Vous êtes sur la page 1sur 71

1

! YqZ*

u@
Y 2015
3,
mz *

2015m,^6m34

u@
( Secular Stagnation) ,
F Z

:
y Zd~ \g- gzZ VZ3g" w bDZ-ig Z,
' E. X
q z~ Y 2008X ? Zz wZzi+
h h~g Ztu@
z z ]gzZ yZd + ,
F+
h ZEWY 1930 [ xZ yZdZz

~iWyZdkZX *
c g Z wZzi+,
F+
$,
6g g *
@~g ZtuZj
^zZ/
w ~g Zi*
! xY 1929 ~ *
!,
' ]g @

Z r }+
h
`Z*
N+Xg D sp+
hqZ [Zzjg1 X ~,
(

xY 1929 ^zZ/
~g ZzZa Q@ L L Y 2009 y 16 zzHg

OZgz Z Z~ \g- $
dJuu +p^zZ/
ZE yZgz~g Z i*
!
~ Z gzZM% Z +,
F+
$ { *
ci ZE ~ Y1930 ~g ZzZa Q
Qz *
!bDq~y *
0 Y$
d
Y1930 ]w Zzi

X 7 { *
c i Y 1930y Zd

z ZzY
w$qZy ZdkZ y x
"
E?E
5GF
Zz
ZZ ^ W4*
c g !%t Z ,
7,
6 v%_pX *
c g Z
V Zd /
gzZ (z
7Z X H
Hv~

} 3,
k/
*
* b^zZ/
kZX Yy ZdkZ ~g Ztub
C qZ yZd :gzZ *
@ 76qZ
*
@X g
t7 qZ 'q g Zy ZgzZ V Zd yZd kZ X

kZ *
@ ,
6 ~CkZ t{+
0i X

] Z Z ~ Z kZ | ,
(
gzZ g Z kZ ]
p b~] Z t *
@*
*quZg Z kZgzZ C#
sz

O in} ~zq,
6 Z Zzjg1 t p kZ X DC
X ]gzCZ`C1.
]

wg Y 2008
H3gg Z ,

',
6Vz C
`z: Zg Ztu Y 2008 JV

Xgg Z CZ z kZ ] Z ~ C
b 3t T
{ *
c i(~g tu~ A
&~g ZzZaX $g 7p b~g Ztu

#gz '.X g Y ~ gzZ ~i*


! < ~g tu{ *
ci

z;/
L L Hy ~ p Z yZ w gkZ ig : Z
~,
R

] ZZbZb ,
6_ ZyWgzZ z~zuVVg ZG*
0*
*~

X *
c*
0 ew ,
Fs)g f

: Zg ZtuKq } )g f] ZZ ),
6gy Z

;g$
"*
Ue*
* g w gx kZ $
AX ; g *
0 7x bx
!x~ g Z { Zg y Zd{ nqZ s)g fpg kZgzZ
gzZ ]kZ 7w Zzi w G yZd { n Y2008 X q
b ~g g6,
6 t] *
!kZ y Z uZzjg1{)
*
! Z

[Z )
*
!
Z `z yZd ; VX 7e
*qZ# ~g Zi*
! Y 1929 yZdt|gX [w+
$~ hN V

xY 1930 *
c ~6 ,
6 gqZ~g Ztu+
h.
] T h

Z~h~ T7wZzi wtakZX z~g Zi *


!

] *
c OZ yZd kZ X Y b
w+
$zg: Zq
X 7me ,
R*
c !

H~C b J[ Z/
Y 2009 g tZzjg1g Z zx

qZX Z ,
7*
* o - +
h g *
! C wq *
@7Zp|gzZ
,
7 .x *
* J]Nt X K } i Wgz b ~uz
yZd { gx *
*~K,
6g
gq ]Z|z &Zp

t|kZ Z Hy ]nC yZd VrZ X ]


Bt,
6gHimg $
+ Y ~uzX ] x Y D%qZy Zd
~gz q ,
4
q sqZ ~g ZtugzZ [ ,
6 gw*
* Z,
6
X [0wxqZ OWg rLy Zd~T_4Z

7y Zd ~
yWLL

46
4hE
H y Z t VrZ ~ T @,
' gz } V H
D#
szt Himg yZdgzZ ~
yW ~g ZtuyZd Y 1929
H
#
sz h$Z,
RX b
Bg 7zq yZd gzZ ~
yW~g Ztu
K YY*

c Ct:gzZ7zu] *
*Zd~g ZtuL L
H
( 71 , ,
k,
6Z h$Z,
R ) X yZd~
y W~g Ztuy Zd
)*

! $
T rgzZ
f + ,
F+
$g DyZd}}x ~g Ztu

7h3ZkZJ#
Z Y{g ~g YJzkZ Z*
@Z9z*
!W

} $
+ Y $
e,
',
'gzZg K
Zxg +
h ' x ~g ZtuX

} { X B V*
c g { n ~,
( { *
c igzZ yZd 6 T

: VYq g Z~z
bgz Z~Xe CV 1b ~gz] *
* Zd
$rgz Z
T
f )
*
! T vZ $
dwZzi~g Ztu] *
!t V

D%qZ X 7x b ;g Z g~

X $C] ! *
czzgz Zg g *
!F~
&zizg L L~; Y 1930
bkZpZ (Z ~gz b HG

~g ize} ,
(gzZ^z Z/
wZziqZ H7spg Z~ C

M% Z yZgzY 1934-37 @,
' VlpgzZ ] u,
Fx X gz
} { *
c i kZ 7$
"*
Ug ZG *
0,
6 g b ZE~
H
D#
sz kZ zkZ h$Z,
RX g Z { Zg x Z%ZgzZ y Zd
uzg y ZdTYg Z 2Z {g *
!zt ~,
F,
(g|, y Z L L

Y 1929 iWkZX *
c WyZd *qZB~!{ *
c i ]upX *
c
t? |kZt X H
q z l
A ~g g t,
'tQgzZ Z R,
F
yZd Cx*
*qZ x ~g Ztu}g7 7w Zzi ~z
b*
c ^zZ/
C*
U q
H
$

( Y 1937 m29 h Z,
R ) X
H
$
~g Ztu h Z,
Rn#
sz ]y Zd{
I,
F Cx*
* ug kZX HwE Z ;g *
! ZjkZyZd Cx*
*
b*
! {%gzZ {+
0ig ~ Tce *
*7BZj

~g ZtuX (
b*
! uY gzZ uo) #
sz m

T ozZ ]g *
@Z (ZqZ,
6V Z wZzix kZ Z%yZd Cx*
*
X gg Z CZ,
6gx] Z ~x kZ)g f

# z/
s
yZd
Himg .x *
*a H7n kZ ~ iZ+
0Z Zzb kZ

J
mg *
@ZVxogzZ #
sz ~
zVy Z

~g Ztu)
*
! ]y Zd {{zX D)g f6

g Z yi Z xgzZ V-gz$~ `z/


O Kz]g *
@

~i *
!< F
F,
6VZg WkJu6*
0 y Zgz`zgz/
p/
Z
# z nkZX C 7#
s
sz ]y ZdKkZpK
i Z+
0Z,
6g]]g *
@~ yZdx ~g Ztu: xgzZ

yZ ~g Ztu ]*
c ~I b &Z m`kZ X CY
X Tgsz^~zzKgzyZ DtV{gzZV-gz$

#
szZz6wZziz`z@,
'y Zd]g *
@~g ZtuIb &Z

W^ {g *
!zgz `zt 6yZd c y Z DI{ *
ci

VzIb& Zzz X } qz *
*x ju VqCgzZ
" Zg +
sz/
#
G3H
&7Z`g Zn
S
(!zZ v{zB
&5 gsZ ~{ttX CWI { *
c i ( Kondratiev

waves)

{Ci6 ,
6w JW H
t ~ T Z Z h ] *
c
V Zd z *
@W@
}igzZ `g Z Z
aBg Z}g (

6,V,
6 R `g ,
4yZ ugzZ qZ X C
)
*
! Za
X*
c $
,x ZZ Za V Zd

,
6kZ ] *
cx Zz g Z,
6 yiZ ,
6Vz6wZziz `z

{g *
!zyi Z g+
0Z~g ZtuN Yg D h JuT] 5 p
ng
g*
@Z ,
Fx : Zg ZtuBt{zX *
@y Dg ~qZ q

-Z ?ZH b)`W/
q
Z L LXniZ%Zz Y ZCg *
!g *
! J
m
VYgukZ [ zZ tQ Y u V{g *
!z
y
X Y

x Z%ZgzZ ~g Ztu@ ~g Zi*


! xY 1930
(z g Z yZd {X ; g 7IZ ,
FV~g ZzZa b

B @ 3 Zg 3
k
yZd: Zg Ztu~; Y 1930X y ZdCx*
*qZ
gzZ yiZ {V ! C4 ` Wp ~ *
!,
' V~g ZzZa ,
6 e } ,
( gzZ
B
k @ X ; g 7e3Zg 6B
k @ qZ zz Vzg bZ
T g izg+
0Z ] Z x t h
N C Z: 3 Zg

} ,
7*
* o] *
* ZdgzZ VZ: g" ,
6V 1 : V ; )
*
!
" Zg+
3H
X 7e*
* W /
G
& L LX J,
6g Z MZ6i Z

b + ,
Fgz$ g *
@
r Z Zg f Zj b ZE ~M%Z m{ b ~{
VzyZ Vzi*
0 uu@ z*
!g ZpZEY `)g f

Dt|kZ + C Zzjg1JV X g D yZd+


h @,
'
X
@*
qz pZ k- y Ztg Z Z Y 2014 s,
6Z 19 }+
h
`Z*
N +

g *
@ bL LgzZ X g D yZd u@ V *
0 /
L L

]yZd~ iZ+
0Z s Zz ZgzZ ! g *
@V ; b + ,
Fgz$

X C#
sz
g D ~zg N qZ $
+ Y ,
F u *
0Y ` W
]Z+
h wZzigzZ^zZ/
b!/
gzZ Vg g }
Xg ez

VZzg $
+ Y ^zZ/
*
c g Z ,
' s: gzZ Z *
* \g-

_ qz V^ } ^zZ/
~ *
` Z kZgzZ

: R ~4X gg R+ ,
F *
! g *
@ b ~g iz ~ \g-

s,
6Z 18 + 9A.qZ g z8 g- X ,
'Z,
'
yZdEZyZd+
h qZ L L#
szt~Z*
N+Y 2014
Z ~ ]ZhZgzZ OZ yZd \g- ` 4Z ~

X ;g| ,
($
+ Y /
%kZ V Z gzZ zkZB

b~2.5~Y 2014 X 7jyEZw g~M% ZJV

X bgz$ Zt~VC b ZE~ p eg kg ,


F

!]=Z szz kZgzZ ~g iz ._g z ZZ ~g up/


Z

XpB~ 7 *w g~g iz ( Structural)

z%IZx Vzhz
yZ *
!JZg izg k*
0

z X ` Y
zVzg iz )
*
! hglg izg &Zp

*
0 ,hz&+
h 'hZzBg izg 4 *
c g iz v hz
Y 2010 X g6,
6 g ~ ]qk*
0 kW $
"L8EJhz

X g 3yxg2.4 1.8 ,
FbM% Z

y Dg ~g Y y ZdX $
d ,
F b~ ; Y 1930

Zz k~8 ~ e Y O%ZVZEY ,
6 C

X $
dt~6,
'

,
' ~ r" Z g Z tu )
*
! ~ V!f

BC*
! w kZ 7Z { zgN $
+ Y V ( BRICS )
g7usiZ,
'Y 2008 X g D ~zgN[ Z tpX

+X Z Z :e ~ V V Z+
0{ nzH~ ,
Fgz Z C

siZ,
'L L._^g7g pZ *Z WZE ,
6x !Zw/
~Z*
N
Zg T ,
F$
dZg *
c uZ(^zZ/
~g ZzZaugzZ y*zy
X Z ,
7*
* o~~g yZdVC*
c ,
F

Wt zz .,
6L
L *
@#
sz Y 2014 s,
6Z 19 Z*
N +
,
FV- r CZ %bzZ %b *~ V Zz
X ;g,
k+
5 x !Zgz!M

~ ]g+4 x t )
*
! 5 Zgx 3
w Zzi
kggzgzZ { n,
6 +
0ig zz T [9 ~ w sqZ
X V-JWyZd@ 6 qZtgzZV$
A%] Z ,
WZ

10

X w V+ 4
kZ u o b)XV CZ
Y 1990 ,
F b~ Y 2014 u._g z ZZ + ,
F{ i *
@
7.1 b ,
Fu~ Y 2015 wpZ * Z WX,
6 R+ ,
F

u~ Y 2014 ._Z*
N +X *
c (6.8
-Z sgx *
q
*~qs Z@Z,
F{"M ~31

Zjw u M
;{zgzZ ;g [ x~ qs@ ,
F/
X/*
Ng

Y 2015w 60.5 s@ ,
F b~ Y 2014

~,
(
* y Zd: Zg ZtuX H7 s Z@Z

`z CZ7ug z ZZt q z *
*Zu~uq] ZW,
'
X g?iWx !Z

yZdK ~g Ztu
Tq zc~ yZd, Z qZ u@#
Z ~Y 2008

yZdkZuo ZzZakZ CZW,


'{ *
c i
~ * Q7n~
b Z ~ 8 ~ e Y ~ Y 2008 X ;g Wp ] Z ,
WZ

# W J 9.6 /
14.2 Y2007 w
Wg,
6" Zg u)g fg- Z e O% Z[g Z 586
KZ M% Zo q u~,
(H
k& uugt X Hg (Z 3 Zg

Z $
+ Y
*
cg X ." {yZ Zg u

ZuWg qZuzz ~]gV~ ug


u)
*
!y ZdgzZ 7p] Z ,
WZyZd@uu *
@X H

u
*
c g Qg *
!qZ X qz *
* Zz ~!~ ]ZW,
'
u)
*
!Tg (Z *
0 ] YZ
yZ { C",
6 y7 ZZ cpg e

11

] ZZ yZ ,
6 g *
@X b p/
Z ;g ,
F
gzZ ] Zym{~ uZ
}g kZX W,
' }7
VZg Wk
*
c gX *
c Wt ~]gA
&~g Zza+
ZZi~~g

}g kZz*
! Z ,
( { *
c i u K,
6Z,
6m{VF
F,
6
X 3g ~g Y
u q z *
*} t 2~H u~i Zzjg1 @

t#
sztzkZ 6*
@X C*
! wZziu@

- Bp} ZZg g sx Z/
z,
6]YZ
yZ 4*
cg

LZ ~rt #
Z ~ Y 2010 gzZ g (Z z~r K,
6Z,
6X )
*
!
*
0 kZX | ,
({ H
k{g *
! yWyZ+
0{zZ qZ 7 yqZ ,
6 `z

,
6Z,
6#
Z gg Z ,
',
6+
ZZ i9%buJY 2012)
*
!

