trabajos de los alumnos2 - catedras.fsoc.uba.ar · 35,0(5$ 3$57(˛ 6rflrorjtd \ ’lgifwlfd,...

26
&RQIOXHQFLDVSDUDGLJPiWLFDVHQWUHOD6RFLRORJtD\OD'LGiFWLFD 0DWHULD'LGiFWLFD $OXPQDV /LOLDQD(%ODQFR'1,$ERJDGD8%$DOXPQDGHSULPHUDxR GHOD&DUUHUDGH6RFLRORJtD (YD9LOODUUHDO'1,/LFHQFLDGDHQ6RFLRORJtD8%$ 3UR\HFWRGHLQYHVWLJDFLyQ1 )HFKDGHHQWUHJDGHPD\RGH HUFXDWULPHVWUHGH ,QWURGXFFLyQ /DHQVHxDQ]DGHODVFLHQFLDVVRFLDOHVHVSHFtILFDPHQWHGHOD6RFLRORJtD H[LJHODUHDOL]DFLyQGHXQDUHIOH[LyQHQP~OWLSOHVQLYHOHV'HVGHOD 6RFLRORJtDODH[LVWHQFLDGHWUHVSULQFLSDOHVWUDGLFLRQHVGH SHQVDPLHQWR>@ RSDUDGLJPDVSRVLWLYLVWDPDWHULDOLVWDKLVWyULFRH LQWHUSUHWDWLYREULQGDORVPDUFRVWHyULFRPHWRGROyJLFRVSDUDLQWHUSUHWDU ORVIHQyPHQRVVRFLDOHVFX\RFRQRFLPLHQWRFRPR³DVLJQDWXUD´FRQVWLWX\H ODEDVHQHF HVDULDSDUDTXHHOGRFHQWHUHDOLFHVXWDUHD'HVGHOD 'LGiFWLFDODVWHRUtDVGHODHQVHxDQ]D\GHODSUHQGL]DMHDJUXSDGDVHQ WUHVSULQFLSDOHVPRGHORVWHyULFRVSHGDJyJLFRGLGiFWLFRVWUDGLFLRQDO HVFRODQRYLVWD\FRJQLWLYRSHUPLWHQHVWDEOHFHUDVXYH]HODQFODMHGHO ³VDEHUKDFHU´GRFHQWHFRQHO³IXQGDPHQWR´ (O SUHVHQWH WUDEDMR WLHQH FRPR REMHWLYR UHDOL]DU XQ SULPHU DERUGDMH D OD UHIOH[LyQ VXVWDQFLDOPHQWH WHyULFD VREUH OD UHODFLyQ HQWUH HQVHxDQ]DDSUHQGL]DMH \ HO FRQWHQLGR WHQLHQGR FRPR SUHVXSXHVWR OD QHFHVLGDGGHODH[SOLFLWDFLyQGHHVWRVYtQFXORV

Upload: duongthuan

Post on 22-Sep-2018

224 views

Category:

Documents


0 download

TRANSCRIPT

&RQIOXHQFLDV�SDUDGLJPiWLFDV�HQWUH�OD�6RFLRORJtD�\�OD�'LGiFWLFD0DWHULD��'LGiFWLFD�$OXPQDV�/LOLDQD�(��%ODQFR�'1,�������������$ERJDGD�8%$��DOXPQD�GH�SULPHU�DxR�GH�OD�&DUUHUD�GH�6RFLRORJtD�(YD�9LOODUUHDO�'1,�������������/LFHQFLDGD�HQ�6RFLRORJtD�8%$�3UR\HFWR�GH�LQYHVWLJDFLyQ�1���)HFKD�GH�HQWUHJD�����GH�PD\R�GH������HU��FXDWULPHVWUH�GH�����,QWURGXFFLyQ/D�HQVHxDQ]D�GH�ODV�FLHQFLDV�VRFLDOHV��HVSHFtILFDPHQWH�GH�OD�6RFLRORJtD��H[LJH�OD�UHDOL]DFLyQ�GH�XQD�UHIOH[LyQ�HQ�P~OWLSOHV�QLYHOHV��'HVGH�OD�6RFLRORJtD��OD�H[LVWHQFLD�GH�WUHV�SULQFLSDOHV�WUDGLFLRQHV�GH�SHQVDPLHQWR�>�@ R�SDUDGLJPDV��SRVLWLYLVWD��PDWHULDOLVWD�KLVWyULFR�H�LQWHUSUHWDWLYR��EULQGD�ORV�PDUFRV�WHyULFR�PHWRGROyJLFRV�SDUD�LQWHUSUHWDU�ORV�IHQyPHQRV�VRFLDOHV��FX\R�FRQRFLPLHQWR�FRPR�³DVLJQDWXUD´�FRQVWLWX\H�OD�EDVH�QHF HVDULD�SDUD�TXH�HO�GRFHQWH�UHDOLFH�VX�WDUHD��'HVGH�OD�'LGiFWLFD��ODV�WHRUtDV�GH�OD�HQVHxDQ]D�\�GHO�DSUHQGL]DMH�DJUXSDGDV�HQ�WUHV�SULQFLSDOHV�PRGHORV�WHyULFRV�SHGDJyJLFR�GLGiFWLFRV��WUDGLFLRQDO��HVFRODQRYLVWD�\�FRJQLWLYR��SHUPLWHQ�HVWDEOHFHU��D�VX�YH]��HO�DQFODMH�GHO�³VDEHU�KDFHU´�GRFHQWH�FRQ�HO�³IXQGDPHQWR´�

(O� SUHVHQWH� WUDEDMR� WLHQH� FRPR� REMHWLYR� UHDOL]DU� XQ� SULPHU�DERUGDMH� D� OD� UHIOH[LyQ� VXVWDQFLDOPHQWH� WHyULFD� VREUH� OD� UHODFLyQ� HQWUH�HQVHxDQ]D�DSUHQGL]DMH� \� HO� FRQWHQLGR�� WHQLHQGR� FRPR� SUHVXSXHVWR� OD�QHFHVLGDG�GH�OD�H[SOLFLWDFLyQ�GH�HVWRV�YtQFXORV�

(Q�UD]yQ�GH�OR�VHxDODGR��VH�SDUWH�GH�ODV�VLJXLHQWHV�DILUPDFLRQHV��� /D� FRH[LVWHQFLD� HQ� 6RFLRORJtD� GH� WUHV� SULQFLSDOHV� WUDGLFLRQHV� GH�SHQVDPLHQWR��� /D� FRH[LVWHQFLD� HQ� 'LGiFWLFD� GH� WUHV� SULQFLSDOHV� PRGHORV�SHGDJyJLFR�GLGiFWLFRV��� /RV� SDUDGLJPDV� VRFLROyJLFRV� \� ORV�PRGHORV� SHGDJyJLFR�GLGiFWLFRV�FRPSDUWHQ�HOHPHQWRV�FRPXQHV�� WDQWR�HQ� OR� UHIHUHQWH�DO�FRQWH[WR�GH�VXUJLPLHQWR�FRPR�HQ� ODV�FRQFHSFLRQHV�GH�VXMHWR�� LQVWLWXFLRQHV�\�VRFLHGDG�(O� SUHVHQWH� WUDEDMR� VH� HVWUXFWXUD� HQ� GRV� SDUWHV�� (Q� OD� SULPHUD� VH�FDUDFWHUL]DUi�D�OD�6RFLRORJtD�\�D�OD�'LGiFWLFD��SDVDQGR�OXHJR�D�UHFRQRFHU�HO� FRQWH[WR� GH� VXUJLPLHQWR� GH� ORV� GLIHUHQWHV� SDUDGLJPDV� HQ� DPEDV�GLVFLSOLQDV�\�D� LQWHUSUHWDU� ODV�FDWHJRUtDV�SULQFLSDOHV�HQ�FDGD�XQR�GH� ORV�PDUFRV� WHyULFRV�� (Q� OD� VHJXQGD� SDUWH�� VH� UHODFLRQDUiQ� ORV� VXSXHVWRV�EiVLFRV�GH�DPEDV�DVLJQDWXUDV��SDUD�ILQDOPHQWH�YHULILFDU�HO�FXPSOLPLHQWR�GH�ORV�VXSXHVWRV�GH�WUDEDMR�VHxDODGRV�

35,0(5$�3$57(� 6RFLRORJtD�\�'LGiFWLFD

,��'HILQLFLRQHV�OLPLQDUHV3RGHPRV� GHILQLU� D� OD� 6RFLRORJtD� FRPR� XQ� FXHUSR� VLVWHPiWLFR� GH�SULQFLSLRV� WHyULFRV� FX\D� WDUHD� FRQVLVWH� HQ� HVWDEOHFHU� HQ� TXp� IRUPD� VH�KDQ�SURGXFLGR�ODV�LQVWLWXFLRQHV�VRFLDOHV��TXp�FDXVDV�GLHURQ�OXJDU�D�HOODV�\�FXiOHV�VRQ�ORV�ILQHV�D�TXH�FRUUHVSRQGHQ�

