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Why love fades after marriage according to a relationship counselor

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JaneEyreFernandes

A travel companion asked the counselor why love seems to fade after marriage based on his experience of love disappearing in three marriages. The counselor asked questions to understand what exactly happened in each marriage. In the first marriage, love lasted for three years before problems arose after the birth of their first child. The second marriage failed after six months. In the third marriage, love faded gradually as his wife began criticizing him shortly after they wed. The companion wondered if this was common and why so many marriages end in divorce, or how some learn to live with unhappiness or keep love alive.

Spiritual
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Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor
Why love fades after marriage according to a relationship counselor

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  • 9. FRPXQLFDomR EHP UXGLPHQWDU $V GLIHUHQoDV GH OLQJXDJHP ID]HP SDUWH GD FXOWXUD KXPDQD 6H TXLVHUPRV WHU XP ERP LQWHUFkPELR FXOWXUDO VHUi QHFHVViULR DSUHQGHUPRV D OLQJXDJHP GDTXHOH FRP TXHP GHVHMDPRV QRV FRPXQLFDU 2 PHVPR DFRQWHFH QR kPELWR GR DPRU 6XD OLQJXDJHP HPRFLRQDO H D GH VHX F{QMXJH SRGHP VHU WmR GLIHUHQWHV TXDQWR p R LGLRPD FKLQrV GR LQJOrV 1mR LPSRUWD R WDQWR TXH YRFr VH HVIRUFH SDUD PDQLIHVWDU VHX DPRU HP LQJOrV VH VHX F{QMXJH Vy HQWHQGH FKLQrV MDPDLV FRQVHJXLUmR HQWHQGHU R TXDQWR VH DPDP 2 PHX DPLJR GR DYLmR XVDYD D OLQJXDJHP GDV ´SDODYUDV GH DILUPDomRµ SDUD VXD WHUFHLUD HVSRVD TXDQGR GLVVH D HOD R TXDQWR D DFKDYD ERQLWD R TXDQWR D DPDYD H R TXDQWR VH RUJXOKDYD GH VHU VHX PDULGR (OH XWLOL]DYD D OLQJXDJHP GR DPRU H HUD VLQFHUR PDV HOD QmR D HQWHQGLD 7DOYH] HOD SURFXUDVVH R DPRU HP VHX FRPSRUWDPHQWR PDV QmR R HQFRQWURX 6HU VLQFHUR QmR p R VXILFLHQWH 'HYHPRV HVWDU GLVSRVWRV D DSUHQGHU D SULPHLUD OLQJXDJHP GH QRVVR F{QMXJH VH TXLVHUPRV FRPXQLFDU HILFD]PHQWH R QRVVR DPRU 0LQKD FRQFOXVmR DSyV YLQWH DQRV GH DFRQVHOKDPHQWR FRQMXJDL p TXH H[LVWHP EDVLFDPHQWH FLQFR OLQJXDJHQV GR DPRU (P OLQJtVWLFD XP LGLRPD SRGH WHU LQ~PHURV GLDOHWRV H YDULDo}HV 6HPHOKDQWHPHQWH FRP DV FLQFR OLQJXDJHQV HPRFLRQDLV EiVLFDV GR DPRU WDPEpP Ki YiULRV GLDOHWRV (OHV VH HQFRQWUDP QRV DUWLJRV GDV UHYLVWDV WDLV FRPR ´'H] )RUPDV GH 'HPRQVWUDU $PRU j 6XD (VSRVDµ ´9LQWH 0DQHLUDV GH 6HJXUDU 6HX 0DULGR HP DVDµ RX ´ ([SUHVV}HV GR $PRU RQMXJDOµ 1mR Ki GH] YLQWH RX OLQJXDJHQV EiVLFDV GR DPRU (P PLQKD RSLQLmR Ki VRPHQWH FLQFR 1R HQWDQWR SRGH KDYHU LQ~PHURV GLDOHWRV 2 Q~PHUR GH IRUPDV GH VH H[SUHVVDU DPRU DWUDYpV GD OLQJXDJHP GR DPRU p OLPLWDGR DSHQDV SHOD LPDJLQDomR GDV SHVVRDV 2 PDLV LPSRUWDQWH p IDODU D
  • 10. PHVPD OLQJXDJHP GR DPRU GH VHX F{QMXJH -i VH VDEH Ki EDVWDQWH WHPSR TXH QR SHUtRGR GD SULPHLUD LQIkQFLD XPD FULDQoD GHVHQYROYH IRUPDV HPRFLRQDLV ~QLFDV 3RU H[HPSOR Ki DOJXPDV TXH SRVVXHP XP SDGUmR PXLWR EDL[R GH DXWRHVWLPD DR SDVVR TXH RXWUDV R WrP PXLWR HOHYDGR $OJXPDV GHVHQYROYHP SDGU}HV GH LQVHJXUDQoD HQTXDQWR RXWUDV FUHVFHP VHQWLQGRVH VHJXUDV $OJXPDV VH VHQWHP DPDGDV TXHULGDV H DSUHFLDGDV H RXWUDV PDODPDGDV LQFRPSUHHQGLGDV H GHVDSUHFLDGDV $V FULDQoDV TXH VH VHQWHP DPDGDV SRU VHXV SDLV H DPLJRV GHVHQYROYHP D OLQJXDJHP GR DPRU HPRFLRQDO FRP EDVH HP VXD IRUPDomR SVLFROyJLFD ~QLFD H WDPEpP GH DFRUGR FRP D IRUPD TXH VHXV SDLV H RXWUDV SHVVRDV SUy[LPDV OKH GHUDP FDULQKR (ODV IDODUmR H HQWHQGHUmR VXD SULPHLUD OLQJXDJHP GR DPRU 0DLV WDUGH HODV SRGHUmR DSUHQGHU RXWUDV OtQJXDV SDUD VH FRPXQLFDUHP PDV VHPSUH VH VHQWLUmR PDLV FRQIRUWiYHLV FRP R SULPHLUR LGLRPD TXH DSUHQGHUDP ULDQoDV TXH QmR VH VHQWHP DPDGDV SRU VHXV SDLV H DPLJRV WDPEpP GH VHQYROYHUmR XPD SULPHLUD OLQJXDJHP GR DPRU 2 DSUHQGL]DGR GHVVD OtQJXD SRUpP VHUi GLVWRUFLGR H DSUHVHQWDUi GHIHLWRV GD PHVPD IRUPD TXH DOJXpP TXH UHFHEH XPD HGXFDomR FRP IDOKDV QD JUDPiWLFD H GHVHQYROYH XP YRFDEXOiULR OLPLWDGR (VVD OLPLWDomR QmR VLJQLILFD TXH HVVDV SHVVRDV QmR YHQKDP D VHU ERDV FRPXQLFDGRUDV ,PSOLFD VLP TXH WHUmR GH WUDEDOKDU PDLV GLOLJHQWHPHQWH GR TXH RV TXH FUHVFHUDP QD DWPRVIHUD GR DPRU VDXGiYHO e PXLWR UDUR TXH PDULGR H PXOKHU WHQKDP D PHVPD SULPHLUD OLQJXDJHP HPRFLRQDO GR DPRU 1RVVD WHQGrQFLD p IDODU QRVVDV SULPHLUDV OLQJXDJHQV GR DPRU H ILFDPRV FRQIXVRV TXDQGR QRVVR F{QMXJH QmR FRPSUHHQGH R TXH GHVHMDPRV FRPXQLFDU ([SUHVVDPRV QRVVR DPRU PDV D PHQVDJHP QmR FKHJD FRPSUHHQVtYHO
