• Non ci sono risultati.

View of PRVA DRŽAVNA APOTEKA U SRBIJI

N/A
N/A
Protected

Academic year: 2021

Condividi "View of PRVA DRŽAVNA APOTEKA U SRBIJI"

Copied!
22
0
0

Testo completo

(1)



,]YRUQLUDG $FWDPHGKLVW$GULDW  

2ULJLQDO$UWLFOH 8'.   

  

359$'5æ$91$$327(.$865%,-, 7+(),56767$7(2:1('3+$50$&<,16(5%,$

'XåDQND.UDMQRYLþ 'UDJDQD-RFLþ /HRQWLQD.HUQLĀDQ 

'UDJDQ6WXSDU 0DULMD*DåLþ %UH]DQD3HULþ

6800$5<

7KHILUVWVWDWHRZQHGSKDUPDF\LQ6HUELDGDWHVEDFNWR$WILUVWLWVWLWOHZDV'YRUVND

LYRHQDDSRWHND &RXUWDQG0LOLWDU\3KDUPDF\ ZKLFKODWHUFKDQJHGWR3UDYLWHOVWYHQD

DSRWHND *RYHUQPHQW3KDUPDF\ 

7KHSKDUPDF\PRYHGIURP.UDJXMHYDFWR%HOJUDGHRQWZRRFFDVLRQVDORQJZLWKWKHJRY

HUQPHQWVHDWWRILQDOO\VHWWOHLQ%HOJUDGHRQ'HFHPEHU3UDYLWHOVWYHQD$SRWHND

IRVWHUHGWKHGHYHORSHPHQWRIWKHSKDUPDFHXWLFDOVFLHQFHLQWKHFRXQWU\DQGDFWHGDVDSXEOLF

KHDOWKFDUHLQVWLWXWLRQ,WKDGDVWDWHRIWKHDUWODERUDWRU\HTXLSSHGIRUFKHPLFDODQDO\VLVRI

PLQHUDOZDWHUDQGIRUWR[LFRORJLFDODQGELRFKHPLFDODQDO\VLVRIZDWHUFRQWDLQHUV,WLVWKH

FUDGOHRIWKHDSSOLHGFKHPLVWU\LQ6HUELDDQGLWRSHUDWHGDVDFRQWUROOLQJFHQWUHIRURWKHU

SKDUPDFLHV

,Q  3UDYLWHOVWYHQD $SRWHND RSHQHG D EUDQFK )LOLMDOD 3UDYLWHOVWYHQH $SRWHNH

ZKLFKZDVUXQE\WKH&HQWUDO3KDUPDF\LQ%HOJUDGHDQGWKHDSSRLQWHGDGPLQLVWUDWRUéRUāH

%RJGDQRYLþ03KDUP2Q-XQHERWKSKDUPDFLHVZHUHSULYDWLVHGE\WKHGHFUHHRI

WKH3ULQFHRI6HUELD'XNH0LORå2EUHQRYLþ

.H\ZRUGVKLVWRU\RISKDUPDF\GUXJVVWDWHSKDUPDF\6HUELD.UDJXMHYDF

&LOMRYRJUDGDMHGDVHSULNXSHLSULNDçXVYLUHOHYDQWQLSRGDFLRRVQLYD

QMXLUDGX3UDYLWHOVWYHQHDSRWHNHX.UDJXMHYFXL%HRJUDGXWHQMHQHILOLMDOH

X.UDJXMHYFX1DRYDMQDĀLQXSRWSXQMXMHVHLVWRULMVNDVOLNDUD]YRMD]GUDY

 8QLYHU]LWHWX%HRJUDGX²)DUPDFHXWVNLIDNXOWHW%HRJUDG

 $SRWHNDÅ.XPRGUDç,,´%HRJUDG

9HOHIDUP$'.UDJXMHYDF

 $GUHVD]DGRSLVLYDQMH3URIGU'XåDQND.UDMQRYLþ)DUPDFHXWVNLIDNXOWHW9RMYRGH6WHSH9RMYRGH

6WHSH56²%HRJUDGGXVLFDNUDMQRYLF#SKDUPDF\EJDFUV

(2)



VWYHQHNXOWXUH;,;YHNDX6UEDLGRSULQRVLVHEROMHPSR]QDYDQMXUD]YRMD

DSRWHNDUVNHVWUXNH

892'

=GUDYVWYHQH SULOLNH .UDJXMHYFD L QMHJRYRJ RNUXJD X GUXJRM SRORYLQL

;9,,,LSRĀHWNRP;,;YHNDELOHVXVOLĀQHRQLPDXFHORM6UELML'RSRMDYH

SUYLKåNRORYDQLKOHNDUDOHĀHQMHPVXVHEDYLOLUD]QLVDPRXNLQDGULOHNDUL

KHþLPLYLGDULWUJRYFLL]DQDWOLMHPHāXNRMLPDVXVHQDURĀLWRLVWLFDOLEHU

EHULNRMLVXXVYRMLPEHUEHUQLFDPDLPDOLLSRQHNLKLUXUåNLLQVWUXPHQWD

EDYLOLVXVHLSXåWDQMHPNUYL>@

1LNDNYRJ]DNRQRGDYVWYDRGUçDQMXLSURGDMLOHNRYDX6UELMLQLMHELORWH

MH VYDNR LPDR SUDYR GD LK GUçL VSUDYOMD L SURGDMH QDURGX /HNRYL VX VH

PRJOLNXSLWLXUD]QLPGXþDQLPDNRMHVXGUçDOLQDMRELĀQLMLWUJRYFL7XUFL

&LQFDULLOL-HYUHMLDQDEDYOMDQLVXLKGLUHNWQRL]%HĀD3HåWHLOL=HPXQD

3RVWRMDOLVXLWDNYLGXþDQLNRMLVXVHPRJOLQD]YDWLIRUPDOQLPDSRWHNDPD

MHUVXGUçDOLVDPROHNDULMH>@

3HULRG X NRMHP GROD]L GR ]QDĀDMQRJ QDSUHWND ]GUDYVWYHQH NXOWXUH

SRNODSD VH VD YUHPHQRP X NRMHP MH .UDJXMHYDF ELR SUHVWRQLFD 6UELMH

 æLWHOML.UDJXMHYFDELOLVXXJODYQRP6UELX]PDOLEURM-HYUHMD

&LQFDUDL5RPDLQHNROLNRWXUVNLKSRURGLFDNRMHMHNQH]0LORå2EUHQRYLþ

]DGUçDR L SUHNR NRMLK MH RGUçDYDR GREUH RGQRVH VD 7XUFLPD =QDĀL X WR

YUHPH.UDJXMHYDFMHELRMHGLQDYDURåX6UELMLVDQDFLRQDOQRXMHGQDĀHQLP

VWDQRYQLåWYRP XJODYQRP VUSVNLP L WR PX MH GDOR YHOLNX SUHGQRVW QDG

RVWDOLPPHVWLPDSULL]ERUXSUHVWRQLFH>@

8SHULRGXRGSDQDGDOMHX.UDJXMHYDFSRĀLQMXGDGROD]HGLSOR

PLUDQLOHNDULL]VXVHGQLK]HPDOMDNRMLVXVDVRERPGRQRVLOLUXĀQHDSRWHNH

VDOHNRYLPDNRMHVXL]GDYDOLLQDSODþLYDOLEROHVQLFLPD>@'RODVNRPVWUD

QLKOHNDUDXQDåX]HPOMXVYHMHYLåHUDVODSRWUHED]DRWYDUDQMHPDSRWHND

VDåNRORYDQLPIDUPDFHXWLPDXNRMLPDELXYHNPRJDRGDVHGRELMHLVSUDY

QR L]UDāHQ OHN 5HDOQL XVORYL VWYRUHQL VX WHN  NDGD MH VXOWDQRYLP

+DWLåHULIRP6UELMDGRELODRGUHāHQHSRYODVWLFHNRMHVXMRMRPRJXþLOHVWLFD

QMHQHSRWSXQHDXWRQRPLMHLSUDYDGDRWYDUDVYRMHDGPLQLVWUDWLYQHVXGVNH

SROLFLMVNHL]GUDYVWYHQHXVWDQRYH7ULGHVHWHJRGLQH;,;YHNDREHOHçLORMH

RVQLYDQMH PQRJLK SURVYHWQRNXOWXUQLK XVWDQRYD X 6UELML SUL ĀHPX MH

.UDJXMHYDFNDRSUHVWRQLFDQRYH.QHçHYLQHXRYRMREODVWLLPDR]QDĀDMQX

XORJX 3RUHG SUHVHOMHQMD SUYH ´9LåH åNROHµ L åWDPSDULMH L] %HRJUDGD X

.UDJXMHYDFXRYRPJUDGXRVQRYDQMH/LFHM QDMYLåDåNRODXRQGDå

QMHPQHUD]YLMHQRPåNROVNRPVLVWHPX 7ULJRGLQHSUHWRJDRVQRYDQRMHL

(3)



SUYRSR]RULåWHX6UELMLXWDGDåQMRMSUHVWRQLFLWDNRGDMHLRVQLYDQMHSUYH

GUçDYQHDSRWHNHX.UDJXMHYFXXSUDYRELORRĀHNLYDQR1MXMHSRQDORJX

'UçDYQRJ6RYMHWDLX]NQHçHYXVDJODVQRVWRWYRULRX.UDJXMHYFXPU

SK 3DYOH ,OLþ 2YR MH XMHGQR ELOD GUXJD DSRWHND NQH]0LORåHYH 6UELMH

SRåWR MH SUYX DSRWHNX RWYRULR åNRORYDQL IDUPDFHXW PU SK 0DWHMD

,YDQRYLþX%HRJUDGX3RUHNORPL]=HPXQD,YDQRYLþMHSR]DYUåHW

NX VWXGLMD X 3HåWL GRELR GR]YROX RG NQH]D 0LORåD 2EUHQRYLþD GD X

%HRJUDGX RWYRUL MHGQX VDYUHPHQX DSRWHNX X HYURSVNRP VPLVOX L WLP

RVQLYDQMHP SRVWDYLR MH WHPHOMH DSRWHNDUVWYX X %HRJUDGX L 6UELML 2YD

DSRWHNDMHXMHGQRSUHGVWDYOMDODLSUYX]GUDYVWYHQXXVWDQRYXX6UELML>@

6OLND0ROED3DYOD,OLþDWDGDåQMHJVWXGHQWD)DUPDFHXWVNRJIDNXOWHWDX3HåWL

XSXþHQDNQH]X0LORåX2EUHQRYLþXXNRMRMJDPROLGDJDILQDQVLMVNLSRPRJQH

GD]DYUåLVWXGLMHRGQRVQRGDPXRGREULQHNXYUVWXVWLSHQGLMHNDNRELPRJDRGD

SRORçL]DYUåQLLVSLWX]XVORYGDVHSRGRELMDQMXGLSORPHYUDWLX]HPOMXLVWDYL

VYRMH]QDQMHQDUDVSRODJDQMHVUSVNRPQDURGX VNHQLUDQRX$UKLYX6UELMHX]