/D� 'LGiFWLFD�� SRU� VX� SDUWH�� HV� XQD� GLVFLSOLQD� WHyULFR�SUiFWLFD�� TXH� VH�QXWUH� GH� FRQFHSWRV� GHVDUUROODGRV� SRU� RWUDV� GLVFLSOLQDV� �ILORVRItD��SVLFRORJtD��SHGDJRJtD���6X�DSUHQGL]DMH�UHTXLHUH�GH� OD�WUDQVIHUHQFLD�\�OD�HODERUDFLyQ� GH� XQD� VtQWHVLV�� GH� RWURV� DSUHQGL]DMHV� TXH� ORV� DOXPQRV�KD\DQ� UHDOL]DGR�GXUDQWH�VX�FDUUHUD�\�D�SDUWLU�GH�VX�SURSLD�H[SHULHQFLD�FRPR� DOXPQRV�� $� VX� YH]�� VH� EDVD� HQ� OD� FRPSUHQVLyQ� GH� OD� SUiFWLFD�GRFHQWH� HQ� WRGD� VX� FRPSOHMLGDG�� FRQVLGHUDQGR� ODV� P~OWLSOHV� YDULDEOHV�TXH�VH�LQWHUUHODFLRQDQ�HQ�OD�PLVPD�\�HQ�VX�UHODFLyQ�FRQ�OD�LQVWLWXFLyQ�\�HO�PHGLR�HQ�TXH�VH�GHVDUUROOD�,,��&RQWH[WR�GH�VXUJLPLHQWR�GH�DPEDV�GLVFLSOLQDV,,����/D�6RFLRORJtD

/D� 6RFLRORJtD� FRPR� FLHQFLD�� HQ� WDQWR� FXHQWD� FRQ� XQ� REMHWR� GH�HVWXGLR�� XQD� WHUPLQRORJtD� \� XQ� PpWRGR� HVSHFtILFRV� VXUJH� HQ� (XURSD� D�PHGLDGRV�GHO�VLJOR�;,;��HQ�XQD�QDFLyQ�FX\R�SURFHVR�GH�LQGXVWULDOL]DFLyQ�

YLHQH� ³HQ� UHWUDVR´�� OD� )UDQFLD� GH� OD� pSRFD� GH� OD� 5HVWDXUDFLyQ�� &RPR�DSXQWD� +DEHUPDV��>�@ OD� 6RFLRORJtD� HV� XQD� FLHQFLD� GH� OD� FULVLV�� TXH�VXUJH�HQ�OD�VRFLHGDG�EXUJXHVD�SDUD�H[SOLFDU�HO�GHFXUVR�\�ODV�IRUPDV�GH�PDQLIHVWDFLyQ� DQyPLFDV� GH� OD� PRGHUQL]DFLyQ� FDSLWDOLVWD� HQ� ODV�VRFLHGDGHV� SUHEXUJXHVDV�� 'H� DFXHUGR� FRQ�9DVLODFKLV�>�@�� OD� 6RFLRORJtD�FXHQWD� FRQ� WUHV� SDUDGLJPDV�� HO�SRVLWLYLVWD� �HQFDEH]DGR�SRU�&RPWH���HO�PDWHULDOLVWD�KLVWyULFR� �HQ� IXQFLyQ� GHO� DQiOLVLV� PDU[LVWD�� \� HO�LQWHUSUHWDWLYR� �LQLFLDGR� SRU� :HEHU��� HQWHQGLHQGR� SRU� SDUDGLJPDV� D� ORV�PDUFRV� WHyULFR�PHWRGROyJLFRV� GH� LQWHUSUHWDFLyQ� GH� ORV� IHQyPHQRV�VRFLDOHV�FUHDGRV�\�R�DGRSWDGRV�SRU�ORV�FLHQWtILFRV�VRFLDOHV��6yOR�DOJXQDV�WHRUtDV� DOFDQ]DQ� HO� VWDWXV� GH� SDUDGLJPD�� D� VDEHU�� DTXHOODV� FX\D�UHIHUHQFLD� HV� UHFXUUHQWH� HQ� OD� SURGXFFLyQ� VRFLROyJLFD�� \D� VHD� SDUD�FRQILUPDUODV�R�UHIXWDUODV�,,���D��(O�SDUDGLJPD�SRVLWLYLVWD

5HFXHUGD�+DEHUPDV�>�@ TXH�HQ�&RQGRUFHW�������������HO�PRGHOR�GH� UDFLRQDOLGDG� OR� RIUHFHQ� ODV� FLHQFLDV� PDWHPiWLFDV� GH� OD� QDWXUDOH]D��FX\R� Q~FOHR� OR� FRQVWLWX\H� OD� ItVLFD� GH� 1HZWRQ�� (Q� HVWD� FRQFHSFLyQ�� OD�SHUIHFFLyQ�HV� LQWHUSUHWDGD�VHJ~Q�HO�PRGHOR�GHO�SURJUHVR�FLHQWtILFR��TXH�VH� UHDOL]D� EDMR� FRQGLFLRQHV� FRQWLQJHQWHV� DVRFLDGR� D� OD� LGHD� GH�DSUHQGL]DMH�� 'DGR� TXH� D� ODV� FLHQFLDV� OHV� FRPSHWH� XQD� IXQFLyQ�LOXVWUDGRUD�� SXHGHQ� VHUYLU� WDPELpQ� DO� SHUIHFFLRQDPLHQWR� PRUDO� GHO�KRPEUH�� SRU� OR� TXH� FDEH� HVSHUDU� SURJUHVRV� WDPELpQ� HQ� ODV� IRUPDV�GH�FRQYLYHQFLD�FLYLOL]DGD��(O�SRVLWLYLVPR�VH�DVRFLD�FRQ�&RPWH��������������

TXLHQ� SRVWXOD� TXH� WRGDV� ODV� HVSHFXODFLRQHV� SDVDQ� LQHYLWDEOHPHQWH� SRU�WUHV� HVWDGLRV� VXFHVLYRV�� HO� WHROyJLFR�� HO� PHWDItVLFR� \� HO� SRVLWLYR�� 3DUD�HVWH�DXWRU��OD�~QLFD�EDVH�SRVLEOH�GHO�FRQRFLPLHQWR�HV�OD�REVHUYDFLyQ��D�OD�TXH�VH�VXERUGLQD�OD�LPDJLQDFLyQ�HVSHFXODWLYD��OR�TXH�SHUPLWH�HO�DFFHVR�D�ORV� KHFKRV� PHGLDQWH� OD� DYHULJXDFLyQ� GH� ODV� OH\HV� JHQHUDOHV� TXH�GHWHUPLQDQ� ODV� UHODFLRQHV� FRQVWDQWHV� GH� ORV� IHQyPHQRV� HVWXGLDGRV�� GH�DFXHUGR� FRQ� OD� LQYDULDELOLGDG� GH� ODV� OH\HV�QDWXUDOHV�� SRVWXODQGR�TXH�HO�RUGHQ� HV� OD� FRQGLFLyQ� GHO� SURJUHVR�� 6RVWLHQH� )RUWH�>�@ TXH� &RPWH�FRQVLGHUD� DO� KRPEUH� FRPR� XQ� VHU� DFWLYR�� VHQWLPHQWDO H� LQWHOLJHQWH��FX\RV� LPSXOVRV�SDUD� OD�DFFLyQ�SURYLHQHQ�GH�VXV�VHQWLPLHQWRV��PLHQWUDV�TXH� OD� LQWHOLJHQFLD� HMHUFH� OD� IXQFLyQ� GH FRQWURO� \� PRGHUDFLyQ� GH� ODV�DFFLRQHV�(Q�OtQHDV�JHQHUDOHV��SXHGH�GHFLUVH�TXH�ORV�VXSXHVWRV�FHQWUDOHV�GHO�SRVLWLYLVPR�FRQVLVWHQ�HQ�TXH�OD�REVHUYDFLyQ�HVWi�GLULJLGD�KDFLD�KHFKRV�H[WHUQRV�DO�LQYHVWLJDGRU��SXGLpQGRVH�LQIHULU�OH\HV�GHULYDGDV�GH�ODV�UHJXODULGDGHV�REVHUYDGDV�HQ�ORV�KHFKRV�\�TXH�H[LVWH�OD�QHFHVLGDG�GH�WHRUtDV�YHULILFDEOHV�

3RVWHULRUPHQWH�� 'XUNKHLP� ������������ FULWLFD� D� &RPWH� \� D� ORV�SRVLWLYLVWDV�SRU� WUDWDU�D� ORV�KHFKRV�VRFLDOHV� FRPR�QDWXUDOHV��HQ�YH]�GH�FRPR�³FRVDV´�H[WHULRUHV�D� ODV�FRQFLHQFLDV�LQGLYLGXDOHV�TXH�VLQ�HPEDUJR�HMHUFHQ� R� SXHGHQ� HMHUFHU� XQD� DFFLyQ� FRHUFLWLYD� VREUH� pVWDV��>�@'XUNKHLP� VH� KD� PDQLIHVWDGR� DVLPLVPR� HQ� SXQWR� D� OD� HGXFDFLyQ��>�@VRVWLHQH� TXH� pVWD� HV� OD� DFFLyQ� HMHUFLGD� SRU� ODV� JHQHUDFLRQHV� DGXOWDV�VREUH� DTXHOODV� TXH� QR� KDQ� DOFDQ]DGR� D~Q� XQ� JUDGR� GH� PDGXUH]�VXILFLHQWH� SDUD� GHVHQYROYHUVH� HQ� OD� YLGD� VRFLDO�� 7LHQH� SRU� REMHWR� HO�VXVFLWDU� \� GHVDUUROODU� HQ� HO� QLxR� XQ� FLHUWR� Q~PHUR� GH� HVWDGRV� ItVLFRV��

