Towards fact-based cluster policies (Eng)/ Hacia políticas cluster basadas en hechos (Ing)/...

7/31/2019 Towards fact-based cluster policies (Eng)/ Hacia polticas cluster basadas en hechos (Ing)/ Gertaeretan oinarritutak

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Nkc}int Mb`el G}nvi}tik & H}gik ]`tsic

S`wn}ct nds,mnticdbytsi} q`bodoit

Bin}kokgt f}`l n qob`s tsyc `f Bofi Tdoikdit ok sei Mnbsod Tin ]igo`k


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F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT Q+1=

Snmbi ` d`ksiks

14 F`}iw`}c

13 Iuidysovi tylli}

1? Denqsi} O Dbytsi}t n}i olq`}snks s` winbse

>1 Wens ot n mytokitt dbytsi}0

>> E`w n}i mytokitt dbytsi}t ociksoic0

>= We n}i mytokitt dbytsi}t oksi}itsokg0

>4 Wens ot sei togkodnkdi ` mytokitt dbytsi}t ok sei Mnbsod Tin ]igo`k0

>6 Dbytsi} `}lnso`k ok sei gb`mnb jk`wbicgi id`k`l0

>7 Ot sei}i }``l `} dbytsi} q`bod0

>? Denqsi}b OO Q}iqn}nso`k ` sei boi tdoikdit qob`s tsyc

== Okcodns`}t ` dbytsi} tqidod }nliw`}j d`kcoso`kt

=4 Ociksodnso`k ` boi tdoikdi dbytsi}t ok sei Mnbsod Tin ]igo`k

=9 Denqsi} OOO Sits l`cib ns dbytsi} bivib

=6 Lnqqokg sei okk`vnsovi dnqndos ` dbytsi}t

=5 ]ncodnb nkc okd}iliksnb okk`vnso`k

43 Dbytsi}t okk`vnsovi dnqndos" ilqb`liks nkc }inb wngit

47 We c` t`li dbytsi}t qi}`}l missi} senk `sei}t0

45 Dbytsi} tqidod }nliw`}j d`kcoso`kt

4? Ot sei}i n bokj miswiik okk`vnso`k dnqndos nkc dbytsi} tqidod }nliw`}j d`kcoso`kt0

3= Eylnk }it`y}dit

33 Jk`wbicgi myobcokg nkc jk`wbicgi ten}okg

36 Iks}iq}ikiy}teoq

37 ]igybnso`k nkc qymbod cilnkc

35 D`bbnm`}nso`k miswiik dbytsi} d`lqnkoit

94 Ok tylln}

99 Denqsi} OV Sits ns sei d`lqnk bivib

96 Coi}ikdi miswiik nknbtit ns dbytsi} nkc d`lqnk bivibt

97 C` sei l`ts okk`vnsovi d`lqnkoit q}`cydi sei mits knkdonb }itybst0

95 Bokj miswiik qi}`}lnkdi nkc }nliw`}j d`kcoso`kt

9? Bokj miswiik qi}`}lnkdi nkc d` `qi}nso`k

6> D`lqnkoit weode d`bbnm`}nsi iuq}itt n l`}i q`tosovi nttittliks ` sei }nliw`}j d`kcoso`kt

64 Ok tylln}

69 Denqsi} V Civib`qokg n nds,mntic dbytsi} q`bod

67 E`w tyddittyb ot sei G}insi} D`qikengik boi tdoikdi dbytsi} d`lqn}ic wose bincokg boi tdoikdi

dbytsi}t ibtiwei}i ok sei w`}bc0

6? We` te`ybc sei G}insi} D`qikengik boi tdoikdi dbytsi} d`lqn}i wose0

71 E`w n}i sei }nliw`}j d`kcoso`kt ok qii} dbytsi}t07> Qii} ]ivoiwt

7= Nqqikcodit

74 >+ Cikoso`k ` boi tdoikdi dbytsi}t nkc }igo`kt ok sei MT]

79 =+ Citogkokg nkc dn}} okg `ys sei ty}vi tsyc

51 4+ ]iq}itiksnsovos nknbtot

5= 3+ Mikdeln}jokg okk`vnso`k dnqndos nkc dbytsi} tqidod }nliw`}j d`kcoso`kt ok

vi tlnbbi} boi tdoikdi dbytsi}t ok sei MT]

?1 9+ Nqqboic lise`ct nkc dnbdybnso`kt

?= 6+ ]nw cnsn nkc }`mytskitt nknbtot `} ilqb liks nkc }inb wngi okcodns`}t

?3 7+ D`lqn}okg }inb,wngi bivibt woseok boi tdoikdit ok Cikln}j nkc Twicik

>11 5+ ^yitso`kkno}i

>>> ?+ Sits ns sei d`lqnk bivib y}sei} cisnobt nkc }itybst>4= >1+ Cibovi}oit }`l WQ3 ok MT] Okk`Kis


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F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT Q+14

F`}iw`}c

Seot }iq`}s d`kdbycit nk iusiktovi nknbsodnb q}`hids d`kcydsic ykci} sei nytqodit `

MT] Okk`Kis" okosonsic nkc knkdic m CG Iksi}q}oti nkc Okcyts} ` sei Iy}`qink

D`llotto`k+ Sei nknbsodnb w`}j wnt qi}`}lic ykci} sei binci}teoq ` F@]N nt MT]Okk`Kist W`}j Qndjngi 3+ Sei qy}q`ti ` sei nknbsodnb q}`ditt ent miik s` itsnmbote

n ndsmntic ``sokg `k weode s` mnti dbytsi} q`bodoit+

Ok seot tsyc sei nol ent miik s` civib`q nkc sits n lise`c `} oksi}knso`knb mikde,

ln}jokg ` dbytsi}t+ Weode dbytsi}t cil`kts}nsi sei mits qi}`}lnkdi" nkc ot sei}i n

bokj miswiik qi}`}lnkdi nkc dbytsi}tqidod }nliw`}j d`kcoso`kt0 Sei nktwi}t s`

seiti ~yitso`kt q}`voci n mntot `k weode s` d`kcyds ndsmntic dbytsi} q`bod+

Sei nknbtot citd}omic ok seot }iq`}s ot sei }ts ` ost jokc+ Sei}i ent miik k` q}ivo`yt

ttsilnsod mikdeln}jokg ` dbytsi} qi}`}lnkdi nkc dbytsi}tqidod }nliw`}j d`kco,so`kt+ Sei lise`c wnt nqqboic s` boi tdoikdi dbytsi}t ok sei Mnbsod Tin ]igo`k %MT]/+ Os

ot e`qic sens sei nknbtot wobb d`ks}omysi s` n woci} cimnsi `k dbytsi}t tqidonb }nli,

w`}j d`kcoso`kt nkc wobb qnvi sei wn `} y}sei} ndsmntic dbytsi} nknbtot+

Sei nknbtot wnt qi}`}lic m n F@]N sinl d`lq}otokg H}gik ]`tsic" Nkc}int Mbèl

G}nvi}tik" Ln}jyt Mhi}}i nkc Eik}oj Bkgi Enktik+ Cnvoc M`tik Koibtik" S`mont

]osxny,Jh}yb nkc S`mont De}otsiktik q}`vocic }itin}de" cnsn ius}ndso`k nkc dnbdybn,

so`kt+ Hnj`m tsi}" nk iusi}knb d`ktybsnks" eibqic civib`q sei ~yitso`kkno}i ytic s`

~yi} boi tdoikdi iksi}q}otit+ Ln}oi Cigk Mi}sibtik lnkngic sei nknbsodnb w`}j }`l

sei tsn}s ` sei q}`hids ok =116 yksob Hnkyn} =11?+

Ykci} sei binci}teoq ` Ln}sok Evocs Seibbi" D`qikengik Id`k`lodt q}`vocic n t`y}di

` q}ìtto`knb tqn}}okg nkc id`k`lis}od nknbtit+ D`qikengik Id`k`lodt hòksb

nyse`}ic denqsi} 3 ` sei }iq`}s nkc wnt }itq`ktombi `} nqqikcou ? wose }iq`}st `

id`k`lis}od nknbtit+

L`kos`} G}`yq" ykci} Qic}` N}m`bicn" ndsic nt tqn}}okg qn}ski} `k ~yitso`kt ` oksi},

knso`knb mikdeln}jokg ` dbytsi} qi}`}lnkdi mi`kc sei Mnbsod Tin ]igo`k+ L`kos`}

G}`yq tyqqboic cnsn lnsi}onb `} denqsi} 9 ` sei }iq`}s+

Sei Cnkote Iksi}q}oti nkc D`kts}ydso`k Nyse`}os d`,ykcic sei q}`hids+

Nt qn}s ` sei nknbsodnb q}`ditt" n cnsnmnti wnt d`kts}ydsic d`ksnokokg cnsn `}

ilqb`liks nkc }inb wngit ok >159 dbytsi}t ok sei MT] nkc =4 okcodns`}t `} dbytsi},

tqidod }nliw`}j d`kcoso`kt `} boi tdoikdi dbytsi}t ok sei MT]+ Sei cnsnmnti ot c`dy,

liksic nkc ent miik ytic ok vi }iq`}st nkc tivik w`}jokg qnqi}t" d+ nqqikcou >1+


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Iuidysovi tylln}

Dbytsi}t n}i olq`}snks c}ovi}t ` sei id`k`lod winbse ` }igo`kt nkc d`yks}oit+ Dbyt,

si}t n}i `}lic m gb`mnb d`lqisoso`k nkc tyddittyb dbytsi}t c}ovi m`se ilqb`liks

nkc q}`cydsovos ok seio} }igo`kt+ Seot tsyc d`k}lt `sei} dbytsi} tsycoit ok obbyts}ns,okg sens eogei} dbytsi} tqidonbotnso`k nkc eogei} q}`cydsovos g` enkc ok enkc nkc sens

eogei} q}`cydsovos nkc }inb wngit ok dbytsi}t g` enkc ok enkc wose eogei} }inb wngit ok

b`dnb okcyts}oit+ Seot ot sei }int`k sens dbytsi}t n}i tiik nt n t`y}di ` winbse d}inso`k

ok id`k`lod }igo`kt nkc we sei}i n}i q`bosodnb oksi}itst ok dbytsi} okosonsovit+

Sei gb`mnb jk`wbicgi id`k`l wobb denkgi dbytsi} `}lnso`k+ Ok sei okcyts}onb i}n"

d`lqisoso`k `k idoikd nkc d`ts }icydso`k wnt n c`loknsokg `}di ok dbytsi} `}ln,

so`k+ Ok sei gb`mnb jk`wbicgi id`k`l d`lqnkoit d`lqisi `k okk`vnso`k nkc sei wobb

ikgngi l`}i nkc l`}i ok gb`mnb jk`wbicgi t`y}dokg nkc gb`mnb okk`vnso`k nbbonkdit+

Mys ns sei tnli soli d`lqnkoit wobb nbt` mi l`}i nkc l`}i ikgngic ok b`dnb jk`wb,icgi d}inso`k nkc jk`wbicgi ten}okg nt olq`}snks t`y}dit `} okk`vnso`k+

Sei okd}intokg d`lqisoso`k ok okk`vnso`k nkc sei g}`wokg olq`}snkdi ` jk`wbicgi

wobb s}nkt`}l dbytsi}t: os wobb enqqik g}ncynbb ok vi} d`lqbiu q}`dittit" mys wi dnk

nb}inc tii sens iuotsokg dbytsi}t i}`ci nkc kiw l`}i tqidonbotic dbytsi}t ili}gi" nkc

sens d`lqnkoit ok seiti kiw nkc l`}i tqidonbotic dbytsi}t wobb mi einvob okv`bvic ok

m`se gb`mnb nkc b`dnb d`bbnm`}nso`k+

Sei q`bod olqbodnso`kt ` seot s}nkt`}lnso`k n}i ` ji oksi}its s` q`bod lnji}t+

Os mid`lit l`}i nkc l`}i `mvo`yt sens ndditt s` eoge ~ynbos eylnk }it`y}dit nkctqidonbotic jk`wbicgi ot nk ivik l`}i olq`}snks mytokitt qn}nlisi} ok sei jk`wb,

icgi id`k`l: nkc sens ivik sei moggits d`lqnkoit kiic s` d`bbnm`}nsi `k jk`wbicgi

d}inso`k nkc ten}okg+ N kiw nkc l`}i olq`}snks }`bi ` okk`vnsovi iks}iq}ikiy}t ok

}igo`kt okk`vnso`k dnqndos nbt` nss}ndst g}insi} nssikso`k+ @k sei q`bosodnb tdiki sei}i

ot okd}intokg oksi}its ok tln}s }igybnso`k nkc oksibbogiks qymbod cilnkc nt c}ovi}t `

okk`vnso`k+

Sei olq`}snkdi ` seiti kiw `}dit ent nb}inc miik d}ydonb `} q`bod d`ktoci}nso`kt

` }igo`kt nkc d`yks}oit e`}ox`ksnb mytokitt nkc }nliw`}j d`kcoso`kt+ Sei qy}q`ti

` seot tsyc ot s` okvitsognsi weisei} seiti kiw }nliw`}j d`kcoso`kt nbt` qbn n }`bins n dbytsi} bivib+ Ot sei}i n d`kkidso`k miswiik dbytsi} qi}`}lnkdi nkc kiw dbytsi}

tqidod }nliw`}j d`kcoso`kt0 O sei olq`}snkdi ` dbytsi} tqidod mytokitt d`kco,

so`kt nkc sei d`kkidso`k miswiik dbytsi} qi}`}lnkdi nkc dbytsi} tqidod }nliw`}j

d`kcoso`kt dnk mi vi}oic n mntot `} nds mntic dbytsi} q`bod ent miik d}insic+

Os ot n vi} nlmoso`yt sntj nkc sei}i n}i iw iunlqbit s` bin}k }`l+

Ok seot tsyc n q`ttombi d`kkidso`k miswiik dbytsi} qi}`}lnkdi nkc dbytsi} tqidod

mytokitt d`kcoso`kt ot sitsic `k cnsn `} boi tdoikdi dbytsi}t ok sei Mnbsod Tin ]igo`k+

Sei tsyc ot qn}s ` sei MT] Okk`Kis okosonsic m CG Iksi}q}oti" Iy}`qink D`llotto`k"

ok `}ci} s` m``ts okk`vnso`k ok Iy}`qi+


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Sei tsyc ot d`kdiks}nsic `k sei tou moggits boi tdoikdi dbytsi}t ok sei Mnbsod Tin

]igo`k8 G}insi} D`qikengik" G}insi} Ts`dje`bl" Tdebitwog,E`btsiok %Joib/" G}insi}

Eibtokjo" Witsi}k Twicik %G`seikmy}g/ nkc T`ysei}k Twicik %Lnbl,Bykc/+ Sei tou

dbytsi}t ilqb` db`ti s` se}ii ~yn}si}t ` sei ilqb`ic woseok boi tdoikdi ok sei Mnbsod

Tin ]igo`k+ Cnsn ent miik d`bbidsic `} m`se dbytsi} qi}`}lnkdi nkc dbytsi} tqidod

}nliw`}j d`kcoso`kt+

Dbytsi} qi}`}lnkdi ot linty}ic m ilqb`liks" nvi}ngi }inb wngit nkc okk`vnso`k"

nkc sei}i ot n db`ti d`kkidso`k miswiik nbb se}ii okcodns`}t+ Q}`cydsovos ot linty}ic

ok si}lt ` itsolnsic lybsonds`} q}`cydsovos }`l d`lqnk ndd`ykst nkc nvi}ngi

}inb wngit okcyts} tsnsotsodt+ Okcodns`}t `} okk`vnso`k n}i d`bbidsic }`l n ty}vi

tsyc nkc cnsn ent miik d`bbidsic `} }i~yikd nkc iusiks ` m`se okd}iliksnb nkc

}ncodnb okk`vnso`k+ Sei }itybs cil`kts}nsit dbin}b sens sei}i n}i db`ti bokjt miswiik

okk`vnso`k nkc q}`cydsovos wose boi tdoikdi d`lqnkoit wose sei eogeits lybsonds`}

q}`cydsovos nbt` okk`vnsokg l`ts+

Okk`vnsovi dnqndos ot ts}`kgits ok G}insi} D`qikengik nkc G}insi} Ts`dje`bl weode nssei tnli soli n}i sei }igo`kt l`ts tqidonbotic ok boi tdoikdi+ Sei boi tdoikdi dbytsi} ok

