2#SRQWR#GH#YLVWD#SROtWLFR
&RPR#SRGH#GHILQLU0VH#
D#GLPHQVmR#SROtWLFD#
GR#DERUWR"
1mR#KDYHUi/#
FRQWXGR/#QHQKXPD#
SRVVLELOLGDGH#GH#
H[FHSomR#D#HVWD#
UHJUD"
1mR#VHUi#HVVHQFLDO/#
SDUD#XPD#VRFLHGDGH#
GHPRFUiWLFD/#
IDYRUHFHU#DR#Pi[LPR#
D#OLEHUGDGH#GRV#
LQGLYtGXRV"
$#WROHUkQFLD#QmR#
VLJQLILFD#TXH#WRGDV#
DV#RSLQL}HV#VmR#
UHVSHLWiYHLV/#
LQFOXLQGR#DV#GRV#TXH#
SUHFRQL]DP#R#DERUWR#
H#D#HXWDQiVLD"
3RUTXH#p#TXH#R#
(VWDGR#WHP#XP#
SDSHO#D#
GHVHPSHQKDU#D#
SURSyVLWR#GR#DERUWR"
1mR#UHYHODUD#XPD#
SHUYHUVmR#GR#SRGHU#
TXH#R#H[HUFtFLR#GHVWH#
SRVVD#FXVWDU#D#YLGD#
D#LQRFHQWHV"
1mR#UHYHODUD#XPD#
SHUYHUVmR#GR#SRGHU#
TXH#R#H[HUFtFLR#GHVWH#
SRVVD#FXVWDU#D#YLGD#
D#LQRFHQWHV"
&RPR#SRGH#GHILQLU0VH#D#GLPHQVmR#SROtWLFD#
GR#DERUWR"
$#OLEHUDOL]DomR#GR#DERUWR#S}H#GH#QRYR#HP#TXHVWmR#D#%UHJUD#GH#RXUR%#0#R#
SULQFtSLR#TXH#HVWi#VXEMDFHQWH#D#TXDOTXHU#GHPRFUDFLD=#%1mR#IDoDV#DR#
RXWUR#R#TXH#QmR#TXHUHV#TXH#HOH#WH#IDoD#D#WL%1#(VWH#SUHFHLWR#QmR#p#PDLV#
GR#TXH#D#IRUPXODomR#SHOD#QHJDWLYD#GR#SULQFtSLR#GR#UHVSHLWR#DEVROXWR#
TXH#GHYHPRV#D#RXWUHP1#4XDOTXHU#GHUURJDomR#D#HVWH#SULQFtSLR#DEDOD#RV#
SUySULRV#IXQGDPHQWRV#GD#GHPRFUDFLD1#$#LJXDOGDGH#SULPRUGLDO#HQWUH#RV#
KRPHQV#p#D#LJXDOGDGH#GH#WRGRV#SHUDQWH#R#GLUHLWR#j#YLGD1#7RGDV#RV#
RXWURV#GLUHLWRV#GHSHQGHP#GHVWH1
1mR#KDYHUi/#FRQWXGR/#QHQKXPD#
SRVVLELOLGDGH#GH#H[FHSomR#D#HVWD#UHJUD"
Page 1
e#SUHFLVR#TXH#WHQKDPRV#SUHVHQWH#TXH/#TXDQGR#VH#GHFLGH#DERUWDU/#
GHFLGH0VH#VXSULPLU#XPD#YLGD#KXPDQD1#(VWH#SRQWR#Mi#QmR#p#FRQWHVWDGR/#
PHVPR#SHOD#JUDQGH#PDLRULD#GRV#SDUWLGiULRV#GR#DERUWR1#
$#TXHVWmR#ILQDO#
FRQVLVWH/#SRUWDQWR/#HP#VDEHU#VH#H[LVWH#DOJXPD#UD]mR#TXH#SHUPLWD#PDWDU#
XP#LQRFHQWH1
3RGHULD/#SRU#H[HPSOR/#DOHJDU0VH#TXH#VH#GLVS}H#GR#GLUHLWR#GH#VXSULPLU#
WRGRV#DTXHOHV#SDUD#TXHP#D#YLGD/#D#QRVVR#YHU/#IRU#LQGLJQD#GH#VHU#