H q z% Z ~ kZ zz sp% Y JVzuu *
*+
h'

X Zz~!~b ,
F: u $
A H

7L
: }m{ t ~%b~ wV Z u Zzjg1

,
FX C] u q
L Lgz Z x PZ L L{ *
c i ,
Fg gNa
BB kZ g ._ VziZ+
0Z pZ *Z WgzZ ~ b
yZt Tb { *
c i k*
0 @g T ;gZ ~ V
`Z
Zg7}g Zz~ ] ZW,
' Z~C ~rZg YhZz
n kZ ^zZ/
~,
(7 eZ gzZ !qZ uw q*
@X $
"*
U=g f w
E
I

45
p kZX Z 3gg Z ,
' u V*
0 EG4hG

*
c gY p

EyZdX H
*
c w *
N,
6gg kZ Z7yZdts

tu,
6uC ~rX } ,
7*
* onkZ ]Z Y*
Nc

X xit:Z VZ~g Z

12

( Quantitative Easing) W~g Zl


^g7g g Zp qZ }+
h
` Z 16 w /

K,
6Z,
6 gzZ DZ- V ~,
( VZ~s Z+
$L L
uX Z$
"*
U ~gz)gzZ" spnC ZEY*
c*
0 Zj
{ # 7.5 ~ ~uz w ~ ,
F,
(

X ._*
!s@

~ qzW~}g *
! w6 L LqZ #u~kZ

-s,
J
F b qZ[Z~%bu~T

s Z@Z ,
F bZ ~ p/
Z ;g 4Z ~gzpgg Z ,
'

@,
'].
}V Z u 4tC X YY7e~}g *
!

H$,

6g ^zZ/
7 eZgzZ ~,
( D Wn ,
F b+,
Fu
Vz ZGYgzZ g W~ b ~g tuy Zgz{b/
*
@X

[g Z 500 +zgg Z) f: i V!zi Z X g Z ,


' yDg ~ V
: Zg Z )f) Z W~g Zl\ Y ^ Z ( Z e [g Z 81 )y W-

Y 2014m20 Xn Y *
c Zg ~,
F,
( *
@ g6,
6 ] Z Z

H7x AyZ nn kZJ~/


%L L._ Z

: Zg u)g fn WZ,
kiz{z Le*
*7C t {za

X D Yw+
$7 w+
$x *
*p X ;g] ZZs ,
'}z
gzZ q z *
*kC *
! {C " yZd u@ [ Z +zg
X ;gg6cWgc,
6V*
0 my Z[ Z *
!

pwV ~g ZzZa)vgzZ K,
6Z,
6+zg

}{ ^zZ/
~,
(qZ ~
y Ww/
z*
! kZ

7W,
' } {z kZ *
@X Z ,
7*
* VZ x Z 6 W~g Zl#7

13

qzWgc,
6 *
0 W~g Zl|g X ] u# T

^zZ/
~%b
*
c gX Z Z+
h'~ ~zgNu

*
c g~ u{zt T gpg ~1g g
g ~rpX Te *
* g~g Zl g ZEY a
y $
+Y

[g Zg ZD1.05 ~g tu~mX g W~ ~g tu ~!gzZ+


h

!Z ^zZ/
t~ ~g tuX yW- [g Z 662 /
~,
' Z y Ws@kZ *
U,
6] u%wkZ+zg kZ
1,
6 yDg 1" kZ^zZ/
,
6 g ] Z Z wkZ X Z ,
7*
*
X, *
0

Z r }g Z Z *
* Z g 8 8;

~zg N L
L D{~ v,
' xY 2014 14 8 Z

]Z ,
WZ LZ,
6~g gN ,
F bW~g ZlV&t~pX $

VzN ZzgJcZ +
h'kZ X m7 kZ D$
A%
X *
0 ~b*
c RRR
Z ~] Z Z yZ L L yeg Y ~v/
~1

X Y7ig ZzZa+
ZZiZ

uzz$
+ YwZzi\g- gzZ %bM%Z
]YZ
yZ 4*
c g~ ]qy ZX g o yZh~rc CkZ KZ

kZ WyZd#
ZB} kZX $0)
*
! % *
NyZd *
0

~!3E %uuX [Z H
k F `W~ ]

_g (Z ]g *
!z y qZg Zza +
ZZi X y' $
+ Y ~zg N
g15.7b Z ~ ~g tu~ u5Z *
c VN *
U Z xw/
X
Xb+,
FY 2001

14

JW~VxoV-1a qzSHcu}~c

W,OJuT 8g Zza +


ZZi *
c A
&+
ZZiL LX Zz

gzZ Y(g Z uX 7~ '


*
cg ekZ *
c q z *
*
6qZ u L L D {{ /
,
kiz $
T*
*qZ
w*
* *
! _,
(qZ $
+ Y wZzi Q g 4Z ~ w
X ob)qZ CZ XZgz$gzZVvJe

A & ~gZzZa 6,gX ~8


- zz ~(
, !*
+
$Y wZzi
wgkZX J
- Z~M%Z J
-,~ s

u `ZZBgm Z V
Zz ~V1 ]YZy
Z

;get)gf"kZc ] X ;ggZ}icxPZx
nKagZyIgbZ!*
eU
@*
7,**
o|pX@*
0*
7kZkZ6,g~gZp @*
Y
/
E
I

4
5
)gfV1}(
,{ c*
i]YZy
Z4c*
ggzZ"EG4hG#
X
X qz **
W6,zZR]ZxiZ~C
kZ
zu ~r@g ZzZa ut s
# z ~ p Z { |
u~ z c CgzZ ~g tu~rZgzZ _iz
V`
Z V; X c*
h
+] Z yxg ugzZ C`
Z
c*
g
t|c VF`#
sz 6p YZ~
gz Z C 1
c*
g X q z **
Zz ~ V`
Z ,yZ [ Z
oe
$Z ~g 6 gzZx Z~g tuF
F6,VZg WkZE
p
/Z X ~4 ~ ] q C`
Z kZ Z {Z
+

W yZ0
+{ z Z q
-Z J
-Zt p f .
~ V K6,Z6,
t U u
Z z 8{ `z~ V K6,
Z,
6 X { c*
ik
Hg e ~

15

%X ;g YC
w^zZ
/~ V`
Z V[ Z~ ] Zy
Zz W,O{ c*
i

) !*

A &~g ZzZa Z
+Z igzZ 3
g Z } Zz,
6Vi5KZ [ZV Zzx ~y ZgzZ
,
6 kZ B( g ZzZa Z
+Zi ) q M.
Z #
a X Y k Z

0
+iu **

fgzZ + F,
$
+x V y Z
c*
gJ
-[ ZX g~g
{z g 0*
}6,x **
ZZ 4c*
g cpg wb m@~] q

X h] Z[ ZT g izgg Z .F
F6,bZ
V
)4.1b ~g iz._g Z.**
!*
g z ZZ ~g u

C: ehzK*iZ X d
$
t._Vzi Z0
+Z ~g u
tX i Z0
+Z6,g ZzA
$%g z ZZX , Z`
'
g z ZZn ZD Y^V LZ Dxzg izg`
'C
X 7X ~ U*
X g izgX @*
7g }y Z~} g
V Zz ]+
$YVz~ l#
i5+zgY 1989

ZgzZ n Y c*
Dx PZ Y @*
g x ,
6 ~ Za g izg c V

c*
ggzZ y *
@ :ZzZg t
/Z[ ZpXn Yzg Z]z

xz ] c*
gz~
CyZ V Qq] Z`
{C " yZ
X } 7,
**
o }

]Z ,
WZZz hfwZziu
**
Z ~ gzZ o ZEwE Z **
Z { c*
i
* [ Zu
f(,un kZX Y kZM% Z s ZjC
]Z ,
WZ {n6,u@6,ggzZ V }uz ~zg N

iZ !gzZ C~iE 7 W
) !*
~%buXVA
$%
M%Z !gzZ W^z Z
/~] ZW',w x { ZEu F

16

X W,Ob~',
{ c*
i
%bupZ *Z W~ w qgzZ @*
h
+y
u m@*
:e
Zz {g
H~ 7@*
Wt ~ s@
\E
w x {M%Z Hu L LX qY 2014c 6 ZN*
ug c*
E X

p kZY1970 ;
/
zz u{C "

p "
$SW gzZ Z
zz kZX + 4
6,yZb)7g pz F,
M%Z H
/X [{kZ

{ ZzgzZ Z (,
+ C
q~ pZ *Z WZEY

X ~zgNu{z ;g W

~kZgzZ yZd @ ZEW~ V %~Dq

kZgzZ F,
g g !u~ X mZB~zg NZEW~ u

* x Z%Z K qZ T K~
C{ z] Z W,Z6,VvgzZ Z
^zZ
/~,
({ c*
i~ wgzZ ~zgN~g Y~ uu[ ZpX 3gp
x Z%ZgzZ yZd@~g Ztusp~
Z LZg Z u
) !*

X Y0K~
CZz
W
) !*

( Desperate Measures) ] ZZr"

kZ 7c v~g Zi !*
~(,g Ztu~r" Z

7n~ X g6,
6 ] Z Z Z, Z cpg ex

-
g @*
Y YHb |kZ{i Z0
+Z kZX Q
VE0*
A yZt X mY q% b+ F,
~{)g fx Z
/
z6,C1
X Zx**

Zz ZcJ ~
/
%x : Zg Ztu D%

Z y Z { c*
i A pX Z 3g {0
+
i7
-~ x C1 g Z e V17

17

qZ !*
g F,
] Z W,
ZyZ Z ;g Y HwEZ] Z Z

{ c*
i c qm{q
-Z g !*
C
& b
~
X C7,*
*4Z~g Zlz

g g
Z eq
-Z c q F,
Z e q
-Z~ uIw *
0

q
-Z V
x gzZ Z 7,**
VZ n
Z eg e c q ,
FZ~Y 2013

X @*
ay

6,5Z Z VZ,
6[Zz

siZ',ZE~] ZW',gzZ W6,R+ F,


w %bu

~ l
/C1 X g Je #6,zcgzZ kzg kz&
+Z i
Z !
}u **
F
F6,Zg Wk O ~g tu ~g ZzZa x g 5 F,{ c*
i ZEW

X g ] Z 6nC
T g Y ay

6,V- i*
!

0*
**
W~gZlT~< g Ze[gZ {C
~M%Z

~iZ0
+Zo ZgzZgZ[ZgzZuZ}kZgY)gf
yiZyZzgm,gwg8p gY W~gZlp
/ZX ;gY H

7}(Deflation )giy~ \g- X [ Jug.


**

gioZ
Z *`
@*
Zc6,0*
KZ LY^h
+y
i&
+!*
J~
/
%
x ~gZtugF X k0*
Z !e Z

gzZ gD ?
H sp

V-r CZm{ g A
$%]ZW,Z {nZ
: yAZ C1

C1 @ pZ *Z WZz
~ZN*
+ Y 2014 s6,Z10 X~
uF,
Wgc6,V0*
ZZ4c*
g)LL~^g7gxPZ
~ T 7~g
owj 6 Zz Za ~kZ
bZ
b 4 n kZ X e%Zzh
N{g ~gYLZ

XhgggzZ^zZ
/
~VLZgzZqz**
T
$
z F,
x
Zu@ Qg !*
q
-Zw bw Zzi C1 Zz h # * L L

18

e-e WZk
,
iz ~',p Z m,_ { k
CZt X q z SV
Ccu}6,
~ ) y;Z',
u ( 20 Y ~ 7 W M', yz"

X 2~.6,J Zju@gzZ N*
:ZzZ

Y g~ KZo}uzq
-Z v WyZd: Zg ZtuV V
{^wg(WyZ6,b] 4yZxVV g
X w*qZ ~g ZtuyZdgzZ wZzi ;g Y8
uZg ZtgzZ

D"gzZx PZx
B s
# z ~ y*LZ ~g Z +eg yz" e-e
Zz b)L L q{z X 0
+
K] ;z g gzZ b) {
~%bgzZ ~g iz f,
(}
.ZyZd\g- g W
V( CZ ) ', {h
+
/ VB ^zZ
/
Zzh
e~y Zd~ ztgzZ Z- B~zgN Zz Z~

~ 3 D" gzZ x PZxu **


qZ
t X gzZ x 5Z'z (

X ;g0
) !*
{g *
!z

yZ {z ;g7ch
e{ ^
,Y~Wx ~g Ztu{ k
CZtg7 Kg 0*
~g I
yg&zZ yz" ~ V!zDqX Le **
q } h ZuLZ )g f pZ

yZ6',
a g Zgze V
x L L6',~iZ0
+Z: {)z
&~uX q
X @ ~F,
(,
f LE
-Z~ C c*
F,
P

) !*
40
+
ig {z g W~F,
(,~ u6,
'p

g Zz ._g z ZZDq Zz
c&
+ zm,g g07
X_ VJ
- RV `
Z Y 2000 w]`
ZzZ

yZ c*
g xcKt \ W L LX Hw 0*
i
+Z ~z K4 M
m
Z~V
`ZgzZg F,
b&u
/Z7]gz

19

]Zx b v Zz kZ ;g 0.1
X xz6,g

#
o { 6% ZE~6',
Zzg z ZZ

~F,
(,
t 7] ZW',c*
8
-~g tu] ~
C HyZ
~ V `
Z
/Z pX zz yDg ~g Zh
+y
_(, @g
kZ X M7 }z ? g ~g Zh
+y
g Zz

k
,
{ c*
i
ws X g Y ~Z~g ZG 0*
**
qZ }
qZ u~ ',Z
# N YW] {z n kZgzZ YY 3g7~g YJ
-

X 5Ye,
6}iB}
H$qZ ] 1]
. +Z
+(l,
6} g ; g} 3t [Z
F
Iw165 x ZgzZg #
szT 1c*
gt
x o ng Z z*gb!*
K qZ ~r@q
-Z ~g Ztu~
X !*
6,ge.**
Z~T

KZ {z ;g g 8e F, T yz" ~ 6',~ p Z }uz


N c*
^zZ
/
gzZ w Zzi gzZ ~gzZgz$ e
$.~ ^+ 4

~y*~g Z + eg X 0*
7 Vz/ Zzh
e ~zg
7g u@ ~ * o1% *
! kZ ~g t |L L qyz"

g r~ ]g] Z6,b Zz~o}g b)} (,} (,


]ZW',~g
) !*
~zgNyzizg- gN ] Z W,ZkZ

X g W,
Ob~',
8gzZ

! 7y Wy Zd@~g Ztu

y6,
C]ZW',V)gzZ~g ZzZa g dZ yZgz;
/

Yk
~gz$kZ[ Zsp~
Z LZ
*`
Z ZE

20

HF
4&
{C "6,] ZW',L L @*
#
sz E4hG
^,
'Zgi
+Z ! ! 6X g
6,gi g[Z 6 %b~* !*
4 g Z
yzizg- ;g @*
F,
{ c*
i wkZ X W^zZ
/~% b*`

~g tu Zz 6,.
V
ugzZ g D ] ) ( {g !*
z ) e
$Z

X g0
) !*
~%bkZ0*
g Z6,

J
-Vy Zx *
` X Y{g 7o ~ * o1%!*
qZ

;g @*
Z
Z,jgzZ y**
- OZC],
Ww6,(PIIGS) Vv \g-

gzZg Z)f) yZ [ ZgzZ , h


+y
] ZW',( *`
) n
( V`
) {z

)] q& Z !, 0*
VZ{z ;g Y Hc_ l$
+
X4
qy Z @*
, ( 6,0
+ig gzZt V `
Z V

CgC
XY7o Zz]ZW'
,6,
go Zztp

~i!*
~ ~y
WX @*
{g Cgq
-Z B }Z
+
X DA
$%]ZW,Z6,}uzq
-Z]ZZ xX ,gZ
A&
gzZ ~i!*
gzZ ~ V`
Z @*
wzn o q
-Z xZZ

