0% found this document useful (0 votes)
53 views19 pages

FC 300

Uploaded by

MAK- 47
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
53 views19 pages

FC 300

Uploaded by

MAK- 47
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 19

Humanities

Alexander Bösenberg

Comparison of legal and illegal Markets -


in Relation to the Organized Crime

Essay
Bibliographic information published by the German National Library:

The German National Library lists this publication in the National Bibliography;
detailed bibliographic data are available on the Internet at http://dnb.dnb.de .

This book is copyright material and must not be copied, reproduced, transferred,
distributed, leased, licensed or publicly performed or used in any way except as
specifically permitted in writing by the publishers, as allowed under the terms and
conditions under which it was purchased or as strictly permitted by applicable
copyright law. Any unauthorized distribution or use of this text may be a direct
infringement of the author s and publisher s rights and those responsible may be
liable in law accordingly.

Imprint:
Copyright © 2007 GRIN Verlag
ISBN: 9783640095056

This book at GRIN:


https://www.grin.com/document/111451
Alexander Bösenberg

Comparison of legal and illegal Markets - in Relation


to the Organized Crime

GRIN Verlag
GRIN - Your knowledge has value

Since its foundation in 1998, GRIN has specialized in publishing academic texts by
students, college teachers and other academics as e-book and printed book. The
website www.grin.com is an ideal platform for presenting term papers, final papers,
scientific essays, dissertations and specialist books.

Visit us on the internet:


http://www.grin.com/

http://www.facebook.com/grincom

http://www.twitter.com/grin_com
*VMIHVMGL7GLMPPIV9RMZIVWMXX.IRE
-RWXMXYXJ›V7S^MSPSKMIc0ILVWXYLPJ›V%VFIMXW-RHYWXVMIYRH;MVXWGLEJXWWS^MSPSKMI

,EYTXWIQMREVMQ7SQQIVWIQIWXIV

7XYHMIWSR1EJMEERH)GSRSQMG7SGMSPSK]
F]
4((V/EXLEVMRE&PYLQ

6IWIEVGL4ETIV

'SQTEVMWSRSJ0IKEPERH-PPIKEP1EVOIXW
MR6IPEXMSRXSXLI3VKERM^IH'VMQI

2EQI  %PI\ERHIV&–WIRFIVK
%HVIWWI  )VRWX>MIPMRWOM7XV
.IRE
1EXVMOIPRYQQIV 
7XYHMIRKERK  0ILVEQX+]QREWMYQ7TSVXYRH7S^MEPOYRHI

(EXYQ  .IREHIR
8EFPISJGSRXIRX         4EKI

 -RXVSHYGXMSR         

 8LI0IKEPERH-PPIKEP1EVOIXMR7GSTI      

 (MJJIVIRGIWFIX[IIR1EVOIXWXLIMV)RXVITVIRIYVWERH
XLI-RJPYIRGISJ3VKERM^IH'VMQIMR)GSRSQ]     

 4IVWTIGXMZIXLIQSHIVR-PPIKEP)GSRSQ]7]WXIQ'EQSVVE   

 6IJIVIRGIW         
-RXVSHYGXMSR

'MKEVIXXIWWQYKKPMRKKEQFPMRKTVSWXMXYXMSR[EWXIHMWTSWEPI\XSVXMSRXE\HSHKMRKERH

HVYK WIPPMRK WSYRHW PMOI X]TMGEPP] GLEVEGXIVMWXMGW JSV SVKERM^IH GVMQI PMOI XLI 7MGMPMER

1EJME -XdW GPIEV XLEX XLIWI eFVERGLIWf JEPP EYXSQEXMGEPP] MRXS XLI LERHW SJ SVKERM^IH

GVMQIFIGEYWIXLI]LEZIRSXLMRKXSHS[MXLPIKEPMX]ERHJEMVTPE]MRQSHIVRWXEXI&YX

MXdWEPWSGPIEVXLEXMPPIKEPQEVOIXWI\MWXERHXLEXXLI][SVOZIV]IJJMGMIRXERHTVSJMXEFPI

*SVI\EQTPIXLI[SVPH[MHIHVYKXVEJJMGEGLMIZIHEZEVMSYWZSPYQISJGEXS

FMPPMSR97 IEGL ]IEV 7GLRIMHIV  8LEXdWQSVI QSRI] YWIHJSV HVYKWXLER JSV

TYFPMGVIWIEVGLMRXLI9RMXIH7XEXIW7S[IGEREWWYQIXLEXMPPIKEPQEVOIXWLEZIEFEWMW

MRWYTTP]ERHHIQERHERHXLI]EVIMQTSVXERXERHTVIWIRXMRIZIV]IGSRSQ]

