Vous êtes sur la page 1sur 40



$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

$%tEOLDHD(VFUDYLGmR
/XFDV%DQ]ROL  FRPHQWiULRV

Este artigo parte da minha Tese de Dissertao no Mestrado em Teologia, sobre o


mesma tema

&$3$(6&5$9,'212$17,*27(67$0(172
'HILQLo}HV
$HVFUDYLGmRWHPVLGRXPGRVSLRUHVPDOHVHXPDGDVSiJLQDVPDLVVRPEULDVGDKLVWyULD
KXPDQDQDWHUUD'LILFLOPHQWHXPGLDROKDUHPRVSDUDWUiVHUHWLUDUHPRVDFXOSDGHQRVVRV
DQWHSDVVDGRV HP SHUSHWXDU WDQWD PDOGDGH FUXHOGDGH H GHVXPDQLGDGH SDUD FRP R
SUy[LPR 2V QHRDWHXV VDEHP GLVVR H YHHP QLVVR XPD yWLPD RSRUWXQLGDGH SDUD ID]HU
DTXLORTXHHOHVPDLVVDEHPID]HUDWDFDUR&ULVWLDQLVPRFXVWHRTXHFXVWDU2SUREOHPDp
TXHDPDLRULDHVPDJDGRUDGRVQHRDWHXVMDPDLVOHXD%tEOLDWRGDQDYLGD6XDPLOLWkQFLDVH
EDVHLDLQWHLUDPHQWHHPYHUVRVLVRODGRVJURVVHLUDPHQWHWLUDGRVGRFRQWH[WRVHPQHQKXP
WLSR GH H[HJHVH RX KHUPHQrXWLFD H VH UHVXPLQGR PHUDPHQWH jTXLOR TXH p GLYXOJDGR
DWUDYpVGHOLYURVHEORJVQHRDWHtVWDV6HULDFRPRVHXPFULVWmRTXLVHVVHFULWLFDUDHYROXomR
GH'DUZLQDSHQDVOHQGRREORJFULDFLRQLVWDAnswersinGenesis[1]
4XDQGR RV QHRDWHXV YHHP D SDODYUD HVFUDYR HP DOJXPD WUDGXomR GD %tEOLD HP OtQJXD
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

SRUWXJXHVD H DSDUHQWHPHQWH HP XP FRQWH[WR RQGH DSURYD WDO HVFUDYLGmR HOH
LPHGLDWDPHQWHDFXVDD%tEOLDGHVHUDIDYRUGRtipodeescravidoTXHHOHHVWiDFRVWXPDGR
DYHUQRVILOPHVDOHUQRVOLYURVHDHVWXGDUQDHVFROD2SUREOHPDSDUDFRPHoDUpTXH
HVWHWLSRGHHVFUDYLGmRVHTXHUHVWiSUHVHQWHQDVSiJLQDVGR$QWLJR7HVWDPHQWRRPDLV
XVDGR SHORV QHRDWHXV +i XPD GLIHUHQoD FRORVVDO H PRQXPHQWDO HQWUH D
HVFUDYLGmRclssicaTXHHOHWHPHPPHQWHHDHVFUDYLGmRSUHVHQWHQRVWHPSRVGR$QWLJR
7HVWDPHQWR
$ HVFUDYLGmR FOiVVLFD p DTXHOD FRLVD EUXWDO LQVWLJDGD SHOR UDFLVPR RQGH KRPHQV EUDQFRV
HVFUDYL]DYDPKRPHQVQHJURVSRUFUHUHPTXHHVWHV~OWLPRVHUDPVHUHVLQIHULRUHVRXVHP
DOPD2V HVFUDYRVDIULFDQRVHUDPFRQGX]LGRVGHVXPDQDPHQWHHP QDYLRVQHJUHLURVFRP
SpVVLPDVFRQGLo}HVGHYLGDRQGHPXLWRVGHOHVPRUULDPHHUDPODQoDGRVDRPDU>@HSRU
ILP FKHJDYDP jV PmRV GH FDSDWD]HV TXH RV DoRLWDYDP QR WURQFR R TXDQWR TXLVHVVHP
PXLWDVYH]HVDWpDPRUWHRXjSHUGDGRVVHQWLGRVSRLVRVQHJURVQmRHUDPWUDWDGRVFRPR
DOJRPDLVGRTXHPHUDPHUFDGRULD*DU\'H0DUDVVLPVHUHIHUHjHVFUDYLGmRSUHVHQWHQRV
(VWDGRV8QLGRV
$ HVFUDYLGmR SUDWLFDGD QHVWH SDtV >(8$@ DQWHV GH  HUD URXEDU KRPHQV VHTXHVWUR 
$IULFDQRV RFLGHQWDLV HUDP VHTXHVWUDGRV SRVWRV HP QDYLRV WUD]LGRV SDUD DV FRVWDV GD
$PpULFD YHQGLGRV HP OHLO}HV H FRORFDGRV HP WUDEDOKRV IRUoDGRV 5HFRQKHFHVH TXH
PXLWRV HVFUDYRV HUDP WUDWDGRV FRP GHFrQFLD HP VXD FKHJDGD H GXUDQWH R VHX FDWLYHLUR
0DVQmRpLVVRRTXHVHHVWiHPTXHVWmR(OHVDLQGDHUDPHVFUDYRVHPFDWLYHLURFRQWUD
VXDYRQWDGH>@
(VVD HVFUDYLGmR VDQJXLQiULD H PRQVWUXRVD MDPDLV IH] SDUWH GD OHL GH 0RLVpV QHP IRL
LQFHQWLYDGDHPSDUWHQHQKXPDGD%tEOLD&RPSDUDUHVWHconceitopopularVREUHHVFUDYLGmR
FRP D HVFUDYLGmR HQWUH RV MXGHXV GR $QWLJR 7HVWDPHQWR p XPD MRJDGD OHYLDQD H
GHVRQHVWD
0DVHQWmRFRPRHQWHQGHURVYHUVRVEtEOLFRVTXHIDODPVREUHHVFUDYLGmRQDOHLGH0RLVpV"
(P SULPHLUR OXJDU p QHFHVViULR HQWHQGHU D DPSOLWXGH GDV SDODYUDV JHUDOPHQWH WUDGX]LGDV
SRU HVFUDYR QR $QWLJR 7HVWDPHQWR 8PD GDV SDODYUDV PDLV XWLOL]DGDV FRP 
RFRUUrQFLDV QD %tEOLD p
WUDQVOLWHUDGR

FRPR `abad  TXH VHTXHU VLJQLILFD HVFUDYR


SURSULDPHQWH GLWR PDV DSHQDV XP VHUYR RX HPSUHJDGR $ PDLRU H PDLV UHVSHLWDGD
FRQFRUGkQFLD GR PXQGR D IDPRVD &RQFRUGkQFLD GH 6WURQJ Gi RV VHJXLQWHV VLJQLILFDGRV
SDUD`abad:
DEDG
XPDUDL]SULPLWLYD',7$7Y
 WUDEDOKDUVHUYLU
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

D  4DO 
D ODEXWDUWUDEDOKDUID]HUWUDEDOKRV
D WUDEDOKDUSDUDRXWURVHUYLUDRXWURFRPWUDEDOKR
D VHUYLUFRPRVXERUGLQDGR
D VHUYLU 'HXV 
D VHUYLU FRPWDUHIDOHYtWLFD 
E  1LIDO 
E VHUWUDEDOKDGRVHUFXOWLYDGR UHIHULQGRVHDRVROR 
E WRUQDUVHVHUYR
F  3XDO VHUWUDEDOKDGR
G  +LILO 
G FRPSHOLUDRWUDEDOKRID]HUWUDEDOKDUID]HUVHUYLU
G ID]HUVHUYLUFRPRVXERUGLQDGR
H  +RIDO VHUOHYDGRRXLQGX]LGRDVHUYLU
&RPRYHPRVQHQKXPGRVVLJQLILFDGRVGH`abadpGHHVFUDYRHPERUDHVWDVHMDDSDODYUD
XWLOL]DGDHPPXLWRVGRVWH[WRVXVDGRVIRUDGHFRQWH[WRSHORVQHRDWHXVTXDQGRDFXVDPD
%tEOLD GH VHU D IDYRU GD HVFUDYLGmR H[ /Y   (OD p XVDGD HP GLYHUVRV
FRQWH[WRV RQGH FODUDPHQWH QmR WHP QDGD D YHU FRP HVFUDYLGmR 3RU H[HPSOR 'HXV GL]
SDUD toda D FRPXQLGDGH LVUDHOLWD TXH VHLV GLDV WUDEDOKDUiV PDV QR VpWLPR
GHVFDQVDUiV [  $ SDODYUD DTXL WUDGX]LGD FRPR WUDEDOKDUiV p
MXVWDPHQWH`abad.6H HOD VLJQLILFD HVFUDYR WHUtDPRV TXH FRQFOXLU TXH WRGRV RV LVUDHOLWDV
HUDPHVFUDYRVSRLVHVWDpXPDRUGHQDQoDJHUDOHQHQKXPGHOHVSRGHULDWUDEDOKDU `abad
QRViEDGR2IDWRGHWRGRVRVLVUDHOLWDVWUDEDOKDUHP `abad GXUDQWHVHLVGLDV GDVHPDQD
PRVWUDTXH`abadQmRHUDXPDSDODYUDTXHWLQKDXPDFRQRWDomRHVFUDYLVWD
+i RXWURV FRQWH[WRV TXH PRVWUDP TXH `abad QmR WLQKD XPD FRQRWDomR GH HVFUDYLGmR
QHFHVVDULDPHQWH FRPR SRU H[HPSOR DV YiULDV RFDVL}HV RQGH `abad DSDUHFH QR VHQWLGR
GH VHUYLU DR 6HQKRU [     HWF  TXH QDGD PDLV
HUDGRTXHSUHVWDUXPFXOWRUHOLJLRVRD'HXV+iWDPEpPDSURLELomREtEOLFDDVHUYLU `abad
D RXWURV GHXVHV 'W     HPERUD FODUDPHQWH RV SDJmRV QmR IRVVHP
HVFUDYRVGHVWHVtGRORVPDVDGRUDGRUHV
2XWUDRFRUUrQFLDEDVWDQWHLQWHUHVVDQWHGH`abadHVWiHP1~PHURVRFDVLmRQDTXDOR
FOmJHUVRQLWD TXHID]LDSDUWHGDWULERGH/HYL WLQKDRVHUYLoR `abad QRWHPSORGHOHYDUDV
FRUWLQDVLQWHUQDVGRWDEHUQiFXORD7HQGDGR(QFRQWURDVXDFREHUWXUDDFREHUWXUDH[WHULRU
GHFRXURDVFRUWLQDVGDHQWUDGDGD7HQGDGR(QFRQWUR 1P eHYLGHQWHTXHHVWHQmR
HUD XP WUDEDOKR HVFUDYR PDV XPD VLPSOHV GLYLVmR GH WDUHIDV HQWUH DV YiULDV WULERV GH
,VUDHO

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

(P *rQHVLV  $GmR FXOWLYD `abad  R VROR H HP *rQHVLV  &DLP p GHVFULWR FRPR
VHQGR XP ODYUDGRU `abad  GD WHUUD 1HVWHV FDVRV WRUQDVH DLQGD PDLV yEYLR
TXH `abad QmR WHP TXDOTXHU FRQRWDomR GH HVFUDYLGmR PDV VH DSOLFDYD
LQGLVFULPLQDGDPHQWHDTXDOTXHUWLSRGHWUDEDOKRUHDOL]DGR$WpPHVPRTXDQGRRFRQWH[WRp
VREUHRSRYRGH,VUDHOSODQWDUYLQKDV 'W p`abadTXHDSDUHFH
-DFy VH WRUQRX `abad GH /DEmR SRU VHWH DQRV *Q  VHP MDPDLV WHU VLGR HVFUDYR
GHOH 8P WUDEDOKDGRU DVVDODULDGR WDPEpP HUD FRQVLGHUDGR XP `abad *Q  $
FRQFOXVmR OyJLFD TXH SRGHPRV WLUDU p TXH XP `abad QmR HUD PDLV GR TXH XP VHUYR RX
WUDEDOKDGRUFRPXP6HU`abadQRV GLDV GH KRMH QmR VHULD PDLV GR TXH WUDEDOKDU FRPR XP
PpGLFRDGYRJDGRVHFUHWiULRHPSUHJDGDGRPpVWLFDHWF
+iWDPEpPRXWUDSDODYUDIUHTXHQWHPHQWHDVVRFLDGDQD%tEOLDFRPDHVFUDYLGmRFRP
RFRUUrQFLDVDTXDOp WUDQVOLWHUDGRFRPR`ebed $&RQFRUGkQFLDGH6WURQJGiDHVWD
SDODYUDRVVLJQLILFDGRV
HEHG
SURFHGHQWHGH',7$7DQP
 HVFUDYRVHUYR
D HVFUDYRVHUYRVHUYLGRU
E V~GLWRV
F VHUYRVDGRUDGRUHV UHIHULQGRVHD'HXV 
G VHUYR HPVHQWLGRHVSHFLDOFRPRSURIHWDVOHYLWDVHWF 
H VHUYR UHIHULQGRVHD,VUDHO 
I VHUYR FRPRIRUPDGHGLULJLUVHHQWUHLJXDLV 
1RHQWDQWRHVWDSDODYUDQmRpPDLVGRTXHXPVLQ{QLPRGH`abad2VVHUYRVGH$EUDmR
TXHQmRHUDPHVFUDYRVPDVDSHQDVWUDEDOKDGRUHVWDPEpPHUDP`ebed *Q
  DVVLP FRPR /y HUD `ebed GRV DQMRV *Q  H $EUDmR HUD `ebed GR 6HQKRU
*Q 8P`ebedSRGLDVHUDOJXpPHPXPDSRVLomRLQIHULRUQDHVFDODVRFLDOPDVQmR
XP HVFUDYR QR VHQWLGR XVXDO GR WHUPR $VVLP VHQGR -DFy HUD VHUYR `ebed  GH (VD~
*Q   HPERUD IRVVH LUPmR GHOH H QXQFD R WHQKD VHUYLGR GH IDWR 'D
PHVPDIRUPDRVRQ]HLUPmRVGH-RVpHUDPVHUYRV `ebed GHOH *Q PDVQXQFD
IRUDPHVFUDYRV$WpRSDLGH-RVpHUDFKDPDGRGH`ebedGHOH *Q 
2VVHUYRV `ebed  GR )DUDy FKHJDYDP LQFOXVLYH D FRPHU XP EDQTXHWH QD SUHVHQWH GHVWH
*Q 4XDQGRDIDPtOLDGH-RVpRJRYHUQDGRUGR(JLWRFKHJRXjSUHVHQoDGR)DUDy
HVWHOKHVUHFHSFLRQRXPXLWREHPHOKHVGHXGHSUHVHQWHWRGDDWHUUDGH*yVHQ *Q H
PHVPRDVVLPHUDPFRQVLGHUDGRV`ebedGR)DUDy *Q -DFyPHVPRVHQGR`ebedGR
)DUDy R DEHQoRRX *Q  XP JHVWR JHUDOPHQWH SUHVHQWH GR PDLRU SDUD R PHQRU (P
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

XP PRPHQWRtodos RV HJtSFLRV SDVVDUDP D VHU VHUYRV `ebed  GR )DUDy *Q 
HPERUDQmRIRVVHPHVFUDYL]DGRV
$VVLPFRPR`abad,DSDODYUD`ebedWDPEpPpXVDGDQRFRQWH[WRGHVHUYLUD'HXV$VVLP
0RLVpV HUD VHUYR `ebed  GH 'HXV 1P -V   HPERUD IRVVH R FKHIH GH
WRGRRSRYR$VVLPFRPR0RLVpV&DOHEHWDPEpPHUDVHUYR `ebed GR6HQKRU 1P 
2V FKHIHV GDV WULERV GH *DGH H GH 5~EHQ YLHUDP SHGLU WHUUD D 0RLVpV UHFRQKHFHQGRVH
FRPRVHUYRV `ebed GHOH 1P HPERUDRVFKHIHVGDVWULERVGH,VUDHOREYLDPHQWHQmR
IRVVHP HVFUDYRV GH QLQJXpP 2V LVUDHOLWDV FRPR XP WRGR HUDP FRQVLGHUDGRV VHUYRV
`ebed GH6DXO 6P SHORVLPSOHVIDWRGHHVWDUHPVREDlideranaGHVWHUHL$VVLP
WDPEpP'DYLVHFRQVLGHUDYDVHUYR `ebed GH6DXO 6P 
$SyVDQDOLVDUDOJXPDVRFRUUrQFLDVGH`ebedQR$QWLJR7HVWDPHQWR.\OH%XWWFRPHQWD
1RVVRXVRPRGHUQRGDSDODYUD
HVFUDYR
JHUDOPHQWHHYRFDLPDJHQVPHQWDLVGHFUXHOGDGH
LQMXVWLoD H HVFUDYLGmR FRQWUD D YRQWDGH GH XPD SHVVRD (PERUD WDLV LGHLDV SRVVDP HVWDU
LQFOXtGDVQRXVREtEOLFRHODVQmRQHFHVVDULDPHQWHVHHQFDL[DPDFDGDYH]TXHDVSDODYUDV
VmRXVDGDV(PYH]GLVVRDLPDJHPTXHYHPRVPXLWDVYH]HVTXDQGRDVSDODYUDVEtEOLFDV
SDUD
HVFUDYR
 VmR HPSUHJDGDV p XP DUUDQMR PXWXDPHQWH EHQpILFR VHPHOKDQWH D XPD
UHODomRHPSUHJDGRUHPSUHJDGR>@
$ ~QLFD YH] HP TXH`ebedSDUHFH WHU FODUDPHQWH R VHQWLGR GH HVFUDYR p HP UHODomR DR
WUDEDOKRHVFUDYRGRVLVUDHOLWDVQR(JLWR [ RFDVLmRQDTXDORVLVUDHOLWDV
SUHVWDYDP VHUYLoRV IRUoDGRV DR )DUDy VHP TXDOTXHU GLUHLWR H VHQGR VHYHUDPHQWH
DoRLWDGRVSDUDTXHFXPSULVVHPVXDFRWDGLiULDGHWUDEDOKR [ 
'LDQWHGLVVRWXGRD.LQJ-DPHV9HUVLRQFRQVLGHUDGDSRUPXLWRVHVWXGLRVRVFRPRDPHOKRU
WUDGXomRMiIHLWDHPOtQJXDLQJOHVDGHFLGLXWUDGX]LUDSDODYUDslave HVFUDYR  HP VRPHQWH
XPD ~QLFD RFDVLmR QR $QWLJR 7HVWDPHQWR -U  2 HVWXGLRVR EtEOLFR -RKQ *ROGLQJD\
WDPEpP FRQFRUGD FRP HVWD DQiOLVH SUHOLPLQDU VREUH RV YRFiEXORV `abad H `ebed. (OH
DVVLQDORXTXHQmR Ki QDGD GH LQWULQVHFDPHQWH KXPLOGH RX LQGLJQR HP VHU XP`ebed. (P
YH] GLVVR HUD XP WHUPR KRQURVR H GLJQR>@ 1RVVR SUy[LPR SDVVR p YHU VH
RV `abad H `ebed HP ,VUDHO VRE D VDQomR GD OHL GH 0RLVpV WLQKDP XPD FRQRWDomR
SHMRUDWLYD HVFUDYRFUDWD RX VH HUD XPD PHUD UHIHUrQFLD D XP WUDEDOKDGRU RX VHUYR GH
DFRUGRFRPRVHQWLGRJHUDOGHVWHVWHUPRVQD(VFULWXUD

$HVFUDYLGmRHQWUHRVKHEUHXV
$R OHUPRV DV SiJLQDV GD OHL GR $QWLJR 7HVWDPHQWR QR TXH GL] UHVSHLWR DRV HVFUDYRV
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

WHPRVDLQGDPDLVVHJXUDQoDHPDILUPDUTXH`abadH`ebedQmRWLQKDPTXDOTXHUFRQRWDomR
SHMRUDWLYDTXHRVDVVRFLDVVHjHVFUDYLGmRFOiVVLFDRXDQWLJD$RFRQWUiULRDOHLGH0RLVpV
URPSHRVSDGU}HVGDpSRFDHHVWDEHOHFHGLJQLGDGHHFLGDGDQLDDRVVHUYRVTXHGHRXWUD
IRUPD HVWDULDP VRIUHQGR PXLWR PDLV HP RXWURV SDtVHV VRE DV PHVPDV FRQGLo}HV 2
HVFUDYR HP ,VUDHO QmR HUD XP HVFUDYR SURSULDPHQWH GLWR PDV DOJXpP TXH
YROXQWDULDPHQWH VH YHQGHX FRPR VHUYR GH RXWUD SHVVRD D ILP GH SDJDU XPD GtYLGD TXH
FRQWUDLXSRUDOJXPPHLR3RUHVVDUD]mRHOHWUDEDOKDYDSDUDDSHVVRDDTXHPGHYLDSHOR
WDQWRGHWHPSRFRUUHVSRQGHQWHjVXDGtYLGD
,VVRQmRpPDLVGRTXHVHHXHVWLYHVVHHQGLYLGDGRFRPYRFrHQmRWLYHVVHGLQKHLURSDUD
SDJiOR QR PRPHQWR H SRU HVVD UD]mR PH YROXQWDULDVVH D WUDEDOKDU SDUD YRFr QD VXD
HPSUHVD RXQDVXDFDVD DWpTXHSDJDVVHDGtYLGDFRPRVPHXVVHUYLoRVSUHVWDGRV,VVR
REYLDPHQWH QmR WHP DEVROXWDPHQWH QDGD D YHU FRP D HVFUDYLGmR TXH HVWDPRV
DFRVWXPDGRVDOHURXDTXHODTXHRVDWHXVXVDPSDUDIDOVDPHQWHDFXVDURVFULVWmRV$OHL
HUD FODUD HP GL]HU TXH HVVH VHUYR QmR WUDEDOKDULD FRPR HVFUDYR PDV FRPR WUDEDOKDGRU
FRQWUDWDGR SRLV GH IDWR R TXH HOH WUDEDOKDYD HUD GHVFRQWDGR GD GtYLGD DWp TXH D PHVPD
IRVVHWRWDOPHQWHSDJD
6HDOJXpPGRVHXSRYRHPSREUHFHUHVHYHQGHUDDOJXPGHYRFrVQmRRIDoDPWUDEDOKDU
FRPR HVFUDYR (OH GHYHUi VHU WUDWDGR FRPR WUDEDOKDGRU FRQWUDWDGR RX FRPR UHVLGHQWH
WHPSRUiULRWUDEDOKDUiSDUDTXHPRFRPSURXDWpRDQRGRMXELOHX(QWmRHOHHRVVHXVILOKRV
HVWDUmR OLYUHV H HOH SRGHUi YROWDU SDUD R VHX SUySULR FOm H SDUD D SURSULHGDGH GRV VHXV
DQWHSDVVDGRV 3RLV RV LVUDHOLWDV VmR PHXV VHUYRV D TXHP WLUHL GD WHUUD GR (JLWR QmR
SRGHUmRVHUYHQGLGRVFRPRHVFUDYRV /HYtWLFR
2 FRQFHLWR EiVLFR GD HVFUDYLGmR HQWUH RV KHEUHXV SRUWDQWR QmR HUD GH XP WUDEDOKDGRU
IRUoDGRTXHWLQKDTXHWUDEDOKDUDWpRILPGDYLGDVHQGRWUDWDGRFRPRPHUDPHUFDGRULDQDV
PmRVGHXPFDSDWD]TXHWHPRSRGHUGHID]HURTXHTXLVHUFRPHOH$RFRQWUiULRHUDGH
WUDEDOKDGRUHV GHYLGDPHQWH DVVDODULDGRV SRUTXH WXGR R TXH WUDEDOKDYDP HUD GHVFRQWDGR
GLDULDPHQWHGDGtYLGDFRQWUDtGDDWpTXHDPHVPDIRVVHTXLWDGDHHQWmRRWUDEDOKDGRUHUD
OLEHUDGR GH VHX VHUYLoR 3RU LVVR R HVFUDYR LVUDHOLWD HUD FRUUHWDPHQWH HTXLSDUDGR
DRWUDEDOKDGRUFRQWUDWDGRRXUHVLGHQWHWHPSRUiULR Y 
/HYtWLFRGL]H[SOLFLWDPHQWH
(OH >R HVFUDYR@ GHYHUi VHU WUDWDGR FRPR XP HPSUHJDGR FRQWUDWDGR DQXDOPHQWH QmR
SHUPLWDPTXHRVHXVHQKRUGRPLQHLPSLHGRVDPHQWHVREUHHOH /HYtWLFR
8PWH[WRTXHODQoDPDLVOX]VREUHDHVFUDYLGmRHQWUHRVKHEUHXVpRGH*iODWDVRQGH
3DXORXPMXGHXDILUPDTXHHQTXDQWRRKHUGHLURpPHQRUGHLGDGHHPQDGDGLIHUHGHXP
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