G}insi} D`qikengik ot sei l`ts okk`vnsovi" moggits" nkc l`ts tqidonbotic nkc os nbt`

ent sei g}insits okd}inti ok ilqb`liks+

Cnsn `} }nliw`}j d`kcoso`kt ot t`bib d`bbidsic }`l n ty}vi tsyc nkc iuq}ittit

d`lqnkoit ivnbynso`k ` sei dbytsi} tqidod }nliw`}j d`kcoso`kt ok sei }igo`k+ Cnsn

ent miik d`bbidsic `} `y} q`bod n}int8 Ndditt s` eylnk }it`y}dit wose tjobb nkc

d`lqisikdoit }ibivnks `} boi tdoikdi" nvnobnmobos ` jk`wbicgi ` olq`}snkdi s` boi

tdoikdi" iks}iq}ikiy}onb ndsovosoit ` boi tdoikdi tsn}s,yqt" ~ynbos ` qymbod }igybnso`k

nkc sei olq`}snkdi ` qymbod cilnkc `} okk`vnso`k ok boi tdoikdi d`lqnkoit+ Nbb `y}

n}int dnk s` t`li cig}ii mi nidsic m q`bod mys d`lqnkoit nkc oktsosyso`kt nbt`envi n lnh`} }`bi s` qbn ok d}insokg sei mits q`ttombi }igo`knb mytokitt d`kcoso`kt `}

sei boi tdoikdi dbytsi}+

D`bbnm`}nso`k `k okk`vnso`k nkc }itin}de nl`kg d`lqnkoit ok sei tnli dbytsi} loges

mi nk olq`}snks nds`} ok dbytsi}t okk`vnsovi dnqndos+ Cnsn ent sei}i`}i nbt` miik

d`bbidsic `k sei d`lqnkoit voiw `k sei olq`}snkdi ` miokg qn}s ` n dbytsi} nkc sei

iusiks ` d`bbnm`}nso`k woseok sei dbytsi}+ Q`bod dnkk`s co}idsb nids d`bbnm`}nso`k

nl`kg d`lqnkoit mys sei}i dnk mi nk okco}ids olqnds }`l q`bod tyqq`}s ` dbytsi}

`}gnkotnso`kt+

Sei ty}vi cnsn ent }ivinbic sens iksi}q}otit ok sei }igo`kt ndjk`wbicgi sens sei n}i

b`dnsic ok n }igo`k wose n ts}`kg d`kdiks}nso`k ` boi tdoikdi }lt+ Sens ot qn}sodybn}b

sei qi}diqso`k ok G}insi} D`qikengik nkc Lnbl,Bykc }igo`k" nbt` jk`wk nt Licod`k

Vnbbi" wei}i kin}b ?1) miboivi sei}i ot n d`kdiks}nso`k ` boi tdoikdi d`lqnkoit" d+

gy}i >+


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7/133


Fy}sei}l`}i sei tsyc te`wt sens sei q}itikdi ` lnk boi tdoikdi d`lqnkoit ok sei

}igo`k ot okciic bincokg s` eogei} q}`cydsovos+ Seot d`kdbyto`k ot mntic `k n }l,bivib

id`k`lis}od itsolnso`k" weode te`wt sens dbytsi} d`kdiks}nso`k %}iq}itiksic m sei

b`dnbotnso`k ~y`soiks/ ot n togkodnks nkc q`tosovi nds`} iuqbnokokg sei vn}onso`k ok

}l,bivib q}`cydsovos qi}`}lnkdi+ Seot ot d`ks}n} s` t`li `sei} tsycoit weode dbnol

sens dbytsi} d`kdiks}nso`k ent k` linty}nmbi olqnds `k q}`cydsovos+

Sei }itybst obbyts}nsi sens ns n ykcnliksnb bivib sei q`bod ln tyqq`}s qi}`}lnkdi

ok boi tdoikdi iksi}q}otit+ Se}`yge dbytsi} `}lnso`k nkc civib`qliks n gi`g}nqeodnb

d`kdiks}nso`k ` }lt binct s` missi} id`k`lod qi}`}lnkdi+

Sei qi}`}lnkdi okcodns`}t obbyts}nsi sens sei tou boi tdoikdi dbytsi}t ok sei Mnbsod Tin

]igo`k dnk mi }nkjic ndd`}cokg s` seio} qi}`}lnkdi nkc sens sei }nkjokg ot no}b

}`myts nkc okciqikciks ` weode ` sei qi}`}lnkdi okcodns`}t ilqb`liks" q}`cyd,

sovos `} okk`vnso`k ot govik sei g}insits wioges+ Sei se}ii mits qi}`}lokg boi

tdoikdi dbytsi}t ok sei Mnbsod Tin ]igo`k n}i G}insi} D`qikengik" G}insi} Ts`dje`bl

nkc Lnbl,Bykc" weobi sei qi}`}lnkdi ` sei se}ii `sei} dbytsi}t" Witsi}k Twicik%G`seikmy}g/" Tdebitwog,E`btsiok %Joib/ nkc G}insi} Eibtokjo ot winji}+

Sei okcodns`}t `} mytokitt d`kcoso`kt obbyts}nsi sens `vi}nbb sei }nliw`}j d`kcoso`kt

n}i vi} tolobn} ok G}insi} D`qikengik" G}insi} Ts`dje`bl nkc Lnbl,Bykc wose sei

}nliw`}j d`kcoso`kt ok G}insi} Eibtokjo nkc Witsi}k Twicik %G`seikmy}g/ bnggokg

n bossbi mieokc+ @kb sei mytokitt d`kcoso`kt ok Tdebitwog,E`btsiok %Joib/ tiil s` mi

togkodnksb winji}+

Wose sei ty}vi cnsn te`wokg tolobn} mytokitt d`kcoso`kt ok sei vi K`}cod dbytsi}t"

o+i+ wose d`lqnkoit ivnbynsokg sei }nliw`}j d`kcoso`kt ok sei tnli wn" os mid`lit

codybs s` sits sei eq`seitot sens sei mits qi}`}lokg dbytsi}t envi sei mits }nli,w`}j d`kcoso`kt+ Mys m covocokg sei tou boi tdoikdi dbytsi}t ok sei Mnbsod Tin ]igo`k

oks` sw` g}`yqt" `ki dnk obbyts}nsi sens sei mits qi}`}lokg g}`yq nbt` tiilt s` envi

sei mits }nliw`}j d`kcoso`kt" d+ gy}i 4+

Okciuvnbyi

>11

?1

51

71

61

91

31

41

=1

>1

1

D`qikengik LnblTs`dje`bl G`seikmy}g Joib Eibtokjo

D`lq`tosi okcodns`} `}

okk`vnso`k dnqndos

D`lq`tosi okcodns`} `}

dbytsi} tqidod

}nliw`}j d`kcoso`kt

Fog+ 4

Okk`vnsovi dnqndos nkc dbytsi},tqidod }nliw`}j d`kcoso`kt` tou boi tdokidi dbytsi}t oksei MT]


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L`}i cisnobic nknbtot `k }l bivib cnsn ykci}bokit sei olq`}snkdi ` dbytsi} tqidod

mytokitt d`kcoso`kt+ Fo}l bivib nknbtot te`wt sens d`lqnkoit weode d`bbnm`}nsi `k

okk`vnso`k nkc }itin}de nbt` envi sei eogeits bivib ` okk`vnso`k nkc y}sei}l`}i sens

d`lqnkoit weode d`bbnm`}nsi nbt` envi sei l`ts q`tosovi ivnbynso`k ` sei }nliw`}j

d`kcoso`kt+

T` ivik o no}b tolobn} }nliw`}j d`kcoso`kt ok sei tou boi tdoikdi dbytsi}t lnji oscodybs s` }inde n l`}i cikosi d`kdbyto`k `k sei olq`}snkdi ` dbytsi} tqidod myto,

kitt d`kcoso`kt ns sei }igo`knb bivib" n tsyc ` }l bivib cnsn tyggitst sens dbytsi}

tqidod mytokitt d`kcoso`kt lnssi}+ E`qiybb y}sei} tsycoit `k n m}`nci} cnsn mntot

dnk d`k}l seot }itybs+

Sei lnok qy}q`ti ` seot tsyc ent miik s` okvitsognsi n q`ttombi d`kkidso`k miswiik

dbytsi} qi}`}lnkdi nkc dbytsi} tqidod }nliw`}j d`kcoso`kt nkc sei}im d}insi n

`ykcnso`k `} nds mntic dbytsi} q`bod" nkc k`s s` okvitsognsi q`ttombi q`bod olqbodn,

so`kt nkc }id`llikcnso`kt+ E`wivi}" os w`ybc nqqin} sens d`lqnkoit `vi}nbb ivnbyn,

so`k ` sei }nliw`}j d`kcoso`kt tiilt }nsei} tdiqsodnb o k`s kignsovi+

D`lqnkoit wi}i ntjic s` ivnbynsi mytokitt d`kcoso`kt ok seio} }igo`k `k l`}i senk

=1 ~yitso`kt" nktwi}okg `k n `y} q`oks tdnbi }`l n eoge cig}ii s` n b`w cig}ii+ N

ty}q}otokgb eoge kylmi} ` d`lqnkoit ivnbynsi olq`}snks }nliw`}j d`kcoso`kt ok

seio} }igo`k nt tnsotnds`} `kb s` n bitti} cig}ii `} n b`w cig}ii+ Seot d`ybc mi nk

okcodnso`k ` oktydoiks q`bosodnb q}o`}os ok sei Mnbsod Tin ]igo`k s` w`}j wose boi

tdoikdi dbytsi}t mytokitt d`kcoso`kt+

Sei l`cib sens `}lt sei mntot `} seot okvitsognso`k dnk nbt` gyoci q`bod d`ktoci}n,

so`kt+ Os dnk mi ytic s` ocikso sei mits qi}`}lokg dbytsi}t ok sei w`}bc nkc ocikso

dbytsi}t weode d`ybc mi }ibivnks `} mikdeln}jokg+ Mntic `k mikdeln}jokg" qii}t d`ybcmi de`tik nkc qii} }ivoiwt d`ybc govi oktqo}nso`k `k weode }nliw`}j d`kcoso`kt s`

olq}`vi nkc e`w s` c` os+ Nt nk nqqisoti}" sei tsyc obbyts}nsit e`w sei vi K`}cod boi

tdoikdi dbytsi}t qi}`}l ok }ibnso`k s` sei mits qi}`}lokg YT boi tdoikdi dbytsi}t+


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Denqsi} ODbytsi}t n}i olq`}snks s` winbse


10/133

F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT Q+>1

Wens ot n mytokitt dbytsi}0

N mytokitt dbytsi} ot n g}`yq ` d`lqnkoit weode envi de`tik s` b`dnsi ok sei tnli

id`k`lod }igo`k midnyti os `i}t di}snok d`lqisosovi ncvnksngit+

Sei dnk mi }ibnsic iksi}q}otit `qi}nsokg ok sei tnli tids`} nkc d`lqisokg `} sei

tnli ln}jis nkc sei}i`}i c}nwokg yq`k sei tnli }igo`knb }it`y}dit+ Sei }ibnsic

d`lqnkoit dnk tolybsnki`ytb d`lqisi nkc d`bbnm`}nsi wose inde `sei}" nkc m`se

ndsovosoit dnk ikenkdi seio} d`lqisosovikitt+

Dbytsi} `}lnso`k dnk nbt` snji qbndi miswiik d`lqnkoit we` n}i ok coi}iks

tiglikst ` sei tnli vnbyi denok nkc we` ikh` di}snok idoikd mikist m b`dns,

okg ok sei tnli qbndi+ Sei tnli nqqboit s` tqidonbotic d`ktybsokg d`lqnkoit" we` dnk

dbin}b mikis }`l b`dnsokg kin} seio} dboikst+

Dbytsi}t c` k`s kidittn}ob d`ktots `kb ` mytokitt iksi}q}otit+ Sei}i n}i lnk iunl,

qbit ` qymbod `} tilo qymbod jk`wbicgi nkc icydnso`knb oktsosyso`kt b`dnsokg ok sei

tnli }igo`k nt se`ti iksi}q}otit sens n}i yti}t ` sei jk`wbicgi nkc g}ncynsit sei

q}`cydi+

Os ot sei ln}jis nkc d`lqisoso`k ok sei ln}jis sens `}l dbytsi}t+ Lnk ` sei d`kco,

so`kt sens n}i olq`}snks s` d`lqnkoit coi} }`l }igo`k s` }igo`k: `} seot }int`k"

d`lqisoso`k linkt sens mytokitt tqidonbotnso`k ot coi}iks miswiik }igo`kt+

Mytokitt dbytsi}t n}i ok n d`ktsnks tsnsi ` denkgi+ T`li dbytsi}t `} qn}st ` dbytsi}t

n}i `k sei cidboki" weobi `sei} dbytsi}t `} qn}st ` dbytsi}t n}i `k sei }oti nkc kiwdbytsi}t ln mi ili}gokg+ Sei denkgit sens `ddy} ok dbytsi}t enqqik tb`wb nkc `vi}

soli ok eogeb d`lqbiu }ibnso`kteoqt ` weode k` `ki ent n d`lqbisi qodsy}i+

Dbytsi} `}lnso`k snjit qbndi `kb ok s}ncic okcyts}oit nkc tids`}t" weode ot vi} intob

iuqbnokic+ M seio} knsy}i" s}ncic okcyts}oit q}`cydi g``ct nkc ti}vodit weode dnk mi

s}nktq`}sic nkc t`bc `k sei gb`mnb ln}jis nt `qq`tic s` b`dnb okcyts}oit weode lyts

envi n b`dnb q}itikdi s` mi nmbi s` q}`cydi nkc tibb seio} g``ct nkc ti}vodit+ Seyt

s}ncic d`lqnkoit ykboji b`dnb d`lqnkoit lnji ts}nsigod cidoto`kt `k wei}i s`

b`dnsi" weode ot we dbytsi}t `}l `kb woseok s}ncic okcyts}oit+


11/133


12/133

Q+>=F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

Sei lise`c wnt nqqboic s` Nli}odnk cnsn" nkc sei d`lqysic dnsig`}otnso`k ` dbyt,

si}t wnt tymti~yiksb nqqboic ok Iy}`qi ok d`kkidso`k wose sei itsnmboteliks ` sei

Iy}`qink Dbytsi} @mti}vns`}" weode s}ndjt ilqb`liks ok 45 dbytsi} dnsig`}oit ok =9?

