finansal kapital_gazi

8/14/2019 Finansal Kapital_Gazi

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CJWN \J QN_N NFNB[FGJ LFNFT INQWNB

(>=51 T`frnt ]nnfnf Ji`f`cmibmimbjr mf Wj`rmi Omr jrj|j-+ /++

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dmbw 8" Tn} ?5& >==8&

Lznw Jrdnf+++

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qnrntnb gjmijfbjr" ozfnbcn inr ejbmwmrmbjf owftjb }jfm cjinfm{cnbnrgn ì gnhn

fjcbm omr gm{m }jfm mbj| }ibjfcmwmr& Irm{ |j }jfmgjf }nqbnfcn trjdm" n}f {ncnfgn

ji`f`cmi mbmimbjrgj trjejbjf e mbmimbjrmfmf gj lnribbnnrni gjmcjtmfj }`b ncwr&

Qnrn in|rnc |j g`bn}t}bn qnrn#tjrcn}jtmfmf ojbmrbj}mdm `bgzz omr gfjcgj" e

mbmimbjrmfmf wnfcbnfcntfgn qnrn#tjrcn}jtm {jb omr fjc in{nfcwr& E mbmimbjrmfmf

nfnbm{m mmf fjcbm omr in|rncbnwrcn `bnf lmfnft#inqmwnb in|rnc" oz fjcmfj inrbiningjcmi gf}ngn ejfjbbmibj qji ln{bn gmiinwj nbfcnc }n gn lmfnft inqmwnb in|rnc"

lmfnftnb izrzbzbnr mlngj jwcji mmf izbbnfbcwr&> Gmjr }nfgnf cnritmtw }n{f mtj" in|rnc

gnhn ì onfin mbj jfgtwrm}jb tjrcn}j nrntfgnim owfbjcjbjr g`bn}cfgn Hmbljrgmfemf

}n gn Bjfmfmf izbbnfg nfbncgn izbbnfcn}n gj|nc jwcmwmr& Lmfnft#inqmwnb in|rncff

ningjcmi |j cnritmtw }n{fgn qji ln{bn gmiinwj nbfcncntff omr ì fjgjfm `bcnibn

omrbmiwj" hjr mim jbj nb ntfgnf `rwni `bnf jmbmc" ji`f`cmi mbmimbjrmf nfnbm{mfgj

ncqmrm{cmf ojbmrbj}mdm `bcntgr& @}tn lmfnft#inqmwnb in|rncff nfbnbr `bcnt mmf"inqmwnbmtw ji`f`cmi mbmimbjrgj ojbmrbj}mdm `bnf qnrn mbj cjwn nrnt mbmimbjrmf" gjjr in|rnc

g`bn}cfgn }jfmgjf wnfcbnfcnt" }nfm t`}zwbncn g`bn}cfgn tmtwjcj mimf `bnf

cjinfm{cnbnrf" mtjb mbmimbjrmfmf nn inrbcnt ejrjim}`r& O}bj omr non" t`fzwn cjwn

+Oz cninbj" @GWZbztbnrnrntiwmtnwI`ferjtmfj (J}bb >==5- tzfzbczwzr&++nbcn} {ncnf n}rnrni gmb |j mjrmj mbmimf fjrmbjrgj ozbzfnf tj|embm Fzrdnf {inqbnfn wjjiir jgjrmc& Hmiziztz{" }n{gnim jitmi |j hnwnbnr onfn nmwwmr&+++]nrg& G`& Gr& Cnrcnrn fm|jrtmwjtm" iwmtnw Obc&

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2/32

mbj qnrn nrntfgnim mbmimbjrmf `i gnhn t`czw ommcm `bnf tjrcn}j omrmimcmfmf t`t}nb#w`qbnc

trjdm mmfgj jbj nbfcntfn `bnfni |jrjdjiwmr&

?&Inqmwnbmtw ji`f`cmgj (w`qbzctnb mbmimbjrgj- qnrntnb gjmijfbjr" `bgzin ojbmrbj}mdm