3RXLISXLIVWMHIXLIVIMWEKIRIVEPPMEFMPMX]XSTYVIGETMXEPMWQMRIZIV]IGSRSQ]g

PIKEP ERH MPPIKEP 8LMW QIER XLEX IRXVITVIRIYVW EVI WXVSRKIV GSRJVSRXIH F] FYWMRIWW

GSQTIXMXMSRGLERKMRKTSPMXMGWERHPSGEXMSRWXLITLIRSQIRSRSJKPSFEPM^EXMSRERHJEWX

GLERKMRK XVEHI GSRHMXMSRW IZIV][LIVI 8LI QEMR XEVKIX MW WXMPP XLI WEQI LEZMRK PS[

GSWXWEWTSWWMFPIERHEQE\MQYQSJTVSJMXXSWYVZMZI

8LMW TETIV [ERXW XS WLS[ XLI HMJJIVIRX XIVQW ERH QIXLSHW SJ PIKEP ERH MPPIKEP

QEVOIXWERHXLIMVIRXVITVIRIYVWIWTIGMEPP]XLISVKERM^IHGVMQI-XEPWSWLS[WXLEXPIKEP

ERHMPPIKEPEGXMZMXMIWTEVXMGYPEVP]SZIVPET*SVI\EQTPIMPPIKEPGETMXEPGERFIVIMRZIWXIH

MRXSPIKEPFYWMRIWWFYX EPWS PIKEP FYWMRIWW GERGSSTIVEXI [MXLMPPIKEP EGXMZMXMIW -XLMRO

EFSYX XE\ HSHKMRK GSVVYTXMSR QSRSTSPM^MRK ERH EPWS XLI YWI SJ ZMSPIRGI QSRI]

PEYRHIVMRK ERH QYPXMQMPPMSR FVMFIW XS XEOI XLI IGSRSQMGEP PIEH 8LI TYVTSWI MW XS

GSRWMHIV JEGXW IQTMVMGEP JMRHMRKW ERH GSLIVIRGIW JVSQ VIPIZERX PMXIVEXYVI XS KMZI E

TVSFPIQEXMGSZIVZMI[ERHXSEJJMVQXLEXMPPIKEPQEVOIXWEVIETEVXSJXLIIZIV]IGSRSQ]

-REHZERGIMXdWWXMPPXSFIGPEVMJMIH[LEXQEOIWXLIHMJJIVIRGIFIX[IIRPIKEPERHMPPIKEP


QEVOIXWERH[ILEZIXSJMRHSYX[LEXWMQMPEVMXMIWXLI]LEZI1SVISZIV[I[MPPEWOLS[

HMJJIVIRXXLIWIEGXSVWSJFSXLQEVOIXWEVIERH[LEXHMJJIVIRXQIXLSHWXLI]YWI

4VMQEV]XLITETIVEREP]^IWXLIWXVYGXYVISJPIKEPERHMPPIKEPQEVOIXW8LIJSGYWMWWIX

XSXLISVKERM^EXMSRXLITEVXMGMTEXSVWERHMRJPYIRGMRKJEGXSVWSJXLIWIQEVOIXW%JXIVXLEX

- [MPP [SVO SYX HMJJIVIRGIW ERH WMQMPEVMXMIW XS GSQTEVI XLIQ 8LI VIWYPXW [MPP FI

SYXPMRIH ERH EJXIV[EVHW HMWGYWWIH F] JSGYWMRK XLI QSHIVR SVKERM^IH GVMQI -XdW Q]

GSRGIVR XS WLS[ XLEX MPPIKEP QEVOIXW EVI SQRMTVIWIRX MR IGSRSQ] [IPJEVI ERH XLEX

SVKERM^IHGVMQIHMJJYWIWXLIQMRXSPIKEPQEVOIXW8LITETIVGPSWIW[MXLERI\EQTPISJ

XLI'EQSVVE7]RHMGEXIERHKMZIW ETIVWTIGXMZISJQSHIVRMPPIKEPFYWMRIWWMREGVMXMGEP

SYXZMI[


8LI0IKEPERH-PPIKEP1EVOIXMR7GSTI

8LI PIKEP QEVOIXMRGSQQSR

-RXLIFVSEHIWXWIRWIEQEVOIXMWHIWGVMFIHEWEKEXLIVMRKTPEGIJSVTISTPIdWWYTTP]ERH

HIQERH8LIVIJSVIEQEVOIXSJJIVERHVIUYIWXHMJJIVIRXKSSHWERHWIVZMGIWERHHIJMRIE

TVMGI 8LI WYTTPMIVW [ERXIH XS WIPP XLIMV KSSHW ERH WIVZMGIW [MXL E LMKL TVSJMX EW

TSWWMFPI&YXXLI]LEZIXSEGGITXFEWMGIGSRSQ]VYPIW8LIUYERXMX]SJEKSSHKVS[WMJ

EPWSXLITVMGIMWKVS[MRK-JXLIWYTTPMIVWI\TIGXEPS[IVTVMGIJSVXLIMVKSSHWXLI][MPP

EPWSVIHYGIMXWUYERXMX],IVIIZIV]WYTTPMIV[ERXIHXLILMKLIWXTVSJMXERHWSXLI]LEZI

EWXVSRKGSQTIXMXMSRSRXLIQEVOIXW8LI]LEZIXLISTXMSRXSTVSHYGIQSVIIJJMGMIRXERH

[MXLPS[IVGSWXWEWXLIMVGSQTIXMXMSR8LEXdWXLIFYWMRIWWGSQTIXMXMSR

3R XLI SXLIV WMHI XLIVI EVI XLI GYWXSQIVW 8LI] [ERX WEXMWJ] XLIMV MRHMZMHYEP RIIHW

ERHXLEXdW JSVE TVIJIVEFPITVMGI -JXLI TVMGIMWPS[XLI][MPP FY] E LMKLIV UYERXMX] SJ

XLEXKSSHMWXLITVMGIKVS[MRKXLI][MPPFY]PIWWSJXLIKSSH-RXLIQSHIPSJXLIMHIEP

QEVOIXI\MWXWSRIKSSH[MXLEHIXIVQMREXIUYEPMX]STIRGSQTIXMXMSRJYPPXVERWTEVIRG]

