Citation
Constructions of gender and genre in Chantal Chawaf's Retable-la Reverie

Material Information

Title:
Constructions of gender and genre in Chantal Chawaf's Retable-la Reverie
Creator:
Droppleman, Elizabeth I
Publication Date:
Language:
English
Physical Description:
vi, 195 leaves : ; 29 cm.

Subjects

Subjects / Keywords:
Discourse ( jstor )
Femininity ( jstor )
Grammatical gender ( jstor )
Masculinity ( jstor )
Mothers ( jstor )
Narratives ( jstor )
Parody ( jstor )
Performative utterances ( jstor )
Women ( jstor )
Writing ( jstor )
Dissertations, Academic -- Romance Languages and Literatures -- UF ( lcsh )
Romance Languages and Literatures thesis, Ph.D ( lcsh )
Genre:
bibliography ( marcgt )
non-fiction ( marcgt )

Notes

Thesis:
Thesis (Ph.D.)--University of Florida, 1999.
Bibliography:
Includes bibliographical references (leaves 183-194).
General Note:
Typescript.
General Note:
Vita.
Statement of Responsibility:
by Elizabeth I. Droppleman.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright [name of dissertation author]. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
030359116 ( ALEPH )
41940713 ( OCLC )

Downloads

This item has the following downloads:


Full Text










CONSTRUCTIONS OF GENDER AND GENRE
IN CHANTAL CHAWAF'S RETABLE-LA REVERIE











By

ELIZABETH I. DROPPLEMAN














A DISSERTATION PRESENTED TO THE GRADUATE SCHOOL
OF THE UNIVERSITY OF FLORIDA IN PARTIAL FULFILLMENT
OF THE REQUIREMENTS FOR THE DEGREE OF
DOCTOR OF PHILOSOPHY

UNIVERSITY OF FLORIDA

1999



























Copyright 1999

by

Elizabeth Droppleman













ACKNOWLEDGMENTS


This dissertation could not have been realized without

the generosity of many individuals. I am especially grateful

to the committee Chair, Dr. William Calin, and the members

of the supervisory committee, Dr. John Leavey, Dr. Carol

Murphy, Dr. Ofelia Schutte, and Dr. Gayle Zachmann, for the

expert advice and direction that made possible the

completion of this project. Special thanks is in order for

Dr. Gayle Zachmann's tireless work with me on the genesis of

this study; her extraordinary commitment to mentoring

students has provided me with a model that I will strive to
emulate.

The College of Liberal Arts and Sciences' award of a
Threadgil Dissertation Fellowship and the Department of

Romance Languages and Literatures' award of a Nancy Kaufmann

Scholarship for study abroad provided generous support of

which I am appreciative.

Finally, I cannot possibly how fully my family (Mom,

Dad, Susan, Jackie, John, Richard, Timothy, Taylor, Ellen),

friends (Joe, Judy, Kristy, Xandria, Jeannine, Val, Bill,

Hutch), and Wayne have supported me through this endeavor. I

continue to be moved by their gifts of unfailing
encouragement and love. This dissertation is dedicated to

Mary Lutz and Irene Murphy in remembrance of the past, and

to the future of Ellen, Alexa, and our girls to come.















TABLE OF CONTENTS
page

ACKNOWLEGMENTS ..................... .................... iii

ABSTRACT .................................... ............ v

INTRODUCTION .............................................. 1

Notes ............ ....... ................... .......... 12

CHAPTER ONE. MIMICRY AND PERFORMATIVITY .................. 15

Sexual (In)Difference, Representation and Matter....... 17
The Mirror and Mim6tisme .............................20
Rereading Plato ................... .................. 28
Rereading Freud ....................................... 35
Gender Performativity ................................... 47
Conclusion.................................. .... ......... 61
Notes. .................... ............................. 64

CHAPTER TWO. GOING AGAINST FICTION: PARATEXT AND PARODY
IN RETABLE-LA REVERIE ...................................67

Paratext ..................... ................... ........ 70
Grossesse ....... ....................................... 74
Peritext and Autofiction ................................ 85
Titles and Construction ................................. 89
Cover Art .............................................. 96
Notes ..................... ................... .......... 105

CHAPTER THREE. MIMICRY: QUEST AND DREAM IN RETABLE-LA
REVERIE. .............................................. 108

R6sume ................... ............................. 111
Retable. ............................................... 117
Naissance .................... ...................... 117
Document (I) ..................... .................... 140
Portrait ........................................... 142
Mausol e ............................................ 150
La Riverie ............................................151
Notes. .................... ............................. 172

CONCLUSION .............................................. 174

Notes .............. .... .................... ......... 182

REFERENCES .... .......... ............... ............ 183

BIOGRAPHICAL SKETCH ........... .......................... 195







iv













Abstract of Dissertation Presented to the Graduate School
of the University of Florida in Partial Fulfillment of the
Requirements for the Degree of
Doctor of Philosophy
CONSTRUCTIONS OF GENDER AND GENRE
IN CHANTAL CRAWAF'S RETABLE-LA REVERIE

By

Elizabeth I. Droppleman

May, 1999
Chairman: William C. Calin
Major Department: Romance Languages and Literatures

Chantal Chawaf's dazzling combinations of words, images

and metaphors forge new possibilities for conceptualizing

the body, particularly the female body. Nonetheless, she

remains a controversial figure among feminist and literary

critics who insist that traditional archetypes of woman and

established literary convention contaminate her avant-garde

practice of ecriture feminine ("feminine writing").

In "Constructions of Gender and Genre," I argue that

Chawaf's excessive displays of gender and literary

convention in the novel Retable-la reverie form an integral

part of her mimetic strategy. This strategy entails a

hyperbolic performance of gender and genre norms that

actually parodies them. Undermining the norms of literary

and gender convention, her parody also subverts the values

that support and sustain them.

Rereading Retable-la reverie through the optic of a

feminist mimetic strategy sheds light on Chawaf's poetic and

narrative tactics, as well as her marginal place among








practitioners of ecriture feminine. In effect, her novel is

a quintessential example of this radical practice. It not

only subverts traditional literary and generic norms, it

operates within, yet against, the establishment of ecriture

feminine itself to expose and expand the boundaries of this

avant-garde writing practice.

Drawing from Luce Irigaray's practice of textual

mimicry and Judith Butler's theory of gender performativity,

Chapter One lays the theoretical groundwork for the study of

Chawaf's mimetic strategy.

Chapter Two examines the construction of the novel

through paratextual elements ranging from its material

borders--cover art, titles, headings--to the symbolic figure

of the womb that symbolizes the ethical dimension of

Chawaf's &criture feminine. Her maternal metaphor provides a

representation of radically different self/other relations:

a shift in the struggle for identity from a paradigm of

dominance/subordination to mutual recognition.

A close reading of the narrative, Chapter Three traces

how the stereotypes of Mother and Woman are subversively

reiterated as they are repeated in the narrative. Retable-la

reverie creates an imaginative performance of sexual

reborderization that is constantly negotiated through

Chawaf's writing of the body. Whether strategically using

myths of Woman or boundary markers of genre, Chawaf's

practice of ecriture feminine remains faithful to the

subversion of established convention, and presents and

example par excellence of innovative avant-garde writing.














INTRODUCTION

Combining startling sensuous images with flowing

lyrical prose, contemporary French novelist, playwright,

poet, and philosopher Chantal Chawaf stands as a distinctive

literary figure at this fin-de-siecle. While acknowledged by

some as one of the more inventive, experimental writers of

this century,' she continues the rebellious French literary

tradition of writers who view fiction as a powerful form of

social and political resistance.

Praising Chawaf's literary talents, her critics

emphasize that her dazzling combinations of words, images,

and metaphors forge new possibilities for conceptualizing

the body, particularly the female body. Nonetheless, she

remains a polemical figure among feminist literary critics

who dismiss her texts for reifying traditional ways of

thinking about gender and sex. It is significant that, on

the one hand, she has been relatively neglected outside the

circles of feminist criticism, and that, within these

circles, some fault her for not apparently adhering to the

generally accepted ideological aesthetics of the movement.

Her subversive practice seems deeply flawed to feminist

critics who enter her texts searching for radical

innovation, yet find there, on both philosophical and

literary levels, the very masculinist norms they wished to








escape. To give form to her female characters, she draws

from a stereotypically female biological and material

register of mounds of flesh, mucus, and mother's milk. This

intense embodiment is interpreted as a sign of their

inherent powerlessness. Controversial for shocking

sensibilities and transgressing literary propriety, her

corporeal poetics provokes strong, een visceral,

reactions.2 To a greater extent than her contemporaries, she

is blamed for having so explicitly "tied the practice of

feminine writing to the biological fact of motherhood"

(Suleiman, "Writing and Motherhood" 370).

Viewed as fundamentally contradictory in form and

content, Chawaf's innovative linguistic manipulation is said

to break with normative convention. Yet, adding fuel to the

charges of essentialism, her novels continue to rely upon

polarized, socially "fixed" stereotypes: the masculine

symbolizing the mind, the intelligible, culture, activity,

light; the feminine as the body, the irrational, the

sensible, nature, passivity, obscurity (224). Such

masculinist archetypes of woman, critics insist, contaminate

her avant-garde practice of ecriture feminine. As Bosshard

remarks,

ce que nous montrent les couples chawafiens c'est
l'affrontement des personnages feminins et masculins,
repartis dans des r6les virils d'un c6te et feminins
hypertrophies de l'autre. (223)

Even if her poetic style aims to represent the body in

innovative ways, her writing reiterates an unenlightened

paradigm of woman's nature in critics' views. Like the








Virgin Mary and Dante's Beatrice, her female figures are

often likened to the bountiful Mother Earth: closer to

nature than males, and a medium of access through which man

can communicate with higher spiritual forces. In this

paradigm it seems that woman functions only in relation to

man; passive, she serves only in his quest for self-

knowledge. Reflector, supporter, and "nurturer of the male

ego" appears to be the only role played by Chawaf's women,

Valerie Hannagan observes (183).

Aiming at a feminist vision of harmonious relations

between men and women, these relations in Chawaf's world, it

has been argued, are paradoxically often marked by a

depressive tone and marked by the failure of her female

protagonists to escape their alienation, as in Retable-la

reverie and L'Interieur des heures. How could the repetition

of such stereotypes undermine binary logic and put into

question the symbolic exclusion of the feminine? It cannot,

Bosshard decides: "la bipolarisation des 6tres en sexe

masculin et sexe f6minin persist" (223). In the end, the

promise her writing holds for envisaging new male/female

relations remains unfulfilled, Hannagan argues. She conveys

the general opinion succinctly: Chawaf's "textual body is

rich in symptoms, but ultimately the redemption it seeks to

achieve is firmly grounded in the status quo" (190).

The contradictory reception of Chawaf's work, largely among

American feminist critics, can be explained, in part, by the

rise of the philosophical essentialist critique during the








1970s and 1980s. Now, however, the essentialist/

constructivist dichotomy is being rethought.' An alliance

with sexual difference has been seen as a foundational move,

instead of taking into account the social constructionist

aspect of French feminist thought. In Bodies That Matter,

Butler proposes that the tradition to which Irigaray belongs

ultimately challenges the essentialist/constructivist

dichotomy at the basis of much feminist practice. Chawaf's

work can also be read through such a perspective. Rather

than setting limits to conceptualizations of sexuality, its

purpose, I propose, ultimately serves to put into question

the foundations and boundaries of discourses on sexuality.