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nbnffn ornibcwr& Qnrn `beztzfzf ejfjb ejjr miwmtngf jejcjfbmi nbnffgnim i`fzcz mtj

g`rztzfz t}bjcji ejrjimrtj hjq t`rzfbz `bczwzr& J& Nbw|nwjrmf hnib `bnrni |zrezbng

emom" wj`rmi ngnf qnrn mbj zrnnfbnr" ejfjbbmibj }n qnrnff wnrmhm }n gn mbj|bjrm {jrmfgj

}`zfbnc" qnrnff ijfgmtmfm omr nrnwrcn fjtfjtmfj gfwrcjcmbjrgmr (Nbw|nwjr" >==4"

8=-& Qnrn in|rncff nfbnbcncntff hjc fjgjfm hjc gj t`fzdz `bcntfgn" qnrnff

ji`f`cmi mbmimbjrj gtnb `bgzz }ffgjim |zrez ojbmrbj}mdm jwijf `bczwzr& O}bj omr|zrezfzf {fgj" jejcjf miwmtngf wjcjb nbg `fw`b`kmi |j jqmtwjc`b`kmi ejrjibmmf

ojbmrbj}mdmbmm `bgzzfz t}bjcjcm{ ejrjim}`r& Ejfjb ejjr miwmtngf qnrn}n mbmimf

nfnbm{bjrmfgj ejjrbm `bnf `fw`b`kmi |j jqmtwjc`b`kmi wjcjbbjrm nfnbm{ jwcji oz nbcnff

tfrbnrf ncnibn omrbmiwj"4 zfzf ojbmrwmbcjtm ejrjimr im" miwmtnw gmtmqbmfmf qnrnff rjjb

ji`f`cmi mbj}mj gtnb `bgzz }ffgjim nibncntfn }`b nnf jqmtwjc`b`kmi |zrez" n}f

{ncnfgn" inqmwnbmtw w`qbzctnb mbmimbjrmf ejfjbgj owftjb (h`bmtwmi- nfnbm{mfj `bnfni

|jrcj{ijf" {jb `bnrni gn qnrn mbj cjwn nrnt

fgnim mbmimbjrmf nfbn

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ji`f`cmi mbmimbjrmf wn}dbnr" j}bj}jfbjrmf (nejfd}- qnrn |j cjwn mbj `bnf mbmimbjrmfmf

nfnbm{mfmf }nqbcntfn `bnfni |jrcjcmwmr& Omrn{ gnhn nndni `bzrtni" >=81bm }bbnrgnf

mwmonrjf nrwnf `rnfgn ojbmrbj}mdm `bnf lmfnftnb hnrjijwbmbmm ejfmbjcj}m nfnbm{ jgjf jbj

nbbnrgn ojbmrbj}mdm `bnf jmbmc" lmfnftnb gmfncmibjrmf rjjb gmfncmibjrgjf t`}zwbnfnrni jbj

nbfcntgr& Lmfnftnb ejfmbjcjfmf wn}dbnr" }nfm om{mc nngn mnrjw jgjdjmcm{ nfnbm{

mmfgj qnrn inqmwnbmtwbjrm mbj cjwn rjwmcmfm ejrjibjwmrjf rjwijf inqmwnbmtwbjr nrntfgnim

mbmimbjr" tmtwjcmf mtjb mbmimbjrm g`bn}cfgn jbj nbfcng bgj" omromrbjrmfgjf i`qzi"

omromrbjrmfj inr `bnf mim ejrjibmi `bnrni nfnbm{ jgmbcmwmr& `i gnhn fjcbmtm" oz wr omr

nbebncn wnr{fn gn }`b nnf omr gmjr cjw`g`b`kmi }fjbmc" ji`f`cmi mbmimbjrj mbmimf

t`fzbnr ncqmrmi omr |jrm wnonf `bnrni jbj nbnrni" oz t`fzbnr }mfj omr gmjr ji`f`cmi

mbmimbjrmf t`fzdz `bnf |jrmbjrbj nibncn jmbmcm jejcjf omr nfnbm{ ommcm `bczwzr& Oz

