Randall Collins - Sociología de la filosofía

7KH 6RFLRORJ\ RI 3KLORVRSK\ GH 5DQGDOO &ROOLQV &DPEULGJH 0$   /RQGRQ %HONQDS+DUYDUG[[LSS   (V PX\ LPSUREDEOH TXH XQ OLEUR H[WUDQMHUR UHFLED OD DWHQFLyQ GH VHU WUDGXFLGR DO FDVWHOODQR FXDQGR GLFKR YROXPHQ WLHQH PiV GH PLO SiJLQDV VDOYR TXH VH WUDWH GH XQ FOiVLFR FRQVDJUDGR YpDVH (FRQRPtD \ VRFLHGDG  R GH XQ PDQXDO EiVLFR TXH VH UHHGLWH FRQ HVWUHFKD UHJXODULGDG 3RU HOOR /D VRFLRORJtD GH ODV ILORVRItDV ELHQ SRGUtD SDVDU LQDGYHUWLGR HQWUH QRVRWURV SHVH D WUDWDUVH FRQ FHUWH]D GH XQ REUD PDJLVWUDO \ GH UHOHYDQFLD SDUDGLJPiWLFD SDUD OD VRFLRORJtD (O SODQWHDPLHQWR HSLVWHPROyJLFR VX LPSOHPHQWDFLyQ PHWRGROyJLFD \ VXV ORJURV WDQWR HPStULFRV FRPR WHyULFRV KDFHQ GH HVWHWUDEDMRXQPRGHORGHUHIHUHQFLDSDUDWRGDIRUPDGHVRFLRORJtDTXHVHLQWHUHVHSRU ODSURGXFFLyQFROHFWLYDGHFXOWXUDFXDOTXLHUDVHDODDFHSFLyQGHHVWDSDODEUDTXHXQR VXVFULED  (QDSDULHQFLDXQVRPHURYLVWD]RDOtQGLFHKDFHSUHVXPLUTXHHVWHWUDEDMRQRYDPiVDOOi GH XQD KLVWRULD VRFLDO FRPSDUDGD GH OD ILORVRItD D HVFDOD JOREDO \ GH ORQJ GXUHp (Q HIHFWRGRFHGHVXVGLHFLVpLVFDStWXORVHVWiQGHGLFDGRVDUHFRQVWUXLUFRQXQDHUXGLFLyQ\ XQDPLQXFLRVLGDGLQXVLWDGDVODKLVWRULDLQWHOHFWXDOGHOSHQVDPLHQWRILORVyILFRWDQWRHQ 2ULHQWH &KLQD ,QGLFD \ -DSyQ  FRPR HQ 2FFLGHQWH *UHFLD ,VODP &ULVWLDQGDG PHGLHYDO\HOVXEVLJXLHQWHSURFHVRGHVHFXODUL]DFLyQKDVWDODDFWXDOLGDG /RVH[SHUWRV HQ XQ iPELWR FXOWXUDO XQD pSRFD R XQ SHUVRQDMH FRQFUHWRV VH VHQWLUiQ TXL]i GHFHSFLRQDGRV SRU OD OLJHUH]D QR REVWDQWH EULOODQWH SUHFLVD H LOXVWUDWLYD FRQ TXH &ROOLQVGHVSDFKDSRUHMHPSORODVHVFXHODVJULHJDVHQVHLVSiJLQDVHOVXUJLPLHQWRGHO =HQ HQ QXHYH R D +XVVHUO \ +HLGHJJHU HQ PHGLD GRFHQD GH SiJLQDV FDGD XQR 6LQ HPEDUJR QR KD\ TXH FRQIXQGLU HVWH OLEUR FRQ XQ GLJHVWR HQRUPH\ GHVSURSRUFLRQDGR /RVDSDUWDGRVGHGLFDGRVDILJXUDVRHVFXHODVVLQJXODUHVWLHQHQFRPRILQDOLGDGGHWDOODU\ SURIXQGL]DVXVLJQLILFDGRHQXQGHFXUVRDUJXPHQWDOFRQVHQWLGRSURSLR(QHOH[WUHPR FRQWUDULRHOGLOHWDQWHFXOWLYDGRSHURFDVLFRQVHJXULGDGDGROHFLHQWHGHXQDPSOLRVHVJR HWQRFpQWULFR VH YHUi DEUXPDGR SRU ODV VHLVFLHQWDV FLQFXHQWD SiJLQDV GH QDUUDFLyQ \ UHIOH[LyQ VREUH ODV UHGHV ILORVyILFDV D OR ODUJR GH OD KLVWRULD \ HQ HVSHFLDO SRU ODV GRVFLHQWDV VHVHQWD GHGLFDGDV D ODV WUDGLFLRQHV RULHQWDOHV FX\RV QRPEUHV SURSLRV \ SODQWHDPLHQWRV QR SRGUiQ VHUOH SRVLEOHPHQWH PiV H[WUDxRV 3UHFLVDPHQWH SRU HVR &ROOLQVORVDQWHSRQHDORVTXHYHUVDQVREUH2FFLGHQWHpVWHHVXQOLEURFRQXQDIXHUWH DPELFLyQWHyULFDSURSRQHUXQDVRFLRORJtDFRQVWUXFWLYLVWD\UHDOLVWDGHODVLGHDVTXHQR ODV DWULEX\D D HQWLGDGHV SODXVLEOHV SDUD HO VHQWLGR FRP~Q FXOWXUDV LQGLYLGXRV RWUDV LGHDV VLQRDDXWpQWLFRVKHFKRVVRFLROyJLFRVHVWRHVUHGHVVRFLDOHVGHLQWHOHFWXDOHV'H DKt OD QHFHVLGDG GH FUHDU ©H[WUDxH]D DQWURSROyJLFDª IUHQWH D XQ REMHWR TXH GHVGH QXHVWUR EDFKLOOHUDWR FUHHPRV XQD VHFXHQFLD REYLD DXQTXH DEVWUXVD GH JUDQGHV KRPEUHV \ VXV HOXFXEUDFLRQHV QDFLGDV WRGDV DO SDUHFHU GH XQ HXUHND HVSRQWiQHR \ SXUDPHQWHPHQWDO   ,5HGHVLQWHOHFWXDOHVHVWUXFWXUD   

(VWHOLEURVHRFXSDGHXQREMHWRVRFLROyJLFRFDSLWDOODVUHGHVVRFLDOHV3HUR¢SRUTXp HOHJLUODVUHGHVGHILOyVRIRVFRPRPRGHORGHHVWXGLR"(QSULPHUOXJDUFRPSDUDGDVFRQ ODV UHGHV GH SDUHQWHVFR RUJDQL]DFLRQDOHV R GH LQWHUFDPELR PHUFDQWLOHV FXHQWDQ FRQ PXFKRVPHQRVHOHPHQWRV\YtQFXORVPiVVHQFLOORVHQVHJXQGROXJDUORVILOyVRIRVKDQ FRQVWLWXLGRGXUDQWHVLJORVODFXPEUHGHOSUHVWLJLRFXOWXUDOFRPSDUWLGRRVyORSRUGHEDMR GHWHyORJRVRFLHQWtILFRVHQFLHUWDVpSRFDV\HOORKDSHUPLWLGRTXHOOHJXHKDVWDQRVRWURV XQQXWULGRDXQTXHLQPHQVDPHQWHPHUPDGR UHJLVWURGHVXVREUDV\YLGDVSRU~OWLPR ODILORVRItDKDVLGRHOQ~FOHRQXWULFLRGHOTXHVHKDQGHVJDMDGRODVGLVFLSOLQDVFLHQWtILFDV TXHKR\WDQWRHVWLPDPRV\TXHKDGLQDPL]DGRHPSUHVDVFDSLWDOHVHQHORUGHQDPLHQWRGH QXHVWUDFLYLOL]DFLyQFRPRODOyJLFDIRUPDO\ODVPDWHPiWLFDV'HKHFKRHOFRUD]yQGHO OLEURVRQODVFLQFXHQWD\VHLVILJXUDVTXHPXHVWUDQODVUHODFLRQHVWUDQVJHQHUDFLRQDOHV\ FRHWiQHDVGHYDULRVFLHQWRVGHILOyVRIRVGHODVGLYHUVDVFLYLOL]DFLRQHVPXQGLDOHV  /DVUHGHVLQWHOHFWXDOHVVRQXQFRQVWUXFWRVRFLDOGHSULPHURUGHQSRVHVWDU©HQDFWDGDVª SRU LQGLYLGXRV VRFLDOL]DGRV HQ GLFKDV WUDGLFLRQHV LQWHOHFWXDOHV \ SRU VXV UHODFLRQHV FRQ WDPELpQ XQ FRQVWUXFWR VRFLDO GH VHJXQGR RUGHQ XQ DUWHIDFWR DQDOtWLFR SURGXFWR DXWRSR\pWLFR GH OD UHG VRFLROyJLFD GH OD FXDO WDQWR 5 &ROOLQV FRPR HVWH OLEUR VRQ XQ QRGRVLQJXODU'LFKRFRQWRGDDVHUWLYLGDGODVUHGHVHQJHQGUDQODVLGHDVpVWDVVRQXQD FRQVWUXFFLyQVRFLDO\VRFLROyJLFD   $SULPHUDYLVWDODVUHGHVSDUHFHQFRQVWLWXLGDVSRUSHQVDGRUHVVXVUHODFLRQHVSHUVRQDOHV \VXVREUDV6LQHPEDUJR\pVWHHVHOFDPELRJHVWiOWLFRFDSLWDOGHOLEURXQDUHIOH[LyQ PiV SUHFLVD PXHVWUD TXH VX FRPSRQHQWH HOHPHQWDO VRQ FRQYHUVDFLRQHV 1R H[LVWH SURSLDPHQWH HO LQGLYLGXR SRUWDGRU GH XQD PHQWH VXVWDQFLDO HO REVHUYDGRU REMHWLYR HO UD]RQDGRU GHVHQFDUQDGR VRQ SXUDV URELQVRQDGDV 3HQVDU LQFOXVR LQGLYLGXDOPHQWH HV FRQYHUVDU SROHPL]DU DKRQGDU HQ OR TXH RWURV KDQ GLFKR DQWHV 1R VH WUDWD HPSHUR GHFRQYHUVDFLRQHVRUGLQDULDFX\RREMHWR\UHJLVWURVIOXFW~DQFDVLVLHPSUHSRUFDPLQRV WULOODGRVKDFLDODGLYDJDFLyQ   /DVUHGHVHVWiQIRUPDGDVSRU&DGHQDV5LWXDOHVGH,QWHUDFFLyQJRIIPDQLDQDVDOPHQRV GRVSHUVRQDVVHUH~QHQHQIRFDQVXDWHQFLyQVREUHXQPLVPRREMHWRGHDFFLyQRGLVFXUVR \ VRQ UHIOH[LYDPHQWH FRQVFLHQWHV GH HOOR FRPSDUWHQ XQ HVWDGR HPRFLRQDO FRP~Q TXH WLHQGHDVLQFURQL]DUVHHLQWHQVLILFDUVHFRQILULpQGROHVXQDYtYLGDVHQVDFLyQGHVROLGDULGDG JUXSDO PHPEUHFtD FRP~Q \ GLVWLQFLyQ GH RWURV VXMHWRV R JUXSRV /D SDUWLFLSDFLyQ HQ HVWRVULWXDOHVOOHQDDORVDFWRUHVGHXQDHQHUJtDHPRFLRQDOTXHWLHQGHDLPEULFDUVHFRQ FLHUWRV REMHWRV SRU HMHPSOR FRQFHSWRV R IRUPDV GH UD]RQDPLHQWR R DUJXPHQWDFLyQ HWF  TXH VH FRQVWLWX\HQ HQ VtPERORV VDJUDGRV GHO ULWXDO \ GHO JUXSR TXH OR UHSLWH FRQ UHJXODULGDG SDUD PDQWHQHUOR YLJHQWH /RV LQGLYLGXRV EXVFDQ VLWXDUVH HQ HO FHQWUR GH DTXHOORV JUXSRV \ ULWXDOHV FRQ ORV TXH VLHQWHQ PD\RU DILQLGDG SRUTXH HV DOOt GRQGH ODV LQWHUDFFLRQHV VRQ PiV IUHFXHQWHV GXUDGHUDV LQWHQVDV \ UHPXQHUDGRUDV DVt PLVPR WLHQGHQ D UHKXLU ODV UHGHV H LQWHUDFFLRQHV GRQGH RFXSDQ OXJDUHV SHULIpULFRV TXH OHV LQGXFHQ GHVDOLHQWR \ DSDWtD /DV UHGHV LQWHOHFWXDOHV IRUPDGDV SRU P~OWLSOHV FDGHQDV GH LQWHUDFFLyQ ULWXDO VRQ FDPSRV DJRQtVWLFRV GH FRPSHWHQFLD SRU HO HVWDWXV FXOWXUDO R HO UHFRQRFLPLHQWR WDQWR GH ORV PLHPEURV SDUWLFLSDQWHV FRPR GH VXV DXGLHQFLDV  