Iy}`qink }igo`kt=+ F`} sei qy}q`ti ` seot tsyc ` dbytsi}t ok sei Mnbsod Tin ]igo`k

%MT]/ os wnt `ykc iuqicoiks s` tis yq sei MT] dbytsi} cnsnmnti+ Sei tnli dnsig`}otn,

so`k ` dbytsi}t wnt nqqboic nt m sei Iy}`qink Dbytsi} @mti}vns`}" nkc ilqb`liks

nkc }inb wngi cnsn wnt d`bbidsic `} 49 dbytsi}t ok 4> MT] }igo`kt4+

We n}i mytokitt dbytsi}t oksi}itsokg0

Ok sei Ykosic Tsnsit" ilqb`liks ok s}ncic okcyts}oit ndd`ykst `} hyts ykci} 41) `

s`snb ilqb`liks" nkc }inb wngit n}i togkodnksb eogei} ok dbytsi}t %69)/ senk ok b`dnbokcyts}oit3+

T`liseokg ` sei tnli qodsy}i ot s` mi `ykc ok sei MT]+ Gb`mnb okcyts}oit ilqb` hyts

`vi} 41) ` sei w`}j`}di nkc qn eogei} }inb wngit nbse`yge sei coi}ikdi ok }inb

wngit ot k`s kin}b nt q}`k`ykdic ok sei MT] nt ok sei Ykosic Tsnsit+ Ok sei MT]" }inb

wngit ok gb`mnb okcyts}oit n}i `k nvi}ngi =1) eogei} senk ok b`dnb okcyts}oit+

Sei }int`k ln mi sens d`lqnkoit ok sei Ykosic Tsnsit envi `} n b`kg soli enc sei

ncvnksngi ` ti}vokg n bn}gi Nli}odnk ln}jis" t`liseokg sens ent k`s miik nvnob,

nmbi s` Iy}`qi nkc sei MT]" wei}i c`litsod ln}jist envi miik lyde tlnbbi} nkc sei

d`ll`k oksi}knb ln}jis woseok sei IY ot tsobb ok sei q}`ditt ` civib`qliks" weode dnkiuqbnok we Iy}`qink dbytsi}t n}i bitt tqidonbotic nkc sei}i`}i envi n b`wi} q}`cyd,

sovos9+ N tid`kc iuqbnknso`k d`ybc mi sens d`yks}oit m`}ci}okg sei Mnbsod envi `} envi

enc n coi}iks t`donb l`cib wose }igybnso`kt `} s}ncoso`kt weode envi lokolotic sei

wngi coi}ikdi miswiik s}ncic nkc b`dnb okcyts}oit+ Seot tsyc wobb k`s q}`voci sei

iuqbnknso`k mys os c`it lnji n tlnbb d`ks}omyso`k s` ykci}tsnkcokg sei coi}ikdit

ok n bnsi} denqsi} ok weode }inb wngit ok sei bn}gits boi tdoikdi dbytsi}t ok sei MT] n}i

d`lqn}ic wose boi tdoikdi dbytsi}t ok sei Ykosic Tsnsit" tii denqsi} 9+

@ki d`kti~yikdi ` sei nds sens gb`mnb d`lqisoso`k nkc coi}ikdit ok mytokitt

d`kcoso`kt q}`cydi n coi}ikdi ok mytokitt tqidonbotnso`k miswiik }igo`kt" ` d`y}ti"ot sens se`ti }igo`kt weode e`yti sei bn}gits nkc l`ts q}`cydsovi dbytsi}t wobb nbt`

mi sei }igo`kt ikh`okg sei eogeits bivib ` q}`tqi}os+ Seot ot we dbytsi} `}lnso`k ot

nss}ndsokg t` lyde oksi}its ok mytokitt q`bod do}dbit+

= Tii www+dbytsi}`mti}vns`}+iy+

4 F@]N" Tylln} ]iq`}s MT] Okk`Kis

WQ3" =115" www+`}nkis+cj+ Di}snok

nchytslikst wi}i lnci ok sei dnsi,

g`}otnso`k ytic `} dbytsi}t ok sei MT]

d`lqn}ic s` sei dnsig`}otnso`k ytic

ok sei Iy}`qink Dbytsi} @mti}vns`}+

@ki iids seot ot sens sei kylmi}

` dbytsi} dnsig`}oit ok inde }igo`k ent

miik }icydic }`l 45 s` 49+ Sei }iq`}s

govit n cisnobic ndd`yks sei lise`c

ytic s` ocikso dbytsi}t ok sei MT]+

3 Lodenib Q`}si}" Dbytsi}t" Okk`vnso`k"

nkc D`lqisosovikitt8 Kiw Fokcokgt nkc

Olqbodnso`kt `} Q`bod" =115" www+otd+

emt+icyqc=1151>==PIy}`qinkDby,

tsi}Q`bod+qc+

9 De}otsonk Jisibt" Dbytsi}t" Dbytsi}

Q`bod" nkc Twicote D`lqisosovikitt ok

sei Gb`mnb Id`k`l" =11?+


13/133

Q+>4F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

Wens ot sei togkodnkdi ` mytokitt dbytsi}t

ok sei Mnbsod Tin ]igo`k0

Sei seokjokg mieokc mytokitt dbytsi}t ot mntic `k sei tyqq`toso`k sens sei}i n}icikic id`k`lod }igo`kt" wose n d`ll`k bnm`y} ln}jis woseok weode bnm`y} l`vit

}iib" nkc d`lqnkoit `qi}nsi woseok db`ti q}`uolos ` inde `sei}" qi}lossokg seil

knsy}nbb s` d`lqisi nkc d`bbnm`}nsi+ Id`k`lod }igo`kt seyt envi n knsy}nb gi`g}nqeo,

dnb colikto`k mys sei}i ot k` ty}i wn ` cisi}lokokg sei gi`g}nqeodnb iusiks+

Ok sei Ykosic Tsnsit" knso`knb ndd`ykst n}i mntic `k nk id`k`lod itsolnsi ` id`k`lod

}igo`kt" weobi sei Iy}`qink knso`knb ndd`ykst" Iy}`tsns" c}nw lyde ` seio} cnsn }`l

nclokots}nsovi ykost6+ Ok jiiqokg wose Iy}`qink Dbytsi} @mti}vns`} q}ndsodi" sei

id`k`lod }igo`kt ok sei MT] dbytsi} cnsnmnti n}i mntic `k sei Iy}`tsns dbnttodnso`k"

govokg sei MT] 41 id`k`lod }igo`kt+ Ykci} Iy}`tsns dbnttodnso`k7

" Cikln}j }ilnokt`ki id`k`lod }igo`k nkc ok si}lt ` q`qybnso`k lyde moggi} senk sei `sei} }igo`kt+

Os w`ybc nqqin} c`ymsyb sens Cikln}j dnk mi dbnttoic nt `ki tokgbi id`k`lod }igo`k

wose n d`ll`k bnm`y} ln}jis nkc db`ti d`ksndst miswiik d`lqnkoit+ F`} sei qy}q`t,

it ` seot tsyc" sei}i`}i" Cikln}j ent miik dbnttoic nt sw` }igo`kt+ G}insi} D`qik,

engik" d`lq}otokg sei lis}`q`bosnk n}in nkc ]igo`k Xinbnkc" nkc sei }its ` Cikln}j+

Sei tsyc seyt d`vi}t 4> id`k`lod }igo`kt wose n s`snb q`qybnso`k ` miswiik 511"111

nkc 4l qi`qbi+

Nt n tsn}sokg q`oks" sei tsyc okvitsognsit weisei} sei}i ot n d`kkidso`k miswiik

mytokitt tqidonbotnso`k woseok sei MT] nkc q}`cydsovos+ Mytokitt tqidonbotnso`k wnt

linty}ic ok si}lt ` sei b`dnso`k ~y`soiks5" nkc q}`cydsovos wnt linty}ic ok si}lt` nvi}ngi }inb wngit+

Nt ent miik sei dnti ok `sei} dbytsi} nknbtit" sei}i ot n togkodnks bokj ok sei MT]

miswiik mytokitt tqidonbotnso`k nkc }inb wngit+ Sei l`}i tqidonbotic n dbytsi} ot" sei

eogei} sei nvi}ngi }inb wngi" d+ g+ >+>+

6 M`ykcn}oit sei k`}lnsovi }igo`kt

n}i uic ok si}lt ` sei }ilos ` b`dnb

nyse`}osoit nkc sei toxi sei }igo`kt

q`qybnso`k }ign}cic nt d`}}itq`kcokg

s` sei id`k`lodnbb qsolnb yti sei

kidittn} }it`y}dit s` ndd`lqbote seio}

sntjt" Iy}`tsns" Iy}`qink }igo`knb

nkc y}mnk tsnsotsodt ]ii}ikdi gyoci"

=119+

7 Sei @mti}vns`} ytit Iy}`tsnst

tsnsotsodnb dbnttodnso k KYST OO+

5 B`dnso`k ~y`soiks %B^/ ot nk iuq}it,

to`k e`w lyde ilqb`liks sei}i ot

ok n dbytsi} dnsig`} ok n govik }igo`k ok

q}`q`}so`k s` wens loges mi iuqidsic ok

si}lt sei toxi sei }igo`k+


14/133


]inbwngitokiy}`"

nchytsic

>11+111

B`dnbotnso`k ~y`soiks

>1+111

1"1> 1"> > >1

Fog+ >+>

Eogei} }inb wngit ok dbytsi}t wose n eoge d`kdiks}nso`k

K`si Inde cnsn q`oks }iq}itikst `ki }igo`knb dbytsi}+ Sei d`kkidso`k ent miik nchytsic `} }igo`knb iids"

dbytsi} iids nkc soli iids ok n uic iidst l`cib+ Sei tb`qi d`idoiks i~ynbt 1+17" weode linkt sens

n >1) okd}inti ok tqidonbotnso`k okd}intit }inb wngit m 1+7)+ Sei iids ` tqidonboxnso`k wobb mi g}insi} ok

t`li dbytsi}t nkc tlnbbi} ok `sei}t+ Sei nuit n}i ok b`gn}oselt+

T`y}di D`qikengik Id`k`lodt" =115" En} ts}ji jbkgi} misckokg0" mntic `k MT] dbytsi} cnsnmnti+

Ok in}boi} dbytsi} nknbtit n q`tosovi d`kkidso`k wnt nbt` `ykc miswiik }inb wngit ok

s}ncic okcyts}oit? nkc b`dnb okcyts}oit + Hyts tyde n d`kkidso`k ot nbt` `ykc ok sei MT]"

d+ g+ >+=+? Lodenib Q`}si}" Sei id`k`lod Qi},

`}lnkdi ` ]igo`kt" =114" ]igo`knb

Tsycoit" v`b+ 47+


15/133


]igo`knb }inb wngit ok gb`mnb okcyts}oit =113 %>111 /

71

69

61

99

91

39

31

49

41

=9

=1

41 49 31 39 91 99 61 69 71 79 51

Fog+ >+=

D`lqnsomobos ok }inb wngi bivibt ok s}ncic nkc b`dnb okcyts}oit+

]

igo`knb}inbwngitokb`dnbokcyts}oit

%>111/

K`si S` t`li iusiks" @tb` ot nk `ysboi}" eibqokg s` m``ts ]=+ O @tb` ot iudbycic }`l sei

d`lqn}ot`k" ]= nbbt s` 1+76+

T`y}di D`qikengik Id`k`lodt" =115" En} ts}ji jbkgi} misckokg0" mntic `k MT] dbytsi} cnsnmnti+

Sei}i ot n tyqq`toso`k ok dbytsi} sei`} sens gb`mnb d`lqisoso`k binct s` dbytsi} `}ln,

so`k ok s}ncic okcyts}oit" weode m``tst q}`cydsovos nkc s}nkt`}lt sei s}ncic okcyts}

dbytsi}t oks` c}ovi}t ` id`k`lod q}`tqi}os+ Nt n }igo`kt s}ncic okcyts}oit d`lqisi `}

bnm`y} wose b`dnb okcyts}oit" id`k`lod tydditt `} sei }igo`kt s}ncic okcyts}oit eibqt s`

ikenkdi sei idoikd ` b`dnb okcyts}oit weode n}i seik nmbi s` qn n eogei} bivib `

}inb wngit+

Tsnsotsodnb sitst wose dbytsi} cnsn `} sei MT] te`w sens seot tyqq`toso`k nbt` nqqboit

s` dbytsi}t nkc }igo`kt ok sei MT] mys nt nbwnt ok tsnsotsodnb nknbtot os lyts miilqentotic sens sitst dnk mi d`kcydsic s` ocikso n togkodnks d`}}ibnso`k mys k`s

s` cisi}loki sei dnytnb }ibnso`kteoq+


16/133


Dbytsi} `}lnso`k ok sei gb`mnb jk`wbicgi id`k`l0

Sei ili}gikdi ` sei gb`mnb jk`wbicgi id`k`l wobb c`ymsbitt okyikdi dbytsi}

`}lnso`k ok sei ysy}i mys sei iunds knsy}i ` sei okyikdi ot l`}i codybs s`

`}idnts+

Gb`mnbotnso`k giki}nsit bn}gi} ln}jist nkc l`}i d`lqisoso`k" weode m ostib wobb

q}`l`si dbytsi} `}lnso`k+ Nkc ok Iy}`qi os wobb nbl`ts di}snokb q}`l`si tqidonbotnso`k

nkc dbytsi} `}lnso`k nt sei oksi}knb ln}jis l`}i nkc l`}i itsnmboteit ostib+

Sei}i n}i nbt` insy}it ` sei gb`mnb jk`wbicgi id`k`l weode qòks ok sei co}idso`k

` n }icydic `} ns nk }nsi n coi}iks `}l ` dbytsi} `}lnso`k+

Ok sei okcyts}onb id`k`l" d`lqnkoit d`lqisic `k q}`cydso`k d`tst nkc i,

doikd" bincokg s` tigliksnso`k ok sei vnbyi denok wose idoikd mikist n}otokg}`l gi`g}nqeodnb q}ùolos" weode wnt `ki ` sei ji c}ovi}t ` dbytsi} `}lnso`k+

@yst`y}dokg }icydit sei kiic `} dbytsi} `}lnso`k" nkc sei q}`cydso`k sens }ilnokt

ok sei nfyiks d`yks}oit wobb q}`mnmb snji qbndi ok gb`mnb vnbyi denokt wose `kb n vi}

bolosic tbodi ` q}`cydso`k }ilnokokg ok sei nfyiks d`yks}oit seiltibvit+ Seyt `ki `

sei okcyts}onb id`k`lt ji }int`kt `} tissokg yq dbytsi}t wobb mi colokoteic `} }nsei}

wobb mi s}nkti}}ic s` se`ti d`yks}oit sens wobb d`lqisi ok sei lnkyndsy}okg okcyts}oit

` sei ysy}i+

Ok sei gb`mnb jk`wbicgi id`k`l" d`lqnkoit ok nfyiks d`yks}oit wobb okd}intokgb

kc seiltibvit d`lqisokg `k okk`vnso`k nkc sei d}inso`k ` kiw t`byso`kt s` gb`mnb

denbbikgit+ Ok sei }ndi s` okk`vnsi" iksi}q}otit wobb kc seiltibvit mid`lokg l`}i nkcl`}i ciqikciks yq`k gb`mnb jk`wbicgi t`y}dokg" nkc lyde ` sei okk`vnso`k wobb snji

qbndi woseok gb`mnb okk`vnso`k nbbonkdit+ N civib`qliks sens wobb lnji os bitt olq`}snks

wei}i d`lqnkoit n}i b`dnsic midnyti wei}ivi} sei tissbi" sei wobb tsobb envi s` snji

seio} qbndi ok gb`mnb vnbyi denokt nkc gb`mnb jk`wbicgi t`y}dokg+

Sei}i n}i kivi}seibitt togkt sens dbytsi}t n}i nbt` `}lokg ok sei gb`mnb jk`wbicgi

id`k`l mys sei c}ovi}t envi denkgic+ Kiw dbytsi}t nqqin} s` mi n}otokg diks}ic `k

sei ]&C ciqn}slikst ` lnh`} d`lqnkoit nkc `k ykovi}tosoit wose sei jk`wbicgi nkc

g}ncynsi q}`cydso`k ittiksonb s` iksi}q}otit+

Dbytsi} `}lnso`k d`ksokyit nqndi se}`yge d`lqnk tsn}syqt" weode dnk mi tqok `t

}`l lnh`} d`lqnkoit nkc ykovi}tosoit" nkc ok sei `}l ` `}iogk d`lqnkoit tissokg

yq civib`qliks iksi}q}otit s` gnok ndditt s` sei eoccik jk`wbicgi sens os dnkk`s

`msnok ok nk wn `sei} senk s` envi n gi`g}nqeodnb q}itikdi+

Os d`ybc mi n}gyic sens ok sei gb`mnb jk`wbicgi id`k`l" iuotsokg dbytsi}t wobb g}ncynbb

mi i}`cic nkc }iqbndic m kiw tqidonbotic dbytsi}t ok weode lilmi} d`lqnkoit wobb hòk

oksiktovib ok gb`mnb jk`wbicgi ten}okg mys wobb nbt` snji ncvnksngi ` b`dnb jk`wb,

icgi myobcokg nkc jk`wbicgi ten}okg+>1

>1 F@]N" Kiw Knsy}i

Okk`vnso`k"=11?" www+kiwknsy}i`k,

k`vnso`k+`}g


17/133


Ot sei}i }``l `} dbytsi} q`bod0

Weisei} sei}i ot }``l `} dbytsi} q`bod nkc" o t`" e`w os ot s` mi qbnkkic ot t`liseokg

sens ent miik cimnsic ns bikgse+

Os ot giki}nbb ng}iic sens dbytsi}t n}oti midnyti ` d`lqisoso`k `k sei ln}jis mys

sei iusiks s` weode coi}ikdit ok mytokitt d`kcoso`kt qbn n qn}s ok dbytsi} `}ln,

so`k nkc weisei} os ot q`ttombi nkc nqq}`q}onsi s` iuqbòs se`ti coi}ikdi ok bnykdeokg

dbytsi} q`bod ot tsobb miokg cotdyttic+

Tsnsotsodnb nknbtit ` dbytsi} `}lnso`k envi k`s is m}`yges yt db`ti} s` n t`byso`k+

