Escolar Documentos
Profissional Documentos
Cultura Documentos
7
&8/785$0$7(5,$/(3$75,0Ð1,2&,(17Ë),&2
',6&866®(6$78$,6
3HGUR3DXOR)XQDUL
$OLQH9LHLUDGH&DUYDOKR
FRQWH[WRFRQWHPSRUkQHRWHVWHPXQKDWUDQVIRUPDo}HVVRFLDLVGHJUDQGH
2 I{OHJR'HVGHDRPHQRVDOJXPDVGpFDGDVRVPRYLPHQWRVVRFLDLVHP
GLIHUHQWHV SDtVHV HVLWXDo}HVKLVWyULFDVFRQWHVWDUDPDKRPRJHQHLGDGH
VRFLDOHRVSRQWRVGHYLVWDQRUPDWLYRV2PRYLPHQWRIHPLQLVWDDVRQGDV
GH GLUHLWRV FLYLV H GH JrQHUR HQWUH RXWURV LPSORGLUDP R PRGHOR GH VRFLHGDGH HP TXH
WRGRV GHYHULDP FRPSDUWLOKDU YDORUHV H D GLIHUHQoD HUD YLVWD FRPR GHVYLR GH
FRPSRUWDPHQWR $ GLYHUVLGDGH SDVVRX D VHU FRQVLGHUDGD XP YDORU HVVHQFLDO WDQWR QR
FDPSR DPELHQWDO FRPR KXPDQR 1HVWDV FLUFXQVWkQFLDV HQWHQGHVH R SDSHO GD FXOWXUD
PDWHULDOHGDVLQVWLWXLo}HVFLHQWtILFDV$V&LrQFLDVHVXDVLQVWLWXLo}HVFRPRRV0XVHXV
GHL[DUDPGHVHUWRUUHVGHPDUILPRXGHREVHUYDomRGDVRFLHGDGHFRPRSURSXQKDPRV
PRGHORVQRUPDWLYRVHFRQVHUYDGRUHVGRVWDWXVTXRPDVSDVVDUDPDVHUFRQVLGHUDGRV
FRPR JHUDGRUHV GH FRQKHFLPHQWR FRP RV JUXSRV VRFLDLV HP VXD GLYHUVLGDGH 1HVWH
DUWLJRH[SORUDPRVDOJXQVDVSHFWRVGHVVDVGLVFXVV}HV
086(8$548(2/2*,$(62&,('$'(
'HVGH ILQDO GD GpFDGD GH XP JUDQGH Q~PHUR GH LQWHOHFWXDLV YLQFXODGRV
WDQWR j $UTXHRORJLD FRPR j 0XVHRORJLD VH GHGLFDP D UHSHQVDU DV EDVHV GH VXDV
'HSDUWDPHQWR GH +LVWyULD ,)&+ 8QLFDPS &DL[D 3RVWDO )D[ &(3
&DPSLQDV 6mR 3DXOR ± %UDVLO ( PDLO SSIXQDUL#XROFRPEU 3URIHVVRU GH +LVWyULD $QWLJD H $UTXHRORJLD
+LVWyULFDQRGHSDUWDPHQWRGH+LVWyULDGD81,&$03&RRUGHQDGRUGR1~FOHRGH(VWXGRV(VWUDWpJLFRV1((
8QLFDPS H 3HVTXLVDGRU $VVRFLDGR GD ,OOLQRLV 6WDWH 8QLYHUVLW\ 86$ H GD 8QLYHUVLGDGH GH %DUFHORQD
(VSDQKD
1~FOHR GH (VWXGRV (VWUDWpJLFRV ± 8QLFDPS &(3 (PDLO DOLQHY#XROFRPEU 3yV
GRXWRUDQGDQR1~FOHRGH(VWXGRV(VWUDWpJLFRV,QYHVWLJDWHPDVUHODWLYRVj$UTXHRORJLDHDRVXVRVVRFLDLVGD
PHPyULD DUTXHROyJLFD $UTXHRORJLD 3~EOLFD 7UDEDOKD FRP D TXHVWmR GH JrQHUR QRV GLVFXUVRV KLVWyULFRV H
DUTXHROyJLFRVVREUHR4XLORPERGH3DOPDUHV
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
FLrQFLDV FRP R LQWXLWR GH SURPRYHU Do}HV VRFLDLV HIHWLYDV H WUDQVIRUPDGRUDV 3DUD RV
PXVHXV GHVGH R PRYLPHQWR GD 1RYD 0XVHRORJLD DOPHMDVH D FULDomR GH HVSDoRV
FRQYLGDWLYRVHSULQFLSDOPHQWHSURSLFLDGRUHVGDFRQVWUXomRGHXPFRQKHFLPHQWRFUtWLFRH
SOXUDOLVWD FDSD] GH VXVWHQWDU D H[LVWrQFLD GD FLGDGDQLD H GD GHPRFUDFLD FRQFHLWRV
DPSORV FXMDV GHILQLo}HV YDULDP QR WHPSR H QR HVSDoR 1RV GHEDWHV DWXDLV VREUH DV
FRQILJXUDo}HV GRV PXVHXV SHVTXLVDGRUHV SURFXUDP VROXFLRQDU TXHVW}HV VREUH FRPR
