inversión externa y riqueza nacional: ¿un dilema?

7/31/2019 Inversin Externa y Riqueza Nacional: un dilema?

1/143

Evgyr gs}gyu |wgq klbejkl`+W mgh

G`lr Y+ Nw}eyygq

Vb}jyRkbcgq

_egy @+ Bl`mlye

rbwg` Nymwlmlmg _`efelbk

Wkev y mlB g _wy}j Yebj

GmbejkrRlp`l}r


2/143

.n Ge}jyl` Rb Ekhbk mg _kf

Bjherk Gmjl`1


3/143

Ekvgyrek gs}gykl

u ye|wgql klbejkl`+Wk me`ghl:

G`lr Y+ Nw}eyygqVb}jy Rkbcgq_e @ Bl`mlye

w` Nymwlmlm `lkfebbek

Gmebkr Relp_`l


4/143

Mergj nybj1 Ajyng Rkcgq

Bjhpjrk g pyrk1 L}gr Nyflr Rlkj MjknjR++

_yhy gmk k rlj` i` mg 5

]l1 2??? apyr

\wgm cgcj rj |wg ` u


5/143

n

_gfej 2

Ygkehegk}

`+ Ek}yjmwbe @l erer ygegk}g 9


6/143

Hgmell gmlm mg `l pji`lbk >2_l}yjgr mg ghnylb Ep`bjgr mg `lr vlylgr L, I u B bwl lyg|wr}jr mg gp`gj 39 Evgyrk gk ? gk hl|wklyl u g|wp pjm`l vgy}j gk vvgkl g plrgr rg`gbbejklmjr+ @ bfyl bjyygrpjgk}g l _wgy}j Ybjgr g


8/143


9/143

Kh

27+ _yjpjybe g}yg y|wgq lbejl` g}l gjvli`g u mgm gs}gyl,


10/143

Ekmebg bwlyjr

Kh+ _nekl

` _jybgk}lag mg `l pjilb |wg rg clli }ylilalkmj, pjy glm u rgsj gk plrgr kmwyl`ql(

mjr, >? + + + + + + + + + + + + + + + + , =5

9 _jybgk}lg mg `l pjilbk mg _wgy Yb wrg cl`li }ylllkmj gk jb}wiyg mg 9 + + + + 7

2 Bjkmbjkgr kbelgr # lj ilrg 6

= Yg|wrj mg kvgyrk kgl lkwl #hjkgr m

mlygr% + 327 Yg|wrjr mg ghpgj lkwl u jl pjy mbl#L, 6 ', >= '% + + + + 3

6 Yg|wr}jr mg hpj lkwu jl pjy mbll#L, 3 ', = '% + + 3=

> Lb}vjr }lknir ygpyjmwbir Ljr frbl`gr5=>(5>= #gk hjkgr mg mygr l pygbjr

bjyygkgr%+

+ + 53 _lrvjr mg _wgyj bj bk g gsgyjy Ljr

frblgr 5?(5>= #k hjkgr lyr l pybjr bjyykgr% + + + + + + + + + + + + + 59

5 lqk y|wql klbjkl` kgl ygpjmwbggwm

jl #gk hjkgr mg mlygr l pybjr jyygkgr% 5


11/143

_glbj

Gr}g èiyj gr g` pywb} mg bwl}y jr m gr}wmej+k g pygrj mg pygkmqag |wg r rjhgr ek}gk}hr reghpyg bwgr}jkly | lygki rgy jivej+Gk hwbcr jbrjgr j jivej rg rjr}vj mg hlgy ekgspwnki`g+ k j}yr rejkr, u py rpygr kwr}y j|wg plygb jivj kj ygrer} g` hgky k+ Kwgr}yjgkfj|wg c kgk}mj rgy ghybj1 irgyvbe, ce}grr rr u r}gr+ Kj ygbhhjr gscrevemm pgyjr bygghjr cigy bkm gy}r bjwrejgr |g grpgyhjr pywqbk by}e u mrbwrek+ Kwgr}y grpgyklgr yjvjby mg grl hgy wk hgajyhgk} gk ` pèbbk mg l hgmjjn beg u rjiyg jmj gk g`

k`rer bwk}}vj mg ` ygèmm pwgyjyy|wg+ Gnyk vjwhgk mg efjyhbk |wg nggyl rbegmhjgyk cg ekmrpgkrig ygbek mg gr}l kfjyhk pyjpjyejkgr hkgaigr Rjiyg j rg yg|gyg mgkfby ekfjyhbe mg hujy yggvkb u gmrj mg hj}jygr |wg pgyhk hgkjr wl pefebbek mg bj}ngkb+

Mgrmg


12/143

vlr mg bkvgy}eyjr w bewmm m `r Gr}mr Wer+ @ gbkh m` pr pgy bm q hr bh m w b}y wyik m` r} mg Khyeb r hjveheg}r mg bpe}`, ` enybe mg pyrkr ` bk}yfmgy` mg `r pyjub}r gmr b ` e` mg `rwkbeper g _wy} Yeb u rpgbehg} ` gr}ywb}wekbegy m` pr rg m }yr byb}yr}er rer (gs}re yye}ye` bkenwybe wy( cbyr pgry _w}j ebj B}u, WR

Gr} bywm u y yg`mm mgg rgy hpygkmem gwgy} Yeb re r |weyg gygk}y mg hgy ggb}ev wg ` erh ehpeb bmbk m bwmm ehb

megykber bwè}}evr mg yhg ehpy}kbe Rg spebr w iwg py}g mg` pygh gbhe mg _wgy}Yeb u nyk py}g mg` yr} m wgr}yr pyghr rbe`gr remm ` }hy r rk}hr mg byywpbe ve`gbe u ` py}r} eh |wg r hkeegr}k brb}y `r pyrr u b}y ` pypegmm r |wg``rbkmeber |w byb}gyeq ( `r nymgr wygr mg G}r Wemr G` rbgye |wg }erhr g g }w ek

me} r gk wbcr rpb}r pygbem mg wk j}cIyjks veeèmm mg _wgy}j Yeb bh pr pgbggy mm pr ` m _wgy} Yeb bh wk yyej+

r}g èiy b}egg h}gye` |weqr grbr py |wer r}k heèyeqmr b ` èrer gr}mreb ub hg}r m erer bheb L e mg nwey `gb}y `r b}w`r < u 9 bg w y mg wgr}yr pw}r mg er} yh nggy` Gk g` bp}w 2rg ybn ``qnr mg e}yr gk g` bhp mg ` meeb r}ywb}wy` g ` p`be mg _wgy} Yeb Bggr |w ` ejybe |wg ybghr wrr pykrebr u ` }m herh |wg w}eèqr bkr}e}wug wkw}g `r py mr `r e}gygrmr `r rbwber m `r ber mnyebr mg _wgy}j Yeb

G` bp}w` = b}e w kèrer mr mg ` re}w

be m ` bj g wgy} Yeb u mg `r preeèmrmg gryy`` mg ` herh g ` he}r r}ber py`r brbwber mg r p`}ebr r y rnwemr

=

G+ Y NV R B_ @ B


13/143

hg}

Gsjygrlhr kwgr}y ygbkbeegk} `l Gwg`l Nylmlm4 mg _lkeblbek u l rw meygb}y g mb}y NgylmKlvlr, |wegk ceq prei`g k}ly b l luwml kggrlye,m

lk}g r }ehr mr lr u hgme, lyl `l bkr}ywbbek mg rer}gh mg hmgr mg rehw`lbek |wg megykirg wgr}yr mgrbwiyehegk}r u bkbrekgr

Grl g}lpl mg kwgr}ylr ekgr}enbekgr u pl}g mg eklkbelegk} mg gr}l pwiblbek fwgk yglqlmr l }ylr _yugb} mg _lkefeblbek Rbel, lwrpebem py gBk}gy fy }cg R}wmu f Hg}y`e}lk _y`gr mg` Klkl Ekr}e}w}g f Hg}l Cl}c mg r r}mr Wkem,

N} Kwhigy 7 ]9


14/143


15/143

`+ Ek}yjmwbe

@r r lgvr g hlu pl pll `l ghl g _g Y ` pil `l |gq+ @lg g lir gr pgr ggrll, l pl g` gr

pv h hlv g l rgl pggl _g|glr fgglr llvlr g grlr hgrgg rg grprlig g nlgr ggr g lpgl u g p`l pil g `ln pq g ` p gg g` lgv g |gl l pi`l ggh g ig hgl g v g rlrfl `gvu g pgl` f g rgl

Rg l flr fl`gr, ` hl g _g Y

g lg lr lr lrllr g`l| l phg vr l vgg g lr p hgg r plrgr glhgg pigr llg`lhgglgr h g r g pl, g hg gvglr p fh`l g l|g lv`r cl lgl lhlgg R gpl gpp`rl pg f g ggg< g l|gr lgr gg` fkgk g mgrlyy``j gbjkhebj gk }yhekr mg k lw

` . rrg g` p l lr hlu |g g`h g `l p`l ggr rg gig | g Y c r p`lhgg gsr g r0d1`` g

} Qehgyhlk, A _lrgr jr plrgr pjiygr l ycl wg .k~hb` Rnj SSE, = gmb Hsbj 2+


16/143

Gr}j rg jny, mgh rk cli l`0.ymjhgk}g yb bj`jke` g pl bk `r Dkm gy} ebj gk r `}ehr br g ygbgy`gju ekngkj gb}jygr feyeqjr bjk jy gJrvj Rkdg, Rkngy, ` ]gerb, B`rj Fy}j u j}yjr gr ekkgn`g g jgy}hgk}g rg `jnyj g `jr ebyg g gy}j ej bygbgyk bg(


17/143

ylmlhgk}g+ L|wg``jr g bjkegyjk _wgy}j Yebj k}grmg


18/143

bl jfeel`gr mepkei`g mg _wg} Yeb+ Gk jbekgehjy}}g kj bbwgyml b `l ek}gyyg}lbek |wj}y cl cgcj mg l befyl+ Bygghj lmgh wg gkl`nwkj blj g}l }eh lmj`b m ekbe}gkbel

u l j g`lhj` kfle |wg g `g cl mlm }mbekl`hg}g ` gw

mej mg f`wa, l ekng, l` ymwb} y wkemlm mg }egh, cl emj wk mgieemlm mg lkèe mg `l lb}evelmgbjebl _wgy} Yeb g cl }gem bjh bjbwgkbel |wg l hg} }lhie g gsyggk g }yhkmg fwa _gy lk, `l hg} g gbwgk}ylk ekvlyeighgk}g gspyglm g }ye mg w fwwy ekmg}gye

lmj, l fjyw`ly`l bj jybgk}lag lwg m bhij+R`j g j yjnylhl mg nl} ièb h g}ygbhk}g mgfeem g w feklkbelheg}j g ggbefebk fg}gyhek`g Kwbl cli`l mg `j lbgv, l`v g` mgi`lbe, |wg egyg g g}ehl |wg jy Rg j`veml|wg f`wa, e g meelk, wgmg lhg}ly bgyv|wg g lbwhwl bj hu hgy vg`bemm u wgk blml k}lk}g gaybg ef`wgkbel }lhek j jheh f`wa |g nggyl u gmg iyg }l`l vem bel< u gbhebl mg` l H lk, j lbgyb}e}wug wkl bllemlm, j}gbel`, ly `l gkylbek fw}wl mg fwa mg enyg mg bw u m henylk}g+ Eb`wevg, lgyv wgmg gpygk}ly wl}yg |wg ehe}g l eieèmm felkg mglyyj``j fw}wy+

@l eke}gbel g enyly lbgyvj g mgig g ly}gl |wg, b gsbge mg `l mgwm gs}gkl, g}k yglbeklm bj g` gb}jy ek}gyj mg `l gbkhl+ Fylkbhgk}g}g }ehj l em hgkjygbelm fygk}g ` gb}y gs}gy, ev}g m` g|wghl m mgyy``j |wg lm} _wgy}jYeb+ _jy g}l lqk kj pmgh y gslnglmlhg}ggvgy j `l gyjkl gbynlml mg `l efeblbg _wgy} Yebj, wg mgiegyjk gkhlyby w }lygl gk wkg|wghl g mglyyj``j |wg fwg g`lylm jy gl+9Kj ji}lk}g l hlnke}w mg lgv lbwhwlm g

9 Nw}eyygq, G+ u V``lhe`, A A )@ p`lfeblbk gk _wgy}jYebj1 w l`rer by}ebj), gk @l p`lkefblbk mg` mgrlyyj``j gkLhyebl @l}kl, Fjmj mg Bw`}wl Gbjhb Hsb 7+


19/143

_wgy}j Yebj u `lr pyjpjybejkgr gkyg g``jr ul kj pgmgkrgy nkylmlr pjy pjèbjr j p`leflmygr+

Lmg`lklhjr l| ygr`lmjr plybel`gr rk pyggkmgy|g `l weèqlbek mg `jr jmjr bwlkelevr gk `l `l

kefeblbk rgl l`nj kjvgmjrj @l jiyl mg @gjkegff u]higyngk gr bjkjbml pjy grmelkg mg pyehgy lmg p`lkefeblbk j gbjkjhl Lwk gk _wgyj Y g`cgbcj mg |wg rg bgkg bjk k cligy mg beflr bjygrpkmegkgr l nylk khgyj mg vlyeli`gr gbjkhelrgvemgkbel g` ygbjkjbemj vl`jy u rj mg `jr hjmjr bwlkelevjr Ygb`lhlhjr r bjj lpjyg kwgryj, g` p`lkgjmg k gkfj|g ghpyebj wg rergheblhgkg ygbwyyl lkwgvlr hgmmlr bwlklevlr |wg pgyhelk l r vgqpyjmwbey kfyhlbk bjkfeli`g l wk kevg` ` pll mggyhekly kj r`j `j kgbgrlyej rkj lhiek ` pjrei`g

\wqr g` l`rer hgaj u hr ygbegkg mg` blrj mgwgyj Ybj rg gkbgkyl gk k ylilaj g Ajr A Ve``lhe2 l bkb`wrk mg V`lhe` plygbg gry b`lyl gk g`rgkemj mg |wg _wgj Ybj pybblhgkg k egkg j

bek gk `j ygfgygkg l k mgrlj``j jkeklmj u lbg`gylmj G` mgrlyyj``j mg` plr rg mly laj `lr helbjgrhpwgrlr pjy r grybwyl rjbejpjèbl u riyg jmjpjy r mgpgkmgkbel gbjkheb Kjr jyjr cghjr rrbyejpièblhgkg g g` plrlm grl lpygbelbek ngkgyl`+) Grjpjy rpwgrj kj cl remj jhpygkmemj jmlvl gk _wgyjYbj+ @l jyhl gk |g g` njiegykj mg _wgyj Yebj hlkga `l byerer mg 7 gvemgkbl `l flneèmlm mg `l gbjkj

l ngkgylml gk _gyj Yebj

@l byerer gbegk}g

@l byerer gjkhebl mg 5>7 lm|wey pyjpjybejgrlyhlkgr gk _wgyj Yebj l` pyjmwbyrg reh`kglhgkgw l`ql mg nylk hlnkewm gk g` mgrghp`gj kl blmlgk ` ekvgyrek pyevlml k mfebe gk g` pygrwpwgrj mg