Furthermore, the anti-establishment tenet as the

impetus for diverse practices of 6criture feminine has often

been overlooked. The rubric ecriture feminine groups

together an eclectic corpus of texts by radical female

intellectuals writing from the early 1970s to the present.4

Jaded by their male counterparts in the revolution of 1968,

these authors initiated their own revolt; they purloined the

intellectual and literary weapons of this still too

conventional peer group whose modus operandi was grounded in

the questioning of all established convention. Hle8ne Cixous

coined the phrase ecriture feminine in her famous 1976

manifesto "Le Rire de la meduse," which underscores the

massive attack behind this practice aimed at the foundation

of masculine-biased institutions:

Un texte f6minin ne peut pas ne pas @tre plus que
subversif: s'il s'ecrit, c'est en soulevant,








volcanique, la vieille croate immobilibre, porteuse des
investissements masculins, et pas autrement; il n'y a
pas de place pour elle si elle nest pas un il? Si elle
est elle-elle, ce n'est qu'a tout casser, a mettre en
pieces les batis des institutions, & faire sauter la
loi en l'air, A tordre la 'v6rit6' de rire. (49)

This writing practice aims to refute tradition by attacking

it at its core, by magnifying the operations of the literary

institution from within the terms of its own discourse in

order to shake up what appears to be the solid ground of its

assumptions. This explosive process aims to dismantle the

misogynous ethics behind model-copy representation. As

Chawaf says, she writes in order to,

arriver donc & l'interieur, quitter les surfaces
parce qu'il remettrait tout en question, parce que
les privileges tomberaient. ("Ecrire A partir du corps
vivant" 119)

On what grounds, then, can critics repudiate Chawaf's

version of a practice that epitomizes the seditious values

of 6criture feminine?

In this light, we can understand Chawaf's "r8les

f6minins hypertrophids" and other excessive displays of

convention as anything but gratuitous. In effect, they form

an integral part of what I call her performative mimetic

strategy. While mimesiss" traditionally denotes the faithful

representation of nature, Chawaf's mimetic strategy entails

a hyperbolic performance of gender norms that actually

parodies them. The aim of her project is not simply to

mirror "reality" but, through a more complex notion of

referentiality, to interrogate the limits of thinking about

sexed bodies. This parodic, imitative tactic (what Cixous








refers to as the "elle-elle") seeks to highlight the

constructed aspect of gender norms through an insistence on

the slippage in meaning of the signifier. In doing so, it

challenges theories of the stability of the symbolic order,

and the supposed exclusion of the feminine from this realm.

Chawaf's parodies serve to undermine not only gender

and representational norms but also the values that support

and sustain them. Mikhail Bakhtin has articulated the

transformative operation at work in parody. Through it,

language is transformed from the absolute dogma it had
been within the narrow framework of a sealed-off and
impermeable monoglossia into a working hypothesis for
comprehending and expressing reality. (61)

From his conception of parody, Suleiman notes that we arrive

at the

contemporary feminist insight that the stories we
tell about reality construe the real, rather than
merely reflect it. Whence the possibility, or the hope,
that through the rewriting of old stories and the
invention of new forms of language for doing so, it is
the world as well as the words that will be
transformed. (143)

It is from within a tradition of analytic exposure that

Chawaf uses textual parody as a means toward recasting the

language and grammar of the symbolic order,s exploring this

tactic's potential for symbolizing the feminine in hopes of

altering oppressive self/other relations.

Despite her emphasis on plurality and diff6rance in

signification, Chawaf's work continues to be denounced when

her 6criture feminine fails to meet the standards that

critics have imposed. For example, her work has been

measured against a criterion of laughter celebrated in








Cixous' "Rire de la meduse" and has been judged

insufficiently transgressive. Dismissing Chawaf's texts for

their lyrical tendencies, Suleiman implies that a

subversive, authentic ecriture feminine would above all be

laughter provoking:

little of the writing thus produced was playful in the
ordinary sense of lighthearted, or just plain funny.
Annie Leclerc, Chantal Chawaf, and Julia Kristeva .
opted for the expansive lyric mode when writing as
mothers. Although lyric can be full of invention, it
does not offer much possibility for humor or parody.
(168)

If parody and irony are loaded signifiers with multiple

meanings, should this element in Chawaf's writing be

discounted simply because it does not provoke laughter in

the narrow sense?

According to Chawaf, critics' brief honeymoon with

ecriture feminine in the 70s ended when its unsettling

implications began to come of light:

On a 6t6 un temps amoureux socialement de l'&criture
feminine en se gardant bien d'aller voir la
metaphysique qui se cachait derriere. Quoiqu'on 6crive
de neuf, on risque d'@tre lu par des habitudes
millionaires qui chercheront a nous r6primer. (43)

She attributes critics' initial enthusiasm for &criture

feminine, and their fairly rapid decline in interest, to a

refusal to examine the disturbing philosophy it brought to

light: a metaphysics of the repressed feminine. As my

analysis of Chawaf's texts through the critical framework

provided by Irigaray and Butler will demonstrate, to

understand Chawaf's work from another optic would mean to

challenge thinking based on binary oppositions--even to the








point of questioning the sex/gender distinction at the basis

of feminist practice. Considering the role language plays in

constructing the sex/gender split appears to work against

the ends that feminist practices stand and strive for. How

could feminism proceed, critics argue, without relying on

the stability of sex as a foundation? Butler consents that

it could not at this time. For political reasons, the

sex/gender distinction must be maintained, if only

tactically. Within feminism, "sex" is the site of woman's

oppression and as such is a concept that enables feminist

practice. However, a systematic questioning of the

foundation is not the same as discarding it altogether.

Instead, such interrogation might reveal the possible

function of "sex" as a constraining limit and lead to new

ways of thinking about--and a new ethics of--sexual

difference.

This study interrogates the limits critics have imposed

on Chawaf's ecriture feminine in order to demonstrate how

her project is a quintessential example of this radical

practice; in effect, her writing not only undermines

traditional gender norms, it works within, yet against, the

established standards for ecriture feminine itself in order

to expose and expand the boundaries of this avant-garde

writing practice.

Chapter One examines the philosophical thought of

feminist philosophers Luce Irigaray and Judith Butler, that

I believe useful for the analysis of Chawaf's oeuvre.








Rereading her work in the context of Irigaray's "mimetisme"

and Butler's theory of gender performativity can refine the

understanding of the concept of matter important to her

textual and ethical strategies in support of a theory of

sexual difference.

As Irigaray and Butler demonstrate, the concept of

matter has been largely seen as outside social, historical,

and cultural structures. Irigaray and Butler seek to expose

the idea of the exteriority of form to matter that

conditions discourses on identity formation.6 Rereading

foundational philosophical texts, they simultaneously aim to

refigure concepts of the body and materiality within this

tradition. Irigaray and Butler challenge the authority of

philosophical discourse, revealing the extent to which the

latter is historically shaped and biased, highly literary,

and often paradoxically dependent on those elements the

authors' thought attempts to devalorise. When seen as a

product of, as well as productive of, social types of power,

matter can become a site of resistance to oppression.

The first part of Chapter One discusses aspects of

Irigaray's work that provide the groundwork for Chawaf's

mimetic strategy and Butler's performative theory. It

explores how Irigaray, through textual mimicry,

systematically questions the conditions, and exclusions, of

the production of matter within Freudian psychoanalysis and

Aristotelian philosophy. The feminine has been excluded from

these discourses, she claims, and the result is by no means








neutral: it is a more or less unconscious strategy for

denying sexual difference, thereby perpetuating male

privilege. Her close textual readings provide insights for

understanding how material bodies and the symbolic realm in

which they signify are marked by social, cultural,

historical, and literary contexts (24).

Expanding Irigaray's line of inquiry, Butler draws not

only from philosophy and psychoanalysis but also from the

linguistic theory of performative speech acts, in order to

conceptualize a broader framework for understanding identity

formation and agency. She argues that philosophical

statements are not purely constative, that is, descriptive

statements about the nature of things. To embrace this line

of thinking would be comparable to understanding mimesis as

the faithful representation of nature. Philosophical

statements are also performative, she claims, productive of

the situation they appear to be describing. Butler's theory

of the social construction of "sex" as a performative

process involves the repetitive citing of norms and

conventions, forming and constraining over time the human

agent through the threat of prohibition. Continually in

process, the boundaries of body types are marked through the

repeated invocation of gender norms. Yet, this reiteration

of norms proves ambivalent. Although it may be the occasion

for shoring up the norm, Butler contends that it also

provides the possibility for its subversion. Rethinking

Chawaf's &criture feminine as a performative tactic broadens








our understanding of this avant-garde practice and its

potential as a strategy for transforming the social

structure of oppression.

Chapters Two and Three address Chawaf's mimetic

strategy and its subversive use of gender norms and generic

convention in her first and most important work, Retable-la

reverie. Chapter Two examines some aspects of the novel's

paratext. As formulated by Gerard Genette, paratextual

elements belong to a realm mediating between text and world,

writer and reader, where meaning remains open to

negotiation.' An exploration of the paratext provides

insights into how Retable-la reverie's construction

interrogates ways of thinking about bodies and texts, and

the links between the two. Chawaf's use of the maternal

metaphor is discussed in light of her mimetic strategy. An

expanded use of metaphor, the figure of the pregnant womb is

understood in the context of Irigaray's phenomenology of

proximity--an alternative to specular theories of subject

formation.

I also argue that Chawaf exploits paratextual elements

as possible sites of symbolic transformation. The titles,

the cover art, and the work's divisions signal a shift from

representation to the scenography of representation, from

attention to what is represented to how it is shown and

received. In order to prepare the reader to accommodate her

non-conventional use of generic and gender convention in the

narrative, she emphasizes the function of the paratextual








elements to encourage reflection on modes of reading signs.

Such an emphasis aims to effect the cognitive shifts

necessary for new ways of thinking about the body and the

text--accenting the dynamic functioning of language and its

performative power to reconceptualize the symbolic.

Chapter Three offers a close reading of the double

novel, Retable-La reverie, exploring feminine writing of the

body as a subversive mimetic strategy and a locus of

metamorphosis. It examines the protagonist's quest to

uncover the truth about her birth mother and her attempts to

refigure the maternal-feminine through the act of writing.

It demonstrates how Chawaf's use of hyperbolic poetic

language enacts a performance of gender norms, co-opting

stereotypical conceptions of female materiality and desire

in a subtle, paradoxical way in order to undermine them.

Crossing back through the images and language historically

employed to devalorise the feminine she criticizes their

traditional usage. Simultaneously, through metaphor, she

expands the conception of the maternal-feminine, developing

a poesis that attempts to create a space for the expression

of her specifically feminine desire.



Notes

Among others, see Colette Nys-Mazure, "Chantal
Chawaf: 'Rouge&tre'," Les Cahiers du GRIF (1978): 179-80;
Francine de Martinoir, "Territoires sur fond t6nebreux," La
Ouinzaine litt&raire 498 (1987): 8; Jacques Vandenschrick,
"Corinna Bille et Chantal Chawaf, saints &critures du
d6sir..." La Revue nouvelle 69.4 (1979): 434-38; Monique









Nagem, afterword, Mother Love: Mother Earth, by Chantal
Chawaf, trans. Monique F. Nagem (Hamden: Garland, 1992) 101-
111; Christiane P. Makward and Judith G. Miller, eds.,
foreword, "Warmth: A Bloodsong," trans. Christiane P.
Makward, Judith G. Miller, and Cynthia Running-Johnson, in
Plays by French and Francophone Women (Ann Arbor: Univ.
Michigan Press, 1994) 233-46.

In "De Retable a Rougeatre," Chawaf recounts, not
without a note of pleasure, an anecdote testifying to
readers' intense bodily reactions: "Deux ou trois homes
apres la lecture de B1 de semences se sont pr&cipites au
lavabo pour y vomir" (88). Such responses approach Cixous'
criterion for &criture feminine: "Les vrais textes de
femmes, des textes avec des sexes de femmes, ca ne leur fait
pas plaisir; ca les &coeure" ("Rire de la M6duse" 40).

3 See Butler, Bodies That Matter: On the Discursive
Limits of "Sex" (New York: Routledge, 1993); Carolyn Burke,
Naomi Schor, and Margaret Whitford, eds., Engaging with
Irigaray: Feminist Philosophy and Modern European Thought
(New York: Columbia UP, 1994); Margaret Whitford, Luce
Irigaray: Philosophy in the Feminine (London: Routledge,
1991); Linda J. Nicholson, Feminism/Postmodernism (London:
Routledge, 1990); Drucilla Cornell, Beyond Accommodation:
Ethical Feminism. Deconstruction, and the Law (New York:
Routledge, 1991).