~W'
,}uz~rV]ZZz {)zZ~
A &)
+Zq
-ZgzZ
W
) !*
~8
- @6,gz 8
-kZ
H
4
&
FX Cw**
E4hG
n u@6,g Za wg
kZ ;gY Hc_ Wgc6,VZ y
Z tXZLL qh
+'

Z +
$Y *`
n ]}
.gzZ kZ yZ6,g w
0*
wV
Vgz$~wgkZXgY Za78
-

@*
Y@*
ge
${ c*
i{ c*
i C
X **
g66,
W ~gz7,LZ6,R@
Dd
${ c*
i]gz x*`
gzZCYC%b@X
&tzgoZgzZ g0*
7~gzz!*
LE
C1 *`
n kZX D Y

21

{ {z ;gC
6 u@ LL qh
+'
{z X w
& **
V Qg!*
q
-Z ~ r1%!*
J
-u e LE
e
$K
X{V@D]Z R .x**
LZ+
$Y

+DykZ oZTzzr1%kZyzizgyZ ? H]q & Z ! L L q6 zzg 8 g- Z*


N
]q & ZX ZjVzgz'
*`
Xce**
77Zg WI] Z W,Z

~ yzizg- zz yZ CY p ( ] q &Z g )

kZ Z
# gz Z Z 7Z ~ 8
- zg+
0Z pZ Z~
V) *
`
&**
J
-uf LE
] Z W,Z kZ *
@Y H6,yzi zg- }g7 6,gt :Z
X Y7~z)~ )B}uzoC
~
zqZa D Y

} gzZz
X
H q z 5{q
-Z [ Z [8Vzg tJ
-Z *`

f(,yzizg- +
$Y%` W cg V Z
Z Vc*
x *

gzZ g}g Z
g u
Z Z Wgc6,0*
VZkZ :
L VE.6,
g Z J Z~ ]YZy
Z 4c*
ggzZ V `
Z V *`
BB
X g} bgzZ }gt% Zj sp
~g gzZ ]q & Z\g- a\
og C1 L L q 14 ZN*
+

C{ Za b)} (,au@g Z*`


p ]gz
X; g Y

Dwb yi Z u8 g- % Zp +Z
+ *

~ ] ZW', ZEY *`
!*
*
@} Z Z,jJ(,CZ
W',*`
:Zz yZd CZ {z Zp * !*
~ V/}uz X Z
&X ,
g Z)f)LZVY*`
g Z)fX C7e
$ m,
z+Z%6,gLE

22

gN e
$z
c*
g Qg !*
qZ ?} }g7 }g Vz7,
KZ6,7Vzuz ] oCa _0^zg ~~ F,
`

X SeD] Z ~iZzjg1
X mM%Z gzZ u] B 8 g- !*
*
`

~M%ZgzZ y Zd ~ \g- X ,
6 ]ZW',V)%b uJ
-V
~zgNuuzzTi~r]ZW',
) !*
~8
-
E
I
4

4
5
G
( EG4hG ) 4*
c g - n % ewg #
uX Z 7,**
o

!*
m{
H| (,{C " wgz Z ;V

) !*
T CZ 0*
] YZy
Z

o qz **
~% b4 @*
X J
- Z ~kZ

q z **
Wt ]
}
.h
+ Zj kZV
~ * zgzZg0
+Z
p }uz ( BRICS ),
' kzggzZ siZ',~ Y z Z Z X
X kCZ
"~ kZ
X o w ZziwkZ Zgz Z 6,] ZW',g Z usiZ',

) !*
~zg Nu@ gzZ V-0*
Zz,
6 k6,ZZyZdkzgzz^zZ
/~V %zzkZgzZ8
- C
/%
V Vy Z X gzZ %] ZW',~(,gzZ Z
kzga
H9 ~
[Zp K6,V{e}uzq
-Zu@ M
hN
~',B yZd kZu@ ',
g Y y Zt ~ T
X
H)b

?w W~g Zl
VM {zt ;g Y Hy Zt ~} g !*
6',gzZM% Z

&
g Z
g Z) f kZ0*
W~g Zl[ xZ FgzZ q%bf LE

J
-{
/
Y 2012 zg m,gwg 8J~
/
%O% ZX gV Zg Wk

23

) i&
+!*
2
{gV( ^9Y) {LZp

X c*
W@*
h
+y

i -gzZ ( 2

0*
W~g Zl T ;g_C~ nZ Z s WJ

#
~ ',Y ) }h
+y
P U*
Z&
+ *
0 [g Z 375 )g f

[g Z 1600 q 8 ~ e Y ~ ', &


+ 0*
[g Z 1450
z kZ

X ( &
+ 0*

n
VgzZ V)g f kZ
g tt } g kZ

, y Zth
+'
XN Y.&P U*
Z LZ {zgzZ Y
e
h
{zA (F,
gzZq
-t V-g !*
zg gzZ Vzg Z Z C1 QkZg Y

~g Y {g !*
zg F,
T, 2
h
+'
gzZ , ~g tu

gzZ V
gt X @*
t
~gzZbG X A ~

{C " ~ u@ pW~
V
LZVzg !*
zg } (,
~g tuV- g !*
zg g ZzZa Z
+ZigzZ
A & ~g ZzZa+
ZZi
H
4&
F
w uc V-g !*
zg L L HE4hG
^',Zg 6X c*
ZQe

]!*
- J
-uy Zpce**
Z~ ~g tuT

O ay

6,Z~
A & ~g ZzZa !
7 u Zt
X gw EZ~#
|z
zh
+y
VKZ]Z|~g !*
zg

HZ~ b
Vx Vp
/Z +
$Y ~uz

n
JF,
{ c*
ip( ;g Y c*
\K6,Z6,)g fg {g !*
z T )

2
6, b Z6,{z X KzJp {Z
+ F,
x ~
e
h

s WJ gzZ zg m,
g wg 8tX g w Z e ~ V-g?KZ o Z (,qZ}

s 0*
V7J
-u{zg L L ( \ Y)b Z
X Wx V c*
g?Vzg Ztu

24

\g- gzZM%Z O Z
x PZ wg W~g Zlt h
+'

Z
# ZzJ(,Vz ZGYgzZ V
V N U*
Z,
6 ng Z } g7

X ;g Z~x PZxT g0
HF
4&
+
$YV~
/
%tX~C
W~gZlL Lqh
+'
E4hG

;gA
$%]ZW,
Ze yZgzZ ) nC
~ *tuZEY H

yZdY 2008 H
H7 i!gzZ: Zq]Z`
Z(
,q
-ZkZ~iWX

yZdkZp
/ZX
) !*
y'
6,{Zg F,
{g!*
zu@
g wg CupB~1zg sgzZ Z { c*
i

XggZ{ZgxZ%Z{g!*
zV-rZ~VVN U*
Z6,

} #
sz ~F
x Zgz Z g ~gTyZ

f
e l3Zg
3 yZdC
g Ztu #
szt VMX g
gzZ CY g Z {Zg V Zd {ngzZ +
h { c*
i L L~ ]gkZ p

X D Y h
+'
gz1zgV Zd

!x W~g Zlz!*
**
~ Z
,
Ck^u

yZd ! x L LM%ZgzZ6',] 8 g- gzZ X ;g Y H7

X q z **
W g Z
ikZ n uyzizg- g ez

@*
X Te
8iW/w~y
W[Z g (Z !*
g Z Y 5 Zg x
x PZ xh
+'
wg0*
W~g ZlO ~ 4] 5

X e: 9 7 J0
+Z Z (,kZ L
L 9klgZ 6X }g D

] ZZk-
F~y ZdV X M
hYK] Z Zk- ~] zZr"
W~g Zl~ yzizg-J~
/
%8 g-g 6, r zgJV
[Z CZ 0*
W~g Zl\g- ] Z X @*
X ;g Y

25

gzZ ZzZ {z^Y^Iyzizg-6,oXgzZ 7{z3gi!*


J
yzizg-~~g yZdC1Y 2008 X g} 3 s
E
qZ V K Z ' \g- v A+ ^Y ^Ig _
OZ 6,
"
~ w V B~g izxgzZ
" %b#c*
Z

q
-Z Zz ] x p
HT
h
+
} x Z%Z ~g qZ X g 0*
Z
\g- J
-V;gzZ [ q z v( ~g g NgzZ yZd

X o]g7] )q
-Z
$ Z k(,:
a X ( Deflation)gi LG
L .6,{ c*
i

gZp
/ZX g W~ V~yzizg-zz~V %,
6R@
$ p g {Z
V gi LG
+Ju@g ~
**
Z gzZ

$ +
V
V
) !*
gi LG
$Y q
-ZX ; gg ez ] )h
+

OZgzZ y**
- Z
# ~ z, ZgzZ ;g Z~g
yZ gzzK
-
p
gzZ w(,8 ~ e YV

~y
W|g C
/%+
$Y ~uz X ; g Y @*
Zh
+'
~])
X "
$*
U

zz !*
8
- gz Z
A & ~g ZzZa Z
+Zi giZ
Z~ \g-

yZd gzZg ZzZa Z


+Zi { C " gzZ { 6,R@ Z R#
@ ~i y Zdg ZzZa Z
+Zi ~V %|gX ?
~8
- @ %
) !*
~zg Nuum{gzZ y Zdu

+eg |zg sg Wz6,u~ ;gE- ug c*


EX g
/zz

V !*
gzZ yZ h Z&# i Z} (,qZ u@L L q~g Z
Wg gzZ u VZ x LZ n pg
g KZ ~
@ yz

M% ZX X X ;g ^ Z q
-Z s ~g e kZ $
+pX e

26

b gz$ yZd Y 2008\g- Z Zuz kZ X u6',gzZ


$ gzZ6 q
LG
-ZyZd\g- |gX
Hug {g !*
zq
gzZ C1w q
-Z y0*
YZ ZeZX 6,A xq
-Z 3gi
"
E5F
CZ Z a gzZ ;g Y @*
xz
% bz!*
6,G
~

wg 8O%Z %b!ua gg D ~zg N ~!

{ c*
i ; F
F6,#
|z
zh
+y
{ C " kZ W~g ZlgzZ b#zg ,
mg

_0^zg 5gkZ [ Z
) !*
~F,
(,u N Z6,
~g YyZ h Z KZ}g Z qZJ
-
u@twZ[ Z n kZX

X $
g

wEZ6,gZzgX 73Zg k0*


Vz kZgzZ ~iZzjg1@*

bX[Y **
Wgc6,jVC1 Zz
E
I

45
] ZZiEG4hG
bZX$
Y 7h
+'
gzZ ggVZ w@*
0*
{z a 7]YZ
yZ F
F6,}gh
+'
7a kZ R

n kZ 7ik0*
VzgZtutX ! h N V

X;g7,
**
wJ0*
W~gZl~\g-z!*
?
H+C

z &Zp ( J) C*
c t x **
/wC

3 yZd

Wg c6,kZ g B W~g Zl, y Z x KZ [ Z ] Z|

@*
X N Y .% l
y CZ 8 I b
/z Y qZ {z)g f

]!*
Zq
-ZZgc jpgzZ ~/q
-Z,
6 0*
+Z~ V !z4

, Z **
Wgc,
6 kZ ~ $*
! kZjgz Z w gq
-Zp C

b5gzZ;g4Zg0
+Z 0*
c Zgg " ~Ti~d} y~y

X Dx **
XzeiNC
!*
0*
V#*
!

V- 6,g
gwgkZ ~ZN*
+Y 2015 ~g19 6 zz

27

Xw 16 X ;g YH7gT ;g(Z L L @*
y

x ZZ Z (, qZtJ~
/
%8g- s yZ g
CkZ6,] c*

W~g ZltX _Juwg ? ] *


!kZtp
kZ F,
$
+] q 7X [Z
yw g)g f

X { c*
i s@ {gH I ~gi Z
Z X ;g Y H

u\g- gzZ _tbgiZZ~g ZgzZ s Z

X 0ug F6,
g

g Z W~g Zl
u Z`
Z V
+
$ YVm{Z`
Z V~ ]z Z w
@g wygzZ ~g tu ~g !*
zg #
Z X @*

/
u Zz ~

UkZX CY| (,8


- b ~]gV
@*
Z~] YZ
yZ
bg
Z F,
c*
( {)z **
)
Zg { Z',
p
/Zg V Y
X Cgzo1%iZ :
Zg {Z',

gi)g f V~
/
%[ Zt] !*
5~ 0*
W~g Zl

Cgz Z ~g tu
/
u DZ
Zg {Z',~ g

{ c*
i c*
b6,V
J ~
/
%6,gZzg X g Z ~

n
C b#
Z X D ~p~8
- n
D

{ @*
X Qe
$yDg ~g tun
n kZ CY
X g 6,g~g tu ~g !*
zg z!*
# b~ ] q

Zg {Z',c*
%Kg OZ _ h
e n
] Z|~g !*
zg gzZ @g
I4E5
O ZzJ(,
/
u )g f ( ] ZZ EG4hG
) ] YZ
yZ
( ) D CZ g Z }u
~rp[ Z J ~
/
%

X2
i+
&!*
m{ gh
+
yP U*
Z V\ Y^

28

P*
U Z}uzV kZgh
+
yP U*
ZtVByZ kZ#

I
n
n V-g !*
zg Q TX A (F,
h
+
y2
V M5!
Z~ V
/
u~(,nkZX Z~ ~g tugzZ

$ gzZ
\g- X A ~1zgy Zd _(,+
$Y gi LG
) !*
Zc 6, W~g Zl } (gz Z C c*
F,!*
{ z

zqZg ZlV I Zz Y9Y )g f W~g Zl~M%ZX `

VN U*
Z }h
+
y zg m,g wg 8O%Z TYJ: ; Z e [g Z 85~

Z Z s WJ~6',X d
$
Z e [g Zg ZD
4.5 ( {g ) q

s WJ ~ Y 2014 ', Z +
& 0*
[g Z 375 q { VN U*
Z n

(+
& 0*
[g Z 447 ) + [g Zg ZD
80 : x Z
/z6, W~g ZlKZ y0*
Y

~e Y: y0*
YgzZ6',M% ZkZ
/ZX HyZ zJuyZ

zt(+ [g Zg ZD 480 gzZ +


& 0*
[g Zg ZD
1.6Z e[g Zg ZD
17 K
M n!*
8

X - x gt W~g Zl Y Zjt

t ~ ]g Zh
+'
V} ZZ W~g Zl *
@

X Hw EZ n Z ~],{f LZx g W~g Zl VM W


E
o{C " VXg D Y 2
,
6 bZ6,@g x
~ V 6',gzZ M% Zp
/Z~ z Z ZX Z 7Z ~ ~g tup
Zz ~g Y,
6 x **
W~g Zl *
@Y c*
0*
}
.t p g W~F,
(,
Vgz Z Z ~ V VN U*
Z~ * VyZ x g

X g0
) !*

Z$
eg ZuZ,
6gzZ Zz yZd
CZ 0*
W~g Zl~ yzi zg- J ~
/
% 8 g- J
- Z

kZgzZ } Z Z y7*
0 kZ tX~
CX 6, #

29

Zz wE Z zg- J ~
/
%8 g- X uy o ]Z Wgc6,

]Z gzZ ] :SKZ qZC


~ XV~
/
%
X 7{g Z Z ZiW**
{g Z Zg Zg
$ gzZ g ~ gzZ yZd V F
~g gi LG
8 g- m{gzZ y ;Z',
u V~
/
% Z zz Y h ] Z
p] Ze
$. Zg-g g Z 5,
OZJ~
/
%

H
W
z[ Z H Wg 6,0*
W~g Zl~yzizg- q

H/ c*
g } x **
kZ )g f Wgc6, W ~g Zl
zg- @*
N Y9 Y zg- ( ) [g Z 500 iZ g Y X Y

g Y yZt X N Y}h
+
y( 2
) i+
& !*
Z yzi

1V
yZ ~
V
nzHZ kZ
Z ~
/
u gZ
Z,j ~g tu ~g !*
zg B Z gzZ

$ gzZ
Zp YZ
L C
X n Y H } gi LG
) !*
X D W] Z|~kZ N Y~

gzZ w 8 ~e Yyzizg-g x Z
/z6,W~g Zlyzizg-

LYzg-[g Z 500 p
/Z6,gZZ ZuzX ~]y Zd
g ~g YJ
-sx Z
/z6, W~g Zlyzizg- pg k
,
i m,?