WUDQVIRUPDUHVVDVLQVWLWXLo}HVHPHVSDoRVTXHYDORUL]HPDDXWRQRPLDDFRPXQLFDomRD
GHPRFUDWL]DomRGDVPHPyULDVHQWUHRXWURVWHPDV
$$UTXHRORJLDSDVVDSRUXPSURFHVVRVHPHOKDQWHGHUHIOH[}HVVREUHVXDSUySULD
H[LVWrQFLD (VVH PRYLPHQWR LQWHUQR TXH RFRUUH GHVGH D GpFDGD GH LQIOXHQFLDGR
WDQWR SRU WHRULDV SyVSURFHVVXDOLVWDV FRPR SRU WHRULDV PDU[LVWDV JHURX D IXQGDomR GH
XPD QRYD YLVmR VREUH RV SDSpLV GD FLrQFLD DUTXHROyJLFD FULRXVH R FRQFHLWR GH
$UTXHRORJLD 3~EOLFD (VWH FDPSR p YROWDGR SDUD D FRPSUHHQVmR H DWXDomR GRV
DUTXHyORJRV MXQWR DR LQWHUHVVH S~EOLFR HP JHUDO 0(55,0$1 S ([LVWHP
GLYHUVDV YHUWHQWHV GH WHRULDV H SUiWLFDV GHQWUR GHVWH FDPSR 2 TXH WDQJH WRGDV HVVDV
GLVFXVV}HVQRHQWDQWRpDUHIOH[mRVREUHFRPRDVSHVTXLVDVDUTXHROyJLFDVUHDOL]DGDV
GHQWUR GD DFDGHPLD RX PHVPR SHODV HPSUHVDV GH FRQVXOWRULD SDWULPRQLDO H D SUySULD
FXOWXUDPDWHULDOVHUHODFLRQDPFRPDVRFLHGDGH
,QVHULGRQHVVHVGHEDWHVRSUHVHQWHDUWLJRWHPFRPRREMHWLYRGLVFXWLURFRQFHLWR
GHFXOWXUDPDWHULDOHSDWULP{QLRSDUDDFRPSUHHQVmRGDVGLPHQV}HVSROtWLFDVGDHVFROKD
GRV SDWULP{QLRV GD FLrQFLD H GD WHFQRORJLD 5HVVDOWDVH D YDORUL]DomR GD GLYHUVLGDGH
FRPR XP FDPLQKR SDUD UHIOH[mR H FRQVWUXomR GH XPD VRFLHGDGH FUtWLFD H WROHUDQWH jV
GLIHUHQWHVPDQLIHVWDo}HVFXOWXUDLV
$&8/785$0$7(5,$/($63266,%,/,'$'(6'((678'26'$$548(2/2*,$
$FXOWXUDPDWHULDOHVWiVHPSUHSUHVHQWHQDYLGDKXPDQD1DVFHPRVFUHVFHPRVH
PRUUHPRVLQWHUDJLQGRFRPDVPDLVGLYHUVDVPDWHULDOLGDGHVFULDGDVGHQWURGHGLIHUHQWHV
SURSyVLWRVVmRDVHVWUXWXUDVREMHWRVHPRGLILFDo}HVTXHFRPS}HPRVQRVVRVHVSDoRV
GH OD]HU WUDEDOKR PRUDGLD HQWUH LQ~PHUDV RXWUDV SRVVLELOLGDGHV $ FXOWXUD PDWHULDO p
WXGRDTXLORTXHpSURGX]LGRRXPRGLILFDGRSHORVHUKXPDQRRXVHMDWXGRDTXLORTXHID]
SDUWHGRFRWLGLDQRGDKXPDQLGDGHLQGHSHQGHQWHGRWHPSRRXPHVPRGRHVSDoR
$SHVDU GH D FXOWXUD PDWHULDO OLJDUVH j SUySULD KLVWyULD KXPDQD VHX FRQFHLWR
QDVFHX VRPHQWH QDVHJXQGD PHWDGH GRVpFXOR;,; FRP RVHVWXGRVGD3Up+LVWyULD2
JHyORJR IUDQFrV %RXFKHU GH 3HUWKHV QDV REUDV $QWLTXLWpV FHOWLTXHV HW DQWpGLOXYLHQQHV
H'HOKRPPHDQWpGLOXYLHQIRLGRVSULPHLURVDHPSUHJDURFRQFHLWRSDUD
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
DQDOLVDU REMHWRV SURGX]LGRV SRU KRPHQV GXUDQWH D SUpKLVWyULD $SyV DV SHVTXLVDV GH
3HUWKHVRWHUPRFXOWXUDPDWHULDOGLIXQGLXVHDRSRXFRVVHQGRLQVWLWXFLRQDOL]DGRDSHQDV
HP 1HVWH DQR IRL FULDGD D $NDGHPLLD LVWRULL PDWHULDOQRL .XOWXU\ $FDGHPLD GD
+LVWyULD GD &XOWXUD 0DWHULDO QD 5~VVLD 6RYLpWLFD &RP H[SUHVV}HV HUXGLWDV GH RULJHP
HVWUDQJHLUDHUHIHUHQFLDOJUHFRURPDQR±DFDGHPLDJUHJRLVWRULDJUHJRPDWHULDOQDLD
ODWLP NXOWXUD ODWLP ± D $FDGHPLD WLQKD FRPR REMHWLYR LQYHVWLJDU R SDVVDGR GH XPD