}fgjim nfnbm{bjrmf" t`f }bbnrgn }nnfnf trjdm nfbncnc{ fbj}jf fjcbm cjw`g`b`kmi

ncn{bnr bgzzfzf ojbmrwmbcjtm ejrjim}`r&7

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4&Oz nbcngn" ningjcmi gf}nff qji ln{bn qrmc |jrcjgmm" gnhnt tjttm{ inbg

Cnrxf inqmwnbmtw mbmimbjrmqnrn#cjwnnrnt mbmimbjr gjjrmbmimbjrm g`rzbwztzfgnim nfnbm{mfm

wjcjb nbnrni" >=51bm }bbnrgnf mwmonrjf onbn}nf gfc trjdmfm nfbncnc{

i`bn}bnw

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jcji#gjjr wj`rmtmfgjf hnrjijwbj nfnbm{ jgmbcj}j nbbcntgr& nbcnff mbi obcfgj"

oz nfbncgn qnrn mbj cjwn nrnt mbmimbjr mrgjbjfjdji& bi obc m{bj}jf obcgj" qnrn mbj

cjwnf gnhn owftjb omr trj `bnrni tjrcn}j omrmimc trjdmfgj nbg ommcbjr" |j

lnribbnnf mbj|bjr {jrmfgj gzrzbndni& fd obcgj mtj" tjrcn}j omrmimc trjdmfmf

zbnw nncn}n onb `bnrni" lmfnft#inqmwnbmf gjjrmf lnrib ommcbjrm {jrmfgj i`fwr`b izrcn

nfbnc

fgn " omr e ob`z `bnrni lmfnft#inqmwnb in|rnc

{jrmfgj gzrndn

{& T`f obcgj mtjwnfcbngc{ in|rnctnb jrj|j ntfgnf >=51bjrm nfnbm{ jwcj}j nbndn{&

MM& Gjjrmf Nn i Ommcm @bnrni Qnrn |j Cjwnff Owftjb Nfnbm{m

7&Lmfnft inqmwnb in|rncff nfbnbcnt mmf" cjwn |j qnrnff gjjr mbj `bnf mbmimtmfmf

wnfcbnfcnt ejrjim}`r& Lmfnft inqmwnb in|rnc" t`czw g{bjcgj omr e ob`z |j gjfjwbjcj

mbmimtmfj rjljrnft `bnrni izbbnfb}`rtn" oz e |j gjfjwbjcjfmf in}fnfgn tjrcn}jfmf

w`qbnc t`t}nb gfetfgj gjjrmf nn iw ommcbjr `bnrni cjwn |j qnrn {jrmfgj

jejcjfbmi" |j oz jejcjfbmmf |nrb mmf tjrcn}j omrmimcmfmf owftjb `bnrni zbncnt

ejrjijf omr nncngnf onhtjwcjcm{ ejrjimr& O}bjdj lmfnft inqmwnb in|rnc" tngjdj t`czw

trj `bnrni onfin |j jfgtwrm tjrcn}jtmfmf owfbjcj jmbmcmfm mnrjw jwcjibj inbcn}ndni"

omr owf `bnrni tjrcn}jfmf w`qbnc gfetfgj" gjjrmf nn iw ommcbjr `bnf cjwn |j

qnrn {jrmfgj omrj}tjb tjrcn}j |j}n tjrcn}jbjr nrnt mwwmlnif ojbmrbj}mdm `bgzz gzrzcz

etwjrjf omr in|rnc `bnrni izbbnfbndniwr&

Ejfjb ejjr miwmtnw }n{ffgn" qnrnff wjcjb mbj|m" ji`f`cmi mbmimbjrj nrndbi jwcjtmgmr&

