• Nenhum resultado encontrado

A Idéia de “Causa Sui” no Contexto Filosófico Medieval Tomás de Aquino e Mestre Eckhart

N/A
N/A
Protected

Academic year: 2021

Share "A Idéia de “Causa Sui” no Contexto Filosófico Medieval Tomás de Aquino e Mestre Eckhart"

Copied!
21
0
0

Texto

(1)

&'' 

$,GpLDGH&CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO

7RPiVGH$TXLQRH0HVWUH(FNKDUW

52'5,*2*8(5,=2/,  'HSDUWDPHQWRGH)LORVRILD8)5- /DUJRGH6mR)UDQFLVFRGH3DXOD6&HQWUR 5,2'(-$1(,525- %5$6,/ UJXHUL]ROL#ZHEGH   4GUWOQ3HODDQiOLVHGHFRPR7RPiVGH$TXLQRH0HVWUH(FNKDUWFRPSUHHQGHPDQRomRGH ECWUCUWKSUHWHQGHVHDSRQWDUSRUTXHDRPHQRVQHVVHSRQWRHVWHVDXWRUHVUHSUHVHQWDPYHWRUHV GLYHUJHQWHV GR SHQVDPHQWR PHGLHYDO 1R FHQWUR GD GLVFXVVmR FRORFDVH R SUREOHPD VH FRP D H[SUHVVmRECWUCUWKLQGLFDVHDSHQDVRPHFDQLVPRGHEDVHGRDJLUSURSULDPHQWHKXPDQRRXVH DOpPGLVVRWDOH[SUHVVmRSRGHWDPEpPVHUYLUQDGHVFULomRGHVXDFRQVWLWXLomRRQWROyJLFD 

2CNCXTCUEJCXG&DXVDOLGDGH&DXVDVXL/LEHUGDGH$omR(X







1R kPELWR GD ILORVRILD HVFROiVWLFD PHGLHYDO H UHILURPH VREUHWXGR DRV FHPDQRVTXHVHSDUDPRLQtFLRGRSURMHWRDOEHUWLDQRGHFRPHQWiULRGR&RUSXV

DULVWRWHOLFXPGDPRUWHGH*XLOKHUPHGH2FNKDPDXWLOL]DomRGDLGpLDGHFDXVDVXLp

PDUFDGDSRUXPDLQHTXtYRFDDPELJLGDGHVHPkQWLFD'HXPODGRDFDXVDOLGDGH HPMRJRQDFDXVDVXLpLQWHUSUHWDGDHQTXDQWRFDXVDOLGDGHRQWROyJLFDRXVHMDFDXVD

VXLpOLGDFRPRXPDFRUUXSWHODGHVLELFDXVDHVVHQGLHDSOLFDVHDDOJRTXHVHULD´SDUD

VL FDXVD GH VXD H[LVWrQFLDµ 3RU RXWUR ODGR FDXVD VXL GHQRWD WDPEpP XPD FRPSRQHQWHIXQGDPHQWDOGRGLVFXUVRDFHUFDGRDJLUHGDDomR1HVVHFRQWH[WR SUiWLFRFDXVDVXLpSUHGLFDGRGHDOJRTXHpOLYUHHTXHSRGHDVVLPSURGX]LUGH PDQHLUDDXW{QRPDVHXSUySULRDJLUQXPDSDODYUDGHDOJRTXHpVLELFDXVDDJHQGL ´SDUDVLFDXVDGHVXDDomRµ

(2)

5RGULJR*XHUL]ROL  (VVDSROLVVHPLDQmRpWRGDYLDDOJRLPSODQWDGRSHORSUySULRSHQVDPHQWR PHGLHYDO&RPHIHLWRMiQRWHUFHLURVpFXORGDHUDFULVWmRRLWDYRWUDWDGRGDVH[WD (QpDGDGH3ORWLQRDSRQWDYDSDUDRIDWRGHR8QRVHU´DYHUGDGHLUDHRULJLQiULD FDXVDGHVLPHVPRµVHQGR´VLPHVPRDSDUWLUGHVLPHVPRHSRUFDXVDGHVL PHVPRµ$OpPGLVVRGHQWURGHVVHPHVPRFRQWH[WRWDOHVFULWRLQRYDYDDRLGHQ WLILFDU²GHDFRUGRFRPDREVHUYDomRGH:HUQHU%HLHUZDOWHVSHODSULPHLUDYH]QR kPELWRGDILORVRILDJUHJD²R8QRjQRomRGHYRQWDGHSHQVDQGRRHQTXDQWRHV VHQFLDOPHQWHGRWDGRGHXPPRYLPHQWROLYUHPHQWHYROLWLYRHLQWHQFLRQDOGHDXWR UHIHUrQFLDRXDXWRUHODomR

1mR REVWDQWH WDO ELYDOrQFLD VHPkQWLFD GHYHVH VDOLHQWDU TXH D H[SUHVVmR

FDXVDVXLpXWLOL]DGDQRFRQWH[WRSORWLQLDQRFRPRSUHGLFDGRGHXP~QLFRVXMHLWR GR8QRTXHQRWUDWDGRHPTXHVWmRpIUHTHQWHPHQWHUHIHULGRFRPRR%HPeR 8QRRXR%HPRXVHMDDRULJHPGHWRGDUHDOLGDGHDTXHVHUHWRUQDQDPHGLGD H[DWDHPTXHVHOHYDDFDERXPSURJUDPDGHLQWHULRUL]DomRHFRQVFLHQWL]DomRGH VLTXHpUDGLFDOPHQWHDXWRVXILFLHQWHWDQWRQRTXHGL]UHVSHLWRjVXDH[LVWrQFLD TXDQWRQRTXHFRQFHUQHDVXDDomReDHOHSRLVHVRPHQWHDHOHTXHFDEHPRV GRLVVHQWLGRVRRQWROyJLFRHRSURSULDPHQWHDVVRFLDGRDXPDWHRULDGDDomRGH FDXVDVXL eSRUPHLRGH0iULR9LWRULQRUHWUDWDGRSRU$JRVWLQKRFRPRDOJXpPTXH WHULDWUDGX]LGR´DOJXQVOLYURVGRVSODW{QLFRVµGH3ORWLQRWDOYH]TXHDLGpLDGH

 3ORWLQR (QpDGDV 9,   VV ´>@ WÊ ÏQWZY ND“ WÊ SUÔWRQ

>@fLWLRQ}DXWR¤ND“SD±D¥WR¤ND“GšD¥WÊQD¥WÉYµ

:%HLHUZDOWHV´(LQIKUXQJµLQ3ORWLQ*HLVW²,GHHQ²)UHLKHLW(QQHDGH9XQG9,

+DPEXUJ)HOL[0HLQHUSS[L[OYLLLDTXLS[[[LY

3DUDDLGHQWLILFDomRHQWUHR8QRHR%HPFI(QpDGDV,,VV

 6REUH D GLVFXVVmR LQWRFDGD QR SUHVHQWH WH[WR DFHUFD GR VHQWLGR PHWDIyULFR GD

XWLOL]DomRSORWLQLDQDGHFDXVDVXLFIRGHEDWHHQWUH-/0DULRQ ´(QWUHDQDORJLHHWSULQFLSH

GHUDLVRQODFDXVDVXLµLQ-0%H\VVDGH-/0DULRQ RUJV 'HVFDUWHV2EMHFWHUHWUpSRQGUH

3DULV 3XI  SS VREUHWXGR SS   H -01DUERQQH ´3ORWLQ

'HVFDUWHVHWODQRWLRQGHFDXVDVXLµLQ$UFKLYHVGH3KLORVRSKLH  SS DOpP GH:%HLHUZDOWHV3URNORV*UXQG]JHVHLQHU0HWDSK\VLN 3KLORVRSKLVFKH$EKDQGOXQJHQ 

)UDQNIXUWDP0DLQ9LWWRULR.ORVWHUPDQQSS

(3)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO  FDXVD VXL HP 9LWRULQR FDXVD VLEL DGHQWUD QR PXQGR ODWLQR 'Dt WHP LQtFLR XPD

FRQWXUEDGD %HJULIIVJHVFKLFKWH TXH VH HVWHQGH DWp SHOR PHQRV D WHVH TXH 6FKRSH QKDXHUDSUHVHQWDjXQLYHUVLGDGHGH%HUOLPHPHQDTXDOVHGHQXQFLDDFDXVD

VXLFRPRXPDJULWDQWH´FRQWUDGLFWLRLQDGMHFWRFRPRXPDQWHVTXHpGHSRLVµSRU

ILPFRPRDOJRFXMRVtPERORVHULDRFDULFDWR%DUmRGH0QFKKDXVHQHVXDID oDQKDGHVDOYDUVHGRDIRJDPHQWRSX[DQGRDVLPHVPRSDUDIRUDG·iJXDSHORV FDEHORV

1R FHQWUR GHVVD H[SRVLomR FRORFR XP EUHYH PRPHQWR GHVVD KLVWyULD 7UDWDVH GH LQYHVWLJDU D LGpLD GH FDXVD VXL WDQWR QR TXH FRQFHUQH j VXD DPEL JLGDGHVHPkQWLFDTXDQWRQRTXHUHVSHLWDjLGHQWLILFDomRGRVXMHLWRGHTXHHODVH SUHGLFD HP GRLV DXWRUHV SDUDGLJPiWLFRV GD WUDGLomR ILORVyILFD PHGLHYDO H FXMD UHODomRDLQGDQHFHVVLWDGHPDLRUHVHVFODUHFLPHQWRVSRUSDUWHGRVPHGLHYDOLVWDV 7RPiVGH$TXLQRH(FNKDUWGH+RFKKHLPHVWH~OWLPRFHUWDPHQWHPDLVFRQKH FLGRFRPR0HVWUH(FNKDUW 3RXFRPDLVGHXPTXDUWRGHVpFXORVHSDUDPDVSULQFLSDLVREUDVGH7RPiV HGH(FNKDUWXPWHPSRLQWHOHFWXDOPHQWHFRQWXUEDGRHPDUFDGRSRUDFLUUDGRV GHEDWHVHIUHTHQWHVFRQGHQDo}HV$OpPGRIDPRVRpGLWRGHSRGHVHDLQGD DUURODUDVVHJXLQWHVRFDVL}HVHPTXHDFHQVXUDVHIH]SUHVHQWHQRDPELHQWHHVFR OiVWLFR $LQGD HP  DSHQDV RQ]H GLDV DSyV R GHFUHWR SDULVLHQVH 5REHUWR .LOZDUGE\ DUFHELVSR GH &DQWXiULD FRQGHQD  SURSRVLo}HV TXH WUDWDYDP GH WHPDVOLJDGRVjOyJLFDjJUDPiWLFDHjItVLFD7UrVDQRVGHSRLVpDYH]GH3HGUR -RmR 2OLYL H VHX HVSLULWXDOLVPR VH YHUHP HP PDXV OHQoyLV (P  GiVH D FRQGHQDomRGH'XUDQGRGH63RUFLDQR3DVVDGRVTXDWURDQRVVmRDWDFDGDVGRX WULQDVGHIHQGLGDVSHORVIUDWLFHOOLVREUHD,JUHMDHRVVDFUDPHQWRV2DQRGHp PDUFDGRSRUXPUHWRUQRGDFHQVXUDjREUDGH2OLYLDJRUDHPVXDVIRUPXODo}HV

 $ 6FKRSHQKDXHU ´8HEHU GLH YLHUIDFKH :XU]HO GHV 6DW]HV YRP ]XUHLFKHQGHQ

*UXQGHµLQ:HUNH>HG//WNHKDXV@%G,,,=ULFK+DIIPDQQVS

(PERUDVHIDoDUHIHUrQFLDD7RPiVQDPDLRULDGDVREUDVGHGLFDGDVDRSHQVDPHQWR

GH (FNKDUW R ~QLFR JUDQGH HVWXGR TXH DVVXPH FRPR REMHWR HVVD SUySULD UHODomR SHUPDQHFH 5 ,PEDFK 'HXV HVW LQWHOOLJHUH 'DV 9HUKlOWQLV YRQ 6HLQ XQG 'HQNHQ LQ VHLQHU

