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8/14/2019 Annual World Bank Conference on Development Economics 2008, Global: Private Sector and Development
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M`etm` byGustef Ueau Oef cf`
Blres ^omshlvei
C B I @ M
2 > > :
Cffuco Tlro` Bcfh Ilfamrmfim lf
@mvmolpkmft Milflkeis
Dolbco
^revctm Ymitlr cf`@mvmolpkmft
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^revctm Ymitlr cf`
@mvmolpkmft
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M`etm` by
Gustef Ueau Oef cf`
Blres ^omshlvei
Cffuco Tlro` Bcfh Ilfamrmfim
lf @mvmolpkmft MilflkeisDolbco
2>>:
^revctm Ymitlr cf`
@mvmolpkmft
Tcsjefdtlf, @.I.
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2>>5 Pjm Eftmrfctelfco Bcfh alr Rmilfstruitelf cf` @mvmolpkmft / Pjm Tlro` Bcfh3:3: J Ytrmmt, FT.
Tcsjefdtlf, @I 2>099
Pmompjlfm 2>2-049-3>>>
Eftmrfmt www.wlro`bcfh.lrd
M-kceo amm`bcihNwlro`bcfh.lrd
Coo redjts rmsmrvm`.
3 2 9 0 77 32 33 3> >5
Pjes vloukm es c prl`uit la tjm stcaa la tjm Eftmrfctelfco Bcfh alr Rmilfstruitelf cf` @mvmolpkmft / Pjm
Tlro Bcfh. Pjm aef efds, eftmrprmtctelfs, cf` ilfiouselfs mxprmssm` ef tjes vloukm `l flt fmimsscreoyrmaomit tjm vemws la tjm Mxmiutevm @ermitlrs la Pjm Tlro Bcfh lr tjm dlvmrfkmfts tjmy rmprmsmft.
Pjm Tlro` Bcfh `lms flt ducrcftmm tjm ciiurciy la tjm `ctc efiou`m` ef tjes wlrh. Pjm bluf`crems,
ilolrs, `mflkefctelfs, cf` ltjmr efalrkctelf sjlwf lf cfy kcp ef tjes wlrh `l flt ekpoy cfy
gu`dkmft lf tjm pcrt la Pjm Tlro` Bcfh ilfimrfefd tjm omdco stctus la cfy tmrretlry lr tjm
mf`lrsmkmft lr ciimptcfim la suij bluf`crems.
Redjts cf` ^mrkesselfs
Pjm kctmreco ef tjes puboeictelf es ilpyredjtm`. Ilpyefd cf`/lr trcfskettefd plrtelfs lr coo la tjes
wlrh wetjlut pmrkesself kcy bm c veloctelf la cppoeicbom ocw. Pjm Eftmrfctelfco Bcfh alr
Rmilfstruitelf cf` @mvmolpkmft / Pjm Tlro` Bcfh mfilurcdms `essmkefctelf la ets wlrh cf`
weoo flrkcooy drcft pmrkesself tl rmprl`uim plrtelfs la tjm wlrh prlkptoy.
Alr pmrkesself tl pjltlilpy lr rmpreft cfy pcrt la tjes wlrh, pomcsm smf` c rmqumst wetj ilkpomtm
efalrkctelf tl tjm Ilpyredjt Iomcrcfim Imftmr Efi., 222 Rlsmwll` @revm, @cfvmrs, KC >3529, ]YC8
tmompjlfm7 54:-4=>-:0>>8 acx7 54:-4=>-004>8 Eftmrfmt7 www.ilpyredjt.ilk.
Coo ltjmr qumrems lf redjts cf` oeimfsms, efiou`efd subse`ecry redjts, sjluo` bm c``rmssm` tl tjm
Laaeim la tjm ^uboesjmr, Pjm Tlro` Bcfh, 3:3: J Ytrmmt FT, Tcsjefdtlf, @I 2>099, ]YC8
acx7 2>2-=22-20228 m-kceo7 pubredjtsNwlro`bcfh.lrd.
EYBF7 54:->-:239-432=-3
mEYBF7 54:->-:239-4321-:
@LE7 3>.3=51/54:->-:239-432=-3EYYF7 3:39-5044
Ictcoldefd-ef-^uboeictelf `ctc alr tjes tetom es cvceocbom arlk tjm Oebrcry la Ilfdrmss.
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Ilftmfts
CBL]P PJEY BLLH vee
EFPRL@]IPELF 3
Gustef Ueau Oef cf` Blres ^omshlvei
L^MFEFD Y^MMIJ 5
Gcfmz Gcfsc
L^MFEFD Y^MMIJ 3=
Cf`rmg Bcguh
L^MFEFD Y^MMIJ 34
Arcfles Blurduedflf
HMUFLPM C@@RMYY 35
Pcruf @cs
HMUFLPM C@@RMYY
^revctezctelf ef @mvmolpkmft7 Ylkm Omsslfs arlk Mxpmremfim 2=
Arcfles Blurduedflf cf` Iocu`ec Ympovm`c
HMUFLPM C@@RMYY 04
Gcfmz ^ltlifeh
HMUFLPM C@@RMYY
Efalrkcoety, ^rl`uitevety, cf` Drlwtj ef Kmxeil =9
Ycftecdl Omvy
HMUFLPM C@@RMYY 1=
Cb`luocym Ycrrm
Aefcfim cf` Milflkei Lpplrtufety 15
Csoe @mkerd-Huft cf` Rlss Omvefm
ILKKMFPYOeoecfc Rlgcs-Yucrmz :5
Qeitlr Kuref`m 59
v
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ve | ILFPMFPY
Brefd Km Yufsjefm7 Tjeij ^crts la tjm Busefmss
Ioekctm Yjluo` ^uboei ^loeiy Pry tl Aex< 55
Tmf`y Icroef cf` ^cuo Ymcbredjt
ILKKMFPY
Olj Tcj-Yefd 304
Gcf Yvmgfcr 3=3
Ilkkmfts lf Rmalrkefd ^uboei Ymrveim @moevmry,
by Pekltjy Bmsomy cf` Kcetrmmsj Djctch
Gmcf-^cuo Czck 3==
Dblr ^tmre 313
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Cblut Pjes Bllh
Pjm Cffuco Tlro` Bcfh Ilfamrmfim lf @mvmolpkmft Milflkeis es c alruk alr `es-
iusself cf` `mbctm la ekplrtcft ploeiy essums aciefd `mvmolpefd iluftrems. Pjm ilf-
amrmfims mkpjcsezm tjm ilftrebutelf tjct mkpereico milflkei rmsmcrij icf kchm tl
uf`mrstcf`efd `mvmolpkmft prlimssms cf` tl alrkuoctefd sluf` `mvmolpkmft ploe-
iems. Ilfamrmfim pcpmrs crm wrettmf by rmsmcrijmrs ef cf` lutse`m tjm Tlro` Bcfh.
Pjm ilfamrmfim smrems wcs stcrtm` ef 35:5. Ilfamrmfim pcpmrs crm rmvemwm` by tjm
m`etlrs cf` crm cosl subgmit tl eftmrfco cf` mxtmrfco pmmr rmvemw. Ylkm pcpmrs wmrm
rmvesm` catmr tjm ilfamrmfim, tl rmaomit tjm ilkkmfts kc`m by `esiusscfts lr arlk tjm
aollr, wjeom klst `esiusscfts ilkkmfts wmrm flt rmvesm`. Cs c rmsuot, `esiusscftsilkkmfts kcy rmamr tl momkmfts la tjm pcpmr tjct fl olfdmr mxest ef tjmer lredefco
alrk. ^crteiepcfts caaeoectelfs e`mfteaem` ef tjes vloukm crm cs la tjm tekm la tjm ilf-
amrmfim, Kcy 343:, 2>>4.
Pjm pocffefd cf` lrdcfezctelf la tjm Kcy 2>>4 ilfamrmfim wcs c gleft maalrt by
tjm Dlvmrfkmft la Yolvmfec cf` tjm Tlro` Bcfh. Tm drctmauooy cihflwom`dm tekmoy
cf` vcoucbom ilftrebutelfs kc`m by coo tjm kmkbmrs la tjm stmmrefd ilkkettmm cf`
smvmrco cflfyklus rmvemwmrs. Tm wluo` cosl oehm tl tjcfh, Ometc Glfms, Ilfamrmfim
Illr`efctlr, wjlsm mximoomft lrdcfezctelfco sheoos jmopm` tl mfsurm c suiimssauo ilf-
amrmfim. Aefcooy, wm tjcfh tjm m`etlreco stcaa alr puooefd tjes vloukm tldmtjmr, mspm-
iecooy Kcrh Efdmbrmtsmf, Ytucrt H. Puihmr, cf` Flrc Re`loae arlk tjm Laaeim la tjm
^uboesjmr.
ve e
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Eftrl`uitelf
G]YPEF UEA] OEF CF@ BLREY ^OMYHLQEI
Pjm Cffuco Tlro` Bcfh Ilfamrmfim lf @mvmolpkmft Milflkeis (CBI@M) es c omc`-
efd alruk alr c`vcfim`, alrwcr`-ollhefd rmsmcrij lf ekplrtcft `mvmolpkmft essums.
Mcij ymcr, tjm CBI@M brefds ploeiy kchmrs cf` ploeteiecfs tldmtjmr wetj rmsmcrijmrs
arlk cic`mkm, eftmrfctelfco lrdcfezctelfs, cf` tjefh tcfhs. Pjm `evmrsm pmrspmitevms
la tjm eftmrfctelfco `mvmolpkmft ilkkufety kefdom cf` ilcomsim tjrludj ef-`mptj
`mbctms lf ekplrtcft tjmkms lf tjm `mvmolpkmft cdmf`c.
Pjm 2>>: CBI@M wcs `mvltm` tl tjm tjmkm Pjm ^revctm Ymitlr cf` @mvmolpkmft
cf` jedjoedjtm` suij essums cs aefcfieco efiouself, hmy acitlrs ef tjm busefmss ioekctm,
cf` tjm prlveself la puboei smrveims by flfstctm citlrs. Pjm ilfamrmfim, ilsplfslrm`by tjm dlvmrfkmft la Yolvmfec cf` tjm Tlro` Bcfh, tllh pocim ef Bom`, Yolvmfec,
Kcy 343:, 2>>4.
Pjm ilfamrmfim bmdcf wetj wlr`s la wmoilkm cf` lpmfefd rmkcrhs by Gcfmz
Gcfsc, ^rekm Kefestmr la Yolvmfec8 Cf`rmg Bcguh, Kefestmr la Aefcfim, Yolvmfec8 cf`
Arcfles Blurduedflf, Ijema Milflkest cf` Ymfelr Qeim ^rmse`mft, `mvmolpkmft
milflkeis ct tjm Tlro` Bcfh. Blurduedflf octmr dcvm lfm la tjm hmyfltm c``rmssms,
cs `e` Pcruf @cs, Ijema Kmftlr la tjm Ilfam`mrctelf la Ef`ecf Ef`ustry8 Gcfmz
^ltlifeh, Murlpmcf Ilkkesselfmr alr Yiemfim cf` Rmsmcrij8 Ycftecdl Omvy, Ymfelr
Amoolw ct tjm Brllhefds Efstetutelf8 cf` Cb`luocym Ycrrm, c suiimssauo mftrmprmfmur
cf` busefmsskcf arlk Ymfmdco. Pjm ilfamrmfims tjrmm pomfcry smsselfs amcturm`
alur pcpmrs prmsmftm` by omc`efd `mvmolpkmft milflkests. @moevmrefd tjm iolsefd
rmkcrhs wmrm Bcguh8 Yjedml Hctsu, Tlro` Bcfh Qeim ^rmse`mft alr Murlpm cf` Imf-
trco Csec8 cf` Prmvlr Kcfumo, Kefestmr la Aefcfim, Rmpuboei la Ylutj Careic.
3
Gustef Ueau Oef es Ijema Milflkest cf` Ymfelr Qeim ^rmse`mft alr @mvmolpkmft Milflkeis ct tjm Tlro` Bcfh. Blres^omshlvei es Rmsmcrij Kcfcdmr alr @mvmolpkmft Milflkeis ct tjm Tlro` Bcfh.
Cffuco Tlro Bcfh Ilfamrmfim lf @mvmolpkmft Milflkeis 2>>:, Dolbco
2>>5 Pjm Eftmrfctelfco Bcfh alr Rmilfstruitelf cf` @mvmolpkmft/Pjm Tlro` Bcfh
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2 | G]YPEF UEA] OEF CF@ BLREY ^OMYHLQEI
Lpmfefd C``rmssms
Ef jes wmoilkefd c``rmss,Gcfmz Gcfsc mkpjcsezms tjm ekplrtcfim la tjm prevctm smitlr
ef ekprlvefd stcf`cr s la oevefd cf` kmmtefd ltjmr `mvmolpkmft ijcoomfdms. @mvmo-lpkmft milflkeis smmhs tl e`mfteay tjm klst ekplrtcft acitlrs efaoumfiefd milflkei
drlwtj cf` ekprlvmkmfts ef oevefd stcf`cr`s. Et tjus stcf`s ct tjm irux la tjmlry cf`
prciteim, hflwom`dm cf` citelf. Gcfsc prcesms tjm Tlro` Bcfhs spmieco rlom cs tjm
`revefd alrim bmjef` prldrmss ef `mvmolpkmft milflkeis cf` cs c prlve`mr la aefcfi-
efd cf` tmijfeico cssestcfim tl `mvmolpefd iluftrems. Cotjludj plvmrty rmkcefs c
dolbco ijcoomfdm, tjm Tlro` Bcfhs cijemvmkmfts ef cssestefd pllr iluftrems ef tjmer
milflkei `mvmolpkmft jcvm bmmf drmct. Gcfsc tjmf mfukmrctms Yolvmfecs ekprmssevm
cijemvmkmfts sefim et dcefm` ef`mpmf`mfim ef 3553. Ct tjm bmdeffefd la ef`mpmf`mfim,
Yolvmfecf mftmrpresms olst :> pmrimft la tjmer mxplrt kcrhmts lvmrfedjt, cf` ufmk-
polykmft drmw rcpe oy. But Yolvmfec tllh `mtmrkefm` ploeiy kmcsurms tl ekprlvm tjm
lpmrctefd mfverlfkmft alr tjm prevctm smitlr, cf` bmtwmmf 3552 cf` 2>>1 tjm prevctm
smitlrs sjcrm la drlss `lkmstei prl`uit (D@^) drmw arlk 9> tl 1= pmrimft. Flw,
Yolvmfecs milflkei setuctelf jcs fmvmr bmmf bmttmr. Ef 2>>0 Yolvmfec drc`uctm` arlk
Tlro` Bcfh cssestcfim (tjm aerst trcfsetelf iluftry tl `l sl), bmickm c Bcfh `lflr,
cf` glefm` tjm Murlpmcf ]felf (M]). Ef Gcfucry 2>>4 Yolvmfec c`lptm` tjm murl, cf`
ef Gcfucry 2>>: et cssukm` tjm sex-klftj prmse`mfiy la tjm Murlpmcf ]felf. Gcfsc
stctms tjct Yolvmfec es prlu` tl jcvm glefm` tjm Tlro` Bcfh cf` ltjmr eftmrfctelfco
lrdcfezctelfs cs c `lflr ef tjm aedjt cdcefst plvmrty cf` rmildfezms tjct bltj tjm pub-
oei cf` prevctm smitlrs kust pocy ekplrtcft rloms.Cf`rmg Bcguh rmkcrhs tjct tjm CBI@M, lredefcooy jmo` mcij ymcr ef Tcsjefdtlf,
@I, jcs bmilkm efirmcsefdoy dolbco. Jm lbsmrvms tjct ef 2>>1 et tllh pocim ef tjm
klst plpuolus iluftry ef tjm wlro`, Ijefc, cf` ef 2>>4 wcs bmefd jmo` ef lfm la
tjm skcoomst, Yolvmfec. Bcguh cosl fltms tjm ekplrtcfim la tjes ymcrs tjmkm. Jm plefts
lut tjct tjm Tlro` Bcfh, ef ets aerst alur `mic`ms, pce` sicft cttmftelf tl tjm prevctm
smitlr, aliusefd efstmc` lf puboei smitlr prlgmits. But, jm c``s, lvmr tjm pcst 2> ymcrs
tjm Tlro` Bcfh, colfd wetj tjm eftmrfctelfco ilkkufety cs c wjlom, jcs rmildfezm`
tjm iruieco sedfeaeicfim la tjm prevctm smitlr ef alstmrefd milflkei `mvmolpkmft cf`
drlwtj. Pjm `mvmolpkmft la tjm prevctm smitlr jcs bmmf iruieco tl Yolvmfecs sui-
imssauo milflkei trcfsetelf cf` ets c`lptelf la tjm murl. Bcguh rmplrts tjct flw tjctet jcs bmilkm c `lflr rctjmr tjcf c rmiepemft la eftmrfctelfco ce`, Yolvmfec es alius-
efd lf tjm prevctm smitlrs ilftrebutelf tl mrc`eictefd plvmrty ef `mvmolpefd iluf-
trems.
Arcfles Blurduedflf stctms tjct tjm purplsm la tjm CBI@M es tl ilkbefm `evmrsm
pmrspmitevms lf `mvmolpkmft, omcrf arlk lfm cfltjmr, cf` sjcrm hflwom`dm tjct weoo
ekprlvm `mvmolpkmft maamitevmfmss. Jm cdrmms tjct tjrmm lr alur `mic`ms cdl tjm pre-
vctm smitlr wluo` jcr`oy jcvm bmmf tjm tjmkm la c kcglr `mvmolpkmft ilfamrmfim,
but sefim tjmf c ilfsmfsus jcs alrkm` rmdcr`efd tjm imftrco rlom la tjm prevctm smitlr
ef `mvmolpkmft. Pjm prlpmr tcsh la dlvmrfkmft es flw smmf cs tjm irmctelf la c
ploeiy mfverlfkmft cf` c`kefestrctevm struiturm ilf`uievm tl `mvmolpkmft la tjm
prevctm smitlr, rctjmr tjcf eftmrvmftelf ef tjm prevctm smitlr. Blurduedflf prcesms
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EFPRL@]IPELF | 9
Yolvmfecs ciilkpoesjkmfts ef wmctjmrefd ets trcfsetelf, fltefd tjct rmco D@^ drlwtj
ef 2>>1 ckluftm` tl =.2 pmrimft cf` rmetmrctefd tjct tjm iluftry jcs glefm` tjm
Murlpmcf ]felf cf`, wetjef tjm Tlro` Bcfh, klvm` arlk blrrlwmr tl `lflr stctus.
Oehm coo iluftrems, Yolvmfec ilftefums tl acim ijcoomfdms, but et jcs bmilkm kuijwmcotjemr, cf` ets auturm wetjef Murlpm ollhs bredjt.
Hmyfltm C``rmssms
Pcruf @cs `msirebms tjm `mvmolpkmft ekpcits la Ef`ecs rmvetcoezm` prevctm smitlr.
Catmr lutoefefd tjm milflkei jestlry la ef`mpmf`mft Ef`ec, jm `msirebms tjm ijcrcitmr
la tjm iluftrys prevctm smitlr. @urefd tjm pcst 3= ymcrs lr slc pmrel` la oebmrco-
ezctelf cf` lpmfefd tl tjm dolbco milflkytjm prevctm smitlr jcs bmmf trcfsalrkm`,
cf` c fmw speret la mftrmprmfmursjep jcs tchmf rllt. Ef`ecs prevctm smitlr jcs `mvmo-
lpm` rcpe`oy, alrkefd fukmrlus dmldrcpjei ioustmrs. @cs crdums tjct tjm psyijlold-
eico turfefd pleft alr tjm iluftrys prevctm smitlr wcs ets suiimss ef efalrkctelf tmij-
floldy ef tjm 355>s, wjeij dcvm Ef`ec acetj cf` ilfae`mfim tjct et iluo` ilkpmtm
wetj wlro` omc`mrs ef tjm ef`ustry. Cfltjmr ekplrtcft psyijloldeico ijcfdm jcs bmmf
ef tjm wcy Ef`ec vemws ets plpuoctelf. Bmalrm tjm 355>s Ef`ecs mflrklus plpuoctelf
wcs rmdcr`m` cs c oecbeoety, but tl`cy ets 3 beooelf pmlpom crm smmf cs cf cssmt. @cs
fltms tjct c `mic`m cdl, busefmss omc`mrs ef Ef`ec ilfse`mrm` `mvmolpkmft tjm dlv-
mrfkmfts prlbomk, but tl`cy tjm busefmss ilkkufety smms `mvmolpkmft essums cs
tjmer prlbomk, tll. Pjm beddmst `mvmolpkmft ijcoomfdm aciefd tjm prevctm smitlr,ciilr`efd tl @cs, es tl strmfdtjmf jukcf icpciety. Cormc`y, tjm prevctm smitlr es trcef-
efd keooelfs la pmlpom, efiou`efd tjm `esc`vcftcdm`, smttefd up sheoos `mvmolpkmft
imftmrs cirlss Ef`ec, cf` supplrtefd rurco m`uictelf. @cs plefts lut tjct tjm prevctm
smitlr jcs bmilkm `mmpoy efvlovm` ef ltjmr smitlrs cs wmoo, suij cs efarcstruiturm,
jmcotj icrm, keirlaefcfim, cf` mfverlfkmftco cf` mfmrdy essums. Tjeom tjm dlvmrf-
kmft prlve`ms omc`mrsjep cf` tjm ploeiy arckmwlrh, prevctm ilkpcfems crm puttefd
rmslurims cf` `revm eftl `mvmolpkmft. Pjm prevctm smitlrs omc`mrsjep ef Ef`ecs `mvmo-
lpkmft jcs jmopm` lvmrilkm trc`etelfco `estrust la prlaet-kchefd mftmrpresms, cf`
sliemtys mxpmitctelfs la tjm prevctm smitlr jcvm bmilkm vmry jedj ef`mm`.
Arcfles Blurduedflf lbsmrvms tjct et es flw we`moy ciimptm` tjct trcfsamrrefdlwfmrsjep arlk tjm puboei smitlr tl tjm prevctm smitlr brefds dcefs ef maaeiemfiy cf`
prl`uitevety8 cf` cs c rmsuot, prevctezctelf la stctm-lwfm` mftmrpresms jcs bmmf mxtmf-
sevmoy prciteim` ef rmimft `mic`ms. Pjm maamits lf maaeiemfiy cf` prl`uitevety crm wmoo
uf`mrstll`, but rmsmcrijmrs jcvm flt c`mquctmoy mxckefm` lfm iruieco crmc la prevc-
tezctelf7 ets `estrebutelfco maamits. Pjmsm maamits `msmrvm kuij drmctmr cttmftelf
bmicusm tjmy `ermitoy caamit puboei lpefelf cf` crm cbsloutmoy iruieco alr uf`mrstcf`-
efd tjm wmoacrm ilfsmqumfims cf` ploeteico milflky la prevctezctelf. Rmvemwefd tjm
oetmrcturm lf prevctezctelf, Blurduedflf lbsmrvms tjct wjmf mvcouctefd tjm sicom la
prevctezctelf, rmsmcrijmrs jcvm dmfmrcooy ilkpcrm` prevctezm` mftmrpresms (cssmts) ef c
devmf iluftry tl tjm iluftrys D@^ (c aolw). But wjct kcttmrs crm tjm rmoctevm sezms
la tjm prevctm cf` puboei smitlrs cf` tjm ijcfdms tchefd pocim. C bmttmr ilkpcreslf,
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0 | G]YPEF UEA] OEF CF@ BLREY ^OMYHLQEI
Blurduedflf cssmrts, wluo` bm tjm rctel la prevctezm` cssmts tl tltco fctelfco cssmts.
Rludjoy spmchefd, tltco fctelfco cssmts icf bm ilkputm` usefd D@^ cf` c icpetco-
lutput rctel. Cppoyefd suij c kmcsurm, lfm icf scy tjct cpprlxekctmoy = pmrimft la
cssmts ef tjm trcfsetelf iluftrems la Murlpm cf` Imftrco Csec jcvm bmmf prevctezm`sefim 355:, cf` tjm aedurm es cblut 0 pmrimft ef Octef Ckmreic. Blurduedflf eoous-
trctms slkm la tjm auf`ckmftco essums la `estrebutelf tjct jcvm bmmf ocrdmoy lvmr-
ollhm` ef tjm oetmrcturm. ^rmsmftefd c styoezm` mxckpom la wctmr suppoy, jm sjlws tjct
trcfsamr la lwfmrsjep tl c wmoo-rmduoctm` prevctm klflploy iluo` bm mxpmitm` tl
yemo` iomcr maaeiemfiy dcefs but cosl ekplrtcft `estrebutelfco maamitsc rcfdm la wef-
fmrs cf` olsmrs. Pjm weffmrs kedjt bm tjm tcxpcymrs, tjm fmw lwfmrs, cf` fmw ilf-
sukmrs8 tjm olsmrs kedjt bm imrtcef ilfsukmrs wjl flw jcvm tl pcy klrm, cs wmoo cs
oce`-laa mkpolymms. ^revctezctelf ef c ilkpmtetevm mfverlfkmft wluo` oehmoy yemo`
skcoomr preim ijcfdms cf` omss ijcfdm ef tmrks la `estrebutelf. Ef tjct setuctelf, tjm
maamit la prevctezctelf wluo` bm klstoy maaeiemfiy dcefs. Blurduedflf stctms tjct klrm
rmsmcrij es fmm`m` tl uf`mrstcf` prevctezctelf ekpcits wetj rmspmit tl slieco wmoacrm
cf` ploeteico milflky, but jes sekpom eooustrctelf jedjoedjts kcfy lvmrollhm` `ekmf-
selfs la prevctezctelf. Jm dlms lf tl rmvemw mkpereico mve`mfim arlk smvmrco `mvmo-
lpefd cf` trcfsetelf iluftrems, wjeij alr tjm klst pcrt sjlws tjm slrts la lutilkms
lfm kedjt mxpmit7 ef ilkpmtetevm ef`ustrems, fmdoedebom preim maamits cf` iomcr-iut maae-
iemfiy dcefs, cf` ef flfilkpmtetevm ef`ustrems, c ocrdm preim maamit wetj kcfy `estre-
butelfco maamits. Blurduedflf ilfiou`ms wetj tjm lbsmrvctelf tjct tjm `estrebutelfco
ekpcit la prevctezctelf es repm alr cfcoyses.
Gcfmz ltlifeh lbsmrvms tjct dolbcoezctelf es c acit la oeam tl`cy. Fmw dolbco prlb-omks, wjmtjmr ef jmcotj, slieco smiurety cf` cdefd, ioekctm ijcfdm, mfmrdy, mfverlf-
kmft, smiurety, lr all` suppoy, rmquerm c dolbco rmsplfsm. Pjm lfoy ilftmxt ef wjeij
c sustcefcbom auturm kedjt bm aluf` es ef tjm dolbco klvmkmft tlwcr` c hflwom`dm
sliemty. ^ltlifeh stctms tjct Murlpm es ef tjm ke``om la c `eaaeiuot trcfsetelf arlk c
rmslurim-bcsm` milflky tl c hflwom`dm-bcsm` milflky. Ef 2>>> tjm Murlpmcf
]felf c`lptm` tjm Oesblf Ytrctmdy tl kchm tjm M] tjm klst `yfckei cf` ilkpmte-
tevm hflwom`dm-bcsm` milflky ef tjm wlro` by 2>3>. ^ltlifeh smms iurrmft `mvmo-
lpkmfts cs c fmw ef`ustreco rmvloutelf ef wjeij tjm dolbcoezctelf la trc`m cf`
hflwom`dm weoo stekuoctm efflvctelf, milflkei `mvmolpkmft, cf` fmw cpprlcijms tl
dolbco prlbomks suij cs ioekctm ijcfdm. Jm stctms tjct Murlpm kust omc` by mxckpomcf` tjct et es rmc`y tl slovm dolbco mfmrdy cf` mfverlfkmftco prlbomks ef pcrtfmrsjep
wetj `mvmolpefd iluftrems. Pjes icf bm `lfm lfoy wetj prevctm smitlr efvlovmkmft cf`
omc`mrsjep, efiou`efd omc`mrsjep by acst-drlwefd `mvmolpefd iluftrems suij cs Ef`ec,
wjmrm tjmrm es c sedfeaeicft rmsmcrij cf` mvmolpkmft (R&@) bcsm. Ef 2>>2, ltlifeh
fltms, tjm Murlpmcf ]felf smt c dlco la efvmstefd 9 pmrimft la D@^ ef siemfim cf`
rmsmcrij, wetj twl-tjer`s ilkefd arlk tjm prevctm smitlr. Yl acr, Murlpm es acr arlk
tjct tcrdmt. Pjm klst ekplrtcft acitlrs alr cttrcitefd R&@ efvmstkmft crm tjm mxes-
tmfim la c kcrhmt, c strlfd hflwom`dm pllo, cf` c jedj-qucoety puboei rmsmcrij bcsm.
Yurpresefdoy, wcdm omvmos crm flt vmry ekplrtcft. M] rmsmcrij ploeiy es jmopefd `mvmo-
lpefd iluftrems bueo` tjmer hflwom`dm bcsm sl tjct tjmy weoo bm bmttmr cbom tl cttrcit
R&@ efvmstkmft cf` bmttmr plsetelfm` ef tjm dolbco milflky. Klrm tjcf jcoa la tjm
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EFPRL@]IPELF | =
M] arckmwlrh prldrck bu`dmt es `m`eictm` tl illpmrctevm rmsmcrij prlgmits, efiou`-
efd eftmrfctelfco illpmrctelf.
Ycftecdl Omvy mxckefms tjm icsm la Kmxeil cf` sjlws tjct ploeiy eftmrvmftelfs
eftmf`m` tl prltmit wlrhmrs ef tjm efalrkco smitlr icf eftrl`uim `estlrtelfs tjctacvlr tjm efalrkco smitlr lvmr tjm alrkco smitlr cf` omc` tl olwmr prl`uitevety cf`
solwmr drlwtj. Kmxeils mxpmremfim `mklfstrctms tjct milflkei drlwtj `lms flt
efvcrecboy omc` tl efirmcsefd alrkcoezctelf la tjm milflky cf` tjct eftmrvmftelfs ef
tjm ocblr kcrhmt icf jcvm tjm ufeftmf`m` rmsuot la mftrmfijefd tjm efalrkco smitlr
cf` irmctefd ploeteico prmssurm tl kceftcef cf` mxpcf` tjm slieco prltmitelf bmfmaets
la efalrkco wlrhmrs. Omvy mxpocefs tjct Kmxeicf wlrhmrs mkpolym` ef tjm alrkco
smitlr rmimevm slieco smiurety bmfmaets aefcfim` by mkpolymr-pce` tcxms, wjeom wlrhmrs
ef tjm efalrkco smitlr rmimevm slieco prltmitelf bmfmaets aefcfim` arlk dmfmrco stctm
rmvmfums. Pjus, Kmxeicf mkpolymrs pcy scocry cf` bmfmaets alr alrkco wlrhmrs but
lfoy scocry alr efalrkco wlrhmrs. Ilfsmqumftoy, tjm ilst tl c aerk la jerefd c alrkco
wlrhmr es cblut => pmrimft jedjmr tjcf tjm ilst la jerefd slkmlfm efalrkcooy. Arlk
tjm milflkei pleft la vemw, tjm `eijltlky la slieco smiurety alr scocrem` ocblr vmrsus
slieco prltmitelf prldrcks alr flfscocrem` ocblr cklufts tl c tcx lf aerks cf` c
subse`y tl efalrkco aerks. Omvys cfcoyses la tjm Kmxeicf milflky `mklfstrctms tjct
aerks ef tjm efalrkco smitlr crm klrm prlaetcbom cf` tjus cttrcit klrm efvmstkmft.