  • 11. SRUTXH SDUD HOHV R TXH IDODPRV p XPD OtQJXD GHVFRQKHFLGD $t VH HQFRQWUD R SUREOHPD 2 SURSyVLWR GHVWH OLYUR p RIHUHFHU XPD VROXomR SDUD HVWD TXHVWmR 3RU LVVR PH HPSHQKHL HP HVFUHYHU HVWD REUD VREUH R DPRU 8PD YH] TXH FRQKHoDPRV DV FLQFR OLQJXDJHQV EiVLFDV GR DPRU H FRPSUHHQGDPRV D QRVVD SUySULD FRPR WDPEpP D GH QRVVR F{QMXJH HQWmR WHUHPRV D LQIRUPDomR QHFHVViULD SDUD TXH FRORTXHPRV HP SUiWLFD DV LGpLDV GRV RXWURV OLYURV H DUWLJRV 'HVGH TXH YRFr LGHQWLILTXH H DSUHQGD D IDODU D SULPHLUD OLQJXDJHP GR DPRU GH VHX F{QMXJH FUHLR TXH WHUi GHVFREHUWR D FKDYH SDUD XP DPRU FRQMXJDL GXUDGRXUR 2 DPRU QmR SRGH HYDSRUDUVH DSyV R FDVDPHQWR 3DUD PDQWrOR YLYR D PDLRULD GH QyV WHUi GH DSUHQGHU XPD VHJXQGD OLQJXDJHP GR DPRU 1mR SRGHPRV FRQILDU VRPHQWH HP QRVVD OtQJXD SiWULD VH QRVVR F{QMXJH QmR D FRPSUHHQGH 6H TXLVHUPRV TXH HOH FRPSUHHQGD R DPRU TXH OKH GHVHMDPRV FRPXQLFDU GHYH PRV H[SUHVViOR QD SULPHLUD OLQJXDJHP GR DPRU XXOOWWLLYYDDQQGGRR RR $$PPRRUU TTXXHH $$JJUUDDGGHHFFHH $PRU p R YRFiEXOR PDLV LPSRUWDQWH HP TXDOTXHU LGLRPD ³ H WDPEpP R TXH PDLV JHUD FRQIXVmR 3HQVDGRUHV WDQWR VHFXODUHV TXDQWR UHOLJLRVRV FRQFRUGDP TXH HVWH VHQWLPHQWR RFXSD XP SDSHO FHQWUDO HP QRVVD YLGD 'L]VH TXH ´R DPRU p XPD FRLVD HVSOHQGRURVDµ H ´R DPRU ID] R PXQGR JLUDUµ 0LOKDUHV GH OLYURV P~VLFDV UHYLVWDV H ILOPHV H[LVWHP SHOD LQVSLUDomR GHVVD SDODYUD ,Q~PHURV VLVWHPDV ILORVyILFRV H WHROyJLFRV HVWDEHOHFHUDP XP OXJDU GH GHVWDTXH SDUD HVVH VHQ WLPHQWR ( R IXQGDGRU GD Ip FULVWm FRORFD R DPRU FRPR D FDUDFWHUtVWLFD TXH GHYH GLVWLQJXLU VHXV VHJXLGRUHV 3VLFyORJRV FRQFOXtUDP TXH VHQWLUVH DPDGR p D SULQFLSDO QHFHVVLGDGH GR VHU KXPDQR 3RU DPRU
  • 12. VXELPRV PRQWDQKDV DWUDYHVVDPRV PDUHV FUX]DPRV GHVHUWRV H HQIUHQWDPRV WRGR WLSR GH DGYHUVLGDGH 6HP DPRU PRQWDQKDV WRUQDPVH LQVXSHUiYHLV PDUHV LQWUDQVSRQtYHLV GHVHUWRV LQVXSRUWiYHLV H GLILFXOGDGHV DYROXPDPVH SHOD YLGD DIRUD 2 DSyVWROR GRV JHQWLRV 3DXOR H[DOWRX R DPRU DR DILUPDU TXH TXDOTXHU DWR KX PDQR QmR PRWLYDGR SRU HVVH VHQWLPHQWR p HP VL YD]LR H VHP VLJQLILFDGR RQFOXLX TXH QD ~OWLPD FHQD GR GUDPD KXPDQR VRPHQWH WUrV FDUDFWHUtVWLFDV SHUPDQHFHUmR ´Ip HVSHUDQoD H DPRU 3RUpP D PDLRU GHODV p R DPRUµ 6H FRQFRUGDUPRV TXH D SDODYUD DPRU SHUPHLD D VRFLHGDGH KXPDQD WDQWR QR SDVVDGR FRPR QR SUHVHQWH GHYHPRV DGPLWLU TXH WDPEpP p XPD GDV PDLV FRQIXVDV 1yV D XWLOL]DPRV HP PLOKDUHV GH IRUPDV 'L]HPRV ´(X DPR FDFKRUUR TXHQWH µ H QXPD RXWUD IUDVH ´(X DPR PLQKD PmH µ 1yV D XVDPRV SDUD GHVFUHYHU DWLYLGDGHV TXH DSUHFLDPRV QDGDU SDWLQDU H FDoDU $PDPRV REMHWRV FRPLGD FDUURV H FDVDV $PDPRV DQLPDLV FDFKRUURV JDWRV H DWp WDUWDUXJDV $PDPRV D QDWXUH]D iUYRUHV JUDPD IORUHV H HVWDo}HV $PDPRV SHVVRDV PmH SDL ILOKRV HVSRVDV PDULGRV H DPLJRV KHJDPRV DWp D QRV DSDL[RQDU SHOR SUySULR DPRU RPR VH LVVR WXGR QmR IRVVH VXILFLHQWHPHQWH FRQIXVR WDPEpP XVDPRV D SDODYUD DPRU SDUD H[SOLFDU GHWHUPLQDGRV FRPSRUWDPHQWRV ´$JL GHVVD IRUPD SRUTXH D DPRµ (VVD H[SOLFDomR PXLWDV YH]HV p GDGD FRPR GHVFXOSD 8P KRPHP TXH VH HQYROYH HP DGXOWpULR FKDPD HVVH UHODFLRQDPHQWR GH DPRU 2 SDVWRU SRU VXD YH] FKDPDR GH SHFDGR $ HVSRVD GH XP DOFRyODWUD UHFROKH RV ´SHGDoRVµ DSyV R ~OWLPR ´HSLVyGLRµ GH VHX PDULGR (OD FKDPD HVVD DWLWXGH GH DPRU RV SVLTXLDWUDV SRUpP WUDWDPQD FRPR FRGHSHQGHQWH 8P SDL TXH DWHQGH D WRGRV RV GHVHMRV GH VHX ILOKR WDPEpP FKDPD HVVD DWLWXGH GH DPRU 8P WHUDSHXWD IDPLOLDU FKDPDULD GH SDWHUQLGDGH LUUHVSRQViYHO 2 TXH p XP FRPSRUWDPHQWR DPRURVR
  • 13. 2 SURSyVLWR GHVWH OLYUR QmR p R GH GHVID]HU D FRQIXVmR TXH JLUD HP WRUQR GHVWH VXEOLPH VHQWLPHQWR PDV IRFDOL]DU DTXHOH WLSR GH DPRU TXH p HVVHQFLDO D QRVVD VD~GH HPRFLRQDO 3VLFyORJRV LQIDQWLV DILUPDP TXH WRGD FULDQoD SRVVXL QHFHVVLGDGHV HPRFLRQDLV EiVLFDV TXH GHYHP VHU VXSULGDV SDUD TXH VH SRVVD DWLQJLU XPD HVWDELOLGDGH HPRFLRQDO (QWUH HODV QHQKXPD p WmR HVVHQFLDO TXDQWR R DPRU D DIHLomR H D QHFHVVLGDGH GH DOJXpP VHQWLU TXH SHUWHQFH D RXWUR H p TXHULGR RP XP VXSULPHQWR DGHTXDGR GH DIHLomR XPD FULDQoD WRUQDUVH i XP DGXOWR UHVSRQViYHO 6HP HVVH DPRU HVVHQFLDO HOH RX HOD ILFDUi HPRFLRQDO H VRFLDOPHQWH DWURILDGR /RJR TXH RXYL D PHWiIRUD TXH FLWR D VHJXLU JRVWHL PXLWR GHOD ´'HQWUR GH FDGD FULDQoD Ki XP ¶WDQTXH HPRFLRQDO· HVSHUDQGR SDUD VHU FKHLR FRP R DPRU 6H HOD VH VHQWLU DPDGD GHVHQYROYHUVHi QRUPDOPHQWH SRUpP VH VHX ´WDQTXH GH DPRUµ HVWLYHU YD]LR HOD DSUHVHQWDUi PXLWDV GLILFXOGDGHV 'LYHUVRV GRV SUREOHPDV GH FRPSRUWDPHQWR GH XPD FULDQoD SURYrP GR IDWR GH VHX ¶WDQTXH GH DPRU· HVWDU YD]LRµ (VVD PHWiIRUD IRL GDGD SHOR 'U 5RVV DPSEHOO XP SVLTXLDWUD TXH VH HVSHFLDOL]RX QR WUDWDPHQWR GH FULDQoDV H DGROHVFHQWHV (QTXDQWR HX R RXYLD IDODU SHQVHL QDV FHQWHQDV GH SDLV TXH HP PHX HVFULWyULR GHVILODYDP DV LQ~PHUDV UHFODPDo}HV VREUH VHXV ILOKRV $Wp HQWmR HX QXQFD SHQVDUD HP XPD FULDQoD GDTXHODV FRPR XP ´WDQTXH GH DPRUµ YD]LR PDV VHP G~YLGD YLD RV UHVXOWDGRV GHVVD VLWXDomR 2V SUREOHPDV GH FRPSRUWDPHQWR DSUHVHQWDGRV HUDP XPD IRUPD GH SURFXUDU R DPRU TXH QmR UHFHELDP (OHV EXVFDYDP R DPRU QRV OXJDUHV H QDV IRUPDV HUUDGDV /HPEUHLPH GH $VKOH TXH DRV WUH]H DQRV GH LGDGH FXLGDYD GH XPD GRHQoD VH[XDOPHQWH WUDQVPLVVtYHO 6HXV SDLV HVWDYDP FKRFDGRV )LFDUDP ´XPD IHUDµ FRP D ILOKD H WDPEpP PXLWR EUDYRV FRP D HVFROD D TXDO FXOSDYDP SRU HQVLQDUHP VREUH VH[R ´3RU TXH p TXH HOD
