0DWHXV]:DODVHN*
,'((/,%(5$/1(:32/6.,(-0<ĝ/,(.2120,&=1(-
32,,:2-1,(ĝ:,$72:(-'2/$7;;:,(.8
LIBERAL IDEAS IN POLISH ECONOMIC THOUGHT AFTER WORLD WAR TWO UNTIL 1970S.
Abstract
7KHHVVD\VKRZVKRZLQWKHHUDRIFHQWUDOSODQQLQJLGHRORJ\3ROLVKHFRQRPLVWVH[SUHVVHGWKHFRQ- YLFWLRQRIWKHQHHGWRUHVSHFWFHUWDLQLGHDVRIOLEHUDOHFRQRPLFV,QWKH¿UVWSDUWZHSUHVHQWLGHDV
RI$GDP.U]\ĪDQRZVNLDQG(GZDUG7D\ORU±ZULWHUVZKRZHUHDFWLYHEHIRUHWKHZDUDQGZHUHDEOH
WRFRQWLQXHWKHLUZRUNLQHDUO\SRVWZDUSHULRG,QWKHQH[WSDUWLWKDVEHHQVKRZQYLHZVRIDXWKRUV
WDNLQJSDUWLQGLVFXVVLRQDERXW&HQWUDO%RDUGRI3ODQQLQJDQGLQGLVFXVVLRQDERXWWKHODZRIYDOXH
&]HVáDZ%REURZVNL:áRG]LPLHU]%UXV-DQ0XMĪHO-y]HI3RSNLHZLF]6WHIDQ.XURZVNLSRVWXODWHG
LPSOHPHQWDWLRQRIPDUNHWPHFKDQLVPWRSODQHGHFRQRP\EXWLQSUDFWLFHQHYHUSURSDJDWHGDEDQGRQ
RIFHQWUDOSODQQLQJQRUSULYDWL]DWLRQRISURGXFWLRQUHVRXUFHV
6áRZDNOXF]RZH OLEHUDOL]PKLVWRULDP\ĞOLHNRQRPLF]QHMPHFKDQL]PU\QNRZ\JRVSRGDUND
VRFMDOLVW\F]QD
1XPHUNODV\¿NDFML-(/ %
3UREOHP\]SURSDJRZDQLHPLGHLOLEHUDOQ\FKZRNUHVLHSR,,ZRMQLH
ĞZLDWRZHM
:GRW\FKF]DVRZ\FKRSUDFRZDQLDFKQDXNRZ\FKF]ĊVWRZ\VWĊSXMHSU]HNRQDQLH
RPDUJLQDOQRĞFLOLEHUDOL]PXZ3ROVFH2SLQLHREUDNXREHFQRĞFLOLEHUDOL]PXZSRO
*0JU8QLZHUV\WHWàyG]NL
%6REROHZVND06REROHZVNL0\ĞOSROLW\F]QD;,;L;;Z/LEHUDOL]P3:1:DUV]DZD
V - 6]DFNL /LEHUDOL]P SR NRPXQL]PLH =QDN .UDNyZ V 0 -DQRZVNL
*áyZQHWHQGHQFMHSROVNLHJROLEHUDOL]PXZODWDFK >Z @5RPDQ%HQHG\NFLXN5\V]DUG
.RáRG]LHMF]\N UHG 7UDG\FMH OLEHUDOQH Z 3ROVFH :\GDZQLFWZR 'L* :DUV]DZD V
= RSLQLDPL W\PL SROHPL]XMH . 5RJDF]HZVND (NRQRPLF]Q\ Z\PLDU SROVNLHJR OLEHUDOL]PX
:\GDZQLFWZR8QLZHUV\WHWX:URFáDZVNLHJR:URFáDZV
VNLHMP\ĞOLHNRQRPLF]QHMVąIRUPXáRZDQHZV]F]HJyOQRĞFLGRRNUHVXRGNRĔFD,,
ZRMQ\ĞZLDWRZHMGRVFK\áNXODW;;ZLHNX3U]HNRQDQLHWDNLHPRĪHZ\QLNDü
]RJUDQLF]DQLDVLĊGRDQDOL]RZDQLDSUDFW\FKDXWRUyZNWyU]\SU]HGVWDZLDOLVSyMQ\
V\VWHPSRJOąGyZOLEHUDOQ\FKREHMPXMąF\ZLHOHDVSHNWyZU]HF]\ZLVWRĞFLVSRáHF]
QHM7DNLFKDXWRUyZE\áRZKLVWRULLSROVNLHMP\ĞOLHNRQRPLF]QHMLVWRWQLHQLHZLHOX
DZRNUHVLHWU]\G]LHVWXODWSR]DNRĔF]HQLX,,ZRMQ\ĞZLDWRZHMSUH]HQWRZDQLHVSyM
QHJRV\VWHPXSRJOąGyZOLEHUDOQ\FKE\áRSUDNW\F]QLHQLHPRĪOLZH1LHR]QDF]DWR
MHGQDNĪHZR¿FMDOQ\PRELHJXZ\GDZQLF]\PEUDNE\áRZ\VWąSLHĔNWyU\FKDXWR
U]\SUH]HQWRZDOLOLEHUDOQHSRGHMĞFLHGRSHZQ\FKDVSHNWyZJRVSRGDUNL$XWRU]\FL
QLHMHGQRNURWQLHGRSXV]F]DOLWDNĪHZLHOHG]LDáDĔQLHPLHV]F]ąF\FKVLĊZOLEHUDOQ\P
NDQRQLH:\QLNDáRWRZ]QDF]QHMPLHU]H]HĞZLDGRPRĞFLWHJRĪHZDUXQNLHNRQR
PLF]QHLVSRáHF]QHZ3ROVFHSR]DNRĔF]HQLX,,ZRMQ\ĞZLDWRZHMRGELHJDá\RGW\FK
NWyUHSDQRZDá\ZNUDMDFKZNWyU\FKWHQNDQRQSRZVWDZDá
:DUXQNLNWyUH]DLVWQLDá\Z3ROVFHSR,,ZRMQLHĞZLDWRZHME\á\Z\MąWNRZR
QLHVSU]\MDMąFHGODUR]ZRMXOLEHUDOQHMP\ĞOLHNRQRPLF]QHM6SUDZXMąF\ZáDG]Ċ]D
F]ĊOLZSURZDG]DüPRGHOJRVSRGDUF]\RSDUW\RFHQWUDOQHSODQRZDQLHLVSRáHF]Qą
ZáDVQRĞüĞURGNyZSURGXNFML'LDPHWUDOQHM]PLDQLHXOHJá\WHĪVWRVXQNLZáDVQRĞFL
=DNáDG\ ]DWUXGQLDMąFH ô SUDFXMąF\FK Z SU]HP\ĞOH ]RVWDá\ XSDĔVWZRZLRQH MXĪ
Z UMDNRZáDVQRĞüSRQLHPLHFND F]\OLSUDNW\F]QLHZV]\VWNLHSU]HGVLĊELRU
VWZDQD=LHPLDFK=DFKRGQLFK NRODERUDQWyZOXEQLF]\MD WHUPLQHPW\PREHMPR
ZDQRSU]HGVLĊELRUVWZDQDOHĪąFHGRR¿DUZRMQ\JáyZQLHĩ\GyZ Z]JOĊGQLHQDOH
ĪąFHGRURG]DMyZSU]HGVLĊELRUVWZXOHJDMąF\FKEH]Z]JOĊGQHPXXSDĔVWZRZLHQLX
-HV]F]HSU]HGVWZRU]HQLHPDNWyZXVWDZRZ\FKVHNWRUSDĔVWZRZ\]DSHZQLáVRELH
ZSU]HP\ĞOHGRPLQXMąFąSR]\FMĊ&RSUDZGDRGPLHQQDV\WXDFMDZ\VWĊSRZDáD
ZUROQLFWZLHLKDQGOXDOHV\WXDFMDWDZSU]\SDGNXKDQGOXRND]DáDVLĊNUyWNR
WUZDáD:ZDUXQNDFKW\FKQLHVá\FKDQLH]DZĊ]LáRVLĊSROHGRXZDJNU\W\F]Q\FK
SRGDGUHVHP]DDQJDĪRZDQLDSDĔVWZDZJRVSRGDUNĊ
:G\VNXVMLSURZDG]RQHMZNRĔFX UQDIRUXP.UDMRZHM5DG\1DURGRZHM
QDGSURMHNWHPXVWDZ\RSU]HMĊFLXQDZáDVQRĞüSRGVWDZRZ\FKJDáĊ]LJRVSRGDUNL
QDURGRZHM]JáDV]DQRMHG\QLHSRVWXODW\Z\áąF]HQLDVSRGQDFMRQDOL]DFMLSU]HGVLĊ
ELRUVWZPDMąF\FKRGGRSUDFRZQLNyZRUD]SU]HND]DQLD]QDFMRQDOL]RZD
Q\FK SU]HGVLĊELRUVWZWDNĪHVSyáG]LHOQLRPLVDPRU]ąGRZLORNDOQHPX3LHUZV]\
SRVWXODWQLH]RVWDá]UHDOL]RZDQ\DOHGRW\F]\áLWDN]DNáDGyZZ\WZDU]DMąF\FKMH
G\QLHNLONDSURFHQWSURGXNFMLSU]HP\VáRZHM'UXJLPLPR]DZDUFLDVWRVRZQ\FK
SU]HSLVyZZXVWDZLHSR]RVWDáZSUDNW\FHPDUWZ\'\VNXVMDGRZRG]LáDĪHĪDG
QD ] VLá IXQNFMRQXMąF\FK Z R¿FMDOQ\P Ī\FLX SROLW\F]Q\P QDZHW RSR]\F\MQH
-6]DFNLRSFLWV ='UR]GRZLF]/LEHUDOL]PVSRáHF]QR¿OR]R¿F]Q\LMHJRSU]HVáDQLH
>Z @ :DFáDZ -DUPRáRZLF] .DWDU]\QD 6]DU]HF UHG /LEHUDOQH SU]HVáDQNL SROVNLHM WUDQVIRUPDFML
JRVSRGDUF]HM3:(:DUV]DZDV
7 .RZDOLN 6SRU\ R XVWUyM VSRáHF]QRJRVSRGDUF]\ 3ROVNL 1LH]DOHĪQD 2¿F\QD
:\GDZQLF]D:DUV]DZD V
,ELGHPV
3ROVNLH6WURQQLFWZR/XGRZH 36/ QLHNZHVWLRQRZDáDQDFMRQDOL]DFML]QDF]QHM
F]ĊĞFL SU]HP\VáX 1DWRPLDVW Z SU]HFLZLHĔVWZLH GR 3ROVNLHM 3DUWLL 5RERWQLF]HM
335 36/ SURSRQRZDáR JRVSRGDUNĊ ZLHORVHNWRURZą EH] PRQRSROX SDĔVWZD
ZG]LHG]LQLHZáDVQRĞFL]VLOQąSR]\FMąVHNWRUDVSyáG]LHOF]HJR3RGREQHSRVWX
ODW\ SRMDZLDá\ VLĊ WDNĪH Z NUĊJDFK 3ROVNLHM 3DUWLL 6RFMDOLVW\F]QHM 336 . PPS ZVZRLFKZ\VWąSLHQLDFKSU]HFLZVWDZLDMąF\FKVLĊVWDQRZLVNX335RGJU\ZDáDGH
IDFWR UROĊ SDUWLL RSR]\F\MQHM %\á\ WHĪ SU]\SDGNL VSU]HFLZX ZREHF DUELWUDOQHM
QDFMRQDOL]DFMLFDá\FKEUDQĪQLH]DOHĪQLHRGZLHONRĞFLSU]HGVLĊELRUVWZMDNPLDáRWR
PLHMVFHZSU]\SDGNXSROLJUD¿L7UXGQRX]QDZDü]ZROHQQLNyZJRVSRGDUNLZLH
ORVHNWRURZHM]DOLEHUDáyZJRVSRGDUF]\FKDOHQDOHĪ\RGQRWRZDüWHZ\VWąSLHQLD
MDNRJáRV\SU]HFLZGRPLQXMąFHMSR]\FMLSDĔVWZDZJRVSRGDUFHZV]F]HJyOQRĞFL
ĪHZ\VWąSLHQLDQDU]HF]VSyáG]LHOF]RĞFLZSLHUZV]\FKODWDFKSRZRMHQQ\FKPRĪQD
RGF]\W\ZDüMDNRJáRV\QDU]HF]U]HF]\ZLVWHMVSyáG]LHOF]RĞFLQLHMHM]GRPLQRZD
QHMSU]H]SDĔVWZRIRUP\NWyUDIXQNFMRQRZDáDZODWDFKSyĨQLHMV]\FK
$XWRU]\NRQW\QXXMąF\G]LDáDOQRĞüSU]HGZRMHQQą
1RZH ZáDG]H SUDJQąF SR]\VNDü QDMV]HUV]H SRSDUFLH VSRáHF]QH Z NUyWNLP
RNUHVLH SR ]DNRĔF]HQLX ZRMQ\ SR]RVWDZLDá\ MHV]F]H SHZLHQ PDUJLQHV VZREyG
'ODWHJRSROVF\HNRQRPLĞFLNWyU]\SU]HĪ\OLZRMQĊPLHOLMHV]F]HPRĪOLZRĞüDF]
NROZLHNRJUDQLF]RQąZ\SRZLDGDQLDVLĊZGXFKXLQQ\PQLĪPDUNVL]P%\á\GR
SXV]F]DOQHZGHEDFLHSXEOLF]QHMJáRV\VWDMąFHZREURQLHGUREQHMZáDVQRĞFLSU\
ZDWQHMF]\WHĪQDU]HF]RJUDQLF]HQLDZSá\ZXSDĔVWZDQDJRVSRGDUNĊ'RRNRáR
URNXLVWQLDáDPRĪOLZRĞüSU]HND]\ZDQLDSHZQ\FKWUHĞFLOLEHUDOQ\FK]NWyUHM
NRU]\VWDOLSU]HGHZV]\VWNLPWDF\HNRQRPLĞFLMDN$GDP.U]\ĪDQRZVNL (GZDUG
,ELGHP V & %REURZVNL :VSRPQLHQLD ]H VWXOHFLD :\GDZQLFWZR /XEHOVNLH /XEOLQ
V
-DQ'UHZQRZVNL$XWRELRJUD¿DÄ.ZDUWDOQLN+LVWRULL1DXNLL7HFKQLNL´,QVW\WXW+LVWRULL
1DXNL3$1:DUV]DZD QU
7DGHXV].RZDOLNRSFLWV
-DNRPRPHQWJUDQLF]Q\VZRERG\GHEDW\ZRGQLHVLHQLXGR6]NRá\*áyZQHM+DQGORZHM-DQ
'UHZQRZVNLZVND]XMHZU]HVLHĔ U:W\PPRPHQFLHGRW\FKF]DVRZąXF]HOQLHSU\ZDWQąNWyUHM
NDGUDFLHV]\áDVLĊZ]JOĊGQąVZRERGąEDGDĔXSDĔVWZRZLRQR]PLHQLRQRQD]ZĊRUD]ZSURZDG]RQR
OLF]QH]PLDQ\RUJDQL]DF\MQHLSHUVRQDOQHNWyUHSU]\F]\QLá\VLĊGRVWDOLQL]DFMLXF]HOQL3RGREQH