, V``lh, A A+ )G` hjmg`j pwgy}jyye|wgj1 `jr `he}gr mg.kg}j mgpgmg}g g Ygve} mg E}e}w} m Gr}wmeA1heb u Rbeg m _wg} Yeb vj`


20/143

nlr}jr mg fwkbejklhegk}j mg` niegykj u wk bygbehegk}jlbg`gylmj mg` kevg mg pygbejr+ Gr}l re}wlbek pyjvjbl l lynl wk begyyg mg` gyblmj mg lpe}l gs}gj _lylwkjr l byerer r ygr}mj mg bebj gbjkebj kjy}glhg

yeblj , jy j }kj, bygbg m renkefeblmj pgyhlkgk}gplyl g fwj y j}yjr, gk bliej, `l byerer pyjvegkgpyekbephgkg mg erj bygbeegk}j }l bjhj rg clmlmj gk wgy}j Yebj

@l gbjkjl g _wgy}j Yebj gn l k gr}lklhegk}j}l gk g` lj ferbl 7+ G` ekbyggk}j gk g jr}j mgl gkgynl l ygmwbek gk `l jfgy}l mg pg}ygj kemjr

l jr gfgb}jr mg wk ekflbek bjkremgylg, lk ygmwbemjlk hr `l blplbeml pyjmwb}evl mg _wgy}j Yebj @lygbgrek mg `l gbkjh kjy}glgyeblkl rg ygfga gk lrl rjiyg g` rgb}jy lkwflb}gyj }wyr}ebj bhjygrw}lmj rg pgymegyjk


21/143

9+ @l e mg` pygrgk}

rehp`gq pyk}g mg` prmj c rmj mrp`qmpjy ` bjhp`gaemm mg` fw}wyj u ` jkfrk mg` pygrgkg+

]jmj |wg` |wg mgrgg mk}efby r bgr mg ` bjk

fwrk gk |wg vvhjr gk _gy}j Yebj gk gr}jr hjhgk}jrpyjvgbcy hwbj ` `gb}w mg wk gbek}g jiy mgL`vk jff`gy, Fw Rcjbd7

jr |wg bjkjbgk g` `eiyj |weqr cuk p}mj hjy}kbe py}bw`y |wg g` erhj gkg y kjrj}yjr `jrpwgy}jyy|wgjr+ L l|wg``jr |w kj `j cuk `gmj `rmvg}ejr |wg gk ` r gkbejk _wgy}j Yebj j}gkegmj gsp`be}hgk}g kknwk g`bk bjk g` pr+ Kj

jir}k}g pyjvg gfj|wgr v`ejrjr u jygk}mjygr gk }ghl lnh wg yyjp ju ` vm rjb` u gbjkbmg `l r`+

Gk grgk iyj m jff`gy pyjkjr}eb wk gkj}ywh j rcjbd prj`nbj jr ekmvmwjr gk `r rjgmmgr kmwr}ye`gr g` fw}wyj+ Rgnk ]jff`gy gr} rgyr pj|wg ` bjhp`gamm m `r rjbgmmr kwr}y`grwk}l wk }hj |wg rjiygpr ` bpbemm kl`w pjrggk `jr kmvmwjr py awr}yrg bhiejr ypmjr mg` gmj+ Bjh grw`}mj rg pyjmwb, gk}y j}yrbjrr k kj jekbemgkb gk}yg ` yg`mm u ` pgybgpbek wg rg gkg mg rjbgmm+ M g }ywh |w

r ]jf, L Fw}wyg Rcbd Ylkmh Cr Ek ?+

2


22/143

peql `r fwkbejr }`gr m` emevemj+ Gk j}rìy, m lby b l } er m ]j l bb}u lb ham jyr rjbr u bjheblr fwy m er}e` `l rwrk}ebycjr l w br`l0`j mg kaklbek }j}`+

< ,l 0 ( ~ .kbel _} Yb cb r |w ryn m w } lèq j r c y rjb ewr}e` rej ` b}wl G f pw pjwer rjber w r wr}e`q r jyeqk prj b`

Gapjr bjjbe bw}w` pjwb jy bij lbyl |w rbe ]ff` wm ul

_} eb ]jjr bj a rpbj b}e}w }w}eq bj |w r al jr yjr bjebjr+

G `jr `}hjr vg}bekbj ljr rg cl mryyj` |ww jjl |w r bllb}eq } j}yr bjr, jrw mrj pj rw vwleml l} bir `s}yj _ l} w re}wb r} aj }r

bjmbr r w } }r bjrr1 , `bpbem m } jm bybe} bjam lr fjr bjebr |w r nyl ` }pj4u rwj `l bplbem br} `r er}w}jrbrr p bjk ` MrZfj}w} _y} Ybj jr pr pyree l

@j b}j r |w `l jbe ` blej c majqnlr `r er}e}wbejr bjdr | bjpj

wr} rer}, }} k r pbpbe ` b}re}wbe bjeb bj ` }jj`jn |w pjrpl ay` Bjj rw`}j c }j rcjbk w rpbe r}j b}}j. j j a r eb}jr nwr r}e}wbejr pb b|w `r jjr rj ` pebep pjwb}j wr}y bj+ Gr r jr rjpl |w nw `

jbwye bwye ` nje fl` yl rjebe} wbwj}l p ` }l }r jjr ` er fj|w }jr ply ql Gr b w r jrn}eb ` bjp }}r }jgmr jr bj Gr w rj b`lj j `l bjpàe bjebl r er}}wbjr rr bj rjypr `l bpl(


23/143

belm mg r}r ply gk}gkgy`l u hlkgayl, jkm blyyg}l rg cl lmglk} l jr blilr+

Gr}l plyleqlbe u gkagklbe mg `l ekr}e}wbejgrpieblr u pyevlmlr g` pr begy}lgk}g ygf`ga wkl gkl

agkbek bygbegk}g mg wbjr mg kwgr}jr meyengk}gr grpgb}j g l ygem gbjkb gk |wg vevejr+ Grj grpy}ebwyhgk}g gvemgkg g kwgr}yl gner}wyl mjkgbjkekwlgk}g rg lpywgilk `gugr bjk gkjygr bjkrgbwgkber gbkeblr re rewgyl }gkgy bjkbegkbel mg lrerlr Hwbl nerlbek ieg ekkbejkll gyheklngkgykj pyjir uygr |wg jr |wg lpwkl lygrvgy

Jpgyhjr g )rwpgybjl |wg gkgjr cju bjre fwgyl g )vgk}jyyej cbg vgek}g jr+ _jy grj rkgbgrlyej |wg }jlr lr pgyrjkr |wg pyg}gkgk ekgyvgkey wg ek}gyvegkgk g nwk f g ` meygbbekmg jr lrwk1jr mg plr rg bplbe}gk py lgy kwgvjrbjkbpg}jr u h}jjr+ ekgweig pjy gagpj g hlkgaj mg `jr r gggk}lgr pyekbepjr g l gbjkj

jmgykl py iygny lmgbwgk}g bj jr pyjiglrg l rjbegml b}wl \wg bwmj rg clig py gagp`jmg` wr mg h}jmjr mg rew`bek ply gr}ely g` bjpjy}hegk}j fw}wyj mg `l gbjj bj yglbbek klpyjpwgr}l pj}ebl piebl rg rgp pjy j gkjr mg |wrg gr clik

Mg jyl fjyhl kwgr}y rjbegl ey mgrek}gnykmjrgplyleql pjy g rcbd mg pygrgk}g u grplbckj mj

g fw}wyj bjk w hgyj )kj rg gk}egkg

@l ekgp}}wm k}g ` bjhpgam

Wk gagp`j b`lyj mg l ekblplbelm wg c hjrymg rgb}jy piebj mg _wgy}j Yebj pyl lmekerl lgbjkjl g pr `j jfygbgk lr bjypylbejkgr pieblr

@lr bjypjylbekgr g rgyvebejr piebjr irebjr grbjj jr g gkgyn gb}yeb lbwgwb}jr u ggjwkeblbejkgr gsceig gk ngkgyl j |wg rg bjkjbg gk l e}gyl}wyl gbjkebl bjj g gfg}j Lvgygb(A jckrjk+6 r}g

6 Lvgygbc, C u Ajckrjk @ @ .Igclvey jf }cg fyh wkmgyygn`l}jyu bjrylk) gk ]cg Lg Gbjjhe Ygveg~, vj`76 kh+ 7, mebghig


24/143

g k}1kef0r` y C g p}0 Bjhplu #Y]% G

, g b.`ql v ny yy Ey k < kmr u ny i

}


25/143

jk}ylaj bjk `r lw}jyelgr pieblr l` kj plnly pjy `jrryveejr |wg r}jr pgr}lk l njiegykj+ Bjk jr ehwgr}jr l jkrwhj u l jr eknygrjr g njiegkj l}ly fjkjr l lnly } g rlr gwlr+

L clgy gk g lj ferbl


26/143

}i`r}bj) mrgmj bjk ` fk m klky g` mb mg5>7 bjk fkmj mg 5>64 lwhk l bg bimg ` jpjbjk el% g` bl 5>6 u} ri a g >+

\q lu pnj g 0 r} j lbk pc`ebl gk | l ` pg k >6 l y pl .Bb rll l kgl p bl k l lj+

Wk ap gk g A vkgimm m gbkj mg _g Y fk}g l bij gk ` j`b gkb mg `j Glm Wkmj u mg bgamm mg`l gbjkg gjkbl jg `j fgg bkggbc g g jigv gmm mg 5>7 g g`gpg}j mg Glm @ig Ljbm #GL u ` j`b p`g k}gk mg j G}m kj

G` jigkj mg _g Ybj gkk k vg bk fb` g gj gkj qk kgm, kg kj kb fg gkbk m f mg p}bk ig g` ggj jg j g ggkg mg

`j G}mj Wkmj g` 2< m mg 5>7r jkg g` g f g gl fgbj gq g g g`kilk ` bkg g gb rgg mg` g`g jmbmj g Gmj Wmj # `mj ggj mjbj G j m gl gg mr}kj, }kj gk kgq j gk rmm gjj g G}mj Wkmj u mg _j mgbrk mg` mgkg i kgbgll u

bjkgkgk}g gbjkj mg ` Grmj Wkmj kjr ` mg _g} Ybj bu gbj gjbji mj gmj rjig g kbj mg k }`gjmjrj r bj g g` mj

`bgkb g jk mg bmj u mg kf agk}g bk g jk}j mg b ` b g fai

> Gr}g lkerer fwg grbye}j pibmj gk fjhl mg wkl bj`wh

kl gk g melyej G` Kwvj Ml gk njr}j mg 7+ G pygremgk}gFjym pjr}gyn gr}l mgbrek gk vyer jblrejkgr mwylk}g 7 w}eqkmjl bjhj wk lyhl mg kgebek bjk g Bjkygrj mg jrGr}lmjr Wkmjr plyl hpjkgy rw pk m pj`}eb peb mg gkgynl u fl gk rw k}gk}j+ _jr}gyejyhgk}g, g pygremgk}g gy cljnylmj wkl lpyjlbek plybel mg wk pk plyl g rgb}jy pg}yjgyj|wg l gkjr gk rw vgyrek jyenek ygpygrgk} wk vgymlmgj lmlk}j ygrpgb}j mg l pj}ebl vegk}g


27/143

gk 7,9 m`lygr g` vl`jy mg` iyye` plyl g` 6? jy begk}mg` pg`gj pyjmwbemj gk `j Gr}lmjr Wkemjr plylmaehgk}g bjkr}e} k ekbgk}evj l ` ehylbek mg pg}y`gj pyjmbemj gk g` gs}ylagyj+ Gk lrkbel mg k

rer}ghl g bj}l mg ehpj}lbe g e}e}u g` pyjnyh jkjbemj bjh mg )g}e}`gh}r+ G}g pyjnylhl pgyhe}e g` gr}li`begk}j mg ygbej hgmelk}g k hgberhj bjkrer}gk}g gk pyjgmely ` pygber mg ehpy}lbek u `jr pybej m` b


28/143

g` bjw`hyej p1} Aj ej renkefli wk lnyvlheg}j m< rw p} jce_ < i0. wk nj`p plyl r bjkhlGk g~k` l jr 7 |lyr py lyye, g bey 3>7 ekr glyr lyer ygbe g jr 6,7 ekr lyyrg p}y`gj ehpjy}ljr gs}ylkayj rg ygwl g 9lygr pjy lyye bey 2 hjkgr g `lygr elyer+ bjr} } lebjl plyl bjjhl g r}ljrWejr pjy bjrwh g pg}y ygrw`}l g 7>7hejgr g lygr elyejr

Re bjregylhjr wg g bkrwhj }j}l elye g gkynl, hgl lyegr g pg}y`j l bjjl r r}ljr jr gyl g =? he`jkr g m`lyr lyejr,g whk} g g bjr}j yjhe mg l gkynl wevlrj l 25 bk}lvr py lyye Lwwg `l J_ cwgrglwhk} 7? `lygr ` lyy pg}ygj l jhgqjr g 5>6 jhj rg ywhjygll g gfgb} rjg l gbj

hl g nggyl cwegr rej j l herhj }ehpwg r cwegrg nkgyl ekbgk}evjr bjregylr plyll spjylbek u l pyjwbbek eykl r}ljwkrr

br wgy} Yeb gyl er}k} wgy}j Ye gpgkg g w J pjy bg}j g gynl yevl pg}y`gepy}lj r}l bjrgyvljylhg}g g bjrwhj pg}yg plyl wr ek}gyj 7?+??? lyyer pj l l

efgygkbel k `jr eknygrjr pygrwpwgr}ljr py njgybg}yl cwegrg rej g ?5 he`jkgr g lyr g g lferb 5>6 u j g 6? he`kgr g lyr, bl`bw`ll ngyj

gfgb} rjy ygr}j g `l bjkhl r w hrbjhpg @l ll gk g pybj ek ` yw g 9 lygr l gehelyrg l bgbel rg bjhpgkrll pjy l gehelbe jr kgfebejr pyjnylhl g pyjhgely ubj}yjly pygber bj}yr}g }yg l re}wlbe gk r}lr Wker u wgy} Yej }eg lnyvl} gebejlpyl gr}g }ehj Hg}ylr gyl pyj` w `jr pyjwb}jr jy}glhgyelr lwg}lylk g pygb nylwlhg}plyl ve}ly k lbbe Bjnygr g gy} Yebj gggb}j cwegr re ekgel}j

?