YLYLGD1#)RL#DVVLP#TXH#.DUO#%LQGLQJ/#XP#MXULVWD#DOHPmR#GR#SULQFtSLR#GR#
VpFXOR/#IDEULFRX#XP#'LUHLWR#%OHJLWLPDQGR%#D#VXSUHVVmR#GDTXHOHV#%FXMD#
YLGD#QmR#HUD#GLJQD#GH#VHU#YLYLGD%#GRHQWHV/#LGRVRV/#GHILFLHQWHV#²#D#OLVWD#
SRGHULD#DORQJDU0VH#H#HIHFWLYDPHQWH#DORQJRX0VH#QD#QRVVD#pSRFD1
1mR#VHUi#HVVHQFLDO/#SDUD#XPD#VRFLHGDGH#
GHPRFUiWLFD/#IDYRUHFHU#DR#Pi[LPR#D#
OLEHUGDGH#GRV#LQGLYtGXRV"
$#YRQWDGH#GH#OLEHUDOL]DU#R#DERUWR#H[SOLFD0VH#SHOD#FRQFHSomR#
H[WUHPDPHQWH#UHGXWRUD#GD#OLEHUGDGH#TXH#WrP#PXLWRV#GRV#QRVVRV#
FRQWHPSRUkQHRV1#(VWD#FRQFHSomR#p#GH#WDO#PRGR#H[WUHPLVWD#TXH#Mi#QmR#
GHL[D#OXJDU#SDUD#D#LGHLD#GD#LJXDOGDGH#HQWUH#RV#KRPHQV#QHP/#SRU#
FRQVHTXrQFLD/#SDUD#D#LGHLD#GR#GHYHU1
D,#6HJXQGR#HVWD#FRQFHSomR/#D#OLEHUGDGH#FRQVLVWH#HP#TXH#FDGD#
LQGLYtGXR#IDoD#WXGR#R#TXH#OKH#SDUHFH#H#GR#PRGR#FRPR#OKH#DSHWHFH1#$#
FRQVFLrQFLD#LQGLYLGXDO#SURGX]/#D#FDGD#LQVWDQWH/#D#QRUPD#PRUDO#TXH#
OKH#FRQYpP#QDV#FLUFXQVWkQFLDV1#(VWD#FRQFHSomR#GH#OLEHUGDGH#OHYD#D#
FRQVLGHUDU#TXH#RV#KRPHQV#QmR#WrP#GH#WHU#FRPR#UHIHUrQFLD#XP#EHP#
TXH#GHYDP#SURFXUDU#RX#XP#PDO#D#HYLWDU1#&DGD#XP#GHILQH#D#VHX#
EHO0SUD]HU#WDQWR#R#EHP#FRPR#R#PDO1#)RL#SRU#LVVR#TXH#-RmR#3DXOR#,,/#QD#
VXD#HQFtFOLFD# 9HULWDWLV #6SOHQGRU /#OHPEURX#TXH#D#YHUGDGH#p#TXH#GHYH#
RULHQWDU#D#OLEHUGDGH/#H#QmR#R#LQYHUVR/#H#TXH#D#YHUGDGH#QmR#p#XPD#
%FULDomR#GD#OLEHUGDGH%1#1LQJXpP#SRGH#GHILQLU#R#TXH#p#EHP#H#R#TXH#p#
PDO#D#VHX#EHO0SUD]HU1
E,#e#SRU#HVWD#UD]mR#TXH#QXPD#VRFLHGDGH#PXLWR#PDUFDGD#SHOR#
LQGLYLGXDOLVPR#WXGR#VH#WRUQD#%QHJRFLiYHO%/#GHVGH#R#DERUWR#j#HXWDQiVLD/#
SDVVDQGR#SRU#WRGDV#DV#IRUPDV#GH#GLVFULPLQDomR1#-i#QmR#Ki#XPD#
SHVTXLVD#FRPXP#GR#EHP/#Mi#QmR#Ki#XP#HVIRUoR#FRQYHUJHQWH#HP#SURO#
GD#MXVWLoD1# $#SUySULD#LGHLD#GR#EHP#FRPXP#SHUGH#R#VHQWLGR>#H[LVWH#DSHQDV#