%HGHXWXQJIUGDV*RWWHVYHUVWlQGQLVEHL7KRPDVYRQ$TXLQXQGLQGHQ3DULVHU4XDHVWLRQHV0HLVWHU (FNKDUWV)UHLEXUJ &+ 8QLYHUVLWlWVYHUODJ

(4)

5RGULJR*XHUL]ROL  DFHUFDGR$SRFDOLSVH-RmRGH3RXLOO\pRSUy[LPRGDILOD(PGiVHVXD FRQGHQDomR$OLVWDSRGHULDWUDQTLODPHQWHFRQWLQXDUPDVRTXHHIHWLYDPHQWH LPSRUWDpFRPRDOHPRV/RQJHGHWHUGHVHUYLVWDFRPRVLQWRPDGHXPDpSRFD HPGHFDGrQFLDHVVDVpULHGHFRQGHQDo}HVSRGHWDPEpPVHUOLGDFRPRH[SUHVVmR GHXP SHUtRGRFODUDPHQWHLQVWiYHOPDV TXH SDUDGR[DOPHQWH QRV SDUHFH LQWH UHVVDQWH MXVWDPHQWH GHYLGR j VXD LQVWDELOLGDGH 1HVVH VHQWLGR DV ILJXUDV GH 7RPiVGH$TXLQRHGH0HVWUH(FNKDUWVmRSDUDGLJPiWLFDVSDUDTXHVHFRQVROLGH XPDWDORSomRKHUPHQrXWLFD-XQWRVHOHVUHSUHVHQWDPGRLVYHWRUHVIXQGDPHQWDLV HPMRJRQRSDQRUDPDSROtWLFRILORVyILFRGRV~OWLPRVVpFXORVGD,GDGH0pGLD2 VLJQLILFDGRGRSULPHLURYHWRUVHHVFODUHFHDREXVFDUPRVGDUVHQWLGRjKLVWyULDGR OHJDGRGH7RPiVGH$TXLQRGXUDQWHRVFLQTHQWDSULPHLURVDQRVDSyVVXDPRUWH &RPRFDUDFWHUL]DUWDOKLVWyULD"1DVHVSLULWXRVDVHSUHFLVDVSDODYUDVGH8PEHUWR (FRFRPRRGHVHQURODUGHXPHQRUPHLQIRUW~QLR 

$ SLRU GHVYHQWXUD GD FDUUHLUD GH 7RPiV GH $TXLQR QmR OKH DFRQWHFH HP  GH PDUoR GH  TXDQGR PRUUH HP )RVVDQRYD DRV TXDUHQWD H QRYH DQRV H RV PRQJHVQmRFRQVHJXHPWUDQVSRUWDUVHXFRUSRHVFDGDVDEDL[RJRUGRFRPRHUD>@ 2PDOTXHFRPSURPHWHDYLGDGH7RPiVGH$TXLQRRFRUUHHPGRLVDQRV DSyVDPRUWHGH'DQWHHTXHPVDEHWDPEpPXPSRXFRSRUVXDSUySULDFXOSDLVWR pTXDQGR-RmR;;,,GHFLGHWRUQiOR6DQWR7RPiVGH$TXLQR6mRDYHQWXUDVPDO IDGDGDV&RPRUHFHEHURSUrPLR1REHOHQWUDUSDUDD$FDGHPLD)UDQFHVDJDQKDUR 2VFDU &RPR D *LRFRQGD YLUDVH XP FOLFKr e R PRPHQWR HP TXH XP JUDQGH LQFHQGLiULRpQRPHDGRERPEHLUR



 'HWDOKHV VREUH HVWDV H RXWUDV FRQGHQDo}HV VmR IRUQHFLGRV SRU - .RFK ´3KLOR

VRSKLVFKHXQGWKHRORJLVFKH,UUWXPOLVWHQYRQ(LQ%HLWUDJ]XU(QWZLFNOXQJGHU WKHRORJLVFKHQ =HQVXUHQµ LQ 0pODQJHV 0DQGRQQHW eWXGHV GKLVWRLUH OLWWpUDLUH HW GRFWULQDOH GX

0R\HQÇJHYRO3DULV9ULQSS>UHLPSU-.RFK.OHLQH6FKULIWHQYRO

5RPD(GL]LRQLGL6WRULDH/HWWHUDWXUDSS@

8(FR´(ORJLRGH6DQWR7RPiVGH$TXLQRµLQ9LDJHPQD,UUHDOLGDGH&RWLGLDQD5LR

GH-DQHLUR1RYD)URQWHLUDSSDTXLS3DUDXPDGRFXPHQWDomRGD

SDVVDJHP GR FRQWURYHUVR SRVW PRUWHP j FDQRQL]DomR GH 7RPiV HP $YLJQRQ FI -3

7RUUHOO,QLFLDomRD6DQWR7RPiVGH$TXLQR6XDSHVVRDHREUD6mR3DXOR/R\RODSS 

(5)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO  6H7RPiVGH$TXLQRUHSUHVHQWDRYHWRUTXHDSRQWDSDUDXPDFUHVFHQWH FRRSWDomRLQWHOHFWXDOGHXPDXWRUKDELOLGRVRHFRQWURYHUVRSRUSDUWHGDRUWR GR[LD(FNKDUWGH+RFKKHLPDRFRQWUiULRpH[HPSORGRPRYLPHQWRRSRVWR'H XPDFDUUHLUDEULOKDQWHWDQWRDFDGrPLFDTXDQWRSROtWLFDLQFHQWLYDGDSHODF~SXOD GDRUGHPGRPLQLFDQD(FNKDUWGHVSHQFDGRSDOFRGDRUWRGR[LDQRV~OWLPRVDQRV GHVXDYLGDHDFDEDFRQGHQDGRHPXPDQRGHSRLVGHVXDPRUWHQRVVH JXLQWHVWHUPRV  &RPPXLWRSHVDUSDUWLFLSDPRVTXHQHVWHVWHPSRVDOJXpPGDVUHJL}HVDOHPmVGH QRPH(FNKDUWGRXWRUVHJXQGRQRVIRL LQIRUPDGRQDV(VFULWXUDV6DQWDVHSUR IHVVRUGDRUGHPGRV)UDGHV3UHJDGRUHVTXLVVDEHUPDLVTXHRFRQYHQLHQWHQmR PDQWHQGRDVREULHGDGHHQHPDFRQIRUPLGDGHFRPDPHGLGDGDIp>@ 6HGX]LGRFRPHIHLWRSHORSDLGDPHQWLUD>@HVVHKRPHPVHPHDQGRQRFDPSR GD,JUHMDFRQWUDDOXFLGtVVLPDYHUGDGHGDIpHVSLQKRVHWUtEXORVHHVIRUoDQGRVH SDUDGDtFUHVFHUHPFDUGRVQRFLYRVHVDUoDVYHQHQRVDVHQVLQRXPXLWDVFRLVDVTXH REOLWHUDUDPDYHUGDGHLUDIpQRFRUDomRGHQXPHURVRVILpLVH[SRVWDVSULQFLSDOPHQWH HPVXDVSUHJDo}HVDRSRYRVLPSOHVPDVWDPEpPUHJLVWUDGDVHPVHXVHVFULWRV  $VVRFLDQGRHVVHVPRGHORVYHWRULDLVDRSUREOHPDGDFDXVDOLGDGHHPHVSH FLDOjFRPSUHHQVmRGHFDXVDVXLQRVSHUJXQWDPRVRTXHHVVDVGXDVILJXUDV7R PiVH(FNKDUWFRPRYHWRUHVGLYHUJHQWHVGRSHQVDPHQWRPHGLHYDOWrPDGL]HU VREUHDQRomRGHFDXVDVXL"(HPTXHPHGLGDRTXHHOHVWrPDGL]HUHVFODUHFHR VHQWLGR GH VXD UHFHSomR KLVWyULFD H FRQWULEXL SDUD D YLVXDOL]DomR GH XPD LPSRUWDQWHIDFHWDWDQWRPHGLHYDOTXDQWRPRGHUQDGDQRomRGHFDXVDOLGDGH" 

5*XHUL]ROL´$FRQGHQDomRGH0HVWUH(FNKDUW$SUHVHQWDomRHWUDGXomRGDEXOD SDSDO,QDJURGRPLQLFRµ6tQWHVH5HYLVWDGH)LORVRILDYQ  SSDTXLS  3DUDWUDWDPHQWRVTXHOHYDPHPFRQVLGHUDomRWDQWRRVHQWLGRDQWLJRTXDQWRRPR GHUQRGHFDXVDVXLFI3+DGRW´&DXVDVXLµLQ-5LWWHU RUJ +LVWRULVFKHV:|UWHUEXFKGHU 3KLORVRSKLH%G%DVHO6WXWWJDUW6FKZDEH &RSS2)6XPPHUHOO ´6HOI&DXVDOLW\IURP3ORWLQXVWR(FNKDUWDQGIURP'HVFDUWHVWR.DQWµ4XDHVWLR  

SS  FRP QXPHURVDV LQGLFDo}HV ELEOLRJUiILFDV  -/ 0DULRQ RS FLW -0

1DUERQQHRSFLW%&DVSHU´'HU*RWWHVEHJULIIHQVFDXVDVXLµ3KLORVRSKLVFKHV-DKUEXFK  SS

(6)

5RGULJR*XHUL]ROL 

,

,QLFLRXPHQFDPLQKDPHQWRGHUHVSRVWDVDHVWDVTXHVW}HVH[SRQGRROXJDU VLVWHPiWLFRRFXSDGRSHODQRomRGHFDXVDVXLQRVHVFULWRVGH7RPiVGH$TXLQR$ SULPHLUD FRLVD TXH VH FRQVWDWD QHVVH FRQWH[WR p R IDWR GH 7RPiV UHMHLWDU D SRVVLELOLGDGHGHVHDWULEXLUDTXDOTXHUUHDOLGDGHKXPDQDRXGLYLQDRSUHGLFDGR

FDXVDVXLVHSRUHVVDH[SUHVVmRWHPVHHPPHQWHXPDDXWRFDXVDOLGDGHRQWROyJLFD

RX VHMD R IDWR GH XPD UHDOLGDGH SUHWHQGHU VHU DR PHVPR WHPSR FDXVDGD H FDXVDGRUD GH VXD SUySULD H[LVWrQFLD 6mR QXPHURVDV DV SDVVDJHQV HP TXH HOH UHFXVDFRPSURPHWHUVHFRPHVVHVHQWLGRGDH[SUHVVmRDTXLHPMRJR$VVLPSRU H[HPSORMiQR'HHQWHHWHVVHQWLDQRLQtFLRGHVXDFDUUHLUDSRUWDQWR7RPiVPRVWUD VHUDGLFDOPHQWHILHOjLGpLDGHTXHpLPSRVVtYHOTXHDOJRYHQKDDSURGX]LUVHX SUySULRVHU'LVFXWLQGRQHVVDREUDDFDXVDGRVHUGDVFRLVDVHOHFRPHQWD  >@QmRSRGHVHUTXHRSUySULRVHU>GDFRLVD@VHMDFDXVDGRSHODSUySULDIRUPDRX TLGLGDGH GD FRLVD TXHUR GL]HU FRPR FDXVD HILFLHQWH SRLV DVVLP DOJXPD FRLVD VHULD FDXVD GH VL PHVPD H DOJXPD OHYDULD D VL PHVPD D VHU R TXH p LPSRVVtYHO 3RUWDQWRpSUHFLVRTXHWRGDFRLVDFXMRVHUpGLVWLQWRGHVXDQDWXUH]DWHQKDRVHUD SDUWLUGHRXWUR  7RPiVUHMHLWDDTXLTXHVHDWULEXDDTXDOTXHUFRLVD UHV ²TXHQRFRQWH[WR VHDSOLFDDWXGRRTXHKiHGLIHUHGH'HXV²RSRGHUGHGDURULJHPDVHXSUySULR VHU0DVOHPEUDQGRVHGDXWLOL]DomRSORWLQLDQDGDH[SUHVVmRFDXVDVXLRVXMHLWRGH TXHVHSUHGLFDYDDDXWRFDXVDOLGDGHRQWROyJLFDHUDR8QRRXR%HPRXVHMDHUD MXVWDPHQWH'HXV$VVLPSDUHFHTXHDUHMHLomRWRPDVLDQDGDFDXVDVXLWRPDQGRVH SRU PRGHOR D SDVVDJHP DFLPD FLWDGD GR 'H HQWH HW HVVHQWLD QmR UHSUHVHQWD SUR SULDPHQWHXPDUHFXVDGDWUDGLomRQHRSODW{QLFD1DYHUGDGHHODSDUHFHOLPLWDUVH

