CNA 13 Dittmer .pdf

File information


Original filename: CNA-13 Dittmer.pdf

This PDF 1.4 document has been generated by / 3-Heights(TM) PDF Producer 4.4.36.0 (http://www.pdf-tools.com), and has been sent on pdf-archive.com on 28/03/2016 at 02:04, from IP address 181.162.x.x. The current document download page has been viewed 544 times.
File size: 1.1 MB (19 pages).
Privacy: public file


Download original PDF file


CNA-13 Dittmer.pdf (PDF, 1.1 MB)


Share on social networks



Link to this file download page



Document preview


&DSWDLQ$PHULFD
V(PSLUH5HIOHFWLRQVRQ,GHQWLW\3RSXODU&XOWXUHDQG3RVW*HRSROLWLFV
$XWKRU V -DVRQ'LWWPHU
6RXUFH$QQDOVRIWKH$VVRFLDWLRQRI$PHULFDQ*HRJUDSKHUV9RO1R 6HS SS

3XEOLVKHGE\Taylor & Francis, Ltd.RQEHKDOIRIWKHAssociation of American Geographers
6WDEOH85/http://www.jstor.org/stable/3693960 .
$FFHVVHG
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at .
http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless
you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you
may use content in the JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at .
http://www.jstor.org/action/showPublisher?publisherCode=taylorfrancis. .
Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed
page of such transmission.
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of
content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms
of scholarship. For more information about JSTOR, please contact support@jstor.org.

Taylor & Francis, Ltd. and Association of American Geographers are collaborating with JSTOR to digitize,
preserve and extend access to Annals of the Association of American Geographers.

http://www.jstor.org

$PHULFD
V
RQ,GHQWLW\
5HIOHFWLRQV
&DSWDLQ
(PSLUH
DQG3RVW
&XOWXUH
3RSXODU
*HRSROLWLFV
'LWWPHU
-DVRQ
DQG
6RXWKHUQ
'HSDUWPHQW
RI
*HRORJ\
8QLYHUVLW\
*HRJUDSK\
*HRUJLD
7KLVDUWLFOH
LQWURGXFHV
FRPLF
ERRNV
DVDPHGLXP
DUH
DQGJHRSROLWLFDO
QDWLRQDO
ZKLFK
WKURXJK
LGHQWLW\
VFULSWV
QDUUDWHG
7KLV
H[WHQVLRQ
RI
WKH
  
OLWHUDWXUH
RI
XVHV
WKH
SRSXODU
JHRSROLWLFV
H[DPSOH
6HSWHPEHU
SRVW
$PHULFD
FRPLF
ERRNV
WRLQWHJUDWH
RI
YDULRXV
VWUDQGV
RIWKHRU\
IURP
DQGWKHVWXG\
&DSWDLQ
JHRJUDSK\
SROLWLFDO
QDWLRQDOLVP
WREUHDN
QHZ
LQWKH
RI
ZLWK
DQG
7KHDUWLFOH
FXOWXUH
JURXQG
VWXG\
LGHQWLW\
EHJLQV
SRSXODU
JHRSROLWLFV
DQLQWURGXFWLRQ
WRWKHFKDUDFWHU
RI&DSWDLQ
RI
$PHULFD
DQGDGLVFXVVLRQ
RIWKH
KHSOD\V
LQWKHUHVFDOLQJ
UROH
$PHULFDQ
DQGWKH
LQVWLWXWLRQDOL]DWLRQ
RIWKH
7KHDUWLFOH
QDWLRQ
V
FRQWLQXHV
LGHQWLW\
VKRZLQJ
E\
V\PEROLF
VSDFH
KRZ
YLVXDO
RI$PHULFDQ
LQ&DSWDLQ
ZHUH
WRFRQVWUXFWLQJ
$PHULFD
FULWLFDO
UHSUHVHQWDWLRQV
ODQGVFDSHV
JHRSROLWLFDO
UHDOLWLHV
$UHDGLQJ
RISRVW
RIWKH
LVVXHV
DQXDQFHG
DQGXOWLPDWHO\
ERRN
$PHULFD
FRPLF
UHYHDOV
&DSWDLQ
WKDW
$PHULFD
V
WHUULWRULDOL]DWLRQ
:RUGV
FXOWXUH
DPELJXRXV
JHRSROLWLFDO
LQWHUURJDWHV
VFULSW
SRVW
.H\
SRSXODU
$PHULFDQ
$PHULFD
QDWLRQDOLVP
LGHQWLW\
SRVW
SROLWLFV
&DSWDLQ
RUWKH
WKHDWWDFKPHQW
RIV\PEROLF
WRWHUULWRU\
PHDQLQJV
LV
RI
FUHDWLRQ
V\PEROLF
VKDSH 3DDVLTXRWDWLRQIURP
RUWKHFRQVWUXFWLRQ
RIVFULSWV  
RSXODU
JHRSROLWLFV
PROG
WKDW
FRPPRQ
RISROLWLFDO
HYHQWV
SHUFHSWLRQV
7XDWKDLO
LV



'DOE\

 
6KDUS
2
DQG
WKH
LQQXPHURXV
%RXQGDULHV
VRFLHW\
SUDFWLFHV
SHQHWUDWH
W
RDIXOO
RI
E
RWK
Q
DWLRQDO
LGHQWLWLHV
NH\
XQGHUVWDQGLQJ
H[LVWV
DQGDFKLHYHV
ZKLFK
WKH
GLVFRXUVHV
WHUULWRU\
WKURXJK
DQGJOREDO
RUGHUV
2QHRIWKHIXQGDPHQWDO
LWLVSROLWLFDO
LQVWLWXWLRQDOL]HG
DVVXPSWLRQV
HFRQRPLF
+HQFH
PHDQLQJV
RIWKHSULPDU\
DQGWKH
DVVR
DQGRWKHU
 7XDWKDLO
JOREDO
JHRJUDSK
 RU
FXOWXUDO
JRYHUQPHQWDO
SUDFWLFHV
RIWKHHDUWK
V
LVWKHGLYLVLRQ
RIWKH
DWHUULWRU\
DQGFRQFRPLWDQWO\
WKDW
PDNH
FLDWHG
VXUIDFH
LQVFULSWLRQ
PHDQLQJV
RI
ZRUOGLQWRGLVFUHWH
OLIH
7KHVH
HOHPHQWV
EHFRPH
WHUULWRULDOL]H
HDFKRQHRVWHQVLEO\
LQGH
VWDWHV
SDUW
HYHU\GD\
WKH
ZKLFK
OLIH
D
QG
D
GLVFUHWH
VRFLDOL]DWLRQ
E\
GDLO\
WKURXJK
SURFHVV
VSDWLDO
SHQGHQW
VRYHUHLJQ
HTXDO
RFFXSLHG
E\
DUHVRFLDOL]HG
DVPHPEHUV
RI
WHUULWRULDO
FXOWXUH
RUQDWLRQ
2WKHUVFKRODUV
JURXSV
KDYHTXHVWLRQHG
SHRSOH
WKH
RIVXFKVWDWHV
DQGQDWLRQV
RQWRORJLFDO
SULPDF\
$QGHU
VRQ$JQHZ
RQKRZ
WKHV\PEROLF
DVVRFLDWHG
2QHZD\LQZKLFK
 DQGKDYHFRQFHQWUDWHG
PHDQLQJ
ERXQGHG
WHUULWRULHV
DQGLGHQWLWLHV
DUHFRQVWUXFWHG
LVWKURXJK
WKHSUR
DQG
ZLWK
PDWHULDOL]HV
WKHVHERXQGDULHV
ZKLFK
D
QG
RI
GXFWLRQ
3DDVL 
FXOWXUH
SROLFHG
FRQVXPSWLRQ SRSXODU
7KHGLYLVLRQ
RIWKHLQWHUQDWLRQDO
LQWR OHDGVWRWKHLQWHUQDOL]DWLRQ
DQGV\PEROLF
RIWKHP\WKLF
SROLWLFDO
V\VWHP
VWDWHV
UHPDLQV
DODUJHO\
LGHQWLWLHV
RIQDWLRQDO
VRYHUHLJQ
 3RSXODU
(GZDUGVRQ
XQFKDOOHQJHG
SUHPLVH DVSHFWV
RISRSXODU
GLVFRXUVH
WRWKHDVVXPS FXOWXUH
LQRWKHU
LVRQHRIWKHZD\VLQZKLFK
,QGHHG
ZRUGV
FKDOOHQJHV
RIWKHLQWHUQDWLRQDO
WLRQV
DUH
V
HHQ
D
V
D
ERWK
ZLWKLQ
W
R
WKHLU
FRPH
X
QGHUVWDQG
V\VWHP
FKDOOHQJHV SHRSOH
SRVLWLRQ
WRDPRUDO
RI
H[WUHPH
%XVK
EURDGHU
D

DQGZLWKLQ
DQHYHQ
FROOHFWLYH
JHRJUDSK\
LPSRUWDQFH >LQ
LGHQWLW\
ODUJHU
WKHILUVW
*XOI
0DUVWRQ
DQG6PLWK
RUVFULSW
YLFWRU\
:DU@GLGQRWMXVWLI\ JHRSROLWLFDO
QDUUDWLYH
VSHHFKDIWHU
QRWLRQ
RI
WKH
QDWLRQKRRG
ZDVVRLPSRUWDQW
QRU
ZK\
LGHQWLW\
ZK\  KDYHPDGHWKHSRLQWWKDWFROOHFWLYH
LWVSURWHFWLRQ
GHPDQGHG
WKHXOWLPDWH
RIVDFULILFHV
+H
RIPDQ\GLIIHUHQW
LQYROYHV
WKHQHJRWLDWLRQ
IRUPDWLRQ
WKDWKLVDXGLHQFHZRXOGUHDOL]HWKDWD ZDU VFDOHV
DVVXPHG
FRQWLQXXP
IURP
WKHLQGLYLGXDO
WKHIXOO
LQFOXGLQJ
Q
DWLRQV
WKH
KDG
ZKLFK
LGHQ
W
KH
K
RUL]RQWDO
WR
WKH
ZDJHG
7KXV
E\
DJDLQVW QDWLRQ
VRXJKW ERG\
JOREDOXQLYHUVDO
WRDEROLVK
DQDWLRQ
ZDVQHFHVVDU\
WRDIILUP
WKHVDFUHG WLW\
QH[XV
DQG
DURXQG
WKDW
UHYROYH
WKH6HOI2WKHU
LVVXHV
RIQDWLRQKRRG
SULQFLSOH
%LOOLJ  $VLQVWLWX RWKHU
DVH[SODLQHG
ODWHU 
ERXQGDU\IRUPDWLRQ
SURFHVVHV
WLRQDOL]HG
VWDWHV
DUHEHVWXQGHUVWRRG
DVDQRQ DUHLQH[WULFDEO\
QDUUDWLYHV
WR
OLQNHG
UHJLRQV
WKURXJK
JHRSROLWLFDO
RI
DQG
OLQN
7
KLV
L
V
D
FULWLFDO
WKDW
HQDEOHV
WHUULWRULDO
RI
YHUWLFDO
LVVXHV
V
FDOH
JRLQJSURFHVV FUHDWLQJ PDLQWDLQLQJ
DQGLGHRORJLHV
3DDVLGHVFULEHV
WKHUHJLRQIRU KXQGUHGV
D
WRDVVXPH
RIPLOOLRQV
RILQGLYLGXDOV
SUDFWLFHV
IUHHO\
PDWLRQ
LQ
I
RXU
WKHVHFRQG
RIZKLFK
LV
FRPPRQ
SURFHVV
SDUWV
SDUW
LGHQWLW\

