1
ZZZ HERRNVEUDVLO RUJ
2
5HWUDWR GR %UDVLO (QVDLR VREUH D WULVWH]D EUDVLOHLUD
QRYHPEUR GH
3DXOR 3UDGR
9HUVmR SDUD H%RRN
H%RRNVEUDVLO
)RQWH GLJLWDO
GLJLWDOL]DomR GD D HGLomR HP SDSHO GH
2ILFLQDV *UiILFDV 'XSUDW 0DHQoD 5HXQLGDV 6mR
3DXOR 63
‹ 3DXOR 3UDGR
3
Ë1',&(
, ³ $ /8;Ô5,$
,, ³ $ &2%,d$
,,, ³ $ 75,67(=$
,9 ³ 2 520$17,602
3267 6&5,3780
1RWDV
4
2EUD GR PHVPR DXWRU
3$8/Ì67,&$ ³ +LVWyULD GH 6mR 3DXOR
, YROXPH &RPSDQKLD *UDSKLFR (GLWRUD 0RQWHLUR /REDWR
6mR 3DXOR
(P SUHSDUR
3$8/Ì67,&$ ³ +LVWyULD GH 6mR 3DXOR
D VpULH
&2148,67$'25(6 ( %$1'(,5$17(6
5
3$8/2 35$'2
5(75$72 '2 %5$6,/
(16$,2 62%5(
$ 75,67(=$
%5$6,/(,5$
6 3$8/2
6
´2 -DEXUX D DYH TXH SDUD PLP VLPEROL]D D
QRVVD WHUUD 7HP HVWDWXUD DYDQWDMDGD SHUQDV
JURVVDV DVDV IRUQLGDV H SDVVD RV GLDV FRP XPD
SHUQD FUX]DGD QD RXWUD WULVWH WULVWH G DTXHOD
´DXVWHUD H YLO WULVWH]Dµ
&DUWD GH &$3,675$12 GH $%5(8 D -2®2
/Ô&,2 ' $=(9('2
7
,
$ /8;Ò5,$
8
1XPD WHUUD UDGLRVD YLYH XP SRYR WULVWH /HJDUDP OKH
HVVD PHODQFROLD RV GHVFREULGRUHV TXH D UHYHODUDP DR
PXQGR H D SRYRDUDP 2 HVSOrQGLGR GLQDPLVPR GHVVD
JHQWH UXGH REHGHFLD D GRLV JUDQGHV LPSXOVRV TXH
GRPLQDP WRGD D SVLFRORJLD GD GHVFREHUWD H QXQFD IRUDP
JHUDGRUHV GH DOHJULD D DPELomR GR RXUR H D VHQVXDOLGDGH
OLYUH H LQIUHQH TXH FRPR FXOWR D 5HQDVFHQoD IL]HUD
UHVVXVFLWDU
'HVVD 5HQDVFHQoD VXUJLUD XP KRPHP QRYR FRP XP
QRYR PRGR GH SHQVDU H VHQWLU $ VXD KLVWyULD VHUi D
SUySULD KLVWyULD GD FRQTXLVWD GD OLEHUGDGH FRQVFLHQWH GR
HVStULWR KXPDQR e DVVLP TXH D YROWD DR SDJDQLVPR ³ VH
WHYH XP HIHLWR GHVDVWURVR SDUD D HYROXomR DUWtVWLFD GD
KXPDQLGDGH TXH YLX HVWDQFDGD D IRQWH YLYD GD
LPDJLQDomR FULDGRUD GD ,GDGH 0pGLD ³ p DVVLP TXH R
UHWRUQR DR LGHDO DQWLJR WHYH FRPR PHOKRU UHVXOWDGR R
DODUJDPHQWR SDUD DVVLP GL]HU GDV DPELo}HV KXPDQDV
GH SRGHULR GH VDEHU H GH JR]R
1HVWH DQVHLR RV SRYRV GD pSRFD VH VHQWLDP DEDIDGRV H
SHDGRV QD YLGD HVWUHLWD GD (XURSD (UD SUHFLVR DOWHUDU ³
QD WHUPLQRORJLD QLHW]VFKHDQD ³ R VLQDO QHJDWLYR TXH R
FULVWLDQLVPR LQVFUHYHUD GLDQWH GR TXH H[SULPLD IRUWDOH]D
H DXGiFLD *XHUUD DRV IUDFRV JXHUUD DRV SREUHV JXHUUD
DRV GRHQWHV $EULU DV SRUWDV GD SULVmR RFLGHQWDO
6XEVWLWXLU j 2EHGLrQFLD D 9RQWDGH LQGLYLGXDOLVWD
'LVVLSDU DV FRQVWDQWHV H DWHUURUL]DGRUDV SUHRFXSDo}HV
GD 0RUWH H GR ,QIHUQR ³ PHGR GH 'HXV H PHGR GR 'LDER
³ TXH WDQWR WRUWXUDYDP RV HVStULWRV FULVWmRV
$ HUD GRV GHVFREULPHQWRV IRL R UHVXOWDGR GHVVH
PRYLPHQWR GH OLEHUWDomR 'LODWDYD R PXQGR GH TXH GRLV
9
WHUoRV DLQGD QmR HUDP FRQKHFLGRV H H[DOWDYD D YLGD
ItVLFD FRPR PDLV WDUGH D 5HYROXomR )UDQFHVD IRL D
H[DOWDomR GD YLGD LQWHOHFWXDO DUURJDQWH H LQGHSHQGHQWH
­V QDYHJDo}HV FRPHUFLDLV GRV YHQH]LDQRV JHQRYHVHV H
FDWDOmHV VHJXLDP VH RXWUDV PDLV DXGDFLRVDV DEULQGR
QRYRV FpXV H WHUUDV $V OHQGDV DLQGD URPDQDV GDV
VRQKDGDV LOKDV GR RXUR H GD SUDWD PXGDQGR GH OXJDU
FRPR IRJRV IiWXRV DWUDtDP VHPSUH SDUD PDLV ORQJH
RXWURV SRYRV PDUtWLPRV ´$QGDQGR PiV PiV VL VDEHµ
GL]LD &RORPER 2V OLYURV GH 0DUFR 3ROR H 0DQGHYLOOH
GHVSHUWDYDP QR kQLPR GRV DYHQWXUHLURV QRYDV DPELo}HV
GH FRQTXLVWD R DPRU DR PLVWpULR GDV UHJL}HV
GHVFRQKHFLGDV D FXULRVLGDGH GR PDUDYLOKRVR R
UHDSDUHFLPHQWR GR HVStULWR GDV FUX]DGDV
5HFRPHoDYD QD KLVWyULD GR PXQGR R PLVWHULRVR
LPSXOVR TXH GH VpFXORV HP VpFXORV S}H HP PRYLPHQWR
DV PDVVDV KXPDQDV DSyV RV ORQJRV UHSRXVRV HP TXH DV
FLYLOL]Do}HV QDVFHP VH GHVHQYROYHP H PRUUHP 0DLV
XPD YH] QHVWH PRYLPHQWR GH IOX[R H UHIOX[R D
LQTXLHWDomR PLJUDWyULD WRPDULD R DVSHFWR GH
LPSHULDOLVPR HFRQ{PLFR H FRPHUFLDO (P SURFXUD GH
RXUR TXH Mi HVFDVVHDYD LWDOLDQRV SRUWXJXHVHV
HVSDQKyLV KRODQGHVHV LQJOHVHV IUDQFHVHV ODQoDYDP VH
j SRUILD SHORV QRYRV FDPLQKRV PDUtWLPRV 2 2ULHQWH
HVJRWDUD DV UHVHUYDV HXURSpLDV GH PHWDLV SUHFLRVRV H
SHGUDULDV 3DUD UHID]HU D ULTXH]D SHUGLGD YROWDYDP VH RV
SRYRV GR 2FLGHQWH SDUD RV PHVPRV WHVRXURV H PLQDV GD
ÉVLD H GD ÉIULFD 3RU WRGD D SDUWH VH EXVFDYD R PHWDO
RQLSRWHQWH
$R YROWDU &RORPER GH VXD SULPHLUD YLDJHP D (XURSD
DQVLRVD SHOD YR] GH 3HGUR 0DUWU G $QJKLHUD LQGDJRX
ORJR VH WURX[HUD RXUR (VVD IHEUH LQYDGLD WRGRV RV
10
HVStULWRV DOYRURoDGRV SHOR GHVOXPEUDPHQWR GDV
GHVFREHUWDV 2V KRPHQV D TXHP R 5HQDVFLPHQWR
UHYHODUD R SUD]HU GH YLYHU ODQoDYDP VH FRP D HQHUJLD GD
pSRFD DRV PDLV DUULVFDGRV HPSUHHQGLPHQWRV QD
HVSHUDQoD GH IRUWXQD UiSLGD $ FRQTXLVWD VDQJXLQiULD GD
$PpULFD (VSDQKROD p GRPLQDGD SRU HVVD SDL[mR
IUHQpWLFD 5LR GD 3UDWD 5LR GR 2XUR &DVWHOD GR 2XUR
&RVWD 5LFD 3RUWR 5LFR DVVLP VH EDWL]DYDP DV WHUUDV TXH
RV FRQTXLVWDGRUHV GHVYHQGDYDP DR PXQGR DW{QLWR ´,R
QR YLQH DTXL SDUD FXOWLYDU OD WLHUUD FRPR XQ ODEULHJR
VLQR SDUD EXVFDU RURµ HVFUHYLD &RUWH] 1DV QDUUDWLYDV GH
2YLHGR HP GXDV SiJLQDV H PHLD DSDUHFHP YH]HV DV
SDODYUDV RUR H GRUDGR QXPD LQVLVWrQFLD GH PDQtDFR (
DR VDXGDU R *DPD HP &DOLFXW JULWD OKH DOYLVVDUHLUR R
0RQoDLGH ´%RD YHQWXUD %RD YHQWXUD 0XLWRV UXELV
PXLWDV HVPHUDOGDV (VWDLV QD WHUUD GD HVSHFLDULD GD
SHGUDULD H GD PDLRU ULTXH]D GR PXQGR µ (UD SRU WRGD
D SDUWH D PHVPD IDVFLQDomR GLDQWH GDV ULTXH]DV UHDLV RX
IDEXORVDV TXH SURPHWLDP DV WHUUDV QRYDV (UD D
SUHRFXSDomR FRQIHVVDGD RX GLVIDUoDGD GD DXUD
PRUWLIHUD IDPHV GH TXH IDODYD 3HGUR 0iUWLU 2XUR 2XUR
2XUR
1HVVD DWPRVIHUD GH KHURtVPR LGHDO H GH LPSDFLHQWH
DPELomR H FRP SRPSD GHVXVDGD SDUWLX GR 5HVWHOR HP
0DUoR GH D HVTXDGUD GH 3HGUR ÉOYDUHV $R IXQGHDU
GLDQWH GR &DK EDLDQR HP IUHQWH j VHUUDULD D]XO GR
OLWRUDO D H[SHGLomR WHYH D YLVmR GH XPD YLGD SDUDGLVtDFD
FRP D YHUGXUD GR SDtV WURSLFDO H D SXMDQoD SXOXODQWH GD
WHUUD YLUJHP $ FDUWD GH &DPLQKD QD VXD LGtOLFD
LQJHQXLGDGH p R SULPHLUR KLQR FRQVDJUDGR DR HVSOHQGRU
j IRUoD H DR PLVWpULR GD QDWXUH]D EUDVLOHLUD 1DV VXDV
WLQWDV YLYDV H IUHVFDV GH SDLQHO SULPLWLYR ³ TXH Mi VH
FRPSDURX D XP 0HPOLQJ ³ SHUFHEH VH R HQFDQWDPHQWR
11
GR PDUDYLOKRVR DFKDGR TXH VXUJLD GLDQWH GRV QDYHJDQWHV
GHSRLV GD ORQJD H LQFHUWD WUDYHVVLD 'H]HQDV GH DQRV
PDLV WDUGH DLQGD GHL[DYD D *DQGDYR XPD GHOLFLRVD
LPSUHVVmR GH SDUDtVR ´7RGD HVWi YHVWLGD GH PXL DOWR H
HVSHVVR DUYRUHGR UHJDGD FRP DV iJXDV GH PXLWDV H PXL
SUHFLRVDV ULEHLUDV GH TXH DEXQGDQWHPHQWH SDUWLFLSD WRGD
D WHUUD RQGH SHUPDQHFH VHPSUH D YHUGXUD FRP DTXHOD
WHPSHUDQoD GD SULPDYHUD TXH Fi QRV RIHUHFH $EULO H
0DLRµ
2 HQFRQWUR GR HXURSHX DR VDLU GD ]RQD WHPSHUDGD
FRP D H[XEHUkQFLD GH QDWXUH]D WmR QXDQoDGD GH IRUoD H
JUDoD IRL FHUWDPHQWH D FXOPLQkQFLD GD VXD DYHQWXUD
&RORPER QR VHX 'LiULR HP GH RXWXEUR UHJLVWD D
LPSUHVVmR GH GHVOXPEUDPHQWR GLDQWH GR HVSOHQGRU
WURSLFDO GR FDQWDU GRV SiVVDURV GRV EDQGRV GH
SDSDJDLRV ´TXH HVFXUHFLDP R VROµ GDV iUYRUHV GH PLO
HVSpFLHV GRV IUXWRV GHVFRQKHFLGRV 3HUR 9D] IRL SDUD
QyV R FURQLVWD GR PDUDYLOKRVR DFKDGR 1R %UDVLO D PDWD
FREULD DV WHUUDV PROHV GD EDFLD DPD]{QLFD H D SDUWLU GD
EDUUD GR 6 )UDQFLVFR GHSRLV GDV GXQDV H PDQJXHV GR
1RUGHVWH VHJXLD R OLWRUDO DWp PXLWR DOpP GR &DSULFyUQLR
SDUD WHUPLQDU QDV SUDLDV EDL[DV GR 5LR *UDQGH 2IHUHFLD
XP REVWiFXOR IRUPLGiYHO SDUD TXHP D TXHULD SHQHWUDU H
DWUDYHVVDU FRPR TXH H[SULPLQGR D RSUHVVLYD WLUDQLD GD
QDWXUH]D D TXH GLILFLOPHQWH VH IRJH QR HQYROYLPHQWR
IOH[tYHO H UHVLVWHQWH GDV OLDQDV &RPSDFWD VRPEULD
VLOHQFLRVD PRQyWRQD QD XPLGDGH SHVDGD DEDID VXIRFD
H DVIL[LD R LQYDVRU TXH VH SHUGH QR FODUR HVFXUR
HVYHUGHDGR GH VXDV SURIXQGH]DV 6WDQOH QR VHUWmR GD
ÉIULFD &HQWUDO Mi QRWDUD QD IORUHVWD WURSLFDO D
HQRUPLGDGH D IDOWD GH SURSRUomR HP UHODomR YLVtYHO FRP
D KXPDQLGDGH TXH FDUDFWHUL]D HVVDV VROLG}HV
PLVWHULRVDPHQWH KDELWDGDV
12
1D ]RQD HTXDWRULDO GR %UDVLO R FOLPD FRQVWDQWHPHQWH
~PLGR H TXHQWH GHVHQYROYH XPD IRUoD H YLROrQFLD GH
YHJHWDomR LQFRPSDUiYHO e D +LOpLD DPD]{QLFD FREULQGR
GH DUYRUHGR D PDLRU H[WHQVmR GH WHUUDV GR XQLYHUVR
PDLV GH PLOK}HV GH TXLO{PHWURV TXDGUDGRV 1HOD RV
VHQWLGRV LPSHUIHLWRV GR KRPHP PDO SRGHP DSDQKDU H
IL[DU D GHVRUGHP GH JDOKRV IROKDJHQV IUXWRV H IORUHV
TXH R HQYROYH H VXEPHUJH 'D FRQIXVmR VREUHVVDHP RV
WURQFRV GD VHULQJXHLUD GD VDSXFDLD GR SDX G DUFR GD
PDVVDUDQGXED D iUYRUH GR OHLWH ³ GR EDFRUL SHORV
TXDLV jV YH]HV VREH R FDXOH IOH[tYHO GD MDVVLWDUD SDOPHLUD
HQUHGLoD j SURFXUD GD FODULGDGH GR FpX $ YHJHWDomR
HOHYD VH SRU DQGDUHV DWLQJLQGR D PHWURV GH
DOWXUD HQODoDQGR VH DRV WURQFRV RV FLSyV H SDUDVLWDV HP
OXWD SHOD YLGD FRPR QXP HVSDoR GHPDVLDGDPHQWH
SRYRDGR 3HOD FRVWD GR $WOkQWLFR D PDWD DSURYHLWDQGR R
DFLGHQWDGR GR VROR H D XPLGDGH FRQGHQVDGRUD GRV
YHQWRV JHUDLV GH VXHVWH H[FHGH HP EHOH]D H SXMDQoD j
SUySULD IORUHVWD HTXDWRULDO e R PHVPR HPDUDQKDGR
KRVWLO GH OLDQDV WUHSDGHLUDV H RUTXLGpLDV PDV QD
VXEPDWD DV XUWLFiFHDV HVSLQKRV VDPDPEDLDV WROKHP
DLQGD PDLV R DQGDU GR KRPHP TXH Vy YHQFH D YHJHWDomR
D JROSHV GH IDFmR $V PDGHLUDV SUHFLRVDV SHOR UHILQDGR
GD TXDOLGDGH H SHOD PXOWLSOLFDomR GDV HVSpFLHV VmR
VXSHULRUHV jV GD +LOpLD DVVLP RV MDFDUDQGiV SRU
H[HPSOR VH GHVGREUDP QXPD YDULHGDGH LQILQGiYHO ³ R
MDFDUDQGi SUHWR MDFDUDQGi URVD MDFDUDQGi UR[R
MDFDUDQGi GH HVSLQKR MDFDUDQGi WDQ MDFDUDQGi YLROHWD
MDFDUDQGi PRFy MDFDUDQGi EDQDQD e D PDWD GR SDX
EUDVLO TXH GHX R QRPH j WHUUD H GR VHX PDFLoR YHUGH
HVFXUR DOoD VH D JDOKDGD GR MHTXLWLEi LJXDO j GRV
YHDGRV DFLPD GRV ILQRV SDOPLWRV H GDV HPED~EDV GH
SUDWD 2 FKmR p XP WDSHWH GH IORUHV FDtGDV GH WRGRV RV
13
WRQV GHVGH R DPDUHOR HVFXUR GR YHUPHOKR UXEUR GD FRU
GH URVD DWp R OLOiV R D]XO FHOHVWH H R EUDQFR DOYtVVLPR
9DULDQGR FRP DV HVWDo}HV SRQWHLDP D WDSHoDULD GH
YHUGXUD R UR[R GD IORU GD TXDUHVPD RX R RXUR YLYR GR
LSr 3HOD HQFRVWD DFLPD D IORUHVWD DYDQoD SDUD R LQWHULRU
QXPD IDL[D VXSHULRU D RX TXLO{PHWURV FRPR QR
ULR 'RFH RQGH YDL DOFDQoDU R VHJXQGR SODQDOWR Mi QD
VHUUD GR (VSLQKDoR
+DELWD R YDVWtVVLPR WHUULWyULR D PDLV YDULDGD IDXQD
WmR H[WHQVD FRPR D SUySULD IORUD 5HSUHVHQWDP QD FRPR
WLSRV FDUDFWHUtVWLFRV DV HVSpFLHV GH (GHQWDGRV WDWXV
SUHJXLoDV H WDPDQGXiV 3iVVDURV GDV PDLV YLVWRVDV
SOXPDJHQV ³ FRP DV VXDV HVSpFLHV GH SDSDJDLRV
DUDUDV SHULTXLWRV H PDLWDFDV ³ FRP RV VHXV WXFDQRV
EHLMD IORUHV H EDQGRV GH ERUEROHWDV DFRUGDP H DQLPDP R
VLOrQFLR GD PDWD IHLWR GH PLO UXtGRV GH LQVHWRV 1RV
SULPHLURV WHPSRV FDUGXPHV GH EDOHLDV IUHTHQWDYDP D
PL~GR DV SUDLDV H UHF{QFDYRV GD FRVWD GDV MDQHODV GR
&ROpJLR GD %DKLD RV SULPHLURV MHVXtWDV DV DYLVWDYDP
´VDOWDQGR WDQWDV H WmR JUDQGHV TXH HUD SDUD YHUµ
0DLV SDUD GHQWUR DOpP GD DQWHFkPDUD VXQWXRVD GD
IORUHVWD VH HVWHQGLD D YDVWLGmR GD WHUUD GHVFRQKHFLGD ³
FDDWLQJDV FDWDQGXYDV FHUUDGRV FHUUDG}HV FDUUDVFRV
FDPSRV JHUDLV SDQWDQDLV ³ GRQGH GHVFLDP RX VH
DIXQGDYDP SHORV VHUW}HV RV ODUJRV ULRV FKHLRV GH
SURPHVVDV PLVWHULRVDV FRQYHUJLQGR QDV WUrV JUDQGHV
EDFLDV GR $PD]RQDV GR 3UDWD H QD GR 2FHDQR $WOkQWLFR
HP TXH DYXOWDP R 3DUQDtED H R 6 )UDQFLVFR 3RU HVVH
LQWHULRU HP 0LQDV *RLiV 0DWR *URVVR 6 3DXOR H WRGR
R 6XO UHFRPHoDYD D PDWD DSURYHLWDQGR RV JUDQGHV
DFLGHQWHV GH UHOHYR R SDUHGmR GR SODQDOWR D XPLGDGH
GDV FDEHFHLUDV DV FRQGHQVDo}HV IUHTHQWHV
14
ÉJXDV H PDWDV IRUDP D VXUSUHVD H R HQFDQWR GRV
GHVFREULGRUHV 'D EHOH]D GDV SDLVDJHQV QmR FXLGDYDP
1mR HUD QHP GR WHPSR QHP GD UDoD R DPRU j QDWXUH]D
&DP}HV QmR VRXEH YHU H DSUHFLDU RV HQFDQWRV GD
YHJHWDomR WURSLFDO Vy R LQWHUHVVDYDP DV HVSHFLDULDV H RV
SURGXWRV FRPHUFLDLV +XPEROGW QRWD TXH QD VXD LOKD
HQFDQWDGD Vy GHVFUHYH SODQWDV HXURSpLDV $ PHVPD
LQGLIHUHQoD RX LQFRPSUHHQVmR p QRWiYHO QRV TXH DTXL
SULPHLUR HQIUHQWDUDP D WHUUD UHFpP DFKDGD 3LJDIIHWD
GXUDQWH D VXD HVWDGLD QR 5LR GH -DQHLUR QD IURWD GH
0DJDOKmHV DSHQDV UHJLVWD QR VHX GLiULR R H[FHVVLYR
FDORU 0DUWLP $IRQVR H 3HUR /RSHV QmR VH GHL[DUDP
VHGX]LU SHOR PDJQtILFR DQILWHDWUR GD EDtD GR 5LR IRUDP
PDLV DR VXO DSURYHLWDU SDUD D YLOD TXH IXQGDUDP D YHOKD
IHLWRULD GH WUDILFDQWHV GH HVFUDYRV HVFRQGLGD QXP
UHFDQWR GD DEUD GH 6mR 9LFHQWH $OpP GH 9HVSXFFL ³
PXLWR GD VXD SiWULD H GD VXD pSRFD ³ UDURV VmR QHVVH
GXUR VpFXOR ;9, RV TXH FRPR 7RPp GH 6RXVD H )HUQmR
&DUGLP VHQWLUDP R HQFDQWR GD *XDQDEDUD 0DV WRGRV
VRIULDP D VHGXomR GRV WUySLFRV YLYHQGR LQWHQVDPHQWH
XPD YLGD DQLPDO H EHEHQGR FRP GHOtFLD XP DU FRPR TXH
DWp HQWmR LUUHVSLUDGR
1RV FDSXFKLQKRV GH OD 5DYDUGLqUH Mi WRFDGRV SHOR
KXPDQLVPR GD 5HQDVFHQoD UDEHODLVLDQD DR FRPHoDU R
VpFXOR ;9,, H DR SLVDUHP R VROR DUGHQWH GR 0DUDQKmR
YDPRV SRUpP HQFRQWUDU D UHYHODomR GHVVH PXQGR QRYR
FRP R TXDO QXQFD WLQKDP VRQKDGR QDV FpOXODV WULVWHV GR
VHX FRQYHQWR GH 3DULV )UHL &ODXGH G $EEHYLOOH SRU
H[HPSOR DR FRQWUiULR GDV DSUHHQV}HV GD SDUWLGD
GHVFREULD QR 0DUDQKmR XPD QDWXUH]D VRUULGHQWH H
DFROKHGRUD ´6L HVWDQW Oi YRXV DYH] XQ FRQWHQWHPHQW
QRQ SDUHLO HQ UHJDUGDQW OD WHUUH YRLUH OD GLYHUVLWp GH WDQW
G DQLPDX[ DX PLOLHX GH OD YHUGXUH TXL HVW HQ WRXW WHPV
15
YRXV Q DYH] SDV PRLQV GH SODLVLU OHYDQW OHV HX[ HQ KDXW
9RXV YRH] GLYHUV DUEUHV WRXV FRXYHUV GH PRQQHV HW GH
JXHQRQV GH GLYHUVHV VRUWHV VDXWDQW G DUEUHV HQ DUEUHV
DYHF XQH DJLOLWp HW XQH GH[WHULWp DGPLUDEOHV IDLVDQW PLOOH
VLQJHULHV FRPPH V LOV YRXORLHQW YRXV GRQQHU GX SODLVLUµ
ÉUYRUHV KDYLD HVFUHYH R IUDGH ´SOHLQV G RLVHDX[ SDUP
OHV IUXLFWV HW OHV IOHXUV JDVRXLOODQV HQ WRXW WHPV FRPPH
IRQW OHV QRVWUHV HQ XQ EHDX SULQWHPV WRXV GH GLYHUV
SOXPDJHV VL EHDX[ HW VL DJUpDEOHV TXH OHV 3ULQFHV HW OHV
6HLJQHXUV OHV WLHQQHQW ELHQ FKHU SDU GHoDµ
<YHV G (YUHX[ FRPSDQKHLUR H FRQWLQXDGRU GH IUHL
&ODXGH QmR VH IXUWRX WDPEpP DR HQOHYR TXH OKH
SURGX]LD D QRYD WHUUD $OpP GH DUWLVWD FRP XP YLYR H
HVSRQWkQHR VHQWLPHQWR GR SLWRUHVFR HUD WDPEpP
QDWXUDOLVWD PLQXFLRVR H H[DWR 3DVVDYD KRUDV GHLWDGR HP
SOHQD PDWD LPyYHO D HVSUHLWDU D YLGD DULVFD GRV DQLPDLV
H LQVHWRV GHVGH D RQoD ´TXL FRXUW DSUH] VD TXHXH HW
WRXUQRLH FRPPH YRXV YRH] IDLUH DX[ SHWLWV FKDWV TXDQG
LOV VRQW DX PLOLHX G XQH VDOOH RX HOOHV YRQW EHOOHPHQW OH
YHQWUH FRQWUH WHUUH FRPPH IRQW OHV FKDWV TXDQG LOV
YHXOHQW SUHQGUH XQH VRXUµ ³ DWp RV YDJDOXPHV ULVFDQGR
OXPLQRVDPHQWH D QRLWH HVFXUD 'HXV RV WHQGR SURYLGR
´G XQ IODPEHDX TX LOV SRUWHQW GHYDQW HW GHUULqUH HX[µ
­ DGPLUDomR GR ERP FDSXFKR QHP HVFDSDYD D QXGH]
HVFDQGDORVD GDV tQGLDV GR 0DUDQKmR 2V VHXV ROKRV ³
FRQIHVVD ³ QmR VH FDQVDYDP GDV OLQKDV KDUPRQLRVDV
GRV FRUSRV QXV TXH D FLYLOL]DomR QmR DYLOWDUD (UD HVVH
FHUWDPHQWH R SDUDtVR EtEOLFR TXH Mi &RORPER HQWUHYLUD
QDV PDUDYLOKDV GR 2ULQRFR 2X QmR HVWDULD ORQJH FRPR
DILUPDYD 9HVSXFFL
3DUDtVR RX UHDOLGDGH QHOH VH VROWDUD H[DOWDGR SHOD
16
DUGrQFLD GR FOLPD R VHQVXDOLVPR GRV DYHQWXUHLURV H
FRQTXLVWDGRUHV $t YLQKDP HVJRWDU D H[XEHUkQFLD GH
PRFLGDGH H IRUoD H VDWLVID]HU RV DSHWLWHV GH KRPHQV D
TXHP Mi LQFRPRGDYD H UHSHOLD D RUJDQL]DomR GD
VRFLHGDGH HXURSpLD )RL GHOHV R 1RYR 0XQGR &RUViULRV
IOLEXVWHLURV FDoXODV GDV DQWLJDV IDPtOLDV QREUHV
MRJDGRUHV DUUXLQDGRV SDGUHV UHYROWDGRV RX UHPLVVRV
SREUHV GLDERV TXH PDLV WDUGH &DOORW GHVHQKRX
YDJDEXQGRV GRV SRUWRV GR 0HGLWHUUkQHR DQDUTXLVWDV
HP VXPD QD H[SUHVVmR PRGHUQD H LQVXEPLVVRV jV
SHLDV VRFLDLV ³ WRGD D HVFXPD WXUYD GDV YHOKDV
FLYLOL]Do}HV IRL GHOHV R 1RYR 0XQGR QHVVH DOYRUHFHU
)UDQFHVHV QR &DQDGi KRODQGHVHV HP 1RYD <RUN
LQJOHVHV QD &DUROLQD 9LUJtQLD H 0DUODQG FDVWHOKDQRV
QDV $QWLOKDV 1RYD (VSDQKD $PpULFD &HQWUDO H 3DFtILFR
SRUWXJXHVHV H DLQGD HVSDQKyLV IUDQFHVHV H IODPHQJRV
QR %UDVLO WRGR R FRQWLQHQWH VH SRYRRX GHVVHV
DGYHQWtFLRV YLROHQWRV H GHVDEXVDGRV 5DSLGDPHQWH SHOR
FUX]DPHQWR RX SHOD DGDSWDomR VH WUDQVIRUPDYDP HP
´YDTXHDQRVµ H ´UDVWUHDGRUHVµ GD $PpULFD HVSDQKROD HP
FRXUHXUV GH ERLV GRV GHVHUWRV GR QRUWH QR WDSHMDUD H QR
PDPDOXFR EDQGHLUDQWH GD FRO{QLD SRUWXJXHVD
1DV SUDLDV GRV PDUHV GHVFRQKHFLGRV GHVFLDP
YHQHUDGRV FRPR GHXVHV SHOR DERUtJHQH LQRIHQVLYR
GHXVHV YLQGRV GR FpX RX GH RXWUR PXQGR j SURFXUD GH
RXUR 2UHOODQD QDV PDUJHQV GR $PD]RQDV DSDUHFLD
DR JHQWLR FRPR ´ILOKR GR VROµ H DQWHV QDV WHUUDV GR VXO
RV tQGLRV VH PRVWUDYDP VHPSUH GLVSRVWRV D HPEDUFDU
FRP RV HXURSHXV DFUHGLWDQGR TXH LDP SDUD R FpX UHIHUH
D *D]HWD $OHPm GH
1R %UDVLO ORJR QRV DQRV TXH VH VHJXLUDP DR
GHVFREULPHQWR VH IL[DUDP DYHQWXUHLURV HP IHLWRULDV
17
HVSDUVDV SHOR OLWRUDO (UDP GHJUHGDGRV TXH
DEDQGRQDYDP QDV FRVWDV DV SULPHLUDV IURWDV
H[SORUDGRUDV RX QiXIUDJRV RX JHQWH PDLV RXVDGD
GHVHUWDQGR GDV QDXV DWUDtGD SHOD IDVFLQDomR GDV
DYHQWXUDV 'HVVD JHQWH UDURV HUDP GH RULJHP VXSHULRU H
SDVVDGR OLPSR ³ QD SURSRUomR GH SRU WDOYH] ´'H
ED[D PDQHUD  VXHUWHµ GH ´OLQDMHV REVFXURV  ED[RVµ
LQIRUPDP RV FURQLVWDV FDVWHOKDQRV
5HSUHVHQWDUDP SRUpP XP SDSHO SHFXOLDU QD KLVWyULD
GR SRYRDPHQWR GR FRQWLQHQWH (QWUH QyV HVWDEHOHFHUDP
SHOD SULPHLUD YH] XP FRPHoR GH FRQWDWR HQWUH R EUDQFR H
R tQGLR ,QIOXtUDP VREUH R JHQWLR FRPR IRUDP
LQIOXHQFLDGRV SRU HVWH 8QV FDtUDP QD PDLV H[WUHPD
VHOYDJHULD FRPR R FDVWHOKDQR GH TXH QRV IDOD *DEULHO
6RDUHV FRP RV EHLoRV IXUDGRV RX FRPR RV LQWpUSUHWHV
QRUPDQGRV TXH VHJXQGR /HU FRPHWLDP WRGDV DV
DERPLQDo}HV LQGR DWp D DQWURSRIDJLD 2XWURV VH
WUDQVIRUPDYDP HP YHUGDGHLURV UpJXORV GDQGR H[SDQVmR
DRV VHXV VHQWLPHQWRV GH KRPHQV GH SUHVD RX HQWmR
PDLV PHGtRFUHV GH WHPSHUDPHQWR EXUJXrV YLYLDP EHP
FRP R HXURSHX H R LQGtJHQD DSUHQGLDP D OtQJXD GD
WHUUD HVWDEHOHFLDP IHLWRULDV H LQLFLDYDP R FRPpUFLR
QDWXULVWD TXH SUHGRPLQRX SRU WRGR R SULPHLUR VpFXOR
1R %UDVLO WUrV Q~FOHRV GH SRYRDPHQWR H PHVWLoDJHP
VREUHOHYDP QHVVH SHUtRGR LQLFLDO IRUDP RV TXH WLYHUDP
FRPR FKHIHV H SDWULDUFDV -HU{QLPR GH $OEXTXHUTXH
'LRJR ÉOYDUHV &DUDPXUX H -RmR 5DPDOKR
7RGRV FRQVWLWXtUDP GHVFHQGrQFLD ³ VREUHWXGR RV
GRLV ~OWLPRV ³ SHOR FUX]DPHQWR FRP FXQKmV WRGRV
SUROLIHUDUDP ODUJDPHQWH FRPR TXH LQGLFDQGR D VROXomR
SDUD R SUREOHPD GD FRORQL]DomR H IRUPDomR GD UDoD QR
18
QRYR SDtV ´IXHURQ SREODGRUHV VRQ SREODGRUHVµ GL]LD QR
3UDWD 5XL 'LD] GH *X]PiQ 'HVVHV FRORQRV R SULPHLUR
GD HVWLUSH GRV $OEXTXHUTXHV HUD FXQKDGR GR GRQDWiULR
'XDUWH &RHOKR H YLYLD j PDQHLUD GR JHQWLR DPDQFHEDGR
FRP D ILOKD GH XP PRUXEL[DED H D TXHP EDWL]DUD
GDQGR OKH R QRPH FULVWmR GH 0DULD GR (VSLULWR 6DQWR
$UFR 9HUGH &DVDQGR PDLV WDUGH FRP PXOKHU EUDQFD
ILGDOJD GHL[RX YLQWH H TXDWUR ILOKRV VHQGR RLWR GD tQGLD
$UFR 9HUGH 8P GRV ILOKRV PDPDOXFRV IRL GHSRLV FKHIH
GD H[SHGLomR GH FRQTXLVWD GR 0DUDQKmR GHOH p FLWDGD
QHVVD OXWD FRQWUD R LQYDVRU IUDQFrV /D 5DYDUGLqUH D IUDVH
VREHUED ´6RPRV KRPHQV TXH XP SXQKDGR GH IDULQKD H
XP SHGDoR GH FREUD TXDQGR R Ki QRV VXVWHQWDµ 'H
&DUDPXUX DQGD D ILJXUD HQYROWD HP OHQGDV DLQGD
REVFXUDV *UDQJHRX SRUpP WDO LPSRUWkQFLD TXH TXDQGR
SDUWLX SDUD D FRO{QLD R SULPHLUR JRYHUQDGRU 7RPp GH
6RXVD OKH WURX[H XPD FDUWD GH UHFRPHQGDomR GR SUySULR
' -RmR ,,, &DVRX 'LRJR ÉOYDUHV FRP D tQGLD 3DUDJXDoX
TXH DILUPD IUHL 9LFHQWH GR 6DOYDGRU H GXYLGD 9DUQKDJHQ
DFRPSDQKDUD R PDULGR DWp D FRUWH GR UHL GH )UDQoD
$LQGD D FRQKHFHX R IUDGH KLVWRULDGRU PRUUHQGR PXLWR
YHOKD WHQGR YLVWR HP YLGD WRGRV RV ILOKRV H QHWRV
FDVDGRV QDV SULQFLSDLV IDPtOLDV SRUWXJXHVDV GD WHUUD 2
WHUFHLUR WURQFR GH JUDQGH OLQKDJHP PHVWLoD IRL -RmR
5DPDOKR SDWULDUFD GRV FDPSRV GH VHUUD DFLPD QD
FDSLWDQLD GH 6mR 9LFHQWH 'HOH HVFUHYHX 7RPp GH 6RXVD
DR UHL GH 3RUWXJDO ´WHP WDQWRV ILOKRV H QHWRV ELVQHWRV H
GHVFHQGHQWHV GHOHV KR QRP RXVR GL]HU D 9 $ QD WHP FmD
QD FDEHoD QHP QR URVWR H DQGD QRYH OpJXDV D Sp DQWHV
GH DQWDU µ )RL R DVFHQGHQWH SRU H[FHOrQFLD GRV
PDPDOXFRV SDXOLVWDV TXH YLULDP D H[HUFHU WmR JUDQGH
LQIOXrQFLD QD KLVWyULD GR %UDVLO IRL R DQWHSDVVDGR WtSLFR
FRPR R GHVFUHYH R SULPHLUR JRYHUQDGRU GR DQWLJR
19
SLUDWLQLQJDQR ILVLFDPHQWH IRUWH VDXGiYHO ORQJHYR
GHVDEXVDGR H LQGHSHQGHQWH UHVXPLQGR DV TXDOLGDGHV
FRP TXH GRWRX JHUDo}HV H JHUDo}HV GH GHVFHQGHQWHV
'RV WUrV QRPHV GH GHVWDTXH QD KLVWyULD GD
FRORQL]DomR Vy R GH -HU{QLPR GH $OEXTXHUTXH p GH
IDPtOLD H FU{QLFD FRQKHFLGDV 'RV RXWURV GRLV QmR
VDEHPRV TXDQGR H FRPR DSRUWDUDP D QRVVDV SUDLDV
1iXIUDJRV GHVHUWRUHV GHJUHGDGRV" 1HVVH PLVWpULR VmR
HQWUHWDQWR VLPEyOLFRV UHSUHVHQWDP R LQVLQXDQWH
GRPLQLR GR EUDQFR VREUH D LQGLDGD TXH R DFROKLD QR
HQJDQR GRV SULPHLURV HQFRQWURV &RQWrP HP HPEULmR
TXDVH WRGRV RV HOHPHQWRV GD VRFLHGDGH SRVWHULRU (UD
DLQGD R SHUtRGR LGtOLFR H KHUyLFR HP TXH FRORQR DTXL
FKHJDYD LVRODGR QR LQGLYLGXDOLVPR GD pSRFD H
PLVWXUDYD VH FRP R LQGtJHQD GH TXHP DSUHQGLD D OtQJXD
H DGRWDYD RV FRVWXPHV +DYLD SRUpP IDOWD FRPSOHWD GH
PXOKHUHV EUDQFDV 'DV GLIHUHQWHV H[SHGLo}HV TXH
SHUFRUUHUDP QR SULPHLUR TXDUWHO GR VpFXOR ;9, R OLWRUDO
GD FRO{QLD HP QHQKXPD VH DVVLQDOD D SUHVHQoD GH
FDVDLV RX GH PXOKHUHV VROWHLUDV (VWH IDWR TXH VH
YHULILFD WDPEpP HP DOJXPDV UHJL}HV GR 3UDWD Gi XPD
IHLomR HVSHFLDO j FRQTXLVWD H SRYRDPHQWR GR %UDVLO $
FRQFXELQDJHP WRUQRX VH XPD UHJUD JHUDO WUD]HQGR FRPR
UHVXOWDGR D LPSODQWDomR GD PHVWLoDJHP QD FRQVWLWXLomR
GRV WLSRV DXWyFWRQHV TXH SRYRDUDP GHVGH ORJR HVWD SDUWH
GR 1RYR 0XQGR
2 FOLPD R KRPHP OLYUH QD VROLGmR R tQGLR VHQVXDO
HQFRUDMDYDP H PXOWLSOLFDYDP DV XQL}HV GH SXUD
DQLPDOLGDGH $ LPSUHVVmR HGrQLFD TXH DVVDOWDYD D
LPDJLQDomR GRV UHFpP FKHJDGRV H[DOWDYD VH SHOR
HQFDQWR GD QXGH] WRWDO GDV PXOKHUHV LQGtJHQDV $
SUySULD FDUWD GH &DPLQKD GL] EHP D VXUSUHVD TXH
20
FDXVRX DRV QDYHJDGRUHV R DVSHFWR LQHVSHUDGR GDV
JUDFLRVDV ILJXUDV TXH DQLPDYDP D SDLVDJHP (P PHLR
GRV JUXSRV SLWRUHVFRV TXH DSDUHFLDP QDV SUDLDV
DQGDYDP HQWUH HOHV WUrV RX TXDWUR PRoDV EHP ´QRYLQKDV
H JHQWLV FRP RV FDEHORV PXLWR SUHWRV H FRPSULGRV SHODV
HVSiGXDV H VXDV YHUJRQKDV WmR DOWDV H WmR FHUUDGLQKDV H
WmR OLPSDV GH FDEHOHLUD TXH GH DV PXLWR EHP ROKDUPRV
QmR VH HQYHUJRQKDYDPµ HVFUHYLD 3HUR 9D] ( DFUHVFHQWD
TXH ´XPD GDTXHODV PRoDV WRGD WLQJLGD GH IXQGR
DFLPD H FHUWR WmR EHP IHLWD H WmR UHGRQGD H VXD
YHUJRQKD TXH HOD QmR WLQKD WmR JUDFLRVD TXH PXLWDV
PXOKHUHV GH QRVVD WHUUD YHQGR OKH WDLV IHLo}HV
HQYHUJRQKDYDP SRU QmR WHUHP DV VXDV FRPR HODµ 7ULQWD
DQRV PDLV WDUGH DLQGD RXWUR FURQLVWD VH H[WDVLD GLDQWH
GD EHOH]D GDV PXOKHUHV GR %UDVLO ´PXL IHUPRVDV TXH
QDP KDP QHQK€D LQYHMD jV GD UXD 1RYD GH /LVERDµ
'HSRLV GRV ORQJRV GLDV FRQWLQHQWHV GD WUDYHVVLD R
PXQGR QRYR FRP HVVDV DSDULo}HV JHQWLV GHYLD VHU
FHUWDPHQWH R SDUDtVR ([SOLFD VH DVVLP TXH GD IURWD GH
&DEUDO FLQFR WULSXODQWHV GHVHUWDVVHP DWUDtGRV SHOD YLVmR
GH XPD H[LVWrQFLD HGrQLFD DOpP GRV GHJUHGDGRV TXH QD
SUDLD GHL[RX R DOPLUDQWH H TXH HP DOWR FKRUR DVVLVWLUDP
j SDUWLGD GDV QDXV HP FDPLQKR GDV ÌQGLDV &HUFD GH XP
VpFXOR PDLV WDUGH FRQIHVVD R IUDQFrV 6LPmR /XLV GDV
´&RQILVV}HV GD %DKLDµ TXH FRP GH] DQRV GH LGDGH IXJLUD
GR QDYLR HP TXH FKHJDUD DR %UDVLO LQWHUQDQGR VH FRP R
JHQWLR QR VHUWmR GHVFRQKHFLGR $ H[WUHPD PRFLGDGH GH
PXLWRV GHVVHV HPLJUDQWHV p XP WUDoR FDUDFWHUtVWLFR GD
pSRFD H GD JHQWH &RPR HVVH REVFXUR 6LPmR /XLV &RUWH]
HPEDUFDUD SDUD D $PpULFD DRV GH]HQRYH DQRV GH LGDGH
&LH]D GH /HRQ DRV H *RQoDOR GH 6DQGRYDO FDSLWmR GH
&RUWH] DSHQDV WLQKD (VWiFLR GH 6i HQWUH QyV Mi HUD
JRYHUQDGRU DRV DQRV VHJXQGR XPD LQIRUPDomR
21
MHVXtWLFD ­ VHGXomR GD WHUUD DOLDYD VH QR DYHQWXUHLUR D
DIRLWH]D GD DGROHVFrQFLD 3DUD KRPHQV TXH YLQKDP GD
(XURSD SROLFLDGD R DUGRU GRV WHPSHUDPHQWRV D
DPRUDOLGDGH GRV FRVWXPHV D DXVrQFLD GR SXGRU
FLYLOL]DGR ³ H WRGD D FRQWtQXD WXPHVFrQFLD YROXSWXRVD
GD QDWXUH]D YLUJHP ³ HUDP XP FRQYLWH j YLGD VROWD H
LQIUHQH HP TXH WXGR HUD SHUPLWLGR 2 LQGtJHQD SRU VHX
WXUQR HUD XP DQLPDO ODVFLYR YLYHQGR VHP QHQKXP
FRQVWUDQJLPHQWR QD VDWLVIDomR GH VHXV GHVHMRV FDUQDLV
´7RPDP WDQWDV PXOKHUHV TXDQWDV TXHUHP H R ILOKR VH
MXQWD FRP D PmH H R LUPmR FRP D LUPm H R SULPR FRP D
SULPD H R FDPLQKDQWH FRP D TXH HQFRQWUD YLYHP
VHFXQGXP QDWXUDP ³ HVFUHYLD 9HVSXFFL D /RUHQ]R GHL
0HGLFL 9ROWDYD VH j VLPSOHV OHL GD QDWXUH]D H j IDQWDVLD
VH[XDO GRV DYHQWXUHLURV PRoRV H DUGHQWHV HP SOHQD
IRUoD SUHVWDYD VH R JHQWLR 8P GRV PDLV VDJD]HV
REVHUYDGRUHV GR VpFXOR *DEULHO 6RDUHV GH 6RXVD
HVFUHYLD UHIHULQGR VH DRV WXSLQDPEiV
6mR ´WmR OX[XULRVRV TXH QmR Ki SHFDGR GH
OX[~ULD TXH QmR FRPHWDP RV TXDLV VHQGR GH
PXLWR SRXFD LGDGH WHP FRQWD FRP PXOKHUHV H
EHP PXOKHUHV SRUTXH DV YHOKDV Mi GHVHVWLPDGDV
GRV TXH VmR KRPHQV JUDQMHLDP HVWHV PHQLQRV
ID]HQGR OKHV PLPRV H UHJDORV H HQVLQDP OKHV D
ID]HU R TXH HOHV QmR VDEHP H QmR RV GHL[DP GH
GLD QHP GH QRLWH e HVWH JHQWLR WmR OX[XULRVR TXH
SRXFDV YH]HV WHP UHVSHLWR jV PmHV H WLDV H
SRUTXH HVWH SHFDGR p FRQWUD VHXV FRVWXPHV
GRUPHP FRP HODV SHORV PDWRV H DOJXQV FRP VXDV
SUySULDV ILOKDV H QmR VH FRQWHQWDP FRP XPD
PXOKHU PDV WHP PXLWDV FRPR Mi ILFD GLWR SHOR
TXH PRUUHP PXLWRV GH HVIDOIDGRV ( HP
FRQYHUVDomR QmR VDEHP IDODU VHQmR QHVWDV
22
VXMLGDGHV TXH FRPHWHP FDGD KRUD RV TXDLV VmR
WmR DPLJRV GD FDUQH TXH VH QmR FRQWHQWDP SDUD
VHJXLUHP VHXV DSHWLWHV FRP R PHPEUR JHQLWDO
FRPR D QDWXUH]D R IRUPRX PDV Ki PXLWRV TXH OKH
FRVWXPDP S{U R SrOR GH XP ELFKR WmR
SHoRQKHQWR TXH OKR ID] ORJR LQFKDU FRP R TXH
WHP JUDQGHV GRUHV PDLV GH VHLV PHVHV TXH VH OKH
YmR JDVWDQGR SRU HVSDoR GH WHPSR FRP R TXH VH
OKH ID] R FDQR WmR GLVIRUPH GH JURVVR ³ TXH RV
QmR SRGHP DV PXOKHUHV HVSHUDU QHP VRIUHU H
QmR FRQWHQWHV HVWHV VDOYDJHQV GH DQGDUHP WmR
HQFDUQLoDGRV QHVWH SHFDGR QDWXUDOPHQWH
FRPHWLGR VmR PXL DIHLoRDGRV DR SHFDGR QHIDQGR
HQWUH RV TXDLV VH QmR WHP SRU DIURQWD H R TXH
VHUYH GH PDFKR VH WHP SRU YDOHQWH H FRQWDP HVWD
EHVWLDOLGDGH SRU SURH]D H QDV VXDV DOGHLDV SHOR
VHUWmR Ki DOJXQV TXH WrP WHQGD S~EOLFD D TXDQWRV
RV TXHUHP FRPR PXOKHUHV S~EOLFDV
&RPR RV SDLV H DV PDLV YrP RV ILOKRV FRP
PHQHLRV SDUD FRQKHFHU PXOKHU HOHV OKD EXVFDP
H RV HQVLQDP FRPR D VDEHUmR VHUYLU DV IrPHDV
PXLWR PHQLQDV HVSHUDP R PDFKR PRUPHQWH DV
TXH YLYHP HQWUH RV 3RUWXJXHVHV 2V PDFKRV
GHVWHV 7XSLQDPEiV QmR VmR FLRVRV H DLQGD TXH
DFKHP RXWUHP FRP DV PXOKHUHV QmR PDWDP D
QLQJXpP SRU LVVR H TXDQGR PXLWR HVSDQFDP DV
PXOKHUHV SHOR FDVR ( DV TXH TXHUHP EHP DRV
PDULGRV SHORV FRQWHQWDUHP EXVFDP OKH PRoDV
FRP TXH HOHV VH GHVHQIDGHP DV TXDLV OKH OHYDP D
UHGH RQGH GRUPHP RQGH OKH SHGHP PXLWR TXH VH
TXHLUDP GHLWDU FRP RV PDULGRV H DV SHLWDP SDUD
LVVR FRXVD TXH QmR ID] QHQKXPD QDomR GH JHQWH
VHQmR HVWHV EiUEDURVµ
23
'R FRQWDWR GHVVD VHQVXDOLGDGH FRP R GHVUHJUDPHQWR
H D GLVVROXomR GR FRQTXLVWDGRU HXURSHX VXUJLUDP DV
QRVVDV SULPLWLYDV SRSXODo}HV PHVWLoDV 7HUUD GH WRGRV
RV YtFLRV H GH WRGRV RV FULPHV 6HJXQGR R SUySULR
WHVWHPXQKR GRV HVFULWRUHV SRUWXJXHVHV FRQWHPSRUkQHRV
D LPRUDOLGDGH GRV SULPHLURV FRORQRV HUD HVSDQWRVD H
H[FHGLD WRGD PHGLGD
´1HVVD WHUUD HVFUHYLD R SDGUH 0DQRHO GD
1yEUHJD Ki XP JUDQGH SHFDGR TXH p WHUHP
RV KRPHQV TXDVH WRGRV VXDV QHJUDV SRU
PDQFHEDV H RXWUDV OLYUHV TXH SHGHP DRV QHJURV
SRU PXOKHUHV VHJXQGR R FRVWXPH GD WHUUD TXH p
WHUHP PXLWDV PXOKHUHV ( HVWDV GHL[DP QDV
TXDQGR OKHV DSUD] R TXH p JUDQGH HVFkQGDORµ
7UrV DQRV PDLV WDUGH GL]LD R PHVPR MHVXtWD DR UHL GH
3RUWXJDO
´-i HVFUHYL D 9 $ D IDOWD TXH QHVWD WHUUD Ki GH
PXOKHUHV FRP TXH RV KRPHQV VH FDVHP H YLYDP
HP VHUYLoR GH 1RVVR 6HQKRU DIDVWDGRV GRV
SHFDGRV HP TXH DJRUD YLYHP PDQGH 9 $ PXLWDV
yUImV H VH QmR KRXYHU PXLWDV YHQKDP GH PLVWXUD
GHODV H TXDLVTXHU SRUTXH VmR WmR GHVHMDGDV DV
PXOKHUHV EUDQFDV Fi TXH D TXDLVTXHU IDUmR Fi
PXLWR EHP j WHUUD H HODV VH JDQKDUmR H RV
KRPHQV GH Fi DIDVWDU VH mR GR SHFDGRµ
'RV EDQGHLUDQWHV SDXOLVWDV HVFUHYLD 0RQWRD ´,DV
PXMHUHV GH EXHQ SDUHFHU FDVDGDV VROWHUDV y JHQWLOHV HO
GXHxR ODV HQFHUUDED FRQVLJR HQ XQ DSRVHQWR FRQ TXLHQ
SDVDED ODV QRFKHV DO PRGR TXH XQ FDEURQ HQ XQ FXUUDO
GH FDEUDVµ 1R PHVPR VpFXOR WHVWHPXQKDYD R SDGUH
24
6LPmR GH 9DVFRQFHORV ´2V FRVWXPHV GRV SRUWXJXHVHV
PRUDGRUHV TXH HQWmR VH DFKDYDP QHVWDV YLODV YLQKDP D
VHU TXDVH FRPR RV GRV tQGLRV SRUTXH VHQGR FULVWmRV
YLYLDP D PRGR GH JHQWLRV QD VHQVXDOLGDGH HUD JUDQGH D
VXD GHYDVVLGmR DPDQFHEDQGR VH RUGLQDULDPHQWH GH
SRUWDV D GHQWUR FRP DV VXDV PHVPDV tQGLDV RX IRVVHP
FDVDGDV RX VROWHLUDVµ &HQWR H WDQWRV DQRV PDLV WDUGH
DLQGD GHVVD ODVFtYLD EUXWDO PRQVWUXRVD H GHVHQYROWD VH
TXHL[DYD R SDGUH -RmR 'DQLHO DMXQWDQGR TXH RV KRPHQV
GHOD XVDYDP ´VHP WHPRU GH 'HXV QHP GR SHMRµ
1mR HUD XP YtFLR H[FHSFLRQDO QD KLVWyULD GD
FRQTXLVWD GD $PpULFD &RQKHFHPRV R KDUpP TXH VHJXLD
R H[pUFLWR GH &RUWH] FRPSRVWR GH UDSDULJDV WRGDV
VHxRUDV  KLMDV GH SULQFLSDOHV 2V FRQTXLVWDGRUHV
HVSDQKyLV GR VpFXOR ;9, YLYLDP QXP UHJLPH GH
SROLJDPLD PXoXOPDQD 7RGR VROGDGR RX HQFRPPHQGHUR
WLQKD R VHX JLQHFHX HP TXH UHXQLD SHOR PHQRV WUrV
PXOKHUHV 1R 3DUDJXDL H QR 3UDWD VH HOHYDYD
IUHTHQWHPHQWH D R Q~PHUR GHVVDV FRQFXELQDV
VHJXLQGR RV H[HPSORV GH ,UDOD 9HUJDUD 1XIOR GH &KDYHV
H RXWURV GR 6XO GR FRQWLQHQWH
1HP SDUHoDP HQWUH QyV VXVSHLWDV DV LQIRUPDo}HV TXH
D UHVSHLWR QRV YrP GRV SDGUHV GD &RPSDQKLD VHPSUH
HP OXWD FRP RV FRORQRV 2V DUTXLYRV GD 7RUUH GR 7RPER
IRUQHFHUDP RV SUHFLRVRV GRFXPHQWRV GD SULPHLUD
YLVLWDomR GR 6DQWR 2ItFLR jV SDUWHV GR %UDVLO GH
e XP TXDGUR LPSUHVVLRQDQWH GR FRPHoR GH
VRFLHGDGH TXH HUD D %DKLD QHVVH ILQGDU GH VpFXOR e
WDPEpP QR VHJUHGR LQTXLVLWyULR D PRVWUD PLQXFLRVD H
FRPSOHWD GDV PDLV EDL[DV SDL[}HV TXH Vy SDUHFH GHYDP
H[LVWLU QD GHFDGrQFLD GDV FLYLOL]Do}HV
25
*UDQGH Q~PHUR GHVVDV FRQILVV}HV HP
UHIHUHP VH DR SHFDGR VH[XDO 1D SRSXODomR
UHODWLYDPHQWH HVFDVVD GD FLGDGH GR 6DOYDGRU H GR VHX
UHF{QFDYR D UHSHWLomR GRV FDVRV GH DQRUPDOLGDGH
SDWROyJLFD S}H FODUDPHQWH HP HYLGrQFLD HP TXH
DPELHQWH GH GLVVROXomR H DEHUUDomR YLYLDP RV KDELWDQWHV
GD FRO{QLD 6mR UHLQyLV IUDQFHVHV JUHJRV H D WXUED
PHVFODGD GD PHVWLoDJHP ³ PDPDOXFRV FXULERFDV H
PXODWRV ³ WUD]HQGR DR WULEXQDO GD ,QTXLVLomR RV
GHSRLPHQWRV GRV VHXV YtFLRV VRGRPLD WULEDGLVPR
SHGRILOLD HUyWLFD SURGXWRV GD KLSHUHVWHVLD VH[XDO D PDLV
GHVEUDJDGD Vy SUySULD HP JHUDO GRV JUDQGHV FHQWURV GH
SRSXODomR DFXPXODGD 6RGRPLWD HVVH YLJiULR GH
0DWRLP GH DQRV FRPHWHQGR DWRV GHVRQHVWRV FRP
PDLV GH TXDUHQWD SHVVRDV RX HVVH RXWUR FOpULJR
)UXFWXRVR ÉOYDUHV ´KRPHP YHOKR TXH Mi WHP DV EDUEDV
EUDQFDVµ SHGHUDVWD SDVVLYR DVVLP FRPR R F{QHJR
%DUWKRORPHX GH 9DVFRQFHOORV DSDL[RQDGR SHORV QHJURV
GH *XLQp H R VRGRPLWD LQFHVWXRVR %DVWLmR GH $JXLDU
PHQRU GH DQRV TXH VH DMXQWDYD FRP R LUPmR PDLV
YHOKR H FRP XP EDFKDUHO HP DUWHV QDWXUDO GR 5LR GH
-DQHLUR H /i]DUR GD &XQKD PDPDOXFR TXH YLYHUD FLQFR
DQRV HQWUH RV WXSLQDPEiV ´GHVSLGR H WLQJLGRµ
SUDWLFDQGR FRP DV tQGLDV R SHFDGR QHIDQGR H R FULVWmR
QRYR $IRQVR HQFRQWUDQGR VH FRP R VHX F~PSOLFH )HUQmR
´SHORV FDPSRV H ULEHLUDVµ H -RmR 4XHL[DGD PRUDGRU HP
FDVD GR JRYHUQDGRU 'RP )UDQFLVFR GH 6RXVD H TXH
GRUPLD HP /LVERD FRP RV SDMHQV GR GHmR GD 6p 7UtEDGH
HVVD IDPRVD )HOLSD GH 6RXVD TXH FRQKHFLD FRPR XPD
6DIR SDULVLHQVH D DUWH GH ´IDODU PXLWRV UHTXHEURV H
DPRUHV H SDODYUDV ODVFLYDV PHOKRU DLQGD GR TXH VH IRUD
XP UXILmR j VXD EDUUHJmµ H TXH FRQVHJXLX SHQHWUDU SDUD
VDFLDU R YtFLR QXP PRVWHLUR GH PRQMDV WUtEDGH WDPEpP
26
/XL]D 5RL] TXH SHUVHJXLD QD VXD I~ULD DV QHJUDV GD
FLGDGH 3HGyILOR R F{QHJR -DFRPH GH 4XHLUR] GHIORUDGRU
GH XPD SHTXHQD PDPDOXFD GH VHLV DQRV TXH YHQGLD
SHL[H SHODV UXDV VDFUtOHJR HUyWLFR )HUQmR &DEUDO GH
7KDGH TXH TXHLPDUD YLYD XPD HVFUDYD tQGLD JUiYLGD H
HVFROKHUD D LJUHMD GH -DJXDULSH SDUD RV VHXV
DMXQWDPHQWRV H TXH GLDQWH GH XPD UHSXOVD GHFODUDYD
´WURFHQGR RV ELJRGHVµ TXH LVVR WXGR HUDP
´FDUDQWRQKDVµ TXH XPD ERFKHFKD G iJXD ODYDYD
FXOSDGR GH EHVWLDOLGDGH +HLWRU *RQoDOYHV FRQIHVVDQGR
TXH VHQGR PHQLQR GH D DQRV H SDVWRU GH JDGR
´QHVVH WHPSR GRUPLUD FDUQDOPHQWH SRU PXLWDV YH]HV HP
GLYHUVRV WHPSRV H OXJDUHV FRP PXLWDV DOLPiULDV
RYHOKDV EXUUDV YDFDV pJXDV HWF H DILQDO QRWiYHO SHOD
VXD SRVLomR VRFLDO R FDSLWmR 0DUWLP &DUYDOKR
WHVRXUHLUR GDV UHQGDV DPDQFHEDGR SXEOLFDPHQWH FRP
XP MRYHQ TXH R DFRPSDQKDYD QDV HQWUDGDV SHOR VHUWmR
(VVH WmR HVFDQGDORVR TXH IRUD UHFDPELDGR SDUD R UHLQR
SRU SHFDGR GH VRGRPLD
(P PHLR GHVVDV VXMLGDGHV FRPR GL]LD *DEULHO
6RDUHV FKHJD D GHVWDFDU VH SHOD VDGLD QRUPDOLGDGH GH
VXDV SURH]DV DPRURVDV 'RPLQJRV )HUQDQGHV SRU
DOFXQKD R 7DPDFXDQD PDPDOXFR EDQGHLUDQWH GH
3HUQDPEXFR FRPSDQKHLUR GH $QW{QLR 'LDV $GRUQR H
TXH VLPEROL]D WRGD D VXD pSRFD PHLR EiUEDUR PHLR
FLYLOL]DGR WDWXDGR GH XUXFX H JHQLSDSR YHQHUDGRU GR
3DSD GDV VDQWLGDGHV JHQWtOLFDV PDV ´FRQWHQGR QR VHX
FRUDomR D Ip GH &ULVWRµ WXGR SRU ILQJLPHQWR GL]LD ´SDUD
HQJDQDU DTXHOD JHQWHµ H WUD]r OD FRQVLJR SDUD D
HVFUDYLGmR &RQWHQWRX VH HP GHVYLUJLQDU GXDV DILOKDGDV
PHQRUHV H YLYHU j PRGD GRV VHOYDJHQV FRP R VHX KDUpP
GH FLQFR RX VHLV PXOKHUHV TXH D LQGLDGD OKH RIHUHFLD QR
VHUWmR
27
2 YtFLR H R FULPH QmR HUDP SRUpP SULYLOpJLR GDV
FDPDGDV LQIHULRUHV H PpGLDV GDV SRYRDo}HV FRORQLDLV
QHVVH ILP GR VpFXOR ;9, 2 IUDQFrV 3UDUG GH /DYDO TXH
HVWHYH QR %UDVLO QRV SULPHLURV DQRV GR VpFXOR VHJXLQWH
FRQWD XPD DQHGRWD TXH ODQoD DOJXPD OX] VREUH D YLGD
tQWLPD GD ERD VRFLHGDGH GD pSRFD $QGDYD HOH SDVVHDQGR
SHOD FLGDGH ´YHVWLGR GH VHGD j SRUWXJXHVD H j PRGD GH
*RD TXH p GLIHUHQWH GD GRV SRUWXJXHVHV GH /LVERD H GR
%UDVLOµ TXDQGR VH DSUR[LPRX XPD HVFUDYD QHJUD GH
$QJROD WUD]HQGR XP UHFDGR GH DOJXpP TXH GHVHMDYD
IDODU OKH 'HSRLV GH DOJXPD KHVLWDomR H SRU FXULRVLGDGH
DFHLWRX R FRQYLWH ´SDUD YHU HP TXH GDYDµ ´(OD IH] PH GDU
³ QDUUD 3UDUG ³ PLO YROWDV H URGHLRV SRU XPDV UXDV
HVFXUDV R TXH D FDGD SDVVR PH SXQKD HP JUDQGH WHUURU
H TXDVH HP UHVROXomR GH QmR SDVVDU PDLV DYDQWH PDV
HOD PH GDYD kQLPR H WDQWR IH] TXH PH OHYRX D XP
DSRVHQWR PXL EHOR H JUDQGH EHP PRELOLDGR H
JXDUQHFLGR RQGH QmR YL PDLV QLQJXpP VHQmR XPD MRYHP
GDPD SRUWXJXHVD TXH PH IH] PXL ERP DJDVDOKDGR H PH
PDQGRX ORJR PH DSUHVWDU XPD PXL ERD UHIHLomR H YHQGR
TXH R PHX FKDSpX QmR HUD ERP HOD FRP D VXD SUySULD
PmR PH WLURX GD FDEHoD H PH GHX RXWUR QRYR GH Om GH
(VSDQKD FRP XPD EHOD SUHVLOKD ID]HQGR PH SURPHWHU
TXH WRUQDULD D YLVLWi OD H GD VXD SDUWH PH IDYRUHFHULD H
PH GDULD JRVWR HP WXGR R TXH SXGHVVH 1mR IDOWHL j
SURPHVVD H LD YLVLWi OD IUHTHQWHPHQWH HQTXDQWR Oi
HVWLYHµ
'H]HQDV GH DQRV PDLV WDUGH HP SHOR %UDVLO
DSDUHFHX R HVSDQKRO )UDQFLVFR &RUUHDO DXWRU GH XPD
´9LDJHP jV ÌQGLDV 2FLGHQWDLVµ UHIHULQGR FRLVDV
LQWHUHVVDQWHV VREUH D PHVPD FLGDGH GR 6DOYDGRU ´$V
PXOKHUHV GL] R FDVWHOKDQR VmR PHQRV YLVtYHLV TXH QR
0p[LFR GHYLGR DR LPHQVR FL~PH GRV PDULGRV PDV VmR
28
WmR OLEHUWLQDV H SDUD VDWLVID]HUHP DV VXDV SDL[}HV S}HP
HP SUiWLFD WRGD D FDVWD GH HVWUDWDJHPDV 6H D
SUHFDXomR GRV PDULGRV QmR LPSHGH DV LQWULJDV GH VXDV
PXOKHUHV D GRV SDLV QmR HYLWD TXH DV PmHV SUHVWHP
VHXV FDULGRVRV VRFRUURV jV ILOKDV ORJR TXH ILFDP Q~EHLV
e PHVPR PXLWR YXOJDU DV PmHV LQGDJDUHP GDV ILOKDV R
TXH HODV VmR FDSD]HV GH VHQWLU DRV RX DQRV GH
LGDGH H LQFLWi ODV D ID]HU WXGR R TXH SRVVD HPERWDU RV
DJXLOK}HV GD FDUQH $V YLUJLQGDGHV HVWmR HP OHLOmR QD
FLGDGH GR 6DOYDGRU H DOFDQoDP HOHYDGRV SUHoRV
SRUTXDQWR VmR FROKLGDV PXLWR FHGRµ (P 6DQWRV
DFRQWHFHX OKH DYHQWXUD LJXDO j GH 3UDUG R TXH IH]
$OIUHGR GH &DUYDOKR GXYLGDU GD VXD DXWHQWLFLGDGH
6RPHQWH DRV HQFRQWURV DPRURVRV LD R HVSDQKRO
GLVIDUoDGR HP SDGUH
4XDQGR HP FKHJRX j FRO{QLD R OLFHQFLDGR +HLWRU
)XUWDGR GH 0HQGRQoD GHSXWDGR GR 6DQWR 2ItFLR D
LQLFLDU D VXD SULPHLUD YLVLWDomR HUD D FLGDGH GR 6DOYDGRU
XP H[WUDYDJDQWH FDUDYDQVDUDL SLWRUHVFR H WURSLFDO $t ³
GL]LD R SDGUH )HUQmR &DUGLP ³ ´RV HQFDUJRV GD
FRQVFLrQFLD VmR PXLWRV H RV SHFDGRV TXH VH FRPHWHP
QmR WrP FRQWD TXDVH WRGRV DQGDP DPDQFHEDGRV SRU
FDXVD GDV PXLWDV RFDVL}HVµ $FUHVFHQWDYD UHIHULQGR VH
DR Do~FDU GRV HQJHQKRV ´EHP FKHLR GH SHFDGRV QDVFH
HVVH GRFH µ 3HODV UXDV GD FLGDGH WUDQVLWDYD XP
HVWUDQKR DPiOJDPD GH ILGDOJRV IXQFLRQiULRV VROGDGRV
IUDGHV SDGUHV tQGLRV H QHJURV 2V KRPHQV GH FRQGLomR
VHJXLDP D PRGD HVSDQKROD GH DQGDUHP VHPSUH GH SUHWR
FRP URViULRV QDV PmRV GH XP ODGR XPD ORQJD HVSDGD H
GH RXWUR XP JUDQGH SXQKDO PXOKHUHV DSDUHFLDP
UDUDPHQWH Vy QDV IHVWDV UHOLJLRVDV H SHOD IDOWD GH
H[HUFtFLR PDO SRGLDP FDPLQKDU DSRLDQGR VH QDV SDMHQV
TXH DV DFRPSDQKDYDP &RPR DV GH 2OLQGD QR GL]HU GH
29
&DODGR SDUHFLD TXH VREUH DV VXDV FDEHoDV WLQKD FKRYLGR
XPD FKXYD GH SpURODV UXELV HVPHUDOGDV H GLDPDQWHV
(P FRQWUDVWH tQGLRV PDQVRV H HVFUDYRV GH *XLQp
H[LELDP QDV UXDV H OXJDUHV S~EOLFRV D PDLV FRPSOHWD
QXGH] )RUD GR UHFLQWR GD FLGDGH SHOR UHF{QFDYR H
VHUWmR LPHGLDWR D FRQTXLVWD VH IL]HUD ORJR GHSRLV GD
DGPLQLVWUDomR GH 7RPp GH 6RXVD SHOD FRQFHVVmR GH
VHVPDULDV IHXGDLV FRPR DV GH *DUFLD G ÉYLOD TXH
VHPHRX FXOWXUDV FRQVWUXLX FXUUDLV H OHYDQWRX D FpOHEUH
FDVD GD 7RUUH YLJLDQGR D FRVWD H D LQGLDGD VXVSHLWD $t
QRV ~OWLPRV TXDUWpLV GR VpFXOR ;9, RVWHQWDYD R ILGDOJR
JUDQGH OX[R j HXURSpLD FRP PXLWRV FDYDORV FULDGRV H
HVFUDYRV )RL QHVVD pSRFD R WLSR GR SRWHQWDGR 5HVLGLD
KDELWXDOPHQWH QD FDSLWDO GD FRO{QLD FRPR XP QDEDER
DQGDYD GL] XP FURQLVWD HP ´FDGHLULQKDV RUQDGDV GH
VDQHIDV GH VHGD IRUUDGDV GH YHOXGR YHUPHOKR H FREHUWDV
GH GDPDVFRµ )LFDUDP DIDPDGRV RV EDLOHV TXH GDYD HP
TXH H[LELD ULFRV FDQGHODEURV GH SUDWD H EURQ]H VHUYLoRV
ILQtVVLPRV GH ORXoD GD ÌQGLD H GD &KLQD DOIDLDV
VXQWXRVDV 3RU WRGD D SDUWH SRUpP D PLVpULD PDLV
UHOD[DGD H DQGUDMRVD DR ODGR GH FDYDOKDGDV YLVWRVDV FRP
YHVWXiULRV GH YHOXGR H VHGDV 3HTXHQR Q~FOHR HQILP GH
GHYDVVLGmR LQGLVFLSOLQD H YLYHU GHVUHJUDGR
GHVHQYROYHQGR HP SOHQD DQDUTXLD PRUDO H VRFLDO RV
JHUPHV GH GHVPRUDOL]DomR H GHSUDYDomR GH FRVWXPHV
WUD]LGRV GD PHWUySROH Mi GHFDGHQWH
(P 3HUQDPEXFR HP ILQV GR VpFXOR ;9, QmR HUD
PHQRV FXULRVR R HVSHWiFXOR $t UDSLGDPHQWH WLQKDP
GHVDSDUHFLGR DV ULTXH]DV H R EULOKR GRV SULPHLURV
WHPSRV ´'HVGRURX VH HVWD WHUUD FRP JUDQGH GHVDIRUR ³
GL]LD R DXWRU GR 9DOHURVR /XFLGHQR ³ DV XVXUDV
RQ]HQDV H JDQKRV LOtFLWRV HUDP FRXVD RUGLQiULD RV
DPDQFHEDPHQWRV S~EOLFRV VHP HPHQGD DOJXPD SRUTXH
30
R GLQKHLUR ID]LD VXVSHQGHU R FDVWLJR RV HVWXSURV H
DGXOWpULRV HUDP PRHGD FRUUHQWH µ 8P VHQKRU GH
HQJHQKR GHVHVSHUDGR GH WDQWR GHSUDYDPHQWR H
FRUUXSomR FRORFRX VH HP PHLR GD UXD 1RYD HP 2OLQGD
H[FODPDQGR HP DOWDV YR]HV ´$RQGH HVWmR RV LUPmRV GD
6DQWD &DVD GH 0LVHULFyUGLD WmR ]HORVRV GDV REUDV GH
FDULGDGH H GR VHUYLoR GH 'HXV" 9HQKDP DTXL SDUD GDUHP
VHSXOWXUD j -XVWLoD TXH PRUUHX QHVWD WHUUD H QmR Ki
TXHP D HQWHUUH KRQUDGDPHQWHµ 'H IDWR DFUHVFHQWDYD
IUHL 0DQRHO &DODGR RV PLQLVWURV GD MXVWLoD WUD]LDP DV
YDUDV PXLWR GHOJDGDV ´FRPR OKH SXQKDP RV
GHOLQTHQWHV QDV SRQWDV TXDWUR FDL[DV GH Do~FDU ORJR
GREUDYDP µ
(UD HVVD D VRFLHGDGH LQIRUPH H WXPXOWXiULD TXH
SRYRDYD R YDVWR WHUULWyULR FHP DQRV GHSRLV GH
GHVFREHUWR 'R 3DUi DWp &DQDQpLD SRXFRV
HVWDEHOHFLPHQWRV VH GHVHQYROYLDP HP PHLR GH GHVHUWRV
GHVRODGRV +DELWDYDP QR FLQFR FRQGLo}HV GH JHQWH
LQIRUPD R DXWRU GRV 'LiORJRV WHVWHPXQKD GH YLVWD RV
PDUtWLPRV RV PHUFDGRUHV RV RILFLDLV PHFkQLFRV RV
VDODULDGRV RV SURSULHWiULRV UXUDLV ³ XQV VLPSOHV
ODYUDGRUHV GH PDQWLPHQWRV RX FULDGRUHV GH JDGR H
RXWURV ULFRV VHQKRUHV GH HQJHQKR $ FDPDGD LQIHULRU GD
SRSXODomR HUD IRUPDGD SRU HVFUDYRV LQGtJHQDV
DIULFDQRV RX VHXV GHVFHQGHQWHV &DUDFWHUL]DYD R
HXURSHX R GHVDPRU j WHUUD DTXLOR TXH R QRVVR
KLVWRULDGRU FKDPRX GH WUDQVRFHDQLVPR R GHVHMR GH
JDQKDU IRUWXQD R PDLV GHSUHVVD SRVVtYHO SDUD D
GHVIUXWDU QR DOpP PDU *DQGDYR REVHUYRX HQWUHWDQWR
TXH RV YHOKRV DFRVWXPDGRV DR SDtV QmR TXHULDP VDLU
PDLV (UDP FHUWDPHQWH RV TXH FRQVWLWXtUDP D HVWUXWXUD
EiVLFD UDFLDO RV SULPHLURV FRORQRV ³ GHJUHGDGRV
GHVHUWRUHV QiXIUDJRV ³ JHQWH GD 5HQDVFHQoD TXH R
31
FULPH D DPELomR RX R HVStULWR DYHQWXUHLUR IL]HUD
DEDQGRQDU D (XURSD FLYLOL]DGD $SUHVHQWDYDP XP
SURGXWR KXPDQR ILVLFDPHQWH VHOHFLRQDGR WHQGR UHVLVWLGR
DRV SHULJRV WULEXWDo}HV H VRIULPHQWRV GD ORQJD H LQFHUWD
WUDYHVVLD $R VH LQVWDODUHP QR SDtV YLUJHP WLQKDP
FRQVHJXLGR YHQFHU D KRVWLOLGDGH GD QDWXUH]D H DGDSWDU
VH jV FRQGLo}HV GH XPD QRYD H[LVWrQFLD 1HVWD WLQKDP
DFHLWDGR PDLV RX PHQRV D PHQWDOLGDGH H D PRUDOLGDGH
DPELHQWHV H DSUHQGLGR FRP R DERUtJHQH RV SURFHVVRV GH
FDoD GH SHVFD H GH UXGLPHQWDU DJULFXOWXUD TXH
IRUQHFLDP R PLOKR R FDUi H D PDQGLRFD j VXD HVFDVVD
DOLPHQWDomR 6mR KRPHQV GL]LD 0HOOR GD &kPDUD ´TXH
VH FRQWHQWDP HP WHUHP TXDWUR tQGLDV SRU PDQFHEDV H
FRPHUHP RV PDQWLPHQWRV GD WHUUDµ 0RUDOPHQWH Mi HUDP
PHVWLoRV REVHUYRX &DSLVWUDQR H HVVD FRPR TXH
PHVWLoDJHP OKHV SHUPLWLX QD OXWD HP TXH VXFXPELDP
RV IUDFRV H WtPLGRV D IiFLO DGDSWDomR j YLGD FRORQLDO 3RU
RXWUR ODGR QHQKXP REVWiFXOR HQFRQWUDYDP SDUD D
VDWLVIDomR GRV YtFLRV H GHVPDQGRV TXH QD (XURSD
UHSULPLDP XPD OHL PDLV VHYHUD XPD PRUDO PDLV HVWULWD
H XP SRGHU PDLV IRUWH (QWUHJDYDP VH FRP D YLROrQFLD
GRV WHPSRV j VDFLHGDGH GDV SDL[}HV GH VXDV DOPDV
UXGHV
8PD GHODV IRL D ODVFtYLD GR EUDQFR VROWR QR SDUDtVR GD
WHUUD HVWUDQKD 7XGR IDYRUHFLD D H[DOWDomR GR VHX SUD]HU
RV LPSXOVRV GD UDoD D PROtFLD GR DPELHQWH ItVLFR D
FRQWtQXD SULPDYHUD D OLJHLUH]D GR YHVWXiULR D
FXPSOLFLGDGH GR GHVHUWR H VREUHWXGR D VXEPLVVmR IiFLO
H DGPLUDWLYD GD PXOKHU LQGtJHQD PDLV VHQVXDO GR TXH R
KRPHP FRPR HP WRGRV RV SRYRV SULPLWLYRV H TXH HP
VHXV DPRUHV GDYD SUHIHUrQFLD DR HXURSHX WDOYH] SRU
FRQVLGHUDo}HV SULiSLFDV LQVLQXD R VHYHUR 9DUQKDJHQ
3URFXUDYD H LPSRUWXQDYD RV EUDQFRV QDV UHGHV HP TXH
32
GRUPLDP HVFUHYLD $QFKLHWD (UD XPD VLPSOHV
PiTXLQD GH JR]R H WUDEDOKR QR DJUHVWH JLQHFHX FRORQLDO
1mR SDUHFH TXH QHQKXPD DIHLomR LGHDOL]DVVH
VHPHOKDQWHV XQL}HV GH SXUD DQLPDOLGDGH 'H XPD UHIHUH
R YLDMDQWH -HDQ 0RXFTXHW R ILP LPSUHVVLRQDQWH 8PD
LQGtJHQD DEDQGRQDGD SHOR DPDQWH HXURSHX FRP TXHP
YLYHUD ORQJRV DQRV YHQGR R SDUWLU QXPD FDUDYHOD GH
SDVVDJHP PDWRX R ILOKR FRPXP FRUWRX R HP GXDV
SDUWHV H ODQoRX XPD GHVWDV DR PDU FRPR TXH
HQWUHJDQGR DR KRPHP D SRUomR TXH OKH SHUWHQFLD $
ERUGR SHUJXQWDUDP D HVWH TXHP HUD HVVD PXOKHU DR TXH
UHVSRQGHX QmR p QLQJXpP p XPD tQGLD VHP
LPSRUWkQFLD
'H IDWR Vy R PDFKR FRQWDYD $ PXOKHU DFHVVyULR GH
YDORU UHODWLYR HUD D EHVWD GH FDUJD VHP GLUHLWRV QHP
SURYHLWRV RX R IDWRU LQFLGHQWDO QD YLGD GRPpVWLFD
)HQ{PHQR DQGURFrQWULFR GH RULJHP SRUWXJXHVD H
LQGtJHQD TXH SRU WDQWR WHPSR SHUGXURX QD HYROXomR
pWQLFD H VRFLDO GR SDtV 1mR R PRGLILFRX RX DQWHV R
DFRURoRRX D SDVVLYLGDGH LQIDQWLO GD QHJUD DIULFDQD TXH
YHLR IDFLOLWDU H GHVHQYROYHU D VXSHUH[FLWDomR HUyWLFD HP
TXH YLYLD R FRQTXLVWDGRU H SRYRDGRU H TXH YLQFRX WmR
IXQGDPHQWH R VHX FDUiFWHU SVtTXLFR
2XWUD SDL[mR SRUpP R GRPLQDYD 2XWUD DLQGD PDLV
WLUkQLFD ³ $ FRELoD
33
,,
$ &2%,d$
34
´6H YRV SHUJXQWDP SRUTXH WDQWRV ULVFRV VH FRUUHUDP
SRUTXH VH DIURQWDUDP WDQWRV SHULJRV ³ HVFUHYH R SRHWD
GH < -XFD 3UDPD ³ SRUTXH VH VXELUDP WDQWRV PRQWHV
SRUTXH VH H[SORUDUDP WDQWRV ULRV SRUTXH VH GHVFREULUDP
WDQWDV WHUUDV SRUTXH VH DYDVVDODUDP WDQWDV WULERV GL]HL
R ³ H QmR PHQWLUHLV IRL SRU FRELoDµ ³ &RELoD
LQVDFLiYHO QD ORXFXUD GR HQULTXHFLPHQWR UiSLGR
$ HPLJUDomR SDUD DV ÌQGLDV H SDUD WRGR R 2ULHQWH
DOLDYD DR DPRU GR JDQKR H DR LQVWLQWR GH PHUFkQFLD HVVD
JOyULD LQJHQWH GH TXH IDODYD &DP}HV H TXH WmR
JDOKDUGDPHQWH VRXEHUDP FRQTXLVWDU RV *DPDV
$OPHLGDV &DVWURV H $OEXTXHUTXHV 2 IUDJRU GDV DUPDV
QDV OXWDV FRQWUD LQILpLV H PRXURV GLVIDUoDYD RV
FRQFLOLiEXORV GRV PHUFDGRUHV QHJRFLDQGR WUDWDGRV H
FRQWUDWRV FRPHUFLDLV 2 QHUYR HUDP RV FDQK}HV D DOPD D
SLPHQWD UHVXPLX 2OLYHLUD 0DUWLQV 7DP 0DUWL TXDP
0HUFXULR 3DUD R %UDVLO ³ Mi R YLPRV ³ Vy YLQKD SRU VXD
SUySULD YRQWDGH R DYHQWXUHLUR PLVHUiYHO UHVROYLGR D
WXGR R GHVSHUDGR QD H[SUHVVmR LQJOHVD
2V FRPEDWHV WUDYDGRV QmR HUDP DV HPSOXPDGDV H
YLVWRVDV SHOHMDV GD ÉVLD H GD ÉIULFD PDV D OXWD LQJOyULD H
REVFXUD FRQWUD R JHQWLR LQVLGLRVR PLVpUULPR H REVFXUR
H FRQWUD D KRVWLOLGDGH GD QDWXUH]D 'LDQWH GRV
HVSOHQGRUHV GD FRQTXLVWD GR 2ULHQWH QD PHWUySROH
QLQJXpP SHQVDYD QD WHUUD GRV EXJLRV VDJLV
SDSDJDLRV DUDUDV H SDX GH WLQWD 2 %UDVLO GLVVH
6RXWKH IRL GHVFREHUWR SRU DFDVR H DR DFDVR R GHL[DUDP
GXUDQWH ORQJRV DQRV 1R SULPHLUR TXDUWHO GR VpFXOR ;9,
R JRYHUQR SRUWXJXrV QmR FXLGRX GH VH HVWDEHOHFHU QR
WHUULWyULR UHFpP DFKDGR 3HORV GHVHUWRV GR OLWRUDO
35
PHUFDGHMDYD HP HVFUDYRV PDGHLUDV H DQLPDLV R FRORQR
LVRODGR YLYHQGR QR VHX VRQKR GH SLRQHLUR GD FDoD GDV
IUXWDV H PDQWLPHQWRV GD WHUUD )RL Mi R GLVVHPRV D
pSRFD GRV GHJUHGDGRV GRV FULPLQRVRV GRV QiXIUDJRV
GRV JUXPHWHV UHEHODGRV ,QGLYLGXDOLVPR LQIUHQH
DQiUTXLFR SHOD ´YRODWLOL]DomR GRV LQVWLQWRV VRFLDLVµ FDGD
TXDO WHQGR QR SHLWR D PDLV IRUPLGiYHO DPELomR TXH
QHQKXPD OHL RX QHQKXP KRPHP OLPLWDYD H HQWUHJXH DR
HQFDQWR GD QRYLGDGH H GD VXUSUHVD &RPR H[FOXVLYD
SUHRFXSDomR YLYHU OLYUH H GRPLQDU FRPR ~QLFR DOHQWR D
PLUDJHP TXH HQWmR LQFHQGLDYD D LPDJLQDomR GR PXQGR
LQWHLUR GH QmR HVWDU PXLWR ORQJH PDV VHPSUH LQDWLQJtYHO
R PDUDYLOKRVR 'RUDGR VHQKRU GD ODJRD GH SUDWD GH
0DQRD H GD FLGDGH GR 2XUR URGHDGD GH PRQWDQKDV
UHOX]HQWHV GH SHGUDULDV /HQGD FRQWLQHQWDO TXH SRU WRGD
SDUWH VH HVSDOKDUD FRPR R 'RUDGR GRV 3DWLWLV QD
UHJLmR GRV 0RMRV H &KLTXLWRV R 'RUDGR GRV &HVDUHV QD
3DWDJ{QLD H QR &KDFR R 'RUDGR GDV 6LHWH &LXGDGHV QR
1RYR 0p[LFR H DWp QDV JUDQGHV SODQtFLHV GD $PpULFD GR
1RUWH R 'RUDGR GH 4XLUL]D
$ FRQTXLVWD GH 4XLWR H GH &X]FR FRPR TXH
FRQILUPDYD HVVH VRQKR 7RUQDYD VH UHDOLGDGH SDOSiYHO R
SDtV HQFDQWDGR HP TXH GL]LDP ´SLVDQ ,DV EHVWLDV RUR 
HV SDQ FXDQWR VH WRFD FRQ ,DV PDQRVµ 3RU WRGD D
$PpULFD VH DSUHJRDYD D QRYD GRV WHVRXURV IDEXORVRV
OHYDQWDGRV GD WHUUD SHOD HVSDGD VDQJXLQROHQWD GRV
&RUWH]HV GRV 3L]DUURV GRV 9DOGLYLDV $oXODYD DLQGD
PDLV HVVH IUHQHVL R GRJPD JHRJUiILFR GH TXH VHPSUH QR
2ULHQWH PDLV RXUR H SUDWD HVFRQGLD D QDWXUH]D 6H R 3HUX
H R 3RWRVL HUDP R TXH D IDPD UHSHWLD DLQGD PDLRUHV
ULTXH]DV GHYLDP FRQWHU RV WHUULWyULRV D OHVWH GRV $QGHV
´2 2ULHQWH p PDLV QREUH TXH R 2FLGHQWH H SRUWDQWR R
%UDVLO PDLV RSXOHQWR TXH R 3HUXµ GL]LD R DXWRU GR
36
´'LiORJR GDV JUDQGH]DV GR %UDVLOµ
$ SUDWD GR 3RWRVL IRL DVVLP GXUDQWH VpFXORV D JUDQGH
PLUDJHP TXH DWUDtD DV SRSXODo}HV GR OLWRUDO DWOkQWLFR RX
GDV TXH VH DFKDYDP Mi PDLV WHUUD D GHQWUR $ KLVWyULD
DLQGD QmR GHVYHQGRX R PLVWpULR GDV UHODo}HV HQWUH D
FRVWD 2ULHQWDO GR FRQWLQHQWH H RV SDtVHV WUDQVDQGLQRV
GHVGH RV WULOKRV SUp KLVWyULFRV GDV PLJUDo}HV HP GLUHomR
OHVWH YLQGDV GD 0HODQpVLD 3ROLQpVLD RX $XVWUiOLD DWp DV
H[SHGLo}HV HP VHQWLGR LQYHUVR GH $OHL[R *DUFLD $DODV
*DERWR H RXWURV TXH SDUHFH WLQKDP QRWLFLD GRV FDPLQKRV
SDUD DV PLQDV OHQGiULDV GD SUDWD $V FRPXQLFDo}HV
H[LVWLDP VHP G~YLGD 1D $UJHQWLQD Ki LQGtFLRV GH
RFXSDomR LQFiVLFD 'HVGH RV SULQFtSLRV GD FRORQL]DomR
VXO DPHULFDQD GD FRVWD GR 3DFtILFR PDLV SRYRDGD GH
EUDQFRV DYHQWXUHLURV HPEUHQKDYDP VH DWp D FRVWD j
SURFXUD GR PDU RULHQWDO DWUDYpV GR 3DUDJXDL H GR
3DUDQi 'D FRQWLJLGDGH GR 3HUX SRU VHX WXUQR YLQKD D
REVHVVmR GR 3RWRVL RX GD SUDWD PDLV YLYD H DQWHULRU j GR
RXUR QDV SUHRFXSDo}HV DPELFLRVDV GRV SLRQHLURV GD
FRO{QLD SRUWXJXHVD $ *D]HWD $OHPm GH WmR
GLVFXWLGD Mi VH UHIHUH D XP SRYR GDV VHUUDV ´ULFR GH
DUPDGXUDV IHLWDV GH FKDSDV GH RXUR PXLWR GHOJDGDV
TXH RV FRPEDWHQWHV OHYDP VREUH R SHLWR H QD WHVWDµ ( D
XPD FRPXQLFDomR WUDQVFRQWLQHQWDO DOXGH D HVWUDQKD
FDUWD GH 'LRJR 1XQH] QDUUDQGR D ' -RmR ,,, XPD
YLDJHP j SURYtQFLD GH 0DFKLIDOR HP
DFRPSDQKDQGR R FDSLWmR $ORQVR 0HUFDGLOOR ´(P HVWD
SURYtQFLD GH 0DFKLIDOR TXH HX YL ³ HVFUHYLD 1XQH] ³ VH
SRGHP SRYRDU FLQFR RX VHLV YLODV PXL ULFDV SRUTXH VHP
G~YLGD Ki QHOD PXLWR RXURµ KDYHQGR SRUpP ´PXLWD WHUUD
TXH DQGDU H VDtGD SRU 6mR 9LFHQWHµ 3DUD D JHQWH GR
3DFtILFR D OHQGD WDPEpP FRQWULEXtD SDUD D LOXVmR GDV
ULTXH]DV RULHQWDLV VLWXDQGR QHVWH ODGR GDV FRUGLOKHLUDV
37
QDV PDWDV TXH HVFRQGLDP RV ULRV LPHQVRV R SDtV GDV
PDUDYLOKDV TXH 5DOHLJK YHLR D GHVFUHYHU $ UHDOLGDGH
SRUpP HUD RXWUD QHVVH iVSHUR FRPHoR GH YLGD FLYLOL]DGD
1HQKXPD RUJDQL]DomR QHQKXP DX[tOLR DSHQDV GH YH]
HP TXDQGR XPD QDX SDVVDJHLUD VXUJLD QR FXUWR
KRUL]RQWH (UD XP SLUDWD IUDQFrV RX JHQWH SURFXUDQGR
DJXDGD H UHIUHVFR HP FDPLQKR GDV ÌQGLDV RX
HPEDUFDo}HV GHVJDUUDGDV GDV H[SHGLo}HV SULPHLUDV
WUDIHJDQGR DV IHLWRULDV GD FRVWD
$V OXWDV FRP RV IUDQFHVHV RFXSDUDP RV SULPHLURV
WHPSRV )RUDP IHUR]HV (P DV FLQFR FDUDYHODV H
XPD QDX GH &ULVWRYmR -DFTXHV SHUFRUUHP DV FRVWDV GH
3HUQDPEXFR %DKLD H WDOYH] 5LR GH -DQHLUR QXPD JXHUUD
GH H[WHUPtQLR DRV HQWUHORSRV HQIRUFDQGR SULVLRQHLURV
HQWHUUDQGR RXWURV DWp RV RPEURV SDUD VHUYLUHP GH DOYR
DRV DUFDEX]HV SRUWXJXHVHV 2V IDWRV GHPRQVWUDUDP TXH
WXGR HUD LQ~WLO VHP VH SRYRDU R SDtV 2V SLUDWDV
DIDVWDYDP VH SDUD UHFRPHoDU HP VHJXLGD )RL TXDQGR D
PHWUySROH FRJLWRX GD HPSUHVD FRORQL]DGRUD TXH LD
FRQILDU D 0DUWLP $IRQVR H TXH YHLR LQLFLDU FRP FXQKR
RILFLDO D H[SORUDomR GR LQWHULRU FRPR D GRV TXDWUR
