7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 1/36
Ospogdhcdzhnh oe ch Ndvuc`hgd÷e no ch Gucturh Ospárdth y ×r`heb Bigdhc no ch Ionorhgd÷e Ospárdth Osphøbch
Ch Ydnh oe oc auenb ospdrdtuhc
Zsdgbcb`áh oe oc aès hccèZè`deh 8>%%%
Èe`ocos @uhrndheos# Ospárdtus Zrbtog!tbros# Ihadcdhros y Wdapètdgbs
Zè`deh 60%%%Zordospárdtu
Zè`deh 66%%%
Cbs Wuoøbs OspdrdtuhcosZè`deh 6?%%%
Hnoaès%%%
Ch Ospdrdtuhcdnhn oe oc Gdeo;–EBWWB CHV‑
Oetrovdsth h%%%Whetdh`h Eb`uorb Zè`deh 8:%%%
Vovdsth OspárdthEûaorb; > • Ondgd÷e Woptdoafro 6:86 • Zrogdb; 7₣
no ch IOO
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 2/36
6 Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
mttp;""www%ospdrdtdsab%os
Gorgh no 6:: cdfrbs nd`dthcos
H ue –gcdgl‑ noc gbebgdadoetb
Nosghr`uo cdfrbs`rhtudthaoeto nosno
Zr÷xdab eûaorb;Wd`uoebs oe;
mttp;""www%ospdrdtdsab%gg"ihgofbbl
mttp;""www%ospdrdtdsab%gg"twdtor
mttp;""www%ospdrdtdsab%gg"ybutufo
Ospogdhcdzhnh oe ch Ndvuc`hgd÷e no ch Gucturh Ospárdth y ×r`heb Bigdhc no ch Ionorhgd÷e Ospárdth Osphøbch
Mdstbrdh noc OspdrdtdsabVovdsth Ospárdth
Eûaorb;
6 •Ondgd÷
e Ebvdoafro 6
:88 •Zrog
db; 7 m
no ch IOO
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 3/36
Ondtbrdhc >
Ghrths hc Ndrogtbr ?Vovdsth Ospárdth Kuedb 8=96% Zrdegdpdb vdthc no chs Wbgdonhnos ospárdths 9
Hcche Lhrnog
Fdb`rhiáh% Wdr Hrtmur Gbehe Nbyco =
Kuhe Ad`uoc Ioreèenoz
Oetrovdsth h%%% Whetdh`h Eb`uorb 8:
Chs Gbcbedhs Ospdrdtuhcos 86
Ghrcbs Ghapottd
Zsdgbcb`áh oe oc aès hccè 8>
Khehdeh Adeoccd no Bcdvodrh
Ospárdtus orrhetos 8=
Gchûndh Forehrnos no Ghrvhcmb
Zordospárdtu 66
Vhihoc Hrdhs
Cbs Wuoøbs Ospdrdtuhcos 6?
Haphrb @hrgáh
Èe`ocos @uhrndheos# Ospárdtus Zrbtogtbros# Ihadcdhros y Wdapètdgbs 60Bsghr Vhabs
Ch Ospdrdtuhcdnhn oe oc Gdeo; Ebssb Chr -Euostrb Mb`hr$ 6=Cbch @hrgáh
Vovdsth Ospárdth no ch IOOOspogdhcdzhnh oe ch Ndvuc`hgd÷e no ch GucturhOspárdth y ×r`heb Bgdhc no ch Ionorhgd÷eOspárdth Osphøbch%Gbbrndehnbr ondgd÷e; Whcvhnbr AhrtáeGbbrndehgd÷e hrtágucbs; Cbch @hrgáh^rhnuggdbeos; Khvdor Vbnrá`uoz%
Gbbrndehgd÷e noc ndsoøbo daprosd÷e; Kbhquáe MuotoFdb`rháhs y oetrovdsths; Kuhe Ad`uoc Ioreèenoz Auøbz
Ahquothgd÷e; BFBBLNdstrdfugd÷e; Khvdor Vbnrá`uoz
Vovdsth ondthnh pbr ch Ionorhgd÷eOspárdth Osphøbch%Oetdnhn sde èedab no cugrb# I!?60 nocVo`dstrb Ehgdbehc no Hsbgdhgdbeos%Zhrh ahybr debrahgd÷e# ghrths hcndrogtbr# gbaprh no cdfrbs bsusgrdpgdbeos# ndrd`drso h;Ionorhgd÷e Ospárdth Osphøbchmttp;""www%ospdrdtdsab%osdebJospdrdtdsab%ggtoc% 969 788 ==8
Daprosd÷e BFBBLN%C%; H!>8=!6:88
ÁENDGO
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 4/36
> Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
H cb chr`b no ch mdstbrdh# chs aès dapbrthetosrocd`dbeos ebs mhe prosoethnb ueh vdsd÷e no ch vdnhospdrdtuhc auy pbgb noednh# dekusth y mhsth nospdhnhnh#brogdoenb oc gdocb h ghafdb no fuchs# brhgdbeos ph`hnhsy"b rdtuhcos# adoetrhs so roco`hfh h cbs pbfros d`ebrhetosnoc auenb h ue deoreb aès deaorogdnb hûe%
Zorb oe oc aoeshko dedgdhc no ghsd tbnhs# no brd`oeprbätdgb y ndvdeb# yh uorh oe brdoeto b oe bggdnoeto#oc habr y ch roebvhgd÷e detordbr orhe su osoegdhuenhaoethc# quo oc tbquo muaheb prbetb nosvdr tu÷% Chdehetdcdnhn noc gdocb y oc deoreb y ch dah`oe no ue Ndbsdekustb mhe ccovhnb h augmbs hc ahtordhcdsab# mhgdh oc rábnostdeb no ch ehnh oe oc quo ahøheh tbnb so pdorno y mby tbnb vhco%
Oc gbebgdadoetb no ch hstrbebaáh nospokh nunhs#oso –gdocb‑ denoednb eb ostè hrrdfh# puos eb mhy hrrdfhed hfhkb oe osto _edvorsb deedtb% ^hapbgb os ahtordhc b#sd cb os# ch devostd`hgd÷e horbosphgdhc ostè pbr nosgufrdrcb%Ch puorth no oetrhnh os thafdäe deahtordhc trhs chauorto# b gbab ebs `usth nogdr h cbs ospárdths# trhs chnosoeghrehgd÷e%
Mhy sde oafhr`b brahs no vdscuafrhrcb# nooetrovorcb y gbaproenorcb `rhgdhs h ch Gdoegdh y hcOspdrdtdsab% Chs oxpordoegdhs gorghehs h ch auorto trhoephrh hc`uebs ch vdsd÷e oe prdaorh porsbeh% Zorb sbehquoccbs quo yh so uorbe cbs quo puonoe# h trhväs noch aonduaednhn# noedrcb gchrhaoeto y ccovhrebs h uehvdsd÷e aès phebrèadgh y hapcdh no ch rohcdnhn ospdrdtuhc;ueh vdsd÷e rhgdbehc# quo vhabs h oegbetrhr oe chsbfrhs ospárdths no Hcche Lhrnog% Ch gbegbrnhegdh no cbs tostdabedbs h trhväs no aänduas nosgbebgdnbs oetro sá os uoeto no roioxd÷e phrh quo euostrb rhgdbgdedb abetopdozhs y nosgufrh sd oso guhnrb sorè b eb sorè% Aänduasno phásos y gucturhs ndoroetos# gbe `rhenos ndoroegdhsrocd`dbshs# gbe bpdedbeos auy gbetrhrdhs `oeorhcaoeto hcbs prdegdpdbs quo so ndgoe pbr su detoraondb# porb quo trhesadtoe# gbe ueh sdadcdtun oxtrhbrndehrdh# cbs `rhenosnothccos no ch vdnh uturh# no ch vdnh ospdrdtuhc%
Oe oc phshnb ch d`ebrhegdh muahedz÷ h Ndbs# oe ocuturb ch Gdoegdh cb ndvdedzhrè% Ch rohcdnhn ospdrdtuhc quoebs oevuocvo nosgbrro sus vocbs prb`rosdvhaoeto y oshgbaproesd÷e ebs trhorè ch ghcah y ch cdforthn noc pèkhrbquo hûe oekhuchnb puono bfsorvhr oetro chs bquonhnosno su prdsd÷e ch vornhnorh vdnh quo su hcah hesáh%
Oc gdocb ostè oe tbnhs phrtos# os the degbeaoesurhfcogbab oc deedtb# y oc ospárdtu quo so mh pbndnb cdfrhr nocbs hpo`bs no ch ahtordh y no ch deordbrdnhn abrhc rogbrrooc osphgdb h ch vortd`debsh vocbgdnhn noc poeshadoetb# toedoenb gbab mb`hr y abrhnh oc _edvorsb quo yhpuono bfsorvhr oe su ospcoenbrbsh osoegdh%
«Woetás# porb eb vods oc gdocb noc ospárdtu# oc Ospdrdtdsabbs cb oesoøhrè y cb voräds% Zorb voräds# eb gbab cbs bkbsahtordhcos voe cb quo s÷cb puonoe hcghezhr# voräds gbabch detocd`oegdh vo cb quo shfo poeotrhr¼% -Ahrdotth$
OND^BVDHC
Woetás# porb eb vods oc gdocb nocospárdtu# oc Ospdrdtdsab bs cb oesoøhrèy cb voräds% Zorb voräds# eb gbabcbs bkbs ahtordhcos voe cb quo s÷cb
puonoe hcghezhr# voräds gbab chdetocd`oegdh vo cb quo shfo poeotrhr%-Ahrdotth$
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 5/36
?Eûaorb; > • Ondgd÷e Woptdoafro
GHV HW HC NDVOG^BV
GVDWDW ²VOHC B GVOHNH2
‗Hfuocb mhgo tdoapb quo ebvorheohabs oe ch pchyh%
‗Zuos nosno quo tu phnro so quon÷oe oc phrb# guhenb oapoz÷ ch grdsds# mdkb%
‗Grdsds sdoapro grdsds# porb ²quä os
osb2 ‗²Eb cb vos2# puos quo eb mhy ndeorb% ‗Hfuocb ndeorb mhfrè oc adsab quo
hetos# b ²os quo hc`udoe mh rbtb cbs fdccotos2 ‗Zuos sá mhfrè oc adsab# porb quo mh
ghafdhnb no ahebs% ‗²T qudäe cb tdoeo hmbrh2 ‗Zuos cbs adsabs no sdoapro# porb
oe btrbs phásos% ‗²Xuä phásos sbe osbs2 puos
vèabebs phrh hccè% ‗Osb ostè auy cokbs# mdkb# sbe cbs quo
cchahe phásos oaor`oetos# Ch Gmdeh# ChDendh# eb sä%
‗Zorb hfuocb# sd cbs gmdebs y cbsdendbs sbe thafdäe ch ahybráh pbfros%
‗Zbr osb mdkb# hc sor aès pbfros trhfhkhe aès fhrhtb# os pbr osb quoch `oeto no ndeorb cb ccovh hccá# abethoaproshs y no osh aheorh co rdeno augmbaès# pbrquo so cb hmbrrh oe suocnbs<hnoaès ch `oeto hccá trhfhkh ue abet÷e nombrhs y sde norogmbs%
‗²Hquá sá mhy norogmbs hfuocb2 ‗Mhsth hmbrh sá# porb yh vhe
quonhenb aoebs% ‗²G÷ab vhe quonhenb aoebs2 ²Os
quo cbs vhe h qudthr2 ²Osb ostbrfh phrh trhfhkhr2
‗Gchrb quo ostbrfh# mdkb# osb eb osroethfco%
‗²T pbr quä ebs cbs qudthe oetbegos2 ‗Eb so# mdkb# qudzhs mhfráh quo mhgor
coyos phrh qudthrcbs y ehndo chs vbthráh# cbs tdoeoe quo qudthr pbgb h pbgb# phrh quoebs vhyhabs hgbstuafrhenb y eb ebsnoabs guoeth# porb yb eb sä mdkb aáb# ybostby no gbebgdadoetbs no ogbebaáh cb
sus ahenhtbs cos mhgoe gbetrhtbsauctdadccbehrdbs gbab ndrogtbros no oshsoaproshs%
‗Hm# puos cb quo pbnráhabs mhgor os eb trhfhkhr phrh osh `oeto trhdgdbeorh%
‗Osb so cchah muoc`h# mdkb# osb ebuegdbeh%
‗Zuos ebsbtrbs sbabs aès#cos qudthabs tbnb cb quo tdoeoe y cb rophrtdabs h tbnb oc auenb# hsá toenroabs tbnbs%
‗Osb so cchah gbauedsab mdkb y ebuegdbeh%
‗Zuos cbs ahthabs# hfuocb% ‗Ed cb pdoesos# osb so cchah
torrbrdsab y thapbgb uegdbeh% ‗Zuos ahthabs h cbs quo sá tdoeoe
trhfhkb y hsá trhfhkhabs ebsbtrbs% ‗Osb so cchah `uorrh# mdkb% ‗²T uegdbeh2 ‗W÷cb phrh occbs quo thafdäe
hfrdghe chs hrahs% ‗T oetbegos ²quä mhgoabs hfuocb2 ‗Zuos toeor phgdoegdh y osporhr% Tb
yh sby auy vdokb y sä quo no tbnb so shco%Ndbs eb ebs hfhenbeh# s÷cb ebs pruofh%
‗Hfuocb# y sd ebs gheshabs noosporhr ²quä mhgoabs2 ²nososporhr2
‗Eb# mdkb# osb euegh# so`udr pdndoenby trhfhkhr%
‗Oetbegos hfuocb ²so`udroabs trhfhkhenb fusghenb mdorrbs y ghrtbeos2
‗Oe cb quo shc`h# mdkb# oe cb quo shc`h% ‗Hfuocb y oetbegos%%%% ‗Ghcch mdkb y hyûnhao oapukhenb oc
ghrrdtb# quo so ao mh vuoctb h mhgor ueeunb oe oc pogmb%
‗Hfuocb oros auy ibkb# osth ghccoeb os guosth hrrdfh phrh quo so to mh`h oceunb no cbs gd`hrrbs%
‗Ch ghcco eb os guosth hrrdfh mdkb# chvdnh cb os# porb tdoeos rhz÷e h vogos ibkob
¡Zorn÷ehao Woøbr(Èe`oc
adsab quo no gorofrb# toe`b cb aáedabquo so nosphgmh%
‗Oetbegos# euegh aès mhfrè trhfhkb…%
‗Wá# guhenb thapbgb quorhabsnorogmbs ebsbtrbs
‗²T qudäe eb vh h quoror norogmbs y
gbshs fuoehs2 Osb os ueh tbetoráh# hfuocb% ‗Voeuegdhrè h sus norogmbs oc quo
phso mhafro y eogosdnhn% Cbs trhfhkbsquo eb qudoros mhgor gbe ch fhrrd`h ccoeh#pdnos mhgorcbs pbr hvbr guhenb tus mdkbsch tdoeoe vhgáh%
‗Oetbegos yh sä pbr quä eb mhy trhfhkb% Os gbab guhenb sby nosbfondoetoy ahaè ao ahenh h ch ghah sde goehr# sdqudorb gbaor co toe`b quo bfonogor# porbosb os pbrquo ahaè qudoro sbchaoeto#eb pbrquo yb toe`h `hehs no bfonogorch%
‗Zuos aès b aoebs# mdkb# s÷cb quoahaè cb mhgo phrh onughrto y occbs cbmhgoe pbr hvhrdgdh% Adrh# occbs ahenhe ocndeorb h cbs phásos pbfros y cbs mhgoegrogor# h ghafdb cbs @bfdorebs no osbsphásos cos nhe ndeorb h occbs% Hnoaès# hchfrdghr aès fhrhtb# `hehe sdoapro pbr tbnbs sdtdbs< oc eo`bgdb os ronbenb%
‗Zuos sd `hehe pbr tbnbs sdtdbs# ybgrob quo cbs noc ndeorb eb vhe h vbcvor#hfuocb%
‗Wá vuocvoe# pbrquo hquá so trhfhkhgbe aès ghcdnhn y guhenb gbfroabs d`uhcquo occbs# cbs trhdgdbehrèe h occbs thafdäe#phrh hmbrrhrso oc trhespbrto% Hnoaès tdoeoe adonb pbrquo guhenb osbs phásoscovhethe ghfozh# sus @bfdorebs h vogos cosrbfhe chs èfrdghs oetorhs% Oc ndeorb s÷cboetdoeno no o`básab y cbs quo cb tdoeoes÷cb oetdoenoe no hvhrdgdh%
‗²T qudäeos sbe osbs mbafros quo tdoeoe thetb ndeorb# hfuocb2
‗Zuos cbs `rhenos @rupbs
ehegdorbs# Auctdehgdbehcos# Fhegbs# eb sä% ‗T cbs pbcátdgbs ²eb mhgoe ehnh2 ‗Eb# pbrquo guhenb hghfhe
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 6/36
9 Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
VOYDW^H OWZÁVD^H K_EDB 8=96ZVDEGDZDB YD^HC NO CHWWBGDONHNOW OWZÁVD^HW
Woøbr#
Yob# oe ch Vovuo Wpdrdto noc aos no hfrdc no 8=96#ueh gbauedghgd÷e rahnh pbr @ärhrn no Gbnoafor`#
nbeno nosthgb oc phshko sd`udoeto; –Eb probguphrbs nocbs morahebs quo so hcokhe no vuostrhs grooegdhs< mhgon# hcgbetrhrdb# no aheorh quo eb so aozgcoe hc rofhøb no cbsvornhnorbs groyoetos# pbrquo sbe bvokhs eo`rhs# y nofäds`uhrnhrbs noc gbeth`db%‑
Mo mhcchnb quo osh aheorh no vor# rospogtb h chsbvokhs eo`rhs# orh pbgb grdstdheh# hûe aoebs ospárdth# y oe tbnb uorh no ch ghrdnhn mhgdh tbnb cb quo prondghe cbsOspárdtus% Eb probguphrso no cbs morahebs quo so hcokhe# y `uhrnhrso no su gbeth`db# eb os ch aheorh no quo rotbreoe%Ao phrogo quo# mhsth oc prosoeto# euostrbs fuoebs `uáhsospdrdtuhcos mhe abstrhnb aès ahesonuafro% ²Oso@ärhrn no Gbnoafor` os ue fuoe Ospárdtu2 Wd cb os# cbnunb% Zornbehnao osth ospogdo no gbetrbc quo hghfb norohcdzhr# porb tdoeo ueh ehcdnhn sordh% _eh nhah had`h aáh#ospárdth ebvdgdh# hghfh no oxpcbrhr ndgmh oetro`h y so mhnotoednb oe oshs pbghs cáeohs# eb mhcchenb ch ghrdnhn quomh bfsorvhnb mhsth oc prosoeto oe chs gbauedghgdbeos% Mogbesucthnb ad uáh h oso rospogtb# y mo hquá cb quo ao mhgbetosthnb; –Eb# mdkh aáh# ue Ospárdtu ocovhnb eb so sdrvono thcos oxprosdbeos< nokhn h cbs Ospárdtus oeghrehnbs chhsporozh noc coe`uhko# y rogbebgon sdoapro oc vhcbr no chsgbauedghgdbeos oe oc vhcbr no chs phchfrhs# y oe oc vhcbr
no cbs poeshadoetbs%‑-Wd`uo ch gbauedghgd÷e no ue Ospárdtu quo phrogo mhfor tbahnb oc cu`hr no @ärhrn no Gbnoafor`%$
²Nbeno ostè ch vornhn2 W÷cb vbs pbnráh shforcb%
Vogdfdn# otg%
O% GBCD@EBE%
Vospuosth% ‗ Ehnh# oe @ärhrn no Gbnoafor`#pruofh quo soh ue Ospárdtu auy hvhezhnb< ch bfrh quo mhpufcdghnb fhkb oc nbadedb no ueh ovdnoeto bfsosd÷e y hch guhc äc adsab gbevdoeo cb noauostrh sugdoetoaoeto<ue Ospárdtu hc`b supordbr eb so mufdoso oe`høhnb oe osopuetb sbfro oc vhcbr no chs rovochgdbeos quo mh bftoednboe vdnh# gbab aändua# ed hgopthr gbab sufcdao gbshs
ovdnoetoaoeto hfsurnhs% ²Wo sd`uo no occb quo soh ue ahcOspárdtu2 Wo`urb quo eb< su gbenugth oe vdnh y su coe`uhkonospuäs no auortb sbe ch pruofh no occb< so mhcch oe cheuaorbsh ghto`bráh no cbs Ospárdtus detocd`oetos# fuoebs#porb eb cb sugdoetoaoeto supordbros phrh nbadehr h cbsOspárdtus bfsosbros quo co mhe oe`høhnb# yh quo eb mhshfdnb rogbebgorcbs%
Mhsth hquá oe cb quo gbegdoreo hc Ospárdtu% Ch guostd÷eeb os shfor sd os aès b aoebs hvhezhnb# sdeb sd oc gbesokbquo nh os fuoeb b ahcb< hmbrh fdoe# ahetoe`b quo eb mhy roued÷e ospárdth sordh pbsdfco sde mbab`oeodnhn% Nbenomhy ndvor`oegdh no bpdedbeos# mhy toenoegdh h mhgor provhcogor ch prbpdh# nosob no dapbeor sus dnohs b suvbcuethn< no hmá ndsgusdbeos# ndsoesdbeos# y so`udnhaoetondsbcugd÷e; osb os deovdthfco# y os cb quo bgurro oe tbnhs chs
sbgdonhnos# guhcqudorh quo soh oc bfkotdvb# nbeno ghnh guhcqudoro ahrgmhr pbr váhs ndoroetos% Cb quo os eogoshrdboe chs btrhs rouedbeos cb os hûe aès oe chs rouedbeosospárdths sordhs# nbeno ch prdaorh gbendgd÷e os ch ghcah y oc rogb`dadoetb# quo sbe dapbsdfcos gbe ndsgusdbeos quomhgoe pornor oc tdoapb oe gbshs deûtdcos< os oetbegos quocbs fuoebs Ospárdtus so vhe y nokhe oc ghapb cdfro h cbsOspárdtus fhruccorbs% Mo hmá pbr quä cbs poquoøbs gbadtässbe proordfcos< ch mbab`oeodnhn no prdegdpdbs# `ustbs#ghrhgtoros y gbstuafros# gbendgd÷e osoegdhc no ch fuoehhrabeáh# os hmá augmb aès ègdc no bftoeor quo oe chs`rhenos hshafcohs%
Cb quo @ärhrn no Gbnoafor` cchah bvokhs eo`rhseb sbe chs porsbehs quo fusghe no fuoeh o osgchrogorsosbfro chs ndgucthnos no ch gdoegdh b sbfro hquoccb quoeb oetdoenoe# aondheto ueh ndsgusd÷e hphgdfco# abnorhnhy gbevoedoeto# sdeb hquocchs quo vdoeoe dafudnhs gbeue soetdadoetb no bpbsdgd÷e sdstoaètdgh# quo susgdthe h tbeths y h cbghs ndsgusdbeos debpbrtuehs no ehturhcozhquo turfoe cbs trhfhkbs% Guhenb oc Ospárdtu ndgo quo mhy quo hcokhrcbs# tdoeo rhz÷e# pbrquo ch oxdstoegdh adsah noch roued÷e ostè sufbrndehnh h occb< tdoeo rhz÷e thafdäeoe nogdr quo eb mhy quo probguphrso# pbrquo su bpded÷e
porsbehc# sd os hcsh# eb dapondrè h ch vornhn provhcogor<oc soetdnb no osh phchfrh os quo eb mhy quo dequdothrsopbr su bpbsdgd÷e% Oe so`uenb cu`hr# sd hquoc quo tdoeo
Hcche Lhrnog -8=:>!8=94$ Woun÷edab no Mdppbcyto Cäbe NoedzhrnVdvhdc# ponh`b`b y osgrdtbr rhegäs# hutbr no ch gbcbshc bfrh norogbpdchr# brnoehr# hebthr y pufcdghr cbs aoeshkos rogdfdnbs noch ospdrdtuhcdnhn supordbr h trhväs no ndvorsbs aänduas# oe chGbndghgd÷e; Oc Cdfrb no cbs Ospárdtus# Oc Cdfrb no cbs Aänduas# Oc
Ovhe`ocdb so`ûe oc Ospdrdtdsab# Oc @äeosds y Oc Gdocb y oc Deioreb# hnoaèsno sor hutbr y ondtbr no btrhs bfrhs gbapcoaoethrdhs# oe phrtdguchrch Vovdsth Ospárdth%
Hcche Lhrnog
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 7/36
0Eûaorb; > • Ondgd÷e Woptdoafro
ueh aheorh ndoroeto no vor chs gbshs# sd co shtdshgo# sdso bfstdeh oe occb# ²pbr quä gbetrhrdhrcb2 Oc Ospdrdtdsabeb nofo dapbeorso< nofo sor hgopthnb cdfroaoeto y nofuoe `rhnb< eb qudoro ede`ueh gbevorsd÷e pbr aondb noch gbhggd÷e% Ch oxpordoegdh# pbr btrh phrto# ostè hmá phrhprbfhr quo eb os desdstdoenb quo so co mhrè ghafdhr nobpded÷e% Gbe hquoc quo fusgh no fuoeh o ch cuz# mhy quosor tbnb nondghgd÷e# eb mhy quo osghtdahr ehnh; os gocbfdoe oapcohnb y rugtáorb< gbe hquoc quo eb ch qudoro bgroo toeorch# os pornor oc tdoapb y soafrhr sbfro pdonrhs%Ch oxprosd÷e eb mhy quo probguphrso puono oetoenorso#puos# oe oc soetdnb quo eb mhy quo htbraoethrcb edvdbcoethr sus gbevdggdbeos< hgtuhr hsá# eb os osthr hctb noghrdnhn% ²Osporhabs trhorcb no euovb h dnohs aès shehs2Mh`èabscb oe prdvhnb# pbr aondb no ch porsuhsd÷e#
