La construcción arqueológica de la etnicidad [Reseña]
Full text
63$/,661 5(6(f$6 4XHXQ7UDEDMRGH,QYHVWLJDFLyQGH'RFWRUDGRVH FRQYLHUWDHQODRSHUDSULPDGHXQLQYHVWLJDGRUJUDFLDV DVXPiVRPHQRVLQPHGLDWDSXEOLFDFLyQFRPRPRQR JUDItDQRGHEHUHVXOWDUH[WUDxR\HVKDVWDFLHUWRSXQWR KDELWXDO HQ XQ iPELWR FRPR OD$UTXHRORJtD GRQGH DTXHOORVVHRULHQWDQFRQIUHFXHQFLDDOHVWXGLRHLQWHU SUHWDFLyQGHQXHYRVRDQWLJXRVUHSHUWRULRVPDWHULDOHV RELHQDODQiOLVLVGHORVUHVXOWDGRVREWHQLGRVHQODVOD ERUHVGHFDPSR6tPHSDUHFHH[FHSFLRQDOHQFDPELR TXHXQDREUDGHHVWDVFDUDFWHUtVWLFDVDIURQWHORVREMHWL YRV\DGTXLHUDODHQYHUJDGXUD\ODSURIXQGLGDGGHOWUD EDMRTXHWHQHPRVHQWUHPDQRV/DDSDUHQWHPHQWHGLV FUHWDPRQRJUDItDGH0$)HUQiQGH]*|W]FRQVWLWX\HHO SULPHULQWHQWRGHVtQWHVLVOOHYDGRDFDERHQQXHVWURSDtV VREUHODKLVWRULDGHORVHVWXGLRVpWQLFRVHQ$UTXHRORJtD <GLJRDSDUHQWHPHQWHSRUTXHDSHVDUGHOWDPDxRItVLFR GHOYROXPHQHODXWRUKDVDELGRVLQWHWL]DUFRQPDHVWUtD ODVGLIHUHQWHVWHQGHQFLDVTXHGHVGHHOVLJOR;,;KDQWUD WDGRGHHVWXGLDUODLGHQWLGDGpWQLFDDWUDYpVIXQGDPHQ WDOPHQWHGHORVUHVWRVPDWHULDOHVGHVGHODVSULPHUDV WHQWDWLYDVGHO+LVWRULFLVPR&XOWXUDOGRQGHVHJHVWDHO ELQRPLRHWQLDFXOWXUDDUTXHROyJLFDKDVWDORVHQIRTXHV FRQVWUXFWLYLVWDVGHODDUTXHRORJtDSRVWPRGHUQD'HVGH ODREVHVLyQQRUPDWLYLVWDSRUODGHVFULSFLyQ\GHOLPLWD FLyQJHRJUi¿FDGHJUXSRVpWQLFRVKDVWDORVGHEDWHVHQ WRUQRDOFDUiFWHUVXEMHWLYRXREMHWLYRGHODPDQLIHVWD FLyQH[WHUQDGHHVDLGHQWLGDGORVIDPRVRV³UDVJRVpWQL FRV´RORVIDFWRUHV\PHFDQLVPRVTXHJHQHUDQRDFWL YDQORVSURFHVRVHWQRJHQpWLFRV &LHUWDPHQWHQRVHWUDWDGHXQWHPDQXHYR(QORV ~OWLPRVDxRVHOLQWHUpVSRUORVHVWXGLRVpWQLFRVHQJH QHUDO\SRUHODQiOLVLVDUTXHROyJLFRGHODVHWQLDVKLVWy ULFDVHQSDUWLFXODUKDGDGRFRPRUHVXOWDGRXQDQXWULGD QyPLQDGHWUDEDMRVTXH\DDGtDGHKR\UHVXOWDUtDRQH URVRUHODFLRQDUGHIRUPDH[KDXVWLYD%DVWHUHFRUGDUOD UHFLHQWHSXEOLFDFLyQGHDOJXQDVREUDVFROHFWLYDVFRPR ,GHQWLGDGHVpWQLFDV±,GHQWLGDGHVSROtWLFDVHQHOPXQGR SUHUURPDQRKLVSDQR&UX]$QGUHRWWL\0RUD6HUUDQR ,GHQWLGDGHVFXOWXUDV\WHUULWRULRVHQOD$QGD OXFtDSUHUURPDQD:XOII\ÈOYDUH]R$UTXHROR JtD (VSDFLDO ,GHQWLGDGHV6DVWUHDVtFRPRHO LQJHQWHQ~PHURGHVtQWHVLVUHJLRQDOHVOOHYDGDVDFDER VREUH GLIHUHQWHV iUHDV FXOWXUDOHV FRPR HO /HYDQWH $UDQHJXL\9LYHV)HUUiQGL]RODUHJLyQWDUWp VLFD%HOpQ*DUFtD)HUQiQGH]RELHQVR EUHORVJUXSRVpWQLFRVPHQFLRQDGRVSRUODVIXHQWHVFOi VLFDVFHOWtEHURV/RUULRYHWRQHV5XL]=DSDWHUR \ ÈOYDUH]6DQFKtV JDODLFRV *RQ]iOH] 5XELDO S~QLFRV)HUUHUHQWUHRWURV(VPiV SRGUtDGHFLUVHVLQULHVJRDHTXLYRFDUQRVTXHGHVGHOD UHYLWDOL]DFLyQGHORVHVWXGLRVpWQLFRVDSULQFLSLRVGHORV DxRVQRYHQWDFRQODSXEOLFDFLyQGHODVDFWDVGHOFRQ JUHVR3DOHRHWQRORJtDGHOD3HQtQVXOD,EpULFD$OPD JUR*RUEHD\5XL]=DSDWHURHVWRVWUDEDMRVKDQ SURJUHVDGRQRVyORHQFDQWLGDGVLQRWDPELpQHQFDOL GDGWDQWRDQLYHOPHWRGROyJLFRFRPRHQSURIXQGLGDG WHyULFD<HVTXHOHMRVGHYHUVHFRPRXQDPRGDDOLJXDO TXHRFXUUHFRQRWUDVOtQHDVWHPiWLFDVGHODDUTXHRORJtD DFWXDOORVHVWXGLRVVREUHODLGHQWLGDGpWQLFDVHKDQFRQ YHUWLGRHQXQDDXWpQWLFDSUHRFXSDFLyQSDUDHOLQYHVWL JDGRUPRGHUQR(OORUHVSRQGHQRVyORDXQDFR\XQWXUD KLVWyULFDHQODTXHODHWQLFLGDG±FRPRRWUDVIRUPDVGH LGHQWLGDG±KDFREUDGRXQFUHFLHQWHSURWDJRQLVPRHQXQ PXQGRFDGDYH]PiVJOREDOL]DGRFRPRUHVXOWDGRGH ORVSURFHVRVPLJUDWRULRVORVFRQÀLFWRVVRFLDOHVGHUL YDGRVGHODGHVFRORQL]DFLyQ\VREUHWRGRODFULVLVGHO PRGHORFOiVLFRGHHVWDGRYpDVH)ULHGPDQVLQR WDPELpQDOSDSHOTXHKDQMXJDGR±\HVWiQMXJDQGR±ORV DUJXPHQWRVpWQLFRVHQODOHJLWLPDFLyQLGHROyJLFD\SR OtWLFDGHPRYLPLHQWRVQDFLRQDOLVWDVGHGLIHUHQWHVHVJR 6HWUDWDGHXQDUD]yQPiVTXHVX¿FLHQWHSDUDMXVWL¿ FDUHODFWXDOLQWHUpVSRUGHFRQVWUXLUORVPRGHORVLQWHU SUHWDWLYRVWUDGLFLRQDOHVGHFRUWHLGHDOLVWDSODQWHDQGR H[SOLFDFLRQHVDOWHUQDWLYDVDORVSURFHVRVHWQRJHQpWLFRV GHOSDVDGRDSDUWLUGHODH[SHULHQFLDSUHVHQWH\VREUHOD EDVHGHXQQXHYRSDUDGLJPDTXHWHQJDHQFXHQWDHOFD UiFWHUGLVFXUVLYRFRQWH[WXDOGLQiPLFR\PXOWLIRUPHGH ODLGHQWLGDG$XQTXHVLVHWUDWDUHDOPHQWHGHDGRSWDU GHIRUPDULJXURVDXQDSRVWXUDHPLF³ODOyJLFDGHVFRQ ¿DQ]DSRVWSURFHVXDOKDFLDFXDOTXLHUIRUPDHVHQFLDOLVWD GHOSDVDGRQRGHEHUtDRVFXUHFHUHOSRWHQFLDOFUtWLFR\ HPDQFLSDGRUTXH PXFKRVPRYLPLHQWRV pWQLFRV\ QD FLRQDOHVVREUHWRGR FXDQGR SURFHGHQ GH JUXSRV PL QRULWDULRVVXEDOWHUQRVWLHQHQFRQWUDODXQLIRUPL]DFLyQ ©UDFLRQDOªTXHHOVLVWHPDFDSLWDOLVWDSUHWHQGHLPSODQ WDUHQWRGRHOSODQHWD´)HUQiQGH]0DUWtQH] (QHVWHFRQWH[WRHVGRQGHVHLQVHUWDODREUDGH)HU QiQGH]*|W]TXHYLHQHDVDWLVIDFHUODQHFHVLGDGGHXQ DQiOLVLVJOREDOGHODLQWHUSUHWDFLyQpWQLFDHQ$UTXHROR JtDRIUHFLHQGRDOOHFWRUXQHVTXHPDHYROXWLYRVHQFLOOR \QtWLGRDSDUWLUGHORVSDUDGLJPDVWHyULFRVSUHGRPL QDQWHVDOWLHPSRTXHGHVDUUROODXQHStWRPHFUtWLFRGH ODVSULQFLSDOHVFRUULHQWHV\GHODVDSRUWDFLRQHVLQGLYL GXDOHVPiVGHVWDFDGDV8QDVXHUWHGHYDGHPpFXPTXH SHUPLWHUDVWUHDU\FRPSUHQGHUODVSXOVDFLRQHVHSLVWH PROyJLFDVHLGHROyJLFDVTXHVXE\DFHQDODH[SOLFDFLyQ 0$)(51È1'(=*g7=/DFRQVWUXFFLyQDUTXHROyJLFDGHODHWQLFLGDG6HULH.HOWLD(GLWRULDO7R[RVRXWRV 1RLD$&RUXxDSS
63$/ ,661 5(6(f$6 KLVWyULFD\DUTXHROyJLFDGHODHWQLFLGDGGHVGHVXVLQL FLRVKDVWDODDFWXDOLGDG (OOLEURVHDEUHFRQXQDEUHYHLQWURGXFFLyQFDSt WXORGRQGHHODXWRUSODQWHDSUHFLVDPHQWHHVWRVRE MHWLYRVMXVWL¿FDQGRODSHUWLQHQFLDGHODREUDHQXQHQ WRUQRDFDGpPLFR\VRFLDOHQHOTXHFRPRKHPRVSRGLGR YHUODVFXHVWLRQHVLGHQWLWDULDVHVWiQDFDSDUDQGRODDWHQ FLyQGHQXPHURVRVHVSHFLDOLVWDVHQWRGRVORVFDPSRVGH ODVFLHQFLDVKXPDQDV$SDUWLUGHDTXtHOFRQWHQLGRVH GHVDUUROODHQFXDWURFDStWXORVDOHQORVTXHVHUHD OL]DXQUHFRUULGRSRUORVGLIHUHQWHVHQIRTXHV\SDUDGLJ PDVGHVGHORVTXHVHKDDERUGDGRHOIHQyPHQRpWQLFR SRUSDUWHGHORVDUTXHyORJRV\DQWURSyORJRVPRGHUQRV HO+LVWRULFLVPR&XOWXUDOLGHDOLVPR±HVHQFLDOLVPRODV YLVLRQHVQRUPDWLYLVWDVGHODDQWURSRORJtDIXQFLRQDOLVWD \OD1HZ$UFKDHRORJ\LQVWUXPHQWDOLVPRODDSRUWDFLyQ GHOSHQVDPLHQWRSRVWPRGHUQRDWUDYpVGHODVRFLRORJtD SRVWHVWUXFWXUDOLVWD\ODDUTXHRORJtDSRVWSURFHVXDOFRQV WUXFWLYLVPRSDUDWHUPLQDUFRQXQDUHÀH[LyQVREUHORV UHWRVSUHVHQWHV\ODVSRVLELOLGDGHVIXWXUDVGHORVHVWX GLRVpWQLFRVHQODTXHVHSURSRQHQVROXFLRQHVDOWHUQDWL YDVDORVSUREOHPDVFRQFHSWXDOHV\PHWRGROyJLFRVSODQ WHDGRVGHVGHODVGLIHUHQWHVSHUVSHFWLYDVDQDOL]DGDV $VtSXHVHOVHJXQGRFDStWXOR(OSDUDGLJPDpWQLFR FXOWXUDOHVWiGHVWLQDGRDDQDOL]DUODVSULPHUDVDSUR[L PDFLRQHV³FLHQWt¿FDV´DOIHQyPHQRGHODHWQLFLGDGGH ODPDQRGHOSRVLWLYLVPR\GHO+LVWRULFLVPR&XOWXUDODVt FRPRVXHYROXFLyQGXUDQWHODVSULPHUDVGpFDGDVGHOVL JOR;;6HKDFHHVSHFLDOKLQFDSLpHQHOFRQWH[WRKLVWR ULRJUi¿FRHLGHROyJLFRHQHOTXHQDFHQHVWRVHVWXGLRV PDUFDGRSRUXQQRWDEOHLQFUHPHQWRGHODGRFXPHQWD FLyQDUTXHROyJLFDGLVSRQLEOH\SRUHODXJHGHORVQD FLRQDOLVPRVHQOD(XURSDFRQWLQHQWDODORTXHVLQGXGD KDEUtDTXHDxDGLUODH[SDQVLyQFRORQLDOHQÈIULFD\HO VXUHVWHDVLiWLFRTXHGHPDQGDEDXQDMXVWL¿FDFLyQFLHQ Wt¿FDVROYHQWHTXHVDQFLRQDUDODVXSHULRULGDGGHODVQD FLRQHV RFFLGHQWDOHV \ OD QHFHVLGDG GH FLYLOL]DU D ORV SXHEORVPHQRVGHVDUUROODGRV(VWDGHPDQGDKDEtDHQ FRQWUDGRXQDUHVSXHVWDVDWLVIDFWRULDHQHOGLIXVLRQLVPR TXHVHLPSRQHDOHYROXFLRQLVPRXQLOLQHDOFRPRH[SOL FDFLyQGHOFDPELRFXOWXUDO\HQHO³HVHQFLDOLVPR´HQ WHQGLGRpVWHFRPRODFDSDFLGDGTXHVHDWULEX\HDORV SXHEORV SDUD PDQWHQHU LQDOWHUDGRV VXV UDVJRV IXQGD PHQWDOHVDORODUJRGHOWLHPSR1RREVWDQWHHVODHV FXHODDOHPDQD\ HVSHFLDOPHQWHOD¿JXUDGH*.RV VLQQDODTXHDFDSDUDODDWHQFLyQGHODXWRUGHELGRVREUH WRGRDOSDSHOMXJDGRSRUHVWHLQYHVWLJDGRUHQODFRQV WUXFFLyQGHXQDPHWRGRORJtDGHWUDEDMR\XQDVSDXWDV LQWHUSUHWDWLYDVTXHSHUPLWLHUDQUDVWUHDUJUXSRVpWQLFRV HQHOSDVDGRDWUDYpVGHORVUDVJRVPDWHULDOHVHLQPD WHULDOHVGHVXFXOWXUDFRPRODFHUiPLFDODVIRUPDVGH HQWHUUDPLHQWRSHURWDPELpQVXOHQJXD\VXVFUHHQFLDV &LHUWDPHQWHHO³PpWRGR.RVVLQQD´FRPRORGHQR PLQDHOSURSLRDXWRU\ODVDSRUWDFLRQHVWHyULFDVGHOD GHQRPLQDGD(VFXHODKLVWyULFRFXOWXUDOGH9LHQDGRQGH VHIRUMDHOFRQFHSWRGH.XOWXUNUHLV³FtUFXORFXOWXUDO´ FRQWULEX\HURQDWUD]DUODVOtQHDVEiVLFDVGHOHVWXGLRKLV WyULFR\DUTXHROyJLFRGHODHWQLFLGDGQRWDQWRFRPRIH QyPHQRVLQRFRPRH[SUHVLyQ³QDWXUDO´\SULPRUGLDO GHOD³HVHQFLD´GHORVSXHEORV6LQHPEDUJRFUHRTXH ODHVWUXFWXUDGHODSDUWDGRQRHVWiGHOWRGRELHQSODQ WHDGD$PLMXLFLRKXELHUDVLGRSUHIHULEOHTXHORVDQ WHFHGHQWHVGHOSHQVDPLHQWRGH.RVVLQQDQRVyORODOD ERUGH20RQWHOLXVVLQRWDPELpQODLQÀXHQFLDGHOD (VFXHODGH9LHQDKXELHUDQTXHGDGRH[SXHVWRVSUHYLD PHQWHDODQiOLVLVFUtWLFRGHODREUDGHOLQYHVWLJDGRUDOH PiQ3RURWURODGRHOGLVFXUVRKDEUtDTXHGDGRPXFKR PiVFODUR\OLQHDOVLVHKXELHUDQDERUGDGRSULPHURODV FRQVHFXHQFLDV LGHROyJLFDV \ SROtWLFDV GH ODV WHVLV GH .RVVLQQDHVSHFLDOPHQWHVXXVRSRUSDUWHGHO1DFLRQDO 6RFLDOLVPRSXQWRSDUDDFRQWLQXDFLyQH[DPLQDU