J~
/
%8 g- gzZ Zg n kZ
HH7 CZ6,g0*
ZEY
DgzZ wyzizg- Y e% $JnkZ+
$Y
Z D"tt] !*
ZX gg Z
',cD"q
-Z Zj

] J~
/
%8 g-X VZ y~g Z)f }u **
x Z
/
z,
6 kZ
I zey**
- t Z`
Z x Z
/z6, W~g Zl~

X N Y }h
+
yP U*
Z VgzZ i+
&!*
Vy Z n Zg V

30

Vc*
rC1 ? HQ @*
YDZ- Jc*
o (Z/
Ztw ZZp

y.6,zzW~ #
gzZ !NZ Z m,],~] !*
NZy **
- m{

}h
+
y +
$Y J ~
/
% 8g- ~ ]gnDZ-X [+
& PgzZ

N Y [ze n b gz Z N Y w$
+~ ~g i+
& !*
#
*
*?X X X }y!Zi Z yvkZ +
$Oh~{7tX

[Z w ZkZk0*
*`

) !*
ug !
yzizg-

Vz7,lLZyZx*`
akZX } 7,**
Z!ZiZ y vkZ
] !*
kZX ;g{C
b?
H~ e
$0*
B
sqZ

8 g- Y HtgzZ} 7,D Zgt !*


% { c*
i] **
kZ
~g Zl }7~g Zh
+
y
Zg { Z', W~g ZlJ ~
/
%
~
/
% Z kZ h
+
y+
& !*
m{gzZ Z`
Z b W

X Yc*
hg,
6V
:gz Z e
$
/
%: 7z
Zg {Z',J~
/
%8 g- t

\g- !~ x ~g Z)fpX g Z
Z~ y v

+
&!*
*`

tpgzZ: ZZ ?ZgynV{iy Zd

~g ZlnkZX Y n
%
*`
pN Y} h
+
y
d
$
gzZ ]gz
kZ 7Z {Z
+ { c*
i
W

X Yc*
hga% 7Z vZ

zu
*
c g
zg~ t :Z 0*
W~g Zlz o1%q
-Z ~ yzizg-

e
$z T
c*
g ^zg ~
CgzZ ~(,
X !*
J Z
zg- ~i WLZX _0~ ~g ~ V 0*
F,
V ~g ZzZa

s
# z
zkZV?g 6X /x **
qZ

31

gzZ V g
w Vzg g Z~ V4 q ]:S

6,Vz
C: Zg ZtuZ V ]Z mgzZ ~iZzjg1 KZ q
-ZC
~X
Y 2008 ~~F,
(,)g f ;V
X e**
**

t
G
X g !n RG45. #gzZ ] Z x t ;g ~g Y J
-i W yZd @

6,g~
C/zg- gzZ Z \g-
H Zzt ~p~g kZ *
@
LZyZdX ( gzZ ) ]Z gzZ] c*
gzVzg Ztu} (,
*`
Y 2000 wp/ ~iZzjg1*`
gzZ Z
t ~i W

gzZ A
& V) ~g Ztu `
)g f VZ~ V `
Z 6

zz T
H
Cg F% \g- Z
~Z HZ {C " ~

X [0
/
% ]Zg (Zx [Z',

X ; g 4 { c*
i ] **
kZ x
yZd

Y
26,gzZ y**
- OZ C],Ww6, ( PIIGS )EF&

Z
x ga `V1 CZy ZgzZ Z~ CZq

o{C " )g f ] ZW', Zz Y yZg Ztu`


$

Y
yZ Dg DW]g ZG0*
**
F,
EF& yZd*
@Xg
C1 zg- tX Z (,
yZX c*
Zz ~gz$ V

~gZ Li
L uZz8{~gz$kZzzn~2- V

{z X e)g f VZ~ 0
+
i VgzZ ] }
. Z V`
Z
~2-8 g- qVgz$y Z\g-! *
`[ Z 7
X ;g8
- npgg Z
',q

!IVzga%^
:a X UIzg- 5,
6 ]*
! kZ + Z
+(x

' x 7
-eZ CY ] !*
Z Z 7 kZ 4 pXce *
*gz

32

\g- a Z Z7F,
x gzZ @*
Yxw ~iZzjg1X CYT
$
~i Zzjg1 b IqZ Vzga X @*
Y {g !*

p ZzZ
w ^Z
# Dg a yz
z kZ s}
X DYg U}uzq
-ZZ et C g Zlw 4
yzizg-hu~ - }g Z)f gz Z {F,
x ~iZzjg1

!Iq
-Z VZ ep gc_ q
-Za X

yZdX;gzzK
-X\ WLZ sqZC
~y Z #
Z Y

2- 8 g- iWX c*
Zz]Z ~
/
%~" \g-
Z Z 7 %yZx *`
VzZ
+ x Zz q gzg- gzZ
g s: ] Z pX c*
W @*
zJ
-pK

**
Hapgg Z
',2-8 g- t| (,
Xg Dg (Z]

DqX g J
- u a Z Z 7 t yZx`
gzZ ~gz

) !*
6,R _(,yxg J~
/
%8 g- gzZ ,
' ]% Z

gg Z wJ~g Z) f c*
h
e w{ n %+
$ YqZX
zei }g7 ~iZzjg1\g- Zg +
$Y ~uz

gz Z @*
Z

~b~
y WX ;gg ZX

gzZ %~F,
x yZd \g- X Z % @*
a
y
`
WD V0*
gzZ _ Z }IgzZ c J ~
/
%
`

WDWg,
6V0*
+Z ZaD]Z Vzg Ztu

6 yZx`
D (ZX { n Za yzizg- 6,g
*`
6,\g- "kZ c*
V]gzZzu2- C1

x Z
/z6,W~g Zl8 g- {z t`
[ ZX wj
znkZ L
L @*
{i
+Z ! !X 7 0*
h
e w] Z

33

Qg !*
q
-Z ( x Z
/z6, W~g Zl%
Z~ ] **
v )F
F6,6 I
kZXg Zy Z 1g Z Vz7,g FLZ+
$Y *
`
yZX n7wb OZ6,qZ
3 yZd Mzg- Vzg tu

P U*
Z kZgzZyzizg- V-gzZ (,h
+'
[ AZ~g tu~yzizg-

X g
) !*
p aVzg Ztu} (,
*

g Z,
'
!g Z) f)gzZ lLZ V Zj gzZ `

JgzZg e
$

kZX g7{C
bE ~ V0*
{iXa b) Vz7,

W~g Zl ZEY CZa yZdzg- gc_t%a

~ Z
gzZ OZ y**
-ce **
7t
/
C
x Z Z}uz *
c
~ ]YZ
yZ Zz ,
6 V1 Z ] q& Z !L LgzZ VZ

Y 2015~g 19 ZN*
+X Y~uF,
0*
V.6,6 gzZ
b) yZMg F6,g yzizg- n
pgt `
F,
{ c*
i L L q
Wg 6,kZ w ~ y ZX 7e)g f W~g Zli

C1 t`
h
+'

) !*
}ax PZ C1

gzZ V
T WxR { c*
iV2c*
ggz$ ^g~ V

X Y~~gzp{ 1 ~] YZ
yZ

: Zg Ztuk0*
Vgz$\g- +
$O h~t % @*

X 73 Zg gzZ VZ Z wb A
& )L L6,Vz
C

iz Y : W~g Zl@', ]u V Z ugzZ V Z+(


H$
$ W~g ZlL
} 7,6,v%LG.nE
L qE4hF^',Zg 6X :gzZ $
0

gzZ b) ~
C tX s Z Z
xW!%

X 7iV- g F

34

yzizg- t Xce **
7 7 Zg WIZ W ~g ZlL L

$ Zz !*
gzZ Zz gi LG
',g ZzZa & Zz gau
'7
g] 5 LZ yzizg- J
-Z
# pX h{~g
6,gt'74A
& ~i!*
gzZ V)LZgzZ

%X m,_] Z ]q &Z ! L LgzZ VZ X g g egzZ


Y
T ;g0Z
# $~rZ6,
g~
Cc_VZ~ EF&

g0
+Z Vzuu KZ Vzg Ztu`
J
-V X ]gz] ZW', *`

~rq
-ZaCkZ *`
~ 8 g- !*
Zg ZzZaZ
+Zi

n
6, bV *`
gKqqZ i
W ~ F,
(,u`
~ x {zXg Dh
+
ykZt

yZd Z- X g0Z
# ^zZ
/kZ sp~
Z LZ [Z

C
/~ 0*
VZ\g- ! ] Z W,Z B kzggzZ
A
&) L L+
$ YqZX c*
,
6 J yZd*`
8
-

)g fWgc6, ] q& Z !L Loq


-Z YtX ,6,gZzg Z

@ q
-Z J
-#
Z p 4~g ZtuKZ ~ o}uz

qZ gzZX V Zz g ; V ;z V Zz
V ~i*
!
X 6 @yv{c*
i
~ hzkZ ~g }uz

! 73 Zg ~g Ztu
T ?yZd ~g Ztu@ b) yzizg- ~b ~
yW

zz X
k~A
& ~g ZzZa Z
+Z i6,R@ g ZzZa Z
+Zi ,a

Secular ) ,
F Z qZ [Z {Zp g 0
+Z gz
~g Z tu

Z F
F6,V C1 ,
6 gDX g ( Stagnation
3.t# c*
(gzZ ; gZ ~ V G
F,
h
+s:y Zd\g-

35

|g yZd zg- @*
~ { c*
i}uz '
Xy Zd ~g Ztu

7X f ] q& Z !L Lc*
W~g ZlC
!*
kZ *
c ~ yzizg- t

J
-Z
# 7]**
kZ 8{ 0*
VZ c*
bJ
-
zkZ

yZd q
-Z u@6,(C
X g e
$% W u,
6 V \g_ 0{ wg ~g ZG 0*
**
gzZ x PZ xX g Y s }uz
~gz y Zdg _
OZ6, ~g Ztu8 g- & Cg ^
,
JVX

X y'
+
$Y y Zd [ Z ;g Y {k
,
b
Z6, x PZgzZ +
M 8 D
6,gxBum{q
-Z gzg- g 7
- Z
KZ JD
gg Z
',6,gg g F,7
- Z
@* ;g h
+
yzg-
**
~ pg ~g Yh
+'
kZ [ ZXn Y c*
J(,A
& )

zzT c*
uF,
pgJD Ds Z Z

@ kZ gz Z ;gZ ~!~ g 7
-Z
~ zg-
Zz Z q yv Zz zzkZX g Za :~u

Zq
-Z ]Z W,Z Z
kZpX }
.y vZ e V1g Zp7
_(,X g W',~ ]g Z {C " ~ D" ~ wgui**
]Z6,kZ H{C
b
TKZV~
/
%~kZ

~rV~
/
%)g f VZ
/z6,Z W~g ZlgzZ g Y VZ
X ; g Y
C
) !*
.6,[ Z {z ~Z~TVN U*
Z Z~

6,gzZg7 g qZ~ ]KZ ~g Ztu @*


Zzt
kZ

sX YY HwzN:gzZ Y Y c*
~ :& x g _
OZ
A
& ~g ZzZa {C "6,R@ )g f ~/~g/qZ g ZzZa
X YYc*
~wzN~g`

36

{ kZuTX y0*
Y:
Lq
-Z Z~ VE.6,u@
~ZZ ; Y 1990 X gD yZd6,g )~iW
iZXggD/uy0*
YJ
-w20 ^zZ
/
gzZxZ%ZZz

yZgz B
k@ ~uzX F,
) y0*
YyZgz `z B
k

6, C
Y (gzZ2h
+]
.Zy{g!*
z kZ !*
'
, 0*
Y
y0*
Y yZgz ]g@ ~!XBe
${ C" 8
- T
{ c*
i kZ V 0*
YgzZ H"
$U*
o ~W'
,V){up
0 u ~(
,~uz * y0*
Y
) !*
~g tu {C "XN w=
~gtujo~ ; Y 1980 gzZH
m,
_:e ~r@
ys !*
@*
XZZ
VzgZZ Cgs
q Vz!*
kZX qz **
Z

Z {C " ~ VVNU*
Z kZX3g ~gY 2
VZpn
gzZ

Y ~!C1 -q
-ZV-gz Z7mgyZT H

~ VF
F6,ZgWk #
0*
YZ
# ~ ; Y 1990 pXH
qz

y Vl@*

% Z VNU*
ZgzZZ

WV
"zeyZVzgZ ZC1 XH

/
xZP#
J, ZtX {g0(Zombie

Bank ) l {0
+
i LLJFgz Z H
H^

Z Z ] Zz yZ +
$Y #
p#q VN U*
Z X
y0*
Y Vz!*
kZX{%:{0
+
i: Jt Xg !*
zz $J

- Zt 3g~gY 2
tVzgZ Z ~g!*
zg}(
,
XI{%4V|FbV{%4V- gzZh
M7xL
X sz^~zzK
-w b~F,
(,yZx y0*
Y A
$

~e Y kZ VZ2
{ c*
i
* y 0*
Ynpg eu

W,Oh
+'
y Zd Y 2008 X d
$
230 8

37

.cI~Y 2012
zz x Z
/z6,C& wb F,
u 0*
Y" ZzEE
% iz {g !*
W~g Zl] YZ
yZ 4c*
g ~ x Z
/z6,C&kZX H
HWZ LG
z
x ** "Z t n X ]q &Z ! gzZ ; C1 )g f

T Z Z ~ ]ZW', ~ g + X W[ xC
u .
E
Z ~ V`
Z c*
~g tu {g !*
z Z
+Zi V ~,
( @*
X,
( o
!*
X 1p~ V-g? O wEZ a Z ~ C)g f
~g tugzZ ~iz0
+Z {f x g +
$ YVzg Z Z ~g !*
zg } (, b *

~ y0*
Y ~ w q X ] g ZzZa Z
+Z i {C " 6,R@ ~
X ~ h#$
.zZ T Z"
$U*
~
yW{zZ~L Consumption L