'HHQWHHWHVVHQWLD,9´1RQDXWHPSRWHVWHVVHTXRGLSVXPHVVHVLWFDXVDWXPDELSVD

IRUPDYHOTXLGLWDWHUHLGLFRVLFXWDFDXVDHIILFLHQWHTXLDVLFDOLTXDUHVHVVHWVXLLSVLXVFDXVD HWDOLTXDUHVVHLSVDPLQHVVHSURGXFHUHWTXRGHVWLPSRVVLELOH(UJRRSRUWHWTXRGRPQLV WDOLV UHV FXLXV HVVH HVW DOLXG TXDP QDWXUD VXD KDEHDW HVVH DE DOLRµ &I WE 6HQWHQWLD

0HWDSK\VLFDHOLEOQ3DUDDGHILQLomRWRPDVLDQDGHFDXVDFI,QOLEURV3K\VLFRUXPOLE

OQ´FDXVDHDXWHPGLFXQWXUH[TXLEXVDOLTXDGHSHQGHQWVHFXQGXPVXXPHVVHYHO ILHULµ

(7)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO  DVHRSRUDDOJRTXHRQHRSODWRQLVPRQHPFRQVLGHUDYDFRPRPHUHFHGRUGHUH IXWDomR7RGDYLDHVVDLPSUHVVmRORJRVHGHVID]DRDQDOLVDUPRVRXWUDVSDVVDJHQV GDREUDGH7RPiVWDQWRGD6XPPDFRQWUD*HQWLOHVTXDQWRGD6XPD7HROyJLFDHPTXH HOHWUDWDGDFOiVVLFDTXHVWmR´VHHP'HXVFRLQFLGHPHVVrQFLDHH[LVWrQFLDµ5HV WULQJLQGRQRVDRWH[WRGD&RQWUD*HQWLOHVTXHSRVVLYHOPHQWHIRLEDVHSDUDDUHGD omRGDPHVPDTXHVWmRQD6XPD7HROyJLFDSRGHPRVYHUDtTXHRGLVWDQFLDPHQWR IUHQWH D TXDOTXHU DVSHFWR RQWROyJLFR GD LGpLD GH FDXVD VXL p QLWLGDPHQWH UDGL FDOL]DGR&DXVDVXLQmRpDSHQDVXPDH[SUHVVmRLPSUySULDVHDSOLFDGDjVFRLVDV PDVWDPEpPVHDSOLFDGDD'HXV(PVXPDDLQGDTXH7RPiVQmRRIRUPXOHGHV VDPDQHLUDHOHDFDEDSRUFRPSUHHQGHUDH[SUHVVmRFDXVDVXLOLGDHPVHXDVSHFWR RQWROyJLFRFRPRXPLPSUHVWiYHOSDUDGR[RTXHQmRSRGHULDVHUSUHGLFDGRGH FRLVDDOJXPDQHPGDVFULDWXUDVQHPGRFULDGRU 0DVYHMDPRVPDLVGHSHUWRRWH[WRGH7RPiV$HVWUXWXUDDUJXPHQWDWLYDp DTXLEDVWDQWHFOiVVLFD7UDWDVHGHXPDWtSLFDUHGXFWLRDGDEVXUGXPHPTXHVHWRPD LQLFLDOPHQWHSRUEDVHDLGpLDGHTXH´VHRVHUGH'HXVQmRpDVXDHVVrQFLDµ²QR VHQWLGRGH´QmRpLGrQWLFRjVXDHVVrQFLDµ²´>@HQWmRpQHFHVViULRTXHWDOVHU VHMDGLVWLQWRGDHVVrQFLDGH'HXVµ'DtVHSDUWHSDUDDGHPRQVWUDomRGDQHFHV ViULDIDOVLGDGHGHWDOFRQFOXVmRGHPDQHLUDDVHSURYDUFRPLVVRDYHUGDGHGR RSRVWR GR TXH LQLFLDOPHQWH VH DILUPDUD RX VHMD GHPRQVWUDUVH TXH ´R VHU GH 'HXVpDVXDHVVrQFLDµ

2DUJXPHQWRIXQFLRQDFRPEDVHHPXPSULQFtSLRSUHVXPLYHOPHQWHHYL GHQWH SRU VL PHVPR TXH DILUPD TXH ´WXGR R TXH VH SRGH SUHGLFDU RPQH TXRG

FRQYHQLW GHXPDFRLVDVHPTXHIDoDSDUWHGDHVVrQFLDGHWDOFRLVDSRGHVHGHOD SUHGLFDUHPYLUWXGHGHDOJXPDFDXVDµ$VVLPVHVHSRGHSUHGLFDUGH'HXVRVHU RXVHMDVHVHSRGHOHJLWLPDPHQWHGL]HU´'HXVpµHVHSRURXWURODGRHVWiVH

&RQWUD*HQWOLHV ,´6LHVVH'HLQRQHVWVXDHVVHQWLDQRQDXWHPSDUVHLXVHVVH SRWHVWFXPHVVHQWLDGLYLQDVLWVLPSOH[XWRVWHQVXPHVWRSRUWHWTXRGKXLXVPRGLHVVHVLW DOLTXLGSUDHWHUHVVHQWLDPHLXVµ&IWE6XPPD7KHRORJLDH,TD

(8)

5RGULJR*XHUL]ROL  WRPDQGRFRPRKLSyWHVHLQLFLDOTXH´RVHUGH'HXVQmRpDVXDHVVrQFLDµHQWmR GHYHVHSRGHULGHQWLILFDUDFDXVDGHWDOVHU 'XDVKLSyWHVHVHQWUDPHQWmRHPTXHVWmR$SULPHLUDGL]TXHDFDXVDGR VHUGH'HXVpDSUySULDHVVrQFLDGLYLQD6HJXQGRHVVDKLSyWHVHSRUWDQWRDH[LV WrQFLDGH'HXVVHULDXPHIHLWRGHVXDHVVrQFLD7RPiVpWD[DWLYRHPVXDUHFXVDj SRVVLELOLGDGHGHTXHDHVVrQFLDGH'HXVSRVVDVHUDFDXVDGRVHUGLYLQR,VVRGL] HOH´pLPSRVVtYHOSRLVVHJXQGRDUD]mRRVHUGDFDXVDDQWHFHGHRGRHIHLWRµH FRQWLQXD´DVVLPVHDOJRIRVVHSDUDVLPHVPRDFDXVDGHVHXVHUVHULDQHFHVViULR UHFRQKHFHUUDFLRQDOPHQWHTXHHOHH[LVWLULDDQWHVGHSRVVXLUXPVHURTXHpLP SRVVtYHOµ$VHJXQGDKLSyWHVHDVVXPHSRUVXDYH]XPDUHDOGLVWLQomRHQWUHD HVVrQFLDGH'HXVHDFDXVDGHVHXVHUHDILUPDTXHDSRVVLELOLGDGHGHVHSUHGLFDU GH'HXVRVHUSURYpPQmRGHVXDHVVrQFLDPDVGHRXWUDFDXVD1HVVHFDVRSR UpPDUJXPHQWD7RPiVHVWDUtDPRVGLDQWHGHDOJRFDXVDGRGHDOJRTXHUHFHEHX VHXVHUGHXPRXWURHQmRGLDQWHGH'HXVQmRGLDQWHGD´FDXVDSULPHLUDTXHQmR SRVVXLQHQKXPDFDXVDµ &RPHVVHSDVVRTXHUHMHLWDTXHVHSUHGLTXHGH'HXVDH[SUHVVmRFDXVDVXL 7RPiVGH$TXLQRPDUFDGHILQLWLYDPHQWHVHXOXJDUSUySULRHVXDGLVWkQFLDFRP UHODomRDXPDSHoDIXQGDPHQWDOGRSHQVDPHQWRQHRSODW{QLFR6HpYHUGDGHTXH DVVLP7RPiVHVYD]LDWRGDSUHWHQVmRGHTXHVHOHLDFDXVDVXLFRPRH[SUHVVmRGH XPDFRQVLVWHQWHDXWRFDXVDOLGDGHRQWROyJLFDQmRVHGHYHHVTXHFHUSRUpPTXH

&RQWUD*HQWLOHV,´2PQHDXWHPTXRGFRQYHQLWDOLFXLTXRGQRQHVWGHHVVHQWLD HLXVFRQYHQLWHLSHUDOLTXDPFDXVDPHDHQLPTXDHSHUVHQRQVXQWXQXPVLFRQLXQ JDQWXURSRUWHWSHUDOLTXDPFDXVDPXQLUL(VVHLJLWXUFRQYHQLWLOOLTXLGGLWDWLSHUDOLTXDP FDXVDPµ &RQWUD*HQWLOHV,´$XWLJLWXUSHUDOLTXLGTXRGHVWGHHVVHQWLDLOOLXVUHLVLYHSHU HVVHQWLDPLSVDPDXWSHUDOLTXLGDOLXG6LSULPRPRGRHVVHQWLDDXWHPHVWVHFXQGXPLOOXG HVVHVHTXLWXUTXRGDOLTXLGVLWVLELLSVLFDXVDHVVHQGL+RFDXWHPHVWLPSRVVLELOHTXLDSULXV VHFXQGXPLQWHOOHFWXPHVWFDXVDPHVVHTXDPHIIHFWXPVLHUJRDOLTXLGVLELLSVLHVVHWFDXVD HVVHQGLLQWHOOLJHUHWXUHVVHDQWHTXDPKDEHUHWHVVHTXRGHVWLPSRVVLELOHµ &RQWUD*HQWLOHV,´6LDXWHPLOOLFRQYHQLDWSHUDOLTXDPDOLDPFDXVDPRPQHDXWHP TXRGDFTXLULWHVVHDEDOLDFDXVDHVWFDXVDWXPHWQRQHVWFDXVDSULPD'HXVDXWHPHVW SULPDFDXVDQRQKDEHQVFDXVDPXWVXSUDGHPRQVWUDWXPHVWLJLWXU LVWDTXLGGLWDVTXDH DFTXLULWHVVHDOLXQGHQRQHVWTXLGGLWDV'HLµ