VXLPSDFWRHQHOSHQVDPLHQWRKLVWyULFRHXURSHRSXQWR \DTXHDSHVDUGHODVQXPHURVDVFUtWLFDVYHUWLGDV ODLQÀXHQFLDGHpVWDVWUDVFHQGLyHOSHULRGRGHHQWUHJXH UUDV\VHSURORQJyKDVWDORVDxRVFLQFXHQWD\VHVHQWD GHOSDVDGRVLJORVREUHWRGRGHODPDQRGH9*RUGRQ &KLOGH$SHVDUGH HOORHVWR\WRWDOPHQWHGHDFXHUGR FRQODVLGHDVYHUWLGDVSRUHODXWRU\PX\HVSHFLDOPHQWH FRQODYDORUDFLyQTXHUHDOL]DVREUHHODOFDQFHGHODV LGHDVGH.RVVLQQDQRVyORDQLYHOPHWRGROyJLFRPDQ WHQLPLHQWRGHORVSULQFLSLRVEiVLFRVGHOD6LHGOXQJVDU FKlRORJLHHQGLVWLQWRViPELWRVDFDGpPLFRVFRPRHOHV SDxROVLQRWDPELpQGHVGHHOSXQWRGHYLVWDWHyULFR WRGDYH]TXHTXHGDSOHQDPHQWHDVXPLGRFRPRSDUD GLJPDFLHQWt¿FRODLGHQWL¿FDFLyQHQWUHJUXSRVpWQLFRV\ ³FXOWXUDVDUTXHROyJLFDV´SDUDGLJPDpWQLFRFXOWXUDO TXHLPSOLFDFRPRHVOyJLFRODSRVLELOLGDGGHUHFRQRFHU DWUDYpVGHOD$UTXHRORJtDSXHEORVKLVWyULFRV\UDVWUHDU VXHYROXFLyQDORODUJRGHOWLHPSR(QHVWHVHQWLGRFRQ YHQJRFRQHODXWRUHQTXHFRQYHQGUtDGHVOLJDUODRSH UDWLYLGDG±\YDOLGH]±GHOSURSLRPpWRGRTXHVHJHVWD \GHVDUUROODHQXQFRQWH[WRKLVWyULFR\HSLVWHPROyJLFR GHWHUPLQDGRGHVXVSRVLEOHVXVRVFRQ¿QHVLGHROyJLFRV RSROtWLFRV6LQGXGD³UHGXFLUHOSDUDGLJPDpWQLFRFXO WXUDODXQDLQVWUXPHQWDOL]DFLyQSROtWLFDGHOD$UTXHROR JtDSRUSDUWHGHSHUVRQDMHVFRPR.RVVLQQDVHUtDVLP SOL¿FDUXQIHQyPHQRPXFKRPiVFRPSOHMR´S (OVLJXLHQWHFDStWXOR(QWUHHVFHSWLFLVPRDUTXHROy JLFR\HFORVLyQDQWURSROyJLFDFRPLHQ]DSUHFLVDPHQWH FRQXQH[FXUVRVREUHODRULHQWDFLyQGHORVHVWXGLRVpWQL FRVGXUDQWHORVDxRVSRVWHULRUHVDOD,,*XHUUD0XQGLDO TXHVHFDUDFWHUL]DQSRUHOUHFKD]RIURQWDODODVLGHDV GH.RVVLQQDHLQFOXVRSRUHOHVFHSWLFLVPRDQWHODSR VLELOLGDGGHDQDOL]DUHOIHQyPHQRGHODHWQLFLGDGGHVGH
63$/,661 5(6(f$6 ODSURSLD$UTXHRORJtD(VWDDFWLWXGVHUiHVSHFLDOPHQWH HYLGHQWHHQ$OHPDQLDGRQGHORVH[FHVRVGHOSHULRGR SUHFHGHQWHJHQHUDURQXQFLHUWRGHVFUpGLWRKDFLDORVGH VDUUROORVWHyULFRVDVtFRPRXQUHWRUQRDODWUDGLFLyQ SRVLWLYLVWD \ FRPSLODGRUD SUHWHQGLGDPHQWH DVpSWLFD TXHVyORHQORV~OWLPRVDxRVVDOYRH[FHSFLRQHVHVWi HPSH]DQGRDVHUVXSHUDGDFRPRKDSXHVWRGHPDQL ¿HVWRODUHFLHQWHFHOHEUDFLyQGHUHXQLRQHVFRPR6SX UHQXQG%RWVFKDIWHQ,QWHUSUHWDWLRQHQPDWHULHOOHU.XO WXU 9HLW 6R]LDOH *UXSSHQNXOWXUHOOH *UHQ]HQ 'LH,QWHUSUHWDWLRQVR]LDOHU,GHQWLWlWHQLQGHU3UlKLVWR ULVFKHQ $UFKlRORJLH %XUPHLVWHU \ 0OOHU6FKHHVVHO R$XIGHU6XFKHQDFK,GHQWLWlWHQ9RON±6WDPP ±.XOWXU±(WKQRV5LHFNKRII\6RPPHU6LQHP EDUJRFRPRDSXQWD)HUQiQGH]*|W]³WUDVODDSDUHQWH GHVDFUHGLWDFLyQGHODVFDWHJRUtDVpWQLFDVVHPDQWXYLH URQGHIRUPDJHQHUDOPHQWHLPSOtFLWDQXPHURVRVSRV WXODGRVGHOSDUDGLJPDpWQLFRFXOWXUDOFRPRPXHVWUDHO DEXQGDQWHUHFXUVRDODPLJUDFLyQ\DODGLIXVLyQSDUDOD H[SOLFDFLyQGHOFDPELRFXOWXUDO´SKDVWDHOSXQWR GHTXHHQPXFKRVFDVRVHOXVRGHODQXHYD±\VXSXHV WDPHQWHLQRFHQWH±QRFLyQGH³FXOWXUDDUTXHROyJLFD´QR GHMDEDGHVHUPiVTXHXQWUDVXQWRGHORVYLHMRVFRQFHS WRVGH³JUXSRpWQLFR´R³FtUFXORFXOWXUDO´ $FRQWLQXDFLyQHODXWRUDQDOL]DODDSRUWDFLyQGHOD 1HZ$UFKDHRORJ\\GHOD$QWURSRORJtDDORVHVWXGLRVVR EUHODLGHQWLGDGpWQLFD/DSULPHUDQDFLyFRPRUHDFFLyQ \ DOWHUQDWLYD DO GLIXVLRQLVPR \ DO PRGHOR KLVWRULFLVWD FXOWXUDOTXHVHHQFRQWUDEDFLHUWDPHQWHDJRWDGRSURSR QLHQGRXQHQIRTXHFLHQWL¿VWD\QRUPDWLYRTXHVHQX WUtDWDQWRGHODVWHRUtDVVREUHODFXOWXUDYLJHQWHVHQHVWH PRPHQWR±HVSHFLDOPHQWHHO)XQFLRQDOLVPR±FRPRGH ORVPpWRGRVGHWUDEDMRGHODVGHQRPLQDGDV³FLHQFLDVSX UDV´±PpWRGRKLSRWpWLFRGHGXFWLYR±DGRSWDQGRORVHQ IRTXHVHFROyJLFRV\ORVPRGHORVGHLQWHUSUHWDFLyQVLVWp PLFRV$XQTXHFRPRLQGLFDHODXWRUODHWQLFLGDG\HQ JHQHUDOHOHVWXGLRGHODVLGHQWLGDGHVQRJR]DURQGHOLQ WHUpVGHORV³QXHYRVDUTXHyORJRV´HOGHVDUUROORWHyULFR GHOD$UTXHRORJtD\HVSHFLDOPHQWHGHOD$QWURSRORJtD FRQWULEX\yDXQFDPELRGHSDUDGLJPDDOFRQVLGHUDUOD HWQLFLGDGFRPRXQDHVWUDWHJLDDGDSWDWLYDPiVDFWLYDGD DPHQXGRSRUODRUJDQL]DFLyQVRFLRSROtWLFDHQFRQWH[WRV GHWHUPLQDGRVPDUFDGRVJHQHUDOPHQWHSRUHOFRQWDFWR LQWHUJUXSDO3RUSULPHUDYH]VHURPSHODHFXDFLyQFXOWX UDVDUTXHROyJLFDV±JUXSRVpWQLFRVDOHQWHQGHUVHHVWRV ~OWLPRVQR\DFRPRXQDH[SUHVLyQQDWXUDO\FRQFUHWDGH ORVUDVJRVFXOWXUDOHVVLQRFRPRXQDKHUUDPLHQWDFRQ WLQJHQWHTXHPDQLSXOD\REMHWLYL]DODGLIHUHQFLDFRPR IRUPDGHDGDSWDFLyQ1RREVWDQWH\DSHVDUGHHOOR³OD QRFLyQ GH FXOWXUD DUTXHROyJLFD FRQWLQXy VLHQGR XWLOL ]DGDFRPRXQLGDGEiVLFDGHGHVFULSFLyQ\FODVL¿FDFLyQ SRUEXHQDSDUWHGHORVDUTXHyORJRV´SPLHQWUDV