]PLDQ\]DV]á\WDNĪHZW\PRNUHVLHQDLQQ\FKSROVNLFKXF]HOQLDFK>]D-DQ'UHZQRZVNLRSFLW@
$GDP.U]\ĪDQRZVNL SURIHVRUHNRQRPLLQD8QLZHUV\WHFLH-DJLHOORĔVNLP3R
F]ąWNRZRGDáVLĊSR]QDüMDNRVSHFMDOLVWDRGHNRQRPLNLUROQLFWZD3RWHPVNRQFHQWURZDáVLĊQDHNRQR
PLLSROLW\F]QHM2G V]HIRZDáNDWHGU]HHNRQRPLLSROLW\F]QHMLVNDUERZRĞFLQD8-1DMZDĪQLHM
V]HG]LHáD.U]\ĪDQRZVNLHJRWR5ROQLFWZRZREHFSROLW\NLKDQGORZHM 7HRULD0DOWKXVD
3LHQLąG] *RVSRGDUND ZRMHQQD =DáRĪHQLD HNRQRPLNL 1DXND R SLHQLąG]X
LNUHG\FLH 1DXNDVNDUERZRĞFL 3ROLW\NDLJRVSRGDUVWZR 'RODUL]áRW\
:LHN ;; &KU]HĞFLMDĔVND PRUDOQRĞü SROLW\F]QD 2SUyF] G]LDáDOQRĞFL QDXNRZHM
7D\ORU L (GZDUG /LSLĔVNL: RNUHVLH NUyWNR SR ZRMQLH SRZVWDá\ GZLH SUDFH
.U]\ĪDQRZVNLHJR :LHN ;; i &KU]HĞFLMDĔVND PRUDOQRĞü SROLW\F]QD 3LHUZV]D
]W\FKSUDFMHVWRSLVHPKLVWRULLSROLW\F]QHMLJRVSRGDUF]HMSLHUZV]HMSRáRZ\;;
UR]ZLQąáG]LDáDOQRĞüSXEOLF\VW\F]Qą6WDáVLĊZRNUHVLHPLĊG]\ZRMHQQ\PQDMEDUG]LHMUH
SUH]HQWDW\ZQ\PSU]HGVWDZLFLHOHPP\ĞOLOLEHUDOQHMZ3ROVFH=GRE\áZLHONąSRSXODUQRĞü±WDNĪH
ZĞUyGSU]HFLZQLNyZ±MDNRSROLW\F]Q\LHNRQRPLF]Q\OLEHUDá%\áUyZQLHĪGRUDGFąU]ąGRZ\PEUDá
XG]LDáZURNRZDQLDFKZVSUDZLHSRĪ\F]HNU]ąGXDPHU\NDĔVNLHJRLSU]HZRGQLF]\á.RPLVML3RGDW
NRZHMSU]\0LQLVWU]H6NDUEX8F]HVWQLF]\áDNW\ZQLHZĪ\FLXSROLW\F]Q\PNUDMX±SRSU]HZURFLH
PDMRZ\P]ZLą]DáVLĊ]RER]HPVDQDF\MQ\P: U]RVWDáZ\EUDQ\GRVHMPX]UDPLHQLD%%:5
X0DQGDW]áRĪ\áODWDSyĨQLHMSRGZSá\ZHPSURFHVXEU]HVNLHJRLRGWHJRF]DVXSRGMąáNU\W\NĊ
VDQDFML3RZNURF]HQLX1LHPFyZ]RVWDáDUHV]WRZDQ\ZUD]]LQQ\PLSURIHVRUDPLXF]HOQLNUDNRZ
VNLFKLGROXWHJR USU]HE\ZDáZRER]LHNRQFHQWUDF\MQ\P1DVWĊSQLHXF]HVWQLF]\áZWDMQ\P
QDXF]DQLX3R]DNRĔF]HQLXZRMQ\Z]QRZLáSUDFĊQDXNRZąQD8-3RGMąáWHĪG]LDáDOQRĞüSROLW\F]Qą
EĊGąFSRVáHPGR.UDMRZHM5DG\1DURGRZHMLQD6HMP]UDPLHQLD6WURQQLFWZD'HPRNUDW\F]QHJR
:NRĔFX U]RVWDáSU]HQLHVLRQ\QDHPHU\WXUĊ]DĞZSRáRZLHQDVWĊSQHJRURNXVNáDGDMąFPDQ
GDWSRVHOVNLZ\FRIDáVLĊ]Ī\FLDSXEOLF]QHJR1LH]DSU]HVWDáMHGQDNSUDF\QDXNRZHMFKRFLDĪMHJR
]DLQWHUHVRZDQLDVNRQFHQWURZDá\VLĊQD]DJDGQLHQLDFKKLVWRU\F]Q\FK3R]EDZLRQ\PRĪOLZRĞFLSX
EOLNRZDQLDWZRU]\áSUDFHNWyUH]RVWDá\Z\GDQHMXĪSRMHJRĞPLHUFLQDHPLJUDFMLMDN']LHMH3ROVNL
OXESRSU]HPLDQDFKGHPRNUDW\F]Q\FKZ3ROVFHMDN5DMGRF]HVQ\NRPXQLVWyZ±SUDFDRKLVWRULL
5RVMLNWyUDQDSXEOLNDFMĊPXVLDáDF]HNDüODW>]D$/LW\ĔVND.UDNRZVF\WZyUF\SROVNLHMP\ĞOL
HNRQRPLF]QHM$GDP.U]\ĪDQRZVNL±Z\ELWQ\HNRQRPLVWDNUDNRZVNL37(.UDNyZ @
(GZDUG7D\ORU DEVROZHQWLGRNWRUDQWQD8QLZHUV\WHFLH-DJLHOORĔVNLP3URIH
VRUHNRQRPLLSROLW\F]QHMLVNDUERZRĞFLQD8QLZHUV\WHFLH3R]QDĔVNLPDSyĨQLHMQD8QLZHUV\WHFLH
LP$GDPD0LFNLHZLF]DZ3R]QDQLX1DMZDĪQLHMV]HSUDFH7D\ORUDWR 6WDW\NDLG\QDPLNDZWHRULL
HNRQRPLL ,QÀDFMDSROVND :VWĊSGRHNRQRPLNL 7HRULDSURGXNFML L+LVWRULDUR]ZRMXHNRQRPLNL :]DNUHVLH]DLQWHUHVRZDĔQDXNRZ\FK(7D\ORUDOHĪDáD
WHRULDHNRQRPL]HV]F]HJyOQ\PXZ]JOĊGQLHQLHPWHRULLSURGXNFMLRUD]WHRULLSLHQLąG]DLNUHG\WX
,QWHUHVRZDáVLĊWHĪKLVWRULąP\ĞOLHNRQRPLF]QHMLSUREOHPDW\NąVSyáG]LHOF]RĞFL>]D7.RZDOLN
+LVWRULDHNRQRPLLZ3ROVFH =DNáDG1DURGRZ\,PLHQLD2VVROLĔVNLFK:URFáDZ @
(GZDUG/LSLĔVNL VWXGLRZDáZ/LSVNXL=XU\FKX1LHX]\VNDáMHGQDNĪDGQHJR
VWRSQLD QDXNRZHJR 3UDFRZDá Z EDQNRZRĞFL V]NROQLFWZLH L VáXĪEDFK VWDW\VW\F]Q\FK : U
UR]SRF]\QDZ\NáDGDQLHQD:\ĪV]HM6]NROH+DQGORZHMZ:DUV]DZLH: U]RVWDMHSURIHVRUHP
]Z\F]DMQ\PWHMXF]HOQL: UVWZRU]\á,QVW\WXW%DGDQLD.RQLXQNWXU*RVSRGDUF]\FKL&HQ
.LHURZDáQLPGR U3R UUHDNW\ZXMHJRSRGQD]Zą,QVW\WXWX*RVSRGDUVWZD1DURGRZHJR
2G UE\áUHGDNWRUHPQDF]HOQ\PNZDUWDOQLNDÄ(NRQRPLVWD´:RNUHVLHRNXSDFMLKLWOHURZVNLHM
NLHUXMH,0LHMVNą6]NRáą+DQGORZąNWyUDE\áDRĞURGNLHPWDMQHJRQDXF]DQLDHNRQRPLL3RZRMQLH
ZUDFDQDVWDQRZLVNRSURIHVRUDZ6*+ Z USU]HPLDQRZDQHMQD6*3L6 : U]RVWDMH
SU]HQLHVLRQ\ QD 8QLZHUV\WHW :DUV]DZVNL 2G ZF]HVQHM PáRGRĞFL V\PSDW\]RZDá ] UXFKHP
OHZLFRZ\P Z V]F]HJyOQRĞFL ] 336 :VWąSLá GR WHM SDUWLL Z U 3R ]MHGQRF]HQLX SDUWLL
URERWQLF]\FK E\á F]áRQNLHP 3=35 1LH FLHV]\á VLĊ MHGQDN ]DXIDQLHP ZáDG] 3RG NRQLHF Ī\FLD
]ZLą]Dá VLĊ ] RSR]\FMą GHPRNUDW\F]Qą 1DMZDĪQLHMV]H SUDFH WR 0HUNDQW\OL]P L SRF]ąWNL V]NRá\
NODV\F]QHM:\EyUSLVPHNRQRPLF]Q\FK;9,L;9,,ZLHNX 3RJOąG\HNRQRPLF]QH0LNRáDMD
.RSHUQLND 6WXGLDQDGKLVWRULąSROVNLHMP\ĞOLHNRQRPLF]QHM 7HRULDHNRQRPLLLDNWXDOQH
]DJDGQLHQLDJRVSRGDUF]H +LVWRULD SRZV]HFKQHMP\ĞOLHNRQRPLF]QHMGRURNX
3UREOHP\S\WDQLDZąWSOLZRĞFL=ZDUV]WDWXHNRQRPLVW\ %\áDXWRUHPOLF]Q\FKDUW\NXáyZ
QD áDPDFK ZLHOX F]DVRSLVP 1D V]F]HJyOQą XZDJĊ ]DVáXJXMą MHJR DUW\NXá\ Z Ä(NRQRPLĞFLH´
:SUDF\QDXNRZHMNRQFHQWURZDáVLĊQD]DJDGQLHQLDFKNRQLXQNWXU\SROLW\NLHNRQRPLF]QHMWHRULL
HNRQRPLL RUD] KLVWRULL P\ĞOL HNRQRPLF]QHM : URNX SU]HV]HGá QD Z\NáDGDQLH HNRQRPLL
PDUNVLVWRZVNLHM DOH SR]RVWDZDá NU\W\F]Q\ ZREHF ZLHOX DVSHNWyZ IXQNFMRQRZDQLD yZF]HVQHJR
V\VWHPXJRVSRGDUF]HJR6á\QąáMDNREDUG]RGREU\G\GDNW\NLRUJDQL]DWRUSUDF\QDXNRZREDGDZF]HM
>]D-1RZLFNL/XPLQDU]HSROVNLHMWHRULLHNRQRPLL;;ZLHNX3:1:DUV]DZD @
ZLHNXZUD]]OLF]Q\PLRGQLHVLHQLDPLGRZLHNX;,;:W\FKRGQLHVLHQLDFK.U]\
ĪDQRZVNL]DZDUáSRFKZDáĊV\VWHPXRSDUWHJRROLEHUDOL]PJRVSRGDUF]\LGHPRNUD
FMĊSDUODPHQWDUQą2SLVXMąFKLVWRU\F]QHMXĪVWRVXQNLJRVSRGDUF]HSU]HGVWDZLDá
ZLHOHSR]\W\ZQ\FKRSLQLLRUROLZáDVQRĞFLSU\ZDWQHM3RGNUHĞODáĪHVWDQRZLRQD
SRGVWDZĊZROQRĞFLRUD]ĪHUR]ZLQLĊWDZáDVQRĞüSU\ZDWQDZSá\ZDQDSDWULDUFKDO
Q\ VWRVXQHN SU]HGVLĊELRUFyZ GR URERWQLNyZ FR ]QDMGXMH Z\UD] Z G]LDáDQLDFK
VRFMDOQ\FKUHDOL]RZDQ\FKZRSDUFLXRIXQGXV]HZáDĞFLFLHOLSU]HGVLĊELRUVWZ&R
ZLĊFHMQDLOHWRE\áRPRĪOLZH]HZ]JOĊGXQDFHQ]XUĊNU\W\NRZDáZSURZDG]DQH
yZF]HĞQLHSU]H]SDĔVWZRRJUDQLF]HQLHZROQRĞFLJRVSRGDUF]\FKSU]HMĊFLHSU]H]
SDĔVWZRNRQWUROLQDGJRVSRGDUNąLG]LDáDOQRĞFLąVSRáHF]QąF]\WHĪXSDĔVWZRZLHQLH
EDQNyZL¿UPXEH]SLHF]HQLRZ\FK3RZRáXMąFVLĊQDSU]\NáDG\KLVWRU\F]QHSRG
NUHĞODáĪHGHPRNUDFMDLZROQ\U\QHNVSU]\MDMąGREURE\WRZLVSRáHF]HĔVWZD:VND
]\ZDáWHĪQDZ]DMHPQHXZDUXQNRZDQLHVWRVXQNyZSROLW\F]Q\FKLPRUDOQRĞFL. 7HQRVWDWQLWHPDWPLVWU]V]NRá\NUDNRZVNLHMNRQW\QXRZDáZZ\GDQHMZ U
SUDF\]DW\WXáRZDQHM&KU]HĞFLMDĔVNDPRUDOQRĞüSROLW\F]QD:WHMSUDF\SRGVXPR
ZDáVZRMHEDGDQLDQDGJRVSRGDUNąXZ]JOĊGQLDMąFHWHĪNRQWHNVWVSRáHF]Q\SROL
W\F]Q\LKLVWRU\F]Q\:VND]DáV\VWHPPRUDOQRĞFLFKU]HĞFLMDĔVNLHMMDNRZáDĞFLZ\
GODRVLąJQLĊFLDSRVWĊSX]DUyZQRZVHQVLHGXFKRZ\PMDNLPDWHULDOQ\P'RZR
G]LáĪHQLHPDVSU]HF]QRĞFLSRPLĊG]\FKU]HĞFLMDĔVWZHPLOLEHUDOQąGHPRNUDFMą
SRGNUHĞODMąFĪHZVSyOQ\PHOHPHQWHPW\FKV\VWHPyZMHVWX]QDQLHOXG]L]DZRO
Q\FKLUyZQ\FK6WZLHUG]DáLĪGHPRNUDFMDXVWURMyZSDĔVWZRZ\FKVSODWDáDVLĊ
]UR]ZRMHPZáDVQRĞFLSU\ZDWQHM=SHZQ\PLREDZDPL]DXZDĪDáGRNRQXMąFHVLĊ
yZF]HĞQLH]QDF]QHRJUDQLF]HQLHZáDVQRĞFLSU\ZDWQHMQDU]HF]SXEOLF]QHM3RUX
V]\áWHĪNZHVWLĊQDWXUDOQ\FKXZDUXQNRZDĔSURFHVyZHNRQRPLF]Q\FKWNZLąF\FK
ZMHGQRVWNDFKOXG]NLFKZVND]XMąFQD]JRGQRĞüLQVW\WXFMLJRVSRGDUNLZROQRU\Q
NRZHM]SV\FKLF]Q\PLLPRUDOQ\PLSUHIHUHQFMDPLF]áRZLHND .
