ANNALES · Ser. hist. sociol. · 12 · 2002 · 2
=$3,6,3252à,/$,12&(1(127(5(/$=,21,(5(&(16,21,127(65(32576$1'5(9,(:6
480
UHJXODWLRQRIVRFLHW\,QVRFLHWLHVWKDWDUHRUJDQL]HGRQD
GHPRFUDWLF EDVLV DQG WKDW DUH YHU\ VHQVLWLYH WR WKH
FKDQJHV LQSXEOLFRSLQLRQPDVVPHGLDKDYHDPSOLILHG
WKHVRFDOOHGVLOHQWUHYROXWLRQ7KH6WDWHPRQRSRO\RYHU
FULPLQDOMXVWLFHKDVEHHQVXEMHFWWRPDUNHGHURVLRQXQ
GHUWKHQHHGVDQGSUHVVXUHVFRPLQJIURPVRFLHW\
7KHWULDOKDVORVW LWVROGEDODQFLQJ IXQFWLRQRI UHVWR
UDWLRQRIWKHEURNHQRUGHU7KHSUHVVXUHRIYLFWLPV
DVVR
FLDWLRQV KDV ZHDNHQHG PDQ\ DUHDV RI WKH HFRQRPLFDO
DQGSROLWLFDOZRUOGWKDWHQMR\HGZLGHPDUJLQVRI LPSX
QLW\7KHYLFWLPV
QHHGIRUMXVWLFHVXSSRUWHGE\WKHPRUH
HIIHFWLYH UROH RI WKHPDJLVWUDF\ OHVV ERXQG WR SROLWLFDO
SRZHU FDXVHG D UHGHILQLWLRQ RI WKH IXQFWLRQV RI WKH
FULPLQDO WULDO 7KH WKHPH RI FULPLQDO UHVSRQVLELOLW\ VR
LPSRUWDQWIRUWKHMXULVWVRIWKHSDVWKDVEHHQVXSSODQWHG
E\WKHQHFHVVLW\WRFRQYLFWDWDQ\FRVW
,QIDFWDFFRUGLQJWRWKLVQHZFRQFHSWRIMXVWLFHWKH
YLFWLPH[SHFWV IURPFULPLQDO ODZDQ LQVWUXPHQWRI VLP
SOLILFDWLRQ DQG FRQYLFWLRQ D SULRUL 7KHVH H[SHFWDWLRQV
DUHRIWHQPHWE\ WKHRSSRUWXQLVWLFKHOSRIPDVVPHGLD
$V D FRQVHTXHQFH WKH SXEOLF GHFODUDWLRQ RI EODPH UH
SODFHV WKH YHULILFDWLRQ RI WKDW EODPH 7KH WKUHVKROG RI
GHYLDQF\ KDV EHFRPH ORZHU DQG DW WKH VDPH WLPH WKH
ERUGHUOLQHEHWZHHQQRUPDOLW\DQGGHYLDQFHKDVEHFRPH
PRUHLQGLVWLQFW
,QDZD\WKHDSSHDUDQFHRI WKHYLFWLPLQWKHFULPL
QDOWULDOLVWKHILQDOSRLQWRIDMRXUQH\WKDWLQLWLDOO\JDYH
WKHYLFWLPDQLQGLVWLQFWDQGVHHPLQJO\QRQUHOHYDQWUROH
,IWKHULVHRI WKH6WDWHVKDGXQGHUVFRUHGWKHUROHRIYLF
WLPOHVVFULPHVSUHVHQWGHPRFUDFLHVKDYHDPSOLILHG WKH
LGHRORJLFDOGLPHQVLRQRI WKHYLFWLP5HVHDUFK WKDWFHQ
WHUVRQ WKHYLFWLP¤V ILJXUHDQG UROHRQ WKH VFHQHRI WKH
FULPLQDO WULDO KROGVPXFK SURPLVH IRU WKH LQYHVWLJDWLRQ
RI WKHPHVDQGSUREOHPVRIEURDGHU VRFLDODQGSROLWLFDO
GLPHQVLRQV
5()(5(1&(6