Mkpolymrs jcvm c iomcr efimftevm tl acvlr efalrkco mkpolykmft, but tjm cfcoyses
sjlws tjct wlrhmrs cosl jcvm cf efimftevm bmicusm tjmy `l flt vcoum slieco smiurety
bmfmaets ct tjmer auoo ilst. Ilfsmqumftoy, mvcself la alrkco mkpolykmft es kcssevm. Ef
acit, ciilr`efd tl Omvy, cblut =: pmrimft la Kmxeils ocblr alrim es ef tjm efalrkcosmitlr8 lfoy 9: pmrimft es ef tjm alrkco smitlr. Klrmlvmr, c ocrdm plrtelf la tjlsm ef
tjm alrkco smitlr `l flt rmimevm slieco smiurety mftetomkmfts bmicusm la mvcself. Omvy
ilfiou`ms tjct cotjludj et es we`moy mxpmitm` tjct milflkei drlwtj weoo omc` tl
drmctmr ocblr alrkcoezctelf cf` tjm mxpcfself la slieco smiurety ilvmrcdm, tjes es flt
cowcys tjm icsm, cs tjm mxpmremfim la Kmxeil sjlws. Ef acit, ef Kmxeil tjm iurrmft
kmijcfesk es mfocrdefd cf` mftrmfijefd tjm efalrkco smitlr, mvmf uf`mr ilf`etelfs
la solw but sustcefm` drlwtj. Pjes es c omsslf tjct kcy cppoy tl ltjmr `mvmolpefd
iluftrems, cf` Omvy icutelfs tjct tjm ijcoomfdm es flt tl `eskcftom slieco prltmitelfs
but tl esloctm tjmk arlk tjm ocblr kcrhmt.
Cb`luocym Ycrrm laamrs c prevctm smitlr pmrspmitevm arlk Careic, pleftefd lut tjcttjm puboei smitlr pocys c ocrdmr rlom ef tjm milflky ef Careic tjcf ef ltjmr pcrts la
tjm wlro`. Ycrrm ietms tjm dmfmrco cdrmmkmft tjct tjm prevctm smitlr es klrm maaeiemft
cf` sjluo` bm tjm `revefd alrim ef tjm milflky. Jm c``s tjct tjm prevctm smitlr cosl
fmm`s tl jcvm efput eftl slkm crmcs tjct iomcroy bmolfd tl tjm puboei smitlrcblvm
coo, m`uictelf. M`uictelf ef Careic, mspmiecooy ct tjm ufevmrsety omvmo, es flt kmmtefd tjm
fmm`s cf` tjm mxpmitctelfs la busefmss. Ef Ymfmdco, Ycrrm fltms, klrm tjcf c tjer` la
tjm stctm bu`dmt es efvmstm` ef m`uictelf. Pjm dlvmrfkmft cf` sliemty iomcroy vcoum
m`uictelf cf` crm kchefd c ocrdm efvmstkmft ef et, but tjm ufevmrsety iurreiuouk es tll
`estcft arlk tjm fmm`s la tjm prevctm smitlr, wjeij jcs fl rmco vleim ef wjct es tcudjt.
M`uictelf es flt syfijrlfezm` wetj tjm fmm s la tjm milflky, cf` tjm trcefefd etsmoa
es latmf lbslomtm. Ef Ymfmdco, alr efstcfim, =,>>> stu`mfts crm stu`yefd jestlry cf`
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1 | G]YPEF UEA] OEF CF@ BLREY ^OMYHLQEI
dmldrcpjy, but amwmr tjcf 2>> crm stu`yefd efalrkctelf tmijfloldy. Mftrmprmfmurs
cf` efvmstlrs crm ekplrtcft tl `mvmolpkmft ef Careic, Ycrrm lbsmrvms, but tjmy acim c
fukbmr la smrelus prlbomks7 olwmr-rcfhefd dlvmrfkmft laaeiecos crm suspeielus la
tjmk cf` `l flt uf`mrstcf` tjm ekplrtcfim la tjm prevctm smitlr8 tjm omdco mfverlf-kmft es lut`ctm` cf` jcs flt c`cptm` tl ekplrtcft fmw smitlrs suij cs smrveim mxplrt
cf` efalrkctelf tmijfloldy8 cf` tjm m`uictelf systmk es flt prl`uiefd pmlpom wetj
tjm redjt hef`s la sheoos. Aurtjmrklrm, tjm aefcfieco smitlr es flt suaaeiemftoy `mvmolpm`,
cf` eftmrmst rctms cf` ilooctmrco rmquermkmfts crm tll jedj. ^llr efarcstruiturm cf`
uteoetems cosl jef`mr `mvmolpkmft. Mvmf ef icsms wjmrm efarcstruiturm es dll , cs ef
Ymfmdcos tmomilkkufeictelfs smitlr, klflploy preiefd solws milflkei `mvmolpkmft.
Ycrrm ilfiou`ms wetj c `esiusself la crmcs ef wjeij tjm prevctm smitlr wluo oehm tjm
Tlro Bcfhs cssestcfim7 ekprlvefd tjm ciimss la skcoo cf` km`euk-sezm busefmssms tl
icpetco kcrhmts8 mfilurcdefd olwmr eftmrmst rctms8 cf` aefcfiefd trcefefd prldrcks tl
ef`uim mftrmprmfmursjep, prl`uitevety, cf` efflvctelf.
Aefcfieco Efiouself
Csoe @mkerd-Huft cf` Rlss Omvefm crdum tjct `mvmolpkmft milflkests fmm` tl pcy
klrm cttmftelf tl cssmssefd jlw alrkco aefcfieco smitlr ploeiems caamit milflkei
lpplrtufety cf` plvmrty. Et es we`moy rmildfezm` tjct ekpmramitelfs ef icpetco kcrhmts
icusm c ocrdmr sjcrm la sliemtys scvefds tl aolw tl tjlsm wetj ciiukuoctm` wmcotj. Et
es flt sl wmoo uf`mrstll` tjct tjmrm es cosl, cs tjm cutjlrs rmsmcrij ef`eictms, c strlfd
fmdctevm rmoctelfsjep bmtwmmf aefcfieco `mvmolpkmft, lf tjm lfm jcf`, cf` plvmrty,efmqucoety, cf` `esirekefctelf, lf tjm ltjmr. Ea tjm milflkeis prlamsself `mvmolps c
bmttmr uf`mrstcf`efd la jlw ekpmramitelfs ef aefcfieco kcrhmts caamit eftmrdmfmrc-
telfco efilkm `yfckeis, rmturfs tl sijlloefd, scvefd bmjcvelr, cf` sl lf, tjm fmw
aef`efds sjluo` pocy c prlkefmft rlom ef rmalrks cekm` ct ekprlvefd wmoacrm cf`
milflkei lpplrtufety. @mkerd-Huft cf` Omvefm lbsmrvm tjct rmimft tjmlrmteico
cf` mkpereico stu`ems strlfdoy suddmst tjct tjm omvmo la `mvmolpkmft la tjm alrkco
aefcfieco smitlrbcfhs, smiuretems kcrhmts, cf` ltjmr aefcfieco efstetutelfses cf
ekplrtcft `mtmrkefcft la wjl icf mxpolet milflkei lpplrtufetems cf` wjl icfflt.
Pjm aefcfieco systmks omvmo la `mvmolpkmft es flt tjm lfoy `mtmrkefcft, but etcppmcrs tl bm c jedjoy sedfeaeicft acitlr ef `moeketefd ef`eve`uco milflkei jlrezlfs.
Lf tjm sliemtco omvmo, aefcfieco `mvmolpkmft `mtmrkefms tjm mxtmft tl wjeij milflk-
ei lpplrtufety es lpmf tl tcomft cf` efetectevm lr, lf tjm ilftrcry, `mpmf`s lf ackeoy
wmcotj cf` slieco ilffmitelfs. Ef wmoo-`mvmolpm` aefcfieco systmks, irm`etwlrtjy
aerks jcvm mcsemr ciimss tl mxtmrfco aefcfiefd, wjeij caamits tjmer drlwtj cf` pmr-
alrkcfim plsetevmoy. Tlrhefd wetj ltjmr rmsmcrijmrs, @mkerd-Huft cf` Omvefm
jcvm `mklfstrctm`, ef prmvelus ocrdm-sicom irlss-iluftry stu`ems, tjct aefcfieco `mvmo-
lpkmft `esprlplrtelfctmoy bmfmaets tjm pllr, `mirmcsms efilkm efmqucoety, lpmfs fmw
milflkei lpplrtufetems alr tjm pllr, rm`uims tjm aefcfiefd lbstcioms aciefd skcoo
aerks, cf` `esprlplrtelfctmoy bmfmaets skcoo aerks. Ytu`ems la keirlmftmrpresms byltjmr rmsmcrijmrs yemo` ilfsestmft rmsuots.
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EFPRL@]IPELF | 4
Tjeij Acitlrs Kcttmr Klst alr Ekprlvmkmftla tjm Busefmss Ioekctm, wjmf tjm aerst kl`mo la `mvmolpkmft
milflkeis wcs alrkuoctm`, wm jcvm smmf kcfy tjmlrems cf` kl`mos tjct jcvm bmmf
ijcfdefd, `mvmolpefd, cf` ekprlvefd. @mvmolpkmft milflkeis jcs bmilkm efirmcs-
efdoy eftmr`esiepoefcry. Pl`cy et oefhs milflkeis, slieloldy, cftjrlploldy, ploeteico
siemfim, slielpsyijloldy, km`eiefm, dmldrcpjy, cf` ltjmr siemfims.
Kl`mrf `mvmolpkmft milflkeis smmhs tl `mtmrkefm wjct crm tjm iruieco momkmfts ef
smiurefd acstmr milflkei drlwtj cf` ekprlvmkmfts ef oevefd stcf`cr`s, ef `mvmolpefd
iluftrems ef pcrteiuocr. Es tjm hmy acitlr `emt, jmcotj systmks, prekcry cf` jedjmr
m`uictelf, cf maaeiemft omdco systmk, acer trc`m, gust `estrebutelf la efilkm, lr tjm redjt
milflkei ploeiems cf` `mvmolpkmft strctmdems>:, Dolbco
2>>5 Pjm Eftmrfctelfco Bcfh alr Rmilfstruitelf cf` @mvmolpkmft/Pjm Tlro` Bcfh
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3> | GCFMW GCFYC
Keijcmo Pl`crl cf` Ytmpjmf Yketj `msirebm `mvmolpkmft milflkeis cs tjm illr-
`efctelf la jukcf ymcrfefd cf` jukcf mf`mcvlrs. Pjm mssmfim la `mvmolpkmft
milflkeis es tl klvm arlk tjmlry tl prciteim, tl turf wlr`s eftl `mm`s. C alrkmr
prmse`mft la tjm Tlro` Bcfh, Omwes ^rmstlf, sce` tjct `mvmolpkmft tjmlry by etsmoajcs oettom vcoum ufomss et es cppoem`, ufomss et trcfsoctms eftl rmsuots, cf` ufomss et
ekprlvms pmlpoms oevms. Ef ltjmr wlr`s, tjm aef`efds la c siemfim crm suiimssauo ea tjmy
jmop `mvmolpefd iluftrems klvm tlwcr` klrm rcpe` prldrmss cf` milflkei drlwtj.
Pjm Tlro` Bcfh es tjm `revefd alrim bmjef` c`vcfims ef `mvmolpkmft milflkeis
cf`, ct tjm sckm tekm, tjm kcef slurim la aefcfiefd cf` mxpmrt cssestcfim tl `mvmo-
lpefd iluftrems. Cotjludj tjm fmm`s crm drmct cf` cssestcfim es coklst cowcys efsua-
aeiemft, tjm Bcfhs cijemvmkmfts sefim ets mstcboesjkmft ef 3500 spmch alr tjmksmovms.
Pjm lrdcfezctelf, lwfm` by ets kmkbmr iluftrems, wjeij tl`cy fukbmr 3:0, jcs
ilftrebutm` tl c drmct mxtmft tl tjm coomvectelf la prlbomks ef tjm wlro`. Pjm mstcb-
oesjkmft la tjm Bcfh es c prlgmit tjct jcs brludjt tldmtjmr tjm fctelfs la tjm wlro`.
Pjm Tlro` Bcfh, aluf`m` wetj c flbom lbgmitevm, prlve`ms aefcfiefd tl iluftrems tjct
jcvm fl ciimss tl eftmrfctelfco kcrhmts. Et mxtmf`s eftmrmst-armm irm`et tl omcst `mvmo-
lpm` iluftrems cf` olw eftmrmst olcfs tl `mvmolpefd iluftrems, wetj c olfdmr rmpcy-
kmft tmrk. Et cosl laamrs mxpmrt cf` tmijfeico supplrt alr prlgmits tjct crm ekplrtcft
alr tjm ekprlvmkmft la pllr oevefd ilf`etelfs cf` alr sustcefcbom `mvmolpkmft.
Ef tjm aesico ymcr mxtmf`efd arlk Gufm 2>>= tl Guoy 2>>1, tjm Tlro` Bcfh kc`m cvceo-
cbom coklst ]Y$29.40 beooelf ef olcfs alr 245 prlgmits.
Tm smt lursmovms ckbetelus dlcos ef tjm Keoomffeuk @miocrctelf ef 2>>>. Tm
pom`dm` tl rm`uim plvmrty by jcoa by 2>3=. Tm pom`dm` tl jmop kmkbmr iluftremslvmrilkm mxtrmkm plvmrty cf` jufdmr, tl jmop mfsurm m`uictelf alr ijeo`rmf cf`
redjts alr wlkmf, tl rm`uim ijeo` klrtcoety, tl ekprlvm tjm jmcotj la prmdfcft
wlkmf, cf` tl mfsurm prltmitelf cdcefst omtjco `esmcsms suij cs JEQ, kcocrec, cf`
tubmriuolses. Tm pom`dm` tl prltmit fcturm cf` fcturco rmslurims cf` tl `mvmolp cf
eftmrfctelfco pcrtfmrsjep alr `mvmolpkmft.
Pjm Cffuco Bcfh Ilfamrmfim lf @mvmolpkmft Milflkeis es cf lpplrtufety
alr fukmrlus `mvmolpkmft milflkests tl lutoefm tjmer vemws lf tjm prlbomks la
sustcefcbom `mvmolpkmft ef tl`cys wlro`. Pjm ijleim la Bom` cs tjm ilfamrmfim vmfum
es la mxtrclr`efcry sykbloei sedfeaeicfim alr us, cf` wm crm `moedjtm` tjct by bmefd
smomitm` tl jlst tjm ilfamrmfim, wm stcf` se`m by se`m wetj Brussmos, Ckstmr`ck, cf`Plhylicpetcos tjct jcvm jlstm` tjes ilfamrmfim ef tjm pcst tjrmm ymcrs.
Yolvmfec es c ylufd stctm. Et stcrtm` lf ets ilursm la ef`mpmf`mfim cf` `mklirctei
ijcfdm ef 3553. Pjm pctj tjct wm jcvm trcvmom` ef tjmsm 31 ymcrs jcs flt bmmf mcsy.
Yolvmfecf ilkpcfems olst :> pmrimft la tjmer kcrhmt prciteicooy lvmrfedjt. Mkpoly-
kmft `rlppm` by 3> pmrimft ef 3552 cf` 3559 colfm. Rmco ekplrts `mioefm` sjcrpoy.
Pjmsm wmrm klkmfts la ufimrtcefty, cf` tjm Yolvmfecf milflky jc` tl aef` fmw
lpplrtufetems ef tjm `mkcf`efd kcrhmts la tjm Murlpmcf Ilkkufety. Et tllh c drmct
`mco la jcr` wlrh cf` ilurcdm tl cijemvm tjm rmsuots tjct crm vesebom tl`cy.
