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@ B \ F N P B G H ^ B H @ F Y F E G Q D F H P
Nguhtrbfs kh` \fobghs
Quttbho Hbofrbk tg _grm
K trktfoy igr Fdpegydfht kh` Orgwtj
Ygemfr Prfbnjfe
F`btgr
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Quttbho Hbofrbk tg _grm
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Quttbho Hbofrbk tg _grm
K ^trktfoy igr Fdpegydfht kh` OrgwtjYgemfr Prfbnjfe
F`btgr
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Pfefpjghf 0 33 ;> ;< ;; ;1
Pjbs vgeudf bs k prg`unt gi tjf stkii gi tjf Bhtfrhktbghke Lkhm igr \fnghstruntbgh kh`@fvfegpdfht / Pjf _gre` Lkhm. Pjf ibh`bhos, bhtfrprftktbghs, kh` nghneusbghs fxprfssf` bh tjbsvgeudf `g hgt hfnfsskrbey rfiefnt tjf vbfws gi tjf Fxfnutbvf @brfntgrs gi Pjf _gre` Lkhm gr tjfogvfrhdfhts tjfy rfprfsfht.
Pjf _gre` Lkhm `gfs hgt oukrkhtff tjf knnurkny gi tjf `ktk bhneu`f` bh tjbs wgrm. Pjf lguh`-krbfs, ngegrs, `fhgdbhktbghs, kh` gtjfr bhigrdktbgh sjgwh gh khy dkp bh tjbs wgrm `g hgt bdpeykhy cu`odfht gh tjf pkrt gi Pjf _gre` Lkhm nghnfrhbho tjf efoke stktus gi khy tfrrbtgry gr tjffh`grsfdfht gr knnfptkhnf gi sunj lguh`krbfs.
\bojts kh` Qfrdbssbghs
Pjf dktfrbke bh tjbs pulebnktbgh bs ngpyrbojtf`. Ngpybho kh` / gr trkhsdbttbho pgrtbghs gr kee gitjbs wgrm wbtjgut pfrdbssbgh dky lf k vbgektbgh gi kppebnklef ekw. Pjf Bhtfrhktbghke Lkhm igr\fnghstruntbgh kh` @fvfegpdfht / Pjf _gre` Lkhm fhngurkofs bssfdbhktbgh gi bts wgrm kh` wbeehgrdkeey orkht pfrdbssbgh tg rfprg`unf pgrtbghs gi tjf wgrm prgdptey.
Igr pfrdbssbgh tg pjgtgngpy gr rfprbht khy pkrt gi tjbs wgrm, pefksf sfh` k rfqufst wbtj ngdpeftfbhigrdktbgh tg tjf Ngpyrbojt Nefkrkhnf Nfhtfr Bhn.,
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v
Igrfwgr` xv
Qrfiknf xbx
Knmhgwef`odfhts xxb
Kllrfvbktbghs kh` Dfksurfdfhts xxbbb
Gvfrvbfw ;
Hbofrbks Orgwtj Qfrigrdkhnf Pjf Hff` igr k Hfw Orgwtj ^trktfoy >
Jgw tg Bdpefdfht tjf Orgwtj ^trktfoy
^fntgrke Bhtfrvfhtbghs kh` Ofgorkpjbn Ignus 0
K``rfssbho tjf Ibvf Lbh`bho Nghstrkbhts tg Orgwtj 9
Hgtf :
Njkptfr ; Fdpegydfht kh` Orgwtj bh Hbofrbk 2
Ygemfr Prfbnjfe
Gvfrvbfw 2
Hbofrbks Orgwtj Qfrigrdkhnf ;:
Bh`ustrbke QgebnyNurrfht Njkeefhofs
kh` unnfssfs ;0>
Fhtfrprbsf kh` Bh`ustry @bkohgstbns kh`
Qgebny ^fefntbgh ;61
Nghneusbghs ;9>
Hgtfs ;90
Njkptfr 6 Eklgr Dkrmft Prfh`s kh` mbees @fvfegpdfht ;9?Cgrofh Lbeeftgit
Gvfrvbfw ;9?
Dftjg`gegoy ;9:
Pjf Hbofrbkh ^mbees @fvfegpdfht kh` Prkbhbho
Ekh`snkpf ;?1
^mbees Knqubsbtbgh bh tjf Bhigrdke ^fntgr ;: ^gdf Qgebny Qrbhnbpefs igr Fiifntbvf Fhtfrprbsf
kh` Bh`ustry @fvfegpdfht ;0?
6.; Ygnktbghke Fhtfrprbsf Bhstbtutbghs kh` Bhhgvktbgh
Fhtfrprbsf Bhstbtutbghs ;?>
6.< \gef gi Prk`f Kssgnbktbghs bh mbees @fvfegpdfht ;
;.0 Fvgeutbgh gi Qrg`untbgh Bhtfhsbty igr ^gdf ^unnfssiue
Egwfr-Bhngdf Nguhtrbfs >>
>.; _jfrf @g Cgls Oft Nrfktf`7 2?
>.< _jfrf @g Lfttfr Cgls Oft Nrfktf`7 2:
>.> Fvgeutbgh gi Qrg`untbgh Bhtfhsbty igr NguhtrbfsEbmf Hbofrbk kh` Dgrf ^unnfssiue Nguhtrbfs ;1.0 Fvgeutbgh gi Fxpgrt Bhtfhsbty igr Hbofrbk kh`
Dgrf ^unnfssiue Nguhtrbfs ;10
>.6 ^fntgrke Cgl Nrfktbgh, mbee \fqubrfdfhts, kh`
Fxpgrt Bdpgrtkhnf ;1
0.< Qrg`untbvbty Dfksurfs igr Bh-Sghf kh` Gut-gi-SghfFhtfrprbsfs ;>:
0.> Fhtfrprbsf _kofs tg Ykeuf-K``f , Egnktbghke, kh`
Qgebny Ykrbkhts ;>2
0.0 Ibrd Pfnjhbnke Fiibnbfhny3 Bhnfhtbvf Pkmfrs kh`
Bhnfhtbvf @fnebhfrs ;01
0.6 Ibrd Pfnjhbnke Fiibnbfhny, Bhsb f kh` Gutsb`f
^pfnbke Fnghgdbn Sghf ;01
0.9 Hbofrbk Bh-Sghf Qfrnfptbghs gi Mfy Bhvfstdfht
Nebdktf Nghstrkbhts ;0
9.; Lfhbh3 Prfh s bh O@Q Orgwtj, Bdpgrts kh`
Dbrrgr Bdpgrts,
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9.< Hbofrbks kh` Lfhbhs Dbrrgr kh` Giibnbke Bdpgrts
gi Pfxtbef Qrg`unts,
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>.; _btjbh-Nguhtry ^jkrf gi Fdpegydfht bh Dkhuiknturbho,
;2?1:0 kh` ;2:6 ;11
>.< Oeglke jkrf gi Fdpegydfht bh Dkhuiknturbho,
;2?1:0 kh` ;2:6 ;1;
>.> Njkhofs bh Bh`ustrbke trunturf Gvfr tjf Qkst @fnk`f ;1:
>.0 Kvfrkof Orgwtj gi Ykeuf-K``f` pfr Qfrsgh
Fdpegyf` bh ^frvbnfs, ;2:1.6 ^frvbnfs bh Hbofrbk kh` Gtjfr Nguhtrbfs ;;1
0.; Fxpgrt Fxpkhsbgh Orkht Feboblbebty Irkdfwgrm ;10.> Ekogs Irff Prk`f Sghfs ;>>
0.0 Fdpegydfht Efvfe gi Gpfrktbho Fhtfrprbsfs
bh Nkeklkr IPS ;>9
0.6 Qrg`untbvbty Dfksurfs _btjbh kh` Gutsb`f
gi Sghfs, ly Bh`ustry ;0;
0.9 Ykeuf Njkbhs\figrd kh` Bhstrudfht
Bhtfrvfhtbghs Dktrbx ;6
6.0 Pfnjhbnke Ngeefof Ork`uktf Gutput ly Qrgorkdkh` Ofh`fr,
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6.;; Hudlfr gi Prk`f Nfrtbibnktfs Bssuf` ly Ork`f
kh` Rfkr,
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xv
^bhnf
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Jgw nkh tjf rfngddfh`ktbghs gi tjf lggm, wjbnj bs fhrbnjf` ly k
rfvbfw gi sunnfssiue orgwtj-prgdgtbho pgebnbfs bh gtjfr nguhtrbfs, lf
bdpefdfhtf` bh Hbofrbk7 Ibrst, bt wbee lf nrbtbnke tjkt tjfrf bs iurtjfr
`ftkbef` khkeysbs gi lbh`bho nghstrkbhts tg orgwtj bh spfnbibn vkeuf njkbhs
bh ofgorkpjbnke krfks tjkt jkvf tjf pgtfhtbke tg lfngdf rfobghke orgwtj
juls. Pjf lggm kerfk`y b`fhtbibfs sgdf gi tjfsf nghstrkbhts. Pjfy bhneu`f
k smbees okp bh tjf nghstruntbgh sfntgr, tjf eknm gi dg`frh tfnjhgegobfs bh
tjf bhigrdktbgh kh` ngdduhbnktbghs tfnjhgegoy sfntgr, kh` tjf klsfhnf
gi kh bhtforktf` egobstbns prgorkd igr tjf igg` prgnfssbho bh`ustry.
^fngh`, tjbs khkeysbs ngue` lf usf` tg lube` nghsfhsus lftwffh tjf
pulebn kh` tjf prbvktf sfntgr gh tjf sjkrbho gi rfspghsblbebtbfs bh k``rfss-bho tjfsf nghstrkbhts. Igr fxkdpef, dbtboktbho sjgrtngdbhos bh pjysbnke
bhirkstrunturf wbee rfqubrf bhtfrvfhtbghs ef` ly tjf pulebn sfntgr, sunj ks
tjf `fvfegpdfht gi bh`ustrbke neustfrs. Prkbhbho tg lrb`of tjf smbees okp
wbee lfst lf `ghf bh pkrthfrsjbp lftwffh tjf pulebn kh` tjf prbvktf sfn-
tgrs, ks kerfk`y sunnfssiueey `fdghstrktf` bh tjf rfnfht fstklebsjdfht gi
Bhhgvktbgh Fhtfrprbsf Bhstbtutbghs (BFBs). Knnfss tg ibhkhnf nkh lf
bdprgvf` tjrguoj bhhgvktbghs ef` ly tjf prbvktf sfntgr, sunj ks tjf `fvfe-
gpdfht gi spfnbke dgrtokof iknbebtbfs.Pjbr`, bdpefdfhtktbgh gi khy korff` dfksurfs wbee hff` tg lf rfou-
ekrey dghbtgrf` ly tjf rfefvkht stkmfjge`frs. Hbofrbk kerfk`y jks k hud-
lfr gi igrk wjfrf rfprfsfhtktbvfs irgd tjf pulebn kh` tjf prbvktf sfntgrs
dfft rfouekrey, kh` wjfrf tjf stktus gi korff` upgh kntbghs kbdf` kt
bdprgvbho tjf ngdpftbtbvfhfss gi nfrtkbh sfntgrs ngue` lf `bsnussf`. unj
rfvbfws sjgue` lf gpfh tg tjf pulebn.
Fxpfrbfhnf bh dkhy nguhtrbfs jks sjgwh tjf pgtfhtbke gi bhtfrvfhtbghs
tkroftf` kt sfntgrs wbtj tjf jbojfst orgwtj kh` fdpegydfht pgtfhtbke._jbef sfntgr-wb`f rfigrds rfdkbh hfnfsskry, dfksurfs kbdf` kt spfnbibn
vkeuf njkbhs nkh jfep lrbho klgut `fsbrf` rfsuets gvfr tjf sjgrt tfrd.
Jgwfvfr, k iuh`kdfhtke ngh`btbgh igr tjf sunnfssiue bdpefdfhtktbgh gi
tjbs orgwtj strktfoy wbee lf nghtbhuf` sguh` dknrgfnghgdbn pgebnbfs. Pjf
k`gptbgh gi kh gbe-prbnf-lksf` ibsnke ruef sbhnf wks nfhtrke tg lrbho-
bho kh fh` tg tjf lggd-lust nynefs gi tjf pkst tjkt wfrf njkrkntfrbzf` ly
fxnfssbvf ogvfrhdfht spfh`bho. Pjf lfhfibts gi bts bdpefdfhtktbgh wfrf
kppkrfht `urbho tjf oeglke ibhkhnbke nrbsbs wjfh Hbofrbk wks klef tg `rkw
gh tjf Fxnfss Nru`f Knnguht tg ngdpfhsktf igr sjgrtikees bh gbe rfvfhufkh` dkbhtkbh ibsnke spfh`bho kt kpprgprbktf efvfes. Qru`fht dghftkry kh`
ibsnke pgebnbfs kh` sguh` `flt dkhkofdfht wbee lf tjf lksbs igr nghtbhuf`
dknrgfnghgdbn stklbebty, wbtjgut wjbnj khy orgwtj strktfoy kbdf` kt jkr-
hfssbho Hbofrbks iuee fnghgdbn pgtfhtbke nkhhgt lfngdf fiifntbvf.
xvb Igrfwgr
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B jgpf tjkt tjf rfngddfh`ktbghs gi tjbs lggm kh` tjf wky igrwkr` igr
sustkbhf` cgl-ofhfrktbho orgwtj bh Hbofrbk wbee lf `flktf` wb`fey bhsb`f
kh` gutsb`f tjf nguhtry. B kesg jgpf tjkt tjf gutngdf gi sunj k flktf wbee
nghtrblutf tg tjf `fvfegpdfht kh` bdpefdfhtktbgh gi k ngst-fiifntbvf,
jboj-qukebty, kh` uhbqufey Hbofrbkh orgwtj strktfoy tjkt wbee dfft tjf
fxpfntktbghs gi tjf pfgpef, pkrtbnuekrey tjf kspbrktbghs gi vuehfrklef
orgups, sunj ks wgdfh, ygutj, kh` tjf rurke kh` urlkh pggr.
Glbkofeb Mktryh Fzfmwfsbeb
Ybnf Qrfsb`fht, Kirbnk \fobgh
Pjf _gre` Lkhm
Igrfwgr xvbb
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xbx
^bhnf ;222, Hbofrbk jks dk`f sbohbibnkht prgorfss bh fnghgdbn rfigrd.
^guh` dknrgfnghgdbn pgebnbfs, ngdlbhf` wbtj strunturke rfigrds kbdf`
kt bhnrfksbho tjf suppey rfspghsbvfhfss gi tjf fnghgdy, usjfrf` bh sus-
tkbhf` jboj orgwtj, `rbvfh ly tjf hgh-gbe fnghgdy. Pjf Gntglfr
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`rkit Ybsbgh
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xxb
Pjbs rfpgrt wks prfpkrf` ly k _gre` Lkhm tfkd ef` ly Ygemfr Prfbnjfe,
wjg bs tjf gvfrkee f`btgr gi tjf stu`y. Pjf prbhnbpke kutjgrs krf Ygemfr
Prfbnjfe (njkptfr ;), Eumf Jkywgg` kh` Irkhnbs Pfke (njkptfr ), Qftfr Dgusefy (njkptfr 0),
Cgrofh Lbeeftgit (njkptfr 6), kh` Oke \klkeekh` kh` F`dgh` Dcfmbqb
(njkptfr 9).
Pjf tfkd lfhfibtf` irgd nghtrblutbghs kh` ngddfhts ly Bsdkbe
\k`wkh kh` ^uhbe ^bhjk (vkeuf njkbh khkeysbs)= ^bdfgh Fjub, EunksKmkpk, kh` Klbdlgek K`ulb (korbnueturf)= Egubsf Igx (eklgr dkrmft
khkeysbs)= Cgjh Howkigh (eklgr dkrmft stktbstbns) kh` Dkrnus Qgwfee kh`
Krvbe vkh K`kds (smbees `fvfegpdfht). Oegrbk Cgsfpj-\kcb nggr`bhktf` tjf
khkeysbs gi eklgr dkrmft `ktk bh njkptfr < ks wfee ks tjf rfvbfw gi Hbofrbks
tfnjhbnke kh` vgnktbghke f`unktbgh systfd bh njkptfr 6.
Qffr rfvbfwfrs wfrf Qkue Lrfhtgh, Kh`rfw @klkefh, khcky @jkr, Cgjh
Obefs, kh` Lrbkh Qbhtg.