  • 14. WHYH GH ID]HU R TXH IH]µ SHUJXQWDYDP 1R kPDJR GD H[LVWrQFLD GR VHU KXPDQR HQFRQWUDVH R GHVHMR GH LQWLPLGDGH H GH VHU DPDGR 2 FDVDPHQWR IRL LGHDOL]DGR SDUD VXSULU HVVDV QHFHVVLGDGHV (P PLQKD FRQYHUVD FRP $VKOH HOD PH IDORX GR GLYyUFLR GH VHXV SDLV TXDQGR WLQKD DSHQDV VHLV DQRV GH LGDGH ´(X SHQVHL TXH PHX SDL WLQKD LGR HPERUD SRUTXH QmR JRVWDYD GH PLP 4XDQGR PLQKD PmH FDVRXVH QRYDPHQWH HX HVWDYD FRP GH] DQRV GH LGDGH (QWmR SHQVHL TXH HOD Mi WLQKD TXHP D DPDVVH H HX QmR SRVVXtD QLQJXpP (X GHVHMDYD WDQWR VHU DPDGD SRU DOJXpP ( HQWmR FRQKHFL HVVH JDURWR Oi QD HVFROD (OH HUD EHP PDLV YHOKR PDV JRVWDYD GH PLP (X QmR FRQVHJXLD DFUHGLWDU (OH HUD PXLWR JHQWLO FRPLJR H SRU XP WHPSR DFUHGLWHL TXH HOH UHDOPHQWH JRVWDYD GH PLP (X QmR TXHULD ID]HU VH[R PDV GHVHMDYD GHVHVSHUDGDPHQWH VHU DPDGD µ 2 ´WDQTXH GH DPRUµ GH $VKOH ILFRX YD]LR GXUDQWH PXLWRV DQRV 6XD PmH H VHX SDGUDVWR SURYLGHQFLDYDP WXGR TXH HOD QHFHVVLWDYD HP WHUPRV PDWHULDLV PDV QmR SHUFHEHUDP D HQRUPH FDUrQFLD HPRFLRQDO TXH KDYLD GHQWUR GHOD (OHV FHUWDPHQWH D DPDYDP H DFKDYDP TXH HOD VH VHQWLD DPDGD SRU HOHV -i HUD TXDVH WDUGH GHPDLV TXDQGR GHVFREULUDP TXH QmR IDODYDP D SULPHLUD OLQJXDJHP GR DPRU GH $VKOH $ QHFHVVLGDGH GH DOJXpP VHU DPDGR HPRFLRQDOPHQWH QR HQWDQWR QmR p XPD FDUDFWHUtVWLFD XQLFDPHQWH LQIDQWLO (OD QRV VHJXH SHOD YLGD DGXOWD LQFOXVLYH QR FDVDPHQWR 4XDQGR QRV DSDL[RQDPRV WHPSRUDULDPHQWH HVVD QHFHVVLGDGH p VXSULGD PDV HOD VH
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  • 34. UHWRUQDPRV DR PXQGR UHDO H FRPHoDPRV D QRV LPSRU (OH H[SUHVVD VHXV GHVHMRV PDV VmR GLIHUHQWHV GRV GHOD (OH GHVHMD VH[R PDV HOD HVWi PXLWR FDQVDGD (OH TXHU FRPSUDU XP FDUUR QRYR PDV HOD GL] TXH HVVD LGpLD p XP DEVXUGR (OD TXHU YLVLWDU RV SDLV PDV HOH GL] TXH QmR TXHU JDVWDU WDQWR WHPSR FRP D
  • 35. IDPtOLD GHOD (OH TXHU MRJDU IXWHERO PDV HOD GL] ³ 9RFr JRVWD PDLV GH IXWHERO GR TXH GH PLP *UDGDWLYDPHQWH D LOXVmR GD LQWLPLGDGH GLOXLVH H RV GHVHMRV LQGLYLGXDLV DV HPRo}HV RV SHQVDPHQWRV H RV SDGU}HV GH FRPSRUWDPHQWR DVVXPHP VHXV OXJDUHV 7RUQDPVH GXDV SHVVRDV 6XDV PHQWHV QmR VH IXQGLUDP HP XPD Vy H VXDV HPRo}HV PLVWXUDUDPVH VXSHUILFLDOPHQWH QR RFHDQR GR DPRU $JRUD HQWmR DV RQGDV GD UHDOLGDGH FRPHoDP D VHSDUiORV (OHV VDHP GR GRPtQLR GD SDL[mR H QHVVH SRQWR PXLWRV GHVLVWHP H VHSDUDPVH GLYRUFLDPVH H SDUWHP HP EXVFD GH XPD QRYD SDL[mR RX HQWmR GHVHQYROYHP R iUGXR WUDEDOKR GH DSUHQGHUHP D DPDUVH PXWXDPHQWH VHP D HXIRULD GD SDL[mR $ H[SHULrQFLD GD SDL[mR QmR SRVVXL HQIRTXH HP QRVVR SUySULR FUHVFLPHQWR QHP QR FUHVFLPHQWR H GHVHQYROYLPHQWR GR F{QMXJH 'LILFLOPHQWH WDPEpP IRUQHFH R VHQVR GH UHDOL]DomR $OJXQV SHVTXLVDGRUHV HQWUH HOHV R SVLTXLDWUD 0 6FRWW 3HFN H D SVLFyORJD 'RURWK 7HQQRY FKHJDUDP j FRQFOXVmR GH TXH D H[SHULrQFLD GD SDL[mR QmR GHYHULD GH IRUPD DOJXPD VHU FKDPDGD GH DPRU 'U 3HFN FRQFOXLX TXH R DSDL[RQDUVH QmR p DPRU YHUGDGHLUR SRU WUrV UD]}HV 3ULPHLUD DSDL[RQDUVH QmR p XP DWR GD YRQWDGH QHP XPD HVFROKD FRQVFLHQWH 1mR LPSRUWD R TXDQWR GHVHMHPRV QmR FRQVHJXLPRV DSDL[RQDUQRV YROXQWDULDPHQWH 3RU RXWUR ODGR PHVPR TXH QmR EXVTXHPRV HVVD H[SHULrQFLD HOD SRGH VLPSOHVPHQWH DFRQWHFHU HP QRVVD YLGD 0XLWDV YH]HV DSDL[RQDPRQRV QR PRPHQWR HUUDGR H SHOD SHVVRD HUUDGD
  • 36. 6HJXQGD DSDL[RQDUVH QmR p DPRU YHUGDGHLUR SRUTXH QmR LPSOLFD HP QHQKXPD SDUWLFLSDomR GH QRVVD SDUWH 4XDOTXHU FRLVD TXH IDoDPRV DSDL[RQDGRV UHTXHUHUi SRXFD GLVFLSOLQD H HVIRUoR 2V ORQJRV H GLVSHQGLRVRV WHOHIRQHPDV UHDOL]DGRV R GLQKHLUR JDVWR HP YLDJHP SDUD ILFDUPRV MXQWRV RV SUHVHQWHV H WRGR WUDEDOKR HQYROYLGR QDGD UHSUHVHQWDP 'D PHVPD IRUPD TXH RV SiVVDURV FRQVWURHP LQVWLQWLYDPHQWH VHXV QLQKRV D QDWXUH]D GD SHVVRD DSDL[RQDGD LPSXOVLRQD QD UHDOL]DomR GH DWRV LQXVLWDGRV H QmR QDWXUDLV GH XP SDUD FRP R RXWUR 7HUFHLUD D SHVVRD DSDL[RQDGD QmR HVWi JHQXLQDPHQWH LQWHUHVVDGD HP LQFHQWLYDU R FUHVFLPHQWR SHVVRDO GDTXHOD SRU TXHP QXWUH VXD SDL[mR ´6H WHPRV DOJXP SURSyVLWR HP PHQWH DR QRV DSDL[RQDUPRV p R GH WHUPLQDU QRVVD SUySULD VROLGmR H WDOYH] DVVHJXUDU HVVD VROXomR DWUDYpV GR FDVDPHQWRµ $ SDL[mR QmR VH IRFDOL]D HP QRVVR FUHVFLPHQWR SHVVRDO H QHP WDPSRXFR QR GD RXWUD SHVVRD DPDGD 3HOR FRQWUiULR D VHQVDomR p D GH TXH Mi VH FKHJRX RQGH VH GHYHULD DOFDQoDU H QmR p QHFHVViULR FUHVFHU PDLV (QFRQWUDPRQRV QR iSLFH GD IHOLFLGDGH H QRVVR ~QLFR GHVHMR p FRQWLQXDU Oi ( QRVVR D
  • 38. QDWXUDOPHQWH WDPEpP QmR SUHFLVD PDLV FUHVFHU SRLV Mi p SHUIHLWR D
  • 40. PDQWHQKD HVVD SHUIHLomR 6H DSDL[RQDUVH QmR p DPRU HQWmR R TXH p 'U 3HFN DILUPD ´( XP FRPSRQHQWH LQVWLQWLYR H JHQHWLFDPHQWH GHWHUPLQDGR GR FRPSRUWDPHQWR GH DFDVDODPHQWR (P RXWUDV SDODYUDV XP FRODSVR WHPSRUiULR GDV UHVHUYDV GR HJR TXH FRQVWLWXHP R DSDL[RQDUVH p XPD UHDomR HVWHUHRWLSDGD GR VHU KXPDQR D XPD FRQILJXUDomR GH WHQGrQFLDV VH[XDLV LQWHUQDV H HVWLPXODo}HV VH[XDLV H[WHUQDV DV TXDLV GHVLJQDPVH DR FUHVFLPHQWR GD SUREDELOLGDGH GD XQLmR H HOR VH[XDO WHQGR HP YLVWD D SHUSHWXDomR GD HVSpFLHµ 4XHU FRQFRUGHPRV RX QmR FRP HVVD FRQFOXVmR RV