RGREUHQMH 

)LJXUH$SSOLFDWLRQE\3DYOH,OLþWR'XNH0LORå2EUHQRYLþWRJUDQWKLPDIHOORZVKLS

WRFRPSOHWHKLVVWXG\RISKDUPDF\DWWKH%XGDSHVW8QLYHUVLW\SURPLVLQJWKDWKHZRXOG

SXWKLVNQRZOHGJHDWWKHGLVSRVDORIWKH6HUELDQSHRSOHDVVRRQDVKHWRRNWKHGHJUHH

VFDQQHGZLWKSHUPLVVLRQRIWKH6WDWH$UFKLYHVRI6HUELD

(4)



261,9$1-(35$9,7(/679(1($327(.(8.5$*8-(9&8

'UXJDDSRWHNDX6UELMLELODMH'YRUVNDLYRHQDDSRWHNDNRMDMHQHåWR

NDVQLMH QD]YDQD 3UDYLWHOVWYHQD DSRWHND åWR ]QDĀL GUçDYQD >@ 3DYOH ,OLþ

URGRPL]9HOLNRJ%HĀNHUHND GDQDåQML=UHQMDQLQ ELRMHSUYLGUçDYQLVWL

SHQGLVWDIDUPDFHXW VOLND NRMHPMHNQH]0LORåGDRVWLSHQGLMXGDGRYU

åLVWXGLMHX3HåWLRGQRVQRGDSRORçLVWURJHLVSLWH5LJRUR]HD]DWLPL

WDOLUDGDSRGLJQHGLSORPXX]REDYH]XGDVHYUDWLX6UELMXNDG]DYUåLVWX

GLMH>@3DYOH,OLþVHNDRPDJLVWDUIDUPDFLMHYUDWLRX]HPOMXL

VWDYLRVHXVOXçEXNQH]XWHMHGRELR]DGDWDNGDL]YUåLVYHSULSUHPQHUDGQMH

]D RWYDUDQMH DSRWHNH X .UDJXMHYFX 3DYORY EUDW EOL]DQDF ELR MH OHNDU D

LPDOLVXLVHVWUX0DULMX8SUYRMJRGLQLERUDYNDX.UDJXMHYFXUDGLRMHSUL

YRMQRMEROQLFLJGHMHIRUPLUDRPDOXSULUXĀQXYRMQXDSRWHNX3RORYLQRP

SUYL´NQMDçHVNLDSRWHNDUµ3DYOH,OLþQDSUDYLRMHVYHSUHGUDĀXQHL]D

QDEDYNXRSUHPHSRWUHEQH]DRVQLYDQMHDSRWHNHNDRLOHNRYDLDSRWHNDU

VNRJSRVXāD&HORNXSDQQDPHåWDML]UDāHQMHX.UDJXMHYFXDVYHRVWDOR

QDEDYOMHQRMHL]%HĀDL3HåWH,VWHJRGLQHRWSRĀHORVHLVDL]JUDGQMRPSRVHE

QH]JUDGH]DDSRWHNXåWRMH]DKWHYDORRGUHāHQRYUHPH.DNRELDSRWHND

åWRSUHRWSRĀHODVDUDGRPRQDMHSUYRELWQRELODVPHåWHQDXNXþL3HUH,OLþD

OHNDUD.DGDMH]JUDGD]DYUåHQDQHNROLNRJRGLQDSRRWYDUDQMXDSRWHNDMH

SUHVHOMHQD SUHNR SXWD QRYH FUNYH GR NDIDQH 7DOSDUH X äLPLþHYX NXþX

NRMD MH SRVWRMDOD GR  1D RYRP PHVWX X GDQDåQMRM XOLFL /HSHQLĀNL

EXOHYDUEUåH]GHVHWLKJRGLQD;;YHNDSRGLJQXWDMHVWDPEHQD]JUDGDQD

NRMRM VH QDOD]L VSRPHQ SORĀD SRVWDYOMHQD X JRGLQL NDGD MH REHOHçHQD

JRGLåQMLFDRGRVQLYDQMD3UDYLWHOVWYHQHDSRWHNHX.UDJXMHYFX>@

7DĀDQSRĀHWDNUDGDDSRWHNHQLMHPRJXþHXWYUGLWL3UHPDMHGQRPVDĀX

YDQRPSLVPXL]MDQXDUDJRG3DYOH,OLþVSRPLQMHGDMHWULPHVHFD

NDR SUDNWLNDQW X DSRWHFL ELR L]YHVQL 6WHIDQ .DUDPDWLþ ĀLMLP UDGRP MH

]DGRYROMDQ WH SUHGODçH NQMD]X GD JD LPHQXMH ]YDQLĀQR ]D SUDNWLNDQWD

´.QMDçHVNRSULGYRUQHDSRWHNHµ>@2YRSLVPRXND]XMHGDMHDSRWHNDX

RNWREUXJRGXYHOLNRUDGLODDSUYLUDĀXQ]DL]GDWHOHNRYHLVSRVWDYLOD

MH6RYMHWXXGHFHPEUXLVWHJRGLQH,QWHUHVDQWQRMHGDVHRYDMQD]LYDSRWH

NHVSRPLQMHVDPRXWRPSLVPXGRNVHXRVWDOLPGRNXPHQWLPDQDLOD]LQD

QD]LY 'YRUVND L YRHQD D NDVQLMH 3UDYLWHOVWYHQD DSRWHND NRML VH XVWDOLR 8

SUYRPGHOXL]REODVWLLVWRULMHIDUPDFLMH.RVWH1LNROLþDWDNRāHVHVSRPLQMH

QD]LY'YRUVNDLYRMQDDSRWHNDNDRL3UDYLWHOVWYHQDDSRWHND8SUYHWULJRGLQH

UDGDDSRWHNDMHQDLOD]LODQDPQRJHSRWHåNRþHERULODVH]DVYRMRSVWDQDNL

SUHVWLçMHUMHX.UDJXMHYFXELORPQRJRRELĀQLKGXþDQDVDOHNRYLPDDL

WDNYLKNRMLVXIRUPRPLVDGUçLQRPRVWDYOMDOLXWLVDNSUDYLKDSRWHND=DRYR

YUHPHSRVORYDQMDX.UDJXMHYFX3UDYLWHOVWYHQDDSRWHNDQLMHPRJODGDSRNUL

(5)



6OLND3UYDVWUDQDSURMHNWD

²3UDYLORRUXNRYDQMX

3UDYLWHOVWYHQHDSRWHNHX

%HRJUDGX

)LJXUH3UDYLWHOVWYHQD

$SRWHND·VUXOHVRI

PDQDJHPHQWWLWOHSDJH

VFDQQHGZLWKSHUPLVVLRQRI

WKH6WDWH$UFKLYHVRI6HUELD 

6OLND8ND]NQH]D

$OHNVDQGUD.DUDāRUāHYLþDRG

IHEUXDUDJRGLQHR

VWXSDQMXQDVQDJXSUYLK

SUDYLODRUXNRYDQMXGUçDYQRP

DSRWHNRP VNHQLUDQRX$UKLYX

6UELMHX]RGREUHQMH  )LJXUH'HFUHHE\$OHNVDQGDU

.DUDāRUāHYLþRI)HEUXDU\

SXWWLQJLQHIIHFWWKHILUVW

UXOHVRIVWDWHRZQHGSKDUPDF\

PDQDJHPHQW

(6)



MHVYRMHUDVKRGHLGDGUçDYLGRQHVHSULKRGYHþMHPRUDODGDEXGHGRWLUDQD

RGUHāHQRPVXPRP>@

.QHçHYRPDEGLNDFLMRPJRGLSUHPHåWDMHPYODGHL].UDJXMHYFDX

%HRJUDGSRNUHQXWRMHLSLWDQMHSUHPHåWDMDDSRWHNHMHUVHVPDWUDORGDEL

RG YHOLNH L VYHVWUDQH NRULVWL ELOR ]D GUçDYX L QDURG GD X VHGLåWX YODGH L

YRMVNHEXGHLDSRWHND3UDYLWHOVWYHQDDSRWHNDVHGYDSXWDVHOLODL].UDJXMHYFD

]D%HRJUDGSUYLSXWJGHMHRVWDODVDPRQHNROLNRPHVHFLMHUMHSR

RGOXFLNQH]D0LKDLOD2EUHQRYLþDSUHVWRQLFDJRGSRQRYRYUDþHQDX

.UDJXMHYDFSDMHQDUHāHQRGDVHSUHVHOLLDSRWHND'UXJLSXWMHDSRWHNDL]

.UDJXMHYFDGHILQLWLYQRSUHVHOMHQDX%HRJUDGJGHMHRVWDODQDUHGQLK

RVDPQDHVW JRGLQD NDR GUçDYQD XVWDQRYD >@ 3RJRāHQL JXELWNRP WDNR

YDçQHGUçDYQH]GUDYVWYHQHXVWDQRYHJUDāDQL.UDJXMHYFDVXNUDMHP

L SRĀHWNRP  PROLOL SUHNR 2SåWLQH L 2NUXçQRJ QDĀHOVWYD GD VH X

.UDJXMHYFXRVQXMHPDQMDILOLMDOQDDSRWHND2YDPROEDMHX]HWDXSRVWXSDN

RG VWUDQH GUçDYQH YODVWL D UXNRYRāHQMH RNR WRJ RVQLYDQMD SRYHUHQR MH

3UDYLWHOVWYHQRMDSRWHFLX%HRJUDGX=DRYRRVQLYDQMHVXREDYOMHQHPQRJH

SULSUHPHLQDSUDYOMHQLSUHGUDĀXQL]DQDEDYNXVYHJDåWRMHSRWUHEQR.QH]