KRPHQV TXH SHUFRUUHUDP R LQWHULRU GR 5LR GH -DQHLUR H
TXH GHUDP QRYDV ´GH TXH QR ULR GR 3HUDJXD KDYLD PXLWR
RXUR H SUDWDµ H D GH &DQDQpLD VRE R FRPDQGR GH 3HUR
/RER WUXFLGDGD SHORV VHOYDJHQV GRV FDPSRV GH &XULWLED
2 PDLV HUD D OXWD FRQWUD D QDWXUH]D KRVWLO RX
DGRUPHFHGRUD H FRQWUD R tQGLR LQLPLJR
2 HQFDQWR GR SULPHLUR HQFRQWUR FRP D WHUUD
GHVFRQKHFLGD GHVDSDUHFLD DRV SRXFRV SDUD VHU
VXEVWLWXtGR SRU XPD GXUD UHDOLGDGH HP TXH R FRORQR VH
YLD ´DEDIDGR SHOD PDWD YLUJHP SLFDGR SRU LQVHWRV
HQYHQHQDGR SRU RItGLRV H[SRVWR jV IHUDV DPHDoDGR
38
SHORV ÌQGLRV LQGHIHVR FRQWUD RV SLUDWDVµ 3RGH VH
GL]HU TXH VRPHQWH R JRYHUQR GH 7RPp GH 6RXVD
DSUHVHQWD XP FRPHoR GH RUJDQL]DomR SDUD D FRQTXLVWD
GD WHUUD LQLFLDQGR R SHUtRGR DGPLQLVWUDWLYR GD
H[SORUDomR GD FRO{QLD 3HUtRGR GDV JUDQGHV H[SHGLo}HV
RILFLDLV FRPR D GH %UXVD GH 6SLQRVD D GH 9DVFR
5RGULJXHV &DOGDV D GH 0DUWLP &DUYDOKR GH 6HEDVWLmR
)HUQDQGHV 7RXULQKR GH $QW{QLR 'LDV $GRUQR H D TXH
*DEULHO 6RDUHV RUJDQL]RX PDV QmR FRQVHJXLX UHDOL]DU
(UDP HVVDV H[SHGLo}HV REVHUYD &DOyJHUDV XP HOHPHQWR
GH FULDomR OHJDO ³ RFXSDomR TXDVH SDFtILFD HP TXH R
tPSHWR JXHUUHLUR GRV VHUWDQLVWDV VH OLPLWDYD j
HVFUDYL]DomR GR DERUtJHQH UHEHOGH GHVGH TXH R QmR
SXGHVVH VHGX]LU SDUD R WUDEDOKR GD VXD ODYRXUD (VVH
DVSHFWR GLIHUHQoD HVVDV HQWUDGDV GD FRQTXLVWD YLROHQWD
TXH HQVDQJHQWD D FU{QLFD GRV LQYDVRUHV FDVWHOKDQRV
QDV RXWUDV UHJL}HV GR FRQWLQHQWH
$V HQWUDGDV SLRQHLUDV RX GH UHVJDWH DEULQGR VH HP
OHTXH GDV FRVWDV PDUtWLPDV HP GLIHUHQWHV GLUHWUL]HV j
SURFXUD GRV VHUW}HV IRUPDUDP R JUDQGH SURFHVVR GH
H[SORUDomR H SRYRDPHQWR TXH p D SUySULD KLVWyULD GR
SDtV 0DUWLXV DFRQVHOKD D TXHP D TXLVHU HVFUHYHU D
GLYLVmR HP JUXSRV GDV DQWLJDV FDSLWDQLDV VHSDUDQGR D
QDWXUH]D ItVLFD RV YiULRV WHUULWyULRV GD FRO{QLD $VVLP
FRQYHUJH D KLVWyULD GH 6mR 3DXOR 0LQDV *RLiV H 0DWR
*URVVR D GR 0DUDQKmR VH OLJD j GR 3DUi H j URGD GH
3HUQDPEXFR IRUPDP XP JUXSR QDWXUDO R &HDUi 5LR
*UDQGH GR 1RUWH H 3DUDtED D KLVWyULD GD %DKLD p
ILQDOPHQWH D GH 6HUJLSH $ODJRDV 3RUWR 6HJXUR H GH SDUWH
GR 3LDXt H 0DUDQKmR
3DUD XPD VtQWHVH HVVH PpWRGR SHUPLWH GR PHVPR
PRGR DJUXSDU R PRYLPHQWR EDQGHLUDQWH HP GLYHUVRV
39
Q~FOHRV GH LQIOXrQFLD H SHQHWUDomR TXH VHJXLQGR H
OLJDQGR RV ULRV GHVYHQGDYDP H H[SORUDYDP R LQWHULRU GD
WHUUD 6HUi DVVLP SRVVtYHO UHXQLU H UHVXPLU D QRVVD
H[SDQVmR JHRJUiILFD GD PDQHLUD VHJXLQWH
D EDQGHLUDV SDXOLVWDV OLJDQGR R 3DUDQi DR
3DUDJXDL H SHOR *XDSRUp 0DGHLUD 7DSDMyV H 7RFDQWLQV
DWLQJLQGR R $PD]RQDV R ;LQJX SHODV PiV FRQGLo}HV GH
QDYHJDELOLGDGH QXQFD IRL IUHTHQWDGR EDQGHLUDV
SDXOLVWDV OLJDQGR R 3DUDtED DR 6mR )UDQFLVFR DR
3DUQDtED H ,WDSHFXU~ DWp R 3LDXt H 0DUDQKmR SRU XP
ODGR OLJDQGR R 6mR )UDQFLVFR R 'RFH R 3DUDLEXQD DR
3DUDtED GR 6XO JDOJDQGR D VHUUD GRV ÐUJmRV SDUD
WHUPLQDU QD *XDQDEDUD EDQGHLUDV SDXOLVWDV HQWUH D
VHUUD GR 0DU H R 3DUDQi WRGDV HODV DWUDYHVVDQGR R
8UXJXDL SDUD R 5LR *UDQGH GR 6XO
E EDQGHLUDV EDLDQDV OLJDQGR R 6 )UDQFLVFR DR
3DUQDtED H FKHJDQGR DR 0DUDQKmR SHOR ,WDSHFXU~
EDQGHLUDV EDLDQDV OLJDQGR R 6mR )UDQFLVFR DR
7RFDQWLQV EDQGHLUDV EDLDQDV TXH LQGR GR 6HUUR H 0LQDV
1RYDV SURFXUDYDP R 5LR SHOR FDPLQKR GD WHUUD GR RXUR
F EDQGHLUDV SHUQDPEXFDQDV HQWUH R &DSLEDULEH H
VHUUD GH ,ELDSDED PXLWR PHQRV LPSRUWDQWHV TXH DV GXDV
DQWHULRUHV WUDoDGDV D PHQRU GLVWkQFLD GR OLWRUDO SHOR
VHUWmR ´GH IRUDµ UHFHEHQGR PXLWD JHQWH GLUHWDPHQWH GR
OLWRUDO VXELQGR RV ULRV TXH QHOH GHVHPERFDP
G EDQGHLUDV PDUDQKHQVHV GH SRXFR DOFDQFH
OLJDQGR R ,WDSHFXU~ DR 3DUQDtED H 6mR )UDQFLVFR H R
3DUQDtED jV WHUUDV DTXpP GR ,ELDSDED
H EDQGHLUDV DPD]{QLFDV TXH SHOR 0DGHLUD VH
OLJDUDP jV GH 6mR 3DXOR DOFDQoDUDP RV OLPLWHV GR -DYDUL
40
H RFXSDUDP D *XLDQD
3RU WRGD D SDUWH R DYHQWXUHLUR FRUULD DWUiV GD SUDWD
GR RXUR H GDV SHGUDV SUHFLRVDV TXH GXUDQWH TXDVH GRLV
VpFXORV QmR IRUDP VHQmR LOXV}HV H GHVHQJDQRV
&RPSHQVDYD D HVWHULOLGDGH GR HVIRUoR D GHVFLGD GR
LQGtJHQD (QWUHODoDYDP VH H FRQIXQGLDP VH DVVLP
EDQGHLUDV GH FDoD DR JHQWLR H EDQGHLUDV GH PLQHUDomR
4XDQGR VH GLVVLSDYD D PLUDJHP GD PLQD ILFDYD FRPR
FRQVROR R tQGLR HVFUDYL]DGR ´HVWHV 6HQKRUHV ³ HVFUHYLD
R SDGUH 9LHLUD ³ VmR DV PLQDV FHUWDV GHVWH (VWDGR TXH
D IDPD GDV GH RXUR H SUDWD VHPSUH IRL SUHWH[WR FRP TXH
DTXL VH LDP EXVFDU DV RXWUDV PLQDV TXH VH DFKDP QDV
YHLDV GRV tQGLRV H QXQFD DV KRXYH QD WHUUDµ 1D YHUGDGH
DV QRWtFLDV YDJDV GH ULTXH]DV HVFRQGLGDV QRV VHUW}HV
DLQGD HUDP PHUDV SURPHVVDV 2 ERP VHQVR SUiWLFR GH
DOJXQV DGPLQLVWUDGRUHV FKHJRX D GXYLGDU GR VXFHVVR
GHVVDV HPSUHVDV (P R H[SHULPHQWDGR 7RPp GH
6RXVD GHVLOXGLGR GH WDQWD WHQWDWLYD LQ~WLO DFRQVHOKDYD
DR SRGHU UHDO ´HX DOJXPDV HQWUDGDV IDUHL PDV Ki GH VHU
FRP PXLWR WHPSR H SRXFD SHUGD GH JHQWH H ID]HQGD
TXH QmR KHL GH IDODU PDLV HP RXUR VH QmR VH R PDQGDU D
YRVVD $OWH]Dµ ( QRV SULPHLURV DQRV GR VpFXOR ;9,,
HVFUHYLD DR UHL R JRYHUQDGRU GD UHSDUWLomR GR 1RUWH '
'LRJR GH 0HQH]HV ´FUHLD Y P TXH DV YHUGDGHLUDV PLQDV
GR %UDVLO VmR Do~FDU H SDX EUDVLO GH TXH Y P WHP WDQWR
SURYHLWR VHP OKH FXVWDU GH VXD ID]HQGD XP Vy YLQWpPµ
3DUD VXVWHQWDU D TXLPHUD GR RXUR TXH IRL D ORXFXUD
GD pSRFD VHPSUH ODWHQWH H LQVLVWHQWH HP WRGRV RV
HPSUHHQGLPHQWRV HUD QR HQWDQWR QHFHVViULR YLYHU H
WUDEDOKDU D WHUUD SDUD R VXVWHQWR GLiULR GDt SRU WRGR R
VpFXOR ;9, R OHQWR SURJUHVVR GD ODYRXUD LQFLSLHQWH H GR
FRPpUFLR UXGLPHQWDU &RPR YLPRV D SULQFtSLR YLYLD R
41
HXURSHX GH FDoD SHVFD H IUXWDV TXH HUDP D EDVH GD VXD
DOLPHQWDomR (P SRUpP Mi LQLFLDYD DOJXPD
H[SRUWDomR D QDX %UHWRD QHVVH DQR OHYDYD SDUD
3RUWXJDO FLQFR PLO WRURV GH SDX EUDVLO H RV DQLPDLV
GRPpVWLFRV TXH R tQGLR FKDPDYD ´PLPEDERµ FRPR YLQWH
H GRLV WXLQV GH]HVVHLV VDJLV GH]HVVHLV JDWRV TXLQ]H
SDSDJDLRV WUrV PDFDFRV ³ H TXDUHQWD SHoDV GH
HVFUDYRV )XQGDUDP VH IHLWRULDV WRVFRV JDOS}HV DVVHQWHV
HP PHLR GH HVWDFDGDV SDUD HYLWDU VXUSUHVDV DOJXQV
HGLILFDYDP FDVDV FRPHoDYD D DJULFXOWXUD GH JrQHURV
H[SRUWiYHLV R Do~FDU R IXPR HWF 'HVWD IDVH p
FDUDFWHUtVWLFR R JDGR PL~GR ³ JDOLQiFHRV SRUFRV
FDEUDV RYHOKDV R ´IHGHUYLHKµ GRV DOHPmHV (TLQRV H
ERYLQRV DLQGD UDURV $ HFRQRPLD QDWXULVWD PRYLPHQWDYD
FRP OHQWLGmR D SHUPXWD GRV SURGXWRV ID]LDP VH RV
SDJDPHQWRV HP VDO IHUUDPHQWDV ID]HQGDV QXQFD HP
GLQKHLUR GH FRQWDGR (UD R TXH %XFKHU FKDPD D
HFRQRPLD IHFKDGD RX GRPpVWLFD SURGXWRU H FRQVXPLGRU
VmR LGrQWLFRV 2 SUySULR DUUHPDWDQWH GRV LPSRVWRV
SDJDYD VH HP JrQHURV )UHL 9LFHQWH GR 6DOYDGRU FRQWD D
UHVSHLWR D KLVWyULD GH XP ELVSR GH 7XFXPDQ TXH GH
SDVVDJHP HVWLYHUD DOJXP WHPSR QR %UDVLO (VWH ELVSR YLD
TXH TXDQGR PDQGDYD FRPSUDU XP IUDQJmR TXDWUR RYRV
H XP SHL[H SDUD FRPHU QDGD OKH WUD]LDP SRUTXH QmR VH
DFKDYD QD SUDoD QHP QR DoRXJXH H VH PDQGDYD SHGLU
DV GLWDV FRXVDV H RXWUDV PDLV jV FDVDV SDUWLFXODUHV OKDV
PDQGDYDP ´9HUGDGHLUDPHQWH GL]LD R ELVSR QHVWD WHUUD
DQGDP DV FRLVDV WURFDGDV SRUTXH HOD WRGD QmR p
UHS~EOLFD VHQGR R FDGD FDVDµ
$ FXOWXUD GR Do~FDU DXPHQWRX UDSLGDPHQWH FULDUDP
VH SULPHLUR RV HQJHQKRV GH 6mR 9LFHQWH H 3HUQDPEXFR
PDLV WDUGH RV GD %DKLD (P HVWHV ~OWLPRV Mi
H[SRUWDYDP DUUREDV GH 3HUQDPEXFR QHVVH
42
PHVPR DQR SDUWLDP QDYLRV FDUUHJDGRV GH Do~FDU H
SDX EUDVLO (P GL]LD 3UDUG QmR Ki OXJDU QR
PXQGR RQGH VH SURGX]D Do~FDU FRP WDQWD DEXQGkQFLD
IDOD HP HQJHQKRV QD FRVWD GR %UDVLO GH ,WDPDUDFi D
,WDQKDpP 'HYH VHU H[DJHUR 3RU HVVD pSRFD GL]
&DSLVWUDQR DV VHGHV GDV FDSLWDQLDV PHVPR DV
SUyVSHUDV HUDP VLPSOHV OXJDUHMRV $ SURVSHULGDGH
UHODWLYD GH 3HUQDPEXFR H D VXD ULTXH]D TXH WDQWR
DGPLURX )HUQmR &DUGLP IRL PRWLYDGD DQWHV SHOD
VLWXDomR JHRJUiILFD PDLV SUy[LPD GD PHWUySROH GR TXH
SHOR GHVHQYROYLPHQWR GDV FXOWXUDV &KDPRX 'XDUWH
&RHOKR j VXD &DSLWDQLD ´1RYD /XVLWkQLDµ H HUD GH IDWR
FRPR REVHUYD 2OLYHLUD /LPD XP SURORQJDPHQWR GD
DQWLJD XP 3RUWXJDO DPHULFDQR 'HVWDFDYD VH GHQWUH DV
RXWUDV SHOR DU FLYLOL]DGR TXH OKH HPSUHVWDYD D
SUR[LPLGDGH GDV WHUUDV GH DOpP PDU
2 SDVWRUHLR WHYH LQIOXrQFLD PDLV IXQGD H GH PDLRUHV
FRQVHTrQFLDV )DFLOLWRX D FRQTXLVWD H R SRYRDPHQWR GR
VROR Vy GHSRLV GH SUyVSHUD D FULDomR SXGHUDP VHU
WHQWDGDV DV PLQDV $QWHV PRUUHULDP GH IRPH RV
PLQHLURV QR GHVHUWR /RJR QDV SULPHLUDV IURWDV
FRORQL]DGRUDV FKHJRX D 3HUQDPEXFR %DKLD H 6mR
9LFHQWH JDGR YDFXP LPSRUWDGR GDV LOKDV GH &DER 9HUGH
$V H[SHGLo}HV TXH SURFXUDYDP R LQWHULRU HVSDOKDYDP RV
FXUUDLV SHORV VHUW}HV SHUQDPEXFDQRV EDLDQRV H
VHUJLSDQRV LQGR DWp R 6XO GR &HDUi H GR 0DUDQKmR 'Dt
YLQKD DR FHQWUR GH FRQVXPR SHOR SUySULR Sp &DUGLP Mi
IDODYD HP SURSULHWiULRV TXH WLQKDP TXLQKHQWDV RX PLO
FDEHoDV 1R H[WUHPR 6XO R JDGR DSDUHFH SHOD SULPHLUD
YH] HP TXDQGR ³ QDUUD 6RXWKH ³ R FDSLWmR -XDQ
GH 6DOD]DU WURX[H GD $QGDOX]LD SDUD R %UDVLO VHWH YDFDV
H XP WRXUR 2V DQLPDLV IRUDP WUDQVSRUWDGRV DWp R ULR
3DUDQi H GHSRLV HP MDQJDGD DWp $VVXQomR 'HVVD SRQWD
43
GH JDGR H GR LPSRUWDGR GR YLFH UHL GR 3HUX GHYH VH WHU
HVSDOKDGR SHOR 6XO GH 0DWR *URVVR H SHODV UHGXo}HV
MHVXtWLFDV R JUDQGH UHEDQKR TXH UDSLGDPHQWH LQoRX RV
FDPSRV H SDQWDQDLV GHVVDV UHJL}HV (P 6mR 9LFHQWH QRV
FDPSRV GH 3LUDWLQLQJD VH GHVHQYROYLD WDPEpP D FULDomR
LPSRUWDGD GLUHWDPHQWH H DSURYHLWDQGR RV SDVWRV
H[FHOHQWHV GRV ODWLI~QGLRV GH VHUUD DFLPD *DEULHO 6RDUHV
GL] ´TXH DV RXWUDV FDSLWDQLDV DOL VH LDP SURYHU GH YDFDV
SDUD FULDUHPµ 1R 1RUWH R JDGR DFRPSDQKRX R FXUVR GR
6mR )UDQFLVFR QDV PDUJHQV SHUQDPEXFDQD H EDLDQD
(P VHJXLGD RXWURV FDPLQKRV VH WRUQDUDP QHFHVViULRV
SDUWLQGR GR JUDQGH ULR FLYLOL]DGRU 1HVVD SHQHWUDomR HP
TXH R VHUWDQHMR WHYH GH OXWDU FRP PLO GLILFXOGDGHV GHVGH
D VHFD H R tQGLR LQLPLJR DWp D IDOWD GH DOLPHQWRV FRPR D
IDULQKD H R PLOKR FRQVWLWXLX VH XP PHLR HVSHFLDO TXH
&DSLVWUDQR GH $EUHX GHQRPLQRX D ´pSRFD GR FRXURµ ´'H
FRXUR HUD D SRUWD GDV FDEDQDV R UXGH OHLWR DSOLFDGR DR
FKmR GXUR H PDLV WDUGH D FDPD SDUD RV SDUWRV GH FRXUR
WRGDV DV FRUGDV D ERUUDFKD SDUD FDUUHJDU iJXD R PRFy
RX DOIRUJH SDUD OHYDU FRPLGD D PDFD SDUD JXDUGDU
URXSD D PRFKLOD SDUD PLOKDU FDYDOR D SHLD SDUD SUHQGr
OR HP YLDJHP DV EDLQKDV GH IDFD DV EUXDFDV H VXUU}HV
D URXSD GH HQWUDU QR PDWR RV EDQJrV SDUD FRUWXPH RX
SDUD DSXUDU VDO SDUD RV DoXGHV R PDWHULDO GH DWHUUR HUD
OHYDGR HP FRXURV SX[DGRV SRU MXQWDV GH ERLV TXH
FDOFDYDP D WHUUD FRP VHX SHVR HP FRXUR SLVDYD VH
WDEDFR SDUD R QDUL]µ
1RV VHUW}HV GR 1RUWH LD WHU R 3DXOLVWD D VXD PLVVmR
SRYRDGRUD OLJDGD j LQG~VWULD SDVWRULO $PHDoDGRV SHOR
JHQWLR UHYROWDGR H SHORV QHJURV GRV 3DOPDUHV RV
JRYHUQDGRUHV JHUDLV UHFRUUHUDP j IDPD JXHUUHLUD GRV
EDQGHLUDQWHV GH 6mR 3DXOR 'HVVDV H[SHGLo}HV
ORQJtQTXDV PXLWRV QmR YROWDUDP DR DOWLSODQR QDWDO
44
DID]HQGDYDP VH LPRELOL]DGRV QR VHX QRPDGLVPR SRU XP
IHQ{PHQR FRQVWDQWH QDV SRSXODo}HV SDVWRULV TXH R JDGR
UHWpP H IL[D
$SHVDU GR GHVHQYROYLPHQWR DJUtFROD HP FHUWDV
FDSLWDQLDV FXOPLQDQGR FRP YiULDV YLFLVVLWXGHV QD
H[SORUDomR SHUQDPEXFDQD H EDLDQD GD FDQD GH Do~FDU
³ H FRQFRPLWDQWHPHQWH FRP R HVWDEHOHFLPHQWR GRV
FXUUDLV GH JDGR ³ R %UDVLO IRL HQWUHWDQWR QD OHQGD H QD
UHDOLGDGH R SDtV GR RXUR H GDV SHGUDV SUHFLRVDV
2 VHUWmR YLYLD FRPR DLQGD YLYH KRMH LQH[SORUDGR
JXDUGDQGR HP VHX DUFDQR SDUD R HVFRWHLUR D HVSHUDQoD
GH WRGDV DV SRVVLELOLGDGHV $ VXD KLVWyULD QDV VXDV
OLQKDV JHUDLV VHUi D KLVWyULD GRV FDWDGRUHV IDLVFDGRUHV H
ODYDJHLURV GH RXUR GD SUDWD H GDV SHGUDULDV $WUiV GHVVD
DPELomR FRUUHUDP DV EDQGHLUDV SRU WRGD D YDVWLGmR GD
WHUUD GHVFRQKHFLGD *XHUUD FRP R HVWUDQJHLUR Vy WLYHPRV
QRV SULPHLURV WHPSRV DV TXH SURYRFDUDP DV WHQWDWLYDV
GH FRORQL]DomR IUDQFHVD GH 9LOOHJDLJQRQ H /D 5DYDUGLqUH
RV UiSLGRV DWDTXHV GRV FRUViULRV LQJOHVHV H RV WULQWD
DQRV GH OXWD FLUFXQVFULWD LVRODGD GD LQYDVmR
KRODQGHVD 2 PDLV GXUDQWH WmR ORQJRV DQRV IRL R
FDWLYHLUR GR JHQWLR H FRP DOWRV H EDL[RV D IHEUH GR RXUR
H GD ULTXH]D PLQHLUD 2EVHVVmR GLDEyOLFD 'LQDPLVPR
IRUPLGiYHO GH XPD pSRFD GH XPD UDoD H GH XP QRYR WLSR
pWQLFR FRQYHUJLQGR QXPD LGpLD IL[D DYDVVDODGRUD 2XUR
2XUR 2XUR
$ HVVD YHUGDGHLUD SDQGHPLD Vy HVFDSDUDP GXDV
FODVVHV GH FRORQRV RV SDGUHV GD &RPSDQKLD H RV
SDUDVLWDV VHGHQWiULRV GD EXURFUDFLD PHWURSROLWDQD
(VWHV SHOD HVWXSLGH] YHJHWDWLYD GRV JRYHUQRV FRORQLDLV
FDSLWmHV PRUHV ILGDOJRWHV GHVHPEDUJDGRUHV RXYLGRUHV
45
ELVSRV WRGD D FRPSOLFDGD PiTXLQD DGPLQLVWUDWLYD TXH
Mi FRPHoDUD D VXJDU D HQHUJLD GR YHOKR 3RUWXJDO
$TXHOHV SHOR GHULYDWLYR GD Ip PLVVLRQHLUD HP TXH QR
GHVHQIUHDPHQWR GDV SDL[}HV GR 1RYR 0XQGR R MHVXtWD
UHSUHVHQWRX R SRGHU PRGHUDGRU R HOHPHQWR GH FXOWXUD
PRUDO GH H[DOWDGR PLVWLFLVPR FRP TXH DTXL FKHJDUDP
RV SULPLWLYRV PLVVLRQiULRV GH &RLPEUD H eYRUD 1mR
FDEHP QDV FRQVLGHUDo}HV UHVXPLGDV GHVWH HQVDLR
LQGDJDU PHOKRU GD LQIOXrQFLD GR MHVXtWD QD IRUPDomR GD
QRVVD QDFLRQDOLGDGH 3DVVDGRV RV WHPSRV SULPLWLYRV H
DSRVWyOLFRV HP TXH GHVHPEDUFDUDP FRP 7RPp GH 6RXVD
RV SULPHLURV SDGUHV D DomR GD &RPSDQKLD DPROGDQGR
VH j IRUPD GD VRFLHGDGH j UHEHOGLD GRV LQVXEPLVVRV IRL
VHPSUH DWLYD GLUHWD FRQVWDQWH H[HUFHQGR VH HP FDGD
IDPtOLD H FDGD LQGLYtGXR SDUD VHU HILFD] VREUH D
FROHWLYLGDGH 3UHJDYDP SHOD SDODYUD H SHOR H[HPSOR D
DEQHJDomR R GHVSUHQGLPHQWR GH VL IRUDP HQWUH HOHV
TXDOLGDGHV QXQFD GHVPHQWLGDV 2 TXH IRL D OXWD FRQWUD
RV LQWHUHVVHV DV DPELo}HV D GHYDVVLGmR GD VRFLHGDGH D
FRELoD GRV FRORQRV LQGLFD R SHUIHLWDPHQWH D FU{QLFD GDV
GLVVHQo}HV HQWUH SLUDWLQLQJDQRV PDUDQKHQVHV H RV
SDGUHV TXDQGR DV LQFXUV}HV D SUHWH[WR GH GHIHVD FRQWUD
R tQGLR H GH FDWHTXHVH VH WUDQVIRUPDUDP HP H[SHGLo}HV
HVFUDYRFUDWDV SURFXUDQGR R JHQWLR FRPR REMHWR GH
FRPpUFLR
(VVHV FRQIOLWRV VHFXODUHV S}HP HP HYLGrQFLD RV YtFLRV
H YLUWXGHV WmR SHFXOLDUHV DR WLSR GR EDQGHLUDQWH GH 6mR
3DXOR e XPD HQWLGDGH KLVWyULFD TXH DRV SRXFRV VXUJH
GD OHJHQGD TXH OKH FULDUDP RV VHXV DGPLUDGRUHV RX RV
VHXV GHWUDWRUHV ÇQVLD GH LQGHSHQGrQFLD OHYDGD DWH R
PRWLP H D UHYROWD H[FHVVRV H EUXWH]D GH KRPHQV GH
HQJHQKR UXGH HVFU~SXORV H[tJXRV IRUWDOH]D ItVLFD
DSXUDGD SHOD HQGRJRPLD H VHOHomR QXP PHLR SURStFLR
46
DPELomR GR PDQGR TXH R LVRODPHQWR GD PRQWDQKD
GHVHQYROYLD JDQkQFLD GH ULTXH]D UiSLGD D TXH QmR HUD
HVWUDQKD D LQIOXrQFLD VHPtWLFD GRV FULVWmRV QRYRV GH 6mR
9LFHQWH H 3LUDWLQLQJD DXVrQFLD GH HOHPHQWRV DOLHQtJHQDV
FRQVHTHQWH SUHGRPLQkQFLD GRV IDWRUHV LQGtJHQDV QD
FUX]D H QR SHVVRDO GDV H[SHGLo}HV GR VHUWmR ³
IHQ{PHQRV H FRQGLo}HV TXH GHUDP DR PRYLPHQWR GDV
EDQGHLUDV SDXOLVWDV XPD IHLomR HVSHFtILFD QR
GHVHQYROYLPHQWR GD KLVWyULD GR %UDVLO )RUDP SUHWH[WR
SDUD XPD OHQGD GH TXH VmR UHVSRQViYHLV RV
KLVWRULyJUDIRV UHJLRQDLV WLYHUDP LQLPLJRV WHUUtYHLV TXH
IRUDP RV FURQLVWDV GD &RPSDQKLD 5HSUHVHQWDP SRUpP
XPD IRUoD GH KHURtVPR DQ{QLPR H LQGLYLGXDOLVWD
GHFLVLYD QD LQWHJUDomR GR WHUULWyULR 7UDoR IULVDQWHPHQWH
FDUDFWHUtVWLFR IRL R VHX EDLUULVPR QR VHQWLGR GH LQLFLDWLYD
SULYDGD HP FRQWUDSRVLomR jV H[SHGLo}HV RILFLDLV RX
RILFLRVDV GDV RXWUDV UHJL}HV GR SDtV H FRPR DX[tOLR TXH
DR EUDQFR SUHVWDYD R PDPDOXFR HOHPHQWR QXFOHDU GDV
SRSXODo}HV GR SODQDOWR
1R DQVHLR GR HQULTXHFLPHQWR FRPHWHUDP WRGRV RV
FULPHV TXH RV KRPHQV GHVVD pSRFD SUDWLFDYDP SDUD
VDWLVIDomR GDV VXDV SDL[}HV 9LQGR GD PHVPD RULJHP
PHWURSROLWDQD D ÌQGLD Mi OKHV HUD XPD HVFROD GH EDUEiULH
H LPRUDOLGDGH ©&DHOXP QRQ DQLPXP PXWDQW TXL
WUDQVPDUH FXUUXPª 1DGD VH SDUHFH WDQWR FRP XPD
HQWUDGD GHVSRYRDGRUD GRV VHUW}HV GR 3DUDQDSDQHPD
GLULJLGD SRU XP 0DQRHO 3UHWR RX XP $QW{QLR 5DSRVR
FRPR XP DWDTXH GH VROGDGRV SRUWXJXHVHV D SRYRDo}HV
DVLiWLFDV 'HVFLDP Dt GRV QDYLRV TXH QmR VH DIDVWDYDP
FRPR UHI~JLR DVVHJXUDGR H UHSDUWLDP VH VRE GXDV RX
WUrV EDQGHLUDV QDV TXDLV DYXOWDYD D LPDJHP GD FUX]
(QWUDGD D SRYRDomR LQLPLJD WRGR R VHU YLYR HUD PHWLGR j
HVSDGD ³ YHOKRV PXOKHUHV FULDQoDV H DWp DQLPDLV
47
'HSRLV GD PDWDQoD FRPHoDYD R VDTXH ­V YH]HV R JHQWLR
UHFDOFLWUDYD (P QD FRVWD GR JROIR 3pUVLFR GHSRLV
GH DWDFDGD H VDOWHDGD XPD DOGHLD FDIUH TXDQGR RV
VROGDGRV Mi YROWDYDP FDUUHJDQGR FULDQoDV H SREUHV
DOIDLDV FHQWR H WDQWRV SUHWRV SHUVHJXHP RV DWDFDQWHV
PDWDP PDLV GH FLQTHQWD GRV TXDLV GR]H FDSLWmHV H R
YHOKR ' )UDQFLVFR GH $OPHLGD SULPHLUR YLFH UHL GDV
ÌQGLDV
1mR HUD PHQRV LQJOyULD D JXHUULOKD GD EDQGHLUD
SDXOLVWD 'H IRUPDomR PHQRV YLVWRVD R WHDWUR GDV
IDoDQKDV HUD R GHVHUWR KRVWLO H LQVRQGiYHO 'Dt OKH YHP R
VHX SULQFLSDO WtWXOR GH JOyULD TXH IRL D OXWD FRQWUD D
QDWXUH]D GH TXH ID]LD SDUWH R tQGLR LQGHIHVVR PDV
IXJLGLR LQYLVtYHO H HQYROYHQWH 1R JORULRVR DQRQLPDWR
GHVVDV H[SHGLo}HV SRXFDV GHL[DUDP D VXD KLVWyULD
FRQVLJQDGD QDOJXP URWHLUR RX GLiULR $IXQGDYDP VH
SHORV VHUW}HV GHVDSDUHFLDP DWp TXH SRXFDV SDODYUDV
QXP SHGDoR GH SDSHO FRPR WHVWDPHQWR RX LQYHQWiULR
DQXQFLDVVHP DRV SDUHQWHV R ILP GHVFRQKHFLGR GR
SLRQHLUR ´0RUWR QR VHUWmRµ p R HVWULELOKR FRQVDJUDGR
QHVVHV GRFXPHQWRV VHP PDLV LQIRUPDo}HV &RQKHFHPRV
DV FXUWDV QDUUDWLYDV GH XPD GHVVDV HQWUDGDV H HVVD Mi
QXP SHUtRGR PDLV DGLDQWDGR GD H[SORUDomR GR SDtV
TXDVH DR ILQGDU D JUDQGH H[SDQVmR EDQGHLUDQWH
+HURLFDPHQWH VH UHVXPH HP SRXFDV SDODYUDV 7UDWD VH
GH KRPHQV TXH SDUWLUDP SDUD R VHUWmR FDSLWDQHDGRV
SRU 3DQWDOHmR 5RGULJXHV 6XELUDP R ULR GDV &RQWDV D
SURFXUD GH RXUR 'HUDP ORJR FRP UDVWR GH JHQWLR XQV
UHFXDUDP RV UHVWDQWHV FRQWLQXDUDP 6DLUDP ³ GL] D
LQIRUPDomR ³ QR ILP GH GRLV PHVHV QXPD PDLRU PDQFKD
GH PDWR FRP SHUGD GH DOJXQV IDWLJDGRV GR FDPLQKR H
RXWURV DEDQGRQDGRV DR GHVHPSDUR SRU GHELOLWDGRV GH
IRUoDV -i D HVWH WHPSR RV FRPSDQKHLURV GD HQWUDGD Vy
48
HUDP RQ]H VHP PDQWLPHQWRV FRP SRXFD SyOYRUD VHP
EDOD RX PXQLo}HV SDUD FDoDUHP H R TXH HUD SLRU FRP
UXPR H WLQR SHUGLGRV &RQWLQXDUDP SRUpP SURFXUDQGR
VHPSUH R ULR SDUD FHUWH]D GR SHL[H H SDUD QmR SHUGHUHP
D iJXD WHQGR Mi SRU LPSRVVtYHO R VH SRGHUHP UHWLUDU $RV
FLQFR PHVHV GH YLDJHP Mi HUDP FLQFR RV EDQGHLUDQWHV
6y GRLV IRUDP PDLV WDUGH VRFRUULGRV GH XPD ID]HQGD
SUy[LPD TXDQGR XP PRUDGRU LQGR D YDTXHMDU XP JDGR
DPRQWDGR GHX FRP RV GRLV FRUSRV GHLWDGRV SDUHFHQGR
PDLV FDGiYHUHV TXH YLYRV 7LQKDP JDVWR RLWR PHVHV QD
YLDJHP H SHUFRUULGR PDLV GH GX]HQWDV OpJXDV
1R GHVEUDYDPHQWR GRV VHUW}HV D EDQGHLUD IRL VHPSUH
XPD HPSUHVD FRQFHELGD H RUJDQL]DGD SDUD D H[SORUDomR
GH QHJyFLR 2 JUDQMHLR GR tQGLR HVFUDYL]DGR H YHQGLGR
QRV PHUFDGRV GH EHLUD PDU RX XWLOL]DGRV QRV ODWLI~QGLRV
GR SODQDOWR SUHSDURX H WRUQRX SRVVtYHO DV HQWUDGDV GH
PLQHUDomR TXH UDSLGDPHQWH VH PXOWLSOLFDUDP j SURFXUD
GH RXUR ³ RX QD LOXVmR GR RXUR FRPR GLVVH 3UHVFKHO
&RP HVVD PLUDJHP R PRYLPHQWR EDQGHLUDQWH VH
LQWHQVLILFRX HP 6mR 9LFHQWH H QRV FDPSRV GD VHUUD GR
0DU LUUDGLDQGR QXP VHP Q~PHUR GH H[SHGLo}HV $SHVDU
GH WRVFDPHQWH DSDUHOKDGRV SHUFRUUHUDP TXDVH TXH WRGR
R FRQWLQHQWH HP FRUUHULDV TXH UHSUHVHQWDP XP HVIRUoR
JLJDQWHVFR 0DQRHO 'LDV GD 6LOYD p DVVLQDODGR SHUWR GH
6DQWD )p QD $UJHQWLQD DVVLP FRPR 5RGULJXHV GH $U]mR
QD &RO{QLD GR 6DFUDPHQWR 'RPLQJRV %DUERVD &DOKHLURV
H R PHVPR $U]mR $QGUp )HUQDQGHV 0DQRHO GH &DPSRV
%LFXGR QR 3DUDJXDL QD %ROtYLD MXQWR D 6XFUH $QW{QLR
5DSRVR 7DYDUHV $QW{QLR &DVWDQKR GD 6LOYD H -RmR
5DPDOKR GH $OPHLGD H PDLV DR 1RUWH QD YL]LQKDQoD GH
6DQWD &UX] GH /D 6LHUUD $QW{QLR )HUUD] GH $UD~MR
0DQRHO GH )ULDV H *DEULHO $QWXQHV 0DFLHO QR FRUDomR GR
3HUX HP FDPLQKR GH &X]FR H PDLV DOpP GD 1RYD
49
*UDQDGD GRV FRQTXLVWDGRUHV HVSDQKyLV SURFXUDQGR
WDOYH] R 3DFtILFR HVVH H[WUDRUGLQiULR $QW{QLR 5DSRVR
7DYDUHV GH TXHP Mi VH GLVVH SDUHFHU GHPDVLDGR R TXH
IH] SDUD FDEHU GHQWUR GD YLGD GH XP KRPHP Vy
'HVWH FRQKHFHPRV SRU WHVWHPXQKR FRHYR XPD
LQIRUPDomR GR SUySULR SDGUH 9LHLUD QXPD FDUWD GH
H DWp XOWLPDPHQWH LQpGLWD GLULJLGD DR 3URYLQFLDO GR
%UDVLO (QFRQWURX R R MHVXtWD QR H[WUHPR 1RUWH GHSRLV
GH XPD GH VXDV DUUHPHWLGDV FRQWUD DV UHGXo}HV GR
3DUDJXDL RQGH DOpP GR H[WHUPtQLR GH PLOKDUHV GH
tQGLRV PDWDUD XP GRV SDGUHV GD &RPSDQKLD ´2
PDWDGRU ³ GL]LD 9LHLUD ³ DR WHPSR TXH LVWR HVFUHYR
HVWi QR 3DUi H VH DSRQWD FRP R GHGR H RV TXH JRYHUQDP
R HFOHVLiVWLFR H R VHFXODU SRVWR TXH R FRQKHoDP R
GHL[DP DQGDU WmR VROWR H WmR DEVROWR FRPR RV GHPDLV µ
4XDQGR RV YLX R MHVXtWD WLQKDP RV EDQGHLUDQWHV
SHUFRUULGR XPD JUDQGH SDUWH GR LQWHULRU GD $PpULFD
JDVWDQGR WUrV DQRV H GRLV PHVHV QHVVH ©JUDQGH URGHLRª H
QDYHJDQGR PDLV GH WUrV PLO OpJXDV GH ULR 2V VHXV
FULPHV TXH 9LHLUD DVVLQDOD QmR GHVOXVWUDYDP R YDORU GD
IDoDQKD ©XPD GDV PDLV QRWiYHLV TXH DWp KRMH VH WHP
IHLWR QR PXQGR FRPR GRV $UJRQDXWDV FRQWDP DV
IiEXODV FRP H[HPSOR YHUGDGHLUDPHQWH JUDQGH GH
FRQVWkQFLD H YDORU ª $R FKHJDUHP DR *XDSRUp HUDP
DSHQDV VRE DV RUGHQV GR 0HVWUH GH &DPSR FLQTHQWD H
QRYH 3DXOLVWDV H DOJXP JHQWLR
2 RXUR EUDVLOHLUR GHIHQGLD VH HQWUHWDQWR SHORV
REVWiFXORV QDWXUDLV TXH VXUJLDP GLDQWH GRV SDVVRV GRV
PLQHUDGRUHV HVFRQGLD VH WUDLoRHLUR QD WUDPD
LPSHQHWUiYHO GDV PDWDV GR GHVHUWR 0DV QHP SHULJRV
IDGLJDV RX GHVLOXV}HV HVPRUHFLDP D SDL[mR GRV
DYHQWXUHLURV 2V EDQGRV HPEUHQKDYDP VH
50
LQLQWHUUXSWDPHQWH SHOR LQWHULRU SURIXQGR H SRU WRGD D
SDUWH R VHUWDQLVWD SHUYDJDYD VHP UXPR QD DOXFLQDomR
GR SUHFLRVR PHWDO $VVLP )HUQmR 'LDV QR VRQKR GDV
HVPHUDOGDV GH 6DEDUDEXVV~ WULOKDQGR VHP R VDEHU DV
DOXYL}HV ULTXtVVLPDV GR ULR GDV 9HOKDV DVVLP R
$QKDQJXHUD SURFXUDQGR GXUDQWH DQRV SHORV FKDSDG}HV
GH *RLiV RV 0DUWtULRV FRP TXH VRQKDUD PHQLQR +HUyLV
GH XPD KHURLFLGDGH LQVWLQWLYD TXRWLGLDQD H
GHVRUGHQDGD IDUHMDQGR RV VHUW}HV SDUD TXH RXWURV VH
DSURYHLWDVVHP GD FDoD IDOWDYD OKHV QR HQWDQWR R
SHVVRDO H R DSDUHOKDPHQWR WpFQLFR LQGLVSHQViYHLV D WDLV
HPSUHVDV 1R FRPHoR GR VpFXOR ;9,, 'LRJR %RWHOKR H
' )UDQFLVFR GH 6RXVD HP 6mR 3DXOR WHQWDUDP XPD
RUJDQL]DomR SUiWLFD GD EDQGHLUD GH PLQHUDomR 'R
~OWLPR D PRUWH OKH LQWHUURPSHX RV SUHSDUDWLYRV Mi
DGLDQWDGRV 'H]HQDV GH DQRV PDLV WDUGH ' 5RGULJR GH
&DVWHO %ODQFR H 0DWKLDV &DUGRVR FRP DV PHVPDV LGpLDV
GH PHOKRU SUHSDUR WpFQLFR VmR REULJDGRV D FDUUHJDU HP
UHGH R SHULWR -RmR $OYHV &RXWLQKR GD %DKLD $R
EDQGHLUDQWH HP JHUDO EDVWDYDP D VXD UHVLVWrQFLD ItVLFD H
D WHLPRVLD LQVLVWHQWH H LPSXOVLYD TXH R HPSXUUDYD
VHPSUH SDUD PDLV ORQJH $ H[SOLFDomR GHVVD
GHVSURSRUomR HQWUH RV UHVXOWDGRV SUiWLFRV REWLGRV H R
HVIRUoR GHVFRPXQDO GLVSHQGLGR HVWi QD UHVLVWrQFLD
SDVVLYD GD QDWXUH]D HVFRQGHQGR R RXUR QD KRVWLOLGDGH
GR FOLPD GD PDWD GR GHVHUWR H QD LJQRUkQFLD WpFQLFD
GRV SLRQHLURV $ IDVFLQDomR GD PLQD SRUpP LQYDGLUD R
%UDVLO LQWHLUR $ REVHVVmR IRL FRQWtQXD HVSDOKDGD SRU
WRGDV DV FODVVHV FRPR XPD ORXFXUD FROHWLYD
(VVH FDUDFWHUtVWLFR QD IRUPDomR GD QDFLRQDOLGDGH p
TXDVH ~QLFR QD KLVWyULD GRV SRYRV 2V DJUXSDPHQWRV
pWQLFRV GD FRO{QLD ³ RV PDLV YDULDGRV GH 1RUWH D 6XO ³
QmR WLYHUDP RXWUR LQFHQWLYR LGHDOLVWD VHQmR HVVH GH
51
SURFXUDU WHVRXURV QRV VRFDY}HV GDV PRQWDQKDV H QRV
FDVFDOKRV GRV FyUUHJRV H ULRV GR LQWHULRU 2XWUDV WHUUDV
SHOR PXQGR VRIUHUDP WDPEpP GHVVD YHUWLJHP GR RXUR $
&RO{QLD GR &DER D $XVWUiOLD D &DOLIyUQLD FRQKHFHUDP D
ORXFXUD GDV PLQDV IDEXORVDV PDV D IHEUH VH H[WLQJXLD
UDSLGDPHQWH FRPR XP LQFrQGLR SDUD VH WUDQVIRUPDU QR
LQGXVWULDOLVWQR GDV PLQDV H H[SORUDo}HV FRPHUFLDLV $V
SUySULDV OHQGDV ³ REVHUYD 0DUWLXV ³ TXH QD (XURSD
IRUQHFHP j SRHVLD SRSXODU WRGR XP PXQGR GH IDGDV
FDYDOKHLURV GXHQGHV H HVSHFWURV QR %UDVLO SULPLWLYR
FRQVLVWLDP HP KLVWyULDV IDQWiVWLFDV GH ULTXH]DV
HVFRQGLGDV PLQDV GH SHGUDULDV H WHVRXURV HQWHUUDGRV
QRV VHUW}HV ORQJtQTXRV $VVLP QDUUD R FURQLVWD R FDVR GR
tQGLR TXH SURPHWHUD OHYDU XP JUXSR GH SLRQHLURV
SRUWXJXHVHV DWp XPD PLQD ´GH RXUR OLPSR H GHVFREHUWRµ
PXLWDV OpJXDV SHOR VHUWmR D GHQWUR GH 6mR 9LFHQWH
5HFHDYD SRUpP PRVWUi OD SRUTXH WRGRV PRUULDP
TXDQGR D TXHULDP UHYHODU DRV EUDQFRV (VVH WDPEpP
SDJRX D VXD SHQD SRUTXH TXDQGR DPDQKHFHX R
HQFRQWUDUDP PRUWR DVVLP FRPR D WRGRV RV PDLV TXH
WHQWDUDP YLRODU R VHJUHGR GD QDWXUH]D )RL HVVD
VLPEROLFDPHQWH D KLVWyULD GR RXUR QR %UDVLO 'XUDQWH
GRLV VpFXORV R VDFULItFLR GH YLGDV RX R HVIRUoR GRV
KRPHQV IRL LQ~WLO H LQIUXWtIHUR $SHQDV HP XP RX RXWUR
SRQWR DOJXP IDLVFDGRU PDLV IHOL] HQULTXHFLD D FXVWD GR
RXUR GH ODYDJHP FRPR QR -DUDJXi HP 6mR 3DXOR $IRQVR
6DUGLQKD R PRoR TXH GL]HP GHL[RX HP WHVWDPHQWR
FUX]DGRV GH RXUR HP Sy HVFRQGLGRV HP ERWHOKDV
GH EDUUR HQWHUUDGDV 2 UHVWR HUD PLUDJHP kQVLD GH
ULTXH]D DPELomR LQVDWLVIHLWD
6y QD ~OWLPD GH]HQD GR VpFXOR ;9,, VH GHVYHQGDUDP
DR PXQGR DV PLQDV ULTXtVVLPDV GDV *HUDLV ,D FRPHoDU
HQWmR XP QRYR GUDPD
52
6RXWKH HVFUHYHX XPD SiJLQD DGPLUiYHO VREUH R
GHVYDULR GRV EXVFDGRUHV GH RXUR 9LYLDP QXP FRQWtQXR
VRQKR GH HVSHUDQoD YtWLPDV GH XPD HVSpFLH GH ORXFXUD
IRUPD DJXGD H FU{QLFD GD GRHQoD TXH p D SDL[mR GR MRJR
+RPHQV GH UHSXWDGD SUXGrQFLD PHVPR SDUFLPRQLRVRV
UDSLGDPHQWH WUDQVIRUPDYDP D DYDUH]D HP SURGLJDOLGDGH
1D REVHVVmR GD LGpLD IL[D WXGR FRQYHUJLD SDUD D VXD
UHDOL]DomR WXGR OKHV LQGLFDYD UD]RiYHO RX
IDQWDVWLFDPHQWH D SUR[LPLGDGH GR WHVRXUR HQFREHUWR R
VLPSOHV DVSHFWR H WDPDQKR GH XP PRUUR RX D TXDOLGDGH
GD HUYD TXH R FREULD 2 GLD VHJXLQWH SRGLD VHU D
FRPSHQVDomR GH DQRV H DQRV GH SHQRVRV H SDFLHQWHV
WUDEDOKRV 2 TXH VH SDVVRX HQWUH QyV IRL D FRQILUPDomR
GHVVH PLODJUH SRVVtYHO TXH p D SUySULD YLGD GR
PLQHUDGRU $V FLUFXQVWkQFLDV LDP IDYRUHFr OR R RXUR QmR
VH HVFRQGLD QDV SURIXQGH]DV GD WHUUD DIORUDYD
IDFLOPHQWH FRP PHQRV GLVSrQGLR GH FDSLWDO H GH
WUDEDOKR H FRP PHQRV ULVFR H PDLRU OXFUR GR TXH HP
RXWUDV SDUWHV GR FRQWLQHQWH
3HORV DQRV GH FRQWD $QWRQLO $QGUHRQL XP
PXODWR GH &XULWLED HQFRQWUDUD QR ULDFKR FKDPDGR 7ULSXt
XQV JUDQLWRV FRU GH DoR TXH YHQGHX HP 7DXEDWp D
0LJXHO GH 6RXVD HUD RXUR ILQtVVLPR $OJXPDV EDQGHLUDV
SDXOLVWDV TXH DQGDYDP j SURFXUD GH tQGLRV D HVFUDYL]DU
H OHYDQGR WDOYH] GDV ODYUDV GR OLWRUDO PLQHLURV PDLV
SUiWLFRV WLYHUDP HP VHJXLGD D UHYHODomR GHVOXPEUDQWH
GD ULTXH]D DXULIHUD GD UHJLmR
3RXFR WHPSR GHSRLV HQWUH D VH
GHVFREUHP DV PLQDV GH ,WDEHUDED QD SDVVDJHP GD EDFLD
GR 5LR *UDQGH SDUD R 'RFH GDt HVWHQGHUDP VH DV
SHVTXLVDV SDUD DV LPHGLDo}HV GD VHUUD GH ,WDWLDLD H GH
,WDFRORPL RX 2XUR 3UHWR 3DUD RV PLQHUDGRUHV RV
53
UHVXOWDGRV GHVWDV H[SORUDo}HV IRUDP VXUSUHHQGHQWHV $
IDPD GDV GHVFREHUWDV HP Mi VH HVSDOKDYD SRU WRGR
R %UDVLO DV WUDQVPLJUDo}HV VH DYROXPDUDP UDSLGDPHQWH
GDV FLGDGHV YLODV UHF{QFDYRV H VHUW}HV DIOXtDP EUDQFRV
SDUGRV SUHWRV H tQGLRV FRQWD XPD WHVWHPXQKD GD
pSRFD $ PLVWXUD HUD GH WRGD D FRQGLomR GH SHVVRDV
KRPHQV H PXOKHUHV PRoRV H YHOKRV SREUHV H ULFRV
QREUHV H SOHEHXV VHFXODUHV H UHOLJLRVRV 2 SUySULR
JRYHUQDGRU GR 5LR $UWKXU GH 6i H 0HQH]HV
DEDQGRQDQGR SRVLomR H GHYHUHV SDUWH SDUD RV
GHVFREHUWRV DVVRFLD VH FRP PLQHLURV H DWLUD VH FRPR
XP DYHQWXUHLUR j SURFXUD GR SUHFLRVR PHWDO Vy YROWD
TXDQGR VH MXOJRX ULFR )RUDVWHLURV FKHJDYDP jV FLGDGHV
PDUtWLPDV FRPR WULSXODQWHV GH QDYLRV IRUMDYDP
SDVVDSRUWHV H IXJLDP HP GHPDQGD GR VHUWmR 2 RXUR
GDV PLQDV GR 6XO GLVVH 5RFKD 3LWWD IRL D SHGUD tPm GD
JHQWH GR %UDVLO )RL D YHUWLJHP PLQHLUD R GHVYDULR TXH
HP RXWURV WHPSRV YLHUDP D FRQKHFHU RV SLRQHLURV GD
&DOLIyUQLD RX RV ´SURVSHFWHUVµ GR $ODVFD $ PHWUySROH
FRUULJLQGR HUURV DQWHULRUHV RUJDQL]DYD jV SUHVVDV R VHX
VLVWHPD GH WULEXWDomR PRGLILFDQGR R VHJXQGR D PDLRU
RX PHQRU UHVLVWrQFLD GRV SRYRV SRU EDWpLD SRU ILQWDV
SRU TXLQWRV H HP ~OWLPR FDVR SHORV ULJRUHV GD FDSLWDomR
2 RXUR GDYD SDUD WXGR H SDUD WRGD D JHQWH DOpP GR
PLQHUDGRU HQULTXHFLD R ILVFR DV DGPLQLVWUDo}HV D FRUWH
H R UHL GH 3RUWXJDO
&RPR TXH SDUD DoXODU D DPELomR GRV TXH R
SURFXUDYDP YDULDYD GH TXDOLGDGH RXUR SUHWR WHQGR QD
VXSHUItFLH DQWHV GH LU DR IRJR XPD FRU VHPHOKDQWH j GR
DoR SRU GHQWUR GL]LDP WLQKD UHIOH[RV TXH SDUHFLDP
UDLRV GH VRO RXUR GR 5LEHLUmR FRPSHWLQGR QD TXDOLGDGH
FRP R RXUR SUHWR H DOFDQoDQGR YLQWH H GRLV TXLODWHV RXUR
GR ULEHLUR GH %HQWR 5RGULJXHV LQIHULRU DRV SUHFHGHQWHV
54
RXUR GR ULEHLUR GR &DPSR H GR ULEHLUR GH 1RVVD 6HQKRUD
GH 0RQWHVHUUDWH JURVVR H PXLWR DPDUHOR RXUR GR ULR GDV
9HOKDV ILQtVVLPR RXUR GR 5LEHLUmR GR ,WDWLDLD GH FRU
EUDQFD FRPR D SUDWD DLQGD LQFRPSOHWDPHQWH IRUPDGR
$V IRUWXQDV DPRQWRDYDP VH UHSHQWLQDPHQWH SHOR
DFDVR IHOL] GDV GHVFREHUWDV &RQWD $QWRQLO TXH %DOWKD]DU
GH *RGR DMXQWDUD YLQWH DUUREDV GH RXUR 0DQRHO 1XQHV
9LDQQD R FDXGLOKR GD JXHUUD GRV HPERDEDV XP SRXFR
PHQRV 7KRPD] )HUUHLUD JUDQGH WUDILFDQWH HP HVFUDYRV
JDGR H PDQWLPHQWRV PDLV GH TXDUHQWD H )UDQFLVFR
$PDUDO FLQTHQWD DUUREDV 9LOD 5LFD SRU PHDGRV GR
VpFXOR HUD D FLGDGH PDLV RSXOHQWD GR PXQGR VH RXUR H
VRPHQWH RXUR FRQVWLWXL ULTXH]D
3DUD R %UDVLO SRUpP HVVH VpFXOR ;9,,, IRL WDPEpP R
VpFXOR GR VHX PDUWtULR
&RPR QR GUDPD KLVWyULFR GD &DOLIyUQLD HP TXH R
YHOKR 6XWHU PLOOLRQiULR VH DUUXLQDYD SHOR DFKDGR GH
XPD PLQD ULTXtVVLPD QDV VXDV WHUUDV GH ODYRXUD
FREHUWDV GH YLQKDV ROLYHLUDV H JDGR GH UDoD ³ R RXUR
HPSREUHFLD R %UDVLO *XHUUD FLYLO LQRPLQiYHLV
DEXVRV GR ILVFR H GR FOHUR HSLGHPLDV GH IRPH HP TXH VH
PRUULD GH LQDQLomR DR ODGR GH PRQWHV GH RXUR SHOR
DEDQGRQR GD FXOWXUD H GD FULDomR 1RV SULPHLURV WHPSRV
GRV GHVFREHUWRV XP ERL FKHJRX D YDOHU FHP RLWDYDV GH
RXUR HP Sy XP DOTXHLUH GH IDULQKD TXDUHQWD $ VLWXDomR
Vy PHOKRURX TXDQGR FRPHoDUDP D FKHJDU DV ERLDGDV GH
&XULWLED H DR ULR GDV 9HOKDV RV UHEDQKRV GRV FDPSRV
EDLDQRV 2OKRV IL[RV QD ORWHULD GD PLQD VXUJLQGR GH
UHSHQWH D SRSXODomR YLYLD HQWUH D PDLV DEMHWD LQGROrQFLD
H IUHQHVL GH PLQHUDomR GHVRUGHQDGD 'H IDWR Vy R QHJUR
WUDEDOKDYD H HVWH FRPSUDYD VH D TXDOTXHU SUHoR SDUD RV
55
PLVWHUHV GD PLQHUDomR $EDQGRQDYD VH D DJULFXOWXUD R
FXOWLYR GD FDQD GLPLQXLX D WDO SRQWR TXH RV PHUFDGRV
TXH DEDVWHFLDP R Do~FDU EUDVLOHLUR VRIUHUDP XPD FULVH
VpULD WHQGR GH UHFRUUHU j SURGXomR LQJOHVD H IUDQFHVD
HQWmR LQFLSLHQWH ( UDSLGDPHQWH R SDtV VH GHVSRYRDYD
1R HQWDQWR D H[SORUDomR GDV PLQDV FRQWLQXDYD D
IRUQHFHU ULTXH]DV IDQWiVWLFDV 3RXFR GHSRLV GDV *HUDLV VH
GHVFREULUDP DV PLQDV GR ULR GDV &RQWDV H -DFRELQD (P
DSDUHFHUDP RV SULPHLURV GLDPDQWHV GR 6HUUR )ULR
$ QRYD GHVFREHUWD IRL FHOHEUDGD FRP JUDQGH M~ELOR QD
&RUWH GH ' -RmR 9 KRXYH IHVWDV HVSOrQGLGDV 7H 'HXPV
SURFLVV}HV 2 3DSD PDQGRX IHOLFLWDo}HV DR UHL RXWURV
PRQDUFDV GD (XURSD R FXPSULPHQWDYDP ´FRPR VH VH
GHVFREULUD FRXVD TXH GHYLD UHJHQHUDU H IHOLFLWDU R
8QLYHUVRµ ­ YHUWLJHP GR RXUR MXQWDYD VH D ORXFXUD GD
SHGUD SUHFLRVD pSRFD GHVOXPEUDQWH GR 7LMXFR GRV
FRQWUDWDGRUHV GH GLDPDQWHV GRV QRYRV ULFRV RVWHQWDQGR
IRUWXQDV IDEXORVDV 8P GHOHV -RmR )HUQDQGHV GH
2OLYHLUD FHOHEUL]RX VH SHOR GLQKHLUR H HVFDQGDORVD
SDL[mR SHOD PXODWD &KLFD GD 6LOYD 1XPD FKiFDUD GD
DPDQWH R FRQWUDWDGRU PDQGRX DEULU YDVWR WDQTXH H QHOH
ODQoRX SDUD VDWLVID]HU XP FDSULFKR XP SHTXHQR QDYLR
SRGHQGR FRQWHU RLWR D GH] SHVVRDV FRP YHODV PDVWURV
FDERV HWF FRPR VH IRVVH XPD YHUGDGHLUD HPEDUFDomR
0DLV WDUGH 3RPEDO OKH H[LJLX XPD LQGHQL]DomR SRU
LQIUDo}HV GR FRQWUDWR -RmR )HUQDQGHV WHYH GH HQWUDU
SDUD RV FRIUHV S~EOLFRV FRP D HQRUPH TXDQWLD GH RQ]H
PLOK}HV GH FUX]DGRV (VWH GHVIDOTXH QmR OKH DEDORX D
IRUWXQD PRUUHX ULFR HP /LVERD QR DQR GH
1D PHWUySROH GH D D IHEUH DWLQJLUD R
DXJH 1HVWH ~OWLPR DQR WHUPLQDYD R UHLQDGR VXOWDQHVFR
GH ' -RmR 9 QXPD DSRW HRVH GH ORXFXUD H GH
56
HVEDQMDPHQWRV 3DUD LVVR FRQWULEXtD VRPHQWH 0LQDV H
DWp FRP DUUREDV GH RXUR QmR FRQWDQGR RV
TXLQWRV RV Gt]LPRV RV GLUHLWRV GDV HQWUDGDV DV
SDVVDJHQV GRV ULRV $Wp D H[WUDomR HP 0LQDV GHYH
WHU DQGDGR SRU SHUWR GH DUUREDV 2 UHVWR GR
%UDVLO QHVVH SHUtRGR SDUHFH WHU IRUQHFLGR D 3RUWXJDO
VHJXQGR RV FiOFXORV GH &DOyJHUDV FHUFD GH
DUUREDV 'LJDPRV QXP WRWDO IDEXORVR FHUFD GH
DUUREDV GH RXUR 1DGD SRUpP EDVWDYD SDUD D
YRUDFLGDGH GD PHWUySROH 3DUD D FDUROLFH GR UHL SDUD RV
GHVSHUGtFLRV GR UHLQR
1HP DV ILQDQoDV GR (VWDGR PHOKRUDUDP QHP
DXPHQWRX D IRUWXQD S~EOLFD 2 *RYHUQR DVVREHUEDGR
SHODV GHVSHVDV QmR SRGLD UHVROYHU R HQLJPD GH WDQWD
IDOWD GH GLQKHLUR DR ODGR GH PRQWDQKDV GH RXUR 3DUD D
,QJODWHUUD HVFRDYD VH XPD SDUWH GD UHFHLWD FRORQLDO QDV
FRPSUDV GH WHFLGRV GH VHGD H GH Om GH TXH SUHFLVDYD R
OX[R GD FRUWH SDUD D DOLPHQWDomR H[SRUWDYDP VH
JUDQGHV VRPDV SDUD RXWURV SDtVHV GR 1RUWH R UHVWR
GLVSHQGLD VH HP SHQV}HV DRV FRUWHVmRV HP JDVWRV FRP
HPEDL[DGDV H FRQVWUXo}HV GLVSHQGLRVDV 8PD PLVVmR D
5RPD FXVWRX GRLV PLOK}HV GH FUX]DGRV R &RQGH GH
7DURXFD UHFHELD XPD SHQVmR GH FUX]DGRV R
0DUTXrV GH $EUDQWHV GH $ FRQVWUXomR GH 0DIUD
DEVRUYLD D LPSRUWkQFLD GD UHFHLWD H GHVSHVD WRWDLV GR
(VWDGR HPSUHJDYDP RSHUiULRV TXH VH SDJDYDP
FRP GLILFXOGDGH ( TXDQGR PRUUHX ' -RmR 9 D SHQ~ULD
GR (VWDGR HUD WDO TXH R JRYHUQR UHFRUUHX D XP
QHJRFLDQWH GH /LVERD SDUD DV GHVSHVDV GRV IXQHUDLV
1R %UDVLO VDQJUDGR H[DXVWR VH H[WLQJXLD WDPEpP D
IRQWH PLODJURVD GH WDPDQKD ULTXH]D $ MXQWD GD ID]HQGD
GH 9LOD 5LFD HP MXOJDYD GLItFLO RX TXDVH
57
LPSRVVtYHO D FREUDQoD GRV SHVDGRV LPSRVWRV FULDGRV
SHOR JRYHUQR UHDO 2 ODQoDPHQWR GD GHUUDPD GL]LDP
ID]LD FRP TXH ´RV PLQHLURV SRU IDOWD GH LQWHUHVVH RV
QHJRFLDQWHV SRU IDOWD GH FRPpUFLR H RV URFHLURV SRU IDOWD
GH FRQVXPLGRUHV DEDQGRQDVVHP D FDSLWDQLD TXH ILFDYD
TXDVH GHVHUWDµ 2 RXUR GDV PLQDV HP Sy SDVVDUi
WRGR SDUD R HVWUDQJHLUR Mi REVHUYDYD $QWRQLO ´VDOYR R
TXH VH JDVWD HP FRUG}HV DUFDGDV H RXWURV EULQFRV GRV
TXDLV VH YrP KRMH FDUUHJDGDV DV PXODWDV GH PDX YLYHU H
DV QHJUDV PXLWR PDLV TXH DV VHQKRUDVµ ,VWR HP SOHQD
SURVSHULGDGH QRV SULPHLURV DQRV GR VpFXOR ;9,,, DR
ILQGDU HVVH VpFXOR HUD SRUpP GHVRODGRUD D VLWXDomR GD
FDSLWDQLD
3RU HVVH WHPSR D PLQHUDomR TXDVH DEDQGRQDGD PDO
GDYD SDUD R VXVWHQWR GRV PLQHUDGRUHV HVWHV FRQVWLWXtDP
XPD FODVVH GH LQGLJHQWHV 3URFXUDYDP OLYUDU VH GD
PLVpULD SHOD YROWD DRV WUDEDOKRV DJUtFRODV TXH
GHVFRQKHFLDP SRU FRPSOHWR 2 HVWDGR GD VRFLHGDGH
GHSORUiYHO SRXFDV SHVVRDV WDOYH] PHLD G~]LD GH
IDPtOLDV SRVVXtDP DOJXQV KDYHUHV RX XPD FHQWHQD GH
HVFUDYRV 2 YLDMDQWH TXH VH DYHQWXUDYD SRU HVVDV UHJL}HV
GHYLD OHYDU SURYLV}HV SRUTXH HP SDUWH DOJXPD DV
SRGHULD FRPSUDU DR FRQWUiULR R SUySULR KDELWDQWH GD
FDVD D FXMD SRUWD EDWHVVH WDOYH] OKH VXSOLFDVVH ´SHOR
DPRU GH 'HXVµ D HVPROD GH XP SXQKDGR GH IDULQKD
$OpP PDU QmR HUD PXLWR PHOKRU D VRUWH GR F~PSOLFH
GHVVH FULPH HVW~SLGR TXH IRL D H[SORUDomR GDV PLQDV GR
%UDVLO $ DGPLQLVWUDomR SRPEDOLQD SRU DOJXP WHPSR
FRQVHJXLX GHVHQYROYHU D SURGXomR H FRPpUFLR GDV
FRO{QLDV VREUHWXGR GD ÌQGLD (PSUHHQGHX D WDUHID GLItFLO
GH UHWHU QR SDtV R RXUR TXH R %UDVLO DLQGD SURGX]LD
+RXYH XP UHFRPHoR GH SURVSHULGDGH TXH GXURX DOJXQV
58
DQRV PHVPR GHSRLV GD TXHGD GH 3RPEDO 0DV HP
TXDQGR 3RUWXJDO VH MXQWRX j ,QJODWHUUD FRQWUD D )UDQoD
WRGR R SDVVDJHLUR UHVXUWR Mi VH WLQKD GLVVLSDGR VHP
GLQKHLUR VHP HVTXDGUD VHP H[pUFLWR R YHOKR UHLQR VH
HQWUHJRX GH FRUSR H DOPD DR DOLDGR SRGHURVR TXH OXWDYD
FRQWUD 1DSROHmR (P GL] (OLVpH 5HFOXV TXDQGR R
UHL SDUWLX SDUD R %UDVLO 3RUWXJDO SRGHULD GHVDSDUHFHU
VXELWDPHQWH QXP FDWDFOLVPD TXH QLQJXpP QR PXQGR VH
VHQWLULD OHVDGR QRV VHXV LQWHUHVVHV ³ D QmR VHU DOJXQV
QHJRFLDQWHV LQJOHVHV SURSULHWiULRV GH YLQKHGRV QR
'RXUR RX RV FRQWUDEDQGLVWDV HVSDQKyLV GD IURQWHLUDµ
7LQKD IDOWDGR D 3RUWXJDO D YHUGDGHLUD FRPSUHHQVmR
KLVWyULFD H HFRQ{PLFD GD VXD PLVVmR PHWURSROLWDQD $
QDomR H R JRYHUQR UHFHELDP FRPR XPD HVPROD R RXUR DV
SHGUDV SUHFLRVDV H RV SURGXWRV FRPHUFLiYHLV GDV
FRO{QLDV 4XLVHUDP YLYHU VHP WUDEDOKDU $ VXD JUDQGH
REUD FRPR TXH LQFRQVFLHQWH SDUD RV HVWDGLVWDV GRV
VpFXORV SDVVDGRV H PHVPR SDUD RV GD DWXDOLGDGH IRL D
FULDomR H IRUPDomR GH XP RXWUR SRYR D TXHP SXGHUDP
OHJDU D OtQJXD QDWDO H DV SHFXOLDULGDGHV UDFLDLV GD
FLYLOL]DomR SRUWXJXHVD
'HVWH ODGR GR PDU DSyV WDQWR GHVOXPEUDPHQWR H
WDQWR EXOtFLR DIDQRVR GH DPELomR H ORXFXUD ³ H FRPR
SDUD DWHVWDU D SHUHQLGDGH GR HVStULWR FULDGRU OLEHUWDGR
GRV LQWHUHVVHV H DFLGHQWHV KXPDQRV ³ GH WRGR HVVH
SDVVDGR DSHQDV UHVWD XPD TXDVH UXtQD TXH p XPD REUD
GH DUWH D REUD GR $OHLMDGLQKR HVFXOWRU H DUTXLWHWR
1DVFHX HP 2XUR 3UHWR HP HUD SDUGR HVFXUR ILOKR
GH XP SRUWXJXrV H GH XPD DIULFDQD VDELD OHU H HVFUHYHU
PDV SDUHFH QmR WHU IUHTHQWDGR RXWUD DXOD DOpP GD GH
SULPHLUDV OHWUDV 3DGHFLD GH XPD WHUUtYHO PROpVWLD
LQFXUiYHO HP TXH SHUGHX WRGRV RV GHGRV GRV SpV Vy
DQGDQGR GH MRHOKRV GDV PmRV UHVWDYDP OKH DSHQDV RV
59
SROHJDUHV H RV tQGLFHV $WRUPHQWDGR SRU GRUHV
FUXFLDQWHV QDUUDYDP TXH HOH SUySULR VHUYLQGR VH GR
IRUPmR FRUWDYD FRP XPD SDQFDGD GH PDFHWH R PHPEUR
TXH R ID]LD VRIUHU (VVH PRQVWUR ItVLFR DVTXHURVR GH
IDFH DWRUPHQWDGD H GLVIRUPH GH SiOSHEUDV FDtGDV H ERFD
HVWXSRUDGD HVFRQGLD VH GHEDL[R GH XPD WROGD SDUD
WUDEDOKDU QDV LJUHMDV 1mR OKH SHUWXUEDYD R JrQLR LQFXOWR
QHQKXP HQVLQDPHQWR GH DFDGHPLDV RX GH PHVWUHV D
VXD REUD VXUJLX H YLYHX QD HVSRQWDQHLGDGH GD
LPDJLQDomR FULDGRUD VHP QHQKXPD GHIRUPDomR
7UDEDOKRX QDV FDSHODV GH 6mR )UDQFLVFR GH $VVLV GH
1RVVD 6HQKRUD GR &DUPR H QD GDV $OPDV HP 2XUR
3UHWR QDV PDWUL]HV GH 6mR -RmR GR 0RUUR *UDQGH H GH
6DEDUi QDV GH 0DULDQD H 6DQWD /X]LD 'HVWDFDP VH QD
VXD REUD D PDWUL] H D FDSHOD GH 6mR )UDQFLVFR HP 6mR
-RmR G (O 5HL H RV WHPSORV H HVWiWXDV GH &RQJRQKDV GR
&DPSR )RL R ~QLFR JUDQGH DUWLVWD TXH GXUDQWH VpFXORV
SRVVXLX R %UDVLO e R TXH UHVWD GR PDUDYLOKRVR SRWRVL
GDV *HUDLV TXH SRU WDQWR WHPSR DVVRPEUDUDP R PXQGR
(QTXDQWR VH SDVVDYD QHVVDV PLQDV R GUDPD GR RXUR
FRQWLQXDYDP DV FRUUHULDV SDXOLVWDV 5HFKDoDGRV GRV
WHUULWyULRV GH 6mR -RVp G (O 5HL ULR GDV 9HOKDV PLQDV GH
&DWDJXD]HV ULR GDV 0RUWHV GR &DHWp GH 2XUR 3UHWR
RQGH GHVFREULUDP DV DOXYL}HV TXH HQULTXHFLDP
IDEXORVDPHQWH RV XVXUSDGRUHV ³ RV VHUWDQLVWDV GH 6mR
3DXOR DIXQGDYDP VH SHORV GHVHUWRV ORQJtQTXRV GH
&XLDEi H *RLiV µ6H QRV ODQoDUHP IRUD GDTXL ³ GL]LDP
³ LUHPRV DFROiµ PRVWUDQGR SDUD RV ODGRV GR VHUWmR RV
PRUURV H VHUUDULDV TXH VH HVWHQGLDP D SHUGHU GH YLVWD
1XPD GHUUDGHLUD DUUDQFDGD SUHVWHV D WHUPLQDU D
ILQDOLGDGH KLVWyULFD GR VHX SDSHO QD IRUPDomR GR SDtV DV
EDQGHLUDV PXOWLSOLFDP VH HP GHPDQGD GR SUySULR
FRUDomR GR FRQWLQHQWH 3RU WRGD D SDUWH DSUHVVDGDV
60
HQWUHJDYDP VH DRV WUDEDOKRV GD ODYDJHP GRV
DOPRFDIUHV GDV SLFDUHWDV 0LQHUDYDP GLD H QRLWH
HVJRWDQGR HVFUDYRV FDPDUDGDV H DWp DV PXOKHUHV TXH
VHJXLDP RV EDQGRV 0XGDYDP R FXUVR GRV ULRV
UDVJDYDP YDOHV UHYROYLDP DV HQWUDQKDV GD WHUUD DWp TXH
QRV WDOKRV DEHUWRV QDV PRQWDQKDV VXUJLVVHP RV YHHLURV
RX QR IXQGR GDV EDWpLDV EULOKDVVHP DV IROKHWDV H RV
JUDYLWRV 6HEDVWLmR 3LQKHLUR 5DSRVR QRV ULDFKRV GR 0DWR
*URVVR GD %DKLD ID]LD D VXD JHQWH WUDEDOKDU GHVGH D
PDGUXJDGD DWp DV KRUDV GD QRLWH HQWmR j OX] GH
IDFKRV XP GLD FROKHX QRYH DUUREDV GH RXUR 1HVVD kQVLD
GLDEyOLFD GLULJHP VH SDUD 0DWR *URVVR $QW{QLR 3LUHV GH
&DPSRV 3DVFKRDO 0RUHLUD &DEUDO $QW{QLR $QWXQHV
0DFLHO )HUQDQGR H $UWKXU 3DLV GH %DUURV H HVVH
H[WUDRUGLQiULR 0DQRHO )HOL[ GH /LPD SRUWXJXrV TXH
GHVFHX R *XDSRUp 0DGHLUD H $PD]RQDV DWp R 3DUi SDUD
R LQWHULRU GH *RLiV VHJXHP RV EDQGRV GRV %XHQRV -RmR
/HLWH GH 2UWL] $QW{QLR )HUUD] GH $UD~MR 9HLJD %XHQR
$PDUR /HLWH
-XQWR DRV QRYRV GHVFREHUWRV YLQKD SRUpP PRUUHU
HQIUDTXHFLGD PDV VHPSUH DOXFLQDGD D EDQGHLUD
&RQVHUYDYD FRPR GHVGH RV WHPSRV SLUDWLQLQJDQRV RV
WUDoRV FDUDFWHUtVWLFRV GD VXD IRUPDomR ,QWHUHVVH
'LQDPLVPR (QHUJLD &XULRVLGDGH $PELomR )DOWDYDP
OKH RV HVWLPXODQWHV DIHWLYRV GH RUGHP PRUDO H RV GH
DWLYLGDGH PHQWDO 1XQFD VRXEHUD WUDQVIRUPDU HP JR]R D
ULTXH]D FRQTXLVWDGD $ VXD HQHUJLD LQWHQVLYD H H[WHQVLYD
FRQFHQWUDYD VH QXP VRQKR GH HQULTXHFLPHQWR TXH
GXURX VpFXORV PDV VHPSUH HQJDQDGRU H IXJLGLR &RP
HVVD LOXVmR YLQKD PRUUHU VRIUHQGR GD PHVPD IRPH GD
PHVPD VHGH GD PHVPD ORXFXUD 2XUR 2XUR 2XUR
&RELoD
61
,,,
$ 75,67(=$
62
(P 1RYHPEUR GH FHQWR H GRLV SHUHJULQRV
LQJOHVHV YLQGRV GH 6RXWKDPSWRQ DYLVWDUDP GR SHTXHQR
QDYLR 0DIORZHU DV FRVWDV DUHQRVDV GR TXH p KRMH R
(VWDGR GH 1HZ -HUVH 3URFXUDQGR PHOKRU DEULJR
YHOHMDUDP PDLV DR VXO DWp R SRUWR GHSRLV FKDPDGR GH
3OPRXWK HP 0DVVDFKXVVHWV RQGH GHVHPEDUFDUDP D
GH 'H]HPEUR GDWD TXH D WUDGLomR QDFLRQDO FRQVDJUD
j FRPHPRUDomR GRV DQWHSDVVDGRV 2 IULR HUD LQWHQVR
QHVVH VRPEULR LQYHUQR GH SDtV GR 1RUWH (P PHLR GH
WHPSHVWDGHV GH FKXYD H QHYH UHFHDQGR R DWDTXH GRV
LQGtJHQDV HVFRQGLGRV QDV PDWDV YL]LQKDV RV SHUHJULQRV
DFHQGHUDP QD SUDLD XP IRJR TXH RV DOXPLRX H DTXHFHX
GXUDQWH D QRLWH LQFOHPHQWH 1R GLD VHJXLQWH FRPR HUD
ViEDGR LQWHUURPSHUDP SDUD R UHSRXVR GRPLQLFDO RV
WUDEDOKRV GH LQVWDODomR VRPHQWH RV FkQWLFRV UHOLJLRVRV
SHUWXUEDUDP HQWmR R VLOrQFLR GD WHUUD PLVWHULRVD (P
VHJXLGD FRPHoRX D OXWD WHUUtYHO GR LPLJUDQWH &DGD
KRPHP WHYH GH FRQVWUXLU D SUySULD FDVD DUURVWDQGR DV
PDLV GXUDV LQWHPSpULHV TXH DSHQDV SHUPLWLDP R
WUDEDOKR GXDV RX WUrV YH]HV SRU VHPDQD 1HVVDV
FRQGLo}HV HP TXDWUR PHVHV TXDVH PHWDGH GD SHTXHQD
H[SHGLomR WLQKD VXFXPELGR j GRHQoD H DR IULR R UHVWR
WHYH GH VH IRUWLILFDU jV SUHVVDV FRQWUD RV DVVDOWRV GR
JHQWLR (VWDYD SRUpP FULDGD XPD GDV FpOXODV LQLFLDLV GD
QDomR DPHULFDQD
1D 9LUJtQLD D FRORQL]DomR VH IL]HUD SRXFRV DQRV
DQWHV SHOD /RQGRQ &RPSDQ FRP ILQV PDLV PHUFDQWLV
2 TXDVH OHQGiULR -RKQ 6PLWK Mi HQVLQDUD DRV
FRPSDQKHLURV TXDQGR SULPHLUR GHVHPEDUFDUDP HP
WHUUDV DPHULFDQDV R VHJUHGR GR r[LWR SDUD R FRORQR
UHFpP FKHJDGR ´$TXL QDGD VH REWpP VHQmR SHOR
63
WUDEDOKRµ ( TXDQGR D &RPSDQKLD OKH SHGLUD GH /RQGUHV
QRWtFLDV GH RXUR R YHOKR SLRQHLUR HQYLRX j PHWUySROH R
TXH MXOJDYD PDLV ~WLO XP PDSD GD UHJLmR XP UHVXPR
GDV FRLVDV PDLV QHFHVViULDV H FRQVHOKRV VREUH D HVFROKD
GRV HPLJUDQWHV DSURSULDGRV j FRORQL]DomR (VWHV DR VH
LQVWDODUHP VXEPHWLDP VH j ULJLGH] GD OHL SXULWDQD TXH
RV IRUoDYD FRPR LPSXQKD 6DPXHO $UJDOO VRE SHQD GH
PRUWH D DFHLWDU D GRXWULQD GD WULQGDGH R UHVSHLWR j
DXWRULGDGH GD %tEOLD H R FRPSDUHFLPHQWR REULJDWyULR j
LJUHMD
(VVD JHQWH WUD]LD SDUD R 1RYR 0XQGR R SULQFtSLR GH
OLEHUGDGH H UHEHOGLD TXH RV IL]HUD GHL[DU D PmH SiWULD
HUDP UHSUHVHQWDQWHV GR SHQVDPHQWR UDGLFDO GD
,QJODWHUUD QR FRPHoR GR VpFXOR ;9,, HP UHYROWD FRQWUD D
DXWRULGDGH HVSLULWXDO H WHPSRUDO TXH HPDQDVVH GR 5HL
RX GD (JUHMD 1R IXWXUR SLRQHLUR QR IXQGR GH VXD DOPD
UXGH YLULD IUXWLILFDU D VHPHQWH LGHDOLVWD GRV SRYRDGRUHV
SULPLWLYRV GD 9LUJtQLD H GRV SHUHJULQRV GR ´0DIORZHUµ
UHXQLGD D XPD IRUPLGiYHO ´YRQWDGH GH SRGHUµ TXH RV
SXULWDQRV VRXEHUDP WmR EHP DOLDU DR XWLOLWDULVPR 1D
WHUUD DGRWLYD GHVHQYROYHUDP DV TXDOLGDGHV GH KRPHQV GH
DomR HP OXWD TXRWLGLDQD FRP XP FOLPD GXUR H XP VROR
LQJUDWR TXH D QHYH FREULD GXUDQWH R LQYHUQR H QR YHUmR
Vy SURGX]LD FHUHDLV 4XDVH WRGRV HUDP ODYUDGRUHV GRQRV
GH VXDV SHTXHQDV ID]HQGDV H DMXGDGRV SHORV ILOKRV
ODYUDYDP D WHUUD FRP DV SUySULDV PmRV 1R UHJLPH
SDWULDUFDO GHVVH LQtFLR DLQGD QmR KDYLD HVFUDYRV 0DLV
WDUGH FRPR HP RXWUDV SDUWHV GR FRQWLQHQWH FULPLQRVRV
GHVHUWRUHV LQGHVHMiYHLV VHUYRV VHPL HVFUDYL]DGRV
QHJURV VH GHUUDPDUDP SHORV GHVHUWRV KRVSLWDOHLURV 1D
PHVFOD SRUpP GH WRGRV RV HOHPHQWRV TXH FRPSXQKDP D
SVLFRORJLD GR FRORQR HP GRVDJHP YDULiYHO PDV
FRQVWDQWH IRL VHP G~YLGD D IRUWH GLVFLSOLQD UHOLJLRVD GRV
64
SULPHLURV DJUXSDPHQWRV FRQJUHJDFLRQLVWDV R TXH IL[RX R
WLSR PRUDO SUHGRPLQDQWH QD KLVWyULD GR SDtV )RL HVVD
SRGHURVD XQLGDGH GH HVStULWR VRFLDO DMXGDGD SRU XP
ULJRURVR SULQFtSLR FRRSHUDWLYR TXH SURPRYHX H UHDOL]RX D
LQGHSHQGrQFLD GRV (VWDGRV 8QLGRV 1HVVH SURFHVVR
HYROXWLYR D UHOLJLmR HVWDEHOHFLGD HP FRQGLo}HV IDYRUiYHLV
GH KLJLHQH PRUDO SUHSDURX D DWPRVIHUD VDXGiYHO HP TXH
S{GH SURVSHUDU D QDomR
1D FRVWD DWOkQWLFD GR FRQWLQHQWH VXO VH GHVHQURORX GH
PRGR GLYHUVR R GUDPD GH FRQTXLVWD H SRYRDPHQWR
0XGD VH R FHQiULR PXGDP RV SURWDJRQLVWDV $ SDUWLOKD
GR PXQGR QRYR HP GXDV SDUWHV DWULEXtGDV D &DVWHOD H
3RUWXJDO FRPHoDYD HP PHDGRV GR VpFXOR ;9, D VHU
VHULDPHQWH DWDFDGD SHOD LQWHUYHQomR GH RXWURV SRYRV D
TXHP D PLUDELOLV QDYLJDWLR GH &RORPER PRVWUDUD R
FDPLQKR GD IRUWXQD $ 5HQDVFHQoD H D 5HIRUPD
PRGLILFDYDP SRU VHX WXUQR D HVWUXWXUD VRFLDO H PRUDO GD
FLYLOL]DomR 2FLGHQWDO 3DFWRV DSDUHQWHPHQWH LVRODGRV
YLULDP D WHU XPD VLJQLILFDomR TXH RV FRQWHPSRUkQHRV
QmR SHUFHELDP $VVLP QR PHVPR DQR HP TXH &RUWH]
VLWLDYD D FLGDGH GR 0p[LFR /XWHUR TXHLPDYD HP
:LWWHPEHUJ D EXOD GR 3DSD +DYLD QR DU FRP D VXUSUHVD
GDV GHVFREHUWDV XP HVStULWR GH UHQRYDomR H GH UHYROWD
SUHFXUVRU GH QRYDV LGpLDV H GH KRPHQV QRYRV 3RU HVVD
pSRFD FRPHoDYD D HVWUHPHFHU R HGLItFLR TXH D HQHUJLD
OXVLWDQD OHYDQWDUD UHDOL]DQGR R VRQKR DPELFLRVR GR
´+RPHPµ GH 6DJUHV
1D SUySULD ÌQGLD 3RUWXJDO IRL HQFRQWUDU R PRWLYR GH
GHFDGrQFLD GH VHX SRGHULR $ GHUURWD QD ÉIULFD D PRUWH
GH ' 6HEDVWLmR D JUDQGH SHUGD GH KRPHQV SRU RFDVLmR
GHVVDV OXWDV HQIUDTXHFHUDP R UHLQR TXH OKH VHQWLD
HVFDSDU D FRO{QLD DVLiWLFD WmR FRELoDGD $ XQLmR FRP D
65
(VSDQKD D FUHVFHQWH LQIOXrQFLD GD ,QTXLVLomR PDLV
SRGHURVD GR TXH QXQFD QR UHLQDGR GH )HOLSH ,,
FRPSOHWDUDP D REUD GH GHFRPSRVLomR TXH OHQWDPHQWH VH
SUHSDUDYD 1RV ~OWLPRV DQRV GR UHLQDGR GH ' -RmR ,,, R
HVWDEHOHFLPHQWR GHILQLWLYR GD ,QTXLVLomR Mi IRUD R LQtFLR
GD GHFDGrQFLD TXH VH DJUDYRX UDSLGDPHQWH GXUDQWH RV
JRYHUQRV VXFHVVLYRV GH VHX QHWR H GH VHX LUPmR
$ VLWXDomR SROtWLFD FDGD YH] PDLV WXUEDGD WLQKD
OHYDGR UDSLGDPHQWH R SDtV j DQDUTXLD H j SHUGD GD
LQGHSHQGrQFLD HP )HOLSH GH (VSDQKD WRPDYD
SRVVH GH 3RUWXJDO HUD UHL GHVVH UHLQR ´(VWH KDYLD WLGR
GL] &RQHVWDJJLR FLQFR UHLV QR HVSDoR GH GRLV DQRV IDWR
UDUR WDOYH] ~QLFR ( SDUHFH TXH 'HXV SHUPLWLX
PXGDQoDV WDLV SDUD FDVWLJDU D QDomR SRUTXH WRGRV RV
FLQFR DUUXLQDUDP RV VHXV SREUHV V~GLWRV ' 6HEDVWLmR
SRU RXVDGLD ' +HQULTXH SRU LUUHVROXomR RV
JRYHUQDGRUHV SRU PHGR H SDUFLDOLGDGH ' $QW{QLR SRU
WLUDQLD H ' )HOLSH SHODV DUPDVµ
&RQWDQGR R Q~PHUR GH IRUWDOH]DV HVSDOKDGDV SRU
WRGD D FRQTXLVWD 3RUWXJDO SDUHFLD LQYHQFtYHO PDV QD
UHDOLGDGH VH HQIUDTXHFHUD SHOR DODUJDPHQWR GR FDPSR GH
DomR $ TXHGD LVRODGD GH XP GHVVHV EDOXDUWHV VH QmR
WLQKD JUDQGH LPSRUWkQFLD VRE R SRQWR GH YLVWD PLOLWDU
HUD HQWUHWDQWR XPD EUHFKD QR SUHVWtJLR SRUWXJXrV 3RU
RXWUR ODGR R GHFOtQLR GR LPSpULR FRORQLDO HUD
DFRPSDQKDGR SHOD GHFDGrQFLD GD PHWUySROH $ QDomR
SRUWXJXHVD FRUURPSLGD SHOR OX[R H SHOD GHVPRUDOL]DomR
GRV FRVWXPHV SHUGLD SRXFR D SRXFR D VXD SULPLWLYD
YLWDOLGDGH 2V JRYHUQRV GHVSyWLFRV H LQFDSD]HV Vy
FRQVHUYDYDP D DQWLJD HQHUJLD SDUD VXVWHQWDU D
,QTXLVLomR
66
$ DGPLQLVWUDomR PHWURSROLWDQD ³ VREUHWXGR D
DGPLQLVWUDomR ORFDO QDV FRO{QLDV ³ SHULFOLWDYD HP WRGDV
DV RXWUDV IXQo}HV JRYHUQDPHQWDLV 2V UHSUHVHQWDQWHV GR
SRGHU UHDO ORQJH GD ILVFDOL]DomR GLVFLSOLQDU GH /LVERD
RFXSDYDP VH SULPHLUDPHQWH GRV SURYHQWRV SHVVRDLV GRV
FDUJRV TXH RFXSDYDP 2 SDGUH 9LHLUD GL]LD TXH D SDODYUD
IXUWDU VH FRQMXJDYD GH WRGRV RV PRGRV QD ÌQGLD
SRUWXJXHVD 1R %UDVLO DYDOLDYDP VH RV PpULWRV GRV
JRYHUQDGRUHV SHODV UHQGDV TXH HQYLDYDP j PHWUySROH H
HVWD VH RSXQKD D TXDOTXHU DXPHQWR GH GHVSHVD PHVPR
SURGXWLYD 2V IXQFLRQiULRV VXSHULRUHV SRU XP DEXVR
WROHUDGR PRQRSROL]DYDP TXDVH WRGR R FRPpUFLR R
SUySULR FOHUR PHUFDGHMDYD 'Dt GHVRUGHQV H FRQIOLWRV TXH
DWUDVDUDP VHQVLYHOPHQWH R GHVHQYROYLPHQWR FRORQLDO
6RPHQWH HP S{GH R JRYHUQR SRUWXJXrV SURLELU R
H[HUFtFLR GHVVH FRPpUFLR H PXLWR PDLV WDUGH QR UHJLPH
SRPEDOLQR IRL LQWURGX]LGD D UHIRUPD EHQpILFD TXH
DXPHQWRX D GXUDomR GDV IXQo}HV DGPLQLVWUDWLYDV SDUD
RV FDUJRV GH XOWUDPDU 9LQKD DWUDVDGD SRUpP R PDO Mi
HVWDYD DUUDLJDGR SDUD TXH R FXUDVVH ´R GHVSRWLVPR
HVFODUHFLGRµ GH TXH IDODYD 3RPEDO 6H RV FKHIHV HUDP
YHQDLV H SHFXODWiULRV RV VXERUGLQDGRV SULPDYDP SHOD
LJQRUkQFLD HVSHFLDOPHQWH RV GH RULJHP FULRXOD 4XDQWR
DR FRORQR DSiWLFR H VXEPLVVR SRXFD UHVLVWrQFLD RIHUHFLD
DR MXJR JRYHUQDPHQWDO 6y R VHQWLD HP WRGD D VXD IRUoD
QRV FHQWURV GH SRSXODomR QR LQWHULRU GR SDtV D GLVWkQFLD
H R GHVHUWR R SURWHJLDP
­ GLVVROXomR HP 3RUWXJDO DVVRFLDYDP VH D PLVpULD H
D IUDTXH]D ´FREULQGR VH FRP DV IyUPXODV GH XPD
UHOLJLRVLGDGH IHUYHQWH FRPR D SREUH]D H D GHELOLGDGH VH
HQFREULDP VRE DV DSDUrQFLDV GR HVSOHQGRU H VRE D
OLQJXDJHP GD RQLSRWrQFLDµ GLVVH PDJQLILFDPHQWH
$OH[DQGUH +HUFXODQR $ LPRUDOLGDGH UHLQDYD HP WRGD D
67
SDUWH VREUHWXGR HQWUH R FOHUR RV PRVWHLURV VXVWHQWDYDP
HP OX[R ´PDQFHEDV H ILOKRV PDQWHQGR FXVWRVDV H QpGLDV
FDYDOJDGXUDV FRP DYHV H FmHV GH UDoDµ $ VRFLHGDGH
YLYLD HP tQWLPD PLVWXUD FRP PRXURV H QHJURV XQV
IRUURV RXWURV HVFUDYL]DGRV 2 WUDEDOKR VHUYLO GRV
HVFUDYRV GD ÉIULFD VXVWHQWDYD D DJULFXOWXUD PDV D
HVFUDYLGmR PLQDYD R RUJDQLVPR VRFLDO FRPR HP WRGD D
SDUWH RQGH H[LVWLX 2V VHQKRUHV IDYRUHFLDP RV
DMXQWDPHQWRV SDUD DXPHQWDUHP R Q~PHUR GH FULDV RV
ILOKRV GH HVFUDYRV DWp D WHUFHLUD RX TXDUWD JHUDomR
HPERUD EDWL]DGRV HUDP PDUFDGRV QD FDUD FRP XP IHUUR
HP EUDVD SDUD VH YHQGHUHP R FDVWLJR PDLV FRPXP HUD