Pjf ibhke vfrsbgh gi tjf rfpgrt lfhfibtf` irgd ngddfhts ly sfvfrkeHbofrbkh ogvfrhdfht dbhbstfrs3 @r. ^jkdsu`ffh Vsdkh, Dbhbstfr gi
Hktbghke Qekhhbho= Kllks \udkj, Dbhbstfr gi Korbnueturf= K`ftgmuhlg
Mkyg`f, Dbhbstfr gi Eklgr kh` Qrg`untbvbty= kh` Kmbekhlb Geksuhmkhdb,
Dbhbstfr gi Rgutj. Pjf eklgr dkrmft kh` smbees `fvfegpdfht khkeysbs wks
Knmhgwef`odfhts
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ngh`untf` bh negsf ngeeklgrktbgh wbtj Drs. G. Kckyb gi tjf Dbhbstry gi
Eklgr kh` Qrg`untbvbty kh` wbtj Dr. Fmfzbf gi tjf Hktbghke Lurfku gi
^tktbstbns kh` wks `bsnussf` kt k stkmfjge`fr wgrmsjgp. Pjf njkptfr gh
bdpgrt lkhs lfhfibtf` irgd ngddfhts ly Dr. ^uh`ky Gojkyfb gi tjf
Dbhbstry gi Ngddfrnf kh` Bh`ustry, kh` wks `bsnussf` kt k stkmfjge`fr
wgrmsjgp.
Pjf rfpgrt wks f`btf` ly @flgrkj @kvbs.
xxbb Knmhgwef`odfhts
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xxbbb
Ki@L Kirbnkh @fvfegpdfht Lkhm
KOGK Kirbnkh Orgwtj kh` Gppgrtuhbtbfs Knt
LGB Lkhm gi Bh`ustry ]HbofrbkT
NKN Ngrpgrktf Kiikbrs Ngddbssbgh
NK@ ngdpftbtbvf k`vkhtkof fiybho
NKI ngdpkrktbvf k`vkhtkof igeegwbho
NNB nefkh nfrtbibnktf gi bhspfntbgh
NFP ngddgh fxtfrhke tkrbii NGDP\K@F Vhbtf` Hktbghs Ngddg`bty Prk`f tktbstbns @ktklksf
N\B nefkh rfpgrt gi bhspfntbgh
@IB@ @fpkrtdfht igr Bhtfrhktbghke @fvfegpdfht
FLK fvfrytjbho lut krds
FNK Fxnfss Nru`f Knnguht
FNG_K^ Fnghgdbn Ngdduhbty gi _fst Kirbnkh ^tktfs
FFO fxpgrt fxpkhsbgh orkht
FDF fdfrobho dkrmft fnghgdyFQK Fnghgdbn Qkrthfrsjbp Korffdfht
FQS fxpgrt prgnfssbho zghf
INP if`frke nkpbtke tfrrbtgry
I@B igrfboh brfnt bhvfstdfht
Kllrfvbktbghs kh` Dfksurfdfhts
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H@ hktbghke bpegdk
H@F Hktbghke @brfntgrktf gi Fdpegydfht
HFF@^ Hktbghke Fnghgdbn Fdpgwfrdfht kh` @fvfegpdfht
^trktfoy
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VH@Q Vhbtf` Hktbghs @fvfegpdfht Qrgorkddf
VHF^NG Vhbtf` Hktbghs F`unktbghke, nbfhtbibn, kh` Nueturke
Grokhbzktbgh
VHB@G Vhbtf` Hktbghs Bh`ustrbke @fvfegpdfht Grokhbzktbgh
YKP vkeuf-k``f` tkx
YFB vgnktbghke fhtfrprbsf bhstbtutbgh
_K\@K _fst Kirbnkh \bnf @fvfegpdfht Kssgnbktbgh
_@B _gre` @fvfegpdfht Bh`bnktgrs
_FN wfbojtf` feboblbebty nrbtfrbk
_PG _gre` Prk`f Grokhbzktbgh
Nurrfhny kh` Dfksurfdfhts
Vhbt gi nurrfhny bs tjf Hbofrbkh hkbrk.
Fxnjkhof rktf fiifntbvf Hgvfdlfr >, ;st
xxvb Kllrfvbktbghs kh` Dfksurfdfhts
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;
Qulebn `flktf bh Hbofrbk gh tjf nguhtrys prgorfss jks lffh `gdbhktf` ly
twg sffdbhoey gppgsbtf tjfdfs. Pjf ibrst bs tjf strgho orgwtj pfrigrd-
khnf gi tjf hgh-gbe fnghgdy sbhnf tjf rfturh tg `fdgnrkny bh ;222, kh`
fspfnbkeey sbhnf , wjbnj usjfrf` bh k pfrbg` `urbho wjbnj tjf If`frke
Ogvfrhdfht gi Hbofrbk uh`frtggm `flt rfstrunturbho kh` ibsnke, ibhkhnbke,
bhirkstrunturf, kh` bhstbtutbghke rfigrds. ^trgho orgwtj `urbho tjbs pfrbg`
jks lffh dkhbifstf` ly sjkrp bhnrfksfs bh korbnueturf prg`untbgh, wjgef-
skef kh` rftkbe trk`f, kh` nghstruntbgh, kh` ly tjf fdfrofhnf gi hfwbh`ustrbfs, pkrtbnuekrey bh tjf ibhkhnbke, tfefngdduhbnktbghs, kh` fhtfr-
tkbhdfht sfntgrs. Pjf sfngh`, gppgsbho tjfdf bs tjkt Hbofrbks dunj
bdprgvf` fnghgdbn pfrigrdkhnf sffds tg jkvf `ghf ebttef tg rf`unf
uhfdpegydfht, fspfnbkeey kdgho tjf yguho. Pjf nghsfhsus bh sgnbfty bs
tjkt ygutj uhfdpegydfht bs gh tjf rbsf, wbtj kh kssgnbktf` hfoktbvf
bdpknt gh pulebn gr`fr kh` kh bhnrfksf bh dbebtkhny.
Pjf ogke gi tjbs lggm bs tg sjf` ebojt gh tjf fxtfht tg wjbnj Hbofrbks
dunj bdprgvf` fnghgdbn pfrigrdkhnf jks bdpkntf` tjf eklgr dkrmft,kh` tg `fvfegp k orgwtj strktfoy tjkt nkh fhjkhnf tjf fdpegydfht bhtfh-
sbty gi orgwtj. Pjf rfpgrt nghsbsts gi sbx njkptfrs. Njkptfr ; prgvb`fs kh
gvfrvbfw gi tjf lggms dkbh ibh`bhos, rfvbfws Hbofrbks orgwtj pfrigrd-
khnf irgd
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gi tjkt orgwtj pfrigrdkhnf. Njkptfr < khkeyzfs tjf fvgeutbgh gi tjf eklgr
dkrmft sbhnf ;222. Pjf khkeysbs ignusfs gh tjf sjkrf gi tjf igrdke kh`
bhigrdke sfntgrs bh fdpegydfht, tjf trfh` bh bhngdfs bh tjf igrdke kh`
tjf bhigrdke sfntgrs, kh` tjf uhfdpegydfht rktf. Njkptfr > k``rfssfs tjf
qufstbgh gi wjkt Hbofrbk nkh `g tg bhnrfksf tjf kvkbeklbebty gi qukebty cgls
kh` rf`unf rbsbho ygutj uhfdpegydfht. Njkptfr 0 `bsnussfs Hbofrbks
bh`ustrbke pgebny kh` bhvfstdfht fhvbrghdfht. Njkptfr 6 prgpgsfs strktf-
obfs igr smbees `fvfegpdfht= kh` Njkptfr 9 khkeyzfs tjf fiifnts gi rfstrbn-
tbvf trk`f pgebnbfs.
Pjf lggms dkbh ibh`bhos kh` nghneusbghs krf suddkrbzf` lfegw.
Hbofrbks Orgwtj Qfrigrdkhnf
^bhnf tg 0 pfrnfht bh
;226
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sfntgrs. Bh Bh`bk, bh pkrtbnuekr, tjf nghtrblutbgh gi tjf korbnueturf sfntgr tg
O@Q wks gh k rkpb`ey `fnebhbho pktj sbhnf ;261, kh` jk` ikeefh tg
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K`gptbgh gi k hktbghke smbees `fvfegpdfht irkdfwgrm.
Eblfrkebzktbgh gi trk`f pgebny.
Pjf orgwtj strktfoy wgue` igeegw tjrff pjksfs3 pjksf ; `brfntf` kt
nkpturbho ekrofr sjkrfs gi tjf `gdfstbn dkrmft= pjksf < kbdf` kt fxtfh`-
bho Hbofrbks knnfss tg rfobghke dkrmfts= kh` pjksf > kt prgdgtbho knnfss
tg tjf bhtfrhktbghke dkrmft. Pjfsf pjksfs `g hgt hff` tg lf sfqufhtbke,
ketjguoj bt bs ebmfey tjkt pjksf > wgue` gnnur ektfr tjkh pjksfs ; kh` .
Jgw tg Bdpefdfht tjf Orgwtj ^trktfoy^fntgrkeBhtfrvfhtbghs kh` Ofgorkpjbn Ignus
Bh `fvbsbho bdpefdfhtktbgh strktfobfs igr tjbs pjksf` orgwtj, tjf njgbnfgi sfntgrs kh` pgebnbfs bs nfhtrke.
_jbnj fntgrs7
K rfnfhtey ngdpeftf` ngdpftbtbvfhfss kssfssdfht gi sgdf ;0 vkeuf njkbhs;
bh tjf fnghgdbn ngrrb`grs gi Ekogs, Mkhg-Mk`uhk, kh` tjf ^gutj-Fkstfrh
rfobgh nfhtfrf` gh Nkeklkr, rfknjf` tjf igeegwbho nghneusbghs wbtj rfokr`
tg vkeuf njkbhs ks k sgurnf gi sustkbhklef orgwtj kh` fdpegydfht nrfktbgh.
^fntgrs wbtj tjf jbojfst fdpegydfht pgtfhtbke bhneu`f ebojt dkhuikn-turbho, nghstruntbgh, BNP, wjgefskef/rftkbe, dfkt kh` pguetry, gbe pked,
kh` ngngk. Pjf orgwtj strktfoy, wbtj bts ignus gh tjf sfrvbnfs kh`
dkhuiknturbho sfntgrs, bs nghsbstfht wbtj tjbs ibh`bho. Pjf ifksblbebty gi
knngdpebsjbho orgwtj bh tjfsf sfntgrs vkrbfs wb`fey ly ofgorkpjbnke
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krfk. Bh Ekogs, igr fxkdpef, BNP, nghstruntbgh, wjgefskef/rftkbe, kh`
ebojt dkhuiknturbho jkvf jboj forffs gi ifksblbebty= wjbef bh Mkhg, tjf
ifksblbebty gi ebojt dkhuiknturbho bs egwfr. Pjbs khkeysbs nghibrds tjf
hff` igr ofgorkpjbnkeey ignusf` bhtfrvfhtbghs.
Ghey twg vkeuf njkbhs wbtj jboj fdpegydfht pgtfhtbkegbe pked kh`
ngngkkrf bh tjf korbnueturf sfntgr. Bh`ff`, tjf fdpegydfht pgtfhtbke
gi tjf korbnueturf sfntgr bs ebdbtf` rfektbvf tg gtjfr vkeuf njkbhs, obvfh
tjkt iuturf orgwtj bh tjbs sfntgr wbee rfey ekrofey gh bdprgvfdfhts bh
prg`untbvbty. Ks dg`frh tfnjhgegobfs kh` fxtfhsbgh sfrvbnfs krf
k`gptf`, tjf rktbg gi gutput tg eklgr wbee rbsf, tjus ebdbtbho tjf pgtfh-tbke igr ekrof-snkef cgl nrfktbgh, lut kesg bdprgvbho prgspfnts igr
bhnrfksf` bhngdf. Jgwfvfr, jbojfr orgwtj bh dfkt kh` pguetry kh`
igg` prgnfssbho, wjbnj jkvf jboj fdpegydfht pgtfhtbke, wbee stbdu-
ektf orgwtj kh` fdpegydfht bh korbnueturf. \bnf kh` `kbry, wjbef
jkvbho dgrf ebdbtf` orgwtj kh` fdpegydfht pgtfhtbke, krf kesg gi
bhtfrfst, obvfh tjfbr jboj `forff gi ifksblbebty.
_jbef tjf korbnueturf sfntgrs pgtfhtbke igr cgl nrfktbgh bs ebdbtf`rfektbvf tg tjf gtjfr vkeuf njkbhs, bt rfdkbhs nghsb`frklef bh vbfw gi
tjf sbzf gi tjf eklgr igrnf fdpegyf` bh korbnueturf kh` tjf iknt tjkt,
bh spbtf gi tjf hff` igr prg`untbvbty okbhs, tjfrf krf stbee sbohbibnkht
pgssblbebtbfs tg fxpkh` tjf usf gi krklef ekh`. Mfy wkys tg bdprgvf
korbnueturke pfrigrdkhnf bhneu`f (;) rfigrdbho tjf pgebny fhvbrgh-
dfht, fspfnbkeey rfigrduektbho ifrtbebzfr pgebny= () bhnrfksbho korbnueturke fxpfh`bturf= (0) rf`unbho
vuehfrklbebty kh` fhjkhnbho igg` sfnurbty= (6) bdprgvbho dkrmft knnfss=kh` (9) strfhotjfhbho tjf rurke bhvfstdfht nebdktf.
_jbnj Bhtfrvfhtbghs7
Pjf ngddgh `fhgdbhktgr gi tjf prgpgsf` bhtfrvfhtbghs bs tjf hff` tg
bhnrfksf prg`untbvbty, ks tjbs bs tjf mfy tg rf`unbho ngsts kh` prbnfs sg tjkt
`fdkh` nkh rbsf. Qrg`untbvbty orgwtj bs kt tjf jfkrt gi khy sunnfssiue
strktfoy igr cgl nrfktbgh. Bdprgvbho prg`untbvbty orgwtj wbee, bh turh,
bdprgvf Hbofrbks ngdpftbtbvfhfss bh tjf oeglke fnghgdy.
Pjf rggt nkusfs gi Hbofrbks pkttfrh gi cglefss orgwtjtjf ibvf lbh`bhonghstrkbhts tg orgwtjkrf3
Bhk`fquktf pjysbnke bhirkstrunturf, bh pkrtbnuekr pgwfr kh` trkhspgrt.
Bhk`fquktf knnfss tg ibhkhnf.
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K pggr bhvfstdfht nebdktf kh` segw lurfkunrktbn prgnf`urfs.
K sjgrtkof gi smbeef` stkii.
Pjf jboj ngst gi bhputs `uf tg bdpgrt lkhs kh` gtjfr rfstrbntbvf trk`f
pgebnbfs.
K``rfssbho tjf Ibvf Lbh`bho Nghstrkbhts tg Orgwtj
Gvfr tjf sjgrt tfrd, fdpegydfht ofhfrktbgh nkh lf ikst trknmf` bi tjf
lbh`bho nghstrkbhts tg orgwtj bh tjf dgst prgdbsbho vkeuf njkbhs krf
k``rfssf` bh k sfefntbvf dkhhfr. Pjbs bs tjf nfhtrke kroudfht gi tjbs
lggm.
Qjysbnke bhirkstrunturf nghstrkbhts ngue` lf k``rfssf` tjrguoj3
Pjf prgvbsbgh gi wfee-iuhntbghbho bhirkstrunturf (fefntrbnbty, wktfr,
rgk`s, tfefpjghfs) tg egnkeey nghnfhtrktf` krfks (f.o., fxpgrt prgnfssbho
zghfs kh` irff trk`f zghfs). Pjbs kpprgknj wgue` lf pkrtbnuekrey subt-
klef igr tjrff vkeuf njkbhs3 ebojt dkhuiknturbho, fspfnbkeey bh Ekogs=
igg` prgnfssbho= kh` dfkt kh` pguetry prg`untbgh. K rfvbfw gi jgw rfspghsblbebty igr bhirkstrunturf `fvfegpdfht bs keeg-
nktf` kdgho `biifrfht efvfes gi ogvfrhdfht. Pjbs wgue` lf pkrtbnuekrey
kppebnklef tg vkeuf njkbhs sunj ks nghstruntbgh, wjfrf tjf rfspghsblbeb-
ty igr bdprgvbho bhirkstrunturf ebfs dkbhey wbtj egnke ogvfrhdfhts,
wjbnj suiifr irgd ebdbtf` nkpknbty.
Igr tjf igg` sfntgr, `febvfry gi kh bhtforktf` egobstbns prgorkd irgd
ikrdoktf tg tjf prgnfssbho stkof, usbho k neustfr-lksf` kpprgknj. Pjbs
wgue` lf pkrtbnuekrey subtklef igr tjf igg` prgnfssbho bh`ustry bhMkhg.
Knnfss tg ibhkhnfngue` lf fhjkhnf` tjrguoj3
\fouektgry bhtfrvfhtbghs tg `fvfegp kee sfntgrs gi tjf nrf`bt dkrmft,
irgd dbnrgibhkhnf tg ekrofr ngrpgrktbghs. Fxbstbho dbnrgibhkhnf lkhms
ngue` lf obvfh bhnfhtbvfs (f.o., egwfr nkpbtke rfqubrfdfhts) tg fstkl-
ebsj lrkhnjfs krguh` tjf nguhtry.
