35. 1$55$'25
´1DGD VDEHQGR GR TXH WHP SRU FHUWR µ ( p TXDVH
GHVQHFHVViULR DFUHVFHQWDU TXH R TXH QyV FKDPDPRV GH
FRQKHFLPHQWRQDGDPDLVpTXHXPDRXWUDIRUPDGH,JQRUkQFLD²
DOWDPHQWH RUJDQL]DGD p FHUWR H HPLQHQWHPHQWH FLHQWtILFD PDV
SRU LVVR PHVPR WDQWR PDLV FRPSOHWD WDQWR PDLV SURGXWRUD GH
VtPLRV HQIXUHFLGRV 4XDQGR D ,JQRUkQFLD HUD VLPSOHVPHQWH
LJQRUkQFLDQyVpUDPRVHTXLYDOHQWHVDOrPXUHVVDJLVHPDFDFRV
XUUDGRUHV +RMH JUDoDV j ,JQRUkQFLD 6XSHULRU TXH p R QRVVR
FRQKHFLPHQWRDHVWDWXUDGRKRPHPFUHVFHXDXPSRQWRWDOTXH
R PHQRU GHQWUH QyV p DJRUD XP EDEXtQR R PDLRU XP
RUDQJRWDQJRRXDWpPHVPRVHVHDOoDjFDWHJRULDGH6DOYDGRUGD
6RFLHGDGHXPOHJtWLPRJRULOD
(QWUHPHQWHV D MRYHP EDEXtQD DOFDQoRX R PLFURIRQH
9ROWDQGRDFDEHoDHODVXUSUHHQGH)DUDGDGHMRHOKRVQRDWRGH
HQGLUHLWDUDVFRVWDVDUTXHDGDVHGRORULGDV
²$EDL[RVLUDEDL[R
2 WRP p SHUHPSWyULR HOD DSOLFD DR DQFLmR XPD ODPEDGD
FRPVHXUHEHQWHGHFDERGHFRUDO)DUDGDHVWUHPHFHHREHGHFH
RVPDFDFRVGRDXGLWyULRULHPGHOLFLDGRV(ODOKHVDWLUDXPEHLMR
HP VHJXLGD SX[DQGR SDUD VL R PLFURIRQH DUUHJDQKD RV GHQWHV
IRUPLGiYHLV H FRPHoD D FDQWDU QXP H[SLUDQWH FRQWUDOWR GH
DOFRYDRPDLVUHFHQWHVXFHVVRSRSXODU
$PRUDPRUDPDU
$PRUpDYHUGDGHLUDHVVrQFLD
'HWXGRTXHSHQVRGHWXGRTXHIDoRQDYLGD
'iPHGiPHGiPH
'iPHGHWXPHVFrQFLD
0HFKDPDGHTXHULGD
36. 3ULPHLURSODQRGRURVWR GH )DUDGD HQTXDQWR HOHH[SULPH
SHUSOH[LGDGHGHVJRVWRLQGLJQDomRHSRUILPWDPDQKDYHUJRQKD
HDQJ~VWLDTXHDVOiJULPDVFRPHoDPDFRUUHUSHODVIDFHVVXOFDGDV
3ODQRGHPRQWDJHPGHRXYLQWHVGR3HVVRDOGD5DGLROkQGLD
HVFXWDQGR
8PD FRUSXOHQWD EDEXtQD GRQDGHFDVD IULWDQGR VDOVLFKDV
HQTXDQWRRDOWRIDODQWHOKHSURSRUFLRQDDUHDOL]DomRLPDJLQiULDH
DH[DFHUEDomRUHDOGRVVHXVPDLVLQFRQIHVViYHLVGHVHMRV
8P EDEXtQR ILOKRWH HP Sp QR VHX EHUoR HVWHQGHQGR R
EUDoR SDUD R UiGLR SRUWiWLO VREUH D F{PRGD H VLQWRQL]DQGR D
SURPHVVDGHGHWXPHVFrQFLD
8P EDEXtQR ILQDQFLVWD GH PHLDLGDGH LQWHUURPSHQGR D
OHLWXUDGDVFRWDo}HVGD%ROVDSDUDHVFXWDUFRPRVROKRVFHUUDGRV
HXPVRUULVRGHr[WDVH´'iPHGiPHGiPHGiPHµ
8P FDVDO GH EDEXtQRV DGROHVFHQWHV WURFDQGR FDUtFLDV DR
VRPGDP~VLFDQXPFDUURHVWDFLRQDGR´0HFKDPDGHTXHULGDµ