X g D yZd {g !*
z u
) !*
W~ 8
- @g Z kZ
v( u@ ~ kZgzZ yZd @ Y 2008 ]qyZ
/Z
g g !] Zg q*
!z{ C" X Zz (Z CWtg Zu Z6,
*
@Y}iu\ I- 6bZy0*
Yq]g '}gzZx V wg
sZ e6,] q;
/q%b#u 0*
YZ
# pX
qZX 3 H
@ ww q {n ZEW * ~g7 ~ kZ
X wozZgzZ

; gr],
6\g-

{g !*
z u OZ ; g~} g !*
Vo cu} L Lyz" Z
#
~ kZ %bt~
/~ u`
gz Z 9~ y Zd
:q
-Zuyzizg- 6,gX eg kg%b0.1+ F,
~

NuwZzi y0*
Y spt M% ZZ
# X o gzZ ZI Zz
) OECD X , ~ 3yZd uO% Z\g-gzZ ~zg
~ M', xg q
-Z : Zg ZtuCc*
F,
( ^ ,
FgzZ yz

38

~g Y ~zg Nu@ L L c*
t ) G-20 Dq Zz
~g tu Vzg Z Z Cg ~ * gzZ ,
6 RF, ; ]g @

X gw q*
@

}qZpk0*
yzizg- `W L L q~}h
+`
ZN*
+6 zz
**
yzizg- V- gzZ 7i pgpV~ y Zd
]**
kZ { c*
ig ~zq ,
F ZqZ @*
Ct 7#
sz

X : eZ iY **
~w }gzZ

V;hsph
+ w6 L
L F,
ZLLJ
-[Z6yZx

gZ +egX6,0
+
i D
/gzZ VZ% b Z 6,
kQ L
L qDwEZBw$
+zg}hp Z ZZ
F

c*
WtyP}kZPug 3,
gZsWJ{k
CZ (yz" )
I],
ZepZ*ZWX;gr]6,\g- kZZ
#
b DgZspLZ~) G-20 ZE~M'
,
eg`
d
Xw*\g-h
+
[Z2
_(
,gzZ~gizg"%

gzZ zz Hg i
+Z ZN*
+g Z ]
}
.R X Z

6,V; {z o
zkZ yZd T H} h
+`
Z
npgg Z
',6,g8
- ~ |yZgzT sq
-Z

J(, (Productivity)e
$g ZzZa +
$ Y ~uzgzZ H
Hg Z6,V

X g C
/
g ZzZa
) !*
~~g tu ZEYa

7ea kZ gg Z
',g 8
- ~ yZd

]Z W,Z T ,
6 V~g ugzZ { ~g Zl~,
( g Z kZY

yZd 7W',~ ]g Vzg yZd

yZdX qZ N
h q {g !*
zg 8
- { Za )g fV

39

~yWyiZ x@N
hg:g Z
',g 8
-

X
g ] ~g tugz$,
6g!gzZ ~p

gzZ o {C ") g **
Z
+Zi C1 {C " ~ #qZ kZ

X w gy0*
YgzZ\g- 6 ( ~g tu
^zZ
/
~ ~F,
(,e
$g ZzZaV=p~
~!*
W
z~uz

zz @*
X g Z ] ;z **
~w%b~~g tugzZ
H D#
sz mb!*
])z b) agzZ +
&Ze

a
/ZX6,b}uzq
-Zg Z
Zg { Z',#
sz ZEY7,
6zZp L L

~ZT Y ~ ~g tugzZ C @*
Z~g Y~

DiZkZ J~
/
%
/ZX q%bgzZ 8
-

~ % a D o kZ {z
/ZgzZ D Y q z
C

yZ
(t
kZ X g J \zg |^zZ
/
c*
VZ x n 4w gX gkC'"p~ V Zx
gzZ V#{ z~uv W (qZX @*
{ z *
@Y
i ~ C
kZ y Zx~ ~
yWX W
Z
# ;

R@ tX ; g0
) !*
~ wZziu@ xz qZ
1zg ~g tu~ V~g ZzZa T g ZzZa Z
+Zi { C " 6,
X =g fuZzw~ F,
(,X g0
) !*
& ~4] @ ~ k ZG-20 zz Z
y Z c*
{zf LE
~ V Z nkZ L
L Y 2014 16 ZN*
+ 6m7

X D7} g7 L D YK}z, Z Z

tzz W,Z" V0*


gzZ ] Z Z Z L L qzz

astX +
h ~g FyZgzZ _ W,O yZdJ
- Z

40

V%C1 c*
1 V
{C " :gzZ 7X 8
- tp7X

6,R@~ V/}uz X g**


{ZLZ uC
X
] ;z n~uz c*
q
-Z m {eo}uz c*
qZ {z gN
q
-Z yZd ~g Ztu@{zgN 7XZE Za zz
CZ VhZ~ VZy Zd
gt X y Zdx o1% !*
iZ0
+Z V 7 yZd bkZX ,
6 ] mKZ oC
g Z T ;gg Z

g Z**
gzZ uqZ o zZ OkZ ; g7(C
g g qZgzZ

kZpX ;g ~KZVZ~V !zZy Zd~TgN


X ;g} 3yDg ozZgzZy ZdKz!*

XnY Z Z,j ~F,


(, @*H
3g 6,g b

"(,~ Z gzZ 6,RF, w300 b~6',

kZ X d
$
# b~ : Zg Ztu} (,x X 7] **
kZ

V Zdd
$
yZdtYYc*
{ iZ0
+ZtZgzZ Q7n~

X { c*
ig ZgzZ]kZgzZZg6,g~g
~
/
%J
- `WV ;g} YJukZJ~
/
%8g- [Z

Yc*
n# b~
CnJ(,
/
u~g ZzZa
H7J

Z ZzpgKZ~VV[ Z4w tC
X Y Htc*
X {0
+
i ~ Zzg)gzZ Z ? ]*
! kZt p u7,**

E
4
$
4

H
A
4
5GxR,
3.G
E5GF
. HE
8
-- Zz YDZ- ,
6 gyZ~ Y 1998
-8Ew
~g Zi !*
5q
-Z ._ [ ZE
iel
gE,G
6,h N # e {, Z qZM% Z~ w i el
gX ` 4Z ~
2kI
G4+
3~ J.G
$ Yq
-Z kZ [VJ
-~g ZD
28 _m

3Zz p ;g Y @*
m
6,zZ a kZ X y " g |Z +
$Y ~uz

41

kZ
HX ^zZ
/{ 1T~Y 2009 8{ W~g Zl
X Y H o
y Zk
,
yZ [ ZX , , {z
g !*
: iZt

/Z *: Zg Ztu H{ k
CZh
+'
OECD gzZ pZ *Z WX 7~ V;
gz ~g iz { C" gzZ F,bF,
aVi Z 7a V;

} (, J
-Z
# g ~g Y J
-
z kZ t gzZ g Q+
$Y
" hz 5 gzZ % b {i yZdX ' 7]q &Z ! 6,e
Fg7g Y~F,
$
+ kZ : Zg ZtuCc*
F,
BVzg izg
tX 7q g Zg b ~g izg " {X g Wt

wZzix : Zg Ztu ~g izg"xqZ 7~g izg" /

;ggVzuyZ ~g F gzZ 6 DZ- x :Zg ZtuX g Z 7


-

~ s
KZ wV ~g ZzZa~ Z LZt V

`W h gz'
IYgzZ
/Z~ i W ~g ZtuX ;g 7.
g VgzZ g !*
',V0 ( Luddites ) l$
+{zg Ztu

C
~g iz C=Z sX g Y Dxzg izg6,gx Ox Z Z
z6 L Lq
-ZB e e
$.[ Zg ZtuX g Y k
g **
Z k(,q
-Z(

i 5e} (,~ Tgz Y (^g gW~}g !*


g z
gzZ ~V `
Z N Wy { 1 ~g iz gzZ N Y

vZ d
$
KZx ~g Ztu [ Zp7
- (ZtX ^zZ
/~ +
0i
E
$
X9g6,
KZ L h~
q

J
mg *
@Z

H
ix kZ i WLZ yZd
/x ~ ; Y 1930 h$ZR,

e
$.t
yxg yZd Cx**
L
L x kZ6,ggz Zz]

42

Zzg ~x : Zg Ztu6
/ w Zziz `z7s
# z Z
Z e 0g gzZ CY sg+
0Z xWy Zgz wX z
ngzZg Zz Za ~g Ztu Jm
g *
@Z
/, z CY `g { W
X Dk
,
/**
zzF
F6,i
/

/
w Zziz`z wkZ~ 8
-C
ze AZ [ KZ x Z ugi
+

{C " ;{~ e} (,L L#


szg Z0
+
6
B+Eq
~g Zl[ Z
t X 4: F
-Z: iZBA
& ;~ Vu

.L$LZgzZ g Wt 6,g ]gzq


-Z Zj ; ~g gzZ

Za e } ,
( kZ !*
#t X C 7~{ *
! ZEW
; ~rpX
8 RCgzZ#
|z
~~rk Z {

X DwzN
Zg {Z',2Z k
,
5
+W,
Z gzZ Z!*
C
!*
gzZg0
+ZA
&

n kZ X $
7 g g ~F,
(,g ZzZa g g zgzZ ; ~r

kZ Z73 Zg v kZa gzZ @*


Yk
,
/**
x gzZ Z
g !*
M zM z x t n kZ Y h 3Z ] ~g ZzZa : Zg Ztu
X X X CW ~z6
rq
-Zg ZzZa: Zg ZtuX Tg Dg *
!
e } (,g ZzZa gzZ V ! ~g ZzZa Lg ~g YJ
-V F L L

~g ZzZa kZ { #
ZJ
-
z kZ @*
Y H !*
',z { n j: Z6,
ngzZg ZzZa Z
# J
-
zkZgz Z*
@YH7#
|z
6,7 kZ c*

~kZ f(,gg gg ZzZaX @*


Y7qzg {g !*
z
hzt gzZ CY w$
+~ hz !qZ ~! ZEW~ X CY q z **
W~!

yW!*
gzZ CY w$
+~ hz Zz VIzg VZg WkgzZ V
Y Cg QQ
E
E
& zg
g !*
Zg gzZ *
@Y/
~
/x Z P
t G45\

X *
@Yc*
ZC
g *
!

43

kZ F, x: ZgZtuX s
# zgZ0
+
t 6 wZziz `z
gzZCgO
_Z6,]gZzZa~k
Z CCZn kZi6
/
x Z 6X qz **
ZkZizzuCgZzZa

W,ZB
{ c*
i2Z gZzZa 2Z C s
# z
gZl~gZkZ ~gtu{C" Zz~gZz Z`zXDi Z0
+Z
{ c*
iqZh
+
ykZyZ `t6,Rmq
-Z CZa

ZE wEZ ~ ~gZzZa 8
yZd gZzZa Z
+Zi T CY
yZd: ZgZtuXyZdgZzZaZ
+ZikZnVzs ZgzZ{)z ~
~gZtuX @*
**
gZ{Zg `z6qZggZzZaZ
+ZikZ

XD
@yd
Z 6q
-Z~,`zC
ZzW
E
E
!
{
3
g sg !*
C
~ V Zd yZ L
L #
sz EG4 F

X *
@Y c*
!*
,
'z Z (,qZ V~g ZzZa { 7 w
~ V ix !*
z g ZzZa Z
+Z iX CY!*
zq
-Z c*
~ V Zdy Z
g ZzZa ]gz~ V ~g Ztu X C x rZ qZ

Z
+Z iX { x :Zg Ztus] **
Zd g ZzZa Z
+Z i @', ] **
Zd
X g
q~ ] 4x !*
`gzZ ] Z ~rg ZzZa
qZgzZ Yh
+
y7kZ { ZaKZpz!*
{ g nC

X
8yZdT @*
Yug F,
h
+'zzkZ,
6Rm{

~g tu{g !*
zZ
+Zi q wZ 6
D !*
6,gg ~ C
kZg Ztu ~r5gzZ
yZd ZEW C A
& ~g ZzZa ~(,{ c*
i
) !*
kZ @*
X
Zz w Z L L #
sz g 6X Z ~ ]
s:tX D7qZ ]q Zzq] Zx wZ kZgzZ] q

44

wZ X Z Zj Cc*
DZ Zj Vkz y i

g Zz Za w ] Zx kZ zJ
-V~g ZzZa `g Z

g Zz Za : kZX 6,A
&s ` gzZ yiZ b!*
VZ
: o#
C *
c s: gzZ @*

Wz `tX
s c*
C Tg g+
0Z g {,
]Z ] q

{ c*
ic*
Z hgg+
0ZzuZ6,
R+ F,
A
&s$
eZ

C Z f,
( { c*
i A
& ~g ZzZa pX I Z h
N sp
( 352-353 3tug ) X@x BVz
C

gzZ Vzg !*
zg F
F6, Zz" m
yZz6,)g f n

/Z L L qg

ss
# z y Zd bkZX Y c*
i Z0
+ZV-i*
! }F
F,
6 VZg Wk

z q Z yZgzZ C KZ Vzg ZtugzZ yiZ x~ VZg ZzZa

g Zz Zat|pX $
Y)g f] yiZ xyxg
6,A
& s] 4~g ZzZa)Ju ~,
( g Z ~g tu {g !*
z ~
6,g~zb
Sgg+
0ZuF,
qZ A
&s] 4a
7Z
) !*
|kZ6,g~zb
gzZ zz 2Z Zz ,
6 V`
Z

jon g Ztug izg y Z J


-#
Z Lgxg izg J
-
z kZ s
X C A
&szx Z
) !*
"
$zz ] *
* Zdx X

g !*
C
o kZ (F,
F,
V~g ZzZa #
Z g ZzZa: Zg Ztu
( 615 3tug )X
@*
YA
&s `

u:Zg ZtuZ
# yZd nZ g ZzZa Z
+Zi~Y 2008-09

[x~% N*
yZd {zwE Z/wC
JV;X g D^z Z
/{nq
-Z

X Z=
W y Zd Vzg Ztu
y s!*
B Z ~ ]
) !*
Tg
45{
G
P ]g @ X 7.1zgy{z b ( Canute) HG3E
!*

45

W yZdX W^zZ
/
~!~g ZzZaQgzZ 30 ~V

z!*
; {C " Vtzz ~
C
p ] ;z

x ZEW~ ~r@ `gzZ _ iz A


& s ` g ZzZa
X Y7~skZ

x n
~
3C
!*
zukZ n
zx ~g Ztu2
G

Za 7~2
X*
@Y7
/
x ZPJ e Zg J
-
zkZ sp

Cuq
-Z KZ kZ bq ~uzC
X D 7,:Zz D
g Zz Za Z
+ZigzZ ~i !*
< {C " ~ ]g
/Z L L#
sz g 6X

kZg ZE 6,g~g ZzZa @*


a kZ (Z Y k(,,
6 n
g Z

F,
!}y ZdgzZ] Z 2
X [Y 5J
-Vzu Z
X Zz g ZzZa Zg f Z6,B yZ gzZ

( 7523tug )

g g (Z ^q
-Zzz Vi Z6,l
/ wwZziz `z
& **
LE
gzZ {i wx ~gZtu~ wZzi @'
, gZX
4E
& ; b!%wzN
/F
~gzZ{ 1 { c*
i bX 4E
kZZk(
,
~gZtuX@*
0*
V7J
-g b Zz ~ gzZ@*
Y
qe
$gZzZa c*
~gtu ~gp o%bggz ~gzZY 1950
^zZ
/~ b%yZgz;C
kZX VZ**