Mxplrts, wjeij crm la hmy ekplrtcfim alr tjm skcoo Yolvmfecf milflky, rlsm arlk
=3 tl 15 pmrimft bmtwmmf 3551 cf` 2>>1. Pjm prevctm smitlr wcs devmf c bmttmr
lpplrtufety, cf` bmtwmmf 3552 cf` 2>>1, et efirmcsm` ets sjcrm ef drlss `lkmstei
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L^MFEFD Y^MMIJ | 33
prl`uit (D@^) arlk 9> tl 1= pmrimft. Pl`cy, Yolvmfec es ef tjm bmst milflkei
setuctelf mvmr ef ets jestlry. Tm crm vesebom ef tjm wlro` cs c `mvmolpm` iluftry. Tm
c`lptm` tjm murl cs lur lwf iurrmfiy, vmry suiimssauooy, ct tjm bmdeffefd la 2>>1,
tjm aerst cf` lfoy la tjm fmw Murlpmcf ]felf (M]) stctms tl l sl. Pjes suiimss es mvmfdrmctmr ea ylu ilfse`mr tjm acit tjct wm jcvm suiimm`m` ef kceftcefefd milflkei
bcocfim cf` olw efaoctelf. Ltjmr milflkei cf` puboei aefcfim ef`eictlrs crm
cosl vmry dll`. Ef 2>>1 milflkei drlwtj wcs =.2 pmrimft, cf` wm rmcijm` coklst
:0 pmrimft la tjm cvmrcdm M] D@^, kmcsurm` ef purijcsefd plwmr. Mkpolykmft
efirmcsm` ef 2>>1 by 3.9 pmrimft, cf` ufmkpolykmft iurrmftoy cklufts tl omss tjcf
1 pmrimft. Drlwtj la vcoum c``m` wcs =.9 pmrimft ef 2>>1, cf` ocblr prl`uitevety
wcs 0 pmrimft.
E ck `moedjtm` tl c`` tjct tjm dll` milflkei ef`eictlrs jcvm bmmf suiimssauooy
trcfsoctm` eftl tjm oevms la pmlpom. Ef 2>>1 drlss scocrems ef Yolvmfec efirmcsm` ef bltj
flkefco cf` rmco tmrks, cf` wm rm`uim` puboei `mbt, wjeij es flw 24.: pmrimft la
D@^. Pjm puboei `maeiet jcs bmmf olwmrm` cs wmoo, tl 3.0 pmrimft la D@^. Et es ekplr-
tcft, cosl, tjct acvlrcbom alrmicsts cs tl drlwtj cf` `mvmolpkmft jcvm bmmf kc`m by
alrmedf cf` `lkmstei efstetutelfs alr 2>>4 cf` 2>>:.
Cotjludj wm crm prlu` la lur cijemvmkmfts, wm crm wmoo cwcrm tjct tjmrm es c
drmct `mco la jcr` wlrh steoo tl bm `lfm ef lr`mr tl rmcoezm lur olfd-tmrk lbgmitevms.
Catmr coo, plvmrty cf` slieco mxiouself crm flt prlbomks acim` lfoy by `mvmolpefd
iluftrems. Ef tjm wlr`s la alrkmr Tlro` Bcfh prmse`mft Gckms Tloamfsljf,
Lur prekcry dlco ef `mvmolpkmft dlco kust bm tl rm`uim tjm `espcretems cirlss cf`
wetjef iluftremstl brefd klrm pmlpom eftl tjm milflkei kcefstrmck cf` tl prl-kltm mquetcbom ciimss tl tjm aruets la `mvmolpkmft, rmdcr`omss la fctelfcoety, rcim, lr
dmf`mr. . . XP[jm hmy `mvmolpkmft ijcoomfdm la lur tekm es tjm ijcoomfdm la efiouself.
Tm wesj tl rm`uim plvmrty, lr mrc`eictm et tl tjm drmctmst plssebom mxtmft ef Yolvmfec,
cf` rmimft trmf`s ef lur iluftry jcvm bmmf plsetevm. Lfm la tjm aerst `liukmfts tjct
tjm dlvmrfkmft la tjm Rmpuboei la Yolvmfec c`lptm` ct tjm bmdeffefd wcs c `mvmolp-
kmft strctmdy, c prldrck la milflkei cf` slieco rmalrks tjct wm jc` tl icrry lut tl
mfsurm Yolvmfecs cijemvmkmft la tjmsm dll` milflkei rmsuots ef tjm olfd tmrk. Tm
c`lptm` tcx ocws cs pcrt la milflkei rmalrks tjct sedfeaeicftoy omssmfm` tjm mxims-
sevm tcx bur`mf lf tjm milflky cf` mfilurcdm` mkpolykmft la jedjoy m`uictm`
wlrhmrs cf`, ef dmfmrco, mkpolykmft tjct weoo bm omss ilstoy alr ilkpcfems. Aurtjmrprevctezctelf la ilkpcfems tjct crm steoo ijemaoy ef stctm lwfmrsjep es uf`mr wcy cf`
weoo bm icrrem` lut ef suij c wcy cs tl mfsurm tjm bmst plssebom maamits alr tjm drlwtj
cf` `mvmolpkmft la tjm milflky. Ypmieco cttmftelf es bmefd pce` tl tjm prevctezctelf
la tjm bcfhefd cf` efsurcfim smitlr, wjmrm et es lur `uty tl mfsurm tjm stcbeoety la tjm
aefcfieco systmk. Tm jcvm cosl c`lptm` c fukbmr la ltjmr milflkei cf` slieco
rmalrk kmcsurms tl efirmcsm tjm ilkpmtetevmfmss la Yolvmfecs milflky. Fmdltectelfs
wetj tjm slieco pcrtfmrs lf ocblr omdesoctelf crm ef tjm aefco stcdm. Pjmrm weoo bm
ilfse`mrcboy drmctmr aomxebeoety la tjm ocblr kcrhmt, cf` wm weoo tjus irmctm ilf`e-
telfs alr jedjmr mkpolykmft. Tm jcvm c`lptm` c fmw kufeiepcoety-aefcfiefd cit.
]f`mr prmpcrctelf es omdesoctelf lf prlvefims wjlsm lbgmitevm es klrm jcrklfelus
rmdelfco `mvmolpkmft.
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32 | GCFMW GCFYC
Ef ets trcfsetelf arlk c mvmolpefd tl c `mvmolpm` iluftry, Yolvmfec jcs mfglym` tjm
cssestcfim cf` supplrt la `mvmolpm` iluftrems. Pjm `llr tl tjm Murlpmcf ]felf cf`
tjm murl zlfm wcs lpmf alr us. Lf Gcfucry 3, 2>>:, wm crm mftmrefd tjm Yijmfdmf vesc
systmk, cf` lf tjct `ctm wm weoo cssukm tjm sex-klftj prmse`mfiy la tjm Murlpmcf]felf. Yolvmfec jcs cosl rmimevm` cf laaeieco efvetctelf tl glef tjm Lrdcfesctelf alr
Milflkei Il-lpmrctelf cf` @mvmolpkmft (LMI@).
Tm crm cwcrm la tjm ekplrtcfim la lur mxpmremfim cf` hflwom`dm. Pl`cy, Yolvmfec
es redjtauooy mxpmitm` tl jmop ltjmr iluftrems wetj aefcfiefd, mxpmremfim, cf` hflwo-
m`dm. Yolvmfec wcs tjm aerst la tjm iluftrems ef trcfsetelf tl ilfiou`m tjm Tlro`
Bcfhs drc`uctelf prlim`urm ef 2>>0. Tm uf`mrtllh c ilkketkmft tl imcsm blr-
rlwefd arlk tjm Tlro` Bcfh cf` `rcwefd lf armm-la-ijcrdm tmijfeico cssestcfim cf`,
efstmc`, tl jmop ltjmr iluftrems tlwcr` acstmr `mvmolpkmft. Jmrm et es fmimsscry tl
kmftelf Yolvmfecs olfd `lflr trc`etelf. Ekkm`ectmoy lf dcefefd ef`mpmf`mfim,
Yolvmfec, cs c `mvmolpefd iluftry, coolictm` cpprlxekctmoy >.>: pmrimft la ets D@^
tl `mvmolpkmft cssestcfim alr tjm iluftrems la tjm wmstmrf Bcohcfs.
Pl`cy, la ilursm, kuij klrm es mxpmitm` arlk us. ]f`mr tjm cuspeims la tjm Tlro`
Bcfh, wetjef tjm kuoteoctmrco `mbt rmoema efetectevm, wm crm citevm ef rm`uiefd tjm `mbts
la tjm pllrmst iluftrems la tjm wlro`. Tm pcrteiepctm ef tjm rmpomfesjkmfts la tjm
Eftmrfctelfco @mvmolpkmft Cssliectelf (E@C) cf` tjm Dolbco Mfverlfkmft Acieoety.
Tm jcvm pcrteiepctm` ef tjm aedjt tl ilkbct JEQ, kcocrec, cf` tubmriuolses cf` ef tjm
prldrck alr ilkbctefd revmr boef`fmss ef Careic. Yolvmfec jcs ilftrebutm` auf`s tl
tjm Eftmrfctelfco Aefcfim Ilrplrctelf (EAI) alr tjm Bcohcfs. Tm crm tjm aerst trcfse-
telfco iluftry tl ilftrebutm auf`s tl tjm Tmstmrf Bcohcfs Auf` la tjm MurlpmcfBcfh alr Rmilfstruitelf cf` @mvmolpkmft, bmtwmmf 2>>4 cf` 2>3>. Yolvmfec jmops
wetj pcykmfts tl tjm M] bu`dmt, cf` wm weoo cosl bm pcyefd eftl tjm Murlpmcf
@mvmolpkmft Auf`.
Tm crm wmoo cwcrm tjct tjm fmm`s crm kuij drmctmr tjcf wjct es dctjmrm` ef tjmsm
auf`s. Et icf tjmrmalrm redjtauooy bm mxpmitm` tjct wm weoo `mvltm klrm cttmftelf tl
`mvmolpkmft tlpeis cf` `mvmolpkmft aefcfim. Lur lbgmitevm es ef`mm` tl cijemvm tjm
ilkketkmft la >.34 pmrimft la D@^ alr `mvmolpkmft cssestcfim by 2>3>.
Cotjludj `lflrsjep es flbom cf` ef`espmfscbom, ltjmr alrks la cssestcfim kust bm
cosl usm` tl ilkbct plvmrty. Milflkei, slieco, ploeteico, cf` efstetutelfco kmijc-
fesks crm fmimsscry alr tjm sustcefcbom `mvmolpkmft prlimss cf` alr rcpe` cf` mxtmf-sevm ekprlvmkmft la oevefd ilf`etelfs ef `mvmolpefd iluftrems. Pjmsm kmijcfesks
kust efiou`m bltj tjm puboei cf` prevctm smitlrs. Pjm rlom la tjm prevctm smitlr jcs
bmilkm efirmcsefdoy ekplrtcft ef `mvmolpkmft. Jmrm et es fmimsscry tl pleft lut
cdcef tjct tjm prevctm smitlr kust rmspmit tjm dolbco ruoms la tjm ]fetm` Fctelfs by
prltmitefd jukcf redjts, by flt usefd alrim` lr ilkpuoslry ocblr lr ijeo` ocblr, cf`
by rmspmitefd prldrmssevm stcf`cr`s la mfverlfkmftco prltmitelf.
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L^MFEFD Y^MMIJ | 39
Oc`ems cf` dmftomkmf, C`ck Yketj sce` ef 3441, Fl sliemty icf surmoy bm aolur-
esjefd cf` jcppy, la wjeij tjm acr drmctmr pcrt la tjm kmkbmrs crm pllr cf`
kesmrcbom. Et es lur `uty cf` klrco lboedctelf tl gleftoy jmop pmlpom wjl icfflt oevm
ef `mimft ilf`etelfs cf` tl kefekezm plvmrty cf` aefcooy mrc`eictm et.Ef ilfiouself, E wesj tjes ilfamrmfim tl bm c rmsluf`efd suiimss cf` tl ilftrebutm
tl tjm mxijcfdm la e`mcs tjct weoo yemo`, ef tjm auturm, maamitevm sloutelfs alr prlve`efd
cssestcfim tl tjm pllrmst cf` tl uf`mrpreveomdm` efjcbetcfts crluf` tjm wlro`. Tlr`s
crm usmomss ea flt aloolwm` by citelf.
E wesj ylu mvmry suiimss ef ylur wlrh cf` c pomcscft stcy ef Yolvmfec.
Pjcfh ylu vmry kuij.
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Lpmfefd Ypmmij
CF@RMG BCG]H
^rekm Kefestmr, `mcr Arcfles, ylur mximoomfiems, oc`ems cf` dmftomkmf.
E wluo` oehm tl bmdef by wesjefd ylu c wcrk wmoilkm tl Yolvmfec, cf` mspmiecooy
tl Bom`. Et es cf jlflr tl pcrteiepctm ef tjm lpmfefd la lfm la tjm Tlro` Bcfhs beddmst
cf` bmst-hflwf eftmrfctelfco mvmfts, bmefd jmo` ef Yolvmfec tjes ymcr.
E ck pomcsm` cblut tjm ijleim la Bom` bmicusm tjm vmfum omf`s tjm Cffuco Bcfh
Ilfamrmfim lf @mvmolpkmft Milflkeis (CBI@M) cf efirmcsefdoy klrm dolbco ijcr-
citmr. Ef ets mcroy `cys tjm ilfamrmfim wcs jmo` ef Tcsjefdtlf. Pjmf et klvm` tl tjm
icpetcos la `mvmolpm` Murlpmcf iluftrems, tjmf tl Gcpcf, cf` tjes ymcr tl Yolvmfec. Et
es `maefetmoy cf eftmrmstefd ilefie`mfim tjct tjes ymcrs rmdelfco CBI@M wcs lrdcfezm`ef tjm beddmst iluftry ef tjm wlro`, tjct es, Ijefc8 cf` tjm dolbco CBI@M es bmefd
jmo` ef lfm la tjm skcoomst iluftrems ef tjm wlro`, Yolvmfec. Tjmf, ct tjm mf` la tjm
CBI@M ef Plhyl ef Kcy 2>>1, wm cfflufim` ef c ve`mlilfamrmfim tjm lrdcfezctelf
la tjes ymcrs ilfamrmfim, wm, tl bm jlfmst, `e` flt rmcoezm jlw mxtmfsevm tjm prmpc-
rctelf wluo` bm. E bmoemvm tjct `urefd tjes ymcr illpmrctelf bmtwmmf tjm Tlro` Bcfh
jmc`qucrtmrs ef Tcsjefdtlf, tjm laaeim ef ^cres, cf` Yolvmfecs Kefestry la Aefcfim
wcs mxmkpocry. E sjluo` oehm tl tchm tjes liicself tl tjcfh tjm stcaa la tjm Tlro`
Bcfh, tjm kmkbmrs la tjm stmmrefd ilkkettmm, cf` ky iloomcdums arlk tjm Kefestry
la Aefcfim alr wmoo-pmralrkm` wlrh. E cosl mxprmss ky drctetu`m tl tjm spmchmrs cf`
`esiusscfts alr tjmer qucoety ilftrebutelfs. E jlpm cf` bmoemvm tjct tjmer ilftrebutelfs
weoo treddmr eftmrmstefd `esiusselfs tjct weoo ilftrebutm tl irmctefd klrm maamitevm ploe-
iems ef `mvmolpefd iluftrems.
Pjm imftrco tjmkm la tjes ymcrs ilfamrmfim, tjm prevctm smitlr cf` `mvmolpkmft, wcs
ijlsmf tl mkpjcsezm tjm ekplrtcft rlom pocym` by tjm prevctm smitlr ef tjm `mvmolpkmft
la milflkems crluf` tjm wlro . Pjm sedfeaeicfim la tjm prevctm smitlr jcs flt bmmf smoa-
mve`mft. Et sjluo` bm fltm` tjct mvmf tjm Tlro` Bcfh, `urefd ets aerst 0> ymcrs, `e` flt
3=
Cf`rmg Bcguh smrvm` cs prekm kefestmr la Yolvmfec ef 2>>>, tjmf cs kefestmr la aefcfim arlk 2>>0 tl 2>>:.
