODUDNELOPL\RUX]
)DUNOÖ ND\QDNODU LOH DUDVÖQGD IDUNOÖ UDNDPODUGDQ EDKVHGL\RU .UL]LQ
HQoRNHWNLOHGLøLNHVLPLQLVHEH\D]\DNDOÖoDOÖûDQODU\DQLL\LHøLWLPOLJHQoGHøLûLPHYH
JHOLûLPH DoÖN NUL] |QFHVL ELUoRN ûLUNHW LoLQGHQ oDOÖûPDN LVWHGLøL ûLUNHWL VHoHELOHFHN
ûLUNHWOHULPL]GH oDOÖûWÖUPDN LoLQ Lû RUWDPODUÖQÖ DU]X HGLOHQ KDOH JHWLUPHN LoLQ oDED
KDUFDGÖøÖPÖ]
oDOÖûDFDøÖ
ûLUNHWLQ
DQD
GHøHUOHULQL
JHUoHNOHûWLUPHVLQGH
NDWNÖGD
EXOXQDFDøÖQD LQDQÖODQ LûH DOÖQÖUNHQ EX DQD GHøHUOHUL JHUoHNOHûWLUHFHN \HWNLQOLNOHUL ROXS
ROPDGÖøÖoHûLWOLWHVWYHPODNDWODUODVÖQDQDQELUJUXS
%X LQVDQODUÖQ JHUoHNWHQ LûWHQ oÖNDUWÖOPDVÖ JHUHNL\RU PX\GX" %X VRUXQXQ WDPDPHQ
D\UÖ ELU WDUWÖûPD NRQXVX ROGXøXQX NHQGL EDûÖQD X]XQ X]XQ WDUWÖûÖOPDVÖ JHUHNWLøLQL
GûQGøPGHQ GHWD\OÖ RODUDN EX \D]ÖQÖQ JQGHPLQGH \HU DOPD\DFDN %X QHGHQOH
\D]ÖQÖQJHULNDODQNÖVPÖQGDLûWHQoÖNDUWPDODUÖQNDoÖQÖOPD]ROGXøXQXYDUVD\DFDøÖP
%N]ùQWHUQHW(QF\ORSHGLDRI3KLORVRSK\KWWSZZZXWPHGXUHVHDUFKLHS
WDULKLQGHKDEHUEOWHQOHULQGH\D\ÖQODQDQVD\Ö
6LEHO2NWDU³(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ
6RUJXODPDPÖ]
JHUHNHQ
´Lû
DKODNÖQDµ
X\JXQ
GDYUDQÖûODUÖPÖ]ÖQ
WHPHOLQL
ROXûWXUGXøXQD LQDQGÖøÖPÖ] ûLUNHW DQD GHøHUOHUL D EX GHøHUOHU JHUoHNWL JHUoHNWHQ
LQDQÖOÖ\RUGX DPD HNRQRPLN RUWDPNUL] R NDGDU NDWDVWURIRELNWL NL ûLUNHWOHU NHQGL
GHøHUOHUL LOH WXWDUVÖ]ODûPD\D ]RUODQGÖ E EX GHøHUOHU JHUoHNoL GHøLOGL F EX GHøHUOHU
JHUoHNGHøLOGL
D úLUNHW DQD GHøHUOHULQL EHQLPVHPLû YH GDYUDQÖûODUÖ LOH KD\DWD JHoLUPLû ûLUNHWOHU
GH \DûDQDQ NUL]OH ELU LNLOHP \DûDGÖODU .DoÖQÖOPD] GXUXPODUGD LQVDQODUÖQ
JLWPHOHULQH L]LQ YHUGLOHU EXQX \DSDUNHQ RQODUÖ LûH DOÖUNHQ J|VWHUGLNOHUL |]HQL
J|VWHULS LQVDQ RODUDN ´GHøHUµ ROGXNODUÖQÖ XQXWPDGÖODU .HQGL DQD GHøHUOHUL LOH
PPNQROGXøXQFDoHOLûPHGLOHU
E úLUNHWOHU LGHDO ROGXNODUÖQÖ GûQGNOHUL ² EHONL GH VDOW LGHDO ROGXNODUÖ LoLQ
EHQLPVHGLNOHUL²DPDJHUoHNOHûPHVL]RURODQGHøHUOHULEHQLPVHPH\HoDOÖûWÖODU
NHQGLOHULQH JHUoHNOLøH ELUHELU \DQVÖ\DPD\DFDN LQDQo VLVWHPOHUL \DUDWWÖODU %X
GHøHUOHULQ JHUoHN YH JHUoHNoL ROGXøXQXQ \DQÖOVDPDVÖQÖ \DûDGÖODU .UL]
RUWDPÖQGD LVH EX LGHDO GHøHUOHULQ JHUoHNoL ROPDGÖøÖQÖQ IDUNÖQD YDUGÖODU ùVWHVHOHUGHX\JXODQDPD]GHøHUOHUOHNDUûÖNDUûÖ\DNDOGÖODU
F 6RQ GXUXPGD LVH EX GHøHUOHU NDøÖW ]HULQGH \D]ÖOÖ ROPDQÖQ |WHVLQGH KLo YDU
ROPDGÖODU KLo X\JXODQPDGÖODU %X \D]ÖOÖ GRNPDQODU NUL] LOH VDGHFH ´NDøÖWµÖQ
GHøHULQL
DODELOGLOHU
úLUNHW
DQD
GHøHUOHUL
LOH
X\JXODPD
DUDVÖQGD
LNLOHP
\DûDPD\DQ WHN JUXS WD EX ROGX (NRQRPLN NUL] LûWHQ oÖNDUWPDODUD QHGHQ PL
\RNVD EDKDQH PL ROGX WDUWÖûPDVÖ GD EX QRNWDGD NDUûÖPÖ]D oÖNWÖ úLUNHW DQD
GHøHUOHULQL EHQLPVHPHPHQLQ GÖûÖQGD LQVDQÖ ´GHøHUµ RODUDN J|UPHGHQ WP
PRUDOGHøHUOHUHWHUVGûHQX\JXODPDODUDIÖUVDWYHULOGL
.UL]LQ
RODQDNODQGÖUGÖøÖ
ûH\OHUGHQ
ELUL
GH
GHøHUOHULPL]L
YH
GHøHUOHULPL]L
GHøHUOHQGLUGLøLPL] GHøHUOHQGLUPH VLVWHPOHULPL]L \HQLGHQ J|]GHQ JHoLUPHN YH WDUWÖûPD
RUWDPÖ
VDøOD\DELOPHNWLU
´ùû
HWLøLµ
NDYUDPÖQÖ
\HQLGHQ
LQFHOHPHNWLU
.UL]
&XPKXUEDûNDQÖWDUDIÖQGDQVL\DVLHWLN\DVDVÖQÖQ]RUXQOXOXøXQXQLIDGHHGLOPHVLQHQHGHQ
ROPXûVD EX
oHUoHYHGH
Lû
HWLøL
\DVDVÖQÖQ
JQGHPH
JHWLULOPHVLQH
GH
RODQDN
VDøOD\DELOHFHNWLU
ùûWHQ oÖNDUWPD NHQGL LoLQGHNHQGLOLøLQGHQ ² L\L \D GD N|W GRøUX \D GD \DQOÖû HWLN
\D GD HWLN ROPD\DQ ûHNLOGH \DSÖOPDVÖQGDQ EDøÖPVÖ] ² ]DWHQ IDUNOÖ VRV\DO SVLNRORMLN
HNRQRPLN VRUXQODU EDUÖQGÖUPDNWDGÖU .HQGLOLøLQGHQ IDUNOÖ GHøHUOHUL VDUVDQ ELU H\OHPLQ
HQ D]ÖQGDQ LQVDQÖQ NHQGL GHøHULQL NRUXPD\D RODQDN VDøOD\DFDN \|QWHPOHUOH \DSÖOPDVÖ
PPNQGU%XWLS\|QWHPYHX\JXODPDODUDELUoRN|UQHNVÖUDODQDELOLU.LûLOHULoDOÖûDQ
HPSOR\HHGXUXPXQGDQoDOÖûDQRODELOLUHPSOR\DELOLW\KDOLQHJHWLUPHNOHLûHEDûODQDELOLU
$QFDN XQXWXOPDPDVÖ JHUHNHQ EDûND ELU KXVXV GD EX GHøHUOHULQ \HUOL \HULQGH
ROPDVÖQÖVDøOD\DFDNRUWDPODUÖQGD\HUOL\HULQGHROPDVÖJHUHNOLOLøLGLUúXDQGDPHYFXWLû
\DVDODUÖ YH \DVDO X\JXODPDODUÖ NUL]LQ ELU EDKDQH RODUDN NXOODQÖOPDVÖQÖ RODQDNOÖ KDOH
JHWLUHFHN QRNWDGDGÖU <DVDGD LûYHUHQ LoLQ EHOLUOHQHQ ]RUOD\ÖFÖ IDNW|UOHU oDOÖûDQÖ
NRUXPDNWDQ ]L\DGH LûYHUHQLQ X\JXODPD\Ö JHUoHNOHûWLUPHVLQL HQJHOOH\HFHN ûHNLOGHGLU
%HONLEXQRNWDGDEDWDQELUJHPLGHQDQFDNIOLNDVD\ÖVÖQDRUDQWÖOÖVD\ÖGDNLûLQLQNXUWDUÖODELOHFHøL
GûQFHVLQHJ|QGHUPH\DSDELOLUL]NLPLQIOLNDGDNDODFDøÖNLPLQJHULGHEÖUDNÖODFDøÖKXVXVXQGDNL
HWLNNDUDUÖQYHULOPHVLDûDPDVÖQGDPPNQROGXøXQFDREMHNWLINULWHUOHULQNXOODQÖOGÖøÖQÖXPDUDN
3ODWR·QXQ'HYOHW·WHWDQÖPODGÖøÖPDøDUDDOHJRULVLQGHQoRNGDIDUNOÖROPD\DUDN3ODWR7KH
5HSXEOLF3HQJXLQ%RRNV(QJODQGV
&XPKXUEDûNDQÖ·QÖQ<DVDPDG|QHPLDoÖOÖûNRQXûPDVÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.UL] G|QHPLQGH GH LOJLOL \DVDODUÖQ KHP ûLUNHWOHUL KHP GH oDOÖûDQODUÖ NRUXPDNWDQ DFL]
NDOGÖøÖ J|UOG <D]ÖOÖ Lû V|]OHûPHOHULQLQ ² \DVD LOH NRUXQDQ ² \HWHUVL] NDOGÖøÖ EX
GXUXPGD \D]ÖOÖ \D GD V|]O GLOH JHWLULOHQ ûLUNHW GHøHUOHULQLQ NRUXQPDVÖ YH UHIHUDQV
RODELOPHVLQLEHNOHPHNRODQDNVÖ]ODûWÖ
úLUNHW GHøHUOHULQLQ YH LQVDQ RODUDN GHøHULPL]LQ NHQGL LoLQGH ELU EDøOD\ÖFÖOÖøÖ ROPDVÖ
YHEX\DNODûÖPÖQ\DVDOG]HQOHPHOHUGHQGHJoDODELOPHVLJHUHNPHNWHGLU
úXDQGD\UUONWHRODQoDOÖûPDPHY]XDWÖ\DVDYHX\JXODPDODUGDNLEHOLUVL]OLNOHUGHQ
ND\QDNODQDQ\DSÖVÖLWLEDULLOHLûYHUHQLHWLNNXUDOODUoHUoHYHVLQGHoDOÖûPD\D\UHNOHQGLULFL
GHøLOGLU dDOÖûPD PHY]XDWÖQÖQ Lû HWLøL \DVDVÖ LOH GHVWHNOHQPHVL YH X\JXODPDODUÖQ EX
\|QGH WHNUDU J|]GHQ JHoLULOPHVL KHP oDOÖûDQ KHP GH LûYHUHQ DoÖVÖQGDQ \DUDU
VDøOD\DFDNWÖUdDOÖûPDPHY]XDWÖLûYHUHQLQ\NQVUHNOLRODUDNDøÖUODûWÖUPD\|QWHPLQL
VHoWLøL]DPDQGDKDID]ODVD\ÖGDûLUNHWLPHY]XDWGÖûÖQGDX\JXODPD\DSPD\DLWHFHøLQGHQ
oDOÖûDQÖQKDNODUÖQÖQNRUXQPDVÖ\|QQGHNL\DSWÖUÖPD]DODFDNWÖU
.RQX\X
LNL
EDûOÖN
DOWÖQGD
|]HWOH\LS
|UQHNOHPHPL]
PPNQ
$
dDOÖûPD
PHY]XDWÖQDLOLûNLQ<DVDODU%dDOÖûPDPHY]XDWÖQDLOLûNLQX\JXODPDODU
$ dDOÖûPDPHY]XDWÖ\DVDVÖQDúLUNHWDQDGHøHUOHULYHX\JXODPDODUÖLOHLOJLOLûXDQD
NDGDUWDUWÖûWÖøÖPÖ]NRQXODUODLOLûNLOHQGLUHUHNEDNWÖøÖPÖ]GDo|UQHNOHQHGHQELU
QHWOHûWLUPH\HLKWL\DoGX\XOGXøX|]HWOHQHELOLU
D
)HVLK ELOGLULPL IHVLK ELOGLULP ûHNOL ² NL EXUDGD \D]ÖOÖ ROPD ]RUXQOXOXøX
NDVWHGLOL\RU GDKD QHW ROPDNOD ELUOLNWH \DSÖOPD \HUL YH ]DPDQÖ EHOLUVL]OLN
LoLQGHGLUYHEXNRQXGDELUKNP\RNWXU
)HVLKELOGLULPLQLQ\DSÖOPD\HULYH]DPDQÖKDNNÖQGDKNPROPDGÖøÖQGDQ
EXQXQ HVDV LWLEDUL\OH Lû\HUL YH oDOÖûPD VUHOHUL LoLQGH YH\D GÖûÖQGD KHU
\HUGH YH KHU ]DPDQ \DSÖOPDVÖ PPNQ J|UOPHNWHGLU $QFDN PQDVLS
ROPD\DQ\HUYH]DPDQGD\DSÖODQIHVLKELOGLULPLQLQUHGGHGLOPHVLKDOLQGHJHoHUVL]
VD\ÖODFDøÖNDEXOHGLOPHNWHGLU %X QRNWDGD HWLN ROPDGÖøÖQÖ GûQGøP] LûWHQ oÖNDUWPD ELOGLULPOHULQLQ
´PQDVLSµ ROXS ROPDGÖøÖQÖQ NDUDUÖQÖ YHUPHPL] ]RUODûPDNWD \DVD\D J|UH
PQDVLSROPDRODVÖOÖøÖGRøPDNWDGÖU
E
hFUHWWHQ LQGLULP \DSÖODPDPDVÖ VD\ÖOÖ ùû .DQXQX·QXQ PDGGHVL
´LûoL FUHWOHULQGHQ KHU QH ûHNLOGH ROXUVD ROVXQ HNVLOWPH \DSÖODPD]µ
GHPHNWHGLU $QFDN EX KNP ´KL]PHW DNGL YH\D WRSOX Lû V|]OHûPHVL LOH
oDOÖûPD NRûXOODUÖQÖQ GHøLûWLULOPHVL YH\D VUHQLQ D]DOWÖOPDVÖ KDOOHUL LOH LOJLOL
GHøLOGLUµ %X GXUXPGD oDOÖûDQÖQ UÖ]DVÖ LOH E|\OH ELU GHøLûLNOLN \DSPD
RODVÖOÖøÖ KHU ]DPDQ YDU %L]LP LVH HWLN ROXS ROPDGÖøÖQÖ VRUJXODGÖøÖPÖ]
´oDOÖûDQÖQ UÖ]DVÖµ DOÖQDUDN oHûLWOL \|QWHPOHUOH FUHW LQGLULPL \DSÖODQ
GXUXPODUÖQ´HWLNµOLøLQLWDUWÖûPDPÖ]]RUODûÖ\RU
%
dDOÖûPD PHY]XDWÖQD LOLûNLQ X\JXODPDODU X\JXODPDODUD LOLûNLQ |UQHNOHUL
oHûLWOHQGLUPHN YH VD\ÖVÖQÖ DUWWÖUPDN oRN NROD\ DQFDN EX QRNWD GD EHQ HQ
JQFHO YH HQ EDVLW RODQÖ VHoHFHøLP $QD\DVDQÖQ PDGGHVLQGH ´'HYOHW
oDOÖûDQODUÖQ \DSWÖNODUÖ LûH X\JXQ DGDOHWOL ELU FUHW HOGH HWPHOHUL LoLQ JHUHNOL
WHGELUOHUL DOÖUµ KNP EXOXQPDNWDGÖU
NRQXVXQGDNL
DQD\DVDO
VRUXPOXOXøX
'HYOHWLQ JHUHNOL WHGELUOHUL DOPDN
VD\ÖOÖ
ùû
.DQXQX·QXQ
1XULdHOLNùû+XNXNX'HUVOHUL%HWD%DVÖP<D\ÖP'DøÖWÖP$úùVWDQEXOV
$J\V
$J\V
6LEHO2NWDU³(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ
PDGGHVLQGH \HU DODQ DVJDUL FUHW X\JXODPDVÖ LOH NDUûÖPÖ]D oÖNDU $VJDUL FUHW
DVJDUL FUHW \|QHWPHOLøLQLQ PDGGHVLQGH ´DVJDUL FUHW LûoLOHUH QRUPDO ELU
oDOÖûPD JQ NDUûÖOÖøÖ RODUDN |GHQHQ YH LûoLQLQ JÖGD NRQXW JL\LP VDøOÖN
XODûÖP YH NOWU JLEL ]RUXQOX LKWL\DoODUÖQÖ JQQ IL\DWODUÖ ]HULQGHQ DVJDUL
G]H\GH NDUûÖODPD\D \HWHFHN FUHWWLUµ
ûHNOLQGH WDQÖPODQÖU %X WDQÖPGDQ
\ROD oÖNDUDN ´DVJDUL FUHWLQ VDSWDQPDVÖQGD LûoLQLQ DLOHVLQLQ GHøLO VDGHFH
NHQGLVLQLQ ]RUXQOX LKWL\DoODUÖQÖQ J|] |QQGH EXOXQGXUXODFDøÖ VRQXFXQD
YDUÖODELOPHNWHGLUµ
$QD\DVDQÖQ PDGGHVLQLQ QH GHUHFH \HULQH JHWLULOGLøL VRQ JQOHUGH DVJDUL FUHW
NDSVDPÖQGD \RøXQ RODUDN WDUWÖûÖOPDNWDGÖU %|\OH ELU RUWDPGD \XNDUÖGD EHOLUWLOHQ
´FUHWLQLQGLULOHPH]OLøLµQLQX\JXODPDSUREOHPOHULQLQ´HWLNµROXSROPDPDVÖKXVXVXQXQ
LNLQFLONDOPDVÖoRNGRøDOGÖU
<XNDUÖGDNL |UQHNOHUGHQ GH DQODûÖODFDøÖ JLEL oDOÖûPD PHY]XDWÖQÖQ EXJQN GXUXPX
oDOÖûDQKDNODUÖQÖNRUXPDNWDQROGXNoDX]DNWÖU%XNRQXGD\|QHWPHOLNYHX\JXODPDODUGD
L\LOHûWLUPH\HJLWPHN\HWHUOLROPD\DFDNWÖU<DVDODUÖQ\HQLGHQJ|]GHQJHoLULOPHVLYH
HNRQRPLN NUL]LQLQ DoWÖøÖ RODQDN DODQODUÖQÖ GHøHUOHQGLULS Lû HWLøL \DVDVÖQÖQ oÖNDUWÖOPDVÖ
HQD]ÖQGDQLûHWLøLoHUoHYHVLQGHROJXQODûWÖUÖOPDVÖJHUHNOLGLU
úLUNHW NHOLPHVL ùQJLOL]FH YH /DWLQFH N|NHQOHULQGH ´HNPHøLQL SD\ODûDQµ
DQODPÖQD
JHOPHNWHGLUg\OHLVHHNPHøLSD\ODûDQWPWDUDIODUÖQ²HNPHøLQYDUOÖøÖQÖQGHYDPÖLoLQ
HWLN GHøHUOHULQ EDøOD\ÖFÖOÖøÖQÖ VDøODPDN \|QQGH oDED KDUFDPDVÖ JHUHNL\RU%X GD \DVDO
G]HQOHPHOHUH HN RODUDN WNHWLFL KDNODUÖ LOH LOJLOL NXUXOXûODU VRV\DO GHQHWLP NXUXOXûODUÖ
\HWNLQ YH REMHNWLI VLYLO RUJDQL]DV\RQODU DUDFÖOÖøÖ LOH ûLUNHWOHULQ NHQGLOLNOHULQGHQ VRV\DO
VRUXPOXOXNODUÖ HWLN GHøHUOHUL LOH LOJLOL GHQHWOHQPHN LVWHPHOHUL GHQHWLP VRQXoODUÖQÖQ
SD\ODûÖOPDVÖ PûWHUL oDOÖûDQ YH ûLUNHW RODUDN EX GHøHUOHUL EHQLPVH\HQOHULQ EDøOD\ÖFÖ
\DNODûÖPYHGDYUDQÖûODUÖLOHPPNQRODELOLU
$J\VYXUJXEDQDDLW
$J\V
&RPSDQ\NHOLPHVLN|NHQRODUDN´VKDUHURIEUHDGµHNPHøLSD\ODûDQODUDQODPÖQGDRODQFRPSDQLRQ
NHOLPHVLQGHQ/DWLQFHN|NHQLQGHLVH´FRPµELUDUDGD´SDQLVµHNPHN\DQLHNPHøLQLSD\ODûDQ
DQODPÖQDJHOPHNWHGLU
0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHOYH8OXVDO
"
0HG\D8]DPODUÖQGD(WLNùNL].XOHOHUgUQHN2OD\Ö <UG'Ro'U1LPHWgQU
$UDû*|U$\ûHdDWDOFDOÖ
*LULû
*QP]GHNUHVHOOHûPHQLQJHOLûHQGLQDPLNOHULXOXV|WHVLROXûXPODUÖQDNW|UOHULQ
RUJDQL]DV\RQODUÖQYHoRNXOXVOXûLUNHWOHULQ\DVDONXUXPVDOHWNLQOLNOHULQLDUWWÖUPDNWDGÖU
8\GX WHNQRORMLOHULQLQ GLMLWDO \D\ÖQFÖOÖN YH HULûLP RODQDNODUÖQÖQ JHOLûPHVLQLQ \DQÖ VÖUD
XOXVDO YH NUHVHO PHG\D HQGVWULOHUL PHG\D SD]DUODUÖ DUDFÖOÖøÖ\OD HNOHPOHQHUHN \HQLGHQ
\DSÖODQPDNWDGÖU %X \DSÖGD \HQL JHOLûHQ VD\ÖODUÖ \DNODûÖN RWX]NÖUN XOXV |WHVL ûLUNHWLQ
E\\HUHN EDûDW KDOH JHOGLøL YH KHU ELULQLQ ´NRQJOHPHUDWµ ELU \DSÖ ND]DQGÖøÖ NUHVHO
PHG\DODUGDQ\DNODûÖNRQNDGDUÖQÖQ$PHULNDQûLUNHWLROGXøXJ|UOPHNWHGLU%XGXUXP
NUHVHO PHG\DQÖQ WHPHO |]HOOLøL RODQ PHG\D JFQQ PHUNH]LOHûPHVL VUHFLQLQ GH
J|VWHUJHVLGLU *HOLûPHOHU JLGHUHN NDPX \D\ÖPFÖOÖøÖQÖQ YH NDPXVDO KL]PHWOHULQ ELULQFLO
DPDo ROPDNWDQ oÖNDUDN WLFDULOHûPHVL\OH VRQXoODQPDNWDGÖU %|\OHOLNOH KHU QH NDGDU
PHG\D VD\ÖVÖ DUWWÖNoD GHPRNUDVLOHUGH NDPXVDO DODQODUD LûOHUOLN ND]DQGÖUDELOHFHøL J|Uû
\D\JÖQOÖøÖQÖ NRUX\RUVD GD JHUoHNWH LNL \|QO ELU JHOLûPH VRPXW L]OHQHELOLU ELU KDO
DOPDNWDGÖU
D
*HUHN
PHUNH]
JHUHNVH
oHYUH
ONHOHUGH
QHROLEHUDOLVW
SROLWLNDODUÖQ
\D\JÖQODûPDVÖ XOXVODUDUDVÖ PDO YH VHUPD\H KDUHNHWOLOLøLQL PHG\D DODQÖQÖ KHP
GDKD NkUOÖ ELU KDOH JHWLUPHNWH KHP GH YD]JHoLOPH] NÖOPDNWDGÖU %X GXUXP
XOXVDO PHG\DODUÖQ VD\Ö YH WHNQLN GRQDQÖP EDNÖPÖQGDQ JHOLûPHVLQL YH JLGHUHN
HQGVWULOHûPHVLYHWHNHOOHûPHVUHFLQHLWLOPHVLQLLYPHOHQGLUPHNWHGLU
E
.DSLWDOL]PLQ GLQDPLNOHULQLQ \DUDWWÖøÖ PHG\D GHYOHULQLQ GLNH\ oDSUD] \DWD\
WHNHOOHûPHOHU YH VHUPD\H HYOLOLNOHUL\OH NUHVHO XOXV|WHVL WLFDUL PHG\DODU
KDOLQH G|QûP XOXVDO YH \HUHO PHG\DODUÖQ HWNLQOLN DODQODUÖQÖ QIX]XQX
NÖUPDNWDGÖU %|\OHOLNOH XOXV|WHVL PHG\D GHYOHUL GQ\DQÖQ KHU QRNWDVÖQÖ
NRQWUROHGHUKDOHJHOPHNWHGLU
dRN
XOXVOX
ûLUNHWOHULQ
·OÖ
\ÖOODUGDQ
LWLEDUHQ
ELUHU
´DV
R\XQFXµ
RODUDN
HWNLQOLNOHULQLQ J|UOPH\H EDûODPDVÖ\OD XOXVODUDUDVÖ PDO YH VHUPD\H KDUHNHWL PHG\D\Ö
|QHPOLELUJoKDOLQHJHWLUPLûWLU.XûNXVX]NUHVHOPHG\DVLVWHPLQHXOXVDOYH\HUHOELU
WDNÖP WHSNLOHULQ ELUOLNWH RUWD\D oÖNWÖøÖ J|UOVH GH XOXVODUDUDVÖ LOHWLûLP NUHVHOOHûPHQLQ
DOW\DSÖVÖQÖROXûWXUGXøXQGDQJHULG|QOHPH]NDUûÖNRQXODPD]ELUVUHoEDûODPÖûWÖU%X
DOW\DSÖ
D
7RSOXPODUDUDVÖ N|SUOHU NXUDUDN JHoLUGLNOHUL ELOJL YH HQIRUPDV\RQOD \HUHO
XOXVDOYHXOXVODUDUDVÖELUOHûPHYHD\UÖûPD]HPLQOHULROXûWXUPDNWDGÖU
ùNL].XOHOHU7ZLQ7RZHUV1HZ<RUN·WDNL'Q\D7LFDUHW0HUNH]LELQDVÖGÖU%XELQD\D
(\OOWDULKLQGHXoDNODWHU|ULVWH\OHPG]HQOHQPLûYHoRNVD\ÖGDNLûL|OPûWU
(JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL5DG\R7HOHYL]\RQYH6LQHPD%|OP
(JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL*D]HWHFLOLN$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
E
8OXVODUDUDVÖLOHWLûLPNDQDOODUÖXOXVLoLELUoRNHWNLOHûLPDODQÖQÖXOXVODUDUDVÖDODQD
oHNPHNWHGLU
F
%XLOHWLûLPNDQDOODUÖ\ODXOXVODUDUDVÖYHULSD\ODûÖPÖDUWPÖûWÖU
G
%LOJLYHHQIRUPDV\RQJHQHOOLNOH%DWÖPHUNH]ONHOHUGHUHWLOPHNWHGLU
H
0HUNH] YH oHYUH ONHOHU DUDVÖQGD SD\ODûÖODQ ELOJLQLQ VWUDWHMLN |QHPL JLGHUHN
GDKD GD DUWPDNWDGÖU dHYUH ONHOHU GH EX WHNQRORMLOHU LoLQ L\L ELUHU SD]DUGÖU
'ROD\ÖVÖ\OD PHUNH] NDGDU ROPDVD GD EX WHNQRORMLOHULQ NXOODQÖPÖ DUWPD
\ROXQGDGÖU
I
*HOLûPHOHU ELOJL WHNQRORMLOHULQLQ WRSOXP ]HULQGHNL LQLVL\DWLILQGHQ oRN ´<HQL
'Q\D ']HQLQLQµ \DQL XOXVODUDUDVÖ VLVWHPLQ EX WHNQRORMLOHUL \|QOHQGLULFL
KDOHJHOPHVLQHGD\DQPDNWDGÖU
·ODUGDQ LWLEDUHQ XOXVODUDUDVÖ YHUL DNÖûÖ KÖ]OD DUWPÖûWÖU 0]LN HQGVWULVL ILOP
UDG\R WHOHYL]\RQ EDQNDFÖOÖN YE VHNW|UOHU X\GX WHNQRORMLOHUL ILEHU RSWLN YH GLMLWDO
LOHWLûLP RODQDNODUÖ\OD ELUOHûLQFH RUWD\D oÖNDQ HQIRUPDV\RQ RWR\ROODUÖ NUHVHO LOHWLûLPDOW
\DSÖVÖQÖQ +HUPDQ ( 6 0F&KHVQH\ 5 : LûOHUOLOLøLQL KÖ]ODQGÖUPDVÖ XOXV
GHYOHWOHULQPHG\DSROLWLNDODUÖQÖGHøLûWLUPH\|QQGHEDVNÖROXûWXUPXûWXU
g]HOOLNOH WHOHNRPQLNDV\RQ WHNQRORMLOHULQLQ NUHVHOOHûPHVL EDûWD ROPDN ]HUH
LOHWLûLP DODQÖQÖQ NUHVHOOHûPHVL WNHWLFL DoÖVÖQGDQ GD XOXVODUDUDVÖ LOHWLûLPL |QHPOL KDOH
JHWLUPLûWLU +NPHWOHU HOHNWURQLN \D\ÖQFÖOÖNWD YH ùQWHUQHWWH GDKD \RøXQ RODQ ELOJL
DNÖûÖ ]HULQGH G]HQOHPH \HWNLVLQH VDKLS ROPDGÖNODUÖQGDQ EX DODQ ]HULQGH NDUDU
YHUPH \HWNLOHUL JLGHUHN ]D\ÖIODPDNWDGÖU 0RKDPPDG\ $ 0HUNH] ONHOHULQ
PHG\D ûLUNHWOHULQGHQ oHYUH ONHOHUH GDKD \D\JÖQ ROPDN ]HUH JHUoHNOHûHQ LNQD HGLFL
UHNODPFÖOÖNPHVDMODUÖWNHWLPNOWUKDEHUELOJLYEDNÖûÖ\ODYHPHUNH]LQJ|UûOHULQLQ
\D\JÖQODûPDVÖ\ODSROLWLNDODQGDNLV|\OHPOHULEXWHNQRORMLOHUOHoRNX]DNDODQODUÖELOHHû
]DPDQOÖ RODUDN EHQ]HU NOWUHO IRUPDODUD GRøUX ND\GÖUPÖûWÖU 8OXV |WHVL ûLUNHWOHULQ
NXOODQGÖNODUÖ \HQL LOHWLûLP WHNQRORMLOHUL YH PHG\D SD]DUODUÖQÖQ UQOHUL KNPHWOHULQ
VÖQÖUODUÖQÖ DûPDNWD EX QHGHQOH GH NUHVHO LOHWLûLPL VÖQÖUODQGÖUDFDN EDUL\HUOHU XOXV
GHYOHWOHUWDUDIÖQGDQNXUXODPDPDNWDGÖU
%X ûHNLOGH ROXûDQ ELU HYUHQVHO PHG\D X]DPÖQGD NUHVHO PHG\DODU XOXVDO YH \HUHO
PHG\DODUOD HNOHPOHQPHNWH YH EX \ROOD GD HYUHQVHOPHG\DODUÖ \HUHOOHûWLUPLû ROPDNWDGÖU
gUQ&117UN
$QFDN NUHVHO PHG\D RUWDPÖ \HUHOOHûPLû J|]NVH GH NUHVHO VHUPD\HQLQ NUHVHO
DNÖûNDQOÖøÖQD JHUHNVLQLP GX\GXøX DODQODUGD VUHNOL ELU JHQLûOHPH J|VWHUHUHN YH
LGHRORMLN YH NOWUHO GHøLûLPOHU \DUDWDUDN NHQGLVLQGHQ EHVOHQHQ XOXVDO YH \HUHO
PHG\DODUÖWLFDULOHûWLUPHNWHGLU%XQHGHQOHXOXVDOPHG\DODUÖQNDPX\D\ÖQFÖOÖøÖKL]PHWLQL
\HULQH JHWLULû ELoLPLQGH FLGGL ND\PDODU J|]OHQPHNWHGLU 2UWD\D oÖNDQ EX GHøLûPHOHU Lo
LoHLNLD\UÖROXûXPX\DUDWPDNWDGÖU6WUHHW-
D
gQFHOLNOH XOXVDO KNPHWOHULQ JF ]HULQGH PHG\DQÖQ HWNLVL JLGHUHN
DUWPDNWDGÖU
E
0HUNH] ONHOHU oHYUH ONHOHU ]HULQGH SROLWLN oÖNDUODUÖQÖ VUGUPHN LoLQ
KNPHWOH
PHG\D
]HULQGH
VUHNOL
G]HQOHPHOHU
\DSPD
JHUHNVLQLPL
GX\PDNWDGÖU
'HY PHG\D ûLUNHWOHUL XOXVDO PHG\DODUOD DUDODUÖQGD NXUGXNODUÖ RUWDNOÖNODUOD \D GD
GRøUXGDQ VDWÖQ DOPDODUOD PH\GDQD JHWLUGLNOHUL PHG\D X]DPODUÖQGD F\EHUVSDFH NUHVHO
LOHWLOHULQ GLO YH LoHULN EDøODPÖQGD EHQ]HUOLNOHUL V|] NRQXVX ROPDNWDGÖU 'LøHU ELU
1LPHWgQU$\ûHdDWDOFDOÖ³0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHO
GH\LûOH XOXVDO PHG\D NUHVHO IRUPDWD X\DQ \D\ÖQ DQOD\ÖûÖ YH LoHULøL J|VWHUPHNWHGLU
%|\OHOLNOH NUHVHO DODQD oÖNDQ XOXVDO PHG\D YH NUHVHO PHG\D \D\ÖQ SROLWLNDODUÖQGD
J|VWHUPHNWH\DGDPHUNH]LQPHG\DSROLWLNDODUÖQGDQHWNLOHQPHNWHGLUOHU
%|\OHOLNOH PHUNH] YH oHYUH ONHOHU PHG\D X]DPODUÖ\OD GQ\D VLVWHPLQH IDUNOÖ
G]H\OHUGH NDWÖOÖP J|VWHUVHOHU GH XOXVDO PHG\DODU KHP DOW \DSÖ YH KHP GH PHG\D
UQOHULQLQ \HWHUVL]OLNOHUL QHGHQL\OH LOHWLûLPGH HQIRUPDV\RQ WHNQRORMLOHULQLQ \DUDWWÖøÖ
RODQDNODUD
PHUNH]
ONHOHULQ
NDQDOÖQGDQ
XODûPDNWDGÖUODU
%|\OHFH
ND]DQÖODQ
Hû
]DPDQOÖOÖN YH Hû X]DNOÖOÖN LONHVL\OH WP GQ\D EHQ]HU NOWUHO VWDQGDUWODUD GRøUX
oHNLOPHNWHGLU 'DKD E\N HNRQRPLOHULQ \DUDWÖOPDVÖQD KL]PHW HGHQ EX JHOLûPHOHU
WHPHOGH PHG\D ûLUNHWOHULQLQ NUHVHO DoÖOÖPODUOD ELUOLNWH Hû ]DPDQOÖ XOXVDOODûPDODUÖQÖ
\HUHOOHûPHOHULQL
JHUHNOL
NÖOPDNWDGÖU %|\OHFH
NUHVHOOHûPH
PHG\D
X]DPODUÖQGD
\HUHOOHûPHNWHGLU
.UHVHOOHûPH6UHFLQGH0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVLYH(WLN
8OXVDO
PHG\D
SROLWLNDODUÖ
NUHVHOOHûPHQLQ
GD\DWWÖøÖ
WHNHOOHûPH
WLFDULOHûPH
VUHoOHUL\OH\HQLGHQ\DSÖODQPDNWDGÖU
.UHVHO ûLUNHWOHU PHG\D KDNLPL\HWLQH R\QDPDNWDGÖUODU .HQGLOHUL LoLQ |QHPOL RODQ
oVHoHQHøLGHøHUOHQGLUPH\DUÖûÖLoLQGHGLUOHU
D
6WG\RROPDNYHUQUHWPHN
E
7RSWDQGDøÖWPDN
F
'RQDWÖP WHPLQ HGHUHN ELU VLVWHP NXUPDN 0LUOH\ ' 5RELQV . $QFDN XOXVDO PHG\D SROLWLNDODUÖ PHG\DQÖQ VUHNOL NkUOÖ DODQODUD ND\PD \DUÖûÖ
LoLQGH \HWHUVL] NDOPDNWDGÖU 2\VD EWQ UHMLPOHUGH \|QHWHQ YH \|QHWLOHQ
DUDVÖQGD |QHPOL ELU N|SU ROXûWXUDQ PHG\DQÖQ LOHWWLøL ELOJL \XUWWDûODUÖQ
HNRQRPLN VRV\DO SROLWLN DPDoODUÖ\OD KNPHWLQ DOGÖøÖ NDUDUODU DUDVÖQGD
G]HQOH\LFL \|QOHQGLULFL ELU LûOHYL \HULQH JHWLUPHVL JHUHNPHNWHGLU %X QHGHQOH
JQP]GH
GH
NUHVHOOHûHQ
GQ\DGDNL
XOXV
GHYOHWOHULQ
YDWDQGDûODUÖQÖQ
PHG\DQÖQ \DUDWWÖøÖ NDPXVDO DODQODUGD KDOHQ GHPRNUDVLOHUGHNL NRQVHQVVQ
ROXûPDVÖLoLQJHUHNOLRODQWDUWÖûPD]HPLQLQHXODûPDODUÖEHNOHQPHNWHGLU0HG\D
GHPRNUDVLVL GH GL\HELOHFHøLPL] EX JHOLûPHOHUOH XOXV GHYOHWOHUGH YDWDQGDû
GHYOHWLOLûNLOHULG]HQOHQPHNWHGLU
*QP]Q
NDWÖOÖPFÖ
GHPRNUDVLOHUL
RODUDN
GD
EHWLPOHQHQ
EX
DûDPDGD
YDWDQGDûODUÖQ ELOJLOHQPHVL VUHFL HQIRUPDV\RQ DOW \DSÖVÖ NDGDU GD |QHPOLGLU <LQH GH
JQP]GH NUHVHOOHûHQ XOXVDO PHG\DODUÖQ EX LûOHYL \HULQH JHWLUPHVL VUHFLQGH PHG\D
XOXVDO DPDoODUÖQ GÖûÖQD oÖNDELOPHNWHGLU 2\VD |]HOOLNOH NDWÖOÖPFÖ GHPRNUDVLOHULQ
YD]JHoLOPH]DUDFÖVD\ÖODQPHG\DQÖQLGHDOGHûXLûOHYOHUL\HULQHJHWLUPHVLEHNOHQPHNWHGLU
*XQWKHU50XJKDQ$
D
3ROLWLN LOHWLûLP VUHFL RODUDN KNPHWLQ GÖûÖQGD IDUNOÖ ELOJL HQIRUPDV\RQ YH
SHUVSHNWLI
VXQDUDN
VL\DVDO
HOLWOHULQ
KNPHW
]HULQGH
NRQWUROQ
YH
NDPXR\XQXQ\|QHWLPHELUWHSNLROXûWXUPDVÖQÖVDøODPDOÖGÖU
E
9DWDQGDûODUÖQ LOHWLûLP |]JUOøQ JHQLûOHWPH\H oDOÖûDUDN DOWHUQDWLI ELOJL
ND\QDNODUÖ VXQPDOÖGÖU $\QÖ ]DPDQGD KNPHWLQ NH\IL X\JXODPDODUÖQGDQ
YDWDQGDûODUÖQNRUXQPDVÖQGDGDHWNLOLROPDOÖGÖU%XWHPHOGHPHG\DoRøXOFXøXQ
NXUXPODûPDVÖQÖ VDøODPDOÖGÖU 6DOW PHG\DQÖQ oRøXOFX ELU \DSÖ\D XODûPDVÖ GHøLO
NDPXQXQ GRøUX ELOJLOHQGLULOPHVL HøLWLOPHVL LoLQ NXUXPODûPDQÖQ ROXûPDVÖ GD
JHUHNPHNWHGLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%|\OHFH KNPHW NRQWUROQGHQ EDøÖPVÖ]ODûDQ PHG\D WLFDUL DODQD ND\PDNWDGÖU
.UHVHOOHûPH\OH ELUOLNWH LNLQFL GQ\D VDYDûÖQGDQ LWLEDUHQ NDSLWDOLVW ELU Jo RODUDN
RUWD\D oÖNDQ $PHULND NUHVHOOHûHQ GQ\DQÖQ PHUNH]L YH oHNLUGHøL ELU NRQXPD
\HUOHûPLûWLU 0HG\D PHUNH] NDSLWDOLVW WRSOXPODUOD EX WRSOXPODUÖQ oHYUHVL DUDVÖQGD
\DWÖUÖP ELULNLPOHUL\OH IL\DWODUÖQ VDSWDQPDVÖ GHYLUOLOLN VUHNOLOLN LoLQGH LOLûNLOHULQL GH
G]HQOHQGLøLQGHQJQP]WRSOXPODUÖLoLQ|QHPOLELULûOHYLYDUGÖU
·OL
\ÖOODUGDQ
(PSHU\DOL]PLµ
LWLEDUHQ
´0HG\D
´<HQL
'Q\D
(PSHU\DOL]PLµ
(QIRUPDV\RQ
´<HQL
'Q\D
']HQLµ
ùOHWLûLP
´.OWU
']HQLµ
\DNODûÖPODUÖQGD ROGXøX JLEL 6WHYHQVRQ 5 / PHG\D HJHPHQ LGHRORML\L
GRøUXGDQ VDYXQPDN \HULQH LGHRORMLN GHøHUOHUL \D\JÖQODûWÖUPD LûOHYLQL GLøHU JQGHOLN
LûOHYOHULQLQ LoLQH VÖNÖûWÖUDUDN \HULQH JHWLUPHNWHGLU 3L\DVD LOLûNLOHULQL JQFHO ROD\ODUÖ
UHWLP YH WNHWLP KDONDODUÖQÖQ NRRUGLQH HGLOPHVLQGH HJHPHQ LGHRORML\L GH ROXPODPD
LoLQH JLUPHNWHGLU (QGVWUL\HO NDSLWDOL]PLQ YH JQP]Q LOHUL NDSLWDOLVW LOLûNLOHULQLQ
PHûUXODûWÖUÖOPDVÖ
RQD\ODQPDVÖ
DQODPÖQD
JHOHQ
EX
VUHo
VUHNOL
NOWUHO
DODQÖ
\HQLOHPHNWHGLU
*ROGLQ YH 0XUGRFN GD EHQ]HU ûHNLOGH PHG\DQÖQ LGHRORMLN ELU UROQQ ROGXøXQX
]HQJLQOLN YH LNWLGDUÖ PHûUXODûWÖUGÖøÖQÖ LOHUL VUPHNWHGLU 'XUXP EX WRSOXPVDO
EWQOøQ JLGHUHN GDKD NDUPDûÖN ELU J|UQPH EUQGNoH ELU NÖVÖP ELUH\OHULQ
ROD\ODUÖDQDOL]HWPHOHULQLQ]RUODûPDNWDROGXøXQXYHEWQQELOJLVLQHXODûDELOPHNLoLQ
NHQGLQL VHPEROLN RODUDN GROD\ÖPODQPÖû WHFUEHVLQH GDKD EDøÖPOÖ KDOH JHOPHNWH
ROGXøXQXLOHULVUPûWU6KROOH'-
*UDPVFL ³|UQ KDEHUOHULQ VRV\DO VLVWHP LoLQGHNL SROLWLN HQWHOHNWHO HWLN GHøHUOHUL