R#EHP#SDUWLFXODU1 #1D#VRFLHGDGH#Mi#Vy#Ki#OXJDU#SDUD#R#FRPSURPLVVR1#2#
TXH#p#SUHFLVR#p#WURFDU#SRQWRV#GH#YLVWD#XVDQGR#GH#
IDLU0SOD\ /#XVDQGR#
XPD#WROHUkQFLD#WRWDO#SDUD#FRP#DTXLOR#TXH#FDGD#TXDO#FRQVLGHUD/#QR#
Page 2
PRPHQWR#SUHVHQWH>#ERP#RX#PDX1#
3DUD#HYLWDU#DR#Pi[LPR#RV#LQFRQYHQLHQWHV#GD#FRQYLYrQFLD#FRP#RXWURV#
LQGLYtGXRV/#SDUD#QmR#VRoREUDU#QD#DQDUTXLD/#p/#SRLV/#QHFHVViULR#
KDUPRQL]DU#RV#LQWHUHVVHV#SDUWLFXODUHV1#7RGDV#DV#RSo}HV#VmR#
%LJXDOPHQWH#UHVSHLWiYHLV%#0#PDV#LVVR#QmR#LPSHGH#TXH/#SRU#UD]}HV#GH#
XWLOLGDGH#RX#GH#LQWHUHVVH/#VHMD#SUHIHUtYHO#ILFDU0VH#SRU#XPD#PRUDO#
PHUDPHQWH#%SURFHVVXDO%1#e#R#WULXQIR#GRV#FRPLWpV#GH#pWLFD#TXH#VH#
SURFHGH#FDVR#D#FDVR#VHP#UHIHUrQFLD#D#SULQFtSLRV#PRUDLV#QRUPDWLYRV#H#
XQLYHUVDLV1#
'Dt/#D#LQYRFDomR#GD#WLUDQLD#GD#PDLRULD#H#D#WiFWLFD#GD#GHUURJDomR1#
1HVWH#XOWLPR#FDVR#HP#SDUWLFXODU/#WUDQVIHUHP0VH#SDUD#R#GLUHLWR#RV#
SURFHVVRV#GD# FDVXtVWLFD =#GR#PHVPR#PRGR#TXH#HVWD#FRUURPSH#D#PRUDO/#
D#WiFWLFD#GD#GHUURJDomR#SHUYHUWH#R#'LUHLWR1#5HFXVD0VH#j#SDUWLGD/#
TXDOTXHU#UHIHUrQFLD#DRV#SULQFtSLRV#JHUDLV#GR#'LUHLWR/#SRU#IRUPD#D#TXH#
HVWH#VH#DFRPRGH#DRV#SUD]HUHV#H#DRV#LQWHUHVVHV#GDTXHOHV#D#TXHP#VH#
TXHU#DJUDGDU1#(#RSHUD0VH#R#UHWRUQR#WULXQIDQWH#GD#
VRItVWLFD 1#2#TXH#p#
SURLELGR#DTXL#H#DJRUD#SRGHUi#VHU#SHUPLWLGR#DOL#H#DPDQKm/#SRUTXH#R#TXH#
FRQWD/#VHPSUH#H#HP#WRGD#D#SDUWH/#p#LQFRPRGDU#R#PHQRV#SRVVtYHO#RV#
LQGLYtGXRV/#TXH#SRU#VXD#YH]#GHVHMDP#VHUHP#LQFRPRGDGRV#R#PHQRV#
SRVVtYHO1
F,#'HL[D/#SRUWDQWR/#GH#KDYHU#HVSDoR#SDUD#XPD#PRUDO#DFHLWH#SRU#WRGD#D#
JHQWH/#TXH#VHMD#FRPR#TXH#D#WHLD#GR#WHFLGR#FRPXQLWiULR#KXPDQR1#&RP#
HIHLWR/#QHVWD#FRQFHSomR#GD#OLEHUGDGH# WXGR#p#UHODWLYL]DGR 1#$#SUySULD#
LGHLD#GH#XPD#GHFODUDomR# XQLYHUVDO #GRV#'LUHLWRV#GR#+RPHP#WRUQD0VH#
YD]LD#GH#VHQWLGR1#1mR#Ki#QDGD#PDLV#TXH#LQGLYtGXRV>#H#D#H[DOWDomR/#DWp#