JYPP]EGGIWWXSXLIQEVOIXRSI\XIVREPIJJIGXWIRHPIWWVIWSYVGIWERHGSRWXERXGYWXSQIV

TVIJIVIRGIW7YTTP]ERHHIQERHWXERHMRFEPERGIERHLSPHXLIQEVOIXTVSJMXEFPIF]XLI

TVMGI%GGSVHMRKXSXLEXXLIQEVOIXJYPJMPWXLIMQTSVXERXJYRGXMSRXSMRJSVQWYTTPMIVWERH

GYWXSQIVWGSSVHMREXIUYEPMX]ERHUYERXMX]SJWYTTPMIHERHVIUYIWXIHKSSHWERHWIVZMGIW

ERHJMRHSYXXLIFIWXTVMGIJSVMX &EYIVERH,SKIRT -XdWXLIFEWMGJSVIZIV]

IGSRSQ]ERH[IPJEVIWXEXI

8SOIITEQEVOIX[SVOMRKMXdWMQTSVXERXXSLEZIVYPIWERHRSVQWJSVXLIMVYWIVW8LI

XVEHISREQEVOIXHITIRHWSRMRWXMXYXMSRW[LMGLHIJMRIXLIGLEVEGXIVSJXLIWIQEVOIXW-R

ER IGSRSQ] ZEVMSYW HIGMWMSRW ERH MRXIVEGXMSRW EVI GSSVHMREXIH F] VYPIW SJ XLIWI

QEVOIXW-XQEXXIVWXLEXMRWIGYVITVMGIWGSQTIXMXMSRFYWMRIWWPEGOSJMRJSVQEXMSRdWERH

QMWWMRKVITYXEXMSRgWSGEPPIHXVERWEGXMSRWGSWXWgEVIRIYXVEPM^IHEXQSWX8LEXdWXLINSF


SJXLIMRWXMXYXMSRWXSWIXQEVOIXVYPIWERHQEOIXVEHIWIGYVIERHJEMVJSVIZIV]SRI7XEXI

[MXLMXWMRWXMXYXMSRWMWXLIJEGXSVSJJYRHEQIRXEPQIERMRK8LIJYRGXMSRSJXLIWXEXIMWXS

LSPHYTFEWMGVYPIWERHPE[WPMOIXLITVIZIRXMSRSJZMSPIRGIERHGLIEXMRKTVSXIGXMSRSJ

S[RIVWLMT TVSXIGXMSR SJ JVIIHSQ SJ GSRXVEGX ERH XLI EHLIVIRGI SJ ETTPMGEFPI PE[

)ZIV]FSH] NSMRMRK E QEVOIX LEZI XS FI FSYRH F] XLIWI VYPIW 9WIVW GER I\TVIWW XLIMV

ZEVMSYWMRHMZMHYEPTSWWMFMPMXMIWTVIJIVIRGIWVMWOWERHMRXIVIWXWMRWIGYVI%WWYVERGISJE

QEVOIX MW EW [IPP JYVXLIVIH F] X]TMGEP GSRXVEGXW WXERHEVHM^IH GYVVIRG] EHZMWMRK

WIVZMGIWKYEVERXIIWMRWYVERGIWXVEHIQEVOWERHWSSR 7GLžPPIVT  -RWLSVX

XLIWI EVI XLI QEMR JYRGXMSRW XS OIIT E PIKEP  QEVOIX [SVOMRK ERH XS VIHYGI ZEVMSYW

XVERWEGXMSRGSWXW

8LIMPPIKEPQEVOIX

,S[IZIVXLI MPPIKEP QEVOIXGER FIHIJMRIHEWE TPEGISJGSRWXERXP] I\GLERKIFIX[IIR

KSSHW ERH WIVZMGIW FYX MR GSRXVEWX XS XLI PIKEP QEVOIX LIVI EVI TVSHYGXMSR WEPIW ERH

GSRWYQI WXVMGXP] JSVFMHHIR F] PE[ XS TVSXIGX WXEXI [IPJEVI ERH XS QEMRXEMR LYQERWd

HMKRMX] (VYKW [IETSRW WI\YEP  WPEZIV] WQYKKPMRK QSRI] PEYRHIVMRK EVI XLIVIJSVI

X]TMGEP MPPIKEP QEVOIXW 8LI SVMKMRW SJ MPPIKEP QEVOIXW EVI QSWXP] EVXMJMGMEP 8LI] KVS[

TEVEPPIP XSQSHIVR[IPJEVIWXEXIW ERHGER FIWIIR EW VIWTSRWI XSQYPXMREXMSREPXVIEXMIW

JSV LYQER VMKLXW XLI MRXIVREXMSREP GSRZIRXMSR EKEMRWX HVYKW WPEZIV] ERH [IETSR

HIEPMRK8LIGSRWMWXMRKRIX[SVOSJPE[WVIKMQIRXEXMSRERHGVMQIJMKLXMRKLEWSGGYVVIH

ELMKLVMWMRKSJTVSJMXMRMPPIKEPQEVOIXW%RHWSWQYKKPMRKKEQFPMRKI\XSVXMSRERHWS

