Does Local Politics Matter? Quasi-experimental Evidence from Italian Municipal Elections

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(1)!. ! !. Discussion Papers Collana di. !. !. E-papers del Dipartimento di Economia e Management – Università di Pisa. ! !. !. ! Roberto Basile Valerio Filoso. Does Local Politics Matter? Quasi-experimental Evidence from Italian Municipal Elections !. Discussion Paper n. 188 2014.

(2) DOES LOCAL POLITICS MATTER? QUASI-EXPERIMENTAL EVIDENCE FROM ITALIAN MUNICIPAL ELECTIONS. !3. Discussion Paper n. 188, presentato: Settembre 2014. !! !Indirizzo dell’Autore:. Valerio Filoso Dipartimento di Giurisprudenza, via Mezzocannone 18, 80138 Napoli – Italy tel. (39 +) 081 2534664 fax: (39 +) 081 2144333 Email: filoso@unina.it web site: https://www.docenti.unina.it/valerio.filoso. © Roberto Basile e Valerio Filoso La presente pubblicazione ottempera agli obblighi previsti dall’art. 1 del decreto legislativo luogotenenziale 31 agosto 1945, n. 660.. !! ! Ringraziamenti Gli autori ringraziano Luciano Fanti e Luca Gori per la cordiale collaborazione. !! !! !! !! !!. Si prega di citare così: Roberto Basile e Valerio Filoso (2014), “Does Local Politics Matter? Quasi-experimental Evidence from Italian Municipal Elections”, Discussion Papers del Dipartimento di Scienze Economiche – Università di Pisa, n. 188 (http://www-dse.ec.unipi.it/ricerca/discussion-papers.htm).. !! !.

(3) !. ! !. Discussion Paper n. 188. !. ! !. ! ! Roberto Basile Valerio Filoso. Does Local Politics Matter? Quasi-experimental Evidence from Italian Municipal Elections. ! !!. Abstract. !. Do differently oriented political parties implement radically divergent policies which impact the citizens’s welfare? The overheated political debate notwithstanding, it is far from clear if this is really the case. Whereas current literature on this issue narrows the focus on specific policy outcomes and instruments, we use the real estate market to evaluate the impact of the whole spectrum of municipal policies. Using a novel dataset on Italian municipal elections for the years 2003–2011 and the corresponding changes in real estate market prices, we employ a regression discontinuity approach to detect the causal effect of a change in municipal majorities. We find robust evidence of no difference between the effects of the policies enacted by left-wing and right-wing parties after three, four, and five years since the election.. !Classificazione JEL: H11, H7. Keywords: Political partisanship, Municipal politics, Real estate prices, Capitalization, Regression discontinuity.. !!. !.

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(24) #. 5BCMFT BOE HSBQIT. #ƍ %FTDSJQUJWF TUBUJTUJDT 5ĮįĹĲ ƍ .VOJDJQBM SFWFOVFT Ǝƌƍƍ 5ZQF. "NPVOU. -PDBM UBYFT ƏƏ ƏƕƏ ƎƐƒ $BQJUBM BMJFOBUJPOT ƍƏ ƒƒƍ ƒƒƔ 5BSJĈT GPS TFSWJDFT ƍƎ ƑƌƓ ƍƔƔ (SBOUT GSPN PUIFS MFWFMT PG HPWFSONFOU ƍƍ ƑƒƐ ƌƐƒ 4FSWJDFT PO CFIBMG PG UIJSE QBSUJFT ƒ ƒƌƏ ƍƒƓ %FCU PQFOJOHT ƒ ƍƎƎ ƐƒƐ 5PUBM. ſ ƏƕƔ ƍƒƏ ƍƐƕ ƍƏƔ Ɠƕ ƓƏ. ƔƏ ƔƑƍ ƓƓƕ ƍƌƌƌ. 4PVSDF *45"5 *UBMJBO 4UBUJTUJDBM 0ċDF SFUSJFWFE PO .BZ ƎƎOE ƎƌƍƐ GSPN ?iiT,ffrrrXBbiiXBifBif`+?BpBQfdk3e8 "MM đHVSFT BSF JO UIPVTBOET PG FVSPT. 5ĮįĹĲ Ǝ .VOJDJQBM FYQFOTFT Ǝƌƍƍ 5ZQF. "NPVOU. "ENJOJTUSBUJPO NBOBHFNFOU BOE DPOUSPM ƍƒ ƏƎƍ Ƒƕƕ &OWJSPONFOUBM NBOBHFNFOU ƍƍ ƍƌƓ ƕƓƌ 4PDJBM TFSWJDFT Ɣ ƒƎƏ ƌƔƒ 5SBOTQPSU Ƒ ƓƎƑ Ƒƒƍ 1VCMJD FEVDBUJPO Ƒ ƍƓƎ ƌƐƔ -PDBM QPMJDF Ə ƍƍƕ ƏƕƎ $VMUVSF ƍ ƒƒƒ ƎƎƓ 4QPSU BOE SFDSFBUJPO ƓƑƓ ƌƔƕ 1SPEVDUJWF TFSWJDFT ƐƓƑ ƕƏƌ $PNNFSDF ƐƑƐ ƑƕƑ 5PVSJTN ƏƎƏ ƍƌƓ +VTUJDF Əƌƕ ƌƎƕ 5PUBM. ſ ƏƌƎ ƎƌƑ ƍƒƌ ƍƌƒ ƕƒ ƑƔ Əƍ ƍƐ ƌƕ ƌƔ ƌƒ ƌƒ. ƑƐ ƌƑƑ ƒƏƏ ƍƌƌƌ. 4PVSDF *45"5 *UBMJBO 4UBUJTUJDBM 0ċDF SFUSJFWFE PO .BZ ƎƎOE ƎƌƍƐ GSPN ?iiT,ffrrrXBbiiXBifBif`+?BpBQfNRN39 "MM đHVSFT BSF JO UIPV TBOET PG FVSPT. Ǝƍ.