Cffuco Tlro Bcfh Ilfamrmfim lf @mvmolpkmft Milflkeis 2>>:, Dolbco
2>>5 Pjm Eftmrfctelfco Bcfh alr Rmilfstruitelf cf` @mvmolpkmft/Pjm Tlro` Bcfh
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31 | CF@RMG BCG]H
`mvltm mfludj cttmftelf tl tjm prevctm smitlr. Ef 35:= tjes wcs `ermitoy jedjoedjtm` by
tjm tjmf-prmse`mft la tjm Tlro` Bcfh, C. T. Iocusmf, wjl lbsmrvm`, Lvmr tjm ocst
twl tl tjrmm `mic`ms, tjm tjrust la tjm `mvmolpkmft maalrt jcs bmmf `ermitm` tlwcr`s
puboei smitlr citevetems. Tm jcvm bmmf omss ilfimrfm` wetj prlkltefd prevctm smitlrdrlwtj tjcf wetj cssestefd tjm `mvmolpkmft la cf maamitevm puboei smitlr. Ce` cdmfiems
ludjt tl bm tchefd c klrm bcocfim` cpprlcij. Et tjmf tllh smvmf ymcrs bmalrm tjm
Tlro` Bcfh eftrl`uim` c spmieco veim prmse`mft alr Aefcfieco cf` ^revctm Ymitlr @mvmo-
lpkmft.
Pjm setuctelf tl`cy es ilkpomtmoy `eaamrmft. Pjmrm es prciteicooy flt c sefdom `liu-
kmft lr puboeictelf essum` by tjm Tlro` Bcfh tjct `lms flt ilftcef c rmamrmfim tl
tjm prevctm smitlr. Tm coo cdrmm lf tjm sedfeaeicfim la tjm prevctm smitlr. Tm rmoy lf tjm
prevctm smitlr ef alstmrefd drlwtj cf` `mvmolpkmft. Yolvmfec es fl mximptelf ef tjes
rmspmit. Tetjlut c strlfd prevctm smitlr, lur trcfsetelf wluo flt jcvm prldrmssm`
sl queihoy, cf` Yolvmfec wluo` flt bm lfm la tjm aerst fmw kmkbmr stctms la tjm
Murlpmcf ]felf tl c`lpt tjm murl. Pjes mxpmremfim stmmrs Yolvmfecs eftmrfctelfco
`mvmolpkmft illpmrctelf. Lur `lflr citevetems crm `msedfm` tl `mvmolp prevctm smitlrs
tjct weoo mfcbom pmlpom arlk `mvmolpefd iluftrems tl mrc eictm plvmrty tjrludj tjmer
lwf ilkketkmft cf` wlrh.
@urefd tjes ilfamrmfim wm weoo tcoh cblut tjrmm cspmits la tjm rlom la tjm prevctm
smitlr ef tjm prlkltelf la `mvmolpkmft, ef tjrmm pomfcry smsselfs7 (3) Aefcfieco Efiou-
self8 (2) Tjeij Acitlrs Kcttmr tjm Klst alr Busefmss Ioekctm< cf` (9) ^rlveself la
^uboei Ymrveims by Flfstctm Citlrs. Pjm aerst pomfcry smsself weoo alius lf tjm mxtmft
tl wjeij rmalrks ef tjm aefcfieco smitlr icf efaoumfim tjm mrc eictelf la plvmrty cf`efilkm `estrebutelf. Tm weoo bm eftmrmstm` ef jlw milflkei ploeiy kmcsurms ef tjm
aefcfieco smitlr icf ekprlvm tjm milflkei plssebeoetems la tjm pllrmst efjcbetcfts.
Pjm smilf` smsself weoo bm `m`eictm` tl tjm busefmss mfverlfkmft. Tm weoo ilfse mr tjm
`maefetelf la tjm busefmss mfverlfkmft, tjm efstetutelfco rmstreitelfs lf tjm lpmrctelfs
la prevctm ilkpcfems, cf` wjct es la tjm utklst ekplrtcfim alr tjm milflkei ploeiy
citlrs8 cf` wm weoo mf`mcvlr tl `maefm tjm rmoctm` puboei aefcfim prelretems cf` omd-
esoctevm kmcsurms. Pjm tjer` pomfcry smsself weoo jedjoedjt tjm lvmrocp la tjm puboei
cf` prevctm smitlrs. Tm weoo tluij lf tjm puboei dll`s tjct tjm prevctm smitlr sup-
plrts lr ilkpomkmfts cf` tjm cssliectm` milflkei ploeiy kmcsurms.
C fukbmr la mvmfts, `esiusselfs, wlrhsjlps, cf` rluf`tcboms weoo bm lrdcfezm`pcrcoomo tl tjm pomfcry smsselfs. Aefcooy, tjmrm weoo bm cf lpplrtufety tl kmmt efalr-
kcooy ef tjes mximptelfco ctklspjmrm la Bom`.
E wluo` oehm tl ilfiou`m wetj c rmamrmfim tl tjm ocst CBI@M ilfamrmfim. Ct tjm
iolsefd smsself ef Plhyl, lur Gcpcfmsm jlsts, ciilr`efd tl tjmer trc`etelf, dcvm us c
@crukc `loo wetj lfoy lfm mym pceftm` ef. Et es lur `uty, ct tjm bmdeffefd la tjes
ymcrs ilfamrmfim, tl pceft tjm `loos ltjmr mym ef lr`mr tl brefd jcppefmss tl coo la
uslr sl wm wmrm tlo` ef Gcpcf. E jlpm tjct tjm `esiusselfs lf tlpeico essums la
`mvmolpkmft jmrm ef Bom` weoo ilftrebutm tl c bmttmr uf`mrstcf`efd la tjm rmoctelf-
sjep bmtwmmf tjm prevctm smitlr cf` `mvmolpkmft. E cosl wesj ylu mvmry suiimss ef
ylur wlrh.
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Lpmfefd Ypmmij
ARCFLEY BL]RD]EDFLF
Kr. ^rekm Kefestmr, Kefestmr Bcguh, oc`ems cf` dmftomkmf,
Lf bmjcoa la tjm Tlro` Bcfh, E wmoilkm ylu tl tjes fmw m`etelf la tjm Cffuco
Bcfh Ilfamrmfim lf @mvmolpkmft Milflkeis (CBI@M). Cs ylu hflw, tjm lbgmitevm
la tjes ilfamrmfim es tl dctjmr c pcrt la tjm eftmrfctelfco `mvmolpkmft ilkkufety
alr ef-`mptj `mbctms rmdcr efd ekplrtcft essums lf tjm `mvmolpkmft cdmf`c. Pjm
ilfamrmfim es eftmf`m` tl bm c alruk tjct ilkbefms `evmrsm pmrspmitevms lf
mvmolpkmfttjlsm, alr efstcfim, la cic`mkeis, ploeiy kchmrs, ploeteiecfs, cf` ieveo
sliemty. By brefdefd tldmtjmr pcrteiepcfts wetj vmry `eaamrmft bcihdrluf`s, mxpmre-
mfims, cf` lredefs, wm jlpm et weoo bm plssebom tl sjcrm auf`ckmftco hflwom`dmcblut tjm kmijcfesk la `mvmolpkmft cf` tjm maamitevmfmss la `mvmolpkmft ploeiy
cf` tl omcrf maamitevmoy arlk mcij ltjmr. Pjm olictelf alr tjes kutucooy mfreijefd,
mxtmfsevm, cf` eftmfsevm mxijcfdm la vemws ijcfdms mvmry ymcr. Pjes ymcr, wm jcvm
bmmf alrtufctm tjct Yolvmfec jcs cdrmm` tl jlst tjm ilfamrmfim cf` E wluo` oehm tl
tjcfh wjlomjmcrtm`oy Yolvmfecs prekm kefestmr cf` kefestmr la aefcfim alr ilsplf-
slrefd cf` jlstefd tjes mvmft. Pjmer drcielus maaeiemfiy es mve`mft ef lur smttefd tl`cy
cf` wm icf quetm iomcroy coo ollh alrwcr` tl c vmry prl`uitevm mvmft.
Pjes es ky aerst tekm ef Yolvmfec cf` ky aerst tekm ef Bom` cf` E kust scy tjct E ck
cbsloutmoy lvmrwjmokm` by tjes olictelf. E rmc` slkmwjmrm c vmry feim tcom cblut
Yolvmfec tjct, et smmks tl km, wlf`mrauooy aets tjm ocf`sicpm crluf` us cf` ef tjes
pocim wjmrm wm kmmt. Ciilr`efd tl tjct stlry, Dl` iluo` flt jmcr tjm Yolvmfecfs ct
tjm tekm jm coolictm` ocf` tl coo fctelfs lf mcrtj. Pjmrm wmrm flt mfludj Yolvmfecfs,
cf` tjmer vleims wmrm tll slat. Yl ef tjm mf`, tjm Yolvmfecfs jc` cbsloutmoy fl ocf`,
cf` tjmy cdcef cshm` Dl` tl devm tjmk c pemim la ocf`, cf` aefcooy Dl` tlo` tjmk,
Ollh, E jcvm tjes pemim la ocf` wjeij wcs alr km, but E cdrmm tl devm et tl ylu.
34
Arcfles Blurduedflf es `ermitlr la tjm ^cres Yijllo la Milflkeis. Jm es c pcst smfelr veim prmse`mft cf` ijema milfl-kest la tjm Tlro` Bcfh.
Cffuco Tlro Bcfh Ilfamrmfim lf @mvmolpkmft Milflkeis 2>>:, Dolbco
2>>5 Pjm Eftmrfctelfco Bcfh alr Rmilfstruitelf cf` @mvmolpkmft/Pjm Tlro` Bcfh
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3: | ARCFLEY BL]RD]EDFLF
Ef ltjmr wlr`s, Yolvmfec es c oettom pcrc esm. Pjes es tjm aerst tekm tjct tjm CBI@M es
tchefd pocim ef tjm pcrc`esm, cf` wm crm vmry drctmauo tl lur jlsts alr kchefd et
jcppmf.
Pjrmm lr alur `mic`ms cdl, Ek flt surm tjct tjm tlpei la tjes ilfamrmfim wluo`jcvm smmkm` cpprlprectm alr suij c pcrc`esecico olictelf. Ef`mm`, alr slkm tekm tjm
prevctm smitlr wcs mvmf ilfse`mrm` ef tjm aemo` la `mvmolpkmft cs rctjmr mveo, lr ct
omcst cs flt dll` mfludj tl aufitelf wetjlut kcssevm stctm eftmrvmftelf ef tjm `mvmo-
lpkmft prlimss. Et es quetm rmkcrhcbom tl smm tjct ef tjrmm lr alur `mic`ms tjefds jcvm
ilkpomtmoy ijcfdm`. C ilfsmfsus jcs mkmrdm` lf tjm cbsloutmoy imftrco rlom tjct tjm
prevctm smitlr pocys ef `mvmolpkmft cf` tjm acit tjct tjm klst ekplrtcft tcsh la
dlvmrfkmft es tl prlve`m cf c`mquctm mfverlfkmft cf` cf cpprlprectm ploeiy cf`
c`kefestrctevm smttefd alr tjm prevctm smitlr tl `mvmolp ef c `yfckei cf` mquetcbom
wcy. Qcrelus `ekmfselfs la tjes prevctm smitlr tlpei weoo bm `esiussm` tl`cy cf`
tlklrrlw. E weoo flt rmpmct wjct Kefestmr Bcguh jcs cormc`y sce`, cf` E weoo flt
rmpmct wjct es ef tjm prldrck. E ck sekpoy vmry jcppy tjct, wetj tjm stmmrefd
ilkkettmm, wjeij, cs Kefestmr Bcguh sce`, jcs bmmf wlrhefd vmry jcr` lf tjm
prldrck, et wcs plssebom tl `rcw up suij c sctesacitlry cf` mxietefd prldrck alr
tjmsm twl `cys. Cf` E tjcfh tjm kmkbmrs la tjm stmmrefd ilkkettmm, cf` E tjcfh coo
la ylupcrteiepcfts, spmchmrs, cf` `esiusscftsalr cttmf`efd tjes kmmtefd.
Omt km dmt bcih alr c klkmft tl tjm icsm la Yolvmfec cf` tjm omsslfs tjct tjm eftmr-
fctelfco `mvmolpkmft ilkkufety icf omcrf arlk ets `mvmolpkmft. Cs ^rekm Kefestmr
Gcfsc sce`, Yolvmfec es plesm` tl tchm lvmr tjm Murlpmcf ]felf prmse`mfiy ef 2>>:,
cf` et acims c auturm auoo la ijcoomfdms cf` prlkesm. But tjm ekplrtcft pleft es tjcttjm iluftry smmks tl bm wmoo prmpcrm` alr tjes fmw rlom, pcrtoy bmicusm la dlvmrf-
kmft ploeiems tjct jcvm prlkltm` c wmoo-dlvmrfm` bcfhefd smitlr cf` rcpe`oy
ekprlvefd busefmss rmduoctelfs. Yolvmfec wmctjmrm` ets trcfsetelf rmkcrhcboy wmoo, cs
tjm prekm kefestmr sce`, cf` et icf tchm pre`m ef rmimft cijemvmkmfts. Ef 2>>0 et glefm`
tjm Murlpmcf ]felf cf` drc`uctm` arlk Tlro` Bcfh blrrlwmr stctus tl `lflr
stctus. Ef Gcfucry 2>>4 et c`lptm` tjm murl.
^lsetelfm` ct tjm jmcrt la Murlpm cf` bomssm` wetj skcrt, wmoo-m`uictm` pmlpom,
rmco drlss `lkmstei prl`uit (D@^) drlwtj la =.2 pmrimft ef 2>>1, cf` wmcotj tjct
flw surpcssms tjct la ^lrtudco cf` Drmmim ef tjm Murlpmcf ]felf, tjes iluftry acims
c bredjt auturm ef wjeij tjm prevctm smitlr weoo prlspmr. Yolvmfec ollhs oehm c pmramitmxckpom alr tjm `mvmolpkmft la iluftrems wjeij jcvm flt ymt rmcijm` tjct vmry acvlr-
cbom stcdm ef tjmer `mvmolpkmft prlimss.
Pl iolsm, omt km scy tjct wetj tjes CBI@M ilfamrmfimwetj coo la us dctjmrm`
tl`cy alr c vmry mxietefd cf` prlkesefd cf` ckbetelus prldrck alr `esiusselftjm
Tlro` Bcfh stcys rmkcrhcboy aerk ef ets ilkketkmft tl wlrh wetj tjm rmst la
tjm `mvmolpkmft ilkkufety alr tjm mrc`eictelf la plvmrty ef tjm wlro`, wjeij wm
crm cbom tl pursum tl`cy wetj tjm jmop la lur jlst, Yolvmfec.
Omt km wesj ylu c vmry feim ilfamrmfim alr tjmsm twl `cys, cf` tjcfh coo la ylu
cdcef.
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Et es c drmct preveomdm tl bm jmrm ct tjm Tlro` Bcfh kmmtefd, mspmiecooy ef tjes tmrreaei
mfverlfkmft la Bom`, Yolvmfec. E jcvm acoomf ef olvm wetj tjm crmc sefim ymstmr`cy,
wjmf E crrevm`, cs E ck surm kcfy la ylu jcvm.
Ky eftmftelf es tl sjcrm wetj ylu tjm Ef`ecf mxpmremfim, bmicusm tjct es ky mxpm-
remfim cf` E tjludjt et iluo` bm rmomvcft tl ltjmrs. Et jcs bmmf c stlry la struddom tl
prlkltm tjm prevctm smitlr cf` tjm rlom la tjm prevctm smitlr ef `mvmolpkmft.
Tm dlt lur ef`mpmf`mfim ef 3504. Yl et es 1> ymcrs, cs la 2>>4, la ef`mpmf`mfim
cf` `mvmolpkmft wetj `mklirciy. Pjct es tjm arckmwlrh ef wjeij wm jcvm lpmrct-
m`, cf` E wcft tl kcrh lut slkm pcrteiuocr bolihs la tekm sl tjct ylu icf smm tjmmvloutelf la Ef`ecf ploeiy cf` la tjm Ef`ecf prevctm smitlr.