&KDSPDQ'/RVWHUHRWLSRGHOFULPLQDOH&RP
SRQHQWL LGHRORJLFKH H GL FODVVH QHOOD GHILQL]LRQH GHO
FULPLQH7XULQ
)ULHGPDQ /  &ULPH DQG 3XQLVKPHQW LQ $PHUL
FDQ+LVWRU\1HZ<RUN
*DUDSRQ $ 6DODV '  /D UHSXEEOLFD SHQDOH
0DFHUDWD
3RYROR&6WHUHRWLSLLPSUHFLVL&ULPLQLHFULPL
QDOL GDOOH VHQWHQ]H GL DOFXQL WULEXQDOL GHOOD 7HUUDIHUPD
YHQHWD6HFROL;9,;9,,,9LFHQ]D
:HLVVHU 0  &ULPLQDOLWj H UHSUHVVLRQH QHO
O¤(XURSDPRGHUQD%RORJQD
)UDQFLV7DVVDX[5REHUW0DWLMDÈLݝ9ODGLPLU.RYDßLÝ
HGV/2521&52$7,(81*5$1'&(175('(
352'8&7,21'
$03+25(6š+8,/(,675,(11(6
(5,9(63&0pPRLUHV%RUGHDX[
(GLWLRQV$XVRQLXVSS
7KHOLEUDU\RIWKH,VWUDQ3HQLQVXODLQ1RUWKHUQ$GUL
DWLFKDVDFTXLUHGDQH[FHOOHQWQHZPRQRJUDSKIURPWKH
LQWHUQDWLRQDOWHDPZRUNLQJRQWKH,VWUDQRLOSURMHFW7KLV
SURYLGHVWKHERRN
VFRQWHQWVZLWKDIUDPHIRUWKHPXFK
EURDGHU VSKHUHV RI LQWHUHVW RI QXPHURXV FROODERUDWRUV
SDUWLFXODUO\WKHWKUHHSUHVHQWHGDVHGLWRUVZKRDUHDOVR
WKH FRDXWKRUV RI VHSDUDWH FRQWULEXWLRQV DERXW /RURQ
WKH5RPDQVLWHDORQJWKHVHDQRUWKRI3RUHá3DUHQWLXP
7KHUHVHDUFKKLVWRU\WKHJHRJUDSKLFDOORFXVDQGJHR
ORJLFDOSDVWRI WKHVLWH SDUWLFXODUO\ WKHULVLQJVHDVXUIDFH
RYHUWKHODVWWZRPLOOHQQLDWKHGHVFULSWLRQRIZRUNFDU
ULHGRXWE\ WKHPL[HG LQWHUQDWLRQDO WHDP WKHHSLJUDSKLF
DQDO\VLV RIPRQXPHQWV IURP WKH QHDU YLFLQLW\ WKH GH
VFULSWLRQRIILQHPDWHULDOHVSHFLDOO\HDUWKHQDUWLIDFWVIURP
D/RURQNLOQDQGD VHULHVRI VWDPSV WKH DQDO\VHVRI UH
PDLQVRIDQLPDOERQHVDQGRIPROOXVNVDUHMXVWVRPHRI
WKH VXEMHFWVGLVFXVVHG7KHERRN LVGLYLGHG LQWRSDUWV
E\ LWV HGLWRUV 7KH JHRJUDSKLFDO DQG KLVWRULFDO FRQWH[W
([FDYDWLRQVDW/RURQLQ6PDOOILQGVDQG7KH
FRQWULEXWLRQRIH[FDYDWLRQV2ISDUWLFXODU YDOXH DUH WKH
V\VWHPDWLFDOO\VWDWHGFRQFOXVLRQVLQ3DUWPRVWQRWDEO\
WKHFRPSDULVRQRIDUFKDHRORJLFDODQGKLVWRULFDOVRXUFHV
,Q WKH LQWURGXFWLRQ e )RXDFKH SUHVHQWV ,VWUD IURP
WKH JHRJUDSKLFDO DQG JHRORJLFDO DVSHFWV DQG GHGLFDWHV
KLPVHOIWRWKH/RURQVLWH