TXHODQXHYDFRQFHSWXDOL]DFLyQGHODHWQLFLGDGGHVDUUR OODGDSRUOD$QWURSRORJtD\OD6RFLRORJtDDSHQDVLQFLGLUi UHDOPHQWHHQODLQYHVWLJDFLyQDUTXHROyJLFDKDVWD¿QDOHV ODGpFDGDGHORVRFKHQWD 6LQGXGD)HUQiQGH]*|W]KDVDELGRLGHQWL¿FDUHQ HVWH FDStWXOR ODV SULQFLSDOHV FRQWULEXFLRQHV UHDOL]DGDV GHVGHODV&LHQFLDV6RFLDOHVQRVyORHQHOiPELWRDQJOR VDMyQVLQRWDPELpQHQRWUDVHVFXHODVFRPRODQRUXHJD GRQGHVREUHVDOHOD¿JXUDGH)%DUWK1RREVWDQWHVL ELHQHOSDSHOGH%DUWKHQODGH¿QLFLyQWHyULFDGHODHWQL FLGDGUHVXOWDHYLGHQWHQRORHVWDQWRHQHOFDVRGHRWURV DXWRUHVFX\DLQÀXHQFLDQRVLHPSUHKDVLGRVX¿FLHQWH PHQWHUHFRQRFLGDFRPRRFXUUHFRQHODOHPiQ0:H EHURFRQHOQRUWHDPHULFDQR(&+XJKHVFX\DVREUDV SLRQHUDVHQPXFKRVVHQWLGRVHVWiQVLHQGRUHFXSHUDGDV HQORV~OWLPRVDxRV(VHQHVWHFRQWH[WR\VLHPSUHGHQ WURGHOD$QWURSRORJtDGRQGHVHSURGXFHHOGHEDWHHQWUH ³SULPRUGLDOLVPR´H³LQVWUXPHQWDOLVPR´DVtFRPRHQWUH ODVYLVLRQHV³REMHWLYLVWDV´\³VXEMHWLYLVWDV´GHODHWQLFL GDGTXHRFXSDOD~OWLPDSDUWHGHHVWHFDStWXOR(OWpU PLQRSULPRUGLDOLVPR±DFXxDGRD¿QDOHVGHORVDxRVFLQ FXHQWD±HQJOREDDWRGDVDTXHOODVWHRUtDVTXHFRQVLGHUDQ ODHWQLFLGDGFRPRDOJRLQQDWR\QDWXUDODOVHUKXPDQR \DVHIXQGDPHQWHQHQFDXVDVSVLFROyJLFDVRELROyJLFDV RUHFXUUDQDODVDxHMDVHVHQFLDVFXOWXUDOHV8WLOL]DQDGH PiVXQDVHULHGHUDVJRV³REMHWLYRV´OHQJXDRULJHQUH OLJLyQFXOWXUDHWFTXHUHSUHVHQWDQORVYtQFXORV³SUL PRUGLDOHV´TXHLGHQWL¿FDDORVPLHPEURVGHXQPLVPR JUXSR3RUVXSDUWHHOLQVWUXPHQWDOLVPRFRQFLEHODLGHQ WLGDGpWQLFDFRPRXQ³LQVWUXPHQWR´TXHSHUPLWHPDQWH QHUODFRKHVLyQGHOJUXSRVRFLDODQWHXQDVLWXDFLyQH[ WHUQDGHFRQÀLFWRRGHFRPSHWHQFLD(QFXDOTXLHUFDVROD FODYHUHVLGHHQHOKHFKRGHTXHODHWQLFLGDGQRVHFRQVL GHUD\DXQDFDWHJRUtDGHORVVHUHVKXPDQRVVLQRXQSUR FHVRVRFLDOTXHVHDFWLYDFRQVFLHQWHPHQWHVyORFXDQGR VHSURGXFHXQDVLWXDFLyQGHLQWHUDFFLyQFRQRWURVJUX SRV'HVGHSULQFLSLRVGHORVDxRVVHVHQWDKDQSUROLIHUDGR YDULDVHVFXHODV\YDULDVWHRUtDVTXHSXHGHQHWLTXHWDUVH FRPR ³LQVWUXPHQWDOLVWDV´ PLHQWUDV TXH HO Q~PHUR GH FRQWULEXFLRQHVHQHVWDOtQHDQRKDGHMDGRGHFUHFHU6LQ HPEDUJRFRPRLQGLFDHODXWRUKD\TXHWHQHUHQFXHQWD TXH³HQRFDVLRQHVORVOtPLWHVHQWUHDPEDVSHUVSHFWLYDV UHVXOWDQPiVGLIXVRVGHORTXHHQSULQFLSLRSXHGHSDUH FHUVLHQGRFLHUWDPHQWHFRPSOLFDGRHQFXDGUDUDXQDXWRU GHQWURGHXQDXRWUDFRUULHQWH´SFRPRVXHOHRFX UULUDYHFHVFRQ)%DUWK 3RUORTXHUHVSHFWDDOGHEDWH³REMHWLYLVPR´YV³VXE MHWLYLVPR´pVWHVHHQFXHQWUDDVRFLDGRDOSUHGRPLQLRGH ORVHQIRTXHVHWLF\HPLFHQHODQiOLVLVGHODLGHQWLGDGpW QLFD$LJXDOTXHRFXUUHFRQODFRQWURYHUVLDHQWUH³SUL PRUGLDOLVWDV´ H ³LQVWUXPHQWDOLVWDV´ )HUQiQGH] *|W] FRQVLGHUD FRPSOLFDGR DJUXSDU D ORV LQYHVWLJDGRUHV HQ
63$/ ,661 5(6(f$6 XQDXRWUDFDWHJRUtDVREUHWRGRSRUTXHHVGLItFLO±\VX PDPHQWHVLPSOLVWD±UHGXFLUHODQiOLVLVGHODHWQLFLGDGD XQVRORHQIRTXH 3UHFLVDPHQWHHVWHHVHOFDVRGH)%DUWK\$&RKHQ DFX\DVDSRUWDFLRQHVHODXWRUUHVHUYDXQFRPHQWDULRPiV GHWDOODGR\SURIXQGR'HOSULPHURGHVWDFDODGH¿QLFLyQ GHODLGHQWLGDGpWQLFDFRPRXQDFRQVWUXFFLyQVXEMHWLYD TXHVXUJHGHODSURSLDVRFLHGDGHVSHFLDOPHQWHHQVL WXDFLRQHVGHFRQWDFWRIURQWHUDVVRFLDOHVDVtFRPROD GH¿QLWLYDGHVYLQFXODFLyQHQWUHODHWQLFLGDGHQWHQGLGD FRPRXQSURFHVRVRFLDO\ODVPDQLIHVWDFLRQHVGHODFXO WXUD$VtSXHV³VRODPHQWHORVIDFWRUHVVRFLDOPHQWHLP SRUWDQWHVSXHGHQVHUFRQVLGHUDGRVGLDJQyVWLFRVSDUDORV PLHPEURVQRDVtODVGLIHUHQFLDVREMHWLYDV\PDQL¿HVWDV JHQHUDGDVSRURWURVIDFWRUHV´%DUWK>@ /DYLVLyQGH&RKHQHQFDPELRVHHQFXHQWUDH[ FHVLYDPHQWHOLJDGDDODXWLOLGDGGHODHWQLFLGDGFRPR XQDHVWUDWHJLDLQVWUXPHQWRGHFRQWUROSROtWLFR\HFR QyPLFRVLQHPEDUJRSRURWURODGRLQWURGXFHXQDYDULD EOHREMHWLYLVWDFLHUWDPHQWH~WLOGHVGHXQSXQWRGHYLVWD PHWRGROyJLFRFRPRHVHOSDSHOGHDOJXQRVHOHPHQWRV FXOWXUDOHV±HQWUHHOORVORVUHVWRVPDWHULDOHV±HQODFRQV WUXFFLyQGHODHWQLFLGDGORTXHDXWRUL]DDOD$UTXHROR JtDDUDVWUHDUODIRUPDFLyQGHLGHQWLGDGHVpWQLFDVHQHO SDVDGRDWUDYpVGHDTXHOODVPDQLIHVWDFLRQHVPDWHULDOHV GHODFXOWXUDTXHVHFRQVLGHUHQHVSHFLDOPHQWHVLJQL¿FD WLYDV$OJRTXHFRPRYHUHPRVDFRQWLQXDFLyQWHQGUi XQDHQRUPHUHSHUFXVLyQHQODVLJXLHQWHHWDSD (QHOFXDUWRFDStWXOR³5HSHQVDQGR´ODHWQLFLGDG VHWUDWDFRQMXQWDPHQWHODLQWURGXFFLyQHQ$UTXHRORJtD GHODVWHVLV³LQVWUXPHQWDOLVWDV´\ODDSDULFLyQGHQXHYDV WHQGHQFLDVLQWHUSUHWDWLYDVTXHVHYDQLPSRQLHQGRGHVGH ¿QDOHVGHORVDxRVRFKHQWDGHODPDQRGHODDUTXHROR