HVFUDYR HPERUD VHMD GRQR GH WXGR *O  3DXOR MDPDLV DVVHPHOKDULD R HVWDGR GH XP
KHUGHLUROLYUHDRHVWDGRGHXPHVFUDYRVHRHVFUDYRHP,VUDHOIRVVHXPDPXODGHFDUJD
FRPR HUD QDV RXWUDV QDo}HV 6H R HVFUDYR HVWDYD QR PHVPR QtYHO GR KHUGHLUR HQTXDQWR
HVWH p PHQRU GH LGDGH p SRUTXH HOH WLQKD GLJQLGDGH H UHVSHLWR QmR SRUTXH IRVVH XPD
SURSULHGDGH RX PHUFDGRULD 2 HVFUDYR KHEUHX HUD DSHQDV XP VHUYR WUDEDOKDQGR SHOR
WHPSRFRUUHVSRQGHQWHjTXLWDomRGHXPDGtYLGDSRUHOHPHVPRFRQWUDtGD
.HLWK 7KRPSVRQ UHVVDOWRX TXH LVVR p VHPHOKDQWH DR TXH RFRUUHX QR VpFXOR ;9,, QD
$PpULFD FRORQLDO RQGH RV LPLJUDQWHV HXURSHXV QmR SRGLDP SDJDU D SDVVDJHP SDUD D
$PpULFD H SRU LVVR WUDEDOKDUDP SDUD XPD IDPtOLD D ILP GH SDJiORV SHOR SUHoR GD
SDVVDJHP>@ *DU\ 'H0DU WDPEpP VXEOLQKRX TXH PXLWRV GRV SULPHLURV FRORQRV GHVVD
QDomR >(8$@ SDJDUDP VXD SDVVDJHP FRPR WUDEDOKDGRUHV FRPSXOVyULRV>@ ,VVR
FODUDPHQWH QmR p HVFUDYLGmR PDV DSHQDV XP SDJDPHQWR MXVWR H GHYLGDPHQWH
FRUUHVSRQGHQWHDXPDGtYLGDFRQWUDtGDSRUDOJXPDUD]mR
&RPHQWDQGRRWH[WRGH/HYtWLFR TXHDFDEDPRVGHFRQIHULU -DPHV05RFKIRUG
REVHUYDWUrVFRLVDV
(P SULPHLUR OXJDU QmR KDYLD WDO FRLVD FRPR GHFODUDomR GH IDOrQFLD QD FXOWXUD DQWLJD
)DOrQFLD p XP IHQ{PHQR PRGHUQR 6H YRFr FDtD HP GtYLGD SUHFLVDYD WUDEDOKDU IRUD (P
VHJXQGR OXJDU HVWH VHUYLoR HUD YROXQWiULR
HOH VH YHQGHU D YRFrV
  Y  (P WHUFHLUR
OXJDUHVWHVHUYLoRQmRIRLSDUDROXFURGHFRPHUFLDQWHVGHHVFUDYRV>@
(PJHUDORHVFUDYRWUDEDOKDYDSDUDVHXVHQKRUSRUXPSHUtRGRPXLWREUHYHSRUTXHHUD
UDURDOJXpPFRQWUDLUGtYLGDVWmRJUDQGHVQRVLVWHPDYLJHQWHHP,VUDHOTXHUHJXODPHQWDYD
ULJRURVDPHQWHRWDQWRGHULTXH]DVHFRQVHTXHQWHPHQWHHYLWDYDTXHDOJXpPHPSREUHFHVVH
PXLWR3RULVVRRVFDVRVHPTXHDOJXpPILFDYDPXLWRWHPSRFRPRVHUYRHUDPJHUDOPHQWH
TXDQGRXPFULPLQRVRURXEDYDDOJRGHDOJXpPHUDGHVFREHUWRHWLQKDTXHGHYROYHUDTXLOR
TXH URXERX DFUHVFHQWDQGR PDLV XP TXLQWR GR YDORU URXEDGR /Y  (P DOJXQV FDVRV
H[FHSFLRQDLVRODGUmRWLQKDTXHUHVWLWXLURGREUR [ RXDWpPHVPRTXDWURRXFLQFR
YH]HV PDLV GDTXLOR TXH IRL URXEDGR [  6H DOJXpP URXEDVVH PXLWDV YH]HV RX DOJR
GH PXLWR YDORU LULD FRQWUDLU XPD GtYLGD PXLWR JUDQGH H FRQVHTXHQWHPHQWH SDVVDULD PXLWR
WHPSRHPVHUYLGmR[RGRGL]
8PODGUmRWHUiTXHUHVWLWXLURTXHURXERXPDVVHQmRWLYHUQDGDVHUiYHQGLGRSDUDSDJDU
RURXER [RGR
$OpPGRVHUYRLVUDHOLWDQmRVHUQHPSHUWRGHXPHVFUDYRQDFRQFHSomRSRSXODUGRWHUPR
HOH DLQGD HUD GRWDGR GH XPD VpULH GH SULYLOpJLRV H EHQHItFLRV TXH QXQFD HP PRPHQWR
QHQKXP GD KLVWyULD DOJXP HVFUDYR GH RXWUD QDomR MDPDLV SRVVXLX 3RU H[HPSOR
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

LQGHSHQGHQWHPHQWHGRWDPDQKRGDGtYLGDFRQWUDtGDRWHPSROLPLWHGHWUDEDOKRHUDGHVHLV
DQRV'HSRLVGLVVRQmRLPSRUWDRTXDQWRDLQGDIDOWDVVHSDUDTXLWDUDGtYLGDHOHWLQKDTXH
VHUOLEHUDGRHYROWDUSDUDVXDFDVDVHPGHYHUPDLVQDGDHVHPWHUTXHWUDEDOKDUPDLVSDUD
VHXDQWLJRVHQKRU
6H VHX FRQFLGDGmR KHEUHX KRPHP RX PXOKHU YHQGHUVH D YRFr H VHUYLOR VHLV DQRV QR
VpWLPRDQRGrOKHDOLEHUGDGH(TXDQGRRIL]HUQmRRPDQGHHPERUDGHPmRVYD]LDV'r
OKHFRPJHQHURVLGDGHGRVDQLPDLVGRVHXUHEDQKRGRSURGXWRGDVXDHLUDHGRVHXODJDU
'rOKH FRQIRUPH D ErQomR TXH R 6HQKRU R VHX 'HXV OKH WHP GDGR /HPEUHVH GH TXH
YRFrIRLHVFUDYRQR(JLWRHTXHR6HQKRURVHX'HXVRUHGLPLXeSRULVVRTXHKRMHOKH
GRXHVVDRUGHP 'HXWHURQ{PLR
2EVHUYH TXH DOpP GD VHUYLGmR WHU XP OLPLWH IL[R GH WHPSR R HVFUDYR DLQGD UHFHELD R
EHQHItFLR GH VDLU FRP SURYLV}HV GDGDV SHOD SHVVRD D TXHP WUDEDOKDYD (OH QmR VDtD
GH PmRV YD]LDV Y  2 SURSULHWiULR WLQKD D REULJDomR SHOD OHL GH OKH SURYHU FRP
DOLPHQWRVHRXWURVUHFXUVRVDILPGHHYLWDUTXHHOHFDtVVHQRYDPHQWHHPSREUH]DHWLYHVVH
TXH VH YHQGHU D DOJXpP QRYDPHQWH 0DLV XPD YH] VHULD GHVQHFHVViULR GL]HU TXH DOJR
DVVLPQmRH[LVWHHPOXJDUQHQKXPDOpPGH,VUDHO6yHP,VUDHORVHUYRHUDWmREHQHILFLDGR
DVVLP
&RPRVHLVVRQmREDVWDVVHDLQGDH[LVWLDHP,VUDHORFKDPDGRDQRGRMXELOHX2DQRGR
MXELOHXHUDXPDQRHPHVSHFtILFRTXHDFRQWHFLDDFDGDFLQTXHQWDDQRV4XDQGRHVWHDQR
FKHJDYDWRGRVRVHVFUDYRVWLQKDPTXHVHUOLEHUWRVQmRLPSRUWDRWDPDQKRGDGtYLGDQHPR
WDQWRGHWHPSRTXHDLQGDOHYDULDSDUDSDJiOD
&RQVDJUHPRTXLQTXDJpVLPRDQRHSURFODPHPOLEHUWDomRSRUWRGDDWHUUDDWRGRVRVVHXV
PRUDGRUHV (VWH OKHV VHUi XP DQR GH MXELOHX TXDQGR FDGD XP GH YRFrV YROWDUi SDUD D
SURSULHGDGHGDVXDIDPtOLDHSDUDRVHXSUySULRFOm /HYtWLFR
1HVVHDQRGRMXELOHXFDGDXPGHYRFrVYROWDUiSDUDDVXDSURSULHGDGH /HYtWLFR
(VVD OHL DOpP GH EHQHILFLDU R VHUYR DLQGD VHUYLD GH DMXVWH VRFLDO SDUD HYLWDU D H[WUHPD
SREUH]D HP ,VUDHO Mi TXH QHVWH DQR GR MXELOHX DV SURSULHGDGHV VHPSUH WLQKDP TXH YROWDU
DRVVHXVGRQRVRULJLQDLVHGHJUDoD
>$ SURSULHGDGH@ VHUi GHYROYLGD QR MXELOHX H HOH HQWmR SRGHUi YROWDU SDUD D VXD
SURSULHGDGH /HYtWLFR
,VVRHYLWDYDGXDVFRLVDV D TXHKRXYHVVHIDPtOLDVH[WUHPDPHQWHULFDVPRQRSROL]DQGRRV
UHFXUVRV H VH WRUQDQGR VHQKRUHV GH HVFUDYRV E  TXH KRXYHVVH IDPtOLDV H[WUHPDPHQWH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

SREUHV TXH WLYHVVHP VHPSUH TXH VH YHQGHU SDUD SDJDU XPD GtYLGD H GHSRLV VH YHQGHU
QRYDPHQWHHPIXQomRGHVXDLUUHYRJiYHOSREUH]D(VVDOHLVHUYLDSDUDHTXLOLEUDUDVFRLVDV
$OJXpP SRGLD HQULTXHFHU GXUDQWH DOJXQV DQRV DGTXLULQGR SURSULHGDGHV PDV DR FKHJDU R
DQR GR MXELOHX WLQKD TXH YROWDU j VXD SRVVH RULJLQDO H GHYROYHU DRV GRQRV RULJLQDLV DTXLOR
TXHOKHVIRLDGTXLULGR'DPHVPDIRUPDDOJXpPSRGLDILFDUPXLWRSREUHHWHUTXHYHQGHU
VXD SURSULHGDGH SDUD SDJDU D GtYLGD PDV HOH PHVPR RX SHOR PHQRV VHXV ILOKRV  QmR
ILFDULD SREUH SDUD VHPSUH IRUPDQGR JHUDo}HV GH SREUHV  PDV WHULD VXD SURSULHGDGH GH
YROWDHFRPHODXPDQRYDFKDQFHGHUHFRPHoDUWXGRGR]HUR1mRWHQKRLGHLDGHRXWUDOHL
IRUDGH,VUDHOTXHEHQHILFLDVVHWDQWRRVVHUYRVHRVSREUHVTXDQWRHVVD
$OpPGLVVRDOHLSURLELDTXHVHFREUDVVHPMXURVGHSHVVRDVSREUHVLPSHGLQGRTXHRVULFRV
OXFUDVVHPHPFLPDGHOHV
6HIL]HUHPHPSUpVWLPRDDOJXpPGRPHXSRYRDDOJXPQHFHVVLWDGRTXHYLYDHQWUHYRFrV
QmRFREUHPMXURVGHOHQmRHPSUHVWHPYLVDQGROXFUR [RGR
(OD WDPEpP LQFHQWLYDYD DV GRDo}HV DRV QHFHVVLWDGRV GH IRUPD OLEHUDO H JHQHURVD VHP
UHOXWkQFLDQRFRUDomR
6H KRXYHU DOJXP LVUDHOLWD SREUH HP TXDOTXHU GDV FLGDGHV GD WHUUD TXH R 6HQKRU R VHX
'HXVOKHHVWiGDQGRQmRHQGXUHoDPRFRUDomRQHPIHFKHPDPmRSDUDFRPRVHXLUPmR
SREUH $R FRQWUiULR WHQKDP PmR DEHUWD H HPSUHVWHPOKH OLEHUDOPHQWH R TXH HOH SUHFLVDU
&XLGDGR4XHQHQKXPGHYRFrVDOLPHQWHHVWHSHQVDPHQWRtPSLR2VpWLPRDQRRDQRGR
FDQFHODPHQWR GDV GtYLGDV HVWi VH DSUR[LPDQGR H QmR TXHUR DMXGDU R PHX LUPmR SREUH
(OH SRGHUi DSHODU SDUD R 6HQKRU FRQWUD YRFr H YRFr VHUi FXOSDGR SHOR SHFDGR 'rOKH
JHQHURVDPHQWH H VHP UHOXWkQFLD QR FRUDomR SRLV SRU LVVR R 6HQKRU R VHX 'HXV R
DEHQoRDUiHPWRGRRVHXWUDEDOKRHHPWXGRRTXHYRFrIL]HU 'HXWHURQ{PLR
$WpDILQDOLGDGHGRGt]LPRHUDSDUDRVXVWHQWRGRVOHYLWDVGRVHVWUDQJHLURVGRVyUImRVGDV
YL~YDVHGRVPDLVQHFHVVLWDGRV
$R ILQDO GH FDGD WUrV DQRV WUDJDP WRGRV RV Gt]LPRV GD FROKHLWD GR WHUFHLUR DQR H
DUPD]HQHRV HP VXD SUySULD FLGDGH SDUD TXH RV OHYLWDV TXH QmR SRVVXHP SURSULHGDGH
QHP KHUDQoD H RV HVWUDQJHLURV RV yUImRV H DV YL~YDV TXH YLYHP QD VXD FLGDGH YHQKDP
FRPHU H VDFLDUVH H SDUD TXH R 6HQKRU R VHX 'HXV R DEHQoRH HP WRGR R WUDEDOKR GDV
VXDVPmRV 'HXWHURQ{PLR
(VVDV OHLV GH UHJXODPHQWDomR H EHQHItFLR VRFLDO H[LVWLDP MXVWDPHQWH SDUD TXH QmR KDMD
QHQKXP SREUH QR PHLR GH YyV 'W  H IXQFLRQDYDP PXLWR PHOKRU GR TXH TXDOTXHU
SURJUDPD VRFLDO DWXDO 7DLV SURYLV}HV FRPR UHVVDOWD 5RFKIRUG ID]LDP FRP TXH QmR
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

KRXYHVVHQHFHVVLGDGHGHDOJXpPVHYROXQWDULDUFRPRVHUYR>@)LFDDTXHVWmRTXHPLULD
VH SUHRFXSDU HP ID]HU OHLV EHQHILFLDQGR RV PDLV SREUHV H VHUYRV FRQWUD D YRQWDGH GRV
PDLVULFRVHVREHUDQRVGDWHUUDVHRVHUYRHUDDSHQDVXPDPHUFDGRULDRXSURSULHGDGH"$
YHUGDGHpTXHHVWDVOHLVTXHYLVDYDPEHQHILFLDURVPHQRVIDYRUHFLGRVH[LVWLDPMXVWDPHQWH
SRUTXH D LGHLD GH HVFUDYLGmR HQWUH RV KHEUHXV HUD WRWDOPHQWH LQH[LVWHQWH WHQGR HP YLVWD
TXH R VHUYR KHEUHX QmR HUD QHP GH ORQJH FRQVLGHUDGR XP HVFUDYR FRPR QRV PROGHV
PRGHUQRV
$OHLWDPEpPSURLELDRVHTXHVWURHYHQGDGHVHUYRVVRESHQDGHPRUWH
6H XP KRPHP IRU SHJR VHTXHVWUDQGR XP GRV VHXV LUPmRV LVUDHOLWDV WUDWDQGRR FRPR
HVFUDYR RX YHQGHQGRR R VHTXHVWUDGRU WHUi TXH PRUUHU (OLPLQHP R PDO GR PHLR GH
YRFrV 'HXWHURQ{PLR
2XWUDOHLTXHIDYRUHFLDJUDQGHPHQWHRVHVFUDYRVHUDDTXHSHUPLWLDTXHRHVFUDYRIXJLWLYR
YLYHVVHHPOLEHUGDGHHQWUHRVLVUDHOLWDVHPTXDOTXHUFLGDGHTXHHOHHVFROKHVVH
6H XP HVFUDYR UHIXJLDUVH HQWUH YRFrV QmR R HQWUHJXHP QDV PmRV GR VHX VHQKRU
'HL[HPQRYLYHUQRPHLRGHYRFrVSHORWHPSRTXHHOHGHVHMDUH HPTXDOTXHUFLGDGHTXH
HOHHVFROKHU1mRRRSULPDP 'HXWHURQ{PLR
(QTXDQWR DV OHLV DQWLJDV SXQLDP R HVFUDYR IXJLWLYR FRP D PRUWH D OHL GH 0RLVpV QmR
DSHQDVQmRSUHVFUHYLDSXQLomRQHQKXPDFRPRWDPEpPSHUPLWLDTXHRIXJLWLYRYLYHVVHHP
SD] HP TXDOTXHU FLGDGH TXH HVFROKHVVH H DTXHOH TXH R HQFRQWUDVVH HUD SURLELGR GH
HQWUHJiOR GH YROWD D VHX SDWUmR (VVD OHL DOpP GH VHU PDLV XP JUDQGH EHQHItFLR DRV
HVFUDYRVDLQGDVHUYLDSDUDHYLWDUTXHXPVHQKRUWUDWDVVHPDOVHXVHUYR$OyJLFDHUDD
VHJXLQWHVHXPSDWUmRWUDWDVVHPDOVHXHVFUDYRHVWHSRGHULDIXJLUHRSDWUmRQmRSRGHULD
ID]HU QDGD SDUD LPSHGLU LVVR 3RU HVWD UD]mR HOHV HUDP LQFHQWLYDGRV D WUDWDU EHP RV TXH
WUDEDOKDYDP SDUD HOHV SDUD TXH QmR WLYHVVHP QHQKXPD UD]mR RX PRWLYDomR SDUD IXJLU R
TXHVHULDUHODWLYDPHQWHIiFLO 
(QTXDQWRDVOHLVGDVRXWUDVQDo}HVGHL[DYDPRGRQROLYUHSDUDWUDWDURHVFUDYRGDIRUPD
TXH TXLVHVVH D OHL GH 0RLVpV ID]LD MXVWDPHQWH R FRQWUiULR EHQHILFLDYD R HVFUDYR HP
GHWULPHQWRGHVHXGRQRIRUoDQGRRVGRQRVDWUDWDUEHPVHXVVHUYRVVRERULVFRGHHOHV
VH PDJRDUHP SHOD IRUPD FRP TXH VmR WUDWDGRV H IXJLVVHP SDUD RXWUR OXJDU 7DOYH] VHMD
LVVRRTXHH[SOLTXHRWH[WRGH'HXWHURQ{PLRRTXDOGL]TXHXPHVFUDYRSRGHULD
YROXQWDULDPHQWHUHFXVDUVHUOLEHUWR
0DVVHRVHXHVFUDYROKHGLVVHUTXHQmRTXHUGHL[iORSRUTXHDPDYRFrHVXDIDPtOLDH
QmRWHPIDOWDGHQDGDHQWmRDSDQKHXPIXUDGRUHIXUHDRUHOKDGHOHFRQWUDDSRUWDHHOHVH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