SDWURFLQDGRUDV  /DHVWUXFWXUDGHODVUHGHVLQWHOHFWXDOHVWLHQHWUHVUDVJRVEiVLFRV(QSULPHUOXJDUHVWiQ FRQVWLWXLGRV DEUXPDGRUDPHQWH SRU FROHFWLYRV JUXSRV GH FRPSDxHURV FtUFXORV GH GLVFXVLyQ PX\ WXSLGRV GRQGH VH LQWHQVLILFD OD SURGXFFLyQ GH LGHDV ORV SHQVDGRUHV DLVODGRV VRQ H[WUDRUGLQDULDPHQWH LQIUHFXHQWHV \ FDVL VLHPSUH XQ DUWHIDFWR GH XQ UHJLVWURKLVWyULFRGHIHFWXRVRTXHKDREOLWHUDGRDPHQXGRSRUIDOWDGHHPLQHQFLD DORV RWURV PLHPEURV GH VX FRPXQLGDG GH GLiORJR (VWRV JUXSRV VXHOHQ WHQHU XQ OtGHU RUJDQL]DWLYRTXHVRVXHOHFRLQFLGLUFRQVXILJXUDLQWHOHFWXDOPiVHPLQHQWH(QVHJXQGR OXJDU OD WUDPD YHUWLFDO GH ODV UHGHV HVWi IRUPDGD SRU OLQDMHV LQWHUJHQHUDFLRQDOHV FDGHQDV GH PDHVWURV \ GLVFtSXORV HPLQHQWHV $ WUDYpV GH HVWRV OLQDMHV VH WUDQVPLWH HO FDSLWDOFXOWXUDO%RXUGLHX GHXQJUXSRRWUDGLFLyQFRQILGHOLGDGYDULDEOHSHURVREUH WRGRORTXHVHLQIXQGHHQORVQXHYRVPLHPEURVHVODHQHUJtDHPRFLRQDOPX\GLVWLQWD GHODGHODUWLVWDHOHPSUHVDULRHOSROtWLFRRHOSURIHWDFDULVPiWLFRQHFHVDULDSDUDXQD YLGDGHLQPHQVDSURGXFWLYLGDGHLQWHQVDFUHDWLYLGDG(OSULQFLSDOHVWtPXORLQWHOHFWXDOHV OD LQFXOFDGD REVHVLYD FRPSXOVLYD H LQFXHVWLRQDEOH DPELFLyQ GH VXSHUDU D ORV SURSLRV PDHVWURV (Q WHUFHU OXJDU OD XUGLPEUH KRUL]RQWDO GH ODV UHGHV HVWi FRPSXHVWD SRU ODV FRQIURQWDFLRQHVRDOLDQ]DVLQWHOHFWXDOHVHQWUHYLUWXDOHVFRHWiQHRV(OFDSLWDOFXOWXUDOVH UHQXHYD \ OD HQHUJtD HPRFLRQDO DOFDQ]D VX FOtPD[ FXDQGR DOJXLHQ SURFODPD S~EOLFDPHQWHTXHVXVLGHDVVRQQXHYDV\RLPSRUWDQWHV\TXHPHUHFHQVXFHGHUDODVGH VXV DQWHFHVRUHV R D ODV GH TXLHQHV OHV FRQWUDGLFHQ (O FRQIOLFWR HV HO PRWRU GH OD H[SDQVLyQ\GHODFUHDWLYLGDGGHODVUHGHVLQWHOHFWXDOHVDODYH]TXHIXHQWHSULQFLSDOGH VROLGDULGDG GXUNKHLPLDQD HQWUH ORV PLHPEURV GH ODV IDFFLRQHV HQ OXFKD (O SURGXFWR SULQFLSDO GH HVWRV SHUtRGRV GH HIHUYHVFHQFLD HV XQ LQFUHPHQWR HQ OD DEVWUDFFLyQ \ UHIOH[LYLGDG \ SRU WDQWR HQ OD JHQHUDOLGDG R XQLYHUVDOLGDG \ SRU WDQWR HQ OD JHQHUDOLGDGRXQLYHUVDOLGDGGHODSURGXFFLyQLQWHOHFWXDO  /RV LQWHOHFWXDOHV R ORV ILOyVRIRV TXH SHUWHQHFHQ D HVWDV UHGHV SURGXFHQ LGHDV GHVFRQWH[WXDOL]DGDVGLVWDQWHVGHODVSUHRFXSDFLRQHVRUGLQDULDV\OHVDWULEX\HQFDUiFWHU REMHWLYR FRQVWULFWLYR YHUGDGHUR HV GHFLU VDJUDGR 3RU VXSXHVWR ORV SHQVDGRUHV QR YLYHQ GHO DLUH QL ODV LGHDV SURYLHQHQ GH ODV 0XVDV /DV LGHDV VLJQLILFDWLYDV TXH VRQ HO WHPD GH OD KLVWRULD LQWHOHFWXDO VRQ DTXHOODV TXH VRQ WUDQVPLWLGDV D WUDYpV GH ODV JHQHUDFLRQHV LQFOXVR VL SDVDQ SRU SHUtRGRV GH FUtWLFD X ROYLGR (VWD WUDQVPLVLyQ HV FRPR XQD ODUJD FRQYHUVDFLyQ FROHFWLYD FRPR SHQVDU HV XQD FRQYHUVDFLyQ LQWHUQDOL]DGD /D HVWUXFWXUD GH ODV UHGHV DIHFWD D OR TXH SXHGD VXUJLU GH ODV PLFURLQVWLWXFLRQHV \ GH VX HQODFH HQ FDGHQDV ULWXDOHV GH LQWHUDFFLyQ \D VHDQ GHEDWHVUHIOH[LRQHVHWFGHLJXDOPRGRHOUHVXOWDGRGHHVWDVLQWHUDFFLRQHVUHFRQILJXUD ORV SDWURQHV TXH FRQIRUPDQ HVWR HV ODV UHGHV 7RGD HVWD GLQiPLFD UHTXLHUH XQD LQIUDHVWUXFWXUD PDWHULDO &ROOLQV SURSRQH TXH ODV LGHDV VRQ SURGXFWR GH XQ GREOH QLYHO GH FDXVDOLGDG ODV JUDQGHV HVWUXFWXUDV SROtWLFRHFRQyPLFDV GH XQD FLYLOL]DFLyQ HQ VX HVWDELOLGDG R WUDQVIRUPDFLRQHV LQFLGHQ VREUH OD YLDELOLGDG IORUHFLPLHQWR R GHFDGHQFLD GH ODV EDVHV PDWHULDOHV GH OD YLGD LQWHOHFWXDO (V OD VXHUWH GH LQVWLWXFLRQHV FRPR ODV HVFXHODV JULHJDV ORV FHQWURV GH VDELGXUtD GH ODV FRUWHV FDOLIDOHV R GH ORV GDLPLRVMDSRQHVHVORVPRQDVWHULRVEXGLVWDVRODVXQLYHUVLGDGHVHXURSHDVORTXHLQGXFH  

GLUHFWDPHQWHDORVSHQVDGRUHVDUHFRQVLGHUDURQRGHPDQHUDUDGLFDOVXDFWLWXGDQWHHO FDSLWDO FXOWXUDO UHFLELGR \ FRPR FRQVHFXHQFLD WUDQVIRUPDU OD HVWUXFWXUD GH ODV UHGHV VXIUDJDGDVSRUGLFKDVRUJDQL]DFLRQHVLQWHUPHGLDV  $Vt SXHV HQ UHVXPHQ &ROOLQV FRQVWUX\HQ ODV UHGHV FRPR XQ FRQMXQWR GH FDGHQDV GH ULWXDOHV JRIIPDQLDQRV FRQVLVWHQWHV SULQFLSDOPHQWH HQ FRQIHUHQFLDV GHEDWHV GLVFXVLRQHV FX\R IRFR VRQ ORV WH[WRV FDQyQLFRV VDJUDGRV  GHO JUXSR 1R HQ YDQR OD ILORVRItD FRPLHQ]D HQ WRGDV SDUWHV FRQ OD DSOLFDFLyQ GH OD HVFULWXUD D ILQHV QR ULWXDOHV QL HFRQyPLFRV \ FRQ WH[WRV VDSLHQFLDOHV HQ IRUPD GLDORJDGD DXQTXH FRQ XQD ILJXUD GRPLQDQWH FRPR 6yFUDWHV %XGD &RQIXFLR HWF  /RV PLHPEURV GH HVWRV JUXSRV HVWiQ XQLGRV SRU GRV WLSRV GH VROLGDULGDG XQD GXUNKHLPLDQD SURGXFWR GH OD DGKHVLyQ HPRFLRQDODORVREMHWLYRVVDJUDGRV\DODLQWURYHUVLyQ\IXHUWHGHPDUFDFLyQGHOJUXSR UHVSHFWR DO H[WHULRU RWUD GH tQGROH VLPPHOLDQD SRU OD XQLGDG IUHQWH D OD LQMHUHQFLD H[WHUQD\ODSUHWHQVLyQGHVHUORV~QLFRVMXHFHVFXDOLILFDGRVGHVXVSURSLRVSURGXFWRV(O IUXWRPDWHULDOGHHVWDVUHGHVVRQWH[WRVSURJUHVLYDPHQWHPiVDEVWUDFWRV\IRUPDOPHQWH UDFLRQDOHV HQ VHQWLGR ZHEHULDQR 6X GLQiPLFD HQ HO WLHPSR REHGHFH HQ FRQMXQWR D ODV OtQHDV EiVLFDV GH OD 7HRUtD GHO &RQIOLFWR \ D XQD YHUVLyQ UHILQDGD GH OD VRFLRORJtD GHOFRQRFLPLHQWRGHUDt]PDU[LDQD¢3RUTXpHVWHKtEULGRKDEUtDGHFRQVWLWXLUODPDOOD FRQFHSWXDO SDUD FRPSUHQGHU ODV UHGHV VRFLDOHV PHMRU TXH DOJ~Q