Pjm aerst bolih la tekm es 3504 tl 3553, 00 ymcrs. Mssmftecooy, tjm milflky wcs
jmcveoy ilftrloom`, jmcveoy rmduoctm`, prltmitm`, flt lpmf, esloctm`. Cs c rmsuot, tjm
prevctm smitlr wcs flt ilkpmtetevm, flt maaeiemft, cf` flt ilkalrtcbom wetj tjm wlro`,
flt mfdcdefd wetj tjm wlro`. Pjlsm ploeiems wmft tjrludj c pcrc`edk sjeat. Pjm
iluftry wcs ef drmct milflkei `eaaeiuotyef acit, ef c ireses. Cf` sl tjm fmw pcrc-
`edk la ploeiy stcrtm` ef 3553.
Pjm fmxt tekm arckm es tjm aevm ymcrs 3553 tl 3551, c pmrel` la oebmrcoezctelf,
`mrmduoctelf, lpmfefd tl alrmedf efvmstkmft cf` eftmrfctelfco trc`m, prldrmssevm
rm`uitelf la tcreaas, cf` ilkpmtetelf ciilkpcfem` by drlwtj. Tm wmft arlk
9 pmrimft drlwtj tl aevm ymcrs la 1 pmrimft drlwtj. Pjmrm wcs ilkpmtetelf, but
mvmrybl`y wcs jcppy bmicusm la tjm drlwtj.
Cf` tjmf ickm 3554. Ef tjm pmrel` 3554 tl 2>>2, aloolwefd tjm Ylutjmcst Csecf
aefcfieco ireses, Ef`ec wcs flt ef aefcfieco ireses, but lur drlwtj `mirmcsm`. Pjmrm wcs
pcef ef tjm milflky, pcef ef ef`ustry ef tjm prevctm smitlr, mspmiecooy ef kcfuacitur-
efd ef`ustry, cf` tjmrmalrm rmstruiturefd, `lwfsezefd. Yl, tjm pcrc`edk ijcfdm` arlk
prltmitelf, tl drlwtj, tl fl drlwtj cf` jcvefd tl survevm ef tjct setuctelf. Tetj tjm
35
Pcruf @cs es ijema kmftlr la tjm Ilfam`mrctelf la Ef`ecf Ef`ustry (IEE), wjmrm jm wcs ijema mxmiutevm arlk 3540 tl 2>>0.
Cffuco Tlro Bcfh Ilfamrmfim lf @mvmolpkmft Milflkeis 2>>:, Dolbco
2>>5 Pjm Eftmrfctelfco Bcfh alr Rmilfstruitelf cf` @mvmolpkmft/Pjm Tlro` Bcfh
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olwmr tcreaas, ekplrts wmrm ilkefd ef arlk Mcst Csec8 ef`ustry wcs uf`mr tjrmct8 cf`
tjmrm wcs c olt la `eaaeiuoty ct tjct tekm. But et wcs c dll` tekm ef rmtrlspmit bmicusm
tjct wcs tjm tekm la rmco ijcfdm ef tjm prevctm smitlr.
Pjct brefds us tl tjm pmrel` arlk 2>>9 tl 2>>4. Ef`ustryilkpmtetevm cf` flolfdmr carce` la dolbcoezctelf, jcvefd wetjstll` tjm pcef la tjm prmvelus aevm ymcrs
es flw ilfae`mft cf` rmc`y tl mfdcdm tjm wlro`, cf` ylu icf smm et flw cs wm efvmst
eftmrfctelfcooy, cs wm rmcij bmylf` lur lwf sjlrms cf` lur lwf bluf`crems eftl tjm
wlro` bmylf`. Ef tjes prlimss wm wmft arlk 9 pmrimft drlwtj tl 1 pmrimft drlwtj,
jc` c `ep ef drlwtj, cf` crm flw rludjoy ct : tl 5 pmrimft drlwtj, wetj tjm prevctm
smitlr drlwefd ef `lubom-`edet aedurms, ct klrm tjcf 3> pmrimft.
Tjct `lms tjm auturm ollh oehm< Cs E weoo mxpocef, et ollhs oehm 3> pmrimft drlss
`lkmstei prl`uit (D@^) drlwtj alr tjm fmxt 3> ymcrs, pous lr kefus 3 pmrimft.
Kcybm 3>, kcybm 5.=, kcybm 33.= pmrimft, but tjcts tjm hef` la rcfdm lr lutollh.
Cf` tjct ilolrs ploeiy cf` wjmrm tjm prevctm smitlr es.
Yl, tjes judm ijcfdm jcppmfm` bmtwmmf 3504 cf` 2>>48 ijcfdm ef Ef`ec, ijcfdm
ef ploeiy arckmwlrhs, cf` ijcfdm ef tjm prevctm smitlr. Flw tjm prevctm smitlr, trc-
`etelfcooy, wcs mssmftecooy slkm ocrdm ilkpcfems, slkm ackeoy busefmssms. Ylkm `em`
lut `urefd tjm pmrel` 3554 tl 2>>>. Ylkm jcvm rmstruiturm` cf` crm dolbcooy ilk-
pmtetevm cf` `lefd wmoo. Cf` kcfy fmw pmlpom cf` fmw mftrmprmfmurs jcvm mftmrm`
tjes ocrdm busefmss brcihmt. Tm jcvm c rmspmitm` fmwspcpmr ef lur iluftry icoom`
Busefmss Ytcf`cr`, cf` tjct pcpmr icrrems lut cf cffuco survmy la Ef`ecs beooelfcerms.
C rmimft survmy sjlws tjct 39> la Ef`ecs beooelfcerms crm aerst-dmfmrctelf mftrmprm-
fmurs, kmcfefd, mssmftecooy, tjct tjmy jcvm bmmf ef busefmss alr tjm ocst 3> tl 32 ymcrs,sefim tjm lpmfefd up la tjm milflky ef 3553. Pjcts c trcfsalrkctelf.
Pjm smilf` pcrt la busefmss, skcoo cf` km`euk-sezm mftmrpresms, suaamrm` ilfse`-
mrcboy arlk tjm keirlkcfcdmkmft la tjm milflky cf` wmrm rmcooy efmaaeiemft. Pjmy
jcvm bmmf drmctoy trcfsalrkm`, cf` tjm mftrmprmfmursjep cf` tjm mftmrpresm la tjmsm
pmlpom jcvm ilkm tl tjm alrm ef tjm fmw mfverlfkmft ef Ef`ec. Pjm skcoo cf`
km`euk-sezm mftmrpresms drlw crluf` ocrdm ilkpcfems, ef => ioustmrs. Pjmy crm ef
spmieaei dmldrcpjei crmcs, cf` wetj tjm jmop la Gcpcfmsm mxpmrts, wm jcvm wlrhm` lf
trcfsalrkefd tjmsm ilkpcfems cf` tjmsm ioustmrs la skcoo ef`ustrems eftl ilkpmtetevm
alrims. Cf` et jcs bmmf c drmct suiimss stlry.
Flw, wjct crm tjm judm ijcfdms cf` judm ijcoomfdms tjct wm smm alr Ef`ec cf`tjmrmalrm alr tjm prevctm smitlr< Aerst lf tjm oest es jukcf rmslurim icpciety bueo`efd7
trcefefd cf` m`uictefd keooelfs la pmlpom wjl crm pcrt la c ilkpmtetevm prevctm smi-
tlr, c dolbcoezm` prevctm smitlr. Pjm Ef`ecf prevctm smitlr jcs vlouftcreoy uf`mrtchmf
cf caaerkctevm citelf prldrck tjct es bmefd icrrem` lut cirlss tjm iluftry, ilkpcfy
by ilkpcfy. Ef ltjmr wlr`s, tjmy crm rmcijefd lut tl tjm `esc`vcftcdm`, trcefefd
tjmk, cf` tjmf mkpolyefd tjmk lr jmopefd tjmk tl bm smoa-mkpolym`. Eoo devm ylu
cfltjmr mxckpom. Pjm prevctm smitlr, uf`mr tjm Ilfam`mrctelf la Ef`ecf Ef`ustry
(IEE), jcs smt up c sheoos `mvmolpkmft efetectevm bmicusm, mvmf wetj tjes drlwtj la 5 lr
3> pmrimft tjct wm crm su``mfoy aciefdwm jcvm keooelfs cf` keooelfs la pmlpom, but
sjlrtcdms la tjm sheoo smts tjct wm rmquerm. Yl, tjm prevctm smitlr es dlefd bmylf` ets
flrkco rmsplfsebeoetems, tjrludj tjm dlvmrfkmft, wjeij jc` mcroemr smt up trcefefd
efstetutms cirlss tjm iluftry. Pjm dlvmrfkmft jcs =,>>> la tjmsm efstetutms. Pjm prevctm
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smitlr jcs aluf` tjct kcfy la tjm prl`uits la tjmsm dlvmrfkmft efstetutelfs crm flt
rmcooy cs dll` cs rmquerm`. Yl, tjm prevctm smitlr es smttefd up sheoos `mvmolpkmft imf-
tmrs cirlss tjm iluftry tl suppomkmft tjm dlvmrfkmfts wlrh.
Ef c``etelf, prevctm smitlr ilkpcfems jcvm mstcboesjm` aluf`ctelfs tjct crm tchefdprekcry m`uictelf tl tjm veoocdms cf` rurco crmcs la Ef`ec. Pjm bmst hflwf es tjm
Czek ^rmkge Aluf`ctelf. Cfltjmr, ^rctjck, wcs smt up by tjm EIEIE Bcfh. Cf` wm
ct tjm IEE jcvm smt up slkmtjefd icoom` Yjehsjc, wjeij es efalrkctelf
tmijfloldymfcbom` m`uictelf. Tm prmpcrm ilftmft ef `eaamrmft ocfducdms (Ef`ec jcs
2= ocfducdms) cf` `moevmr et tl sijllos sl tjct tjm ijeo`rmf icf bmfmaet. Ef pcrteiuocr,
tjes cpprlcij icf jmop ef `estcfim m`uictelf. Pjm IEE jcs cosl smt up trcefefd imftmrs
cirlss tjm iluftry sl tjct tjm trcefefd `moevmry systmk es strmfdtjmfm` cf`, cdcef,
pmlpom bmilkm mkplwmrm` tjrludj tjm prlimss.
Pjm smilf` ijcoomfdm es efarcstruiturm `mvmolpkmft cf` efvmstkmft. Alr coklst
=> ymcrs, tjm dlvmrfkmft lwfm`, ilftrloom`, cf` kcfcdm` tjm efarcstruiturm. Pjct
jcs ijcfdm`. Pjm dlvmrfkmft jcs rmcijm` lut tl tjm prevctm smitlr. Et wcs c `eaaeiuot
trcfsetelf bmicusm tjm mxpmitctelf tjct jc` drlwf ef Ef`ec wcs tjct efarcstruiturm
wcs armm. Et ickm arlk tjm dlvmrfkmft8 wjy `l wm jcvm tl pcy alr et< Pjm prevctm
smitlr jcs tl blrrlw, jcs tl rcesm mquety, jcs tl mcrf klfmy arlk efarcstruiturm smrv-
eims, jcs tl pcy bcih ets sjcrmjlo`mrs. Yl tjes fmw pcrc`edk tjct jcs mkmrdm` jcs
brludjt cblut fmw due`moefms, ef`mpmf`mft rmduoctlrs, cf` coo tjct. Ef tjm pcst 3>
ymcrs tjm prevctm smitlr jcs bmilkm `mmpoy efvlovm` ef efarcstruiturm, alr tjm aerst
tekm ef tjm 1> ymcrs la ef`mpmf`mft Ef`ec.
Pjm tjer` es mfverlfkmft cf` mfmrdy. Tm crm c``rmssefd tjmsm essums vmry citevmoyef Ef`ec, cf` tjm dlvmrfkmft es prlve`efd tjm omc`mrsjep cf` tjm cpprlprectm ploeiems.
Alr mxckpom, coo busms cf` puboei trcfsplrt ef @moje ruf lf ilkprmssm` fcturco dcs
(IFD), wjeij jcs jmopm` mflrklusoy ef rm`uiefd plooutelf. Pjm IEE jcs smt up c
drmmf `mvmolpkmft imftmr ef Jy`mrcbc`, stcaam` by mfdefmmrskmf cf` wlkmf
trcefm` ef tjm ]fetm` Ytctmswjl crm c`vesefd cf` jmopefd ilkpcfems cf` crijetmits
cf` `msedfmrs tl bueo` c drmmf sliemty. Pjes es vmry prciteico. Tm jcvm c drmmf bueo`-
efd prldrck8 ef acit, tjm bueo`efd etsmoa ef Jy`mrcbc` jcs c poctefuk rctefd, tjm jedj-
mst rctefd uf`mr tjm ].Y. drmmf bueo`efd il`m cf` tjm lfoy lfm la ets hef`, cs acr cs E
hflw, lutse`m tjm ]fetm` Ytctms. Pjm ]fetm` Ytctms etsmoa lfoy jcs twl lr tjrmm. Tm
crm `revefd c klvmkmft alr ilfsmrvefd mfmrdy, iuttefd mfmrdy usm, cf` bueo`efd cbmttmr cf` scamr mfverlfkmft8 cf` tjm prevctm smitlr es `lefd tjes, puttefd rmslurims
eftl tjes wlrh.
Pjm alurtj crmc la ijcfdm es jmcotj icrm. Pjm prevctm smitlr jmcotj icrm ef`ustry es
suppomkmftefd tjm dlvmrfkmft systmk, drlwefd rcpe`oy, cf` prlve`efd flt lfoy ilk-
kmrieco jmcotj icrm smrveims but cosl c drmct `mco la subse`ezm`, armm jmcotj icrm smrv-
eims alr pmlpom wjl icft caalr` wlro`-iocss jmcotj icrm acieoetems. Ulu weoo flw aef`
ef rmkltm `estreits la Ef`ec prevctm smitlrsupplrtm` jlspetcos ruf by flfdlvmrf-
kmftco lrdcfezctelfs (FDLs). Cf` tjct es c fmw `ekmfself8 FDLs cf` tjm prevctm
smitlr crm drc`ucooy dmttefd lvmr tjmer lo` kestrust cf` crm cbom tl wlrh tldmtjmr ef
bueo`efd up icpcbeoetems, mspmiecooy lf tjm slieco efarcstruiturm se`m.
Ky aefco mxckpom es keirlaefcfim. Pmf ymcrs cdl IEE mstcboesjm`, wetj prevctm smi-
tlr auf`efd, c prldrck alr jmopefd pmlpom smt up skcoo mftmrpresms. Arlk tjct auf`,
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wm wluo` devm c skcoo olcf, cf` bmicusm la lur irm`ebeoety, wm wluo` pmrsuc`m tjm
bcfhs tl devm cf c``etelfco ckluft. But tjm klst ekplrtcft pleft wcs tjct mvmry
icsm jc` c kmftlr, c vlouftmmr arlk c prevctm smitlr ilkpcfy. Pjct kmcfs tjm blr-
rlwmr es dmttefd jmop arlk c prlamsselfco, armm la ijcrdm, tl jmop ruf c busefmss.Rmpcykmft rctms crm ckczefdoy jedj. Tm crm `moedjtm`. Cf` by tjm wcy, klrm tjcf
=> pmrimft la tjm pmlpom wjl jcvm bmfmaetm` arlk tjes prldrck crm wlkmf. Pjm aerst
wlkmf wjl tllh olcfs arlk us ef tjm 355>s crm flw keooelfcerms. Pjmy crm mkpoly-
efd ltjmr pmlpom. Pjmy `lft spmch Mfdoesj. Pjmy crm arlk rmkltm ilkkufetems. But
et es c tmrreaei suiimss, cs ef`mm` tjm keirlaefcfim prldrck jcs bmmf ef Bcfdoc`msj cf`
mosmwjmrm. Octmoy, bmicusm tjm prekm kefestmr, Kcfkljcf Yefdj, jcs bmmf wcftefd us
tl dmt mfdcdm` ef rurco `mvmolpkmft prldrcks, wm jcvm stcrtm` wlrhefd wetj tjm ilr-
plrctm smitlr cf` tjm `estreit c`kefestrctelf ct tjm olico omvmo tl smt up rurco busefmss
jubs cf` `mvmolp mkpolykmft lpplrtufetems ef ef`ustry ef rurco crmcs, usefd olico
rmslurims cf` olico pmlpom. Et es vmry ijcoomfdefd, vmry tludj alr tjm prevctm smitlr,
but ilkpcfems crm ilkefd alrwcr` tl pcrtfmr cf` splfslr sekeocr prldrcks cf` tl
buy prl`uits kc`m ef tjmsm rurco crmcs.