DR#SDUR[LVPR/#GD#OLEHUGDGH#GH#FDGD#XP#p#SURPHVVD#VHJXUD#GH#XP#
IXWXUR#GH#GLYLV}HV#VREUHH[FLWDGDV#HQWUH#RV#KRPHQV1
G,#$V#GHPRFUDFLDV#RFLGHQWDLV#HQIUDTXHFHP/#SRUTXH/#HP#YH]#GH#
UHIHULUHP#D#YDORUHV#²#FRPR#D#YHUGDGH/#D#MXVWLoD/#D#VROLGDULHGDGH#²#VmR#
JRYHUQDGDV#D#SDUWLU#GR# FRQVHQVR #SURYHQLHQWH#GH#GHWHUPLQDo}HV#
SXUDPHQWH#%SURFHVVXDLV%1#1DFLRQDLV#RX#LQWHUQDFLRQDLV/#DV#
DVVHPEOHLDV#SROtWLFDV#WRUQDUDP0VH#SRU#DVVLP#GL]HU#FRPLVV}HV#GH#pWLFD#
DODUJDGDV/#HP#TXH#RV#PDLV#IRUWHV#VH#HVIRUoDP#SRU#ID]HU#SUHYDOHFHU#XP#
FRQVHQVR#TXH#HVWHMD#GH#DFRUGR#FRP#RV#VHXV#LQWHUHVVHV1
H,#4XDQGR#VH#UHFXVD#R#UHFRQKHFLPHQWR#D#WRGRV#RV#KRPHQV#GRV#
PHVPRV#GLUHLWRV#IXQGDPHQWDLV/#WRUQD0VH#LPSRVVtYHO#FULDU#XPD#
VRFLHGDGH#PDLV#MXVWD#H#PDLV#KXPDQD1
I,#(P#VXPD/#HVWD#FRQFHSomR#XOWUD0LQGLYLGXDOLVWD#GD#OLEHUGDGH#YROWD0VH#
FRQWUD#D#SUySULD#OLEHUGDGH1#&RP#HVWD#FRQFHSomR#GD#OLEHUGDGH/#D#
GLPHQVmR#SROtWLFD#GD#H[LVWrQFLD#KXPDQD#p#WRWDOPHQWH#UHFXVDGD#H#
FDL0VH#QD#DQDUTXLD1#(VWD#VLJQLILFD#D# DXVrQFLD#GH#SULQFtSLRV/#GH#
Page 3
DXWRULGDGH#OHJtWLPD#H/#SRUWDQWR/#GH#XP#JRYHUQR
FRPXQ1
#TXH#FXLGH#GR#EHP#
$#WROHUkQFLD#QmR#VLJQLILFD#TXH#WRGDV#DV#
RSLQL}HV#VmR#UHVSHLWiYHLV/#LQFOXLQGR#DV#GRV#
TXH#SUHFRQL]DP#R#DERUWR#H#D#HXWDQiVLD"
D,#$V#VRFLHGDGH#GHPRFUiWLFDV#TXH#HPHUJLUDP#GD#,GDGH#0RGHUQD#ID]HP#
WRGDV#UHIHUrQFLD#j#XQLYHUVDOLGDGH#GRV#'LUHLWRV#GR#+RPHP1#e#VREUH#
HVWD#UHIHUrQFLD#IXQGDPHQWDO#TXH#VH#LQVFUHYHP#DV#GLYHUVDV#SUHVFULo}HV#
SRVLWLYDV#TXH#YLVDP#JDUDQWLU#HVVHV#GLUHLWRV1#2#GLUHLWR#j#YLGD/#j#
OLEHUGDGH/#j#SURSULHGDGH#p#REMHFWR#GH#GLVSRVLo}HV#OHJDLV#%
YDULDYHLV %/#
PDV#HVWHV#GLUHLWRV/#HP#VL#PHVPRV/#VmR#VHPSUH#SURWHJLGRV1#7DQWR#R#
SOXUDOLVPR#FRPR#D#WROHUkQFLD#H[HUFHP0VH/#VLP/#PDV#QR#
TXDGUR #GR#