Knnfefrktbgh gi nrf`bt dkrmft rfigrd dfksurfs kerfk`y uh`frwky,bhneu`bho `bsputf rfsgeutbgh dfnjkhbsds, nrf`bt lurfku rfouektbghs,
kh` efksbho ekws.
Igr tjf nghstruntbgh sfntgr, fvfegpdfht gi k hfw kh` bhhgvktbvf dfkhs
gi prgvb`bho knnfss tg ibhkhnf, sunj ks k pulebn-prbvktf pkrthfrsjbp
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irkdfwgrm igr jgusbho, k dgrtokof ebqub`bty iknbebty, rfigrd gi tjf efoke
irkdfwgrm igr rfhtke dkrmfts, kh` `fvfegpdfht gi k nggr`bhktf` if`frke-
stktf jgusbho pgebny.
Pjf bhvfstdfht nebdktfngue` lfhfibt irgd sfefntbvf fiigrts sunj ks3
^bdpebibnktbgh gi tjf kpprgvke prgnfss igr tjf `fvfegpdfht gi hfw
lusbhfssfs, lksf` gh nkrfiue prgnfss dkppbho.
Ekuhnj gi tkroftf` nkpknbty-lube bho prgorkds tg rfvbvf tjf iuhntbghs
gi qukebty nghtrge kofhnbfs sunj ks tjf ^tkh`kr`s Grokhbzktbgh gi
Hbofrbk. Jkrdghbzktbgh gi tjf rgefs gi kofhnbfs bh njkrof gi qukebty bhspfntbgh
igr sfkdefss nggpfrktbgh.
Pjf smbees okp ngue` lf rf`unf` tjrguoj tkroftf` bhtfrvfhtbghs sunj ks3
\fprbgrbtbzbho ogvfrhdfht rfsgurnf keegnktbgh tg tjf tfnjhbnke kh`
vgnktbgh f`unktbgh kh` trkbhbho (PYFP) strfkd gi tjf f`unktbghke
systfd, kh` rfnghsb`frbho tjf bdpgrtkhnf gi tjf tfrtbkry f`unktbghsystfd.
\fignusbho pgebnbfs igr smbees `fvfegpdfht tgwkr`s tjf b`fhtbibf`
fdpegydfht-bhtfhsbvf vkeuf njkbhs= kh` `febvfrbho trkbhbho prg-
orkds wbtj k prkntbnke ignus kh` nghtfht (f.o., dfkt sfntgr prgorkds
efk`bho tg k Nfrtbibnktf gi Jyobfhf gr Dkstfr Lutnjfr Nfrtbibnktf).
Knnfefrktbho tjf prgnfss gi fstklebsjbho k Hktbghke Ygnktbghke [ukebib-
nktbghs Irkdfwgrm (HY[I).
Fdpgwfrbho tjf Hktbghke Lgkr` gi Pfnjhbnke F`unktbgh (HLPF) kstjf hktbghke kutjgrbty igr PYFP, wbtj rfspghsblbebty igr rfouektbho kh`
dghbtgrbho igrdke kh` bhigrdke PYFP.
Fdpgwfrbho bhigrdke sfntgr trk`f kssgnbktbghs tg tkmf pkrt bh smbees
upork`bho kh` nfrtbibnktbgh gi tjfbr dfdlfrs= kh` fstklebsjbho k iknbe-
bty tg suppgrt trk`f kssgnbktbghs bh kntbho ks k`vgnktfs kh` sfrvbnf
prgvb`frs igr tjfbr nghstbtufhnbfs.
Fstklebsjbho trbpkrtbtf ogvfrhkhnf irkdfwgrms bhvgevbho trkbhbho bhstb-
tutbghs, pulebn sfntgr kofhnbfs, kh` tjf prbvktf sfntgr, wbtj prbvktf sfn-
tgr bhstbtutbghs efk`bho vgnktbghke trkbhbho. Pjf prgorkd gi YgnktbghkeFhtfrprbsf Bhstbtutfs (YFBs) kh` Bhhgvktbgh Fhtfrprbsf Bhstbtutfs (BFBs)
bhbtbktf` ly HLPF bs k stfp bh tjf rbojt `brfntbgh. Ogvfrhdfht sup-
pgrt tg sunj bhstbtutbghs wgue` lf ebdbtf` tg stkh`kr`bzktbgh gi nurrbn-
uek kh` knnrf`btktbgh gi prgorkds.
Gvfrvbfw ?
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@fvfegpbho hfw kh` strfhotjfhbho fxbstbho vgnktbghke bhstbtutfs tg
bhnrfksf knnfss ly tjf uhsmbeef` bhigrdke eklgr sfntgr, bhneu`bho tg
prgorkds tjkt tfknj prkntbnke smbees (f.o., tjf Ygnktbghke Prkbhbho Nfh-
tfr gi Fxnfeefhnf bh Ekogs igr tjf nghstruntbgh sfntgr).
Qrgvb`bho ibhkhnbke bhnfhtbvfs tg rfwkr` snjgges tjkt prg`unf ork`u-
ktfs wjg ibh` fdpegydfht bh tjf prbvktf sfntgr.
Fqubppbho fhtfrprbsf neustfrs kh` zghfs wbtj trkbhbho kh` nguhsfebho
iknbebtbfs igr sdkee-snkef bhigrdke lusbhfss gpfrktgrs.
Nrfktbho k ogvfrhdfht-iuh`f` vgunjfr systfd (pgssbley spfkrjfk`f`
ly tjf Bh`ustrbke Prkbhbho Iuh`, BPI) tg jfep iuh` smbees prgorkds igr
tjf bhigrdke systfd.
Pjf jboj ngst gi bhputs ngue` lf rf`unf` ly rfnghsb`frbho bdpgrt lkhs
kh` jboj tkrbii lkrrbfrs, wjbnj jkvf lffh iguh` tg sbohbibnkhtey bhnrfksf
ngsts bh mfy vkeuf njkbhs wbtj jboj fdpegydfht kh` orgwtj pgtfhtbke.
Bdpgrt lkhs sjgue` lf rfpeknf` ly tkrbiis, wbtj k vbfw tg nrfktbho bhnfh-
tbvfs tg igrdkebzf trk`f kh` prgdgtbho nustgds rfigrd.
Hgtf
;. Pjf sfefntbgh gi tjf ;0 vkeuf njkbhs igr ngdpftbtbvf kh` orgwtj kssfssdfhts
wks lksf` gh fxtfhsbvf `bsnussbghs wbtj mfy pulebn kh` prbvktf sfntgr stkmf-
jge`frs kt tjf if`frke kh` stktf efvfes. Pjf sfefntbghs bhneu`f` dgrf fstkl-
ebsjf` bh`ustrbfs wjfrf tjfrf wks k nghtbhuf` pfrnfptbgh gi egho-tfrd orgwtj
pgtfhtbke, kh` hfw bh`ustrbfs wjfrf tjfrf wks k dgrf ebdbtf` trknm rfngr` lut
k pfrnfptbgh gi jboj pgtfhtbke.
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2
Gvfrvbfw
Hbofrbk iknfs k orgwbho fdpegydfht nrbsbs. Hgtwbtjstkh`bho sustkbhf`,
jboj, kh` lrgk`-lksf` orgwtj bh tjf hgh-gbe fnghgdy, uhfdpegydfht jks
hgt ikeefh dktfrbkeey sbhnf ;222. Dgrf bdpgrtkhtey, ygutj uhfdpegydfht
jks rbsfh dkrmf`ey gvfr tjf skdf pfrbg`. Hbofrbks orgwtj pfrigrdkhnf
jks hgt rfspgh`f` tg tjf kspbrktbghs gi bts pgpuektbgh ks k wjgef, fspfnbkeey
tjf yguho ofhfrktbgh. _jbef tjf hudlfr gi cgls sffds tg jkvf orgwh bh
ebhf wbtj tjf eklgr igrnf, dgst gi tjfsf cgls jkvf lffh nrfktf` bh ikdbey
korbnueturf. _kof fdpegydfht, jgwfvfr, jks fnebhf`. Cgl nrfktbgh bh ikd-
bey korbnueturf wks knngdpkhbf` ly rkpb` bhngdf orgwtj kh` ikeebho rktfs
gi pgvfrty bh rurke krfks.
Pjf dkbh purpgsf gi tjbs stu`y bs tg kssfss tjf bdpknt gi tjf rfnfht
strgho orgwtj pfrigrdkhnf gh fdpegydfht kh` tg prgpgsf k strktfoy tg
sustkbh kh` iurtjfr knnfefrktf Hbofrbks orgwtj pfrigrdkhnf kh` fhjkhnf
tjf orgwtj fekstbnbty kh` qukebty gi fdpegydfht.
Pjbs njkptfr prgvb`fs k syhgptbn gvfrvbfw gi tjf lggm. Njkptfr < khk-eyzfs tjf fvgeutbgh gi tjf eklgr dkrmft sbhnf ;222. Pjf khkeysbs ignusfs
gh tjf sjkrf gi tjf igrdke kh` bhigrdke sfntgrs bh fdpegydfht, tjf `fvfe-
gpdfht gi bhngdfs, kh` tjf uhfdpegydfht rktf. Njkptfr > k``rfssfs tjf
qufstbgh gi wjkt Hbofrbk ngue` `g tg bhnrfksf tjf kvkbeklbebty gi qukebty
N J K Q P F \ ;
Fdpegydfht kh` Orgwtj
bh Hbofrbk
Ygemfr Prfbnjfe
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cgls kh` rf`unf rbsbho ygutj uhfdpegydfht. Njkptfr 0 bsnussfs Hbofrbks
bh`ustrbke pgebny kh` bhvfstdfht fhvbrghdfht kh` prgpgsfs kh ketfrhktbvf
kpprgknj tg prgdgtf orgwtj. Njkptfr 6 prgpgsfs strktfobfs igr smbees `fvfe-
gpdfht, kh` njkptfr 9 khkeyzfs tjf fiifnts gi rfstrbntbvf trk`f pgebnbfs.
Pjf lggm nghneu`fs tjkt fhjkhnbho tjf orgwtj fekstbnbty gi fdpegy-
dfht kh` rfstrunturbho tjf fnghgdy tgwkr` egho-tfrd sustkbhklef
orgwtj wbee rfqubrf k tjrff-prghof` strktfoy3
Pkroftf` bhtfrvfhtbghs tg k``rfss lbh`bho nghstrkbhts bh vkeuf njkbhs
wbtj jboj orgwtj kh` fdpegydfht pgtfhtbke. Pjfsf lbh`bho nghstrkbhts
bhneu`f pggr pjysbnke bhirkstrunturf (fspfnbkeey pgwfr kh` trkhspgrtk-tbgh), pggr bhvfstdfht nebdktf, eknm gi knnfss tg ibhkhnf, pfrvksbvf smbees
okps, kh` rfstrbntbvf trk`f pgebnbfs. unnfssiue bhtfrvfhtbghs bh tjfsf vkeuf
njkbhs hff` tg lf `fsbohf` gh tjf lksbs gi kh kssfssdfht gi wjkt bs dgst
rfefvkht, ifksblef, kh` ngst fiifntbvf kh prgvb fs tjf orfktfst hfkr kh` df b-
ud-tfrd lfhfibts. Pg lf fiifntbvf, tjfsf bhtfrvfhtbghs sjgue` fdkhktf
irgd k `bkegouf wbtj tjf prbvktf sfntgr kh` lf `fsbohf` tg keegw swbit
ngrrfntbgh kh` subtklef ogvfrhkhnf krrkhofdfhts.
Ngdprfjfhsbvf rfigrd gi tjf tfnjhbnke kh` vgnktbghke f`unktbgh
systfd._jbef k``rfssbho tjf smbees okp dky, tg sgdf fxtfht, lf ifk-
sblef tjrguoj tkroftf` bhtfrvfhtbghs, k ngdprfjfhsbvf rfigrd gi tjf
tfnjhbnke kh` vgnktbghke f`unktbgh systfd bs hff`f` hgt ghey tg
nrfktf ngh`btbghs igr dgrf rkpb` orgwtj, lut kesg tg ngdlkt ygutj
uhfdpegydfht. Qrbvktf sfntgref` kpprgknjfs tg bdprgvf vgnktbgh-
ke trkbhbho, wjfrf ogvfrhdfht pekys tjf rgef gi stkh`kr`bzbho nur-
rbnuek kh` knnrf`btbho prgorkds, krf tjf dgst prgdbsbho rgutf igrf`unktbgh systfd rfigrd.
Prk`f pgebny rfigrd. Bdpgrt lkhs kh` jboj tkrbii lkrrbfrs sulstkhtbkeey
bhnrfksf tjf ngst gi `gbho lusbhfss bh vkeuf njkbhs wbtj jboj fdpegy-
dfht pgtfhtbke. Iurtjfr trk`f eblfrkebzktbgh wbee lf fssfhtbke tg keegw k
rfstrunturbho gi tjf fnghgdy tgwkr` sfntgrs bh wjbnj Hbofrbk bs oegl-
keey ngdpftbtbvf.
Knngr`bho tg tjbs strktfoy, orgwtj wgue` lf `rbvfh ly tjgsf sfntgrsgi tjf fnghgdy tjkt krf kerfk`y orgwbho ikstsunj ks sfrvbnfs kh`
dkhuiknturbholut jkvf tjf pgtfhtbke tg orgw fvfh ikstfr. Orgwtj bh
tjf korbnueturf sfntgr wbee nghtbhuf tg lf k mfy fefdfht bh pgvfrty rf`un-
tbgh kh` fdpegydfht nrfktbgh, kh` iurtjfr fiigrts tg `ffpfh rfsfkrnj kh`
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fxtfhsbgh sfrvbnfs, iknbebtktf knnfss tg ibhkhnf, kh` strfhotjfh sfntgr
ogvfrhkhnf kh` tjf rfouektgry irkdfwgrm wbee lf fssfhtbke. Jgwfvfr, bh
vbfw gi tjf hff` igr prg`untbvbty bhnrfksfs tg sustkbh orgwtj bh korbnue-
turf, tjf pgtfhtbke igr ekrof-snkef cgl nrfktbgh wbee lf ebdbtf`. Bh tjf bhb-
tbke pjksf, orgwtj wgue` nghtbhuf tg lf `rbvfh ly `gdfstbn `fdkh`, wbtj
fxpgrts tg tjf rfobgh kh` bhtfrhktbghke dkrmfts kt k ektfr stkof. Pjf
pgtfhtbke igr `gdfstbn-ef` orgwtj jks lffh dkhbifst bh Hbofrbks rfnfht
strgho orgwtj pfrigrdkhnf, wjbnj jks dgstey lffh `rbvfh ly `gdfstb-
nkeey grbfhtf` sfntgrs. Hgh-gbe fxpgrts jkvf rfdkbhf` hfoeboblef.
Bh vbfw gi tjf bdpgrtkhnf gi k``rfssbho uhfdpegydfht, tjf stu`y
rfvbfws Hbofrbks tfnjhbnke kh` vgnktbghke f`unktbgh kh` trkbhbho (PYFP)kh` ibh`s tjkt bt lkrfey nghtrblutfs tg tjf igrdktbgh gi smbeef` prgifssbgh-
kes, ks tjf hudlfr gi ork`uktfs bs sdkee kh` prgorkds krf gut`ktf` kh`
bhsuiibnbfhtey rfspghsbvf tg tjf rfqubrfdfhts gi tjf eklgr dkrmft. Pjf
klsfhnf gi k`fquktf PYFP bs k dkcgr bdpf`bdfht tg tjf fiifntbvf bhtf-
orktbgh gi ygutj bhtg tjf eklgr dkrmft. Bh k``btbgh, bt bs kh glstknef tg tjf
`fvfegpdfht gi sfvfrke vkeuf njkbhs igr wjbnj sjgrtkofs gi k`fquktfey
trkbhf` stkii krf k dkcgr nghstrkbht tg orgwtj. @fvfegpdfht gi k hktbghke
smbees irkdfwgrm tkroftf` kt sfntgrs gi tjf fnghgdy wbtj tjf jbojfstorgwtj kh` fdpegydfht pgtfhtbke wbee lf nrbtbnke tg ikstfr orgwtj kh` tg
fhjkhnbho tjf orgwtj fekstbnbty gi fdpegydfht.
Hbofrbks trk`f rfobdf jks lffh sulstkhtbkeey eblfrkebzf` bh rfnfht yfkrs,
fspfnbkeey wbtj tjf pkrtbke k`gptbgh gi tjf Fnghgdbn Ngdduhbty gi _fst
Kirbnkh tktfs (FNG_K^) ngddgh fxtfrhke tkrbii (NFP), wjbnj rfsuetf`
bh k egwfrbho gi tkrbii rktfs kh` sgdf pjksbho gut gi hghtkrbii lkrrbfrs.