QHGHQL\OH³ HJHPHQOLøL \D\JÖQODûWÖUGÖøÖQÖ LOHUL VUPHNWHGLU .DPX\D LOHWLOHQ KDEHUOHULQ
GHWHNUDUODQDQQRUPDOLWHOHUOHPDUMLQDOLWHOHUOHPHûUXOXN\DGDPHûUXROPD\ÖûÖQNRGODUÖ
oL]LOHUHN LOHWLOPLû RODELOHFHøL J|UûQGHGLU %X \ROOD NDSLWDOLVW VLVWHPLQ NDEXO HGLOHELOLU
GHøHUOHULQLQ LGHRORMLVLQLQ GH \D\JÖQODûPDVÖ JHUoHNOHûPHNWHGLU 'ROD\ÖVÖ\OD KDEHUOHU
LNLQFL HO JHUoHNOLNOHUGLU %HUNRZLW] ' +DEHUOHULQ KD]ÖUODQPDVÖ YH
KDEHUGHøHULRODUDNJ|UOHQNULWHUOHUVLVWHPDWLNNXUXOXELUDQODPGQ\DVÖQDNDWÖOÖPGÖU
%X VUHo NLûLQLQ NHQGLOLøLQGHQ EHOLUOL HWLN GHøHUOHUH EDøODQPDVÖQÖ JHUHNWLULU 0HG\D
VD\ÖVÖ DUWVD GD KDEHUOHU IDUNOÖ ND\QDNODUGDQ JHOVH GH ELUH\OHULQ JHUoHøL \DNDODPDVÖ X]DN
J|]NPHNWHGLU
.OWUOHUHWLNVLVWHPOHULEHOLUOHPHNWHGLU0HG\D\ROX\ODNXUXODQXOXVODUDUDVÖLOHWLûLP
VUHFLQGH GH IDUNOÖ NOWUOHULQ HWLN GHøHUOHUL NDUûÖ NDUûÖ\D JHOPHNWHGLU %|\OHFH
NOWUOHU NRG VLVWHPOHULQLQ LGHDO DQODP GHøHUOHULQLQ DOWÖQÖ oL]PHNWHGLU &DVPLU ) /
gQHPOL RODQ GLøHU ELU QRNWD GD JoO RODQ EDûDW NOWUQ EHOLUOH\LFLOLøLGLU
'HPRNUDVLOHUGH PHG\DQÖQ NOWUOHUL HûLW RODUDN WHPVLO HWPHVL JHUHNPHNWHGLU 2\VD
PHG\D ED]Ö NOWUOHUL GDKD JoO KDOH JHWLULUNHQ ED]ÖODUÖQÖ ]D\ÖIODWPDNWDGÖU gUQHøLQ
PHUNH] ONHOHULQ NOWUOHUL NDUûÖVÖQGD |WHNL WRSOXPODUÖQ NOWUOHUL XOXV GHYOHW LoLQGHNL
oHûLWOL DOW NOWUOHU ]D\ÖIODWÖODUDN VXQXOPDNWDGÖU %|\OHFH LONH RODUDN GHPRNUDWLN XOXV
GHYOHWLQ
oRN
IDUNOÖOÖøÖQGDQ
NOWUOON
ND\QDNODQDQ
ROJXVX
EX
ER]XOPXû
NOWUHO
ROPDNWÖU
IDUNOÖODûPD\OD
0HG\DGD
NOWUOHU
WHPVLO
GRøDO
HGLOPH
DODQÖQGDQ
PHG\DQÖQWHPVLODODQÖQDoHNLOPHNWHGLU.UHVHOGQ\DVLVWHPLQHGLUHQoJ|VWHUHQ²|UQ
ùVODPFÖOÖNWD ROGXøX JLEL² \HUHO YH XOXVDO NOWUOHU GH PHG\DGD |WHNLOHûWLULOPHNWHGLU
0HG\D LoHULNOHUL\OH KHP |WHNLQLQ IRUPDWODUÖ oL]LOPHNWHGLU KHP PDUMLQDOOHûWLULOPHNWHGLU
%DûDW NOWU RODUDN VXQXODQ |UWO QHROLEHUDOL]PLQ GHøHUOHUL SRSOHU NOWU RODUDN
1LPHWgQU$\ûHdDWDOFDOÖ³0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHO
SROLWLN DODQGD YDWDQGDû YH GHYOHW DUDVÖQGDNL LOLûNLOHUL GH \|QOHQGLUPHNWH \D GD
GHøLûWLUPHNWHGLU
$UDûWÖUPDQÖQ<|QWHPYH7HNQLøL
$UDûWÖUPDGD (\OO WDULKLQGH PH\GDQD JHOHQ LNL] NXOHOHU |UQHN ROD\ÖQÖ 7UNL\H
8OXVDO %DVÖQÖ LoLQGH HQ VDøGDQ HQ VROD \D\ÖQ SROLWLNDODUÖ LoLQGH \HU DODQ =DPDQ VDø
5DGLNDO RUWD &XPKXUL\HW VRO JD]HWHOHULQLQ PDQûHW KDEHU EDûOÖNODUÖ YH LoHULNOHUL
ELUELUL\OH NDUûÖODûWÖUÖOPÖûWÖU EN] (\OO VD\ÖODUÖ .RQX\OD LOJLOL =DPDQ
5DGLNDO&XPKXUL\HWJD]HWHOHULQLQ|QVD\IDGD\HUDODQPDQûHWOHULYHKDEHULoHULNOHUL
D
.DSLWDOL]PYH<HQL'Q\D']HQLNUHVHOOHûPHROXPODPDROXPODPDPD
E
$PHULNDQVWQOø
F
$PHULNDQJFJoV]Oø
G
$PHULNDQÖQKDNOÖOÖøÖKDNVÖ]OÖøÖ
H
$PHULNDOÖ YH |WHNL PVOPDQ NRQXVXQGD FPOHOHU QLWHOLNVHO LoHULN DQDOL]L\OH
VÖQÖIODQGÖUÖOPÖûWÖU
WHNQLøL\OH
$QODWÖPODU
\RUXPODQPD\D
ID]ODFD
GHWD\ODQGÖUÖOPDNVÖ]ÖQ
oDOÖûÖOPÖûWÖU
'HøHUOHQGLUPHGH
V|\OHP
PHWQLQ
DQDOL]
DQODPVDO
LoHULøL PHWLQ GÖûÖ GRøUXGDQ \D GD GROD\ÖPODQPÖû J|QGHUPH \DSÖODQ DQODPODUOD
o|]POHQPH\HoDOÖûÖOPÖûWÖU
.DSLWDOL]P<HQL'Q\D']HQLYH.UHVHOOHûPH
0DQûHWOHUGH=DPDQJD]HWHVL\HQLGQ\DG]HQLQLNRDOLV\RQRODUDNGHøHUOHQGLULUNHQ
5DGLNDO EX GQ\DQÖQ KHUNHVLQ GQ\DVÖ ROGXøXQX LûELUOLøL oDøUÖVÖ YE EDûOÖNODUOD
PHUNH]LQ J|UûQ RQD\ODPDNWDGÖU %HQ]HU ûHNLOGH &XPKXUL\HW JD]HWHVLQLQ GH ´'Q\D
6DUVÖOÖ\RUµ
´'Q\D
'HYOHWOHUL
/DQHWOHGLµ
´$PHULNDQÖQ
<DQÖQGD\Ö]µ
YE
JLEL
PDQûHWOHUOH \HQL GQ\D G]HQLQL RQD\DQ EX GQ\DQÖQ GÖûÖQGDNL GQ\D\Ö \RN VD\DQ
DQODPLoHULNOHUL\NOHQHUHNKD]ÖUODQPÖûROGXøXJ|UOPHNWHGLU
0DQûHWOHULQ DOWÖQGDNL KDEHUOHULQ DQODP LoHULNOHULQH EDNÖOGÖøÖQGD |] RODUDN =DPDQ
JD]HWHVL GQ\D\Ö VDUVDQ EX ROD\D ID]ODFD ND\ÖWVÖ] NDOPDNVÖ]ÖQ NHQGLVLQLQ WDUDIWDU
ROPDGÖøÖ PHUNH]LQ J|UûOHULQLQ GÖûÖQGD DQODWÖPODUOD \DNODûPDNWDGÖU ùVODP GQ\DVÖ YH
EX GQ\D GÖûÖQGDNL |WHNL GQ\D D\UÖPÖQÖQ GROD\ÖPODQPÖû RODUDN LIDGH HGLOGLøL
DQODWÖPGD NDSLWDOLVW GQ\DQÖQ |YOPHVLQGHQ oRN LoHULNWH GH ELUWDNÖP WDQÖPODPDODUGD
NUHVHO ELUOLNWHQ |YJ LOH V|] HGLOPHPHNWHGLU $QFDN EX GQ\DQÖQ LoLQGH \HU DODQ
ROXûXPODUÖQ DQODWÖPÖQGD ´0VOPDQ %ORNµXQ D\UÖ ROXûXPXQGDQ GROD\OÖ RODUDN V|]
HGLOPHNWHGLU gUQ ´$%' KNPHWL 0WWHILN hONHOHU dLQ YH 0VOPDQ 'HYOHWOHUµ
D\UÖPÖQDoHûLWOLELOJLOHUOHELUOLNWH\HUYHULOPHNWHGLU
%HQ]HU D\UÖP &XPKXUL\HW JD]HWHVLQGH GH YDUGÖU $QFDN EXUDGD GDKD oRN NDSLWDOLVW
GQ\DQÖQ
YH
NRQXVXQGDNL
EX
GQ\DGDNL
\DNODûÖP
GLNNDW
EDVÖQÖQ
PHUNH]LQ
oHNLFLGLU
JFQ
gUQHøLQ
6SHU
DEDUWPDPDVÖ
*FQ
JHUHNWLøL
oDUHVL]OLøLQLQ
XOXVODUDUDVÖ VLVWHPLQ \HQLGHQ \DSÖODQPDVÖ JHUHøLQLQ $%' ELUOLøLQLQ o|NûQGHQ YE
V|] HGLOLUNHQ NDSLWDOLVW GQ\DQÖQ E\NOøQH $%'·QLQ EX ELUOLøLQ PLPDUÖ ROGXøXQD
$PHULNDQ HPSHU\DOL]PLQH J|QGHUPHOHU \DSÖOÖUNHQ D] GD ROVD HOHûWLUHO DQODWÖPODUÖQ \HU
DOGÖøÖ GD J|UOPHNWHGLU 6SHU JFQ LQVDQ DYÖQGDQ EX JFQ DEDUWÖOGÖøÖQGDQ
$%'·QLQHPSHU\DOLVWSROLWLNDODUÖQGDQYEV|]HGHUNHQNUHVHONDUûÖWODUÖQGD\HUDODQVRO
FHSKHGHNLJ|UûOHUH\HUYHUPHQLQGHWHUFLKHGLOGLøLJ|UOPHNWHGLU
5DGLNDO JD]HWHVLQLQ PHUNH]LQ J|UûOHULQH GRøUXGDQ NDWÖOÖPFÖ ELU WXWXP LoLQGH
NHQGLVLQLQ GH \HU DOGÖøÖ GQ\DQÖQ LoLQGHNL $%' LVWLKEDUDWÖQÖ $%' ED\UDøÖQÖ
7UNL\H·QLQ EXEORNWDNL ´\DVµD VDYDûD NDWÖOÖPÖQGDQ ,UDN GÖûÖQGDNL $%' LWWLIDNÖ $%'
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GRVWODUÖ 3HQWDJRQ NDPSDQ\DVÖ NDYUDPODUÖQÖ NXOODQDUDN $PHULNDQÖQ NUHVHO ELUOLNWHOLøL
GROD\OÖRODUDNROXPOD\DQDQODPODUÖQD\HUYHUGLøLJ|UOPHNWHGLU
$PHULND·QÖQhVWQOø
0DQûHW
KDEHUOHULQGH
=DPDQ
JD]HWHVLQLQ
$PHULNDQÖQ
VWQOøQH
J|QGHUPH
\DSPDGÖøÖ GLNNDW oHNPHNWHGLU 2\VD &XPKXUL\HW V|] NRQXVX EX VWQOø $%'
%DûNDQÖQÖ FH]DODQGÖUPD JLULûLPLQH $%'·QLQ ·OL UDNDPODUD XODûDQ DMDQ YH )%,
X]PDQODUÖQÖQROGXøXYEJ|UûOHUL\OHVUGUGøVRUXûWXUPDGDQV|]HWPHNWHGLU
5DGLNDO JD]HWHVL EX NRQXGD GD %DWÖ·QÖQ VWQOøQ $PHULND·QÖQ IHQD YXUDFDøÖQÖ
.DELO·GHNL %DWÖ NRUNXVX RODQODUÖ .XUWDUPD HNLSOHULQLQ YLQo YH MHQHUDW|UOHULQLQ
JUOWVQ $PHULND·\Ö ´DELµ RODUDN QLWHOHQGLUHQ DQODWÖPÖ\OD NXUWDUPD oDOÖûPDODUÖQÖQ
SODQOÖ ROXûX\OD E|\OH ELU ROD\OD NDUûÖODûPDQÖQ \DUDWWÖøÖ &,$ )%, YH 16$·QÖQ ]RU
GXUXPODUÖQGDQ
V|]
HGHUHN
GLøHU
LNL
JD]HWH\H
J|UH
$PHULNDQÖQ
VWQOøQ
YXUJXODPDNWDGÖU
$PHULNDQÖQ*F*oV]Oø
=DPDQ
JD]HWHVLQGH
$PHULNDQÖQ
VWQOøQ
YXUJXOD\DQ
|QHPOL
PDQûHWOHUH
UDVWODQÖOPDGÖøÖKDOGH&XPKXUL\HWJD]HWHVL´6SHUJoLPDMÖQVDUVÖOGÖµ´,,,'Q\D6DYDûÖ
EDûODGÖµ PDQûHWOHUL LOH LWWLIDNÖQ LoLQGH \HU DODQ 7UNL\H·QLQ GH J|UHYH KD]ÖU ROGXøXQX
ELOGLUPHNWHKHP$PHULNDQÖQJFQRQDPDNWDKHPGHEXJFQ\DQÖQGD7UNL\H·QLQ
GHROGXøXQXLIDGHHWPHNWHGLU5DGLNDOJD]HWHVLEXJFQNHQGLQLQLoLQJ|VWHUPHGLøLQL
JHoNDOÖQGÖøÖQÖLûLûWHQJHoWLøLQL*QD\GÖQ´NRUVDQODUÖQL]LQHUDVWODQÖOGÖøÖQÖµ´$PHULND
PLVLOOHPH\H ELU NDUDU YHULUVHµ JLEL $PHULNDQ JFQ DoÖøD oÖNDUDQ PDQûHWOHUH \HU
YHUPLûWLU
0DQûHWOHUOH LOJLOL KDEHUOHUH EDNÖOGÖøÖQGD =DPDQ JD]HWHVL $PHULNDQÖQ JF YH
JoV]OøQ YXUJXOD\ÖFÖ DQODWÖPODUD \HU YHUPHNVL]LQ V|\OHQHQOHULQ VSHNODV\RQGDQ
LEDUHWROGXøXQXEHOLUWPHNWHGLU
&XPKXUL\HW LVH EX ROD\ÖQ $PHULND·QÖQ JFQ \ÖSUDWWÖøÖQD ´'Q\D 'HYLQLQ
NDOELQGHQ YXUXOXûXµQD GHøLQLUNHQ KD]ÖUOÖNVÖ] \DNDODQGÖøÖQÖ GD EHOLUWPHNWH DQFDN
%XVK·XQ EX VDOGÖUÖODUÖQ FH]DVÖ] NDOPD\DFDøÖ WHU|ULVWOHUL DYOD\DFDøÖQÖ EX VÖQDYÖ PXWODN
JHoHFHNOHULQL GQ\D LVWLKEDUDW |UJWOHULQLQ GH $PHULND·QÖQ \DQÖQGD ROGXøX \ROXQGDNL
J|UûOHULQH \HU YHUHUHN $PHULND·QÖQ JFQ DoÖøD oÖNDUPDNWDGÖU $QFDN 5DGLNDO LOH
NDUûÖODûWÖUÖOGÖøÖQGDEXNRQXGDNLV|\OHPOHULQ]D\ÖIROGXøXNDQDDWLQHXODûÖODELOPHNWHGLU
5DGLNDO JD]HWHVL LVH KDEHU LoHULNOHULQGH )%, \DUGÖPFÖ SHUVRQHOLQ
ROGXøXQX $IJDQLVWDQ·D DQL EDVNÖQ KD]ÖUOÖøÖQÖ HYUHQVHO GHVWHN DOÖQGÖøÖ YXUJXODQDUDN
JFQQ E\NOø RUWD\D oÖNPDNWDGÖU %X GHVWHøLQ VDOW $PHULND·\Ö GHøLO GQ\D\Ö GD
]DIHUHJ|WUHFHNROGXøXQXEHOLUWHQDQODPLoHULNOHULQLQ|QHoÖNWÖøÖJ|UOPHNWHGLU
$PHULNDQÖQ+DNOÖOÖøÖ+DNVÖ]OÖøÖ
=DPDQ JD]HWHVLQGH PDQûHW KDEHUOHUGH $PHULNDQÖQ KDNOÖOÖøÖQÖ |QH oÖNDUDQ KDEHUH
UDVWODQÖOPDPÖûWÖU ´ho NLûL WXWXNODQGÖµ ´7HU|UL]POH PFDGHOH NDUDUÖµ RODUDN \HU DODQ
PDQûHWOHU KDEHU DoÖNODPDODUÖ\OD ELUOHûWLULOGLøLQGH $PHULNDQÖQ PDøGXUL\HWLQL VL\DVDO
ùVODP·DNDUûÖGXUXûXQXKDNOÖoÖNDUDQEHWLPOHPHOHUHGH\HUYHUGLøLJ|UOPHNWHGLU
&XPKXUL\HW JD]HWHVL =DPDQ LOH NDUûÖODûWÖUÖOGÖøÖQGD J|UHFH EX KDNOÖOÖøÖ PDQûHWOHULQH
GDKD ID]OD WDûÖPÖû ROGXøX J|UOPHNWHGLU %XVK ROD\Ö $%'·\H DoÖOPÖû ELU VDYDû RODUDN
QLWHOHQGLUGL \HQPHN LoLQ ND\QDNODU NXOODQÖODFDN YE JLEL V|\OHPOHUH \HU YHULOHUHN
YXUJXODQPDNWDGÖU
1LPHWgQU$\ûHdDWDOFDOÖ³0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHO
5DGLNDO JD]HWHVL LVH PDQûHWOHULQGH ´(Q NDUDQOÖN JHFH %H\D] 6DUD\ KHGHIWH
ED\UDNODUÖQ \DUÖ\D LQHFHøL WDULKLQ HQ E\N WHU|U YE JLEL V|\OHPOHUOH EX KDNOÖOÖøÖ oRN
EHOLUJLQELUELoLPGHYXUJXODPDNWDGÖU
+DEHU LoHULNOHULQH EDNÖOGÖøÖQGD =DPDQ JD]HWHVLQGH GDKD oRN LGGLDODU KDNNÖQGD QHW
ELU ND\QDN J|VWHULOPH\HQ EHOLUVL] DQODWÖPODUÖQ \HU DOGÖøÖ J|UOPHNWHGLU 'XUXPX
SURWHVWR HGHQOHU ´ GN·OÖN VD\JÖ GXUXûXQGD *XLOORX IXDUÖ WHUN HWWLµ ´.|U N|UQH |o
YH LQWLNDP DOÖQPD\DFDøÖQÖµ YE DQODWÖPODUD \HU YHULOPLûWLU %X N|U N|UQH LQWLNDP
DOPDQÖQ JHUoHNOHûPH\HFHøLQL EHOLUWLOPHVL $PHULNDQ WHKOLNHVLQL \XPXûDWPDN DPDFÖQÖ
WDûÖPDNWDGÖU
&XPKXUL\HW JD]HWHVLQGH GH $%'·\H DoÖOPÖû ELU VDYDûÖQ YDUOÖøÖQGD $%'·QLQ
SVLNRORMLN WUDYPD LoLQGH ROPDVÖ QHGHQL\OH GûPDQÖ \HQPHN LoLQ ND\QDNODUÖQ KDUHNHWH
JHoLULOHFHøLEHOLUWLOPHNWHGLU%|\OHFH$PHULNDQÖQKDNOÖOÖøÖQDGD\HUYHULOPHNWHGLU
5DGLNDOJD]HWHVLLVH$PHULND·QÖQKDNOÖOÖøÖQÖNDKUDPDQODUÖQND\EÖQÖQYH|OVD\ÖVÖQÖQ
E\N ROGXøXQX NXUWDUPD HNLSOHULQGHQ FDQ ND\ÖSODUÖQÖ YXUJXOD\DUDN PDøGXUL\HWLQL
EHOLUWPHNWHYHKDNOÖOÖøÖQÖ|QHoÖNDUPDNWDGÖU
$PHULNDOÖYHgWHNL0VOPDQ
+DEHUOHUGH =DPDQ JD]HWHVL WDP EHOLUJLQ ELU ELoLPGH $PHULNDOÖ YH gWHNL D\UÖPÖQÖ
PDQûHWH\DQVÖWPDPDNODELUOLNWHEXD\UÖPÖGDYDUVD\DUDN´WDUDIODUDUDVÖQGDEWQOHûPH
JHUHNVLQLPL\DUDWÖOPDVÖQGDQµ\DQDROGXøXJ|VWHUPHNWHGLU
&XPKXUL\HWJD]HWHVLQLQGHV|]NRQXVXD\UÖPÖQGDKDSHNLûWLUGLøLJ|UOPHNWHGLUgUQ
´*|]OHU
/DGLQ·H
oHYULOGLµ
´$IJDQLVWDQ·GDQ
DOHYOHU
\NVHOL\RUµ
´/DGLQ·LQ
YH
WDUDIWDUODUÖQ NDQOÖ NURQRORMLVLµ ´0VOPDQODUD VDOGÖUÖ DUWWÖµ ´7HKOLNHOL NXWXSODûPDµ
JLELYXUJXODPDODUODD\UÖPODûDQLNLD\UÖGQ\DGDQV|]HWPHNWHGLU
5DGLNDOJD]HWHVL$PHULND·QÖQûXDQGDELUIHODNHWL\DûDGÖøÖQÖYHEXQXQIDUNOÖOÖNODUÖQD
UDøPHQEL]LP\DûDGÖøÖPÖ]GRøDOGHSUHPIHODNHWLQHEHQ]HUELUIHODNHWLQROGXøXDFÖYH
NHGHUL |INH\L NRQX HGHUHN |WHNLOHULQ $PHULNDQ KDONÖQÖ Jo GXUXPD GûUGøQH
J|QGHUPH\DSDUDN$PHULNDLOH$PHULNDGÖûÖQGDNDODQODUÖELUELULQGHQD\ÖUPDNWDGÖU
0DQûHWOHULQ DOWÖQGDNL KDEHUOHUH EDNÖOGÖøÖQGD =DPDQ JD]HWHVL $UDS |øUHQFLOHU
]HULQGHNLNXûNXODUÖQYDUOÖøÖQGDQ&XPD·QÖQ|OHQOHUHGXDJQROPDVÖQGDQEDKVHGHUHN
$%'·QLQ0VOPDQDOH\KWDUOÖøÖQÖN|UNOHGLøLNRQXVXQX|QHoÖNDUPDNWDGÖU&XPKXUL\HW
JD]HWHVLQLQ LVH GLQOHU NDYJDVÖQÖQ \DQOÖûOÖøÖ 0VOPDQ J|oPHQOHULQ WUEDQODUÖ\OD
GRODûPDPDODUÖ JHUHNWLøL 1$72·QXQ VDOGÖUÖ SODQÖ YH $IJDQLVWDQ·GDNL VDYDû SDQLøL
H\OHPOHULQ VRUXPOXVX /DGLQ YH WDUDIODUÖ YE LIDGHOHUOH $PHULNDQÖQ |WHNLOHULQL KHP
WDQÖPODPDNWDKHPGHEXD\UÖPÖGHULQOHûWLUPHPH\HoDOÖûWÖøÖJ|UOPHNWHGLU
5DGLNDO JD]HWHVL LVH $PHULNDQÖQ WDQÖPODGÖøÖ \|QGH ROD\ÖQ IDLOL RODUDN 8VDPH %LQ
/DGLQ·L J|VWHUPHNWHGLU +DWWD oHûLWOL DQODWÖPODUÖQGD E\N ELU RUDQOD EX
NRQXGDNL NDQDDWLQL SHNLûWLUPHNWHGLU 7HU|UQ IDLOLQL J|VWHUHUHN oHûLWOL V|\OHPOHUOH GH
EXDQODPÖSHNLûWLUPHNWHGLU
6RQXo
·OÖ \ÖOODUGDQ LWLEDUHQ QHROLEHUDOLVW SROLWLNDODUOD PHG\D DODQODUÖQÖQ WLFDULOHûPHVL
YH NUHVHOOHûPHVL PHG\DODUÖ NDPX \D\ÖQFÖOÖN LONHVLQGHQ X]DNODûWÖUPDNWDGÖU .DPX
\D\ÖQFÖOÖøÖQÖ PHûUX NÖODQ YH PLV\RQX EHOLUOH\HQ oRøXOFXOXN WHPVLO KDNNÖ HULûLP YH
LOHWLûLPKDNNÖJLELNDYUDPODUJHWLULOPLûYHXOXVDOPHG\DODUGDEHNOHQWLOHUGHøLûPLûWLU
0HG\DQÖQ WRSOXPODUÖQ ELOJLOHQGLULOPHVL D\GÖQODWÖOPDVÖ HøLWLOPHVL JLEL LûOHYOHUL\OH
XOXV
GHYOHWLQ
LûOH\LûLQLQ
|QQGHNL
HQJHOOHULQ
NDOGÖUÖOPDVÖ
GD
JLGHUHN
RUWDGDQ
NDONPDNWDGÖU 'LøHU ELU GH\LûOH |QFHVL XOXV GHYOHWOHUL D\DNWD WXWDFDN XOXV NOWU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ROXûWXUPDVÖYHJHOLûWLUPHVLEHNOHQHQPHG\DNUHVHOHNRQRPLNLûELUOLøLLoLQGHXOXV|WHVL
ROXûXPODUÖQ HWNLVLQH JLUPHNWHGLU 'ROD\ÖVÖ\OD \D\ÖQ SROLWLNDODUÖ XOXV GHYOHWOHUOH VÖQÖUOÖ
NDOPD\ÖS XOXV |WHVL PHG\D PDUNHWOHULQ EDVNÖVÖ DOWÖQD JLUPLûWLU +DEHU HøOHQFH WLFDUL
UHNODPFÖOÖNHOHNWURQLNYHULOHULYHVHVOLYH\D]ÖOÖLOHWLOHULDNWDUDQPHG\DQÖQXOXVODUDUDVÖ
ND\QDNODUGDQ
EHVOHQGLøL
WHNHOOHûPHOHU
YH
LoLQ
VHUPD\HQLQ
HNOHPOHQPHOHUOH
ROGXøX
NUHVHO
NDGDU
PHG\D
PHG\D
X]DPODUÖQD
NXUXPODUÖQGDNL
DoÖOPÖû
ROGXøX
J|UOPHNWHGLU .DPXVDO \D\ÖQ SROLWLNDODUÖQGD WLFDULOHûPH \|QQGH JHOLûHQ EX HøLOLP
XOXVDO PHG\D HWLøLQL YH SROLWLNDODUÖQÖ GHøLûWLUHUHN PHG\DQÖQ \HULQH JHWLUGLøL XOXVoX
SROLWLNVRV\DOL]DV\RQVUHFLQLHWNLOHPHNWHGLU
ùNL] .XOHOHU |UQHN ROD\Ö\OD LOJLOL KDEHUOHULQ \HU DOGÖøÖ PHG\DQÖQ SROLWLNDODUÖQD J|UH
LoHULøLQGH
ELoLPOHQGLøL
J|UOPHNWHGLU
$QFDN
PHG\D
SROLWLNDVÖQÖQ
\DQÖ
VÖUD
NUHVHOOHûPHVUHFLQLQNDSLWDOLVWLGHRORMLQLQPHG\DQÖQWXWXPXQGDEHOLUOH\LFLELUHWNHQ
ROGXøXJ|UOPHNWHGLU
%|\OHOLNOH
$PHULNDQ
LGHRORMLVLQH
NDUûÖ
GXUDQ
ùVODPFÖ
EDNÖû
DoÖVÖ
KDEHU
GHøHUOHQGLUPH\H GH \DQVÖPDNWDGÖU ùQFHOHGLøLPL] o JD]HWHGHQ VDø \D\ÖQ SROLWLNDVÖQÖ
EHQLPVH\HQ =DPDQ JD]HWHVL $PHULNDQ LGHRORMLVL WDUDIWDUOÖøÖQÖ HQ D] \DQVÖWÖU GXUXPGD
LNHQ VRO \D\ÖQ SROLWLNDVÖQGD \HU DODQ &XPKXUL\HW JD]HWHVL GH NÖVPHQ GH ROVD
NUHVHOOHûPH\H
ROXPOX
\DNODûPDNWD
5DGLNDO
JD]HWHVL
GH
$PHULNDQ
LGHRORMLVLQL
WDPDPHQROXPOD\DQELUWXWXPVHUJLOHPHNWHGLU
6RQXo RODUDN JQP]GH PHG\D HWLøL PHG\D \D\ÖQ SROLWLNDODUÖ\OD QHROLEHUDOLVW
X\JXODPDODUODYHWRSOXPODUÖQNOWUHO\DSÖODUÖ\ODELoLPOHQPHNWHGLU
.D\QDNoD
+HUPDQ(60F&KHVQH\5:*OREDO0HGLD7KH1HZ0LVVLRQDULHVRI&RUSRUDWH
&DSLWDOLVP&DVVHOO:RUOLQJ+RXVH/WG/RQGRQ
0RZODQD + *OREDO ,QIRUPDWLRQ DQG :RUOG &RPPXQLFDWLRQ 1HZ )URPWLHUV
,QWHUQDWLRQDO5HODWLRQV/RQJPDQ1HZ<RUN
0RKDPPDG\
'HYHORSLQJ
$
:RUOGµ
´&RPPXQLFDWLRQ
,QWHUQDWLRQDO
DQG
*OREDOL]DWLRQ
&RPPXQLFDWLRQ
DQG
3URFHVV
*OREDOL]DWLRQ
LQ
WKH
HG
$
0RKDPPDG\6DJH3XEOLFDWLRQV/RQGRQ
6WUHHW-0DVV0HGLD3ROLWLFVDQG'HPRFUDF\3DOJUDYH1HZ<RUN
0RUOH\ ' 5RELQV . .LPOLN 0HNkQODUÖ YH .UHVHO 0HG\D (OHNWURQLN 2UWDPODU YH
.OWUHO6ÖQÖUODUoHY(=H\EHNRøOX$\UÖQWÖ<D\ÖQODUÖùVWDQEXO
*XQWKHU50XJKDQ$'HPRFUDF\DQGWKH0HGLD&DPEULGJH8QLYHUVLW\3UHVV
6WHYHQVRQ 5 / ´&RPPXQLFDWLRQ 'HYHORSPHQW 7KLUG :RUOGµ 7KH *OREDO
3ROLWLFVRI,QIRUPDWLRQ/RQJPDQ,QF1HZ<RUN
6KROOH'-´(OHûWLUHOdDOÖûPDODUùGHRORML7HRULVLQGHQùNWLGDU%LOJL\Hµ0HG\DùNWLGDU
ùGHRORMLGHUYHoHY0HKPHW.oN$UN<D\ÖQODUÖ
%HUNRZLW]'6RFLDO0HDQLQJ1HZV6DJH3XEOLFDWLRQV/RQGRQ
&DVPLU ) / (WKLFV LQ ,QWHUFXOWXUDO DQG ,QWHUQDWLRQDO &RPPXQLFDWLRQ /DZUHQFH
(ULEDXP$VVRFLDWHV3XEOLVKHU/RQGRQ
"
8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL 3URI'U<DPDQgUV
*LULû
%X VXQXûXQ \|QWHPELOJLVL PHWRGRORML DoÖVÖQGDQ NXûNXVX] ELUELULQH \DNÖQGDQ EDøOÖ
RODQ DQD QRNWDODUÖQÖ û|\OH VÖUDOD\DELOLUL] 7HN ELU HWNLQOLN RODUDN DGODQGÖUÖODQ YH |\OH
NDEXO HGLOHJHOPLû RODQ IHOVHIHQLQ RQXQ HYULPL VÖUDVÖQGD RUWD\D oÖNPÖû oRN GHøLûLN
NDUûÖWRNXOODUÖQDNÖPODUÖQDUDODUÖQGDNLD\UÖOÖNODUDEDøOÖROPDN]HUHJHUoHNWHELUGHQoRN
HWNLQOLN RODUDN GD GûQOHELOHFHøL HWLN \D GD DKODNL GHøHUOHU IHOVHIHVL DODQÖQGD EXQXQ
EHONL |]HOOLNOH EHOLUJLQ ROGXøX DKODNL GHøHUOHULQ \DOQÖ] IHOVHIH HWNLQOLøLQGH GHøLO
LQVDQWRSOXPELOLPOHULQGHGHHOHDOÖQGÖøÖIHOVHIHFLOHUFHGDKDoRN´X\JXODPDOÖHWLNOHUµ
RODUDNELOLQHJHOPLûXøUDûHWLNOHULQLQIHOVHIHGHNLHWLøLQV|]NRQXVXXøUDûODUGDNL|]HOYH
IDUNOÖODûPÖû ELUHU X]DQWÖVÖ RODUDN J|UOHELOHFHøL %X EDøODPGD HQ |QGH JHOHQ YH IHOVHIH
HWNLQOLøLQLQ WP HYULPL ER\XQFD ]HULQGH SHN GXUXOGXøXQX V|\OH\HPH\HFHøLPL] ELU
QRNWD RODUDN GD IHOVHIHQLQ \D GD IHOVHIH \DSPDQÖQ HWLNDKODNL GHøHUOHU DoÖVÖQGDQ
VRUJXODQDELOHFHøLQGHQVRUJXODQPDVÖ JHUHNWLøLQGHQ V|]DoÖODFDNWÖU .XûNXVX]E|\OHELU
DOWHWNLQOLN IHOVHIHQLQ ELU DOW GDOÖ RODQ HWLN·WHQ D\UÖ NRQXPGDGÖU YH ELU X\JXODPDOÖ HWLN
\D GD IHOVHIH HWNLQOLøLQLQ NHQGLVLQLQ ELU XøUDû NRQXPXQXQ EXOXQXS EXOXQPDGÖøÖ
NRQXVX ELU \DQD ELU XøUDû HWLøLDKODNÖ RODUDN GûQOHELOLU %|\OH GH GûQOPHOLGLU
YH
IHOVHIHFLOHULQ
HWNLQOLNOHULQH
\|QHOLN
RODUDN
EXUDGDQ
oÖNDUDFDNODUÖ
|QHPOL
\|QWHPELOJLVLYH´XøUDûDKODNÖµVRQXoODUÖROPDOÖGÖU
)HOVHIH(WLN)HOVHIHOHU(WLNOHU
%XUDGD |QFH IHOVHIH HWNLQOLøL LOH LOJLOL RODUDN V|] DoPDQÖQ |QHPOL ROGXøXQX
GûQGøP ELU QRNWD\Ö GLOH JHWLUPHP JHUHNHFHNWLU .DQÖPFD IHOVHIH DODQÖ LoLQ LONHFH
JHoHUOLRODQ´$NDGHPLNµRODQYHROPD\DQ)HOVHIHD\UÖPÖQÖNHQGLDoÖPGDQEXVXQXûXQ
WPEDøODPÖQGDGLNNDWHDOPDNGXUXPXQGD\ÖP´$NDGHPLN)HOVHIHGHQµ\ÖONDGDU
|QFH (JH NÖ\ÖODUÖQGD RUWD\D oÖNDQ VRQ \]\ÖOODUGD GD ´%DWÖ )HOVHIHVLµ ELoLPLQGH
DQÖODUDNNHQGLQLVUGUHQYHJHUHNHøLWLPLJHUHNVHNHQGLVLLONHFHQLYHUVLWHLoLQGH\DGD
ELU
QLYHUVLWH
DQOD\ÖûÖ\OD
JHUoHNOHûWLULOHQ
NDYUDPVDOHOHûWLUHOPDQWÖNVDO
ELU
JHUHNoHOHQGLUPH HWNLQOLøLQL DQODWPDN LVWL\RUXP %WQ GûQOGøQGH EX HWNLQOLN
JHQHOGH ´'RøX )HOVHIHVLµ \D GD ´'RøX )HOVHIHOHULµ RODUDN ELOLQHQ EXJQ GDKD oRN
´<DûDP )HOVHIHVLµ RODUDN WHULPOHQGLUHELOHFHøLPL] YH |UQHøLQ EHONL ´9DUROXûFXOXøXQµ
ELU
WU
NDUûÖOÖøÖ
RODUDN
J|UHELOHFHøLPL]
HWNLQOLNOH
\HULQH
J|UH
E\N
D\UÖOÖN
J|VWHUPHNWHGLU$QFDNEXUDGDNRQX\ODLOJLOLoQRNWD\ÖGDKDEHOLUWPHNGXUXPXQGD\ÖP
ùON RODUDN NXOODQGÖøÖP ´$NDGHPLN )HOVHIHµ WHULPLQGHNL ´DNDGHPLNµ V|]FøQQ
.RQJUHGHNLVXQXOXûXQGDQVRQUDEXPHWLQLNLD\UÖEDøODPGD|]QGHGHøLûLNOLN\DSÖOPDGDQ
DQFDNGDKDX]XQRODUDND\UÖEDûOÖNODUODYHDOWEDûOÖNODUÖQGDGHøLûLNYXUJXODPDODUOD\HQLGHQ
VXQXOPXûYHWDUWÖûÖOPÖûWÖU´(WLN8øUDû(WLNOHULYH)HOVHIH<DSPDQÖQ(WLøLµ$NGHQL]
hQLYHUVLWHVL)HOVHIH.XOE$QWDO\D1LVDQhQLYHUVLWH·GHNLWDQÖWÖPÖQGDEDûOÖN´(WLN
'HøHUOHUYH(WLN)HOVHIHVLµRODUDNYHULOPLûWLU´)HOVHIHYH(WLøLµ7UN6RV\DO%LOLPOHU
'HUQHøL$QNDUD0D\ÖV%XUDGDNLVRQPHWLQLoLQLVHGDKDoRNNRQJUHGHNLVXQXûXQYH
WDUWÖûPDODUÖQNDYUDPoHUoHYHVLGLNNDWHDOÖQPÖûWÖU
$QNDUDhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
3ODWR·QXQ ´$NDGHPLVLµ LOH GRøUXGDQ KLo ELU LOLûNLVLQLQ EXOXQPDGÖøÖQÖ V|\OHPHP
JHUHNL\RU
ùNLQFL
QRNWD
WDULKVHO
ROPDNWDQ
oRN
\|QWHPELOJLVHOGLU
6|]
NRQXVX
JHUHNoHOHQGLUPH LûLQH %DWÖ IHOVHIHVLQGH GH |UQHøLQ ]DPDQÖPÖ]ÖQ ´SRVWPRGHUQµ GHQHQ
IHOVHIHVLQGH ROGXøX ELoLPGH QHUHGH\VH ERû YHULOGLøLQL |WH \DQGDQ RQXQ 9L\DQD
dHYUHVL·QLQ \HQL ROJXFXOXøXQGD PDQWÖNoÖ HPSLULVL]PGH |]HOOLNOH 5HLFKHQEDFK·ÖQ
DoÖNOÖøD NDYXûWXUGXøX ELOLPVHO IHOVHIHGH ]DPDQÖPÖ]GD WHPHO ELOLP HWNLQOLøLQGH ROGXøX
JLEL ELU GRUXøD XODûWÖøÖQÖ V|\OH\HELOLUL] %XUDGD oQF RODUDN LVH EX VRQXQFXVX\OD
\DNÖQGDQ
EDøODQWÖOÖ
RODQ
ûX
QRNWD
V|]
NRQXVXGXU
7DULKVHO
DoÖGDQ
EXUDGDNL
EDøODPÖPÖ]GD LVH GDKD |QHPOL RODUDN \|QWHPELOJLVL DoÖVÖQGDQ DNDGHPLN IHOVHIHQLQ LON
RUWD\D oÖNÖûÖQGDQ EHUL ELU EDNÖPD RQXQ YDUOÖN QHGHQL ROGXøX V|\OHQHELOHFHN YH WHPHO
ELOLP DQODPÖQGD ELOLPLQNL\OH LONHFH |UWûHQ DPDFÖQÖ JQGHPH JHWLUPHOL\L] HQ JHQLû
DQODPGD \HU\] YH J|N\]QGH GRøD YH LQVDQ WRSOXPODUÖQGD HYUHQGH WP ROXS
ELWHQOHU DQODPÖQGD GQ\DQÖQ DQODûÖOPDVÖ YH DoÖNODQPDVÖ =DPDQ LoLQGH EX DPDFÖQ
GRøUXGDQ GL\HELOHFHøLPL] ELoLPGH JHUoHNOHûWLULOGLøL HWNLQOLN JLGHUHN \RøXQ ELU ELoLPGH
ELOLP ROPXûWXU %DûODQJÖoWD 9L\DQD dHYUHVL·QLQ GDU ELU DoÖGDQ GD ROVD oRN \HULQGH
VDSWDGÖøÖ JLEL EX EDNÖPGDQ DNDGHPLN IHOVHIH\H GH EDûWD WHPHO ELOLP ROPDN ]HUH
ELUHU´DNDGHPLNµXøUDûRODQYHROPD\DQEHOOLEDûOÖLQVDQHWNLQOLNOHULQLGûQFHGLOYH
GHøHUOHUG]H\LQGHLUGHOHPHNGûPHNWHGLU%XPHWLQGHGH´IHOVHIHGHQµNXûNXVX]KHS
DNDGHPLNIHOVHIHDQODûÖOPDOÖGÖU
*LULûWHNÖVDFDGHøLQLOGLøLEXE|OPQEDûOÖøÖQGDGDEHOLUWLOGLøLJLELNDQÖPFDIHOVHIH
EHONL |]HOOLNOH JQP]GH WHN ELU HWNLQOLN RODUDN J|UOHPH] EXQXQ GD WHPHO QHGHQL
DODQÖQHYULPLER\XQFD\HULQHJ|UHWHPHO\|QWHPELOJLVHOQRNWDODUGDELUELULQHoRNNDUûÖW
RODQ IHOVHIH RNXOODUÖQÖQDNÖPODUÖQÖQ EXOXQXûXGXU %X DNÖPODUÖQ DUDVÖQGD EXUDGDNL
EDøODPÖPÖ]GD |UQHN ROXûWXUDFDNODU ûXQODU RODELOLU ùQJLOL] HPSLULVL]PL PDGGHFLOLN
LGHDOL]P \HQL 3ODWRQFXOXN \HQL .DQWoÖOÖN YDUROXûoXOXN \HQL ROJXFXOXN %XQODUÖQ
DUDVÖQGDNL
\|QWHPELOJLVHO
LOLûNLOHUL
\D
GD
IHOVHIH
RNXOODUÖQÖQDNÖPODUÖQÖQ
VÖQÖIODQGÖUÖOPDVÖNPHOHQGLULOPHVL VRUXQXQX EXUDGD ELU \DQD EÖUDNDUDN WP IHOVHIH
HYULPL ER\XQFD YDU ROPXû HQ WHPHO LNL NPH RODUDN 8VVDOFÖOÖN 5DV\RQDOL]P YH
'X\XVDOFÖOÖN
(PSLULVL]P
DUDVÖQGDNL
NDUûÖWOÖøÖ
JQGHPH
JHWLUHELOLUL]
*HQHOOLNOH
ELOLQPHVL JHUHNWLøL JLEL EXQODUÖQ DUDVÖQGDNL WHPHO D\UÖP ELOJLQLQ N|NHQL \D GD ND\QDøÖ
LOH LOJLOLGLU %LULQFLVLQH J|UH EX LQVDQ XVXGXU LNLQFLVL DoÖVÖQGDQ LVH GÖû GQ\DGÖU
)HOVHIHGH EX LNL DQD DNÖP \D GD RNXO YH DOWDNÖPODUDOWRNXOODU DUDVÖQGD EX \|QGHQ
RUWD\D oÖNDQ D\UÖOÖN \HULQH J|UH |\OHVLQH E\NWU NL \|QWHPELOJLVHO DoÖGDQ GHPHN
ROX\RU NL IHOVHIH DQOD\ÖûÖ \DNODûÖP \|QWHP YH HWNLQOLøL JHUoHNOHûWLUPHIHOVHIH \DSPD
DoÖVÖQGDQ WHN ELU IHOVHIH HWNLQOLøLQGHQ oRN GHøLûLN ´IHOVHIHOHULQµ EXOXQGXøXQX LOHUL
VUPHN DEDUWÖOÖ ROPD\DFDNWÖU g]GHû \D GD ELUELULQH \DNÖQ ]DPDQODUGD JHOLûPLû
´IHOVHIHOHUGHQµ 3ODWR·QXQ YH $ULVWR·QXQ IHOVHIHOHUL .DQW·ÖQ IHOVHIHVL LOH GL\DOHNWLN