'UXJLPZ\ELWQ\PSU]HGVWDZLFLHOHPP\ĞOLOLEHUDOQHMRNUHVXPLĊG]\ZRMHQ
QHJRNWyU\NRQW\QXRZDáG]LDáDOQRĞüQDXNRZąLG\GDNW\F]QąSR,,ZRMQLHĞZLDWR
ZHME\á(GZDUG7D\ORU: URNX7D\ORUZ\GDáQDSLVDQąZF]DVLHZRMQ\SUD
FĊ7HRULDSURGXNFMLZNWyUHMDNFHQWRZDáZDJĊ]JRGQRĞFLV\VWHPXJRVSRGDUF]HJR
]FKDUDNWHUHPNXOWXUąLZLHG]ąGDQHJRVSRáHF]HĔVWZDRUD]V\VWHPHPVSUDZR
ZDQLDZáDG]\:SUDF\WHM7D\ORUSU]HGVWDZLDáSRUyZQDQLDUyĪQ\FKV\VWHPyZ
$.U]\ĪDQRZVNL:LHN;;:\GDZQLFWZR(XJHQLXV]D.XWKDQD:DUV]DZD.UDNyZ V
,ELGHPV
,ELGHPV
,ELGHPV
$ .U]\ĪDQRZVNL &KU]HĞFLMDĔVND PRUDOQRĞü SROLW\F]QD 2ĞURGHN 0\ĞOL 3ROLW\F]QHM
.UDNyZV
,ELGHPV
,ELGHPV
,ELGHPV
(7D\ORU7HRULDSURGXNFML:\GDZQLFWZR.D]LPLHU]D5XWVNLHJR:DUV]DZDàyGĨ V
HNRQRPLF]Q\FKLZVND]\ZDáQD]DOHW\V\VWHPyZRSDUW\FKRGHPRNUDFMĊLJRVSR
GDUNĊ ZROQRU\QNRZą .U\W\F]QLHSRGFKRG]LáGR RJUDQLF]DQLDZROQRĞFL JRVSR
GDUF]HMSRSU]H]ZSURZDG]DQLHJRVSRGDUNLSODQRZHMLRSRZLDGDáVLĊ]DXVWURMHP
ÄLQG\ZLGXDOLVW\F]QRNRPSHW\W\ZQ\P´RSDUW\PRDNW\ZQRĞüJRVSRGDUF]ąMHGQR
VWHNLZROQąNRQNXUHQFMĊ6WZLHUG]DáĪHQDMZ\ĪV]ąVWRVXQNRZRSURGXNF\MQRĞü
PRĪH]DSHZQLDüXVWUyMZNWyU\P]DVDGQLF]ąIRUPąZáDVQRĞFLĞURGNyZSURGXNFML
LWUZDá\FKGyEUNRQVXPSF\MQ\FKMHVWZáDVQRĞüSU\ZDWQD7HJRURG]DMXVWZLHU
G]HQLDREXGRZDQHSHZQ\PL]DVWU]HĪHQLDPLQLHZ\NOXF]DMąF\PLVHQVXLVWQLHQLD
ZáDVQRĞFLSDĔVWZRZHME\á\MHV]F]HPRĪOLZHZSLHUZV]\FKODWDFKSRZRMHQQ\FK
:SURZDG]DQ\ SU]H] QRZH ZáDG]H V\VWHP JRVSRGDUF]\ RSDUW\ R ]DVDG\
FHQWUDOQHJRSODQRZDQLDLXVSRáHF]QLHQLHĞURGNyZSURGXNFMLE\á]DSU]HF]HQLHP
OLEHUDOQ\FKLGHDáyZ7RWDOLWDUQ\V\VWHPEDUG]RV]\ENRUR]FLąJQąáVZHZSá\Z\
QDVIHUĊQDXNRZąLQDZHWUHÀHNVMDWHRUHW\F]QDQDGIXQNFMRQRZDQLHPJRVSRGDU
NLZGXFKXLQQ\PQLĪPDUNVLVWRZVNLVWDáDVLĊQLHPRĪOLZD$GDP.U]\ĪDQRZ
VNL(GZDUG7D\ORU]RVWDOLRGVXQLĊFLRGQDXF]DQLDD(GZDUG/LSLĔVNLSU]HV]HGá
QDSR]\FMHPDUNVLVWRZVNLH
'\VNXVMDR&HQWUDOQ\P8U]ĊG]LH3ODQRZDQLD
:VWĊSHP GR ZSURZDG]HQLD GRPLQDFML HNRQRPLL PDUNVLVWRZVNLHM VWDáD VLĊ
G\VNXVMDR&HQWUDOQ\P8U]ĊG]LH3ODQRZDQLD &83 ,QVW\WXFMDWDE\áDMXĪZF]H
ĞQLHMRELHNWHPNU\W\NLHNRQRPLVWyZ]ZLą]DQ\FK]335ZRNUHVLHW]ZÄELWZ\
RKDQGHO´: UNLHURZQLFWZR335SODQRZDáRSRGSUHWHNVWHPZDONL]HVSH
NXODFMąSRGMąüG]LDáDQLDQDU]HF]HOLPLQDFMLSU\ZDWQ\FKSU]HGVLĊELRUVWZKDQGOR
Z\FK L SRGSRU]ąGNRZDQLD VSyáG]LHOF]RĞFL KDQGORZHM ZáDG]\ SDĔVWZRZHM RUD]
UR]ZRMXSDĔVWZRZ\FKSU]HGVLĊELRUVWZKDQGORZ\FK']LDáDQLRPW\PXVLáRZDOLVLĊ
ZF]ĊĞFLSU]HFLZVWDZLDüHNRQRPLĞFL]ZLą]DQL]336L&83SU]HGHZV]\VWNLPGR
PDJDMąFVLĊUR]ZRMXVHNWRUDDXWHQW\F]QHMVSyáG]LHOF]RĞFLZKDQGOX(NRQRPLĞFL
]ZLą]DQL]336L&83QLHPRJOLVNXWHF]QLHSU]HFLZVWDZLüVLĊSURJUDPRZLÄELWZ\
RKDQGHO´DOHSRGMĊOLSXEOLF]QLHNU\W\NĊOLF]Q\FKMHJRDVSHNWyZ1LHPRĪQD
WUDNWRZDüJáRVyZQDU]HF]XVSyáG]LHOF]HQLDMDNRJáRVyZZ\QLNDMąF\FK]SU]HNR
QDĔOLEHUDOQ\FKDOHVąRQHJRGQHRGQRWRZDQLDMDNRRVWDWQLHQDGáXJLF]DVJáRV\
SU]HFLZVWDZLDMąFHVLĊPRQRSRORZLSDĔVWZDZNROHMQ\FKVHNWRUDFKJRVSRGDUNL
:GQLDFKL OXWHJR UGRV]áRGRGHEDW\ZWUDNFLHNWyUHMHNRQRPLĞFL
]ZLą]DQL]335L]+LODU\P0LQFHP]DU]XFLOL&HQWUDOQHPX8U]ĊGRZL3ODQRZDQLD
7.RZDOLN+LVWRULDHNRQRPLLZ3ROVFH HGFLWV
(7D\ORURSFLWV
&%REURZVNLRSFLWV
7.RZDOLN6SRU\RXVWUyMVSRáHF]QRJRVSRGDUF]\3ROVNL HGFLWV
,ELGHPV
EáĊG\ZSU]\JRWRZDQLXSODQXJRVSRGDUF]HJRQD U:WUDNFLHWHMGHEDW\PLDá
PLHMVFHVSyUZNWyU\PXF]HVWQLF]\OL]MHGQHMVWURQ\HNRQRPLĞFL]ZLą]DQL]&HQ
WUDOQ\P8U]ĊGHP3ODQRZDQLDD]GUXJLHM]0LQLVWHUVWZHP3U]HP\VáXL+DQGOX
$F]NROZLHNQRPLQDOQLHGHEDWDPLDáDGRW\F]\üPHWRGRORJLLSODQRZDQLDJRVSR
GDUF]HJRVWDáDVLĊWDNĪHGHEDWąRFHQWUDOL]DFMLJRVSRGDUNLLUR]V]HU]HQLX]DNUHVX
SROLW\NLQDND]RZHM(NRQRPLVWRP]ZLą]DQ\P]&83]DU]XFDQRĪHZ\ROEU]\
PLDOLRQLUROĊKDQGOXSU\ZDWQHJRXZ]JOĊGQLDMąFMHJR]\VNLZGRFKRG]LHQDUR
GRZ\PJG\W\PF]DVHPZHGáXJLFKRSRQHQWyZSRFKRG]Lá\RQHJáyZQLH]SU]H
ZáDV]F]HQLD SURGXNWX GRGDWNRZHJR Z\WZRU]RQHJR Z VHNWRU]H SDĔVWZRZ\P. 3RQLHZDĪ&83ZRSLQLLSXEOLF]QHME\áWUDNWRZDQ\MDNRGRPHQD336GHEDWD
PLDáDWHĪFHOSROLW\F]Q\JG\ĪE\áDIRUPąDWDNX335QD336.ROHMQ\PFHOHP
G\VNXVMLE\áRSU]\ĞSLHV]HQLHLQZD]MLHNRQRPLLPDUNVLVWRZVNLHM .
1LHPRĪQDUHSUH]HQWDQWyZ&83]MHJRSUH]HVHP&]HVáDZHP%REURZVNLP
X]QDZDü ]D OLEHUDáyZ JRVSRGDUF]\FK DOH Z\UDĪDQH Z QLFK SRVWXODW\ SU]HFLZ
VWDZLHQLD VLĊ FDáNRZLWHM FHQWUDOL]DFML SODQRZDQLD JRVSRGDUF]HJR EXGRZDQLD
JRVSRGDUNL RWZDUWHM L UyZQRXSUDZQLHQLD ZV]\VWNLFK IRUP ZáDVQRĞFL VWDá\ VLĊ
QDNLONDODWRVWDWQLPLJáRVDPLQDU]HF]VZREyGJRVSRGDUF]\FKZ3ROVFH$WDN
QD&83LGRSURZDG]HQLHGRHOLPLQDFMLWHJRZ]JOĊGQLHVDPRG]LHOQHJRRĞURGND
P\ĞOLHNRQRPLF]QHMVWDáRVLĊRVWDWQLPNURNLHPGRZSURZDG]HQLDGRPLQDFMLHNR
QRPLLPDUNVLVWRZVNLHMZMHMVWDOLQRZVNLPZ\GDQLXRSDUW\PRZáDVQRĞüSDĔVWZR
ZąRUD]ELXURNUDW\F]QH]DU]ąG]DQLHJRVSRGDUNą
2SUyF] &]HVáDZD %REURZVNLHJR DWDNRZDQL E\áR SUDFXMąF\ Z &83 -DQ 'UHZQRZVNL
+HQU\N*UHQLHZVNLL.D]LPLHU]6RNRáRZVNL>&%REURZVNLRSFLWV @
,ELGHPV
,ELGHP V&]HVáDZ %REURZVNL ZVND]\ZDá Z VZRLFK ZVSRPQLHQLDFK QD QLHVáXV]QRĞü
VXJHVWLLRGRPLQDFMLZ&83RVyE]ZLą]DQ\FK]336W\PQLHPQLHMSRWZLHUG]DREHFQRĞüWDNLFK
RSLQLLZGHEDFLHSXEOLF]QHM>&%REURZVNLRSFLWV@
7.RZDOLN+LVWRULDHNRQRPLLZ3ROVFH HGFLWV
&]HVáDZ %REURZVNL 6WXGLRZDá SUDZR QD 8QLZHUV\WHFLH :DUV]DZVNLP
LQDXNLSROLW\F]QHZ3DU\ĪX:ODWDFKSUDFRZDáZ0LQLVWHUVWZLH3U]HP\VáXL+DQGOXDSRWHP
Z 0LQLVWHUVWZLH 5ROQLFWZD L 5HIRUP 5ROQ\FK RUD] UHGDJRZDá GZXW\JRGQLN Ä*RVSRGDUND
1DURGRZD´:ODWDFK NLHURZDáZ0RVNZLHSROVNRUDG]LHFNą¿UPąÄ6RZSROWRUJ´NWyUD
PLDáDVáXĪ\üUR]ZLMDQLXNRQWUDNWyZKDQGORZ\FKLVSU]HGDĪ\SROVNLFKWRZDUyZQDU\QNXUDG]LHFNLP
0LDá ZWHG\ RND]MĊ ]DSR]QDü VLĊ ] IXQNFMRQRZDQLHP JRVSRGDUNL UDG]LHFNLHM : RNUHVLH ZRMQ\
SU]HE\ZDáQDHPLJUDFMLZH)UDQFMLL$QJOLL3RSRZURFLHGRNUDMXZVLHUSQLX UZVWąSLáGR336
L]MHMUDPLHQLD]DVLDGDáZVHMPLH2UJDQL]RZDá&83LE\áMHJRSLHUZV]\PSUH]HVHP:\ZDUáZLHONL
ZSá\ZQDNV]WDáWSLHUZV]HJRWU]\OHWQLHJRSODQXJRVSRGDUF]HJR:SODQLHW\PSUHIHURZDáUR]ZyM
VDPRU]ąGQRĞFLLVSyáG]LHOF]RĞFLXPLDUNRZDQHWĊSRXSU]HP\VáRZLHQLDRWZDUWRĞüJRVSRGDUNLRUD]
UyZQRXSUDZQLHQLHWU]HFKVHNWRUyZRUD]]GHFHQWUDOL]RZDQ\V\VWHP]DU]ąG]DQLD3RDWDNXQD&83
RGVXQLĊW\RGSROLW\NLJRVSRGDUF]HM3UDFRZDáMDNRHNVSHUWZRUJDQL]DFMDFKPLĊG]\QDURGRZ\FK>]D
:6WDQNLHZLF]+LVWRULDP\ĞOLHNRQRPLF]QHM3:(:DUV]DZD@
7.RZDOLN6SRU\RXVWUyMVSRáHF]QRJRVSRGDUF]\3ROVNL HGFLWV
'\VNXVMDRSUDZLHZDUWRĞFLLSUDFHMHMXF]HVWQLNyZ
.ROHMQDIDODRWZDUW\FKG\VNXVMLHNRQRPLF]Q\FKPLDáDPLHMVFHGRSLHURQD,,
=MHĨG]LH(NRQRPLVWyZ3ROVNLFKZF]HUZFX U5HIHUDW\Z\JáRV]RQHZSLHUZ
V]HMF]ĊĞFL]MD]GXZQLHZLHONLPVWRSQLXGRSXV]F]Dá\PRĪOLZRĞü]PLDQRERZLą
]XMąFHJRVSRVREXP\ĞOHQLDRHNRQRPLL1DWRPLDVWZG\VNXVMLNWyUDVLĊZ\ZLą
]DáDVLĊZNROHMQ\FKGQLDFK]MD]GXSRVWDZLRQREDUG]LHMĞPLDáHWH]\.RĔFRZH
SU]HPyZLHQLH2VNDUD/DQJHJRVWDQRZLąFHRGELFLHWHJRFRG]LDáRVLĊQD]MHĨG]LH
UyĪQLáRVLĊ]QDF]QLHWUHĞFLąLIUD]HRORJLąRGMHJRZáDVQHJRUHIHUDWXQDSRF]ąWNX
]MD]GX:]ZLą]NX]UHIHUDWHP:áRG]LPLHU]D%UXVDZ\ZLą]DáDVLĊG\VNXVMD
RUROLSUDZDZDUWRĞFLZJRVSRGDUFHVRFMDOLVW\F]QHMLZ\Sá\ZDMąF\FK]WHJRSUDZD
ZQLRVNDFKGOD]DU]ąG]DQLDJRVSRGDUNą%UXVSRVWDZLáZyZF]DVWH]ĊRQLHGRVWD
WHF]Q\PZ\NRU]\VWDQLXSUDZDZDUWRĞFLZPHFKDQL]PLHVWHURZDQLDJRVSRGDUNą
QDURGRZą6XJHURZDáRGHMĞFLHRGFDáNRZLWHMNRQWUROLQDGJRVSRGDUNąSU]H]SDĔ
VWZRLZSURZDG]HQLHSHZQHMGR]\VDPRG]LHOQRĞFLSU]HGVLĊELRUVWZRPZ]DNUHVLH
DVRUW\PHQWX SURGXNRZDQ\FK WRZDUyZ QD ED]LH NDONXODFML HNRQRPLF]QHM D QLH
GHF\]MLDXWRUDSODQXFHQWUDOQHJR:RNUHVLHVWDOLQRZVNLPZPDUNVLVWRZVNLHM
WHRULLHNRQRPLLSU]\MPRZDQRĪHZXVWURMXVRFMDOLVW\F]Q\PVWRVXQNLWRZDURZR
SLHQLĊĪQHDFR]DW\PLG]LHG]LDáDQLHSUDZDZDUWRĞFLEĊGąZ\JDVDüZPLDUĊEX
GRZ\QRZHJRXVWURMXL]RVWDQąFDáNRZLFLH]DVWąSLRQHSU]H]JRVSRGDUNĊSODQRZą
: SUDNW\FH JRVSRGDUF]HM SU]\MĊFLH VWRVXQNyZ WRZDURZRSLHQLĊĪQ\FK MHG\QLH
MDNRNRQLHF]QHMIRUP\SU]HMĞFLRZHMSRZRGRZDáR]DEXU]HQLHMHMLVWRWQ\FKIXQN
FML&HQ\VWDZDá\VLĊ¿NF\MQHVSDGDáR]QDF]HQLHUHQWRZQRĞFLSU]HGVLĊELRUVWZQLH
]DVSRNDMDQRSRWU]HENRQVXPSF\MQ\FKVSRáHF]HĔVWZD.