QDomRUHFRQILJXUDGD520$12*,/S
&RPPDLVGHXPVpFXORHPHLRGHH[LVWrQFLDRWHUPRTXHSDVVRXDVHUFHQWUDO
SDUD RV HVWXGRV DUTXHROyJLFRV UHFHEHX GLIHUHQWHV VLJQLILFDo}HV 'HQWUR GDV SUiWLFDV
DUTXHROyJLFDV YLQFXODV j YHUWHQWH +LVWyULFR&XOWXUDO KHUGHLUDV GRV QDFLRQDOLVPRV GR
VpFXOR;,;DFXOWXUDPDWHULDOpFRPSUHHQGLGDFRPRRVYHVWtJLRVGDTXLORTXHRVKRPHQV
FRQVWURHP RX VHMD VmR RV DUWHIDWRV (VWHV YHVWtJLRV VmR WRPDGRV FRPR SURYDV
FRQFUHWDV TXH SRGHP HOXFLGDU R IXQFLRQDPHQWR GH GHWHUPLQDGDV FXOWXUDV $ FXOWXUD
QHVWH YLpV p GHILQLGD FRPR XPD VRPD GH WRGDV DV LGpLDV DWLYLGDGHV H PDWHULDLV TXH
FDUDFWHUL]DULDP D QDWXUH]D GH XP GHWHUPLQDGR JUXSR KXPDQR -21(6 S
6HULDSRUWDQWRXPDKHUDQoDVRFLDOTXHFRUUHVSRQGHULDDXPFRPSDUWLOKDUGHWUDGLo}HV
LQVWLWXLo}HVPRGRVGHYLGDHQWUHRXWURVHOHPHQWRV&+,/'(
$LQGDQRXQLYHUVRWHyULFR+LVWyULFR&XOWXUDORVDUWHIDWRVVmRWRPDGRVFRPRXPD
GRFXPHQWDomR SDOSiYHO H SRU LVVR REMHWLYD SDUD R HVWXGR GRV PRGRV GH YLGDV 3RU
VHUHP REMHWLYRV RV DUWHIDWRV IRUQHFHULDP GDGRV FRUUHWRV H LQTXHVWLRQiYHLV VREUH DV
FXOWXUDVDQDOLVDGDV$REMHWLYLGDGHGHVWDFXOWXUDPDWHULDOGHDFRUGRFRPRDQWURSyORJRH
DUTXHyORJRIUDQFrV$QGUp/HURL*RXUKDQSHUPLWLULDTXHD$UTXHRORJLDQmRHQFRQWUDVVH
OLPLWHVHVSDFLDLVRXWHPSRUDLVDRVVHXVHVWXGRVSRGHQGRFRPRTXDVHQHQKXPDRXWUD
FLrQFLD HODERUDU VtQWHVHV H UHFRQVWUXo}HV JHUDLV H SDUWLFXODUHV GRV REMHWRV HVWXGDGRV
/(52,*285+$1
$V GLILFXOGDGHV HQFRQWUDGDV SDUD D GHILQLomR GRV OLPLWHV FXOWXUDLV HQWUH JUXSRV
KXPDQRVHVWDULDPFHQWUDGDVQDSUySULDLPSRVVLELOLGDGHGHVHGHWHUPLQDULGHQWLGDGHVDRV
JUXSRV RX DV SHVVRDV $ LGHQWLGDGH QHVWH FDPLQKR SDVVD D VHU HQWHQGLGD FRPR
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
SURFHVVRVIOXLGRVGHFRQVWUXo}HVGHUHVSRVWDVSDUDSHUJXQWDVFRPR³TXHPHXVRX"´RX
³TXDLV VmR RV JUXSRV HP TXH PH LQVLUR"´ 'HQWUR GDV DUTXHRORJLDV YLQFXODGDV DR SyV
SURFHVVXDOLVPR H SyVPRGHUQLVPR DV UHVSRVWDV jV TXHVW}HV DQWHULRUHV SRGHP VHU
P~OWLSODV H YDULDU GH DFRUGR FRP D LQVHUomR LQGLYLGXDOJUXSDO QR WHPSR RX PHVPR QR
HVSDoR 3DUD R SHVTXLVDGRU MDPDLFDQREULWkQLFR 6WXDUW +DOO D LGHQWLGDGH FRQILJXUDVH
FRPR
DOJRIRUPDGRDRORQJRGRWHPSRDWUDYpVGHSURFHVVRVLQFRQVFLHQWHVH
QmR DOJR LQDWR H[LVWHQWH QD FRQVFLrQFLD QR PRPHQWR GR QDVFLPHQWR
([LVWH VHPSUH DOJR
LPDJLQiULR
RX IDQWDVLDGR VREUH VXD XQLGDGH (OD
SHUPDQHFH VHPSUH LQFRPSOHWD HVWi VHPSUH HP
SURFHVVR
VHPSUH
VHQGRIRUPDGDS
$VVLPRTXHDQWHVHUDFODVVLILFDGRGHQWURGD$UTXHRORJLD+LVWyULFR&XOWXUDOFRPR
GHWHUPLQDGD FXOWXUD HVWiWLFD QRV GLDV GH KRMH SRGH VHU SHUFHELGR FRPR XPD