SAs an author transgressive of convention and
tradition, it is not surprising that Chawaf herself does not
use this epithet to describe her own practice. Although in
the 1970s the classification served a purpose in promoting a
certain type of woman's literature, Chawaf believes that, in
the long run, it also served to erode the legitimacy of such
threatening writing: "Mes livres ont subi ce que les femmes
ont subi. On a pr6f6r6 jouir d'eux plutSt de les comprendre"
("L'action du language" 43). Despite Chawaf's reservations, I
have chosen to retain the epithet for the purposes of this
study. Sometimes the most effective way to be heard, perhaps
the only way as, Irigaray reminds us, is to participate in
the term of the discourse one is criticizing. This label,
after all, has been useful in facilitating the defense and
illustration of feminine writing.

s The "symbolic" is used throughout this dissertation
in the Lacanian sense, as the linguistic dimension of the
social order in which sexual identity may be constructed.
See Jacques Lacan, "Fonction et champ de la parole et du
language en psychanalyse," Ecrits I (Paris: Editions du
Seuil, 1966) pp. 111-208.





14



6 Although Butler draws heavily from Irigaray in her
discussion of the form/matter dichotomy, she also condemns
Irigaray for essentialism. This paradox inherent in Butler's
criticism of Irigaray is discussed at length in Chapter One.

SIn Gerard Genette, Seuils (Paris: Editions du Seuil,
1987).














CHAPTER ONE
MIMICRY AND PERFORMATIVITY

No body, for Irigaray, exists unmediated by textuality.

Never completely biologically predetermined, bodies are

socially constructed in a complex and shifting way,

"penetrated and disciplined by discourse, gender codes, by

culture" (Diamond 154). Philosophical conceptualizations

(such as knowledge, the idea, the subject, and substance)

play an active role in constructing and interpreting the

"reality" of sexed bodies, she contends, and each bodily

form is invested with a cultural value. Irigaray views

bodies, then, as not just the sum of their biological parts,

but also as produced and conditioned within a social matrix.

Her thesis is that this social order is sexually-

indifferent.' As such, it deprives women of subjectivity as

well as of their own relation to language, and therefore the

possibility of speaking their desires and dreams.2 As a

result, the lack of feminine subjectivity has dire economic,

political, and social consequences for the lives of women

and of men.

One way to understand the link between bodies and texts

is through Irigaray's conceptualization of the Imaginary. In

Luce Irigaray, Philosophy in the Feminine, Margaret Whitford

explains Irigaray's expanded use of this term. It is not

simply a synonym for unconscious fantasy (as in Lacanian








psychoanalytic theory): it also connotes, in the Sartrian

sense, an "intentional object of the imagining

consciousness," encompassing internal fantasies (i.e.

daydreams) as well as external products such as literature

and art (54). In addition, a Bachelardian influence can be

traced in her idea that the four elements underlie the

imagination and condition individuals' passions, limits, and

aspirations.

Not only is the Imaginary organized by air, fire,

water, and earth, Irigaray claims, but at the most basic

level it is marked by sex. As such, the Imaginary can be a

powerful creative source for change. On a discursive level,

she characterizes products of the male imaginary as

singular, linear, and involving a unified, static identity

as opposed to those of the nonlinear, plural feminine of

fluid identity. Ethique de la difference sexuelle opens with

the statement that sexual difference is the major

philosophical question of the late twentieth century (5). To

Irigaray, it is only through the understanding of this

concept at the level of discourse--a recognition of female

sexual difference--that transformation in the condition of

women can be effected.3

Irigaray attacks the problem of sexual indifferencee

through a close look at the scene of representation, and the

role played by the mirror and matter. In textual re-

readings, she deploys a tactic of mimicry ("mimetisme").

From such a perspective, she aims to unveil the exclusionary








logic of sexual indifference as a first step toward thinking

a post-patriarchal space where woman's difference can be

symbolized.

The first half of this chapter explores Irigaray's

understanding of mimesis, the mirror, and the concept of

matter, as well as the tactic of mimicry deployed in her

critique of Freud's theories of sexuality and in her re-

reading of Plato's allegory for the production of forms. The

second half of this discussion elaborates Butler's theory of

gender performativity. The framework developed by Irigaray

and Butler offers insights for interpreting Chawaf's

&criture feminine.

Sexual (In)Difference. Representation, and Matter

Derrida's now familiar critique of the scene of

representation demonstrates how the patriarchal order is

organized by a dialectical and hierarchial system of

binaries (i.e., male/female, form/matter, mind/body,

culture/nature, activity/passivity), the first term

privileged over the second.4 While some feminist theory

seeks to revalorize the negative/feminine poles of this

binary structure, for Irigaray this strategy proves flawed:

"Ii ne s'agit pas de renverser." It is not a question of

replacing male privilege with female privilege even if that

were possible, since "cela reviendrait finalement au meme"

(CS 67; TS 68) Critiques of woman as "other" in relation

to the male subject and the demand for sexual equality might

serve a consciousness-raising function, but ultimately, she








argues, they do not question the bases of phallogocentric

logic.

Instead of reiterating that the feminine occupies the

negative, devalorized realm in these binary opposition,

Irigaray claims that the dichotomies themselves do not

represent a system of differences. Rather, the second term

mirrors the first and as such seeks to exclude otherness

altogether. The traditional philosophical conception of

"woman" (the "other of the same"), is actually just a

negative mirror image of the masculine, produced and

conditioned through the hidden phallic specular relationship

to the masculine (the "self-same"). Within this

"hom(m)osexual" economy based on a standard of oneness, she

maintains that sexual difference does not yet exist. Both

poles of the binary are actually masculinist constructions

participating in a theatrical mirror game, repressing the

Other, the feminine and the material, in order to fortify

male supremacy. Ofelia Schutte describes the distinction

between the other of the same and Irigaray's Other:

In this tradition, the Other is that which exceeds
and subverts the self, not the Hegelian other who
desires a reciprocity of recognition and who is
ultimately considered a counterpart to the self.
Irigaray uses the term Other in the sense of what
is radically Other and irreducible to the master
consciousness--the excluded, the very marginal,
the unconscious, the excessive, the mysterious,
the superfluous. (50)

To support her argument, Irigaray uncovers how the

operation of philosophical discourse is contingent upon








masked variables that sustain truth claims. These figures

of philosophical discourse include,

la "matirre" don't se nourrit le sujet
parlant pour se produire, se reproduire; la
scdnographie qui rend praticable la representation
telle qu'elle se d&finit en philosophie, c'est-a-
dire l'architectonique de son theatre, son cadrage
de l'espace-temps, son economie g6om6trique, son
ameublement, ses acteurs, leurs positions
respective, leurs dialogues, voire leurs rapports
tragiques, sans oublier le miroir, le plus souvent
masque, qui permet au logos, au sujet, de se
redoubler, de se reflechir, lui-meme. (CS 72-73;
TS 75)

The use of a theatrical trope for exploring representations

demonstrates how philosophical discourse itself is

conditioned. As Timothy Murray notes,

What is theorized or understood as "real" or
"material" or even "historical" remains contingent
on its mise-en-scene, that is, on the means with
which it is represented as well as on the context
of its reception. (Mimesis. Masochism, and Mime 7)

The figure of performance can be viewed as a "third" term

that exceeds the binary paradigms perpetuating repressive

mental structures such as racism, sexism, and heterosexism.

Within this theatrical scenography, through the specular

operation and the conceptualization of matter, sexual

difference is conditioned, produced, and comes to signify--

or as Irigaray claims, does not.' Her thesis is that in

traditional philosophy the concept of matter is excluded

from, yet supports the patriarchal scene. It provides

substance and sustenance for the male subject that enables

his reproduction as the sex that matters. This culturally

and historically mediated scene of representation conditions

(male) subjectivity and sexual indifferencec.








Irigaray argues that the language of the symbolic is

sustained by material elements, and that the feminine has

historically served as this material support. Etymologically

bound to mater and matrix (the mother, the womb), feminine

matter functions as the support or grounding of the system

that upholds male privilege. The nourishing matter outside

the scene of representation is the maternal-feminine; it

provides the foundation of the system, and enables "la

puissance de sa syst&maticite, la force de sa cohesion .

la generalit6 de sa loi" (CS 72; TS 74). Western philosophy,

including feminist discourse, proceeds as if matter lay

outside this scenography instead of taking part in its

formation. Significantly, her argument implies that through

the repression of the maternal-feminine, masked as an appeal

to a higher "truth," phallogocentric logic and the supremacy

of the male subject are maintained. In Irigaray's view,

philosophy's most urgent imperative at this time is to

reveal this aporia through interpretation.

The Mirror and Mimetisme

Irigaray's theory of specular identity formation and

the constitution of sexual difference through language is

indebted to structuralist, psychoanalytic, and post-

structuralist thinking.' In Saussure's concept of linguistic

meaning, there is no inherent link between signifier and

signified, words and reality. He explains how words come to

mean within a symbolic system of language and shows that

signify relationally. Foucault applies this linguistic








structuralist thinking to his conceptualization of social

identity formation. On an individual or group level, he

says, we form our identity only in relation to others,

through dis-identification from them.' This is not to say

that if we dis-identify with the other, we posit the Other's

difference, but rather that the other in this Hegelian

schema, as Schutte says, exists only as a counterpart to the

self. In other words, the specular relation effectively

negates others' difference. This process is linked to the

perception of one's own self-image and psychic boundaries.

If identity is formed through such a hierarchy of

dominance, Foucault argues, there must some relationship

between the two. However, in order to assure the subject's

primacy over the other, this rapport or resemblance and its

accompanying elements of difference must be repressed.

Furthermore, in order to sustain a prevailing ideology, the

means by which social supremacy is attained, and maintained,

must be concealed. As Irigaray says in her description of

the scenography, "Toutes interventions dans la scene qui,

rest6es ininterpr6etes, assurent sa coherence" (CS 73; TS

75). A set of norms dictated by a socially powerful group

serves to screen how that power is attained. With recourse

to norms, social 'laws' are created to dictate the true, the

good and the normal over the false, the bad, and the

abnormal. Through the injunction of these cultural 'laws'

produced within patriarchy, those who do not fall within a

standard of male heterosexuality are subject to forms of








social punishment: rejection, repudiation, and disavowal.

The consequences, Irigaray argues, lead to social and

economic injustice, as well as psychological and physical

injury.

How can this (masculine) logic be exposed? A break with

the patriarchal order, which is supported and sustained by

philosophical theory, is not feasible. One cannot simply

step outside the language of this deep-seated, historically-

laden scene. Instead, Irigaray argues that focusing on the

process of how discourse and cultural systems of

signification mean can reveal flaws in their logic. It is

through representational fissures that she glimpses

possibilities for reconfiguring the symbolic. To contest the

foreclosure of feminine representation and desire within the

specular economy, the figures of philosophical discourse

must be reopened.

C'est bien le discours philosophique qu'il faut
questionner, et deranger, en tant qu'il fait la
loi A tout autre, qu'il constitute le discours des
discours. (CS 72; TS 74)

A feminist critique interested in transforming the

patriarchal system must subvert it from within. It must take

a closer look at the variables in play (matter and the

mirror), and "les faire rejouer, dans chaque figure du

discours, pour le deconcerter a entreprendre de

'd6truire' le fonctionnement discursif" (CS 73; TS 75).

Through her own process of mirroring, which mimes the

phallo-specular relation, Irigaray uncovers the negation and








suppression of both matter and the feminine within the

Western philosophical tradition.