'\VNXVMDWDWUZDáDQDáDPDFKSUDV\WDNĪHSR]MHĨG]LHLFKRFLDĪSRJOąG\Z\
UDĪDQH Z QLHM QLH PRJá\ QDUXV]Dü SRGVWDZ PDMąFHM PRQRSROLVW\F]Qą SR]\FMĊ
HNRQRPLLPDUNVLVWRZVNLHMW\PQLHPQLHMQLHNWyU]\G\VNXWDQFLIRUPXáRZDOLGDOH
NRLGąFHSRVWXODW\ZGXFKXUR]V]HU]HQLDVZREyGJRVSRGDUF]\FK1LHPRJOLRQL
-'UHZQRZVNLRSFLW
:áRG]LPLHU]%UXV VWXGLRZDáQD:ROQHM:V]HFKQLF\3ROVNLHMLQD8QLZHUV\WHFLH
Z/HQLQJUDG]LH3HáQLáVáXĪEĊZ/XGRZ\P:RMVNX3ROVNLPMDNRR¿FHUSROLW\F]Q\:\NáDGDáZ6*3L6
L QD 8QLZHUV\WHFLH :DUV]DZVNLP : ODWDFK ]DDQJDĪRZDQ\ Z SU]HQRV]HQLH QD JUXQW SROVNL
R¿FMDOQHMHNRQRPLLPDUNVLVWRZVNROHQLQRZVNLHM3yĨQLHMSRGMąáSUyEĊUR]ZLą]DQLDWHRUHW\F]QHJR
]DJDGQLHQLD UDFKXQNX HNRQRPLF]QHJR Z VRFMDOL]PLH 2SRZLDGDá VLĊ ]D ]GHFHQWUDOL]RZDQ\P
PRGHOHPJRVSRGDUNLVRFMDOLVW\F]QHMSRVLDGDMąF\PZEXGRZDQ\PHFKDQL]PU\QNRZ\3R U
QDIDOLQDJRQNLDQW\VHPLFNLHM]PXV]RQ\GRHPLJUDFML3U]HE\ZDáZ:LHONLHM%U\WDQLLLZ\NáDGDá
QD 8QLZHUV\WHFLH Z 2NVIRUG]LH =DMPRZDá VLĊ EDGDQLHP HZROXFML V\VWHPX UHDOQHJR VRFMDOL]PX
LSUyEUHIRUPJRVSRGDUF]\FK1DMZDĪQLHMV]HSUDFHWR 2JyOQHSUREOHP\IXQNFMRQRZDQLDJRVSRGDUNL
VRFMDOLVW\F]QHM 6RFLDOLVW 2ZQHUVKLS DQG 3ROLWLFDO 6\VWHPV 2G 0DUNVD GR U\QNX >]D:6WDQNLHZLF]+LVWRULDP\ĞOLHNRQRPLF]QHMHGFLW@
:%UXV2UROLSUDZDZDUWRĞFLZJRVSRGDUFHVRFMDOLVW\F]QHM>Z @(NRQRPLĞFLG\VNXWXMą
RSUDZLHZDUWRĞFLÄ.VLąĪNDL:LHG]D´:DUV]DZD V
,ELGHPV
ZSDQXMąF\FKyZF]HĞQLHZDUXQNDFKSRVWXORZDüEXGRZ\JRVSRGDUNLZROQRU\Q
NRZHMDOHSRVWXORZDOLG]LDáDQLDNWyUHZQLHNWyU\FKSXQNWDFKVWDQRZLá\GDOHNLH
RGHMĞFLHRGLGHLFHQWUDOQHMNRQWUROLQDGJRVSRGDUNą:G\VNXVMLF]ĊĞüXF]HVWQL
NyZIRUPXáRZDáDSRVWXODW\RJUDQLF]HQLD]DNUHVXDNW\ZQRĞFLSDĔVWZDZJRVSR
GDUFHSRSU]H]RJUDQLF]HQLH]DNUHVXFHQWUDOQHJRSODQRZDQLD1LHNWyU]\DXWRU]\
Z\VXZDMąFWH]ĊĪHSUDZRZDUWRĞFLSRZLQQRE\üZ]DVDG]LHQLF]\PQLHRJUDQL
F]RQ\PUHJXODWRUHPSURGXNFMLLFHQVWDQĊOLQDSR]\FMDFKPRGHOXU\QNRZHJR. 0RĪQDVIRUPXáRZDüWH]ĊĪHDF]NROZLHNF]ĊĞüG\VNXWDQWyZ]SHZQRĞFLąQLHE\áD
OLEHUDáDPLJRVSRGDUF]\PLWRSUH]HQWRZDQDSU]H]QLFKZL]MDJRVSRGDUNLVRFMDOL
VW\F]QHM]DZLHUDáDSRVWXODW\LQVSLURZDQHLGHDPLZROQRU\QNRZ\PL
'RĞüGDOHNRZNLHUXQNXU\QNRZ\PV]HGáZVZ\FKSURSR]\FMDFK]JáDV]DQ\FK
ZG\VNXVMLQDGSUDZHPZDUWRĞFL-DQ0XMĪHONWyU\SRVWXORZDáRJUDQLF]HQLH]D
VLĊJXFHQWUDOQHJRSODQRZDQLDLZSURZDG]HQLHZMHJRPLHMVFHPHFKDQL]PXU\Q
NRZHJR2SRZLDGDáVLĊ]DVDPRG]LHOQRĞFLąSU]HGVLĊELRUVWZREHMPXMąFąQLHW\O
NRXVWDODQLHDVRUW\PHQWXDOHWDNĪHZSHZQ\FKJUDQLFDFKFHQLSáDF 1DZLą]XMąF
GRGRĞZLDGF]HĔMXJRVáRZLDĔVNLFKSRVWXORZDáWHĪ]ZLĊNV]HQLHXG]LDáXSUDFRZQL
NyZZ]DU]ąG]DQLXSU]HGVLĊELRUVWZHPZPLHMVFHDSDUDWXSDĔVWZRZHJR7RZáD
ĞQLHQDZLą]\ZDQLHGRUHDOL]RZDQHMZ-XJRVáDZLLNRQFHSFMLVDPRG]LHOQHJRSU]HG
VLĊELRUVWZD]DU]ąG]DQHJRSU]H]]DáRJĊVWDáRVLĊSU]H]GáXJLHODWDZ\UD]HPP\ĞOHQLD
R RJUDQLF]HQLX ZáDG]\ HNRQRPLF]QHM SDĔVWZD : WHNĞFLH 3URJUDP GRUDĨQ\ QLH
( àXNDZHU = KLVWRULL SROVNLHM P\ĞOL HNRQRPLF]QHM 2/<0386 ± &HQWUXP
(GXNDFMLL5R]ZRMX%L]QHVX:DUV]DZD V
-DQ0XMĪHO DEVROZHQW:\G]LDáX3UDZQR(NRQRPLF]QHJR8QLZHUV\WHWXàyG]
NLHJR3UDFRZDáQDXNRZRZ6*3L6L:\ĪV]HM6]NROH(NRQRPLF]QHMZàRG]L3URZDG]Lá]DMĊFLD
]HNRQRPLLQDUyĪQ\FKZ\G]LDáDFK8QLZHUV\WHWXàyG]NLHJR2G NLHURZDá.DWHGUą(NRQRPLL
3ROLW\F]QHMZ:6(ZàRG]LDSRMHMZáąF]HQLXGR8àRG =DNáDGHP(NRQRPLL3ROLW\F]QHM6R
FMDOL]PXZWHM.DWHGU]H2G GR SHáQLáIXQNFMĊG]LHNDQD:\G]LDáX(NRQRPLF]QR6RFMROR
JLF]QHJR8à:ODWDFK ± NLHURZDá.DWHGUą(NRQRPLL3ROLW\F]QHMDQDVWĊSQLHGR E\á
G\UHNWRUHP,QVW\WXWX(NRQRPLL3ROLW\F]QHM ± SHáQLáIXQNFMĊ]DVWĊSF\G\UHNWRUD,QVW\WXWX
3ODQRZDQLDZ:DUV]DZLHDSRWHPG\UHNWRUDZODWDFK ± ZW\P,QVW\WXFLH2G E\á
F]áRQNLHP.RPLWHWX1DXN(NRQRPLF]Q\FK3$1JG]LHE\á]DVWĊSFąSU]HZRGQLF]ąFHJRZODWDFK
± :ODWDFK ± SUDFRZDáZQLHSHáQ\PZ\PLDU]H]DMĊüZ,QVW\WXFLH(NRQRPLL
DSRWHPZ.DWHGU]H(NRQRPLL:\G]LDáX(NRQRPLF]QR6RFMRORJLF]QHJR8à1DMZDĪQLHMV]HSXEOL
NDFMHWR 3U]HGVLĊELRUVWZRVRFMDOLVW\F]QHDU\QHN 3U]HGVLĊELRUVWZRRJQLZHPSODQRZHJR
V\VWHPX JRVSRGDUNL VRFMDOLVW\F]QHM (NRQRPLF]QH QDU]ĊG]LD ]DU]ąG]DQLD JRVSRGDUNą VR
FMDOLVW\F]Qą ,QQRZDFMHZSU]HP\ĞOH )XQNFMRQRZDQLHJRVSRGDUNLSROVNLHM
=DMPRZDá VLĊ WHRULą L SUDNW\Ną IXQNFMRQRZDQLD PHFKDQL]PyZ JRVSRGDUF]\FK RUD] WHRULą Z]UR
VWXJRVSRGDUF]HJR>]D/0LDVWNRZVNL6\OZHWNLáyG]NLFKXF]RQ\FK:\GDZQLFWZR8QLZHUV\WHWX
àyG]NLHJRàyGĨ L(àXNDZHU2W\FK]QDMZ\ĪV]HMSyáNLF]\OLU]HF]ZVSUDZLHQDV]HJR
ĞURGRZLVNDHNRQRPLF]QHJR37(.UDNyZ@
-0XMĪHO3URJUDPGRUDĨQ\QLHZ\VWDUF]\>Z @(NRQRPLĞFLG\VNXWXMąRSUDZLHZDUWRĞFL
HGFLWV
,ELGHPV
,ELGHPV
Z\VWDUF]\-DQ0XMĪHOZVND]\ZDáQDZDĪQąUROĊNRQWUROLVSRáHF]QHMQDGSURFHVDPL
JRVSRGDUF]\PL3LVDáZUĊF]RUR]EXGRZDQ\PáDĔFXFKXGHPRNUDW\F]Q\FKXU]ąG]HĔ
LLQVW\WXFML]DSHZQLDMąF\PNRQWUROĊQDGG]LDáDOQRĞFLąZáDG]SDĔVWZRZ\FKZV]\VW
NLFKV]F]HEOLLSRVWXORZDáU]HF]\ZLVWąDQLHIRUPDOQąRGSRZLHG]LDOQRĞüSROLW\F]Qą
LSUDZQąIXQNFMRQDULXV]\DSDUDWXSDĔVWZRZHJRSU]HGQDURGHP
:DJĊHOHPHQWyZU\QNRZ\FKLNU\W\NĊFHQWUDOQHJRVWHURZDQLDJRVSRGDUNą
SRGHMPRZDáWDNĪH0XMĪHOZVZRLFKSyĨQLHMV]\FKSUDFDFK:SRGUĊF]QLNX(NR- QRPLD SROLW\F]QD SRGNUHĞODá SRWU]HEĊ SR]RVWDZLHQLD SU]HGVLĊELRUVWZRP VSRUHM
GR]\VDPRG]LHOQRĞFLZGHF\]MDFKJRVSRGDUF]\FK3U]HFLZVWDZLDáVLĊDUELWUDO
Q\PGHF\]MRPRJUDQLF]DMąF\PSU\ZDWQąG]LDáDOQRĞüJRVSRGDUF]ą:VND]\ZDá
ĪHGRPLQDFMDVHNWRUDSDĔVWZRZHJREĊG]LHPRJáDQDVWąSLüQDGURG]HU\QNRZH
JRZVSyá]DZRGQLFWZD]VHNWRUHPSU\ZDWQ\PLVWZLHUG]DáĪHZáDĞFLZV]ąGURJą
ZSU]HNV]WDáFHQLDFKJRVSRGDUF]\FKQLHVąGHF\]MHDGPLQLVWUDF\MQHOHF]ÄPRUDO
QH´RGG]LDá\ZDQLHHNRQRPLF]QHLVSRáHF]QH:SUDF\3U]HGVLĊELRUVWZRVRFMDOL- VW\F]QHDU\QHNSRZWyU]\áVZRMHZF]HĞQLHMV]HSURSR]\FMHG]LDáDĔZGXFKXXU\Q
NRZLHQLD3RVWXORZDáV]HURNąHNRQRPLF]QąVDPRG]LHOQRĞüSU]HGVLĊELRUVWZZUD]
] UR]V]HU]HQLHP ]DNUHVX IXQNFMRQRZDQLD PHFKDQL]PyZ U\QNRZ\FK 3RVWXODW
UR]ZRMXVWRVXQNyZU\QNRZ\FKZREUĊELHJRVSRGDUNLVRFMDOLVW\F]QHMSRMDZLáVLĊ
WHĪZSUDF\=DU\VWHRULLIXQNFMRQRZDQLDJRVSRGDUNLVRFMDOLVW\F]QHM.