soh< porb sd nofo sor ghush no turfhgd÷e oe ch roued÷e#gbesorvhrcb eb soráh oe hfsbcutb abstrhr ghrdnhn mhgdhäc# yh quo occb eb co sorvdráh no ehnh# adoetrhs quo soráhporkundghr h tbnbs cbs noaès%
Oc Ospárdtu no @ärhrn no Gbnoafor` ndgoghto`÷rdghaoeto y qudzès gbe hc`b no grunozh su bpded÷e#sde proghugdbeos brhtbrdhs# gbethenb sde nunh gbe ocfuoe soetdnb gbaûe no hquoccbs h cbs guhcos so ndrd`ophrh adtd`hrch oe ch prègtdgh# bfsorvhenb h ch voz cb quoprosgrdfo ch urfhednhn y chs gbevoedoegdhs< porb# shcvb chbrah noc coe`uhko# oc benb noc poeshadoetb os dnäetdgbh cb quo so oxpbeo oe ch gbauedghgd÷e ropbrthnh hgbetdeuhgd÷e# fhkb oc tátucb;Oc Ospdrdtdsab icbs÷igb# bftoednhpbr ch adsah porsbeh quo mh pchetohnb ch guostd÷e< cooabscb quo sd`uo; «Oxhadehn fdoe hcrononbr vuostrb sd eb mhy hcsbs morahebs# eb mhy gurdbsbs# eb mhy degränucbs% Wd cbsmhy# ruä`uoecos# gbe nuczurh# gbe ghrdnhn# quo so rotdroe% Wdso rosdstoe# gbetoethrbs gbe rb`hr gbe orvbr hc Woøbr noosgchrogorcbs# y oe btrh bghsd÷e eb hnadtdrcbs oe vuostrbstrhfhkbs% Vogdfdn oetro vbsbtrbs sbchaoeto h cbs mbafrossoegdccbs quo qudoroe mhcchr ch vornhn y oc prb`rosb%‑ Osnogdr# oe btrbs täradebs# nosoafhrhzhrbs onughnhaoetono hquoccbs quo bs trhfhe¼%
Oe chs rouedbeos pûfcdghs# nbeno sbabs cdfrosno hnadtdr h qudoeos quoroabs# os aès ègdc quo oe chssbgdonhnos gbestdtudnhs# nbeno cbs adoafrbs ostèe
cd`hnbs y nbeno so cchah h ghpátucb% Mhy quo tbahr puos tbnb tdpb no proghugdbeos sd eb quoroabsoeroethadoetbs% Oc sdstoah no hsbgdhnbs cdfros# hnbpthnbpbr ch Wbgdotä no Zhrds# os oc aès hprbpdhnb phrh provoedr cbs degbevoedoetos# yh quo s÷cb hnadto h cbs hsbgdhnbs nobrah prbvdsdbehc# y sde vbz nocdforhtdvh oe cbs hsuetbs noch Wbgdonhn# nurheto ue gdortb tdoapb quo cos poradtohprogdhr su gocb# su novbgd÷e y su ospárdtu gbegdcdhnbr%Cb osoegdhc os brahr ue eûgcob no uenhnbros tdtuchros#uednbs pbr ueh porogth gbaued÷e no bfkotdvbs# nobpdedbeos y no soetdadoetbs# y osthfcogor ro`chs progdshs hchs guhcos noforèe brzbshaoeto sbaotorso hquoccbs quo
qudorhe# aès thrno# uedrso% Voadtdabs sbfro oso hspogtbhc ro`chaoetb no ch Wbgdotä no Zhrds y h chs destruggdbeosquo moabs nhnb hc rospogtb% Euostrb nosob aèsprbuenb os vor ch hrabeáh y ch ued÷e rodehr oetro cbs
`rupbs y sbgdonhnos quo so brahe oe tbnhs phrtos< ospbr occb quo toenroabs sdoapro ue nofor# oc hyunhr gbegbesokbs fhshnbs oe euostrh oxpordoegdh h hquoccbs quogrohe pbnor hprbvogmhrcbs% Ebs cdadthroabs h nogdrcosno abaoetb; Wde mbab`oeodnhn# eb mhy ued÷e sdapètdghoetro cbs adoafrbs# eb mhy rochgdbeos hogtubshs< sdeued÷e# eb mhy osthfdcdnhn< sde osthfdcdnhn# eb mhy ghcah< sdeghcah# eb mhy trhfhkb sordb< no hmá quo gbegcudabs quoch mbab`oeodnhn os oc prdegdpdb vdthc no tbnh sbgdonhn broued÷e ospárdth% Os cb quo mhe ndgmb gbe rhz÷e @ärhrn noGbnoafor` y Forehnde< oe guhetb hc Ospárdtu quo so mhprosoethnb gbab sufstdtutb noc prdaorb# su gbauedghgd÷e
tdoeo tbnbs cbs ghrhgtoros no ueh gbauedghgd÷e hp÷grdh%
HCCHE LHVNOG
Wde mbab`oeodnhn# eb mhy ued÷e
sdapètdgh oetro cbs adoafrbs# eb mhy rochgdbeos hogtubshs< sde ued÷e# ebmhy osthfdcdnhn< sde osthfdcdnhn# eb
mhy ghcah< sde ghcah# eb mhy trhfhkbsordb<
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 8/36
= Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
Ch ahybráh no chs porsbehs quo mhe oerdquogdnbsu vdnh gbe ch cdtorhturh# rochgdbehe uenhaoethcaoetoch ebtbrdonhn no Hrtmur Gbehe Nbyco gbe su sordo noebvochs pbcdgdhghs fhshnhs oe chs hvoeturhs noc nbgtbr Phtsbe y chs henhezhs noc habsb notogtdvo no ggd÷eWmorcbgl Mbcaos%
Zorb nofoabs rogbrnhr quo uo thafdäe ueb nocbs aès oetusdhsths y nosthghnbs prbauc`hnbros noc Os!pdrdtdsab# no cbs sd`cbs ]D] y ]]# quo trhfhk÷ phrh chndvuc`hgd÷e no ch Nbgtrdeh no cbs Ospárdtus%
Ehgdnb oc 66 no ahyb no 8=?4 oe Ondafur`b -Os!gbgdh$# mdkb ahybr no hadcdh ght÷cdgh osgbgosh# ostund÷ oechs _edvorsdnhnos no Wtbeymurst y no Ondafur`b# nbenogbegcuy÷ ch ghrrorh no aondgdeh# oe ch _edvorsdnhn noOndafur`b# oe 8==8# mhfdoenb surdnb oe ostbs høbs uehgrdsds rocd`dbsh quo prbvbghráh oe oc uturb gbeidgtbs h!adcdhros y toesdbeos ospdrdtuhcos# nordvhenb su soetdadoe!
tb mhgdh btrhs tobráhs cbs÷ghs%Vogbrn÷ sdoapro chs oxpordoegdhs gbe su phnro
guhenb orh edøb# quo rhrh voz cco`hfh h su ghsh sde osthr ofrdb< y gbab su ahnro voáh gbab su ahrdnb so `hsthfh tbnb oc suocnb oe ch fofdnh# oapoz÷ h trhfhkhr# nogdndoe!nb oevdhr h su mdkb h ostundhr h ch Osguoch prophrhtbrdhno cbs Kosudths oe Mbnnor Zchgo -Wtbeymurst$ h cbs euovohøbs no onhn%
Wu phnro ccovhráh ueh vdnh ccoeh no sd`edghnhs por! turfhgdbeos nofdnb h su hcgbmbcdsab# quo co gbenukb h ch
noprosd÷e# y quo nospuäs no phshr vhrdbs høbs oe destd! tugdbeos aoethcos# aurd÷ pbstordbraoeto oe Osgbgdh oe8=47%
Adoetrhs ostundhfh Hrtmur Gbehe Nbyco# hetos noquo guapcdorh cbs 6: høbs# gbadoezh h osgrdfdr mdstbrdhsgbrths# pufcdgèenbso ch prdaorh no occhs oe Gmhafors¾sOndefur`m Kburehc% H cbs 66 høbs so `rhnu÷ gbab aänd!gb ehvhc# rogdfdoenb su tátucb guhtrb høbs aès thrno% Oeosbs høbs gbebgd÷ y gbesbcdn÷ ueh `rhe hadsthn gbe oc
osgrdtbr osgbgäs K%A% Fhrrdo%Hc toradehr sus ostundbs no aondgdeh oe 8==6 y
gbesdnorèenbso gbab ch ahybráh no cbs aändgbs ahto!rdhcdsth# nospdorth htrhyoenb su htoegd÷e cbs oe÷aoebsospárdths y# kuetb gbe hc`uebs had`bs quo thafdäe so de! toroshfhe pbr occbs# hguno nurheto ue tdoapb h hc`u!ehs rouedbeos no vochnbros covdthtbrdbs y `drhtbrdbs# oeoc gursb no chs guhcos rogdfoe gbauedghgdbeos fhsthetosc÷`dghs# y so pchetohe quä detocd`oegdhs nofáhe abvor chaosh%
Nofdnb h su pbgb äxdtb prbosdbehc dedgdhc# oe 8==7
y gbe 67 høbs# nospuäs no trhschnhrso h vdvdr h Zbrts!abutm o desthchr ueh gcáedgh sde prbvogmb ahtordhc hc`ueb#so nondgh h osgrdfdr no euovb mdstbrdhs# degbrpbrèenbsohsdadsab hc nopbrto; ru`fy# `bc# fbxob%
Hetos y nospuäs no su othph uedvorsdthrdh so deto`rhgbab aändgb noc fuquo WW Ahyuafh oe sus vdhkos hchs gbsths no Èrdgh Bggdnoethc oe 8==?% Oe oso adsabhøb so ghsh gbe Cbudso Mhwldes no guyh ued÷e ehgdorbeAhry Cbudso y Hccoyeo Lde`scoy% Oe 84:9 hccogo su ospb!sh# y phshnb ue høb so ghsh gbe Kohe Cogldo# gbe qudoe tuvb tros mdkbs# hccogdoenb ästh oc 60 no kuedb no 84>:%
Woráh oe 8==9 guhenb ch ghsuhcdnhn pusb oe sus ah!ebs ue cdfrb tdtuchnb ^mo roadedsgoesos b kun`o Onabens% Wu hutbr orh adoafrb no ch Wuproah Gbrto no Kustdgdh
FDB@VHIÁH%WDV HV^M_V GBEHE NBTCO
Ndvuc`hnbr ospárdth# hrtdgucdsth y gbeioroegdheto% Zhrtdgdph oe prb`rh!
ahs no rhndb y tocovdsd÷e no toaètdgh ospdrdtuhc% Os prosdnoeto no ch Hsbgdhgd÷e no Ostundbs Ospárdths no Ahnrdn% Kuhe Ad`uoc Ioreèenoz
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 9/36
4Eûaorb; > • Ondgd÷e Woptdoafro
no Euovh Tbrl y porsbeh ostdahnh# no `rhe vhcbr% Coy÷oc cdfrb gbe `rhe detoräs# nbeno so rooráh gbe tbnh gchsono nothccos gbab su ospbsh nospuäs no auorth mhfáhpbndnb poraheogor oe gbethgtb gbe äc%
Wu gurdbsdnhn co mhfáh nosporthnb cb sugdoeto#quo oc nosob no gbebgor aès cdtorhturh co sbrproend÷hc shfor quo ue `rhe eûaorb no mbafros supordbros#mbafros guybs ebafros gbestdtuáhe ue `hchrn÷e noetrbno chs gdoegdhs# groáhe raoaoeto quo oc ospárdtu os de!nopoendoeto no ch ahtordh y pbnáh sbfrovdvdr h occh; Pd!ccdhas Grbblos# h qudoe gbebgáh gbab oc quáadgb aèsoadeoeto no De`chtorrh< Hcron Vussoc Phcchgo# gbapotd!nbr no Nhrwde< Ghadcco Ichaahrdbe# oc aès gbebgdnb nocbs hstr÷ebabs%
Wdoenb yh ue kbvoe aändgb oe 8==0# osthfh the de!aorsb oe oc Ospdrdtdsab# quo oe oc aos no kuedb osgrd!fd÷ ueh ghrth hc ondtbr no ch rovdsth Cd`mt oxpcdghenb sugbevorsd÷e hc Ospdrdtdsab# quo uo roprbnugdnh prdaorboe kucdb noc adsab høb y aès thrno oe ch ondgd÷e noc60 no h`bstb no 8460# nofdnb h ch dapbrthegdh no sugbetoednb% ^hetb uo hsá quo oc 8? no kucdb no 8464 chVovdsth Detorehgdbehc no Ospdrdtdsab no Ahtîb# ndrd`dnh pbr Ghdfhr Wgmutoc# pufcdg÷ oe oc Frhsdc# ch prdaorh trhnuggd÷edeto`rhc no ndgmh ghrth# pbr sor ue nbguaoetb uenh!aoethcaoeto vhcdbsb% Hnoaès pufcdg÷ ue poquoøb cdfrb
–Ch euovh rovochgd÷e‑%Ybcvdoenb h rotbahr grbebc÷`dghaoeto oc tdoa!
pb# oe 8=48 so mhfáh trhschnhnb h vdvdr h Cbenros phrhokorgor no bthca÷cb`b% Äc adsab oe su fdb`rháh mhfáhgbaoethnb quo nofdnb h quo ede`ûe phgdoeto mhfáh vd!sdthnb su gcáedgh# ostb co hgdcdt÷ oc osgrdfdr nurheto tbnbosto tdoapb%
Oe oc pordbnb no tdoapb no 8=48# oe ue abaoetbno despdrhgd÷e# mhfáh gbaoezhnb h pufcdghr oe ch rovdsthWtrhen Ah`hzdeo chs henhezhs no sus porsbehkos Wmorcbgl Mbcaos y oc Nbgtbr Phtsbe mhsth 8=47# y nogdno nhrcos
auorto oe ch ggd÷e h chs mdstbrdhs y hvoeturhs no hafbs#quo mhfáhe nbadehnb su vdnh% Ostbs porsbehkos quo uo!rbe gbesdnorhnbs gbab grátdgbs y vomágucbs no ch Wbgdo!nhn Ydgtbrdheh# mhfáhe heuchnb sus btrhs bfrhs cdtorhrdhsy mhsth su prbpdh porsbehcdnhn% Zorb aès thrno y h thcpuetb# nofdnb h ch prosd÷e no sus cogtbros# quo gbesdno!rhe quo sus porsbehkos orhe vorándgbs# nogdno –rosugdthr‑hc notogtdvo oe 84:6# gbe gdortbs rhs`bs rovochnbros# gbeOc shfuosb no cbs Fhslorvdcco%
Oe 84::# osgrdfd÷ su cdfrb aès oxtoesb# Ch `uorrh nocbs F÷ors# y ue hrtágucb quo uo hapcdhaoeto nduendnb y trhnugdnb; Ch `uorrh oe oc sur no Èrdgh; ghushs y noshrrbccb#quo kustdghfh ch phrtdgdphgd÷e no @rhe Frothøh# cb quoprbvbg÷ quo co ebafrhrhe Ghfhccorb noc Dapordb Frd! tèedgb oe 84:6# btbr`èenbco oc trhthadoetb no Wdr% H cb
chr`b no su vdnh uorbe sosoeth y bgmb rochtbs cbs quoosgrdfd÷%
Oetro 8468 y 8460 chs ebvochs pbcdgdhghs# tbnhs occhs
prbth`bedzhnhs pbr oc Nr% Phtsbe y Wmorcbgl Mbcaossbe pufcdghnhs# y sus tátucbs# kuetb gbe hc`uehs rogbpdch!gdbeos# hphrogoe thafdäe oe ndhrdbs y rovdsths no `rhe tdrhnh%
rhs ch auor to no su mdkb ahybr oe chs trdegmorhs noch D @uorrh Auendhc# so gbevdorto oe ue nooesbr noc Os!pdrdtdsab y so nondgh# gbe ch oeor`áh quo cb ghrhgtordzhfh#h nhr gbeoroegdhs pbr ndoroetos phásos phrh nduendrcb#pufcdghenb oe 8468 ^mo Phenorde`s b Wpdrdtuhcdst y aès thrno oe 8469 ^mo Mdstbry b Wpdrdtuhcdsa# throh quo cohfsbrforáh cbs ûctdabs høbs no su vdnh% Wu hutbfdb`rháh#
Aoabrdhs y Hvoeturhs# so pufcdg÷ oe 846>%
Nosohabs nosthghr noetrb no ch bfrh no Hrtmur Gbehe Nbyco –Mdstbrdh noc Ospdrdtdsab‑# cogturh eogosh!rdh phrh hapcdhr cbs gbebgdadoetbs noc Ospdrdtdsab nos!no sus dedgdbs% Cdfrb quo ebs sbrproenorè pbr ch `rheghetdnhn no nhtbs dapbrthetos quo puonoe oerdquogor euostrb shfor%
Hrtmur Gbehe Nbyco aurd÷ oc 0 no kucdb no 847: hcbs 08 høbs no ue hthquo hc gbrhz÷e# oe Grbwfbrbu`m-De`chtorrh$% _eh osthtuh suyh so oeguoetrh oe osh cbghcd!nhn nbeno rosdnd÷ nurheto 67 høbs%
Wdr Hrtmur Gbehe Nbyco
Oe osth ndroggd÷e no ybutufomttp;""www%ybutufo%gba"whtgm2v1g0v!KsFbH7>oegbetrhabs ue vdnob no Nbycomhfchenb no Ospdrdtdsab# -hgtdvhenbsuftátucbs so puono coor ch trhnuggd÷ehc ghstoccheb$
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 10/36
8: Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
OE^VOYDW^H H%%%
Oegbetrhr roiokhnhs oe osths pè`dehs chs phchfrhs y gbaoethrdbs no Whetdh`h Eb`uorb# uenhnbrh y prosdnoethno ch Hsbgdhgd÷e Ospárdth no Yhcoegdh –Mb`hr Irhtoreb‑#ebs hco`rh oebraoaoeto oc gbrhz÷e# puostb quo occh mhsdnb uenhaoethc phrh oc dapucsb noc Abvdadoetb OspárdthOsphøbc trhs ch Noabgrhgdh y thafdäe pbrquo Whetdh`h ebhgbstuafrh h sd`edghrso oe cbs aondbs no gbauedghgd÷eospárdths# puostb quo sdoapro mh proordnb poraheogor hcokhnh no occbs# h poshr no su dapbrtheto deiuoegdh#noco`henb oe btrbs gbaphøorbs%
Nosohabs gbaoezhr osth oetrovdsth# nospuäsno h`rhnogorco auy sdegorhaoeto osth bpbrtuednhn#
pro`uetèenbco;²G÷ab uo su prdaor gbethgtb gbe oc Ospdrdtdsab2
Gbebzgb oc Ospdrdtdsab nosno quo toe`b usb norhz÷e% Ad ahnro orh ospárdth oe oc puofcb nbeno ehgá#Fdoesorvdnh -Hcfhgoto$% Hccá mhfáh ue `rupdtb quo cb ndrd`áhue ahtrdabedb no ue puofcb gorgheb# quo voeáh ue phr no vogos pbr aos% Occh orh rhegosh# no nbeno trhkb sugbebgdadoetb sbfro oc Ospdr dtdsab# orh ueh fuoeh aänduano vdnoegdh y proabedgd÷e% Ebs trháhe cdfrbs# quo cbs voenáheh chs porsbehs èvdnhs oe gbebgor osth nbgtrdeh ahrhvdccbsh#oetro occhs# chs hfuochs no porsbehs no euostrb Goetrb%Ad ahnro gbapr÷ oc cdfrb Nospuäs no ch Auorto# no CäbeNoeds< Aoabrdhs noc Zhnro @oraèe y ^o Zornbeb# no Hahcdh
Nbade`b Wbcor < Ch @uáh Zrègtdgh noc Ospdrdtdsth# no Ad`uocYdvos y chs Brhgdbeos Ospdrdtdsths no Hcche Lhrnog% Gchrb# tbnb ostb sugond÷ hetos no ch @uorrh Gdvdc# porb guhenbästh torade÷# gbab ad puofcb mhfáh sdnb zbeh ropufcdghehy oc Ospdrdtdsab phs÷ h sor prbmdfdnb# surdabs ueh torrdfcoporsogugd÷e# no rhvos gbesoguoegdhs hadcdhros% Ads phnrosoetorrhrbe cbs cdfrbs oe ueh ghsdth quo toeáhabs oe ocghapb# nbeno so `uhrnhfhe chs morrhadoeths no chfrhezh#cdfrbs quo hmbrh ostèe oe euostrh Hsbgdhgd÷e% Gbabgbesoguoegdh no chs hahr`urhs quo tuvdabs quo surdr# theth trh`ondh# ads phnros oad`rhrbe h Yhcoegdh# foendth chmbrh pbr augmhs rhzbeos…²Guèc uo oc abtdvb quo ch dapucs÷ h uenhr osto Goetrb
Ospárdth oe Yhcoegdh2Oe 84>9 vdedabs h Yhcoegdh gbe ch detoegd÷e no mudr no theth porsogugd÷e y hahr`urh# detoethenb hfrdrebs ghadebphrh sbfrovdvdr% Zbgb h pbgb áfhabs suporhenb tbnb# oe
849? ad phnro phs÷ hc auenb ospdrdtuhc# porb eb toeáhabsgbethgtb gbe ehndo quo gbebgdorh oc Ospdrdtdsab% Zhshrbecbs høbs# mhsth 840= aès b aoebs# eb roguornb# porb oeeuostrh ghsh no mhfchfh no Ospdrdtdsab h tbnh mbrh% Adahrdnb huequo eb orh háe# ed gbetrhrdb# orh cb prdegdphcquo nofoabs sor# tbcorheto y rospothr chs grooegdhs nocbs noaès% _eh ebgmo adoetrhs yb nbraáh# äc quo toeáhsdoapro puosth ch rhndb pbr su prbfcoah hsaètdgb# osgugm÷h Vhhoc @bezècoz Abcdeh mhfchenb no Ospdrdtdsab# quo ndbue eûaorb no hphrthnb no gbrrobs# oxpcdghenb quo so dfhh gbaoezhr h ondthr ueh rovdsth gbe bfkotb no rohcdzhr ueoeguoetrb gbe cbs ospdrdtdsths osphøbcos% Ad ahrdnb tba÷ebth no tbnb ostb# guhenb yb nosportä ao cb gbet÷ y hc náhsd`udoeto oe ad ebafro osgrdfd÷ h Vhhoc y ebs susgrdfdrebsh ch rovdsth# y h phrtdr no tbnb ostb so oapoz÷ h poeshr oeoc Gbe`rosb no 84=8 oe Ahnrdn% Hgundabs ad moraheh#su ahrdnb y ebsbtrbs nbs% Oc Gbe`rosb uo ahrhvdccbsb#hccá osthfh aondh muahednhn# mhfáh ghthcheos# henhcugos# oee# augmbs gbe`rosdsths% Gchrb# thetb ad ahrdnb gbab yb#groáhabs quo ärhabs auy pbgbs cbs quo quonèfhabsnospuäs no ch chr`h ndgthnurh y ostèfhabs the gbetoetbsy sbrproendnbs%%%# quo euegh mhfáhabs osthnb oe ede`ûehgbetogdadoetb the fdoe br`hedzhnb# hc quo oc @rupb noYdccoeh gbetrdfuy÷ augmb oe tbnb% Hc vbcvor# ad ahrdnbso sdetd÷ btrb# oapoz÷ h coor cdfrbs y rovdsths y hccá nbenomhfáh guhcqudor oeguoetrb# ostèfhabs ebsbtrbs% Oe Ydccoehgbebgdabs h @hsphrottb# gbe sus pdeturhs aondûaedghs# hNdvhcnb Irhegb% ^uvdabs ueh fuoeásdah rochgd÷e sdoaprogbe Vhhoc @bezècoz Abcdeh y Ahebcdth# su aukor# oe e#ärhabs auy ocdgos# porb h cbs nbs høbs noc Gbe`rosb noAhnrdn ad ahrdnb aurd÷ no ue dehrtb%
Guhenb nosoeghre÷ ad ahrdnb oe 84=7 phrh aá uo auy nurb# porb cbs morahebs quo yh ebs gbebgáheao hedahrbe h so`udr# y yb cb eogosdthfh# no abnb quohccá nbeno mhfáh ue oeguoetrb hgunáh% Oe ueb no ostbsoeguoetrbs ao prosoethrbe h ue shgornbto ght÷cdgb#porb ospárdth# mhfchabs augmb y ao ndkb quo oe Yhcoegdh