WRUQDUiVHXHVFUDYRSDUDRUHVWRGDYLGD)DoDRPHVPRFRPDVXDHVFUDYD 'HXWHURQ{PLR

6HRVHUYRHP,VUDHOIRVVHWUDWDGRFRPRXPDPHUDPHUFDGRULDHVWHWH[WRQmRWHULDVHQWLGR
QHQKXPSRLVpyEYLRTXHXPHVFUDYRQRVHQWLGRFOiVVLFRGRWHUPRQmRLULDSHUGHUQHQKXPD
RSRUWXQLGDGHGHVHUOLEHUWRTXDQGRSXGHVVH2IDWRpTXHR`ebedHP,VUDHOHUDJHUDOPHQWH
WmR EHP WUDWDGR TXH HOH SRGHULD LQFOXVLYH UHFXVDU VHU OLYUH &RPR R WH[WR GHL[D FODUR D
UHODomRJHUDOHQWUHXP`ebedHDIDPtOLDSDUDDTXDOHOHWUDEDOKDHUDGHDPRUHRVHUYRQmR
WLQKDIDOWDGHQDGD Y &RPHQWDQGRHVWHWH[WR.HLWK7KRPSVRQREVHUYD
,VVRPRVWUDTXHRVVHUYRVHVWDYDPVHQGRWUDWDGRVPXLWREHPWDQWRTXHPXLWRVRSWDUDP
SRUSHUPDQHFHUFRPDIDPtOLDGHVHXSDWUmRSDUDVHPSUHSRUFDXVDGRERPWUDWDPHQWRH
FXLGDGRVUHDOL]DGRVSRUHOHV>@
2$PHULFDQ7UDFW6RFLHW\%LEOH'LFWLRQDU\WDPEpPFRUUHWDPHQWHDVVLQDODTXH
2VHVFUDYRVGRVKHEUHXVQmRHUDPSDUDVHUYLUFRPULJRUQHPWUDQVIHULGRVSDUDXPPDLV
FDWLYHLUR PDLV SHVDGR HOH WLQKD XP UHFXUVR SDUD RV WULEXQDLV R GLUHLWR GH WRGRV RV
SULYLOpJLRV UHOLJLRVRV R SRGHU GH H[LJLU D OLEHUWDomR GH XPD SUHVWDomR HTXLYDOHQWH
SHFXQLiULDHXPDGRDomRGHVHXPHVWUHHPVXDOLEHUWDomR>@
(P DFUpVFLPR D LVVR GHYH VHU REVHUYDGR TXH /HYtWLFR  GL] TXH RV HVFUDYRV
SRGLDPVHUUHVJDWDGRVDWUDYpVGHDOJXPSDUHQWHULFRTXHSDJDVVHSHODGtYLGDFRQWUDtGDGH
PRGR D HYLWDU TXH HOH ILFDVVH HP VHUYLGmR 'HXWHURQ{PLR  SURtEH TXH RV
SDWU}HVGRPLQHPLPSLHGRVDPHQWHVREUHRVVHUYRV[RGRSURtEHTXHXPDHVFUDYD
VHMDYHQGLGDDHVWUDQJHLURVHSUHVFUHYHRUHVJDWHGHODFDVRHODQmRDJUDGHDVHXVHQKRU
VDLQGRDVVLPOLYUH[RGRSURtEHFRELoDURHVFUDYRGRSUy[LPR/HYtWLFRSURtEH
D FRPSUD GH HVFUDYRV LVUDHOLWDV SRU RXWUR LVUDHOLWD>@ DOpP GLVVR RV HVFUDYRV WLQKDP
GLUHLWRV WUDEDOKLVWDV H SRGLDP GHVFDQVDU QRV GLDV VROHQHV HP TXH DV SHVVRDV OLYUHV
WDPEpPGHVFDQVDYDPFRPRpRFDVRGRVpWLPRGLD
7UDEDOKDUiVVHLVGLDVHQHOHVIDUiVWRGRVRVWHXVWUDEDOKRVPDVRVpWLPRGLDpXPViEDGR
SDUD R 6HQKRU R WHX 'HXV 1HVVH GLD QmR IDUiV WUDEDOKR DOJXP QHP WX QHP WHX ILOKR RX
ILOKDQHPRWHXVHUYRRXVHUYDQHPRWHXERLWHXMXPHQWRRXTXDOTXHUGRVWHXVDQLPDLV
QHP R HVWUDQJHLUR TXH HVWLYHU HP WXD SURSULHGDGH SDUD TXH R WHX VHUYR H D WXD VHUYD
GHVFDQVHPFRPRWX 'HXWHURQ{PLR
$WpRVHUYRWLQKDGHVFDQVRQRViEDGREHPFRPRWRGRRUHVWRGRSRYRRTXHLQGLFDTXHRV
HVFUDYRV WLQKDP FHUWRV GLUHLWRV LJXDLV DRV KRPHQV OLYUHV 1DV RXWUDV VRFLHGDGHV R
HVFUDYRQmRWLQKDGLUHLWRQHQKXPHHUDREULJDGRDWUDEDOKDUDTXDOTXHUPRPHQWRTXHVHX
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

GRQR DVVLP GHVHMDVVH RX VHMD VHPSUH  2 SURSyVLWR PDLRU GD JXDUGD GR ViEDGR HUD
MXVWDPHQWHSDUDTXHRVVHUYRVHRVHVWUDQJHLURVUHQRYDVVHPVXDVIRUoDV
(PVHLVGLDVIDoDPRVVHXVWUDEDOKRVPDVQRVpWLPRQmRWUDEDOKHPSDUDTXHRVHXERLH
R VHX MXPHQWR SRVVDP GHVFDQVDU H R VHX HVFUDYR H R HVWUDQJHLUR UHQRYHP DV
IRUoDV [RGR
0DV QmR HUD Vy QR VpWLPR GLD TXH R HVFUDYR WLQKD GLUHLWR GH GHVFDQVR +DYLD WDPEpP
GLYHUVRVRXWURVGHVFDQVRVSHULyGLFRVQDVFKDPDGDVIHVWDVHVROHQLGDGHVLVUDHOLWDV YHMD
SRUH[HPSOR/HYtWLFR (QWUHHVVDVGDWDVGHGHVFDQVRLQFOXLVHRSHQWHFRVWHRGLD
GDH[SLDomRDSiVFRDDIHVWDGRVWDEHUQiFXORVHRXWUDVVROHQLGDGHVFLYLVHUHOLJLRVDVTXH
3DXOR UHVXPLX FRPR VHQGR RV GLDV GH IHVWD GH OXD QRYD H ViEDGRV &O  $OJXPDV
GHVWDVGDWDVIHVWLYDVGHGHVFDQVRHUDPUHODWLYDPHQWHORQJDVFRPRpRFDVRGDIHVWDGRV
WDEHUQiFXORVTXHGXUDYDXPDVHPDQDLQWHLUD 'W 
6RPDQGRWRGRVHVWHVGLDVIHVWLYRVGHIROJDHRViEDGR:LOODUG6ZDUWOH\FRQFOXLXTXHHP
XP SHUtRGR GH  DQRV RV VHUYRV WLQKDP  DQRV H  GLDV GH IROJD>@ ,VVR p
SUDWLFDPHQWH DPHWDGH GR WHPSR ,VVR p PDLV WHPSR GH IROJD GR TXH R WHPSR TXH XP
WUDEDOKDGRU FRPXP DVVDODULDGR WHP nos dias de hoje VLP HP SOHQR VpFXOR ;;, ,VVR
VLJQLILFDTXHYRFrWUDEDOKDPDLVGRTXHXPHVFUDYRWUDEDOKDYDHP,VUDHO(VHLVVRMip
LPSDFWDQWH VH DSOLFDGR DRV GLDV GH KRMH LPDJLQH R TXmR JULWDQWH ILFD R FRQWUDVWH FRP RV
RXWURVSRYRVGDpSRFDTXHQmRGDYDPIROJDQHQKXPDDRVVHXVHVFUDYRVHPGLDQHQKXP
GRDQR
2GHWDOKHPDLVLQWHUHVVDQWHSRUWUiVGHWXGRLVVRpTXHQHVWHVGLDVRVHVFUDYRVQmRDSHQDV
WLQKDP IROJD PDV HOHV SUySULRV SDUWLFLSDYDP GD FHOHEUDomR GDV VROHQLGDGHV GD PHVPD
IRUPDTXHDVSHVVRDVOLYUHVRTXHLQGLFDDLJXDOPHQWHHPPRUDOHGLJQLGDGHHQWUHDPERV
(DOHJUHPVHSHUDQWHR6HQKRURVHX'HXVQRORFDOTXHHOHHVFROKHUSDUDKDELWDomRGR
VHX1RPHMXQWRFRPRVVHXVILOKRVHDVVXDVILOKDVRVVHXVVHUYRVHDVVXDVVHUYDVRV
OHYLWDV TXH YLYHP QD VXD FLGDGH RV HVWUDQJHLURV RV yUImRV H DV YL~YDV TXH YLYHP FRP
YRFrV /HPEUHPVH GH TXH YRFrV IRUDP HVFUDYRV QR (JLWR H REHGHoDP ILHOPHQWH D HVWHV
GHFUHWRV&HOHEUHPWDPEpPDIHVWDGDVFDEDQDVGXUDQWHVHWHGLDVGHSRLVTXHDMXQWDUHPR
SURGXWRGDHLUDHGRODJDU$OHJUHPVHQHVVDIHVWDFRPRVVHXVILOKRVHDVVXDVILOKDVRV
VHXVVHUYRVHDVVXDVVHUYDVRVOHYLWDVRVHVWUDQJHLURVRVyUImRVHDVYL~YDVTXHYLYHP
QDVXDFLGDGH 'HXWHURQ{PLR
[RGR  p SDUWLFXODUPHQWH DLQGD PDLV LQWHUHVVDQWH XPD YH] TXH SUHVFUHYH TXH R
HVFUDYR SRGHULD FRPHU GD SiVFRD HQTXDQWR R UHVLGHQWH WHPSRUiULR H R WUDEDOKDGRU
FRQWUDWDGR RXVHMDSHVVRDVOLYUHV QmR
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

2 HVFUDYR FRPSUDGR SRGHUi FRPHU GD 3iVFRD GHSRLV GH FLUFXQFLGDGR PDV R UHVLGHQWH
WHPSRUiULRHRWUDEDOKDGRUFRQWUDWDGRGHODQmRFRPHUmR [RGR
,VVR MDPDLV RFRUUHULD HP RXWUD OHL DQWLJD VREUH HVFUDYLGmR RQGH RV HVFUDYRV HUDP YLVWRV
FRPR D HVFyULD GR PXQGR H QmR WLQKDP GLUHLWR QHQKXP D QmR VHU R GH WUDEDOKDU
DUGXDPHQWH DWp PRUUHU &RQWUDULDQGR WXGR LVVR R OLYUR GH -y HQVLQD D LJXDOGDGH HQWUH
VHQKRUHVHVHUYRV
6H QHJXHL MXVWLoD DRV PHXV VHUYRV H VHUYDV TXDQGR UHFODPDUDP FRQWUD PLP TXH IDUHL
TXDQGR'HXVPHFRQIURQWDU"4XHUHVSRQGHUHLTXDQGRFKDPDGRDSUHVWDUFRQWDV"$TXHOH
TXHPHIH]QRYHQWUHPDWHUQRQmRIH]WDPEpPDHOHV"1mRIRLHOHTXHPIRUPRXDPLP
HDHOHVQRLQWHULRUGHQRVVDVPmHV" -y
(HP-RHO'HXVSURIHWL]DRGHUUDPDUGR(VStULWRLQGLVWLQWDPHQWHVREUHRVKRPHQVOLYUHVH
WDPEpPVREUHRVVHUYRVHVHUYDVVHPID]HUDFHSomRGHSHVVRDV
( Ki GH VHU TXH GHSRLV GHUUDPDUHL R PHX (VStULWR VREUH WRGD D FDUQH H YRVVRV ILOKRV H
YRVVDV ILOKDV SURIHWL]DUmR RV YRVVRV YHOKRV WHUmR VRQKRV RV YRVVRV MRYHQV WHUmR YLV}HV
( WDPEpP VREUH RV VHUYRV H VREUH DV VHUYDV QDTXHOHV GLDV GHUUDPDUHL R PHX
(VStULWR -RHO
8PDGDVPDLRUHVFDUDFWHUtVWLFDVGR'HXVMXGDLFRFULVWmRTXHPDUFDSUHVHQoDDRORQJRGH
WRGD D (VFULWXUD p MXVWDPHQWH GH QmR ID]HU DFHSomR GH SHVVRDV PDV WUDWDU WRGRV
LJXDOPHQWH FI'W&U0O/Y5P$W7J
&O(I3H/F 
7RGRV RV VHUYRV H VHUYDV WDPEpP WLQKDP R GLUHLWR GH FRPHU R Gt]LPR HP -HUXVDOpP GD
PHVPDIRUPDTXHDIDPtOLDSDUDDTXDOHOHVWUDEDOKDYDP
9RFrVQmRSRGHUmRFRPHUHPVXDVSUySULDVFLGDGHVRGt]LPRGRFHUHDOGRYLQKRQRYRH
GRD]HLWHQHPDSULPHLUDFULDGRVUHEDQKRVQHPRTXHHPYRWRWLYHUHPSURPHWLGRQHP
DV VXDV RIHUWDV YROXQWiULDV RX GiGLYDV HVSHFLDLV $R LQYpV GLVVR YRFrV RV FRPHUmR QD
SUHVHQoDGR6HQKRUGRVHX'HXVQRORFDOTXHR6HQKRURVHX'HXVHVFROKHUYRFrVRV
VHXV ILOKRV H ILOKDVRV VHXV VHUYRV H VHUYDV H RV OHYLWDV GDV VXDV FLGDGHV $OHJUHPVH
SHUDQWHR6HQKRURVHX'HXVHPWXGRRTXHIL]HUHP 'HXWHURQ{PLR
6H DOJXpP IHULVVH XP HVFUDYR QR ROKR RX QRV GHQWHV R HVFUDYR HUD DXWRPDWLFDPHQWH
OLEHUWRHDGtYLGDHUDQDPHVPDKRUDTXLWDGD [ >@RTXHGHPRQVWUDPDLVXPD
YH]TXHRVHVFUDYRVQmRHUDPYLVWRVFRPRSURSULHGDGHVGHXPGRQR VHIRVVHPRGRQR
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

SRGHULD ID]HU FRP HOHV R TXH EHP HQWHQGHVVH  &RPHQWDQGR HVWH WUHFKR GD OHL : &
.DLVHUGL]TXHHODpVHPSUHFHGHQWHVQRPXQGRDQWLJRRQGHXPPHVWUHSRGLDWUDWDUVHX
HVFUDYRFRPRTXLVHVVH>@5RFKIRUGDGLFLRQDTXHVHHVWHSULQFtSLRWLYHVVHVLGRDSOLFDGR
QDHVFUDYLGmRGR6XO>GRV(8$@HVWHVLVWHPDFUXHOHGHVXPDQRWHULDVLGRHPJUDQGHSDUWH
GHVWUXtGR>@
7DPEpP D HVFUDYD TXH VH FDVDVVH FRP R ILOKR GR SDWUmR WHULD TXH WHU WRGRV RV
PHVPRVGLUHLWRVGHXPDILOKDHQmRSRGHULDGHL[DUGHSURYrODGHPDQWLPHQWRHGHWRGRV
RVGLUHLWRVFRQMXJDLV
6HRVHXVHQKRUDHVFROKHUSDUDVHXILOKROKHGDUiRVGLUHLWRVGHXPDILOKD6HRVHQKRU
WRPDU XPD VHJXQGD PXOKHU QmR SRGHUi SULYDU D SULPHLUD GH DOLPHQWR GH URXSDV H GRV
GLUHLWRV FRQMXJDLV6H QmR OKH JDUDQWLU HVVDV WUrV FRLVDV HOD SRGHUi LU HPERUD VHP
SUHFLVDUSDJDUQDGD [RGR
'H IDWR HUDP WDQWRV RV GLUHLWRV GRV HVFUDYRV HP ,VUDHO TXH -RKQ :HQKDP HVFUHYHX
TXH D IRUPD GH HVFUDYLGmR TXH HUD WROHUDGD QR $QWLJR 7HVWDPHQWR HUD WmR HVWULWDPHQWH
UHJXODPHQWDGD TXH KDYLD SRXFD GLIHUHQoD SUiWLFD HQWUH XP HVFUDYR H XP WUDEDOKDGRU
FRQWUDWDGR>@
eGLJQRGHQRWDUHVVDOWDUDLQGDTXHQRVVpFXORVTXHVHVHJXLUDPDHVFUDYLGmRHP,VUDHOIRL
VHWRUQDQGRFDGDYH]PDLVLQFRPXPHWRGRVDTXHOHVTXHLQVLVWLDPHPWHUHVFUDYRVHUDP
UHSXGLDGRVSHORVSURIHWDVHH[RUWDGRVDSDUDUFRPDSUiWLFD(P&U{QLFDVSRU
H[HPSOROHPRV
0DV XP SURIHWD GR 6HQKRU FKDPDGR 2GHGH HVWDYD HP 6DPDULD H VDLX DR HQFRQWUR GR
H[pUFLWR (OH OKHV GLVVH (VWDQGR LUDGR FRQWUD -XGi R 6HQKRU R 'HXV GRV VHXV
DQWHSDVVDGRV HQWUHJRXRV QDV PmRV GH YRFrV 0DV D I~ULD FRP TXH YRFrV RV PDWDUDP
FKHJRX DRV FpXV ( DJRUD DLQGD SUHWHQGHP HVFUDYL]DU KRPHQV H PXOKHUHV GH -XGi H GH
-HUXVDOpP 9RFrV WDPEpP QmR VmR FXOSDGRV GH SHFDGRV FRQWUD R 6HQKRU R VHX 'HXV"
$JRUDRXoDPPH0DQGHPGHYROWDVHXVLUPmRVTXHYRFrVIL]HUDPSULVLRQHLURVSRLV
RIRJRGDLUDGR6HQKRUHVWiVREUHYRFrV &U{QLFDV
&RPR UHVXOWDGR RV LVUDHOLWDV GR QRUWH DWHQGHUDP D H[RUWDomR H OLEHUWDUDP RV HVFUDYRV
Y 
2XWUDRFRUUrQFLDGRWLSRHQFRQWUDVHHP1HHPLDVRQGHRSURIHWDUHODWDRHQFRQWUR
TXHWHYHFRPDVDXWRULGDGHVMXGDLFDVHFRPRRVUHSUHHQGHXSRUWHUHPHVFUDYRVLVUDHOLWDV
2UD R SRYR KRPHQV H PXOKHUHV FRPHoRX D UHFODPDU PXLWR GH VHXV LUPmRV MXGHXV
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

$OJXQV GL]LDP 1yV H QRVVRV ILOKRV H ILOKDV VRPRV QXPHURVRV SUHFLVDPRV GH WULJR SDUD
FRPHU H FRQWLQXDU YLYRV 2XWURV GL]LDP 7LYHPRV TXH SHQKRUDU QRVVDV WHUUDV QRVVDV
YLQKDV H QRVVDV FDVDV SDUD FRQVHJXLU WULJR SDUD PDWDU D IRPH ( KDYLD DLQGD RXWURV TXH
GL]LDP 7LYHPRV TXH WRPDU GLQKHLUR HPSUHVWDGR SDUD SDJDU R LPSRVWR FREUDGR VREUH DV
QRVVDVWHUUDVHDVYLQKDV$SHVDUGHVHUPRVGRPHVPRVDQJXHGRVQRVVRVFRPSDWULRWDVH
GRV QRVVRV ILOKRV VHUHP WmR ERQV TXDQWR RV GHOHV DLQGD DVVLP WHPRV TXH VXMHLWDU RV
QRVVRVILOKRVHDVQRVVDVILOKDVjHVFUDYLGmR(GHIDWRDOJXPDVGHQRVVDVILOKDVMiIRUDP
HQWUHJXHV FRPR HVFUDYDV H QmR SRGHPRV ID]HU QDGD SRLV DV QRVVDV WHUUDV H DV QRVVDV
YLQKDV SHUWHQFHP D RXWURV 4XDQGR RXYL D UHFODPDomR H HVVDV DFXVDo}HV ILTXHL IXULRVR
)L]XPDDYDOLDomRGHWXGRHHQWmRUHSUHHQGLRVQREUHVHRVRILFLDLVGL]HQGROKHV9RFrV
HVWmR FREUDQGR MXURV GRV VHXV FRPSDWULRWDV 3RU LVVR FRQYRTXHL XPD JUDQGH UHXQLmR
FRQWUDHOHVHGLVVH1DPHGLGDGRSRVVtYHOQyVFRPSUDPRVGHYROWDQRVVRVLUPmRVMXGHXV
TXH KDYLDP VLGR YHQGLGRV DRV RXWURV SRYRV $JRUD YRFrV HVWmR DWp YHQGHQGR RV VHXV
LUPmRV(DVVLPHOHVWHUmRTXHVHUYHQGLGRVDQyVGHQRYR(OHVILFDUDPHPVLOrQFLRSRLV
ILFDUDP VHP UHVSRVWD 3RU LVVR SURVVHJXL 2 TXH YRFrV HVWmR ID]HQGR QmR HVWi FHUWR
9RFrV GHYHP DQGDU QR WHPRU GR 6HQKRU SDUD HYLWDU D ]RPEDULD GRV RXWURV SRYRV RV
QRVVRV LQLPLJRV (X RV PHXV LUPmRV H RV PHXV KRPHQV GH FRQILDQoD WDPEpP HVWDPRV
HPSUHVWDQGR GLQKHLUR H WULJR DR SRYR 0DV YDPRV DFDEDU FRP D FREUDQoD GH
MXURV 'HYROYDPOKHV LPHGLDWDPHQWH VXDV WHUUDV VXDV YLQKDV VXDV ROLYHLUDV H VXDV
FDVDVHWDPEpPRMXURTXHFREUDUDPGHOHVDFHQWpVLPDSDUWHGRGLQKHLURGRWULJR
GR YLQKR H GR D]HLWH ( HOHV UHVSRQGHUDP 1yV GHYROYHUHPRV WXGR R TXH YRFr FLWRX H
QmRH[LJLUHPRVPDLVQDGDGHOHV9DPRVID]HURTXHYRFrHVWiSHGLQGR(QWmRFRQYRTXHL
RV VDFHUGRWHV H RV IL] SURPHWHU VRE MXUDPHQWR FXPSULUHP R TXH KDYLDP SURPHWLGR
7DPEpPVDFXGLDGREUDGRPHXPDQWRHGLVVH'HXVDVVLPVDFXGDGHVXDFDVDHGHVHXV
EHQV WRGR DTXHOH TXH QmR PDQWLYHU D VXD SURPHVVD 7DO KRPHP VHMD VDFXGLGR H
HVYD]LDGR 'LDQWH GLVVR WRGD D DVVHPEOpLD GLVVH $PpP H ORXYRX R 6HQKRU ( R SRYR
FXPSULXRTXHSURPHWHX 1HHPLDV
(P$PyV'HXVUHSUHHQGHVHYHUDPHQWHDTXHOHVTXHHVWDYDPFRPSUDQGRRSREUHFRP
SUDWD H R QHFHVVLWDGR SRU XP SDU GH VDQGiOLDV $P  H FRQVLGHUD HVVD XPD GDV
SULQFLSDLVUD]}HVSHODVTXDLVRFDVWLJRGH,VUDHOQmRVHULDDQXODGR $P )LQDOPHQWHHP
-HUHPLDVRSURIHWDFRQYHQFHRUHL=HGHTXLDVDOLEHUWDURVHVFUDYRV
26HQKRUGLULJLXDSDODYUDD-HUHPLDVGHSRLVGRDFRUGRTXHRUHL=HGHTXLDVIH]FRPWRGRR
SRYRGH-HUXVDOpPGHSURFODPDUDOLEHUWDomRGRVHVFUDYRV7RGRVWHULDPTXHOLEHUWDUVHXV
HVFUDYRV H HVFUDYDV KHEUHXV QLQJXpP SRGHULD HVFUDYL]DU XP FRPSDWULRWD MXGHX $VVLP
WRGRV RV OtGHUHV H R SRYR TXH ILUPDUDP HVVH DFRUGR GH OLEHUWDomR GRV HVFUDYRV
FRQFRUGDUDP HP GHL[iORV OLYUHV H QmR PDLV RV HVFUDYL]DUDP R SRYR REHGHFHX H OLEHUWRX
RVHVFUDYRV -HUHPLDV