(25) 5ĮįĹĲ Ə "WFSBHF SFBM FTUBUF QSJDFT 3FTJEFOUJBM :FBS 3FHJPO "CSV[[P #BTJMJDBUB $BMBCSJB $BNQBOJB &NJMJB3PNBHOB -B[JP -JHVSJB -PNCBSEJB .BSDIF .PMJTF 1JFNPOUF 1VHMJB 4BSEFHOB 5PTDBOB 6NCSJB 7FOFUP 5PUBM (FPHSBQIJDBM QBSUJUJPO /PSUI 8FTU /PSUI &BTU $FOUFS 4PVUI *TMBOET 5PUBM. ƎƌƌƑ. Ǝƌƌƒ. ƎƌƌƓ. ƎƌƌƔ. Ǝƌƌƕ. Ǝƌƍƌ. 5PUBM. ƕƒƐ. ƍ ƌƒƎ ƔƌƎ ƓƕƓ ƍ ƐƓƌ ƍ ƒƔƎ ƍ ƒƑƑ Ǝ ƑƎƎ ƍ ƐƓƓ ƍ ƐƎƕ. ƍ ƍƑƎ ƒƕƏ. ƍ ƍƏƐ Ɠƍƕ ƒƐƓ ƍ Ǝƒƌ ƍ ƐƑƍ ƍ ƒƔƐ Ǝ ƎƏƎ ƍ ƏƑƔ ƍ ƏƏƐ. ƍ ƍƓƍ ƑƑƓ ƒƕƒ ƍ ƓƎƔ ƍ ƍƓƍ ƍ ƒƕƓ Ǝ Əƌƍ ƍ ƏƎƒ ƍ Ƒƒƕ. ƍ ƌƓƍ ƒƒƎ ƕƏƍ Ǝ ƕƕƏ Ɠƌƕ ƕƑƕ ƍ ƌƏƍ. ƔƑƐ Ɣƍƍ ƑƔƓ ƍ ƌƎƐ ƍ ƏƓƔ ƍ ƎƒƎ Ǝ ƌƌƐ ƍ ƐƕƑ ƍ ƏƏƕ ƍ ƍƏƑ ƍ ƍƏƔ ƔƏƏ ƕƐƍ ƍ ƐƑƑ ƍ ƌƐƍ ƍ ƍƎƕ ƍ ƌƕƔ. ƍ ƎƎƑ ƔƕƐ ƍ ƒƑƓ ƍ ƔƎƎ ƍ ƌƎƑ ƍ Əƕƕ ƍ ƏƕƏ. ƍ ƎƕƏ ƕƓƒ ƕƒƌ Ǝ ƎƔƍ. ƍ Ǝƒƕ ƍ ƌƒƓ. ƍ ƎƏƌ ƕƑƐ ƍ ƍƑƌ Ǝ ƎƓƎ Ǝ Ƒƕƒ ƍ ƏƒƔ. ƕƔƍ ƓƏƍ ƑƔƔ ƍ ƎƎƑ ƍ ƐƏƎ ƍ ƑƌƓ Ǝ ƐƓƐ ƍ Ɛƍƍ ƍ Əƕƕ ƍ ƍƏƑ ƍ ƎƌƎ ƔƓƏ ƍ ƍƐƒ ƍ ƓƔƐ ƍ ƌƐƏ ƍ Ǝƒƍ ƍ ƏƌƎ. ƍ ƐƔƏ ƍ ƌƐƔ ƍ ƏƕƔ ƓƔƍ ƕƏƍ ƍ ƌƏƍ. ƍ ƏƑƍ ƍ ƎƑƏ ƍ ƏƍƎ ƔƒƎ ƕƐƍ ƍ ƌƕƔ. ƍ ƑƏƌ ƍ ƐƐƓ ƍ ƒƏƐ ƍ ƍƍƓ ƍ ƒƑƓ ƍ ƏƕƏ. ƍ ƓƒƏ ƍ ƐƎƓ ƍ ƕƕƍ ƍ ƍƒƔ ƕƒƌ ƍ Ƒƍƍ. ƍ ƐƍƔ ƍ ƑƎƓ ƍ ƔƏƍ ƍ ƍƓƐ ƍ ƍƑƌ ƍ ƏƒƔ. ƍ ƐƏƒ ƍ ƏƓƐ ƍ ƑƔƐ ƕƓƎ ƍ ƍƐƒ ƍ ƏƌƎ. Ƒƍƍ ƕƔƑ ƍ ƏƍƑ ƍ ƎƎƍ Ǝ ƐƍƐ ƍ ƐƏƌ ƍ ƏƏƎ. ƎƎ. ƍ ƐƔƕ ƍ ƎƕƐ ƍ ƕƏƏ Ɛ ƒƐƐ ƍ ƑƎƌ ƍ ƒƔƌ. ƍ ƐƒƑ ƍ Ƒƍƍ. ƍ ƓƒƓ ƍ ƌƓƎ ƍ ƍƑƔ ƍ ƐƐƏ ƍ ƏƑƕ ƍ ƐƍƏ ƍ ƒƎƕ ƍ ƌƑƕ ƍ ƐƐƏ.