Hghftjfefss, Hbofrbks trk`f rfobdf rfdkbhs jfkvbey prgtfntbghbst, rfsuetbho
bh `bstgrtbghs tg tjf `gdfstbn prg`untbgh strunturf kh` tjf pfrpftuktbghgi uhngdpftbtbvf ngst strunturfs. Pjf khkeysbs gi vkeuf njkbhs ibh`s tjkt
bdpgrt lkhs kh` jboj tkrbiis krf dkcgr nghstrkbhts tg tjf ikstfr `fvfegp-
dfht gi k hudlfr gi fdpegydfht-bhtfhsbvf sfntgrs gi Hbofrbks fnghgdy.
Bh k``btbgh, bdpgrt lkhs krf k sbohbibnkht nghstrkbht tg bdprgvbho tjf
fiibnbfhny gi nustgds kh` rf`unbho tjf tbdf igr nefkrbho bdpgrts. Orfktfr
kvkbeklbebty gi njfkpfr bdpgrts kh` fhjkhnf` knnfss tg fxpgrt dkrmfts
wbee lf nrbtbnke tg k rfstrunturbho gi tjf Hbofrbkh fnghgdy tgwkr` ngd-
pftbtbvf kh` fdpegydfht-bhtfhsbvf sfntgrs.
Pjbs stu`y bdpebnbtey ignusfs gh sdkee kh` df`bud-sbzf fhtfrprbsfs(^DFs) kh` ekrofr ngrpgrktbghs. K``btbghke wgrm gh jgusfjge`, dbnrg-,
kh` hkhg-fhtfrprbsfs wbee lf hff`f` tg spfnbibnkeey kssfss nghstrkbhts tg
jbojfr bhngdf kh` fdpegydfht bh tjfsf sfodfhts gi tjf bhigrdke sfntgr,
ks wfee ks dfnjkhbsds tg bdprgvf trkbhbho igr sunj fhtfrprbsfs.
Fdpegydfht kh` Orgwtj bh Hbofrbk ;;
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Pjf stu`y wks ekrofey prfpkrf` lfigrf tjf ghsft gi tjf nurrfht oeglke
ibhkhnbke nrbsbs. Pjf oeglke ibhkhnbke nrbsbs bs kiifntbho Hbofrbk prbdkrbey
tjrguoj tjf `fnebhf bh gbe prbnfs kh` tjf ikee bh igrfboh `brfnt bhvfstdfht
kh` rfdbttkhnfs. Pjf rfsuetbho ikee bh gbe rfvfhuf wbee efk` tg k dkrmf` rbsf
bh tjf ibsnke `fibnbt, wjbef tjf `fnebhf bh koorfoktf `fdkh` wbee `kdpfh
orgwtj prgspfnts. Pjf oeglke ibhkhnbke nrbsbs sulstkhtbkeey jfbojtfhs tjf
urofhny gi fnghgdbn `bvfrsbibnktbgh kwky irgd gbe kh` strfhotjfhs tjf
nksf igr k orgwtj strktfoy lubet gh tkroftbho lbh`bho nghstrkbhts bh sfefntf`
vkeuf njkbhs wbtj jboj fdpegydfht pgtfhtbke. Pjf dkbh nghneusbghs kh`
rfngddfh`ktbghs gi tjf stu`y, tjfrfigrf, rfdkbh vkeb`.
Hbofrbks Orgwtj Qfrigrdkhnf
^bhnf tg 0 pfrnfht irgd ;226 tg
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Fdpegydfht kh` Orgwtj bh Hbofrbk ;>
Ibourf ;.; Nuduektbvf Pgtke Ikntgr Qrg`untbvbty igr Ketfrhktbvf Bhbtbke
NkpbtkeGutput \ktbgs, ;291
;290
;296
;299
;29?
;29:
;292
;2?1
;2?;
;2?
;2?0
;2?6
;2?9
;2??
;2?:
;2?2
;2:1
;2:;
;2:
;2:0
;2:6
;2:9
;2:?
;2::
;2:2
;221
;22;
;22
;220
;226
;229
;22?
;22:
;222
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Nghtrblutbgh tg Orgwtj ly ^fntgrPjf orgwtj gi tjf hgh-gbe fnghgdy wks ekrofey `rbvfh ly tjf korbnueturf
sfntgr, wjbnj nghtrblutf`, gh kvfrkof, dgrf tjkh 01 pfrnfht (tklef ;.>).
Pjf nghtrblutbgh gi korbnueturf wks igeegwf` ly tjkt gi tjf wjgefskef kh`
rftkbe sfntgr (klgut >1 pfrnfht), tjf tfefngdduhbnktbghs sfntgr (? tg :
pfrnfht), kh` tjf dkhuiknturbho kh` ibhkhnbke sfntgrs.
^bhnf 1 pfrnfht), igeegwf` ly tjf wjgefskef kh`
rftkbe sfntgrs (klgut ;6 pfrnfht) kh` nghstruntbgh (klgut ;> pfrnfht).
Kesg, sgeb` dbhfrkes orfw ly dgrf tjkh ;1 pfrnfht, gh kvfrkof, kh`
dkhuiknturbho ly klgut : tg 2 pfrnfht. Korbnueturf orfw ly 9 tg ? pfr-
nfht, gh kvfrkoftjf strghofst sustkbhf` orgwtj pfrigrdkhnf bh dgrf
tjkh k `fnk`f.
Fxpekbhbho Hbofrbks Orgwtj QfrigrdkhnfBh ebojt gi tjf rfnfht gbe lggd, jboj gbe prbnfs wgue` lf tjf dgst glvbgus
fxpekhktbgh igr strgho orgwtj. Jgwfvfr, tjf kvkbeklef fvb`fhnf `gfs hgt
suppgrt tjf nghneusbgh tjkt hgh-gbe orgwtj wks sulstkhtbkeey `rbvfh ly
jboj gbe prbnfs. Pjf k`gptbgh gi kh gbe-prbnf-lksf` ibsnke ruef sbhnf
fssfhtbkeey `f-ebhmf` fxpfh`bturf irgd gbe prbnfs. Hbofrbks rktbg gi nghsge-
b`ktf` ogvfrhdfht fxpfh`bturf tg orgss `gdfstbn prg`unt (O@Q) jks, bh
iknt, ekrofey `fnebhf`sbhnf Nghtrblutbgh tg Hgh-Gbe Orgwtj
(pfrnfht)
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Pklef ;.0 Pgtke Fxpfh`bturf kh` Hft Efh`bho, ;.9
Nkdfrggh ;9.< ;6.? ;6.0 ;9.1 ;0.9 ;0.6
Njk` ;?.9 ;.6 >6.6
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Kt tjf skdf tbdf, fxnfss gbe rfvfhuf knnuduektf` rkpb`ey bh tjf fxnfss
nru`f knnguht kh` rfknjf` dgrf tjkh V^$;: lbeebgh tgwkr` tjf fh` gi
Ofhfrkeey, tjfsf dknrgfnghgdbn kh` strunturke pgebnbfs sunnff`f` bhbhstbeebho nghib`fhnf bh tjf lusbhfss ngdduhbty tjkt Hbofrbk jk` fhtfrf`
k hfw pjksf bh bts `fvfegpdfht kh` tjkt tjf fhvbrghdfht igr prbvktf sfn-
tgr-ef` bhvfstdfht jk` iuh`kdfhtkeey bdprgvf`.
Bh tjf nksf gi korbnueturf, orgwtj wks nefkrey `rbvfh ly k sjkrp bhnrfksf
bh tjf prbnfs gi korbnueturf ngddg`btbfs, wjbnj rfiefntf` (k) tjf rbsf bh egnke
`fdkh` `uf tg tjf fdfrofhnf gi kh urlkh db``ef nekss= (l) tjf bhnrfksf bh
bhtfrhktbghke prbnfs= kh` (n) prgtfntbghbst trk`f pgebnbfs (hgtkley bdpgrt
lkhs gh igg` btfds sunj ks nksskvk, vfoftklef gbe, kh` pguetry).0
Pklef ;.9sjgws tjf orgwtj gi `biifrfht typfs gi nrgps sbhnf
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Bh nghneusbgh, tjf mfy ifkturfs gi Hbofrbks orgwtj pfrigrdkhnf sbhnf
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bh pkrtbnuekr, prg`untbvbty jks stkohktf` kh` orgwtj jks lffh ekrofey
tjf rfsuet gi bhnrfksf` ekh` usf. Kesg, ks orgwtj sbhnf wks bhnrfks-
bhoey kttrblutklef tg hfw, tfnjhgegoy-`rbvfh sfntgrs gi tjf fnghgdy,
sunj ks tjf ibhkhnbke sfntgr kh` BNP, bt bs ebmfey tjkt tjf bdpgrtkhnf gi
prg`untbvbty bdprgvfdfhts dky jkvf bhnrfksf` bh rfnfht yfkrs.
Hbofrbks orgwtj pktj bs `bstbhnt irgd tjkt gi gtjfr nguhtrbfs sunj ks
Bh`bk, wjgsf strgho pfrigrdkhnf jk` rfebf` fxtfhsbvfey gh tjf sfrvbnfs
kh` dkhuiknturbho sfntgrs. Bh Bh`bk, bh pkrtbnuekr, tjf nghtrblutbgh gi
tjf korbnueturf sfntgr tg O@Q jk` lffh gh k rkpb`ey `fnebhbho pktj
sbhnf ;261 kh` jk` ikeefh tg
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nguhtrys fnghgdbn fhvbrghdfht jks hgt trkhsektf` bhtg jbojfr fdpegy-
dfht kh` pgvfrty rf`untbgh. Pjbs sfntbgh `bsnussfs tjf fvgeutbgh gi tjf
eklgr igrnf sbhnf ;222 kh` khkeyzfs tjf `fvfegpdfht gi fdpegydfht kh`
bhngdfs. Bt kesg nghtrksts tjfsf ibh`bhos wbtj `fvfegpdfhts bh gtjfr ^ul-
^kjkrkh Kirbnkh nguhtrbfs.6
^trunturf gi tjf Eklgr IgrnfPjf eklgr igrnf bs `fibhf` ks pfgpef lftwffh tjf kofs gi ;6 kh` 96 wjg
krf hgt bh snjgge. Pklef ;.? prfsfhts tjf strunturf gi Hbofrbks eklgr igrnf
ly ofh`fr kh` ly rurke kh` urlkh sfntgrs bh 10.
K mfy ifkturf gi tjf wgrmbho-kof pgpuektbgh bs tjf jboj sjkrf (kpprgx-bdktfey ghf-igurtj) gi tjkt pgpuektbgh tjkt bs hgt bh tjf eklgr igrnf. Pjf
lrfkm`gwh ly ofh`fr sjgws tjkt tjf sjkrf gi ifdkefs gutsb`f tjf eklgr
igrnf bs kt efkst tjrff tbdfs tjkt gi dkefs. Ks bh gtjfr Kirbnkh nguhtrbfs, igr-
dke uhfdpegydfht (dfksurf` ks cgl sffmfrs wjg nkhhgt ibh` k cgl) bs
fxtrfdfey egw. Pjf vkst dkcgrbty gi pfgpef gutsb`f tjf eklgr igrnf nghsbsts
gi bh`bvb`ukes wjg krf fbtjfr `bsngurkof` cgl sffmfrs gr wjg jkvf hgt
fdlkrmf` upgh k cgl sfkrnj, ks tjfy g hgt nghsb`fr prgspfnts tg lf prgd-
bsbho. Pjf sjkrf gi pfgpef gutsb`f tjf eklgr igrnf bs k dgrf rfebklef bh`bnk-tgr gi uhfdpegydfht tjkh tjf giibnbke uhfdpegydfht rktf, wjbnj nghsbsts
gi bh`bvb`ukes wjg krf eggmbho igr lut krf uhklef tg ibh` fdpegydfht.
_kof fdpegydfht (klgut : tg ;1 pfrnfht gi tjf eklgr igrnf) bs rfek-
tbvfey sdkee kh` `gdbhktf` ly tjf pulebn sfntgr. Pjf sjkrf gi bhigrdke
sfntgr fdpegydfht (`fibhf` ks sfei-fdpegyf` wgrmfrs gutsb`f tjf korb-
nueturf sfntgr) bs jboj ngdpkrf` tg gtjfr ^ul-^kjkrkh Kirbnkh nguhtrbfs
(tklef ;.:). Ghey ^fhfoke jks k dgrf sbzklef bhigrdke sfntgr.
Pklef ;.2 sjgws jgw tjf eklgr igrnf jks fvgevf` sbhnf ;222.
Fdpegydfht kh` Orgwtj bh Hbofrbk ;2
Pklef ;.? Ngdpgsbtbgh gi Eklgr Igrnf, 10
(pfrnfht)
Ly ofh`fr Ly sfntgr
Ifdkef Dkef \urke Vrlkh Pgtke skdpef
Bh eklgr igrnf 99.> :0.? ??.6 ?;.: ?6.1
Hgt bh eklgr igrnf
(vgeuhtkrbey uhfdpegyf`) >6.> ;9.1
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Pjf sjkrf gi tjf pgpuektbgh hgt bh tjf eklgr igrnf jks rfdkbhf`
lrgk`ey uhnjkhof`. Pjbs dfkhs tjkt tjf hudlfr gi cgls jks rbsfh lrgk`ey
bh ebhf wbtj tjf eklgr igrnf, kh` tjkt uhfdpegydfht jks rfdkbhf` lksb-nkeey uhnjkhof`.
Pklef ;.;1 sjgws tjf fvgeutbgh gi fdpegydfht lrgmfh `gwh ly ikd-
bey korbnueturf, hghkorbnueturf sfei-fdpegyf` (tjkt bs, dgstey urlkh), kh`
wkof fdpegydfht.
Irgd ;222 tg
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Pjbs bs kh bdpgrtkht ibh`bho. Bt fssfhtbkeey nghibrds tjf tjrust gi `bs-
nussbghs gi fdpegydfht pgebny bh Hbofrbk, wjbnj irfqufhtey kssfrts tjkt
tjf prglefd bs tjf nrfktbgh gi kh bhsuiibnbfht hudlfr gi cgls. _btj tjf
sjkrf gi tjf pgpuektbgh gutsb`f tjf eklgr igrnf uhnjkhof` bh spbtf gi sus-
tkbhf` jboj hgh-gbe orgwtj, Hbofrbks pkttfrh gi orgwtj jks hgt rfspgh`f`
tg tjf kspbrktbghs gi bts pgpuektbgh.
Pjbs pkttfrh gi njkhof bh tjf strunturf gi tjf eklgr igrnf bs kt vkrbkhnfwbtj tjkt glsfrvf` bh dgst gi ^ul-^kjkrkh Kirbnk bh tjf ;221s. Bh Ojkhk,
Pkhzkhbk, kh` Vokh`k, tjf prgpgrtbgh gi tjf eklgr igrnf wgrmbho bh
ikdbey korbnueturf gvfr tjf ;221s `fnebhf` (ibourf ;.
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^fntgrs gi tjf fnghgdy tjkt jkvf orgwh qubnmey, sunj ks wjgefskef kh`
rftkbe, nghstruntbgh, kh` korbnueturf, jkvf lffh tg k sbohbibnkht fxtfht
dk`f up gi bhigrdke wgrmfrs, wjbef bh`ustrbfs bh tjf igrdke sfntgr, f.o.,
ibhkhnbke sfrvbnfs kh` jgspbtkebty, krf fbtjfr hgt vfry fdpegydfht
bhtfhsbvf gr jkvf k``f` eklgr irgd k vfry egw lksf, ikbebho tg dkmf k
sbohbibnkht `biifrfhnf bh tjf orgwtj gi wkof fdpegydfht.
Pjbs pkttfrh gi cgl nrfktbgh bs fvfh dgrf kppkrfht bh tjf yguhofst kof
lrknmft gi tjf pgpuektbgh. Pklef ;.;< sjgws tjf fvgeutbgh gi tjf typfs gi
,111
gtjfrnguhtrbfs
Ftjbgpbkkh`^gutjKirbnk
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fdpegydfht ks k sjkrf gi tjf skdpef pgpuektbgh kof` ;60.11 >;.;1
Hghkorbnueturf sfei-fdpegyf` 2.61 ;6.>1 ;
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;222 (tklef ;.;>). Pjfsf `ktk strghoey bh`bnktf tjkt rfke bhngdfs jkvf
sulstkhtbkeey rbsfh sbhnf ;222. Bhngdfs bh tjf igrdke wkof sfntgr kh` tjf
bhigrdke urlkh sfntgr jkvf bhnrfksf` ly klgut 61 pfrnfht bh rfke tfrds.
Dgst bdpgrtkhtey, bhngdfs bh ikdbey korbnueturf jkvf kedgst `gulef` bh
rfke tfrds kh` krf hgw gh pkr wbtj tjgsf bh tjf sfei-fdpegyf` hgh-
korbnueturf sfntgr. Kt tjf lfobhhbho gi tjf `fnk`f, bhngdfs bh tjf
urlkh bhigrdke sfntgr wfrf klgut >1 tg 01 pfrnfht jbojfr bh rfke tfrds
tjkh bh ikdbey korbnueturf.