DQGWKH&XOWXUH
:DUV
6FDOH+HJHPRQ\

$QQDOV
$VVRFLDWLRQ
RI$PHULFDQ
RIWKH
RI$PHULFDQ
  SS" E\$VVRFLDWLRQ
*HRJUDSKHUV
*HRJUDSKHUV
,QLWLDO
2FWREHU
'HFHPEHU

VXEPLVVLRQ
UHYLVHG
VXEPLVVLRQ
-XQH
ILQDO
DFFHSWDQFH
3XEOLVKHG
0DLQ6WUHHW
0$DQG*DUVLQJWRQ
2;'48.
E\%ODFNZHOO
0DOGHQ
5RDG2[IRUG
3XEOLVKLQJ

$PHULFD
V
DQG3RVW
5HIOHFWLRQV
RQ,GHQWLW\
&XOWXUH
*HRSROLWLFV
(PSLUH
&DSWDLQ
3RSXODU



LVFRQVWUXFWHG
QRWRQO\WKURXJK
$PHULFD
LVDQH[DPSOH
RISRSXODU
FXOWXUH
V
SROLWLFDO
&DSWDLQ
>+@HJHPRQ\
GHWDLOHG
P
RUH
EXW
UROHLQWKLVSURFHVV
WRWKLV
UROHLV&DSWDLQ
WKURXJK
LPPHGLDWHO\
LGHRORJLHV DOVR
6LJQLILFDQW
PXQGDQH
DQG
PRVW
WKH
RI
VRPH
RI
WRFRQQHFWWKHSROLWLFDO
$PHULFD
V
RUGLQDU\
DVSHFWV
RI
VFULSWLQJ
DELOLW\
SURMHFWV
D
RI
OLIH
*UDPVFL
V
RI
K
HJHPRQ\
SRVLWV
FRQFHSW
H
YHU\GD\
$PHULFDQ
LQWHUQDO
DQGIRUHLJQ
QDWLRQDOLVP
RUGHU
SROLF\
X
Q
LQ
WR
FXOWXUH
IRU
DQ\
DWWHPSW
VLJQLILFDQW
SODFH SRSXODU
DWWKHQDWLRQDO
RUJOREDO
WKH
DOOIRUPXODWHG
VFDOH ZLWK
RIWKH
HYH
EHFDXVH
WKH
RIVRFLHW\
GHUVWDQG
YHU\
ZRUNLQJV
VFDOHRIWKHLQGLYLGXDO
RUWKHERG\
7KHFKDUDFWHU
RI
RI
QDWXUH
V
XFK
QRQFRQIOLFWXDO
DQG
U\GD\QHVV DSSDUHQWO\
$PHULFD
FRQQHFWV
WKHVHVFDOHVE\OLWHUDOO\
HP
&DSWDLQ
RI
RI
WKH
RSHUDWLRQ
DQDO\VLV
$Q\SROLWLFDO
SURGXFWLRQV
$PHULFDQ
IRU
UHDGHUV
DKHUR
ERG\LQJ
LGHQWLW\
SUHVHQWLQJ
UROH
RI
IXOO
RI
WKH
LQVWLWXWLRQV
DFFRXQW
PXVW
WDNH
GRPLQDQFH
ERWKRI
DQGIRU
WKHQDWLRQ
UHDGHUV
HYHQ
<RXQJHU
PD\
WKDW
WKH
PLOLHX
HQVXUHV
LQWKH
FXOWXUH
RISRSXODU
FRPSOH[
IDQWDVL]H
DERXWEHLQJ&DSWDLQ$PHULFD
FRQQHFWLQJ
QRUPV
WKXV
RI
FXOWXUDO
DQG SROLWLFDO 
UHSURGXFWLRQ
WKHPVHOYHV
WRWKHQDWLRQLQWKHLULPDJLQDWLRQV
+LV
EXWLQVWHDG
FKDUDFWHUL]DWLRQ
DVDQH[SOLFLWO\
LVQRWVWDWLF
RIKHJHPRQ\
$PHULFDQ
FRQFHSW
VXSHUKHUR *UDPVFL
V
LWVPDVVLYH
HVWDEOLVKHV
KLP
DVERWK
FUHDWLRQ
DUHSUHVHQWDWLYH
RIFRQWLQXDO
RIWKHLGHDOL]HG DSURFHVV
WKDW
JLYHQ
RI
LW
LQWKH
$PHULFDQ
QDWLRQDQGDVDGHIHQGHU
WREHXQHYHQ
LVERXQG
RIWKH$PHULFDQ VFDOH
GHJUHH
OHJLWLPDF\
I
RU
URRP
VWDWXV
7
KLV
DQGWROHDYHVRPH
FRLQFLGHV
ZLWK
WKH
FRPPDQGV
G
HILQLWLRQ
D

RI
DQWDJRQLVWLF
LPDJH
TXR
WHUULWRULDO
WRGHYHORS
WKDW
RIJURXS FXOWXUDO
 
LVDEVWUDFW
$GDPVRQ
V\PERO
H[SUHVVLRQV
H[SUHVVLRQV
DUH
DQGWKHLU
RISROLWLFDO
FRQVWUXFWLRQV
WKHDFWLRQV
HFRQRPLF 7KXV
DQWDJRQLVWV
VROLGDULW\
HPERG\LQJ
KHJHPRQLF
LQWKLV
DQGFXOWXUDO
LQWKHFRQWLQXDO
LQVWLWXWLRQV
DJHQWV
EXWWUHVVLQJ
E\DFWLYH
UHSURGXFWLRQ LQQHHGRIFRQWLQXDO
DQGOHJLWLPDWLRQ
FXOWXUH
RIWKHV\VWHP
RISUDFWLFHV
RISRSXODU
WKDW
FKDUDF FDVHWKHSURGXFHUV
HQ
WHUL]H
WKHWHUULWRULDO
XQLW
RIWHQ
FRQFHUQHG
E
RRNV
D
UH
&RPLF
3DDVL 
HTXDWHGZLWKFKLOGUHQ
V
E
HHQ
KDYH
D
VVRFLDWHG
$
PHULFD
DQGRWKHU
WHUULWRULDO
IURP WHUWDLQPHQW
DQGKLVWRULFDOO\
WKH\
&DSWDLQ
V\PEROV
VXFKDVMXYHQLOH
FXOWXUH
LQIOXHQFHV
FRQWULEXWH
WRVWUXFWXUHV
RIH[SHFWDWLRQV ZLWK
GHOLQTXHQF\
SRSXODU
QHJDWLYH
LQ:HUWKDP
V
6HGXFWLRQ
FDQEHXQGHUVWRRG
PRVWIDPRXVO\
DVDVXPPD SHUKDSV
7DQQHQ
RIWKH
 ZKLFK
F
RI
WLRQRIWKHVRFLDOHIIHFWV
WKH
RIUHJLRQDO
LQVWLWXWLRQDOL]DWLRQ,QQRFHQW
1HYHUWKHOHVV
 
SURGXFHUV RPLF
YLHZWKHLU
7KHVHVWUXFWXUHV
DUHGLVWLQFW
IURP
RIIHHOLQJ ERRNV DQG&DSWDLQ$PHULFD
VWUXFWXUHV
VSHFLILFDOO\ 
DVPRUH
WKDQ
OLYHG SURGXFWV
HQWHUWDLQPHQW
5:LOOLDPV
 ZKLFKIRFXVRQSUDFWLFDO
WKH\
MXVWORZEURZ
WRHGXFDWHDQGVR
FRQVFLRXVQHVV
DVRSSRUWXQLWLHV
RIH[SHFWDWLRQV
ZRUNV
VWUXFWXUHV
LQIOX YLHZWKHLU
5DWKHU
3XEOLF
5DGLR
V$OO
HQFHKRZ
IURP
RQ1DWLRQDO
DUHJLRQ
,QDQLQWHUYLHZ
QHZ
LQIRUPDWLRQ FLDOL]H
SHRSOH
LQWHUSUHW
$[HO
$PHULFD
RUVLWXDWLRQV
&RQVLGHUHG
HYHQWV
DUHLQWHUSUHWHG 7KLQJV
HGLWRU
7KXVJHRSROLWLFDO
 &DSWDLQ
W
KH
Y
LHZ
WKHOHQVRIVWUXFWXUHV
RI
RQWKLV
W
RXFKHG
DQG
$ORQVR
WKURXJK
DPRQJ SURGXFWLRQ
H[SHFWDWLRQV
DVZULWHUV
VWUXFWXUHV
FRPPRQ
VRFRPPRQ
>:@KDW,
GVD\LVRXUUHVSRQVLELOLW\
SURPRWH
JHRSROLWLFDO VWDII
LVWRFUHDWH
QDUUDWLYHV
WKDW
7KHVHVFULSWV
DUHDWWHPSWV
HGLWRUV
DQGFUHDWRUV
WRFUHDWH
RUGHU
RXWRI DUWLVWV
VFULSWV
WKHFRPSOH[LW\
DQGVHHNWRGRVRPHWKLQJ
RIJOREDO
WKDWHQWHUWDLQ
HYHQWV
QDUUD KDYHDSRLQW
E\FRQVWUXFWLQJ
,QWKLV
WKH
WLYHVWKURXJK
OHYHO
ZKLFK
HGXFDWH
RQVRPH
WKHUHJLRQ
V
LV
VHQVH
PRUH
SODFHLQWKHZRUOG
SHUKDSV
ILW
*UDPVFL
V
GHIL
DQGOHJLWLPDWH
$PHULFD
XQGHUVWDQGDEOH
VWDII
:KLOH
DUH
RI
G
HULYHG
&DSWDLQ
SURGXFWLRQ
VFULSWV
DVLQ
QRWGLVWLQJXLVKHG
IURP
LQWHOOHFWXDOV
RQHVRXUFH
ZLWK
RIRUJDQLF
LV
QLWLRQ
VRXUFHV
PDQ\
VLJQLILFDQW
LQSXW
PHQ WUDGLWLRQDOO\
WKHVH
FXOWXUH
WHOOHFWXDOV
FHUWDLQO\
SRSXODU
E\WKHLU
SURIHVVLRQ
7KHUROHRISRSXODU
QHYHUWKHOHVV
LQFRQVWUXFWLQJ
KDVEHHQGRPLQDWHG
FXOWXUH
E\PDOHV 
JHRSROLW WKHLQGXVWU\
V
RFLDO
FRQYLQFHG
LFDOLGHQWLWLHV
RZQ
IRU
WKHLU
DQGVFULSWV
KDVLQFUHDVLQJO\
EHFRPHWKH ZRUN
F
ODVV
FRQVFLRXVO\
DWD
R
I
FULWLFDO
LWKDVD
KLVWRULFDO
WKDW