SR FIGEQI TPEGIW SJ [SVO JSV XLSYWERHW SJ TISTPI 8LMW eMRHYWXV]f GER FI REQIH EW

[IPJEVIWXEXISJXLIWXEXIPIWW 7EZMERST 8LIWIQEVOIXWEVIRSRGSRXVSPPEFPI

F] WXEXI ERH XLIMV TVSXEKSRMWXW LEZI HIZIPSTIH S[R VYPIW ERH WXVYGXYVIW -PPIKEP

IGSRSQMIWEVIGLEVEGXIVM^IHF]ERI\TERWISJXVEHIMHIRXMJMGEXMSR8LIMVTVSXEKSRMWXWEVI

ER\MSYW XS I\GLERKI IPIQIRXW SJ TYFPMG PMJI MRXS XVEHEFPI KSSHW 8LEXdW LYQER PMJI


HYXMIW ERH EGXMZMXMIW SJ EHQMRMWXVEXMZI FSHMIW QSVEP TVMRGMTPIW EW [IPP EW WXEFMPMX] SJ

IGSRSQMG TSPMXMGW ERH TYFPMG WEJIX] %RH FIWMHI XLI IGSRSQMGEP GEPGYPEXMSR TSPMXMGEP

QERMTYPEXMSR ERH TYVI ZMSPIRGI EVI X]TMGEP JSV XLI MPPIKEP IRXVITVIRIYVW -R WSQI

PMXIVEXYVIXLIMPPIKEP QEVOIXWEVI GLEVEGXIVM^IH [MXLSTIVEXMSRW MRXLIYRHIVKVSYRH ERH

WSQIXMQIWQ]WXIVMSYWERHYRGSRXVSPPIHPSKMGW&YXMRVIEPMX]XLI]EVIWYFNIGXXSVEXMSREP

IGSRSQMGXLMROMRK -R GSQQSRXS XLIPIKEPQEVOIX XLIVI EVI EPWS WYTTP] ERHHIQERH

FVSOIVW ERH HMWXVMFYXSVW TVMGIW GYWXSQIVW FSSOW ERH TVSJMXW *YVXLIVQSVI XLI

IRXVITVIRIYVWSJMPPIKEPQEVOIXWLEZIXLIWEQIFEWMGQSXMZEXMSRPMOIXLITEVXMGMTEXSVWSJ

PIKEPQEVOIXWXLIQE\MQYQTSWWMFPITVSJMXERHVIMRZIWXMKEXMSR

&YX MR WGSTI HMJJIVIRGIW FIX[IIR FSXL QEVOIXW FIGSQI I\TPMGMX 8S JMKYVI SYX

IWWIRXMEPHMJJIVIRGIWFIX[IIRXLI QEVOIXW MXdWRS[ RIGIWWEV]XS FVMRKXLITEVXMGMTEXSVW

SJXLIQMRXSTPE]-XdWMQTSVXERXXSLMKLPMKLXXLEXMPPIKEPQEVOIXWQYWXEP[E]WFIWIIRMR

PMROEKIXSXLISVKERM^IHGVMQI8LEXdWVIPIZERXFIGEYWISJXLIWXVYGXYVIXLIWYWXEMRMRK

ERHXLIVIMRZIWXMKEXMRKSJMPPIKEPIGSRSQMIW8LISVKERMWIHGVMQILEWEWXVSRKMRJPYIRGI

XS MPPIKEP QEVOIXW ERH EVI UYMX HMJJIVIRX XLER RSVQEP GVMQI [MXLSYX ER] PMROEKI XS MX

7GLIPPMRKTJ 8LMWTETIVLEWMXWJSGYWSRXLISVKERMWIHGVMQI8LIRI\X

GLETXIVKSIWHIITIVMRXSXLIQEXIVMEPERHGSRWMHIVWHMJJIVIRXQIXLSHWERHSVKERMWEXMSRW

SJXLIQEVOIXWERHXLIMVTEVXMGMTEXSVW


 (MJJIVIRGIW FIX[IIR 1EVOIXW XLIMV )RXVITVIRIYVW ERH XLI -RJPYIRGI SJ

3VKERM^IH'VMQIMR)GSRSQ]

&IWMHIXLIGSQTEVMWSRSJPIKEPERHMPPIKEPQEVOIXMXdWZIV]MRXIVIWXMRKXSGSQTEVIXLIMV

TEVXMGMTEXSVW3JGSYVWIXLIGYWXSQIVWEVIEPQSWXXLIWEQIMRFSXLQEVOIXW8LI]LEZI

EGIVXEMRMRGSQIERHMRHMZMHYEP[ERXW8SWEXMWJ]XLIMV[ERXWXLI]GERYWIFSXLQEVOIXW

HITIRHMRK SR [LEX XLI] RIIH %RH XLI] [MPP EP[E]W TVIJIV XLI PS[IWX GSWXW JSV XLIMV

[ERXW 7S ]SY GER SRP] EGGYWI XLIMV MQQSVEP FILEZMSYV ERH GSRWYQMRK SJ KSSHW ERH

WIVZMGIWJVSQERMPPIKEPQEVOIXFIGEYWIXLIMV[ERXWEJJIGXXLIMPPIKEPWYTTP]