(26) 5ĮįĹĲ Ɛ "WFSBHF SFBM FTUBUF QSJDFT /POSFTJEFOUJBM :FBS 3FHJPO "CSV[[P #BTJMJDBUB $BMBCSJB $BNQBOJB &NJMJB3PNBHOB -B[JP -JHVSJB -PNCBSEJB .BSDIF .PMJTF 1JFNPOUF 1VHMJB 4BSEFHOB 5PTDBOB 6NCSJB 7FOFUP 5PUBM (FPHSBQIJDBM QBSUJUJPO /PSUI 8FTU /PSUI &BTU $FOUFS 4PVUI *TMBOET 5PUBM. ƎƌƌƑ. Ǝƌƌƒ. ƎƌƌƓ. ƎƌƌƔ. Ǝƌƌƕ. Ǝƌƍƌ. 5PUBM. ƍ ƍƐƍ. ƍ ƎƎƐ ƕƏƑ ƍ ƍƏƓ ƍ ƒƏƐ ƍ ƔƐƓ ƍ ƓƏƕ Ǝ ƌƕƓ ƍ ƑƎƑ ƍ ƑƎƑ. ƍ ƐƑƓ ƓƍƏ. ƍ ƎƕƑ ƒƓƓ ƓƑƌ ƍ ƐƐƓ ƍ Ɛƒƕ ƍ ƔƐƒ Ǝ ƍƏƎ ƍ ƏƓƏ ƍ ƏƒƓ. ƍ ƐƒƐ ƑƑƎ ƔƔƕ ƍ ƕƏƔ ƍ ƏƌƔ ƍ ƔƎƏ Ǝ ƌƑƕ ƍ ƐƏƒ ƍ ƒƑƍ. ƍ ƍƏƐ ƔƏƔ ƍ ƌƒƎ ƍ ƒƍƒ ƔƌƎ ƍ ƌƏƓ ƍ ƍƏƕ. ƕƑƏ ƔƎƍ ƓƍƏ ƍ ƍƔƍ ƍ ƑƎƕ ƍ Ɛƌƒ ƍ ƒƒƌ ƍ ƑƕƎ ƍ ƏƑƓ ƍ ƒƐƎ ƍ ƌƔƒ ƕƑƓ ƍ ƌƌƔ ƍ ƏƏƓ ƍ ƏƍƎ ƍ Ǝƕƌ ƍ ƍƔƔ. ƍ ƎƔƒ ƍ ƌƌƏ ƍ Ɛƍƍ ƍ ƒƓƑ ƍ ƌƏƒ ƍ ƐƓƎ ƍ ƐƐƌ. ƍ ƍƔƌ ƍ ƍƓƎ ƍ ƌƐƓ Ǝ ƍƏƒ. ƍ ƎƐƓ ƍ ƎƒƏ. ƍ Ǝƒƍ ƍ ƍƎƐ ƍ ƎƔƔ ƍ ƕƏƑ Ə ƒƐƌ ƍ ƐƕƎ. ƍ ƍƏƓ ƓƐƔ ƓƏƑ ƍ ƏƕƓ ƍ ƐƓƓ ƍ ƒƓƍ Ǝ ƍƐƑ ƍ ƐƑƏ ƍ ƐƐƕ ƍ ƒƐƎ ƍ ƍƕƐ ƍ ƌƎƔ ƍ ƍƔƌ ƍ ƑƔƐ ƍ ƍƔƎ ƍ ƏƓƎ ƍ ƏƑƒ. ƍ ƐƕƔ ƍ ƍƐƌ ƍ ƏƓƒ ƕƑƍ ƍ ƌƒƎ ƍ ƍƏƕ. ƍ ƏƏƌ ƍ Ɛƌƕ ƍ ƏƓƐ ƕƕƑ ƍ ƌƌƔ ƍ ƍƔƔ. ƍ ƑƍƔ ƍ ƑƏƑ ƍ ƒƍƐ ƍ ƎƒƑ ƍ Ɛƍƍ ƍ ƐƐƌ. ƍ ƒƏƑ ƍ ƑƌƔ Ǝ ƍƍƔ ƍ ƏƑƒ ƍ ƌƐƓ ƍ ƒƍƑ. ƍ ƐƔƏ ƍ Ɣƕƍ ƍ ƔƎƎ ƍ ƏƑƏ ƍ ƎƔƔ ƍ ƐƕƎ. ƍ ƐƏƎ ƍ ƐƐƍ ƍ ƑƑƏ ƍ ƍƎƓ ƍ ƍƔƌ ƍ ƏƑƒ. ƒƐƐ ƍ ƍƒƓ ƍ ƐƑƍ ƍ ƐƎƕ Ǝ ƐƏƎ ƍ ƐƎƔ ƍ ƐƍƓ. ƎƏ. ƍ ƒƐƔ ƍ ƐƍƏ Ǝ ƎƎƓ Ə ƍƔƐ ƍ ƑƑƑ ƍ ƓƒƎ. ƍ ƑƏƑ ƍ ƒƍƑ. ƍ ƑƒƏ ƍ ƎƌƏ ƍ ƎƍƎ ƍ ƐƎƐ ƍ Əƒƍ ƍ ƐƏƑ ƍ ƑƍƓ ƍ ƎƌƎ ƍ ƐƎƐ.