-y]HI 3RSNLHZLF] ]DELHUDMąF JáRV Z G\VNXVML R SUDZLH ZDUWRĞFL SRGNUH
ĞODáĪHÄ]DVDGQLF]\PZVNDĨQLNLHPRJUDQLF]RQ\FK]NRQLHF]QRĞFLSRWU]HEVSR
,ELGHPV
-0XMĪHO(NRQRPLDSROLW\F]QD37(:DUV]DZD V
,ELGHPV
-0XMĪHO3U]HGVLĊELRUVWZRVRFMDOLVW\F]QHDU\QHN3:(:DUV]DZD V
-0XMĪHO>UHG@=DU\VWHRULLIXQNFMRQRZDQLDJRVSRGDUNLVRFMDOLVW\F]QHM.VLąĪNDL:LHG]D
:DUV]DZD V
-y]HI3RSNLHZLF] DEVROZHQW:\G]LDáX3UDZD8QLZHUV\WHWX:URFáDZVNLHJR
: UUR]SRF]ąáSUDFĊQDXNRZąDZGZDODWDSyĨQLHMGRNWRU\]RZDáVLĊQDWHMXF]HOQL2G U
Z\NáDGDáWDNĪHQD3ROLWHFKQLFH:URFáDZVNLHMJG]LH]RUJDQL]RZDá.DWHGUĊ(NRQRPLL3ROLW\F]QHM
: UX]\VNDáW\WXáSURIHVRUDQDG]Z\F]DMQHJRDZ USURIHVRUD]Z\F]DMQHJR)XQNFMĊ
SURUHNWRUD3ROLWHFKQLNL:URFáDZVNLHMSRZLHU]RQRPX U5RNSyĨQLHMSU]HQLyVáVLĊQD:\Ī
V]ą6]NRáĊ(NRQRPLF]QąZH:URFáDZLXJG]LHSU]H]ODWSHáQLáIXQNFMĊUHNWRUDDGRHPHU\WXU\
NLHURZDá.DWHGUą(NRQRPLL3ROLW\F]QHM1DMZDĪQLHMV]HSUDFHWR 3U]HP\VáFLĊĪNL*yUQHJRĝOąVND
ZJRVSRGDUFH3ROVNLPLĊG]\ZRMHQQHM 6WXGLXPKLVWRU\F]QRJRVSRGDUF]H 6Syá
G]LHOF]RĞüSURGXNF\MQD QD SU]HáRPLH 0RQRJUD¿D JRVSRGDUF]D ZRMHZyG]WZD RSROVNLHJR
=DNáDG\SU]HP\VáXNOXF]RZHJRZRMHZyG]WZD]LHORQRJyUVNLHJR 5RODVWRS\]\VNX
ZJRVSRGDUFHVRFMDOLVW\F]QHM &HQ\DUHIRUPDJRVSRGDUF]D -HJRGRUREHNQDXNR
Z\REHMPXMHEDGDQLD]KLVWRULLJRVSRGDUF]HMZV]F]HJyOQRĞFL*yUQHJRL'ROQHJRĝOąVNDDQDOL]Ċ
IXQNFMRQRZDQLDJRVSRGDUNLVRFMDOLVW\F]QHMRUD]RFHQĊLDQDOL]ĊSROLW\NLFHQMDNRHOHPHQWXSROLW\NL
PDNURHNRQRPLF]QHMSDĔVWZD>]D/LQHN6-y]HI3RSNLHZLF]>Z @-y]HI06RURND UHG 3RF]HW
5HNWRUyZ:\ĪV]HM6]NRá\+DQGORZHM:\ĪV]HM6]NRá\(NRQRPLF]QHML$NDGHPLL(NRQRPLF]QHM
ZH:URFáDZLX :\GDZQLFWZR$NDGHPLL(NRQRPLF]QHMLP2VNDUD/DQJHJRZH:UR
FáDZLX:URFáDZ@
áHF]Q\FK PLHUQLNLHP LFK KLHUDUFKLL L SLOQRĞFL SURELHU]HP LFK UDFMRQDOQRĞFL
LVáXV]QRĞFL±PRĪHE\üMHG\QLHU\QHN´3RVWXORZDáSHáQąVDPRG]LHOQRĞüSU]HG
VLĊELRUVWZRJUDQLF]HQLHUROLZáDG]\SDĔVWZRZHMGRSROLW\NLSLHQLĊĪQHMLNUHG\
WRZHMRUD]VXEZHQFMRQRZDQLDLWZRU]HQLDQRZ\FKSRGPLRWyZJRVSRGDUF]\FK . 3URSRQRZDáIRUPXáĊF]ĊĞFLRZHJRXG]LDáXSUDFRZQLNyZZ]\VNDFKOXEZSRNU\
ZDQLXVWUDWSU]HGVLĊELRUVWZDRUD]PRĪOLZRĞüOLNZLGDFMLQLHUHQWRZQ\FKSU]HG
VLĊELRUVWZ %\áD WR SURSR]\FMD EOLVND VSyáNRP SUDFRZQLF]\P DF]NROZLHN
]HZ]JOĊGXQDyZF]HĞQLHGRPLQXMąFąLGHRORJLĊPDUNVLVWRZVNąSR]EDZLRQDSR
VWXODWXIRUPDOQHJRSU]HQLHVLHQLDSUDZZáDVQRĞFLQDSUDFRZQLNyZ
3RVWXODW\XU\QNRZLHQLDJRVSRGDUNL]JáDV]DQHSU]H]-y]HID3RSNLHZLF]DE\á\
SRáąF]RQH]XZDJDPLQDWHPDWGUyJL WHPSDZSURZDG]DQLD]PLDQU\QNRZ\FK
ZJRVSRGDUFH&RSUDZGDDXWRUQLHSU]HGVWDZLáSUHF\]\MQ\FKUHNRPHQGDFMLZWHM
NZHVWLLSR]RVWDZLDMąFSRGMĊFLHGHF\]MLSROLW\NRPDOH]DU\VRZDáSUREOHPWHPSD
]PLDQSU]HZLGXMąFĪHSU]HMĞFLHRGMHGQHJRGRGUXJLHJRPRGHOXJRVSRGDUF]HJR
PRĪHZ\ZRáDüZVWU]ąV\L]DEXU]HQLD'ODWHJRZVND]\ZDáQDNRQLHF]QRĞüSRGMĊ
FLDGHF\]MLF]\]PLDQ\VáXĪąFHXU\QNRZLHQLXPDMąE\üV]\ENLHUDG\NDOQHLMHG
QRF]HVQHF]\WHĪVWRSQLRZH.
3RGREQLHMDN0XMĪHO3RSNLHZLF]ZVZ\FKSUDFDFKSRZVWDá\FKMXĪSRG\VNX
VMLRSUDZLHZDUWRĞFLZ\SRZLDGDáVLĊQDU]HF]XU\QNRZLHQLDJRVSRGDUNL:SUDF\
5RODVWRS\]\VNXZJRVSRGDUFHVRFMDOLVW\F]QHMZVND]\ZDáQDNRQLHF]QRĞü sto
VRZDQLDVWRS\]\VNXMDNRNU\WHULXPRFHQ\SU]HGVLĊELRUVWZD ]RUJDQL]RZDQHJR
]JRGQLH]NDQRQDPLJRVSRGDUNLVRFMDOLVW\F]QHM .U\W\F]QLHRFHQLDMąFHIHNW\Z
QRĞüJRVSRGDUNLVRFMDOLVW\F]QHMZ3ROVFHNRQVHNZHQWQLHZVZRLFKSXEOLNDFMDFK
JáRVLáSRJOąGRVWZRU]HQLXZVRFMDOL]PLHJRVSRGDUNLU\QNRZHM.
&KRFLDĪZVDPHMG\VNXVMLQDGSUDZHPZDUWRĞFLZ\SRZLHG]L:áRG]LPLHU]D
%UXVDQLHE\á\UDG\NDOQHZSyĨQLHMV]\FKODWDFKZVZHMSUDF\2JyOQHSUREOH- P\IXQNFMRQRZDQLDJRVSRGDUNLVRFMDOLVW\F]QHMWDNĪHRQ]DF]ąáZ\SRZLDGDüVLĊ
QDU]HF]]GHFHQWUDOL]RZDQHJRPRGHOXJRVSRGDUNLVRFMDOLVW\F]QHMSRVLDGDMąFHJR
ZEXGRZDQ\PHFKDQL]PU\QNRZ\:V\VWHPLHW\PSU]HGVLĊELRUVWZDSRGHMPRZD
á\E\GHF\]MHZRSDUFLXRNU\WHULXPUHQWRZQRĞFLDNV]WDáWRZDQLHFHQSR]RVWDZLR
QRE\]SHZQ\PLZ\MąWNDPLPHFKDQL]PRZLU\QNRZHPX.
-3RSNLHZLF]3UDZG]LZDUHQWRZQRĞü>Z @'\VNXVMLRSUDZLHZDUWRĞFLFLąJGDOV]\Ä.VLąĪND
L:LHG]D´:DUV]DZD V
,ELGHPV
,ELGHPV
,ELGHPV
,ELGHPV
,ELGHPV
6/LQHNRSFLWV
: %UXV 2JyOQH SUREOHP\ IXQNFMRQRZDQLD JRVSRGDUNL VRFMDOLVW\F]QHM 3:1:DUV]DZD
V
8F]HVWQLF\G\VNXVMLRSUDZLHZDUWRĞFLNWyUDUR]JRU]DáDSR UZZLĊNV]RĞFL
Z\VWąSLHĔQLHXVWRVXQNRZ\ZDOLVLĊGRSUREOHPDW\NLZáDVQRĞFLSU\ZDWQHMOHF]NRQFHQ
WURZDOLVLĊQDSRVWXODWDFK]PLDQ\VSRVREXVWHURZDQLDSURFHVDPLJRVSRGDUF]\PLRUD]
]DU]ąG]DQLDSU]HGVLĊELRUVWZDPLSDĔVWZRZ\PL-HG\QLH6WHIDQ.XURZVNLZWHNĞFLH
5\QHNLSODQSRVWXORZDáSU]\ZUyFHQLHZáDVQRĞFLSU\ZDWQHMZSHZQ\FKG]LHG]LQDFK
RUD] RGHWDW\]RZDQLD ZáDVQRĞFL VSyáG]LHOF]HM .XURZVNL SLVDá ĪH XSDĔVWZRZLHQLH
ĞURGNyZSURGXNFMLQLHE\áRX]DVDGQLRQHVWDQHPĞZLDGRPRĞFLVSRáHF]QHM2SLVXMąF
SRVWXORZDQH]PLDQ\PDMąFHQDFHOXZSURZDG]HQLHPHFKDQL]PyZU\QNRZ\FKGRJR
VSRGDUNLSRĞZLĊFLáWDNĪHXZDJĊRWRF]HQLXDGPLQLVWUDF\MQHPXSURFHVyZJRVSRGDUNL
SRVWXOXMąFGDOHNRLGąFH]PLDQ\ZXU]ĊGDFK]ZLą]DQ\FK]]DU]ąG]DQLHPJRVSRGDUNą.