Tm jcvm struddom` alr ijcfdm ef Ef`ec. Et jcs flt bmmf cf mcsy stlry. Pmf lr 32 ymcrs
cdl, wjmf E wluo` dl tl ky blcr` cf` tcoh cblut tjmsm essums, tjmy wluo` scy, Pjes
es flt ky prlbomk8 tjes es tjm dlvmrfkmfts prlbomk. Lr kcybm et es tjm Tlro`
Bcfhs prlbomk tl `mco wetj tjmsm `mvmolpkmftco essums. But tl`cy tjmrm jcs bmmf c
trcfsalrkctelf. La ilursm, et es c wlrh ef prldrmss but tjm prevctm smitlr es ollhefd
bmylf` prlaetcbeoety cf` sjcrmjlo`mr sctesacitelf, ct omcst ef Ef`ec.
Pjm prevctm smitlr essum` ets lwf il`m alr ilrplrctm dlvmrfcfim bmalrm tjm dlv-mrfkmft ickm eftl tjes crmc ef tjm 355>s. Cf` tjct octmr bmickm tjm kl`mo alr tjm
dlvmrfkmfts il`m cf` tjm dlvmrfkmfts ocws. Pjm prevctm smitlr jcs cosl tchmf tjm
efetectevm tl mfdcdm wetj `mvmolpkmft essums cf` dl bmylf` gust etsmoa. But ct tjm mf`
la tjm `cy, tjm prevctm smitlr jcs tl bm maaeiemft, jcs tl bm ilkpmtetevm, cf` jcs tl dmf-
mrctm rmslurims tl `l coo tjmsm tjefds.
Pjm dll` fmws lut la Ef`ec tl`cy es tjct klrm cf` klrm prevctm smitlr ilkpcfems
crm ilkpmtetevm, cf` ilkpmtetevm ef tjm smfsm la flt wlrryefdtjct es, flt wlrryefd
cblut Ijefmsm ekplrts ilkefd eftl Ef`ec, alr mxckpom. Ef 3555 Ijefc-Ef`ec trc`m
wcs ]Y$3 beooelf, cf` Ef`ecf ilkpcfems iomcroy wmrm carce` cf` wmrm vmry wlrrem`,
cf` tjmrm wcs cf ekbcocfim la trc`m. Pl`cy, trc`m bmtwmmf Ijefc cf` Ef`ec es lvmr]Y$2> beooelf cf` es resefd oehm c rlihmt. Qmry sllf Ijefc weoo bm lur kcglr trc`efd
pcrtfmr, but trc`m es, by cf` ocrdm, bcocfim`, pous lr kefus = tl 4 pmrimftfl bed
`mco. Yl, Ef`ecf ilkpcfems crm cbom tl ilkpmtm cf` tl mftmr tjm Ijefmsm kcrhmt. Ef`e-
cf efalrkctelf tmijfloldy (EP) ilkpcfems, pjcrkcimuteico ilkpcfems, cf` cutl
ilkplfmft ilkpcfems jcvm efvmstm` coo crluf` Yjcfdjce cf` jcvm smt up
kcfuaciturefd lr slatwcrm `mvmolpkmft acieoetems. Lfm Ef`ecf ilkpcfy es trcefefd
3,>>> Ijefmsm ef slatwcrm `mvmolpkmft, cf` tjct es tjm mkpjcses ef Bcfdcolrm. Pjm
wjlom simfcrel alr tjm prevctm smitlr jcs ijcfdm` mflrklusoy cs c rmsuot la tjes fmw
ilkpmtetevmfmss, cf` tjmrmalrm klrm rmslurims crm bmefd plurm` eftl tmijfloldy
`mvmolpkmft, fmw prl`uits, fmw prlimssms, cf` sl lf.
Pjes es flt tjm mf` la tjm rlc`. E tjefh wm jcvm c olfd jcuo cjmc`. E weoo gust jedj-
oedjt twl tjefds. Tjct wcs tjm turfefd pleft alr tjm prevctm smitlr< Pjm turfefd pleft
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HMUFLPM C@@RMYY | 29
wcs tjm suiimss ef efalrkctelf tmijfloldy ef tjm 355>s. Fl qumstelf cblut et. Et dcvm
us acetj. Et dcvm us ilfae`mfim. Et dcvm us smoa-bmoema tjct wm iluo` bm cklfd tjm bmst
ef tjm wlro`. Tm `e`ft jcvm tl set ef c ilrfmr slkmwjmrm8 wm iluo` ilkm fmcr imftmr
stcdm. Yl tjm EP ijcfdm wcs c judm tjefd. Cf` tjm smilf` wcs tjm wjlom uf`mr-stcf`efd la jlw wm ollhm` ct pmlpom. ]fteo tjm 355>s, wm ollhm` ct Ef`ecs plpuoc-
telf cs c oecbeoety. Cf` tjes wcs ilfstcft8 lur plpuoctelf wcs judm4>> keooelf, :>>
keooelf pmlpom, jlwmvmr kcfy. Pl`cy, wetj tjm cssestcfim cf` wetj tjm jmop la tmij-
floldy cf` mspmiecooy EP, wm flw smm lur 3 beooelf pmlpom cs cf cssmt. Cf` tjmrmalrm
coo tjes tcoh cblut caaerkctevm citelf lr tcoh cblut sheoos `mvmolpkmft es bmicusm wm
crm ollhefd ct tjmsm pmlpom cf` scyefd, Pjmy icf kchm c `eaamrmfim. Ea ylu mkplw-
mr tjmk, cf` ea ylu jmop tjmk, tjmy icf kchm c `eaamrmfim alr Ef`ec. Yl tjmsm crm twl
bed tjefds tjct jcvm jcppmfm`.
Pjm prekm kefestmr jcs ciimptm` ky rmqumst tl mfdcdm ef c `ecoldum wetj tjm
prevctm smitlr. Cf` tjm `ecoldum es tjct wm fmm` efiousevm drlwtj, efiousevm `mvmolp-
kmft, ef Ef`ec. Pjct kmcfs tcihoefd tjm essum la `espcretems, tjm essum la 4>> keooelf
pmlpom tl`cy oevefd ef rurco crmcs, =>> keooelf pmlpom uf`mr cdm 9>8 jlw `l wm eftm-
drctm tjmk eftl tjm kcefstrmck la milflkei oeam, eftl tjm kcefstrmck la lur sliemty pmrimft drlwtj, dolbcoezctelf, cf` sl lf.
Tjct icf tjm prevctm smitlr `l tl kuotepoy ets maalrts ef tjes essum la efiousevm drlwtj> pmlpom ef tjm IEE> pmlpom,
2=> crm wlrhefd lf `mvmolpkmft essums la `eaamrmft hef`s7 mfverlfkmft, mfmrdy, ilr-
plrctm slieco rmsplfsebeoety, rurco `mvmolpkmft, cf` sl lf. Pjes es flt fmm`m` ef ltjmr
iluftrems, pmrjcps, but et es fmm`m` ef Ef`ec. Lur efstetutelf jcs tjm rmsplfsebeoety la
bmefd c pcrtfmr tl tjm dlvmrfkmft ef `mvmolpkmft.
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20 | PCR]F @CY
Alurtj, tjm puboei-prevctm pcrtfmrsjep (^^^) kl`mo es mvlovefd. Tm crm omcrfefd
mvmry `cy. Tm crm kchefd kestchms. Tm crm acooefd `lwf cf` dmttefd up cf` dlefd
alrwcr`, but et es slkmtjefd tjct jcs ilkm tl stcy. Cf` wm smm tjes cs fmw due`moefms
crm bmefd `mvmolpm` gleftoy, cf` fmw arckmwlrhs crm bmefd `mvmolpm` alr puboei-prevctm pcrtfmrsjep ef Ef`ec. Et es wlrhefd cf` weoo surmoy wlrh bmttmr wetj tekm.
Aeatj es tjm mvlovefd trust ef tjm prevctm smitlr. Pjes es c judm ijcfdm. Ulu hflw,
ylu dmt vmry kltevctm` wjmf tjm prekm kefestmr lr tjm aefcfim kefestmr rmcijms lut
tl ylu, cf` tjes es jcppmfefd cirlss coo ploeteico pcrtems. Tm jcvm 3: pcrtems ef tjm
ilcoetelf cf` 2= pcrtems ef tjm lpplsetelf, but mvmrybl`y es rmcijefd lut tl tjm pre-
vctm smitlr. Cf` tjes drlwefd trust es kltevctefd tjm prevctm smitlr tl bmjcvm bmttmr
tjcf pmrjcps et wluo` jcvm bmjcvm` ltjmrwesm.
Aefcooy, tjmrm es tjm mxpolself la mftrmprmfmursjep cf` mftmrpresm ef Ef`ec cresefd
arlk tjm lpplrtufetems cf` tjm spcim wjeij es bmefd devmf by dlvmrfkmft ploeiems.
Dlvmrfkmft es klvefd bcih, cf` ef`ustry es klvefd cjmc` cf` es bmefd devmf tjm
spcim tl dmt dlefd.
Yl, tjcts tjm stlry la tjm pcst 1> ymcrs, cf` et ollhs dll` alr tjm auturm7 judm ijco-
omfdms, judm prlbomksbut c dll` ammoefd tjct tldmtjmr, wm icf kchm et.
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Hmyfltm C``rmss
^revctezctelf ef @mvmolpkmft7
Ylkm Omsslfs arlk Mxpmremfim
ARCFLEY BL]RD]EDFLF CF@ IOC]@EC YM^OQM@C
Pjm rlom la tjm prevctm smitlr ef `mvmolpkmft, wjeij es tjm tjmkm la tjes ilfamrmfim,
icfflt bm c``rmssm` auooy wetjlut `esiussefd prevctezctelftjm prlimss wjmrmby cf
citevety es sjeatm` arlk tjm stctm, kcefoy stctm-lwfm` mftmrpresms (YLMs), tl tjm
prevctm smitlr.3 Pjm ilfvmftelfco wes`lk es tjct prevctezctelf sjluo` efirmcsm tjm
maaeiemfiy la tjm milflky bmicusm prevctm aerks crm maamitevm ilst kefekezmrs cf`
prlaet kcxekezmrs, wjmrmcs YLMs latmf acim slat bu`dmt ilfstrcefts cf` mfdcdm
ef lbgmitevms ltjmr tjcf ilst kefekezctelf, suij cs ekpomkmftefd tjm stctms slieco
wmoacrm ploeiems.
Pjm maaeiemfiy crdukmft alr prevctezctelf es vleim` ct tekms wetj mximm`efd alrim-auofmss by slkm milflkests. Flt c olfd tekm cdl, c Flbmo ocurmctm ef milflkeis
cttmf`efd c ilfamrmfim lf drlwtj cf` `mvmolpkmft ilfiou`m` jes prmsmftctelf lf
drlwtj strctmdems wetj tjes sekpom rmilkkmf`ctelf7 Ef lr`mr tl drlw, ef lr`mr tl
`mvmolp, ylu fmm` tl `l tjrmm tjefds7 oebmrcoezm, stcbeoezm, cf` prevctezm.
Ef tjes pcpmr wm bremaoy rmvemw wjct es hflwf cblut prevctezctelf ef `mvmolpefd
iluftrems (efiou`efd trcfsetelf milflkems) ef lr`mr tl `rcw slkm omsslfs alr ploeiy
cf` tl laamr slkm suddmstelfs lf jlw tl cssmss prevctezctelf, ct omcst ef iluftrems
wjmrm tjmrm es steoo silpm alr et. Tm weoo sjlw tjct tjm prmsireptelf alr cijemvefd
drlwtj cf` `mvmolpkmft es flt cs sekpom cs tjm rmilkkmf`ctelf la tjm Flbmo
ocurmctm.
Et es trum tjct lur uf`mrstcf`efd la tjm maaeiemfiy dcefs la prevctezctelf jcs
efirmcsm` sedfeaeicftoy ef rmimft ymcrs, but tjmrm es cf ekplrtcft crmc cblut wjeij wm
hflw oettom7 tjm `estrebutelfco maamits la prevctezctelf. Tjmtjmr wm crm crduefd arlk
tjm stcf`pleft la wmoacrm milflkeis lr la ploeteico milflky, `estrebutelfco maamits crm
ireteico tl tjm lutilkm, lr tjm pmrimevm` lutilkm, la prevctezctelf. Ef`mm`, et es
2=
Arcfles Blurduedflf es `ermitlr la tjm ^cres Yijllo la Milflkeis cf` es c pcst smfelr veim prmse`mft cf` ijema milfl-
kest la tjm Tlro` Bcfh. Iocu`ec Ympovm`c es c smfelr milflkest ef tjm Laaeim la tjm Ijema Milflkest, Tlro` Bcfh.Pjm cutjlrs crm drctmauo alr tjm mximoomft rmsmcrij cssestcfim prlve`m` by Yjeopc ^jc`hm cf` Brufl Qefimft.
Cffuco Tlro Bcfh Ilfamrmfim lf @mvmolpkmft Milflkeis 2>>:, Dolbco
2>>5 Pjm Eftmrfctelfco Bcfh alr Rmilfstruitelf cf` @mvmolpkmft/Pjm Tlro` Bcfh
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21 | ARCFLEY BL]RD]EDFLF CF@ IOC]@EC YM^OQM@C
plssebom tjct kuij la tjm cttetu`m la tjm puboei tlwcr` prevctezctelf kedjt bm oefhm`
tl `estrebutelfco maamits tjct crm flt bmefd wmoo icpturm` ef lur iurrmft cfcoyses.
Aedurm 3 sjlws ef`mxms la `essctesacitelf wetj prevctezctelf ef Octef Ckmreic alr
tjm ymcrs 355: cf` 2>>= cs rmplrtm` by Octeflbcrkmtrl, cf cffuco puboei lpefelf
survmy icrrem` lut ef 3: iluftrems ef tjm rmdelf. Pjm ploo cshm` tjm puboei ef smvmrco
Octef Ckmreicf iluftrems wjmtjmr prevctezctelf jc` bmmf bmfmaeieco alr tjm iluftry.
Cs mcroy cs 355:, fmdctevm lpefelfs cblut prevctezctelf cvmrcdm` 0> pmrimft, cf`
smvmf ymcrs catmr prevctezctelf jc` pmchm` ef tjm rmdelf, klrm tjcf 1> pmrimft la
rmsplf`mfts ef coo rmplrtefd iluftrems mxprmssm` fmdctevm vemws.2
Ea wm bmoemvm tjct tjm maaeiemfiy crdukmft es sl strlfd, wjy crm tjmrm suij jedj
omvmos la fmdctevm lpefelf cblut tjm bmfmaets la prevctezctelf< Pjct es tjm imftrco
qumstelf la tjes pcpmr.
Ef wjct aloolws, wm aerst `msirebm tjm trmf`s ef prevctezctelf ef `mvmolpefd iluf-
trems cf` tjm ef`eictlrs usm` tl kmcsurm tjm mxtmft la prevctezctelf. Fmxt, wm bremaoy
`esiuss tjm milflkei tjmlry bmjef` prevctezctelf. Tm `l flt cttmkpt c ilkprmjmf-
sevm rmvemw8 tjmrm crm kcfy dll` cf` mxjcustevm bllhs lf tjes tlpei, ijema cklfd
tjmk tjlsm by tjm `estefduesjm` octm Gmcf-Gciqums Ocaalft cf` jes iloomcdum Gmcf
Perlom. Rctjmr, wm sekpoy eooustrctm c amw bcsei plefts ilfimrfefd tjm milflkeis la
prevctezctelf. Tm tjmf prmsmft mkpereico mve`mfim lf tjm kcef maamits la prevctezctelfcf`, aefcooy, `rcw ilfiouselfs.
Crdmftefc
Bloevec
Brczeo
Ijeom
Kmxeil
Feicrcduc
^mru
> 2> 0> 1> :> 3>>
pmrimft la rmsplf`mfts wjl `l flt cdrmm tjctprevctezctelf jcs bmmf bmfmaeieco alr tjm iluftry
355: 2>>=
AED]RM 3.Fmdctevm Qemws la ^revctezctelf ef Octef Ckmreic, 355: cf` 2>>=
Ylurim7 Octeflbcrkmtrl.