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

&ODUDPHQWH D HVFUDYLGmR HP ,VUDHO QmR WLQKD QHQKXP WUDoR RX VHPHOKDQoD FRP
RconceitopopularTXHWHPRVVREUHHVFUDYLGmRDTXDOH[LVWLDQRVRXWURVSRYRVGDpSRFD
/HYtWLFR  p R WH[WR TXH PDLV QLWLGDPHQWH GLIHUHQFLD RV HVFUDYRV KHEUHXV GR WLSR GH
HVFUDYLGmRUHDOTXHH[LVWLDQDVRXWUDVQDo}HV
3RLV RV LVUDHOLWDV VmR PHXV VHUYRV D TXHP WLUHL GD WHUUD GR (JLWR QmR SRGHUmR VHU
YHQGLGRVFRPRHVFUDYRV /HYtWLFR
2 `ebed HP ,VUDHO QmR SRGHULD VHU YHQGLGR FRPR HVFUDYR R TXH VLJQLILFD TXH R
SUySULR`ebedQmRHUDYLVWRFRPRXPHVFUDYRSURSULDPHQWHGLWRQRPHVPRVHQWLGRTXHDV
RXWUDV QDo}HV WLQKDP VHXV HVFUDYRV &RPR YLPRV D HVFUDYLGmR HQWUH RV KHEUHXV HUD
DEVROXWDPHQWH GLVWLQWD GH TXDOTXHU WLSR GH HVFUDYLGmR FOiVVLFD RX DQWLJD H QmR WHP
TXDOTXHU WUDoR RX OLJDomR FRP HODV $ OHL GH 0RLVpV p GH IDWR XP JUDQGH SDVVR H
SURJUHVVRKLVWyULFRQmRDSHQDVHPUHODomRjpSRFDPDVWDPEpPHPFRPSDUDomRFRPDV
pSRFDVSRVWHULRUHV
+i XP WH[WR HP HVSHFLDO TXH p SDUWLFXODUPHQWH PDLV GLItFLO H TXH SDUHFH FRQIURQWDU HVWH
HVWXGRDXPDSULPHLUDYLVWD1RHQWDQWRVHDQDOLVDGRGHQWURGHVHXGHYLGRFRQWH[WRHOH
UHIRUoD R TXH IRL GLWR DWp DTXL DR LQYpV GH GHUUXEDU 2 WH[WR HP TXHVWmR VH HQFRQWUD HP
[RGRTXHGL]
6H DOJXpP IHULU VHX HVFUDYR RX HVFUDYD FRP XP SHGDoR GH SDX H FRPR UHVXOWDGR R
HVFUDYR PRUUHU VHUi SXQLGR PDV VH R HVFUDYR VREUHYLYHU XP RX GRLV GLDV QmR VHUi
SXQLGRYLVWRTXHpVXDSURSULHGDGH [RGR
2WH[WRGHL[DDHQWHQGHUTXHRHVFUDYRSRGHULDDSDQKDURTXDQWRTXLVHVVHTXHQmRKDYHULD
SUREOHPD DOJXP GHVGH TXH QmR FDXVDVVH D PRUWH (P FDVR GH PRUWH GR HVFUDYR D
SXQLomR HPERUDQmRHVSHFLILFDGDDTXL pSUHVXPLYHOPHQWHDSHQDFDSLWDOXPDYH]TXHHOD
pDSHQDDWULEXtGDDRDVVDVVLQDWRDRORQJRGHWRGRRFDStWXORWRUQDQGRLPSOtFLWRQHVWHWH[WR
DSXQLomRFDSLWDO QmRVHULDQHFHVViULRrepetirTXHDSHQDVHULDDPRUWHXPDYH]TXHHVWD
pDSXQLomRSDGUmRSDUDHVWHWLSRGHDomR 
,VVR SRU VL Vy p VXILFLHQWH SDUD PRVWUDU TXH R HVFUDYR QmR HUD YLVWR FRPR PHUFDGRULD
SRLVQHVWHFDVRQmRKDYHULDTXDOTXHUSUREOHPDHPPDWiORSRLVQLQJXpPSXQHDOJXpPSRU
GHVWUXLU DOJR TXH p GHOH PHVPR QHVWH FDVR D PRUWH GR HVFUDYR VHULD XP direito legal H
QmR DOJR TXH IRVVH SXQLGR FRP PRUWH  e SRU LVVR TXH DV OHLV GDV RXWUDV QDo}HV QmR
SUHYLDPTXDOTXHUWLSRGHSXQLomRSDUDTXHPPDWDVVHXPHVFUDYRTXHpVHXMiTXHFRPR
pVHXYRFrSRGHULDID]HURTXHTXLVHVVHFRPHOH$OHLGH0RLVpVHUDD~QLFDTXHQmRYLDR
HVFUDYR FRPR XPD VLPSOHV SURSULHGDGH H SRU LVVR SXQLD FRP PRUWH DTXHOH TXH PDWDVVH
DOJXP`ebed.
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

0DV DLQGD Ki R SUREOHPD GD VHJXQGD PHWDGH R Y  TXH GL] TXH VH R HVFUDYR
SHUPDQHFHVVHYLYRSRUGRLVGLDVQmRKDYHULDSXQLomR$UD]mRSDUDLVVRQmRHUDSRUTXHR
HVFUDYRHUDYLVWRFRPRPHUFDGRULD RTXHpIRUWHPHQWHUHMHLWDGRQRY PDVVLPSRUTXH
HUDGDGRDRSDWUmRREHQHItFLRGDG~YLGDRXVHMDGHTXHHOHQmRWLQKDWLGRDLQWHQomRGH
PDWDURVHUYRPDVDSHQDVGLVFLSOLQiORSRUDOJXPPDOTXHHOHSRVVDWHUIHLWRRXHQWmRSRU
FDXVDGHXPIHULPHQWRQmRLQWHQFLRQDO.HLWK7KRPSVRQDILUPRX
1HVWHFDVRRFKHIHQmRLULDVHUFRQGHQDGRjPRUWHXPDYH]TXHRDVVDVVLQDGRWHULDVLGR
DFLGHQWDO ,VVR QmR VLJQLILFD TXH SDWU}HV GHYHVVHP WHQWDU ID]HU FRP TXH VHXV VHUYRV
PRUUHVVHPGHSRLVGHGRLVGLDVQHPTXHLVWRWHQKDVLGRGHDOJXPDIRUPDPRUDORXERP2
WH[WR QmR GL] LVVR (OH HVWi VLPSOHVPHQWH GL]HQGR TXH VH XPD PRUWH DFLGHQWDO RFRUUHVVH
DSyV XPD SXQLomR GLVFLSOLQDU R SDWUmR QmR PHUHFLD D PRUWH 9LGD SRU YLGD HUD DSOLFDGD
VRPHQWHTXDQGRKDYLDXPDLQWHQomRFRQVFLHQWHGHDVVDVVLQDWR>@
3DUD PRVWUDU TXH HVWD HUD XPD UHJUD TXH YDOLD DWp PHVPR SDUD RV KRPHQV OLYUHV EDVWD
UHFRUUHUDRVYiULRVWUHFKRVGDOHLRQGHXPLVUDHOLWDPDWDYDRXWURLVUDHOLWDVHPLQWHQomRH
QHVWHVFDVRVDSXQLomRSHODPRUWHQXQFDHUDDSHQDFDSLWDOSDUDTXHPQmRWHYHDLQWHQomR
GH PDWDU PDV VLP D LGD D XPD GDV FLGDGHV GH UHI~JLR RQGH HVWDULD SURWHJLGR GR
YLQJDGRU GR VDQJXH 1P  3RUWDQWR QHP PHVPR D PRUWH QmRLQWHQFLRQDO GH
KRPHQVOLYUHVHUD SXQLGDFRPDPRUWH $ IRUPDGHSXQLomRHUDDSHQDVDSUHVHUYDomRGR
LQGLYtGXRHPXPDFLGDGHLVRODGDHQRFDVRGHTXHPPDWDVVHXPHVFUDYRDFLGHQWDOPHQWH
HUD GH SHUGHU R SUySULR HVFUDYR H FRQVHTXHQWHPHQWH GH QmR WHU D UHWULEXLomR ILQDQFHLUD
TXHWHULDFDVRRVHUYRFRQWLQXDVVHWUDEDOKDQGRDWpSDJDUDGtYLGDFRQWUDtGD 3RUWDQWRR
WH[WRQmRVHWUDWDGHGLVFULPLQDomRFRQWUDHVFUDYRV
2TXHPDLVODQoDOX]DRFDVRpMXVWDPHQWHRVHXFRQWH[WRSRLVRVYHUVRVLPHGLDWDPHQWH
DQWHULRUHVWUDWDPGHXPDVLWXDomRKLSRWpWLFDVHPHOKDQWHVyTXHQDUHODomRHQWUHKRPHQV
OLYUHVHQmRHQWUHKRPHPOLYUHHHVFUDYR9HMDPRV
6H GRLV KRPHQV EULJDUHP H XP GHOHV IHULU R RXWUR FRP XPD SHGUD RX FRP R SXQKR H R
RXWUR QmR PRUUHU PDV FDLU GH FDPD DTXHOH TXH R IHULX VHUi DEVROYLGR VH R RXWUR VH
OHYDQWDUHFDPLQKDUFRPRDX[tOLRGHXPDEHQJDODWRGDYLDHOHWHUiTXHLQGHQL]DURKRPHP
IHULGR SHOR WHPSR TXH HVWH SHUGHX H UHVSRQVDELOL]DUVH SRU VXD FRPSOHWD
UHFXSHUDomR [RGR
$PHVPDFRLVDTXHYDOHSDUDRFDVRGRHVFUDYRIHULGRWDPEpPVHUYHSDUDRKRPHPOLYUH
IHULGR (P QHQKXP GRV GRLV FDVRV Ki D SHQD GH PRUWH TXDQGR QmR Ki D PRUWH GD RXWUD
SHVVRDSRUTXHOKHpGDGRREHQHItFLRGDG~YLGD$GLIHUHQoDpTXHTXHPIHUHXPKRPHP
OLYUH WHP TXH SDJDU R WUDWDPHQWR GHOH HQTXDQWR DTXHOH TXH IHULX XP HVFUDYR WHP TXH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

OLEHUWiOR [  R TXH HP DPERV RV FDVRV JHUDP SUHMXt]R ILQDQFHLUR SDUD R
LQGLYtGXRTXHIHULXDOJXpP&RPRRWUDEDOKRUHDOL]DGRSHORVHUYRMiHUDHPVLPHVPRXPD
IRQWHGHUHQGDSDUDRSDWUmRRIDWRGHRHVFUDYRVDLUOLYUHMiHUDHPVLPHVPRXPDSHUGD
SDUDRPHVPRSURSRUFLRQDOPHQWHHTXLYDOHQWHDRGDQRTXHHOHWHULDFDVRWLYHVVHDJUHGLGR
XPKRPHPOLYUHDRLQYpVGHXPHVFUDYR
8PFDVRVHPHOKDQWHDHVWHTXHWDPEpPQRVDMXGDDHQWHQGHUDVLWXDomRVHHQFRQWUDHP
'HXWHURQ{PLRHPERUDRWHPDDOLQmRVHMDDHVFUDYLGmRPDVRHVWXSUR1RYHUVR
pGLWRTXHRKRPHPTXHHVWXSUDVVHXPDPXOKHUWLQKDTXHPRUUHUHDPXOKHUVDLULDOLYUH
0DVRYHUVRIDODGHXPDRXWUDPRoDTXHWHULDVLGRHVWXSUDGDHDSXQLomRHUDVRPHQWH
XPSDJDPHQWRHPGLQKHLUR&RPRHQWHQGHULVVR"$GLIHUHQoDpVLPSOHVQRSULPHLURFDVR
p GLWR TXH D PRoD JULWRX SHGLQGR VRFRUUR Y  R TXH VLJQLILFD TXH HOD QmR FRQVHQWLX QR
DWR 0DV QR VHJXQGR FDVR QmR p GLWR TXH HOD JULWRX R TXH VLJQLILFD TXH HOD HVWDYD
FRQVHQWLQGR1RWHTXHDSXQLomRYDULDHQWUHXPFULPHVHPFRQVHQWLPHQWR HVWXSUR HXPD
UHODomR VH[XDO FRQVHQVXDO DLQGD TXH FRQVLGHUDGD SHFDPLQRVD QD pSRFD XPD YH] TXH R
VH[R HUD Vy SDUD SHVVRDV FDVDGDV >@ (P WRGR FDVR D PXOKHU WLQKD R EHQHItFLR GD
G~YLGDVHHODDOHJDTXHIRLHVWXSUDGDVRPRVLQVWLJDGRVDDFUHGLWDUQRGHSRLPHQWRGHOD
9ROWDQGRD[RGRDTXLpGDGRRPHVPREHQHItFLRGDG~YLGDVyTXHDRSDWUmR2
WH[WR QmR HVWi LQIHULQGR TXH R SDWUmR SRGH EDWHU QR HVFUDYR j YRQWDGH FRQWDQWR TXH QmR
FDXVH D PRUWH LQVWDQWkQHD SRUTXH LVVR HQWUDULD HP GLUHWR FRQIOLWR FRP R WH[WR GH [RGR
 TXH GL] FODUDPHQWH TXH PDOWUDWDU XP HVFUDYR HUD R VXILFLHQWH SDUD TXH HVWH
WLYHVVH D OLEHUGDGH 6H Rmaltrato D XP HVFUDYR HUD SXQLGR GHVWD IRUPD TXDQWR PDLV
DmorteGHOH2TXHHVWiLPSOtFLWRQHVWHVYHUVRVHQWmRQmRpXPSDVVHOLYUHSDUDSDWU}HV
DJUHGLUHP VHXV VHUYRV PDV VLP R EHQHItFLR GD G~YLGD TXH p FRQFHGLGR FDVR D DJUHVVmR
QmRWLYHVVHVLGRLQWHQFLRQDO
3RGHPRVDWpFRQMHFWXUDUVREUHDVUD]}HVTXHOHYDYDPDLVVR(PFDVRGHPRUWHLPHGLDWD
DVLPSOHVSDODYUDGRSDWUmRQmRVHULDREDVWDQWHSRLVIDOWDULDRGHSRLPHQWRGRHVFUDYR Mi
PRUWR HHOHVHULDFRQGHQDGR0DVHPFDVRGHVREUHYLYrQFLDGRHVFUDYRRSUySULRHVFUDYR
SRGHULD WHVWHPXQKDU VREUH QmR WHU VLGR LQWHQFLRQDO H QHVWH FDVR R SDWUmR HVWDULD LVHQWR
WHQGR TXH DUFDU VRPHQWH FRP DV GHVSHVDV H p FODUR FRP D SHUGD GR SUySULR VHUYR TXH
YLULDDIDOHFHUPDLVWDUGH
6REUHDSDUWHILQDOGRYHUVRTXHGL]TXHRHVFUDYRpVXDSURSULHGDGHLVVRQmRGHYHVHU
HQWHQGLGR FRPR VHQGR DSHQDV SURSULHGDGH QR VHQWLGR HVFUDYRFUDWD FOiVVLFR GR WHUPR 
3DXO&RSDQID]XPDLPSRUWDQWHREVHUYDomRVREUHLVVRDRGL]HU
0HVPR TXDQGR RV WHUPRV FRPSUDU YHQGHU RX DGTXLULU VmR XVDGRV SDUD RV
IXQFLRQiULRVHPSUHJDGRV HOHV QmR LPSOLFDP TXH D SHVVRD HP TXHVWmR VHMD DSHQDV
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

SURSULHGDGH 3HQVH HP XP MRJDGRU GH IXWHERO QRV GLDV GH KRMH TXH p QHJRFLDGR SDUD
RXWUD HTXLSH SDUD D TXDO HOH SHUWHQFH 6LP DV HTXLSHV WrP GRQRV PDV QHP GH ORQJH
HVWDPRV IDODQGR GH HVFUDYLGmR DTXL (P YH] GLVVR HVWHV VmR DFRUGRV FRQWUDWXDLV
IRUPDLV>@
3RUWDQWR HPERUD R WH[WR GH [RGR  VHMD GH GLItFLO LQWHUSUHWDomR H SRVVD
DSDUHQWHPHQWHOHYDUDHTXtYRFRVVHDQDOLVDGRDSHQDVVXSHUILFLDOPHQWHQmRKiQDGDQHOH
TXHFRPSURPHWDRVHQWLGRUHDOHYHUGDGHLURGH`ebedj OX] GD %tEOLD VH H[DPLQDGR PDLV
FXLGDGRVDPHQWH
2XWURWH[WRJHUDOPHQWHXWLOL]DGRSRUQHRDWHXVHFUtWLFRVGD%tEOLDHPJHUDOpHVVH
6HXPKRPHPGHLWDUVHFRPXPDHVFUDYDSURPHWLGDDRXWURKRPHPPDVTXHQmRWHQKD
VLGR UHVJDWDGD QHP UHFHELGR VXD OLEHUGDGH DSOLTXHVH D GHYLGD SXQLomR &RQWXGR QmR
VHUmRPRUWRVSRUTXDQWRHODQmRKDYLDVLGROLEHUWDGD2KRPHPSRUpPWUDUiDR6HQKRUj
HQWUDGDGD7HQGDGR(QFRQWURXPFDUQHLURFRPRRIHUWDSHODFXOSD /HYtWLFR
1mRKDYHULDQHQKXPSUREOHPDFRPHVWHWH[WR DVVLPWUDGX]LGRSHOD19, VHQmRIRVVHSHOR
IDWRGD.LQJ-DPHVWHUFRPHWLGRXPHUURGHWUDGXomRLPSHUGRiYHOYHUWHQGRSRUDSOLTXHa
ela D GHYLGD SXQLomR DR LQYpV GH apliquese D GHYLGD SXQLomR &RP HVWH HTXtYRFR
SDVVRXVHDLGHLDGHTXHDSHQDVDPXOKHUHUDSXQLGDSHORDGXOWpULRHRKRPHPVDtDLOHVR
H WLQKD DSHQDV TXH WUD]HU DR 6HQKRU XP FDUQHLUR FRPR RIHUWD SHOR SHFDGR e LPSRUWDQWH
UHVVDOWDUTXHRSURQRPHHOD QRKHEUDLFR QmRFRQVWDQRWH[WREtEOLFRRULJLQDOHTXH
DWXDOPHQWH TXDVH QHQKXPD WUDGXomR VHJXH R HUUR GD .LQJ -DPHV QHP PHVPR DTXHODV
TXH WUDGX]LUDP D SDUWLU GD .-9  $V YHUV}HV $OPHLGD HP JHUDO YHUWHP R WH[WR QR SOXUDO
VHUmR FDVWLJDGRV >@ H DV YHUV}HV FDWyOLFDV WDPEpP QmR VXJHUHP TXH D SXQLomR p
YiOLGDVRPHQWHjPXOKHU>@ 2 TXH UHIRUoD LVVR p R IDWR GH TXH WDQWR R KRPHP TXDQWR D
PXOKHUOLYUHVHUDPSXQLGRVGDPHVPDIRUPDSHORDWRGHDGXOWpULR /Y'W DR
LQYpVGHDSHQDVDPXOKHUVHUSXQLGD

2VHVFUDYRVSULVLRQHLURVGHJXHUUD
2VHJXQGRWLSRGHHVFUDYLGmRSUHVHQWHQDOHLGH0RLVpVHUDUHIHUHQWHDRVHVWUDQJHLURVTXH
HUDP GHUURWDGRV HP XPD EDWDOKD H SRU XP DWR GH PLVHULFyUGLD WLQKDP VXDV YLGDV
SRXSDGDV H SDVVDYDP D VHUYLU R SRYR TXH RV YHQFHX (P SULPHLUR OXJDU p
IXQGDPHQWDOPHQWHLPSRUWDQWHGLVWLQJXLUHVVHVHVWUDQJHLURVGRVHVWUDQJHLURVHPJHUDO$OHL
GH0RLVpVHUDHPGLVSDUDGRDOHLTXHPDLVEHQHILFLDYDHVWUDQJHLURVGHQWUHWRGDVDVOHLVGD
pSRFD (VVHV HVWUDQJHLURV XPD YH] FLUFXQFLGDGRV SDVVDYDP D LQWHJUDU D VRFLHGDGH
MXGDLFDHWLQKDPRVPHVPRVGLUHLWRVGHXPFLGDGmRQDVFLGRQDWHUUD
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

9RFrVWHUmRDPHVPDOHLSDUDRHVWUDQJHLURHSDUDRQDWXUDO(XVRXR6HQKRUR'HXVGH
YRFrV /HYtWLFR
$ DVVHPEOHLD GHYHUi WHU DV PHVPDV OHLV TXH YDOHUmR WDQWR SDUD YRFrV FRPR SDUD R
HVWUDQJHLUR TXH YLYH HQWUH YRFrV HVWH p XP GHFUHWR SHUSpWXR SHODV VXDV JHUDo}HV TXH
SHUDQWH R 6HQKRU YDOHUi WDQWR SDUD YRFrV TXDQWR SDUD R HVWUDQJHLUR UHVLGHQWH 1~PHURV

2WUDWDPHQWRSDUDFRPRHVWUDQJHLURHP,VUDHOWDPEpPWLQKDTXHVHURPHVPRWUDWDPHQWR
GHYLGRDRVSUySULRVLVUDHOLWDV
2HVWUDQJHLURUHVLGHQWHTXHYLYHUFRPYRFrVVHUiWUDWDGRFRPRRQDWXUDOGDWHUUD$PHP
QRFRPRDVLPHVPRVSRLVYRFrVIRUDPHVWUDQJHLURVQR(JLWR(XVRXR6HQKRUR'HXVGH
YRFrV /HYtWLFR
+iLQ~PHUDVSDVVDJHQVQDOHLTXHSUHVFUHYHPRDPRUFXLGDGRHFDULGDGHSDUDFRPHVVHV
HVWUDQJHLURV 3RU H[HPSOR XP LVUDHOLWD QmR SRGHULD H[LJLU MXURV GH XP HVWUDQJHLUR QHP
OXFUDUHPFLPDGHOH
6HDOJXpPGRVHXSRYRHPSREUHFHUHQmRSXGHUVXVWHQWDUVHDMXGHPQRFRPRVHID]DR
HVWUDQJHLURHDRUHVLGHQWHWHPSRUiULRSDUDTXHSRVVDFRQWLQXDUDYLYHUHQWUHYRFrV1mR
FREUHPGHOHMXURDOJXPPDVWHPDPRVHX'HXVSDUDTXHRVHXSUy[LPRFRQWLQXHDYLYHU
HQWUH YRFrV 9RFrV QmR SRGHUmR H[LJLU GHOH MXURV QHP HPSUHVWDUOKH PDQWLPHQWR
YLVDQGROXFUR /HYtWLFR
+DYLDWDPEpPXPDOHLTXHSURLELDDFROKHLWDHPWRGDDH[WUHPLGDGHGDSURSULHGDGHGHXP
LVUDHOLWD OLYUH MXVWDPHQWH FRP D ILQDOLGDGH GH TXH RV SREUHV H RV HVWUDQJHLURV IRVVHP
EHQHILFLDGRVFRPSDUWHGDFROKHLWD
4XDQGRIL]HUHPDFROKHLWDGDVXDWHUUDQmRFROKDPDWpjVH[WUHPLGDGHVGDVXDODYRXUD
QHP DMXQWHP DV HVSLJDV FDtGDV GH VXD FROKHLWD 1mR SDVVHP GXDV YH]HV SHOD VXD YLQKD
QHP DSDQKHP DV XYDV TXH WLYHUHP FDtGR 'HL[HPQDV SDUD R QHFHVVLWDGR H SDUD R
HVWUDQJHLUR(XVRXR6HQKRUR'HXVGHYRFrV /HYtWLFR
(P TXDO RXWUR OXJDU GR PXQGR DOJXpP HUD SURLELGR GH FROKHU SDUWH GD sua prpria
colheita,SDUDGiODQHFHVVDULDPHQWHDXPestrangeiro"(POXJDUQHQKXP$OHLGH0RLVpV
IRLFHUWDPHQWHXPPDUFRKLVWyULFRQDDMXGDHDPSDURDRVLQGLYtGXRVGHRXWUDVQDo}HVDR
LQYpVGHWUDWiORVFRPGHVGpPRXH[SORUiORV