ULJKW

JLYHQPRPHQW
VXEMHFW
LQTXLU\
6KDUS'RGGV
ZDVFOHDUO\
LQWHUHVWHG
*UDPVFL
RISRSXODU
FXOWXUH
V
WR

 $WWKHKHDUW
/DZQHU
 :KLOH
LPSRUWDQFH
WKHFRQVWUXFWLRQRIQDWLRQDODQG JOREDOJHRSROLWLFDO
LV$QWRQLR*UDPVFL
V
+H
VFULSWV
FRQFHSWRIKHJHPRQ\
WKHEDVLVRI
Q
DWLRQDO
LV
JHPRQ\
VWURQJ
JRYHUQPHQW
RQ
D
VFRQWUDVWHG
ZLWKFRHUFLRQ
SUHGLFDWHG FRQVHQVXV
ZKLFK*UDPVFL
RIZHDNJRY
SHUFHLYHVDVWKHODVWUHVRUW
HUQPHQWV
$GDPVRQ :KLOH*UDPVFLZDVZULWLQJ
LQWKHFRQWH[W
RID0DU[LVW
KLVLGHDVUHVRQDWH
UHYROXWLRQ
ZLWK
RIQDWLRQKRRG
I
RUPXODWLRQV
DV
VWURQJO\
FDSLWDOLVW
ZHOO6KDUS   KRZHYHU
XVHV*UDPVFL
VLGHDRI
WRLQVHUWD VSDFHIRUSRSXODUFXOWXUHLQWKH
KHJHPRQ\
OLWHUDWXUH
RIQDWLRQDOLVP
DQGLGHQWLW\

WR
LQHFRQRPLFFODVVHVKHUHVRFLDOFODVVFDQDOVRUHIHU
U
H
RI
WKDW
DVERWK
DUH
E
HORQJLQJ
FDWHJRULHV
QDWLRQDOLW\
DQG
DFWLYHFRQVWUXFWLRQ
VXSSRUW7KXVWKURXJK
TXLUH
FRPLFERRNWKHVHPHQKHOSFUHDWH
WKHPHGLXPRIWKHLU
LQIOXHQFH
RIH[SHFWDWLRQVWKDWFRQVHTXHQWO\
VWUXFWXUHV
WKHZD\UHDGHUVYLHZWKHZRUOGDQGORFDWHWKHLURZQ
ZLWKLQ
LW:KLOHWKH\DUHPRUHHP
SODFHDV$PHULFDQV
FORVHQHVV
FLWL]HQV
EHFDXVHRIWKHLU
WKDQ
RUGLQDU\
SRZHUHG
F
RQVWUDLQHG
D
UHVWLOO
WRWKHSXEOLVKLQJ
PHGLDWKH\
E\
WKHLUSDUHQWFRPSDQ\
VHGLWRULDOGH
PDUNHW
SULQFLSOHV
IDFWRUV
DQGRWKHUOLPLWLQJ
6WLOOWKHUROHRIWKHVH
FLVLRQV



'LWWPHU

LQVKDSLQJ
PHQ
DWWLWXGHV
KDVEHFRPH
WKH
WKLV
RI$PHULFDQV
)XUWKHUPRUH
VLJQLIL
SXEOLF
SROLWLFDO
VXEMHFW DWLRQV
LQ
RIVFUXWLQ\
ERRNV
RIFRPLF
W
KH
L
V
FDQFH PDJQLILHG
E\ LPSRUWDQFH

WRWKH6LPPRQV
FXOWXUH
$PHULFDQ
$FFRUGLQJ
\RXWK
0DUNHW5HVHDUFK%XUHDX
V6WXG\
RI.LGVDQG7HHQV
DXGLHQFH
 WKHQHW\RXWK
DJHVVL[WRVHYHQWHHQ 
,IFRPLF
DQG
ERRNV
DV&DSWDLQ
VXFK
$PHULFD
FRPLFERRNSXEOLVKHUV
VHHP
WRRID RIWKHWZRODUJHVW
0DUYHO
WR
FHWLRXV
DQGIDQWDVWLF
WREHHGXFDWLRQDO
LV
:KLOH
L
W
L
V
PLOOLRQ
WKDW XQGHU '&  LVDOPRVW
IRXUWHHQ
LPSRVVLEOH
RQ
OHDG
VWDQGDEOH
IDFWRUV
VRFLDO
PHGLD
WRWKH
RIFRPLF
ERRNV
DQGVLPLODU
RI PHDVXUH
WKHLPSDFW
0DQ\
GHQLJUDWLRQ
WKH
ERRN
FRPLF
DQG\RXWKV
ORZ
RIFKLOGUHQ
YDO WKHSROLWLFDODWWLWXGHV
PHGLXP
WKH\
LQFOXGLQJ
SURGXFWLRQ
XHV FRPLF
ERRNV
DUHVWLOO
RQSXOS
LQDUHFXUVLYH
DQG QRQHWKHOHVV
GRSDUWLFLSDWH
UHODWLRQVKLS
SULQWHG
SDSHU 
QDUUD
XQUHDOLVWLF
LQEDWWOHV
EHWZHHQ
HOLWHV
EHWZHHQ
VWRU\OLQHV
FXOPLQDWLQJ
JHRSROLWLFDO
DGYRFDWLQJ
SDUWLFXODU
WR
WZRVXSHUSRZHUHG
I
XOO
PHGLD
ZKRKDYH FRQYHUVDWLRQVWLYHV
GLVWULEXWHG
DQGWKHSRSXODU
EHLQJV
E\
JHRJUDSKV
LQPHOHH 
ERRNV
ZKLOH
RIFRPLF
IRU
WKH
RI
7KHLPSDFW
WKLV
WKH EHFRQVXPHG
6WLOO
DUWLFOH
SXUSRVH
E\WKHSXEOLF
GLYLGH
EHFDXVHWKH\
EHWZHHQ
DQGKLJKEURZ
LV RQ JHR SROLWLFDO
LVKHLJKWHQHG
FXOWXUH
DWWLWXGHV
ORZ
PLGGOH
PR
DOOWKUHH
KDYH
DWWKHGHYHORSPHQWDO
FRQWHQW
DQGWKHUHIRUH UHDFKWKHLU
DXGLHQFH
DUWLILFLDO
SROLWLFDO
\RXQJ
WRWKRVH
IRUPXODWHG
DUH
UHOHYDQW
ZKR
DUH
DUH
WR
IUDPHZRUNV
$PHULFDQ
ZKHQ
PHQW
EHLQJ
VHHNLQJVFXOSW
VRFLRVSDWLDO
WKHVHHPLQJO\
LQQRFHQW
QDWXUH
RI 'LMNLQN
,QGHHG
LGHQWLW\
 
ERRN
FRPLF
WKH
FRPLF
PHGLXP
LQZKLFK
FRQWULEXWHV
WRLWV
LQ
WKHJHQUH
6FLHQFHILFWLRQ
VXSHUKHUR
VLJQLILFDQFH
EHOR
WKHEDWWOH
RYHU
$PHULFDQ
FDQPRVW
LWXVXDOO\ ERRNVVXFKDV&DSWDLQ
$PHULFD
EHFDXVH
EURDGO\
LGHQWLW\
EHQHDWK
WKH
RIPRVW
FXOWXUDO
FULWLFV
7KLV FDWHGKDVEHHQWKHREMHFWRIUHFHQW
E\JHRJUD
RSHUDWHV
JD]H
DQDO\VLV
EDWWOH
WKH
RI
RYHU
KDV
$PHULFD
WHUPHG
WDOHVKDYHLQWHUHVWHG
EHHQ
WKH SKHUV
6FLHQFHILFWLRQ
JHRJUDSKHUV
PHDQLQJ
:DUV
DOWHUQDWLYH
&XOWXUH
LQH[SORULQJ
FRQVHUYDWLYH
FRPPHQWDWRUEHFDXVHRIWKHLUXVHIXOQHVV
RULJLQDOO\
E\
DQGRFFDVLRQDO
DQGVRFLDOUHODWLRQV
3DW%XFKDQDQ  JHRJUDSKLHV
RISRZHU
FDQGLGDWH
0RUHKRXVH
SUHVLGHQWLDO
RQERWK
ZLWK
VLGHV
DQG.QHDOHDQG:DUI
FXOWXUH
IRU VHHDOVR.LWFKLQ
SDUWLVDQV
VFDQQLQJ
SRSXODU
VXEYHUVLYH
RU
KDVODWHO\
XQ
WKDW
LQWHQWLRQDO
RWKHUZLVH 
HGJHGHYHU
PHVVDJHV
 )XUWKHUPRUH
JHRJUDSK\
RI
GHUPLQH
W
KHSRLQW
RUFKDOOHQJH
WKHLU
RI
HYHQ
W
R
IDYRUHG
F
RPLF
RU
W
KH
FORVHU
WR VXEMHFW
ERRNV
JHRSROLWLFDO
VFULSW
H[
$PHULFDQ
WKHDXWKRU
FDUWRRQV
.ODXV'RGGV  IRU
RIWKH VWXG\LQJ
LGHQWLW\
-RKQ
1H\5HLEHU
SROLWLFDO
$PHULFD
LQWKLV
RISROLWLFDO
FRPLFV
ODWHU
KDG DPSOHKDVHQJDJHGLQD FULWLFDO
DUWLFOH
DQDO\VLV
&DSWDLQ
DQDO\]HG
WKLV
WRVD\
DERXW
WKH
DWWKH
UHDFWLRQ FDUWRRQLVW
6WHYH%HOO
VZRUN
DGDPDQW
FORVHO\
DPELJXRXV
\HW
E\ORRNLQJ
LQ
F
UHDWHG
WRKLVSRVW
%HOO