PDGGHFLOLN YDUROXûoXOXNOD PDQWÖNoÖ HPSLULVL]P EX EDNÖPGDQ J|VWHULOHELOHFHN X\JXQ
NDUûÖWoLIWOHURODUDNGûQOHELOLU
)HOVHIH\OH LOJLOL DNDGHPLN ELU VXQXûWD EX HWNLQOLNWHNL DNÖPODUÖQ RQXQ GDOODUÖ \D GD
DOWGDOODUÖ\OD NDUÖûWÖUÖOPDPDVÖ JHUHNWLøLQGHQ V|] DoPDN EHONL DEDUWÖOÖ YH JHUHNVL] ELU Lû
JLELJ|UQHELOLUNDQÖPFDGDEXLONHFHDEDUWÖOÖYHJHUHNVL]ELULûWLU$QFDNVXQXFXQX]XQ
EX NRQXGDNL J|]OHPOHUL QH \D]ÖN NL EX LûL QHUHGH\VH JHUHNOL NÖOPDNWDGÖU 2 |UQHøLQ
NHQGL EHQLPVHGLøL IHOVHIH RNXOX RODQ ELOLPVHO IHOVHIHQLQ VH\UHN ROPD\DUDN ELU IHOVHIH
GDOÖ RODQ ELOLP IHOVHIHVL\OH NDUÖûWÖUÖOGÖøÖQÖ J|UPûWU KHP GH ELUWDNÖP IHOVHIHFLOHU KLo
GHJHQoROPD\DQGHQH\LPOLIHOVHIH|øUHWLP\HOHULWDUDIÖQGDQ
<DPDQgUV³8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL
)HOVHIH NRQXVXQGD \|QWHPELOJLVHO YH HYULPVHO ELU \DNODûÖPOD \XNDUGD \DSÖODQ
o|]POHPH \HULQGH LVH IHOVHIHQLQ ELU GDOÖ RODQ (WLN \D GD $KODNL 'HøHUOHU )HOVHIHVL
DODQÖQGDGDJLULûE|OPQGHGHGHøLQGLøLPJLELELUELULQGHQD\UÖELUGHQoRNHWNLQOLøLQ
EXOXQGXøX VDSWDPDVÖ ELU DEDUWPD ROPD\DFDNWÖU %X NRQXGD SHN JoON oHNPHGHQ ELU
HWLN HWNLQOLøLQGHQ oRN ELUWDNÖP ´HWLNOHUµGHQ V|] DoPDN NXûNXVX] HQ EDûWD JHOHQHNVHO
LQVDQ YH EHQ PHUNH]OL XVVDOFÖ IHOVHIHFLOHULQ JHOLûWLUGLNOHUL ´DKODN VLVWHPOHULµ GLNNDWH
DOÖQGÖøÖQGD ROGXNoD KDNOÖ ELU J|]OHPLQ DQODWÖPÖ ROVD JHUHNWLU 6RNUDW·OD 3ODWR·\X
6SLQR]D·\Ö .DQW·Ö 1LH]WVFKH·\L YE GûQHOLP 2QODUÖQ JHOLûWLUGLNOHUL DKODN |øUHWLOHUL
DUDVÖQGDELUWDNÖPEHQ]HUOLNOHUGHROVDEXUDGDNLVDYLONHFHJHoHUOLGLUNDQÖVÖQGD\ÖP(WLN
DODQÖQGDGDVLVWHPJHOLûWLUPH\HNDUûÖRODQ|]QHOFL\DNODûÖPOÖHPSLULVLVWOHULQEXDODQGDNL
GHøLûLNJ|UûOHULGûQOQFHIHOVHIHGH´HWLNOHUµLQYDUOÖøÖGDKDEHOLUJLQROPDNWDGÖU
%LOLP)HOVHIH$KODNYH(WLN
.RQX LoHULNOHUL RUWDN ROVD GD ´$KODNµ YH ´(WLNµ WHULPOHUL DUDVÖQGD JHQHO RODUDN
NDEXO J|UGøV|\OHQHELOHFHN D\UÖOÖøÖ NXûNXVX] EX EDøODPGD GD JQGHPH JHWLUPHOL\L]
%XUDGDNL HQ WHPHO QRNWD EXQODUGDQ ELULQFLVLQLQ ELU WRSOXPGD LQVDQ WXWXP YH
GDYUDQÖûODUÖQD \|QHOLN LVWHNOHUL YH NDEXOOHUL LoHUHQ GHøHUOHULPL]LQ WRSODPÖ DQODPÖQD
JHOPHVLQH NDUûÖOÖN LNLQFLVLQLQ DNDGHPLN ELU DOWDODQ ROXûXGXU 6RQ RQ\ÖOODUGD GQ\DGD
HWLN DODQÖQGD JLGHUHN GDKD \RøXQ ELoLPGH JQGHPH JHOHQ JHOLûPHOHULQ VRQXFX RODUDN
LNLQFL WHULP ELUWDNÖP DQODP GHøLûLNOLNOHULQH XøUDPÖûVD GD \|QWHPELOJLVL DoÖVÖQGDQ
RQXQODLOJLOLE|\OHELULON\DGDWHPHOVDSWDPD\ÖLONHFH\HULQGHNDEXOHGHELOLUL]
<|QWHPELOJLVHO DoÖGDQ EXUDGD NRQX HGLOHELOHFHN LNLQFL ELU QRNWD ûXGXU 'HRQWLN
PDQWÖN JLEL EHOOL ´WHNQLNµ \|QOHULQL ELU \DQD EÖUDNÖUVDN JHQHOGH HWLN DODQÖ IHOVHIH
HWNLQOLøLQLQHQD]WHNQLNYHELUEDNÖPDJHUoHNWH´RUJDQLNµELULOLûNLVLQLQGHEXOXQGXøX
V|\OHQHELOHFHN ´\DûDP IHOVHIHVL\OHµ EHQ]HûHQ GDOÖGÖU %XUDGD ´WHNQLNµ V|]Fø\OH
JHQHOGH DNDGHPLN DODQODUÖQ LONHFH KHSVL LoLQ JHoHUOL ROGXøXQX GûQGøP ûX QRNWD\Ö
DQODWPDNLVWL\RUXPLQVDQODUÖQJQON\DûDPODUÖQGDD]oRNRUWDNVD\ÖODELOHFHNGHQH\LP
LOLûNL VUHo YE ROXS ELWHQOHUGHQ D] \D GD oRN GHøLûLNOLN D\UÖOÖN J|VWHUHQ |]HOOLNOHU %X
DoÖGDQ EDNÖOGÖøÖQGD |UQHN RODUDN YHUPHN JHUHNLUVH PDWHPDWLN YH PDWHPDWLN IHOVHIHVL
VLPJHVHO PDQWÖN IL]LNWH J|UHFHFLOLN NXUDPÖ YH IHOVHIL o|]POHPHVL HYULP EL\RORMLVL YH
IHOVHIHVL |UQHøLQ KXNXN YH IHOVHIHVLQGHQ VL\DVDO IHOVHIH \D GD WDULKOH EX DODQÖQ
IHOVHIHVLQGHQ\HULQHJ|UHoRNGDKD´WHNQLNµDODQODUGÖU
%XE|OPQEDøODPÖQGDoQFELUNRQXRODUDN¶ELOLP·NDYUDPÖQGDQV|]DoDELOLUL]
%X NDYUDPÖQ JQGHPH JHOPHVLQLQ QHGHQL VXQXFXQX]XQ |]QHOFL \DNODûÖPÖQD J|UH
LQVDQ
WXWXP
YH
GDYUDQÖûODUÖ\OD
LOJLOL
LVWHN
YH
GLOHNOHULPL]GHQ
ROXûDQ
DKODNL
GHøHUOHULPL]LQELOLPHWNLQOLøLQL\DNÖQGDQLOJLOHQGLUPHVLGLU$QFDNEXUDGD´LOJLOHQGLUPHµ
LOHEDûWDWHPHOELOLPOHUROPDN]HUHEXHWNLQOLøLQDKODNLGHøHUOHUDoÖVÖQGDQLUGHOHQLûLQL
GDKD DoÖN ELU DQODWÖPOD ´ELOLPOHULQ HWLøLQLµ \D GD ´ELOLP DKODNÖQÖµ DQODWPDN
LVWHPL\RUXP %HQLP EXUDGD ]HULQGH GXUGXøXP QRNWD DKODNL GHøHUOHULPL]LQ QH\L
DKODNL VRUXQ RODUDN J|UGøP]Q EX DODQGDNL o|]P |QHULOHULPL]LQ VHoLPOHULPL]LQ
YH NDUDU YHUPHOHULPL]LQ WRSOXPLQVDQ ELOLPOHULQLQ |QHPOL NRQX NPHOHUL DUDVÖQGD
ROXûODUÖGÖU .XûNXVX] EX NRQXODUÖQ EX ELOLPOHUGH HOH DOÖQPDVÖ RQODUÖQ DoÖNODQPDVÖ YH
RUWD\D oÖNÖû NRûXOODUÖ\OD LOJLOL RODUDN ELUWDNÖP JHQHOOHPHOHUH YDUÖOPDVÖ ELU EDûND
DQODWÖPOD ELOLPVHO ELOJL UHWLOPHVL DPDFÖQD \|QHOLNWLU )HOVHIHGH LVH EX DODQÖQ
\|QWHPELOJLVLQLQ JHUHøL RODUDN E|\OH ELU ELOJL UHWLPL DPDFÖ V|] NRQXVX RODPD]
gUQHøLQ VXQXFXQX]XQ EDøOÖ EXOXQGXøX ELOLPVHO IHOVHIH DNÖPÖQÖQ GRøUXOWXVXQGD HWLN
GDOÖQGD GD HQ EDûWD \DSÖODQ DKODNL GHøHUOHULPL]LQ VRUXQODUÖPÖ]ÖQ o|]POHULPL]LQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDUDUODUÖPÖ]ÖQ EXQODUOD LOJLOL H\OHPOHULPL]LQ YE WXWDUOÖOÖN EHOOL EDûOÖ HWLN LONHOHUL JLEL
\|QOHUGHQ NDYUDPVDO G]H\GH o|]POHQPHVLGLU EX o|]POHPHQLQ EDûOÖFD QLWHOLøL LVH
RQXQHOHûWLUHOPDQWÖNVDODQODPELOJLVHOELU\RUXPDXODûPDoDEDVÖROXûXGXU
%X E|OPQ NDSVDPÖ LoLQGH G|UGQF YH VRQ RODUDN GD ´HWLNµ YH ´DKODNµ
WHULPOHULQLQDUDVÖQGDNLDQODPD\UÖOÖøÖQÖQ´X\JXODPDOÖHWLNOHUµRODQXøUDûHWLNOHULQGHELU
EDNÖPD RUWDGDQ NDONPDVÖQGDQ V|] HGHELOLUL] %XQD J|UH |UQHøLQ ´ELOLP DKODNÖµ LOH
´ELOLP HWLøLµ ´WÖS HWLøLµ LOH ´WÖS DKODNÖµ \D GD ´DUDûWÖUPD HWLøLDKODNÖµ DUDVÖQGD JHQHO
RODUDN ´HWLNµOH ´DKODNµ DUDVÖQGD V|] NRQXVX RODQD EHQ]HU ELU D\UÖOÖøÖQ EXOXQGXøX SHN
V|\OHQHPH] 8øUDû DKODNÖXøUDû HWLNOHUL NRQXVXQX ûLPGL \DNÖQGDQ LUGHOHUNHQ EX
NRQXQXQEHONLGROD\OÖELoLPGHGHROVDGDKDELUDoÖNOÖøDNDYXûDFDøÖQÖGûQ\RUXP
%LUHU)DUNOÖODûPÖû8]DQWÖ2ODUDN8øUDû(WLNOHUL
%XUDGDNL EDøODPÖPÖ]GD EHONL oRøX IHOVHIHFLQLQ J|]\OH ELUHU ´X\JXODPDOÖ HWLNµ
RODUDN J|UOHQ XøUDû HWLNOHUL NRQXVXQX D\UÖQWÖOÖ RODUDN LûOHPHPL]H SHN JHUHN \RNWXU
GL\HELOLUL] %XQXQ ELU QHGHQL EXUD\D GHN \DSWÖøÖPÖ] JHQHO YH GDKD NXUDPVDO RODQ
o|]POHPHOHUGHQVRQUDEDøODPÖPÖ]DoÖVÖQGDQEXQDSHNJHUHNNDOPDPDVÖRODELOLUVHELU
|WHNLVL GH EDûOÖøÖPÖ]GDNL o WHULPGHQ HQ oRN YXUJXODQPDVÖ JHUHNHQLQ EXQGDQVRQUDNL
E|OPGH HOH DODFDøÖPÖ] ´IHOVHIH \DSPDQÖQ HWLøLµ WHULPL ROPDVÖGÖU +HU GXUXPGD EX
EDøODPGD XøUDû HWLNOHULQL WDUWÖûPDPÖ]ÖQ GDKD oRN ELU ´IHOVHIH HWLøLQLQµ JHOLûWLULOPHVL
|QHULVLQH
DUDo
RODUDN
GûQOPHVL
JHUHNWLøLQL
EHOLUWPHOL\L]
%XUDGD
\D]ÖQÖQ
EDûOÖøÖQGDNL LNLQFL WHULP RODQ ´X\JXODPDVÖ] HWLNµ ]HULQGH GXUPD\Ö GûQP\RUXP
RQGDQ ´JHQHO RODUDN HWLNµ DQODûÖODELOHFHøL JLEL DNDGHPLN DQODPGD EDûOÖøD GLNNDWL
oHNPH EHNOHQWLVLQL NDUûÖODPD GÖûÖQGD DQODPELOJLVHO KHUKDQJL ELU LûOHY EHNOHQPH\HELOLU
GH
%X
E|OPQ
EXOXQPDNWDGÖU
EDûOÖøÖQGD
DoÖNOÖøD
NDYXûWXUXOPDVÖ
´IDUNOÖODûPÖû
X]DQWÖµ
YH
´XøUDûµ
JHUHNHQ
%XQODUGDQ
LNL
WHULP
LNLQFLVL
GDKD
IL]LNWHQ
WRSOXPELOLPH GHN WHPHO ELOLPOHUL WÖS |WHNL VDøOÖN DODQODUÖ PKHQGLVOLNOHU JLEL JHUHNOL
ROPD]VD ROPD] NRûXOODUÖ WHPHO ELOLP RODQ DODQODUÖ JLGHUHN GH WDULK KXNXN HøLWLP
LNWLVDWIHOVHIHYEQLYHUVLWHHøLWLPLQHGD\DQDQSHNoRNHWNLQOLøLYHEXQODUÖQQLYHUVLWH
GÖûÖQGDNL YH LoLQGHNL JHUoHNOHûWLULOPH ELoLPOHULQL DQODWPDNWDGÖU %L]LP EXUDGDNL
EDøODPÖPÖ]GD GDKD |QHPOL YH oRN GDKD JHoHUOL RODQ ELULQFL WHULPLQ ND\QDøÖQÖ LVH
FDQOÖOÖN
ELOLPOHULQGHNL
ROXûWXUPDNWDGÖU
LNL
´UDKLPLoL
KFUHQLQ
JHOLûLPµLQ
ELUOHûPHVLQGHQ
WHPHO
|]HOOLøL
ROXûPXû
RODQ
´G|OOHQPLû
´IDUNOÖODûPDµ
\XPXUWDGDQµ
JHOLûHQ DQFDN ]DPDQ LoLQGH RQGDQ JLWWLNoH GDKD LOHUL ELU ELoLPGH D\UÖOÖNODU J|VWHUHQ
KFUHOHU YH RQODUÖQ EDûND \DSÖVDO |øHOHUOH ELUOLNWH ROXûWXUGXNODUÖ GRNXODU gUQHøLQ
VLQLU \D GD NDV KFUHOHULQGH ROGXøX JLEL EX D\UÖPODûPD \D GD IDUNOÖODûPD |\OHVLQH LOHUL
G]H\GH RODELOLU NL JHOLûPHQLQ LON DûDPDODUÖQGDNL KFUHOHUOH RQODUÖQ DUWÖN oRN D]
EHQ]HUOLøLQLEXODELOLUVLQL]
ùûWHEXUDGDQ \ROD oÖNÖODUDN \DSÖODELOHFHN ELU EHQ]HWLPOHû|\OH GûQHELOLUL] <NVHN
HøLWLPH GD\DQDQ KHUKDQJL ELU XøUDûÖQ KHU \|QQQ DKODNL GHøHU VRUXQODUÖQÖQ
LQFHOHQGLøL ELU XøUDû HWLøL IHOVHIHQLQ ELU GDOÖ RODQ ´JHQHOµ JQON \DûDPGDNL DKODNL
GHøHU VRUXQODUÖQGDQ SHN ´IDUNOÖODûPDPÖûµ HWLøLQ EX XøUDû LoLQGHNL X]DQWÖVÖ RODUDN
GûQOHELOLU %XUDGD ´IDUNOÖODûPD\Öµ YH RQXQ QLFHOLøLQL ´|OoVQµ EHOLUOH\HQ V|]
NRQXVX XøUDûÖQ GDKD \XNDUGD V|]Q HWWLøLPL] ´WHNQLNOLNµ GHUHFHVL RODFDNWÖU %XQX
XVXPX]GDDoÖNOÖøDNDYXûWXUPDNLoLQ\LQHGDKD|QFHV|]DoWÖøÖPÖ]JLELJQON\DûDPÖQ
DKODNL VRUXQODUÖ YH o|]POHUL\OH |UQHøLQ oHNLUGHN IL]LøL FDQOÖOÖN ELOLPOHULQGH NDOÖWÖP
DUDûWÖUPDODUÖ HWQRORML DUDûWÖUPDODUÖ \D GD SVLNL\DWUL YH VLQLU FHUUDKLVLQLQ \UWOPHVL
<DPDQgUV³8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL
VÖUDVÖQGD RUWD\D oÖNDQ DKODNL GHøHU VRUXQODUÖQÖNRQXODUÖQÖ NDUûÖODûWÖUDOÖP ùNLQFLOHUL
DoÖNOÖNOD NDYUD\DELOPHPL] LoLQ |QFH RQODUÖQ RUWD\D oÖNWÖNODUÖ EDøODPODUÖ GDKD DoÖN
DQODWÖPÖ\OD LOJLOL ´WHNQLNµ DODQÖ RQXQ \|QWHPELOJLVHO |]HOOLNOHULQL RQXQ \UWOPHVL
VÖUDVÖQGDNL LOLûNL GXUXPODUÖQÖ \DNÖQGDQ WDQÖPDN JHUHNHFHNWLU %X oRN WHPHO ´IHOVHILµ
QRNWDQÖQ
GLNNDWH
DOÖQPDPDVÖ
\D
GD
ERûODQPDVÖQGDQ
GROD\ÖGÖU
NL
NHQGLOHUL
´IDUNOÖODûPDPÖûµIHOVHIHFLOHU´X\JXODPDOÖµHWLNNRQXVXQGDLOJLOLXøUDûODUÖQNLûLOHULQGHQ
]DPDQ ]DPDQ LOHUL RODELOHQ WHSNLOHUOH NDUûÖODûPDNWDGÖUODU dQN RQODUÖQ HWLNOH LOJLOL
RODUDN ROXS ELWHQOHUL VRPXW EDøODPODUÖQGDQ QHUHGH\VH NRSDUDQ oRN JHQLû NDSVDPOÖ
´DKODNL LONHOHULµ XøUDû HWLNOHULQGHNL VRUXQ NPHOHULQLQ NDYUDPVDO o|]POHQPHVLQGH
HNVLNNDOPDNWDGÖU
)HOVHIH<DSPDQÖQ)HOVHIHQLQ(WLøL
%XVXQXûXQ|]JQ YH DøÖUOÖNOÖ QRNWDVÖ VXQXFXQX] DoÖVÖQGDQ IHOVHIHQLQ \D GDIHOVHIH
\DSPDQÖQ HWLøL NRQXVX LVH GH EXUDGDNL EDøODPÖPÖ]GD EX E|OP YH EXQGDQ VRQUDNL
VRQXo E|OPQ X]DWPDN \LQH GH SHN JHUHNOL J|UQP\RU <D]ÖQÖQ EDûÖQGDQ EHUL
IHOVHIHQLQ YH HWLøLQ \|QWHPELOJLVL NRQXVXQGDNL VDSWDPDODUOD XøUDû HWLNOHUL DODQÖQGDNL
J|]OHPOHU \HULQGH LVHOHU YH EXQODU IHOVHIHQLQ ´NHQGLVLQLQµ HWLøL NRQXVXQGD GD
´IHOVHILµELUoÖNÖûQRNWDVÖROXûWXUDELOL\RUODUVDR]DPDQVXQXûXQHQ|QHPOL\|QGHROVD
EX EDøODPGD EX NRQX\X GDKD oRN X]DWPDQÖQ SHN JHUHøL ROPD\DELOLU 'ROD\ÖVÖ\OD EX
E|OPQ NRQXVX EXUDGD GDKD |QFH GLOH JHWLULOHQ WHPHO QRNWDODUÖQ ÖûÖøÖQGD YH oRN |]
ELU ELoLPGH HOH DOÖQDFDNWÖU $\UÖFD E|OPQ EDûOÖøÖQGD EHOLUWLOGLøL JLEL ´IHOVHIHQLQ
HWLøLµ LOH ´IHOVHIH \DSPDQÖQ HWLøLµ WHULPOHULQLQDQODWÖPODUÖQÖQ HQ D]ÖQGDQ EXUDGDNL
EDøODPÖPÖ]GDELUELUOHUL\OHHûDQODPOÖRODUDNNXOODQÖODELOHFHøLQLGûQ\RUXPgUQHøLQ
´7ÖS (WLøLµQH NRûXW RODUDN ROXûWXUXODELOHFHN ´)HOVHIH (WLøLµ WHULPL EX HWNLQOLøLQ ELU
GDOÖQÖ ROXûWXUDQ ´*HQHO 2ODUDN (WLNµ DQODPÖQD GD JHOHELOHFHøLQGHQ EXUDGD JQGHPH
JHWLULOPHPLûWLU
)HOVHIH \DSPDQÖQ HWLøL NRQXVXQXQ ELOLQHQ XøUDû HWLNOHUL LOH ELU NDUûÖODûWÖUPDVÖQÖ
\DSDELOPHN DPDFÖ\OD IHOVHIHQLQ NLûLQLQ \DûDPÖQGD JHOLU VDøOD\DQ ELU XøUDû ´PHVOHNµ
ROXS ROPDGÖøÖ YH ROXS RODPD\DFDøÖ NRQXVXQX GD EXUDGD VÖQÖUOÖ ELU ELoLPGH GH ROVD
JQGHPH JHWLUPHOL\L] 6XQXFXQX]XQ J|UHELOGLøL |OoGH EX NRQXGD EX EDøODPGD ûX
V|\OHQHELOLU *HOHQHNVHO IHOVHIH oHYUHOHULQGH EX NRQXGDNL ´JHOHQHNVHO VDSWDPDµ
IHOVHIHQLQ ELU XøUDû RODPD\DFDøÖ oQN ´ILOR]RIODUÖQµ ´E\N IHOVHIHFLOHUµ RODUDN
\D]DU ROPDODUÖQÖQ GÖûÖQGD ]DWHQ RODøDQ DQODPGD XøUDû NLûLVL ROPD GûQFHVLQLQ
GÖûÖQGD WXWXOPDODUÖ JHUHNWLøL NHQGLOHULQH DQFDN ´E\NOHULµ L]OHPHN LûL GûHQ ´IHOVHIH
SURIHV|UOHULQLQµ ´|øUHWPHQOHULQLQµ LVH IHOVHIH DUDFÖOÖøÖ LOH ´SDUD ND]DQVDODUµ ELOH
´ILOR]RIµROPDGÖNODUÖLoLQEXQXQGDIHOVHIHQLQELUXøUDûROGXøXDQODPÖQDJHOHPH\HFHøL
ELoLPLQGHGLU 6RQ RQ\ÖOODUGD EHONL HQ EDûWD $PHULND·GDQ EDûOD\DUDN |]HOOLNOH WÖS
HWLøLEL\RPHGLNDO HWLN EDøODPÖQGD \DûDQDQODU IHOVHIHQLQ ELU XøUDû NRQXPXQGD
RODELOHFHøLQLHQD]ÖQGDQEXNRQXPDJHOHELOHFHøLQLJ|VWHUPLûWLUoQNEX\ROODGHPHN
ROX\RU NL X\JXODPDOÖ HWLN \ROX\OD IHOVHIHFLOHU ELUHU XøUDû VDKLEL JLEL \DûDPODUÖQÖ
ND]DQPD\D EDûODPÖûODUGÖU %XUDGD JQP] IHOVHIHVLQGH EX DODQGD |UQHN RODUDN
J|VWHULOHELOHFHN |WHNL JHOLûPHOHUL ELU \DQD EÖUDNÖS KHU GXUXPGD ELU HWNLQOLN DNDGHPLN
ROPDVÖ JHUHNHQ ELU HWNLQOLN RODUDN IHOVHIHQLQ GH HWLN DoÖVÖQGDQ VRUJXODQPDVÖQÖQ XøUDû
HWLNOHUL EDøODPÖQGD YH \|QWHPELOJLVHO DoÖGDQ NDUûÖODûWÖUPDOÖ ELU ELoLPGH JQGHPH
JHWLULOHELOHFHøLQLGûQPHNKLoGH\DQOÖûROPD\DFDNWÖU
2 ]DPDQ IHOVHIHQLQ \D GD IHOVHIH \DSPDQÖQ HWLøLQGHQ QH\L DQOD\DELOHFHøLPL]
NDQÖPFD DoÖN ROPDNWDGÖU .DUûÖVÖQGDNL RNXOX \D GD DNÖPÖ HOHûWLUPHQLQ GÖûÖQGD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
IHOVHIHFLOHULQEXHWNLQOLøLQHYULPLER\XQFDûLPGL\HGHNIHOVHIHQLQJHQHO\|QWHPELOJLVHO
\D GD ´IHOVHILµ ELU GHøHUOHQGLULOPHVLQL \DSWÖNODUÖ SHN V|\OHQHPH] 2QODU JHQHOGH HQ
EDûWDNHQGLIHOVHIHRNXOODUÖQÖ´GÖûGQ\D\DµNDUûÖHOHûWLULVL]ELUELoLPGHNRUXPXûODUGÖU
%|\OH ELU WXWXPXQ VRQXFX RODUDN RQODUGDQ NHQGL HWNLQOLNOHULQL HWLN DoÖVÖQGDQ \D GD
DKODNL DoÖGDQ HOHûWLUHO ELU GHøHUOHQGLUPHGHQ JHoLUPHOHUL NXûNXVX] SHN EHNOHQHPH]
*HUoHN GXUXP GD EXGXU YH NDQÖPFD IHOVHIHFLOHU NDUûÖ RNXOODUÖQ WHPVLOFLOHULQLQ HWLN
DODQÖQGD JHOLûWLUGLNOHUL J|UûOHUH NDUûÖ oÖNDUNHQ GH EXQX VDQÖUÖP DKODNL \D GD HWLN ELU
ND\JÖ\OD ROPDNWDQ oRN XVVDO ´IHOVHILµ ELU DoÖGDQ \D GD E|\OH ELU EHNOHQWL\OH
JHUoHNOHûWLUPHNWHGLUOHU %L]LP EXUDGDNL EDøODPÖPÖ]GD NDQÖPFD DVÖO |QHPOL RODQ QRNWD
LVH LONHFH ELOLQoDOWÖ GD ROVD EXQXQ WHUVLQH ELU WXWXPXQ IHOVHIHFLOHU DoÖVÖQGDQ HWNLQOLøLQ
WPQHWLN\|QQGHQHOHûWLUL\HDoDELOHFHøLND\JÖVÖGÖU%XLVH|]HOOLNOHLQVDQXVYHNLûL
PHUNH]OL
JHOHQHNVHO
XVVDOFÖ
IHOVHIH\L
EHQLPVHPLû
YH
HWNLQOLNOHUL\OH
NHQGLOHULQL
JHUHøLQGHQ oRN |]GHûOHûWLUPLû RODQODUÖQ ´LûLQH JHOPH\HFHNWLUµ oQN EX GXUXPGD
RQODU HWNLQOLNOHULQLQ HOHûWLUHO GHøHUOHQGLULOPHVLQL NHQGL NLûLOLNOHULQLQ HOHûWLULOPHVL
ELoLPLQGHDOJÖOD\DELOHFHNOHUGLUEHQLPJ|]OHGLøLPQLWHNLP|\OHROPDNWDGÖU
)HOVHIHHWNLQOLøLQLQJHQHO\|QWHPELOJLVHOGHøHUOHQGLULOPHVLQLQ\DQÖQGDHWLNDoÖVÖQGDQ
VRUJXODQPDVÖQÖQ IHOVHIHFLOHU YH IHOVHIH GÖûÖ oHYUHOHU WDUDIÖQGDQ \HULQH JHWLULOHPHPLû
ROPDVÖQÖQ UXKELOLPVHO WRSOXPVDO YE QHGHQOHULQLEHOLUOH\LFLOHULQL EXUDGD ELU \DQD
EÖUDNPDOÖ\Ö]h]HULQGHD]GXUXOPXûEXNRQXQXQHOHDOÖQPDVÖIHOVHIHHWNLQOLøLLOHNHQGL
DoÖODUÖQGDQ LOJLOHQHFHN RODQ WRSOXPELOLPFLOHULQ UXKELOLPFLOHULQ \HULQH J|UH UXK
KHNLPOHULQLQ
YE
LûLGLU
$QFDN
EXUDGD
EL]
EX
LQVDQ
ELOLPOHULQLQ
GÖûÖQGD
YH
ELOLPVHODNDGHPLN DoÖGDQ WHNQLN ROPD\DQ ELU VDSWDPD\OD JHQHOGH GûOGøQQ
WHUVLQH IHOVHIHGH HOHûWLUHO WXWXPXQ \HWHULQFH \D\JÖQ ROPDGÖøÖQÖ EX HWNLQOLNWH \HUOHûPLû
YH HOHûWLUHO ROPD\DQ \|QWHPELOJLVHO WXWXP DOÖûNDQOÖNODUÖQÖQ ELU HWNHQ RODUDN D\UÖFD EX
\]GHQNROD\NROD\DûÖODPDPDNWDROGXøXQXV|\OH\HELOLUL]
6RQXoYHdÖNDUÖPODU
%X VXQXûWD IHOVHIH HWNLQOLøL\OH YH RQXQ ELU DOWGDOÖ RODUDN HWLNOH LOJLOL RODQ YH
DUDODUÖQGD VXQXFXQX]XQ NXUGXøX EDøODQWÖODUOD HOH DOÖQDQ WHPHO QRNWDODUÖ ELU EDNÖPD
´PHWDIHOVHIHµYH´PHWDHWLNµNRQXODUÖQÖELUNH]GDKDYXUJXODPDNJHUHNLUVHEXUDGDoRN
|] RODUDN ûX V|\OHQHELOLU $NDGHPLN ELU HøLWLPL RODQKHUHWNLQOLN JHQHOGH GH KHU LQVDQ
HWNLQOLøL LoLQ V|] NRQXVX ROGXøX JLEL IHOVHIHQLQ X\JXODPDOÖ HWLN \D GD XøUDû DKODNÖ
DoÖVÖQGDQ GHøHUOHQGLULOPHVLQGH GH LON \DSÖOPDVÖ JHUHNHQ EX HWNLQOLøLQ \|QWHPELOJLVHO
DoÖGDQ
VRUJXODQPDVÖ
oDEDVÖ
ROPDOÖGÖU
<|QWHPELOJLVHO
VRUJXODPDGDQ
LVH
EHQ
VXQXûXPXQEDûODUÖQGD´GLGDNWLNµROPDND\JÖVÖWDûÖ\DUDNDoÖNRODUDNRUWD\DNR\PDGÖøÖP
ûX o VRUX\D \DQÖW DUDQPDVÖQÖ DQOÖ\RUXP 1H" 1HGHQ" 1DVÖO" 'DKD DoÖN ELU DQODWÖPOD
EXWHPHO\|QWHPELOJLVLQGHEL]LPELUDNDGHPLNHWNLQOLNEDøODPÖQGDEL]HQWHPHORODUDN
RQXQ NRQXODUÖQÖQ QHOHU ROGXøXQX \D GD LoHULøLQLQ QHOHUGHQ ROXûWXøXQX EX NRQXODUÖQ
V|]NRQXVXHWNLQOLNWHHOHDOÖQPDVÖQÖQDPDFÖQÖ\DGDHWNLQOLøLQYDUOÖNQHGHQLQLYHLOJLOL
NRQXODUÖQ EX DPDFD J|UH LûOHQPHVLQLQ QH \ROODQDVÖO JHUoHNOHûWLULOHFHøLQL \D GD
HWNLQOLøLQ\|QWHPLQL\|QWHPOHULQLDUDûWÖUPDPÖ]JHUHNHFHNWLU%XVXQXûXQEDøODPÖQGD
DoÖNoDVRUXOPXûROPDVDODUYHGROD\OÖELUELoLPGHGLOHJHWLULOPLûROVDODUGDEXVRUXODUÖQ
\DQÖWÖQÖ EDûODUGD IHOVHIH LOH LOJLOL RODUDN GDKD VRQUD GD HWLN·H \|QHOLN RODUDN JQGHPH
JHWLUGLPNXûNXVX]NHQGLIHOVHIHYHWHPHO\|QWHPELOJLVLJ|UûPHEDøOÖRODUDN
+HU GXUXPGD IHOVHIHQLQ GH HWLN DoÖVÖQGDQ VRUJXODQPDVÖQÖQ oRN JHUHNOL GL\HELOLULP
NL NDoÖQÖOPD] ROGXøXQX GûQPHOL J|UPHOL\L] %|\OH ELU oDED VÖUDVÖQGD IHOVHIH
HWNLQOLøLQLQ\|QWHPELOJLVHOGHPHNROX\RUNLNDYUDPVDOG]H\GHYHHOHûWLUHO²PDQWÖNVDO²
<DPDQgUV³8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL
DQODPELOJLVHO DoÖGDQ LQFHOHQPHVLQLQVRUJXODQPDVÖQÖQ JQGHPH JHOPHVL HWLN LQFHOHPH
\|QQGHQ ELU DUDo ROGXøX |OoGH JHQHOGH IHOVHIH \D GD PHWDIHOVHIH DoÖVÖQGDQ NHQGL
EDûÖQD ELU DPDo RODUDN GD J|UOPHOLGLU )HOVHIHQLQ HWLN \|QQGHQ ROGXøX |OoGH
\|QWHPELOJLVL DoÖVÖQGDQ GD VRUJXODQPDVÖQÖ EHQLPVHPH\HFHN GDKD GRøUXVX JHQHOGH
EXQODUD WHSNL GX\DFDN JHOHQHNVHO \DNODûÖPOÖ IHOVHIHFLOHULQ LVH DODQODUÖQÖQ EX WUGHQ YH
HOHûWLUHO ELU ELoLPGH VRUJXODQPDODUÖQD KHU GXUXPGD NDUûÖ oÖNDFDNODUÖQD NHVLQ J|]\OH
EDNDELOLUL]6XQXFXQX]DJ|UHHYULPLER\XQFDLQVDQODUÖQGûQVHOYHWRSOXPVDO\|QOHUL
]HULQGH |\OHVLQH HWNLOL ROPXû RODQ IHOVHIH HWNLQOLøLQLQ EX DoÖODUGDQ LQFHOHQPHVLQH
NDWNÖGD EXOXQPDN \HULQH EXQD NDUûÖ oÖNPDN DQFDN EX DODQGD ROXS ELWHQOHUL
\|QWHPELOJLVHOG]H\GHELUWUDQOD\DPD\ÖûNDYUD\DPD\ÖûODDoÖNODQDELOLU
%X
VXQXûXQ
EDøODPÖQGD
\XNDUGD
LûOHQHQ
WHPHO
QRNWDODUGDQ
\ROD
oÖNDUDN
JHOLûWLULOPHOHUL GûQOHELOHFHN RODVÖ NRQXODU DUDVÖQGD QHOHU RODELOLU" %|\OH ELU VRUX\D
EXUDGD D\UÖQWÖOÖ RODUDN \DQÖW YHUPHN NXûNXVX] EDøODPÖPÖ]ÖQ VÖQÖUODUÖQÖ oRN DûDU
'RøUXVX EHQ EX RODVÖ QRNWDODUÖQ KHSVLQL DoÖN RODUDN VDSWDPÖû GD GHøLOLP %X
EDøODPÖPÖ]GDLVHDQFDNELUE|OPQNRQXPX]ODGRøUXGDQ|WHNLOHULQLLVHGROD\OÖELU
ELoLPGH LOLûNLOL J|UGøP ELUNDo WHPHO QRNWD\Ö EXUDGD \DOQÖ]FD EHOLUWHELOLULP \XNDUGD
NÖVDFDGHøLQGLøLP)HOVHIHQLQ(WLøLLOH)HOVHIH<DSPDQÖQ(WLøLDUDVÖQGDELUD\UÖPROXS
ROPDGÖøÖ
IHOVHIHGHNL
HWLNOH
X\JXODPDOÖ
HWLNOHUXøUDû
HWLNOHUL
DUDVÖQGDNL
LOLûNLGH
¶IDUNOÖODûPÖû X]DQWÖ· NDYUDPÖQÖQ GDKD \DNÖQGDQ YH GDKD LOHUL G]H\GH HOH DOÖQPDVÖ EX
NDYUDPÖQ IHOVHIHQLQ JHQHOL\OH LOJLOL RODUDN GD |UQHøLQ IHOVHIH LOH JHQHO RODUDN ELOLP
IHOVHIHVL GDKD |]HOGH ELOLPOHULQ IHOVHIHOHUL DUDVÖQGDNL \|QWHPELOJLVHO LOLûNLGH JQGHPH
JHWLULOPHVL WÖS IHOVHIHVLQLQ IHOVHIHQLQELOLP IHOVHIHVLQLQ WÖS LoLQGHNL IDUNOÖODûPÖû ELU
X]DQWÖVÖ RODUDN J|UOPHVL YE JLEL ùûWH PHWDHWLNWH YH JHQHO RODUDN PHWDIHOVHIHGH
WHPHO \|QWHPELOJLVHO VRUXQODU RODUDN GûQHELOHFHøLPL] EX WU QRNWDODUÖQ GDKD LOHUL
NDYUDPVDO
o|]POHPHOHULQLQ
\DSÖOPDVÖ
VXQXFXQX]XQ
IHOVHIHGHNL
YH
ELOLPGHNL
\|QWHPELOJLVHO\DNODûÖPÖDoÖVÖQGDQGL\HELOLULPNL\DûDPVDOJ|UQPHNWHGLU
%X
NRQJUHQLQ
GX\XUXVXQXQ
DoÖNODPD
E|OPQGH
RQXQ
´X\JXODPDOÖ
HWLøLQ
NXUDPVDO WHPHOOHULQH LOLûNLQ ELOGLULOHUH GH DoÖN RODFDøÖµ DQODWÖPÖ YDUGÖ %XUDGD
DNDGHPLN DoÖGDQ NHQGL DGÖPD ´NXUDPVDO WHPHOOHUµ WHULPLQL DOÖûÖODJHOPLû YH ELU PLNWDU
DEDUWÖOÖ ELU ´IHOVHILµ DQODWÖP RODUDN EXOGXøXPX V|\OH\HELOLULP EHQ EXUDGD VDQÖUÖP
EHNOHQHELOHFHøL JLEL ´PHWDHWLN \D GD IHOVHIL \D GD \|QWHPELOJLVHO \|QOHULµ JLEL GDKD
´DOoDN J|QOOµ DQODWÖPODUGDQ ELULQL \HøOHUGLP $QFDN VXQXûXPXQ VRQXQGD JHUoHNWHQ
YXUJXODPDN LVWHGLøLP QRNWD RQXQ NRQJUHQLQ NRQX DODQODUÖQGDQ ELULQH WP\OH
X\GXøXQX EHOLUWPHNWLU EHQ RQXQ GD EX WRSODQWÖQÖQ NDSVDPÖ LoLQH DOÖQPDVÖQD
\|QWHPELOJLVHODoÖGDQYHNROD\FDDQODûÖODFDøÖJLELoRNROXPOXEDNÖ\RUXP
.D\QDNoD
gUV<´7ÖSWD'HRQWRORMLGHQ(WLN·Hµ+HNLP)RUXPX<ÖO6D2FDN
gUV < ´)HOVHIHGH 1H 1HGHQ 1DVÖO"µ )HOVHIH 7DUWÖûPDODUÖ .LWDS %LOLPVHO)HOVHIHQLQ,ûÖøÖQGD$QNDUDgWHNL<D\ÖQHYLV
gUV < ´7HDFKLQJ 0HGLFDO (WKLFV LQ WKH 6XEMXQFWLYH 0RRGµ %XOOHWLQ RI0HGLFDO
(WKLFV6D
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
gUV < ´%LOLP (WNLQOLøLQGH 'HøHU 6RUXQODUÖµ 7h%$ %LOLPVHO 7RSODQWÖ 6HULOHUL ²'Q\D·GDYH7UNL\H·GH%LOLP(WLNYHhQLYHUVLWH$QNDUD7UNL\H%LOLPOHU$NDGHPLVL
V
gUV < ´7KH ,UUHVLVWLEOH 5LVH RI 6FLHQWLILF 3KLORVRSK\ 3KLORVRSKLVP DQG WKH
(WKLFVRI3KLORVRSKL]LQJµ6\QWKHVLV3KLORVRSKLFD&6D
gUV < ´%LRPHGLFDO (WKLFV DQG WKH /LPLWV RI 3KLORVRSK\µ (WKLFV RI WKH
3URIHVVLRQV 0HGLFLQH %XVLQHVV 0HGLD /DZ ù .XoXUDGL HG %HUOLQ YE 6SULQJHU
9HUODJ V 7UNoHVL ´%L\RWÖS (WLøL YH )HOVHIHQLQ 6ÖQÖUODUÖµ (WLN YH
0HVOHN (WLNOHUL 7ÖS dHYUH ùû %DVÖQ +XNXN YH 6L\DVHW <D\ÖQD KD]ÖUOD\DQ +DUXQ
7HSH$QNDUD7UNL\H)HOVHIH.XUXPXV
gUV<´3VLNRORMLYH3VLNL\DWULQLQ,ûÖøÖQGD)HOVHIHFLOHUYH)HOVHIH2NXOODUÖµ3
²3VLNL\DWUL3VLNRORML3VLNRIDUPDNRORML'HUJLVL&(N6D(\OO
gUV < ´)HOVHIH .RQXVXQGD *HOHQHNVHO 7XWXP YH 7HPHO <DQÖOJÖODUµ %LOLP YH
hWRS\D6D(NLP
gUV<´%LOLP(WLN6HoNLQFLOLN´úDUODWDQOÖNµ´%LOLPYHhWRS\D6DúXEDW
VYH6D0DUWV
gUV<%NHQ1g´7ÖEEL(WLNWH6RUXQ.PHOHULµ7ÖEEL(WLN6HPSR]\XPX
%LOGLULOHUL$QNDUD%L\RHWLN'HUQHøL<D\ÖQODUÖV
5HLFKHQEDFK + 7KH 5LVH RI 6FLHQWLILF 3KLORVRSK\ %HUNHOH\ /RV $QJHOHV
8QLYHUVLW\RI&DOLIRUQLD3UHVV
6RNDO$%ULFPRQW-,PSRVWXUHV,QWHOOHFWXHOOHV3DULV(GLWLRQV2GLOH-DFRE
6WRYH'7KH3ODWR&XOWDQG2WKHU3KLORVRSKLFDO)ROOLHV2[IRUG%DVLF%ODFNZHOO
:LOOLDPV % (WKLFV DQG WKH /LPLWV RI 3KLORVRSK\ &DPEULGJH 0DVV +DUYDUG
8QLYHUVLW\3UHVV
'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH
(WLøLh]HULQH
<UG'Ro'UùEUDKLPg]GHPLU %X oDOÖûPDQÖQ DPDFÖ GQ\DQÖQ WDQÖGÖøÖ HQ HVNL IHOVHIH JHOHQHNOHULQGHQ ELUL RODQ