`z)gf Z~gZzZaT]g@~; Y 1950 X W


yZd Xgf(
, b12.5 : H Z ZgZ~~ yVZ
_ VJ
-6 bt yZgz ; Y 2000 gzZ Y 1990 ~

C
Xg0*
|(
,
7{g!*
zgzZ
/J
-2.1 t~k'
,a b LLw
/X

46

~gZtutX 7yZt ~ V-gz$gzZ ~zgN~zqs


XgYC6,g3c*
{W,OxgFX?yZdCx**
h
g g k
Hz ~ ~ F,
(,@ ; ]g @ J
-V;

Y 2008-09 pX `z k
B i Z Zz J
-w25 X ;g @*

) !*
kZX ~gzZgz$J
-Z]g @ ZEx~yZd

X { e
$K
y s !*
H rct V Z u Zzjg1
; ]g @ b3.6 wkZ pZ *Z W
3 Zzp H Z~ kZ b4.7 ^Cg @
t Mg6^Cg @ X F
F6,Yg ~(,u} x t ;g}
6 D" Zjs@kZ ] Z(gzZ 5Z' L LZ 7,
**
{C
kZ

Z ~ ]g @ d) Z e }g Z Z Cc*
q
-Z y X c*
Z

d) Z eX 1. _ eq {
X 7w YZ a]g Y2014 L L8
-eg ;Zg h Zr

@ k
,
w gui **
Zt ! 0*
b L L

X ~ xg V l@ z 6 ? ~g Z tu
tu[ Z e
$K 6 _ Vzu ~
yWKZ $
eK
C4c*
g ~ ; Y 1930 X g g Z CZ )g f yZd @ ~g Z
X ;g 7x A i Z (Z ` Wp c*
3hv]g @ Wgc6,*
0
\g- gzZM% Z u m,Hh4E]gzZ zg~ i Z0
+Z| r e6,RC
p/
Z
n ~Z~gX g0
) !*
Z ~ Cg b!*
M% Z
) !*
~g ~ Y 2014 m{ ;g Y @*
gzi

CX d
$
R[ Z W k
B V6 L LX g| (,k',
`
/
6,u
X M
h Wt 6,% Zw Zzigz Z g V u
Z y sg

47

%~ { b/
X g zg V p- ~ Vz
Cu@
wZ e 60 7 (
M ',) %x {X ~ iZ0
+Z Zg e ~ V
tutX 50 ^zZ/
t ~ w Z e 115 ~ yX _ Wn
G kC~ * ] Z W,Z T yZ i W gz 6 qZ yZd: Zg Z
X N Y

X c*
g Z

hZa u@L LZ eg d
` pZ *Z W

?
gtZzHp
8
- T Z~ Vx@g %

{ c*
iqZ ~ V%|g X A q
-h
+'
b L L.x **
gzZ (,

~zg Num{ u@ zz ~(,q


-Z kZ Xz ,
k{
~(,
g @*
~ u zz y ZdK g ZzZa Z
+Zi (Z X

gZ e[g Z 586 ~Y 2009X Z7C


Jzz Z4c*
g
"

5
F
G~ ZZ 4*
( @*
/;XF
y7ZZXnY3g G
~u)g f E
cg
X
HH[_
.~g tugzZ
H3gg Z
', bg izg qz" } (,
.nI4E
G5kZ u
N% b8 ~e Y gzZ g [ Z ]Z W,Z xEE
y Z V*
c r~(,z ]ZW,
' \g- gzZy 0*
YX d
$
7

]Z ,
WZ {n6,g ZzZa u T g W~ ~g Zh
+
ygzZ g D ~k
,
5
+w Zzi

%6 q
-Z~ yZd~g Ztu~zgNu@X gA
$%
^z Z
/~ V%X
k~/
,a
kZp {g
Z i W

X Z~g ZzF,
%m{zzq
-Z
yZd i Z Y 2008 & {gzZ g i % %

Ky,.6 g ZD
20 Y 2010 X ~ F,
~M% Zm{~
6 kZX k
Hz ~ [~:o {u Zz Za %

48

{C " Zz 6,R@ Y 2008 ~g tug gay


- qZ uzz A
& ~g ZzZa Z
+ZiL LX Wxzz u

~yZdgzZVZ ~g e
$a Z | ZC
!*
g Zl
&**
YLE
Zj X *
cW`z ~g Zh
+
yny gzZLg u 6

] YZ
yZ 4c*
g @*
XH
Wxtuay5% Zz

gzZ gf(,%zzT 3gg Z


',8
- %ug ~g Y

O% Z~kZX 6,gzZ jo{C " ~g tu~


X :Z izg w90 ZZ q
-Z~g Zz Za%

B Cg
k
B[~:o {Z',
u gzZ Z~g ZzZa%~M%Z
9
%
) !*
~zg Nu@~ /
Y2014 X HFLk
B Cg
: :Z izg whz 3g ZzZa [~: qz **
W~ V

Tg D4Zg tu~6 kZC


~g ZtuX Hg (Zg i

Zz W6 @*
Xy Z w Vxo{ c*
i TgzZ8
- T
G
5"h
4G
g Zz Za f(,X D4Z,
6
C ~ F,
',V): G5E
+]
.g ZzZa
" ~g ZzZa h
5G
4G
~rg Ztuq G
5E
+]
.
CW~ V
) !*

Xf
e

"h
5G
4G
%%J
-Ztp gY6, C
G5E
+]
.l%p
/Z

{ c*
i
~gZzZa jZzg
~gZzZa kZXi
g zZ LLXg H ~gtu~kZgtu a kZ

Wn
gZzZa Zz Y VhZzg~ V {

6,g~g~:XgYD!*
'
,~hO%Z ZzW6tp
% iz e
Z%LG
$oMq
-Z gzZX 6,{ n%

49

~r pg 6,R{gZzZa DsZZ kZ G.- Z

g zZ,7,:VY]ZW,Zt6,
VzzkZ"ggZ
'
,
zCZ~

Ze [gZ750 LZ ~:X g t 6,7 ]**


v ]
~:X g/ wEZa
B
kCgkZ],
{f! Igi

z!*
],
{ f {C" Z ._ m,eX 6,%]ZW'
,85 [
'
,
Z'
,14 8 ~ eY {gC1 WJ
-Ze60 7%

zz spgzZ !*
[zZ [#
~ Y2011 kZX
X,7,6,VZ
/z6,FY ZzYKqz

]@
%X
(@ 74z]
.st
]gz **
Z Z~{M% Z~g ZzZa%~~r@ F,
7IV
~:] !*
tgzZ Zg Z6,[~:kZa ~g7

ayiZ P LZ z zgzZ yZ,


kZ Mz g zZX W

hz 3 g ZzZa % [~: ]gz Z {C " ~ V%


y Zk
,Z pw Zzg LZ~~:pX : Zizgw

*B yZk
,Z ~ wq M% ZX T e **
cg zW,Z _(,

@ yZk
,ZgzZM% Z ~:X 1 ~ Z CZ s ZgzZ H q z

yiZ PLZ& 9g `DuyZk


,Za% Z e ^Y
%O%Z bZXced
$
wZ e 140 7%a

X Te **
~ } ],
Z cg W,Z LZ {g !*
z M%Z {z !*
',
s ZgzZ zzZ kZ L
L c*
C KZ qzggZk
,
Zc 10

X gzZP{Z
+kZgzZ li(s ] Z *

{z:g `Z ~: 6
gtL L qc 9ZN*
+

50

1zgV C
/%~:pX Y V{g Z Z gzZ :gzZ

Zz Za%7t sX g `Zsg7 !*
a

g Zz Za%~k Z{
/ DwzN~:T g
g Zl a%~ ~rm,_ ~:Jm c*
g Z

Xg J(,

q
-Z ._ZN*
+X goZq
-Z ~: 4kZ
e
$ Zk
,Z~tZc*
C~PyYZsW~R,
O%Z~
/gZ ~:

XZ[Z Zge
$O%Z#
(Da'wa ) > LLKg0*
sZCc*

c 8 X g Y k
!x [~:B
kV Zz ~] gzZ
NYDZ-V|g" ZzZa%}h
+`
Z
Xga
y6,
y,.6{ c*
ikZgoA{zY

ag gz Z@zzZX gW,O%6,
gk
B V

~g tu~ Y 2015 V Zz Za %nzH{ C " @z


~] YZ
yZw Z LZ X HyZ VZ~(,~"
H5F
4]
V {/
ZH{g Z Z Cgzx **
4G
Z Y,
3 ZX Hy Z 20
+c 16 X g 7jo[ Z12 g ZzZa %@ Y Hi W
J RZ e 60 7 %x { ._ } L
L @*
{ k
CZ {h
+`
ZN*

Z e [g Zg ZD
q
-Z Zz Y a
y6,V1%~ w
) !*
W

J: Zizgw23 . _ {k
CZ} X g ez] Zze g
%~ kZgzZ g 7joJ
-Y 2020 bW Zz Za

yZgz ] { 6
/X { c*
i
~g ZzZa T 7
g ZzZa
~ yZg~ Z 15 .
yzh Z
X W26~gzZ21

51

~u@
u@^zZ
/~ V%C
!*
%6,ggzZ

g A
$%] Z ,
WZ A kZ 6,uX g 0
) !*
t

{ c*
iZ] c*
gz **
Z kZz !*
o Z (,
a * Zz Za%X

g ZD50 7~g ZzZa: Z izg %yZgz;


/X @*
Wg %u
Dq ZZ w37 ~C%~ZZZ w
X? F,
{ C" ~g Ztu~

~ 7 %X g Y Dg (Z ]] Z zg+
0Z u

Zz8
- ;gy vV zg0
+Z Zz Za w x {
|,
( c,
^Z7 kZX Z {Z
+Z Dw EZ %,
6 e } ,
(
w1 c*
X ;g Z ~ !*
6,P V*
! gzZ g

{E
+Z ~bW~(,
oV 8
- 8
-h"

Z~V
`Z {zt ~ WV !*
X _B@*
E

6,gzZ%] ZW',75 kzgX F,


!4z]
.C4TN 0*
7
~g ZtuzgX @*
q)g f Z WPkZgzZ

~i Zzjg1KZgzZ L6, uo yz Hg6#


yZd
+X T e tu CZ uui **
gzZgz$kzg} ,
6{ kZ
Zz +
$Y[fY h
+]gzkZ L L 19 ZN*
o~!tuzzg C
/gzZ ~V %V- 0*

X; g Y@*
{: Z
4c*
ggz Z ;g YC
!*

C
!*
otuZ e[g Z 128 wkZ J~
/
%zg

~g.
zg zg J
- yX k
Hz ~ Y 2013 X
Hi Zz6,
20 ~ Z e g .
zg zg c 16 X W27

52

,
6 ]ZW', %X ^zZ
/~(,
Zz ~ y q
-Z Y 1998
zz Dq~ V%^zZ/
~g V6 Zz g Z

X {g S Wg .
zg~ Z e wkZ p ^zZ/
kZX

zgX F,
$
+ ( Hryvnia) *-g LZ-g .
zg T

J
-17 ~ 1zgg C
/ gzZgiZZ #

Sgg Z
',6,Z e 60 %
/Z H{k
CZ J~
/
%zgX c*
J(,

zg ~g .
zgX YiJ
-4.7 4.58 ~ e Y kzgw Z

)VrZ c*
J (,
h
+'
1V
Z e [g Z 600 VgzZ V
E&
V-0*
Zz Y zz Z 6,Z- X Z Z( { Zpn
) V G34E

J
-x !Z wX YZ ~ ] ) Z Z n
t

X ] **
kZ J
-10 giZZ

Y 2008X H & 169 gzZ %~ Y 2015 G

bzg ga ~g tu#qZ DZ-


c*
gzzy Zd

!*
Zk(,
6,V u C1 +
$ Y~uzgz ZX qZ **
Z
X YH^
,Z6,
V N *
U Z 4*
cg
T Z 7,g Zz Z (,q
-Z uzz : jo

gN +
$Y V N*
U Z 4c*
g yZ Vz A{ c*
i ~g Ztuzz
]& q!zZ g~ sA
c*
gJw 80 %GX

wZzi ~g Ztumt &P U*


Z+
$ Y
c*
gX qZ~

IZpgg Z
',]& q ~g ZtuX ;gg DW]gpx WmZ~

n
CgX Z g Zt~G@*
9g8{ yZ g7

Man who saved )


GL L} h
+`
N*
~ iW Y 2014 &

c 9 ZN*
+X g D VZ/ ~g c*
( Mexico

53

1 ME
5 zz P zLZ V | % L L q ZjZ Y 2014

~ !*
#
@*
,
7 gzZ Bx o Z
z D
X YZ_ Zy W

q ~g tut _ ZyW L L ~g Ztu bZ-

V Vx Gth
+'
X , Z Z G7
gzZ Y~ ~Hh4E]~ ~g tuV%
z Zzq)g f
q
- Zq
-Z~ VDqX N Y V6,zb #gzZ V`
Z V

t _ ZyW L LV%V G~ ]gg Z

W^zZ
/10 ~g~ V g e
/
X n Y 7c*
!*
Wa

._ ( BP )@z,
' X Xh
+'
?q
- ZG T

6,%95 yW CZW',X ~ zz ],
{ f %} ,
(
~ *

wkZ pZ * Z WX d
$
60 bgi Z
ZgzZ
Y^~ ]gkZ so ._ Vzg tX Y iJ
-3u

Og Z2
zzc 11 X: w Z e 80 7 %

* z z bkZX
HDZ- ~i W w kZ { c*
iV

X | (,k
H47gZ V
z zyX
H0o +F,
H45

/
g ~Z e T
Hxg ZC1L L. _d) Z 5GF
MZ e qZ g ZC1 178 ~ Lg gz Z J
-120 yZgz { g e

~ yZd z zgiZ
Z Zk(,gzZZ ~ b,
6 i+
& !*
B kZX
45bZr Z} g Z Z Cgzx1H
G
Vzg t G
qZ k ZP X ]
/

w Z e 130 7 %a yiZ Po ._ VziZ0


+Z

X { c*
itz~V { ]gz{ c*
i

p
/ZX V6,R+ F,
KZyZdY 2008 gZ e O% Zc8

54

[g Z 75 zz V % C
/p g W,O%M% Z
X ',Z', 0.7 CM% Z gt g
~ ~r g Z e
Z @*
w EZ ~h KZ
C
~M% Z ._ VziZ+
0Z V Z u
6,gg M% ZX ',Z',
Z2 ~V `
Z {Z
+ : Z e 800
@M% ZX Y^7(Z6,gp
Z @*
;g
w~ Z * !*
s WJX Y$ 7g Z w ~g ZtugzZ B ~r
V6,R@ ~M% Z L L Hu1y Z u8 g- wM% Z
~! ; g7(Z ~ * !*

/ZX g0:
L .6,~gz$f(,
X 7Z~%b

<
qZ kZ gW,Ox C1 gzZ Vb^zZ
/~ V%
g gzZ V%O% Z z VM Jg ?zgzZ g !*
wV
Zzh
+
y2
tVy ZX { zeZ e hz 85 [ ZgzZ Zc*
n