W
KH
DQG
RI
  VSDWLDOLW\ LFRQRJUDSK\ LPDJHV
6HSWHPEHU KHUHLQDIWHU
,Q


:DU
%RVQLDQ
$PHU KLVFULWLTXH
RIWKHPLGV
VR
1HZVDUDPD
 >7@KH &DSWDLQ
GRLQJ
VWRU\OLQH
DUF KDVEHHQFDOOHG
RIOLWHU
LFDVWRU\
WKHODUJHU
KLVZRUN
ZLWKLQ
ERG\
ULJKWZLQJ
OHIWZLQJKHKDVVLWXDWHG
DQWL$PHULFDQ
DQG
$V'RGGV  VD\V
LQFULWLFDO
7R DWXUH
FRPPXQLVW
MLQJRLVW
JHRSROLWLFV
IODJZDYLQJ
RQLFRQRJUDSK\
IXUWKHU
LOOXVWUDWH
WKH
OLWHUDWXUH
RI
WKH
WKH
RI
FRQWUDVW
WR
SROLWLFDO
LPSRUWDQFH V\PERO >,@Q
H[LVWLQJ
KDVQRW
FRQVLGHU
WKH
WLWOH
DQ
FULWLFDO
RI
D
UWLFOH
FXOWXUDO
ZLWKLQ
$PHULFD
DYDLODEOH
&DSWDLQ
JHRSROLWLFV
JHRJUDSK\
7
KH
PDWHULDO
LQ
1
DWLRQDO
YLVXDO
5HYLHZ
RI
KRVW
LQFORVHDQGGHWDLOHG
VKRZ
DQG HQJDJHG
RQOLQH 
E\UDGLR
UHDGLQJV
DJHQHUDO
ILOP
0LFKDHO
FULWLF
0HGYHG
EHHQHPSOR\HG
WRLOOXVWUDWH
KDYHHLWKHU
$PHULFD ,PDJHV
 &DSWDLQ
LVVXHV
7UDLWRU"
7KHFRPLFERRN
KHURJRHVDQWL$PHULFDQDQDO\VLV
WRLOOXPLQDWH
RUXVHGRFFDVLRQDOO\
VSHFLILF
RWKHU
0HGYHG
WKH
7KLV
L
V
L
Q
F
RQWUDVW
WR
FRQFOXGHV
DUWLFOH
D
V
P
HGLD
VXFK
ZDU
E\
ZULWLQJ
UHSRUWLQJ
DFD
EHHQ
KDYH
W
KHUH
VLQFH
UHFHQWO\ PDQ\
GLVFLSOLQHV
:HPLJKW
VXFK
EODPH$PHULFD
IURP
H[SHFW
ORJLF
+ROO\ GHPLFVWXGLHV
RIVRFLRORJ\
LQWKHILHOGV
ERRNV
RIFRPLF
ZRRGDFWLYLVWV
DFDGHPLF
RUWKHDQJU\
DSRORJLVWV
SURWHVWHUV KLVWRU\
DQGOLWHUDWXUH
1\EHUJ
HJ5H\QROGV
ILOO
ZKR
WKH
VWUHHWV
RI
DQG
UHJXODUO\
(XURSHDQ
FDSLWDOV
PDQ\ %URRNHU.ORFN  +LVWRULDQ5\DQ(G

$PHULFD
DQGWKH&XOWXUH
:DUV
&DSWDLQ

$PHULFDQ
:KHQVXFKVHQWLPHQWV
WXUQ
FLWLHV 
PDMRU
XS
KLGGHQ
ZLWKLQ
KRZHYHU
VWDUVSDQJOHG
QRVWDOJLF
SDFNDJLQJ
ERRNV
RI
FRPLF
DLPHG
DWNLGV
ZHQHHGWRFRQIURQW
WKH
GHHS
PDODLVH
FXOWXUDO
WKHQDWLRQ
RQWKHHYHRIZDU
DIIOLFWLQJ

DERXW&DSWDLQ&DQ
ZDUGVRQ   KDVHYHQZULWWHQ
7KLVZRUN
LQ&DQDGLDQQDWLRQDOLVP
DQGKLVUROH
XFN
RIWKHVHVFKRODUV

DVDQH[WHQVLRQ
VKRXOGEHVHHQLQSDUW
ILQHZRUN
YHU\
WKHFXOWXUH
ZDUULRUV
WKDWKDYHGRPLQDWHG
7KLVDUWLFOHLVGLYLGHGLQWRWKUHHSDUWVHDFKXQLWHG
&OHDUO\

$PHULFDQ
VLQFHWKHHDUO\
VDUHSD\LQJ
DW
SROLWLFV
WR&DSWDLQ
WHQWLRQ
KDYH
D
WWDFKHG
$PHULFD
WKH\
SROLWLFDO
WRLWVFRQWHQW
LQSDUWEHFDXVH&DSWDLQ
VLJQLILFDQFH
LVDFKDUDFWHU
$PHULFD
WKDW
LVIDPLOLDU
WRVHYHUDO
JHQHU

$PHULFD
XVHRI&DSWDLQ
WKHLU
ZLWKWKHRWKHUV
WKURXJK
LQWRWKHFRQVWUXFWLRQ
WH[WV
DQGLPDJHVWRSURYLGH
LQVLJKW
7KHDUWLFOHEHJLQVZLWKDQLQWUR
RI$PHULFDQLGHQWLW\
GXFWLRQWRWKHFKDUDFWHURI&DSWDLQ$PHULFDDQGD

$PHULFD
V
DQG3RVW
5HIOHFWLRQV
RQ,GHQWLW\
&XOWXUH
*HRSROLWLFV
&DSWDLQ
(PSLUH
3RSXODU
GLVFXVVLRQ
RIWKHUROHKH SOD\VLQWKHUHVFDOLQJ
RI
$PHULFDQ
DQGWKH
LQVWLWXWLRQDOL]DWLRQ
RIWKH
LGHQWLW\
QDWLRQ
V
ZLWK
V\PEROLF
E\HQJDJLQJ
VSDFHDQGFRQWLQXHV
RIODQGVFDSH
WKHRULHV
DQGQDWLRQDOLVP
EH
LFRQRJUDSK\
IRUH
WKHLU
WR
FRQQHFWLRQ
$PHULFD
FRPLF
VKRZLQJ
&DSWDLQ
,QWKHILQDO
ERRNV
DUHDGLQJ
RISRVW
LVVXHV
VHFWLRQ
RIWKH&DSWDLQ
$PHULFD
ERRN
ZLOO
FRPLF
UHYHDO
DQXDQFHG
DQGXOWLPDWHO\
WKDWLQWHU
DPELJXRXV
JHRSROLWLFDO
VFULSW
$PHULFD
V
WHUULWRULDOL]DWLRQ
URJDWHV
SRVW



ZLWK
DVWUDQJH
IHVVRU
5HLQVWHLQ
VHHWKLQJ
OLTXLG
,QMHFWHG
LQ
D
WUDQVIRUPDWLRQ
*URZLQJ
XQGHUJRHVVWDUWOLQJ
5RJHUV
WR
DQG
PXVFOHV
DQG
H[SDQG WLJKWHQ
5RJHUV
V
KHLJKW PDVV
1RORQJHU
DIUDLO
RIKXPDQ
WKHSHDN
SDWULRW
SHUIHFWLRQ
QHZ
DQGD
D
KDVDPDVVLYH
KHQRZ
SURXG QDPH
SK\VLTXH
QHZHVW
7KHQDWLRQ
V
EROG
PLVVLRQ
VXSHUVROGLHU
&DSWDLQ
LVERUQ
$PHULFD
6LPRQ
DQG
LQWXUQ

ZKR
.LUE\
TXRWHV
 :ULJKW

 

LVSDUWLFL
$PHULFD
LVVXH
7KXVHYHQLQLWVILUVW
&DSWDLQ
RIJHRSROLWLFDO
UHDOLW\
SDWLQJLQWKHFRQVWUXFWLRQ
LQ
W
KH
ZRUOG
7KH
U
ROH
W
KH
8
6
RI
LWV
,WPD\
VHHP
REYLRXV
WKDW
D

$PHULFD
LV
WKURXJK
G
HVFULSWLRQ
&DSWDLQ
V\PERO
RUGHU
ZLWK
D
D
RXWOLQHV
GLDOHFWLF
LQVLGHURXWVLGHU
IRU
LW
L
V
W
KLV
REYLRXVQHVV
WKDW
PDNHV
KLP
JOREDO
VR
$PHULFD
\HW
$PHULFD
D

DQG
XVHIXO
IRU
ZDUPRQJHULQJ
(XURSH
SHDFHORYLQJ
VWXG\
RI
$PHULFD
DVDWHUULWRULDO
LGHQWLILHG
E\
V\PERO
&OHDUO\
DQGEOXHVWDUVSDQJOHG
7KHGRXEOH
RIEDQDOQDWLRQDOLVP
LQYROYHV
DFD KLVUHG
XQLIRUP
ZKLWH
&DSWDLQ
QHJOHFW
WKH
GHPLFV
5HQDQ  KDVFDOOHG
ZKDW
RIZKDW
LVURXWLQHO\
LVSDUW
LQ $PHULFD
IRUJHWWLQJ
IRUJRWWHQ
3HRSOH
HVWDEOLVKHG
QDWLRQV
RYHUORRN
WKHURXWLQH
RIQD FXOW
$PHULFD
9LOODLQV
RIWHQ
PRFN
RIWKHIODJ
IODJJLQJ
&DSWDLQ
WLRQKRRG
7KHIODJV
PHOW
LQWR
WKHEDFNJURXQG
DVRXU IRU
ULGLFXORXV
ZKLFKLVLQIDFWDYDJXHO\
KLVXQLIRUP
ZRUOG
LVH[SHULHQFHG
DVWKH
ZRUOG
7KHURXWLQH GLVSOD\
SDUWLFXODU
D

RIVWDUV
DQGVWULSHV
E\ SLUDWH
V
JORYHV
FRPSOHWHG
LQQRW
LQYROYHG
XQZDYHG
DEVHQWPLQGHGQHVV
QRWLFLQJ
IODJV DQGERRWV
RQKLVKHDGWKDW
VPDOO
DQG
ZLQJV
LQH[SOLFDEO\
RURWKHU
RIQDWLRQKRRG
KDVLWVUHIOHFWLRQ
LQDFD UHVHPEOH
V\PEROV
RIWKH5RPDQ
WKRVH
RQWKHDQNOHV
JRG0HUFXU\
GHPLF
WKHRU\
KLV
IULHQGV
QHYHU
PRFN
$PHULFD
V
1HYHUWKHOHVV
&DSWDLQ
  RXWILW
 %LOOLJ
LWLVLQWKHEDFN
WRWKHP
LWRGGEHFDXVH
RUWKLQN
FDOODQXQZDYHG
 ZRXOG
%LOOLJ
6LQFH&DSWDLQ$PHULFDLVVRFOHDUO\
D V\PERO
RI JURXQGZKDW
KLVIDVKLRQ
ZRXOGGDUHWRTXHVWLRQ
2QO\YLOODLQV
KHSURYLGHV
DQRSSRUWXQLW\
WRDQDO\]H
WKH IODJ
$PHULFD
WRUHSUHVHQW
LVLQWHQGHG
VHQVH7KDW&DSWDLQ$PHULFD
DQGV\PEROLF
DV
FKDQJLQJ
PHDQLQJ
VKDSHRI$PHULFD
EHVHHQDVVLPSO\
LGHDOFDQQRW
WKH$PHULFDQ
UHFRJQLWLRQ
WKHUHJLRQ
LVFRQWLQXDOO\
,ILGHQWLW\
FRQVWUXFWHG
LV
UH 
FODLPDERXW
DWUXWK
L
VLQVWHDG
EXW
RIRQWRORJLFDO
IDFW
DSHUIRUPDQFH
WKHQ$PHULFDQ
KDVEHHQSHU
LGHQWLW\
ERRNLFRQDQGIRUPHU
6WDQ/HHFRPLF
$PHULFDQQHVV
IRUPHG
VLQFH
LQ
$PHULFD
FRPLF