%R][E]MXQEOIWQSVIWIRWIXSGSQTEVIXLIWYTTP]WMHISJXLIQEVOIXWFIGEYWIXLI]

GSRWXVYGXWYTTP]ERHSVKERM^IMX8LIIRXVITVIRIYVWLEZIEP[E]WEQEMRTVSFPIQ0S[

GSWXW EW TSWWMFPI ERH E QE\MQYQ TVSJMX &YX MR XLEX GEWI IRXVITVIRIYVW EVI EPWS

GSRJVSRXIHF]ZEVMSYWTVSFPIQW&IWMHIX]TMGEPTVSFPIQWSJQEVOIXQEREKIQIRXXLIVI

EVI HMJJIVIRX MRJPYIRGMRK ZEVMEFPIW PMOI GIVXEMR KSZIVRQIRX ERH TSPMXMG EHNYWXQIRXW

FYWMRIWWGSQTIXMXMSRELYKIRYQFIVSJXVEHMRKRIX[SVOWXLITLIRSQIRSRSJQSHIVR

KPSFEPM^EXMSR HMJJIVIRX PSGEXMSRW TVIWWYVI KVSYTW HMJJIVIRX XVEHI GLEMRW ERH WS SR

'SRWIUYIRXP]IRXVITVIRIYVWLEZIXSJYPJMPQER]XEWOWXSLSPHXLIMVQEVOIXTSWMXMSR

)RXVITVIRIYVWSJXLIPIKEPQEVOIXWEGXMRGSRHMXMSRWQEHIERHEHQMRMWXIVIHF]WXEXI

MRWXMXYXMSRW 8LI] LEZI VMKLXW ERH HYXMIW LEZI XS TE] XE\IW ERH WYTTSVX WXEXI ERH

TYFPMG  [IPJEVI -XdW JSVFMHHIR XSQSRSTSPM^ISVXSGVIEXI GEVXIPW8LIWEQIETTPMIWXS

YRJEMVGSQTIXMXMSRERH GLIEXMRK8LMWWSYRHWJERXEWXMGJSVPIKEPFYWMRIWW ERHZIV]JEMV

JSV E PIKEP QEVOIX FYX MR VIEPMX] MXdW UYMX HMJJIVIRX 0IKEP IRXVITVIRIYVW TEVXMGYPEVP]