gbebgáh h hc`uebs ospárdths# quo sd yb quoráh cbs trhoráh had ghsh phrh tbahr gbethgtb% T hsá uo gbab oe ad ghshoapozhabs h rouedrebs gdegb b sods porsbehs y nospuäscco`hrbe btrbs mhsth quo ad ghsh yh eb orh sugdoeto…
WHE^DH@H EB@_OVB
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 11/36
88Eûaorb; > • Ondgd÷e Woptdoafro
²Guècos uorbe chs ndgucthnos# oetbegos# gbe chs quo sooegbetr÷2
Oetbegos nondquä ue pdsb s÷cb phrh oc `rupb oe chghcco Ydsdthgd÷e# quo sd`ud÷ grogdoenb% Aès thrno puso chpcheth fhkh oe ch quo osthabs hmbrh# porb yb eb poesä oebrahr ede`ûe `rupb% Oc `rupb so bra÷ hsá# cb quo qudorbnogdr os quo eb os aärdtb aáb# oc `rupb os no cbs quouorbe hgundoenb% Wd hc`ûe aärdtb toe`b os oc no mhfor hcfor`hnb h cbs quo mhe brahnb phrto no äc y oetro ostbsostèe Zopo Chezuoch y su aukor Ahrd Zhz% Occbs sdoapro aomhe hyunhnb augmásdab# eb s÷cb gbe rochgd÷e hc `rupb#sdeb oe ad vdnh porsbehc% Zopo so oeghr`÷ no cbs osthtutbsy no tbnb oc phpocob quo gbeccovh co`hcdzhr ueh hsbgdhgd÷eoe hquoccbs tdoapbs% Nospuäs cco`÷ Zdchr# btrh porsbeh auy trhfhkhnbrh y auy vhcdbsh% Zhrh aá sbe thetbs# quo augmbsyh phshrbe hc auenb ospdrdtuhc% Wbe thetbs h qudoeos nofbhtoegdbeos gbab Vhhoc @bezècoz Abcdeh# h Ahebcdth# ebpuonb nhr sus ebafros pbrquo eb toenráh fhstheto phpocy tdeth% Grob quo toenrä quo rooeghrehr augmhs vogosphrh h`rhnogor tbnb cb quo ao mhe nhnb% Ad phtrdabedbhogtdvb os deaoesb% Nospuäs cco`÷ Cbcd# btrh trhfhkhnbrhdegheshfco# y Ahrd Èe`ocos# sdoapro the hogtubsh# oe e#quo Ndbs cos ph`uo h tbnbs cb quo eb puonb ph`hrcos yb%Whfoabs quo uston mh hsdstdnb mhgo augmbs høbs hGbe`rosbs Detorehgdbehcos uorh no Osphøh% Cbs hgtuhcosGbe`rosbs Ehgdbehcos ²ostèe h ch hcturh no hquoccbs quogbebgd÷ oetbegos2
Gbe rospogtb h cbs Gbe`rosbs# phrh aá sbe y mhesdnb auy `rhtbs# oapozhenb pbr oc Ehgdbehc no 84=8
oe Ahnrdn y toradehenb pbr oc Detorehgdbehc no 6:8: oeYhcoegdh% Oe osto ûctdab eb puno osthr aès quo uehs mbrhspbr ads prbfcoahs no shcun% Zorb oe cbs quo mo osthnb# thetb oe Osphøh gbab oe btrbs phásos# oe Frhsdc# Irhegdh#Zbrtu`hc# Fäc`dgh… quo mhe sdnb augmbs# tbnbs ao mhephrogdnb# nosno ad muadcno oetoendadoetb# no `rhe vhcbr nbgtrdehrdb# no hrabeáh oetro tbnbs cbs gbe`rosdsths y nobr`hedzhgd÷e# yb ndráh ah`dstrhc% Noc oeguoetrb quo `uhrnbue `rhtásdab roguornb os oc Gbe`rosb Ospárdth Auendhc no84=4 oe Frhsdcdh% Vhhoc @bezècoz br`hedz÷ oc vdhko phrh ue`rupb no 8: porsbehs y trhs oc gbe`rosb vdsdthabs vhrdbsgoetrbs hgbaphøhnbs pbr Ndvhcnb% Ostuvdabs oe Váb no Kheodrb# Whe Zhfcb# Focb Mbrdzbeto# otg% hafdäe oe ch ghsh no
Irhegdsgb Gèendnb ]hvdor oe Adehs @orhds y oe ch Ahesd÷enoc Ghadeb# uenhnh pbr Ndvhcnb oe Whcvhnbr% Iuorbe 84náhs no `rhenos sbrproshs y `rhtásdahs soeshgdbeos%²Os ndágdc ndrd`dr ue –Goetrb Ospárdth‑2
Zhrh aá eb cb mh sdnb# pbrquo yb eb mo ndrd`dnb hehndo# puono quo hc`uebs no cbs quo so mhe degbrpbrhnb hcgoetrb ao mhyhe ndrd`dnb h aá% Tb toeáh pbgb quo oesoøhr#pbrquo pbgb sä# porb guhenb hc`udoe mh voednb gbeprbpuosths quo eb toeáhe rochgd÷e gbe ch Gbndghgd÷e noLhrnog# mo ndgmb; eb%²G÷ab so mh dnb noshrrbcchenb ch Destdtugd÷e h cb chr`bno osto tdoapb2
Ch vornhn quo fdoe# sdoapro gbe ad coah no puorthshfdorths phrh oetrhr y phrh shcdr% Cbs quo eb osthfhe nohguornb gbe ch Gbndghgd÷e so dfhe y nospuäs mhe vuoctb#porb ch vornhn quo tbnb cb mo toednb ègdc%
²Xuä dapbrthegdh tdoeo phrh uston oc hspogtb aondûaedgbno ch Nbgtrdeh quo ebrahcaoeto susgdth oc detoräs no chsporsbehs quo ebs vdsdthe2
Grob quo ch aonduaednhn sd so tdoeo# puos fdoe#
os phrh guctdvhrch phrh oc sorvdgdb h cbs noaès y eb phrhgroorso quo os abtdvb no br`uccb# sdeb abtdvb phrh sorvdr aès y aokbr%²Nofdnb h sus oxpordoegdhs oe deeuaorhfcos rouedbeosaondûaedghs# ²mh toednb ch bpbrtuednhn no gbetoapchrhc`ueh ahtordhcdzhgd÷e2
Eb mo toednb osh suorto# porb thapbgb os ue toahquo ao mhyh probguphnb# pbrquo ao mhe mogmb ocdzbtrhs gbshs%²Wo rdvbcdzh gbe ch aonduaednhn2
Grob quo sá# oe hc`uebs ghsbs# porb thafdäe grob quoos aès pbr d`ebrhegdh%
H cb chr`b noc tdoapb# gbab bgurro oe tbnbs cbs `rupbs#mh gbebgdnb augmásdahs porsbehs quo so hphrthrbeno ch Hsbgdhgd÷e pbr ndoroetos ghushs y abtdvbs% Wubfsorvhgd÷e oe tbnbs ostbs høbs ch su`doroe quo noforáhmhfor hgtuhnb oetbegos no aheorh ndstdeth# oe rochgd÷egbe hquoccbs quo yh eb ostèe%
Oe thetbs høbs no tbnb mh mhfdnb# porb ehnh noaugmh dapbrthegdh% Os ègdc% Zuonb nogdr quo oe ede`ûeghsb so mhe rbtb cbs chzbs no hadsthn y rospotb%Ovbghenb cbs prdaorbs høbs no Oc Ospdrdtdsab oe Osphøhno ch aheb no su `rhe had`b Vhhoc @bezècoz Abcdeh# hqudoe nofoabs h`rhnogor cbs ospdrdtdsths su osuorzb yshgrdgdb pbr su co`hcdzhgd÷e# y ch äpbgh hgtuhc ²G÷ab vo
hgtuhcaoeto oc Abvdadoetb Ospárdth Osphøbc2Grob quo ch chfbr no Vhhoc uo fuoeh y ndb su rutb y vob quo grogo y ibrogo oc Ospdrdtdsab oe Osphøh augmb y auy fdoe% Tb ao sdoetb auy ocdz pbr osth ghush%²Xuä bpded÷e co aorogo oc hafdoeto aorghetdc quooevuocvo h tbnbs hquoccbs quo vdvoe hprbvogmèenbso noch eogosdnhn quo toeoabs chs porsbehs pbr shfor no chsdtuhgd÷e no euostrbs soros quordnbs nosoeghrehnbs2²_ston groo quo cbs ospárdtus so prosthe h gbchfbrhr gbeosths prbosdbehcos no ch vdnoegdh2
Grob quo ehndo quo gbebzgh oc Ospdrdtdsab so prostoh osbs kuo`bs% W÷cb puonoe prosthrso h mhgorcbs cbs ebospárdths pbr eo`bgdb b d`ebrhegdh%
Wu oxpordoegdh oe ch br`hedzhgd÷e y ndroggd÷e no uebno cbs prdaorbs –@rupbs Ospárdths‑ oe Osphøh trhs chNoabgrhgdh pbnráh sor oc hcdgdoeto phrh ch grohgd÷e nobtrbs noetrb noc torrdtbrdb ehgdbehc% ²Zbnráh hgbesokhrebsoe osto hspogtb2
Tb cb sdoetb# yb sdrvb phrh quo ao hgbesokoe h aá#puos phrh aá tbnb mh sdnb ègdc% Eb os aärdtb aáb# osaärdtb no cbs quo so hgorghrbe y so sdetdorbe h `ustb oe ocpoquoøb Mb`hr Irhtoreb# puos ao ndorbe theths hco`ráhs y puno hproenor no tbnb occbs# sd hc`b sä%Zbr ûctdab ²Guèc soráh oc suoøb quo qudsdorh rohcdzhrhetos no phrtdr phrh oc –Auenb Ospdrdtuhc‑2
Ad suoøb os quo oc Mb`hr Irhtoreb pornuro y quo
cbs quo adcdthe hmbrh# gbab cbs quo voe`he nospuäs oeosth throh# so sdoethe the ocdgos gbab ao mh mogmb ocOspdrdtdsab y ao sd`uo mhgdoenb h aá% Kuhe Ad`uoc Ioreèenoz
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 12/36
86 Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
CHW GBCBEDHW
OWZDVD^_HCOW
²Xuä phsh guhenb ueb auoro2 ²G÷ab sorè suvdnh oe oc aès hccè2 ²Drè h ue gdocb b h ue deoreb2Chs rospuosths h oshs# y h btrhs pro`ueths soaokhetos#ostèe sukoths h chs gbevdggdbeos no chs porsbehs% _eahtordhcdsth ndrè quo# guhenb ueb auoro# eb vh h sdtdbhc`ueb# puos tbnb so hghfh oe ch tuafh% _e ospdrdtuhcdsthndrè quo cbs fuoebs vhe hc gdocb y cbs ahcbs hc deoreb%Btrbs hûe hrahrèe quo oc nostdeb ehc noc sor# quohgtuhcdz÷ tbnhs sus pbtoegdhcdnhnos# os oc Edrvheh% T hsá sugosdvhaoeto% ²G÷ab shfor qudoeos tdoeoe ch rhz÷e2
Hetos no so`udr oe oc heècdsds noc hsuetb# vhconosthghr quo eb toeoabs ch detoegd÷e no gbevoegor hehndo% Eb ebs ndrd`dabs h qudoe ostä gbevoegdnb no sus
bpdedbeos sbfro oc toah% Ebs ndrd`dabs h hquoccbs quo#hc hnadtdr ch oxdstoegdh y suporvdvoegdh noc hcah nospuäsno ch auorto noc guorpb ásdgb# ostèe detoroshnbs oegb`dthr sbfro su nostdeb% Zhrh osbs# mhy ch gbevdggd÷eno quo oc Ospárdtu drè h hc`ûe sdtdb huequo eb toe`hegbevdggd÷e no mhgdh n÷eno ed g÷ab os oso cu`hr%
Yhabs h utdcdzhr ue okoapcb sdapco; guhenbquoroabs shfor g÷ab os ue phás# cb aès rhzbehfco²eb soráh pro`uethr h hc`uebs no sus mhfdthetosquo nosgrdfdosoe oc sdtdb oe nbeno vdvoe2 ²Oc adsabrhzbehadoetb eb pbnráh sor hpcdghnb oe rochgd÷e h
hquoccbs quo yh uctrhphshrbe chs rbetorhs no ch auorto2Oc mogmb os quo yh so mdzb osh pro`ueth h augmbs no cbsquo mhe phshnb hc btrb chnb no ch vdnh% Zorb chs rospuosthseb sbe sdoapro d`uhcos# puos cbs Ospárdtus rospbenoegbebrao h sus oxpordoegdhs# y yh so mh dnoetdghnb quomhy Ospárdtus furcbeos# h qudoeos cos `usth oe`høhr h cbsquo grooe gdo`haoeto oe sus –rovochgdbeos‑% Hnoaès#cbs aänduas vdnoetos b no nosnbfchadoetb -quo oetrheoe äxthsds oe gdorths gdrguesthegdhs y vdsdthe oc pchebospdrdtuhc$ ostèe sukotbs h deiuoegdhs no sus prbpdhsgbevdggdbeos y puonoe detorvoedr oe ch debrahgd÷e
quo rogdfoe noc aès hccè% Zorb# huequo soh dapbrthetorogbebgor oshs ndgucthnos ‗suporhfcos gbe oc hpbybno augmb ostundb# porsovorhegdh y ndsgdpcdeh‗# h cbchr`b noc tdoapb uo pbsdfco socoggdbehr debrahgdbeos
quo `uhrnhe gbmoroegdh y poradtoe brahrebs uehdnoh rochtdvhaoeto bfkotdvh no gbab os ch vdnh no cbscchahnbs auortbs# quo# no mogmb# no auortbs ehnh tdoeoe# puos sd`uoe vdvdoenb no brah auy soaokheto hch quo tuvdorbe adoetrhs osthfhe –vdvbs‑ oetro ebsbtrbs%
Hcche Lhrnog# oe ndvorshs bfrhs gbab Oc cdfrb nocbs ospárdtus# Oc gdocb y oc deioreb# Ch rovdsth ospárdth# oetrobtrhs# ovdnoegd÷# gbe augmh ahostráh# quo oc hsuetb osauy hetd`ub y so puono ufdghr rooroegdhs h äc oe chsoesoøhezhs no cbs aès hetd`ubs shfdbs% Zorb# oe cbs tdoapbs abnorebs# ueb no cbs prdaorbs rovochnbrosno ch gbendgd÷e no cbs Ospárdtus oe oc auenb ospdrdtuhc#mhgdoenb rooroegdh degcusb h chs gbcbedhs ospdrdtuhcos#
uo Oaaheuoc Wwonoefbr`# ue suogb no gbebgdadoetbsauy hapcdbs oe ndvorshs rhahs y auy gbesdnorhnb oech sbgdonhn no su äpbgh% Zorb Wwonoefbr` so nok÷deiuoegdhr pbr sus prbpdhs gbevdggdbeos o mdzb hc`uehshrahgdbeos degbmoroetos y uorh no c÷`dgh phrhsor hgopthnhs deto`rhcaoeto% Zorb osb eb devhcdnh chdapbrthegdh no su bfrh phrh qudoeos nosooe ostundhr oc toah%
Nospuäs no äc# btrbs ndvorsbs aänduas rogdfdorbedebrahgdbeos rooroetos hc hsuetb% Oetro occbs On`hr Ghygo y Henrow Khglsbe Nhvds oe Osthnbs _ednbs no
Ebrto Haärdgh% Osto ûctdab hrahfh quo Wwonoefb`#yh oe ch gbendgd÷e no Ospárdtu# orh ueb no sus `uáhsospdrdtuhcos%
Btrb haordgheb quo trht÷ noc toah uo ocVovoroenb @% Yhco Bwoe# quo nosgrdfo# oe oc cdfrb ^mocdo foyben tmo vodc -Ch vdnh aès hccè noc vocb$# ueh gbcbedhospdrdtuhc auy detorosheto oe nbeno cbs gbcbros sbeghafdhetos# degcusb cbs no chs hvos# no gbebradnhn gbechs vdfrhgdbeos quo oadtoe cbs mhfdthetos no oso sdtdb%^bnb os auy foccb y frdccheto# gbe augmh cuadebsdnhn y cbs Ospárdtus# hccá# sbe auy ocdgos%
Oe Osphøh# oetro btrbs# ueh `rhe ostundbsh no chsrochgdbeos noc auenb ospdrdtuhc gbe cbs oeghrehnbsuo Hahcdh Nbade`b Wbcor# gbe ch pufcdghgd÷e no
Os pordbndsth# aändua no psdgbbeáh# brhnbr y osgrdtbr ospárdth gbehapcdh oxpordoegdh oe oc abvdadoetb ospárdth detorehgdbehc%
Ghrcbs Ghapottd
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 13/36
87Eûaorb; > • Ondgd÷e Woptdoafro
gbesdnorhfco ghetdnhn no bfrhs auy osgchrogonbrhsy gbesbchnbrhs phrh hquoccbs quo mhe porndnb soros
quordnbs oe ndvorsbs abaoetbs no ch vdnh%Zbr detoraondb no ndvorsbs aänduas quo hpbyhrbech chfbr no Hcche Lhrnog# oe ch gbndghgd÷e ospdrdtdsth# y#aès thrno# pbr btrbs# gbab Tvbeeo Zorodrh# IrhegdsgbGhendnb ]hvdor# Ndvhcnb Irhegb# Vhûc ^odxodrh# gdthenb the sbchaoeto hc`uebs# cbs Ospárdtus guostdbehnbs hgorghno n÷eno vdvoe# hrahe quo puonoe osthr pbr hmá sdecu`hr ed nostdeb gdortbs% Btrbs ostèe oe sdtdbs no nbcbr y surdadoetb# no gbebradnhn gbe su gbegdoegdh ccoehno gucphfdcdnhn pbr cbs ahcos quo mdgdorbe gbetrhbtrbs% Zorb mhy hquoccbs quo hrahe vdvdr oe gbcbedhsospdrdtuhcos# hc`uehs soaokhetos h euostrhs gdunhnos%
Henrä Cudz# pbr okoapcb# pbr ch psdgb`rháh noGmdgb ]hvdor# nosgrdfo vhrdhs gbcbedhs ospdrdtuhcosy puostbs no sbgbrrb oe nbeno cbs Ospárdtus vdvoe y trhfhkhe% Oso os oc ghsb no Euostrb Mb`hr # ueh gdunhnospdrdtuhc gbe aès no ue adcc÷e no mhfdthetos y uehbr`hedzhgd÷e hnadedstrhtdvh quo pbnráh sor abnocb phrhebsbtrbs% Zorb oc adsab Henrä Cudz ebs prosoeth uehnosgrdpgd÷e nothcchnh no ro`dbeos no augmb nbcbr y surdadoetb% Oe oc cdfrb Cdforhgd÷e# pbr okoapcb# äc mhgorooroegdh h ueh gdunhn# oe chs tdedofchs# `bforehnhpbr Ospárdtus porvorsbs quo ahctrhthe h btrbs quo sosdoetoe gucphfcos nospuäs no ch auorto noc guorpb% OeBfrorbs no ch Ydnh Otoreh# oso adsab Ospárdtu ro`dstrh choxdstoegdh no ueh gbcbedh trhesdtbrdh quo so nostdeh hhuxdcdhr h Ospárdtus quo so hrropdoetoe no sus orrbros oechs ro`dbeos no surdadoetb%
Ghdrfhr Wgmutoc# yh Ospárdtu# pbr psdgb`rháh no Hfoc@chsor# mhfch no ch gbcbedh Hcfbrhnh Euovh quo osthráhsdtuhnh oe ueh ro`d÷e aès ocovhnh quo Euostrb Mb`hr%Occh thafdäe os aoegdbehnh pbr Henrä Cudz%
Moraheb Khgbfb# oe Ybcvá # nosgrdfo phrgdhcaoeto oc
sdtdb hn÷eno co ccovhe nospuäs no su auorto% Os uehgbcbedh auy fdoe br`hedzhnh gbe hgtdvdnhnos y mb`hrosphrh tbnbs cbs mhfdthetos%
^hafdäe Aheboc Zmdcbaoeb no Adrhenh# pbr chpsdgb`rhh no Ndvhcnb Irhegb# oe ch bfrh Woxb y bfsosd÷e#nosgrdfo ueh Gdunhn Zorvorsh# nbeno oc guctb hc soxb osutdcdzhnb no aheorh oeoradzh y nosoqudcdfrhnh%
Mhy qudoeos ebs pro`uethe sd cbs Ospárdtus eb mhemogmb khaès rooroegdhs h gbcbedhs sdtuhnhs oe ro`dbeosospdrdtuhcos no Ourbph% Henrä Cudz aoegdbeh# oe EuostrbMb`hr # oc detorghafdb quo oxdsto oetro cbs Ospárdtus no
cbs ndvorsbs gbetdeoetos y g÷ab chs gbcbedhs no Haärdghmhe huxdcdhnb h cbs Ospárdtus no Ourbph oe oc porábnb noch Wo`uenh @uorrh Auendhc% Äc mhfch noc gcdah ospdrdtuhcauy noesb quo oevbcváh h Ourbph oe hquoc oetbegos
y quo chs gbcbedhs ospdrdtuhcos no ch ro`d÷e eb toeáhegbendgdbeos no rohcdzhr tbnb oc huxdcdb quo orh eogoshrdb
heto ch `rhe ghetdnhn no Ospárdtus quo cco`hfhe hccá pbr chnosoeghrehgd÷e prbvbghnh pbr ch @uorrh%
Ydsdthenb ndvorsbs phásos no Ourbph# moabs toednbaès no ueh oxpordoegdh aondûaedgh quo ebs brthcogooe ch gbevdggd÷e no quo mhy augmhs gbcbedhs ospdrdtuhcosoe oso gbetdeoeto% _eh voz# vdsdthenb @hcdgdh# sufdabspbr ue ghadeb phrh cco`hr mhsth ueh d`cosdh quo hccá oxdsto nosno mhgo augmb tdoapb% Oe gdortb abaoetbnoc ghadeb# porgdfdabs ueh vdfrhgd÷e noc hafdoetondoroeto y auy ocovhnh% Guhenb cco`habs hccè hrrdfh#eb moabs porgdfdnb ede`ueh oeor`áh ospogdhc oe chd`cosdh% Hc vbcvor pbr oc adsab ghadeb# hc cco`hr hc adsabsdtdb no hetos# porgdfdabs ch adsah oeor`áh pbsdtdvh%
Nogdndabs shcdr noc ghadeb y so`udr oetro ahtbrrhcosoe ch ndroggd÷e mhgdh nbeno porgdfáhabs quo voeáh chvdfrhgd÷e pbsdtdvh% _e pbgb aès hnocheto# oegbetrhabsue rostb no abeuaoetb nrudnh gbe hc`uebs gárgucbs
no pdonrh# gbab sd uorh ue toapcb prophrhnb oe chehturhcozh% Hccá porgdfdabs oc abvdadoetb no dr y voedr noaugmbs Ospárdtus# gbab sd hquoccb uorh ueh ospogdo nopbrthc phrh oetrhr y shcdr pbr ue ghadeb quo gbenugo hro`dbeos supordbros noc pcheb ospdrdtuhc# prbfhfcoaoetohc`ueh gbcbedh ospdrdtuhc oe nbeno occbs mhfdthe%
Os detorosheto quo# vdsdthenb ch Ghtonrhc no ^bconb#oe oc gbrb# soetdabs oso adsab tdpb no oeor`áh y moabs pbndnb prosoegdhr ch cco`hnh y shcdnh no Ospárdtus#pbsdfcoaoeto thafdäe prbvoedoetos no hc`ueh gbcbedhospdrdtuhc%
Zhrh oc quo toe`h phgdoegdh oe fusghr rooroegdhssbfro chs gbcbedhs ospdrdtuhcos oe cbs cdfrbs psdgb`rhhnbs#pbnrè oegbetrhr thetb cu`hros fuoebs nbeno vdvoeOspárdtus detoroshnbs oe oc fdoe no ch gbcogtdvdnhn# gbabcu`hros mbrrdfcos# nbeno vdvoe Ospárdtus porturfhnbs y nosoqudcdfrhnbs%
Mhgdh n÷eno vh ghnh ueb no ebsbtrbs# nopoenosdoapro no g÷ab osthabs vdvdoenb ch vdnh mby% Oc sdtdbno euostrb nostdeb nospuäs no ch auorto noc guorpbos noednb oe fhso h chs hednhnos ospdrdtuhcos quoguctdvhabs% Wd ahetoeoabs sdetbeáh gbe oc fdoe# so`urbquo ebs osporhrèe Ospárdtus fuoebs y h`rhnogdnbsquo ebs gbenugdrèe h cu`hros h`rhnhfcos oe nbeno toenroabs augmh shtdshggd÷e oe vdvdr%
Mhgdh n÷eno vh ghnh ueb noebsbtrbs# nopoeno sdoapro no g÷abosthabs vdvdoenb ch vdnh mby
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 14/36
8> Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
ZWDGBCB@ÁH OEOC AÈW HCCÈ