Lnk nknbtit cil`kts}nsi sei id`k`lod olq`}snkdi ` dbytsi} `}lnso`k mys iw

`dyt `k weisei} sei}i ot }``l `} dbytsi} q`bod" d+ mù >+=+

Mù >+= Id`k`lod olq`}snkdi ` dbytsi} `}lnso`k

Lnk id`k`lotst envi ~ynksoic sei olq`}snkdi gi`g}nqeodnb d`kdiks}n,

so`k+ N tsyc ` sei bosi}nsy}i te`wt sens sei}i n}i lnk ilqo}odnb tsycoit `

dbytsi} iidst+ Seiti tsycoit okcodnsi sens c`ymbokg sei toxi ` n dbytsi} %giki},

nbb linty}ic nt ilqb`liks ok n govik tids`} ok n govik }igo`k/ okd}intit

q}`cydsovos m miswiik 4,5)+

Vi}k`k Eikci}t`k wnt `ki ` sei }ts s` yti iksi}q}oti cnsn s` itsolnsi

dbytsi} iidst+ Ei `ykc n q`tosovi nkc togkodnks iids `k q}`cydsovos nqq}ù+ 5) weik }igo`knb ilqb`liks okd}intic m >1) ok sei Nli}odnk

eoge side okcyts}+

N l`}i d`lq}ieiktovi tsyc ` F}ikde d`lqnk cnsn" ykci}snjik m Ln}sok"

Lni} nkc Lnki}ot nkc d`vi}okg nbb lnkyndsy}okg okcyts}oit }ivinbic n lyde

tlnbbi} iids `k dbytsi}t8 n >1) okd}inti ok ilqb`liks ok nchndiks d`lqnkoit

ok sei tnli okcyts} }notit d`lqnk q}`cydsovos m 1+3,1+9)+

T` sei dbytsi} iids ot nbt` q`tosovi ok sei F}ikde cnsn nbse`yge `kb l`cits,

b t`+ Sei nyse`}t d`kdbyci `k seot mndjg}`ykc sens d`tsb q`bod linty}itcitogkic s` okd}inti sei toxi ` tqidod dbytsi}t c` k`s }iq}itiks n q`bod sens

ot tyqq`}sic m F}ikde ilqo}odnb }itybst+ Sei d`ksokyi" e`wivi}" m tnokg

sens os }ilnokt s` mi te`wk weisei} dbytsi} q`bod woseok dbytsi}t ` n qn}sodybn}

toxi dnk ikenkdi d`bbnm`}nso`k" jk`wbicgi iudenkgi nkc jk`wbicgi myobcokg+

Sei nknbtot ` dbytsi} cnsn `} boi tdoikdi iksi}q}otit ok sei MT] d`kcydsic nt qn}s `

seot tsyc ot `ki ` sei }ts nknbtit sens bokj iksi}q}oti cnsn `} q}`cydsovos" okk`vn,

so`k nkc }nliw`}j d`kcoso`kt woseok n dbytsi}" d+ denqsi} 3+

Sei nknbtot te`wt sens se`ti d`lqnkoit woseok n dbytsi} weode hycgi sei }nliw`}j


18/133


d`kcoso`kt s` mi g``c ndsynbb d`bbnm`}nsi l`}i" n}i l`}i okk`vnsovi" nkc }id`}c eogei}

q}`cydsovos+ Seyt sei tsyc obbyts}nsit nk okco}ids d`kkidso`k miswiik dbytsi} q`bod

nkc q}`cydsovos weode ent k`s q}ivo`ytb miik ociksoic+

Sei tsnsotsodnb nknbtot ` iksi}q}oti cnsn `} boi tdoikdi d`lqnkoit ok sei MT] nbt`

te`wt n ln}jicb q`tosovi nkc togkodnks iids ` dbytsi} d`kdiks}nso`k+ Weik boi

tdoikdi ilqb`liks ok n }igo`k ` sei MT] okd}intit m >1)" q}`cydsovos nl`kg seid`lqnkoit d`kdi}kic }otit m 1+9)" tii nqqikcou ?+ Sens }itybs snbboit wibb wose `sei}

}itin}de }ibnsokg s` q}`cydsovos iidst ok sei boi tdoikdit" d+ mù >+4+

Mù >+4 Tqob,`vi} iidst woseok sei boi tdoikdit

Ok n cisnobic nknbtot ` sei civib`qliks ` q}`cydsovos nkc jk`wbicgi

ten}okg ok YT c}yg d`lqnkoit `vi} n >1 in} qi}o`c" id`k`lotst Fy}lnk" Jbi"

D`djmy}k nkc Eikci}t`k ntjic sei ~yitso`k8 Envi sei iidst ` tqobb,`vi}qbnic nk qn}s ok q}`cydsovos0 Nkc n}i sei gikyokib b`dnb0

Sei nktwi} s` m`se ~yitso`kt wnt _it+ Sei Nli}odnk }itin}dei}t }`l Cyji

Ykovi}tos te`wic sens qen}lndiysodnb d`lqnkoit mikis }`l }itin}de

}itybst ndeoivic w`}bcwoci mys sens sei iids ` }itin}de ykci}snjik ok sei

b`dnb n}in wnt swodi nt g}ins+ Sei te`w" ok `sei} w`}ct" sens lnk d`lqnkoit

se}`yge`ys sei w`}bc mikis }`l }itin}de d`kcydsic" `} iunlqbi" ns D`qik,

engik Ykovi}tos mys sens qen}lndiysodnb d`lqnkoit wose }itin}de bnm`}ns`}oit

ok sei D`qikengik n}in mikis l`ts+

Nknbtit dn}}oic `ys nt qn}s ` seot tsyc te`w n dbin} iids ` dbytsi} `}lnso`k `k

d`lqnk q}`cydsovos" weode dòkdocit wibb wose `sei} }itin}de oks` sei olq`}snkdi `

dbytsi} `}lnso`k" mys os lyts mi ilqentotic sens vn}o`yt ilqo}odnb tsycoit q}`cydi

wocib coi}okg }itybst nkc sei}i n}i nbt` tsycoit weode cil`kts}nsi vi} bossbi

iids+

Okvitsognso`kt d`kcydsic nt qn}s ` seot tsyc n}i nl`kg sei }ts ilqo}odnb }itin}de

sens okvitsognsit sei d`kkidso`k miswiik dbytsi} `}lnso`k" q}`cydsovos" okk`vnso`knkc }nliw`}j d`kcoso`kt+ Sei okvitsognso`kt tyqq`}s sei eq`seitot sens sei}i ot

}``l `} dbytsi} q`bod" nkc sens os ot s` t`li iusiks q`ttombi s` mnti dbytsi} q`bod `k

ivocikdi mntic cnsn" d+ denqsi}t 4 nkc 3+


19/133

Q+>?F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

DENQSI] OOQ}iqn}nso`k `f sei bofi tdoikditqob`s tsyc


20/133

Q+=1F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

Ok seot tsyc os ent miik sei oksikso`k s` nqqb sei cikoso`k nkc ciln}dnso`k ` dbyt,

si}t }id`gkotic m sei Iy}`qink Dbytsi} @mti}vns`}" weode te`ybc lnji os q`ttombi s`

d`lqn}i boi tdoikdi dbytsi}t ok sei Mnbsod Tin ]igo`k %MT]/+

Ok sei Iy}`qink Dbytsi} @mti}vns`} sei boi tdoikdi dbytsi} d`lq}otit sw` tymdbytsi}t8

n mo`qen}lndiysodnb dbytsi} okdbycokg mo`side nkc n licodnb civodit dbytsi}+ Sei mo`q,

en}lndiysodnb tymdbytsi} ot cikic m se}ii okcyts}oit8 lnkyndsy}i ` mntod qen}ln,diysodnbq}`cydst" lnkyndsy}i ` qen}lndiysodnb q}iqn}nso`kt" nkc lnkyndsy}i `

qi}ylit nkc sòbis q}iqn}nso`kt+ Sei licodnb civodit dbytsi} ot cikic m sei okcyt,

s}oit8 lnkyndsy}i ` licodnb nkc ty}godnb i~yoqliks nkc `}se`qnicod nqqbonkdit nkc

lnkyndsy}i ` okvnboc dn}}ongit+ Ok seot d`ksius" ilqb`liks ok sei boi tdoikdi dbytsi}

ot d`lqysic nd}`tt }igo`kt+ Mys os wnt `ykc sens qn}st ` }ibnsic ti}vodi okcyts}oit

nkc jk`wbicgi oktsosyso`kt n}i k`s d`vi}ic m sei cnsn" d+ mù =+>+

Mù =+> Sei boi tdoikdi dbytsi} ok G}insi} D`qikengik

N tsyc ` sei boi tdoikdi dbytsi} ok G}insi} D`qikengik te`wt sens sei d`}i ` sei dbytsi} ot lnci yq ` iksi}q}otit

ok qen}lndiysodnbt" mo`side nkc licodnb sidek`b`g+ Ty}}`ykcokg seot d`}i ` d`lqnkoit ot n g}`yq ` ti}vodi okcyt,

s}oit nkc jk`wbicgi oktsosyso`kt weode envi tqidonbotic ok boi tdoikdi nkc mid`li qn}s ` sei dbytsi}>>" d+ g+ =+>+

Fog+ =+> Finsy}it ` sei boi tdoikdi dbytsi} ok G}insi} D`qikengik

>> Nkkiln}oi Lykj ]oot" Boi tdoikdi

jbkgicnsn o MT]8 Mitj}ovi} ci cnktji

snb cik jbkgi vo jnk `mti}vi}i" =115+

Citogk nkc m}nkctqidonbotst

Dbytsi} `}gnkotnso`k%ig+ Licod`k Vnbbi/

Nknbsodnb Okts}ylikst

Tqidonboxic dnqosnb%VD" mytokitt nkgibt/

Kiys}ndiysodnbtTqidonboxic

mytokitt ti}vodi%bignb" qnsiksi}okg/

Qbntsod okcyts}

DL@t

]ienm

D]@t

Icydnso`knboktsosyso`kt

Qymbodoktsosyso`kt

E`tqosnbttqidonboxic e`tqo,

snbt %ig+ Tsik`/

Qen}ln/

Mo`side

Licodnb

civodi


21/133

Q+=>F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

Mys sei boi tdoikdi dbytsi} ok sei Iy}`qink Dbytsi} @mti}vns`} wnt k`s `ykc s` mi

co}idsb tyosnmbi `} okvitsognsokg boi tdoikdi dbytsi}t ok sei MT]+ Seot ot qn}sodybn}b

cyi s` sei cikoso`k ` sei mo`qen}lndiysodnb tymdbytsi}+ Ndd`}cokg s` sei Iy}`qink

Dbytsi} @mti}vns`}" sei se}ii bn}gits Iy}`qink mo`qen}lndiysodnb dbytsi}t n}i b`dnsic

ok Qn}ot" Lobnk nkc Mn}dib`kn+ N db`ti} nknbtot ` sei d`lq`toso`k ` dbytsi}t ok sei MT]

nkc Qn}ot" Lobnk nkc Mn}dib`kn te`wt" e`wivi}" ln}jic coi}ikdit ok sei d`lq`toso`k

` tymdbytsi}t+ Ok Qn}ot" Lobnk nkc Mn}dib`kn sei lnkyndsy}i ` qi}ylit nkc sòbisq}iqn}nso`kt" ndd`yks `} kin}b `ki seo}c ` sei dbytsi}t ilqb`liks+ Ok sei MT]"

n} iwi} qi`qbi n}i ilqbìc ok seot okcyts}+ Ok sei MT]" sei kylmi} ` ilqbìit

w`}jokg `k sei lnkyndsy}i ` qi}ylit nkc sòbis q}iqn}nso`kt" ot bitt senk >1)

` sei w`}j`}di ikgngic ok sei mo`qen}lndiysodnb tymdbytsi}+ Ok sei tou bn}gits boi

tdoikdi dbytsi}t ok sei MT]" qi}ylit nkc sòbis q}iqn}nso`kt" `ddyq bitt senk 9) `

sei ilqbìit woseok mo`qen}nldiysodnbt+

Nt n }itybs" sei boi tdoikdi dbytsi} ok seot tsyc ot iudbycokg lnkyndsy}i ` qi}ylit

nkc sòbis q}iqn}nso`kt+ Wose seot cikoso`k os ot q`ttombi s` lnji n ytiyb d`lqn}ot`k

` sei toxi ` boi tdoikdi dbytsi}t woseok sei MT] nkc oksi}knso`knbb+

Nt nb}inc te`wk" sei tsnsotsodnb cikoso`k ` boi tdoikdi cìt k`s ilm}ndi nbb qbni}t

ok sei dbytsi}t" d+ mù =+>+ Mys os ot iuqidsic s` okdbyci sei g}`yq ` d`lqnkoit sens

lnji yq sei d`}i ` sei dbytsi}+

Seot iuqidsnso`k wnt iunlokic ok l`}i cisnob m d`lqn}okg ilqb`liks gy}it ok

sei MT] dbytsi} cnsnmnti" weode ot mntic `k okcyts} tsnsotsodt d`lqobic m Tsnsotsodt

Cikln}j" wose n cisnobic m`ss`l yq tsyc ` d`lqnkoit weode" nt cikic" dnk nkc

te`ybc mi okdbycic ok sei boi tdoikdi dbytsi} ok D`qikengik>=+

Mntic `k sei lilmi}t }igotsi} ` s}nci `}gnkotnso`kt nkc oksi}voiwt wose ji okco,vocynbt ok sei dbytsi}" os ent miik q`ttombi s` gnok nk `vi}voiw ` d`lqnkoit ok sei boi

tdoikdi dbytsi} ok D`qikengik+ Seiti tsnsotsodt envi miik d`lqn}ic wose sei d`lqn,

koit botsic ok sei Tsnsotsodt Cikln}j s}nci }igotsi} nkc d`}}itq`kc s` sei dbytsi} ciko,

so`k ok seot tsyc+

Sei d`lqn}ot`k miswiik sei m`ss`l yq gy}it nkc sei dbytsi} cikoso`k ytic te`wic

n d`kvokdokg d`kkidso`k wose sei qen}lndiysodnbt d`lqnkoit" weobi sei}i wi}i di}snok

q}`mbilt ok }ibnso`k s` mo`side nkc licodnb civodit+ Nbb }ibivnks mo`side iksi}q}otit

n}i k`s okdbycic ok sei Tsnsotsodt Cikln}j }igotsi} nkc sei}i`}i n}i k`s }iq}itiksic

ok sei cnsn `msnokic }`l sei MT] dbytsi} cnsnmnti+ Mys sei q}`mbil ent miik t`bvic`} ysy}i }itin}de8 ok sei l`ts }idiks yqcnsi ` okcyts} tsnsotsodt mo`side ent miik

dbnttoic nt n tiqn}nsi okcyts}+

N iw d`lqnkoit weode }ign}cic seiltibvit nkc wi}i }ign}cic m `sei} d`lqnkoit nt

iksi}q}otit ok sei licodnb civodit dbytsi} enc miik qbndic m sei Tsnsotsodt Cikln}j

tids`} tsnsotsodt ok `sei} okcyts}oit+

Sei coi}ikdi miswiik sei sw` tist ` cnsn m`ss`l yq nkc sei MT] dbytsi} cnsn,

mnti te`wic nk `vi}nbb coi}ikdi ` >9) ` ilqb`liks+ Sens ot n tymtsnksonb

civonso`k weode" os ot s` mi e`qic" dnk mi }icydic ok ysy}i }itin}de o dbytsi}t n}i govik

db`ti} nssikso`k ok sei `}gnkotnso`k ` okcyts} tsnsotsodt+ Sei voiw ot snjik" e`wivi}"

sens sei coi}ikdi ot k`s t` ti}o`yt nt s` okvnbocnsi sei q`ttomobos ` d`lqn}okg dbyt,

si}t+

>= Nkkiln}oi Lykj ]oot" Boi tdoikdi

jbkgicnsn o MT]8 Mitj}ovi} ci cntji snb

cik jbkgi vo jnk `mti}vi}i" =115+


22/133

Q+==F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

Dbytsi} d`lqn}ot`kt wobb mi lnci `k sei mntot ` dbytsi} qi}`}lnkdi linty}ic ok

ilqb`liks" }inb wngit nkc okk`vnso`k nkc `k dbytsi} tqidod }nliw`}j d`kcoso`kt+

Okcodns`}t ` dbytsi} tqidod }nliw`}j d`kcoso`kt

Sei}i n}i lnk okcodns`}t `} mikdeln}jokg e`}ox`ksnb }nliw`}j d`kcoso`kt `}

okk`vnso`k nd}`tt knso`knb m`ykcn}oit: seot lnjit os q`ttombi s` c}nw n no}b cisnobic

qodsy}i ` sei }nliw`}j d`kcoso`kt `} okk`vnso`k m ytokg iuotsokg nvnobnmbi cnsn +