0LKDLOR2EUHQRYLþSRWSLVDRMHXND]RRVQLYDQMXDSRWHNHPDMD

JRGD]DQMHQRJSURYL]RUDSRVWDYOMHQMHMXQDGRWDGDåQMLDSRWHNDUVNL

SRPRþQLNL]3UDYLWHOVWYHQHDSRWHNHX%HRJUDGXPUSKéRUāH%RJGDQRYLþ

2Q MH SUHPD WDGDåQMHP ]DNRQX PRUDR NDR GUçDYQL ĀLQRYQLN GD SRORçL

]DNOHWYX QD GXçQRVW L SRORçDM åWR MH L XĀLQLR  MXQD  >@

0HāXWLP FHR SRVWXSDN R RVQLYDQMX DSRWHNH REXVWDYOMHQ MH SRĀHWNRP

VHSWHPEUDNDGDMHQDNRQ´9XĀLþHYHEXQHµGRåORGRSURPHQHYODVWLWHMH

XPHVWR NQH]D 0LKDLOD 2EUHQRYLþD NQH] 6UELMH SRVWDR $OHNVDQGDU

.DUDāRUāHYLþ7DGDMH.UDJXMHYDFRVWDREH]JLPQD]LMHLEH]ILOLMDOQHDSRWH

NHXRVQLYDQMX>@

35$9,7(/679(1$$327(.$²5$',326/29$1-(8%(2*5$'8 3UDYLWHOVWYHQDDSRWHNDMHLPDODGREURRSUHPOMHQXODERUDWRULMXLSRWUHEDQ

SULERU]DREDYOMDQMHKHPLMVNLKDQDOL]DPLQHUDOQLKYRGDNRMHVXVHUDQLMH

VODOH X %HĀ QD DQDOL]X 3DYOH ,OLþ MH NDR GUçDYQL DSRWHNDU PHāX SUYLPD

SRĀHRGDLVSLWXMHPLQHUDOQHYRGH6UELMHRĀHPXSRVWRMHVDĀXYDQLDUKLYVNL

GRNXPHQWL1MHJRYL]YHåWDMRVDVWDYXLOHNRYLWRVWL%XNRYLĀNHYRGHVDGYD

L]YRUDL]VSDGDXQDMVWDULMXGRVDGDSURQDāHQXKHPLMVNXDQDOL]XQD

VUSVNRPMH]LNXL]RYHREODVWL>@=YDQLĀQRPRGOXNRPNQH]DIRU

PLUDQDMHNRPLVLMDVD3DYORP,OLþHPQDĀHOXVD]DGDWNRPGDVYHPLQHUDOQH

YRGHX6UELMLSUHJOHGDLXWYUGLQMLKRYXYUHGQRVWRGQRVQROHNRYLWRVW

(7)



8 3UDYLWHOVWYHQRM DSRWHFL VX VH YUåLOH L WRNVLNRORåNH DQDOL]H ]D SRWUHEH

VXGDRGQRVQRELODMHSUYDKHPLMVNDODERUDWRULMDL]NRMHMHSRQLNODSULPH

QMHQDKHPLMDX6UELML3RUHGWRJDELODMHLNRQWUROQLRUJDQ]DGUXJHDSRWH

NH MHU MH QMHQ XSUDYQLN SRUHG VYRMLK UHGRYQLK GXçQRVWL X DSRWHFL YUåLR

SUHJOHGH VYLK QRYRRVQRYDQLK DSRWHND X 6UELML L UHWDNVDFLMX UHFHSDWD L]

SULYDWQLKDSRWHNDNRMHVXL]GDYDOHOHNRYHEHVSODWQR]DEROQLFHYRMVNXL

āDNHDSRVHEQRMHYUåLRSUHJOHGHLUHWDNVDFLMXUXĀQLKDSRWHNDOHNDUD,VWR

WDNRGUçDYQDDSRWHNDMHELODQDåDSUYDåNRODXNRMRMVXVHGRELMDODSRĀHWQD

L SUDNWLĀQD ]QDQMD L] IDUPDFLMH >@ 3R XNLGDQMX GUçDYQH DSRWHNH QMHQ

SURYL]RUPUSK3DYOH,OLþSRVWDYOMHQMH]DSUYRJGUçDYQRJKHPLĀDUDNQH

çHYLP8ND]RPRGQRYHPEUDDQDSUHGORJ0LQLVWUDXQXWUDåQMLK

GHOD2QMHQDWRMGXçQRVWLRVWDRVYHGRVYRMHVPUWLMDQXDUDJRG

DELRMHLVWRYUHPHQRLUHIHUHQW]DDSRWHNDUVWYRSUL6DQLWHWVNRPRGHOMHQMX

0LQLVWDUVWYDXQXWUDåQMLKGHOD>@

=D 3UDYLWHOVWYHQX DSRWHNX NDR QL ]D SULYDWQX DSRWHNX 0DWHMH

,YDQRYLþDX%HRJUDGXQLMHELODSURSLVDQDSRVHEQDWDNVDOHNRYDQLWLIDUPD

NRSHMDSDVXDSRWHNDULELOLXSXþHQLGDVHSULL]UDGLOHNRYDNDRLL]GDYDQMX

LWDNVLUDQMXVOXçH$XVWULMVNRPIDUPDNRSHMRPL]LJRGL

WDNVRP]DPHGLNDPHQWHL] 3KDUPDFRSRHLD$XVWULDFDHGLWLRWHUWLDHW

TXDUWDL7D[DPHGLFDPHQWRUXPLQ3KDUPDFRSRHDH$XVWULDFDHHGLWLRQHTXDUWD

FRQWHQWRUXP 2YHIDUPDNRSHMHELOHVXL]X]HWQRQDSUHGQHDSRVHEQRL]GD

QMHL] HGLWLRTXDUWDHPHQGDWLRU NRMHMH]DSUDYRSUHGVWDYOMDORWHPHOM

QRSUHUDāHQRL]GDQMHL]8RYRMIDUPDNRSHMLNDRRILFLQDOQLQDåOLVXVH

L QHNL QRYRRWNULYHQL OHNRYL NDR åWR VX KLQLQ PRUILMXP MRG L NDOLMXP

MRGLG2YRSRVHEQRLVWLĀHPRMHUVXVHRYLOHNRYLNRULVWLOLLNRGQDVWHVXVH

PRJOLQDEDYOMDWLXSUDYRX3UDYLWHOVWYHQRMDSRWHFLJGHLKMHDSRWHNDU,OLþ

SUHPDSURSLVLPDRYHIDUPDNRSHMHPRUDRL]UDāLYDWLäWRVHSDNWDNVHOHNR

YDWLĀHRYDWDNVDSUYLSXWGRQRVLRGUHGEXGDVLJQDWXUXQDOHNXLWDNVXQD

UHFHSWXPRUDSRWSLVDWLRQROLFHNRMHMHL]UDGLOROHN>@

.ROLNLMH]QDĀDMLPDOD3UDYLWHOVWYHQDDSRWHNDXSUHYHQFLMLEROHVWLLåLUHQMX

HSLGHPLMD]DUD]QLKEROHVWLLOXVWURYDþHPRVDPRMHGQLPSULPHURP8VHS

WHPEUXL]ELODMHX6UELMLHSLGHPLMDGL]HQWHULMHNRMDMHNRGQDURGD

YUOREU]RVX]ELMHQD]DKYDOMXMXþLSLOXODPDNRMHVXVHL]UDāLYDOHXGUçDYQRM

DSRWHFLLGLVWULEXLUDOHSUHNRRNUXçQLKQDĀHOVWDYD2YHSLOXOHELOHVXQDED]L

RSLMXPDVWULKQLQDKLQLQRYFDLLSHNDNXDQH>@

.DGDMHXUHāLYDRDSRWHNXPUSK3DYOH,OLþVHXSUDYOMDRSRDXVWULMVNLP

]DNRQVNLPSURSLVLPDNRMLVXVHRGQRVLOLQDDSRWHNXVYHGRNDGDVX

L]DåODSUYDSUDYLODLSURSLVL]DGUçDYQHLMDYQHDSRWHNH3UHPDRYLPSUDYL

OLPDDSRWHNDMHELODGXçQDGDL]GDMHEHVSODWQROHNRYHNRMLVXLåOLQDGUçDY

(8)



QLUDĀXQLGDGYDSXWDJRGLåQMHGUçDYLSRGQRVLUDĀXQHNDNRMHELORSUHG

YLāHQRWDGDåQMLP]DNRQLPD>@

3UYH ]DNRQVNH RGUHGEH NRMLPD MH ELR UHJXOLVDQ UDG MDYQLK DSRWHND

GUçDYQHLSULYDWQLK GRQHWHVXPQRJRJRGLQDSRVOHQMLKRYRJRVQL

YDQMDåWR]QDĀLGDVXRQHGRWRJYUHPHQDUDGLOHSRVWUDQLPSURSLVLPDEH]

GRPDþLK SUDYLOD D WR MH ]QDWQR RWHçDYDOR QMLKRY QRUPDODQ UDG 7R VH

QDURĀLWRRGUD]LORQDUDGGUçDYQH3UDYLWHOVWYHQHDSRWHNHX%HRJUDGXNRMDMH

XVOHGVHREHLREDYH]DSUHPDFLYLOQLPLYRMQLPXVWDQRYDPDVDNRMLPDMH

SRVORYDODSRGSRVHEQLPXVORYLPDLSRGSULWLVNRPMDNHNRQNXUHQFLMHSUL

YDWQHDSRWHNHPUSK0,YDQRYLþDLPDODSUREOHPDXSRJOHGXILQDQVLMVNRJ

SRVORYDQMD 7DNR MH NUDMHP QRYHPEUD  0LQLVWDUVWYR ILQDQVLMD

3RSHĀLWHOVWYR ILQDQVLMD  GRQHOR ¶·1DVWDYOHQLH R PDQLSXOLVDQMX QRYFHP

3UDYLWHOVWYHQHDSRWHNH··LGRVWDYLORJDXSLVPHQRMIRUPL3RQMHPXMHDSR

WHND PRUDOD GD YRGL WUL ¶·WHIWHUD·· ² NQMLJH L QHND XSXWVWYD R YUHGQRVWL

UD]QRJQRYFDNRMLMHWDGDFLUNXOLVDRX6UELML,VWRWDNRWDGDMHELORSURSLVD

QRNROLNHL]GDWNHPRçHGDQDSUDYLDSRWHNDEH]SRVHEQRJRGREUHQMD>@

=ERJĀHVWLKVXNREDGUçDYQHDSRWHNHVDYODVWLPD0LQLVWDUVWYRILQDQVLMD

MH  SUHGORçLOR 'UçDYQRP 6RYMHWX GD MH NDR QHUHQWDELOQX XNLQH L

SURGDLVNRULVWLYåLMHGDQVXNREDSRWHNDUDLSRPRþQLND3UDYLWHOVWYHQHDSRWH

NHNRMLMHGRVSHRXMDYQRVW'RWRJDQLMHGRåOR]DKYDOMXMXþLOLĀQRP]DODJD

QMX,OLMH0*DUDåDQLQD0LQLVWUDXQXWUDåQMLKGHODNRMLMHXVYRPHNVSR]HX

'UçDYQRP 6RYMHWX QD SXQLK  VWUDQD WHNVWD REUD]ORçLR ]QDĀDM GUçDYQH

DSRWHNH NDR ]GUDYVWYHQH XVWDQRYH NRMD VQDEGHYD OHNRYLPD FHOX 6UELMX

8SUDYRQMHJRYLP]DODJDQMHPSURSLVDQDVXLSUYD¶·3UDYLODRUXNRYDQMXL

PDQLSXOLVDQMX3UDYLWHOVWYHQHDSRWHNH·· VOLND NRMDVXVWXSLODQDVQDJX

NQHçHYLPXND]RPIHEUXDUD VOLND 2YLP]DNRQVNLPQRUPDWL

YRPELRMHUHJXOLVDQUDGXDSRWHFLLGXçQRVWLIDUPDFHXWDRGQRVQRSURYL

]RUDDSRWHNHLDSRWHNDUVNRJSRPRþQLNDNRMLVXĀLQLOLFHORNXSQRRVREOMH

>@ 2QL VX ELOL SRG XSUDYRP 0LQLVWDUVWYD XQXWUDåQMLK GHOD D VWDOQL

QDG]RU QDG DSRWHNRP YUåLR MH JUDGVNL IL]LNXV åWR MH ]DGUçDQR MRå L]