TXHLPi ORV FRP WLo}HV DFHVRV RX FRP FHUD WRXFLQKR RX
RXWUDV PDWpULDV GHUUHWLGDV
1HVVH DYLOWDPHQWR H QHVVHV KRUURUHV FRPHoRX D
GHVDSDUHFHU R SRUWXJXrV KHUyLFR GR VpFXOR ;9
´IUDJXHLUR DEVWrPLR GH LPDJLQDomR DUGHQWH SURSHQVR
DR PLVWLFLVPRµ TXH FULDUD R WLSR SHUIHLWR GR KRPHP
DYHQWXUHLUR DXGDFLRVR H VRQKDGRU OLYUH VHP UHEXoRV
QHP HXIHPLVPRV GH OLQJXDJHP FRPR LPDJLQDPRV RV
TXH SLQWRX 1XQR *RQoDOYHV QR UHWiEXOR GH 6mR 9LFHQWH
2V LQGLYtGXRV DRV SRXFRV SHUGLDP D GXUH]D GD
SULPLWLYD WrPSHUD $ ÌQGLD Mi RV HVJRWDUD FRP RV VHXV
HQFDQWRV H GHVLOXV}HV GXUD HVFROD GH IHURFLGDGH EUXWDO
GH FRELoD YRUD] GH OX[~ULD KLUFLQD RQGH D PRFLGDGH
SRUWXJXHVD VH LD HGXFDQGR QRV YtFLRV H FULPHV GD
VHGXomR DVLiWLFD
3RU HVVH SRYR Mi JDIDGR GR JpUPHQ GH GHFDGrQFLD
FRPHoRX D VHU FRORQL]DGR R %UDVLO )UXWLILFDUDP
HVSOHQGLGDPHQWH RV IRUWHV WURQFRV TXH SULPHLUR
FKHJDUDP j QRYD WHUUD 0DLV WDUGH Vy HVFDSDUDP j
GHJHQHUHVFrQFLD GH DOpP PDU RV JUXSRV pWQLFRV
68
VHJUHJDGRV H DSXUDGRV SRU XPD PHVWLoDJHP DSURSULDGD
)RL R FDVR GH 3LUDWLQLQJD HP TXH R &DPLQKR GR 0DU
SUHSDURX H IDFLOLWRX SDUD D IRUPDomR GR PDPDOXFR HVVH
´FHQWUR GH LVRODPHQWRµ GD WHRULD GH 0RULW] :DJQHU
2XWURV Q~FOHRV GH SRSXODomR FRPR D FDSLWDQLD GH
'XDUWH &RHOKR PDLV FLYLOL]DGD H D %DKLD VHGH GR
JRYHUQR FHQWUDO VH OLJDYDP XPELOLFDOPHQWH DR
RUJDQLVPR GRHQWLR H HQIUDTXHFLGR GD PHWUySROH 1mR
YLYLDP SDUD DVVLP GL]HU GH YLGD SUySULD D SUR[LPLGDGH
GD (XURSD R LQWHUFkPELR FRPHUFLDO D LQIOXrQFLD GLUHWD
GD DGPLQLVWUDomR FHQWUDO PLO IDWRUHV pWQLFRV H
HFRQ{PLFRV VROLGDUL]DYDP HVVDV FRO{QLDV FRP R ULWPR
YLWDO GR YHOKR UHLQR RUD SDXSpUULPR RUD HVEDQMDGRU GH
ULTXH]DV PDV QR FDPLQKR IDWDO SDUD D YHOKLFH
&RPR GD (XURSD GR 5HQDVFLPHQWR QRV YLHUD R FRORQR
SULPLWLYR LQGLYLGXDOLVWD H DQiUTXLFR iYLGR GH JR]R H
YLGD OLYUH ³ YHLR QRV HP VHJXLGD R SRUWXJXrV GD
JRYHUQDQoD H GD IUDGDULD )RL R FRORQL]DGRU )RL R QRVVR
DQWHSDVVDGR HXURSHX $R SULPHLUR FRQWDWR FRP R
DPELHQWH ItVLFR H VRFLDO GR VHX H[tOLR QRYDV LQIOXrQFLDV
GDV PDLV YDULDGDV HVSpFLHV GHOH VH DSRGHUDULDP H R
WUDQVIRUPDULDP QXP HQWH QRYR QHP LJXDO QHP GLIHUHQWH
GR TXH SDUWLUD GD PmH SiWULD 'RPLQDYDP QR GRLV
VHQWLPHQWRV WLUkQLFRV VHQVXDOLVPR H SDL[mR GR RXUR $
KLVWyULD GR %UDVLO p R GHVHQYROYLPHQWR GHVRUGHQDGR
GHVVDV REVHVV}HV VXEMXJDQGR R HVStULWR H R FRUSR GH
VXDV YtWLPDV 3DUD R HURWLVPR H[DJHUDGR FRQWULEXtDP
FRPR F~PSOLFHV ³ Mi GLVVHPRV ³ WUrV IDWRUHV R FOLPD D
WHUUD D PXOKHU LQGtJHQD RX D HVFUDYD DIULFDQD 1D WHUUD
YLUJHP WXGR LQFLWDYD DR FXOWR GR YtFLR VH[XDO $R ILQGDU R
VpFXOR GDV GHVFREHUWDV R TXH VDEHPRV GR HPEULmR GH
VRFLHGDGH HQWmR H[LVWHQWH p XP WHVWHPXQKR GRV
GHVYDULRV GD SUHRFXSDomR HUyWLFD 'HVVHV H[FHVVRV GH
69
YLGD VHQVXDO ILFDUDP WUDoRV LQGHOpYHLV QR FDUiFWHU
EUDVLOHLUR 2V IHQ{PHQRV GH HVJRWDPHQWR QmR VH OLPLWDP
jV IXQo}HV VHQVRULDLV H YHJHWDWLYDV HVWHQGHP VH DWp R
GRPtQLR GD LQWHOLJrQFLD H GRV VHQWLPHQWRV 3URGX]HP QR
RUJDQLVPR SHUWXUEDo}HV VRPiWLFDV H SVtTXLFDV
DFRPSDQKDGDV GH XPD SURIXQGD IDGLJD TXH IDFLOPHQWH
WRPD DVSHFWRV SDWROyJLFRV LQGR GR QRMR DWp R yGLR 3RU
RXWUR ODGR FRPR GHULYDWLYR GHVVD SDL[mR RXWUR
VHQWLPHQWR VXUJLD QD DOPD GR FRQTXLVWDGRU H SRYRDGRU
RXWUR VHQWLPHQWR H[WHQXDQWH QD VXD HVWHULOLGDGH
PDWHULDOLVWD D IDVFLQDomR GR RXUR H[FOXVLYD FRPR XPD
PDQLD 7LSR UHSUHVHQWDWLYR H SLWRUHVFR GD H[DOWDomR D
TXH FKHJDUDP HVVDV SDL[}HV YLROHQWDV IRL 6HEDVWLmR
3LQKHLUR 5DSRVR EDQGHLUDQWH SDXOLVWD 9LQGR GH 6mR
3DXOR SHUFRUUHX FRP D FRPLWLYD GH FDPDUDGDV H
HVFUDYRV tQGLRV H QHJURV RV VHUW}HV GR 1RUWH H 1RUGHVWH
GHL[DQGR SRU WRGD D SDUWH XP UDVWR VDQJXLQROHQWR H XPD
OHQGD GH ULTXH]D $FRPSDQKDYD R XP EDQGR GH
PXFDPEDV FRP TXHP WLQKD LQ~PHURV ILOKRV 8PD YH]
GXDV GHVWDV H[DXVWDV SHOR FDPLQKR PRQWDQKRVR
FDtUDP GHVIDOHFLGDV j EHLUD GD HVWUDGD 2 VHUWDQLVWD
PDQGRX DV GHVSHQKDU SHOR SUHFLStFLR DEDL[R SRLV ´QmR
TXHULD GHL[i ODV YLYDV SDUD QmR VHUYLUHP D RXWUHPµ 7HYH
IDPD GH ULTXtVVLPR FRP DV ERUUDFKDV H VXUU}HV VHPSUH
FKHLRV GH RXUR HUDP DV VXDV ´DUURELQKDVµ GL]LD
'HQRPLQDUDP QR R UHL GR 2XUR H GD 9RO~SLD
1D OXWD HQWUH HVVHV DSHWLWHV ³ VHP RXWUR LGHDO QHP
UHOLJLRVR QHP HVWpWLFR VHP QHQKXPD SUHRFXSDomR
SROtWLFD LQWHOHFWXDO RX DUWtVWLFD ³ FULDYD VH SHOR GHFXUVR
GRV VpFXORV XPD UDoD WULVWH $ PHODQFROLD GRV DEXVRV
YHQpUHRV H D PHODQFROLD GRV TXH YLYHP QD LGpLD IL[D GR
HQULTXHFLPHQWR ³ QR DEVRUWR VHP ILQDOLGDGH GHVVDV
SDL[}HV LQVDFLiYHLV ³ VmR YLQFRV IXQGRV QD QRVVD
70
SVFKp UDFLDO SDL[}HV TXH QmR FRQKHFHP H[FHo}HV QR
OLPLWDGR YLYHU LQVWLQWLYR GR KRPHP PDV DTXL VH
GHVHQYROYHUDP GH XPD RULJHP SDWRJrQLFD SURYRFDGD
VHP G~YLGD SHOD DXVrQFLD GH VHQWLPHQWRV DIHWLYRV GH
RUGHP VXSHULRU )RL QD H[DOWDomR GHVVHV LQVWLQWRV TXH VH
IRUPRX D DWPRVIHUD HVSHFLDO HP TXH QDVFHX YLYHX H
SUROLIHURX R KDELWDQWH GD FRO{QLD
'R HQIUDTXHFLPHQWR GD HQHUJLD ItVLFD GD DXVrQFLD RX
GLPLQXLomR GD DWLYLGDGH PHQWDO XP GRV UHVXOWDGRV
FDUDFWHUtVWLFRV QRV KRPHQV H QDV FROHWLYLGDGHV p VHP
G~YLGD R GHVHQYROYLPHQWR GD SURSHQVmR PHODQFyOLFD
3RVW FRLWXP DQLPDO WULVWH QLVL JDOOXV TXL FDQWDW DILUPDYD
R YHOKR DGiJLR GD PHGLFLQD p R ´FRODSVRµ GRV PpGLFRV
GHSUHVVmR ItVLFD H PRUDO SDVVDJHLUD HP FHUWDV FRQGLo}HV
QRUPDLV FRQWtQXD QRV FDVRV GH H[FHVVRV UHSHWLGRV 1R
%UDVLO D WULVWH]D VXFHGHX j LQWHQVD YLGD VH[XDO GR
FRORQR GHVYLDGD SDUD DV SHUYHUV}HV HUyWLFDV H GH XP
IXQGR DFHQWXDGDPHQWH DWiYLFR 3RU VXD YH] D FRELoD p
XPD HQWLGDGH PyUELGD XPD GRHQoD GR HVStULWR FRP
VHXV VLQWRPDV VXDV FDXVDV H HYROXomR 3RGH DEVRUYHU
WRGD D HQHUJLD SVtTXLFD VHP UHPpGLRV SDUD R VHX
GHVHQYROYLPHQWR VHP FXUD SDUD RV VHXV PDOHV (QWUH
QyV SRU VpFXORV IRL SDL[mR LQVDWLVIHLWD FRQYHUWLGD HP
LGpLD IL[D SHOD SUySULD GHFHSomR TXH D VHJXLD $EVRUYHX
WRGD D DWLYLGDGH GLQkPLFD GR FRORQR DYHQWXUHLUR VHP
TXH QXQFD OKH GHVVH D VDFLHGDGH GD ULTXH]D RX D VLPSOHV
WUDQTLOLGDGH GD PHWD DWLQJLGD 1R DQVHLR GD SURFXUD
DIDQRVD QD GHVLOXVmR GR RXUR HVVH VHQWLPHQWR p
WDPEpP PHODQFyOLFR SHOD LQXWLOLGDGH GR HVIRUoR H SHOR
UHVVDLER GD GHVLOXVmR
/X[~ULD FRELoD PHODQFROLD 1RV SRYRV FRPR QRV
LQGLYtGXRV p D VHTrQFLD GH XP TXDGUR GH SVLFRSDWLD
71
DEDWLPHQWR ItVLFR H PRUDO IDGLJD LQVHQVLELOLGDGH DEXOLD
WULVWH]D 3RU VXD YH] D WULVWH]D SHOR UHWDUGDPHQWR GDV
IXQo}HV YLWDLV WUD] R HQIUDTXHFLPHQWR H DOWHUD D
R[LGDomR GDV FpOXODV SURGX]LQGR QRYD DJUDYDomR GR PDO
FRP R VHX FRUWHMR GH DJLWDo}HV ODP~ULDV H FRQYXOV}HV
YLROHQWDV ,QIOXrQFLD GR FOLPD GRV KiELWRV GH YLGD GD
DOLPHQWDomR RX GR ERP RX PDX IXQFLRQDPHQWR GDV
JOkQGXODV HQGRFUtQLFDV TXH D FLrQFLD FRPHoD D HVWXGDU"
2 IDWR p TXH Ki SRYRV DOHJUHV H SRYRV WULVWHV 1XP
PHVPR SDtV HP DOWHUQkQFLDV GH OX] H VRPEUD VH
VXFHGHP RV GRLV HVWDGRV GH HVStULWR &DPSRQHVHV
VRUULGHQWHV H IHOL]HV GD $QGDOX]LD DR ODGR GD UDoD GXUD H
VRPEULD GDV $VW~ULDV &KLQV GR 1RUWH VpULRV H UHIOHWLGRV
&KLQV GR 6XO DOHJUHV FRPR FULDQoDV 3URYHQoDLV
GHVFXLGDGRV SDOUDGRUHV YLEUDQWHV FRPR FLJDUUDV H
%UHW}HV PtVWLFRV UHFRQFHQWUDGRV VRQKDGRUHV
%FNOH GLULD TXH DV GLIHUHQoDV GH FOLPD H[SOLFDP DV
YiULDV PRGDOLGDGHV GH WHPSHUDPHQWR 3DtVHV GH OX] H
FDORU LQIOXLQGR QD SVLFRORJLD GDV SRSXODo}HV QpYRDV H
HVFXULGmR GH LQYHUQRV ULJRURVRV GDQGR XPD IHLomR
WULVWRQKD DRV KRPHQV GH WHUUDV IULDV 1R %UDVLO R YpX GD
WULVWH]D VH HVWHQGH SRU WRGR R SDtV HP WRGDV DV
ODWLWXGHV DSHVDU GR HVSOHQGRU GD 1DWXUH]D GHVGH R
FDERFOR WmR PHVWLoDGR GH tQGLR GD EDFLD DPD]{QLFD H
GRV VHUW}HV FDOFLQDGRV GR 1RUGHVWH DWp D
LPSDVVLELOLGDGH VRWXUQD H DPXDGD GR 3DXOLVWD H GR
0LQHLUR 'HVWDFDP VH VRPHQWH QHVVH IXQGR GH JULVDOKD
PHODQFROLD R *D~FKR IURQWHLULoR PDLV HVSDQKRODGR FRP
XP IROFORUH FDYDOKHLUHVFR OHYHPHQWH QXDQoDGR GH
VDXGDGH TXH R DFRPSDQKD QDV FRUUHULDV UHYROXFLRQiULDV
³ H R &DULRFD Mi SURGXWR GH FLGDGH JUDQGH H PDUtWLPD
HP FRQWDWR FRP R HVWUDQJHLUR H HQWUHJXH DR OD]DURQLVPR
72
GR DPELHQWH
+i SRYRV WULVWHV H SRYRV DOHJUHV $R ODGR GD
WDFLWXUQLGDGH LQGLIHUHQWH RX VXEPLVVD GR %UDVLOHLUR R
,QJOrV p DOHJUH DSHVDU GD IDOWD GH YLYDFLGDGH H GD
DSDUrQFLD R $OHPmR p MRYLDO GHQWUR GD GLVFLSOLQD
LPSHULDOLVWD TXH R HVWDQGDUGL]RX QXP Vy WLSR WRGRV RV
1yUGLFRV GD (XURSD UHVSLUDP VD~GH H HTXLOtEULR
VDWLVIHLWR 2 QRVVR SUySULR DQWHSDVVDGR GH 3RUWXJDO
FDQWDGRU GH IDGRV VDXGRVRV HQDPRUDGR H SRVLWLYR p XP
VHU DOHJUH TXDQGR FRPSDUDGR FRP R GHVFHQGHQWH
WURSLFDO YtWLPD GD GRHQoD GD SiOLGD LQGLIHUHQoD H GR
YtFLR GD FDFKDoD $ SRHVLD SRSXODU DV OHQGDV D P~VLFD
DV GDQoDV UHYHODP D REVHVVmR PHODQFyOLFD TXH Vy
GHVDSDUHFH FRP D SUHRFXSDomR DPRURVD RX ODVFLYD
/XFFRFN TXH SRU DTXL DQGRX HP SULQFtSLR GR VpFXOR
SDVVDGR QRWRX FRP HVWUDQKH]D HVVH SHQGRU GDV
SRSXODo}HV ´7RGRV SDUHFHP GH OtQJXD DWDGD ³ GL] R
YLDMDQWH ³ QmR KDYLD EULQTXHGR GH PHQLQDGD
YLYDFLGDGH GH UDSD]HV JULWDULD UXLGRVD GH JHQWH PDLV
HQWUDGD HP DQRV 2 SULPHLUR JULWR JHUDO TXH RXYL QR 5LR
IRL QR DQLYHUViULR GD UDLQKD HP 6HJXLX VH D XP
IRJR TXHLPDGR QHVWD RFDVLmR H IRL XP YLYD DEDIDGR QmR
IULR SRUpP WtPLGR SDUHFLD SHUJXQWDU VH SRGLD VHU
UHSHWLGRµ
6H DVVLP HUD QD FDSLWDO GR SDtV RQGH Mi VH LQVWDODUD
WRGD XPD FRUWH HXURSpLD p IiFLO LPDJLQDU R DVSHFWR GDV
SRSXODo}HV SURYLQFLDQDV XPDV HP SOHQD GHFDGrQFLD
RXWUDV SHWULILFDGDV QD LPRELOLGDGH FRORQLDO TXH DOLiV
SRXFR VH GLIHUHQoDYD GR DWUDVR SURIXQGR GD SUySULD
PHWUySROH
'HVGH RV WHPSRV SULPHLURV REVHUYD &DSLVWUDQR D
73
IDPtOLD EUDVLOHLUD WHYH FRPR VXVWHQWiFXOR XPD WULSHoD
LPXWiYHO SDL VRWXUQR PXOKHU VXEPLVVD ILOKRV
DWHUUDGRV 1HVVH DPELHQWH VH GHVHQYROYLD D WULVWH]D GR
PDPDOXFR GR PD]RPER GR UHLQRO DEDIDGR QD
DWPRVIHUD SHVDGD GD FRO{QLD 2 SRUWXJXrV WUDQVSODQWDGR
Vy SHQVDYD QD SiWULD G DOpP PDU R %UDVLO HUD XP
GHJUHGR RX XP SXUJDWyULR )UHL 9LFHQWH GR 6DOYDGRU QRV
SULPHLURV DQRV VHLVFHQWLVWDV TXHL[DYD VH GH TXH RV
SRYRDGRUHV ´QmR Vy RV TXH GH Oi YLHUDP PDV DLQGD RV
TXH Fi QDVFHUDP XVDP GD WHUUD QmR FRPR VHQKRUHV
PDV FRPR XVXIUXWiULRV Vy SDUD D GHVIUXWDUHP H D
GHL[DUHP GHVWUXtGDµ &RP HVVD PHQWDOLGDGH R
SRYRDPHQWR VH ID]LD GH iGYHQDV GH SDVVDJHP TXH VH
FRQVLGHUDYDP YtWLPDV GD VRUWH RX GR H[tOLR LUULWDGRV RX
HVWXSHGLILFDGRV YLYHQGR XPD YLGD YD]LD H PRQyWRQD 2
PHVWLoR Mi DFRVWXPDGR j FRQWLQJrQFLD GR VHUWmR GR
SHULJR GR FOLPD OLPLWDYD R HVIRUoR j JDQkQFLD GH
HQULTXHFLPHQWR IiFLO RX j SROLJDPLD GHVHQIUHDGD VHP
QHQKXPD RXWUD VLPSDWLD KXPDQD PDLV HOHYDGD 1DGD
WmR VHFR H iULGR FRPR XP GRFXPHQWR GHVVDV pSRFDV (P
QHQKXP VH HQFRQWUD R LQIRUPH RX R GHVDEDIR TXH DEUH
XPD FODUHLUD SDUD D YLVmR GR HQWH GH FDUQH H RVVR TXH
QDVFLD OXWDYD H PRUULD QR VROR LQGLIHUHQWH 'RLV JUDQGHV
IHQ{PHQRV DSHQDV HP VpFXORV SDUHFHP LQGLFDU R
DOYRUHFHU GH DOJXP VHQWLPHQWR QDFLRQDO D OXWD FRQWUD R
LQYDVRU KRODQGrV H D H[SDQVmR JHRJUiILFD GR PRYLPHQWR
GH JDGR H GDV EDQGHLUDV 1R SULPHLUR FRQVLGHUDo}HV
PDWHULDLV VREUHSXMDYDP RV YLVOXPEUHV GH UHYROWD
QDWLYLVWD GHVGH D LQWHUYHQomR GRV MXGHXV H FULVWmRV
QRYRV QD RULJHP GD OXWD DWp RV SODQRV HQFREHUWRV GH
-RmR )HUQDQGHV 9LHLUD 1R IHQ{PHQR GR EDQGHLULVPR
WXGR QRV GHPRQVWUD TXH D SUHRFXSDomR ~QLFD GR
VHUWDQLVWD HUD D DTXLVLomR GH ULTXH]D R GHVHQYROYLPHQWR
74
GH VHX QHJyFLR HP HVFUDYRV HQTXDQWR QmR DIORUDYD R
PHWDO H TXDQGR HVWH VXUJLX FRP HOH IHQHFHUDP DV
EDQGHLUDV 1mR VH OKH HQFRQWUD R PtQLPR DSHJR j SREUH
YLOD SLUDWLQLQJDQD GRQGH SDUWLD 8QV YROWDYDP SHOD
DWUDomR LQVWLQWLYD GR QLQKR PDLV WDUGH RXWURV VH
DID]HQGDYDP HP WHUUDV ORQJtQTXDV QRV ODWLI~QGLRV
SDVWRULV GR VHUWmR RX MXQWR jV PLQDV TXH RV WLQKDP
DWUDtGR H IL[DGR 'R DPRU DR WRUUmR QDWDO QHP XPD
~QLFD SDODYUD QHP XP Vy JHVWR 1R VpFXOR GD
LQGHSHQGrQFLD QRUWH DPHULFDQD H DQWHV GD VXD
SURFODPDomR DLQGD QmR KDYLD R $PHULFDQR PDV KDYLD
RV 9LUJLQLDQRV RV 5KRGH ,VODQGHUV RV &DUROLQLDQRV
SHUWHQFHQWHV jV UHVSHFWLYDV SURYtQFLDV :DVKLQJWRQ
TXDQGR VH UHIHULD j 9LUJtQLD GL]LD VHPSUH ´D PLQKD
SiWULDµ 1XQFD VH VRXEH TXH )HUQmR 'LDV 3DHV GLVVHVVH
GD &DSLWDQLD GH 6mR 9LFHQWH ´D PLQKD WHUUDµ (UD XP
VLPSOHV V~GLWR GR UHL GH 3RUWXJDO VHP QRPH TXH R
FODVVLILFDVVH JHRJUDILFDPHQWH 1HP PHVPR R %UDVLOHLUR
H[LVWLD QHVVH SHUtRGR LQLFLDO 9LQKD OKH R QRPH GD ODEXWD
GR SDX EUDVLO FRPR p FDUYRHLUR R OHQKDGRU TXH SURGX]
FDUYmR GH PDGHLUD
$R ILQGDU R VpFXOR ;9,,, H QRV SULPHLURV DQRV GR
VpFXOR VHJXLQWH Mi WtQKDPRV FKHJDGR D XP GRV SRQWRV
FXOPLQDQWHV GR QRVVR GHVHQYROYLPHQWR KLVWyULFR 2 SDtV
LD VHSDUDU VH GD PmH SiWULD $LQGD QmR VH IRUPDUD D
QDomR DSHQDV D VRFLHGDGH FRPR VLPSOHV DJORPHUDomR
GH PROpFXODV KXPDQDV &RPHoDYD QR HQWDQWR D VH
DILUPDU D FRQVFLrQFLD JHRJUiILFD TXH IL[DYD H GHOLPLWDYD
R WHUULWyULR ([DPLQHPRV DV FRQGLo}HV HP TXH VH LD
FRQVWLWXLU R ODoR VRFLDO GHWHUPLQDQGR R FUHVFLPHQWR RV
PRYLPHQWRV H R DJUXSDPHQWR GDV SRSXODo}HV
3RU HVVD pSRFD QRV FHQWURV PDUtWLPRV GH
75
3HUQDPEXFR SDUD R 1RUWH GLYHUVRV WLSRV pWQLFRV
FRQWULEXtDP SDUD D IRUPDomR FRQWtQXD GR %UDVLOHLUR TXH
LULD VXUJLU Mi HP QDV OXWDV GD HPDQFLSDomR
SROtWLFD +DYLD RV HXURSHXV RV EUDQFRV Mi QDVFLGRV QR
%UDVLO RV PXODWRV GH WRGDV DV QXDQoDV RV PDPDOXFRV
FUX]DGRV GR EUDQFR H GR tQGLR HP WRGDV DV VXDV
YDULHGDGHV RV tQGLRV GRPHVWLFDGRV TXH HUDP RV FDERFORV
GR 1RUWH RV ÌQGLRV DLQGD VHOYDJHQV TXH HUDP RV WDSXLDV
FULRXORV GD FRO{QLD RV DIULFDQRV IRUURV RX HVFUDYRV H
ILQDOPHQWH RV PHVWLoRV FODVVH LQXPHUiYHO GRV TXH
PHGLDYDP HQWUH RV tQGLRV H RV QHJURV 1R DPiOJDPD GH
WRGDV HVVDV FRUHV H FDUDFWHUHV VH LQVWLWXtD QD HYROXomR
GD UDoD R UHLQR GD PHVWLoDJHP
2V EUDQFRV QDVFLGRV QR %UDVLO YLQKDP GDV YHOKDV
IDPtOLDV GD DULVWRFUDFLD UXUDO GL]LDP VH DOJXQV
GHVFHQGHQWHV GRV SULPLWLYRV GRQDWiULRV WLQKDP JUDQGH
RUJXOKR QHVVDV DVFHQGrQFLDV H SUHJDYDP FRP DOJXP
ULGtFXOR D SUySULD LPSRUWkQFLD (UDP RV SURSULHWiULRV
GRV JUDQGHV HQJHQKRV RQGH D YLGD OKHV FRUULD TXLHWD H
LQGROHQWH )DWR FRPXP HUD D EDVWDUGLD TXH D HVFUDYLGmR
GHVHQYROYLD SDUD FRUULJL OR IXQFLRQDYD IUHTHQWHPHQWH
D URGD GRV HQMHLWDGRV TXH LQVSLUDYDP j SRSXODomR XP
FDULQKR TXDVH VXSHUVWLFLRVR
2 PXODWR GHVSUH]DYD R PDPDOXFR SUHWHQGLD
SHUWHQFHU j FODVVH GRV EUDQFRV H YDQJORULDYD VH HP QmR
WHU SDUHQWHV tQGLRV 6HQWLD D VXD LQIHULRULGDGH HP
UHODomR DR EUDQFR GHVGH TXH HVWH OKH HUD VXSHULRU HP
ULTXH]D FKHJDYD D VH KXPLOKDU GLDQWH GH RXWURV PXODWRV
PDLV ULFRV RX GH PHOKRU FRQGLomR VRFLDO 3RGLD HQWUDU
SDUD DV RUGHQV VDFUDV H VHU PDJLVWUDGR EDVWDYD OKH XP
DWHVWDGR GH VDQJXH OLPSR PHVPR TXH D DSDUrQFLD
GHVPHQWLVVH R FHUWLILFDGR .RVWHU ³ GH TXHP H[WUDtPRV
76
HVWHV GDGRV ³ QDUUD R FDVR GH XP SUHWR D TXHP
SHUJXQWRX VH FHUWR FDSLWmR PRU HUD PXODWR ´(UD
SRUpP Mi QmR pµ IRL D UHVSRVWD DFUHVFHQWDQGR D ILORVRILD
GR QHJUR YHOKR ´3RLV XP FDSLWmR PRU SRGH VHU PXODWR"µ
2V UHJLPHQWRV GH PLOLFLDQRV FKDPDGRV UHJLPHQWRV GH
PXODWRV WLQKDP RILFLDLV H SUDoDV GH WRGRV RV PDWL]HV
UHFXVDQGR VH SRUpP R DOLVWDPHQWR DRV EUDQFRV 2
FRURQHO GH XP GHVVHV UHJLPHQWRV GR 5HFLIH IRL D /LVERD H
GH Oi YROWRX FRP D RUGHP GH &ULVWR 1mR HUDP UDURV RV
FDVDPHQWRV HQWUH EUDQFRV H PXODWRV VREUHWXGR HQWUH
HXURSHXV H PXOKHUHV GH FRU TXH SRVVXtVVHP DOJXP GRWH
%UDVLOHLURV ULFRV RX GH DOWR QDVFLPHQWR UHSHOLDP HP
UHJUD HVVDV DOLDQoDV GHVGH TXH R VDQJXH PHVWLoR IRVVH
PXLWR YLVtYHO DFUHVFHQWD .RVWHU FRP PDOtFLD
0DPDOXFRV KDYLD PDLV QR VHUWmR SHUQDPEXFDQR (UDP
PDLV EHORV GR TXH RV PXODWRV VREUHWXGR DV PXOKHUHV
1D LQGHSHQGrQFLD GR FDUiFWHU QD UHSXJQkQFLD SHOD
DGXODomR DR EUDQFR PRVWUDYDP D QREUH]D GD
DVFHQGrQFLD OLYUH GRV GRLV ODGRV 2 tQGLR GRPHVWLFDGR
HUD HP JHUDO FRP DV VXDV YLUWXGHV FRQKHFLGDV R
VHUWDQHMR FRUDMRVR VLQFHUR JHQHURVR KRVSLWDOHLUR ³ R
WLSR FOiVVLFR GD FDDWLQJD GR 1RUGHVWH 2 tQGLR VHOYDJHP
DSDUHFLD ORQJH GR OLWRUDO QDV SUR[LPLGDGHV GR
0DUDQKmR 2 UHVWR HUD R QHJUR DIULFDQR RX FULRXOR
3UROLIHUDQGR HP WRGDV DV YDULHGDGHV GR FUX]DPHQWR Vy R
QHJUR SXUR IRUUR WLQKD R RUJXOKR KXPLOGH GD VXD UDoD
´QHJUR VLP SRUpP GLUHLWRµ GL]LDP 2V FULRXORV SRVVXtDP
RV VHXV UHJLPHQWRV H[FOXVLYRV HP TXH RILFLDLV H VROGDGRV
HUDP WRGRV SUHWRV (UDP RV +HQULTXHV FRQVHUYDQGR QR
QRPH D WUDGLomR GH +HQULTXH 'LDV GRV WHPSRV GD
LQYDVmR IODPHQJD 2 QHJUR FDWLYR HUD D EDVH GH QRVVR
VLVWHPD HFRQ{PLFR DJUtFROD H LQGXVWULDO H FRPR TXH HP
UHSUHViOLD DRV KRUURUHV GD HVFUDYLGmR SHUWXUERX H
77
HQYHQHQRX D IRUPDomR GD QDFLRQDOLGDGH QmR WDQWR SHOD
PHVFOD GH VHX VDQJXH FRPR SHOR UHOD[DPHQWR GRV
FRVWXPHV H SHOD GLVVROXomR GR FDUiFWHU VRFLDO GH
FRQVHTrQFLDV DLQGD LQFDOFXOiYHLV
'H WRGRV RV FHQWURV PDUtWLPRV GD FRO{QLD IRL SRUpP
5HFLIH R PHQRV LQIOXHQFLDGR SHOR PHVWLoR $OpP GDV
WUDGLo}HV GR VHX Q~FOHR DULVWRFUiWLFR XPD QXPHURVD
FRO{QLD HXURSpLD HP TXH VREUHVVDtDP RV ,QJOHVHV
FRQVHUYDYD OKH R DVSHFWR PHWURSROLWDQR OHPEUDQGR
RXWUDV pSRFDV GH ULTXH]D H FLYLOL]DomR $R VH DSUR[LPDU R
YLDMDQWH GDV WHUUDV EDL[DV H GRV FRTXHLUDLV GR 5HFLIH H
GDV FROXQDV GH 2OLQGD D SDLVDJHP SURGX]LD OKH XPD
DJUDGiYHO LPSUHVVmR FRP D FDVDULD EUDQFD GDV FKiFDUDV
HP PHLR GRV ODUDQMDLV YHUGH HVFXURV 6y DR
GHVHPEDUFDU QR FDORU GR PHLR GLD WLQKD D VXUSUHVD GDV
UXDV FKHLDV GH QHJURV GDQGR j FLGDGH XPD DSDUrQFLD
VRPEULD H WULVWRQKD )UHTHQWHPHQWH DQLPDYD DV D
FKHJDGD GRV QDYLRV QHJUHLURV GD FRVWD G ÉIULFD H[LELQGR
HP SOHQD UXD R HVSHWiFXOR DVTXHURVR GD YHQGD GH
HVFUDYRV +RPHQV H PXOKHUHV HP FRPSOHWD
SURPLVFXLGDGH VHPLQXV VH HVWHQGLDP SHODV FDOoDGDV RX
VH DFRFRUDYDP QR FKmR LQGLIHUHQWHV PDVWLJDQGR
SHGDoRV GH FDQD 'H ORQJH VH VHQWLD R FKHLUR DFUH
GHVVD PXOWLGmR DIULFDQD HP JHUDO FREHUWD GH S~VWXODV
UHSXJQDQWHV 6y DR FDLU GD WDUGH DSDUHFLDP QDV UXDV D
SDVVHLR DV IDPtOLDV 6DQWR $QW{QLR GR 5HFLIH D FLGDGH
FHQWUDO WLQKD UXDV ODUJDV H FDVDV JUDQGHV FRP ORMDV QR
UpV GR FKmR 3HODV MDQHODV GDV FDVDV EDL[DV VXUSUHHQGLD
VH D LQWLPLGDGH GD YLGD FDVHLUD FRP PXOKHUHV TXDVH
QXDV GHLWDGDV SHODV HVWHLUDV GDV VDODV H DOFRYDV
.RVWHU LPSUHVVLRQRX VH SHOD RSXOrQFLD H LPSRUWkQFLD
GD FLGDGH 3HUQDPEXFR H[SRUWDYD VREUHWXGR DOJRGmR
78
SDUD D ,QJODWHUUD H Do~FDU SDUD 3RUWXJDO $WULEXLX R VHX
SURJUHVVR H EHP HVWDU DR JRYHUQR GR FDSLWmR JHQHUDO
&DHWDQR 3LQWR GH 0LUDQGD 0RQWHQHJUR TXH MXOJDYD
DGPLQLVWUDGRU SUXGHQWH H ILUPH 1XPD IHVWD HOHJDQWH D
TXH DVVLVWLX R YLDMDQWH LQJOrV QR DUUDEDOGH GR 3RoR GD
3DQHOD HP PHLR GDV GDQoDV H DOHJULD GDV PRoDV
DSDUHFHX R FDSLWmR PRU DPiYHO SUD]HQWHLUR $ VXD
SUHVHQoD SRUpP IH] FDODU DV ULVDGDV H R EDLOH
FRQWLQXRX VROHQH QXP PXUP~ULR GH UHVSHLWR $ .RVWHU
HVFDSDUDP QR HQWDQWR RV VLQWRPDV GH HIHUYHVFrQFLD
QDWLYLVWD TXH YLHUDP H[SORGLU PDLV WDUGH QD UHYROXomR
GH 2 JRYHUQR GH &DHWDQR 3LQWR WHUPLQRX Dt
YHUJRQKRVDPHQWH SHOD IXJD GR &DSLWmR JHQHUDO
$R 6XO RXWURV FHQWURV VRFLDLV HUDP SHOD DVVLVWrQFLD
GDV DOWDV DXWRULGDGHV DGPLQLVWUDWLYDV D %DKLD H R 5LR
0DLV GR TXH QR 1RUWH QHODV GRPLQDYD R PDO GD
HVFUDYLGmR
1D SULPHLUD QXPD SRSXODomR GH DOPDV Vy
XPD WHUoD SDUWH HUD GH EUDQFRV H tQGLRV R UHVWR
FRPSXQKD VH GH QHJURV H PXODWRV $ FLGDGH VRE R VRO
UDGLRVR GRV WUySLFRV HUD XP KRUUtYHO PRQWXUR TXH GHYLD
HPSHVWDU DWp R PDU DOWR FRPR D /LVERD GH %URQ 3HOD
HVFDUSD DEUXSWD FROHDYDP ODGHLUDV UXDV H YLHODV
HVWUHLWtVVLPDV SRU RQGH GLILFLOPHQWH SDVVDYD XPD VHJH
&DVDV DJDLRODGDV GH TXDWUR H FLQFR DQGDUHV HP JHUDO GR
VpFXOR ;9,, IRUUDGDV GH XUXSHPD HQVRPEUDYDP H
DEDIDYDP DV UXDV FRP RV ORQJRV EHLUDLV H DV VDOLrQFLDV
GDV UyWXODV XPD GHODV VH FKDPDYD UXD 'LUHLWD GD
3UHJXLoD FRPR XP HSLJUDPD 1RV WUrV PHUFDGRV GD
FLGDGH DV QHJUDV YHQGLDP SHL[H FDUQH PRTXHDGD
EDOHLD QR WHPSR GD SHVFD H XPD LQILQGiYHO FROHomR GH
FDUXUXV YDWDSiV PLQJDXV SDPRQKDV DFDoiV DFDUDMpV
79
DEDFiV DUUR] GH FRFR IHLMmR GH FRFR H DV LQILQLWDV
TXDOLGDGHV GH TXLWXWHV EDLDQRV DOJXQV GRV TXDLV GL]LD R
FURQLVWD ´yWLPRV SHOR DVVHLR SDUD WRPDU SDUD
YRPLWyULRVµ -XQWR DRV PHUFDGRV HP FDVLQKRODV
SHTXHQtVVLPDV H VRPEULDV PRUDYDP DV TXLWDQGHLUDV
1DV QRLWHV GH FDORU ~PLGR GRV SDQWDQDLV TXH GH XP
ODGR FHUFDYDP D FLGDGH VXELD XP IRUPLGiYHO FRD[DU GH
HQRUPHV EDWUiTXLRV HUJXHQGR XP DODULGR GH FmHV GH ILOD
1DV IRQWHV GH iJXD LPSXUD KDYLD GLDULDPHQWH EULJDV GH
QHJURV TXH Dt OLTXLGDYDP D SRQWD GH IDFD UXVJDV SRU
FDXVD GD DSDQKD GR OLTXLGR RX TXHVW}HV GH LQWHUHVVH H
DPRU FRP D SROtFLD H FRP RV JDOpV TXH FRQFRUULDP DRV
FKDIDUL]HV
$ YLGD GLVVROXWD GR DIULFDQR H GR PHVWLoR LQYDGLD D
PHOKRU VRFLHGDGH 7XGR VH ID]LD QHVVH DEDQGRQR
GHVOHL[DGR H FRUURPSLGR TXH p D SUDJD GD HVFUDYLGmR 2
WUDMH RUGLQiULR GDV PXOKHUHV QR LQWHULRU GDV FDVDV HUD
XPD VLPSOHV VDLD SRU FLPD GH XPD FDPLVD HP JHUDO GD
PDLV WUDQVSDUHQWH PXVVHOLQD PXLWR RUQDPHQWDGD H
ERUGDGD 0XLWR ODUJD QR SHVFRoR DR PHQRU PRYLPHQWR
FDtD GH XP GRV RPEURV RX PHVPR GRV GRLV GHVFREULQGR
VHP SXGRU RV VHLRV
1DV JUDQGHV IDPtOLDV SDWUtFLDV XP GRV OX[RV FRQVLVWLD
QR VpTXLWR GH SUHWDV H PXODWDV TXH FHUFDYDP DV
VHQKRUDV EUDQFDV TXDQGR VDtDP SDUD DV SURFLVV}HV
4XLQ]H RX YLQWH HVFUDYDV DFRPSDQKDYDP DV VLQKiV
PRoDV YHVWLGDV GH ULFDV VDLDV GH FHWLP FDPLVDV GH
FDPEUDLD RX FDVVD ILQtVVLPD FREHUWDV GH MyLDV GH RXUR
FRUG}HV SXOVHLUDV FRODUHV EUDFHOHWHV H EDUDQJDQGmV 2
EDQGR SHUFRUULD HQWmR R ODELULQWR GH EHFRV WUDYHVVDV H
UXHODV UHTXHEUDGR H JXL]DOKDQWH FRPR XP FRUGmR
FDUQDYDOHVFR
80
2 PDO SRUpP URtD PDLV IXQGR 2V HVFUDYRV HUDP
WHUUtYHLV HOHPHQWRV GH FRUUXSomR QR VHLR GDV IDPtOLDV $V
QHJUDV H PXODWDV YLYLDP QD SUiWLFD GH WRGRV RV YtFLRV
'HVGH FULDQoDV ³ GL] 9LOKHQD ³ FRPHoDYDP D
FRUURPSHU RV VHQKRUHV PRoRV H PHQLQDV GDQGR OKHV DV
SULPHLUDV OLo}HV GH OLEHUWLQDJHP 2V PXODWLQKRV H FULDV
HUDP SHUQLFLRVtVVLPRV 7UDQVIRUPDYDP DV FDVDV
VHJXQGR D H[SUHVVmR FRQVDJUDGD H MXVWD HP YHUGDGHLURV
DQWURV GH GHSUDYDomR 0XLWRV VHQKRUHV SRU PHUR
GHVOHL[R FRQVHUYDYDP QDV PRUDGLDV GD FLGDGH GH]HQDV H
GH]HQDV GH PXODWRV H QHJURV HP FRPSOHWD RFLRVLGDGH
SHOR VLPSOHV IDWR GH Dt WHUHP QDVFLGR 'D SURPLVFXLGDGH
VXUJLD WRGD D VRUWH GH DEXVRV H FULPHV 6HQKRUHV
DPDVLDYDP VH FRP HVFUDYDV GHVSUH]DQGR DV HVSRVDV
OHJtWLPDV H HP SURYHLWR GD GHVFHQGrQFLD EDVWDUGD
RXWURV QmR FDVDYDP DJDUUDGRV DR YtFLR GH DOJXPD
KDUSLD TXH RV VHTHVWUDYD FLXPHQWD H GHJUDGDQWH SRU
XPD YLGD WRGD HFOHVLiVWLFRV FRQVWLWXtDP IDPtOLDV FRP
QHJUDV H PXODWDV FRP LQ~PHURV ILOKRV D TXHP GHL[DYDP
HP KHUDQoD DV PDLV EHODV SURSULHGDGHV GD WHUUD 2V
HVFUDYRV YHOKRV H GRHQWHV SRUpP MRJDYDP QRV j UXD
SDUD PHQGLJDUHP R VXVWHQWR $ HVFUDYLGmR HQILP FRP
WRGRV RV VHXV KRUURUHV
2 5LR SRU HVVD pSRFD SRXFR VH GLIHUHQoDYD GD %DKLD
8P WHVWHPXQKR LQWHOLJHQWH GH QRV Gi R TXDGUR
YLYR GD FLGDGH H GR DPELHQWH VRFLDO j FKHJDGD GR
3UtQFLSH 5HJHQWH $ SUHVHQoD GD FRUWH DQWLTXDGD
SREUH GHVPD]HODGD LPSULPLD DRV GLIHUHQWHV DVSHFWRV GD
YLGD IOXPLQHQVH R WRP FDULFDWXUDO TXH SRU WmR ORQJRV
DQRV FDUDFWHUL]RX R FHUHPRQLDO PRQiUTXLFR QR %UDVLO
$ SULPHLUD LPSUHVVmR TXH WHYH /XFFRFN IRL GH TXH R
5LR HUD ´XPD GDV PDLV LPXQGDV DVVRFLDo}HV GH KRPHQV
81
GHEDL[R GRV FpXVµ 5DQJR YLDMDQWH DOHPmR TXH DTXL
HVWHYH HP QRWRX ORJR DR GHVHPEDUFDU R FKHLUR
SHQHWUDQWH DGRFLFDGR TXH H[DODYDP DV UXDV FKHLDV GH
QHJURV FDUUHJDQGR IDUGRV QR FDORU LQWHQVR
$ FLGDGH OLPLWDYD VH j iUHD EDL[D H SDQWDQRVD TXH
HQFHUUDYDP RV PRUURV GR &DVWHOR 6DQWR $QW{QLR H 6mR
%HQWR VHJXLQGR VH SHOD UXD GRV %DUERQRV *XDUGD
9HOKD 6mR -RDTXLP H 9DOORQJR $OpP H LPHGLDWDPHQWH
FRPHoDYD D PDWD 'D *OyULD D %RWDIRJR LD VH SRU XP
WULOKR GH DQLPDLV H D DOWD YHJHWDomR HQFREULD QR WUDMHWR D
YLVWD GR PDU 1R FDPSR GH 6mR &ULVWRYmR FDoDYD VH H HUD
IiFLO SHUGHU VH R FDPLQKR 1D SDUWH KDELWDGD HP FHUFD
GH FDVDV UHVLGLD XPD SRSXODomR GH FHUFD GH
DOPDV RX GH UHIHUH RXWUR YLDMDQWH ³
H GHOHV HUDP QHJURV 5XDV HVWUHLWDV H HP JHUDO
HP OLQKD UHWD FDOoDGDV GH JUDQLWR FRUUHQGR SHOR PHLR D
VDUMHWD GDV iJXDV j QRLWH PDO DV DOXPLDYDP DV
ODPSDULQDV GRV RUDWyULRV H QLFKRV 1DV ORMDV
SUHGRPLQDYDP RV ERWLFiULRV H RV GURJXLVWDV 3HODV UXDV
FLUFXODYD XPD SLWRUHVFD PHVFOD GH WUDQVHXQWHV
VREUHVVDLQGR RV PHLULQKRV FXUYDQGR VH H WLUDQGR RV
VXMRV FKDSpXV GH ELFR VHERVRV GH WRSH SUHWR $R ODGR GH
XP FDUUR GH ERLV FKLDQGR SDVVDYD XPD FDGHLULQKD GH
VHQKRUD URGHDGD GH XPD PXOWLGmR GH PHQGLJRV
DQGUDMRVRV HQWUH RV TXDLV QmR HUD UDUR YHU VH DOJXP
RILFLDO GH PLOtFLDV WDPEpP GH PmR HVWHQGLGD ­V YH]HV
SDVVDYDP HVWUDQKDV ILJXUDV GH HVFUDYRV GH PiVFDUD GH
IHUUR FRP TXH RV SXQLDP GR YtFLR GD HPEULDJXH] 'H
WRGD HVVD PLVWXUD GH FRUHV GH OtQJXDV GH WUDMHV VXELD
QR DU YLEUDQWH GH VRO XPD DOWD YR]HULD DFRPSDQKDQGR
DV FRQWtQXDV VDOYDV GRV IRUWHV GD EDtD RX R IRJXHWyULR
GDV IHVWDV GH LJUHMD TXDVH GLiULDV 6XELWDPHQWH XP
UHEXOLoR DMRHOKDYDP VH WRGRV (UD D VHJH UHDO
82
EDORXoDQGR VH QDV FRUUHLDV SX[DGD SRU GXDV PXODV GH
DUUHLRV UHPHQGDGRV JXLDGRV SRU XP ODFDLR GH OLEUp
JDVWD H GHVERWDGD 'HQWUR R VRUULVR ERTXLDEHUWR GH
DGHQRLGLDQR GR 3UtQFLSH 5HJHQWH 1DV KRUDV TXHQWHV
HVYD]LDYD VH D UXD Vy QHJURV SDVVDYDP /XFFRFN WLQKD D
LPSUHVVmR GH HVWDU QXPD FLGDGH GD ÉIULFD $ SURSRUomR
GRV EUDQFRV SDUD D JHQWH GH FRU HUD GH SDUD DYDOLDYD
5DQJR
2 DVSHFWR GD JHQWH HUD GHVDJUDGiYHO 2 FOLPD TXHQWH
D IDOWD GH DVVHLR D FDUQH GH SRUFR SURGX]LDP WHUUtYHLV
GRHQoDV GH SHOH QDV PXOKHUHV D UHFOXVmR QDV DOFRYDV
VHP DU HPSDOLGHFLD UDSLGDPHQWH R URVWR PDLV
HQFDQWDGRU GR PXQGR DRV GH]RLWR DQRV DWLQJLDP D XPD
PDWXULGDGH FRPSOHWD SUHFXUVRUD GH XPD H[FHVVLYD
FRUSXOrQFLD FRP TXH DRV WULQWD VH WUDQVIRUPDYDP HP
YHOKDV HQUXJDGDV
1D YLGD VRFLDO VH QRWDYDP DOJXQV WUDoRV SHFXOLDUHV
TXH R YLDMDQWH DWULEXL j GLVVROXomR GRV FRVWXPHV 3RXFRV
VH SUHRFXSDYDP FRP RV PDLV FRPH]LQKRV SULQFtSLRV GD
YHUGDGH GD SURSULHGDGH SDUWLFXODU RX GDV YLUWXGHV
GRPpVWLFDV $ YLGD GH XP KRPHP SRXFR YDOLD SRU XP
SDWDFmR XP FDSDQJD VH LQFXPELD GR GHVDSDUHFLPHQWR
GH TXDOTXHU GHVDIHWR 1HP PHVPR ³ REVHUYD R LQJOrV ³
VH UHFRUULD D HVVD VRPEUD GD YLUWXGH TXH p D KLSRFULVLD
e HVVD DFUHVFHQWD D LPSUHVVmR JHUDO TXH VH WHP DV
H[FHo}HV H[LVWLDP UHVSHLWiYHLV FRPR HP WRGD SDUWH
PDV HP JHUDO HUD JUDQGH D SURSRUomR GH FDUDFWHUHV
GXYLGRVRV FRP YLVtYHO SUHGLVSRVLomR SDUD R PDO (VFRODV
S~EOLFDV QmR KDYLD QHP TXDOTXHU RXWUR HVWDEHOHFLPHQWR
SDUD D LQVWUXomR GDV FULDQoDV (VWDV DSUHQGLDP D OHU
QDV ORMDV GRV SDLV FRP RV FDL[HLURV TXH D LQYDVmR
IUDQFHVD IL]HUD HPLJUDU GH 3RUWXJDO 1RV FROpJLRV
83
HFOHVLiVWLFRV SRXFR PDLV VH HQVLQDYD DRV TXH VH
GHGLFDYDP j FDUUHLUD FOHULFDO &RPR DOLPHQWR HVSLULWXDO
SDUD WRGD D SRSXODomR DSHQDV GRLV RX WUrV YHQGHGRUHV
GH DOIDUUiELRV SRVVXtDP DOJXPDV REUDV REVROHWDV GH
WHRORJLD RX PHGLFLQD 'RLV GHWDOKHV EHP LQJOHVHV
WHUPLQDYDP HVVH TXDGUR 1mR KDYLD HP WRGD D FLGDGH
XPD Vy HVFRYD GH GHQWHV OLPSDYDP QRV FRP RV GHGRV (
WRPDYD VH UDSp HP DEXQGkQFLD SDUD QmR VHQWLU R FKHLUR
GD FLGDGH
,VRODGD QR VHX DOWLSODQR GHIHQGLGD GR FRQWiJLR
HXURSHX SHOR &DPLQKR GR 0DU D FLGDGH GH 6mR 3DXOR
DLQGD SRU HVVD pSRFD YHJHWDYD QD LQGLJrQFLD GH OXJDUHMR
SURYLQFLDQR H VHUUDQR $ PLQHUDomR EDQGHLUDQWH WLUDUD
OKH R PHOKRU GR VDQJXH FRP D HPLJUDomR GRV HOHPHQWRV
VDGLRV GD &DSLWDQLD D HVW~SLGD DGPLQLVWUDomR
SRUWXJXHVD GR VpFXOR ;9,,, YLHUD HP VHJXLGD DEDIDU H
VXSULPLU R TXH UHVWDYD QDV SRSXODo}HV GD DQWLJD
IRUWDOH]D H LQGHSHQGrQFLD )RL TXDQGR RV 3DXOLVWDV VH
EDUEDUL]DUDP GH XPD YH] LQIRUPDYD XP JRYHUQDGRU
'LVSHUVRV HVFRQGLGRV SHODV URoDV SURFXUDQGR D VROLGmR
QR VHX DPXR FDUDFWHUtVWLFR YLYLDP GH FDQMLFD SLQKmR H
Loi WRUUDGR ´6H DOJXpP GL]LD XP UHODWyULR RILFLDO
ID]HQGR YLDJHP HQFRQWUDYD SRU DFDVR XP GHVWHV RX OKH
IRJH RX ILFD WmR DVVXVWDGR H SUHRFXSDGR TXH QHP R
FKDSpX OKH WLUD H VH OKH GL] D PtQLPD SDODYUD GHVFRQILD H
´PDWD ORJRµ
$ YLGD DFDQKDGD SRUpP QmR HVFDSDYD j GLVVROXomR
JHUDO GRV FRVWXPHV TXH VH JHQHUDOL]DUD SRU WRGD D
FRO{QLD 8P RItFLR GR ELVSR GR 5LR GH -DQHLUR GH GH
IHYHUHLUR GH GLULJLGR DR FRQGH GH 2HLUDV Mi OHYDQWD
XP SRXFR GR YpX TXH HQFREULD RV HVFkQGDORV GD
3DXOLFpLD 1R FROpJLR GH 6mR 3DXOR KDYLD ´PHVWUHV
84
GLVVROXWtVVLPRV HP FRQFXELQDJHP FRP GLVFtSXORVµ H FLWD
R ELVSR R SDGUH 0DQXHO GRV 6DQWRV TXH YLYLD FRP R
HVWXGDQWH $QW{QLR -RVp GHSRLV FOpULJR WDPEpP H R
SDGUH ,JQDFLR 5LEHLUR FRP R P~VLFR ,JQDFLQKR H 3HGUR
GH 9DVFRQFHOORV FRP -RDTXLP 9HOORVR HWF HWF 3RU
FL~PHV EULJDUDP SXEOLFDPHQWH R SDGUH 0DQXHO GRV
6DQWRV FRP R IUDQFLVFDQR IU 0DQXHO GH 6mR %RDYHQWXUD
H R SDGUH 3HGUR %DUUHLURV FRP R FRULVWD 9LWR GH
0DGXUHLUD 1HVVDV FHQDV GLVSXWDYDP VH RV IDYRUHV GD
FpOHEUH PXODWD 0DULD 3XWL~ DPDQWH GR SDGUH 0DUWLQV
(P 6DQWRV HP 3DUDQDJXi IDWRV LGrQWLFRV VH UHSHWLDP
6H SRU HVVDV EDQGDV DSDUHFHVVH XP YLVLWDGRU GR 6DQWR
2ItFLR DV ´FRQILVV}HV GH 6mR 3DXORµ VHULDP GH FHUWR WmR
FXULRVDV FRPR DV GD %DKLD H 3HUQDPEXFR
7UrV VpFXORV WLQKDP WUD]LGR R SDtV D HVVD VLWXDomR
ODPHQWiYHO $ FRO{QLD DR LQLFLDU VH R VpFXOR GH VXD
LQGHSHQGrQFLD HUD XP FRUSR DPRUIR GH PHUD YLGD
YHJHWDWLYD PDQWHQGR VH DSHQDV SHORV ODoRV WrQXHV GD
OtQJXD H GR FXOWR
3RSXODomR VHP QRPH H[DXVWD SHOD YHUPLQRVH SHOR
LPSDOXGLVPR H SHOD VtILOLV WRFDQGR GRLV RX WUrV
TXLO{PHWURV TXDGUDGRV D FDGD LQGLYtGXR VHP QHQKXP
RX SRXFR DSHJR DR VROR QXWULGRU SDtV SREUH VHP R
DX[tOLR KXPDQR RX DUUXLQDGR SHOD H[SORUDomR
DSUHVVDGD WXPXOWXiULD H LQFRPSHWHQWH GH VXDV ULTXH]DV
PLQHUDLV FXOWXUD DJUtFROD H SDVWRULO OLPLWDGD H DWUDVDGD
QmR VXVSHLWDQGR GDV IRUPLGiYHLV SRVVLELOLGDGHV GDV VXDV
iJXDV GDV VXDV PDWDV GRV VHXV FDPSRV H SUDLDV
SRYRDGRUHV PHVWLoDGRV VXPLQGR VH R tQGLR GLDQWH GR
HXURSHX H GR QHJUR SDUD D WLUDQLD QRV FHQWURV OLWRUkQHRV
85
GR PXODWR H GD PXODWD FOLPD DPROHFHGRU GH HQHUJLDV
SUySULR SDUD D ´YLGD GH EDODQoRµ KLSHUWURILD GR
SDWULRWLVPR LQGROHQWH TXH VH FRQWHQWDYD HP DGPLUDU DV
EHOH]DV QDWXUDLV ´DV PDLV H[WUDRUGLQiULDV GR PXQGRµ
FRPR VH IRVVHP REUDV GR KRPHP DR ODGR GH XP
HQWXVLDVPR IiFLO GHQHJULPHQWR GHVDQLPDGR H HVWpULO
´6mR GHVJUDoDV GR %UDVLO
8P SDWULRWLVPR IRIR
/HLV FRP SDURODV SUHJXLoD
)HUUXJHP IRUPLJD H PRIR
LQGLJrQFLD LQWHOHFWXDO H DUWtVWLFD FRPSOHWD HP DWUDVR
VHFXODU UHIOH[R DSDJDGR GD GHFDGrQFLD GD PmH SiWULD
IDFLOLGDGH GH GHFRUDU H ORTXDFLGDGH GHUUDPDGD
VLPXODQGR FXOWXUD YLGD VRFLDO QXOD SRUTXH QmR KDYLD
VRFLHGDGH FRP DV PXOKHUHV UHFOXVDV FRPR PRXUDV RX
WXUFDV YLGD PRQyWRQD H VXEPLVVD VHP RV HQFDQWRV TXH
D SRHWL]DP QR SDYRU FRQVWDQWH GRV UHFUXWDPHQWRV
IRUoDGRV HVIRUoR LQGLYLGXDO ORJR H[DXVWR SHOD DXVrQFLD
RX SHOD PRUWH H FRPR REVHUYD &DSLVWUDQR
PDQLIHVWDo}HV FROHWLYDV VHPSUH SDVVDJHLUDV FHUWDPHQWH
SHOD IDOWD GH FRRSHUDomR WmR SUySULD GR DQWHSDVVDGR
LQGtJHQD GLVVHPLQDGDV SHORV VHUW}HV GH 1RUWH D 6XO DV
YLUWXGHV DQFHVWUDLV VLPSOLFLGDGH OHQWD QD FRUDJHP
UHVLJQDomR QD KXPLOGDGH KRPHQV VyEULRV H
GHVLQWHUHVVDGRV GRoXUD GDV PXOKHUHV
0DUWLXV HP UHJLVWD QXPD SiJLQD GDV VXDV
©9LDJHQVª D LPSUHVVmR TXH OKH SURGX]LUDP QD %DKLD DV
IHVWDV GR 1RVVR 6HQKRU GR %RQILP H DV SURFLVV}HV GD
&DSLWDO (UD QXPD PHVFOD IDQWiVWLFD D H[LELomR GH
WRGRV RV HVWDGRV VRFLDLV H GH WRGDV DV UDoDV &RQIUDULDV
GDV PDLV YDULDGDV FRUHV ³ EHQHGLWLQRV IUDQFLVFDQRV
86
DXJXVWLQKRV FDUPHOLWDV GHVFDOoRV H FDOFDGRV IUDGHV
PHQGLFDQWHV GH -HUXVDOpP FDSXFKLQKRV IUHLUDV ³
ULYDOL]DQGR QD PDJQLILFrQFLD GRV YHVWXiULRV EDQGHLUDV H
LQVtJQLDV WURSDV GH OLQKD SRUWXJXHVDV GH DVSHFWR
PDUFLDO H SDFDWDV PLOtFLDV ORFDLV D JUDYLGDGH H XQomR
GRV SDGUHV HXURSHXV FRPR TXH H[WiWLFRV QR HVSOHQGRU
GD YHOKD ,JUHMD URPDQD HP PHLR GD DOJD]DUUD GH QHJURV
PHLRV SDJmRV H GH WUrIHJRV PXODWRV (VSHWiFXOR ~QLFR ³
H[FODPD R JUDQGH FLHQWLVWD ³ UHVXPLQGR VpFXORV H
LUUHDOL]iYHO PHVPR HP /RQGUHV RX 3DULV H HP TXH VH
YLDP QXP GHVILODU GH PiJLFD UHSUHVHQWDQWHV GH WRGDV
DV pSRFDV GH WRGDV DV SDUWHV GR PXQGR GH WRGRV RV
VHQWLPHQWRV D KLVWyULD LQWHLUD GD HYROXomR KXPDQD QDV
VXDV PDLV DOWDV DPELo}HV QDV VXDV OXWDV PDLV
DFLUUDGDV QRV SRQWRV FXOPLQDQWHV GH VXDV SDL[}HV H GH
VXDV UHVLVWrQFLDV
(EXOLomR IRUPLGiYHO GR FDGLQKR QR TXDO VH SUHSDUDYD
D IRUPDomR GH XP KRPHP QRYR VXUJLQGR SDUD RV
WULXQIRV GH VHX GHVWLQR RX SDUD XPD GHVLOXVmR H XP
GHVDVWUH QD UHDOL]DomR GH VXD ILQDOLGDGH KLVWyULFD H
JHRJUiILFD
87
,9
2 520$17,602
88
1HVVH RUJDQLVPR SUHFRFHPHQWH GHSDXSHUDGR H[SRVWR
jV PDLV YDULDGDV LQIOXrQFLDV PHVROyJLFDV H pWQLFDV DR
FRPHoDU R VpFXOR GD LQGHSHQGrQFLD PDQLIHVWRX VH
FRPR XPD GRHQoD R PDO URPkQWLFR
'HILQL OR Mi p VXVFLWDU PLO G~YLGDV &RPR H[SUHVVmR
GLQkPLFD GR HVStULWR KXPDQR R URPDQWLVPR p XP
IHQ{PHQR H[WHQVR H FRPSOH[R $FRPSDQKi OR SHORV
VpFXORV DIRUD p LU j ,GDGH 0pGLD DR QHRSODWRQLVPR GH
$OH[DQGULD DR SODWRQLVPR JUHJR SDVVDQGR SHOD 5HIRUPD
H SHOD 5HQDVFHQoD 2V YROXPHV GD IRUPLGiYHO
ELEOLRJUDILD TXH GHOH VH RFXSD HQFKHULDP DV HVWDQWHV GH
XPD ELEOLRWHFD )LORVRILD DUWHV VLVWHPDV SROtWLFRV QRYRV
PRGRV GH VHQVLELOLGDGH D FXOWXUD HQILP H D SUySULD
FLYLOL]DomR RFLGHQWDO ³ IRUDP GLUHWD RX LQGLUHWDPHQWH
DIHWDGDV SHOD YLVmR GHIRUPDGRUD TXH FRQVWLWXL D HVVrQFLD
GR PRYLPHQWR URPkQWLFR 8QV R FRQWUDS}HP DR
FODVVLFLVPR UHSUHVHQWDWLYR GR VHQWLPHQWR GD RUGHP GD
OyJLFD GR KRPRJrQHR GR DEVWUDWR GD UD]mR GD FODUH]D
HP RSRVLomR jV WHQGrQFLDV FRQFUHWDV GH IDWR H GH YLGD
GH WUDGLomR H GH PRYLPHQWR TXH FDUDFWHUL]DP SDUD
DVVLP GL]HU D HVWUXWXUD EiVLFD GR SHQVDPHQWR H
VHQVLELOLGDGH URPkQWLFDV 3DUD RXWURV R URPDQWLVPR p
VLPSOHVPHQWH XPD DWLWXGH RX R PRGR GH VHU GH XPD
pSRFD WXUYD H UHYROWDGD UHDJLQGR FRQWUD DV DQWLJDV
GLVFLSOLQDV TXH LQVLVWLDP VHP UHVXOWDGR HP DEDIDU D
kQVLD GH LQGHSHQGrQFLD WmR SHFXOLDU jV PXOWLG}HV
OLEHUWDGDV GR ILP GR VpFXOR ;9,,, 1D SUySULD H[SUHVVmR
³ URPDQWLVPR ³ GHSDUD VH XPD GXDOLGDGH HP TXH VH
SRGH GLVWLQJXLU R URPDQWLVPR GR VHQWLPHQWR H R GD
LQWHOLJrQFLD 8P p R VLQ{QLPR GH OLULVPR H GH
SHVVLPLVPR R VHJXQGR DR FRQWUiULR p XPD DILUPDomR
89
GH JHQHURVLGDGH GH DUGRU GH Ip QR LQHVJRWiYHO SRGHU GR
HVStULWR KXPDQR
8P H RXWUR HQFRQWUDP D VXD LPHGLDWD IRQWH
LQVSLUDGRUD HP -HDQ -DFTXHV $ IyUPXOD p FRQKHFLGD
WXGR QR URPDQWLVPR YHP GH 5RXVVHDX HP 5RXVVHDX
WXGR p URPkQWLFR 'HOH YHP HP OLWHUDWXUD R HJRFHQWULVPR
VHQWLPHQWDO H H[LELFLRQLVWD R VRQKDU LQ~WLO H VROLWiULR R
RUJXOKR H R HVStULWR GH UHYROWD TXH GHUDP XP FXQKR WmR
SHFXOLDU jV JHUDo}HV DWUDtGDV SHOD VHGXomR GR FLGDGmR GH
*HQHEUD 1mR p PHQRU SRUpP D VXD LQIOXrQFLD QD
KLVWyULD SROtWLFD GR PXQGR 'D VXD JUDQGLORTrQFLD
QDVFHUDP RV OXJDUHV FRPXQV TXH IRUQHFHUDP j
5HYROXomR IUDQFHVD D VXD HPSRODGD IUDVHRORJLD 2V
KRPHQV DSUHQGHUDP QR &RQWUDWR 6RFLDO DV WLUDGDV TXH
VHUYLUDP WDQWDV YH]HV FRQWUD RV WLUDQRV RV SRGHURVRV H
Dt RXYLUDP SHOD SULPHLUD YH] RV KLQRV HQWRDGRV j
LJXDOGDGH KXPDQD H j OLEHUGDGH GRV SRYRV ,QYHQWD VH D
UHWyULFD SROtWLFD 2 PXQGR LD HPEULDJDU VH FRP SDODYUDV
4XDUHQWD DQRV GHSRLV LUURPSLD D 5HYROXomR H DQWHV D
$PpULFD Mi WLQKD LQLFLDGR D VXD OLEHUWDomR
1R %UDVLO DV SULPHLUDV WHQWDWLYDV QDFLRQDOLVWDV
OLJDUDP VH j GHFODUDomR GD LQGHSHQGrQFLD GRV (VWDGRV
8QLGRV RQGH IUXWLILFDYD QR FDPSR SUiWLFR D SURSDJDQGD
LQLFLDGD SHOD (QFLFORSpGLD H SHORV OLYURV LQFHQGLiULRV GH
9ROWDLUH GH %ULVVRW H GH 5DQDO SUHFXUVRUHV GD SUySULD
5HYROXomR )UDQFHVD 'H D DV LGpLDV SUHGLOHWDV
GH -HDQ -DFTXHV LQVSLUDUDP H JXLDUDP RV PRYLPHQWRV
UHYROXFLRQiULRV IUDQFR DPHULFDQRV VREHUDQLD GR SRYR
OLEHUGDGH LQGLYLGXDO LJXDOGDGH UDFLDO H SROtWLFD
LQIDOLELOLGDGH GD QDomR $SDUHFHP QD 3URFODPDomR GD
,QGHSHQGrQFLD H QD &RQVWLWXLomR GD 9LUJtQLD GH
DVVLP FRPR PDLV WDUGH HP )UDQoD QD 'HFODUDomR GRV
90
'LUHLWRV GR KRPHP $Wp D DSDJDGD H[LVWrQFLD GR %UDVLO
FRORQLDO FKHJDUDP RV HFRV GHVVD UHQRYDomR PHVVLkQLFD
TXH DEDODYD R PXQGR 3UHFHGHUDP FRPR HUD QDWXUDO
QXP SDtV LQFXOWR R DSDUHFLPHQWR GR URPDQWLVPR
OLWHUiULR TXH YHLR LQIOXHQFLDU DV LGpLDV H RV VHQWLPHQWRV
GD DOPD QDFLRQDO 0DQLIHVWDUDP VH SRUpP GH XP PRGR
LQGLVFXWtYHO QDV UHYROXo}HV SHUQDPEXFDQDV GH H
GH *XLDUD DV R PDLV SXUR HQWXVLDVPR URPkQWLFR
5RPkQWLFR IRL HVVH JUXSR GH GR]H HVWXGDQWHV
EUDVLOHLURV GH &RLPEUD SURPRYHQGR HP XP
HQFRQWUR HQWUH XP GHOHV -RVp -RDTXLP GD 0DLD FRP
7KRPD] -HIIHUVRQ HQWmR HPEDL[DGRU QRUWH DPHULFDQR
HP 3DULV 5HXQLUDP VH R PRoR EUDVLOHLUR H -HIIHUVRQ HP
1LPHV QD 3URYHQoD $ FRUUHVSRQGrQFLD GH -HIIHUVRQ FRP
- -D UHYHOD TXH DSHVDU GD DSDUHQWH IOHXJPD R YHOKR
GLSORPDWD VH HQWXVLDVPRX SHORV SODQRV GR HVWXGDQWH
TXH SHGLD R DSRLR GR JRYHUQR GH :DVKLQJWRQ SDUD R
HVWDEHOHFLPHQWR GR UHJLPH UHS~EOLFDQR QR %UDVLO
5RPkQWLFRV WDPEpP 'RPLQJRV 9LGDO %DUERVD H -RVp
ÉOYDUHV 0DFLHO GR PHVPR JUXSR GRV GR]H GH &RLPEUD
TXH SODQHMDUDP H RUJDQL]DUDP HP 0LQDV XPD
UHVLVWrQFLD j LPSRVLomR GD GHUUDPD SDUD D FREUDQoD GRV
LPSRVWRV GR RXUR ³ PHUD WHQWDWLYD GH VXEOHYDomR TXH
QmR FKHJRX D WHU LQtFLR
5RPkQWLFRV RV SURPRWRUHV GD UHYROXomR GH HP
3HUQDPEXFR HP TXH D ´HORTrQFLD RVVLkQLFDµ GH
'RPLQJRV -RVp 0DUWLQV GDWDYD DV VXDV SURFODPDo}HV GD
´VHJXQGD HUD GD OLEHUGDGH SHUQDPEXFDQDµ $t HP WXGR
VH LPLWDYDP RV H[DJHURV GD 5HYROXomR IUDQFHVD GHVGH R
DSHOR jV VHQKRUDV SDWULRWDV FRQYLGDQGR DV D VH
GHVID]HUHP GDV VXDV MyLDV H RUQDWRV FRQWUiULRV j
91
DXVWHULGDGH UHSXEOLFDQD DWp R FRUWH GRV FDEHORV TXH
GHYLDP VHU XVDGRV ´j 7LWRµ
5RPkQWLFR R SUtQFLSH GH YLQWH H TXDWUR DQRV TXH YHLR
UHSUHVHQWDU QR GUDPD GD QRVVD LQGHSHQGrQFLD R SUySULR
PRPHQWR KLVWyULFR TXH YLYLD R PXQGR 6RIULD FRPR RV
FRQWHPSRUkQHRV GR YtFLR GDV SDODYUDV JUDQGLORTHQWHV
FRUWHMDYD D RSLQLmR ´HVVD UDLQKD GR PXQGRµ H QR
DPELHQWH PHLR VHOYiWLFR GD WHUUD DGRWLYD VROWDYD HP
OLEHUGDGH R WHPSHUDPHQWR DUGHQWH GH MRYHP KHUyL VHP
PRGRV
5RPkQWLFR R QRVVR SDFWR FRQVWLWXFLRQDO ³ H[FHOHQWH
HVSpFLPH GH URPDQWLVPR SROtWLFR GLVVH 6tOYLR 5RPHUR ³
H TXH FRPHQWDGRUHV PDLV WDUGH DILUPDYDP DVVHQWDU HP
WUrV SULQFtSLRV GH XP GHOLUDQWH PLVWLFLVPR ´D VREHUDQLD
XQLYHUVDO D XQLGDGH GD VREHUDQLD RUJDQL]DGD H R
HTXLOtEULR GR PDQGDWR µ
2 SDtV QDVFLD DVVLP VRE D LQYRFDomR GRV GLVFXUVRV H
GDV EHODV SDODYUDV (QGHXVDPHQWR QD SROtWLFD GR
PHVPR OLEHUDOLVPR YHUERVR H VRQRUR TXH 9LFWRU +XJR LD
UHFODPDU SDUD D OLWHUDWXUD QR SUHIiFLR GR +HUQDQL (UD R
YRFDEXOiULR GH -HDQ -DFTXHV DSOLFDGR DR SDtV VHPL
YLUJHP DSHQDV HJUHVVR GH XP ORQJR FRORQDWR
6HPHOKDQWH DR LQJUDWR WHUULWyULR GH %HUQH TXH 5RXVVHDX
GH MRHOKRV H HP OiJULPDV DEUDoDYD H EHLMDYD R %UDVLO
DSDUHFLD FRPR D WHUUD GD OLEHUGDGH 3RU HOH OXWRX FRP
WRGR R VHX WUDGLFLRQDOLVPR URPkQWLFR D PDoRQDULD GHVGH
D 6RFLHGDGH GRV -DUGLQHLURV TXH )UDQFLVFR *H $FDDED
GH 0RQWH]XPD IXQGDYD QD %DKLD DWp R *UDQGH 2ULHQWH
GR %UDVLO VRE D GLUHomR VXSUHPD GH -RVp %RQLIiFLR H GH
TXH ID]LD SDUWH R SUtQFLSH FRP R QRPH GH *XDWLPR]LP
6mR GD KLVWyULD GD pSRFD DV GLVVHQo}HV PDo{QLFDV TXH
92
SURYRFDUDP D GLVVROXomR GR *UDQGH 2ULHQWH SRU
LQWHUYHQomR SHVVRDO GR ,PSHUDGRU Mi HQWmR ILOLDGR DRV
&DYDOKHLURV GD 6DQWD &UX] HQWUH RV TXDLV VH LQVFUHYHX
VRE R QRPH VLPEyOLFR GH 5{PXOR
5RPDQWLVPR URPDQWLVPR URPDQWLVPR
2 PDO LD SRUpP LQYDGLU R SDtV GH XPD PDQHLUD PDLV
LQWHQVD H PDLV HVWUDQKD 2 PHLR HUD OKH SURStFLR
2 GHVHTXLOtEULR GDV LQWHOLJrQFLDV UHSUHVHQWDYD DV
LQFHUWH]DV VRFLDLV H SROtWLFDV GR PRPHQWR KLVWyULFR 2
VpFXOR ;9,,, QR %UDVLO FRO{QLD WLQKD VLGR R
SURORQJDPHQWR GD LQGLJrQFLD LQWHOHFWXDO GD PHWUySROH $
HVFUDYLGmR DJUDYDYD FRP D VXD DomR GHOHWpULD D
SUHPDWXUD VHQLOLGDGH TXH DSDUHQWDYDP RV JUDQGHV
FHQWURV SRSXORVRV 3HORV VHUW}HV WLQKDP GHVDSDUHFLGR DV
WUDGLo}HV VHFXODUHV TXH SURPRYHUDP QR SHUtRGR KHUyLFR
D GHVFREHUWD R SRYRDPHQWR H D H[SORUDomR GR SDtV 6mR
3DXOR GRUPLD DLQGD R VRQR GH KLEHUQDomR VRE R GRPtQLR
GRV JRYHUQDGRUHV ILGDOJRV 0LQDV HUD XP GHVHUWR GH
UXtQDV RQGH VH UHIXJLDUD R ODWLQyULR GRV DGPLQLVWUDGRUHV
REVROHWRV XP RX RXWUR YHVWtJLR GH FXOWXUD SUySULD GH
JHQWH TXH IRUD ULFD H R DUFDGLVPR SRUWXJXrV GRV SRHWDV
GD ,QFRQILGrQFLD 2 1RUGHVWH YLYLD LVRODGR QR VHX
SDVWRUHLR 3DUD R LQWHULRU SURIXQGR GR SDtV VH UHID]LD R
GHVHUWR Mi VHP SLRQHLURV
&RPR QRV SULPHLURV VpFXORV D FLYLOL]DomR RX TXH
PHOKRU QRPH WHQKD VH OLPLWDYD j IDL[D OLWRUkQHD $t D
FKHJDGD GD FRUWH DFHQWXRX D GHVRUGHP GRV HVStULWRV SHOD
WUDQVSODQWDomR GH XP RUJDQLVPR YHWXVWR H DQDFU{QLFR
SDUD D LQJHQXLGDGH SULPiULD GDV SRSXODo}HV $ SDUWH
VDGLD H VyOLGD GD HPLJUDomR ³ KRPHQV GH HVWDGR GH
93
YDORU DUWLVWDV GH IDPD ERP VHQVR DWUDVDGR PDV ~WLO QD
GHVRUGHP FRORQLDO DVSHFWRV LQpGLWRV GH XPD YLGD PDLV
UHTXLQWDGD WRGD D V~ELWD VXUSUHVD GHVVD LQYDVmR ³ YHLR
DFRUGDU D PDQGUDQLFH EUDVLOHLUD DSRGUHFHQGR QDV
GHOtFLDV GD PHVWLoDJHP QDV LQWULJDV GD FDUROLFH QXP
GHVOHL[R WURSLFDO HQWUH PXODWDV OXQGXV H IHVWDV
UHOLJLRVDV
1HVWH DPELHQWH GH VHQVXDOLGDGH H LJQRUkQFLD
GHSDUDYD VH GH YH] HP TXDQGR XPD LQGLYLGXDOLGDGH
FXOWD D TXHP DSHUIHLoRDUD R FXUVR HP &RLPEUD RX D
DXWRGLGD[LD GHVHQYROYLGD SHOD LQWHOLJrQFLD HVSRQWkQHD GD
UDoD ³ Q~FOHR GH VHOHomR HP TXH VH SUHSDURX H VH
UHDOL]RX R PRYLPHQWR GH LQGHSHQGrQFLD DUUDVWDQGR D
LQGROrQFLD H R LQGLIHUHQWLVPR GDV PDVVDV )RUPRX VH
DVVLP R JUXSR HVFROKLGR H GH LQFRQWHVWiYHO YDORU PRUDO H
LQWHOHFWXDO D TXHP FRXEH D SULQFtSLR D GLUHomR GRV
QHJyFLRV S~EOLFRV H HP VHJXLGD RV SULQFLSDLV SDSpLV QD
FRPpGLD SDUODPHQWDU TXH YHLR D VHU HP JUDQGH SDUWH D
KLVWyULD SROtWLFD GR ,PSpULR 3UHVD IiFLO SDUD R
URPDQWLVPR TXH FRP DV JDODV GH PRGD IUDQFHVD
DWUDYHVVDYD RV PDUHV GH D VRE D LQVSLUDomR
GH +XJR 9LJQ /DPDUWLQH H GHSRLV GH /DPHQQDLV
&RVWXPD VH GL]HU TXH D QRYD HVFROD OLWHUiULD FKHJRX
DR %UDVLO HP FRP RV 6XVSLURV SRpWLFRV H 6DXGDGHV
GH *RQoDOYHV GH 0DJDOKmHV 8PD VLPSOHV GDWD FRPR
SRQWR GH UHIHUrQFLD SDUD HVWXGRV FUtWLFRV 2 OLYUR TXH p
PHGtRFUH WHYH UHDOPHQWH XP VXFHVVR KRMH
LQFRPSUHHQVtYHO &RUUHVSRQGLD SRUpP D XP HVWDGR GH
HVStULWR HP HYROXomR D XPD QRYD VHQVLELOLGDGH ODWHQWH H
GH TXH Mi KDYLD WUDoRV QD SROtWLFD QDFLRQDO H QD SRHVLD GR
QRVVR SUp URPDQWLVPR GHVGH FHUWDV WHQGrQFLDV GD HVFROD
PLQHLUD DWp R DQDFUHRQWLVPR GR 3DWULDUFD 2V MRUQDLV GD
94
pSRFD QR 5LR DWHVWDP D SREUH]D GR PHLR OtWHUiULR 2V
OLYUHLURV DQXQFLDYDP FRPR ~OWLPD QRYLGDGH D *DODWpH
GH )ORULDQ H R +RQUDGR 1HJRFLDQWH GH 0DUPRQWHO SDUD
RV PDLV UHTXLQWDGRV R &KHYDOLHU GH )DXEODV H DV
$YHQWXUHV GH 7HOpPDTXH $RV SRXFRV OHLWRUHV RV
DQyGLQRV 6XVSLURV GH 0DJDOKmHV LPSUHVVLRQDUDP
FHUWDPHQWH FRPR XPD PDQLIHVWDomR UHYROXFLRQiULD H
GLUtDPRV KRMH PRGHUQLVWD
$FROKHUDP QD GRLV FHQWURV LQWHOHFWXDLV TXH HUDP DV
HVFRODV GH GLUHLWR IXQGDGDV HP HP 2OLQGD H 6mR
3DXOR H HP TXH VH IRUPDUDP VREUHWXGR QD ~OWLPD
RV GRLV JUDQGHV IRFRV GH LQIHFomR URPkQWLFD
(P 3HUQDPEXFR GRPLQRX SRU PDLV WHPSR R TXH
UHVWDYD QR %UDVLO GH HVStULWR FRORQLDO (UD XPD &RLPEUD
EUDVLOHLUD TXH VH LQVWDODYD QXPD GHSHQGrQFLD GR
FRQYHQWR GH 6 %HQWR 2 VHX SDSHO QR SUHSDUR GD
PRFLGDGH HVWXGLRVD GR SDtV IRL DFHQWXDGDPHQWH SROtWLFR
H MXUtGLFR (GXFDYD KRPHQV SUiWLFRV RV LGHDOLVWDV
YLHUDP GHSRLV Vy PXLWR PDLV WDUGH FRP 7RELDV
%DUUHWR H &DVWUR $OYHV 1D QRVVD IRUPDomR SROtWLFD
SRUpP D LQIOXrQFLD SHUQDPEXFDQD UHSUHVHQWRX XPD
H[WHQVD WUDGLomR OLEHUDO H QDWLYLVWD ³ GHVGH RV WHPSRV
GH )UHL )UDQFLVFR GR 5RViULR GH -RUJH GH $OEXTXHUTXH
GR DXWRU GR 'LiORJR H GH %HQWR 7HL[HLUD 3LQWR ³ GLVVH
&DSLVWUDQR ³ H GHVGH D UHDomR GD JXHUUD KRODQGHVD DWp
DV WHQWDWLYDV UHYROXFLRQiULDV GH H ( GH
2OLQGD H 5HFLIH VDtUDP RV PDLV QRWiYHLV SROtWLFRV GR
VHJXQGR LPSpULR 1DEXFR (X]pELR )HUUD] :DQGHUOH
6LQLPE~ =DFKDULDV
6mR 3DXOR SHODV FRQGLo}HV HVSHFLDLV GH PHLR H
JHRJUiILFDV WHYH LQIOXrQFLD PDLV LQWHQVD QD IRUPDomR
95
VRFLDO H LQWHOHFWXDO )RL R JUDQGH FHQWUR URPkQWLFR
$ SUySULD FLGDGH QR VHX WUDGLFLRQDO LVRODPHQWR GH
VHUUD DFLPD RIHUHFLD XP DVSHFWR URPDQWLFDPHQWH
PHODQFyOLFR H HVSDQKRO HQWUH SLQKHLURV H FDVXDULQDV
FRP DV VXDV WDUGHV FLQ]HQWDV GH YHQWR VXO 3RU PHDGRV
GR VpFXOR SDVVDGR SHODV UXDV GHVHUWDV FDOoDGDV GH
SHGUDV YHUPHOKDV DLQGD SDVVDYD XPD RX RXWUD
FDGHLULQKD OHYDGD SRU HVFUDYRV GH FDOomR H OLEUp ­ WDUGH
GHVSHUWDYDP R VRVVHJR SURYLQFLDQR DV FDYDOJDGDV GH
HVWXGDQWHV TXH LDP QDPRUDU H HVSDLUHFHU SHORV
DUUDEDOGHV jV DYH PDULDV RV SUHVRV GD FDGHLD
DFRUUHQWDGRV DRV SDUHV DFHQGLDP HQWUH UXtGR GH IHUURV
RV ODPSL}HV GD LOXPLQDomR S~EOLFD 'XDV RX WUrV KRUDV
GHSRLV R VLQR JUDQGH GR &ROpJLR WRFDYD ORQJDPHQWH D
KRUD GH UHFROKHU &RPHoDYD D YLGD QRWXUQD GD
FLGDGH]LQKD DFDGrPLFD 3HORV EDLUURV DIDVWDGRV QD
3RQWH *UDQGH *OyULD &RQVRODomR 3LQKHLURV 0DUFR GH
0HLD /pJXD HQFKLDP VH GH HVWXGDQWHV DV YHQGDV j EHLUD
GD HVWUDGD &RPR QDV RUJLDV GH 1HZVWHDG VH EHELD
FDFKDoD HP FUkQLRV KXPDQRV FRURDGRV GH URVDV (UD D
1RLWH QD 7DYHUQD
%URQ HUD R GHXV GHVVH FXOWR TXH VH FHOHEUDYD ³
FRPR GL]LD XP YHUVR GR WHPSR ³ QXP DPELHQWH
H[DOWDGR GH
´0LVWpULR 1RLWH $PRU ,QIkPLD H 3UDQWRµ
(P IXQGDYD VH HP 6mR 3DXOR D ´6RFLHGDGH
(SLFXUpLDµ ´(UDP GLYHUVRV RV SRQWRV HP TXH QRV
UHXQtDPRV RUD QRV ,QJOHVHV RUD QDOJXP RXWUR DUUDEDOGH
GD FLGDGH QDUUD XP GRV PHPEURV GD DVVRFLDomR 8PD
YH] HVWLYHPRV HQFHUUDGRV TXLQ]H GLDV HP FRPSDQKLD GH
96
SHUGLGRV FRPHWHQGR DR FODUmR GH FDQGHHLURV SRU LVVR
TXH WRGDV DV MDQHODV HUDP SHUIHLWDPHQWH IHFKDGDV GHVGH
TXH HQWUiYDPRV DWp VDLU WRGD D VRUWH GH GHVYDULRV TXH VH
SRGHP FRQFHEHU µ
ÉOYDUHV GH $]HYHGR $XUHOLDQR /HVVD %HUQDUGR GH
0DJDOKmHV IRUDP RV SRHWDV FpOHEUHV GHVVH FHQiFXOR
'DYDP D QRWD HQWUH D HVWXGDQWDGD GD pSRFD VREUHWXGR
R SULPHLUR GH XPD SUHFRFLGDGH JHQLDO 1RV PHLRV
DFDGrPLFRV FHOHEUL]DUDP VH WDQWR SHOR WDOHQWR OtULFR GRV
VHXV YLQWH DQRV HP SOHQR GHVDEURFKDU FRPR SHODV
H[FHQWULFLGDGHV GH URPkQWLFRV GHVFDEHODGRV WHQWDQGR
UHDOL]DU QXPD YLGD DFDQKDGD DV LGHDOL]Do}HV GH %URQ
0XVVHW (VSURQFHGD H *HRUJH 6DQG
/HYDYDP D ORXFXUD DRV PDLV LQFUtYHLV H[WUHPRV
&HDYDP H HPEULDJDYDP VH FRP PRUIpWLFRV DFDPSDGRV
QDV LPHGLDo}HV GD FLGDGH 8P SRHWD DSDQKRX D WHUUtYHO
PROpVWLD QHVVDV VDWXUQDLV GR EURQLVPR 2XWURV VH
SHUGHUDP QR DOFRROLVPR EDUDWR TXH VHPSUH IRL GH PRGD
QD YHOKD DFDGHPLD SDXOLVWDQD RX GHYRUDGRV SHOD VtILOLV
GDV FDIX]DV H VDUDUjV TXH SXOXODYDP j QRLWH QDV UXDV
HVFXUDV GD 3DXOLFpLD FRPSDUVDV UHSXJQDQWHV QRV
SXQFKV GDV YHQGDV RX QRV ´EDQTXHWHV QHJURVµ GRV
FHPLWpULRV 8P GHVWHV ILFRX DVVLQDODGR QRV DQDLV
DFDGrPLFRV )RUD RUJDQL]DGR SRU XQV WULQWD UDSD]HV
VREUH DV SHGUDV WXPXODUHV GD &RQVRODomR H DR FODUmR GH
XPD OXD URPkQWLFD HPEDFLDGD GH JDURD (VTXHQWDGRV
SHOR FRJQDF UHVROYHUDP DFODPDU XPD 5DLQKD GRV
0RUWRV 9LRODUDP XPD VHSXOWXUD UHFHQWH SDUD GHOD
UHWLUDUHP XP FDL[mR OHYDGR j FLGDGH HP SURFLVVmR DR
VRP GH XP FDQWRFKmR GH GHIXQWRV H j SURFXUD GH
DOJXPD SREUH FRLWDGD TXH VH SUHVWDVVH j PDFDEUD
FRPpGLD 7URX[HUDP QD j IRUoD IHFKDGD QR FDL[mR DLQGD
97
VXMR GH WHUUD H PRODPERV GH FDUQH GHVFHUDP QR HQWUH
FDQWRV H UHFLWDWLYRV DWp R IXQGR GD FRYD H Dt LD UHDOL]DU VH
R DMXQWDPHQWR VLPEyOLFR TXDQGR VH YHULILFRX TXH D
GHVJUDoDGD WLQKD UHDOPHQWH VXFXPELGR QR SDYRU GH WmR
I~QHEUH HQFHQDFmR ´2VFXOHL XP FDGiYHUµ UXJLX HQWUH
KRUURUL]DGR H WULXQIDQWH R ´QRLYR GR VHSXOFURµ VROWDQGR
D GHPRQtDFD JDUJDOKDGD GD pSRFD
0RFLGDGH URPDQWLVPR OLWHUDWXUD
'H HP GLDQWH H WDOYH] VH SRVVD GL]HU DWp KRMH
HVVDV JHUDo}HV GH PRoRV HVSDOKDQGR VH DQXDOPHQWH
SHOR SDtV LQWHLUR OHYDYDP SDUD R TXH VH FKDPDYD QRV
EDQTXHWHV GH IRUPDWXUD ´D YLGD SUiWLFDµ DV PLUDJHQV DV
LOXV}HV SRpWLFDV R PDX JRVWR DUWtVWLFR H OLWHUiULR D
GLYLQL]DomR GD 3DODYUD WRGR R GLYyUFLR HQWUH D UHDOLGDGH
H R DUWLItFLR TXH p HP VXPD D SUySULD HVVrQFLD GR PDO
URPkQWLFR 9LQKD D LQIHFomR GDV PDUJHQV GR 7LHWr RX GR
&DSLEDULEH H DRV SRXFRV FRQWDPLQDYD R %UDVLO LQWHLUR
&DUDFWHUL]DP QD GRLV SULQFtSLRV SDWROyJLFRV D
KLSHUWURILD GD LPDJLQDomR H D H[DOWDomR GD VHQVLELOLGDGH
'HIRUPRX LQVLGLRVDPHQWH R RUJDQLVPR VRFLDO PXLWDV
YH]HV VRE R GLVIDUFH GH LQWHOLJrQFLDV EULOKDQWHV HP TXH D
IDFLOLGDGH GH DSUHHQVmR H GH H[SUHVVmR VXEVWLWXL D
VROLGH] GR SHQVDPHQWR H GR HVWXGR 'i DR %UDVLO QHVWH
PRPHQWR GH SURJUHVVR PDWHULDO H GH PHQWDOLGDGH SUiWLFD
H FRQFLVD R DVSHFWR DQDFU{QLFR GH JHQWH YLYD IDODQGR
XPD OtQJXD PRUWD 7XGR DYDVVDORX SROtWLFD OLWHUDWXUD
DUWHV YLYHU TXRWLGLDQR PRGRV GH VHQWLU DIHLo}HV
(P SROtWLFD ³ QD TXH p IHLWD GH ERD Ip ³ GRPLQD R
SDtV R PHVPR OLEHUDOLVPR SDODYURVR GD QRVVD RULJHP
URPkQWLFD GHVGH D &RQVWLWXLomR LPSHULDO R $WR
$GLFLRQDO R SDUODPHQWDULVPR DWp R SDFWR IXQGDPHQWDO
98
GD 5HS~EOLFD $ DUWH GH JRYHUQDU WHP VLGR XP KDELOLGRVR
GLVFXUVDU HP TXH VHPSUH UHDSDUHFHP FRP RXWUDV
URXSDJHQV DV YHOKDV LGpLDV GH +XJR GH 0LFKHOHW H GH
4XLQHW 'HFODUDo}HV SRU VXD SUySULD QDWXUH]D VLVXGDV H
SRQGHUDGDV WRPDP D DSDUrQFLD GRV SLRUHV GHVYDULRV GR
URPDQWLVPR 1R LPSpULR XP FKHIH GR SDUWLGR OLEHUDO
GLSORPDWD H VHQDGRU H[FODPDYD FRPR XP KHUyL GH