Seot ot k`s sei dnti wose sei mikdeln}jokg ` dbytsi} tqidod }nliw`}j d`kcoso`kt+

Nvnobnmbi okcodns`}t tydoiksb cisnobic s` q}`voci n qodsy}i ` dbytsi} tqidod }nli,

w`}j d`kcoso`kt n}i nbl`ts k`k iuotsiks+

Os ent sei}i`}i miik kidittn} s` d`bbids nkc q}`ditt cnsn itqidonbb `} seot tsyc

ok `}ci} s` `}l nk olq}itto`k ` sei dbytsi} tqidod }nliw`}j d`kcoso`kt" nkc sei

deòdi ent miik miswiik d`kts}ydsokg cisnobic okcodns`}t `k sei mntot ` iuotsokg }igot,

si} cnsn `} mntokg sei nknbtot `k ty}vi cnsn>4+

T`li }igotsi} cnsn ot nvnobnmbi weode bikct ostib s` sei qy}q`ti+ F`} iunlqbi" qnsiks

cnsn+ Sei}i ot nbt` cisnobic cnsn }ibnsokg s` ykovi}tos g}ncynsi q}`cydso`k covocic

oks` vn}o`yt q}ìtto`knb tymhidst+ Mys os ot ~yosi }it`y}di oksiktovi ociksookg weode

tymhids n}int n}i }ibivnks `} boi tdoikdi dbytsi}t nkc ikty}okg sens cnsn ot d`lqn}nmbi

nd}`tt d`yks}oit nkc }igo`kt+

Mys sei}i ot k` }igotsi} cnsn `k sei ~ynbos ` g}ncynsi q}`cydso`k: n ty}vi w`ybc

sei}i`}i ok nk iviks nqqin} s` mi kidittn} `} sens qy}q`ti+

Sei voiw ok seot q}`hids ent miik sens os w`ybc mi l`ts nqq}`q}onsi s` mnti sei nknbtot

iudbytovib `k ty}vi cnsn+ Nt wobb mi nqqn}iks" ty}vi cnsn ot k`s wose`ys ost q}`mbilt+

Nkc ok ysy}i nknbtit sei deòdi w`ybc q}`mnmb mi nbt` s` okdbyci }igotsi} cnsn+

N ty}vi wnt d`kcydsic nl`kg 599 d`lqnkoit ok >> boi tdoikdi dbytsi}t ok sei Mnbsod

Tin ]igo`k+ Sei >> }igo`kt n}i sei tou bn}gits qbyt @tb`" Cikln}j Wits" Fokbnkc Wits"

Enlmy}g nkc ]`ts`dj+

Nt os ent k`s miik q`ttombi s` `msnok ndd`yksokg cnsn `k d`lqnkoit id`k`lod qi}`}l,

nkdi }`l sei Mnbsod d`yks}oit nkc Q`bnkc" ty}vi cnsn `} dbytsi} tqidod }nliw`}j

d`kcoso`kt wnt k`s d`bbidsic `} seiti }igo`kt+

Sei ty}vi wnt d`kcydsic m sibiqe`ki: sei ~yitso`kt wi}i db`tic+ Iksi}q}otit wi}i

ntjic s` }itq`kc s` n s`snb ` 9= ~yitso`kt weode wi}i citogkic s` `}l n qodsy}i `

sei d`lqnkt nttittliks ` sei dbytsi} tqidod }nliw`}j d`kcoso`kt woseok vi

ociksoic q`bod n}int8 eylnk }it`y}dit" kiw jk`wbicgi" iks}iq}ikiy}onb ndsovos"

}igybnso`k nkc qymbod cilnkc" nkc d` `qi}nso`k nl`kg iksi}q}otit" d+ nqqikcou = nkc

denqsi} 4+

>4 F@]Nt Okk`vnso`kL`kos`} ytit >?7

okcodns`}t `} mikdeln}jokg }nliw`}j

d`kcoso`kt `} okk`vnso`k ok l`ts @IDC

d`yks}oit+


23/133


Ociksodnso`k ` boi tdoikdi dbytsi}t ok sei

Mnbsod Tin ]igo`k

N s`snb ` >1="111 qi`qbi n}i ilqbìc ok sei boi tdoikdit ok sei Mnbsod Tin ]igo`k%MT]/+ Mys ilqb`liks ot cots}omysic vi} ykivikb miswiik sei 4> }igo`kt + Sei se}ii

bn}gits boi tdoikdi dbytsi}t D`qikengik wose =="111 ilqbìit" Ts`dje`blYqqtnbn

wose >7"111 nkc Tdebitwog E`btsiok %Joib/ wose >3"111 }iq}itiks l`}i senk enb `

sei boi tdoikdi ilqb`liks q``b ok sei MT]+ Sei se}ii kius bn}gits dbytsi}t Eibtokjo"

Twicik T`yse %Lnbl/ nkc Twicik Wits %G`seikmy}g/ envi miswiik 9"111 nkc

7"111 ilqbìit+

Nbs`gisei}" sei tou bn}gits boi tdoikdi dbytsi}t envi 71) ` boi tdoikdi ilqb`liks ok

sei MT]+ Sei }ilnokokg dbytsi}t n}i ~yosi tlnbb" d+ g+ =+=+

Fog+ =+= Ilqb`liks ok sei boi tdoikdit ok 4> }igo`kt ok sei MT]

K`si Sei }igo`kt n}i g}`yqic ndd`}cokg s` sei Iy}`tsns dbnttodnso`k }igo`kt ytic s` q}`cydi

}igo`knb tsnsotsodt+ ]igo`kt n}i ns sei KY ST OO bivib" o+i+ wose q`qybnso`kt miswiik 511"111 nkc 4l

okenmosnkst+ Mys KYST OO }igo`kt Ts`dje`bl nkc ts}n Libbnktvi}ogi envi miik d`lmokic `} sei qy}q`tit


24/133


` seot tsyc `k sei g}`ykct sens sei boi tdoikdit ok Ts`dje`bl nkc Yqqtnbn n}i hycgic s` mi `ki tokgbi

oksig}nsic boi tdoikdi dbytsi}+ Nkc s` nk okd}intokg cig}ii" sei sw` KYST OO }igo`kt `k iosei} toci `

sei }itykc" ]igo`k E`victsncik %ok Cikln}j/ nkc Tctvi}ogi %ok Twicik/" qi}nsi nt ki oksig}nsic

dbytsi} wose n d`ll`k dbytsi} `}gnkotnso`k %Licod`k Vnbbi Nbbonkdi/ nkc nk okd}intokgb oksig}nsic bnm`y}

ln}jis+ Mys os ot sei voiw sens }nliw`}j d`kcoso`kt ok Cikln}j nkc Twicik }itqidsovib }ilnok t`

coi}iks sens sei sw` }igo`kt dnk d`l`}snmb mi nknbtic tiqn}nsib+

Tii nqqikcou > `} cisnobt ` dbytsi} nkc }igo`knb cikoso`kt+

T`y}di MT] dbytsi} cnsnmnti" =11?

Nt okcodnsic" sei qy}q`ti ` seot tsyc ot s` d`lqn}i sei qi}`}lnkdi ` boi tdoikdi

iksi}q}otit wose dbytsi} tqidod }nliw`}j d`kcoso`kt+ Seot dnk mi c`ki iosei} m

envokg okcovocynb d`lqnkoit nt nknbtot `mhidst `} m mikdeln}jokg ns dbytsi} bivib+

M`se q}`dicy}it envi miik ytic+

Weik nk okcovocynb iksi}q}oti ot nk nknbtot `mhids" ost id`k`lod qi}`}lnkdi otd`lqn}ic wose sei d`lqnkt qi}diqso`k ` sei dbytsi} tqidod }nliw`}j d`kcoso`kt

wose`ys }ii}ikdi s` sei }igo`k ok weode sei d`lqnk ot b`dnsic+

Nknbtot ns sei dbytsi} bivib nttylit sei nmobos s` d`kts}yds linkokgyb nvi}ngi

gy}it+ Wens ot sei nvi}ngi qi}`}lnkdi ` dbytsi} iksi}q}otit0 Nkc wens ot sei

nvi}ngi qi}diqso`k ` sei }igo`kt dbytsi} tqidod }nliw`}j d`kcoso`kt0

D`kts}ydsokg ytiyb nvi}ngi gy}it }i~yo}it n di}snok d}osodnb lntt+ O sei dbytsi} ot s``

tlnbb" sei }itq`ktit }`l okcovocynb d`lqnkoit dnk envi n vi} eoge bivi}ngi `k sei

dnbdybnsic nvi}ngi" nkc os dnk mi codybs s` ndeoivi n }iq}itiksnsovi tibidso`k ` iksi},

q}otit ok sei ty}vi d`kcydsic s` d`bbids cnsn `k d`lqnkoit qi}diqso`k ` sei dbytsi}tqidod }nliw`}j d`kcoso`kt+

F`} seiti }int`kt" nknbtot ns dbytsi} bivib ent miik dn}} oic `ys `k sei mntot ` `kb sei

tou bn}gits dbytsi}t wose n lokolyl ` 9"111 ilqb`iit+ Nkc sei tnli nqqboit s` sei

nknbtot ` iksi}q}oti cnsn+

Sei }itybs ` sei tsyc ns dbytsi} bivib ot te`wk ok denqsi} 4 nkc sei }itybs ` sei tsyc

ns iksi}q}oti bivib ot te`wk ok denqsi} 3+ Fogy}it }`l denqsi} 4 n}i te`wk ok nqqikcou

3 wose cnsn }`l sei vi tlnbbi} boi tdoikdi dbytsi}t ok @tb`" Wits Cikln}j" Wits

Fokbnkc" Enlmy}g" nkc Lidjbikmy}g,V`}q`lli}k %]`ts`dj/+


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Denqsi} OOOSits ns dbytsi} bivib


26/133


Lnqqokg sei okk`vnsovi dnqndos ` dbytsi}t

Sei}i n}i lnk qn}nlisi}t weode dnk linty}i e`w wibb dbytsi}t qi}`}l+ Ilqb`,

liks nkc q}`cydsovos n}i sw` olq`}snks linty}it ` qi}`}lnkdi" weode n}i nbt`

nqqboic ok seot tsyc %tii bnsi}/" mys os ot nbt` olq`}snks s` okdbyci n linty}i ` seiokk`vnsovi dnqndos ` dbytsi}t+ Os ot ` d}ydonb olq`}snkdi s` jk`w sei iusiks ` dbyt,

si}t okk`vnsovikitt ok `}ci} s` nttitt e`w wibb sei n}i lnkngokg nkc e`w sei wobb

c` ok sei ysy}i+ Sei boi tdoikdi dbytsi} ok D`qikengik" `} iunlqbi" ot dy}}iksb sei

bn}gits boi tdoikdi dbytsi} ok sei Mnbsod Tin ]igo`k %MT]/+ Mys o sei boi tdoikdi dbytsi}

ok D`qikengik ot bitt okk`vnsovi senk ost qii}t" os ot m k` linkt di}snok sens os wobb tsobb

mi sei bn}gits ok 9 >1 in}t+ Hyts e`w okk`vnsovi dbytsi}t n}i ot t`liseokg k` `ki ent nk

`vi}nbb qodsy}i ` ns q}itiks+ Sei}i n}i k` tsnsotsodt s` c}nw yq`k+

Linty}okg sei okk`vnsovi dnqndos ` boi tdoikdi dbytsi}t ot k`s n ts}noges`}wn}c

q}`ditt+ S` `msnok nt }`myts n linty}i nt q`ttombi ` okk`vnso`k dnqndos" os ot kidit,tn} s` iunloki n }nkgi ` okcodns`}t ok `}ci} s` obbyts}nsi d`lqnkoit okk`vnsovikitt

ok nk `vi}nbb okcodns`}+ Fo}ts nkc `}il`ts" sei dy}}iks bivib ` okk`vnso`k ok n dbytsi}

o+i+ sei iusiks s` weode sei dbytsi}t lilmi} d`lqnkoit okk`vnsi ns q}itiks w`ybc

mi nk nqq}`q}onsi okcodns`}+ L`}i`vi}" sei okk`vnsovi dnqndos ` boi tdoikdi dbytsi}t

ciqikct vi} lyde yq`k sei nvnobnmbi kylmi} ` jk`wbicgi w`}ji}t nkc okvitsliks

ok }itin}de nkc civib`qliks+ T` seiti sw` qn}nlisi}t envi nbt` miik okdbycic+ N

d`lq`tosi okcodns`} `} n dbytsi}t okk`vnsovi dnqndos ot seyt dnbdybnsic `k sei mntot

` se}ii d`lq`kikst8 sei dy}}iks iusiks ` okk`vnso`k" sei kylmi} ` jk`wbicgi

w`}ji}t" nkc sei bivib ` ]&C okvitsliks+ N ty}vi wnt d`kcydsic ok `}ci} s` `msnok

cnsn `} nbb se}ii okcodns`}t+

Sei d`lq`tosi okcodns`} te`wt sens sei boi tdoikdi dbytsi} ok D`qikengik ot sei l`ts

okk`vnsovi boi tdoikdi dbytsi} ok sei Mnbsod }igo`k+ D`lqnkoit ok D`qikengik binc `k

sw` ` sei se}ii okk`vnsovikitt okcodns`}t" nkc sei }igo`kt qbndi nt sei l`ts okk`vn,

sovi ot sei}i`}i }`myts+ Os ot `kb ok si}lt ` sei kylmi} ` jk`wbicgi w`}ji}t sens

Ts`dje`bl ent n tbogesb eogei} bivib" d+ g+ 4+>+


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>11

51

61

31

=1

D`qikengik Ts`dje`bl Lnbl G`seikmy}g Joib Eibtokjo

D`lq`tosi okk`vnsovi

dnqndos okcodns`}

D`lq`tosi okk`vnso`k

okcodns`}

Qbinti okcodnsi sei

ten}i `y} ilqb`iit

wose n lntsi} cig}ii

Qbinti okcodnsi sei

d`lqnkt ]&C

iuqiktit nt n ten}i `

s`snb sy}k`vi}

okciuvnbyi

Fog+ 4+>

Sei okk`vnsovi dnqndos ` boi tdoikdidbytsi}t ok sei MT]

K`si Sei d`lq`tosi okcodns`} ot dnbdybnsic nt n tolqbi nvi}ngi ` sei se}ii ykci}bokg okcodns`}t nbt`

te`wk ok sei gy}i+ Sei okcodns`}t `}ogoknb vnbyit n}i ok q}`q`}so`k s` seio} lnuolyl ok `}ci} s` ikenkdi

d`lqn}nmobos nd}`tt sei okcodns`}t+ Nqqikcou 9 q}`vocit n l`}i cisnobic ndd`yks ` sei okciunso`k lise`c+

Sei linty}i ` okk`vnso`k ot n d`lq`tosi okcodns`} ` sei iusiks ` okd}iliksnb nkc }ncodnb okk`vnso`k

}itqidsovib+ Okd}iliksnb okk`vnso`k citd}omit sei civib`qliks nkc `qsolotnso`k ` iuotsokg q}`cydst nkc

ti}vodit" weobi }ncodnb okk`vnso`k }ibnsit s` sei iuqb`}nso`k ` m}nkc kiw qbns`}lt `} d`kdiqst q}ivo`ytb

ykjk`wk woseok sei d`lqnk+ Sei }nkjokg ` }igo`kt ok si}lt ` sei d`lq`tosi okcodns`} `} okk`vnso`k ot