JtDSRVWSURFHVXDO\GHODVGLVWLQWDVFRUULHQWHVSRVWPR GHUQDVSURFHGHQWHVXQDYH]PiVGHOD$QWURSRORJtD \OD6RFLRORJtD3RUORTXHUHVSHFWDDODSULPHUDFXHV WLyQHODXWRUDQDOL]DODQXHYDFRPSUHQVLyQGHOHVWLOR TXHHPSLH]DDGHVDUUROODUVHD¿QHVGHORVVHWHQWDFRPR FRQWUDSRVLFLyQDOPRGHORGLFRWyPLFRGHHVWLOR\IXQ FLyQLPSXHVWRSRUODDUTXHRORJtDSURFHVXDOHQODGp FDGDDQWHULRU'HVGHHVWHSXQWRGHYLVWDHOHVWLORHVGH FLUORVDVSHFWRVQRWpFQLFRVGHODFXOWXUDPDWHULDOVH FRPSRUWDFRPRXQPHGLRGHFRPXQLFDFLyQDFWLYRHQWUH ORVLQGLYLGXRV\SRUORWDQWRHVVXVFHSWLEOHGHH[SUHVDU ODLGHQWLGDGWDQWRpWQLFDFRPRVRFLDO'HVWDFDVREUH WRGROD¿JXUDGH,+RGGHUDTXLpQHODXWRUFRQVLGHUD HOSULQFLSDOUHVSRQVDEOHGHODUHFXSHUDFLyQGHOLQWHUpV SRUODHWQLFLGDGHQODDUTXHRORJtDHXURSHDDOH[SORUDU ORVDVSHFWRVVLPEyOLFRVGHODFXOWXUDPDWHULDO\VXSD SHODFWLYRHQODQHJRFLDFLyQ±\H[SUHVLyQ±GHODVLGHQ WLGDGHVFROHFWLYDVHQVLWXDFLRQHVGHFRQWDFWR\IURQWHUD GHQXHYRLQWHUDFFLyQ 6LQ HPEDUJR HO SULQFLSDO DVSHFWR WUDWDGR HQ HVWH DSDUWDGRHVODDSDULFLyQGHODVWHVLVSRVWPRGHUQDV\VX FRQWULEXFLyQDXQFDPELRGHSDUDGLJPDUHVSHFWRDODGH ¿QLFLyQWHyULFDGHODLGHQWLGDGpWQLFD(VWDQXHYDHWDSD FRLQFLGHHQHOWLHPSRFRQORTXHVHYLHQHGHQRPLQDQGR ³ODUHYLWDOL]DFLyQpWQLFD´XQIHQyPHQRVRFLDODJUDQHV FDODTXHFRPRKHPRVYLVWRDOSULQFLSLRDFDEDUiSUR \HFWiQGRVHUiSLGDPHQWHHQHOiPELWRDFDGpPLFR(OOR H[SOLFDODHQRUPHSUROLIHUDFLyQGXUDQWHODVGRV~OWLPDV GpFDGDVGHHQVD\RVFRQJUHVRV\HVWXGLRVPRQRJUi¿FRV TXHWLHQHQDODHWQLFLGDGFRPRREMHWRGHHVWXGLR )HUQiQGH]*|W]UHDOL]D XQDFHUWDGRUHFRUULGRSRU ODVSULQFLSDOHVDSRUWDFLRQHVOOHYDGDVDFDERDKRUDVt GLUHFWDPHQWHGHVGHOD$UTXHRORJtD(VWHUHFRUULGRFR PLHQ]DFRQXQDDPSOLD±DXQTXHQRH[KDXVWLYD±UHVHxD DO YROXPHQ $UFKDHRORJLFDO $SSURDFKHV WR &XOWXUDO ,GHQWLW\HGLWDGDSRU66KHQQDQHQSDUDWHUPLQDU DQDOL]DQGRORTXHFRQVLGHUDGRVREUDVFODYHHQHOGH VDUUROORGHODQiOLVLVKLVWyULFRDUTXHROyJLFRGHODHWQLFL GDGHOOLEURGH6-RQHV7KH$UFKDHRORJ\RI(WKQLFLW\ &RQVWUXFWLQJLGHQWLWLHVLQWKHSDVWDQGSUHVHQW \HOWUDEDMRGH-0+DOOVREUHODHWQLFLGDGHQOD DQWLJXD*UHFLD3RUORTXHUHVSHFWDDOSULPHURHODXWRU GHVWDFDHVSHFLDOPHQWHODLQWURGXFFLyQUHDOL]DGDSRUHO SURSLRHGLWRUGRQGHQRVRODPHQWHVHDQDOL]DHOHVWDGR GHODFXHVWLyQGHVGHXQDSHUVSHFWLYDDUTXHROyJLFDVLQR TXHVH³DGYLHUWHQ\DDOJXQDVGHODVOtQHDVLQWHUSUHWD WLYDVTXHPDUFDUtDQODLQYHVWLJDFLyQGXUDQWHODpSRFD SRVWHULRU´SLQWHJUDQGRHQXQDSHUVSHFWLYDQHWD PHQWHLQVWUXPHQWDOLVWDDOJXQDVFRQWULEXFLRQHV SURFH GHQWHVGHODDUTXHRORJtDSRVWSURFHVXDO$VtSXHV6KHQ QDQ GHMDUi SODQWHDGRV ORV WUHV SULQFLSDOHV SUREOHPDV TXHFHQWUDUiQODDWHQFLyQGHORVLQYHVWLJDGRUHVGXUDQWH ODVLJXLHQWHGpFDGDODFRQFHSWXDOL]DFLyQGHOD³HWQLFL GDG´GHQXHYRHOSUREOHPD³REMHWLYLVPR´YV³VXEMH WLYLVPR´ODUHODFLyQHQWUHLGHQWLGDGpWQLFD\FXOWXUD PDWHULDOODHFXDFLyQFXOWXUDVDUTXHROyJLFDVJUXSRVpW QLFRV\HODOFDQFHWHPSRUDOGHOIHQyPHQRGHODHWQLFL GDGHVGHFLU¢DSDUWLUGHTXpPRPHQWRSRGHPRVKDEODU GHJUXSRVpWQLFRV"(VWRQRVOOHYDDXQDFXHVWLyQQRPH QRVSHOLDJXGDODFDSDFLGDGGHOD$UTXHRORJtDSDUDKD FHUIUHQWHDODLGHQWL¿FDFLyQ\HVWXGLRGHORVJUXSRVpW QLFRVGHOSDVDGRDWUDYpVGHORVUHVWRVPDWHULDOHV 7RGRVHVWRVSUREOHPDVIXHURQWUDWDGRVFRQSURIXQ GLGDGSRU6-RQHV\-0+DOOODSULPHUDGHVGHXQD SHUVSHFWLYDPiVWHyULFDPLHQWUDVTXH+DOOIXHHOHQFDU JDGRGHWUDVODGDUHOLQWHUpVSRUODHWQLFLGDGDODKLVWR ULDGHO0HGLWHUUiQHRDQWLJXR3HUVRQDOPHQWHFUHRTXH ODREUDGH-RQHVWLHQHXQPD\RUDOFDQFHDSHVDUGHVXV SRVLEOHV FDUHQFLDV VREUHSDVDQGR FRQ FUHFHV ODV OLPL WDGDVSRVLELOLGDGHVTXHRIUHFHHOWUDEDMRGH+DOOSDUD HOHVWXGLRDUTXHROyJLFRGHODHWQLFLGDG4XL]iVHHFKD
63$/,661 5(6(f$6 GHPHQRVXQDQiOLVLVPiVH[KDXVWLYRGHHVWHHQVD\RHQ ODVtQWHVLVGH)HUQiQGH]*|W]DXQTXHKDVDELGRVHxD ODUSHUIHFWDPHQWHODVSULQFLSDOHVDSRUWDFLRQHVOOHYDGDV DFDERSRUODLQYHVWLJDGRUDEULWiQLFDHVSHFLDOPHQWHOD LQWURGXFFLyQGHOD7HRUtDGHOD$FFLyQ\HOFRQFHSWRGH KDELWXVGH%RXUGLHXHQODLQWHUSUHWDFLyQDUTXHROyJLFD 6LJXLHQGRODHVWHODGH%HQWOH\-RQHVDVSLUDDVXSHUDU ODRSRVLFLyQHQWUH³REMHWLYLVPR´\³VXEMHWLYLVPR´WHQ GLHQGRXQSXHQWHHQWUHSULPRUGLDOLVPRHLQVWUXPHQWD OLVPR&RQVLGHUDODHWQLFLGDGQRFRPRXQDSUR\HFFLyQ HVWiWLFDGHODFXOWXUDRXQDFDWHJRUtDVXEMHWLYDGHORVVH UHVKXPDQRVVLQRFRPRXQSURFHVRVRFLDOPHQWHFRQV WUXLGRH[WUDRUGLQDULDPHQWHGLQiPLFR\GLVFXUVLYRFX\D JpQHVLVKD\TXHEXVFDUODHQHOVHQRGHODVSURSLDVSUiF