29/143

G` rehp`j mg` plkfbjy

@ emgl m |w ` bybhek}j rhpy rwpjk mrlyyj``j mj lynk k ` mbll m` =? l wkl }jyl rjiy

` p`lfblb+k bjkhbl bjp`ml l `jr yji`hlr ml j}kbl kmwr}y`r, pj lakl jr pyji`hlrm jr plrr pkmk}r

Ekf`wuk}r bjkjhr}lr knrr u kjy}hyblkjr lp`blyjk k hwkmj mpkmk, bjhj r r }yl}lr mkjylr wkvrlr, ykbpjr vmjr rj`lhk} lyllrr kmwr}y`r @l rwpr}l kvyrl`mlm m rl }j

yl, wkml l k}yr `jr rr rly``lmj fjyq kjr lrr mpkmk}r `l lp`blbk m r|whlr bjbjr mvjyblmj m ` yl`ml m r}jr `}jr \wjr}`li r}l }jy: _jr}` |w ply `jnyly ` mrlyyj``j ilr}l lbwhw`ly blp}l` Wkl pyhrl |w lp`blmlbjhj `u wkvyrl` bkr}}wu wk sbrj }ybj j, `j r `j hrhj k l}yjp``j m ` yl`mlm

@lr j`}b m mrlyyj``j yblr pjy jr rr k

mwr}yl`r jr plrr mpkk}r ylk rkb`lr @jrlkfblmjyr }klk ynly r`j jk }yr flb}jyrmk}yj m wkl blbk1 wkj m kl}wyl`ql }bkj`nbl#` y`lbk bp}l`(pyjmwb}j%, j}yj rbj`nbj `l pymrjrbk l` lcjyy u, fkl`hk}, wk fb}jy i`nbj#l }rl g bybhk}j m `l pji`lbk Vlr |wg k}yj r} rwhl rh`r} r`j }yr hk}j m}y

klk `l }lrl bybhk}j m` knyrj yl py bp}|w yl, fk m bk}lr, j kbj |w hpy}lilGr}l }jyl liyvlm l p`kfbbk bjkhbl

k}k}l sp`bly m `l rnwk} hlkyl bh g bybhk}j m ny yl` y bp}l mpkm m `jr fb}jyr |w chjr hkjklmj lkyjyhk} G knyrjy bpl lwhk} pyjjybk myb} bjk l blplblm m lcjyyj m `l bjkjl u k jpjybk kvyr

bjk `l y`lbk blp}lpyjmwb}j Gk lmbk, bybk}j m knrj pgy bp}l }k wkl y`lbk kvyrlbjk y}hj m bybhk}j m `l ji`lbk

l }jyl }lhik pjr}wl |w hk}yr hlujy rl ljpjybk m l yjmwbk }j}l lkwl` |w wk lal m bjkrwhy u |w jy `j }lk}j lcjyyl, hluj4 }lhk ry `l kvyrk |w rl bjkjh pjmy ylqly

2


30/143

grg j ul |wg g` lcjj gr enwl` l vrk+ Grevgre g lmg lpemlm jmw}vl l gbjjh

@l g }l`(jmw #g lhg}j gjj% j rw }g, mg}ghl `j |wg pwg jmw w

gjh g w j mj rl yg jr eml wj ll rg ggr}l ngg w

ml mg jmw

+ Hgr hluj rg g g|wr}j mg l} j wemm g jmwij gr mg hg}r huj rg l g`pjmw}j hr m rg g ehg}j ul |wgl gj c |wg lwhg}l `l j mg ngrj |wgj rg jrwhg rj |wg rg cj r}j |wgg mg|wg l g wl gjjh ggrl gmw jrwhj g }hjr gl}evjr u vgr clr}l g }hjrrjwjr l hgjr |wg wgm g` jrwj j gs}gj

@jr jgr mg _wg}j Yj llqj g` ej mg l gj rhr} mg` mgrjj u j lj rwr jrwlmjr gglhg}g lvr mg wlj`} gjhl l j}lgj jl }

Vlrg |wg l jj g` erj |wg rg c mgmmj lcjj cl rmj hhl u g g` rj mg cjj grjl gn}evl Cghjr jrwhmj hr g wgr}jrgmjr _j g }j ghg}j gjhj |wg |wrg cl gnr}lmj wl}g jr 9? ljr lrmjr l `l vgq|wg wkl ply}g ehpjyk}g mg kwgr}y bjkrwhj, clk gkm|wg erg j }l` mg` gs}gj @g rjhgjgr l wg |wg mjr gglr }gr mg r l

vjr mg l} g}ggq l j rmg}r g _wgjej:_gj j rj j l jj g cjj wgrjr

eemjgr }w


31/143

rgalil |wg kj rg cebegyl, |w j}yj gbwrj `g |wgmlill kwgr}r p`lkefebljgr bjhj kj fwgl hlkgal g g`g(hgk}j mghjnfebj gk `l gbwlbe )fwmlhg}l` mg rr|wghl mg mgryyj`j: @l gsbwrl plyl clbgy`j `l pyjpjbej ` lb}e}wm |wg g``jr herhjr ggylyjk gk g` plrgrpgbj g `l pji`lbe+ Gr}l, g vgq mg bjr}ewe wflb}j mg pjmwbbek, k ygbwrj klbejl`, u, rjiyg }jmjg` fk herhj mg` grlyyj``j, lplygbe bjhj w gr}jyiU `jr p`lkefeblmjygr bjrewegyjk |wg `l gbjjhl mg_wg}j Yebj bygbegl @r pyjhgmejr g` engrj pgbpe}l rg merplylyjk clbel yyei heg}ylr `jr pwg}jyye|wgjr vj`lil clbel lfwgyl+

Mg `j pjreig l `j kgbgrlyj

@jr rgl`lhegk}jr cgbcjr l}gyejyhgk}g rg gegg ll`nj ngkgyl` |wg blylb}gyeql g` pgkrlhegk bjkvgkbejklgk `lr grfgylr mg pjmg ekr}e}wbejl` gk g` plr @jr pj

`glr mg` bgbeheg}j, g` mgrlyj``j u `l p`lkefeblbekhlbjgbjkhebl u rgb}jel` mg `l gbjjhl mg _wgy}jYebj }lhek pygrgk}lk blylbgyr}eblr b`llr u mgekemlr|wg, kj jir}lk}g clk rem mer}jrejklmlr u lwk }jybemlrpj l|wg``jr |wg, j kwkbl `jr gr}wmelyj j pjy l`nk e}gr ply}ebw`l pygfeyegyj bjwmey`jr

Mwyl}g `jr `}ehjr ge}g ljr _wg


32/143

cl``l g` plr bjkvekg gsp`ebly l`nwkjr mg kwgr}yjr ygrw`mjr Cghjr lk`em g` bjpjylegk grgylm mwlk `r py+sehr


33/143

`jnl plr gk ` pjmwbevemm m` blpe}l` u mg `kl clk pjrei k eqlbek hr ebek m lbllbemlm pjmbevl u lmghr pgeelk eil blpbemlm pjmbev pl p` hr pgrjklr+ @jr gfgbjrm gr hkj m ebekbe r mbelk r v gk hj gk ekr ` mg` p

agh`j, re rg hlkegk ~


34/143

ekvgyey gk ijkr mg` G@L3 G negy mg _wgy Yebyglbbek yrlhgkg u mg ekmel lk}g l lmvgygkbel fyhw`m py grr byygmygr+ G bg`gylm mggyeymg `l rewlbek ferbl` mg bewmm mg Kwgvl Uyd pwr

gk eny wkl ygn`gkbek r grye, ènlkm lr wkebeper l ylr awyemebbekgr pèblr ekb`wugkm l`G@L ygZkmey ekfygr ryg rw rewbek feklkbegy bre k yenwyrr b `r |wg rg gr gsegk l bhplr pyevlmr Gk g br mg G@L yr wkebeperk gy pyjrpgb}wrk gyl ul rwfebegkg

pygbwpbek gk `r bybw`r fekkbegyr mg r Gr

mrW

kemr grpgb mg ` rewbek fekkbegy mg lmkerybek pebl mg wgy Yeb rg ceq gvemgkgk k lybw` pwèbm py pygrenrl ygrpglmlygerl fekkbegyl rglk Ih(jk.r wg pwebl l M~Akgr & B #^l` Rgg X g kmebg melye mg lI`r mg Vl`ygr g Kw g vl Uyd% g` g fgygy mg7+Gk g lybw` mg lj.r r rgl`l pgbplbek gergkg py r fekkqr mg G@L u gk grpgbel mg

rwr bypybekgr p`br G p`gl pygrwpwgrlyemg G@L pygbepel `l bwgrek Lwkwg r gr wkl blrlekhgme k gr ` kebl ke ygrw`l fwkmlgkl` mg pygbwpbek wg bwkmg gk g gym fekkbegy mg rGWW b ygrpb _wgy Yeb

@ blwrl fwkmgk l gr vgkm rgl`lkm bkrkggkg l ylvr mg r 1 ` pèb pèb wpgee u lwk grehw wk bkrwh r l`` mg ` gkwgry bpbemm plyl pymwbey bkrgl b pymgkg Gr kr ygbwgym lwg`r pl`yr lpemlyelr mk ekrenkg p`}eb mg _wgy Yeb ` ygrpkmgy l ` pygnwk )L w rg mgg kwgry mgryy`: Rg mgg lwg rg mgg

@ l`lkql bgybe #gpylbekgr gkr epylbekgr mg egkgr u rgyeber% g _gy Yeb ygfgl, u

l yg`gm, l rewlbek ` wg `wmer G` mfee

k Gk gkgyj mg 6, Hjjmu.r gila `l b`lrefeblbek mg `jr ijkjr mg` G@L mg L( l I ll

5 Gk rg}eghig mg 5 rg mej l bjkjbg g` grw`}lmj mg klkvgrnlbek |g lpk} clbel ` pjre`g bjkrpelbek mg fenwlrp`blr gk}yg g`lr g` l`bl`mg Liylclh Iglh, gk g` gkbiehegkjm `l byerer feklkbegl mg `l bemlm pj vlejr ljr+


35/143

gk `l kq bjhybel r cl ekbyhk}lmj lbyllk1 plr m 226 hjkr m mlr k 6hejkr m mlyr 5>= Gr mfebe r cl bwieyjkwk hek krfykbr wker m njeykj fmyl u hjvehekr m blpe m syejy #mkml syk m yj u jyj pqj%+

@l fenwy hwrl |w p m mebe bjhbm _wyj Yebj m 2 |w kj cl remj bwieypjy ylkrfkber fmyr r r pybek m kwryjmfebe bjhybe fekkbemj pj e skj+

M bjkkw l kmkbel jirm k l fenw mfbe m kql bjhbe r mwpeb k kjr

m bekb jr+ Fekbey r mebe cweyl remj pjrekeblhk bj kjhr krfkber fmr u wmwml sykl |w ylry kwrylr pjreeemlmr mpn

Re _wj Yebj hjryl cju rwr )eijr k Rber& Gsbclkn Bjherejk hybj m jkjr hwkebpr r byyyl lwk r py erl, u l kebl fjyhm fekkbe rw bybek kbremm m bpe sk

ryl njeyk fml M cbcj _wyj Yebj rjebe

Fenwyl `+ Il`lkql bjhgbel` mg _wg}j Ybj #pygbejrbjyegk}g%+

@

H1, ml `jy

+ BA5> fegb%


36/143

` njieykj fgmy` pj ek}hmej m rw jilmj heA`jr m m`yr pyl feklkbel ` rwpr} brpkmek} l` lj ferbl` 7(>6 Gr}l blk}eml rk}i wk kfeh pl} `j wem j ` jieku kj r`}l renkeebl}ev k ` bjkawk} `l bkjhl+

_y}j Yebj j bjkree rjr 6? he``kr m r u}vj | bye l wkl bln ehpre}evl lmebjkl`

G hu mefe` pkrl w k r bjkmebejkr ser}k}r}j Yebj `jyl r br ji}k lkw`k} bk}emr bbek}r m blpe}` ( sbmlk

u 7 `jr 97?? he`jr myr m fk}}klr l mwm j}` lb #i`ebl u pyevlm%bj g` }ej l`bqil 7 `jr ?9 hr m myr k = rj`hk} `

23


37/143

kwgvj jnylhl g rg``jr g l`ehgk}jr ygyggk} >9?h`jkgr lmebejkl`g gk g` lj erb` g 5>7 _g l|wg gr}j ygpygrgk}l `l lr}yjkhebl befyl m = `jr ljr kg}jl `jr flb}jygr gs}gkjr (gk}jr g ble}l` lrbgkegyjk l ?? h``jkgr g `lygr Gr gbey |wg g` 3

j egk}j g` pjwb}j i


38/143

|weklyel u g|wep py m`ly kvym k vevkml r hrilal+

@l ekyrek gk vveml k _wy Yebj hk} b`lmhk rpb m` pmwb iyw mrmg 7 plyll`blkqy wk hsj k #Vlrg fnwy 9% @l bk

yiwbk l `l gbkl g lr |wg nklk lr vevgklr, k ` flrg g bkrywbbk cl rmj ki K irlk ` klwyl`ql herhl g lr vvekmlr blklèqmkyhr blkmmgr m gbwyrr cbe k ekvgrk bwu ly l `l pymwbbk gr hlukg l byplq y ` bk l ekvyrk k lekl u g|wp gkyl wk )r}bd m bplbm ybv wg fybg

Fenyl 9+ Evgyrk k h|wk u g|pj jy vy}mj vvgm gk prgr rg`gbbejkmr+ @ bf bjygrpkmgk} _gyj Ybjgr mg 6

M`ygr6

=

=?