(9)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO  HOHODQoDPmRGHWDOFRQFHLWRDPL~GHHGHPDQHLUDGHFLGLGDPHQWHSRVLWLYDHP VXDVUHIOH[}HVDFHUFDGRPRGRGHDomRGRVHQWHVLQWHOHFWXDLV8PDGDVSDVVDJHQV PDLVFODUDVHPTXHVHOHJLWLPDHVVDUHODomRHQWUHRDJLUHVSHFLILFDPHQWHLQWHOHFWXDO HDLGpLDGHFDXVDVXLHQFRQWUDVHPDLVXPDYH]QD&RQWUD*HQWLOHV-XVWLILFDQGRDt SRUTXHDDWLYLGDGHGDVVXEVWkQFLDVLQWHOHFWXDLVQmRVHFDUDFWHUL]DDSHQDVSRUXPD OLEHUGDGHGHPRYLPHQWRHGHDomRPDVDRFRQWUiULRVHGLVWLQJXHVREUHWXGRSRU XPDOLEHUGDGHTXHGL]UHVSHLWRjRUGHPGRFRQKHFLPHQWRHGRMXOJDPHQWRXPD OLEHUGDGHLQDJHQGRHWLQLXGLFDQGRTXHH[SULPHRVLJQLILFDGRSUySULRGDH[SUHVVmR OLEHUXPDUELWULXP7RPiVID]XVRGDLGpLDGHFDXVDVXLDRGHILQLUVHXFRQFHLWRGH OLEHUGDGH´eOLYUHDTXLORTXHpFDXVDGHVLPHVPR$TXLORSRUWDQWRTXHQmRp SDUDVLPHVPRFDXVDGHVXDDomRQmRpOLYUHHPVHXDJLUµ 3RUPHLRGHVVDGHILQLomRTXHYDOHUHSHWLUpH[WUHPDPHQWHIUHTHQWHQD REUDGH7RPiVDFDEDVHSRUUHDELOLWDURSDSHOGDLGpLDGHFDXVDVXLQRWRGRGR SHQVDPHQWRWRPDVLDQR7RGDYLDHVWDLGpLDLQGLFDDJRUD~QLFDHH[FOXVLYDPHQWH DTXHOHVHJXQGRVHQWLGRGHFDXVDOLGDGHMiFRQKHFLGRSHORQHRSODWRQLVPRDVDEHU DDXWRFDXVDOLGDGHGHXPDDomRSHUIHLWDPHQWHOLYUHHHVSRQWkQHDRTXHQRFRQ WH[WR SORWLQLDQRp FDUDFWHUtVWLFD SUySULD GR8QR $VVLP IUHQWH j SROLVVHPLDGH VHQWLGRV GD FDXVD VXL HP VHX FRQWH[WR QHRSODW{QLFR 7RPiV UHGX] D H[WHQVmR FRQFHLWXDO GH WDO LGpLD GH PRGR D ID]HU FRP TXH HOD JDQKH HP XQLYRFLGDGH H SUHFLVmRYLQGRDFRQVROLGDUVHHQTXDQWRH[SUHVVmRGROLYUHDUEtWULRTXHSUHVLGH DVDo}HVHMXOJDPHQWRVGRVHQWHVGRWDGRVGHUD]mR&RPHIHLWRGLIHUHQWHPHQWH GRVHQWHVGRWDGRVDSHQDVGHXP´DSHWLWHVHQVLWLYRµFXMDVDo}HVFDOFDPVHVHPSUH HPMXt]RVDGYLQGRVGLUHWDPHQWHGDQDWXUH]DRVHQWHVUDFLRQDLVGRWDGRVGHYRQ WDGHHLQWHOHFWXDOLGDGHVmRFDUDFWHUL]DGRVSHODFDSDFLGDGHGHGHVHPSHQKDUDWLYL GDGHVFRPEDVHHPMXt]RVUDFLRQDLVHQmRVLPSOHVPHQWHQDWXUDLVRXLQVWLQWLYRV2

17&RQWUD*HQWOLHV,,´/LEHUXPHVWTXRGVXLFDXVDHVW4XRGHUJRQRQHVWVLELFDXVD DJHQGLQRQHVWOLEHUXPLQDJHQGR>@6XQWLJLWXUDQLPDOLDLUUDWLRQDOLDTXRGDPPRGROLEHUL TXLGHPPRWXVVLYHDFWLRQLVQRQDXWHPOLEHULLXGLFLLLQDQLPDWDDXWHPTXDHVROXPDEDOLLV PRYHQWXUQHTXHHWLDPOLEHUDHDFWLRQLVDXWPRWXVLQWHOOHFWXDOLDYHURQRQVROXPDFWLRQLV VHGHWLDPOLEHULLXGLFLLTXRGHVWOLEHUXPDUELWULXPKDEHUHµ&IWE'H9HULWDWHTD 6XPPD7KHRORJLDH,TD&RPSHQGLXP7KHRORJLDH,

(10)

5RGULJR*XHUL]ROL 

HVSHFtILFRGDOLEHUGDGHKXPDQDUHVLGLULDSRLVQRFRQWH[WRWRPDVLDQRQDFDSD FLGDGHGHDJLUGHDFRUGRFRPUHJUDVRULXQGDVGHVXDSUySULDLQWHOHFWXDOLGDGHLQV WkQFLD TXH VH Yr SOHQDPHQWH UHFRQKHFLGD HP VHX SRGHU GH FDXVDU DXWRQRPD PHQWHRXVHMDGHGHWHUPLQDUOLYUHPHQWHDVQRUPDVGRDJLUHGRFRQKHFHU

4XDQGRVHEXVFDGHWHUPLQDUHP7RPiVGH$TXLQRDIRQWHGHVVDFRQFHS omR GH FDXVD VXL DVVRFLDGD DR MXt]R TXH UHJXOD LQWHOHFWXDOPHQWH XPD GDGD DomR GHYHVHDGPLWLUTXHHOHOrGHPDQHLUDVXUSUHHQGHQWHHVVDH[SUHVVmRQHRSODW{QLFD GHDFRUGRFRPXPVHQWLGRSHORPHQRVDVHXVROKRVSOHQDPHQWHDULVWRWpOLFR'H IDWR7RPiVHODERUDVXDVGHILQLo}HVGHOLEHUGDGHHGHOLYUHDUEtWULRFRPEDVHHP XPDSDVVDJHPGD0HWDItVLFDGH$ULVWyWHOHVTXHEXVFDMXVWLILFDUSRUTXHDILORVRILD FRPSUHHQGLGDFRPRFLrQFLDGRVSULQFtSLRVHFDXVDVSULPHLUDVSRGHVHDUURJDUR HStWHWRGHFLrQFLDSDUDKRPHQVOLYUHV&RPHIHLWRVHJXQGR$ULVWyWHOHVXPDYH] TXH´FKDPDPRVOLYUHRKRPHPTXHpILPSDUDVLPHVPRHQmRHVWiVXEPHWLGRD RXWURVµVyDILORVRILDGHYHVHUGHQWUHWRGDVDVFLrQFLDVFKDPDGDOLYUHSRLV´Vy HODpILPSDUDVLPHVPDµeHVVHVHU´ILPSDUDVLPHVPRµ´DXWRXKpQHNDµTXHVH

HVSHUDULD TXH IRVVH WUDGX]LGR HP ODWLP SRU DOJR FRPR ´SURSWHU VHµ TXH DFDED WUDQVIRUPDQGRVH QR WH[WR GH 7RPiV HP FDXVD VXL ´p GLWR OLYUH DTXHOH TXH p

3DUDXPDDSUHVHQWDomRGHVVHDVSHFWRpWLFRGDFDXVDVXLFI+:HLGHPDQQ´)UHLKHLW

DOV 6HOEVWYHUXUVlFKOLFKNHLW (LQ IUXFKWEDUHV 0L‰YHUVWlQGQLV EHL 7KRPDV YRQ $TXLQ"µ

0HWDSK\VLFD  SS 190HW, $ FEVV

200HW, $ FEVV´>@jQTUZSRYIDP{QOH¢THURYËD¥WRXH£QHND

ND“P³D¦OORXZ¦Qµ &RPR LQGLFD + :HLGHPDQQ RS FLW S  R IDWR GH 7RPiV HQ[HUJDU QHVVD SDVVDJHP XPD UHIHUrQFLD j FDXVD VXL SDUHFH WHU VLGR SRVVLELOLWDGD SHOD WUDGXomRSRUHOHXWLOL]DGDDWUDQVODWLRPHGLDXPDWUDGXomRDQ{QLPDGRVpFXOR;,,HQDTXDO DSDVVDJHPGH$ULVWyWHOHVpDSUHVHQWDGDGDVHJXLQWHPDQHLUD´>@XWGLFLPXVKRPROLEHU TXL VXLPHW HW QRQ DOWHULXV FDXVD HVWµ 6HULD FRP EDVH QHVVD WUDGXomR TXH 7RPiV WHULD SRGLGR LQWHUSUHWDU R WHUPR FDXVD FRPR XP VXEVWDQWLYR QR QRPLQDWLYR e HYLGHQWH WRGDYLDFRPSDUDQGRVHDWUDGXomRDRRULJLQDOJUHJRTXHDSDODYUDFDXVDHQFRQWUDVHDt IOH[LRQDGDQRDEODWLYR

(11)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO 

FDXVDGHVLPHVPRGHDFRUGRRSULPHLUROLYURGD0HWDItVLFDµGL]SRUH[HPSOR XPDSDVVDJHPGRFRPHQWiULRDR/LYURGDV6HQWHQoDV

$VVLPDOpPGHXPDVXEVWDQFLDOUHGXomRGHVXDH[WHQVmRDLGpLDGHFDXVD

VXL H[SHULPHQWD HP 7RPiV GH $TXLQR XPD SURIXQGD ´DULVWRWHOL]DomRµ $LQGD

TXH GLILFLOPHQWH VH SRVVD UHVSRQGHU HP TXH PHGLGD LVVR VH Gi GH IRUPD SUR JUDPiWLFDHFRQVFLHQWHFRPRUHVXOWDGRILQDOVHPRVWUDFRPQLWLGH]TXHDRFRQ WUiULRGRTXHPDUFDYDRFRQWH[WRQHRSODW{QLFRFDXVDVXLQmRVHUYHSDUD7RPiV FRPRGHVFULomRGRVHUGLYLQRPDVDRFRQWUiULRLQGLFDRSUySULRGRDJLUKXPDQR GHFLVLYDPHQWHPDUFDGRSRUXPDOLEHUGDGHGHOLEHUDWLYDLVWRpSHODSRVVLELOLGDGH GH IXQGDU H FRP LVVR GH MXVWLILFDU VHXV MXt]RV GH PDQHLUD SHUIHLWDPHQWH DXW{QRPD

,,

(QTXDQWRH[SUHVVmRGLVWLQWLYDGDOLEHUGDGHKXPDQDDLGpLDGHFDXVDVXLWDO FRPR XWLOL]DGD SRU 7RPiV GH $TXLQR p GHSRVLWiULD GH XPD FRPSUHHQVmR UDGLFDOPHQWH LQWHOHFWXDOLVWD GH OLEHUGDGH $ILQDO DSHQDV R LQWHOHFWR p FDSD] GH FDXVDUSRUVLVyLVWRpGHPDQHLUDOLYUHRMXt]R7DOSRVLomRUHWUDWDILHOPHQWHR

SHUILOILORVyILFRWHROyJLFRGDRUGHPGRPLQLFDQDGXUDQWHD,GDGH0pGLD&RP

HIHLWR WDPEpP HP 0HVWUH (FNKDUW R LQWHOHFWR VHUi UHFRQKHFLGR FRPR D VHGH SUySULDGDOLEHUGDGH1RVHUPmRDOHPmR´,QWUDYLW,HVXVLQTXRGGDPFDVWHOOXPµSRU H[HPSORRGRPLQLFDQRWXUtQJLRDSUHVHQWDVXDFRQWURYHUVDWHRULDDFHUFDGRLQWH OHFWRHQTXDQWR´DOJRLQFULDGRHLQFULiYHOQDDOPDKXPDQDµHFDUDFWHUL]DWDOLQV

 6XSHU 6HQW ,, G  T  D  ´>@ OLEHU HQLP GLFLWXU TXL FDXVD VXL HVW XW LQ  0HWDSKGLFLWXUµ&IWE6XSHU6HQW,,GTD6XPPD7KHRORJLDH,,,,TD