*áRĞQ\PHFKHPRGELáDVLĊVSUDZDKDELOLWDFML6WHIDQD.XURZVNLHJR3RGVWD
ZąKDELOLWDFMLE\áDUR]SUDZD+LVWRU\F]Q\SURFHVZ]URVWXJRVSRGDUF]HJR:SUDF\
WHM Z RSDUFLX R GDQH R SURGXNFML VWDOL Z RNUHVLH ZLHOX VWXOHFL Z UyĪQ\FKNUD
MDFK .XURZVNL SRVWDZLá WH]Ċ ĪH V\VWHP JRVSRGDUF]\ NUDMyZ VRFMDOLVW\F]Q\FK
QLH PRĪH Z\JUDü U\ZDOL]DFML ] V\VWHPHP ZROQRU\QNRZ\P 1D UHZROXF\MQą
LSU]HF]ąFąyZF]HVQHMSURSDJDQG]LHWH]Ċ]ZUyFRQRXZDJĊ:áDG\VáDZRZL*R
PXáFHNWyU\SRUXV]\áWĊVSUDZĊZZ\VWąSLHQLXQDSOHQXP.RPLWHWX&HQWUDOQHJR
3=35:HIHNFLHQDFLVNyZSROLW\F]Q\FKKDELOLWDFMD]RVWDáDFRIQLĊWD3RZWyUQLH
.XURZVNLKDELOLWRZDáVLĊSRSLĊFLXODWDFK:ODWDFK.XURZVNLPLDáWUXG
QRĞFL]SXEOLNRZDQLHPVZRLFKSUDF=PXV]RQ\E\áWHĪSU]HMĞü]=DNáDGX1DXN
(NRQRPLF]Q\FK3$1GR,QVW\WXWX*HRJUD¿L3$16WZRU]\áZW\PRNUHVLHNLOND
SUDF]]DNUHVXSUREOHPDW\NLKLVWRULLJRVSRGDUF]HMLSU]HVWU]HQQHJRUR]ZRMXNUDMX
6WHIDQ .XURZVNL SURIHVRU .8/ L ,QVW\WXWX 1DXN (NRQRPLF]Q\FK 3$1
: UXNRĔF]\á:\G]LDá3UDZQR(NRQRPLF]Q\8QLZHUV\WHWXàyG]NLHJR3UDFRZDáZ3DĔVWZR
ZHM .RPLVML 3ODQRZDQLD *RVSRGDUF]HJR D RG U Z =DNáDG]LH 1DXN (NRQRPLF]Q\FK 3$1
SRWHPRG Z,QVW\WXFLH*HRJUD¿LL=DJRVSRGDURZDQLD3U]HVWU]HQQHJR3$1+DELOLWRZDáVLĊ
Z Z6*3L6NWyUąWRKDELOLWDFMĊZVWU]\PDQRQDODWD]SU]\F]\QSROLW\F]Q\FK(NVSHUWHNRQR
PLF]Q\.RáD3RVHOVNLHJRÄ=QDN´$NW\ZQ\ZG]LDáDQLDFKRSR]\FMLGHPRNUDW\F]QHMZ35/:OD
WDFK GRUDGFDHNRQRPLF]Q\.RPLVML.UDMRZHM16==Ä6ROLGDUQRĞü´:ODWDFK
Z\NáDGDáQD.8/ZODWDFK :\ĪV]HM6]NROH+DQGOXL3UDZDLP5\V]DUGDàD]DUVNLH
JRZ:DUV]DZLHSRWHPZ:\ĪV]HM6]NROH+DQGOXL)LQDQVyZ0LĊG]\QDURGRZ\FKLP)U\GHU\ND
6NDUENDZ:DUV]DZLH7\WXáSURIHVRUDX]\VNDáZ U']LHG]LQ\]DLQWHUHVRZDĔQDXNRZ\FKWR
HNRQRPLDSROLW\F]QDJHRJUD¿DHNRQRPLF]QDSROLW\NDJRVSRGDUF]DWHRULDHNRQRPL$XWRUOLF]
Q\FKSUDFQDXNRZ\FK]NWyU\FKQDMEDUG]LHM]QDQHWR +LVWRU\F]Q\SURFHVZ]URVWXJRVSRGDUF]HJR
5HIRUPDJRVSRGDUF]DZ35/7U]HFLHSRGHMĞFLH 3ROLW\NDJRVSRGDUF]D35/
=UyĪQLFRZDQLHSU]HVWU]HQQHMJRVSRGDUNLSROVNLHMZODWDFK L >]D.U]\V]WRI%LHU
QDFNL (QF\NORSHGLD 6ROLGDUQRĞFL KWWS ZZZHQF\NORSHGLDVROLGDUQRVFLSOZLNLLQGH[SKS"WLWOH
6WHIDQB.XURZVNLGRVWĊSU@
6.XURZVNL5\QHNLSODQ>Z @'\VNXVMLRSUDZLHZDUWRĞFLFLąJGDOV]\HGFLWV
,ELGHPV
,ELGHPV
6.XURZVNL+LVWRU\F]Q\SURFHVZ]URVWXJRVSRGDUF]HJR3:1:DUV]DZD V
-0LFKDáRZVNL:\ZLDG]3URIHVRUHP6WHIDQHP.XURZVNLP>Z @7RPDV]*UXV]HFNL UHG 2GVRFMDOL]PXGRJRVSRGDUNLU\QNRZHM9HUED/XEOLQV
:ZDUXQNDFKPRQRSROXHNRQRPLLPDUNVLVWRZVNLHMJáRV\NU\W\F]QHZREHF
QHJDW\ZQ\FK ]MDZLVN JRVSRGDUF]\FK ]ZLą]DQ\FK ] FHQWUDOQ\P NLHURZDQLHP
JRVSRGDUNąWDNLFKMDNQLVNDHIHNW\ZQRĞüPDUQRWUDZVWZRF]\QLH]DVSDNDMDQLH
SRWU]HE NRQVXPSF\MQ\FK E\á\ F]ĊVWRNURü MHG\Qą GRSXV]F]DOQą Z R¿FMDOQ\P
RELHJXIRUPąSURSDJRZDQLDZROQRĞFLJRVSRGDUF]HM:yZF]HVQ\FKZDUXQNDFK
QLHE\áRPRĪOLZHNZHVWLRQRZDQLHSRGVWDZHNRQRPLLPDUNVLVWRZVNLHMDOHJáRV\
QD U]HF] RJUDQLF]HQLD ZSá\ZX SDĔVWZD QD JRVSRGDUNĊ JRGQH Vą RGQRWRZDQLD
DE\ZVND]DüREHFQRĞüSRVWXODWyZ]JRGQ\FK]LGHDPLOLEHUDOQ\PLWDNĪHZRNUHVLH
GRPLQDFMLHNRQRPLLPDUNVLVWRZVNLHM
,GHHOLEHUDOQHZSXEOLF\VW\FHLZSUDFDFK]G]LHG]LQ\KLVWRULL
JRVSRGDUF]HMLWHRULLZ]URVWX
$GDP.U]\ĪDQRZVNLQLHEUDáXG]LDáXZG\VNXVMLRSUDZLHZDUWRĞFLXZDĪD
MąFĪHNRQLHF]QRĞüG]LDáDQLDSUDZDZDUWRĞFLWRU]HF]RF]\ZLVWD:ODWDFK
.U]\ĪDQRZVNLRSXEOLNRZDáNLONDQDĞFLHDUW\NXáyZZXND]XMąF\FKVLĊOHJDO
QLHZ\GDZQLFWZDFKNDWROLFNLFKWDNLFKMDN Ä=QDN´Ä7\JRGQLN3RZV]HFKQ\´Ä=D
L3U]HFLZ´=SXEOLNDFMLW\FKPRĪQDZ\ZQLRVNRZDüĪHOLGHUV]NRá\NUDNRZVNLHM
]DDNFHSWRZDáZW\PRNUHVLHSU]HPLDQ\NWyUHQDVWąSLá\Z3ROVFH0LPRLĪQLH
NZHVWLRQRZDáMXĪ]PLDQXVWURMRZ\FKSU]HGVWDZLDQDSU]H]QLHJRZL]MDXVWURMXUyĪ
QLáDVLĊ]GHF\GRZDQLHRGR¿FMDOQHMZLĊNV]ąREHFQRĞFLąPHFKDQL]PyZU\QNRZ\FK
6WDQLVáDZ&]DMDRNUHĞODMąPLDQHPVRFMDOL]PXZSHáQLU\QNRZHJR1LHDWDNXMąF
SRGVWDZyZF]HVQHJRV\VWHPXJRVSRGDUF]HJR.U]\ĪDQRZVNLSRUXV]DáZNU\W\F]
Q\PGXFKXZLHOHNZHVWLL]ZLą]DQ\FK]IXQNFMRQRZDQLHPJRVSRGDUNL SRVWXORZDá
Z\PLHQLDOQRĞü ]áRWyZNL NU\W\NRZDá QDGPLHUQ\ UR]ZyM SU]HP\VáX FLĊĪNLHJR
SU]HFLZVWDZLDáVLĊHJDOLWDU\]PRZLDWDNĪHDOLHQDFMLZáDG]\JRVSRGDUF]HMNWyUD
E\áDZMHJRRSLQLLFKDUDNWHU\VW\F]QDGODSDĔVWZVRFMDOLVW\F]Q\FK=JáDV]DáSR
VWXODW\RJUDQLF]HQLDZSá\ZXSDĔVWZDQDJRVSRGDUNĊQSSRSU]H]OLNZLGRZDQLH
GRWDFML SDĔVWZRZ\FK GOD SU]HGVLĊELRUVWZ RGHMĞFLH RG UHJXODFML FHQ SU]H] SDĔ
VWZRRJUDQLF]HQLHGHF\]MLDUELWUDOQ\FKZSROLW\FHLQZHVW\F\MQHM:DUW\NXáDFK
]ODW .U]\ĪDQRZVNLRGV]HGáRG]GHF\GRZDQLHOLEHUDOQ\FKSRJOąGyZ
DNFHSWXMąFPLĊG]\LQQ\PLQDFMRQDOL]DFMĊSU]HP\VáX6ZyMNU\W\F]Q\VWRVXQHN
GRZV]HFKZáDG]\SDĔVWZDV\JQDOL]RZDáZ\ND]XMąFUR]ELHĪQRĞüPLĊG]\WHQGHQ
6 &]DMD 0 1DWDOL /LEHUDOL]P L V]NRáD NUDNRZVND >Z @ 6WDQLVáDZ &]DMD UHG 5R]ZyM
SROVNLHM P\ĞOL HNRQRPLF]QHM QD SU]HVWU]HQL ZLHNyZ :\GDZQLFWZR $NDGHPLL (NRQRPLF]QHM
LP2VNDUD/DQJHJRZH:URFáDZLX:URFáDZV
,ELGHPV
$ .U]\ĪDQRZVNL 3ROLW\ND GHZL]RZD U]ąGX QD GREUHM GURG]H Ä7\JRGQLN 3RZV]HFKQ\´
Ä=QDN´.UDNyZ QU
$.U]\ĪDQRZVNL:LHN;;±XSDGHNV]WXNLU]ąG]HQLDÄ=QDN´EH]Z\GDZF\ QU
,ELGHP
FMąGRXSDĔVWZRZLHQLDDSURFHVDPLXVSRáHF]QLHQLD:]JOĊG\FHQ]XU\VSUDZLDá\
ĪHZLHOHSRJOąGyZLRSLQLLE\áRZyZF]HVQHMSXEOLF\VW\FHZ\UDĪDQHZSRVWDFLPH
WDIRUFRVWZDU]DWUXGQRĞFLLQWHUSUHWDF\MQH$QDOL]XMąFyZF]HVQHSXEOLNDFMHQDOH
Ī\MHGQDNEUDüSRGXZDJĊĪHZZDUXQNDFKVLOQHMFHQ]XU\Z\VWĊSRZDá\SUREOHP\
]GRVáRZQ\PSU]HND]HPP\ĞOLDXWRUD-HGQDNĪHPRĪQDVWZLHUG]LüĪH]JáDV]DQH
SU]H].U]\ĪDQRZVNLHJRSURSR]\FMHXU\QNRZLHQLDV\VWHPXVRFMDOLVW\F]QHJRV]á\
GDOHMZVZ\PUDG\NDOL]PLHRGZLĊNV]RĞFLJáRV]RQ\FKyZF]HĞQLH.
.U]\ĪDQRZVNLZVZRLFKDUW\NXáDFKRSXEOLNRZDQ\FKSR URNXSR]RVWDá
]ZROHQQLNLHPWH]\RVLOQ\PSRZLą]DQLXVIHU\JRVSRGDUF]HM]RWRF]HQLHPVSR
áHF]Q\PLSROLW\F]Q\P=ZUDFDáXZDJĊQDSRZLą]DQLH]HVREąV\VWHPXJRVSR
GDUF]HJRLSROLW\F]QHJRZVND]XMąFQLHUR]HUZDOQHSRZLą]DQLHOLEHUDOL]PXMDZ
QRĞFLU]ąG]HQLDLSUDZRU]ąGQRĞFL.U\W\NRZDáMHGQRF]HĞQLHU]ąG]ąFąPRQRSDUWLĊ
]DSU]HMĊFLHNLHURZQLFWZDQLHW\ONRSROLW\F]QHJRDOHLJRVSRGDUF]HJRDWDNĪH
]DSUyEĊWZRU]HQLDEáĊGQHJRV\VWHPXZDUWRĞFL3RMDZLDVLĊSRVWXODW]JRGQRĞFL
V\VWHPXVSUDZRZDQLDZáDG]\SROLW\F]QHMLJRVSRGDUF]HM]ZDUWRĞFLDPLPRUDOQ\
PLLWUDG\FMąKLVWRU\F]Qą .