PXOWLSOLFLGDGHGHLGHQWLGDGHVHHWQLFLGDGHV'HQWURGHVVDDUJXPHQWDomRVHULDLPSRVVtYHO
GHIHQGHU D FXOWXUD PDWHULDO FRPR UHYHODGRUD GD YHUGDGH VREUH RV JUXSRV TXH D
SURGX]LUDP3RUGRLVPRWLYRV$YHUGDGHVHPSUHYDULDULDGHDFRUGRFRPRFRQWH[WRGR
SHVTXLVDGRURXGHVXDVXEMHWLYLGDGHHRVJUXSRVFXOWXUDLVQmRVHULDPGRWDGRVGHXPD
VyOLGDKRPRJHQHLGDGHSDVVtYHOGHVHUUHYHODGDRXPHVPRUHFRQVWUXtGD
$FXOWXUDPDWHULDOVHFRQILJXUDGHQWURGHFRUUHQWHVWHyULFDVSyVPRGHUQDVFRPR
WXGR DTXLOR TXH p SURGX]LGR RX PRGLILFDGR SHOR KRPHP H TXH FRQVWDQWHPHQWH p
LQWHUSUHWDGDSHODVSHVVRDV$GRFXPHQWDomRGD$UTXHRORJLDQmRUHYHODRSDVVDGRRXR
SUHVHQWH PDV SHUPLWH UHVSRQGHU DRV DQVHLRV GR SUHVHQWH VREUH FRPR DV P~OWLSODV
FXOWXUDVIRUPDGDVSHODVLQWHUVHFo}HVGDVLGHQWLGDGHVHHWQLFLGDGHVSRGHPVHDUTXLWHWDU
H WHU D LQWHQomR GH IXQFLRQDU 8P H[HPSOR GH OHLWXUD GD FXOWXUD PDWHULDO FRP WDLV
SURSyVLWRVpRHVWXGRUHDOL]DGRSHORDUTXHyORJRLQJOrV0DWWKHZ-RKQVRQHPVXDREUD$Q
$UFKDHRORJ\RI&DSLWDOLVP
1R OLYUR R DXWRU DOPHMD WUDoDU XP PDSHDPHQWR GDV PXGDQoDV RFRUULGDV QD
SDLVDJHPHQDFXOWXUDPDWHULDOGD,QJODWHUUDGXUDQWHDWUDQVLomRGRILQDOGD,GDGH0pGLD
SDUD R LQtFLR GD PRGHUQLGDGH $ EXVFD SHOR QDVFLPHQWR GR FDSLWDOLVPR p XPD
SUHRFXSDomRSUySULDGRDXWRUHPVHXWHPSRHFRQWH[WRHVSHFtILFRV'HIRUPDEDVWDQWH
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
LQWHUHVVDQWHRSHVTXLVDGRUHVWXGDHVWUXWXUDVFRPRDGHLJUHMDVGRSHUtRGRHDWUDYpVGD
DQiOLVHGHVXDVGLVWULEXLo}HVHVSDFLDLVFRQVHJXHSURSRUXPDUHODomRHQWUHDVGLYLV}HV
VRFLDLV H[LVWHQWHV QR SHUtRGR H RV XVRV GDTXHOHV HVSDoRV 3DUD -RKQVRQ D FXOWXUD
PDWHULDOVHULDSURGX]LGDHPXPDVRFLHGDGHGHVLJXDOHDFDEDULDSRUUHSURGX]LUHUHIRUoDU
HVVDVGLVSDULGDGHV
2H[HPSORGDDQiOLVHPDWHULDOIHLWDSRU-RKQVRQSRGHULDVHUH[WUDSRODGRHWUD]LGR
SDUD R QRVVR WHPSR SUHVHQWH FRPR SRU H[HPSOR D LQYHVWLJDomR GD PDWHULDOLGDGH GDV
HVFRODV$GLVSRVLomRGDVVDODVFDUWHLUDVGRVDOXQRVPHVDGRSURIHVVRUDUTXLWHWXUDGR
SUpGLR GD HVFROD HQWUH RXWURV HOHPHQWRV FRQGX]HP DOXQRV H SURIHVVRUHV D DGRWDUHP
FRPSRUWDPHQWRVVRFLDOPHQWHDFHLWRV'HDFRUGRFRPRDUTXHyORJR3HGUR3DXOR)XQDUL
³QmR OHPRV UHJUDV H QRV WRUQDPRV PHPEURV GR UHEDQKR GH DOXQRV QD HVFROD VmR DV
HVWUXWXUDV PDWHULDLV GH FRQWUROH QR HGLItFLR ³(VFROD´ TXH QRV WUDQVIRUPD HP UHEDQKR´
S
2V XVRV GD FXOWXUD PDWHULDO SRGHP WRGDYLDVHU GLIHUHQWHV GRV HVSHUDGRVSHORV
VHXV FULDGRUHV ,QGHSHQGHQWH GDV UHFHSo}HV GDV PDWHULDOLGDGHV TXH VmR PXLWDV p
SRVVtYHODILUPDUTXHDFXOWXUDPDWHULDOpSURGX]LGDGHDFRUGRFRPDLQWHQFLRQDOLGDGH(OD
pFRQFHELGDPDWHULDOL]DGDHXWLOL]DGDGHQWURGHGHWHUPLQDGDVFXOWXUDVHSRULVVRSRGH