RWUR" /D UHVSXHVWD HV QHFHVDULDPHQWH HPStULFD \ SUDJPiWLFD 6X YDOLGH] HVWULED HQ VX IHUWLOLGDG SDUD FDUDFWHUL]DU ODV UHGHV LQWHOHFWXDOHV FX\R UDVJR iXUHR HV OD GLVSXWD FRQVWDQWH VL TXLHUD DO QLYHO HVFROiVWLFR GHO GXHOR GH LQJHQLR GH RWUDV UHGHV FX\R Q~FOHR HV OD VXPLVLyQ SROtWLFD ODFUHHQFLDLQFXHVWLRQDGDUHOLJLRVD RHOFiOFXORXWLOLWDULRFUHPDWtVWLFR    ,,5HGHVLQWHOHFWXDOHVGLQiPLFDEDMROD©OH\GHOSHTXHxRQ~PHURª  'RVUDVJRVWtSLFRVGHODVUHGHVLQWHOHFWXDOHVSURGXFWRGHVXGLQiPLFDLQWUtQVHFDVRQVX HVWUDWLILFDFLyQH[WUHPDGDPHQWHGHVLJXDOLWDULD\VXIUDJPHQWDFLyQH[WUDxDPHQWHUHJXODU HQXQPRGHUDGRQ~PHURGHIDFFLRQHV©OH\GHOSHTXHxRQ~PHURª 6LJXLHQGRD3ULFH\ VXDQiOLVLVGHODHVWUDWLILFDFLyQGHODSURGXFWLYLGDG\HOUHFRQRFLPLHQWRHQODFRPXQLGDG FLHQWtILFD &ROOLQV LGHQWLILFD OD PLVPD SDXWD HQ HO UHJLVWUR KLVWyULFR GH OD ILORVRItD (O Q~PHUR GH JUDQGHV ILJXUDV QR VXSHUD DOJXQDV GRFHQDV HQ OD KLVWRULD GH OD KXPDQLGDG DSHQDV XQ  SXHGHQ FRQVLGHUDUVH ILOyVRIRV ©PD\RUHVª \ RWUR  ©PHQRUHVª VLHQGR HO UHVWR SREODFLyQ WUDQVH~QWH R PDUJLQDO (Q ORV SHUtRGRV GH Pi[LPD HIHUYHVFHQFLD QR VXHOHQ FRLQFLGLU PiV GH XQR R GRV JUDQGHV R ©PD\RUHVª SHQVDGRUHV (VWRQRHVSURGXFWRGHODJHQpWLFDRHOFDSULFKRGHOJHQLR(VWDHVWUXFWXUDHVHIHFWRGH OD HVFDVH] GH SRVLFLRQHV IRFDOHV FHQWUDOHV GH OD UHG \ GH OD LQPHQVD GLILFXOWDG TXH UHYLVWH RFXSDUODV GH IRUPD GXUDGHUD 3DUD HOOR XQ LQGLYLGXR GHEH VHU JDOYDQL]DGR SRU VXVPDHVWURVFRQXQDLQWHQVDHQHUJtDHPRFLRQDOTXHOHHPSXMHQRVyORDPD[LPL]DUHO Q~PHURGXUDFLyQHLQWHQVLGDGGHORVFRQWDFWRVFRQODVILJXUDVUHOHYDQWHVGHVXWLHPSR JUDQGHV PD\RUHV \ PHQRUHV  FRQ REMHWR GH DFXPXODU OD PD\RU FDQWLGDG GH FDSLWDO FXOWXUDO \ HVSHFLDOPHQWH DTXHOOD SRUFLyQ TXH HV HO ILOR \ OD YDQJXDUGLD GH ODV GLVFXVLRQHV GHO PRPHQWR VLQR WDPELpQ SDUD UHFRPELQDU HVWH FDSLWDO GH PDQHUD TXH  

HQJHQGUH DOJR TXH SXHGH VRQDU SDUDGyMLFR GLSRORV GH SUREOHPDVVROXFLRQHV TXH JHQHUDQLQWHUpVVREUHWRGRSRUHOFDUiFWHULQVDWLVIDFWRULRGHpVWDV$VtSRUHMHPSORHO IDWtGLFR VDPVDUD GH ODV UHHQFDUQDFLRQHV QR VH FRQVLGHUy XQ SUREOHPD KDVWD TXH VH SURSXVR OD ,OXPLQDFLyQ FRPR VX VROXFLyQDFFHVR DO 1LUYDQD OD UHDOLGDG GH ORV XQLYHUVDOHV QR VH FRQYLUWLy HQ XQ HQLJPD WRGR QRPEUH FRP~Q OR HV KDVWD TXH ORV QRPLQDOLVWDV QR OR UHVROYLHURQ VHJ~Q VX FULWHULR  DILUPDQGR OD DUELWUDULHGDG GH WRGD SUHWHQVLyQGHDJRWDUODH[WHQVLyQGHXQFRQFHSWR\ODUDGLFDOVLQJXODULGDG\FRQFUHFLyQ GHORVREMHWRVSDUWLFXODUHV /DHPLQHQFLDLQWHOHFWXDOHVSXHVSURGXFWRGHWUHVIDFWRUHV HOHYDGD HQHUJtD HPRFLRQDO DEXQGDQWH FDSLWDO FXOWXUDO GH DOWD FDOLGDG R LQWHUpV \ OD RFXSDFLyQ GH XQD SRVLFLyQ FHQWUDO HQ OD UHG QXWULGD SRU PX\ QXPHURVDV FRQH[LRQHV SHUVRQDOHV FRQWDFWRV LQWHOHFWXDOHV 3RU VXSXHVWR OD HPLQHQFLD QR HV XQ DWULEXWR LQPXWDEOHVLQRKLVWyULFDPHQWHVLWXDGR$OJXLHQHVHPLQHQWHGHVGHODySWLFDGHTXLHQHV OR LQVWUXPHQWDQ SDUD VXV SURSLRV SUR\HFWRV )LJXUDV KR\ LQFXHVWLRQDEOHV FRPR $ULVWyWHOHV 0HQFLR 2FNKDP 6SLQR]D R .DQW SDVDURQ SRU VLJORV R FXDQGR PHQRV GpFDGDV GH ROYLGR R LJQRUDQFLD PLHQWUDV TXH HV PX\ SUREDEOH TXH ILJXUDV FRPR 6yFUDWHV&RQIXFLR$QVHOPRR%XGDVHKD\DQEHQHILFLDGRGHODDPSOLWXG\GXUDFLyQGH ORV OLQDMHV GH TXLHQHV VH KDQ FRQVLGHUDGR VXV VHJXLGRUHV 1R REVWDQWH DXQTXH ORV FULWHULRV GH UHOHYDQFLD FDPELHQ FRQ HO WLHPSR ORV UDVJRV GHO PpULWR WHQWDWLYR SDUHFHQ VHU VLHPSUH ORV PLVPRV R ELHQ GHVPDUFDUVH GUiVWLFDPHQWH GH DOJXQD SRVLFLyQ ELHQ HVWDEOHFLGDRELHQVXVFULELUOD\SURIXQGL]DUODFRQHOHPHQWRV~WLOHVHQVXVFRQWURYHUVLDV FRQRWUDVSRVLFLRQHV  ,JXDOPHQWH SURGXFWR GH OD LQWHQVD FRPSHWHQFLD SRU RFXSDU HO FHQWUR GHO HVSDFLR GH DWHQFLyQ LQWHOHFWXDO HV HO VRUSUHQGHQWH HIHFWR TXH &ROOLQV GHQRPLQD ©OH\ GHO SHTXHxR Q~PHURª HO HVSDFLR GH DWHQFLyQ LQWHOHFWXDO VXHOH HVWDU GLYLGR HQ XQ Q~PHUR GH IDFFLRQHV TXH RVFLOD HQWUH WUHV \ VHLV /D UD]yQ SRU OD TXH HO HVSDFLR GH DWHQFLyQ VH IUDJPHQWD HV REYLD FXDOTXLHU DJHQWH SUHIHULUi OODPDU OD DWHQFLyQ VREUH XQD SRVLFLyQ GLVLGHQWHTXHSHUPDQHFHUFRPRGLVFtSXORVHFXQGDULRHQVXFtUFXORGHRULJHQ3HUR¢SRU TXpXQDRGRVWULDGDV"8QDUHVSXHVWDGHVHQWLGRFRP~QHVTXHVREUHFXDOTXLHUFXHVWLyQ SROpPLFDSXHGHQHVWDEOHFHUVHGRVSRVLFLRQHVHQIUHQWDGDV\XQDTXHLQWHUPHGLHREXVTXH VX VtQWHVLV FXDQGR OD WULDGD HV GREOH HQ FDGD XQD KDEUtD XQD SRVWXUD LQWHJULVWD RWUD PRGHUDGD\XQDWHUFHUDDIDYRUGH ODLQWHJUDFLyQFRQHO DGYHUVDULR 6LQ HPEDUJRHVWH HVTXHPDSUR\HFWDQXHVWUDIDPLOLDULPDJHQGHORVSROLWL]DGRVLQWHOHFWXDOHVGHOVLJOR;; GHUHFKLVWDV L]TXLHUGLVWDV \ FHQWULVWDV GH WRGD OD\D  \ HV H[WUDRUGLQDULDPHQWH LQIUHFXHQWHHQHOUHJLVWURKLVWyULFR/DVIDFFLRQHVWLHQGHQDGLIHUHQFLDUVHPi[LPDPHQWH HQWUH Vt \ SRU HQGH D SURSRQHU DVHUWRV FRVPROyJLFRV HSLVWHPROyJLFRV PHWDItVLFRV H LQFOXVR OyJLFRIRUPDOHV LQFRQPHQVXUDEOHV HQWUH Vt (O IHQyPHQR GH OD GHULYD GULIW  LQWHOHFWXDOQRREHGHFHDOJHQLRHOD]DUHOFDSULFKRODDVRFLDFLyQOLEUHODLPDJLQDFLyQ R FXDOTXLHU RWUR UDVJR SVLFROyJLFR GH ORV LQGLYLGXRV (V DQWHV ELHQ XQ SXUR KHFKR VRFLDO OR TXH XQ VXMHWR GLVFXUUH YLHQH VL QR GHWHUPLQDGR Vt IXHUWHPHQWH FRQVWUHxLGR SRUVXSRVLFLyQHQODUHG\SRUODVSRVLELOLGDGHVHVWUXFWXUDOHVTXHpVWDOHDEUHeVWDVD VX YH] QR VRQ HQWLGDGHV DEVWUDFWDV VLQR HO VHQWLGR UHFLELGR HVSHFLDOPHQWH GH ORV PDHVWURV GH ODV SRVLELOLGDGHV GH WUDQVIRUPDFLyQ UHFRPELQDFLyQ \ FRQIURQWDFLyQ SROpPLFD TXH SXHGHQ GHVDUUROODUVH D SDUWLU GHO FDSLWDO FXOWXUDO UHFLELGR VLQ ROYLGDU OD  