.RQIo\VoOøQ oHYUH VRUXQODUÖ EDøODPÖQGD EL]OHUH VXQDFDøÖVXQDELOHFHøL NDWNÖODUD
LûDUHW
HWPHNWLU
.RQIo\V
0g
HWNLVLQLQ
E\N
YH
NDOÖFÖ
ROPDVÖ
EDNÖPÖQGDQ VDGHFH dLQ GûQFH WDULKLQLQ GHøLO EHONL WP GûQFH WDULKLQLQ EDûWD
JHOHQGûQUOHULQGHQELULRODUDNNDEXOHGLOPHNWHGLU =LUDPRGHUQLWHQLQWPPH\GDQ
RNXPDODUÖQDYH:HEHU·LQ´E\\H\HUROPD\DQPRGHUQGQ\DGDµND\EROXSJLGHFHøLQL
VDQGÖøÖ JHOHQHNOHUGHQ ELUL RODQ .RQIo\VoON |]HOOLNOH oHYUH EXQDOÖPÖ V|] NRQXVX
ROGXøXQGD \HQLGHQ GLNNDWOHUL ]HULQH oHNPHNWH YH EX VRUXQODUÖQ VWHVLQGH JHOPHGH
EL]OHUH EDVLW YH SUDWLN |QHULOHUGH EXOXQPDNWDGÖU 'DKDVÖ ´WP YDUOÖNODUÖQ ELUOLøLQLµ
YXUJXOD\DUDN LQVDQGRøD DUDVÖQGD 'HVFDUWHV·WHQ EX \DQD YDU RODJHOHQ LNLFL GXDOLVW
D\ÖUÖPÖ RUWDGDQ NDOGÖUPDNWDGÖU %X QHGHQOH 1HR.RQIo\VoOøQ oHYUH EDøODPÖQGD
LOHUL VUGNOHUL PRGHUQLWHQLQ VHNOHUOHûPH DNÖOFÖOÖN ELOLP YH LOHUOHPH JLEL WHPHO
WH]OHULQH ELU HOHûWLUL\L GH EHUDEHULQGH JHWLUPHNWHGLU %LOLQGLøL JLEL ELU oRN oHYUHFL
GûQUoHYUHEXQDOÖPÖQÖQIHOVHILN|NHQOHULQLWDUWÖûÖUNHQ|]HOOLNOH.DUWH]\HQGXDOL]PL
1HZWRQFX PHNDQLN HYUHQ DQOD\ÖûÖQÖ PFDGHOH\L YXUJXOD\DQ YH ´HQ X\JXQ RODQÖQ
\DûDPDµ VWQOøQVDYXQDQ 'DUZLQFL HYULP NXUDPÖQÖ YH D\GÖQODQPDQÖQ VÖQÖUVÖ]YH
OLQHHUNDONÖQPDSURMHOHULQLFLGGLRODUDNHOHûWLUPHNWHGLUOHU %X EDøODPGD .RQIo\Vo oHYUH IHOVHIHVLQL VDYXQDQODUGDQ )HQJ <RXODQ·ÖQ HVNL ELU 0DUNVLVW ROGXøXQX YH ELU ]DPDQODU VDYXQGXøX 0DUNVLVW PFDGHOH
DQOD\ÖûÖQÖ WHUN HGHUHN EXQXQ \HULQH KD\DWOD X\XP YH \DUGÖPODûPD\Ö HVDV DODQ
.RQIo\Vo DQOD\ÖûÖ EHQLPVHPHVL GLNNDW oHNLFLGLU 'DKDVÖ <XODQ JLEL GûQHQ dLQOL
GûQUOHULQ VD\ÖVÖ KLo GH D] GHøLOGLU %XQODUÖQ ELU VRQXFX RODUDN |]HOOLNOH GH %DWÖGD
.RQIo\V GûQFHVLQH NDUûÖ E\N ELU LOJL J|]OHPOHQPHNWHGLU $VOÖQGD oHYUH
EXQDOÖPÖQÖQ DûÖOPDVÖQGD GLQOHULQ R\QD\DELOHFHøL UROH LON NH] /\QQ :KLWH QO 6FLHQFH
$QNDUDhQLYHUVLWHVLùODKL\DW)DNOWHVL
+76W|ULJùONoDø)HOVHIHVL+LQWdLQ<XQDQoHYgPHU&HPDO*QJ|UHQùVWDQEXO<RO
<D\ÖQODUÖV
'DUZLQL]PYH6RV\DO'DUZLQL]PLQoHYUHVRUXQODUÖEDøODPÖQGDHOHûWLULVLLoLQEN]'DYLG
3HSSHU5RRWVRI0RGHUQ(QYLURQPHQWDOLVP/RQGRQ6\GQH\&URRP+HOPV
.RQIo\V YH 0DUNVL]POH LOJLOL RODUDN GDKD ID]OD ELOJL LoLQ EN] 0RRG\ -U 3HWHU 5
´$VLDQ9DOXHVµ-RXUQDORI,QWHUQDWLRQDO$IIDLUV6XPPHU9RO
7X :HLPLQJ ´7KH (FRORJLFDO 7XUQ LQ 1HZ &RQIXFLDQ +XPDQLVP ,PSOLFDWLRQV IRU &KLQD
DQGWKH:RUOGµ'DHGDOXV)DOO$\UÖFDEN]0RRG\-U3HWHU5´$VLDQYDOXHVµ-RXUQDO RI
,QWHUQDWLRQDO $IIDLUV 6XPPHU 9RO V 0DU\ (YHO\Q 7XFNHU DQG -RKQ %HUWKURQJ
HGV&RQIXFLDQLVPDQG(FRORJ\7KH,QWHUUHODWLRQRI+HDYHQ(DUWKDQG+XPDQV &DPEULGJH+DUYDUG
8QLYHUVLW\ &HQWHU IRU WKH 6WXG\ RI :RUOG 5HOLJLRQV +DOO 'DYLG / 5RJHU 7 $PHV
7KLQNLQJ WKURXJK &RQIXFLXV 1<6WDWH8QLYHUVLW\ RI1HZ <RUN3UHVV,YDQKRH3KLOLS-
(WKLFVLQWKH&RQIXFLDQ7UDGLWLRQ7KH7KRXJKWRI0HQFLXVDQG:DQJ<DQJPLQJ$PHULFDQ$FDGHP\RI
5HOLJLRQ$FDGHP\6HULHVQR$WODQWD*D6FKRODUV3UHVV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GHUJLVLQGH ·GH \D\ÖQODQDQ ´7KH +LVWRULFDO 5RRWV RI (FRORJLFDO &ULVLVµ DGOÖ
PDNDOHVL\OHGLNNDWoHNPLûWL /\QQ|]HOOLNOHLNLQRNWD\ÖYXUJXODPDNWD\GÖDoHYUHEXQDOÖPÖQÖQRUWD\DoÖNPDVÖQGD
YH o|]P \ROODUÖQÖQ EXOXQPDVÖQGD GLQOHULQ R\QD\DFDøÖ URO E oDøGDû oHYUH VRUXQODUÖQÖ
DûPDGD YH oHYUH IHOVHIHVLIHOVHIHOHUL ROXûWXUPDGD IDUNOÖ GLQ YH JHOHQHNOHULQ EL]H
VDøOD\DFDøÖ\HQLEDNÖûDoÖODUÖYHNDYUD\ÖûODU
%DWÖGD .RQIo\VoON EDûWD ROPDN ]HUH GRøX GLQ YH JHOHQHNOHULQH VRQ
]DPDQODUGD J|VWHULOHQ LOJLQLQ WHPHOLQGH EX WU SUDWLN HQGLûHOHULQ \DWWÖøÖ V|\OHQHELOLU
8]XQ VUHGLU PRGHUQOHûPH YH NDONÖQPD PRGHOL RODUDN ´D\GÖQODQPD SURMHVLQLµ HVDV
DODQ dLQ GH EX EDøODPGD \XNDUÖGD DQÖODQ <XODQ |UQHøLQGH J|UOGø JLEL NHQGL
JHOHQHøLQL \HQLGHQ NHûIHWPHNWH YH \RUXPODPDNWDGÖU dLQ·LQ .RQIo\VoOø \HQLGHQ
NHûIHWPH YH \RUXPODPDVÖQGD ED]Ö SUDWLN QHGHQOHULQ HWNLOL ROGXøX J|UOPHNWHGLU
dQNdLQEDûWDDûÖUÖQIXVYHVDQD\LOHûPHQLQQHGHQROGXøXVRUXQODUROPDN]HUHELU
oRN VRUXQOD NDUûÖ NDUûÖ\DGÖU $VOÖQGD dLQ·GH PRGHUQOHûPH DQODPÖQGDNL %DWÖOÖODûPDQÖQ
HQ KDUDUHWOL YH N|NWHQFL WDUDIWDUODUÖ RODQ ´'|UW 0D\ÖV +DUHNHWLµQLQ VDYXQXFXODUÖ ELOH
JOREDOOHûPH YH oHYUH VRUXQODUÖ oHUoHYHVLQGH KHP NHQGL JHOHQHNOHULQH KHP GH %DWÖ\D
NDUûÖGDKDHOHûWLUHOELUWXWXPJHOLûWLUPLûOHULGLU %X QHGHQOH .RQIo\Vo oHYUH DQOD\ÖûÖQD JOREDO ELU N|\ KDOLQH JHOHQJHWLULOPHN
LVWHQHQ GQ\DGD \HQL ELU KLND\HDQODWÖ RODUDN EDNÖODELOLU 'DKD GRøUXVX HVNL ELU
KLND\HWUNQQ \HQLGHQ \RUXPODQPDVÖ RODUDN GHøHUOHQGLULOHELOLU %XQXQOD EHUDEHU
%DWÖ IHOVHIHVLQH KDNLP NDWHJRULOHUOH .RQIo\Vo JHOHQHøL DQODPDQÖQ ]RUOXøX GD
DoÖNWÖU %X VÖQÖUODPDODUÖQ YH ]RUOXNODUÖQ IDUNÖQGD RODUDN ´oHYUH HWLøLµ EDøODPÖQGD EX
JHOHQHøLHOHDOPD\DoDOÖûDFDøÖ] $\UÖFDEXoDOÖûPDGDGDKDoRN2UWDoDøGDQVRQUDJHOHQ
YH GHYULPLQH GHN VUHQ YH <HQL dDø dLQ )HOVHIHVL RODUDN NDEXO HGLOHQ 1HR
.RQIo\VoOøQ]HULQGHGXUXODFDNWÖU %LOLQGLøL JLEL .RQIo\Vo |øUHWLQLQ HQ |QHPOL \DQODUÖQGDQ ELULVL EDVLWOLøL
DQODûÖODELOLUOLøL YH X\JXODQDELOLU ROPDVÖGÖU %X |øUHWLQLQ WHPHOLQL LVH ´NHQGLQL WDQÖPDµ
LONHVL ROXûWXUPDNWDGÖU ´%LUH\LQ NRPSDUWÖPDQODUD D\UÖODPD\DFDøÖµ YH EHQOLøLQ VHOI
´D\QÖ ]DPDQGD WRSOXPVDO DKODNL VL\DVL YH HQWHOHNWHOµ ELU JHUoHNOLN ROGXøX ILNUL EX
/\QQ:KLWH´7KH+LVWRULFDO5RRWVRI2XU(FRORJLF&ULVLVµ6FLHQFH
%DWÖ'Q\DVÖQGDNLoHYUHYHGLQOHLOJLOLOLWHUDWUQ:KLWH·ÖQPDNDOHVLHWUDIÖQGDNLWDUWÖûPDODUOD
ûHNLOOHQGLøLJ|UOPHNWHGLU%XNRQXGDKDWÖUÖVD\ÖOÖUELUOLWHUDWUROXûPXûWXUùOJLOLOLWHUDWUQ
ùQWHUQHWDGUHVLKWWSGLYZHEKDUYDUGHGXFVYSOHHELEHQEDKWP
0D\ÖVWDULKLQGH9HUVDLOOHV.RQIHUDQVÖQGD-DSRQODUDNDUûÖNR\DPD\DFDNNDGDU]D\ÖI
RODQVDYDûORUGXKNPHWHNDUûÖEDûOD\DQ|øUHQFLKDUHNHWOHULQGHQVRQUDEXG|QHPEXDGOD
DQÖOÖUROPXûWXU0D\ÖVWDUDIWDUODUÖ.RQIo\VOø´N|UELUJHOHQHøHN|UN|UQHEDøODQPDµ
RODUDNJ|UPûYHûLGGHWOHHOHûWLUPLûOHUGL%N]0RRG\-U3HWHU5´$VLDQ9DOXHVµ%X
G|QHPOHLOJLOLGDKDD\UÖQWÖOÖWDUWÖûPDODULoLQEN]&KRX7VHWVXQJ7KH0D\)RXUWK0RYHPHQW
,QWHOOHFWXDO&KDQJHLQ0RGHUQ&KLQD&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV
.RQIo\VoGûQFH\LGDKDGRøUXDQOD\DELOPHNLoLQNDWHJRULOHUGHQKDUHNHWHGHUHN\HQL
NDWHJRULOHUYHEDNÖûDoÖODUÖVXQDQELUoDOÖûPDLoLQEN]'DYLG+DOODQG5RJHU$PHV7KLQNLQJ
7KURXJK&RQIXFLXV$OEDQ\6WDWH8QLYHUVLW\RI1HZ<RUN3UHVVYH'DYLG+DOODQG5RJHU
$PHV$QWLFLSDWLQJ&KLQD$OEDQ\6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV
1HR.RQIV\oONGHNHQGLDUDVÖQGDG|QHPOHUHD\UÖOÖU6XQJKDQHGDQÖG|QHPL06
0LQJ'|QHPLdXQJ'|QHPL%N]+76W|ULJùONoDø
)HOVHIHVL+LQWdLQ<XQDQoHYgPHU&HPDO*QJ|UHQùVWDQEXO<RO<D\ÖQODUÖV
ùEUDKLPg]GHPLU³'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH(WLøLh]HULQH
GûQFH VLVWHPLQLQ WHPHOLQL ROXûWXUPDNWDGÖU :LQJWVLW &KDQµÖQ ûX LIDGHOHUL EX
IHOVHIHQLQHQWHPHOQLWHOLNOHULQLoRNJ]HO|]HWOHPHNWHGLU
(øHU WP dLQ IHOVHIHVLQL WHN ELU NHOLPH LIDGH HGHELOVH\GL EX NHOLPH
KPDQL]P RODELOLUGL $QFDN EX 0XWODN *F LQNDU HGHQ YH\D ELU NHQDUD
LWHQELUKPDQL]PGHøLOEHONLLQVDQÖQ*|N·OHRODQELUOLøLQLLWLUDIHGHQELU
KPDQL]PGLU
%X
DODPGDNL
GûQFHVLQHKDNLPROPXûWXU
KPDQL]P
GRøXûXQGDQ
EX
\DQD
dLQ
$QFDN EXUDGDNL KPDQL]PNHOLPHVL ]HULQGH ELUD] GXUXOPDOÖGÖU 6|] NRQXVX RODQ
KPDQL]PLQ %DWÖ GûQFH JHOHQHøLQGH J|UOHQ GRøD YH LQVDQ DUDVÖQGDNL D\UÖPÖ
YXUJXOD\DQ GÖûOD\ÖFÖ ELU KPDQL]P ROPD\ÖS GRøDLQVDQ ELUOLøLQL YXUJXOD\DQ LoHULFL ELU
DQOD\Öû ROGXøX J|UOPHNWHGLU =LUD EXUDGD NXOODQÖOGÖøÖ DQODPGD ´LQVDQÖQ YH *|øQ
ELUOLøLQL LOHUL VUHQ KPDQL]P QH VHNOHU QH GH LQVDQ PHUNH]OLGLU DQWKURSRFHQWULF %X
DQOD\Öû KHU QH NDGDU EL]LP \HU EHGHQ DLOH YH WRSOXP LoHULVLQH J|POGøP] LOHUL
VUVH GH NR]PLN G]HQOH X\XP LoHULVLQGH ROGXøXPX]X KLoELU ]DPDQ LQNDU HWPH]
'Q\HYL EHGHQL DLOHYL YH WRSOXPVDO YDUOÖøÖPÖ]Ö DûNÖQ ELU |QHPOH ELUOHûWLUPHN VDGHFH
\NVHN ELU .RQIo\Vo LGHDO GHøLO D\QÖ ]DPDQGD .RQIo\VoOøQ WHPHO ELU
LONHVLGLUµ
h]HULQGH GXUXOPDVÖ JHUHNHQ GLøHU ELU NDYUDP LVH |]JQON DXWKHQWLF NDYUDPÖGÖU
.RQIo\VoDQOD\ÖûDJ|UH
6DGHFH
YH
VDGHFH
WDPDPHQ
|]JQ
RODQODU
GRøDODUÖQÖ
WDP
RODUDN
JHOLûWLUHELOLUOHU (øHU GRøDODUÖQÖ WDP RODUDN JHOLûWLUHELOLUOHUVH EDûNDODUÖQÖQ
GD GRøDODUÖQÖ JHOLûWLUHELOLUOHU (øHU EDûNDODUÖQÖQ GRøDVÖQÖ WDP RODUDN
JHOLûWLUHELOLUOHUVH GLøHU YDUOÖNODUÖQ GD GRøDVÖQÖ JHOLûWLUHELOLUOHU (øHU EDûND
YDUOÖNODUÖQGRøDVÖQÖWDPRODUDNJHOLûWLUHELOLUOHUVHLûWHR]DPDQ*|øYH<HUL
GHøLûWLUPH YH JHOLûWLUPH VUHFLQGH \DUGÖPFÖ RODELOLUOHU (øHU *|øQ YH <HULQ
GHøLûPHYHJHOLûPHVUHFLQH\DUGÖPFÖRODELOLUOHUVHR]DPDQ*|NYH\HUOH
EHUDEHUELUoOROXûWXUDELOLUOHU
%X IHOVHIHQLQ ELU GLøHU |]HOOLøL GH ´LOLûNLWHPHOOLµ ELU IHOVHIH ROPDVÖGÖU
%XUDGD
|QHPOL RODQ ELUH\LQ WRSOXPVDO LOLûNLOHU DøÖQGD YH NOWUHO oHYUHGH VD\JÖ YH VRUXPOXOXN
GX\JXVX\OD KDUHNHW HWPHVLGLU 'DKD GRøUXVX LQVDQ KD\DWÖQÖQ DQODPOÖ RODELOPHVL YH\D
DQODPODQGÖUÖODELOPHVL DQFDN WRSOXPVDO ELU EDøODPGD PPNQ RODELOPHNWHGLU %X ûX
ûHNLOGHLIDGHHGLOPLûWLU
(VNLOHU HUGHPLQ ÖûÖøÖ\OD RUWDOÖøÖQ D\GÖQODQPDVÖ LoLQ |QFH GHYOHW LûOHULQL
\ROXQD NR\DUODUGÖ GHYOHW LûOHULQL \ROXQD NR\PDN LoLQ |QFH HY LûOHULQL
\ROXQD
NR\DUODUGÖ
NHQGLOHULQH
oHNL
HY
LûOHULQL
G]HQ
\ROXQD
YHULUOHUGL
NR\DELOPHN
NHQGL
LoLQ
NHQGLOHULQH
|QFH
oHNL
NHQGL
G]HQ
YHUHELOPHN LoLQ |QFH NHQGL LoOHULQGHNL G]HQL \ROXQD NR\DUODUGÖ NHQGL
LoOHULQGHNL G]HQL \ROXQD NR\DELOPHN LoLQ |QFH GûQFHOHULQL \ROXQD
.DU\Q/&RQIXFLDQ/DL´0RUDO7KLQNLQJµ3KLORVRSK\(DVW:HVW$SU9RO
7X:HLPLQJ´7KH(FRORJLFDO7XUQLQ1HZ&RQIXFLDQ+XPDQLVP,PSOLFDWLRQVIRU&KLQD
DQGWKH:RUOGµ'DHGDOXV)DOO
$JP
-RVHSK$$GOHUDJPLWDOLNHNOHQPLûWLU
,ELG
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NR\DUODUGÖ
GûQFHOHULQL
HNVLNOLNOHULQLJLGHULUOHUGL
\ROXQD
NR\DELOPHN
LoLQ
LVH
|QFH
ELOJL
*|UOGø JLEL HSLVWHPRORML VRUXQX EX IHOVHIHQLQ oÖNÖû QRNWDVÖQÖ ROXûWXUPDNWDGÖU
%XUDGDNL ELOJL |]HOOLNOH NHQGLPL] KDNNÖQGD GRøUX YH JYHQLOLU ELOJL\H VDKLS ROPDNWÖU
=LUD NHQGLVL KDNNÖQGD GRøUX ELOJL\H XODûDQ ELUH\ GDKD VRQUD DGÖP DGÖP LOHUOH\HUHN
NHQGLVLQLQ YDUOÖN QHGHQL RODUDN DLOHVLQL DWDODUÖQÖ LoLQGH \HWLûWLøL WRSOXPVDO EDøODPÖ
DQOD\DFDNWÖU %XUDGDQ GD NHQGLVLQL YH WP EDøOÖ ROGXøX GLøHU JUXSODUÖ NXûDWDQ YH
YDUOÖNODUÖQÖQ QHGHQL RODUDN *|N <HU YH LNLVL DUDVÖQGDNL ELQOHUFH YDUOÖøÖ NHûIHGHFHNWLU
%DûND ELU LIDGH\OH LQVDQÖQ DLOH WRSOXP GHYOHW YH *|NOH RODQ LOLûNLVL KHS EX NHQGLQL
WDQÖPDGDQ
KDUHNHWOH
WHPHOOHQGLULOPHNWHGLU
%XQD
J|UH
LQVDQ
NHQGLQL
WDQÖ\ÖQFD
DLOHVLQLQ GRøDQÖQ YH *|øQ ELU SDUoDVÖ ROGXøXQX YH RQODUGDQ D\UÖ ROPDGÖøÖQÖ
NDYUD\DFDNWÖU%XDQOD\ÖûÖQELUVRQXFXLVHLQVDQÖQL\LOLøLQLQELUSDUoDVÖYH\HVLROGXøX
DLOH WRSOXP YH GRøD LOH X\XP LoLQGH ROPDVÖQD EDøOÖ ROGXøXGXU %XQGDQ KDUHNHWOH
´HYUHQLQ |QQGH KXûX YH VD\JÖµ GX\JXVX KD\DWÖPÖ]Ö DPDoOÖ YH DQODPOÖ \DSDQ PXWODN
JHUoHNOLøHNDUûÖFHYDSYHUPHQLQELUVRQXFXRODUDNRUWD\DoÖNPDNWDGÖU
%X JHOHQHøLQ E\N XVWDODUÖQGDQ ELUL RODQ 0HQFLXV 0g LQVDQÖQ *|øH
NDUûÖ NHQGLQL WDQÖPDVÖQÖ YH EXQGDQ oÖNDUPDVÖ JHUHNHQ VRQXoODUÖ oRN |]O RODUDN û|\OH
RUWD\DNR\DU
%LU LQVDQD NDOELQL WDP RODUDN NDYUDPDDQODPD LPNDQÖ YHULOLUVH NHQGL
GRøDVÖQÖWDPRODUDNDQOD\DFDNWÖU.HQGLGRøDVÖQÖELOHQELULQVDQ*|øGH
ELOHFHNWLU .DOELQL WXWPDNOD YH GRøDVÖQÖ \HWLûWLUPHNOH *|øH KL]PHW
HWPHNWHGLUùQVDQLVWHUJHQoELULYHLVWHUVHHUGHPOL\DûOÖELULRODUDN|OVQ
DPDFÖQÖQ NDUDUOÖOÖøÖQGD KLoELU GHøLûLNOLN \DSPD] 0NHPPHO ELU NDUDNWHU
YHPHWDQHWOHEDûÖQDJHOHFHNOHULVDøODPELUûHNLOGHEHNOHU
úLPGL ´HYµ VLPJHVLQLQ NRQXPX] DoÖVÖQGDQ |QHPLQH GLNNDW oHNPHN LVWL\RUXP
$QFDN |QFHOLNOH PRGHUQ ]DPDQODUGD HYHNRORML DUDVÖQGDNL HWLPRORMLN LOLûNL\L ·GD
(UQVW +DHFNHO·LQ NXUGXøXQD LûDUHW HWPHN \HULQGH RODFDNWÖU +DHFNHO·LQ EX NDYUDPÖ
ROXûWXUXUNHQ GH <XQDQFD ´HYµ DQODPÖQD JHOHQ ´RLNRVµ LOH ´ELOJLµ DQODPÖQD JHOHQ
´ORJLDµ NHOLPHOHULQGHQ \DUDUODQGÖøÖ ELOLQPHNWHGLU %|\OHFH (FRORJ\QLQ DQODPÖ ´HY
ELOLPLµ RODUDN RUWD\D oÖNPDNWDGÖU
%X NDYUDPODûWÖUPD LOH ]ÖPQHQ GH ROVD GQ\DQÖQ
HYLPL]ROGXøXYHEXQXQEL]LPLoLQLIDGHHWWLøLDQODPDQODWÖOPDNLVWHQPLûWLU
dLQ GûQFHVLQH EDNÖOGÖøÖQGD GQ\D\Ö HYLPL] RODUDN DOJÖODPDQÖQ WDULKLQLQ oRN HVNL
ROGXøX J|UOPHNWHGLU $QFDN ûX QRNWD GD XQXWXOPDPDOÖGÖU .ODVLN dLQ GûQFHVLQGH
|QHPOL RODQ ´HYµ YH ´DLOHµ LNHQ 1HR.RQIo\VoOøQ \HQL \RUXPFXODUÖ ´GQ\D\Öµ
HYLPL]RODUDNWDQÖPOD\DUDNHYLPJHVLQH\HQLELUER\XWND]DQGÖUPÖûODUGÖU=LUDHYLPL]LQ
GLUOLøL G]HQL YH L\LOLøL GQ\DPÖ]ÖQ L\LOLøLQH YH VDøOÖNOÖ ROPDVÖQD EDøOÖ ROGXøXQX ´HY
ELOLPLµ RODQ (NRORML %LOLP RUWD\D NR\PDNWDGÖU $QFDN 1HR.RQIo\V GûQFHVLQLQ
´HY LPJHVLµ EDøODPÖQGD LQVDQGRøD DUDVÖQGD NXUGXøX ´RUJDQLNµ LOLûNLQLQ N|NOHUL oRN
GDKD GHULQOHUH X]DQPDNWDGÖU .ÖVDFD WP YDUOÖNODU DUDVÖQGD RUWDN ELU DNUDEDOÖN
ROXûPDNWDGÖU *|UOGø JLEL LQVDQGRøD DUDVÖQGDNL RWDQWLN LOLûNL ´DLOHHY KDONÖµ
+76W|ULJDJHV
$GOHUDJP
'RQDOG:RUVWHU1DWXUH
V(FRQRP\7KH5RRWVRI(FRORJ\*DUGHQ&LW\1<$QFKRU%RRNV
YH'DYLG.LQVOH\´(FRORJ\DQG5HOLJLRQ(FRORJLFDO6SLULWXDOLW\µ&URVV&XOWXUDO
3HUVSHFWLYH(QJOHZRRG&OLIIV1-3UHQWLFH+DOOLoLQGH[Y
ùEUDKLPg]GHPLU³'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH(WLøLh]HULQH
LPJHVL ]HULQH NXUXOPDNWDGÖU $NUDED LOLûNLOHUL LVH .RQIo\V GLVNXUXQGD WP LQVDQ
LOLûNLOHULQLQ WHPHO PRGHOLQL ROXûWXUPDNWDGÖU %X DNUDED LOLûNLOHULQLQ LQVDQ GÖûÖQGDNL
GLøHU GRøD YDUOÖNODUÖQÖ LoHUHFHN ûHNLOGH JHQLûOHWLOPHVL LVH HQ L\L LIDGHVLQL 1HR
.RQIo\VoGûQU&KDQJ7VDL·QLQûXV|]OHULQGHEXOPDNWDGÖU
*|N EDEDP <HU LVH DQQHPGLU dRN NoN ELU YDUOÖN ROPDPD UDøPHQ
RQODUÖQ RUWDVÖQGD oRN FDQGDQ ELU \HU EXOPDNWD\ÖP %XQGDQ GROD\Ö HYUHQL
GROGXUDQ KHU ûH\L EHGHQLP YH HYUHQL \|QOHQGLUHQ KHU ûH\L GH GRøDP
RODUDN NDEXO HGHFHøLP 7P LQVDQODU ELUDGHUOHULP YH NÖ] NDUGHûOHULP
WPYDUOÖNODUGDDUNDGDûODUÖPGÖU
7DELLEXUDGDGRøDORODUDNû|\OHVRUXODELOLUùQVDQLOHGRøDOQHVQHOHUDUDVÖQGDNLLOLûNL
QDVÖO ELU LOLûNLGLU" $LOHQLQ IHUWOHUL DUDVÖQGD ELU NDQ EDøÖ V|] NRQXVX LNHQ ND\D YH
DøDoODUODQDVÖOELUEDøV|]NRQXVXRODFDNWÖU"%XQODUPHûUXVRUXODUGÖU%XQXQODEHUDEHU
1HR.RQIo\VoOøQWHPHONDYUDPODUÖQGDELULRODQFK·LKD\DWLHQHUMLDQODûÖOGÖøÖQGD
LQVDQGRøDDUDVÖQGDNLDNUDEDOÖNEDøÖGDKDGDQHWOHûHFHNWLU&KDQJ7VDL·QLQGHEHOLUWWLøL
JLEL FK·L NDYUDPÖ ´GRøD LOH DNUDEDOÖøÖQµ IHOVHIL WHPHOLQL ROXûWXUPDNWDGÖU ´ùQVDQOÖN
DLOHVLQLQ ELU \HVL RODUDN LQVDQ MHQ GLøHU KHU ûH\OH KHUKDQJL ELU IDUNOÖOÖN ROPDGDQ ELU
EHGHQ ROXûWXUXUµ
%XQD GD RUWDNOÖøÖQ RUJDQLN ER\XWX GHQLOHELOLU 7X :HLPLQJ·LQ
LIDGHVL\OH
(YUHQOH ELU EHGHQ ROXûWXUPDQÖQ KDUIL DQODPÖ ûXGXU YDUROXûXQ WP
ELoLPOHUL PRGDOLWLHV FK·L·GHQ PH\GDQD JHOGLøLQGHQ LQVDQ KD\DWÖ NR]PLN
VUHFL PH\GDQD JHWLUHQ NDQ YH VROXøXQ VUHNOL DNÖûÖQÖQ ELU SDUoDVÖGÖU
ùQVDQ E|\OHFH ND\DODU DøDoODU YH KD\YDQODUOD RUJDQLN RODUDN RUWDN ELU
EDøDVDKLSWLU
%XQXQOD\HWLQPH]:HLPLQJYHED]ÖVRPXW|UQHNOHUVXQDU
.X\X\D GûPHN ]HUH RODQ ELU oRFXN J|UGøP]GH KHPHQ WHODûD
NDSÖOÖU oRFXøD NDUûÖ PHUKDPHW YH ûHINDW KLVVHGHUL] %X |UQHN EL]OHUH
LQVDQOÖøÖPÖ]ÖQ UHQ oRFXNOD ELU EHGHQ ROXûWXUGXøXQX J|VWHULU %XQD
oRFXNOD D\QÖ FLQVH PHQVXS ROGXøXPX] ûHNOLQGH LWLUD] HGLOHELOLU $QFDN
\LQH
NHVLOPHN
]HUH
RODQ
NXûODUÖQ
YH
KD\YDQODUÖQ
DFÖNOÖ
VHVOHULQL
GX\GXøXPX]GDRQODUÖQDFÖVÖQÖJLGHUHPHPHQLQDFL]OLøLQLQYHUGLøLGX\JX\X
KLVVHGHUL]
%X
GD
LQVDQOÖøÖPÖ]ÖQ
NXûODU
YH
KD\YDQODUOD
ELU
EHGHQ
ROXûWXUGXøXQXJ|VWHULU%XQDGDNXûODUÖQYHKD\YDQODUÖQEL]OHUJLELGX\JX
VDKLEL YDUOÖNODU ROGXøX ûHNOLQGH LWLUD] HGLOHELOLU $QFDN DøDoODUÖQ NÖUÖOGÖøÖ
YH WDKULS HGLOGLøLQL J|UGøP] ]DPDQ \LQH ELU DFÖPD YH ]QW KLVVLQL
HQJHOOH\HPH\L] %X GD LQVDQOÖøÖPÖ]ÖQ ELWNLOHUOH ELU EHGHQ ROXûWXUGXøXQX
J|VWHULU%XQDGDELWNLOHULQEL]OHUJLELFDQOÖROGXøXV|\OHQHELOLU+DWWDoLQL
LELG%DWÖGûQFHVLQGHGRøDGDNLYDUOÖNODUDNXûODUE|FHNOHUYHKDWWDNXUWODUD´NDUGHûOHULP
EDFÖODUÖP·GL\HKLWDSHGHQYHoHYUHNRQXVXQGDLOJLQoYHIDUNOÖGûQFHOHULRODQNLûLOHULQEDûÖQGD
$VLVLOL$]L])UDQVLV)UDQFLVRI$VVLVLJHOPHNWHGLU%N](QYLURQPHWDO3ROLF\DQG
/DZ.HQQHWK&DXWKHQ´&KULVWLDQLW\DQG(FRORJ\7KH(PHUJHQFHRI
&KULVWLDQ%LRSROLWLFVµKWWSZZZIURQWLHUQHWQHWaNHQFWKHRGLF\KWP
-RVHSK$$GOHU´5HVSRQVHDQG5HVSRQVLELOLW\&KRX7XQLDQG&RQIXFLDQ5HVRXUFHVIRU
(QYLURQPHQWDO(WKLFµ0DU\(YHO\Q7XFNHUDQG-RKQ%HUWKURQJHGV&RQIXFLDQLVPDQG(FRORJ\
7KH,QWHUUHODWLRQRI+HDYHQ(DUWKDQG+XPDQV&DPEULGJH+DUYDUG8QLYHUVLW\&HQWHUIRUWKH
6WXG\RI:RUOG5HOLJLRQVLoLQGH
,ELG
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
YH WDûODUÖQ NÖUÖOGÖøÖQÖ YH SDUoDODQGÖøÖQÖ J|UGøP]GH ELOH ELU ]QW
GX\JXVXQXHQJHOOH\HPH\L]%XGDLQVDQOÖøÖPÖ]ÖQoLQLYHWDûODUODELUEHGHQ
ROXûWXUGXøXQXJ|VWHULU
*|UOGø JLEL .RQIo\V IHOVHIHVLQH LOJL VDGHFH ELU QRVWDOML YH URPDQWL]PGHQ
ND\QDNODQPDPDNWD DNVLQH ED]Ö SUDWLN \|QOHUL GH LoHUPHNWHGLU =LUD |]JQ DXWKHQWLF
EHQOLN NHQGLVLQL oHYUH LOH \DUDWÖFÖ ELU NDUûÖOÖNOÖ FHYDS YHUPH UHVSRQVLYHQHVV YH
JHOLûWLUPH\OH J|VWHULU g]JQ LQVDQ NHQGLVLQLQ GRøDO RODUDN VDKLS ROGXøX PRUDO
SRWDQVL\HOOHUL \DUDWÖFÖOÖøÖQ KD\DWÖQ YH JHOLûPHQLQ LONHOHULQL GH LoHUHQ GRøDOPRUDO
G]HQH X\PDGD RUWD\D NR\DU .LûL NHQGLVLQL *|N <HU YH LQVDQOÖøÖQ WDPDPODQPDVÖQD
NDWÖODUDN WDPDPODU %XQGDQ GROD\Ö GRøDO oHYUH\H NDUûÖ DKODNL ELU FHYDSVRUXPOXOXNOD
NDUûÖOÖN YHUHFHN ûHNLOGH NHQGLQL \HWLûWLUPHN 1HR.RQIo\Vo WDELUOH ´|]JQ LQVDQ
KD\DWÖQÖQ]RUXQOXELULIDGHVLGLUµ
6RQXo RODUDN 1HR.RQIo\Vo GûQFH VLVWHPLQGH LQVDQ YH GRøD DUDVÖQGD ELU
D\ÖUÖP YH GROD\ÖVÖ\OD LQVDQÖQ NHQGLQH YH GRøD\D \DEDFÖODûPDVÖ VRUXQX \RNWXU 'DKDVÖ
EH IHOVHIH JHOHQHøL LQVDQD |QFHOLNOH |]Q GDKD VRQUDGD ELU SDUoDVÖ ROGXøX GRøD\Ö
´GRøUXµ RODUDN WDQÖPD\Ö |QHUPHNWHGLU %XQXQ VRQXFX LVH LQVDQoHYUH LOLûNLVLQL
NDUûÖOÖNOÖ KDN YH VRUXPOXOXNODUGDQ oRN NDUûÖOÖNOÖ ´VD\JÖµ ]HULQH WHPHOOHQGLULOPHVLGLU
ùQVDQ \HVL ROGXøX DLOH\H NDUûÖ VHYJL YH VD\JÖ\OD \NPO ROGXøX JLEL \HVL ROGXøX
´*|N <HU YH ELQOHUFH YDUOÖøDµ NDUûÖ GD VHYJL YH VD\JÖ WHPHOOL ELU GDYUDQÖû
JHOLûWLUPHOLGLU $OoDNJ|QOOON YH NDQDDWNDUOÖNOD $ULVWRWHOHV·LQ GH ´*ROGHQ 0HDQµ
RODUDN WDQÖPODGÖøÖ ´2UWD <ROXµ WDNLS HGHUHN *|N <HU YH DUDVÖQGDNL KHU ûH\LQ
NRUXQPDVÖYHJHOLûWLULOPHVLQHNDWNÖGDEXOXQPDOÖGÖU
,ELG
,ELG
0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ
*D]HWHFLOHUHHWLNLONHOHUPLNDQXQODUPÖ\ROJ|VWHUPHOLGLU"
<UG'Ro'U%HGUL\H,ûÖNg]ND\D *LULû
+DEHU YH HQIRUPDV\RQX WRSOD\DUDN VHoHUHN YH \D\DUDN ELUH\OHULQ J|UûOHULQL YH
\DûDPWDU]ODUÖQÖELoLPOHQGLUHELOHQNDPXR\XQXQROXûXPXYH\|QOHQGLULOPHVLVUHFLQGH
WRSOXPXQIDUNOÖNHVLPOHULQLQRUWDNNDWÖOÖPÖQÖVDøOD\DELOHQWRSOXPGDûHIIDIOÖNVD\JÖQOÖN
YH KRûJ|UQQ \D\JÖQODûPDVÖ LoLQ JHUHNOL NRûXOODUÖQ \DUDWÖOPDVÖQD \DUGÖPFÖ RODELOPH
|]HOOLNOHULQH
VDKLS
RODQ
PHG\DGD
J|UHY
\DSDQ
JD]HWHFLOHU
LoLQ
|QHPOL
RODQ
´\D\ÖQODQDFDN PÖ \D\ÖQODQPD\DFDN PÖ"µ VRUXVXQXQ \DQÖWÖ KDEHU YH HQIRUPDV\RQXQ
WRSODQPDVÖ LoHULøLQ ROXûWXUXOPDVÖ YH \D\ÖQODQPDVÖQGD PHVOHN HWLN LONHOHULQH YH
VWDQGDUWODUÖQD EDøOÖOÖNWD DUDQPDOÖGÖU +HU JQ HWLN oÖNPD]ODUOD NDUûÖODûDELOHQ JD]HWHFLOHU
GRøUX
YH
\DQOÖûÖQ
JHQHOGH
EHOLUVL]
ROGXøX
NDUDU
DQÖQGD
YHUGLNOHUL
NDUDUÖ
YH
GDYUDQÖûODUÖQÖVDYXQDELOHFHNOHULKDNOÖJHUHNoHOHUHGD\DQGÖUPDN]RUXQGDGÖU$\UÖFDHWLøH
X\JXQ NDUDUODU YHUPHN YH GDYUDQPDQÖQ JD]HWHFLOLN PHVOHN \DûDPÖQÖQ PHUNH]L
ROGXøXQX NDYUD\DUDN HWLN GHøHUOHUH GD\DQDUDN GRøUX\X V|\OHPHN DGDOHW EDøÖPVÖ]OÖN
|]JUONYHLQVDQKDNODUÖQDVD\JÖSUHQVLSOHULQLQ\HUDOGÖøÖELUJD]HWHFLOLNHWLNVLVWHPLQL
EHQLPVHPHOLGLUOHU
*D]HWHFLOHU LoLQ HWLN LONHOHU JD]HWHFLOLN VWDQGDUWODUÖQÖQ \NVHOPHVL DoÖVÖQGDQ GD
|QHPOL ELU UROH VDKLSWLU 0HVOHN HWLN LONHOHULQLQ JQON oDOÖûPDODUGD ELOLQoOL RODUDN
X\JXODQPD\D EDûODQPDVÖ LOH |]JU YH GUVW JD]HWHFLOLN NDYUDPODUÖ ILLOL ELU GHøHU
ND]DQÖU
dQN
HWLN
GDYUDQÖû
LONHOHULQLQ
DPDFÖ
|]JU
YH
GUVW
JD]HWHFLOLøLQ
\DUDWÖOPDVÖQÖ JYHQFH\H DOPDNWÖU 'LøHU WDUDIWDQ HWLN LONHOHULQ ELUH\VHO YH WRSOX
X\JXODQPDVÖ PHVOHøH RODQ WRSOXPVDO JYHQLQ DUWPDVÖ \DQÖQGD JD]HWHFLOLøLQ NDOLWHVLQGH
YHVWDQGDUWODUÖQGDGDDUWÖûÖVRQXoODU
(WLN LONHOHU VRV\DO VRUXPOXOXN KDEHU GHøHUL YH PHG\D NDQXQODUÖQGD \HU DODQ
NXUDOODU ELU JD]HWHFLQLQ PHVOHNL IDDOL\HWLQL YH NDUDUODUÖQÖ HWNLOHU ELoLPOHQGLULU $QFDN
PHG\DGD\DVDO]RUODPDODULOHPHVOHNHWLNLONHOHULQLQ]RUODPDVÖDUDVÖQGDNDODQYHWRSOXP
WDUDIÖQGDQ J|QOO RODUDN JD]HWHFLQLQ EHOOL HWLN GDYUDQÖûODUÖ \DSPDVÖQÖQ EHNOHQGLøL YH
JHQHO RODUDN VRUXPOXOXN DODQÖ REMHNWLIOLN JHUoHNOLN YH VDYXQXODELOLU KDUHNHWOHU RODUDN
WDQÖPODQDQJULDODQGDJD]HWHFL\HELUH\VHOWHUFLKLQLGDYUDQÖûODUÖQDDNWDUPDGDPHVOHNHWLN
LONHOHULPL\RNVDPHG\DNDQXQODUÖPÖ\ROJ|VWHUPHOLGLU"
(WLN*D]HWHFLOLN.DQXQODUYH'DYUDQÖûùONHOHUL
(WLN J|QOO LQVDQ GDYUDQÖûÖQD GHøHU ELoHQ YH EX GDYUDQÖûODUÖ WHPHO SUHQVLSOHUH
EDøOÖ RODUDN GHøHUOHQGLUHQ ELU GLVLSOLQGLU 0HUULOO /HH YH )ULHGODQGHU·H J|UH HWLN
IHOVHIHQLQ ELU GDOÖ ROXS QH\LQ \DSÖOPDVÖ JHUHNWLøLQL KDQJL GDYUDQÖûODUÖQ ´L\Lµ \DGD
´GDKD L\Lµ ROGXøXQX EXOPDNOD NLûLVHO GHøHUOHU YH NDUDNWHUOHU LOH LOJLOHQLU 0HG\D HWLøL
NXUDOOÖ ELU DODQGÖU YH JD]HWHFLOHUH GLøHU PHG\D oDOÖûDQODUÖQD HWLNVHO X\JXODPD
SUHQVLSOHUL JHOLûWLUPH YH WDNLS HWPH NRQXVXQGD \DUGÖP HGHU 0HG\DGD GRøUXQXQ QH
(JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL
&J&KULVWLDQV.%5RW]ROO0)DFNOHU0HGLD(WKLFVUGHG1HZ<RUN/RQJPDQ