PRQWKO\
&DSWDLQ
$PHULFD
WKDW
ZULWHU
IRU
$PHULFD
&DSWDLQ
DUJXHV
&DSWDLQ
ERRNV&DSWDLQ$PHULFD
LQSULRU
ZDVFUHDWHG
WR
DQG
WKHEHVWDVSHFWVRI$PHULFD
FRXUDJH
UHSUHVHQWV
WKHHQWU\
RIWKH8QLWHG
6WDWHVLQWR:RUOG
:DU,,EXW
$
ZLWK
DXWKRU
 
KRQHVW\
FRUUHVSRQGHQFH
SHUVRQDO
DIWHU
WKHZDU
KDGEHHQRQJRLQJ
LQ(XURSH
DQG(DVW$VLD
$PHULFD
V
K
LV
RI
KRZHYHU
WLPHV
LPDJH
&DSWDLQ
IRUVRPHWLPH7LPHO\
&RPLFV ODWHU0DUYHO&RPLFV  SURGXFW
RI
WKH$PHULFDQ
PLUURU
DQGRULJLQ
LGHQWLW\GUHDP
LQDQDWWHPSW
FUHDWHG
WKHFKDUDFWHU
WRWDSLQWRWKHSD
KLVDOPRVW
6WHYH5RJHUV
ZLWK
EOXHH\HG
WULRWLF
WKDWZDVDZDNHQLQJ
FRQVFLRXVQHVV
LQ$PHULFD %ORQGHKDLUHG
KLVRZQ
RYHUFRPHV
QDPH 
REVHVVLYHO\
$QJOR$PHULFDQ
WKHFRQFHSW
DQGSODJLDUL]LQJ
RIWKHXQL
VWHDOLQJ
SDUWV
IRUKLV
D

V
ROGLHU
WREHFRPH
ZHDNQHVV
SURXG
SK\VLFDO
IRUP
IURP
D ULYDOFRPSDQ\
V
FKDUDFWHU
QDPHG7KH
FRXQWU\
6KLHOGVHH5R  )URPLWVEHJLQQLQJ
&DSWDLQ
LVUHVSRQVLEOH
IRU
VHUXP
WKHVXSHUVROGLHU
$OWKRXJK
$PHULFD
FRQVWUXFW
DQLGHQWLW\
IRU
$PHULFD
DQGD
KHOSHG
LQFULPH
$PHULFD
WKHVXFFHVV
RI&DSWDLQ
KLVSK\VLTXH

WKH&DSWDLQ
'HFRQVWUXFWLQJ

JHRSROLWLFDO
VFULSW

LQWKHVWRULHVWRKLVKDUG
LVFOHDUO\DWWULEXWHG
ILJKWLQJ
RIWKH+RUDWLR
DQ
H[WHQVLRQ
ZRUN
$OJHUVWRU\LQWR
,WLVWKHVSULQJ
RI7KHUXWKOHVV
RI(X
ZDUPRQJHUV
DQG VPDVKLQJ
ZKHUHIO\LQJ
RIVXSHUKHURHV
WKHZRUOG
KDYHFDVWWKHLU
RQDSHDFHORYLQJ
$PHULFD
URSH
VLJKWV
DQGWKH\RXWK
RIRXUFRXQWU\
KHHGWKHFDOOWRDUP
IRU WDQNVFRPH HDVLO\WR GR]HQVRIFRVWXPHGYLJLODQWHV
$VIRUHLJQ
GHIHQVH
RXWDZDYHRIVDERWDJH 0DFGRQDOGDQG0DFGRQDOG &DSWDLQ$PHULFD
V
DJHQWV
FDUU\
WKHIDFWWKDWKHKDVIHZHU
VXSHU
XQLTXHQHVVFRPHVIURP
DQGWUHDVRQ
WKH8QLWHG
WKHSUHVLGHQW
DX
6WDWHV
DJDLQVW
KLVUHDO
RWKHU
F
RVWXPHG
WKDQDOPRVW
K
HUR
DQ\
WKRUL]HV
D WRSVHFUHW
$PHULFDQ SRZHUV
SODQ$ SDWULRWLF
\RXQJ
VNLOOV /HH
DQGKLVOHDGHUVKLS
OLHLQKLVDWKOHWLFLVP
QDPHG6WHYH5RJHUV
WRRVLFNO\
DQGZHDNWRTXDOLI\
IRU VNLOOV
)HEUXDU\
ZLWKDXWKRU
FRPPXQLFDWLRQ
VWDQGDUG
YROXQWHHUV
IRU
DGDQJHURXV
VFLHQWLILF SHUVRQDO
 
HQOLVWPHQW
FRPLFVDUHODFHGZLWKLPDJHVRI
FRQGXFWHG
3UR
,QGHHG&DSWDLQ$PHULFD
H[SHULPHQW
E\WKHQDWLRQ
V
WRSVFLHQWLVW



'LWWPHU

WKH&DSWDLQ
KLVDFUREDWLF
ZKRGUDZV
LQWHQWLRQ
PDQHXYHUV
RUOLIWLQJ
LQQRFHQW
WKHPDQRISXUHO\
NLOOHU
SUDFWLFLQJ
DQGDF
PRUH
LQ
EXW
VKRRWV
W
KH
EDWWOH
VHFRQG
:KLOH
WKH
W
RKLP
WKH
86
TXLFNO\
JXQ
ZHLJKWV
JLYHQ
GUXJV
E\
,Q
DQG
F
RXQWOHVV
WKHVH
WKH
IRH
WKDQ
KDYHDGYDQWDJHG
KLVVWDUW
KLVFRQWLQ
GDVWDUGO\
FXUDWHO\
PD\
JRYHUQPHQW
H[HUFLVH
DQGKHURLQHV
WKH
RWKHU
LVVFULSWHG
H[DPSOHV
VXSHUKHURHV
XHGVXFFHVV
DVDWWULEXWDEOH
WRKLVFRQWLQXHG
IRU
*RG
LQ
ZLWK
HYLO
UHVHUYHG
RWKHUZLVH
GHDOLQJ
RQO\
SRZHUV
KDUGZRUN,Q IDFWD VVWRU\OLQH
KDG&DSWDLQ
DFLYLO
RI
W
KH
LQGLYLGXDWHG
HPERGLPHQWV
DUH
UHOLJLRQ
7KH\
$PHULFD
ORVHWKHVXSHUVROGLHU
EHFDXVH
VHUXP
RVWHQVLEO\
EXW
IRU
PHDQV
VHHNV
WR
U
HGHHP
WKH
ZRUOG
WKDW
E\
GHPRFUDF\
LWZDVRYHUORDGLQJ
LQUHDOLW\
KLVERG\
LWZDVH[SODLQHG
LQ
RI
OLPLWV
RQ
W
KH
H[HUFLVH
WUDQVFHQG
WKDW
GHPRFUDWLF
SRZHU
FROXPQ
WKHHGLWRU
V
WKDWWKHFUHDWLYH
WHDPPDGHWKH
GHFLVLRQ
EHFDXVH
RIWKHXQVHHPO\
RIWKH
$PHULFDQ
LPDJH
LGHDOEHLQJ
KRRNHG
RQDSHUIRUPDQFHHQKDQFLQJ
H[WUDRUGL
RIVRPHWKLQJ
WKHVHQVHRIEHLQJ
,QGHHG
GUXJ
SDUW
$
PHULFD
WR
WKH
F
RQWULEXWHV
WRWKH
LV
LQKHUHQW
WKH
$
PHULFDQ
)XUWKHUPRUH
QDWLRQ
VWRU\OLQHV
&DSWDLQ
QDU\
$PHULFDQ
QDUUDWLYH
WRGLHIRU
GH
$PHULFD
7KH&DSWDLQ
V
RI&DSWDLQ
JHRSROLWLFDO
E\EHLQJ
ZLOOLQJQHVV
XOWLPDWHO\
LQQDWXUH
IHQVLYH
UHLQIRUFHV
RIWKH$PHULFDQ KLVFRXQWU\
LQYLUWXDOO\
,QGHHGDFRQFHLW
LVVXH 
ZLWQHVVHG
HYHU\
QDUUDWLYH
LVWKDW$PHULFD
RIWKH
RIWKHQDWLRQLQWKHUHDGHUVKLS
JHRSROLWLFDO
RQO\DFWVLQWKH WKHFHQWUDOLW\
QDPHRIVHFXULW\
QRWHPSLUH
7UXHWRWKLV
IRU
$
V$QGHUVRQ
FRPLF
ERRN
IRUP
 VD\V
'\LQJ
\RXQJ
6WHYH5RJHUV
LQLVDUHOXFWDQW
DV
QRW
EXW
D