&KDUDNWHU\VW\F]QHMHVWĪH]GHF\GRZDQDZLĊNV]RĞüDXWRUyZZ\UDĪDMąF\FK
OLEHUDOQHSRGHMĞFLHGRJRVSRGDUNLSRĞZLĊFDáD]QDF]QąF]ĊĞüVZHMDNW\ZQRĞFL
QDXNRZHM Z RNUHVLH SR ,, ZRMQLH ĞZLDWRZHM QD EDGDQLD ]ZLą]DQH ] KLVWRULą
JRVSRGDUF]ąLKLVWRULąP\ĞOLHNRQRPLF]QHM&]\QLOLWDN$GDP.U]\ĪDQRZVNL
(GZDUG7D\ORU-y]HI3RSNLHZLF]6WHIDQ.XURZVNLL(GZDUG/LSLĔVNL8WHJR
RVWDWQLHJRSRJOąG\Z\UDĪDQHZW\PRNUHVLHQLHE\á\MXĪOLEHUDOQ\PL0RĪQD
SU]\SXV]F]Dü ĪH MHGQą ] SU]\F]\Q E\áD FKĊü ]QDOH]LHQLD WDNLHJR SU]HGPLRWX
DNW\ZQRĞFLQDXNRZHMJG]LHQDFLVNLQDU]HF]]DMPRZDQLDVWDQRZLVND]JRGQHJR
]R¿FMDOQąLGHRORJLąEĊGąPQLHMV]HQLĪZSU]\SDGNX]DMPRZDQLDVWDQRZLVND
Z DNWXDOQ\FK NZHVWLDFK JRVSRGDUF]\FK ']LHG]LQD WD QLH E\áD MHGQDN ZROQD
RG QDFLVNyZ LGHRORJLF]Q\FK 3RGUĊF]QLN (GZDUGD 7D\ORUD +LVWRULD UR]ZRMX
HNRQRPLNL Z\GDQ\ Z ODWDFK QLH ]RVWDá V]HU]HM UR]SRZV]HFKQLRQ\
JG\ĪQLHE\á]JRGQ\]PDUNVLVWRZVNLPSDUDG\JPDWHPHNRQRPLLDMHJRWU]HFL
WRP SRĞZLĊFRQ\ HNRQRPLL VRFMDOLVW\F]QHM Z RJyOH QLH PyJá XND]Dü VLĊ GUX
NLHP1DOHĪ\]DXZDĪ\üĪHDQJDĪXMąFVLĊZEDGDQLDQDGKLVWRULąJRVSRGDUF]ą
LKLVWRULąP\ĞOLHNRQRPLF]QHMDXWRU]\ROLEHUDOQ\FKSU]HNRQDQLDFKSRWZLHUG]DOL
LĪGRVWU]HJDMąZDJĊGRĞZLDGF]HĔKLVWRU\F]Q\FKZSURFHVDFKHNRQRPLF]Q\FK
6&]DMD01DWDOLRSFLWV
,ELGHPV
,ELGHPV
$.U]\ĪDQRZVNL:LHN;;±XSDGHNV]WXNLU]ąG]HQLDHGFLW
-1RZLFNLRSFLWV
( %RUNRZVND%DJLHĔVND (GZDUG 7D\ORU F]\ ZDUWRĞFL QLHGRFHQLDQH" :\GDZQLFWZR
3R]QDĔVNLH3R]QDĔV
=OLEHUDOQ\FKSU]HNRQDĔ]QDQ\E\áWDNĪH&H]DU\-y]H¿DN:SRF]ąWNDFK
VZHMSUDF\QDXNRZHM-y]H¿DN]DMPRZDáVLĊJáyZQLH]DJDGQLHQLDPLWHRULLZ]URVWX
JRVSRGDUF]HJR:SUDFDFKW\FKSRV]XNLZDáWHRUHW\F]Q\FKSRGVWDZUDFMRQDOQHJR
SRGHMPRZDQLDGHF\]MLJRVSRGDUF]\FK=ZUDFDáMHGQDNXZDJĊQDEUDNRJyOQ\FK
ZDUXQNyZZSROVNLHMJRVSRGDUFHGRZSURZDG]DQLDUDFMRQDOQ\FKUR]ZLą]DĔ'OD
WHJRMXĪZODWDFKIRUPXáRZDáSRVWXODW\GHFHQWUDOL]DFMLSURFHVXSRGHMPRZDQLD
GHF\]MLJRVSRGDUF]\FK$OHZSHáQLVZHOLEHUDOQHSU]HNRQDQLDPyJáZ\UDĪDü
ZSXEOLNDFMDFKGRSLHURZRNUHVLHSyĨQLHMV]\P
:ODWDFKVLHGHPG]LHVLąW\FKXELHJáHJRZLHNXZZDUXQNDFKSHZQHMZ]JOĊG
QHMVZRERG\LRWZDUFLDQDĞZLDW]DSRF]ąWNRZDQHJRSU]H]HNLSĊ*LHUNDSRQRZQLH
UR]ZLQĊáD VLĊ Z 3ROVFH UHÀHNVMD QDG JRVSRGDUNą Z GXFKX OLEHUDOQ\P 3RF]ąW
NRZRRJUDQLF]DáDVLĊMHG\QLHGRVIHU\SXEOLF\VW\NLZ\GDZDQHMSR]D]DVLĊJLHP
FHQ]XU\ 2¿FMDOQ\ G\VNXUV QDXNRZ\ E\á QDGDO ]GRPLQRZDQ\ SU]H] HNRQRPLĊ
PDUNVLVWRZVNą1DVWĊSXMąF\ZODWDFKVLHGHPG]LHVLąW\FKUR]ZyMSXEOLNDFMLW]Z
GUXJLHJRRELHJX]DUyZQRSRZVWDMąF\FKZNUDMXMDNLGRVWDUF]DQ\FK]RĞURGNyZ
HPLJUDF\MQ\FKVSUDZLáĪHOLEHUDOQHSRJOąG\JRVSRGDUF]H]DF]\QDá\SU]HELMDüVLĊ
GR SRZV]HFKQLHMV]HM ĞZLDGRPRĞFL 3RODNyZ 3HZQH PRĪOLZRĞFL ]DZRDORZDQHM
SUH]HQWDFML W\FK SRJOąGyZ E\á\ WHĪ Z XND]XMąFHM VLĊ ]D SU]\]ZROHQLHP ZáDG]
SUDVLHNDWROLFNLHM
&H]DU\ -y]H¿DN ± DEVROZHQW 8QLZHUV\WHWX :DUV]DZVNLHJR XF]HĔ 0LFKDáD
.DOHFNLHJR2G USUDFRZDáQD8QLZHUV\WHFLHàyG]NLP1DWHMXF]HOQLGRNWRU\]RZDáVLĊKDEL
OLWRZDáLX]\VNDáW\WXáSURIHVRUD:ODWDFK E\áG]LHNDQHP:\G]LDáX(NRQRPLF]QR6R
FMRORJLF]QHJR8à2G UNLHURZDá=DNáDGHP7HRULL:]URVWX*RVSRGDUF]HJR:ODWDFK
E\áG\UHNWRUHP,QVW\WXWX1DXN(NRQRPLF]Q\FK3ROVNLHM$NDGHPLL1DXN:ODWDFK
E\áF]áRQNLHP.RPLVMLGRVSUDZ5HIRUP\*RVSRGDUF]HMZ3ROVFHQDVWĊSQLHZODWDFK
]DVLDGDáZ5DG]LH(NRQRPLF]QHMSU]\3UH]HVLH5DG\0LQLVWUyZZODWDFK E\áF]áRQNLHP
5DG\1DXNRZHM=DNáDGX%DGDĔ6WDW\VW\F]QR(NRQRPLF]Q\FK*áyZQHJR8U]ĊGX6WDW\VW\F]QHJR
L3ROVNLHM$NDGHPLL1DXN:ODWDFK E\áF]áRQNLHP5DG\1DXNRZHMSU]\3UH]HVLH1%3
DZODWDFK F]áRQNLHP5DG\3ROLW\NL3LHQLĊĪQHM:ODWDFK SHáQLáIXQNFMĊGR
UDGF\16==Ä6ROLGDUQRĞü´ZVSUDZDFKHNRQRPLF]Q\FK3U]HZRGQLF]\áSRGNRPLVMLSROLW\NLJRVSR
GDUF]HMZUR]PRZDFKÄ2NUąJáHJR6WRáX´:ODWDFK E\áVHQDWRUHP53SU]HZRGQLF]\á
6HQDFNLHM.RPLVML*RVSRGDUNL1DURGRZHM3U]HGPLRWHPMHJRSUDFQDXNRZ\FKE\áDWHRULDUHSUR
GXNFMLWHRULDZ]URVWXJRVSRGDUF]HJRLSRVWĊSXWHFKQLF]QHJR*áyZQHSUDFH 2SWLPXPWHFKQLF]
QRUHQRZDF\MQHZJRVSRGDUFHVRFMDOLVW\F]QHM 5HSURGXNFMDZJRVSRGDUFHVRFMDOLVW\F]QHM
8ZDJLRU]ąGRZ\PSURJUDPLHDQW\NU\]\VRZ\P 7UDQVIRUPDWLRQDQG0LFURHFRQR
PLF$GMXVWPHQWLQ3RODQG >(GZDUGàXNDZHU2W\FK]QDMZ\ĪV]HMSyáNLHGFLW@
(XJHQLXV]5\FKOHZVNL3URIHVRU&H]DU\-y]H¿DN KWWS ZZZLQHSDQZDZSO
SOLNLVHPLQDULDZVSRPQLHQLHSGI>GRVWĊS U@
2VREąNWyUDZ\ZDUáD]QDF]Q\ZSá\ZQDNV]WDáWSROVNLHJROLEHUDOL]PXZOD
WDFKRVLHPG]LHVLąW\FKLG]LHZLĊüG]LHVLąW\FK;;ZLHNXE\á6WHIDQ.LVLHOHZVNL. -DNSLVDá-HU]\6]DFNL.LVLHOHZVNLEURQLáÄOLEHUDOL]PXRGQLHSDPLĊWQ\FKF]DVyZ
QLHĞZLDGRP\MHGQDNDĪGRRVWDWQLFKODWĪ\FLDĪHMHVWLQLFMDWRUHPSRZDĪQHJRLQDM
]XSHáQLHM SUDNW\F]QHJR SU]HGVLĊZ]LĊFLD´ 3U]H] ZLHOH ODW RNUHĞOHQLH ÄOLEHUDá´
NRMDU]\áRVLĊJáyZQLH].LVLHOHZVNLPDRQVDPRNUHĞODáVZRMHSRJOąG\MDNRHNV
WUDZDJDQFNLHÄZDULDFWZR´'RLQVSLUDFMLMDNąF]HUSDOL]WZyUF]RĞFL.LVLHOHZ
VNLHJRSU]\]QDZDOLVLĊ]DUyZQROLEHUDáRZLHJGDĔVF\MDNL0LURVáDZ']LHOVNL. .LVLHOHZVNLE\áSU]HGHZV]\VWNLPSXEOLF\VWą-HJRWZyUF]RĞüEDUG]RLQVSL
URZDáD Z ]DNUHVLH WHPDW\NL HNRQRPLF]QHM yZF]HVQH ĞURGRZLVND RSR]\FML 1LH
PLDáSU]\JRWRZDQLDHNRQRPLF]QHJROHF]VDPVWZLHUG]DáĪHSUDFDZNRPLVMLVHM
PRZHMVWDáDVLĊGODQLHJRĨUyGáHPZLHG]\RSUREOHPDFKJRVSRGDUF]\FK1DSLVDá
RQLHMĪHE\áDMHJRXQLZHUV\WHWHP =GXPąSRGNUHĞODáLĪSUDFXMąFZ.RPLVML
3ODQX*RVSRGDUF]HJR%XGĪHWXL)LQDQVyZ]\VNDáX]QDQLH2VNDUD/DQJHJRNWyU\
WZLHUG]LáĪH.LVLHOHZVNLPDÄLQVW\QNWHNRQRPLF]Q\´.
-XĪZSLHUZV]\FKODWDFKSRZRMQLH.LVLHOHZVNLNU\W\NRZDáRJUDQLF]HQLHZRO
QRĞFLJRVSRGDUF]HMZ\UDĪDMąFHVLĊZXSDĔVWZRZLHQLXSU]HP\VáXL]ZDOF]DQLX
SU\ZDWQHMLQLFMDW\Z\:\UD]VZRLPNU\W\F]Q\PZREHFJRVSRGDUNLFHQWUDOQLH
SODQRZDQHMSRJOąGRPGDZDáWHĪZODWDFKSyĨQLHMV]\FK=HZ]JOĊGXQDFHQ]XUĊ
6WHIDQ .LVLHOHZVNL SUR]DLN SXEOLF\VWD NRPSR]\WRU NU\W\N PX]\F]Q\ %\á
MHGQą]F]RáRZ\FKSRVWDFLRSR]\FMLSROLW\F]QHMZ3ROVFH=ZLą]DQ\]HĞURGRZLVNLHPÄ7\JRGQLND
3RZV]HFKQHJR´:ODWDFK E\áSRVáHPQD6HMP]JUXS\NDWROLFNLHMÄ=QDN´.LVLHOHZVNL]D
Vá\QąáSU]HGHZV]\VWNLPMDNRSXEOLF\VWD%\áDXWRUHPSRQDGIHOLHWRQyZZ\GDQ\FKQDáDPDFK
Ä7\JRGQLND3RZV]HFKQHJR´SXEOLNRZDáWDNĪHQDáDPDFKÄ:SURVW´SDU\VNLHMÄ.XOWXU\´LZÄ5HV
3XEOLFH´RUD]ZSUDVLHHPLJUDF\MQHM2SUyF]WHJRE\áDXWRUHPNLONXSRZLHĞFLRUD]SRF]ąWNRZR
QLHSU]H]QDF]RQ\FKGRSXEOLNDFMLZVSRPQLHĔ±']LHQQLNyZ$F]NROZLHNQLHPLDáIRUPDOQHJRZ\
NV]WDáFHQLDHNRQRPLF]QHJRGXĪąXZDJĊSRĞZLĊFDáWHPDW\FHHNRQRPLF]QHM.U\W\NRZDáJRVSRGDU
NĊFHQWUDOQLHSODQRZDQąIRUPXáRZDáLGHHQDSUDZ\JRVSRGDUNLZGXFKXOLEHUDOQ\P>]D08UEDQHN
.LVLHO:\GDZQLFWZR'ROQRĞOąVNLH:URFáDZ @
- 6]DFNL :VWĊS >Z @ 'RQDOG 7XVN ,GHH JGDĔVNLHJR OLEHUDOL]PX )XQGDFMD /LEHUDáyZ
*GDĔVN V
,GHP/LEHUDOL]PSRNRPXQL]PLHHGFLWV
3 .DSF]\ĔVNL *RVSRGDUND MDNR Z\]ZDQLH SURJUDPRZH GOD RSR]\FML Ä3U]HJOąG
3ROLW\F]Q\´:\GDZQLFWZR/LWHU\*GDĔVN QU
0LURVáDZ']LHOVNL.URQLND.UDNRZVNLHJR7RZDU]\VWZD3U]HP\VáRZHJR 6WHIDQ.LVLHOHZVNL
Z.OXELH6\PSDW\NyZ.73Ä´2¿F\QD/LEHUXP9HWR.UDNyZ QU
6 .LVLHOHZVNL 2 5HMWDQLH RSR]\FML SROLW\FH SXEOLF\VW\FH Ä7\JRGQLN 3RZV]HFKQ\´
Ä=QDN´.UDNyZ QU
,GHP1DF]\PSROHJDVRFMDOL]P"2¿F\QD:\GDZQLF]D0D[LPXP3R]QDĔ V
,GHP %ĊF:DOVNL MHVWHP Ä7\JRGQLN 3RZV]HFKQ\´ .XULD ;LąĪĊFR0HWURSROLWDOQD
.UDNRZVND.UDNyZ QU
,GHP : 3ROVFH PyZL VLĊ SR DQJLHOVNX Ä7\JRGQLN 3RZV]HFKQ\´ .XULD ;LąĪĊFR
0HWURSROLWDOQD.UDNRZVND.UDNyZ QU
,GHP 2 PLáRĞFL L R ĞPLHUFL Ä7\JRGQLN 3RZV]HFKQ\´ 6SRáHF]Q\ ,QVW\WXW :\GDZQLF]\
=QDN.UDNyZ QU
PRĪOLZDE\áDMHG\QLHRWZDUWDNU\W\NDQLHNWyU\FKDVSHNWyZĪ\FLDFRG]LHQQHJR