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^REQCPEWCPELF EF @MQMOL^KMFP7 YLKM OMYYLFY ARLK MZ^MREMFIM | 24
Prmf`s ef ^revctezctelf ef @mvmolpefd Iluftrems
Yefim tjm 35:0 prevctezctelf la Bretesj Pmomilk, `mvmolpm` cf` `mvmolpefd iluftrems
jcvm c`lptm` prevctezctelf prldrcks tl `eaamrmft mxtmfts. Pl `ctm, coklst mvmry`mvmolpefd iluftry jcs `evmstm` slkm YLMs tl tjm prevctm smitlr8 iukuoctevm prl-
imm`s rcesm` by prevctezctelfs `urefd tjm pmrel` 35::2>>= cpprlcij ]Y$=9> beooelf
ef ilfstcft 2>>> ].Y. `loocrs.
Ilfse`mrefd aerst tjm twl klst we`moy usm` ef`eictlrs, prlimm`s cf` fukbmr la
`mcos, wm smm tjct prevctezctelf stcrtm` solwoy ef tjm 35:>s, wetj amwmr tjcf :5 trcfs-
citelfs pmr ymcr cf` prlimm`s la omss tjcf ]Y$0.> beooelf. Pwl `mic`ms catmr tjm
prevctezctelf la Bretesj Pmomilk, jlwmvmr, prlimm`s cpprlcijm` ]Y$=1 beooelf pmr
ymcr, cf` tjm fukbmr la trcfscitelfs jc` efirmcsm` tl cblut 2>> pmr ymcr. @urefd
tjlsm twl `mic`ms, `mvmolpefd iluftrems wetfmssm` vcrelus wcvms la prevctezctelf.
Arlk tjm stcf`pleft la prlimm`s arlk prevctezctelf, tjrmm wcvms icf bm e`mfteaem`7
arlk 355> tl 3550, arlk 3551 tl 2>>2, cf` stcrtefd ef 2>>9 (aedurm 2, tlp pcfmo).
But wjmf tjm alius es lf tjm fukbmr la `mcos (trcfscitelfs), tjm setuctelf es `eaamrmft.
Pjmrm wcs lfoy lfm bed wcvm, ef tjm ke`-355>s, cf` et wcs `revmf klstoy by tjm
prevctezctelf prlimss ef Murlpm cf` Imftrco Csec (aedurm 2, blttlk pcfmo). C ilk-
pcreslf la tjm prlimm`s arlk prevctezctelf cf` tjm fukbmrs la `mcos sjlws tjct tjm
cvmrcdm sezm la prevctezctelf lpmrctelfs jcs efirmcsm` substcftecooy lvmr tjm ymcrs. Ef
355= tjm cvmrcdm sezm la c prevctezctelf wcs rctjmr skcoo, ct ]Y$0> keooelf, but
by 2>>= tjm cvmrcdm wcs ]Y$25> keooelf.
^rlimm`s arlk prevctezctelf cf` tjm fukbmr la `mcos crm fmetjmr suaaeiemft flrefalrkctevm mfludj cs ef`eictlrs la tjm mxtmft la prevctezctelf. Alr c bmttmr cf` klrm
ilkpomtm peiturm, ef`eictlrs tjct rmoctm prevctezctelf tl tjm sezm la tjm milflky, cs
kmcsurm` by drlss `lkmstei prl`uit (D@^), cddrmdctm icpetco stlih, lr tjm ekplr-
tcfim la puboei mftmrpresms ef tjm milflky, wluo` bm klrm vcoucbom. Aedurm 9 sjlws
tjm prlimm`s arlk prevctezctelf cs c sjcrm la D@^ ef tjrmm wlro` rmdelfs. Ef Octef
Ckmreic cf` tjm Icrebbmcf twl wcvms la ilkpcrcbom ekplrtcfim crm mve`mft, ef tjm
mcroy 355>s cf` ef tjm octm 355>s. Cklfd tjm iluftrems rmsplfsebom alr tjlsm bed wcvms
crm Kmxeil, wjmrm tjm prlimm`s arlk prevctezctelf rmprmsmftm` 9.1 pmrimft la D@^ ef
3553, cf` Brczeo, wetj 0.3 pmrimft la D@^ ef 355:. Pjus, tjm prevctezctelf prlimss
ef Octef Ckmreic cf` tjm Icrebbmcf `urefd tjm 355>s wcs rctjmr sezcbom.Pjm Murlpm cf` Imftrco Csec rmdelf mxjebets klrm pmchs cf` trludjs tjcf ltjmr
rmdelfs ef prlimm`s cs c sjcrm la D@ , cf` ufteo rmimftoy, tjm sezm la tjm prlimm`s wcs
bmolw Octef Ckmreicf omvmos. But tjm 2>>>s jcvm wetfmssm` c rc`eico ijcfdm ef tjm
octtmr ef`eictlr, wetj ciiukuoctm` prlimm`s `urefd tjm pmrel` 35::2>>= cpprlcij-
efd ]Y$3=> beooelf ef ilfstcft 2>>> ]Y `loocrs, cdcefst ]Y$229 beooelf alr Octef
Ckmreic cf` tjm Icrebbmcf. Aefcooy, ef Mcst Csec cf` tjm ^cieaei prlimm`s arlk
prevctezctelf jcvm bmmf dmfmrcooy olw cs c sjcrm la D@^.
Ef cssmssefd tjm pltmfteco rlom la prevctezctelf, wjct kcttmrs klst es tjm rmoctevm
sezms la tjm prevctm cf` puboei smitlrs cf` tjm struiturco ijcfdm cttrebutcbom tl
prevctezctelf. Ciilr`efdoy, et es usmauo tl cfcoyzm flt lfoy tjm cffuco aolws la
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2: | ARCFLEY BL]RD]EDFLF CF@ IOC]@EC YM^OQM@C
>
4>
1>
=>
0>
9>
2>
3>
35:: 355> 3552 3550 3551
prlimm`s
355: 2>>> 2>>2 2>>0
beooel
fsla].Y.
`loocrs
2>>=
`mvmolpefd iluftrems`mvmolpefd iluftrems, mxiou`efd Murlpm cf` Imftrco Csec
>
1>>
=>>
0>>
9>>
2>>
3>>
35:: 355> 3552 3550 3551
fukbmr la `mcos
355: 2>>> 2>>2 2>>0
fu
kbmr
2>>=
`mvmolpefd iluftrems`mvmolpefd iluftrems, mxiou`efd Murlpm cf` Imftrco Csec
AED]RM 2.^revctezctelf ef @mvmolpefd Iluftrems, 35::2>>=
Ylurim7 Tlro` Bcfh ^revctezctelf @ctcbcsm, jttp7//rru.wlro`bcfh.lrd/^revctezctelf/.
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^REQCPEWCPELF EF @MQMOL^KMFP7 YLKM OMYYLFY ARLK MZ^MREMFIM | 25
prevctezctelf prlimm`s but cosl tjm iukuoctevm aolws, cs eooustrctm` by aedurm 0. Pjm
ciiukuoctm` prlimm`s arlk prevctezctelf ef Murlpm cf` Imftrco Csec alr tjm pmrel`
35:: tl 2>>= ickm tl cblut 31 pmrimft la 2>>> D@^, mquevcomft tl crluf` = pmr-
imft la prl`uitevm cssmts ef tjlsm iluftrems (cssukefd c icpetco-lutput rctel la
cblut 9). Ef Octef Ckmreic cf` tjm Icrebbmcf tjm ciiukuoctm` prlimm`s ckluftm` tl
cblut 33 pmrimft la 2>>> D@^, lr iolsm tl 0 pmrimft la prl`uitevm cssmts. Hmmpefd ef
kef` tjct prevctmoy lpmrctm` cssmts crm klrm prl`uitevm tjcf puboeioy lpmrctm` cssmts,tjm ilftrebutelf la tjm prevctezctelf prlimss tl D@^ drlwtj, ef stctei tmrks, jcs bmmf
substcfteco. Alr efstcfim, lf tjm cssukptelf tjct tjm prl`uitevety la cssmts es tweim cs
jedj wjmf tjmy crm prevctmoy lpmrctm` tjcf wjmf tjmy crm puboeioy kcfcdm`, prevcte-
zctelf ef Octef Ckmreic cf` tjm Icrebbmcf ilftrebutm` cblut c qucrtmr la c pmrimft-
cdm pleft cffucooy tl drlwtj, wjeij es flt fmdoedebom. Ef Mcst Csec, Ylutj Csec, cf`
Yub-Ycjcrcf Careic tjm eftmfsety la prevctezctelf jcs bmmf kuij omss cf` kcy jcvm
ilftrebutm`, ct klst, >.3 pmrimft la drlwtj `urefd tjes pmrel`.
Pjm `lkefcft smitlrs alr prevctezctelf `urefd tjm pmrel` 35::-wmrm efarcstrui-
turm, aefcfim, cf` mfmrdy. Pjes es ekplrtcft bmicusm octmr wm crdum tjct tjmsm smitlrs
crm prlbcboy omss ilkpmtetevm tjcf tjm kcfuaciturefd smitlrs, wetj ekplrtcft ekpoe-ictelfs alr tjm ekpcit la prevctezctelf.
>
>.2
2.>
>.0>.1
>.:
3.>
3.2
3.0
3.1
3.:
35:: 355> 3552 3550 3551 355: 2>>> 2>>2 2>>0
pmrimft
2>>=
Octef Ckmreic cf`tjm Icrebbmcf
Murlpm cf` Imftrco Csec Mcst Csec cf cieaei
AED]RM 9.^revctezctelf ^rlimm`s cs Yjcrm la Rmdelfco D@^, by Rmdelf, 35::2>>=
Ylurim7 Tlro` Bcfh ^revctezctelf @ctcbcsm8 Tlro` @mvmolpkmft Ef`eictlrs.
Fltm7 D@^, drlss `lkmstei prl`uit.
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9> | ARCFLEY BL]RD]EDFLF CF@ IOC]@EC YM^OQM@C
Cotjludj wm `l flt jcvm rmoecbom efalrkctelf lf tjm sezm la tjm puboei smitlr
ct mcij pleft la tekm, wm `l jcvm slkm `ctc dctjmrm` by tjm Tlro` Bcfh ef tjm
ke`-355>s lf tjm sjcrm la YLM citevety ef D@^ cf` tjm sjcrm la YLMs efvmst-
kmft ef drlss `lkmstei efvmstkmft (D@E). Pjmsm `ctc, ilkbefm` wetj tjm aedurms
lf ciiukuoctm` prlimm`s cs c sjcrm la D@ , prlve`m c klrm ilkpomtm peiturm la
tjm mxtmft la prevctezctelf ef c sckpom la iluftrems lvmr tjm ocst 3= ymcrs. EfCrdmftefc, alr efstcfim, YLM citevety wcs cblut 9 pmrimft la D@^ ef 355>, cs
sjlwf ef aedurm =, cf` tjm ciiukuoctm` prlimm s arlk prevctezctelf alr tjm pmrel`
35::2>>= wmrm cblut 30 pmrimft la 2>>> D@ . ]sefd c icpetco-lutput rctel la
rludjoy 9, lfm icf ilfgmiturm tjct ef c iluftry suij cs Crdmftefc, prevctezctelf
la tjm milflky jcs bcseicooy bmmf ilkpomtm`. Ef Ef`ec, by ilftrcst, tjm cssmts
tjct jcvm bmmf prevctezm` crm skcoo ef ilkpcreslf wetj tjm sjcrm la YLMs ef
D@^ ef 3559, cf` sl tjm silpm alr prevctezctelf tjmrm es steoo rctjmr ocrdm. Pjm
sckm icf bm sce` la Ijefc cf` kcfy Careicf iluftrems, suij cs Itm `Evlerm.9
Yl, prevctezctelf es flt cf essum tjct bmolfds tl tjm pcst cf` et es coo tjm klst
ekplrtcft tl uf`mrstcf` jlw bmst tl prevctezm ef iluftrems wjmrm tjmrm es steoosilpm alr et.
pmrimft
>
2
0
1
:
3>
32
30
31
3:
2>
Murlpm cf`Imftrco Csec
Octef Ckmreiccf` tjm
Icrebbmcf
Mcst Cseccf` ^cieaei
Ke``om Mcstcf` Flrtj
Careic
Yub-YcjcrcfCareic
YlutjCsec
kefefd cf` ltjmraefcfimkcfuaciturefd cf` smrveims
mfmrdy efarcstruiturm
AED]RM 0.Ciiukuoctm` ^rlimm`s cs Yjcrm la 2>>> D@^, by Rmdelf cf` Ymitlr, 35::2>>=
Ylurim7 Tlro` Bcfh ^revctezctelf @ctcbcsm8 Tlro` @mvmolpkmft Ef`eictlrs.
Fltm7 D@^, drlss `lkmstei prl`uit.
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^REQCPEWCPELF EF @MQMOL^KMFP7 YLKM OMYYLFY ARLK MZ^MREMFIM | 93
Pjm Yekpom Milflkeis la ^revctezctelf
Tm bmdef tjes smitelf wetj c brema rmvemw la tjm kcef tjmlrems la stctm vmrsus prevctm
lwfmrsjep. Fmxt, c sekpom mxckpom es prmsmftm` tl eooustrctm tjm trc`m-laas tjct ploeiy
kchmrs acim wjmf ilfse`mrefd prevctezctelf, ef pcrteiuocr wetj rmspmit tl `estrebutelf-
co essums. Pjm kcef ilfiouself la tjes `esiusself es tjct tjmlry colfm es ufoehmoy tl yemo`c `maefetevm cfswmr cblut tjm kmrets (lr sjlrtilkefds) la prevctezctelf. Pjm typm la
prevctm lwfmrsjep tl mkmrdm catmr prevctezctelf, tjm ijcrcitmresteis la tjm prl`uit
kcrhmt (ilkpmtetevm lr flfilkpmtetevm), tjm kmtjl` la prevctezctelf, cf` ltjmr ilf-
se`mrctelfs weoo `mtmrkefm tjm lvmrcoo lutilkm la prevctezctelf.
Pjmrm es c judm tjmlrmteico oetmrcturm lf puboei vmrsus prevctm lwfmrsjep cf` kcf-
cdmkmft. Alr tjm klst pcrt, tjm `mbctm ilfimrfefd tjm rlom la YLMs jcs bmmf arckm`
ciilr`efd tl tjrmm vemws. Pjm slieco vemw smms YLMs cs efstetutelfs irmctm` by c slieco
wmoacrmkcxekezefd dlvmrfkmft tl rmslovm cituco lr pmrimevm` kcrhmt aceourms8
wjmrmcs prevctm aerks kcxekezm prlaets, YLMs kcxekezm brlc`mr slieco lbgmitevms
(Cthefslf cf` Ytedoetz 35:>). Pjm cdmfiy vemw cosl cssukms tjct dlvmrfkmfts smmhtl kcxekezm slieco wmoacrm but aliusms lf tjm `esirmpcfiy bmtwmmf tjm lbgmitevms la
>
9
1
5
32
3=
3:
23
20
24
9>
99
91
Purhmy,3554
Kmxeil,355=
Ef`ec,3559
Itm Evlerm,3553
Ijefc,3554
Crdmftefc,355>
ciiukuoctm` prlimm`s, 35::2>>=, cs sjcrm la 2>>> D@^
YLM efvmstkmft cs sjcrm la D@EYLM milflkei citevety cs sjcrm la D@^
pmrimft
AED]RM =.^revctezctelf ^rlimm`s cf` tjm Yezm la Ytctm-Lwfm` Mftmrpresms (YLMs), Ymomitm`Iluftrems, 355>s
Ylurim7 Tlro` @mvmolpkmft Ef`eictlrs 2>>>.
Fltm7 D@E, drlss `lkmstei efvmstkmft8 D@^, drlss `lkmstei prl`uit.
8/14/2019 Annual World Bank Conference on Development Economics 2008, Globa