  • 41. TXH GHQWUH QyV VH DSDL[RQDUDP H WDPEpP VDtUDP GHVVH HVWDGR GH SDL[mR FRQFOXLUmR TXH HVVD H[SHULrQFLD DUUHPHVVDQRV D XPD yUELWD HPRFLRQDO GLIHUHQWH GH TXDOTXHU RXWUD TXH SRUYHQWXUD H[SHULPHQWDPRV $ WHQGrQFLD p R URPSLPHQWR FRP D QRVVD UD]mR R TXH QRV OHYD D ID]HU H D GL]HU FRLVDV TXH QXQFD IDUtDPRV RX GLUtDPRV HP PRPHQWRV GH PDLRU VREULHGDGH 'H IDWR TXDQGR VDtPRV GHVVH HVWDGR GH SDL[mR TXHVWLRQDPRV FRPR SXGHPRV WHU IHLWR WDLV FRLVDV 4XDQGR D RQGD GD HPRomR SDVVD H YROWDPRV DR PXQGR UHDO RQGH DV GLIHUHQoDV VmR QRWyULDV TXDQWRV GH QyV IL]HUDP SDUD VL D SHUJXQWD ´3RU TXH PH FDVHL 1mR FRPELQDPRV HP QDGD µ 1R HQWDQWR TXDQGR HVWiYDPRV QR DXJH GD SDL[mR SHQViYDPRV TXH FRPELQiYDPRV HP WXGR ³ SHOR PHQRV HP WXGR TXH HUD LPSRUWDQWH ,VVR VLJQLILFD TXH SRU WHUPRV VLGR ´ILVJDGRVµ GHQWUR GD LOXVmR GD SDL[mR HQFRQWUDPRQRV DJRUD IUHQWH D GXDV RSo}HV ³ HVWDPRV GHVWLQDGRV D XPD YLGD PLVHUiYHO FRP QRVVR F{QMXJH RX ³ GHYHPRV QRV VHSDUDU H WHQWDU QRYDPHQWH 1RVVD JHUDomR WHP RSWDGR SHOD ~OWLPD GHFLVmR DR SDVVR TXH D DQWHULRU HVFROKHX D SULPHLUD $QWHV GH FRQFOXLUPRV DXWRPDWLFDPHQWH R IDWR GH TXH IL]HPRV D PHOKRU HVFROKD GHYHPRV H[DPLQDU RV GDGRV $WXDOPHQWH GRV SULPHLURV FDVDPHQWRV QRV (VWDGRV 8QLGRV WHUPLQDP HP GLYyUFLR GRV VHJXQGRV H GRV WHUFHLURV WDPEpP 3HOR TXH VH SRGH YHU D SHUVSHFWLYD GH XP VHJXQGR H WHUFHLUR FDVDPHQWRV IHOL]HV QmR p PXLWR DWLQJLGD $V SHVTXLVDV UHDOL]DGDV SDUHFHP LQGLFDU TXH H[LVWH XPD WHUFHLUD H PHOKRU DOWHUQDWLYD UHFRQKHFHU TXH D SDL[mR p R TXH p ³ XP SLFR HPRFLRQDO WHPSRUiULR ³ H HQWmR GHVHQYROYHU R DPRU YHUGDGHLUR FRP QRVVR F{QMXJH (VVH WLSR GH VHQWLPHQWR p GH QDWXUH]D HPRFLRQDO PDV QmR REVHVVLYR e R DPRU TXH XQH UD]mR H HPRomR (QYROYH XP DWR GD YRQWDGH H UHTXHU GLVFLSOLQD SRLV
  • 42. UHFRQKHFH D QHFHVVLGDGH GH XP FUHVFLPHQWR SHVVRDO 1RVVD QHFHVVLGDGH HPRFLRQDO EiVLFD QmR p DSDL[RQDUVH PDV VHU JHQXLQDPHQWH DPDGR D
  • 43. SHOR RXWUR p FRQKHFHU R DPRU TXH FUHVFH FRP EDVH QD UD]mR H QD HVFROKD H QmR QR LQVWLQWR 3UHFLVR VHU DPDGR SRU DOJXpP TXH HVFROKHX PH DPDU TXH Yr HP PLP DOJR GLJQR GH VHU DPDGR (VVH WLSR GH DPRU UHTXHU HVIRUoR H GLVFLSOLQD e D HVFROKD TXH ID]HPRV GH JDVWDU QRVVD HQHUJLD HP EHQHItFLR GD RXWUD SHVVRD VDEHQGR TXH VH VXD YLGD p HQULTXHFLGD SRU QRVVR HVIRUoR WDPEpP QRV VHQWLPRV VDWLVIHLWRV ³ D VDWLVIDomR GH WHUPRV UHDOPHQWH DPDGR DOJXpP 1mR H[LJH D HXIRULD QD H[SHULrQFLD GD SDL[mR 3DUD IDODU D YHUGDGH R DPRU YHUGDGHLUR QmR FRPHoD HQTXDQWR D H[SHULrQFLD GD SDL[mR QmR WLYHU VHJXLGR VHX FXUVR $PRU UDFLRQDO YROLWLYR p R WLSR GH DPRU SDUD R TXDO RV ViELRV QRV FRQFODPDP 1mR VH GHYH OHYDU HP FRQVLGHUDomR RV DWRV GH ERQGDGH SUDWLFDGRV SRU DOJXpP TXH VH HQFRQWUH VRE D LQIOXrQFLD GD SDL[mR REVHVVLYD 8PD IRUoD LQVWLQWLYD LPSXOVLRQD H VXVFLWD Do}HV TXH YmR DOpP GR FRPSRUWDPHQWR QRUPDO 3RUpP XP UHWRUQR DR PXQGR UHDO RQGH VH LQFOXL D HVFROKD KXPDQD SHUPLWH RSWDUPRV SRU VHUPRV JHQWLV H JHQHURVRV R TXH p R DPRU YHUGDGHLUR $ QHFHVVLGDGH HPRFLRQDO GH DPRU GHYH VHU VXSULGD VH IRUPRV HPRFLRQDOPHQWH VDXGiYHLV $GXOWRV FDVDGRV GHVHMDP VHQWLUVH DPDGRV SRU VHXV F{QMXJHV 6HQWLPR QRV VHJXURV TXDQGR QRVVRV FRPSDQKHLURV DFHLWDPQRV GHVHMDPQRV H HVWmR FRPSURPHWLGRV FRP QRVVR EHP HVWDU 'XUDQWH R HVWiJLR GD SDL[mR VHQWLPRV WRGDV HVVDV HPRo}HV e IDQWiVWLFR HQTXDQWR GXUD 1RVVR HUUR p DFKDU TXH HOD QXQFD DFDEDUi
  • 44. (VVD REVHVVmR QR HQWDQWR QmR GXUD SDUD VHPSUH 6H HTXLSDUDUPRV R FDVDPHQWR D XP OLYUR SRGHUHPRV FRPSDUiOR j LQWURGXomR GR PHVPR 2 kPDJR GHVWD REUD p R DPRU UDFLRQDO H YROLWLYR (VVH p R WLSR SDUD R TXDO RV ViELRV VHPSUH QRV FRQFODPDP ( XP DPRU LQWHQFLRQDO (VVD p XPD ERD QRWtFLD DRV FDVDLV TXH SHUGHUDP VHXV VHQWLPHQWRV GH SDL[mR 6H R DPRU p XPD RSomR HQWmR HOHV SRVVXHP D FDSDFLGDGH GH DPDU DSyV D H[SHULrQFLD GD SDL[mR KDYHU SDVVDGR H UHJUHVVDUHP DR PXQGR UHDO (VVH WLSR GH DPRU LQLFLDVH FRP XPD DWLWXGH ³ R PRGR GH SHQVDU $PRU p D DWLWXGH TXH GL] ´6RX FDVDGR D
  • 45. FRP YRFr H HVFROKR OXWDU SHORV VHXV LQWHUHVVHV µ (QWmR RV TXH RSWDP SRU DPDU HQFRQWUDUmR IRUPDV DSURSULDGDV SDUD GHPRQVWUDU HVVD GHFLVmR $OJXpP SRGH FRPHQWDU ´,VVR SDUHFH WmR HVWpULO $PRU FRPR XPD DWLWXGH H FRP XP FRPSRUWDPHQWR DSURSULDGR 2QGH HVWmR DV HVWUHODV FDGHQWHV H DV IRUWHV HPRo}HV 2QGH ILFDP D DQVLHGDGH GR HQFRQWUR D SLVFDGD GH ROKR D HOHWULFLGDGH GR EHLMR H R HQWXVLDVPR GR VH[R ( D VHJXUDQoD HPRFLRQDO GH VH VDEHU TXH RFXSDPRV R SULPHLUR OXJDU QD PHQWH GD RXWUD SHVVRDµ (VWH OLYUR p H[DWDPHQWH VREUH LVVR RPR VXSULU DV SURIXQGDV QHFHVVLGDGHV GH DPRU GH XPD SHVVRD 6H DSUHQGHUPRV H RSWDUPRV SRU LVVR HQWmR R DPRU TXH FRPSDUWLOKDUPRV WRUQDUVHi PHOKRU GR TXH TXDOTXHU FRLVD TXH SRVVDPRV VHQWLU HQTXDQWR GRPLQDGRV SHOD SDL[mR 'XUDQWH YiULRV DQRV WHQKR FRPSDUWLOKDGR R FRQFHLWR GDV FLQFR OLQJXDJHQV GR DPRU HP PHXV VHPLQiULRV H QDV VHVV}HV GH DFRQVHOKDPHQWR 0LOKDUHV GH FDVDLV DWHVWDUmR D YDOLGDGH GR TXH YRFr GHVFREULUi DWUDYpV GHVWD OHLWXUD 0HXV DUTXLYRV HVWmR ORWDGRV GH FDUWDV GH SHVVRDV FRP TXHP QXQFD PH HQFRQWUHL GL]HQGR ´8P DPLJR PHX PH HPSUHVWRX XPD GH VXDV ILWDV VREUH iV OLQJXDJHQV GR DPRU H VXD PHQVDJHP