2VVLDQ ´6DLX PH GH HQFRQWUR D SROtWLFD D LQIHFXQGD
0HVVDOLQD TXH GH VHXV EUDoRV FRQYXOVRV SHOR KLVWHULVPR
D QLQJXpP GHL[D VDLU VHQmR TXHEUDQWDGR H LQ~WLO YHLR
PH DR HQFRQWUR DUUDVWRX PH SDUD DV VXDV RUJLDV µ
2XWUR RUDGRU GRV PDLV DIDPDGRV HP SOHQR SDUODPHQWR
SHURUDYD HP GLVFXUVR FpOHEUH ´(P QRVVR SDtV QD SHGUD
LVRODGD GR YDOH QD iUYRUH JLJDQWH GD PRQWDQKD QR
SLQFDUR DJUHVWH GD VHUUDQLD QD WHUUD QR FpX H QDV
iJXDV SRU WRGD D SDUWH 'HXV HVWDPSRX R YHUER HWHUQR
GD OLEHUGDGH FULDGRUD QD IDFH GD QDWXUH]D DQWHV GH
JUDYi OD QD FRQVFLrQFLD GR KRPHPµ
$LQGD DJRUD QD UHDOSROLWLN GHVWH VpFXOR p TXDVH
VHPSUH XP GRFXPHQWR SXUDPHQWH URPkQWLFR D
PHQVDJHP ³ SODWDIRUPD GRV QRVVRV FKHIHV GH (VWDGR
8P GHVWHV GHGLFRX HP SHoD RILFLDO XPD DOtQHD LQWHLUD j
DSRORJLD GR DPRU (P OLWHUDWXUD EDVWD DEULU XP MRUQDO
RXYLU XPD FRQIHUrQFLD RX IROKHDU R ~OWLPR OLYUR
SXEOLFDGR SDUD VH GHVFREULUHP ODWHQWHV LQFRQVFLHQWHV
PDV LQGHOpYHLV RV WUDoRV VLQWRPiWLFRV GD LQIHFomR
URPkQWLFD $SHVDU GD FUHVFHQWH LQIOXrQFLD GD UHYROXomR
PRGHUQLVWD TXH HVWi WUDQVIRUPDQGR R PXQGR D QRVVD
LQGROrQFLD SULPiULD DLQGD VH FRPSUD] QR EROHLR GDV
IUDVHV QD VRQRULGDGH GRV SDODYU}HV ´QDV FKDYHV GH
RXURµ $ H[LVWrQFLD PHVPD GR LQGLYtGXR HP VXDV
UHODo}HV VRFLDLV H DIHWLYDV ³ DV QRVVDV KLVWyULDV GH
DPRU RV HVWDGRV G DOPD DV IHLo}HV H JHVWRV RV PDLV
99
tQWLPRV VHQWLPHQWRV ³ WrP XP LUUHVLVWtYHO SHQGRU SDUD
HIXV}HV OLWHUiULDV TXH XP HQWXVLDVPR PDO FRQWLGR
H[SORVLYR ID] RVFLODU HQWUH R YXOFDQLVPR H D WDUWDULQDGD
6y HVFDSDP j QHIDVWD LQIOXrQFLD RV VLPSOHV RV
DQDOIDEHWRV RV TXH UHSUHVHQWDP LQJHQXDPHQWH D DOPD
SRSXODU RX HQWmR RV UDURV TXH WHQWDUDP H VRXEHUDP
HYLWDU R SHULJR GD GHIRUPDomR OLWHUiULD
1RV SDtVHV GD (XURSD RQGH QDVFHX H PHGURX R
URPDQWLVPR D VXD DomR IRL LQWHQVD QD YLGD VRFLDO GD
pSRFD VREUHWXGR QR SHUtRGR GH D HP TXH D
OLWHUDWXUD LQIOXHQFLRX GH PRGR WmR VHQVtYHO D SUySULD
VRFLHGDGH H VHXV FRVWXPHV H IRUDP LQXPHUiYHLV DV
´YtWLPDV GR OLYURµ FRPR GL]LD R UHYROWDGR -XOHV 9DOOpV
eSRFD GRV ODJRV VHUHQRV GRV OXDUHV GH SUDWD GRV VLQRV
GD WDUGH )RL PRGD TXH SDVVRX 'HOD DSHQDV ILFDUDP DV
REUDV SULPDV TXH D LQVSLUDUDP 1R %UDVLO GR GHVYDULR
GRV QRVVRV SRHWDV H GD DOWLORTrQFLD GRV RUDGRUHV
UHVWRX QRV R GHVHTXLOtEULR TXH VHSDUD R OLULVPR
URPkQWLFR GD SRVLWLYLGDGH GD YLGD PRGHUQD H GDV IRUoDV
YLYDV H LQWHOLJHQWHV TXH FRQVWLWXHP D UHDOLGDGH VRFLDO
+LSHUWURILD GD LPDJLQDomR H GD VHQVLELOLGDGH H SHOD OHL
GDV UHDo}HV HP TXH WRGR H[FHVVR VH SDJD PLVDQWURSLD H
SHVVLPLVPR 6mR GRLV FDUDFWHUtVWLFRV GR PDO GR VpFXOR 2
URPkQWLFR DGRUD D SUySULD GRU e D IRQWH PDLV
DEXQGDQWH GD VXD LQVSLUDomR ´+RPHP H[FODPDYD R
DXWRU GH $WDOD WX Vy H[LVWHV SHOD WULVWH]D GH WXD DOPD H
SHOD HWHUQD PHODQFROLD GR WHX SHQVDPHQWRµ 2
URPDQWLVPR IRL GH IDWR XP FULDGRU GH WULVWH]D SHOD
SUHRFXSDomR DEVRUYHQWH GD PLVpULD KXPDQD GD
FRQWLQJrQFLD GDV FRLVDV H VREUHWXGR SHOR TXH -RXEHUW
FKDPDYD R LQVXSRUWiYHO GHVHMR GH SURFXUDU D IHOLFLGDGH
QXP PXQGR LPDJLQiULR
100
(QWUH QyV R FtUFXOR YtFLRVR VH IHFKRX QXPD P~WXD
FRUUHVSRQGrQFLD GH LQIOXrQFLDV YHUVRV WULVWHV KRPHQV
WULVWHV PHODQFROLD GR SRYR PHODQFROLD GRV SRHWDV $
QRVVD SULPHLUD JHUDomR URPkQWLFD Mi IRUD WULVWH SRUTXH
UHOLJLRVD H PRUDOL]DQWH REVHUYRX -RVp 9HUtVVLPR QD
VHJXQGD D WHQGrQFLD VH DFHQWXRX SHOR FHWLFLVPR H
GHVDOHQWR GRV FKHIHV GD HVFROD 3HUVHJXLD RV D LGpLD
FRQWtQXD GD PRUWH SUy[LPD H FRPR D XPD PXOKHU
GHVHMDGD OKH ID]LDP YHUVRV DPRURVRV
4XDVH WRGRV RV QRVVRV SRHWDV GHVVH WHPSR PRUUHUDP
PRoRV H WLYHUDP R SUHVVHQWLPHQWR GHVVD IDWDOLGDGH
0RUWH H DPRU 2V GRLV UHIUmRV GD SRHVLD EUDVLOHLUD 2
GHVHMR GH PRUUHU YLQKD OKHV GD GHVRUJDQL]DomR GD
YRQWDGH H GD PHODQFROLD GHVLOXGLGD GRV TXH VRQKDP FRP
R URPDQHVFR QD YLGD GH FDGD GLD ( ILVLFDPHQWH IUDFRV
SHOR JDVWR GD PiTXLQD QHUYRVD QXPD UHDomR LQVWLQWLYD
GH YLWDOLGDGH SURFXUDYDP D VREUHYLYrQFLD QXP HURWLVPR
DOXFLQDQWH TXDVH IHPLQLQR 5HSUHVHQWDYDP DVVLP D
DVWHQLD GD UDoD R YtFLR GDV QRVVDV RULJHQV PHVWLoDV
9LYHUDP WULVWHV QXPD WHUUD UDGLRVD
101
3267 6&5,3780
102
(P PHLR GRV GHIHLWRV GH TXH GHYH HVWDU LQoDGR HVWH
OLYUR VHUi IRUoRVR UHFRQKHFHU OKH XPD TXDOLGDGH QmR p
UHJLRQDOLVWD D PHQRV TXH VH TXHLUD DWULEXLU DR %UDVLO
LQWHLUR D SHFKD GH VHU VLPSOHVPHQWH XPD UHJLmR GR
FRQWLQHQWH DPHULFDQR )LTXHP DVVLP WUDQTLORV RV
DGYHUViULRV GR UHJLRQDOLVPR 3HQVDGR H HVFULWR QXPD
FLGDGH GH SURYtQFLD JDED VH R DXWRU GH WHU IHFKDGR RV
ROKRV j PHUD DSDUrQFLD GDV FRXVDV DPELHQWHV
DEVRUYHQWH WLUkQLFD H WDQWDV YH]HV IDOVD
3DUD IXJLU j LQIOXrQFLD GR ERYDULVPR SDXOLVWD WDOYH]
GHVFXOSiYHO SHFDGR GH PRFLGDGH TXHP HVFUHYHX HVWDV
OLQKDV DGRWRX FRPR VH IRVVH DUWLVWD R SURFHVVR
JRHWKHDQR QD FULDomR GDV REUDV GD DUWH LVRORX VH $
SURYtQFLD HP IDOWD GH RXWURV DWUDWLYRV VDEH
SURSRUFLRQDU D TXHP QHOD YLYH H WUDEDOKD QD VHUHQLGDGH
GD LQYROXQWiULD VROLGmR R GRP LQHVWLPiYHO GD OLEHUGDGH H
GR VRVVHJR Vy QHOD p SRVVtYHO LPDJLQDU D ORQJD VDOD GH
HVWXGR FRP TXH VRQKDYD 5HQDQ IRUUDGD GH OLYURV SRU
GHQWUR UHYHVWLGD SRU IRUD GH URVDV WUHSDGHLUDV H
HVFRQGLGD QD SD] GH XP EDLUUR WUDQTLOR $ PLP HVVH
LVRODPHQWR SURYLQFLDQR GHX PH SHUVSHFWLYD VXILFLHQWH
SDUD DORQJDU D YLVWD SHOR %UDVLO WRGR SHORV RXWURV
%UDVLV RQGH FRP IUHTrQFLD VH HQFRQWUD R VHJUHGR GR
SDVVDGR H D GHFLIUDomR GRV SUREOHPDV GH KRMH 0HVPR
SDUD WUDWDU GD WULVWH]D EUDVLOHLUD IRL QHFHVViULR UHDJLU
FRQWUD R H[DJHUR GHVVH VHQWLPHQWR QDV SRSXODo}HV GHVWD
SURYtQFLD 1HP WRGR R SDtV VRIUH FRPR DTXL GR PDO
VRWXUQR (VWXGi OR QHVWH UHFHVVR RQGH VH DSXURX H VH
IRUWDOHFHX VHULD HVWHQGHU HUUDGDPHQWH VREUH R UHVWR GR
QRVVR SRYR R YpX PHODQFyOLFR GD WULVWH]D SDXOLVWD Mi
FRQKHFLGR GH $QFKLHWD H TXH PDLV TXH QHQKXP RXWUR
103
SHVD H DVIL[LD 6HULD DGRWDU DV JHQHUDOL]Do}HV
GHIRUPDGRUDV GR UHJLRQDOLVPR
(VWH ´5HWUDWRµ IRL IHLWR FRPR XP TXDGUR
LPSUHVVLRQLVWD 'LVVROYHUDP VH QDV FRUHV H QR LPSUHFLVR
GDV WRQDOLGDGHV DV OLQKDV QtWLGDV GR GHVHQKR H FRPR VH
GL] HP JtULD GH DUWLVWD GDV ´PDVVDV H YROXPHVµ TXH VmR
QD FRPSRVLomR KLVWyULFD D FURQRORJLD H RV IDWRV
'HVDSDUHFHP TXDVH SRU FRPSOHWR DV GDWDV 5HVWDP
VRPHQWH RV DVSHFWRV DV HPRo}HV D UHSUHVHQWDomR
PHQWDO GRV DFRQWHFLPHQWRV UHVXOWDQWHV HVWHV PDLV GD
GHGXomR HVSHFXODWLYD GR TXH GD VHTrQFLD FRQFDWHQDGD
GRV IDWRV 3URFXUDU GHVWH PRGR QXP HVIRUoR QXQFD
DWLQJLGR FKHJDU j HVVrQFLD GDV FRLVDV HP TXH j SDL[mR
GDV LGpLDV JHUDLV QmR IDOWH D VROLGH] GRV FDVRV
SDUWLFXODUHV &RQVLGHUDU D KLVWyULD QmR FRPR XPD
UHVVXUUHLomR URPkQWLFD QHP FRPR FLrQFLD FRQMHFWXUDO j
DOHPm PDV FRPR FRQMXQWR GH PHUDV LPSUHVV}HV
SURFXUDQGR QR IXQGR PLVWHULRVR GDV IRUoDV FRQVFLHQWHV
RX LQVWLQWLYDV DV LQIOXrQFLDV TXH GRPLQDUDP QR FRUUHU
GRV WHPSRV RV LQGLYtGXRV H D FROHWLYLGDGH e DVVLP TXH R
TXDGUR ³ SDUD FRQWLQXDU D LPDJHP VXJHULGD ³ LQVLVWH
HP FHUWDV PDQFKDV PDLV OXPLQRVDV RX H[WHQVDV SDUD
WRUQDU PDLV SDUHFLGR R UHWUDWR
1D VXD PDJLVWUDO GLVVHUWDomR ´&RPR VH GHYH HVFUHYHU
D KLVWyULD GR %UDVLOµ Mi 0DUWLXV GXYLGDYD GD LPSRUWkQFLD
UHDO GH UHSHWLU VH R TXH FDGD JRYHUQDGRU IH] RX GHL[RX GH
ID]HU R LQGDJDU VH GH IDWRV GH QHQKXP DOFDQFH KLVWyULFR
VREUH D DGPLQLVWUDomR GH FLGDGHV PXQLFtSLRV RX
ELVSDGRV RX D HVFUXSXORVD DFXPXODomR GH FLWDo}HV H
DXWRV TXH QDGD SURYDP VHQGR PXLWDV YH]HV GH GXYLGRVD
DXWHQWLFLGDGH 2XWUR FDPSR PDLV YDVWR PDLV SURIXQGR
LQGLFD R JUDQGH ViELR D TXHP VH SURSXVHU D HVFUHYHU R
104
TXH RV DOHPmHV FKDPDULDP D KLVWyULD SUDJPiWLFD GR
%UDVLO
/DUJR HVWXGR HP TXH DSDUHFHULDP HQFRQWUDQGR VH H
IXQGLQGR VH DV WUrV UDoDV FXMRV HIHLWRV GH UHFtSURFD
SHQHWUDomR ELROyJLFD GHYHUmR SURGX]LU R QRYR WLSR pWQLFR
TXH VHUi R KDELWDQWH GR %UDVLO ,U SURFXUDU QD SUySULD
WHUUD RV UHVtGXRV GH ´XPD PXLWR DQWLJD SRVWR TXH
SHUGLGD KLVWyULDµ H TXH D FLrQFLD PRGHUQD FRPHoD D OLJDU
H DSDUHQWDU D RXWUDV FLYLOL]Do}HV SULPLWLYDV HPLJUDGDV GR
RFLGHQWH DPHULFDQR DOpP PDU H DLQGD ODWHQWHV QDV
PLWRORJLDV WHRJRQLDV H JHRJRQLDV GDV UDoDV DERUtJHQHV
(VWXGDU R SRYRDGRU SRUWXJXrV GD FRORQL]DomR SULPHLUD H
TXH R PRPHQWR KLVWyULFR GR 5HQDVFLPHQWR D SDL[mR
GHVFREULGRUD D kQVLD GH HQULTXHFHU H YLYHU jV VROWDV
ODQoDUDP QD HVSOrQGLGD DYHQWXUD GDV JUDQGHV YLDJHQV
FRQTXLVWDGRUDV (VVH FRORQR FpOXOD LQLFLDO GD QRVVD
IRUPDomR SURFXUDU DSDQKi OR YLYR QD VXD HQWLGDGH
KLVWyULFD VLWLi OR QD VXD URoD QD VXD ID]HQGD QR VHX
HQJHQKR QR VHX FXUUDO RX QD LQFLSLHQWH LQG~VWULD HP
LQWLPLGDGH GH UHODo}HV FRP YL]LQKRV H HVFUDYRV 2X
HQFRQWUi OR RUJDQL]DGRU GH HQWUDGDV SHORV VHUW}HV
FDWLYDQGR tQGLRV VRE R GLVIDUFH GD SURFXUD GH RXUR H
SHGUDV SUHFLRVDV PHQRV IHOL] QD UDSLQD TXH R VHX
SUySULR LUPmR R VROGDGR GD ÌQGLD DYHQWXUHLUR LUUHTXLHWR
VHP HLUD QHP EHLUD TXH VRE D pJLGH GR FUX]HLUR DWDFDYD
VDTXHDYD H GHVWUXtD DV SRSXODo}HV LQGtJHQDV GR
0DODEDU &RQKHFHU HQILP R QHJUR DIULFDQR QRV VHXV
FRVWXPHV SUHFRQFHLWRV H VXSHUVWLo}HV QRV GHIHLWRV H
YLUWXGHV PiTXLQD GH WUDEDOKR H YtFLR FULDGD SDUD
VXEVWLWXLU R tQGLR PDLV IUDFR H UHEHOGH H TXH VH WRUQRX
FRPSDQKHLUR LQVHSDUiYHO GR EUDQFR DPELFLRVR H
VHQVXDO
105
0DUWLXV IRL R SULPHLUR D DVVLQDODU R SDSHO GR QHJUR QD
QRVVD IRUPDomR UDFLDO H DVVLP WRFRX QR SUREOHPD PDLV
DQJXVWLRVR GHVVD HYROXomR 2 QHJUR HQWUH QyV SRGH VHU
FRQVLGHUDGR VRE GRLV DVSHFWRV FRPR IDWRU pWQLFR
LQWHUYLQGR SHOR FUX]DPHQWR GHVGH RV SULPHLURV WHPSRV
GD FRO{QLD ³ H FRPR HVFUDYR HOHPHQWR SUHSRQGHUDQWH
QD RUJDQL]DomR VRFLDO H PHQWDO GR %UDVLO
-i QD DUPDGD GH &DEUDO KDYLD HVFUDYRV GL]
9DUQKDJHQ 1D FDSLWDQLD GH 6mR 9LFHQWH GH]HVVHLV DQRV
GHSRLV GH IXQGDGD DYXOWDYD D HVFUDYDULD DIULFDQD
([SRUWDYD D 3RUWXJDO HP ODUJD HVFDOD VHJXQGR
'RPLQJRV GH $EUHX %ULWR GH D R WUiILFR SDUD
DV FRO{QLDV HOHYRX VH D PDLV GH SHoDV (P
$QFKLHWD FDOFXOD HP RV DIULFDQRV GH
3HUQDPEXFR HP RV GD %DKLD (P UHIHUH
&DSLVWUDQR D FRO{QLD GHYLD SRVVXLU FHUFD GH
QHJURV GD ÉIULFD LQFOXLQGR RV ILOKRV GH DIULFDQRV 3RU
HVVD pSRFD Mi GHYLD VHU LQWHQVR R SURFHVVR JHUDO GH
FUX]DPHQWR UDPLILFDQGR VH QDV PDLV YDULDGDV
GHVLJQDo}HV PDPDOXFRV PD]RPERV FULRXORV PXODWRV
FXULERFDV FDERFORV ([HPSOR IULVDQWH p R GH -RmR
)HUQDQGHV TXH YHLR j FRQILVVmR GXUDQWH D YLVLWDomR GR
6DQWR 2ItFLR HP HP 3HUQDPEXFR ILOKR GH )UDQFrV
H GH PDPDOXFD DPDQFHEDGR FRP XPD PXODWD
1D FRO{QLD R IDWRU DIULFDQR QmR VH LVRORX DR GDU VH D
IXVmR GRV HOHPHQWRV GH SRYRDPHQWR $R FRQWUiULR $VVLP
FRPR R EUDoR QHJUR VXEVWLWXLX R WUDEDOKR LQGtJHQD
VHQVLYHOPHQWH LQIHULRU DR DIULFDQR GR PHVPR PRGR D
QHJUD PDLV DIHWXRVD H VXEPLVVD WRPRX QR JLQHFHX GR
FRORQR R OXJDU GD tQGLD $ KLSHUHVWHVLD VH[XDO TXH YLPRV
QR FRUUHU GHVWH HQVDLR VHU WUDoR WmR SHFXOLDU DR
GHVHQYROYLPHQWR pWQLFR GD QRVVD WHUUD HYLWRX D
106
VHJUHJDomR GR HOHPHQWR DIULFDQR FRPR VH GHX QRV
(VWDGRV 8QLGRV GRPLQDGRV SHORV SUHFRQFHLWRV GDV
DQWLSDWLDV UDFLDLV $TXL D OX[~ULD H R GHVOHL[R VRFLDO
DSUR[LPDUDP H UHXQLUDP DV UDoDV 1DGD H QLQJXpP
UHSHOLX R QRYR DIOX[R GH VDQJXH 6DOYR XPD RX RXWUD
REMHomR DULVWRFUiWLFD TXH Mi QmR H[LVWH R DPiOJDPD VH
IH] OLYUHPHQWH SHORV DFDVRV VH[XDLV GRV DMXQWDPHQWRV
VHP QHQKXPD UHSXJQkQFLD ItVLFD RX PRUDO 5HSHWLX VH R
TXH Mi DFRQWHFHUD FRP R tQGLR FUX]DGR FRP R HXURSHX
DGYHQWtFLR QD SROLJLQLD GRV SULPLWLYRV SRYRDPHQWRV 3HOR
FRQWUiULR WRUQRX VH OHQGiULD D VHGXomR GD QHJUD H GD
PXODWD SDUD R FRORQR SRUWXJXrV
2 QRVVR SUREOHPD p SRLV GLIHUHQWH GR QRUWH
DPHULFDQR TXH p FRPSOH[R SHOR FRQIOLWR UDFLDO TXH DTXL
QmR H[LVWH H SHODV GLILFXOGDGHV HFRQ{PLFDV H SROtWLFDV
VHP VROXomR QRV (VWDGRV 8QLGRV D QmR VHU SHOR
H[WHUPtQLR GH XP GRV DGYHUViULRV (QWUH QyV D PHVFOD
VH IH] DRV SRXFRV GLOXLQGR VH VXDYHPHQWH SHOD
PHVWLoDJHP VHP UHEXoR 2 QHJUR QmR p XP LQLPLJR
YLYHX H YLYH HP FRPSOHWD LQWLPLGDGH FRP RV EUDQFRV H
FRP RV PHVWLoRV TXH Mi SDUHFHP EUDQFRV 1DVFHPRV
MXQWRV H MXQWRV LUHPRV DWp R ILP GH QRVVRV GHVWLQRV
+D SRUpP R SUREOHPD GD ELRORJLD R GD HWQRORJLD H
PHVPR R GD HXJHQLD $ TXHVWmR GD GHVLJXDOGDGH GDV
UDoDV TXH IRL R FDYDOR GH EDWDOKD GH *RELQHDX H DLQGD p
KRMH D WHVH IDYRULWD GH 0DGLVRQ *UDQW SURFODPDQGR D
VXSHULRULGDGH QyUGLFD p TXHVWmR TXH D FLrQFLD YDL
UHVROYHQGR QR VHQWLGR QHJDWLYR 7RGDV DV UDoDV SDUHFHP
HVVHQFLDOPHQWH LJXDLV HP FDSDFLGDGH PHQWDO H
DGDSWDomR j FLYLOL]DomR 1RV FHQWURV SULPLWLYRV GD YLGD
DIULFDQD R QHJUR p XP SRYR VDGLR GH LQLFLDWLYD SHVVRDO
GH JUDQGH SRGHU LPDJLQDWLYR RUJDQL]DGRU ODERULRVR $
107
VXD LQIHULRULGDGH VRFLDO QDV DJORPHUDo}HV KXPDQDV
FLYLOL]DGDV p PRWLYDGD VHP G~YLGD SHOR PHQRU
GHVHQYROYLPHQWR FXOWXUDO H SHOD IDOWD GH RSRUWXQLGDGH
SDUD D UHYHODomR GH DWULEXWRV VXSHULRUHV 'LIHUHQoDV
TXDQWLWDWLYDV H QmR TXDOLWDWLYDV GLVVH XP VRFLyORJR
DPHULFDQR R DPELHQWH RV FDUDFWHUHV DQFHVWUDLV
GHWHUPLQDQGR PDLV R SURFHGLPHQWR GR LQGLYtGXR GR TXH
D ILOLDomR UDFLDO
$IDVWDGD D TXHVWmR GH GHVLJXDOGDGH UHVWD QD
WUDQVIRUPDomR ELROyJLFD GRV HOHPHQWRV pWQLFRV R
SUREOHPD GD PHVWLoDJHP 2V DPHULFDQRV GR 1RUWH
FRVWXPDP GL]HU TXH 'HXV IH] R EUDQFR TXH 'HXV IH] R
QHJUR PDV TXH R GLDER IH] R PXODWR e R SRQWR PDLV
VHQVtYHO GR FDVR EUDVLOHLUR 2 TXH VH FKDPD D
DULDQL]DomR GR KDELWDQWH GR %UDVLO p XP IDWR GH
REVHUYDomR GLiULD -i FRP GH VDQJXH QHJUR D
DSDUrQFLD DIULFDQD VH DSDJD SRU FRPSOHWR p R IHQ{PHQR
GR ´SDVVLQJµ GRV (VWDGRV 8QLGRV ( DVVLP QD FUX]D
FRQWtQXD GH QRVVD YLGD GHVGH D pSRFD FRORQLDO R QHJUR
GHVDSDUHFH DRV SRXFRV GLVVROYHQGR VH DWp D IDOVD
DSDUrQFLD GH DULDQR SXUR
(WQRORJLFDPHQWH IDODQGR TXH LQIOXrQFLD SRGH WHU QR
IXWXUR HVVD PLVWXUD GH UDoDV" &RP R LQGtJHQD D KLVWyULD
FRQILUPRX D OHL ELROyJLFD GD KHWHURVLV HP TXH R YLJRU
KtEULGR p VREUHWXGR QRWiYHO QDV SULPHLUDV JHUDo}HV 2
PDPDOXFR IRL D GHPRQVWUDomR GHVVD YHUGDGH 1HOOH VH
FRPSOHWDUDP DGPLUDYHOPHQWH ³ SDUD D FULDomR GH XP
WLSR QRYR ³ DV SURIXQGDV GLIHUHQoDV H[LVWHQWHV QRV GRLV
HOHPHQWRV IXVLRQDGRV $ KLVWyULD GH 6mR 3DXOR HP TXH D
DPDOJDPDomR VH IH] LQWHQVDPHQWH IDYRUHFLGD SHOR
VHJUHJDPHQWR p SURYD FRQFOXGHQWH GDV YDQWDJHQV GD
PHVFOD GR EUDQFR FRP R tQGLR +RMH HQWUHWDQWR GHSRLV
108
GH VH GHVHQURODUHP JHUDo}HV H JHUDo}HV GHVVH
FUX]DPHQWR R FDERFOR PLVHUiYHO ³ SiOLGR HStJRQR ³ p R
GHVFHQGHQWH GD HVSOrQGLGD IRUWDOH]D GR EDQGHLUDQWH
PDPDOXFR $ PHVWLoDJHP GR EUDQFR H GR DIULFDQR DLQGD
QmR HVWi GHILQLWLYDPHQWH HVWXGDGD e XPD LQFyJQLWD 1D
ÉIULFD GR 6XO (XJHQ )LVFKHU FKHJRX D FRQFOXV}HV
LQWHUHVVDQWHV D KLEULGDomR HQWUH ERHUV H KRWHQWRWHV
FULRX XPD UDoD PLVWD DQWHV XPD PLVWXUD GH UDoDV FRP
RV FDUDFWHUtVWLFRV GRV VHXV FRPSRQHQWHV GHVHQYROYHQGR
VH QDV PDLV YDULDGDV FDPELDQWHV 7HP QR HQWDQWR XP
GHIHLWR SHUVLVWHQWH IDOWD GH HQHUJLD OHYDGD DR H[WUHPR GH
XPD SURIXQGD LQGROrQFLD 1R %UDVLO QmR WHPRV DLQGD
SHUVSHFWLYD VXILFLHQWH SDUD XP MXt]R LPSDUFLDO $
DULDQL]DomR DSDUHQWH HOLPLQRX DV GLIHUHQoDV VRPiWLFDV H
SVtTXLFDV Mi QmR VH VDEH PDLV TXHP p EUDQFR H TXHP p
SUHWR 1D $XVWUiOLD 0DUN 7ZDLQ HQFRQWURX VLWXDomR
LGrQWLFD HP TXH HUD IDOWD GH WDWR SHUJXQWDU QD
VRFLHGDGH QRWtFLDV GR DY{
2 PHVWLoR EUDVLOHLUR WHP IRUQHFLGR LQGXELWDYHOPHQWH
j FRPXQLGDGH H[HPSODUHV QRWiYHLV GH LQWHOLJrQFLD GH
FXOWXUD GH YDORU PRUDO 3RU RXWUR ODGR DV SRSXODo}HV
RIHUHFHP WDO IUDTXH]D ItVLFD RUJDQLVPRV WmR
LQGHIHVRV FRQWUD D GRHQoD H RV YtFLRV TXH p XPD
LQWHUURJDomR QDWXUDO LQGDJDU VH HVVH HVWDGR GH FRLVDV
QmR SURYpP GR LQWHQVR FUX]DPHQWR GDV UDoDV H VXE
UDoDV 1D VXD FRPSOH[LGDGH R SUREOHPD HVWDGRVXQLGHQVH
QmR WHP VROXomR GL]HP RV FLHQWLVWDV DPHULFDQRV D QmR
VHU TXH VH UHFRUUD j HVWHULOL]DomR GR QHJUR 1R %UDVLO VH
Ki PDO HOH HVWi IHLWR LUUHPHGLDYHOPHQWH HVSHUHPRV QD
OHQWLGmR GR SURFHVVR FyVPLFR D GHFLIUDomR GR HQLJPD
FRP D VHUHQLGDGH GRV H[SHULPHQWDGRUHV GH ODERUDWyULR
%DVWDUmR RX JHUDo}HV SDUD HVWDU FRQFOXtGD D
H[SHULrQFLD
109
2 QHJUR SRUpP DOpP GH HOHPHQWR pWQLFR
UHSUHVHQWRX QD IRUPDomR QDFLRQDO RXWUR IDWRU GH LPHQVD
LQIOXrQFLD IRL HVFUDYR 8P GRV KRUURUHV GD HVFUDYLGmR p
TXH R FDWLYR DOpP GH QmR WHU D SURSULHGDGH GR VHX FRUSR
SHUGH WDPEpP D SURSULHGDGH GH VXD DOPD (VVD IUDTXH]D
WUDQVIRUPRX VH HP IXQomR FDWDOtWLFD QR RUJDQLVPR
VRFLDO UHGX]LX j SUySULD PLVpULD PRUDO H VHQWLPHQWDO GR
QHJUR D LOXVyULD VXSHULRULGDGH GR VHQKRU GH HVFUDYRV
9LPRV QRV GLIHUHQWHV VpFXORV D TXH SRQWR GH LQILOWUDomR
FKHJRX QD VRFLHGDGH FRORQLDO R SUHGRPtQLR GR DIULFDQR H
GR PXODWR 1RV WHPSRV GH KRMH QRV HVTXHFHPRV GH TXH
Ki SRXFDV GpFDGDV GH DQR DLQGD YLYLDP QR SDtV FHUFD GH
PLOK}HV GH HVFUDYRV QXPD SRSXODomR WRWDO GH
TXDWRU]H PLOK}HV ³ GH TXH XPD ERD SDUWH HUD GH
PHVWLoRV 1D SURPLVFXLGDGH GR FRQYLYLR YHULILFDYD VH
TXH D HVFUDYLGmR IRL VHPSUH D LPRUDOLGDGH D SUHJXLoD R
GHVSUH]R GD GLJQLGDGH KXPDQD D LQFXOWXUD R YtFLR
SURWHJLGR SHOD OHL R GHVOHL[R QRV FRVWXPHV R
GHVSHUGtFLR D LPSUHYLGrQFLD D VXEVHUYLrQFLD DR FKLFRWH
R EHLMD PmR DR SRGHURVR ³ WRGDV DV IDOKDV TXH
FRQVWLWXtUDP R TXH XP SXEOLFLVWD FKDPRX D ILORVRILD GD
VHQ]DOD HP PDLRU RX PHQRU HVFDOD ODWHQWH QDV
SURIXQGH]DV LQFRQIHVViYHLV GR FDUiFWHU QDFLRQDO
)RL HVVD D YLVmR JHQLDO TXH 0DUWLXV WHYH GD QRVVD
KLVWyULD TXDQGR DFRQVHOKDYD R HVWXGR GDV WUrV UDoDV
SDUD D VXD FRPSOHWD FRPSUHHQVmR +RMH p TXDVH XP
OXJDU FRPXP IDODU VH QR PHOWLQJ SRW HP TXH VH IXQGHP
DV WUrV JUDQGHV FRQWULEXLo}HV pWQLFDV GR QRVVR SDVVDGR
UHSUHVHQWDQGR WUrV FRQWLQHQWHV jV TXDLV VH MXQWDUDP
PDLV WDUGH DV LPLJUDo}HV HXURSpLDV GH YiULR VDQJXH H
TXH GHYHUmR WHU SURIXQGD LQIOXrQFLD QR %UDVLOHLUR IXWXUR
$ IXVmR IRL LQLFLDGD GHVGH D GHVFREHUWD H GLDULDPHQWH
FRQWLQXD D HYROXomR HP TXH VH SUHSDUD D FRQVROLGDomR
110
GD UDoD H GD VXD HVWUXWXUD VRFLDO 1D RUGHP SVLFROyJLFD
R SUREOHPD p LJXDOPHQWH FRPSOH[R 6XJHULPRV QHVWDV
SiJLQDV R YLQFR VHFXODU TXH GHL[DUDP QD SVFKp
QDFLRQDO RV GHVPDQGRV GD OX[~ULD H GD FRELoD H HP
VHJXLGD QD VRFLHGDGH Mi FRQVWLWXtGD RV GHVYDULRV GR PDO
URPkQWLFR (VVHV LQIOX[RV GHVHQYROYHUDP VH QR
GHVHQIUHDPHQWR GR PDLV DQiUTXLFR H GHVRUGHQDGR
LQGLYLGXDOLVPR GHVGH D YLGD LVRODGD H OLYUH GR FRORQR TXH
DTXL DSRUWDYD DWp DV ODP~ULDV HJRtVWDV GRV SRHWDV
HQDPRUDGRV H LQIHOL]HV &RPR UHDJHQWHV QRV IDOWDUDP QD
QRVVD FULVH GH DVVLPLODomR R HOHPHQWR UHOLJLRVR D
UHVLVWrQFLD SXULWDQD GD 1RYD ,QJODWHUUD D KLHUDUTXLD
VRFLDO GRV YHOKRV SLRQHLURV DPHULFDQRV R LQVWLQWR GH
FRODERUDomR FROHWLYD 8EL EHQH LEL SDWULD GL] R QRVVR
SURIXQGR LQGLIHUHQWLVPR IHLWR GH SUHJXLoD ItVLFD GH
IDTXLULVPR GH VXEPLVVmR UHVLJQDGD GLDQWH GD IDWDOLGDGH
GDV FRLVDV 1RV SULPHLURV WHPSRV SURGX]LPRV RV PDLV
PDJQtILFRV H[HPSODUHV GH EUXWD IRUoD KXPDQD PDV QmR
FRQVHJXLPRV SUHSDUDU D DUJDPDVVD TXH OLJD RV JUDQGH
SRYRV LGHDOLVWDV ([SORV}HV HVSRUiGLFDV GH UHDomR H
HQWXVLDVPR DSHQDV VHUYHP SDUD DFHQWXDU D DSDWLD
TXRWLGLDQD
$ LQGROrQFLD H D SDVVLYLGDGH GDV SRSXODo}HV
IDFLOLWDUDP SRUpP D SUHVHUYDomR GD XQLGDGH VRFLDO H
SROtWLFD GR YDVWtVVLPR WHUULWyULR $SHQDV WHYH 3RUWXJDO
LGpLD GD WRSRJUDILD GH VHXV GRPtQLRV DPHULFDQRV WUDoRX
OKHV ORJR SRU OLPLWHV R $PD]RQDV H R 3UDWD IURQWHLUDV
QDWXUDLV RUJkQLFDV GHQWUR GRV TXDLV VH GHVHQYROYHX D
DWLYLGDGH YLWDO GD FRO{QLD URPSHQGR DV EDUUHLUDV
SROtWLFDV TXH WHQWDUDP IL[DU R WUDWDGR GH 7RUGHVLOKDV H RV
TXH VH VHJXLUDP 1HVWH YDVWR WHUULWyULR S{GH D
DGPLQLVWUDomR FRQVHUYDU D FRHVmR GD QRYD WHUUD
IDYRUHFLGD SHOD OtQJXD FRPXP QHQKXP GLDOHWR SHUWXUED
111
HVVD XQLIRUPLGDGH SHOR FXOWR GD PHVPD UHOLJLmR SHOR
yGLR LQDWR H WUDGLFLRQDO DR FDVWHOKDQR 2 DWUDVR RV
SUySULRV YtFLRV H GHIHLWRV GD EXURFUDFLD FHQWUDO
SRUWXJXHVD IRUDP RV IDWRUHV SUHSRQGHUDQWHV QHVVH
SURFHVVR GH XQLILFDomR $ WUDGLomR KLVWyULFD IRUMDUD
GXUDQWH VpFXORV XP IRUPLGiYHO LQVWUXPHQWR GH
LQIOXrQFLD H JRYHUQR QD RUJDQL]DomR FHQWUDOL]DGRUD GD
PHWUySROH -i ' -RmR ,9 DR DVVXPLU R JRYHUQR HP
FRQVHUYDUD D HVWUXWXUD DGPLQLVWUDWLYD FRORQLDO TXH
WLQKDP GDGR D 3RUWXJDO RV UHLV HVSDQKyLV &RP
SHTXHQDV PRGLILFDo}HV GH UHJXODPHQWRV HVVDV OHLV
SHUGXUDUDP DWp 2 SDSHO VXSUHPR FRPSHWLD DR
&RQVHOKR G (VWDGR D TXHP LQFXPELD D QRPHDomR GRV
YLFH UHLV H JRYHUQDGRUHV D HVFROKD GRV PHPEURV GH
RXWURV FRQVHOKRV H D GLUHomR GRV QHJyFLRV HVWUDQJHLURV
2 DQWLJR &RQVHOKR GDV ÌQGLDV D FDVD GD 0LQD RX FDVD GH
*XLQp WUDQVIRUPDUD VH HP &RQVHOKR 8OWUDPDULQR
GLULJLQGR DV SRVVHVV}HV GH DOpP PDU HP WRGRV RV FDVRV
FLYLV PLOLWDUHV H UHOLJLRVRV $SUHVHQWDYD FDQGLGDWRV DRV
ELVSDGRV H DUFHELVSDGRV FRORQLDLV H DRV OXJDUHV GH
JRYHUQDGRUHV H[FHWR DR GH YLFH UHL H JRYHUQDGRU JHUDO GD
%DKLD $UUHQGDYD RV UHQGLPHQWRV GR ILVFR QDV FRO{QLDV H
GHSRVLWDYD RV VDOGRV QR WHVRXUR UHDO $SHVDU GH WHU D
ILVFDOL]DomR GRV WULEXQDLV GDV FRO{QLDV SHUWHQFLD D XP
RXWUR FRQVHOKR SULYDGR R GHVHPEDUJR GR SDoR D
SURSRVWD DR UHL GRV FDQGLGDWRV jV IXQo}HV MXGLFLiULDV
WDQWR QDV FRO{QLDV FRPR QD SUySULD PHWUySROH +DYLD
SRUpP IDOKDV JUDYHV QHVVD RUJDQL]DomR $ FRPSHWrQFLD
SRU H[HPSOR GR &RQVHOKR 8OWUDPDULQR HUD H[WHQVD PDV
LQVXILFLHQWHPHQWH GHOLPLWDGD H QmR OKH SHUWHQFHQGR D
QRPHDomR GRV JRYHUQDGRUHV H MXt]HV IDOWDYD OKH
DXWRULGDGH VREUH HVVHV UHSUHVHQWDQWHV GR SRGHU UHDO
(QWUHWDQWR HP WRGRV RV UDPRV GD DWLYLGDGH VRFLDO GD
112
FRO{QLD VH VHQWLD D DomR FRQWtQXD H PLQXFLRVD GD
SHVDGD PiTXLQD DGPLQLVWUDWLYD GH /LVERD 3{GH DVVLP
QLYHODU R WHUUHQR FRPR XP FRPSUHVVRU $ HOD GHYHPRV
HP JUDQGH SDUWH D SUHVHUYDomR GD XQLGDGH WHUULWRULDO DWp
R PRYLPHQWR VHSDUDWLVWD TXH LQLFLRX D FKHJDGD GR
3UtQFLSH 5HJHQWH %ROLYDU QR PHVPR FRQWLQHQWH H j
IUHQWH GD 9HQH]XHOD GD 1RYD *UDQDGD GR 3HUX GD
%ROtYLD QmR DOFDQoRX R PHVPR UHVXOWDGR DSHVDU GD
LGHQWLGDGH GH RULJHP GH OtQJXD H GH FRVWXPHV GRV
SDtVHV TXH R VHX JrQLR JXHUUHLUR OLEHUWDUD (QWUH QyV
HQFHUUDGR R SHUtRGR FRORQLDO R %UDVLO 5HLQR D
LQWHUYHQomR VXSHULRU GRV KRPHQV GD LQGHSHQGrQFLD H GR
SULPHLUR UHLQDGR D H[WLQomR GD JXHUUD FLYLO D
FHQWUDOL]DomR PRQiUTXLFD FRPSOHWDUDP D REUD TXH RV
VpFXORV WLQKDP OHQWDPHQWH SUHSDUDGR $R FKHJDUPRV DRV
GLDV GH KRMH p HVVH R JUDQGH PLODJUH
)L[HPRV R ROKDU SRU XP LQVWDQWH QD UHDOLGDGH YLVtYHO
SDOSiYHO H YLYD GHVVH +RMH TXH VXUJH VH WUDQVIRUPD H
GHVDSDUHFH QXP UHODQFH FRPR QD FRUULGD GH XP
DXWRPyYHO D SDLVDJHP TXH SDVVD
'DPRV DR PXQGR R HVSHWiFXOR GH XP SRYR KDELWDQGR
XP WHUULWyULR ³ TXH D OHQGD PDLV TXH D YHUGDGH ³
FRQVLGHUD LPHQVR WRUUmR GH LQLJXDOiYHLV ULTXH]DV H QmR
VDEHQGR H[SORUDU H DSURYHLWDU R VHX TXLQKmR 'RV
DJUXSDPHQWRV KXPDQRV GH PHGLDQD LPSRUWkQFLD R
QRVVR SDtV p WDOYH] R PDLV DWUDVDGR 2 %UDVLO GH IDWR
QmR SURJULGH YLYH H FUHVFH FRPR FUHVFH H YLYH XPD
FULDQoD GRHQWH QR OHQWR GHVHQYROYLPHQWR GH XP FRUSR
PDO RUJDQL]DGR 6H HVWD WHUUD IRVVH DQJOR VD[{QLFD HP
DQRV WHULD PLOK}HV GH KDELWDQWHV DILUPRX %UFH
FRP R VHX GHVGpP EULWkQLFR $R FRQWUiULR HVSDOKDP VH
SHOR QRVVR WHUULWyULR JUXSRV KXPDQRV LQFHUWRV
113
KXPLOGHV VDOYR XP RX RXWUR IRFR GH H[SUHVVmR QDWLYLVWD
DEDIDGRV H SDUDOLVDGRV HP JHUDO SRU XPD QDWXUH]D
HVWRQWHDGRUD GH SXMDQoD RX WHUULYHOPHQWH LPSODFiYHO $t
YLYHP j VROWD QXPD WHUUD FRPXP $ SRSXODomR DXPHQWD
SRU XPD SUROLIHUDomR TXH R FOLPD IDYRUHFH pUDPRV
PLOK}HV DR FRPHoDU R VpFXOR ;,; Mi FKHJiPRV D
PLOK}HV RX PDLV FRP XP FUHVFLPHQWR DQLPDO QHVWHV
~OWLPRV WHPSRV GH SHUWR GH XP PLOKmR $WLQJLUHPRV
FRP UHODWLYD IDFLOLGDGH RV DOJDULVPRV DVWURQ{PLFRV GDV
LPHQVDV DJORPHUDo}HV DVLiWLFDV PDV HP TXDVH WRGD D
H[WHQVmR GDV FRVWDV ORQJXtVVLPDV RV YHOKRV FDUDQJXHMRV
GH IUHL 9LFHQWH VH OLPLWDP D DUUDQKDU DV DUHLDV GR OLWRUDO
2 VHUWmR WRGR R JUDQGH VRQKR GRV SLRQHLURV VHJUHJDGR
QD VXD ORQJtQTXD LQGHSHQGrQFLD p D PHVPD WHUUD TXH
SDOPLOKDUDP 6SL[ H 0DUWLXV 6DLQW +LODLUH 1HXZLHG
0DZH H WDQWRV RXWURV &RPR QR WHPSR GRV ´YDOHQW}HVµ GH
TXH IDODYD 6RXWKH R FDQJDoR GRPLQD R kPDJR GR SDtV
p XPD WUDGLomR GR PDQGRQLVPR 1DV SRYRDo}HV
FUHVWDGDV GR 1RUGHVWH UHLQDP FRPR QDV pSRFDV
SULPLWLYDV DV FUHQGLFHV H R IDQDWLVPR GDV ´VDQWLGDGHVµ
2 SDOXGLVPR D FDFKDoD D VtILOLV R DPDUHOmR D
LQGROrQFLD GHVDQLPDGD FRPSOHWDP R TXDGUR ( DVVLP
YHJHWDP QR QRVVR JUDQGH 3ODQDOWR &HQWUDO PDLV GH
PLOK}HV GRV QRVVRV TXLO{PHWURV TXDGUDGRV
3HODV FRVWDV GR RFHDQR H HP PDQFKDV GH FLYLOL]DomR
PDWHULDO QRV SODQDOWRV GD VHUUD GR 0DU GD 0DQWLTXHLUD
H QRV FDPSRV GR 6XO R SURJUHVVR p XPD LQG~VWULD TXH
FRPR QD &KLQD p H[SORUDGD QXPD UiSLGD DEVRUomR
SHORV FDSLWmHV HVWUDQJHLURV H RV SRXFRV JUXSRV
ILQDQFHLURV QDFLRQDLV TXH Vy FRJLWDP ³ FRPR p QDWXUDO
³ GRV SUySULRV LQWHUHVVHV 1HVVHV RiVLV H UHYLYHQGR R
114
WHPSR GDV EDQGHLUDV WXGR VH GHYH j LQLFLDWLYD SULYDGD
)RL R SDUWLFXODU TXH GHVEUDYRX D PDWD TXH HUJXHX DV
SODQWDo}HV TXH HVWHQGHX SHOD WHUUD YLUJHP RV WULOKRV GRV
FDPLQKRV GH IHUUR TXH IXQGRX FLGDGHV DEULX IiEULFDV
RUJDQL]RX FRPSDQKLDV H LPSRUWRX R FRQIRUWR GD YLGD
PDWHULDO 2 SRGHU S~EOLFR SDFLHQWHPHQWH HVSHURX RV
IUXWRV GD ULTXH]D VHPHDGD ( ORJR HP VHJXLGD FULRX R
LPSRVWR FRPR RV JRYHUQDGRUHV GR VpFXOR ;9,,, H D
PHWUySROH HVW~SLGD QD ORXFXUD GR RXUR FULDUDP RV
TXLQWRV RV Gt]LPRV DV Gt]LPDV D FDSLWDomR H D GHUUDPD
1HVVH DIm SRUpP D DGPLQLVWUDomR S~EOLFD IDOLX QmR
SRGHQGR DFRPSDQKDU R PRYLPHQWR SURJUHVVLVWD RUD
OHQWR RUD LPSHWXRVR ( DVVREHUEDGR QXP DIREDPHQWR
WRQWR ILFRX DWUiV p TXDVH XP HPSHFLOKR H XP
WUDPEROKR 1R UHVWR GR SDtV R FDVR VH DJUDYD RV
KRPHQV GH LQFDSD]HV WRUQDUDP VH GHVRQHVWRV H SHOD
FXPSOLFLGDGH GRV DSDQLJXDPHQWRV HOHLWRUDLV DFHLWDUDP
FRP SHTXHQD UHOXWkQFLD R FRQVyUFLR GDV IXQo}HV
DGPLQLVWUDWLYDV FRP RV LQWHUHVVHV PHUFDQWLV $
IUDJLOLGDGH KXPDQD IH] R UHVWR TXH p D YHUJRQKD GD
QDomR
1D GHVRUGHP GD LQFRPSHWrQFLD GR SHFXODWR GD
WLUDQLD GD FRELoD SHUGHUDP VH DV QRUPDV PDLV
FRPH]LQKDV QD GLUHomR GRV QHJyFLRV S~EOLFRV $ KLJLHQH
YLYH HP JUDQGH SDUWH GDV HVPRODV DPHULFDQDV D SROtFLD
YLFLDGD SHOR HVWDGR GH VtWLR SURWHJH FULPLQRVRV H
SHUVHJXH LQRFHQWHV DV HVWUDGDV GH IHUUR RILFLDLV FRP RV
PDLV HOHYDGRV IUHWHV GR PHUFDGR GHVFDUULODP
GLDULDPHQWH RX GHL[DP DSRGUHFHU RV JrQHURV TXH QmR
WUDQVSRUWDP D ODYRXUD QmR WHP EUDoRV SRUTXH QmR Ki
PDLV LPLJUDQWHV GHVDSDUHFH D QDYHJDomR GRV ULRV D
FDERWDJHP VXSULPH R FRPpUFLR OLWRUkQHR R GLQKHLUR
EDL[D SRU GHFUHWR H R RXUR TXH R GHYH JDUDQWLU QmR QRV
115
SHUWHQFH ­ ODYRXUD GH FDIp DFHQD VH FRP D YDORUL]DomR
DUWLILFLDO GRV SUHoRV GHVFXLGDQGR VH GR EDUDWHDPHQWR GR
FXVWHLR GR DXPHQWR GD SURGXomR H GR GHVHQYROYLPHQWR
GR FRQVXPR RV VHULQJDLV VmR DEDQGRQDGRV RX YHQGLGRV
SRU QDGD SRUTXH RV LPSRVWRV H[FHGHP R SUHoR GDV
PHUFDGRULDV R Do~FDU FRPR QRV WHPSRV FRORQLDLV QmR
SRGH FRPSHWLU FRP R HVWUDQJHLUR R DOJRGmR p YtWLPD GD
QHJOLJrQFLD GR SUHSDUR GD SUDJD H Vy H[LVWH SHOD
SURWHomR DGXDQHLUD D SHFXiULD VHP VHOHomR H VHP
WUDQVSRUWH H[SORUDQGR R UHEDQKR QDWLYR QmR Gi FDUQH
SDUD RV IULJRUtILFRV TXH IXQFLRQDP FRP LQWHUPLWrQFLDV
REULJDQGR QRV D UHFRUUHU DR [DUTXH GRV YL]LQKRV R
FDFDX VREUHFDUUHJDGR GH LPSRVWRV QmR SRGH OXWDU
FRQWUD RV FRQFRUUHQWHV DIULFDQRV H DVLiWLFRV $ -XVWLoD
VHP D TXDO GL]LD R SDGUH 9LHLUD QmR Ki UHLQR QHP
SURYtQFLD QHP FLGDGH QHP DLQGD FRPSDQKLD GH ODGU}HV
TXH VH SRVVD FRQVHUYDU D -XVWLoD HP FRQWDWR FRP RV
LQWHUHVVHV GD SROLWLFDJHP GLILFLOPHQWH UHVLVWH DR DUEtWULR
H DR DEXVR GH SRGHU R ([pUFLWR FDUtVVLPR GHVDSDUHFH
GHVRUJDQL]DGR SHOR yGLR H SHOR PHGR D 0DULQKD VHP
QDYLRV YHJHWD QD EDtD GH *XDQDEDUD p XPD UHSDUWLomR
S~EOLFD (VWi WXGR SRU ID]HU QDGD VH ID] H VHJXQGR D
FKDSD FRUUHQWH ³ QmR VH VDEH SDUD TXHP DSHODU
2 DQDOIDEHWLVPR GDV FODVVHV LQIHULRUHV ³ TXDVH GH
FHQWR SRU FHQWR ³ FRUUH SDUHOKDV FRP D EDFKDUHOLFH
URPkQWLFD GR TXH VH FKDPD D LQWHOHFWXDOLGDGH GR SDtV
6HP LQVWUXomR VHP KXPDQLGDGHV VHP HQVLQR
SURILVVLRQDO D FXOWXUD LQWHOHFWXDO QmR H[LVWH RX ILQJH
H[LVWLU HP VHPL OHWUDGRV PDLV QRFLYRV GR TXH D SHVWH
1mR VH SXEOLFDP OLYURV SRUTXH QmR Ki OHLWRUHV QmR Ki
OHLWRUHV SRUTXH QmR Ki OLYURV &LrQFLD OLWHUDWXUD DUWH ³
SDODYUDV FXMD VLJQLILFDomR H[DWD HVFDSD D TXDVH WRGRV
(P WXGR GRPLQD R JRVWR GR SDODYUHDGR GDV EHODV IUDVHV
116
FDQWDQWHV GRV GLVFXUVRV GHUUDPDGRV DLQGD Ki SRHWDV
GH SURILVVmR 8P YtFLR QDFLRQDO SRUpP LPSHUD R YtFLR
GD LPLWDomR 7XGR p LPLWDomR GHVGH D HVWUXWXUD SROtWLFD
HP TXH SURFXUDPRV HQFHUUDU H FRPSULPLU DV PDLV
SURIXQGDV WHQGrQFLDV GD QRVVD QDWXUH]D VRFLDO DWp R
IDOVHDPHQWR GDV PDQLIHVWDo}HV HVSRQWkQHDV GR QRVVR
JrQLR FULDGRU (PHUVRQ GL]LD GRV DPHULFDQRV GR VHX
WHPSR TXH D PDQLD GD LPLWDomR ³ PDO TXH WDPEpP
FRQKHFHUDP ³ OKHV YLQKD GD VXSHUVWLomR GD 9LDJHP
IRUQHFHGRUD GR DOLPHQWR HVSLULWXDO TXH QmR VDELDP
HQFRQWUDU QD SUySULD WHUUD PDV RQGH VRPHQWH VH
GHVHQYROYH H VH DSXUD D DOPD GD UDoD ,PLWDomR TXHU
GL]HU LPSRUWDomR 1HVWD WHUUD HP TXH TXDVH WXGR Gi
LPSRUWDPRV WXGR GDV PRGDV GH 3DULV ³ LGpLDV H
YHVWLGRV ³ DR FDER GH YDVVRXUD H DR SDOLWR
7UDQVSODQWDGRV VmR TXDVH QXORV RV IRFRV GH UHDomR
LQWHOHFWXDO H DUWtVWLFD 3DVVD SHODV QRVVDV DOIkQGHJDV
WXGR TXH FRQVWLWXL DV ErQomRV GD FLYLOL]DFmR VD~GH
EHP HVWDU PDWHULDO FRQKHFLPHQWRV SUD]HUHV
DGPLUDo}HV VHQVR HVWpWLFR
3DUD WDPDQKD LPSRUWDomR VXS}H VH FRPR QRV SDtVHV
VDGLRV XPD IRUPLGiYHO H[SRUWDomR (VVD SRUpP p DQWHV
XPD SHUGD GH VXEVWkQFLD FRPR GL]HP RV DOHPmHV GR
TXH D FRORFDomR QR HVWUDQJHLUR GH SURGXWRV GH QRVVD
WHUUD H GR QRVVR WUDEDOKR ([SRUWDPRV VREUHWXGR RXUR
TXH QmR SRVVXtPRV 2XUR SDUD RV MXURV H DPRUWL]Do}HV
GRV HPSUpVWLPRV H[WHULRUHV RXUR SDUD RV DXWRPyYHLV
TXH QmR IDEULFDPRV RXUR SDUD DV ILWDV GRV LQ~PHURV
FLQHPDV TXH SXOXODP FRPR VDQJXHVXJDV DWp RV FRQILQV
GRV VHUW}HV 6DQJULD FRQWtQXD H[DXVWLYD )DWDO
GHSDXSHUDPHQWR GH FRQVHTrQFLDV LQFDOFXOiYHLV
6REUH HVWH FRUSR DQrPLFR DWURILDGR EDORIR
117
WULSXGLDP RV SROtWLFRV e D ~QLFD TXHVWmR YLWDO SDUD R
SDtV ³ D TXHVWmR SROtWLFD )HOL] RX LQIHOL]PHQWH QmR Ki
RXWUR SUREOHPD SUHPHQWH D UHVROYHU QHP VRFLDO QHP
UHOLJLRVR QHP LQWHUQDFLRQDO QHP GH UDoDV QHP JUDYHV
FDVRV HFRQ{PLFRV H ILQDQFHLURV 6RPHQWH D TXHVWmR
SROtWLFD TXH p D TXHVWmR GRV KRPHQV S~EOLFRV +i RV GH
WRGR R JrQHUR RV LQWHOLJHQWHV RV VDJD]HV RV HVW~SLGRV
RV EHP LQWHQFLRQDGRV GDQWHVFD PXOWLGmR RV TXH D
VRUWH SURWHJH FRPR QDV ORWHULDV RV HIrPHURV RV HWHUQRV
e R JUDQGH UHEDQKR TXH SDVVD SDVWDQGR GH TXH IDODYD
1LHW]VFKH 'H YH] HP TXDQGR VXUJH XPD LQGLYLGXDOLGDGH
RX QDVFHQWH RX Mi VDFULILFDGD SHOD LQFRPHQVXUiYHO
PDLRULD RV QRPHV GHVVDV H[FHo}HV GH UDURV DFRGHP
ORJR DR ELFR GD SHQD PDV GH IDWR H GHVGH PXLWR HVWmR
GHVDSDUHFHQGR UDSLGDPHQWH RV TXH SRVVXtDP QD
H[SUHVVmR GRV KLVWRULDGRUHV URPkQWLFRV ´R PDJQHWLVPR
GD SHUVRQDOLGDGHµ
2 PDO YHP GH ORQJH (P VHJXLGD DR SULPHLUR LPSpULR
SHUtRGR KHUyLFR HP TXH VH IXQGRX QXP tPSHWR
URPkQWLFR D QRVVD QDFLRQDOLGDGH ³ HQWUiPRV QHVVH
HVWUDQKR VHJXQGR UHLQDGR GH KRPHQV HPLQHQWHV
LOXVWUDGRV DSHVDU GR DFHQWXDGR DWUDVR SRUWXJXrV GH
LOLEDGR FDUiFWHU PDV TXH SDVVDUDP DQRV D
UHSUHVHQWDU FRP VHULHGDGH H QXPD WHUUD TXH HUD XP
GHVHUWR FRP SRYRDGRV HVSDUVRV GH SRSXODo}HV PHVWLoDV
D FRPpGLD GR SDUODPHQWDULVPR j LQJOHVD $OpP GDV OHLV
OLEHUDLV TXH HUDP YRWDGDV FRPR VH VH GHVWLQDVVHP DR
PDLV HVFODUHFLGR GRV FRQGDGRV GD ,QJODWHUUD H DOpP GRV
GLVFXUVRV GH DGPLUiYHO HORTrQFLD SDUODPHQWDU Vy QRV
ILFRX WDOYH] GHVVD pSRFD IDOVD H HVWpULO D FRQVROLGDomR
GD XQLGDGH QDFLRQDO H D DEROLomR $SHQDV GXDV GDWDV
SDUD XP ORQJR UHLQDGR 2 SDtV GHVFRQKHFLD JHUDOPHQWH R
TXH IRVVH DGPLQLVWUDomR S~EOLFD 2 ,PSHUDGRU SRXFR
118
LQWHOLJHQWH VXEVWLWXLQGR SHOR SDWULRWLVPR R TXH OKH
IDOWDYD HP GRWHV GH KRPHP GH (VWDGR QmR HVFRQGLD R
GHVSUH]R SHODV SUHRFXSDo}HV WHUUD D WHUUD GD JHVWmR GRV
QHJyFLRV S~EOLFRV 'HX OKHV SRUpP XPD IHLomR
FDUDFWHUtVWLFD TXH VHUi D JOyULD GD PRQDUTXLD R UHVSHLWR
UHOLJLRVR GR GLQKHLUR S~EOLFR &RQVHTrQFLD QDWXUDO GH
XPD GDV UHJUDV GR 'HFiORJR HVVH SULQFtSLR IXQGDPHQWDO
GH JRYHUQR GHFRUULD GD REVHUYDomR LQWHJUDO H HVWULWD GD
/HL VREHUDQD 'Dt R WHU VLGR R ,PSpULR SRU H[FHOrQFLD D
pSRFD GRV MXULVFRQVXOWRV $WLQJLPRV QHVVH PRPHQWR R
PDLV HOHYDGR SRQWR GH FRQVFLrQFLD MXUtGLFD D TXH SRGH
FKHJDU XP SRYR /HLV OHLV OHLV 6y IDOWRX DTXHOD D TXH VH
UHIHULX )HUUHLUD 9LDQQD D OHL TXH PDQGDULD S{U HP
H[HFXomR WRGDV DV RXWUDV $ GHFDGrQFLD QR HQWDQWR
DFHQWXDYD VH SHOR SUySULR DEDQGRQR GR SULQFtSLR
PRQiUTXLFR H GLQiVWLFR 2 HQIUDTXHFLPHQWR GR SRGHU
PRGHUDGRU ³ TXH HUD D RSLQLmR S~EOLFD LQH[LVWHQWH H
LQGLVSHQViYHO DR UHJLPH SDUODPHQWDU ³ FRPSURPHWLD R
IXQFLRQDPHQWR UHJXODU GD PiTXLQD SROtWLFD $ TXHVWmR
PLOLWDU PDO GH QDVFHQoD GH TXH QXQFD VH FXURX R SDtV
D GHVRUJDQL]DomR GRV SDUWLGRV DV IDOKDV GD
DGPLQLVWUDomR R URPDQWLVPR GD DEROLomR D GHVRUGHP
JHUDO GRV HVStULWRV ³ IL]HUDP D 5HS~EOLFD QHVVH GH
QRYHPEUR TXH IRL D MRXUQpH GHV GXSHV GD QRVVD KLVWyULD
( p R TXH Dt HVWi
2 SURIXQGR DEDOR GD PXGDQoD GH IRUPD GH JRYHUQR D
LQHYLWiYHO WUDQVPXWDomR GH YDORUHV VRFLDLV H SROtWLFRV
GHUDP D SULQFtSLR XPD DSDUrQFLD GH YLWDOLGDGH DR
RUJDQLVPR QDFLRQDO 0DV QmR HVWDYD ORQJH R DWROHLUR HP
TXH KRMH FKDIXUGDPRV 4XDUHQWD DQRV GH H[SHULrQFLDV
PDO VXFHGLGDV QRV WURX[HUDP j VLWXDomR DWXDO 2V
KRPHQV GH JRYHUQR VXFHGHUDP VH DR DFDVR VHP
QHQKXP PRWLYR LPSHULRVR SDUD D LQGLFDomR GH VHXV
119
QRPHV H[FHWR R GDV FRQYHQLrQFLDV H FDPEDODFKRV GD
SROLWLFDJHP (P WmR ORQJRV DQRV Vy 5LR %UDQFR UHVROYHX
DV TXHVW}HV GH OLPLWHV R SUHVLGHQWH $OYHV VDQHRX D
FDSLWDO RXWUD YH] HP SHULJR H UHFRQTXLVWDPRV R $FUH
GH QRYR HP FRPHoR GH DEDQGRQR 2 PDLV QmR H[LVWLUi
SDUD D KLVWyULD 1RV (VWDGRV HQWUHWDQWR LQVWDODYDP VH
DV ROLJDUTXLDV GH FXMR SHULJR Mi QRV DGYHUWLD 6DLQW
+LODLUH H VRE R GLVIDUFH GR TXH VH FKDPRX D ´SROtWLFD GRV
JRYHUQDGRUHVµ (P FtUFXORV FRQFrQWULFRV HVVH YtFLR
RUJkQLFR YHP FXPXODU QR SUySULR SRGHU FHQWUDO TXH p R
VRO GR QRVVR VLVWHPD $t UHDOL]DQGR R IDPRVR VRULWH GR
YHOKR 1DEXFR -RmR HOHJH D 3HGUR TXH HOHJH D $QW{QLR
TXH SRU VHX WXUQR YROWD D HOHJHU DR -RmR SULPLWLYR &RPR
QD %tEOLD
3DUD WmR JUDQGHV PDOHV SDUHFHP HVJRWDGDV DV
PHGLFDo}HV GD WHUDSrXWLFD FRUUHQWH p QHFHVViULR
UHFRUUHU j FLUXUJLD )LORVRILFDPHQWH IDODQGR ³ VHP
FXLGDU GD UHDOLGDGH VRFLDO H SROtWLFD GD DWXDOLGDGH ³ Vy
GXDV VROXo}HV SRGHUmR LPSHGLU R GHVPHPEUDPHQWR GR
SDtV H D VXD GHVDSDULomR FRPR XP WRGR XQR FULDGR SHODV
FLUFXQVWkQFLDV KLVWyULFDV GXDV VROXo}HV FDWDVWUyILFDV D
*XHUUD D 5HYROXomR
$ *XHUUD HP WRGD D +LVWyULD WHP VLGR D WHUUtYHO
UHYHODGRUD GH FDSDFLGDGHV TXH D URWLQD D LQYHMD R
HJRtVPR H D GHIHVD QDWXUDO GRV DoDPEDUFDGRUHV GH
SRVLo}HV GH PDQGR HQFREUHP DIDVWDP DQXODP 2V
QRYRV RV SREUHV RV HVTXHFLGRV RV RSULPLGRV VXUJHP
TXDQGR VH DWHLD QDV FLGDGHV H QRV FDPSRV R IRJR
GHYDVWDGRU GDV LQYDV}HV p TXDQGR VH DEUH R SHUtRGR GDV
IDOrQFLDV JRYHUQDPHQWDLV 2 KHUyL SURYLGHQFLDO p XPD
FULDWXUD GDV YLFLVVLWXGHV GD *XHUUD 9HP PXLWDV YH]HV
GDV FDPDGDV SURIXQGDV GR SRYR RQGH R YmR HQFRQWUDU DV
120
QHFHVVLGDGHV GD VDOYDomR S~EOLFD 6HUi HQWUH QyV QXPD
ORQJtQTXD SRVVLELOLGDGH TXHP VDEH XP JD~FKR GR 6XO
RX ID]HQGHLUR SDXOLVWD RX VHULQJXHLUR GR $FUH RX
MDJXQoR GR 1RUGHVWH RX PHVPR HVVH GHVRFXSDGR GD
$YHQLGD &HQWUDO IUHTHQWDGRU GH FDIpV FRPR /HQLQ
IUHJXrV SDXSpUULPR GD 5RWRQGH GR 0RQWSDQDVVH PHVHV
DQWHV GH VHU GLWDGRU H VHQKRU DEVROXWR GH PLOK}HV GH
DOPDV
$ 5HYROXomR p D RXWUD VROXomR 1mR XPD VLPSOHV
UHYROWD GH VROGDGRV RX XPD LQYHVWLGD GLVIDUoDGD SDUD D
FRQTXLVWD GR SRGHU ³ IRUPDV SUHGLOHWDV QRV SRYRV GH
PHLD FLYLOL]DomR H TXH D GHVRUGHP JHQHUDOL]DGD WHP
DJRUD IHLWR VXUJLU HP SDtVHV WUDGLFLRQDOPHQWH FXOWRV
6HULD HQFHUUDU QXPD PRGDOLGDGH HVWUHLWD D kQVLD GH
UHQRYDomR TXH p D SUySULD SXOVDomR YLWDO GD +LVWyULD $
5HYROXomR YLUi GH PDLV ORQJH H GH PDLV IXQGR 6HUi D
DILUPDomR LQH[RUiYHO GH TXH TXDQGR WXGR HVWi HUUDGR R
PHOKRU FRUUHWLYR p R DSDJDPHQWR GH WXGR TXH IRL PDO
IHLWR $ KXPDQLGDGH DFRUGDQGR GR IDOVR VRVVHJR GD
DQWH JXHUUD HQFDPLQKD VH DRV SRXFRV SDUD
PRGLILFDo}HV UDGLFDLV TXH OKH WUDQVIRUPDUmR QmR Vy R
DSDUHOKR SROtWLFR H ILQDQFHLUR FRPR WDPEpP D SUySULD
HVVrQFLD PHQWDO 3URFHGH VH QHVVD JUDQGH FULVH ³ D
PDLRU FHUWDPHQWH GH TXH WHQKD FRQKHFLPHQWR D PHPyULD
GRV KRPHQV ³ j UHYLVmR GRV DQWLJRV YDORUHV PDWHULDLV H
HVSLULWXDLV DWp KRMH FRQVDJUDGRV H SHORV TXDLV VH
EDWHUDP GXUDQWH VpFXORV 2ULHQWH H 2FLGHQWH (QWUDP HP
OXWD GH YLGD RX GH PRUWH RV PDLV YDULDGRV ´LVPRVµ FRP
TXH QXQFD VRQKRX D ILORVRILD KXPDQD &DSLWDOLVPR
&RPXQLVPR )RUGLVPR /HQLQLVPR )RUoD QRYD TXH VXUJH
FRPR GHVWUXLGRUD GDV YHOKDV FLYLOL]Do}HV H GDV TXLPHUDV
GR SDVVDGR e D 5HYROXomR
121
(P PHLR GHVVH FDWDFOLVPD HP SUHSDUR TXH SDSHO
FDEHUi DR %UDVLO" 2 GD PDLV FRPSOHWD LJQRUkQFLD GR TXH
VH SDVVD SHOR PXQGR DIRUD 'RUPH R VHX VRQR FRORQLDO
$LQGD DFUHGLWD QR HPEDOR GRV GLVFXUVDGRUHV QDV WHRULDV
GRV GRXWULQiULRV H QD HQJDQDGRUD VHJXUDQoD GRV TXH
PRQRSROL]DUDP SHOD IUDTXH]D GRV LQGHFLVRV DV SRVLo}HV
GH GRPtQLR H SURYHLWRV 1mR Yr R GHVDVWUH TXH VH
DSUR[LPD QmR Yr R SHULJR GH HVWDUPRV j PDUJHP GRV
JUDQGHV FDPLQKRV PXQGLDLV GD QDYHJDomR H GD DYLDomR
QmR Yr TXH D WHUUD VH WRUQRX SHTXHQD GHPDLV SDUD RV
LPSHULDOLVPRV SDFtILFRV RX JXHUUHLURV H TXH p XP
SDUDGR[R D ODUDQMHLUD j EHLUD GD HVWUDGD FDUUHJDGD GH
ODUDQMDV GRFHV $SHVDU GD DSDUrQFLD GH FLYLOL]DomR
YLYHPRV DVVLP LVRODGRV FHJRV H LPyYHLV GHQWUR GD
SUySULD PHGLRFULGDGH HP TXH VH FRPSUD]HP JRYHUQDQWHV
H JRYHUQDGRV 1HVWH PDUDVPR SRGUH VHUi QHFHVViULR
ID]HU WiEXD UDVD SDUD GHSRLV FXLGDU GH UHQRYDomR WRWDO
3DUD R LGHDO QRYR FDPLQKDPRV WRGRV QD OLPLWDomR GDV
QRVVDV FRQWLQJrQFLDV FRQVFLHQWHV RX LQFRQVFLHQWHV H
HQYROYLGRV HP PLO ODoRV TXH VmR DV WUDGLo}HV DV
DPL]DGHV R GLQKHLUR RV PDXV KiELWRV GR PHX
SHQVDPHQWR H GD PLQKD YLGD ³ H RV YRVVRV
(VWDV SDODYUDV QmR VHUmR FHUWDPHQWH FRPSUHHQGLGDV
3DUD XQV SXUD IUDVHRORJLD SDUD RXWURV PHUD PDQREUD
GH SROtWLFD TXH WRPD D WDQJHQWH GH GLVVHUWDomR ILORVyILFD
e TXH D LGpLD GH 5HYROXomR QmR VHQGR FRQIXVD p SHOR
PHQRV FRPSOH[D ([SULPH D VtQWHVH GH GXDV WHQGrQFLDV
RSRVWDV HVSHUDQoD H UHYROWD
3DUD R UHYROWDGR R HVWDGR GH FRXVDV SUHVHQWH p
122
LQWROHUiYHO H R HVIRUoR GH VXD DomR SRVVtYHO LUi DWp D
GHVWUXLomR YLROHQWD GH WXGR TXH HOH FRQGHQD 2
UHYROXFLRQiULR SRUpP FRPR FRQVWUXWRU GH XPD QRYD
RUGHP p SRU VXD YH] XP RWLPLVWD TXH DLQGD DFUHGLWD
SHOR SURJUHVVR QDWXUDO GR KRPHP QXPD PHOKRULD HP
UHODomR DR SUHVHQWH e R TXH PH ID] HQFHUUDU HVWDV
SiJLQDV FRP XP SHQVDPHQWR GH UHFRQIRUWR D FRQILDQoD
QR IXWXUR TXH QmR SRGH VHU SLRU GR TXH R SDVVDGR
6mR 3DXOR
123
1RWDV
³ &RQWUD HVVD WHQGrQFLD UHYROWDGD VH IRUPRX D
&RPSDQKLD GH -HVXV WHQGR FRPR XPD GDV VXDV EDVHV
IXQGDPHQWDLV D 2EHGLrQFLD e R TXH H[SOLFD D ORQJD OXWD
GRV FRORQRV QR %UDVLO FRQWUD RV MHVXtWDV 3RU VXD YH] D
&RPSDQKLD p EHP GR VHX WHPSR TXDQGR SUHFRQL]D D
$omR FRPR XP LGHDO LJQDFLDQR
³ &DVWDQKHGD +LVWyULD GR GHVFREULPHQWR H
FRQTXLVWD GD ÌQGLD /LYUR , FDS ;9
³ +XPEROGW &RVPRV YRO ,,
³ ©(X HQWUHL QR 5LR GH -DQHLUR TXH HVWi QHVWD FRVWD
QD FDSLWDQLD GH 0DUWLP $IRQVR OpJXDV GH 6mR 9LFHQWH
H GR (VStULWR 6DQWR PDQGR R GHEX[R GHOD D 9 $ PDV
WXGR p JUDoD R TXH VH GHOD SRGH GL]HU VHQmR TXH SLQWH
TXHP TXLVHU FRPR GHVHMH XP 5LR LVVR WHP HVWH GH
-DQHLURª ³ &DUWD GH 7RPp GH 6RXVD GH ƒ GH -XQKR GH
³ 1D FDUWD DQH[D GH HVFULWD GD %DKLD H
DWULEXtGD DR SDGUH $QFKLHWD VH GL] TXH D SDODYUD
&DUDLED TXHU GL]HU FRXVD VDQWD RX VREUHQDWXUDO ( SRU
HVWD FDXVD SXVHUDP DRV SRUWXJXHVHV HVWH QRPH ORJR
TXDQGR YLHUDP WHQGR RV SRU FRXVD JUDQGH FRPR GR
RXWUR PXQGR SRU YLUHP GH WmR ORQJH SRU FLPD GDV
iJXDV ³ 5HY ,QVW +LVW 7 9,
³ &DSLVWUDQR GH $EUHX 'HVFREULPHQWR GR %UDVLO
7HVH GH FRQFXUVR 5LR
124
³ &DUWD GH ƒ GH -XQKR GH
³ $ SULPHLUD PXOKHU EUDQFD GH TXH Ki QRWLFLD QR
%UDVLO p D GH -RmR *RQoDOYHV PHLULQKR HP 6mR 9LFHQWH H
GH TXH IDOD XPD SHWLomR GDWDGD GH 6HJXQGR RV
WHUPRV GHVVH GRFXPHQWR R FDVDO GHYLD WHU FKHJDGR XP
DQR DQWHV HP 7RPp GH 6RXVD HP SDUD DTXL
WURX[H DOJXPDV PXOKHUHV FDVDGDV FRP HPSUHJDGRV TXH
YLQKDP WHPSRUDULDPHQWH SDUD D FRO{QLD 6y PDLV WDUGH
HP GL] *DEULHO 6RDUHV FKHJDUDP PXOKHUHV SDUD
FDVDU FRP RV PRUDGRUHV SULQFLSDLV GD WHUUD 7UD]LDP
FRPR GRWHV RItFLRV GH ID]HQGD H MXVWLoD 1D IURWD GH %RLV
OH &RPWH UHIHUH -HDQ GH /HU TXH HPEDUFDUDP
FLQFR UDSDULJDV VROWHLUDV DFRPSDQKDGDV SRU XPD
JRYHUQDQWH )RUDP DV SULPHLUDV IUDQFHVDV TXH
FRQKHFHUDP R %UDVLO &DVDUDP VH FRP RV VHXV SDWUtFLRV
GR IRUWH GH 9LOOHJDLJQRQ
³ *DEULHO 6RDUHV 7UDWDGR GHVFULWLYR GR %UDVLO
³ -RmR )UDQFLVFR /LVERD $SRQWDPHQWRV SDUD D
KLVWyULD GR 0DUDQKmR
³ 0DQRHO GD 1yEUHJD &DUWDV GR %UDVLO
³ -RmR 'DQLHO 7HVRXUR GHVFREHUWR QR ULR
$PD]RQDV 5HY ,QVW +LVW WRPR ,,
³ 9LDJHP GH )UDQFLVFR 3UDUG GH /DYDO
7UDG SRUWXJXHVD 1RYD *RD
³ ´-H QH VDLV VL OH OLEHUWLQDJH HVW DXVVL JUDQG SDU
WRXW OH %UpVLO TX LO HVW GDQV OD YLOOH GH 6DQ 6DOYDGRU /HV
IHPPHV OHV SOXV TXDOLILHpV HW FHOOHV TXL SDVVHQW SRXU
125
DYRLU TXHOTXH YHUWX Q HQ IRQW SRLQW GH VFUXSXOH GH SDUHU
OHXUV HVFODYHV DYHF EHDXFRXS GH VRLQV DILQ GH OHV PHWWUH
HQ pWDW GH YHQGUH SOXV FKHU OHV LQIDPHV SODLVLUV TX HOOHV
GRQQHQW HOOHV SDUWDJHQW HQVXLWH OH PDOKHUHX[ SURILW GH
OD GpEDXFKH GH FHV SURVWLWXpHV O RQ SHXW GLUH TXH OH YLFH
 UqJQH VRXYHUDLQHPHQWµ ³ 'HOORQ 1RXYHOOH 5HODWLRQ
G XQ YRDJH IDLW DX[ ,QGHV 2ULHQWDOHV $PVWHUGDP
³ ´/DV PXMHUHV DQGDQ GHVQXGDV  QR VDEHQ QHJDU D
QLQJXQR PDV DXQ HOODV PLVPDV DFRPHWHQ  LPSRUWXQDQ
ORV KRPEUHV DFKDQGR VH FRQ HOORV HQ ODV UHGHV SRUTXH
WLHQHQ SRU KRQUD GRUPLU FRQ ORV ]LDQRV µ &DUWD D
/DQHV "
³ $ FDUWD GH 1XQH] p GH RX GR]H RX WUH]H
DQRV GHSRLV GD H[SHGLomR D 0DFKLIDOR QRPH TXH PDLV
WDUGH GHVDSDUHFHX GDV FDUWDV JHRJUiILFDV H TXH SDUHFH
QmR VHU ORQJH GDV JUDQGHV LOKDV GR 6ROLP}HV 3RU HVVD
PHVPD pSRFD DVVLQDOD VH QR 3HUX D FKHJDGD GH FHQWR H
FLQTHQWD tQGLRV YLQGRV GH WHUUDV EUDVLOHLUDV RX SHOR ULR
0DUDQKmR RX SHOR 3DUDJXDL 7UD]LDP FULDQoDV H
PXOKHUHV GL]LDP WHU JDVWR GR]H DQRV QD YLDJHP ³
-LPHQH] GH OD (VSDGD /D MRUQDGD GHO FDSLWDQ $ORQVR
0HUFDGLOOR
³ $ WHUUD GHIHQGLD VH SDUD DVVLP GL]HU $ VXD
VDOXEULGDGH WmR DSUHJRDGD SHORV SULPLWLYRV FURQLVWDV
SDUHFH H[DJHUDGD QHVVHV SULPHLURV HQWXVLDVPRV $V
FDUWDV MHVXtWLFDV GD pSRFD TXHL[DP VH D PL~GR GRV
FDORUHV H IULRV H[FHVVLYRV TXH DWRUPHQWDYDP RV SDGUHV
HP VXDV YLDJHQV $QFKLHWD UHIHUH VH DR YHQWR 6XO TXH
YDUULD RV GHVFDPSDGRV GH 3LUDWLQLQJD &DUGLP R
HQFRQWURX QD VXD YLVLWDomR FDQVDGR H HQIHUPR 1D FDUWD
GH /XL] 5DPLUHV GH FRQWD HOH TXH QDV YL]LQKDQoDV
126
GH 6DQWD &DWDULQD RQGH HVWHYH WUrV PHVHV H PHLR
FRQVWUXLQGR XPD JDOHRWD DGRHFHUDP WRGRV RV
FRPSDQKHLURV GRV TXDLV PRUUHUDP TXDWUR ©HQ TXH HUD OD
WLHUUD WDQ HQIHUPD TXH D WRGRV ORV OOHYy SRU XQ UDVHURª
5HY ,QVW +LVW YRO ;9 SJ
³ 'HYR HVWH HVTXHPD D XPD QRWD PDJLVWUDO H
LQpGLWD GH &DSLVWUDQR GH $EUHX
³ ´0HPyULDV GH XP VROGDGR GD ÌQGLDµ FRPSLODGDV
3RU $ GH 6 6 &RVWD /RER /LVERD
³ $IRQVR GH ( 7DXQD (QVDLR GH &DUWD *HUDO GDV
%DQGHLUDV 3DXOLVWDV
³ ´0DO SRGH GHVFREULU H HQWDEXODU PLQDV TXHP QmR
VDEH R TXH HODV VmR TXH RV VXMHLWRV TXH DWp DJRUD VH
KDYLDP HVFROKLGR SDUD HVWHV GHVFREULPHQWRV QmR WLQKDP
FLrQFLD DOJXPD GHODV ³ 5HO GR *RYHUQDGRU $QW{QLR 3DLV
GH 6DQGH
³ $QGUp -RmR $QWRQLO &XOWXUD H RSXOrQFLD GR
%UDVLO /LVERD
³ ´4XH ULTXH]D VDQWR 'HXV p HVVD FXMD SRVVH
FRQGX] j UXtQD GR (VWDGR µ ³ H[FODPDYD 3RPEDO
³ )HOtFLR GRV 6DQWRV 0HPRULDO GR 'LVWULWR
'LDPDQWLQR
³ 7HL[HLUD &RHOKR ,QVWUXomR SDUD R JRYHUQR GD
&DSLWDQLD GH 0LQDV
³ &OHQDHUWV SURIHVVRU EHOJD GR LUPmR GH ' -RmR
,,, SUHWHQGH QXPD FDUWD HP TXH GHVFUHYH RV FRVWXPHV
SRUWXJXHVHV GD pSRFD TXH QXP OLYUR GH GHVSHVDV GH XP
127
QREUH GH /LVERD Vy KDYLD GHVWLQDGDV D XPD UHIHLomR DV
VHJXLQWHV TXDWUR FHLWLV SDUD iJXD GRLV UpLV GH SmR XP
UHDO H PHLR SDUD UDEDQHWHV $ FDUWD p GH
³ -RKQ /XFFRFN 1RWHV RQ 5LR GH -DQHLUR HWF
³ +HQU .RVWHU 7UDYHOV LQ %UD]LO
³ / ) 7ROOHQDUH ´1RWDV 'RPLQLFDLVµ
³ 7KRPDV /LQGOH 9RDJH DX %UpVLO 7UDG
IUDQFHVD 3DULV
³ /XL] GRV 6DQWRV 9LOKHQD &DUWDV GH 9LOKHQD
QRWtFLDV PHWURSROLWDQDV H EUDVtOLFDV
³ -RKQ /XFFRFN 2E FLW
³ $QGUHZ *UDQW +LVWRU RI %UD]LO
³ / YRQ 5DQJR 7DJHEXFK PHLQHU 5HLVHQ
³ 0HUHFH PDLRU GLYXOJDomR D FDUWD GH -RVp -RDTXLP
GD 0DLD TXH YHLR D IDOHFHU HP /LVERD GH YROWD SDUD R
%UDVLO e XP EHOR GRFXPHQWR GH H[DOWDGR SDWULRWLVPR
)RL R QRVVR SULPHLUR JULWR GH LQGHSHQGrQFLD (VFUHYLD R
HVWXGDQWH EUDVLOHLUR ´(X QDVFL QR %UDVLO 9yV QmR
LJQRUDLV D WHUUtYHO HVFUDYLGmR TXH ID] JHPHU D QRVVD
SiWULD &DGD GLD VH WRUQD PDLV LQVXSRUWiYHO R QRVVR
HVWDGR GHSRLV GD YRVVD JORULRVD LQGHSHQGrQFLD SRUTXH RV
EiUEDURV 3RUWXJXHVHV UHFHRVRV GH TXH R H[HPSOR VHMD
DEUDoDGR QDGD RPLWHP TXH SRVVD ID]HU QRV PDLV
LQIHOL]HV $ FRQYLFomR GH TXH HVWHV XVXUSDGRUHV Vy
PHGLWDP QRYDV RSUHVV}HV FRQWUD DV OHLV GD QDWXUH]D H
128
FRQWUD D KXPDQLGDGH WHP QRV UHVROYLGR D VHJXLU R IDURO
TXH QRV PRVWUDLV D TXHEUDU RV JULOK}HV D UHDQLPDU D
QRVVD PRULEXQGD OLEHUGDGH TXDVH GH WRGR DFDEUXQKDGD
SHOD IRUoD ~QLFR HVWHLR GD DXWRULGDGH GRV (XURSHXV QDV
UHJL}HV GD $PpULFD 5HOHYD SRUpP TXH DOJXPD SRWrQFLD
SUHVWH DX[tOLR DRV %UDVLOHLURV SRLV TXH D (VSDQKD
FHUWDPHQWH VH Ki GH XQLU FRP 3RUWXJDO H DSHVDU GH
QRVVDV YDQWDJHQV HP XPD JXHUUD GHIHQVLYD QmR
SRGHUtDPRV FRQWXGR OHYDU VyV D HIHLWR HVVD GHIHVD RX
SHOR PHQRV VHULD LPSUXGrQFLD WHQWi OR VHP DOJXPD
HVSHUDQoD GH ERP r[LWR 1HVVH HVWDGR GH FRLVDV 6HQKRU
ROKDPRV H FRP UD]mR VRPHQWH SDUD RV (VWDGRV 8QLGRV
SRUTXH VHJXLUtDPRV R VHX H[HPSOR H SRUTXH D QDWXUH]D
ID]HQGR QRV KDELWDQWHV GR PHVPR FRQWLQHQWH FRPR TXH
QRV OLJRX SHODV UHODo}HV GH XPD SiWULD FRPXP 'D QRVVD
SDUWH HVWDPRV SUHSDUDGRV D GHVSHQGHU RV GLQKHLURV
QHFHVViULRV H D UHFRQKHFHU HP WRGR R WHPSR D REULJDomR
HP TXH ILFDUHPRV SDUD FRP RV QRVVRV EHQIHLWRUHV
7HQKR YRV H[SRVWR 6HQKRU HP SRXFDV SDODYUDV D VXPD
GR PHX SODQR )RL SDUD GDU OKH XP DQGDPHQWR TXH YLP
j )UDQoD SRLV TXH QD $PpULFD WHULD VLGR LPSRVVtYHO
PRYHU XP SDVVR H QmR VXVFLWDU GHVFRQILDQoD $ YyV
SHUWHQFH GHFLGLU VH SRGH H[HFXWDU VH D HPSUHVD 6H
TXHUHLV FRQVXOWDU D YRVVD QDomR SURQWR HVWRX D RIHUHFHU
YRV WRGRV RV HVFODUHFLPHQWRV SUHFLVRVµ
(VWD FDUWD HVWi QD ELEOLRWHFD GD VHFUHWDULD GRV QHJyFLRV
HVWUDQJHLURV GH :DVKLQJWRQ 'HOD Ki XPD IRWRJUDID QR
DUTXLYR GR ,QVWLWXWR +LVWyULFR PDQGDGD WLUDU SHOR
&RQVHOKHLUR /RSHV 1HWWR e HVFULWD HP IUDQFrV PXLWR
LQFRUUHWR H 0DLD D VXEVFUHYH FRP R SVHXG{QLPR GH
9HQGHN
129
³ $ FULDomR GDV HVFRODV IRL R UHVXOWDGR GH XPD
SURSRVWD TXH HP DSUHVHQWDYD j &kPDUD XP JUXSR
GH GHSXWDGRV FKHILDGRV SRU 0DUWLP )UDQFLVFR 'L]LD R
SURMHWR GH OHL ´+DYHUmRµ GXDV XQLYHUVLGDGHV µ (VWDYD
SDWHQWH D QHFHVVLGDGH GH LQVWUXomR SHOR PHQRV
SULPiULD
³ &OyYLV %HYLODTXD +LVWyULD GD ) GH ' GR 5HFLIH ,,
YRO
³ 'H XPD FDUWD GR 'U 1HWWR &DPSHOOR GLUHWRU GD
)DFXOGDGH GH 'LUHLWR GH 5HFLIH UHVSRQGHQGR D XPD
LQGDJDomR GH *UDoD $UDQKD H[WUDtPRV DV VHJXLQWHV
OLQKDV ´WRGD D YLGD DFDGrPLFD DQWHULRU D SRGH VHU
IL[DGD HP WUrV SHUtRGRV RX pSRFDV GLVWLQWDV XPD
GLJDPRV XWLOLWiULD HP TXH D IHLomR SUDJPiWLFD GR HQVLQR
FRPR TXH GHVYLRX D PRFLGDGH GRV GHYDQHLRV GD ILFomR
RXWUD Mi HP 5HFLIH HP TXH DV PDQLIHVWDo}HV GH
UHOLJLRVLGDGH WXGR DEVRUYHUDP XPD WHUFHLUD PDLV RX
PHQRV LQFRORU YHUGDGHLUR SHUtRGR SUHSDUDWyULR GD pSRFD
YLEUDQWH WXPXOWXiULD TXH OKH VXFHGHX H HP TXH
EULOKDUDP &DVWUR $OYHV 7RELDV HWF µ
³ 3DXOR GR 9DOOH FLWDGR SRU 6SHQFHU 9DPSUp
´0HPyULDV SDUD D +LVWyULD GD $FDGHPLD GH 6 3DXORµ YRO
,
³ 'U 3LUHV GH $OPHLGD $ (VFROD EURQLDQD QR
%UDVLO -RUQDO GR &RPPHUFLR
³ e XPD LQIRUPDomR GH 9DUQKDJHQ &DSLVWUDQR QmR
D MXOJD SURYiYHO (P SRUpP D HVFUDYLGmR DIULFDQD
Mi HVWDYD PXLWR GHVHQYROYLGD QD FDSLWDQLD GH 6 9LFHQWH
2 FyGLFH ´3HUQDPEXFRµ GD FROHomR &DVWHOR 0HOKRU 0 6
GD %LEOLRW 1DF , GL] ´/D WLHUUD  YtOOD GH 6DQ
130
3DXOR WLHQH PXFKRV ,QGLRV GH SDtV FRQTXLVWDGRV 
PXFKRV QHJURV GH $QJROD GH ORV QDYLRV TXH WRGRV ORV
DQRV YDQ DO ULR GH -DQHLUR TXH HVWi DOO VHUFD µ
³ 9LVLWDomR GR 6DQWR 2ItFLR D 3HUQDPEXFR 0 6
LQpGLWR GR $UTXLYR 1DFLRQDO GR 7RPER
³ (XJHQ )LVFKHU 'LH 5HRERWKHU %DVWDUGV XQG GDV
%DUWDUGLH UXQJVSUREOHP GHU 0HQVFKHQ
³ 3LVR QR VpFXOR ;9, Mi REVHUYDYD TXH D PHVFOD GDV
WUrV UDoDV HXURSpLD DPHULFDQD DIULFDQD WLQKD
SURGX]LGR QRYDV GRHQoDV RX DV FRQKHFLGDV WmR
PRGLILFDGDV TXH HUDP YHUGDGHLURV HQLJPDV SDUD RV
PpGLFRV
³ &DSLVWUDQR GH $EUHX 6REUH XPD KLVWyULD GR
&HDUi 5HY %UDVLOHLUD DQR ,,, WRPR ,;
131
‹ 3DXOR 3UDGR
9HUVmR SDUD H%RRN
H%RRNV%UDVLO
BBBBBBBBBBBBBBBBBB
-XQKR
3URLELGR WRGR H TXDOTXHU XVR FRPHUFLDO
6H YRFr SDJRX SRU HVVH OLYUR
92&È )2, 528%$'2
9RFr WHP HVWH H PXLWRV RXWURV WtWXORV
*5É7,6
GLUHWR QD IRQWH
H%RRNV%UDVLO RUJ

historia do brasil pauloprado

  • 1.