(27) 5ĮįĹĲ Ƒ 'SFRVFODJFT GPS UIF QBSUJFT JO DIBSHF 0CTFSWBUJPOT. 1FSDFOUBHFT. 3JHIU. -Fĕ. 5PUBM. 3JHIU. -Fĕ. 5PUBM. 3FHJPO "CSV[[P #BTJMJDBUB $BMBCSJB $BNQBOJB &NJMJB3PNBHOB -B[JP -JHVSJB -PNCBSEJB .BSDIF .PMJTF 1JFNPOUF 1VHMJB 4BSEFHOB 5PTDBOB 6NCSJB 7FOFUP 5PUBM. ƍƏ ƒ ƎƏ ƒƓ ƍƎ ƏƔ Ƒ Ɣƒ ƍƏ ƌ ƏƎ Ɠƍ ƕ ƍƑ Ɣ ƏƔ ƐƏƒ. Ǝƒ ƍƏ ƎƐ Ɠƍ ƍƏƒ Ɛƕ ƍƑ Ɣƌ ƎƔ Ǝ ƑƓ ƓƏ ƍƕ ƍƑƔ ƎƑ ƏƑ Ɣƍƍ. Əƕ ƍƕ ƐƓ ƍƏƔ ƍƐƔ ƔƓ Ǝƌ ƍƒƒ Ɛƍ Ǝ Ɣƕ ƍƐƐ ƎƔ ƍƓƏ ƏƏ ƓƏ ƍ ƎƐƓ. ƏƏƏ Əƍƒ ƐƔƕ ƐƔƒ Ɣƍ ƐƏƓ ƎƑƌ ƑƍƔ ƏƍƓ ƌƌ Əƒƌ ƐƕƏ ƏƎƍ ƔƓ ƎƐƎ ƑƎƍ ƏƑƌ. ƒƒƓ ƒƔƐ Ƒƍƍ ƑƍƐ ƕƍƕ ƑƒƏ ƓƑƌ ƐƔƎ ƒƔƏ ƍƌƌƌ ƒƐƌ ƑƌƓ ƒƓƕ ƕƍƏ ƓƑƔ ƐƓƕ ƒƑƌ. ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ. (FPHSBQIJDBM QBSUJUJPO /PSUI 8FTU /PSUI &BTU $FOUFS 4PVUI *TMBOET 5PUBM. ƍƎƏ Ƒƌ ƓƐ ƍƔƌ ƕ ƐƏƒ. ƍƑƎ ƍƓƍ Ǝƒƌ Ǝƌƕ ƍƕ Ɣƍƍ. ƎƓƑ ƎƎƍ ƏƏƐ ƏƔƕ ƎƔ ƍ ƎƐƓ. ƐƐƓ ƎƎƒ ƎƎƎ ƐƒƏ ƏƎƍ ƏƑƌ. ƑƑƏ ƓƓƐ ƓƓƔ ƑƏƓ ƒƓƕ ƒƑƌ. ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ ƍƌƌƌ. ƎƐ.