LQWHOHFWXDOHV� \� PRUDOHV�� TXH� H[LJHQ� GH� pO� WDQWR� OD� VRFLHGDG� SROtWLFD�WRPDGD� HQ� FRQMXQWR� FRPR� HO� PHGLR� HVSHFLDO� DO� TXH� HVWi� GHVWLQDGR�SDUWLFXODUPHQWH��3XHGH�GHFLUVH�TXH�SDUD�HVWH�DXWRU� OD�HGXFDFLyQ�HV�XQ�KHFKR�VRFLDO��FX\D�PHWD�HV�FRQVWLWXLU�D�FDGD�XQR�GH�QRVRWURV�HQ�XQ�³VHU�VRFLDO´�� /D� VRFLHGDG� VH� HQFXHQWUD�� DQWH� FDGD� JHQHUDFLyQ�� HQ� SUHVHQFLD�GH�XQD�EDVH�FDVL�YLUJHQ�VREUH�OD�TXH�VH�YH�REOLJDGD�D�FLPHQWDU�FDVL�SRU�HQWHUR��'H�HVWH�PRGR�GHEH�KDFHU�GHO�QLxR�XQ�RWUR FDSD]�GH� OOHYDU�XQD�YLGD�PRUDO�\�VRFLDO�,,���E��(O�SDUDGLJPD�PDWHULDOLVWD�KLVWyULFR6HxDOD�9DVLODFKLV�>�@ TXH�HQ�HO�SDUDGLJPD�PDWHULDOLVWD�KLVWyULFR�HO�RUGHQ�QR�HV�OD�FRQGLFLyQ�GHO�SURJUHVR��VLQR�HO�FRQIOLFWR��0DU[��������������DO�HODERUDU�ORV�IXQGDPHQWRV�GH�VX�PHWRGRORJtD��HO�PDWHULDOLVPR�KLVWyULFR�\�HO�PpWRGR�GLDOpFWLFR��HVWDEOHFH�TXH�OD�FLHQFLD�UHDO�\�SRVLWLYD��OD�H[SRVLFLyQ�GH�OD�DFFLyQ�SUiFWLFD�\�GHO�SURFHVR�SUiFWLFR�GH�GHVDUUROOR�GH�ORV�KRPEUHV�FRPLHQ]D�DOOt�GRQGH�WHUPLQD�OD�HVSHFXODFLyQ��HVWR�HV��HQ�OD�YLGD�UHDO��\�WRGD�FLHQFLD�YHUGDGHUD�UHVXOWD�VXSULPLGD�VL�QR�HV�OD�LQGLYLGXDOLGDG�OD�TXH�GRPLQD�HQ�OD�QDWXUDOH]D�PLVPD�GH�ODV�FRVDV��(VWDV�UHIHUHQFLDV�DOXGHQ�DO�REMHWR�\�VXMHWR�GH�FRQRFLPLHQWR��UHVSHFWLYDPHQWH��/DV�SUHPLVDV�GH�ODV�TXH�SDUWH�0DU[�VRQ�ORV�LQGLYLGXRV�UHDOHV��VX�DFFLyQ�\�VXV�FRQGLFLRQHV�UHDOHV�GH�YLGD��WDQWR�FRQ�ODV�TXH�VH�HQFXHQWUD�FRPR�ODV�TXH HQJHQGUD�D�WUDYpV�GH�VX�DFFLyQ��/RV�KRPEUHV�VRQ�ORV�SURGXFWRUHV�GH�VXV�UHSUHVHQWDFLRQHV��ODV�LGHDV�VRQ�ODV�FRVDV�PDWHULDOHV�WUDQVSXHVWDV��LQWHUSUHWDGDV�HQ�OD�FDEH]D�GH�ORV�KRPEUHV��'H�DKt�TXH�QR�VHD�OD�FRQFLHQFLD�OD�TXH�GHWHUPLQD�DO�VHU�VRFLDO��VLQR�SRU�HO�FRQWUDULR��HO�VHU�VRFLDO�OR�TXH�GHWHUPLQD�OD�FRQFLHQFLD��<�OR�TXH�FRQVWLWX\H�HO�

PRYLPLHQWR�GLDOpFWLFR�SDUD�0DU[�HV�OD�FRH[LVWHQFLD�GH�ORV�GRV�ODGRV�FRQWUDGLFWRULRV��VX�OXFKD��VX�IXVLyQ�HQ�XQD�FDWHJRUtD�QXHYD�'HQWUR�GH�OD�GHQRPLQDGD�WHRUtD�FUtWLFD�HQ�HO PDUFR�GH� OD�SULPHUD�(VFXHOD� GH� )UDQNIXUW�� TXH� UHFRJH� OD� WUDGLFLyQ�GHO�PDU[LVPR�RFFLGHQWDO��HQFRQWUDPRV� D� +RUNKHLPHU��>�@ SDUD� TXLHQ� HQ� OR� TXH� UHVSHFWD� D� ODV�HQVHxDQ]D� SROtWLFD� H� KLVWyULFD� SURSLDPHQWH� GLFKD�� HO� PDHVWUR� GHEH�KDEODU� GH� XQ� PRGR� LQGHSHQGLHQWH� \� GHEH� TXHUHU� GHFLU� OD� YHUGDG�� TXH�JHQHUDOPHQWH�HV�PiV�FRPSOHMD�GH�OR�TXH�SDUHFH��7DPELpQ�DJUHJD�TXH�OD�HGXFDFLyQ��SRU�PXFKR�TXH�HO�(VWDGR�SXHGD�HMHUFHU�XQD�LQIOXHQFLD�GLUHFWD�VREUH�HOOD��WLHQH�OD�SULRULGDG��LQFOXVR�HQ�XQD�pSRFD�GH�HPHUJHQFLD��FRPR�OD�TXH�pO�HVFULEH��HQ�OD�TXH�ODV�QHFHVLGDGHV�LQPHGLDWDV�VH�KDFHQ�VHQWLU�WDQ�YLYDPHQWH��(VSHFLDOPHQWH��FRQVLGHUD�WDQ�GHFLVLYD�FRPR�HO�FRQWHQLGROD� tQGROH� GH� OD� HQVHxDQ]D���>��@ )LQDOPHQWH�� HQFXHQWUD� TXH� HQWUH� ORV�WHPDV�TXH�GHEHQ�HQVHxDUVH�HQ�OD�8QLYHUVLGDG��DOHPDQD��\�HQ�GHILQLWLYD�HQ� WRGRV� ORV� HVWDEOHFLPLHQWRV� GRFHQWHV�� ILJXUD� WDPELpQ� HO� UHIHUHQWH� DO�VDEHU�DFHUFD�GH�OD�VRFLHGDG�\�GH�OD�H[LVWHQFLD�KXPDQD�FRQFUHWD�

,,���F��(O�SDUDGLJPD�LQWHUSUHWDWLYR1XHYDPHQWH� VLJXLHQGR� D� 9DVLODFKLV���>��@ SXHGH� GHFLUVH� TXH� HO�SDUDGLJPD� LQWHUSUHWDWLYR� SURSRQH� SDVDU� GH� OD� REVHUYDFLyQ� D� OD�FRPSUHQVLyQ�� /RV� VLJQLILFDGRV�� \D� VH� HQFDUQHQ� HQ� DFFLRQHV�� HQ�LQVWLWXFLRQHV�� HQ� SURGXFWRV� GH� WUDEDMR�� VyOR� SXHGHQ� VHU� DOXPEUDGRV�GHVGH� DGHQWUR�� 3DUD� HVWH� SDUDGLJPD�� OD� UHDOLGDG� VLPEyOLFDPHQWH�SUHHVWUXFWXUDGD� VH� FRQYLHUWH� HQ� XQ� XQLYHUVR� LQFRPSUHQVLEOH� D� ORV� RMRV�

GH�XQ�REVHUYDGRU�H[WHULRU�LQFDSD]�GH�FRPXQLFDFLyQ��&XDQGR�HO�VRFLyORJR�DQDOL]D� XQD� VLWXDFLyQ� VRFLDO� VH� HQIUHQWD�� D� GLIHUHQFLD� GHO� FLHQWtILFR�QDWXUDO��FRQ�GRV�WLSRV�GH�UHJODV��ODV�TXH�ULJHQ�VX�LQYHVWLJDFLyQ�\�ODV�TXH�UHJXODQ�OD�DFWLYLGDG�TXH�HVWi�HVWXGLDQGR��GH�PRGR�TXH�FXDOTXLHU�WLSR�GH�FRPSUHQVLyQ� UHIOH[LYD� GHEH� VXSRQHU� OD� FRPSUHQVLyQ� GHO� SDUWLFLSDQWH��(VWH� SDUDGLJPD� QDFH� FRQ� OD� SURSXHVWD� GH� :HEHU� ������������ GH�SUDFWLFDU�XQD�FLHQFLD�GH�OD�UHDOLGDG�GH�OD�YLGD�TXH�QRV�URGHD�\�HQ�OD�FXDO�HVWDPRV� LQPHUVRV�� PHGLDQWH� OD� FRPSUHQVLyQ�� SRU� XQD� SDUWH�� GHO�FRQWH[WR� \� VLJQLILFDGR� FXOWXUDO� GH� VXV� GLVWLQWDV� PDQLIHVWDFLRQHV� HQ� VX�IRUPD�DFWXDO�\��SRU�RWUD��GH�ODV�FDXVDV�TXH�GHWHUPLQDURQ�KLVWyULFDPHQWH�TXH�VH�KD\D�SURGXFLGR�DVt�\�QR�GH�RWUD�IRUPD��'H�HVWD�PDQHUD��:HEHU�HQWLHQGH� TXH� OD� 6RFLRORJtD� HV� XQD� FLHQFLD� TXH� SUHWHQGH� HQWHQGHU��LQWHUSUHWiQGROD�� OD� DFFLyQ� VRFLDO� SDUD�� GH� HVH� PRGR�� H[SOLFDUOD�FDXVDOPHQWH� HQ� VX� GHVDUUROOR� \� HIHFWRV�� :HEHU� WDPELpQ� GHILQH� OR� TXH�SDUD�pO�GHEH�VHU�OD�SRVWXUD�GHO�FLHQWtILFR�HQ�ODV�DXODV��HQ�pVWDV�OD�SROtWLFD�QR�WLHQH�FDELGD���>��@(VWH� SDUDGLJPD� VH� XELFD� QR� VREUH� HO� PXQGR� REMHWLYR� VLQR� HQ� HO�FRQWH[WR�GHO�PXQGR�GH�OD�YLGD��<�HO�PpWRGR�SDUD�FRQRFHU�HVH�PXQGR�GH�OD�YLGD�HV�OD�FRPSUHQVLyQ�GH�ODV�HVWUXFWXUDV�VLJQLILFDWLYDV�SRU�PHGLR�GH�OD� SDUWLFLSDFLyQ� HQ� HOODV� D� ILQ� GH� UHFXSHUDU� OD� SHUVSHFWLYD� GH� ORV�SDUWLFLSDQWHV�� \� FRPSUHQGHU� HO� VHQWLGR� GH� OD� DFFLyQ� HQ� XQ� PDUFR� GH�UHODFLRQHV�LQWHUVXEMHWLYDV��(O�PXQGR�GH�OD�YLGD��HQWHQGLGR�FRPR�PXQGR�QDWXUDO� \� VRFLDO�� HV� HQWRQFHV� HO� HVFHQDULR� \� OR� TXH� SRQH� OtPLWHV� D� OD�DFFLyQ�LQGLYLGXDO�UHFtSURFD�

,,����/D�'LGiFWLFD

6HJ~Q� 'DYLQL���>��@ OD� GLVFLSOLQD� VXUJH� KLVWyULFDPHQWH� FRPR�HVSDFLR� GH� FRQFUHFLyQ� QRUPDWLYD� SDUD� OD� UHDOL]DFLyQ� GH� OD� HQVHxDQ]D�GHQWUR� GH� XQD� FRQFHSFLyQ� SRFR� FRQIOLFWLYD� \� KDVWD� LQJHQXD� GH� OD�VRFLHGDG� \� GHO� VXMHWR�� (Q� LJXDO� VHQWLGR� UHFXHUGD� 6RXWR��>��@ �FLWDQGR�XQ� WUDEDMR� GH� 6XVDQD� %DUFR�� TXH� OD� 'LGiFWLFD� VH� SUR\HFWy� FRPR� XQD�QRUPDWLYLGDG�DOWDPHQWH�HVWUXFWXUDGD� FRQ�VyOLGDV�SUHVFULSFLRQHV�DFHUFD�GHO� ³VDEHU� KDFHU´� GHO� PDHVWUR� SDUD� ORJUDU� HO� ³GHEHU� VHU´� GHO� PRGHOR�SHGDJyJLFR�SURSXHVWR�� DVRFLiQGRVH� DO� FRQWURO� VREUH� OD� FRQGXFWD�GH� ODV�SHUVRQDV��D� OD�GLVFLSOLQD��(GXFDU�HUD�FXHVWLyQ�GH�GLVFLSOLQDPLHQWR�DQWHV�TXH� GH� LQVWUXFFLyQ���>��@ 6LJXLHQGR� D� 'DUyV��>��@�� VH� REVHUYD� TXH�HVWXGLRVRV�HQ� OD�pSRFD�PRGHUQD��GRFHQWHV�\�ILOyVRIRV��HQ�HO� LQWHQWR�GH�UDFLRQDOL]DU�HO�SURFHVR�GH�HQVHxDU�\�DSUHQGHU�DFRPHWLHURQ�VX�WDUHD�GH�DFXHUGR� FRQ� GHWHUPLQDGDV� FRQFHSFLRQHV� DFHUFD� GH� HO� KRPEUH� \� HO�PXQGR�� OD� HGXFDFLyQ�� OD� LQVWUXFFLyQ� \� OD� IXQFLyQ� GRFHQWH�� (VWR� SXHGH�REVHUYDUVH�HQ�HO�VLJXLHQWH�FXDGUR�$XWRU &RPHQLR� ������������ 'LGDFWLFD�PDJQD

5RXVVHDX� ������������(PLOLR&RQFHSFLyQ� GHO�KRPEUH &ULDWXUD� GH� 'LRV��FRUURPSLGD��IXQGDPHQWR�EtEOLFR�

/D� VRFLHGDG� VH� KD�RSXHVWR� D� OD�QDWXUDOH]D� \� HO�KRPEUH� FLYLO� HV� XQ�VHU� IUDFFLRQDGR��IXQGDPHQWR�KLSRWpWLFR�1DWXUDOH]D�KXPDQD $� LPDJHQ� GH� 'LRV��SRU� WDQWR� FRQ� %RQGDG

SRVLELOLGDGHV� GH�p[LWR�HGXFDWLYR(GXFDFLyQ�LQVWUXFFLyQ /D� LPSHUIHFFLyQ�SXHGH� VHU�VXEVDQDGD� SRU� OD�DXWRHGXFDFLyQ� �ILQ�PRUDO��� OD�LQVWUXFFLyQ� HV� OD�OLEUH� FRPSUHQVLyQ�LQWHOHFWXDO��FRQGLFLyQ�QHFHVDULD� GH� OD�HGXFDFLyQ

+HWHURHGXFDFLyQ��HMHUFLFLR�GH�OD�SURSLD�DXWRQRPtD� UDFLRQDO��OD� LQVWUXFFLyQ� HV� HO�SURFHVR� GH�HQVHxDQ]D�DSUHQGL]DMH� GH� ODV�FLHQFLDV)XQFLyQ�GRFHQWH )DFLOLWD� R� D\XGD� \�GLULJH� HO� DSUHQGL]DMH�GH� DFXHUGR� FRQ� OD�QDWXUDOH]D�GHO�DOPD

+D\� WUHV� PDHVWURV��OD� QDWXUDOH]D�� HO�KRPEUH� \� ODV� FRVDV��HO� GRFHQWH� GD�LQVWUXPHQWRV� \�D\XGD� D� SHQVDU�FLHQWtILFDPHQWH0pWRGR 2UJDQL]DFLyQ�FLHQWtILFD +D\� TXH� VDEHU�HVSHUDU� D� TXH� OD�UD]yQ�VH�GHVSLHUWH'H� DFXHUGR� FRQ� +HUQiQGH]� 5RMDV��>��@�� FRQRFHU� ODV�FDUDFWHUtVWLFDV� GH� FDGD� SDUDGLJPD� HV� YiOLGR� SDUD� DQDOL]DU� FXiO� HV� OD�QDWXUDOH]D� GH� VX� GLVFXUVR� WHyULFR�SUiFWLFR�� FXiO� HV� HO� WLSR� GH�SODQWHDPLHQWR�HSLVWHPROyJLFR�R�PHWRGROyJLFR�TXH�SURSRQH�\�FXiOHV�VRQ�VXV�DOFDQFHV�\�OLPLWDFLRQHV�HQ�VX�DSUR[LPDFLyQ�DO�FRQWH[WR�HGXFDWLYR�

,,���D��(O�PRGHOR�WUDGLFLRQDO

'H� DFXHUGR� FRQ� 6DQMXUMR� \� 9HJD���>��@ ODV� WHRUtDV� SRVLWLYLVWDV�IXHU]DQ�OD�DQWLQRPLD�KHUHQFLD�PHGLR��GHVDUUROOR�DSUHQGL]DMH�\�ELROyJLFR�FXOWXUDO�� GHVWDFDQGR� HO� LQQDWLVPR�� /DV� VLWXDFLRQHV� VRQ� FRQVLGHUDGDV�DSUREOHPiWLFDV���>��@ HVWLPXOiQGRVH� HO� YHUEDOLVPR� \� ODV� HVWUDWHJLDV�GLGiFWLFDV� UHGXFLGDV� D� FODVHV� H[SRVLWLYDV�� DQWH� ODV� TXH� HO� DOXPQR�DSUHQGH� SRU� PHPRUL]DFLyQ�� PHFiQLFDPHQWH�� )RXUFDGH���>��@ SRU� VX�SDUWH�� KD� DQDOL]DGR� OD� VLWXDFLyQ� HVFRODU� HQ� HO� DXOD�� WRPDQGR� FRPR�SXQWRV� GH� UHIHUHQFLD� OD� FRORFDFLyQ� GHO� PDHVWUR�� OD� GLVSRVLFLyQ� GH� ORV�DOXPQRV��HO�FDUiFWHU�GH� ODV�UHODFLRQHV�TXH�VH�HVWDEOHFHQ�HQWUH�HOORV�HQ�FDGD� FDVR� SDUWLFXODU�� (Q� HVWH� VHQWLGR�� VRVWLHQH� TXH� OD� FODVH� GH� WLSR�WUDGLFLRQDO��TXH�KD�JXDUGDGR�HQ�VX�IRUPD�ODV�KXHOODV�±GLItFLOHV�GH�ERUUDU�GH� OD� SHGDJRJtD� GH� ORV� MHVXLWDV�� OD� DXWRULGDG� GHO� PDHVWUR� HV�LQFRQWHVWDEOH� H� LQFRQWHVWDGD�\� OD�SHUVRQDOLGDG�GHO�QLxR�VH�DKRJD�HQ� OD�PDVD�DQyQLPD�\�XQLIRUPH�GH�OD�SHTXHxD�SREODFLyQ�HVFRODU��(Q�XQD�FODVH�GH�WLSR�WUDGLFLRQDO���>��@ GHVGH�OD�VLWXDFLyQ�SVLFRHVSDFLDO�SXHGH�GHFLUVH�TXH�HO�FRQRFLPLHQWR�HV�GRPLQLR�H[FOXVLYR�GHO�PDHVWUR�TXLHQ��VREUH�XQD�WDULPD�� VH� GLULJH� FROHFWLYDPHQWH� DO� FRQMXQWR� GH� OD� FODVH�� 'HVGH� OD�VLWXDFLyQ�SHGDJyJLFD��HO�FRQRFLPLHQWR�VH�FHQWUD�HQ�HO�SURJUDPD�\�HQ�HO�PDHVWUR�\�ODV�LQWHUDFFLRQHV�VRQ�QXODV�,,���E� (O�PRGHOR�HVFRODQRYLVWD