VHU OLGD SDUD D FRPSUHHQVmR GR IXQFLRQDPHQWR GDV UHJUDV FXOWXUDLV $V OHLWXUDV VmR
UHDOL]DGDVSHOD$UTXHRORJLD(VVDFLrQFLDpHQWHQGLGDFRPRR³HVWXGRGDFXOWXUDPDWHULDO
TXH EXVFD FRPSUHHQGHU DV UHODo}HV VRFLDLV H DV WUDQVIRUPDo}HV QD VRFLHGDGH´
)81$5,S
23$75,0Ð1,2($&8/785$0$7(5,$/
$VOtQJXDVURPkQLFDVXVDPWHUPRVGHULYDGDVGRODWLPSDWULPRQLXPSDUDVHUHIHULU
j ³SURSULHGDGHKHUGDGD GR SDLRX GRV DQWHSDVVDGRV XPD KHUDQoD´2VDOHPmHVXVDP
'HQNPDOSIOHJH ³R FXLGDGR GRV PRQXPHQWRV GDTXLOR TXH QRV ID] SHQVDU´ HQTXDQWR R
LQJOrVDGRWRXKHULWDJHQDRULJHPUHVWULWR³jTXLORTXHIRLRXSRGHVHUKHUGDGR´PDVTXH
SHORPHVPRSURFHVVRGHJHQHUDOL]DomRTXHDIHWRXDVOtQJXDVURPkQLFDVHVHXXVRGRV
GHULYDGRV GH SDWULPRQLXP WDPEpP SDVVRX D VHU XVDGR FRPR XPD UHIHUrQFLD DRV
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
PRQXPHQWRVKHUGDGRVGDVJHUDo}HVDQWHULRUHV(PWRGDVHVWDVH[SUHVV}HVKiVHPSUH
XPD UHIHUrQFLD j OHPEUDQoD PRQHR HP ODWLP ³OHYDU D SHQVDU´ SUHVHQWH WDQWR HP
SDWULPRQLXPFRPRHPPRQXPHQWXP'HQNPDOHPDOHPmRGHQNHQVLJQLILFD³SHQVDU¶H
DRVDQWHSDVVDGRVLPSOtFLWRVQD³KHUDQoD´$RODGRGHVWHVWHUPRVVXEMHWLYRVHDIHWLYRV
TXH OLJDP DV SHVVRDV DRV VHXV UHDLV RX VXSRVWRV SUHFXUVRUHV Ki WDPEpP XPD
GHILQLomR PDLV HFRQ{PLFD H MXUtGLFD ³SURSULHGDGH FXOWXUDO´ FRPXP QDV OtQJXDV
URPkQLFDVFIHPLWDOLDQREHQLFXOWXUDOLRTXHLPSOLFDXPOLDPHPHQRVSHVVRDOHQWUHR
PRQXPHQWR H D VRFLHGDGH GH WDO IRUPD TXH SRGH VHU FRQVLGHUDGD XPD ³SURSULHGDGH´
&RPR D SUySULD GHILQLomR GH ³SURSULHGDGH´ p SROtWLFD ³D SURSULHGDGH FXOWXUDO p VHPSUH
XPDTXHVWmRSROtWLFDQmRWHyULFD´UHVVDOWDYD&DUDQGLQLS
2FRQFHLWRPRGHUQRGHSDWULP{QLRQRHQWDQWRIRLFULDGRDSHQDVQRVpFXOR;9,,,
/tGHUHV GD UHYROXomR )UDQFHVD LQLFLDGD QR DQR GH SUHFLVDYDP FULDU QRYRV
VtPERORVQDFLRQDLVHQRYRVKiELWRVTXHSXGHVVHPFRQVWUXLURSUySULRFLGDGmR)81$5,
3(//(*5,1,1DTXHOHFRQWH[WRHUDLPSRUWDQWHGHVYLQFXODUDPHPyULDGD)UDQoD
jGDIDPtOLDUHDOGRV%RXUERQRXGHTXDOTXHURXWUDFDVDUHDO&RPRRVLGHDLVLOXPLQLVWDV
FULWLFDYDPDHVWUXWXUDVRFLDOHSROtWLFDGDVQDo}HVDEVROXWLVWDVHQRFDVRHVSHFtILFRGD
)UDQoDHVVDHVWUXWXUDKDYLDVLGRGHUUXEDGDHUDXUJHQWHLQVWDXUDUQRYRVHPEOHPDVSDUD
R VHQWLPHQWR GH LGHQWLGDGH QDFLRQDO *5(63$1 $ %DVWLOKD WRUQRXVH XP
SDWULP{QLRGDUHYROXomRHXPQRYRKLQRQDFLRQDOIRLLQVWDXUDGRR³&DQWRGH*XHUUDSDUD
R([pUFLWRGR5HQR´FRPSRVWRSRU&ODXGH-RVHSK5RXJHWGH/LVOHHPSDUDH[DOWDU
RV kQLPRV GRV FLGDGmRV FRPXQV QR FRPEDWH jV QDo}HV HVWUDQJHLUDV WRUQDUVHLD j
0DUVHOKHVD $ IRUoD GRV QRYRV VtPERORV HUD WmR JULWDQWH TXH R SUySULR 1DSROHmR
%RQDSDUWH WHPHURVR GD PHPyULD UHYROXFLRQiULD WHULD SURLELGR D H[HFXomR GD
0DUVHOKHVD HP VHX JRYHUQR 929(//( 3DUD DOpP GRV VtPERORV DV HVFRODV