< Lwr}ylèl9 Lr}yel Ièbl Blklm7 Meklhlybl Fek`lkmel> Flkbel3 L`glkel

5 Ngbel Er`lkmel E`lkml9 E}l`l Apk _jy}n`


39/143

wkl lrg r`ml plyl g` bgbehegk}j bkekwlmj u rjrgkemj mg l pyjmwbbk kgykl u mg gp`g gk g` `lnjp`lqj+

@ grl}gnel g grlyj``j ekmwr}yel` g _wgyj Ybj

mgg grl ilrlml lmghr gk b}gyjr wlk}lvjr grpgb}j mg `l bjhjrebek |wg rg l`gk}l gk g` rgbj mgkvgrk g l|wekll u gwp @j gkr |wg mgg}gkgrg gk bwgkl gr `l lqk jmwb}(blpe}l` Ygbkjbghjr |wg gr} bye}gyj gr ehe}lmj mgrmg g pwk mg vr}lrbel` Kj jr}lk}g, gr `j hkeh |g pwgmg gsnyrg jr grpjkrl`gr mg gr}hw` g` mgrlj`` kmwrl`

@jr renwgk}gr gpygrgklk wk jkawk mg g|wr}jr

kehjr kgbgrlejr pll mergl wkl bek gfblq lk}g`l berer pgrgk}g @ hg} mg bgbehegk lkwl bjk grpgb}j l` bjkrwhj gl` mg rg g`


40/143


41/143

2+ _ji`lbek

Gk `l hgk}g mg `jr |w vk g` bygbhegk}j g` knygrpgy bp}l bjhj g` gajy kmbg mg mgrlyyj``j mg wk plr,g` bygbhgk}j mghjnyfb gr wk flb}y `wugk} mg`pyjnygrj+ _jy r}l ylqk wkl nyl ply}g g rwr grfwgyjr

rg mngk l g}l g` bygbgk}j pji`lbjkl` ul rgl l}ylr mg pj`}blr jygk}lmlr l fygkly `l kl}l`ml *jl yjjgy `l ghnlbk

Gk `l ylq g gr}l rk hjpg gr} `l mgl mg |w lpji`lbk gr l`nj cjhjnkg |wg grblrgl j rjyl by`bk l `l r}wlbk gbkhbl mg wk lr k wk hjhgk}j mlmj _gyj `l pi`lbk `gjr mg ry wk lb}y

jjnkgj lwk bjkrmglkmj rj`lgk} g` pwk} mgr}l gjkbj bjkr}}wg wkl hgb` mg pgyrjklr mg}}lr gmlgr bjk m}k}lr fkbjkgr u pj}gkbl`mlr }gkgkmj blml nywp wk rnkfblmj mr}k} plyl lgbjkjhl Gsr}gk nywpjr gk gmlm mg }ylilaly gk gmlmg pyjbygly gk gmlm mg l `l grbw`l gk gmlm mg g}ylyrg u l`nwkjr |wg pjy `lr gmlmgr mg rw k}gnylk}grggkmgk kgbgrlylk}g mg j}yjr+ @l pji`lbk }kg

p wkl gr}ywb}wyl j}lml mg wk nylk mklrhj u bwujkg` g }lk r`j wkl hgkrk mg g``l, wrwl`hgk} lhgkr pjy}lk}g

Ygr`}l kmrbw}i`g |wg `l pji`lbk gr g` g`ggk}jirbj u bgk}yl` m `l lb}l }l` g wk lr Rw bjhprbk rw bygbk}j u rw gr}li`mlm gybl g(


42/143

gheklk gk nylk meml rw blplbemlm lyl yjmwbe ulyl lbww`l e|wgql+ _j j}yj `lmj, `lr blylb}gyreblrmgjneblr gk grgbel` `l ekebl mg `l ji`lbek

g}geklk `j |wg gr}l glky gk rw f ve}l`+ jl` lqk gr rgkbel` |wg gsr}l k iwgk lbj`g gkg `lr

mekeblr jnyfebr gbjkeblr+j `l kl}wy`gq erl g` lbj`g gk}yg lilr vlyel

i`gr `lr ekf`wgkbelr mg wkl riyg `l j}yl rg jirgyvlk bkg}ylrjr+ Gr}jr }ylrjr j l`}l g jyygrjkmgkbe gkyg`l ji`lbek `l gbjkjl grblk l `jr |w bjkremglkl `l ji`lbek bj l`nj cjnkg gr `l wgkg mg`jr gyjyr r nylvgr+ \weqr pjy r} yqk gk wgj

Ybj rg yl}l mg bji}ey ekbk}j g` nyw gkbjkmebejgr g }ylila ygbwyyegkmj l ybeblr mg bjkyj` g `l kl}lèmlm+ Kj rg bjykmg |wg g` lwgk}pemj mg rg nywj gr ` yrw`}mj g `lr l`}lr lrlr mgkl}èml gner}ylr clbg vek} lr+ gy k }bj lygbgk bjygkmgy `lr bjkrgbwkbelr mg `lr mleblr gwbbejkgr gk `lr lrlr mg kl}lèml mg `j `}ehjr ljr g `l gr}ywbwl pji`lbejkl` fw}wyl u pj

gmg gk `l gbjkjl+r}lr lbe}wmgr g|wevjblmr kj rg beybwkrbyeigk l

wgy Yebj+ Ygrw bjk gkbjk}ly gk wièblbejkgrmgnyeblr bjlylbejkgr ekgyklbejkl`gr mg `lr lrlrlkwl`gr mg bygbeegk} jilbejk`+ rlr bjllbekgrwgmgk gy blbejrlr u clrl gènyjrlr ll l|wg``jrebllbgr g bjygkmgy g` yjigl mgjyfebj gk

jmlr rwr megkrejkgr+ Lwk|wg `jr lwygr ekb`wk gr}ej mg ekfylbek rek ekgkbek kgbgrlyelgk}g g grli`gbg aweejr v`yl}ejr rg c bglmj `l eygre mg|wg gk glèmlm `jr jiag}evjr klbejkl`gr mg mgrlj``jg|wegygk |wg


43/143

}rr mg ygbehegk}j pjijkl g ny Eujy mgrgr, mg fjyh |wg rg i}gk k re}wbek mg bygehegk}j kwj+ Gr}g gr k pkj |wg rg c giCm }k}|wg k rg awr}ee bjk}kwy kqkmjj+ Kj jir}k}g

ygmbekgr mghremj ypemr gk pgr grpgbfejr, m }r mg bygbehegk}j mghjyfj pgmgk gkgyy pyjighr huygr |wg r |g r }y}k g rjejky Gr}gr r py|wg ygmwbbkgr yr}ebr rekk mgrg|eeiyejr gk gr}ywb}y pjibk bur krgbwgkber kj regpyg rk fegr mg vy

G pyjigh jkrr}g pwgr gk mg}gyhky ke}wm

g fygkj pjy py . bygehekj jiejk gk bmpr py bkqy g iag}evj mg ygbehegk}j kw rkpymby grg|eiyejr g gr}yw}wy mg pjievemgk}ghgk}g rg }y} mg k kerr |wg c mg ygyrg pr pjy pr u g }y}y mg py ygr gkgygrjy rgy jk}ypymwbgk}g

Gr pwgr }wy |wg g gr}wmj mg mekhe pjibejk bjkr}e}u pgmy kwy mg }jmj grfgyq p

kfemjy G bjkehegk} hekwbejrhgk}g m|eyemj mggr mekheb pjiejk ygrw} ekmerpgkrig py bhpygkrek mg gkjh u rjiyg }jmj y ygmey k kevg bgp}ig ekbgy}emwhiyg ekgve}ig u ygyr}e mg }mr r bejkgr jk k }yrgkmgkb+

@ pekek vjs pjpw`e gk _wgy}j Ye gk j |wg rgygfegyg wgr pjiek wgmg ygrwheyrg k k piy1 rwpgpjiek) Km r gakj g ygemmg wgy}j Yej u rek ghiyj j cu jr hr yyemgk g pgkrhegkj ekwrvg g |wgjr |wg ck }gkemjpy}wkemm g gr}me g rk}j

pibk bjhj |wlk}h kj pwgmg gvwyrg fgymg e}g |wg ehpkgk jr ygrjr u }gkjj+ @ygmkmkb mg pjibk gr fwkek pwgr g rw pyjmw}evemm u mg pyjmw}vemm mg gyj h}gye u

}gbjej |wg c


44/143

k }yhekjr m wkl lb`ylml lrl kllèmlm+ G` hgmej l lynj p`lqj rehy c rm ivej ly jr `lkefeblmjyr m _wyj Yebj1 bjkyj m jilbek Gr bjkyj`r cl fjyhw`lmj k mjr yekbejr bljr bj w

kjr, bjkyj m ` kllèlm r `l kefeblbekflheèy u `l hnlbek+

@jr renwekr hkjr yrw`lk ylkr k jmjlkerer m l mhjnylf wyjyye|w

=


45/143

M jr bkbj hejkr mg pyrjklr |w velalk k}y_wy}j Yeb u jr Gr}lmjr Wkemjr }jmjr jr ljr,hkjr m mjr hejkr m velar rjk nkymr pjy }wyerhj, j |w ehpebl | hr m }yr hejkrm yrmk}r r }ylrlmlk l `jr r}jr Wkemj uynyrk l }jmjr r ljr+ M cbj l ekfjyhlbek febe erpjkei ply r}ehly fwaj hey}jyej m _w} Yebj mrblkr rjy l beyl jr plrlajr |w nk plr u | rlk j}kel m r kr lylr u hly}ehr Gr}lefjhlbek c pymemj bjkflelm l }ylvr r ljrGr}jr }jmjr rehly l henylbe k}) m_}j Yej nkk wk hlyk m yjy pyjlm nylk hlnke}wm k r befyr Gr}l re}wbek rlnenlk}l k ehpjy}lkbe l wbeyr pj}kbel bbeekj kmkj l pjlbek pr}j|w l henybek r bjkvey} k vll mlujy ayly|wl k l m}yheklbek m l pjl

bek m _wy} Yebj1 k rw }lhlj, r}ywb}wyl upj}kbl3% @ Awk}l m _lkefebbek }ek bjr}why m

lmlk}ly k fbcl jr pyjkr}ebr m pjlbek }l kyl w, bjhj yrw}lmj, eklyelk} r w}eeqlk k jr ljr ek}ybkrlr r}ehlbejkrhwu pjy kbhl l pjbek l _y}jYej @r fb}jr rbwkmlyejr |w r}l pyb}ebl

hpebl rjk ehpy}lk}r u renkefebl}evjr }k}j k lkerer m vlyer rjbelr j bjkheblr bjhjk ywhj |w r ml l rbwrek p}ebu l lr mberejr pj}ebr k pr

5% @l lal jryvlml k lr r fbwkemlmrpbfeblr ypybw}k rjiy jy}l m hlkj mjiy }lk} k rw kev bjhj k rw bhpjrebepjy mlm u rsj @lr wayr, pj ahpj, l|wek wkl ljy pyjpkrek l iwrbly hpj lb}evlk} Rrpblhr |w j}yj fb}j r} }kkbel pjyl r}y hlkefr}kmjr k l bjhpjrebek m fwaj heny}jej iw}j


46/143

kl}leml, rej }yhejr m wl pji`lb mgr}wbyl p}eh+

Gehbkgr mg `l gpgql g }yiaj vk _wg}j Ybj

L bj}wlb pr}lhjr rbjr rplql lilaj pl pilb | C } 9?u 67 ljr m p rsj jr bhpymj r hl w}qbe pjb cj pr mwl} }r pjjr u yb bj j}j plrrmwrlqljr @lr bjbrer hr h}l}r rj1


47/143

hgmej, rg grpgyl |wg `jr cjhiyr gk `jr prr ekmwr}yeleqlmjr }yllagk 9,96 ljr mg `jr =7 bjhpygmmjr gg` pgyjmj vel` g `jr 9? l `jr 67 ljr mg gmlm+ Grgbjgfebegk}g plygbg gr}ly gyb mg` `}g hshj |wg p

myl grpgylyrg kl vgq |wg rg lawr} ` pji`lbk jlmjgk bwgk l|wgCjr |wg |wgmlk ekblpbelmjr rebl jgk}l`gk}g plyl yllaly @l rwlbk mg pgkj gpgju grblrg mg lk mg jiyl k r}jr plrgr (grpgbel`gk `jr mg wyjl gr wk ekmblmj lmebjkl` mg lbgyblkl m gr}g bjgebgk}g l ` |wg plygbg rgy `hgrwpgyejy sj7 7+ =7,? 97,?2?2= 5>,? =>,7 =,? 7?,? =,? 7


48/143

@ gspgyegkbe gk _w}j Yebj yyja ygw}mjr ek}gygk}g gk }jykj g g}j kmbmjyg+ _jy gaghp`j, jiyg` ig g ` l}j mjkei`g bjyygjkmegkg l` jbl`gkyej g 9 G #V% ply _wgy}j ebj f }hlmjjy jj}yj gk 22,=7 j _j g` bjl, ch g}ehmj gg v`jy gk 27? gk jb}i 9 ygyggk}i 22??? cjhg G mgbey, mg cig bjk}mj y}j Yeb bjk


49/143

Bwlyj + _jybgk}lag mg ` pji`bek g _y}j Yb |rg c`ìl }ylikmj gk jb}iyg mg = mg3 u gk g` j b`glyj

Cjhiygr HwaggGmlmg

9+ 55 73

9?(9= 66,> 77,26 73,2 2,= 26,29795 >9,9 3?,> ==,? >,3 23,?2?2= >, >,99 3?,> ==,? 9>,3 23,?27(25 3=,> 3= 32,9 2=,? 976 27,>=?== 3=,> 3,>= 32,9 2=, 97,6 27,6=7=5 3=, >3,>6 >>,7 6 >>,7 7,? 9>,6 >5 62,6 6 >,>5 62,6 =,? 5,2 =,6

G#V% 27,?> 22,9 22,= G#w 9,7 5,>= 2,93

Blplmlmkj w}e`qlml >' 5 =5,>= 276 =,3>M%

Lj b`gkmyej 9 Rg gbjne g}g j pj gy g` mg huj jbbg `l c}jl mg _gy}j Ybj+

@l pygrgkbel gk mg `l ji`lbe fghgkekl |g gcl``li g rbl g gh`g gr bjhplli`g pgr l ` mgj}yjr rgr ekmwr}yel`gr, `j bwl` k jbwyyg gk g` blrjmg `l pj`lbek rbèkl+

l bplbemlm jbejrl jl` #chiygr hagygr mg 9?l 67 ljr% `l cghr grehl gk g k >,2 pjybegk}j Grl hgmeml g` jgkbel` clk j weèqlmj

gr`l hr pgberl e` | `jr b`b`jr |g rwl`hgkrg jugk g _wgy} Yej+ Mebcj rg g plrj grjr èhjr gkem ` gfgb mg ngkgyly `l peke ngkgyl` pgjehpygberl g |w g` )mgrghpgj ygl` gk g` lr rjiygplrlg` 2 pjy begk}j Grlr grehlbejkgr rg clk yglèqlmj rghyg la g` rpgr} epjbgmg}g mg |g `l lrl gplyebeplbek lygll g g` plr gg rg el` l l


50/143

mg jr Gr}lmjr Wkejr+ ]l rwpjreek gr jy j hgjr,lyie}ylyel u bliyl ygnwk}lyrg1 pjy w kj weqly l}lrl g l>