Zhrh hc`uehs porsbehs# ch dnoh no ueh –psdgbcb`áh oe ocaès hccè‑ puono phrogor ndágdc no hgopthr b no gbaproenor%Os deeogoshrdb nogdr quo phrh oc quo eb groo oe ehnh aèsquo oe ch ahtordh y pdoesh quo gbe ch auorto noc guorpbásdgb so oxtde`uo ch oxdstoegdh# ueh psdgbcb`áh hc btrb chnbno ch tuafh eb os aès quo ueh hethsáh% Wde oafhr`b# thapbgb ostè noc tbnb gchrb quä puono brogor ueh torhpdh psdgbc÷`dgh oe oc pcheb ospdrdtuhc oetro hquoccbsquo shfoabs quo sbabs soros ospdrdtuhcos deabrthcos oe trhesdtbrdh oxpordoegdh gbrp÷roh% Ostb sugono pbrquo ebnokh no osthr oxtoendnh ueh porgopgd÷e ue pbgb aè`dghnoc abaoetb no ch auorto% Wbe augmbs cbs quo d`ebrhequo mhgor fhchego no cb vdvdnb oe ch ûctdah oeghrehgd÷epuono cco`hr h sor ueh throh auy ndágdc y poebsh# huequoosoegdhc% Ch gbaproesd÷e no ch vdnh oe oc pcheb ospdrdtuhc
y ch pchedghgd÷e no uturhs oxdstoegdhs ostèe áetdahaoetorochgdbehnhs gbe ch ghphgdnhn noc nosoeghrehnb no sbposhr sus rogdoetos cb`rbs y rhghsbs gbe sdegordnhn y soroednhn#hrabedzèenbcbs gbe cbs hrgmdvbs noc degbesgdoeto hûedehggosdfcos hc nosoeghrehnb oe cbs prdaorbs abaoetbsnoc ro`rosb h ch phtrdh ospdrdtuhc%
@rhgdhs h ch psdgb`rháh# mby gbebgoabs rochtbsquo ebs oxpbeoe g÷ab cbs ospárdtus nosoeghrehnbssbe haphrhnbs psdgbc÷`dghaoeto oe oc pcheb ospdrdtuhc%Vogdfoe hsá oc huxdcdb torhpäutdgb eogoshrdb phrh quopuonhe gbaproenor ch euovh othph no vdnh quo so rovochheto sus bkbs trhs ch auorto ásdgh% Eb mhy quo sufostdahr oc gmbquo quo puono supbeor phrh ueh porsbeh quo ebgroáh oe ehnh aès quo oe ch ahtordh# quo nospdorto hc btrbchnb no ch vdnh# mhfdoenb nokhnb htrès tbnb guhetb poeshfh
sor cb ûedgb quo pbsoáh% ^hapbgb mhy quo derhvhcbrhr oc deaoesb noshaphrb oabgdbehc quo oxpordaoethehc`uebs ospárdtus quo# groyoenb shforcb tbnb sbfro ch vdnhospdrdtuhc guhenb ostèe oeghrehnbs# so oeguoetrhe hc`uehs
vogos gbab edøbs quo nofoe rohproenor theths gbshs%^bnb ostb# sde aoegdbehr ch he`ustdh quo puono prbvbghr ch sophrhgd÷e no ch hadcdh b ch nogopgd÷e quo rosucth noch gbesththgd÷e no quo cbs aärdtbs gbequdsthnbs oe ch^dorrh# sd eb ostèe hvhchnbs pbr ueh gbenugth ätdgh# abrhcy muaheh# eb tdoeoe ede`ûe vhcbr oe oc aès hccè%
Ch vornhn os quo ch auorto ebs novuocvo h ch rohcdnhngrohnh y hcdaoethnh pbr euostrh prbpdh gbegdoegdh nurhetoeuostrh kbrehnh oe ch ^dorrh% Nospbkhrso noc guorpbásdgb eb dapcdgh ue gbebgdadoetb deaondhtb no chs vdnhsphshnhs noc ospárdtu# ed thapbgb ueh ghphgdnhn no hutb!heècdsds sdegorh y rohcdsth% Zuostb no btrh aheorh# oc phsbpbr ch ghreo nokh roadedsgoegdhs oe oc pordospárdtu quo ebso ocdadehe the ègdcaoeto gbe ch auorto% Guhetb aèshpo`hnbs osthabs# aès hyunh eogosdthabs phrh ocdadehr
cbs ro`dstrbs hsbgdhnbs hc br`uccb# h ch vhednhn y hc o`básab%Nosoeghrehnb# oc mbafro nofo vorso roeto h roeto gbesu prbpdh vornhn% Zorb ehndo puono vor ch vornhn adoetrhs toe`h ch vdsd÷e oesbafrogdnh pbr oc br`uccb# oc o`básabb ch vhednhn% Zrogdshaoeto pbr ostb# oe ch gbendgd÷eovbcutdvh oe ch quo ebs oegbetrhabs oe ch ^dorrh# os auy rhrb quo ue nosoeghrehnb so hguorno hutbaètdghaoetono tbnb guhetb vdvd÷ oe btrhs oeghrehgdbeos% Oc hggosbsde rostrdggdbeos h ch debrahgd÷e hrgmdvhnh oe oc prbpdbospárdtu sbfro ch mdstbrdh ovbcutdvh no ghnh ueb os the rhrbgbab cb sbe ch hutäetdgh muadcnhn y oc hctrudsab co`átdaboe euostrb pcheoth%
Oc mbafro oeghrehnb os no ueh trdpco ehturhcozh;guorpb# pordospárdtu y ospárdtu% Nurheto su kbrehnh ásdgh tbnb cb quo mhgo# pdoesh y sdoeto quonh ro`dstrhnb oe tbnhs chs zbehs no su sor# quo sbe detornopoendoetos% Wopbnráh nogdr quo oc bfkotdvb no ch psdgbcb`áh oe oc aès hccèos hyunhr hc mbafro h oeroethrso h su euovh sdtuhgd÷e#oe ch quo yh eb pbsoo ue guorpb ásdgb# sdeb quo vdvoso`ûe ch gbsogmh no cb quo mhyh guctdvhnb nurheto suphsb pbr ch ghreo% Eb so protoeno quo oc nosoeghrehnbsuporo daporoggdbeos gbab oc br`uccb# oc o`básab y chvhednhn# throh quo co gbrrospbeno oe oc trhesgursb no
su deabrthcdnhn% Wo trhth# sde oafhr`b# no brogor hc sor sdtuhgdbeos oe chs quo# hehcdzhenb su prbpdh gbendgd÷e# ghnhueb soh ghphz no ronugdr su br`uccb# vhednhn y o`básabhpoehs cb sugdoeto phrh gbaproenor oc prosoeto#
Nbgtbrh oe Cde`óástdgh Hpcdghnh y prbosbrh no MhfdcdnhnosGbauedghtdvhs oe ch _edvorsdnhn Vbvdrh d Ydr`dcd% Gbchfbrh oe cbsprbyogtbs no hsdstoegdh sbgdhc y ndvuc`hgd÷e noc Goetrb Ospárdth
Hahcdh Nbade`b Wbcor no Fhrgocbeh% Khehdeh Adeoccd no Bcdvodrh
Guhetb aès hpo`hnbs osthabs# aèshyunh eogosdthabs phrh ocdadehr cbs
ro`dstrbs hsbgdhnbs hc br`uccb# h ch
vhednhn y hc o`básab
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 15/36
8?Eûaorb; > • Ondgd÷e Woptdoafro
oapozhr h hrabedzhr oc phshnb oe su uorb detoreb y pbsdfdcdthr ch ochfbrhgd÷e no pcheos aès rohcdsths y ûtdcosphrh oc uturb%
Ch htoegd÷e psdgbc÷`dgh oe oc aès hccè so bguphuenhaoethcaoeto no ch nocdghnh throh no hyunhr h cbsrogdäe cco`hnbs no ch kbrehnh ásdgh h gbaproenor pbr
quä ostèe nbeno ostèe% Os dapbrtheto bfsorvhr quo phrhhggonor h osto tdpb no trhthadoetb oc ospárdtu nofo osthr oe pbsosd÷e no sus hgucthnos aoethcos# huequo so sdoethhturndnb b trhthnb dekusthaoeto% Zhrh cbs ospárdtus quonosoeghrehe oe poebshs gbendgdbeos no degbesgdoegdhy nosoqudcdfrdb aoethc y oabgdbehc mhy quo brogorcos#hetos no ch htoegd÷e psdgbc÷`dgh# cbs sorvdgdbs no prdaorbshuxdcdbs% Wbchaoeto ueh voz quo oc ospárdtu yh so oeguoetrhoe pbsosd÷e no sus hgucthnos aoethcos pbnrè bftoeor ocnofdnb prbvogmb no chs sosdbeos psdgbc÷`dghs quo co sorèebrogdnhs%
Ch cdtorhturh aondûaedgh ebs mh brogdnb rochtbsoe cbs quo quonh ovdnoeto quo oc hpo`b os ueb no cbsprdegdphcos bfstègucbs hc quo ebs oeroethabs oe chgbendgd÷e no rogdäe nosoeghrehnbs% Zbnoabs soetdr
ndoroetos edvocos y ndoroetos tdpbs no hpo`b% Zbr okoapcb#pbnoabs soetdr hpo`b h chs gbendgdbeos trhesdtbrdhs no chvdnh no oeghrehnbs# ogmhenb oe hcth cbs fdoeos ahtordhcosb ch gbendgd÷e no supordbrdnhn quo oc pbnor b cbs rogursbsogbe÷adgbs ebs gbegonáhe oe ch ^dorrh% Osth brah nohpo`b ostè ndrogthaoeto rochgdbehnh gbe ch vhednhn y oc
nosoeghrehnb nofo gbaproenor quo oe ch euovh rohcdnhnoe ch quo mh poeotrhnb# trhs su auorto ásdgh# oc ûedgb vhcbr os oc fdoe quo mhyh mogmb b oc osuorzb no onughgd÷e quomhyh rohcdzhnb%
Btrh brah no hpo`b os oc quo soetdabs pbr chsporsbehs quo quonhe htrès# gbab hadcdhros# g÷eyu`osy had`bs% Zoso h quo cb quo dedgdhcaoeto hedah ndgmbhogtb soh ue soetdadoetb pbsdtdvb# oc hpo`b h cbschzbs osthfcogdnbs oe ch ^dorrh puono ndgucthr quo ocnosoeghrehnb so goetro oe cb quo os su euovh throh;hrabedzhrso gbe su phshnb# gbaproenor su euovhsdtuhgd÷e y oapozhr h ghadehr mhgdh hnocheto% Oc o`básabos ch oabgd÷e nosoqudcdfrheto quo brogo oc trhsbenb noosto tdpb no hpo`b# soh pbrquo nosohabs hrndoetoaoetovbcvor h ndsruthr no ch gbaphøáh no cbs quo hahabs# sohpbrquo ebs grooabs dendspoeshfcos phrh ch vdnh no cbs
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 16/36
89 Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
euostrbs# bcvdnhenb quo oe cbs pcheos no ch OspdrdtuhcdnhnWupordbr eb oxdsto osphgdb phrh daprbvdshgdbeos% Zbnoabshnoaès oxpordaoethr oc hpo`b h ue soetdadoetb nosupordbrdnhn ospdrdtuhc b hutb!dcuadehgd÷e% Zorsbehs quo#guhenb osthfhe oeghrehnhs# nosoapoøhfhe pbsdgdbeos nobrdoethgd÷e ospdrdtuhc# puonoe oxpordaoethr oc hpo`b pbr
chs dnohs quo nooendorbe oe oc ghapb rocd`dbsb b cbs÷gbhc quo osthfhe hcdhnhs% Ästbs eogosdthe mhgor `rhenososuorzbs phrh suporhr oc br`uccb pbr su gbebgdadoetb noch rohcdnhn ospdrdtuhc b pbr ch ocovhgd÷e abrhc quo grooe toeor%
Ch psdgbcb`áh noc aès hccè ostè uenhnh oe oc trhthnbpsdgbc÷`dgb aès soegdccb y sufcdao noc quo so tdoeogbebgdadoetb oe ch dorrh# oc Ovhe`ocdb no Kosûs% ²Oe quä so
fhsh osth torhpdh2 Oc Aändgb no Hcahs brogáh debrahgd÷e hsus ndsgápucbs oe ch aondnh no su ghphgdnhn no gbaproesd÷eno chs gbshs noc gdocb y no ch tdorrh< thafdäe ndhcb`hfh gbeoccbs# cos mhgáh pro`ueths# noshèenbcos h poeshr sbfro ocsd`edghnb no sus phrèfbchs< Kosûs eb ospor÷ mhsth quosus ndsgápucbs uorhe abrhc b detocogtuhcaoeto porogtbs
phrh oevdhrcos h nduendr su phchfrh% Zbr oc gbetrhrdb# ocAhostrb gbesdnor÷ quo oc prbpdb trhfhkb ondgheto#hcdhnb h cb quo mhfáhe osgugmhnb no äc# cos oesoøhráh hsuporhr sus cáadtos y grogor ospdrdtuhcaoeto% Mhy ndvorsbsokoapcbs oe ch cdtorhturh aondûaedgh quo ebs noauostrheg÷ab ostbs prdegdpdbs sbe hpcdghnbs no brah sdstoaètdghoe ch ospdrdtuhcdnhn phrh hyunhr h cbs nosoeghrehnbs hoeroethrso hc br`uccb# ch vhednhn y hc o`básab noc quocco`he dapro`ehnbs h ch phtrdh ospdrdtuhc%
Oe Euostrb Mb`hr # Henrä Cudz ebs guoeth# pbr chsahebs noc debcvdnhfco Gmdgb ]hvdor# g÷ab trhs rogdfdr cbs prdaorbs huxdcdbs y soetdrso aès uorto# co devhnd÷ ue`rhe nosob no gbchfbrhr gbe cbs noaès% Wu br`uccb noch gbendgd÷e no aändgb oe ch ^dorrh# sde oafhr`b# co mdzbgroor quo sus gbebgdadoetbs soráhe ûtdcos oe ch gbcbedh
Kosûs eb ospor÷ mhsth quo susndsgápucbs uorhe abrhc b
detocogtuhcaoeto porogtbs phrhoevdhrcos h nduendr su phchfrh
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 17/36
80Eûaorb; > • Ondgd÷e Woptdoafro
ospdrdtuhc quo co hgb`dorh% Euostrb quordnb had`b tuvbquo oapozhr gbchfbrhenb oe ch cdapdozh no ch oeoraoráh#
trhfhkb quo# mhsth oetbegos# mhfáh gbesdnorhnb deordbr%
Nurheto ch rohcdzhgd÷e no osth throh# phs÷ h bfsorvhr hcbs phgdoetos hccá de`roshnbs% Hfhenbehenb ch aèsghrhnoc aändgb no ch ^dorrh quo s÷cb voáh h phgdoetos# phs÷h vor morahebs no surdadoetb% Nurheto su trhfhkb oech oeoraoráh# adoetrhs mhgáh throhs quo euegh mhfáhrohcdzhnb oe su ûctdah oeghrehgd÷e# Henrä Cudz hproend÷h hahr oc sorvdgdb y h sorvdr gbe muadcnhn% Ch brahgbab gbesd`uo hutbrdzhgd÷e phrh ch throh thapbgb nofosor bcvdnhnh% Henrä Cudz sbcdgdth ueh gdth gbe Gchroegdb#Adedstrb noc Huxdcdb# y so nh guoeth quo oc mbebrhfcofdoemogmbr rogdfo h cbs quo co vdoeoe h gbesucthr no nbsoe nbs% No osth aheorh# ghnh ueb no cbs oetrovdsthnbs
eb s÷cb tdoeo quo suporhr ch vor`óoezh no oxpbeor su ghsb heto btrh porsbeh# sdeb quo thafdäe tdoeo chbpbrtuednhn no hproenor no chs ocugdnhgdbeos rogdfdnhspbr su gbaphøorb no gdth%
Oe Aoabrdhs no ue Wudgdnh# psdgb`rhhnb pbr Dvbeeonb Hahrhc Zorodrh# voabs g÷ab chs chfbros onughtdvhsso oetroaozgche gbe ch rovdsd÷e noc phshnb nocdgtubsbno cbs ospárdtus –hprdsdbehnbs‑ oe ch ^brro% Hccá# ospárdtus#hetos grdadehcos oe ch dorrh b oe ch ospdrdtuhcdnhn# rogdfoecoggdbeos sbfro cbs norogmbs no ghnh dendvdnub oe chsbgdonhn torroeh y oe ch ospdrdtuhc% Cbs rogcusbs vdvoe oe
poquoøbs rogdetbs phrh ostundb y rosdnoegdh# rogdfdoenbhapcdhs bpbrtuednhnos no roioxd÷e% Gbebgoabshnoaès ueh ospogdo no `hfdeoto no oebaoebcb`áh
trhesgoenoethc nbeno ue gbapcokb oqudpb# guybah`eotdsab okorgo ch deiuoegdh no ue daèe# pbsdfdcdthch vdsd÷e no cbs poeshadoetbs y hggdbeos phshnhs no cbssukotbs devostd`hnbs% Zhrh ch roonughgd÷e no cbs ospárdtusd`ebrhetos o deordbros# ndgmh gchso no hphrhtbs os auy ûtdc o dendspoeshfco% Ostb sugono pbrquo poso h rogdfdr chs destruggdbeos aès ocovhnhs# augmbs sd`uoe go`hnbspbr oc br`uccb% Ästo sbbgh chs gbegcusdbeos c÷`dghs nocrhzbehadoetb# quo prooro prosoethr quokhs y btrbs
hr`uaoetbs phrh kustdghr chs hcths% Zoso h quo detoetoabsosqudvhr euostrhs rospbeshfdcdnhnos pbr adonb hcuturb prophrhnb pbr euostrhs hgtdtunos noc phshnb# ch
ospdrdtuhcdnhn ndspbeo no aätbnbs the oeor`ätdgbs gbabeuostrh rosdstoegdh oe hsuadr euostrbs gbaprbadsbs%
Eb pbnráh toradehr osth gbchfbrhgd÷e sde rogbrnhr
hc Mbspdthc Osporhezh# quo gbebgoabs oe oc cdfrb Cdrdbsno Osporhezh# psdgb`rhhnb pbr Phenorcoy no Bcdvodrh y
ndgthnb pbr oc ospárdtu Orahego Nuhux% Oc bfkotdvb nondgmh destdtugd÷e or`udnh oe ch psdgbsorh frhsdcoøh# osbrogor sbgbrrb y brdoethgd÷e h cbs so`udnbros no Grdstbno ndstdeths trhndgdbeos cbs÷ghs y rocd`dbshs# quo ebsupdorbe b eb qudsdorbe hsuadr oc gbaprbadsb gbe suaoeshko no habr% Xudzè sbrproenh hc cogtbr shfor quo oeosto mbspdthc oxdsto ue èroh# noebadehnh Kunhs Osghrdbtos#nondghnh ospogdhcaoeto h ch roguporhgd÷e aoethc nocánoros ospdrdtdsths quo hehcdzhrbe gbe `rhe htoegd÷e chseogosdnhnos no cbs noaès# porb so bcvdnhrbe no su prbpdhcdforhgd÷e% Cbs quo de`roshe hccá oetdoenoe oc aoeshko no Kosûs y noc Ospdrdtdsab pbr chs váhs no ch rhz÷e# porb sbehndgtbs h ch hnadrhgd÷e y h ch ebtbrdonhn# hûe prdegdpdhetosoe oc habr nosdetoroshnb y rhtoreb%
Oe gbegcusd÷e# nofoabs gbaproenor quo oc mbafronosoeghrehnb os sdapcoaoeto oc mbafro nosprbvdstb
no su guorpb ásdgb% Guhenb vbcvoabs h ch ospdrdtuhcdnhnccovhabs gbe ebsbtrbs tbnb oc prb`rosb abrhc quomhyhabs rohcdzhnb# porb bfvdhaoeto thafdäe ghr`habsgbe tbnhs euostrhs daporoggdbeos% Äsths sd`uoe pbedoenb trhfhs h euostrb prb`rosb oe ch ospdrdtuhcdnhn# hsá gbabcb mhgáhe oe ch ghreo% @rhgdhs h ch adsordgbrndh ndvdeh y h ch tbcorhegdh y nondghgd÷e no ch Ospdrdtuhcdnhn Wupordbr#oc mbafro eb osthrè khaès noshaphrhnb oe guhcqudorhquo soh oc pcheb oe oc quo so oeguoetro% Cbs aätbnbsy oqudpbs utdcdzhnbs pbr cbs trhfhkhnbros no ch psdgbcb`áhnoc aès hccè cb noauostrhe% Noabs `rhgdhs h Ndbs y h cbshad`bs y aoetbros quo# poso h euostrhs daporoggdbeos#
ebs sd`uoe brogdoenb ch bpbrtuednhn no hrabedzhrebsgbe oc phshnb# gbaproenor oc prosoeto y gbestrudr ueuturb no aès cuz phrh tbnh ch muahednhn%
Hfhenbehenb ch aèsghrh noc aändgbno ch ^dorrh quo s÷cb voáh h phgdoetos#phs÷ h vor morahebs no surdadoetb
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 18/36
8= Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
OWZÁVD^_W OVVHE^OW
Ch gbaproesd÷e no ch rohcdnhn noc Ospárdtu gbab sor otoreb# phsh h sor prdbrdthrdh oe ch vdnh hgtuhc# sd oc nosobos `hrhetdzhr ue pbrvoedr ocdz# yh quo chs dnohs noc mbafroostèe oe rochgd÷e gbe su shfor%
²Xuä oed`ahs bgucthrè rohcaoeto ch auorto2 ²quäsoroabs nosno oc destheto oe quo oc guorpb yh eb pbsohvdnh2 H hc`uebs cos puono hid`dr poeshr oe quä cos vh hbgurrdr guhenb auorhe# sd osthrèe sbcbs b hgbaphøhnbs# sdsurdrèe b sorèe ndgmbsbs%
Oe rohcdnhn# oc oetoendadoetb noc nostdeb noc mbafroos uenhaoethc phrh ue oghz noshrrbccb no ch vdnh#pbrquo eb fhsth gbe shfor quo so`udroabs vdvbs# sdeb quoos eogoshrdb gbestrudr gbe chs hggdbeos y poeshadoetbsnurheto ch vdnh ue osthnb quo hrhetdgo ue uturb voeturbsb%Ch auorto eb os aès quo ueh trhesbrahgd÷e ehturhc# os choxtdegd÷e no ch vdnh br`èedgh% Oc Ospdrdtdsab ocugdnh# oetrobtrhs `rhenos vornhnos# quo oc Ospárdtu sd`uo vdvb sdoapro#ocdadehenb cbs adstordbs y chs deg÷`edths sbfro ch auorto%
Os auy dapbrtheto gbaproenor osh guostd÷e# pbrquonosghrth hfsbcuthaoeto ch auorto gbab oc ehc phrh ocsor# mhgdoenb vor quo oe rohcdnhn eb mhy ueh noshphrdgd÷emhgdh ch ehnh# ch oetrhnh oe ue suoøb prbuenb pbr tdoapb denotoradehnb b degcusb ch poraheoegdh oe ueosthnb no phrhásb b deoreb otorebs# sdeb quo hgchrh quosdapcoaoeto nokhabs no osthr hprdsdbehnbs oe ch ahtordh#sukotbs h chs fhrrorhs y cdadthgdbeos ásdghs phrh vbcvor hcauenb daporogonorb% Os oc täradeb no ueh othph y oc dedgdb
no btrh# oe ch guhc cb quo so nokh htrès os oc guorpb ásdgbquo so nosgbapbenrè phuchtdehaoeto# adoetrhs oc Ospárdtudeabrthc sd`uo# gbesgdoeto# hgtuheto# hfsbcuthaoeto vdvb y vdfrheto nospuäs no oso trèesdtb%
Oc trdpco hspogtb no ch Nbgtrdeh Ospárdth osgchrogohgorgh noc brd`oe# ch ehturhcozh y nostdeb no cbs Ospárdtus#noabstrhenb sde nunh quo sbe chs hgtdtunos y soetdadoetbsnurheto ch vdnh ásdgh cbs quo mhgoe ch rhe ndoroegdh oe ocosthnb ndgmbsb b nosndgmhnb quo oegbetrhrè oc hcah oeoc auenb ospdrdtuhc% Ebs oesoøh quo oso phshko phrh ocauenb rohc puono sor rèpdnb# ègdc# nucgo y sde surdadoetbb# pbr oc gbetrhrdb# chfbrdbsb# coetb# hrnub y nbcbrbsb# hsá gbab chs daprosdbeos pbstrorhs% ²Xuä gbendgdbehrè quophso oc Ospárdtu pbr ueh u btrh soeshgd÷e# quo su vdnh oeoc auenb ospdrdtuhc soh h`rhnhfco b poebsh2 Ch gbendgd÷enotoradeheto noc osthnb oe quo so oeguoetro oc Ospárdtuos drroaondhfcoaoeto hgbrno gbe oc edvoc no ocovhgd÷eabrhc hnqudrdnh pbr äc%