6DOHUQVNRJHGLNWDSR]QDWRJPHGLFLQVNRJSURSLVDNRMLPVXRGYRMHQLPHGL

FLQDXXçHPVPLVOXLIDUPDFLMDX;,,,YHNX>@2QMH]DMHGQRVDåHIRP

VDQLWHWD L MHGQLP GUçDYQLP ĀLQRYQLNRP YUåLR SUHJOHG DSRWHNH MHGQRP

JRGLåQMH ,VWR WDNR VSLVDN OHNRYD L]GDWLK QD GUçDYQL UDĀXQ PRUDR MH GD

RYHULJUDGVNLIL]LNXVDOHNRYLVXVHVPHOLL]GDYDWLVDPRSRSURSLVX UHFHS

WX NRQFHVLRQLKOHNDUDLL]UDāLYDWLLQDSODþLYDWLSUHPD$XVWULMVNRMIDUPD

NRSHMLLSRVOHGQMHPL]GDQMXWDNVHOHNRYDL]>@8]RYXRGUHG

EXVWDMDORMHGDVH´]DVDGDSULODçHRYRMWDNVLGRGDWDNRQLKVWYDULNRMHQLVX

REXKYDþHQHDXVWULMVNRPWDNVRPµDVOLĀQRMHELORLVDSUDYLOLPD]DSULYDWQX

(9)



DSRWHNX>@,VWRULĀDUL]GUDYVWYHQHNXOWXUHNRMLVXVHEDYLOLVUSVNRP

IDUPDFLMRP;,;YHND 0DUMDQRYLþ90LUNRYLþ$6WXSDU' QLVXRYRP

GRGDWNX SULGDYDOL ]QDĀDM WH QLMH QL SURQDāHQ VYH GR QHGDYQR NDGD VX

QDMQRYLMDLVWUDçLYDQMD .UDMQRYLþ' X$UKLYX6UELMHSRND]DODGDMHVDĀX

YDQSULPHUDNGRGDWNDWDNVHOHNRYD VOLNDDE 2YDMGRNXPHQWQDåHVW

VWUDQD UXNRP SLVDQRJ WHNVWD QRVL QDVORY ´5XĀQLN WDNVH OHNRYD NRML QLVX X

&HVDUVNR$XVWULMVNRM WDNVL QDYHGHQL D ]D NRMH þH VH SR RYRP UDĀXQX WDNVD

QDSODþLYDWLµ 'RQHW MH  IHEUXDUD  X] Å3UDYLOD R UXNRYDQMX

3UDYLWHOVWYHQHDSRWHNH´DSRWSLVDRJDMH,OLMD0*DUDåDQLQ>@

.DGDMHX.UDJXMHYFXRVQRYDQDILOLMDOQDDSRWHNDNDRGUXJDGUçDYQD

DSRWHNDX6UELMLQDRVQRYXYHþSRVWRMHþLKSUDYLOD]D*ODYQXDSRWHNX

6OLNH1DVORYQD D LSRVOHGQMD E VWUDQD'RGDWDN$XVWULMVNRMWDNVLOHNRYDNRML

MHGRQHWX]3UDYLODRUXNRYDQMX3UDYLWHOVWYHQHDSRWHNHL]JRG2YDMGRGDWDN

MHREXKYDWLROHNRYHNRMLVHQLVXQDåOLXL]GDQMXWDNVHL]JRGLJODVL

´5XĀQLNWDNVHOHNRYDNRMLQLVXX&HVDUVNR$XVWULMVNRMWDNVLQDYHGHQLD]DNRMHþHVH

SRRYRPUDĀXQXWDNVDQDSODþLYDWLµ

)LJXUH7KHILUVW D DQGWKHODVW E FRYHUSDJHRIWKH6XSSOHPHQWWRWKH$XVWULDQ

/LVWRI7D[HG'UXJVWKDWDFFRPSDQLHGWKHUXOHVRISKDUPDF\PDQDJHPHQW7KLV

VXSSOHPHQWLQFOXGHGDOOPHGLFLQDOSURGXFWVWKDWZHUHOHIWRXWLQWKHOLVW

D

E

(10)



RNWREUD  GRQHWD VX SUDYLOD ]D QMHQ UDG ¶·3UDYLOD ]D )LOLMDOQX

3UDYLWHOVWYHQX$SRWHNXX.UDJXMHYFX··ELODVXVDRSåWHQDSURYL]RUXDSRWH

NHPUSKéRUāX%RJGDQRYLþXPHVHFGDQDSUHSRĀHWNDUDGDDGDQDVVHX

RULJLQDOX ĀXYDMX X $UKLYX 6UELMH IRQG 0LQLVWDUVWYR XQXWUDåQMLK GHOD 

6DQLWHWVNR RGHOMHQMH RGDNOH VX L SRWHNOD VD SRWSLVRP GU (PHULFKD

/LQGHQPD\HUD QDĀHOQLND VDQLWHWD NRML LK MH YHURYDWQR L QDSLVDR 

=DNRQRGDYDF MH ILOLMDOQX DSRWHNX VWDYLR SRG QHSRVUHGQR XSUDYOMDQMH

*ODYQHDSRWHNHX%HRJUDGXDOLVWDOQLQDG]RUQDGUDGRPSHUVRQDODYUåLRMH

RNUXçQLIL]LNXVRĀHPXMHGRVWDYOMDRL]YHåWDMGLUHNWQR0LQLVWDUVWYXXQX

WUDåQMLKGHODSUHNRRNUXçQRJQDĀHOVWYD8VYHPXRVWDORPILOLMDOQDDSRWHND

6OLNH2ULJLQDOQLWHNVW$SRWHNDUVNH]DNOHWYH DE QD]YDQMHLSRORçDMNRMXMH

PUSKéRUāH%RJGDQRYLþSRORçLRSULOLNRPVWXSDQMDQDGXçQRVWSURYL]RUD

)LOLMDOQHDSRWHNHX.UDJXMHYFX8GHVQRPXJOX E VHYLGLVYRMHUXĀQLSRWSLV

DSRWHNDUDLSUHGVWDYQLNDFUNYHQHYODVWLXĀLMHPVHSULVXVWYXSRODJDOD]DNOHWYD8

OHYRPXJOX E VWRMLGDWXP QRYHPEUDJRG LPHVWR .UDJXMHYDF JGH

MH]DNOHWYDSRORçHQD

)LJXUH7KHWH[WRIWKHSKDUPDFLVWRDWK DE WDNHQE\éRUāH%RJGDQRYLþDVKH

DVVXPHGWKHSRVLWLRQRIWKHKHDGRIWKH.UDJXMHYDFEUDQFK7KHULJKWFRUQHUVKRZVWKH

VLJQDWXUHVRIDSKDUPDFLVWDQGDUHSUHVHQWDWLYHRIFOHUJ\ZKRZLWQHVVHGWKHFHUHPRQ\

7KHOHIWFRUQHU E VKRZVWKHSODFH .UDJXMHYDF DQGWKHGDWH 1RYHPEHU RI

WKHFHUHPRQ\

D

E

(11)



ELOD MH ]DNRQVNL GHILQLVDQD NDR L *ODYQD D XYHGHQR MH NDR REDYH]D

0LQLVWDUVWYD GD VSUHĀL VYDNX PRJXþX ]ORXSRWUHEX OHNRYLPD X GUçDYQRM

DSRWHFLNRMDMHELODSRGQMHQLPQDG]RURP6KRGQRWRPHSURYL]RUDSRWHNH

PRJDRMH]DQHVDYHVWDQLLOLQHVWUXĀDQUDGXDSRWHFLELWLXNRUHQQRYĀDQR

NDçQMHQLOLĀDNLVNOMXĀHQL]VOXçEH>@

2GOXNRP6RYMHWDLNQH]D0LORåD2EUHQRYLþD 3UDYLWHOVWYHQDDSRWHNDMH

 MXQD  SURGDWD SULYDWQRP OLFX EHRJUDGVNRP DSRWHNDUX PU SK

7HRGRUX6HNXOLþXSRNUDWNRPSRVWXSNXNRMLPHQMDQMHQQD]LYX´$SRWHND

NRG6USVNRJJUEDµ>@.DVQLMHMHPHQMDODYODVQLNHLORNDFLMXGDEL

SRĀHWNRPYHNDELODSUHVHOMHQDX0DNHGRQVNXXOLFXEUJGHVHLGDQDV

QDOD]LNDRDSRWHND´0DNHGRQLMDµXVDVWDYX$SRWHNDUVNHXVWDQRYH%HRJUDG

9UHGQRMHSRPHQDLWRGDMH3DYOH,OLþWDNRāHELR]DLQWHUHVRYDQGDNXSL

DSRWHNXDOLQLMHLPDRSUDYRSUYHQVWYDXNXSRSURGDMQLPRGQRVLPDSDMH

GUçDYDSURGDODDSRWHNX6HNXOLþXSRåWRMHRQSRQXGLRYLåHQRYFD

2*5$1$.35$9,7(/679(1($327(.(8.5$*8-(9&8

3RåWR MH GHILQLWLYQLP SUHVHOMHQMHP SUHVWRQLFH .UDJXMHYDF RVWDR EH]