; **
Z JX
) !*
!*
h
+6,y Z
yZ ;g7

r ~g tu~}g Z Zg ,
^Zz+
iZ pZ sZ sZ 6X g Z
tua
**
Z 30 i+
& !*
q y vz1h
+L
L I [
+Z
Kg WW

`W~ 4.3 I; q
-Z ._ Jg !*
X H~g Y

\g- gzZ uX ',


Z',15 Lg +
&!*
6,gi+
& !*
**
Z
Z e 60 7 % gt[ xZ ~8
- ~

^zZ
/~(,~ 7 %. _ + C
g g6, kZ *
c
X g:iZy ZdY 2008 eZ {zgzZ
~r K6,Z6,O% Z{L L qY 2014 c 16 ZN*
+

55

Hi W ~ !*
',VB kZgzZ wZzi C1 @ Y 2008 Tx Z%Z

V
Zz Y V%D 3 X{zX B
bg xR

Xz!*
kZ pX , 7,**

Z',] **
v} (,Z }

o { c*
i
VrZ z Z ,
(
~g !*
zg u**
kZ V
7 T J q g { c*
i
* g ?zX Hq

y Zdgg66,Wt w gtX ZZ23 ~Y 2014~


&

f Z b kg 0*
8 + Z ! gzZ eR,
g e eg ZVg LE
X **

/~VZ

X c*
2~.6,
Vzi0*
Zzjg1y Z ^zZ
/~V%

gzZ V ( _,
( ~ z gzZiZ Z- t
X Z~V%zz

? {+
Z
Vy0*
Ygz Zyzizg- ZzWg%7C
/%6,gx

g ZD
1.3 u@ Z e 40 ~ 7 %X C{Z
+
JZt @*
X v+
$YV Zz h
+
y VZz g ZzZaZ e [g Z
X 7n

@*
J
-uu *
*gi Z
Z ~ Zz h
+
y 7 %
I
4& Zz ~ }g !*
F
2 gi Z
Zt Zzt EjG
yzizg- X

yZ nzH{C "y0*
YgzZ \g- X 0*
7qs@
V
T g Z
Z',i {zgiZ
Z i un
X YYH1
CZ L L .x **
Z ~gZ e ,
6 7 V ~uz n ]

yZ X ~ VzZ e 2
,
F { c*
i y Za { y vn V

56

Zz g Z 6,] ZW', %X
HZ ~ q V
V
_ B V %6,gk
,
yZk
,Zgz Z zz kzg
h
+
`Z% O%Z6,T V W,O{ c*
i
gzZ
tX

gzZ g W~gV yZB 7 C


/%X]
~',uTgP] ZWgB~g y ZB kZ

V 0*
T# -, ZqZ z kZ kzgm{X g ,
WOb

u3,
g e J ~
/
%zgX g
/n ~ i Z+
0Z 1" u kZgzZ

VX Y7g~w qZ L L Zw g Hs `
( c 17ZN*
+) X Y (Z7~7
- J
-

GL G
" fZ
v%

H
yZd ~g iz @ gz Z 8 g- { L
L #
sz h$ZR,
X hZzB Cx**
ozZ x ~g Ztu] uZz Z~

kZ6,%C
F,
`~g Ztuc*
6 Zc*
ZC
tg !*
Z
+ZiqZ

X @*
Zg Z yZ 6,iZ%ZpX z ]i

BB D)M z ~4 *
@~z~
y W/B

~g ZtuY Z% bZX @*
W,O}g7*C
~g FgzZ D

?yDg g (Z
Z yZd l
/c*
6 Zt ~\g- m{
H
h$ZR,) X D W M z ~4 y Zgz T g
( Y 1930 ,k
,

H
~vZd
$
~g Ztu x 6L L qh
+'
h$ZR,

g Zg FgzZk
,5
+w Zzi6
/
t [ Zp Lg 6
/ wZziz `z

X e)g f[ zZ ~g mz,
6{y Zd~g ZtuX @*
Yq
&**
gzZ @*
Juf LE
6Zgz `zc*
g Z ~6
/
g !*
zg L L

57

& **
zq
-Z X o 6
/g FJ
-u ` LE
~g Ztu[ Z 6

tb)x X {n{ c*
iy Zd{yZdZEW*`zg
7{ c*
i2 zGqZ ] !*
`z` WpX X X ,Z { !*
z ~!gzZ

k
BqZgzZ **
p *`
] Z ] }
.Y w z]y ZdX
X | `W {

yZd~gZtu@'
,
kZT{nB
k@ ~uzt

b& Z Vr!zZ Zz Z B
kpX HZ
3 Zgq
-Z
3
E
4h46ZgzZ VzI
Xc*
b ~gZtuT KZ(
,q
-Z ~gZVH

:~gZtu~B
kiZT Zg7q
-Z `ZZZ

XZ
~q `zgZ0
+
q
-ZZzJ
-w25 xPZs

~g Ztu T
g ]g @ F,
{ C" kZ

ng 6,] Z ~
Czu!g ZzZa Zg fgzZ
c*
g
]Z ~
CkZ @*
C
!*
zuKZ ~g ZtuX Z
~0*
1

W
z~g Ztu~Y 1974 g
yWXn YK7i6,
Hc*
!*
6,gg

wZzigzZ 8{ g z ~ L L ~g Ztut X Z 7,**


o yZdK Zz

6,
z Z R[Z ] Z Z6,x X ? hs6 qZ y'
+
$Y
tX
) !*
J(,~g iz { C " sC
B g ZzZa Z
+ZigzZ` W

X ~ 6,F,
x kZ T] y ZdCx**
6q
-Z~g Ztu

yZ Zg f [
7 x gzZ . D Z9~g Ztuz!*
kZ

p=g f Z (,Wx ~g Ztun


X g0*
16,] Z

| (,Z e [g Zg ZD
q
-Z ~Y 1964 w n
~M% Z sX 7= g fuZz

~ 0*
16,zuKZ x ~g ZtuX
HVJZ e [g Zg ZD 50 ~ Y 2007

{ c*
ia w D (Zg !*
C
p *
@Y [x J
-u :

58

X CY ZazzggzZ b)} (,
% N*
yZdzg0
+Z LZtJ
-EX VzuKZ ~g Ztug
yW
kZx {zX Z 7,**
o kZB ] f(, Z g [ x~
~g Ztu Zx {zX ` w$
+~
Z LZ [ Z :
L F,
x
w Zzi~ iZ+
0Z1" x kZ[ Z
) !*
Y +
$Y `zx
X g+
$Y
qgzZ {isp y Zd Y 2008 p
/Z i 0*
u

y Zd kZ bV Zdx k
B i Z yZt7ZQp
t u@X @*
Z~ (ZpX W`zogzZ *qZ
7,**
o u **
e
$f ZgzZsnTy0*
YJ
-[ Z Y 1990

g!*
Kt g ZtupX (z B u@ ; g
[ Z `ZZ] qmgzs F,
gz Z `zX HZ|

q
-Z ~V g+ 4X YY7c*
ZC
{g !*
zkZ[ ZgzZ [ a
i] Z ~g ZtuX g o sgzZ yZd D}

g Zz Za Zg fgz Z F, `x ~g ZtuX g (Z ]h
+'
O
X [sp~^zg^zg ,qZ 5 Zg~F,
(,
kZz !*
Z ~ o bJ
-w 30 yZd Y 2008

g ugzZ hN - V
VF
F,
6 VZg Wk~
]!*
kZtX mYq7%be~x kZ)g fZzZ
#

] Z Z ZkZgzZ [VzuKZIsx ~g Ztu ]


Z {g !*
z ~ Y 1974 y Zd Cx**
tX ;g Y 3g {0
+
i6,Vz
C)g f

X ~g YJ
- `WB6
/
wZziz `zH
Wt

59

$
eg Zz Za
A
& ~g ZzZa Vzgz'
~ b .x *
* kZ6,gyZ

#n Z6,yZ g Z
e
$g ZzZaL LkZy ZuX

/e
$g ZzZa x ] q
-Z V g gVzu ~
yWt~6 ',X
z kZ Zg !*
~(Z yZgz V 100
/X ~V 5
*X o y Zd nZ `Wu@X [ (Z Vl@

/Yt
yW rct
) !*
yZd e
$g ZzZa ~M% Zo + F,
Z
~ Z Zz q
-] Z XZ c*
8
- gz$zz b ~X g

^',ZgWz6, ;gE- zBg **


i W c kZX g Y b bg "
gzZ z ! ~,gzZ ,Z H @*
VZ wZt H y eg

Y 1970 ?_0z ]Z XZ V0 Zz w y
EG
"
X q z **

) !*
~zgN~] Z XZ F,
G54G5~M% Z
~A e
$g ZzZa L L qY 2014 ~g18 {h
+`
ZN*
+

ZE
kZ + C
eg1 X { 1 { c*
i
{z ; g
kZgzZ u * ;gg !*
(Z~ V; CZz^g7 g
kZ Sg ~g Y ^zZ/
t
/ZX g A
& %$
+~ ] .
}gzZ
] Z XZgzZ g a Wt ~ ]g^zZ
/~,
( ~ 0
+
i

X D] ~
Cpgg Z
',
J
-s F,

~ ; Y 1990 } vz w0*
Cc*
x Z .
~ u

X C
e
$g ZzZa ~E p C 7
$
eg ZzZaL L
N

`TX YY HzJ
-u!
zqZ6,g u|g
G
E
"
G54G5Z ~ e
$g ZzZa X q
z Z ` {z { c*
i e
$g ZzZa
~e
$g ZzZa ~g ZtuX @*
~g tu~ gzZ ]]
.

60

X [Vzu~
yWKZtpH 0*
',[zZq
-Z
u ~r o yZd e
$g ZzZa ~g Ztu |t
Zz q)g f wZ 6X g VZ wZ,
6z}g7
x ~g Ztu[Z O ~g tu{g !*
z~ ~g ZzZaB +
ZZi
eg1 ~ T y*gzZ qZX [ 0 ^zg ~(,
a LZ p

q D#
sz ^ wg
H1 {,
^Y ^g7g e
$g ZzZa

gzZg ZzZa Zz Yy Zgzx ] qZ e


$g ZzZaL L
F,
X q
-Zy *Z ( Total

Factor Productivity) g

CZ X ]g @*
EqZ ^zZ
/~ F,
e
$g ZzZa~ V C *
c

p
/Z L
L qh
+'
{ zX 7 { c*
i mZZ ~ g V
V; Y 80 gzZ Y 1970 J
- Z y sg e
$g ZzZa ~ V CZ

{)z ~ ~g t :
L .6,p4 ~

q g w 10 z!*
pgg Z
', b ~g tu~g ZzZa
Vq }+ 4 cg ~g tu T g 0*
7

g w
/~u. _ Veg1X 7s
~(,
@*
Zz TX ~ y*zy g g D
w T g qg kZ g

kZ Sg ~g Y^zZ
/
t
/Z L L q D~
.Z{z X @*
eW!*
X ,7,] Z W,Z{n6,
0
+
ig

C
~~g Ztu Y] !*
Zj V
q}+4 L L

tuXew Vxo{ c*
i6,g T CY ~g tu~kZ
X yx : Zg ZtuX D7g !*
zg zzgzZ {zkZg Z

61

**
ZQ `g
tu q z **
gt v zi!*
N !*

) !*
w gkZ
b~g Zz Z X e ysg ~ o b#
sz y Zd ~g Z
Zg Z kZgzZX Lg @*
Z~ kZ~g Zz Z CY ~ o
E
C
~ /G# Zgz ] sqZ ~g Z
/g ysg kZX @*
6,Zk
,5
+,
WZ !*
o b
/Z t kZ Z
# 5 ] *
!kZ v)Zizg X C
Ag gZa kZ { x ~g Ztuzz ^z Z
/~
ob~ V30 yZd Y 2008X ~ ZQ `g
tu kZz!*
y sg Z qZg+
0Z x ~g ZtuX ;gZ~
X yZdg ZzZaZ
+ZiC7#
szzz~
Cy Zd: Zg Z

tup ZZ~w VxoyZdY 2008-09p


/Z

X ggzu F,KZ C F,
g ZG*
0 ~g

(,) ~ Vxozz kZX W^zZ


/J
-u ~ kZ ~ {)z6',
o ( } 7,Z e V1g Zk0*
Vzg Ztu )7~ !
7 u c*
(
yZdX x ( 8
- g Ztu&) ~rj
( g ZzZa Z
+Zi) A
&Z
+Z i Zz Za ~g tu {C " Zz Y ~
X ]c

)g f ~ !*
',g ZzZaZ
+Zio b C
/y Zgz wZziC
6,gx

q
-~g tu5 D YZa ]**
kZ J(,{g !*
z y Zd
g ZzZaT CY~h
+]
.gzZ 5(g ZzZa Zg f Z6,X W

) !*

Z
+Z iB g ] zZ J x ~ V`
ZX C q ,
CJ(,
qZ kZX DZ
~ J (,o b6,g~zb
Zg g ZzZa
b1
@ w Zzi6 q
-Z ~ wp Cg Z {Zg `z
/6

62

V ~V `
Z @*
X *
@Yc*
x **
~ !*
',!L L .x **
ZX D Y
qZ X @*
g Z w Vxo6,T !*
',h
+
ykZ {z

; Y 1930 X Z 7(Zg !*
kZ p { g ZzZa Z
+Ziw Zzi

A
&+
ZZi L L n ~gzZ V-1B g ~ yZd }

~rgzZg ZzZa Z
+Zi u A
&Z
+Zi L LX g x **
6,g~
!
CY ]!*
VgzZ V-1 -EziL La ZX pzu

gzZ A
&Z
+Z ix ~g Ztu X ; g Y 3g {0
+i6,g)g f V
y'
+
$Y ^zZ
/ !*
!
7 x ~r a #
|z
k Z
x ( g b2 )g gN Z ~F,
,
(~]g @ X

#yZd ~zgNum{V CZX # **

zz yZd ?t [xZ {zX :


LqZ Z ~ kZB
~ o b~
/VY } ,
7 #
szt 7Z ~ ob
? 7:
L w% bg ZG 0*
gzZ Z ~ ~g tu b Zz
&y Y~ZN*
Vxo~ 8 ~ e Y O% Z L L qg HE
5F
+ Y 2014~g11
+F,
`zk
B i Zk',

/| (, 4~ Y1980 z

w Vzg Ztu Ke ~, Ztg


Ztgz Z
HVJ
-11 R

X ;g W@*
i WY 1970 zV
` ZX }gh
+

. _ ElbZ )Z sWzg }gZZ O%Zq


-Z Zz t u

oLiZIM%Z~ ~Y 2006 wq
-ZyZd V

gzZ g C g ~ Y2008 w~ kZXZe[gZ1865 6,R+F,


KZ
wZzit`s
# z 6H
{gZe[gZ861
/
t~a
oLiZI~ Y2009 @*
X
) !*
x ]g@gzZ

~ a w Z H
Ze [gZ1130 B Z {g!*
z

63

RyZdot~~Y2010 XH
VJ
-Ze[gZ1548

J
-Zx~gZtuVYQ twq]gXH
Ze[gZ1845 F,
d
$

yp~ b gzZ ~Z%b~T gez yZd} q


-Z
E
~ o b o- t ? g
/~gtu Zz Z ZgZ

X g"
$U*
b ZzgZ
zz]**
Zdx: ZgZtuysg

!*
g i C1]
. g #
sz } gzZ t
m ] Z O zz y Zd x : Zg ZtuKq
-Z g X

y sgq
-Zy a kZ L Ls
# zkZ 6X &zzyZd `ZZ
N
D E~ ] sgzZ ] q m ]Z W,Z T @*
k
,
5
+6,g