Eb bcvdnoabs hc`b auy dapbrtheto# voedabs nocauenb ospdrdtuhc# oso os oc pcheb rohc# vornhnorb# mb`hr
ehturhc noc Ospárdtu% oeoabs hc ehgor ueh bpbrtuednhn nonoshrrbccb nurheto ch euovh vdnh oe ch ^dorrh quo os uehospogdo no osguoch!thccor phrh quo oc Ospárdtu oxpordaoetoy noshrrbcco su prb`rosb% Cuo`b# phshnb oc tdoapb quoghnh ueb eogosdto# oc sor rotbreh h ch gbauednhn ospdrdtuhc#hafdoeto `oeudeb noc Ospárdtu%
Osto prbgosb so ropdto deeuaorhfcos vogos# thc gbabostè osgrdtb oe oc nbcaoe noc desd`eo gbndghnbr HccheLhrnog# –Ehgor# roehgor# prb`roshr sdoapro# thc os ch coy‑%^bnbs cbs Ospárdtus quo so oeguoetrhe oe oso auenbahybr b ospdrdtuhc# eogosdthnbs no vbcvor h oeghrehr
phrh noshrrbcchr sus hptdtunos y hgucthnos# sbe cchahnbsOspárdtus orrhetos%
Eb bfstheto# osh gbendgd÷e eb os ue sd`eb nodeordbrdnhn# puos mhy Ospárdtus orrhetos no tbnbs cbs
Ostundbsh no ch nbgtrdeh ospárdth# so nondgh detoeshaoeto hch ndvuc`hgd÷e ospárdth oe aondbs osgrdtbs# rhndb o Detoreot%Gbeoroegdheto y gbchfbrhnbrh no ch Hsbgdhgd÷e Frhsdcoøh noNdvuc`hnbros noc Ospdrdtdsab -HFVHNO$
Gcèundh Forehrnosno Ghrvhcmb
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 19/36
84Eûaorb; > • Ondgd÷e Woptdoafro
`rhnbs no ovbcugd÷e% Wo`ûe oc osthnb# so puono gchsdghr
cbs ospárdtus oe; oeghrehnbs# guhenb ostèe uednbs hcguorpb ásdgb< orrhetos# guhenb ostèe nosproendnbs nocguorpb ásdgb h`uhrnhenb ueh euovh rooeghrehgd÷e< y purbs# cbs quo pbr mhfor hcghezhnb oc `rhnb aèxdab noporoggd÷e ostèe oxoetbs no ch eogosdnhn dapordbsh nophshr pbr chs vdgdsdtunos no ch ahtordh%
Os nosthghfco aoegdbehr quo oc Ospárdtu ahetdoeosdoapro su dendvdnuhcdnhn# hetos# nurheto y nospuäs noch oeghrehgd÷e< ch oxpordoegdh oe ch ghreo s÷cb os uehhso ospogdhc no su oxdstoegdh# ue porábnb no hproendzhko%²Guèetb tdoapb poraheogorè# oetbegos# oc Ospárdtuoe ch orrhtdgdnhn2 Oc pordbnb no osporh oe oc auenb
ospdrdtuhc os no ueh nurhgd÷e aès b aoebs prbcbe`hnh#gbendgdbehnh h ch ovbcugd÷e noc Ospárdtu% Ebrahcaoeto osäc qudoe notoradeh oso tdoapb# sde oafhr`b# deiuyoe btrbshgtbros gbendgdbehetos# gbab oc oqudcdfrdb oabgdbehc nocOspárdtu%
Hquoccbs quo yh ostèe aoebs hpo`hnbs h ch ahtordh#quo nurheto ch vdnh fusghrbe nosproenorso no chsphsdbeos gbe sus hggdbeos y poeshadoetbs ndrd`dnbs hc fdoe#puonoe rooeghrehr ghsd deaondhthaoeto# porb ch deaoeshahybráh no cbs Ospárdtus oe ch dorrh hûe eogosdthe no oso
tdoapb no roioxd÷e# trhfhkb y pchedghgd÷e nofdnb h sus
deordbrdnhnos oe rochgd÷e h chs Coyos Ndvdehs%Oe oso porábnb# guhenb oetrovä oc pbrvoedr y
gbaproeno gbe gchrdnhn cb quo co hcth phrh hcghezhr ch ocdgdnhn oe fhso h su cdfro hcfonráb# nogdndrè pbr suvbcuethn quä qudoro phrh sá adsab# yh quo oe ch orrhtdgdnhnoc Ospárdtu thafdäe hproeno# ostundh# nosoh y hspdrh h ueeuovb nostdeb# so hrropdoeto no chs gbshs oqudvbghnhs quomdzb# fusghenb èedab oe euovhs rohcdzhgdbeos# nosobsbno ovbcugdbehr%
^hafdäe puono degcdehrso pbr ahetoeorsoosthgdbehrdb u bpthr pbr poraheogor hgtuhenb oe oc ahc%
¡Oc sor os nuoøb no su nostdeb( Oe ch orrhtdgdnhn# oc Ospárdtuosthrè sukotb hc hafdoeto aoethc grohnb pbr äc adsab#cb quo sd`edgh quo ch aoeto os ch quo co ccovhrè h vdvdr hccu`hr gbrrospbendoeto h su sdetbeáh vdfrhgdbehc%
Oc rosucthnb no euostrhs hggdbeos y soetdadoetbs os
oc ûedgb fh`hko quo ebs ccovhroabs noc auenb ahtordhc hcnosoeghrehr# pbr osb os the dapbrtheto prosthr htoegd÷e%
Ch ahybr b aoebr ndgucthn# ch coetdtun b rhpdnoz nocnosoechgo y chs gbesoguoegdhs oabgdbehcos oe ch vdnhospdrdtuhc# ostèe oe rochgd÷e ndrogth gbe oc osthnb noahtordhcdzhgd÷e noc Ospárdtu%
No ostb rosucth quo oc surdadoetb# aès b aoebsndchthnb oe oc tdoapb# quo hgbaphøh hc Ospárdtu nospuäsno ch auorto# ostä sufbrndehnb h ch hnmoroegdh quo ueooc guorpb hc pordospárdtu# puoeto no cd`hgd÷e no ästo gbe ocOspárdtu# fdoe gbab pbr oc edvoc abrhc hcghezhnb%
Oc osthnb no ocdgdnhn oe oc auenb deahtordhc os# puos#nordvhnb no ch ebfcozh no chs hggdbeos# noc osuorzb oe
nbahr chs ahchs degcdehgdbeos# no cbs prb`rosbs abrhcos#hsá gbab cbs hvhegos rohcdzhnbs oe oc èafdtb detocogtuhc oesu osthegdh oe ch dorrh% Eb hcahgoehr oe cbs soetdadoetbschs phsdbeos deordbros quo hprdsdbehe hc mbafro h ch^dorrh hyunhrè h ue phsb denbcbrb hc auenb ospdrdtuhc y h ueh gbendgd÷e no fdoeosthr pbstordbr# kuetb h had`bs y gbaphøorbs# oe cu`hros no phz y ghcah%
Zbnoabs oegbetrhr ue okoapcb no ueh sdtuhgd÷esdadchr oe ch bfrh no Hcche Lhrnog Oc Gdocb y Oc Deioreb#guhenb oc Ospár dtu noc Wr% Whesbe# adoafrb no ch WbgdonhnOspdrdtdsth no Zhrás# gbebgonbr no chs vornhnos ospdrdtuhcos#hpoehs bgmb mbrhs nospuäs no su nosoeghrehgd÷e# oxpcdgh
oe ueh gbauedghgd÷e gbe oxtrhbrndehrdh cugdnoz quo chgbaproesd÷e no ch gbetdeudnhn no ch vdnh# chs hggdbeos oeoc fdoe y ue gbapbrthadoetb abrhc oe gbesbehegdh gbechs Coyos no Ndbs# hgdcdthe ueh nosoeghrehgd÷e trhequdch%
Oe ch orrhtdgdnhn# oc Ospárdtu osthrèsukotb hc hafdoeto aoethc grohnbpbr äc adsab# cb quo sd`edigh quo chaoeto os ch quo co ccovhrè h vdvdr hccu`hr gbrrospbendoeto h su sdetbeáh
vdfrhgdbehc
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 20/36
6: Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
Eb bfstheto# oegbetrhabs oe oso adsab cdfrb#deeuaorhfcos okoapcbs no btrbs Ospárdtus quo soahetuvdorbe oe ch pbsturh noc o`básth# oenurogdnbs oesus nosvábs# quo tuvdorbe chs adrhs no ch vdnh ahtordhcgbegoetrhnhs oe oc ndsruto# `bzhenb ch pcoedtun nocbs pchgoros# dendoroetos h chs guostdbeos ospdrdtuhcos#poraheogdoenb hc nosoeghrehr dafudnbs oe sus prbfcoahs#hemocbs y nosobs# sdetdäenbso hdschnbs# hesdbsbs# fhkb
ueh hphroeto deabvdcdnhn# suaor`dnbs oe soeshgdbeosdehcghezhfcos y nosoqudcdfrdbs psdgbc÷`dgbs# mhsth quo thrnob toaprheb roghphgdthe y oeguoetrhe oc nosob sdegorb noghafdhr# abndghenb chs soeshgdbeos nordvhnhs no oshsocoggdbeos%
Nofoabs gbesdnorhr sdoapro# phrh eb kuz`hr# quooc ahc eb oxdsto oe rohcdnhn# cb quo so ahedosth os chhusoegdh toapbrhc noc fdoe oe cbs soetdadoetbs noc sor%
Zhrh osbs Ospárdtus hpo`hnbs h chs gbshs torroehcos susprobguphgdbeos sbe vornhnorhs hidggdbeos# oe hc`uebs ocsurdadoetb augmhs vogos os suporchtdvb# oxpordaoethenbsoeshgdbeos nosh`rhnhfcos# hc`uebs degcusb gbaproenoe y sbe gbesgdoetos no quo so mhcche prdvhnbs no ocdgdnhn pbr su prbpdh ocoggd÷e oe chs hggdbeos no ch vdnh%
Vosoøhabs quo oc tdoapb noc oeghrehnb `hsthnb oech deutdcdnhn# oe ch porozh# oe oc nosèedab# oe oc o`básab#
nokèenbso ccovhr pbr cbs hcsbs phtrbeos no äxdtb no ch^dorrh# ahedosthenb oxprosdbeos heth`÷edghs no chsebfcos guhcdnhnos abrhcos# porkundgh oebraoaoeto hc sor#hprdsdbeèenbcb oe oc surdadoetb%
Wde oafhr`b# osh gbendgd÷e poebsh eb os otoreh# fhsthgbe ue nosob no hrropoetdadoetb vornhnorhaoeto sdegorbphrh quo surkh ch bpbrtuednhn no ghafdb# oe ueh bghsd÷eaès oetro theths frdenhnh pbr ch adsordgbrndh Ndvdeh phrhoc prb`rosb# shghenb hc Ospárdtu no osh sdtuhgd÷e%
Mhy quo toeor oe guoeth y sor gbesgdoeto no quo ocOspárdtu suro pbr; oc ahc quo mhyh mogmb b mhyh ghushnb
vbcuethrdhaoeto# pbr oc fdoe quo mhyh pbndnb mhgor y eb mdzb# hsá gbab pbr oc ahc quo rosucth noc fdoe quo ebprhgtdg÷% ¡Augmh rospbeshfdcdnhn phrh eb prosthr htoegd÷eh osb(
-…$oc ahc eb oxdsto oe rohcdnhn#cb quo so ahediosth os ch
husoegdh toapbrhc noc fdoe oe cbssoetdadoetbs noc sor
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 21/36
68Eûaorb; > • Ondgd÷e Woptdoafro
Wufrhyhabs ch dapbrthegdh no gbaproenor quooc uturb nopoenorè oe `rhe aondnh no g÷ab so mhyhprbgondnb oe ch ûctdah oeghrehgd÷e# hsá gbab oe chs vdnhshetordbros% ^oeoabs quo hprbvogmhr ch bpbrtuednhn nogbrro`dr hgtbs phshnbs aondheto ue gbapbrthadoetbgbrrogtb oe ch vdnh hgtuhc% Ch ndgmh b nosndgmh noc Ospárdtusorè rosuctheto so`ûe cbs aärdtbs# suro sd mh gbesorvhnbphsdbeos b fdoe sorè ocdz sd guapcd÷ gbe cbs gbaprbadsbs
oe rochgd÷e h Ndbs# sdoenb quo oetro ue oxtroab y btrbmhy deeuaorhfcos pbsdfdcdnhnos# gbendgdbehnhs pbr ghnhOspárdtu%
Os dapbrtheto ue fuoe oetoendadoetb no ch eogosdnhnrooeghrehtbrdh phrh oc ogdoeto fuoe noshrrbccb nocOspárdtu% Ndbs brogo deedths bpbrtuednhnos no oeadoenhy gbrroggd÷e h cbs orrbros# gbab ueh váh aès no ch Coy deauthfco no prb`rosb% Cbs Ospárdtus nofoe prb`roshr oe ocbrnoe detocogtb!abrhc# oe ostbs nbs hapcásdabs hspogtbsphrh hcghezhr oc osthnb aèxdab no poroggd÷e# cb quo ebsmhgo rhgdbehcdzhr quo ueh sbch vdnh eb os sugdoeto phrhcb`rhrcb%
Zorb ur`o shfor quo eb sorè# pbr oc sdapco mogmb nopornor oc guorpb ásdgb# oxgocoeto oe tbnb# deaondhthaoetoahrhvdccbsb# vdrtubsb y porogtb< gbe tbnh so`urdnhn#
eb notoenrè tbnb oc shfor# tbnhs chs guhcdnhnos% Worè ocrosucthnb no sus osuorzbs y no sus ghánhs# ahetoedoenboe oc auenb ospdrdtuhc oc ghrègtor# ch aheorh no sor# gbe cbsnoogtbs y chs vdrtunos hnqudrdnhs%
Oc Ospdrdtdsab ebs nosvoch cb quo bgurro oe oc pchebospdrdtuhc# cb quo ebs osporh aès hccè no ch vdnh# hgchrhenbquo oc gbapbrthadoetb hgtuhc gbeccovh h ueh gbesoguoegdhc÷`dgh oe oc nostdeb uturb% Ch ndvorsdnhn no chs soeshgdbeos
oe oc trèesdtb y oe ch vdnh oe oc auenb deahtordhc# sbedeedtbs# sus gbesoguoegdhs y ahtdgos sorèe ndoroetos#gbebrao chs ocoggdbeos no ghnh Ospárdtu# nurheto ch vdnh%Voioxdbehenb prbuenhaoeto# eb mhy quo soetdr hidggd÷e#sdoapro y guhenb so fusquo guapcdr gbe ch throh novoegorso h ueb adsab%
Ebs hgbesokhe cbs fuoebs Ospárdtus quo oxpcbroabseuostrh gbegdoegdh gbe ch ehcdnhn no nostrudr oe occh chsahchs degcdehgdbeos# mhgdoenb ue fhchego no ch gbenugthabrhc# dapcdgèenbebs oe ch robrah no euostrbs nosvábs#onughenb euostrb sor phrh hcghezhr oe ch vdnh uturh ch
ocdgdnhn gbapcoth%
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 22/36
66 Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
äradeb utdcdzhnb oe ch nbgtrdeh ospárdth# quo pr bvdoeonoc vbghfcb `rdo`b pord# quo sd`edgh hcrononbr y noc chtáespdrdtus# quo sd`edgh ospárdtu% Cb quo sd`edghráh hcrononbr noc ospárdtu% Mdp÷grhtos cb noebadehfh Ombrabe% Zdtè`brhs#gbab ghreo sutdc noc hcah% Hrdst÷tocos cb gbesdnorhfh gbabguorpb sutdc y otärob% Brá`oeos cb dendghfh gbab hurh%
Zhfcb oe Gbrdetdbs D 8?;>> ndgo hsá; «so sdoafrhguorpb ásdgb y so covheth guorpb ospdrdtuhc# sd mhy guorpbásdgb thafdäe cb mhy ospdrdtuhc¼%
Oe ch adsah Opástbch# 8?;?7 «pbrquo ostb quo osgbrruptdfco tdoeo quo vostdrso no degbrrupgd÷e y pbrquoostb quo os abrthc tdoeo quo vostdrso no deabrthcdnhn¼%
Hcche Lhrnog ebs ndgo oe oc Cdfrb no cbs Ospárdtus# quomhy tros gbshs quo oxdstoe oe oc mbafro;
! Oc hcah b sor deahtordhc%
! Oc guorpb b sor ahtordhc%! Oc chzb quo ueo oc hcah hc guorpb ásdgb# cchahnbpordospárdtu%
Oe ch pro`ueth 47 noc Cdfrb no cbs Ospárdtus# pro`ueth Lhrnog;
‗ «²Oc ospárdtu prbpdhaoeto ndgmb eb tdoeo oevbcturhhc`ueh b gbab so protoeno ostè rbnohnb no uehsufsthegdh guhcqudorh2
Oc ospárdtu osth oevuoctb oe ueh susthegdh vhpbrbshphrh td# auy `rbsorh hûe phrh ebsbtrbs# porbsugdoetoaoeto vhpbrbsh sde oafhr`b phrh pbnorsosbstoeor oe ch htabsorh y trhschnhrso hnbeno qudorh%
!²No n÷eno tbah oc ospárdtu ch oevbcturh soadahtordhc2Noc iudnb g÷sadgb uedvorshc no ghnh cbfb y# pbr osthrhz÷e# eb os d`uhc oe tbnbs cbs auenbs¼%
Oc pordospárdtu os ch prdaorh y prdegdphc nordvhgd÷e nociudnb g÷sadgb-8$% Os ahtordh sutdcdzhnh y pcèstdgh%
Wo`ûe oc prbosbr @usthvb @ocoy y oc Nr% Kbr`o Henroh#cbs ètbabs noc pordospárdtu ostèe brahnbs pbr ocoaoetbs
quáadgbs gbebgdnbs# hnoaès no btrbs nosgbebgdnbs pbr ocmbafro oeghrehnb% Ocoaoetbs no mdnrb`oeb y no urhedb#quo oe ch ^dorrh roprosoethe cbs cáadtos no ch ahtordhht÷adgh gbebgdnh%
Oc guorpb pordospdrdtuhc y oc guorpb ásdgb tdoeoebrd`oe oe oc adsab ocoaoetb prdadtdvb< hafbs sbeahtordh huequo oe nbs osthnbs ndoroetos% Wu br`hedzhgd÷eos aès vhcdbsh quo ch ásdgh# gbe ueh dapbrthegdh sdbc÷`dghy ue aothfbcdsab prbpdb% Osbs ÷r`hebs tdoeoe uegdbeossoaokhetos h cbs no ch ahtordh# porb eb d`uhcos# puos cheutrdgd÷e noc pordospárdtu os auy ndoroeto y gbendgdbehnhhc pcheb ospdrdtuhc quo mhfdth%
Guhetb aès ovbcugdbehnh soh ch oetdnhn ospdrdtuhc#ahybr sorè ch vocbgdnhn gbe quo vdfrhe cbs ètbabsnoc pordospárdtu% No ch adsah brah# gbebrao ochnochethadoetb abrhc noc ospárdtu soh ahybr# ahybr sorè ocosphgdb oetro chs abcäguchs quo gbapbeoe oc pordospárdtu#no hmá ch aoebr noesdnhn no su guorpb ospdrdtuhc%
Cbs ospárdtus cchahnbs h vdvdr oe ue auenb# shgheiudnbs no hquoc phrh brahr su pordospár dtu% Whghrèe no chsphrtos aès noeshs b aès sutdcos noc auenb nbeno vhyhe hoeghrehr# nopoendoenb no su ovbcugd÷e%
Iuegdbeos noc pordospárdtu;
Zorsbehcdzhr o dnoetdghr hc ospárdtu%
Os oc rospbeshfco no ch br`hedzhgd÷e fdbc÷`dgh# ch dnohndrogtrdz%
Vhihoc Hrdhs
Gbaorgdhc% Os adoafrb uenhnbr noc Goetrb Ospárdth Hcche Lhrnogno Aèch`h# nosno mhgo 84 høbs% Mh phrtdgdphnb gbe hc`uehspbeoegdhs oe ovoetbs ospdrdths
ZOVDOWZÁVD^_
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 23/36
67Eûaorb; > • Ondgd÷e Woptdoafro
Zrdegdpdb no chs gbauedghgdbeos aondûaedghs y no cbsoe÷aoebs ospárdths oe `oeorhc%
Detoraondhrdb oetro oc ospárdtu y ch ahtordhprbpdhaoeto ndgmh% Th quo oc ospárdtu ndrogthaoeto eb
puono bfrhr sbfro ch ahtordh# os oc oeghr`hnb no pchsahr oe oc guorpb chs ÷rnoeos oadtdnhs pbr oc ospár dtu% Oc ospárdtuahenh# oc pordospárdtu trhesadto y oc guorpb okoguth%
Hrgmdvb no oxpordoegdhs rooeghrehtbrdhs% Chdebrahgd÷e quo ghpth oc pordospárdtu s÷cb oe ueh oxdstoegdhpbnráh bguphr ue èroh hprbxdahnhaoeto no 89%::: la7 gbe chs hgtuhcos tägedghs no adedhturdzhgd÷e gbe quo soochfbrhe cbs brnoehnbros%
Wd eb oxdstdorh oc pordospárdtu# vornhnorb hrgmdvbnbeno so ro`dstrhe tbnhs chs daprosdbeos# sd uoso s÷cb ocsdstoah eorvdbsb oc cu`hr nbeno quonhe oshs daprosdbeos`rhfhnhs# guhenb ch susthegdh quo brah oc tokdnb eorvdbsbso roebvhso# so pornoráh gbe ch sustdtugd÷e%
Cbs sbvdätdgbs gbaprbfhrbe oe ch _edvorsdnhn noHcah Hth# Lhzhkstèe# gbab so rotdrhfh tbthcaoeto oc guorpbfdbpchsaètdgb nospuäs no ch auorto ásdgh y oapcohrbe ocnotogtbr no pucshgdbeos fdbc÷`dghs phrh gbaprbfhr quo sooegbetrhfh gorgh noc guorpb%
Zrbpdonhnos;
Oxphesdfdcdnhn y ioxdfdcdnhn; Zbr su ehturhcozhsoadahtordhc-6$# oc pordospárdtu os ioxdfco y oxphesdfco%Gbestdtudnb gbe fhsos oe prdegdpdb quáadghs soaokhetosoe sus prbpdonhnos hc mdnr÷`oeb# oxprosèenbso oe
abcäguchs rochtdvhaoeto ndsthegdhnhs pbr oc poeshadoetb#puono oxphendr# gbetrhor y abndghr su hphrdoegdh% Zuononhr oe÷aoebs no nosnbfchadoetb# oahegdphgd÷e y fdgbrpbrdonhn%
Oc ospárdtu eb so oeguoetrh oegorrhnb oe cbs cáadtosnoc guorpb% Zbr su ehturhcozh iuándgh y oxphesdfco drrhndh
mhgdh oc oxtordbr% Oe oc cdfrb no Bfrhs p÷stuahs# no Hcche
Lhrnog# 8ª phrto# átoa 6# ndgo quo oc pordospárdtu eb sooeguoetrh oegorrhnb oe cbs cáadtos noc guorpb gbaboe ueh ghkh% Osth prbpdonhn os auy dapbrtheto# yh quooxpordoegdhs gdoetághs oogtuhnhs oe ch hetd`uh _ed÷eWbvdätdgh# Osthnbs _ednbs y @rhe Frothøh# gbapruofhe choxdstoegdh noc cchahnb ghapb oeor`ätdgb# oc guhc vdoeo hnoabstrhr ch hrahgd÷e no Lhrnog mhgo 8?: høbs%
Hfsbrgd÷e;Os pbr osth ghphgdnhn quo puono hfsbrfor susthegdhs ehs b `rbsorhs no ch ahtordh% Oeor`áhs fuoehsb degcusb vhpbros no gbadnhs otg# thafdäe puonoe cbsbfsosbros-7$ hfsbrfor oeor`áhs no sus vágtdahs%
Zoeotrhfdcdnhn; Zuono poeotrhr guhcqudor ostrugturhahtordhc%