UHVSHLWR#SHORV#GLUHLWRV#IXQGDPHQWDLV#GR#KRPHP1#1HVWH#VHQWLGR/#
FRPSUHHQGH0VH#R#TXH#p# D#WROHUkQFLD#FLYLO =#QmR#p#PDLV#GR#TXH#R#
UHFRQKHFLPHQWR#H#R#UHVSHLWR#GDV#SHVVRDV1#e#QHVWH#VHQWLGR#TXH#R#
(VWDGR#PRGHUQR#p#FLYLOPHQWH#WROHUDQWH#H#SOXUDOLVWD1#
E,#e#HVWD# WROHUkQFLD#FLYLO #p#SRVWD#HP#FDXVD#SRU#DTXHOHV#TXH# GHUURJDP /#
SRU#YLD#OHJDO/#R#GLUHLWR#IXQGDPHQWDO#j#YLGD#GHYLGR#D#WRGRV#RV#VHUHV#
KXPDQRV>#H#TXH/#SRU#FRQVHTXrQFLD/# VH#DUURJDP #R#%GLUHLWR%#GH#GLVSRU#GD#
H[LVWrQFLD#GDV#FULDQoDV#QmR0QDVFLGDV#H#GRV#VHUHV#GHFODUDGRV#%LQ~WHLV%1
F,#9HULILFD0VH/#HQWmR/#TXH#SRU#XP#FXULRVR#SDUDGR[R/#D#
WROHUkQFLD#FLYLO #p#
KRMH#HP#GLD#DWDFDGD#HP#QRPH#GD# WROHUkQFLD#GRXWULQDO# RX#GR#SOXUDOLVPR#
GRXWULQDO 1#&RP#HIHLWR/#VHJXQGR#HVWDV#RULHQWDo}HV/#D#pWLFD#p#
VLPSOHVPHQWH#%SURFHVVXDO%/#XPD#YH]#TXH#WRGDV#DV#RSLQL}HV#VmR#
%LJXDOPHQWH#UHVSHLWiYHLV%1#3RUWDQWR/#VH#WULXQIDU#D#RSLQLmR#GH#DFRUGR#
FRP#D#TXDO#%HVWD#RX#DTXHOD#FDWHJRULD#GH#VHUHV#KXPDQRV#QmR#p#GLJQD#
GH#YLYHU%/#RV#VHUHV#KXPDQRV#DVVLP#FDWDORJDGRV#²#SRU#XPD#PDLRULD#²#
SRGHUmR#VHU#HOLPLQDGRV#OHJDOPHQWH1
G,#(VWD#IRUPD#GH#FRQFHEHU#D# WROHUkQFLD#GRXWULQDO #RX#R# SOXUDOLVPR#
GRXWULQDO #PDUFD#SRLV/#QXPD#GDGD#VRFLHGDGH/# R#GHVWHUUR#GD#WROHUkQFLD#
FLYLO#HP#QRPH#GD#WROHUkQFLD#GRXWULQDO 1
3RUTXH#p#TXH#R#(VWDGR#WHP#XP#SDSHO#D#
GHVHPSHQKDU#D#SURSyVLWR#GR#DERUWR"
Page 4
$#TXDOLGDGH#GH#XP#(VWDGR#DYDOLD0VH/#DQWHV#GH#PDLV/#SHOD#HVWLPD#TXH#
GHPRQVWUD#SHOD#YLGD#KXPDQD1#4XDQGR#VH#DJUHJDP#QXPD#VRFLHGDGH#
SROtWLFD/#RV#KRPHQV#HVSHUDP#GR#(VWDGR#TXH#HOH#SURWHMD#QmR#Vy#RV#EHQV#
H#D#OLEHUGDGH#PDV/#HP#SULPHLUR#OXJDU/#D#YLGD1#$#OLEHUDOL]DomR#GR#DERUWR#
RS}H0VH#D#HVWD#GLQkPLFD1#(VWD#OLEHUDOL]DomR#VLJQLILFD#QmR#Vy#TXH#VH#
UHFXVD#D#DOJXQV#VHUHV#KXPDQRV#D#SURWHFomR#GD#OHL#PDV#TXH#VH#