Pjf fvgeutbgh gi bhngdfs bh Hbofrbks korbnueturf sfntgr ngdpkrfs
ikvgrkley tg tjkt bh gtjfr Kirbnkh nguhtrbfs (tklef ;.;0). Pjbs sjgws
tjf bdpgrtkhnf gi tjf korbnueturke rfhkbsskhnf tjkt Hbofrbk jks fxpfrb-fhnf` sbhnf ;222hgt ghey igr orgwtj, lut kesg igr tjf `fvfegpdfht
gi bhngdfs. Kt tjf skdf tbdf, tjf `fvfegpdfht gi bhngdfs bh tjf urlkh
bhigrdke sfntgr kh` bh wkof fdpegydfht wks negsfr tg tjf kvfrkof igr
ngdpkrktgr nguhtrbfs.
Dfkh Fkrhbhos ly Fdpegydfht Pypf, ;222
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^uddkry gi ibh`bhos.Pjf pkttfrh gi orgwtj bh Hbofrbk kh` bts rfektbgh tg
tjf fvgeutbgh gi Hbofrbks eklgr dkrmft nkh lf suddkrbzf` ks igeegws3
Hbofrbks strgho orgwtj bh rfnfht yfkrs jks lffh `gdbhktf` ly tjf
korbnueturf sfntgr. Bh tjf eklgr dkrmft, tjbs jks lffh rfiefntf` bh k sjbit
gi fdpegydfht bhtg ikdbey korbnueturf. Pjf nghsb`frklef orgwtj gi
fdpegydfht bh tjf korbnueturf sfntgr bs nghsbstfht wbtj tjf klsfhnf gi
bdprgvfdfhts bh korbnueturke prg`untbvbty.
^trgho korbnueturf pfrigrdkhnf jks rfiefntf` prbdkrbey tjf rbsf bh tjf
prbnfs gi korbnueturf ngddg`btbfs, gwbho tg (k) tjf bhnrfksf bh bhtfrhk-
tbghke prbnfs, (l) tjf bhnrfksf bh `fdkh` irgd tjf urlkh db``ef nekss,kh` (n) tjf bdpknt gi rfstrbntbvf trk`f pgebnbfs. Pjbs njkhof bh rfektbvf
prbnfs bh ikvgr gi korbnueturke ngddg`btbfs bs kesg kh fssfhtbke ikntgr
fxpekbhbho tjf bhnrfksf bh bhngdfs bh ikdbey korbnueturf kh` bs nghsbs-
tfht wbtj tjf dkrmf` `fnebhf gi fxtrfdf rurke pgvfrty.
Pjf nrfktbgh gi nghtrkntuke wkof cgls bh tjf rkpb`ey orgwbho sfntgrs gi
tjf fnghgdy jks lffh uhklef tg ngdpfhsktf igr tjf egss gi wkof cgls
bh tjf pulebn sfntgr, pkrkstktkes, kh` ogvfrhdfht kofhnbfs, efk`bho tg k
`fnebhf bh wkof fdpegydfht.
_btj tjf sjkrf gi pgpuektbgh gutsb`f tjf eklgr igrnf uhnjkhof` igr tjf
pgpuektbgh ks k wjgef kh` rbsbho igr tjf egwfst kof lrknmft, Hbofrbks
orgwtj pfrigrdkhnf jks nefkrey hgt rfspgh`f` tg tjf kspbrktbghs gi bts
pgpuektbgh.
_jkt Jkvf Lffh tjf Bdpf`bdfhts tg Ikstfr Orgwtj
bh tjf Igrdke ^fntgr7Ks `bsnussf` klgvf, Hbofrbks strgho orgwtj pfrigrdkhnf jks rfiefntf`
prbdkrbey twg ikntgrs3 (k) sguh` dknrgfnghgdbn pgebnbfs tjkt nrfktf` k
dgrf ikvgrklef fhvbrghdfht igr prbvktf bhvfstdfht kh` (l) sfntgrke pgeb-
nbfs, sunj ks tjf lkhmbho nghsgeb`ktbgh fxfrnbsf tjkt `brfntey lggstf`
orgwtj bh spfnbibn sfntgrs gi tjf fnghgdy. Lgtj dknrgfnghgdbn kh`
strunturke pgebnbfs nghtrblutf` tg nghib`fhnf bh k hfw frk bh tjf Hbofrbkh
fnghgdy kh` tjus prgdgtf` bhvfstdfht sulstkhtbkeey iufef` ly igrfboh
`brfnt bhvfstdfht kh` rfdbttkhnfs.
Pjbs bhvfstdfht, jgwfvfr, wks dgrf ignusf` gh nkpbtke-bhtfhsbvf bh`us-
trbfs tjkh gh fdpegydfht-bhtfhsbvf bh`ustrbfs. Bhvfstdfht gnnurrf` prbdk-
rbey bh tjf gbe kh` oks kh` tjf tfefngdduhbnktbghs bh`ustrbfs, bh wjbnj
rfturhs wfrf pkrtbnuekrey jboj. Ifw prg`untbvbty bdprgvfdfhts gnnurrf` bh
tjf fdpegydfht-bhtfhsbvf sfntgrs gi tjf fnghgdy, sunj ks dkhuiknturbho.
Fdpegydfht kh` Orgwtj bh Hbofrbk
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Ks k rfsuet, tjf bhirkstrunturf nghstrkbhts lfnkdf dgrf lbh`bho bh tjfsf
sfntgrs, ebdbtbho bdprgvfdfhts bh tjfbr prg`untbvbty kh` ngdpftbtbvfhfss
kh`, jfhnf, tjfbr klbebty tg ofhfrktf fdpegydfht. K igrwkr`-eggmbho orgwtj
strktfoy hff`s tg ignus gh bdprgvbho prg`untbvbty bh tjf fdpegydfht-
bhtfhsbvf sfntgrs gi tjf fnghgdy.
Pjbs bs pkrtbnuekrey bdpgrtkht lfnkusf Hbofrbks ngdpkrktbvf k`vkhtkof
gi rfektbvfey egw eklgr ngsts bs rkpb`ey frg`bho, ks tjf fiifnt gi egw eklgr
prg`untbvbty bs ngdpguh`f` ly kpprfnbktbgh gi tjf hkbrk. Bh iknt, tjf rbsf
bh V.^. `geekr`fhgdbhktf` wkofs bs ekrofr tjkh tjkt bh rfke hkbrk ly k ikn-
tgr gi twg. Pjbs dunj ekrofr bhnrfksf bh bhngdfs bh V.^. `geekr tfrds,
rktjfr tjkh bh `gdfstbn prbnfs, bdpebfs tjkt eklgr ngsts krf lfngdbhobhnrfksbhoey uhngdpftbtbvf gh tjf bhtfrhktbghke dkrmft.
Hbofrbks Orgwtj ^trktfoy Ogbho Igrwkr`
Lksf` gh tjf khkeysbs klgvf, tjbs sfntbgh `fvfegps igr Hbofrbk k orgwtj
strktfoy ogbho igrwkr` tjkt bs spfnbibnkeey tkbegrf` tg Hbofrbks nbrnud-
stkhnfs.
_jy k Orgwtj ^trktfoy7Dkhy `fvfegpbho nguhtrbfs jkvf igeegwf` ngdpkrktbvf-k`vkhtkof-`fiybho
strktfobfs, wjbnj ef` tg vkrbgus `bstgrtbghs, pggr orgwtj pfrigrdkhnf, kh`
dgrf uhfvfh bhngdf `bstrblutbgh (Ebh
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trk`f pgebny, `brfnt suppgrt tg bh`ustrbfs gi strktfobn bhtfrfst, kh` stktf
`gdbhktbgh gi kee kspfnts gi tjf gbe kh` oks bh`ustry nghtbhuf tg njkrkn-
tfrbzf ogvfrhdfht pgebny.
Prk`btbghke orgwtj tjfgry kroufs tjkt k stklef dknrgfnghgdbn irkdf-
wgrm kh` kh fhvbrghdfht irff gi `bstgrtbghs krf suiibnbfht tg keegw kh fngh-
gdy tg orgw bh ebhf wbtj bts pgtfhtbke. Jgwfvfr, dkhy nguhtrbfs tjkt jkvf
knjbfvf` jboj orgwtj k`gptf` strktfobfs tjkt kntbvfey suppgrtf` fdpegy-
dfht kh` orgwtj bh spfnbibn sfntgrs gi tjf fnghgdy. Ebh (
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Pkroftf` bhtfrvfhtbghs tg rfdgvf nghstrkbhts bh vkeuf njkbhs wbtj jboj
fdpegydfht kh` orgwtj pgtfhtbke bh lgtj igrdke kh` bhigrdke sfn-tgrs, bhneu`bho tjf sfei-fdpegyf` sfntgr.
K`gptbgh gi k hktbghke smbees `fvfegpdfht irkdfwgrm.
Eblfrkebzktbgh gi trk`f pgebny.
Orgwtj wgue` igeegw tjrff pjksfs. Pjf ibrst pjksf wgue` lf `gdb-
hktf` ly nkpturbho ekrofr sjkrfs gi tjf `gdfstbn dkrmft= pjksf < wgue`
ignus gh fxtfh`bho Hbofrbks knnfss tg rfobghke dkrmfts= kh` pjksf >
wgue` prgdgtf knnfss tg tjf bhtfrhktbghke dkrmft. Pjfsf pjksfs `g hgt
hff` tg lf sfqufhtbke. Bh pkrtbnuekr, wjbef Hbofrbks orgwtj gvfr tjf
sjgrt- tg df`bud-tfrd bs ebmfey tg nghtbhuf tg lf `rbvfh ly jbojfr
`gdfstbn fdkh`, pjksf ; wgue` ebmfey kesg wbthfss tjf bhnrfksf` fxpgrt
grbfhtktbgh gi pkrts gi tjf fnghgdy. Bh iknt, fhngurkofdfht ly tjf
Hbofrbkh ogvfrhdfht tg fxpgrt wgue` lf k nghtbhugus ifkturf gi tjf
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orgwtj strktfoy. Pjbs pjksf` kpprgknj wgue` `biifr nghsb`frkley irgd
tjkt gi gtjfr nguhtrbfs tjkt jkvf orgwh tjrguoj kh bhbtbke ignus gh tjf
dkhuiknturbho sfntgr kh` wgue` lf `bstbhntey Hbofrbkh.
Pjf pjksf` kpprgknj ignusfs gh tjf `gdfstbn dkrmft kt tjf gutsft
lfnkusf, bh vbfw gi tjf sfvfrf ngst `bsk`vkhtkof gi Hbofrbkh bh`ustry
rfsuetbho prbdkrbey irgd tjf eknm gi pgwfr kh` jboj ngsts gi trkhspgrtk-
tbgh, bt bs uhrfkebstbn tg fxpfnt Hbofrbk tg lf klef tg ngdpftf bh tjf
bhtfrhktbghke dkrmftpeknf bh tjf sjgrt tfrd. Bhstfk`, orgwtj bs ebmfey tg
nghtbhuf tg lf `rbvfh ly sfntgrs ignusf` gh `gdfstbn `fdkh`, fspfnbkeey
bh tjf sfrvbnf bh`ustrbfs tjkt jkvf kerfk`y sbohbibnkhtey nghtrblutf` tg
orgwtj. Pjrguoj tjf `fvfegpdfht gi kpprgprbktf bhirkstrunturf, pjksf ;wgue` nrfktf tjf pektigrd igr orgwtj gi dkhuiknturbho bh`ustrbfs, wjbnj
wgue` tjfh lf grbfhtf` tgwkr`s tjf rfobghke kh` bhtfrhktbghke dkrmfts bh
pjksfs < kh` >.
Nkh bhngdfs nghtbhuf tg rbsf wbtjgut k orgwtj bh igrdke fdpegydfht7
Dgst gi tjf rbsf bh bhngdf `urbho tjf rfnfht pfrbg` gi strgho orgwtj
gnnurrf` bh tjf nghtfxt gi rbsbho fdpegydfht bh tjf bhigrdke sfntgr.
Jgwfvfr, tjf sdkee snkef gi dkhy bhigrdke sfntgr gpfrktgrs, kh` tjfbr egwprg`untbvbty, wbee ebdbt tjf pgtfhtbke gi khy strktfoy ignusf` gh tjf bhigrdke
sfntgr tg lrbho bhngdfs tgwkr` tjf efvfes sffh bh db``ef-bhngdf nguhtrbfs.
^ulstkhtbke bhnrfksfs bh bhngdf wbee rfqubrf kh fxpkhsbgh gi wkof cgls.
K ignus gh wkof cgls wbee iknbebtktf bhngdf bhnrfksfs bh lgtj tjf igr-
dke kh` tjf bhigrdke sfntgrs. Pjbs bs lfnkusf k rbsf bh wkof fdpegydfht
wbee efk` tg k rfektbvf `fnrfksf bh tjf suppey gi wgrmfrs bh tjf sfei-
fdpegydfht sfntgrwjftjfr urlkh gr rurke. Pjbs `fnrfksf bh rfektbvf
suppey wbee knt tg rkbsf bhngdfs bh tjkt sfntgr, tjus rfvfrsbho tjf rfnfhttrfh` bh wjbnj tjf nghtbhuf` bhieux bhtg tjf bhigrdke sfntgr bh tjf
klsfhnf gi wkof cgls jks fxfrtf` `gwhwkr` prfssurf gh bhngdfs bh tjf
bhigrdke urlkh sfntgr. Iurtjfrdgrf, jbojfr wkof fdpegydfht wbee kesg
bhnrfksf tjf kvkbeklbebty gi jbojfr-qukebty bhigrdke sfntgr cgls. Dgst igr-
dke sfntgr fhtfrprbsfs jkvf lknmwkr` kh` igrwkr` ebhms wbtj tjf bhigrdke
sfntgr, sg orgwtj bh tjfsf fhtfrprbsfs wbee kesg stbduektf orgwtj bh bhigr-
dke sfntgr ngdpkhbfs.
Jgw ifksblef kh` rfkebstbn bs k strktfoy ignusf` gh wkof fdpegydfht bh
tjf Hbofrbkh nghtfxt7 Nurrfhtey, ifw sfntgrs gi tjf Hbofrbkh fnghgdy
jkvf k jboj sjkrf gi nghtrkntuke wkof fdpegydfht. Pjf ekrofst igrdke
sfntgr fdpegyfrs bhneu`f igg` prgnfssbho, BNP, kh` tjf efktjfr bh`ustry.
_jbef tjfsf sfntgrs jkvf nghsb`frklef orgwtj pgtfhtbke, bt bs uhebmfey tjkt
Fdpegydfht kh` Orgwtj bh Hbofrbk
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fvfh sulstkhtbkeey ikstfr orgwtj wbee keegw cgl nrfktbgh tg knnfefrktf tg
efvfes rfqubrf` tg dkmf k sbohbibnkht `fht bh uhfdpegydfht. Kokbhst tjbs
lknmorguh`, kh fdpegydfht-grbfhtf` orgwtj strktfoy wbee hff` kesg tg
k``rfss mfy nghstrkbhts bh prgdbsbho vkeuf njkbhs `gdbhktf` ly tjf bhigr-
dke sfntgr, sunj ks ebojt dkhuiknturbho, nghstruntbgh, wjgefskef kh`
rftkbe, pked gbe, kh` ngngk. Fdpegydfht orgwtj bh tjfsf vkeuf njkbhs jks
lffh njkrkntfrbzf` ly nksukebzktbgh= tjkt bs, ngdpkhbfs jkvf prfifrrf` tg
k`` eklgr tjrguoj nksuke fdpegydfht rktjfr tjkh tjrguoj igrdke, ngh-
trkntuke wkof fdpegydfht.
Pjbs nksukebzktbgh rfiefnts fssfhtbkeey twg nghstrkbhts3 (k) tjf uhnfrtkbh
pgebny fhvbrghdfht kh` (l) tjf egw efvfe gi smbees gi k nghsb`frklef sjkrfgi eklgr.? Pjf gitfh uhprf`bntklef pgebny kh` lusbhfss fhvbrghdfht
dkmfs bt `biibnuet igr ngdpkhbfs tg lf nfrtkbh gi bhngdfs bh tjf iuturf.:
Ngdlbhf` wbtj tjf jboj `forff gi sulstbtutklbebty gi eklgr, rfiefntbho tjf
egw efvfe gi tfnjhbnke smbees, tjbs nrfktfs k prfifrfhnf igr ngdpkhbfs tg jbrf
nksuke eklgr kh` rfirkbh irgd egho-tfrd ngddbtdfhts. Jgwfvfr, spfnbibn
bhtfrvfhtbghs gutebhf` lfegw, fspfnbkeey bh tjf krfk gi smbees `fvfegpdfht
kh` tjf `fvfegpdfht gi k dgrf ikvgrklef lusbhfss fhvbrghdfht, ngue`
jfep k``rfss tjbs sbtuktbgh kh` bhnrfksf tjf sjkrf gi wkof fdpegydfht.Jfhnf, wjbef k ignus gh wkof cgls bs kpprgprbktf tg fhjkhnf tjf sus-
tkbhklbebty gi orgwtj kh` rkbsf bhngdfs, bt hff`s tg lf ngdpefdfhtf` ly
dfksurfs kbdf` kt mfy bhigrdke sfntgr vkeuf njkbhs, ks wfee ks ly pgebnbfs
tg stfd tjf nksukebzktbgh gi eklgr. Bh iknt, obvfh tjf rfektbvfey sdkee sbzf
gi tjf igrdke sfntgr, bhigrdke sfntgr vkeuf njkbhs ngue` lf tjf ignus gi kh
fdpegydfht-nrfktbgh strktfoy bh tjf sjgrt ruh.