79


51/143

ply}y mg wk fgbc mlml+ G` fb}jy mg ` gr}yw}wy mghjnyfeb c remj wkj mg jr hgkjr bjhykmemjr py `jrgrpjkrigr mg ` pj`}ebl pi`b gk _wgy}j Yebj

@ rehwbejkgr wgr}yk ygrw}mjr r}rb}jyjr g

kebl}vjr mg |wg(

jmgj gr g nylk w}e`mlm gk ghjhgk}j mg faly hg}lr u mg renkly ygbwyrjr G` hjmg`jgr, lmgr, jy rw kwgq, wk jmyjrj ekr}ywhgk}jmg kvgr}enbek ghjnyfeb

Cl |wg rgy |wg


52/143

pjy bjcj}g pghe}gk `l ngkgylbek mg jr ygrw}lmjrrhwmjr pjy g rer}ghl+

L bjk}ekwlbek rg lbg kl ygrgk}lbek fjhl mhjgj mrgmj u w}eeqlmj pjy jrj}yjr+

@gnj rg pgrgk}k lr bkmebejkgr eebl`r |wg rg

w}qlk gk g hjmgj plyl ngkly j yrwljr wgr ji}wvegjk

_k}lbek jhl mg hjmj m rwekm pjilbek

jr }ygek}l u jr bjhg rrhl pwgmgklywplyrg pll jly lq F jr ghgk}jr . mgjr vgb}jr j`whl f0 ; u f %, g l l}e F, rgkbk k m


53/143


54/143

@jr bjhpjkgk}gr mg ` }yeq F rg wr}yk bjk}ekwlbk1

`+ 0 < }j gr . }r mg fgbwkmemm mg bjcjy}g e yg` pgyj irg mjkmg # e 8


55/143

Fn 2+ B i _ Y, (

6 :

Kj}l1 @lr peyhemgr ji`lbjk`gr rg bjjkgk rgg g nwjr g gmr|we|gkl`gr rwbgrevjr, bjgrjkmegkj g `ehj >7 j r jr+

u g` blhiej gr}ywb}wyl` laj efgygk}gr gk j|wg l` bjhpjy}lhgk}j mg `lr }lrlr fgbwkel grpg

bfeblr pjy g ygrpgb}l+ Gk `l fen~ = rg ygrgk}lk}ygr pyjk6r}ebjr g pji`lbe6k }}l`, }jhlkj ? bjhjlj ilrg |wg grbyeigk l ilkl mg `j yilg ygrpgb}g` bjhpjy}legk}j `jr plyhg}yjr mg kl}l`el Rggr}eh |wg g` pheg}j r pyjl`g gr g |wgpyjwbg `l pyjgbbe6k |wg ygpygrgk} ` bwyvl bgk}yl`#i% G` bygbehegk}j pjlbejkl rek bhpw}ly g` g`ghgk}j hen}jyej gr grlbg`gylmj+ @l pjilbe6k l`blkqwk hsehj gk ` lj 99? l wk kevg g 3??? clie}lk}gr

_lyl ygl`y lr pywgilr mg` jg`j rg lwr}lyjk rrwpwgr}r riyg `lr vlyelbejkr g lr }lrlr g fgbwkel


56/143

Fenwyl =+ _jkr}bj pi`b } 99

He `,+ m}prj

.


57/143

Fenwl 7+ Bwvlr m re bjyygrpjgk}gr l `rlrr m fmemlm pjy gmmr grgbfebr,


58/143

g kl}lemlm pjy veml grpgbfeblr pjy bjcjy}g rgnk g`lj g klbehegk}j #)}j` bhp`ggm fge`u ylg% rgewr}yl gk ` enwyl 6+

Fenwyl ]lg}jel mg ` }lr mg fgbwkemlm pjy vemjhpg}lm,


59/143

jm bjhpykmemj gk} `jr b}j `jr wk} kwv jr+

@ enw 6 kjr iekm l ekfjhek jrmer}ek}jr nwpjr m mm m ` hwar `jr ceajr |

kmk wk} rw vem pjmw}ev u hj r vei` mhjne c hiemj vr m` ehj Lrpwr,


60/143

Fenyl >+ Gr}hbejkgr mg pji`lb fwy, =(9?#l lr 5>%

He`jkgr mgclie}k}g

6

=

9

Lr? 3? ? 9? 9?? 9??

mgilaj mg` kevg` mg ceajr pjy hwag |g, mg rjr}gkyrggk pyjhgmej plyl }jmjr `jr nypjr lyl bjh yr}lmjkl gr}lieeqlbek mg ` ji`lbek+ Gr}g evg` r}ehlmj

gk 9,< cear pjy hagy rg bkjbg bjhj ` kevg mg ygghplqj Bjk rl }lrl mg ygyjmbbek `l pjlbek rg hlk}gkmyl bjkr}lk}g rek k bygbehegk}j kg}j

Gk g` blmyj 2 lplygbgk `lr bjkmbjkgr ekebelgr }eeqlmlr gk g` hjmg`j g relbe mkhbj plyl ngkgyly `lr pyjugbbejkgr |g rg pygrgk}k gk l }gbgyl ply}gmg gr}g }ylilaj @l feyl > hgr} l grehlbejkgr mg pjilbek f}~l ji}kemlr mg` jmgj bjk regg vl

yelk}gr }e`eqlkmj bjhj ilrg `jr ml}jr mg bgkrj fgmgyl`mg ?+

Vlyelk}g


61/143

Vlyek}g 9 rwpjghjr |wg `r }rlr mg fgbwl erhewug rgn w ye}h gwevlg}g l w37 pjy be} g lw` bj wg cl erewe wy}g `jr `}r wbg r

Vy}g 2 rwpjr wg `r }lrr bw rhewug rgn w ye} wvl`}g l w3? pjy b} g wg` bj wg cl erhewej wy}g `r `}ehr wbg ljr

Vy}g =1 rwpjgjr wg r }rlr g gbwel erwug rgn w yhj gwev`g}g l w>7 py beg} g wg` b wg c erhe

we wy}g `jr `}jr webg rVlye}g 71 rwpjgr wg `r }rlr g fgbwel er

wug rgn w ye} gwevl`}g l w>? pjy bgk}j g l|wg` bj |wg clk mrhew wyl}g `r `}hr wbg r+

Vlye}g 61 rwpghr |wg `r }lrlr g fgbwel erhewu rgn w ]e}h gwev`g}g l w

67 be}j g wg` bj wg c rhw wyl}g `jr `}ehr webg r+

Vyel}g > rwpgr wg `lr }lrlr g fgbwe erhwu rgn w ye} gwevl`}g l w6? pjy be} g wg` b wg rhewej wy}g `r `}hr wb ljr

@ fnw 3 hwr}yl }l} ` gr}wb}wy bh ` }lhl

g `l pji`b w}`ql `r l}r nggyr py `lAw} g _`lblbe bjyygre}gr l` l =+ Cu|wg vgy}ey wg bygghr |wg ebcjr }r gr} rjiygvl`jlr

Vlyel}g L rg rwpg |wg lr }lrlr g fgbwl pyglgr grpgber pgyhlgg br}l}gr l`jr evg`gr g 5> =+

Vlyel}g I rg rwpjg wg `lr }lrr g gbwel pjyggr grgbfebr erewg w 7? pybeg}j ` ye} g `l }ggbl er}yebl

Vlyel}g B1 rg rwpjg |wg `lr }lrr g gbwel jyglgr grpgbeblr erewug g lbwgyb ` ye}hj g `l }ggbe er}yebl


62/143

Fenwyl 3+ Kevg` u gr}wbw pjibejk` rjig ` irg mgYebj+jr mg ` Awk} mg _`efebbe mg wj

He`jkgr mci}l}

6 )

,2

Ygrpgb}j mg `lr ywgilr ygleqlmlr bjk g` hjgj rgmgg rgl`ly `j renwgk}g1

h`jkgrmg le}lk}gr u `gnj mgrbgkmy #fenwyl > vlyelk}g


63/143

bwlygk}l ljr+ @lr ehp`eblejkr mg g } vlye}ggigk rgy gr}wellr bwelrhgk}g

2% Gk `l vlyelk}g I g l fenwyl 3 # ilrg =%, rg

pywbeyl wkl gr}lieeqlbek mg `l pji`lbek gk lpyehyl bll g` ren`j pysehj ngkgylkmj }lhiek wkl gr}ywb}wyl pilbekl` g|we`eiyll

Mer}yiwbk gjnfbl m ` pji`b mg _g}j Yebj

@l er}yeiwbek ngjnyel mg `l p`lbek g _wgy}j

Yeb cl blhiem g fyl renkefebl}el grg


64/143

Fenwyl 5+ Bgbehegk}j g`}evj mg `l pji`lbe m `jrwebeejr,


65/143

Fenwyl 5+ Bjk}elbek


66/143

gk}yg `jr


67/143

Fnwyl


68/143


69/143

Feny 9?


70/143

Fen~l


71/143

lbjkgr l}gyejygr }l}j g nywpj mg 97 l 6= ljr bjhg nywp g hlujygr mg 67 bygbg wyl}g }mj g` gyjmj+ ]jmjr jr ghr nywpjr lefegr}l wk bjhpj}lhegk}j gr}lig

Hgme mg gm g pjibk

@l hgmlk m gmlm mg l pjilb yggal jr blhejr gk l gr}ywb}wyl mg r}l l enwyl hwgr}yl bwrgyl l hmel mg glm gryml mg l pjilbe }j}lmg _wg}j Ybj bj r rwpwgr}jr g lply}lmj l}gyjy

Gk jr }ygr blrjr gpygrgk}lmjr rg kj}l g bygbehg}jrr}gmj mg hgmll g l gmlm

l vlylk}g L #rwwgr}j ee% gr mjkmg hgmlklm gmlm gsceig `l hlujy vgjbmlm mg blhie bygbegkl w }lrl lkwl bjhpwgr}l mg >,99+ k gr}l vlyel}g gjy mg l hgml m gmlm rg web gk g pgyjmjbjhpygmemj g}yg 5>= u 9?5+ r gby, lwhg} mg

99?9 ljr gk = l ==9 ljr g g 9?


72/143

`JJ

+ wlejry `lr rl` nggylml pj+, pjybgk


73/143

lirj}j mg` =9,93 pj begk}j+ Lwk gk l vle}g I #rgr}j ee% |g bgghjr ` r yqjkig, hgmelklg gmm g pjbek gsceig k bgbehegk}j bjkremg

ig Lgk} l k }r bjhpgr} k mg R,29 @gmm hgme pr g 99?9 jr gk = l 26,5 gk g 9?,35 j begk}j

@ fenl 3 gr}l r mer}eibejkgr pjbgk}grngkgr j r rehbejkgr cgbcr aj jr rgr}jrk}gr hgkbejmjr rjig `l grbgglbek mg lr rrmg fgbkmemm pj gmgr grgbfbr

G gbj mg g gk }jmr r rehbejkgr g npj mg

pgrjkr hujgr g 67 jr rpgg ` npj mg pgrjklrmg J jr ekme l }gkmgkbel ul jirgvml l hgk}j bjk}ekj gk }hekj irj}jr #u g}evjr mgr pgrjklr hlujgr mg 6 jr gk kgr}l rjbemm@jr hgk}jr gk gmekl mg gmm gfgak g p}ekj gkvgagbeegk}j mg gr}b} g gmlm mg kgr}pjlbek

_l}yjkgr mg henylb

l fen


74/143

kvg`gr mg gmlm bjk w bjbg}ybek gk `lr gmlmgrbjhpygmemlr g}yg `jr 97 u `jr ? ljr+

@l mblml mg ? lrlr gmlmgr mg 7= l 6= ljr wgr}ylk }lrlr mg mglpyebek bgyblklr l bgyj

@jr }yjgr mg lr }lrlr mg mgrlebe jy gmlmygf`gak lr blylb}gyr}blr mg lr hnylbjgr mg _wgy}jYebj Lmgr, r nwylr j }gr plyl jirgyly gbjhjy}lheg}j y}jej mg jr nywjr g gmlm l }ylr mg lr mgyrlr mlmr Lr wgr, rg lmegy}g |wg ek}gk}gr mg nywj mg 67(>7 ljr gygrlk l _wgy}j Yebjgk `l mblml mg ? gnj mg cg ly}emj g `lmlml mg


75/143

9% @l gmlm hmelkl m `l pji`lk mg _wy}j Yebjlwk} m 9


76/143

2% @l mlm hgmelkl mg `l pi`lk hlujy lr k ? l = 39 lr ` 9?

=% @l }lrl m pmbel nye}yebl lwhk}l m 63

pyrlr p blml


77/143

9+

_ji`lbekjhig Hagygr

73 76? 7=73 793 =9 22=7 ==76 7>72 ? 353 >23 62

23 7?72 2

+3> 577

]j}l`

2?5229?2959?5?222?39669?529

3596

2+39

Fwgyql mg }lilajCjhgr Hagygr ]jl`

2=>95>53

>=

26

2=

5

29>29262?9?7

2>7

=>

9>?39>9652?97625

93>

@jr mljr bjgrpjkmgkg l 5>?, lj ilrg mg `lr rh`lbjgr, vlgkrg ygpgk gk g``lrlhik plyl `lr fenlr 9 u 99 u kj

lrl mg mgpgkmgkbl vgk lrl mg mgpkmgkbel ngyyebl

lrl mg mgpgkmgkbel jl` Gmlm hgmelkl mg `l pjlbekGmlm hgmlkl mg `l pjilbek

hlujy mg ljr ]lrl mg fgbkmmlm pjy gmlm

grpgfbl1?( ljr +75 ljr 9?9= ljr + Z 9795 ljr 2?2 ljr + 2725 ljr +=?== ljr

Ljr grpgylmj mg ylilaj pjyml

5>?

6>>7>63

3==97>

2=3>

37?3>?3?5??=9?2=?>6?9?

jhigr2?

Hagyg22

9???

25?7?

73?226=

259

>?,


78/143

Ml}jr mghjnyfebr #k e`< m pjkl%

???+

_ji`lbek Fwgyql mg liljCjh Hwagygr ]j}l hi Hwagygr ]jl`


79/143

M}jr mghjyfebjr #gk he`gI mg pgjkl%

_ji`b Fwq m }iajCji Hwa ]j} Cji H .j


80/143

Fenyl + Yg|re}r mg ghp`g, (9

Khgy m p`g}9=???

= pjy beg}j, gk}jkbgr r yg|ere}jr mg ghp`gj ehpbe}r g `lr vlyelk}gr L I u B rghwgr}ylk gk ` fny 92 @ vlyelk}g I, g bygghjr`l hr pyjili`g cly gbgrlyj bygly 9=??? gh`gjr g

7, 99? ghp`gr g


81/143

Fenyl 9+ Yg|were}jr mg ekvgyre kg} w`, ?(9?