Irigaray's tactic is not simply a repetition of the

self-same in which she seeks to run away with the power of

the dominant group or to reinstitute, for the feminine, the

same sort of oppressive regime. Such a reversal of power

would still operate within the structure dictated by

patriarchal thinking. A whole new idea of woman needs to be

conceptualized, along with new relations to language and to

power, for being a subject in language is a condition for

social subjectivity. As Irigaray, Chawaf, Cixous, and others

have argued since the early 1970s, as long as the concept of

woman is used to construct (man's) language, she has no

access to her own.

Irigaray's subversive textual practice does not seek to

determine what woman is nor to definitively define her, but

rather to understand the system in which a conception of

woman without social subjectivity is reiterated as the norm.

Il fallait, en effet, un discours qui prenne come
enjeu la sexuality meme pour que ce qui
fonctionnait comme condition de possibility du
discours philosophique, de la rationality en
g6enral, se donne A entendre. (CS 162; TS 168)

It would initiate the possibility of thinking woman outside

the realm of the "other of the same." Irigaray's texts pose

the question of the "Other of the Other," which Lacan

proclaims does not exist. For the nonce, she agrees, "La/une

femme fait signe vers l'indefinissable, l'inenumeration .

. nom common indeterminable quant A une identity" (SP, 285;








SPE 230). For now, "La femme 6tayera ce redoublement

speculaire, renvoyant a 1'homme 'son' image, le rdp6tant

come 'm&me'" (SP 63; SPE 54). But keep in mind that

Irigaray's vision of systematicity is dynamic. The exclusion

of woman makes possible the "closure" of philosophical

discourse: it provides the illusion that the system is self-

sustaining. What, Irigaray wonders, would happen to the

specular relation if an other mirror, "un image 'autre,' un

miroir 'autre'" were to intervene in the system (SP 63; SPE

54)? A scenario exposing possible difference within the

order of the self-same would "signifie toujours le risque

d'une crise mortelle" for the existence of the sexually

indifferent, feminine-repudiating logic (SP 63; SPE 54).

How, then, can one begin to unleash this crisis, to

subvert the systematicity at play in the specular theater?

Through a poetics of the body, a strategy of "mim4tisme"

(mimicry, camouflage), which would reveal, Irigaray insists,

a premise that the master philosophers did not explore:

"qu'il pourrait 6ventuellement s'agir d'un meme mais autre

miroir. Miroir concave peut-&tre? Pour refldchir un autre et

meme miroir" (SP 307; SPE 248). A tactical stance true to

the basic tenet of 6criture feminine, Irigaray's mimicry

appropriates the modus operandi of reflection and

replication, but manipulates the tools of the specular to

her own ends. Her strategy of reversal and displacement aims

to transfigure "en affirmation une subordination, et, de ce

fait, commenger a la dejouer" (CS 73-4; TS 76). She enters








the phallogocentric realm through the linguistic doors it

inevitably leaves open, penetrating philosophical discourse

by addressing it on its own terms:

Jouer de la mimesis, c'est donc, pour une femme,
tenter de retrouver le lieu de son exploitation
par le discours, sans s'y laisser simplement
r6duire. C'est se resoumettre -- en tant que du
c8t6 du 'sensible', de la 'matiere' .-- a des
'id6es', notamment d'elle, 6labor6es dans/par une
logique masculine, mais pour faire 'apparaitre',
par un effet de r6p6tition ludique, ce qui devait
rester occult: le recouvrement d'une possible
operation du feminin dans le language. C'est aussi
'd&voiler' le fait que, si les femmes miment si
bien, c'est qu'elles ne se r6sorbent pas
simplement dans cette function. Elles restent
aussi ailleurs: autre insistence de 'matiere',
mais aussi de 'jouissance.' (CS 74; TS 76)

Through a close look at each aspect of this mise-en-

scene, she reexamines

le fonctionnement de la 'grammaire' de chaque
figure du discours, ses lois ou necessit&s
syntaxiques, ses configurations imaginaires, ses
reseaux m6taphoriques et aussi ses silences
(CS 73; TS 75)

in order to demonstrate that the specular system of

reproduction, of mimesis, always already contains the

seeds of its own undoing.

Irigaray's call to textual play is not to be taken

lightly, for the passage from "jouer" to "jouissance" is

simultaneously political and ethical, an interrogation and

an affirmation. Characterized by a series of double lexical

movements, this quotation illustrates the procedure it

describes, relying on equivocal figures of speech in order

to render one definitive reading dubious. "Jouer (de)"

delivers the meanings, both playful and serious, of the act








of mimicry: interpreting, camouflaging, taking advantage of

to one's profit, making fun of, and risking.' Infinitives

and pronominal verbs lead us through the passage ("jouer,"

"tenter de retrouver," "faire apparaitre," "d&voiler," "s'y

laisser," "se resoumettre," "se resorbent") and make an

ethical statement about subjectivity and language. Not bound

to the subject, infinitives are impersonal. Their

positioning slides from and to both subject and object. The

pronominal verbs designate a movement of reciprocity--a

mutual action between two people--as well as a self-

reflexive action. These latter may connote a collective or a

singular that has the value of a plural. What must remain

secret in master philosophical discourse, is "le

recouvrement" of an operation of the feminine: both the

covering over and recovery of feminine matter. In the double

movement of her mimicry, to reveal the covering over is also

to gesture towards the recovery of woman's "jouissance." The

illness is not fatal; the debt and her rights can be

recouped.

Irigaray describes something resistant in the concept

of (feminine) matter that enables a miming subversion unable

to be riveted definitively in place: "elles ne se r6sorbent

pas simplement dans cette function." They do not disappear

altogether in this dissimulation. Rather, this "rdsorption"

can be likened to passage through a mucus membrane that

Irigaray theorizes as the middle-passive, a place of

threshold allowing free-flowing entrance or exit. The








middle-passive can be understood in relation to her concept

of the interval or envelope: an elasticity through which two

beings encounter each other as subjects. The contiguous

meanings, like two individuals in a relation of generous,

non-selfish desire, lead to "jouissance" in all senses of

the term: as sexual pleasure, as active participation ("se

servir de quelque chose"), and as attainment of legal rights

(becoming "titulaire").

To re-explore the site of woman's exploitation, to

probe the dark continent of the repressed feminine, Irigaray

penetrates the threshold of the scene of representation with

another mimetic tool: a speculum. The term speculum, linked

etymologically to sight ("specere"), designates an

instrument inserted into a body passage for inspection, most

often for gynecological examinations. What more appropriate

tool could a feminist practice use for the exploration of

passages of the body, both material and textual, and sexual

difference? Playing on the difference of this exploratory

instrument designed for the female genitals allows her to

look at representation from a previously obscured feminine

perspective.

With her passage-opening speculum, a trope for

critically rereading theory--and copy of the Self-same

mirror with a sexual difference--Irigaray mimes foundational

philosophical texts. Reiterating the words of the masters,

she effects subtle subversions in their discourse. Through

this mode of introducing anotherr voice into texts, she








puts into question sometimes explicitly, sometimes

implicitly, the "fonctionnement discursif": the system of

metaphor that allows the substitution of the masculine for

the feminine, and the repression of the maternal-feminine.

Tracing how the system of thought was constructed in

order to expose the gaps of both metaphor and concept, she

deconstructs philosophical texts through their own logic. In

doing so, she reveals the paradoxical moves made that give

their arguments the appearance of cohesion. Although this

poetics, "a mimicry that undermines the referent's

authority," echoes modernist gestures toward the non-

referentiality of language," hers is one with a feminine

difference (Diamond 62). Instead of replacing the

masculine/male with feminine/female bias, she reveals these

binary concepts to be postures.

Rereading Plato

For exposing sexual indifference and initiating a

process of cultural and linguistic transformation, Irigaray

cites Plato's myth of the cave as a good point of departure.

"L'hystera de Platon," the last essay in Speculum, returns

to the most fundamental of western philosophy's beginnings

in order to explore the question of sexual indifferencec.

In Book 7 of The Republic, Plato's parable approaches

epistemological questions of primary concern to Irigaray:

What things are real? What constitutes their reality? How

can we know? How do we know we know? Her rereading

demonstrates how Plato's myth does not simply seek knowledge








about what is "real," but his text actually operates

performatively, producing and conditioning a "reality" that

excludes matter and the maternal-feminine in order to serve

his own ends. Through repetition that magnifies the elements

constituting the cave-womb scene, Irigaray highlights the

stakes involved in Plato's metaphorical representation:

Dilemme, oscillation, indecision, don't on ne
sortira pas sans interpreter l'inter&t, les
int&rets, en jeu. A qui, a quoi, profitent les
credits investis dans l'efficace d'une telle
m6taphoricite, dans de tels quadrillages et
definitions des pions du jeu, dans l'attribution
de ces critrres differentiels aux pieces de
l'chiquier, dans cette hidrarchie de valeurs
comme enjeu, regles, et solde de la parties. (SP
335; SPE 269-70)

Plato constructs an elaborate scene, which he likens to

a theater, in order to illustrate the difference between

true and false representations. Thus he sets the stage for

dichotomous illusion. In describing the production of Forms,

he creates a metaphorical system for differentiating between

the good/true/real and the bad/false/illusory. The Form, in

referring both to species and shape, is central to

Irigaray's broader concerns of legitimacy and exclusion:

what is valued as human and how it accrues value--through

morphology--both of the body and of language. Announcing her

argument in the title "Plato's Hystera," Irigaray

establishes from the outset that the cave-world at the basis

of Plato's metaphor is actually the womb robbed of its

reproductive function. His scenario offers up a "tentative

de metaphorisation, proces de d6tournement, qui prescrit,








silencieusement, la metaphysique occidentale," that requires

that the womb-mother-earth be forgotten, erased, and left

behind in a quest for Truth and Knowledge (SP 301; SPE 243).

While purported to represent the feminine, the matter that

figures within his scene is conditioned by phallic logic.

Irigaray points out that there is a second, "inarticulate"

matter covered over by Plato's specular feminine, "the Other

of the Other." As Butler says, this matter "designates the

constitutive outside of the Platonic economy; it is what

must be excluded for that economy to posture as internally

coherent" (BTM 151).1 The patriarchal world/scene of

representation founds the sexual indifference reflected in

model-copy mimesis and sustained by the operation of the

mirror that Irigaray traces to the psychoanalytic discourse

on sexuality.

Within this representation the inhabitants live in a

cave-womb of the earth, chained to their places, facing

forward, "6tant immobilis&s par l'impossibilit de se

retourner, ou retourner, vers l'origine, vers l'hystera" (SP

303; SPE 245). They view a stage where statues illuminated

by a fire from behind cast shadows upon the backdrop, the

screen of the theater. Chained as they are, they do not see

that their perspective is only partial. Although the

prisoners only see one dim light, one set of images and

shadows, only hear one set of accompanying voices, each

aspect of Plato's cave is doubled in a larger realm, the

world, and further in the world of Ideas. As Irigaray points








out, in this "caverne ou 'monde' tout ne serait

qu'images d'images" (SP 305; SPE 246). Plato draws analogies

first between these first and second realms, then between

the second and third. Each set of copies, doublings, and

substitutions visually perceivable is hierarchically ordered

and more highly valued as it moves from the earth-mother-

cave to the realm of Ideas. For Plato, each form produced is

a copy of an unknowable Ideal Form--an a priori origin

outside knowledge. The Ideal is one of a kind, self-

identical, the pure model for its copies that are individual

things (bodies, actions, shapes, and objects). It sets the

normative standard against which all copies can be measured

but is itself exempt from interrogation. This system of

analogy and of substitution, is also one of estimated worth.

Copies have more or less value based on their position in

the analogy chain that leads to Truth, Reality, and

Knowledge. The closer that copies resemble the Ideal Form,

the better, the truer, the more real they are.