DSRWHNHQDNRQQHXVSHORJSRNXåDMDRWYDUDQMDDSRWHNHL]JRGJUDāD

QLVXSRQRYRSRNUHQXOLLVWRSLWDQMHGHVHWJRGLQDNDVQLMH=DKWHYR

RVQLYDQMX ILOLMDOQH DSRWHNH SRWSLVDOR MH ĀHWUQDHVW RSåWLQDUD  RNWREUD

LRQMHSUHNR2NUXçQRJQDĀHOVWYDXSXþHQ0LQLVWDUVWYXXQXWUDåQMLK

GHODQDGDOMLSRVWXSDN'DELVHXYHULORGDOLX.UDJXMHYFX]DLVWDSRVWRMH

XVORYL]DXVSHåDQUDGLRSVWDQDNDSRWHNH0LQLVWDUVWYRXQXWUDåQMLKGHODVH

SUHNR2NUXçQRJQDĀHOVWYDQRYHPEUDREUDWLORRNUXçQRPIL]LNXVX

X.UDJXMHYFXGU-RVLIX3DQĀLþX2GQMHJDMHWUDçHQRGDGkVYRMHPLåOMHQMH

RWRPHGDOLELPRJODX.UDJXMHYFXGDRSVWDQHDSRWHNDDNRELVHXVWDQR

YLODDGDQHEXGHGUçDYLRGåWHWH-RVLI3DQĀLFMHSRGQHRLVFUSDQSR]LWLYDQ

L QHSULVWUDVDQ L]YHåWDM R UD]OR]LPD ]D RVQLYDQMH ILOLMDOQH DSRWHNH NRMH MH

0LQLVWDUVWYRXQXWUDåQMLKGHODSULKYDWLOREH]SULPHGEHLNRPHQWDUD2YDM

3DQĀLþHYL]YHåWDM]DVOXçXMHSRKYDOXMHUMHNUDJXMHYDĀNLIL]LNXVELRUXNRYR

āHQRSåWLPDQHVYRMLPLQWHUHVLPDLRYLPQHSULVWUDVQLPJHVWRPVNUHQXR

MHQDVHEHSDçQMX

'R RVQLYDQMD )LOLMDOQH 3UDYLWHOVWYHQH DSRWHNH X .UDJXMHYFX GRåOR MH 

QRYHPEUD  D DSRWHND MH VWDYOMHQD SRG QHSRVUHGQR XSUDYOMDQMH

3UDYLWHOVWYHQHDSRWHNHX%HRJUDGX  =DSURYL]RUDDSRWHNHSRVWDYOMHQMH

PUSKéRUāH%RJGDQRYLþNRMLMHX.UDJXMHYFXL]DEUDRORNDO]DDSRWHNXX

]JUDGL1DĀHOVWYDRNUXJDNUDJXMHYDĀNRJ 6WDUR1DĀHOVWYRLOL´*RVSRGDU²

-HYUHPRYNRQDNµ NRMDVHQDOD]LODQDPHVWXGDQDåQMHJKRWHOD´'XEURYQLNµ

(12)



XVDPRPFHQWUXJUDGD>@0USKéRUāH%RJGDQRYLþMHSUHPDRQGDå

QMLP ]DNRQLPD  QRYHPEUD VHGDP GDQD SUHG SRĀHWDN UDGD DSRWHNH

SRORçLR ]DNOHWYX QD ]YDQMH L SRORçDM VOLND DE  D  QRYHPEUD 

L]YUåHQD MH ]YDQLĀQD SUHGDMD DSRWHNH QD UXNRYDQMH PU SK éRUāX

%RJGDQRYLþXSRVOHĀHJDMHRQNDRSURYL]RURWSRĀHRVDUDGRPLSUHX]HRQD

VHEHVYHRGJRYRUQRVWL>@

2GSRĀHWNDVYRJDUDGD)LOLMDOQD3UDYLWHOVWYHQDDSRWHNDMHRGPDKUD]YLOD

VYRMXGHODWQRVWMHUMHSRVWRMDODVWYDUQDSRWUHED]DQMRP3UDYLOLPDMHELOR

SUHGYLāHQRGDXVOXĀDMXEROHVWLDSRWHNDUDNUDWNRPRçHGD]DPHQMXMHIL]L

NXVDQDGXçHELVHL]*ODYQHDSRWHNHSRVODR]DPHQLN$SRWHNDMHUHGRY

QR JRGLåQMH LQYHQWDULVDOD L SRGQRVLOD L]YHåWDM R SULKRGLPD L UDVKRGLPD

VYRMRMFHQWUDOLX%HRJUDGX7RNRPRQDMHL]GDYDODOHNRYHUDGQLFLPD

7RSROLYQLFHXSRODFHQHSRRGOXFL0LQLVWDUVWYDXQXWUDåQMLKGHOD3RMDYX

L]GDYDQMDOHNRYDSRVQLçHQRMFHQLPRçHPRSRVPDWUDWLNDRSRĀHWDN]GUDY

VWYHQLKEHQHILFLMDUDGQLFLPD

2GVYRJDRVQLYDQMD)LOLMDOQD3UDYLWHOVWYHQDDSRWHNDMHSRVORYDOD

QDUHGQLK åHVW JRGLQD GR VUHGLQH  NDGD MH SR RGOXFL NQH]D 0LORåD

2EUHQRYLþDNXSRSURGDMRPXVWXSOMHQDQMHQRPGRWDGDåQMHPSURYL]RUXPU

SK5DGRVDYXäLOLþX

6OLND'HRNROHNFLMHVWDNOHQLKVWRMQLFDWLSDERFDL])LOLMDOQHDSRWHNHX

.UDJXMHYFXNRMDMHUDGLODRGGRJRG

)LJXUH,WHPVIURPDFROOHFWLRQRIJODVVMDUVRIWKH.UDJXMHYDFEUDQFKSKDUPDF\WKDW

RSHUDWHGIURPWR

(13)



2GWUHQXWNDNDGDMHSRVWDODYODVQLåWYRSULYDWQLNDLVYHGRNUDMD;,;

YHNDDSRWHNDMHSURPHQLODGHVHWYODVQLNDXNOMXĀXMXþLLGUçDYXNDRSUYRJ

YODVQLND WH DSRWHNH GR  $SRWHND MH X PHāXYUHPHQX SURPHQLOD L

ORNDFLMX WDNR GD VH RQD X YODVQLåWYX SRVOHGQMHJ X QL]X PU SK /XNH

-DNåHYFDQDOD]LODQDPHVWXGDQDåQMHDSRWHNH´PDMµXXOLFL.UDJXMHYDĀNRJ

RNWREUD>@

$SRWHND´PDMµMHGUçDYQDDSRWHNDNRMDSULSDGD$SRWHNDUVNRMXVWD

QRYL.UDJXMHYDFLXQMRMMHELRVDĀXYDQGHRLQYHQWDUD)LOLMDOQHSUDYLWHO

VWYHQHDSRWHNHNRMDMHSRVORYDODRGGR'DQDVVHWDMVDĀXYDQL

GHRLQYHQWDUDQDOD]LX1DURGQRPPX]HMXX.UDJXMHYFXLSULSDGD]ELUFL

LVWRULMVNLKSUHGPHWDDFHORNXSDQSULERULSRVXāHMHXVWYDULSRNORQDSRWH

NH´PDMµL].UDJXMHYFD=ELUNDQRVLQD]LY´6WDUDVUSVNDDSRWHNDL];,;

YHNDµ ]DYHGHQD MH X NQML]L LQYHQWDUD SRG LQYHQWDUVNLP EURMHP  D

VDGUçLSUHGPHW8NQML]LLQYHQWDUDVYDNLSUHGPHWMH]DYHGHQSRGRGJR

YDUDMXþLPEURMHPD]DVYDNLRGSUHGPHWD]ELUNHSRVWRMLRSLVPDWHULMDORG

NRJDMHL]UDāHQLWHKQLND]DWLPYUHPHQDVWDQNDLPHVWRGLPHQ]LMHLVWRUL

MDWVWDQMHSUHGPHWDLLPHLDGUHVDSURGDYFDLOLGDURGDYFD>@

8JRGLQLNDGDVXSURGDWHREHGUçDYQHDSRWHNHSULYDWQLPYODVQLFLPD

UDGLOHVXX6UELMLMRåVDPRSULYDWQHDSRWHNH,YDQRYLþHYDL'HOLQLMHYDX

%HRJUDGXL.UVWLþHYDX-DJRGLQL=DYUHPHVYRJDSRVWRMDQMD3UDYLWHOVWYHQD

DSRWHNDL)LOLMDOQD3UDYLWHOVWYHQDDSRWHNDVXRSUDYGDOHRĀHNLYDQMDJUDāDQD

.UDJXMHYFDNRMLVXXVYDNRPWUHQXWNXXDSRWHFLPRJOLGRELWLLVSUDYDQOHN

LVDYHWIDUPDFHXWDLXWRPVPLVOXVXRGLJUDOHYUORYDçQXXORJXX]DåWLWL

QDURGQRJ]GUDYOMDLSUHYHQFLMLLOHĀHQMXEROHVWL'UçDYDMHVWHRGLJUDODSUH

VXGQXXORJXXRVQLYDQMXLYRāHQMXRYLKDSRWHNDDOLVXPUSK3DYOH,OLþL

PUSKéRUāH%RJGDQRYLþVDYHVQLPUDGRPXVSHOLGDSURPHQHVOLNX]GUDY

VWYHQHNXOWXUH.UDJXMHYFDX]DRVWDORMVUHGLQL6UELMHX;,;YHNX

,6725,-6.$=%,5.$35('0(7$35,%25$,3268é$,=),/,-$/1(

$327(.(8.5$*8-(9&8

81DURGQRPPX]HMXX.UDJXMHYFXĀXYDVHLVWRULMVND]ELUNDSRGQD]L

YRP´6WDUDVUSVNDDSRWHNDL];,;YHNDµNRMDVDGUçLVDĀXYDQHSUHGPHWH

SULERULSRVXāHL])LOLMDOQHDSRWHNHåWRQDPRPRJXþDYDGDVHEDUGHOLPLĀ

QR XSR]QDPR VD XVORYLPD X NRMLPD VX SUYH GUçDYQH DSRWHNH SRVORYDOH

VOLNH    6YDNL SUHGPHW =ELUNH XNXSQR   ]DYHGHQ MH X .QML]L

,QYHQWDUDSRGRGJRYDUDMXþLPEURMHPL]DVYDNLSRVWRMLRSLVPDWHULMDORG

NRJDMHL]UDāHQLWHKQLND]DWLPYUHPHQDVWDQNDLPHVWRGLPHQ]LMHLVWRUL

MDWVWDQMHSUHGPHWDLLPHLDGUHVDSURGDYFDLOLGDURGDYFD

(14)