  • 2.
    2 5HWUDWR GR %UDVLO(QVDLR VREUH D WULVWH]D EUDVLOHLUD QRYHPEUR GH 3DXOR 3UDGR 9HUVmR SDUD H%RRN H%RRNVEUDVLO )RQWH GLJLWDO GLJLWDOL]DomR GD D HGLomR HP SDSHO GH 2ILFLQDV *UiILFDV 'XSUDW 0DHQoD 5HXQLGDV 6mR 3DXOR 63 ‹ 3DXOR 3UDGR
  • 3.
    3 Ë1',&( , ³ $/8;Ô5,$ ,, ³ $ &2%,d$ ,,, ³ $ 75,67(=$ ,9 ³ 2 520$17,602 3267 6&5,3780 1RWDV
  • 4.
    4 2EUD GR PHVPRDXWRU 3$8/Ì67,&$ ³ +LVWyULD GH 6mR 3DXOR , YROXPH &RPSDQKLD *UDSKLFR (GLWRUD 0RQWHLUR /REDWR 6mR 3DXOR (P SUHSDUR 3$8/Ì67,&$ ³ +LVWyULD GH 6mR 3DXOR D VpULH &2148,67$'25(6 ( %$1'(,5$17(6
  • 5.
    5 3$8/2 35$'2 5(75$72 '2%5$6,/ (16$,2 62%5( $ 75,67(=$ %5$6,/(,5$ 6 3$8/2
  • 6.
    6 ´2 -DEXUX DDYH TXH SDUD PLP VLPEROL]D D QRVVD WHUUD 7HP HVWDWXUD DYDQWDMDGD SHUQDV JURVVDV DVDV IRUQLGDV H SDVVD RV GLDV FRP XPD SHUQD FUX]DGD QD RXWUD WULVWH WULVWH G DTXHOD ´DXVWHUD H YLO WULVWH]Dµ &DUWD GH &$3,675$12 GH $%5(8 D -2®2 /Ô&,2 ' $=(9('2
  • 7.
  • 8.
    8 1XPD WHUUD UDGLRVDYLYH XP SRYR WULVWH /HJDUDP OKH HVVD PHODQFROLD RV GHVFREULGRUHV TXH D UHYHODUDP DR PXQGR H D SRYRDUDP 2 HVSOrQGLGR GLQDPLVPR GHVVD JHQWH UXGH REHGHFLD D GRLV JUDQGHV LPSXOVRV TXH GRPLQDP WRGD D SVLFRORJLD GD GHVFREHUWD H QXQFD IRUDP JHUDGRUHV GH DOHJULD D DPELomR GR RXUR H D VHQVXDOLGDGH OLYUH H LQIUHQH TXH FRPR FXOWR D 5HQDVFHQoD IL]HUD UHVVXVFLWDU 'HVVD 5HQDVFHQoD VXUJLUD XP KRPHP QRYR FRP XP QRYR PRGR GH SHQVDU H VHQWLU $ VXD KLVWyULD VHUi D SUySULD KLVWyULD GD FRQTXLVWD GD OLEHUGDGH FRQVFLHQWH GR HVStULWR KXPDQR e DVVLP TXH D YROWD DR SDJDQLVPR ³ VH WHYH XP HIHLWR GHVDVWURVR SDUD D HYROXomR DUWtVWLFD GD KXPDQLGDGH TXH YLX HVWDQFDGD D IRQWH YLYD GD LPDJLQDomR FULDGRUD GD ,GDGH 0pGLD ³ p DVVLP TXH R UHWRUQR DR LGHDO DQWLJR WHYH FRPR PHOKRU UHVXOWDGR R DODUJDPHQWR SDUD DVVLP GL]HU GDV DPELo}HV KXPDQDV GH SRGHULR GH VDEHU H GH JR]R 1HVWH DQVHLR RV SRYRV GD pSRFD VH VHQWLDP DEDIDGRV H SHDGRV QD YLGD HVWUHLWD GD (XURSD (UD SUHFLVR DOWHUDU ³ QD WHUPLQRORJLD QLHW]VFKHDQD ³ R VLQDO QHJDWLYR TXH R FULVWLDQLVPR LQVFUHYHUD GLDQWH GR TXH H[SULPLD IRUWDOH]D H DXGiFLD *XHUUD DRV IUDFRV JXHUUD DRV SREUHV JXHUUD DRV GRHQWHV $EULU DV SRUWDV GD SULVmR RFLGHQWDO 6XEVWLWXLU j 2EHGLrQFLD D 9RQWDGH LQGLYLGXDOLVWD 'LVVLSDU DV FRQVWDQWHV H DWHUURUL]DGRUDV SUHRFXSDo}HV GD 0RUWH H GR ,QIHUQR ³ PHGR GH 'HXV H PHGR GR 'LDER ³ TXH WDQWR WRUWXUDYDP RV HVStULWRV FULVWmRV $ HUD GRV GHVFREULPHQWRV IRL R UHVXOWDGR GHVVH PRYLPHQWR GH OLEHUWDomR 'LODWDYD R PXQGR GH TXH GRLV
  • 9.
    9 WHUoRV DLQGD QmRHUDP FRQKHFLGRV H H[DOWDYD D YLGD ItVLFD FRPR PDLV WDUGH D 5HYROXomR )UDQFHVD IRL D H[DOWDomR GD YLGD LQWHOHFWXDO DUURJDQWH H LQGHSHQGHQWH ­V QDYHJDo}HV FRPHUFLDLV GRV YHQH]LDQRV JHQRYHVHV H FDWDOmHV VHJXLDP VH RXWUDV PDLV DXGDFLRVDV DEULQGR QRYRV FpXV H WHUUDV $V OHQGDV DLQGD URPDQDV GDV VRQKDGDV LOKDV GR RXUR H GD SUDWD PXGDQGR GH OXJDU FRPR IRJRV IiWXRV DWUDtDP VHPSUH SDUD PDLV ORQJH RXWURV SRYRV PDUtWLPRV ´$QGDQGR PiV PiV VL VDEHµ GL]LD &RORPER 2V OLYURV GH 0DUFR 3ROR H 0DQGHYLOOH GHVSHUWDYDP QR kQLPR GRV DYHQWXUHLURV QRYDV DPELo}HV GH FRQTXLVWD R DPRU DR PLVWpULR GDV UHJL}HV GHVFRQKHFLGDV D FXULRVLGDGH GR PDUDYLOKRVR R UHDSDUHFLPHQWR GR HVStULWR GDV FUX]DGDV 5HFRPHoDYD QD KLVWyULD GR PXQGR R PLVWHULRVR LPSXOVR TXH GH VpFXORV HP VpFXORV S}H HP PRYLPHQWR DV PDVVDV KXPDQDV DSyV RV ORQJRV UHSRXVRV HP TXH DV FLYLOL]Do}HV QDVFHP VH GHVHQYROYHP H PRUUHP 0DLV XPD YH] QHVWH PRYLPHQWR GH IOX[R H UHIOX[R D LQTXLHWDomR PLJUDWyULD WRPDULD R DVSHFWR GH LPSHULDOLVPR HFRQ{PLFR H FRPHUFLDO (P SURFXUD GH RXUR TXH Mi HVFDVVHDYD LWDOLDQRV SRUWXJXHVHV HVSDQKyLV KRODQGHVHV LQJOHVHV IUDQFHVHV ODQoDYDP VH j SRUILD SHORV QRYRV FDPLQKRV PDUtWLPRV 2 2ULHQWH HVJRWDUD DV UHVHUYDV HXURSpLDV GH PHWDLV SUHFLRVRV H SHGUDULDV 3DUD UHID]HU D ULTXH]D SHUGLGD YROWDYDP VH RV SRYRV GR 2FLGHQWH SDUD RV PHVPRV WHVRXURV H PLQDV GD ÉVLD H GD ÉIULFD 3RU WRGD D SDUWH VH EXVFDYD R PHWDO RQLSRWHQWH $R YROWDU &RORPER GH VXD SULPHLUD YLDJHP D (XURSD DQVLRVD SHOD YR] GH 3HGUR 0DUWU G $QJKLHUD LQGDJRX ORJR VH WURX[HUD RXUR (VVD IHEUH LQYDGLD WRGRV RV
  • 10.
    10 HVStULWRV DOYRURoDGRV SHORGHVOXPEUDPHQWR GDV GHVFREHUWDV 2V KRPHQV D TXHP R 5HQDVFLPHQWR UHYHODUD R SUD]HU GH YLYHU ODQoDYDP VH FRP D HQHUJLD GD pSRFD DRV PDLV DUULVFDGRV HPSUHHQGLPHQWRV QD HVSHUDQoD GH IRUWXQD UiSLGD $ FRQTXLVWD VDQJXLQiULD GD $PpULFD (VSDQKROD p GRPLQDGD SRU HVVD SDL[mR IUHQpWLFD 5LR GD 3UDWD 5LR GR 2XUR &DVWHOD GR 2XUR &RVWD 5LFD 3RUWR 5LFR DVVLP VH EDWL]DYDP DV WHUUDV TXH RV FRQTXLVWDGRUHV GHVYHQGDYDP DR PXQGR DW{QLWR ´,R QR YLQH DTXL SDUD FXOWLYDU OD WLHUUD FRPR XQ ODEULHJR VLQR SDUD EXVFDU RURµ HVFUHYLD &RUWH] 1DV QDUUDWLYDV GH 2YLHGR HP GXDV SiJLQDV H PHLD DSDUHFHP YH]HV DV SDODYUDV RUR H GRUDGR QXPD LQVLVWrQFLD GH PDQtDFR ( DR VDXGDU R *DPD HP &DOLFXW JULWD OKH DOYLVVDUHLUR R 0RQoDLGH ´%RD YHQWXUD %RD YHQWXUD 0XLWRV UXELV PXLWDV HVPHUDOGDV (VWDLV QD WHUUD GD HVSHFLDULD GD SHGUDULD H GD PDLRU ULTXH]D GR PXQGR µ (UD SRU WRGD D SDUWH D PHVPD IDVFLQDomR GLDQWH GDV ULTXH]DV UHDLV RX IDEXORVDV TXH SURPHWLDP DV WHUUDV QRYDV (UD D SUHRFXSDomR FRQIHVVDGD RX GLVIDUoDGD GD DXUD PRUWLIHUD IDPHV GH TXH IDODYD 3HGUR 0iUWLU 2XUR 2XUR 2XUR 1HVVD DWPRVIHUD GH KHURtVPR LGHDO H GH LPSDFLHQWH DPELomR H FRP SRPSD GHVXVDGD SDUWLX GR 5HVWHOR HP 0DUoR GH D HVTXDGUD GH 3HGUR ÉOYDUHV $R IXQGHDU GLDQWH GR &DK EDLDQR HP IUHQWH j VHUUDULD D]XO GR OLWRUDO D H[SHGLomR WHYH D YLVmR GH XPD YLGD SDUDGLVtDFD FRP D YHUGXUD GR SDtV WURSLFDO H D SXMDQoD SXOXODQWH GD WHUUD YLUJHP $ FDUWD GH &DPLQKD QD VXD LGtOLFD LQJHQXLGDGH p R SULPHLUR KLQR FRQVDJUDGR DR HVSOHQGRU j IRUoD H DR PLVWpULR GD QDWXUH]D EUDVLOHLUD 1DV VXDV WLQWDV YLYDV H IUHVFDV GH SDLQHO SULPLWLYR ³ TXH Mi VH FRPSDURX D XP 0HPOLQJ ³ SHUFHEH VH R HQFDQWDPHQWR
  • 11.
    11 GR PDUDYLOKRVR DFKDGRTXH VXUJLD GLDQWH GRV QDYHJDQWHV GHSRLV GD ORQJD H LQFHUWD WUDYHVVLD 'H]HQDV GH DQRV PDLV WDUGH DLQGD GHL[DYD D *DQGDYR XPD GHOLFLRVD LPSUHVVmR GH SDUDtVR ´7RGD HVWi YHVWLGD GH PXL DOWR H HVSHVVR DUYRUHGR UHJDGD FRP DV iJXDV GH PXLWDV H PXL SUHFLRVDV ULEHLUDV GH TXH DEXQGDQWHPHQWH SDUWLFLSD WRGD D WHUUD RQGH SHUPDQHFH VHPSUH D YHUGXUD FRP DTXHOD WHPSHUDQoD GD SULPDYHUD TXH Fi QRV RIHUHFH $EULO H 0DLRµ 2 HQFRQWUR GR HXURSHX DR VDLU GD ]RQD WHPSHUDGD FRP D H[XEHUkQFLD GH QDWXUH]D WmR QXDQoDGD GH IRUoD H JUDoD IRL FHUWDPHQWH D FXOPLQkQFLD GD VXD DYHQWXUD &RORPER QR VHX 'LiULR HP GH RXWXEUR UHJLVWD D LPSUHVVmR GH GHVOXPEUDPHQWR GLDQWH GR HVSOHQGRU WURSLFDO GR FDQWDU GRV SiVVDURV GRV EDQGRV GH SDSDJDLRV ´TXH HVFXUHFLDP R VROµ GDV iUYRUHV GH PLO HVSpFLHV GRV IUXWRV GHVFRQKHFLGRV 3HUR 9D] IRL SDUD QyV R FURQLVWD GR PDUDYLOKRVR DFKDGR 1R %UDVLO D PDWD FREULD DV WHUUDV PROHV GD EDFLD DPD]{QLFD H D SDUWLU GD EDUUD GR 6 )UDQFLVFR GHSRLV GDV GXQDV H PDQJXHV GR 1RUGHVWH VHJXLD R OLWRUDO DWp PXLWR DOpP GR &DSULFyUQLR SDUD WHUPLQDU QDV SUDLDV EDL[DV GR 5LR *UDQGH 2IHUHFLD XP REVWiFXOR IRUPLGiYHO SDUD TXHP D TXHULD SHQHWUDU H DWUDYHVVDU FRPR TXH H[SULPLQGR D RSUHVVLYD WLUDQLD GD QDWXUH]D D TXH GLILFLOPHQWH VH IRJH QR HQYROYLPHQWR IOH[tYHO H UHVLVWHQWH GDV OLDQDV &RPSDFWD VRPEULD VLOHQFLRVD PRQyWRQD QD XPLGDGH SHVDGD DEDID VXIRFD H DVIL[LD R LQYDVRU TXH VH SHUGH QR FODUR HVFXUR HVYHUGHDGR GH VXDV SURIXQGH]DV 6WDQOH QR VHUWmR GD ÉIULFD &HQWUDO Mi QRWDUD QD IORUHVWD WURSLFDO D HQRUPLGDGH D IDOWD GH SURSRUomR HP UHODomR YLVtYHO FRP D KXPDQLGDGH TXH FDUDFWHUL]D HVVDV VROLG}HV PLVWHULRVDPHQWH KDELWDGDV
  • 12.
    12 1D ]RQD HTXDWRULDOGR %UDVLO R FOLPD FRQVWDQWHPHQWH ~PLGR H TXHQWH GHVHQYROYH XPD IRUoD H YLROrQFLD GH YHJHWDomR LQFRPSDUiYHO e D +LOpLD DPD]{QLFD FREULQGR GH DUYRUHGR D PDLRU H[WHQVmR GH WHUUDV GR XQLYHUVR PDLV GH PLOK}HV GH TXLO{PHWURV TXDGUDGRV 1HOD RV VHQWLGRV LPSHUIHLWRV GR KRPHP PDO SRGHP DSDQKDU H IL[DU D GHVRUGHP GH JDOKRV IROKDJHQV IUXWRV H IORUHV TXH R HQYROYH H VXEPHUJH 'D FRQIXVmR VREUHVVDHP RV WURQFRV GD VHULQJXHLUD GD VDSXFDLD GR SDX G DUFR GD PDVVDUDQGXED D iUYRUH GR OHLWH ³ GR EDFRUL SHORV TXDLV jV YH]HV VREH R FDXOH IOH[tYHO GD MDVVLWDUD SDOPHLUD HQUHGLoD j SURFXUD GD FODULGDGH GR FpX $ YHJHWDomR HOHYD VH SRU DQGDUHV DWLQJLQGR D PHWURV GH DOWXUD HQODoDQGR VH DRV WURQFRV RV FLSyV H SDUDVLWDV HP OXWD SHOD YLGD FRPR QXP HVSDoR GHPDVLDGDPHQWH SRYRDGR 3HOD FRVWD GR $WOkQWLFR D PDWD DSURYHLWDQGR R DFLGHQWDGR GR VROR H D XPLGDGH FRQGHQVDGRUD GRV YHQWRV JHUDLV GH VXHVWH H[FHGH HP EHOH]D H SXMDQoD j SUySULD IORUHVWD HTXDWRULDO e R PHVPR HPDUDQKDGR KRVWLO GH OLDQDV WUHSDGHLUDV H RUTXLGpLDV PDV QD VXEPDWD DV XUWLFiFHDV HVSLQKRV VDPDPEDLDV WROKHP DLQGD PDLV R DQGDU GR KRPHP TXH Vy YHQFH D YHJHWDomR D JROSHV GH IDFmR $V PDGHLUDV SUHFLRVDV SHOR UHILQDGR GD TXDOLGDGH H SHOD PXOWLSOLFDomR GDV HVSpFLHV VmR VXSHULRUHV jV GD +LOpLD DVVLP RV MDFDUDQGiV SRU H[HPSOR VH GHVGREUDP QXPD YDULHGDGH LQILQGiYHO ³ R MDFDUDQGi SUHWR MDFDUDQGi URVD MDFDUDQGi UR[R MDFDUDQGi GH HVSLQKR MDFDUDQGi WDQ MDFDUDQGi YLROHWD MDFDUDQGi PRFy MDFDUDQGi EDQDQD e D PDWD GR SDX EUDVLO TXH GHX R QRPH j WHUUD H GR VHX PDFLoR YHUGH HVFXUR DOoD VH D JDOKDGD GR MHTXLWLEi LJXDO j GRV YHDGRV DFLPD GRV ILQRV SDOPLWRV H GDV HPED~EDV GH SUDWD 2 FKmR p XP WDSHWH GH IORUHV FDtGDV GH WRGRV RV
  • 13.
    13 WRQV GHVGH RDPDUHOR HVFXUR GR YHUPHOKR UXEUR GD FRU GH URVD DWp R OLOiV R D]XO FHOHVWH H R EUDQFR DOYtVVLPR 9DULDQGR FRP DV HVWDo}HV SRQWHLDP D WDSHoDULD GH YHUGXUD R UR[R GD IORU GD TXDUHVPD RX R RXUR YLYR GR LSr 3HOD HQFRVWD DFLPD D IORUHVWD DYDQoD SDUD R LQWHULRU QXPD IDL[D VXSHULRU D RX TXLO{PHWURV FRPR QR ULR 'RFH RQGH YDL DOFDQoDU R VHJXQGR SODQDOWR Mi QD VHUUD GR (VSLQKDoR +DELWD R YDVWtVVLPR WHUULWyULR D PDLV YDULDGD IDXQD WmR H[WHQVD FRPR D SUySULD IORUD 5HSUHVHQWDP QD FRPR WLSRV FDUDFWHUtVWLFRV DV HVSpFLHV GH (GHQWDGRV WDWXV SUHJXLoDV H WDPDQGXiV 3iVVDURV GDV PDLV YLVWRVDV SOXPDJHQV ³ FRP DV VXDV HVSpFLHV GH SDSDJDLRV DUDUDV SHULTXLWRV H PDLWDFDV ³ FRP RV VHXV WXFDQRV EHLMD IORUHV H EDQGRV GH ERUEROHWDV DFRUGDP H DQLPDP R VLOrQFLR GD PDWD IHLWR GH PLO UXtGRV GH LQVHWRV 1RV SULPHLURV WHPSRV FDUGXPHV GH EDOHLDV IUHTHQWDYDP D PL~GR DV SUDLDV H UHF{QFDYRV GD FRVWD GDV MDQHODV GR &ROpJLR GD %DKLD RV SULPHLURV MHVXtWDV DV DYLVWDYDP ´VDOWDQGR WDQWDV H WmR JUDQGHV TXH HUD SDUD YHUµ 0DLV SDUD GHQWUR DOpP GD DQWHFkPDUD VXQWXRVD GD IORUHVWD VH HVWHQGLD D YDVWLGmR GD WHUUD GHVFRQKHFLGD ³ FDDWLQJDV FDWDQGXYDV FHUUDGRV FHUUDG}HV FDUUDVFRV FDPSRV JHUDLV SDQWDQDLV ³ GRQGH GHVFLDP RX VH DIXQGDYDP SHORV VHUW}HV RV ODUJRV ULRV FKHLRV GH SURPHVVDV PLVWHULRVDV FRQYHUJLQGR QDV WUrV JUDQGHV EDFLDV GR $PD]RQDV GR 3UDWD H QD GR 2FHDQR $WOkQWLFR HP TXH DYXOWDP R 3DUQDtED H R 6 )UDQFLVFR 3RU HVVH LQWHULRU HP 0LQDV *RLiV 0DWR *URVVR 6 3DXOR H WRGR R 6XO UHFRPHoDYD D PDWD DSURYHLWDQGR RV JUDQGHV DFLGHQWHV GH UHOHYR R SDUHGmR GR SODQDOWR D XPLGDGH GDV FDEHFHLUDV DV FRQGHQVDo}HV IUHTHQWHV
  • 14.
    14 ÉJXDV H PDWDVIRUDP D VXUSUHVD H R HQFDQWR GRV GHVFREULGRUHV 'D EHOH]D GDV SDLVDJHQV QmR FXLGDYDP 1mR HUD QHP GR WHPSR QHP GD UDoD R DPRU j QDWXUH]D &DP}HV QmR VRXEH YHU H DSUHFLDU RV HQFDQWRV GD YHJHWDomR WURSLFDO Vy R LQWHUHVVDYDP DV HVSHFLDULDV H RV SURGXWRV FRPHUFLDLV +XPEROGW QRWD TXH QD VXD LOKD HQFDQWDGD Vy GHVFUHYH SODQWDV HXURSpLDV $ PHVPD LQGLIHUHQoD RX LQFRPSUHHQVmR p QRWiYHO QRV TXH DTXL SULPHLUR HQIUHQWDUDP D WHUUD UHFpP DFKDGD 3LJDIIHWD GXUDQWH D VXD HVWDGLD QR 5LR GH -DQHLUR QD IURWD GH 0DJDOKmHV DSHQDV UHJLVWD QR VHX GLiULR R H[FHVVLYR FDORU 0DUWLP $IRQVR H 3HUR /RSHV QmR VH GHL[DUDP VHGX]LU SHOR PDJQtILFR DQILWHDWUR GD EDtD GR 5LR IRUDP PDLV DR VXO DSURYHLWDU SDUD D YLOD TXH IXQGDUDP D YHOKD IHLWRULD GH WUDILFDQWHV GH HVFUDYRV HVFRQGLGD QXP UHFDQWR GD DEUD GH 6mR 9LFHQWH $OpP GH 9HVSXFFL ³ PXLWR GD VXD SiWULD H GD VXD pSRFD ³ UDURV VmR QHVVH GXUR VpFXOR ;9, RV TXH FRPR 7RPp GH 6RXVD H )HUQmR &DUGLP VHQWLUDP R HQFDQWR GD *XDQDEDUD 0DV WRGRV VRIULDP D VHGXomR GRV WUySLFRV YLYHQGR LQWHQVDPHQWH XPD YLGD DQLPDO H EHEHQGR FRP GHOtFLD XP DU FRPR TXH DWp HQWmR LUUHVSLUDGR 1RV FDSXFKLQKRV GH OD 5DYDUGLqUH Mi WRFDGRV SHOR KXPDQLVPR GD 5HQDVFHQoD UDEHODLVLDQD DR FRPHoDU R VpFXOR ;9,, H DR SLVDUHP R VROR DUGHQWH GR 0DUDQKmR YDPRV SRUpP HQFRQWUDU D UHYHODomR GHVVH PXQGR QRYR FRP R TXDO QXQFD WLQKDP VRQKDGR QDV FpOXODV WULVWHV GR VHX FRQYHQWR GH 3DULV )UHL &ODXGH G $EEHYLOOH SRU H[HPSOR DR FRQWUiULR GDV DSUHHQV}HV GD SDUWLGD GHVFREULD QR 0DUDQKmR XPD QDWXUH]D VRUULGHQWH H DFROKHGRUD ´6L HVWDQW Oi YRXV DYH] XQ FRQWHQWHPHQW QRQ SDUHLO HQ UHJDUGDQW OD WHUUH YRLUH OD GLYHUVLWp GH WDQW G DQLPDX[ DX PLOLHX GH OD YHUGXUH TXL HVW HQ WRXW WHPV
  • 15.
    15 YRXV Q DYH]SDV PRLQV GH SODLVLU OHYDQW OHV HX[ HQ KDXW 9RXV YRH] GLYHUV DUEUHV WRXV FRXYHUV GH PRQQHV HW GH JXHQRQV GH GLYHUVHV VRUWHV VDXWDQW G DUEUHV HQ DUEUHV DYHF XQH DJLOLWp HW XQH GH[WHULWp DGPLUDEOHV IDLVDQW PLOOH VLQJHULHV FRPPH V LOV YRXORLHQW YRXV GRQQHU GX SODLVLUµ ÉUYRUHV KDYLD HVFUHYH R IUDGH ´SOHLQV G RLVHDX[ SDUP OHV IUXLFWV HW OHV IOHXUV JDVRXLOODQV HQ WRXW WHPV FRPPH IRQW OHV QRVWUHV HQ XQ EHDX SULQWHPV WRXV GH GLYHUV SOXPDJHV VL EHDX[ HW VL DJUpDEOHV TXH OHV 3ULQFHV HW OHV 6HLJQHXUV OHV WLHQQHQW ELHQ FKHU SDU GHoDµ <YHV G (YUHX[ FRPSDQKHLUR H FRQWLQXDGRU GH IUHL &ODXGH QmR VH IXUWRX WDPEpP DR HQOHYR TXH OKH SURGX]LD D QRYD WHUUD $OpP GH DUWLVWD FRP XP YLYR H HVSRQWkQHR VHQWLPHQWR GR SLWRUHVFR HUD WDPEpP QDWXUDOLVWD PLQXFLRVR H H[DWR 3DVVDYD KRUDV GHLWDGR HP SOHQD PDWD LPyYHO D HVSUHLWDU D YLGD DULVFD GRV DQLPDLV H LQVHWRV GHVGH D RQoD ´TXL FRXUW DSUH] VD TXHXH HW WRXUQRLH FRPPH YRXV YRH] IDLUH DX[ SHWLWV FKDWV TXDQG LOV VRQW DX PLOLHX G XQH VDOOH RX HOOHV YRQW EHOOHPHQW OH YHQWUH FRQWUH WHUUH FRPPH IRQW OHV FKDWV TXDQG LOV YHXOHQW SUHQGUH XQH VRXUµ ³ DWp RV YDJDOXPHV ULVFDQGR OXPLQRVDPHQWH D QRLWH HVFXUD 'HXV RV WHQGR SURYLGR ´G XQ IODPEHDX TX LOV SRUWHQW GHYDQW HW GHUULqUH HX[µ ­ DGPLUDomR GR ERP FDSXFKR QHP HVFDSDYD D QXGH] HVFDQGDORVD GDV tQGLDV GR 0DUDQKmR 2V VHXV ROKRV ³ FRQIHVVD ³ QmR VH FDQVDYDP GDV OLQKDV KDUPRQLRVDV GRV FRUSRV QXV TXH D FLYLOL]DomR QmR DYLOWDUD (UD HVVH FHUWDPHQWH R SDUDtVR EtEOLFR TXH Mi &RORPER HQWUHYLUD QDV PDUDYLOKDV GR 2ULQRFR 2X QmR HVWDULD ORQJH FRPR DILUPDYD 9HVSXFFL 3DUDtVR RX UHDOLGDGH QHOH VH VROWDUD H[DOWDGR SHOD
  • 16.
    16 DUGrQFLD GR FOLPDR VHQVXDOLVPR GRV DYHQWXUHLURV H FRQTXLVWDGRUHV $t YLQKDP HVJRWDU D H[XEHUkQFLD GH PRFLGDGH H IRUoD H VDWLVID]HU RV DSHWLWHV GH KRPHQV D TXHP Mi LQFRPRGDYD H UHSHOLD D RUJDQL]DomR GD VRFLHGDGH HXURSpLD )RL GHOHV R 1RYR 0XQGR &RUViULRV IOLEXVWHLURV FDoXODV GDV DQWLJDV IDPtOLDV QREUHV MRJDGRUHV DUUXLQDGRV SDGUHV UHYROWDGRV RX UHPLVVRV SREUHV GLDERV TXH PDLV WDUGH &DOORW GHVHQKRX YDJDEXQGRV GRV SRUWRV GR 0HGLWHUUkQHR DQDUTXLVWDV HP VXPD QD H[SUHVVmR PRGHUQD H LQVXEPLVVRV jV SHLDV VRFLDLV ³ WRGD D HVFXPD WXUYD GDV YHOKDV FLYLOL]Do}HV IRL GHOHV R 1RYR 0XQGR QHVVH DOYRUHFHU )UDQFHVHV QR &DQDGi KRODQGHVHV HP 1RYD <RUN LQJOHVHV QD &DUROLQD 9LUJtQLD H 0DUODQG FDVWHOKDQRV QDV $QWLOKDV 1RYD (VSDQKD $PpULFD &HQWUDO H 3DFtILFR SRUWXJXHVHV H DLQGD HVSDQKyLV IUDQFHVHV H IODPHQJRV QR %UDVLO WRGR R FRQWLQHQWH VH SRYRRX GHVVHV DGYHQWtFLRV YLROHQWRV H GHVDEXVDGRV 5DSLGDPHQWH SHOR FUX]DPHQWR RX SHOD DGDSWDomR VH WUDQVIRUPDYDP HP ´YDTXHDQRVµ H ´UDVWUHDGRUHVµ GD $PpULFD HVSDQKROD HP FRXUHXUV GH ERLV GRV GHVHUWRV GR QRUWH QR WDSHMDUD H QR PDPDOXFR EDQGHLUDQWH GD FRO{QLD SRUWXJXHVD 1DV SUDLDV GRV PDUHV GHVFRQKHFLGRV GHVFLDP YHQHUDGRV FRPR GHXVHV SHOR DERUtJHQH LQRIHQVLYR GHXVHV YLQGRV GR FpX RX GH RXWUR PXQGR j SURFXUD GH RXUR 2UHOODQD QDV PDUJHQV GR $PD]RQDV DSDUHFLD DR JHQWLR FRPR ´ILOKR GR VROµ H DQWHV QDV WHUUDV GR VXO RV tQGLRV VH PRVWUDYDP VHPSUH GLVSRVWRV D HPEDUFDU FRP RV HXURSHXV DFUHGLWDQGR TXH LDP SDUD R FpX UHIHUH D *D]HWD $OHPm GH 1R %UDVLO ORJR QRV DQRV TXH VH VHJXLUDP DR GHVFREULPHQWR VH IL[DUDP DYHQWXUHLURV HP IHLWRULDV
  • 17.
    17 HVSDUVDV SHOR OLWRUDO(UDP GHJUHGDGRV TXH DEDQGRQDYDP QDV FRVWDV DV SULPHLUDV IURWDV H[SORUDGRUDV RX QiXIUDJRV RX JHQWH PDLV RXVDGD GHVHUWDQGR GDV QDXV DWUDtGD SHOD IDVFLQDomR GDV DYHQWXUDV 'HVVD JHQWH UDURV HUDP GH RULJHP VXSHULRU H SDVVDGR OLPSR ³ QD SURSRUomR GH SRU WDOYH] ´'H ED[D PDQHUD VXHUWHµ GH ´OLQDMHV REVFXURV ED[RVµ LQIRUPDP RV FURQLVWDV FDVWHOKDQRV 5HSUHVHQWDUDP SRUpP XP SDSHO SHFXOLDU QD KLVWyULD GR SRYRDPHQWR GR FRQWLQHQWH (QWUH QyV HVWDEHOHFHUDP SHOD SULPHLUD YH] XP FRPHoR GH FRQWDWR HQWUH R EUDQFR H R tQGLR ,QIOXtUDP VREUH R JHQWLR FRPR IRUDP LQIOXHQFLDGRV SRU HVWH 8QV FDtUDP QD PDLV H[WUHPD VHOYDJHULD FRPR R FDVWHOKDQR GH TXH QRV IDOD *DEULHO 6RDUHV FRP RV EHLoRV IXUDGRV RX FRPR RV LQWpUSUHWHV QRUPDQGRV TXH VHJXQGR /HU FRPHWLDP WRGDV DV DERPLQDo}HV LQGR DWp D DQWURSRIDJLD 2XWURV VH WUDQVIRUPDYDP HP YHUGDGHLURV UpJXORV GDQGR H[SDQVmR DRV VHXV VHQWLPHQWRV GH KRPHQV GH SUHVD RX HQWmR PDLV PHGtRFUHV GH WHPSHUDPHQWR EXUJXrV YLYLDP EHP FRP R HXURSHX H R LQGtJHQD DSUHQGLDP D OtQJXD GD WHUUD HVWDEHOHFLDP IHLWRULDV H LQLFLDYDP R FRPpUFLR QDWXULVWD TXH SUHGRPLQRX SRU WRGR R SULPHLUR VpFXOR 1R %UDVLO WUrV Q~FOHRV GH SRYRDPHQWR H PHVWLoDJHP VREUHOHYDP QHVVH SHUtRGR LQLFLDO IRUDP RV TXH WLYHUDP FRPR FKHIHV H SDWULDUFDV -HU{QLPR GH $OEXTXHUTXH 'LRJR ÉOYDUHV &DUDPXUX H -RmR 5DPDOKR 7RGRV FRQVWLWXtUDP GHVFHQGrQFLD ³ VREUHWXGR RV GRLV ~OWLPRV ³ SHOR FUX]DPHQWR FRP FXQKmV WRGRV SUROLIHUDUDP ODUJDPHQWH FRPR TXH LQGLFDQGR D VROXomR SDUD R SUREOHPD GD FRORQL]DomR H IRUPDomR GD UDoD QR
  • 18.
    18 QRYR SDtV ´IXHURQSREODGRUHV VRQ SREODGRUHVµ GL]LD QR 3UDWD 5XL 'LD] GH *X]PiQ 'HVVHV FRORQRV R SULPHLUR GD HVWLUSH GRV $OEXTXHUTXHV HUD FXQKDGR GR GRQDWiULR 'XDUWH &RHOKR H YLYLD j PDQHLUD GR JHQWLR DPDQFHEDGR FRP D ILOKD GH XP PRUXEL[DED H D TXHP EDWL]DUD GDQGR OKH R QRPH FULVWmR GH 0DULD GR (VSLULWR 6DQWR $UFR 9HUGH &DVDQGR PDLV WDUGH FRP PXOKHU EUDQFD ILGDOJD GHL[RX YLQWH H TXDWUR ILOKRV VHQGR RLWR GD tQGLD $UFR 9HUGH 8P GRV ILOKRV PDPDOXFRV IRL GHSRLV FKHIH GD H[SHGLomR GH FRQTXLVWD GR 0DUDQKmR GHOH p FLWDGD QHVVD OXWD FRQWUD R LQYDVRU IUDQFrV /D 5DYDUGLqUH D IUDVH VREHUED ´6RPRV KRPHQV TXH XP SXQKDGR GH IDULQKD H XP SHGDoR GH FREUD TXDQGR R Ki QRV VXVWHQWDµ 'H &DUDPXUX DQGD D ILJXUD HQYROWD HP OHQGDV DLQGD REVFXUDV *UDQJHRX SRUpP WDO LPSRUWkQFLD TXH TXDQGR SDUWLX SDUD D FRO{QLD R SULPHLUR JRYHUQDGRU 7RPp GH 6RXVD OKH WURX[H XPD FDUWD GH UHFRPHQGDomR GR SUySULR ' -RmR ,,, &DVRX 'LRJR ÉOYDUHV FRP D tQGLD 3DUDJXDoX TXH DILUPD IUHL 9LFHQWH GR 6DOYDGRU H GXYLGD 9DUQKDJHQ DFRPSDQKDUD R PDULGR DWp D FRUWH GR UHL GH )UDQoD $LQGD D FRQKHFHX R IUDGH KLVWRULDGRU PRUUHQGR PXLWR YHOKD WHQGR YLVWR HP YLGD WRGRV RV ILOKRV H QHWRV FDVDGRV QDV SULQFLSDLV IDPtOLDV SRUWXJXHVDV GD WHUUD 2 WHUFHLUR WURQFR GH JUDQGH OLQKDJHP PHVWLoD IRL -RmR 5DPDOKR SDWULDUFD GRV FDPSRV GH VHUUD DFLPD QD FDSLWDQLD GH 6mR 9LFHQWH 'HOH HVFUHYHX 7RPp GH 6RXVD DR UHL GH 3RUWXJDO ´WHP WDQWRV ILOKRV H QHWRV ELVQHWRV H GHVFHQGHQWHV GHOHV KR QRP RXVR GL]HU D 9 $ QD WHP FmD QD FDEHoD QHP QR URVWR H DQGD QRYH OpJXDV D Sp DQWHV GH DQWDU µ )RL R DVFHQGHQWH SRU H[FHOrQFLD GRV PDPDOXFRV SDXOLVWDV TXH YLULDP D H[HUFHU WmR JUDQGH LQIOXrQFLD QD KLVWyULD GR %UDVLO IRL R DQWHSDVVDGR WtSLFR FRPR R GHVFUHYH R SULPHLUR JRYHUQDGRU GR DQWLJR
  • 19.
    19 SLUDWLQLQJDQR ILVLFDPHQWH IRUWHVDXGiYHO ORQJHYR GHVDEXVDGR H LQGHSHQGHQWH UHVXPLQGR DV TXDOLGDGHV FRP TXH GRWRX JHUDo}HV H JHUDo}HV GH GHVFHQGHQWHV 'RV WUrV QRPHV GH GHVWDTXH QD KLVWyULD GD FRORQL]DomR Vy R GH -HU{QLPR GH $OEXTXHUTXH p GH IDPtOLD H FU{QLFD FRQKHFLGDV 'RV RXWURV GRLV QmR VDEHPRV TXDQGR H FRPR DSRUWDUDP D QRVVDV SUDLDV 1iXIUDJRV GHVHUWRUHV GHJUHGDGRV" 1HVVH PLVWpULR VmR HQWUHWDQWR VLPEyOLFRV UHSUHVHQWDP R LQVLQXDQWH GRPLQLR GR EUDQFR VREUH D LQGLDGD TXH R DFROKLD QR HQJDQR GRV SULPHLURV HQFRQWURV &RQWrP HP HPEULmR TXDVH WRGRV RV HOHPHQWRV GD VRFLHGDGH SRVWHULRU (UD DLQGD R SHUtRGR LGtOLFR H KHUyLFR HP TXH FRORQR DTXL FKHJDYD LVRODGR QR LQGLYLGXDOLVPR GD pSRFD H PLVWXUDYD VH FRP R LQGtJHQD GH TXHP DSUHQGLD D OtQJXD H DGRWDYD RV FRVWXPHV +DYLD SRUpP IDOWD FRPSOHWD GH PXOKHUHV EUDQFDV 'DV GLIHUHQWHV H[SHGLo}HV TXH SHUFRUUHUDP QR SULPHLUR TXDUWHO GR VpFXOR ;9, R OLWRUDO GD FRO{QLD HP QHQKXPD VH DVVLQDOD D SUHVHQoD GH FDVDLV RX GH PXOKHUHV VROWHLUDV (VWH IDWR TXH VH YHULILFD WDPEpP HP DOJXPDV UHJL}HV GR 3UDWD Gi XPD IHLomR HVSHFLDO j FRQTXLVWD H SRYRDPHQWR GR %UDVLO $ FRQFXELQDJHP WRUQRX VH XPD UHJUD JHUDO WUD]HQGR FRPR UHVXOWDGR D LPSODQWDomR GD PHVWLoDJHP QD FRQVWLWXLomR GRV WLSRV DXWyFWRQHV TXH SRYRDUDP GHVGH ORJR HVWD SDUWH GR 1RYR 0XQGR 2 FOLPD R KRPHP OLYUH QD VROLGmR R tQGLR VHQVXDO HQFRUDMDYDP H PXOWLSOLFDYDP DV XQL}HV GH SXUD DQLPDOLGDGH $ LPSUHVVmR HGrQLFD TXH DVVDOWDYD D LPDJLQDomR GRV UHFpP FKHJDGRV H[DOWDYD VH SHOR HQFDQWR GD QXGH] WRWDO GDV PXOKHUHV LQGtJHQDV $ SUySULD FDUWD GH &DPLQKD GL] EHP D VXUSUHVD TXH
  • 20.
    20 FDXVRX DRV QDYHJDGRUHVR DVSHFWR LQHVSHUDGR GDV JUDFLRVDV ILJXUDV TXH DQLPDYDP D SDLVDJHP (P PHLR GRV JUXSRV SLWRUHVFRV TXH DSDUHFLDP QDV SUDLDV DQGDYDP HQWUH HOHV WUrV RX TXDWUR PRoDV EHP ´QRYLQKDV H JHQWLV FRP RV FDEHORV PXLWR SUHWRV H FRPSULGRV SHODV HVSiGXDV H VXDV YHUJRQKDV WmR DOWDV H WmR FHUUDGLQKDV H WmR OLPSDV GH FDEHOHLUD TXH GH DV PXLWR EHP ROKDUPRV QmR VH HQYHUJRQKDYDPµ HVFUHYLD 3HUR 9D] ( DFUHVFHQWD TXH ´XPD GDTXHODV PRoDV WRGD WLQJLGD GH IXQGR DFLPD H FHUWR WmR EHP IHLWD H WmR UHGRQGD H VXD YHUJRQKD TXH HOD QmR WLQKD WmR JUDFLRVD TXH PXLWDV PXOKHUHV GH QRVVD WHUUD YHQGR OKH WDLV IHLo}HV HQYHUJRQKDYDP SRU QmR WHUHP DV VXDV FRPR HODµ 7ULQWD DQRV PDLV WDUGH DLQGD RXWUR FURQLVWD VH H[WDVLD GLDQWH GD EHOH]D GDV PXOKHUHV GR %UDVLO ´PXL IHUPRVDV TXH QDP KDP QHQK€D LQYHMD jV GD UXD 1RYD GH /LVERDµ 'HSRLV GRV ORQJRV GLDV FRQWLQHQWHV GD WUDYHVVLD R PXQGR QRYR FRP HVVDV DSDULo}HV JHQWLV GHYLD VHU FHUWDPHQWH R SDUDtVR ([SOLFD VH DVVLP TXH GD IURWD GH &DEUDO FLQFR WULSXODQWHV GHVHUWDVVHP DWUDtGRV SHOD YLVmR GH XPD H[LVWrQFLD HGrQLFD DOpP GRV GHJUHGDGRV TXH QD SUDLD GHL[RX R DOPLUDQWH H TXH HP DOWR FKRUR DVVLVWLUDP j SDUWLGD GDV QDXV HP FDPLQKR GDV ÌQGLDV &HUFD GH XP VpFXOR PDLV WDUGH FRQIHVVD R IUDQFrV 6LPmR /XLV GDV ´&RQILVV}HV GD %DKLDµ TXH FRP GH] DQRV GH LGDGH IXJLUD GR QDYLR HP TXH FKHJDUD DR %UDVLO LQWHUQDQGR VH FRP R JHQWLR QR VHUWmR GHVFRQKHFLGR $ H[WUHPD PRFLGDGH GH PXLWRV GHVVHV HPLJUDQWHV p XP WUDoR FDUDFWHUtVWLFR GD pSRFD H GD JHQWH &RPR HVVH REVFXUR 6LPmR /XLV &RUWH] HPEDUFDUD SDUD D $PpULFD DRV GH]HQRYH DQRV GH LGDGH &LH]D GH /HRQ DRV H *RQoDOR GH 6DQGRYDO FDSLWmR GH &RUWH] DSHQDV WLQKD (VWiFLR GH 6i HQWUH QyV Mi HUD JRYHUQDGRU DRV DQRV VHJXQGR XPD LQIRUPDomR
  • 21.
    21 MHVXtWLFD ­ VHGXomRGD WHUUD DOLDYD VH QR DYHQWXUHLUR D DIRLWH]D GD DGROHVFrQFLD 3DUD KRPHQV TXH YLQKDP GD (XURSD SROLFLDGD R DUGRU GRV WHPSHUDPHQWRV D DPRUDOLGDGH GRV FRVWXPHV D DXVrQFLD GR SXGRU FLYLOL]DGR ³ H WRGD D FRQWtQXD WXPHVFrQFLD YROXSWXRVD GD QDWXUH]D YLUJHP ³ HUDP XP FRQYLWH j YLGD VROWD H LQIUHQH HP TXH WXGR HUD SHUPLWLGR 2 LQGtJHQD SRU VHX WXUQR HUD XP DQLPDO ODVFLYR YLYHQGR VHP QHQKXP FRQVWUDQJLPHQWR QD VDWLVIDomR GH VHXV GHVHMRV FDUQDLV ´7RPDP WDQWDV PXOKHUHV TXDQWDV TXHUHP H R ILOKR VH MXQWD FRP D PmH H R LUPmR FRP D LUPm H R SULPR FRP D SULPD H R FDPLQKDQWH FRP D TXH HQFRQWUD YLYHP VHFXQGXP QDWXUDP ³ HVFUHYLD 9HVSXFFL D /RUHQ]R GHL 0HGLFL 9ROWDYD VH j VLPSOHV OHL GD QDWXUH]D H j IDQWDVLD VH[XDO GRV DYHQWXUHLURV PRoRV H DUGHQWHV HP SOHQD IRUoD SUHVWDYD VH R JHQWLR 8P GRV PDLV VDJD]HV REVHUYDGRUHV GR VpFXOR *DEULHO 6RDUHV GH 6RXVD HVFUHYLD UHIHULQGR VH DRV WXSLQDPEiV 6mR ´WmR OX[XULRVRV TXH QmR Ki SHFDGR GH OX[~ULD TXH QmR FRPHWDP RV TXDLV VHQGR GH PXLWR SRXFD LGDGH WHP FRQWD FRP PXOKHUHV H EHP PXOKHUHV SRUTXH DV YHOKDV Mi GHVHVWLPDGDV GRV TXH VmR KRPHQV JUDQMHLDP HVWHV PHQLQRV ID]HQGR OKHV PLPRV H UHJDORV H HQVLQDP OKHV D ID]HU R TXH HOHV QmR VDEHP H QmR RV GHL[DP GH GLD QHP GH QRLWH e HVWH JHQWLR WmR OX[XULRVR TXH SRXFDV YH]HV WHP UHVSHLWR jV PmHV H WLDV H SRUTXH HVWH SHFDGR p FRQWUD VHXV FRVWXPHV GRUPHP FRP HODV SHORV PDWRV H DOJXQV FRP VXDV SUySULDV ILOKDV H QmR VH FRQWHQWDP FRP XPD PXOKHU PDV WHP PXLWDV FRPR Mi ILFD GLWR SHOR TXH PRUUHP PXLWRV GH HVIDOIDGRV ( HP FRQYHUVDomR QmR VDEHP IDODU VHQmR QHVWDV
  • 22.
    22 VXMLGDGHV TXH FRPHWHPFDGD KRUD RV TXDLV VmR WmR DPLJRV GD FDUQH TXH VH QmR FRQWHQWDP SDUD VHJXLUHP VHXV DSHWLWHV FRP R PHPEUR JHQLWDO FRPR D QDWXUH]D R IRUPRX PDV Ki PXLWRV TXH OKH FRVWXPDP S{U R SrOR GH XP ELFKR WmR SHoRQKHQWR TXH OKR ID] ORJR LQFKDU FRP R TXH WHP JUDQGHV GRUHV PDLV GH VHLV PHVHV TXH VH OKH YmR JDVWDQGR SRU HVSDoR GH WHPSR FRP R TXH VH OKH ID] R FDQR WmR GLVIRUPH GH JURVVR ³ TXH RV QmR SRGHP DV PXOKHUHV HVSHUDU QHP VRIUHU H QmR FRQWHQWHV HVWHV VDOYDJHQV GH DQGDUHP WmR HQFDUQLoDGRV QHVWH SHFDGR QDWXUDOPHQWH FRPHWLGR VmR PXL DIHLoRDGRV DR SHFDGR QHIDQGR HQWUH RV TXDLV VH QmR WHP SRU DIURQWD H R TXH VHUYH GH PDFKR VH WHP SRU YDOHQWH H FRQWDP HVWD EHVWLDOLGDGH SRU SURH]D H QDV VXDV DOGHLDV SHOR VHUWmR Ki DOJXQV TXH WrP WHQGD S~EOLFD D TXDQWRV RV TXHUHP FRPR PXOKHUHV S~EOLFDV &RPR RV SDLV H DV PDLV YrP RV ILOKRV FRP PHQHLRV SDUD FRQKHFHU PXOKHU HOHV OKD EXVFDP H RV HQVLQDP FRPR D VDEHUmR VHUYLU DV IrPHDV PXLWR PHQLQDV HVSHUDP R PDFKR PRUPHQWH DV TXH YLYHP HQWUH RV 3RUWXJXHVHV 2V PDFKRV GHVWHV 7XSLQDPEiV QmR VmR FLRVRV H DLQGD TXH DFKHP RXWUHP FRP DV PXOKHUHV QmR PDWDP D QLQJXpP SRU LVVR H TXDQGR PXLWR HVSDQFDP DV PXOKHUHV SHOR FDVR ( DV TXH TXHUHP EHP DRV PDULGRV SHORV FRQWHQWDUHP EXVFDP OKH PRoDV FRP TXH HOHV VH GHVHQIDGHP DV TXDLV OKH OHYDP D UHGH RQGH GRUPHP RQGH OKH SHGHP PXLWR TXH VH TXHLUDP GHLWDU FRP RV PDULGRV H DV SHLWDP SDUD LVVR FRXVD TXH QmR ID] QHQKXPD QDomR GH JHQWH VHQmR HVWHV EiUEDURVµ
  • 23.
    23 'R FRQWDWR GHVVDVHQVXDOLGDGH FRP R GHVUHJUDPHQWR H D GLVVROXomR GR FRQTXLVWDGRU HXURSHX VXUJLUDP DV QRVVDV SULPLWLYDV SRSXODo}HV PHVWLoDV 7HUUD GH WRGRV RV YtFLRV H GH WRGRV RV FULPHV 6HJXQGR R SUySULR WHVWHPXQKR GRV HVFULWRUHV SRUWXJXHVHV FRQWHPSRUkQHRV D LPRUDOLGDGH GRV SULPHLURV FRORQRV HUD HVSDQWRVD H H[FHGLD WRGD PHGLGD ´1HVVD WHUUD HVFUHYLD R SDGUH 0DQRHO GD 1yEUHJD Ki XP JUDQGH SHFDGR TXH p WHUHP RV KRPHQV TXDVH WRGRV VXDV QHJUDV SRU PDQFHEDV H RXWUDV OLYUHV TXH SHGHP DRV QHJURV SRU PXOKHUHV VHJXQGR R FRVWXPH GD WHUUD TXH p WHUHP PXLWDV PXOKHUHV ( HVWDV GHL[DP QDV TXDQGR OKHV DSUD] R TXH p JUDQGH HVFkQGDORµ 7UrV DQRV PDLV WDUGH GL]LD R PHVPR MHVXtWD DR UHL GH 3RUWXJDO ´-i HVFUHYL D 9 $ D IDOWD TXH QHVWD WHUUD Ki GH PXOKHUHV FRP TXH RV KRPHQV VH FDVHP H YLYDP HP VHUYLoR GH 1RVVR 6HQKRU DIDVWDGRV GRV SHFDGRV HP TXH DJRUD YLYHP PDQGH 9 $ PXLWDV yUImV H VH QmR KRXYHU PXLWDV YHQKDP GH PLVWXUD GHODV H TXDLVTXHU SRUTXH VmR WmR GHVHMDGDV DV PXOKHUHV EUDQFDV Fi TXH D TXDLVTXHU IDUmR Fi PXLWR EHP j WHUUD H HODV VH JDQKDUmR H RV KRPHQV GH Fi DIDVWDU VH mR GR SHFDGRµ 'RV EDQGHLUDQWHV SDXOLVWDV HVFUHYLD 0RQWRD ´,DV PXMHUHV GH EXHQ SDUHFHU FDVDGDV VROWHUDV y JHQWLOHV HO GXHxR ODV HQFHUUDED FRQVLJR HQ XQ DSRVHQWR FRQ TXLHQ SDVDED ODV QRFKHV DO PRGR TXH XQ FDEURQ HQ XQ FXUUDO GH FDEUDVµ 1R PHVPR VpFXOR WHVWHPXQKDYD R SDGUH
  • 24.
    24 6LPmR GH 9DVFRQFHORV´2V FRVWXPHV GRV SRUWXJXHVHV PRUDGRUHV TXH HQWmR VH DFKDYDP QHVWDV YLODV YLQKDP D VHU TXDVH FRPR RV GRV tQGLRV SRUTXH VHQGR FULVWmRV YLYLDP D PRGR GH JHQWLRV QD VHQVXDOLGDGH HUD JUDQGH D VXD GHYDVVLGmR DPDQFHEDQGR VH RUGLQDULDPHQWH GH SRUWDV D GHQWUR FRP DV VXDV PHVPDV tQGLDV RX IRVVHP FDVDGDV RX VROWHLUDVµ &HQWR H WDQWRV DQRV PDLV WDUGH DLQGD GHVVD ODVFtYLD EUXWDO PRQVWUXRVD H GHVHQYROWD VH TXHL[DYD R SDGUH -RmR 'DQLHO DMXQWDQGR TXH RV KRPHQV GHOD XVDYDP ´VHP WHPRU GH 'HXV QHP GR SHMRµ 1mR HUD XP YtFLR H[FHSFLRQDO QD KLVWyULD GD FRQTXLVWD GD $PpULFD &RQKHFHPRV R KDUpP TXH VHJXLD R H[pUFLWR GH &RUWH] FRPSRVWR GH UDSDULJDV WRGDV VHxRUDV KLMDV GH SULQFLSDOHV 2V FRQTXLVWDGRUHV HVSDQKyLV GR VpFXOR ;9, YLYLDP QXP UHJLPH GH SROLJDPLD PXoXOPDQD 7RGR VROGDGR RX HQFRPPHQGHUR WLQKD R VHX JLQHFHX HP TXH UHXQLD SHOR PHQRV WUrV PXOKHUHV 1R 3DUDJXDL H QR 3UDWD VH HOHYDYD IUHTHQWHPHQWH D R Q~PHUR GHVVDV FRQFXELQDV VHJXLQGR RV H[HPSORV GH ,UDOD 9HUJDUD 1XIOR GH &KDYHV H RXWURV GR 6XO GR FRQWLQHQWH 1HP SDUHoDP HQWUH QyV VXVSHLWDV DV LQIRUPDo}HV TXH D UHVSHLWR QRV YrP GRV SDGUHV GD &RPSDQKLD VHPSUH HP OXWD FRP RV FRORQRV 2V DUTXLYRV GD 7RUUH GR 7RPER IRUQHFHUDP RV SUHFLRVRV GRFXPHQWRV GD SULPHLUD YLVLWDomR GR 6DQWR 2ItFLR jV SDUWHV GR %UDVLO GH e XP TXDGUR LPSUHVVLRQDQWH GR FRPHoR GH VRFLHGDGH TXH HUD D %DKLD QHVVH ILQGDU GH VpFXOR e WDPEpP QR VHJUHGR LQTXLVLWyULR D PRVWUD PLQXFLRVD H FRPSOHWD GDV PDLV EDL[DV SDL[}HV TXH Vy SDUHFH GHYDP H[LVWLU QD GHFDGrQFLD GDV FLYLOL]Do}HV
  • 25.
    25 *UDQGH Q~PHUR GHVVDVFRQILVV}HV HP UHIHUHP VH DR SHFDGR VH[XDO 1D SRSXODomR UHODWLYDPHQWH HVFDVVD GD FLGDGH GR 6DOYDGRU H GR VHX UHF{QFDYR D UHSHWLomR GRV FDVRV GH DQRUPDOLGDGH SDWROyJLFD S}H FODUDPHQWH HP HYLGrQFLD HP TXH DPELHQWH GH GLVVROXomR H DEHUUDomR YLYLDP RV KDELWDQWHV GD FRO{QLD 6mR UHLQyLV IUDQFHVHV JUHJRV H D WXUED PHVFODGD GD PHVWLoDJHP ³ PDPDOXFRV FXULERFDV H PXODWRV ³ WUD]HQGR DR WULEXQDO GD ,QTXLVLomR RV GHSRLPHQWRV GRV VHXV YtFLRV VRGRPLD WULEDGLVPR SHGRILOLD HUyWLFD SURGXWRV GD KLSHUHVWHVLD VH[XDO D PDLV GHVEUDJDGD Vy SUySULD HP JHUDO GRV JUDQGHV FHQWURV GH SRSXODomR DFXPXODGD 6RGRPLWD HVVH YLJiULR GH 0DWRLP GH DQRV FRPHWHQGR DWRV GHVRQHVWRV FRP PDLV GH TXDUHQWD SHVVRDV RX HVVH RXWUR FOpULJR )UXFWXRVR ÉOYDUHV ´KRPHP YHOKR TXH Mi WHP DV EDUEDV EUDQFDVµ SHGHUDVWD SDVVLYR DVVLP FRPR R F{QHJR %DUWKRORPHX GH 9DVFRQFHOORV DSDL[RQDGR SHORV QHJURV GH *XLQp H R VRGRPLWD LQFHVWXRVR %DVWLmR GH $JXLDU PHQRU GH DQRV TXH VH DMXQWDYD FRP R LUPmR PDLV YHOKR H FRP XP EDFKDUHO HP DUWHV QDWXUDO GR 5LR GH -DQHLUR H /i]DUR GD &XQKD PDPDOXFR TXH YLYHUD FLQFR DQRV HQWUH RV WXSLQDPEiV ´GHVSLGR H WLQJLGRµ SUDWLFDQGR FRP DV tQGLDV R SHFDGR QHIDQGR H R FULVWmR QRYR $IRQVR HQFRQWUDQGR VH FRP R VHX F~PSOLFH )HUQmR ´SHORV FDPSRV H ULEHLUDVµ H -RmR 4XHL[DGD PRUDGRU HP FDVD GR JRYHUQDGRU 'RP )UDQFLVFR GH 6RXVD H TXH GRUPLD HP /LVERD FRP RV SDMHQV GR GHmR GD 6p 7UtEDGH HVVD IDPRVD )HOLSD GH 6RXVD TXH FRQKHFLD FRPR XPD 6DIR SDULVLHQVH D DUWH GH ´IDODU PXLWRV UHTXHEURV H DPRUHV H SDODYUDV ODVFLYDV PHOKRU DLQGD GR TXH VH IRUD XP UXILmR j VXD EDUUHJmµ H TXH FRQVHJXLX SHQHWUDU SDUD VDFLDU R YtFLR QXP PRVWHLUR GH PRQMDV WUtEDGH WDPEpP
  • 26.
    26 /XL]D 5RL] TXHSHUVHJXLD QD VXD I~ULD DV QHJUDV GD FLGDGH 3HGyILOR R F{QHJR -DFRPH GH 4XHLUR] GHIORUDGRU GH XPD SHTXHQD PDPDOXFD GH VHLV DQRV TXH YHQGLD SHL[H SHODV UXDV VDFUtOHJR HUyWLFR )HUQmR &DEUDO GH 7KDGH TXH TXHLPDUD YLYD XPD HVFUDYD tQGLD JUiYLGD H HVFROKHUD D LJUHMD GH -DJXDULSH SDUD RV VHXV DMXQWDPHQWRV H TXH GLDQWH GH XPD UHSXOVD GHFODUDYD ´WURFHQGR RV ELJRGHVµ TXH LVVR WXGR HUDP ´FDUDQWRQKDVµ TXH XPD ERFKHFKD G iJXD ODYDYD FXOSDGR GH EHVWLDOLGDGH +HLWRU *RQoDOYHV FRQIHVVDQGR TXH VHQGR PHQLQR GH D DQRV H SDVWRU GH JDGR ´QHVVH WHPSR GRUPLUD FDUQDOPHQWH SRU PXLWDV YH]HV HP GLYHUVRV WHPSRV H OXJDUHV FRP PXLWDV DOLPiULDV RYHOKDV EXUUDV YDFDV pJXDV HWF H DILQDO QRWiYHO SHOD VXD SRVLomR VRFLDO R FDSLWmR 0DUWLP &DUYDOKR WHVRXUHLUR GDV UHQGDV DPDQFHEDGR SXEOLFDPHQWH FRP XP MRYHQ TXH R DFRPSDQKDYD QDV HQWUDGDV SHOR VHUWmR (VVH WmR HVFDQGDORVR TXH IRUD UHFDPELDGR SDUD R UHLQR SRU SHFDGR GH VRGRPLD (P PHLR GHVVDV VXMLGDGHV FRPR GL]LD *DEULHO 6RDUHV FKHJD D GHVWDFDU VH SHOD VDGLD QRUPDOLGDGH GH VXDV SURH]DV DPRURVDV 'RPLQJRV )HUQDQGHV SRU DOFXQKD R 7DPDFXDQD PDPDOXFR EDQGHLUDQWH GH 3HUQDPEXFR FRPSDQKHLUR GH $QW{QLR 'LDV $GRUQR H TXH VLPEROL]D WRGD D VXD pSRFD PHLR EiUEDUR PHLR FLYLOL]DGR WDWXDGR GH XUXFX H JHQLSDSR YHQHUDGRU GR 3DSD GDV VDQWLGDGHV JHQWtOLFDV PDV ´FRQWHQGR QR VHX FRUDomR D Ip GH &ULVWRµ WXGR SRU ILQJLPHQWR GL]LD ´SDUD HQJDQDU DTXHOD JHQWHµ H WUD]r OD FRQVLJR SDUD D HVFUDYLGmR &RQWHQWRX VH HP GHVYLUJLQDU GXDV DILOKDGDV PHQRUHV H YLYHU j PRGD GRV VHOYDJHQV FRP R VHX KDUpP GH FLQFR RX VHLV PXOKHUHV TXH D LQGLDGD OKH RIHUHFLD QR VHUWmR
  • 27.
    27 2 YtFLR HR FULPH QmR HUDP SRUpP SULYLOpJLR GDV FDPDGDV LQIHULRUHV H PpGLDV GDV SRYRDo}HV FRORQLDLV QHVVH ILP GR VpFXOR ;9, 2 IUDQFrV 3UDUG GH /DYDO TXH HVWHYH QR %UDVLO QRV SULPHLURV DQRV GR VpFXOR VHJXLQWH FRQWD XPD DQHGRWD TXH ODQoD DOJXPD OX] VREUH D YLGD tQWLPD GD ERD VRFLHGDGH GD pSRFD $QGDYD HOH SDVVHDQGR SHOD FLGDGH ´YHVWLGR GH VHGD j SRUWXJXHVD H j PRGD GH *RD TXH p GLIHUHQWH GD GRV SRUWXJXHVHV GH /LVERD H GR %UDVLOµ TXDQGR VH DSUR[LPRX XPD HVFUDYD QHJUD GH $QJROD WUD]HQGR XP UHFDGR GH DOJXpP TXH GHVHMDYD IDODU OKH 'HSRLV GH DOJXPD KHVLWDomR H SRU FXULRVLGDGH DFHLWRX R FRQYLWH ´SDUD YHU HP TXH GDYDµ ´(OD IH] PH GDU ³ QDUUD 3UDUG ³ PLO YROWDV H URGHLRV SRU XPDV UXDV HVFXUDV R TXH D FDGD SDVVR PH SXQKD HP JUDQGH WHUURU H TXDVH HP UHVROXomR GH QmR SDVVDU PDLV DYDQWH PDV HOD PH GDYD kQLPR H WDQWR IH] TXH PH OHYRX D XP DSRVHQWR PXL EHOR H JUDQGH EHP PRELOLDGR H JXDUQHFLGR RQGH QmR YL PDLV QLQJXpP VHQmR XPD MRYHP GDPD SRUWXJXHVD TXH PH IH] PXL ERP DJDVDOKDGR H PH PDQGRX ORJR PH DSUHVWDU XPD PXL ERD UHIHLomR H YHQGR TXH R PHX FKDSpX QmR HUD ERP HOD FRP D VXD SUySULD PmR PH WLURX GD FDEHoD H PH GHX RXWUR QRYR GH Om GH (VSDQKD FRP XPD EHOD SUHVLOKD ID]HQGR PH SURPHWHU TXH WRUQDULD D YLVLWi OD H GD VXD SDUWH PH IDYRUHFHULD H PH GDULD JRVWR HP WXGR R TXH SXGHVVH 1mR IDOWHL j SURPHVVD H LD YLVLWi OD IUHTHQWHPHQWH HQTXDQWR Oi HVWLYHµ 'H]HQDV GH DQRV PDLV WDUGH HP SHOR %UDVLO DSDUHFHX R HVSDQKRO )UDQFLVFR &RUUHDO DXWRU GH XPD ´9LDJHP jV ÌQGLDV 2FLGHQWDLVµ UHIHULQGR FRLVDV LQWHUHVVDQWHV VREUH D PHVPD FLGDGH GR 6DOYDGRU ´$V PXOKHUHV GL] R FDVWHOKDQR VmR PHQRV YLVtYHLV TXH QR 0p[LFR GHYLGR DR LPHQVR FL~PH GRV PDULGRV PDV VmR
  • 28.
    28 WmR OLEHUWLQDV HSDUD VDWLVID]HUHP DV VXDV SDL[}HV S}HP HP SUiWLFD WRGD D FDVWD GH HVWUDWDJHPDV 6H D SUHFDXomR GRV PDULGRV QmR LPSHGH DV LQWULJDV GH VXDV PXOKHUHV D GRV SDLV QmR HYLWD TXH DV PmHV SUHVWHP VHXV FDULGRVRV VRFRUURV jV ILOKDV ORJR TXH ILFDP Q~EHLV e PHVPR PXLWR YXOJDU DV PmHV LQGDJDUHP GDV ILOKDV R TXH HODV VmR FDSD]HV GH VHQWLU DRV RX DQRV GH LGDGH H LQFLWi ODV D ID]HU WXGR R TXH SRVVD HPERWDU RV DJXLOK}HV GD FDUQH $V YLUJLQGDGHV HVWmR HP OHLOmR QD FLGDGH GR 6DOYDGRU H DOFDQoDP HOHYDGRV SUHoRV SRUTXDQWR VmR FROKLGDV PXLWR FHGRµ (P 6DQWRV DFRQWHFHX OKH DYHQWXUD LJXDO j GH 3UDUG R TXH IH] $OIUHGR GH &DUYDOKR GXYLGDU GD VXD DXWHQWLFLGDGH 6RPHQWH DRV HQFRQWURV DPRURVRV LD R HVSDQKRO GLVIDUoDGR HP SDGUH 4XDQGR HP FKHJRX j FRO{QLD R OLFHQFLDGR +HLWRU )XUWDGR GH 0HQGRQoD GHSXWDGR GR 6DQWR 2ItFLR D LQLFLDU D VXD SULPHLUD YLVLWDomR HUD D FLGDGH GR 6DOYDGRU XP H[WUDYDJDQWH FDUDYDQVDUDL SLWRUHVFR H WURSLFDO $t ³ GL]LD R SDGUH )HUQmR &DUGLP ³ ´RV HQFDUJRV GD FRQVFLrQFLD VmR PXLWRV H RV SHFDGRV TXH VH FRPHWHP QmR WrP FRQWD TXDVH WRGRV DQGDP DPDQFHEDGRV SRU FDXVD GDV PXLWDV RFDVL}HVµ $FUHVFHQWDYD UHIHULQGR VH DR Do~FDU GRV HQJHQKRV ´EHP FKHLR GH SHFDGRV QDVFH HVVH GRFH µ 3HODV UXDV GD FLGDGH WUDQVLWDYD XP HVWUDQKR DPiOJDPD GH ILGDOJRV IXQFLRQiULRV VROGDGRV IUDGHV SDGUHV tQGLRV H QHJURV 2V KRPHQV GH FRQGLomR VHJXLDP D PRGD HVSDQKROD GH DQGDUHP VHPSUH GH SUHWR FRP URViULRV QDV PmRV GH XP ODGR XPD ORQJD HVSDGD H GH RXWUR XP JUDQGH SXQKDO PXOKHUHV DSDUHFLDP UDUDPHQWH Vy QDV IHVWDV UHOLJLRVDV H SHOD IDOWD GH H[HUFtFLR PDO SRGLDP FDPLQKDU DSRLDQGR VH QDV SDMHQV TXH DV DFRPSDQKDYDP &RPR DV GH 2OLQGD QR GL]HU GH
  • 29.
    29 &DODGR SDUHFLD TXHVREUH DV VXDV FDEHoDV WLQKD FKRYLGR XPD FKXYD GH SpURODV UXELV HVPHUDOGDV H GLDPDQWHV (P FRQWUDVWH tQGLRV PDQVRV H HVFUDYRV GH *XLQp H[LELDP QDV UXDV H OXJDUHV S~EOLFRV D PDLV FRPSOHWD QXGH] )RUD GR UHFLQWR GD FLGDGH SHOR UHF{QFDYR H VHUWmR LPHGLDWR D FRQTXLVWD VH IL]HUD ORJR GHSRLV GD DGPLQLVWUDomR GH 7RPp GH 6RXVD SHOD FRQFHVVmR GH VHVPDULDV IHXGDLV FRPR DV GH *DUFLD G ÉYLOD TXH VHPHRX FXOWXUDV FRQVWUXLX FXUUDLV H OHYDQWRX D FpOHEUH FDVD GD 7RUUH YLJLDQGR D FRVWD H D LQGLDGD VXVSHLWD $t QRV ~OWLPRV TXDUWpLV GR VpFXOR ;9, RVWHQWDYD R ILGDOJR JUDQGH OX[R j HXURSpLD FRP PXLWRV FDYDORV FULDGRV H HVFUDYRV )RL QHVVD pSRFD R WLSR GR SRWHQWDGR 5HVLGLD KDELWXDOPHQWH QD FDSLWDO GD FRO{QLD FRPR XP QDEDER DQGDYD GL] XP FURQLVWD HP ´FDGHLULQKDV RUQDGDV GH VDQHIDV GH VHGD IRUUDGDV GH YHOXGR YHUPHOKR H FREHUWDV GH GDPDVFRµ )LFDUDP DIDPDGRV RV EDLOHV TXH GDYD HP TXH H[LELD ULFRV FDQGHODEURV GH SUDWD H EURQ]H VHUYLoRV ILQtVVLPRV GH ORXoD GD ÌQGLD H GD &KLQD DOIDLDV VXQWXRVDV 3RU WRGD D SDUWH SRUpP D PLVpULD PDLV UHOD[DGD H DQGUDMRVD DR ODGR GH FDYDOKDGDV YLVWRVDV FRP YHVWXiULRV GH YHOXGR H VHGDV 3HTXHQR Q~FOHR HQILP GH GHYDVVLGmR LQGLVFLSOLQD H YLYHU GHVUHJUDGR GHVHQYROYHQGR HP SOHQD DQDUTXLD PRUDO H VRFLDO RV JHUPHV GH GHVPRUDOL]DomR H GHSUDYDomR GH FRVWXPHV WUD]LGRV GD PHWUySROH Mi GHFDGHQWH (P 3HUQDPEXFR HP ILQV GR VpFXOR ;9, QmR HUD PHQRV FXULRVR R HVSHWiFXOR $t UDSLGDPHQWH WLQKDP GHVDSDUHFLGR DV ULTXH]DV H R EULOKR GRV SULPHLURV WHPSRV ´'HVGRURX VH HVWD WHUUD FRP JUDQGH GHVDIRUR ³ GL]LD R DXWRU GR 9DOHURVR /XFLGHQR ³ DV XVXUDV RQ]HQDV H JDQKRV LOtFLWRV HUDP FRXVD RUGLQiULD RV DPDQFHEDPHQWRV S~EOLFRV VHP HPHQGD DOJXPD SRUTXH
  • 30.
    30 R GLQKHLUR ID]LDVXVSHQGHU R FDVWLJR RV HVWXSURV H DGXOWpULRV HUDP PRHGD FRUUHQWH µ 8P VHQKRU GH HQJHQKR GHVHVSHUDGR GH WDQWR GHSUDYDPHQWR H FRUUXSomR FRORFRX VH HP PHLR GD UXD 1RYD HP 2OLQGD H[FODPDQGR HP DOWDV YR]HV ´$RQGH HVWmR RV LUPmRV GD 6DQWD &DVD GH 0LVHULFyUGLD WmR ]HORVRV GDV REUDV GH FDULGDGH H GR VHUYLoR GH 'HXV" 9HQKDP DTXL SDUD GDUHP VHSXOWXUD j -XVWLoD TXH PRUUHX QHVWD WHUUD H QmR Ki TXHP D HQWHUUH KRQUDGDPHQWHµ 'H IDWR DFUHVFHQWDYD IUHL 0DQRHO &DODGR RV PLQLVWURV GD MXVWLoD WUD]LDP DV YDUDV PXLWR GHOJDGDV ´FRPR OKH SXQKDP RV GHOLQTHQWHV QDV SRQWDV TXDWUR FDL[DV GH Do~FDU ORJR GREUDYDP µ (UD HVVD D VRFLHGDGH LQIRUPH H WXPXOWXiULD TXH SRYRDYD R YDVWR WHUULWyULR FHP DQRV GHSRLV GH GHVFREHUWR 'R 3DUi DWp &DQDQpLD SRXFRV HVWDEHOHFLPHQWRV VH GHVHQYROYLDP HP PHLR GH GHVHUWRV GHVRODGRV +DELWDYDP QR FLQFR FRQGLo}HV GH JHQWH LQIRUPD R DXWRU GRV 'LiORJRV WHVWHPXQKD GH YLVWD RV PDUtWLPRV RV PHUFDGRUHV RV RILFLDLV PHFkQLFRV RV VDODULDGRV RV SURSULHWiULRV UXUDLV ³ XQV VLPSOHV ODYUDGRUHV GH PDQWLPHQWRV RX FULDGRUHV GH JDGR H RXWURV ULFRV VHQKRUHV GH HQJHQKR $ FDPDGD LQIHULRU GD SRSXODomR HUD IRUPDGD SRU HVFUDYRV LQGtJHQDV DIULFDQRV RX VHXV GHVFHQGHQWHV &DUDFWHUL]DYD R HXURSHX R GHVDPRU j WHUUD DTXLOR TXH R QRVVR KLVWRULDGRU FKDPRX GH WUDQVRFHDQLVPR R GHVHMR GH JDQKDU IRUWXQD R PDLV GHSUHVVD SRVVtYHO SDUD D GHVIUXWDU QR DOpP PDU *DQGDYR REVHUYRX HQWUHWDQWR TXH RV YHOKRV DFRVWXPDGRV DR SDtV QmR TXHULDP VDLU PDLV (UDP FHUWDPHQWH RV TXH FRQVWLWXtUDP D HVWUXWXUD EiVLFD UDFLDO RV SULPHLURV FRORQRV ³ GHJUHGDGRV GHVHUWRUHV QiXIUDJRV ³ JHQWH GD 5HQDVFHQoD TXH R
  • 31.
    31 FULPH D DPELomRRX R HVStULWR DYHQWXUHLUR IL]HUD DEDQGRQDU D (XURSD FLYLOL]DGD $SUHVHQWDYDP XP SURGXWR KXPDQR ILVLFDPHQWH VHOHFLRQDGR WHQGR UHVLVWLGR DRV SHULJRV WULEXWDo}HV H VRIULPHQWRV GD ORQJD H LQFHUWD WUDYHVVLD $R VH LQVWDODUHP QR SDtV YLUJHP WLQKDP FRQVHJXLGR YHQFHU D KRVWLOLGDGH GD QDWXUH]D H DGDSWDU VH jV FRQGLo}HV GH XPD QRYD H[LVWrQFLD 1HVWD WLQKDP DFHLWDGR PDLV RX PHQRV D PHQWDOLGDGH H D PRUDOLGDGH DPELHQWHV H DSUHQGLGR FRP R DERUtJHQH RV SURFHVVRV GH FDoD GH SHVFD H GH UXGLPHQWDU DJULFXOWXUD TXH IRUQHFLDP R PLOKR R FDUi H D PDQGLRFD j VXD HVFDVVD DOLPHQWDomR 6mR KRPHQV GL]LD 0HOOR GD &kPDUD ´TXH VH FRQWHQWDP HP WHUHP TXDWUR tQGLDV SRU PDQFHEDV H FRPHUHP RV PDQWLPHQWRV GD WHUUDµ 0RUDOPHQWH Mi HUDP PHVWLoRV REVHUYRX &DSLVWUDQR H HVVD FRPR TXH PHVWLoDJHP OKHV SHUPLWLX QD OXWD HP TXH VXFXPELDP RV IUDFRV H WtPLGRV D IiFLO DGDSWDomR j YLGD FRORQLDO 3RU RXWUR ODGR QHQKXP REVWiFXOR HQFRQWUDYDP SDUD D VDWLVIDomR GRV YtFLRV H GHVPDQGRV TXH QD (XURSD UHSULPLDP XPD OHL PDLV VHYHUD XPD PRUDO PDLV HVWULWD H XP SRGHU PDLV IRUWH (QWUHJDYDP VH FRP D YLROrQFLD GRV WHPSRV j VDFLHGDGH GDV SDL[}HV GH VXDV DOPDV UXGHV 8PD GHODV IRL D ODVFtYLD GR EUDQFR VROWR QR SDUDtVR GD WHUUD HVWUDQKD 7XGR IDYRUHFLD D H[DOWDomR GR VHX SUD]HU RV LPSXOVRV GD UDoD D PROtFLD GR DPELHQWH ItVLFR D FRQWtQXD SULPDYHUD D OLJHLUH]D GR YHVWXiULR D FXPSOLFLGDGH GR GHVHUWR H VREUHWXGR D VXEPLVVmR IiFLO H DGPLUDWLYD GD PXOKHU LQGtJHQD PDLV VHQVXDO GR TXH R KRPHP FRPR HP WRGRV RV SRYRV SULPLWLYRV H TXH HP VHXV DPRUHV GDYD SUHIHUrQFLD DR HXURSHX WDOYH] SRU FRQVLGHUDo}HV SULiSLFDV LQVLQXD R VHYHUR 9DUQKDJHQ 3URFXUDYD H LPSRUWXQDYD RV EUDQFRV QDV UHGHV HP TXH
  • 32.
    32 GRUPLDP HVFUHYLD $QFKLHWD(UD XPD VLPSOHV PiTXLQD GH JR]R H WUDEDOKR QR DJUHVWH JLQHFHX FRORQLDO 1mR SDUHFH TXH QHQKXPD DIHLomR LGHDOL]DVVH VHPHOKDQWHV XQL}HV GH SXUD DQLPDOLGDGH 'H XPD UHIHUH R YLDMDQWH -HDQ 0RXFTXHW R ILP LPSUHVVLRQDQWH 8PD LQGtJHQD DEDQGRQDGD SHOR DPDQWH HXURSHX FRP TXHP YLYHUD ORQJRV DQRV YHQGR R SDUWLU QXPD FDUDYHOD GH SDVVDJHP PDWRX R ILOKR FRPXP FRUWRX R HP GXDV SDUWHV H ODQoRX XPD GHVWDV DR PDU FRPR TXH HQWUHJDQGR DR KRPHP D SRUomR TXH OKH SHUWHQFLD $ ERUGR SHUJXQWDUDP D HVWH TXHP HUD HVVD PXOKHU DR TXH UHVSRQGHX QmR p QLQJXpP p XPD tQGLD VHP LPSRUWkQFLD 'H IDWR Vy R PDFKR FRQWDYD $ PXOKHU DFHVVyULR GH YDORU UHODWLYR HUD D EHVWD GH FDUJD VHP GLUHLWRV QHP SURYHLWRV RX R IDWRU LQFLGHQWDO QD YLGD GRPpVWLFD )HQ{PHQR DQGURFrQWULFR GH RULJHP SRUWXJXHVD H LQGtJHQD TXH SRU WDQWR WHPSR SHUGXURX QD HYROXomR pWQLFD H VRFLDO GR SDtV 1mR R PRGLILFRX RX DQWHV R DFRURoRRX D SDVVLYLGDGH LQIDQWLO GD QHJUD DIULFDQD TXH YHLR IDFLOLWDU H GHVHQYROYHU D VXSHUH[FLWDomR HUyWLFD HP TXH YLYLD R FRQTXLVWDGRU H SRYRDGRU H TXH YLQFRX WmR IXQGDPHQWH R VHX FDUiFWHU SVtTXLFR 2XWUD SDL[mR SRUpP R GRPLQDYD 2XWUD DLQGD PDLV WLUkQLFD ³ $ FRELoD
  • 33.
  • 34.
    34 ´6H YRV SHUJXQWDPSRUTXH WDQWRV ULVFRV VH FRUUHUDP SRUTXH VH DIURQWDUDP WDQWRV SHULJRV ³ HVFUHYH R SRHWD GH < -XFD 3UDPD ³ SRUTXH VH VXELUDP WDQWRV PRQWHV SRUTXH VH H[SORUDUDP WDQWRV ULRV SRUTXH VH GHVFREULUDP WDQWDV WHUUDV SRUTXH VH DYDVVDODUDP WDQWDV WULERV GL]HL R ³ H QmR PHQWLUHLV IRL SRU FRELoDµ ³ &RELoD LQVDFLiYHO QD ORXFXUD GR HQULTXHFLPHQWR UiSLGR $ HPLJUDomR SDUD DV ÌQGLDV H SDUD WRGR R 2ULHQWH DOLDYD DR DPRU GR JDQKR H DR LQVWLQWR GH PHUFkQFLD HVVD JOyULD LQJHQWH GH TXH IDODYD &DP}HV H TXH WmR JDOKDUGDPHQWH VRXEHUDP FRQTXLVWDU RV *DPDV $OPHLGDV &DVWURV H $OEXTXHUTXHV 2 IUDJRU GDV DUPDV QDV OXWDV FRQWUD LQILpLV H PRXURV GLVIDUoDYD RV FRQFLOLiEXORV GRV PHUFDGRUHV QHJRFLDQGR WUDWDGRV H FRQWUDWRV FRPHUFLDLV 2 QHUYR HUDP RV FDQK}HV D DOPD D SLPHQWD UHVXPLX 2OLYHLUD 0DUWLQV 7DP 0DUWL TXDP 0HUFXULR 3DUD R %UDVLO ³ Mi R YLPRV ³ Vy YLQKD SRU VXD SUySULD YRQWDGH R DYHQWXUHLUR PLVHUiYHO UHVROYLGR D WXGR R GHVSHUDGR QD H[SUHVVmR LQJOHVD 2V FRPEDWHV WUDYDGRV QmR HUDP DV HPSOXPDGDV H YLVWRVDV SHOHMDV GD ÉVLD H GD ÉIULFD PDV D OXWD LQJOyULD H REVFXUD FRQWUD R JHQWLR LQVLGLRVR PLVpUULPR H REVFXUR H FRQWUD D KRVWLOLGDGH GD QDWXUH]D 'LDQWH GRV HVSOHQGRUHV GD FRQTXLVWD GR 2ULHQWH QD PHWUySROH QLQJXpP SHQVDYD QD WHUUD GRV EXJLRV VDJLV SDSDJDLRV DUDUDV H SDX GH WLQWD 2 %UDVLO GLVVH 6RXWKH IRL GHVFREHUWR SRU DFDVR H DR DFDVR R GHL[DUDP GXUDQWH ORQJRV DQRV 1R SULPHLUR TXDUWHO GR VpFXOR ;9, R JRYHUQR SRUWXJXrV QmR FXLGRX GH VH HVWDEHOHFHU QR WHUULWyULR UHFpP DFKDGR 3HORV GHVHUWRV GR OLWRUDO
  • 35.
    35 PHUFDGHMDYD HP HVFUDYRVPDGHLUDV H DQLPDLV R FRORQR LVRODGR YLYHQGR QR VHX VRQKR GH SLRQHLUR GD FDoD GDV IUXWDV H PDQWLPHQWRV GD WHUUD )RL Mi R GLVVHPRV D pSRFD GRV GHJUHGDGRV GRV FULPLQRVRV GRV QiXIUDJRV GRV JUXPHWHV UHEHODGRV ,QGLYLGXDOLVPR LQIUHQH DQiUTXLFR SHOD ´YRODWLOL]DomR GRV LQVWLQWRV VRFLDLVµ FDGD TXDO WHQGR QR SHLWR D PDLV IRUPLGiYHO DPELomR TXH QHQKXPD OHL RX QHQKXP KRPHP OLPLWDYD H HQWUHJXH DR HQFDQWR GD QRYLGDGH H GD VXUSUHVD &RPR H[FOXVLYD SUHRFXSDomR YLYHU OLYUH H GRPLQDU FRPR ~QLFR DOHQWR D PLUDJHP TXH HQWmR LQFHQGLDYD D LPDJLQDomR GR PXQGR LQWHLUR GH QmR HVWDU PXLWR ORQJH PDV VHPSUH LQDWLQJtYHO R PDUDYLOKRVR 'RUDGR VHQKRU GD ODJRD GH SUDWD GH 0DQRD H GD FLGDGH GR 2XUR URGHDGD GH PRQWDQKDV UHOX]HQWHV GH SHGUDULDV /HQGD FRQWLQHQWDO TXH SRU WRGD SDUWH VH HVSDOKDUD FRPR R 'RUDGR GRV 3DWLWLV QD UHJLmR GRV 0RMRV H &KLTXLWRV R 'RUDGR GRV &HVDUHV QD 3DWDJ{QLD H QR &KDFR R 'RUDGR GDV 6LHWH &LXGDGHV QR 1RYR 0p[LFR H DWp QDV JUDQGHV SODQtFLHV GD $PpULFD GR 1RUWH R 'RUDGR GH 4XLUL]D $ FRQTXLVWD GH 4XLWR H GH &X]FR FRPR TXH FRQILUPDYD HVVH VRQKR 7RUQDYD VH UHDOLGDGH SDOSiYHO R SDtV HQFDQWDGR HP TXH GL]LDP ´SLVDQ ,DV EHVWLDV RUR HV SDQ FXDQWR VH WRFD FRQ ,DV PDQRVµ 3RU WRGD D $PpULFD VH DSUHJRDYD D QRYD GRV WHVRXURV IDEXORVRV OHYDQWDGRV GD WHUUD SHOD HVSDGD VDQJXLQROHQWD GRV &RUWH]HV GRV 3L]DUURV GRV 9DOGLYLDV $oXODYD DLQGD PDLV HVVH IUHQHVL R GRJPD JHRJUiILFR GH TXH VHPSUH QR 2ULHQWH PDLV RXUR H SUDWD HVFRQGLD D QDWXUH]D 6H R 3HUX H R 3RWRVL HUDP R TXH D IDPD UHSHWLD DLQGD PDLRUHV ULTXH]DV GHYLDP FRQWHU RV WHUULWyULRV D OHVWH GRV $QGHV ´2 2ULHQWH p PDLV QREUH TXH R 2FLGHQWH H SRUWDQWR R %UDVLO PDLV RSXOHQWR TXH R 3HUXµ GL]LD R DXWRU GR
  • 36.
    36 ´'LiORJR GDV JUDQGH]DVGR %UDVLOµ $ SUDWD GR 3RWRVL IRL DVVLP GXUDQWH VpFXORV D JUDQGH PLUDJHP TXH DWUDtD DV SRSXODo}HV GR OLWRUDO DWOkQWLFR RX GDV TXH VH DFKDYDP Mi PDLV WHUUD D GHQWUR $ KLVWyULD DLQGD QmR GHVYHQGRX R PLVWpULR GDV UHODo}HV HQWUH D FRVWD 2ULHQWDO GR FRQWLQHQWH H RV SDtVHV WUDQVDQGLQRV GHVGH RV WULOKRV SUp KLVWyULFRV GDV PLJUDo}HV HP GLUHomR OHVWH YLQGDV GD 0HODQpVLD 3ROLQpVLD RX $XVWUiOLD DWp DV H[SHGLo}HV HP VHQWLGR LQYHUVR GH $OHL[R *DUFLD $DODV *DERWR H RXWURV TXH SDUHFH WLQKDP QRWLFLD GRV FDPLQKRV SDUD DV PLQDV OHQGiULDV GD SUDWD $V FRPXQLFDo}HV H[LVWLDP VHP G~YLGD 1D $UJHQWLQD Ki LQGtFLRV GH RFXSDomR LQFiVLFD 'HVGH RV SULQFtSLRV GD FRORQL]DomR VXO DPHULFDQD GD FRVWD GR 3DFtILFR PDLV SRYRDGD GH EUDQFRV DYHQWXUHLURV HPEUHQKDYDP VH DWp D FRVWD j SURFXUD GR PDU RULHQWDO DWUDYpV GR 3DUDJXDL H GR 3DUDQi 'D FRQWLJLGDGH GR 3HUX SRU VHX WXUQR YLQKD D REVHVVmR GR 3RWRVL RX GD SUDWD PDLV YLYD H DQWHULRU j GR RXUR QDV SUHRFXSDo}HV DPELFLRVDV GRV SLRQHLURV GD FRO{QLD SRUWXJXHVD $ *D]HWD $OHPm GH WmR GLVFXWLGD Mi VH UHIHUH D XP SRYR GDV VHUUDV ´ULFR GH DUPDGXUDV IHLWDV GH FKDSDV GH RXUR PXLWR GHOJDGDV TXH RV FRPEDWHQWHV OHYDP VREUH R SHLWR H QD WHVWDµ ( D XPD FRPXQLFDomR WUDQVFRQWLQHQWDO DOXGH D HVWUDQKD FDUWD GH 'LRJR 1XQH] QDUUDQGR D ' -RmR ,,, XPD YLDJHP j SURYtQFLD GH 0DFKLIDOR HP DFRPSDQKDQGR R FDSLWmR $ORQVR 0HUFDGLOOR ´(P HVWD SURYtQFLD GH 0DFKLIDOR TXH HX YL ³ HVFUHYLD 1XQH] ³ VH SRGHP SRYRDU FLQFR RX VHLV YLODV PXL ULFDV SRUTXH VHP G~YLGD Ki QHOD PXLWR RXURµ KDYHQGR SRUpP ´PXLWD WHUUD TXH DQGDU H VDtGD SRU 6mR 9LFHQWHµ 3DUD D JHQWH GR 3DFtILFR D OHQGD WDPEpP FRQWULEXtD SDUD D LOXVmR GDV ULTXH]DV RULHQWDLV VLWXDQGR QHVWH ODGR GDV FRUGLOKHLUDV
  • 37.