1DWRPLDVWNU\W\NDRJUDQLF]HQLDVZREyGJRVSRGDUF]\FKF]\FHQWUDOQHJRSODQR
ZDQLDE\áDZ\UDĪDQDZVSRVyEDOHJRU\F]Q\DOHPLPRWHJR.LVLHOHZVNLE\áSU]H]
ODWDJáRVHPNU\W\F]Q\PZREHFFHQWUDOQLHSODQRZDQHMJRVSRGDUNLZR¿FMDOQ\P
RELHJXZ\GDZQLF]\P
%DUG]LHM RWZDUFLH .LVLHOHZVNL PyJá Z\SRZLDGDü VLĊ Z OLWHUDWXU]H Z\GD
ZDQHMQDHPLJUDFML:WHNĞFLH:VSUDZLHUHNODP\RSXEOLNRZDQ\PZSDU\VNLHM
Ä.XOWXU]H´ Z\PLHQLDá QDVWĊSXMąFH ]DU]XW\ SRG DGUHVHP U]ąG]ąF\FK ]QLV]F]H
QLH SU\ZDWQHM SU]HGVLĊELRUF]RĞFL QLHX]DVDGQLRQ\ UR]ZyM SU]HP\VáX FLĊĪNLHJR
XQLHPRĪOLZLHQLHUR]ZRMXXVáXJXWUXGQLDQLHZVSyáSUDF\JRVSRGDUF]HM]LQQ\PL
NUDMDPL SRZRá\ZDQLH G\OHWDQWyZ QD NOXF]RZH VWDQRZLVND JRVSRGDUF]H. Po GREQLHNU\W\F]QHREVHUZDFMHRGQRĞQLHLVWRW\JRVSRGDUNLFHQWUDOQLHSODQRZDQHM
]DZDUáZVZRLFK']LHQQLNDFK6XJHURZDá]ZLĊNV]HQLHWDPQDSUDZĊyZF]HVQ\FK
VWRVXQNyZJRVSRGDUF]\FKSRSU]H]]ZLĊNV]HQLH]DNUHVXZROQRĞFLJRVSRGDUF]HM
W ']LHQQLNDFK]QDMGXMHP\WDNĪHZH]ZDQLHGRVWZRU]HQLDÄLGHRORJLLZVSyáF]H
VQHJRNDSLWDOL]PX´-HVWWRĞZLDGHFWZRQLHW\ONRSRV]XNLZDĔSUDNW\F]Q\FKUR]
ZLą]DĔDOHLLFKX]DVDGQLHQLDZVIHU]HLGHL-DNRSU]\NáDG\WZRU]HQLDV\VWHPyZ
LGHRZ\FKX]DVDGQLDMąF\FKIXQNFMRQRZDQLHJRVSRGDUNLZROQRU\QNRZHM.LVLHOHZ
VNLSRGDMH:LOKHOPD5|SNHZVND]XMąFQDVZRMąLQVSLUDFMĊRUGROLEHUDOL]PHP. : URNXZWHNĞFLH&]\JHRSROLW\NDPD]QDF]HQLH"Z\GDQ\PZGUXJR
RELHJRZ\PSLĞPLHÄ5HV3XEOLFD´]QDOD]áDVLĊQLHW\ONRNU\W\NDVWDQXyZF]HVQHJR
DOHWDNĪHNRQFHSFMD]PLDQXVWURMRZ\FKSURZDG]ąF\FKGRRGU]XFHQLDQLHHIHNW\Z
QHJRV\VWHPXRSDUWHJRRFHQWUDOQHVWHURZDQLHLSDĔVWZRZąZáDVQRĞüSU]HGVLĊ
ELRUVWZ.LVLHOHZVNLQLHSU]HGVWDZLáWDPFRSUDZGDV]F]HJyáRZ\FKUR]ZLą]DĔ
DUDF]HMLGHĊĪHZLQWHUHVLHyZF]HĞQLHU]ąG]ąF\FK3ROVNąL=655E\áD]PLDQD
V\VWHPXJRVSRGDUF]HJRQDU\QNRZ\=DOHFDáUXFKRPRSR]\F\MQ\PZ\ZLHUDQLH
VSRáHF]QHJR QDFLVNX QD ZáDG]Ċ SU]\ MHGQRF]HVQ\P SU]HNRQ\ZDQLX F]ĊĞFL HOLW
ZáDG]\ĪHQLHHIHNW\ZQ\V\VWHPJRVSRGDUF]\PXVLXOHFSU]HPLDQRP.RQFHSFMD
WDVWDQRZLáDQRYXPZNUĊJDFKRSR]\FMLERZLHP]ZUDFDáDXZDJĊSU]HGHZV]\VW
NLPQD]PLDQ\JRVSRGDUF]H
.RQFHSFMH SU]HPLDQ XVWURMRZ\FK SU]HGVWDZLDQH SU]H] .LVLHOHZVNLHJR
XZ]JOĊGQLDá\ZDĪQąUROĊF]\QQLNDVSRáHF]QHJRLSROLW\F]QHJR:LHORNURWQLHSRG
NUHĞODá]ZLą]NLV\VWHPXZROQRU\QNRZHJR]GHPRNUDW\F]Q\PV\VWHPHPZ\áDQLD
QLDZáDG]\.LVLHOHZVNLGRVWU]HJDáEDULHU\VSRáHF]QHZUHIRUPRZDQLXJRVSRGDU
NL.U\W\NXMąFJRVSRGDUNĊVRFMDOLVW\F]QąZHVHMX1DF]\PSROHJDVRFMDOL]P"
,GHP:VSUDZLHUHNODP\Ä.XOWXUD´,QVW\WXW/LWHUDFNL3DU\Ī QU
,GHP']LHQQLNL,VNU\:DUV]DZDV
,GHP&]\JHRSROLW\NDPD]QDF]HQLH"Ä5HV3XEOLFD´:\GDZQLFWZR.UąJ QU
(VHM XND]Dá VLĊ Z URNX Z 1LHPF]HFK SRG W\WXáHP 3ROHQ RGHU GLH +HUUVFKDIW GHU
'LOHWWDQWHQ6RFLDOLVPXVXQG:LUVFKDIWSUD[LV 3ROVNDF]\OLU]ąG\G\OHWDQWyZVRFMDOL]PLSUDNW\ND
JRVSRGDUF]D 3LHUZV]HZ\GDQLHNUDMRZHPLDáRPLHMVFHZ URNXQDNáDGHPGUXJRRELHJRZHJR
:\GDZQLFWZDLP.RQVW\WXFML0DMD
]ZUDFDá WDP XZDJĊ MHGQDN QLH W\ONR QD ZDG\ V\VWHPX DOH WDNĪH QD SDQXMąF\
Z3ROVFHÄLQG\IHUHQW\]PJRVSRGDUF]\´F]\OLSRZV]HFKQąQLH]QDMRPRĞü]MDZLVN
HNRQRPLF]Q\FK2SLV\ZDáWHĪQHJDW\ZQHVNXWNLVSRáHF]QHyZF]HĞQLHIXQNFMRQX
MąFHJRV\VWHPXJRVSRGDUF]HJRZ\UDĪDMąFHVLĊZELHUQRĞFLLEUDNX]DDQJDĪRZDQLD
ZSUDFĊ
Podsumowanie
2NUHVSR,,ZRMQLHĞZLDWRZHMGRODWRVLHPG]LHVLąW\FKWRRNUHVZNWyU\P
SRVWXODW\ZROQRĞFLJRVSRGDUF]HMRJUDQLF]HQLDG]LDáDĔSDĔVWZDZVIHU]HJRVSR
GDUF]HMF]\RFKURQ\ZáDVQRĞFLSU\ZDWQHMVWDá\ZVSU]HF]QRĞFL]R¿FMDOQąZL]Mą
VWRVXQNyZHNRQRPLF]Q\FK$XWRU]\NWyU]\Z\UDĪDOLZVZ\FKSUDFDFKLGHHZRO
QRU\QNRZHF]\QLOLWR]Z\NOHNU\W\NXMąFQLHNWyUHDVSHNW\U]HF]\ZLVWRĞFLJRVSR
GDUF]HMLGRPDJDOLVLĊVZREyGJRVSRGDURZDQLDMHG\QLHZRJUDQLF]RQ\FKVIHUDFK
WDNLFKMDNGUREQ\KDQGHOF]\U]HPLRVáR&KDUDNWHU\VW\F]QHMHVWWRĪHSRVWXODW\
XPRĪOLZLHQLDG]LDáDQLDPHFKDQL]PyZU\QNRZ\FKDĪGRNRĔFDWHJRRNUHVXSUDN
W\F]QLHQLHE\á\áąF]RQH]SRVWXODWDPLRGHMĞFLDRGVSRáHF]QHMZáDVQRĞFLĞURGNyZ
SURGXNFML F]\ FDáNRZLWHJR ]DU]XFHQLD FHQWUDOQHJR SODQRZDQLD JRVSRGDUF]HJR
: ZDUXQNDFK JRVSRGDUNL FHQWUDOQLH SODQRZDQHM ]D OLEHUDOQH XFKRG]Lá\ SRVWX
ODW\SR]RVWDZLHQLDZUĊNDFKSU\ZDWQ\FKF]\ZUĊF]VSyáG]LHOF]\FKRNUHĞORQ\FK
EUDQĪ7DNĪHSURSR]\FMHRGHMĞFLDRGDGPLQLVWUDF\MQHJRVWHURZDQLDSU]HGVLĊELRU
VWZDPLSDĔVWZRZ\PLQDU]HF]LFKVDPRG]LHOQRĞFLSU]\QLH]PLHQLRQHMZáDVQRĞFL
SDĔVWZRZHME\á\GR]ZRORQ\PLZR¿FMDOQ\PRELHJXSRVWXODWDPLQDU]HF]OLEH
UDOL]DFMLJRVSRGDUNL,GHHOLEHUDOQH]QDMGRZDá\WHĪZ\UD]ZNU\W\FHSRV]F]HJyO
Q\FKDVSHNWyZV\VWHPXRSDUWHJRRSDĔVWZRZąZáDVQRĞüĞURGNyZSURGXNFMLEH]
QDUXV]DQLDMHJRSRGVWDZ
3UREOHP]DJZDUDQWRZDQLDSU\ZDWQHMZáDVQRĞFLSU]HGVLĊELRUVWZE\áZRNUH
VLHSR]DNRĔF]HQLX,,ZRMQ\ĞZLDWRZHMW\PDVSHNWHPOLEHUDOQ\FKLGHLJRVSRGDU
F]\FKNWyU\SROVF\HNRQRPLĞFLSRUXV]DOLQDMU]DG]LHM7UXGQRVWZLHUG]LüZMDNLP
VWRSQLX Z\QLNDáR WR ] VLOQHM SUHVML FHQ]XU\ NWyUD PRJáD DNFHSWRZDü SRVWXODW\
]ZLĊNV]HQLD VDPRG]LHOQRĞFL SU]HGVLĊELRUVWZ D ]D QLHGRSXV]F]DOQH X]QDZDáD
NZHVWLRQRZDQLH LVWRW\ V\VWHPX NWyUą E\áR WZLHUG]HQLHR VSRáHF]QHM ZáDVQRĞFL
ĞURGNyZSURGXNFML:\GDMHVLĊMHGQDNĪHSU]\QDMPQLHMZSU]\SDGNXZLHONLFK
SU]HGVLĊELRUVWZX]QDQLHSU\PDWXZáDVQRĞFLSDĔVWZRZHME\áRU]HF]\ZLVW\PSR
JOąGHPDXWRUyZZ\QLNDMąF\PE\üPRĪHZF]ĊĞFL]HĞZLDGRPRĞFLV\WXDFMLSROL
W\F]QHM:W\FKZDUXQNDFKSRFKZDáDSU]HGVLĊELRUF]RĞFLZNRQWHNĞFLHSU\ZDWQHM
ZáDVQRĞFLSRMDZLDáDVLĊ]D]Z\F]DMMDNRRSLVV\WXDFML]SU]HV]áRĞFLDEDUG]RU]DG
NRMDNRNRQNUHWQH]DOHFHQLHQDSU]\V]áRĞü
:DUWRSRGNUHĞOLüĪHSRZV]HFKQDZĞUyGHNRQRPLVWyZSROVNLFKSUH]HQWXMą
F\FKLGHHOLEHUDOQHE\áDĞZLDGRPRĞüLQVW\WXFMRQDOQ\FKXZDUXQNRZDĔSURFHVyZ
JRVSRGDUF]\FK:\QLNDáRWRQLHW\ONR]HVSRVREXSRMPRZDQLDJRVSRGDURZDQLD
MDNRF]ĊĞFLV]HUV]HJRV\VWHPXNXOWXURZRSROLW\F]QHJRDOHE\áRWDNĪHVNXWNLHP
DWPRVIHU\LZDUXQNyZSROLW\F]Q\FKZNWyU\FKPXVLHOLĪ\üLZNWyU\FKSRGHMPR
ZDOLSUyE\REURQ\LGRVWRVRZ\ZDQLDVZ\FKSU]HNRQDĔGRSRZVWDáHMSR,,ZRMQLH
ĞZLDWRZHMV\WXDFMLKLVWRU\F]QHM
%LEOLRJUD¿D
%REURZVNL&:VSRPQLHQLD]HVWXOHFLD:\GDZQLFWZR/XEHOVNLH/XEOLQ
%RUNRZVND%DJLHĔVND((GZDUG7D\ORU&]\:DUWRĞFLQLHGRFHQLDQH":\GDZQLFWZR3R
]QDĔVNLH3R]QDĔ
%UXV:2UROLSUDZDZDUWRĞFLZJRVSRGDUFHVRFMDOLVW\F]QHM>Z @(NRQRPLĞFLG\VNXWXMą
RSUDZLHZDUWRĞFLÄ.VLąĪNDL:LHG]D´:DUV]DZD
%UXV:2JyOQHSUREOHP\IXQNFMRQRZDQLDJRVSRGDUNLVRFMDOLVW\F]QHM3:1:DUV]DZD
&]DMD61DWDOL0/LEHUDOL]PLV]NRáDNUDNRZVND>Z @6WDQLVáDZ&]DMD UHG 5R]ZyMSRO- VNLHMP\ĞOLHNRQRPLF]QHMQDSU]HVWU]HQLZLHNyZ:\GDZQLFWZR$NDGHPLL(NRQRPLF]QHM
LP2VNDUD/DQJHJRZH:URFáDZLX:URFáDZ
'UHZQRZVNL-$XWRELRJUD¿DÄ.ZDUWDOQLN+LVWRULL1DXNLL7HFKQLNL´,QVW\WXW+LVWRULL
1DXNL3$1QU:DUV]DZD
'UR]GRZLF]=/LEHUDOL]PVSRáHF]QR¿OR]R¿F]Q\LMHJRSU]HVáDQLH>Z @:DFáDZ-DUPRáR
ZLF].DWDU]\QD6]DU]HF UHG /LEHUDOQHSU]HVáDQNLSROVNLHMWUDQVIRUPDFMLJRVSRGDUF]HM
3:(:DUV]DZD
']LHOVNL 0 .URQLND .UDNRZVNLHJR 7RZDU]\VWZD 3U]HP\VáRZHJR 6WHIDQ .LVLHOHZVNL
Z.OXELH6\PSDW\NyZ.73Ä´2¿F\QD/LEHUXP9HWRQU.UDNyZ
-DQRZVNL0*áyZQHWHQGHQFMHSROVNLHJROLEHUDOL]PXZODWDFK >Z @5RPDQ
%HQHG\NFLXN5\V]DUG.RáRG]LHMF]\N UHG 7UDG\FMHOLEHUDOQHZ3ROVFH:\GDZQLFWZR
'L*:DUV]DZD
.DSF]\ĔVNL3*RVSRGDUNDMDNRZ\]ZDQLHSURJUDPRZHGODRSR]\FMLÄ3U]HJOąG3ROLW\F]
Q\´:\GDZQLFWZR/LWHU\QU *GDĔVN
.LVLHOHZVNL6%ĊF:DOVNLMHVWHPÄ7\JRGQLN3RZV]HFKQ\´.XULD;LąĪĊFR0HWURSROLWDO
QD.UDNRZVNDQU.UDNyZ
.LVLHOHZVNL6&]\JHRSROLW\NDPD]QDF]HQLH"Ä5HV3XEOLFD´:\GDZQLFWZR.UąJQU
.LVLHOHZVNL6']LHQQLNL,VNU\:DUV]DZD
.LVLHOHZVNL 6 1D F]\P SROHJD VRFMDOL]P" 2¿F\QD :\GDZQLF]D 0D[LPXP 3R]QDĔ