&I&RQWUD*HQWLOHV,,

 6REUH DV GLVSXWDV PHGLHYDLV HQWUH GRPLQLFDQRV H IUDQFLVFDQRV LQWHOHFWXDOLVWDV H

YROXQWDULVWDVHPWRUQRjVUHODo}HVHQWUHLQWHOHFWRHYRQWDGHFI%.HQW9LUWXHVRIWKH:LOO

7KH7UDQVIRUPDWLRQRI(WKLFVLQWKH/DWH7KLUWHHQWK&HQWXU\:DVKLQJWRQ'&7KH&DWKROLF

8QLYHUVLW\RI$PHULFD3UHVVVREUHWXGRFDSVH

&I3UHGLJW 3U >1/DUJLHU RUJ 0HLVWHU(FNKDUW:HUNH (: )UDQNIXUWDP

0DLQ'HXWVFKHU.ODVVLNHU9HUODJDTXL(:,S@´(LQNUDIWLVWLQGHUVrOHYRQ GHU LFK PrU JHVSURFKHQ KkQ ² XQG Z UH GLX VrOH DOV{ V{ Z UH VL XQJHVFKDIIHQ XQG XQJHVFKHSIHOLFK>@YHUQQIWLFKHLWGLUUHNUDIWHQLVWQLKWYHUUHQRFK€]HUµ>´+iQDDOPD

(12)

5RGULJR*XHUL]ROL 

WkQFLDFRPR´XPDSRWrQFLDTXHH[LVWHQDDOPDHTXHpD~QLFDOLYUHµ7RGDYLD

DLQGD TXH VXEVLVWD XP SDUHQWHVFR HQWUH RV LQWHOHFWXDOLVPRV GH 7RPiV H GH (FNKDUWQDPHGLGDHPTXHDPERVDSUR[LPDPDVQRo}HVGHLQWHOHFWRHOLEHUGDGH H FRPR ORJR YHUHPRV (FNKDUW WDPEpP ODQFH PmR GD LGpLD GH FDXVD VXL QR FRQWH[WRGHVVDDSUR[LPDomRXPDOHLWXUDPDLVGHWLGDGRVGRLVDXWRUHVID]FRP TXHVHLPSRQKDPDVGHYLGDVGLVWLQo}HV  ,,, 2UXPRGHPLQKDLQYHVWLJDomRVHDUWLFXODDSDUWLUGDTXLFRPEDVHQDVH JXLQWHLGpLDVHpYHUGDGHTXHHP7RPiVDH[SUHVVmRFDXVDVXLpGHQRWDGRUDGD LQGHSHQGrQFLDGRDJLUKXPDQRIUHQWHjGHWHUPLQDomRGDQDWXUH]DRXVHMDVHHOD LQGLFDTXHRKRPHPQmRDJHJXLDGRDSHQDVSRUXPPHUR´DSHWLWHQDWXUDOµPDV

XPD SRWrQFLD VREUH D TXDO Mi IDOHL DPL~GH ² IRVVH D DOPD WRGD DVVLP HQWmR HOD VHULD LQFULDGDHLQFULiYHO>@>(HVWDpD@LQWHOHFWXDOLGDGHGHVVDSRWrQFLDQDGDHVWiORQJHQHP QDGDHVWiIRUDµ@(PERUDQRGHFRUUHUGRSURFHVVRLQVWDXUDGRSHORDUFHELVSRGH&RO{QLD (FNKDUWWHQWHGHPRQVWUDUTXHpSRVVtYHOOHUVXDWHRULDGHDFRUGRFRPPROGHVRUWRGR[RV VHXV DUJXPHQWRV SHUPDQHFHP LQVXILFLHQWHV DRV ROKRV GD QRUPD YLJHQWH H D WHRULD p H[SOLFLWDPHQWHFRQGHQDGDQD,QDJURGRPLQLFRTXHDUHSURGX]GDVHJXLQWHPDQHLUD´([LVWH DOJRQDDOPDTXHpLQFULDGRHLQFULiYHO6HDDOPDLQWHLUDIRVVHFRPRWDOHODVHULDLQFULDGDH LQFULiYHOHLVVRpRLQWHOHFWRµMXOJDQGRHPVHJXLGDWDOSURSRVLomRFRPRXPDGDVTXH ´WDQWR SHOR VRP GH VXDV SDODYUDV TXDQWR SHOR HQFDGHDPHQWR GH VHXV WHUPRV FRQWrP

HUURVRXDPiFXODGDKHUHVLDµ FI5*XHUL]ROLRSFLWS &RPRLQWURGXomRDHVVD SUREOHPiWLFDVHJXLGDGHSUHFLRVDVLQGLFDo}HVELEOLRJUiILFDVFI(:,SS 3U>(:,S@´,FKKkQXQGHUZvOHQJHVSURFKHQH]VvHLQNUDIWLQGHPJHLVWH GLXVvDOHLQHYUvµ&IWE4XDHVW3DU,,,>0HLVWHU(FNKDUW'LHODWHLQLVFKHQ:HUNHHGVRERV DXVStFLRVGD'HXWVFKH)RUVFKXQJVJHPHLQVFKDIW /: 6WXWWJDUW.RKOKDPPHUDTXL/: S@´>@LOODSRWHQWLDHVWQRELOLRULQTXDSULQFLSDOLWHUHVWOLEHUWDV6HGHVWSULQFLSDOLWHU LQLQWHOOHFWXTXLDDOLTXLGHVWOLEHUXPTXLDLPPXQHDPDWHULDXWSDWHWLQVHQVLEXV6HG LQWHOOHFWXVHWLQWHOOLJHUHPD[LPHHVWLPPXQHDPDWHULD>@µHRFRPHQWiULRGH(FNKDUWj SDVVDJHP´LQWHOOHFWXVVROXVHVWOLEHUµSURYHQLHQWHGHXPVHUPmRKRMHSHUGLGRHPVHX HVFULWR GH GHIHVD >/:  S @ 6REUH D UHODomR QR SHQVDPHQWR GH (FNKDUW HQWUH

OLEHUGDGHHLQWHOHFWXDOLGDGHFI:*RULV´'LH)UHLKHLWGHV'HQNHQV0HLVWHU(FNKDUWXQG

GLH3DULVHU7UDGLWLRQµLQ$6SHHU/:HJHQHU RUJV 0HLVWHU(FNKDUWLQ(UIXUW 0LVFHOODQHD

(13)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO  DRFRQWUiULRTXHDDomRSURSULDPHQWHKXPDQDpGHWHUPLQDGDSHOROLYUHDUEtWULR LVWRpSHODFDSDFLGDGHGHSRGHUVHPSUH´WHUIHLWRGHRXWURPRGRµWHUHVFROKLGR RFRQWUiULRGDTXLORTXHHVFROKHXQmRpWRGDYLDPHQRVYHUGDGHLURTXHHVVDOL EHUGDGHKXPDQDTXH7RPiVHQIDWL]DIRUPXODQGRDFRPRFDXVDVXLGL]UHVSHLWR DSHQDVjHVFROKDGRVPHLRVSDUDDFRQVHFXomRGHXPGHWHUPLQDGRILPHTXHHOD QDGDJDUDQWHTXDQWRDRIDWRGHVVHILPYLUDVHUHIHWLYDPHQWHDOFDQoDGRRXQmR $VVLP GH DFRUGR FRP 7RPiV RV PHLRV HVFROKLGRV OLYUHPHQWH SRU XP GDGR VXMHLWRSDUDDFRQVHFXomRGHXPGHWHUPLQDGRILPPRGLILFDPR´FRQWH[WRRSH UDFLRQDOµGHVVHVXMHLWRRXVHMDWUDQVIRUPDPRHVWDGRGHFRLVDVHPTXHWDOVXMHLWR VHLQVHUHHLVVRHYLGHQWHPHQWHVHPSUHFRPYLVWDVDID]HUFRPTXHVHDOFDQFHR ILP GHVHMDGR 7RGDYLD QmR Ki QHVVH FRQWH[WR QDGD TXH DVVRFLH WDO OLEHUGDGH j QHFHVViULDSRVVHGRILPGHVHMDGRQHPSRUWDQWRjQHFHVVLGDGHGHVXSHUDomRGR SUySULR GHVHMR SRU HVWH ILP 1XPD SDODYUD OLEHUGDGH H GHVHMR QmR VmR SDUD

7RPiVGH$TXLQRGHWHUPLQDo}HVFRQWUDGLWyULDV$SDUWLUGHVVDLGpLDIRUPXODVHD TXHVWmRGHTXHSDUWHRH[DPHGDQRomRGHFDXVDVXLHP0HVWUH(FNKDUWHPTXH PHGLGD HVVD FRPSDWLELOLGDGH HQWUH OLEHUGDGH H GHVHMR VHUi KHUGDGD SHOR SHQVD PHQWRGH(FNKDUW" $EDVHGH(FNKDUWGHVXDGHILQLomRGHOLEHUGDGHpFRPRSDUD7RPiVD 0HWDItVLFDGH$ULVWyWHOHV&RPHIHLWRHPVHX&RPHQWiULRDR(YDQJHOKRGH-RmRLQWHU SUHWDQGRDSDVVDJHP´6HR)LOKRYRVOLEHUWDUVHUHLVYHUGDGHLUDPHQWHOLYUHVµ -R  (FNKDUWVHUHIHUHjMiDOXGLGDSDVVDJHPGR(VWDJLULWDDILUPDQGRTXH´FRP

&I6XPPD7KHRORJLDH,TD´>«@TXLFXPTXHHVWOLEHULDUELWULLHLXVHVWYHOOHHW QRQYHOOHRSHUDULHWQRQRSHUDULµ6REUHDSRVLomRWRPDVLDQDTXHFDOFDDOLEHUGDGHKXPD QDQDKDELOLGDGHGH´ID]HUGHRXWURPRGRµFI.5LHVHQKXEHU´7KH%DVHVDQG0HDQLQJ RI)UHHGRPLQ7KRPDV$TXLQDVµLQ*)0DF/HDQ RUJ 7KRPDVDQG%RQDYHQWXUHDVHSWL FHQWHQDU\FRPPHPRUDWLRQ 3URFHHGLQJVRIWKH$PHULFDQ&DWKROLF3KLORVRSKLFDO$VVRFLDWLRQ  :DVKLQJWRQ'&&DWKROLF8QLYHUVLW\RI$PHULFDSS 27&IQHVVHVHQWLGRDFODUtVVLPDH[SRVLomRGDVQRo}HVGHDSHWLWHHYRQWDGHHP7RPiV GH$TXLQROHYDGDDFDERSRU(*LOVRQHPVXDREUDFOiVVLFD/H7KRPLVPH 3DULV9ULQ SSVREUHWXGRSSVV 

(14)

5RGULJR*XHUL]ROL 

EDVHQRSULPHLUROLYURGD0HWDItVLFDpOLYUHDTXLORTXHpHPUD]mRGHVLPHVPRµ

(VVH PRGR GH H[LVWrQFLD TXH Vy SRGH VHU FRQFUHWL]DGR SRU HQWHV GRWDGRV GH LQWHOHFWXDOLGDGH TXH PDQLIHVWD R SUySULR PRGR GD H[LVWrQFLD GLYLQD H TXH VH

GHILQHFRPRRVHUFRPYLVWDVDVLPHVPRRXGLUmRSDVVDJHQVGDVREUDVDOHPmHV HPDJLUVHPXPSRUTXrGLVWLQWRGHVL(FNKDUWLQWHUSUHWDQXPVHJXQGRSDVVR

GD PHVPD SDVVDJHP FRPR XPD RSHUDomR TXH YLVD H[FOXVLYDPHQWH DR EHP H PDLVHVSHFLILFDPHQWHDREHP´YHUGDGHLURHDEVROXWRµTXHVHGLVWLQJXHGHWRGRH TXDOTXHU EHP´~WLO RXGHOHLWiYHOµ6RPHQWH DTXHOHTXHDJH HP UD]mRGHVL H

GHVVHPRGRID]REHPWHQGRSRUPHWDSXUDHVLPSOHVPHQWHID]HUREHPHQDGD PDLV FRORFDVH SRUWDQWR GH DFRUGR FRP (FNKDUW QR kPELWR GH DWXDomR GD