}ibnsovib }`myts" tii mib`w+

Ns sei tnli soli" sei okcodns`} te`wt sens Ts`dje`bl ot sei tid`kc l`ts okk`vnsovi

}igo`k ok sei Mnbsod }igo`k nkc sei l`ts okk`vnsovi }igo`k ok Twicik+ Seot ot bokjic

itqidonbb wose sei bn}gi kylmi} ` jk`wbicgi w`}ji}t ok Ts`dje`bl+ Mys tqidonb

ilqentot te`ybc k`s mi qbndic `k sei oksi}knb }nkjokg ` sei Twicote }igo`kt" nt sei

coi}ikdit n}i tlnbb d`lqn}ic wose sei ykdi}snoks ` sei cnsn+

Okk`vnso`k dnqndos ot b`wits ok Joib nkc Eibtokjo mys seiti sw` dbytsi}t td`}i ~yosi

coi}iksb ok seio} tym okcodns`}t+ Okvitsliks ok ]&C ok sei boi tdoikdi dbytsi} ok Joib

ot togkodnksb eogei} senk ok Eibtokjo nkc `k n qn} wose sei Twicote dbytsi}t" weobi seikylmi} ` jk`wbicgi w`}ji}t ot tymtsnksonbb b`wi} ok Joib" sei q}`q`}so`k ` jk`wb,

icgi w`}ji}t ok Eibtokjo miokg eoge nkc nbl`ts i~ynb s` sens ` D`qikengik" weode

te`ybc mi k` ty}q}oti midnyti Fokbnkc ot }ik`wkic `} envokg lnk jk`wbicgi w`}ji}t

ok sei q}ovnsi tids`} >9+ Ok tqosi ` seot" e`wivi}" sei bivib ` okk`vnso`k ok sei Fokkote

boi tdoikdi dbytsi} ot l`cits d`lqn}ic wose sei bincokg dbytsi}t+

Sei coi}iks td`}okg }itybst ok okcovocynb okcodns`}t ok Joib nkc Eibtokjo lnji os codybs

s` }nkj sei sw` dbytsi}t+ Ok nccoso`k" sei coi}ikdi miswiik sei se}ii mits dbytsi}t

D`qikengik" Ts`dje bl nkc Lnbl ot }ibnsovib tlnbb+ Os w`ybc k`s" sei}i`}i" tiil

q`ttombi wose nk di}snoks s` }nkj sei tou dbytsi}t+ Sei}i w`ybc" e`wivi}" nqqin} s`

mi hytsodnso`k ok n}}nkgokg sei dbytsi}t ok sw` g}`yqt8 D`qikengik" Ts`dje`bl nkc

Lnbl }iq}itiksokg sei l`ts okk`vnsovi dbytsi}t" weobi G`seikmy}g" Joib nkc Eibtokjo

n}i sei bints okk`vnsovi dbytsi}t+ Seot ot y}sei} d`k}lic m n l`}i ok ciqse nknbtot

` okk`vnso`k" tii mib`w+

>9 F@]N" K`}cod Okk`vnso`k L`kos`}"

=11?" www+`}nkis+cj+


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]ncodnb nkc okd}iliksnb okk`vnso`k

Ok nk tsyc ` okk`vnso`k os dnk mi oksi}itsokg s` cotsokgyote miswiik okd}iliksnb

okk`vnso`k nkc l`}i }ncodnb okk`vnso`k+ Okd}iliksnb okk`vnso`k ot sei civib`qliks

nkc `qsolotnso`k ` iuotsokg q}`cydst nkc ti}vodit" weobi }ncodnb okk`vnso`k `dytit `kikso}ib kiw qbns`}lt `} d`kdiqst weode dnk q}`voci sei t`y}di ` b`kg si}l g}`wse

`} d`lqnkoit+

]ncodnb okk`vnso`k q}`vocit d`lqnkoit wose d`lqbisib kiw qbns`}lt" d`kdiqst `}

mytokitt l`cibt weode bnsi} mid`li sei tiicmic ` okd}iliksnb okk`vnso`k ndsovo,

soit+ Ok `sei} w`}ct" }ncodnb okk`vnso`k ot ittiksonb s` n d`lqnkt iuotsikdi ok sei b`kg

si}l+ S` `qsoloti sei vnbyi ` }ncodnb okk`vnso`k os ot ytynbb d}ydonb s` `bb`w yq sei

q}`ditt wose d`ksoky`yt olq}`viliks ` m}nkc kiw q}`cydst nkc ti}vodit weode ot

wens okd}iliksnb okk`vnso`k ot nbb nm`ys+ Se`ti d`lqnkoit weode ykci}tsnkc sei bokj

miswiik sei sw` ndsovosoit nkc tyddittybb qy}tyi n q`bod ` m`se }ncodnb nkc okd}i,liksnb okk`vnso`k envi sei mits q`ttomobos ` ndeoivokg n ts}`kg ln}jis q`toso`k>6+

Ok t`li dntit os dnk mi codybs s` cotsokgyote miswiik okd}iliksnb nkc }ncodnb okk`,

vnso`k+ Weik" `} iunlqbi" cìt okk`vnso`k mid`li t` vosnb s` sei ysy}i okk`vnso`k

ndsovosoit ` n d`lqnk sens os te`ybc mi citd}omic nt }ncodnb0 @mvo`ytb sei}i ot n g}i

n}in+ Weode lnjit os codybs s` linty}i okd}iliksnb nkc }ncodnb okk`vnso`k+ Mys os

cìt k`s colokote sei olq`}snkdi ` còkg os+ Sei l`}i d`lqnkoit ok n dbytsi} sens

`dyt `k ykci}snjokg }ncodnb okk`vnso`k" sei g}insi} sei okk`vnso`k dnqndos ` sei

}igo`k ot qi}diovic s` mi+

Lnqqokg okd}iliksnb nkc }ncodnb okk`vnso`k

Cotsokgyoteokg miswiik okd}iliksnb nkc }ncodnb okk`vnso`k ok n ty}vi ot n d`lqbisib

kiw qeik`lik`k d`lqn}ic wose in}boi} okvitsognso`kt ` d`lqnkoit okk`vnso`k ndsovo,

soit>7+

N tqidonb ~yitso`kokg sideko~yi wnt civib`qic s` cotsokgyote miswiik okd}iliksnb

nkc }ncodnb okk`vnso`k+ Ok sei ty}vi" okd}iliksnb okk`vnso`k ot cikic nt n q}`ditt

` d`ksoky`yt `qsolotnso`k" olq}`viliks nkc civib`qliks ` iuotsokg q}`cydst nkc

ti}vodit" nkc d`lqnkoit n}i ntjic weisei} sei envi ikgngic ok okd}iliksnb okk`vn,so`k+ Sei n}i seik ntjic weisei} sei envi dn}}oic `ys }ncodnb okk`vnso`k" weode ot

cikic nt sei civib`qliks ` d`lqbisib kiw q}`cydst" t`byso`kt" qbns`}lt nkc

d`kdiqst kivi} q}ivo`ytb tiik ok sei d`lqnk nkc weode dnk giki}nsi b`kg si}l

g}`wse+ Seot lise`c ` ~yitso`kokg lnjit os q`ttombi s` covoci d`lqnkoit oks` `y}

g}`yqt8 D`lqnkoit weode n}i k`s ndsovi okk`vns`}t" d`lqnkoit weode iudbytovib dn}}

`ys okd}iliksnb okk`vnso`k" d`lqnkoit weode iudbytovib ykci}snji }ncodnb okk`vnso`k"

nkc knbb d`lqnkoit weode ikgngi ok m`se okd}iliksnb nkc }ncodnb okk`vnso`k+ Sei

okvitsognso`k nbt` lnjit os q`ttombi s` `}l nk `qoko`k nm`ys sei iusiks ` d`lqnkoit

okk`vnso`k" wens q}`q`}so`k ` n d`lqnkt q}`cydst nkc ti}vodit envi miik tymhids s`

okd}iliksnb okk`vnso`k" nkc wens qi}diksngi ` tnbit tsilt }`l }idiksb d`lqbisic

}ncodnb okk`vnso`k+

>6 Jol & Lnym`}gki" Mbyi @dink

Ts}nsig" =119+

>7 F`} iunlqbi" donb hòks Iy}`qink

okk`vnso`k tsnsotsodt D`llykos Ok,

k`vnso`k Ty}vi %DOT/" www+id+iy} qn+

iyiy}`tsns+


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Q+=?F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

Os ot sei}i`}i q`ttombi s` `msnok n ciiqi} oktoges oks` d`lqnkoit okk`vnso`k i`}st

senk in}boi} tsycoit ` okk`vnso`k envi }ivinbic m ntjokg nm`ys sei iusiks ` m`se

okd}iliksnb nkc }ncodnb okk`vnso`k+

Sei ty}vi }itybst te`w sens lnk d`lqnkoit ndsovib q}`l`si okk`vnso`k+ Ok D`qik,

engik" Joib nkc Lnbl 51,?1) ` d`lqnkoit ndsovib ikgngi ok okk`vnso`k" nkc ok

G`seikmy}g" Ts`dje`bl nkc Eibtokjo sei gy}i ot 61,79 )+ Sei ty}vi nbt` te`wt senssei lnh`}os ` se`ti d`lqnkoit sens ikgngi ok okk`vnso`k c` t` ns m`se n }ncodnb nkc

nk okd}iliksnb bivib" d+ g+ 4+=+

>11

?1

51

71

61

91

31

41

=1

>1

1

D`qikengik Joib Lnbl G`seikmy}g Ts`dje`bl Eibtokjo

Iudbytovib okd}iliksnb

okk`vnso`k

Iudbytovib }ncodnb

okk`vnso`k

M`se okd}iliksnb nkc

}ncodnb okk`vnso`k

Fog+ 4+=

K`+ ` iksi}q}otit weode d`kcyds okd}iliksnbnkc`} }ncodnb okk`vnso`k

K`si Okd}iliksnb okk`vnso`k8 D`lqnkoit qsoloti" olq}`vi nkc civib`q seio} q}`cydst nkc ti}vodit k n

d`ksoky`yt mntot: seot ot dnbbic okd}iliksnb okk`vnso`k+ Ent `y} d`lqnk dn}}oic `ys okd}iliksnb okk`vn,

so`k ok sei qnts sw` in}t0 ]ncodnb okk`vnso`k8 D`lqnkoit civib`q d`lqbisib kiw q}`cydst" t`byso`kt"

qbns`}lt `} d`kdiqst kivi} q}ivo`ytb tiik ok sei d`lqnk nkc weode dnk mi sei t`y}di ` b`kg si}l

g}`wse: seot ot dnbbic }ncodnb `} ln}jis tenjokg okk`vnso`k+ Ent `y} d`lqnk dn}}oic `ys }ncodnb okk`vn,

so`k ok sei qnts vi in}t0

Ok D`qikengik =9) ` d`lqnkoit ikgngi iudbytovib ok okd}iliksnb okk`vnso`k" weobi>1) w`}j iudbytovib wose }ncodnb okk`vnso`k+ Sei qodsy}i wnt sei tnli ok sei `sei}

}igo`kt" nqn}s }`l Joib" wei}i `kb n vi} iw d`lqnkoit ikgngic iudbytovib ok iosei}

okd}iliksnb `} }ncodnb okk`vnso`k+

Mo`side ot qn}s ` sei boi tdoikdi dbytsi}+ L`ts ` sei d`lqnkoit ok sei mo`side tids`}

n}i ]&C d`lqnkoit" we` ok sei knsy}i ` seokgt w`}j wose kiw sidek`b`g nkc ok sens

tikti ikgngi ok }ncodnb okk`vnso`k+ Sens ln eibq s` iuqbnok we nqq}`uolnsib >1)

` sei d`lqnkoit ok sei vn}o`yt }igo`kt sei `ki iudiqso`k miokg Joib ikgngi `kb ok

}ncodnb okk`vnso`k+

Wei}i `ki }igo`k ytynbb cotsokgyoteit ostib }`l nk`sei} ot ok sei q}`q`}so`k `

iksi}q}otit weode w`}j m`se wose okd}iliksnb nkc }ncodnb okk`vnso`k+ Ok Joib" wei}i


30/133

Q+41F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

lnk d`lqnkoit ikgngi ndsovib ok okk`vnso`k" sei q}`q`}so`k ot db`ti s` 51)+ Ok

D`qikengik" weode d`lit tid`kc ok sei kylmi} ` iksi}q}otit wose m`se okd}iliksnb

nkc }ncodnb okk`vnso`k" sei gy}i ot 91)+ Ok sei Twicote }igo`kt sei bivib ot tbogesb

b`wi}" weobi Eibtokjo ot ns sei m`ss`l ` seot qn}sodybn} bingyi wose `kb =9) ` d`lqn,

koit ikgngokg ok m`se okd}iliksnb nkc }ncodnb okk`vnso`k+

Linty}okg dbytsi}t okk`vnso`k `kb ok si}lt ` sei q}`q`}so`k ` okk`vnso`k ndsoviiksi}q}otit ot n vi} tolqbi dnbdybnso`k+ Os tnt k`seokg nm`ys sei iusiks ` okk`vnso`k

woseok sei okcovocynb d`lqnk+ Nt likso`kic" se`ti ndsovib ikgngic ok okk`vnso`k

wi}i nbt` ntjic nm`ys sei iusiks ` seio} okd}iliksnb nkc }ncodnb okk`vnso`k }itqid,

sovib+

D`lqnkoit weode }itq`kcic sens sei w`}jic wose okd}iliksnb okk`vnso`k wi}i nbt`

ntjic wens q}`q`}so`k ` seio} g``ct nkc ti}vodit enc miik sei tymhids ` okd}iliksnb

okk`vnso`k cy}okg sei qnts sw` in}t+

Ok D`qikengik" Ts`dje`bl" Lnbl nkc G`seikmy}g nbl`ts enb sei d`lqnkoit}iqboic sens l`}i senk enb ` seio} q}`cydst nkc ti}vodit enc miik olq}`vic `} civib,

`qic+ Ok Eibtokjo nkc Joib sei ten}i wnt togkodnksb b`wi}" d+ g+ 4+4+

D`qikengik

Ts`dje`bl

G`seikmy}g

Lnbl

Eibtokjo

Joib

1,=9)=6,91)

9>,79)76,>11)

>11)51)61)31)=1)1)

Fog+ 4+4

Wens q}`q`}so`k ` sei d`lqnkt q}`cydst nkc ti}vodit envi miikolq}`vic `} civib`qic ok sei qnts sw` in}t0

K`si Seot ~yitso`k wnt qys `kb s` d`lqnkoit weode enc }itq`kcic sens sei enc w`}jic wose

okd}iliksnb okk`vnso`k cy}okg sei qnts sw` in}t+

Sei qodsy}i denkgic weik sei ~yitso`k wnt nbsi}ic }`l sei tolqbi `ki ` weisei}

d`lqnkoit w`}jic wose okd}iliksnb okk`vnso`k s` ntjokg e`w g}ins n q}`q`}so`k `

seio} mytokitt wnt nidsic m okd}iliksnb okk`vnso`k+ Sei dnbdybnso`k ` e`w g}ins n

qi}diksngi ` d`lqnkoit wi}i okk`vnso`k ndsovi nqqin}t s` `vi}itsolnsi Joibt okk`vn,

so`k ndsovos+ Linty}ic ok si}lt ` e`w bn}gi n qi}diksngi ` d`lqnkoit n}i okk`vn,

so`k ndsovi" Joib }nkjic k`+ = wose 59) okk`vnso`k ndsovi d`lqnkoit+ Ok si}lt ` e`w


31/133

Q+4>F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

g}ins n qi}diksngi ` d`lqnkoit q}`cydst nkc ti}vodit wi}i d`ksoky`ytb }ikiwic"

Joib wnt }nkjic m`ss`l+

Iksi}q}otit weode }itq`kcic sens sei w`}jic wose }ncodnb okk`vnso`k wi}i nbt` ntjic

wens qi}diksngi ` seio} tnbit tsillic }`l }ncodnb okk`vnso`k d`lqbisic woseok sei

qnts vi in}+

Boi tdoikdi dbytsi}t ok Lnbl" Ts`dje`bl nkc D`qikengik enc n g}insi} q}`q`}so`k

` d`lqnkoit `} we`l }ncodnb okk`vnso`k qbnic nk olq`}snks }`bi ok tnbit" weobi sei

togkodnkdi wnt bitt ok Joib" G`seikmy}g nkc Eibtokjo" d+ g+ 4+3+

D`qikengik

Ts`dje`bl

G`seikmy}g

Lnbl

Eibtokjo

Joib

1,=9)=6,91)