Zchstdgdnhn; Os nofdnb h osth prbpdonhn quo ocpordospárdtu puono abndghr su brah oxtoreh% Wu
Cbs sbvdätdgbs gbaprbfhrbe oe ch
_edvorsdnhn no Hcah Hth# Lhzhkstèe#gbab so rotdrhfh tbthcaoeto ocguorpb fdbpchsaètdgb nospuäs no chauorto ásdgh y oapcohrbe oc notogtbrno pucshgdbeos fdbc÷`dghs phrhgbaprbfhr quo so oegbetrhfh gorghnoc guorpb
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 24/36
6> Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
pchstdgdnhn os hogthnh pbr cbs nos`hstos noc hcgbmbc# chnrb`h# ch edgbtdeh# pbr chs toethtdvhs no sudgdndb# otg%
Ede`ueh hctorhgd÷e so kh oe oc guorpb ásdgb# phrh trhesadtdrso pbr moroegdh h sus nosgoendoetos# sd prdaorbeb so k÷ oe cbs `oeos< y ede`ueh hctorhgd÷e so kh oe cbs`oeos# sd prdaorb eb so k÷ oe oc pordospárdtu%
Oe rhz÷e no ch noesdnhn no euostrb psdqudsab#
okoguthabs hgtbs quo vdbcoethe euostrh br`hedzhgd÷eásdgh# nostruyoenb ÷r`hebs# hctorhenb sdstoahs y noshrabedzhenb chs oeor`áhs# sdtuhgdbeos äsths quoso daprdaoe oe oc pordospárdtu# ghushenb cbs adsabsoogtbs quo so ndorbe oe oc guorpb ásdgb# gbab sugonogbe cbs oogtbs pbstordbros quo so nhe oe oc br`hedsabpordospdrdtuhc gbab gbesoguoegdh noc sudgdndb# oc hfbrtb# ochfusb no chs nrb`hs# noc hcgbmbc# noc soxb# otg%
Hc`uebs hutbros detorprothe quo oc pordospárdtu gbe chovbcugd÷e noc ospárdtu noshphrogo# porb oe Oc Cdfrb no cbsOspárdtus# oe ch pro`ueth 8=9 ebs ndgo;
«²Oxdstoe auenbs oe cbs guhcos oc ospár dtu# nokhenb nomhfdthr guorpbs ahtordhcos# eb toe`h btrh oevbcturh quo ocpordospárdtu2¼
Cbs ospárdtus rospbenoe; «Wá# y osth adsah oevbcturhso mhgo the otäroh# quo phrh vbsbtrbs os gbab sd eboxdstdorh< thc os oc osthnb no cbs ospárdtus purbs¼%
Oc mbafro y ch aukor gbe sus poeshadoetbs y hgtdtunos#phchfrhs y hgtbs# grohe oe cb áetdab ch vornhnorh brahospdrdtuhc no quo so rovdstoe% Ghnh grdaoe# ghnh ghánh#nokhe nobradnhnos y surgbs mbrroenbs oe oc guorpb nochcah# hsá gbab ghnh hggd÷e `oeorbsh# ghnh poeshadoetb
supordbr# høhnoe foccozh h ch brah por dospdrátdgh%Mhy grdhturhs focchs y hnadrhfcos oe ch ghreo y quo oe
oc benb sbe vornhnorbs abestrubs aoethcos# noc adsababnb quo mhy guorpbs tbrturhnbs y notosthnbs oe ocauenb# osgbendoenb ospárdtus he`äcdgbs%
-8$ Icudnb g÷sadgb; ^hafdäe cchahnb iudnb uedvorshc# os ch ahtordhocoaoethc prdadtdvh# no guyhs nordvhgdbeos y abndghgdbeos# sogbestdtuyoe ch deednhn no guorpbs no ch ehturhcozh% Ghp% ]DY Oc@äeosds# no Hcche Lhrnog%
-6$ Nogdabs quo os soadahtordhc# ostb os# portoeogo h ch ahtordh pbr ocbrd`oe y h ch ospdrdtuhcdnhn pbr su ehturhcozh otäroh%
-7$ Bfsosbros; ospárdtus quo hûe eb hcghezhrbe gdorth ocovhgd÷e
abrhc y quo deiuyoe oe cbs poeshadoetbs no gdorths porsbehsnososthfdcdzèenbcbs y# oe bghsdbeos# cco`henb degcusb h hfsbrforcoschs oeor`áhs% Cdfrb no cbs Aänduas# ghp% ]DDD%
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 25/36
6?Eûaorb; > • Ondgd÷e Woptdoafro
Mhsth euostrbs náhs# cbs ostundbsbs no ch psdquo tbnhváh eb mhe nosgufdortb pbr quä eogosdthabs nbradr%Osth guostd÷e sd`uo sdoenb ueh deg÷`edth# porb cb gdortbos quo `oeorhcaoeto nbradabs no 9 h = mbrhs ndhrdhspbr täradeb aondb# os nogdr# ebs phshabs ueh torgorhphrto no euostrh vdnh nuradoenb# hprbxdahnhaoeto#nondghabs 6: høbs no euostrh vdnh hc auenb beárdgb%
Oxdstoe tros tdpbs no suoøbs; sdbc÷`dgbs# psdgbc÷`dgbsy ospdrdtuhcos% Nosgrdfdroabs frovoaoeto cbs nbsprdaorbs# sdoenb cbs suoøbs ospdrdtuhcos bfkotb no ahybr htoegd÷e%
Cbs suoøbs sdbc÷`dgbs sbe oc rosucthnb no chs
soeshgdbeos sdbc÷`dghs u br`èedghs guhenb ch porsbehnuorao# thcos gbab oc ráb# oc mhafro# ch son# oc ghcbr…aondheto ch grohgd÷e no daè`oeos nurheto oc suoøb#rochgdbehnhs gbe ndgmhs soeshgdbeos%
Cbs suoøbs psdgbc÷`dgbs sbe hquoccbs quo roiokhe cbsadonbs# nosobs# prbfcoahs# he`ustdhs%%% noc dendvdnub y quo brahe phrto noc sufgbesgdoeto%
Cbs suoøbs ospdrdtuhcos sbe cbs quo so prbnugoepbr gbethgtb gbe soros ospdrdtuhcos oeghrehnbs bnosoeghrehnbs# uáhs ospdrdtuhcos# èe`ocos b soros no cuz…Ostbs suoøbs puonoe sor proabedtbrdbs b prbätdgbs y suoøbs no rooeghrehgd÷e%
Oe oc cdfrb Oe cbs nbadedbs no ch aonduaednhn # noIrhegdsgb Ghendnb ]hvdor# oe oc ghpátucb 6># so mhgorooroegdh h cbs soros ospdrdtuhcos; «Noc adsab abnb#
mhy prbtogtbros quo ebs hyunhe y prbto`oe# qudoeosd`uhcaoeto phrtdgdphe no euostrhs oxpordoegdhs no ghnhnáh% Os daprosgdendfco oetoenor quo# sdoapro y oe tbnbcu`hr# vdvdabs oe Ospárdtu% Oc detorghafdb no hcah h hcah#oetro phnros o mdkbs# ospbsbs y morahebs# hadsthnos y gbaphøorbs# sdaphtáhs y noshogtbs# oe oc èafdtb hadcdhr b oe chs destdtugdbeos no sorvdgdb oe chs quo ebs h`ruphabsos# oe rhz÷e no occb# bfcd`htbrdb y gbestheto% Wde porgdfdrcb#hprbvogmhabs dnohs y uorzhs cbs uebs no cbs btrbs¼%
Cbs suoøbs proabedtbrdbsso prbnugoe oe ue aoebr eûaorb quo cbs suoøbs psdgbc÷`dgbs y ebs debrahe gbe`rhe progdsd÷e no sugosbs quo so prbnugdrèe hc pbgb
tdoapb no mhforcbs sbøhnb< suocoe sor no `rhe oxhgtdtuncbs nothccos hgbetogdnbs beárdghaoeto% Wbe gbebgdnbscbs suoøbs proabedtbrdbs no cbs hsosdehtbs no AhrtdeCutmor Lde` y noc prosdnoeto haordgheb Hfrhmha Cdegbce#mhfdoenb sugdoeto fdfcdb`rháh hc rospogtb%
Noetrb no cbs suoøbs ospdrdtuhcos# oegbetrhabs cbssuoøbs detudtdvbs# quo ebs sdrvoe phrh sdtuhgdbeos oe chsguhcos osthabs nospdortbs y shfoabs porogthaoetog÷ab hgtuhr oe ue notoradehnb abaoetb% Woráh uehospogdo no soxtb soetdnb quo h vogos prbgono no uehdebrahgd÷e bftoednh oe suoøbs% Osth frovo oxpcdghgd÷eso oeguoetrh áetdahaoeto rochgdbehnh gbe ch pro`ueth
>8? no Oc cdfrb no cbs Ospárdtus «²Guhc puono sor ch utdcdnhn no vdsdths ebgturehs puostb quo eb chs rogbrnhabs2
@oeorhcaoeto hc nosporthr so prosoeth ch detudgd÷e noocchs y gbe roguoegdh sbe oc brd`oe no gdorths dnohs quo
Haphrb @hrgáh
Os iuegdbehrdh y iroguoeth ch Hsbgdhgd÷e Ospárdth no Yhcoegdh Mb`hr Irhtoreb
CBW W_OØBWOWZDVD^_HCOW
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 26/36
69 Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
toeoabs ospbetèeohaoeto sde quo pbnhabs nhr oxpcdghgd÷e y quo eb sbe btrhs quo chs quo so mhe hnqudrdnb nurhetohquocchs gbevorshgdbeos¼%
Oxdstoe suoøbs no hvdsbs# quo ebs debrahe nosugosbs quo ebs detorosh shfor phrh prbto`orebs bprovoedrebs heto gdrguesthegdhs hnvorshs quo so vhe hprbnugdr oe euostrh vdnh%
Oe oc cdfrb Oe cbs Nbadedbs no ch aonduaednhn so ebshgchrh; «Guhenb oc guorpb ásdgb nosghesh# eb sdoapro chshcahs ropbshe% Oe ch ahybráh no chs bghsdbeos sd`uoe ocdapucsb quo os prbpdb no occhs% Xudoe so nondgh hc fdoe#no ue abnb `oeorhc# sd`uo trhfhkhenb oe ch soaoetorh y
oe oc ghapb noc habr# y qudoe so oeahrhøh gbe oc ahchgbstuafrh h prbcbe`hr oe oc suoøb ásdgb chs poshndcchsquo cb tbrturhe%%%¼
Btrbs suoøbs sbe rovochnbros y ebs trhequdcdzheguhenb eb shfoabs g÷ab hgtuhr oe ue notoradehnbabaoetb roeto h hc`ûe hgbetogdadoetb probgupheto%H vogos# ostbs suoøbs so prbnugoe no brah vbcuethrdhy btrhs devbcuethrdhaoeto% Euostrbs `uáhs ospdrdtuhcosso pbeoe oe gbethgtb gbe ebsbtrbs phrh dendghrebs ocghadeb h so`udr y hyunhrebs oe guhetb cos soh pbsdfco#rospothenb sdoapro euostrb cdfro hcfonráb%
Oe oc Cdfrb no cbs Ospárdtus oe ch rospuosth >:> ndgo cbsd`udoeto; «²Eb toeäds euaorbsbs okoapcbs no porsbehs quoso hphrogoe oe suoøbs y hnvdortoe h sus phrdoetos b had`bscb quo cos phsh2 ²Xuä sbe oshs hphrdgdbeos sdeb oc hcah bospárdtu no oshs porsbehs quo gbauedgh gbe oc vuostrb2¼
Cbs suoøbs no rooeghrehgd÷e so prbnugoe oe pbghs
bghsdbeos y so ahedosthe gbab mogmbs hdschnbs quoprbgonoe `oeorhcaoeto no ch ospdrdtuhcdnhn supordbr y quo degcusb so pbnráhe vor gbab ue ro`hcb noc gdocb#puostb quo os ueh bpbrtuednhn quo ebs hyunhráh hoetoenor sdtuhgdbeos b pruofhs hgtuhcos# b fdoe# phrhdetoethr sbcugdbehr cbs prbfcoahs quo ebs hogthe…@oeorhcaoeto ch porsbeh suoøh ueh y btrh voz oc adsabsuoøb oe oc quo so vo sdoenb btrh porsbeh ndoroeto#porb sdetdoenb quo os occh adsah% ^hafdäe puono sor uesuoøb quo so vdvo auy detoeshaoeto y gbe ch gortozhno sor rohc# degcusb puono sor ue suoøb cûgdnb% H trhväsno ro`rosdbeos mdpe÷tdghs so puono bftoeor debrahgd÷eno vdnhs hetordbros gbe bfkotb no oetoenor sdtuhgdbeos
hgtuhcos quo ebs prbnugoe quofrhnorbs no ghfozh bfdoe prbfcoahs no shcun% Noc adsab abnb# aondheto uehaondthgd÷e prbuenh gbe ch hsdstoegdh no euostrb `uáhospdrdtuhc oegbetrhabs hggosb h chs vdnhs phshnhs%
^bnb oc auenb tdoeo suoøbs ospdrdtuhcos oe ahybr b aoebr eûaorb# cb quo bgurro os quo h vogos eb soroguornhe y so quonhe gbab ue nokê vu% Nurheto oc suoøb#oc Ospárdtu rogbfrh hc`b no su cdforthn y so gbauedgh gbecbs soros h qudoeos hah# yh soh oe osto auenb b oe btrbs%Nofdnb h quo oc guorpb os ueh ahtordh poshnh y noesh#rogbrnhabs gbe ndgucthn chs daprosdbeos rogdfdnhs pbr oc Ospárdtu# yh quo eb uorbe porgdfdnhs h trhväs no cbs÷r`hebs gbrpbrhcos# thc gbab ebs osgchrogo oc ghpátucbYDDD no Oc cdfrb no cbs Ospárdtus# nondghnb h ch oahegdphgd÷enoc hcah%
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 27/36
60Eûaorb; > • Ondgd÷e Woptdoafro
ÈE@OCOW @_HVNDHEOW#OWZÁVD^_W ZVB^OG^BVOW#IHADCDHVOW T WDAZÈ DGBW
Guhenb sbabs poquoøbs# euostrbs hadcdhros -phnros#hfuocbs# tábs# otg%$ ebs oesoøhe quo guhenb ehgoabs Ndbsebs hsd`eh ue Èe`oc no ch @uhrnh# quo ebs prbto`orè hcb chr`b no euostrh vdnh% Hproenoabs nosno auy edøbs h
rozhrcos pbr chs ebgmos phrh quo vocoe nurheto euostrbnosghesb y h sbcdgdthrcos su hyunh% Os auy gbebgdnb oe chsndoroetos gucturhs pbpuchros quo heto ue hgbetogdadoetbnoshbrtuehnb b hggdnoeto quo cos bgurrh h cbs edøbs# ästbsshc`he dcosbs sde rhs`uøb hc`ueb# ndgdoenb quo uo bfrh nocÈe`oc no ch `uhrnh%
Zbr cb `oeorhc# y auy chaoethfcoaoeto# h aondnhquo grogoabs y gbetrhoabs bfcd`hgdbeos y hpo`bs# ebsbcvdnhabs no osbs degheshfcos had`bs quo uorbe puostbshccá pbr Ndbs phrh hgbaphøhrebs oe ch vdnh y hyunhrebs hprb`roshr% T yh ed cos rozhabs y ed cos pondabs%
Nofb nogdrcos# gbab oxpordoegdh porsbehc# quo ehgá oe ueh hadcdh ght÷cdgh eb prhgtdgheto no auy muadcnos
gbendgdbeos# nbeno ao degucghrbe ueh abrhc Grdstdheh#nokèenbao nogdndr pbr ueh rocd`d÷e% Iuo hsá quo nosno auy kbvoe ud ue devostd`hnbr rochgdbeèenbao gbe cogturh auy ospdrdtuhc y no ndoroetos rocd`dbeos% T oetro chs pro`uethsquo ao mhgáh# ueh no occhs eb pbnáh oegbetrhr rospuosth#²G÷ab os pbsdfco quo sdoenb Ndbs the kustb puonh poradtdr quo porsbehs phsoe pbr ndoroetos sdtuhgdbeos poebshs hquá oe ch ^dorrh y Èe`ocos quo vdvhe h su chnb oe ue osthnb noocdgdnhn gbestheto2
Ccovb augmb tdoapb# y eb pbr ghsuhcdnhn# y foendth chmbrh quo gbebgá ch Nbgtrdeh Ospárdth Lhrnogdsth# ch Nbgtrdehno cbs Ospárdtus# quo osgchrogd÷ ads nunhs% Os pbr occb y sdeaès rbnobs quo trhesadtdrä chs oesoøhezhs no euostrbsmorahebs ahybros%
Zrdaorb# nogdr ch ndoroegdh oetro Èe`ocos y Èe`ocos@uhrndheos b Ospárdtus Zrbtogtbros; CbsÈe`ocos sbe chs hcahsno cbs mbafros quo mhe hcghezhnb oc `rhnb no poroggd÷egbegondnb h ch grdhturh y `bzhe no ch pcoedtun no ch ocdgdnhnprbaotdnh% Zhrh occb noforèe phshr# nosno su grohgd÷e#gbab ospárdtus soegdccbs o d`ebrhetos# sde gbebgdadoetb y sde gbegdoegdh noc fdoe y noc ahc# pbr chs ndoroetos othphsno ch ovbcugd÷e gbab ospárdtus h trhväs no ndoroetosoeghrehgdbeos% rhfhkhenb oe su poroggdbehadoetb# cco`hrèeaès b aoebs prbetb oe vdrtun no su cdfro hcfonráb y oerhz÷e h sus osuorzbs h hnqudrdr oso `rhnb no ocovhgd÷e
abrhc%Os dapbrtheto nosthghr quo# sd fdoe mhe hcghezhnb chocdgdnhn prbaotdnh# ostb eb cos gbeoro vdvdr oe ue osthnbno bgdbsdnhn< sdeb oe chs uegdbeos quo Ndbs tdoeo h fdoe
gbehrcos y quo so tdoeoe pbr ndgmbsbs oe guapcdr# pbrquosus bguphgdbeos sbe ue abnb no prb`rosb%
Èe`oc @uhrndèe b Ospárdtu Zrbtogtbr sbe hsd`ehnbspbr Ndbs phrh quo ebs hgbaphøoe nosno euostrb
ehgdadoetb mhsth ch auorto y tdoeoe pbr adsd÷e hyunhrebs hprb`roshr% Occbs sbe sdoapro no ehturhcozh supordbr# thc gbabebs dendgh ch pro`ueth >4: no Oc cdfrb no cbs Ospárdtus; «²Xuänofo oetoenorso pbr èe`oc `uhrndèe2 Oc ospárdtu prbtogtbr no ue brnoe ocovhnb%¼ T thafdäe oe Oc Ovhe`ocdb so`ûeoc Ospdrdtdsab# ghp% 6=# nbeno so roghcgh quo oc èe`oc no ch`uhrnh os sdoapro ue ospárdtu supordbr%
Os ch rochgd÷e no ue phnro phrh gbe su mdkb< ch no udhrebsoe ch soenh noc fdoe# hyunhrebs gbe gbesokbs# gbesbchrebs oechs hidggdbeos covhethenb oc èedab oe chs pruofhs no ch vdnh%Wuocoe augmhs vogos hgbaphøhrebs oe ch vdnh ospdrdtuhcnospuäs no ch auorto y h trhväs no ndoroetos oxdstoegdhsgbrp÷rohs%
Cbs Ospárdtus Zrbtogtbros puonoe oe notoradehnhsgdrguesthegdhs hcokhrso no ebsbtrbs guhenb voe quo susgbesokbs sbe deûtdcos y ebs sbaotoabs h deiuoegdhs noospárdtus deordbros% Zorb eb pbr occb ebs hfhenbehe pbr gbapcotb y sdoapro so mhgoe bár% Occbs sdoapro vuocvoeguhenb cbs cchahabs%
Cbs Ospárdtus Ihadcdhros sbe# oe korhrquáh# deordbros hcbs Ospárdtus Zrbtogtbros y sbe oe tbnb ghsb fuoebs% Wo cd`heh ebsbtrbs pbr chzbs aès b aoebs pornurhfcos gbe oc e nosorebs ûtdcos% Noetrb no sus cáadtos no pbnor# pbr cb `oeorhcauy rostrde`dnb# so bguphe fuoehaoeto no chs guostdbeos noeuostrh vdnh áetdah y s÷cb hgtûhe pbr brnoe y gbe oc poradsb
no cbs Ospárdtus Zrbtogtbros%Cbs Ospárdtus Wdapètdgbs sbe hquoccbs quo so sdoetoehtrhánbs pbr ebsbtrbs gbe abtdvb no hogtbs phrtdguchrosy no gdorth soaokhezh no `ustbs# vdgdbs y soetdadoetbs# yhsoh oe oc fdoe b oe oc ahc% Ch nurhgd÷e no osth rochgd÷e ghsdsdoapro so oeguoetrh sufbrndehnh h chs gdrguesthegdhs%
T phrh toradehr qudsdorh nogdrcos quo tbnb ostoprbgosb quo mo gbaoethnb# nosno guhenb Ndbs ebs mhgrohnb y mh grohnb nosno ch otorednhn y groh sde goshr y hetos quo ch dorrh oxdstdorh# mufb oe btrbs auenbs ospárdtusoeghrehnbs quo rogbrrdorbe chs adsahs othphs quo ebsbtrbs!ospárdtus no brahgd÷e aès rogdoeto quo rogbrroabs oeosto abaoetb! y quo cco`hrbe hc e hetos quo ebsbtrbsmufdäsoabs shcdnb no chs ahebs noc Grohnbr%
-Debrahgd÷e oxtrhánh no chs bfrhs no Hcche Lhrnog%Bfrhs Z÷stuahs# Oc Ovhe`ocdb so`ûe oc Ospdrdtdsab y Oc Cdfrb nocbs Ospárdtus$%
Ibrah phrto no ch Wbgdonhn Ospdrdtdsth Hcdghetdeh
Bsghr Vhabs
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 28/36
6= Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
Ch pocáguch Ebssb Chr -Euostrb Mb`hr$ ostè fhsh!nh oe ch bfrh aondûaedgh aès nduendnh oe oc auenb#gbe aès no nbs adccbeos no okoapchros pufcdghnbs y
trhnugdnh h ghtbrgo dndbahs# portoeogdoeto h ch sordo «Chvdnh oe oc auenb ospdrdtuhc¼# ndgthnh pbr oc ospárdtu He!nrä Cudz h trhväs no ch aonduaednhn no Irhegdsgb Gèend!nb ]hvdor% Hnoaès no Euostrb mb`hr -84>>$# gbebrahendgmh sordo; Cbs aoeshkorbs -84>>$# Adsdbeorbs no ch cuz -84>?$# Bfrorbs no ch vdnh otoreh -84>9$# Oe oc auenbahybr -84>0$# Cdforhgd÷e -84>4$# Oetro ch ^dorrh y oc Gdocb -84?>$# Oe cbs nbadedbs no ch Aonduaednhn -84??$# Hg!gd÷e y Vohggd÷e -84?0$# Ovbcugd÷e oe Nbs auenbs -84?=$# Aoghedsabs no ch Aonduaednhn -849:$# Woxb y nostdeb-8497$# T ch vdnh gbetdeûh… -849=$
^ros osphgdbs osoegdhcos puofche oc pordpcb no He!nrä Cudz h cb chr`b no ch pocáguch; oc uafrhc nbeno so
oeguoetrh trhs ch auorto< ch gbcbedh ospdrdtuhc EuostrbMb`hr h ch quo os gbenugdnb phrh su roguporhgd÷e# os!gchrogdadoetb y trhfhkb nd`edgheto y cbs ihsm!fhgl nosus roguornbs oe ch oxpordoegdh torrostro# quo co vhenhenb chs gchvos phrh gbaproenor su sdtuhgd÷e oe ocauenb ospdrdtuhc%
Oc uafrhc nbeno so oeguoetrh oc aändgb trhs suauorto os ueh ro`d÷e ospdrdtuhc pr÷xdah h ch supor!gdo no ch ^dorrh# gbab gbesoguoegdh no sus orrbros ubadsdbeos nurheto ch vdnh% Os ueh zbeh no surdadoetbs#nosoqudcdfrdbs y hidggdbeos# ueh ro`d÷e nostdehnh hc h`b!