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

1mR VH DSURYHLWHP GR SREUH H QHFHVVLWDGR VHMD HOH XP LUPmR LVUDHOLWD RX XP
HVWUDQJHLURTXHYLYDQXPDGDVVXDVFLGDGHV3DJXHPOKHRVHXVDOiULRGLDULDPHQWHDQWHV
GR S{UGRVRO SRLV HOH p QHFHVVLWDGR H GHSHQGH GLVVR 6H QmR HOH SRGHUi FODPDU DR
6HQKRUFRQWUDYRFrHYRFrVHUiFXOSDGRGHSHFDGR 'HXWHURQ{PLR
3RLVR6HQKRURVHX'HXVpR'HXVGRVGHXVHVHR6REHUDQRGRVVREHUDQRVRJUDQGH
'HXVSRGHURVRHWHPtYHOTXHQmRDJHFRPSDUFLDOLGDGHQHPDFHLWDVXERUQR(OHGHIHQGH
DFDXVDGRyUImRHGDYL~YDHDPDRHVWUDQJHLURGDQGROKHDOLPHQWRHURXSD$PHP
RVHVWUDQJHLURVSRLVYRFrVPHVPRVIRUDPHVWUDQJHLURVQR(JLWR 'HXWHURQ{PLR
1mR RSULPDP D YL~YD H R yUImR QHP R HVWUDQJHLUR H R QHFHVVLWDGR 1HP WUDPHP
PDOGDGHVXQVFRQWUDRVRXWURV =DFDULDV
1mRPDOWUDWHPQHPRSULPDPRHVWUDQJHLURSRLVYRFrVIRUDPHVWUDQJHLURVQR(JLWR [RGR

0DOGLWRTXHPQHJDUMXVWLoDDRHVWUDQJHLURDRyUImRRXjYL~YD 'HXWHURQ{PLR
1mRQHJXHPMXVWLoDDRHVWUDQJHLURHDRyUImRQHPWRPHPFRPRSHQKRURPDQWRGHXPD
YL~YD 'HXWHURQ{PLR
(XYLUHLDYRFrVWUD]HQGRMXt]R6HPGHPRUDYRXWHVWHPXQKDUFRQWUDRVIHLWLFHLURVFRQWUD
RV DG~OWHURV FRQWUD RV TXH MXUDP IDOVDPHQWH H FRQWUD DTXHOHV TXH H[SORUDP RV
WUDEDOKDGRUHV HP VHXV VDOiULRV TXH RSULPHP RV yUImRV H DV YL~YDV H SULYDP RV
HVWUDQJHLURV GRV VHXV GLUHLWRV H QmR WrP UHVSHLWR SRU PLP GL] R 6HQKRU GRV
([pUFLWRV 0DODTXLDV
$ FRQFOXVmR yEYLD TXH FKHJDPRV p TXH RV HVWUDQJHLURV HP ,VUDHO HUDP H[WUHPDPHQWH
IDYRUHFLGRV HP XP QtYHO PXLWR PDLRU GR TXH TXDOTXHU LVUDHOLWD VHULD UHFHELGR HP RXWUD
QDomR,VVREDWHIURQWDOPHQWHFRPDPHQWLUDGHVFDUDGDGHDOJXQVQHRDWHXVPLOLWDQWHVGH
TXH D PRUDOLGDGH HP ,VUDHO YDOLD VRPHQWH SDUD RV PHPEURV GR PHVPR JUXSR FRP
KRVWLOLGDGHDRVHVWUDQJHLURV5LFKDUG'DZNLQVSRUH[HPSORFKHJRXDDILUPDULVVRHPVHX
OLYURPDLVIDPRVRRQGHDWDFDR&ULVWLDQLVPRFRPIDOiFLDVGLVWRUo}HVHHVSDQWDOKRVHPXP
QtYHOQXQFDDQWHVYLVWRSHORKRPHP
-HVXVIRLXPGHYRWRGDPHVPDPRUDOLGDGHHQWUHPHPEURVGRPHVPRJUXSRDVVRFLDGDj
KRVWLOLGDGH D IRUDVWHLURV  TXH HUD WLGD FRPR FHUWD QR $QWLJR 7HVWDPHQWR -HVXV HUD
XPMXGHXOHDO)RL3DXORTXHPLQYHQWRXDLGpLDGHOHYDUR'HXVMXGHXDRVJHQWLRV+DUWXQJ
XVD XP WRP PDLV GXUR GR TXH HX PH DWUHYHULD -HVXV WHULD VH UHYLUDGR QR W~PXOR VH
VRXEHVVHTXH3DXORHVWDYDOHYDQGRVHXSODQRSDUDRVSRUFRV>@
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

0DV VH R HVWUDQJHLUR HUD WUDWDGR FRP DPDELOLGDGH VHP LJXDO GH TXH IRUPD SRGHPRV
HQWHQGHU RV WH[WRV TXH SUHVFUHYHP D HVFUDYLGmR GH QmRLVUDHOLWDV" $ UHVSRVWD p TXH HOHV
QmRVHDSOLFDPDRHVWUDQJHLURFRPXPQHPDRVQmRLVUDHOLWDVFRPRXPWRGRPDVVRPHQWH
SDUD FRP RV VROGDGRV GH RXWUDV QDo}HV TXH HQWUDYDP HP JXHUUD FRQWUD RV LVUDHOLWDV
SHUGLDPHHUDPOHYDGRVFDWLYRV SUHVRV ,VVRQmRVHGLIHUHHPDEVROXWDPHQWHQDGDGRTXH
RFRUUH SRU H[HPSOR QDV SULV}HV QRUWHDPHULFDQDV RQGH DOJXpP TXH ID] DOJXP PDO p
SUHVRHQDSULVmRpIRUoDGRDWUDEDOKDUDILPGHLPSXOVLRQDURGHVHQYROYLPHQWRGDQDomR
DR LQYpV GH VHU XP SDUDVLWD VRFLDO 2 SUREOHPD p TXH QR PXQGR DQWLJR QmR KDYLD XP
VLVWHPD SULVLRQDO WmR DYDQoDGR FRPR WHPRV KRMH ,VVR HUD WRWDOPHQWH LQYLiYHO SDUD RV
SDGU}HV GD pSRFD 3RU HVVD UD]mR HVVHV SULVLRQHLURV HUDP HQYLDGRV SDUD WUDEDOKDU QDV
ODYRXUDVGDVIDPtOLDVLVUDHOLWDVRQGHID]LDPDPHVPDFRLVDTXHXPSULVLRQHLURDPHULFDQR
ID]WUDEDOKDU
e LPSRUWDQWH UHVVDOWDU TXH HVWH WLSR GH HVFUDYLGmR WDPEpP QmR WLQKD TXDOTXHU UHODomR
FRP D HVFUDYLGmR FOiVVLFD TXH HVWDPRV DFRVWXPDGRV D WHU HP PHQWH ([FHWXDQGR R
EHQHItFLRGROLPLWHGHVHLVDQRVGHWUDEDOKRHGRDQRGRMXELOHXRSULVLRQHLURTXHWUDEDOKDYD
SDUD DOJXpP WLQKD H[DWDPHQWH RV PHVPRV GLUHLWRV OHJDLV TXH XP VHUYR LVUDHOLWD WLQKD H
OLVWDPRVYiULRVGHOHVQRWySLFRDQWHULRUGHPRGRTXHQmRpQHFHVViULRUHSHWLUPRVDTXL $
OHL GH 0RLVpV HP PRPHQWR QHQKXP ID] VHSDUDomR HQWUH RV WLSRV GH HVFUDYRV DR WUDWDU
VREUH D EHQHYROrQFLD QHFHVViULD SDUD FRP HOHV RX VREUH RV GLUHLWRV OHJDLV GRV PHVPRV
$RFRQWUiULRDVOHLVVREUHHVFUDYLGmRHUDPOHLVJHUDLVTXHGHYLDPVHUDSOLFDGDVDTXDOTXHU
HVFUDYRHP,VUDHOIRVVHHOHXPSULVLRQHLURGHJXHUUDRXXPLVUDHOLWDHQGLYLGDGR
3RUWDQWRDTXLQmRHVWDPRVWUDWDQGRGHSHVVRDVDQGDQGRSRUDtFRPFRUUHQWHVHPWRUQRGR
SHVFRoRVHQGRDoRLWDGDVHPXPWURQFRHWUDEDOKDQGRDWpDH[DXVWmRVREXPDHVFUDYLGmR
EDVHDGDHPSUHFRQFHLWRUDFLDO$RFRQWUiULRHVVHWLSRGHHVFUDYLGmRQmRHUDPDLVGRTXH
XPSUHVRQRVGLDVGHKRMHFRPDGLIHUHQoDGHTXHKDYLDPXLWRPDLVOLEHUGDGHGLUHLWRVH
GLJQLGDGHSDUDRVHUYRHVWUDQJHLURHP,VUDHOGRTXHSDUDXPSUHVRQRVGLDVDWXDLV
e QHFHVViULR VHPSUH UHVVDOWDU TXH HVWH WLSR GH HVFUDYLGmR ORQJH GH VHU DTXHOD FRLVD
PRQVWUXRVD TXH RV QHRDWHXV SLQWDP HUD MXVWDPHQWH XPD PHGLGD GH misericrdia SDUD
FRPRVHVFUDYL]DGRVXPDYH]TXHRPDLVFRPXPHPXPDEDWDOKDDQWLJDHUDDmorteGH
WRGRV RV VROGDGRV LQLPLJRV (OHV Vy HUDP SRXSDGRV H PDQWLGRV HP YLGD TXDQGR VH
UHQGLDP VH HQWUHJDQGR SDUD R H[pUFLWR DGYHUViULR DGPLWLQGR H FRQFRUGDQGR FRP VXD
SUySULDVXMHLomR(PRXWUDVSDODYUDVHUDPDTXHODVSUySULDVSHVVRDVTXHGHFLGLDPVHUYLURV
LVUDHOLWDVDRLQYpVGHSUHIHULUDPRUWH2IDWRGHTXHQRPXQGRDQWLJRHVWHWLSRGHVHUYLGmR
HUD YLVWR FRPR XPD VDtGD GH PLVHULFyUGLD DR LQYpV GH DOJR GHJUDGDQWH SRGH VHU YLVWR QR
FDVR GRV JLEHRQLWDV TXH HQJDQDUDP -RVXp H TXH GH OLYUH YRQWDGH VH HQWUHJDUDP SDUD
VHUYLURVLVUDHOLWDVDRLQYpVGHSUHIHULUHPDPRUWH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

$JRUD YRFrV HVWmR GHEDL[R GH PDOGLomR 1XQFD GHL[DUmR GH VHU HVFUDYRV UDFKDQGR
OHQKDHFDUUHJDQGRiJXDSDUDDFDVDGRPHX'HXV(OHVUHVSRQGHUDPD-RVXp2VVHXV
VHUYRVILFDUDPVDEHQGRFRPRR6HQKRURVHX'HXVRUGHQRXTXHRVHXVHUYR0RLVpVOKHV
GHVVH WRGD HVWD WHUUD H TXH GHVWUXtVVH WRGRV RV VHXV KDELWDQWHV GD SUHVHQoD GH YRFrV
7LYHPRV PHGR GR TXH SRGHULD DFRQWHFHU FRQRVFR SRU FDXVD GH YRFrV 3RU LVVR DJLPRV
DVVLP(VWDPRVDJRUDQDVVXDVPmRV)DoDFRQRVFRRTXHOKHSDUHFHUERPHMXVWR
-RVXpHQWmRRVSURWHJHXHQmRSHUPLWLXTXHRVPDWDVVHP -RVXp
&RORFDU DOJXP SRYR LQLPLJR GHUURWDGR HP XPD JXHUUD HP VHUYLGmR HUD FRPR YHPRV XP
PRGRGHSURWHJrORVSRXSDQGROKHVDYLGDHQmRHUDYLVWRFRPRXPDWRFUXHORXLPRUDO
0DVDLQGDSDUHFHTXHKiXPSUREOHPD3RUTXHDRLQYpVGHFRORFDUDOJXpPHPVHUYLGmR
QR FRQWH[WR GD JXHUUD HOHV VLPSOHVPHQWH QmR SHUPLWLDP TXH FRQWLQXDVVHP YLYHQGR HP
OLEHUGDGHQRPHVPROXJDUHGDPHVPDIRUPDTXHDQWHV"3DUDUHVSRQGHUDHVWDTXHVWmRp
QHFHVViULRHQWUDUQRFRQWH[WRGDJXHUUD6HRH[pUFLWRLVUDHOLWD RXTXDOTXHURXWURLQVHULGR
QXPDJXHUUD RVGHL[DVVHYLYHUHPWRWDOOLEHUGDGHVHULDPHUDTXHVWmRGHWHPSRSDUDTXH
HOHVVHUHHUJXHVVHPHHQWUDVVHPHPJXHUUDQRYDPHQWHUHVXOWDQGRHPPDLVPLOKDUHVGH
PRUWHVHGHVWUXLomRGHSHVRLQFDOFXOiYHO(PPHXOLYUR'HXVpXP'HOtULR"HVFUHYL
6H XPD QDomR LQLPLJD WHQWDVVH LQYDGLU ,VUDHO H GHVWUXLU WRGRV RV VHUHV KXPDQRV QDTXHOD
WHUUDH,VUDHOYHQFHVVHDEDWDOKDHRVGHL[DVVHYLYRVHFRPOLEHUGDGHVHULDPHUDTXHVWmR
GH WHPSR SDUD TXH HVWHV VROGDGRV LQLPLJRV VH UHXQLVVHP H DWDFDVVHP GH QRYR R SDtV
UHVXOWDQGR HP PDLV PRUWHV PDLV YLGDV LQRFHQWHV SHUGLGDV H DWp QD SRVVLELOLGDGH GH
JHQRFtGLR 'H IDWR QHQKXPD JXHUUD SRGHULD VHU YHQFLGD VH RV JDQKDGRUHV GHL[DVVHP R
DGYHUViULR YLYR IRUWH H OLYUH $ VLWXDomR SLRUDULD DLQGD PDLV VH HVWH LQLPLJR VH DOLDVVH D
RXWUR LQLPLJR H HOHV QmR WHULDP D PHVPD PLVHULFyUGLD 'HL[iORV WRGRV YLYRV H FRP
OLEHUGDGHVHULDSRUWDQWRXPVXLFtGLRHFRORFDULDHPULVFRDYLGDGHWRGDDQDomR>@
$ VXMHLomR GH XP H[pUFLWR GHUURWDGR H SRWHQFLDOPHQWH SHULJRVR QmR p HUUDGR VRE D
SHUVSHFWLYDPRUDORXKLVWyULFDH[FHWRVHHVWDVXMHLomRIRVVHYLROHQWDRXRSUHVVLYDRTXH
FRPRYLPRVQmRHUDRFDVRHP,VUDHO'DPHVPDIRUPDTXHKRMHHPGLDQmRFRQVLGHUDPRV
HUUDGR SUHQGHU XP FULPLQRVR QD FDGHLD PDV VRPHQWH VH HVWH FULPLQRVR IRU DEXVDGR RX
DJUHGLGR DOL GHQWUR LJXDOPHQWH QD pSRFD SUHQGHU XP VROGDGR LQLPLJR SHULJRVR GH XPD
QDomR TXH FRVWXPDYD DVVDVVLQDU VXDV SUySULDV FULDQoDV p ERP OHPEUDU  QmR HUD HP VL
PHVPRLPRUDOH[FHWRFDVRRPHVPRIRVVHRSULPLGRHTXDQGRHUDDOHLREULJDYDVROWiOR
[ 

2VHVFUDYRVFRPSUDGRVGHRXWURVSRYRV
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

2WHUFHLURWLSRGHHVFUDYLGmRSUHVHQWHHP,VUDHOQRVGLDVGR$QWLJR7HVWDPHQWRUHIHUHVH
DRVHVFUDYRVFRPSUDGRVGRVSRYRVDRUHGRU /Y ,VVRDXPDSULPHLUDYLVWDSRGH
SDUHFHUXPDFRQWUDGLomRFRPRVWySLFRVTXHYLPRVDWpDTXLPDVRPHVPRVHWRUQDPDLV
FODURTXDQGRYHPRVRWLSRGHOHLYLJHQWHQHVWDVRXWUDVQDo}HVGHRQGHRVHVFUDYRVHUDP
FRPSUDGRV2TXHLPSHUDYDQHVWHVOXJDUHVHUDXPDWRWDOHDEVROXWDFUXHOGDGHSDUDFRPR
HVFUDYR 8PD OHLWXUD UiSLGD QR IDPRVR &yGLJR GH +DPXUDEL  D&  p VXILFLHQWH SDUD
SHUFHEHURTXmRDEHUUDQWHHPRQVWUXRVRHOHHUDSDUDFRPRVHVFUDYRV>@%DVWDYDTXHR
HVFUDYRGLVVHVVHWXQmRpVPHXVHQKRUTXHRVHXVHQKRUMiWLQKDTXHFRUWDUOKHDRUHOKD
OHL >@
(QTXDQWR D OHL GH 0RLVpV SXQLD FRP D PRUWH TXHP PDWDVVH XP HVFUDYR R &yGLJR GH
+DPXUDELSXQLDDSHQDVFRPRSDJDPHQWRGHXPWHUoRGHPLQD OHL XPTXDQWLWDWLYR
UHODWLYDPHQWH SHTXHQR (QTXDQWR D OHL GH 0RLVpV SURLELD TXH DOJXpP HQWUHJDVVH XP
HVFUDYR GH YROWD D VHX SDWUmR H DLQGD SHUPLWLD TXH R HVFUDYR YLYHVVH OLYUHPHQWH RQGH
TXLVHVVH 'W R&yGLJRGH+DPXUDELSXQLDFRPDPRUWHTXHPQmRHQWUHJDVVHR
HVFUDYR
6HDOJXpPWRPDUXPHVFUDYRKRPHPRXPXOKHUGDFRUWHSDUDIRUD
GRVOLPLWHVGDFLGDGHHVHWDOHVFUDYRKRPHPRXPXOKHUSHUWHQFHUD
XPKRPHPOLEHUWRHVWHDOJXpPGHYHVHUFRQGHQDGRjPRUWH  6H
DOJXpPUHFHEHUHPVXDFDVDXPHVFUDYRIXJLWLYRGDFRUWHKRPHPRX
PXOKHU H QmR WUD]rOR j SURFODPDomR S~EOLFD QD FDVD GR JRYHUQDQWH
ORFDO RX GH XP KRPHP OLYUH R PHVWUH GD FDVD GHYH FRQGHQDGR j
PRUWH
2V RXWURV FyGLJRV GH OHLV DQWLJDV VREUH RV HVFUDYRV QmR HUDP PHOKRUHV 1D pSRFD GH
-HVXV HVWLPDVH TXH  D  GD SRSXODomR QR LPSpULR URPDQR FRQVLVWLDP GH
HVFUDYRV>@ 2 LPSpULR JUHJR QmR SDVVDYD PXLWR ORQJH  HUDP HVFUDYRV $LQGD PDLV
ODVWLPiYHO p VDEHU TXH D YLGD GR HVFUDYR SRGLD VHU OHJDOPHQWH WLUDGD SHOR VHX VHQKRU
TXDQGR HOH EHP HQWHQGHVVH &RPR R HVFUDYR HUD SURSULHGDGH HUD FRPXP HQWUHJiORV D
XP KyVSHGH SDUD WHU UHODo}HV VH[XDLV FRP HOH 6LPSOHVPHQWH QmR H[LVWLDP OHLV HP
EHQHItFLRVGRVHVFUDYRV,YDQ6DUDLYDDILUPRX
(QWUH RV URPDQRV VH XP FKHIH GH IDPtOLD IRVVH DVVDVVLQDGR WRGRV RV VHXV HVFUDYRV
GRPpVWLFRVHUDPOHYDGRVjPRUWHVHPLQTXpULWROHJDO4XDWURFHQWRVHVFUDYRVSHUWHQFHQWHV
DXPFLGDGmRURPDQRIRUDPOHYDGRVjPRUWHSRUTXHWLYHUDPRD]DUGHHVWDUHPQRPHVPR
WHWRGRVHXVHQKRUTXDQGRHVWHIRLDVVDVVLQDGR>@
2'U:DOWHU.DLVHUUHVXPHLVVRWXGRVREDVSDODYUDVGHTXHQRPXQGRDQWLJRXPPHVWUH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

SRGHULD WUDWDU VHX HVFUDYR FRPR TXLVHVVH>@ 3URYDYHOPHQWH VHMD LVVR R TXH H[SOLTXH D
IDPRVDUHYROWDGRVHVFUDYRVURPDQRVVREDOLGHUDQoDGH(VSiUWDFR D& IDWRHVWH
TXHQXQFDRFRUUHXHQWUHRVKHEUHXVMiTXHRVVHUYRVHP,VUDHOHUDPPXLWREHPWUDWDGRV
3DXO &RSDQ DSyV FRPSDUDU D OHL GRV KHEUHXV FRP DV OHLV GRV RXWURV SRYRV GD pSRFD
FRQFOXLX TXH R WUDWDPHQWR GH VHUYRV HVFUDYRV  HP ,VUDHO QmR WHP SDUDOHOR QR DQWLJR
2ULHQWH0pGLR>@
e SRU LVVR TXH 'HXV SHUPLWLD TXH RV LVUDHOLWDV FRPSUDVVHP HVFUDYRV GH RXWUDV QDo}HV
SDUD VDOYDU HVWHV HVFUDYRV GRV PDXVWUDWRV H GHVXPDQLGDGH TXH HOHV VRIULDP QRV RXWURV
OXJDUHV 6H D HVFUDYLGmR DLQGD QmR SRGLD VHU DEROLGD GDGD D GXUH]D GR FRUDomR GRV
KRPHQV 0W  HOD SHOR PHQRV IRL KXPDQL]DGD HP ,VUDHO 0XKDPPDG 'DQGDPD\HY
HVFUHYHX TXH WHPRV QD %tEOLD RV SULPHLURV DSHORV GD OLWHUDWXUD PXQGLDO SDUD WUDWDU RV
HVFUDYRV FRPR VHUHV KXPDQRV SDUD VHX SUySULR EHP H QmR DSHQDV SDUD R LQWHUHVVH GRV
VHXVGRQRV>@
'HVWDIRUPDRHVFUDYRTXHHPRXWUROXJDUWUDEDOKDULDFUXHOPHQWHVRESpVVLPDVFRQGLo}HV
DWpDPRUWHHP,VUDHOVHULDWUDWDGRFRPRXPVHUYRFRPGLUHLWRVFLYLVHGLYHUVRVEHQHItFLRV
TXHHOHQXQFDWHULDVHSHUPDQHFHVVHHPVXDWHUUDGHRULJHP&RPREHPUHVVDOWRX.HLWK
7KRPSVRQLVVRVHUYLXFRPRXPDIRUPDGHUHVJDWDUDTXHOHVTXHHVWDYDPSUHVRVQRWUiILFR
GHHVFUDYRVHTXHGHRXWUDIRUPDDFDEDULDPHPXPDWHUUDVHOYDJHPVHQGRPXWLODGRV>@