Plato's system of likeness sustains its illusion "par

une alternance regl6e de r6pliques ou les interference et

bruits du fond de l'entretien sont d'entrie de jeu reduit"

(SP 258-9). Through her amplifying mime, Irigaray attempts

to displace the authority of Plato's word by turning up the

volume--magnifying the ideal of truth underlying and

legitimating his metaphors,

figures, qui representeront 1'intervention des
femmes, sans voix, sans presence. Feminin,
maternel, d'embl6e glacEs par le 'comme', le
'comme si' de cette representation, masculine,








domin&e par la resemblance, l'identit&. (SP
329; SPE 265)

Her mimicry gives voice to silenced material and sensible

background elements, lends an ear to barely perceptible

sounds, and fleshes out the tactile.

Plato's analogies conceal the fact that all the copies

and images rely on a material support (the projection screen

of the cave, the water reflecting men and objects, the veil

barring passage to the world of Ideas). Through metaphor

Plato's argument progresses away from the archetypally

feminine supports of mirror, water, and veil and bars

passage to them: "passage oblitere entire le dehors et le

dedans, le haut et le bas, l'intelligible et le sensible

Le 'pare' et la 'mere' (SP 431; SPE ). As Irigaray

demonstrates, Plato, the mother's child, "est en train de

depouiller les membranes par trop mat6rielles, les heritages

par trop physiques" (SP 397-98; SP 318). Once in the world

of Ideas, the eyes that facilitate sight/knowledge are no

longer attributed to the body but to the soul. The movement

from the body-mother-earth to the mind-father-soul

corresponds to a progression from illusion to Truth,

illusory copy to true original, the sensible to the

intelligible. Chained and unable to move about, the common

man lives in a world associated with matter, while the

proper philosopher would be the man capable of exiting the

dangerous cave-womb and proceeding toward the blinding light

of the Ideal/Truth/Reason. The philosopher's ascent towards

intelligibilty requires leaving behind the material place of








his origination. At his final destination, Plato manages to

conceal the connections between his world of the mind and

the realm of the senses.

Plato himself employs a familial metaphor to describe

the scenario. In keeping with his logic, the mother should

participate in reproduction. Yet, he renders her powerless,

depriving her of contribution to the production of forms.

She figures only as the receptacle for its enactment. He

places

a prohibition on resemblance (mimeta), which is to
say that [in Plato's text] this nature cannot be
said to be like either the eternal Forms or their
material, sensible, or imaginary copies. (BTM 153)

It is Plato's paradoxical use of metaphor prohibiting

resemblance that produces the nonspecular feminine as the

outlawed element and makes possible a scene of

representation based on likeness. "A whole system of

kinship--that is, in this case, of analogy--makes contact

between them impractical. The economy of metaphor that is in

control keeps them apart" (SP 346). And yet Irigaray shows

clearly that Plato's metaphor is catachrestic; it strips the

mother of the reproductive power to create a form/copy that

would resemble her. Neither form nor copy, she has no status

in ontology; hers is a "nonthematizable materiality" which

cannot be said to exist at all.

Despite Plato's attempts to strip the feminine of its

power, Irigaray maintains that what is repressed in a

symbolic systems "regit-il, sans (r)appel, le texte meme qui

maintient sa prohibition" (SP 314; SPE 253). Philosophy as








we know it cannot proceed without excluding the feminine

from the form/matter binary. To understand this, "Il suffit

d'en questionner la surdetermination. De d&masquer les

figures, formes, signes, qui assurent sa coherence pr6sente"

(SP 314; SPE 253). By exposing the concealed elements of

Plato's scene, Irigaray's light reveals a passage forgotten

by Plato, the "forgotten vagina." Playing on the homophony

of entire and "antre," she argues that this passage is what

enables movement between worlds, "cet entire deux 'mondes',

modes"--the specular and excessive feminines" (SP 305; SPE

246). With a fuller view of the cave-world, the captive

philosopher would be overtaken by vertigo. Spinning, senses

reeling, losing perspective "de ce retournement," he will no

longer be able to reconcile his two points of view (SP 335;

SPE 256). But the philosopher able to unchain himself and

move towards the light-knowledge is not subject in Plato's

world to such a destabilizing, doubly visual effect of the

cave-womb-mother. Instead, he masters disorder through

relations of likeness. Irigaray's mimicry reveals that

Toute une conception s'arr6te 1~[ ]sur--
1'illusion d'une m6taphorique propre, d'une
mdtametaphorique, postulde par la pres6ance de la
v6ritg qui decide, par advance, du ddroulement de
l'entretien, des inter-ventions. (SP 325; SPE 261-
62)

Irigaray's rereading triggers a sort of Gestalt shift

in perception that would reveal how Plato's metaphor depends

on the suppression of the maternal-feminine. For example,

just as some elements of the cave are visible while others

are invisible, some inhabitants of Plato's cave speak while








others are prohibited from doing so. Absent and silent

elements function as the reflecting screen necessary for the

reproduction of the same. The coherence of his argument

necessitates silence, "car si tous parlaient, parlaient en

meme temps, le bruit de fond rendrait difficile, sinon

impossible, ce proces de redoublement que constitute l'6cho"

(SP 318; SPE 257). To create a quiet backdrop for the words

of the selected few, the multiplicity of voices must be

reduced. Moreover, in order to mask his omissions and to

sustain his narrative as being logical, Plato posits the

silence of the background elements of the scenography as

neutral. "Qui soutiennent la fiction de terms propres a

chaque un, et A chaque chose, susceptibles d'etre reproduits

comme tels (SP 319; SPE 257). Discourse, as Irigaray shows

through her critique of Freud and Plato, does not merely

reflect reality or describe how things are, but instead

performs the illusion that they are only one way. Miming

Plato's text, rendering visible the invisible, Irigaray

offers momentary glimpses beyond the borders which enclose

his thought and which prohibit a feminine operation within

language. Despite his attempts to control metaphor, the

maternal-feminine cannot be fully foreclosed.

Rereading Freud

While Freud set out to uncover the nature of sexuality

by way of language, Irigaray criticizes his approach in the

first essay in Speculum, "La T&che aveugle d'un vieux r&ve

de symetrie." She draws attention to what she considers the








"blind spot" in his theoretical "dream of symmetry": the

phallic specular relation operating within his theory.

Irigaray demonstrates Freud's admission that his

understanding of sexuality derives from "une prescription du

psychique par l'anatomique selon 1'ordre de la mimesis," a

metaphorical one-to-one relation between sexual organisms

(sperm/ovum) and sexual beings (male/female) (SP 15; SPE

12). Based on unitary logic, Freud's version of mimesis

refers to the model-copy variety that posits "a truthful

relation between world and word, model and copy, nature and

image, or, in semiotic terms, referent and sign" (Diamond

58). Within such a paradigm, sameness masks potential

difference.

Instead of uncovering the nature of sexuality, the

reiterated results of his case studies (women most often

being his objects of inquiry, Irigaray ironically notes)

actually

donne a voir ce qui jusqu'alors pouvait
functionner tout en restant implicite, occult,
meconnu: l'indifference sexuelle don't se soutient
la v6rit6 de toute science, la logique de tout
discours. (CS 67; TS 67)

His interpretations repeat the age-old metaphysical scenario

begun with Plato and offer a version of sexuality based on

phallic parameters. For instance, when it came to theorizing

woman, he could only conceive of her as a man minus the

penis, castrated, a deformed copy of himself, "thereby

demonstrating the truth of his own centrality" (Diamond 59).

Lacking a penis, she is deprived of her subjectivity, as








well as the possibility of self-representation. If that were

not enough, Freud's concept of penis envy pushed her state

of lack even further, to lock her into a position of futile

desire. She serves as a tool, a mirror, propping up his

desire, facilitating his subjectivity. Instrumental in this

specular relation but without subjectivity, she, or rather

her envy, fleshes out his mirror reflection, "making her

look like a male looking at himself" (Diamond 63). "Son lot

serait celui du manquede, de 'l'atrophie' (du sexe), et de

'l'envie du p6nis' comme seul sexe reconnu valeureux" (CS

23; TS 23). Freud speaks of the child's phallic stage, but

no vulvar, vaginal, or uterine stage figures in his schema.

Each of these moves illustrates the foreclosure in Western

thought of the possibility of representing feminine

difference and female desire. Covering over woman's sexual

specificity enables Freud to posit the psychosexual standard

as male. As Irigaray sees it, Freudian theories of subject

formation require the negation, repression, and repudiation

of the vaginal, the uterine, and the vulvar.

Although she does credit him with uncovering a certain

logic of presence, he was unable to analyze the conditions

of the production of his own discourse on sexual difference:

Autrement dit, les questions que la pratique et la
theorie de Freud posent A la scene de la
representation ne vont pas jusqu'a celle de la
determination sexude de cette scene. (CS 71; TS
71)

His "blind spot" vis-a-vis these conditions enabled him to

demonstrate the "truth" of his own model of psychological








behavior. Freud is not alone in his lack of foresight

Irigaray emphasizes. Failure to question the sexual

determination of the scene of representation is a phenomenon

endemic to a broader metaphysical trend in Western thought.

Irigaray, mimicking Freud quoting Napoleon, asserts that

"l'anatomie, c'est le destin" (CS 70; TS 70). Her brilliant

re-citation enables her both to engage Freud's text and to

put into question the veracity of his affirmation in support

his own theory:

autre 'symptime' de l'appartenance du discours de
Freud a une tradition non analysee: le mode de
recours a l'anatomique come critere irrefutable
de v6rit6. (CS 69; TS 70-71)

Through Irigaray's "psychoanalysis" of Freud, she

demonstrates how his theory of sexual difference depends on

a model of anatomical a priori sameness clearly reflected in

his "mode d'emploi" of symmetry, analogy, comparison, and

binary oppositions--figures of speech which efface

difference and relations of contiguity. Psychoanalytically

speaking, these relations of closeness represent the

unstable divide between the bodies of mother and infant

that, as Butler says, "reemerge in language as the metonymic

proximity of signs" and risk to decenter phallogocentric

metaphorical unity (BTM 46).

When viewed in light of the castration complex, Freud's

scenario initiates fear and repulsion of the feminine in

both men and women.

La fille se detourne de sa mere, la 'hait' parce
qu'elle s'apergoit que celle-ci n'a pas le sexe
valeureux qu'elle lui supposait; ce rejet de la








mere s'accompagne de celui de toute femme, elle-
meme comprise. (CS 68; TS 69)

Citing Freud's own words, Irigaray reiterates the "law" that

dictates that woman's lack of a penis determines man's

"'dIpreciation de la femme horreur de ces creatures

mutilees ou m6pris triomphant & leur dgard'" or at the very

least, a disparaging attitude toward women (CS 69; TS 69).

The little girl, as Freud says, "'se d6tourne de sa mare,'

'qu'elle devalorise toutes les femmes' a l'egal d'elle-meme

parce que depourvues de penis" (CS 69; TS 69). But Irigaray

ironically implies here that the problem lies not in the

fact that women are penis-less but in the cultural taboo of

identity with the mother, apparent in women's psychological

rejection of her mother, herself, and other women. Marking

the feminine body as an illegitimate version of the

masculine body, a flawed copy, creates a looming, prohibited

feminine, a threat to manhood that reinforces the imperative

of subjecting oneself to cultural law.

As a result, historically, Western thought provides an

account of the social order that forbids encounter with the

maternal-feminine and forecloses "woman" as a viable

subject. Irigaray's rereading of Freud argues that woman is

only the fetish of representation, deprived of

representation as Subject: "la femme, dans cet imaginaire

sexuel, n'est que support a la mise en acte des

fantasmes de l'homme" (CS 25; TS 25). Ontologically, she

simply has no status within this "indifferent" economy.








Going back through sexual difference, "the staging" of

matter is the first step in undermining the stability of

what we know as sexual difference (BTM 52).