[YLL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ROGXøXQX EHOLUOHPHN LoLQ NDUDUODUÖQÖ NHQGL NHQGLQH X\JXODPD NXUDO NR\PD YH DVÖOGD
NHQGLNHQGLQHEHOLUOHQPLûYHJ|QOO\DSÖOGÖøÖQÖELOPHNJHUHNLU *D]HWHFLOLN NDQXQODUÖ JHQHO RODUDN PHVOHN LOH LOJLOL VWDWOHUL KDN YH VRUXPOXOXNODUÖ
JHQHO NDQXQODUGD \HU DODQ NXUDOODUÖ NDSVDU GUVWON YH DGDOHW DQOD\ÖûÖQÖ |Q SODQGD
WXWDU (WLN GHøHUOHUL NRUXPDNWDQ oRN RWRULWH\L VDøODPD\D YH GHQHWLPH \|QHOLN RODUDN
G]HQOHQLU PDGGL \DSWÖUÖPODUD \HU YHULU EHOOL NXUDOODUÖQ YH EHOOL ELU G]HQLQ
X\JXODQPDVÖQÖHPUHGHU*D]HWHFLOLNNDQXQODUÖQÖQDPDoODUÖJD]HWHFLOHULQVDKLSROGXNODUÖ
KDN YH D\UÖFDOÖNODUÖQÖ GHYOHWH NDUûÖ N|W\H NXOODQPDODUÖQÖ |QOHPHN KDONÖ JD]HWHFLOLN
KDNODUÖQÖQ YH D\UÖFDOÖNODUÖQÖQ N|W\H NXOODQÖOPDVÖ NDUûÖVÖQGD NRUXPDN JD]HWHFLOHUL
KDONÖQ KDNVÖ] GDYUDQÖûODUÖ YH VXoODPDODUÖ NDUûÖVÖQGD NRUXPDN JD]HWHFLOHULQ KDN YH
|]JUONOHULQL D\UÖFDOÖNODUÖQÖ JYHQFH\H DOPDNWÖU ùKWLODIODU PDKNHPHOHUGH o|]OU %X
DûDPDGD KDONÖQ YH\D PHVOHøLQ WHPVLOFLOHUL EXOXQPD] YH JD]HWHFLOLN HWLN NXUDOODUÖ GHøLO
NDQXQODULKWLODIODUÖQo|]PQGHEHOLUOH\LFLGLU
.XUDO RODUDN ELU NDQXQXQ WRSOXPXQ JHOHQHN YH J|UHQHNOHULQH DKODNL GHøHUOHULQH
X\JXQ ROPDVÖ JHUHNWLøL NDEXO HGLOLU $QFDN NDQXQD X\JXQ GDYUDQÖû LOH HWLøH X\JXQ
GDYUDQÖû|UWûHELOHFHøLJLELNDQXQLGDYUDQÖûODUHWLøHX\JXQROPD\DQQRNWDODULoHUHELOLU
*D]HWHFL NDQXQD X\JXQ KDUHNHW HGHU DQFDN KDUHNHW HWLN GHøLOGLU YH\D HWLøH X\JXQ
GDYUDQÖûÖ \DVDO ROPD\DELOLU 3HN oRN ONHGH PHG\D NDQXQODUÖ JD]HWHFL\H JL]OL KDEHU
ND\QDNODUÖQÖ NRUXPDN KDNNÖ WDQÖPD] 0DKNHPHGH ND\QDøÖQÖQ NLPOLøLQL DoÖNODPD]VD
SDUD FH]DVÖ YH\D KDSLV FH]DVÖ LOH FH]DODQGÖUÖOÖU *D]HWHFLOLN HWLN LONHOHUL LVH KDEHU
ND\QDNODUÖQD DoÖNODPDPD V|] YHULOGL\VH DoÖNODQPDPDVÖQÖ YXUJXODU $\UÖFD HWLN
JD]HWHFLOLøLQ NDQXQODUOD JHUoHNOHûWLULOPHVL WRSOXP YH PHVOHN DoÖVÖQGDQ oHûLWOL ]DUDUODUÖ
VRQXoODU
*D]HWHFLOLN HWLøL \D\ÖQFÖODUÖQ YH oDOÖûDQODUÖQ WRSOXPGDNL UROOHULQL KDONÖQ EX
NRQXGDNL GûQFHOHULQL NDSVDU (WLN LONHOHU JD]HWHFLOHUH PHVOHNL HWNLQOLNOHULQGH
GDYUDQÖûODUÖQÖQ DKODND X\JXQ ROPDVÖ LoLQ \RO J|VWHUHQ SUHQVLSOHUOH LOJLOLGLU7P
WRSOXPODU \]\ÖOODUFD NRUXPD\D |]HQ J|VWHUGLNOHUL DKODNL YH HWLN GHøHUOHUL WDûÖ\DQ
SUHQVLSOHUH VDKLS ROPXûODUGÖU 0HVOHNOHU YH PHVOHN NXUXOXûODUÖ GD EX SUHQVLSOHUOH
|UWûHQ PHVOHN GDYUDQÖû LONHOHUL LOH \|QHWLOPLû YH PHVOHN PHQVXSODUÖQD HWNLQOLNOHUL
VÖUDVÖQGD SUHQVLSOHU \RO J|VWHUPLûWLU$QFDNJD]HWHFLOLN HWLøL PHVOHN LONHOHULQGHQ GDKD
JHQLûWLU *D]HWHFLOLN PHVOHøLQGH HWLN GDYUDQPD VRUXPOXOXøXQXQ |]PVHQPHVL YH
NXUXPVDOODûPDQÖQVDøODQPDVÖLoLQLONHOHULQWHVSLWHGLOPHVLQHLKWL\DoYDUGÖU'HPRNUDWLN
WRSOXPODUGD
JD]HWHFLOLN
NDWÖODFDNODUÖ
PHVOHN
HWLN
GDYUDQÖû
|UJWOHULQFH
NXUDOODUÖQÖQ
EHOLUOHQPHVL
YH
JD]HWHFLOHULQ
NHQGLOHULQL
J|QOO
J|QOO
RODUDN
RODUDN
VÖQÖUODQGÖUPDODUÖ WHUFLK HGLOLU *HQHO NDEXOH J|UH PHVOHN LONHOHUL JD]HWHFLOHU LOH WRSOXP
DUDVÖQGD J|QOO ELU VRV\DO DQODûPD ROPDOÖGÖU 7RSOXP JD]HWHFLOHULQ EX DQODûPD\D
X\JXQ GDYUDQÖS GDYUDQPDGÖNODUÖQÖ |OoPHN LoLQ LONHOHUL ELU GHøHUOHQGLUPH DUDFÖ RODUDN
NXOODQÖUNHQ JD]HWHFLOHUGH NHQGLOHULQLQ YH PHVOHNWDûODUÖQÖQ SHUIRUPDQVODUÖQD LOLûNLQ ELU
NDUDU YHUPHN LoLQ LONHOHUL HVDV DOÖUODU *D]HWHFLOHU PHVOHNL GDYUDQÖûODUÖQGDQ KHP
WRSOXPD KHP GH PHVOHNWDûODUÖQD NDUûÖ VRUXPOXGXU %X VRUXPOXOXN DQODûPDGDQ GRøDQ
YH VDKLS ROGXNODUÖ JFQ NDUûÖOÖøÖ RODQ ELU VRUXPOXOXNWXU *D]HWHFLOLN PHVOHøLQLQ
WRSOXP WDUDIÖQGDQ J|QOO ELU PHVOHN RODUDN NDEXO HGLOPHVL JYHQLOPHVL LoLQ
JD]HWHFLOHU
NLPOLNOHULQL
YH
KDQJL
URO
R\QDGÖNODUÖQÖ
WDQÖPODPDOÖ
YH
NDPX\D
DoÖNODPDOÖGÖUODU 0HVOHN LONHOHUL NHQGLOHULQL NDPX\D WDQÖWPDODUÖQD \DUGÖP HGHU $QFDN
-&0HUULOO-/HH(-)ULHGODQGHU0RGHUQ0DVV0HGLD1HZ<RUN+DUSHU5RZ
V
%HGUL\H,ûÖNg]ND\D³0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ
J|QOO PHVOHN ELUOLNOHULQFH EHOLUOHQHQ YH oRøXQOXNOD PDQHYL \DSWÖUÖPD EDøODQDQ
PHVOHN LONHOHULQLQ \HOHU LoLQ EDøOD\ÖFÖOÖøÖ NDEXO HGLOLU $\UÖFD PHVOHN LONHOHULQH X\PDN
YH\D X\PDPDN NDUDUÖQÖ VRQXoWD JD]HWHFL NHQGL VHUEHVW LUDGHVL LOH EHOLUOHU 6RQ
G|QHPOHUGH J|]OHQHQ HøLOLP HWLøH X\JXQ JD]HWHFLOLøLQ PHG\D NXUXPODUÖ YH\D EDVÖQ
NRQVH\OHUL JLEL PHVOHN ROXûXPODUÖQGDQ oRN ELUH\ RODUDN HWNLQOLøL JHUoHNOHûWLUHQH EDøOÖ
ROGXøXGXU
*D]HWHFLOHULQ HWLN GHøHUOHUH X\JXQ RODUDN GDYUDQPDODUÖ NDQXQODUOD VDøODQDELOLU PL
QHOHULQ \DSÖOPDPDVÖ YH\D QHOHULQ \DSÖOPDVÖ JHUHNWLøLQL J|VWHUHQ L\L YH GRøUX\X
WDQÖPOD\DQ YH FH]DODQGÖUDQ NDQXQODUOD PHG\DGD HWLN GDYUDQÖû LONHOHUL NXUXPVDOODûDELOLU
PL
\RNVD
GDYUDQÖû
LONHOHUL
JD]HWHFL
PHVOHN
ELUOLNOHUL
WDUDIÖQGDQ
EHOLUOHQPHOL
GHQHWOHQPHOL PLGLU VRUXODUÖQÖQ \DQÖWÖQÖ HWLN IHOVHIHGH YH EX PHVOHøLQ N|NO GRøDVÖQGD
EXODELOLUL]
*D]HWHFLOLN HWLøL UDV\RQHO ELU VHoLPGLU *D]HWHFLOHU EX VHoLPL L\L YH N|W QHGLU
DKODNVDO RODUDN VDYXQDELOLU KDUHNHW QHGLU YH QH GHøLOGLU DUDVÖQGD \DSDU $\QÖ ]DPDQGD
DKODNVDO RODUDN KDNOÖOÖøÖ VDYXQXODELOLQLU RODQODU DUDVÖQGDNL GHUHFHOHQGLUPH\L GH EHOLUOHU
*D]HWHFLOLN HWLøLQGH VRV\DO VRUXPOXOXN JHUoHøL DUDûWÖUPDN LQVDQ KDNODUÖQD VD\JÖ
J|VWHUPHN PHVOHN GD\DQÖûPDVÖ YH |UJWOHQPHN NOWUHOHWQLNGLQL oHûLWOLOLøH VD\JÖOÖ
ROPDN SUHQVLSOHULQH EDøOÖ RODUDN EDVÖQ |]JUOøQ JHOLûWLUPHN YH VDYXQPDN PHVOHNL
GD\DQÖûPDEDøÖPVÖ]OÖNREMHNWLIOLNGUVWYHDGLOGDYUDQPDNYDUGÖøÖNDUDUYHGDYUDQÖû
LoLQ VDYXQDELOLU JHUHNoHOHUH VDKLS ROPDN J|UHYOHULQL YXUJXOD\DQ YH EHOLUWLOHQ GHøHUOHU
]HULQHNXUXODQPHVOHNLONHOHULVDYXQXOXU
(WLNJD]HWHFLOLNX\JXODPDVÖQÖQ\D\JÖQODûWÖUÖOPDVÖYHEDVÖQ|]JUOøQQVRUXPOXOXN
LOH NXOODQÖOPDVÖQÖ NDQXQODU LOH WHPLQDW DOWÖQD DOPDN PHG\DQÖQ LûOH\LûLQL NDQXQODU YH
\DSWÖUÖPODUODG]HQOHPHNVRUXPOXYH\DGDKDVRUXPOXELUEDVÖQÖELoLPOHQGLUPHNDPDFÖ
LOH JD]HWHFLOHULQ WDNLEH ]RUXQOX RODFDNODUÖ NDQXQODUÖ \UUOøH NR\PDN KDNNÖQÖQ
\|QHWLPOHUH WDQÖQPDVÖ |QFHOLNOH EDVÖQ |]JUOø EDøÖPVÖ]OÖN REMHNWLIOLN VRV\DO
VRUXPOXOXNJLEL\XNDUÖGDEHOLUWLOHQHWLNGHøHUOHUHD\NÖUÖRODFDNWÖU
g]HOOLNOH
JHOLûPHNWH
RODQ
ONHOHUGH
JD]HWHFLOLN
HWLøLQLQ
NDQXQODU
YDVÖWDVÖ\OD
X\JXODQPDVÖ YH VRQXoWD PHG\DGD HWLN LONHOHULQ NXUXPVDOODûPDVÖQÖQ JHUoHNOHûPHVL LoLQ
PHVOHN GDYUDQÖû LONHOHUL NDQXQODUGD EHOLUOHQLU YH\D NDQXQODUOD NXUXOXûX LûOH\LûL
\DSWÖUÖPODUÖ G]HQOHQPLû PHVOHN |UJWOHUL DUDFÖOÖøÖ\OD X\JXODPD EHQLPVHQLU %X
X\JXODPDQÖQJHUHNoHVLLVHEDVÖQ|]JUOøQWHPLQDWDOWÖQDDOPDNYHVRUXPOXELUEDVÖQ
\DUDWPDNWÖU %D]Ö ONHOHUGH \HWNLOLOHU PHVOHNWH HWLN ROPD\DQ GDYUDQÖûODUD GHYDP
HGLOPHVLGXUXPXQGDJD]HWHFLOHULNRQWURODOWÖQGDWXWDFDNNDQXQODUoÖNDUDFDNODUÖQÖEH\DQ
HGHUOHU *HQHOGH EX WU DoÖNODPDODUÖQ \DSÖOGÖøÖ ONHOHUGH JD]HWHFLOHU YH PHVOHN
|UJWOHUL PHG\D NXUXPODUÖ HWLN JD]HWHFLOLN X\JXODPDVÖQGD EDûDUÖVÖ]GÖU %D]Ö ONHOHUGH
LVH JD]HWHFLOHU YH JD]HWHFLOLN PHVOHøLQLQ \|QHWLPOHUH NDUûÖ DKODNL VRUXPOXOXN YH
J|UHYOHULQLQ ROGXøX LOHUL VUOU $QFDN JD]HWHFLOHULQ GRøUXGDQ WRSOXPD YH WRSOXPXQ
LoLQGH \HU DODQ JUXSODUGDQ ELUL RODUDN \|QHWLPOHUH NDUûÖ VRUXPOXOXøX ROGXøX XQXWXOXU
%X JHUHNoH PHG\D\Ö NRQWURO HWPHN YH VDKLS ROPDN LVWHøLQLQ J|VWHUJHVLGLU 'LøHU
WDUDIWDQ
\|QHWLPOHULQ
WRSOXPVDO
GHøHUOHULQ
NRUX\XFXVX
RODUDN
HWLN
JD]HWHFLOLN
J|UHYLQLQ \HULQH JHWLULOPHVLQL VDøODPD KDNNÖ YH J|UHYLQH WHN EDûÖQD VDKLS ROPDVÖ
GûQFHVLQH GD\DOÖ X\JXODPDODU JD]HWHFLOHUL VRUXPOX GDYUDQÖûD \|QHOWHFHN YH WHûYLN
HGHELOHFHNGLøHUJUXSODUÖKDONÖYHPHG\DQÖQNHQGLVLQLGÖûODU :6FKUDPP´4XDOLW\LQ0DVV&RPPXQLFDWLRQµ,Q0HGLD(WKLFV&DVHVDQG0RUDO
5HDVRQLQJHG&KULVWLDQV5RW]ROO)DFNOHU1HZ<RUN/RQJPDQV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
*D]HWHFLOLN(WLøLQLQ.DQXQODûWÖUÖOPDPDVÖQÖQ1HGHQOHUL
.DQXQODUYDVÖWDVÖ\ODJD]HWHFLOLNHWLøLQLQX\JXODQPDVÖVRQXFXED]ÖN|NOSUREOHPOHU
GRøDU
(WLN JD]HWHFLOLN VRUXPOXOXøX NDQXQOD WDQÖPODQÖUVD WDQÖPOD\DQ JD]HWHFL YH\D
J|QOO PHVOHN NXUXOXûODUÖ GHøLO NDQXQ NR\XFX RODFDNWÖU +DN YH |]JUONOHUL
G]HQOHPHN YH N|W\H NXOODQÖOPDODUÖQÖ |QOHPHN YH EX DPDoODUOD \DSWÖUÖP
X\JXODPDN \HWNLVL oHUoHYHVLQGH JD]HWHFLOLN DODQÖQGD NDQXQD D\NÖUÖ GDYUDQÖûODUÖ
NÖVDFD VXo YH FH]D\Ö EHOLUOHPHN KDNNÖQÖQ NDQXQ NR\XFX\D DLW ROPDVÖ JHUHNWLøL
VDYXQXODELOLU $QFDN HYUHQVHO GHøHUOHU oHUoHYHVLQGH REMHNWLI RODUDN EX \HWNLQLQ
NXOODQÖOPDPDVÖ GXUXPXQGD WDQÖP \DSDQODUÖQ HWLN YH VRUXPOXOXN DQOD\ÖûODUÖQD
J|UHELoLPOHQHFHNYH\HWHUOLOLNûDUWODUÖJHWLULOHELOHFHNWLU
.DQXQODULOHJD]HWHFLOLNHWLøLQLQX\JXODQPDVÖQÖ]RUODPDNEXDODQGDVWDQGDUWODUÖQ
JHOLûPHVLQL ROXPVX] HWNLOHU 7P NDQXQODUGD DPDo VXoOX\X FH]DODQGÖUPDN YH
E|\OHFH
RQXQ
D\QÖ
GDYUDQÖûÖ
WHNUDUODPDPDVÖQÖ
VDøODPDN
YH
VXoOX\X
FH]DODQGÖUDUDN GLøHUOHULQL D\QÖ VXoX LûOHPHNWHQ X]DN WXWPDNWÖU 0HG\D HWLN
NDQXQODUÖQÖ LKODO HGHQ VXoOXQXQ EX GDYUDQÖûÖ ELU GDKD \DSPD\DFDøÖ JDUDQWL
HGLOHPH]
%XQXQ\DQÖQGDFH]DODQGÖUÖODQJD]HWHFL\LJ|UHQDUNDGDûODUÖQÖQD\QÖVXoXLûOHPH\H
NDONÖûPD\DFDNODUÖQÖQ GD JDUDQWLVL \RNWXU *D]HWHFLOLN HWLøLQH GDYUDQÖûODUÖ LOH
ROXPOX NDWNÖ \DSPDN LoLQ oDOÖûDQODU HWLN NXUDOODUD EDNPDN YH X\JXODPDN \HULQH
EDûODUÖQÖQ GHUGH JLUPHPHVL LoLQ NDQXQODUÖ LKODO HWPHPH\H oDOÖûDFDNODUGÖU $\UÖFD
FH]DODQGÖUÖOPD VRQXFX LûOHQHQ VXo PHVOHøH NDUûÖ GHøLO GHYOHWH NDUûÖ LûOHQHQ ELU
VXoGXUXPXQDG|QûHFHNWLU
.DQXQOD
JD]HWHFLOLN
HøLWLøLQLQ
X\JXODQPDVÖ
JD]HWHFLOHULQ
PHVOHøH
EDøOÖOÖN
GX\JXVXQD ]DUDU YHUHUHN EDøOÖOÖøÖQ \|QHWLPH oHYULOPHVLQH \RO DoDU 2QODU HWLøH
X\JXQ ROPD\DQ ELU GDYUDQÖû \DSWÖNODUÖQGD HWLN NDQXQODUÖ LKODO HWWLNOHUL GûQFHVL
LOH GHYOHWH YH\D KNPHWH NDUûÖ NHQGLOHULQLQ VXo LûOHGLøLQL GûQHFHNOHUGLU
$VOÖQGD HWLNVHO ROPD\DQ GDYUDQÖûOD JHUoHN ]DUDUÖ PHVOHNOHULQH YHULUOHU 0HVOHNWH
oDOÖûDQODUÖ ELUOHûWLUHFHN NRQXODU KDNODU VRUXPOXOXNODU YH J|UHYL JHOLûWLUPHN
DKODNL J|UHYL ROPDOÖGÖU %X PHVOHN GD\DQÖûPDVÖ YH ELUOLNWHOLN GX\JXVXQXQ
ND\EHGLOPHVL VRQXFXQGD ROXûDFDN ELUH\VHO GDYUDQÖûODU KHP WRSOXPD KHP GH
ELUOLNWHOLNYHGD\DQÖûPDHWLNGHøHULQH]DUDUYHUHFHNWLU
(WLN JD]HWHFLOLN X\JXODPDVÖQD \DNODûÖP |]HOOLNOH JD]HWHFLOHULQ IHOVHIL J|UûOHULQH
NDQDDWOHULQHJ|UHGHøLûLU*D]HWHFLOHUDUDVÖQGDDQWLQRPLDQLVW·OHUJ|UHYVÖUDVÖQGD
KLVVHWWLNOHUL JLEL GDYUDQPDODUÖ JHUHNWLøLQH LQDQDQODU 0DFKLDYHOOLVW·OHU DPDFD
XODûPDN LoLQ KHU WUO DUDFÖQ NXOODQÖODELOHFHøLQH LQDQDQODU WHOHRORJLVW·OHU
GDYUDQÖûÖQ
GûQHQOHU
HWLN
ROGXøXQX
GHRQWRORJLVW·OHU
EHOLUOH\HQ
IDNW|UQ
GDYUDQÖûÖQ
VDGHFH
VRQXFXQX
VRQXo
ROGXøXQX
GûQPH\HUHN
VDGHFH
J|UHYLQ \DSÖOPDVÖ JHUHNWLøLQH LQDQDQODU KHGRQLVWOHU L\L GDYUDQÖûÖQ HQ ID]OD
VD\Ö\D KL]PHW ROGXøXQX LGGLD HGHQOHU HJRLVW·OHU L\L JD]HWHFLOLN GDYUDQÖûÖQÖQ
ELUH\VHORODUDNNHQGLOHULQLPXWOXHGHQGDYUDQÖûROGXøXQXGûQHQOHUYDUGÖU
.DQXQOD JD]HWHFLOLN HWLøLQLQ X\JXODQPDVÖ VRQXFXQGD JD]HWHFLOHU WHN ELU HWLN
\DNODûÖPD ]RUODQÖU 2 GD \DVDO RODUDN PPNQ RODQ WHN \RO GHRQWRORJLFDO
\DNODûÖPGÖU .DQXQOD EHOLUOHQHQ VRUXPOXOXøX \HULQH JHWLUPHN ELU J|UHYGLU
NDQXQD LWDDW HWPHN ]RUXQOXGXU YH EX ER\XQ HøPHN VRQXFXQGD LQVDQODUD QH
ROGXøX J|] DUGÖ HGLOHUHN LWDDW HGLOPHOLGLU *D]HWHFLOLN PHVOHøLQLQ ELUH\VHO YH
%HGUL\H,ûÖNg]ND\D³0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ
WRSOX RODUDN WRSOXPD JLGHULOPHVL PPNQ ROPD\DQ ]DUDU YHUPH \HWHQHøL
GûQOGøQGHPHVOHøHE|\OH\DVDOVWDQGDUWOD\ROJ|VWHUPHVLQLQWHKOLNHVLGDKD
L\LDQODûÖODFDNWÖU*D]HWHFLOLNHWLøLNDQXQJLELQHWYHNHVLQGHøLOGLU'RøUXNDUDU
YH H\OHPH XODûPDN LoLQ \DSÖOPDVÖ RODVÖ KDUHNHWLQ EHOOL SHUPXWDV\RQODUÖQÖQWDNLEL
JHUHNLUgUQHøLQ0HUULOOYH%DUQH\·HJ|UH *D]HWHFLVDYXQDELOHFHøLKDNOÖNDUDUD
VRQXoODUÖ GLNNDWH DODUDN WHOHRORJ YH J|UHYH LOLûNLQ EHOOL SUHQVLSOHUL X\JXOD\DUDN
GHRQWRORJ\ XODûDELOLU 2QODUD J|UH JD]HWHFL |QFHOLNOH ELU GHRQWRORJLVW DPD D\QÖ
]DPDQGD ELU GûQU NDUDNWHULQH VDKLS ]DPDQ ]DPDQ GDKD \NVHN ELU DKODNL
GHøHUH XODûPDN LoLQ VDGDNDWWHQ D\UÖODELOHQ ELU WHOHRORJLVW·GLU %|\OH IHOVHIL YH
SUDWLN\RUXPYHo|]POHUHJD]HWHFLOLNNDQXQODUÖQGDUDVWODQDPD]2QODUÖQWHNELU
DQODPÖYDUGÖUYH\RUXP\DSÖODPD]
*D]HWHFLOLNWH HWLN JHUHNOLOLNOHU NRQXVXQGD NDQXQ \DSDUDN DVOÖQGD PHVOHN
|UJWOHULQLQ HVDV IRQNVL\RQODUÖQGDQ RODQ PHVOHN NXUDOODUÖ YH VWDQGDUWODUÖQÖ
EHOLUOHPHN YH GHQHWOHPHN UROQ GHYOHW VWOHQLU (øHU PHVOHN |UJWOHUL EX
DODQGD
\HWHUVL]
LVH
GHYOHWH
GûHQ
J|UHY
PHVOHN
|UJWOHQPHOHULQLQ
JoOHQGLULOPHVL YH VRUXPOXOXNODUÖQD VDKLS oÖNDUDN GHQHWLPL JHUoHNOHûWLUPHOHUL
NRQXVXQGDWHûYLNHWPHNROPDOÖGÖU
*D]HWHFLOLN HWLøLQLQ NDQXQ LOH X\JXODQPDVÖ KHP EDVÖQ |]JUOøQH KHP GH
JD]HWHFLOHULQ |] VD\JÖVÖQD ]DUDU YHULU %LU JD]HWHFLQLQ HWLøH X\JXQ GDYUDQÖûÖ
VDGHFH NDQXQD LWDDW HVDVÖ ]HULQH WHPHOOHQGLULOLUVH RQXQ GDYUDQÖûÖ JHQLû RUDQGD
FH]DODQGÖUÖOPD
NRUNXVXQD
GD\DOÖ
RODFDøÖQGDQ
JHUoHNWH
NHQGLQL
VRUXPOX
KLVVHWPH\HFHNWLU$VOÖQGDNHQGLQHGX\GXøXVD\JÖKHUKDQJLELUGDYUDQÖûÖ|]JUFH
\DSDELOHFHøLQH LQDQPDVÖQÖ VDøODU YH EX |]JUOøQ \RO DoDFDøÖ VÖNÖQWÖODU
NDUûÖVÖQGD \D GD NHQGLVLQLQ ]OHFHøL DQODUGD GDKL |] VD\JÖVÖ QHGHQL LOH R
GDYUDQÖûÖQVRUXPOXOXøXQXWDûÖPD\DGHYDPHGHU
(WLNJD]HWHFLOLNNDQXQLOH]RUODQGÖøÖQGDNHQGLQLLIDGHHWPHYHEXQDEDøOÖRODUDN
|]VD\JÖ YH |]JUOøQ YDU ROPDVÖ LoLQ JHUHNOL ûDUWODU VÖQÖUODQGÖUÖOPÖû ROXU
0HUULOO·HJ|UH .HQGLQHVD\JÖGX\DQELUJD]HWHFLRQDNHQGLQLLIDGHHWPHûDQVÖQÖ
YHUHQ |]JUONWHQ JXUXU GX\DU YH EXQXQ WHKOLNHOHULQL |QHPVHPH] GDYUDQÖûÖQÖQ
DUNDVÖQGD GXUXU KHGHIH RGDNODQÖU YH |]JUOø \DûDPDVÖQÖQ VRQXoODUÖQD
KD]ÖUGÖU
7P HWLNOHUGH ROGXøX JLEL JD]HWHFLOLN HWLøL GH GHøHUOHU YH SUHQVLSOHUH EDøOÖGÖU
3UHQVLSOHU QH\LQ \DQOÖû QH\LQ GRøUX ROGXøXQX WDQÖPOD\DQ \RO J|VWHUHQ
oL]JLOHUGLU 'HøHUOHU LVH KHP DKODNL KHP GH DKODNL ROPD\DQÖ L\L YH N|WQQ QH
ROGXøXQXWDQÖPODU
.DQXQODUGD SUHQVLSOHULQ PDQWÖNVDO DoÖNODPDVÖQD \HU YHULOPH] 'RøUX RODUDN
YHULOHQ YH\D \DQOÖû RODUDN EHOLUWLOHQ VRUJXODQDPD] ùWDDW ]RUXQOXOXøX YDUGÖU
*D]HWHFLOLN HWLøLQGH LVH JD]HWHFL LoLQ VHoPH ûDQVÖ YDUGÖU %X VHoLP ED]HQ GRøUX
YH \DQOÖû DUDVÖQGD YH\D \DQOÖû RODQ LOH GDKD D] \DQOÖû GDYUDQÖû DUDVÖQGD YH\D
GRøUX LOH GDKD GRøUX DUDVÖQGD RODELOLU $QFDN E|\OH IÖUVDWODUÖ YH RODVÖOÖNODUÖ
NDQXQODUNDUûÖOD\DPD]
-&0HUULOO5'%DUQH\(WKLFVDQGWKH3UHVV5HDGLQJVLQ0DVV0HGLD0RUDOLW\1HZ<RUN
+DVWLQJ+RXVHV
-&0HUULOO7KH'LDOHFWLFRI7RXUQDOLVP7RZDUGVD5HVSRQVLEOH8VHRI3UHVV)UHHGRP%DWRQ
5RXJH/RXLVLQD6WDWH8QLYHUVLW\3UHVVV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.DQXQODUEHOOLGHøHUOHULNRUXPDNLoLQ\DSÖOPÖûROVDGDVRQXoWDLWDDW]RUXQOXGXU
*D]HWHFL
EDøODQPDVÖ
JHUHNHQ
GHøHUOHUL
DUDûWÖUPDGDQ
VRUJXODPDGDQ
YH
GûQPHGHQ NDQXQODUÖQ JHUHøLQL \HULQH JHWLUPHN ]RUXQGDGÖU %X VUHoWH RQD
SDVLIELUUROYHULOPLûWLU'HøHUOHUDQFDNLVWH\HUHNELOLQoOLRODUDNDU]XHGHUVHNYH
RQODUD XODûPDN LoLQ oDOÖûÖUVDN ID\GDOÖGÖU 'LøHU ELU GH\LûOH NDQXQODU YDVÖWDVÖ\OD
GHøHUOHU]RUODX\JXODQGÖøÖQGDGHøHULQL\LWLUHELOLU
6RQRODUDNNDQXQJD]HWHFLOLNHWLøLQLQX\JXODQPDVÖQÖJDUDQWLHGHQELUDUDoRODUDN
JD]HWHFLOHULQ IDDOL\HW DODQODUÖQÖ oRN ID]ODVÖQÖUODQGÖUÖU .DQXQ KHU RODVÖOÖøÖ YH HWLN
GXUXPODUÖQ SHUPWDV\RQODUÖQÖ NDSVDPD] *D]HWHFLQLQ HWLN NDUDUÖ LOH EDVÖQ
|]JUOø
ELUELUOHUL\OH
EDøODQWÖOÖGÖU
(WLN
JD]HWHFLOLN
X\JXODPDVÖ
EDVÖQ
|]JUOøQ JHOLûWLULU *D]HWHFLOHU WRSOXPVDO LKWL\DoODUD KL]PHW LoLQ NDPXVDO
J|UHYOHULQL \HULQH JHWLULUNHQ |]JU ROPDOÖGÖUODU %DVÖQ |]JUOø JD]HWHFLOHULQ
LVWHGLøLQL\DSPDNLoLQELUL]LQGHQoRNWRSOXPDKL]PHWLoLQ|]JUONWU
6RQXo
0HG\DGD HWLN LONHOHULQ NXUXPVDOODûPDVÖ LoLQ JD]HWHFLOHU HWLN GDYUDQPD\D NDQXQODUOD
]RUODQPDPDOÖGÖU'HPRNUDWLN\|QHWLPOHUGHJD]HWHFLOLNNDQXQODUÖJD]HWHFLOHULQYHGLøHU
oDOÖûDQODUÖQ KDN YH |]JUONOHULQL JYHQFH\H DOPDN YH EX KDN YH |]JUONOHULQ N|W\H
NXOODQÖOPDODUÖQÖ|QOHPHNDPDFÖ\ODJHUHNOLGLU
*D]HWHFLOHULQ NDQXQODUOD HWLN GDYUDQÖûD ]RUODQPDVÖ RQODUD QDVÖO KDUHNHW HWPHOHUL
NRQXVXQGD GLUHNWLIOHU YHULOPHVLQLQ NDEXO JD]HWHFLOLN HWLøL LOH EDøGDûPD] YH EDVÖQ
|]JUOøQQNRUXQPDVÖDoÖVÖQGDQELUULVNWLU
(WLN
GDYUDQÖû
LONHOHULQLQ
JD]HWHFLOHU
J|QOO
PHVOHN
NXUXOXûODUÖ
WDUDIÖQGDQ
EHOLUOHQPHVL YH X\JXODQPDVÖ Lo LûOH\LûOH HWLøLQ NXYYHWOHQGLULOPHVL GÖûDUÖGDQ \DSÖODQ
PGDKDOHGHQ GDKD ID]OD PHVOHøLQ \DUDUÖQDGÖU $QFDN \HOLøLQ LVWHøH EDøOÖ ROGXøX EX
NXUXOXûODU VDGHFH NHQGL \HOHUL ]HULQGH HWNLOL RODELOHFHNWLU %LU PHVOHN ELUOLøLQH \H
ROVXQ YH\D ROPDVÖQ JD]HWHFL GDYUDQÖû LONHVLQH X\JXQ GDYUDQPDN YH\D GDYUDQPDPDN
NDUDUÖQÖ NHQGL LUDGHVL LOH EHOLUOH\HFHNWLU (WLN EX DûDPDGD |QHPOLGLU NDUDU ELUH\VHO
RODFDNWÖU
(WLNNDUDUYHUPHN]RUGXU*QP]NRûXOODUÖQGDGRøUXYH\DQOÖûÖQL\LYHN|WQQ
NXUDOODUÖ JHQHOGH JHoHUVL] NDOPDNWDGÖU $QFDN \DNÖQ oHYUH WRSOXP HøLWLP JLEL
HWNHQOHULQ
ELoLPOHQGLUGLøL
HWLN
EDNÖû
DoÖVÖQD
VDKLS
RODQ
ELU
JD]HWHFL
ELOLQFLQH
JYHQPHOLGLU*|QOOPHVOHNELUOLNOHULWDUDIÖQGDQHWLNGHøHUOHU]HULQHNXUXOPXûRODQ
PHVOHN GDYUDQÖû NXUDOODUÖQÖQ GD NDWNÖVÖ LOH DQFDN |]JU LUDGHVL LOH VHoLPLQL \DSPDOÖGÖU
'DYUDQÖûÖQÖQ NDUDNWHULQLQ YH\D DPDFÖQÖQ DKODNL HøLOLPOHULQLQ IDUNÖQGD RODUDN GRøUX\X
YHL\L\L\DSPDJ|UHYLQLNDUDUÖQDYHGDYUDQÖûODUÖQD\DQVÖWPDOÖGÖU
.D\QDNoD
&KULVWLDQV&*5RW]ROO.%)DFNOHU00HGLD(WKLFVUG(G1HZ<RUN
/RQJPDQ
0HUULOO - & %DUQH\ 5 ' HGV (WKLFV DQG WKH 3UHVV 5HDGLQJV LQ 0DVV 0HGLD
0RUDOLW\1HZ<RUN+DVWLQJ+RXVH
0HUULOO - & 7KH 'LDOHFWLF RI -RXUQDOLVP 7RZDUGV D 5HVSRQVLEOH 8VH RI 3UHVV )UHHGRP
%DWRQ5RXJH/RXLVLQD6WDWH8QLYHUVLW\3UHVV
0HUULOO-&/HH-)ULHGODQGHU(-0RGHUQ0DVV0HGLD1HZ<RUN+DUSHU
5RZ
6FKUDPP : ´4XDOLW\ LQ 0DVV &RPPXQLFDWLRQµ ,Q 0HGLD (WKLFV &DVHV DQG
0RUDO5HDVRQLQJ&KULVWLDQV5RW]ROO)DFNOHU1HZ<RUN/RQJPDQ
7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO
'U+DIL]Hg]WUN 6RQ\ÖOGDD\GÖQODWÖOPÖûRQDP|øUHWLVLQLQJQGHOLNWÖSX\JXODPDVÖQGD\DVDOYHHWLN
ELU JHUHNOLOLN ROPDVÖ\OD ELUOLNWH KHNLPKDVWD LOLûNLVLQLQ QLWHOLøL KDVWDQÖQ |]HUNOLøL
KHNLPLQ VRUXPOXOXNODUÖ KDVWDQÖQ YH KHNLPLQ GHøHUOHUL KDVWDQÖQ D\GÖQODWÖOPDVÖQÖQ
\|QWHPOHUL JLEL NRQXODU |]HOOLNOH NOLQLN WÖS HWNLQOLøLQLQ WHPHO WDUWÖûPD QRNWDODUÖ
GXUXPXQD JHOPLûWLU +DVWDQÖQ NDUDU YHUPHN NRQXVXQGD J|QOO YH \HWHUOL ROPDVÖ
NDGDU ELOJLQLQ DoÖNODQPDVÖ YH DQODûÖOÖU ROPDVÖQÖ GD JHUHNWLUHQ D\GÖQODWÖOPÖû RQDP
|øUHWLVL KHNLPLQ JHOHQHNVHO SDWHUQDOLVWLN UROQ ELU |OoGH RUWDGDQ NDOGÖUPDNWD YH
KDVWDQÖQNHQGLVL\OHLOJLOLWÖEELNDUDUODUGDNLVRUXPOXOXøXQXDUWÖUPDNWDGÖU6|]HGLOHQEX
GHøLûLP WHPHOGH \DUDUFÖ ELU GLVLSOLQ RODUDN WDQÖPODQDQ WÖEEÖQ LûOHYLQLQ YH DPDFÖQÖQ
\HQLGHQ
WDQÖPODQPDVÖQÖ
NDYUDPODUÖQÖQ
\HQLGHQ
WÖS
HWNLQOLøLQGH
WDUWÖûÖOPDVÖQÖ
|]HUNOLN
]RUXQOX
NÖOGÖøÖ
URO
VRUXPOXOXN
LoLQ
KHNLPKDVWD
YH
GHøHU
LOLûNLVLQLQ
HYULPLQGHGH|QHPOLELUKDOND\ÖROXûWXUPDNWDGÖU
%X ELOGLULGH JQP]GHNL KHNLPKDVWD LOLûNLVLQLQ QLWHOLøL KHNLPOH KDVWD DUDVÖQGDNL
LOLûNL\L HWNLOH\HQ HWNHQOHU JHoPLûWHQ JQP]H EX LOLûNLGH J|]H oDUSDQ EHOOL EDûOÖ
PRGHOOHU D\GÖQODWÖOPÖû RQDP KDVWDQÖQ |]HUNOLøL YH KHNLPLQ URO EDøODPÖQGD HOH
DOÖQDFDNWÖU
+HNLPKDVWD LOLûNLVL WHPHOGH ELU LQVDQLQVDQ LOLûNLVL ROGXøX LoLQ WRSOXPVDO NOWUHO
KXNXNVDO DKODNVDO YH UXKELOLPVHO \|QOHUL RODQ ELU LOLûNLGLU %X oRN \|QOON RQXQ
ELUWDNÖP HWNHQOHUOH NROD\FD HWNLOHûHELOGLøLQL J|VWHUPHNWHGLU +HNLPOH KDVWD DUDVÖQGDNL
LOLûNLQLQ KHU WUQGH V|] NRQXVX HGLOHELOHFHN RODQ YH EHOLUOL ELU WRSOXPGD EHOLUOL ELU
]DPDQ GLOLPLQGH JHoHUOL NÖOÖQDQ KHNLPKDVWD LOLûNLVLQL EHOLUOH\HQ EX HWNHQOHUL û|\OHFH
VÖUDODPDNRODQDNOÖGÖU
ùOLûNLQLQJHUoHNOHûWLøLX]PDQOÖNGDOÖ
%HOLUOLELU]DPDQGDRWRSOXPGDEHQLPVHQHQKDVWDOÖNNDYUDPÖ
ùOLûNLQLQJHUoHNOHûWLøLNRûXOODUGDWÖEEÖQRODQDNODUÖ
+HNLPLQYHKDVWDQÖQHøLWLPG]H\L\OHEDøODQWÖOÖRODQELOJLLQDQoYHWXWXPODUÖ
+HNLPYHKDVWDQÖQEXLOLûNLGHQEHNOHQWLOHULYHUXKVDO\DSÖODUÖ
+HNLPYHKDVWDQÖQLOHWLûLPEHFHULOHUL
KHNLPOHKDVWDDUDVÖQGDNLSDUDVDOLOLûNL
ùOLûNLQLQJHUoHNOHûWLøLIL]LNVHORUWDP
6|]NRQXVXWRSOXPGDKHNLPEDûÖQDGûHQKDVWDVD\ÖVÖ
7RSOXPXQKHNLPKDVWDLOLûNLVLQHEDNÖûÖ
(WLN DoÖVÖQGDQ KHNLPOH KDVWD DUDVÖQGDNL LOLûNL \XNDUÖGD VD\ÖODQ HWNHQOHUOH ELUOLNWH YH
RQODUD
NRûXW
RODUDN
RUWD\D
oÖNDQ
KHNLP
YH
KDVWDQÖQ
URO
YH
NLPOLNOHUL\OH
EHOLUOHQPHNWHGLU %X NLPOLN YH UROOHU WÖEEÖQ WDULKVHO HYULPL LoLQGH IDUNOÖ LOLûNL
PRGHOOHULQLQ RUWD\D oÖNPDVÖQD \RO DoPÖûWÖU dHûLWOL oDø YH WRSOXPODUGDNL KHNLP
KDVWD LOLûNLOHULQL GLQDPLN SVLNL\DWULQLQ NLûLOHU DUDVÖ LOLûNLOHU \DNODûÖPÖ EDøODPÖQGD
LQFHOH\HQ 6]DV] .QRII YH +ROOHQGHU o WHPHO LOLûNL PRGHOL WDQÖPODPÖûODUGÖU %\N
$NGHQL]hQLYHUVLWHVL7ÖS)DNOWHVL7ÖEEL(WLN'HRQWRORML$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
|OoGH WRSOXPVDOVL\DVDO G|QûPOHULQ GLQOHULQ YH ELOLPLQ HWNLVLQGH ELoLPOHQHQ EX
PRGHOOHUûXQODUGÖU
(WNLQOLNHGLOJLQOLN WHPHOLQH GD\DQDQ LOLûNL .RPDGD \D GD JHQHO DQHVWH]L DOWÖQGD
ROGXøX JLELELOLQoOL ROPD\DQ YH EX QHGHQOH WP\OH HGLOJLQ GXUXPGDNL KDVWD\OD
KHNLPDUDVÖQGDNLLOLûNL
<ROJ|VWHUPHLûELUOLøLWHPHOLQHGD\DQDQLOLûNL$NXWEXODûÖFÖKDVWDOÖNODUGDROGXøX
JLEL VDøOÖøÖQD NDYXûPDN LoLQ LûELUOLøLQH KD]ÖU RODQ NRQX\OD LOJLOL RODUDN KHNLPLQ
|QHULOHUL GRøUXOWXVXQGD GDYUDQDQ ELU |OoGH HWNLQ DQFDN V|]QQ JHoHUOLOLøL
DoÖVÖQGDQ KHNLPGHQ IDUNOÖ NRQXPGDNL KDVWD LOH RQXQ NDUûÖVÖQGD ELOJL YH
EHFHULVLQLNXOODQDQKHNLPDUDVÖQGDNLLOLûNL