,Q,RKQ>/:S@´9HOGLFEUHYLWHUDGKDQFTXDUWDPFODXVXODP¶VLILOLXV

YRVOLEHUDYLWYHUHOLEHULHULWLV·TXRG²H[,0HWDSK\VLFDH²OLEHUXPHVWTXRGVXLJUDWLDHVWµ

&I'D]EXRFKGHUJRHWOvFKHQWURHVWXQJH %J7 >(:,,S@´1€LVWHLQHLJHQVFKDIW

DQJRWHQkFK6DORP{QHVZRUWHQGD]DOOLXGLQFJRWZUNHWGXUFKVLFKVHOEHQGD]LVWGD]HU QLKW €] LP DQHVLKHW ZDUXPEH GDQ GXUFK GLFK VHOEHQ HU PLQQHW XQG ZUNHW DOOXL GLQF GXUFKVLFKVHOEHQµ>´2UDpXPDFDUDFWHUtVWLFDGH'HXVGHDFRUGRFRPDVSDODYUDVGH6D ORPmRTXH'HXVDJHHPWRGDVDVFRLVDVDWUDYpVGHVLPHVPRLVWRpTXHHOHQmRFRQ WHPSODQDGDH[WHULRUDVLVHQmRHPUD]mR>GHFRQWHPSODUVH@DWUDYpVGHVLPHVPRµ@,Q,RK Q  >/:  S @ ´4XDUH DXWHP VLW YHUEXP GRFHPXU FXP VHTXLWXU ¶KRF HUDW LQ SULQFLSLRDSXGGHXP·)LQLVHQLPXQLYHUVDOLWHUHVWLGLSVXPTXRGSULQFLSLXP1RQKDEHW TXDUHVHGLSVXPHVWTXDUHRPQLXPHWRPQLEXV$SRF¶HJRVXPSULQFLSLXPHWILQLV·µ ,Q,RKQ>/:@´,WHPHWLDPKRFLSVRTXRGYLYXVHVWYLWDPKDEHWLQVHPHWLSVR QRQPRWXVDEDOLROLEHUHVWVXLJUDWLDHVWSURSWHUVHPHWLSVXPRSHUDWXUVLFXWGHXVµ &I3U>(:,S@´'HUJHUHKWHPHQVFKH>@HQZLOQLKWQRFKHQVXRFKHW QLKWZDQHUHQKkWNHLQZDUXPEHGDUXPEHHULKWWXRWDOV{DOVJRWZUNHWDOV{ZUNHW RXFKGHUJHUHKWHVXQGHUZDUXPEHµ>´2KRPHPMXVWR>@QmRTXHUQDGDQHPEXVFDQDGD SRLVHOHQmRSRVVXLQHQKXPSRUTXrHPUD]mRGRTXDOIDULDDOJR$VVLPGRPHVPRPRGR FRPR'HXVDJHDJHWDPEpPRMXVWRVHPSRUTXrµ@

 ,Q ,RK Q  >/:  S @ ´4XRWLHQV LJLWXU TXLV RSHUDWXU ERQXP SURSWHU

RSHUDULERQXPVFLOLFHWTXLDRSHUDULLOOXGHVWERQXPQXOORDOLRUHVSHFWXVHGSURSWHUVH LSVXPSURUVXVSURSWHUQLKLOXWLOHQHFSURSWHUGHOHFWDUL²GHOHFWDWLRHQLPHVWFRQVHTXHQV RSHUDWLRQHP²WXQFRSHUDULERQXPVXLJUDWLDHVWHWVXDYLQRVWUDKLW>@4XLYHURSURSWHU RSHUDUL RSHUDWXU YROXQWDULH RSHUDWXU TXLD ERQXP KRQHVWXP +RQHVWXP HQLP YHUH HW DEVROXWHERQXPHVWGLVWLQFWXPFRQWUDERQXPXWLOHHWGHOHFWDELOHHWVXDYLWUDKLWQRQYL XWLOLVYHOGHOHFWDELOLVERQLµ

(15)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO  OLEHUGDGH$VVLPQHVVHFRQWH[WROLEHUGDGHDVVRFLDVHDXPWLSRGHWHUPLQDGRGH DomRHQmRjHVWUXWXUDFRPXPDWRGRDJLULQWHOHFWXDOPHQWHRULHQWDGR &RPSDUDQGRHVVHDVSHFWRGDFRPSUHHQVmRHFNKDUWLDQDGHOLEHUGDGHjTXHOD SURSRVWDSRU7RPiVGH$TXLQRGRLVGDGRVPHUHFHPVHUUHWLGRV(PSULPHLUR OXJDURIDWRGHRWXUtQJLROHUDFLUFXODULGDGHFRQVWLWXWLYDGR´DXWRXKpQHNDµDULV WRWpOLFRQmRDSHQDVFRPRLQGLFDWLYRGDDXWRQRPLDGRDJLUKXPDQRTXHWHULDR SRGHUGHLPSRUDVLPHVPRDVOHLVGHVXDDomRPDVVREUHWXGRFRPRVLQDOGD DXWRWHOLDGHVVHPHVPRDJLURXVHMDGRIDWRGHDDomROLYUHWHUQRSUySULRDJHQWHD VXDUD]mR(PVHJXQGROXJDURDVSHFWRUHVWULWLYRGDOHLWXUDSURSRVWDSRU(FNKDUW HPFRPSDUDomRjTXHODDSUHVHQWDGDSRU7RPiVLVWRpGHYHVHVXEOLQKDUTXHD SRVLomRGHIHQGLGDSHORSULPHLURUHSUHVHQWDXPDUHGXomRGDH[WHQVmRGRFRQFHLWR GHOLEHUGDGHSURSRVWRSHORVHJXQGR$ILQDOXPDYH]TXHpSHUIHLWDPHQWHDXWR WpOLFRDSHQDVRDJLUTXHYLVDDREHPHPDLVHVSHFLILFDPHQWHDREHP´YHUGDGHLUR HDEVROXWRµDSHQDVDo}HVGHVVDHVSpFLHSRGHUmRVHUYLVWDVQRFRQWH[WRHFNKDU WLDQRFRPRDo}HVOLYUHV $XWLOL]DomRGDQRomRGHDXWRWHOLDFRPRFULWpULRGHOLEHUGDGHpFODUDPHQWH GHVHQYROYLGDSRU(FNKDUWHPXPIDPRVRVHUPmRSURQXQFLDGRHPOtQJXDYHU QiFXODSURYDYHOPHQWHHPTXHPHUHFHQRVVDDWHQomRSRUDVVRFLDUWDOFRQ FHSomRGHOLEHUGDGHjLGpLDGHFDXVDVXL1HVVHVHUPmRTXHWRPDSRUEDVHDSDV VDJHPGRHYDQJHOKRGH0DWHXV´%HPDYHQWXUDGRVRVSREUHVGHHVStULWRµ 0W  VHQGRSRULVVRFRQKHFLGRFRPRRVHUPmRVREUHDSREUH]D(FNKDUWDSUHVHQWDVXD FRPSUHHQVmRGRTXHVHMD´XPKRPHPSREUHµRTXHQRFRQWH[WRGDREUDUH SUHVHQWDRPRGHORGHSHUIHLomRKXPDQD´8PKRPHPSREUHµGL]HOH´pDTXHOH TXH QDGD TXHU QDGD VDEH H QDGD SRVVXLµ (VVD GHILQLomR SUHOLPLQDU RULHQWD D FRQVWUXomRGRSUySULRWH[WRTXHH[SORUDUiHPFDGDXPDGHVXDVWUrVSDUWHVFDGD XPGRVDVSHFWRVTXHHPFRQMXQWRFRQVWLWXHPRTXH(FNKDUWGHQRPLQDSREUH]D HVSLULWXDO

2VHUPmRVREUHDSREUH]DpXPGRVWH[WRVPDLVFRPHQWDGRVHPDLVFRQWURYHUVRV GHWRGDDELEOLRJUDILDVREUH0HVWUH(FNKDUW5HFHQWHPHQWH*6WHHUHGLWRUGDVREUDVDOH

PmV GR WXUtQJLR UHIH] D HGLomR FUtWLFD GR WH[WR SXEOLFDQGRD HP / 6WXUOHVH*6WHHU

(16)

5RGULJR*XHUL]ROL  5HVWULQMRPHLQLFLDOPHQWHDRSULPHLURDVSHFWRGRKRPHPSREUHRQDGD TXHUHUSRLVHVWHVHPRVWUDFODUDPHQWHDVVRFLDGRjQRomRGHDXWRWHOLDQDPHGLGD HPTXH(FNKDUWRGHILQHFRPRXPDVXSHUDomRSHORKRPHPGHWRGDHTXDOTXHU YRQWDGHGHDOJRGLVWLQWRGHVLPHVPRLVWRpGHWRGRGHVHMRGHXPILPSDUWLFXODU LQFOXLQGRDtGHIRUPDVXUSUHHQGHQWHWDPEpPWRGDHTXDOTXHUYRQWDGHGHFXP SULUDYRQWDGHGH'HXV  (QTXDQWRRKRPHPPDQWpPTXHVXDYRQWDGHFRQVLVWHHPTXHUHUFXPSULUDPDLV HVWLPDGD YRQWDGH GH 'HXV HOH QmR HVWi HP SRVVH GDTXHOD SREUH]D VREUH D TXDO TXHUHPRVIDODULVVRSRUTXHHVWHKRPHPSRVVXLXPDYRQWDGHSRUPHLRGDTXDOHOH TXHUVDWLVID]HUDYRQWDGHGH'HXVHLVVRQmRFRQVWLWXLDYHUGDGHLUDSREUH]D3RLV SDUDSRVVXLUYHUGDGHLUDPHQWHDSREUH]DRKRPHPGHYHSHUPDQHFHUWmRYD]LRGH VXDYRQWDGHFULDGDTXDQWRFRPRTXDQGRHOHDLQGDQmRH[LVWLD3RLVHXYRVGLJRSHOD YHUGDGHHWHUQDHQTXDQWRWLYHUGHVYRQWDGHGHFXPSULUDYRQWDGHGH'HXVHWLYHUGHV GHVHMR SHOD HWHUQLGDGH H SRU 'HXV QmR VHUHLV SREUHV SRLV XP KRPHP SREUH p DTXHOHTXHQDGDTXHUHQDGDGHVHMD4XDQGRDLQGDSHUPDQHFLDHPPLQKDSULPHLUD FDXVDHXQmRSRVVXtD'HXVDOJXPHHUDFDXVDGHPLPPHVPRHXQmRTXHULDQDGD QHPGHVHMDYDQDGDSRLVHXHUDOLYUHHFRQKHFLDDPLPPHVPRQRGHOHLWHGDYHU GDGH(XTXHULDDPLPPHVPRHQHQKXPDRXWUDFRLVDPDLV(RTXHHXTXHULDHX HUDHRTXHHXHUDHXTXHULDHDtSHUPDQHFLDOLYUHGH'HXVHGHWRGDVDVFRLVDV