82/143

ekvgyrek kg}l lrbegkmgk gk 7? hejkgrg `lygr+

@lr pyjugbbjkgr g `jr kevg`gr }j}l`gr g ghp`gjr yg|wgyejr pjy `lr pji`lbejkgr gr}ehllr jk lr vlyelk}grL, I u B lplygbgk gk `lr fenwylr 97 u 96+ Gk pyehgywnly rg ygpgk}lk `jr kev`g g hp`gj pyjugb}ljrwrlkj }lrlr w}eeqlbek g` 3? pjy egk} plyl `jrcjhygr u g` >= pjy egk}j lyl `lr hwagygr, u gk rgnwkj `wnly rwpjkej }llr g w}eèqlbek ` 6> pjy egk}j plyl `jr cjhygr u g` >= pjy egk}j plyl lr hwagygr+

l vlyelk}g L `l pgjy g `lr pyjileèlgr pyjwg`jr renwek}gr ygwer}jr g ghp`g u g ekvgyrek k}l

rwpjkegkj }lrlr w}eèqlbek hlrwèkl `

6> pjyegkj u fggkekl g` >= jy egk} #bwlyj 7% +@l vlyelk}g L pwg ygrw}ly lwk hr gsengk}g bjk

kevg`gr g w}eèqlek g` 3? pjy egk}j plyl `jr cjhygru g >= pjy ekj plyl `lr wgyg rgnk rg jrgyvlg g` bwlyj 6+

wlmyj 7+ Yg|were}jr m ghp`gj lkwl u }j}l` pjy blml#L, 6> ' > '%

Ghp`gjr Ekbyghgk}j BlhiejLj g|wgmjr pj lkl}j}l mblm

? 3


83/143

Fenwyl 97+ _jugbejkgr mg` kevg` mg ghp`gj }jl clr}l` lj 9?9 #L, I u B 3 ', >= '4 lj ilrg

Khlyj m hpr


84/143

pji`lbek mg _wgy}j Yebj gr |wg `l j`lbek jl` mg`plr jkekwy ygegkmj #kgj mg` gfgj henyljyej%clr}l l pyehgyl mblml mg` ren`j sy+ Grg ygehegkjjbwyyey, rek ghlynj, mg fjyhl mgrlbg`gylml @l p`l

bek mg` plr rg grle`eqy gk hgjr mg=

he``jkgr mgclielkgr clbe l mblml 9??(9?

3


85/143

jl gk bjremgybe g` fghgj mg rwrewbe mhj mg jiyl pjy bpe` u lyyjal ygrw`mjr yhejrmg yg|werejr mg evgyre |wg rj vgymlmgyg}g `ygr, verjr g `l pgyrpgbevl ceryebl mg _wgyj Yebj+

Bjhj rg vg g ` pysehj bpw` g` grwgyqj gbgryej mg cjyyj bej`, g lmebe l w bjewj `wajm lcjyyjr gsgyjr, l ` vgq |wg rg hegg ilaj gryebj bjyj` g` bygbehegj mg `jr r`yejr jgyejr v yg`lbe gyg gwml bej` u ye|wgql bejl`, g mgvgymm urbw`j

Kj cu ywl plyl wgyj Ybj g grjr hjhgjr wgj gseal wl ymwbb myreb g `jr evggr mg bjrwhj

u w bll`eqbe wyngg mg `jr cjyyjr lbej`gr cbel`l byglbe g w bpbemlm pyjmwbevl yg` g hljrmg ygremggr Ggmgy grl yg`emm gr hr wyngg |wgbjewy jirgrejmjr pjy wl gsjre pji`lbej`|wg r`j gserg g `lr hggr mg `nwr pgyrjr bjfwmemr Kj jirg, gr pjre`g |w l`nwjr regl`vej pjy wgryj bjvgbeegj mg |wg g` py henyljyej |wg bylbgyeq `l bm mg


86/143


87/143

=+ Bp, hp u fh s

G` blmyj mg re}bk g _wgj Yebj

_wgy}j Yebj kj bgk}l bjk k gr}wmej mg ye|wgql+ Kjg fbe` ji}gkg befyl mg lbgyvjr feklkbegyjr j ygl`gH lk, rg bjkfwkmgk ygbgk}ghk}g `jr lbgyvj bjkjr fàj jy gagpj `l ye|wgql bjk g` eknygrj1 g`blpe}l` bjk `l kvgyrek bjk `jr blhijr gk l jfgy}ljkg}lyel G` bjkjbehegk}j mg gr}lr yg`bejkg gr`}lgrgkbel` plyl k plr |wg lmp}l wk hjmg`j mg bgbeegk}j l`hgk}lmj pj g` blp}l` gs}gykj

Cghjr cgbj k grfwgyqj pjy bjkr}ywey k jal millkb j bmyj mg re}lbek lkwl mg `l gbjkjhl gwgy}j Ybj mgrmg 6pn+ 7 Gk gr}g ly}bw`j Clkrgk bjkfkmg g pymwbj iyw}ek}gykj bj1 `l ye|wgql mg k plr

@lr gr}elbejkgr mg lb}evjr rg yglèqlyjk w}eèqlkm beylr lpygbejr bjyyegk}gr @lr rgyegr }gpjyl`gr l pygejr mg 57=

#Bf

Lrk, G Y, Wk gr}ehlj g blpe}` yl wg}j Yebj+% @jr ml}jrrjiyg vegkml bjkrywbejkgr kj ygremgkbel`gr, ekgk}lyer, rgmgf`lbejklyjk pjy r kmebgr mg pygbejr lpyjpelmjr Gr}g h}jmjpwgmg gr}ly pyjmwbegkm l`nk epj mg mji`g bjk}lieemlm lbpyrg mjr gbgr g f`waj mg lnk lj Gk g` blrj mg riegkgr mwligr u iylr pièblr rg jhlyjk lr rgygr plyl


88/143

Bwlmyj >+ Lb}evjr }lknei`gr gpjwbei`gr Ljr ferbl`gr < >(= #gk h``jkgr g lgr l pygbejrjyegk}gr%+

]j}l` mgEkvgrk Ekvgyrk Ekvgrk Ekgrk gk Igkgr m

Lj mg _Y gk ` gk jilr gk bjkr}wbejkgr Ekvgk}lj bjkrwhjb}vjr gs}gej piblr vvgkmlr kj grmgkbl`g mligr

? 23?


89/143


90/143

Bwlmyj 3+ _lrevjr mg _wgy}j Yebj bjk g` gs}gyejy+ Lr ferbgr 3

57? 7> >2 ?> ( 25

5 6 ? > 2?

5

63 2? 2 23,+

52 > 2? 6 2 ?

5 >> 27 3 >3 ( >

5 5 ? ?7

56 52 =5 ? 6 6?6

5> ?6 6 25 >2?

53 ?2 >= >3 =9< 33

5 2 5 2 3> ( ?2

56? 6 25 >6 ?3 3 +2

56 23 3> ? 632 5 ? +65?

6 63 2 33 32 3 +53

562 36 3? 26 ?3 > 5 +2?5

56 22 7>7 5 26? +66

56 26 23> 62> > 5 5 2+56

566 3 ? 653 >?? 36 22 2+>?

56> 2? ==> >5 ? >3 6 26

563 236 ?? 52= 56 35 62 +?>

565 3 5 53 +66 +?3 +>

>? 22 > 2?> > `J 66?

5 6? 62> 2>2 263 ?,

>>3

5> ?2 >6? 32 66 6? 55>

5>2 2? 33 +? 5 ?2 ?62

5> 62 ?6 +5 6+ +63 2>3 +6


91/143

mg `lr Chlbjkgr u mg `jr rgejr pyjil g hgmbk|wg gkfgk}ljr gk grg kgj V`nl rgl` `jr rjvjr1 `jr g`lbjklmjr bj `lr grhlbjkgr bjgrpjkmgkgr l `jr ljr lrg u g` gr|wghl mg mgpgblbk mg

lbvjr, `l l`jlbk mg `jr lbr (bjrj jkl` jbjrj mg gpjrbk, g` krl`vl`g pj`ghl mg `jr mgf`lbjgr mg pgbjr gk `j gfggkg l `jr lbvjr mg mfggkgr ljr g jgk+ G` luj pj`ghl jvlhgkggrmg kj jrk k `l bjkfl`mlm mg `jr mljr jfblgr

Gk = pj gaghp`j `l Akl mg _`lkblbk gvr`lr grlmrblr u l`g mg fjhl lbl `lr rgg mg

kgrj u pjmbj pgbjr u ghp`gj p`blmlr mgrmg hgr `jr lbvjr lk`gr gpjmb`grmg gj Ybj vl`jqljr l pgbjr bjggr gsb`wugkmj `l gl u g` blpl` clkj+ G` blmj 3 hgrl`jr prvjr j mgml lb`lml mg `l gbjkjhl mg wgjYbj bjk ` ggj Mg lhlr l`lr jgkghjr #pjmfggkbl% `l rgg #bwlmj 5% mg plhjkj klbjkl`j |wgql klbjkl` kl gpjmwb`g # YKKY%

Mwlkg g` pgjmj = `jr lbvjr mg wgjYbj bgbgjk mg


92/143

Bwlmyj 5+ Ylqk ye|gql klbejkl` kg}l ygpyjmwbei`g (mgwml }j}l` #g he``jkg mg m`lygr l pygbejrjeggr%

Ljr


93/143

Fenwyl 9>+ Mgl piCl mg _wgy}j Yeb, =

He``jk mg 6lygr

2???

9?

j Lkjr


94/143

Fenwyl 93+ Mgwm gs}g


95/143

rgb}jy pibj, g`eheklkmj lr `l mgpgkgkbel ygrpgb}j gle}l gs}gykj+ Gr}j, kj jir}lk}g, kj rehpyg gr pjre`gej l `l pygrek |wg mgrlyyjlk gr}jr hjkjj`ejr rjy njegykj+

Gr gbey l ekvgyrek g}gl ekbwug ngkyl`hgk}g wg`ggk}j ekrl`vlig mg bjky pj}ebj rjiyg jr wg bemgk rjiyg bll kj g jr lrpgb}jr gkwhgyljr Mcgbcj, g` blpe}l gs}lkagyj jynlkeqlmj rjiy `l lrg wkl vgk}lal hjkjp`bl ekebel pwgm l}jpgypg}wlyr blyb}gy hjkjpbj

Fnw 95+ Mrib pbgw mg r rvr,


96/143

Fenwyl 2?+ Mer}eiwbek pjybgk}wl` mg `jr lb}evjr


97/143

Fenwyl 2


98/143

lb}evjr u ` vl`jy rwia}vj |wg r lrenkl k fwb myernj |w pybi lrjbelmj bll wkj, |w``l pyjjyb |w hly rw byyl bjj lb}vj |wj+@l wèmlm lcjyyj r myv ymwbb m`

|wlk}wh m kbywy |w ` erj yjjybjl,` eyr |w r jek m lb}evjr `|wejr 2< u m lw}eèl `jr ryvebjr |wg yem `jr lb}evjr rbjr

@jr plnjr cepjblyejr r pw bjkreyly wl jyl m lcjyyj pyrjl21 @jr nlr}j jy bjylr ly}bw`jr bjp}lyejr l `l vvekl bjhj hwru ryr elblmjr l byj, r bremyl m bjrwj Gr} }ej r cl mmj m }l fj |w b`wu`jr nlr}jr ier u j vl`jy m jr ryvebejr |w rj}ek rjr r+

]je slk ` pyjl lcjyyj _wyj Yebj+22Rw l`rr u rwr bjkb`wrejr lj m elnkrebj bjjg jebl iebl rj pykr r jj

G pyey `wnly, bw}yl |w ` lcjyyj ` rbjypyvlmj _wj Ybj cl remj wu ie b}yl

lhie |w ` lcjyyj pyrjl, lw b`wumj bjhjvyr ` lrj ier mwyli`r (bjrl |w j rbrlyej clby n j}yj plr lyl j}y lewmr pjre}vlr m lcjyyj pyrjl( yrw`l nlvj2=Lr, rll ` neyj yawmbel |w }jl ` lcjyyj m`rb}jy pièbj


99/143

mgpgkmgkbel mg` gs}yej pll g` fklkbelhegk}j mg `lekvgyrek pièbl u mg pl}g mg` nl}j pièbj bjeg}g,bjhj rwbgme gk = Bjhj bjkrgbwgkbel cl jbwyemjwkl pmeml kg}l gk }yhekjr pyjpjybejkl`g mg `l pyj

pegmlm rjiyg `jr lb}evjr pyjmwbevjr g` plr+]iek glhel lyelr pjei`g gpèblbejkgr mg` mgr

ljyj mg` rgb}j flheèl g `l gbjkjhl mg _wgy}j Yebj1


100/143

gk pyehgy `wnly pjy hj}evr gs}ylgbhebjr+ K j jirlk}g, ]iak plygbg grly bjkbeg}g mg l gbgrmlm mgbklqly lcyyjr lbl wrjr )pyjwb}er u lr j gngbwlkmj rwnegyg l pj}bl l rgnwey g bwlk jr lcyyr

l nggyly pjy g rgb}jy pib@l gr}yl}gnl rgwm pjy _wgyj Yb l r l gklkbly l lbwhwlbk mg blplblm pyjmwb}evl g}gylhgk}g rjiyg l ilrg mg ljyyr g}gykjr+ Gr}l gr}ylgnl yg|wgyg1 wk hgyblmj g blpe}l rwbg}ghgkg pgygb}j lyl |wg jr cjyyjr ngkgylmjr pjy gbjjl rgbllebgk ggb}vlhgk}g lbl l vgyr yjwbevl4 whgyblj g ylil |wg pgyhl l k}gnylbk gfgb}l

g jr iygyjr mgrplqlmjr g rgb}jy hlynl4 u whgyblj mg iggr |wg flbg g w g pyjwbbgkyg jr rgbjygr mkhbjr u gr}lkbljr mg gbjjl

Keknwk g gr}jr }ygr yg|wrejr rg l lm g _wgyb g l pyjpjybe gbgrlyl+ Mg cgbc g hgyblmjmg gkr gig fwgygr blylb}gyr}blr jkpblr |wgelk l gfgb}ml mg l pj}bl pibl gk lyjr

hijr bybjr ply g igkgr}ly rbl G hgyblmj mgblp}l cl fllm hllhgk}g gk blleqlbe g lcjEr l rgb}y pymwb} jbl G hgyblm g }ylil grjlhgk}g lwkbjkl27

jr mljr |wg }ggjr rjiyg jyhlb g pl}yhkjklbkl ygjlig gk _wgy}j Ybj ekblk |wg g pybgrmg yhlbe g y|wgql cl rem #g pygbjr bjyyg}gr%ilr}l}g lbgyl g