.DUûÖOÖNOÖ NDWÖOÖP WHPHOLQH GD\DQDQ LOLûNL .URQLN KDVWDOÖNODUÖQ WHGDYLVLQGH YH
UXKVDO o|]POHPHGH ROGXøX JLEL KDVWDQÖQ NHQGLVLQH \DUDUOÖ ROPDVÖQGD KHNLPLQ
\DUGÖPFÖNRQXPGDROGXøXLOLûNL
7DULKVHODoÖGDQHOHDOÖQGÖøÖQGDEHOOLELUoDøGDEHOOLELU\DGDELUGHQoRNWRSOXPGD
\DûD\DQ LQVDQÖQ GûQFH \DSÖVÖ YH WÖS ELOLPLQLQ HULûWLøL G]H\OH R oDøGD JHoHUOL RODQ
KHNLPKDVWDLOLûNLVLDUDVÖQGDEDøODQWÖNXUPDNRODQDNOÖGÖU<XNDUÖGDV|]HGLOHQo\D]DU
WÖEEÖQ HYULPLQL NHQGL PRGHOOHUL DoÖVÖQGDQ GHøHUOHQGLUPHNWH YH EX EDøODPGD (VNL
0ÖVÖU·Ö(VNL<XQDQ8\JDUOÖøÖQÖQD\GÖQODQPDoDøÖQÖ2UWDoDø$YUXSD·VÖQÖYH(QJL]LV\RQ
G|QHPLQL HWNLQOLNHGLOJLQOLN WHPHOLQH GD\DQDQ KHNLPKDVWD LOLûNLVLQLQ JHoHUOL ROGXøX
G|QHPOHU RODUDN QLWHOHQGLUPHNWHGLU %X G|QHPGH PLVWLN |øHOHU WDûÖ\DQ ´KDVWDOÖNµ
NDYUDPÖ\OD LOLûNLOL RODUDN KHNLPOHU GH L\LOHûWLULFL JoOHUL KDUHNHWH JHoLUHQ ´\DUÖWDQUÖµ \D
GD ´VWQ LQVDQµ NRQXPXQGDGÖUODU %X LOLûNL WUQGHQ \RO J|VWHUPHLûELUOLøL WHPHOLQH
GD\DQDQ LOLûNL\H JHoLûLQ ELOLQHQ |QFV LVH )UDQVÖ] 'HYULPL·QGH oDøFÖO DoÖN UXK
KHNLPOLøLQLQ NXUXFXVX RODQ 3KLOLSSH 3LQHO·GLU 2UWD $YUXSD·GD YH \]\ÖOODUGD
JHUoHNOHûWLULOHQELOLPVHOWHNQLNDWÖOÖPODU|]HOOLNOHWÖSDODQÖQGDNLJHOLûPHOHUYH´KDVWDOÖNµ
NDYUDPÖQÖQ GRøDO QHGHQOHUH GD\DQGÖUÖOPDVÖ \|QQGHNL GûQVHO GHøLûLPOHU KDVWDQÖQ
KHNLP NDUûÖVÖQGDNL HGLOJHQ NRQXPXQX YH EDøÖPOÖOÖøÖQÖ DUWÖUPÖûWÖU %X IDUNOÖODûPD\D
NRûXW RODUDN KHNLPOHU GH LQVDQ VW QLWHOLNOHUGHQ DUÖQGÖUÖOPÖû YH JQP]GHNL
NRQXPODUÖQD \HUOHûWLULOPLûWLU \]\ÖO VRQODUÖQGD SVLNL\DWULQLQ ELU X]PDQOÖN DODQÖ
RODUDN JHOLûLPL\OH ELUOLNWH NDUûÖOÖNOÖ NDWÖOÖPD GD\DQDQ KHNLPKDVWD LOLûNLVLQLQ WHPHOOHUL
DWÖOPÖûWÖU %X NRQXGDNL HQ E\N DGÖP %UHXHU YH )UHXG·XQ KDVWD\Ö GLQOHPH\L ELU WDQÖ
YH L\LOHûWLUPH \|QWHPL RODUDN JHOLûWLUPHOHULGLU '|QHPLQµ KDVWDOÖNµ NDYUDPÖ DoÖVÖQGDQ
HQ |QHPOL LNL \DNODûÖPÖQGDQ ELUL VDøOÖNOD KDVWDOÖøÖ DN YH NDUD JLEL ELUELULQGHQ D\ÖUDQ
.UDHSHOLQ·FL J|Uû |WHNLVL LVH KDVWDOÖøÖ EHGHQVHOUXKVDOWRSOXPVDO ELU ROJX RODUDN
WDQÖPOD\DQ %UHXHU YH )UHXG·XQ \DNODûÖPODUÖGÖU %X VUHoWH LQVDQFD YH HûLWOLøH GDKD
\DNÖQELUKHNLPKDVWDLOLûNLVLQLQJHOLûLPLQH\|QHOLPV|]NRQXVXROPXûWXU
dDøODUER\XQFDWÖSHWNLQOLøLQGHHJHPHQOLøLQLVUGUHQPHUNH]LQGH´VRUXPOXOXNODUÖ
WDQÖPODQPÖû RWRULWHU KHNLPµ ILJUQQ \HU DOGÖøÖ JHOHQHNVHO KHNLPKDVWD LOLûNLVLQGH
KHNLPLONHRODUDNKDVWDVÖQD]DUDUYHUPHPHNRQXKDVWDOÖNODUGDQNRUXPDNJHUHNVLQGLøL
VDøOÖN KL]PHWLQL YHUPHN YH DFÖODUÖQÖ GLQGLUPHNOH \NPOGU gGHY HWLøL oHUoHYHVLQGH
GHøHUOHQGLULOHELOHFHN EX GXUXP KHNLPL RWRULWHU ELU NRQXPD \HUOHûWLUPHNWHGLU dQN KHNLP X]XQ VD\ÖODELOHFHN ELU HøLWLPLQ VRQXQGD HGLQGLøL |]HO ELOJLEHFHUL\H YH
WRSOXPXQ RQD YHUGLøL \HWNL\H GD\DQDUDN QH\LQ KDVWDOÖN ROGXøXQD NDUDU YHUPH YH
KDVWDOÖøÖ WHGDYL HWPH HUNLQH VDKLS RODQ NLûLGLU +DVWDQÖQ L\LOHûWLULOPHVL JLEL VRPXW
VRQXoODUÖ YH LûH \DUDUOÖOÖøÖ RODQ EX VÖQÖUVÖ] Jo YH \HWNH VRUJXODQDPD]WDUWÖûÖODPD]
QLWHOLNWHGLUùOLûNLQLQ|WHNLXFXQGDNLKDVWDLVHWHPHOGHKDVWDOÖNQHGHQL\OHNHQGLVLQL]D\ÖI
+DIL]Hg]WUN³7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO
YH JoV] RODUDN DOJÖOD\DQ KHNLP \DUGÖPÖQD JHUHNVLQLP GX\DQ KDVWDOÖøÖQÖQ DNXW
NURQLN \D GD |OPFO ROPDVÖQD EDøOÖ RODUDN NLPOLøL GHøLûHQ KHNLPLQ NHQGLVL LoLQ HQ
L\LVLQL \DSDFDøÖQD LQDQDQ YH EX JYHQOH KHNLPH EDøODQDQ NLûLGLU %X LOLûNLGH KDVWDGDQ
EHNOHQHQ NHQGLVL\OH LOJLOL ELOJLOHUL GRøUX RODUDN YHUPHVL YH KHNLPLQ X\JXQ J|UGø
ELoLPGHGDYUDQPDVÖGÖU
=DPDQ LoLQGH ELOLPVHO ELOJLQLQ YH WÖS ELOJLVLQLQ KÖ]OD JHOLûPHVL HøLWLP G]H\LQLQ
\NVHOPHVL ELOJLQLQ WRSOXPGD GDKD ID]OD SD\ODûÖOPDVÖ WÖSWD WHNQRORML NXOODQÖPÖQÖQ
\RøXQODûPDVÖ WDQÖWHGDYL NRQXVXQGD KDVWD NDWÖOÖPÖQÖQ |QHPLQLQ DUWPDVÖ KDVWD KDNODUÖ
NDYUDPÖQÖQ JHOLûPHVL JLEL HWNHQOHU KHNLPKDVWD LOLûNLVLQGH KHNLPLQ VDKLS ROGXøX
\HWNHQLQ VRUJXODQPD\D EDûODPDVÖQD \RO DoPÖûWÖU g]HOOLNOH ,, 'Q\D 6DYDûÖ·QGD 1D]L
KHNLPOHULQ WXWVDNODU ]HULQGH X\JXODGÖNODUÖ LQVDQOÖN GÖûÖ WÖEEL GHQHPHOHU KHNLPOHULQ
VDKLS
ROGXNODUÖ
EX
JF
N|W\H
NXOODQDELOGLNOHULQLQ
ELU
J|VWHUJHVL
ROPXû
YH
HWNLQOLNOHULQLQ GHQHWOHQPHVL JHUHNWLøL NRQXVXQGD J|Uû ELUOLøLQH YDUÖOPÖûWÖU +HNLPLQ
WDUWÖûÖOPD] VWQOøQQ E\N |OoGH VDKLS ROGXøX ELOJLGHQ ND\QDNODQGÖøÖ J|Uû
\D\JÖQ RODUDN NDEXO J|UPû YH ELOJL\L SD\ODûPDQÖQ HUNLQ SD\ODûÖOPDVÖQD \RO DoDFDøÖ
VRQXFXQD XODûÖOPÖûWÖU %X VUHo KHNLPH KDVWD\Ö KDVWDOÖøÖ YH WHGDYLVL NRQXVXQGD
ELOJLOHQGLUPHVL\NPOOøJHWLULOPHVLLOHVRQXoODQPÖûWÖU
6|]
NRQXVX
GHøLûLPLQ
VRQXFXQGD
RUWD\D
oÖNDQ
JQP]GHNL
KHNLPKDVWD
LOLûNLVLQGH KHNLP NLPOLøL ´VRUXPOXOXNODUÖ WDQÖPODQPÖû RWRULWHU KHNLPµGHQ oRN WHGDYL
NRQXVXQGD VRUXPOXOXøX KDVWD\OD HûLW RODUDN SD\ODûDQ ´|øUHWLFLµ NRQXPXQGDNL KHNLP
RODUDN QLWHOHQGLULOPHNWHGLU %LU EDûND GH\LûOH JHOHQHNVHO KHNLPKDVWD LOLûNLVLQGH VDOW
KHNLPLQ VRUXPOXOXNODUÖQÖQ EHOLUOHQPLû ROPDVÖQD NDUûÖOÖN JQP]GHNL KHNLPKDVWD
LOLûNLVLQGH KHP KHNLPLQ VRUXPOXOXNODUÖQÖQ KHP GH KDVWDQÖQ KDNODUÖQÖQ EHOLUOHQPLû
ROGXøXQX V|\OHPHN RODQDNOÖGÖU 6RUXPOXOXNODUÖQ YH KDNODUÖQ X\JXODPD\D JHoLULOPHVLQH
\|QHOLNRODQEXLûOHPH´D\GÖQODWÖOPÖûRQDPµGHQLOPHNWHGLU
$\GÖQODWÖOPÖûRQDP\HWHUOLOLøLRODQELUNLûLQLQNHQGLVLQHX\JXODQDFDNWÖEEL\|QWHPOH
LOJLOL NDUDUÖQÖ EX \|QWHPOH YH RQD VHoHQHN ROXûWXUDQ |WHNL \|QWHPOHUOH LOJLOL D\GÖQODWÖFÖ
ELOJL DOGÖNWDQ VRQUD KLoELU EDVNÖ DOWÖQGD NDOPDGDQ XVD YXUDUDN YHUPHVL RODUDN
WDQÖPODQPDNWDGÖU $\GÖQODWÖOPÖû RQDP DOPDQÖQ ·OL \ÖOODUGDQ VRQUD JQGHOLN WÖS
X\JXODPDVÖQGD \DVDO YH HWLN ELU JHUHNOLOLN NRQXPXQD JHOPHVL LOH ELUOLNWH WÖSWD
D\GÖQODWÖOPÖû RQDP |øUHWLVLQGHQ V|] HGLOPH\H EDûODQPÖûWÖU 7HPHOGH KHNLPLQ KDVWDVÖ
LoLQ HQ L\LVLQL \DSDFDøÖ LQDQFÖQD GD\DQDQ JYHQLOLUOLN LONHVL\OH KDVWDQÖQ NHQGLVL\OH LOJLOL
NDUDU
YHUPH
KDNNÖQD
GD\DQDQ
NHQGL
\D]JÖVÖQÖ
VDSWDPD
LONHVLQLQ
HYULPLQGHQ
ND\QDNODQDQ EX |øUHWL KHNLPKDVWD LOLûNLVLQLQ HYULPLQGH GH |QHPOL ELU KDOND\Ö
ROXûWXUPDNWDGÖU dQN KDVWDQÖQ NDUDU YHUPH NRQXVXQGD \HWHUOL YH J|QOO ROPDVÖ
NDGDU ELOJLQLQ DoÖNODQPDVÖQÖ YH DQODûÖOÖU ROPDVÖQÖ GD ]RUXQOX NÖOPDNWD KHNLPL
KDVWDVÖ\ODDUDVÖQGDHûLWVL]OLN\DUDWDQELOJL\LRQDYHUPH\H ]RUODPDNWDYHE|\OHFHKHNLP
KDVWDLOLûNLVLQLELUNRQXPGDQELUV|]OHûPH\HG|QûWUPHNWHGLU%XGXUXPKDVWDQÖQ
KHNLPH JYHQLQLQ GD\DQDøÖQÖ GD GHøLûWLUPHNWH RQXQ NHQGLVL LoLQ HQ L\LVLQL \DSDFDøÖQD
RODQ LQDQFÖQ \HULQL HQ L\LVLQL VHoPHVL LoLQ JHUHNVLQGLøL ELOJL\L VDøOD\DFDøÖQD RODQ LQDQo
DOPDNWDGÖU
$\GÖQODWÖOPÖûRQDPD\GÖQODWPDYHRQDPROPDN]HUHLNLWHPHO|øH\LLoHUPHNWHGLU
%XQODUGDQ LONL KHNLPLQ KDVWD\Ö KDVWDOÖøÖ WDQÖ YH WHGDYL \|QWHPOHUL |QHULOHQ JLULûLPLQ
\DUDUODUÖ ULVNOHUL \DQ HWNLOHUL YDUVD VHoHQHN WHGDYLOHUL RQODUÖQ \DUDU YH ULVNOHUL
NRQXVXQGD DQOD\DELOHFHøL ELU GLOGH ELOJLOHQGLUPHVL ]RUXQOXOXøXGXU ùNLQFLVL LVH
\HWHUOLOLøL RODQ ELU KDVWDQÖQ NRQX\OD LOJLOL NDUDUÖ KLoELU EDVNÖ DOWÖQGD NDOPDNVÖ]ÖQ YHUPLû
ROPDVÖQÖ\DQLKDVWDQÖQ|]HUNOLøLQLGLOHJHWLUPHNWHGLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
g]HUNOLN NLûLQLQ NHQGL KDNNÖQGD NDUDU YHUPH |]JU LVWHQFLQL YH GûQPH
\HWHQHøLQL NXOODQDUDN YHUGLøL EX NDUDUÖ H\OHPH G|QûWUPH |]HOOLøLGLU %X WDQÖPGDQ
|]HUNOLøLQ GûQFH LVWHQo YH H\OHP ROPDN ]HUH o ER\XWXQXQ YDU ROGXøX VRQXFX
oÖNDUÖODELOLU 'ûQFHQLQ |]HUN ROPDVÖ NDUDU YHUPH LQDQo ROXûWXUPD HVWHWLN VHoLPOHU
\DSPD YH HWLN GHøHUOHQGLUPHOHUGH EXOXQPD JLEL XVVDO HWNLQOLNOHUL NDSVDPDNWDGÖU
ùVWHQFLQ
|]HUN
ROPDVÖ
NLûLQLQ
NHQGL
\DUJÖODUÖQD
GD\DQDUDN
H\OHPGH
EXOXQXS
EXOXQPDPD\D NDUDU YHUPHNWH |]JU ROPDVÖGÖU (\OHP |]HUNOLøL LVH ELUH\LQ GûQFH YH
LVWHQo |]HUNOLøLQH GD\DQDUDN H\OHPGH EXOXQPDVÖGÖU g]HUNOLøLQ EX WDQÖPÖQD X\JXQ
VHoLPOHUGH EXOXQPDN QHUHGH\VH LGHDO J|UQPHNWHGLU dQN JHUoHNWH SHN oRN HWNHQ
ELUH\OHULQ |]HUN VHoLPOHU \DSPDVÖQÖ GHøLûLN G]H\OHUGH HQJHOOHPHNWHGLU g]HUN VHoLPL
DoÖNoD D]DOWDQ \D GD RUWDGDQ NDOGÖUDQ ED]Ö GXUXPODU WÖS HWLøL DoÖVÖQGDQ |QHP
WDûÖPDNWDGÖU %XQODU DUDVÖQGD HQ EDûWD JHOHQOHU ELUH\LQ LVWHNOHULQL YH H\OHPOHULQL
GHQHWOHPH
\HWHQHøLQGH
XVODPODPD
NDSDVLWHVLQGH
YH
LVWHNOHULQGH
NDUDUOÖ
ROPD
NRQXVXQGD YDU RODQ NXVXUODU LOH VHoLPLQL GD\DQGÖUDFDøÖ ELOJLOHUGHNL HNVLNOLNOHUGLU *HQHOOLNOH D\GÖQODWÖOPÖû RQDP YHUPH\H \D GD YHUPHPH\H RODQDN WDQÖ\DQ RUWDODPD
HULûNLQLQ|]HUNOLøLLOHKDVWDODUÖQD]DOPÖû|]HUNOLøLDUDVÖQGDELUNDUûÖWOÖNJ|VWHULOPHNWHGLU
g]HUNOLøLQ NHQGL EDûÖQD ELU HUGHP \D GD \HWHQHN ROPDNWDQ oRN \HWHQHNOHULQ RUWD\D
oÖNPDVÖ LoLQ JHUHNOL ELU NRûXO ROGXøX YH IDUNOÖ NLûLOHUGH GHøLûHQ G]H\OHUGH YDU ROGXøX
J|Uû JQP]GH \D\JÖQ RODUDN NDEXO J|UPHNWHGLU %LU EDûND GH\LûOH |]HUNOLN
DoÖVÖQGDQ WP LQVDQODUÖQ \HWLOHUL VÖQÖUOÖGÖU YH EX QHGHQOH KDVWDQÖQ GXUXPX GD ELU
GHUHFHOHQGLUPH
J|VWHULOPHVLQLQ
LOH
DoÖNODQPDOÖGÖU
|QFHOLNOH
DKODNL
%X
ELU
EDøODPGD
]RUXQOXOXN
NLûLQLQ
ROGXøX
|]HUNOLøLQH
LONHVL
VD\JÖ
GRøUXOWXVXQGD
D\GÖQODWÖOPÖûRQDPÖQWÖSX\JXODPDVÖQGDNLUROQVÖQÖUVÖ]ELU|]HUNOLNDQOD\ÖûÖQGDQoRN
JHUoHN LQVDQ |]HUNOLøLQLQ GHøLûNHQ YH VÖQÖUOÖ ROPD |]HOOLNOHULQL RODQDNOÖ NÖODQ ELU HWLN
\DNODûÖPODEHOLUOHPHNJHUHNPHNWHGLU
$\GÖQODWÖOPÖû RQDP |øUHWLVL |]HOOLNOH NOLQLN X\JXODPDGD KHNLPKDVWD LOLûNLVLQLQ
DPDFÖ KHNLPLQ URO YH KDVWDQÖQ |]HUNOLøL NRQXODUÖQGD IDUNOÖ DQOD\ÖûODUÖQ RUWD\D
oÖNPDVÖQD \RO DoPÖûWÖU <]\ÖOODUGÖU HJHPHQOLøLQL VUGUHQ SDWHUQDOLVWLN KHNLP NLPOLøL
\HULQH |QHULOHQ ´|øUHWLFLSD\ODûÖPFÖµ KHNLP NLPOLøL LOH KHNLPLQ KDVWD\OD QH\L QH
G]H\GH QDVÖO SD\ODûDFDøÖ \D GD KDVWD\D QH\L |øUHWHFHøL |QHPOL WDUWÖûPD NRQXODUÖQGDQ
ELULGLU<DSÖODQWDUWÖûPDODUKHPKHNLPVRUXPOXOXøXQXQ\HULQHJHWLULOPHVLKHPGHKDVWD
KDNODUÖQÖQ X\JXODPD\D JHoLULOPHVL DoÖVÖQGDQ HQ VDøOÖNOÖ KHNLPKDVWD LOLûNLVL PRGHOLQLQ
oHUoHYHVLQLQoL]LOPHVLQH\|QHOLNWLU
+HNLPLQ WHNQLV\HQ \D GD KL]PHW VXQXFXVX NLPOLøL\OH URO DOGÖøÖ ´ELOJLOHQGLULFLµ
PRGHOGH KHNLPKDVWD LOLûNLVLQLQ DPDFÖ KHNLPLQ KDVWD\D NRQX\OD LOJLOL EWQ ELOJLOHUL
YHUPHVL KDVWDQÖQ LVWHGLøL WÖEEL JLULûLPL VHoPHVL YH KHNLPLQ EX JLULûLPL X\JXODPDVÖGÖU
%X VRQXFD XODûPDN LoLQ KHNLP KDVWD\D KDVWDOÖøÖQÖQ GXUXPX RODVÖ WDQÖ YH WHGDYL
JLULûLPOHULEXJLULûLPOHUHLOLûNLQULVNYH\DUDUODUÖQQLWHOLøLYHRODVÖOÖøÖJLELNRQXODUGDYDU
RODQ EWQ EHOLUVL]OLNOHUL DQODWPDN ]RUXQGDGÖU +DVWDOÖNODUÖQD LOLûNLQ ELOJL\L HGLQHQ
KDVWDODU LVH NHQGL GHøHUOHULQH HQ X\JXQ \|QWHPL VHoHELOPHNWHGLUOHU +DVWDQÖQ
GHøHUOHULQLQ L\L WDQÖPODQGÖøÖQÖ YDUVD\DQ ELOJLOHQGLULFL PRGHOGH KHNLP KDVWDQÖQ NHQGL
GXUXPXQX GHQHWOHPHVL LoLQ JHUHNOL RODQ WHNQLN ELOJL\L VXQDQ NLûLGLU +DVWD |]HUNOLøL
NDYUDPÖWÖEELNDUDUODUÖQKDVWDQÖQGHQHWLPLQGHYHULOPHVLGLU$QFDNEXPRGHOGHKHNLP
KDVWDQÖQ GHøHUOHULQLQ QH ROGXøXQD YH KDVWDOÖøÖQ EX GHøHUOHU ]HULQGH QDVÖO ELU HWNLGH
EXOXQGXøXQD LOLûNLQ DQOD\Öû JHUHNWLUHQ LOJL GROX ELU \DNODûÖPGDQ \RNVXQGXU 2\VD
KDVWDODUÖQ KHNLPOHULQLQ NHQGLOHUL\OH LOJLOHQPHOHULQL LVWHGLNOHUL ELOLQHQ ELU JHUoHNOLNWLU
gWH \DQGDQ EX PRGHOLQ LQVDQODUÖQ ELOLQHQ YH GHøLûPH\HQ GHøHUOHUH VDKLS ROGXNODUÖ
+DIL]Hg]WUN³7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO
YDUVD\ÖPÖ GD JHUoHøH X\PDPDNWDGÖU oQN LQVDQODU LVWHNOHUL KDNNÖQGD GûQPH YH
VHoLPOHULQL
GHøLûWLUPH
|]HOOLøLQH
VDKLSWLU
7HNQLV\HQOLN
G]H\LQGHNL
ELU
KHNLP
NLPOLøLQLQHWNLQOLøLQLQVDQVÖ]ODûPDVÖQD\RODoPDULVNLWDûÖGÖøÖV|\OHQHELOLU
+HNLPKDVWD LOLûNLVLQLQ DPDFÖQÖQ KDVWDQÖQ GHøHUOHULQLQ YH JHUoHNWH QH LVWHGLøLQLQ
DoÖNOÖøDNDYXûWXUXOPDVÖKDVWD\DEXGHøHUOHUHX\JXQWÖEELJLULûLPOHULVHoPHNWH\DUGÖPFÖ
ROXQPDVÖ ELoLPLQGH EHOLUOHQGLøL PRGHO ´\RUXPOD\ÖFÖµ PRGHO RODUDN WDQÖPODQPDNWDGÖU
%XUDGD KHNLP KDVWD\Ö NRQX\OD LOJLOL ELOJLOHQGLUPHQLQ \DQÖ VÖUD KDVWDQÖQ GHøHUOHULQLQ
DoÖøD oÖNDUÖOPDVÖQGD YH \RUXPODQPDVÖQGD RQD \DUGÖPFÖ ROPDNOD \NPOGU %X
PRGHOH J|UH KDVWDQÖQ GHøHUOHUL KHU ]DPDQ D\QÖ YH KDVWD WDUDIÖQGDQ ELOLQL\RU
ROPD\DELOLU <RUXPOD\ÖFÖ PRGHOGH KHNLP KDVWD\OD ELUOLNWH RQXQ DPDoODUÖQÖ LVWHNOHULQL
NDUDNWHULQL \HQLGHQ \DSÖODQGÖUPDN GHøHUOHULQL QHWOHûWLUPHVLQH \DUGÖP HWPHN YH KDQJL
JLULûLPOHULQ
EX
GHøHUOHUH
X\JXQ
ROGXøXQX
EHOLUOHPHVLQH
RUWDP
KD]ÖUODPDN
GXUXPXQGDGÖU %X EDøODPGD KDVWD |]HUNOLøL NDYUDPÖ KDVWDQÖQ NHQGLVLQL DQODPDVÖGÖU
$QFDN EX PRGHOLQ GH ED]Ö WDUWÖûÖOÖU \|QOHUL EXOXQPDNWDGÖU +HU ûH\GHQ |QFH WHNQLN
X]PDQOÖN JHUHNVLQLPL \RUXPOD\ÖFÖ PRGHO LoLQ JHUHNOL EHFHULOHUL JHOLûWLUPH\H oDOÖûDQ
KHNLPOHUL ROXPVX] \|QGH HWNLOHPHNWHGLU<RUXP \HWHQHNOHUL YH ]DPDQODUÖ VÖQÖUOÖ RODQ
KHNLPOHUKDVWDQÖQGHøHUOHULQLGLOHJHWLUPHDGÖDOWÖQGDNHQGLGHøHUOHULQLNDEXOHWWLUPH\H
oDOÖûDELOLUOHU %|\OHFH X\JXODPDGD EX PRGHOLQ GH NROD\OÖNOD SDWHUQDOLVWLN KHNLPKDVWD
LOLûNLVLQHG|QûPHULVNLWDûÖGÖøÖV|\OHQHELOLU
´7DUWÖûPDFÖµPRGHOGHLVHKHNLPKDVWDLOLûNLVLQLQDPDFÖKDVWDQÖQV|]NRQXVXNOLQLN
GXUXPD X\JXQ RODQ VDøOÖøD LOLûNLQ GHøHUOHULQ HQ L\LVLQL EHOLUOHPHVLQH YH VHoPHVLQH
\DUGÖPFÖ ROPDNWÖU %XUDGD KHNLPLQ URO KHP KDVWD\D KDVWDOÖøÖ NRQXVXQGDNL ELOJLOHUL
VDøODPDN KHP GH VDøOÖøD LOLûNLQ ED]Ö GHøHUOHULQ QHGHQ GDKD ID]OD |QHP WDûÖGÖøÖ YH
LVWHQPHVL
JHUHNWLøL
NRQXVXQGD
|QHULOHUGH
EXOXQPDN
oHUoHYHVLQGH
GHøHUOHQGLULOPHNWHGLU %XQXQ JHUoHNOHûWLULOPHVL LoLQ KHNLP YH KDVWD KDVWDQÖQ VDøOÖøD
LOLûNLQ QH WU GHøHUOHUL L]OHPHVL JHUHNWLøL NRQXVXQGD NDUûÖOÖNOÖ WDUWÖûPD\D NDWÖOÖUODU
7DUWÖûPDFÖ PRGHOGH KHNLP ELU |øUHWLFL RODUDN KDQJL GDYUDQÖû ELoLPLQLQ GDKD L\L
RODFDøÖQD
LOLûNLQ
GHVWHNOHPHNWHGLU
|QHULOHUL\OH
%X
PRGHOH
KDVWDQÖQ
NDUûÖ
|]HUNOLøLQL
J|UûOHU
DKODNL
KHNLPLQ
|]JHOLûLP
KDVWDQÖQ
\|QQGH
GHøHUOHULQL
\DUJÖODPDVÖQÖQYHVDøOÖøÖQDLOLûNLQEHOLUOLGHøHUOHULGHVWHNOHPHVLQLQGRøUXROXSROPDGÖøÖ
QRNWDVÖQGDRGDNODQPDNWDGÖU+HUûH\GHQ|QFHKHNLPOHUVDøOÖøDLOLûNLQGHøHUOHULQ|WHNL
GHøHUOHUH J|UH |QFHOLNOL ROXS ROPDGÖøÖQÖ ELOPH D\UÖFDOÖøÖQD VDKLS GHøLOGLUOHU ùNLQFL
RODUDN KHNLPOH KDVWD DUDVÖQGDNL DKODNL WDUWÖûPDQÖQ QLWHOLøL KHNLPLQ |QHUGLøL JLULûLPOHU
YHX\JXODQDQWHGDYLOHUKHNLPLQGHøHUOHULQHGD\DQDFDNWÖU6RQRODUDNKDVWDODUÖQKHNLPH
EDûYXUPDVÖQÖQ QHGHQLQLQ DKODNL GHøHUOHULQL WDUWÖûPDN \D GD J|]GHQ JHoLUPHN GHøLO
WÖEELEDNÖPDOPDNROGXøX|QHVUOHELOLU
6RQ \ÖOGD \D\JÖQ RODUDN KHNLPOHULQ KDVWDODUÖQ YH WRSOXPODUÖQ JQGHPLQGH \HU
DODQ EX NRQX ONHPL]GH GH GRNVDQOÖ \ÖOODUGDQ VRQUD GDKD D\UÖQWÖOÖ RODUDN HOH DOÖQPD\D
EDûODQPÖûWÖU$\GÖQODWÖOPÖûRQDPX\JXODPDVÖLOHLOJLOL\DSÖODQD]VD\ÖGDNLDUDûWÖUPDKHP
KHNLPOHULQ YH KDVWDODUÖQ NRQX\D EDNÖû DoÖODUÖ KHP GH X\JXODPDQÖQ \DûDPD JHoLULOPHVL
YH YDU RODQ VRUXQODU KDNNÖQGD ED]Ö LSXoODUÖ YHUPHNWHGLU %XUDGD o DUDûWÖUPD |UQHøL
V|]NRQXVXHGLOHFHNWLU
hQLYHUVLWH GHYOHW KDVWDQHVL 66. KDVWDQHVL YH |]HO KDVWDQHGH FHUUDKODU YH FHUUDKL
RSHUDV\RQD DOÖQDFDN KDVWDODU ]HULQGH \DSÖODQ YH \ÖOÖQGD \D\ÖQODQDQ ELU
DUDûWÖUPDGD FHUUDKODUÖQ oRøXQXQ KDVWDODUÖQÖ D\GÖQODWWÖøÖQÖ KDVWDODUÖQ oRøXQXQ
LVHNHQGLOHULQHKHUKDQJLELUDoÖNODPDGDEXOXQXOPDGÖøÖQÖFHUUDKODUÖQDQFDNELU
NÖVPÖQÖQ DoÖNODQPDVÖ JHUHNHQ ELOJL\L YHUGLøLQL KDVWDODUÖQ E\N NÖVPÖQÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
LVH NHQGLVLQH X\JXODQDFDN FHUUDKL JLULûLPOH LOJLOL KHUKDQJL ELU ELOJL\H VDKLS
ROPDGÖøÖQÖ EHOLUWPHOHUL FHUUDKODUÖQ D\GÖQODWPD J|UHYLQL \HULQH JHWLUPHGH YH D\GÖQODWPD
LoLQ JHUHNOL RODQ ELOJL G]H\LQL YH DQODûÖODELOLUOLøLQL VDøODPDGD EDûDUÖOÖ ROPDGÖNODUÖQÖ
J|VWHUPHNWHGLU $\QÖ DUDûWÖUPDGD KDVWDODUÖQ WDPDPÖQD \DNÖQÖ KDVWDOÖNODUÖ YH
WHGDYLOHUL NRQXVXQGD ELOJL HGLQPHN LVWHUNHQ FHUUDKODUÖQ E\N oRøXQOXøXQXQ KDVWDODUÖQ NHQGLOHUL LOH LOJLOL ELOJL LVWHPHGLNOHULQH LQDQPDVÖ \LQH FHUUDKODUÖQ oRøXQXQ
KDVWDODUÖQ DNOD X\JXQ EHNOHQWLOHULQH \DQÖW YHULOGLøLQH LQDQPDVÖ R\VD KDVWDODUÖQ
D\QÖ RUDQGD EHNOHQWLOHULQH \DQÖW YHULOPHGLøLQH LQDQPDVÖ FHUUDKODUÖQ KDVWDODU
KDNNÖQGDNL NDQÖODUÖQÖQ oRN \HULQGH ROPDGÖøÖ ELoLPLQGH \RUXPODQPDNWDGÖU &HUUDKODUÖQ
\DUÖ\D \DNÖQÖQÖQ DoÖNODQPDVÖ JHUHNHQ ELOJLQLQ KDVWDQÖQ WHGDYL\L UHGGHWPHVLQH \RO DoWÖøÖ
LQDQFÖQÖ WDûÖPDVÖ YH WDPDPÖQD \DNÖQÖQÖQ KDVWD LoLQ HQ L\L NDUDUÖQ KHNLP
WDUDIÖQGDQ YHULOHELOHFHøLQL EHOLUWPHVL SDWHUQDOLVW WXWXPXQ J|VWHUJHVLGLU +DVWDODUÖQ
·LQLQ D\GÖQODWÖOPÖû RQDPOD LOJLOL \DVDO KDNODUGDQ KDEHUGDU ROPDPDVÖ FHUUDKODUÖQ
GD DQFDN ·QQ RQDP DOPD \NPOOøQH VDKLS ROGXøXQD LQDQPDVÖ WRSOXPXQ
YH VDøOÖN oDOÖûDQODUÖQÖQ NRQX\OD LOJLOL HøLWLPH RODQ JHUHNVLQLPOHULQL RUWD\D NR\PDNWDGÖU
*OKDQH $VNHUL 7ÖS $NDGHPLVL·QGH ·GH \DSÖODQ ELU EDûND oDOÖûPDGD GD
KHNLPOHULQ·LKDVWDODUÖQWDQÖLOHLOJLOL·LVHWHGDYLLOHLOJLOLELOJLOHQGLULOPHOHUL
JHUHNWLøLQH LQDQGÖøÖQÖ EHOLUWLUNHQ · WDQÖ NRQXVXQGD ·L WHGDYL NRQXVXQGD
EXELOJLOHQGLUPH\L\DSWÖNODUÖQÖGLOHJHWLUPLûOHUGLU+HNLPOHULQ·KDVWD\D\DSÖODFDN
JLULûLP |QFHVL D\GÖQODWÖOPÖûRQDP DOÖQPDVÖ JHUHNWLøLQH LQDQPDNWD LNHQ DQFDN ·VL
KDVWDGDQ EX RQDPÖ DOGÖøÖQÖ EHOLUWPLûWLU +DVWDODUÖQ ·L WHGDYLOHUL NRQXVXQGD
ELOJLOHQGLULOPHNLVWHUNHQDQFDN·XELOJLOHQGLULOGLøLQLGLOHJHWLUPLûWLU
.DVÖP 2FDN WDULKLQGH 'RNX] (\OO hQLYHUVLWHVL +DVWDQHVLQGH \DSÖODQ
ELU DUDûWÖUPDGD LVH KDVWDODUÖQ E\N oRøXQOXNOD KDVWDOÖNODUÖ YH WHGDYLVL KDNNÖQGD WP
JHUoHNOHUL ELOPHN LVWHPHOHULQH YH EXQXQ WHGDYL\L UHGGHWPHOHULQH QHGHQ
ROPD\DFDøÖQÖ GûQPHOHULQH NDUûÖQ X\JXODQDFDN WHGDYL\H RQODUÖQ \HULQH
KHNLPLQ NDUDU YHUPHVLQL GRøUX EXOGXNODUÖ ·ÖQÖQ X\JXODQDQ WDQÖ YH WHGDYL
\|QWHPOHULQLQ \DQ HWNLOHUL YH ]DUDUODUÖ NRQXVXQGD D\GÖQODWÖOPDGÖNODUÖ ·LQLQ
RQDPODLOJLOL\DVDOKDNODUÖQÖELOPHGLNOHULJ|VWHULOPLûWLU
<XNDUÖGD YHULOHQ DUDûWÖUPD |UQHNOHUL ONHPL]GH WÖSWD D\GÖQODWÖOPÖû RQDP |]HUNOLN
KHNLPKDVWDLOLûNLOHULQLQJQP]GHJHOGLøLQRNWDDoÖVÖQGDQWRSOXPXQWPNHVLPOHULQL
NDSVD\DQ ELU HøLWLP YH DQOD\Öû GHøLûLNOLøLQH JHUHNVLQLP ROGXøXQX J|VWHUPHNWHGLU
+HNLPOHU
YH
KDVWD
KDNODUÖ
NXUXOXûODUÖ
EDûWD
ROPDN
]HUH
WRSOXPVDO
NDWÖOÖPÖQ
G|QûWUF JFQH JYHQHQ KHUNHVLQ EX WU ELU GHøLûLPLQ |QFV RODELOHFHøLQLQ
WDULKVHO|UQHNOHUL|QP]GHGXUPDNWDGÖU
.D\QDNoD
$WDo $ )LOL]ND\D 1 ´+HNLP KDVWD LOLûNLVL YH KDVWD KDNODUÖ LOH LOJLOL ELU DUDûWÖUPDµ ,,,
7ÖEEL (WLN 6HPSR]\XPX %LOGLULOHUL (G 6ú3HOLQ %$UGD *g]oHOLND\ $ g]JU )
dúHQOHU
$\GÖQ(´+HNLP+DVWDùOLûNLVLQLQ(WLN<|Qµ7.OLQ7ÖEEL(WLN
&LYDQHU 0 7HU]L & ´+DVWDQÖQ .HQGL .DGHULQL 7D\LQ +DNNÖµ ,, 8OXVDO 7ÖEEL (WLN
.RQJUHVL%LOGLUL.LWDEÖ%$UGD5$NGXU($\GÖQ
+DIL]Hg]WUN³7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO
(PDQXHO(-(PDQXHO//´+HNLP²+DVWDùOLûNLVLQLQ'|UW0RGHOLµ-$0$
(UVR\1´.OLQLN(WLøLQgQHPOL%LU6RUXQX$\GÖQODWÖOPÖû2QDPµ7.OLQ7ÖEEL(WLN
(UVR\ 1 ´$\GÖQODWÖOPÖû 2QDP gøUHWLVLQLQ*HOLûLPLµ7 .OLQ 7ÖEEL (WLN +DUULV - +D\DWÖQ 'HøHUL 7ÖS (WLøLQH *LULû dHY 6 6HUWDELERøOX $\UÖQWÖ <D\ÖQODUÖ %DVÖP
2øX] 1< 3VLNL\DWULGH 2QDP YH $\GÖQODWÖOPÖû 2QDP (WLN +XNXN YH %LOLP
$oÖVÖQGDQ $h 6DøOÖN %LOLPOHUL (QVWLWV <D\ÖQODQPDPÖû 'RNWRUD 7H]L $QNDUD
2øX]1<´.OLQLN8\JXODPDGD+HNLP+DVWDùOLûNLVLµ7.OLQ7ÖEEL(WLN
gUV<´*HoPLûWHYH*QP]GH+HNLP+DVWDùOLûNLVLµ7ÖS'Q\DVÖ
0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU
0DVDO2NXPD'HQHPHVL
3URI'U+DNDQ3R\UD] 9DUOÖøD \|QHOLN LGUDNLQGH KHQ] VR\XWODPDODU \DSDPD\DQ YH ELOLûVHO G]H\OHUL
DoÖVÖQGDQ VRPXW LûOHPOHU G|QHPLQGHNL HULûNLQ ROPD\DQ ELUH\OHUH DKODNVDO GHøHUOHUL
ND]DQGÖUPDQÖQ HQ HWNLOL \|QWHPOHULQGHQ ELULGLU PDVDOODU dQN PDVDOODUGD VRPXW
YDUOÖN ELoLPLQH VRNXODQODU VHPEROL]H HGLOPLû GHøHUOHUGLU .HORøODQ 'HYDQDVÖ YH
.DIGDøÖJLEL
0DVDO \ROX\OD ELU GDYUDQÖû ELoLPLQL ND]DQGÖUPDN R GDYUDQÖûÖ JHUHNoHOHUL\OH
|øUHWPHNWHQ GDKD NROD\ YH SUDWLNWLU %X QHGHQOH PDVDOODUGD GDYUDQÖûD HPVDO WHûNLO
HGHELOHFHN DKODNVDO PRGHOOHU YH EDøÖQWÖODU PDVDOÖQ SHGDJRMLVL LoHULVLQGH YHULOHELOLU YH
E|\OHFH PDVDOODU DKODN PHWQL RODUDN RNXQDELOLU %X PHWLQOHU ROXûWXUXOPD VUHFLQGHNL
ELOLQFLNOWUHOELUELOLQoRODUDNIRUPDWODPDNWDGÖUYHKHUNOWUQPDVDODDNVHGHQIRUPX
YHEXIRUPGDWDûÖQDQLoHULøLIDUNOÖGÖU
%L]LP EXUDGDNL PDNVDGÖPÖ] ELU PDVDO ILJU RODUDN .HORøODQ·Ö \LQH ELU PDVDO
ILJURODQ.ONHGLVLLOHPXND\HVHHGHUHNLOHWLûLPHWLøLYHGHYOHWIHOVHIHVLDoÖVÖQGDQELU
RNXPDGHQHPHVL\DSPDNWÖU
´0DVDOµ NDYUDPÖQGDNL DKODNL YXUJX\X EX NDYUDPÖQ HWLPRORMLVLQGHQ oÖNDUWPDN
PPNQGU 0DVDO NHOLPHVLQLQ RULMLQDOL RODQ PHVHO PLVDO NHOLPHVL LOH D\QÖ N|NWHQGLU
YHKHULNLVLGHPVOVODVvVLQGHQWUHWLOPLûWLU0LVDONHOLPHVL´|UQHNµ´PDVDOµ´U\Dµ
´Gûµ YH ´EHQ]HUOLNµ JLEL DQODPODU WDûÖPDNWDGÖU )LLOGHQ LVLP \DSPDN LoLQ NXOODQÖODQ
YH]LQ DQODPÖQD JHOHQ HPVLOH PLVDOLQ oRøXOXGXU YH ´KHU ELUL LONH RODUDN NHQGL \HULQH
NXOODQÖODELOHFHN VD\ÖVÖ] |UQHøLQ WUHWLOPHVLQL VDøODPDNµ GHPHN RODQ GLOELOLPGHNL
´SDUDGLJPDµ DQODPÖQD JHOLU 0HVHO LVH EHOOL ELU KDNLNDWL DQODWPDN LoLQ |UQHN
NXOODQPDNWÖU 0LVDO PHVHOH J|UH GDKD JHQHO ELU |UQHNWLU YH ´|UQHNµ ´QXPXQHµ
´PRGHOµ DQODPÖQGDNL HPVDO EX NHOLPHQLQ oRøXOXGXU 0DVDOÖQ NRQXPX] EDøODPÖQGDNL
DQODPODUÖ
D
WHUEL\HYHDKODNDID\GDOÖKLND\H
E
GRNXQDNOÖ YH PDQDOÖ \DQL ELU EDûND ûH\H LûDUHW HWPHN ]HUH ]DKLUL PDQDVÖ\OD
V|\OHQPH\HQV|]GU
*HUoHNOLøL WDVYLUGH QDVÖO |UQHNOHQGLUPHOHU NXOODQÖ\RUVDN PDVDOGD GD |\OHFHGLU
dRFXN PDVDOIRUPXQGD NHQGLQH QDNOHGLOHQ EX JHUoHNOLøLNHQGLVLQLPDVDO NDKUDPDQÖ LOH
|]GHûOHûWLUPHN VXUHWL\OH \DûD\DFDN YH EX GHøHUOHU RQXQ DQODP GQ\DVÖQÖ LQûD