SFXEMR ER EHZERXEKI F] GLIEXMRK - XLMRO EFSYX GSVVYTXMSR MR PIEHMRK XVEHI ERH

EHQMRMWXVEXMZI TSWMXMSRW IJJSVXW XS GEVXIPM^I MRHYWXVMEP MRZIWXMKEXMSR XE\ HSHKMRK ERH

GSRRIGXMSRW XS ZEVMSYW TVIWWYVI KVSYTW 4EVXMGYPEV IRXVITVIRIYVW HVMZI SR XLI VE^SVdW

IHKISJPIKEPMX]ERHSJXIRTYFPMGWGERHEPWEVIXLIVIWYPXW-KYIWWXLIWIMPPIKEPSTIVEXMSRW


VIWYPXW JVSQ E WQEPP QEVKMR SJ TVSJMX QSVI HMJJMGYPX XVEHI ERH WXVSRKIV GSQTIXMXMSR

[SVPH [MHI 7SQIXMQIW XLIWI IRXVITVIRIYVW EVI JSVGIH XS EGX MPPIKEP &YX EX XLMW TSMRX

WXEXIMRWXMXYXMSRWGERTYRMWLIGSRSQMGEPQMWFILEZMSYV

8LI WEQI TVSFPIQW ETTP] XS XLI SVKERM^IH GVMQI &YX MR GSRXVEWX XS XLI PIKEP

IRXVITVIRIYVWEPPXLIMVEGXMRKMWMPPIKEPERHXLI]QYWXEWTMVIXSQSRSTSPM^IXLIMVeJMVQWf

XS LSPH XLI PIEHMRK QEVOIX TSWMXMSR 1SVISZIV XLIWI FYWMRIWWIW EVI YRHIV TIVQERIRX

TVIWWYVISJTYVIGETMXEPMWQSXLIVSTTSRIRXWERHWXEXIGVMQIJMKLXMRK%R]QMWXEOIWEVI

VI[EVHIH [MXL IGSRSQMGEP ERH SJXIR TIVWSREP VYMRW 8LEXdW EPWS FIGEYWI SJ E QMWWMRK

MRWXMXYXMSR [LMGL GER GSRXVSP ERH VIKYPEXI XLIWI MPPIKEP QEVOIXW -R QER] MQTSVXERX

eFVERGLIWfSJXLIMPPIKEPQEVOIX[IGERJMRHMRXIVREPWXVEXMJMGEXMSRFIX[IIRX[SWIGXSVW

4VMQEV] XLI GSQTIXMXMSR WIGXSV GSRWMWXMRK SJ WQEPP ERH QMHHPI YRMXW RIX[SVOW 

HIPMZIVMRK XLI GYWXSQIVW ERH XLI SPMKSTSP] WIGXSV [MXL E JI[ EQSYRXW SJ eJMVQWf

WYTTSVXMRK XLI GSQTIXMXMSR WIGXSV %VPEGGLM  T  J  -R WGSTI WIZIVEP

HMJJIVIRGIW ERH ERSQEPMIW GER FI JMKYVIH SYX MR GSRXVEWX XS PIKEP QEVOIXW ERH

IRXVITVIRIYVW8LIVIMWXLII\MWXIRGISJQYPXMZEPYIHWYFYRMXWEWXVYGXYVMRKSJE1EJME

PMOIGPERSVKERM^EXMSRERHEQMWWMRKMRWXMXYXMSRXSWIGYVIXLII\GLERKISJKSSHWERHXLI

EFMHERGISJGSRXVEGXW

*MVWX [I GER GSQTVILIRH XLEX XLI SPMKSTSP] WIGXSV SJ MPPIKEP QEVOIXW GSRWMWXW SJ

QYPXMZEPYIH WYFYRMXW [LMGL EVI EFPI XS GSQFMRI IGSRSQMGEP TSPMXMGEP ERH QMPMXEV]

VIWSYVGIW 1EJME ERH 1EJMEPMOI SVKERM^EXMSRW GER YWI XLIMV IGSRSQMGEP ERH ZMSPIRX

TS[IV XS MRJPYIRGI STTSRIRXW ERH XS QERMTYPEXI TSPMXMGEP EHQMRMWXVEXMSR EGGSVHMRK XS

XLIMVMRXIVIWXWERHXSXEOIIGSRSQMGEPPIEHIVWLMT8LIVIJSVIXLITSP]ZEPIRXGLEVEGXIVSJ

MPPIKEP IRXVITVIRIYVWLMT RIIHW XVII XLMRKW GETMXEP ZMSPIRGI ERH XLI PEGO SJ WXEXI

EHQMRMWXVEXMSR &YX GETMXEP MW EPWS MQTSVXERX XS IRXIV QSVI TVSPMJMGEPP] MPPIKEP QEVOIXW

ERH SJ GSYVWI PIKEP QEVOIXW XSS -R XLMW [E] MPPIKEP IRXVITVIRIYVW EVI WYFNIGX XS


IGSRSQMGVYPIW PMOIIZIV]SRI IPWI 8LI] LEZI XS[SVOLMKLIJJMGMIRX IZIRMXdW LEVHIV

VS[IVMXWTYVIGETMXEPMWQ 7EZMERSTJ 

7IGSRH MPPIKEP QEVOIXW LEZI E LMKL EQSYRX SJ XVERWEGXMSR GSWXW 8LI RIGIWWMX] SJ

QER]HIXSYVWGSVVYTXMSRWVMWOWERHEQSYRXSJEGXSVWQEOIWEKSSHWSVWIVZMGIWZIV]

I\TERWMZI 3RP] 1EJMEPMOI SPMKSTSP] IRXVITVIRIYVW LEZI QSRIXEV] TS[IV ERH

VITYXEXMSR XS QEMRXEMR LYKI RIX[SVOW SJ MPPIKEP XVERWEGXMSRW 0S[IVMRK XLI XVERWEGXMSR

GSWXWKMZIWERIRXVITVIRIYVGSQTIXMXMZIEHZERXEKIWERHQEOIWLMQQSVITVSJMXEFPI8LI

GMVGYQWXERGIXLEXXVERWEGXMSRWEVITVSGIWWIHQSVIIJJMGMIRXF]GPERWXLERMRFYVIEYGVEXMG

W]WXIQWMWEPWSE X]TMGEP HMJJIVIRGIFIX[IIRPIKEP ERHMPPIKEPQEVOIXW 3TIVEXMRKYRMXW

SR MPPIKEP QEVOIXW YWIW SRP] TVMZMPIKIH TIVWSREP GSRXEGXW MR XLIMV MRXIVREP

GSQQYRMGEXMSRERHXVEHIEPPSGEXMSR8LIWIMPPIKEPRIX[SVOWEVIEFEWMGTVIVIUYMWMXIERH

EJJIGXKYEVERXIIERHVITYXEXMSRJSVMPPIKEPXVEHI8LISTIVEXMRKVERKISJXLIWIRIX[SVOW

MWZIV]SJXIRKPSFEPERHZIV]HIITVSYXIH8LI] GSRWMWXSJHIEPIVWWEPIWQIR[SVOIVW

HMWXVMFYXSVW FSSOIVW TVSHYGIVW XVERWTSVXIVW FYX EPWS GSVVYTXIH TSPMXMGMERW NYHMGMEV]

SJJMGIVWERHEPQSWXXLIPIEHIVWLMTMRJSVQSJEQEJMEPMOIGSVI%JI[QIQFIVWSJEGPER

GSRXVSP XLIWI RIX[SVOW ERH YWI SJXIR HMJJIVIRX [E]W XVSYKL MX -XdW WIPHSQ XS YWI SRI

[E]XLVSYKLERIX[SVOEWIGSRHXMQI8LIWIRIX[SVOWEVIXLIZIMRWSJMPPIKEPXVEHIERH

WYWXEMRXLI[LSPIMPPIKEPIGSRSQ]