S~EOLFDV UHFpP FULDGDV QD )UDQoD 5HYROXFLRQiULD GLIXQGLDP XPD OtQJXD QDFLRQDO TXH
DWpDTXHOHPRPHQWRHUDIDODGDDSHQDVSHODHOLWHIUDQFHVDHXPDRULJHPFRPXPDWRGRV
RVKRPHQVGDTXHODQDomRRVJDXOHVHV)81$5,3(//(*5,1,7LQKDVHGHVVH
PRGR Do}HV SROtWLFDV FRRUGHQDGDV TXH LQDXJXUDYDP QRYDV PDWHULDOLGDGHV H
PHQWDOLGDGHVTXHFRQVROLGDULDPXPVHQWLPHQWRGHSHUWHQFLPHQWRRGHVHUIUDQFrV
$ FRQVWLWXLomR GDV PHPyULDV QDFLRQDLV D SDUWLU GD HOHLomR GH GHWHUPLQDGRV
VtPERORV QmR IRL XP IHQ{PHQR H[FOXVLYDPHQWH IUDQFrV $R ORQJR GRV VpFXORV ;,;
LQ~PHUDV QDo}HV IRUDP FRQVWUXtGDV ILVLFDPHQWH H LGHRORJLFDPHQWH QmR DSHQDV QD
(XURSD PDV WDPEpP QD $PpULFD 1R FDVR HVSHFtILFR GR %UDVLO GXUDQWH R ,PSpULR
GLVFXWLDVHTXHPVHULDPRVFLGDGmRVEUDVLOHLURVHSULQFLSDOPHQWHVREUHFRPRFRQVLGHUDU
QHJURV H LQGtJHQDV HP UHODomR D HVVH SURMHWR GH EUDVLOLGDGH 0$57,16 3DUDR
UHFpP FULDGR H VHOHFLRQDGR EUDVLOHLUR QRYRV VtPERORV FRPR RV URPDQFHV H P~VLFDV
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
$VOLJDo}HVHQWUHDSURGXomRGDPHPyULDHGHWHUPLQDGDVFXOWXUDVPDWHULDLVVmR
GHVWDFDGDVSRU-RDFKLP+HUPDQQ3DUDHOH
1mR Ki LGHQWLGDGH VHP PHPyULD FRPR GL] XPD FDQomR FDWDOm ³DTXHOHV TXH
SHUGHP VXDV RULJHQV SHUGHP VXD LGHQWLGDGH WDPEpP´ %$//$57 S (
H[DWDPHQWHSHORFDUiWHUSROtWLFRGDPHPyULDGDFXOWXUDPDWHULDOHGRSDWULP{QLRWRUQD
VH XUJHQWH D SHUFHSomR GHVVHVDUWHIDWRV FRPR VRFLDOPHQWHFRQVWUXtGRV H FRQWHVWDGRV
HPWHUPRVFXOWXUDLVDQWHVTXHFRPRSRUWDGRUHVGHVLJQLILFDGRVLQHUHQWHVHDKLVWyULFRV
LQVSLUDGRUHVSRLVGHUHIOH[}HVPDLVGRTXHGHDGPLUDomR3277(5VG'HQWURGHVVH
FRQWH[WR p LPSRUWDQWH UHIOHWLU VREUH RV SDWULP{QLRV OLJDGRV j &LrQFLD H j 7HFQRORJLD
&RPR TXDOTXHU RXWUR SDWULP{QLR HOHV VmR HVFROKDV SROtWLFDV TXH SRGHP VHU DSHQDV
FHOHEUDGRVHDGPLUDGRVFRPRREMHWRVGLVWDQWHVGRFRWLGLDQRRXLQVWLJDUDFRQVLGHUDo}HV
DFHUFD GRV SDSpLV GHVHPSHQKDGRV SHODV FLrQFLDV H SHODV WHFQRORJLDV HP QRVVD
VRFLHGDGH
3$75,0Ð1,26'$&,Ç1&,$('$7(&12/2*,$(6&2/+$632/Ë7,&$6
1mR Ki XP FRQVHQVR HQWUHDV FLrQFLDV KXPDQDV H[DWDV H ELROyJLFDV DFHUFDGD
REMHWLYLGDGH FLHQWtILFD RX PHVPR VREUH RV SRGHUHV GHVHPSHQKDGRV SHORV GLVFXUVRV
FLHQWtILFRV HP QRVVD VRFLHGDGH 'HQWUR GR YLpV GDV WHRULDV SyVPRGHUQDV H SyV
SURFHVVXDOLVWDWHPVHFRPRSUHPLVVDDLQH[LVWrQFLDGHTXDOTXHUREMHWRRXPHVPRLGpLD
FRPR XP GDGR QDWXUDOPHQWH FRQVWLWXtGR 3DUWLQGR GH DUJXPHQWRV HVWDEHOHFLGRV SRU
)RFDXOW DGYRJDVH TXH WRGRV RV REMHWRV VmR KLVWRULFDPHQWH DUTXLWHWDGRV FRPR
REMHWRVGLVFXUVLYRVHSRULVVRVmRHVFROKDVSROtWLFDV
2V GLVFXUVRV PpGLFRV UHODWLYRV jV PXOKHUHV DR ORQJR GR VpFXOR ;,; H LQtFLRGR