HGHFHNWLU úX IDUNOD NL PDVDOGD |UQHNOHQGLULOHQ PLVDO JHUoHNOLøLQ GHWHUPLQH HGLOPLû
\DSÖVÖQD X\PDN ]RUXQGD GHøLOGLU 0DVDOGDNL DQODWÖP ELoLPL YH DQOD\Öû IL]LN DOHPGHNL
LOLûNLOHUL GLOH WDûÖ\DQ DQODWÖP ELoLPL YH EXQGDQ GRøDQ DQOD\ÖûWDQ IDUNOÖGÖU %XQXQ LoLQ
PDVDO IDUNOÖ ELU ´DQODPDµ VDKDVÖQD DLWWLU YH EX DQODPDQÖQ NHQGLQH |]J ELU DQODWÖPÖ
\DQLGLOLYDUGÖU
6DNDU\DhQLYHUVLWHVL)HQ(GHEL\DW)DNOWHVL)HOVHIH%|OP
.XKQ76%LOLPVHO'HYULPOHULQ<DSÖVÖoHY1LOIHU.X\Dû$ODQ\D\ùVWDQEXOV
<D]ÖU(++DN'LQL.XU·DQ'LOL,
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
*HUoHNGQ\DGDQPDVDOGQ\DVÖQDJHoLûWHNHUOHPHLOHROXU
7HNHUOHPH ]HULQGH JLGHQ G]HQ JHUoHNOLøH SDUDOHO DPD EX JHUoHNOLNWHQ EDûND ELU
JHUoHNOLNROXûWXUDQGLOG]HQLGLU7HNHUOHPHEL]LROJXODUÖQWDULKLELOJLOHULQ\HNQHVDNYH
GHWHUPLQH HGLOPLû GQ\DVÖQGDQ PDVDOÖQ EHNOHQPHGLN YH ûDûÖUWÖFÖ DOHPLQH J|WUHQ GLO
DUDFÖQÖQWHNHUOHøLROJXVDOYHWDULKVHOJHUoHNOLøLQYDUOÖNWH]LQLDVNÖ\DDODQGH\LûELoLPLGLU
0DVDOPDVDOPDOLNL
.X\UXøXYDURQLNL
2QLNLQLQ\DUÖVÖ
d|POHNoLQLQNDUÖVÖ
JLEL ELU PDVDO WHNHUOHPHVLQGH DQODWÖODQ KLND\HQLQ o|POHNoLQLQ NDUÖVÖ LOH LOJLOL ROGXøX
DoÖNWÖU 0DVDO NÖVPÖ o|POHNoLQLQ NDUÖVÖ IHQRPHQLQH WDNÖOPÖû RQLNL NXOSWXU YH EXQD
LODYH HGLOPLû JHUoHNVW |øHOHU GH R IHQRPHQLQ PDVDO IRUPXQGDNL WDVYLULGLU $]
JLWPHNX]JLWPHN.DIGDøÖGHY.HORøODQEHOOLELUVLPJHVHOOLøHVDKLSYDUOÖNODUGÖU´%LU
YDUPÖû ELU \RNPXûµ LIDGHVL\OH YDUOÖNOD \RNOXN SDUDQWH]H DOÖQGÖNWDQ VRQUD ]DPDQ
NDWHJRULVLQLQGÖûÖQDoÖNDUÖ]0DVDOÖQPÖûOÖLIDGHVL´JHoPLûµHDLWELU]DPDQNLSLQHGHøLO
]DPDQ YH PHNkQ NRRUGLQDWODUÖ GÖûÖQGDNL VDKD\D J|QGHULPGH EXOXQXU ´(YYHO ]DPDQ
LoLQGHµ LVH HYYHOLQ \DQL JHoPLûLQ ´ûLPGLµ LoLQGH ROGXøXQD LûDUHW HGHU $NVL KDOGH EX
LIDGHQLQ PHNkQ ER\XWXQGDNL \DQVÖPDVÖ RODQ ´.DOEXU VDPDQ LoLQGHµ LIDGHVL DQODPVÖ]
ROXUGX%|\OHFHDUWÖNPDVDODQODWÖFÖVÖDQQHVLQLQEHûLøLQLWÖQJÖUPÖQJÖUVDOOD\DELOLUYHELU
DUSDER\X\ROGDD]JLGLSX]JLGHUDOWÖD\ELUJ]JLGHU
3LUHOHULQ EHUEHU ROGXøX IDUNOÖ ELU KDNLNDW GQ\DVÖGÖU EX 2OJXVDO YH WDULKVHO YDUOÖN
WH]L DVNÖ\D DOÖQPÖû YH ]DPDQ YH PHNkQ NRRUGLQDWODUÖQÖQ JHoHUOLOLøL NDOGÖUÖOPÖûWÖU
*HUoHNOLNWHQJHULGHNDODQ\DOQÖ]FDRPDVDOLOHYHULOHQ´|]µGU0DVDOLOHELUOLNWHRQXQ
IRUPXQGD DQODWÖODQ |]H XODûÖUÖ] %X |] PHWDIL]LN ELU PDKL\HW DU] HWPH] VDGHFH
NXûDNWDQNXûDøDQDNOHGLOHQNOWUHO|]LoHULU
0DVDO \ROX\OD JHUoHNOLN SDUDQWH]H DOÖQÖU YH SDUDQWH]H DOÖQDQ GQ\DQÖQ |] oÖNDUÖOÖU
PLVDOH G|QûWUOHUHN PDVDO LoLQGH WDVYLU HGLOLU 3DUDQWH]H DOÖQGÖNWDQ VRQUD \HQLGHQ
WDVYLU HGLOHQ ´|]µ D\QÖ ]DPDQGD PDVDOGDQ DUWD NDODQ ´KLVVHµGLU %X KLVVH PRUDO
QDVLKDW ROPDNWDQ oRN NLûLQLQ PDVDO NDKUDPDQÖ \ROX\OD NHQGL LoLQGH FDQODQGÖUGÖøÖ
HUGHPOHUGLU FHVDUHW DGDOHW YH |OoOON JLEL %X HUGHPOHULQ WHFUEHVL NOWUGHQ
NOWUHIDUNOÖOÖNJ|VWHUGLøLLoLQGHøHUOHULQGHøLûPH]OLøLQHUDøPHQ\DUJÖODUGDNLGHøLûLP
NLPOLNYHNLûLOLNELoLPOHQGLUPHVL\DSDQPDVDOODUGDGDNHQGLQLJ|VWHULU
'HøLûLN NOWUOHULQ NHQGLOHULQH KDV GHøHUOHUL GROD\ÖVÖ\OD IDUNOÖ PDVDOODUÖ YDUGÖU %X
VHEHSOHWRSOXPODUÖQûXXUDOWÖQÖPDVDOODUÖQLIûDHWWLøLQLV|\OH\HELOLUL]
gUQHøLQ %DWÖ PDVDOODUÖQGD DûNODU SUHQVOHUOH SUHQVHVOHU DUDVÖQGDGÖU 6ÖQÖIVDO
HûLWVL]OLN JHQHOOLNOH ER]XOPD] 3UHQVLQ KL]PHWoL NÖ]D DûÖN ROGXøX .ONHGLVL PDVDOÖQGD
ELOH 0DVDOÖQ NDKUDPDQÖ .ONHGLVL DVLO ELU DLOHGHQGLU $QQHVLQL \LWLUGLNWHQ VRQUD
EDEDVÖ EDûND ELU NDGÖQOD HYOHQPLû YH EDEDVÖQÖQ |OPQGHQ VRQUD LVH HYLQ \|QHWLPL
YH\ DQQHQLQ HOLQH JHoPLûWLU hYH\ DQQH KDQHQLQ JHUoHN HIHQGLVLQL N|OH\H oHYLUHQ DOW
VÖQÖIWDQ]DOLPELUPRWLIWLU.ONHGLVLRQXQPHUKDPHWLQHNDOPÖûPD]OXPELUDVLO$VDOHW
YXUJXVX VDWÖU DUDODUÖQGD VDNOÖGÖU hYH\ DQQH YH VRQUDGDQ J|UPH NÖ] NDUGHûOHU EXUMXYD
WDYUÖ\OD EHOLUJLQOHûLU .DQ EDøÖ HVDVÖQD J|UH HYLQ OH\GLVL RODQ .ONHGLVL KL]PHWoL
PXDPHOHVL J|UU %XUDGD ´ROPDVÖ JHUHNHQ WDEORµ LKODO HGLOPLûWLU $KODNVDO \DSÖQÖQ
\HQLGHQ WHVLVL LoLQ EX WDEORGDNL ILJUOHULQ \HUOL \HULQH RWXUWXOPDVÖ JHUHNPHNWHGLU
%XQXQ LoLQ SUHQVLQ ONHVLQGH HYOHQPH \DûÖ JHOHQ JHQo NÖ]ODUD ELU EDOR YHUPHVL VRQ
GHUHFH X\JXQ ELU RUWDP ROXûWXUXU .ONHGLVL·QLQ SUHQVLQ YHUGLøL EDOR\D JLGHELOPHVL
\DQL SUHQVLQ RQD DûÖN RODELOPHVL LoLQ EX HûLWVL] WDEOR\X DQFDN E\ LOH WHUVLQH
+DNDQ3R\UD]³0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU0DVDO2NXPD'HQHPHVL
oHYLUHELOHFHN L\L NDOSOL ELU E\F JHUHNOLGLU %X E\F WDUDIÖQGDQ EDONDEDøÖ
.ONHGLVL·QLQ VDUD\ DUDEDVÖQD IDUHOHU EX DUDED\D NRûXODQ DWODUD WDYûDQ VUF\H
KL]PHWoL NÖ] \DQL .ONHGLVL SUHQVHVH G|QûPHOLGLU NL EX oHYULOLûOH VÖQÖIVDO G]H\
HûLWOHQHELOVLQ YH\ DQQH HOLQGH ]XOP J|UHQ DVLO DPD ]DYDOOÖ JHQo NÖ] JHFH \DUÖVÖQD
NDGDUELOHROVDSUHQVHVRODELOVLQ
%XPDVDOGDGLOHJHWLULOHQDVOÖQGDûXLNLKNPGU
(øHUELUDVLONDGHULQVHYNL\OHKL]PHWoLSR]LV\RQXQDGûPûVHRQXDVOL\HULQH
LDGHHWPHNLoLQKHUWUOPXKDOJHUoHNOHûHELOLU
2OXPVX]
WDUDIÖQGDQ
EDNWÖøÖPÖ]GD
LVH
ELU
KL]PHWNkUÖQ
DVLOOHU
DUDVÖQD
NDWÖODELOPHVL DQFDN EDONDEDøÖQÖQ DUDED IDUHOHULQ DW ROPDVÖ JLEL KD\DO VW
PRWLIOHULQ GHYUH\H JLUPHVL JHUHNLU %XQD J|UH 1H ]DPDQ EDONDEDøÖ VDUD\
DUDEDVÖROXUVDDQFDNR]DPDQKL]PHWoLNÖ]SUHQVHVROXU
0XND\HVH
LoLQ
ELU
QHE]H
GH
ROVD
GHøLQGLøLP
EX
PDVDOD
NDUûÖOÖN
EL]LP
PDVDOODUÖPÖ]ÖQ |QHPOL NDKUDPDQODUÖQGDQ RODQ .HORøODQ PDVDOÖQD EDNDFDN ROXUVDN DûNÖQ
EXFRøUDI\DGDNLKLVVHGLOLûLQLQEDWÖFRøUDI\DVÖQÖQWDULKVHOJHUoHNOLøLLOH|UWûPHGLøLGDKD
QHW DQODûÖOÖU .HORøODQ NHQGL VRV\DO PHYNLLQH HNRQRPLN GXUXPXQD DNDGHPLN
XQYDQÖQD EURNUDWLN WLWULQH EDNPDGDQ $OODK·ÖQ HPUL 3H\JDPEHU·LQ NDYOL\OH VXOWDQÖQ
NÖ]ÖQD WDOLS RODELOLU $VOÖQGD WDOLS ROGXøX ûH\ \|QHWLPGLU 0DNVDW GHYOHWOH DNUDED
RODELOPHNWLU %X PDQDGD .HORøODQ PDVDOODUÖ LQVDQÖPÖ]ÖQ \|QHWLPH WDOLS ROPDVÖ
ûHNOLQGH GHøHUOHQGLULOHELOLU )DNDW EX WDOHELQ JHUoHNOHûPHVL NROD\ GHøLOGLU <D .DI 'DøÖ
DûÖODFDN\DGD$OL&HQJL]R\XQX|øUHQLOHFHNWLU
%X PDVDOODUGD VÖQÖI IDUNÖQÖ GÖûOD\DQ ELU DQODWÖP ELoLPL EXOPDNWD\Ö] 'DYXO GHQJL
GHQJLQH YXUXU YH KLoELU DQDEDED NÖ]ÖQÖQ GDYXOFX\D YDUPDVÖQÖ LVWHPHGLøLQGHQ RQX
NHQGL KDOLQH EÖUDNPD] $PD KLo ROPD]VD PDVDO GQ\DPÖ]GD SDGLûDKÖQ NÖ]ÖQD HOLQ
oXOVX] NHO RøOXQX GDPDW RODUDN PQDVLS J|UHELOLUL] 1H ROXUVD ROVXQ ´.LELUOHQPH
SDGLûDKÖP VHQGHQ E\N $OODK YDUµ GL\HELOLU YH SDGLûDKÖQ NLEULQL .HORøODQ·D NÖ]
YHUGLUPHN VXUHWL\OH V|QGUWPH\L GH ELOLUL] 0DVDO EX LVH JHUoHN GH EXGXU %X JHUoHøL
PDVDOÖQ GLOLQGH ROXûWXUDQ NLûL ELU ]LKQL\HW ROXûWXUPDNWDGÖU oQN 7DULKWH E|\OH
.HORøODQODU oRNWXU 6RNROOX 0HKPHW 3DûD 'DPDW ùEUDKLP 3DûD YH GDKD QLFHOHUL
%XQODU DUDVÖQGD .DQXQL·QLQ GDPDGÖ YH 0LKULPDK 6XOWDQ·ÖQ HûL 5VWHP 3DûD WLSLN ELU
|UQHNWLU %X VHEHSOH .HORøODQ DQDVÖQÖ SDGLûDKD J|QGHUPHNWH ELU EHLV J|UP\RU YH DQDVÖ GD
KX]XUD YDUDUDN $OODK·ÖQ HPUL 3H\JDPEHU·LQ NDYOL LOH SDGLûDKÖQ NÖ]ÖQÖ NHO RøOXQD
LVWH\HELOL\RUGX .HOOLN ELOLQHQ DQODPÖQGDQ oRN ´\DOÖQµOÖøÖ ´oÖSODNµOÖøÖ PDQHYL VDIOÖøÖ
GQ\D LVWLøQDVÖQÖ LIDGH HGHU YH EX VHEHSOH EDûÖ NDEDNOÖN \DOÖQ D\DNOÖNOD ELUOLNWH GLOH
JHWLULOLU
.DQ€Qv6XOWDQ6OH\PDQ·ÖQYH]LULk]DPODUÖQGDQRODQ5VWHP3DûD.DQ€Qv·QLQNÖ]Ö0LKULPDK
6XOWDQ·ODHYOHQGLULOPHNLVWHQLU'RøX$QDGROX·GDVHIHUKDOLQGHRODQ3DûD·\DGDPDGÖûHKUL\kUv
XQYDQÖQÖOD\ÖNJ|UPH\HQOHURQXQF]]DPOÖROGXøXV|\OHQWLVLQL\D\DUODU+HNLPEDûÖQGDQ
F]]DPOÖODUDELWXøUDPDGÖøÖQÖGX\DQ6XOWDQ6OH\PDQ|]HOELUDGDPÖQÖ3DûD·QÖQRUGXJDKÖQD
J|QGHULSNLUOLoDPDûÖUODUÖQÖDUDûWÖUWÖUdDPDûÖUÖQGDELWEXOXQDQ3DûD·QÖQF]]DPOÖROPDGÖøÖ
E|\OHFHDQODûÖOÖUYHGøQKD]ÖUOÖNODUÖEDûODU'HYULQûDLULGH
´2ODFDNELUNLPVHQLQWDOL\kU
$QÖQNHKOHVLELWLGDKLLûH\DUDUµ
GL\HROD\ÖQDQODPYH|QHPLQLEHOLUWLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.HORøODQ·ÖQ VDIOÖøÖ JQP]GHNL NDVWÖQGDQ IDUNOÖ RODUDN NDWÖûPDPÖûOÖøÖ LIDGH HGHU
<DQLDVOLHUGHPOHUGHELUER]XOPD\RNWXU
'HøHU\DUJÖVÖPDVDOÖQVRQXQGDYHULOLU.HORøODQ]HNLJ|]SHNYHSDGLûDKDGDPDW
ROPD\Ö J|]H DODFDN NDGDU GD NHQGLQGHQ HPLQGLU ùûWH WDP GD EX VHEHSOH .DIGDøÖ·QD
XODûDFDNHUROPD\DQDP]HWWLU.DIGDøÖDûÖOPDOÖYHRUD\DXODûWÖøÖQÖQELUJ|VWHUJHVLRODUDN
NÖUPÖ]ÖJOJRQFDVÖVÖQDYÖDûPÖûROPDQÖQEHUDWÖRODUDN6XOWDQ·DVXQXOPDOÖGÖU=LUD=DWÖ
úkKkQH·\HOD\ÖNGDPDWROPDQÖQ\ROX.DIGDøÖ·QÖQ\ROX\ODoDNÖûÖU
.DIGDøÖDûÖOPDVÖJoHQJHOOHULVHPEROL]HHGHUYHEXJoONOHULDûPDQÖQDQDKWDUÖGD
PDVDOÖQ LoHULVLQGHGLU0DVDONDKUDPDQÖ HQJHOOHUGHQ LONLQL LON LPWLKDQÖQÖ DWÖQ |QQGHNL
HWL LWH LWLQ |QQGHNL RWX DWD YHUHUHN JHoHU %|\OHFH ]XOP VRQD HUGLULS DGDOHWL \DQL
GHQJH\L VDøODU $GDOHWLQ WHUD]LVL GHQJHGH GXUXU $GDOHWLQ ]ÖGGÖ ]XOP =XOP \DQL
GHQJHVL]OLN 2 GD KHU ûH\L \HUOL \HULQH NR\DUDN DûÖOÖU .HORøODQ ]XOPQ HJHPHQOLøLQH
DGDOHWL VDøOD\DUDN VRQ YHULU YH .DIGDøÖ \ROFXOXøX ELUGHQELUH J]HO 6XOWDQD YXUXOXS
RQXQOD EDûJ|] ROPD VHYGDVÖQGDQ oÖNÖS \|QHWLOHQLQ PHûUX ELU ]HPLQ LoHULVLQGH
\|QHWLPHRUWDNROPDVÖQÖQKLND\HVLQHG|QûU
7DULK ER\XQFD YH]LUOHULQ NDGÖODUÖQ N|W \|QHWLFLOHULQ ]XOP DOWÖQGD LQLP LQLP
LQOH\HQKDONNLWOHOHULQLQLVWHGLøLYHGLOHGLøLELULFLNQLPHWWLUDGDOHW8OHPDYHKNHPDQÖQ
GHYOHW DGDPODUÖQD KNPGDUD YH YH]LUOHUH KHU IÖUVDWWD DGDOHWL WDYVL\H HWPHOHULQGHNL
KLNPHW EXGXU 2QODU NDOHPH DOGÖNODUÖ 6L\DVHWQDPHOHUGH DGDOHW HNVHQOL ELU \|QHWLP
DKODNÖQÖ PGDIDD HWPLûOHU YH DGDOHW ROPD]VD GHYOHWLQ GH VDOWDQDWÖQ GD GD\DQDNWDQ
\RNVXQNDODFDøÖQÖDQODWPD\DoDOÖûPÖûODUGÖU
'HYOHW $UDSoD GHYHOH ILLOLQGHQ WUHWLOPLû ELU NHOLPH %X NHOLPH D\ÖQ GHYUL
KDUHNHWLQL LIDGH HGHU .DPHUv WDNYLPGH RQ G|UGQF JQ GROXQD\GÖU 'HYOHWLQ GH
DûNÖQ GD RUWDN VHPEROGU D\ .DGLP 6PHU PLWRORMLVLQGH ´$\µ PKUOHULQ YHULOGLøL
\HUGLU <DQLPKUNLPGH\VH6OH\PDQRGXU2QXQLoLQPKUJ|]ORODQODUVDNÖQÖOÖU
NÖVNDQÖOÖU
2VPDQ*D]LúH\KLQLQHYLQGHU\DJ|UPHNWHGLUúH\K(GHEkOL·QLQNR\QXQGDQoÖNDQ
D\ 2VPDQ *D]L·QLQ NR\QXQD JLUHU YH J|øVQGHQ XOX ELU oÖQDU IÖûNÖUDUDN o NÖWD\D
\D\ÖOÖU 5\D ûH\K WDUDIÖQGDQ \RUXPODQÖU $\ \D GD KLODO GHYOHWH LûDUHWWLU ùûWH EX
\]GHQGHYOHWLQLKWLûDPÖ'HYOHWO€·QXQD\ÖQRQG|UGJLELSDUODNYHJ]HOGROXQD\JLEL
PHQHYLûOL NÖ]ÖQGD WHFHOOL HWPLûWLU .HORøODQÖQ GHQL] J|QOQGH VXOWDQÖQ \DNDPR]ODU
\DSPDVÖLûWHEX\]GHQGLUYHLûWHEX´DûNµE|\OHVLQHGHULQYH\|QHWLPVHOGLU
+HUNHVLQ .DIGDøÖ IDUNOÖGÖU .HORøODQ LoLQ SDGLûDKÖQ NÖ]Ö $\ 6XOWDQ DQDVÖ LoLQ VDUD\
3DGLûDK LoLQ LVH DGDOHW %XQXQ LoLQ ROVD JHUHNWLU NL SDGLûDK NÖ]Ö\OD L]GLYDFÖQ EHGHOL \DQL
EDûOÖNSDUDVÖRODUDN.HORøODQGDQ.DIGDøÖ\ROFXOXøXQXLVWHU
.HORøODQ D] JLGHUX] JLGHU'LQOHQPHN LoLQELUVXEDûÖQGD PROD YHULU %LU SLUvIDQv
oÖNDU NDUûÖVÖQD 6HODP YHULUVHODP DOÖU LOHWLûLUOHU LOHWLûLPH JHoHUOHU %LUELULQH NDSÖODUÖQÖ
NDSDPD] ELODNLV DoDUODU 6HODPODûPD \DEDQFÖ LNL LQVDQÖQ ELUELULQH NDSÖ DoWÖøÖ ELU
LOHWLûLP ûLIUHVLGLU oQN .HORøODQ HNPHøLQLD]ÖøÖQÖ EX SvUL IDQv LOH E|OûU ùOHWLûLPOH
DoÖODQ SD\ODûÖP JoONOHUL DûPDQÖQ LON DGÖPÖGÖU 3D\ODûÖP HNVLOWPH] DUWWÖUÖU $UWDQ
EHOGLU EHUHNHWWLU 0DGGHQLQ SD\ODûÖPÖ GD PDQDQÖQ SD\ODûÖPÖ GD ELOJLQLQ SD\ODûÖPÖ GD
E|\OHGLU SD\ODûDQÖ ]HQJLQOHûWLULU $NVDNDOOÖ LKWL\DU GDKL NHQGLVL\OH HNPHøLQL E|OûHQ
D]ÖøÖQÖ SD\ODûDQ EX GHOLNDQOÖ\Ö VÖUODUÖQD RUWDN HGHU 3D\ODûÖODQ ELOJL SD\ODûÖODQ HPHøH
DUPDøDQGÖUùûWH.DIGDøÖ·QDJLGHQ\ROLûWHJoONOHULDûPDQÖQGRøUXWDULIL
0.\HO´ùEQ6LQD·GD$/$./)$$/·LQ.|NOHULµùEQ6LQD·\D$UPDøDQ77.$QNDUD
5.UDPHU7DULK6PHUGH%DûODUoHY0ùOPL\HdÖø77.$QNDUD
+DNDQ3R\UD]³0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU0DVDO2NXPD'HQHPHVL
´.DUûÖGDNL GDøÖQ DUGÖQD JLW |QQH ELU JO EDKoHVL oÖNDU *O DøDoODUÖQÖQ NRFDPDQ
GLNHQOHUL YDUGÖU %X JOOHUL HOOHULQLQ NDQ UHYDQ LoHULVLQGH NDOPDVÖQD DOGÖUPDGDQ 1H
J]HOJOOHUGL\HUHNNRNODµ
%XUDGD û|\OH ELU QDVLKDW YDUGÖU *|]P]Q |QQGHNL J]HOL J|UPHPL]H RQXQ
GLNHQLPDQLROPDVÖQ*]HORODQÖ\DNDODPDOÖûLND\HWEDEÖQGDGXUPDPDOÖ\Ö]
´2UDGDQ oÖNÖS \U 6X\X NDQ JLEL NÖUPÖ]Ö DNDQ ELU GHUH LOH NDUûÖODûDFDNVÖQ \DQÖQD
JLGLS$PDQQHWHPL]VXGHELUD]Loµ
%LUEDûNDQDVLKDW+HUYDUOÖNGHøHUOLGLUYHKHUûH\LQL\L\|QYDUGÖU%XQXNHûIHW
´<ROXQDGHYDPHW%LUN|ûHEDûÖQGDDWÖQ|QQGHHWLWLQ|QQGHRWJ|UHFHNVLQ(WL
LWH RWX DWD YHU 2UDGDQ X]DNODû NDUûÖQD LNL NDSÖ oÖNDFDN ELUL DoÖN GLøHUL NDSDOÖ NDSDOÖ
NDSÖ\ÖDoDoÖNNDSÖ\ÖNDSDµ
%LUEDûNDQDVLKDW=XOPVRQDHUGLUDGDOHWLWHVLVHW
.HORøODQ 3DGLûDKÖQ LVWHGLøL HPDQHWL DOÖS JHUL G|QHUNHQ .DIGDøÖ·QÖQ EHNoLVL RODQ
GHYX\DQÖUYHNDSÖODUDHPUHGHU
´7XWXQûXRøODQÖNDoPDVÖQµ
$oÖNNDSÖGLOHJHOLSVHVYHULU
´<ÖOODUGÖUDø]ÖQDDVPDNLOLWDVÖOPÖûNDSDOÖGXUDQELUNDSÖ\ÖPEHQ.LPVHEDQDKDOLQ
QHGLUGL\HVRUPDGÖ%XRøODQLVHEHQLDoÖSIHUDKODWWÖ%HQRQXWXWDPDPµ
%XUDGDQû|\OHELUGHUVoÖNDUDELOLU.DSDOÖNDSÖODUÖGÖûÖPÖ]DGRøUXDoDOÖP.HQGLPL]L
NHQGLNXOHPL]HPDKN€PHWPH\HOLP(WUDIÖPÖ]DGXYDUODU|UPH\HOLPùOHWLûHOLP
'HYDWLOHLWHVHVOHQLU
´7XWXQûXRøODQÖµ
$WLOHLWFHYDSYHULUOHU
´%L] RQX WXWDPD\Ö] <ÖOODUGÖU ELULPL]H ]RUOD HW GLøHULPL]H ]RUOD RW \HGLUWHUHN
]XOPHGL\RUGXQ2RøODQ\L\HFHNOHULQ\HULQLGHøLûWLUHUHNEX]XOPNÖUGÖµ
<LQHELUEDûNDGHUV(û\DQÖQWDELDWÖQDD\NÖUÖKDUHNHW]XOPGU
.DQOÖ GHUH ´2 EHQLP J|QOP KRû WXWWXµ GL\H GLNHQOL JOOHU ´2 NDGLU NÖ\PHW
ELOGLµGL\H.HORøODQD\ROYHULUOHU
.HORøODQ .DIGDøÖ·QÖ DûDU YH JHOLU LûLQ HQ ]RU NÖVPÖQD 6DUD\GD YH]LUOHULQ
G|QGUGø $OL &HQJL] R\XQODUÖQÖ ER]PD\D .HORøODQ GHYOHWOH .HORøODQ VL\DVHWOH
E|\OHFH WDQÖûÖU .HORøODQ·ÖQ ûLPGL\H NDGDU RODQ PDFHUDVÖ ELU $QDGROX WRVXQXQXQ
VL\DVHW \ROXQGD HUGHPOL \ROFXOXøXQX KLND\H HWPHNWH\GL 2 ELU JDULS .HORøODQ LNHQ
NXUWOD NXûOD \DUHQOLN \DSÖS J|O NHQDUÖQGD J|OJHOLN DøDFÖQ GLELQH VÖUWÖQÖ YHULS NH\LI
oDWDUNHQ \DQL PHVXWNHQ KUUL\HWL GHYOHWLQ WDVDOOXWXQGDQ X]DN KU ELU .HORøODQ LNHQ
SDGLûDKÖQ$\NÖ]·ÖQÖDOÖSGHYOHWO€ROPXûWXU2DUWÖN.HORøODQGHøLO9H]LU.HORøODQ·GÖU
7RSOXPXQûXXUDOWÖVDGHELUoREDQÖELOHSD\ODûÖPVDEÖUPHWDQHWFHVDUHWDGDOHWJLEL
KDVOHWOHUOH GRQDWDUDN \|QHWLPH ELU PHVDM YHUPHVLQH YHUPHNWHGLU DPPD .HORøODQÖ
.DIGDøÖ·QGDQ GDKD Jo GDKD DFÖPDVÖ] GDKD oHWUHILO ELU \ROFXOXN EHNOHPHNWHGLU
ùNWLGDUÖE|OûPHNLVWHPH\HQJoRGDNODUÖ.HORøODQ·ÖQ$\6XOWDQLOHHYOHQHELOPHVL\DQL
GHYOHWO€RODELOPHVLLoLQRQD$OL&HQJL]2\XQXQX|øUHQPHVLQLûDUWNRûDUODU
$VOÖQGD .HORøODQ NOWUGH LNL FHSKHVL RODQ ELU LUDGHQLQ JHUoHNOHûWLULFLVLGLU 6RV\DO
LUDGHLOH\RODoÖNDQ.HORøODQVL\DVLLUDGHLOHEWQOHûPHNWHGLU.DIGDøÖ·QDXODûPD\ÖGD
$OL&HQJL]R\XQXQXGD.HORøODQ·GDQRVL\DVLLUDGHLVWHPHNWHGLU
8VWDODU XVWDVÖ $OL &HQJL] UDNLSOHULQ RUWDGDQ NDOGÖUPDN LoLQ \] WDQH KLOH ELOPHNWH
IDNDW |øUHQFLOHULQH EX KLOHOHUGHQ DQFDN GRNVDQ GRNX]XQX |øUHWPHNWHGLU (øLWLPLQL
LNPDO HWWLøL KHU WDOHEHVL LOH |OPQH ELU PVDEDND\D JLULûLU $OL &HQJL] úLPGL\H NDGDU
KLo ELU WDOHEHVL RQX \HQHPHPLûWLU =LUD R |øUHWPHGLøL YH VRQD VDNODGÖøÖ KQHUL LOH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
EWQ
WDOHEHOHULQL
YH
GROD\ÖVÖ\OD
PXKWHPHO
UDNLSOHULQL
RUWDGDQ
NDOGÖUPDNWDGÖU
.HORøODQ KHU QDVÖOVD KRFDVÖQÖQ VRQ QXPDUDVÖQÖ |øUHQLU YH KRFDVÖQÖ NHQGL R\XQXQGD
PDWHGHU
%X KLND\H\L UHWHQ ûXXU .HORøODQ·D .DIGDøÖ JLEL DûÖOPDVÖ Jo ]RUOXNODU \HULQH
EHONL WHKOLNHOL DPD NÖVD \ROGDQ NXUWODUVRIUDVÖQGD YDU ROPDN LoLQ $OL &HQJL] R\XQODUÖQÖ
|øUHWHUHNGHYOHWOHL]GLYDo\DSWÖUPÖûWÖUùûWHWDPEXQRNWDGD.HORøODQNHQGLQLH]HQJo
NDUûÖVÖQGDH]LOPHPHNLoLQH]PH\L|øUHQPLûWLUgøUHQPLûWLU|øUHQPHVLQHGHEDûNDELU
.HORøODQ·ÖQ NHQGLQL PDøOXS HWPHVLQH DOW HWPHVLQH IÖUVDW YHUPHPHN LoLQ XVWDVÖQÖQ
ELoLPLQL DOPÖûWÖU $UWÖN R $OL &HQJL]OHûPLû ELU .HORøODQGÖU 2 \NVHN PDNDPODUÖQ
.HORøODQÖGÖU.HORøODQLoLQLVHGHYOHWEDEDEXQGDQE|\OHGHYOHWND\ÖQEDEDROPXûWXU
'HYOHW EX JHOHQHNWH EDEDGÖU PûILN YH NRUX\XFX %DED DLOHQLQ GLUHøL GHPHN
$LOHQLQ JUE] LOLûNLOHULQ VDøOÖNOÖ ROPDVÖ DLOH HIUDGÖQÖQ ]HUOHULQH GûHQ YD]LIHOHULQL
PXQWD]DP YH GRøUX RODUDN \DSPDVÖ LOH PPNQGU 2\VD GHYOHWLQ HQVHVWH \|QHOGLøL
WRSOXPODUGDEWQLOLûNLOHUoDUSÖNODûÖU
$OLFHQJL]OHûPLû .HORøODQ LoLQ GHYOHW ND\ÖQ EDEDGÖU %X ND\ÖQ EDED ]DPDQOD PDXQ
EDED\D G|QûU 0DXQ EDED PDXQ oHNPHFH PDXQ PDVD YH PDVDGDQ DGDPODU YH
EURNUDVLYHGHYOHWLQLûOH\LûLGHPHNWLU
'HYOHW ¶PDVD· LVH YH PDVDQÖQ oHNPHFHOHULQGHQ HYUDNODU IÖûNÖUÖ\RUVD %X GHYOHW
EURNUDVL GHPHNWLU ùûWH EX ´GHYOHWµ \DQL EX WÖUQDN LoHULVLQGH GLû GLûH WÖUQDN WÖUQDøD
NÖUDQ NÖUDQD PFDGHOH DUHQDVÖ R ´PDVDµ YH RQXQ PWHPPLP F] RODQ ´NROWXNµ
NHORøODQODUÖQ\ROODUÖQÖNHVHQELUPDVDOGÖU
ùûWHPDVDOODUGDNLGHYOHW
ùûWHGHYOHWLQPDVDOODUÖ
$FDEDELOLQVH\GL´7UN0DVDO.XUXPXµGDNXUJXODQÖUPÖ\GÖ"
ùûWHEL]LPPDVDOÖPÖ]GHYOHWLQEXROPDGÖøÖQÖLGGLDHGHU
7ÖEEL6RV\DO+L]PHW(WLøL
úNUDQ6HYLPOL 6RV\DO+L]PHW.DYUDPÖ
´6RV\DO KL]PHWµ WHULPL JHQHO RODUDN ELUH\LQ VRV\DO \DûDPÖQÖ VDøOÖNOÖ YH GRøUX ELU
ELoLPGH ROXûWXUPDVÖ YH JHOLûWLUPHVL LoLQ DOGÖøÖ GHVWHNOHU SDNHWLQL LIDGH HGHU %X SDNHW
WRSOXPGDQ WRSOXPD GHøLûHQ VRV\DO \DûDP YH VRV\DO VDøOÖN NRûXOODUÖ\OD \DNÖQGDQ LOJLOL
RODUDN E\U \D GD NoOU 6RV\DO KL]PHWLQ EX |]HOOLøLQL NODVLN WDQÖPÖQGD GD
J|UHELOLUL] ´6RV\DO KL]PHW \RNVXOOXNODUÖQGDQ ND\QDNODQVÖQ YH\D ND\QDNODQPDVÖQ
WRSOXPGDNL PHYFXW RUWDODPD \DûD\Öû YH DOJÖOD\Öû VHYL\HVLQH HOOHULQGH ROPD\DQ
VHEHSOHUOH VUHOL YH\D VUHVL] RODUDN XODûDPD\ÖS VRV\DO YH\D HNRQRPLN \|QGHQ
GHVWHNOHQPHJHUHNVLQLPLGX\DQNLûLOHUHNDUûÖOÖNOÖYH\DNDUûÖOÖNVÖ]ûHNLOGHVXQXODQPDGGL
YH\D PDQHYL \DUGÖPODUGÖU PDO PDO]HPH \DUGÖPÖ UHKEHUOLN \|QOHQGLUPH SVLNRORMLN
GHVWHNJLELµ
7DQÖPGD J|UOGø JLEL VRV\DO KL]PHW EQ\HVLQGH ELUoRN DOW DODQÖ EDUÖQGÖUDQ
GLVLSOLQGLU%XWDQÖPÖQHQEHOLUJLQ|]HOOLøLVRV\DOKL]PHWWHQ\DUDUODQDQODUÖ´\RNVXORODQ
YH ROPD\DQµ ELoLPLQGH EHOLUOHPHVLGLU )DUNOÖ ELU V|\OH\LûOH VRV\DO KL]PHWOHULQ KHGHI
NLWOHVL VDGHFH \RNVXOODU GHøLO \RNVXO ROPDGÖøÖ KDOGH oHûLWOL \RNVXQOXNODU LoLQGH
EXOXQDQODUGÖU 6RV\DO KL]PHW DODQÖQGD JHoLQPH RODQDøÖ EXODPD\DQ \RNVXO NLûLOHUH
\|QHOLN RODQODUÖQ \DQÖ VÖUD HNRQRPLN \|QGHQ \HWHUOL G]H\GH RODQ IDNDW NLûLVHO
QHGHQOHUOH GHøLûLN WUGH X]PDQOÖN KL]PHWOHULQH JHUHNVLQLP GX\DQ NLûLOHUH \|QHOLN
KL]PHWOHUGH\HUDOPDNWDGÖU7UNL\H·GHVXQXODQKL]PHWOHUGDKDoRNPDGGL\RNVXOOXNOD
LOJLOLLNHQ\HWHUVL]VD\ÖGDGDROVD6RV\DO+L]PHWOHUùO0GUOø·QHEDûYXUXGDEXOXQDQ
ELUH\OHUH
\DSÖODQ
D\QLQDNGL
\DUGÖPODU
JLEL
$QJOR$PHULNDQ
ONHOHULQGH
KHP
\RNVXOOXøD KHP GH \RNVXQOXøD |QHP YHULOPHNWHGLU <RNVXOOXøX YH \RNVXQOXøX
JLGHUPH\H \|QHOLN KL]PHW DODQODUÖQÖQ JHOLûWLøLQL J|UPHNWH\L] hONHPL]GH DNDGHPLN
G]H\GH
\DSÖODQ
WDUWÖûPDODUGD
\RNVXOOXøXQ
\DQÖ
VÖUD
\RNVXQOXøXQ
|QHPL
GH
EHOLUWLOPHNOH ELUOLNWH SUDWLNWH EXQODUOD LOJLOL VRUXQODUÖ o|]POH\HFHN \HWHUOLOLNWH VLVWHPOL
oDOÖûPDODUDUDVWODPDPDNWD\Ö]
6RV\DO KL]PHW DODQODUÖQÖQ LVLPOHULQL NR\GXøXPX]GD ûX DQD EDûOÖNODUÖ KHPHQ WHVSLW
HGHELOL\RUX] HYVL]OLN LûVL]OLN EHFHUL HNVLNOLøL ILQDQVPDQ VRUXQODUÖ IL]LNVHOSVLNRORMLN
HNRQRPLNVHNVHOLVWLVPDUODULVWHQPH\HQJHEHOLNOHUYHoRFXNODUDQWLVRV\DOGDYUDQÖûODU
YH EXQODUÖQ |QOHQPHVL VXoOXOXN PDUMLQDO JUXSODU 6RV\DO oDOÖûPDFÖODU WP EX
DODQODUGD ELUH\LQ JUXEXQ YH WRSOXPXQ HøLWLP VHYL\HVLQL \NVHOWHFHN LOHWLûLPL YH
JYHQLQL DUWÖUDFDN KRûJ|UOOø YH DQOD\ÖûOÖOÖøÖ JHOLûWLUHFHN VHYJL YH VD\JÖ JLEL WHPHO
GHøHUOHULNRUXPD\DYHJHOLûWLUPH\H\|QHOLNSURMHOHUGHURODOÖUODU
´6RV\DO KL]PHW X]PDQÖµ \D GD ´VRV\DO oDOÖûPDFÖµ RODUDN DGODQGÖUÖODQ SURIHV\RQHO
VRV\DO VDøOÖøÖQ VRUXPOXOXøXQX WDûÖ\DQ \XNDUÖGD V|] HGLOHQ DODQODUGD JUXS OLGHUL
WHUDSLVW GDQÖûPDQ \|QHWLFL RODUDN J|UHY DODUDN DUDûWÖUPD \DSPD\Ö SODQ YH SURJUDP
KD]ÖUODPD\ցVWOHQPLûRODQYHEXoHUoHYHGHPHVOHNHøLWLPLDOPÖûEXOXQDQNLûLGLU
6RV\DO+L]PHW(øLWLPLQLQYHgUJWOHQPHVLQLQ7UNL\H·GHNL7DULKoHVL
6RV\DOdDOÖûPDFÖ+DON6DøOÖøÖ%LOLP8]PDQÖdXNXURYDhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML
YH7ÖS7DULKL$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
6RV\DO KL]PHW \D GD ùQJLOL]FH·GHQ ELUHELU oHYLUL LOH VRV\DO oDOÖûPD PHVOHøL ONHPL]H
EDûODQJÖFÖQÖQLONDGÖPÖ\ÖOÖQGD6DøOÖN%DNDQOÖøÖQDEDøOÖRODUDNG|UW\ÖOOÖNELU6RV\DO
+L]PHWOHU $NDGHPLVL NXUXOPDVÖ NDUDUÖQÖQ DOÖQPDVÖGÖU %X RNXO LON PH]XQODUÖQÖ \ÖOÖQGDYHUPLûPH]XQODUNDPXVDOYH|]HONXUXOXûODUGDoDOÖûPD\DEDûODPÖûODUGÖU6RV\DO
oDOÖûPD HøLWLPL JHOLûPLû ONHOHUGH ROGXøX JLEL ELUoRN RNXOGD GHøLO PDDOHVHI WHN ELU
PHUNH]GH \DOQÖ]FD +DFHWWHSH hQLYHUVLWHVL 6RV\DO +L]PHWOHU <NVHN 2NXOX·QGD
YHULOPHNWHGLU
6RV\DO +L]PHWLQ gUJWOHQPHVL \ÖOÖQGD 6DøOÖN YH 6RV\DO <DUGÖP %DNDQOÖøÖQD
EDøOÖRODUDN6RV\DO+L]PHWOHU*HQHO0GUOøNXUXOPXûWXU%XJHQHOPGUON
\ÖOÖQGD 6RV\DO +L]PHWOHU *HQHO 0GUOø .DQXQX LOH %DûEDNDQOÖN EQ\HVLQH
NDWÖOPÖûWÖU
7ÖEEL6RV\DO+L]PHW
7ÖEEL 6RV\DO +L]PHW WÖEEL NXUXPODUGD oDOÖûDQ VRV\DO oDOÖûPDFÖ WDUDIÖQGDQ VXQXODQ
KL]PHWWLU7ÖEELVRV\DOoDOÖûPDFÖQÖQVXQGXøXKL]PHWWHPHOLQLYHLoHULøLQL'Q\D6DøOÖN
gUJW·QQ VDøOÖN WDQÖPODPDVÖQGDQ DOPDNWDGÖU '6g VDøOÖøÖ ELUH\LQ EL\RORMLN
SVLNRORMLN YH VRV\DO \|QGHQ WDP L\LOLN KDOL RODUDN WDQÖPODU %LU EDûND GH\LûOH VDøOÖN o
ER\XWOXGXU %X ER\XWODU EL\RORMLN VDøOÖN SVLNRORMLN VDøOÖN YH VRV\DO VDøOÖNWÖU 6DøOÖN
GHQLOGLøLQGH JHQHOOLNOH YH |QFHOLNOH EL\RORMLN PHGLNDO VDøOÖN DQODûÖOPDNWDGÖU 6DøOÖøÖQ
EL\RORMLN ER\XWXQGDQ VRUXPOX RODQ NLûLOHU KHNLPOHUGLU 3VLNRORMLN VDøOÖN NDYUDPÖ
\]\ÖOÖQ LNLQFL G|QHPLQGHQ LWLEDUHQ OLWHUDWUGH YH NDPXR\XQGD NDEXO J|UPH\H
EDûODPÖûWÖU 3VLNRORMLN VDøOÖN ER\XWXQXQ VRUXPOXODUÖ SVLNL\DWUODU YH SVLNRORJODUGÖU
%XQD NDUûÖQ VRUXPOX PHVOHN HOHPDQODUÖ VRV\DO oDOÖûPDFÖODU RODQ 626<$/ 6$÷/,.