Oz nfbncgn gn ji`f`cm}j gtnb omr gjmijf `bnrni nfnbm{j gnhmb jgmbmr& Qnrn in|rncf

nfnbm{ jgjrijf" ejfjb ejjr miwmtnw ejfjbbmibj n}f cjwnl`rz izbbnfcwr& Jejcjf ji`f`cm

gf ejbjfjmfgj" ji`f`cmi mbmimbjrm mbj}jf omr cnimfj" qnrn mtj oz cnimfjfmf gnhn m}m

mbjcjtmfm tnbn}nf |j gnrgnf i`fzbnf }n `bnrni etwjrmbcmwmr& G&Hzcj |j K&T&Cmbbgjf

t`frn I&Umditjbb gj `bgzin fjcbm `bnf nbcntfgn" n}f rfjm jbj nbnrni qnrnff

ji`f`cmgj }jrmfj ejwmrgmm l`fitm}`f mbj }nf cnimfjgj }jrmfj ejwmrgmm l`fitm}`fzf ojf{jr

`bgzzfz |zrezbnc |j gj|ncbn oz ojf{jwcjfmf `bgzin z}ezf `bgzzfz ojbmrwcmwmr&

I&Umditjbb nbcntfgn ojf{jwcjfmf fjgjfmfm gmbj ejwmrmr9 }n cnimfjfmf omr qnrnt

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gjmbgmr" ` fj cnimfj}m hnrjijwj ejmrjf e" fj gj trjdm t fn jrgmrjdji omr nrnwr"

wncncjf ejbmwmrmbcm omr cnimfj mmf cmfzczc g{j}gj }nn mhwm}n gz}zbndniwr

(Umditjbb" >==8>; =


5/32

t`t}nb mbmimbjr ntfgnf nfbnc" t`t}nb mbmimbjrmf wjqjgjf wrfnn gjmcjtmgmr& O}bjdj

czn{{nc cmiwnrgn cjwn rjwcj i`zbbnr |j }fwjcm" inqmwnbm{cm wnrmhtjb `bnrni gmjr

w`qbzcbnrgnf lnrib ibnf omr gm{m mbmimfmf izrzbcntfn fjgjf `bczwzr& Oz gfc

trjdmfgj" rjwmc |j wijwmcbj omrbmiwj" qnrn `beztz gn gfcwr& Ejfjb ejjr miwmtnw"t`t}nb ombmcbjrgjim m obcff |jrgmm rnhnwbibn" t`t}nb mbmimbjr nbnffn qji ln{bn mbem

etwjrcjgmm mmf" w`qbzctnb mbmimbjrgj e{bjcbjfjf gfcbj omrbmiwj" qnrn `beztzfgnim

gfc nfnbm{bjrj gnhmb jwcjcmwmr&

Ozrngn |zrezbnfcnt ejrjijf omr gmjr `bez mtj" gfcf t`t}nb mbmimbjr ntfgnf

nfnbm{mfj" ejfjbbmibj Cnritmtw miwmtnwbnrf gn `i ln{bn jmbcjgmibjrmgmr& Inqmwnbm{cm

wnfcbn}nf t`t}nb mbmimbjrgjim gfcf" mftnff mhwm}nbnr |j}n wijwmcmfm inrbncni mmf

fjrjgj}tj wc wnr

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fgn ejjrbm `bnf" izbbnf

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bgj gjmcmwmr& Inqmwnbmtw w`qbzcgn" cjwnbnrf rjwmbcjtm mmf ojbmrbj}mdm `bnf rjwjfmf

ijfgm mhwm}nd mmf gjmb" oninbnrff mhwm}ndf inrbncni mmf rjwmbmr& Inqmwnbm{cmf

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omromrmfgjf n}rc |j nrwi rjwmc ejfjbbmibj oninbnrff mhwm}ndf inrbncni mmf }nqbnf

omr jwimfbmj gfcwr&

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rjwmcmf gjmmc ncnb `bgzzfz etwjrcjtm gjmb" wnc wjrtmfj tmtwjcmf owftjb mbj}mm

ntfgnf m ed mbj jcjmf omromrmfgjf lnrib `bgzzfz }nfm inqmwnbmtw w`qbzcgn t`}zw

jcjmf ojbmrbj}mdm `bgzzfz etwjrcjtmgmr& Omrn{ gnhn nndni `bzrtni" I&Cnrx" gjjrm nfnbm{

jgjrijf" inqmwnbmtw w`qbzcgn rjwmc mbj wijwmcmf h{bn omromrmfgjf n}rcnt t`fzdz"