101/143

Fenwy 29+ Vebk w mg `l e|wgq bej g}gjvig #l pgber bjeggr%+

Hejkgr mg`lyg


102/143

Fenwyl 2+ ]ykrfgykber mg` njiej y, 5>(56

Hekg m} m`ly

2

9

j

? ?Lr

6

pyjugb}jr mg ekvgyr~k veli`gr g wk hjhgk}j mlj upjy `jr yg|were}jr mg ever gs}ylkagyl wg `jr herhjrehpèblk+ Kj jir}lk}g gr}j kj gr ekmerpgkrl`g reghyg

Wk plr j}egkg pyr}lhjr k g` gs}ylagyj ply `jnylwk jk}yj` rjyg `jr ygbwyrjr gk ngkgyl` Gk g` brj grpgbe` g |wg rg }jhl pygr}lm bjk g` pypre}j gs`be}jm j}gkgy g|wepj mg blpe}l` g g` gs}gyey u l` rhj}epj g` pr gr ekblplq mg ekbyghgk}ly g` lcjyyj ek}gyj j mg mefgyey l`nk yjugb}j mg ekvyre g` plr gbgre}ly pyr}lhjr gs}gykj lmebejkl`gr r`j plyl feklkbelyl|wg``lr ehpjy}lbejkgr |wg rgy ekmwbemlr pjy g` nr}jmg ekvgyrek jyenekl` r}jr pyr}ljr pwggk rgy gk}jbgr mg byb}gy ekf`lbejklyj _jy g` bjk}ylyej g` plr jgbgre}ly pyr}lhjr mg` gs}ykgyj reghpyg |g rgl jre

`g wk lwhgk}j rwfebegk}g gk ` lcjyyj ek}g j kllbg`lbk mg pyjugb}j mg ekvgyrek jpbejkl`gr Bwlkmj g` lr }gkn `l pjreieèmlm mg ymwbey rwr epy}bejgr u mg w}eèqly `jr ybwyrjr lr ègylmjr jmy blklèqly jr hrhjr clb `l pyjmwbbek mg ekgr |wg rwr}e}wl l `jr ehpjy}lmjr j lwk}ly ` pyjmwbbek plylgspjy}ly k }k}j gr}l b,emm } pygrk}g k w


103/143

nlmj rwfek} `l blplemlm m lirji bpe}l` r y}elhk kfeke}l Bwlkmj `l lplemlm m lrenklwrr k} r}jr r kw`l kj clu j}l pek |wkj rl we l fjkmjr m` s}j pll bjh wepjm lpe}l` L` herhj }ehpj ` plr r jkve k kmwmj hlujy yernj, jk ` | g``j ehp`ebl+ Gr r` }epj m enemq |w l rwnm k `l gbjkjhl m_wj Yej+

@ ylqk mgwe|wgql ej` g}l #M


104/143

g` pl}yehjkej kbejk` kj ygjvi`g g ygrpl`mj mg `mgwm |wg |wgm ` mgrbwiegy}j+

` bjjbehegk}j bwk}e}}evj mg gr}lr ne}wmgr grygwere}j fw.mgk}` ply ` pèfebbe mg` mgryyj`j

kbej` Lk}g gr} mgeèmm fekbegy g gspèb èrer}gkbe g bjpr kjy}ggyebr mgrmg 56?, urjg }jmj ` pygk}g pygmerpjrebek mg` njegykj, pywg rg `gr bjkbgm mgygbcjr mg gs`j}be rjiyg ygbwyrjr kj gkjvigr aj bjkmebejkgr jiveg}g mgrvk}ajrr py ` gbjkjh mg _wgy}j Ybj

@l yqk M < G u g pjbgrj mg bwhbekmg blp} gk _g}j Ybj

` hjmg`j mg bygbeheg}j fekbemj jy bpe}` gs}gykj wg mjp} _wgy}j Yebj mgrmg 5=> bj}yewu kbyggk}y g` bgyvj mg bpe}` pyjmwb}evj `jbèqmj

Fn 2+ s u |

vi 7(E+R

=


105/143

Fenwyl 27+ _yjpjybe6k g}yg ye|wgq be` g}l ygvig u mgwm gs}g, =+

5 < } )

gk g` plr+ Gr}g r}jbd gr wk mg `r bjhjkgkgr mg `rb}evjr }lkni`gr ygpjmwbi`gr mg `l gbjkhl+ L` hrj egj, bhj rgl`lhr lk}gyejyhgkg g` plr gsyhgk wk lhgk bkrlkg gk g` bjhkgkg m rwrlrevjr }l`gr y g` kbyghgk}j mg `l ekvgyrek meygb}lg sylkagy Grl ply}eml rg `gv l 6


106/143

rlmj pjy g` bjkr}lk}g bygbehegk} mg `r rllyejr jkgejr gk _gyj Yebj Mg fjyhl |wg D*@ bygbe kj r`jpjy ` lbh`lbek mg ble}l`, rekj }lhiek pjy wk fgkhgkj mg rr}e}bek mg le}l` pjy hlk mg jyl kj}yjr }yilajr cghjr gsp`eblmj `lr bjkrgbgkbelr |g}vj gr}g fgkgkj riyg g` mgrgpgj bykebj u l ekblpbemm _g}j Yebj pl ghgmel` lk}g l `gner`lbek fgmgyl` mg rllyejr hkehjr23 \gghjr ljyl rgl`ly` gser}gkbel mg k yg`bek |eqr hr by}ebl plyl g`fyj gk}yg `l yg`lbek M*G u ` D*+ Hr lmg`lk}gek}gk}lyghjr pygrgk}ly k blyj mg yg`lbejkgr |wg wgmg bjkr}e}ey g` ehgy rj gk `l bjkr}ybbek mg wk

hjmgj ghyebj |g mgekl g hgblkerhj mg lr}g gk}yg gr}lr vleligr yg`gr u feklkbegylr25` bjhpj}lhegkj jkakj mg ` yg`lbek M* u `l

yglbek * kj c rgnemj wk ye}hj bjkr}lk}g g}yg 5=>u 5=+ Mg cgb gmgk emgk}efeblrg }gr pgyjmjr gk|g vlyl `l vg`jbemlm bjk |g lhilr yg`lbejkgr bygbegjk wkl ygrpgb}j mg ` j}yl Hegk}ylr g` vl`jy mg l yglbek M *G rg hlk}vj gk k knj gkjy l wkj `l yg`lbek* bygbe mgrlbgglmhgk}g ygpgb}j mg M*G+ Wklvgq |g `l yglbek MG rjiygpr g` vl`jy by}ebj wke}lyej g bygbehgk}j mg D@ ygrpg}j mg MEG l rejlbg`gylm #Vlrg fenl 6%

Ygr}yebejkgr l` }hl mg ` mgwm

k ekbpej k plr pgmg lb`ly kl gml gs}gykl bjkremglg mlk}g k nj pgjmj re `lr bjkmebejkgr rjk flvjyigr

Rjknhj g k pr gig plnly l` gs}gyejy


107/143

Fenwy 26 Gvj`wbk mg ` g`lb gkcg `jr bjbgk}gbp}l` < hlk g jiyl u mgw lbjk` |wgq kbk`


108/143

Mgfeklhjr py g` hhgk}j g` }}l` mg lb}evjr bjj g`r}jd g e}l` mg` plr k wk hjhgk} lm+ Ygfeyekjkjr l lyeli`gr pgy pe}l*? =< pjmghjr gbey |wg1

kmg

uj 8 _ymj iyw}j kgyk pjy pgyrkl jbwpml+D?8R}jd mg lpe}l` py pgyrjkl jwplml+

Rwpghjr kl fwkek mg pymwek wur mgyevlmlrplyel`gr pyehgyl u rnwkml k f. ;J u f) 0J, ygrpgb}elhgk}g+

_y mgfekeek

#9% ?8G$M?

kmg1

8gl gs}gykl pjy pgyrkl jbwplm4 uG 8ye|gql klbejkl` kg}l =9 pjy pgyrkl jwplml+

G` pymw}j iyw}j ek}gykj gr g` vl`y mg `l pymwbekgkgylml py flb}yg mg pymwek `l`eqlmjr gk g`plr u fwyl mg `+ J`vemlkmj py g` jgkj g` gfgb}jg `l en(lek u rwjkegkm |wg g` egyk k ekgyvegkg jk plnjr peevr kgnl}evr l `r flb}jygr, g`ekngr klejkl` gy el gr}ly mlmj py

2 qj 8uj (f kj

G` ekngrj ek}gj gy pe}l rgy k}jkbgr

2+


109/143

u rg pwgmg grbyeiey

#29% U+ 8~$ D?

mlmj |wg

f@ 8~4f 84

jkmg ~ gr `l }lrl ygl` g rl`lyejr u gr `l ygk}lie`e(mlm mg` ble}l Rwr}e}wugmj gk #2% ji}gkghjr1

#2+2% qj8#f * ~$D? f (M?

#2+=% qj8f.d ^+$#Dj(Mj% f.d=% Q?8f.d#^$G?%

jmg1

^8^* 8*f 8 ~*fd

@jr jkmjr s}gjr merjke`gr plyl yr}ljr #M?gpgmgk, rgn Clkrjk,= mg `l ylqk M*D, wg grk ekmeblmjy mg yegrnj u mg `l yjmb}evelm hlynekl`mg` be}l` f + Gk}jkbgr

M8M TM?*D?, fX

Byggjr wg ` lqk M?* gr r lyjelml lyls`ebly g` blrj mg wk mgmjy k}j bjj _gy}j YebjMg cgbcj, cgjr gkbjk}ylmj lyl _gy}j Yebj wkl yg`lbek gyebl ek}gygrlk}g g kjr gye}g jmefebly # 7%gk fwkbe mg wkl `lbek gk}yg D ? u M?G ? mg hjm|wg1

#7% M?8M TM?*D? eM?*G?}, f.dXjmg D ? rg rwr}e}wug jy kl fkbek D M?*G?+

@l ylqk G ? mgkmg mg lcjyyjr ngkgylmjr gk gyjmjr lk}gyejygr, u, jy rw lnke}, gmg gkrlyrg |wgk g bjyj lqj `l hrl gr bjkr}lk}g1

6 G?8?

= Emgh+


110/143

_jmghjr gspygrl #7.% g `l renwegk}g hlkgl

#>% Mj8M Te #Dj(Gj%


111/143

gr wk iwgl hgmeml mg yegrnj }lk}j pjy rw gfgb}j rjiyg` bpbe g pny jr gyvebejr g gw bjhjpjy g bj}yj` g jr gs}ylagyjr # bjhj wgjr% rjiyg

g r}jbd g blpe}l+ @ yglbe gw*

p}yehjkej kbejkl kg}j gr ehpjy}l}g gk jr bbwjr g plr |wg pygr}bpe}l` u ngkgy Wl bwyv g jfgy}l g bpe}l bjk pgkeg}g pjre}ev _jy j}yj mj re g njiegyj mg` pr gwmjy, }ylvr g rw pjgy erb pwgg hk}ggy wkmefgygkbe gk}yg l yg}ieel g bpe}l` gs}gykj kvgy}emj gk g` plr # e u l ygk}iee g` bpe} pjrgjpjy ygremgk}gr # t gk}jkbgr1

#


112/143

g` rer}ghl+ L` mlyrg rehw}kglgk}g `lr renwegk}gr bjkmebekgr rg i}egkg wk p}e1

% mU? (f D mQ

#


113/143

_jy g` bjk}yl, r `l kvgyrk rg mgmbyl l m|weyhl|wklyl pyl `l kwfb}wyl |wg gr wk }pj mg kvgyrk bk g`lbk kbyghgk}l` bp}l`(pymwb}j mg


114/143

@ lwgkbl mg wl pj}ebl |w }gml l `l nlb `j ygbwyj flbgyj clbl j gb}jyg h jwb}vj g `l gbjjh yjvjbly w glbclhg}j llujy g `l igbcl g}yg g` yjwb}j lbjl` u g` }gy

j+ G}l g l blylb}y}bl ybl` g `l gbjjhl g_g}j Ybj1r

Gg gagh`j lgbg ljlmj jwg yvg`l g` }jg bjhjy}lhg}j g jbhg} j g ggylil gbl}l` wg g }ylj l _gy}j Ybj Gk j}yl l`liyl, ggyil wg `j f`wj clbl g` gs}gyjy nggylj l bjgbwgbl g` lbhg}j gs}gyj g l vgy j

bygbyl g fjyhl wg wgg lw`l g` bygbhg}jg` yjwb}j iyw}j lbjl` wg i l ng.gyly gl hhlg gs}g+ w }ylilj ygbg}g Hnj bjb`wug wg g}l gsgb}l}vl g}lil u bj}l g}lmjg}yj g j yljlig g g` blj g _wgy}j Ybj Kjj}yj myhj mg }l` jb

L` g}nly `l yji`gh}bl mg` ggwlg}j gs}gyj `l gbjjhl wgy}jyywgl lj}lhj bjhj cg g }yllj wg l ylq gwl*ywgql lbjl` wgg `wy jiy g` }llj g j lnj ` gs}gyjy nggylj jy g` flblhg}j gs}gyj Bjhj g lig lylq gwl*ywgl g}l g w flb}jy hjy}l}g l g}li`gbgy `l bjbjg flbgyl g wg g ji}g by}j s}gyj

@j ln bjl`g # mKFE% nggylj jy `ly

lbjl` g gl # M% gscig wl bjlyli`l bjg` bjbg}g MG wyl}g ` gyjmj % l vl`jyg wj #j nlg% gbjbgg M G bjygjg vl`jyg l`}j m` bjbg}glynl` #KF*M(

=6 Henj Ajck x, )B}` ej}l}j lk gb}jyl` gvg`jk}1 jg` pg }j j} ~l _w}j Yj, k Lgblk Gbjkjb Ygvg v 6= h 2, pn 9>2 awej =

l rge # mKFE* mM} Z


115/143

sehlmlhgk}g enwl wkj # + mKFE*mM}Z 8 f M*G

Kj}l1 Yg`lbk ekbyghk}l` gk}yg `jr gkmegk}jr mg blp}l` gs}gj u `lmgwml klbejkl` bjk g gs}gyejy+ Yglbek jirgvlml #g` lawr}g j kjbwlmlmjr rg cqj rjiyg `l ilrg mg yjgmjr vegr mg }gr ljr ferblr%gk fwkbk mg` bjbgk}g mg mgwml klbjkl` j ml mg |wgql klbjkl`g}l