NDYUDPÖ OLWHUDWUGH WDQÖPODQPDPÖûWÖU 6RV\DO VDøOÖN WHULPL LNL IDUNOÖ oDøUÖûÖPD \RO
DoDELOLU %X ELOGLUL oHUoHYHVLQGH ´VRV\DO VDøOÖNµ WRSOXPVDO PHNDQL]PDODUÖQ VDøOÖNOÖ
LûOH\LûLDQODPÖQGDGHøLO'Q\D6DøOÖNgUJW·QQVDøOÖNWDQÖPÖQGD\HUDODQWRSOXPVDO
DoÖGDQ L\LOLN KDOLQL EHOLUWPHN LoLQ NXOODQÖOPÖûWÖU 3VLNRORMLN YH EL\RORMLN VDøOÖøD \|QHOLN
JLULûLPOHULQ
DQFDN
VRV\DO
VDøOÖN
oDOÖûPDODUÖ\OD
WDP
L\LOLN
KDOLQH
XODûÖODELOHFHøL
JHUoHNOHûHELOHFHøLVDøOÖNSURIHV\RQHOOHULWDUDIÖQGDQNDEXOHGLOPHNWHGLU
6RV\DO
VDøOÖøÖQ
QHW
ELU
WDQÖPODQPDVÖQÖQ
\DSÖOPDPÖû
ROPDVÖQD
NDUûÖQ
WÖEEL
NXUXPODUGD \DNODûÖP EL]H VRV\DO VDøOÖøÖQ |QHPVHQGLøLQL YH VDøOÖøÖQ GLøHU ER\XWODUÖ\OD
HûGHøHU ELU NDEXO J|UGøQ J|VWHUPHNWHGLU g]HOOLNOH $QJOR$PHULNDQ VLVWHPLQGHNL
|QFHOLNOLRODUDNROXûWXUXODQWHGDYLHNLELQGHDNODJHOHQLONoSURIHV\RQHOGHQELULVRV\DO
oDOÖûPDFÖGÖU 7HGDYL HNLELQLQ EWQQ ROXûWXUDQ |QHPOL \HOHULQGHQ ELULGLU 7HGDYL
HNLELQGH GRNWRU KHPûLUH\OH HûGHøHU ELU NRQXPD VDKLSWLU 6RV\DO oDOÖûPDFÖQÖQ VRV\DO
VDøOÖøÖQ
VRUXPOXVX
RODQ
WHN
PHVOHN
ROGXøXQX
EHOLUWPLûWLN
'LøHU
VDøOÖN
SURIHV\RQHOOHUL\OH DUDVÖQGD |QHPOL \DNODûÖP IDUNÖ EXOXQPDNWDGÖU +HNLP YH SVLNRORJ
KDVWD PHUNH]OL oDOÖûPDODU SODQODUNHQ VRV\DO oDOÖûPDFÖ KDVWD YH KDVWD \DNÖQODUÖQÖ LoHUHQ
oDOÖûPDODU SODQODPDNWDGÖUODU gUQHN RODUDN WÖEEL VRV\DO KL]PHWLQ EHûLøL ONHOHUH \DQL
$QJOR$PHULNDQ ONHOHULQGHNL WÖEEL VRV\DO KL]PHW X\JXODPDODUÖQD EDNWÖøÖPÖ]GD KDVWD
YH KDVWD \DNÖQODUÖQÖQ ELU EWQ RODUDN HOH DOÖQÖS oHûLW KL]PHW GHøLO KL]PHWOHU SDNHWLQLQ
KD]ÖUODQGÖøÖQÖ J|UPHNWH\L] dQN KDVWD YH KDVWDQÖQ DLOHVL KDVWDOÖøÖQ JHWLUGLøL DNXW
NURQLNYHWHUPLQDOG|QHPKDVWDODUÖQÖQ\DûDGÖøÖEL\RORMLNDøUÖYHLûOHYND\EÖQÖQ\DQÖVÖUD
KDVWDOÖNWDQ ND\QDNODQDQ NRUNX HQGLûH VWUHV oDUHVL]OLN WNHQPLûOLN o|]PV]ON
ELOLQPH]OLN JLEL oRN oHûLWOL GX\JXODUOD GD EDû HWPHN GXUXPXQGDGÖU 6RV\DO oDOÖûPDFÖ
KDVWD YH KDVWDQÖQ DLOHVL LOH KDVWDQH\H EDûYXUXGDQ LWLEDUHQ WHGDYL YH WHGDYL VRQUDVÖQGD
\DNÖQ LUWLEDW KDOLQGH RODQ YH JHUHN NOLQLNWHNL WHGDYLVL VUHVLQFH JHUHNVH WHGDYL VRQUDVÖ
úNUDQ6HYLPOL³7ÖEEL6RV\DO+L]PHW(WLøL
RUWDPD X\XP VDøODPDVÖQGD \DUGÖPFÖ RODQ VDøOÖN SURIHV\RQHOLGLU 6RV\DO oDOÖûPDFÖ
KDVWDQÖQ NRUX\XFX VDøOÖN YH JYHQOLN KL]PHWOHULQGHQ ELOLQoOL YH VLVWHPOL ELU ûHNLOGH
\DUDUODQPDODUÖQD \DUGÖPFÖ ROXU 6RV\DO dDOÖûPDFÖ WHGDYL HNLELQLQ ELU SDUoDVÖ RODUDN
KDVWDODUÖQRSWLPDOEDNÖPKL]PHWLQGHQ\DUDUODQPDODUÖQGDUROVWOHQLU
7ÖEEL6RV\DO+L]PHWLQ7DULKVHO.|NHQL
ùQVDQRøOXQXQ NHQGLVL\OH YH VDøOÖøÖ\OD LOJLOHQPHVL KHUKDOGH GûQPHVL NDGDU HVNL
ROPDNOD ELUOLNWH VDøOÖNOD LOJLOL PHVOHNOHULQ RUWD\D oÖNÖûÖ YH KL]PHW SURJUDPODUÖQÖQ
ROXûWXUXOPDVÖ QLVSHWHQ \HQLGLU 7ÖS WDULKL ER\XQFD X]XQ VUH VDøOÖøÖ NRUXPDN YH
VUGUPHNWHQ oRN KDVWDOÖNOD PFDGHOH HWPH oDEDODUÖ DøÖU EDVPÖûWÖU +HP KHNLPOHULQ
PHVOHN DQOD\ÖûÖQGD KHP GH VDøOÖN SROLWLNDODUÖQGD KDVWDOÖøÖ RUWDGDQ NDOGÖUPD GûQFHVL
|QSODQGD\HUDOPÖûWÖU.DGLP<XQDQSDQWHRQXQXQWÖSWDQUÖVÖ$VNOHSLRVND\EHGLOHQYH
DQFDN KHNLP WDUDIÖQGDQ JHUL JHWLULOHQ ELU VDøOÖN NDYUDPÖQÖQ WHPVLOFLVL ROPXû
$VNOHSLRV·XQ NÖ]Ö VDøOÖøÖ NRUXPD YH JHOLûWLUPHQLQ VLPJHVL +\JHLD LVH \]\ÖOODU ER\X
EDEDVÖQÖQJ|OJHVLQGHNDOPÖûWÖU
7ÖEEL VRV\DO KL]PHWOHU LVH GRøDVÖ JHUHøL WHGDYL HGLFLGHQ oRN NRUX\XFX VDøOÖN
KL]PHWOHUL EQ\HVLQGH\HUDOPDNWDNRUX\XFX YH |QOH\LFL KL]PHWOHU oHUoHYHVLQGH WHGDYL
HGLFL KL]PHWOHUH J|UH oRN GDKD LûOHYVHO ELU URO DOPDNWDGÖU %X oHUoHYHGH WÖEEL VRV\DO
KL]PHW PHVOHøLQLQ WÖS GQ\DVÖQÖQ ELU SDUoDVÖ RODUDN RUWD\D oÖNÖûÖ DQFDN NRUX\XFX YH
|QOH\LFL DQOD\ÖûÖQ JoOHQGLøLJQP] NRûXOODUÖQGD ROPXûWXU.XûNXVX] NDUPDûÖNODûDQ
WRSOXP\DSÖVÖYH]D\ÖIOD\DQLQVDQODUDUDVÖLOLûNLOHUGHE|\OHELUPHVOHøLQRUWD\DoÖNÖûÖQGD
|QHPOLUROR\QDPÖûWÖU
YH \]\ÖOODUGD JHOLûHQ EL\RPHGLNDO WÖS PRGHOL \]\ÖOÖQ RUWDODUÖQD
GRøUX VDøOÖøÖQ EL\RORMLN \|QQQ \DQÖ VÖUD SVLNRVRV\DO \|QOHUL\OH ELUOLNWH HOH DOÖQPDVÖ
GRøUXOWXVXQGD J|UûOHU EHQLPVHQPH\H EDûODPÖûWÖU 3VLNRVRV\DO DODQGD GDKD \RøXQ
KL]PHW YHUPH ND\JÖVÖ |]JQ PHVOHNOHUH JHUHNVLQLP GX\XOPDVÖQD \RO DoPÖûWÖU 7ÖEEL
VRV\DO oDOÖûPDFÖODU YH NOLQLN SVLNRORJODU EX JHUHNVLQLPLQ UQGU 6RV\DO VDøOÖøÖQ \]\ÖOGD oRN |QHPVHQLS ]HULQGH GXUXODFDN ELU DODQ RODFDøÖ GûQOPHNWHGLU
%L\RPHGLNDO WÖS DQOD\ÖûÖQÖQ \NVHN HNRQRPLN EHGHO SDKDVÖQD WDWPLQ HGLFL VRQXoODU
YHUHPH\LûL EL\RSVLNRVRV\DO VDøOÖN DQOD\ÖûÖQÖQ YH NRUX\XFX |QOH\LFL WÖS \DNODûÖPÖQÖQ
|QHPLDUWWÖUPDNWDGÖU
7ÖEEL6RV\DO+L]PHWLQùûOHYL3VLNRVRV\DO'HVWHN
+DVWDOÖN
RUJDQL]PDGD
ELUWDNÖP
GHøLûLNOLNOHULQ
PH\GDQD
JHOPHVL\OH
IL]\RORMLN
LûOHYOHULQ ER]XOPDVÖ KDOLGLU ELU NUL] GXUXPXGXU %X NUL]GHQ JHUHN KDVWD RODQ ELUH\
JHUHNVH \DNÖQODUÖ HWNLOHQLU 7P NUL] GXUXPODUÖQGD ROGXøX JLEL VRV\DO LOLûNLOHU
EHNOHQWLOHU \DûDPÖ DOJÖOD\Öû JLEL SHN oRN ER\XWWD GHøLûLNOLN RUWD\D oÖNDU %LU WU
\HQLOHQPHGHøLûPHG|QHPLGLU%X\HQLOHQPHYHGHøLûLPLQROXPOXYHVDøOÖNOÖELU\|QGH
ROPDVÖ NUL]OH KHP KDVWD KHP GH KDVWD \DNÖQODUÖQÖQ EDû HGHELOPHVL LoLQ SURIHV\RQHO
\DUGÖPD JHUHNVLQLP YDUGÖU %X YH EHQ]HUL QHGHQOHUOH VDøOÖN YH KDVWDOÖøD \|QHOLN
oDOÖûPDODUGD EL\RSVLNRVRV\DO ELU PRGHO KD]ÖUODQPDVÖ HWNLQ RODUDN KL]PHW YHULOPHVL
JHUHNPHNWHGLU7HGDYLHNLELQLQ|QHPOLELU|øHVLRODQVRV\DOoDOÖûPDFÖNHQGLQL\HWHUVL]
oDUHVL]o|]P\ROODUÖWÖNDQPÖû\DUÖQGDQND\JÖYHNRUNXLOHEDKVHGHQXPXGXQoRND]
ROGXøX GX\JXVDO YH GûQVHO oÖNPD]D JLUHQ KDVWD YH KDVWD \DNÖQODUÖQD SURIHV\RQHO
GHVWHN LOH \DûDPÖ \HQLGHQ VHYPH LVWHPH ND\JÖ YH NRUNXODUÖQGDQ NXUWXODUDN KDVWDOÖNOD
PFDGHOH HWPH\H YH VDøOÖNODUÖQÖ NRUXPD\D \|QHOLN |QOHPOHUL JHUoHNOHûWLUPHOHULQH
\DUGÖPFÖROXU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
3VLNRVRV\DO GHVWHøLQ KDVWDOÖøÖQ VH\UL ]HULQH \DSÖODQ DUDûWÖUPDODU |QHPVHQHFHN
GHUHFHGHROXPOXHWNLOHULROGXøXQXEHOLUWPHNWHGLU$UWÖNVDøOÖNVRUXQODUÖYHKL]PHWOHULQ
ROXûWXUGXøX \HQL JHUHNVLQLPOHU WÖS DODQÖQGD GLøHU GLVLSOLQOHULQ NDWNÖODUÖQÖ YH RUWDN
oDOÖûPD\Ö GD ]RUXQOX NÖOPDNWDGÖU gUQHøLQ EL\RPHGLNDO JHOLûPHOHU |PU X]DWPDNOD
ELUOLNWH NURQLN KDVWDOÖNODUÖQ JLGHUHN DUWPDVÖQD GD QHGHQ ROPDNWDGÖU g]HOOLNOH NURQLN
UDKDWVÖ]OÖNODUÖ RODQ ELUH\OHULQ \DOQÖ] NHQGLOHUL GHøLO DLOHOHUL GH SVLNRVRV\DO DoÖGDQ
HWNLOHQPHNWHGLUOHU +DVWD\OD LOHWLûLPOHUL NRQXVXQGD oHûLWOL VRUXQODU \DûDPDNWDODU +DVWD
ELUH\LQ \DûDPÖQÖ VUGUPHVLQGH VRV\DO GHVWHøLQ oRN |QHPOL ROGXøX ELOLQPHNWHGLU
)DNDWEXVRV\DOGHVWHøLQGHELOLQoOLRODUDNYHULOPHVLGR]XQXQL\LD\DUODQPDVÖJHUHNOLGLU
'HQJHOL YHULOPH\HQ VRV\DO GHVWHN |UQHøLQ KDVWD ELUH\LQ WP LûOHULQL \DSPDN KDVWD
\DNÖQÖQÖ DûÖUÖ GHUHFHGH \RUDFDN YH KDVWD WDUDIÖQGDQ LVWLVPDUÖQD GD QHGHQ RODELOHFHNWLU
.ÖVD VUHGH \HQL GXUXPD DOÖûDQ KDVWD EX GXUXPX GHYDP HWWLUPHN LVWH\HELOLU %X YH
EHQ]HUL QHGHQOHUOH KDVWD NDGDU KDVWD \DNÖQODUÖQÖQ GD HøLWLPL ELOJLOHQGLULOPHVL YH
\|QOHQGLULOPHOHULQGH VRV\DO oDOÖûPDFÖQÖQ KD]ÖUODGÖøÖ KDVWD YH KDVWD \DNÖQODUÖ KL]PHW
SURJUDPÖ WHGDYL VUHFLQH GLUHNW NDWNÖGD EXOXQDFDN YH \HQL KDVWDODUÖQ ROXûPDVÖQGD GD
NRUX\XFX|QOHPRODFDNWÖU
dQN KDVWDOÖN VRV\DO ELU ROJXGXU YH DVOD WHN ELU NLûL\L HWNLOHPHNOH \HWLQPH]
+DVWDOÖNOD PFDGHOHGH KDVWDQÖQ \DQÖ VÖUD KDVWD \DNÖQODUÖQD GD oRN |QHPOL J|UHYOHU
GûPHNWHGLU +DVWDQHGHNL WHGDYL HNLEL ROXûWXUPDQÖQ DUND SODQÖQGDNL KDVWDOÖøÖ GHWD\OÖ
GHøHUOHQGLUPH GûQFHVL ROD\GDQ HWNLOHQHQ WP NLûLOHULQ GH GHøHUOHQGLULOPHVL\OH
EWQFOELUWXWXPJHUoHNOHûWLULOLU
6RV\DO6DøOÖNWD.OWUHOgøHOHULQgQHPL
6RV\DO VDøOÖN GHQLOGLøLQGH NOWU YH NOWU ROXûWXUDQ |øHOHU GLQ JHOHQHN YH
J|UHQHNOHU HNRQRPL SROLWLND YH SVLNRORMLN VDøOÖN DoÖVÖQGDQ |QHPOL RODQ JYHQ VD\JÖ
NDEXO VHYJL LOHWLûLP NHQGLQL LIDGH HWPH EHFHULVL GH \HU DOPDNWDGÖU %X oOGHQ ELULQL
|QHPVHPHGLøLPL]GH
VDøOÖøÖ
\D
GD
GLøHU
ELU
GH\LûOH
\DûDPÖ
ELU
EWQ
RODUDN
|QHPVHPHPLû YH JHUoHNOHûPHVLQL HQJHOOHPLû ROXUX] g]HOOLNOH GLQ NOWUQ HQ JoO
|øHVLGLU +DVWD YH KDVWD \DNÖQODUÖ WHGDYL VUHVL YH VRQUDVÖQGD GD LQDQoODUÖ\OD X\XPOX
GDYUDQÖûODUÖQ VHUJLOHQGLøL ELU WHGDYL SURJUDPÖQÖ WHUFLK HGHELOLU dQN LQVDQÖQ \DûDPÖ
YH |OP DOJÖOD\ÖûÖQÖQ GD LS XoODUÖQÖ YHULU ùQDQPDN EHUDEHULQGH LQVDQÖQ \DûDPD
LVWHøLQLQ JFQ GH YXUJXODU 'LQOHU FHQQHW FHKHQQHP \D GD UHHQNDUQDV\RQ
NDYUDPODUÖ\OD LQVDQÖQ VRQVX] \DûDPD LVWHøLQH GH \DQÖW YHUPHNWHGLUOHU dQN FHQQHWWH
GH FHKHQQHPGH GH |OP \RNWXU %X GXUXP \DûDPD LVWHøL oRN JoO RODQ SHN oRN
LQVDQ LoLQ |QHPOLGLU %LU VU VRUXQ DFÖ LûNHQFH YH EHQ]HUOHULQH UDøPHQ LQVDQ
\DûDPD\Ö oRN VHYPHNWH \DûDPGDQ DQFDN YH DQFDN NÖVD VUHOL YD]JHoPH\H UD]Ö
ROPDNWDGÖU )DQL GQ\DGD |OP YDUGÖU gOP LQVDQÖQ o|]HPHGLøL DOJÖODPDNWD YH
NDEXOOHQPHNWH ]RUODQGÖøÖ ELU NDYUDPGÖU 2\VD |EU GQ\DGD DFÖ oHNVH GH oHNPHVH GH
J]HO ûH\OHU VXQXOVD GD VXQXOPDVD GD |OP \RNWXU %LU EDûND GH\LûOH |EU GQ\D
|OPQ XODûDPDGÖøÖ ELU PHNkQGÖU ùQVDQ R PHNkQD KD]ÖUODQPDN LoLQ WP JHUHNOHUL
VHYHUHN\HULQHJHWLUPHNWHGLU%XQHGHQOHUOHGLQLLQDQÖûODUoRNSHNoRN|QHPOLGLU'LQL
LQDQÖûÖQ EHUDEHULQGH JHOHQHN YH J|UHQHNOHU GH |QHPOL ELU URO R\QDU *HOHQHN YH
J|UHQHNOHUKDVWDQÖQ\DûDGÖøÖGQ\D\DLOLûNLQEHNOHQWLOHULQLDQODWPDNWDGÖU
6RV\DO
oDOÖûPD
DNVDWPDPDVÖ
LoLQ
PHVOHøL
oRN
L\L
X\JXODPDODUÖQGD
GHøHUOHQGLULOLS
GHøHUOHQGLULOPLûROPDNGXUXPXQGDGÖU
7ÖEEL6RV\DO+L]PHW8]PDQÖQÖQ*|UHYOHUL
NOWUHO
VXQXODFDN
IDNW|UOHULQGH
KL]PHW
X\JXODPD\Ö
SURJUDPÖQGD
GD
úNUDQ6HYLPOL³7ÖEEL6RV\DO+L]PHW(WLøL
#
+DVWDYHKDVWD\DNÖQÖ\ODJ|UûPHYHGDQÖûPDQOÖNKL]PHWL
#
+DVWDLOHLOJLOLoHûLWOL|QHPOLELOJLOHULWRSODPDYHGHøHUOHQGLUPH
#
+DVWDQÖQELUH\VHOYHVRV\DOJ|UHYOHULQLJHUoHNOHûWLUPHOHULQH\DUGÖPFÖROPD
#
.LûLVHOSODQODUÖQD\DUGÖPHWPH
#
'LøHUSURIHV\RQHOYHWRSOXPND\QDNODUÖQGDQKDVWDQÖQ\DUDUODQPDVÖQÖVDøODPD
#
6RV\DOSUREOHPOHULQo|]PLoLQNRRUGLQHoDOÖûPDODUSODQODPDYHNDWÖOPD
#
*|UHY\DSÖODQNOLQLN|]HOOLNOHULQLL\LDQODPDEXNRQXGDKDVWD\ÖYHKDVWD\DNÖQÖQÖ
ELOJLOHQGLUPH
7ÖEEL6RV\DO+L]PHW8]PDQÖQÖQ6DKLS2OPDVÖ*HUHNHQg]HOOLNOHU
#
2OJXQOXN
#
.HQGLQHJYHQOLROPDN
#
7HPL]YHEDNÖPOÖROPDN
#
*]HONRQXûPDYHJ]HO\D]PDEHFHULVLQHVDKLSROPDN
#
'LQOHPHVLQLELOPHN
#
3URIHV\RQHOYHVLVWHPOLGûQPHN
#
'HøHUOHULDoÖNELUûHNLOGHDQODPDHWLN
#
3URIHV\RQHO\DUGÖPEHFHULVLQHVDKLSROPDN
#
6RV\DO HNRQRPLN \D GD ELUH\VHO GHøHUOHULQ |WHVLQGH HYUHQVHO GHøHUOHUH X\JXQ
EDøÖPVÖ]|]JUGûQPH\HWHQHøLQHVDKLSROPDN
#
7HGDYL HNLELQLQ GHøHUOHULQL ELOPHN DQODPDN YH KDVWD YH KDVWD \DNÖQODUÖQÖ EX
NRQXGDELOJLOHQGLUPHN
#
+DVWD YH KDVWD \DNÖQODUÖQÖQ GHøHUOHULQL DQODPDN YH WHGDYL HNLELQL EX NRQXGD
ELOJLOHQGLUPHN
#
<DûDPDROXPOXYHVÖFDNEDNPDDOJÖODPDEHFHULVLQLJHOLûWLUPLûROPD
#
(WNLOLLOHWLûLPEHFHULVLQHVDKLSROPDN
7ÖEEL6RV\DO+L]PHWLQ(WLNùONHOHUL
7ÖEELVRV\DOKL]PHWHWLøLVDøOÖNSURIHV\RQHOOLøLoHUoHYHVLQGHEHQLPVHQHQJHQHOHWLN
LONHOHULQDODQD|]JQLWHOLNOHUHX\DUODQPDVÖ\ODRUWD\DoÖNPÖûWÖU
%LOLQGLøL JLEL WÖS HWLøLQLQ JHQHOOLNOH EHQLPVHQHQ |QFHOLNOL G|UW WHPHO LONHVL \DUDU
VDøODPD]DUDUYHUPHPH|]HUNOLøHVD\JÖJ|VWHUPHYHDGLOROPDGÖU)DUNOÖELU
\DNODûÖPLVH\DûDPDVD\JÖGX\PD\ÖWHNDQDLONHRODUDNJ|UPHNWHGLU
7ÖEEL VRV\DO KL]PHW GLøHU VDøOÖN SURIHV\RQHOOLNOHULQH J|UH NLûLVHO LOLûNLQLQ GDKD |Q
SODQDJHoWLøLWRSOXPVDOGHøHUOHULQGDKDID]ODGHYUH\HJLUGLøLWRSOXPVDO|UJWOHQPHQLQ
NXUXPVDO \DSÖODUÖQÖ YH NXUDOODUÖQÖ L\L WDQÖPDQÖQ JHUHNWLøL ELU DODQGÖU 7ÖEEL VRV\DO
KL]PHW HWLøL GH WÖEEL VRV\DO KL]PHWLQ EX |]HOOLNOHULQH X\JXQ ELoLPGH JL]OLOLN |]HUNOLN \DUDUOÖOÖN ]DUDU YHUPHPH DGDOHW LONHOHUL EHQLPVHQPLû YH VRV\DO
KL]PHWSUDWLøLQGH|QFHOLNOLRODUDN\HUDOPDNWDGÖU
*L]OLOLN PDKUHPL\HW LONHVL VRV\DO oDOÖûPDFÖQÖQ KDVWD YH KDVWD \DNÖQODUÖ LOH \DSWÖøÖ
oDOÖûPD VUHVLQFH YH oDOÖûPD ELWWLNWHQ VRQUD GD JHoHUOL RODQ ELU LONHGLU *L]OLOLN LONHVL
oRN |]HO GXUXPODU V|] NRQXVX ROGXøXQGD ER]XOXU *L]OLOLN LONHVLQH X\XOPDGÖøÖ
GXUXPODULVWLVPDUVXoLûOHPHoQFELUNLûL\HKHUKDQJLELUûHNLOGH]DUDUYHUPHVLV|]
NRQXVX RODQ GXUXPODU g]HUNOLN LONHVL HWLN GRQDQÖPOÖ VRV\DO oDOÖûPDFÖ KDVWD YH KDVWD
\DNÖQODUÖQ NDUDUODUÖQÖ GHøHUOHQGLULUNHQ |QFHOLN GXUXPXQD J|UH NHQGL NDUDUODUÖQÖ
NHQGLOHUL YHUPHOHUL GRøUXOWXVXQGD KDUHNHW HGHU YH IDUNOÖ KL]PHW DOÖPODUÖ VUHVLQFH GH
EXQDKLINXUDOÖJ|]|QQGHEXOXQGXUXU2OGXNoDLQFHELUoL]JLRODQ|]HUNOLNKDVWDQÖQ
\DQÖ VÖUD KDVWD \DNÖQODUÖQÖQ GD |]HUNOLøL V|] NRQXVX ROXQFD oRN GDKD |]HQOL ROPD\Ö
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHUHNWLULU <DUDUOÖOÖN LONHVL VRV\DO oDOÖûPDFÖ KDVWD YH KDVWD \DNÖQODUÖQÖQ PDNVLPXP
G]H\GH YDU RODQ NRûXOODUGDQ \DUDUODQPDVÖQD GLNNDW HGHU JHUHNOL RODQ QRNWDODU GD
GDQÖûPDQOÖN \DSDU +DVWD NXUXPD EDûYXUGXøX GDNLNDGDQ LWLEDUHQ YH WDEXUFX ROGXNWDQ
VRQUD GD VXQXODQ KL]PHWWHQ \DUDUODQPDVÖ YH ]DUDU J|UPHPHVL LoLQ JHUHNHQ |]HQ
J|VWHULOLUEXoDOÖûPDODUDGDOHWLONHVLGHJ|]|QQGHEXOXQGXUXODUDN\DSÖOÖU
<XNDUÖGD EHOLUWLOHQ WÖEEL VRV\DO KL]PHW HWLøL oHUoHYHVLQGH VRV\DO oDOÖûPDFÖQÖQ QHOHU
\DSDELOHFHøLQH ELUD] GDKD DoÖNOÖN ND]DQGÖUPDN LoLQ 1HZ <RUN (\DOHWLQGHQ ELU |UQHN
YDND7UNL\H·GHWÖEELVRV\DOKL]PHWLQHWLNER\XWXQGDQVRQUDWDUWÖûÖODFDNWÖU
7UNL\H·GH7ÖEEL6RV\DO+L]PHWLQ(WLN%R\XWX
7UNL\H·GH QLWHOLNVHO YH QLFHOLNVHO G]H\GH ROPD\DQ VRUXQODUD \DQÖW YHUHFHN |OoGH
JHOLûHPHPLû RODQ VRV\DO oDOÖûPD PHVOHøLQGHQ V|] HWPHN LVWL\RUXP dQN VRV\DO
oDOÖûPDFÖVRV\DOVDøOÖNKL]PHWOHULQLJHUoHNOHûWLUHFHNEXDODQGDHøLWLPDODQNLûLGLU'LøHU
ELU GH\LûOH VRV\DO oDOÖûPDFÖ VRV\DO VDøOÖøÖQ |QFHOLNOL ROGXøX EX DODQODUGD JUXS OLGHUL
WHUDSLVW GDQÖûPDQ \|QHWLFL RODUDN J|UHY DODQ DUDûWÖUPD YH SODQ SURJUDP KD]ÖUODPDN
]HUHPHVOHNHøLWLPLDOPÖûNLûLGLU
hONHPL]GH VRV\DO oDOÖûPDFÖODU 6+d(. GD J|UHY \DSPDNWDGÖUODU +DVWDQHGH WÖEEL
VRV\DO oDOÖûPDFÖ RODUDN J|UHY \DSDQ oRN D] NLûL ROPDVÖ YH GROD\ÖVÖ\OD GD EX DODQGD
KHUKDQJL ELU X]PDQOÖøÖQ V|] NRQXVX ROPDPDVÖ QHGHQL\OH WÖEEL VRV\DO KL]PHW YH WÖEEL
VRV\DOKL]PHWHWLøLROXûPDPÖûWÖU
\ÖOÖQGD \DSÖODQ 2ODøDQ *HQHO .XUXOXQGD 8OXVODUDUDVÖ 6RV\DO +L]PHW
8]PDQODUÖ )HGHUDV\RQX (WLN LONH YH NXUDOODUÖ NDEXO HWPLûWLU 6RV\DO oDOÖûPDFÖODU
KD]ÖUODQDQEXHWLNLONHOHUoHUoHYHVLQGHKDUHNHWHWPHNWHGLUOHU*HQHOVRV\DOKL]PHWHWLøL
LONHOHUL KHU ELU DODQD X\JXODQDELOLU ROPDNOD ELUOLNWH KHU ELU DODQ LoLQ D\QÖ LONHOHUL LoHUHQ
IDNDW D\UÖQWÖODUGD DODQÖ J|] |QQGH EXOXQGXUDFDN HWLN LONHOHU JHOLûWLULOPHVL \DUDUOÖ
RODFDNWÖU dQN ELU VXoOXODU LoLQ KD]ÖUODQDQ VRV\DO KL]PHW PRGHOL YH KL]PHW SDNHWL
oRFXN\XYDVÖQDWHUNHGLOHQ\DGDEÖUDNÖODQoRFXNODUÖQNL\OH\DGDKX]XUHYOHULQLQoDOÖûPD
SDNHWLQGHQ IDUNOÖ RODFDNWÖU 7ÖEEL VRV\DO KL]PHW HWLøL LVH WP EX DODQODUGDQ GD IDUNOÖ
RODFDNWÖU
9DND
0U -RQHV \DûÖQGD KD\DWÖ oRN VHYHQ ELU NLûLGLU +HU ]DPDQ 7DQUÖ·QÖQ NHQGLVLQL
NLPVH\H PXKWDo HWPHPHVL LoLQ GXD HWPHNWHGLU %DøÖPVÖ]OÖøÖQD oRN |QHP YHUHQ
]HULQGH KDVVDVL\HWOH GXUDQ ELU NLûLOLøH VDKLSWLU 0U-RQHV VRQ D\GÖU VUHNOL NLOR
ND\EHWPH\H YH VUHNOL |NVUPH\H EDûODPÖûWÖU 0HGLNDO WHVW VRQXFX NRUNXWXFX KDEHUL
|øUHQLU$NFLøHU&$WHûKLVLNR\XOPXûWXU$NFLøHU&D·QÖQWHUPLQDOG|QHPGHROGXøXYH
DQFDND\OÖNELU\DûDPVUHVLQLQRODELOHFHøLQGHQV|]HGLOLU0U-RQHVoRFXøXQXQKHU
ELUL IDUNOÖ UHDNVL\RQ YHULU .Ö]Ö WHûKLVLQ GRøUXOXøXQX NDEXOOHQPHN LVWHPH] 2øOX LVH
EDEDVÖ LoLQ JHUHNOL KHU WUO PGDKDOHQLQ \DSÖOPDVÖQÖ YH EDEDVÖQÖQ \DûDP VUHVLQLQ
X]DWÖOPDVÖQÖ LVWHU 'LøHU WDUDIWDQ ILQDQV LOH LOJLOL HQGLûHOHUL YDUGÖU oQN NHQGL LûVL]GLU
YH EDEDVÖQÖQ WHGDYL JHUHNVLQLPOHUL 7ÖEEL <DUGÖP %URVX 0HGLFDLG WDUDIÖQGDQ
NDUûÖODQDFDNWÖU EX PLNWDU oRN VW G]H\GH ELU WHGDYL SURJUDPÖQGDQ \DUDUODQPDVÖQD
RODQDN WDQÖPDPDNWDGÖU %X DUDGD 0U -RQHV LVH ROGXNoD ]JQGU oQN DLOHVLQH
|QHPOL ELU VRUXPOXOXN \NOHPHNWHGLU $LOHVLQLQ HNRQRPLN GXUXPXQXQ EX \N
NDOGÖUDPD\DFDøÖQÖGûQHQ0U-RQHV·XQDNOÖQDELU

Benzer belgeler

Modern Algı Teorisinin Teolojik Kökenleri

Modern Algı Teorisinin Teolojik Kökenleri LQúDHGLOPHVLGHEXG|QHPGHJHUoHNOHúWL%LUELUOHULLOHLOHWLúLPNXUDPD\DFDN NDGDU IDUNOÕ OHKoHOHUL NRQXúDQ \HUHOOLNOHU NOWUHO ELUOLNWHOLNOHULQL SROLWLN PHUNH]OHULQHWUDIÕQGDELUDUD\D...

Detaylı