6WXWWJDUW.RKOKDPPHUSS$FRPSDQKDDHGLomRGH6WHHUXPFRPHQWiULR GH.)ODVFKGDWRWDOLGDGHGRVHUPmR FI/(,SS TXHGLVFXWHRVSULQFLSDLV HOHPHQWRVILORVyILFRVDWDOWH[WRDVVRFLDGRV(QFRQWUDVHGLVSRQtYHOHPOtQJXDSRUWXJXHVD XPDWUDGXomRGRWH[WREDVHDGDDLQGDQDDQWLJDHGLomRSUHSDUDGDSRU-4XLQW UHLPSUHVVD HP(:,SS HP0HVWUH(FNKDUW2OLYURGDGLYLQDFRQVRODomRHRXWURVWH[WRVVHOHWRV 3HWUySROLV9R]HVSS 3U>/(,S@´>@$OV{ODQJHDOVGHUPHQVFKHGD]KkWGD]GD]VvQ ZLOOHLVWGD]HUZLOHUYOOHQGHQOLHEHVWHQZLOOHQJRWHVGHUPHQVFKHHQKkWQLKWDUPXRWGk YRQZLUVSUHFKHQZHOOHQZDQGLUUHPHQVFKHKkWHLQHQZLOOHQGkPLWWHHUJHQXRFZLOVvQ GHPZLOOHQJRWHVXQGGD]HQLVWQLKWUHKWLXDUPXRW:DQVROGHUPHQVFKHDUPXRWKDEHQ JHZ UOvFKHV{VROHUVvQHVJHVFKDIIHQHQZLOOHQDOV{OHGLFVWkQDOVHUWHWHG{HUQLKWHQZDV :DQLFKVDJHLXEvGHUrZLJHQZkUKHLWDOVODQJHDOVLUZLOOHQKkW]HHUYOOHQQHGHQZLOOHQ JRWHVXQGEHJHUXQJHKkWGHUrZLFKHLWXQGJRWHVDOVODQJHHQVvWLUQLKWDUPZDQGD]LVW HLQDUPPHQVFKHGHUQLKWHQZLOXQGQLKWHQEHJHUW'{LFKVWXRQWLQPvQHUrUVWHQVDFKH G{HQKkWHLFKNHLQHQJRWXQGG{ZDVLFKVDFKHPvQVHOEHVGRHQZROWHLFKQLKWQRFK HQEHJHUWH LFK QLKW ZDQ LFK OHGLF VvQ XQG HLQ EHNHQQHU PvQ VHOEHV QkFK JHEU€FKOvFKHU ZkUKHLW'{ZROWHLFKPLFKVHOEHQXQGHQZROWHNHLQDQGHUGLQFGD]LFKZROWHGD]ZDV LFKXQGGD]LFKZDVGD]ZROWHLFKXQGKLHVWXRQWLFKOHGLFJRWHVXQGDOOHUGLQJHµ

(17)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO  2LGHDOGHOLEHUGDGHHQTXDQWRDXWRWHOLDSDUHFHWHUVLGRDTXLOHYDGRDRVHX H[WUHPR(OHVLJQLILFDHP~OWLPDLQVWkQFLDTXHRWpORVGDDomRKXPDQDGHYHSDUD TXHHODVHMDSHUIHLWDPHQWHOLYUHVHURSUySULRKRPHP²HQDGDPDLV(pHVVD FLUFXODULGDGHGRDJLUOLYUHTXH(FNKDUWFRQFHEHFRPRRSUySULRGDQRomRGHFDXVD VXLRXPHOKRUVHJXLQGRRUHJLVWURGHVHXWH[WRHODERUDGRHPSULPHLUDSHVVRDGH FDXVDPHL 3DUHFHPHHYLGHQWHTXHGHVVHPRGR(FNKDUWURPSHFRPDFRPSUHHQVmR WRPDVLDQDGHOLEHUGDGHTXHQmRHQ[HUJDYDFRQWUDGLomRDOJXPDHQWUHOLEHUGDGHH GHVHMRGHEHQVGLVWLQWRVGDSUySULDQDWXUH]DKXPDQD3DUD(FNKDUWDRFRQWUiULR DOLEHUGDGHKXPDQDpSHQVDGDFRPRFRPSOHWDDXVrQFLDGHGHVHMRSRUXPRXWUR RTXHVyVHSRGHDOFDQoDUSRUPHLRGHXPDDomRSHUIHLWDPHQWHDXWRWpOLFDXPD DomRHPTXH VH p MXVWDPHQWH DTXLORTXH VHTXHU1mR REVWDQWH HVVD GLIHUHQoD

FDXVD VXL SHUPDQHFH SDUD (FNKDUW FDUDFWHUtVWLFD GLVWLQWLYD GD QDWXUH]D KXPDQD

$VVLPFRPR7RPiVHOHQXQFDDSOLFDWDOQRomRjHVVrQFLDGLYLQD8QLFDPHQWH FRPRYLPRVHQTXDQWRR$TXLQDWHHTXLSDUDFDXVDVXLjLGpLDGHDXWRQRPLDGRDJLU KXPDQR(FNKDUWHQ[HUJDQHVVDH[SUHVVmRXPVLQ{QLPRGHDXWRWHOLDTXHSRUVXD YH]pFRORFDGDFRPRFULWpULRGHXPDDomRYHUGDGHLUDPHQWHOLYUH $DSURSULDomRSRUSDUWHGH(FNKDUWGDQRomRGHFDXVDVXLQmRVHHVJRWD SRUpPQXPDPXGDQoDGHFULWpULRQRkPELWRGHGHILQLomRGRTXHVHMDXPDDomR OLYUH &RP HIHLWR D OHLWXUD GR VHUPmR VREUH D SREUH]D QRV FRORFD VREUHWXGR IUHQWH j VHJXLQWH TXHVWmR QmR KDYHULD WDPEpP HP (FNKDUW XPD XWLOL]DomR GD LGpLDGHFDXVDVXLHPVHXVHQWLGRRQWROyJLFRRXVHMDTXHUHQGRLQGLFDUXPDFLU FXODULGDGHTXHGL]UHVSHLWRjFRQVWLWXLomRRQWROyJLFDGHXPGDGRVXMHLWR"9LPRV TXH7RPiVQHJDTXDOTXHUSRVVLELOLGDGHGHTXHFDXVDVXLYHQKDDVHULQWHUSUHWDGD FRPFRQVLVWrQFLDHPXPVHQWLGRRQWROyJLFR)RLGLWRLJXDOPHQWHTXH(FNKDUW

(VWDH[SUHVVmRDSDUHFHOLWHUDOPHQWHQDWUDGXomRODWLQDGH´G{ZDVLFKVDFKHPvQVHOEHVµ SUHVHQWHHPXPPDQXVFULWRGH.REOHQ]HWUDQVFULWRHP(:,SSDTXLS ´4XDQGRVWHWLLQPHDSULPDFDXVDWXQFGHXPQRQKDEXLHWWXQFIXLFDXVDPHLLSVLXVHWWXQF QLFKLOYROXLHWQLFKLOFRQFXSLXLVHGIXLDEVROXWXVHWFRJQLWRUPHLLSVLXVVHFXQGXPGHELWDP SHUIUXLFLRQHPYHULWDWLVHWWXQFYROXLPHLSVXPHWQRQDOLXGHWLOOXGTXRGYROXLKRFIXL HWLOOXGTXRGIXLYROXLHWLELVWHWLOLEHUVLQHGHRHWRPQLUHFUHDWDµ>*ULIR5*@

(18)

5RGULJR*XHUL]ROL  QXQFDXVDWDOWHUPRFRPRSUHGLFDGRGH'HXV8PPRPHQWRGDWHUFHLUDSDUWHGR VHUPmRVREUHDSREUH]DSRUpPXPDSDVVDJHPHPTXH(FNKDUWDSUHVHQWDVXD FRPSUHHQVmRGRTXHVHULDDSHUIHLWDDXVrQFLDGHSRVVHR´QDGDWHUµSDUHFHQRV FRQYLGDUDSHQVDUVHRTXH(FNKDUWID]QmRpDQWHVDOJRPXLWRPDLVRXVDGRVH QmRpQXPDSDODYUDDSOLFDURVHQWLGRRQWROyJLFRGHFDXVDVXLDRVXMHLWRKXPDQR 1DSDVVDJHPDTXHPHUHILURHOHGL]RVHJXLQWH  -XQWRFRPPHXQDVFLPHQWRQDVFHUDPWRGDVDVFRLVDVHHXIXLFDXVDGHPLPPHVPR HGHWRGDVDVFRLVDVHVHHXWLYHVVHTXHULGRHXQmRH[LVWLULDQHPWDPSRXFRRTXH TXHU TXH VHMD H[LVWLULD H VH HX QmR H[LVWLVVH WDPSRXFR H[LVWLULD 'HXV (X VRX D FDXVDGHTXH'HXVp'HXVVHHXQmRH[LVWLVVH'HXVQmRVHULD'HXV  2FULWpULRGHDXWRWHOLDFXMDSUHVHQoDHP(FNKDUWpLQTXHVWLRQiYHOQRkPELWR GDWHRULDGDDomRSDUHFHHQFRQWUDUDTXLHFRHPXPFRQWH[WRRQWROyJLFRHQTXDQWR DXWRJrQHVHGRHXTXHFRQTXLVWDGHVVHPRGRDFRQGLomRGHIXQGDPHQWXPLQFRQFXV VXP(VWDFRQFHSomRGRHXFRPRDQWHULRUjFULDomRVHDVVRFLDSRUVXDYH]DRMi

3U>/(,@´,QPvQHUJHEXUWGkZXUGHQDOOLXGLQFJHERUQXQGLFKZDV VDFKHPvQVHOEHVXQGDOOHUGLQJHXQGK WHLFKJHZROWLFKHQZ UHQLKWQRFKDOOLXGLQF HQZ UHQLKWXQGHQZ UHLFKQLKWV{HQZ UHRXFKJRWQLKW'D]JRWJRWLVWGHVELQLFK HLQVDFKHHQZ UHLFKQLKWV{HQZ UHJRWQLKWJRWµ

 6REUH D WHRULD HFNKDUWLDQD GR HX H VXD LQFRQWHVWiYHO VHPHOKDQoD FRP R SURMHWR

ILORVyILFRGDPRGHUQLGDGHFIVREUHWXGRDVSXEOLFDo}HVGH%0RMVLVFK0HLVWHU(FNKDUW $QDORJLH8QLYR]LWlWXQG(LQKHLW+DPEXUJ)HOL[0HLQHUFDS´'LHQHXSODWRQLVFKH 7KHRULHGHU6HOEVWYHUXUVlFKOLFKXQJ FDXVDVXL LQGHU3KLORVRSKLHGHV0LWWHODOWHUVµLQ/ %HQDNLV RUJ 1pRSODWRQLVPHHWSKLORVRSKLHPpGLpYDOH 5HQFRQWUHVGH3KLORVRSKLH0pGLpYDOH  7XUQKRXW%UHSROVSSVREUH(FNKDUWSS´'LH7KHRULHGHV,FKLQ VHLQHU6HOEVWXQG:HOWEHJUQGXQJEHL0HLVWHU(FNKDUWµLQ&K:HQLQ RUJ /·KRPPHHW

VRQ XQLYHUV DX 0R\HQ $JH 3KLORVRSKHV 0pGLpYDX[   /RXYDLQOD1HXYH eGLWLRQV GH

O·,QVWLWXW 6XSpULHXU GH 3KLORVRSKLH  SS  ´·'LHVHV ,FK· 0HLVWHU (FNKDUWV

,FK.RQ]HSWLRQ(LQ%HLWUDJ]XU¶$XINOlUXQJ·LP0LWWHODOWHUµLQ&K$VPXWK RUJ 6HLQ²

5HIOH[LRQ ² )UHLKHLW $VSHNWH GHU 3KLORVRSKLH -RKDQQ *RWWOLHE )LFKWHV %RFKXPHU 6WXGLHQ ]XU

3KLORVRSKLH $PVWHUGDP3KLODGHOSKLD%5*UQHUSS´'HU*UXQG GHU 6HHOH 'DV ,FK DOV 8UVDFKH VHLQHU VHOEVW XQG *RWWHV LQ GHU 3KLORVRSKLH 0HLVWHU

(FNKDUWVµ LQ *%LQGHU%())(HW DOLL RUJV  *RWWPHQVFKHQ .RQ]HSWH H[LVWHQWLHOOHU *UHQ

]EHUVFKUHLWXQJH LP $OWHUWXP %RFKXPHU $OWHUWXPVZLVVHQVFKDIWOLFKHV &ROORTXLXP   7ULHU

(19)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO  PHQFLRQDGRHQVLQDPHQWRVREUHRLQWHOHFWRFRPRDOJR´LQFULDGRHLQFULiYHOµ LQFUHD WXPHWLQFUHDELOH &RPHIHLWRDRDILUPDUDH[LVWrQFLDGHDOJRLQFULDGRLQFULiYHOHDR PHVPRWHPSRSUHVHQWHQRkPELWRKXPDQR(FNKDUWODQoDYDRDUFDERXoRQHFHV ViULRSDUDQDREUDWDUGLDTXHpRVHUPmRVREUHDSREUH]DLQGLFDUSRUVLQpGRTXHR DOLTXLGLQDQLPDSRUPHLRGDUHIHUrQFLDDRHXFRPRSUpH[LVWHQWHDWRGDFULDomR