>


116/143

kmgpgkmegk}ghgk}g mg wkl gspblbek ngkgl` mg fgkhgkj mgrbej, rg pwgmg ``gnl l lnwklr bjkbwrejkgrekgrlk}gr l pl}e mg rw jirgvlbek+ @j hr ehpjykg gk g}g rgk}emj gr |wg g` bjbegk}g ME cl ``gnlmj l`blkq v`gr wg, gk }hekjr mg` `waj mg lnjrl` gs}gej ngkglmj, gr}lk hwu l`jr Mg bjk}ekwlbgegkmj MEG u gk ver}l m `jr ekbghgkjr g.k g bjgebgkg blpe}`*pjmwb}j, rg lkw`ll ggbevlhgk}g g` bgbhgk}j m` pmwbj klbejkl _j `j }lkj, g lwhgk}jpjbgkwl` mg `l mgwml kj pjm rjigrl g lwhgkjpjbgkwl m `l e|wgql klbejk`, bjkre}wukmjrg grg`hj gk wk lbj ehe}lkg g` r}j èhj mgig rg

hj}evj mg gjbwpbek, ul |wg, bjhj rgl`lhjr lkgjhgk}g, ` jhlbek mg e|wgql klbejk gk g lrlmjc mgpgkmem grgbchgk}g mg ljjr gs}gkjr r ggpgl gkjkbgr |wg l blplbemlm mg _wg}j Yebj pllpèl rwr jiènlbejkgr bjk g gsgej, u j gkmg lekvgrek, mgpgkmg blml vgq g hluj nlmj mg l merpjrebek mg` njiegkj gmgl l bjk}ekwl }lkrfeegkmjfjkmjr clbel _wg}j Yebj

@l ekblplbemlm u lwrgkbel mgrj``j mg `l gbkjhl g g


117/143

l `l yg`lek *G g` feklelheg}j gs}gj ngkgl epj}lk}gr wajr mg plr l` gs}gejy+

@r ylqjlheg}r |wg cgjr lpeblm pll g` lmg` Ilre g lpellk mg enwl fjhl l` jaw} mg

Lhyel @l}el _jy ` }lk}j, `l w}e`qlek mg` feklelhe} gs}gkj hj e}ywhg} m mglyj yg|wgeyl|wg rg lwhg}lg M* pll l gne mg fjhl |wgmehewurgk `jr plnj l gs}gejy Re giln `lr evgejgr yg|wgemlr rg mg }l hle}wm jhj pll clgyhwu mwmjl `l pjreg w}eeqle mg gr}l pj}el mgmglj` G jpy}lheg} jaw}j mg l ygle*G u ` ygle D*@ cl gwemj wk ye}j j}l}g

g}yg u = _wgmgk emg}eelrg }ygr pgyjmjr g`jr |wg vll `l vgjbemlm jk |wg lhlr glej.gr bgegjk wl ygpg}j mg `l j}yl #Vlg fewl 2>% Hrmgl}g e}g}lghjr pgrg}ly w wlmj m yg`lejkgr|wg j}e}wugk wk pehgy pl g ` j}ek mg wkhmg`j ghpej |wg mgel g hglrhj mg lawr}g g}ggr}lr vlel gr glgr u fekleglr mg `l gjjhl mg

wg}j Yebj3

Blpe}l` u ghp`gj

l fewl 2 hwgr}yl l pggel mg }gr pgjmjr `lylg}g emg}eebl`gr g g` pyjg mg geheg} mg`gvj mg lpe}l` pymw}ev g _wg} Ye k l pe

hgl g}lpl 57?(


118/143

Fenyl 23+ Ghp`gj mg` rgb}j pevlmj bjhj fwkbek m`lbgvj m blpel` #pgbejr m 57=%+

He`g mg hp`jr

f(?

76?

0


119/143

Fenwyl 25 Gkmgmgk pi`bj 6p}h

klbejkl` kg}l rg gkbwg}yg gg ?


120/143

mg gwl }j}l` gsgykl u ye|wgql kgl wg nggyg wbjrj mg blpel` kehj plyl `l rjbegmlm+

@l fenwyl =? ygrgkl wk bwmyj ekgnylmj mg `lr yglbejkgr ghpelr gyevlmlr mg `jr ljr mg _wgyj Yebjmgrmg 57? clrl 5>=+ Ekb`wug `l yglbek gkyg g` ble

l pjy gh`glmj # D*%, `l ye|wgql klbekl kgl ygyjmwbeig jy ghglmj # G*% u `l yjmwbevemlm hlynekl` mg` blpe #fd%

lr bwyvr ygygrgklmlr gk l fenwy =? fwgyjk l awrlmlr l yjhgmejr hvegr mg ygr jr g mjr lkwl`grRg weeqlyk l`njyehjr mg ygnygrek kj `eg` jy hkejr bwlmylmr jr lawrgr jigkejr rj grlmrbl

gkg renkeblevjr

Fewyl Bwmj ek}gnyj `r yg`jkgr ghpyebrc``r gk _wgy}j Ybj, (=

=

G*


121/143

Fenwyl =(5>

( $ (+ ( +== 6

@l pjmwbevmlm hlynekl` g` blpe}l` # f % #lrgfnwy =


122/143

gk g` ylknj k}ghgmj+ Gr pgbrlhgk}g gk `jr ljr g|wg M*G fbl k}g ?,67 u


123/143


124/143

Fenl + ]rl mg ygbehegk}j mg `l ye|wgq kbekkgl #pygbe byyegkg%,


125/143

Fenwyl ==+ Jpejkgr m mj`` y _w} Yeb

?9


126/143

klbjl Gr gbgryj ygmwby iybc hrh #Q *S?%l }lvr m hg}j }gj m hlgyl gsbwrv+Lmghr, gr bgryj |wg grg ebhg}j rg bmj clb l|wgjr rgb}jygr pyjmwb}vjr m l gbjjh

mg hr l} gbgbe @ yw}l |w rgnwy g r ajgr}r bjmbjgr rg hwgry g w g mg yur u `}jr g mebcl nwy

Gr} yw} ygp]grg} g rwyqj hhj by}bj gbgrlej y cbgy m bjjh ygnj mg _gy}j Ybjw bjjh |w wmgy 1hyrg vig Bwwgy}y yw} j gghj |wg hjr}yhjr g w g g

yur u |wg ygpygrg} ymwbbjr g g v g ygb mgwm(y|wq lbj bjhmr jy w bygbhg}j bjr}} cr rw h}g hhj g gbcpjybg}w mg yjmwb}j bej u g yjmwb}j }gyjy|wgyg }yrfgygbr w}gyr bygb}gr mg b}g}gyj Gr} }pj mg gjjh j wmg j nby}gyj hyrg vg _jy b}yj gr w }j mgbjjh |wg bj }yrbwyrj m }hj rg rghg

hr u hr l m yyj mbmg} g j rbg}yjr wyjr mg g}g mg r Gr}mjr Wmjr Wbjhwmm |wg mgpgmg m w rwirmej g.j gv}y bjprj }j} r bjrbwgbr rjr mg gjrj }bigr

_gy}j Ybj vj ynr wmggr g mgbl g g bhg}j mg rw mgryyjj pjy j bw

ygbg} mg cjyyj }gj gr cjy ggbv g bjy}ju gmj qj Gr}j gr r jy vyer yqjgr yhgyj rgb}jy bgyj bj} bqmj jr cjyyjr cbl|gjr b}vjr |wg hgjr bj}yiwug yjmwbbu |wg mg cgbcj bj}yiwug nmgh}g whgyg mb} g bwg} bjyyg}g r }yrgybr gmgygrgr} mynmr pygpjmgy}ghg} by iggrmg bjrwhj j mwyig jr rymjr c rmj nyv

mjr cr}l g h}g jy hwgr}jr mygb}jr u rjiy rwnygrj G nygrj y r c mggyejymj }g g whg}j g jr ygbjr Mg cgbc g 5>7 g nygrj pgy b} ybjr bjr}}gr rwy w ymwbb m 2,7 jyb}j G nyrj pgyrj mrjig gy bp} mgrbgm g k =?2 jy bg}j G rgb}jy iebj ngy mb} G rgnwmj ny l gbjjhl mg _wgyj Ybj yj


127/143

mwaj wkl yengq }gyl |wg mfbw`}l bl`|wgy lbb~@r yg|wr}jr mg vgyr py ghp`glm lmbl` rwpgyl `r


128/143

Fenwyl =7+ Bjhpjy}lhegk} b`e mg `l }lrl mgehek} m `l ymwb}evemlm m rwrjhjkk}r

7 Ljr

K}l1 @l bwvl bk wikmebg q gk `l plg wpg mg `l fnwl ypggk}l`l }ll mg bgbhgk} mg `l flbbk mg `l fwgql mg }lila hp`glml gk ggb} k lnbl+

2% G bjhpkgk}g kj lnybj` # c% mg }lrl mg bybeheg} mg pyjmwb}evemlm }j}l` # |wg lplygbg gkl ly}g ekfgejy g ` feny =7% mg l fwgyql jiygylvlyl gk yg`lbek gr}ygbl bjk g yjbgr g blpe}l`eqbe+k mg grg rgb}jy, u gk fyhl jpgr}l l ek}gkremm bk|wg rg g`gv g bjr}j mg l hlk mg yl gk }yhekrhjkg}lyejr gk _wgy}j Yeb

_jy `}eh rgllhjr l g`lr}ebemlm gser}gk}g gk}yg lmgwml }l` gs}gykl u l ye|gql .klbejkl` kg}l mg _wgjYeb Gr}l yg`lbe lblkq k vjy hj gk g pgyjm gk |wg _gy}j Yebj bwhpg bjk l bjkmebek mg |wg

rr Fwg glqlmj wk lkrer mg bjyg`lbek h`}epg gk}g }jmlgr}lr vlli`gr+


129/143

Fenwyl =6+ G`r}ebmm mg ` mgwml gs}g jk ygpgb} l e|wgq kbejkl g},


130/143

2% @l pyjpjybe+ mg `l fwgyql jiygyl ghp`glm bygbkgnl}vlhgk}g

=% @l yg`lbe hlnel` lj mg jiyl(blp}l` # yg|ere}jr g vgyre kg}l pjy ghpg lmbejl` g g` rgb}jy

yevl% l`blq w hj7% @ yg`lb g}yg bygbeheg} pjybg}l` mg` pyj

mwb} yw}j klbejl` g bygg}jr pjybg}wl`gr mg ly|wgl klbjl` g} kj ygpjmwbig lbl vl`jyhsh |wg `wgn mgrbgme rjr}gemlhg}g re ygbgylyrg Vlrg fenwyl =>%

Bjkb`wrejgr u bjhgk}l fk`gr

Mg kwgr}ylr vgr}enlbejgr }gghjr |wg bjb`wy |gyl mrpgrli`g lyl _gy}j Yebj nggyl lcjj e}gyk g g` lprj lmgbwlmj, gr mgbey, g}yg 575 u


131/143

Fenwyl =>+ G`lr}ebemlm mg` pjmwb}j ij wgl` 0gpb}j l `l e|wgq kbej` #pyJE.m ej hve`g%, 579(5>9

`.I;* ]}KY

Ljr

bkr


132/143

mg` blpe}l`( |wg kj fwgy meyenmr l `l flbe mblpe}l` e}gyj+ Ke re|wegyl rg eprj wl }yeiw}lberggb}evl |wg pgyhe}egyl l njegyj uwmly l `l jyhlbe ggrlyel mg ye|wgql lbel` mg l}wylgql r

pyjmw}evl u hgjr lynlml clbel l gr}yw}wyl mg vevegml, }ylrpjy}g u rjyg }mj ieggr mg bjrwh mwyl`grBhj meaehr l}gyejyhg}g, rj l }yggml eub

be mg }ylrgygbelr fgmgylgr cl pgyhe}emj l fjyhlemg ye|wgql lejl` mg` }ep u l ye}h wg rg jrgyvlre wl ygmwbe g g` bjrwh Gr}lr }ylrfgygbelrcl pgyhe}emj mghr hl}ggy w l}y mg rwhjlnygnlm ygbeg}g u }lhe w lbgyvj bremgylig mg

iegkgr mg bkrwhj mwyligr |g kj jk}yeiwug l `l blplemlm pyjmw}evl @l mglml lnynlml lmghr cbj}ewlmj regm ggvlml, b rwr bjrggbelr rjy`l il`lql bjhgybel Kj mgihjr mgly mg hgel|wg g rgy llye u lr er}e}wbejgr byge}ebelr mg`plr rg cl jwlmj meeng}ghg}g mg bleqly `r lcjyyjr e}gyjr nggylmr py er}e}wbegr g emevemwjr l`

felbelheg}j mg` jrwhGr gr}l blylb}gyr}ebl g` ygheg}j gbjheb m_wg} Yebj l |wg luy e}gyr mgig }ggy lyl Lhyebl @l}el _wgy} Yej ygrw`}l g` blrj g |w rg ygwyyemj r e}grevlhg}g l` hgblerh ygmer}yew}evj mg }ylrfgyey enygrjr mg w plr mgrlyyj`lm l wplr g ygbeheg} bh er}ywhg}j plyl `jnyly g`grlyyj`j mg gr}g `}ehj _gyj, l rw vgq, gr g` plr |wg

j hlujy mylhl}erhj yggal r pgenyr |w g}yllgr}l gr}yl}gnel @l lmebe |wg rg cl mgrlyy`lmj g_wgy} Yebj l` blpe}l` jy}glgyel gyevl r` g g`l}geheg} mg wl gjhl mg g`lvg |wg lml mygrpj.mg g hgjy nylm l lr pyeyemlmgr |wg mggylrgy `l ilrg mg w mgrlyy remj G l`lg g}ygevgyre u wrj m `jr `wjr g lcjyyjr gs}gyjr # }ylrgygbelr% gr y}e lyl gve}ly g` yllrj

_wgy}j Yej }egg cu wl gjhl |wg bj}yj` r`w bwlyg}l py eg}j mg rwr lb}evjr ygjvligr @lrhlne}wmgr pyjpjybejlgr |wg cl ``gnlmj g _wgy}jYebj `r lrevr ygrpgb}j mg `r lgyvjr mg lb}evjr jr}wug ygr}ybejgr yenwyjrlr |wg gseng w leele ylmgylhg}g gb}evl+ _llmelhg}g g gr}l


133/143

bkmbjkgr gbjkhblr u fklkbgylr `l plwe d1`.w `g 254 Iwgkr Lyg


143/143

G` mgil}g rjiyg `jr hj gjr mg mgrlyyj`j lpyjpelmjr plyl jr

inversión externa y riqueza nacional: ¿un dilema?

Documents