HQHUJtD HPRFLRQDO WUDQVPLWLGD D WUDYpV GH HMHPSORV GH p[LWR SHUVRQDO \ PRGRV SDUWLFXODUHVGHDUJXPHQWDFLyQ\UD]RQDPLHQWR1RREVWDQWHVXEVLVWHODSUHJXQWDSRUHO OtPLWH VXSHULRU &ROOLQV GHMD HVWH SUREOHPD DELHUWR D IXWXUDV LQYHVWLJDFLRQHV SHUR QR GHMDGHFRQVLJQDUFyPRHOUHJLVWURKLVWyULFRPXHVWUDTXHVLQRVHVXSHUDHOOtPLWHGHVHLV IDFFLRQHV pVWDV SXHGHQ DXWRUUHSURGXFLUVH GXUDQWH JHQHUDFLRQHV GH QXHYRV GLVFtSXORV PLHQWUDV TXH FXDQWR PiV VH VXSHUD HO OtPLWH PiV SURQWR VH SURGXFH HO FRODSVR GH OD PD\RUtD H LQFOXVR WRGDV ODV IDFFLRQHV D IDYRU GH XQD RUWRGR[LD WULXQIDQWH XQ VLQFUHWLVPR R VtQWHVLV GH WRGDV HOODV R LQFOXVR HO GHUUXPEH YLUWXDOPHQWH GHILQLWLYR GH XQDWUDGLFLyQLQWHOHFWXDO  (O FRQMXQWR GH IDFFLRQHV HQ TXH VH IUDJPHQWDXQ HVSDFLRGH DWHQFLyQ LQWHOHFWXDO YDUtD FRQ HO WLHPSR &RPR UHJOD JHQHUDO ODV SRVLFLRQHV IXHUWHV ODV TXH FXHQWDQ FRQ EDVHV VyOLGDV \ DSR\R H[WHUQR  VH VXEGLYLGHQ HQ FXDWUR R FLQFR IDFFLRQHV HQ ODV VLJXLHQWHV JHQHUDFLRQHV PLHQWUDV TXH ODV SRVLFLRQHV GpELOHV SRUTXH VXV DSR\RV VRQ IHEOHV  WLHQGHQDGHVDSDUHFHURDUHIXQGLUVHHQWUHVt9HDPRVDOJXQRVHMHPSORV(QHOHVSOHQGRU GH OD FLXGDGHVWDGR JULHJD GHO VLJOR 9 FRQ VX HFRQRPtD PHUFDQWLO \ VXV UHYROXFLRQHV GHPRFUiWLFDVDODVSULPLWLYDV©KHUPDQGDGHVªPpGLFDVGH&QLGR\&RVORVPDWHPiWLFRV SLWDJyULFRV \ ORV DVWUyQRPRV FRPR (XGR[R VH DxDGHQ ODV HVFXHODV HOHiWLFD FLUHQDLFD PHJDUHQVH FHQWUDGDV HQ OD PHWDItVLFD \ OD OyJLFD  ORV DWRPLVWDV GH $EGHUD \ OD SUROLIHUDFLyQ GH UHWyULFRV \ VRILVWDV )UHQWH D HVWD VDWXUDFLyQ VXUJH OD UHDFFLyQ DQWLVRILVWD GH 6yFUDWHV KHUHGHUR GH OD WUDGLFLyQ MyQLFD \ GHIHQVRU GH OD SRVLELOLGDG GH DFFHVR D OD YHUGDG &RQ HO FDPELR SROtWLFR GHULYDGR GH OD FRQTXLVWD PDFHGRQLD ODV HVFXHODV ORFDOHV FRODSVDQ \ $WHQDV VH FRQYLHUWH HQ FHQWUR GH ODV VHFXHODV GH 6yFUDWHV OD $FDGHPLD SODWyQLFD HO DWULR DULVWRWpOLFR HO SRUFKH HVWRLFR HO MDUGtQ HSLF~UHR VLQ ROYLGDU HO PXVHR \ OD ELEOLRWHFD GH $OHMDQGUtD /D FRQTXLVWD URPDQD \ HO GHVLQWHUpV GHHVWDVRFLHGDGSRUODHVSHFXODFLyQ\VXSUHIHUHQFLDSRUODUHWyULFDSURGXFHXQQXHYR FRODSVRDOTXHDSHQDVVREUHYLYHQHQHVWiWLFRDLVODPLHQWRHOHVFHSWLFLVPRHOHSLFXUHtVPR \ OD VtQWHVLV QHRSODWyQLFDDULVWRWpOLFD 3RU ~OWLPR HO WULXQIR SROtWLFR GHO FULVWLDQLVPR OOHYD DO VLQFUHWLVPR FDGD YH] PiV DELJDUUDGR RFXOWLVWD \ PtVWLFR GH XQ 3ORWLQR R XQ 3URFOR PLHQWUDV HO FULVWLDQLVPR VH IUDJPHQWD HQ IDFFLRQHV FX\R Q~FOHR PD\RULWDULR HWLTXHWDFRPRKHUHMtDV  8Q SHUILO VLPLODU SXHGH HQFRQWUDUVH HQ OD KLVWRULD GH OD ILORVRItD FKLQD DQWLJXD \ PHGLHYDO 'XUDQWH HO SHUtRGR GH ORV HVWDGRV HQ JXHUUD SUROLIHUDQ P~OWLSOHV HVFXHODV FRQIXFLDQRV PRKLVWDVOHJDOLVWDV WDRtVWDV \ PX\ GLYHUVDV SURSXHVWDV VREUH ORV FRPSRQHQWHV GHO PXQGR \LQJ\DQJ FLQFR HOHPHQWRV FLQFR DJHQWHV HWF  /D XQLILFDFLyQ+DQFRQGXFHDXQDVtQWHVLVFRQIXFLDQDHQGLYHUVDVYHUVLRQHV'RFWULQDGHO 0HGLR*UDQ(QVHxDQ]DUDFLRQDOLVPRGH:DQJ&K XQJTXHFRQIOX\HQHQODVtQWHVLVGH 7XQJ&KXQJ6KXVLPLHQWHGHODRUWRGR[LDFRQIXFLDQDGXUDQWHVLJORV (OVXEVLJXLHQWH IUDFFLRQDPLHQWR SROtWLFR \ OD LUUXSFLyQ GHO EXGLVPR FRQ VXV VyOLGRV \ SUyVSHURV PRQDVWHULRV GD OXJDU D OD SUROLIHUDFLyQ GH IDFFLRQHV EXGLVWDV DVt FRPR OD FRQYHUVLyQ GHOWDRtVPRFKDPiQLFRHQXQDUHOLJLyQRUJDQL]DGD 'HQXHYRODUHXQLILFDFLyQ6XQJOD H[SURSLDFLyQ GHO SDWULPRQLR EXGLVWD OD UXLQD GH FHQWURV GH LQWHUFDPELR LQWHOHFWXDO FRPRHOFHQRELRGH/R\DQJHQWUHRWURVSRUXQDUDGLFDOH[SURSLDFLyQTXHUHFXHUGDOD  

UHIRUPD SURWHVWDQWH \ TXH DFHOHUy HO GHVDUUROOR HFRQyPLFR LQLFLDGR SRU OD UDFLRQDOL]DFLyQ HFRQyPLFD GH XQRV PRQDVWHULRV TXH RSHUDEDQ FRPR EDQFRV \ JUDQGHV SURGXFWRUHV DJUDULRV \ DUWHVDQDOHV \ VREUH WRGR HO SURJUHVLYR IRUWDOHFLPLHQWR GH OD EXURFUDFLD HVWDWDO \ HO FRQFRPLWDQWH VLVWHPD GH H[iPHQHV SHUPLWLy HO UHWRUQR GHO QHRFRQIXFLDQRDOIDYRUGHODVHOLWHVSROtWLFDVIRU]DQGRDEXGLVWDV\WDRtVWDVDGUiVWLFRV VLQFUHWLVPRV \ D EXVFDU QXHYDV EDVHV HFRQyPLFDV HQ ODV GHPDQGDV ULWXDOHV \ PiJLFDV SRSXODUHV2WURWDQWRSRGUtDGHFLUVHGHODSUROLIHUDFLyQGHVHFWDVEXGLVWDV\MDLQLVWDVHQ OD,QGLDHQUHVSXHVWDDODFULVLVGHOULWXDOLVPRVDFHUGRWDOYpGLFRQyWHVHDTXtTXHOD©OH\ GHO SHTXHxR Q~PHURª VH UHILHUH D SRVLFLRQHV LQWHOHFWXDOHV \ QR DO Q~PHUR GH RUJDQL]DFLRQHV GLVSDUHV GH XQD PLVPD RULHQWDFLyQ ILORVyILFD  /D QHJDFLyQ GH OD UHDOLGDG GHO PXQGR SRU SDUWH GH ORV EXGLVWDV \ VX UHDILUPDFLyQ SRU ORV KLQGXLVWDV IXH XQD IXHQWH GH FRQWLQXD FUHDWLYLGDG FRQFHSWXDO TXH FRPR HQ *UHFLD DFDEy FHGLHQGR SDVR SRU HIHFWR GHO GHFOLYH HFRQyPLFR \ OD FRQTXLVWD H[WHULRU D OD GHVDSDULFLyQ GHO EXGLVPRODVLQFUHWLVPRKLQGXLVWD9HGDQWDGH6KDQNDUDFX\DIODJUDQWHLQFRKHUHQFLDKD VLGR WRPDGD HQ 2FFLGHQWH SRU WROHUDQFLD UHOLJLRVD \ DO SUHGRPLQLR SRSXODU GH FUHGRV HPRFLRQDOLVWDV HQFDEH]DGRV SRU 6KLYD \ 9LVKQ~ /R PLVPR SRGUtD FRQWDUVH GH OD VXFHVLYDDSHUWXUD\FLHUUHGHSRVLFLRQHVLQWHOHFWXDOHVHQGHEDWHFUX]DGRHQWUHGHYRWRV PtVWLFRV \ ILOyVRIRV KHUHGHURV GH OD WUDGLFLyQ KHOpQLFD HQ HO ,VODP DOWRPHGLHYDO HQ OD XQLYHUVLGDG PHGLHYDO HXURSHD \ GH QXHYR HQ OD UHIRUPD GH OD HQVHxDQ]D VXSHULRU HXURSHDHQHOVLJOR;,;  /D FURQRORJtD GH ORV SURFHVRV JHQHUDOPHQWH VLQFUyQLFRV \ FRPSOHPHQWDULRV GH GLYHUVLILFDFLyQ \ VLQFUHWL]DFLyQ WLHQH TXH YHU SULQFLSDOPHQWH FRQ JUDQGHV DOWHUDFLRQHV HFRQyPLFDV\JHRSROtWLFDVTXHVDFXGHQODVEDVHVPDWHULDOHVGHODVIDFFLRQHVH[LVWHQWHV HQXQFLHUWRPRPHQWR(VGHODPD\RULPSRUWDQFLDVHxDODUDTXtTXHQRGHEHVXSRQHUVH XQD FRLQFLGHQFLD DXWRPiWLFD HQWUH SHUtRGRV GH ERQDQ]D \ HTXLOLEULR VRFLDO FRQ FUHDWLYLGDG LQWHOHFWXDO \ D OD LQYHUVD IDVHV GH DJLWDFLyQ \ FULVLV FRQ HO HVWDQFDPLHQWR LQWHOHFWXDO 0iV ELHQ ORV SHUtRGRV FUHDWLYRV YLHQHQ D FRLQFLGLU FRQ PRPHQWRV GH WUDQVIRUPDFLyQ DO DO]D R D OD EDMD GH ODV EDVHV PDWHULDOHV GH ODV UHGHV LQWHOHFWXDOHV UHYHUEHUDFLyQDVXYH]GHFDPELRVPDFURVRFLDOHVGHHQYHUJDGXUDORVSHUtRGRVHVWDEOHV