ZKLFK
RQHGRHV
Q
RW
RQH
V
ZDUULRU
FKRRVH
FRXQWU\
XVXDOO\
UHOXFWDQW
IRUWKH/DERXU
ZKLFKG\LQJ
SDWULRW .LUE\  , KDWHZDUDQG VXPHVDPRUDOJUDQGHXU
,FDQ
W
EORRGVKHGEXW
RUSHUKDSV
EHKLQGZKLOH
RWKHUV 3DUW\
WKH$PHULFDQ
0HGLFDO$VVRFLDWLRQ
VHQVHOHVV
VWD\
GRWKH
7KHUH
PXVW
,FDQGRVRPH HYHQ$PQHVW\
EHVRPHWKLQJ
IRU
WKHVH
DUH
FDQQRWULYDO
,QWHUQDWLRQDO
ILJKWLQJ
PH
I
RU
$IWHU
WKLV
KLP
Z
LOO
D
FFHVV
W
R
R
U
OHDYH
DW
WKH
DOO
ERGLHV
R
QHFDQ
SODFH
SOHDJDLQV
HDV\
&DSWDLQ
MRLQ
VHUXP
WKDWJLYHVKLPKLVVWUHQJWK
WKH
KLVFRXQWU\
LOOXVWUDWHV
DQG
$PHULFD
V
WRGLHIRU
VXSHUVROGLHU
ZLOOLQJQHVV
$PHULFD
LV
ZLWK
DZHDSRQ HVVHQWLDO
RIWKHQDWLRQWRKLPDQGE\H[
&DSWDLQ
TXLFNQHVV
SURYLGHG
FHQWUDOLW\
FRPLF
ERRN
KHURHV
DVKLHOG
7KLVHYHQW
WKHFRPLFERRN
LV
WRHYHU\
$PHULFDQ
XQLTXH
DPRQJ
WHQVLRQ
UHDGLQJ
RIKLVDVVRFLDWLRQ
LQGLFDWLYH
ZLWK
WKH$PHULFDQ
RI$PHULFDQ
H[
WKH
IRU
REMHFWLYHV
JHRSR 6XSSRUW
JHRSROLWLFDO
OLWLFDOVFULSW
0RVWVXSHUKHURHV
ZKRXVHSURSVFDUU\ FHSWLRQDOLVP
RI
WDFLW
H[WHQVLRQ
EHFRPHV
DQXQGHUVWRRG
RIIHQVLYH
$
PHULFD
KDVD
JODPRURXV
ZHDSRQV
&DSWDLQ
FLWL]HQVKLS
UDWKHU
$PHULFD
RQ
RI&DSWDLQ
$VMXVWLOOXVWUDWHG
WKHLPSDFW
XQJODPRURXV
\HWSDWULRWLFDOO\
FRORUHG VKLHOG
:KLOH&DSWDLQ$PHULFDKDVEHFRPHTXLWHJRRGDW
VXFK
RI$PHULFD
LVGLIIHUHQW
RWKHU
UHDGHUV
WKDQ
V\PEROV
KLVVKLHOG
DVDQRIIHQVLYH
KLVDELOLW\
ERWK
WR
RI
EDOGHDJOH
RUWKHIODJ
EHFDXVH
WKURZLQJ
ZHDSRQ DQGDOZD\V DVWKH
WRKDYH
LW
ERXQFH
EDFN
WR
LQ
W
KH
E
DOG
LV
WKDW
L
W
WR
QDUUDWH
$PHULFD
DQG
PDQDJLQJ
ULJKW
KLP 
ZD\V
HPERG\
IRU
WKHQDUUDWLYH
RI
$PHULFD
WKDW
KHHPERGLHV HDJOH
6XFKVWDWLF
QRQ
DQGRWKHU
FDQQRW
LPSRUWDQW
V\PEROV
IODJ
GHIHQVH
UDWKHU
WKDQ
RIIHQVH
EXW
WKHQDWLRQ
DQGFRQVWUXFW
KXPDQ
V\PEROV
UHSUHVHQW
:KLOHWKHGHILQLWLRQ
RIRQHSDUWLFXODU
WRLWLQWKHVDPH
$PHULFDQ GRQRWDOORZ
IRU
DSHUVRQDO
FRQQHFWLRQ
DQGJHRSROLWLFDO
LVDQLPSRVVLEOH
QDUUDWLYH
WDVN ZD\WKDW&DSWDLQ
$PHULFD
GRHV3DDVL  KDV
LGHQWLW\
GXHWRWKHFURVVFXWWLQJ
FXUUHQWV
RISROLWLFDO
EHWZHHQSODFH
ZULWWHQ
DERXWWKLVLQWHUFRQQHFWLRQ
WKRXJKW
DQGKXPDQ
WKDW
LQIOXHQFH
DUHQRW
WKHUH
DUH ERXQGDULHV
DQGVFDOH6FDOHV
IL[HG
H[SHULHQFH
RSLQLRQ
VHSDUDWH
GHILQLWH
WKHPHV
WKHGLVFRXUVH
DUH
EXWOLNHUHJLRQVSODFHV
UXQQLQJ
WKURXJK
%HDVOH\ OHYHOVRIWKHVRFLDOZRUOG
WROLEHUW\
DQGVHOIJRYHUQPHQWVWUXFWXUHG
LQGH
LQFRPSOH[
DQGLQVWLWXWLRQDOL]HG
 DOOXGHV
HTXDOLW\
ZD\V
DVWKHWHQHWV
RI$PHULFDQ
WKDWPD\EH
7KHVHTXDOL UHWHUULWRULDOL]LQJ
DQGGLVFRXUVHV
H[FHSWLRQDOLVP
SUDFWLFHV
WLHVWDNHPHDQLQJ
ZKHQ
F
RQWUDVWHG
EXW
RWKHU
DQG
FRQFUHWH
RQO\
DJDLQVW
SRZHUIXO ERXQGHG DOVRSDUWO\
SDUWO\
QDWLRQV 3RROH DQGVRWKH$PHULFDQ
V\PEROLF XQERXQGHG
YDJXHRULQYLVLEOH
WKDW
VHUYHV
DVDFXOWXUDO
&DSWDLQ$PHULFD
SURGXFW
VKDSHUHTXLUHVDGRPLQDQWJHRSROLWLFDO
VFULSWWRGHILQH
WKH$PHULFDQVHQVHRISODFHDQGSXUSRVHLQDFRPSOH[
ZRUOG$PHULFDQH[FHSWLRQDOLVP
WKXVDOVREHFRPHVWKH
WKHPHRIWKHGRPLQDQWJHRSROLWLFDO
ZLWK-HZHWW
VFULSW
DQG /DZUHQFH    SURYLGLQJDQ H[FHOOHQW
H[SODQDWLRQRIWKLVOLQNDJHEHWZHHQVXSHUKHURHV
JHR
DQG$PHULFDQH[FHSWLRQDOLVP
SROLWLFV

HIIRUW
DWUHVWUDLQW
LQWKHXVHRIIRUFH
>7@KHHODERUDWH
KLVRZQDJJUHVVLYH
VXSSUHVVLQJ
LQVWLQFWSODFHV
&DSWDLQ
LQWKHKHURLF
$PHULFD
WUDGLWLRQ
RIWKH$PHULFDQ
FRZER\

DQGLQYLVLEO\
FRQQHFWVWKHUHDGHU XVXDOO\
\RXQJ
YDJXHO\
WKH
DQGPDOHDVSLULQJ
WRKHURLVP 
WKURXJK ERG\RIWKH
RIVFDOH
7KLVEULGJLQJ
W
RWKH
VFDOHRI
WKH
QDWLRQ
KHUR
LV
IURP
WKHLQGLYLGXDO
ERG\WRWKHERG\SROLWLF QHFHVVDU\
ERXQGHGVWDWHRF
IRUWKHFRQVWUXFWLRQ
RIDWHUULWRULDOO\
FXSLHGE\DFRKHVLYHQDWLRQ3DDVL  UHLWHUDWHV
WKLVSRLQW7KH LQVWLWXWLRQDOL]DWLRQGHLQVWLWXWLRQDOL]D
WLRQRIUHJLRQSODFHDQGVFDOHDUHLQIDFWLQVHSDUDEOH
HOHPHQWVLQWKHSHUSHWXDOSURFHVVRIUHJLRQDOWUDQVIRU
PDWLRQ7KXVLWLVQRWHQRXJKWRIRVWHU
WHUULWRULDOLW\

$PHULFD
V
5HIOHFWLRQV
RQ,GHQWLW\
DQG3RVW
&XOWXUH
(PSLUH
3RSXODU
*HRSROLWLFV
&DSWDLQ



WKHDEVWUDFW
DQGQDWLRQDO
LQGLYLGXDOV
LGHQWLW\
GHVSLWH
DQG
DVD
RI
F
ROOHFWLYH
LGHQWLW\ WHUULWRU\ SROLWLFDO
RULJLQV
WKHVFDOHRIWKHQDWLRQ
:HQRZ
PXVW
LQWHUQDOL]H
SURMHFW
RIWKDW
DQGWHUULWRU\
WRWKHFRQVWUXFWLRQ
WXUQ
LGHQWLW\

WKHPXUGHUHU
DQGWUHDWV
WKHUHDGHUWRDQLPDJHRI
WKH&DSWDLQEXUVWLQJ
LQWRD URRPLQ*HUPDQ\
DQG
+LWOHU
RQ
WKH
VHH
QLQH
FRYHU )LJXUH
IHDWXUHG
 
GHFNLQJ
PRQWKV
EHIRUH
3HDUO
+DUERU
DQGWKH
$PHULFDQ
LQWR
HQWU\
::,,,QDIWHU
VDERWHXUV
DQGVSLHVRQ
FDWFKLQJ
DQGILJKWLQJ
$PHULFDQ
WKHKRPHIURQW
DORQJVLGH
WURRSV
&DSWDLQ$PHULFDDQGWKH2WKHU
LQ(XURSH
ZDV
DQGWKH3DFLILF
XQWLO
::,,
VHH)LJXUH
 
$PHULFD
7KH
$
PHULFD
VHUYHV
DVDWHUULWRULDO
WKDW
&RPLFV
IROGHG
ILQLVKHG
V\PERO
FRPSOHWHO\
&DSWDLQ
&DSWDLQ
LQWKHVDQGELOOHGDV&DSWDLQ
LQWKHFRQVWUXFWLRQ
ZDVUHYLYHG
RIGLIIHUHQFH
EHWZHHQ WLWOH
SDUWLFLSDWHV
 &RPPLH6PDVKHU
LQDQHIIRUW
WRIHHG
RQHUHJLRQ
6WDWHV DQGRWKHU
WKH $PHULFD
WKH8QLWHG
UHJLRQV
'HUHN*UHJRU\
RQWKHJHRSROLWLFDO
QDUUDWLYH
RIWKHQHZ
UHVW
RIWKHZRUOG 
 LOOXVWUDWHV V\PELRWLFDOO\
LQVKDSLQJ
LP &ROG:DU VHH)LJXUH
WKLV
)RXFDOGLDQ
RUGHU
RIWKHVHULHV
ZDVEULHI
WKHUROHRIILFWLRQ
 7KLVUXQ
KLVGLVFXVVLRQ
RI
EHFDXVH
L
WGLG
QRW
RQRXUZRUOGYLHZV
WKURXJK
HIIHFWLYHO\
HQJDJHLQWKDW
SHUKDSV
SRVHG
WHUP
FRLQHG
QDUUDWLYH
7KHVHULHV
RIIHUHG
QRIXUWKHU
GLVFXVVLRQ
RI
D
RULJLQDOO\
E\
LPDJLQDWLYH
JHRJUDSKLHV
&ROG
:DU
L
VVXHV
WKH
WKDW
&
RPPXQLVWV
(GZDUG
6DLG 
EH\RQG PHVVDJH
ZHUH
DQGSRRU
GUHVVHUV
HYLO

RYHUZHLJKW
:ULJKW
DVWKH
LQYHUVH
RIRXU
D
7KHLU
LVRIWHQ
VHHQ
VSDFH
VSDFH
 
LQWKHSKRWRJUDSKLF
VHQVH
WKDW
VRUW
RIQHJDWLYH
WKH\
7KHWKLUG
DQGVWLOO
LQFDUQDWLRQ
RI&DSWDLQ
RQJRLQJ
LQWR
OLNH
EXW
DOVR
WKH
VLWH $PHULFD
XV
VRPHWKLQJ
PLJKW
GHYHORS
LQ
$PHULFD
V
UHYLYDO
Z
LWK

EHJDQ
&DSWDLQ
DUH
VHHQ
VRPHKRZ
WRODFN
WKH
RI
DQDEVHQFH
EHFDXVH
WKH\
LQ
DIWHU
IRXQG
IUR]HQ
D

1RUWK
$WODQWLF
VLQFH
EHLQJ
LFHEHUJ
XV:H
WRQDOLWLHV
WKDWVXSSRVHGO\
GLVWLQJXLVK
SRVLWLYH
:DU,,,QWHUHVWLQJO\
WKLVHIIHFWLYHO\
GLVDYRZHG
:RUOG
DVIDEULFDWLRQV
D
WKLQN
RILPDJLQDWLYH
JHRJUDSKLHV
PLJKW
FRPELQHV
ILFWLRQDOL]HG
$QG
ZRUG
WKDW
XVHIXOO\
VRPHWKLQJ
;
; 
;



 
 



 






PDGHUHDO
EHFDXVH
DUHLPDJLQDWLRQV 






VRPHWKLQJ


WKH\















,
















VXEVWDQFH
JLYHQ




,1.
