Cet ailleurs de la jouissance de la femme ne se
retrouve qu'au prix d'une retraversee du miroir
qui sous-tend toute speculation. Ne se situant
simplement ni dans un proces de reflexion ou de
mimetisme mais renvoyant toutes ces
categories et coupures aux necessites de l'auto-
repr6sentation du desir phallique dans le
discours. (CS 75; TS 77)

Resubjecting herself to mimesis and matter in order to

disrupt the specular foreclosure of the feminine in her

famous essay "Ce sexe qui n'en est pas un," Irigaray mimes

Freud's use of metaphor by juxtaposing a catachrestic plural

morphological figure to that of phallic oneness." Defined

in the Petit Robert, a catachresis is a figure of rhetoric

that "consiste A detourner un mot de son sens propre." It is

a metaphor that denotes the inappropriate use of a proper

term to describe what cannot be properly named within a

symbolic system. "Detourner" also suggests "soustraire A son

profit, voler," and links up with Cixous's description of

6criture feminine:

Voler, c'est le geste de la femme, voler dans la
langue, la faire voler. Du vol, nous avons toutes
appris 1'art aux maintes techniques, depuis des
siecles, que nous n'avons aces a l'avoir qu'en
volant; que nous avons v6cu dans un vol, de voler,
trouvant au desir des passages 6troits, derobes,
traversants. Ce n'est pas un hasard si 'voler' se
joue entire deux vols, jouissant de l'un et de
l'autre et deroutant les agents du sens. Ce n'est
pas un hasard: la femme tient de l'oiseau et du
voleur come le voleur tient de la femme et de
l'oiseau: illes passent, illes filent, illes
jouissent de brouiller l'ordre de l'espace, de le
desorienter, de changer de place les meubles, les
choses, les valeurs, de faire des cases, de vider








les structures, de chambouler le propre" ("Rire"
49).

Irigaray fleshes out a specifically sexed feminine metaphor,

of two lips, turning the site of her exclusion--sexed

morphology--into an affirmation. She proposes this vulvar

counterpart by deliberately stepping into the materially-

laden role historically associated with women. She does so

not with pretensions of declaring the "truth," but to show

instability in the system that classifies "sex." Irigaray's

"vulvomorphic" logic reveals the performative function of

language to produce, from a linguistic conceptualization,

the "reality" that it names. As Jane Gallop points out,

"phallomorphic logic is not based in anatomy but, on the

contrary, reconstructs anatomy in its own image" (78). It is

in this light that we can understand Irigaray's metaphor,

not as a faithful representation of nature, but as a poesis

as Gallop says, a process of creating woman's sex

transgressive of the phallomorphic law operating on an

unconscious level and therefore divorced from its historical

beginnings. Excessive and non-normative, her lips trope is

"not predestined by anatomy but is already a symbolic

interpretation of that anatomy" (Gallop 78). Through

imitation, it offers a reflection on the mimetic structure

that objectifies the other through the visual. Human bodies,

down to their anatomical aspects, vary, but they are often

conceptualized as being of one type, usually male. Moira

Gatens points out in Imaginary Bodies that portrayals of

whole female bodies are often absent in anatomy textbooks.








They include only sketches of what is lacking, the female

reproductive system for example, in the prototype. Outside

the mode of expression of philosophy proper, Irigaray's lips

function catachrestically. Neither vaginal nor clitoral,

they form an unsanctioned, improper symbolic figure without

a "nom 'propre'." Irigaray reproduces an image of female

sexuality counter to the ideal morphological standard--and

also parodies, self-consciously, the exclusions inherent in

the formation of phallic imagery.

There is no "propre" for the feminine deprived of

subjectivity Irigaray argues. For now, she can only be

glimpsed as the disturbance within it. The only tactic

available to her is the embezzlement and reappropriation of

roles, images, and stereotypes assigned to her. She steals

the techniques of phallogocentric logic and uses them

against it to uncover its sexed nature. At the same time,

her irreverent operation, her "vol," flies "elsewhere," and

keeps from being reduced to singularity and leads to

recognition of the repressed difference already within

phallogocentric logic. The operation of mimicry is not

reabsorbed into the repetitive function of sameness: it

points to meaning "outside" the system by miming, by

exposing what the linguistic signifier "n'articule pas dans

l'enonc6: ses silences" (CS 73, TS 75). The goal of mimicry

is to enact a self-same repetition but through a poesis that

repeats it differently. True to the art of the mime,

Irigaray makes visible what is invisible through the medium








of the body. Excessively charged with materiality, her image

exposes a vacant, constructed character inherent in

discourses on sexuality that reveals how bodies never quite

conform to the norms into which they are interpellated. Her

construction of a feminine metaphor is not essentialist for,

as Elizabeth Berg says, she "is obliged to advance some

image of woman if only to hold open this blank space." The

images she proposes "of fluids, caves, etc.--are empty ones"

subject to infinite deferral (17).

Playing with mimesis in such a way means to "tenter de

retrouver le lieu de son exploitation par le discours"

without allowing oneself to be reduced to exploitation and

silence (CS 74; TS 76). Irigaray's lips metaphor slips out

and flies free, if only for an instant, from symbolic

constraints." Indeed, her figure is not meant to determine

a fixed concept of female sexuality. Rather, it is a

symbolic representation that exceeds dualities. Constantly

moving back and forth between the lips and multiple points

of contact, this feminine pleasure "d'au moins deux levres"

exceeds the law of sameness (CS 73; TS 26). Its multiplicity

troubles the phallogocentric logic of one-to-one

equivalence. If her jouissance is so plural, it cannot be

easily controlled, reduced, and assimilated into oneness.

Butler understands Irigaray's multiple lips as a repetition

of the violation of that reduces woman to materiality, but

she claims that these

repetitions of hegemonic forms of power fail
to repeat loyally and, in that failure, open








possibilities for resignifying the terms of
violation against their violating aims. (BTM 124)

Irigaray's excessively material configuration of the anatomy

disrupts the image of woman as man's negative. Uncovering

the plurality of possible representations within the phallic

scene of representation risks to jam the workings of the

machinery of sameness. Once introduced into the system, the

catachrestic feminine figure reveals the logic of

phallocentrism's impotence to determine the meaning of its

terms. Through this nontraditional metaphor, she points

toward the possibility of a third course, gesturing toward

an "Other of the Other" covered over by phallic logic. As

Berg notes, she does so "by fixing her gaze on the support

itself: focusing resolutely on the blank spaces of masculine

representation, and revealing their disruptive power" (17).

Irigaray describes her process of "mimetisme" as

"hysterical miming," as the woman's attempt to save her

sexuality from complete repression. Hysterical laughter is

always at least double. Whereas laughter should signify joy,

hysterical laughter is paradoxical and improper. Hollow, it

resounds like an echo in an empty house. Listening closely,

one can hear the silences within it. Nevertheless, at the

same time this tactic is liberating. By exposing the threat

of psychological and physical harm inherent in subject

formation based on negative disavowal, it reveals the

boundaries of the subject to be more shifting than imagined.

In fact, for Irigaray the hysterical figure is a

catachrestic one: she is inside the symbolic realm but








exceeds its figuration of her. The illusion that the

boundaries of subjects are fixed could not be sustained

without the social prohibition of feminine specificity. For

both Irigaray and Chawaf, this taboo produces a cultural

aversion toward the feminine. By appropriating hysteria,

which Freud claims is proper to woman, such excessive

performances of feminine sexuality symbolically embrace the

risk that threatens a subject's boundaries.

Some of Irigaray's critics argue that her mimicry

relegates woman to a place where she is permanently deprived

of a voice. However, true to the flowing, ephemeral art of

mime, the blank space exposed through Irigaray's mimicry

is, clearly, no place between 'his' language and
'hers,' but only a disruptive movement which
unsettles the topographical claim a taking
of his place, not to assume it, but to show that
it is occupiable, to raise the question of the
cost and movement of that assumption. (BTM 36)

Philosophical discourse will continue to deprive women of

the value of their sex, Irigaray claims, as long as "on ne

sache pas pourquoi, par qui, et que cela soit port& au

compete de la 'Nature'" (CS 70; TS 71). Exposing the threat

of the loss of the self's integrity through hysterical

mimicry, she explores what Butler calls the "zones of

inhabitability" which a subject fantasizes to be threatening

its own integrity (BTM 243). Valorising the masculine over

the feminine serves to shore up the dominance of the

phallogo-centric order, to empower one group at the expense

of the other.








Irigaray's tactical mimicry shakes up the foundations

of marginalization on which the edifice of patriarchy is

built by exposing the metaphorical structure inherent in the

production of form and matter. It challenges the systematic

exclusion of what is outside conventional representational

systems--different relations of and within signification--

and attempts to open up a passageway to what has been

repressed: the flesh, the material, the maternal-feminine.

Exposing such referential instability is enabling for

feminist discourse. It implies that neither the

phallogocentric thinking nor the grammar supporting and

conditioning it are closed systems; they contain the

elements for their own undoing. The feminine exclusion that

she isolates is neither a permanent nor immutable state, for

it is produced performatively through an unstable system of

referentiality. Psychoanalytically speaking, recognizing the

repressed origin could unblock the erasure of the maternal-

feminine and allow new relations between the self and the

other to begin. A system of sexual difference which

recognizes woman's sexual specificity, instead of

assimilating her into masculine sameness, would be the means

for putting into question the domination of masculine over

feminine, as well as self-destructive rivalry among women.

Conceptualizing sexual difference in a different economy of

language would be a first step towards change in the human

condition, both female and male.








For Irigaray, such a return of the maternal-feminine

figures only in the conditional mode for it has yet to come

into being. Provisional tactics, such as Irigaray's mimicry,

are for her the first step towards not only female

subjectivity, but subjectivity for all bodies that do not

comply with the heterosexual masculine norm. Using

Irigaray's rereading of Plato as a point of departure,

Butler examines the conditions of the production of the

concept of matter. She traces, and problematizes, the ways

in which sexual difference functions in philosophical

discourse.

Gender Performativity

Since the inception of 6criture feminine in the 1970s,

critics have dismissed the symbolic-altering potential of

this practice as utopian. However, in light of Judith

Butler's theory of the performativity of gender and its link

to bodily materiality, we can now envision the possibility

of "a radical rearticulation of the symbolic horizon,"

possible through the repetition of subversive mimetic acts

such as mimicry (23).'5 She engages with the western

philosophical tradition in an Irigarayian manner. That is to

say that she explores the conditions of the production of

discourse in order to understand how sexed bodies

materialize. For Butler as for Irigaray, the matter of

bodies encompasses the material, the discursive, and the

ethical: how bodies take form or appear and how they








signify, as well as "which bodies come to matter and why"

(BTM xii).

Since Simone de Beauvoir's classic formulation in Le

Deuxieme Sexe, "on ne nait pas femme, on le devient,"

feminist theory has relied on dichotomous thinking with the

sex/gender binary at its base (477). To account for

differences among women yet retaining their common bond, sex

was posited as the natural, biological given and gender as a

social supplement to sex, artificially added through

interaction with the world. Debates have since revolved

around two camps of thought: one that argues the primacy of

sex over gender, and the other, gender over sex. The theory

of social constructionism tends to privilege gender over sex

on the grounds that sex is an appeal to the "natural." Yet

Butler identifies a problem with an espousal of this theory

as it is currently formulated.

Paradoxically, in social constructionism's seeming

rejection of the notion of sex as a foundation, it

reiterates that very idea: sex is seen as the solid ground

to which the social is added. As Irigaray makes clear in "La

Tache aveugle d'un vieux rave de symitrie," Beauvoir's

formulation of gender derives from Freud's discourse on

femininity (SP 19; SPE 21). In terms similar to those of

Beauvoir he states, "psycho-analysis does not try to

describe what a woman is but sets about inquiring how

she comes into being" ("Femininity" 116). Beauvoir's re-

citation of Freud is significant, for Irigaray suggests that








feminist thinking uses his criteria uncritically: the

sex/gender dichotomy reiterates phallo-logic. In other

words, social construction reifies the notion of sex as the

solid ground of identity. Articulating a theory of the

feminine on the grounds of a body supposedly outside culture

is problematic, especially as Irigaray argues, when it is a

notion of the body articulated within a misogynistic

tradition, one that constitutes a structural position of

exclusion.