'H� DFXHUGR� FRQ� )RXUFDGH��>��@�� EDMR� HO� LPSXVOR� GH� SHGDJRJRV�HPLQHQWHV� FRPR� 3HVWDOR]]L�� 'HZH\�� )HUULqUH�� 0RQWHVVRUL� \� 'HFURO\� ORV�

HVTXHPDV�GH�UHODFLRQHV�HQ�OD�FODVH�VH�KDQ�WUDQVIRUPDGR��SHUPLWLHQGR�D�)UHLQHW�������������LPDJLQDU�VX�HQVHxDQ]D�HQWHUDPHQWH�EDxDGD�SRU�HO�FOLPD� GH� OD� FRRSHUDFLyQ� HVFRODU�� FDUDFWHUL]DGR� SRUTXH� HO� FRQRFLPLHQWR�HVWi� FHQWUDGR� D� OD� YH]� HQ� HO� PDHVWUR� �VLQ� WDULPD�� \� HQ� HO� PDWHULDO��JHQHUDOPHQWH�ILFKHURV�\�UHVXOWDGRV�GH�HQFXHVWDV���ORV�DOXPQRV�SXHGHQ�FRQWURODU� ORV�GRFXPHQWRV�SXHVWRV�D�VX�GLVSRVLFLyQ�\� ODV� LQWHUUHODFLRQHV�HVWiQ� EDVDGDV� VREUH� HO� WUDEDMR� HQ� HTXLSR� \� OD� HVSHFLDOL]DFLyQ� GHO�WUDEDMR�� (Q� HVWD� FRQFHSFLyQ� HVFRODQRYLVWD�� HV� GH� VXPD� LPSRUWDQFLD� OD�SRVWXUD�DFWLYD�GHO�DOXPQR�\�VX�LQWHUpV���>��@,,���F��(O�PRGHOR�FRJQLWLYR

'H� DFXHUGR� FRQ� (JJHQ� \� .DXFKDN���>��@ HQ� OD� SHUVSHFWLYD�FRJQLWLYD�HO�DOXPQR�HV�XQ� LQYHVWLJDGRU�DFWLYR�GH�VX�PHGLR��/D�SUHPLVD�HV�TXH�ODV�SHUVRQDV�WLHQGHQ�LQVWLQWLYDPHQWH�D�GDU�VHQWLGR�DO�PXQGR�TXH�ORV� URGHD� FRQ� OD� ILQDOLGDG� GH� UHVROYHU� SUREOHPDV�� (Q� XQ� WLSR� GH�HQVHxDQ]D�DFWLYD�� HO� GRFHQWH� ³KDFH� OD� GLIHUHQFLD´��HVWDEOHFLHQGR�PHWDV�FODUDV�� GDQGR� HMHPSORV� \� UHSUHVHQWDFLRQHV� \� HVWDEOHFLHQGR� XQ�FRPSURPLVR��(VWRV�DXWRUHV�GHILQHQ�D� OD�HQVHxDQ]D�FRPR�OD�WDUHD�HQ� OD�FXDO� DOJXLHQ� �HO� GRFHQWH�� LQWHQWD� D\XGDU� D� XQD� R� PiV� SHUVRQDV� �ORV�DOXPQRV�� D� DGTXLULU� FRPSUHQVLyQ�� KDELOLGDGHV� R� DFWLWXGHV� �OD�PDWHULD���3DUD� 6DQMXUMR� \� 9HJD��>��@�� ORV� SDUHV� KHUHQFLD�PHGLR�� GHVDUUROOR�DSUHQGL]DMH� \� ELROyJLFR�FXOWXUDO� VH� DUWLFXODQ� HQ� IRUPD� P~OWLSOH�� $QWH�WRGR�� OD� HVFXHOD� WLHQH� XQD� WDUHD� FRPSHQVDGRUD� \� HO� DSUHQGL]DMH� HV�VLJQLILFDWLYR SXHV� ORJUD� LQWHJUDUVH� D� OD� HVWUXFWXUD� FRJQLWLYD� GHO� VXMHWR�

PHGLDQWH� FRQH[LRQHV� R� DVRFLDFLRQHV� GH� LGHDV�� SRVLELOLWDQGR� TXH� ODV�VLWXDFLRQHV�VH�SUREOHPDWLFHQ���>��@/LWZLQ��>��@ VRVWLHQH� TXH� OD� HQVHxDQ]D� SDUD� OD� FUtWLFD� HV� XQD�HQVHxDQ]D�TXH�FUHD�HQ�ORV�FRQWH[WRV�GH�SUiFWLFD�ODV�FRQGLFLRQHV�SDUD�HO�SHQVDPLHQWR�FUtWLFR��1R�HV�SRVLEOH�SHQVDU�TXH�VH�SXHGHQ�IDYRUHFHU�HVWDV�IRUPDV�GH�SHQVDPLHQWR�VLQ�FRQWDU�FRQ�XQ�GRFHQWH�TXH�JHQHUH�SDUD�VXV�SURSLDV� FRPSUHQVLRQHV� HVWD� PDQHUD� GH� SHQVDU�� (O� DQiOLVLV� GHO�SHQVDPLHQWR� GHO� GRFHQWH� QRV� UHPLWH� D� SHQVDU� HQ� ODV� FXRWDV� GH�DXWRQRPtD� TXH� VH� SODQWHDQ� HQ� VX� ODERU�� HQ� ODV� FRQVLGHUDFLRQHV�SURIHVLRQDOHV� \� JUHPLDOHV� GH� OD� DXWRQRPtD� \� VXV� LPSOLFDQFLDV�VRFLRSROtWLFDV� HQ� ORV� SURFHVRV� GH� UHIRUPD� \� HQ� ODV� FULVLV� GHO� VLVWHPD�HGXFDWLYR�/LEDQHR��>��@ SDUWH� GH� XQD� SHUVSHFWLYD� GH� OD� SHGDJRJtD� FUtWLFR�VRFLDO��SURJUHVLVWD��DVXPLHQGR� OD�KLVWRULFLGDG�GH� OD�HVFXHOD�\�FRQFLEH�DO�DOXPQR� FRPR� XQ� VHU� HGXFDEOH�� VXMHWR� DFWLYR� GHO� SURSLR� FRQRFLPLHQWR��SHUR� WDPELpQ� FRPR� VHU� VRFLDO�� KLVWyULFDPHQWH� GHWHUPLQDGR�� LQGLYLGXR�FRQFUHWR�� LQWURGXFLpQGRVH� HQ� HO� PRYLPLHQWR� FROHFWLYR� GH� HPDQFLSDFLyQ�KXPDQD�� 3DUD� HVWH� DXWRU�� OD� HQVHxDQ]D� FRQVWLWX\H� OD� WUDQVPLVLyQ�LQWHQFLRQDO� \� VLVWHPiWLFD� GH� FRQWHQLGRV� FXOWXUDOHV� \� FLHQWtILFRV�� (O�SURIHVRU� HV�PHGLDGRU�HQWUH�HO� DOXPQR�\� OD�PDWHULD��(O� WUDEDMR�GRFHQWH�FRQVWLWX\H�XQ�GREOH�SURFHVR��FRQWLQXLGDG�GH�OD�H[SHULHQFLD�\D�WUDtGD�SRU�HO� DOXPQR� �H[SHULHQFLD� IUDJPHQWDULD�� VHQWLGR� FRP~Q��\� UXSWXUD�GH�HVD�H[SHULHQFLD�SDUD�HOHYDUOR�D�XQD�YLVLyQ�PiV�HODERUDGD�GHO�FRQRFLPLHQWR��6XV�FRQFOXVLRQHV�SXHGHQ�REVHUYDUVH�HQ�HO�VLJXLHQWH�FXDGUR�

0RGHOR�WUDGLFLRQDO 0RGHOR� UHQRYDGR�WHFQLFLVWD��HVFRODQRYLVPR�0RGHOR�VRFLRSROtWLFR

)LQDOLGDG��7UDQVPLVLyQ�FXOWXUDO &DUiFWHU� SUiFWLFR�WpFQLFR� GH� OD�HQVHxDQ]D$OXPQR� SDVLYR�UHFHSWLYR 'HWHUPLQDGR�VRFLDOPHQWH&RQWHQLGR� \� PpWRGR�GRJPiWLFRV 1HXWUDOLGDG� IUHQWH� D�ODV� FXHVWLRQHV�VRFLDOHV3RVWXUD� FUtWLFD��SDUWLFLSDFLyQ