Jgw ogg` krf tjf prgspfnts igr ikstfr orgwtj bh tjf dkhuiknturbhosfntgr7Obvfh tjf dkhuiknturbho sfntgrs eknm gi ngdpftbtbvfhfss, bt dky
sffd `biibnuet tg khtbnbpktf sulstkhtbke orgwtj bh tjkt sfntgr. Jgwfvfr,
ibourf ;.> sjgws tjkt nguhtrbfs sbdbekr tg Hbofrbk jkvf lffh klef tg lrfkm
bhtg egw-tfnj, eklgr-bhtfhsbvf ogg`s prg`untbgh, fvfh bi stkrtbho pgbhts krf
rfektbvfey egw, tjus nghsb`frkley fxpkh`bho tjf hudlfr gi dkhuiknturbho
cgls kh` `brfntey kiifntbho tjf pgvfrty rktf (sff kesg ibourf ;.0).2 Orgwtj
bh tjfsf pjksfs wgue` ekrofey lf `rbvfh ly tjf `bsngvfry prgnfss gutebhf`
klgvf. Bh tjf df`bud- kh` jboj-tfnj sfntgrs, Hbofrbk kerfk`y jks lffh
klef tg fstklebsj k iggtjge` bh smbees-bhtfhsbvf ngdputfr rfpkbr kh` neghfprg`untbgh (igr fxkdpef, tjf Gtbolk neustfr bh Ekogs). Kesg, tjf sunnfss
gi tjf pftrgefud `gwhstrfkd gpfrktgr, Gkh`g, igeegwbho bts prbvktbzk-
tbgh, bs fvb`fhnf gi tjf klbebty gi tjf Hbofrbkh prbvktf sfntgr tg lrfkm bhtg
sfntgrs gi tjf fnghgdy trk`btbghkeey `gdbhktf` ly igrfboh ngdpkhbfs.
>1 Prfbnjfe
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Jgw tg Bdpefdfht tjf Orgwtj ^trktfoy7Bh `fvbsbho bdpefdfhtktbgh snfhkrbgs igr tjbs orgwtj strktfoy, twg qufs-tbghs krf kt tjf igrfirght. Ibrst, wjbnj sfntgrs sjgue` lf tkroftf` kh`
sfngh`, wjbnj pgebnbfs wgue` lf lfst subtf` tg prgdgtbho orgwtj bh
tjfsf sfntgrs7
_jbnj sfntgrs7 K rfnfhtey ngdpeftf` ngdpftbtbvfhfss kssfssdfht gi
sgdf ;0 vkeuf njkbhs;1 bh tjf fnghgdbn ngrrb`grs gi Ekogs, Mkhg, Mk`uhk,
kh` tjf ^gutjfkstfrh rfobgh nfhtfrf` gh Nkeklkr (Fdfrobho Dkrmft
Fnghgdbns ;
Ibourf ;.> Fvgeutbgh gi Qrg`untbgh Bhtfhsbty igr Nguhtrbfs ^bdbekr tg Hbofrbk
;11
11
011
611
;2?1 ;2?6 ;2:1 ;2:6 ;221 ;226 61
011
061
prg`untbghbhtfhsbty(%
)
;2?1 ;2?6 ;2:1 ;2:6 ;221 ;226
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kh` ngngk. Nghsbstfht wbtj tjf tjrust gi tjf orgwtj strktfoy, dgst sfntgrskrf bh fbtjfr sfrvbnfs gr tjf dkhuiknturbho bh`ustry. Ks beeustrktf` bh
ibourf ;.6, tjf ifksblbebty gi knngdpebsjbho orgwtj bh tjfsf sfntgrs vkrbfs
wb`fey ly ofgorkpjbnke krfk. Igr fxkdpef, bh Ekogs, BNP, nghstruntbgh,
wjgefskef kh` rftkbe, kh` ebojt dkhuiknturbho jkvf jboj `forffs gi ifksb-
lbebty wjbef bh Mkhg, tjf ifksblbebty gi ebojt dkhuiknturbho bs egwfr. Pjbs
khkeysbs nghibrds tjf hff` igr ofgorkpjbnkeey ignusf` bhtfrvfhtbghs.
Ghey twg vkeuf njkbhs wbtj jboj fdpegydfht pgtfhtbkegbe pked kh`
ngngkkrf bh tjf korbnueturf sfntgr. Bh`ff`, tjf fdpegydfht pgtfhtbke gi
tjf korbnueturf sfntgr bs ebdbtf` obvfh tjkt iuturf orgwtj bh tjbs sfntgr
wbee rfey ekrofey gh bdprgvfdfhts bh prg`untbvbty. Ks dg`frh tfnjhgeg-
obfs kh` fxtfhsbgh sfrvbnfs krf fdpegyf`, tjf rktbg gi gutput tg eklgr wbee
rbsf, tjfrfly ebdbtbho tjf pgtfhtbke igr ekrof-snkef cgl nrfktbgh lut kesg
bdprgvbho prgspfnts igr bhngdf bhnrfksfs. Jgwfvfr, jbojfr orgwtj bh
>< Prfbnjfe
Ibourf ;.0 Fvgeutbgh gi Qrg`untbgh Bhtfhsbty igr ^gdf ^unnfssiue Egwfr-Bhngdf
Nguhtrbfs
;61
61
prg`untbghbhtfhsbty(%)
;2?1 ;2?6 ;2:1 ;2:6 ;221 ;226
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Fdpegydfht kh` Orgwtj bh Hbofrbk >>
jboj
jbojegw
ifksblbebty
klbebty tg lrb`of ngdpftbtbvfhfss okp ebmfebjgg` gi pgebny rfigrd nkpknbty gi prbvktf sfntgr kntgrs
upsb`f pgtfhtbke
orgwtj fdpegydfht spbeegvfrs
wjgefskef/rftkbe
wjgefskef/rftkbedfkt &pguetry
igg` prgnfssbho
dfkt &pguetry
rbnfsgeb` dbhfrkes
Nkeklkr Qgrt
kquknueturf
efktjfr
`kbry
rbnf
ebojt dkhuiknturbho
tgurbsd
igg` prgnfssbho
gbe pked
ebojt dkhuiknturbhongngk
nghstruntbgh
BNP
Nurrfht bdpgrtkhnftg stktf fnghgdy
^tktf ngegr ng`bho
Nrgss \bvfr
Mk`uhk
Mkhg
Ekogs
Ibourf ;.6 Qrbgrbtbzktbgh gi Ykeuf Njkbhs igr Iurtjfr Bhvfstboktbgh
^gurnf3 Fdfrobho Dkrmft Fnghgdbns suddkrbzfs mfy fefdfhts gi tjf
ogvfrhdfhts strktfoy igr korbnueturf.
_jbnj bhstrudfhts7Pjf `fvfegpdfht gi lksbn prbhnbpefs igr tjf bdpef-
dfhtktbgh gi k orgwtj strktfoy hff`s tg lube` gh efssghs efkrhf` bh tjf
prgdgtbgh gi sfntgr-spfnbibn orgwtj bh tjf pkst. Pjf dkbh bhstrudfhts gi
Hbofrbks bh`ustrbke pgebny krf nurrfhtey3
Pkx kh` trk`f bhnfhtbvfs, bhneu`bho fxpgrtfr orkhts, `uty `rkwlknm
kh` dkhuiknturfr-bh-lgh` snjfdfs, pbghffr tkx stktus, kh` gtjfr tkx
bhnfhtbvfs prgvb`f` tg bh`ustry (fxneu`bho gbe kh` oks fxpegrktbgh,
`fvfegpdfht kh` prg`untbgh)
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Pklef ;.;6 Qrbgrbtbzktbgh Nrbtfrbk ^ngrbho
Orgwtj Fdpegydfht ^pbeegvfrs
Vpsb`f tgtke
(y-kxbs)
Ifksblbebty tgtke
(x-kxbs) Ngdpf
Ekogs
Ebojt dkhuiknturbho 0 0 < ;1 ?
Nghstruntbgh 0 0 >;; :
BNP 0 0 0 ;< 2
_jgefskef kh` rftkbe 0 0 0 ;< ?
Igg` prgnfssbho > > > 2 :
Mkhg
Ebojt dkhuiknturbho < < > ? ?
_jgefskef kh` rftkbe 0 > 0 ;; ?
Igg` prgnfssbho > > 0 ;1 ?
Efktjfr > < < ? ;;
@kbry ; < < 6 ?
\bnf < < < 9 9Dfkt kh` pguetry 0 0 > ;; ?
Mk`uhk
Ebojt dkhuiknturbho < < > ? ?
Igg` prgnfssbho > > 0 ;1 ?
@kbry ; < < 6 ?
\bnf > > < : 9
Dfkt kh` pguetry > > > 2 ?
Nrgss \bvfr
Pgurbsd > > > 2 :
^geb` dbhfrkes 0 < < : :Gbe pked > 0 < 2 :
Ngngk > 0 < 2 :
Nkeklkr pgrt < < 0 : 2
Kquknueturf < < < 9 2
^gurnf3 Fdfrobho Dkrmft Fnghgdbns 0
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Fdpegydfht kh` Orgwtj bh Hbofrbk >6
Lgx ;.>
Bdprgvbho Korbnueturke Qrg`untbvbty bh Hbofrbk
Korbnueturf jks nghtrblutf` klgut 01 pfrnfht gi tjf rfnfht strgho hgh-gbe orgwtj
pfrigrdkhnf kh` fdpegys klgut 61 pfrnfht gi tjf eklgr igrnf. Bt kesg prgvb`fs
:: pfrnfht gi hgh-gbe igrfboh fxnjkhof fkrhbhos. Bt bs k mfy strktfobn sfntgr tg k``rfss
duetbpef njkeefhofs tjkt mffp tjf nguhtry irgd knjbfvbho lrgk`-lksf` fnghgdbn
orgwtj, bhnrfksbho jgusfjge` bhngdfs kh` fdpegydfht, kh` rf`unbho igg` kh`
hutrbtbgh bhsfnurbty kh` pgvfrty. ^ustkbhbho kh` iurtjfr knnfefrktbho orgwtj bh tjf
korbnueturf sfntgr bs, tjfrfigrf, bdpgrtkht igr Hbofrbks orgwtj kh` pgvfrty rf`untbghstrktfoy, wjbnj sfts kh khhuke orgwtj tkroft gi ;1 pfrnfht igr tjf sfntgr.
Pg knjbfvf tjbs orgwtj tkroft, pgebnydkmfrs wbee hff` tg k``rfss tjf igeegwbho
mfys bssufs3 (k) tjf pgebny fhvbrghdfht, (l) rurke bhirkstrunturf, (n) korbnueturke
ibhkhnf kh` fxpfh`bturf, (`) rf`unbho vuehfrklbebty kh` fhjkhnbho igg` sfnurbty,
(f) knnfss tg dkrmfts, kh` (i) tjf rurke bhvfstdfht nebdktf. K``rfssbho tjfsf
bssufs wbee rfqubrf b`fhtbiybho tjf nghstrkbhbho ikntgrs kh` tjf kpprgprbktf bhstbtu-
tbghs kh` kofhnbfs tg igstfr tjf hff`f` njkhofs. Bh pkrtbnuekr3
Pjf pgebny fhvbrghdfht wbee hff` tg lf dk`f dgrf nghsbstfht, pgssb-
ley tjrguoj hfw efobsektbgh. Pjfrf bs hff` tg rfigrduektf ifrtbebzfr pgebny
tg rf`unf rfht sffmbho kh` tg efkmkofs kh` tg bhnrfksf knnfss ly tjf
bhtfh`f` lfhfibnbkrbfs. Qrbnbho kh` dkrmftbho pgebnbfs hff` tg lf
fsbohf` tg prgvb`f tjf bhnfhtbvfs igr ikrdfrs tg fxpkh` bhvfstdfht bh
korbnueturf. Korbnueturke rfsfkrnj pgebny sjgue` lf fsbohf` tg fdpjksbzf
systfdbn bhhgvktbgh bh tjf igrduektbgh gi rfsfkrnj kh` tjf bdpefdfhtk-
tbgh kh` fhokofdfht gi egnke ogvfrhdfht nguhnbes ks prbdkry kntgrs bh k
peurkebstbn fxtfhsbgh `febvfry krrkhofdfht.
\urke bhirkstrunturf, sunj ks ikrd dknjbhfry, rgk`s, fefntrbnbty, wktfr,
stgrkof iknbebtbfs, trkhspgrt, ngdduhbnktbghs, kh` prgnfssbho iknbebtbfs, rf-
qubrfs bddf`bktf kttfhtbgh. Pjf If`frke Dbhbstry gi Korbnueturf kh` _ktfr
\fsgurnfs sjgue` lf fhngurkof` tg wgrm wbtj gtjfr rfefvkht krds gi ogv-
frhdfht tg bdprgvf rurke bhirkstrunturf igr ikrdfrs.
Korbnueturf fxpfh`bturf jks trk`btbghkeey lffh egw rfektbvf tg tjf gvfrkee
lu`oft. Gvfr tjf
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Irff trk`f zghf sfrvbnfs
Pjf Lkhm gi Bh`ustry, wjbnj prgvb`fs egkhs tg ^DFs.
Hbofrbks nurrfht bh`ustrbke pgebny bs ekrofey suppey `rbvfh kh` suiifrs
irgd tjf igeegwbho sjgrtngdbhos3
Eknm gi uptkmf ly tjf prbvktf sfntgr. Pjf gutrfknj tg ibrds irgd `biifr-
fht pgebnbfs kh` prgorkds bs, gvfrkee, qubtf ebdbtf`. Igr fxkdpef, ghey
20 ibrds jkvf knnfssf` tjf pbghffr prgorkd gvfr tjf pkst igur yfkrs,
kh` sgdf ;:; sguojt Lkhm gi Bh`ustry egkhs bh 9 Prfbnjfe
Lgx ;.> (nghtbhuf`)
gi tjf if`frke lu`oft tg tjf korbnueturf sfntgr, wjbnj bs k nefkr bh`bnktbgh gi
k sjbit gi prbgrbtbfs tgwkr` korbnueturf. Pjf ogvfrhdfht bs kesg tkmbho stfps tg
rfstrunturf tjf Hbofrbk Korbnueturke Nggpfrktbvf kh` \urke @fvfegpdfht
Lkhm (HKN\@L) tg jfep prgvb`f k`fquktf iuh`bho tg tjf sfntgr.
\f`unbho vuehfrklbebty kh` fhjkhnbho igg` sfnurbty bs kh bdpgrtkht
orgwtj `rbvfr bh Hbofrbk lfnkusf gi tjf jboj efvfe gi pgvfrty kdgho tjf
ikrdbho pgpuektbgh. Mfy njkeefhofs bhneu`f dkmbho wfktjfr igrfnksts
kvkbeklef kh` usfiue tg ikrdfrs= fxpkhsbgh gi iknbebtbfs igr skifty hft kh`
rfngvfry dfnjkhbsds (sunj ks strktfobn orkbhs rfsfrvf)= kh` bdprgvbho
wgdfhs pkrtbnbpktbgh bh tjf korbnueturf sfntgr tjrguoj lfttfr knnfss tg
ekh`, nrf`bt, prgnfssbho kh` dkrmftbho iknbebtbfs, ks wfee ks rfigrd gi tjf
ekh` tfhurf systfd.
Bdprgvbho tjf fiifntbvfhfss gi dkrmft knnfss ks k orgwtj `rbvfr
hff`s tg ignus gh tjf fstklebsjdfht gi fiifntbvf dkrmft bhstbtutbghs, kssg-
nbktbghs, kh` uhbghs= ngddg`bty fxnjkhofs= rfvfhuf ngeefntgrs= rfouek-
tgrs= dkrmft bhigrdktbgh systfds= kh` tjf fxpkhsbgh gi dkrmft spknf.
Bdprgvbho tjf rurke bhvfstdfht nebdktf bs kesg k mfy `rbvfr gi korbnue-
turke orgwtj. Mfy krfks wjfrf njkhofs krf hff`f` bhneu`f (k) rfdgvke gi
`bsbhnfhtbvfs bh rfektbgh tg jboj ngsts gi `gbho lusbhfss kh` tg duetbpef,
jboj tkxfs kh` efvbfs, (l) knnfss tg suiibnbfht nrf`bt gh k tbdfey lksbs, (n) fh-
jkhnfdfht gi sfnurbty gi ebvfs kh` prgpfrty, kh` (`) rbsm dbtboktbgh
tjrguoj tjf bhtrg`untbgh gi bhsurkhnf snjfdfs kh` fkrey wkrhbho dfnj-
khbsds tg kvfrt egssfs.
