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GH VHQWLGRV HQ HO WH[WR  TXL]i DOJXQD ³WUDPSD´ VL KHPRV YLVWR TXH OD LGHRORJ D
LPSXHVWD SRU OD GLQDVW D PDQFK~ HUD XQ WRWDO SXULWDQLVPR HO 6XHxR UHYLQGLFD HO
³YHUGDGHURDPRU´ODSOHQLWXGGHOVHQWLPLHQWRSHURQRVHKDFHSDUWLGDULRSDUHFHLJXDO
PH HTXLYRFR GH OD VDWLVIDFFLyQ FDUQDO TXL]iV SRU FRQVLGHUDUOD ³YXOJDU´ 
³FRUURPSHGRUD´ SRU HOOR D OR PHMRU OORUD %DR X OD VXHUWH GH ODV PXFKDFKDV TXH VH
FDVDQHQWUHJiQGRVHDHVWD³OXMXULD´/DVPXFKDFKDVGHOMDUG QHVSHFLDOPHQWH'DL XOD
PiV³LQWHOLJHQWH´SDUWLFLSDQGHOD³OXMXULDGHODPHQWH´GH%DR XVREUHWRGRDWUDYpV
GHODSRHV D
 < OOHJDPRV DV  DO ~OWLPR SXQWR GH OD FRPXQLFDFLyQ HQ GRQGH PH JXVWDU D
VXEUD DUXQQ~FOHRFRP~QGHO6XHxRHQHO3DEHOOyQ5RMRFRQODRWUDQRYHODFODYHGHO
;9,,, FKLQR /RV 0DQGDULQHV +LVWRULD GHO %RVTXH GH ORV /HWUDGRV GH :X -LQJ]L
7DQWRODQRYHODGH&DR;HTX QFRPRODGH:X-LQJ]LHORJLDQODSRHV DFRPRHVSDFLR
GH OLEHUWDG FRQWUDSRQLpQGROD D ORV FRQVWUHxLPLHQWRV GH OD FRPSRVLFLyQ FDQyQLFD
UHTXHULGDHQORVH[iPHQHV
 (QHO6XHxRODSRHV DHVHOSUHWH[WRSDUDMXQWDUD%DR XFRQVXVSULPDVOOHJDQ
LQFOXVRDIXQGDUXQD$FDGHPLDGH3RHV DHQODTXH'DL X %DRFKDLVLHPSUHFRPSLWHQ
HOFDPLQRTXHDSDUWDD%DR XGHOHVWXGLRGHODUWHGHODFRPSRVLFLyQ(QODVUHODFLRQHV
SULYDGDV GHO -DUG Q   OXHJR HQ ODV S~EOLFDVGH /RV 0DQGDULQHVVLUYH FRPR VHxDOGH
³UHFRQRFLPLHQWR´ HQWUH GLJDPRV ³HVS ULWXV H[FHOVRV´ DXQTXH %DRFKDL SRQGHUD XQD 
RWUDYH]TXHSDUDXQDPXMHUODSRHV DGHEHVHUVLPSOHPHQWHGLYHUVLyQQRPHGLRSDUD
DOFDQ]DUODIDPD ODVDELGXU DSURSLDVGHOYDUyQ(QFXDQWRD0LDR XpVWDLQVLVWHHQOD
QHFHVLGDG GH DOXGLU FRQVWDQWHPHQWH HQ OD FUHDFLyQ GHO SRHPD D ³VHQWLPLHQWRV H
LQFLGHQWHV FLHUWRV´ DXQ HQ GHWULPHQWR GH OD IRUPD DSRUWDQGR FRPR DUJXPHQWR XQD
HVSHFLHGH³HVHQFLD´IHPHQLQD
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VHQWLPLHQWRVHLQFLGHQWHVFLHUWRV QRVGHGLFDPRVVyORDEXVFDULPiJHQHV H[SUHVLRQHV
OODPDWLYDV SHUGHUHPRV QXHVWURV PRGDOHV IHPHQLQRV  QRV DSDUWDUHPRV GHO WHPD
FHQWUDO
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YLQFXODGD D OD QHFHVLGDG GH FRQVHUYDU HVWRV ³PRGDOHV IHPHQLQRV´ ¢4Xp SRGU D
VLJQLILFDUHVWR"8QDSRVLEOHH[SOLFDFLyQGHHVWDFRQH[LyQVHU DODOLPLWDFLyQGHOHVSDFLR
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