Baixe o app para aproveitar ainda mais
Prévia do material em texto
��� &$6752��&HOVR��RUJ����������(YROXFLRQLVPR�&XOWXUDO��WH[WRV� GH�0RUJDQ��7\ORU�H�)UD]HU��5LR�GH�-DQHLUR��=DKDU������SS� �ÀÃÊ�À>ÃÊ�À>Ö 1-* &DPSRV����������������������� e�GLJQD�GH�QRWD�D� LQLFLDWLYD�GH�&HOVR�&DVWUR�GH�RUJDQL]DU�(YROXFLRQLVPR�&XOWXUDO�� WH[WRV�GH�0RUJDQ��7\ORU�H�)UD]HU��(VWH�YROXPH�DSUHVHQWD��SHOD�SULPHLUD�YH]�HP�OtQJXD� SRUWXJXHVD��WUDEDOKRV�GH�WUrV�GRV�IXQGDGRUHV�GD�$QWURSRORJLD��j�OX]�GH�XPD�FXLGDGD� DSUHVHQWDomR�GR�SUySULR�RUJDQL]DGRU��6XD� LPSRUWkQFLD�p� IXQGDPHQWDO��QD�PHGLGD� HP�TXH�VH�DEUH�D�SRVVLELOLGDGH�GH�FRPSUHHQGHU�D�IRUPXODomR�GD�DQWURSRORJLD�FRPR� HPSUHHQGLPHQWR�FLHQWtILFR��1HVVH�VHQWLGR��FDEH�OHPEUDU�TXH�VmR�RV�HYROXFLRQLVWDV� RV�SULPHLURV�D�DILUPDU�D�XQLGDGH�ELROyJLFD�KXPDQD��H[SOLFDQGR�DV�GLIHUHQoDV�HQWUH� VRFLHGDGHV�D�SDUWLU�GH�XPD�FODVVLILFDomR�GDV�PHVPDV�VHJXQGR�GLIHUHQWHV�JUDXV�GH� GHVHQYROYLPHQWR�²�FXMR�SDUkPHWUR�p�D�SURGXomR�PDWHULDO�GD�H[LVWrQFLD�QR�PXQGR� PRGHUQR�²�H�DILUPDQGR�OHLV�JHUDLV�YiOLGDV�SDUD�TXDOTXHU�JUXSR�VRFLDO� 1RV�WH[WRV�TXH�FRPS}HP�HVWH�YROXPH��p�SRVVtYHO�DFRPSDQKDU�D�IRUPDomR� GHVVD�HVFROD�H��GHVVD�PDQHLUD��GD�SUySULD�WHRULD�DQWURSROyJLFD��WRPDQGR�FRPR�SRQWR� GH�SDUWLGD�D�VXD�KHWHURJHQHLGDGH�GH�WHPDV��TXHVW}HV�H�DERUGDJHQV�SUHVHQWLILFDGD� QRV�WH[WRV�VHOHFLRQDGRV��$VVLP��WHP�VH�HP�(YROXFLRQLVPR�&XOWXUDO�WUDEDOKRV�EHP� GLVWLQWRV�HQWUH�VL��R�SUHIiFLR�H�SDUWH�GR�SULPHLUR�FDStWXOR�GH�$�6RFLHGDGH�$QWLJD��������� GH�/HZLV�+HQU\�0RUJDQ��R�SULPHLUR�FDStWXOR�GH�&XOWXUD�3ULPLWLYD���������GH�(GZDUG� %XUQHWW�7\ORU��H�WDPEpP�D�SDOHVWUD�´2�(VFRSR�GD�$QWURSRORJLD�6RFLDOµ��SURIHULGD�SRU� -DPHV�*HRUJH�)UD]HU�HP������� (P�UHODomR�DR�SULPHLUR�WUDEDOKR�FLWDGR��SRGH�VH�GL]HU�TXH�R�PRWRU�GR�HVWXGR� GH�0RUJDQ�p�R�HQWHQGLPHQWR�GD�WUDMHWyULD�GD�KXPDQLGDGH��GD�VHOYDJHULD�j�FLYLOL]DomR�� WHQGR�FRPR�PDWHULDO�HPStULFR�D�DQiOLVH�GH�SRYRV�TXH�VH�HQFRQWUDULDP�QHVVHV�HVWiJLRV� GLVWLQWRV�GH�GHVHQYROYLPHQWR��&DEHULD��GHVVH�PRGR��REVHUYDU�HVSHFLDOPHQWH�IRUPDV� GH�IDPtOLD��SURSULHGDGH��WHFQRORJLD�H�JRYHUQR�GH�JUXSRV�TXH�VH�HQFRQWUDULDP�QHVVHV� GLIHUHQWHV�HVWiJLRV��GRV�PDLV�VHOYDJHQV��DXVWUDOLDQRV�H�SROLQpVLRV���SDVVDQGR�SHORV� EiUEDURV��tQGLRV�DPHULFDQRV��H�FKHJDQGR�DRV�FLYLOL]DGRV��JUHJRV�H�URPDQRV�� -i�R�FDStWXOR�VHOHFLRQDGR�GD�REUD�GH�7\ORU��´$�&LrQFLD�GD�&XOWXUDµ��p�DTXHOH� HP�TXH�VH�HQXQFLD�XPD�SULPHLUD�GHILQLomR�GH�FXOWXUD��7UDWD�VH�GH�XP�FRQFHLWR�FDUR� DR�SHQVDPHQWR�DQWURSROyJLFR��TXH�p�GHVHQYROYLGR�SULQFLSDOPHQWH�HP�PRPHQWRV� SRVWHULRUHV�j�WUDGLomR�HYROXFLRQLVWD��&DEH�OHPEUDU�HQWmR�TXH��HP�7\ORU��FRPR�DVVLQDOD� &HOVR�&DVWUR�HP�VXD�´$SUHVHQWDomRµ��D�LGpLD�GH�FXOWXUD�QmR�p�D�PHVPD�TXH�YLJRUD� QD�$QWURSRORJLD�GH�KRMH��Mi�TXH�HOD�p�WRPDGD�FRPR�XP�FRUUHVSRQGHQWH�GD�LGpLD�GH� ��� ÌULV�0RUDLV�$UD~MR 5( 6( 1+ $6 FLYLOL]DomR��(VWH�~OWLPR�WHUPR�UHODFLRQD�R�HQWHQGLPHQWR�GH�FXOWXUD�DR�GH�KLHUDUTXLD��FRPR�VH�DOJXP�FRQMXQWR�GH� FRQKHFLPHQWRV��FUHQoDV��DUWHV��OHLV�H�FRVWXPHV�DGTXLULGRV�HP�VRFLHGDGH�²�WHP�VH�Dt�R�FRQFHLWR�GHVVH�WHUPR�HP� TXHVWmR��VHJXQGR�R�DQWURSyORJR�LQJOrV�²�IRVVH�XP�DUUDQMR�SULYLOHJLDGR�HP�UHODomR�DRV�GHPDLV�� 6HJXQGR�HVVD�SHUVSHFWLYD��SDUD�7\ORU��TXDOTXHU�FXOWXUD�SRGHULD� VHU�HVWXGDGD�VHJXQGR�SULQFtSLRV�JHUDLV�� WRUQDQGR�VH�DVVLP�YLD�GH�DFHVVR�jV�OHLV�GR�SHQVDPHQWR�H�GD�DomR�KXPDQD��(VWDV��SRU�VXD�YH]��VHULDP�SDXWDGDV� SHOD�FRPSDUDomR��D�SDUWLU�GH�XP�WUDEDOKR�GH�UHFROKLPHQWR�GH�GDGRV�SURPRYLGR�SHOR�DQWURSyORJR��HQWUH�FXOWXUDV� VLPSOHV�H�FRPSOH[DV��FRPSUHHQGHQGR��GHVVD�IRUPD��D�HYROXomR�GDV�PHVPDV� $�SDOHVWUD�GH�)UD]HU��SRU� VXD�YH]�� IRL�SURQXQFLDGD�HP�������PRPHQWR�HP�TXH�HVWH� DQWURSyORJR� Mi� HUD� SHUVRQDOLGDGH�FRQVDJUDGD��$ILQDO��GH]RLWR�DQRV�DQWHV��R�DXWRU�LQLFLDULD�D�SXEOLFDomR�GH�2�5DPR�GH�2XUR��REUD�TXH�R� IDULD�IDPRVR�H�TXH�Vy�VHULD�FRQFOXtGD�HP�������e�QHVVH�PHLR�WHPSR�TXH��UHFHEHQGR�R�FRQYLWH�GD�8QLYHUVLGDGH�GH� /LYHUSRRO�SDUD�RFXSDU�D�SULPHLUD�FDGHLUD�GH�SURIHVVRU�HP�$QWURSRORJLD�6RFLDO��)UD]HU�GHIHQGH��HP�VXD�SDOHVWUD��D� FULDomR�GH�XP�IXQGR�SDUD�HQYLDU�H[SHGLo}HV�DQWURSROyJLFDV�SDUD�FROHWD�GH�LQIRUPDo}HV��(VVD�p�D�W{QLFD�GR�WH[WR�´ 2� (VFRSR�GD�$QWURSRORJLD�6RFLDOµ��WUDWD�VH�GH�XP�HVIRUoR�HP�LQVWLWXFLRQDOL]DU�D�GLVFLSOLQD�QD�XQLYHUVLGDGH�LQJOHVD��QD� PHGLGD�HP�TXH�VH�SURS}H��DQWHV�GH�PDLV�QDGD��D�LQDXJXUDU�XPD�FDGHLUD�GH�HVWXGRV�H�D�UHLYLQGLFDU�ILQDQFLDPHQWR� SDUD�RUJDQL]DU�XP�JUDQGH�HPSUHHQGLPHQWR�DQWURSROyJLFR�YLQFXODGR�D�GLIHUHQWHV�LQVWLWXLo}HV�LQJOHVDV� 7RGR�HVVH�HPSUHHQGLPHQWR�VH� MXVWLILFD��SDUD�)UD]HU��SRUTXH�VHX�REMHWLYR�FRP�D�FLrQFLD�DQWURSROyJLFD�p� GHVFREULU�DV�OHLV�JHUDLV�TXH�HVWmR�SRU�WUiV�GRV�IDWRV�SDUWLFXODUHV�TXH�GLVWLQJXHP�RV�JUXSRV�VRFLDLV�XQV�GRV�RXWURV��,VVR� VHULD�SRVVtYHO�SRU�PHLR�GD�FRPSDUDomR�GH�DVSHFWRV�GLIHUHQWHV�UHODFLRQDGRV�D�HVVHV�JUXSRV�FODVVLILFDGRV�SHOR�DXWRU� GH�SULPLWLYRV��e�UHVWULQJLQGR�R�HVWXGR�D�HVVHV�DJUXSDPHQWRV�TXH�VH�SRGHULD�GHVFREULU��VHJXQGR�HVWH�DQWURSyORJR�� SULQFtSLRV�KXPDQRV�TXH�D�WRGRV�JXLDP�GHVGH�R�SDVVDGR�GD�KXPDQLGDGH��H�TXH�WDPEpP�VHULDP�IXQGDPHQWDLV�SDUD� VHX�IXWXUR� e�LQWHUHVVDQWH�SHUFHEHU�TXH�HVVD�SHUFHSomR�GH�)UD]HU�p�IXQGDPHQWDO�SDUD�D�FRPSUHHQVmR�GRV�GLOHPDV�TXH� LQIOXHQFLDUDP�D�FRQVWLWXLomR�GD�DQWURSRORJLD�FRPR�FRQKHFLPHQWR�FLHQWtILFR��$ILQDO��R�HYROXFLRQLVPR�p�XP�PRGR� GH�FRQVWUXLU�XP�RXWUR�²�HVIRUoR�DQWURSROyJLFR�SRU�H[FHOrQFLD�²�IRUPXODQGR�XP�PRGHOR�GH�VRFLHGDGH�SULPLWLYD�� HVVHQFLDOPHQWH�RSRVWD�j�FLYLOL]DGD��QHOD�QmR�UHLQDP�R�(VWDGR�PRGHUQR��D�IDPtOLD�PRQRJkPLFD�RX�D�SURSULHGDGH� SULYDGD��'HVVD�IRUPD��FDEH�UHVVDOWDU�TXH�VH�FULD�XPD�LGpLD�FDUUHJDGD�GRV�VHQWLGRV�GH�VLPSOLFLGDGH��GH�UXGLPHQWDULGDGH� WHFQROyJLFD�H�WDPEpP�GH�TXH�VmR�DV�SULPHLUDV�VRFLHGDGHV��DTXHODV�TXH�HVWmR�UHODFLRQDGDV�D�XP�WHPSR�LQLFLDO��D� XPD�RULJHP��'HVVH�PRGR��D�DQWURSRORJLD�p�FULDGD�D�SDUWLU�GD�GLIHUHQFLDomR�HQWUH�VRFLHGDGHV��D�SDUWLU�GH�XPD�OLQKD� GR�WHPSR��TXH�VHSDUD�SRYRV�PDLV�UHODFLRQDGRV�DR�SDVVDGR�GD�KXPDQLGDGH�H��RXWURV��D�VHX�IXWXUR�� 'HVVD� IRUPXODomR�p�TXH�D� OHLWXUD�GRV� WH[WRV� UHXQLGRV�HP�(YROXFLRQLVPR�&XOWXUDO� SHUPLWH� YLVOXPEUDU�R� TXH�SDUHFH�VHU��DOpP�GH�XPD�LQWURGXomR�DR�HYROXFLRQLVPR��R�PDLRU�LQWHUHVVH�GHVWD�FROHWkQHD��SHUFHEHU�FRPR�� QD�FRQVWLWXLomR�GD�DJHQGD�GH�SHVTXLVDV�H�QR�FRUSR�WHyULFR�GD�GLVFLSOLQD�DQWURSROyJLFD��FULRX�VH�XP�PRGHOR�TXH� DIHWD�FHUWDPHQWH�R�WUDEDOKR�GHVVH�FLHQWLVWD�VRFLDO�DWp�RV�GLDV�GH�KRMH��$R�FRQWUiULR�GH�PXLWRV�GRV�HVIRUoRV�TXH� IRUDP� IHLWRV�QHVVD�GLUHomR��DLQGD�VH� WUDEDOKD�FRUUHQWHPHQWH�FRP�HVVD�JUDQGH�GLYLVmR� WHPSRUDO�FXQKDGD�SHORV� HYROXFLRQLVWDV�²�VRFLHGDGH�SULPLWLYD�RX�FLYLOL]DGD�²��WUDYHVWLGD��SRU�H[HPSOR��HP�WHUPRV�FRPR�VRFLHGDGH�SULPLWLYD� H�FRPSOH[D��HWQRORJLD�H�DQWURSRORJLD��5HSHQVDU�HVVD�GLFRWRPLD�QR�FRWLGLDQR�GR�WUDEDOKR�DQWURSROyJLFR�²�FXMR�PRGR� GH�FRPSUHHQGHU�R�WHPSR�QR�PXQGR�PRGHUQR�SDUHFH�VHU�UHVSRQViYHO�SRU�VXD�JrQHVH�²�p�XP�H[HUFtFLR��GRV�PDLV� LQVWLJDQWHV�H�QHFHVViULRV��DLQGD�SRU�VH�ID]HU� �ÀÃÊ�À>ÃÊ�À>ÖÊjÊiÃÌÀ>`>ÊiÊ�ÌÀ«}>Ê-V>Ê`>Ê1ÛiÀÃ`>`iÊ`iÊ -KÊ*>ÕÊiÊiLÀÊ`>ÊVÃÃKÊi`ÌÀ>Ê`>ÊÀiÛÃÌ>Ê >`iÀÃÊ`iÊ >«°
Compartilhar