WLFDVVRFLDOHVVLQHPEDUJRDGYLHUWHTXHHOVHQWLPLHQWR GHLGHQWLGDGpWQLFDQRVXUJHGLUHFWDPHQWHGHOUHFRQR FLPLHQWR GH ODV SUiFWLFDV FRPSDUWLGDV SRU ORV PLHP EURVGHXQPLVPRJUXSRKDELWXVVLQRSUHFLVDPHQWH GHORFRQWUDULRFXDQGRVHDFWLYDODFRQFLHQFLDGHGLIH UHQFLDFRPRUHVXOWDGRGHOFRQWDFWRRODLQWHUDFFLyQFRQ RWURVJUXSRVHVGHFLUFXDQGRKD\XQUHFRQRFLPLHQWRGH ODDOWHULGDG-RQHV$VLPLVPRDOWUDWDUVH GHXQDFRQVWUXFFLyQVRFLDO\SRUWDQWRGHXQSURFHVR DELHUWRGHQHJRFLDFLyQ-RQHVSURIXQGL]DHQHOSDSHODF WLYRTXHSXHGHMXJDUHYHQWXDOPHQWHODFXOWXUDPDWHULDO HQHOUHFRQRFLPLHQWR\ODH[SUHVLyQGHODHWQLFLGDGOR TXHGHMDDELHUWDODSRVLELOLGDGGHLGHQWL¿FDU\H[SORUDU ORVSURFHVRVHWQRJHQpWLFRVDWUDYpVGHODPHWRGRORJtD DUTXHROyJLFD (OFDStWXORDFDEDFRQXQDVXHUWHGH³(StORJR´GRQGH HODXWRUHSLWRPL]DDOJXQDVGHODVSULQFLSDOHVFRQWULEX FLRQHVOOHYDGDVDFDERHQOD~OWLPDGpFDGDVREUHDQiOL VLVDUTXHROyJLFRGHODHWQLFLGDGDVtFRPRVXDSOLFDFLyQ DGLIHUHQWHVHWDSDV\iUHDVFXOWXUDOHV'DGDODLPSR VLELOLGDGGHDERUGDUH[KDXVWLYDPHQWHWRGRVORVWUDED MRVUHOHYDQWHVSXEOLFDGRVHQHVWHSHULRGRGHHVSHFLDO HIHUYHVFHQFLDGHORVHVWXGLRVpWQLFRV)HUQiQGH]*|W] RSWDSRUFHQWUDUVHHQFLQFRHQVD\RVTXHUHFRJHQHQVX RSLQLyQODVSULQFLSDOHVOtQHDVLQWHUSUHWDWLYDV\ORVWH PDVSULRULWDULRVVREUHORVTXHVHKDRFXSDGRUHFLHQWH PHQWHODLQYHVWLJDFLyQ6HWUDWDDVDEHUGHODREUDGH 6-DPHV$WODQWLF&HOWV$QFLHQW3HRSOHRU0RGHUQ,Q YHQWLRQ" %H\RQG &HOWV *HUPDQV DQG 6F\WKL DQV$UFKDHRORJ\DQG,GHQWLW\LQ,URQ$JH(XURSHGH 36:HOOV+HWHURORJLFDOHWKQLFLW\FRQFHSWXDO L]LQJLGHQWLWLHVLQDQFLHQW*UHHFHGH-6LDSNDV (WKQLVFKH,QWHUSUHWDWLRQHQLQ GHUIUKJHVFKLFKWOLFKHQ $UFKlRORJLHGH6%UDWKHU\(WKQLF,GHQWLW\DQG ,PSHULDO3RZHUWKH%DWDYLDQVLQWKHHDUO\5RPDQ(P SLUHSXEOLFDGRSRU15R\PDQVHQ(QWUHHOORV \RGHVWDFDUtDVREUHWRGRODSRFRFRQRFLGDREUDGH6LD SNDVTXHKDVLGROD~QLFDFDSD]GHWUDVFHQGHUQRVyOR ODYLVLyQLQVWUXPHQWDOGHO3URFHVXDOLVPRVLQRLQFOXVR HOPRGHORDOWHUQDWLYRSURSXHVWRSRU6-RQHVDOLQWUR GXFLUXQQXHYRQLYHOGHFRPSOHMLGDGDWUDYpVGHOFRQ FHSWRGHWiFWLFDGHVDUUROODGRSRU0GH&HUWHDX\SRU WDQWRUHFRQRFHUODSRVLELOLGDGGHTXHORVLQGLYLGXRVR ORVJUXSRVSXHGDQHYDGLUVHGHODVGLVSRVLFLRQHVHVWUXF WXUDQWHVGHODSUiFWLFDKHJHPyQLFD (O~OWLPRFDStWXOR5HÀH[LRQHV\SXQWRVGHSDUWLGD SDUDXQDDUTXHRORJtDGHODHWQLFLGDGFRQVWLWX\HFRPR LQGLFDHODXWRU³XQHMHUFLFLRGHUHÀH[LyQSHUVRQDOFX\D ¿QDOLGDGQRHVRIUHFHUUHVSXHVWDVQLSODQWHDUFRQFOXVLR QHVVLQRVLPSOHPHQWHH[SRQHUXQDVHULHGHLGHDV\SUH JXQWDVTXHFRQWULEX\DQDOGHVDUUROORGHXQGHEDWHFUt WLFR\IUXFWtIHUR´S(QpOVHSDVDUHYLVWDDORV DVSHFWRV IXQGDPHQWDOHV DQDOL]DGRV HQ OD REUD DSRU WDQGRLGHDVSURSLDV\PHGLWDQGRVREUHODVSRVLELOLGD GHVSUHVHQWHV\IXWXUDVGHODVDSUR[LPDFLRQHVpWQLFDV HQ$UTXHRORJtD$XQTXHEiVLFDPHQWHFRPSDUWRODVSUR SXHVWDVYHUWLGDVSRUHODXWRU\D~QDULHVJRGHDJRWDUHO HVSDFLRGLVSRQLEOHPHJXVWDUtDJORVDUDOJXQDVFXHVWLR QHVTXHFUHRGH¿QHQDODSHUIHFFLyQHOHVWDGRDFWXDOGHO GHEDWHHQWRUQRDOHVWXGLRGHODLGHQWLGDGpWQLFD/DSUL PHUDHVHOSRWHQFLDOGHOD$UTXHRORJtDSDUDH[SORUDUOD HWQLFLGDGGHODVVRFLHGDGHVSUHWpULWDVDWUDYpVGHODGR FXPHQWDFLyQPDWHULDO³HVSHFLDOPHQWHHQDTXHOORVFRQ WH[WRVGRQGHHVSRVLEOHFRQWUDVWDUQXHVWURVUHVXOWDGRV FRQODLQIRUPDFLyQGHODVIXHQWHVHVFULWDV´S6LQ HPEDUJR QR SLHQVR FRPR VRVWLHQH )HUQiQGH] *|W] TXHORVHVWXGLRVVREUHODLGHQWLGDGpWQLFDFDUH]FDQGH ¿DELOLGDGFXDQGR~QLFDPHQWHVHFXHQWDQFRQUHVWRVPD WHULDOHV\QRVHSXHGHUHFXUULUDODGRFXPHQWDFLyQHV FULWD$O¿Q\DOFDERORVREMHWRVSXHGHQMXJDUXQSD SHODFWLYRHQODQHJRFLDFLyQGHODVLGHQWLGDGHV$XQTXH VXPHQVDMHQRVHDWDQH[SOtFLWRFRPRHOGHORVWH[WRVOD $UTXHRORJtDHVFDSD]GHLGHQWL¿FDUODIRUPDOL]DFLyQGH SUiFWLFDV\FyGLJRVHQVLWXDFLRQHVGHLQWHUDFFLyQRFRQ ÀLFWRTXHSXHGHQPDWHULDOL]DUVHHQGHWHUPLQDGRVHOH PHQWRVGHODFXOWXUDPDWHULDO\DVHDDWUDYpVGHVXXVR \DVHDDWUDYpVGHVXVDWULEXWRVRGHOHVWLOR 5HVSHFWRDOSURSLRFRQFHSWRGHHWQLFLGDGFRLQFLGR FRQHODXWRUHQVXFDUiFWHUSROLIDFpWLFR\GLQiPLFRVL JXLHQGRPX\GHFHUFDODVLGHDVFRQVLJQDGDVSRU6-R QHVHQVXVGH¿QLFLRQHVGH³HWQLFLGDG´R³JUXSRpWQLFR´ 1RREVWDQWH)HUQiQGH]*|W]FRQVLGHUDTXHVHH[DJHUD HQHOpQIDVLVTXHVHKDYHQLGRSRQLHQGRGXUDQWHORV~O WLPRVDxRVHQODFRQGLFLyQ³ÀXLGD´\³FDPELDQWH´GHOD HWQLFLGDG'HVGHPLSXQWRGHYLVWDHOGLQDPLVPRTXH VHDWULEX\HDORVJUXSRVpWQLFRVQRUHVSRQGHWDQWRDVX LQHVWDELOLGDGHVGHFLUDXQDWHQGHQFLDDPXWDUHQXQ ODSVRUHODWLYDPHQWHFRUWRGHWLHPSRVLQRDWRGRORFRQ WUDULRVXFDSDFLGDGSDUDDGDSWDUVH±PDQWHQLHQGREXHQD SDUWHGHVXVUDVJRVFXOWXUDOHV±DODVQXHYDVVLWXDFLRQHV