VVXUURXQGLQJV7KHPRVWRULJL
QDOFRQWULEXWLRQLQWKLVUHVSHFWLVWKHFDUHIXOREVHUYDWLRQ
RIPLQRUSKHQRPHQDLQWKHQDUURZHVWFRDVWDOEHOWRIWKH
VWXGLHG DUHD ZKHUH KH VXFFHHGHG LQ GLVWLQJXLVKLQJ
VRPHDQFLHQW HURVLRQVRQ WKH URFNV DQG WKH SLHUV IURP
PRUHUHFHQWDFWLYLWLHVDQGZDVWKXVDEOHWRHVWLPDWHWKH
LQFUHDVH LQ WKH VHDOHYHO RYHU WKH ODVW  \HDUV ,Q
FRQWUDVW WR SUHYLRXVO\ KHOG QRWLRQV WKLV FKDQJH KDV
EHHQ UHODWLYHO\ VOLJKW IURP  WR P 7KH UHVHDUFK
KLVWRU\ LV GHVFULEHG E\ 50DWLMDÊLß (DUO\ ZULWHUV FRQ
VSLFXRXVO\IDLOWRPHQWLRQWKLVVLWHUHIHUULQJRQO\WRILQGV
IURPQHDUE\SODFHVàHUYDU9DEULJD7DU)UDWD,QWHUHVW
LQWKHILQGVIURP/RURQJUHZRQO\WKDQNVWRWKHDFWLYLWLHV
RI WKH7ULHVWH DQWLTXDULDQV HVSHFLDOO\3.DQGOHU LQ WKH
PLGWK FHQWXU\ 3DUWLFXODUO\ LQWHUHVWLQJ DW WKDW WLPH
ZHUH LQVFULSWLRQV LQFOXGLQJ VWDPSV RQ EULFNV DQG DP
SKRUDH7KHILQGVDQGWKHVLWHKDYHEHHQGHVFULEHGE\D
QXPEHURIDUFKDHRORJLVWV7K0RPPVHQ&*UHJRUXWWL
$*QLUVDQGPRVWUHFHQWO\E\$'HJUDVVL7KHRSLQ
LRQKDV FRPH WR WKH IRUH WKDWSULYDWH NLOQV IHOO LQWR WKH
KDQGVRIHPSHURUV7KHPRVWLPSRUWDQWDPRQJVWWKHSUL
YDWHRZQHUVZDVVDLG WREH&DOYLD&ULVSLQLOODZKLOH WKH
PRVWVLJQLILFDQWHFRQRPLFDFWLYLW\DWWKDWWLPHZDVROLYH

 /DWHO\ WKH QDPH /RUXQ KDV EHHQ LQFUHDVLQJO\ XVHG LQ
&URDWLD
ANNALES · Ser. hist. sociol. · 12 · 2002 · 2
=$3,6,3252à,/$,12&(1(127(5(/$=,21,(5(&(16,21,127(65(32576$1'5(9,(:6
481
RLOSURGXFWLRQDQGH[SRUW3DUWLFXODUO\ LPSRUWDQW LQ WKH
ILUVWSDUWRI WKHERRN LV)7DVVDX[
VDQDO\VLVRI WKHQX
PHURXV WHVWLPRQLDO HSLJUDSKLF PRQXPHQWV IURP WKH
VLWH
V YLFLQLW\ 7KH LQWURGXFWRU\ FKDSWHUV DUH VXSSOH
PHQWHGE\50DWLMDÊLßZLWKDVXUYH\RI WKHSUHKLVWRULF
UHPDLQVIURPWKHFRDVWKLOOIRUWVDQGFDYHVDQGDVXUYH\
RIVWDPSVRQ/RURQEULFNV
3ODFLQJ WKH /RURQ VLWH LQWR WKH EURDGHU ,VWUDQ DQG
0HGLWHUUDQHDQ IUDPHZRUNZHFDQQRW DYRLGFRPSDULQJ
LW ZLWK WKH )DÌDQD%ULMXQL FRPSOH[ RXU &URDWLDQ DQG