4XDQGRXPDQDomRLQWHLUDHVWDYDHPVHUYLGmR
(UD FRVWXPH GH WRGDV DV QDo}HV TXH YHQFLDP VXDV JXHUUDV TXH R SRYR YHQFLGR IRVVH
OHYDGR FDWLYR  PDQWLGR YLYR PDV FRP OLEHUGDGH OHYHPHQWH UHVWULQJLGD (OHV QmR WLQKDP
WRGRV RV PHVPRV GLUHLWRV TXH XP FLGDGmR LVUDHOLWD FRPXP PDV VHXV VHUYLoRV SUHVWDGRV
HVWDYDPDEVROXWDPHQWHORQJHGHVHUHTXLSDUDGRVjHVFUDYLGmRFOiVVLFD2SUySULRSRYRGH
,VUDHOIRLOHYDGRFDWLYRSDUDD$VVtULD HPD& HSDUDD%DELO{QLD HPD& TXDQGR
IRL GHUURWDGR HP VXDV JXHUUDV PDV QmR Ki QDGD TXH LQGLTXH TXH HOHV HUDP PDOWUDWDGRV
QHVWHVOXJDUHV0XLWRSHORFRQWUiULRPXLWRVGRVLVUDHOLWDVGHSRUWDGRV RXGDVJHUDo}HVTXH
VHVHJXLUDP DOFDQoDUDPDOWDSRVLomRHVWDWXVVRFLDOQR(VWDGRRTXHVHULDLPSRVVtYHOVH
HOHVIRVVHPWUDWDGRVFRPRHVFUDYRV
'DQLHO SRU H[HPSOR VH WRUQRX R WHUFHLUR PDLRU GH WRGD D %DELO{QLD H JRYHUQDGRU GH 
SURYtQFLDV 'Q HVHXVWUrVDPLJRV 6DGUDTXH0HVDTXHH$EHGH1HJR HUDPRVPDLV
LPSRUWDQWHV FRQVHOKHLURV GR UHL H RFXSDYDP DV PHOKRUHV SRVLo}HV QD SURYtQFLD GD
%DELO{QLD 'Q  1HHPLDV HUD FRSHLUR H DPLJR GR UHL 1H  SDUD TXHP S{GH DEULU
VHX FRUDomR VREUH VHXV VHQWLPHQWRV HP UHODomR DR VHX SRYR MXGHX H WHYH GR UHL D
DXWRUL]DomR SDUD LU D -HUXVDOpP H DJLU FRQIRUPH EHP HQWHQGHVVH 1H 
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

6HPHOKDQWHPHQWH 0DUGRTXHX HUD LQIOXHQWH QR SDOiFLR VXD IDPD HVSDOKRXVH SHODV
SURYtQFLDV H HOH VH WRUQDYD FDGD YH] PDLV SRGHURVR (W  VHQGR HOH R VHJXQGR QD
KLHUDUTXLD GHSRLV GR UHL ;HU[HV (W  ( (VWHU WDPEpP MXGLD HUD VRPHQWH D UDLQKD
(W 
2VMXGHXVPHVPRVREDFRQGLomRGHVHUYRVGRLPSpULREDELO{QLFRPHGRSHUVDJUHJRRX
URPDQR VHPSUH WLYHUDP VHXV SUySULRV JRYHUQDGRUHV H EDVWD XPD OHLWXUD VLPSOHV QRV
HYDQJHOKRV SDUD SHUFHEHU TXH RV MXGHXV GD pSRFD PHVPR VRE D DXWRULGDGH GH 5RPD
YLYLDPHPSOHQDOLEHUGDGHGHLUHYLUVHPVHUHPHVFUDYRVGHQLQJXpP -R 
3RUWDQWRpVLPSOHVPHQWHLQFRUUHWRLQIHULUTXHHVWHVSRYRVFRQTXLVWDGRVSRUHVWDUHPVRED
FRQGLomR OHJDO GH VHUYRV GH XP LPSpULR GRPLQDQWH HUDP SRU FRQVHJXLQWH HVFUDYRV QR
VHQWLGR FOiVVLFR GD SDODYUD (VVD HVFUDYLGmR VH p TXH SRGH VHU FKDPDGD DVVLP VH
UHVXPLDDREHGHFHUDVOHLVFLYLVGRSRYRGRPLQDQWHHDSDJDUOKHWULEXWR LPSRVWR 1HVWH
VHQWLGRRVFLGDGmRVGR%UDVLO&RO{QLDHUDPHVFUDYRVGH3RUWXJDO SDUDTXHPWLQKDPTXH
SDJDU R TXLQWR  H DWp KRMH QR %UDVLO WUDEDOKDPRV FLQFR PHVHV apenas para pagar os
impostos[33]HPHVPRDVVLPQmRQRVFRQVLGHUDPRVHVFUDYRVGR(VWDGR

&RQVLGHUDo}HV$GLFLRQDLV
4XDQGR GLVFRUUHPRV VREUH D HVFUDYLGmR QR $QWLJR 7HVWDPHQWR p VHPSUH QHFHVViULR
HQWHQGHUPRVGRLVFRQWH[WRV3ULPHLURRFRQWH[WRGRSUySULRWH[WREtEOLFRHPVLDQDOLVDQGR
FXLGDGRVDPHQWHRVYHUVRVDQWHULRUHVHSRVWHULRUHVRTXHD%tEOLDFRPRXPWRGRGL]VREUH
R DVVXQWR H TXDQGR QHFHVViULR R TXH RV WHUPRV VLJQLILFDP QRV RULJLQDLV ,VVR SRUTXH
FRPR YLPRV D PDLRULD GDV YH]HV HP TXH XP QHRDWHX DUUHPHWH FRQWUD R &ULVWLDQLVPR
XVDQGR D TXHVWmR GD HVFUDYLGmR p WLUDQGR WH[WRV GR FRQWH[WR DSOLFDQGR XPD HVFUDYLGmR
FOiVVLFDPRQVWUXRVDSDUDGHQWURGHWH[WRVEtEOLFRVTXHQHPGHORQJHHVWmRWUDWDQGRGLVVR
2VHJXQGRFRQWH[WRTXHVHPSUHWHPRVTXHWHUHPPHQWHpRFRQWH[WRKLVWyULFR'HXVQmR
HVWDYD HVFUHYHQGR DTXHODV SiJLQDV GD OHL SDUD RV EUDVLOHLURV GR VpFXOR ;;, PDV SDUD RV
MXGHXVGRVWHPSRVGH0RLVpV SRUYROWDGHD& +iFHUWDVFRLVDVTXHFODUDPHQWHQmR
VHDSOLFDPDQyVHPQRVVRVGLDV8PDGDVOHLVPRVDLFDVGL]LDTXHRKRPHPGHYLDHQWHUUDU
VXDV IH]HV 'W  1DTXHOD pSRFD LVVR ID]LD VHQWLGR SDUD HYLWDU D FRQWDPLQDomR 0DV
KRMHWHPRVXPDPRGHUQDUHGHGHHVJRWRVHDSDUHOKRVVDQLWiULRVTXHID]HPLVVRGHIRUPD
PXLWRPDLVHILFLHQWH
$OHLGH0RLVpVFRPRXPWRGRVHUYLXSDUDXPDpSRFDHVSHFtILFDDTXDOHUDDVRPEUDGRV
EHQV YLQGRXURV +E  8PD YH] TXH HVWHV EHQV YLQGRXURV Mi FKHJDUDP QD QRYD
DOLDQoD MiQmRSUHFLVDPRVPDLVVHJXLUDVRPEUD OHLGR$QWLJR7HVWDPHQWR SRLVMiWHPRV
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

DUHDOLGDGHTXHp-HVXVeSRULVVRTXHRVDSyVWRORVQR1RYR7HVWDPHQWRVHPSUHIL]HUDP
TXHVWmR GH UHVVDOWDU TXH D DQWLJD DOLDQoD SUHFHLWRV GR $QWLJR 7HVWDPHQWR  Mi KDYLD GDGR
OXJDUDXPDQRYDDOLDQoDGHPRGRTXHQyVHPQRVVRVGLDVMiQmRHVWDPRVGHEDL[RGD
DQWLJDOHL
3DXOR GLVVH TXH DQWHV TXH YLHVVH HVWD Ip HVWiYDPRV VRE D FXVWyGLD GD OHL QHOD
HQFHUUDGRVDWpTXHDIpTXHKDYHULDGHYLUIRVVHUHYHODGD$VVLPDOHLIRLRQRVVRWXWRUDWp
&ULVWR SDUD TXH I{VVHPRV MXVWLILFDGRV SHOD Ip $JRUD SRUpP WHQGR FKHJDGR D Ip Mi QmR
HVWDPRVPDLVVRERFRQWUROHGRWXWRU *O (OHWDPEpPGLVVHTXHDMXVWLoDGH'HXV
pLQGHSHQGHQWHGDOHL 5P TXHVHRVTXHYLYHPSHODOHLVmRKHUGHLURVDIpQmRWHP
YDORUHDSURPHVVDpLQ~WLO 5P TXHQyVQmRHVWDPRVGHEDL[RGDOHLPDVGHEDL[R
GDJUDoD 5P TXHQyVPRUUHPRVSDUDDOHL 5P TXHRILPGDOHLp&ULVWRSDUD
DMXVWLILFDomRGHWRGRRTXHFUr 5P TXHIRPRVOLEHUWDGRVGDOHLSDUDTXHVLUYDPRV
FRQIRUPH R QRYR PRGR GR (VStULWR H QmR VHJXQGR D YHOKD IRUPD GD OHL HVFULWD 5P 
TXHHXPHVPRQmRHVWRXGHEDL[RGDOHL &R TXHSRUPHLRGDOHLHXPRUULSDUDD
OHLDILPGHYLYHUSDUD'HXV *O TXHRVTXHVmRSHODSUiWLFDGDOHLHVWmRGHEDL[RGH
PDOGLomR *O  TXH VH YRFrV VmR JXLDGRV SHOR (VStULWR QmR HVWmR GHEDL[R GD
OHL *O  H TXH &ULVWR DQXORX HP VHX FRUSR D OHL GRV PDQGDPHQWRV H[SUHVVD HP
RUGHQDQoDV (I 
$QDOLVDUPRV D TXHVWmR GD HVFUDYLGmR VRE XPD SHUVSHFWLYD PRUDO p IiFLO HOD p HUUDGD H
SRQWRILQDO0DVDQDOLVDUPRVHVWDPHVPDTXHVWmRVREXPDSHUVSHFWLYDKLVWyULFRFXOWXUDOp
DOJRPXLWRPDLVFRPSOH[R$HVFUDYLGmRHUDXPDWULVWHUHDOLGDGHHPWRGRVRVSRYRVFRPD
GLIHUHQoDGHTXHQRVRXWURVSRYRVRHVFUDYRQmRHUDPDLVGRTXHXPDPHUFDGRULDGDTXDO
RGRQRSRGLDDJLUFRQIRUPHEHPHQWHQGHVVHWRUWXUDQGRRHVFUDYRRID]HQGRWUDEDOKDUDWp
DH[DXVWmRVHPQHQKXPGHVFDQVRHDWpPHVPRRPDWDQGRVHPUHFHEHUTXDOTXHUSXQLomR
SRULVVR
(P ,VUDHO SRU FRQWUDVWH 'HXV humanizou D HVFUDYLGmR TXH DLQGD HUD D ~QLFD IRUPD GH
VREUHYLYrQFLD SRVVtYHO SDUD FHUWDV SHVVRDV QDTXHOH FRQWH[WR VRFLDO H KLVWyULFR $ PDLRULD
HVPDJDGRUDGRVVHUYRVHP,VUDHODFDEDULDPRUUHQGRQDSREUH]DHQmRWHULDRQGHYLYHURX
PRUDU VH QmR IRVVH SHOR VLVWHPD GH WUDEDOKR TXH HQYROYLD D VXEPLVVmR D XP SDWUmR TXH
WLQKDVHPSUHDREULJDomRGHVXSULUWRGDVDVQHFHVVLGDGHVGHVHXVVHUYRVTXHFRPLDPGD
PHVPD FRPLGD GHOH TXH HUDP WUDWDGRV FRPR XP WUDEDOKDGRU SDJR TXH WLQKDP GLUHLWRV
FLYLVHGLDVGHGHVFDQVRHTXHQmRVRIULDPTXDOTXHUSUHFRQFHLWRSRUTXHVWmRGHUDoDHWQLD
RXFRUGHSHOH
'HXVQmRDFDERXFRPDHVFUDYLGmRHP,VUDHOSRUTXHLVVRHUDLPSRVVtYHOHLQYLiYHOSDUD
DVFLUFXQVWkQFLDVGDpSRFD0DVHOHSHORPHQRVDKXPDQL]RXGDQGRDGLJQLGDGHKRQUDH
UHVSHLWRTXHWRGRVHUKXPDQRPHUHFHXPDYH]TXHQDFRQFHSomRMXGDLFRFULVWmWRGRVVmR
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

LJXDOPHQWH FULDGRV j LPDJHP H VHPHOKDQoD GH 'HXV *Q  +RMH HP GLD QyV QmR
WHPRVDLQGDFRQGLo}HVGHDFDEDUFRPRSUREOHPDGDH[WUHPDSREUH]DGRVVHPWHWRHGRV
PHQGLJRV PDV SRGHPRV QRV HVIRUoDU HP WUDWiORV GD PHOKRU IRUPD SRVVtYHO FULDQGR
DEULJRV SDUD GHVDEULJDGRV RX GDQGR HVPRODV (VWH QmR p R LGHDO PDV LQIHOL]PHQWH p
DnossaUHDOLGDGH1mRpRLGHDOTXHHVWiHPMRJRPDVDUHDOLGDGHHRTXHSRGHVHUIHLWR
HPPHLRDHOD

&$3$(6&5$9,'21212927(67$0(172
,QWURGXomR
1RFDStWXORDQWHULRUYLPRVTXHDHVFUDYLGmRHP,VUDHOQmRWLQKDTXDOTXHUUHODomRFRPR
FRQFHLWRSRSXODUGHHVFUDYLGmR DVVRFLDGRjHVFUDYLGmRFOiVVLFD HHUDPXLWRPHQRVFUXHO
GRTXHSRUH[HPSORVHGHL[DVVHRVSREUHVPRUUHUHPGHIRPHFRPRGHL[DPRVKRMHHP
SOHQRVpFXOR;;,&RPSDUDWLYDPHQWHpLQGLVFXWtYHOTXHRVLVWHPDGHWUDEDOKRHVFUDYRHP
,VUDHOHUDPXLWRPHQRVUXLPGRTXHSRUH[HPSORDOJXpPPHQGLJDQGRQRVGLDVGHKRMH2
PHQGLJRQmRWHPFDVDSUDPRUDUQHPWHWRSDUDVHDEULJDUPDVRVHUYRHP,VUDHOWLQKDWXGR
LVVR2PHQGLJRQmRWHPRTXHFRPHUH[FHWRVHFRQVHJXLUDOJXPDVPRHGLQKDVDRORQJR
GRGLDHQTXDQWRRVHUYRHP,VUDHOFRPLDGRERPHGRPHOKRUGDFDVDGRSDWUmRDTXHP
VHUYLD
2 PHQGLJR QmR WHP H[SHFWDWLYD QD YLGD SRLV D FKDQFH GH YROWDU D YLYHU GLJQDPHQWH p
YLUWXDOPHQWH]HURHQTXDQWRRVHUYRHP,VUDHOWUDEDOKDYDVHLVDQRVTXLWDYDWRGDVDVVXDV
GtYLGDVHWLQKDVXDSURSULHGDGHGHYROWD2PHQGLJRYLYHH[SRVWRjFKXYDHDRIULRPDVR
VHUYR HP ,VUDHO HQFRQWUDYD DEULJR H DPSDUR 2 PHQGLJR HVWi H[SRVWR j YLROrQFLD GH
YkQGDORV QD UXD PDV R VHUYR HP ,VUDHO HUD EHP WUDWDGR 2 PHQGLJR QmR WHP SDUD RQGH
IXJLU PDV VH R VHUYR HP ,VUDHO IXJLVVH SDUD TXDOTXHU OXJDU TXH IRVVH WHULD TXH VHU
DFROKLGR
e DEVROXWDPHQWH LQGLVFXWtYHO TXH VHU XP VHUYR HP ,VUDHO HUD LQILQLWDPHQWH PHOKRU GR TXH
VHU XP PHQGLJR QRV GLDV DWXDLV RX XP PHQGLJR QRV WHPSRV DQWLJRV  2 VLVWHPD GH
WUDEDOKRIRUoDGRHP,VUDHOVHUYLDMXVWDPHQWHSDUDTXHDTXHODVSHVVRDVTXHGHRXWUDIRUPD
SDVVDULDPDYLGDWRGDPHQGLJDQGRSXGHVVHPWUDEDOKDUJHUDUGHVHQYROYLPHQWRjQDomRH
YLYHUGLJQDPHQWH6HLVVRHUDGHDOJXPDIRUPDFUXHORXLPRUDOGDSDUWHGRVLVUDHOLWDVRTXH
ID]HPRV KRMH p LQGLVFXWLYHOPHQWH SLRU H PDLV JUDYH ,VVR QHQKXP QHRDWHX FRQVLGHUD SRU
UD]}HVyEYLDV2TXHYDOHpFULWLFDUD%tEOLD
0DVDRFKHJDUPRVDR1RYR7HVWDPHQWRQmRHVWDPRVOLGDQGRPDLVFRPDHVFUDYLGmRHQWUH
RVKHEUHXVTXHYLPRVQRFDStWXORDQWHULRU1DpSRFDHPTXHR1RYR7HVWDPHQWRIRLHVFULWR
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

QRVpFXOR,G& RVMXGHXVMiKDYLDPGHL[DGRDFRQGLomRGHVHQKRUHVSDUDDFRQGLomRGH
VHUYRVSDVVDQGRDHVWDUVREDDXWRULGDGHHMXULVGLomRGRLPSpULRURPDQRTXHHUDTXHP
UHDOPHQWH PDQGDYD 1HVWH FRQWH[WR D HVFUDYLGmR TXH RV HYDQJHOLVWDV H DSyVWRORV
DERUGDUDP QmR HUD PDLV R WLSR GH HVFUDYLGmR MXGDLFD TXH Mi HVWDYD GHILQKDQGR PDV D
HVFUDYLGmR URPDQD ( R SUREOHPD p TXH RV URPDQRV GLIHUHQWHPHQWH GRV KHEUHXV HUDP
H[WUHPDPHQWHVHYHURVHFUXpLVFRPVHXVHVFUDYRVRVTXDLVQmRWLQKDPTXDOTXHUGLUHLWRH
HUDPFRQVWDQWHPHQWHRSULPLGRV
e QHVWH QRYR FRQWH[WR TXH VXUJH -HVXV H 3DXOR 2V QHRDWHXV DFXVDP DPERV SRU QmR
WHUHPOHYDQWDGRYR]FRQWUDDFUXHOHVFUDYLGmRYLJHQWHQDpSRFD6DP+DUULVSRUH[HPSOR
GHFODURX TXHHP QHQKXP SRQWR GR 1RYR 7HVWDPHQWR -HVXV ID] REMHomR j SUiWLFD GD
HVFUDYLGmR>@,VVRpIDOVR9HUHPRVRTXH-HVXVH3DXORQRVWHPDGL]HU

-HVXVHD(VFUDYLGmR
8PDGDVDILUPDo}HVPDLVPHPRUiYHLVGH-HVXVHQTXDQWRHVWHYHHQWUHQyVIRLFHUWDPHQWH
HVWDDTXL
$VVLPHPWXGRIDoDPDRVRXWURVRTXHYRFrVTXHUHPTXHHOHVOKHVIDoDPSRLVHVWDpD
/HLHRV3URIHWDV 0DWHXV
)D]HU DRV RXWURV R TXH YRFr TXHU TXH RV RXWURV IDoDP D YRFr SRGH VHU FRQVLGHUDGR R
FHUQH PRUDO GR HYDQJHOKR FULVWmR e HYLGHQWH TXH QLQJXpP quer VHU HVFUDYL]DGR  PXLWR
PHQRVQRWLSRGHHVFUDYLGmRFUXHOLPSUHJQDGRSHORVURPDQRVGDpSRFDGH-HVXV6HLVVRp
YHUGDGHHQWmRDFRQVHTXHQFLDOyJLFDHLUUHGXWtYHOGDDSOLFDomRGHVWHSULQFtSLREtEOLFRpR
ILP GD HVFUDYLGmR GD PHVPD IRUPD TXH QyV QmR TXHUHPRV VHU HVFUDYRV GH QLQJXpP
WDPEpPQmRYDPRVHVFUDYL]DUQLQJXpP(VWHHUDDOLiVRSULQFLSDODUJXPHQWREtEOLFRGRV
DEROLFLRQLVWDVFULVWmRVGRVpFXOR;,;TXHpIRUWHPHQWHHVWDEHOHFLGRSRU-HVXV
+i SHOR PHQRV GRLV WH[WRV RQGH -HVXV FRQGHQD PDLV expressamente D HVFUDYLGmR 2
SULPHLURVHHQFRQWUDHP/XFDVTXHGL]
2(VStULWRGR6HQKRUHVWiVREUHPLPSRUTXDQWRPHXQJLXSDUDDQXQFLDUERDVQRYDVDRV
SREUHV HQYLRXPH SDUD SURFODPDU OLEHUWDomR DRV FDWLYRV H UHVWDXUDomR GD YLVWD DRV
FHJRV SDUD S{U HP OLEHUGDGH RV RSULPLGRV H SDUD SURFODPDU R DQR DFHLWiYHO GR
6HQKRU /XFDV
$TXL YHPRV FODUDPHQWH TXH -HVXV HUD D IDYRU GD OLEHUGDGH DRV FDWLYRV H TXHULD TXH RV
RSULPLGRV IRVVHP SRVWRV HP OLEHUGDGH (PERUD HVWH WH[WR VH HQWHQGD WDPEpP GH IRUPD
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