WLHQGHQHQFDPELRDIDYRUHFHUHOHVFRODVWLFLVPRODHVWHULOLGDGFUHDWLYD\ORVWUDEDMRVGH FRUWHHVWpWLFR5HVXOWDSRUWDQWRTXHODFUHDWLYLGDGHVLQFHQWLYDGDWDQWRSRUODDSHUWXUD FRPR SRU HO FLHUUH GH ORV HVSDFLRV LQWHOHFWXDOHV GH DWHQFLyQ \ VXV FRUUHVSRQGLHQWHV UHWULEXFLRQHV SHFXQLDULDV \ GH HVWDWXV (Q HO SULPHU FDVR HO DXPHQWR GH OD GHPDQGD SURSLFLD XQD DPSOLDFLyQ \ GLYHUVLILFDFLyQ GH OD RIHUWD LQWHOHFWXDO TXH VH DPHULWD SRU VX FDUiFWHU D YHFHV DXGD]PHQWH LQQRYDGRU OD FUHDWLYLGDG TXH HQJHQGUD EULOODQWHV VtQWHVLV $ULVWyWHOHV $TXLQR 'KDUPDNLUWL  HV HQ FDPELR SURGXFWR GH ODV IULFFLRQHV \ ORV GLVWLQWRV FRPSRQHQWHV GH VX FDSLWDO FXOWXUDO SRU VREUHYLYLU KLEULGiQGRVH HQ XQ HVSDFLR GH DWHQFLyQ HQ UHJUHVLyQ FXDQGR OD UHJUHVLyQ HV EUXVFD YLROHQWD \ HQ RFDVLRQHVIRU]DGDSROtWLFDPHQWHWLHQGHQDSURGXFLUVHVLQFUHWLVPRVDSUHVXUDGRVGRQGHHO JUDGRGHDEVWUDFFLyQ\UHIOH[LYLGDGVHGHUUXPED\FHGHQSDVRDORFXOWLVPRODPDJLD\ ODQXPHURORJtDFRPRRFXUULyFRQHOLQWHQWRIDOOLGR GHOKHOHQLVPRGHVREUHYLYLUMXQWR DO FULVWLDQLVPR GH OD ILORVRItD KHOHQtVWLFD LVOiPLFD IUHQWH DO OLWHUDOLVPR FRUiQLFR \ DO PLVWLFLVPRVXIt\DOKLQGXLVPRIUHQWHDODSUHVLyQGHODFRQTXLVWDPXVXOPDQDPRJRO\  

OXHJRFULVWLDQDHXURSHD  /D FUHDWLYLGDG HV VLQ GXGD HO UDVJR PiV DWUDFWLYR GH ODV UHGHV LQWHOHFWXDOHV SDUD QXHVWUD ©FLYLOL]DFLyQ GH OD LQQRYDFLyQª 1R KDFH IDOWD VXEUD\DU TXH HQ HO iPELWR ILORVyILFRODFUHDWLYLGDGQRLPSOLFDQHFHVDULDPHQWHSURJUHVR$OFRQWUDULRORVSHUtRGRV GHHVWDELOLGDGGRQGHODVFDUUHUDVLQWHOHFWXDOHVGLVFXUUHQVLQJUDYHVDOWHUDFLRQHVGHXQD FRPSHWHQFLDVLHPSUHGXUDSRUODDWHQFLyQ\HOHVWDWXVVRQPRPHQWRVSRFRFUHDWLYRV/D FUHDWLYLGDGHVSURGXFWRGHPRPHQWRVGHFULVLV\FRQIOLFWRGRQGHODHQHUJtDHPRFLRQDOVH H[DFHUED VH SURFXUD PXOWLSOLFDU ORV FRQWDFWRV LQWHOHFWXDOHV FRQ PDHVWURV \ GLVFtSXORV DILQHV \ DGYHUVDULDOHV D WRGD FRVWD \ SUROLIHUDQ LQFRQWDEOHV ©H[SHULPHQWRVª GH UHFRPELQDFLyQ GHO FDSLWDO FXOWXUDO H[LVWHQWH H LPSRUWDFLRQHV GH QRYHGDGHV GH RWUDV UHGHV   ,,,7UDGLFLRQHVGLVWLQWDVRUtJHQHVGLYHUVRVWUD\HFWRULDVSDUDOHODV  /D FUHDWLYLGDG HV OD FDXVD LQPHGLDWD GHO FDPELR GH OD HVWUXFWXUD LQWHUQD GH ODV UHGHV LQWHOHFWXDOHVHQSHUtRGRVGHFULVLV(VVRUSUHQGHQWHSRUHOORODVLPLOLWXGGHODWUD\HFWRULD FUHDWLYD GH ODV GLIHUHQWHV SUREOHPiWLFDV GH SDUWLGD \ QR GH UDVJRV LGLRVLQFUiVLFRV GH ODV GLVWLQWDV UHGHV (Q &KLQD ODV SULPHUDV GLVFXVLRQHV HUXGLWDV WUDWDQ FXHVWLRQHV GH SURSLHGDG\HILFDFLDHVSLULWXDO\FRPRIXHQWHGHHVWDWXV GHORVULWXDOHVGHFXOWRHVWDWDO HQ *UHFLD H ,QGLD ODV SULPHUDV GLVFXVLRQHV JLUDQ HQ WRUQR D OD UDFLRQDOL]DFLyQ GH ODV PLWRORJtDV YpGLFD \ KHOpQLFD TXH QR ORJUDQ GHWHQHU HO GHFOLYH GHO FXOWR ULWXDO HQ ORV WHPSORV \ GHO SUHVWLJLR GH ORV OLQDMHV VDFHUGRWDOHV HQ HO QXHYR PDUFR GH ORV HVWDGRV GHOÈWLFD\GHO*DQMHVHQHO,VODPIDFFLRQHVSROtWLFDVHQIUHQWDGDVEXVFDQOHJLWLPDUVH PHGLDQWH ORV DUJXPHQWRV GH HVFXHODV MXUtGLFDV WHROyJLFDV \ PpGLFRILORVyILFDV HQ OD FULVWLDQGDG PHGLHYDO HO FRQIOLFWR HQWUH ORV HVIXHU]RV GH FRQVROLGDFLyQ \ DXPHQWR GH SRGHUGHODVPRQDUTXtDVWULEDOHVOXHJRHVWDGRVQDFLRQDOHV \HOSUR\HFWRFHVDURSDSLVWD FRQVWLWX\H XQD FRQWLQXD IXHQWH GH GHPDQGD GH DUJXPHQWRV GH OHJLWLPDFLyQ \ REMHWRV TXH FRQILHUDQ HVWDWXV LQWHOHFWXDO \ FXOWXUDO HQ -DSyQ VH UHSURGXFH OD E~VTXHGD GH OHJLWLPLGDGDQWLFXDULDSDUDFDGDXQRGHORVUHJtPHQHVXVXUSDGRUHVGHOSRGHULPSHULDO +HLDQ 0XURPDFKL 7RKXJDZD 0HLML  FRPSDWLEOHV FRQ HO PDQWHQLPLHQWR IRUPDO  VKLQWRLVWDGHODDXWRULGDGLPSHULDO  $O PDUJHQ GHO PRPHQWR GH WULXQIR R FULVLV GH ORV FUHGRV YLJHQWHV \ GH VX DOLDQ]D R FRQIOLFWR FRQ ORV SRGHUHV SROtWLFRPLOLWDUHV GRPLQDQWHV HQ HO PRPHQWR LQLFLDO GH OD SUREOHPDWL]DFLyQGHDOJXQDVFUHHQFLDVGHLPSRUWDQFLDHVWUDWpJLFDSDUDFDGDFLYLOL]DFLyQ PXQGLDO VH DGYLHUWH XQD VHFXHQFLD JURVVR PRGR VLPLODU HQ WRGDV ODV WUDGLFLRQHV HVWXGLDGDV TXH VH LQLFLD FRQ GLVFXVLRQHV FRVPROyJLFDV VLJXH OXHJR FRQ FRQWURYHUVLDV PHWDItVLFDV\RHSLVWHPROyJLFDV\SXHGHHYHQWXDOPHQWHFXOPLQDUHQDOWDVDEVWUDFFLRQHV PDWHPiWLFDV  (Q ODV VRFLHGDGHV WULEDOHV ODV H[SOLFDFLRQHV GHO RUGHQ VRFLDO \ QDWXUDO VRQ SDUWLFXODULVWDV H LGLRVLQFUiVLFDV \ FRQIRUPDQ OR TXH GHVGH XQD SHUVSHFWLYD VRFLDOL]DGD  

HQ HO FXOWR D OD OyJLFD SDUHFH XQ FHQWyQ GH IiEXODV LQFRQH[DV &RQ HO FUHFLPLHQWR GHPRJUiILFRODDUWLFXODFLyQSROtWLFDHOGHVDUUROORSURGXFWLYR\PHUFDQWLO\HODXPHQWR GHODGLYLVLyQVRFLDOGHOWUDEDMRHVWRHVGHORVUROHVVHLQLFLDXQDUDFLRQDOL]DFLyQGHODV PLWRORJtDVHQFRVPRJRQtDVTXHORVHVWDGRVFHQWUDOL]DGRVSDWULDUFDOHVKDFHQWUDQVIRUPDU HQSDQWHRQHVDUWLFXODGRVODVHFXODUL]DFLyQROLJiUTXLFDRGHPRFUiWLFDGHHVWDVHULHGH SRWHQFLDV DQWURSRPyUILFDV GD OXJDU D GHEDWHV VREUH ©ORV DXWpQWLFRV FRPSRQHQWHV GHO PXQGRª/DVSRVLFLRQHVDTXtYDQGHODWRPLVPRDOHVHQFLDOLVPRH[WUHPRVVHDILUPDOD H[LVWHQFLD GH XQD R PiV VXVWDQFLDV EiVLFDV \ VH PD[LPL]D R PLQLPL]D VX GLIHUHQFLD UHVSHFWR GH VXV DWULEXWRV R DFFLGHQWHV 3HUR HVWR QRV OOHYD \D DO iPELWR GH OD PHWDItVLFD /D GLVFXVLyQ VREUH ORV REMHWRV LQDSUHQVLEOHV SRU ORV VHQWLGRV KXPDQRV TXH SXHGDQ FRPSRQHU R DFRPSDxDU DO PXQGR YLVLEOH SXHGH PDQWHQHUVH LQGHILQLGDPHQWH PHGLDQWH OD HODERUDFLyQ GH OLVWDV \ HVTXHPDV FODVLILFDWRULDV GH FXDQWR KD\ GLRVHV VXVWDQFLDV HOHPHQWRV IRUPDV GH FRQRFLPLHQWR SDUWHV GH XQD RUDFLyQ HWF  /D FRVPRORJtD SXHGH WHQHU GRV YDULDQWHV WtSLFDV TXH QR HOHYDQ VX EiVLFR QLYHO GH DEVWUDFFLyQ \ UHIOH[LYLGDG HO RFXOWLVPR \ OD FLHQFLD HPStULFD $PERV VRQ HVTXHPDV FODVLILFDWRULRV GH REMHWRV GHO PXQGR \ VH SUHRFXSDQ SRU LQGDJDU VX JHQHDORJtD VXV UHODFLRQHV \ VXV ©SRWHQFLDVª /D GLIHUHQFLD HQWUH DPERV UHVLGH HQ TXH HO RFXOWLVPR FRQWLQXDODWUDGLFLyQFKDPiQLFDHOHYDGDSRUIDXVWRVMDSRQHVHV\HXURSHRVDDOTXLPLD