9DORUL]D� DVSHFWR�PDWHULDO� GH OD�HQVHxDQ]D9DORUHV� GH�SURGXFWLYLGDG��HILFLHQFLD��UHQGLPLHQWR

3URJUHVLVPR��HVFXHOD�FRPR� DSDUDWR�LGHROyJLFR�GHO�(VWDGR��$OWKXVVHU�/LEURV� GLGiFWLFRV�GHVFDUWDEOHV��>��@1R� KD\� SUiFWLFD�SROtWLFD 1R� KD\� SUiFWLFD�SROtWLFD 0DUFDGD� SUiFWLFD�SROtWLFD7UDQVPLVLyQ� GH�FRQWHQLGRV $SURSLDFLyQ�DFWLYD'HQWUR� GH� ORV� HVWXGLRV� HQ� 'LGiFWLFD� SXHGHQ� HQFRQWUDUVH� YDULRV�PRGHORV� WULiGLFRV� TXH� GDQ� FXHQWD�� SRU� HMHPSOR�� GHO� LQWHUpV� DQDOtWLFR� \�WHyULFR�HQ� WRUQR�D� OD�HVFXHOD�FRPR�RUJDQL]DFLyQ��6LJXLHQGR�D�*RQ]iOH]�*RQ]iOH]���>��@ SXHGHQ�YHULILFDUVH� WUHV�HQIRTXHV��HO� FLHQWtILFR�UDFLRQDO�TXH� HQWLHQGH� D� OD� HVFXHOD� FRPR� UHDOLGDG� REMHWLYD�� OLQHDO�� QHXWUDO� TXH�IXQFLRQD� UDFLRQDOPHQWH�� HO� LQWHUSUHWDWLYR�� TXH� HQWLHQGH� D� OD� HVFXHOD�FRPR� VLJQLILFDWLYLGDG� VXEMHWLYD� \� FRQVHQVXDO� TXH� FRQILJXUD� FRQ� VXV�YDORUHV�OD�UHDOLGDG�VRFLDO��HO�FUtWLFR��SDUD�HO�FXDO�OD�HVFXHOD�HV�XQ�iPELWR�GH�OHFWXUD�VRFLRSROtWLFD��LGHROyJLFD�\�FXOWXUDO��GRQGH�VH�GDQ�UHODFLRQHV�GH�SRGHU� \� GRPLQDFLyQ� D� WUDYpV� GHO� OHQJXDMH� %DWHV���>��@SRU� VX� SDUWH��HQWLHQGH�TXH�OD�HGXFDFLyQ�VH�HQFXHQWUD�LQWHUHVDGD�HQ�OD�FRQVWUXFFLyQ�GH�VHQWLGR� H� LGHQWLGDG�� UHWRPDQGR� OD� QRFLyQ� KDEHUPDVLDQD� GH� DFFLyQ�

FRPXQLFDWLYD�� VXJLHUH� TXH� XQD� WHRUtD� HGXFDWLYD� FUtWLFD� GH� OD�DGPLQLVWUDFLyQ�HVFRODU�KDEUtD�GH�HVWDU�FRPSURPHWLGD�FRQ�DVHJXUDU�TXH�VH� WRPDVHQ� HQ� FRQVLGHUDFLyQ� ORV� LQWHUHVHV� WpFQLFR�� SUiFWLFR� \�HPDQFLSDWRULR��\D�TXH�HO�DSUHQGL]DMH�VH�SURGXFH�D�WUDYpV�GHO� OHQJXDMH��SRU� OR� TXH� XQD� DGPLQLVWUDFLyQ� HGXFDWLYD� GHEHUtD� SUHVWDU� XQD� JUDQ�DWHQFLyQ�D�ODV�IRUPDV�D�WUDYpV�GH�ODV�FXDOHV�VH�DUWLFXOD�HO�OHQJXDMH�HQ�ODV�LQVWLWXFLRQHV�HGXFDWLYDV�

6(*81'$�3$57(� 3XQWRV�GH�FRQWDFWR�HQWUH�6RFLRORJtD�\�'LGiFWLFD,��ÈUHDV�GH�DOHMDPLHQWR

&DPLOORQL��>��@ VHxDOD�FLHUWDV�GLIHUHQFLDV�HQWUH� OD�6RFLRORJtD�\� OD�'LGiFWLFD��TXH�SXHGHQ�VLVWHPDWL]DUVH�HQ�XQ�FXDGUR��FRPR�HO�TXH�VLJXH�

6RFLRORJtD 'LGiFWLFD/D� GLGiFWLFD� HV� KHUHGHUD�� \� OR�KD� VLGR� VLHPSUH�� GH� RWUDV�GLVFLSOLQDV(O� VRFLyORJR� WLHQH�UHVSRQVDELOLGDG�pWLFD�SHUR��� (O� FDVR� TXH� SUHVHQWD� OD�GLGiFWLFD� HV� PiV� FRPSOHMR� \�GLItFLO�GH�UHVROYHU6LJXLHQGR� D� :HEHU�� XQR� HV� HO�FLHQWtILFR�� RWUR� HV� HO� SURIHVRU� \�RWUR�HV�HO�KRPEUH�FLYLO/D� GLGiFWLFD� KDEOD� GHO� SURIHVRU�\�GHO�PDHVWUR(VWD�GLVFLSOLQD�VH�SURSRQH�FRPR�REMHWLYR� SURSLR� OD� LQWHUYHQFLyQ�SHGDJyJLFD/D� VRFLRORJtD� \� OD� SVLFRORJtD�WLHQHQ� XQ� FDPSR� FODUDPHQWH�GHPDUFDGR6HJ~Q� DOJXQRV� DXWRUHV�� OD�GLGiFWLFD�QXQFD�OR�WXYR

$�HVWDV� FRQVLGHUDFLRQHV�SXHGHQ�DJUHJDUVH�RWUDV��DWHQGLHQGR�D� OD�HVSHFLILFLGDG�GH�FDGD�GLVFLSOLQD��(Q�WHRUtD�VRFLROyJLFD��ODV�WUDGLFLRQHV�GH�SHQVDPLHQWR� FRQIOX\HQ� SHUPDQHQWHPHQWH�� 8Q� DXWRU� UHPLWH� D� VX�DQWHFHVRU�� VHD� SDUD� FRQWLQXDU� VX� REUD�� VHD� SDUD� FULWLFDUOR LQ� WRWR�� VHD�SDUD� PHWDPRUIRVHDU� R� UHIRUPXODU� XQ� DVSHFWR� SDUWLFXODUPHQWH�

SUREOHPiWLFR�� (Q� HVWH� VHQWLGR�� HV� LOXVWUDWLYR� HO� WUDEDMR� GH� +DEHUPDV��TXLHQ� WRPD� UHDOL]D� XQ� UHFRUWH� VREUH� FLHUWRV� DXWRUHV� �:HEHU�� 0HDG��3DUVRQV�� 'XUNKHLP�� HQWUH� RWURV�� \� ORV� FRQVLGHUD FRPR� LQWHUORFXWRUHV�³YLYRV´� D� ORV� FXDOHV� SXHGH� FRQWLQXDU� IRUPXOiQGROHV� SUHJXQWDV�� 3RU� HO�FRQWUDULR�� HQ� 'LGiFWLFD� VH� REVHUYD� XQ� FRUWH� WHyULFR� QHWR� HQWUH� ORV�GLVWLQWRV�PRGHORV��ORV�TXH�SDUHFHQ�UHVSRQGHU�D�XQD�³OtQHD�HYROXWLYD´��HQ�OD� SUiFWLFD� GHO� HVSDFLR� iXOLFR� FRQIOX\HQ��� 6REUH� HVWH� SXQWR� VXUJH� OD�LQTXLHWXG� GH� (GHOVWHLQ���>��@ TXLHQ� VH� SUHJXQWD� ³¢6HUi� TXH� \D� QR� HV�SRVLEOH�KDEODU�GHO�PpWRGR��VLQ�HO�SOXUDO��\�TXH�HQ�WRGR�FDVR�HV�SRU�HOOR�TXH�OD�UHVROXFLyQ�GHPDQGD�OD�JHQHUDFLyQ�GH�QXHYDV�FDWHJRUtDV�FRPR�OD�GH�FRQVWUXFFLyQ�PHWRGROyJLFD��PiV�LQFOXVLYDV�\�TXH�LQWHJUHQ�HVWUDWHJLDV�\�PpWRGRV"´�,,��ÈUHDV�GH�FRQIOXHQFLD

6LQ� HPEDUJR�� HQ� WDQWR� DPEDV� VRQ� FLHQFLDV� VRFLDOHV�� 6RFLRORJtD� \�'LGiFWLFD�SRVHHQ�HOHPHQWRV�FRPXQHV��7RPDQGR�HQ�VX�FRQVLGHUDFLyQ�XQ�FULWHULR� GH� VXFHVLyQ� HQ� HO� WLHPSR�� VH� REVHUYD� TXH� QR� VyOR� FRPSDUWHQ�LGpQWLFR� FRQWH[WR� GH� VXUJLPLHQWR� FRPR� GLVFLSOLQDV� �(XURSD�� VLJOR� ;,;���VLQR�TXH�VXV�PXWDFLRQHV�SDUDGLJPiWLFDV�UHVSRQGHQ�D�VLPLODUHV�QRFLRQHV�GH� VXMHWR�� REMHWR� \� VRFLHGDG�� (O� Q~FOHR� GHO� SHQVDPLHQWR� SRVLWLYLVWD�DILUPD�OD�H[LVWHQFLD�GH�XQ�RUGHQ�GDGR�TXH�WLHQGH�DO�SURJUHVR�LQGHILQLGR��PLHQWUDV� TXH�HO� REMHWR� GH� FRQRFLPLHQWR� H[WHULRU� \� FRHUFLWLYR�RFXSD�XQ�SDSHO�FHQWUDO��QHJDQGR�OD�LQWHUYHQFLyQ�GHO�VXMHWR�HQ�VX�FRQVWUXFFLyQ��ODV�SUHQRFLRQHV� GHEHQ� GHVFDUWDUVH� $� VX� YH]�� HQ� HO� PRGHOR� WUDGLFLRQDO� HO�FRUSXV GH�FRQRFLPLHQWR��DVLJQDWXUD��DSDUHFH�FRPR�OR�GDGR��DQWH�OR�FXDO�

HO� VXMHWR� TXH� DSUHQGH� DSDUHFH� FRPR� UHFLSLHQWH� SDVLYR�� FRPR� WDEXOD�UDVD��GRFHQWH�\�HVFXHOD�DSDUHFHQ�FRPR�DXWRULGDG�D�OD�FXDO�HO�DOXPQR�VH�VXERUGLQD�� (O� SDUDGLJPD� PDWHULDOLVWD�KLVWyULFR�� SRU� VX� SDUWH�� HULJH� DO�VXMHWR� HQ� UHDOL]DGRU�GH� OD�SUD[LV��HQ�HO�PRGHOR� HVFRODQRYLVWD�HO� VXMHWR�TXH�DSUHQGH��³KDFH´�DFWLYDPHQWH�HQ�IXQFLyQ�GH�VXV�VDEHUHV�SUHYLRV��ORV�FRQWHQLGRV� FXUULFXODUHV� VH� IOH[LELOL]DQ� \� WDQWR� GRFHQWH� FRPR� HVFXHOD�LQWHUDFW~DQ�� FRRSHUDQ�� (O� SDUDGLJPD� LQWHUSUHWDWLYR� QR� VyOR� UHWRPD� OD�LGHD�GH�SUD[LV��VLQR�TXH�LQFRUSRUD�OD�LGHD�GH�FUtWLFD��GH�UHIOH[LyQ�VREUH�OD�WDUHD�GHO�FLHQWLVWD�VRFLDO��3RU�VX�SDUWH��HO�PRGHOR�FRJQLWLYR�H[WLHQGH�HVWD�QRFLyQ� GH� UHIOH[LYLGDG� D� ORV� GLVWLQWRV� QLYHOHV� GH� OD� WDUHD� HGXFDWLYD�� (O�FXUULFXOXP�� XQR� GH� ORV� HOHPHQWRV� GH� FRPXQLFDFLyQ� LGHQWLILFDGR� SRU�%DWHV��>��@ GHQWUR� GHO� iPELWR� HVFRODU� �MXQWR� FRQ� OD� SHGDJRJtD�� OD�HYDOXDFLyQ� \� OD� GLVFLSOLQD�� SXHGH� GHILQLUVH�� VLJXLHQGR� D� 6DOLQDV���>��@FRPR�SURJUDPD�R�SODQ�GH�HVWXGLRV�GH� WLSR�SUHVFULSWLYR�� OR�FXDO�HVWDUtD�HQ� FRQVRQDQFLD� FRQ� ODV� QHFHVLGDGHV� GHO� PRGHOR� WUDGLFLRQDO�SRVLWLYLVWD��HQ� WDQWR� TXH� HQWHQGLGR� FRPR� FUXFH� GH� SUiFWLFDV� GLYHUVDV� TXH� GHILQHQ�SURFHVRV�GH�HQVHxDQ]D�\�DSUHQGL]DMH�WLHQGH�D�DVLPLODUVH�FRQ�HO�PRGHOR�HVFRODQRYLVWD�PDWHULDOLVWD� KLVWyULFR�� )LQDOPHQWH�� FXUULFXOXP� FRPR�iPELWR�GH�UHIOH[LyQ�� LQYHVWLJDFLyQ�\� WHRUL]DFLyQ�SXHGH�GDU�FXHQWD�GH� OD�DSOLFDFLyQ�GHO�PRGHOR�LQWHUSUHWDWLYR�FRJQLWLYR�7RPDQGR� DKRUD� HQ� FRQVLGHUDFLyQ� OD� VLQFURQLFLGDG�� HVWR� HV�� OD�FRH[LVWHQFLD�SDUDGLJPiWLFD��UHVXOWD�LQWHUHVDQWH�SHQVDU�TXH�HO�FULWHULR�GH�WULDQJXODFLyQ��>��@ �FRPELQDFLyQ� GH� PHWRGRORJtDV� VRFLROyJLFDV� SDUD� HO�HVWXGLR�GHO�PLVPR�IHQyPHQR��UHVXOWD�LJXDOPHQWH�DSOLFDEOH�HQ�'LGiFWLFD��QR� VyOR� D� QLYHO� GH� SURGXFFLyQ� WHyULFD�� VLQR� DQWH� WRGR� HQ� OD� SUiFWLFD�iXOLFD�� FRPR� PDQHMR� FRQVFLHQWH� GH� HVWUDWHJLDV� GRFHQWHV� WHQGLHQWHV� D�

LPSULPLU�XQD�GLQiPLFD�HVSHFtILFD�HQ�IXQFLyQ�GHO�WHPD�\�GHO�JUXSR�FRQ�HO�TXH�VH�WUDEDMD��3RU�VXSXHVWR�TXH�OD�GRVLILFDFLyQ�SDUDGLJPiWLFD��HVWR�HV��OD� SUHHPLQHQFLD� GH� XQ� SDUDGLJPD� X� RWUR� GHSHQGH� D� VX� YH]� GH� OR� TXH�6DQMXUMR�\�9HJD�GHQRPLQDQ�³VXSXHVWRV�EiVLFRV�VXE\DFHQWHV´��HOHPHQWRV�TXH�RSHUDQ�D�QLYHO�LQFRQVFLHQWH��3RU�HMHPSOR��XQD�H[SRVLFLyQ�RUDO�SXHGH�UHVSRQGHU� DO� PRGHOR� WUDGLFLRQDO�� QR� QHFHVDULDPHQWH� SRVLWLYLVWD� HQ� VX�FRQWHQLGR�WHyULFR�SHUR�Vt�HQ�VXV�SUHVXSXHVWRV�SUiFWLFRV��XELFDFLyQ�ItVLFD�GHO�H[SRVLWRU��DFWLWXG�VLOHQFLRVD�GH�ORV�R\HQWHV���PLHQWUDV�TXH�XQ�GHEDWH�SXHGH�UHTXHULU�XQD�PD\RU�DFWLYLGDG�SRU�SDUWH�GHO�DXGLWRULR��QR�REVWDQWH�HOOR� KD\D� VLGR� KiELOPHQWH� PRQWDGR� SDUD� RSHUDU� FRPR� ILFFLyQ� GH�SDUWLFLSDFLyQ�

&21&/86,21(6$� OR� ODUJR�GH�HVWD� H[SRVLFLyQ� VH�KDQ�PRVWUDGR� ORV�FRQWHQLGRV�GH�FDGD� PRGHOR� WHyULFR� \� VH� KD� LQGLFDGR�� DVLPLVPR� OD� FRH[LVWHQFLD� HQ�6RFLRORJtD�GH�WUHV�SULQFLSDOHV�WUDGLFLRQHV�GH�SHQVDPLHQWR�\�HQ�'LGiFWLFD�GH� WUHV� SULQFLSDOHV� PRGHORV� SHGDJyJLFR�GLGiFWLFRV�� /RV� SDUDGLJPDV�VRFLROyJLFRV� \� ORV�PRGHORV� SHGDJyJLFR�GLGiFWLFRV� FRPSDUWHQ�HOHPHQWRV�FRPXQHV��WDQWR�HQ�OR�UHIHUHQWH�DO�FRQWH[WR�GH�VXUJLPLHQWR�FRPR�HQ�VXV�FRQFHSFLRQHV�EiVLFDV��VXMHWR��LQVWLWXFLRQHV�\�VRFLHGDG��

6H�KD�SRGLGR�REVHUYDU�TXH�WDQWR�HQ�6RFLRORJtD�FRPR�HQ�'LGiFWLFD�VH�KDFH�QHFHVDULR�³IXQGLU´�WUDGLFLRQHV��/D�LQWHJDFLyQ�VH�WUDQVIRUPD��HQWRQFHV��HQ�SODWDIRUPD�SDUD�UHSHQVDU��$VLPLVPR�VH�KD�YLVWR�TXH�ORV�VRFLyORJRV�VH�KDQ�SURQXQFLDGR�VREUH�WHPDV�HGXFDWLYRV��GH�LJXDO�PRGR�FRPR�ORV�SHGDJRJRV�KDQ�HQULTXHFLGR�VXV�GHVDUUROORV�WHyULFRV�GH�PRGR�LQWHUGLVFLSOLQDULR��LQFRUSRUDQGR�FDWHJRUtDV�VRFLROyJLFDV��HVSDFLRV�GH�OXFKD��GLDOpFWLFD��SUD[LV��HWF����)LQDOPHQWH��VH�KD�SHUFLELGR�TXH�ODV�FRQIOXHQFLDV�QR�VRQ�DEVROXWDV��VLQR�TXH�VH�SUHVHQWDQ�HQ�iUHDV�GH�VRODSDPLHQWR��VXEVLVWLHQGR�iUHDV�GH�LQGHSHQGHQFLD�GLVFLSOLQDULD�/D�UHDOL]DFLyQ�GH�HVWH�WUDEDMR�QRV�KD�HQIUHQWDGR�DO�GREOH�GHVDItR�GH�SHQVDUQRV�QR�VyOR�FRPR�VRFLyORJRV�VLQR�FRPR GRFHQWHV��3RU�HOOR��FODULILFDU�QXHVWURV�SXQWRV�GH�SDUWLGD�QRV�VLUYH�SDUD�HMHUFHU��HQ�WRGD�OD�DPSOLWXG�GHO�WpUPLQR��XQD�DFWLYLGDG�UHIOH[LYD�\�FUtWLFD�

Ë1',&(

,QWURGXFFLyQ������������S���

35,0(5$�3$57(��6RFLRORJtD�\�'LGiFWLFD,��'HILQLFLRQHV�OLPLQDUHV������������S���,,��FRQWH[WR�GH�VXUJLPLHQWR�GH�DPEDV�GLVFLSOLQDV������������S���,,����/D�6RFLRORJtD������������S���,,���D��(O�SDUDGLJPD�SRVLWLYLVWD,,���E��(O�SDUDGLJPD�PDWHULDOLVWD�KLVWyULFR,,���F��(O�SDUDGLJPD�LQWHUSUHWDWLYR,,����/D�'LGiFWLFD������������S���,,���D��(O�PRGHOR�WUDGLFLRQDO,,���E��(O�PRGHOR�GH�OD�HVFXHOD�QXHYD,,���F��(O�PRGHOR�FRJQLWLYR6(*81'$�3$57(��3XQWRV�GH�FRQWDFWR�HQWUH�6RFLRORJtD�\�'LGiFWLFD,��ÈUHDV�GH�DOHMDPLHQWR������������S����,,��ÈUHDV�GH�FRQIOXHQFLD������������S����

&RQFOXVLRQHV������������S����

ËQGLFH������������S����

%LEOLRJUDItD�FLWDGD�\�FRQVXOWDGD������������S����

%,%/,2*5$)Ë$�&,7$'$�< &2168/7$'$

$$99��&RUULHQWHV�GLGiFWLFDV�FRQWHPSRUiQHDV��&XHVWLRQHV�GH�HGXFDFLyQ��3DLGyV��%XHQRV�$LUHV�����������UHLPSUHVLyQ�$OSHUW��+DUU\��'XUNKHLP��)RQGR�GH�&XOWXUD�(FRQyPLFD��0p[LFR��LPSUHVR�HQ������$YROLR GH�&ROV��6XVDQD��'LGiFWLFD��ILFKD�GH�FiWHGUD�XQLGDG���%DWHV�� 5LFKDUG�� ³7HRUtD� FUtWLFD� \� DGPLQLVWUDFLyQ� HGXFDWLYD´�� (Q� $YROLR��ILFKD GH�FiWHGUD�&DPLOORQL�� $OLFLD� :�� GH�� ³'H� KHUHQFLDV�� GHXGDV� \� OHJDGRV�� 8QD�LQWURGXFFLyQ� D� ODV� FRUULHQWHV� DFWXDOHV� GH� OD� GLGiFWLFD´�� (Q� &RUULHQWHV�GLGiFWLFDV�FRQWHPSRUiQHDV��2S��FLW���FDStWXOR���&DVWHO�� 5REHUW�� /D� PHWDPRUIRVLV� GH� OD� FXHVWLyQ� VRFLDO�� 7UDG�� -RUJH�3LDWRUVN\��3DLGyV��%XHQRV�$LUHV�������&DYDOOR��*XJOLHOPR�\�5RJHU�&KDUWLHU��FRPSV����+LVWRULD�GH�OD�OHFWXUD�HQ�HO�PXQGR�RFFLGHQWDO��7DXUXV��0DGULG�������'DUyV�� :�� 5��� (SLVWHPRORJtD� \� GLGiFWLFD�� &ROHFFLyQ� 7HRUtD� GH� OD�HQVHxDQ]D��(GLFLRQHV�0DWpWLFD�6�$���%XHQRV�$LUHV�������'XUNKHLP�� (PLOLR�� /DV� UHJODV� GHO� PpWRGR� VRFLROyJLFR�� 9HUVLyQ� GLUHFWD�GHO�IUDQFpV�SRU�3DXOD�:DMVPDQ��(GLWRULDO�6FKDSLUH��%XHQRV�$LUHV������������������� (GXFDFLyQ� \� VRFLRORJtD�� 7UDG�� 'DQLHO� -RUUR�� &yGLJR� $ELHUWR��&R\RDFiQ HGLFLRQHV��0p[LFR�������

(GHOVWHLQ�� *ORULD�� ³8Q� FDStWXOR� SHQGLHQWH�� HO� PpWRGR� HQ� HO� GHEDWH�GLGiFWLFR� FRQWHPSRUiQHR´�� (Q� &RUULHQWHV� GLGiFWLFDV� FRQWHPSRUiQHDV��RS��FLW���FDStWXOR���(JJHQ��3DXO�'��\�'RQDOG�.DXFKDN��(VWUDWHJLDV�GRFHQWHV��(QVHxDQ]D�GH�FRQWHQLGRV� FXUULFXODUHV� \� GHVDUUROOR� GH� KDELOLGDGHV� GH� SHQVDPLHQWR��)RQGR� GH� &XOWXUD� (FRQyPLFD�� %XHQRV� $LUHV�� ������ (Q� $YROLR�� ILFKD� GH�FiWHGUD�)ROODUL�� 5REHUWR�� ³6REUH� OD� LQH[LVWHQFLD� GH� SDUDGLJPDV� HQ� ODV� FLHQFLDV�VRFLDOHV´� HQ� (SLVWHPRORJtD� \� VRFLHGDG�� $FHUFD� GHO� GHEDWH�FRQWHPSRUiQHR� 6HULH�(VWXGLRV�VRFLDOHV��(GLFLRQHV�+RPR�6DSLHQV��6DQWD�)H��$UJHQWLQD��������)RUWH��0LJXHO�ÈQJHO��6RFLRORJtD��VRFLHGDG�\�SROtWLFD�HQ�$XJXVWH�&RPWH�(XGHED�����������HG�)RXFDXOW�� 0LFKHO� *HQHDORJtD� GHO� UDFLVPR�� /HFFLyQ� ����� 7UDG�� $OIUHGR�7]YHLEHO��&DURQWH�HQVD\RV��$OWDPLUD���/D�3ODWD��$UJHQWLQD�������)RXUFDGH�� 5HQp�� +DFLD� XQD� UHQRYDFLyQ� SHGDJyJLFD�� OD� GLQiPLFD�SURIHVRUHV�� DOXPQRV�� LQVWLWXFLRQHV�� %LEOLRWHFD� (GXFDFLyQ� GH� QXHVWUR�WLHPSR��&LQFHO�.DSHOXV]��0DGULG�������*RQ]iOH] *RQ]iOH]�� 0�� 7HUHVD�� ³3HUVSHFWLYDV� WHyULFDV� UHFLHQWHV� HQ�RUJDQL]DFLyQ� HVFRODU�� XQD� SDQRUiPLFD� JHQHUDO´�� (Q� $YROLR�� ILFKD� GH�FiWHGUD�+DEHUPDV�� -�UJHQ�� 7HRUtD� GH� OD� DFFLyQ� FRPXQLFDWLYD�� 7RPRV� ,� \� ,,��+XPDQLGDGHV��7DXUXV��0DGULG�������

+HUQiQGH] 5RMDV��*HUDUGR��3DUDGLJPDV�HQ�SVLFRORJtD�GH�OD�HGXFDFLyQ��3DLGyV��0p[LFR��������(Q�$YROLR��ILFKD�GH�FiWHGUD�+RUNKHLPHU��0D[��6RFLHGDG�HQ� WUDQVLFLyQ��HVWXGLRV�GH� ILORVRItD�VRFLDO��+RPR�6RFLRORJLFXV��(GLFLRQHV�3HQtQVXOD��%DUFHORQD�������/LEDQHR�� -RVp� &DUORV�� ³'LGiFWLFD� \� SUiFWLFD� KLVWyULFR�VRFLDO´�� 8QD�LQWURGXFFLyQ� D� ORV� IXQGDPHQWRV� GHO� WUDEDMR� GRFHQWH� �ILFKD� GH� FiWHGUD�V�G��/LWZLQ�� (GLWK�� ³(O� FDPSR� GH� OD� GLGiFWLFD�� OD� E~VTXHGD� GH� XQD� QXHYD�DJHQGD´��(Q�&RUULHQWHV�GLGiFWLFDV�FRQWHPSRUiQHDV��RS�FLW���FDStWXOR���6DFULVWiQ�� *LPHQR�� ³&RPSUHQGHU� \� PHMRUDU� OD� HQVHxDQ]D´�� 0RUDWD��0DGULG��������(Q�$YROLR��ILFKD�GH�FiWHGUD�6DOLQDV�� 'LQR�� ³&XUULFXOXP�� UDFLRQDOLGDG� \� GLVFXUVR� GLGiFWLFR´�� (Q�$SXQWHV� \� DSRUWHV� SDUD� OD� JHVWLyQ� FXUULFXODU�� &ROHFFLyQ� 7ULiQJXORV�SHGDJyJLFRV��.DSHOXV]��(Q�$YROLR��ILFKD�GH�FiWHGUD�6DQMXUMR�� /�� \� 0�� 9HJD�� $SUHQGL]DMH� VLJQLILFDWLYR� \� HQVHxDQ]D� HQ� ORV�QLYHOHV�PHGLR�\�VXSHULRU��(G��+RPR�6DSLHQV��(Q�$YROLR��ILFKD�GH�FiWHGUD�6RXWR�� 0DUWD�� ³/D� FODVH� HVFRODU�� 8QD� PLUDGD� GHVGH� OD� GLGiFWLFD� GH� OR�JUXSDO´��(Q�&RUULHQWHV�GLGiFWLFDV�FRQWHPSRUiQHDV��RS��FLW���FDStWXOR���9DVLODFKLV GH� *LDOGLQR�� ,UHQH�� 0pWRGRV� FXDOLWDWLYRV� ,�� /RV� SUREOHPDV�WHyULFR�HSLVWHPROyJLFRV�� /RV� IXQGDPHQWRV� GH� ODV� FLHQFLDV� GHO� KRPEUH��&($/��%XHQRV�$LUHV�������:HEHU�� 0D[�� ³/D� FLHQFLD� FRPR� YRFDFLyQ´� HQ�(O� SROtWLFR� \� HO� FLHQWtILFR��$OLDQ]D��0DGULG�������