Constructivism suggests that a social force exists

which operates outside the scene of construction as an a

priori, investing the social with "a culture or agency .

which acts upon nature" (BTM 6). This way of thinking

implies that social agency remains outside human action.

Problematically casting aside bodily experience, the body

appears only as an effect of language, and the concept of

sex as a phantasy. Seeking to overcome the impasse vis-a-vis

the social problems of marginalization and abjection, Butler

shifts the focus of feminist philosophy from essentialism

versus constructivism to

the more complex questions of how "deep-seated" or
constitutive constraints can be posed in terms of
symbolic limits in their intractability and
contestability. (94)

The matter of "sex," the site of bodily oppression, is not

static. Butler points out that in Greek ontology matter was

a creative principle and had the power to originate. Yet

this idea is lost in Cartesian philosophy. Focusing on the

question of how sexual material difference functions with








respect to discursive practices, Butler's theory of gender

performativity aims to displace the stability of the

sex/gender dichotomy. To rethink the form/matter split in a

modern political context by interrogating the degree to

which the concept of form is historically produced, Butler

draws from Irigaray's reading of Plato and Foucault's

historical analysis of the interconnections of form and

matter." The following discussion traces Butler's

examination of the categories of sex and gender through an

optic of linguistic speech acts, structuralist and post-

structuralist philosophy, and psychoanalytic thinking.

One of the ways bodies materialize is through

discourse, Butler asserts, namely through performative

citational practices. Her theory of gender performativity

reconfigures J.L. Austin's concept of performative speech

acts elaborated in How To Do Things With Words. As opposed

to constative or descriptive statements, performatives are

neither "true" nor "false." Instead this class of statements

describes discursive moments when saying is doing, or, to

paraphrase Austin, when saying can make it so. Austin

outlines several requirements for these speech acts: his

rules illustrate how highly regulated speech acts must be

reiterated seriously in order to operate correctly.'

Performatives may either fail or succeed, depending on both

the speaker's and the receiver's compliance with

convention." A performative even masquerades as a statement

of fact, Austin declares, "when it assumes its most explicit








form," which is to say, as a type of authoritative speech

(4)." All philosophical constatives, according to Butler,

operate as performatives. Although they are neither "true"

nor "false," they masquerade as descriptions of "reality"

through the reiterated invocation of authority. This

masquerade involves the illusion that a statement's meaning

remains singular and constant through space and over time.

As Irigaray would say, it gives rise to the deception that

there is no meta-metaphor.

Austin's seminal work on performatives has led to

important critical insights into "how contingent and

radically heterogeneous--how contestable" the relationship

is between a subject and an utterance (Parker & Sedgwick

14). This contingency applies to the interlocutor, the

audience, and the locution of the performative act. Austin's

claim that "actions can only be performed by persons, and

obviously in our cases the utterer must be the performer,"

shows how he privileged the subject's agency over other

factors that constrain individuals, such as relations of

power (60). Butler's gender performativity, on the other

hand, questions an individual's ability to bring about the

intended action. Understanding the performance of gender as

a simple action effected through a subject's choice

oversimplifies this process. As Butler explains, a subject

cannot choose to don a gender as she chooses to put on

either a dress or pants at the start of the day. Instead of

subscribing to the performativity of gender centered around








the subject "as the act by which a subject brings into being

what she/he names," she emphasizes the role of discourse in

producing "the phenomena that it regulates and constrains"

(BTM 2). The function of discourse in this process provides

the link between the performativity of gender and the

materiality of sex, where materiality signifies how bodies

take form or appear and how they signify.

Like Irigaray, Butler argues that the materiality of

"sex" is not unproblematically a bodily given; it is

conditioned by the form/matter dichotomy and by the

psychical body image. "Sex" does not simply receive cultural

gender constructions, but serves as an Ideal produced

through the reiteration of cultural norms. This reiteration

is a type of performativity that dictates how bodies

materialize.

Materialization is a complex discursive process over

time, Butler contends, an effect of power in the Foucauldian

sense. Just as Irigaray demonstrated that matter is not

passive but has been deceivingly conceptualized as such,

Foucault shows how form is historically produced, "from one

moment to the next, at every point, or rather in every

relation from one point to another .. it comes from

everywhere" (HS 93). In an abstract way, materialization

emerges through "ceaseless struggles and confrontations" at

the nexus of various cultural and discursive practices (93).

When conceived as outside discourse and power, form can be

used as a tool of (oppressive) power. Discursive acts,








Butler shows, are part of the process of diffuse power that

produces boundaries of texts and bodies.20 Through the

operation of "citation" which reinstalls normative

boundaries, the body's boundaries appear completely stable

instead of being repeatedly put into question. She uses

citation in Derrida's sense of citationality, "in which the

naming in discourse of an 'object' by a particular subject

is a 'citation' of an already existing discursive norm"

(Cotter 228). The invocation of normative gender constraints

is a ritualized procedure that not only "sets a limit to

performativity" but also "impels and sustains

performativity" (BTM 95).

Butler chooses a juridical metaphor in elaborating her

argument. To illustrate the role of regulation and citation

within the symbolic order, she compares the process of

identity formation to the formation of laws within the

American legal institution. Although a judge appears to be

invested with the power to create law, Butler reminds us

that the sanction does not rest in his person as such.

Rather, he can "originate" law only by subscribing to and

citing statute. Bound to the legal conventions preceding

him, any law he appears to initiate is actually a

reconstitution of prior law. As a certain law is cited over

and over in time and across space, it accrues authority.

Through an "echo chain of their own reinvocation," laws are

invested with a binding power which the judge, as appointed

guardian of the legal process, serves to perpetuate.








Discrete acts of gender performance operate similarly

through this echo chain.

What compels gender performativity? Instead of viewing

the formation of the sexed subject as largely developmental

in Freudian or Lacanian schemas, Butler suggests that

subject formation can be understood as an effect of power

that both generates and constrains "sex and a sexed position

within language" (95). There is no subject prior to the

reiterated performance of gender norms, she contends.

Rather, "an echo-chain of their own reinvocation" as subject

enables subjects to come into being (107). Following

Althusser, she argues that one can accede to the status of

subject only through a prior interpellation into this

position: "I can only say 'I' to the extent that I have

first been addressed, and that address has mobilized my

place in speech" (225). This interpellation begins at birth

when the doctor, invested with the authority to do so,

pronounces an infant's sex through the performative "It's a

girl!" Reiterated and reinforced through one's life, the

process of sexing "is at once the setting of a boundary, and

also the repeated inculcation of a norm" (8). Subjects do

not emerge prior to their recognition; instead, it is the

recognition as a viable subject that materializes the

subject.

From this perspective, Irigaray's insistence on mimicry

as a strategy for agency becomes more clear. Exposing how

woman's sexual specificity has been repressed in western








philosophy and psychoanalysis through mimicry reveals the

prior existence of the feminine, albeit an obscured one. At

present, she claims, woman's sexual difference can only be

glimpsed with recourse to the language strategy of mimicry.

In light of Butler's theory of dynamic identity

formation, "sex" can be seen as an "ideal construct," as

Irigaray's lips-figure illustrates, a "regulatory ideal"

dictated by symbolic law which, over time and through a

network of regulated discursive practices, has the power to

"produce--demarcate, circulate, differentiate--the bodies it

controls" (1). Although the force of this ideal appears to

exist prior to philosophical and psychoanalytic discourses

on sexuality, she maintains that these discourses actually

operate performatively, setting limits in advance on sexual

identification and simultaneously reproducing these limits

as normative in order to shore up the authority of their own

claims. Performative theory demonstrates, according to

Francois Lyotard, that the

limits the institution imposes on potential
language 'moves' are never established once and
for all (even if they have been formally defined).
Rather, the limits are themselves the stakes and
provisional results of language strategies, within
the institution and without. (17)

From Butler's perspective, relations of discourse and power

are more fluid than prior theories have acknowledged.

Through her rereading of Freud's and Lacan's language

'moves,' Butler recasts the symbolic "as a series of

normativizing injunctions that secure the borders of sex

through the threat of psychosis, abjection, psychic








unlivability" (15). In Freud's paradigm, subject formation

takes place through identification and repudiation. A boy

must identify with his father (his same) and renounce or

reject the mother (his other) "under and through the force

of prohibition and taboo" (95). "Demands, taboos, sanctions,

injunctions, prohibitions, possible idealizations, and

threats" serve to keep unruly bodies in line (106). As

Irigaray points out in Speculum de l'autre femme, Freud's

discourse on sexuality operates performatively. It does not

describe an actual condition but produces a certain version

of reality, a normative phantasm of "sex," based on

masculine parameters, that require the rejection of the

maternal-feminine. As Irigaray argues, such discourses on

sexuality produce the maternal-feminine as an abject zone

outside the realm of the subject, a realm of inhabitability,

that, according to Butler,

will constitute the defining limit of the
subject's domain; it will constitute that site of
dreaded identification against which--and by
virtue of which--the domain of the subject will
circumscribe its own claim to autonomy and to
life. (BTM 3)

One shores up one's position as subject through speech acts

that produce an abject outside. Stating "I would rather die

than be or do that!" is an example of the disavowal inherent

in this process (243). Among the effects the accumulation of

such renunciation produces is exclusion, disenfranchisement,

and physical harm.

The materialization of "sex" over time, through the

reiteration of regulatory norms and shaming interpellation








serves to assure the ruling authority's boundaries. What

would happen, Butler inquires, if a term meant to

marginalize were reiterated differently--detached from its

negating intent? As Austin reminds us, performative

reiteration invokes convention and this process must always

be a repetition of the same in order to assure the success

of the performative. "This law can only remain a law to the

extent that it compels the differentiated citations and

approximations called 'feminine' and 'masculine,'" Butler

demonstrates (15). If stable identity requires reiteration

over time, this reveals that the boundaries of signification

must constantly be reinstated and thus signals a possible

instability built into the system: the law "perpetually

reinstitutes the possibility of its own failure" (108). As a

result, Butler argues, "materialization is never quite

complete" and "bodies never quite comply with the norms by

which their materialization is impelled" (2). What appears

outside the normative realm in this "zone of inhabitability"

nevertheless figures inside it, she contends. It occupies

the place against which what is inside defines itself.

Because this outside is integral to the system, it hovers as

a threat to the inside's autonomy. In order to maintain its

self-perpetuation as the domain that matters, the system

must repress what it has pushed to the margins.

Each performative utterance is subject to such

infelicityy," according to Austin, a risk of failure that

cannot be controlled by a subject's intent. A strategy of








noncompliance with the authority of the speaker can perhaps

destabilizing norms. As Parker and Sedgwick note, a

threatening performative statement of

"I dare you" followed by a subversive "witnesses"
chorus of "Don't do it on our account" would
radically alter the social, the political, the
interlocutory (I-you-they) space of encounter.
(Performativity and Performance 9)

From an ethical standpoint, performativity

makes the "players" assume responsibility not only
for the statements they propose, but also for the
rules to which they submit those statements in
order to render them acceptable. (Lyotard 62)

The uncertainty within this system provides possibilities

for the "rematerialization" of abject bodies, bodies that do

not matter, in particular those who deviate from the

standard because of sex, sexual orientation, race, and/or

nationality. What effects, then, would certain subversive

acts, like Chawaf's 6criture feminine, which flaunt the

artificial nature of these constructs, produce?

Although there is no way to step neatly outside the

symbolic, destabilizing textual strategies seek to bring to

consciousness the operations of the streams of power

necessary for supporting and sustaining symbolic "law". For

Butler, "law" remains a citation. Her view on power reveals

that symbolic "law" is not an a priori Law, but is instead

self-endorsing, creating boundaries that serve to fortify

itself as Law. Strategies like mimicry put into question the

indisputable status of the "law" by revealing the

possibilities for citing it differently. Reiterations within

the "echo-chain" are always subject to failure, enabling








practices such as mimicry. Through hyperbolic over-

performances, such catachrestic speech acts produce

"unhappy" deviations (as Austin called them) in the

citational chain--"slippage between discursive command and

its appropriated effect" with the aim of forcing the

signifier "woman" to exceed its intended meaning (BTM 122).