IRUHLJQ FROOHDJXHV VXFFHHGHG LQ LQGLFDWLQJ HFRQRPLF
DQG VRFLDO OLQHVRI IRUFHV WKDW VKDSHG WKH LPDJHRI WKH
VLWHV 7KH DXWKRUV RI WKH PRQRJUDSK WRR FRXOG QRW
DYRLG FHUWDLQ FRPSDULVRQV2I D VSHFLDO LQWHUHVW LV WKH
FRPSDULVRQRI WKH GHYHORSPHQW RI WKH'UHVVHO % DP
SKRUDIRUPVDW)DÌDQDDQG/RURQSUHVHQWHGLQWKHWKLUG
SDUW6PDOOILQGVLQDQH[WHQVLYHDUWLFOHE\$OND6WDUDF
7KLV SDUW LV TXLWH FRPSUHKHQVLYH IRU LWV FRQWULEXWLRQV
LQFOXGH QRW RQO\ D V\VWHPDWLF VXUYH\ RI WKH ILQGV EXW
ZLWKWKHDLGRIYDULRXVPDSVLQGLFDWH WKHRULHQWDWLRQRI
YDULRXVLPSRUWDQGH[SRUWWUDGHURXWHVŸZLWKRXWOHDGLQJ
WKHUHDGHUDVWUD\UHJDUGLQJORFDOHFRQRPLFJHRJUDSK\Ÿ
DQGWKXVSUHVHQWDQH[FHOOHQWVXSSOHPHQWUHJDUGLQJWKH
,VWUDQHFRQRP\LQWKHILUVWIHZFHQWXULHV$'7KHH[FD
YDWLRQVZHUHDFWXDOO\FRPSOHWHGLQEXWWKHPDWH
ULDOV ZHUH SURFHVVHG E\ WKH DXWKRUV XQWLO  ZKLFK
PHDQVWKDWWKHODWHVWIRUHLJQDQGGRPHVWLFILQGLQJVKDYH
EHHQWDNHQLQWRDFFRXQW
7KH UHVHDUFKHUVPHUHO\EHJDQ WR H[FDYDWH WKHYLOOD
ZKLFKKDG VWRRGRQ VRPHPHWHUV DORQJ WKH FRDVW
LWV LQWHULRU WKHUHIRUHUHPDLQVWREHUHVHDUFKHG6SHFLDO
DWWHQWLRQ VKRXOGEHSDLG WR WKHHFRQRPLFDO DQGPDQX
IDFWXULQJDFWLYLWLHVHVSHFLDOO\DUWLIDFWVOLNHROLYHRLODP
SKRUDH VLJLOODWD LQ WKH WLPHV RI$XJXVWXV DQG7LEHULXV
SHUKDSVHYHQ WKHSRWWHU\RI WKLQZDOOVDQGEULFNVEHDU
LQJ WKH VWDPS RI&DOYLD &ULVSLQLOOD ,Q YLHZ RI WKH UH
WULHYHGVPLWK
VVWHOHLWLVFOHDUWKDWWKLVWUDGHZDVDVLJ
QLILFDQW HOHPHQW RI WKLV SURGXFWLRQ FHQWHU 7KH DXWKRUV
EHOLHYH WKDW GXH WR WKH ODFN RI FOD\ ORFDOO\ LWZDV LP
SRUWHG IURP WKH0LUQDYDOOH\DVZHOO DV IURP'UDJRQMD
DQGQRUWKHUQ,VWUD7KHH[SRUWDQGLPSRUWRIWKHVHPDWH
ULDOVOHGWRWKHHVWDEOLVKPHQWRIDORFDOHPSRULXPDW/R
URQQRUWKRI3RUHá9DULRXVDFWLYLWLHVGXULQJWKHVWDQG
QGFHQWXULHVDUHIDLUO\H[SOLFLWZKLOHWKHHQVXLQJSHULRG
LVVWLOOVRPHZKDWXQFOHDULWLVRQO\GXULQJWKHWKFHQWXU\
WKDWVOLJKWHYLGHQFHRIWKHH[SRUWRI'UHVVHO%DPSKR
UDHFDQEHWUDFHGDJDLQ