  • 46. UHYROXFLRQRX PHX FDVDPHQWR 7tQKDPRV WHQWDGR Ki DQRV DPDUQRV PDV QmR FRQVHJXtDPRV $JRUD TXH IDODPRV DV OLQJXDJHQV DGHTXDGDV GR DPRU R FOLPD HPRFLRQDO GH QRVVR FDVDPHQWR WHP PHOKRUDGR PXLWR µ 4XDQGR R ´WDQTXH GR DPRUµ HPRFLRQDO GH VHX F{QMXJH HVWi FKHLR H HOH VH VHQWH VHJXUR GH VHX DPRU R PXQGR WRGR ILFD PDLV FODUR H HOH FDPLQKD SDUD DWLQJLU R PDLV DOWR SRWHQFLDO GH VXD YLGD 3RUpP TXDQGR HVWH ´UHVHUYDWyULRµ HVWi YD]LR H HOH VH VHQWH XVDGR H QmR DPDGR R PXQGR WRGR SDUHFHUi HVFXUR H QmR FRQVHJXLUi XWLOL]DU VHX SRWHQFLDO GH YLGD 1RV SUy[LPRV FLQFR FDStWXORV H[SOLFDUHL DV FLQFR SULPHLUDV OLQJXDJHQV HPRFLRQDLV GR DPRU H HQWmR QR GH Q~PHUR LOXVWUDUHL FRPR GHVFREULODV SRLV SRGHP WRUQDU VHX HVIRUoR GH DPDU PDLV SURGXWLYR 1RWDV 0 6FRWW 3HFN 7KH 5RDG /HVV 7UDYHOOHG $ (VWUDGD 0HQRV 3HUFRUULGD
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  • 49. XPD DILUPDomR YHUEDO P~WXD 0DLV WDUGH HVWH UHL DFUHVFHQWRX ´$ DQVLHGDGH QR FRUDomR GR KRPHP R DEDWH PDV D ERD SDODYUD R DOHJUDµ (ORJLRV YHUEDLV H SDODYUDV GH DSUHFLDomR VmR SRGHURVRV FRPXQLFDGRUHV GR DPRU 6mR RV PHOKRUHV FRPXQLFDGRV HP IRUPD GH H[SUHVVmR GLUHWD H VLPSOHV FRPR ´9RFr ILFRX WmR HOHJDQWH FRP HVVH WHUQR µ ´9RFr HVWi PXLWR EHP FRP HVVH YHVWLGR µ ´1LQJXpP ID] HVVDV EDWDWDV PHOKRU TXH YRFr µ ´4XHULGR PXLWR REULJDGD SRU WHU ODYDGR D ORXoD SDUD PLP HVWD QRLWH µ ´0XLWR REULJDGD SRU SDJDU PDLV XP GLD GD ID[LQHLUD HVWD VHPDQD 4XHUR TXH VDLED TXH HVWRX UHDOPHQWH JUDWD µ ´0XLWR REULJDGR SRU WHU IHLWR XP MDQWDU WmR JRVWRVR µ 2 TXH GHYHUi DFRQWHFHU DR FOLPD HPRFLRQDO GR FDVDPHQWR VH R PDULGR H D PXOKHU RXYLUHP HVVDV SDODYUDV GH DILUPDomR UHJXODUPHQWH $QRV DWUiV HX HVWDYD HP PHX HVFULWyULR FRP D SRUWD DEHUWD TXDQGR XPD VHQKRUD DSDUHFHX GH UHSHQWH H SHUJXQWRX ³ 2 VHQKRU WHP XP PLQXWR ³ 6LP FODUR ³ UHVSRQGL (OD VH VHQWRX H GLVVH ³ 'U KDSPDQ HVWRX FRP XP SUREOHPD 1mR FRQVLJR ID]HU FRP TXH PHX PDULGR SLQWH R QRVVR TXDUWR -i ID] QRYH PHVHV TXH OKH SHoR GLDULDPHQWH PDV QmR WHP DGLDQWDGR -i WHQWHL WXGR R TXH SRGLD PDV QmR Ki MHLWR 0HX SULPHLUR SHQVDPHQWR IRL ´0LQKD VHQKRUD
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  • 81. 3DODYUDV GH $ILUPDomR SRGHUmR VXSULU HVVD QHFHVVLGDGH HP PXLWDV SHVVRDV 6H YRFr QmR p XP KRPHP RX PXOKHU TXH JRVWD GH H[SUHVVDU SDODYUDV DPRURVDV VH HVVD QmR p VXD SULPHLUD OLQJXDJHP PDV DFKD TXH p D GH VHX F{QMXJH VXJLUR TXH DGTXLUD XPD FDGHUQHWD H FKDPHD GH ´3DODYUDV GH $ILUPDomRµ 4XDQGR YRFr OHU XP DUWLJR RX XP OLYUR URPkQWLFR HVFUHYD DOL DOJXPDV SDODYUDV GH DILUPDomR TXH WHQKD JRVWDGR 4XDQGR DVVLVWLU D DOJXPD SDOHVWUD VREUH DPRU RX RXYLU DOJXP DPLJR GL]HU DOJXPD FRLVD SRVLWLYD VREUH RXWUD SHVVRD DQRWH RP R WHPSR YRFr WHUi FROHFLRQDGR XPD OLVWD GH SDODYUDV SDUD VHUHP XVDGDV DR WUDQVPLWLU DPRU D VHX F{QMXJH 2XWUD FRLVD TXH VH GHYH ID]HU p SURQXQFLDU SDODYUDV GH DILUPDomR GH IRUPD LQGLUHWD RX VHMD GL]HU DOJR SRVLWLYR VREUH VHX F{QMXJH PHVPR QD DXVrQFLD GHOH (YHQWXDOPHQWH DOJXpP WUDQVPLWLUi D HOH HOD
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  • 84. ´(OD p XPD ERD PmH XPD H[FHOHQWH GRQD GH FDVD H XPD H[LPLD FR]LQKHLUD TXDQGR UHVROYH FR]LQKDU 3RUpP QmR GHPRQVWUD D PHQRU DIHLomR SRU PLP 7UDEDOKR IHLWR XP ORXFR H VLPSOHVPHQWH QmR Ki SRU SDUWH GHOD R PHQRU UHFRQKHFLPHQWRµ (P PLQKD FRQYHUVD FRP %HWW HOD FRQFRUGRX TXH %LOO HUD XP H[FHOHQWH SURYHGRU (OD QR HQWDQWR UHFODPRX ´(OH QmR PRYH XPD SDOKD SDUD PH DMXGDU HP FDVD H QXQFD WHP WHPSR SDUD PLP 2 TXH DGLDQWD WHU HVWD FDVD R FDUUR QRYR H WRGDV DV RXWUDV FRLVDV VH QmR SRGHPRV FXUWLORV MXQWRVµ 2EWLYH PDLV LQIRUPDo}HV H HQWmR GHFLGL IRFDOL]DU PHX DFRQVHOKDPHQWR HP GDU D PHVPD VXJHVWmR SDUD FDGD XP 'LVVH D %RE H D %HWW -R VHSDUDGDPHQWH TXH HOHV SRVVXtDP D FKDYH SDUD PXGDU R FOLPD HPRFLRQDO GR FDVDPHQWR (X OKHV DILUPHL ´(VVD FKDYH p H[SUHVVDU D DSUHFLDomR SHODV FRLVDV TXH JRVWD QHOH QHOD
  • 85. H QR PRPHQWR VXVSHQGHU DV UHFODPDo}HV VREUH R TXH QmR VH DJUDGDµ 5HSDVVHL FRP HOHV RV FRPHQWiULRV SRVLWLYRV TXH IL]HUDP XP GR RXWUR H DMXGHLRV D ID]HU XPD OLVWD GHVVHV WUDoRV SRVLWLYRV $ UHODomR GH %LOO IRFDOL]DYD DV DWLYLGDGHV GH %HWW -R FRPR ERD PmH H[FHOHQWH GRQD GH FDVD H H[tPLD FR]LQKHLUD $ OLVWD GH %HWW -R UHJLVWUDYD D GHGLFDomR GH %LOO DR WUDEDOKR H VXD SURYLVmR ILQDQFHLUD j IDPtOLD $V UHODo}HV IRUDP IHLWDV GD IRUPD PDLV GHWDOKDGD SRVVtYHO $ OLVWD GH %HWW -R ILFRX DVVLP ‡ (OH QmR IDOWRX XP GLD GH WUDEDOKR HP YLQWH DQRV e XP WUDEDOKDGRU GLQkPLFR ‡ (OH UHFHEHX YiULDV SURPRo}HV QHVVHV DQRV WRGRV (