8LI XLMVH MRHMGEXSV SJ MPPIKEP IGSRSQMIW MW XLI EFWIRGI SJ E GSRXVSPPMRK MRWXMXYXMSR

8LI MPPIKEP eWSGMIX]f HSIW RSX ORS[ [VMXXIR VYPIW TSPMGI GSYVXW SV ePIKEPf GSRXVSP

QIGLERMWQW-RXLMWMPPIKEPFYWMRIWWIWQMWXVYWXMWIZIV][LIVIERHMXdWZIV]MQTSVXERXXS

LEZI XVYWXJYP TISTPI *YVXLIVQSVI MPPIKEP XVEHI MW EP[E]W EGGSQTERMIH F] HMJJMGYPX

STIVEXMSRWFIX[IIRHMTPSQEG]XVEHIERHEVQIHGSRJPMGXW %VPEGGLMT &YX

MRJEGXXLIWIMPPIKEPMRWXMXYXMSRWWYVZMZIHWYGGIWWJYPJSVGIRXYVMIWYRXMPXSHE]%RHXLI]

EHETXIZIV]IGSRSQMGWSGMEPSVTSPMXMGEPGLERKMRKF]WEZMRKEQMRMQYQSJGSRXMRYMX]

ERHFEWMGVITVSHYGXMSR


4IVWTIGXMZIXLIQSHIVR-PPIKEP)GSRSQ]7]WXIQ'EQSVVE

%W+MSZERRM*EPGSRIEJEQSYWERXMQEJMEEHZSGEXISRGIWEMHe8LIQEJMEGSQTEVIHXS

EPP SXLIV MRWXMXYXMSRW ERH XS XLI [LSPI WSGMIX] MW XLI QSWX JPI\MFPI EHETXEFPI ERH

TVEKQEXMGSVKERM^EXMSRIZIVI\MWXMRKMRXLI[SVPHf (SRRI  %RH-KYIWWLI[EW

VMKLX3VKERM^IHGVMQIERHMPPIKEPQEVOIXWEVIQSVIERETTEVEXYWXLEREWXVYGXYVI-XdWE

W]WXIQMHIRXMGEPXSERIRSVQSYWIGSRSQ]

8LI 'EQSVVE W]RHMGEXI MW E KSSH I\EQTPI JSV XLI TVSKVIWWMZI MPPIKEP EGXMZMXMIW SJ

XSHE] 8LMW W]RHMGEXI WYTTPMIW XLI KPSFEP QEVOIX [MXL -XEPMER XI\XMPIW 8LIMV MRZIWXMRK

GETMXEP GSQIW JVSQ IWXEFPMWLIH HVYK QEVOIXW ERH [SVOIVW GEQI JVSQ XLI LMKL

YRIQTPS]IHFEGOGSYRXV]SJ2IETIP8LIW]WXIQ'EQSVVEXEOIWLSPHMREPPFVERGLIWSJ

XI\XMPIWLSSWERHPIEXLIVMRHYWXVMIWERHWSXLI][LIVIEFPIXSTVSHYGIWLMVXWNEGOIXW

ERHWLSSW[MXLUYEPMX]ERHQEOMRKIUYEPXSXLIFMKPIKEPJEWLMSRFVERHW8LI]TVSHYGI

EYXLIRXMGJEOIWFVERHIHMX[MXLTSTYPEV-XEPMERJEWLMSRPEFIPWERHQM\IHEYXLIRXMGERH

GSYRXIVJIMX TVSHYGXW ;MXL XLMW QIXLSH XLI] GER WIPP IZIV]XLMRK XS ER EXEVEGXMG TVMGI

[SVPH[MHI 8LIMV FYWMRIWW MW SVKERMWIH F] JMRIP] [SZIR RIX[SVOW GSRWMWXMRK SJ

TVSHYGXMSRXVERWTSVXHMWXVMFYXSVWERHJEWLMSRQEVOIXWYTXSXLIWXVIIXZIRHSVWMRIZIV]