7KHVHWWOHPHQWDW/RURQZDVLQLWLDOO\DVVRFLDWHGZLWK
WKHQHZO\IRUPHG3RUHáFRORQ\QRWDEO\ZLWKWKHFHQWX
ULDWLRQRIWKH$JHURI3DUHQWLXP7KHILUVWNQRZQVLJQLIL
FDQW /RURQ SURSULHWRUZDV 6LVHQQD 6WDWLOLXV 7DXUXV WKH
QDPH WKDW OLQNV ,VWUDQ SURSHUWLHV ZLWK WKH SHRSOH IURP
WKHLPPHGLDWHSUR[LPLW\RIWKHLPSHULDOFRXUWLQ5RPH
,WDSSHDUVWKDWKHGLHGDURXQG$'EHWZHHQWKHDJHV
RIDQG DQGKDG WKHUHIRUHQRW HQMR\HG WKH 3XFL
QXPZLQHZKLFKZDVVXSSRVHGWRSURYLGHIRUH[FHOOHQW
DQG ODVWLQJ KHDOWK DFFRUGLQJ WR )U 7 ,Q DGGLWLRQ WR D
QXPEHURIRWKHUSURSULHWRUVWKHVWDPSVWKHQVRRQSRLQW
WRWKHGHFLVLYHUROHRI&DOYLD&ULVSLQLOODSURGXFHURI,V
WUDQROLYHRLODQGPDJLVWUDOLELGLQXP1HURQLV6RPHEH
OLHYH WKDW VKH ZDV IURP 7HUJHVWH ZKLOH ) 7DVVDX[ ID
YRXUV WKH SRVVLELOLW\ WKDW VKH ZDV QDWLYH WR WKH 3RUHá
DUHD7KHEULFNVFDUU\LQJKHUVWDPSVDUHLQDQ\FDVHQRW
UDUH LQQRUWKHUQ ,VWUDKHU UROH LQ WKH QHZO\ GLVFRYHUHG
YLOODDW ÉNRODULFHE\ WKH5LÌDQD ULYHU UHPDLQV WREHDV
VHVVHG $URXQG 'RPLWLDQ
V WLPH KHU SURSHUW\ IHOO LQWR
WKHHPSHURU
VKDQGV
,QWKHHQGWKHHGLWRUV WDFNOHWKHLQWHUHVWLQJWRSLFRI
WKH VLWH
V IXWXUH ZKLFK LQGLFDWHV WKHLU LQWHQWLRQ WR GH
YRWHIXUWKHUWLPHDQGUHVRXUFHVWRWKHVLWH$FDUHIXODQG
XSWRGDWHELEOLRJUDSK\KDVEHHQDGGHG WKRXJKDQ LQ
GH[ LV ODFNLQJ ,Q WKH WH[W WKHH[SUHVVLRQ HVSULWJDXORLV
VWDQGVRXWDYHU\ UDUHSKHQRPHQRQ LQ VFLHQWLILF OLWHUD
WXUH WKDWZHDVVXPHVKRXOGEHDVFULEHG WR)UDQFLV7DV
VDX[7KHWH[WVDUHIDUIURPHDV\OHWXVDGGWKDWWKHDUWL
FOHVDUHZULWWHQPDLQO\LQ)UHQFKDQGSDUWLDOO\LQ,WDOLDQ
DQG WKDW WKH ERRN LV IXUQLVKHGZLWK D WRR VKRUW VXP
PDU\ LQ&URDWLDQ ,W DSSHDUV WKDW WKH 6ORYHQH ODQJXDJH
FDXVHGWKHDXWKRUVVRPHWURXEOH)RUWKHQRUWKHUQSDUW
RI ,VWUD SURGXFWLRQ E\ ORFDO EULFN PDNHUV VKRXOG EH

 (JWKH\ZURWHQXPHURVHSHGLQHVRQRVWDWHULQYHQXWHD Q
FKHD-DQGDUMDLQ6ORYHQLD %HUWRQFHOM.XáDU91D
NLWL]VWHNODLQ-DQGDUMD*ODVXQG%HUQVWHL QVFKPXFN
ANNALES · Ser. hist. sociol. · 12 · 2002 · 2