3ULPHLURSODQRGHEHLoRVHSDWDV
RUWHYROWDQGRjVOiJULPDVGH)DUDGD$FDQWRUDYROWDVH
YrOKH D IDFH DJRQLDGD VROWD XP JULWR GH UDLYD H FRPHoD D
HVSDQFiOR JROSH DSyV JROSH VHOYDJHP HQTXDQWR R DXGLWyULR
DSODXGH WXPXOWXRVDPHQWH $V SDUHGHV GH RXUR H MDVSH GR
QLJKWFOXEVHHYDSRUDPHSRUXPPRPHQWRYrHPVHDVVLOKXHWDV
GD PDFDFD H GR LQWHOHFWR SULVLRQHLUR UHFRUWDGDV FRQWUD R
FUHS~VFXORPDWXWLQRGDSULPHLUDVHTrQFLD'HSRLVHODVWDPEpP
VH GHVYDQHFHP H UHVWD DSHQDV R VtPEROR GH XP VtPEROR GD
(WHUQLGDGH
1$55$'25
2 PDU R SODQHWD UHIXOJHQWH R LOLPLWDGR FULVWDO GR FpX ²
FHUWDPHQWHHVWDLVOHPEUDGRVHUWDPHQWH2XVHUiTXHROYLGDVWHV
VHUi TXH MDPDLV VHTXHU QRWDVWHV R TXH H[LVWH DOpP GR ]RROyJLFR
PHQWDOHGRKRVStFLRLQWHULRUHGHWRGDHVVD%URDGZDGHWHDWURV
LPDJLQiULRV HP TXH R ~QLFR QRPH HP OX]HV p VHPSUH R YRVVR
SUySULR
37. $FkPHUDSHUFRUUHRFpXHDJRUDDPDVVDHVFXUDHGHQWHDGD
GH XPD LOKD URFKRVD TXHEUD D OLQKD GR KRUL]RQWH 9HOHMDQGR DR
ORQJR GD LOKD YrVH XPD JUDQGH HVFXQD GH TXDWUR PDVWURV
$SUR[LPDPRQRV YHPRV TXH R EDUFR OHYD D EDQGHLUD GD 1RYD
=HOkQGLD H VH FKDPD DQWHUEXU 2 FDSLWmR H XP JUXSR GH
SDVVDJHLURV HVWmR MXQWR j DPXUDGD REVHUYDQGR DWHQWDPHQWH HP
GLUHomRDOHVWH2OKDPRVDWUDYpVGRVVHXVELQyFXORVHGLYLVDPRV
XPDOLQKDGHFRVWDiULGD(QWmRTXDVHGHUHSHQWHRVROGHVSRQWD
SRUGHWUiVGDVLOKXHWDGHPRQWDQKDVGLVWDQWHV
1$55$'25
(VWHQRYRGLDOXPLQRVRpRGLDGHIHYHUHLURGHH
HVWHV KRPHQV H PXOKHUHV VmR PHPEURV GD ([SHGLomR
1HR]HODQGHVD GH 5HGHVFREULPHQWR GD $PpULFD GR 1RUWH
3RXSDGDSHORVEHOLJHUDQWHVGD7HUFHLUD*XHUUD0XQGLDO²QmRp
RFLRVRGL]HUSRUTXDOTXHUUD]mRKXPDQLWiULDPDVVLPSOHVPHQWH
SRUTXH FRPR D ÉIULFD HTXDWRULDO HUD UHPRWD GHPDLV SDUD TXH
DOJXpP VH GHVVH R WUDEDOKR GH REOLWHUiOD ² D 1RYD =HOkQGLD
VREUHYLYHXHDWpPHVPRIORUHVFHXPRGHVWDPHQWHQXPLVRODPHQWR
TXH GDGDV DV FRQGLo}HV SHULJRVDPHQWH UDGLRDWLYDV GR UHVWR GR
PXQGRPDQWHYHVHSRUPDLVGHXPVpFXORTXDVHDEVROXWR$JRUD
TXHRSHULJRSDVVRXHLVTXHFKHJDPRVSULPHLURVH[SORUDGRUHV
UHGHVFREULQGRD$PpULFDSHORRHVWH1HVVHPHLRWHPSRGRRXWUR
ODGRGRPXQGRRVQHJURVDYDQoDUDP1LORDEDL[RHFUX]DUDPR
0HGLWHUUkQHR 4XH HVSOrQGLGDV GDQoDV WULEDLV QRV VDO}HV