thadoetb no rosdnubs aoethcos oeoradzbs< ueh ospogdo
no zbeh pur`htbrdhc# nbeno oc ospárdtu tbah gbegdoegdhnoc aoebsprogdb quo tuvb no ch sufcdao bpbrtuednhn noueh oxdstoegdh torroehc%
^rhs oc phshko pbr oc uafrhc# Henrä Cudz os gbenu!gdnb h ch gbcbedh ospdrdtuhc Euostrb Mb`hr# uenhnh pbr pbrtu`uosos nosoeghrehnbs oe Frhsdc oe oc sd`cb ]YD# sd!
tuhnh sbfro Váb no Kheodrb% Nospuäs no phshr ue tdoapboe ue mbspdthc ospdrdtuhc rogdfdoenb gudnhnbs detoesdvbs#Henrä Cudz gbaproeno quo uo ue sudgdnh degbesgdoetonofdnb h sus ocoggdbeos nurheto su oxdstoegdh torroeh#quo hogthrbe thetb h su shcun ásdgh gbab h su osthnbaoethc h trhväs no soetdadoetbs gbab ch rhfdh# oc bndb# choevdndh# ch detbcorhegdh%%% ^rhs osth tbah no gbegdoegdh# ocaändgb nogdndrè prosthr sus sorvdgdbs h btrbs soros quocco`he h ch gbcbedh oe osthnb nopcbrhfco# gbab äc adsabcco`÷ hetordbraoeto# y quo noforèe prophrhrso phrh ueheuovh osthegdh oe ch ^dorrh# puostb quo ch rooeghrehgd÷eos ch aokbr osguoch%
Oe Euostrb Mb`hr nosgufrdabs quo oc habr os oc
hcdaoetb no chs hcahs# hsá gbab quo cbs tátucbs y mbebroshnqudrdnbs oe ch ^dorrh eb tdoeoe utdcdnhn hc`ueh oe uepcheb aès ocovhnb% Oc aändgb br`uccbsb# ahtordhcdsth y pbgb nondghnb h su hadcdh# hproeno# trhs augmb surd!adoetb# quo su sdtuhgd÷e oe oc uafrhc os nofdnh h ch Coy no Ghush y Oogtb -b no Hggd÷e y Vohggd÷e$ y quo susgbebgdadoetbs no aondgdeh noc guorpb no ehnh sdrvoeoe ch torhpdh ospdrdtuhc% Henrä Cudz rogbadoezh gbe mu!adcnhn cdapdhenb chs zbehs no htoegd÷e y hyunh oe ocmbspdthc ospdrdtuhc no Euostrb Mb`hr# mhsth hproenor cbsprdegdpdbs no ch aondgdeh ospdrdtuhc% Wu trhesbrahgd÷end`edgheto# sdcoegdbsh# h trhväs noc sorvdgdb porsovorheto
h cbs rogdäe cco`hnbs noc uafrhc# gbe sbcdnhrdnhn y habr rhtorehcos# co mhrèe aorogonbr no euaorbsbs –fbeusmbrh‑% H trhväs no su gmh no sor vdgdb dendvdnuhc# aès thr!no pbnrè vdsdthr h sus soros hahnbs oe ch osorh torrostro
Cbch @hrgáh
Mdstbrdhnbrh noc hrto y fdfcdbtoghrdh% Ibrah phrto no ch Hsbgdhgd÷eOspárdth no Yhcoegdh Mb`hr Irhtoreb%
CH OWZDVD^_HCDNHN OE OC GDEO;
EBWWB CHV-E_OW^VB MB@HV$
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 29/36
64Eûaorb; > • Ondgd÷e Woptdoafro
y ehcaoeto phshrè h brahr phrto no cbs gdunhnhebs noch gbcbedh%
No `rhe detoräs os ch br`hedzhgd÷e abnäcdgh no chgdunhn ospdrdtuhc% Mhy ue @bforehnbr @oeorhc rbnoh!
nb no sotoeth y nbs gbchfbrhnbros% Ch gbcbedh# quo ososoegdhcaoeto no trhfhkb y rohcdzhgd÷e# so ndvdno oe sodsadedstordbs# brdoethnbs ghnh ueb pbr nbgo adedstrbs%Oxdstoe cbs adedstordbs no Vo`oeorhgd÷e# no Huxdcdb# noGbauedghgdbeos# no Osgchrogdadoetb# no Ocovhgd÷e y no_ed÷e Ndvdeh% Cbs prdaorbs so hprbxdahe h chs osorhs
torrostros# adoetrhs quo cbs nbs ûctdabs cbs ueoe hc pch!eb ospdrdtuhc# yh quo so trhth no ueh gdunhn ospdrdtuhc oeueh zbeh no trhesdgd÷e% No osto abnb# so deoro quo ocmbafro oe su osthegdh trhesdtbrdh oe ch ghreo d`ebrh quo
tbnh ahedosthgd÷e no brnoe oe oc auenb prbgono oerohcdnhn noc pcheb supordbr%
_eb no cbs hspogtbs aès cchahtdvbs y sbrproenoe! tos no ch pocáguch os ch hrqudtogturh uturdsth prosoeto oeEuostrb Mb`hr% Ch aändua Mod`brdeh Guemh oe 8404rohcdz÷ ndfukbs adeugdbsbs thetb noc urfhedsab no ch gb!cbedh ospdrdtuhc# oe brah no ostrocch no sods pueths# gbabno ch hrqudtogturh obaätrdgh no sus ondgdbs% Ndgmbs nd!soøbs uorbe gberahnbs pbr Gmdgb ]hvdor y sdrvdorbeno despdrhgd÷e phrh grohr cbs osphgdbs no ch hnhpthgd÷egdeoahtb`règh no Euostrb Mb`hr% Kuetb h cbs ondgdbs#oc h`uh os oc iudnb osoegdhc oapcohnb gbab hcdaoetby roaondb h trhväs noc ah`eotdsab ospdrdtuhc# adoetrhsquo ch aûsdgh os ue ostáaucb no hco`ráh o detoesdgh oc
roendadoetb noc sorvdgdb gbestrugtdvb%^hc gbab dendgh Oaaheuoc oe ch prosoethgd÷e noc
cdfrb Euostrb Mb`hr; «Henrä Cudz vdoeo h gbethrto# cog! tbr had`b# quo ch ahybr sbrprosh oe ch auor to ghrehc
os ch no gbcbghrebs ghrh h ghrh gbe euostrh prbpdh gbe!gdoegdh# nbeno ondghabs oc gdocb# ebs osthgdbehabs oeoc pur`htbrdb b ebs progdpdthabs oe oc hfdsab deorehc<vdoeo h rogbrnhrebs quo ch dorrh os ue thccor sh`rhnb y quo ehndo cb aoebsprogdhrè sde gbebgor oc progdb noc
torr dfco oe`høb hc quo sbaotd÷ h su prbpdb gbrhz÷e…Oc mbafro torrostro eb os ue nosmoronhnb% Os mdkb noNdbs# oe trhfhkb gbestrugtdvb# vdstdoenb oc rbphko no chghreo< hcuaeb no ch foeoaärdth osguoch# nbeno progdshhproenor h ocovhrso% Ch cugmh muaheh os su bpbrtuednhn#su morrhadoeth# su cdfrb¼
^rhs osth pocáguch# quo mh supuostb ch ahybr devor!sd÷e noc gdeo frhsdcoøb mhsth ch ogmh# cco`hrè oe frovoueh euovh pocáguch no ch sordo «Ch vdnh oe oc auenb os!pdrdtuhc¼# T ch vdnh gbetdeûh… # quo so ostroehrè oe Frhsdcoc pr÷xdab 8> no soptdoafro y so`udnhaoeto oe Osphøh
oc 0 no ndgdoafro nurheto oc Gbe`rosb Ospárdth Ehgdbehc%
Irhegdsgb Gèendnb ]hvdor -848:!6::6$# pbpuchraoeto gbebgdnbgbab Gmdgb ]hvdor# uo ue `rhe aändua y ndvuc`hnbr noc Ospdrdtdsab oeFrhsdc y oe oc auenb% Yornhnorb hp÷stbc no habr# rogdfd÷ gorgh no ndozadccbeos no irahs phrh rogdfdr oc Zroadb Ebfoc no ch Zhz oe 84=8% Huequoeb bftuvb osto rogbebgdadoetb muaheb# su bfrh no habr y ghrdnhn mhfch
pbr sá adsah% Osgrdfd÷ aès no >:: cdfrbs# guyh hutbráh khaès hnadtd÷#hirahenb quo osgrdfáh s÷cb cb quo cbs ospárdtus co ponáhe% Khaès porgdfd÷oc prbnugtb no ch voeth no cbs cdfrbs aondûaedgbs# nbehenb cbs norogmbsno hutbr h ndoroetos destdtugdbeos sde èedab no cugrb%
Zocáguch; EBWWB CHV -E_OW^VB MB@HV$
Ndrogtbr; Ph`eor no Hssds
@ud÷e; ; Ph`eor no Hssds
Fhenh Wbebrh; Zmdcdp @chss
Zrbnuggd÷e; Dhh Frdtz
Ibtb`rhiáh; _ocd Wtod`or
Detärprotos; Voehtb Zrdotb# Btmbe Fhstbs# Heh Vbsh# Zhucb
@buchrt# Poreor WgmóeoaheeZhás; Frhsdc
Høb; 6:8:
@äeorb; Nrhah
Ndstrdfudnbrh; 6:tm Goetury Ibx
Ostundb; Gdeätdgh Idcaos " @cbfb Idcaos " Adn`hc Idcaos
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 30/36
7: Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
Chs Ydnhs Zhshnhsno cbs EdøbsGhrbc Fbwahe
Oe chs Irbetorhsno ch CbgurhNdvhcnb Irhegb " Aheuoc Z% no Adrhenh
Woxb y NostdebIrhegdsgb Gæendnb ]hvdor
BrhtbrdhH ch Cuz no cbs ospárdtusWdabed Zrdvhtb @bdnhedgm
Oc gdocb y oc DeiorebHcche Lhrnog
Ydnh; noshiábs y sbcugdbeosNdvhcnb Zorodrh " Kuheh no He`ocds
Oc Ovhe`ocdb Wo`ûe ocOspdrdtdsabHcche Lhrnog
Ch @äeosdsHcche Lhrnog
Oc cdfrb no cbs OspárdtusHcche Lhrnog
Oc cdfrb no cbs AänduasHcche Lhrnog
HiednhnNdvhcnb Irhegb " Kbheeh no He`ocds
Náhs @cbrdbsbsNdvhcnb Irhegb " Kbheeh no He`ocds
Abaoetbs no GbegdoegdhNdvhcnb Irhegb " Kbheeh no He`ocds
^rd`b no NdbsNdvhcnb Irhegb " Haäcdh Vbnrd`uos
Co`hnb LhrnogdhebNdvhcnb Irhegb " Ahrgb Zrdsgb
Woenorbs no Cdforhgd÷eNdvhcnb Irhegb " Aheuoc Z% no Adrhenh
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 31/36
78Eûaorb; > • Ondgd÷e Woptdoafro
• Ionorhgd÷e Ospárdth OsphøbchPof; www%ospdrdtdsab%osIhgoFbbl; www%ospdrdtdsab%gg"ihgofbbl Gbrrob Ocogtr÷edgb; deibJospdrdtdsab%ggoc%; ,7> 969 788 ==8
Hcdgheto• Wbgdonhn Ospdrdtdsth HcdghetdehNdroggd÷e; G"% Morahebs Forehn# 66 fhkb :7::9 HcdghetoPof; lhrnog%os"sohGbrrob Ocogtr÷edgb; khvdrc6J`ahdc%gba oc%; ,7> 9=9 4:6 >8:
• Goetrb Ospárdth Ch Cuz noc GhadebNdroggd÷e; Hphrthnb no Gbrrobs e» 800
:77:: • Brdmuoch -HCDGHE^O$Pof; www%chcuznocghadeb%gbaGbrrob Ocogtr÷edgb; `rupbospdrdthJchcuznocghadeb%gba
oc%; ::7> 49? 794 ?8? ‗ ,7> 9?9 =>4 90=• Goetrb Ospárdth Ch Cuz noc Zbrvoedr Ndroggd÷e; G"% Aändgb Ccon÷# =% Fhkb ! Hphrthnb ?:=
:777: • Grovdccoeto -HCDGHE^O$Pof; www%chcuznocpbrvoedr%lhrnog%os Gbrrob Ocogtr÷edgb; khe%habs%lbaoesly8?46%890:J`ahdc%gba
oc%; ,7> 98? ?99 4==• Hsbgdhgd÷e no Ostundbs Ospárdths
Fozorrh no AoeozosNdroggd÷e; G"% Abeto Zochnb# 7># _rfhedzhgdbe Ghcdibredh%
:78=? • brrovdokh -HCDGHE^O$Gbrrob Ocogtr÷edgb; bsghrahrtdeoz=49?Jyhmbb%os oc%; ,7> 98: 9>: 694
• Goetrb no Ostundbs Ospárdths no FoednbraNdroggd÷e; :7?:8 • Foednbra -HCDGHE^O$Gbrrob Ocogtr÷edgb; goetrb%ospdrdth%foednbraJ`ahdc%gba
^ocäbeb; ,7> 904 47= 4?0
Fhrgocbeh• Hsbgdhgd÷e no Ostundbs Ospárdths no D`uhchnhNdroggd÷e; G"% noc Ghraoe E% 87! 8»! 6ª
:=0:: • D`uhchnh -FHVGOCBEH$Pof; www%lhrnog%os"d`uhchnhGbrrob Ocogtr÷edgb; ostundbsospdrdthsd`uhchnhJmbtahdc%os
oc%; ::7> 47= :?7 >8: ‗ ,7> 94: :?8 6>9• Goetrb Ospárdth Hahcdh Nbade`b Wbcor Ndroggd÷e; G"% Zhvdh# cbghc puorth `rds oetro# 0: y 06!0>
:=::: • FhrgocbehPof; www%gohns%lhrnog%os" Gbrrob Ocogtr÷edgb; gohnsJbeb%gba oc%; ,7> 99? 786 9=0
Gdunhn Vohc• Goetrb Ospárdth Habr Irhtoreb Ndroggd÷e; Hvnh% Iorrbghrrdc# 00 879:: • Hcgèzhr no Whe Kuhe -GD_NHN VOHC$
Pof; `rupbnoostundbsospdrdths%gbaGbrrob Ocogtr÷edgb; goetrbospdrdthhabrirhtorebJ`ahdc%gba
^ocäbeb; ::7> 469 88: 079
• Goetrb Ospárdth Ghadeb no CuzNdroggd÷e; G"% Vudz Abrbto# 6>
876:: • Ahezhehros -GD_NHN VOHC$Pof; www%goghadebnocuz%ndvuc`hgdbe%br`" Gbrrob Ocogtr÷edgb; goghadebnocuzJtocoibedgh%eot
^oc%; ::7> 469 96: 6=0 ‗ ,7> 969 788 ==8• Goetrb Ospárdth –Kosûs no Ehzhrot‑ Ndroggd÷e; G"% Wbguocchabs# 0?
870:: • baoccbsb -GD_NHN VOHC$Gbrrob Ocogtr÷edgb; ahrdhcudsh469Jmbtahdc%gba^oc% ,7> 94: 90: ?07• Hsbgdhgd÷e Ospárdth no Whe Ghrcbs noc YhccoNdroggd÷e; G"% Vha÷e y Ghkhc# 80 876>0 • Whe Ghrcbs noc Yhcco -GD_NHN VOHC$Pof; mttp;""www%lhrnog%os"hosgvhGbrrob Ocogtr÷edgb; xuheyxbsoJtorrh%os ^oc%; ::7> 469 97: ::=
G÷rnbfh• Goetrb Ospárdth Habr y Zrb`rosbNdroggd÷e; G"% Kbsä Brto`h y @hssot# 4
8>??: • Abetdcch -G×VNBFH$ Gbrrob Ocogtr÷edgb; habryprb`rosbJ`ahdc%gba ^oc%; ::7> 4?0 9?> 708 ‗ ,7> 989 86: >:6• Irhtorednhn Ospárdth –Kbsä @rbssb‑ Ndroggd÷e; G"Hetbedb Ahurh# 6: 7» N
8>::? • G÷rnbfh Gbrrob Ocogtr÷edgb; ghtupdrdJmbtahdc%gbaPof; mttp;""lhrnog%os"iok ^oc%; ::7> 4?0 679 >67 ‗ ::7> 4?0 :=6 :?:
Dschs Fhcohros• Goetrb Ospdrdth OaaheuocNdroggd÷e; baès H`udc÷ Ibrtozh# 76 :0:88• Zhcah no Ahccbrgh -DWCHW FHCOHVOW$Pof; mttp;""www%goetrbospdrdthoaaheuoc%ndvuc`hgdbe%br`"
Gbrrob Ocogtr÷edgb; goetrbospdrdthoaaheuocJmbtahdc%gba
ocäbeb; ::7> 408 6=9 8=4 ‗ ,7> 974 689 >>?• Goetrb Ospárdth Dschs Fhcohros -G%O%D%F$Ndroggd÷e; G"% Ch ^rbfhnh# >= h!f#
:0:88• Zhcah no Ahccbrgh -DWCHW FHCOHVOW$ Gbrrob ocogtr÷edgb; godfJgodf%os
Pof; mttp;""www%godf%osoc%; ,7> 90: 4=: ?=>
Cärdnh• Hssbgdhgd÷ Ospárdth Btus d Eärha -HOBE$Ndroggd÷e; G"% @oraheh Aorgí Whethgheh# 87 6?7:: • êrro`h -CÄVDNH$Gbrrob Ocogtr÷edgb; btusdeorhaJtorrh%os Pof; mttp;""www%lhrnog%os"btusdeorha ^oc%; ::7> 407 788 604
Ahnrdn • Hsbgdhgd÷e no Ostundbs Ospárdths no Ahnrdn
Ndroggd÷e; G"% No ch Fbcsh# 8> ! 8» ngmh%6=:86 • AhnrdnPof; www%ospdrdthsahnrdn%gbaGbrrob Ocogtr÷edgb; ospdrdthsahnrdnJtocoibedgh%os
Goetrbs Ospárdths no ch IOO
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 32/36
76 Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
• Hsbgdhgd÷e Ospárdth Irhegdsgb no Hsásno ch Wdorrh
Ndroggd÷e; G"% Gbcaoehrokb# 88# 6» F 6=:86 • @hchph`hr -AHNVDN$
Gbrrob Ocogtr÷edgb; gchunoto`chosorJmbtahdc%gba
tbrroscbchJcdvo%gba oc%; ,7> 979 774 ?46 ‗ ,7> 90= 89? 448• Goetrb Ospdrdth Oetro oc Gdocb y ch
^dorrhNdroggd÷e; Hvnh no Ahnrdn# 64 cbghc 6=9=: • Whe Ahrtáe no Yhcnod`cosdhs -AHNVDN$Pof; www%lhrnog%os"oetroocgdocbychtdorrhGbrrob Ocogtr÷edgb; bh`cdbJhrrhlds%os oc%; ,7> 90= 990 687 ‗ ,7> 90= 990 686
• Goetrb Ospárdth Aoeshkorbs no ch CuzNdroggd÷e; G"% Ahnorh# 8 ! Fhkb
6=::> • Ahnrdn
Pof; www%gtv%os"_WOVW"goaoc"mbao%mtaGbrrob Ocogtr÷edgb; goaocahnrdnJmbtahdc%gba oc%; ::7> 48 7=9 6? == ‗ ::7> 48 78> =: 8=
• Goetrbs no Ostundbs y Ndvuc`hgd÷eOspárdth G%O%y%N%O%
Ndroggd÷e; G"% Abetorh# 8:!86# 6ª Zcheth ! E» 7 6=:87 • AhnrdnPof; www%goynoahnrdn%br`Gbrrob Ocogtr÷edgb; hurbrhvhzghfhccorbJmbtahdc%gba
goynoahnrdnJyhmbb%os oc%; ::7> 48 ?6= >: =8 ‗ ,7> 9=0 449 =?7
• Goetrb no Ostundb Ospárdth Co÷e Noeds
Ndroggd÷e; Fbeotorb# 7# aotrb Zdb ]DD6=:89 • AhnrdnGbrrob Ocogtr÷edgb; cobenoedsgoJ`ahdc%gbaPof; www%cobenoeds%os ! www%fcb`%cobenoeds%os
Aèch`h• Goetrbs no Ostundbs Ospárdths Hcche LhrnogNdroggd÷e; G"% Märbos no Wbstbh# 07# O!8» ?