(28) ƎƑ. 'ĶĴŃŀĲ ƍ "WFSBHF SFBM FTUBUF QSJDFT CZ QSPWJODFT ƎƌƌƏƎƌƍƍ.

(29) 0. .5. Density. 1. 1.5. 'ĶĴŃŀĲ Ǝ -FĕUPSJHIU EJĈFSFODF JO UIF TIBSF PG WPUFT )JTUPHSBN BOE LFSOFM EFOTJUZ. −1.000. −0.500 0.000 0.500 Left/Right difference in percentage. Ǝƒ. 1.000.

(30) 5ĮįĹĲ ƒ ăF BWFSBHF BOOVBM HSPXUI SBUF PG SFBM FTUBUFT QSJDFT GPMMPXJOH B OFX NVOJDJQBM FMFDUJPO %FTDSJQUJWF TUBUJTUJDT 3FTJEFOUJBM. .FBO. .E. $FOUSBM MPDBUJPO "ĕFS UISFF ZFBST "ĕFS GPVS ZFBST "ĕFS đWF ZFBST. ƍƓƕƕ ƍƓƕƌ ƍƕƕƕ. ƌƑƒƔ ƌƑƒƓ ƌƓƔƕ. ƐƓƏƓ ƎƎƒƏƌ ƎƎƏƒƏ ƐƑƎ ƐƐƓƏ ƍƒƍƎƌ ƍƔƌƏƓ ƏƓƍ ƐƌƐƔ ƐƑƒƓ ƍƑƐƏƎ ƎƐƔ. 1FSJQIFSBM MPDBUJPO "ĕFS UISFF ZFBST "ĕFS GPVS ZFBST "ĕFS đWF ZFBST. ƍƎƕƔ ƍƏƍƕ ƍƑƒƕ. ƌƒƎƓ ƌƑƍƌ ƌƒƎƔ. Ɛƍƍƕ ƎƎƔƐƒ ƎƌƒƐƕ Ɛƍƌ ƏƔƎƑ ƍƑƕƑƑ ƍƑƕƍƕ ƏƏƎ ƏƏƔƍ ƐƔƔƕ ƍƐƏƔƔ ƎƍƏ. "OZ MPDBUJPO "ĕFS UISFF ZFBST "ĕFS GPVS ZFBST "ĕFS đWF ZFBST. ƍƔƎƑ ƍƔƑƐ ƎƌƑƑ. ƌƕƌƎ ƌƔƕƌ ƍƎƌƐ. ƐƑƒƕ ƎƎƓƏƏ ƍƔƎƏƓ ƐƑƎ ƐƏƒƍ ƍƒƌƐƎ ƍƒƍƔƒ ƏƓƍ ƏƕƏƓ ƐƐƒƍ ƍƑƐƏƎ ƎƐƔ. $FOUSBM MPDBUJPO "ĕFS UISFF ZFBST "ĕFS GPVS ZFBST "ĕFS đWF ZFBST. ƌƔƕƏ ƌƔƐƕ ƍƌƐƌ. ƌƍƑƑ ƌƌƐƕ ƌƎƑƍ. ƏƔƔƒ ƎƍƕƓƑ ƍƑƍƔƏ ƐƑƍ ƏƒƓƔ ƍƒƎƍƕ ƍƐƎƌƍ ƏƓƌ ƏƎƕƐ ƐƓƔƕ ƍƍƕƔƓ ƎƐƓ. 1FSJQIFSBM MPDBUJPO "ĕFS UISFF ZFBST "ĕFS GPVS ZFBST "ĕFS đWF ZFBST. ƌƔƔƕ ƌƓƑƍ ƌƕƎƕ. ƌƍƔƒ ƌƍƓƔ ƌƌƕƐ. ƐƍƎƒ ƎƏƎƎƏ ƎƕƌƏƌ Əƒƕ ƏƒƓƕ ƍƒƌƕƏ ƎƐƕƍƓ Ǝƕƕ ƏƍƐƏ ƐƑƕƍ ƍƕƔƑƕ ƍƔƕ. "OZ MPDBUJPO "ĕFS UISFF ZFBST "ĕFS GPVS ZFBST "ĕFS đWF ZFBST. ƍƌƐƐ ƍƌƍƏ ƍƍƒƕ. ƌƎƒƎ ƌƌƔƔ ƌƏƒƌ. ƏƔƒƒ ƎƎƐƏƏ ƍƔƓƔƎ ƐƑƎ ƏƒƔƒ ƍƒƍƒƏ ƍƒƏƒƌ ƏƓƍ ƏƏƎƕ ƐƓƌƔ ƍƎƕƔƑ ƎƐƔ. σ. NJO. NBY. n. /POSFTJEFOUJBM. ƎƓ.

(31) ƎƔ. -BOE FOWJSPONFOU BOE JOGSBTUSVDUVSF 6SCBO QMBOOJOH &OWJSPONFOUBM QSPUFDUJPO "RVFEVDUT DPOTUSVDUJPO BOE NBJOUBJOBODF 5SBOTQPSU BOE SPBE USBċD $JWJM QSPUFDUJPO $BEBTUSF $POTUSVDUJPO MJDFOTJOH 8BTUF DPMMFDUJPO BOE EJTQPTBM 1VCMJD SPBET DPOTUSVDUJPO BOE NBJOUBJOBODF 1VCMJD XPSLT 5SBċD SFHVMBUJPO BOE QMBOOJOH 8BUFS NBOBHFNFOU BOE TFXFST. &DPOPNJD EFWFMPQNFOU BOE QSPEVDUJWF BDUJWJUJFT. 3FUBJM DPNNFSDF SFHVMBUJPO MJDFOTFT *OEVTUSZ QMBOUT MJDFOTJOH +PC TFFLFS SFHJTUFS 5PVSJTN "HSJDVMUVSF 0SHBOJ[BUJPO PG QSPGFTTJPOBM USBJOJOH DPVSTFT. 5ĮįĹĲ Ɠ ăF NBJO BSFBT PG NVOJDJQBM KVSJTEJDUJPO. )FBMUI QSPUFDUJPO 4PDJBM TFSWJDFT &EVDBUJPO BOE TDIPPM TFSWJDFT -PDBM QPMJDF "TTFUT BOE DVMUVSBM BDUJWJUJFT 4QPSU QMBOUT MJDFOTJOH $POTFSWBUJPO PG DVMUVSBM IFSJUBHF. 4FSWJDFT UP JOEJWJEVBMT BOE DPNNVOJUJFT.

(32) #Ǝ &TUJNBUJPO SFTVMUT 'ĶĴŃŀĲ Ə .VOJDJQBMJUJFT JODMVEFE JO UIF FTUJNBUJPO. Ǝƕ.