9>,79)76,>11)

>11)51)61)31)=1)1)

Fog+ 4+3

E`w g}ins n q}`q`}so`k ` bnts in}t tnbit tsillic }`l }ncodnb okk`vnso`kd`lqbisic cy}okg sei q}ivo`yt vi in}t0

K`si Seot ~yitso`k wnt qys `kb s` d`lqnkoit weode enc }itq`kcic sens sei enc w`}jic wose }ncodnb

okk`vnso`k cy}okg sei qnts sw` in}t+

M q}`g}ittokg }`l tolqb ntjokg weisei} d`lqnkoit w`}j wose }ncodnb okk`vnso`k s`

ntjokg e`w lyde }ncodnb okk`vnso`k linkt `} seio} tnbit" `ki gist n coi}iks olq}it,to`k ` weode }igo`kt n}i sei l`ts okk`vnsovi+ Sei dnbdybnso`k ` e`w g}ins n qi}diks,

ngi ` d`lqnkoit w`}j wose }ncodnb okk`vnso`k ngnok nqqin}t s` `vi}itsolnsi Joibt

okk`vnso`k ndsovos weobi ns sei tnli soli ykci}itsolnsokg Ts`dje`blt okk`vnso`k

ndsovos+ Linty}ic ok si}lt ` sei qi}diksngi ` iksi}q}otit weode ikgngi ok }ncodnb

okk`vnso`k" Joib }nkjt k`+ =" weobi Ts`dje`bl }nkjt tid`kc }`l m`ss`l nt k`+ 9+ Mys

linty}ic ok si}lt ` e`w lyde }ncodnb okk`vnso`k linkt `} tnbit" Ts`dje`bl }nkjt

k`+ = nkc Joib k`+ 3+

Ok nk nssilqs s` `}l nk `vi}nbb olq}itto`k ` okk`vnso`k ndsovos" sei tsyc ociksoit

se`ti d`lqnkoit we`ti okd}iliksnb okk`vnso`k ndd`ykst `} l`}i senk enb ` seio}

q}`cydst nkc ti}vodit nkc se`ti d`lqnkoit we`ti }ncodnb okk`vnso`k }itybst ndd`yks

`} l`}i senk enb seio} tnbit+


32/133

Q+4=F@]N ]IQ@]S S@WN]CT FNDS,MNTIC DBYTSI] Q@BODOIT

M seot linty}i" sei }igo`kt nqqin} s` m}inj c`wk oks` sw` g}`yqt+ D`lqnkoit ok

D`qikengik" Ts`dje bl nkc Lnbl envi l`}i d`lqnkoit weode w`}j iusiktovib wose

m`se okd}iliksnb nkc }ncodnb okk`vnso`k senk boi tdoikdi d`lqnkoit ok G`seikmy}g" Joib

nkc Eibtokjo" d+ g+ 4+9+

>11

?1

51

71

61

91

31

41

=1

>1

1

D`qikengik Lnbl Ts`dje`bl G`seikm`}g Joib Eibtokjo

Iudbytovib okd}iliksnb

okk`vnso`k

Iudbytovib }ncodnb ok,

k`vnso`k

M`se okd}iliksnb nkc

}ncodnb okk`vnso`k

Fog+ 4+9

K`+ ` iksi}q}otit weode w`}j iusiktovib woseokd}iliksnb nkc`} }ncodnb okk`vnso`k

K`si Okd}iliksnb okk`vnso`k ot cikic nt togkodnks `} n d`lqnk weik os nidst l`}i senk enb sei

d`lqnkt q}`cydst nkc ti}vodit+ ]ncodnb okk`vnso`k ot cikic nt togkodnks `} n d`lqnk weik l`}i

senk enb ` sei d`lqnkt tnbit dnk mi nss}omysic s` }ncodnb okk`vnso`k+

Nknbtot ` sei iusiks ` okd}iliksnb nkc }ncodnb okk`vnso`k woseok d`lqnkoit ent

eosei}s` `dytic `k sei sw` `}lt ` okk`vnso`k tiqn}nsib+ Seot ent d}insic n qodsy}i

` Ts`dje`bl" Lnbl nkc D`qikengik bincokg ok okk`vnso`k" wose G`seikmy}g nkc Joib

en}c `k seio} eiibt" nkc Eibtokjo `bb`wokg `k mieokc+

O tqidonb ilqentot ot qbndic `k se`ti d`lqnkoit weode ikgngi ok m`se okd}iliksnb nkc

}ncodnb okk`vnso`k" n dbin}i} qodsy}i ili}git ` sei l`ts okk`vnsovi dbytsi}t ok MT]

miokg `ykc ok D`qikengik" Ts`dje`bl nkc Lnbl" tii gy}i+

Okv`bvokg yti}t

Ok sei gb`mnb jk`wbicgi id`k`l sei nmobos s` d`kcyds nkc mi tyddittyb wose

}ncodnb okk`vnso`k mid`lit okd}intokgb vosnb+ Sei civib`qliks ` kiw qbns`}lt nkc

d`kdiqst iknmbit iksi}q}otit s` `i} sei ln}jis t`liseokg yko~yi+ Mys o okk`vn,

so`kt n}i ~yodjb d`qoic" q}`st n}i ciq}ittic m q}odi mntic d`lqisoso`k+ D`lqisoso`k

mntic q}oln}ob `k q}odi ot `ki sens d`lqnkoit ok eoge d`ts d`yks}oit tyde nt Cikln}j"

Twicik" Fokbnkc nkc Gi}lnk wobb b`ti+

Kiw sidek`b`g nkc tdoiksod cotd`vi}oit envi nbwnt miik olq`}snks s` sei okk`vn,

so`k ` boi tdoikdi d`lqnkoit" nkc sens wobb d`ksokyi s` mi sei dnti ok ysy}i weode ot


33/133


we okvitsliks ok ]&C ot tyde n d}ydonb ibiliks ok sei linty}iliks ` dbytsi}t okk`,

vnso`k dnqndos+ Kiw sidek`b`g ot k` b`kgi} sei `kb t`y}di ` l`}i }ncodnb okk`vnso`k+

Kiw c}ovi}t n}i ili}gokg+ D` d}inso`k miswiik d`lqnkoit nkc seio} dyts`li}t nkc

sei okdbyto`k ` yti}t ok sei okk`vnso`k q}`ditt n}i mid`lokg okd}intokgb olq`}snks

ibilikst ok sei okk`vnso`k q}`ditt >5

Ok sei ibc ` boi tdoikdit" s``" sinlokg yq wose yti}t wobb mid`li n nds`} ` g}`wokgolq`}snkdi s` okk`vnso`k+ Iksi}q}otit ok boi tdoikdi dbytsi}t ok sei Mnbsod Tin ]igo`k

wi}i ntjic s` nttitt sei olq`}snkdi ` yti} c}ovik okk`vnso`k s` seio} nmobos s`

oks}`cydi tyddittyb }ncodnb okk`vnso`kt+ Ok D`qikengik" Ts`dje`bl nkc Lnbl sei

}itq`kti }`l l`}i senk enb ` sei iksi}q}otit wnt sens yti} c}ovik okk`vnso`k wnt

vi} cikosib olq`}snks s` tyddittyb }ncodnb okk`vnso`k+ Ok G`seikmy}g nkc Eibtokjo

seot nttittliks wnt ten}ic m n bossbi ykci} enb ` sei iksi}q}otit ~yitso`kic" nkc ok

Joib os wnt `ki seo}c ` iksi}q}otit" d+ g+ 4+6+

D`qikengik

Ts`dje`bl

G`seikmy}g

Lnbl

Eibtokjo

Joib

S` n b`w cig}iiS` n bitti} cig}ii

S` t`li cig}iiS` n eoge cig}ii

>11)51)61)31)=1)1)

Fog+ 4+6

W`ybc `y nttitt sens ociksookg yk}id`gkotic yti} kiict nkc`}sei okv`bviliks ` binc yti}t ot olq`}snks s` tyddittyb }ncodnb okk`vnso`k0

Fy}sei} nknbtot nbt` te`wt sens d`lqnkoit ikgngic ok }ncodnb okk`vnso`k sqodnbb

nttitt yti} c}ovik okk`vnso`k nt l`}i olq`}snks s` tyddittyb }ncodnb okk`vnso`k senk

d`lqnkoit weode c` k`s w`}j wose }ncodnb okk`vnso`k+ Se}ii ok `y} d`lqnkoit weode

ikgngi ok }ncodnb okk`vnso`k tn sens yti} c}ovik okk`vnso`k s` t`li iusiks `} s` n

bn}gi iusiks ot olq`}snks `} tyddittyb }ncodnb okk`vnso`k+ @ki ok sw` d`lqnkoit weode

c` k`s seiltibvit w`}j wose }ncodnb okk`vnso`k ng}iit wose seot nttittliks+

Sei l`}i cisnobic nknbtot ` okk`vnso`k ndsovos mntic `k sei iusiks ` okd}iliksnb

nkc }ncodnb okk`vnso`k nkc d`lqnkoit nttittliks ` yti} okv`bviliks d`k}lt sei

qodsy}i ` sei tou boi tdoikdi dbytsi}t covocokg oks` sw` g}`yqokgt wose D`qikengik"

Ts`dje`bl nkc Lnbl ok sei l`ts okk`vnsovi g}`yq nkc G`seikmy}g" Joib nkc Eibtokjo

ok sei tid`kc g}`yq" wose `kb lok`} coi}ikdit woseok sei sw` g}`yqt+

>5 F@]N" Kiw Knsy}i ` Okk`vnso`k"

=11?" www+kiwknsy}i`kk`vnso`k+`}g+


34/133


Dbytsi}t okk`vnsovi dnqndos" ilqb`liks

nkc }inb wngit

Ok sei gb`mnb jk`wbicgi id`k`l" okk`vnso`k dnqndos wobb mi okvnbynmbi s` sei cknl,odt nkc ln}jis q`toso`k ` d`lqnkoit+ Iksi}q}otit dnk okd}inti seio} q}`cydsovos

se}`yge okk`vnso`k %tii kius denqsi}/+ Nkc wose n ts}ikgseikic q`toso`k ok gb`mnb

ln}jist" okk`vnso`k dnk ns sei tnli soli q}`voci i}sobi tòb ok weode s` m``ts ilqb`,

liks nkc q}`cydsovos+

Os ot bojib sens se`ti boi tdoikdi dbytsi}t weode s`cn cil`kts}nsi sei eogeits okk`,

vnso`k dnqndos wobb q}`vi ok ysy}i s` mi sei dbytsi}t wose sei eogeits g}`wse }nsi ok

ilqb`liks nkc q}`cydsovos+ Weisei} os nbt` nqqboic ok sei qnts ot t`liseokg sens dnk

mi sitsic+ E`wivi}" sei}i n}i m`se ts}ydsy}nb nkc cnsn denbbikgit ok iunlokokg okk`vn,

so`k dnqndos ok sei d`ksius ` ilqb`liks nkc q}`cydsovos+

Ilqb`liks ot k`s nk yknlmogy`yt linty}i ` dbytsi} qi}`}lnkdi+ Ns }ts gbnkdi"

lnk qi`qbi ok ilqb`liks ot n missi} tosynso`k senk iwi}" nkc }otokg ilqb`liks ot

missi} senk cidbokokg+ Mys gb`mnb d`lqisoso`k olq`tit g}ins cilnkct `k sei nmobos `

d`lqnkoit s` ncnqs+ N bn}gi dbytsi} dnk mi c`loknsic m itsi}cnt wokki}t we` envi

k`s lnkngic ok soli s` nchyts s` denkgokg ln}jis d`kcoso`kt+ Nkc }icydic ilqb`,

liks dnk mi nk iuq}itto`k ` tydditt o os ot sei }itybs ` `yst`y}dokg nt qn}s ` n

ts}nsigod i`}s s` ts}ikgseik n d`lqnkt q`toso`k `k sei ln}jis+

Q}`cydsovos ln mi voiwic nt n g``c qi}`}lnkdi linty}i midnyti eogei} q}`cyd,

sovos wobb k`}lnbb mi missi} senk b`wi} q}`cydsovos mys sei}i n}i olq`}snks cnsn}ibnsic q}`mbilt ok dnbdybnsokg nkc d`lqn}okg q}`cydsovos ns sei dbytsi} bivib+ Cnsn

ot k`s }incob nvnobnmbi" nkc os ot ndsynbb vi} d`lqbodnsic nkc }it`y}di oksiktovi s`

d`kts}yds g``c linty}it `} q}`cydsovos ns sei dbytsi} bivib+ E`wivi}" }inb wngit dnk

mi snjik nt nk okcodns`} ` q}`cydsovos" nkc os ot togkodnksb intoi} s` gnsei} cnsn `k

}inb wngit+

Mys d`lqn}ot`kt ` }inb wngit nd}`tt knso`knb m`ykcn}oit n}i k`s wose`ys seio} co,

dybsoit+ D`}}idso`kt `} coi}ikdit ok iudenkgi }nsit dnkk`s mi c`ki s}nktqn}iksb: sei

tnli nqqboit s` d`}}idso`kt `} coi}ikdit ok q}odi bivibt>?+ Sei}i ot nbt` sei nccic nds

sens te`}s si}l denkgit ok }inb wngit dnk }iids sei mytokitt ddbi }nsei} senk }inbdenkgit ok d`lqnk q}`cydsovos+

Ok seot ty}vi" okk`vnso`k wnt de`tik nt n linty}i ` dbytsi} qi}`}lnkdi+ Mys nt

nb}inc okcodnsic os ot k`s int s` n}}ovi ns n }ibonmbi gy}i `} okk`vnso`k dnqndos+ Os

dnk sei}i`}i mi oksi}itsokg s` d`lqn}i }nkjokgt ndd`}cokg s` okk`vnso`k dnqndos wose

linty}ilikst `} ilqb`liks nkc q}`cydsovos}inb wngit+

Ilqb`liks dnk mi linty}ic ok si}lt ` m`se bivib nkc denkgi nkc ok sei dnti `

dbytsi} nknbtot ok si}lt ` b`dnbotnso`k ~y`soiks" weode ot n linty}i ` e`w lnk

qi}t`kt n}i ilqbìc ok n }igo`knb dbytsi} d`lqn}ic s` wens d`ybc mi iuqidsic ok voiw

` sei toxi ` sei }igo`k+ Ok `sei} w`}ct" n s`snb ` se}ii okcodns`}t=1+

>? Ok d`lqn}ot`kt miswiik d`yks}oit n

d`}}idso`k ot sik lnci `} coi}ikdit

miswiik q}odi bivibt ok sei }itqidsovid`yks}oit m d`kvi}sokg s` qy}dentokg

q`wi} qn}osoit %QQQt/+ Ocinbb" tyde n

d`kvi}to`k te`ybc mi mntic k coi}ik,

dit ok dbytsi}t okqys q}odit mys tyde

gy}it n}i k`s nvnobnmbi+ D`ktyli} q}odi

okcodit n}i ytic oktsinc+

=1 D`qikengik" `} iunlqbi" enc hyts

`vi} =="111 qi`qbi ilqbìc ok boi

tdoikdit ok =113+ Nk okd}inti 9"911

tokdi =111+ Seot kylmi} =="111 ot

4+6 solit l`}i senk d`ybc envi miik

iuqidsic k sei mntot sei toxi sei

}igo`k+ Seot linkt sens ok =113 D`qik,

engik enc n b`dnbotnso`k ~y`soiks 4+6+

Ok =111 sei B^ wnt =+9+


35/133


Sei se}ii okcodns`}t `} ilqb`liks n}i d`lmokic s` `}l `ki d`lq`tosi ilqb`,

liks okcodns`}=>+ Os ent miik sitsic `} vnbocos" nkc sei }nkjokg ` dbytsi}t ot sei tnli