cjwnbnrf izbbnfc gjjrmfmf }nfm mhwm}nbnr emgjrmdm g`nb o`}zwzfzf }nf trn" cjwnf

t`t}nb mbmimbjrgj n

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inf gjjrm #g`bn

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r&Inqmwnbmtw w`qbzcgn m ed" gjjrm cjwn g`bn}cfgn }nrnwcnibn omrbmiwj" m edff ijfgmtm

gjjr gjmbgmr& Inqmwnbmtw w`qbzcgn }nrnwbnf gjjrmf |nrb" nfdni izbbnfc#gjjrm mbj

gjmmc gjjrmfmf omrbmmfgj nn inr&

Oz nncngn omr onin |zrezfzf gnhn }nqbcnt ejrjim}`r" inqmwnbmtw w`qbzcgn jcji#ed

|j rjwmc nrnbnr omrjr cjwn ommcmfj gfc" n}f {ncnfgn rjwmc nrnbnrff cbim}jwm"

jcji edff mtj rjwmc trjdm mmfgj rjwmcm `renfm{j jgjf mmf imrnbnfcnt ejrjm mbj

inr

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mbj omrbmiwj" rjwmc mbj wijwmcmf

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omromrmfgjf n}rcnt (gmttndmnwm`f-" inqmwnbmtw w`qbzcgn jcjmf i`fzczfz" gjjrm }nrnwnf

i`fzczfz fj inrrijf" rjwmc lnnbm}jwmfm gj omromrmfgjf n}r {jb rjwmcbjr hnbmfgj

`renfm{j `bcntfn }`b ncwr& rjwmcmf" lnrib |j {jb omrmcbjrj gfcjtm mbj omrbmiwj"

rjwmc trjdmfgj ojbmrbm omr jcjmf" t`czw jcjmf t`t}nbbjcjtm }nfm gjjr ommcmfmwncncbncntmmf g`bncn emrcjtm ejrjimr& rjwmc trjdmfgj hnrdnfnf omrj}tjb" t`czw jcji#

ebjrmfmf" cjwnbnrgn q`wnftm}jb `bnrni }ib `bnf gjjrbjrmf t`}zw jcjj gfcjtm }nfm

Cnrxf gj}mcm mbj gjmmi o}ibiwjim gjmmc#gjjrbjrm `bnrni cjwnbnr" gjmmc#

gjjrmfmf {f wjimb jgjf ontmw" wji ommcbm" ejfjb t`}zw jcjmf n{ }n gn `i cmiwnrbnrf

wjctmb jgjf q`wnftm}jbmf nn icnt ejrjimr (Cnrx" >=5=o; 78-& Inqmwnbmtw w`qbzcgn"

rjwmc trjdmfgj omr cjwnn gfjf omrj}tjb#t`czw jcjmf t`t}nbbjjombcjtm" }nfm gjjrmf

fmhnm ommcmfj zbncnt

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f" }nfm qnrnf

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ejrjiwmrmr& I&Cnrx ozlnribb nin gmbj ejwmrcmwmr (C-jwnf omr }nfgnf ijfgm g`nb |nrb mmfgj congjbj

gjjrmfm mgjnb omr ommcgj (q`wnftm}jb `bnrni- wn}nf {eb omr rf `bnrni" or }nfgnf

rff g`nb |nr`bz ommcm}bj |nr`bz ommcm}bj hjr wrb onf i`qnrc" onb onfn

congjbj gjjrm(qnrn- `bnrni" mlwj |nrb (Cnrx" >=5=;?>7- omr }nfgnf inqmwnbmtw w`qbzcgn

jcjmf t`czw" tqjtmlmi |nr`bzz mbj" `fzf oz |nr`bzzfgnf hnrjijwbj ejrjibjjf t`}zwt`t}nb

ommcm qnrn ommcmfgj fmhnm `bnrni gjjrmf wncncbnfc ommcmfj gfr& Oz nfnbm{j erj

qnrn" tngjdj gjjrmf nn i ommcm gjmb" gjjrmf |nr`bzz |j ijfgmfm wncncbncnt mmf

inqmwnbmtw w`qbzcgn {`rzfbz omr zrn mnrjw jgm}`r&:


7/32

|zrezbng emom qnrn"qnrnffcbim}jwmfjtnhmq`bnfmmf{erbinfbncfn ejbm}`r& O}bjdj

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nncnbnrfn onb `bnrni" ijfgm nrnbnrfgn ejrmbmcbm omr trjdmf |nrbfn }`b nnr& Inqmwnbmtw

w`qbzcgn" qnrn omr }nfgnf gjjrmf }nrnw

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mmf tjrcn}j}j gfrijf" gmjr }nfgnfrjwmc trjdmfgjf onct{" }nrnwbnf gjjrbjrmf t`}zw wjctmbdmtm i`fzczfgn mim fjcbm mbj|

}ibjfcmwmr& Tjrcn}j omrmimcmfmf lnribbnnf nncnbnrfgn" qnrn oz mim lnrib mbj|mfgjf

omrmfm }jrmfj ejwmrgmm bgj" qnrnff cbim}jwmfm jbmfgj ozbzfgzrnfbnr mmf {erbi

nfbncfn ejbmr& G`bnc trjdm gfgn qnrn" nrwi onb onfn ncn Cnrxf |zrezbng emom

qnrn `bnrni qnrn i`fzczfn ejcmwmr& Qnrnff onb onfn qnrn `bnrni ejfjb inozb

ercjtm ejfjb bnrni wc cbibjrmf wjctmbdmtm" wc fjtfjbjrmf t`}zw w`qbzctnb {"

congjbj gjjrmfmf jbbj wzwzbzr dmtmcbjfcm ommcmfjgfcwr (Cnrx" >=5=n; ?:8#?:=-&Qnrnff inqmwnbmtw w`qbzcgn lnribbnnf mbj|bjrmfj mbmimf ozrn}n ingnr }nqwc{ |zrezbnr"

inqmwnbmtw w`qbzcgn" cjwnf izbbnfc gjjrm mbj gjmmc gjjrm `bnrni lnribbncntfn onb

`bnrni qnrnff" cjwnf n}rbcn{ zftzrz |j g`bn}t}bn cjwn}n mimf `bnf gjjrmf nn i

ommcm `bgzz bgj fjc in{nfr& Inqmwnbmtw w`qbzcgn {j mbmimf cjinfm{cn g`bn}fgn

lnribbnnf qnrn o}bjdj" gjjrmf nn i ommcm `bcntfn qnrnbjb `bnrni }jfm gjjr

}nrnwcn trjdmfmf gj wjcjbm `bczwzr& rjwmc trjdmfmf tn|rzbnf qnrn" rjwmc trjdmfgjf

cjwn imcbmmfgj nrwnrni

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ln{bnqnrn}n gfcjiwj& Qnrnff ejrji nfbncfgn qnrn }nrnwcntff wji i`zbz" rjwmc

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{jb nfbnc wn}ndniwr&


8/32

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8/4?


9/32

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=/4?


10/32

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11/32

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12/32

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tjrcn}j omrmimc trjdmfgj" tjrcn}jfmf cjrij{mbjcj ommcmfmf gj|ntn lmrcnbnr }n gn lmfnft

erzqbnr `bnrni ijfgmfm nn inrcntff rfgr (Nebmjwwn">=85-& &Lmfnft inqmwnb

in|rncff t`czw nfbncgn izbbnfbcntff gnhn gn nfbnbr ibcni mmf" tjrcn}jfmf w`qbnc

>?/4?