LQIHVWDGRVGHPRUFHJRVGD0mHGRV3DUODPHQWRV(RODELULQWRGR
9DWLFDQR ² TXH PDJQtILFR ORFDO SDUD RV ULWRV GHPRUDGRV H
FRPSOH[RV GD FLUFXQFLVmR IHPLQLQD $ JHQWH FROKH H[DWDPHQWH
DTXLORTXHSODQWRX
$ FHQD HVFXUHFH RXYHVH R HVWURQGHMDU GH XP FDQKRQHLR
4XDQGRDOX]UHWRUQDOiHVWiGHFyFRUDVR'U$OEHUW(LQVWHLQ
DWDGR D XP FDEUHVWR DWUiV GH XP JUXSR GH EDEXtQRV
XQLIRUPL]DGRV
38. $FkPHUDSHUFRUUHXPDHVWUHLWDWHUUDGHQLQJXpPFREHUWDGH
UXtQDV iUYRUHV GHVWURoDGDV H FDGiYHUHV H YHP GHWHUVH QXP
VHJXQGRJUXSRGHDQLPDLVTXHXVDPLQVtJQLDVGLIHUHQWHVVREXPD
RXWUD EDQGHLUD PDV FRP R PHVPR $OEHUW (LQVWHLQ SUHVR D XP
FDEUHVWR H[DWDPHQWH LJXDO DJDFKDGR MXQWR DRV FDOFDQKDUHV GH
VXDVERWDVGHFDPSDQKD6REDDXUpRODGHFDEHORVGHVJUHQKDGRV
D ILVLRQRPLD ERQGRVD H LQRFHQWH H[LEH XPD H[SUHVVmR GH
GRORURVR HVSDQWR $ FkPHUD GHVORFDVH SDUD Oi H SDUD Fi GH
(LQVWHLQSDUD(LQVWHLQ3ODQRSUy[LPRGRVGRLVURVWRVLGrQWLFRV
ROKDQGRVHFRQVWHUQDGDPHQWHSRUHQWUHDVERWDVGHFRXURSROLGR
GHVHXVUHVSHFWLYRVVHQKRUHV
1D WULOKD VRQRUD D YR] RV VD[RIRQHV H RV YLRORQFHORV
FRQWLQXDPDLPSORUDUGHWXPHVFrQFLD
²(YRFr$OEHUW²XPGRV(LQVWHLQVSHUJXQWDKHVLWDQWH
2RXWURDFHQDOHQWDPHQWHFRPDFDEHoD
²e$OEHUWVRXHX
1RDOWRDVEDQGHLUDVGRVH[pUFLWRVRSRQHQWHVFRPHoDPGH
UHSHQWH D DJLWDUVH QD EULVD IUHVFD 2V GHVHQKRV FRORULGRV VH
GHVGREUDP HQURODPVH GH QRYR VREUH VL PHVPRV UHYHODPVH H
PDLVXPDYH]VHRFXOWDP
1$55$'25
/LVWDVYHUWLFDLVOLVWDVKRUL]RQWDLVFtUFXORVHFUX]HViJXLDVH
PDUWHORV 0HURV VtPERORV DUELWUiULRV 0DV WRGD UHDOLGDGH D TXH
IRL DVVRFLDGR XP VtPEROR WRUQDVH GHVVD IRUPD VXERUGLQDGD D
HVVHVtPEROR*RVZDPLH$OLYLYLDPHPSD]0DVHXDUUDQMHLXPD
EDQGHLUD WX DUUDQMDVWH XPD EDQGHLUD WRGRV RV ILOKRV GR 'HXV
0DFDFR DUUDQMDUDP EDQGHLUDV $VVLP DWp $OL H *RVZDPL
DUUDQMDUDP EDQGHLUDV H SRU FDXVD GDV EDQGHLUDV SDVVRX
LPHGLDWDPHQWH D VHU MXVWR H FRUUHWR TXH TXHP WHP SUHS~FLR
HVWULSHTXHPQmRRWHPHTXHRFLUFXQFLVRIX]LOHRLQFLUFXQFLVR
YLROHVXDPXOKHUHDVVHVHXVILOKRVHPIRJROHQWR
(QTXDQWR LVVR DFLPD GDTXHOHV SHGDoRV GH HVWRSD IOXWXDP
FDVWHORVGHQXYHQVHDOpPGDVQXYHQVHVWiDTXHOHYiFXRD]XOTXH