Z
+Z i6,RC
Z y Zd: Zg Ztu ` #
sz 6 X

Z
# X b!*
w Vxo g ZzZa : Zg ZtugzZg ZzZa

yZd Cx*
* kZX 7oa kZ V 7#
|z
kZ 7~r
?, ~g tuVYg Ztu~

^zZ
/~g tugz ZC
) !*
VZe } (,gzZ6,0
+i

x : Zg Ztu~ X $
Y 7q%bp!*
% Tg D

wE Z ~ ~g tu {g !*
z Z
+Zig Zz q ]
`Z { Z Z) V
16,gg ]Z ~
Cx : Zg Ztu bkZX ; g F,
D
7h
+
ykZ { Za KZ ~
Ctq! x~ 0*

Vxo{ c*
i ~ V `
ZX g YK 6,0
+
i(C
[ Z pX Y

yZ c*
VxoyZ~8
- kZB Zp Cew

yZd
c*
g: Zg Ztuth
+'
X Ce**
w ]Zx
~ V`
Z(C
)Z~ V`
ZgzZ 7Z ~ ]YZ
yZ 4c*
gzz

64

~g tuX YW~ Vxo kZ VY Y Y H7a kZ ( g Y


0
+i D
/
gzZ ( CW ]
` Z {Z Z)V ) :
ig Z _,
( g Z g ZzZa : Zg ZtuX [ ~ qZ x t
) !*
Zay Zd6,gk
,

/**
**
~x ZukZX 6,
( ~g tu )
z

gzZ #
|z
g ZzZa T D ] Z ,
WZ {n ~ ig ZX k

) !*

wVxo @*
Yugig Z#
Z X @*
Yug ~g tu
X @*
Yug
KZ)g f~g tu~ {)z ~~g c*
Zg fg ZzZa x :Zg Ztu
g X Q~F,
(,5 F,
Q T @*
g6,
6 ~rqZ
kZ sx gzZ {)z ~~g V~g ZzZa Zzg ZzZa : Zg Ztu

]g q ) ~ ~g Zg f g ZzZa VVz y ZX H~

~ u:Zg Z tu m{ b!*
g ZzZa s Z gzZ g ZzZa ( {)z
D ~sLZg Ztug ZlKgZ
+ZigX
C
) !*
~F,
(,
iZ ]g @*
x x : Zg ZtuX CY Z e :Zz ~ uZ
+Zigx *
! { z
g D ~r 7Z ~g ZzZa
/ZX F,
g ZzZa Zg f
^zZ
/~ q
-Z X D g Z 6,}uz qZ Vz g ZzZa X g
X k

) !*
^zZ
/}uz
ys *
!

w@*
!*
Zx #
Z @*
x 6,g
g
z kZ sx : Zg Ztu

gzZ Z ~ ~g tuB g ZzZa f(,X


CgzZ
g yV Zg ZUqZ `z T C ]gzV-r B
V-r CigzZg ZzZaZ
+Zi~ T ; gk
,5
+q z
Zq
-Z `WpX

x : Zg Ztu y i g Z Z',ig Z L LX y Zd Z k(,


gzZk
,
/**
F,
g ZzZa Zg f b X [~k
,5
+W,Z KZ
CZ
# J(,W

65

X ?Zzy Zd x : Zg ZtuzqZ
H
gz Z wZzi [Z c*
gZ
Z h$ZR,6g ZU g ZzZa : Zg Ztu

6,V Zdszw Zzi}gzZ b~c*


`z{X y'
+
$Y
YC
w byiZ X { z N VZ xg ZtuX

]; z 4Z X 3 VZ. W y ZX
) !*
h x PZ (gzZ

~Tgz (Zq
-Zg4Z~gzg O
_Z6,
g @*
6,

nkZX V zg ]u Zz& } ZjC


~] @ gzZ Y (
XViZ+
0Z W,Z6,}uzq
-Z6,g e^I ZqZ}x

V x
3 k- w x : Zg Ztu w5 w Zzi{ nq
-Z
gN b gz$ b Zz ~ ; Y 30 c*
Y1920 X

0*
VZ+
$YC
gzZ g YK 7
- 6,0
+
ig B kZX
E
8
5 E sgzZ u **
L L qxE4G
e
$f Zg Z*
* L L3 Zg VZX x
+4X iW8{ kZ : 7#8{gz yZd b
&**
z c*
]g @*
gLE
qZ y Zd C1 Zg
/Z X x !Z i Wt~ ]g
( Y 2013 ', Z 15 ZN*
+) X ce5 (Z 4b

: Z
~R,
. M% Z ~ #
z ' 6g t Zzjg1

yZ
Y"
$ U*
w*q
-ZVY L LX @*
.
~ Z }u ig
X @*
] !*
t ,
F Z L LqZ~g Ztu{ z~ y*qZ

qZ J
-VM6,gp
Z ( Secular ) ,
F Z ._
kZtL L C~ F,
(,~uwkZ
/Z q{zX ZzJ
-~

X $
gg Z
', F,
g ZG0*
6, b wt C7 Z
$J

QX g M% Z%byZ t~}g !*
\g-gzZ y0*
Y

66

] **
kZ ~F,
(,gzZn s@ bgiZ
Z ~ * Cc*
F,
6,g
( Y 2013 c 16 ZN*
+) X #Ju8
- g W7

6,q F,ZL L~ a^gqZ pZ *Z Wig

gWx A~}g !*
6 T} ~iZzjg1X k
,

~g Ztu ~g Z i!*
5q
-Zt ~p Z yWgz Z}uz |g
-8E
~gz~g Zi!*
qZ
rg el
gE,G
X ?yZd Cx**
x L L H{z~iZ0
+ZX !%g gN~ T` 4Z
(Yg ~ y{v u X ;g ^ Z @*
Z9

? yZd } q
-Z ~g ZtuQX ru +pqZ [ Z
CC
}q
-Z zz Hg Z r ZN*
+- t X

z { zX e**
W^ ] q ; Y 1930 H~ iZ0
+Z oZZ

( w*) ^wg X V
Hy Y[ Z6,} Y7~ L L H~p Z uI
N
g66,ttg e:zg e{zX g DW 6,VzZzjg1{x
ys *
!

pZ * Z WX o y Zd x R X ; Y 1930 Z
&
hwZzixu@L LHg Z ]Z W,@*
nZ eg d
`{ Z',
u

x J
-Z
# p ~gz Z N F,bp
/Z g
qZ 6,V q%b
g g NgzZgz$Z D CZ 7V 0*

Za Z g izg ~ w % g ZG0*
gzZ k^q
-Z X } 7,**
o gz

+) X gz q kZ ~gza Z~0
+i gzZ

( Y 2014s6,
Z 3ZN*

!*
6, V0*

g L L : ZgZtu Y ~gZc*

Y 0*
Zjf V0*
~\g- X7ykZ
LL

s Z g~ A
VZwt xgzZ\ Zz

67

$ X;g r]*q
Y 1930 ] VC
/
gzZgi LG
-Z6,\g-X

~ ag ~ yzizg- +C
Zzjg1 {X Sq
-Z ~gZi!*
x

ZX y.6,J^zZ
/
0.5 ~bgiZ
Z~w Zz}g7

tY 2009 XN0.2 s Z~Z~

8
- 4T +
$Y6,gZzysgX^zZ
/+F,
!
$ eg`
gi LG
dX} V%6 +
$YwZzi W{C" ~
I
V
) !*
kZaX}h
+'
b) Z c*
g Z
mZgq
-Z

Z ~1 V
gzZ A e
$ysg : ~gtugzZ ~gZh
+
y
CY yW Sg z gx**
Z'
, V

/ VX
D Yg66, a
ya 5Z Z n
zZ(
,{ c*
i yWKZgZ n
X

~gtuX k

) !*
^zZ
/
h
+'
~VQ C C kZX

{f kZ
) !*

ptuV|a CY ~
$ nzH{z
C

) !*
J(
, !*
6,Vzg!*
zggzZVgi LG
/ZX g

wZziyZV-gzZ,|
# z
PU*
ZLZ~!a1n
{z
H ~ Wz6, u~ d) Z sWwjyX +
$Y

gzZ;gW7Wg/gzZtVzi0*
V6,
}iu+Zq
-ZLL

(Y 2014 s6,Z3 ZN*


+)X:
L .6,{ c*
i

Y 2014ag 3 Z
/{Z',
u ( Equity) Z g- ~g

~y 0*
YX 7giy
~\g- ~ L L H~ZN*
+

$
C
X gi y~ y *
0 Y Y7a W gi LG
$ *`
[Zp **
Zg eq
-Za yzizg-gi LG
L L @*
#
sz6 zzu

yZ ~gza yZ T e**
q )
/g Z/
ZX

$ ~*`
c*
Q ;g| (,gi LG

/ZpX ~ *`
gi Z
Z~ V

68

$ yzizg-Zg7c*
]**
kZ { c*
igzZ g ezgi LG
0*
7+
i Z V )
( Y 2014 ~gz
24 ZN*
+) X Vx Vzt

Y~ tnZgzZ d
$
# bt :
L .6,

g6V Zzpgb~ Vg ZWgc6,*


0 kZX h] Z
,
6(p~uz 7KZ {z Opgb }z ~ .
$ Z}

)g f Z ~ 8
- T ~g tu}g tZ X , v
yZ Y 7Wg Zc*
g nzH6, YZ ~ V

$ V2*
X ! 2
{C " t gzZ h ]Z gi LG
cg
qZ9 zg V1g Z X ;g } 3 D h wZ kZ ]ZuZz {z y0*
Y
Zg 7W',}{Zp{ T g Y~ unzH
X { DZ-
c*
g BkZgzZ g| (,bkZ

yZdV~g Zz Za
y ] ;z yZd } ~iZzjg1 7y Zt

mq
-Z CZ Z~ yZd
gt X g#
sz nC
{ z
upX ZC
~ ]g wZzi C1 qZ y Zd6,RX @*
g Z

Z~gzZ Z { c*
i kZpX :
L kZ: ZZa zzyZdX

;g Y @*
ig Z Xg 7x b 2Z ~g ZtuX
g

r] Z 3Zz kZgzZ [ug ( ; ~r@ ) $


eKX
X ` w$
+~
Z LZZx ZEJ(,W`zX g
J
-#
Z X F,
g @*
gzZ ` F,
V~g ZzZa ._xg

X Y Z
x PZ x t IZ F,
g ZzZa Zg f x :Zg Ztu
ow g
Zq
-Z `WX g7+zw g[ Zp (Z~
4]ZAX x PZxY6,R@ y ZdV
.E
G3H
Dx* L L q EE

69

( Y 2014~gz
21 ZN*
+) X _4Z~
:
ZtX ~ q
-Z * wb x Z%Z ig Z',E. X
6X V ] Z W,
Z { kZX 7e] T g ez % 9,

g @*
J
-
z kZ x #
szt g

gzZ Y: IZ **
6,g~ F,
V ~g ZzZa {zJ
-Z
# @*
7$
T
nZ X CY 4Z ~ ]!*
zZgzZ ~pY * @*
(Z #
Z

~g ZzZa ~ T y Zd q
-Z V~g ZzZa X ~ * z kZ w g

x : Zg ZtuX g]z s zu!gzZ


c*
g '
E
$
~5 Zg F,

KZ L hxk!*
~F,
(,Y z [Z Zg7 9
]g *
@CZ
X [0^zg ~(,qZ
V 0*
kZ OJ(,
W F,
Y !g ZzZa Zg f

B ]gzY g ZzZa ! ~ ZZ yZ gzZ g ZzZa Zg fX _ 0 ~


t6,ggz Z` uz6,g]g @*
g ~g ZzZa {X gx
X `0^zgqZ
yZ ] t Ogz F,
g ZzZa Zg f L
L #
sz g

s g ZzZa : Zg Ztug ZzZa Zg f X D Y 0 ~ V 0*

7{ nJ
-
z kZ x Y L L C#
sz e
$ ]g @*
X g]z

gzZ ; Y: A
& F,
x F,
g ZzZa Zg fg0
+Z kZJ
-#
Z @*

yZ J
-Z
# D7C
J
-
z kZ ] ~g ZzZa g 6

X V`:g <
- ~x Y Z6,] q~ ~gzn

tuX ~g [ zZ @gzZ gv] qx t

~g ZzZa { Za KZpt @*
|kZg Z Y~ ~g Z
~g ZzZa ~g Zz Z `z X Y7q { .Zg A
&

70

wE Z65 A
&kZ ~g Zz Z yZd X @*
Y Hw EZ80 A
&

}g !*
M%Z X d
$
RF,
w EZ A
& ~g ZzZa `WX *
@Y c*
~

~ Y 2009 { .Z A
&V Zzt g z ZZ Zz
~
x : Zg ZtutX 79 B Z~Y 2013 gzZ
H66.9

X #gzZq
-Z

6,gxg ZzZa :Zg Ztu L L #


sz V- ] Z x p g

Cgz ( Cbq~5 Zg F,
h
+'
kZ ) V Izg8y Z

o VIzgg !{ c*
igzZ57! x~ gzyZpX Sg
^zg
5 Zgg ZzZa: Zg ZtuX C7,[~]g

( 358 3tug ) Xtup

~ yZd 6 qZ x kZ X ~ w Zzi qZ x : Zg Ztu


zzX YntX ]gz} (,qZsn
/

it
/Z X Z<
] uZz Zz ~ Z- +C
Zzjg1

gzZ Z- DZ' s V- 0*
Zz 6,
zZ LZ kzggzZ k(,
X V A
$%]Z ,
WZ {n kZ @*
az % **
Z \gY 1974 c*
Z k
Hg e~ V%k
B z t~Y 1973

gO
_Z Zzh
e
) !*
kZgz ZZ Z (,~ V **
Z ` WX u w Zzi
X YA
$%] Z W,ZnZ

q
-g y X ;g Z { C " ~ - gzZ r sC

c*
;gzZ q
-Z F
F6,% 9,8g- L L q~ZN*
+ Y 2013 c 10 }

] ZZ !zZgzZ y Z+( p+
ig { c*
izz y Zd C1 gzZ qZ }: yZ=
X N W

~(, ZE ~ggzZ ]uZz ! zZ 6,R@ yZd ]g @*


Zz N
h : it

71

] x : Zg Ztu Zz6,gtX ;gg Z {ZgV=p


E
$
h
WX c*
~ ]!*
zZ g gzZ ]!*
zZ
KZ L T73 Zg
V@x kZgzZ] **
Zd{ nkZx : Zg Ztu ~gzn "(,
] Z x {Za x : Zg ZtuX Yh 3Z)g f [zZ

+
0?gzZ"
$ ubzx ng Z {kZ 8{

M
h Jg kZ F,
0
+i DwE Z n8{ b)x
$E
~ pZ x Z p kZ n
KZ X y
c*

y
KZ L h
XVs Z 8
~~ ZiW]gzL L

Vous aimerez peut-être aussi