63$/ ,661 5(6(f$6 UHYLVDQGRPRGL¿FDQGRRUHIRU]DQGRODVEDVHVLGHROy JLFDV VLPEyOLFDV \ PDWHULDOHV TXH JHQHUDGDV SRU OD SUiFWLFDVRFLDOPDUFDQODIURQWHUDFRQHORORVRWURV JUXSRVVRFLDOHV(VWRQRVFRQGXFHDODVLJXLHQWHFXHV WLyQORVHOHPHQWRVFXOWXUDOHVTXHSDUWLFLSDQHQODQHJR FLDFLyQGHODVLGHQWLGDGHVFROHFWLYDV(QHIHFWRFRPR LQGLFDHODXWRUORVJUXSRVpWQLFRVSXHGHQFRPXQLFDU VXLGHQWLGDGDWUDYpVGHXQDVHULHGHHOHPHQWRVFRQVL GHUDGRVGLDFUtWLFRVTXHVRQVHOHFFLRQDGRVFRQVFLHQWHR LQFRQVFLHQWHPHQWHGHXQDPSOLRUHSHUWRULRFXOWXUDODO LJXDOTXHRFXUUHFRQORVJUXSRVGHSRGHUORVJUXSRV GHHGDGRJpQHUR\ODVFODVHVVRFLDOHV$KRUDELHQHOOR QRVLJQL¿FDDVXPLUODLGHQWL¿FDFLyQHQWUH³FXOWXUDDU TXHROyJLFD´\³JUXSRpWQLFR´DVtSXHVHODXWRUQLHJD ODSRVLELOLGDGGHTXHH[LVWDQXQRVPDUFDGRUHVFXOWXUD OHV³REMHWLYRV´GHHWQLFLGDGVLQRPiVELHQ³XQDVHULH GHHOHPHQWRVTXHHQIXQFLyQGHFDGDFRQWH[WRHVSHFt ¿FRSXHGHQDSDUHFHUYLQFXODGRVDHOOD´S(VOR TXHGHQRPLQD³LQGLFLRVGHHWQLFLGDG´ 7DPELpQFUHRFRPRLQGLFD)HUQiQGH]*|W]HQOD QHFHVLGDGGHVXSHUDUHODQWDJRQLVPRHQWUHORVHQIRTXHV HPLF\HWLF1RVyORUHVXOWDGLItFLODFFHGHUDOGLVFXUVR ³VXEMHWLYR´HODERUDGRSRUODVVRFLHGDGHVDQWLJXDVD~Q FXDQGRFRQWDPRVFRQGRFXPHQWRVHVFULWRVVLQRTXHHQ RFDVLRQHVODLGHQWLGDGpWQLFDHVFRQVWUXLGDDSDUWLUGH GH¿QLFLRQHVH[RpWQLFDVHVGHFLUODSUR\HFFLyQGHXQD LPDJHQHODERUDGDSRUHORWURSHURTXHHVDVXPLGD\ PDQLSXODGDSRUHOSURSLRJUXSRHQVXEHQH¿FLR(VWH SXGRVHUHOFDVRSRUHMHPSORGHODLGHQWLGDG³WXUGH WDQD´TXHHVSRWHQFLDGD\UHLQYHQWDGDGXUDQWHORVSUL PHURVVLJORVGHODRFXSDFLyQURPDQD(QHVWHVHQWLGR HVSUHFLVRDFHSWDUODVOLPLWDFLRQHVGHORVWHVWLPRQLRVOL WHUDULRVTXHVXHOHQSURSRUFLRQDUQRVXQDYLVLyQVHVJDGD RSDUFLDOGHODLGHQWLGDGJHQHUDOPHQWHHQUHODFLyQFRQ ORVLQWHUHVHVGHOJUXSRGRPLQDQWHRHQWRGRFDVRGHOD SHUVRQDTXHHVFULEH5HVXOWDDUULHVJDGRDGPLWLUTXHOD LPDJHQYHUWLGDSRUXQDXWRUDXQTXHHPDQHWDPELpQGH ODSURSLDSUiFWLFDVRFLDOWHQJDQHFHVDULDPHQWHTXHFR LQFLGLUHQORVPLVPRVWpUPLQRVFRQORVVHQWLPLHQWRV GHD¿QLGDGGHVDUUROODGRVSRUHOUHVWRGHORVPLHPEURV GHOJUXSRDOTXHKDFHUHIHUHQFLD$VLPLVPRFRQYHQJR FRQ)HUQiQGH]*|W]HQTXH³ODVSHUVSHFWLYDVHWLFSXH GHQSHUPLWLULGHQWL¿FDUHOHPHQWRVFXOWXUDOHVFRQVWLWXWL YRVGHXQDGHWHUPLQDGDLGHQWLGDGpWQLFDTXHQRKDQVLGR FRQVFLHQWHPHQWHSHUFLELGRVRDVXPLGRVSRUORVSURSLRV DXWRUHV´SDVtFRPRWDPELpQHOXVR\ODGLVWUL EXFLyQGHORVSRVLEOHVREMHWRVRVLJQRV³GLVWLQWLYRV´HQ DTXHOORVFDVRVHQORVTXHQRFRQWHPRVFRQUHIHUHQFLDV H[SOtFLWDVGHODVIXHQWHVHVFULWDV 3RU~OWLPRXQRGHORVSULQFLSDOHVSUREOHPDVDORV TXHLQHYLWDEOHPHQWHVHHQIUHQWDOD$UTXHRORJtD HVOD PDQHUDGHGLVFHUQLUORVHOHPHQWRVPDWHULDOHVTXHVRQ XVDGRVSDUDH[SUHVDUODHWQLFLGDGGHDTXHOORVRWURVDVR FLDGRVDRWUDVIRUPDVGHLGHQWLGDGFXOWXUDO<RLUtDLQ FOXVR PiV DOOi SXHVWR TXH HV SRVLEOH TXH XQ GHWHU PLQDGR HOHPHQWR VLUYD HQ GLVWLQWRV FRQWH[WRV \ HQ UHODFLyQFRQGLVWLQWRVLQWHUORFXWRUHVSDUDPDUFDUGLIH UHQWHVWLSRVRIDFHWDVGHODLGHQWLGDG6LJXLHQGRD6 -RQHVHODXWRUFRQVLGHUDTXHVyORXQHVWX GLRFRQWH[WXDO\GLDFUyQLFRGHXQDDPSOLDYDULHGDGGH IXHQWHV\FODVHVGHGDWRVSRGUiSURSRUFLRQDUODVHYL GHQFLDVQHFHVDULDVSDUDFRPSUHQGHUGHTXpPDQHUDORV HOHPHQWRVPDWHULDOHVGHODSUiFWLFDFRWLGLDQDVRQWUDQV IRUPDGRVHQVtPERORVpWQLFRVDFWLYRV\FyPRVRQXWL OL]DGRVSRUHOJUXSRDWUDYpVGHODVYDULDFLRQHVHQVXV UDVJRVPRUIROyJLFRV\HVWLOtVWLFRVRHQVXGLVWULEXFLyQ (QGH¿QLWLYD³VHWUDWDGHDYHULJXDUTXpDVSHFWRVGHOD FXOWXUDPDWHULDOFRQVFLHQWHRLQFRQVFLHQWHPHQWHVHOHF FLRQDGRVVRQORVTXHDSDUHFHQHQFDGDPRPHQWRYLQ FXODGRVDODH[SUHVLyQ\QHJRFLDFLyQGHODLGHQWLGDGpW QLFD´S 3DUDWHUPLQDU \FRPRFRQFOXVLyQHODXWRUUHDOL]D XQRVEUHYHVDSXQWHVVREUHHOHVWXGLRGHODHWQLFLGDGHQ OD3URWRKLVWRULDSUHFLVDPHQWHODHWDSDFRPRELHQGLFH HQODTXHVHKDIRFDOL]DGREXHQDSDUWHGHOLQWHUpVGHOD DUTXHRORJtDHXURSHDSRUODFXHVWLyQpWQLFD(VWDEOHFH DSDUWLUGHXQUHFLHQWHWUDEDMRGH*5XL]=DSDWHURODV WUHVIDVHVHQODVTXHHQVXRSLQLyQGHEHHVWUXFWXUDUVHHO DQiOLVLVDUTXHROyJLFRGHODHWQLFLGDGODGH¿QLFLyQGHXQ PDUFRHVSDFLRWHPSRUDODSDUWLUGHODVUHIHUHQFLDVHVFUL WDVVREUHJUXSRVpWQLFRVFRQWUDVWiQGRORFRQODGLVWULEX FLyQGHORVGLIHUHQWHVHOHPHQWRVGHODFXOWXUDPDWHULDO