8GDOMHPWHNVWXGDþHPRNUDWDNSUHJOHGSUHGPHWDNRMLVDĀLQMDYDMXRYX

LVWRULMVNX]ELUNX>@

'UYHQDVWDODçD UDI NDRGHRQDPHåWDMD RILFLQH VDVWDYOMHQDMHL]GYD

GHOD JRUQMHJ L GRQMHJ VD ILMRNDPD QD NRMLPD VX PHWDOQH VLJQDWXUH EHOH

ERMHVDODWLQVNLPQD]LYLPDRGJRYDUDMXþLKVXSVWDQFLNRMHVXXQMLPDĀXYD

QH2YRMHXMHGQRLQDMYHþLVDĀXYDQLSUHGPHWL])LOLMDOQH3UDYLWHOVWYHQH

DSRWHNHX.UDJXMHYFX

1D/LPHQRM)LUPLDSRWHNHMHVUSVNLGUçDYQLJUELQDWSLV´9UHPHLPRMH

SUDYRµ NRML MH XMHGQR ELR L JHVOR GLQDVWLMH 2EUHQRYLþ ĀLPH VH SRWYUāXMH

DXWHQWLĀQRVWSUHGPHWDL];,;YHND1DGRQMHPGHOXILUPHQDOD]LVHQDWSLV

´.UDOMHYVNRVUSVNDGYRUVND DSRWHND µ=DRYDMSUHGPHWQLMHVDVLJXUQRåþX

XWYUāHQRGDSRWLĀHL])LOLMDOQH3UDYLWHOVWYHQHDSRWHNHXSUDYR]ERJĀLQMHQLFH

GDMHXYUHPHSRVORYDQMDRYHDSRWHNH6UELMDELOD.QHçHYLQDDQH.UDOMHYLQD

=ELUNDVDGUçLLWULSRSUVMDRGQRVQRELVWHL]UDāHQHRGJLSVDLEURQ]HLWR

ELVWH&LFHURQD-XSLWHUDL9HUJLOLMXVDNRMHVXYHURYDWQRXNUDåDYDOHNUDJX

MHYDĀNXGUçDYQXDSRWHNX

6WRMQLFH åWDQJHIHVL RGGUYHWDNRMLKLPDXNXSQRGYDGHVHWSHWYDOMND

VWRJVXREOLNDVDSRNORSFHPWLSDDOEDUHOORVDWUDMQLPVLJQDWXUDPDLVSLVDQLP

FUQLPVORYLPDLOLVDSDSLUQLPVLJQDWXUDPDVDRGJRYDUDMXþLPQDWSLVLPD

6WRMQLFH RG SRUFHODQD NRMLK MH GHVHW WDNRāH VX DOEDUHOOR WLSD EHOH

ERMHEH]LOLVDSRNORSFHPNRMLVH]DYUåDYDNXJOLFRPVDFYHWQLPRUQDPHQ

WRP 1D VWRMQLFDPD VX VLJQDWXUH VD QDWSLVRP LOL VX WUDMQR VLJQLUDQH X

QHSUDYLOQRP NUXJX FUQH ERMH 9HþD NROHNFLMD RYDNYLK VWRMQLFD L]

3UDYLWHOVWYHQH DSRWHNH X %HRJUDGX L )LOLMDOQH 3UDYLWHOVWYHQH DSRWHNH X

.UDJXMHYFXĀXYDVHLX0X]HMX]DLVWRULMXIDUPDFLMH)DUPDFHXWVNRJIDNXO

WHWDX%HRJUDGX

'YHSUR]LUQHVWDNOHQHVWRMQLFHYDOMNDVWRJREOLNDRGNRMLKMHGQDEH]D

GUXJDVDEUXåHQLPĀHSRPLPDMXVLJQDWXUHSUDYRXJDRQRJREOLNDVDQDWSL

VLPDVXSVWDQFLNRMHVXXQMLPDĀXYDQH

6WRMQLFHRGVWDNODWDPQRSODYHERMHNRMLKMHĀHWLULYDOMNDVWRJVXREOL

NDVDEUXåHQLPĀHSRPLRGJRYDUDMXþLPVLJQDWXUDPD8QMLPDVXVHQDMYH

URYDWQLMHĀXYDOHVXSVWDQFHNRMHVXRVHWOMLYHQDVXQĀHYXVYHWORVW

2VDPQDHVWVWDNOHQLKIODåD ERFD RGNRMLKMHVHGDPEH]DMHGDQDHVWVD

EUXåHQLPĀHSRPLPDMXXJODYQRPSHĀHQHVLJQDWXUHEHOHERMHVDRGJRYD

UDMXþLPQDWSLVLPDFUQHERMH8RYLPSRVXGDPDVXVHĀXYDOHUD]QHWLQNWX

UHEDO]DPLXOMDNLVHOLQHLUDVWYRUL

(15)



6WDNOHQHWHJOH]DSUDåNDVWXVXSVWDQFXVDSRNORSFHPNRMLKMHXNXSQR

åHVWYDOMNDVWRJVXREOLNDVDSHĀHQRPVLJQDWXURPLUD]OLĀLWLPQDWSLVLPD

'YDVWDNOHQDVXGD]DHNVWUDNFLMXXREOLNXOXOHQDĀLMLPVHNUDMHYLPD

QDOD]HRWYRUL.RULVWLOLVXVH]DL]RORYDQMHRGQRVQRHNVWUDNFLMXVXSVWDQFLL]

ELOMQRJLOLçLYRWLQMVNRJPDWHULMDOD

6OLND'HRNROHNFLMHGUYHQLKVWRMQLFDDOEDUHOORWLSDVDĀXYDQLLKL])LOLMDOQH

DSRWHNHX.UDJXMHYFXNRMDMHUDGLODRGGRJRG

)LJXUH,WHPVIURPDFROOHFWLRQRIWKHDOEDUHOORVW\OHZRRGHQMDUVRIWKH.UDJXMHYDF

EUDQFKSKDUPDF\WKDWRSHUDWHGIURPWR

6OLND1Rç]DVHĀHQMHNRUHQMDLWUDYDVDGUYHQLPSRVWROMHPNRMLSRWLĀHL]

)LOLMDOQHDSRWHNHX.UDJXMHYFXNRMDMHUDGLODRGGRJRG

)LJXUH$NQLIHIRUFXWWLQJURRWVDQGKHUEVZLWKDZRRGHQVWDQGEHORQJLQJWRWKH

.UDJXMHYDFEUDQFKSKDUPDF\WKDWRSHUDWHGIURPWR

(16)



'YD DSRWHNDUVND WHUPRPHWUD QHNRPSOHWQD  L]UDāHQD VX RG GUYHWD

VWDNODLPHWDODLLPDMXGUYHQRSRVWROMHNUXçQRJREOLNDFUQHERMH3RVWRMLL

FHYDSRWHNDUVNRJWHUPRPHWUDRGVWDNODVDGYHPHWDOQHYDOMNDVWHNDSHQD

NUDMHYLPDFHYL

'UYHQLNDOXS]DJOREXOHMHSUDYRXJDRQRJREOLNDVDVWRMLVHL]GYDGHOD

VSRMHQLKåDUNDPDVDGUåNDPD,QDMHGQRPLQDGUXJRPGHOXNDOXSDQDOD

]LVHGYDQDHVWQDVSUDPQRXNOHVDQLKçOHERYD UXSD 

2VDPDSRWHNDUVNLKVLWDL]UDāHQLKRGGUYHWDVDPHPEUDQRPRGPHWDOD

LOLNRçH NRMDMHNRGQHNLKPHVWLPLĀQRRåWHþHQD NUXçQRJVXREOLND

7UL GUYHQH GDVNH ]D VLWR L WR YHþD VUHGQMD L PDQMD RG NRMLK VX GYH

NUXçQRJ D MHGQD SUDYRXJDRQRJ REOLND NRMD VDGUçL MHGDQ PHWDOQL GUçDĀ

ROåUDILPDVSRMHQ]DGDVNXEUDRQVXERMH2QHVXVHYHURYDWQRNRULVWLOHNDR

6OLNH3LOXODU D LQRç]DVHĀHQMHSLOXOD E NRMLSRWLĀXL])LOLMDOQHDSRWHNHX

.UDJXMHYFXNRMDMHUDGLODRGGRJRG

)LJXUH3LOOKROGHU D DQGDSLOONQLIH E EHORQJLQJWRWKH.UDJXMHYDFEUDQFK

SKDUPDF\WKDWRSHUDWHGIURPWR

D

E

(17)