GH SRVWXODU IXHU]DV DEVWUDFWDV \ HVSLULWXDOHV FRJQRVFLEOHV PHGLDQWH HOXFXEUDFLRQHV GH FRPELQDWRULDFDEDOtVWLFD\QLJURPiQWLFD\GRPHVWLFDEOHVSRUPHGLRGHPDQLSXODFLRQHV PDWHULDOHV'HPRGRDQiORJRODFLHQFLDHPStULFDGXUDQWHPXFKRVVLJORVVHKDOLPLWDGR D FROHFFLRQDU \ FODVLILFDU REMHWRV \ REVHUYDFLRQHV WDQWR RUGLQDULDV FRPR FXULRVDV VLQ SURGXFLU DSHQDV XQD PtQLPD DEVWUDFFLyQ WHyULFD QL DSOLFDFLyQ SUiFWLFD FRQ ODV H[FHSFLRQHV FDVL ~QLFDV GH OD ERWiQLFD DSRWHFDULD \ OD DVWURQRPtD QiXWLFD 1R HV GH H[WUDxDU SRU WDQWR HO IUHFXHQWH VRODSDPLHQWR GH ODV UHGHV SUDFWLFDQWHV GH HVWDV GRV GLVFLSOLQDV SRU HMHPSOR HQ OD (XURSD GH ORV VLJORV ;9,;9,, FRQ ILJXUDV WDQ GHVWDFDGDVFRPR3DUDFHOVR%UXQR.HSOHU1DSLHU.LUFKHUR1HZWRQ   /DV SULPHUDV FRVPRORJtDV EDVDQ VX FUHGLELOLGDG HQ HO HMHPSOR GH IyUPXODV DUJXPHQWDOHV \ REMHWRV IDPLOLDUHV D VXV DXGLHQFLDV DVt FRPR HQ UHFXUVRV UHWyULFRV QR VRQ GHPRVWUDWLYDV VLQR DVHUWLYDV 'HO PLVPR WLSR VRQ ODV SULPHUDV UHIOH[LRQHV HSLVWHPROyJLFDV TXH VXUJHQ GHO UHFtSURFR FXHVWLRQDPLHQWR GH ORV IXQGDPHQWRV GH FRVPRORJtDV HQ FRQIOLFWR \ VXHOHQ FRQVLVWLU HQ HO GLFWDPHQ GH XQD IXHQWH SULQFLSDO GH FRQRFLPLHQWR R XQ OLVWDGR GH HOODV (O VLJXLHQWH SDVR VRQ HSLVWHPRORJtDV GHVFULSWLYDV TXH HVSHFLILFDQ OD QDWXUDOH]D \ PHFDQLVPR GH ODV YtDV GH DFFHVR FRJQLWLYR \D FRPR SURSLHGDGHV SVLFROyJLFDV FRPR HO QHRNDQWLDQR +HUEDUW HO QDWXUDOLVWD %UHQWDQR R HO HPSLULVWD:XQGW R\DFRPRHQWLGDGHVRQWROyJLFDVTXHHVSUHFLVRDGTXLULUSDUDFRQRFHU LGHDV SODWyQLFDV IRUPDV DULVWRWpOLFDV ©LOXPLQDFLyQª HQ OD WUDGLFLyQ EXGLVWD HWF  (Q XQRUGHQVXSHULRUGHUHIOH[LYLGDGVHGDQHSLVWHPRORJtDVFUtWLFDVTXHVHSUHJXQWDQSRU ORVIXQGDPHQWRVGHODFHUWH]DSRUFyPRVHVDEHTXHVHVDEH$XQTXHHVWHWLSRHVPX\ LQIUHFXHQWH6yFUDWHV$O*KD]DOL'HVFDUWHV.DQW5XVVHOO /DH[FHSFLRQDOYLUXOHQFLD GHORVGHEDWHVHSLVWHPROyJLFRVHQQXHVWURVLJORKDKHFKRGHpOXQREMHWRGHHVWXGLR\ DSUHFLDFLyQGHODPD\RULPSRUWDQFLDHQODDFWXDOLGDG   

(Q DOJXQRV FDVRV OD UHIOH[LyQ HSLVWHPROyJLFD VH GHVDUUROOD SDUD IXQGDPHQWDU OD HVWUXFWXUD GH XQD PHWDItVLFD $TXLQR 6SLQR]D  PLHQWUDV TXH HQ RWUDV HV XQ HVIXHU]R GHDUWLFXODFLyQHSLVWHPROyJLFDHOTXHGDSLHDSURSXHVWDVPHWDItVLFDVHQFRKHUHQFLDFRQ HOORV :LWWJHQVWHLQ VLJXLHQGR D 5XVVHOO 0HLQRQJ R +XVVHUO HQ OD HVWHOD GH %UHQWDQR HWF  (VWDV GRV IRUPDV GH SHQVDPLHQWR VH UHWURDOLPHQWDQ SRUTXH OD SRVWXODFLyQ GH TXp KD\ LPSOLFD OD SUHJXQWD GH TXp IDFXOWDGHV VRQ QHFHVDULDV SDUD DSUHKHQGHUOR FRQ SUHFLVLyQ \ MX]JDU VXV SRWHQFLDOLGDGHV \ QXHYRV GHVDUUROORV FRQ FHUWH]D DVt FRPR OD SRVWXODFLyQ GH GLFKDV IDFXOWDGHV LPSOLFD HO HQLJPD GH TXp HV HVSHUDEOH REWHQHU GH HOODV \ FXiOHV VRQ VXV OLPLWDFLRQHV $O PDUJHQ GH HVWR HVWD UHWURDOLPHQWDFLyQ SXHGH YHUVH LQFHQWLYDGD SRU DO PHQRV WUHV IDFWRUHV DXWyQRPRV OD FRQWLQXLGDG GHO GHEDWH HO HVFHSWLFLVPR\HOPRQRWHtVPRDQWURSRPyUILFR  /D PHUD FRQWLQXLGDG GH XQ GHEDWH HSLVWpPLFRPHWDItVLFR LQWHQVR WLHQGH D FRQGXFLU UHFXUUHQWHPHQWH D ORV PLVPRV SUREOHPDV HQ WUDGLFLRQHV VXVWDQWLYDPHQWH WDQ GLYHUVDV FRPRODJULHJDODKLQG~RODHXURSHD&RQVLJORVGHGLIHUHQFLDVHSODQWHDQXQD\RWUD YH] OD FXHVWLyQ GHO QRPLQDOLVPR \ HO UHDOLVPR GH ORV XQLYHUVDOHV \ ORV SDUWLFXODUHV GH OD FDXVDOLGDG \ OD SRWHQFLDOLGDG $Vt SRU HMHPSOR HQ *UHFLD \ HQ HO LGHDOLVPR DOHPiQFRPRHQ$TXLQRORVXQLYHUVDOHVVRQUHDOLGDGHVLQFXHVWLRQDGDV\FRQVXVWDQFLD SURSLDSRVWXUDWDPELpQGHORVKLQGXLVWDVIUHQWHDORVEXGLVWDVHPSHxDGRVHQQHJDUQR VyOR OD UHDOLGDG PDWHULDO VLQR WDPELpQ OD FRQFHSWXDO R LGHDO WRGR PHQRV HO 1LUYDQD (Q FDPELR HO QRPLQDOLVPR HVFROiVWLFR ODV HVFXHODV PDWHULDOLVWDV KLQG~HV \ HO =HQ UHFKD]DQWRGDUHDOLGDGVDOYRODFRQFUHWDSDUWLFXODULGDGGHFDGDHQWLGDG/DFXHVWLyQGH ODFDXVDOLGDGRULJLQDQRVyORHOSUREOHPDGHORVGLIHUHQWHVWLSRVGHFDXVDVLQRWDPELpQ ODFXHVWLyQD~QPiVGLItFLOGHFXiOHVODUHODFLyQHQWUHHOHIHFWR\ODFDXVDKDELpQGRVH GDGR UHVSXHVWDV TXH YDQ GHVGH GLVWLQWDV YHUVLRQHV PDWHULDOLVWDV GH OD FDXVD HILFLHQWH SRUFRQWDFWRKDVWDHORFDVLRQDOLVPRH[WUHPRTXHDWULEX\HD'LRVODH[LVWHQFLDGHWRGD HQWLGDG HQ FDGD LQVWDQWH \ HO QH[R HQWUH VX FRQGLFLyQ DFWXDO \ VXV WUDQVIRUPDFLRQHV R HIHFWRV VREUH RWUDV VLQ ROYLGDU OD QHJDFLyQ OyJLFD GHO FDPELR SRU 3DUPpQLGHV R HO DVRFLDFLRQLVPRLGHDOLVWDGHXQ%HUNHOH\  (O HVFHSWLFLVPR DEVROXWR QR HV PX\ FUHDWLYR SRUTXH HV DXWRFRQWUDGLFWRULR ¢HV YHUGDGHUR R IDOVR TXH OD YHUGDG QR H[LVWH" (V XQD SDUDGRMD  6LQ HPEDUJR KD\ XQ HVFHSWLFLVPR TXH QLHJD OD SRVLELOLGDG GH DFFHGHU D OD YHUGDG SURSLR GH pSRFDV GH FRQIXVDVDWXUDFLyQGHOHVSDFLRGHDWHQFLyQLQWHOHFWXDO3LUUR6DxMD\D0RQWDLJQH SHUR FX\D FDSDFLGDG SHUVXDVLYD \ FRQVWUXFWLYD HV QXOD GH IDFWR VXHOH GHVDSDUHFHU FRQ VXV DGYHUVDULRVFXDQGRHOHVSDFLRGHDWHQFLyQVHUHHVWUXFWXUD0iVLQWHUHVDQWHHVHOILQJLGR HVFHSWLFLVPR TXH ORV ILGHtVWDV R ORV LGHDOLVWDV KDQ HPSOHDGR LQGLVWLQWDPHQWH FRQWUD ORV OLWHUDOLVWDV UHOLJLRVRV \ ORV PDWHULDOLVWDV (O SULQFLSDO DUPD GH HVWDV FRUULHQWHV HV HO©FRJLWRª$XQTXHHQODWUDGLFLyQLVOiPLFD$O*KD]DOL\$O%DTXLOODQLORHPSOHDURQ VyORGHVWUXFWLYDPHQWHSDUDQHJDUIXQGDPHQWRDORVKHUHGHURViUDEHVGHOKHOHQLVPRVRQ PiV LPSRUWDQWHV VXV XVRV SDUD FRQVWUXLU VLVWHPDV PHWDItVLFRV 6LQ GXGD ODV YHUVLRQHV PiVIDPRVDVVRQODVGH6DQ$JXVWtQ6KDQNDUD$YLFHQD\'HVFDUWHVTXHSDUWHQGHOD DILUPDFLyQGHXQ©HJRSHQVDQWHªFRPRIXQGDPHQWRGHXQD©SUXHEDGH'LRVª\GHpVWD DWRGRXQVLVWHPDPHWDItVLFR\HSLVWpPLFR0HQRVFRQRFLGDVVRQODVYDULDQWHVGH)LFKWH  