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Ngdpefx lurfkunrktbn prgnf`urfs kh` bhstbtutbghke nkpknbty nghstrkbhts
ebdbt tjf fiifntbvfhfss gi fxbstbho bhnfhtbvf krrkhofdfhts. Bh dkhy nksfs,
ibrds hff` tg sktbsiy kh fxtfhsbvf sft gi k`dbhbstrktbvf rfqubrfdfhts bh
gr`fr tg knnfss k prgorkd. K jbfrkrnjy gi `fnbsbgh dkmbho, bhneu`bho
bhtfr`fpkrtdfhtke ngddbttff rfvbfws, k``s ngdpefxbty, tbdf, kh`
uhnfrtkbhty tg tjf prgnfss.
Gvfrkee, tjf vkrbgus prgorkds jkvf jk` hg sbohbibnkht fnghgdbn gutngdf,
wjftjfr dfksurf` bh tfrds gi fdpegydfht, rfvfhuf, igrfboh fxnjkhof,
gr tfnjhgegoy trkhsifr.
K hfw kpprgknj tg bh`ustrbke pgebny hff`s tg lf lksf` gh tjf igeegw-bho lksbn prbhnbpefs (tklef ;.;9)3
Qfrigrdkhnf korffdfhts, dghbtgrbho, kh` knnguhtklbebty. Pjf bdpknt gi
bhnfhtbvfs gh ngdpkhbfs hff`s tg lf nghtbhugusey dghbtgrf` kokbhst
korff` pfrigrdkhnf lfhnjdkrms, kh` bhnfhtbvfs hff` tg lf wbtj`rkwh
gr dg`bibf` bi tjfy `g hgt sjgw tjf bhtfh`f` rfsuets.
Ogvfrhkhnf kh` nggr`bhktbgh. Pjf hudlfr gi kofhnbfs bh njkrof gi
bh`ustrbke pgebny hff`s tg lf strfkdebhf` kh` tjf fxbstbho prgorkdsjkrdghbzf`.
Bhtfrvfhtbghs ebhmf` tg ifksblbebty, rfefvkhnf, sustkbhklbebty, kh` syhfrobfs.
Pjf kssfssdfht gi pgebny gptbghs hff`s tg lf lksf` gh rfefvkhnf, ifksb-
lbebty, sustkbhklbebty gi ngsts, syhfrobfs, kh` bdpknt. Igr bhstkhnf, k vkeuf
njkbh wgue` lf suppgrtf` bi bt jks tjf pgtfhtbke igr jboj fdpegydfht
bdpknt (rfefvkhnf), bi orgwtj bh tjkt vkeuf njkbh bs ifksblef lksf` gh
pgebtbnke wbee kh` fxbstbho bhstbtutbghke nkpknbty (ifksblbebty), kh` bi tjf
ngsts gi tjf bhtfrvfhtbghs krf sustkbhklef (sustkbhklbebty).
Pjf hfw kpprgknj wgue` tkroft sfntgrs wbtj jboj orgwtj pgtfhtbke bh k
irkdfwgrm tjkt tkmfs bhtg knnguht wjkt bs dgst rfefvkht, ifksblef, kh` ngst
fiifntbvf kh` prgvb`fs tjf orfktfst hfkr- kh` df`bud-tfrd lfhfibts. Nrbtbnke
tg tjf fiifntbvfhfss gi tjfsf pgebnbfs bs hgt ghey tjf pgebtbnke ngddbtdfht
gi tjf ogvfrhdfht, lut kesg tjf `bkegouf wbtj tjf prbvktf sfntgr. Bh iknt,
bhtfrvfhtbghs bh spfnbibn sfntgrs hff` tg fdkhktf irgd bh-`fptj `bsnussbghs
wbtj tjf prbvktf sfntgr, ks gppgsf` tg lfbho `rbvfh ly tjf ogvfrhdfht.
Pklef ;.;? sjgws jgw bhtfrvfhtbghs ngue` lf `fsbohf` tg prgdgtf
orgwtj bh tjf rfspfntbvf vkeuf njkbhs. Pjfsf bhtfrvfhtbghs dky lf
fxneusbvfey pulebn- gr prbvktf-sfntgr `rbvfh, gr cgbhtey `rbvfh ly lgtj
sfntgrs. Kntbghs tjkt ikee bh tjf `gdkbh gi ogvfrhdfht bhneu`f njkhofs
bh pgebny, tjf strfhotjfhbho gi bhstbtutbghs, kh` tjf tkroftf` prgvbsbgh
Fdpegydfht kh` Orgwtj bh Hbofrbk >?
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Pklef ;.;9 Kssfssbho Qgebny \figrd Gptbghs
Nrbtfrbk Ykrbklef @fsnrbptbgh gi vkrbk
\fefvkhnf Qgebny prbgrbty @g tjf kntbghs ignus gh bdprgvfdfhts tjkt nkh jkvf k dfksurk
glcfntbvfs7
Ifksblbebty Qgebtbnke wbee kh`
bhstbtutbghke nkpknbty
^fqufhnbho
@gfs tjf pgebtbnke ngddbtdfht igr tjf pgebny fxbst7
Lfygh` tjf rfigrd njkdpbghs, bs tjfrf suiibnbfht bhstbtutbghke n
Krf tjfrf sfqufhnbho nghsb`frktbghs7 @g nfrtkbh dfksurfs lft
^ustkbhklbebty kh`
ngst
Lu`oft kh` gtjfr
rfsgurnf bdpebnktbghs
Krf tjfrf sbohbibnkht upirght gr rfnurrfht ngsts gr rfvfhuf okbh
Bs tjf rfigrd ibhkhnbkeey sustkbhklef7
Nkh okps bh bhstbtutbghke nkpknbtbfs fssfhtbke igr sunnfss lf k``
prgorkd7
^yhfrobfs
kh` bdpknt
@g tjf pekhhf` bhbtbktbvfs jkvf tjf pgtfhtbke tg nktkeyzf k lrgk`f
up7 Pjrff fefdfhts ly wjbnj tg kssfss tjbs pgtfhtbke krf
@fdghstrktbgh @gfs tjf bhbtbktbvf giifr qubnm wbhs kh` tkhoblef bdpknts tg egn
Ebhms @g tjf bhbtbktbvfs ebhm tg gtjfr stkmfjge`frs kh` jkvf tjf nkpkn
tg gtjfr krfks (nkh kh bhstbtutbgh nrfktf` igr ghf rfigrd kppey
gtjfr rfigrds)7 Krf tjfrf mhgnm-gh fiifnts, wjfrf k rfigrd bhbtbk
wbtj rfektf` rfigrd krfks7
Dfksurfdfht Nkh tjf pgebny bdpknt lf nrf bley dfksurf 7 @g glcfntbvf kh`
^gurnf3 Nghsbebud Bhtfrhktbghke :
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Pklef ;.;? Ykeuf Njkbhs\figrd kh` Bhstrudfht Bhtfrvfhtbghs Dktrbx
Bhtfrvfhtbghs
Ykeuf njkbhs
Ebojt
dkhuiknturbho Nghstruntbgh BNP Pgurbsd
^geb`
dbhfrkes
_jgefskef
kh` rftkbe
Igg`
prgnfssbho Efktjfr @kbry
Qulebn
Qgebny rfigrd/
rfouektbgh
Bhstbtutbghs Bhirkstrunturf Gtjfr pulebn ogg`sk Qulebn/prbvktf
Prkbhbho Qekhhbho/nggr`bhktbgh Lusbhfss `fvfegpdfht/
suppgrt sfrvbnfs
Bhigrdktbgh systfds Pfnjhgegoy trkhsifr Qrbvktf
^uppey njkbh egobstbns Dkrmft ogvfrhkhnf Knnfss tg ibhkhnf K``btbghkebtyl > > < 0 ; > 0 ; 0
^gurnf3 Fdfrobho Dkrmft Fnghgdbns
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gi bhirkstrunturf. Krfks igr cgbht bhtfrvfhtbghs ly lgtj tjf pulebn kh` prb-
vktf sfntgrs bhneu`f trkbhbho kh` tfnjhgegoy trkhsifr. Dfksurfs tg bdprgvf
suppey egobstbns kh` strfhotjfh knnfss tg ibhkhnf wgue` rfey dgstey gh tjf
prbvktf sfntgr.
_jkt sjkrf gi tjf eklgr dkrmft7K mfy tg tjf fiifntbvfhfss gi tjbs strkt-
foy wbee lf tjf klsgeutf fdpegydfht-ofhfrktbho pgtfhtbke wbtjbh tjf prg-
pgsf` vkeuf njkbhs. _jbef fknj vkeuf njkbh jks nghsb`frklef orgwtj kh`
fdpegydfht pgtfhtbke bh rfektbvf tfrds (tjkt bs, dfksurf` ks k pfrnfhtkof
gi tjf fxbstbho wgrm igrnf), tjf strktfoy wbee hgt knjbfvf bts glcfntbvfs bi
tjf klsgeutf fdpegydfht hudlfr (ks k pfrnfhtkof gi tgtke fdpegydfhtbh lgtj igrdke kh` bhigrdke sfntgrs) bs rfektbvfey sdkee.
Lksf` gh `ktk irgd tjf Ofhfrke Jgusfjge` ^urvfy kh` tjf
Dkhuiknturbho Kssgnbktbgh gi Hbofrbk, tgtke fdpegydfht bh tjf vkeuf njkbhs
`bsnussf` klgvf wks fstbdktf` kt ;0 dbeebgh pfgpef, gr klgut ;6 pfrnfht gi
tjf eklgr igrnf, gi wjbnj < dbeebgh wfrf bh wkof fdpegydfht kh` ;< dbe-
ebgh wfrf sfei-fdpegyf`. Bhneu`f` bh tjf ibourfs igr sfei-fdpegydfht krf
hfkrey 6 dbeebgh korbnueturke jgusfjge`s tjkt mffp ebvfstgnm kh` orgw
ngngk, gbe pked, kh` rbnf. Jfhnf, tjf fdpegydfht-ofhfrktbho pgtfhtbke gitjf tkroftf` vkeuf njkbhs bs nghsb`frklef.
Pkroftf` BhtfrvfhtbghsPjf ngddgh `fhgdbhktgr gi tjf prgpgsf` bhtfrvfhtbghs bs tjf hff` tg
bhnrfksf prg`untbvbty, ks tjbs bs tjf mfy tg rf`unbho ngsts kh` prbnfs sg tjkt
`fdkh` nkh rbsf. Qrg`untbvbty orgwtj bs kt tjf jfkrt gi khy sunnfssiue
strktfoy igr cgl nrfktbgh. Hbofrbks eknm gi ngdpftbtbvfhfss, wjbnj rfiefnts
bhk`fquktf bdprgvfdfhts bh prg`untbvbty, bs tjf rggt nkusf gi tjf pkttfrhgi cglefss orgwtj.
Ketjguoj spfnbibn tg fknj vkeuf njkbh, lbh`bho nghstrkbhts nkh lf
lrgk`ey nktfogrbzf` bh tjf igeegwbho ibvf krfks (khhfxfs ;K kh` ;L)3
Bhk`fquktf pjysbnke bhirkstrunturf, bh pkrtbnuekr, pgwfr kh` trkhspgrt
Eknm gi knnfss tg ibhkhnf
Qggr bhvfstdfht nebdktf, efk`bho tg sjgrtngdbhos bh qukebty nghtrge
kh` segw lurfkunrktbn prgnf`urfs ^jgrtkof gi smbeef` stkii kh`
Fiifnt gi bdpgrt lkhs kh` gtjfr rfstrbntbvf trk`f pgebnbfs gh tjf ngst gi
bhputs
01 Prfbnjfe
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Fdpegydfht kh` Orgwtj bh Hbofrbk 0;
Pjfsf lbh`bho nghstrkbhts kh` tjfbr bdpgrtkhnf igr orgwtj jkvf lffh
fxtfhsbvfey `bsnussf` bh gtjfr `gnudfhts (f.o., _gre` Lkhm
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Ofgorkpjbnke nghnfhtrktbgh jks gtjfr lfhfibts ks wfee. Ibrds dky lf
klef tg okbh irgd neustfrbho negsf tg fknj gtjfr tjrguoj kooegdfrktbgh
fnghgdbfs. Pjf ebtfrkturf b`fhtbibfs pgtfhtbke mhgwef`of fxtfrhkebtbfs
(rfektf` tg bhigrdktbgh klgut dkrmftbho kh` tfnjhgegoy), pfnuhbkry
fxtfrhkebtbfs (knnfss tg subtkley smbeef` tjbnm eklgr dkrmfts), suppey
njkbh ebhmkofs (igrwkr` tg nustgdfrs, lknmwkr` tg suppebfrs gi bhputs),
spfnbkebzktbgh (`bvbsbgh gi eklgr kdgho ibrds), kh` ngdpftbtbvf prfssurfs
tg bhhgvktf kh` jkrhfss pgtfhtbke nrgss-sfntgrke syhfrobfs. K iurtjfr lfh-
fibt dbojt lf tjkt ibrds grokhbzf tjfdsfevfs kh` nkrry gut nghsnbgus
cgbht kntbgh sunj ks egllybho.
K neustfr-lksf` kpprgknj dky lf dgst subtklef igr tjf igeegwbhobh`ustrbfs, bh vbfw gi tjf typf gi nghstrkbhts kiifntbho tjfbr orgwtj3 (k)
ebojt dkhuiknturbho, fspfnbkeey bh Ekogs, (l) igg` prgnfssbho, kh` (n) dfkt
kh` pguetry prg`untbgh.
Bh igg` prgnfssbho, igr fxkdpef, bt bs fssfhtbke tg `febvfr kh bhtforktf`
egobstbns prgorkd irgd ikrdoktf tg tjf prgnfssbho stkof, ngvfrbho ikrd
stgrkof, rkykof, wjgefskef dkrmfts, rurke rgk`s, kh` ebhf jkue trkhspgrt tg
tjf prgnfssgr usbho tfdpfrkturf nghtrge fqubpdfht. Obvfh tjkt bt wbee lf
bdpgssblef tg bdpefdfht sunj kh kpprgknj hktbghwb`f, k neustfr-lksf`kpprgknj wgue` keegw tjf tkroftbho gi pulebn bhvfstdfht bh tjgsf ofg-
orkpjbnke krfks tjkt jkvf hkturke k`vkhtkofs, sunj ks prgxbdbty tg dkrmfts
gr tg tjf krfks gi prg`untbgh.
Hgt kee fdpegydfht-bhtfhsbvf sfntgrs gi tjf fnghgdy efh` tjfdsfevfs
tg k neustfr-lksf` kpprgknj, jgwfvfr. Pjf rfvbfw gi tjf nghstruntbgh kh`
rfke fstktf vkeuf njkbh, igr fxkdpef, sjgws tjkt ghf lbh`bho nghstrkbht tg
orgwtj bh tjbs sfntgr bs tjf giiegk`bho gi ngstey pulebn knnfss bhirkstrun-
turf tg tjf `fvfegpfr. Pjf rfspghsblbebty igr bdprgvbho bhirkstrunturf ebfswbtj egnke ogvfrhdfhts, lut tjfbr nkpknbty bs ebdbtf` sg tjkt bh prkntbnf,
tjf `fvfegpfr tfh`s tg ngvfr tjbs tksm. Pg k``rfss tjbs nghstrkbht, bt dky
lf prfifrklef tg rfvbfw tjf keegnktbgh gi rfspghsblbebty kdgho `biifrfht
efvfes gi ogvfrhdfht wbtj k vbfw tg kssbohbho tjf tksm gi lube`bho rgk`s
bh nrbtbnke rfke fstktf `fvfegpdfhts tg stktf ogvfrhdfhts, pgssbley bh tjf
nghtfxt gi pulebn-prbvktf pkrthfrsjbps.
Knnfss tg ibhkhnf. Hbofrbk jks dk`f sbohbibnkht strb`fs bh tjf rfigrd gi bts
ibhkhnbke systfd, kh` nrf`bt tg tjf prbvktf sfntgr jks lffh fxpkh`bho rkp-b`ey. Jgwfvfr, knnfss tg ibhkhnf rfdkbhs k prglefd bh dkhy sfntgrs, sbhnf
dunj gi tjf orgwtj gi nrf`bt rfiefnts kh fxpkhsbgh gi sjgrt-tfrd trk`f
nrf`bt. Bdpgrtkht orgwtj sfntgrs gi tjf fnghgdy, bhneu`bho ^DFs, ngh-
tbhuf tg jkvf ebdbtf` knnfss tg ibhkhnf. Pjbs prglefd jks lffh orfktey
0< Prfbnjfe
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fxknfrlktf` ly tjf oeglke ibhkhnbke nrbsbs, wjbnj jks ef` tg k segw`gwh bh
nrf`bt tg tjf prbvktf sfntgr. Orgwtj bh tjf nghstruntbgh sfntgr, igr fxkd-
pef, bs nghstrkbhf` `uf tg tjf jboj ngst gi ngddfrnbke egkhs igr rfke fstktf
`fvfegpdfht kh` jgusbho dgrtokofs.