SRVWROMD]DRGJRYDUDMXþDVLWDLXQMLPDVXVHVDNXSOMDOHSURVHMDQHVXSVWDQ

FH

7DUDYDJDVDWHJRYLPDEUDRQERMHLPDGUYHQRSRVWROMHSUDYRXJDRQRJ

REOLNDVDWULODGLFHLL]UDāHQDMHRGGUYHWDPHVLQJDLPHWDOD7HUD]LMHLPDMX

GYDWDVDVDSODVWLĀQLPWDFQDPDDQDVUHGLQLYDJHQDOD]LVHPHKDQL]DP]D

PHUHQMH8]YDJXLGHLGUYHQDNXWLMDVDRWYRULPD]DVPHåWDMDSRWHNDUVNLK

WHJRYDNDRLWULDSRWHNDUVNDWHJDRGPHVLQJD

$SRWHNDUVNLWHJPDOLKGLPHQ]LMDURPERLGQRJMHREOLNDLL]UDāHQMHRG

PHVLQJD

'HRUHFHSWXUHVDILMRNDPDMHL]UDāHQRGGUYHWDEUDRQERMHLPDGYDGH

VHWĀHWLULILMRNHQDĀLMLPSUHGQMLPVWUDQDPDVXSULNXFDQHPHWDOQHVLJQDWXUH

EHOHERMHVORYLPDD]EXNHFUQHERMHRG$GRä

7ULDSRWHNDUVNDGUYHQDVWDONDRGNRMLKMHGDQVDNOHPDPDLPDMXSRVWR

OMHNUXçQRJLOLSUDYRXJDRQRJREOLND1DMHGQRPVWDONXQDOD]HVHSULĀYUåþH

QHGYHGUYHQHNUXçQHSORĀHQDUD]OLĀLWRPUDVWRMDQMXRGSRVWROMDVDNUXç

QLPRWYRULPDXNRMLPDVXVHGUçDOHHSUXYHWH7XVXMRåLDSRWHNDUVNLVWDODN

]DSXQMHQMHWXEDL]UDāHQRGGUYHWD]DWLPGUYHQLVWDODN]DELUHWXGUYHQL

VWDODN]DSUHVXVWDODN]DVXGRYHUD]QLKYHOLĀLQDWDNRāHRGGUYHWDPHWDOQL

VWDODN]DSXQMHQMHWXEDLPHWDOQLVWDODN]DSLSHWX

0DåLQD]DREOLNRYDQMHSLOXOD NRPSOHWQDL]GYDGHOD LPDSRVWROMHRG

GUYHWDSUDYRXJDRQRJREOLNDQDĀLMHPMHJRUQMHPGHOXSUDYRXJDRQDPHU

PHUQDSORĀDEHOHERMH8SURGXçHWNXPHUPHUQHSORĀHQDOD]LVHPHWDOQL

NRQXVQLGHRVDX]DQLPçOHERYLPDSUDYRXJDRQRJREOLND'UXJLGHRNRP

SOHWDL]UDāHQMHRGGUYHWDVDGYHGUåNHVDVWUDQHQDĀLMHPMHGRQMHPGHOX

SULĀYUåþHQSUDYRXJDRQLPHWDOQLNRQXVQLGHRVDX]DQLPçOHERYLPD

'UYHQLDSRWHNDUVNLVDQGXNVDSRNORSFHPYHOLNLKGLPHQ]LMDSUDYRXJD

RQRJ MH REOLND D XQXWUDåQMRVW MH SUHJUDāHQD YHUWLNDOQRP GDVNRP 1D

SRNORSFXVHQDOD]HGYHåDUNH

1RçHYL]DVHĀHQMHWUDYDNRMLKMHXNXSQRWULL]UDāHQLVXRGPHWDODLOL

ĀHOLNDVDGUYHQLPGUåNDPD'YDQRçDVXYDOMNDVWRJREOLNDĀLMLVXPHWDOQL

NUXJRYL QRçHYL QDRåWUHQLGXçFHORJRERGD-HGDQQRç]DVHĀHQMHWUDYD

LPD GUYHQR SRVWROMH SUDYRXJDRQRJ REOLND QD NRMHP VH QDOD]L QRVDĀ VD

PHWDOQLPQRçHPXREOLNXVDWDUHQDRåWUHQLPVDGRQMHVWUDQHLGUYHQRP

GUåNRP

0HWDOQLVWDODNVDPHVLQJDQRPNOHPRPMHYDOMNDVWRJREOLNDLLPDSRVWR

OMHHOLSVDVWRJREOLND8RWYRUXPHVLQJDQHNOHPHQDMYHURYDWQLMHVHQDOD]LR

(18)



PHWDOQLOHYDN]DSXQMHQMHPDVWLL]UDāHQRGOLPDĀLMLĀDQNDVWLGHRLFHY

SUHJUDāXMHPHWDOQDPUHçDVWDPHPEUDQD

'YHPHWDOQHSDWHQHRGNRMLKMHGQDYHOLNDDGUXJDPDODL]UDāHQHVX

RGOLPDLHPDMODRYDOQRJVXREOLNDVDSRGYHPHWDOQHGUåNHLL]OLYNRP

0HWDOQDSDWHQD VLWR MHREOLNDVXGDNRMLVHåLULSUHPDYUKXQDĀLMHP

GQXVHQDOD]LPHWDOQDPUHçDVWDPHPEUDQD

'YDVXGD]DFHāHQMHLYDāHQMHPDVWLL]UDāHQDVXRGOLPDLPDMXSHUIR

ULUDQRGQRNRMHNRGMHGQRJVXGDĀLQLPHWDOQDPUHçDVWDPHPEUDQDçXWH

ERMH

'YHPHVLQJDQHSRVXGH NXWODĀH ]DYDāHQMHPDVWLLWHĀQRVWLRGNRMLK

MHGQD LPD JYR]GHQX D GUXJD GUYHQX GUåNX 3RVWRML L PHWDOQD SRVXGD

NXWODĀD ]DYDāHQMHPDVWLLWHĀQRVWLVDGUåNRPRGJYRçāDLL]OLYNRPQD

NUDMX

$SRWHNDUVNLDYDQVDPHWDOQLPWXĀNRPL]UDāHQMHRGOLYHQRJJYRçāD

YDOMNDVWRJREOLNDLLPDGYHSUDYRXJDRQHGUåNHVDVWUDQH9HOLNLDSRWHNDUVNL

6OLND'HRVDĀXYDQRJLQYHQWDUDNRMLSRWLĀHL])LOLMDOQHDSRWHNHX.UDJXMHYFX

NRMDMHUDGLODRGGRJRG

)LJXUH2EMHFWVEHORQJLQJWRWKH.UDJXMHYDFEUDQFKSKDUPDF\WKDWRSHUDWHG

IURPWR

(19)



DYDQRGOLYHQRJJYRçāDWDNRāHMHYDOMNDVWRJREOLNDåLULVHSUHPDYUKXL

LPDGYHPHWDOQHGUåNHVDVSROMQHVWUDQH3RVWRMLMRåMHGDQPHWDOQLDYDQ

PDQMLK GLPHQ]LMD RG OLYHQRJ JYRçāD DOL EH] WXĀND 2YDNYL DYDQL VX VH

NRULVWLOL]DJQMHĀHQMHLXVLWQMDYDQMHUD]OLĀLWLKĀYUVWLKVXSVWDQFL

=ELUND VDGUçL L GYH UDMEåDOH GDQDåQML WDULRQLFL  RGQRVQR SRVXGH ]D

L]UDGXSUDåNRYDNRMHVXL]UDāHQHRGPHUPHUDNUXçQRJREOLND2EHSRVXGH

VXRåWHþHQHRGQRVQRQDSUVOHSRFHORMåLULQLLL]UD]LWRVXYHOLNLKGLPHQ]LMD

'YDVXGD ERNDOD RGNHUDPLNHVXYDOMNDVWRJREOLNDVDGUåNRPXNRML

PDVXVHĀXYDOHWHĀQRVWLXNROLĀLQLRGMHGQRJLMHGQRJLSROLWUDNDNRMHL

QD]QDĀHQRQDQMLKRYLPSUHGQMLPVWUDQDPD

=ELUFLSULSDGDLVSRPHQSODNHWDSUHLQYHQWDULVDQLSUHGPHWL]UDāHQRG

PHVLQJDRNUXJDRVDQDWSLVRP´3UYDDSRWHNDX6UELMLµVDL]JOHGRP

DSRWHNH

/DERUDWRULMVNDODPSDVHVDVWRMLL]GYDGHODYDOMNDVWRJREOLNDLWRPHWDO

QRJGHOD]DNDUELGLJRULRQLNDRGPHVLQJDSRYH]DQLKSODWQHQLPFUHYRP

1DGRQMHPGHOXPHWDOQRJGHOD]DNDUELGQDOD]LVHQDWSLVQDQHPDĀNRP

MH]LNXRGQRVQRQD]LYSURL]YRāDĀD

8NUDVQDDSRWHNDUVNDODPSDMHNUXçQRJREOLND'RQMLGHRODPSHMHRG

VWDNOD D JRUQML RG HPDMOLUDQH NHUDPLNH XNUDåHQH ELOMQLP RUQDPHQWLPD

çXWHLEUDRQERMHQDSRGOR]LSODYHERMH,PDJRULRQLNRGPHWDODDUDGLOD

MHQDJDV

&HGLOMNDRGåDPRWDRMDĀDQDMHPHWDORPLLPDGYHGUåNHXREOLNXURJD

DQDGRQMHPGHOXRWYRU]DL]OLYWHĀQRVWL8QXWDUVXGDL]QDGGQDQDOD]LVH

XPHWQXWDNUXçQDåDPRWQDSORĀDVDVHGDPNUXçQLKRWYRUD

8RNYLUXLVWRULMVNH]ELUNHQDOD]LVHMRåLPHVLQJDQDNDåLND²åSDWXOD

PHWDOQDNXWODĀDGHRVLWDRGSUHVHL]UDāHQRGPHWDOD]DWLPPHWDOQLGHR

DSRWHNDUVNHSUHVHL]UDāHQRGOLYHQRJJYRçāDNHUDPLĀNDSRVXGD]DUD]QH

PDVWLLGUYHQLDSRWHNDUVNLWXĀDN>@

=$./-8ÿ$.

5D]YRM]GUDYVWYHQHVOXçEHLVYLKQMHQLKHOHPHQDWDMHGDQMHRGSULPDU

QLKFLOMHYDVYDNHGUçDYHDSURXĀDYDQMHWRJUD]YRMDNUR]YUHPHGDMHVOLNX

QHVDPRRNYDOLWHWX]GUDYVWYHQHVOXçEHYHþVYHGRĀLRQLYRX]GUDYVWYHQH

NXOWXUHXRSåWHLSUXçDSRWSXQLMXVOLNXMHGQRJGUXåWYDXFHOLQL8RYRP

UDGXGDWMHSULND]UD]YRMDRQRJVHJPHQWD]GUDYVWYHQHVOXçEHNRMLVHRGQR

VLQDDSRWHNDUVNXGHODWQRVWNRMDVHSUDWLNUR]LVWRULMVNLSULND]IRUPLUDQMDL

(20)