XQDYH]GHWHUPLQDGRDOJ~QWLSRGH³PDUFDGRUpWQLFR´ DVRFLDGRDXQJUXSRFRQRFLGRHOVLJXLHQWHSDVRVHUtD UDVWUHDUGHIRUPDUHWURVSHFWLYDVXXVRGH¿QLHQGRVXGL PHQVLyQRSURIXQGLGDGWHPSRUDOSRU~OWLPRHVSUHFLVR DQDOL]DU³FyPRVHDUWLFXODODLQWHUUHODFLyQHQWUHORVGL YHUVRVWLSRVGHLGHQWLGDGVRFLDODVtFRPRHOSDSHODFWLYR TXHGHVHPSHxDODFXOWXUDPDWHULDOHQODFRQ¿JXUDFLyQ\ QHJRFLDFLyQGHODLGHQWLGDGpWQLFDWDQWRKDFLDHOLQWHULRU FRPRHQUHODFLyQFRQRWURVJUXSRVOLPtWURIHV´S (QGH¿QLWLYDQRVHQFRQWUDPRVQRVyORDQWHXQUHFR UULGRFUtWLFR±FRQFLVR\SURIXQGRDOPLVPRWLHPSR±SRU ODVGLIHUHQWHVDSUR[LPDFLRQHVTXHVHKDQUHDOL]DGRGHVGH OD$UTXHRORJtDDOIHQyPHQRGHODHWQLFLGDGVLQRTXHHO DXWRUVHDWUHYHDDERUGDUORVSULQFLSDOHVSUREOHPDVDORV TXHVHHQIUHQWDHOHVWXGLRDUTXHROyJLFRGHODLGHQWLGDG± QRVyORpWQLFDVLQRHQJHQHUDOODLGHQWLGDGHQWRGDVVXV IRUPDV\H[SUHVLRQHV±SURSRQLHQGRSRVLEOHVVROXFLRQHV \YtDVGHWUDEDMRDOWHUQDWLYDVTXHSHUPLWDQH[SORUDUHVWD IDFHWDGHOFRPSRUWDPLHQWRKXPDQRHQWRGDVXFRPSOHML GDGGHVDUUROODQGRHVWUDWHJLDV\KHUUDPLHQWDV~WLOHVSDUD HODQiOLVLVGHFDVRVFRQFUHWRVHQGLIHUHQWHVHWDSDVFURQR OyJLFDV\GLVWLQWRVQLYHOHVGHGHVDUUROORFXOWXUDO
63$/,661 5(6(f$6 $VLPLVPRHVGHMXVWLFLDYDORUDUODDPSOLWXG\YD ULHGDG GHO DSDUDWR ELEOLRJUi¿FR XWLOL]DGR HVSHFLDO PHQWHHQORTXHVHUH¿HUHDODOLWHUDWXUDFRQWLQHQWDO(O DXWRUKDVDELGRHTXLOLEUDUHOSHVRGHODVGLIHUHQWHVHV FXHODV\WUDGLFLRQHVKLVWRULRJUi¿FDVUHFRQRFLHQGRODV FRQWULEXFLRQHVTXHORVDUTXHyORJRVDQWURSyORJRVRVR FLyORJRVDOHPDQHVIUDQFHVHVDXVWULDFRVQRUXHJRVVR YLpWLFRVHWFKDQUHDOL]DGRDODFRQVWUXFFLyQWHyULFDGH ODHWQLFLGDGXQSDSHOTXHPXFKDVYHFHVKDTXHGDGRD ODVRPEUDHVSHFLDOPHQWHDQWHHOPRQRSROLRLQWHOHFWXDO DGTXLULGRSRUODHVFXHODDQJORVDMRQDGHVGH¿QDOHVGH ORVDxRVVHVHQWD$VtSXHVKD\TXHDJUDGHFHUDODXWRUOD FRPSLODFLyQGHXQHOHQFRVXPDPHQWH~WLOFRQUHIHUHQ FLDVDDXWRUHV\WtWXORVTXHHQPXFKRVFDVRVVRQGHV FRQRFLGRVHQHOiPELWRDFDGpPLFRHVSDxRO %,%/,2*5$)Ë$ $/0$*52*25%($0\58,==$3$7(52* HGV3DOHRHWQRORJtDGHOD3HQtQVXOD,Ep ULFD&RPSOXWXP0DGULG $5$1(*8, & \ 9,9(6)(55È1',= - ³(QFXHQWURVFRORQLDOHVUHVSXHVWDVSOXUDOHVORVLEp ULFRVDQWLJXRVHQODIDFKDGDPHGLWHUUiQHDFHQWUDO´ HQ'H OHV FRPXQLWDWV ORFDOV DOVHVWDWV DUFDLFV OD IRUPDFLyGHOHVVRFLHWDWVFRPSOH[HVDODFRVWDGHO 0HGLWHUUDQLRFFLGHQWDO+RPHQDWJHD0LTXHO&XUD $UTXHR0HGLWHUUjQLD%DUFHORQD %$57+)>@³,QWURGXFFLyQ´HQ)%DUWK HG/RVJUXSRVpWQLFRV\VXVIURQWHUDV/DRUJD QL]DFLyQVRFLDOGHODVGLIHUHQFLDVFXOWXUDOHV 0p[LFR %(/e1'($0260³)HQLFLRVHQ7DUWHV VRVGHODDFXOWXUDFLyQLQGtJHQDDODSOXUDOLGDGFXO WXUDO´HQ0%HQGDOD\0%HOpQHGV9&RQ JUHVR GH +LVWRULD GH &DUPRQD /RV RUtJHQHV GH OD FLXGDG OD &DUPRQD 3URWRKLVWyULFD &DUPRQD %850(,67(5 6 \ 0h//(56&+((66(/ 1 HGV6R]LDOH *UXSSHQ NXOWXUHOOH *UHQ ]HQ 'LH ,QWHUSUHWDWLRQ VR]LDOHU ,GHQWLWlWHQ LQ GHU 3UlKLVWRULVFKHQ$UFKlRORJLH0QVWHU &58= $1'5(277, * \ 025$ 6(55$12 % HGV ,GHQWLGDGHV pWQLFDV ± ,GHQWLGDGHV SROtWLFDVHQHOPXQGRSUHUURPDQRKLVSDQR0iODJD )(51È1'(= 0$57Ë1(= 90 8QD $U TXHRORJtD FUtWLFD &LHQFLD pWLFD \ SROtWLFD HQ OD FRQVWUXFFLyQGHOSDVDGR%DUFHORQD )(55(5$/%(/'$(³6XSOHPHQWRDOPDSD SDOHRHWQROyJLFRGHOD3HQtQVXOD,EpULFDORVS~QLFRV GH,EHULD´56);;9, )5,('0$1-,GHQWLGDG FXOWXUDO \ SURFHVR JOREDO%XHQRV$LUHV *$5&Ë$)(51È1'(=)-³(WQRORJtD\HW QLDV GH OD7XUGHWDQLD HQ pSRFD SUHUURPDQD´ &X 3$8$0 *21=È/(=58,%$/$*DODLFRV3RGHU \FRPXQLGDGHQHO1RURHVWHGHOD3HQtQVXOD,EpULFD %ULJDQWLXP$&RUXxD +$//-0(WKQLFLGHQWLW\LQ*UHHNDQWLTXLW\ &DPEULGJH -21(667KH$UFKDHRORJ\RI(WKQLFLW\&RQ VWUXFWLQJLGHQWLWLHVLQWKHSDVWDQGSUHVHQW/RQGUHV 1XHYD<RUN /255,2$/RV&HOWtEHURV&RPSOXWXP([ WUD0DGULG 5,(&.+2))6\6200(58 HGV$XI GHU6XFKHQDFK,GHQWLWlWHQ 9RON ±6WDPP±.XO WXU±(WKQRV,QWHUQDWLRQDOH7DJXQJGHU8QLYHUVL WlW/HLS]LJGHGLFLHPEUHGH%$5,QWHU QDWLRQDO6HULHV2[IRUG 58,==$3$7(52*\È/9$5(=6$1&+Ë6-5 ³(WQLFLGDG\$UTXHRORJtDWUDVODLGHQWLGDG GHORV9HWWRQHV´6SDO 6$675(35$76,FRRUG$UTXHRORJtD(V SDFLDO,GHQWLGDGHV+RPHQDMHD0'RORUHV)HU QiQGH]3RVVH$UTXHRORJtD(VSDFLDO7HUXHO 9(,78\RWURVHGV6SXUHQXQG%RWVFKDI WHQ,QWHUSUHWDWLRQHQPDWHULHOOHU.XOWXU0QVWHU :8/))$/2162 ) \ È/9$5(= 0$57Ë$*8, /$50HGV,GHQWLGDGHVFXOWXUDV\WH UULWRULRVHQOD$QGDOXFtDSUHUURPDQD0iODJD )5$1&,6&2-26e*$5&Ë$)(51È1'(= 8QLYHUVLGDGGH6HYLOOD