  • 86. VHPSUH GHVHMD DXPHQWDU VXD SURGXWLYLGDGH ‡ (OH SDJD DV SUHVWDo}HV GD FDVD PHQVDOPHQWH ‡ (OH SDJD DV FRQWDV GH iJXD JiV H OX] HP GLD ‡ (OH QRV FRPSURX XP FDUUR QRYR Ki WUrV DQRV ‡ (OH FRUWD D JUDPD RX DUUXPD DOJXpP SDUD ID]rOR VHPDQDOPHQWH GXUDQWH D SULPDYHUD H R YHUmR ‡ (OH YDUUH DV IROKDV RX FRQWUDWD DOJXpP SDUD ID]rOR GXUDQWH R RXWRQR ‡ (OH SURYLGHQFLD EDVWDQWH GLQKHLUR SDUD DOLPHQWDomR H URXSDV GD IDPtOLD ‡ (OH OHYD R OL[R SDUD IRUD QRV GLDV GH VXD FROHWD ‡ (OH PH Gi GLQKHLUR SDUD FRPSUDU SUHVHQWHV GH 1DWDO SDUD WRGD D IDPtOLD ‡ (OH FRQFRUGD TXH HX JDVWH R GLQKHLUR TXH UHFHER HP PHX HPSUHJR GD IRUPD TXH HX GHVHMDU $ OLVWD GH %LOO ILFRX DVVLP ‡ (OD DUUXPD DV FDPDV WRGRV RV GLDV ‡ (OD SDVVD R DVSLUDGRU QD FDVD XPD YH] SRU VHPDQD ‡ (OD OHYD GLDULDPHQWH DV FULDQoDV SDUD D HVFROD GHSRLV GH GDUOKHV XP ERP FDIp GD PDQKm ‡ (OD ID] MDQWD WUrV YH]HV SRU VHPDQD ‡ (OD UHDOL]D DV FRPSUDV QR VXSHUPHUFDGR $MXGD DV FULDQoDV D ID]HU VHXV GHYHUHV GH FDVD
  • 87. ‡ (OD OHYD H WUD] DV FULDQoDV TXDQGR Ki DWLYLGDGHV QD HVFROD H QD LJUHMD ‡ (OD OHFLRQD SDUD FULDQoDV SHTXHQDV QD (VFROD 'RPLQLFDO ‡ (OD OHYD PLQKDV URXSDV DR WLQWXUHLUR ‡ (OD ODYD DV URXSDV H SDVVD TXDQGR p SUHFLVR 6XJHUL TXH DFUHVFHQWDVVHP D HVVDV OLVWDV FRLVDV TXH SHUFHEHVVHP QDV VHPDQDV VHJXLQWHV 6ROLFLWHL WDPEpP TXH GXDV YH]HV SRU VHPDQD VHOHFLRQDVVHP DOJXPD DWLWXGH SRVLWLYD GR RXWUR H HORJLDVVHP 'HLOKHV DLQGD XPD UHFRPHQGDomR TXH VH %LOO D HORJLDVVH HOD QmR OKH UHVSRQGHVVH FRP RXWUR HORJLR PDV GHYHULD VLPSOHVPHQWH UHFHErOR H GL]HU ´0XLWR REULJDGD SRU VXDV SDODYUDVµ 'LVVH D PHVPD FRLVD D %LOO (QFRUDMHLRV D SURFHGHU GHVVD PDQHLUD GXUDQWH GRLV PHVHV H VH DFKDVVHP TXH IXQFLRQDYD GHYHULDP HQWmR FRQWLQXDU 6H QR HQWDQWR D H[SHULrQFLD QmR DMXGDVVH D PHOKRUDU R FOLPD HPRFLRQDO GR FDVDPHQWR HOHV GHYHULDP VLPSOHVPHQWH HQFDUDU WXGR DTXLOR FRPR RXWUD WHQWDWLYD TXH QmR GHUD FHUWR 1R GLD VHJXLQWH SHJXHL R DYLmR H YROWHL SDUD FDVD $QRWHL HP PLQKD DJHQGD SDUD GRLV PHVHV GHSRLV OLJDU D %LOO H %HWW D ILP GH VDEHU R TXH DFRQWHFHUD 4XDQGR OKHV WHOHIRQHL Mi HP SOHQR YHUmR SHGL SDUD IDODU SDUWLFXODUPHQWH FRP FDGD XP )LTXHL LPSUHVVLRQDGR DR QRWDU TXH %LOO GHUD XP JUDQGH SDVVR j IUHQWH (OH SHUFHEHX TXH HX FRQFHGHUD R PHVPR FRQVHOKR j VXD HVSRVD PDV HQFDUDUD WXGR GH IRUPD SRVLWLYD 3DUD IDODU D YHUGDGH HOH DFKRX yWLPR (OD H[SUHVVDYD DSUHFLDomR SHOR VHX WUDEDOKR GXUR H SHOD SURYLVmR TXH GDYD j IDPtOLD (OH GLVVH
  • 88. ´(OD UHDOPHQWH FRQVHJXLX ID]HU FRP TXH HX PH VHQWLVVH XP KRPHP QRYDPHQWH $LQGD WHPRV PXLWR WUDEDOKR SHOD IUHQWH 'U KDSPDQ PDV DFUHGLWR IUDQFDPHQWH TXH HVWDPRV QR FDPLQKR FHUWRµ 4XDQGR FRQYHUVHL FRP %HWW -R QR HQWDQWR DFKHL TXH HOD GHUD XP SDVVR PXLWR SHTXHQR (OD PH IDORX ´$OJXPD FRLVD PHOKRURX 'U KDSPDQ %LOO HORJLD PH FRPR R VHQKRU VXJHULX H DFUHGLWR TXH KDMD VLQFHULGDGH QLVVR 0DV HOH DLQGD QmR JDVWD QHQKXP PLQXWR FRPLJR 7UDEDOKD R WHPSR WRGR H QmR WHP XPD KRUD SDUD PLPµ (QTXDQWR HX RXYLD %HWW -R DV ´OX]HVµ DFHQGHUDP 6DELD TXH IL]HUD XPD JUDQGH GHVFREHUWD $ OLQJXDJHP GR DPRU GH XPD SHVVRD QmR p QHFHVVDULDPHQWH D PHVPD GD RXWUD (UD yEYLR TXH D SULPHLUD OLQJXDJHP GR DPRU GH %LOO HUD ´3DODYUDV GH $ILUPDomRµ (OH HUD XP WUDEDOKDGRU GHGLFDGR H DSUHFLDYD VHX HPSUHJR 2 TXH HOH PDLV TXHULD GH VXD HVSRVD HUD TXH HOD H[SUHVVDVVH DGPLUDomR SRU LVVR $TXHOH SDGUmR IRL SURYDYHOPHQWH HVWDEHOHFLGR HP VXD LQIkQFLD H D QHFHVVLGDGH GH UHFHEHU HORJLRV DLQGD HUD SUHPHQWH HP VXD YLGD DGXOWD %HWW -R SRU VXD YH] SRVVXtD XPD FDUrQFLD HPRFLRQDO HP RXWUD iUHD (UDOKH DJUDGiYHO UHFHEHU HORJLRV PDV DQVLDYD SRU DOJR PDLV H[DWDPHQWH D VHJXQGD OLQJXDJHP GR DPRU 1RWDV 3URYpUELRV 3URYpUELRV
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  • 104. 0XLWRV GH QyV VRPRV WUHLQDGRV D DQDOLVDU SUREOHPDV D ILP GH GDUOKHV VROXo}HV (VTXHFHPRV TXH R FDVDPHQWR p XP UHODFLRQDPHQWR H QmR XP SURMHWR D VHU WHUPLQDGR RX XP SUREOHPD D VHU UHVROYLGR (OH SURVVHJXLX R VHX UHODWR ³ (X PH UHWLUHL H GLULJLPH DR PHX WUDEDOKR RPR IXL LGLRWD $JRUD SHUFHER TXH TXDQGR HOD PH IDODYD VREUH VXDV OXWDV QR WUDEDOKR QmR GHVHMDYD PHXV FRQVHOKRV (OD TXHULD VROLGDULHGDGH 'HVHMDYD TXH HX D RXYLVVH GHVVHOKH DWHQomR H GLVVHVVHOKH TXH HQWHQGLD D GRU D SUHVVmR H D WHQVmR SHODV TXDLV SDVVDYD (OD TXHULD RXYLU TXH HX D DPDYD H HVWDYD DR VHX ODGR (OD QmR GHVHMDYD FRQVHOKRV SRUpP D PLQKD FRPSUHHQVmR 0DV HX MDPDLV WHQWHL HQWHQGrOD (VWDYD PXLWR DIDVWDGR GHOD DR FRQFHGHUOKH DSHQDV FRQVHOKRV 4XH ORXFR IXL HX ( DJRUD HOD IRL HPERUD 3RU TXH D JHQWH QmR SHUFHEH HVWDV FRLVDV TXDQGR HVWDPRV SDVVDQGR SRU HODV (X HVWDYD FRPSOHWDPHQWH FHJR SDUD R TXH DFRQWHFLD 6y DJRUD SHUFHER FRPR IDOKHL FRP HOD $ HVSRVD GH 3DWULFN VXSOLFDYD SRU XPD FRQYHUVD GH TXDOLGDGH (PRFLRQDOPHQWH HOD HVSHUDYD TXH HOH OKH GHVVH RXYLGRV DR RXYLU VXD GRU H IUXVWUDomR 3DWULFN SRUpP QmR IRFDOL]DYD VXD DWHQomR HP RXYLU PDV HP IDODU (OH HVFXWDYD VRPHQWH R VXILFLHQWH SDUD SHUFHEHU R SUREOHPD H IRUPXODU XPD VDtGD (OH QmR D RXYLD R WHPSR QHFHVViULR SDUD FRPSUHHQGHU VXD V~SOLFD SRU DSRLR H FRPSUHHQVmR 1yV VRPRV FRPR 3DWULFN 6RPRV WUHLQDGRV SDUD WRPDU FRQKHFLPHQWR GRV SUREOHPDV H GDU VROXo}HV (VTXHFHPRV TXH R FDVDPHQWR p XP UHODFLRQDPHQWR QmR XP SURMHWR D VHU WHUPLQDGR RX XP SUREOHPD D VHU