SURFHGH#j# GHVWUXLomR#GDV#VROLGDULHGDGHV #QDWXUDLV#DQWHV#PHVPR#TXH#
HODV#SRVVDP#GHVDEURFKDU1#1R#OLPLWH/#HVWH#SURFHVVR#GHVWUyL#D#IDPtOLD#H#
R#WHFLGR#VRFLDO1
$V#FDPSDQKDV#SHOD#OLEHUDOL]DomR#GR#DERUWR#Mi#WLQKDP#SRU#REMHFWLYR/#
FRQIHVVDGR#SRU#DOJXQV/#GHVWUXLU#D#FULDQoD#
SRUTXH #HOD#p#R#HOR#PDLV#
IUDFR#GD#FDGHLD#IDPLOLDU1#1D#VHTXrQFLD#GR#HVWXGR#HQFRPHQGDGR#DR#
SURI1#-HDQ0)UDQoRLV#0DWWpL/#R#TXH#VH#MRJD#QRV#GHEDWHV#WUDYDGRV#VREUH#
D#ELRpWLFD#p/#FRPR#ILP#~OWLPR#H#SULQFLSDO/#DFHOHUDU#XP#SURFHVVR#GH#
GHVWUXLomR#GD#IDPtOLD1
3LRQHLUD#QD#OHJDOL]DomR#GR#DERUWR/#D#)UDQoD#DUULVFD0VH#D#GHVOXVWUDU/#
PDLV#DLQGD/#D#VXD#LPDJHP#QD#FHQD#LQWHUQDFLRQDO#DR#ID]HU#GD#
GHVWUXLomR#GD#IDPtOLD#D#SULRULGDGH#GH#XP#FHUWR#PHVVLDQLVPR#
UHSXEOLFDQR1#(VWD#IRUPD#GH#JDOLFDQLVPR#ODLFR#Vy#SRGH#FRQGX]LU#j#
GHVWUXLomR#GR#WHFLGR#VRFLDO#²#LVWR#p/#DR#LQIHUQR1
1mR#UHYHODUD#XPD#SHUYHUVmR#GR#SRGHU#TXH#R#
H[HUFtFLR#GHVWH#SRVVD#FXVWDU#D#YLGD#D#
LQRFHQWHV"
2#SRGHU#WRWDOLWiULR#WHP#XPD#SDUWLFXODULGDGH=#D#GH#QmR#DGPLWLU#
QHQKXP#OLPLWH#TXH#SURYHQKD#GH#'HXV#QHP#FRQWUROH#QHQKXP#
SURYHQLHQWH#GRV#KRPHQV#VREUH#R#TXDO#VH#H[HUFH1#(VWH#SRGHU#XWLOL]D#
WRGRV#RV#PHLRV#GH#TXH#GLVS}H#SDUD#VH#DILUPDU#H#SDUD#JDQKDU#WHUUHQR1#
2UD# R#SRGHU#GHYH#VHU#XP#VHUYLoR >#HOH#HVWi#DR#VHUYLoR#GR#EHP#FRPXP#H#p#
RUGHQDGR#SDUD#D#SURWHFomR#GH#WRGRV#RV#KRPHQV/#D#FRPHoDU#SHORV#PDLV#
IUDFRV1#7RGRV#RV#JUDQGHV#PRYLPHQWRV#VRFLDLV#TXH#VH#GHVHQYROYHUDP#D#
SDUWL#GR#VpFXOR#;,;#FRQWHVWDUDP#RV#DEXVRV#GH#SRGHU#FRPHWLGRV#SHORV#
PDLV#IRUWHV#FRQWUD#RV#PDLV#IUDFRV1
2#VLQDO#PDLV#FODUR#GH#TXH#XP#SRGHU/#OHJtWLPR#QD#RULJHP/#HVWi#D#
UHVYDODU#SDUD#R#WRWDOLWDULVPR#p#TXH# HVVH#SRGHU#DWDFD#RV#LQRFHQWHV 1#
4XDQGR#HVVD#GLQkPLFD#HVWD#ODQoDGD/#R#SRGHU#GHJUDGD0VH#HP#PHUD#
IRUoD#H#ILFD#SULYDGR#GH#WRGD#D#OHJLWLPLGDGH1#8P#SRGHU#DVVLP#p#DEXVLYR>#