13/32

gfet trjdm mmfgj ejrjibjjf lmfnftnb tjrcn}jfmf w`qbnc gfet nfbncfgn lmfnftnb

gfe in|rnc mbj" oz gfe {jrmfgj izrzctnbbnnf e ob`z `bnrni lmfnftnb inqmwnb

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lnrib ommcbjrj gfcjtmfj `bnfni tnbn}nf oz lnrib tjrcn}j ommcbjrmfmf hnrjijw fìwnt

gjjr }nrnwcnff ejrjibjwmm rjwmc trjdm `bcnibn omrbmiwj" ejrji rjwijf tjrcn}j }n gn

jfgtwrm tjrcn}jtm ejrjitj" }nrnw

bnf gjjrmf cjwn `bnrni wijwmc }n gn }jfm rjwmcj niwnrcnmbj|mfm twbjfjf wmdnrm tjrcn}jfmf jwimfbmibjrmfm ejrjibjwmrcji mmf qnrn#tjrcn}jtmfj

mhwm}nbnr |nrgr&

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t`t}nb gfetff t`}zw g{j}gj wnfcbnfnf mbj}mm mbj mbmimbm omr trjwmr& Ozrngn omr onin

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gnhn fdjgjf gj ojbmrwwmmcm{ emom rjwmc trjdmfmf onbnfe nncntgr& Oz nncngn

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trjdmfgj }nrnwbnf gjjrj onb `bzrijf" fmdjbmi `bnrni mtj qn{nr i`zbbnrfn erj gjmmibmi

etwjrmr

jimbgjf gj nfbnbndn emom lmfnft inqmwnb ni" fdjbmibj qnrn#tjrcj}jfmf jfgtwrm

inqmwnbmtwmfj (QOQJ- |jrmbcjtm mbj onbnr" rjwmc trjdmfgj" ejfmbj}jf omr gjjr mbj omrbmiwj

cjwn ommcmfj orfr (CJ-" rjwmbjf cjwn (CJ-" fd nncngn wmdnrm tjrcn}j wnrnlfgnf

qnrn mbj (QW- tnwf nbfr& Wmdnrm tjrcn}j wnrnlfgnf QW cmiwnrf qnrn mbj tnwf nbcnt"

>4/4?


14/32

jfgtwrm}jb tjrcn}jfmf (CJ#QJ- jbmfgjim cjwnf gjjrmfmf qnrn ommcmfj gfjrji

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mmf wmdnrm tjrcn}j tnhmom" jbmfgjim cjwn} (C- tnwcnt ejrjimr&

jimb >#Lmfnft Tjrcn}jfmf L`rcnb GfetQO QO Onfin Tjrcn}j Gfet

QJ ###C J (JE)N-&&&&J &&&&&CJ ##QJ Jfgtwrm}jb Tjrcn}j Gfet

QW CW QW Wmdnrm& Tjrcn}j Gfet

Q C&&&&&&&&&&&&&&&&&&&&&&0

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f`iwngn mtj" cjwnbnr g`bncgnf jimbmrijf }jrmfm qnrn nbndniwr& Ozrngnim cjwnbnr }n }jfm

omr rjwmc trjdmfj emrcj nfbncfgn g`bncgnf jimbjdjiwmr }n gn wijwmbgmm mmf wncncjf

g`bncgnf ic `bndniwr& Onfin tjrcn}jtmfm wmdnrm tjrcn}j}j gj o`r qnrn |jrgmm

gfbjdji `bzrtn" onfin tjrcn}jtmfmf gfet |j g`bn}t}bn lmfnft tjrcn}jfmf gfet

nngnim emom ejrjibjjdjiwmr (Wh`cqt`f" >=55; ?:1-;

QO#QW#CW#OW#QO

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`bgzin fjcbmgmr& W`qbnc qnrntnb#tjrcn}jfmf gfet `bnrni gn wnfcbn}nombjdjmcm{

lmfnftnb tjrcn}jfmf gfet ejrji }jfm gjjr rjwmc trjdmfm onbnwcnt" ejrjitj }nrnwbnf

gjjrbjrmf rjnbm{nt}`fz ntfgnf inqmwnbm{c ntfgnf `bgzin fjcbm mbj|bjr }ibjfmr&

>?&Ozrngn wjcjb omr t`rz mbj inrbncniwn}{& Tjrcn}jfmf w`qbnc t`t}nb gfet mmfgj"

trjibm `bnrni ninf qnrn#tjrcn}j}m imc i`fwr`b jgjdjiwmr0 Oz t`rz}n dj|nq `bnrni" onfin#

>7/4?