UDGD SUYH GUçDYQH DSRWHNH L QMHQH ILOLMDOH X 6UELML ;,; YHND 2VQLYDQMH

3UDYLWHOVWYHQHDSRWHNHR]QDĀDYDSRĀHWDNUD]YRMDDSRWHNDUVNHVWUXNHSDL

SULPHQMHQHKHPLMHEXGXþLGDMHRQDSRVWDODLQHNDYUVWD´NRQWUROQHKHPLM

VNHODERUDWRULMHµX6UELML7RNRPVYRJDUDGDGUçDYQDDSRWHNDMHPQRJR

QDSUHGRYDODLGRELODSURILOLVWLQVNH]GUDYVWYHQHXVWDQRYHDNDVQLMHLRJUD

QDN ILOLMDOX 2VLPVQDEGHYDQMDLL]UDGHPHGLNDPHQDWDLSUXçDQMHQHRS

KRGQRJ PLQLPXPD ]GUDYVWYHQH ]DåWLWH RQD MH ELOD NRQWUROQL RUJDQ ]D

GUXJHQRYRRVQRYDQHDSRWHNHD]DSRWUHEHQMHQRJXVWURMVWYDLUDGDGRQH

WLVXLSUYL]DNRQVNLQRUPDWLYLNRMLPDVXELODUHJXOLVDQDRUJDQL]DFLRQDL

SHUVRQDOQDSLWDQMDNDRLGXçQRVWLIDUPDFHXWD1LYRSUXçHQLK]GUDYVWYHQLK

XVOXJDX3UDYLWHOVWYHQRMDSRWHFLLQMHQRMILOLMDOLPRJDRVHSRUHGLWLVDRQLPD

NRMHVXSUXçDQHXUD]YLMHQLPJUDGRYLPD(YURSH2YRMHELORRPRJXþHQR

åNRORYDQMHPIDUPDFHXWDX%HĀXL3HåWLDåWRMHELORSRGUçDQRWDGDåQMRP

GUçDYQRPVWUXNWXURPX6UELML2GSRVHEQRJ]QDĀDMDMHLSULPHQDIDUPDNR

SHMD 3KDUPDFRSRHLD$XVWULDFDHGLWLRWHUWLDHWTXDUWDL7D[DPHGLFDPHQWRUXP

LQ3KDUPDFRSRHDH$XVWULDFDHHGLWLRQHTXDUWDFRQWHQWRUXP NDRLSRVWRMDQMH

RGUHGELNRMHVXUHJXOLVDOHGDVLJQDWXUXQDOHNXLWDNVXQDUHFHSWXPRUD

SRWSLVDWLRQROLFHNRMHMHL]UDGLOROHN6RFLMDOQDNRPSRQHQWDMHLXWRYUHPH

ELODL]UDçHQDNUR]SRMDYXL]GDYDQMDOHNRYDSRVQLçHQRMFHQLåWRVHPRçH

WUHWLUDWLNDRSRĀHWDNSUXçDQMD]GUDYVWYHQLKEHQHILFLMDUDGQLFLPD

,=925,,/,7(5$785$

 0DUMDQRYLþ9=GUDYVWYHQDNXOWXUD.UDJXMHYFDX;,;YHNX.UDJXMHYDF2285

´)DUPDFLMD².UDJXMHYDFµVWU

 -DNåHYDF1%HRJUDGVNHDSRWHNHXSUYRMSRORYLQLSURåORJYHND*RGLåQMDN0X]HMD

JUDGD%HRJUDGD.QM,,,VWU

 5DGRYDQRYLþ%6WDUL.UDJXMHYDF.UDJXMHYDF3,3Å.UXJ´VWU

 ,JQMDWRYLþ0.UDMQRYLþ'$SRWHNH86USVNDHQFLNROSHGLMD7RP,NQMLJD,$

%HRE1RYL6DG%HRJUDG0DWLFD6USVND6USVNDDNDGHPLMDQDXNDLXPHWQRVWL

=DYRG]DXGçEHQLNH

 3DURMĀLþ'6WXSDU'3RUWDEOHPHGLFLQHFKHVWVLQ6HUELDGXULQJWKHWKDQGWKH

ILUVWKDOIRIWKHWKFHQWXU\'LH3KDUPD]LH

 5LKWHU 9 3ULOLNH X 6UELML SRG NQH]RP 0LORåHP GR  JRGLQH .UDJXMHYDF

6YHWORVWVWU

 0DUMDQRYLþ 9 )DUPDFLMD X 6UELML X ;,; YHNX %HRJUDG 9HWSURP  VWU



 $UVHQRYLþ/M3LRQLULVUSVNHIDUPDFLMH$UKLY]DIDUPDFLMX  

(21)



 0DUMDQRYLþ9=GUDYVWYHQDNXOWXUD.UDJXMHYFDX;,;YHNX.UDJXMHYDF2285

´)DUPDFLMD².UDJXMHYDFµ

 3DURMĀLþ ' 6WXSDU ' 7KH ILUVW 6WDWHUXQ 3KDUPDF\ LQ WK FHQWXU\ 6HUELD

3KDUP+LVW

 $UVHQRYLþ/M3ULOR]L]DLVWRULMXIDUPDFLMH$UKLY]DIDUPDFLMX  

 %DQRYLþ02EUDGRYLþ'XUG.DWDORJL]ORçEH´3UDYLWHOMVWYHQDLILOLMDOQDDSRWHND

X.UDJXMHYFXX;,;YHNXµ.UDJXMHYDF1DURGQLPX]HM.UDJXMHYDF$SRWHNDUVND

XVWDQRYD.UDJXMHYDFVWU

 1LNROLþ.3RNXåDMGDVHL]ORçLUD]YLþHDSRWHNDUVNHVWUXNHX6UELML]DSRVOHGQMLKVWR

JRGLQD3UYLNRQJUHVVUSVNLKOHNDUDLSULURGQMDND%HRJUDGVWU

 ,VWRULMVND]ELUND´6WDUDVUSVNDDSRWHNDL];,;YHNDµSUHGPHWLQYHQWDUVNL

EURM1DURGQLPX]HMX.UDJXMHYFX

 $UKLY6UELMH)RUPD]DNOHWYH $608'6),9 

 3DURMĀLþ ' 5D]YRM HWLNH X IDUPDFLML RG WHRULMH GR VDYUHPHQH SUDNVH %HRJUDG

.RQVWLVL

 3DURMĀLþ'6WXSDU'6WXSDU06UHGDQRYLþ9'RSULQRVIDUPDFHXWDRVQLYDQMX

SULPHQMHQH KHPLMH X 6UELML L -XJRVODYLML ;,9;; YHN  $UKLY ]D IDUPDFLMX

  

 0LUNRYLþ$)DUPDFLMDX6UHPXRG'RNWRUVNDGLVHUWDFLMD%HRJUDG

)DUPDFHXWVNLIDNXOWHW8QLYHU]LWHWDX%HRJUDGXVWU

 6WXSDU ' 1DVWDQDN SUYLK SUDYLOD ]D GUçDYQX DSRWHNX X 6UELML  JRGLQH

$UKLY]DIDUPDFLMX  

 $UKLY6UELMH5XĀQLNWDNVH $6..61R²² 

 $UKLY6UELMH3UDYLOD]D)LOLMDOQX3UDYLWHOVWYHQXDSRWHNXRGRNWREUD

JRGLQH NRMD VX GLUHNWQR QD UXNH HNVSHGRYDQD 3URYL]RUX PDJLVWUX éRUāX

%RJGDQRYLþX $608'6),9 

 $UVHQRYLþ /M =DQLPOMLYRVWL L] VUSVNH IDUPDFLMH $UKLY ]D IDUPDFLMX   



(22)



6$æ(7$.

3UYDGUçDYQDOMHNDUQDX6UELML'YRUVNDLYRHQDDSRWHNDSRVOLMH3UDYLWHOVWYHQDDSRWHND

GDWLUDRGJRGLQH

*RGLQHSUHPMHåWDQMHPGUçDYQRJVMHGLåWDOMHNDUQDSUHOD]LL].UDJXMHYFDX%HRJUDGGD

ELVHQDNRQRVDPPMHVHFLUDGDYUDWLODX.UDJXMHYDF.RQDĀQRSUHVHOMHQMHOMHNDUQHX%HRJUDG

XVOLMHGLORMHSURVLQFDJRGLQH3UDYLWHOVWYHQDDSRWHNDWLMHNRPVYRJDUDGDUD]YLMD

IDUPDFHXWVNXGMHODWQRVWLSURILOSUDYH]GUDYVWYHQHXVWDQRYH3RVMHGXMHGREURRSUHPOMHQODER

UDWRULMLSULERU]DREDYOMDQMHNHPLMVNLKDQDOL]DPLQHUDOQLKYRGDLWRNVLNRORåNLKLELRNHPLMVNLK

DQDOL]D ]D SRWUHEH VXGD .DR SUHWHĀD NHPLMVNRJ ODERUDWRULMD L] QMH L]UDVWD SULPLMHQMHQD

NHPLMDX6UELMLDSRVWDMHLNRQWUROQRWLMHOR]DGUXJHOMHNDUQH

*RGLQH  X .UDJXMHYFX VH RVQLYD RJUDQDN 3UDYLWHOVWYHQH DSRWHNH SRG QD]LYRP

)LOLMDOQD 3UDYLWHOVWYHQD DSRWHND NRMD VH VWDYOMD SRG L]UDYQX XSUDYX *ODYQH DSRWHNH X

%HRJUDGX D ]D SURYL]RUD VH SRVWDYOMD PU SK éRUāH %RJGDQRYLþ 2EMH GUçDYQH OMHNDUQH

SURGDQHVXSULYDWQLPYODVQLFLPDOLSQMDSUHPDRGOXFLNQH]D0LORåD2EUHQRYLþD

.OMXĀQH ULMHĀL SRYLMHVW IDUPDFLMH ;,; VWROMHþH OLMHNRYL GUçDYQD OMHNDUQD 6UELMD

.UDJXMHYDF

Slike 1. do 5. skenirane su uz odobrenje u Arhivu Srbije.

Slike 6. do 10. fotografisane su uz odobrenje u Narodnom muzeju u Kragujevcu, foto Marija Gašić.

Figres 1 – 5 scanned with permission of the State Archives of Serbia

Figres 6 – 10 photography by M. Gašić, with the permission of the National Museum of Kragujevac

Zahvalnica: Ovaj rad je urađen u okviru projekta III 41004 koji finansira Ministarstvo prosvete, nauke i tehnološkog razvoja Republike Srbije

Acknowledgment: This work was done under the project III 41004 supported by the Ministry of Education, Science and Technological Development, Republic of Serbia

Riferimenti

Documenti correlati

[r]

In questo caso, dal momento che si tratta di due piani in uno spazio di dimensione 4 che si intersecano in un punto, essi sono incidenti. Anche in questo caso, dal momento che si

NOTE: In the solution of a given exercise you must (briefly) explain the line of your argument and show the main points of your calculations1. Solutions without adequate

Cosa si pu` o dire per unioni e

- rilevanza scientifica della collocazione editoriale di ciascuna pubblicazione e sua diffusione all’ interno della comunita scientifica fino a 0.25 punti - apporto

• Cap. 9 del vigente Regolamento di Contabilità approvato con deliberazione consiliare n. 267/2000, dal Dirigente del Servizio Finanziario, Programmazione e Controllo,

Colora ogni numero scritto in cifre come il suo corrispondente numero scritto in lettere:. Scrivi il

Indica con una crocetta cosa pensi del