=$3,6,3252à,/$,12&(1(127(5(/$=,21,(5(&(16,21,127(65(32576$1'5(9,(:6
482
HYDOXDWHGDQHZ3,WXUL6DE&/DE6HY/47KDO
HVSHFLDOO\ WKH UROH RI &DOYLD &ULVSLQLOOD WKH EULFN
VWDPSVWRRZLOOHQDEOHWKHGDWLQJRIWKHH[WUHPHO\ULFK
VLWHH[FDYDWHG LQDWÉNRODULFHE\ WKH5LÌDQD ULYHU
DQGDORQJWKH)ODYLDQURDGDQGRI WKHHTXDOO\ULFKVLWH
RI*UDGLÊáHQHDU.UNDYáHDORQJWKHVDPHURDG,VLWSRV
VLEOHWKDW9HVSDVLDQ
VORRWIRXQGLWVZD\WR,VWUDDVZHOO"
0DWHMÈXSDQÞLÞ
&nVDU&DUUHUDV0RQIRUW3HGUR3DXOR$)XQDUL
%5,7$11,$<(/0(',7(55²1(2(678',26
62%5((/$%$67(&,0,(172'($&(,7(%e7,&2
<$)5,&$12(1%5,7$11,$&ROOHFWLx,QVWUXPHQWD
%DUFHORQD3XEOLFDFLRQV8QLYHUVLGDGGH%DUFHORQD
SSJUDSKVPDSVDQGWDEOHVEODFN
DQGZKLWH
7KHSUHVHQWZRUNLVWKHIUXLWRIFRRSHUDWLRQEHWZHHQ
WKH WZR DXWKRUV ZKR KDYH SUHSDUHG LQGLYLGXDOPRQR
JUDSKVRQWKHWRSLF3)XQDULOHFWXUHUDWWKHVWDWH8QL
YHUVLW\RI&DPSLQDVLQ6DR3DXOR%UD]LOKDVGHGLFDWHG
WKHODVW\HDUVWRWKHUHVHDUFKRIDPSKRUDH'UHVVHO
DQG WKH FRQVXPSWLRQ RI 6SDQLVK ROLYHV LQ WKH 5RPDQ
SURYLQFHRI%ULWDQQLD+LVUHVHDUFKZDVSXEOLVKHGDVDQ
LQGHSHQGHQWZRUNLQWKHUHQRZQHG%$57HPSXV5HSD
UDWXP %ULWLVK 6HULHV   & &DUUHUDV DVVLVWDQW
SURIHVVRUDWWKH8QLYHUVLW\RI6RXWKDPSWRQKDVUHFHQWO\
FRPSOHWHGKLVGRFWRUDOVWXGLHVEDVHGRQVWXGLHVRIDP
SKRUDOPDWHULDOV IRXQG LQ%ULWDLQKHGHDOWZLWKPDFUR
HFRQRPLF DQG VSDWLDO DQDO\VHV RI ORQJGLVWDQFH WUDGH
%RWKDXWKRUVKDYHSXEOLVKHGDQXPEHURI VKRUW UHSRUWV
DQGDUWLFOHVDERXWWKHLPSRUWDQGFRQVXPSWLRQRI6SDQ
LVK ROLYHV DQG ROLYH RLO LQ 5RPDQ %ULWDQQLD DQG KDYH
RIIHUHGQXPHURXV LQWHUSUHWDWLRQVRI WKHHFRQRP\FRP
PHUFLDO H[FKDQJH DQG FXOWXUDO IDFWRUV LQ FRQQHFWLRQ
ZLWKWKHROLYHRLOWUDGHLQWKDWSHULRG
)LUVW RI DOO WKHLU MRLQWZRUN LQFOXGHV D FROOHFWLRQ RI
DPSKRUDH VWDPSV JUDIILWL DQG RWKHU LQVFULSWLRQV IRXQG
RQWKHDQDO\VHGPDWHULDOV$VVXFKLWDOORZVDWKRURXJK
LQVLJKW LQWRWKHVHDUFKDHRORJLFDOVRXUFHVXS WR WKH\HDU
7KHDXWKRUV VHW WKHPVHOYHV DQRWKHUZLGHU JRDO