    37 QDV PDWDV TXHHVFRQGLDP RV ULRV LPHQVRV R SDtV GDV PDUDYLOKDV TXH 5DOHLJK YHLR D GHVFUHYHU $ UHDOLGDGH SRUpP HUD RXWUD QHVVH iVSHUR FRPHoR GH YLGD FLYLOL]DGD 1HQKXPD RUJDQL]DomR QHQKXP DX[tOLR DSHQDV GH YH] HP TXDQGR XPD QDX SDVVDJHLUD VXUJLD QR FXUWR KRUL]RQWH (UD XP SLUDWD IUDQFrV RX JHQWH SURFXUDQGR DJXDGD H UHIUHVFR HP FDPLQKR GDV ÌQGLDV RX HPEDUFDo}HV GHVJDUUDGDV GDV H[SHGLo}HV SULPHLUDV WUDIHJDQGR DV IHLWRULDV GD FRVWD $V OXWDV FRP RV IUDQFHVHV RFXSDUDP RV SULPHLURV WHPSRV )RUDP IHUR]HV (P DV FLQFR FDUDYHODV H XPD QDX GH &ULVWRYmR -DFTXHV SHUFRUUHP DV FRVWDV GH 3HUQDPEXFR %DKLD H WDOYH] 5LR GH -DQHLUR QXPD JXHUUD GH H[WHUPtQLR DRV HQWUHORSRV HQIRUFDQGR SULVLRQHLURV HQWHUUDQGR RXWURV DWp RV RPEURV SDUD VHUYLUHP GH DOYR DRV DUFDEX]HV SRUWXJXHVHV 2V IDWRV GHPRQVWUDUDP TXH WXGR HUD LQ~WLO VHP VH SRYRDU R SDtV 2V SLUDWDV DIDVWDYDP VH SDUD UHFRPHoDU HP VHJXLGD )RL TXDQGR D PHWUySROH FRJLWRX GD HPSUHVD FRORQL]DGRUD TXH LD FRQILDU D 0DUWLP $IRQVR H TXH YHLR LQLFLDU FRP FXQKR RILFLDO D H[SORUDomR GR LQWHULRU FRPR D GRV TXDWUR KRPHQV TXH SHUFRUUHUDP R LQWHULRU GR 5LR GH -DQHLUR H TXH GHUDP QRYDV ´GH TXH QR ULR GR 3HUDJXD KDYLD PXLWR RXUR H SUDWDµ H D GH &DQDQpLD VRE R FRPDQGR GH 3HUR /RER WUXFLGDGD SHORV VHOYDJHQV GRV FDPSRV GH &XULWLED 2 PDLV HUD D OXWD FRQWUD D QDWXUH]D KRVWLO RX DGRUPHFHGRUD H FRQWUD R tQGLR LQLPLJR 2 HQFDQWR GR SULPHLUR HQFRQWUR FRP D WHUUD GHVFRQKHFLGD GHVDSDUHFLD DRV SRXFRV SDUD VHU VXEVWLWXtGR SRU XPD GXUD UHDOLGDGH HP TXH R FRORQR VH YLD ´DEDIDGR SHOD PDWD YLUJHP SLFDGR SRU LQVHWRV HQYHQHQDGR SRU RItGLRV H[SRVWR jV IHUDV DPHDoDGR
  • 38.
    38 SHORV ÌQGLRV LQGHIHVRFRQWUD RV SLUDWDVµ 3RGH VH GL]HU TXH VRPHQWH R JRYHUQR GH 7RPp GH 6RXVD DSUHVHQWD XP FRPHoR GH RUJDQL]DomR SDUD D FRQTXLVWD GD WHUUD LQLFLDQGR R SHUtRGR DGPLQLVWUDWLYR GD H[SORUDomR GD FRO{QLD 3HUtRGR GDV JUDQGHV H[SHGLo}HV RILFLDLV FRPR D GH %UXVD GH 6SLQRVD D GH 9DVFR 5RGULJXHV &DOGDV D GH 0DUWLP &DUYDOKR GH 6HEDVWLmR )HUQDQGHV 7RXULQKR GH $QW{QLR 'LDV $GRUQR H D TXH *DEULHO 6RDUHV RUJDQL]RX PDV QmR FRQVHJXLX UHDOL]DU (UDP HVVDV H[SHGLo}HV REVHUYD &DOyJHUDV XP HOHPHQWR GH FULDomR OHJDO ³ RFXSDomR TXDVH SDFtILFD HP TXH R tPSHWR JXHUUHLUR GRV VHUWDQLVWDV VH OLPLWDYD j HVFUDYL]DomR GR DERUtJHQH UHEHOGH GHVGH TXH R QmR SXGHVVH VHGX]LU SDUD R WUDEDOKR GD VXD ODYRXUD (VVH DVSHFWR GLIHUHQoD HVVDV HQWUDGDV GD FRQTXLVWD YLROHQWD TXH HQVDQJHQWD D FU{QLFD GRV LQYDVRUHV FDVWHOKDQRV QDV RXWUDV UHJL}HV GR FRQWLQHQWH $V HQWUDGDV SLRQHLUDV RX GH UHVJDWH DEULQGR VH HP OHTXH GDV FRVWDV PDUtWLPDV HP GLIHUHQWHV GLUHWUL]HV j SURFXUD GRV VHUW}HV IRUPDUDP R JUDQGH SURFHVVR GH H[SORUDomR H SRYRDPHQWR TXH p D SUySULD KLVWyULD GR SDtV 0DUWLXV DFRQVHOKD D TXHP D TXLVHU HVFUHYHU D GLYLVmR HP JUXSRV GDV DQWLJDV FDSLWDQLDV VHSDUDQGR D QDWXUH]D ItVLFD RV YiULRV WHUULWyULRV GD FRO{QLD $VVLP FRQYHUJH D KLVWyULD GH 6mR 3DXOR 0LQDV *RLiV H 0DWR *URVVR D GR 0DUDQKmR VH OLJD j GR 3DUi H j URGD GH 3HUQDPEXFR IRUPDP XP JUXSR QDWXUDO R &HDUi 5LR *UDQGH GR 1RUWH H 3DUDtED D KLVWyULD GD %DKLD p ILQDOPHQWH D GH 6HUJLSH $ODJRDV 3RUWR 6HJXUR H GH SDUWH GR 3LDXt H 0DUDQKmR 3DUD XPD VtQWHVH HVVH PpWRGR SHUPLWH GR PHVPR PRGR DJUXSDU R PRYLPHQWR EDQGHLUDQWH HP GLYHUVRV
  • 39.
    39 Q~FOHRV GH LQIOXrQFLDH SHQHWUDomR TXH VHJXLQGR H OLJDQGR RV ULRV GHVYHQGDYDP H H[SORUDYDP R LQWHULRU GD WHUUD 6HUi DVVLP SRVVtYHO UHXQLU H UHVXPLU D QRVVD H[SDQVmR JHRJUiILFD GD PDQHLUD VHJXLQWH D EDQGHLUDV SDXOLVWDV OLJDQGR R 3DUDQi DR 3DUDJXDL H SHOR *XDSRUp 0DGHLUD 7DSDMyV H 7RFDQWLQV DWLQJLQGR R $PD]RQDV R ;LQJX SHODV PiV FRQGLo}HV GH QDYHJDELOLGDGH QXQFD IRL IUHTHQWDGR EDQGHLUDV SDXOLVWDV OLJDQGR R 3DUDtED DR 6mR )UDQFLVFR DR 3DUQDtED H ,WDSHFXU~ DWp R 3LDXt H 0DUDQKmR SRU XP ODGR OLJDQGR R 6mR )UDQFLVFR R 'RFH R 3DUDLEXQD DR 3DUDtED GR 6XO JDOJDQGR D VHUUD GRV ÐUJmRV SDUD WHUPLQDU QD *XDQDEDUD EDQGHLUDV SDXOLVWDV HQWUH D VHUUD GR 0DU H R 3DUDQi WRGDV HODV DWUDYHVVDQGR R 8UXJXDL SDUD R 5LR *UDQGH GR 6XO E EDQGHLUDV EDLDQDV OLJDQGR R 6 )UDQFLVFR DR 3DUQDtED H FKHJDQGR DR 0DUDQKmR SHOR ,WDSHFXU~ EDQGHLUDV EDLDQDV OLJDQGR R 6mR )UDQFLVFR DR 7RFDQWLQV EDQGHLUDV EDLDQDV TXH LQGR GR 6HUUR H 0LQDV 1RYDV SURFXUDYDP R 5LR SHOR FDPLQKR GD WHUUD GR RXUR F EDQGHLUDV SHUQDPEXFDQDV HQWUH R &DSLEDULEH H VHUUD GH ,ELDSDED PXLWR PHQRV LPSRUWDQWHV TXH DV GXDV DQWHULRUHV WUDoDGDV D PHQRU GLVWkQFLD GR OLWRUDO SHOR VHUWmR ´GH IRUDµ UHFHEHQGR PXLWD JHQWH GLUHWDPHQWH GR OLWRUDO VXELQGR RV ULRV TXH QHOH GHVHPERFDP G EDQGHLUDV PDUDQKHQVHV GH SRXFR DOFDQFH OLJDQGR R ,WDSHFXU~ DR 3DUQDtED H 6mR )UDQFLVFR H R 3DUQDtED jV WHUUDV DTXpP GR ,ELDSDED H EDQGHLUDV DPD]{QLFDV TXH SHOR 0DGHLUD VH OLJDUDP jV GH 6mR 3DXOR DOFDQoDUDP RV OLPLWHV GR -DYDUL
  • 40.
    40 H RFXSDUDP D*XLDQD 3RU WRGD D SDUWH R DYHQWXUHLUR FRUULD DWUiV GD SUDWD GR RXUR H GDV SHGUDV SUHFLRVDV TXH GXUDQWH TXDVH GRLV VpFXORV QmR IRUDP VHQmR LOXV}HV H GHVHQJDQRV &RPSHQVDYD D HVWHULOLGDGH GR HVIRUoR D GHVFLGD GR LQGtJHQD (QWUHODoDYDP VH H FRQIXQGLDP VH DVVLP EDQGHLUDV GH FDoD DR JHQWLR H EDQGHLUDV GH PLQHUDomR 4XDQGR VH GLVVLSDYD D PLUDJHP GD PLQD ILFDYD FRPR FRQVROR R tQGLR HVFUDYL]DGR ´HVWHV 6HQKRUHV ³ HVFUHYLD R SDGUH 9LHLUD ³ VmR DV PLQDV FHUWDV GHVWH (VWDGR TXH D IDPD GDV GH RXUR H SUDWD VHPSUH IRL SUHWH[WR FRP TXH DTXL VH LDP EXVFDU DV RXWUDV PLQDV TXH VH DFKDP QDV YHLDV GRV tQGLRV H QXQFD DV KRXYH QD WHUUDµ 1D YHUGDGH DV QRWtFLDV YDJDV GH ULTXH]DV HVFRQGLGDV QRV VHUW}HV DLQGD HUDP PHUDV SURPHVVDV 2 ERP VHQVR SUiWLFR GH DOJXQV DGPLQLVWUDGRUHV FKHJRX D GXYLGDU GR VXFHVVR GHVVDV HPSUHVDV (P R H[SHULPHQWDGR 7RPp GH 6RXVD GHVLOXGLGR GH WDQWD WHQWDWLYD LQ~WLO DFRQVHOKDYD DR SRGHU UHDO ´HX DOJXPDV HQWUDGDV IDUHL PDV Ki GH VHU FRP PXLWR WHPSR H SRXFD SHUGD GH JHQWH H ID]HQGD TXH QmR KHL GH IDODU PDLV HP RXUR VH QmR VH R PDQGDU D YRVVD $OWH]Dµ ( QRV SULPHLURV DQRV GR VpFXOR ;9,, HVFUHYLD DR UHL R JRYHUQDGRU GD UHSDUWLomR GR 1RUWH ' 'LRJR GH 0HQH]HV ´FUHLD Y P TXH DV YHUGDGHLUDV PLQDV GR %UDVLO VmR Do~FDU H SDX EUDVLO GH TXH Y P WHP WDQWR SURYHLWR VHP OKH FXVWDU GH VXD ID]HQGD XP Vy YLQWpPµ 3DUD VXVWHQWDU D TXLPHUD GR RXUR TXH IRL D ORXFXUD GD pSRFD VHPSUH ODWHQWH H LQVLVWHQWH HP WRGRV RV HPSUHHQGLPHQWRV HUD QR HQWDQWR QHFHVViULR YLYHU H WUDEDOKDU D WHUUD SDUD R VXVWHQWR GLiULR GDt SRU WRGR R VpFXOR ;9, R OHQWR SURJUHVVR GD ODYRXUD LQFLSLHQWH H GR FRPpUFLR UXGLPHQWDU &RPR YLPRV D SULQFtSLR YLYLD R
  • 41.
    41 HXURSHX GH FDoDSHVFD H IUXWDV TXH HUDP D EDVH GD VXD DOLPHQWDomR (P SRUpP Mi LQLFLDYD DOJXPD H[SRUWDomR D QDX %UHWRD QHVVH DQR OHYDYD SDUD 3RUWXJDO FLQFR PLO WRURV GH SDX EUDVLO H RV DQLPDLV GRPpVWLFRV TXH R tQGLR FKDPDYD ´PLPEDERµ FRPR YLQWH H GRLV WXLQV GH]HVVHLV VDJLV GH]HVVHLV JDWRV TXLQ]H SDSDJDLRV WUrV PDFDFRV ³ H TXDUHQWD SHoDV GH HVFUDYRV )XQGDUDP VH IHLWRULDV WRVFRV JDOS}HV DVVHQWHV HP PHLR GH HVWDFDGDV SDUD HYLWDU VXUSUHVDV DOJXQV HGLILFDYDP FDVDV FRPHoDYD D DJULFXOWXUD GH JrQHURV H[SRUWiYHLV R Do~FDU R IXPR HWF 'HVWD IDVH p FDUDFWHUtVWLFR R JDGR PL~GR ³ JDOLQiFHRV SRUFRV FDEUDV RYHOKDV R ´IHGHUYLHKµ GRV DOHPmHV (TLQRV H ERYLQRV DLQGD UDURV $ HFRQRPLD QDWXULVWD PRYLPHQWDYD FRP OHQWLGmR D SHUPXWD GRV SURGXWRV ID]LDP VH RV SDJDPHQWRV HP VDO IHUUDPHQWDV ID]HQGDV QXQFD HP GLQKHLUR GH FRQWDGR (UD R TXH %XFKHU FKDPD D HFRQRPLD IHFKDGD RX GRPpVWLFD SURGXWRU H FRQVXPLGRU VmR LGrQWLFRV 2 SUySULR DUUHPDWDQWH GRV LPSRVWRV SDJDYD VH HP JrQHURV )UHL 9LFHQWH GR 6DOYDGRU FRQWD D UHVSHLWR D KLVWyULD GH XP ELVSR GH 7XFXPDQ TXH GH SDVVDJHP HVWLYHUD DOJXP WHPSR QR %UDVLO (VWH ELVSR YLD TXH TXDQGR PDQGDYD FRPSUDU XP IUDQJmR TXDWUR RYRV H XP SHL[H SDUD FRPHU QDGD OKH WUD]LDP SRUTXH QmR VH DFKDYD QD SUDoD QHP QR DoRXJXH H VH PDQGDYD SHGLU DV GLWDV FRXVDV H RXWUDV PDLV jV FDVDV SDUWLFXODUHV OKDV PDQGDYDP ´9HUGDGHLUDPHQWH GL]LD R ELVSR QHVWD WHUUD DQGDP DV FRLVDV WURFDGDV SRUTXH HOD WRGD QmR p UHS~EOLFD VHQGR R FDGD FDVDµ $ FXOWXUD GR Do~FDU DXPHQWRX UDSLGDPHQWH FULDUDP VH SULPHLUR RV HQJHQKRV GH 6mR 9LFHQWH H 3HUQDPEXFR PDLV WDUGH RV GD %DKLD (P HVWHV ~OWLPRV Mi H[SRUWDYDP DUUREDV GH 3HUQDPEXFR QHVVH
  • 42.
    42 PHVPR DQR SDUWLDPQDYLRV FDUUHJDGRV GH Do~FDU H SDX EUDVLO (P GL]LD 3UDUG QmR Ki OXJDU QR PXQGR RQGH VH SURGX]D Do~FDU FRP WDQWD DEXQGkQFLD IDOD HP HQJHQKRV QD FRVWD GR %UDVLO GH ,WDPDUDFi D ,WDQKDpP 'HYH VHU H[DJHUR 3RU HVVD pSRFD GL] &DSLVWUDQR DV VHGHV GDV FDSLWDQLDV PHVPR DV SUyVSHUDV HUDP VLPSOHV OXJDUHMRV $ SURVSHULGDGH UHODWLYD GH 3HUQDPEXFR H D VXD ULTXH]D TXH WDQWR DGPLURX )HUQmR &DUGLP IRL PRWLYDGD DQWHV SHOD VLWXDomR JHRJUiILFD PDLV SUy[LPD GD PHWUySROH GR TXH SHOR GHVHQYROYLPHQWR GDV FXOWXUDV &KDPRX 'XDUWH &RHOKR j VXD &DSLWDQLD ´1RYD /XVLWkQLDµ H HUD GH IDWR FRPR REVHUYD 2OLYHLUD /LPD XP SURORQJDPHQWR GD DQWLJD XP 3RUWXJDO DPHULFDQR 'HVWDFDYD VH GHQWUH DV RXWUDV SHOR DU FLYLOL]DGR TXH OKH HPSUHVWDYD D SUR[LPLGDGH GDV WHUUDV GH DOpP PDU 2 SDVWRUHLR WHYH LQIOXrQFLD PDLV IXQGD H GH PDLRUHV FRQVHTrQFLDV )DFLOLWRX D FRQTXLVWD H R SRYRDPHQWR GR VROR Vy GHSRLV GH SUyVSHUD D FULDomR SXGHUDP VHU WHQWDGDV DV PLQDV $QWHV PRUUHULDP GH IRPH RV PLQHLURV QR GHVHUWR /RJR QDV SULPHLUDV IURWDV FRORQL]DGRUDV FKHJRX D 3HUQDPEXFR %DKLD H 6mR 9LFHQWH JDGR YDFXP LPSRUWDGR GDV LOKDV GH &DER 9HUGH $V H[SHGLo}HV TXH SURFXUDYDP R LQWHULRU HVSDOKDYDP RV FXUUDLV SHORV VHUW}HV SHUQDPEXFDQRV EDLDQRV H VHUJLSDQRV LQGR DWp R 6XO GR &HDUi H GR 0DUDQKmR 'Dt YLQKD DR FHQWUR GH FRQVXPR SHOR SUySULR Sp &DUGLP Mi IDODYD HP SURSULHWiULRV TXH WLQKDP TXLQKHQWDV RX PLO FDEHoDV 1R H[WUHPR 6XO R JDGR DSDUHFH SHOD SULPHLUD YH] HP TXDQGR ³ QDUUD 6RXWKH ³ R FDSLWmR -XDQ GH 6DOD]DU WURX[H GD $QGDOX]LD SDUD R %UDVLO VHWH YDFDV H XP WRXUR 2V DQLPDLV IRUDP WUDQVSRUWDGRV DWp R ULR 3DUDQi H GHSRLV HP MDQJDGD DWp $VVXQomR 'HVVD SRQWD
  • 43.
    43 GH JDGR HGR LPSRUWDGR GR YLFH UHL GR 3HUX GHYH VH WHU HVSDOKDGR SHOR 6XO GH 0DWR *URVVR H SHODV UHGXo}HV MHVXtWLFDV R JUDQGH UHEDQKR TXH UDSLGDPHQWH LQoRX RV FDPSRV H SDQWDQDLV GHVVDV UHJL}HV (P 6mR 9LFHQWH QRV FDPSRV GH 3LUDWLQLQJD VH GHVHQYROYLD WDPEpP D FULDomR LPSRUWDGD GLUHWDPHQWH H DSURYHLWDQGR RV SDVWRV H[FHOHQWHV GRV ODWLI~QGLRV GH VHUUD DFLPD *DEULHO 6RDUHV GL] ´TXH DV RXWUDV FDSLWDQLDV DOL VH LDP SURYHU GH YDFDV SDUD FULDUHPµ 1R 1RUWH R JDGR DFRPSDQKRX R FXUVR GR 6mR )UDQFLVFR QDV PDUJHQV SHUQDPEXFDQD H EDLDQD (P VHJXLGD RXWURV FDPLQKRV VH WRUQDUDP QHFHVViULRV SDUWLQGR GR JUDQGH ULR FLYLOL]DGRU 1HVVD SHQHWUDomR HP TXH R VHUWDQHMR WHYH GH OXWDU FRP PLO GLILFXOGDGHV GHVGH D VHFD H R tQGLR LQLPLJR DWp D IDOWD GH DOLPHQWRV FRPR D IDULQKD H R PLOKR FRQVWLWXLX VH XP PHLR HVSHFLDO TXH &DSLVWUDQR GH $EUHX GHQRPLQRX D ´pSRFD GR FRXURµ ´'H FRXUR HUD D SRUWD GDV FDEDQDV R UXGH OHLWR DSOLFDGR DR FKmR GXUR H PDLV WDUGH D FDPD SDUD RV SDUWRV GH FRXUR WRGDV DV FRUGDV D ERUUDFKD SDUD FDUUHJDU iJXD R PRFy RX DOIRUJH SDUD OHYDU FRPLGD D PDFD SDUD JXDUGDU URXSD D PRFKLOD SDUD PLOKDU FDYDOR D SHLD SDUD SUHQGr OR HP YLDJHP DV EDLQKDV GH IDFD DV EUXDFDV H VXUU}HV D URXSD GH HQWUDU QR PDWR RV EDQJrV SDUD FRUWXPH RX SDUD DSXUDU VDO SDUD RV DoXGHV R PDWHULDO GH DWHUUR HUD OHYDGR HP FRXURV SX[DGRV SRU MXQWDV GH ERLV TXH FDOFDYDP D WHUUD FRP VHX SHVR HP FRXUR SLVDYD VH WDEDFR SDUD R QDUL]µ 1RV VHUW}HV GR 1RUWH LD WHU R 3DXOLVWD D VXD PLVVmR SRYRDGRUD OLJDGD j LQG~VWULD SDVWRULO $PHDoDGRV SHOR JHQWLR UHYROWDGR H SHORV QHJURV GRV 3DOPDUHV RV JRYHUQDGRUHV JHUDLV UHFRUUHUDP j IDPD JXHUUHLUD GRV EDQGHLUDQWHV GH 6mR 3DXOR 'HVVDV H[SHGLo}HV ORQJtQTXDV PXLWRV QmR YROWDUDP DR DOWLSODQR QDWDO
  • 44.
    44 DID]HQGDYDP VH LPRELOL]DGRVQR VHX QRPDGLVPR SRU XP IHQ{PHQR FRQVWDQWH QDV SRSXODo}HV SDVWRULV TXH R JDGR UHWpP H IL[D $SHVDU GR GHVHQYROYLPHQWR DJUtFROD HP FHUWDV FDSLWDQLDV FXOPLQDQGR FRP YiULDV YLFLVVLWXGHV QD H[SORUDomR SHUQDPEXFDQD H EDLDQD GD FDQD GH Do~FDU ³ H FRQFRPLWDQWHPHQWH FRP R HVWDEHOHFLPHQWR GRV FXUUDLV GH JDGR ³ R %UDVLO IRL HQWUHWDQWR QD OHQGD H QD UHDOLGDGH R SDtV GR RXUR H GDV SHGUDV SUHFLRVDV 2 VHUWmR YLYLD FRPR DLQGD YLYH KRMH LQH[SORUDGR JXDUGDQGR HP VHX DUFDQR SDUD R HVFRWHLUR D HVSHUDQoD GH WRGDV DV SRVVLELOLGDGHV $ VXD KLVWyULD QDV VXDV OLQKDV JHUDLV VHUi D KLVWyULD GRV FDWDGRUHV IDLVFDGRUHV H ODYDJHLURV GH RXUR GD SUDWD H GDV SHGUDULDV $WUiV GHVVD DPELomR FRUUHUDP DV EDQGHLUDV SRU WRGD D YDVWLGmR GD WHUUD GHVFRQKHFLGD *XHUUD FRP R HVWUDQJHLUR Vy WLYHPRV QRV SULPHLURV WHPSRV DV TXH SURYRFDUDP DV WHQWDWLYDV GH FRORQL]DomR IUDQFHVD GH 9LOOHJDLJQRQ H /D 5DYDUGLqUH RV UiSLGRV DWDTXHV GRV FRUViULRV LQJOHVHV H RV WULQWD DQRV GH OXWD FLUFXQVFULWD LVRODGD GD LQYDVmR KRODQGHVD 2 PDLV GXUDQWH WmR ORQJRV DQRV IRL R FDWLYHLUR GR JHQWLR H FRP DOWRV H EDL[RV D IHEUH GR RXUR H GD ULTXH]D PLQHLUD 2EVHVVmR GLDEyOLFD 'LQDPLVPR IRUPLGiYHO GH XPD pSRFD GH XPD UDoD H GH XP QRYR WLSR pWQLFR FRQYHUJLQGR QXPD LGpLD IL[D DYDVVDODGRUD 2XUR 2XUR 2XUR $ HVVD YHUGDGHLUD SDQGHPLD Vy HVFDSDUDP GXDV FODVVHV GH FRORQRV RV SDGUHV GD &RPSDQKLD H RV SDUDVLWDV VHGHQWiULRV GD EXURFUDFLD PHWURSROLWDQD (VWHV SHOD HVWXSLGH] YHJHWDWLYD GRV JRYHUQRV FRORQLDLV FDSLWmHV PRUHV ILGDOJRWHV GHVHPEDUJDGRUHV RXYLGRUHV
  • 45.
    45 ELVSRV WRGD DFRPSOLFDGD PiTXLQD DGPLQLVWUDWLYD TXH Mi FRPHoDUD D VXJDU D HQHUJLD GR YHOKR 3RUWXJDO $TXHOHV SHOR GHULYDWLYR GD Ip PLVVLRQHLUD HP TXH QR GHVHQIUHDPHQWR GDV SDL[}HV GR 1RYR 0XQGR R MHVXtWD UHSUHVHQWRX R SRGHU PRGHUDGRU R HOHPHQWR GH FXOWXUD PRUDO GH H[DOWDGR PLVWLFLVPR FRP TXH DTXL FKHJDUDP RV SULPLWLYRV PLVVLRQiULRV GH &RLPEUD H eYRUD 1mR FDEHP QDV FRQVLGHUDo}HV UHVXPLGDV GHVWH HQVDLR LQGDJDU PHOKRU GD LQIOXrQFLD GR MHVXtWD QD IRUPDomR GD QRVVD QDFLRQDOLGDGH 3DVVDGRV RV WHPSRV SULPLWLYRV H DSRVWyOLFRV HP TXH GHVHPEDUFDUDP FRP 7RPp GH 6RXVD RV SULPHLURV SDGUHV D DomR GD &RPSDQKLD DPROGDQGR VH j IRUPD GD VRFLHGDGH j UHEHOGLD GRV LQVXEPLVVRV IRL VHPSUH DWLYD GLUHWD FRQVWDQWH H[HUFHQGR VH HP FDGD IDPtOLD H FDGD LQGLYtGXR SDUD VHU HILFD] VREUH D FROHWLYLGDGH 3UHJDYDP SHOD SDODYUD H SHOR H[HPSOR D DEQHJDomR R GHVSUHQGLPHQWR GH VL IRUDP HQWUH HOHV TXDOLGDGHV QXQFD GHVPHQWLGDV 2 TXH IRL D OXWD FRQWUD RV LQWHUHVVHV DV DPELo}HV D GHYDVVLGmR GD VRFLHGDGH D FRELoD GRV FRORQRV LQGLFD R SHUIHLWDPHQWH D FU{QLFD GDV GLVVHQo}HV HQWUH SLUDWLQLQJDQRV PDUDQKHQVHV H RV SDGUHV TXDQGR DV LQFXUV}HV D SUHWH[WR GH GHIHVD FRQWUD R tQGLR H GH FDWHTXHVH VH WUDQVIRUPDUDP HP H[SHGLo}HV HVFUDYRFUDWDV SURFXUDQGR R JHQWLR FRPR REMHWR GH FRPpUFLR (VVHV FRQIOLWRV VHFXODUHV S}HP HP HYLGrQFLD RV YtFLRV H YLUWXGHV WmR SHFXOLDUHV DR WLSR GR EDQGHLUDQWH GH 6mR 3DXOR e XPD HQWLGDGH KLVWyULFD TXH DRV SRXFRV VXUJH GD OHJHQGD TXH OKH FULDUDP RV VHXV DGPLUDGRUHV RX RV VHXV GHWUDWRUHV ÇQVLD GH LQGHSHQGrQFLD OHYDGD DWH R PRWLP H D UHYROWD H[FHVVRV H EUXWH]D GH KRPHQV GH HQJHQKR UXGH HVFU~SXORV H[tJXRV IRUWDOH]D ItVLFD DSXUDGD SHOD HQGRJRPLD H VHOHomR QXP PHLR SURStFLR
  • 46.
    46 DPELomR GR PDQGRTXH R LVRODPHQWR GD PRQWDQKD GHVHQYROYLD JDQkQFLD GH ULTXH]D UiSLGD D TXH QmR HUD HVWUDQKD D LQIOXrQFLD VHPtWLFD GRV FULVWmRV QRYRV GH 6mR 9LFHQWH H 3LUDWLQLQJD DXVrQFLD GH HOHPHQWRV DOLHQtJHQDV FRQVHTHQWH SUHGRPLQkQFLD GRV IDWRUHV LQGtJHQDV QD FUX]D H QR SHVVRDO GDV H[SHGLo}HV GR VHUWmR ³ IHQ{PHQRV H FRQGLo}HV TXH GHUDP DR PRYLPHQWR GDV EDQGHLUDV SDXOLVWDV XPD IHLomR HVSHFtILFD QR GHVHQYROYLPHQWR GD KLVWyULD GR %UDVLO )RUDP SUHWH[WR SDUD XPD OHQGD GH TXH VmR UHVSRQViYHLV RV KLVWRULyJUDIRV UHJLRQDLV WLYHUDP LQLPLJRV WHUUtYHLV TXH IRUDP RV FURQLVWDV GD &RPSDQKLD 5HSUHVHQWDP SRUpP XPD IRUoD GH KHURtVPR DQ{QLPR H LQGLYLGXDOLVWD GHFLVLYD QD LQWHJUDomR GR WHUULWyULR 7UDoR IULVDQWHPHQWH FDUDFWHUtVWLFR IRL R VHX EDLUULVPR QR VHQWLGR GH LQLFLDWLYD SULYDGD HP FRQWUDSRVLomR jV H[SHGLo}HV RILFLDLV RX RILFLRVDV GDV RXWUDV UHJL}HV GR SDtV H FRPR DX[tOLR TXH DR EUDQFR SUHVWDYD R PDPDOXFR HOHPHQWR QXFOHDU GDV SRSXODo}HV GR SODQDOWR 1R DQVHLR GR HQULTXHFLPHQWR FRPHWHUDP WRGRV RV FULPHV TXH RV KRPHQV GHVVD pSRFD SUDWLFDYDP SDUD VDWLVIDomR GDV VXDV SDL[}HV 9LQGR GD PHVPD RULJHP PHWURSROLWDQD D ÌQGLD Mi OKHV HUD XPD HVFROD GH EDUEiULH H LPRUDOLGDGH ©&DHOXP QRQ DQLPXP PXWDQW TXL WUDQVPDUH FXUUXPª 1DGD VH SDUHFH WDQWR FRP XPD HQWUDGD GHVSRYRDGRUD GRV VHUW}HV GR 3DUDQDSDQHPD GLULJLGD SRU XP 0DQRHO 3UHWR RX XP $QW{QLR 5DSRVR FRPR XP DWDTXH GH VROGDGRV SRUWXJXHVHV D SRYRDo}HV DVLiWLFDV 'HVFLDP Dt GRV QDYLRV TXH QmR VH DIDVWDYDP FRPR UHI~JLR DVVHJXUDGR H UHSDUWLDP VH VRE GXDV RX WUrV EDQGHLUDV QDV TXDLV DYXOWDYD D LPDJHP GD FUX] (QWUDGD D SRYRDomR LQLPLJD WRGR R VHU YLYR HUD PHWLGR j HVSDGD ³ YHOKRV PXOKHUHV FULDQoDV H DWp DQLPDLV
  • 47.
    47 'HSRLV GD PDWDQoDFRPHoDYD R VDTXH ­V YH]HV R JHQWLR UHFDOFLWUDYD (P QD FRVWD GR JROIR 3pUVLFR GHSRLV GH DWDFDGD H VDOWHDGD XPD DOGHLD FDIUH TXDQGR RV VROGDGRV Mi YROWDYDP FDUUHJDQGR FULDQoDV H SREUHV DOIDLDV FHQWR H WDQWRV SUHWRV SHUVHJXHP RV DWDFDQWHV PDWDP PDLV GH FLQTHQWD GRV TXDLV GR]H FDSLWmHV H R YHOKR ' )UDQFLVFR GH $OPHLGD SULPHLUR YLFH UHL GDV ÌQGLDV 1mR HUD PHQRV LQJOyULD D JXHUULOKD GD EDQGHLUD SDXOLVWD 'H IRUPDomR PHQRV YLVWRVD R WHDWUR GDV IDoDQKDV HUD R GHVHUWR KRVWLO H LQVRQGiYHO 'Dt OKH YHP R VHX SULQFLSDO WtWXOR GH JOyULD TXH IRL D OXWD FRQWUD D QDWXUH]D GH TXH ID]LD SDUWH R tQGLR LQGHIHVVR PDV IXJLGLR LQYLVtYHO H HQYROYHQWH 1R JORULRVR DQRQLPDWR GHVVDV H[SHGLo}HV SRXFDV GHL[DUDP D VXD KLVWyULD FRQVLJQDGD QDOJXP URWHLUR RX GLiULR $IXQGDYDP VH SHORV VHUW}HV GHVDSDUHFLDP DWp TXH SRXFDV SDODYUDV QXP SHGDoR GH SDSHO FRPR WHVWDPHQWR RX LQYHQWiULR DQXQFLDVVHP DRV SDUHQWHV R ILP GHVFRQKHFLGR GR SLRQHLUR ´0RUWR QR VHUWmRµ p R HVWULELOKR FRQVDJUDGR QHVVHV GRFXPHQWRV VHP PDLV LQIRUPDo}HV &RQKHFHPRV DV FXUWDV QDUUDWLYDV GH XPD GHVVDV HQWUDGDV H HVVD Mi QXP SHUtRGR PDLV DGLDQWDGR GD H[SORUDomR GR SDtV TXDVH DR ILQGDU D JUDQGH H[SDQVmR EDQGHLUDQWH +HURLFDPHQWH VH UHVXPH HP SRXFDV SDODYUDV 7UDWD VH GH KRPHQV TXH SDUWLUDP SDUD R VHUWmR FDSLWDQHDGRV SRU 3DQWDOHmR 5RGULJXHV 6XELUDP R ULR GDV &RQWDV D SURFXUD GH RXUR 'HUDP ORJR FRP UDVWR GH JHQWLR XQV UHFXDUDP RV UHVWDQWHV FRQWLQXDUDP 6DLUDP ³ GL] D LQIRUPDomR ³ QR ILP GH GRLV PHVHV QXPD PDLRU PDQFKD GH PDWR FRP SHUGD GH DOJXQV IDWLJDGRV GR FDPLQKR H RXWURV DEDQGRQDGRV DR GHVHPSDUR SRU GHELOLWDGRV GH IRUoDV -i D HVWH WHPSR RV FRPSDQKHLURV GD HQWUDGD Vy
  • 48.
    48 HUDP RQ]H VHPPDQWLPHQWRV FRP SRXFD SyOYRUD VHP EDOD RX PXQLo}HV SDUD FDoDUHP H R TXH HUD SLRU FRP UXPR H WLQR SHUGLGRV &RQWLQXDUDP SRUpP SURFXUDQGR VHPSUH R ULR SDUD FHUWH]D GR SHL[H H SDUD QmR SHUGHUHP D iJXD WHQGR Mi SRU LPSRVVtYHO R VH SRGHUHP UHWLUDU $RV FLQFR PHVHV GH YLDJHP Mi HUDP FLQFR RV EDQGHLUDQWHV 6y GRLV IRUDP PDLV WDUGH VRFRUULGRV GH XPD ID]HQGD SUy[LPD TXDQGR XP PRUDGRU LQGR D YDTXHMDU XP JDGR DPRQWDGR GHX FRP RV GRLV FRUSRV GHLWDGRV SDUHFHQGR PDLV FDGiYHUHV TXH YLYRV 7LQKDP JDVWR RLWR PHVHV QD YLDJHP H SHUFRUULGR PDLV GH GX]HQWDV OpJXDV 1R GHVEUDYDPHQWR GRV VHUW}HV D EDQGHLUD IRL VHPSUH XPD HPSUHVD FRQFHELGD H RUJDQL]DGD SDUD D H[SORUDomR GH QHJyFLR 2 JUDQMHLR GR tQGLR HVFUDYL]DGR H YHQGLGR QRV PHUFDGRV GH EHLUD PDU RX XWLOL]DGRV QRV ODWLI~QGLRV GR SODQDOWR SUHSDURX H WRUQRX SRVVtYHO DV HQWUDGDV GH PLQHUDomR TXH UDSLGDPHQWH VH PXOWLSOLFDUDP j SURFXUD GH RXUR ³ RX QD LOXVmR GR RXUR FRPR GLVVH 3UHVFKHO &RP HVVD PLUDJHP R PRYLPHQWR EDQGHLUDQWH VH LQWHQVLILFRX HP 6mR 9LFHQWH H QRV FDPSRV GD VHUUD GR 0DU LUUDGLDQGR QXP VHP Q~PHUR GH H[SHGLo}HV $SHVDU GH WRVFDPHQWH DSDUHOKDGRV SHUFRUUHUDP TXDVH TXH WRGR R FRQWLQHQWH HP FRUUHULDV TXH UHSUHVHQWDP XP HVIRUoR JLJDQWHVFR 0DQRHO 'LDV GD 6LOYD p DVVLQDODGR SHUWR GH 6DQWD )p QD $UJHQWLQD DVVLP FRPR 5RGULJXHV GH $U]mR QD &RO{QLD GR 6DFUDPHQWR 'RPLQJRV %DUERVD &DOKHLURV H R PHVPR $U]mR $QGUp )HUQDQGHV 0DQRHO GH &DPSRV %LFXGR QR 3DUDJXDL QD %ROtYLD MXQWR D 6XFUH $QW{QLR 5DSRVR 7DYDUHV $QW{QLR &DVWDQKR GD 6LOYD H -RmR 5DPDOKR GH $OPHLGD H PDLV DR 1RUWH QD YL]LQKDQoD GH 6DQWD &UX] GH /D 6LHUUD $QW{QLR )HUUD] GH $UD~MR 0DQRHO GH )ULDV H *DEULHO $QWXQHV 0DFLHO QR FRUDomR GR 3HUX HP FDPLQKR GH &X]FR H PDLV DOpP GD 1RYD
  • 49.
    49 *UDQDGD GRV FRQTXLVWDGRUHVHVSDQKyLV SURFXUDQGR WDOYH] R 3DFtILFR HVVH H[WUDRUGLQiULR $QW{QLR 5DSRVR 7DYDUHV GH TXHP Mi VH GLVVH SDUHFHU GHPDVLDGR R TXH IH] SDUD FDEHU GHQWUR GD YLGD GH XP KRPHP Vy 'HVWH FRQKHFHPRV SRU WHVWHPXQKR FRHYR XPD LQIRUPDomR GR SUySULR SDGUH 9LHLUD QXPD FDUWD GH H DWp XOWLPDPHQWH LQpGLWD GLULJLGD DR 3URYLQFLDO GR %UDVLO (QFRQWURX R R MHVXtWD QR H[WUHPR 1RUWH GHSRLV GH XPD GH VXDV DUUHPHWLGDV FRQWUD DV UHGXo}HV GR 3DUDJXDL RQGH DOpP GR H[WHUPtQLR GH PLOKDUHV GH tQGLRV PDWDUD XP GRV SDGUHV GD &RPSDQKLD ´2 PDWDGRU ³ GL]LD 9LHLUD ³ DR WHPSR TXH LVWR HVFUHYR HVWi QR 3DUi H VH DSRQWD FRP R GHGR H RV TXH JRYHUQDP R HFOHVLiVWLFR H R VHFXODU SRVWR TXH R FRQKHoDP R GHL[DP DQGDU WmR VROWR H WmR DEVROWR FRPR RV GHPDLV µ 4XDQGR RV YLX R MHVXtWD WLQKDP RV EDQGHLUDQWHV SHUFRUULGR XPD JUDQGH SDUWH GR LQWHULRU GD $PpULFD JDVWDQGR WUrV DQRV H GRLV PHVHV QHVVH ©JUDQGH URGHLRª H QDYHJDQGR PDLV GH WUrV PLO OpJXDV GH ULR 2V VHXV FULPHV TXH 9LHLUD DVVLQDOD QmR GHVOXVWUDYDP R YDORU GD IDoDQKD ©XPD GDV PDLV QRWiYHLV TXH DWp KRMH VH WHP IHLWR QR PXQGR FRPR GRV $UJRQDXWDV FRQWDP DV IiEXODV FRP H[HPSOR YHUGDGHLUDPHQWH JUDQGH GH FRQVWkQFLD H YDORU ª $R FKHJDUHP DR *XDSRUp HUDP DSHQDV VRE DV RUGHQV GR 0HVWUH GH &DPSR FLQTHQWD H QRYH 3DXOLVWDV H DOJXP JHQWLR 2 RXUR EUDVLOHLUR GHIHQGLD VH HQWUHWDQWR SHORV REVWiFXORV QDWXUDLV TXH VXUJLDP GLDQWH GRV SDVVRV GRV PLQHUDGRUHV HVFRQGLD VH WUDLoRHLUR QD WUDPD LPSHQHWUiYHO GDV PDWDV GR GHVHUWR 0DV QHP SHULJRV IDGLJDV RX GHVLOXV}HV HVPRUHFLDP D SDL[mR GRV DYHQWXUHLURV 2V EDQGRV HPEUHQKDYDP VH
  • 50.
    50 LQLQWHUUXSWDPHQWH SHOR LQWHULRUSURIXQGR H SRU WRGD D SDUWH R VHUWDQLVWD SHUYDJDYD VHP UXPR QD DOXFLQDomR GR SUHFLRVR PHWDO $VVLP )HUQmR 'LDV QR VRQKR GDV HVPHUDOGDV GH 6DEDUDEXVV~ WULOKDQGR VHP R VDEHU DV DOXYL}HV ULTXtVVLPDV GR ULR GDV 9HOKDV DVVLP R $QKDQJXHUD SURFXUDQGR GXUDQWH DQRV SHORV FKDSDG}HV GH *RLiV RV 0DUWtULRV FRP TXH VRQKDUD PHQLQR +HUyLV GH XPD KHURLFLGDGH LQVWLQWLYD TXRWLGLDQD H GHVRUGHQDGD IDUHMDQGR RV VHUW}HV SDUD TXH RXWURV VH DSURYHLWDVVHP GD FDoD IDOWDYD OKHV QR HQWDQWR R SHVVRDO H R DSDUHOKDPHQWR WpFQLFR LQGLVSHQViYHLV D WDLV HPSUHVDV 1R FRPHoR GR VpFXOR ;9,, 'LRJR %RWHOKR H ' )UDQFLVFR GH 6RXVD HP 6mR 3DXOR WHQWDUDP XPD RUJDQL]DomR SUiWLFD GD EDQGHLUD GH PLQHUDomR 'R ~OWLPR D PRUWH OKH LQWHUURPSHX RV SUHSDUDWLYRV Mi DGLDQWDGRV 'H]HQDV GH DQRV PDLV WDUGH ' 5RGULJR GH &DVWHO %ODQFR H 0DWKLDV &DUGRVR FRP DV PHVPDV LGpLDV GH PHOKRU SUHSDUR WpFQLFR VmR REULJDGRV D FDUUHJDU HP UHGH R SHULWR -RmR $OYHV &RXWLQKR GD %DKLD $R EDQGHLUDQWH HP JHUDO EDVWDYDP D VXD UHVLVWrQFLD ItVLFD H D WHLPRVLD LQVLVWHQWH H LPSXOVLYD TXH R HPSXUUDYD VHPSUH SDUD PDLV ORQJH $ H[SOLFDomR GHVVD GHVSURSRUomR HQWUH RV UHVXOWDGRV SUiWLFRV REWLGRV H R HVIRUoR GHVFRPXQDO GLVSHQGLGR HVWi QD UHVLVWrQFLD SDVVLYD GD QDWXUH]D HVFRQGHQGR R RXUR QD KRVWLOLGDGH GR FOLPD GD PDWD GR GHVHUWR H QD LJQRUkQFLD WpFQLFD GRV SLRQHLURV $ IDVFLQDomR GD PLQD SRUpP LQYDGLUD R %UDVLO LQWHLUR $ REVHVVmR IRL FRQWtQXD HVSDOKDGD SRU WRGDV DV FODVVHV FRPR XPD ORXFXUD FROHWLYD (VVH FDUDFWHUtVWLFR QD IRUPDomR GD QDFLRQDOLGDGH p TXDVH ~QLFR QD KLVWyULD GRV SRYRV 2V DJUXSDPHQWRV pWQLFRV GD FRO{QLD ³ RV PDLV YDULDGRV GH 1RUWH D 6XO ³ QmR WLYHUDP RXWUR LQFHQWLYR LGHDOLVWD VHQmR HVVH GH
  • 51.
    51 SURFXUDU WHVRXURV QRVVRFDY}HV GDV PRQWDQKDV H QRV FDVFDOKRV GRV FyUUHJRV H ULRV GR LQWHULRU 2XWUDV WHUUDV SHOR PXQGR VRIUHUDP WDPEpP GHVVD YHUWLJHP GR RXUR $ &RO{QLD GR &DER D $XVWUiOLD D &DOLIyUQLD FRQKHFHUDP D ORXFXUD GDV PLQDV IDEXORVDV PDV D IHEUH VH H[WLQJXLD UDSLGDPHQWH FRPR XP LQFrQGLR SDUD VH WUDQVIRUPDU QR LQGXVWULDOLVWQR GDV PLQDV H H[SORUDo}HV FRPHUFLDLV $V SUySULDV OHQGDV ³ REVHUYD 0DUWLXV ³ TXH QD (XURSD IRUQHFHP j SRHVLD SRSXODU WRGR XP PXQGR GH IDGDV FDYDOKHLURV GXHQGHV H HVSHFWURV QR %UDVLO SULPLWLYR FRQVLVWLDP HP KLVWyULDV IDQWiVWLFDV GH ULTXH]DV HVFRQGLGDV PLQDV GH SHGUDULDV H WHVRXURV HQWHUUDGRV QRV VHUW}HV ORQJtQTXRV $VVLP QDUUD R FURQLVWD R FDVR GR tQGLR TXH SURPHWHUD OHYDU XP JUXSR GH SLRQHLURV SRUWXJXHVHV DWp XPD PLQD ´GH RXUR OLPSR H GHVFREHUWRµ PXLWDV OpJXDV SHOR VHUWmR D GHQWUR GH 6mR 9LFHQWH 5HFHDYD SRUpP PRVWUi OD SRUTXH WRGRV PRUULDP TXDQGR D TXHULDP UHYHODU DRV EUDQFRV (VVH WDPEpP SDJRX D VXD SHQD SRUTXH TXDQGR DPDQKHFHX R HQFRQWUDUDP PRUWR DVVLP FRPR D WRGRV RV PDLV TXH WHQWDUDP YLRODU R VHJUHGR GD QDWXUH]D )RL HVVD VLPEROLFDPHQWH D KLVWyULD GR RXUR QR %UDVLO 'XUDQWH GRLV VpFXORV R VDFULItFLR GH YLGDV RX R HVIRUoR GRV KRPHQV IRL LQ~WLO H LQIUXWtIHUR $SHQDV HP XP RX RXWUR SRQWR DOJXP IDLVFDGRU PDLV IHOL] HQULTXHFLD D FXVWD GR RXUR GH ODYDJHP FRPR QR -DUDJXi HP 6mR 3DXOR $IRQVR 6DUGLQKD R PRoR TXH GL]HP GHL[RX HP WHVWDPHQWR FUX]DGRV GH RXUR HP Sy HVFRQGLGRV HP ERWHOKDV GH EDUUR HQWHUUDGDV 2 UHVWR HUD PLUDJHP kQVLD GH ULTXH]D DPELomR LQVDWLVIHLWD 6y QD ~OWLPD GH]HQD GR VpFXOR ;9,, VH GHVYHQGDUDP DR PXQGR DV PLQDV ULTXtVVLPDV GDV *HUDLV ,D FRPHoDU HQWmR XP QRYR GUDPD
  • 52.
    52 6RXWKH HVFUHYHX XPDSiJLQD DGPLUiYHO VREUH R GHVYDULR GRV EXVFDGRUHV GH RXUR 9LYLDP QXP FRQWtQXR VRQKR GH HVSHUDQoD YtWLPDV GH XPD HVSpFLH GH ORXFXUD IRUPD DJXGD H FU{QLFD GD GRHQoD TXH p D SDL[mR GR MRJR +RPHQV GH UHSXWDGD SUXGrQFLD PHVPR SDUFLPRQLRVRV UDSLGDPHQWH WUDQVIRUPDYDP D DYDUH]D HP SURGLJDOLGDGH 1D REVHVVmR GD LGpLD IL[D WXGR FRQYHUJLD SDUD D VXD UHDOL]DomR WXGR OKHV LQGLFDYD UD]RiYHO RX IDQWDVWLFDPHQWH D SUR[LPLGDGH GR WHVRXUR HQFREHUWR R VLPSOHV DVSHFWR H WDPDQKR GH XP PRUUR RX D TXDOLGDGH GD HUYD TXH R FREULD 2 GLD VHJXLQWH SRGLD VHU D FRPSHQVDomR GH DQRV H DQRV GH SHQRVRV H SDFLHQWHV WUDEDOKRV 2 TXH VH SDVVRX HQWUH QyV IRL D FRQILUPDomR GHVVH PLODJUH SRVVtYHO TXH p D SUySULD YLGD GR PLQHUDGRU $V FLUFXQVWkQFLDV LDP IDYRUHFr OR R RXUR QmR VH HVFRQGLD QDV SURIXQGH]DV GD WHUUD DIORUDYD IDFLOPHQWH FRP PHQRV GLVSrQGLR GH FDSLWDO H GH WUDEDOKR H FRP PHQRV ULVFR H PDLRU OXFUR GR TXH HP RXWUDV SDUWHV GR FRQWLQHQWH 3HORV DQRV GH FRQWD $QWRQLO $QGUHRQL XP PXODWR GH &XULWLED HQFRQWUDUD QR ULDFKR FKDPDGR 7ULSXt XQV JUDQLWRV FRU GH DoR TXH YHQGHX HP 7DXEDWp D 0LJXHO GH 6RXVD HUD RXUR ILQtVVLPR $OJXPDV EDQGHLUDV SDXOLVWDV TXH DQGDYDP j SURFXUD GH tQGLRV D HVFUDYL]DU H OHYDQGR WDOYH] GDV ODYUDV GR OLWRUDO PLQHLURV PDLV SUiWLFRV WLYHUDP HP VHJXLGD D UHYHODomR GHVOXPEUDQWH GD ULTXH]D DXULIHUD GD UHJLmR 3RXFR WHPSR GHSRLV HQWUH D VH GHVFREUHP DV PLQDV GH ,WDEHUDED QD SDVVDJHP GD EDFLD GR 5LR *UDQGH SDUD R 'RFH GDt HVWHQGHUDP VH DV SHVTXLVDV SDUD DV LPHGLDo}HV GD VHUUD GH ,WDWLDLD H GH ,WDFRORPL RX 2XUR 3UHWR 3DUD RV PLQHUDGRUHV RV
  • 53.
    53 UHVXOWDGRV GHVWDV H[SORUDo}HVIRUDP VXUSUHHQGHQWHV $ IDPD GDV GHVFREHUWDV HP Mi VH HVSDOKDYD SRU WRGR R %UDVLO DV WUDQVPLJUDo}HV VH DYROXPDUDP UDSLGDPHQWH GDV FLGDGHV YLODV UHF{QFDYRV H VHUW}HV DIOXtDP EUDQFRV SDUGRV SUHWRV H tQGLRV FRQWD XPD WHVWHPXQKD GD pSRFD $ PLVWXUD HUD GH WRGD D FRQGLomR GH SHVVRDV KRPHQV H PXOKHUHV PRoRV H YHOKRV SREUHV H ULFRV QREUHV H SOHEHXV VHFXODUHV H UHOLJLRVRV 2 SUySULR JRYHUQDGRU GR 5LR $UWKXU GH 6i H 0HQH]HV DEDQGRQDQGR SRVLomR H GHYHUHV SDUWH SDUD RV GHVFREHUWRV DVVRFLD VH FRP PLQHLURV H DWLUD VH FRPR XP DYHQWXUHLUR j SURFXUD GR SUHFLRVR PHWDO Vy YROWD TXDQGR VH MXOJRX ULFR )RUDVWHLURV FKHJDYDP jV FLGDGHV PDUtWLPDV FRPR WULSXODQWHV GH QDYLRV IRUMDYDP SDVVDSRUWHV H IXJLDP HP GHPDQGD GR VHUWmR 2 RXUR GDV PLQDV GR 6XO GLVVH 5RFKD 3LWWD IRL D SHGUD tPm GD JHQWH GR %UDVLO )RL D YHUWLJHP PLQHLUD R GHVYDULR TXH HP RXWURV WHPSRV YLHUDP D FRQKHFHU RV SLRQHLURV GD &DOLIyUQLD RX RV ´SURVSHFWHUVµ GR $ODVFD $ PHWUySROH FRUULJLQGR HUURV DQWHULRUHV RUJDQL]DYD jV SUHVVDV R VHX VLVWHPD GH WULEXWDomR PRGLILFDQGR R VHJXQGR D PDLRU RX PHQRU UHVLVWrQFLD GRV SRYRV SRU EDWpLD SRU ILQWDV SRU TXLQWRV H HP ~OWLPR FDVR SHORV ULJRUHV GD FDSLWDomR 2 RXUR GDYD SDUD WXGR H SDUD WRGD D JHQWH DOpP GR PLQHUDGRU HQULTXHFLD R ILVFR DV DGPLQLVWUDo}HV D FRUWH H R UHL GH 3RUWXJDO &RPR TXH SDUD DoXODU D DPELomR GRV TXH R SURFXUDYDP YDULDYD GH TXDOLGDGH RXUR SUHWR WHQGR QD VXSHUItFLH DQWHV GH LU DR IRJR XPD FRU VHPHOKDQWH j GR DoR SRU GHQWUR GL]LDP WLQKD UHIOH[RV TXH SDUHFLDP UDLRV GH VRO RXUR GR 5LEHLUmR FRPSHWLQGR QD TXDOLGDGH FRP R RXUR SUHWR H DOFDQoDQGR YLQWH H GRLV TXLODWHV RXUR GR ULEHLUR GH %HQWR 5RGULJXHV LQIHULRU DRV SUHFHGHQWHV
  • 54.
    54 RXUR GR ULEHLURGR &DPSR H GR ULEHLUR GH 1RVVD 6HQKRUD GH 0RQWHVHUUDWH JURVVR H PXLWR DPDUHOR RXUR GR ULR GDV 9HOKDV ILQtVVLPR RXUR GR 5LEHLUmR GR ,WDWLDLD GH FRU EUDQFD FRPR D SUDWD DLQGD LQFRPSOHWDPHQWH IRUPDGR $V IRUWXQDV DPRQWRDYDP VH UHSHQWLQDPHQWH SHOR DFDVR IHOL] GDV GHVFREHUWDV &RQWD $QWRQLO TXH %DOWKD]DU GH *RGR DMXQWDUD YLQWH DUUREDV GH RXUR 0DQRHO 1XQHV 9LDQQD R FDXGLOKR GD JXHUUD GRV HPERDEDV XP SRXFR PHQRV 7KRPD] )HUUHLUD JUDQGH WUDILFDQWH HP HVFUDYRV JDGR H PDQWLPHQWRV PDLV GH TXDUHQWD H )UDQFLVFR $PDUDO FLQTHQWD DUUREDV 9LOD 5LFD SRU PHDGRV GR VpFXOR HUD D FLGDGH PDLV RSXOHQWD GR PXQGR VH RXUR H VRPHQWH RXUR FRQVWLWXL ULTXH]D 3DUD R %UDVLO SRUpP HVVH VpFXOR ;9,,, IRL WDPEpP R VpFXOR GR VHX PDUWtULR &RPR QR GUDPD KLVWyULFR GD &DOLIyUQLD HP TXH R YHOKR 6XWHU PLOOLRQiULR VH DUUXLQDYD SHOR DFKDGR GH XPD PLQD ULTXtVVLPD QDV VXDV WHUUDV GH ODYRXUD FREHUWDV GH YLQKDV ROLYHLUDV H JDGR GH UDoD ³ R RXUR HPSREUHFLD R %UDVLO *XHUUD FLYLO LQRPLQiYHLV DEXVRV GR ILVFR H GR FOHUR HSLGHPLDV GH IRPH HP TXH VH PRUULD GH LQDQLomR DR ODGR GH PRQWHV GH RXUR SHOR DEDQGRQR GD FXOWXUD H GD FULDomR 1RV SULPHLURV WHPSRV GRV GHVFREHUWRV XP ERL FKHJRX D YDOHU FHP RLWDYDV GH RXUR HP Sy XP DOTXHLUH GH IDULQKD TXDUHQWD $ VLWXDomR Vy PHOKRURX TXDQGR FRPHoDUDP D FKHJDU DV ERLDGDV GH &XULWLED H DR ULR GDV 9HOKDV RV UHEDQKRV GRV FDPSRV EDLDQRV 2OKRV IL[RV QD ORWHULD GD PLQD VXUJLQGR GH UHSHQWH D SRSXODomR YLYLD HQWUH D PDLV DEMHWD LQGROrQFLD H IUHQHVL GH PLQHUDomR GHVRUGHQDGD 'H IDWR Vy R QHJUR WUDEDOKDYD H HVWH FRPSUDYD VH D TXDOTXHU SUHoR SDUD RV
  • 55.
    55 PLVWHUHV GD PLQHUDomR$EDQGRQDYD VH D DJULFXOWXUD R FXOWLYR GD FDQD GLPLQXLX D WDO SRQWR TXH RV PHUFDGRV TXH DEDVWHFLDP R Do~FDU EUDVLOHLUR VRIUHUDP XPD FULVH VpULD WHQGR GH UHFRUUHU j SURGXomR LQJOHVD H IUDQFHVD HQWmR LQFLSLHQWH ( UDSLGDPHQWH R SDtV VH GHVSRYRDYD 1R HQWDQWR D H[SORUDomR GDV PLQDV FRQWLQXDYD D IRUQHFHU ULTXH]DV IDQWiVWLFDV 3RXFR GHSRLV GDV *HUDLV VH GHVFREULUDP DV PLQDV GR ULR GDV &RQWDV H -DFRELQD (P DSDUHFHUDP RV SULPHLURV GLDPDQWHV GR 6HUUR )ULR $ QRYD GHVFREHUWD IRL FHOHEUDGD FRP JUDQGH M~ELOR QD &RUWH GH ' -RmR 9 KRXYH IHVWDV HVSOrQGLGDV 7H 'HXPV SURFLVV}HV 2 3DSD PDQGRX IHOLFLWDo}HV DR UHL RXWURV PRQDUFDV GD (XURSD R FXPSULPHQWDYDP ´FRPR VH VH GHVFREULUD FRXVD TXH GHYLD UHJHQHUDU H IHOLFLWDU R 8QLYHUVRµ ­ YHUWLJHP GR RXUR MXQWDYD VH D ORXFXUD GD SHGUD SUHFLRVD pSRFD GHVOXPEUDQWH GR 7LMXFR GRV FRQWUDWDGRUHV GH GLDPDQWHV GRV QRYRV ULFRV RVWHQWDQGR IRUWXQDV IDEXORVDV 8P GHOHV -RmR )HUQDQGHV GH 2OLYHLUD FHOHEUL]RX VH SHOR GLQKHLUR H HVFDQGDORVD SDL[mR SHOD PXODWD &KLFD GD 6LOYD 1XPD FKiFDUD GD DPDQWH R FRQWUDWDGRU PDQGRX DEULU YDVWR WDQTXH H QHOH ODQoRX SDUD VDWLVID]HU XP FDSULFKR XP SHTXHQR QDYLR SRGHQGR FRQWHU RLWR D GH] SHVVRDV FRP YHODV PDVWURV FDERV HWF FRPR VH IRVVH XPD YHUGDGHLUD HPEDUFDomR 0DLV WDUGH 3RPEDO OKH H[LJLX XPD LQGHQL]DomR SRU LQIUDo}HV GR FRQWUDWR -RmR )HUQDQGHV WHYH GH HQWUDU SDUD RV FRIUHV S~EOLFRV FRP D HQRUPH TXDQWLD GH RQ]H PLOK}HV GH FUX]DGRV (VWH GHVIDOTXH QmR OKH DEDORX D IRUWXQD PRUUHX ULFR HP /LVERD QR DQR GH 1D PHWUySROH GH D D IHEUH DWLQJLUD R DXJH 1HVWH ~OWLPR DQR WHUPLQDYD R UHLQDGR VXOWDQHVFR GH ' -RmR 9 QXPD DSRW HRVH GH ORXFXUD H GH
  • 56.
    56 HVEDQMDPHQWRV 3DUD LVVRFRQWULEXtD VRPHQWH 0LQDV H DWp FRP DUUREDV GH RXUR QmR FRQWDQGR RV TXLQWRV RV Gt]LPRV RV GLUHLWRV GDV HQWUDGDV DV SDVVDJHQV GRV ULRV $Wp D H[WUDomR HP 0LQDV GHYH WHU DQGDGR SRU SHUWR GH DUUREDV 2 UHVWR GR %UDVLO QHVVH SHUtRGR SDUHFH WHU IRUQHFLGR D 3RUWXJDO VHJXQGR RV FiOFXORV GH &DOyJHUDV FHUFD GH DUUREDV 'LJDPRV QXP WRWDO IDEXORVR FHUFD GH DUUREDV GH RXUR 1DGD SRUpP EDVWDYD SDUD D YRUDFLGDGH GD PHWUySROH 3DUD D FDUROLFH GR UHL SDUD RV GHVSHUGtFLRV GR UHLQR 1HP DV ILQDQoDV GR (VWDGR PHOKRUDUDP QHP DXPHQWRX D IRUWXQD S~EOLFD 2 *RYHUQR DVVREHUEDGR SHODV GHVSHVDV QmR SRGLD UHVROYHU R HQLJPD GH WDQWD IDOWD GH GLQKHLUR DR ODGR GH PRQWDQKDV GH RXUR 3DUD D ,QJODWHUUD HVFRDYD VH XPD SDUWH GD UHFHLWD FRORQLDO QDV FRPSUDV GH WHFLGRV GH VHGD H GH Om GH TXH SUHFLVDYD R OX[R GD FRUWH SDUD D DOLPHQWDomR H[SRUWDYDP VH JUDQGHV VRPDV SDUD RXWURV SDtVHV GR 1RUWH R UHVWR GLVSHQGLD VH HP SHQV}HV DRV FRUWHVmRV HP JDVWRV FRP HPEDL[DGDV H FRQVWUXo}HV GLVSHQGLRVDV 8PD PLVVmR D 5RPD FXVWRX GRLV PLOK}HV GH FUX]DGRV R &RQGH GH 7DURXFD UHFHELD XPD SHQVmR GH FUX]DGRV R 0DUTXrV GH $EUDQWHV GH $ FRQVWUXomR GH 0DIUD DEVRUYLD D LPSRUWkQFLD GD UHFHLWD H GHVSHVD WRWDLV GR (VWDGR HPSUHJDYDP RSHUiULRV TXH VH SDJDYDP FRP GLILFXOGDGH ( TXDQGR PRUUHX ' -RmR 9 D SHQ~ULD GR (VWDGR HUD WDO TXH R JRYHUQR UHFRUUHX D XP QHJRFLDQWH GH /LVERD SDUD DV GHVSHVDV GRV IXQHUDLV 1R %UDVLO VDQJUDGR H[DXVWR VH H[WLQJXLD WDPEpP D IRQWH PLODJURVD GH WDPDQKD ULTXH]D $ MXQWD GD ID]HQGD GH 9LOD 5LFD HP MXOJDYD GLItFLO RX TXDVH
  • 57.
    57 LPSRVVtYHO D FREUDQoDGRV SHVDGRV LPSRVWRV FULDGRV SHOR JRYHUQR UHDO 2 ODQoDPHQWR GD GHUUDPD GL]LDP ID]LD FRP TXH ´RV PLQHLURV SRU IDOWD GH LQWHUHVVH RV QHJRFLDQWHV SRU IDOWD GH FRPpUFLR H RV URFHLURV SRU IDOWD GH FRQVXPLGRUHV DEDQGRQDVVHP D FDSLWDQLD TXH ILFDYD TXDVH GHVHUWDµ 2 RXUR GDV PLQDV HP Sy SDVVDUi WRGR SDUD R HVWUDQJHLUR Mi REVHUYDYD $QWRQLO ´VDOYR R TXH VH JDVWD HP FRUG}HV DUFDGDV H RXWURV EULQFRV GRV TXDLV VH YrP KRMH FDUUHJDGDV DV PXODWDV GH PDX YLYHU H DV QHJUDV PXLWR PDLV TXH DV VHQKRUDVµ ,VWR HP SOHQD SURVSHULGDGH QRV SULPHLURV DQRV GR VpFXOR ;9,,, DR ILQGDU HVVH VpFXOR HUD SRUpP GHVRODGRUD D VLWXDomR GD FDSLWDQLD 3RU HVVH WHPSR D PLQHUDomR TXDVH DEDQGRQDGD PDO GDYD SDUD R VXVWHQWR GRV PLQHUDGRUHV HVWHV FRQVWLWXtDP XPD FODVVH GH LQGLJHQWHV 3URFXUDYDP OLYUDU VH GD PLVpULD SHOD YROWD DRV WUDEDOKRV DJUtFRODV TXH GHVFRQKHFLDP SRU FRPSOHWR 2 HVWDGR GD VRFLHGDGH GHSORUiYHO SRXFDV SHVVRDV WDOYH] PHLD G~]LD GH IDPtOLDV SRVVXtDP DOJXQV KDYHUHV RX XPD FHQWHQD GH HVFUDYRV 2 YLDMDQWH TXH VH DYHQWXUDYD SRU HVVDV UHJL}HV GHYLD OHYDU SURYLV}HV SRUTXH HP SDUWH DOJXPD DV SRGHULD FRPSUDU DR FRQWUiULR R SUySULR KDELWDQWH GD FDVD D FXMD SRUWD EDWHVVH WDOYH] OKH VXSOLFDVVH ´SHOR DPRU GH 'HXVµ D HVPROD GH XP SXQKDGR GH IDULQKD $OpP PDU QmR HUD PXLWR PHOKRU D VRUWH GR F~PSOLFH GHVVH FULPH HVW~SLGR TXH IRL D H[SORUDomR GDV PLQDV GR %UDVLO $ DGPLQLVWUDomR SRPEDOLQD SRU DOJXP WHPSR FRQVHJXLX GHVHQYROYHU D SURGXomR H FRPpUFLR GDV FRO{QLDV VREUHWXGR GD ÌQGLD (PSUHHQGHX D WDUHID GLItFLO GH UHWHU QR SDtV R RXUR TXH R %UDVLO DLQGD SURGX]LD +RXYH XP UHFRPHoR GH SURVSHULGDGH TXH GXURX DOJXQV
  • 58.
    58 DQRV PHVPR GHSRLVGD TXHGD GH 3RPEDO 0DV HP TXDQGR 3RUWXJDO VH MXQWRX j ,QJODWHUUD FRQWUD D )UDQoD WRGR R SDVVDJHLUR UHVXUWR Mi VH WLQKD GLVVLSDGR VHP GLQKHLUR VHP HVTXDGUD VHP H[pUFLWR R YHOKR UHLQR VH HQWUHJRX GH FRUSR H DOPD DR DOLDGR SRGHURVR TXH OXWDYD FRQWUD 1DSROHmR (P GL] (OLVpH 5HFOXV TXDQGR R UHL SDUWLX SDUD R %UDVLO 3RUWXJDO SRGHULD GHVDSDUHFHU VXELWDPHQWH QXP FDWDFOLVPD TXH QLQJXpP QR PXQGR VH VHQWLULD OHVDGR QRV VHXV LQWHUHVVHV ³ D QmR VHU DOJXQV QHJRFLDQWHV LQJOHVHV SURSULHWiULRV GH YLQKHGRV QR 'RXUR RX RV FRQWUDEDQGLVWDV HVSDQKyLV GD IURQWHLUDµ 7LQKD IDOWDGR D 3RUWXJDO D YHUGDGHLUD FRPSUHHQVmR KLVWyULFD H HFRQ{PLFD GD VXD PLVVmR PHWURSROLWDQD $ QDomR H R JRYHUQR UHFHELDP FRPR XPD HVPROD R RXUR DV SHGUDV SUHFLRVDV H RV SURGXWRV FRPHUFLiYHLV GDV FRO{QLDV 4XLVHUDP YLYHU VHP WUDEDOKDU $ VXD JUDQGH REUD FRPR TXH LQFRQVFLHQWH SDUD RV HVWDGLVWDV GRV VpFXORV SDVVDGRV H PHVPR SDUD RV GD DWXDOLGDGH IRL D FULDomR H IRUPDomR GH XP RXWUR SRYR D TXHP SXGHUDP OHJDU D OtQJXD QDWDO H DV SHFXOLDULGDGHV UDFLDLV GD FLYLOL]DomR SRUWXJXHVD 'HVWH ODGR GR PDU DSyV WDQWR GHVOXPEUDPHQWR H WDQWR EXOtFLR DIDQRVR GH DPELomR H ORXFXUD ³ H FRPR SDUD DWHVWDU D SHUHQLGDGH GR HVStULWR FULDGRU OLEHUWDGR GRV LQWHUHVVHV H DFLGHQWHV KXPDQRV ³ GH WRGR HVVH SDVVDGR DSHQDV UHVWD XPD TXDVH UXtQD TXH p XPD REUD GH DUWH D REUD GR $OHLMDGLQKR HVFXOWRU H DUTXLWHWR 1DVFHX HP 2XUR 3UHWR HP HUD SDUGR HVFXUR ILOKR GH XP SRUWXJXrV H GH XPD DIULFDQD VDELD OHU H HVFUHYHU PDV SDUHFH QmR WHU IUHTHQWDGR RXWUD DXOD DOpP GD GH SULPHLUDV OHWUDV 3DGHFLD GH XPD WHUUtYHO PROpVWLD LQFXUiYHO HP TXH SHUGHX WRGRV RV GHGRV GRV SpV Vy DQGDQGR GH MRHOKRV GDV PmRV UHVWDYDP OKH DSHQDV RV
  • 59.
    59 SROHJDUHV H RVtQGLFHV $WRUPHQWDGR SRU GRUHV FUXFLDQWHV QDUUDYDP TXH HOH SUySULR VHUYLQGR VH GR IRUPmR FRUWDYD FRP XPD SDQFDGD GH PDFHWH R PHPEUR TXH R ID]LD VRIUHU (VVH PRQVWUR ItVLFR DVTXHURVR GH IDFH DWRUPHQWDGD H GLVIRUPH GH SiOSHEUDV FDtGDV H ERFD HVWXSRUDGD HVFRQGLD VH GHEDL[R GH XPD WROGD SDUD WUDEDOKDU QDV LJUHMDV 1mR OKH SHUWXUEDYD R JrQLR LQFXOWR QHQKXP HQVLQDPHQWR GH DFDGHPLDV RX GH PHVWUHV D VXD REUD VXUJLX H YLYHX QD HVSRQWDQHLGDGH GD LPDJLQDomR FULDGRUD VHP QHQKXPD GHIRUPDomR 7UDEDOKRX QDV FDSHODV GH 6mR )UDQFLVFR GH $VVLV GH 1RVVD 6HQKRUD GR &DUPR H QD GDV $OPDV HP 2XUR 3UHWR QDV PDWUL]HV GH 6mR -RmR GR 0RUUR *UDQGH H GH 6DEDUi QDV GH 0DULDQD H 6DQWD /X]LD 'HVWDFDP VH QD VXD REUD D PDWUL] H D FDSHOD GH 6mR )UDQFLVFR HP 6mR -RmR G (O 5HL H RV WHPSORV H HVWiWXDV GH &RQJRQKDV GR &DPSR )RL R ~QLFR JUDQGH DUWLVWD TXH GXUDQWH VpFXORV SRVVXLX R %UDVLO e R TXH UHVWD GR PDUDYLOKRVR SRWRVL GDV *HUDLV TXH SRU WDQWR WHPSR DVVRPEUDUDP R PXQGR (QTXDQWR VH SDVVDYD QHVVDV PLQDV R GUDPD GR RXUR FRQWLQXDYDP DV FRUUHULDV SDXOLVWDV 5HFKDoDGRV GRV WHUULWyULRV GH 6mR -RVp G (O 5HL ULR GDV 9HOKDV PLQDV GH &DWDJXD]HV ULR GDV 0RUWHV GR &DHWp GH 2XUR 3UHWR RQGH GHVFREULUDP DV DOXYL}HV TXH HQULTXHFLDP IDEXORVDPHQWH RV XVXUSDGRUHV ³ RV VHUWDQLVWDV GH 6mR 3DXOR DIXQGDYDP VH SHORV GHVHUWRV ORQJtQTXRV GH &XLDEi H *RLiV µ6H QRV ODQoDUHP IRUD GDTXL ³ GL]LDP ³ LUHPRV DFROiµ PRVWUDQGR SDUD RV ODGRV GR VHUWmR RV PRUURV H VHUUDULDV TXH VH HVWHQGLDP D SHUGHU GH YLVWD 1XPD GHUUDGHLUD DUUDQFDGD SUHVWHV D WHUPLQDU D ILQDOLGDGH KLVWyULFD GR VHX SDSHO QD IRUPDomR GR SDtV DV EDQGHLUDV PXOWLSOLFDP VH HP GHPDQGD GR SUySULR FRUDomR GR FRQWLQHQWH 3RU WRGD D SDUWH DSUHVVDGDV
  • 60.
    60 HQWUHJDYDP VH DRVWUDEDOKRV GD ODYDJHP GRV DOPRFDIUHV GDV SLFDUHWDV 0LQHUDYDP GLD H QRLWH HVJRWDQGR HVFUDYRV FDPDUDGDV H DWp DV PXOKHUHV TXH VHJXLDP RV EDQGRV 0XGDYDP R FXUVR GRV ULRV UDVJDYDP YDOHV UHYROYLDP DV HQWUDQKDV GD WHUUD DWp TXH QRV WDOKRV DEHUWRV QDV PRQWDQKDV VXUJLVVHP RV YHHLURV RX QR IXQGR GDV EDWpLDV EULOKDVVHP DV IROKHWDV H RV JUDYLWRV 6HEDVWLmR 3LQKHLUR 5DSRVR QRV ULDFKRV GR 0DWR *URVVR GD %DKLD ID]LD D VXD JHQWH WUDEDOKDU GHVGH D PDGUXJDGD DWp DV KRUDV GD QRLWH HQWmR j OX] GH IDFKRV XP GLD FROKHX QRYH DUUREDV GH RXUR 1HVVD kQVLD GLDEyOLFD GLULJHP VH SDUD 0DWR *URVVR $QW{QLR 3LUHV GH &DPSRV 3DVFKRDO 0RUHLUD &DEUDO $QW{QLR $QWXQHV 0DFLHO )HUQDQGR H $UWKXU 3DLV GH %DUURV H HVVH H[WUDRUGLQiULR 0DQRHO )HOL[ GH /LPD SRUWXJXrV TXH GHVFHX R *XDSRUp 0DGHLUD H $PD]RQDV DWp R 3DUi SDUD R LQWHULRU GH *RLiV VHJXHP RV EDQGRV GRV %XHQRV -RmR /HLWH GH 2UWL] $QW{QLR )HUUD] GH $UD~MR 9HLJD %XHQR $PDUR /HLWH -XQWR DRV QRYRV GHVFREHUWRV YLQKD SRUpP PRUUHU HQIUDTXHFLGD PDV VHPSUH DOXFLQDGD D EDQGHLUD &RQVHUYDYD FRPR GHVGH RV WHPSRV SLUDWLQLQJDQRV RV WUDoRV FDUDFWHUtVWLFRV GD VXD IRUPDomR ,QWHUHVVH 'LQDPLVPR (QHUJLD &XULRVLGDGH $PELomR )DOWDYDP OKH RV HVWLPXODQWHV DIHWLYRV GH RUGHP PRUDO H RV GH DWLYLGDGH PHQWDO 1XQFD VRXEHUD WUDQVIRUPDU HP JR]R D ULTXH]D FRQTXLVWDGD $ VXD HQHUJLD LQWHQVLYD H H[WHQVLYD FRQFHQWUDYD VH QXP VRQKR GH HQULTXHFLPHQWR TXH GXURX VpFXORV PDV VHPSUH HQJDQDGRU H IXJLGLR &RP HVVD LOXVmR YLQKD PRUUHU VRIUHQGR GD PHVPD IRPH GD PHVPD VHGH GD PHVPD ORXFXUD 2XUR 2XUR 2XUR &RELoD
  • 61.
  • 62.
    62 (P 1RYHPEUR GHFHQWR H GRLV SHUHJULQRV LQJOHVHV YLQGRV GH 6RXWKDPSWRQ DYLVWDUDP GR SHTXHQR QDYLR 0DIORZHU DV FRVWDV DUHQRVDV GR TXH p KRMH R (VWDGR GH 1HZ -HUVH 3URFXUDQGR PHOKRU DEULJR YHOHMDUDP PDLV DR VXO DWp R SRUWR GHSRLV FKDPDGR GH 3OPRXWK HP 0DVVDFKXVVHWV RQGH GHVHPEDUFDUDP D GH 'H]HPEUR GDWD TXH D WUDGLomR QDFLRQDO FRQVDJUD j FRPHPRUDomR GRV DQWHSDVVDGRV 2 IULR HUD LQWHQVR QHVVH VRPEULR LQYHUQR GH SDtV GR 1RUWH (P PHLR GH WHPSHVWDGHV GH FKXYD H QHYH UHFHDQGR R DWDTXH GRV LQGtJHQDV HVFRQGLGRV QDV PDWDV YL]LQKDV RV SHUHJULQRV DFHQGHUDP QD SUDLD XP IRJR TXH RV DOXPLRX H DTXHFHX GXUDQWH D QRLWH LQFOHPHQWH 1R GLD VHJXLQWH FRPR HUD ViEDGR LQWHUURPSHUDP SDUD R UHSRXVR GRPLQLFDO RV WUDEDOKRV GH LQVWDODomR VRPHQWH RV FkQWLFRV UHOLJLRVRV SHUWXUEDUDP HQWmR R VLOrQFLR GD WHUUD PLVWHULRVD (P VHJXLGD FRPHoRX D OXWD WHUUtYHO GR LPLJUDQWH &DGD KRPHP WHYH GH FRQVWUXLU D SUySULD FDVD DUURVWDQGR DV PDLV GXUDV LQWHPSpULHV TXH DSHQDV SHUPLWLDP R WUDEDOKR GXDV RX WUrV YH]HV SRU VHPDQD 1HVVDV FRQGLo}HV HP TXDWUR PHVHV TXDVH PHWDGH GD SHTXHQD H[SHGLomR WLQKD VXFXPELGR j GRHQoD H DR IULR R UHVWR WHYH GH VH IRUWLILFDU jV SUHVVDV FRQWUD RV DVVDOWRV GR JHQWLR (VWDYD SRUpP FULDGD XPD GDV FpOXODV LQLFLDLV GD QDomR DPHULFDQD 1D 9LUJtQLD D FRORQL]DomR VH IL]HUD SRXFRV DQRV DQWHV SHOD /RQGRQ &RPSDQ FRP ILQV PDLV PHUFDQWLV 2 TXDVH OHQGiULR -RKQ 6PLWK Mi HQVLQDUD DRV FRPSDQKHLURV TXDQGR SULPHLUR GHVHPEDUFDUDP HP WHUUDV DPHULFDQDV R VHJUHGR GR r[LWR SDUD R FRORQR UHFpP FKHJDGR ´$TXL QDGD VH REWpP VHQmR SHOR
  • 63.
    63 WUDEDOKRµ ( TXDQGRD &RPSDQKLD OKH SHGLUD GH /RQGUHV QRWtFLDV GH RXUR R YHOKR SLRQHLUR HQYLRX j PHWUySROH R TXH MXOJDYD PDLV ~WLO XP PDSD GD UHJLmR XP UHVXPR GDV FRLVDV PDLV QHFHVViULDV H FRQVHOKRV VREUH D HVFROKD GRV HPLJUDQWHV DSURSULDGRV j FRORQL]DomR (VWHV DR VH LQVWDODUHP VXEPHWLDP VH j ULJLGH] GD OHL SXULWDQD TXH RV IRUoDYD FRPR LPSXQKD 6DPXHO $UJDOO VRE SHQD GH PRUWH D DFHLWDU D GRXWULQD GD WULQGDGH R UHVSHLWR j DXWRULGDGH GD %tEOLD H R FRPSDUHFLPHQWR REULJDWyULR j LJUHMD (VVD JHQWH WUD]LD SDUD R 1RYR 0XQGR R SULQFtSLR GH OLEHUGDGH H UHEHOGLD TXH RV IL]HUD GHL[DU D PmH SiWULD HUDP UHSUHVHQWDQWHV GR SHQVDPHQWR UDGLFDO GD ,QJODWHUUD QR FRPHoR GR VpFXOR ;9,, HP UHYROWD FRQWUD D DXWRULGDGH HVSLULWXDO H WHPSRUDO TXH HPDQDVVH GR 5HL RX GD (JUHMD 1R IXWXUR SLRQHLUR QR IXQGR GH VXD DOPD UXGH YLULD IUXWLILFDU D VHPHQWH LGHDOLVWD GRV SRYRDGRUHV SULPLWLYRV GD 9LUJtQLD H GRV SHUHJULQRV GR ´0DIORZHUµ UHXQLGD D XPD IRUPLGiYHO ´YRQWDGH GH SRGHUµ TXH RV SXULWDQRV VRXEHUDP WmR EHP DOLDU DR XWLOLWDULVPR 1D WHUUD DGRWLYD GHVHQYROYHUDP DV TXDOLGDGHV GH KRPHQV GH DomR HP OXWD TXRWLGLDQD FRP XP FOLPD GXUR H XP VROR LQJUDWR TXH D QHYH FREULD GXUDQWH R LQYHUQR H QR YHUmR Vy SURGX]LD FHUHDLV 4XDVH WRGRV HUDP ODYUDGRUHV GRQRV GH VXDV SHTXHQDV ID]HQGDV H DMXGDGRV SHORV ILOKRV ODYUDYDP D WHUUD FRP DV SUySULDV PmRV 1R UHJLPH SDWULDUFDO GHVVH LQtFLR DLQGD QmR KDYLD HVFUDYRV 0DLV WDUGH FRPR HP RXWUDV SDUWHV GR FRQWLQHQWH FULPLQRVRV GHVHUWRUHV LQGHVHMiYHLV VHUYRV VHPL HVFUDYL]DGRV QHJURV VH GHUUDPDUDP SHORV GHVHUWRV KRVSLWDOHLURV 1D PHVFOD SRUpP GH WRGRV RV HOHPHQWRV TXH FRPSXQKDP D SVLFRORJLD GR FRORQR HP GRVDJHP YDULiYHO PDV FRQVWDQWH IRL VHP G~YLGD D IRUWH GLVFLSOLQD UHOLJLRVD GRV
  • 64.
    64 SULPHLURV DJUXSDPHQWRV FRQJUHJDFLRQLVWDVR TXH IL[RX R WLSR PRUDO SUHGRPLQDQWH QD KLVWyULD GR SDtV )RL HVVD SRGHURVD XQLGDGH GH HVStULWR VRFLDO DMXGDGD SRU XP ULJRURVR SULQFtSLR FRRSHUDWLYR TXH SURPRYHX H UHDOL]RX D LQGHSHQGrQFLD GRV (VWDGRV 8QLGRV 1HVVH SURFHVVR HYROXWLYR D UHOLJLmR HVWDEHOHFLGD HP FRQGLo}HV IDYRUiYHLV GH KLJLHQH PRUDO SUHSDURX D DWPRVIHUD VDXGiYHO HP TXH S{GH SURVSHUDU D QDomR 1D FRVWD DWOkQWLFD GR FRQWLQHQWH VXO VH GHVHQURORX GH PRGR GLYHUVR R GUDPD GH FRQTXLVWD H SRYRDPHQWR 0XGD VH R FHQiULR PXGDP RV SURWDJRQLVWDV $ SDUWLOKD GR PXQGR QRYR HP GXDV SDUWHV DWULEXtGDV D &DVWHOD H 3RUWXJDO FRPHoDYD HP PHDGRV GR VpFXOR ;9, D VHU VHULDPHQWH DWDFDGD SHOD LQWHUYHQomR GH RXWURV SRYRV D TXHP D PLUDELOLV QDYLJDWLR GH &RORPER PRVWUDUD R FDPLQKR GD IRUWXQD $ 5HQDVFHQoD H D 5HIRUPD PRGLILFDYDP SRU VHX WXUQR D HVWUXWXUD VRFLDO H PRUDO GD FLYLOL]DomR 2FLGHQWDO 3DFWRV DSDUHQWHPHQWH LVRODGRV YLULDP D WHU XPD VLJQLILFDomR TXH RV FRQWHPSRUkQHRV QmR SHUFHELDP $VVLP QR PHVPR DQR HP TXH &RUWH] VLWLDYD D FLGDGH GR 0p[LFR /XWHUR TXHLPDYD HP :LWWHPEHUJ D EXOD GR 3DSD +DYLD QR DU FRP D VXUSUHVD GDV GHVFREHUWDV XP HVStULWR GH UHQRYDomR H GH UHYROWD SUHFXUVRU GH QRYDV LGpLDV H GH KRPHQV QRYRV 3RU HVVD pSRFD FRPHoDYD D HVWUHPHFHU R HGLItFLR TXH D HQHUJLD OXVLWDQD OHYDQWDUD UHDOL]DQGR R VRQKR DPELFLRVR GR ´+RPHPµ GH 6DJUHV 1D SUySULD ÌQGLD 3RUWXJDO IRL HQFRQWUDU R PRWLYR GH GHFDGrQFLD GH VHX SRGHULR $ GHUURWD QD ÉIULFD D PRUWH GH ' 6HEDVWLmR D JUDQGH SHUGD GH KRPHQV SRU RFDVLmR GHVVDV OXWDV HQIUDTXHFHUDP R UHLQR TXH OKH VHQWLD HVFDSDU D FRO{QLD DVLiWLFD WmR FRELoDGD $ XQLmR FRP D
  • 65.
    65 (VSDQKD D FUHVFHQWHLQIOXrQFLD GD ,QTXLVLomR PDLV SRGHURVD GR TXH QXQFD QR UHLQDGR GH )HOLSH ,, FRPSOHWDUDP D REUD GH GHFRPSRVLomR TXH OHQWDPHQWH VH SUHSDUDYD 1RV ~OWLPRV DQRV GR UHLQDGR GH ' -RmR ,,, R HVWDEHOHFLPHQWR GHILQLWLYR GD ,QTXLVLomR Mi IRUD R LQtFLR GD GHFDGrQFLD TXH VH DJUDYRX UDSLGDPHQWH GXUDQWH RV JRYHUQRV VXFHVVLYRV GH VHX QHWR H GH VHX LUPmR $ VLWXDomR SROtWLFD FDGD YH] PDLV WXUEDGD WLQKD OHYDGR UDSLGDPHQWH R SDtV j DQDUTXLD H j SHUGD GD LQGHSHQGrQFLD HP )HOLSH GH (VSDQKD WRPDYD SRVVH GH 3RUWXJDO HUD UHL GHVVH UHLQR ´(VWH KDYLD WLGR GL] &RQHVWDJJLR FLQFR UHLV QR HVSDoR GH GRLV DQRV IDWR UDUR WDOYH] ~QLFR ( SDUHFH TXH 'HXV SHUPLWLX PXGDQoDV WDLV SDUD FDVWLJDU D QDomR SRUTXH WRGRV RV FLQFR DUUXLQDUDP RV VHXV SREUHV V~GLWRV ' 6HEDVWLmR SRU RXVDGLD ' +HQULTXH SRU LUUHVROXomR RV JRYHUQDGRUHV SRU PHGR H SDUFLDOLGDGH ' $QW{QLR SRU WLUDQLD H ' )HOLSH SHODV DUPDVµ &RQWDQGR R Q~PHUR GH IRUWDOH]DV HVSDOKDGDV SRU WRGD D FRQTXLVWD 3RUWXJDO SDUHFLD LQYHQFtYHO PDV QD UHDOLGDGH VH HQIUDTXHFHUD SHOR DODUJDPHQWR GR FDPSR GH DomR $ TXHGD LVRODGD GH XP GHVVHV EDOXDUWHV VH QmR WLQKD JUDQGH LPSRUWkQFLD VRE R SRQWR GH YLVWD PLOLWDU HUD HQWUHWDQWR XPD EUHFKD QR SUHVWtJLR SRUWXJXrV 3RU RXWUR ODGR R GHFOtQLR GR LPSpULR FRORQLDO HUD DFRPSDQKDGR SHOD GHFDGrQFLD GD PHWUySROH $ QDomR SRUWXJXHVD FRUURPSLGD SHOR OX[R H SHOD GHVPRUDOL]DomR GRV FRVWXPHV SHUGLD SRXFR D SRXFR D VXD SULPLWLYD YLWDOLGDGH 2V JRYHUQRV GHVSyWLFRV H LQFDSD]HV Vy FRQVHUYDYDP D DQWLJD HQHUJLD SDUD VXVWHQWDU D ,QTXLVLomR
  • 66.
    66 $ DGPLQLVWUDomR PHWURSROLWDQD³ VREUHWXGR D DGPLQLVWUDomR ORFDO QDV FRO{QLDV ³ SHULFOLWDYD HP WRGDV DV RXWUDV IXQo}HV JRYHUQDPHQWDLV 2V UHSUHVHQWDQWHV GR SRGHU UHDO ORQJH GD ILVFDOL]DomR GLVFLSOLQDU GH /LVERD RFXSDYDP VH SULPHLUDPHQWH GRV SURYHQWRV SHVVRDLV GRV FDUJRV TXH RFXSDYDP 2 SDGUH 9LHLUD GL]LD TXH D SDODYUD IXUWDU VH FRQMXJDYD GH WRGRV RV PRGRV QD ÌQGLD SRUWXJXHVD 1R %UDVLO DYDOLDYDP VH RV PpULWRV GRV JRYHUQDGRUHV SHODV UHQGDV TXH HQYLDYDP j PHWUySROH H HVWD VH RSXQKD D TXDOTXHU DXPHQWR GH GHVSHVD PHVPR SURGXWLYD 2V IXQFLRQiULRV VXSHULRUHV SRU XP DEXVR WROHUDGR PRQRSROL]DYDP TXDVH WRGR R FRPpUFLR R SUySULR FOHUR PHUFDGHMDYD 'Dt GHVRUGHQV H FRQIOLWRV TXH DWUDVDUDP VHQVLYHOPHQWH R GHVHQYROYLPHQWR FRORQLDO 6RPHQWH HP S{GH R JRYHUQR SRUWXJXrV SURLELU R H[HUFtFLR GHVVH FRPpUFLR H PXLWR PDLV WDUGH QR UHJLPH SRPEDOLQR IRL LQWURGX]LGD D UHIRUPD EHQpILFD TXH DXPHQWRX D GXUDomR GDV IXQo}HV DGPLQLVWUDWLYDV SDUD RV FDUJRV GH XOWUDPDU 9LQKD DWUDVDGD SRUpP R PDO Mi HVWDYD DUUDLJDGR SDUD TXH R FXUDVVH ´R GHVSRWLVPR HVFODUHFLGRµ GH TXH IDODYD 3RPEDO 6H RV FKHIHV HUDP YHQDLV H SHFXODWiULRV RV VXERUGLQDGRV SULPDYDP SHOD LJQRUkQFLD HVSHFLDOPHQWH RV GH RULJHP FULRXOD 4XDQWR DR FRORQR DSiWLFR H VXEPLVVR SRXFD UHVLVWrQFLD RIHUHFLD DR MXJR JRYHUQDPHQWDO 6y R VHQWLD HP WRGD D VXD IRUoD QRV FHQWURV GH SRSXODomR QR LQWHULRU GR SDtV D GLVWkQFLD H R GHVHUWR R SURWHJLDP ­ GLVVROXomR HP 3RUWXJDO DVVRFLDYDP VH D PLVpULD H D IUDTXH]D ´FREULQGR VH FRP DV IyUPXODV GH XPD UHOLJLRVLGDGH IHUYHQWH FRPR D SREUH]D H D GHELOLGDGH VH HQFREULDP VRE DV DSDUrQFLDV GR HVSOHQGRU H VRE D OLQJXDJHP GD RQLSRWrQFLDµ GLVVH PDJQLILFDPHQWH $OH[DQGUH +HUFXODQR $ LPRUDOLGDGH UHLQDYD HP WRGD D
  • 67.