(Q[HUJDU TXH XPD UHODomR VLQHGyTXLFD GR WLSR ´R WRGR SHOD SDUWHµ QR FDVRRHXSHORLQWHOHFWRHPVHXDVSHFWRLQFULDGRVXEMD]jOHWUDGRVHUPmRVREUHD SREUH]DSHUPLWHLJXDOPHQWHFRPSUHHQGHUFRPR(FNKDUWpFDSD]GHVDOYDJXDUGDU XPDXWLOL]DomRFRHUHQWHGHFDXVDVXLHPVHXVHQWLGRRQWROyJLFR$ILQDODFHLWDUVHP PDLV XP WDO XVR GH FDXVD VXL TXH SDUHFH DILUPDU TXH Ki DOJR TXH SUHFHGH VHX SUySULRYLUDVHUQmRVLJQLILFDDGPLWLUXPDFRQWUDGLomRHPWHUPRV"2XVHMDQmR VHUi DFDXVD VXL FRPRIRUPXOD1LHW]VFKH´D PHOKRU DXWRFRQWUDGLomRDWp DJRUD LQYHQWDGDXPDHVSpFLHGHYLRODomROyJLFDHGHVQDWXUDomRµ"1mRGHDFRUGRFRP

LQ0*HUZLQJ*5XSSHUW RUJV 5HQRYDWLRHWUHIRUPDWLR:LGHUGDV%LOGYRPÄILQVWHUHQ·0LWWHODOWHU

)6/+|GO 0QVWHU$VFKHQGRUIISSVREUHWXGRSS

 &I % 0RMVLVFK ´'HU *UXQG GHU 6HHOH 'DV ,FK DOV 8UVDFKH VHLQHU VHOEVW XQG

*RWWHV LQ GHU 3KLORVRSKLH 0HLVWHU (FNKDUWVµ RS FLW S  ´'LH 7KHRULH GHV ,FK LQ VHLQHU6HOEVWXQG:HOWEHJUQGXQJEHL0HLVWHU(FNKDUWµRSFLWS 38)1LHW]VFKH-HQVHLWVYRQ*XWXQG%|VH†>.6$S@'HFHUWR1LHW]VFKHQmR WHPDTXLSRUDOYRDREUDGH(FNKDUWPDVDWUDGLomRPRGHUQDTXHDSDUWLUGH'HVFDUWHV XWLOL]DVHDPL~GHGDFDXVDVXLQDGHILQLomRGHDOJRFXMDH[LVWrQFLDHVWiLPSOLFDGDQDHVVrQ FLDRXVHMDSDUDFRQFHLWXDUDUHDOLGDGHGLYLQD FIDIDPRVDGHILQLomRGHDEHUWXUDGDeWLFD GH(VSLQRVD´3HUFDXVDPVXLLQWHOOLJRLGFXMXVHVVHQWLDLQYROYLWH[LVWHQWLDPVLYHLGFXMXV QDWXUDQRQSRWHVWFRQFLSLQLVLH[LVWHQVµLQ6lPWOLFKH:HUNH >HG:%DUWXVFKDW@%G,, +DPEXUJ)HOL[0HLQHUS 1HVVHFRQWH[WRSRUpPYDOHOHPEUDUDLQGLFDomRGH 3+DGRWRSFLWSGHTXH'HVFDUWHVUHFRQKHFHXTXHDH[SUHVVmRFDXVDVXLXWLOL]DGD QDV5HVSRQVLRQHVQmRSRGHULDVHULQWHUSUHWDGDHPVHQWLGRULJRURVR'HIDWRRHVIRUoRFDU WHVLDQRGHDSOLFDUD'HXVDH[SUHVVmRFDXVDVXLGHFRUUHDQWHVGHPDLVQDGDGRFRPSUR PHWLPHQWR FRP XPD ´QRomR FRPXPµ GH VHX VLVWHPD D VDEHU D LGpLD GH TXH ´FRLVD DOJXPDH[LVWHGDTXDOQmRVHSRVVDSHUJXQWDUTXDOVHMDDFDXVDSHODTXDOHODH[LVWH,VVR SRLVSRGHVHSHUJXQWDUDWpPHVPRGH'HXV>@µ>$7SS@RTXHRID]FRPR EHPVDOLHQWD-/0DULRQ ´(QWUHDQDORJLHHWSULQFLSHGHUDLVRQODFDXVDVXLµRSFLWS  ´VXEPHWHUDLQGDTXHDSHQDVIRUPDOPHQWHDHVVrQFLDHDH[LVWrQFLDGLYLQDVjUD]mR HILFLHQWH GHXPSULQFtSLRµ

(20)

5RGULJR*XHUL]ROL  (FNKDUWSRUTXHKiUHODo}HVFDXVDLVHPTXHVHSRGHUHSUHVHQWDUDFDXVDHRHIHLWR SHORPHVPRWHUPRRTXHMXVWLILFDULDDXWLOL]DomRGRTXDOLILFDWLYRFDXVDVXLDLQGD TXHHVWHVQmRVHMDPULJRURVDPHQWHLGrQWLFRV(VVHYLpVGHOHLWXUDTXHIRUQHFHj H[SUHVVmRFDXVDVXLXPVHQWLGRFRHUHQWHDLQGDTXHDIOH[LELOL]HVHPDQWLFDPHQWH LPS}HVHDTXLFRPEDVHQRGXSORXVRTXHQRVHUPmRVREUHDSREUH]D(FNKDUW ID] GR WHUPR HX SRU XP ODGR LQGLFDQGR R LQWHOHFWR KXPDQR HP VHX DVSHFWR LQFULDGRSRURXWURGHQRWDQGRRWRGRTXHFRPS}HDGHILQLomRGHKRPHPLVWRp LQFOXLQGRXPHOHPHQWRJHQpULFRTXHFRPRWDOpFRPSDUWLOKDGRSRURXWUDVHVSp FLHVeFRPEDVHQHVVDGLIHUHQFLDomRTXHRPHVPRWHUPRRHXSRGHVHYHUDVVR FLDGRjVIXQo}HVGHFDXVDHGHHIHLWRQXPDPHVPDUHODomRGHHILFLrQFLDFDXVDO 7UDWDVHQRXWUDVSDODYUDVGHWRPDUDTXLDXWLOL]DomRHFNKDUWLDQDGHFDXVD VXLHPVHXDVSHFWRRQWROyJLFRFRPRWHQGRSRUIXQGDPHQWRDIUDVH´VHHXWLYHVVH TXHULGRHXQmRH[LVWLULDµHGHOHUHVVDIUDVHGHVGHDyWLFDGRVGRLVVHQWLGRVGRWHU PRHX$VVLPQDIUDVHHPTXHVWmRHVWiHPMRJRXPHXLQTXDQWXPLQFULDGRTXHp FDXVD GR HX LQTXDQWXP FULDGR RX VHMD HVWmR HP MRJR XP HX PDUFDGR SHOD H[LVWrQFLDQRPXQGRHSHODH[SHULrQFLDSRUWDQWRHXPRXWURHXDQWHULRUDHVVD H[LVWrQFLDQRPXQGRHDHVVDH[SHULrQFLDHTXHVHULDQXPFHUWRVHQWLGRFRQ GLomRGHSRVVLELOLGDGHGHDPEDV2TXHGHVVDPDQHLUDVHDEUHpVHPG~YLGDXPD RSomRKHUPHQrXWLFDTXHMXVWLILFDHLQWHUSUHWDDXWLOL]DomRHFNKDUWLDQDGDFDXVDVXL GHVGHXPYLpVPDUFDGDPHQWHPRGHUQRDVDEHUSRUXPDGLVWLQomRTXHHVSHOKD

PXWDWLV PXWDQGLV DTXHOD HQWUH HX HPStULFR H HX WUDQVFHQGHQWDO R TXH SRUpP

SDUHFHFRHUHQWHFRPRSURJUDPDGHXPSHQVDGRUTXHEXVFDYDSHQVDURHXSDUD DOpPGHTXDOTXHUIRUPDGHH[SHULrQFLDGHVLHQTXDQWRFULDWXUD



,9

$LQYHVWLJDomRGRVOXJDUHVVLVWHPiWLFRVRFXSDGRVSHODQRomRGHFDXVDVXL QDV REUDV GH 7RPiV GH $TXLQR H GH 0HVWUH (FNKDUW UHYHOD GH IDWR DOJR GR SRUTXrGHVVHVGRLVSHQVDGRUHVUHSUHVHQWDUHPFRPRIRLGLWRGHLQtFLRGRLVYH WRUHVGLYHUJHQWHVGDILORVRILDQD,GDGH0pGLD,VVRVHGiSRUTXHXPGRVYHWRUHVH XPGRVSHQVDGRUHVHTXDFLRQDFDXVDVXLDXPDOLEHUGDGHKXPDQDGHSRGHUHVFR OKHUDXWRQRPDPHQWHRVPHLRVSDUDDUHDOL]DomRGHVXDVPHWDVHQTXDQWRRRXWUR

(21)

$,GpLDGH%CWUC5WKQR&RQWH[WR)LORVyILFR0HGLHYDO  DVVRFLDFDXVDVXLjOLEHUGDGHKXPDQDGHSRGHUGHWHUPLQDUDVLPHVPRHQTXDQWR VXDSUySULDPHWD²HGHFHUWRPRGRVXDSUySULDRULJHP4XHXPGHVVHVYHWRUHV WHQKD FRQVHJXLGR HP VHX FDPLQKR SURJUDPiWLFR GDU j LGpLD GH FDXVD VXL XPD FXQKDJHPGHILQLWLYDpDOJRTXHWRGDYLDDKLVWyULDRPRVWUDWHPGHVHUQHJDGR 1mRREVWDQWHRTXHVHHQFRQWUDDTXLOHJLWLPDGRpDIHFXQGLGDGHGHXPFRQFHLWR SUREOHPiWLFRSDUDRTXDOGHIDWRFRPRDSRQWD)RXFDXOWDFRQWUDGLomRIXQFLRQD FRPRSULQFtSLRGHKLVWRULFLGDGH

39&I0)RXFDXOW$$UTXHRORJLDGRVDEHU5LRGH-DQHLUR)RUHQVH8QLYHUVLWiULD S

Referências

Documentos relacionados

Product markets refers to the mechanisms in place that facilitate interaction between buyers and sellers. Currently, a large portion of the Indian population lacks

$ SDUWLU GD SHUVSHFWLYD GD SVLFDQiOLVH GH TXH R VXMHLWR YLYH FRPR VH IRVVH LPRUWDOSRLVQRLQFRQVFLHQWHQmRKiXPDLQVFULomRSVtTXLFDSDUDDPRUWHHGHTXH QmR VH SRVVXL GH IDWR D H[SHULrQFLD

$ SVLFDQiOLVH QmR p REMHWR GH HVWXGR GHVWD GLVFLSOLQD PDV VHXV FRQFHLWRV D FRPSUHHQVmR GH FRPR R VXMHLWR VH GHVHQYROYH H DV YLFLVVLWXGHV GHVWH SURFHVVR TXH SRGHP OHYDU DR

utilização em diferentes exemplos do cotidiano, sendo os conteúdos em que geralmente os alunos têm dificuldade para entender por envolver a forma algébrica e numérica. A utilização

A fim de solucionar esse problema, este projeto buscou desenvolver um produto que amenize o estresse infantil no momento da vacinação, facilitando que o agente de

(2013), parasitism involves growth of the biocontrol agent towards the host as well as attachment, coiling, and the final attack and dissolution of cell wall by the activity

Apesar de Raul ter forjado sua maneira e personalidade desde suas primeiras pinturas, assim como desde suas primeiras peças de teatro, Foca (2013), acredita que Raul não teve

O resultado das negociações - escolha do dólar americano como moeda padrão para transações internacionais; indexação da taxa de câmbio entre o dólar e as demais