}ign}cbitt ` e`w sei d`lq`tosi okcodns`} ot d`kts}ydsic t` sei }itybs ot no}b }`myts"

d+ nqqikcou 6+

Sei d`lq`tosi ilqb`liks okcodns`} q}`vocit sei tnli }nkjokg nt sei d`lq`tosi

okk`vnsovi dnqndos okcodns`}" o+i+ wose D`qikengik" Ts`dje`bl nkc Lnbl ok sei mitsg}`yq nkc wose D`qikengik togkodnksb ts}`kgi} ok si}lt ` ilqb`liks+

]inb wngit envi nbt` miik linty}ic ok si}lt ` bivib nkc denkgit==s+ Sei d`lq`tosi

okcodns`} `} }inb wngit c`it k`s }isy}k sei tnli }nkjokg nt sei okk`vnso`k okcodns`}:

D`qikengik ent n d`lqbisib coi}iks }itybs }`l sei `sei}t+ D`qikengik ent m`se

sei b`wits }inb wngit nkc sei b`wits okd}inti ok }inb wngit+

Os ent k`s miik q`ttombi s` `msnok }inb wngi tsnsotsodt `} Joib" mys ok sei dnti ` sei

Twicote dbytsi}t nkc Eibtokjo sei}i ent miik sei iuqidsic }itqidsnmbi bokj miswiik

sei okcodns`} `} }inb wngi nkc sei okcodns`} `} okk`vnso`k" d+ g+ 4+7+

>11

51

61

31

=1

D`qikengik Lnbl EibtokjoTs`dje`bl G`seikm`}g Joib

D`lq`tosi okk`vnsovi

dnqndos okcodns`}

D`lq`tosi ilqb`liks

okcodns`}

D`lq`tosi }inb wngi

okcodns`}

okciuvnbyi

Fog+ 4+7

Ot sei}i n bokj miswiik sei dbytsi}t okk`vnso`k dnqndos"ilqb`liks nkc }inb wngit0

K`si Ok D`qikengik sei nvi}ngi }inb wngi ok sei boi tdoikdit tids`} wnt IY] 35"111 %QQQ/+ Miswiik

=111 nkc =113" }inb wngit okd}intic k`loknbb m >+=) q+n+ Sei vi} b`w }oti ok nvi}ngi tnbn} okcodnsit

sens lyde ` sei ilqb`liks okd}inti wnt ok h`m ykdso`kt ok sei b`w wngi tids`}+ Sei bincokg d`lqn,

koit ok D`qikengik n}i okciic }itq`ktombi `} lyde ` sei q}`cydso`k ok sei }igo`k+ N }idiks d`lqn}nsovi

tsyc ` boi tdoikdit ok Twicik nkc Cikln}j nqqin}t s` okcodnsi sens sei v`byli ` q}`cydso`k ot eogei} ok

Cikln}j senk ok Twicik" nkc sens Twicote boi tdoikdi d`lqnkoit n}i l`}i bojib s` `yst`y}di q}`cydso`k

s` `sei} d`yks}oit senk seio} Cnkote d`yksi}qn}st n}i+ Qn}sodybn}b ok sei qen}lndiysodnb okcyts} %Knso`knb

nkc ]igo`knb Dbytsi} Q}`bit D`lqnkoit ok mo`sidek`b`g" qen}lndiysodnbt nkc licodnb sidek`b`g ok

Twicik %VOKK@VN" =117/ nkc We ot Cnkote boi tdoikdi se}ovokg0/ %VOKK@VN" =115/+

Sei d`lq`tosi okcodns`}t n}i d`lqysic nt n tolqbi nvi}ngi ` seio} ykci}bokg okcodns`}t+ Sei ykci}bokg

okcodns`}t `}ogoknb vnbyit n}i ok q}`q`}so`k s` seio} lnuolyl ok `}ci} s` ikenkdi d`lqn}nmobos nd}`tt sei

okcodns`}t+ Nqqikcou 9 q}`vocit n l`}i cisnobic ndd`yks ` sei okciunso`k lise`c+ Sei vnbyit ` sei ykci},

bokg okcodns`}t n}i te`wk ok snmbi M6+> nkc snmbi M6+= ok nqqikcou 6+

=> Sei d`lq`tosi okcodns`} ot d`lqysic

m snjokg n tolqbi nvi}ngi inde sei

se}ii ilqb`liks okcodns`}t" weode envi

miik k`}lnbotic oks` okciu vnbyit }iq}i,

tiksokg seio} q}`q`}so`k s` sei lnuolyl

vnbyi" weode ot tis s` >11+


36/133


Os ot ty}q}otokg nkc `k sei ndi ` os okiuqbodnmbi sens sei boi tdoikdit dbytsi} ok D`qik,

engik te`ybc envi tyde b`w q}`cydsovos}inb wngit d`lqn}ic s` `sei} dbytsi}t+ Tnbn}

cnsn wnt `msnokic }`l d`ll`k Iy}`qink tsnsotsodt ok Iy}`tsns8 Ts}ydsy}nb Mytokitt

Tsnsotsodt %TMT/+ Iy}`tsns ot nbt` sei t`y}di ` cnsn `} d`kvi}to`k ` }inb wngit s`

QQQt+

Ok =113" sei l`ts }idiks nvnobnmbi in} wose dbytsi} cnsn `} ilqb`liks nkc }inbwngit ns n }igo`knb bivib" }inb wngit ok D`qikengik wi}i 49) b`wi} senk ok Ts`dje`bl

nkc =9) b`wi} senk ok Lnbl+ Seot c`it k`s snbb vi} wibb wose d`lqnkoit `wk voiwt

` }ilyki}nso`k bivibt ok Cikln}j nkc Twicik }itqidsovib+ Ns sei tnli soli" `sei}

cnsn t`y}dit weode dnbdybnsi bnm`y} }nsit ok n }nkgi ` h`m ykdso`kt c` k`s tiil s`

tyqq`}s seot qodsy}i+ Sei okcodnsi n }nsei} kn}}`wi} coi}ikdi ok }ilyki}nso`k bivibt

miswiik Cikln}j nkc Twicik" d+ nqqikcou 7+

Ok nk nssilqs s` ivnbynsi we dnbdybnso`kt mntic `k TMT te`w tyde n b`w }ilyki}n,

so`k bivib ok D`qikengik" n ti}oit ` cnsn deidjt wi}i ykci}snjik+ Sei tiktosovos `

}itybst s` denkgit ok sei tibidsic lise`c ` iudenkgi }nsi d`}}idso`k wnt okvitsognsic mys wose`ys }itybs+ O}}itqidsovi weode d`}}idso`k lise`c wnt ilqb`ic" sei }itybst

wi}i bn}gib sei tnli+

@ki q`ttombi iuqbnknso`k d`ybc mi sens sei d`lq`toso`k ` sei bnm`y} q``b ot ~yosi

coi}iks ok D`qikengik }`l sens ok sei Twicote }igo`kt+ Ok D`qikengik sei qi}diks,

ngi ` jk`wbicgi w`}ji}t ot b`wi} senk ok Ts`dje`bl %tii cisnobt nm`vi/" q}itylnmb

midnyti sei boi tdoikdi dbytsi} ok D`qikengik ilqb`t l`}i qi`qbi ok sei ndsynb

q}`cydso`k ` qen}lndiysodnbt+ Nkc nvi}ngi }ilyki}nso`k `} q}`cydso`k w`}ji}t ot

b`wi} senk `} jk`wbicgi w`}ji}t+ Seot ot l`ts bojib nk olq`}snks qn}s ` sei iuqbnkn,

so`k `} sei `mti}vic coi}ikdit ok sei }inb wngi bivib" mys os dnkk`s iuqbnok sei ikso}i

coi}ikdi ok }inb wngi bivibt" d+ nqqikcou 7+

N l`}i cisnobic iunloknso`k ` sei }nsi ` okd}inti ok bnm`y} d`tst ok sei boi tdoikdi

dbytsi} ok D`qikengik q}`cydit ~yosi ty}q}otokg }itybst+ Sei nvi}ngi nkkynb okd}inti

ok }inb wngit ok sei boi tdoikdi dbytsi} ok D`qikengik wnt 1+5) cy}okg sei qi}o`c

=111 =113 wei}int ok Ts`dje`bl os wnt =+9) nkc nt eoge nt 9+3) ok Lnbl+ S}ndokg

denkgit ok }inb wngit }`l in} s` in} te`wt sens l`viliks ot vi} i}}nsod+ Ok t`li

in}t k`loknb }inb wngit n}i nbl`ts tsnsod sei}i dnk ndsynbb mi n cidboki weobi

ok `sei} in}t sei okd}inti vi} ten}qb+ F}`l =111 s` =11= nvi}ngi }inb wngit

}ilnokic vo}synbb ykdenkgic ok Twicik mys cy}okg sei qi}o`c =11= =113 sei }`ti

m nbl`ts =1)+ Sei tnli qnssi}k dnk mi tiik ok Cikln}j+ F}`l =119 s` =116 seitsnsotsodt te`w nk okd}inti ok }inb wngit ` k` bitt senk >4)+ Nkc ok =116 }inb wngit

ok Twicik nkc Cikln}j wi}i ns sei tnli bivib citqosi sei nds sens ok =113 Cikln}j

nqqin}ic s` envi n }inb wngi bivib sens wnt ln}jicb b`wi} senk ok Twicik ok sei boi

tdoikdi tids`}" d+ nqqikcou 7+ Weik }igo`knb dbytsi} cnsn ok =113" sei}i`}i" te`wt n

}inb wngi bivib ok D`qikengik sens ot togkodnksb b`wi} senk ok Ts`dje`bl nkc Lnbl"

os w`ybc nqqin} sens sei ok`}lnso`k te`ybc mi s}insic wose t`li cig}ii ` dnyso`k+

Sei togkodnks ydsynso`k ok wngi tsnsotsodt }`l in} s` in} d`ybc okcodnsi sens sei

nvi}ngi gy}it n}i vi} lyde okyikdic m denkgit ok sei iksi}q}otit okdbycic ok sei

tnlqbi+ E`wivi}" os ent k`s is miik q`ttombi s` kc sei iuqbnknso`k `} sei d`ktoci},

nmbi ydsynso`kt ok sei }ibnsovi }ibnso`kteoq miswiik sei boi tdoikdi dbytsi}t }inb wngi

bivibt" d+ nqqikcou 7+


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Ok tqosi ` sei ykdi}snoks nssndeic s` sei }inb wngi bivib nkc seyt s` sei bivib `

q}`cydsovos ok sei boi tdoikdi dbytsi} ok D`qikengik" os wnt cidocic s` nqqb sei okk`,

vnso`k okcodns`} nt n g``c iuq}itto`k ` dbytsi} qi}`}lnkdi+ Sei voiw wobb sei}i`}i

d`ksokyi s` mi eibc sens sei boi tdoikdi dbytsi}t ok D`qikengik" Ts`dje`bl nkc Lnbl

n}i sei mits qi}`}lokg dbytsi}t ok sei MT]" nkc sens sei dbytsi}t ok G`seikmy}g" Joib

nkc Eibtokjo qi}`}l }nsei} bitt wibb+ Sei oksi}itsokg ~yitso`k seik n}otit ` weisei}

sei coi}ikdi ok qi}`}lnkdi dnk mi iuqbnokic m coi}ikdit ok dbytsi} tqidod }nli,w`}j d`kcoso`kt+

We c` t`li dbytsi}t qi}`}l missi} senk `sei}t0

O os dnk mi te`wk sens sei mits qi}`}lokg dbytsi}t nbt` ikh` sei mits }nliw`}j

d`kcoso`kt" os mid`lit q`ttombi s` d}insi n nds mntic `ykcnso`k `k weode s` myobcg``c dbytsi} tqidod }nliw`}j d`kcoso`kt+

F`} iunlqbi" we ot os sens sei boi tdoikdi dbytsi} ok D`qikengik ent sei eogeits okk`,

vnso`k dnqndos ` sei tou bn}gits boi tdoikdi dbytsi}t ok sei Mnbsod Tin ]igo`k0

N kylmi} ` iksi}q}otit ok sei D`qikengik n}in envi ndeoivic n q`toso`k weode ent

govik seil n gb`mnb binc ok seio} }itqidsovi ibct+ K`v` K`}cotj" Bykcmidj nkc Wociu

n}i iunlqbit ` tyde d`lqnkoit" nkc D`qikengik nbt` ent n `y}oteokg kisw`}j `

tlnbbi}" cknlod mo`side iksi}q}otit nkc lnk d`lqnkoit ok sei licoside ibc+ Ent

sei cikti d`kdiks}nso`k ` boi tdoikdi iksi}q}otit ok D`qikengik ikd`y}ngic l`}i

oksikti }ovnb} ok sei D`qikengik boi tdoikdi dbytsi}" nkc ent nk no} ` i}sobi sinlw`}jmiswiik t`li d`lqnkoit nkc miswiik d`lqnkoit nkc yko~yi jk`wbicgi oktsosyso`kt

bic s` tyddittyb okk`vnso`k0 Os ot ~yitso`kt ` seot knsy}i sens kiic nktwi}t o n nds

mntic ts}nsig ot s` mi civib`qic s` olq}`vi sei dbytsi} tqidod }nliw`}j d`kcoso`kt+

@ d`y}ti" os ot nbt` olq`}snks s` sei qi}`}lnkdi ` boi tdoikdi dbytsi}t sens giki}nb

mytokitt d`kcoso`kt n}i g``c nkc sens sei e`}ox`ksnb }nliw`}j d`kcoso`kt `} okk`vn,

so`k n}i g``c sei }igo`kt okk`vnso`k dnqndos+

Sei giki}nb mytokitt d`kcoso`kt n}i g``c nkc }`ygeb d`lqn}nmbi ok sei `y} d`yks}oit

Cikln}j" Fokbnkc" Gi}lnk nkc Twicik cotdyttic ok seot nknbtot+ Nkc sei}i n}iiw tnboiks coi}ikdit ok seio} okk`vnso`k dnqndos+ Cikln}j nkc Fokbnkc }id`}c eoge

gy}it" wose Twicik nkc Gi}lnk k`s n} mieokc=4+

Sei lnok eq`seitot mieokc seot ty}vi ot sens giki}nb mytokitt d`kcoso`kt nkc coi}ikd,

it ok okk`vnso`k dnqndos dnkk`s ikso}ib iuqbnok sei coi}ikdi ok dbytsi}t qi}`}lnkdi+

Sei sei`} ot sens coi}ikdit ok dbytsi} tqidod }nliw`}j d`kcoso`kt nbt` qbn n }`bi ok

dbytsi} qi}`}lnkdi+ Nkc seot ot sei nttylqso`k sens wobb mi sitsic ns }igo`knb bivib+

Nt sei ty}vi d`kdi}kt `kb tou }igo`knb boi tdoikdi dbytsi}t" nkc sei coi}ikdi ok

qi}`}lnkdi qi}lost sei ociksodnso`k ` `kb sw` g}`yqt" tsnsotsodnb sitsokg lyts mi

}ybic `ys+ Sei tsyc ent s` d`kki ostib s` iunlokokg weisei} }nliw`}j d`kcoso`kt

ok sei g}`yq sens qi}`}lic mits n}i missi} senk sei }nliw`}j d`kcoso`kt nvnobnmbi s`

sei g}`yq we`ti qi}`}lnkdi ot k`s nt g``c+

=4 F@]N" K`}cod Okk`vnso`k L`kos`}" =11?"www+`}nkis+cj+


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Dbytsi} tqidod }nliw`}j d`kcoso`kt

Weode dbytsi} tqidod }nliw`}j d`kcoso`kt n}i olq`}snks s` dbytsi} qi}`}lnkdi0

Ok sei gb`mnb jk`wbicgi id`k`l" iksi}q}otit d`lqisi l`}i nkc l`}i `k sei mntot `okk`vnso`k" nkc os ent miik obbyts}nsic sens okk`vnso`k nqqin}t s` mi n ji qn}nlisi}

nidsokg iksi}q}oti qi}`}lnkdi+ Sei de`odi wnt sei}i`}i lnci s` `dyt `k se`ti

dbytsi} tqidod }nliw`}j d`kcoso`kt sens dnk mi iuqidsic s` nids d`lqnkoit

okk`vnso`k+

Os ent miik cil`kts}nsic `vi} soli sens ndditt s` g``

Towards fact-based cluster policies (Eng)/ Hacia políticas cluster basadas en hechos (Ing)/...

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Transcript of Towards fact-based cluster policies (Eng)/ Hacia políticas cluster basadas en hechos (Ing)/...