    67 SDUWH VREUHWXGR HQWUHR FOHUR RV PRVWHLURV VXVWHQWDYDP HP OX[R ´PDQFHEDV H ILOKRV PDQWHQGR FXVWRVDV H QpGLDV FDYDOJDGXUDV FRP DYHV H FmHV GH UDoDµ $ VRFLHGDGH YLYLD HP tQWLPD PLVWXUD FRP PRXURV H QHJURV XQV IRUURV RXWURV HVFUDYL]DGRV 2 WUDEDOKR VHUYLO GRV HVFUDYRV GD ÉIULFD VXVWHQWDYD D DJULFXOWXUD PDV D HVFUDYLGmR PLQDYD R RUJDQLVPR VRFLDO FRPR HP WRGD D SDUWH RQGH H[LVWLX 2V VHQKRUHV IDYRUHFLDP RV DMXQWDPHQWRV SDUD DXPHQWDUHP R Q~PHUR GH FULDV RV ILOKRV GH HVFUDYRV DWp D WHUFHLUD RX TXDUWD JHUDomR HPERUD EDWL]DGRV HUDP PDUFDGRV QD FDUD FRP XP IHUUR HP EUDVD SDUD VH YHQGHUHP R FDVWLJR PDLV FRPXP HUD TXHLPi ORV FRP WLo}HV DFHVRV RX FRP FHUD WRXFLQKR RX RXWUDV PDWpULDV GHUUHWLGDV 1HVVH DYLOWDPHQWR H QHVVHV KRUURUHV FRPHoRX D GHVDSDUHFHU R SRUWXJXrV KHUyLFR GR VpFXOR ;9 ´IUDJXHLUR DEVWrPLR GH LPDJLQDomR DUGHQWH SURSHQVR DR PLVWLFLVPRµ TXH FULDUD R WLSR SHUIHLWR GR KRPHP DYHQWXUHLUR DXGDFLRVR H VRQKDGRU OLYUH VHP UHEXoRV QHP HXIHPLVPRV GH OLQJXDJHP FRPR LPDJLQDPRV RV TXH SLQWRX 1XQR *RQoDOYHV QR UHWiEXOR GH 6mR 9LFHQWH 2V LQGLYtGXRV DRV SRXFRV SHUGLDP D GXUH]D GD SULPLWLYD WrPSHUD $ ÌQGLD Mi RV HVJRWDUD FRP RV VHXV HQFDQWRV H GHVLOXV}HV GXUD HVFROD GH IHURFLGDGH EUXWDO GH FRELoD YRUD] GH OX[~ULD KLUFLQD RQGH D PRFLGDGH SRUWXJXHVD VH LD HGXFDQGR QRV YtFLRV H FULPHV GD VHGXomR DVLiWLFD 3RU HVVH SRYR Mi JDIDGR GR JpUPHQ GH GHFDGrQFLD FRPHoRX D VHU FRORQL]DGR R %UDVLO )UXWLILFDUDP HVSOHQGLGDPHQWH RV IRUWHV WURQFRV TXH SULPHLUR FKHJDUDP j QRYD WHUUD 0DLV WDUGH Vy HVFDSDUDP j GHJHQHUHVFrQFLD GH DOpP PDU RV JUXSRV pWQLFRV
  • 68.
    68 VHJUHJDGRV H DSXUDGRVSRU XPD PHVWLoDJHP DSURSULDGD )RL R FDVR GH 3LUDWLQLQJD HP TXH R &DPLQKR GR 0DU SUHSDURX H IDFLOLWRX SDUD D IRUPDomR GR PDPDOXFR HVVH ´FHQWUR GH LVRODPHQWRµ GD WHRULD GH 0RULW] :DJQHU 2XWURV Q~FOHRV GH SRSXODomR FRPR D FDSLWDQLD GH 'XDUWH &RHOKR PDLV FLYLOL]DGD H D %DKLD VHGH GR JRYHUQR FHQWUDO VH OLJDYDP XPELOLFDOPHQWH DR RUJDQLVPR GRHQWLR H HQIUDTXHFLGR GD PHWUySROH 1mR YLYLDP SDUD DVVLP GL]HU GH YLGD SUySULD D SUR[LPLGDGH GD (XURSD R LQWHUFkPELR FRPHUFLDO D LQIOXrQFLD GLUHWD GD DGPLQLVWUDomR FHQWUDO PLO IDWRUHV pWQLFRV H HFRQ{PLFRV VROLGDUL]DYDP HVVDV FRO{QLDV FRP R ULWPR YLWDO GR YHOKR UHLQR RUD SDXSpUULPR RUD HVEDQMDGRU GH ULTXH]DV PDV QR FDPLQKR IDWDO SDUD D YHOKLFH &RPR GD (XURSD GR 5HQDVFLPHQWR QRV YLHUD R FRORQR SULPLWLYR LQGLYLGXDOLVWD H DQiUTXLFR iYLGR GH JR]R H YLGD OLYUH ³ YHLR QRV HP VHJXLGD R SRUWXJXrV GD JRYHUQDQoD H GD IUDGDULD )RL R FRORQL]DGRU )RL R QRVVR DQWHSDVVDGR HXURSHX $R SULPHLUR FRQWDWR FRP R DPELHQWH ItVLFR H VRFLDO GR VHX H[tOLR QRYDV LQIOXrQFLDV GDV PDLV YDULDGDV HVSpFLHV GHOH VH DSRGHUDULDP H R WUDQVIRUPDULDP QXP HQWH QRYR QHP LJXDO QHP GLIHUHQWH GR TXH SDUWLUD GD PmH SiWULD 'RPLQDYDP QR GRLV VHQWLPHQWRV WLUkQLFRV VHQVXDOLVPR H SDL[mR GR RXUR $ KLVWyULD GR %UDVLO p R GHVHQYROYLPHQWR GHVRUGHQDGR GHVVDV REVHVV}HV VXEMXJDQGR R HVStULWR H R FRUSR GH VXDV YtWLPDV 3DUD R HURWLVPR H[DJHUDGR FRQWULEXtDP FRPR F~PSOLFHV ³ Mi GLVVHPRV ³ WUrV IDWRUHV R FOLPD D WHUUD D PXOKHU LQGtJHQD RX D HVFUDYD DIULFDQD 1D WHUUD YLUJHP WXGR LQFLWDYD DR FXOWR GR YtFLR VH[XDO $R ILQGDU R VpFXOR GDV GHVFREHUWDV R TXH VDEHPRV GR HPEULmR GH VRFLHGDGH HQWmR H[LVWHQWH p XP WHVWHPXQKR GRV GHVYDULRV GD SUHRFXSDomR HUyWLFD 'HVVHV H[FHVVRV GH
  • 69.
    69 YLGD VHQVXDO ILFDUDPWUDoRV LQGHOpYHLV QR FDUiFWHU EUDVLOHLUR 2V IHQ{PHQRV GH HVJRWDPHQWR QmR VH OLPLWDP jV IXQo}HV VHQVRULDLV H YHJHWDWLYDV HVWHQGHP VH DWp R GRPtQLR GD LQWHOLJrQFLD H GRV VHQWLPHQWRV 3URGX]HP QR RUJDQLVPR SHUWXUEDo}HV VRPiWLFDV H SVtTXLFDV DFRPSDQKDGDV GH XPD SURIXQGD IDGLJD TXH IDFLOPHQWH WRPD DVSHFWRV SDWROyJLFRV LQGR GR QRMR DWp R yGLR 3RU RXWUR ODGR FRPR GHULYDWLYR GHVVD SDL[mR RXWUR VHQWLPHQWR VXUJLD QD DOPD GR FRQTXLVWDGRU H SRYRDGRU RXWUR VHQWLPHQWR H[WHQXDQWH QD VXD HVWHULOLGDGH PDWHULDOLVWD D IDVFLQDomR GR RXUR H[FOXVLYD FRPR XPD PDQLD 7LSR UHSUHVHQWDWLYR H SLWRUHVFR GD H[DOWDomR D TXH FKHJDUDP HVVDV SDL[}HV YLROHQWDV IRL 6HEDVWLmR 3LQKHLUR 5DSRVR EDQGHLUDQWH SDXOLVWD 9LQGR GH 6mR 3DXOR SHUFRUUHX FRP D FRPLWLYD GH FDPDUDGDV H HVFUDYRV tQGLRV H QHJURV RV VHUW}HV GR 1RUWH H 1RUGHVWH GHL[DQGR SRU WRGD D SDUWH XP UDVWR VDQJXLQROHQWR H XPD OHQGD GH ULTXH]D $FRPSDQKDYD R XP EDQGR GH PXFDPEDV FRP TXHP WLQKD LQ~PHURV ILOKRV 8PD YH] GXDV GHVWDV H[DXVWDV SHOR FDPLQKR PRQWDQKRVR FDtUDP GHVIDOHFLGDV j EHLUD GD HVWUDGD 2 VHUWDQLVWD PDQGRX DV GHVSHQKDU SHOR SUHFLStFLR DEDL[R SRLV ´QmR TXHULD GHL[i ODV YLYDV SDUD QmR VHUYLUHP D RXWUHPµ 7HYH IDPD GH ULTXtVVLPR FRP DV ERUUDFKDV H VXUU}HV VHPSUH FKHLRV GH RXUR HUDP DV VXDV ´DUURELQKDVµ GL]LD 'HQRPLQDUDP QR R UHL GR 2XUR H GD 9RO~SLD 1D OXWD HQWUH HVVHV DSHWLWHV ³ VHP RXWUR LGHDO QHP UHOLJLRVR QHP HVWpWLFR VHP QHQKXPD SUHRFXSDomR SROtWLFD LQWHOHFWXDO RX DUWtVWLFD ³ FULDYD VH SHOR GHFXUVR GRV VpFXORV XPD UDoD WULVWH $ PHODQFROLD GRV DEXVRV YHQpUHRV H D PHODQFROLD GRV TXH YLYHP QD LGpLD IL[D GR HQULTXHFLPHQWR ³ QR DEVRUWR VHP ILQDOLGDGH GHVVDV SDL[}HV LQVDFLiYHLV ³ VmR YLQFRV IXQGRV QD QRVVD
  • 70.
    70 SVFKp UDFLDO SDL[}HVTXH QmR FRQKHFHP H[FHo}HV QR OLPLWDGR YLYHU LQVWLQWLYR GR KRPHP PDV DTXL VH GHVHQYROYHUDP GH XPD RULJHP SDWRJrQLFD SURYRFDGD VHP G~YLGD SHOD DXVrQFLD GH VHQWLPHQWRV DIHWLYRV GH RUGHP VXSHULRU )RL QD H[DOWDomR GHVVHV LQVWLQWRV TXH VH IRUPRX D DWPRVIHUD HVSHFLDO HP TXH QDVFHX YLYHX H SUROLIHURX R KDELWDQWH GD FRO{QLD 'R HQIUDTXHFLPHQWR GD HQHUJLD ItVLFD GD DXVrQFLD RX GLPLQXLomR GD DWLYLGDGH PHQWDO XP GRV UHVXOWDGRV FDUDFWHUtVWLFRV QRV KRPHQV H QDV FROHWLYLGDGHV p VHP G~YLGD R GHVHQYROYLPHQWR GD SURSHQVmR PHODQFyOLFD 3RVW FRLWXP DQLPDO WULVWH QLVL JDOOXV TXL FDQWDW DILUPDYD R YHOKR DGiJLR GD PHGLFLQD p R ´FRODSVRµ GRV PpGLFRV GHSUHVVmR ItVLFD H PRUDO SDVVDJHLUD HP FHUWDV FRQGLo}HV QRUPDLV FRQWtQXD QRV FDVRV GH H[FHVVRV UHSHWLGRV 1R %UDVLO D WULVWH]D VXFHGHX j LQWHQVD YLGD VH[XDO GR FRORQR GHVYLDGD SDUD DV SHUYHUV}HV HUyWLFDV H GH XP IXQGR DFHQWXDGDPHQWH DWiYLFR 3RU VXD YH] D FRELoD p XPD HQWLGDGH PyUELGD XPD GRHQoD GR HVStULWR FRP VHXV VLQWRPDV VXDV FDXVDV H HYROXomR 3RGH DEVRUYHU WRGD D HQHUJLD SVtTXLFD VHP UHPpGLRV SDUD R VHX GHVHQYROYLPHQWR VHP FXUD SDUD RV VHXV PDOHV (QWUH QyV SRU VpFXORV IRL SDL[mR LQVDWLVIHLWD FRQYHUWLGD HP LGpLD IL[D SHOD SUySULD GHFHSomR TXH D VHJXLD $EVRUYHX WRGD D DWLYLGDGH GLQkPLFD GR FRORQR DYHQWXUHLUR VHP TXH QXQFD OKH GHVVH D VDFLHGDGH GD ULTXH]D RX D VLPSOHV WUDQTLOLGDGH GD PHWD DWLQJLGD 1R DQVHLR GD SURFXUD DIDQRVD QD GHVLOXVmR GR RXUR HVVH VHQWLPHQWR p WDPEpP PHODQFyOLFR SHOD LQXWLOLGDGH GR HVIRUoR H SHOR UHVVDLER GD GHVLOXVmR /X[~ULD FRELoD PHODQFROLD 1RV SRYRV FRPR QRV LQGLYtGXRV p D VHTrQFLD GH XP TXDGUR GH SVLFRSDWLD
  • 71.
    71 DEDWLPHQWR ItVLFR HPRUDO IDGLJD LQVHQVLELOLGDGH DEXOLD WULVWH]D 3RU VXD YH] D WULVWH]D SHOR UHWDUGDPHQWR GDV IXQo}HV YLWDLV WUD] R HQIUDTXHFLPHQWR H DOWHUD D R[LGDomR GDV FpOXODV SURGX]LQGR QRYD DJUDYDomR GR PDO FRP R VHX FRUWHMR GH DJLWDo}HV ODP~ULDV H FRQYXOV}HV YLROHQWDV ,QIOXrQFLD GR FOLPD GRV KiELWRV GH YLGD GD DOLPHQWDomR RX GR ERP RX PDX IXQFLRQDPHQWR GDV JOkQGXODV HQGRFUtQLFDV TXH D FLrQFLD FRPHoD D HVWXGDU" 2 IDWR p TXH Ki SRYRV DOHJUHV H SRYRV WULVWHV 1XP PHVPR SDtV HP DOWHUQkQFLDV GH OX] H VRPEUD VH VXFHGHP RV GRLV HVWDGRV GH HVStULWR &DPSRQHVHV VRUULGHQWHV H IHOL]HV GD $QGDOX]LD DR ODGR GD UDoD GXUD H VRPEULD GDV $VW~ULDV &KLQV GR 1RUWH VpULRV H UHIOHWLGRV &KLQV GR 6XO DOHJUHV FRPR FULDQoDV 3URYHQoDLV GHVFXLGDGRV SDOUDGRUHV YLEUDQWHV FRPR FLJDUUDV H %UHW}HV PtVWLFRV UHFRQFHQWUDGRV VRQKDGRUHV %FNOH GLULD TXH DV GLIHUHQoDV GH FOLPD H[SOLFDP DV YiULDV PRGDOLGDGHV GH WHPSHUDPHQWR 3DtVHV GH OX] H FDORU LQIOXLQGR QD SVLFRORJLD GDV SRSXODo}HV QpYRDV H HVFXULGmR GH LQYHUQRV ULJRURVRV GDQGR XPD IHLomR WULVWRQKD DRV KRPHQV GH WHUUDV IULDV 1R %UDVLO R YpX GD WULVWH]D VH HVWHQGH SRU WRGR R SDtV HP WRGDV DV ODWLWXGHV DSHVDU GR HVSOHQGRU GD 1DWXUH]D GHVGH R FDERFOR WmR PHVWLoDGR GH tQGLR GD EDFLD DPD]{QLFD H GRV VHUW}HV FDOFLQDGRV GR 1RUGHVWH DWp D LPSDVVLELOLGDGH VRWXUQD H DPXDGD GR 3DXOLVWD H GR 0LQHLUR 'HVWDFDP VH VRPHQWH QHVVH IXQGR GH JULVDOKD PHODQFROLD R *D~FKR IURQWHLULoR PDLV HVSDQKRODGR FRP XP IROFORUH FDYDOKHLUHVFR OHYHPHQWH QXDQoDGR GH VDXGDGH TXH R DFRPSDQKD QDV FRUUHULDV UHYROXFLRQiULDV ³ H R &DULRFD Mi SURGXWR GH FLGDGH JUDQGH H PDUtWLPD HP FRQWDWR FRP R HVWUDQJHLUR H HQWUHJXH DR OD]DURQLVPR
  • 72.
    72 GR DPELHQWH +i SRYRVWULVWHV H SRYRV DOHJUHV $R ODGR GD WDFLWXUQLGDGH LQGLIHUHQWH RX VXEPLVVD GR %UDVLOHLUR R ,QJOrV p DOHJUH DSHVDU GD IDOWD GH YLYDFLGDGH H GD DSDUrQFLD R $OHPmR p MRYLDO GHQWUR GD GLVFLSOLQD LPSHULDOLVWD TXH R HVWDQGDUGL]RX QXP Vy WLSR WRGRV RV 1yUGLFRV GD (XURSD UHVSLUDP VD~GH H HTXLOtEULR VDWLVIHLWR 2 QRVVR SUySULR DQWHSDVVDGR GH 3RUWXJDO FDQWDGRU GH IDGRV VDXGRVRV HQDPRUDGR H SRVLWLYR p XP VHU DOHJUH TXDQGR FRPSDUDGR FRP R GHVFHQGHQWH WURSLFDO YtWLPD GD GRHQoD GD SiOLGD LQGLIHUHQoD H GR YtFLR GD FDFKDoD $ SRHVLD SRSXODU DV OHQGDV D P~VLFD DV GDQoDV UHYHODP D REVHVVmR PHODQFyOLFD TXH Vy GHVDSDUHFH FRP D SUHRFXSDomR DPRURVD RX ODVFLYD /XFFRFN TXH SRU DTXL DQGRX HP SULQFtSLR GR VpFXOR SDVVDGR QRWRX FRP HVWUDQKH]D HVVH SHQGRU GDV SRSXODo}HV ´7RGRV SDUHFHP GH OtQJXD DWDGD ³ GL] R YLDMDQWH ³ QmR KDYLD EULQTXHGR GH PHQLQDGD YLYDFLGDGH GH UDSD]HV JULWDULD UXLGRVD GH JHQWH PDLV HQWUDGD HP DQRV 2 SULPHLUR JULWR JHUDO TXH RXYL QR 5LR IRL QR DQLYHUViULR GD UDLQKD HP 6HJXLX VH D XP IRJR TXHLPDGR QHVWD RFDVLmR H IRL XP YLYD DEDIDGR QmR IULR SRUpP WtPLGR SDUHFLD SHUJXQWDU VH SRGLD VHU UHSHWLGRµ 6H DVVLP HUD QD FDSLWDO GR SDtV RQGH Mi VH LQVWDODUD WRGD XPD FRUWH HXURSpLD p IiFLO LPDJLQDU R DVSHFWR GDV SRSXODo}HV SURYLQFLDQDV XPDV HP SOHQD GHFDGrQFLD RXWUDV SHWULILFDGDV QD LPRELOLGDGH FRORQLDO TXH DOLiV SRXFR VH GLIHUHQoDYD GR DWUDVR SURIXQGR GD SUySULD PHWUySROH 'HVGH RV WHPSRV SULPHLURV REVHUYD &DSLVWUDQR D
  • 73.
    73 IDPtOLD EUDVLOHLUD WHYHFRPR VXVWHQWiFXOR XPD WULSHoD LPXWiYHO SDL VRWXUQR PXOKHU VXEPLVVD ILOKRV DWHUUDGRV 1HVVH DPELHQWH VH GHVHQYROYLD D WULVWH]D GR PDPDOXFR GR PD]RPER GR UHLQRO DEDIDGR QD DWPRVIHUD SHVDGD GD FRO{QLD 2 SRUWXJXrV WUDQVSODQWDGR Vy SHQVDYD QD SiWULD G DOpP PDU R %UDVLO HUD XP GHJUHGR RX XP SXUJDWyULR )UHL 9LFHQWH GR 6DOYDGRU QRV SULPHLURV DQRV VHLVFHQWLVWDV TXHL[DYD VH GH TXH RV SRYRDGRUHV ´QmR Vy RV TXH GH Oi YLHUDP PDV DLQGD RV TXH Fi QDVFHUDP XVDP GD WHUUD QmR FRPR VHQKRUHV PDV FRPR XVXIUXWiULRV Vy SDUD D GHVIUXWDUHP H D GHL[DUHP GHVWUXtGDµ &RP HVVD PHQWDOLGDGH R SRYRDPHQWR VH ID]LD GH iGYHQDV GH SDVVDJHP TXH VH FRQVLGHUDYDP YtWLPDV GD VRUWH RX GR H[tOLR LUULWDGRV RX HVWXSHGLILFDGRV YLYHQGR XPD YLGD YD]LD H PRQyWRQD 2 PHVWLoR Mi DFRVWXPDGR j FRQWLQJrQFLD GR VHUWmR GR SHULJR GR FOLPD OLPLWDYD R HVIRUoR j JDQkQFLD GH HQULTXHFLPHQWR IiFLO RX j SROLJDPLD GHVHQIUHDGD VHP QHQKXPD RXWUD VLPSDWLD KXPDQD PDLV HOHYDGD 1DGD WmR VHFR H iULGR FRPR XP GRFXPHQWR GHVVDV pSRFDV (P QHQKXP VH HQFRQWUD R LQIRUPH RX R GHVDEDIR TXH DEUH XPD FODUHLUD SDUD D YLVmR GR HQWH GH FDUQH H RVVR TXH QDVFLD OXWDYD H PRUULD QR VROR LQGLIHUHQWH 'RLV JUDQGHV IHQ{PHQRV DSHQDV HP VpFXORV SDUHFHP LQGLFDU R DOYRUHFHU GH DOJXP VHQWLPHQWR QDFLRQDO D OXWD FRQWUD R LQYDVRU KRODQGrV H D H[SDQVmR JHRJUiILFD GR PRYLPHQWR GH JDGR H GDV EDQGHLUDV 1R SULPHLUR FRQVLGHUDo}HV PDWHULDLV VREUHSXMDYDP RV YLVOXPEUHV GH UHYROWD QDWLYLVWD GHVGH D LQWHUYHQomR GRV MXGHXV H FULVWmRV QRYRV QD RULJHP GD OXWD DWp RV SODQRV HQFREHUWRV GH -RmR )HUQDQGHV 9LHLUD 1R IHQ{PHQR GR EDQGHLULVPR WXGR QRV GHPRQVWUD TXH D SUHRFXSDomR ~QLFD GR VHUWDQLVWD HUD D DTXLVLomR GH ULTXH]D R GHVHQYROYLPHQWR
  • 74.
    74 GH VHX QHJyFLRHP HVFUDYRV HQTXDQWR QmR DIORUDYD R PHWDO H TXDQGR HVWH VXUJLX FRP HOH IHQHFHUDP DV EDQGHLUDV 1mR VH OKH HQFRQWUD R PtQLPR DSHJR j SREUH YLOD SLUDWLQLQJDQD GRQGH SDUWLD 8QV YROWDYDP SHOD DWUDomR LQVWLQWLYD GR QLQKR PDLV WDUGH RXWURV VH DID]HQGDYDP HP WHUUDV ORQJtQTXDV QRV ODWLI~QGLRV SDVWRULV GR VHUWmR RX MXQWR jV PLQDV TXH RV WLQKDP DWUDtGR H IL[DGR 'R DPRU DR WRUUmR QDWDO QHP XPD ~QLFD SDODYUD QHP XP Vy JHVWR 1R VpFXOR GD LQGHSHQGrQFLD QRUWH DPHULFDQD H DQWHV GD VXD SURFODPDomR DLQGD QmR KDYLD R $PHULFDQR PDV KDYLD RV 9LUJLQLDQRV RV 5KRGH ,VODQGHUV RV &DUROLQLDQRV SHUWHQFHQWHV jV UHVSHFWLYDV SURYtQFLDV :DVKLQJWRQ TXDQGR VH UHIHULD j 9LUJtQLD GL]LD VHPSUH ´D PLQKD SiWULDµ 1XQFD VH VRXEH TXH )HUQmR 'LDV 3DHV GLVVHVVH GD &DSLWDQLD GH 6mR 9LFHQWH ´D PLQKD WHUUDµ (UD XP VLPSOHV V~GLWR GR UHL GH 3RUWXJDO VHP QRPH TXH R FODVVLILFDVVH JHRJUDILFDPHQWH 1HP PHVPR R %UDVLOHLUR H[LVWLD QHVVH SHUtRGR LQLFLDO 9LQKD OKH R QRPH GD ODEXWD GR SDX EUDVLO FRPR p FDUYRHLUR R OHQKDGRU TXH SURGX] FDUYmR GH PDGHLUD $R ILQGDU R VpFXOR ;9,,, H QRV SULPHLURV DQRV GR VpFXOR VHJXLQWH Mi WtQKDPRV FKHJDGR D XP GRV SRQWRV FXOPLQDQWHV GR QRVVR GHVHQYROYLPHQWR KLVWyULFR 2 SDtV LD VHSDUDU VH GD PmH SiWULD $LQGD QmR VH IRUPDUD D QDomR DSHQDV D VRFLHGDGH FRPR VLPSOHV DJORPHUDomR GH PROpFXODV KXPDQDV &RPHoDYD QR HQWDQWR D VH DILUPDU D FRQVFLrQFLD JHRJUiILFD TXH IL[DYD H GHOLPLWDYD R WHUULWyULR ([DPLQHPRV DV FRQGLo}HV HP TXH VH LD FRQVWLWXLU R ODoR VRFLDO GHWHUPLQDQGR R FUHVFLPHQWR RV PRYLPHQWRV H R DJUXSDPHQWR GDV SRSXODo}HV 3RU HVVD pSRFD QRV FHQWURV PDUtWLPRV GH
  • 75.
    75 3HUQDPEXFR SDUD R1RUWH GLYHUVRV WLSRV pWQLFRV FRQWULEXtDP SDUD D IRUPDomR FRQWtQXD GR %UDVLOHLUR TXH LULD VXUJLU Mi HP QDV OXWDV GD HPDQFLSDomR SROtWLFD +DYLD RV HXURSHXV RV EUDQFRV Mi QDVFLGRV QR %UDVLO RV PXODWRV GH WRGDV DV QXDQoDV RV PDPDOXFRV FUX]DGRV GR EUDQFR H GR tQGLR HP WRGDV DV VXDV YDULHGDGHV RV tQGLRV GRPHVWLFDGRV TXH HUDP RV FDERFORV GR 1RUWH RV ÌQGLRV DLQGD VHOYDJHQV TXH HUDP RV WDSXLDV FULRXORV GD FRO{QLD RV DIULFDQRV IRUURV RX HVFUDYRV H ILQDOPHQWH RV PHVWLoRV FODVVH LQXPHUiYHO GRV TXH PHGLDYDP HQWUH RV tQGLRV H RV QHJURV 1R DPiOJDPD GH WRGDV HVVDV FRUHV H FDUDFWHUHV VH LQVWLWXtD QD HYROXomR GD UDoD R UHLQR GD PHVWLoDJHP 2V EUDQFRV QDVFLGRV QR %UDVLO YLQKDP GDV YHOKDV IDPtOLDV GD DULVWRFUDFLD UXUDO GL]LDP VH DOJXQV GHVFHQGHQWHV GRV SULPLWLYRV GRQDWiULRV WLQKDP JUDQGH RUJXOKR QHVVDV DVFHQGrQFLDV H SUHJDYDP FRP DOJXP ULGtFXOR D SUySULD LPSRUWkQFLD (UDP RV SURSULHWiULRV GRV JUDQGHV HQJHQKRV RQGH D YLGD OKHV FRUULD TXLHWD H LQGROHQWH )DWR FRPXP HUD D EDVWDUGLD TXH D HVFUDYLGmR GHVHQYROYLD SDUD FRUULJL OR IXQFLRQDYD IUHTHQWHPHQWH D URGD GRV HQMHLWDGRV TXH LQVSLUDYDP j SRSXODomR XP FDULQKR TXDVH VXSHUVWLFLRVR 2 PXODWR GHVSUH]DYD R PDPDOXFR SUHWHQGLD SHUWHQFHU j FODVVH GRV EUDQFRV H YDQJORULDYD VH HP QmR WHU SDUHQWHV tQGLRV 6HQWLD D VXD LQIHULRULGDGH HP UHODomR DR EUDQFR GHVGH TXH HVWH OKH HUD VXSHULRU HP ULTXH]D FKHJDYD D VH KXPLOKDU GLDQWH GH RXWURV PXODWRV PDLV ULFRV RX GH PHOKRU FRQGLomR VRFLDO 3RGLD HQWUDU SDUD DV RUGHQV VDFUDV H VHU PDJLVWUDGR EDVWDYD OKH XP DWHVWDGR GH VDQJXH OLPSR PHVPR TXH D DSDUrQFLD GHVPHQWLVVH R FHUWLILFDGR .RVWHU ³ GH TXHP H[WUDtPRV
  • 76.
    76 HVWHV GDGRV ³QDUUD R FDVR GH XP SUHWR D TXHP SHUJXQWRX VH FHUWR FDSLWmR PRU HUD PXODWR ´(UD SRUpP Mi QmR pµ IRL D UHVSRVWD DFUHVFHQWDQGR D ILORVRILD GR QHJUR YHOKR ´3RLV XP FDSLWmR PRU SRGH VHU PXODWR"µ 2V UHJLPHQWRV GH PLOLFLDQRV FKDPDGRV UHJLPHQWRV GH PXODWRV WLQKDP RILFLDLV H SUDoDV GH WRGRV RV PDWL]HV UHFXVDQGR VH SRUpP R DOLVWDPHQWR DRV EUDQFRV 2 FRURQHO GH XP GHVVHV UHJLPHQWRV GR 5HFLIH IRL D /LVERD H GH Oi YROWRX FRP D RUGHP GH &ULVWR 1mR HUDP UDURV RV FDVDPHQWRV HQWUH EUDQFRV H PXODWRV VREUHWXGR HQWUH HXURSHXV H PXOKHUHV GH FRU TXH SRVVXtVVHP DOJXP GRWH %UDVLOHLURV ULFRV RX GH DOWR QDVFLPHQWR UHSHOLDP HP UHJUD HVVDV DOLDQoDV GHVGH TXH R VDQJXH PHVWLoR IRVVH PXLWR YLVtYHO DFUHVFHQWD .RVWHU FRP PDOtFLD 0DPDOXFRV KDYLD PDLV QR VHUWmR SHUQDPEXFDQR (UDP PDLV EHORV GR TXH RV PXODWRV VREUHWXGR DV PXOKHUHV 1D LQGHSHQGrQFLD GR FDUiFWHU QD UHSXJQkQFLD SHOD DGXODomR DR EUDQFR PRVWUDYDP D QREUH]D GD DVFHQGrQFLD OLYUH GRV GRLV ODGRV 2 tQGLR GRPHVWLFDGR HUD HP JHUDO FRP DV VXDV YLUWXGHV FRQKHFLGDV R VHUWDQHMR FRUDMRVR VLQFHUR JHQHURVR KRVSLWDOHLUR ³ R WLSR FOiVVLFR GD FDDWLQJD GR 1RUGHVWH 2 tQGLR VHOYDJHP DSDUHFLD ORQJH GR OLWRUDO QDV SUR[LPLGDGHV GR 0DUDQKmR 2 UHVWR HUD R QHJUR DIULFDQR RX FULRXOR 3UROLIHUDQGR HP WRGDV DV YDULHGDGHV GR FUX]DPHQWR Vy R QHJUR SXUR IRUUR WLQKD R RUJXOKR KXPLOGH GD VXD UDoD ´QHJUR VLP SRUpP GLUHLWRµ GL]LDP 2V FULRXORV SRVVXtDP RV VHXV UHJLPHQWRV H[FOXVLYRV HP TXH RILFLDLV H VROGDGRV HUDP WRGRV SUHWRV (UDP RV +HQULTXHV FRQVHUYDQGR QR QRPH D WUDGLomR GH +HQULTXH 'LDV GRV WHPSRV GD LQYDVmR IODPHQJD 2 QHJUR FDWLYR HUD D EDVH GH QRVVR VLVWHPD HFRQ{PLFR DJUtFROD H LQGXVWULDO H FRPR TXH HP UHSUHViOLD DRV KRUURUHV GD HVFUDYLGmR SHUWXUERX H
  • 77.
    77 HQYHQHQRX D IRUPDomRGD QDFLRQDOLGDGH QmR WDQWR SHOD PHVFOD GH VHX VDQJXH FRPR SHOR UHOD[DPHQWR GRV FRVWXPHV H SHOD GLVVROXomR GR FDUiFWHU VRFLDO GH FRQVHTrQFLDV DLQGD LQFDOFXOiYHLV 'H WRGRV RV FHQWURV PDUtWLPRV GD FRO{QLD IRL SRUpP 5HFLIH R PHQRV LQIOXHQFLDGR SHOR PHVWLoR $OpP GDV WUDGLo}HV GR VHX Q~FOHR DULVWRFUiWLFR XPD QXPHURVD FRO{QLD HXURSpLD HP TXH VREUHVVDtDP RV ,QJOHVHV FRQVHUYDYD OKH R DVSHFWR PHWURSROLWDQR OHPEUDQGR RXWUDV pSRFDV GH ULTXH]D H FLYLOL]DomR $R VH DSUR[LPDU R YLDMDQWH GDV WHUUDV EDL[DV H GRV FRTXHLUDLV GR 5HFLIH H GDV FROXQDV GH 2OLQGD D SDLVDJHP SURGX]LD OKH XPD DJUDGiYHO LPSUHVVmR FRP D FDVDULD EUDQFD GDV FKiFDUDV HP PHLR GRV ODUDQMDLV YHUGH HVFXURV 6y DR GHVHPEDUFDU QR FDORU GR PHLR GLD WLQKD D VXUSUHVD GDV UXDV FKHLDV GH QHJURV GDQGR j FLGDGH XPD DSDUrQFLD VRPEULD H WULVWRQKD )UHTHQWHPHQWH DQLPDYD DV D FKHJDGD GRV QDYLRV QHJUHLURV GD FRVWD G ÉIULFD H[LELQGR HP SOHQD UXD R HVSHWiFXOR DVTXHURVR GD YHQGD GH HVFUDYRV +RPHQV H PXOKHUHV HP FRPSOHWD SURPLVFXLGDGH VHPLQXV VH HVWHQGLDP SHODV FDOoDGDV RX VH DFRFRUDYDP QR FKmR LQGLIHUHQWHV PDVWLJDQGR SHGDoRV GH FDQD 'H ORQJH VH VHQWLD R FKHLUR DFUH GHVVD PXOWLGmR DIULFDQD HP JHUDO FREHUWD GH S~VWXODV UHSXJQDQWHV 6y DR FDLU GD WDUGH DSDUHFLDP QDV UXDV D SDVVHLR DV IDPtOLDV 6DQWR $QW{QLR GR 5HFLIH D FLGDGH FHQWUDO WLQKD UXDV ODUJDV H FDVDV JUDQGHV FRP ORMDV QR UpV GR FKmR 3HODV MDQHODV GDV FDVDV EDL[DV VXUSUHHQGLD VH D LQWLPLGDGH GD YLGD FDVHLUD FRP PXOKHUHV TXDVH QXDV GHLWDGDV SHODV HVWHLUDV GDV VDODV H DOFRYDV .RVWHU LPSUHVVLRQRX VH SHOD RSXOrQFLD H LPSRUWkQFLD GD FLGDGH 3HUQDPEXFR H[SRUWDYD VREUHWXGR DOJRGmR
  • 78.
    78 SDUD D ,QJODWHUUDH Do~FDU SDUD 3RUWXJDO $WULEXLX R VHX SURJUHVVR H EHP HVWDU DR JRYHUQR GR FDSLWmR JHQHUDO &DHWDQR 3LQWR GH 0LUDQGD 0RQWHQHJUR TXH MXOJDYD DGPLQLVWUDGRU SUXGHQWH H ILUPH 1XPD IHVWD HOHJDQWH D TXH DVVLVWLX R YLDMDQWH LQJOrV QR DUUDEDOGH GR 3RoR GD 3DQHOD HP PHLR GDV GDQoDV H DOHJULD GDV PRoDV DSDUHFHX R FDSLWmR PRU DPiYHO SUD]HQWHLUR $ VXD SUHVHQoD SRUpP IH] FDODU DV ULVDGDV H R EDLOH FRQWLQXRX VROHQH QXP PXUP~ULR GH UHVSHLWR $ .RVWHU HVFDSDUDP QR HQWDQWR RV VLQWRPDV GH HIHUYHVFrQFLD QDWLYLVWD TXH YLHUDP H[SORGLU PDLV WDUGH QD UHYROXomR GH 2 JRYHUQR GH &DHWDQR 3LQWR WHUPLQRX Dt YHUJRQKRVDPHQWH SHOD IXJD GR &DSLWmR JHQHUDO $R 6XO RXWURV FHQWURV VRFLDLV HUDP SHOD DVVLVWrQFLD GDV DOWDV DXWRULGDGHV DGPLQLVWUDWLYDV D %DKLD H R 5LR 0DLV GR TXH QR 1RUWH QHODV GRPLQDYD R PDO GD HVFUDYLGmR 1D SULPHLUD QXPD SRSXODomR GH DOPDV Vy XPD WHUoD SDUWH HUD GH EUDQFRV H tQGLRV R UHVWR FRPSXQKD VH GH QHJURV H PXODWRV $ FLGDGH VRE R VRO UDGLRVR GRV WUySLFRV HUD XP KRUUtYHO PRQWXUR TXH GHYLD HPSHVWDU DWp R PDU DOWR FRPR D /LVERD GH %URQ 3HOD HVFDUSD DEUXSWD FROHDYDP ODGHLUDV UXDV H YLHODV HVWUHLWtVVLPDV SRU RQGH GLILFLOPHQWH SDVVDYD XPD VHJH &DVDV DJDLRODGDV GH TXDWUR H FLQFR DQGDUHV HP JHUDO GR VpFXOR ;9,, IRUUDGDV GH XUXSHPD HQVRPEUDYDP H DEDIDYDP DV UXDV FRP RV ORQJRV EHLUDLV H DV VDOLrQFLDV GDV UyWXODV XPD GHODV VH FKDPDYD UXD 'LUHLWD GD 3UHJXLoD FRPR XP HSLJUDPD 1RV WUrV PHUFDGRV GD FLGDGH DV QHJUDV YHQGLDP SHL[H FDUQH PRTXHDGD EDOHLD QR WHPSR GD SHVFD H XPD LQILQGiYHO FROHomR GH FDUXUXV YDWDSiV PLQJDXV SDPRQKDV DFDoiV DFDUDMpV
  • 79.
    79 DEDFiV DUUR] GHFRFR IHLMmR GH FRFR H DV LQILQLWDV TXDOLGDGHV GH TXLWXWHV EDLDQRV DOJXQV GRV TXDLV GL]LD R FURQLVWD ´yWLPRV SHOR DVVHLR SDUD WRPDU SDUD YRPLWyULRVµ -XQWR DRV PHUFDGRV HP FDVLQKRODV SHTXHQtVVLPDV H VRPEULDV PRUDYDP DV TXLWDQGHLUDV 1DV QRLWHV GH FDORU ~PLGR GRV SDQWDQDLV TXH GH XP ODGR FHUFDYDP D FLGDGH VXELD XP IRUPLGiYHO FRD[DU GH HQRUPHV EDWUiTXLRV HUJXHQGR XP DODULGR GH FmHV GH ILOD 1DV IRQWHV GH iJXD LPSXUD KDYLD GLDULDPHQWH EULJDV GH QHJURV TXH Dt OLTXLGDYDP D SRQWD GH IDFD UXVJDV SRU FDXVD GD DSDQKD GR OLTXLGR RX TXHVW}HV GH LQWHUHVVH H DPRU FRP D SROtFLD H FRP RV JDOpV TXH FRQFRUULDP DRV FKDIDUL]HV $ YLGD GLVVROXWD GR DIULFDQR H GR PHVWLoR LQYDGLD D PHOKRU VRFLHGDGH 7XGR VH ID]LD QHVVH DEDQGRQR GHVOHL[DGR H FRUURPSLGR TXH p D SUDJD GD HVFUDYLGmR 2 WUDMH RUGLQiULR GDV PXOKHUHV QR LQWHULRU GDV FDVDV HUD XPD VLPSOHV VDLD SRU FLPD GH XPD FDPLVD HP JHUDO GD PDLV WUDQVSDUHQWH PXVVHOLQD PXLWR RUQDPHQWDGD H ERUGDGD 0XLWR ODUJD QR SHVFRoR DR PHQRU PRYLPHQWR FDtD GH XP GRV RPEURV RX PHVPR GRV GRLV GHVFREULQGR VHP SXGRU RV VHLRV 1DV JUDQGHV IDPtOLDV SDWUtFLDV XP GRV OX[RV FRQVLVWLD QR VpTXLWR GH SUHWDV H PXODWDV TXH FHUFDYDP DV VHQKRUDV EUDQFDV TXDQGR VDtDP SDUD DV SURFLVV}HV 4XLQ]H RX YLQWH HVFUDYDV DFRPSDQKDYDP DV VLQKiV PRoDV YHVWLGDV GH ULFDV VDLDV GH FHWLP FDPLVDV GH FDPEUDLD RX FDVVD ILQtVVLPD FREHUWDV GH MyLDV GH RXUR FRUG}HV SXOVHLUDV FRODUHV EUDFHOHWHV H EDUDQJDQGmV 2 EDQGR SHUFRUULD HQWmR R ODELULQWR GH EHFRV WUDYHVVDV H UXHODV UHTXHEUDGR H JXL]DOKDQWH FRPR XP FRUGmR FDUQDYDOHVFR
  • 80.
    80 2 PDO SRUpPURtD PDLV IXQGR 2V HVFUDYRV HUDP WHUUtYHLV HOHPHQWRV GH FRUUXSomR QR VHLR GDV IDPtOLDV $V QHJUDV H PXODWDV YLYLDP QD SUiWLFD GH WRGRV RV YtFLRV 'HVGH FULDQoDV ³ GL] 9LOKHQD ³ FRPHoDYDP D FRUURPSHU RV VHQKRUHV PRoRV H PHQLQDV GDQGR OKHV DV SULPHLUDV OLo}HV GH OLEHUWLQDJHP 2V PXODWLQKRV H FULDV HUDP SHUQLFLRVtVVLPRV 7UDQVIRUPDYDP DV FDVDV VHJXQGR D H[SUHVVmR FRQVDJUDGD H MXVWD HP YHUGDGHLURV DQWURV GH GHSUDYDomR 0XLWRV VHQKRUHV SRU PHUR GHVOHL[R FRQVHUYDYDP QDV PRUDGLDV GD FLGDGH GH]HQDV H GH]HQDV GH PXODWRV H QHJURV HP FRPSOHWD RFLRVLGDGH SHOR VLPSOHV IDWR GH Dt WHUHP QDVFLGR 'D SURPLVFXLGDGH VXUJLD WRGD D VRUWH GH DEXVRV H FULPHV 6HQKRUHV DPDVLDYDP VH FRP HVFUDYDV GHVSUH]DQGR DV HVSRVDV OHJtWLPDV H HP SURYHLWR GD GHVFHQGrQFLD EDVWDUGD RXWURV QmR FDVDYDP DJDUUDGRV DR YtFLR GH DOJXPD KDUSLD TXH RV VHTHVWUDYD FLXPHQWD H GHJUDGDQWH SRU XPD YLGD WRGD HFOHVLiVWLFRV FRQVWLWXtDP IDPtOLDV FRP QHJUDV H PXODWDV FRP LQ~PHURV ILOKRV D TXHP GHL[DYDP HP KHUDQoD DV PDLV EHODV SURSULHGDGHV GD WHUUD 2V HVFUDYRV YHOKRV H GRHQWHV SRUpP MRJDYDP QRV j UXD SDUD PHQGLJDUHP R VXVWHQWR $ HVFUDYLGmR HQILP FRP WRGRV RV VHXV KRUURUHV 2 5LR SRU HVVD pSRFD SRXFR VH GLIHUHQoDYD GD %DKLD 8P WHVWHPXQKR LQWHOLJHQWH GH QRV Gi R TXDGUR YLYR GD FLGDGH H GR DPELHQWH VRFLDO j FKHJDGD GR 3UtQFLSH 5HJHQWH $ SUHVHQoD GD FRUWH DQWLTXDGD SREUH GHVPD]HODGD LPSULPLD DRV GLIHUHQWHV DVSHFWRV GD YLGD IOXPLQHQVH R WRP FDULFDWXUDO TXH SRU WmR ORQJRV DQRV FDUDFWHUL]RX R FHUHPRQLDO PRQiUTXLFR QR %UDVLO $ SULPHLUD LPSUHVVmR TXH WHYH /XFFRFN IRL GH TXH R 5LR HUD ´XPD GDV PDLV LPXQGDV DVVRFLDo}HV GH KRPHQV
  • 81.
    81 GHEDL[R GRV FpXVµ5DQJR YLDMDQWH DOHPmR TXH DTXL HVWHYH HP QRWRX ORJR DR GHVHPEDUFDU R FKHLUR SHQHWUDQWH DGRFLFDGR TXH H[DODYDP DV UXDV FKHLDV GH QHJURV FDUUHJDQGR IDUGRV QR FDORU LQWHQVR $ FLGDGH OLPLWDYD VH j iUHD EDL[D H SDQWDQRVD TXH HQFHUUDYDP RV PRUURV GR &DVWHOR 6DQWR $QW{QLR H 6mR %HQWR VHJXLQGR VH SHOD UXD GRV %DUERQRV *XDUGD 9HOKD 6mR -RDTXLP H 9DOORQJR $OpP H LPHGLDWDPHQWH FRPHoDYD D PDWD 'D *OyULD D %RWDIRJR LD VH SRU XP WULOKR GH DQLPDLV H D DOWD YHJHWDomR HQFREULD QR WUDMHWR D YLVWD GR PDU 1R FDPSR GH 6mR &ULVWRYmR FDoDYD VH H HUD IiFLO SHUGHU VH R FDPLQKR 1D SDUWH KDELWDGD HP FHUFD GH FDVDV UHVLGLD XPD SRSXODomR GH FHUFD GH DOPDV RX GH UHIHUH RXWUR YLDMDQWH ³ H GHOHV HUDP QHJURV 5XDV HVWUHLWDV H HP JHUDO HP OLQKD UHWD FDOoDGDV GH JUDQLWR FRUUHQGR SHOR PHLR D VDUMHWD GDV iJXDV j QRLWH PDO DV DOXPLDYDP DV ODPSDULQDV GRV RUDWyULRV H QLFKRV 1DV ORMDV SUHGRPLQDYDP RV ERWLFiULRV H RV GURJXLVWDV 3HODV UXDV FLUFXODYD XPD SLWRUHVFD PHVFOD GH WUDQVHXQWHV VREUHVVDLQGR RV PHLULQKRV FXUYDQGR VH H WLUDQGR RV VXMRV FKDSpXV GH ELFR VHERVRV GH WRSH SUHWR $R ODGR GH XP FDUUR GH ERLV FKLDQGR SDVVDYD XPD FDGHLULQKD GH VHQKRUD URGHDGD GH XPD PXOWLGmR GH PHQGLJRV DQGUDMRVRV HQWUH RV TXDLV QmR HUD UDUR YHU VH DOJXP RILFLDO GH PLOtFLDV WDPEpP GH PmR HVWHQGLGD ­V YH]HV SDVVDYDP HVWUDQKDV ILJXUDV GH HVFUDYRV GH PiVFDUD GH IHUUR FRP TXH RV SXQLDP GR YtFLR GD HPEULDJXH] 'H WRGD HVVD PLVWXUD GH FRUHV GH OtQJXDV GH WUDMHV VXELD QR DU YLEUDQWH GH VRO XPD DOWD YR]HULD DFRPSDQKDQGR DV FRQWtQXDV VDOYDV GRV IRUWHV GD EDtD RX R IRJXHWyULR GDV IHVWDV GH LJUHMD TXDVH GLiULDV 6XELWDPHQWH XP UHEXOLoR DMRHOKDYDP VH WRGRV (UD D VHJH UHDO
  • 82.
    82 EDORXoDQGR VH QDVFRUUHLDV SX[DGD SRU GXDV PXODV GH DUUHLRV UHPHQGDGRV JXLDGRV SRU XP ODFDLR GH OLEUp JDVWD H GHVERWDGD 'HQWUR R VRUULVR ERTXLDEHUWR GH DGHQRLGLDQR GR 3UtQFLSH 5HJHQWH 1DV KRUDV TXHQWHV HVYD]LDYD VH D UXD Vy QHJURV SDVVDYDP /XFFRFN WLQKD D LPSUHVVmR GH HVWDU QXPD FLGDGH GD ÉIULFD $ SURSRUomR GRV EUDQFRV SDUD D JHQWH GH FRU HUD GH SDUD DYDOLDYD 5DQJR 2 DVSHFWR GD JHQWH HUD GHVDJUDGiYHO 2 FOLPD TXHQWH D IDOWD GH DVVHLR D FDUQH GH SRUFR SURGX]LDP WHUUtYHLV GRHQoDV GH SHOH QDV PXOKHUHV D UHFOXVmR QDV DOFRYDV VHP DU HPSDOLGHFLD UDSLGDPHQWH R URVWR PDLV HQFDQWDGRU GR PXQGR DRV GH]RLWR DQRV DWLQJLDP D XPD PDWXULGDGH FRPSOHWD SUHFXUVRUD GH XPD H[FHVVLYD FRUSXOrQFLD FRP TXH DRV WULQWD VH WUDQVIRUPDYDP HP YHOKDV HQUXJDGDV 1D YLGD VRFLDO VH QRWDYDP DOJXQV WUDoRV SHFXOLDUHV TXH R YLDMDQWH DWULEXL j GLVVROXomR GRV FRVWXPHV 3RXFRV VH SUHRFXSDYDP FRP RV PDLV FRPH]LQKRV SULQFtSLRV GD YHUGDGH GD SURSULHGDGH SDUWLFXODU RX GDV YLUWXGHV GRPpVWLFDV $ YLGD GH XP KRPHP SRXFR YDOLD SRU XP SDWDFmR XP FDSDQJD VH LQFXPELD GR GHVDSDUHFLPHQWR GH TXDOTXHU GHVDIHWR 1HP PHVPR ³ REVHUYD R LQJOrV ³ VH UHFRUULD D HVVD VRPEUD GD YLUWXGH TXH p D KLSRFULVLD e HVVD DFUHVFHQWD D LPSUHVVmR JHUDO TXH VH WHP DV H[FHo}HV H[LVWLDP UHVSHLWiYHLV FRPR HP WRGD SDUWH PDV HP JHUDO HUD JUDQGH D SURSRUomR GH FDUDFWHUHV GXYLGRVRV FRP YLVtYHO SUHGLVSRVLomR SDUD R PDO (VFRODV S~EOLFDV QmR KDYLD QHP TXDOTXHU RXWUR HVWDEHOHFLPHQWR SDUD D LQVWUXomR GDV FULDQoDV (VWDV DSUHQGLDP D OHU QDV ORMDV GRV SDLV FRP RV FDL[HLURV TXH D LQYDVmR IUDQFHVD IL]HUD HPLJUDU GH 3RUWXJDO 1RV FROpJLRV
  • 83.
    83 HFOHVLiVWLFRV SRXFR PDLVVH HQVLQDYD DRV TXH VH GHGLFDYDP j FDUUHLUD FOHULFDO &RPR DOLPHQWR HVSLULWXDO SDUD WRGD D SRSXODomR DSHQDV GRLV RX WUrV YHQGHGRUHV GH DOIDUUiELRV SRVVXtDP DOJXPDV REUDV REVROHWDV GH WHRORJLD RX PHGLFLQD 'RLV GHWDOKHV EHP LQJOHVHV WHUPLQDYDP HVVH TXDGUR 1mR KDYLD HP WRGD D FLGDGH XPD Vy HVFRYD GH GHQWHV OLPSDYDP QRV FRP RV GHGRV ( WRPDYD VH UDSp HP DEXQGkQFLD SDUD QmR VHQWLU R FKHLUR GD FLGDGH ,VRODGD QR VHX DOWLSODQR GHIHQGLGD GR FRQWiJLR HXURSHX SHOR &DPLQKR GR 0DU D FLGDGH GH 6mR 3DXOR DLQGD SRU HVVD pSRFD YHJHWDYD QD LQGLJrQFLD GH OXJDUHMR SURYLQFLDQR H VHUUDQR $ PLQHUDomR EDQGHLUDQWH WLUDUD OKH R PHOKRU GR VDQJXH FRP D HPLJUDomR GRV HOHPHQWRV VDGLRV GD &DSLWDQLD D HVW~SLGD DGPLQLVWUDomR SRUWXJXHVD GR VpFXOR ;9,,, YLHUD HP VHJXLGD DEDIDU H VXSULPLU R TXH UHVWDYD QDV SRSXODo}HV GD DQWLJD IRUWDOH]D H LQGHSHQGrQFLD )RL TXDQGR RV 3DXOLVWDV VH EDUEDUL]DUDP GH XPD YH] LQIRUPDYD XP JRYHUQDGRU 'LVSHUVRV HVFRQGLGRV SHODV URoDV SURFXUDQGR D VROLGmR QR VHX DPXR FDUDFWHUtVWLFR YLYLDP GH FDQMLFD SLQKmR H Loi WRUUDGR ´6H DOJXpP GL]LD XP UHODWyULR RILFLDO ID]HQGR YLDJHP HQFRQWUDYD SRU DFDVR XP GHVWHV RX OKH IRJH RX ILFD WmR DVVXVWDGR H SUHRFXSDGR TXH QHP R FKDSpX OKH WLUD H VH OKH GL] D PtQLPD SDODYUD GHVFRQILD H ´PDWD ORJRµ $ YLGD DFDQKDGD SRUpP QmR HVFDSDYD j GLVVROXomR JHUDO GRV FRVWXPHV TXH VH JHQHUDOL]DUD SRU WRGD D FRO{QLD 8P RItFLR GR ELVSR GR 5LR GH -DQHLUR GH GH IHYHUHLUR GH GLULJLGR DR FRQGH GH 2HLUDV Mi OHYDQWD XP SRXFR GR YpX TXH HQFREULD RV HVFkQGDORV GD 3DXOLFpLD 1R FROpJLR GH 6mR 3DXOR KDYLD ´PHVWUHV
  • 84.
    84 GLVVROXWtVVLPRV HP FRQFXELQDJHPFRP GLVFtSXORVµ H FLWD R ELVSR R SDGUH 0DQXHO GRV 6DQWRV TXH YLYLD FRP R HVWXGDQWH $QW{QLR -RVp GHSRLV FOpULJR WDPEpP H R SDGUH ,JQDFLR 5LEHLUR FRP R P~VLFR ,JQDFLQKR H 3HGUR GH 9DVFRQFHOORV FRP -RDTXLP 9HOORVR HWF HWF 3RU FL~PHV EULJDUDP SXEOLFDPHQWH R SDGUH 0DQXHO GRV 6DQWRV FRP R IUDQFLVFDQR IU 0DQXHO GH 6mR %RDYHQWXUD H R SDGUH 3HGUR %DUUHLURV FRP R FRULVWD 9LWR GH 0DGXUHLUD 1HVVDV FHQDV GLVSXWDYDP VH RV IDYRUHV GD FpOHEUH PXODWD 0DULD 3XWL~ DPDQWH GR SDGUH 0DUWLQV (P 6DQWRV HP 3DUDQDJXi IDWRV LGrQWLFRV VH UHSHWLDP 6H SRU HVVDV EDQGDV DSDUHFHVVH XP YLVLWDGRU GR 6DQWR 2ItFLR DV ´FRQILVV}HV GH 6mR 3DXORµ VHULDP GH FHUWR WmR FXULRVDV FRPR DV GD %DKLD H 3HUQDPEXFR 7UrV VpFXORV WLQKDP WUD]LGR R SDtV D HVVD VLWXDomR ODPHQWiYHO $ FRO{QLD DR LQLFLDU VH R VpFXOR GH VXD LQGHSHQGrQFLD HUD XP FRUSR DPRUIR GH PHUD YLGD YHJHWDWLYD PDQWHQGR VH DSHQDV SHORV ODoRV WrQXHV GD OtQJXD H GR FXOWR 3RSXODomR VHP QRPH H[DXVWD SHOD YHUPLQRVH SHOR LPSDOXGLVPR H SHOD VtILOLV WRFDQGR GRLV RX WUrV TXLO{PHWURV TXDGUDGRV D FDGD LQGLYtGXR VHP QHQKXP RX SRXFR DSHJR DR VROR QXWULGRU SDtV SREUH VHP R DX[tOLR KXPDQR RX DUUXLQDGR SHOD H[SORUDomR DSUHVVDGD WXPXOWXiULD H LQFRPSHWHQWH GH VXDV ULTXH]DV PLQHUDLV FXOWXUD DJUtFROD H SDVWRULO OLPLWDGD H DWUDVDGD QmR VXVSHLWDQGR GDV IRUPLGiYHLV SRVVLELOLGDGHV GDV VXDV iJXDV GDV VXDV PDWDV GRV VHXV FDPSRV H SUDLDV SRYRDGRUHV PHVWLoDGRV VXPLQGR VH R tQGLR GLDQWH GR HXURSHX H GR QHJUR SDUD D WLUDQLD QRV FHQWURV OLWRUkQHRV
  • 85.
    85 GR PXODWR HGD PXODWD FOLPD DPROHFHGRU GH HQHUJLDV SUySULR SDUD D ´YLGD GH EDODQoRµ KLSHUWURILD GR SDWULRWLVPR LQGROHQWH TXH VH FRQWHQWDYD HP DGPLUDU DV EHOH]DV QDWXUDLV ´DV PDLV H[WUDRUGLQiULDV GR PXQGRµ FRPR VH IRVVHP REUDV GR KRPHP DR ODGR GH XP HQWXVLDVPR IiFLO GHQHJULPHQWR GHVDQLPDGR H HVWpULO ´6mR GHVJUDoDV GR %UDVLO 8P SDWULRWLVPR IRIR /HLV FRP SDURODV SUHJXLoD )HUUXJHP IRUPLJD H PRIR LQGLJrQFLD LQWHOHFWXDO H DUWtVWLFD FRPSOHWD HP DWUDVR VHFXODU UHIOH[R DSDJDGR GD GHFDGrQFLD GD PmH SiWULD IDFLOLGDGH GH GHFRUDU H ORTXDFLGDGH GHUUDPDGD VLPXODQGR FXOWXUD YLGD VRFLDO QXOD SRUTXH QmR KDYLD VRFLHGDGH FRP DV PXOKHUHV UHFOXVDV FRPR PRXUDV RX WXUFDV YLGD PRQyWRQD H VXEPLVVD VHP RV HQFDQWRV TXH D SRHWL]DP QR SDYRU FRQVWDQWH GRV UHFUXWDPHQWRV IRUoDGRV HVIRUoR LQGLYLGXDO ORJR H[DXVWR SHOD DXVrQFLD RX SHOD PRUWH H FRPR REVHUYD &DSLVWUDQR PDQLIHVWDo}HV FROHWLYDV VHPSUH SDVVDJHLUDV FHUWDPHQWH SHOD IDOWD GH FRRSHUDomR WmR SUySULD GR DQWHSDVVDGR LQGtJHQD GLVVHPLQDGDV SHORV VHUW}HV GH 1RUWH D 6XO DV YLUWXGHV DQFHVWUDLV VLPSOLFLGDGH OHQWD QD FRUDJHP UHVLJQDomR QD KXPLOGDGH KRPHQV VyEULRV H GHVLQWHUHVVDGRV GRoXUD GDV PXOKHUHV 0DUWLXV HP UHJLVWD QXPD SiJLQD GDV VXDV ©9LDJHQVª D LPSUHVVmR TXH OKH SURGX]LUDP QD %DKLD DV IHVWDV GR 1RVVR 6HQKRU GR %RQILP H DV SURFLVV}HV GD &DSLWDO (UD QXPD PHVFOD IDQWiVWLFD D H[LELomR GH WRGRV RV HVWDGRV VRFLDLV H GH WRGDV DV UDoDV &RQIUDULDV GDV PDLV YDULDGDV FRUHV ³ EHQHGLWLQRV IUDQFLVFDQRV
  • 86.
    86 DXJXVWLQKRV FDUPHOLWDV GHVFDOoRVH FDOFDGRV IUDGHV PHQGLFDQWHV GH -HUXVDOpP FDSXFKLQKRV IUHLUDV ³ ULYDOL]DQGR QD PDJQLILFrQFLD GRV YHVWXiULRV EDQGHLUDV H LQVtJQLDV WURSDV GH OLQKD SRUWXJXHVDV GH DVSHFWR PDUFLDO H SDFDWDV PLOtFLDV ORFDLV D JUDYLGDGH H XQomR GRV SDGUHV HXURSHXV FRPR TXH H[WiWLFRV QR HVSOHQGRU GD YHOKD ,JUHMD URPDQD HP PHLR GD DOJD]DUUD GH QHJURV PHLRV SDJmRV H GH WUrIHJRV PXODWRV (VSHWiFXOR ~QLFR ³ H[FODPD R JUDQGH FLHQWLVWD ³ UHVXPLQGR VpFXORV H LUUHDOL]iYHO PHVPR HP /RQGUHV RX 3DULV H HP TXH VH YLDP QXP GHVILODU GH PiJLFD UHSUHVHQWDQWHV GH WRGDV DV pSRFDV GH WRGDV DV SDUWHV GR PXQGR GH WRGRV RV VHQWLPHQWRV D KLVWyULD LQWHLUD GD HYROXomR KXPDQD QDV VXDV PDLV DOWDV DPELo}HV QDV VXDV OXWDV PDLV DFLUUDGDV QRV SRQWRV FXOPLQDQWHV GH VXDV SDL[}HV H GH VXDV UHVLVWrQFLDV (EXOLomR IRUPLGiYHO GR FDGLQKR QR TXDO VH SUHSDUDYD D IRUPDomR GH XP KRPHP QRYR VXUJLQGR SDUD RV WULXQIRV GH VHX GHVWLQR RX SDUD XPD GHVLOXVmR H XP GHVDVWUH QD UHDOL]DomR GH VXD ILQDOLGDGH KLVWyULFD H JHRJUiILFD
  • 87.
  • 88.
    88 1HVVH RUJDQLVPR SUHFRFHPHQWHGHSDXSHUDGR H[SRVWR jV PDLV YDULDGDV LQIOXrQFLDV PHVROyJLFDV H pWQLFDV DR FRPHoDU R VpFXOR GD LQGHSHQGrQFLD PDQLIHVWRX VH FRPR XPD GRHQoD R PDO URPkQWLFR 'HILQL OR Mi p VXVFLWDU PLO G~YLGDV &RPR H[SUHVVmR GLQkPLFD GR HVStULWR KXPDQR R URPDQWLVPR p XP IHQ{PHQR H[WHQVR H FRPSOH[R $FRPSDQKi OR SHORV VpFXORV DIRUD p LU j ,GDGH 0pGLD DR QHRSODWRQLVPR GH $OH[DQGULD DR SODWRQLVPR JUHJR SDVVDQGR SHOD 5HIRUPD H SHOD 5HQDVFHQoD 2V YROXPHV GD IRUPLGiYHO ELEOLRJUDILD TXH GHOH VH RFXSD HQFKHULDP DV HVWDQWHV GH XPD ELEOLRWHFD )LORVRILD DUWHV VLVWHPDV SROtWLFRV QRYRV PRGRV GH VHQVLELOLGDGH D FXOWXUD HQILP H D SUySULD FLYLOL]DomR RFLGHQWDO ³ IRUDP GLUHWD RX LQGLUHWDPHQWH DIHWDGDV SHOD YLVmR GHIRUPDGRUD TXH FRQVWLWXL D HVVrQFLD GR PRYLPHQWR URPkQWLFR 8QV R FRQWUDS}HP DR FODVVLFLVPR UHSUHVHQWDWLYR GR VHQWLPHQWR GD RUGHP GD OyJLFD GR KRPRJrQHR GR DEVWUDWR GD UD]mR GD FODUH]D HP RSRVLomR jV WHQGrQFLDV FRQFUHWDV GH IDWR H GH YLGD GH WUDGLomR H GH PRYLPHQWR TXH FDUDFWHUL]DP SDUD DVVLP GL]HU D HVWUXWXUD EiVLFD GR SHQVDPHQWR H VHQVLELOLGDGH URPkQWLFDV 3DUD RXWURV R URPDQWLVPR p VLPSOHVPHQWH XPD DWLWXGH RX R PRGR GH VHU GH XPD pSRFD WXUYD H UHYROWDGD UHDJLQGR FRQWUD DV DQWLJDV GLVFLSOLQDV TXH LQVLVWLDP VHP UHVXOWDGR HP DEDIDU D kQVLD GH LQGHSHQGrQFLD WmR SHFXOLDU jV PXOWLG}HV OLEHUWDGDV GR ILP GR VpFXOR ;9,,, 1D SUySULD H[SUHVVmR ³ URPDQWLVPR ³ GHSDUD VH XPD GXDOLGDGH HP TXH VH SRGH GLVWLQJXLU R URPDQWLVPR GR VHQWLPHQWR H R GD LQWHOLJrQFLD 8P p R VLQ{QLPR GH OLULVPR H GH SHVVLPLVPR R VHJXQGR DR FRQWUiULR p XPD DILUPDomR
  • 89.
    89 GH JHQHURVLGDGH GHDUGRU GH Ip QR LQHVJRWiYHO SRGHU GR HVStULWR KXPDQR 8P H RXWUR HQFRQWUDP D VXD LPHGLDWD IRQWH LQVSLUDGRUD HP -HDQ -DFTXHV $ IyUPXOD p FRQKHFLGD WXGR QR URPDQWLVPR YHP GH 5RXVVHDX HP 5RXVVHDX WXGR p URPkQWLFR 'HOH YHP HP OLWHUDWXUD R HJRFHQWULVPR VHQWLPHQWDO H H[LELFLRQLVWD R VRQKDU LQ~WLO H VROLWiULR R RUJXOKR H R HVStULWR GH UHYROWD TXH GHUDP XP FXQKR WmR SHFXOLDU jV JHUDo}HV DWUDtGDV SHOD VHGXomR GR FLGDGmR GH *HQHEUD 1mR p PHQRU SRUpP D VXD LQIOXrQFLD QD KLVWyULD SROtWLFD GR PXQGR 'D VXD JUDQGLORTrQFLD QDVFHUDP RV OXJDUHV FRPXQV TXH IRUQHFHUDP j 5HYROXomR IUDQFHVD D VXD HPSRODGD IUDVHRORJLD 2V KRPHQV DSUHQGHUDP QR &RQWUDWR 6RFLDO DV WLUDGDV TXH VHUYLUDP WDQWDV YH]HV FRQWUD RV WLUDQRV RV SRGHURVRV H Dt RXYLUDP SHOD SULPHLUD YH] RV KLQRV HQWRDGRV j LJXDOGDGH KXPDQD H j OLEHUGDGH GRV SRYRV ,QYHQWD VH D UHWyULFD SROtWLFD 2 PXQGR LD HPEULDJDU VH FRP SDODYUDV 4XDUHQWD DQRV GHSRLV LUURPSLD D 5HYROXomR H DQWHV D $PpULFD Mi WLQKD LQLFLDGR D VXD OLEHUWDomR 1R %UDVLO DV SULPHLUDV WHQWDWLYDV QDFLRQDOLVWDV OLJDUDP VH j GHFODUDomR GD LQGHSHQGrQFLD GRV (VWDGRV 8QLGRV RQGH IUXWLILFDYD QR FDPSR SUiWLFR D SURSDJDQGD LQLFLDGD SHOD (QFLFORSpGLD H SHORV OLYURV LQFHQGLiULRV GH 9ROWDLUH GH %ULVVRW H GH 5DQDO SUHFXUVRUHV GD SUySULD 5HYROXomR )UDQFHVD 'H D DV LGpLDV SUHGLOHWDV GH -HDQ -DFTXHV LQVSLUDUDP H JXLDUDP RV PRYLPHQWRV UHYROXFLRQiULRV IUDQFR DPHULFDQRV VREHUDQLD GR SRYR OLEHUGDGH LQGLYLGXDO LJXDOGDGH UDFLDO H SROtWLFD LQIDOLELOLGDGH GD QDomR $SDUHFHP QD 3URFODPDomR GD ,QGHSHQGrQFLD H QD &RQVWLWXLomR GD 9LUJtQLD GH DVVLP FRPR PDLV WDUGH HP )UDQoD QD 'HFODUDomR GRV
  • 90.
    90 'LUHLWRV GR KRPHP$Wp D DSDJDGD H[LVWrQFLD GR %UDVLO FRORQLDO FKHJDUDP RV HFRV GHVVD UHQRYDomR PHVVLkQLFD TXH DEDODYD R PXQGR 3UHFHGHUDP FRPR HUD QDWXUDO QXP SDtV LQFXOWR R DSDUHFLPHQWR GR URPDQWLVPR OLWHUiULR TXH YHLR LQIOXHQFLDU DV LGpLDV H RV VHQWLPHQWRV GD DOPD QDFLRQDO 0DQLIHVWDUDP VH SRUpP GH XP PRGR LQGLVFXWtYHO QDV UHYROXo}HV SHUQDPEXFDQDV GH H GH *XLDUD DV R PDLV SXUR HQWXVLDVPR URPkQWLFR 5RPkQWLFR IRL HVVH JUXSR GH GR]H HVWXGDQWHV EUDVLOHLURV GH &RLPEUD SURPRYHQGR HP XP HQFRQWUR HQWUH XP GHOHV -RVp -RDTXLP GD 0DLD FRP 7KRPD] -HIIHUVRQ HQWmR HPEDL[DGRU QRUWH DPHULFDQR HP 3DULV 5HXQLUDP VH R PRoR EUDVLOHLUR H -HIIHUVRQ HP 1LPHV QD 3URYHQoD $ FRUUHVSRQGrQFLD GH -HIIHUVRQ FRP - -D UHYHOD TXH DSHVDU GD DSDUHQWH IOHXJPD R YHOKR GLSORPDWD VH HQWXVLDVPRX SHORV SODQRV GR HVWXGDQWH TXH SHGLD R DSRLR GR JRYHUQR GH :DVKLQJWRQ SDUD R HVWDEHOHFLPHQWR GR UHJLPH UHS~EOLFDQR QR %UDVLO 5RPkQWLFRV WDPEpP 'RPLQJRV 9LGDO %DUERVD H -RVp ÉOYDUHV 0DFLHO GR PHVPR JUXSR GRV GR]H GH &RLPEUD TXH SODQHMDUDP H RUJDQL]DUDP HP 0LQDV XPD UHVLVWrQFLD j LPSRVLomR GD GHUUDPD SDUD D FREUDQoD GRV LPSRVWRV GR RXUR ³ PHUD WHQWDWLYD GH VXEOHYDomR TXH QmR FKHJRX D WHU LQtFLR 5RPkQWLFRV RV SURPRWRUHV GD UHYROXomR GH HP 3HUQDPEXFR HP TXH D ´HORTrQFLD RVVLkQLFDµ GH 'RPLQJRV -RVp 0DUWLQV GDWDYD DV VXDV SURFODPDo}HV GD ´VHJXQGD HUD GD OLEHUGDGH SHUQDPEXFDQDµ $t HP WXGR VH LPLWDYDP RV H[DJHURV GD 5HYROXomR IUDQFHVD GHVGH R DSHOR jV VHQKRUDV SDWULRWDV FRQYLGDQGR DV D VH GHVID]HUHP GDV VXDV MyLDV H RUQDWRV FRQWUiULRV j
  • 91.
    91 DXVWHULGDGH UHSXEOLFDQD DWpR FRUWH GRV FDEHORV TXH GHYLDP VHU XVDGRV ´j 7LWRµ 5RPkQWLFR R SUtQFLSH GH YLQWH H TXDWUR DQRV TXH YHLR UHSUHVHQWDU QR GUDPD GD QRVVD LQGHSHQGrQFLD R SUySULR PRPHQWR KLVWyULFR TXH YLYLD R PXQGR 6RIULD FRPR RV FRQWHPSRUkQHRV GR YtFLR GDV SDODYUDV JUDQGLORTHQWHV FRUWHMDYD D RSLQLmR ´HVVD UDLQKD GR PXQGRµ H QR DPELHQWH PHLR VHOYiWLFR GD WHUUD DGRWLYD VROWDYD HP OLEHUGDGH R WHPSHUDPHQWR DUGHQWH GH MRYHP KHUyL VHP PRGRV 5RPkQWLFR R QRVVR SDFWR FRQVWLWXFLRQDO ³ H[FHOHQWH HVSpFLPH GH URPDQWLVPR SROtWLFR GLVVH 6tOYLR 5RPHUR ³ H TXH FRPHQWDGRUHV PDLV WDUGH DILUPDYDP DVVHQWDU HP WUrV SULQFtSLRV GH XP GHOLUDQWH PLVWLFLVPR ´D VREHUDQLD XQLYHUVDO D XQLGDGH GD VREHUDQLD RUJDQL]DGD H R HTXLOtEULR GR PDQGDWR µ 2 SDtV QDVFLD DVVLP VRE D LQYRFDomR GRV GLVFXUVRV H GDV EHODV SDODYUDV (QGHXVDPHQWR QD SROtWLFD GR PHVPR OLEHUDOLVPR YHUERVR H VRQRUR TXH 9LFWRU +XJR LD UHFODPDU SDUD D OLWHUDWXUD QR SUHIiFLR GR +HUQDQL (UD R YRFDEXOiULR GH -HDQ -DFTXHV DSOLFDGR DR SDtV VHPL YLUJHP DSHQDV HJUHVVR GH XP ORQJR FRORQDWR 6HPHOKDQWH DR LQJUDWR WHUULWyULR GH %HUQH TXH 5RXVVHDX GH MRHOKRV H HP OiJULPDV DEUDoDYD H EHLMDYD R %UDVLO DSDUHFLD FRPR D WHUUD GD OLEHUGDGH 3RU HOH OXWRX FRP WRGR R VHX WUDGLFLRQDOLVPR URPkQWLFR D PDoRQDULD GHVGH D 6RFLHGDGH GRV -DUGLQHLURV TXH )UDQFLVFR *H $FDDED GH 0RQWH]XPD IXQGDYD QD %DKLD DWp R *UDQGH 2ULHQWH GR %UDVLO VRE D GLUHomR VXSUHPD GH -RVp %RQLIiFLR H GH TXH ID]LD SDUWH R SUtQFLSH FRP R QRPH GH *XDWLPR]LP 6mR GD KLVWyULD GD pSRFD DV GLVVHQo}HV PDo{QLFDV TXH
  • 92.
    92 SURYRFDUDP D GLVVROXomRGR *UDQGH 2ULHQWH SRU LQWHUYHQomR SHVVRDO GR ,PSHUDGRU Mi HQWmR ILOLDGR DRV &DYDOKHLURV GD 6DQWD &UX] HQWUH RV TXDLV VH LQVFUHYHX VRE R QRPH VLPEyOLFR GH 5{PXOR 5RPDQWLVPR URPDQWLVPR URPDQWLVPR 2 PDO LD SRUpP LQYDGLU R SDtV GH XPD PDQHLUD PDLV LQWHQVD H PDLV HVWUDQKD 2 PHLR HUD OKH SURStFLR 2 GHVHTXLOtEULR GDV LQWHOLJrQFLDV UHSUHVHQWDYD DV LQFHUWH]DV VRFLDLV H SROtWLFDV GR PRPHQWR KLVWyULFR 2 VpFXOR ;9,,, QR %UDVLO FRO{QLD WLQKD VLGR R SURORQJDPHQWR GD LQGLJrQFLD LQWHOHFWXDO GD PHWUySROH $ HVFUDYLGmR DJUDYDYD FRP D VXD DomR GHOHWpULD D SUHPDWXUD VHQLOLGDGH TXH DSDUHQWDYDP RV JUDQGHV FHQWURV SRSXORVRV 3HORV VHUW}HV WLQKDP GHVDSDUHFLGR DV WUDGLo}HV VHFXODUHV TXH SURPRYHUDP QR SHUtRGR KHUyLFR D GHVFREHUWD R SRYRDPHQWR H D H[SORUDomR GR SDtV 6mR 3DXOR GRUPLD DLQGD R VRQR GH KLEHUQDomR VRE R GRPtQLR GRV JRYHUQDGRUHV ILGDOJRV 0LQDV HUD XP GHVHUWR GH UXtQDV RQGH VH UHIXJLDUD R ODWLQyULR GRV DGPLQLVWUDGRUHV REVROHWRV XP RX RXWUR YHVWtJLR GH FXOWXUD SUySULD GH JHQWH TXH IRUD ULFD H R DUFDGLVPR SRUWXJXrV GRV SRHWDV GD ,QFRQILGrQFLD 2 1RUGHVWH YLYLD LVRODGR QR VHX SDVWRUHLR 3DUD R LQWHULRU SURIXQGR GR SDtV VH UHID]LD R GHVHUWR Mi VHP SLRQHLURV &RPR QRV SULPHLURV VpFXORV D FLYLOL]DomR RX TXH PHOKRU QRPH WHQKD VH OLPLWDYD j IDL[D OLWRUkQHD $t D FKHJDGD GD FRUWH DFHQWXRX D GHVRUGHP GRV HVStULWRV SHOD WUDQVSODQWDomR GH XP RUJDQLVPR YHWXVWR H DQDFU{QLFR SDUD D LQJHQXLGDGH SULPiULD GDV SRSXODo}HV $ SDUWH VDGLD H VyOLGD GD HPLJUDomR ³ KRPHQV GH HVWDGR GH
  • 93.
    93 YDORU DUWLVWDV GHIDPD ERP VHQVR DWUDVDGR PDV ~WLO QD GHVRUGHP FRORQLDO DVSHFWRV LQpGLWRV GH XPD YLGD PDLV UHTXLQWDGD WRGD D V~ELWD VXUSUHVD GHVVD LQYDVmR ³ YHLR DFRUGDU D PDQGUDQLFH EUDVLOHLUD DSRGUHFHQGR QDV GHOtFLDV GD PHVWLoDJHP QDV LQWULJDV GD FDUROLFH QXP GHVOHL[R WURSLFDO HQWUH PXODWDV OXQGXV H IHVWDV UHOLJLRVDV 1HVWH DPELHQWH GH VHQVXDOLGDGH H LJQRUkQFLD GHSDUDYD VH GH YH] HP TXDQGR XPD LQGLYLGXDOLGDGH FXOWD D TXHP DSHUIHLoRDUD R FXUVR HP &RLPEUD RX D DXWRGLGD[LD GHVHQYROYLGD SHOD LQWHOLJrQFLD HVSRQWkQHD GD UDoD ³ Q~FOHR GH VHOHomR HP TXH VH SUHSDURX H VH UHDOL]RX R PRYLPHQWR GH LQGHSHQGrQFLD DUUDVWDQGR D LQGROrQFLD H R LQGLIHUHQWLVPR GDV PDVVDV )RUPRX VH DVVLP R JUXSR HVFROKLGR H GH LQFRQWHVWiYHO YDORU PRUDO H LQWHOHFWXDO D TXHP FRXEH D SULQFtSLR D GLUHomR GRV QHJyFLRV S~EOLFRV H HP VHJXLGD RV SULQFLSDLV SDSpLV QD FRPpGLD SDUODPHQWDU TXH YHLR D VHU HP JUDQGH SDUWH D KLVWyULD SROtWLFD GR ,PSpULR 3UHVD IiFLO SDUD R URPDQWLVPR TXH FRP DV JDODV GH PRGD IUDQFHVD DWUDYHVVDYD RV PDUHV GH D VRE D LQVSLUDomR GH +XJR 9LJQ /DPDUWLQH H GHSRLV GH /DPHQQDLV &RVWXPD VH GL]HU TXH D QRYD HVFROD OLWHUiULD FKHJRX DR %UDVLO HP FRP RV 6XVSLURV SRpWLFRV H 6DXGDGHV GH *RQoDOYHV GH 0DJDOKmHV 8PD VLPSOHV GDWD FRPR SRQWR GH UHIHUrQFLD SDUD HVWXGRV FUtWLFRV 2 OLYUR TXH p PHGtRFUH WHYH UHDOPHQWH XP VXFHVVR KRMH LQFRPSUHHQVtYHO &RUUHVSRQGLD SRUpP D XP HVWDGR GH HVStULWR HP HYROXomR D XPD QRYD VHQVLELOLGDGH ODWHQWH H GH TXH Mi KDYLD WUDoRV QD SROtWLFD QDFLRQDO H QD SRHVLD GR QRVVR SUp URPDQWLVPR GHVGH FHUWDV WHQGrQFLDV GD HVFROD PLQHLUD DWp R DQDFUHRQWLVPR GR 3DWULDUFD 2V MRUQDLV GD
  • 94.
    94 pSRFD QR 5LRDWHVWDP D SREUH]D GR PHLR OtWHUiULR 2V OLYUHLURV DQXQFLDYDP FRPR ~OWLPD QRYLGDGH D *DODWpH GH )ORULDQ H R +RQUDGR 1HJRFLDQWH GH 0DUPRQWHO SDUD RV PDLV UHTXLQWDGRV R &KHYDOLHU GH )DXEODV H DV $YHQWXUHV GH 7HOpPDTXH $RV SRXFRV OHLWRUHV RV DQyGLQRV 6XVSLURV GH 0DJDOKmHV LPSUHVVLRQDUDP FHUWDPHQWH FRPR XPD PDQLIHVWDomR UHYROXFLRQiULD H GLUtDPRV KRMH PRGHUQLVWD $FROKHUDP QD GRLV FHQWURV LQWHOHFWXDLV TXH HUDP DV HVFRODV GH GLUHLWR IXQGDGDV HP HP 2OLQGD H 6mR 3DXOR H HP TXH VH IRUPDUDP VREUHWXGR QD ~OWLPD RV GRLV JUDQGHV IRFRV GH LQIHFomR URPkQWLFD (P 3HUQDPEXFR GRPLQRX SRU PDLV WHPSR R TXH UHVWDYD QR %UDVLO GH HVStULWR FRORQLDO (UD XPD &RLPEUD EUDVLOHLUD TXH VH LQVWDODYD QXPD GHSHQGrQFLD GR FRQYHQWR GH 6 %HQWR 2 VHX SDSHO QR SUHSDUR GD PRFLGDGH HVWXGLRVD GR SDtV IRL DFHQWXDGDPHQWH SROtWLFR H MXUtGLFR (GXFDYD KRPHQV SUiWLFRV RV LGHDOLVWDV YLHUDP GHSRLV Vy PXLWR PDLV WDUGH FRP 7RELDV %DUUHWR H &DVWUR $OYHV 1D QRVVD IRUPDomR SROtWLFD SRUpP D LQIOXrQFLD SHUQDPEXFDQD UHSUHVHQWRX XPD H[WHQVD WUDGLomR OLEHUDO H QDWLYLVWD ³ GHVGH RV WHPSRV GH )UHL )UDQFLVFR GR 5RViULR GH -RUJH GH $OEXTXHUTXH GR DXWRU GR 'LiORJR H GH %HQWR 7HL[HLUD 3LQWR ³ GLVVH &DSLVWUDQR ³ H GHVGH D UHDomR GD JXHUUD KRODQGHVD DWp DV WHQWDWLYDV UHYROXFLRQiULDV GH H ( GH 2OLQGD H 5HFLIH VDtUDP RV PDLV QRWiYHLV SROtWLFRV GR VHJXQGR LPSpULR 1DEXFR (X]pELR )HUUD] :DQGHUOH 6LQLPE~ =DFKDULDV 6mR 3DXOR SHODV FRQGLo}HV HVSHFLDLV GH PHLR H JHRJUiILFDV WHYH LQIOXrQFLD PDLV LQWHQVD QD IRUPDomR
  • 95.
    95 VRFLDO H LQWHOHFWXDO)RL R JUDQGH FHQWUR URPkQWLFR $ SUySULD FLGDGH QR VHX WUDGLFLRQDO LVRODPHQWR GH VHUUD DFLPD RIHUHFLD XP DVSHFWR URPDQWLFDPHQWH PHODQFyOLFR H HVSDQKRO HQWUH SLQKHLURV H FDVXDULQDV FRP DV VXDV WDUGHV FLQ]HQWDV GH YHQWR VXO 3RU PHDGRV GR VpFXOR SDVVDGR SHODV UXDV GHVHUWDV FDOoDGDV GH SHGUDV YHUPHOKDV DLQGD SDVVDYD XPD RX RXWUD FDGHLULQKD OHYDGD SRU HVFUDYRV GH FDOomR H OLEUp ­ WDUGH GHVSHUWDYDP R VRVVHJR SURYLQFLDQR DV FDYDOJDGDV GH HVWXGDQWHV TXH LDP QDPRUDU H HVSDLUHFHU SHORV DUUDEDOGHV jV DYH PDULDV RV SUHVRV GD FDGHLD DFRUUHQWDGRV DRV SDUHV DFHQGLDP HQWUH UXtGR GH IHUURV RV ODPSL}HV GD LOXPLQDomR S~EOLFD 'XDV RX WUrV KRUDV GHSRLV R VLQR JUDQGH GR &ROpJLR WRFDYD ORQJDPHQWH D KRUD GH UHFROKHU &RPHoDYD D YLGD QRWXUQD GD FLGDGH]LQKD DFDGrPLFD 3HORV EDLUURV DIDVWDGRV QD 3RQWH *UDQGH *OyULD &RQVRODomR 3LQKHLURV 0DUFR GH 0HLD /pJXD HQFKLDP VH GH HVWXGDQWHV DV YHQGDV j EHLUD GD HVWUDGD &RPR QDV RUJLDV GH 1HZVWHDG VH EHELD FDFKDoD HP FUkQLRV KXPDQRV FRURDGRV GH URVDV (UD D 1RLWH QD 7DYHUQD %URQ HUD R GHXV GHVVH FXOWR TXH VH FHOHEUDYD ³ FRPR GL]LD XP YHUVR GR WHPSR ³ QXP DPELHQWH H[DOWDGR GH ´0LVWpULR 1RLWH $PRU ,QIkPLD H 3UDQWRµ (P IXQGDYD VH HP 6mR 3DXOR D ´6RFLHGDGH (SLFXUpLDµ ´(UDP GLYHUVRV RV SRQWRV HP TXH QRV UHXQtDPRV RUD QRV ,QJOHVHV RUD QDOJXP RXWUR DUUDEDOGH GD FLGDGH QDUUD XP GRV PHPEURV GD DVVRFLDomR 8PD YH] HVWLYHPRV HQFHUUDGRV TXLQ]H GLDV HP FRPSDQKLD GH
  • 96.
    96 SHUGLGRV FRPHWHQGR DRFODUmR GH FDQGHHLURV SRU LVVR TXH WRGDV DV MDQHODV HUDP SHUIHLWDPHQWH IHFKDGDV GHVGH TXH HQWUiYDPRV DWp VDLU WRGD D VRUWH GH GHVYDULRV TXH VH SRGHP FRQFHEHU µ ÉOYDUHV GH $]HYHGR $XUHOLDQR /HVVD %HUQDUGR GH 0DJDOKmHV IRUDP RV SRHWDV FpOHEUHV GHVVH FHQiFXOR 'DYDP D QRWD HQWUH D HVWXGDQWDGD GD pSRFD VREUHWXGR R SULPHLUR GH XPD SUHFRFLGDGH JHQLDO 1RV PHLRV DFDGrPLFRV FHOHEUL]DUDP VH WDQWR SHOR WDOHQWR OtULFR GRV VHXV YLQWH DQRV HP SOHQR GHVDEURFKDU FRPR SHODV H[FHQWULFLGDGHV GH URPkQWLFRV GHVFDEHODGRV WHQWDQGR UHDOL]DU QXPD YLGD DFDQKDGD DV LGHDOL]Do}HV GH %URQ 0XVVHW (VSURQFHGD H *HRUJH 6DQG /HYDYDP D ORXFXUD DRV PDLV LQFUtYHLV H[WUHPRV &HDYDP H HPEULDJDYDP VH FRP PRUIpWLFRV DFDPSDGRV QDV LPHGLDo}HV GD FLGDGH 8P SRHWD DSDQKRX D WHUUtYHO PROpVWLD QHVVDV VDWXUQDLV GR EURQLVPR 2XWURV VH SHUGHUDP QR DOFRROLVPR EDUDWR TXH VHPSUH IRL GH PRGD QD YHOKD DFDGHPLD SDXOLVWDQD RX GHYRUDGRV SHOD VtILOLV GDV FDIX]DV H VDUDUjV TXH SXOXODYDP j QRLWH QDV UXDV HVFXUDV GD 3DXOLFpLD FRPSDUVDV UHSXJQDQWHV QRV SXQFKV GDV YHQGDV RX QRV ´EDQTXHWHV QHJURVµ GRV FHPLWpULRV 8P GHVWHV ILFRX DVVLQDODGR QRV DQDLV DFDGrPLFRV )RUD RUJDQL]DGR SRU XQV WULQWD UDSD]HV VREUH DV SHGUDV WXPXODUHV GD &RQVRODomR H DR FODUmR GH XPD OXD URPkQWLFD HPEDFLDGD GH JDURD (VTXHQWDGRV SHOR FRJQDF UHVROYHUDP DFODPDU XPD 5DLQKD GRV 0RUWRV 9LRODUDP XPD VHSXOWXUD UHFHQWH SDUD GHOD UHWLUDUHP XP FDL[mR OHYDGR j FLGDGH HP SURFLVVmR DR VRP GH XP FDQWRFKmR GH GHIXQWRV H j SURFXUD GH DOJXPD SREUH FRLWDGD TXH VH SUHVWDVVH j PDFDEUD FRPpGLD 7URX[HUDP QD j IRUoD IHFKDGD QR FDL[mR DLQGD
  • 97.
    97 VXMR GH WHUUDH PRODPERV GH FDUQH GHVFHUDP QR HQWUH FDQWRV H UHFLWDWLYRV DWp R IXQGR GD FRYD H Dt LD UHDOL]DU VH R DMXQWDPHQWR VLPEyOLFR TXDQGR VH YHULILFRX TXH D GHVJUDoDGD WLQKD UHDOPHQWH VXFXPELGR QR SDYRU GH WmR I~QHEUH HQFHQDFmR ´2VFXOHL XP FDGiYHUµ UXJLX HQWUH KRUURUL]DGR H WULXQIDQWH R ´QRLYR GR VHSXOFURµ VROWDQGR D GHPRQtDFD JDUJDOKDGD GD pSRFD 0RFLGDGH URPDQWLVPR OLWHUDWXUD 'H HP GLDQWH H WDOYH] VH SRVVD GL]HU DWp KRMH HVVDV JHUDo}HV GH PRoRV HVSDOKDQGR VH DQXDOPHQWH SHOR SDtV LQWHLUR OHYDYDP SDUD R TXH VH FKDPDYD QRV EDQTXHWHV GH IRUPDWXUD ´D YLGD SUiWLFDµ DV PLUDJHQV DV LOXV}HV SRpWLFDV R PDX JRVWR DUWtVWLFR H OLWHUiULR D GLYLQL]DomR GD 3DODYUD WRGR R GLYyUFLR HQWUH D UHDOLGDGH H R DUWLItFLR TXH p HP VXPD D SUySULD HVVrQFLD GR PDO URPkQWLFR 9LQKD D LQIHFomR GDV PDUJHQV GR 7LHWr RX GR &DSLEDULEH H DRV SRXFRV FRQWDPLQDYD R %UDVLO LQWHLUR &DUDFWHUL]DP QD GRLV SULQFtSLRV SDWROyJLFRV D KLSHUWURILD GD LPDJLQDomR H D H[DOWDomR GD VHQVLELOLGDGH 'HIRUPRX LQVLGLRVDPHQWH R RUJDQLVPR VRFLDO PXLWDV YH]HV VRE R GLVIDUFH GH LQWHOLJrQFLDV EULOKDQWHV HP TXH D IDFLOLGDGH GH DSUHHQVmR H GH H[SUHVVmR VXEVWLWXL D VROLGH] GR SHQVDPHQWR H GR HVWXGR 'i DR %UDVLO QHVWH PRPHQWR GH SURJUHVVR PDWHULDO H GH PHQWDOLGDGH SUiWLFD H FRQFLVD R DVSHFWR DQDFU{QLFR GH JHQWH YLYD IDODQGR XPD OtQJXD PRUWD 7XGR DYDVVDORX SROtWLFD OLWHUDWXUD DUWHV YLYHU TXRWLGLDQR PRGRV GH VHQWLU DIHLo}HV (P SROtWLFD ³ QD TXH p IHLWD GH ERD Ip ³ GRPLQD R SDtV R PHVPR OLEHUDOLVPR SDODYURVR GD QRVVD RULJHP URPkQWLFD GHVGH D &RQVWLWXLomR LPSHULDO R $WR $GLFLRQDO R SDUODPHQWDULVPR DWp R SDFWR IXQGDPHQWDO
  • 98.