Bhtfrvfhtbghs sjgue` kbd kt `fvfegpbho kee sfntgrs gi tjf dkrmft, stkrt-
bho wbtj dbnrgibhkhnf kh` ogbho up tg ekrofr ngrpgrktbghs kh` bhtfrhk-
tbghke ngdpkhbfs. Kt tjf egwfr fh` gi tjf dkrmft, tjf Nfhtrke Lkhm gi
Hbofrbk jks kerfk`y fstklebsjf` k sfhsblef dbnrgibhkhnf pgebny tjkt jks
rfsuetf` bh tjf orgwtj gi igrdke, ngddfrnbke dbnrgibhkhnf lkhms. Iurtjfr
orgwtj bh tjf dkrmft kh` bhnrfksf` ofgorkpjbn ngvfrkof ngue` lf igs-
tfrf` ly fksbho tjf nkpbtke rfqubrfdfhts gi dbnrgibhkhnf lkhms tjkt gpfr-ktf bh dgrf tjkh ghf stktf. Hbofrbk bs kesg fxpfrbdfhtbho wbtj ketfrhktbvf
`bsputf rfsgeutbgh dfnjkhbsds kh` nrf`bt lurfku rfouektbghs kh` bs bhtrg-
`unbho k hfw efksbho ekw. Ghnf bdpefdfhtf` sunnfssiueey, tjfsf dfksurfs
wbee keegw tjf fxpkhsbgh gi nrf`bt tg sdkeefr lusbhfssfs.
Bh dkhy nguhtrbfs, lusbhfssfs krf gitfh stkrtf` ly jgdfgwhfrs tkm-
bho gut k dgrtokof gh tjfbr jgdfs gr lgrrgwbho kokbhst tjf vkeuf gi
tjfbr prgpfrty. Pjf dgrtokof bh`ustry bh Hbofrbk rfdkbhs kt k hksnfht
stkof, wbtj ifwfr tjkh 61,111 igrdke sfntgr dgrtokofs. Dgrtokofibhkhnf rfprfsfhts k juof kssft nekss kh` dkrmft pgtfhtbke tjkt rfdkbhs
uhefvfrkof`. Hbofrbk ngue` dkmf prgorfss bh tjbs krfk ly `fvfegpbho k
pulebn-prbvktf pkrthfrsjbp irkdfwgrm igr fiifntbvfey supfrvbsbho jgus-
bho ibhkhnf kh` k dgrtokof ebqub`bty iknbebty tjkt, wbtj sguh` uh`fr-
wrbtbho kh` strgho rfouektbgh, wgue` orgup tgoftjfr dgrtokofs irgd
vkrbgus efh`frs kh` sfnurbtbzf tjfd, keegwbho tjf efh`frs tg fiifntbvfey
knnfss tjf nkpbtke dkrmfts. \figrd gi tjf efoke irkdfwgrm igr rfhtke
dkrmfts kh` `fvfegpdfht gi k nggr`bhktf` if`frke-stktf jgusbho pgebnyngue` kesg kssbst bh iknbebtktbho lfttfr knnfss tg ibhkhnf igr tjf nghstrun-
tbgh sfntgr. Pjfsf bhtfrvfhtbghs ngue` kesg jfep bh tjf `fsboh gi sbdbekr
rfigrds kbdf` kt bdprgvbho knnfss tg ibhkhnf bh gtjfr sfntgrs wjfrf
ibhkhnf bs k nghstrkbht.
Kt tjf tgp fh` gi tjf dkrmft, Hbofrbkh ngrpgrktbghs krf ebdbtf` bh tjfbr
ibhkhnbho gptbghs igr lkhm lgrrgwbho. Pjf ngrpgrktf lgh` dkrmft jks
lffh bhkntbvf igr sfvfrke yfkrs. Jgwfvfr, tjf prbdkry dkrmft bh ogvfrh-
dfht lgh`s jks orgwh rkpb`ey bh rfnfht yfkrs. Pjbs, bh turh, prgvb`fs k
ybfe` nurvf kokbhst wjbnj tg prbnf ngrpgrktf `flt. Pjf ogvfrhdfht bs kesgnghsb`frbho bhstkeebho k lgh` kuntbgh trk`bho systfd tjkt wgue` bhneu`f
sgvfrfboh kh` hgh-sgvfrfboh `flt. Pjfsf dfksurfs, kegho wbtj ngrpgrktf
nrf`bt rktbhos, wbee kssbst ngdpkhbfs bh knnfssbho egnke kh`, bh sgdf nksfs,
bhtfrhktbghke nkpbtke dkrmfts.
Fdpegydfht kh` Orgwtj bh Hbofrbk 0>
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00 Prfbnjfe
Bhvfstdfht nebdktf. Pjfrf krf twg mfy glstknefs tg k lfttfr bhvfstdfht
nebdktf3
Ibrst, mfy kpprgvkes hff`f` igr tjf `fvfegpdfht gi hfw lusbhfssfs,
sunj ks ekh` rfobstrktbgh, pekhhbho, kh` lube`bho pfrdbts, krf sulcfnt tg
fxnfssbvfey ngdpefx lurfkunrktbn prgnf`urfs tjkt rkbsf ngsts kh`
`feky hfw stkrt-ups. Igr fxkdpef, trkhskntbgh ngsts igr ekh` knqubsb-
tbgh, bhneu`bho rfke fstktf kpprkbske iffs, ekh` rfobstry sfkrnj iffs, kh`
ogvfrhgrs nghsfht iffs, dkmf up klgut
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Fdpegydfht kh` Orgwtj bh Hbofrbk 06
Pkroftf` bhtfrvfhtbghs tg bdprgvf tjf tfnjhbnke kh` vgnktbghke f`u-
nktbgh systfd bh fdpegydfht-bhtfhsbvf vkeuf njkbhs wbee lf nrunbke tg
k``rfss tjf orgwbho smbees okp. K prgdbsbho kvfhuf bh tjbs rfspfnt bs tjf
bhbtbktbvf ly tjf If`frke Dbhbstry gi F`unktbgh tg nrfktf Ygnktbghke
F`unktbgh Bhstbtutbghs (YFBs) kh` Bhhgvktbgh Fhtfrprbsf Bhstbtutbghs
(BFBs), `bsnussf` bh dgrf `ftkbe lfegw. Pjf dkcgr kbd gi tjbs bhbtbktbvf
bs tg wb`fh knnfss igr sfngh`kry snjgge efkvfrs, lgtj wbtj kh` wbtjgut
`forffs. Bh k``btbgh tg snjgge efkvfrs, pgtfhtbke tkroft orgups bhneu`f
uhbvfrsbty ork`uktfs sffmbho fdpegyklef smbees kh` k`uets wjg hff` tg
rf-smbee tjfdsfevfs.
Khgtjfr gptbgh wgue` lf igr tjf Bh`ustrbke Prkbhbho Iuh` tg gpfh kwbh`gw igr tkroftf` bhvfstdfhts ly fhtfrprbsfs, jfepbho tjfd tg rfdgvf
nrbtbnke smbee nghstrkbhts bh mfy vkeuf njkbhs.
Pjf eknm gi dkhkofrbke nkpklbebtbfs bs kesg kh bdpgrtkht smbees okp. Pjf
rfnfht Bhvfstdfht Nebdktf Kssfssdfht (_gre` Lkhm
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09 Prfbnjfe
mfy krfks b`fhtbibf` ks bh hff` gi rfigrdpjysbnke bhirkstrunturf, knnfss
tg ibhkhnf, bhvfstdfht nebdktf, tjf smbees okp, kh` trk`f pgebny.
^ustkbhklef orgwtj bh Hbofrbk wbee hff` tg og lfygh` tkroftf` bhtfr-
vfhtbghs, jgwfvfr, kh` kbd kt ngdprfjfhsbvfey rfigrdbho tjfsf ibvf krfks
bh tjf nghtfxt gi tjf wgrm gh vkeuf njkbhs. ^trktfobfs fxbst igr tjf `fvfe-
gpdfht gi dg`frh pjysbnke bhirkstrunturf (fspfnbkeey bh pgwfr, wktfr,
trkhspgrtktbgh, kh` rurke rgk`s), bhneu`bho tjrguoj tjf prgdgtbgh gi
pulebn-prbvktf pkrthfrsjbps. ^bdbekrey, tjf Ibhkhnbke ^ystfd ^trktfoy
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Fdpegydfht kh` Orgwtj bh Hbofrbk 0?
Lgx ;.6 (nghtbhuf`)
Ngdpebkhnf wbtj lube`bho rfouektbghs bs fksbfr kh` njfkpfr bh tjf hgrtjfrh
stktfs, wjbef tjf ngst gi gltkbhbho lube`bho pfrdbts vkrbfs wb`fey knrgss
Hbofrbk. K pfrdbt tg nghstrunt tjf skdf wkrfjgusf wgue` ngst cust
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0: Prfbnjfe
trkbhbho sbdbekr tg tjkt gi pgeytfnjhbns. Kesg, tjf Bh`ustrbke Prkbhbho Iuh`
iknbebtktfs tjf kttknjdfht gi yguho ork`uktfs tg fhtfrprbsfs igr sjgrt pfrb-
g`s tg gltkbh prkntbnke fxpfrbfhnf.
Bdpgrtkhtey, wjbef tjf Hktbghke Rgutj ^frvbnf (HR^)bh wjbnj ork`-
uktfs gi sfngh`kry kh` pgst-sfngh`kry trkbhbho bhstbtutbghs nkrry gut k spf-
nbibn prkntbnke kssbohdfht igr ghf yfkrbs `fsbohf` tg igstfr hktbghke uhbty
ly kssbohbho bh`bvb`ukes tg rfobghs gi tjf nguhtry `biifrfht irgd tjfbr
jgdf stktf, bt jks sbohbibnkht pgtfhtbke tg lf usf` ks k tgge igr vgnktbghke
trkbhbho. Pjbs bs pkrtbnuekrey truf obvfh tjkt igr dkhy yguho Hbofrbkhs, tjf
HR^ rfprfsfhts tjf ibrst fxpgsurf tg prkntbnke wgrm, kh` tjkt bt bs wfee
grokhbzf` kh` wb`fey rfprfsfhtf` tjrguojgut tjf nguhtry._jbef tfnjhbnke ngeefofs fdpjksbzf prkntbnke smbees, trkbhbho kt pgey-
tfnjhbns jks k sulstkhtbkeey strghofr knk`fdbn tjrust. Pjf strgho prfifr-
fhnf igr knk`fdbn f`unktbgh kh` tjf egw fstffd bh wjbnj Hbofrbkh
ygutj jge` leuf ngeekr gnnupktbghs jks ef` tg vfry egw fhrgeedfht kt
tfnjhbnke ngeefofs. Bh iknt, fhrgeedfht bh tfnjhbnke ngeefofs kh` snbfhnf
tfnjhbnke ngeefofs knnguhts igr efss tjkh
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Fdpegydfht kh` Orgwtj bh Hbofrbk 02
gi ogvfrhdfht bhstbtutbghs. Pwg fxkdpefs krf tjf Hbofrbkh Bhstbtutf gi
_fe`bho kh` tjf ^jfee Rgutj @fvfegpdfht ^njfdf.; YFBs kh` BFBs sffm tg k``rfss tjf sjgrtngdbhos
gi fxbstbho vgnktbghke trkbhbho prgorkds, ks tjfy krf `rbvfh kh` gwhf` ly
tjf prbvktf sfntgr, wbtj tjf ogvfrhdfht ebdbtf` tg fhsurbho ngdpebkhnf
wbtj stkh`kr`s tjkt jkvf lffh fstklebsjf` ly tjf prbvktf sfntgr. _jbef tjf
fxpfrbfhnf wbtj YFBs, wjbnj jkvf k sgdfwjkt egwfr stkh`kr` tjkh BFBs, bsdbxf`, `fdkh` igr BFBs jks fxnff`f` fxpfntktbghs.
Kh fiifntbvf wky tg strfhotjfh ebhms lftwffh fdpegyfrs kh` trkbhbho
prgorkds wgue` lf tjrguoj trbpkrtbtf ogvfrhkhnf irkdfwgrms bhvgevbho
trkbhbho bhstbtutbghs, pulebn sfntgr kofhnbfs, kh` tjf prbvktf sfntgr. Pjfsf
kofhnbfs ngue` rfvbfw kh` nggr`bhktf pulebn fxpfh`bturf gh trkbhbho kh`
jfep tg dghbtgr qukebty nghtrge dfnjkhbsds.
@fvfegpbho k Hktbghke Ygnktbghke [ukebibnktbghs Irkdfwgrm.@fvfegpdfht gi sunj trbpkrtbtf irkdfwgrms ngue` lfhfibt irgd k dgrf
ngdprfjfhsbvf Hktbghke Ygnktbghke [ukebibnktbghs Irkdfwgrm (HY[I).
Pjf fxbstfhnf gi kh HY[I wgue` iknbebtktf tjf `fvfegpdfht kh` nfrtbib-
nktbgh gi hfw sjgrt-tfrd prgorkds tjkt k``rfss fdfrobho kh` sjgrt-tfrd
hff`s, sunj ks smbees upork`bho igr tjf bhigrdke sfntgr. Kh HY[I wgue`,
bi kpprgprbktfey dkhkof`, gpfh tjf hktbghke nfrtbibnktbgh prgnf`urfs tg
prbvktf kh` ngdduhbty-lksf` trkbhbho bhstbtutbghs. Jfhnf, fstklebsjdfht
gi kh HY[I wgue` prgvb`f gppgrtuhbtbfs igr tjf ekrof orgup gi yguho
pfgpef wjg jkvf knqubrf` tjfbr smbees bh tjf bhigrdke sfntgr tg gltkbhrfngohbtbgh igr tjfbr ngdpftfhnbfs. Kh HY[I ngue` kesg lf kh kvfhuf igr
bhtforktbho tjf Hktbghke Rgutj ^frvbnf bhtg tjf hktbghke strktfoy igr smbees
`fvfegpdfht, bhneu`bho dktnjbho HR^ pgstbhos tg kppebnkhts wbtj kpprg-
prbktf smbees prgibefs.
61 Prfbnjfe
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Fdpegydfht kh` Orgwtj bh Hbofrbk 6;
Qekhhbho igr eklgr `fdkh`. Bh gr`fr igr ogvfrhdfht pgebnbfs gh smbees
`fvfegpdfht kh` fdpegydfht tg lfngdf dgrf strktfobn, tjfrf bs tjf hff`
igr k dfnjkhbsd tg dghbtgr tjf eklgr dkrmft kh` sjgw wjfrf fdpegy-
dfht klsgrptbgh bs jbojfst, bhneu`bho wjkt smbees krf rfqubrf`. Pjf systfd
sjgue` lf klef tg prg`unf bhigrdktbgh gh lrgk` fdpegydfht trfh`s kh`
smbees hff`s kh` spfnbibn smbees bh `fdkh` bh `biifrfht stktfs.
Qrgvb`bho ibhkhnbke bhnfhtbvfs igr vgnktbghke trkbhbho. Nurrfhtey, tjf sys-
tfd giifrs ifw ibhkhnbke bhnfhtbvfs igr snjgges tg prg`unf ork`uktfs wjg
ibh` fdpegydfht bh tjf prbvktf sfntgr. Qrgvb`bho ibhkhnbke rfwkr`s tg sunj
bhstbtutbghs rfqubrfs fiifntbvf dghbtgrbho kh` fvkeuktbgh gi tjfbr fxbstbhoprgorkds.
\figrdbho Prk`f3 Bdpgrt Lkhs kh` kh FnghgdbnQkrthfrsjbp Korffdfht
Iurtjfr eblfrkebzktbgh gi tjf trk`f rfobdf bs kh bhtforke ngdpghfht gi khy
strktfoy kbdf` kt prgdgtbho orgwtj. Hbofrbks trk`f rfobdf, wjbef sgdf-
wjkt eblfrkebzf` bh rfnfht yfkrs wbtj tjf k`gptbgh gi tjf FNG_K^(Fnghgdbn Ngdduhbty gi _fst Kirbnkh tktfs) Ngddgh Fxtfrhke Pkrbii,
rfdkbhs jbojey rfstrbntbvf kh` prfvfhts k rfstrunturbho gi tjf fnghgdy
tgwkr` tjgsf sfntgrs bh wjbnj Hbofrbk bs ngdpftbtbvf. Bh iknt, rfigrdbho
trk`f bs ghf gi tjf mfy fe