;;VmRH[HPSODUHVGHFRPRRVGLVFXUVRVFLHQWtILFRVVmRIRUPDGRVDSDUWLUGHLQWHUHVVHV
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
SROtWLFRV H VRFLDLV EDVWDQWH HVSHFtILFRV 'H DFRUGR FRP (OLVDEHWK 5DJR QR SHUtRGR
PHQFLRQDGR
0DVHVVDVXSRVWDLQIHULRULGDGHDWHVWDGDSHODPHGLFLQDQmRHUDILVLROyJLFDQHP
SVLFROyJLFD PDV VRFLDO )5Ï(6 ,Q 5$*2 6RE R YpX GD REMHWLYLGDGH R
GLVFXUVR PpGLFR DVVLP FRPR RXWURV YLQFXODGRV jV GLYHUVDV GLVFLSOLQDV HVWDEHOHFHX H
HVWDEHOHFH SDGU}HV SDUD R TXH VHULD QRUPDO RX VRFLDOPHQWH DFHLWR 1R HQWDQWR DR
FRPSUHHQGHUDSURGXomRGRVGLVFXUVRVFLHQWtILFRVHPVHXVFRQWH[WRVHVSHFtILFRVWRUQD
VH SRVVtYHO TXHVWLRQDU RV SDGU}HV HVWDEHOHFLGRV H FRQVWUXLU RXWUDV SRVVLELOLGDGHV GH
H[LVWrQFLDVRFLDO
$ FRQMXJDomR GHVVHV WUrV LWHQV FULD XP HQYROWyULR VREUH DV FLrQFLDV H DV
WHFQRORJLDV TXH DV WRUQDP VREUHKXPDQDV FRPR VH HODV HVWLYHVVHP GHVORFDGDV GD
KXPDQLGDGH H GH VHXV FRQWH[WRV HVSHFtILFRV $V FLrQFLDV H DV WHFQRORJLDV VmR
WUDQVIRUPDGDV SRUWDQWR HP KHURtQDV GD FRQWHPSRUDQHLGDGH FDSD]HV GH FRUULJLU
TXDOTXHUDomRKXPDQD1DVSDODYUDVGH5REHUWR%DUWKROR
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
WRUQH LPSHUDWLYD TXDOTXHU UHYLVmR GH VHXV SDUkPHWURV H FULWpULRV GH
HILFLrQFLDHHILFiFLDS
5HVWDPQRVDOJXPDVG~YLGDVHQWUHHODVVREUHFRPRVHULDSRVVtYHOWUDEDOKDUFRP
SDWULP{QLRV GD FLrQFLD H GD WHFQRORJLD VHP UHIRUoDU VXDV LPDJHQV GH SRUWDGRUHV GH
YHUGDGHVDEVROXWDVHGHKHUyLV
$VUHVSRVWDVTXHVmRP~OWLSODVSRGHPVHUHQFRQWUDGDVQDVUHIOH[}HVGHTXDWUR
SRQWRV D HVFROKD GRV SDWULP{QLRV FRPR GHVHQYROYLGR DR ORQJR GR WH[WR p VHPSUH
XPD HVFROKD SROtWLFD 2 FRQKHFLPHQWR FLHQWtILFR p WUDQVLWyULR H FRQWpP XPD
KLVWRULFLGDGHeSRVVtYHOHQFRQWUDUXPDGLYHUVLGDGHGHVDEHUHVFLHQWtILFRVTXHSRGHP
GLDORJDP HQWUH VL $ GLYHUVLGDGH SRGH VHU ORFDOL]DGD GHQWUR GH XP PHVPR FDPSR GD
FLrQFLDFRPRHQWUHFDPSRVFLHQWtILFRVGLIHUHQWHV
3DUD -RUJH :DJHQVEHUJ GLUHWRU GR 0XVHX &2602&$,;$ GH %DUFHORQD ³D
FLrQFLD p REMHWLYD LQWHOLJtYHO H GLDOpWLFD $ FLrQFLD TXH QmR VH SRGH WUDQVPLWLU QmR p
FLrQFLD´$SHVDUGDGLVFRUGkQFLDHPUHODomRjREMHWLYLGDGHFLHQWtILFDpLPSRUWDQWH
DGPLWLU D FLrQFLD FRPR LQWHOLJtYHO H GLDOpWLFD RX VHMD PDUFDGD SRU FRQIOLWRV H
FRQWUDGLo}HV([SRUDVGLYHUVLGDGHVH[LVWHQWHVGHQWURGDSUySULDFLrQFLDHGDWHFQRORJLD
SRGH VHU XPD PDQHLUD GH UHFRORFiODV HP VHXV FRQWH[WRV KLVWyULFRV H SRUWDQWR
KXPDQRV GHPRQVWUDU VHXV OLPLWHV H SRVVLELOLGDGH TXH WDPEpP VH UHODFLRQDP DRV
DVSHFWRVpWLFRVHSROtWLFRV
&21&/862
2VSULQFLSDLVGHVDILRVGDVFLrQFLDVQRVpFXOR;;,FRQVLVWHPQDDWXDomRFRPRV