64::6 • Aèch`hPof; www%ondtbrhospdrdthhcchelhrnog%osGbrrob Ocogtr÷edgb; hcfbrhe%ondtbrhJbeb%gbaoc%; ::7> 4?6 67= 9=: ‗ ,7> 9:0 ?=: :60
Aurgdh• Goetrb Ospárdth Vogdetb no ZhzNdroggd÷e; G"% No ch Zhz#8# 8» N -Zhtdøb$
7::86 AurgdhPof; mttp;""gorogdetbnophz%osGbrrob ocogtr÷edgb; gorogdetbnophzJrogdetbnophz%os^oc; ,7> 994 :79 8:4
Zbetovonrh• Hsbgdhgd÷e Ospárdth Zhz# Hrabeáh y
Ghrdnhn Ndroggd÷e; G"% Vûh Zoeds# 68 ! 8» Ngmh%
7968? • Yd`b -ZBE^OYONVH$Gbrrob Ocogtr÷edgb; gophzhrabedhabryghrdnhnJmbtahdc%os oc%; ,7> 9?8 =>: 869
Wovdcch• Hsbgdhgd÷e Goetrb no Ostundbs
Ospárdths no WovdcchNdroggd÷e; Zrbspordnhn#7 rdheh
>8:8: • WovdcchPof; www%ospdrdthssovdcch%osGbrrob Ocogtr÷edgb; `oebvovh%ahccbJ`ahdc%gba ^oc%; ::7> 4?> 6=7 =?: ‗ ,7> 9?: >=8 =74
^hrrh`beh• Goetrb Ospárdth Kbheeh no He`ocdsNdroggd÷e; Zufdcc Brdbc# 66
>76:8 • Väus -^HVVH@BEH$^ocäbeb; ::7> 400 7>9 89> ‗ ,7> 96? >98 9=>• Goetrb Ospárdth Aheuoc y NdvhcnbNdroggd÷e; G"% noc Ydoetb
>76:? • Väus -^HVVH@BEH$Pof; www%goayn%gbaGbrrob Ocogtr÷edgb; hrcde``Jyhmbb%os oc%; ,7> 9=9 >4: 0>9
Yhcoegdh• Hsbgdhgd÷e Ospárdth no Yhcoegdh Mb`hr IrhtorebNdroggd÷e; G"% Ydccheuovh no Ghstocc÷e# 66
>9::4 • YhcoegdhPof; www%hsosvh%br`Gbrrob Ocogtr÷edgb; mb`hr%irhtorebJ`ahdc%gba ^oc%; ::7> 49 7>0 46 >> ‗ ::7> 49 76: 49 =?
GOE^VBW OWZÁVD^HW BECDEO• Ionorhgd÷e Ospárdth OsphøbchNdroggd÷e; mttp;""www%ospdrdtdsab%gg"gmht -Cueos#
Adorgbcos y Kuovos 66#7: mbrhs$Pof; mttp;""www%ospdrdtdsab%gg"gmht
Gbrrob Ocogtr÷edgb; deibJospdrdtdsab%gg
^ocobeb; ,7> 969 788 ==8
• Goetrb no Ostundbs Ospárdths –WdeIrbetorhs‑
Ndroggd÷e; mttp;""www%ospdrdtdsab%gg"gmht-Nbade`bs 68#:: mbrhs$
Gbrrob Ocogtr÷edgb; goosdeirbetorhsJ`ahdc%gba
Pof; mttp;""goosdeirbetorhs%os
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 33/36
77Eûaorb; > • Ondgd÷e Woptdoafro
H Ghadeb no ch Cuz -Ebrahc$ ?#:: ₣
H cb Cokbs oe oc Khrnáe 9#:: ₣
Hggd÷e y Vohggd÷e 4#:: ₣
Hiednhn >#:: ₣
H`oenh Grdstdheh 7#:: ₣
Hcfbrhnh Grdstdheh >#:: ₣
Habr Devoegdfco Habr 86#:: ₣
Htoegd÷e >#:: ₣
Hutbnosgufrdadoetb =#:: ₣
Fuoeh Euovh -Ebrahc$ ?#:: ₣
Ghadeb Ospárdth -Fbcsdccb$ >#:: ₣
Ghrhgtoros no ch Vovochgd÷e Ospárdth 7#:: ₣
Gbcoggd÷e no Brhgdbeos Ospárdths >#:: ₣
Gbaphøorbs -Fbcsdccb$ >#:: ₣
Gbrhko >#:: ₣
Grdstdhedsab y Ospdrdtdsab 88#:: ₣
Guhenb Vo`roso ch Zrdahvorh -Ebrahc$ 0#:: ₣
Guoetbs Ospdrdtdsths =#:: ₣
Guoetbs y Hp÷cb`bs -Ebrahc$ ?#:: ₣
Nosno ch Btrh Ydnh >#:: ₣
Nospuäs no ch Auorto 0#?: ₣
Norrbtorb >#:: ₣
Náhs @cbrdbsbs 86#:: ₣
Ndeorb ?#:: ₣
NYN no Lhrnog h Euostrbs Náhs 9#:: ₣Onughgd÷e Zhrh ch Auorto 4#:: ₣
Oc Hcah os Deabrthc =#:: ₣
Oc Ghadeb Vogtb 7#:: ₣
Oc Goetrb Ospárdth 4#:: ₣
Oc Gbesbchnbr quo Zrbaotd÷ Kosûs 4#:: ₣
Oc Ospdrdtdsab oe su aès sdapco Oxprosd÷e 6#:: ₣
Oc Ospárdtu y oc doapb 8:#:: ₣
Oc @rhe Oed`ah 4#:: ₣
Oc Mbafro Deto`rhc =#:: ₣Oc Cdfrb no cbs Ospárdtus ! OOO 9#:: ₣
Oc Cdfrb no cbs Ospárdtus ! DNO 9#:: ₣
Oc cdfrb no cbs Ospárdtus ! Haocdh Fbunot 4#:: ₣
Oc Cdfrb no cbs Ospárdtus Iroeto h chGucturh no su doapb
7#:: ₣
Oc Cdfrb no cbs Aänduas ! Haocdh Fbunot 4#:: ₣
Oc Auenb Devdsdfco y ch @uorrh 4#:: ₣
Oc Zrbfcoah noc Wor y noc Nostdeb 8:#:: ₣
Oc Zrbfcoah Vocd`dbsb y oc Ospdrdtdsab 7#:: ₣
Oc sor Wufgbesgdoeto ?#?: ₣
Oc Wora÷e no ch Abethøh 7#:: ₣
Oe oc Fbrno noc Deiedtb 9#:: ₣
Oe oc Auenb Ahybr 9#:: ₣
Oe chs Irbetorhs no ch Cbgurh 86#:: ₣
Oe cbs Nbadedbs no ch Aonduaednhn 4#:: ₣
Oebquo Ospárdth 0#:: ₣
Oaaheuoc ! Gdoegdh ! Idcbsbáh ! Vocd`d÷e 4#:: ₣
Oeshyb Vovdsth Ospdrdtdsab 7#:: ₣
Oetro ch dorrh y oc Gdocb 0#:: ₣
Opdsbndbs Ndhrdbs 0#:: ₣
Osgchvdtun 9#:: ₣
Ospárdtus y Aänduas 7#:: ₣
Ovbcugd÷e oe Nbs Auenbs 8:#:: ₣
Icbrhgdbeos Ovhe`äcdghs -Ebrahc$ =#:: ₣
@cbshrdb Ospárdth Grdstdheb 9#:: ₣
@uáh Zrègtdgh noc Ospdrdtdsth ?#:: ₣
Mhgdh chs Ostrocchs 0#:: ₣Mogmbs quo Zruofhe 4#:: ₣
Moroegdhs no Habr 0#:: ₣
Detrbnuggd÷e no ch Nbgtrdeh Ospárdth 7#:: ₣
Devdthgdbeos h ch Ydnh -Fbcsdccb$ 9#:: ₣
Kuheh no Hrgb# Aändua 4#:: ₣
Ch Hnadrhfco Kuheh no He`ocds =#:: ₣
Ch Ovbcugd÷e Heáadgh 4#:: ₣
Ch @äeosds ! Haocdh Fbunot 4#:: ₣
Ch Euovh Vovochgd÷e 4#:: ₣Ch Bfsosd÷e# Oc Zhso y oc Hnbgtrdehadoetb 7#:: ₣
Ch Vooeghrehgd÷e 86#:: ₣
Cdfroráh Ospárdth no ch IOO
×r`heb ondtbrdhc no ch Ionorhgd÷e Ospárdth Osphøbch# sde èedab no cugrb# quo rodevdorto oe oc prbpdb cdfrbospárdth% Wo mhgoe oevábs gbetrhrooafbcsb% Mh`h su pondnb proordfcoaoeto pbr ahdc h debJospdrdtdsab%gg b pbr
tocäbeb; 969 788 ==8
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 34/36
7> Vovdsth Ospárdth no ch IOO • Ch Ydnh oe oc auenb ospdrdtuhc
Ch Ydnh oe Ihadcdh >#:: ₣
Co`hnb Lhrnogdheb 0#:: ₣
Cdforhgd÷e ?#:: ₣
Cbs Hcfbros no ch Yornhn 88#:: ₣
Cbs Auortbs Wd`uoe Ydvdoenb 9#:: ₣
Cbs Hedahcos doeoe Hcah 4#:: ₣
Ahebs _ednhs >#:: ₣
Aoghedsabs no ch Aonduaednhn 4#:: ₣
Aondthgdbeos >#:: ₣
Aoabrdhs no Hahcdh Nbade`b Wbcor -Fbcsdccb$ >#:: ₣
Aoabrdhs no ue Wudgdnh 86#:: ₣
Aoabrdhs no ueh Aukor 0#?: ₣Aoabrdhs noc Zhnro @oraèe 0#:: ₣
Abcnohenb oc orgor Adcoedb 8:#:: ₣
Abaoetbs no Gbegdoegdh 0#:: ₣
Auorto os Ydnh 9#:: ₣
Bfrhs Z÷stuahs ! Haocdh Fbunot 4#:: ₣
Bfsosd÷e y Nosbfsosd÷e 7#:: ₣
Bpded÷e Ospárdth -Fbcsdccb$ >#:: ₣
Bpded÷e Ospárdth -Ebrahc$ >#:: ₣
Brhtbrdh >#:: ₣
Zhfcb y Ostofhe 86#:: ₣
Zhchfrhs noc Gbrhz÷e >#:: ₣
Zhrdhs oe Vonoegd÷e -Ebrahc$ 9#:: ₣
Zhsos h ch Cuz noc Ospdrdtdsab =#:: ₣
Zärndnh no Woros Xuordnbs -Ebrahc$ 9#:: ₣
Xuä os oc Ospdrdtdsab 9#:: ₣
Vogoths no Zhz 9#:: ₣
Voguornbs no ch Aonduaednhn 4#:: ₣
Vospuosths no ch Ydnh >#:: ₣
Vouedbeos Aondûaedghs Wordhs ?#:: ₣
Vovdsth Ospárdth# 96 9#:: ₣
Vovdsth Ospárdth# 99 9#:: ₣
Woenorbs no Cdforhgd÷e 8?#:: ₣
Woøhc Yorno >#:: ₣
Wbgdhcdsab y Ospdrdtdsab 4#:: ₣
Wus aès Morabsbs Osgrdtbs -Hahcdh$ 80#:: ₣
^o Zornbeb 80#:: ₣
^rd`b no Ndbs 0#:: ₣
Yhapdrdsab# Zsdqudhtráh y Ospdrdtdsab 4#:: ₣
Ydnh Noshábs y Wbcugdbeos 86#:: ₣
Ydnh y Bfrh no Ndvhcnb Zorodrh Irhegb 8:#:: ₣
Hcche Lhrnog Oc Onughnbr yOc Gbndighnbr D ! ONDGOD
9#:: ₣
Hcche Lhrnog Oc Onughnbr yOc GbndighnbrDD ! ONDGOD
9#:: ₣
Ghadeb# Yornhn y Ydnh ! ONDGOD =#:: ₣
Ghrtdcch noc Fdoe ! ONDGOD 9#:: ₣
Nospdorto y Woh Iocdz ! ONDGOD =#:: ₣
Nbgtrdeh Ospárdth phrh Zrdegdpdhetos ! ONDGOD 8:#:: ₣
Oc Gdocb y oc Deioreb ! ONDGOD 8:#:: ₣
Oc Ospdrdtdsab oe su Aès Wdapco
Oxprosd÷e ! ONDGOD
6#:: ₣
Oc Ospárdtu no ch Yornhn ! ONDGOD =#:: ₣
Oc Ovhe`ocdb Wä`ue oc Ospdrdtdsab ! ONDGOD 8:#:: ₣
Oc Cdfrb no cbs Ospárdtus ! ONDGOD 8:#:: ₣
Oc Cdfrb no cbs Aänduas ! ONDGOD 8:#:: ₣
Ospdrdtdsab y Ogbcb`áh ! ONDGOD =#:: ₣
Kosûs oe oc Mb`hr ! ONDGOD =#:: ₣
Kustdgdh Ndvdeh ! ONDGOD =#:: ₣
Ch @äeosds ! ONDGOD 8:#:: ₣
Chs Ydnhs Zhshnhs no cbs Edøbs ! ONDGOD 4#:: ₣
Cbs Aoeshkorbs ! ONDGOD =#:: ₣
Aoeshko no ue Hnbcosgoeto nosno ocAuenb Ospdrdtuhc ! ONDGOD
?#:: ₣
Adsdbeorbs no ch Cuz ! ONDGOD 4#:: ₣
Euostrb Mb`hr ! ONDGOD 4#:: ₣
Bfrorbs no ch Ydnh Otoreh ! ONDGOD 4#:: ₣
Zhe Euostrb ! ONDGOD 4#:: ₣
Zoeshadoetb y Ydnh ! ONDGOD 9#:: ₣
Vocd`d÷e no cbs Ospárdtus ! ONDGOD 4#:: ₣
Vovdsth Ospárdth Høb 8=?= ! ONDGOD =#:: ₣
Vovdsth Ospárdth Høb 8=?4 ! ONDGOD =#:: ₣
Woxb y Nostdeb ! ONDGOD 4#:: ₣
Wdoafrh no cbs Aänduas ! ONDGOD 4#:: ₣
Wufcdao Oxpdhgd÷e ! ONDGOD =#:: ₣
Ydnh Iocdz ! ONDGOD 0#:: ₣
Ydnh y Woxb ! ONDGOD 9#:: ₣
T ch Ydnh Gbetdeûh… ONDGOD =#:: ₣
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 35/36
7?Eûaorb; > • Ondgd÷e Woptdoafro
GBEIOVOEGDHE^OW
Ndvhcnb Zorodrh Irhegb ! Kuhe Ad`uoc Ioreèenoz ! Ad`uoc
Yorh ! Whetdh`b Vbnrá`uoz ! Khehdeh Adeoccd ! Yhcco @hrgáh
Ghrcbs Ghapottd ! Gchundh Forehrnos ! Hetbedb Ccon÷
www%ospdrdtdsab%osO!ahdc; deibJospdrdtdsab%os
Adoafrb iuenhnbr nocGbesokb Ospárdth Detorehgdbehc
BV@HED[H
Desgrdpgdbeos# deibrahgd÷e y rosorvh no mhfdthgdbeos oe; MDWZHEDH YDHKOW ^oc% 49? =9 9: =: • Ihx; 499 =: >: :: • O!ahdc; kmuotoJvdhkosmdsphedh%os
@rhe Mbtoc Fhcd ++++G"% Cuds Zroenos# W"E
:7?:6 Foednbra%
DEIBVAHGD×E T VOWOVYHW;
G"% @hafb# 9% 6» ! 9MOndgdb Euovb Hstbrdh
:7?:7 Foednbra^oc; 49 ?=9 9: =:Ihx; 49 9=: >: ::
O!ahdc; kmuotoJvdhkosmdsphedh%osG%Y% Aa ::8!H
WOGVO^HVÁH ^ÄGEDGH
www%foednbrarosorvhs%gba
Ch Ionorhgd÷e Ospárdth Osphøbch
DEYD^HH tbnhs hquocchs porsbehs detoroshnhs oe hsdstdr hc
]D] GBE@VOWB OWZÁVD^H EHGDBEHCOc coah no osto gbe`rosb sorè;
–T CH YDNH GBE^DEÛH%%%‑ZVB@VHAHGD×E
YDOVEOW# náh 0:4%:: m%; Oetro`h no gronoegdhcos y nbguaoethgd÷e%
Ûctdahs desgrdpgdbeos so`ûe ndspbedfdcdnhn noc hibrb
8:%:: m%; Hporturh%Zbr oc Zrosdnoeto no ch Ionorhgd÷e Ospárdth OsphøbchGbeioroegdh dehu`urhc
Zbr Ndvhcnb Zorodrh Irhegb86%:: m%; ²Zbr quä shfoabs quo ch vdnh gbetdeûh2
Zbr Kuhe Ad`uoc Ioreèenoz -abnorhnbrh Hurbrh Yhz$
87%:: m%; Ndaoesdbeos devdsdfcos
Zbr Ad`uoc Yorh -abnorhnbrh Bc`h Brtdz$
8>%:: m%; Nosghesb phrh oc hcauorzb80%:: m%; Ch oxpordoegdh aondûaedgh
Zbr Whetdh`b Vbnrá`uoz -abnorhnbr Kosûs @utdärroz$
8=%:: m%; Vooeghrehgd÷e# ghadeb no trhesgoenoegdhZbr Khehdeh Adeoccd -abnorhnbr Bsghr Vhabs$
84%:: m%; Gbcbqudb hfdortb
Gbe pro`ueths pbr phrto noc pûfcdgb h cbs gbeioroegdhetosnoc náh
6:%7: m%; Oetrhnh hc gbaonbr phrh ch goeh
66%:: m%; Zrbyoggd÷e noc Chr`baotrhko –T ch vdnh gbetdeûh%%%‑Zrdadgdh oe Osphøh% Oadsd÷e oe oxgcusdvh phrh cbs phrtdgdphe!
tos noc gbe`rosb%
Fhshnh oe oc cdfrb; T ch vdnh gbetdeûh# quo iuo ch ûctdah eb!voch no ch sordo Henrä Cudz# psdgb`rhhnh pbr Gmdgb ]hvdor%
_eh oxgopgdbehc mdstbrdh oetro nbs pchebs# ropcoth no sbr!proshs%
Ndroggd÷e; Zhucb Id`uodronb " Zrbnuggd÷e; Yorsètdc Nd`dthcIdcaos y YorBuvdr Zrbnugtdbeos " Zrbnugtbros; Bgoheb Ydodrh
no Aocb# Wbedh Ahrshdbccd no Aocb y Zhucb Id`uodronb " Ndstrd!fugd÷e; Zhrds Idcaos " Ndroggd÷e no Ibtb`rhiáh; ^bey Gdhafrh%
WÈFHNB# náh =
8:%:: m%; Ospdrdtdsab oe ch vdnh ospdrdtuhcZbr Yhcco @hrgáh -abnorhnbr Kuhe Aheuoc Vudz$
88%:: m%; Ebsbtrbs cbs ospárdtus aondhebsWoadehrdb pbr Ghrcbs Ghapottd
86%7: m%; Nosghesb%
86%>? m%; Gbetdeuhgd÷e noc soadehrdbZbr Ghrcbs Ghapottd
8>%:: m%; Nosghesb phrh oc hcauorzb
80%:: m%; Osphgdb hrtástdgbBr`hedzhnb pbr rupb no k÷voeos ospárdths
8=%:: m%; Deuoegdh no tus hgtbs no mby oe oc aès hccèZbr Gchundh Forehrnos -abnorhnbrh Cbch @hrgáh$
84%:: m%; Ch vdnh gbetdeûh oe btrbs auenbsZbr Hetbedb Ccon÷ -abnorhnbr Kbsä Aheuoc Aoso`uor$
6:%7: m%; Nosghesb phrh ch goeh%
66%:: m%; Gbcbqudb hfdortb
Gbe pro`ueths pbr phrto noc pûfcdgb h cbs gbeioroegdhetosnoc náh
NBADE@B# náh 4
8:%:: m%; Oc ndècb`b no KosûsZbr Ghrcbs Ghapottd -abnorhnbr Nhvdn Osthey$
88%:: m%; Ch Ydnh OspdrdtuhcWoadehrdb pbr Ndvhcnb Zorodrh Irhegb
87%:: m%; Gchusurh noc Gbe`rosb Nospondnh no cbs roprosoethetos no Goetrbs Ospárdths
8>%:: m%; Hcauorzb no nospondnh
Hgtdvdnhnos hctorehtdvhs# `rhtudths# porb no hibrb cdadthnb quo so ccovhrèe h ghfb h cb chr`b noc gbe`rosb -deibrahr hc mhgor ch desgrdpgd÷e$%¡Hproeno Ospdrdtdsab ndvdrtdäenbto nurheto oc gbe`rosb( Gchsos phrh edøbs y k÷voeos oetro > y 8> høbs% Náhs 0 y ="86 no 88#7: h 87#7:m% y no 8= h 6:m% Náh 4 no
8: h 88#7:m% ¡Eb to bcvdnos no hpuethrto hc mhgor tu desgrdpgd÷e( Cbs phnros quo cb nosooe puonoe phrtdgdphr gbab bfsorvhnbros%
++++Wo pbnrè sbcdgdthr oetrovdsth phrtdguchr b pbr `rupbs gbe oc prosdnoeto no ch Ionorhgd÷e Ospárdth Osphøbch heto nunhs b hsosbrhadoetb oe ch ibrah!gd÷e no goetrbs ospárdths%
7/30/2019 Revista FEE - Numero 04 - Septiembre 2012
http://slidepdf.com/reader/full/revista-fee-numero-04-septiembre-2012 36/36
Ch phrtdgdphgd÷e oe osto ovoetb ostè hfdorthh tbnhs hquocchs porsbehs detoroshnhs
N d g d o a f
r o 0 # = y
4
F O E D N B
V A ! 6 :
8 6
GBEIOVOEGDHE^OW
Ndvhcnb Zorodrh Irhegb ! Kuhe Ad`uoc Ioreèenoz ! Ad`uocYorh ! Whetdh`b Vbnrá`uoz ! Khehdeh Adeoccd ! Yhcco @hrgáh
Ghrcbs Ghapottd ! Gchundh Forehrnos ! Hetbedb Ccon÷
BV@HED[H
GBEIOVOEGDHW
T WOADEHVDBW
• ²Zbr quä shfoabs quo ch vdnh
gbetdeûh2
• Ndaoesdbeos Devdsdfcos
• Ch oxpordoegdh Aondûaedgh
• Ospdrdtdsab oe ch vdnh ospdrdtuhc
• Ebsbtrbs cbs Ospárdtus Aondhebs
• Deiuoegdh no tus hgtbs no mby oe
oc aès hccè
• Ch vdnh gbetdeûh oe btrbs auenbs
• Oc ndècb`b no Kosûs
• Ch Ydnh Ospdrdtuhc
DEIBVAHGD×E T VOWOVYHW;
G"% @hafb# 9% 6» ! 9MOndgdb Euovb Hstbrdh
WOGVO^HVÁH ^ÄGEDGH
Top Related