GHYH#VHU#GHQXQFLDGR#H#FRPEDWLGR>#ID]#GD# UHVLVWrQFLD #DFWLYD #XP#GHYHU1
Page 5
6H#D#DPHDoD#GR#WRWDOLWDULVPR#IRVVH#UHDO/#
QmR#VHULD#PDQLIHVWD#SDUD#WRGD#D#JHQWH#H#
QmR#SURYRFDULD#XPD#PRELOL]DomR#JHUDO#
FRQWUD#HOD"
$#KLVWyULD#FRQWHPSRUkQHD#HQVLQD0QRV#TXH#R#WRWDOLWDULVPR#VH#LQVWDOD#
TXHU#SHOD#IRUoD/#TXHU#SHOD#DVW~FLD1#1HVWH#~OWLPR#FDVR/#D#VXD#
LQVWDXUDomR#ID]0VH#QR#PDLV#HVWULWR#UHVSHLWR#SHOD#FpOHEUH#%WiFWLFD#GR#
VDODPH%>#DFDED0VH#SRU#REWHU#GR#DGYHUViULR/#IDWLD#D#IDWLD/#DTXLOR#TXH#HOH#
MDPDLV#FRQFHGHULD#VH#OKH#SHGLVVHP#D#PHVPD#FRLVD#SRU#LQWHLUR1#$#
%WiFWLFD#GR#VDODPH%#p#SRLV#PXLWR#VHPHOKDQWH#j#WiFWLFD#GD#GHUURJDomR=#
FRUURt0VH#R#UHVSHLWR#GHYLGR#D#XP#SULQFtSLR /#HQFDUUHJDQGR#D#OHL#GH#
PXOWLSOLFDU#H#GH#EDQDOL]DU#RV#FDVRV#HP#TXH#R#'LUHLWR#SRVLWLYR#
%MXVWLILFD%#DV#H[FHSo}HV1# &RQVHQWH 0VH#QD# GHUURJDomR 1
2#PDO#FRPHoD#TXDQGR#p#SURPXOJDGD#XPD#OHL#LQtTXD1#e#FRQVXPDGR#
VHPSUH#TXH#HVVD#OHL#p#LQYRFDGD#SDUD#PDVVDFUDU#VHUHV#VHP#GHIHVD1#(/#
QHVVH#PRPHQWR/#GH#UHVWR/#D#SURFLVVmR#SRGH#VHJXLU/#H#R#FDWiORJR#GRV#
VHUHV#D#PDVVDFUDU#SRGH#LQYHQWDULDU#QRYDV#FDWHJRULDV#GH#YLWLPDV1
2UD/#VH#p#YHUGDGH#TXH#KRXYH#SHVVRDV#TXH#IRUDP#FRQGHQDGDV#SRU#
WHUHP#
REHGHFLGR #D#OHLV#LQtTXDV /#HVTXHFH0VH/#IUHTXHQWHPHQWH/#TXH#RXWUDV#
KRXYH#TXH#IRUDP#FRQGHQDGDV#SRU# WHUHP#LQWHUYLQGR#D#PRQWDQWH /#LVWR#p#
SRU# WHUHP#SURPXOJDGR#HVVDV#OHLV#LQtTXDV #H#DV#WHUHP#WRUQDGR#DSOLFiYHLV1
$VVLP/#TXDQGR#VH#FKHJD#D#SHGLU#DR#(VWDGR#TXH#GLJD#TXDLV#VmR#RV#
LQRFHQWHV#TXH#SRGHP#VHU#HOLPLQDGRV/#TXDQGR#R#DXWRUL]D#D#OHL/#H#
TXDQGR#GLVS}H#XP#PLQLVWUR#GH#PHLRV#SDUD#SURYHU#j#VXD#H[HFXomR#²#
HQWmR/#Mi#p#WDUGH#GHPDLV#SDUD#TXH#DOJXpP#VH#LQWHUURJXH#VH#DLQGD#VH#
YLYH#HP#UHJLPH#GHPRFUiWLFR1
Page 6
Download

O ponto de vista político Como pode definir