  • 105. UHVROYLGR 8PD FRQYLYrQFLD D GRLV LPSOLFD HP VLPSDWLD HP RXYLU FRP D LQWHQomR GH HQWHQGHU R TXH R RXWUR F{QMXJH SHQVD VHQWH H GHVHMD 'HYHPRV WDPEpP HVWDU GLVSRVWRV D DFRQVHOKDU PDV VRPHQWH TXDQGR VROLFLWDGRV H MDPDLV GH IRUPD DUURJDQWH $ PDLRULD GH QyV QmR VDEH RXYLU 6RPRV PDLV HILFLHQWHV HP SHQVDU H IDODU $SUHQGHU D RXYLU SRGH VHU WmR GLItFLO TXDQWR HVWXGDU XPD OtQJXD HVWUDQJHLUD 3RUpP VH TXLVHUPRV FRPXQLFDU R DPRU SUHFLVDPRV DSUHQGHU ,VVR p HVSHFLDOPHQWH LPSRUWDQWH VH D SULPHLUD OLQJXDJHP GH VHX F{QMXJH IRU ´4XDOLGDGH GH 7HPSRµ H VH R GLDOHWR GHOH IRU FRQYHUVD GH TXDOLGDGH )HOL]PHQWH Ki PXLWRV OLYURV H DUWLJRV HVFULWRV VREUH D DUWH GH RXYLU 1mR UHSHWLUHL R TXH Mi IRL HVFULWR HP YiULRV RXWURV WUHFKRV PDV JRVWDULD GH GDU DOJXPDV GLFDV TXH SRGHP DMXGDU EDVWDQWH 3URFXUH ROKDU QRV ROKRV GH VHX F{QMXJH TXDQGR HOH OKH IDODU DOJXPD FRLVD (VVD DWLWXGH DMXGD VXD PHQWH D QmR GLYDJDU H FRPXQLFD TXH HOH UHDOPHQWH UHFHEH VXD WRWDO DWHQomR 1mR IDoD RXWUD FRLVD HQTXDQWR RXYH VHX F{QMXJH /HPEUHVH ´4XDOLGDGH GH 7HPSRµ p GHGLFDU DR TXH OKH IDOD VXD WRWDO DWHQomR 6H YRFr SRUYHQWXUD DVVLVWLU 79 OHU RX SUDWLFDU TXDOTXHU RXWUD DWLYLGDGH SHOD TXDO HVWHMD PXLWR HQYROYLGR H QmR SXGHU GHVYLDU D DWHQomR LPHGLDWDPHQWH GLJD LVVR D VHX F{QMXJH ´6HL TXH YRFr TXHU IDODU FRPLJR DJRUD H HVWRX LQWHUHVVDGR HP RXYLU OKH 6y TXH JRVWDULD GH FRQFHGHUOKH PDLV DWHQomR H QR PRPHQWR QmR p SRVVtYHO 6H YRFr PH FRQFHGHU GH] PLQXWRV SDUD HX WHUPLQDU R TXH HVWRX ID]HQGR VHQWDUHPRV MXQWRV H HQWmR RXYLUHL R TXH YRFr WHP D GL]HUµ $ PDLRULD GRV DV
  • 107. GHYHUi DWHQGHU D XPD VROLFLWDomR GHVVDV
  • 108. ´(VFXWHµ R VHQWLPHQWR 3HUJXQWH D YRFr PHVPR R WLSR GH HPRomR TXH VHX F{QMXJH VHQWH QR PRPHQWR 4XDQGR DFKDU TXH GHVFREULX FRQILUPH 3RU H[HPSOR ´7HQKR D LPSUHVVmR TXH YRFr HVWi GHVDSRQWDGR SRU HX WHU HVTXHFLGR GHµ (VVD p XPD RSRUWXQLGDGH SDUD YRFr FHUWLILFDUVH GH VHXV VHQWLPHQWRV 7DPEpP FRPXQLFD TXH RXYH FRP DWHQomR R TXH OKH p GLWR 2EVHUYH D OLQJXDJHP FRUSRUDO 3XQKRV FHUUDGRV PmRV WUrPXODV OiJULPDV FHQKR IUDQ]LGR H H[SUHVVmR GRV ROKRV IRUQHFHP SLVWDV GR TXH VHX F{QMXJH VHQWH $OJXPDV YH]HV D OLQJXDJHP YHUEDO GL] XPD FRLVD HQTXDQWR D FRUSRUDO DILUPD RXWUD 6ROLFLWH XP HVFODUHFLPHQWR D ILP GH SRGHU FRQILUPDU VHXV UHDLV VHQWLPHQWRV 5HFXVH LQWHUUXSo}HV 3HVTXLVDV UHFHQWHV LQGLFDP TXH HP PpGLD DV SHVVRDV RXYHP DSHQDV VHJXQGRV DQWHV GH LQWHUURPSHUHP SDUD LQVHULU QD FRQYHUVD DV SUySULDV LGpLDV 6H HX OKH GHGLFDU PLQKD WRWDO DWHQomR HQTXDQWR YRFr IDOD HYLWDUHL GHIHQGHUPH D ILP GH ID]HU OKH DFXVDo}HV RX PHVPR GRJPDWLFDPHQWH HYLGHQFLDU PLQKD SRVLomR 0HX REMHWLYR p SHUFHEHU VHXV VHQWLPHQWRV H SHQVDPHQWRV 2 DOYR QmR p DXWRGHIHQGHU PH RX SHUPLWLU TXH YRFr JDQKH XPD GLVFXVVmR D LQWHQomR p FRPSUHHQGrOR D
  • 109. $35(1'(1'2 $ )$/$5 8PD FRQYHUVD GH TXDOLGDGH UHTXHU QmR VRPHQWH FRQVLGHUDomR DR RXYLU PDV WDPEpP GLVSRVLomR HP H[SRUVH 4XDQGR XPD HVSRVD GL] ´*RVWDULD WDQWR TXH PHX PDULGR FRQYHUVDVVH FRPLJR 1XQFD VHL R TXH HOH
  • 110. SHQVD RX VHQWHµ (OD FODPD SRU LQWLPLGDGH TXHU VHQWLU VH SUy[LPD GH VHX HVSRVR 0DV FRPR VHQWLUVH DR ODGR GH DOJXpP D TXHP QmR FRQKHFH 3DUD TXH HOD VH VLQWD DPDGD R PDULGR SUHFLVD DSUHQGHU D VH H[SRU 6H D SULPHLUD OLQJXDJHP GR DPRU GHOD IRU ´4XDOLGDGH GH 7HPSRµ H VHX GLDOHWR FRQYHUVD GH TXDOLGDGH VHX WDQTXH HPRFLRQDO QXQFD HVWDUi FRPSOHWR DWp TXH HOH SDUWLOKH FRP HOD VHXV SHQVDPHQWRV H VHQWLPHQWRV 6H YRFr SUHFLVD DSUHQGHU D OLQJXDJHP GD FRQYHUVD GH TXDOLGDGH FRPHFH D REVHUYDU DV HPRo}HV TXH VHQWH TXDQGR HVWi IRUD GH FDVD 3DUD PXLWRV GH QyV R DWR GH H[SRUVH QmR p QDGD IiFLO 0XLWRV DGXOWRV IRUDP FULDGRV HP ODUHV RQGH D H[SUHVVmR GRV SHQVDPHQWRV H VHQWLPHQWRV QmR Vy MDPDLV IRL HQFRUDMDGD FRPR WDPEpP HUD FRQGHQDGD 3HGLU XP EULQTXHGR HUD UHFHELGR FRP XP VHUPmR VREUH D VLWXDomR HFRQ{PLFD IDPLOLDU $ FULDQoD VHQWLDVH FXOSDGD SRU FDXVD GDTXHOH GHVHMR H HQWmR UDSLGDPHQWH DSUHQGLD D QmR H[SUHVVDU PDLV VHXV GHVHMRV 4XDQGR XP ILOKR RX ILOKD H[SUHVVDYD UDLYD RV SDLV UHSUHHQGLDPQR QD
  • 111. VHYH UDPHQWH FRP SDODYUDV FRQGHQDWyULDV 2 TXH DFRQWHFLD HQWmR $ FULDQoD DSUHQGLD TXH H[SUHVVDU VHQWLPHQWRV GH UDLYD WDPEpP QmR HUD DOJR DSURSULDGR 6H XP GHOHV SDVVDVVH D VHQWLUVH FXOSDGR SRU H[SUHVVDU VHX GHVDSRQWDPHQWR SHOR IDWR GH QmR SRGHU LU DR VXSHUPHUFDGR FRP R SDL DSUHQGLD D JXDUGDU VHX GHVDJUDGR SDUD VL 1yV DGXOWRV DR DWLQJLUPRV D PDWXULGDGH DSUHQGHPRV D QHJDU QRVVRV VHQWLPHQWRV 'HL[DPRV GH WHU FRQWDWR FRP QRVVR VHU HPRFLRQDO 8PD HVSRVD SHUJXQWD D VHX PDULGR ³ RPR YRFr VH VHQWLX FRP D UHDomR GH 0DUN ( R PDULGR UHVSRQGH