H
 
;;
V

DUHQRWLQVLJQLIL
7KHHIIHFWV
RILPDJLQDWLYH
JHRJUDSKLHV
LQSDUW
DUHSHUIRUPDWLYH
RXWOLQH
EHFDXVH
FDQW
WKH\
WKH\
ZKLFK
WKHZRUOG
FDQEHYLHZHG
ZKLFK
DIUDPH
WKURXJK
RUFRQVXPHU 
WR
WKHQHQDEOHVWKHUHDGHU RUYLHZHU
DQG
D
FW
E
DVHG
R
Q
LW
WKDW
IUDPH
DGRSW
DQGGLFKRWRPRXV
UHOD
7RXQGHUVWDQG
WKHV\PEROLF
DQGWKH
EHWZHHQ
&DSWDLQ$PHULFD866HOI
WLRQVKLS
DWWHQWLRQ
PXVW
EHSDLGWR
6XSHUYLOODLQ*HRULYDO2WKHU
$PHULFD
LFRQLWVHOI
WKHKLVWRU\
RIWKH&DSWDLQ
&DSWDLQ
DGLIIHUHQW
RI
$PHULFDQ
$PHULFD
LGHQWLW\
W\SH
UHSUHVHQWV
D
VDQDOLHQ
F
RPH
W
R
HP
WKDQ6XSHUPDQ
ZKR
HDUWK
$PHULFDQ
2WKHU
ERGLHV
WKHXOWLPDWH
LPPLJUDQWWKH
WRILJKW
IRU
ZKRLVQHYHUWKHOHVV
WUXWK
ZLOOLQJ
MXVWLFH
LVWKH
$PHULFDQ
RI
DQGWKH
VWRU\
ZD\
RULJLQ
6XSHUPDQ
V
ZLWKDQRXWVLGHU
LGHDO$PHULFDQ
QDUUDWLYH
LPPLJUDQW
DQGIXOO\
DV
RU2WKHU ZKRDGRSWVDQHZKRPHODQG
F
XOWXUH
VLPLODWHV
KDSSLO\DEDQGRQLQJ
DQ\SUHYLRXV
RI
*RUGRQ LQVWHDG
&DSWDLQ$PHULFD
VQDUUDWLYH
LVD QDWLYLVW
RILQGLYLGXDOLVW
IDQWDV\
RULJLQ
SDWULRW
LVPZLWK&DSWDLQ$PHULFD
V DQGWKXV$PHULFD
V YDO
2WKHUV
XHVFRQWUDVWHG
DJDLQVWKLVXQ$PHULFDQ
RIWKH$PHULFDQPLOLWDU\
7KH&DSWDLQDVDSURGXFW
LQGXVWULDO
EHJLQVDVDWRRORIWKHHVWDEOLVKPHQW
FRPSOH[
,QKLVILUVW
IRU
$PHULFDQ
DQGDSUR[\
LVVXH
IRUHLJQ
SROLF\
ZKHQD 1D]LVDERWHXUDVVDVVLQDWHVWKHFUHDWRURIWKH
VHUXP 'U5HLQVWHLQDQREYLRXVDOOX
VXSHUVROGLHU
VLRQWR $OEHUW(LQVWHLQ &DSWDLQ $PHULFDFDSWXUHV

:"L








R

0$ 





[
RS
"J
="

9
=

/
MY






4


";


P[

I
;;

VR
$DO








$

"]
;








3LN

)







7KHILUVW
YLVXDO
$PHULFDWKH
FRYHU
UHIHUHQFH
WR&DSWDLQ
)LJXUH

RI
$PHULFD
&RPLFV
7KH&DSWDLQ
DFWV
RXW
WKH
$PHULFDQ
&DSWDLQ
6HYHUDO
QLQH
PRQWKV
WR3HDUO
+DUERU
HDUO\
IDQWDV\
JHRSROLWLFDO
SULRU
FRYHUV
ZRXOG
IHDWXUH
$PHULFD
+LWOHU
&DSWDLQ
GHFNLQJ



'LWWPHU














ZLOOD





7KH
FRYHU
RI

$PHULFD
&RPLFV

/LNH
PXFK
RI
)LJXUH
&DSWDLQ
LQ::,,
$PHULFDQ
$PHULFD
WKH
SURSDJDQGD
&DSWDLQ
SRUWUD\HG

DVVXEKXPDQ
-DSDQHVH

WKH&RPPLH
6PDVKHU
HUDRI&DSWDLQ
ZKLFK
$PHULFD
LQDQLFHEHUJ
QHYHUKDSSHQHGVLQFHKHZDVIUR]HQ
&RPPLH
6PDVKHU
ZDV\HDUV
ODWHU
&DSWDLQ$PHULFD
UHYHDOHG
WREHDQLPSRVWHU
7KLVGLVDYRZDO
UHIOHFWHG
WKH
FOLPDWH
RI
LQ
$PHULFD
FKDQJLQJ
SROLWLFDO
SRVW0F&DUWK\
ZKLFK
$PHULFDQLVP
ZDV
G
HHPHG
E
H
WR
I
DOVH
0F&DUWK\LWH
ZKREURXJKW
,QGHHG6WDQ/HHWKHZULWHU
SDWULRWLVP
LQWKHV
EDFN&DSWDLQ
$PHULFD
KDVVDLG
UHJDUGLQJ
WKHSURGXFWLRQ
WKDWHYHU\WKLQJ
WKDWLVKDS
SURFHVV
DWWKHWLPH
DVWRU\
LVZULWWHQ
KDVDQHIIHFW
RQWKDW
SHQLQJ
ZKHWKHU
DQ
REYLRXV
HIIHFW
RU
D
VXEOLPLQDO
RQH
:H
VWRU\
DUH
DOOLQIOXHQFHG
DQGDIIHFWHG
>FUHDWLYH
E\WKH
VWDII@
DURXQG
XVDWDQ\JLYHQ
HYHQWV
RIWKHZRUOG
WLPH
SHU
VRQDOFRUUHVSRQGHQFH
DGLIILFXOW
 7KHVZHUH
WLPHWRZULWH
$PHULFD
$V$PHULFD
EHFDPH
&DSWDLQ
LQWKH
HPEURLOHG
9LHWQDP
$PHULFD
V
UROH
DV
:DU
&DSWDLQ
WKHHPERGLPHQW
RI
$PHULFDQ
YDOXHV
KLP
LQ
SXW VTXDUHO\
WKHPLGGOH
RIWKHSROLWLFV
RIWKHWLPH
:LWK
WKH$PHUL
FDQSHRSOH
WRUQ
EHWZHHQ
FRPSHWLQJ
JHRSROLWLFDO
VFULSWV
WKHUH
ZDVSUHVVXUH
ERWKIRU
DQGDJDLQVW
$PHU
&DSWDLQ
LQWKHZDULQ9LHWQDP
LFD
VLQWHUYHQWLRQ
$VWKHZDU

7KHFRYHU
RI
$PHULFD
WKH

V
)LJXUH
&DSWDLQ
'XULQJ
EDWWOHG
)LIWK
&ROXPQLVWV
DQG&RPPXQLVW
VDER
&DSWDLQ$PHULFD
WHXUV
XQGHU
WKHWLWOH
 &RPPLH
$PHULFD
6PDVKHU
&DSWDLQ

RIWKH
RQLWEHFDPHFOHDUWKDWWKHPDMRULW\
JURXQG
ZDQWHG
$
PHULFD
WRUHPDLQ
LQWKH
UHDGHUVKLS
&DSWDLQ
8QLWHG
I
RU
WKH
P
RVW
KHGLG
6WDWHV
DQG
SDUW
:ULJKW
 
,QWKHV
$PHULFD
FRQWLQXHG
WRIROORZ
WKH
&DSWDLQ
LVVXHVRIWKHWLPHV
LQZKLFKLWZDVZULWWHQ
EDWWOLQJ
DQGSROOXWLRQ
7KHVSOLQWHULQJ
RI
UDFLVP
DJDLQVW
SRYHUW\
WKHP\WK
RI$PHULFDQ
LVGRFXPHQWHG
KRPRJHQHLW\
WKHLVVXHV
RIWKHV
DV&DSWDLQ
$PHULFD
WKURXJKRXW
ZLWK
DQ
$IULFDQ
$PHULFDQ
VRFLDO
ZRUNHU
SDUWQHUHG
7KH
)DOFRQ DQGGDWHGD IHPLQLVW
&DSWDLQ$PHULFDGH
VFULEHG
WKLV
LQWKH
RI$PHULFDQ
IUDJPHQWDWLRQ
LGHQWLW\
RIWKHFRPLF
ERRN (QJOHKDUW
DQG%XVFHPD

SDJHV
KDYHPDQ\
VRPH
R
I
W
KHP
 $PHULFDQV
JRDOV
TXLWH
WRRWKHUV
,QWKHODQGRIWKHIUHH
HDFKRIXVLV
FRQWUDU\
DEOHWRGRZKDW
KHZDQWV
WRGRWKLQN
ZKDW
KHZDQWV
WR
WKLQN
7KDW
VDVLWVKRXOG
IRU
DJUHDW
EHEXWLWPDNHV
YHUVLRQV
RIZKDW$PHULFD
LV,QWKH
PDQ\GLIIHUHQW
$PHULFD
FRQWLQXHG
KLVSDWKRISROLWLFDO
V
&DSWDLQ

$PHULFD
V
5HIOHFWLRQV
DQG3RVW
RQ,GHQWLW\
&XOWXUH
*HRSROLWLFV
&DSWDLQ
(PSLUH
3RSXODU



WRQDWLRQDOLVW
DVHFRQG
 +HUEDGYRFDWHV
FRPSRQHQW
WKDW
RI
W
HUULWRULDO
ERQGLQJ
WHUULWRULDOLW\
LV
QDWLRQDOLVP
LVDWDFWLF
7HUULWRULDO
E\ZKLFK
ERQGLQJ
WKHHOLWHV
HYRFDWLRQRIHPRWLRQDO
IRVWHUHG
WKURXJK
WKDWVXFK
+HUEDUJXHV
WRUHJLRQDO
ODQGVFDSHV
OLQNDJHV
WKH
RI
V
FDOH
W
KH
ORFDO
RFFXUV
DW
DORQJVLGH SURFHVV
ERQGLQJ
WHUULWRULDO
LQWKH
FDVHRI
*HUPDQ\
ERXQGDU\
PDNLQJ
+HLPDW
WDNHV
WKHIRUP
RI+HLPDW
UHLQWHUSUHWV
ERQGLQJ
RISODFHLQWRD FROOHFWLYH
WKHLQGLYLGXDO
H[SHULHQFH
RIEHORQJLQJ
WRD JURXSDQGLWVYDOXHVWKH
IHHOLQJ
OHDUQDERXWSODFH
 :KHQFKLOGUHQ
QDWLRQ
*HUPDQ
RI
DQGRWKHU