WR SUHVHQW WKHLU ILQGLQJV LQ UHODWLRQ WR WKH HFRQRPLFV
GLHWDU\FXOWXUDOEDFNJURXQGVHPLRWLFVFLYLODQGPLOLWDU\
OLIH WKHDGRSWLRQRI5RPDQKDELWVDVZHOODVRWKHUDV
SHFWV HQFRXQWHUHG GXULQJ WKHLU WKRURXJK PXOWLOD\HUHG
VWXG\
$UFKDHRORJLFDOHYLGHQFHHQDEOHGWKHDXWKRUVWRSUH
VHQW WKH FRPSOH[ DFWLYLWLHV RI WKH FRPPHUFLDO LQWHU
FRXUVHRI WKH5RPDQ(PSLUH LQ WKH SURYLQFH RI %ULWDQ
QLD%HVLGHVDQDUURZHFRQRPLFLQWHUSUHWDWLRQRWKHUSD
UDPHWHUV ZHUH LQFOXGHG 7KHLU LQWHUHVW OD\ QRW RQO\ LQ
FRPPHUFLDOH[FKDQJHEXWDOVRLQWKHLQIOXHQFHRIYDUL
RXVJRRGVDQGUHODWLRQVKLSVRQWKHVRFLHW\ LQGLYLGXDOV
KDELWVDQGSXUSRVHRIH[FKDQJH
$UHPDUNDEOHH[FKDQJHQHWZRUNNQLWWHGLQDXQLTXH
SROLWLFDOHQWLW\WKDWZRXOGRQO\EHVXSSUHVVHGE\WKHDG
YHQW RI WKH ODWH 0LGGOH $JHV UHVXOWHG LQ WKULYLQJ DQG
FRPSOH[FRPPHUFLDOH[FKDQJHVLQWKH5RPDQ(PSLUH,W
VKRXOG EH QRWHG WKDW UHPDUNDEO\ LQWHQVLYH FRPPHUFLDO
LQWHUFRXUVH ZDV RQH RI WKH IRXQGDWLRQV RI WKH DQFLHQW
HFRQRP\DQGDVVXFKLVDFWXDOO\WKHEDVLVIRUWKHXQGHU
VWDQGLQJRI WKH ODWWHU 7KHVHDUH WKH UHDVRQVZK\DGH
WDLOHGUHVHDUFKRIPDWHULDOUHPDLQVRIDQFLHQWFRPPHUFH
LVPRUHWKDQZRUWKZKLOH$QGE\DOOPHDQVLWVYHU\LP
SRUWDQWSDUWLVVKDUGVRIDPSKRUDHXVHGDVWUDQVSRUWYHV
VHOV
8QIRUWXQDWHO\ IHZ 5RPDQ HFRQRPLF GRFXPHQWV
VXFKDV LQYRLFHV UHFHLSWVDQGDFFRXQWDQF\SDSHUVDUH
NQRZQ :ULWWHQ GRFXPHQWV WKDW KDYH EHHQ SUHVHUYHG
DUHDUDULW\ZKLFKDGGVHYHQPRUHYDOXHWRWKRVHIRXQG
DW WKH 5RPDQ PLOLWDU\ VLWH RI 9LQGRODQGD +RZHYHU
RWKHU DVSHFWV RI 5RPDQ HFRQRPLFV QHHG WR EH UHFRQ
VWUXFWHGRQWKHEDVLVRIPDWHULDOUHPDLQVDQGHSLJUDSKLF
IUDJPHQWV SUHVHUYHG LQ OLWHUDU\ VRXUFHV $V D FRQVH
TXHQFH PDWHULDO VRXUFHV QHHG WR EH VXEMHFWHG WR H[
WUHPHO\ DFFXUDWH SURFHVVHV RI VWDWLVWLFDO FDOFXODWLRQV
PHDVXUHPHQWV FRPSDULVRQV DQG TXDQWLILFDWLRQ ZKLFK
WR D FHUWDLQ H[WHQW HQDEOH WKH UHVHDUFKHU WR DFFHVV WKH
ZLGHU FRQWH[W 'HVSLWH WKH FRPSUHKHQVLYH ZRUN WKH\