  • 112. ³ (X DFKR TXH HOH HVWi HUUDGR (OH GHYHULD WHU IHLWR DVVLP DVVLP H DVVLP 1RWH SRUpP TXH HOH QmR H[SUHVVD VHXV VHQWLPHQWRV 6LPSOHVPHQWH PDQLIHVWD VHXV SHQVDPHQWRV 7DOYH] HOH WHQKD PRWLYRV SDUD VHQWLUVH WULVWH FRP UDLYD RX GHVDSRQWDGR 1R HQWDQWR YLYH D WDQWR WHPSR QR QtYHO GR UDFLRFtQLR TXH QHP DR PHQRV UHFRQKHFH D H[LVWrQFLD GH VHXV VHQWLPHQWRV 2 DWR GH DSUHQGHU D OLQJXDJHP GD FRQYHUVD GH TXDOLGDGH SRGH VHU FRPSDUDGR DR DSUHQGL]DGR GH XPD OtQJXD HVWUDQJHLUD 2 LQtFLR VHPSUH p XPD DSUR[LPDomR GRV VHQWLPHQWRV H R DOXQR SRXFR D SRXFR WRUQDVH FRQVFLHQWH GH TXH p XPD FULDWXUD HPRFLRQDO DSHVDU GR IDWR GH WHU LJQRUDGR DTXHOD IDFHWD GH VXD YLGD 6H YRFr SUHFLVD DSUHQGHU D OLQJXDJHP GD FRQYHUVD GH TXDOLGDGH FRPHFH D SHUFHEHU RV VHQWLPHQWRV TXH OKH RFRUUHP TXDQGR HVWi ORQJH GH FDVD RPSUH XP EORTXLQKR GH UDVFXQKR H PDQWHQKDR GLDULDPHQWH FRP YRFr 7UrV YH]HV GXUDQWH R GLD IDoD D VL PHVPR DV VHJXLQWHV SHUJXQWDV ‡ 4XH HPRo}HV VHQWL QDV ~OWLPDV WUrV KRUDV ‡ 2 TXH VHQWL D FDPLQKR GR WUDEDOKR TXDQGR R PRWRULVWD DWUiV GH PLP ILFRX R WHPSR WRGR FRODGR HP PHX SiUD FKRTXH ‡ RPR HX PH VHQWL TXDQGR IXL FRORFDU FRPEXVWtYHO QR FDUUR H D ERPED DXWRPiWLFD QmR IXQFLRQRX H IH] FRP TXH R WDQTXH WUDQVERUGDVVH GHUUDPDVVH H PROKDVVH GH JDVROLQD WRGD D SDUWH GH WUiV GR FDUUR ‡ RPR PH VHQWL TXDQGR DR FKHJDU DR HVFULWyULR VRXEH TXH PLQKD VHFUHWiULD IRUD UHTXLVLWDGD SDUD XP RXWUR SURMHWR GD HPSUHVD H QmR HVWDULD SUHVHQWH WRGD D PDQKm
  • 113. ‡ RPR PH VHQWL TXDQGR PHX VXSHUYLVRU PH FRPXQLFRX TXH R SURMHWR QR TXDO HX WUDEDOKDYD WHULD GH VHU FRQFOXtGR HP WUrV GLDV TXDQGR SHQVHL TXH WHULD PDLV GXDV VHPDQDV (VFUHYD VHXV VHQWLPHQWRV QR EORFR GH UDVFXQKR H DR ODGR FRORTXH XPD RX GXDV SDODYUDV SDUD OHPEUiOR GR HYHQWR FRUUHVSRQGHQWH DR VHQWLPHQWR 6XD OLVWD GHYH ILFDU PDLV RX PHQRV DVVLP 6LWXDomR 6HQWLPHQWRV PRWRULVWD FRODGR DWUiV SRVWR GH JDVROLQD VHP VHFUHWiULD SURMHWR HP WUrV GLDV UDLYD GHVDJUDGR GHVDSRQWDPHQWR IUXVWUDomR H DQVLHGDGH )DoD HVWH H[HUFtFLR WUrV YH]HV DR GLD H YRFr GHVFREULUi VXD QDWXUH]D HPRFLRQDO 8WLOL]H VHX EORTXLQKR H FRPXQLTXH D VHX F{QMXJH DV HPRo}HV TXH H[SHULPHQWRX MXQWDPHQWH FRP DV VLWXDo}HV HQIUHQWDGDV 4XDQWR PDLV YRFr IL]HU LVVR PHOKRU VHUi (P DOJXPDV VHPDQDV VHQWLUVHi PDLV FRQIRUWiYHO SDUD H[SUHVVDU VXDV HPRo}HV D HOH D
  • 114. )LQDOPHQWH VHUi WDP EpP FDSD] GH PDLV j YRQWDGH FRQYHUVDU VREUH VHXV VHQWLPHQWRV HP UHODomR DR j
  • 116. DRV ILOKRV H D HYHQWRV TXH RFRUUDP HP FDVD /HPEUHVH TXH DV HPRo}HV HP VL QmR VmR FHUWDV QHP HUUDGDV 6mR VLPSOHVPHQWH QRVVDV UHDo}HV SVLFROyJLFDV DRV DFRQWHFLPHQWRV GD YLGD RQVWDQWHPHQWH WRPDPRV QRVVDV GHFLV}HV EDVHDGRV HP QRVVRV SHQVDPHQWRV H HPRo}HV 4XDQGR R PRWRULVWD HVWDYD ´JUXGDGRµ HP VHX FDUUR D FDPLQKR GR
  • 117. WUDEDOKR H YRFr ILFRX FRP UDLYD VHUi TXH DOJXQV GRV VHJXLQWHV SHQVDPHQWRV SDVVDUDP SRU VXD FDEHoD ‡ *RVWDULD TXH HOH VDtVVH GD SLVWD ‡ *RVWDULD TXH HOH PH XOWUDSDVVDVVH ‡ 6H HX QmR FRUUHVVH R ULVFR GH VHU PXOWDGR JRVWDULD GH SLVDU IXQGR R DFHOHUDGRU H GHL[iOR SDUD WUiV ´FRPHQGR SRHLUDµ ‡ *RVWDULD GH GDU XPD ERD IUHDGD GH IRUPD TXH HOH HQ WUDVVH FRP WXGR QD WUDVHLUD GH PHX FDUUR H D VHJXUDGRUD WLYHVVH GH PH GDU XP FDUUR QRYR ‡ 7DOYH] HX GHYD VDLU SDUD D GLUHLWD H GHL[iOR SDVVDU 9RFr HYHQWXDOPHQWH WRPRX DOJXPD GHVVDV GHFLV}HV RX R RXWUR PRWRULVWD UHGX]LX D PDUFKD RX XOWUDSDVVRX VHX FDUUR H YRFr FRQVHJXLX FKHJDU VHJXUR DR WUDEDOKR DGD HYHQWR GH QRVVD YLGD JHUD HPRo}HV SHQVDPHQWRV GHVHMRV H WDPEpP Do}HV ­ H[SUHVVmR GHVVH SURFHVVR FKDPDPRV GH DXWRUHYHODomR 6H YRFr RSWDU HP DSUHQGHU R GLDOHWR GD FRQYHUVD GH TXDOLGDGH HVVH p R FDPLQKR SHOR TXDO GHYHUi WULOKDU 7,326 '( 3(5621$/,'$'( 1HP WRGRV HVWDPRV GHVFRQHFWDGRV GH QRVVDV HPRo}HV PDV TXDQGR R DVVXQWR YHP j WRQD WRGRV VRPRV DIHWDGRV SRU QRVVD PDQHLUD HVSHFtILFD GH VHU 7HQKR REVHUYDGR GRLV WLSRV EiVLFRV GH SHUVRQDOLGDGH $R SULPHLUR FKDPDUHL GH ´PDU 0RUWRµ 1D SHTXHQD QDomR GH ,VUDHO R PDU GD *DOLOpLD VHJXH UXPR DR VXO DWUDYpV GR ULR -RUGmR DWp R PDU 0RUWR (VWH QmR YDL D OXJDU QHQKXP (OH UHFHEH PDV QDGD UHWULEXL (VVH WLSR GH
  • 118. SHUVRQDOLGDGH DGTXLUH PXLWDV H[SHULrQFLDV HPRo}HV H GLYHUVRV SHQVDPHQWRV DR ORQJR GR GLD 3RVVXL XP DPSOR UHVHUYDWyULR RQGH DUPD]HQD LQIRUPDo}HV H VHQWHVH DEVROXWDPHQWH IHOL] HP QmR IDODU 6H YRFr SHUJXQWDU j SHUVRQDOLGDGH PDU 0RUWR ´2 TXH Ki GH HUUDGR 3RU TXH YRFr DLQGD QmR DEULX D ERFD HVWD QRLWHµ $ UHVSRVWD PXLWR SURYDYHOPHQWH VHUi ´1DGD Ki GH HUUDGR 3RU TXH YRFr SHQVD DVVLPµ ( DTXHOD UHVSRVWD VHUi DEVROXWDPHQWH KRQHVWD (OH HVWi IHOL] SRU QDGD IDODU *RVWDULD GH ID]HU XPD ORQJD YLDJHP GH QRUWH D VXO GR SDtV SDUD QmR GL]HU XPD ~QLFD SDODYUD H HVWDU VLQFHUDPHQWH IHOL] (P RXWUR H[WUHPR SRUpP HQFRQWUDVH R ´ULDFKR UiSLGRµ (VVH WLSR GH SHUVRQDOLGDGH SRGH VHU GHVFULWD FRPR DTXHOD TXH HQWUH R TXH SDVVD SHORV ROKRV RX RXYLGRV OHYD QR Pi[LPR VHVVHQWD VHJXQGRV DWp TXH VDLD SHOD ERFD 6REUH R TXH YrHP RX RXYHP IDODP UDSLGDPHQWH 'H IDWR VH QmR KRXYHU QLQJXpP HP FDVD SDUD TXH FRPHQWHP D UHVSHLWR GDUmR XP MHLWR SDUD IDODU FRP DOJXpP ´6DEH TXHP HX YL KRMHµ ´6DEH R TXH HX RXYL KRMHµ 6H QmR FRQVHJXHP FRQYHUVDU DR WHOHIRQH IDODP FRQVLJR PHVPRV SRUTXH QmR SRVVXHP DOJXP UHVHUYDWyULR e FRPXP TXH R PDU 0RUWR H R ULDFKR 5iSLGR FDVHPVH ,VVR RFRUUH SRUTXH TXDQGR HVWmR HP SOHQR QDPRUR DV FDUDFWHUtVWLFDV RSRVWDV WRUQDPVH PXLWR DWUDHQWHV SDUD DPERV 8PD IRUPD GH VH DSUHQGHU QRYRV SDGU}HV GH FRPSRUWDPHQWR p HVWDEHOHFHU