IDFWV

KLVWRULFDO
IRONORUH
HYHQWV
QDPHV
WRUHFRJQL]H
DUHWDXJKW
ORFDODUHD WKH\
WKHLU
DQG
HVVHQFH
+HUE 7KURXJK
ORYH LWV
*HUPDQ

FLWL]HQV
WRWKHORFDOODQGVFDSH
WKHLU
FRPPRQ
OLQNDJH
ZH
LQWKHFROOHFWLYH
FRPHWRWKLQN
LVLWV
VRSRZHUIXO
RI+HLPDW
:KDWPDNHV
WKHFRQFHSW
LQ*HU
+HUEDUJXHV
WKDW
DQ\SODFHRUUHJLRQ
IOH[LELOLW\
DQGWKXVHYHU\
WRDV+HLPDW
FRXOGEHUHIHUUHG
PDQ\
HDFK
DV*HUPDQ
ZLWK
FDQEHGHVFULEHG
SODFHLQ*HUPDQ\
LP
WR
WKH
DOOXGHV
VR
$QGHUVRQ
 
UHJLRQ
XQLTXHO\
DEVWUDFW
FRP
IRU
RI
W
KH
+
HLPDW
SKHQRPHQRQ
SRUWDQFH
YLVXDO
FXOWXUH
IURP
ZKHQ
KHGHVFULEHV
IRUPDWLRQ
PXQLW\
WKDW
VXFKDV&KULVWHQGRP
VDFUHG
FRPPXQLWLHV
SUHGDWH
HWF
WKHQDWLRQ
7KHVHVWDLQHG
ZLQGRZV
SDLQWLQJV
JODVV
LQ
W
KH
GUHVVHG
DOOSRUWUD\HG
KLVWRULF
VW\OH
ILJXUHV
UHOLJLRXV
ZKR
7KHVKHSKHUGV
ZKRPDGHWKHLPDJH
RIWKHSHRSOH
ZKHUH&KULVW
KDYHIROORZHG
WKHVWDUWRWKHPDQJHU
RI%XUJXQGLDQ
LVERUQEHDUWKHIHDWXUHV
SHDVDQWV
7XVFDQ
P
HUFKDQW
V
DVD
L
V
7KH9LUJLQ
0DU\ ILJXUHG

7KLV
W
KH
F
RVPLFXQLYHUVDO

RI
GDXJKWHU
MX[WDSRVLWLRQ
YDVW
WKDWKRZHYHU
PHDQW
DQGWKHPXQGDQHSDUWLFXODU
WREHLWPDQL
EHDQGZDVVHQVHG
DQG1DWLRQDO &KULVWHQGRP
PLJKW
3RSXODU&XOWXUH
/DQGVFDSHV
RU$QGDOXVLDQ
6ZDELDQ
WRSDUWLFXODU
IHVWHG
LWVHOI
YDULRXVO\
,GHQWLW\
RIWKHPVHOYHV
FRPPXQLWLHV
DVUHSOLFDWLRQV
$QGHUVRQ
FXHVLQ
WKHYLVXDO
7HUULWRULDO
 6LPLODUO\
'LIIHUHQWLDWLRQ
DQG%RQGLQJ
&DSWDLQ
RI
WKDW
VDPHMX[WDSRVLWLRQ
IRU
DOORZ
$PHULFD
ODQGVFDSHV
,WLV
+HUE  DUJXHV
WKDW
WKHFRQWLQXRXV
DQGWKHPXQGDQHSDUWLFXODU
FRQVWUXFWLRQ WKHQDWLRQDOXQLYHUVDO
EHFRPH
RIQDWLRQDO
VRPH
FDQEHGLYLGHG
LQWRWZRSURFHVVHV WKURXJK
WKDW
WKLV
ODQGVFDSHV
LGHQWLW\
MX[WDSRVLWLRQ
Q
DWLRQ
WHUULWRULDO
W
KH
GLIIHUHQWLDWLRQ
F
ULWLFDO
DQGWHUULWRULDO
DQG
7KH
WR
IRU
V\PEROLF
ERQGLQJ
SDUWLFXODUO\
ILUVW
LVWKHRQHRXWOLQHG
LQWKHLQWURGXFWLRQ
WR
SURFHVV
WKLVDUWLFOHZKHUHE\D ERXQGHGJHRJUDSKLFHQWLW\LV
6\PEROLF
/DQGVFDSHVDQGWKH1DWLRQ

WKDWEHJDQLQWKHV3UHVVXUHG
DZDNHQLQJ
E\WKH
$PHULFDQ
WR
V
XEPLW
L
WV
DV
WR
KH
RUGHUV KDG
JRYHUQPHQW
LQWKHV
VXEPLWWHG
6WHYH5RJHUV
JDYHXSWKHXQL
IRUP
DQGIRXJKW
FULPH
DVDQLQGHSHQGHQW
KLV
YLJLODQWH
QHZQDPH
UHIOHFWHG
KLVSODFHOHVVQHVV 
EHIRUH
1RPDG
ODWHU
EDFNWRWKHXQLIRUP
DQGWLWOH
DIWHU
DJRY
FRPLQJ
HUQPHQW
7KLV
DIILUPHG
ZKDW
K
DG
EHHQ
DSRORJ\ HSLVRGH
VLQFH
W
KH
UHWXUQ
LQ
KHZDVGH
LPSOLFLW
&DSWDLQ
V
KLVJRYHUQPHQW
DUXJJHG
LQGLYLGXDOLVW
(YHQ
VSLWH
RULJLQV
ZKHQ
KHSXUVXHG
$PHULFDQ
KHZDV
IRUHLJQ
JRDOV
SROLF\
QRWGLUHFWO\
ZLWK
DIILOLDWHG
WKH$PHULFDQ
JRYHUQPHQW
7KHSUHFHGLQJ
GLVFXVVLRQ
KDVEULHIO\
RXWOLQHG
WKH
FKDUDFWHU
DQGKLVWRU\
RI
$PHULFD
ZLWK
DSXUSRVH
&DSWDLQ
RIFRQQHFWLQJ
WKLV
ILFWLRQDO
WRWKH
FRQVWUXFW
SHUVRQ
ODUJHU
RI$PHULFDQ
,WVKRXOGEHFOHDUWKDW&DSWDLQ
LGHQWLW\
$PHULFD
LVPRUH
WKDQ
DQDUWLIDFW
RI
IRU
HQWHUWDLQPHQW
MXVW
FKLOGUHQ
DQG\RXQJ
LVDWUXWK
DGXOWV
LW
FODLP
,QVWHDG
WKHFKDUDFWHULVWLFV
WKDW
GHILQH
$PHULFD
UHJDUGLQJ
DJDLQVW
DEDFNGURS
RI
RWKHUQHVV
$PHULFD
WKH
DQGWKXV
&DSWDLQ
$PHULFDQ
ZLWKRXW
DJRYHUQPHQW
LGHDO LVSDWULRWLF
EHLQJ
KHLVDVHOIPDGH
LQGLYLGXDOLVW
ZKRVWLOO
VWRRJH
UXJJHG
FDUHVDERXWKLVFRPPXQLW\
DQGQDWLRQ
KHLVZLOOLQJ
WR
VWDQG
ZKDW
KHEHOLHYHV
EXWLVXOWLPDWHO\
GHIHQVLYH
XSIRU
RIWKHVWDWXV
KHLVZKLWH
DQG
TXR)XUWKHUPRUH
DOWKRXJK
DZDUHWKDW$PHULFD
LVPXFK
PDOHKHLVLQFUHDVLQJO\
PRUHGLYHUVH
:KLOHUHPDLQLQJ
VRPHZKDW
RQHGLPHQ
VLRQDO
WKH
DQG
KDV
$PHULFD
GXULQJ V V
&DSWDLQ
EHFRPH
DG\QDPLF
FKDUDFWHU
RYHUWKHODVWIRXU
GHFDGHV
LQWLPH
WRWKHVKLIWLQJ
RIWKHTXHVWLRQ
FKDQJLQJ
SROLWLFV
ZKDW
GRHV$PHULFD
PHDQ"

FUHDWHGWKURXJK
D SURFHVVRIH[FOXVLRQYLVDYLVRWKHU
XQLWVDQGWKHSHRSOHDVVRFLDWHGZLWKWKHP
JHRJUDSKLF
+HUEDUJXHVWKDWWKLVSURFHVVLVQRWVXIILFLHQW
IRUDQ
RIKRZQDWLRQDOLVP
E
HFRPHVZHGGHGWR
H[SODQDWLRQ
:KLOHVFKRODUVRIFULWLFDOJHRSROLWLFVKDYH
WHUULWRU\
VKRZQFRQYLQFLQJO\
KRZERXQGDULHV
DUHFUXFLDOLQFRQ
D QDWLRQDOLGHQWLW\
, IHHOWKHLUWUHDWPHQW
LV
VWUXFWLQJ
LPEDODQFHGEHFDXVHLWGRHVQRWJLYHVXIILFLHQW
DWWHQWLRQ
WRWKHSURFHVVRIDWWDFKPHQW
WKDWLVH[HPSOLILHG
LQWKH
QRWLRQRIWKHQDWLRQDVDORFDOPHWDSKRU +HUE

6\PEROLF
ODQGVFDSHVVHUYHWKHSXUSRVHRIUHSURGXF
WKHYDOXHVRIGRPL
F
XOWXUDO
DQGHVWDEOLVKLQJ
QRUPV
LQJ
QDQWJURXSVDFURVVDOORID VRFLHW\ &RVJURYH
 ,QGHHGLWKDVEHHQDUJXHGWKDWWKH\DUHSDUWRI
WKHYHU\LGHDRID GRPLQDQWJURXS1D
HVWDEOLVKLQJ
RID SDU
WLRQKRRG LQYROYHVDGLVWLQFWLYH
LPDJLQLQJ
VRUWRI
URRWHGLQDSDUWLFXODU
WLFXODUVRUWRIFRPPXQLW\
RI
SODFH %LOOLJ  5HSUHVHQWDWLRQV ODQGVFDSHV
EXWLQVWHDGFDQ EH DQ
DUH QRW QHFHVVDULO\
SK\VLFDO


Related documents


cna 13 dittmer
case study
5 the vampire adept bible
galapagos islands description and calendar
2015 csa retired soldier council report 1
search fund economics 1

Link to this page


Permanent link

Use the permanent link to the download page to share your document on Facebook, Twitter, LinkedIn, or directly with a contact by e-Mail, Messenger, Whatsapp, Line..

Short link

Use the short link to share your document on Twitter or by text message (SMS)

HTML Code

Copy the following HTML code to share your document on a Website or Blog

QR Code

QR Code link to PDF file CNA-13 Dittmer.pdf