\ 5R\FH TXLHQHV SDUWHQ UHVSHFWLYDPHQWH GH OD H[LVWHQFLD HYLGHQWH GH WDXWRORJtDV \ HUURUHV GH SHUFHSFLyQ R MXLFLR SDUD DILUPDU OD QHFHVLGDG GH XQ ©ÈUELWUR (SLVWpPLFRª TXH GH LQPHGLDWR GHYLHQH HO JDUDQWH GH VXV SRVWXODFLRQHV HSLVWpPLFRPHWDItVLFDV GH PRGR PiV KXPLOGH \ DO WLHPSR DSDVLRQDGR 0DLQH GH %LUDQ SDUWH GH OD H[SHULHQFLD H[LVWHQFLDO GH OD ©YROXQWDGª FRQWUDULDGD SRU OD UHVLVWHQFLD GHO PXQGR SDUD DILUPDU OD UHDOLGDGGHpVWH  (O SVHXGRHVFHSWLFLVPR GHO FRJLWR QRV FRQGXFH D ODV ©SUXHEDV GH 'LRVª FRPR XQR GH ORV ©MXHJRVª ILORVyILFRV SURSLRV GH WUDGLFLRQHV PRQRWHtVWDV 'H KHFKR HVWDV SUXHEDVWDPELpQH[LVWHQHQ*UHFLD\HQ,QGLDVLELHQPiVFRPRIRUPDVGHYLUWXRVLVPR DUJXPHQWDO TXH FRPR SUREOHPDV GH YLWDO LPSRUWDQFLD LQWHOHFWXDO \ H[LVWHQFLD VX GHWRQDQWH HV OD H[LVWHQFLD GH XQD UHOLJLyQ RILFLDO DXQTXH HO PRQRWHtVPR OR FRQIRUPD \ GLQDPL]D UDGLFDOPHQWH DO SRVWXODU XQD GLYLQLGDG DQWURSRPRUID FRQ FXDOLGDGHV VXSUHPDV OR FXDO GHVHQFDGHQD LQJHQWHV SUREOHPDV VREUH OD QDWXUDOH]D \ IXHQWH GHO FRQRFLPLHQWR VREUH OD FRPSRVLFLyQ VXVWDQFLDO GH OD UHDOLGDG VREUH HO VHQWLGR GH TXH SXHGD VLJQLILFDU HO WpUPLQR UHODFLyQ HQWUH ORV FRPSRQHQWHV GH OR UHDO WUDQVFHQGHQWH PDWHULDO FRQFHSWXDO HWF  VREUH OR TXH VLJQLILFD ©6HUª \ FXHVWLRQHV GHULYDGDV GH QHFHVLGDG SRVLELOLGDG \ FRQWLQJHQFLD HVWR HV GH FDXVDOLGDG \ OLEUH DOEHGUtR 7RGDV HVWDV FXHVWLRQHV FRQILJXUDQ OD pSRFD GRUDGD GH OD ILORVRItD HQ OD ,QGLD \ HQ HO ,VODP ©PHGLHYDOHVª PLHQWUDV TXH HQ OD (XURSD ©PRGHUQDª DXQTXH PiV WDUGLDPHQWH KDQVXJHULGRFUHDWLYDVSURSXHVWDVVREUHODFRQH[LyQHQWUHXQDRPiVVXVWDQFLDVEiVLFDV \ VXV DFFLGHQWHV \ UHODFLRQHV OD GLVWLQFLyQ HQWUH FXDOLGDGHV SULPDULDV \ VHFXQGDULDV \ SURSXHVWDV GH VtQWHVLV WDQWR PRQLVWDVVLQWpWLFDV %UDGOH\ /HLEQL] 6SLQR]D  FRPR GLDOpFWLFDV)LFKWH+HJHO   +DEtDPRV GLFKR TXH OD WHQGHQFLD LQWUtQVHFD GH WRGDV ODV WUDGLFLRQHV ILORVyILFDV D XQ PD\RU JUDGR GH DEVWUDFFLyQ \ UHIOH[LYLGDG SXHGH FXOPLQDU HQ HO GHVDUUROOR GH PDWHPiWLFDV DOWDPHQWH IRUPDOL]DGDV 1R REVWDQWH HVWR QR HV GHO WRGR H[DFWR 3RU VXSXHVWR WRGDV ODV JUDQGHV FLYLOL]DFLRQHV KDQ FRQRFLGR LPSRUWDQWHV GHVDUUROORV PDWHPiWLFRV FRQ HO iOJHEUD 6XQJ HO FiOFXOR 7RNXJDZD OD DULWPpWLFD KLQG~ FRQ HO GHVFXEULPLHQWRGHORVJXDULVPRV\HOYDORUGHODSRVLFLyQFRPRLQGLFDGRUGHODEDVHGH FXHQWDTXHPXOWLSOLFDDOQ~PHURTXHODRFXSD6LQHPEDUJRHVSHFXOLDU\H[FOXVLYRGH 2FFLGHQWHHOIUHFXHQWH\DPSOLRVRODSDPLHQWRGHODVUHGHVGHILOyVRIRV\PDWHPiWLFRV SRU HMHPSOR OD FRVPRORJtD SLWDJyULFD HV XQD IXHQWH GH OD WHRUtD GH ODV IRUPDV GH 3ODWyQ \ OD OyJLFD DULVWRWpOLFD XQD GH ODV SRVLEOHV LQVSLUDFLRQHV GHO PpWRGR H[SRVLWLYR \GHSUXHEDD[LRPiWLFRGH(XFOLGHV$KRUDELHQHVWDFRQVLGHUDFLyQQRVGHYXHOYHDOD GLVWLQFLyQ HQWUH ODV WUDGLFLRQHV 2ULHQWDO \ 2FFLGHQWDO TXH HVWUXFWXUDOPHQWH QR H[LVWH  VDOYR TXL]i HQ HVWH SXQWR &RQYLHQH SXHV TXH UHSDVHPRV SRU XQ LQVWDQWH VXV UDVJRV FRPXQHVDVtFRPRWDPELpQTXL]iVXVLGLRVLQFUDVLDVPiVDFFLGHQWDOHV  /DV UHGHV LQWHOHFWXDOHV HVWiQ IRUPDGDV SRU OLQDMHV GH PDHVWURV \ GLVFtSXORV DVt FRPR SRUUHODFLRQHVGHDOLDQ]DRFRQIURQWDFLyQHQODVTXHVHWUDQVILHUH\WUDQVIRUPDFDSLWDO FXOWXUDO \ VH SURFXUD LQWHQVLILFDU OD HQHUJtD HPRFLRQDO UHSXWDFLyQ \ SHUWHQHQFLD D XQ JUXSR(VWRVJUXSRVVRQPiVHVWDEOHVFXDQGRVHLQVWLWXFLRQDOL]DQFRPRRUJDQL]DFLRQHV  

TXH GLVSRQHQ GH SURSLHGDG PDWHULDO \ VH RUJDQL]DQ HQ MHUDUTXtDV GLVFLSOLQDULDV DO PDUJHQ GH ODV HVFDOHV GH SUHVWLJLR LQWHOHFWXDO HVFXHODV JULHJDV PRQDVWHULRV EXGLVWDV XQLYHUVLGDGHV HXURSHDV EXURFUDFLDV HVWDWDOHV HWF  /DV JUDQGHV WUDQVIRUPDFLRQHV PDFURVRFLDOHV TXH UHSHUFXWHQ HQ HVWDV PHVRLQVWLWXFLRQHV LQFLGHQ VREUH ODV GRFWULQDV GHIHQGLGDVSRUODVUHGHVTXHKRVSHGDQSRUHIHFWRGHVXDGDSWDFLyQDXQQXHYRHVSDFLR GHDWHQFLyQGRQGHWRGDVODVSRVLFLRQHVVHHVWiQUHDOLQHDQGR  /D FUHDWLYLGDG VH SURGXFH SULQFLSDOPHQWH SRU XQD FRQIURQWDFLyQ HQ PRPHQWRV GH FDPELR HVWUXFWXUDO (O FDVR GH &KLQD HV PX\ UHOHYDQWH D HVWH UHVSHFWR SRUTXH ODV GLIHUHQWHVHVFXHODVGHSHQVDPLHQWR\HQHVSHFLDOODVWUHVJUDQGHVFRUULHQWHVFRQIXFLDQD WDRtVWD \ EXGLVWD SHUPDQHFHQ HQIUHQWDGDV GXUDQWH VLJORV DOWHUQDQGR pSRFDV GH HVWDQFDPLHQWR \ JUDQ FUHDWLYLGDG WHQGLHQGR D FRLQFLGLU pVWDV FRQ PRPHQWRV GH SURIXQGDV FULVLV SROtWLFDV SHUtRGRV GH IUDJPHQWDFLyQ \ JXHUUD HQWUH PLFUR \ PHVR HVWDGRVWDQWRFRPRFRQSHUtRGRVGHHVSOHQGRUFRPRODGLQDVWtD6XQJHQFDPELRRWUDV pSRFDVGHSD]\HVSOHQGRUVHFDUDFWHUL]DQSRUHODVFHQVRGHOHVFRODVWLFLVPRFRQIXFLDQR \ QHRFRQIXFLDQR GLQDVWtDV 7DQJ R 0LQJ  (Q HVWRV SHUtRGRV GHVWDFDQ PiV ELHQ PRYLPLHQWRV HUXGLWRV FRPR ODV HVFXHODV GH ©OD HQVHxDQ]D RVFXUDª R GH ©OD SXUD FRQYHUVDFLyQª R OD GHULYD GHO SHQVDPLHQWR DEVWUDFWR KDFLD HO PLVWLFLVPR FRPR HQ HO FDVRGHOEXGLVPRSHUGLGRHOIDYRUGHODFRUWH\YXHOWRKDFLDHOULWXDOLVPRSRSXODU\HO SUHVWLJLR SRSXODU GHO DVFHWLVPR \ OD PtVWLFD HQ VX YHUVLyQ &K DQ =HQ  7RGRV HVWRV PRYLPLHQWRV EXVFDURQ HO IDYRU GH OD FRUWH \ RFDVLRQDOPHQWH GHO SXHEOR ,QWHQWDURQ ORJUDU HO IDYRU GH EXUyFUDWDV WHUUDWHQLHQWHV FRPHUFLDQWHV \ FXDOTXLHU RWUD IXHQWH GH UHVSDOGR HFRQyPLFR \ SROtWLFR &DVL FDGD IDFFLyQ TXH ORJUy UHPRQWDUVH D XQ SRGHU GRPLQDQWHGHVHQFDGHQySHUVHFXFLRQHVSXUJDV\FRQILVFDFLRQHVFRQWUDODVGHPiV\VLQ HPEDUJR GXUDQWH FLHUWRV SHUtRGRV ODV GLIHUHQWHV FRUWHV FRPSLWLHURQ SRU HO SUHVWLJLR LQWHOHFWXDO \ WDQWRV FHQWURV SROtWLFRV XQLILFDGRV FRPR HJUHJLRV PRQDVWHULRV /R\DQJ  PDQWXYLHURQ RFDVLRQDOPHQWH XQD DFWLYD YLGD LQWHOHFWXDO FX\DV FRQWURYHUVLDV VH PH]FODEDQ FRQ ODV LQWULJDV FRUWHVDQDV )LQDOPHQWH EXGLVPR \ WDRtVPR DFDEDURQ EiVLFDPHQWH LGHQWLILFDGRV UHVSHFWLYDPHQWH FRQ ODV FDVWDV PHGLDV \ EDMDV GH OD SREODFLyQ SXHV VX pQIDVLV HQ OD OLEHUDFLyQ R HQ HO ELHQHVWDU LQGLYLGXDOHV OHV LQFDSDFLWDED SDUD WUDEDU OD IpUUHD FDGHQD ULWXDO GH OHDOWDGHV IDPLOLDUHV \ WULEDOHV GH DEDMRDDUULED\GHODVSURYLQFLDVDOFHQWURPHGLDQWHODTXHHOFRQIXFLDQLVPRYHUWHEUy ORV HVWDGRV FKLQRV \ HO LPSHULR XQLGR GXUDQWH PLOHQLRV ILQDQFLDGR FDGD YH] PiV DEXQGDQWH \ SHUIHFWDPHQWH SRU ODV WDVDV GH HQVHxDQ]D \ H[DPHQ GH DFFHVR DO IXQFLRQDULDGR TXH pO PLVPR FRQWURODED 6LQ HPEDUJR HO FDVR KLQG~ R HO MDSRQpV PXHVWUDQTXHHOUHVXOWDGRSRGtDKDEHUVLGRGLVWLQWR  (QHOFDVRGH-DSyQSRUHMHPSORGXUDQWHHOSHUtRGRIHXGDO0XURPDFKL\HQHVSHFLDO GXUDQWH HO SHUtRGR GH ©HO SDtV HQ JXHUUDª ORV HMpUFLWRV LPSHULDOHV GH ORV VHxRUHV IHXGDOHVGHORVPRQDVWHULRVEXGLVWDV\GHORVFDPSHVLQRVOLGHUDGRVSRUHOFOHURWDRtVWD VH HQIUHQWDURQ HQ XQD VDQJULHQWD FDUQLFHUtD TXH UHFXHUGD HO SHUtRGR GH ODV JXHUUDV GH UHOLJLyQHXURSHDV(OHTXLOLEULRDOFDQ]DGRILQDOPHQWHHQHOSHUtRGR7RNXJDZDDXQTXH DGRSWD HO VLVWHPD GH H[iPHQHV SDUD OD FRQVWUXFFLyQ GH XQD EXURFUDFLD HVWDWDO FHQWUDO IXHUWH QR OR HQWUHJD D XQD RUWRGR[LD OR TXH SHUPLWH OD FRPSHWHQFLD SRU HO DFFHVR  

D ORV HPSOHRV S~EOLFRV \ DO SUHVWLJLR FXOWXUDO WDQWR GH ODV HVFXHODV PRQiVWLFDV TXH FRQFHGHQ\SURYRFDQXQDFUHFLHQWHLQIODFLyQGH ©FHUWLILFDGRVGHLOXPLQDFLyQªFRPR GHHVFXHODVUHJHQWDGDVSRUORVGHVDUPDGRV\GHVPRYLOL]DGRVVDPXUDLVTXLHQHVMXQWRD ODFHUHPRQLDGHOWpSLQWXUDVREUHSDSHOFDOLJUDItDRDUWHVPDUFLDOHVHQVHxDEDQWDPELpQ DQWLJXD OLWHUDWXUD \ GHULYDGDPHQWH SHQVDPLHQWR MDSRQHVHV +D\ TXH DxDGLU D HVWRV OD HVFXHOD GH QHJRFLRV \ OD HVFXHOD KRODQGHVD D ODV TXH HQ 2FFLGHQWH VH KD DWULEXLGR WDQWD LPSRUWDQFLD FRPR DQWHFHGHQWHV PRGHUQL]DGRUHV GH -DSyQ /R FLHUWR HV TXH EDMR HO GRPLQLR 7RNXJDZD OD H[SDQVLyQ GHPRJUiILFD OD RFXSDFLyQ GH QXHYDV WLHUUDV HO DXPHQWR GH SURGXFWLYLGDG DJUDULD \ OD H[SDQVLyQ GH ODV DFWLYLGDGHV PDQXIDFWXUHUDV \ PHUFDQWLOHV DOFDQ]DURQ XQ QLYHO FXDQGR PHQRV DQiORJR DO GH OD &KLQD 6XQJ FX\RV UHVWRVWUDVODRFXSDFLyQPRQJROWDQWRIDVFLQDURQD0DUFR3ROR\TXHQRDQGDEDQDOD ]DJDGHORVORJURVDOFDQ]DGRVSRUORVSDtVHVHXURSHRVPiVDYDQ]DGRVDFRPLHQ]RVGHO VLJOR;9,,,6L-DSyQVH©PRGHUQL]yªFRQWDQWRp[LWRHVSRUTXHHVWDEDDODVSXHUWDVGH KDFHUORSRUVtPLVPRHOPLWRGHODPRGHUQL]DFLyQFRPRRFFLGHQWDOL]DFLyQHVSURGXFWR GH OD SULPHUD JHQHUDFLyQ LGHDOLVWD  GH SURIHVRUHV MDSRQHVHV HQ OD XQLYHUVLGDG 0HLML UHIRUPDGD D OD DOHPDQD FRPR FRDUWDGD QDFLRQDOLVWD SDUD SURPRYHU VX SURSLD VtQWHVLV LQWHOHFWXDO   0LHQWUDV TXH -DSyQ IXH XQ SDtV VLHPSUH QRPLQDOPHQWH XQLILFDGR \ TXH YHQHUDED OD WUDGLFLyQDOSXQWRGHQRWROHUDULQQRYDFLRQHVFRQFHSWXDOHVTXHQRVHSUHVHQWDVHQFRPR GHVFXEULPLHQWRVDQWLFXDULRVHQ,QGLDVHGLRODVLWXDFLyQRSXHVWDFDVLGRVPLODxRVGH LQWHQVD IUDJPHQWDFLyQ SROtWLFD HQ HO YDOOH GHO *DQMHV \ HQ VX SURJUHVLYD FRORQL]DFLyQ GHOVXU(VWDVLWXDFLyQJHRSROtWLFDPXOWLSOLFyORVHVSDFLRVGHDWHQFLyQDORVTXHSRGtDQ DVSLUDU ODV LQFRQWDEOHV IDFFLRQHV GH ORV GRV SULQFLSDOHV EORTXHV HQIUHQWDGRV EXGLVPR HKLQGXLVPR0LHQWUDVTXHODFRQTXLVWDPLOLWDUGHOQRUWHSRUHOVXUVXSXVRODH[SXOVLyQ GHOEXGLVPRGHOD,QGLDHOVLQFUHWLVPRLQWHOHFWXDO\HOUDGLFDOLVPRDVFpWLFRGHORVMDLQDV KDSHUPLWLGRDpVWRVVREUHYLYLUFRPRXQDVHFWDPDUJLQDODXQTXHSUyVSHUD DOPDUJHQ GHODFRQWURYHUVLDLQWHOHFWXDOVXSHUDUODROHDGDGHFXOWRVHPRFLRQDOLVWDVYDLVKQDYLWDV\ DODSUHVLyQGHORVLPSHULDOLVWDVLVOiPLFRV\FULVWLDQRV(QHVWHFDVRODRUWRGR[LDILQDO HVVyORXQDWiFWLFDGHVHVSHUDGDGHVXSHUYLYHQFLDFXOWXUDOEDMRODGRPLQDFLyQH[WUDQMHUD (Q HVWDV FRQGLFLRQHV OD HQHUJtD HPRFLRQDO QR SXHGH DOFDQ]DU QLYHOHV HOHYDGRV QL GHVHQFDGHQDUFRQWURYHUVLDVYLYDV\FUHDWLYDV  1R REVWDQWH VL KD\ XQ FDVR GHQ HO TXH HV FODUR TXH OD LPSRVLFLyQ SROtWLFD GH XQD RUWRGR[LD UHOLJLRVD H LQWHOHFWXDO GHVWUX\H OD FUHDWLYLGDG pVH HV HO LVOiPLFR (QWUH RWUDV FLYLOL]DFLRQHV RULHQWDOHV KHPRV YLVWR TXH HQ SHUtRGRV FUtWLFRV GH H[SDQVLyQ R GHFOLYHFLHUWRVFHQWURVJHQHUDOPHQWHPRQiVWLFRVDXQTXHWDPELpQDOJXQDVFRUWHVRODV FRVPRSROLWDV$WHQDV\$OHMDQGUtDIXQFLRQDURQFRPRFDWDOL]DGRUHVGHHPRFLRQDOPHQWH LQWHQVDV WUDQVIHUHQFLDV \ WUDQVIRUPDFLRQHV FUHDWLYDV GH FDSLWDO FXOWXUDO 7DPELpQ HO ,VODPKHUHGHURHQSDUWHGHOKHOHQLVPRYHUWHEUDGRSRUXQDSOXUDOWUDGLFLyQMXUtGLFDTXH KXERGHH[SDQGLUVHFRQWRGDXUJHQFLDSDUDUHJLUXQLPSHULRIRUMDGRHQSRFDVGpFDGDV\ SDUDOHJLWLPDUXQDDXWRULGDGSROtWLFDVLHPSUHHQ FXHVWLyQ\ QXFOHDGRSRUXQDUHOLJLyQ GRJPiWLFD WXYR VXV FHQWURV JDOYDQL]DGRUHV GH OD FUHDWLYLGDG LQWHOHFWXDO %DJGDG %DVRUD &yUGRED  GRQGH ODV LQWHUDFFLRQHV FDUD D FDUD GH VXV SHQVDGRUHV GLHURQ OXJDU  

D XQ IORUHFLPLHQWR FXOWXUDO WDPELpQ FLHQWtILFR OLWHUDULR \ HFRQyPLFR  GH WRGR SXQWR DVRPEURVR 6LQ HPEDUJR VXV ORJURV PiV UHYHUHQFLDGRV VRQ ODV FUHDWLYDV VtQWHVLV GH $YLFHQD VREUH 3ODWyQ  \ $YHUURHV VREUH $ULVWyWHOHV  TXH VRQ HO FDQWR GHO FLVQH GH ORV Q~FOHRV LQWHOHFWXDOHV RULHQWDO \ RFFLGHQWDO UHVSHFWLYDPHQWH GH OD ILORVRItD EDMR HO ,VODP 3UHFLVDPHQWH SRUTXH OD YLGD LQWHOHFWXDO VH DUWLFXOD PHGLDQWH FRQWURYHUVLDV D YHFHVODVSRVLFLRQHVGHYDQJXDUGLDVRQSUHFLVDPHQWHODVFRQVHUYDGRUDVDVtHODQWLFXDGR KHOHQLVPRGHHVWRVGRVPpGLFRViUDEHVFRQHOTXHVHHQIUHQWDURQDOOLWHUDOLVPRRUWRGR[R LVOiPLFR  6L D FRQWLQXDFLyQ SHUJHxiUDPRV OD FUyQLFD GH OD DFWLYD iYLGD DGTXLVLFLyQ \ OD UiSLGDPHQWH FUHDWLYD WUDQVIRUPDFLyQ GH OD WUDGLFLyQ ILORVyILFD JULHJD H LVOiPLFD HQ OD XQLYHUVLGDG HXURSHD PHGLHYDO WHQGUtDPRV TXH KDEODU H[DFWDPHQWH GH OD PLVPD GLQiPLFD FRPSHWLWLYD EDMR OD OH\ GHO Q~PHUR SHTXHxR /pDVH OD OXFKD HQWUH HO QHRSODWRQLVPR GH $OEHUWR 0DJQR \ $QVHOPR HO DYHUURtVPR GH $TXLQR HO HPSLULVPR GH (VFRWR HO QRPLQDOLVPR OLQJtVWLFR GH 2FNKDP HO PLVWLFLVPR GH XQ (FNKDUW R XQ .HPSLV OD DSDULFLyQ GH LQWHOHFWXDOHV FRUWHVDQRV GHYRWRV FRPR (UDVR HVFpSWLFRV FRPR 0RQWDLJQH R PL[WXUDV LQFODVLILFDEOHV FRPR /OXOO R &XVD