JUXSRVKXPDQRVHPVXDGLYHUVLGDGH+iFLQTHQWDDQRV3DXOR)UHLUHDOHUWDYDTXHQmR
VH WUDWD GH WUDQVPLWLU FRQKHFLPHQWR PDV GH SURGX]LOR QR FRQWDWR HQWUH HGXFDGRUHV H
HGXFDQGRV 1DV GpFDGDV VHJXLQWHV UHFRQKHFHXVH FDGD YH] PDLV D SOXUDOLGDGH H
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
YDORUL]RXVH D GLYHUVLGDGH WDQWR GRV FLHQWLVWDV FRPR GDV SHVVRDV HP JHUDO $ FXOWXUD
PDWHULDO DVSHFWR WmR HVVHQFLDO GD VRFLDELOLGDGH WRUQRXVH XP GRV SULQFLSDLV PHLRV GH
H[HFXomR GDV SUiWLFDV GD FLrQFLD DSOLFDGD $V FLrQFLDV H DV LQVWLWXLo}HV FLHQWtILFDV HP
SDUWLFXODU RV PXVHXV YROWDGRV SDUD D YDULHGDGH GH S~EOLFRV OHLJRV WRUQDUDPVH GH
IRUPD FUHVFHQWH YHtFXORV GH LQVHUomR VRFLDO H GH LQFOXVmR GD GLYHUVLGDGH $ WDUHID GH
QRVVRV GLDV FRQVLVWH HP FULDU PHFDQLVPRV GH LQWHUDomR TXH VLUYDP SDUD UHVSHLWDU H
LQFHQWLYDUDGLYHUVLGDGHKXPDQD
$*5$'(&,0(1726
5()(5Ç1&,$6
&XOWXUD0DWHULDOH3DWULP{QLRGH& 7
+(50$11-:RUOG$UFKDHRORJ\±7KHZRUOG¶VFXOWXUDOKHULWDJH,Q&/((5(+)HG
$UFKDHRORJLFDO+HULWDJH0DQDJHPHQWLQWKH0RGHUQ:RUOG/RQGRQ8QZLQ+\PDQS
-21(66LDQ7KH$UFKDHRORJ\RI(WKQLFLW\/RQGUHV5RXWOHGJH
-2+1621
60DWWKHZ$Q$UFKDHRORJ\RI&DSLWDOLVP2[IRUG%ODFNZHOO
/(52,*285+$1$QGUH0LOLHXHWWHFKQLTXHV3DULV$OELQ0LFKHO
0(//2 5RELQ $ 5HYLHZ RI ³7HOOLQJ &KLOGUHQ $ERXW WKH 3DVW $Q ,QWHUGLVFLSOLQDU\
3HUVSHFWLYH´
9LVLWRU6WXGLHVYQS
0$57,16(GXDUGR2'LiULRGDDVVHPEOpLDJHUDOGHHRVGLVFXUVRVGHFLGDGDQLD
5HYLVWD3DWULP{QLRH0HPyULDYQS
0(55,0$1 1LFN 7KH 3XEOLF LQWHUHVW LQ DUFKDHRORJ\ ,Q :,6( 3 (G 6LJQLILFDQW
2WKHUV7KH0XVHXP$UFKDHRORJLVWQS
3277(5 -U 3 % QG $SSURSULDWLQJ WKH YLFWRU E\ DGGUHVVLQJ WKH VHFRQG SHUVRQ
8QSXEOLVKHGW\SHVFULSW
5$*2(OL]DEHWK-+LJLHQH)HPLQLVPRH0RUDO6H[XDO*rQHURYS
520$12 5XJJLHUR *,/ )HUQDQGR (QFLFORSpGLD (LQDXGL ± YROXPH 3RUWR ,QFP
6:$,1 +HGOH\ $Q ,QWURGXFWLRQ WR 0XVHXP $UFKDHRORJ\ 1HZ <RUN &DPEULGJH
8QLYHUVLW\3UHVV
929(//( 0LFKHO $ 5HYROXomR )UDQFHVD H[SOLFDGD D PLQKD QHWD 6mR 3DXOR 8QHVS
=$5$1.,1 $QGUHV (O 3HQVDPLHQWR 0RGHUQR \ (O 3HQVDPLHQWR 3RVPRGHUQR HP
$UTXHRORJLD,Q5$*20DUJDUHWK*,0(1(65HQDWR$ORt]LRGH2OLYHLUDRUJV1DUUDUR
3DVVDGR5HSHQVDUD+LVWyULD&ROHomR,GpLDV&DPSLQDV,)&+8QLFDPS
:$*(16%(5*-RUJHHQWUHYLVWDFRP0XVHXGHFLrQFLDDUHQDGHFLrQFLDV(VSDoR
&LrQFLD 9LYD ± &LrQFLD HP GHEDWH 'LVSRQtYHO QR VLWH
KWWSZZZFLHQFLDYLYDRUJEUDUTXLYRHQWUHYLVWDVSDJHVHQWKWP $FHVVR HP GH
-XQ
BBBBBBBBBBBBBBBBBBBHQWUHYLVWD FRP 0XVHXV GHYHP GLYXOJDU FLrQFLD FRP HPRomR
&LrQFLD H &XOWXUD 6%3& Y Q6mR 3DXOR$SU-XQH 'LVSRQtYHO HP
KWWSFLHQFLDHFXOWXUDEYVEUVFLHORSKS"SLG 6
VFULSW VFLBDUWWH[W$FHVVRHPGH-XQ