15/32

tjrcn}jtm }n gn jfgtwrm#tjrcn}jtm dj|nof |jrcji g`rz" lninw jitmi omr dj|nq `bndniwr&

I`fwr`b jbmfgj ozbzfgzrnf o}i bjibm lmfnftnb `bcn}nf lmrcnbnrf |nrb }n gn

onfinbnrf |nrb oz nfbncgn i`fwr`bf fjgjfm gjmb" tjrcn}j omrmimc trjdmfgj trjejbjf

omr gm{m mtjb gmfncmibjrmf t`fzdzgzr& O}bjdj i`fwr`b onfin#tjrcn}jtmfmf cm }`itnjfgtwrm#tjrcn}jtmfmf cm jbmfgj wzwwzzfn gnmr trgrbjf wnrwcnbnr G&Hnr|j}mf

|zrezbng nfbncgn o}i bgj t`rzfz nfbncnc{ {`rbnwrndni cmtwmi omr mjrmi in{nfr&

O}i cmiwnrgn qnrnbnrf i`fwr`bf jbmfgj ozbzfgzrnf mrijwbjr |j mrijw }fjwmdmbjrmfmf

|nrbff ombmctjb nfnbm{m mmf" mbi jwnqwn oz o}i t`czw edf ijfgmtmfmf {j mbmimf omr

gm{m mtjb gmfncmmf gn |zrz ommcm `bgzzfz ojbmrwcji ejrjim}`r (Hnr|j}" >=87; 4>5-& Oz

nfbncgn }zinrgn ojbmrbjgmmcm{ }fwjcmf ojbmrbj}mdmbmmfgjf hnrjijwbj oz wncncjf

hjejc`fmi edf |nr`bzzfn `bnfni tnbn}nf gmfncmibjrmf mtjb mbmimbjrmfm wnf

cbncnc

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w`qbnc t`t}nb gfetfgjim lnrib mbj|bjrm mmfj nbndni jimbgj g`fnfc in{nfcnt |j

{ncnfbn" tjrcn}jfmf lnrib mbj|bjrm nrntfgnim mtjb onbnfwbnrf }`zfbncnt tjrcn}jfmf

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gjwn}n emrcjgjf oz mim in|rnc hniifgn itn ombem |jrcji nfbncb `bndni&

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tjrcn}jbjr trjibm `bnrni wc}bj 22n}r

dnb

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66 {jb omr gzrzc tnbncn}n nb

cni{`rzfgngrbnr (Gjbbmbj{" >=57; >4=8


16/32

Tjrcn}jfmf w`qbnc cmiwnrff nrw}bn omrbmiwj" w`qbnc tjrcn}j mmfgj }jr nbnf omrj}tjb

tjrcn}j" cbim}jw mbmimbjrm fjgjfm mbj {jbbmibj cmrnt fjgjfm mbj oz }`zfbncn}n qnrnbjb

`bnrni n}rdn tjrcn}j tnhmqbjrm nrntfgn omr obfcj}j fjgjf `bzr& Obfcj}j wjqim `bnrni"

ozfbnr

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>


17/32

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>5/4?


18/32

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cjrij{mbjcj |j }`zfbncn jmbmcbjrmfj onbncwr&

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>8/4?


19/32

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20/32

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?1/4?


21/32

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?>/4?


22/32

Oz n}rc" {jbbmibj >=51bjrmf gf}ntff nfnbm{ mmf {jb omr fjc wnr& rjwijf tjrcn}j

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??/4?


23/32

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?7/4?


25/32

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gnhn gn nrwcwr& Ozrngn dj|nq |jrmbcjtm ejrjijf `bez" qnrn#tjrcn}jtmfj fmmf oz ingnr

wnbjq `bgzzgzr0

?:/4?


26/32

Tjrcn}j omrmimcmfmf w`qbnc gfetfgj >=51bjrgj e{bjcbjfjf irbcn jmbmcbjrm"

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27/32

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?5/4?


28/32

`bnfn nfbncfn ejbm}`r& T`f {ncnfbnrgn trjibm gmbj ejwmrmbjf tjrcn}jfmf nr#c`omb `bgzz

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29/32


30/32


31/32

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4>/4?


32/32

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