    98 GD 5HS~EOLFD $DUWH GH JRYHUQDU WHP VLGR XP KDELOLGRVR GLVFXUVDU HP TXH VHPSUH UHDSDUHFHP FRP RXWUDV URXSDJHQV DV YHOKDV LGpLDV GH +XJR GH 0LFKHOHW H GH 4XLQHW 'HFODUDo}HV SRU VXD SUySULD QDWXUH]D VLVXGDV H SRQGHUDGDV WRPDP D DSDUrQFLD GRV SLRUHV GHVYDULRV GR URPDQWLVPR 1R LPSpULR XP FKHIH GR SDUWLGR OLEHUDO GLSORPDWD H VHQDGRU H[FODPDYD FRPR XP KHUyL GH 2VVLDQ ´6DLX PH GH HQFRQWUR D SROtWLFD D LQIHFXQGD 0HVVDOLQD TXH GH VHXV EUDoRV FRQYXOVRV SHOR KLVWHULVPR D QLQJXpP GHL[D VDLU VHQmR TXHEUDQWDGR H LQ~WLO YHLR PH DR HQFRQWUR DUUDVWRX PH SDUD DV VXDV RUJLDV µ 2XWUR RUDGRU GRV PDLV DIDPDGRV HP SOHQR SDUODPHQWR SHURUDYD HP GLVFXUVR FpOHEUH ´(P QRVVR SDtV QD SHGUD LVRODGD GR YDOH QD iUYRUH JLJDQWH GD PRQWDQKD QR SLQFDUR DJUHVWH GD VHUUDQLD QD WHUUD QR FpX H QDV iJXDV SRU WRGD D SDUWH 'HXV HVWDPSRX R YHUER HWHUQR GD OLEHUGDGH FULDGRUD QD IDFH GD QDWXUH]D DQWHV GH JUDYi OD QD FRQVFLrQFLD GR KRPHPµ $LQGD DJRUD QD UHDOSROLWLN GHVWH VpFXOR p TXDVH VHPSUH XP GRFXPHQWR SXUDPHQWH URPkQWLFR D PHQVDJHP ³ SODWDIRUPD GRV QRVVRV FKHIHV GH (VWDGR 8P GHVWHV GHGLFRX HP SHoD RILFLDO XPD DOtQHD LQWHLUD j DSRORJLD GR DPRU (P OLWHUDWXUD EDVWD DEULU XP MRUQDO RXYLU XPD FRQIHUrQFLD RX IROKHDU R ~OWLPR OLYUR SXEOLFDGR SDUD VH GHVFREULUHP ODWHQWHV LQFRQVFLHQWHV PDV LQGHOpYHLV RV WUDoRV VLQWRPiWLFRV GD LQIHFomR URPkQWLFD $SHVDU GD FUHVFHQWH LQIOXrQFLD GD UHYROXomR PRGHUQLVWD TXH HVWi WUDQVIRUPDQGR R PXQGR D QRVVD LQGROrQFLD SULPiULD DLQGD VH FRPSUD] QR EROHLR GDV IUDVHV QD VRQRULGDGH GRV SDODYU}HV ´QDV FKDYHV GH RXURµ $ H[LVWrQFLD PHVPD GR LQGLYtGXR HP VXDV UHODo}HV VRFLDLV H DIHWLYDV ³ DV QRVVDV KLVWyULDV GH DPRU RV HVWDGRV G DOPD DV IHLo}HV H JHVWRV RV PDLV
  • 99.
    99 tQWLPRV VHQWLPHQWRV ³WrP XP LUUHVLVWtYHO SHQGRU SDUD HIXV}HV OLWHUiULDV TXH XP HQWXVLDVPR PDO FRQWLGR H[SORVLYR ID] RVFLODU HQWUH R YXOFDQLVPR H D WDUWDULQDGD 6y HVFDSDP j QHIDVWD LQIOXrQFLD RV VLPSOHV RV DQDOIDEHWRV RV TXH UHSUHVHQWDP LQJHQXDPHQWH D DOPD SRSXODU RX HQWmR RV UDURV TXH WHQWDUDP H VRXEHUDP HYLWDU R SHULJR GD GHIRUPDomR OLWHUiULD 1RV SDtVHV GD (XURSD RQGH QDVFHX H PHGURX R URPDQWLVPR D VXD DomR IRL LQWHQVD QD YLGD VRFLDO GD pSRFD VREUHWXGR QR SHUtRGR GH D HP TXH D OLWHUDWXUD LQIOXHQFLRX GH PRGR WmR VHQVtYHO D SUySULD VRFLHGDGH H VHXV FRVWXPHV H IRUDP LQXPHUiYHLV DV ´YtWLPDV GR OLYURµ FRPR GL]LD R UHYROWDGR -XOHV 9DOOpV eSRFD GRV ODJRV VHUHQRV GRV OXDUHV GH SUDWD GRV VLQRV GD WDUGH )RL PRGD TXH SDVVRX 'HOD DSHQDV ILFDUDP DV REUDV SULPDV TXH D LQVSLUDUDP 1R %UDVLO GR GHVYDULR GRV QRVVRV SRHWDV H GD DOWLORTrQFLD GRV RUDGRUHV UHVWRX QRV R GHVHTXLOtEULR TXH VHSDUD R OLULVPR URPkQWLFR GD SRVLWLYLGDGH GD YLGD PRGHUQD H GDV IRUoDV YLYDV H LQWHOLJHQWHV TXH FRQVWLWXHP D UHDOLGDGH VRFLDO +LSHUWURILD GD LPDJLQDomR H GD VHQVLELOLGDGH H SHOD OHL GDV UHDo}HV HP TXH WRGR H[FHVVR VH SDJD PLVDQWURSLD H SHVVLPLVPR 6mR GRLV FDUDFWHUtVWLFRV GR PDO GR VpFXOR 2 URPkQWLFR DGRUD D SUySULD GRU e D IRQWH PDLV DEXQGDQWH GD VXD LQVSLUDomR ´+RPHP H[FODPDYD R DXWRU GH $WDOD WX Vy H[LVWHV SHOD WULVWH]D GH WXD DOPD H SHOD HWHUQD PHODQFROLD GR WHX SHQVDPHQWRµ 2 URPDQWLVPR IRL GH IDWR XP FULDGRU GH WULVWH]D SHOD SUHRFXSDomR DEVRUYHQWH GD PLVpULD KXPDQD GD FRQWLQJrQFLD GDV FRLVDV H VREUHWXGR SHOR TXH -RXEHUW FKDPDYD R LQVXSRUWiYHO GHVHMR GH SURFXUDU D IHOLFLGDGH QXP PXQGR LPDJLQiULR
  • 100.
    100 (QWUH QyV RFtUFXOR YtFLRVR VH IHFKRX QXPD P~WXD FRUUHVSRQGrQFLD GH LQIOXrQFLDV YHUVRV WULVWHV KRPHQV WULVWHV PHODQFROLD GR SRYR PHODQFROLD GRV SRHWDV $ QRVVD SULPHLUD JHUDomR URPkQWLFD Mi IRUD WULVWH SRUTXH UHOLJLRVD H PRUDOL]DQWH REVHUYRX -RVp 9HUtVVLPR QD VHJXQGD D WHQGrQFLD VH DFHQWXRX SHOR FHWLFLVPR H GHVDOHQWR GRV FKHIHV GD HVFROD 3HUVHJXLD RV D LGpLD FRQWtQXD GD PRUWH SUy[LPD H FRPR D XPD PXOKHU GHVHMDGD OKH ID]LDP YHUVRV DPRURVRV 4XDVH WRGRV RV QRVVRV SRHWDV GHVVH WHPSR PRUUHUDP PRoRV H WLYHUDP R SUHVVHQWLPHQWR GHVVD IDWDOLGDGH 0RUWH H DPRU 2V GRLV UHIUmRV GD SRHVLD EUDVLOHLUD 2 GHVHMR GH PRUUHU YLQKD OKHV GD GHVRUJDQL]DomR GD YRQWDGH H GD PHODQFROLD GHVLOXGLGD GRV TXH VRQKDP FRP R URPDQHVFR QD YLGD GH FDGD GLD ( ILVLFDPHQWH IUDFRV SHOR JDVWR GD PiTXLQD QHUYRVD QXPD UHDomR LQVWLQWLYD GH YLWDOLGDGH SURFXUDYDP D VREUHYLYrQFLD QXP HURWLVPR DOXFLQDQWH TXDVH IHPLQLQR 5HSUHVHQWDYDP DVVLP D DVWHQLD GD UDoD R YtFLR GDV QRVVDV RULJHQV PHVWLoDV 9LYHUDP WULVWHV QXPD WHUUD UDGLRVD
  • 101.
  • 102.
    102 (P PHLR GRVGHIHLWRV GH TXH GHYH HVWDU LQoDGR HVWH OLYUR VHUi IRUoRVR UHFRQKHFHU OKH XPD TXDOLGDGH QmR p UHJLRQDOLVWD D PHQRV TXH VH TXHLUD DWULEXLU DR %UDVLO LQWHLUR D SHFKD GH VHU VLPSOHVPHQWH XPD UHJLmR GR FRQWLQHQWH DPHULFDQR )LTXHP DVVLP WUDQTLORV RV DGYHUViULRV GR UHJLRQDOLVPR 3HQVDGR H HVFULWR QXPD FLGDGH GH SURYtQFLD JDED VH R DXWRU GH WHU IHFKDGR RV ROKRV j PHUD DSDUrQFLD GDV FRXVDV DPELHQWHV DEVRUYHQWH WLUkQLFD H WDQWDV YH]HV IDOVD 3DUD IXJLU j LQIOXrQFLD GR ERYDULVPR SDXOLVWD WDOYH] GHVFXOSiYHO SHFDGR GH PRFLGDGH TXHP HVFUHYHX HVWDV OLQKDV DGRWRX FRPR VH IRVVH DUWLVWD R SURFHVVR JRHWKHDQR QD FULDomR GDV REUDV GD DUWH LVRORX VH $ SURYtQFLD HP IDOWD GH RXWURV DWUDWLYRV VDEH SURSRUFLRQDU D TXHP QHOD YLYH H WUDEDOKD QD VHUHQLGDGH GD LQYROXQWiULD VROLGmR R GRP LQHVWLPiYHO GD OLEHUGDGH H GR VRVVHJR Vy QHOD p SRVVtYHO LPDJLQDU D ORQJD VDOD GH HVWXGR FRP TXH VRQKDYD 5HQDQ IRUUDGD GH OLYURV SRU GHQWUR UHYHVWLGD SRU IRUD GH URVDV WUHSDGHLUDV H HVFRQGLGD QD SD] GH XP EDLUUR WUDQTLOR $ PLP HVVH LVRODPHQWR SURYLQFLDQR GHX PH SHUVSHFWLYD VXILFLHQWH SDUD DORQJDU D YLVWD SHOR %UDVLO WRGR SHORV RXWURV %UDVLV RQGH FRP IUHTrQFLD VH HQFRQWUD R VHJUHGR GR SDVVDGR H D GHFLIUDomR GRV SUREOHPDV GH KRMH 0HVPR SDUD WUDWDU GD WULVWH]D EUDVLOHLUD IRL QHFHVViULR UHDJLU FRQWUD R H[DJHUR GHVVH VHQWLPHQWR QDV SRSXODo}HV GHVWD SURYtQFLD 1HP WRGR R SDtV VRIUH FRPR DTXL GR PDO VRWXUQR (VWXGi OR QHVWH UHFHVVR RQGH VH DSXURX H VH IRUWDOHFHX VHULD HVWHQGHU HUUDGDPHQWH VREUH R UHVWR GR QRVVR SRYR R YpX PHODQFyOLFR GD WULVWH]D SDXOLVWD Mi FRQKHFLGR GH $QFKLHWD H TXH PDLV TXH QHQKXP RXWUR
  • 103.
    103 SHVD H DVIL[LD6HULD DGRWDU DV JHQHUDOL]Do}HV GHIRUPDGRUDV GR UHJLRQDOLVPR (VWH ´5HWUDWRµ IRL IHLWR FRPR XP TXDGUR LPSUHVVLRQLVWD 'LVVROYHUDP VH QDV FRUHV H QR LPSUHFLVR GDV WRQDOLGDGHV DV OLQKDV QtWLGDV GR GHVHQKR H FRPR VH GL] HP JtULD GH DUWLVWD GDV ´PDVVDV H YROXPHVµ TXH VmR QD FRPSRVLomR KLVWyULFD D FURQRORJLD H RV IDWRV 'HVDSDUHFHP TXDVH SRU FRPSOHWR DV GDWDV 5HVWDP VRPHQWH RV DVSHFWRV DV HPRo}HV D UHSUHVHQWDomR PHQWDO GRV DFRQWHFLPHQWRV UHVXOWDQWHV HVWHV PDLV GD GHGXomR HVSHFXODWLYD GR TXH GD VHTrQFLD FRQFDWHQDGD GRV IDWRV 3URFXUDU GHVWH PRGR QXP HVIRUoR QXQFD DWLQJLGR FKHJDU j HVVrQFLD GDV FRLVDV HP TXH j SDL[mR GDV LGpLDV JHUDLV QmR IDOWH D VROLGH] GRV FDVRV SDUWLFXODUHV &RQVLGHUDU D KLVWyULD QmR FRPR XPD UHVVXUUHLomR URPkQWLFD QHP FRPR FLrQFLD FRQMHFWXUDO j DOHPm PDV FRPR FRQMXQWR GH PHUDV LPSUHVV}HV SURFXUDQGR QR IXQGR PLVWHULRVR GDV IRUoDV FRQVFLHQWHV RX LQVWLQWLYDV DV LQIOXrQFLDV TXH GRPLQDUDP QR FRUUHU GRV WHPSRV RV LQGLYtGXRV H D FROHWLYLGDGH e DVVLP TXH R TXDGUR ³ SDUD FRQWLQXDU D LPDJHP VXJHULGD ³ LQVLVWH HP FHUWDV PDQFKDV PDLV OXPLQRVDV RX H[WHQVDV SDUD WRUQDU PDLV SDUHFLGR R UHWUDWR 1D VXD PDJLVWUDO GLVVHUWDomR ´&RPR VH GHYH HVFUHYHU D KLVWyULD GR %UDVLOµ Mi 0DUWLXV GXYLGDYD GD LPSRUWkQFLD UHDO GH UHSHWLU VH R TXH FDGD JRYHUQDGRU IH] RX GHL[RX GH ID]HU R LQGDJDU VH GH IDWRV GH QHQKXP DOFDQFH KLVWyULFR VREUH D DGPLQLVWUDomR GH FLGDGHV PXQLFtSLRV RX ELVSDGRV RX D HVFUXSXORVD DFXPXODomR GH FLWDo}HV H DXWRV TXH QDGD SURYDP VHQGR PXLWDV YH]HV GH GXYLGRVD DXWHQWLFLGDGH 2XWUR FDPSR PDLV YDVWR PDLV SURIXQGR LQGLFD R JUDQGH ViELR D TXHP VH SURSXVHU D HVFUHYHU R
  • 104.
    104 TXH RV DOHPmHVFKDPDULDP D KLVWyULD SUDJPiWLFD GR %UDVLO /DUJR HVWXGR HP TXH DSDUHFHULDP HQFRQWUDQGR VH H IXQGLQGR VH DV WUrV UDoDV FXMRV HIHLWRV GH UHFtSURFD SHQHWUDomR ELROyJLFD GHYHUmR SURGX]LU R QRYR WLSR pWQLFR TXH VHUi R KDELWDQWH GR %UDVLO ,U SURFXUDU QD SUySULD WHUUD RV UHVtGXRV GH ´XPD PXLWR DQWLJD SRVWR TXH SHUGLGD KLVWyULDµ H TXH D FLrQFLD PRGHUQD FRPHoD D OLJDU H DSDUHQWDU D RXWUDV FLYLOL]Do}HV SULPLWLYDV HPLJUDGDV GR RFLGHQWH DPHULFDQR DOpP PDU H DLQGD ODWHQWHV QDV PLWRORJLDV WHRJRQLDV H JHRJRQLDV GDV UDoDV DERUtJHQHV (VWXGDU R SRYRDGRU SRUWXJXrV GD FRORQL]DomR SULPHLUD H TXH R PRPHQWR KLVWyULFR GR 5HQDVFLPHQWR D SDL[mR GHVFREULGRUD D kQVLD GH HQULTXHFHU H YLYHU jV VROWDV ODQoDUDP QD HVSOrQGLGD DYHQWXUD GDV JUDQGHV YLDJHQV FRQTXLVWDGRUDV (VVH FRORQR FpOXOD LQLFLDO GD QRVVD IRUPDomR SURFXUDU DSDQKi OR YLYR QD VXD HQWLGDGH KLVWyULFD VLWLi OR QD VXD URoD QD VXD ID]HQGD QR VHX HQJHQKR QR VHX FXUUDO RX QD LQFLSLHQWH LQG~VWULD HP LQWLPLGDGH GH UHODo}HV FRP YL]LQKRV H HVFUDYRV 2X HQFRQWUi OR RUJDQL]DGRU GH HQWUDGDV SHORV VHUW}HV FDWLYDQGR tQGLRV VRE R GLVIDUFH GD SURFXUD GH RXUR H SHGUDV SUHFLRVDV PHQRV IHOL] QD UDSLQD TXH R VHX SUySULR LUPmR R VROGDGR GD ÌQGLD DYHQWXUHLUR LUUHTXLHWR VHP HLUD QHP EHLUD TXH VRE D pJLGH GR FUX]HLUR DWDFDYD VDTXHDYD H GHVWUXtD DV SRSXODo}HV LQGtJHQDV GR 0DODEDU &RQKHFHU HQILP R QHJUR DIULFDQR QRV VHXV FRVWXPHV SUHFRQFHLWRV H VXSHUVWLo}HV QRV GHIHLWRV H YLUWXGHV PiTXLQD GH WUDEDOKR H YtFLR FULDGD SDUD VXEVWLWXLU R tQGLR PDLV IUDFR H UHEHOGH H TXH VH WRUQRX FRPSDQKHLUR LQVHSDUiYHO GR EUDQFR DPELFLRVR H VHQVXDO
  • 105.
    105 0DUWLXV IRL RSULPHLUR D DVVLQDODU R SDSHO GR QHJUR QD QRVVD IRUPDomR UDFLDO H DVVLP WRFRX QR SUREOHPD PDLV DQJXVWLRVR GHVVD HYROXomR 2 QHJUR HQWUH QyV SRGH VHU FRQVLGHUDGR VRE GRLV DVSHFWRV FRPR IDWRU pWQLFR LQWHUYLQGR SHOR FUX]DPHQWR GHVGH RV SULPHLURV WHPSRV GD FRO{QLD ³ H FRPR HVFUDYR HOHPHQWR SUHSRQGHUDQWH QD RUJDQL]DomR VRFLDO H PHQWDO GR %UDVLO -i QD DUPDGD GH &DEUDO KDYLD HVFUDYRV GL] 9DUQKDJHQ 1D FDSLWDQLD GH 6mR 9LFHQWH GH]HVVHLV DQRV GHSRLV GH IXQGDGD DYXOWDYD D HVFUDYDULD DIULFDQD ([SRUWDYD D 3RUWXJDO HP ODUJD HVFDOD VHJXQGR 'RPLQJRV GH $EUHX %ULWR GH D R WUiILFR SDUD DV FRO{QLDV HOHYRX VH D PDLV GH SHoDV (P $QFKLHWD FDOFXOD HP RV DIULFDQRV GH 3HUQDPEXFR HP RV GD %DKLD (P UHIHUH &DSLVWUDQR D FRO{QLD GHYLD SRVVXLU FHUFD GH QHJURV GD ÉIULFD LQFOXLQGR RV ILOKRV GH DIULFDQRV 3RU HVVD pSRFD Mi GHYLD VHU LQWHQVR R SURFHVVR JHUDO GH FUX]DPHQWR UDPLILFDQGR VH QDV PDLV YDULDGDV GHVLJQDo}HV PDPDOXFRV PD]RPERV FULRXORV PXODWRV FXULERFDV FDERFORV ([HPSOR IULVDQWH p R GH -RmR )HUQDQGHV TXH YHLR j FRQILVVmR GXUDQWH D YLVLWDomR GR 6DQWR 2ItFLR HP HP 3HUQDPEXFR ILOKR GH )UDQFrV H GH PDPDOXFD DPDQFHEDGR FRP XPD PXODWD 1D FRO{QLD R IDWRU DIULFDQR QmR VH LVRORX DR GDU VH D IXVmR GRV HOHPHQWRV GH SRYRDPHQWR $R FRQWUiULR $VVLP FRPR R EUDoR QHJUR VXEVWLWXLX R WUDEDOKR LQGtJHQD VHQVLYHOPHQWH LQIHULRU DR DIULFDQR GR PHVPR PRGR D QHJUD PDLV DIHWXRVD H VXEPLVVD WRPRX QR JLQHFHX GR FRORQR R OXJDU GD tQGLD $ KLSHUHVWHVLD VH[XDO TXH YLPRV QR FRUUHU GHVWH HQVDLR VHU WUDoR WmR SHFXOLDU DR GHVHQYROYLPHQWR pWQLFR GD QRVVD WHUUD HYLWRX D
  • 106.
    106 VHJUHJDomR GR HOHPHQWRDIULFDQR FRPR VH GHX QRV (VWDGRV 8QLGRV GRPLQDGRV SHORV SUHFRQFHLWRV GDV DQWLSDWLDV UDFLDLV $TXL D OX[~ULD H R GHVOHL[R VRFLDO DSUR[LPDUDP H UHXQLUDP DV UDoDV 1DGD H QLQJXpP UHSHOLX R QRYR DIOX[R GH VDQJXH 6DOYR XPD RX RXWUD REMHomR DULVWRFUiWLFD TXH Mi QmR H[LVWH R DPiOJDPD VH IH] OLYUHPHQWH SHORV DFDVRV VH[XDLV GRV DMXQWDPHQWRV VHP QHQKXPD UHSXJQkQFLD ItVLFD RX PRUDO 5HSHWLX VH R TXH Mi DFRQWHFHUD FRP R tQGLR FUX]DGR FRP R HXURSHX DGYHQWtFLR QD SROLJLQLD GRV SULPLWLYRV SRYRDPHQWRV 3HOR FRQWUiULR WRUQRX VH OHQGiULD D VHGXomR GD QHJUD H GD PXODWD SDUD R FRORQR SRUWXJXrV 2 QRVVR SUREOHPD p SRLV GLIHUHQWH GR QRUWH DPHULFDQR TXH p FRPSOH[R SHOR FRQIOLWR UDFLDO TXH DTXL QmR H[LVWH H SHODV GLILFXOGDGHV HFRQ{PLFDV H SROtWLFDV VHP VROXomR QRV (VWDGRV 8QLGRV D QmR VHU SHOR H[WHUPtQLR GH XP GRV DGYHUViULRV (QWUH QyV D PHVFOD VH IH] DRV SRXFRV GLOXLQGR VH VXDYHPHQWH SHOD PHVWLoDJHP VHP UHEXoR 2 QHJUR QmR p XP LQLPLJR YLYHX H YLYH HP FRPSOHWD LQWLPLGDGH FRP RV EUDQFRV H FRP RV PHVWLoRV TXH Mi SDUHFHP EUDQFRV 1DVFHPRV MXQWRV H MXQWRV LUHPRV DWp R ILP GH QRVVRV GHVWLQRV +D SRUpP R SUREOHPD GD ELRORJLD R GD HWQRORJLD H PHVPR R GD HXJHQLD $ TXHVWmR GD GHVLJXDOGDGH GDV UDoDV TXH IRL R FDYDOR GH EDWDOKD GH *RELQHDX H DLQGD p KRMH D WHVH IDYRULWD GH 0DGLVRQ *UDQW SURFODPDQGR D VXSHULRULGDGH QyUGLFD p TXHVWmR TXH D FLrQFLD YDL UHVROYHQGR QR VHQWLGR QHJDWLYR 7RGDV DV UDoDV SDUHFHP HVVHQFLDOPHQWH LJXDLV HP FDSDFLGDGH PHQWDO H DGDSWDomR j FLYLOL]DomR 1RV FHQWURV SULPLWLYRV GD YLGD DIULFDQD R QHJUR p XP SRYR VDGLR GH LQLFLDWLYD SHVVRDO GH JUDQGH SRGHU LPDJLQDWLYR RUJDQL]DGRU ODERULRVR $
  • 107.
    107 VXD LQIHULRULGDGH VRFLDOQDV DJORPHUDo}HV KXPDQDV FLYLOL]DGDV p PRWLYDGD VHP G~YLGD SHOR PHQRU GHVHQYROYLPHQWR FXOWXUDO H SHOD IDOWD GH RSRUWXQLGDGH SDUD D UHYHODomR GH DWULEXWRV VXSHULRUHV 'LIHUHQoDV TXDQWLWDWLYDV H QmR TXDOLWDWLYDV GLVVH XP VRFLyORJR DPHULFDQR R DPELHQWH RV FDUDFWHUHV DQFHVWUDLV GHWHUPLQDQGR PDLV R SURFHGLPHQWR GR LQGLYtGXR GR TXH D ILOLDomR UDFLDO $IDVWDGD D TXHVWmR GH GHVLJXDOGDGH UHVWD QD WUDQVIRUPDomR ELROyJLFD GRV HOHPHQWRV pWQLFRV R SUREOHPD GD PHVWLoDJHP 2V DPHULFDQRV GR 1RUWH FRVWXPDP GL]HU TXH 'HXV IH] R EUDQFR TXH 'HXV IH] R QHJUR PDV TXH R GLDER IH] R PXODWR e R SRQWR PDLV VHQVtYHO GR FDVR EUDVLOHLUR 2 TXH VH FKDPD D DULDQL]DomR GR KDELWDQWH GR %UDVLO p XP IDWR GH REVHUYDomR GLiULD -i FRP GH VDQJXH QHJUR D DSDUrQFLD DIULFDQD VH DSDJD SRU FRPSOHWR p R IHQ{PHQR GR ´SDVVLQJµ GRV (VWDGRV 8QLGRV ( DVVLP QD FUX]D FRQWtQXD GH QRVVD YLGD GHVGH D pSRFD FRORQLDO R QHJUR GHVDSDUHFH DRV SRXFRV GLVVROYHQGR VH DWp D IDOVD DSDUrQFLD GH DULDQR SXUR (WQRORJLFDPHQWH IDODQGR TXH LQIOXrQFLD SRGH WHU QR IXWXUR HVVD PLVWXUD GH UDoDV" &RP R LQGtJHQD D KLVWyULD FRQILUPRX D OHL ELROyJLFD GD KHWHURVLV HP TXH R YLJRU KtEULGR p VREUHWXGR QRWiYHO QDV SULPHLUDV JHUDo}HV 2 PDPDOXFR IRL D GHPRQVWUDomR GHVVD YHUGDGH 1HOOH VH FRPSOHWDUDP DGPLUDYHOPHQWH ³ SDUD D FULDomR GH XP WLSR QRYR ³ DV SURIXQGDV GLIHUHQoDV H[LVWHQWHV QRV GRLV HOHPHQWRV IXVLRQDGRV $ KLVWyULD GH 6mR 3DXOR HP TXH D DPDOJDPDomR VH IH] LQWHQVDPHQWH IDYRUHFLGD SHOR VHJUHJDPHQWR p SURYD FRQFOXGHQWH GDV YDQWDJHQV GD PHVFOD GR EUDQFR FRP R tQGLR +RMH HQWUHWDQWR GHSRLV
  • 108.
    108 GH VH GHVHQURODUHPJHUDo}HV H JHUDo}HV GHVVH FUX]DPHQWR R FDERFOR PLVHUiYHO ³ SiOLGR HStJRQR ³ p R GHVFHQGHQWH GD HVSOrQGLGD IRUWDOH]D GR EDQGHLUDQWH PDPDOXFR $ PHVWLoDJHP GR EUDQFR H GR DIULFDQR DLQGD QmR HVWi GHILQLWLYDPHQWH HVWXGDGD e XPD LQFyJQLWD 1D ÉIULFD GR 6XO (XJHQ )LVFKHU FKHJRX D FRQFOXV}HV LQWHUHVVDQWHV D KLEULGDomR HQWUH ERHUV H KRWHQWRWHV FULRX XPD UDoD PLVWD DQWHV XPD PLVWXUD GH UDoDV FRP RV FDUDFWHUtVWLFRV GRV VHXV FRPSRQHQWHV GHVHQYROYHQGR VH QDV PDLV YDULDGDV FDPELDQWHV 7HP QR HQWDQWR XP GHIHLWR SHUVLVWHQWH IDOWD GH HQHUJLD OHYDGD DR H[WUHPR GH XPD SURIXQGD LQGROrQFLD 1R %UDVLO QmR WHPRV DLQGD SHUVSHFWLYD VXILFLHQWH SDUD XP MXt]R LPSDUFLDO $ DULDQL]DomR DSDUHQWH HOLPLQRX DV GLIHUHQoDV VRPiWLFDV H SVtTXLFDV Mi QmR VH VDEH PDLV TXHP p EUDQFR H TXHP p SUHWR 1D $XVWUiOLD 0DUN 7ZDLQ HQFRQWURX VLWXDomR LGrQWLFD HP TXH HUD IDOWD GH WDWR SHUJXQWDU QD VRFLHGDGH QRWtFLDV GR DY{ 2 PHVWLoR EUDVLOHLUR WHP IRUQHFLGR LQGXELWDYHOPHQWH j FRPXQLGDGH H[HPSODUHV QRWiYHLV GH LQWHOLJrQFLD GH FXOWXUD GH YDORU PRUDO 3RU RXWUR ODGR DV SRSXODo}HV RIHUHFHP WDO IUDTXH]D ItVLFD RUJDQLVPRV WmR LQGHIHVRV FRQWUD D GRHQoD H RV YtFLRV TXH p XPD LQWHUURJDomR QDWXUDO LQGDJDU VH HVVH HVWDGR GH FRLVDV QmR SURYpP GR LQWHQVR FUX]DPHQWR GDV UDoDV H VXE UDoDV 1D VXD FRPSOH[LGDGH R SUREOHPD HVWDGRVXQLGHQVH QmR WHP VROXomR GL]HP RV FLHQWLVWDV DPHULFDQRV D QmR VHU TXH VH UHFRUUD j HVWHULOL]DomR GR QHJUR 1R %UDVLO VH Ki PDO HOH HVWi IHLWR LUUHPHGLDYHOPHQWH HVSHUHPRV QD OHQWLGmR GR SURFHVVR FyVPLFR D GHFLIUDomR GR HQLJPD FRP D VHUHQLGDGH GRV H[SHULPHQWDGRUHV GH ODERUDWyULR %DVWDUmR RX JHUDo}HV SDUD HVWDU FRQFOXtGD D H[SHULrQFLD
  • 109.
    109 2 QHJUR SRUpPDOpP GH HOHPHQWR pWQLFR UHSUHVHQWRX QD IRUPDomR QDFLRQDO RXWUR IDWRU GH LPHQVD LQIOXrQFLD IRL HVFUDYR 8P GRV KRUURUHV GD HVFUDYLGmR p TXH R FDWLYR DOpP GH QmR WHU D SURSULHGDGH GR VHX FRUSR SHUGH WDPEpP D SURSULHGDGH GH VXD DOPD (VVD IUDTXH]D WUDQVIRUPRX VH HP IXQomR FDWDOtWLFD QR RUJDQLVPR VRFLDO UHGX]LX j SUySULD PLVpULD PRUDO H VHQWLPHQWDO GR QHJUR D LOXVyULD VXSHULRULGDGH GR VHQKRU GH HVFUDYRV 9LPRV QRV GLIHUHQWHV VpFXORV D TXH SRQWR GH LQILOWUDomR FKHJRX QD VRFLHGDGH FRORQLDO R SUHGRPtQLR GR DIULFDQR H GR PXODWR 1RV WHPSRV GH KRMH QRV HVTXHFHPRV GH TXH Ki SRXFDV GpFDGDV GH DQR DLQGD YLYLDP QR SDtV FHUFD GH PLOK}HV GH HVFUDYRV QXPD SRSXODomR WRWDO GH TXDWRU]H PLOK}HV ³ GH TXH XPD ERD SDUWH HUD GH PHVWLoRV 1D SURPLVFXLGDGH GR FRQYLYLR YHULILFDYD VH TXH D HVFUDYLGmR IRL VHPSUH D LPRUDOLGDGH D SUHJXLoD R GHVSUH]R GD GLJQLGDGH KXPDQD D LQFXOWXUD R YtFLR SURWHJLGR SHOD OHL R GHVOHL[R QRV FRVWXPHV R GHVSHUGtFLR D LPSUHYLGrQFLD D VXEVHUYLrQFLD DR FKLFRWH R EHLMD PmR DR SRGHURVR ³ WRGDV DV IDOKDV TXH FRQVWLWXtUDP R TXH XP SXEOLFLVWD FKDPRX D ILORVRILD GD VHQ]DOD HP PDLRU RX PHQRU HVFDOD ODWHQWH QDV SURIXQGH]DV LQFRQIHVViYHLV GR FDUiFWHU QDFLRQDO )RL HVVD D YLVmR JHQLDO TXH 0DUWLXV WHYH GD QRVVD KLVWyULD TXDQGR DFRQVHOKDYD R HVWXGR GDV WUrV UDoDV SDUD D VXD FRPSOHWD FRPSUHHQVmR +RMH p TXDVH XP OXJDU FRPXP IDODU VH QR PHOWLQJ SRW HP TXH VH IXQGHP DV WUrV JUDQGHV FRQWULEXLo}HV pWQLFDV GR QRVVR SDVVDGR UHSUHVHQWDQGR WUrV FRQWLQHQWHV jV TXDLV VH MXQWDUDP PDLV WDUGH DV LPLJUDo}HV HXURSpLDV GH YiULR VDQJXH H TXH GHYHUmR WHU SURIXQGD LQIOXrQFLD QR %UDVLOHLUR IXWXUR $ IXVmR IRL LQLFLDGD GHVGH D GHVFREHUWD H GLDULDPHQWH FRQWLQXD D HYROXomR HP TXH VH SUHSDUD D FRQVROLGDomR
  • 110.
    110 GD UDoD HGD VXD HVWUXWXUD VRFLDO 1D RUGHP SVLFROyJLFD R SUREOHPD p LJXDOPHQWH FRPSOH[R 6XJHULPRV QHVWDV SiJLQDV R YLQFR VHFXODU TXH GHL[DUDP QD SVFKp QDFLRQDO RV GHVPDQGRV GD OX[~ULD H GD FRELoD H HP VHJXLGD QD VRFLHGDGH Mi FRQVWLWXtGD RV GHVYDULRV GR PDO URPkQWLFR (VVHV LQIOX[RV GHVHQYROYHUDP VH QR GHVHQIUHDPHQWR GR PDLV DQiUTXLFR H GHVRUGHQDGR LQGLYLGXDOLVPR GHVGH D YLGD LVRODGD H OLYUH GR FRORQR TXH DTXL DSRUWDYD DWp DV ODP~ULDV HJRtVWDV GRV SRHWDV HQDPRUDGRV H LQIHOL]HV &RPR UHDJHQWHV QRV IDOWDUDP QD QRVVD FULVH GH DVVLPLODomR R HOHPHQWR UHOLJLRVR D UHVLVWrQFLD SXULWDQD GD 1RYD ,QJODWHUUD D KLHUDUTXLD VRFLDO GRV YHOKRV SLRQHLURV DPHULFDQRV R LQVWLQWR GH FRODERUDomR FROHWLYD 8EL EHQH LEL SDWULD GL] R QRVVR SURIXQGR LQGLIHUHQWLVPR IHLWR GH SUHJXLoD ItVLFD GH IDTXLULVPR GH VXEPLVVmR UHVLJQDGD GLDQWH GD IDWDOLGDGH GDV FRLVDV 1RV SULPHLURV WHPSRV SURGX]LPRV RV PDLV PDJQtILFRV H[HPSODUHV GH EUXWD IRUoD KXPDQD PDV QmR FRQVHJXLPRV SUHSDUDU D DUJDPDVVD TXH OLJD RV JUDQGH SRYRV LGHDOLVWDV ([SORV}HV HVSRUiGLFDV GH UHDomR H HQWXVLDVPR DSHQDV VHUYHP SDUD DFHQWXDU D DSDWLD TXRWLGLDQD $ LQGROrQFLD H D SDVVLYLGDGH GDV SRSXODo}HV IDFLOLWDUDP SRUpP D SUHVHUYDomR GD XQLGDGH VRFLDO H SROtWLFD GR YDVWtVVLPR WHUULWyULR $SHQDV WHYH 3RUWXJDO LGpLD GD WRSRJUDILD GH VHXV GRPtQLRV DPHULFDQRV WUDoRX OKHV ORJR SRU OLPLWHV R $PD]RQDV H R 3UDWD IURQWHLUDV QDWXUDLV RUJkQLFDV GHQWUR GRV TXDLV VH GHVHQYROYHX D DWLYLGDGH YLWDO GD FRO{QLD URPSHQGR DV EDUUHLUDV SROtWLFDV TXH WHQWDUDP IL[DU R WUDWDGR GH 7RUGHVLOKDV H RV TXH VH VHJXLUDP 1HVWH YDVWR WHUULWyULR S{GH D DGPLQLVWUDomR FRQVHUYDU D FRHVmR GD QRYD WHUUD IDYRUHFLGD SHOD OtQJXD FRPXP QHQKXP GLDOHWR SHUWXUED
  • 111.
    111 HVVD XQLIRUPLGDGH SHORFXOWR GD PHVPD UHOLJLmR SHOR yGLR LQDWR H WUDGLFLRQDO DR FDVWHOKDQR 2 DWUDVR RV SUySULRV YtFLRV H GHIHLWRV GD EXURFUDFLD FHQWUDO SRUWXJXHVD IRUDP RV IDWRUHV SUHSRQGHUDQWHV QHVVH SURFHVVR GH XQLILFDomR $ WUDGLomR KLVWyULFD IRUMDUD GXUDQWH VpFXORV XP IRUPLGiYHO LQVWUXPHQWR GH LQIOXrQFLD H JRYHUQR QD RUJDQL]DomR FHQWUDOL]DGRUD GD PHWUySROH -i ' -RmR ,9 DR DVVXPLU R JRYHUQR HP FRQVHUYDUD D HVWUXWXUD DGPLQLVWUDWLYD FRORQLDO TXH WLQKDP GDGR D 3RUWXJDO RV UHLV HVSDQKyLV &RP SHTXHQDV PRGLILFDo}HV GH UHJXODPHQWRV HVVDV OHLV SHUGXUDUDP DWp 2 SDSHO VXSUHPR FRPSHWLD DR &RQVHOKR G (VWDGR D TXHP LQFXPELD D QRPHDomR GRV YLFH UHLV H JRYHUQDGRUHV D HVFROKD GRV PHPEURV GH RXWURV FRQVHOKRV H D GLUHomR GRV QHJyFLRV HVWUDQJHLURV 2 DQWLJR &RQVHOKR GDV ÌQGLDV D FDVD GD 0LQD RX FDVD GH *XLQp WUDQVIRUPDUD VH HP &RQVHOKR 8OWUDPDULQR GLULJLQGR DV SRVVHVV}HV GH DOpP PDU HP WRGRV RV FDVRV FLYLV PLOLWDUHV H UHOLJLRVRV $SUHVHQWDYD FDQGLGDWRV DRV ELVSDGRV H DUFHELVSDGRV FRORQLDLV H DRV OXJDUHV GH JRYHUQDGRUHV H[FHWR DR GH YLFH UHL H JRYHUQDGRU JHUDO GD %DKLD $UUHQGDYD RV UHQGLPHQWRV GR ILVFR QDV FRO{QLDV H GHSRVLWDYD RV VDOGRV QR WHVRXUR UHDO $SHVDU GH WHU D ILVFDOL]DomR GRV WULEXQDLV GDV FRO{QLDV SHUWHQFLD D XP RXWUR FRQVHOKR SULYDGR R GHVHPEDUJR GR SDoR D SURSRVWD DR UHL GRV FDQGLGDWRV jV IXQo}HV MXGLFLiULDV WDQWR QDV FRO{QLDV FRPR QD SUySULD PHWUySROH +DYLD SRUpP IDOKDV JUDYHV QHVVD RUJDQL]DomR $ FRPSHWrQFLD SRU H[HPSOR GR &RQVHOKR 8OWUDPDULQR HUD H[WHQVD PDV LQVXILFLHQWHPHQWH GHOLPLWDGD H QmR OKH SHUWHQFHQGR D QRPHDomR GRV JRYHUQDGRUHV H MXt]HV IDOWDYD OKH DXWRULGDGH VREUH HVVHV UHSUHVHQWDQWHV GR SRGHU UHDO (QWUHWDQWR HP WRGRV RV UDPRV GD DWLYLGDGH VRFLDO GD
  • 112.
    112 FRO{QLD VH VHQWLDD DomR FRQWtQXD H PLQXFLRVD GD SHVDGD PiTXLQD DGPLQLVWUDWLYD GH /LVERD 3{GH DVVLP QLYHODU R WHUUHQR FRPR XP FRPSUHVVRU $ HOD GHYHPRV HP JUDQGH SDUWH D SUHVHUYDomR GD XQLGDGH WHUULWRULDO DWp R PRYLPHQWR VHSDUDWLVWD TXH LQLFLRX D FKHJDGD GR 3UtQFLSH 5HJHQWH %ROLYDU QR PHVPR FRQWLQHQWH H j IUHQWH GD 9HQH]XHOD GD 1RYD *UDQDGD GR 3HUX GD %ROtYLD QmR DOFDQoRX R PHVPR UHVXOWDGR DSHVDU GD LGHQWLGDGH GH RULJHP GH OtQJXD H GH FRVWXPHV GRV SDtVHV TXH R VHX JrQLR JXHUUHLUR OLEHUWDUD (QWUH QyV HQFHUUDGR R SHUtRGR FRORQLDO R %UDVLO 5HLQR D LQWHUYHQomR VXSHULRU GRV KRPHQV GD LQGHSHQGrQFLD H GR SULPHLUR UHLQDGR D H[WLQomR GD JXHUUD FLYLO D FHQWUDOL]DomR PRQiUTXLFD FRPSOHWDUDP D REUD TXH RV VpFXORV WLQKDP OHQWDPHQWH SUHSDUDGR $R FKHJDUPRV DRV GLDV GH KRMH p HVVH R JUDQGH PLODJUH )L[HPRV R ROKDU SRU XP LQVWDQWH QD UHDOLGDGH YLVtYHO SDOSiYHO H YLYD GHVVH +RMH TXH VXUJH VH WUDQVIRUPD H GHVDSDUHFH QXP UHODQFH FRPR QD FRUULGD GH XP DXWRPyYHO D SDLVDJHP TXH SDVVD 'DPRV DR PXQGR R HVSHWiFXOR GH XP SRYR KDELWDQGR XP WHUULWyULR ³ TXH D OHQGD PDLV TXH D YHUGDGH ³ FRQVLGHUD LPHQVR WRUUmR GH LQLJXDOiYHLV ULTXH]DV H QmR VDEHQGR H[SORUDU H DSURYHLWDU R VHX TXLQKmR 'RV DJUXSDPHQWRV KXPDQRV GH PHGLDQD LPSRUWkQFLD R QRVVR SDtV p WDOYH] R PDLV DWUDVDGR 2 %UDVLO GH IDWR QmR SURJULGH YLYH H FUHVFH FRPR FUHVFH H YLYH XPD FULDQoD GRHQWH QR OHQWR GHVHQYROYLPHQWR GH XP FRUSR PDO RUJDQL]DGR 6H HVWD WHUUD IRVVH DQJOR VD[{QLFD HP DQRV WHULD PLOK}HV GH KDELWDQWHV DILUPRX %UFH FRP R VHX GHVGpP EULWkQLFR $R FRQWUiULR HVSDOKDP VH SHOR QRVVR WHUULWyULR JUXSRV KXPDQRV LQFHUWRV
  • 113.
    113 KXPLOGHV VDOYR XPRX RXWUR IRFR GH H[SUHVVmR QDWLYLVWD DEDIDGRV H SDUDOLVDGRV HP JHUDO SRU XPD QDWXUH]D HVWRQWHDGRUD GH SXMDQoD RX WHUULYHOPHQWH LPSODFiYHO $t YLYHP j VROWD QXPD WHUUD FRPXP $ SRSXODomR DXPHQWD SRU XPD SUROLIHUDomR TXH R FOLPD IDYRUHFH pUDPRV PLOK}HV DR FRPHoDU R VpFXOR ;,; Mi FKHJiPRV D PLOK}HV RX PDLV FRP XP FUHVFLPHQWR DQLPDO QHVWHV ~OWLPRV WHPSRV GH SHUWR GH XP PLOKmR $WLQJLUHPRV FRP UHODWLYD IDFLOLGDGH RV DOJDULVPRV DVWURQ{PLFRV GDV LPHQVDV DJORPHUDo}HV DVLiWLFDV PDV HP TXDVH WRGD D H[WHQVmR GDV FRVWDV ORQJXtVVLPDV RV YHOKRV FDUDQJXHMRV GH IUHL 9LFHQWH VH OLPLWDP D DUUDQKDU DV DUHLDV GR OLWRUDO 2 VHUWmR WRGR R JUDQGH VRQKR GRV SLRQHLURV VHJUHJDGR QD VXD ORQJtQTXD LQGHSHQGrQFLD p D PHVPD WHUUD TXH SDOPLOKDUDP 6SL[ H 0DUWLXV 6DLQW +LODLUH 1HXZLHG 0DZH H WDQWRV RXWURV &RPR QR WHPSR GRV ´YDOHQW}HVµ GH TXH IDODYD 6RXWKH R FDQJDoR GRPLQD R kPDJR GR SDtV p XPD WUDGLomR GR PDQGRQLVPR 1DV SRYRDo}HV FUHVWDGDV GR 1RUGHVWH UHLQDP FRPR QDV pSRFDV SULPLWLYDV DV FUHQGLFHV H R IDQDWLVPR GDV ´VDQWLGDGHVµ 2 SDOXGLVPR D FDFKDoD D VtILOLV R DPDUHOmR D LQGROrQFLD GHVDQLPDGD FRPSOHWDP R TXDGUR ( DVVLP YHJHWDP QR QRVVR JUDQGH 3ODQDOWR &HQWUDO PDLV GH PLOK}HV GRV QRVVRV TXLO{PHWURV TXDGUDGRV 3HODV FRVWDV GR RFHDQR H HP PDQFKDV GH FLYLOL]DomR PDWHULDO QRV SODQDOWRV GD VHUUD GR 0DU GD 0DQWLTXHLUD H QRV FDPSRV GR 6XO R SURJUHVVR p XPD LQG~VWULD TXH FRPR QD &KLQD p H[SORUDGD QXPD UiSLGD DEVRUomR SHORV FDSLWmHV HVWUDQJHLURV H RV SRXFRV JUXSRV ILQDQFHLURV QDFLRQDLV TXH Vy FRJLWDP ³ FRPR p QDWXUDO ³ GRV SUySULRV LQWHUHVVHV 1HVVHV RiVLV H UHYLYHQGR R
  • 114.
    114 WHPSR GDV EDQGHLUDVWXGR VH GHYH j LQLFLDWLYD SULYDGD )RL R SDUWLFXODU TXH GHVEUDYRX D PDWD TXH HUJXHX DV SODQWDo}HV TXH HVWHQGHX SHOD WHUUD YLUJHP RV WULOKRV GRV FDPLQKRV GH IHUUR TXH IXQGRX FLGDGHV DEULX IiEULFDV RUJDQL]RX FRPSDQKLDV H LPSRUWRX R FRQIRUWR GD YLGD PDWHULDO 2 SRGHU S~EOLFR SDFLHQWHPHQWH HVSHURX RV IUXWRV GD ULTXH]D VHPHDGD ( ORJR HP VHJXLGD FULRX R LPSRVWR FRPR RV JRYHUQDGRUHV GR VpFXOR ;9,,, H D PHWUySROH HVW~SLGD QD ORXFXUD GR RXUR FULDUDP RV TXLQWRV RV Gt]LPRV DV Gt]LPDV D FDSLWDomR H D GHUUDPD 1HVVH DIm SRUpP D DGPLQLVWUDomR S~EOLFD IDOLX QmR SRGHQGR DFRPSDQKDU R PRYLPHQWR SURJUHVVLVWD RUD OHQWR RUD LPSHWXRVR ( DVVREHUEDGR QXP DIREDPHQWR WRQWR ILFRX DWUiV p TXDVH XP HPSHFLOKR H XP WUDPEROKR 1R UHVWR GR SDtV R FDVR VH DJUDYD RV KRPHQV GH LQFDSD]HV WRUQDUDP VH GHVRQHVWRV H SHOD FXPSOLFLGDGH GRV DSDQLJXDPHQWRV HOHLWRUDLV DFHLWDUDP FRP SHTXHQD UHOXWkQFLD R FRQVyUFLR GDV IXQo}HV DGPLQLVWUDWLYDV FRP RV LQWHUHVVHV PHUFDQWLV $ IUDJLOLGDGH KXPDQD IH] R UHVWR TXH p D YHUJRQKD GD QDomR 1D GHVRUGHP GD LQFRPSHWrQFLD GR SHFXODWR GD WLUDQLD GD FRELoD SHUGHUDP VH DV QRUPDV PDLV FRPH]LQKDV QD GLUHomR GRV QHJyFLRV S~EOLFRV $ KLJLHQH YLYH HP JUDQGH SDUWH GDV HVPRODV DPHULFDQDV D SROtFLD YLFLDGD SHOR HVWDGR GH VtWLR SURWHJH FULPLQRVRV H SHUVHJXH LQRFHQWHV DV HVWUDGDV GH IHUUR RILFLDLV FRP RV PDLV HOHYDGRV IUHWHV GR PHUFDGR GHVFDUULODP GLDULDPHQWH RX GHL[DP DSRGUHFHU RV JrQHURV TXH QmR WUDQVSRUWDP D ODYRXUD QmR WHP EUDoRV SRUTXH QmR Ki PDLV LPLJUDQWHV GHVDSDUHFH D QDYHJDomR GRV ULRV D FDERWDJHP VXSULPH R FRPpUFLR OLWRUkQHR R GLQKHLUR EDL[D SRU GHFUHWR H R RXUR TXH R GHYH JDUDQWLU QmR QRV
  • 115.
    115 SHUWHQFH ­ ODYRXUDGH FDIp DFHQD VH FRP D YDORUL]DomR DUWLILFLDO GRV SUHoRV GHVFXLGDQGR VH GR EDUDWHDPHQWR GR FXVWHLR GR DXPHQWR GD SURGXomR H GR GHVHQYROYLPHQWR GR FRQVXPR RV VHULQJDLV VmR DEDQGRQDGRV RX YHQGLGRV SRU QDGD SRUTXH RV LPSRVWRV H[FHGHP R SUHoR GDV PHUFDGRULDV R Do~FDU FRPR QRV WHPSRV FRORQLDLV QmR SRGH FRPSHWLU FRP R HVWUDQJHLUR R DOJRGmR p YtWLPD GD QHJOLJrQFLD GR SUHSDUR GD SUDJD H Vy H[LVWH SHOD SURWHomR DGXDQHLUD D SHFXiULD VHP VHOHomR H VHP WUDQVSRUWH H[SORUDQGR R UHEDQKR QDWLYR QmR Gi FDUQH SDUD RV IULJRUtILFRV TXH IXQFLRQDP FRP LQWHUPLWrQFLDV REULJDQGR QRV D UHFRUUHU DR [DUTXH GRV YL]LQKRV R FDFDX VREUHFDUUHJDGR GH LPSRVWRV QmR SRGH OXWDU FRQWUD RV FRQFRUUHQWHV DIULFDQRV H DVLiWLFRV $ -XVWLoD VHP D TXDO GL]LD R SDGUH 9LHLUD QmR Ki UHLQR QHP SURYtQFLD QHP FLGDGH QHP DLQGD FRPSDQKLD GH ODGU}HV TXH VH SRVVD FRQVHUYDU D -XVWLoD HP FRQWDWR FRP RV LQWHUHVVHV GD SROLWLFDJHP GLILFLOPHQWH UHVLVWH DR DUEtWULR H DR DEXVR GH SRGHU R ([pUFLWR FDUtVVLPR GHVDSDUHFH GHVRUJDQL]DGR SHOR yGLR H SHOR PHGR D 0DULQKD VHP QDYLRV YHJHWD QD EDtD GH *XDQDEDUD p XPD UHSDUWLomR S~EOLFD (VWi WXGR SRU ID]HU QDGD VH ID] H VHJXQGR D FKDSD FRUUHQWH ³ QmR VH VDEH SDUD TXHP DSHODU 2 DQDOIDEHWLVPR GDV FODVVHV LQIHULRUHV ³ TXDVH GH FHQWR SRU FHQWR ³ FRUUH SDUHOKDV FRP D EDFKDUHOLFH URPkQWLFD GR TXH VH FKDPD D LQWHOHFWXDOLGDGH GR SDtV 6HP LQVWUXomR VHP KXPDQLGDGHV VHP HQVLQR SURILVVLRQDO D FXOWXUD LQWHOHFWXDO QmR H[LVWH RX ILQJH H[LVWLU HP VHPL OHWUDGRV PDLV QRFLYRV GR TXH D SHVWH 1mR VH SXEOLFDP OLYURV SRUTXH QmR Ki OHLWRUHV QmR Ki OHLWRUHV SRUTXH QmR Ki OLYURV &LrQFLD OLWHUDWXUD DUWH ³ SDODYUDV FXMD VLJQLILFDomR H[DWD HVFDSD D TXDVH WRGRV (P WXGR GRPLQD R JRVWR GR SDODYUHDGR GDV EHODV IUDVHV
  • 116.
    116 FDQWDQWHV GRV GLVFXUVRVGHUUDPDGRV DLQGD Ki SRHWDV GH SURILVVmR 8P YtFLR QDFLRQDO SRUpP LPSHUD R YtFLR GD LPLWDomR 7XGR p LPLWDomR GHVGH D HVWUXWXUD SROtWLFD HP TXH SURFXUDPRV HQFHUUDU H FRPSULPLU DV PDLV SURIXQGDV WHQGrQFLDV GD QRVVD QDWXUH]D VRFLDO DWp R IDOVHDPHQWR GDV PDQLIHVWDo}HV HVSRQWkQHDV GR QRVVR JrQLR FULDGRU (PHUVRQ GL]LD GRV DPHULFDQRV GR VHX WHPSR TXH D PDQLD GD LPLWDomR ³ PDO TXH WDPEpP FRQKHFHUDP ³ OKHV YLQKD GD VXSHUVWLomR GD 9LDJHP IRUQHFHGRUD GR DOLPHQWR HVSLULWXDO TXH QmR VDELDP HQFRQWUDU QD SUySULD WHUUD PDV RQGH VRPHQWH VH GHVHQYROYH H VH DSXUD D DOPD GD UDoD ,PLWDomR TXHU GL]HU LPSRUWDomR 1HVWD WHUUD HP TXH TXDVH WXGR Gi LPSRUWDPRV WXGR GDV PRGDV GH 3DULV ³ LGpLDV H YHVWLGRV ³ DR FDER GH YDVVRXUD H DR SDOLWR 7UDQVSODQWDGRV VmR TXDVH QXORV RV IRFRV GH UHDomR LQWHOHFWXDO H DUWtVWLFD 3DVVD SHODV QRVVDV DOIkQGHJDV WXGR TXH FRQVWLWXL DV ErQomRV GD FLYLOL]DFmR VD~GH EHP HVWDU PDWHULDO FRQKHFLPHQWRV SUD]HUHV DGPLUDo}HV VHQVR HVWpWLFR 3DUD WDPDQKD LPSRUWDomR VXS}H VH FRPR QRV SDtVHV VDGLRV XPD IRUPLGiYHO H[SRUWDomR (VVD SRUpP p DQWHV XPD SHUGD GH VXEVWkQFLD FRPR GL]HP RV DOHPmHV GR TXH D FRORFDomR QR HVWUDQJHLUR GH SURGXWRV GH QRVVD WHUUD H GR QRVVR WUDEDOKR ([SRUWDPRV VREUHWXGR RXUR TXH QmR SRVVXtPRV 2XUR SDUD RV MXURV H DPRUWL]Do}HV GRV HPSUpVWLPRV H[WHULRUHV RXUR SDUD RV DXWRPyYHLV TXH QmR IDEULFDPRV RXUR SDUD DV ILWDV GRV LQ~PHURV FLQHPDV TXH SXOXODP FRPR VDQJXHVXJDV DWp RV FRQILQV GRV VHUW}HV 6DQJULD FRQWtQXD H[DXVWLYD )DWDO GHSDXSHUDPHQWR GH FRQVHTrQFLDV LQFDOFXOiYHLV 6REUH HVWH FRUSR DQrPLFR DWURILDGR EDORIR
  • 117.
    117 WULSXGLDP RV SROtWLFRVe D ~QLFD TXHVWmR YLWDO SDUD R SDtV ³ D TXHVWmR SROtWLFD )HOL] RX LQIHOL]PHQWH QmR Ki RXWUR SUREOHPD SUHPHQWH D UHVROYHU QHP VRFLDO QHP UHOLJLRVR QHP LQWHUQDFLRQDO QHP GH UDoDV QHP JUDYHV FDVRV HFRQ{PLFRV H ILQDQFHLURV 6RPHQWH D TXHVWmR SROtWLFD TXH p D TXHVWmR GRV KRPHQV S~EOLFRV +i RV GH WRGR R JrQHUR RV LQWHOLJHQWHV RV VDJD]HV RV HVW~SLGRV RV EHP LQWHQFLRQDGRV GDQWHVFD PXOWLGmR RV TXH D VRUWH SURWHJH FRPR QDV ORWHULDV RV HIrPHURV RV HWHUQRV e R JUDQGH UHEDQKR TXH SDVVD SDVWDQGR GH TXH IDODYD 1LHW]VFKH 'H YH] HP TXDQGR VXUJH XPD LQGLYLGXDOLGDGH RX QDVFHQWH RX Mi VDFULILFDGD SHOD LQFRPHQVXUiYHO PDLRULD RV QRPHV GHVVDV H[FHo}HV GH UDURV DFRGHP ORJR DR ELFR GD SHQD PDV GH IDWR H GHVGH PXLWR HVWmR GHVDSDUHFHQGR UDSLGDPHQWH RV TXH SRVVXtDP QD H[SUHVVmR GRV KLVWRULDGRUHV URPkQWLFRV ´R PDJQHWLVPR GD SHUVRQDOLGDGHµ 2 PDO YHP GH ORQJH (P VHJXLGD DR SULPHLUR LPSpULR SHUtRGR KHUyLFR HP TXH VH IXQGRX QXP tPSHWR URPkQWLFR D QRVVD QDFLRQDOLGDGH ³ HQWUiPRV QHVVH HVWUDQKR VHJXQGR UHLQDGR GH KRPHQV HPLQHQWHV LOXVWUDGRV DSHVDU GR DFHQWXDGR DWUDVR SRUWXJXrV GH LOLEDGR FDUiFWHU PDV TXH SDVVDUDP DQRV D UHSUHVHQWDU FRP VHULHGDGH H QXPD WHUUD TXH HUD XP GHVHUWR FRP SRYRDGRV HVSDUVRV GH SRSXODo}HV PHVWLoDV D FRPpGLD GR SDUODPHQWDULVPR j LQJOHVD $OpP GDV OHLV OLEHUDLV TXH HUDP YRWDGDV FRPR VH VH GHVWLQDVVHP DR PDLV HVFODUHFLGR GRV FRQGDGRV GD ,QJODWHUUD H DOpP GRV GLVFXUVRV GH DGPLUiYHO HORTrQFLD SDUODPHQWDU Vy QRV ILFRX WDOYH] GHVVD pSRFD IDOVD H HVWpULO D FRQVROLGDomR GD XQLGDGH QDFLRQDO H D DEROLomR $SHQDV GXDV GDWDV SDUD XP ORQJR UHLQDGR 2 SDtV GHVFRQKHFLD JHUDOPHQWH R TXH IRVVH DGPLQLVWUDomR S~EOLFD 2 ,PSHUDGRU SRXFR
  • 118.
    118 LQWHOLJHQWH VXEVWLWXLQGR SHORSDWULRWLVPR R TXH OKH IDOWDYD HP GRWHV GH KRPHP GH (VWDGR QmR HVFRQGLD R GHVSUH]R SHODV SUHRFXSDo}HV WHUUD D WHUUD GD JHVWmR GRV QHJyFLRV S~EOLFRV 'HX OKHV SRUpP XPD IHLomR FDUDFWHUtVWLFD TXH VHUi D JOyULD GD PRQDUTXLD R UHVSHLWR UHOLJLRVR GR GLQKHLUR S~EOLFR &RQVHTrQFLD QDWXUDO GH XPD GDV UHJUDV GR 'HFiORJR HVVH SULQFtSLR IXQGDPHQWDO GH JRYHUQR GHFRUULD GD REVHUYDomR LQWHJUDO H HVWULWD GD /HL VREHUDQD 'Dt R WHU VLGR R ,PSpULR SRU H[FHOrQFLD D pSRFD GRV MXULVFRQVXOWRV $WLQJLPRV QHVVH PRPHQWR R PDLV HOHYDGR SRQWR GH FRQVFLrQFLD MXUtGLFD D TXH SRGH FKHJDU XP SRYR /HLV OHLV OHLV 6y IDOWRX DTXHOD D TXH VH UHIHULX )HUUHLUD 9LDQQD D OHL TXH PDQGDULD S{U HP H[HFXomR WRGDV DV RXWUDV $ GHFDGrQFLD QR HQWDQWR DFHQWXDYD VH SHOR SUySULR DEDQGRQR GR SULQFtSLR PRQiUTXLFR H GLQiVWLFR 2 HQIUDTXHFLPHQWR GR SRGHU PRGHUDGRU ³ TXH HUD D RSLQLmR S~EOLFD LQH[LVWHQWH H LQGLVSHQViYHO DR UHJLPH SDUODPHQWDU ³ FRPSURPHWLD R IXQFLRQDPHQWR UHJXODU GD PiTXLQD SROtWLFD $ TXHVWmR PLOLWDU PDO GH QDVFHQoD GH TXH QXQFD VH FXURX R SDtV D GHVRUJDQL]DomR GRV SDUWLGRV DV IDOKDV GD DGPLQLVWUDomR R URPDQWLVPR GD DEROLomR D GHVRUGHP JHUDO GRV HVStULWRV ³ IL]HUDP D 5HS~EOLFD QHVVH GH QRYHPEUR TXH IRL D MRXUQpH GHV GXSHV GD QRVVD KLVWyULD ( p R TXH Dt HVWi 2 SURIXQGR DEDOR GD PXGDQoD GH IRUPD GH JRYHUQR D LQHYLWiYHO WUDQVPXWDomR GH YDORUHV VRFLDLV H SROtWLFRV GHUDP D SULQFtSLR XPD DSDUrQFLD GH YLWDOLGDGH DR RUJDQLVPR QDFLRQDO 0DV QmR HVWDYD ORQJH R DWROHLUR HP TXH KRMH FKDIXUGDPRV 4XDUHQWD DQRV GH H[SHULrQFLDV PDO VXFHGLGDV QRV WURX[HUDP j VLWXDomR DWXDO 2V KRPHQV GH JRYHUQR VXFHGHUDP VH DR DFDVR VHP QHQKXP PRWLYR LPSHULRVR SDUD D LQGLFDomR GH VHXV
  • 119.
    119 QRPHV H[FHWR RGDV FRQYHQLrQFLDV H FDPEDODFKRV GD SROLWLFDJHP (P WmR ORQJRV DQRV Vy 5LR %UDQFR UHVROYHX DV TXHVW}HV GH OLPLWHV R SUHVLGHQWH $OYHV VDQHRX D FDSLWDO RXWUD YH] HP SHULJR H UHFRQTXLVWDPRV R $FUH GH QRYR HP FRPHoR GH DEDQGRQR 2 PDLV QmR H[LVWLUi SDUD D KLVWyULD 1RV (VWDGRV HQWUHWDQWR LQVWDODYDP VH DV ROLJDUTXLDV GH FXMR SHULJR Mi QRV DGYHUWLD 6DLQW +LODLUH H VRE R GLVIDUFH GR TXH VH FKDPRX D ´SROtWLFD GRV JRYHUQDGRUHVµ (P FtUFXORV FRQFrQWULFRV HVVH YtFLR RUJkQLFR YHP FXPXODU QR SUySULR SRGHU FHQWUDO TXH p R VRO GR QRVVR VLVWHPD $t UHDOL]DQGR R IDPRVR VRULWH GR YHOKR 1DEXFR -RmR HOHJH D 3HGUR TXH HOHJH D $QW{QLR TXH SRU VHX WXUQR YROWD D HOHJHU DR -RmR SULPLWLYR &RPR QD %tEOLD 3DUD WmR JUDQGHV PDOHV SDUHFHP HVJRWDGDV DV PHGLFDo}HV GD WHUDSrXWLFD FRUUHQWH p QHFHVViULR UHFRUUHU j FLUXUJLD )LORVRILFDPHQWH IDODQGR ³ VHP FXLGDU GD UHDOLGDGH VRFLDO H SROtWLFD GD DWXDOLGDGH ³ Vy GXDV VROXo}HV SRGHUmR LPSHGLU R GHVPHPEUDPHQWR GR SDtV H D VXD GHVDSDULomR FRPR XP WRGR XQR FULDGR SHODV FLUFXQVWkQFLDV KLVWyULFDV GXDV VROXo}HV FDWDVWUyILFDV D *XHUUD D 5HYROXomR $ *XHUUD HP WRGD D +LVWyULD WHP VLGR D WHUUtYHO UHYHODGRUD GH FDSDFLGDGHV TXH D URWLQD D LQYHMD R HJRtVPR H D GHIHVD QDWXUDO GRV DoDPEDUFDGRUHV GH SRVLo}HV GH PDQGR HQFREUHP DIDVWDP DQXODP 2V QRYRV RV SREUHV RV HVTXHFLGRV RV RSULPLGRV VXUJHP TXDQGR VH DWHLD QDV FLGDGHV H QRV FDPSRV R IRJR GHYDVWDGRU GDV LQYDV}HV p TXDQGR VH DEUH R SHUtRGR GDV IDOrQFLDV JRYHUQDPHQWDLV 2 KHUyL SURYLGHQFLDO p XPD FULDWXUD GDV YLFLVVLWXGHV GD *XHUUD 9HP PXLWDV YH]HV GDV FDPDGDV SURIXQGDV GR SRYR RQGH R YmR HQFRQWUDU DV
  • 120.
    120 QHFHVVLGDGHV GD VDOYDomRS~EOLFD 6HUi HQWUH QyV QXPD ORQJtQTXD SRVVLELOLGDGH TXHP VDEH XP JD~FKR GR 6XO RX ID]HQGHLUR SDXOLVWD RX VHULQJXHLUR GR $FUH RX MDJXQoR GR 1RUGHVWH RX PHVPR HVVH GHVRFXSDGR GD $YHQLGD &HQWUDO IUHTHQWDGRU GH FDIpV FRPR /HQLQ IUHJXrV SDXSpUULPR GD 5RWRQGH GR 0RQWSDQDVVH PHVHV DQWHV GH VHU GLWDGRU H VHQKRU DEVROXWR GH PLOK}HV GH DOPDV $ 5HYROXomR p D RXWUD VROXomR 1mR XPD VLPSOHV UHYROWD GH VROGDGRV RX XPD LQYHVWLGD GLVIDUoDGD SDUD D FRQTXLVWD GR SRGHU ³ IRUPDV SUHGLOHWDV QRV SRYRV GH PHLD FLYLOL]DomR H TXH D GHVRUGHP JHQHUDOL]DGD WHP DJRUD IHLWR VXUJLU HP SDtVHV WUDGLFLRQDOPHQWH FXOWRV 6HULD HQFHUUDU QXPD PRGDOLGDGH HVWUHLWD D kQVLD GH UHQRYDomR TXH p D SUySULD SXOVDomR YLWDO GD +LVWyULD $ 5HYROXomR YLUi GH PDLV ORQJH H GH PDLV IXQGR 6HUi D DILUPDomR LQH[RUiYHO GH TXH TXDQGR WXGR HVWi HUUDGR R PHOKRU FRUUHWLYR p R DSDJDPHQWR GH WXGR TXH IRL PDO IHLWR $ KXPDQLGDGH DFRUGDQGR GR IDOVR VRVVHJR GD DQWH JXHUUD HQFDPLQKD VH DRV SRXFRV SDUD PRGLILFDo}HV UDGLFDLV TXH OKH WUDQVIRUPDUmR QmR Vy R DSDUHOKR SROtWLFR H ILQDQFHLUR FRPR WDPEpP D SUySULD HVVrQFLD PHQWDO 3URFHGH VH QHVVD JUDQGH FULVH ³ D PDLRU FHUWDPHQWH GH TXH WHQKD FRQKHFLPHQWR D PHPyULD GRV KRPHQV ³ j UHYLVmR GRV DQWLJRV YDORUHV PDWHULDLV H HVSLULWXDLV DWp KRMH FRQVDJUDGRV H SHORV TXDLV VH EDWHUDP GXUDQWH VpFXORV 2ULHQWH H 2FLGHQWH (QWUDP HP OXWD GH YLGD RX GH PRUWH RV PDLV YDULDGRV ´LVPRVµ FRP TXH QXQFD VRQKRX D ILORVRILD KXPDQD &DSLWDOLVPR &RPXQLVPR )RUGLVPR /HQLQLVPR )RUoD QRYD TXH VXUJH FRPR GHVWUXLGRUD GDV YHOKDV FLYLOL]Do}HV H GDV TXLPHUDV GR SDVVDGR e D 5HYROXomR
  • 121.
    121 (P PHLR GHVVHFDWDFOLVPD HP SUHSDUR TXH SDSHO FDEHUi DR %UDVLO" 2 GD PDLV FRPSOHWD LJQRUkQFLD GR TXH VH SDVVD SHOR PXQGR DIRUD 'RUPH R VHX VRQR FRORQLDO $LQGD DFUHGLWD QR HPEDOR GRV GLVFXUVDGRUHV QDV WHRULDV GRV GRXWULQiULRV H QD HQJDQDGRUD VHJXUDQoD GRV TXH PRQRSROL]DUDP SHOD IUDTXH]D GRV LQGHFLVRV DV SRVLo}HV GH GRPtQLR H SURYHLWRV 1mR Yr R GHVDVWUH TXH VH DSUR[LPD QmR Yr R SHULJR GH HVWDUPRV j PDUJHP GRV JUDQGHV FDPLQKRV PXQGLDLV GD QDYHJDomR H GD DYLDomR QmR Yr TXH D WHUUD VH WRUQRX SHTXHQD GHPDLV SDUD RV LPSHULDOLVPRV SDFtILFRV RX JXHUUHLURV H TXH p XP SDUDGR[R D ODUDQMHLUD j EHLUD GD HVWUDGD FDUUHJDGD GH ODUDQMDV GRFHV $SHVDU GD DSDUrQFLD GH FLYLOL]DomR YLYHPRV DVVLP LVRODGRV FHJRV H LPyYHLV GHQWUR GD SUySULD PHGLRFULGDGH HP TXH VH FRPSUD]HP JRYHUQDQWHV H JRYHUQDGRV 1HVWH PDUDVPR SRGUH VHUi QHFHVViULR ID]HU WiEXD UDVD SDUD GHSRLV FXLGDU GH UHQRYDomR WRWDO 3DUD R LGHDO QRYR FDPLQKDPRV WRGRV QD OLPLWDomR GDV QRVVDV FRQWLQJrQFLDV FRQVFLHQWHV RX LQFRQVFLHQWHV H HQYROYLGRV HP PLO ODoRV TXH VmR DV WUDGLo}HV DV DPL]DGHV R GLQKHLUR RV PDXV KiELWRV GR PHX SHQVDPHQWR H GD PLQKD YLGD ³ H RV YRVVRV (VWDV SDODYUDV QmR VHUmR FHUWDPHQWH FRPSUHHQGLGDV 3DUD XQV SXUD IUDVHRORJLD SDUD RXWURV PHUD PDQREUD GH SROtWLFD TXH WRPD D WDQJHQWH GH GLVVHUWDomR ILORVyILFD e TXH D LGpLD GH 5HYROXomR QmR VHQGR FRQIXVD p SHOR PHQRV FRPSOH[D ([SULPH D VtQWHVH GH GXDV WHQGrQFLDV RSRVWDV HVSHUDQoD H UHYROWD 3DUD R UHYROWDGR R HVWDGR GH FRXVDV SUHVHQWH p
  • 122.
    122 LQWROHUiYHO H RHVIRUoR GH VXD DomR SRVVtYHO LUi DWp D GHVWUXLomR YLROHQWD GH WXGR TXH HOH FRQGHQD 2 UHYROXFLRQiULR SRUpP FRPR FRQVWUXWRU GH XPD QRYD RUGHP p SRU VXD YH] XP RWLPLVWD TXH DLQGD DFUHGLWD SHOR SURJUHVVR QDWXUDO GR KRPHP QXPD PHOKRULD HP UHODomR DR SUHVHQWH e R TXH PH ID] HQFHUUDU HVWDV SiJLQDV FRP XP SHQVDPHQWR GH UHFRQIRUWR D FRQILDQoD QR IXWXUR TXH QmR SRGH VHU SLRU GR TXH R SDVVDGR 6mR 3DXOR
  • 123.
    123 1RWDV ³ &RQWUD HVVDWHQGrQFLD UHYROWDGD VH IRUPRX D &RPSDQKLD GH -HVXV WHQGR FRPR XPD GDV VXDV EDVHV IXQGDPHQWDLV D 2EHGLrQFLD e R TXH H[SOLFD D ORQJD OXWD GRV FRORQRV QR %UDVLO FRQWUD RV MHVXtWDV 3RU VXD YH] D &RPSDQKLD p EHP GR VHX WHPSR TXDQGR SUHFRQL]D D $omR FRPR XP LGHDO LJQDFLDQR ³ &DVWDQKHGD +LVWyULD GR GHVFREULPHQWR H FRQTXLVWD GD ÌQGLD /LYUR , FDS ;9 ³ +XPEROGW &RVPRV YRO ,, ³ ©(X HQWUHL QR 5LR GH -DQHLUR TXH HVWi QHVWD FRVWD QD FDSLWDQLD GH 0DUWLP $IRQVR OpJXDV GH 6mR 9LFHQWH H GR (VStULWR 6DQWR PDQGR R GHEX[R GHOD D 9 $ PDV WXGR p JUDoD R TXH VH GHOD SRGH GL]HU VHQmR TXH SLQWH TXHP TXLVHU FRPR GHVHMH XP 5LR LVVR WHP HVWH GH -DQHLURª ³ &DUWD GH 7RPp GH 6RXVD GH ƒ GH -XQKR GH ³ 1D FDUWD DQH[D GH HVFULWD GD %DKLD H DWULEXtGD DR SDGUH $QFKLHWD VH GL] TXH D SDODYUD &DUDLED TXHU GL]HU FRXVD VDQWD RX VREUHQDWXUDO ( SRU HVWD FDXVD SXVHUDP DRV SRUWXJXHVHV HVWH QRPH ORJR TXDQGR YLHUDP WHQGR RV SRU FRXVD JUDQGH FRPR GR RXWUR PXQGR SRU YLUHP GH WmR ORQJH SRU FLPD GDV iJXDV ³ 5HY ,QVW +LVW 7 9, ³ &DSLVWUDQR GH $EUHX 'HVFREULPHQWR GR %UDVLO 7HVH GH FRQFXUVR 5LR
  • 124.
    124 ³ &DUWD GHƒ GH -XQKR GH ³ $ SULPHLUD PXOKHU EUDQFD GH TXH Ki QRWLFLD QR %UDVLO p D GH -RmR *RQoDOYHV PHLULQKR HP 6mR 9LFHQWH H GH TXH IDOD XPD SHWLomR GDWDGD GH 6HJXQGR RV WHUPRV GHVVH GRFXPHQWR R FDVDO GHYLD WHU FKHJDGR XP DQR DQWHV HP 7RPp GH 6RXVD HP SDUD DTXL WURX[H DOJXPDV PXOKHUHV FDVDGDV FRP HPSUHJDGRV TXH YLQKDP WHPSRUDULDPHQWH SDUD D FRO{QLD 6y PDLV WDUGH HP GL] *DEULHO 6RDUHV FKHJDUDP PXOKHUHV SDUD FDVDU FRP RV PRUDGRUHV SULQFLSDLV GD WHUUD 7UD]LDP FRPR GRWHV RItFLRV GH ID]HQGD H MXVWLoD 1D IURWD GH %RLV OH &RPWH UHIHUH -HDQ GH /HU TXH HPEDUFDUDP FLQFR UDSDULJDV VROWHLUDV DFRPSDQKDGDV SRU XPD JRYHUQDQWH )RUDP DV SULPHLUDV IUDQFHVDV TXH FRQKHFHUDP R %UDVLO &DVDUDP VH FRP RV VHXV SDWUtFLRV GR IRUWH GH 9LOOHJDLJQRQ ³ *DEULHO 6RDUHV 7UDWDGR GHVFULWLYR GR %UDVLO ³ -RmR )UDQFLVFR /LVERD $SRQWDPHQWRV SDUD D KLVWyULD GR 0DUDQKmR ³ 0DQRHO GD 1yEUHJD &DUWDV GR %UDVLO ³ -RmR 'DQLHO 7HVRXUR GHVFREHUWR QR ULR $PD]RQDV 5HY ,QVW +LVW WRPR ,, ³ 9LDJHP GH )UDQFLVFR 3UDUG GH /DYDO 7UDG SRUWXJXHVD 1RYD *RD ³ ´-H QH VDLV VL OH OLEHUWLQDJH HVW DXVVL JUDQG SDU WRXW OH %UpVLO TX LO HVW GDQV OD YLOOH GH 6DQ 6DOYDGRU /HV IHPPHV OHV SOXV TXDOLILHpV HW FHOOHV TXL SDVVHQW SRXU
  • 125.
    125 DYRLU TXHOTXH YHUWXQ HQ IRQW SRLQW GH VFUXSXOH GH SDUHU OHXUV HVFODYHV DYHF EHDXFRXS GH VRLQV DILQ GH OHV PHWWUH HQ pWDW GH YHQGUH SOXV FKHU OHV LQIDPHV SODLVLUV TX HOOHV GRQQHQW HOOHV SDUWDJHQW HQVXLWH OH PDOKHUHX[ SURILW GH OD GpEDXFKH GH FHV SURVWLWXpHV O RQ SHXW GLUH TXH OH YLFH UqJQH VRXYHUDLQHPHQWµ ³ 'HOORQ 1RXYHOOH 5HODWLRQ G XQ YRDJH IDLW DX[ ,QGHV 2ULHQWDOHV $PVWHUGDP ³ ´/DV PXMHUHV DQGDQ GHVQXGDV QR VDEHQ QHJDU D QLQJXQR PDV DXQ HOODV PLVPDV DFRPHWHQ LPSRUWXQDQ ORV KRPEUHV DFKDQGR VH FRQ HOORV HQ ODV UHGHV SRUTXH WLHQHQ SRU KRQUD GRUPLU FRQ ORV ]LDQRV µ &DUWD D /DQHV " ³ $ FDUWD GH 1XQH] p GH RX GR]H RX WUH]H DQRV GHSRLV GD H[SHGLomR D 0DFKLIDOR QRPH TXH PDLV WDUGH GHVDSDUHFHX GDV FDUWDV JHRJUiILFDV H TXH SDUHFH QmR VHU ORQJH GDV JUDQGHV LOKDV GR 6ROLP}HV 3RU HVVD PHVPD pSRFD DVVLQDOD VH QR 3HUX D FKHJDGD GH FHQWR H FLQTHQWD tQGLRV YLQGRV GH WHUUDV EUDVLOHLUDV RX SHOR ULR 0DUDQKmR RX SHOR 3DUDJXDL 7UD]LDP FULDQoDV H PXOKHUHV GL]LDP WHU JDVWR GR]H DQRV QD YLDJHP ³ -LPHQH] GH OD (VSDGD /D MRUQDGD GHO FDSLWDQ $ORQVR 0HUFDGLOOR ³ $ WHUUD GHIHQGLD VH SDUD DVVLP GL]HU $ VXD VDOXEULGDGH WmR DSUHJRDGD SHORV SULPLWLYRV FURQLVWDV SDUHFH H[DJHUDGD QHVVHV SULPHLURV HQWXVLDVPRV $V FDUWDV MHVXtWLFDV GD pSRFD TXHL[DP VH D PL~GR GRV FDORUHV H IULRV H[FHVVLYRV TXH DWRUPHQWDYDP RV SDGUHV HP VXDV YLDJHQV $QFKLHWD UHIHUH VH DR YHQWR 6XO TXH YDUULD RV GHVFDPSDGRV GH 3LUDWLQLQJD &DUGLP R HQFRQWURX QD VXD YLVLWDomR FDQVDGR H HQIHUPR 1D FDUWD GH /XL] 5DPLUHV GH FRQWD HOH TXH QDV YL]LQKDQoDV
  • 126.
    126 GH 6DQWD &DWDULQDRQGH HVWHYH WUrV PHVHV H PHLR FRQVWUXLQGR XPD JDOHRWD DGRHFHUDP WRGRV RV FRPSDQKHLURV GRV TXDLV PRUUHUDP TXDWUR ©HQ TXH HUD OD WLHUUD WDQ HQIHUPD TXH D WRGRV ORV OOHYy SRU XQ UDVHURª 5HY ,QVW +LVW YRO ;9 SJ ³ 'HYR HVWH HVTXHPD D XPD QRWD PDJLVWUDO H LQpGLWD GH &DSLVWUDQR GH $EUHX ³ ´0HPyULDV GH XP VROGDGR GD ÌQGLDµ FRPSLODGDV 3RU $ GH 6 6 &RVWD /RER /LVERD ³ $IRQVR GH ( 7DXQD (QVDLR GH &DUWD *HUDO GDV %DQGHLUDV 3DXOLVWDV ³ ´0DO SRGH GHVFREULU H HQWDEXODU PLQDV TXHP QmR VDEH R TXH HODV VmR TXH RV VXMHLWRV TXH DWp DJRUD VH KDYLDP HVFROKLGR SDUD HVWHV GHVFREULPHQWRV QmR WLQKDP FLrQFLD DOJXPD GHODV ³ 5HO GR *RYHUQDGRU $QW{QLR 3DLV GH 6DQGH ³ $QGUp -RmR $QWRQLO &XOWXUD H RSXOrQFLD GR %UDVLO /LVERD ³ ´4XH ULTXH]D VDQWR 'HXV p HVVD FXMD SRVVH FRQGX] j UXtQD GR (VWDGR µ ³ H[FODPDYD 3RPEDO ³ )HOtFLR GRV 6DQWRV 0HPRULDO GR 'LVWULWR 'LDPDQWLQR ³ 7HL[HLUD &RHOKR ,QVWUXomR SDUD R JRYHUQR GD &DSLWDQLD GH 0LQDV ³ &OHQDHUWV SURIHVVRU EHOJD GR LUPmR GH ' -RmR ,,, SUHWHQGH QXPD FDUWD HP TXH GHVFUHYH RV FRVWXPHV SRUWXJXHVHV GD pSRFD TXH QXP OLYUR GH GHVSHVDV GH XP
  • 127.
    127 QREUH GH /LVERDVy KDYLD GHVWLQDGDV D XPD UHIHLomR DV VHJXLQWHV TXDWUR FHLWLV SDUD iJXD GRLV UpLV GH SmR XP UHDO H PHLR SDUD UDEDQHWHV $ FDUWD p GH ³ -RKQ /XFFRFN 1RWHV RQ 5LR GH -DQHLUR HWF ³ +HQU .RVWHU 7UDYHOV LQ %UD]LO ³ / ) 7ROOHQDUH ´1RWDV 'RPLQLFDLVµ ³ 7KRPDV /LQGOH 9RDJH DX %UpVLO 7UDG IUDQFHVD 3DULV ³ /XL] GRV 6DQWRV 9LOKHQD &DUWDV GH 9LOKHQD QRWtFLDV PHWURSROLWDQDV H EUDVtOLFDV ³ -RKQ /XFFRFN 2E FLW ³ $QGUHZ *UDQW +LVWRU RI %UD]LO ³ / YRQ 5DQJR 7DJHEXFK PHLQHU 5HLVHQ ³ 0HUHFH PDLRU GLYXOJDomR D FDUWD GH -RVp -RDTXLP GD 0DLD TXH YHLR D IDOHFHU HP /LVERD GH YROWD SDUD R %UDVLO e XP EHOR GRFXPHQWR GH H[DOWDGR SDWULRWLVPR )RL R QRVVR SULPHLUR JULWR GH LQGHSHQGrQFLD (VFUHYLD R HVWXGDQWH EUDVLOHLUR ´(X QDVFL QR %UDVLO 9yV QmR LJQRUDLV D WHUUtYHO HVFUDYLGmR TXH ID] JHPHU D QRVVD SiWULD &DGD GLD VH WRUQD PDLV LQVXSRUWiYHO R QRVVR HVWDGR GHSRLV GD YRVVD JORULRVD LQGHSHQGrQFLD SRUTXH RV EiUEDURV 3RUWXJXHVHV UHFHRVRV GH TXH R H[HPSOR VHMD DEUDoDGR QDGD RPLWHP TXH SRVVD ID]HU QRV PDLV LQIHOL]HV $ FRQYLFomR GH TXH HVWHV XVXUSDGRUHV Vy PHGLWDP QRYDV RSUHVV}HV FRQWUD DV OHLV GD QDWXUH]D H
  • 128.
    128 FRQWUD D KXPDQLGDGHWHP QRV UHVROYLGR D VHJXLU R IDURO TXH QRV PRVWUDLV D TXHEUDU RV JULOK}HV D UHDQLPDU D QRVVD PRULEXQGD OLEHUGDGH TXDVH GH WRGR DFDEUXQKDGD SHOD IRUoD ~QLFR HVWHLR GD DXWRULGDGH GRV (XURSHXV QDV UHJL}HV GD $PpULFD 5HOHYD SRUpP TXH DOJXPD SRWrQFLD SUHVWH DX[tOLR DRV %UDVLOHLURV SRLV TXH D (VSDQKD FHUWDPHQWH VH Ki GH XQLU FRP 3RUWXJDO H DSHVDU GH QRVVDV YDQWDJHQV HP XPD JXHUUD GHIHQVLYD QmR SRGHUtDPRV FRQWXGR OHYDU VyV D HIHLWR HVVD GHIHVD RX SHOR PHQRV VHULD LPSUXGrQFLD WHQWi OR VHP DOJXPD HVSHUDQoD GH ERP r[LWR 1HVVH HVWDGR GH FRLVDV 6HQKRU ROKDPRV H FRP UD]mR VRPHQWH SDUD RV (VWDGRV 8QLGRV SRUTXH VHJXLUtDPRV R VHX H[HPSOR H SRUTXH D QDWXUH]D ID]HQGR QRV KDELWDQWHV GR PHVPR FRQWLQHQWH FRPR TXH QRV OLJRX SHODV UHODo}HV GH XPD SiWULD FRPXP 'D QRVVD SDUWH HVWDPRV SUHSDUDGRV D GHVSHQGHU RV GLQKHLURV QHFHVViULRV H D UHFRQKHFHU HP WRGR R WHPSR D REULJDomR HP TXH ILFDUHPRV SDUD FRP RV QRVVRV EHQIHLWRUHV 7HQKR YRV H[SRVWR 6HQKRU HP SRXFDV SDODYUDV D VXPD GR PHX SODQR )RL SDUD GDU OKH XP DQGDPHQWR TXH YLP j )UDQoD SRLV TXH QD $PpULFD WHULD VLGR LPSRVVtYHO PRYHU XP SDVVR H QmR VXVFLWDU GHVFRQILDQoD $ YyV SHUWHQFH GHFLGLU VH SRGH H[HFXWDU VH D HPSUHVD 6H TXHUHLV FRQVXOWDU D YRVVD QDomR SURQWR HVWRX D RIHUHFHU YRV WRGRV RV HVFODUHFLPHQWRV SUHFLVRVµ (VWD FDUWD HVWi QD ELEOLRWHFD GD VHFUHWDULD GRV QHJyFLRV HVWUDQJHLURV GH :DVKLQJWRQ 'HOD Ki XPD IRWRJUDID QR DUTXLYR GR ,QVWLWXWR +LVWyULFR PDQGDGD WLUDU SHOR &RQVHOKHLUR /RSHV 1HWWR e HVFULWD HP IUDQFrV PXLWR LQFRUUHWR H 0DLD D VXEVFUHYH FRP R SVHXG{QLPR GH 9HQGHN
  • 129.
    129 ³ $ FULDomRGDV HVFRODV IRL R UHVXOWDGR GH XPD SURSRVWD TXH HP DSUHVHQWDYD j &kPDUD XP JUXSR GH GHSXWDGRV FKHILDGRV SRU 0DUWLP )UDQFLVFR 'L]LD R SURMHWR GH OHL ´+DYHUmRµ GXDV XQLYHUVLGDGHV µ (VWDYD SDWHQWH D QHFHVVLGDGH GH LQVWUXomR SHOR PHQRV SULPiULD ³ &OyYLV %HYLODTXD +LVWyULD GD ) GH ' GR 5HFLIH ,, YRO ³ 'H XPD FDUWD GR 'U 1HWWR &DPSHOOR GLUHWRU GD )DFXOGDGH GH 'LUHLWR GH 5HFLIH UHVSRQGHQGR D XPD LQGDJDomR GH *UDoD $UDQKD H[WUDtPRV DV VHJXLQWHV OLQKDV ´WRGD D YLGD DFDGrPLFD DQWHULRU D SRGH VHU IL[DGD HP WUrV SHUtRGRV RX pSRFDV GLVWLQWDV XPD GLJDPRV XWLOLWiULD HP TXH D IHLomR SUDJPiWLFD GR HQVLQR FRPR TXH GHVYLRX D PRFLGDGH GRV GHYDQHLRV GD ILFomR RXWUD Mi HP 5HFLIH HP TXH DV PDQLIHVWDo}HV GH UHOLJLRVLGDGH WXGR DEVRUYHUDP XPD WHUFHLUD PDLV RX PHQRV LQFRORU YHUGDGHLUR SHUtRGR SUHSDUDWyULR GD pSRFD YLEUDQWH WXPXOWXiULD TXH OKH VXFHGHX H HP TXH EULOKDUDP &DVWUR $OYHV 7RELDV HWF µ ³ 3DXOR GR 9DOOH FLWDGR SRU 6SHQFHU 9DPSUp ´0HPyULDV SDUD D +LVWyULD GD $FDGHPLD GH 6 3DXORµ YRO , ³ 'U 3LUHV GH $OPHLGD $ (VFROD EURQLDQD QR %UDVLO -RUQDO GR &RPPHUFLR ³ e XPD LQIRUPDomR GH 9DUQKDJHQ &DSLVWUDQR QmR D MXOJD SURYiYHO (P SRUpP D HVFUDYLGmR DIULFDQD Mi HVWDYD PXLWR GHVHQYROYLGD QD FDSLWDQLD GH 6 9LFHQWH 2 FyGLFH ´3HUQDPEXFRµ GD FROHomR &DVWHOR 0HOKRU 0 6 GD %LEOLRW 1DF , GL] ´/D WLHUUD YtOOD GH 6DQ
  • 130.
    130 3DXOR WLHQH PXFKRV,QGLRV GH SDtV FRQTXLVWDGRV PXFKRV QHJURV GH $QJROD GH ORV QDYLRV TXH WRGRV ORV DQRV YDQ DO ULR GH -DQHLUR TXH HVWi DOO VHUFD µ ³ 9LVLWDomR GR 6DQWR 2ItFLR D 3HUQDPEXFR 0 6 LQpGLWR GR $UTXLYR 1DFLRQDO GR 7RPER ³ (XJHQ )LVFKHU 'LH 5HRERWKHU %DVWDUGV XQG GDV %DUWDUGLH UXQJVSUREOHP GHU 0HQVFKHQ ³ 3LVR QR VpFXOR ;9, Mi REVHUYDYD TXH D PHVFOD GDV WUrV UDoDV HXURSpLD DPHULFDQD DIULFDQD WLQKD SURGX]LGR QRYDV GRHQoDV RX DV FRQKHFLGDV WmR PRGLILFDGDV TXH HUDP YHUGDGHLURV HQLJPDV SDUD RV PpGLFRV ³ &DSLVWUDQR GH $EUHX 6REUH XPD KLVWyULD GR &HDUi 5HY %UDVLOHLUD DQR ,,, WRPR ,;
  • 131.
    131 ‹ 3DXOR 3UDGR 9HUVmRSDUD H%RRN H%RRNV%UDVLO BBBBBBBBBBBBBBBBBB -XQKR 3URLELGR WRGR H TXDOTXHU XVR FRPHUFLDO 6H YRFr SDJRX SRU HVVH OLYUR 92&È )2, 528%$'2 9RFr WHP HVWH H PXLWRV RXWURV WtWXORV *5É7,6 GLUHWR QD IRQWH H%RRNV%UDVLO RUJ