HVSLULWXDO LH OLEHUGDGH GDV FDGHLDV GR SHFDGR  p LQHYLWiYHO TXH D DSOLFDomR HVSLULWXDO
WHQKDXPIXQGRGHYHUGDGHQDWXUDODTXDOpDTXLFRQFHELGD(P RXWUDVSDODYUDVS{UHP
OLEHUGDGHRVRSULPLGRVHVSLULWXDOPHQWHVypDOJRSRVLWLYRSRUTXHHPVHQWLGRQDWXUDOWDPEpP
Rp'HRXWUDIRUPDDDSOLFDomRHVSLULWXDOSHUGHULDRVHQWLGR2WH[WRSRUWDQWRFODUDPHQWH
FRORFD -HVXV FRQWUD R VLVWHPD GH RSUHVVmR H FDWLYHLUR HP TXH DTXHODV SHVVRDV HVWDYDP
LQVHULGDV
2VHJXQGRWH[WRHPTXH-HVXVFRQGHQDDHVFUDYLGmRHVWiHP0DUFRV
0DV-HVXVFKDPRXRVSDUDMXQWRGHVLHGLVVH6DEHLVTXHRVTXHVmRUHFRQKHFLGRVFRPR
JRYHUQDGRUHVGRVJHQWLRVGRPLQDPVREUHRVVHXVYDVVDORVHVREUHHOHVRVVHXVJUDQGHV
H[HUFHP DXWRULGDGH 1mR VHUi DVVLP HQWUH YRFrV 3HOR FRQWUiULR TXHP TXLVHU WRUQDUVH
LPSRUWDQWHHQWUHYRFrVGHYHUiVHUVHUYRHTXHPTXLVHUVHURSULPHLURGHYHUiVHUHVFUDYR
GHWRGRV3RLVQHPPHVPRR)LOKRGRKRPHPYHLRSDUDVHUVHUYLGRPDVSDUDVHUYLUHGDUD
VXDYLGDHPUHVJDWHSRUPXLWRV 0DUFRV
$VDXWRULGDGHVGDVQDo}HVVHFXODUHVGDpSRFDGRPLQDYDPVREUHVHXVYDVVDORVPDVHQWUH
RV FULVWmRV no seria assim (VWH VLVWHPD HP XPD FRPXQLGDGH JRYHUQDGD SRU FULVWmRV
WHULD TXH VHU LQYHUWLGR DR LQYpV GRV JRYHUQDQWHV H SHVVRDV TXH H[HUFHP DXWRULGDGH
HVFUDYL]DUHP DV GHPDLV TXH HVWmR DEDL[R GHODV HP SRGHU VmR elas TXH GHYHULDP VH
KXPLOKDUHVHWRUQDUVHUYDVGHWRGRV(VWDQmRpDSHQDVXPDHQIiWLFDnegaoDRVLVWHPD
HVFUDYRFUDWD PDV PXLWR PDLV GR TXH LVVR p Dinverso UDGLFDO GR VLVWHPD -HVXV p YLVWR
FRPR R PRGHOR (OH FRPR R 'HXV HQFDUQDGR HVWDYD QD PDLRU SRVLomR GH DXWRULGDGH
SRVVtYHOPDVDRLQYpVGHID]HUHVFUDYRVHOHSUySULRVHWRUQRXVHUYRGHWRGRVRVRXWURVH
PRUUHXSRUHOHV
'D PHVPD IRUPD DV DXWRULGDGHV H SRGHURVRV HQWUH RV FULVWmRV VmR LQVWLJDGRV D VHJXLU R
H[HPSORHDRLQYpVGHID]HUHVFUDYRVVHKXPLOKDUHVHUYLUDWRGRVHPDPRUFRPR-HVXV
IH] -HVXV SUHFHGHX /LQFROQ H :LOEHUIRUFH HP GH]RLWR VpFXORV  2 &ULVWLDQLVPR QmR p
DSHQDV D UHOLJLmR GD QHJDomR j HVFUDYLGmR PDV WDPEpP GD LQYHUVmR GRV YDORUHV
FRUURPSLGRVQRPXQGRDQWLJRSDUD-HVXVRVSULPHLURVVHUmRRV~OWLPRVHRV~OWLPRV
VHUmR RV SULPHLURV 0W  -HVXV VHPSUH IH] TXHVWmR GH FRORFDU RV SULPHLURV SRU
~OWLPR H RV ~OWLPRV SRU SULPHLUR HOH DEDORX R SRGHU GRV SRGHURVRV H VH FRORFRX D IDYRU
GRVSREUHVHRSULPLGRV(OHSHUVRQLILFRXSHUIHLWDPHQWHDRUDomRGH0DULD
(OH UHDOL]RX SRGHURVRV IHLWRV FRP VHX EUDoR GLVSHUVRX RV TXH VmR VREHUERV QR PDLV
tQWLPR GR FRUDomR 'HUUXERX JRYHUQDQWHV GRV VHXV WURQRV PDV H[DOWRX RV KXPLOGHV
(QFKHXGHFRLVDVERDVRVIDPLQWRVPDVGHVSHGLXGHPmRVYD]LDVRVULFRV /XFDV 


GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

-HVXVWDPEpPQXQFDGHL[RXGHFXUDURVVHUYRVRXSREUHVDRFRQWUiULRSDUHFHTXHHOH
WLQKD XPD PLVVmR HVSHFtILFD YROWDGD DR DPSDUR GHOHV (OH FXURX R VHUYR GR FHQWXULmR
GHILQLQGRR FRPR R KRPHP GH PDLRU Ip HP ,VUDHO 0W  1D SDUiEROD GR ERP
VDPDULWDQRHOHUHMHLWRXROHYLWDHRVDFHUGRWH DOWDPHQWHFRQVLGHUDGRVSHORVMXGHXV SDUD
FRQFHGHUDXPVLPSOHVVDPDULWDQRRSRYRPDLVUHMHLWDGRHH[HFUDGRSRUHOHVDKRQUD
GH VHU R ~QLFR EHP UHSUHVHQWDGR QD SDUiEROD TXH DMXGRX R SUy[LPR /F  (OH
HORJLRXDRIHUWDGHXPDPRHGLQKD GDYL~YDSREUHHUHMHLWRXDVJUDQGHVRIHUWDVGRVULFRV
/F  (OH VHQWLD FRPSDL[mR GDV PXOWLG}HV SRUTXH HVWDYDP DIOLWDV H GHVDPSDUDGDV
FRPRRYHOKDVVHPSDVWRU 0W HPXOWLSOLFRXOKHVRVSmHVHSHL[HV 0F (OH
WDPEpPSHGLDTXHVHYHQGHVVHWXGRHGHVVHDRVSREUHV /F HWLQKDXPIXQGRGH
RQGHWLUDYDUHFXUVRVSDUDDMXGiORV -R 
8PDGDVSULQFLSDLVW{QLFDVGDPLVVmRGH-HVXVHUDMXVWDPHQWHRIDWRGHHOHSUHJDUDVERDV
QRYDV DRV SREUHV DR LQYpV GH UHQHJiORV H SUHJDU VRPHQWH jV DXWRULGDGHV H DRV ULFRV
FRPRHUDGHFRVWXPH(VWHIDWRLQFRPXPIRLUHJLVWUDGRQDVVHJXLQWHVSDODYUDV
,GHHDQXQFLDLDVFRLVDVTXHRXYLVHYHGHV2VFHJRVYrPHRVFR[RVDQGDPRVOHSURVRV
VmROLPSRVHRVVXUGRVRXYHPRVPRUWRVVmRUHVVXVFLWDGRVHDRVSREUHVpDQXQFLDGRR
HYDQJHOKR 0DWHXV
$Wp TXDQGR IDODYD GH VDOYDomR -HVXV VH FRORFDYD D IDYRU GRV SHTXHQLQRV H PHQRV
IDYRUHFLGRVTXDQGRGLVVHTXHRTXHYRFrVIL]HUDPDDOJXPGRVPHXVPHQRUHVLUPmRVD
PLP R IL]HUDP 0W  -XQWR D LVVR -HVXV FRVWXPDYD VHU ULJRURVR SDUD FRP RV
DOWDPHQWHIDYRUHFLGRVQDTXHODVRFLHGDGH2VIDULVHXVTXHHUDPRVPDLVUHVSHLWDGRVSHOR
SRYR HUDP UHSHWLGDPHQWH FULWLFDGRV SHOD VXD KLSRFULVLD 0W  H FKDPDGRV
GH VHUSHQWHV 0W  UDoD GH YtERUDV 0W  H VHSXOFURV FDLDGRV 0W 
6REUH HOHV UHFDtD R VDQJXH GH WRGR MXVWR GHUUDPDGR VREUH D WHUUD GHVGH R VDQJXH GH
$EHODWpRGH=DFDULDV 0W 
0DLVGRTXHLVVRHOHSUySULRGHXRH[HPSORHYLYHXGHIRUPDVLPSOHVHKXPLOGHHQTXDQWR
HVWHYH HQWUH QyV (OH QDVFHX QR OXJDU PDLV LQVLJQLILFDQWH H GHVSUH]tYHO TXH DRV ROKRV
KXPDQRV DOJXpP SRGHULD QDVFHU XPD PDQMHGRXUD /F  &UHVFHX FRPR XP PHUR
FDUSLQWHLUR 0F XPDGDVSURILVV}HVPDLVEDL[DVQD3DOHVWLQD9LYHXSREUHSRUDPRUD
QyV &R 1mRWLQKDQHPRQGHUHFOLQDUDFDEHoD /F 1mRYHLRSDUDVHUVHUYLGR
PDVSDUDVHUYLUHGDUDVXDYLGDHPUHVJDWHSRUPXLWRV 0F /DYRXRVSpVGRVVHXV
SUySULRVGLVFtSXORVHPXPVLQDOGHVXEPLVVmRHEDL[H]DQDTXHODFXOWXUDHQRVDGPRHVWRX
D ID]HUPRV R PHVPR XQV FRP RV RXWURV -R  ,QYHUWHX R SDUDGLJPD GH
VHUYRVHQKRU )RL ]RPEDGR SHUVHJXLGR DoRLWDGR WRUWXUDGR SUHJDGR QXPD FUX]
PRUWR+XPLOKRXVH D VL PHVPR VHQGR REHGLHQWH DWp D PRUWH H PRUWH GH FUX] )S 
)RLHPWRGDVDVFRLVDVXPSHUIHLWRH[HPSORGHKXPLOGDGHVHUYLGmRHVXEPLVVmRHPXP
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

FRQWUDVWH JULWDQWH FRP D SUHJDomR QHRDWHtVWD TXH TXHU FRORFiOR GR ODGR GR VLVWHPD
RSUHVVRUGDpSRFDHFRQWUDRVPHQRVIDYRUHFLGRV

2V$SyVWRORVHD(VFUDYLGmR
&RPR PHURV WUDQVPLVVRUHV GD PHQVDJHP GH -HVXV p yEYLR TXH RV DSyVWRORV WDPEpP
UHMHLWDUDP PRUDOPHQWH D HVFUDYLGmR YLJHQWH QR LPSpULR URPDQR $ HVFUDYLGmR HUD
UHSHWLGDPHQWHUHWUDWDGDFRPRDOJRSHMRUDWLYRGRTXDOWHPRVTXHEXVFDUDOLEHUGDGHHSRU
HVVD UD]mR VHUYLD EHP SDUD R SURSyVLWR GH MXVWLILFDU D QHFHVVLGDGH GD OLEHUGDGH GD
HVFUDYLGmRDRSHFDGRFRPRYHPRVHPWH[WRVFRPR5RPDQRV3DXORGL]TXH QyV
QmRUHFHEHPRVXPHVStULWRTXHQRVHVFUDYL]HSDUDQRYDPHQWHWHPHUPRVPDVXP(VStULWR
TXHQRVWRUQDILOKRVSRUDGRomRSRUPHLRGRTXDOFODPDPRV$ED3DL 5P $VVLP
R(VStULWR6DQWRpYLVWRFRPRXPDJHQWHGHOLEHUWDomR
&ULVWR WDPEpP p YLVWR FRPR XP DJHQWH GH OLEHUGDGH GD HVFUDYLGmR $RV JiODWDV 3DXOR
FRQGHQD VHYHUDPHQWH DTXHOHV IDOVRV LUPmRV TXH VH LQILOWUDUDP HP QRVVR PHLR SDUD
HVSLRQDUDOLEHUGDGHTXHWHPRVHP&ULVWR-HVXVHQRVUHGX]LUjHVFUDYLGmR *O (OHGL]
TXHIRLSDUDDOLEHUGDGHTXH&ULVWRQRVOLEHUWRX *O DILPGHTXHSHUPDQHoDPILUPHV
H QmR VH GHL[HP VXEPHWHU QRYDPHQWH D XP MXJR GH HVFUDYLGmR *O  $OJXQV JiODWDV
DQWHV GH FRQKHFHUHP D 'HXV HUDP HVFUDYRV GDTXHOHV TXH SRU QDWXUH]D QmR VmR
GHXVHV *O  RX VHMD HUDP HVFUDYRV GH KRPHQV 4XDQGR SDVVDUDP D FUHU -HVXV RV
OLEHUWRX0DVDJRUDHVWDYDPYROWDQGRQRYDPHQWHjTXHOHVPHVPRVSULQFtSLRVHOHPHQWDUHV
HVHPSRGHUTXHUHQGRVHUHVFUDYL]DGRVSRUHOHVRXWUDYH] *O RTXHSDUD3DXORHUD
DEVXUGR
$RV FRORVVHQVHV R DSyVWROR WDPEpP LQVLVWLX SDUD WHUHP FXLGDGR SDUD TXH QLQJXpP
RV escravizeD ILORVRILDV YmV H HQJDQRVDV TXH VH IXQGDPHQWDP QDV WUDGLo}HV H QRV
SULQFtSLRV HOHPHQWDUHV GHVWH PXQGR H QmR HP &ULVWR &O  (OH HQVLQD TXH FKHJDUi R
GLDHPTXHDSUySULDQDWXUH]DFULDGDVHUiOLEHUWDGDGDHVFUDYLGmRGDGHFDGrQFLDHPTXH
VH HQFRQWUD UHFHEHQGR D JORULRVD OLEHUGDGH GRV ILOKRV GH 'HXV 5P  (P WRGR R
WHPSRYHPRVDHVFUDYLGmRVHQGRDSOLFDGDHPVHQWLGRHVSLULWXDOFRPRVHQGRDOJRQHJDWLYR
GR TXDO RV FUHQWHV WrP TXH EXVFDU OLEHUGDGH DWUDYpV GH &ULVWR H GR (VStULWR 6DQWR 2V
DSyVWRORVQmRYLDPDHVFUDYLGmRFRPRXPROKDULPSDVVLYR
3DXORGL]TXHDTXHOHTXHVHQGRHVFUDYRIRLFKDPDGRSHOR6HQKRUpOLEHUWRHSHUWHQFHDR
6HQKRU VHPHOKDQWHPHQWH DTXHOH TXH HUD OLYUH TXDQGR IRL FKDPDGR p HVFUDYR GH
&ULVWR &R  /LEHUGDGH H HVFUDYLGmR DWXDP MXQWDV PDV HP VHQWLGRV GLVWLQWRV
4XHP p HVFUDYR HP VHQWLGR QDWXUDO  p OLEHUWR HP VHQWLGR HVSLULWXDO  H TXHP p OLYUH HP
VHQWLGRQDWXUDO pHVFUDYR HPVHQWLGRHVSLULWXDO 1RWDVHDTXLRWRPGHLJXDOGDGHHVSLULWXDO
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

HQWUHRHVFUDYRHROLYUHDPERVVmRXPHP&ULVWRID]HPSDUWHGRPHVPR&RUSRPtVWLFR
&R RTXHpWRUQDGRDLQGDPDLVFODURQDVVHJXLQWHVSDVVDJHQV
3RLVHPXPVyFRUSRWRGRVQyVIRPRVEDWL]DGRVHPXP~QLFR(VStULWRTXHUMXGHXVTXHU
JUHJRVTXHUHVFUDYRVTXHUOLYUHV(DWRGRVQyVIRLGDGREHEHUGHXP~QLFR(VStULWR 
&RUtQWLRV
1mRKiMXGHXQHPJUHJRHVFUDYRQHPOLYUHKRPHPQHPPXOKHUSRLVWRGRVVmRXPHP
&ULVWR-HVXV *iODWDV
1HVVD QRYD YLGD Mi QmR Ki GLIHUHQoD HQWUH JUHJR H MXGHX FLUFXQFLVR H LQFLUFXQFLVR
EiUEDURHFLWDHVFUDYRHOLYUHPDV&ULVWRpWXGRHHVWiHPWRGRV &RORVVHQVHV
(VVDXQLGDGHHVSLULWXDOHLJXDOGDGHHQWUHROLYUHHRHVFUDYRpVHPLJXDOQRPXQGRDQWLJR
$ULVWyWHOHVGL]LDTXH R HVFUDYR p XP REMHWR GH SURSULHGDGH DQLPDGR Vy XP SRXFR PDLV
YDOLRVR GR TXH RV REMHWRV GH SURSULHGDGH LQDQLPDGRV>@ FRPR R WLPmR GH XP QDYLR
%DVLFDPHQWH H[FHWXDQGR R IDWR GH XP HVFUDYR WHU XPD psiqu HOH HUD YLVWR FRPR
HTXLYDOHQWH DRV REMHWRV XWLOL]DGRV SDUD R EHQHItFLR GR KRPHP 2 ILOyVRIR JUHJR GHILQLD
HVFUDYRGDVHJXLQWHPDQHLUD
8P VHU TXH SRU QDWXUH]D QmR SHUWHQFH D VL PHVPR PDV D XP RXWUR PHVPR VHQGR
KRPHPHVWHpSRUQDWXUH]DXPHVFUDYR3HUWHQFHDXPRXWURTXHPHVPRVHQGRKRPHP
pREMHWRGHSURSULHGDGHHLQVWUXPHQWRRUGHQDGRjDomRHVHSDUDGR>@
2XHQWmRYHMDRYDORUGDGRDRHVFUDYRQHVWDRXWUDFLWDomRGH$ULVWyWHOHV
(VFUDYRV H KRPHQV OLYUHV VmR WmR GLIHUHQWHV HQWUH VL TXDQWR D DOPD p GR FRUSR RX R
KRPHP p GRV DQLPDLV 6H VHX WUDEDOKR p R XVR GR FRUSR H LVVR p R PHOKRU TXH SRGH YLU
GHOHVVmRHVFUDYRVSRUQDWXUH]D>@
'LQHVK'6RX]DDVVLPVHUHIHUHDRYDORUGDYLGDKXPDQDHPJHUDOQD*UpFLDDQWLJDHHP
5RPD
1DHUDSUpFULVWmGH*UpFLDH5RPDQDHUD&OiVVLFDDQWLJDDYLGDKXPDQDQmRHUDQHP
XP SRXFR GLJQLILFDGD 2V HVSDUWDQRV SHJDYDP VHX VH[WR ILOKR H R GHL[DYDP QDV FROLQDV
SDUDDFKiORPRUWRQDPDQKmVHJXLQWH1RLQYHUQR(HVVHQHPHUDXPJUDQGHHVFkQGDOR
2VJUDQGHVILOyVRIRVGD*UpFLDDQWLJD3ODWmR$ULVWyWHOHV6yFUDWHVVDELDPGLVVRPDVQmR
GDYDP LPSRUWkQFLD 3DUD HOHV QmR HUD UHOHYDQWH 3RU TXr" 3RUTXH D LGHLD GH TXH D YLGD
KXPDQDpHVSHFLDOSUHFLRVDRXVDJUDGDYHLRFRP-HVXVFRPR&ULVWLDQLVPR>@

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

2V ~QLFRV TXH FKHJDYDP PDLV SUy[LPR GR FRQFHLWR FULVWmR VREUH D LJXDOGDGH HQWUH R
KRPHP OLYUH H R HVFUDYR HUDP RV HVWyLFRV PDV PHVPR DVVLP HOHV QmR ID]LDP D PtQLPD
TXHVWmRGHOHYiORjSUiWLFDQDYLGDSROtWLFDPHVPRWHQGRSRGHUHSRVVLELOLGDGHSDUDWDO2
&ULVWLDQLVPR IRL YHUGDGHLUDPHQWH XP PDUFR KLVWyULFR H LVVR QmR SRGHULD WHU DFRQWHFLGR
VHP R IXQGDPHQWR GD LJXDOGDGH H IUDWHUQLGDGH HQWUH WRGRV RV VHUHV KXPDQRV WmR
UHVSDOGDGRSRU3DXOR3RULVVRQmRpVHPUD]mRTXH372
%ULHQGL]TXHDH[RUWDomRGH
3DXORHUDXOWUDMDQWHSDUDRVVHXVGLDV>@
2 DSyVWROR OHYDYD D VpULR R FRQFHLWR FULVWmR GH LJXDOGDGH HQWUH OLYUHV H HVFUDYRV GH WDO
IRUPD TXH PHVPR VHQGR OLYUH VH GLVSXQKD D VH ID]HU HVFUDYR GH WRGRV SDUD R EHP
GHOHV
3RUTXHHPERUDVHMDOLYUHGHWRGRVIL]PHHVFUDYRGHWRGRVSDUDJDQKDURPDLRUQ~PHUR
SRVVtYHOGHSHVVRDV &RUtQWLRV
0DVQmRSUHJDPRVDQyVPHVPRVPDVD-HVXV&ULVWRR6HQKRUHDQyVFRPRHVFUDYRV
GHYRFrVSRUFDXVDGH-HVXV &RUtQWLRV
+iWH[WRVRQGH3DXORFRPEDWHPDLVGLUHWDPHQWHDHVFUDYLGmR(P&RUtQWLRVHOH
GL]DRVHVFUDYRV
)RL YRFr FKDPDGR VHQGR HVFUDYR" 1mR VH LQFRPRGH FRP LVVR 0DV VH YRFr SXGHU
FRQVHJXLU D OLEHUGDGH FRQVLJDD 9RFrV IRUDP FRPSUDGRV SRU DOWR SUHoRQmR VH WRUQHP
HVFUDYRVGHKRPHQV &RUtQWLRV
$TXLILFDFODURRFRQFHLWRWmRQHJDWLYRTXH3DXORWLQKDVREUHVHWRUQDUHVFUDYRGHKRPHQV
DOJRTXHHOHSUHJDYDHPFRQWUiULR(P&RUtQWLRVRDSyVWRORQRYDPHQWHVHFRORFD
FRQWUD D H[SORUDomR H HVFUDYLGmR UHSUHHQGHQGR DTXHOHV TXH SHUPLWDP D HVFUDYLGmR QR
PHLRFULVWmR
9RFrV SRU VHUHP WmR ViELRV VXSRUWDP GH ERD YRQWDGH RV LQVHQVDWRV 'H IDWR YRFrV
VXSRUWDPDWpTXHPRVHVFUDYL]DRXRVH[SORUDRXTXHPVHH[DOWDRXOKHVIHUHDIDFH 
&RUtQWLRV
$ %tEOLD p WmR UHYROXFLRQiULD QD TXHVWmR GD HVFUDYLGmR TXH p R ~QLFR OLYUR DQWLJR TXH
SRVVXLXPDFDUWDLQWHLUDGHGLFDGDDLQWHUFHGHUSRUXPHVFUDYR3DXORXPKRPHPOLYUH
SRGHULDPXLWREHPQmRVHLPSRUWDUFRPRVHVFUDYRVFDVRHOHQmRTXLVHVVH DOJRTXHVRDULD
WmRQDWXUDOSDUDDTXHOHWHPSR PDVIH]TXHVWmRGHHVFUHYHUXPDFDUWDLQWHLUDD)LOHPRP
FXMR ~QLFR REMHWLYR H SURSyVLWR HUD LQWHUFHGHU SHOD YLGD GH XP HVFUDYR IXJLWLYR FKDPDGR
2QpVLPR (VWH HVFUDYR FRUULD VpULR ULVFR GH YLGD SRLV D OHL URPDQD SUHYLD SHQD GH PRUWH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