GSYRXV]MRXLI[SVPH8LSYWERHWTVSJMXJVSQXLIWIMPPIKEPQEVOIXW[LMGLI\MWXWTEVEPPIP

XS XLI PIKEP SRIW &YX XLI PIKEP JMVQW LEZIRdX EGGYWIH XLMW GSYRXIVJIMXMRK MRHYWXV] 3R

XLIGSRXVEV]XLIPIKEPJMVQWTVSJMXJVSQXLIMQEKIFYMPHMRKFIGEYWIXLIMVPEXIWXTVSHYGXW

[IVI EJJSVHEFPI JSV XLI QSWX TISTPI 3R XLI SXLIV WMHI XLI W]WXIQ QEJME MW MR XLI

TSWMXMSR XS FPSGOEHI GLIET [SVOJSVGI ERH XS SFWXVYGX PIKEP JMVQW FYWMRIWW 7EZMERS

TJ 

7YQQEVMWMRK XLIWI JEGXW EJJMVQ +MSZERRM *EPGSRIdW WXEXIQIRX 1SHIVR SVKERMWIH

GVMQIPMOIXLI'EQSVVEMWSRISJXLIJPI\MFPIEHETXEFPIERHTVEKQEXMGW]WXIQWMR[SVPH

8LI]EHNYWXTIVJIGXP]XSXLI[SVPHIGSRSQ]ERHQM\IHPIKEPERHMPPIKEPFYWMRIWW8LIMV


FSWWIW ERH JEQMPMIW EGX PMOI NSMRX ZIRXYVIW [LMGL EVI EPQSWX MR XLI TSWMXMSR XS

MRGSVTSVEXISVHMWQMWWRI[GPERWERHWXVYGXYVIW7SXLI]GERGVIEXIJPI\MFPIWXVEXIKMIWXS

SGGYT]RI[QEVOIXWEX[MPP8LIVIJSVIQSHIVRSVKERMWIHGVMQIGERFIGSQTEVIHEXFIWX

[MXL QYPXMREXMSREP IRXIVTVMWIW -XdW WMQMPEV XS XLIMV MRXVEJMVQ XVEHI JEWX GMVGYPEXMSR SJ

QSRI] GSRXVSPPMRK ZEVMSYW PSGEXMSRW ERH XLI TS[IV XS QEOI HIGMWMSRW [MXLSYX ER]

TSPMXMGEPEHQMRMWXVEXMSR+PSFEPM^EXMSRERHMRXIVRIXXVEHIEPWSIEWIHMPPIKEPEGXMZMXMIWERH

KMZIWSVKERMWIHGVMQIERI[UYEPMX]

-XVIQEMRWXSFIWIIRMJTSPMXMGWWSGMIXMIWERHPIKEPFYWMRIWWEVIEFPIXSEGXIJJIXIP]

EKEMRWX SVKERMWIH GVMQI ERH XLIMV MPPIKEP QEVOIXW -XdW RSX SRP] E PSGEP SV REXMSREP

TVSFPIQEXMG8LISVKERMWIHGVMQIMWKPSFEPERHQYWXFIWIIREWETEVXSJ[LSPIKPSFEP

IGSRSQ]ERHREXMSREP[IPJEVI-XdWRIIHPIWWXSWE]XLEXMPPIKEPIGSRSQMIWWYTTSVXFVSEH

PIZIPWSJXLITSTYPEXMSR[MXL[SVOERHEJJSVHEFPIKSSHW(IJMRMXIP]MPPIKEPSVKERMWEXMSRW

EVIXLITYTTIXQEWXIVWSJMPPIKEPQEVOIXWERHXLI][SVOLMKLIJJMGMIRXTEVEPPIPXSPIKEP

IRXVITVIRIYVW -R JYVXLIV VIWIEVGLIW MX [SYPH FI MRXIVIWXMRK XS JMRH SYX LS[ MPPIKEP

IGSRSQMIW YRHIVQMRI REXMSREP [IPJEVI GSWXW  ERH LS[ XLI] WYTTSVX EPP WSGMEP VEROW

[MXL PEFSYV ERH EJJSVHEFPI KSSHW &YX XLEXdW XLI NSF JSV SXLIV IGSRSQMG WSGMSPSKMGEP

WXYHMIW


6IJIVIRGIW

› %PFIVW1MPPIV 2(  'SRWYQIV QMWFILEZMSYV [L] TISTPI FY] MPPMGMX

KSSHW(IRXSR1'&9RMZIVWMX]4VIWWTT

› %VPEGGLM41EJME&YWMRIWW 8LI1EJME)XLMGERHXLI7TMVMXSJ'ETMXEPWMQ

3\JSVH3\JSVH9RMZIVWMX]4VIWW

› %VPEGGLM 4  1EJMSWI )XLMO YRH HIV +IMWX HIW /ETMXEPMWQYW

*VEROJYVX1EMR'SSTIVEXMZI

› &EYIV1,SKER,(EW0I\MOSRHIV;MVXWGLEJX&SRR&YRHIW^IRXVEPI

JžVTSPMXMWGLI&MPHYRK

› (SRRI:(*EPGSRI(MI&MSKVETLMIc0IFIRYRH8SHMQ/EQTJKIKIR

HMI1EJME*VEROJYVX1EMR&IVPMR9PPWXIMR

› (MGOM . 'SWE 2SWXVE % ,MWXSV] SJ XLI 7MGMPMER 1EJME 0SRHSR ,SHHIV

ERH7XSYKLXSR

› 7EZMERS 6  +SQSVVLE c 6IMWI MR HEW 6IMGL HIV 'EQSVVE 1žRGLIR

,ERWIV

› 7GLIPPMRK8'e;LEXMWXLI&YWMRIWWSJ3VKERM^IH'VMQI#f-R7GLIPPMRK

8''LSMGIERH'SRWIUYRIGI'EQFVMHKI,EVZEVH9RMZIVWMX]4VIWW

› 7GLRIMHIV *  -PPIKEPI *MRER^XVERWEOXMSRIR 4ETIV EZEMPEFPI EX

[[[IGSRNOYEX7GLRIMHIV-PPIKEPI*MRER^XVERWEOXMSRIRTHJ

› 7GLžPPIV %  c(MI MRWXMXYXMSRIPPIR :SVEYWWIX^YRKIR IMRIV

QEVOX[MVXWGLEJXPMGLIR 3VHRYRKe -R :EYFIP 6 ERH &EVFMIV ,( 

,ERHFYGL1EVOX[MVXWGLEJX7XYXXKEVX+žRXIV2IWOI

› ;MRHMWGL 6  c)MRJšLVYRK MR HMI ;MVXWGLEJXW[MWWIRWGLEJXf .IRE 6IEHIV

:SPOW[MVXWGLEJXPILVI



You might also like