SDUD XP HVFUDYR TXH LQFRUUHVVH HP WDPDQKR DWR GH GHVREHGLrQFLD %DVWDULD D )LOHPRP
H[LJLURFXPSULPHQWRGDOHLH2QpVLPRHVWDULDPRUWR0DV3DXORLQWHUYHLRHQWUHDVSDUWHVH
URJRXSHODYLGDGRHVFUDYR
0HVPRWHQGRHP&ULVWRSOHQDOLEHUGDGHSDUDPDQGDUTXHYRFrFXPSUDRVHXGHYHUSUHILUR
ID]HU XP DSHOR FRP EDVH QR DPRU (X 3DXOR Mi YHOKR H DJRUD WDPEpP SULVLRQHLUR GH
&ULVWR-HVXVDSHORHPIDYRUGHPHXILOKR2QpVLPRTXHJHUHLHQTXDQWRHVWDYDSUHVR(OH
DQWHVOKHHUDLQ~WLOPDVDJRUDp~WLOWDQWRSDUDYRFrTXDQWRSDUDPLP0DQGRRGHYROWDD
YRFr FRPR VH IRVVH R PHX SUySULR FRUDomR *RVWDULD GH PDQWrOR FRPLJR SDUD TXH PH
DMXGDVVHHPVHXOXJDUHQTXDQWRHVWRXSUHVRSRUFDXVDGRHYDQJHOKR0DVQmRTXLVID]HU
QDGDVHPDVXDSHUPLVVmRSDUDTXHTXDOTXHUIDYRUTXHYRFrIL]HUVHMDHVSRQWkQHRHQmR
IRUoDGR7DOYH]HOHWHQKDVLGRVHSDUDGRGHYRFrSRUDOJXPWHPSRSDUDTXHYRFrRWLYHVVH
GHYROWDSDUDVHPSUHQmRPDLVFRPRHVFUDYRPDVDFLPDGHHVFUDYRFRPRLUPmRDPDGR
3DUDPLPHOHpXPLUPmRPXLWRDPDGRHDLQGDPDLVSDUDYRFrWDQWRFRPRSHVVRDTXDQWR
FRPRFULVWmR$VVLPVHYRFrPHFRQVLGHUDFRPSDQKHLURQDIpUHFHEDRFRPRVHHVWLYHVVH
UHFHEHQGR D PLP 6H HOH R SUHMXGLFRX HP DOJR RX OKH GHYH DOJXPD FRLVD SRQKD QD
PLQKD FRQWD (X 3DXOR HVFUHYR GH SUySULR SXQKR (X SDJDUHL  SDUD QmR GL]HU TXH
YRFrPHGHYHDVXDSUySULDSHVVRD )LOHPRP
(VFUHYHU XPD FDUWD LQWHLUD LQWHUFHGHQGR SRU DOJXpP TXH HUD WmR SRXFR HVWLPDGR QDTXHOD
pSRFDpDOJRVHPSDUDOHORQDKLVWyULDDQWLJD(3DXORQmRDSHQDVLQWHUFHGHXSHODYLGDGH
)LOHPRPFRPRIRLDOpPHVHSURQWLILFRXDSDJDUGRVHXSUySULREROVRSRUWRGDVDVSHUGDV
ILQDQFHLUDVFDXVDGDVSHODIXJDGRHVFUDYR(PPHXOLYUR'HXVpXP'HOtULR"HXFRPHQWHL
HVWHHYHQWRQHVWDVSDODYUDV
3HQVHQLVVRTXHPHPXPDpSRFDRQGHRHVFUDYRQmRHUDWUDWDGRQHPFRPRJHQWHLULD
HVFUHYHU XPD FDUWD LQWHLUD URJDQGR SHOD YLGD GH XP HVFUDYR LULD FRUUHU R ULVFR GH VHU
FRQGHQDGR FRPR F~PSOLFH GR FULPH SRU WHU DMXGDGR R HVFUDYR TXH GH DOJXPD IRUPD R
HQFRQWURXHIRLDMXGDGRSRUHOHHDLQGDSRUFLPDLULDDUFDUGRVHXSUySULREROVRFRPWRGRV
RVSUHMXt]RVILQDQFHLURVFDXVDGRVSHORHVFUDYRSHORWHPSRHPTXHHVWDYDIRUDJLGR"4XHP
LULD SHUGHU VHX WHPSR DUULVFDU VXD YLGD H SHUGHU VHX GLQKHLUR SRU DOJXpP D QmR VHU TXH
HVWHDOJXpP RHVFUDYR IRVVHYDORUL]DGRSRUHOH">@
e GH VH GHVWDFDU DLQGD TXH R WUiILFR GH HVFUDYRV HVWDYD LQFOXtGR QD OLVWD GH SHFDGRV
PRUWDLVFLWDGRVSRU3DXORHP7LPyWHR
7DPEpP VDEHPRV TXH HOD QmR p IHLWD SDUD RV MXVWRV PDV SDUD RV WUDQVJUHVVRUHV H
LQVXERUGLQDGRVSDUDRVtPSLRVHSHFDGRUHVSDUDRVSURIDQRVHLUUHYHUHQWHVSDUDRVTXH
PDWDP SDL H PmH SDUD RV KRPLFLGDV SDUD RV TXH SUDWLFDP LPRUDOLGDGH VH[XDO H RV
KRPRVVH[XDLVSDUDRVVHTXHVWUDGRUHVSDUDRVPHQWLURVRVHRVTXHMXUDPIDOVDPHQWHH
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

SDUDWRGRDTXHOHTXHVHRS}HjVmGRXWULQD 7LPyWHR
$ SDODYUD DTXL WUDGX]LGD SRU VHTXHVWUDGRUHV p QR JUHJR  WUDQVOLWHUDGR
FRPRandrapodistes TXHGHDFRUGRFRPD&RQFRUGkQFLDGH6WURQJVLJQLILFD
DQGUDSRGLVWHV
GHXPGHULYDGRGHXPFRPSRVWRGHHQP
 WUDILFDQWHGHHVFUDYRVVHTHVWUDGRUODGUmR
D GHDOJXpPTXHLQMXVWDPHQWHUHGX]KRPHQVOLYUHVjHVFUDYLGmR
E GHDOJXpPTXHURXEDRVHVFUDYRVGHRXWURVHYHQGHRV
2 Op[LFR GD PHVPD FRQFRUGkQFLD GHILQH FRPR VHQGRXP HVFUDYL]DGRU>@ DR SDVVR HP
TXH :LOOLDP $UQGW H ): *LQJULFK HP VHX Op[LFR GR 1RYR 7HVWDPHQWR GHILQHP FRPR
VHQGRXPFRPHUFLDQWHGHHVFUDYRV>@
9DOHOHPEUDUWDPEpPTXHXPDGDVUD]}HVSDUDDFRQGHQDomRGD%DELO{QLDQR$SRFDOLSVH
HUDSUHFLVDPHQWHRIDWRGHHODYHQGHUFRUSRVHDOPDVGHVHUHVKXPDQRV
$PHGURQWDGRV SRU FDXVD GR WRUPHQWR GHOD ILFDUmR GH ORQJH H JULWDUmR $L $ JUDQGH
FLGDGH%DELO{QLDFLGDGHSRGHURVD(PDSHQDVXPDKRUDFKHJRXDVXDFRQGHQDomR2V
QHJRFLDQWHV GD WHUUD FKRUDUmR H VH ODPHQWDUmR SRU FDXVD GHOD SRUTXH QLQJXpP PDLV
FRPSUDDVXDPHUFDGRULDDUWLJRVFRPRRXURSUDWDSHGUDVSUHFLRVDVHSpURODVOLQKRILQR
S~USXUDVHGDHWHFLGRYHUPHOKRWRGRWLSRGHPDGHLUDGHFHGURHSHoDVGHPDUILPPDGHLUD
SUHFLRVDEURQ]HIHUURHPiUPRUHFDQHODHRXWUDVHVSHFLDULDVLQFHQVRPLUUDHSHUIXPHV
YLQKRHD]HLWHGHROLYDIDULQKDILQDHWULJRERLVHRYHOKDVFDYDORVHFDUUXDJHQVHFRUSRVH
DOPDVGHVHUHVKXPDQRV $SRFDOLSVH
&RPR YHPRV D %DELO{QLD p MXOJDGD H FRQGHQDGD HP IXQomR GR IDWR GH WHU WUDWDGR VHUHV
KXPDQRVFRPRFDUJDSUDWLFDQGRRWUiILFRGHHVFUDYRVHOXFUDQGRFRPLVVR
3RUILPFDEHUHVVDOWDUTXHDSUySULDPRUDOFULVWmH[SUHVVDSRUPHLRGHSULQFtSLRVHWHUQRV
UHIXWDYDDHVFUDYLGmRPHVPRTXDQGRLVVRQmRHUDIHLWRGHIRUPDPDLVGLUHWDRXHQIiWLFD
+HUE9DQGHU/XJWGLVFRUUHXPXLWREHPVREUHLVVRTXDQGRGLVVH
-HVXV H RV DSyVWRORV QmR VH ODQoDUDP D XPD FUX]DGD DQWLHVFUDYLGmR SRUTXH LVVR WHULD
VLGR LQ~WLO H XP HPSHFLOKR j VXD PLVVmR SULQFLSDO $ SULRULGDGH GH -HVXV IRL D RIHUWD GH
VDOYDomR 3DUD RV DSyVWRORV IRL D SURFODPDomR GR HYDQJHOKR 0DV DPERV -HVXV H RV
DSyVWRORVPLQDUDPDVEDVHVGDHVFUDYLGmRWRUQDQGRFODURTXH'HXVDPDLJXDOPHQWHULFRV
HSREUHVOLYUHVHHVFUDYRVKRPHQVHPXOKHUHV2VDSyVWRORVWDPEpPDFROKHUDPQD,JUHMD
H GHUDP VWDWXV LJXDO D WRGRV RV TXH FUHUDP LQGHSHQGHQWHPHQWH GH UDoD VH[R
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

QDFLRQDOLGDGHRXSRVLomRVRFLDO>@
$VVLP-HVXVHRVDSyVWRORVFRQGHQDUDPDHVFUDYLGmRPHVPRTXDQGRQmRWUDWDUDPGHVWH
DVVXQWR PDLV HVSHFLILFDPHQWH SRLV D SUySULD PHQVDJHP FHQWUDO GR HYDQJHOKR GHVWUyL DV
EDVHV QDV TXDLV D HVFUDYLGmR KLVWyULFD HVWi HVWDEHOHFLGD RX VHMD R UDFLVPR R WUDWR
GHVLJXDOHDVXSRVWDLQIHULRULGDGHGHFHUWRVVHUHVKXPDQRV

7H[WRVVREUHERDFRQGXWDGRVHVFUDYRV
$OJXQV QHRDWHXV WLUDP GR FRQWH[WR FHUWRV WH[WRV TXH QmR WUDWDP GD natureza PRUDO RX
LPRUDO GDHVFUDYLGmRHPVLPDVVLPVREUHDcondutaTXHXPHVFUDYRGHYHULDWHUHPPHLR
DHVWDFRQGLomRSDUDWHQWDUSDVVDUDQRomRGHWXUSDGDGHTXHRVDSyVWRORVHUDPIDYRUiYHLV
jHVFUDYLGmR$FRPSDQKHRVVHJXLQWHVWH[WRVTXHWHPWRGRVDPHVPDPHQVDJHPFHQWUDO
(VFUDYRVREHGHoDPDVHXVVHQKRUHVWHUUHQRVFRPUHVSHLWRHWHPRUFRPVLQFHULGDGHGH
FRUDomR FRPR D &ULVWR 2EHGHoDPOKHV QmR DSHQDV SDUD DJUDGiORV TXDQGR HOHV RV
REVHUYDPPDVFRPRHVFUDYRVGH&ULVWRID]HQGRGHFRUDomRDYRQWDGHGH'HXV6LUYDP
DRV VHXV VHQKRUHV GH ERD YRQWDGH FRPR DR 6HQKRU H QmR DRV KRPHQV SRUTXH YRFrV
VDEHP TXH R 6HQKRU UHFRPSHQVDUi D FDGD XP SHOR EHP TXH SUDWLFDU VHMD HVFUDYR VHMD
OLYUH9RFrVVHQKRUHVWUDWHPVHXVHVFUDYRVGDPHVPDIRUPD1mRRVDPHDFHPXPDYH]
TXH YRFrV VDEHP TXH R 6HQKRU GHOHV H GH YRFrV HVWi QRV FpXV H HOH QmR ID] GLIHUHQoD
HQWUHDVSHVVRDV (IpVLRV
(VFUDYRV REHGHoDP HP WXGR D VHXV VHQKRUHV WHUUHQRV QmR VRPHQWH SDUD DJUDGiORV
TXDQGR HOHV HVWmR REVHUYDQGR PDV FRP VLQFHULGDGH GH FRUDomR SHOR IDWR GH YRFrV
WHPHUHPR6HQKRU &RORVVHQVHV
6HQKRUHV GrHP DRV VHXV HVFUDYRV R TXH p MXVWR H GLUHLWR VDEHQGR TXH YRFrV WDPEpP
WrPXP6HQKRUQRVFpXV &RORVVHQVHV
7RGRV RV TXH HVWmR VRE R MXJR GD HVFUDYLGmR GHYHP FRQVLGHUDU VHXV VHQKRUHV FRPR
GLJQRV GH WRGR R UHVSHLWR SDUD TXH R QRPH GH 'HXV H R QRVVR HQVLQR QmR VHMDP
EODVIHPDGRV 7LPyWHR
(QVLQHRVHVFUDYRVDVHVXEPHWHUHPHPWXGRDVHXVVHQKRUHVDSURFXUDUHPDJUDGiORV
DQmRVHUHPUHVSRQG}HVHDQmRURXEiORVPDVDPRVWUDUHPTXHVmRLQWHLUDPHQWHGLJQRV
GH FRQILDQoD SDUD TXH DVVLP WRUQHP DWUDHQWH HP WXGR R HQVLQR GH 'HXV QRVVR
6DOYDGRU 7LWR

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

(VFUDYRV VXMHLWHPVH D VHXV VHQKRUHV FRP WRGR R UHVSHLWR QmR DSHQDV DRV ERQV H
DPiYHLVPDVWDPEpPDRVPDXV 3HGUR
$SyVFLWDUDOJXPDVGHVVDVSDVVDJHQV6DP+DUULVFRQFOXL
'HYH ILFDU EHP FODUR D SDUWLU GHVVDV SDVVDJHQV TXH HPERUD RV DEROLFLRQLVWDV GR VpFXOR
;,;HVWLYHVVHPPRUDOPHQWHFHUWRVHVWDYDPGRODGRSHUGHGRUGDGLVFXVVmRWHROyJLFD>@
$LQGD TXH +DUULV WHQWH GHPRQVWUDU KDELOLGDGHV WHROyJLFDV HOH IDOKD HP FRQFOXLU D SDUWLU
GHVWHV WH[WRV TXH 3DXOR HUD D IDYRU GD HVFUDYLGmR &RPR 7KRPSVRQ FRUUHWDPHQWH
REVHUYRX
$,JUHMDQDVFHXHPXPPXQGRVRFLDOVHFXODUMiH[LVWHQWH(QWmRTXDQGR3DXORH[RUWDRV
HVFUDYRV GHQWUR GR VLVWHPD URPDQR D VH FRPSRUWDU HOH QmR HVWi SURPRYHQGR RX
GHIHQGHQGR D VLWXDomR HP TXH HVWDYDP PDV HVWDYD SURPRYHQGR XPD ERD FRQGXWD
HQTXDQWRHVWDVLWXDomRH[LVWLD  2VLQFUpGXORVVLPSOHVPHQWHDVVXPHPTXH3DXORDSRLRX
DHVFUDYLGmRTXDQGRQDYHUGDGHHOHHVWDYDLQFHQWLYDQGRDERDFRQGXWDQRFRQWH[WRGHXP
VLVWHPDVRFLDOMiH[LVWHQWH>@
2VFRQVHOKRVTXHRVDSyVWRORVGDYDPDRVHVFUDYRVQmRWLQKDPTXDOTXHUUHODomRFRPXPD
VXSRVWD DSRORJLD j HVFUDYLGmR PDV HUDP VLPSOHVPHQWH VXJHVW}HV VREUH FRPR HOHV
SRGHULDPOLGDUHPPHLRjTXHODUHDOLGDGHRXVHMDFRPRSRGHULDPYLYHUGHXPDIRUPDFULVWm
HPRUDOPHVPRHPPHLRjVDGYHUVLGDGHVTXHHQIUHQWDYDPDFDGDGLD&RPRRVDSyVWRORV
QmR WLQKDP DEVROXWDPHQWH QHQKXP SRGHU SROtWLFR SDUD SRGHU PXGDU DOJR QD SUiWLFD HP
UHODomR DR VLVWHPD HVFUDYRFUDWD SHOR PHQRV SRGLDP DSHODU j ERD FRQGXWD GH DPEDV DV
SDUWHVHQYROYLGDVQDTXHOHVLVWHPDYLJHQWH
)D]HQGR XPD DQDORJLD VHULD FRPR VH HX GLVVHVVH TXH VH EHEHU QmR GLULMD ,VVR QmR
VLJQLILFDTXHHXVHMDDIDYRUGDEHEHGHLUDPDVVLPTXHHXVRXDIDYRUGHQmRGLULJLUVHMi
EHEHX6HPHOKDQWHPHQWHTXDQGRRVDSyVWRORVLQVLVWLDPSDUDTXHRVHVFUDYRVKRQUDVVHP
VHXV VHQKRUHV HOHV QmR HVWDYDP VHQGR D IDYRU GD HVFUDYLGmR HP VL PDV FRPR HOD Mi
H[LVWLD H QmR WLQKD FRPR PXGDU LVVR HQWmR TXH SHOR PHQRV HOHV WUDWDVVHP EHP VHXV
VHQKRUHV SRLV GHVWD IRUPD HVWDULDP FXPSULQGR D PRUDO FULVWm DJUDGDQGR D 'HXV H
HYLWDQGRSXQLo}HVGRSUySULRVHQKRUDTXHPVHUYH
'L]HU SDUD RV VHQKRUHV GH HVFUDYRV OLEHUWDUHP VHXV HVFUDYRV VHULD LQ~WLO GDGD DV
FLUFXQVWkQFLDV GR PXQGR QD pSRFD 2V HVFUDYRV OLEHUWRV VLPSOHVPHQWH QmR WHULDP OXJDU
QHQKXP SDUD RQGH LU $FDEDULDP DEDQGRQDGRV QD UXD RQGH ILFDULDP PHQGLJDQGR RX
PRUUHQGR GH IRPH ,VVR VHULD PXLWR SLRU SDUD R SUySULR HVFUDYR (OHV QmR WHULDP
SURSULHGDGHSDUDPRUDUQHPFRQGLo}HVEiVLFDVGHVREUHYLYrQFLD7RGRRPXQGRGDpSRFD
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

IXQFLRQDYDQDEDVHGRVLVWHPDGHVHQKRUHVHHVFUDYRV3RULVVRDUHFRPHQGDomRHUDSDUD
TXHRVVHQKRUHVWUDWDVVHPRVHVFUDYRVGDPHOKRUIRUPDSRVVtYHOQmRFRPRXPHVFUDYR
PDVFRPRXPLUPmRHP&ULVWRQmRFRPRXPLQIHULRUPDVFRPRXPLJXDOQmRFRPRDFUXHO
HVFUDYLGmR URPDQD PDV DRV PROGHV GRV ERQV WUDWRV GD OHL PRVDLFD QmR DWUDYpV GH
FDVWLJRVItVLFRVPDVSUDWLFDQGRRDPRU
'D PHVPD IRUPD SUHJDU XPD UHYROXomR DRV HVFUDYRV VHULD XPD WRWDO LQVDQLGDGH H
LUUHVSRQVDELOLGDGH GD SDUWH GH 3DXOR VH HOH IL]HVVH LVVR 0HQRV GH XP VpFXOR DQWHV GDV
FDUWDV GH 3DXOR RV HVFUDYRV HQYROYLGRV QD UHYROWD GH (VSiUWDFR  D&  IRUDP
PDVVDFUDGRVSHODVIRUoDVURPDQDVPXLWRPDLVEHPWUHLQDGDVHSUHSDUDGDV3LSH'HVHUWRU
IH]XPDH[FHOHQWHViWLUDGHFRPR3DXORGHYHULDWHUIHLWRFDVRTXLVHVVHOHYDUDLGHLDQHR
DWHtVWDHPGLDQWH(OHWHULDGLWR
5HEHOHPVH 1mR RV VLUYDP 1mR VH VXMHLWHP 1mR HVSHUHP VHU OLYUHV SHOD OHL URPDQD
/LEHUWHPVHSRUVLPHVPRV6HIRUHPREULJDGRVDVHUYLUVLUYDPFRPDPDUJXUDHyGLRDRV
VHXVVHQKRUHV2VRGHLHP1mRRVKRQUHPGHPDQHLUDQHQKXPD>@
2TXHRFRUUHULDFDVRRVHVFUDYRVVHJXLVVHPWDOFRQVHOKR"3LSHFRQFOXLTXHVHULDPWRGRV
H[HFXWDGRVRXSUHVRVeSRULVVRTXH3DXORPHVPRVHQGRPRUDOPHQWHFRQWUDDHVFUDYLGmR
H FUHQGR QD LJXDOGDGH HVSLULWXDO GH WRGRV RV KRPHQV WLQKD TXH SHQVDU H DJLU FRP
VDEHGRULDHPXPFRQWH[WRTXHOKHHUDWRWDOPHQWHGHVIDYRUiYHOHRQGHFDGDSDODYUDHUUDGD
SRGHULDUHGXQGDUHPDFRQWHFLPHQWRVWUiJLFRVFRPRXPEDQKRGHVDQJXHTXHUHVXOWDULD
GH XPD UHYROWD GH HVFUDYRV UHEHODGRV TXH QmR WHULDP D PtQLPD FKDQFH FRQWUD DV
SRGHURVDVOHJL}HVURPDQDV(3DXORVHULDRUHVSRQViYHOGLUHWRSRUHVVDVPRUWHVRTXHVH
FKRFDFODUDPHQWHFRPDPRUDOFULVWm

&RQFOXVmR
21RYR7HVWDPHQWRpFODUDPHQWHFRQWUiULRjHVFUDYLGmRRTXHQmRVLJQLILFDLUSDUDRRXWUR
H[WUHPRHSUHJDUDUHYROXomRSHODHVSDGDRTXHQDTXHODVFLUFXQVWkQFLDVVHUYLULDDSHQDV
SDUD SURYRFDU FDUQLILFLQD H XP YHUGDGHLUR PDVVDFUH GH WRGRV RV HVFUDYRV $ Ip FULVWm p
FRQWUD D HVFUDYLGmR PDV QmR p D IDYRU GD ORXFXUD H QHP GR JHQRFtGLR $ YHUGDGHLUD
UHYROXomRYLULDTXDQGRRVFULVWmRVUHJHQHUDGRVHEHPLQWHQFLRQDGRVWLYHVVHPSRGHUSROtWLFR
VXILFLHQWH SDUD UHYHUWHU HVWD FRQGLomR SRU PHLRV YLiYHLV DSyV UHIOHWLUHP FRQVLJR PHVPRV
VREUHDGRXWULQDHDPRUDOGDV(VFULWXUDV
3D]DWRGRVYRFrVTXHHVWmRHP&ULVWR
3RU&ULVWRHSRU6HX5HLQR
GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %





$WHtVPR5HIXWDGR$%tEOLDHD(VFUDYLGmR

/XFDV%DQ]ROL DSRORJLDFULVWDFRP

GDWDWH[WKWPOFKDUVHW XWI&KFODVV'SRVWWLWOHHQWU\WLWOHVW\OH'FRORU$UJE && %



Vous aimerez peut-être aussi