An excessive conformity to symbolic commands actually

exposes the hyperbolic status of convention. It shows that

identity terms themselves are always catachrestic,

uncontrollable metaphorical positioning without absolute

referents. Paradoxically, exaggerated complicity with

phallogocentric norms reveals the reproductionn of power

through philosophical concepts, language, and grammar.

Pointing overtly to the gaps and fissures in signification,

nonsanctioned speech acts hold promise for intervening in

the normative framework of the symbolic order." Undermining

performative acts actually disputes the divide between the

symbolic and imaginary realms, upon whose separation Lacan

insisted.

Although Butler provides the matrix for not reading

Irigaray as essentialist, she claims nonetheless that

Irigaray idealizes the feminine as the excluded "other" par

excellence--"as what must remain outside these oppositional

positions as their supporting condition" (BTM 52). Butler

points out that in Plato's discourse

There is no singular outside, for the Forms
require a number of exclusions; they are and
replicate themselves through what they exclude,
through not being the animal, not being the woman,








not being the slave, whose propriety is purchased
through property, national and racial boundary,
masculinism, and compulsory heterosexuality. (BTM
52)

This criticism can be read as justifiable to a degree, in

that Irigaray fails to mention "the metonymic link between

women and these other Others" (BTM 49). However, Butler's

conclusion that Irigaray appropriates, and therefore

idealizes, the 'elsewhere' as the feminine can be contested

when considering how Irigaray rereads Plato--through a

strategy of mimicry. "Appropriating" the feminine is not

tantamount to "idealizing" the feminine. Irigaray mimes

Plato, making use of his familial metaphor, his exclusion of

the maternal-feminine. She does not necessarily define the

"elsewhere" of matter, but rather, her performative

rereadings suggest the inadequacy of any definition of

otherness. For example, in elaborating a morphological

figure of the lips, Irigaray does not expect the reader to

take her trope as a "real" depiction of female genitalia.

She intentionally omits the clitoral, the vaginal, and the

uterine to produce a counter response like "No! That's not

the way woman is." In this sense, a strong negative reaction

testifies to the success of the displacement. If matter is,

as Butler claims, "an ungrounded figure" and if

the feminine, strictly speaking, has no morphe, no
morphology, no contour, for it is that which
contributes to the contouring of things, but is
itself undifferentiated, without boundary (BTM
49),








then how is it that Irigaray posits "the notion that the

feminine monopolizes the sphere of the excluded" (BTM 48)?

But, as apparent in Irigaray's lips figure, her mime reveals

a paradigm of dominance/subordination at work and it serves

to expose a certain logic of exclusion operating in

philosophical discourse, without foreclosing the play of

difference.

As Gayatri Spivak argues, identity categories allow

identity-based political practices to proceed. Yet, treating

them as foundations beyond interrogation limits political

potential ("In a Word" 124-56). It should be recognized that

the totalizations of such categories are provisional and

tactical. Irigaray recognizes the complexity of differences

among women: "les femmes ne forment pas A strictement parler

une classes, et leur dispersion dans plusieurs rend leur

combat politique et complex" (CS 31; TS 32). In the final

analysis, an interrogation of the terms of feminist debate

(the concepts of woman, sex, and gender) reveals the

discourse's own relation to power and authority and

therefore remains true to the democratizing principles of

feminist practice.

Conclusion

Exploring sexual metaphors in Western philosophy,

Irigaray and Butler reveal the exclusions inherent in the

production of "sex" in Western philosophy that challenge its

claims to Truth or Reality. The standard discourse produces

bodies which fall outside the realm of legitimacy, bodies








marginalized in terms of sex, sexual orientation, race,

ethnicity, and class--or any combination of the latter.

Irigaray and Butler seek new ways of conceptualizing

exclusive categories like "sex." In the twentieth century,

whereas the disciplines of anthropology and psychoanalysis

have provided useful insights for rethinking "sex" for

feminist purposes, Western philosophy is often seen as a

discourse that serves only to devalorize "woman." Irigaray

and Butler seek to show the ways in which this discourse can

be used to advance political democratization as well.

Although Chawaf's ecriture feminine is a textual and

also a political practice rooted in this philosophical

tradition, her procedure has yet to be studied within the

context of the tradition's important contributions to

contemporary feminist practice, brought to light by Irigaray

and Butler. Chawaf's version of ecriture feminine, that is

her mimetic strategy, employs gender categories

metaphorically. Few critics have acknowledged this, and the

implications of her use of metaphor have not yet been

sufficiently elaborated.

Irigaray's and Butler's rethinking of matter and gender

performance is useful for refuting claims that Chawaf's

ecriture feminine is an outmoded, essentialist, and passive

attempt at defining "woman." In fact, an argument could be

made that ecriture feminine has been rejected as a viable

"feminist" practice because it puts the idealized category








of "woman" into question, and thereby threatens a feminism

that depends on the solid ground of identity.

This chapter has focused on how Irigaray and Butler

offer a dynamic view of matter, not seen unproblematically

as a bodily given, but as standardized and regulated through

discourse, through the repeated invocation of norms.

Conceptualized in this way, the ethical implications of

matter are revealed: those bodies in noncompliance with

norms are socially marked as insignificant--as not

mattering--as nonexistent in terms of social and political

rights. They shift the focus of feminist inquiry from the

interrogative mode (asking, "what is woman?") toward the

performative, "toward the imaginative enactment of sexual

redefinitions, reborderizations, and rearticulations" (Fuss

7). In my opinion, such imagining "otherwise" is the goal of

Chawaf's practice. The body, Butler argues, is

a materiality that bears meaning, if nothing else,
and the manner of this bearing is fundamentally
dramatic the body is not only merely matter
but a continual and incessant materializing of
possibilities. One is not simply a body, but, in
some very key sense, one does one's body. (BTM
272)

To state that "one does one's body" is not to deny biology.

Rather, Butler's theory of performativity reveals how

discourse shapes consciousness of material bodies, masks

difference, and even impels bodies to comply to norms that

never quite fit. Recasting the female body as Irigaray does

with her lips figure demonstrates how "doing" one's body is

a complex, dynamic, theatrical process, a performance that








is never completely finished. It broadens the horizon of

possibilities for refiguring the concept of "woman." From

this perspective, Chawaf's ecriture feminine can be seen as

an active procedure, a complex process of reworking

conceptualizations of bodies.

Examining Chawaf's writing through the theoretical

optic provided by Irigaray and Butler offers a new way of

understanding her controversial insistence on relations

between bodily materiality and textuality, and in

particular, how and to what ends she exploits conventional

portrayals of woman.

Notes

The term indifferencee signifies the veiled non-
differentiation between the sexes, hence Irigaray's
inscription of difference carries the traces of its
indifference.

2 For Irigaray, sexual difference is at the heart of
all problems of marginalization, be they gender, class,
race, or homosexuality. In taking such a stance, Irigaray
does, nevertheless, recognize differences within and among
these groups. Speaking of women, she says, "les femmes ne
forment pas a strictement parler une classes, et leur
dispersion dans plusieurs rend leur combat politique et
complex" (CS 31; TS 32).

3 Irigaray understands sexual specificity as both
difference between the anatomy of women and men, and the
difference as it is inscribed in the cultural imaginary and
its symbolic representations.

4 See Jacques Derrida, "La structure, le signe, et le
jeu dans le discours des sciences humaines," in L'Ecriture
et la difference, as well as De la grammatologie, Marges de
la philosophie, and Positions.

5Irigaray's works are widely read in English. Therefore
page references include both French and English versions.
The abbreviations CS, TS, SP, and SPE stand, respectively,
for the following: Ce sexe qui n'en est pas un (Paris:









Editions de Minuit, 1977); This Sex Which is Not One, trans.
Catherine Porter (Ithaca: Cornell, 1985); Speculum de
l'autre femme (Paris: Editions de Minuit, 1974); Speculum of
the Other Woman, trans. Gillian C. Gill (Ithaca: Cornell,
1985).

6 Matter in Irigaray should be understood as both a
noun and a verb. It constitutes what is conceptualized as
physical reality, as well as how this reality means or is
significant.

7 See Ferdinand de Saussure and Tullio De Mauro, Cours
de linquistique q6n6rale (Paris: Payot, 1972).

8 See Michel Foucault, Les mots et les choses: une
archeologie des sciences humaines (Paris: Gallimard, 1966).

9 This verb is synonymous with "representer," "monter,"
"interpreter," "simuler," "imiter," "incarner," "speculer,"
"se servir de," "se moquer de," and "risquer de."

"0 As Elin Diamond points out, "a nonmimetic language
means that a speaker can no longer lay claim to a stable
system of reference, can no longer rely on language to
mirror (express, represent) her entire thought" (59).

"Bodies That Matter: On the Discursive Limits of Sex
(New York: Routledge, 1993) is abbreviated as BTM throughout
this manuscript.

Butler uses these terms to distinguish between the
other of the same and the Other of the other. Yet she also
notes her own improper use of excessive feminine, for she
names an element that cannot be thematized within philosophy
(BTM, 38-39).

13 In Ce sexe qui n'en est pas un.

Gallop reminds the reader of the contextualization
and temporality of this movement: "as soon as the metaphor
becomes a proper noun, we no longer have creation, we have
paternity" (81).

'" See Judith Butler, Gender Trouble: Feminism and the
Subversion of Identity (New York: Routledge, 1990) and
Bodies That Matter: On the Discursive Limits of "Sex" (New
York: Routledge, 1993).

In Bodies That Matter, Butler problematizes and
draws inspiration from the thought of a broad range of
thinkers--among them Lacan, Freud, Zizek, Laclau, and









Mouffe.

7 "It is always necessary that the circumstances in
which the words are uttered should be in some way, or ways,
appropriate" (8). "The words must be spoken 'seriously' so
as to be taken 'seriously'" (9).

For "happy," successful performatives: "there must
exist an accepted conventional procedure having a certain
conventional effect, that procedure to include the uttering
of certain words by certain persons in certain circumstances
.appropriate for the invocation of the particular
procedure invoked"; "the procedure must be executed by all
participants both correctly and completely" and "where, as
often, the procedure is designed for use by persons having
certain thoughts or feelings a person must have
those thoughts or feelings," they must harbor the intention
to conduct themselves in a certain way, and finally, must
follow through with that intention (14-15).

Butler cites the example of the divine creation of
the world. God creates light through saying, "Let there be
light!"

Drawing from the work of Derrida and Lacan, Butler
separates acts from their implications of presence through
the notion of the sign chain. She understands "acts" in a
broad sense, as linked to a prior chain of acts. The fact
that they must be repeated signals "a provisional failure of
memory" and shows a present act to be, in fact, a vulnerable
continuum of the past (BTM 244). This vulnerability enables
a reconfiguration of past and present.

It is important to note that the result of such
performances can never be fully determined from the outset.
As noted earlier, their signifying power extends beyond
intention. In addition, a degree of complicity with norms
and convention makes possible these radical acts. However,
Butler makes a case for exploring their possibilities
anyway, despite the uncertainty and incontrollability, since
"the incalculable effects of action are as much a part of
their subversive promise as those we plan in advance" (BTM
241).














CHAPTER TWO
CENTRE LA FICTION:
PARATEXT AND PARODY IN RETABLE-LA REVERIE

Ce nest pas strange si
j'ai l'impression d'aller
centre la fiction.

Chawaf, "Contre la fiction"

Pour border un texte, il
faudrait que celui-ci eOt un
bord.

Derrida, "Survivre"

Chantal Chawaf's first and arguably most important

novel,i Retable-la reverie was published in 1974, the same

year as Irigaray's Speculum de l'autre femme and Cixous'

famous essay "Le Rire de la meduse." Its debut marked the

beginning of an era of female writers in France who flooded

the literary scene with works attempting to bring

specifically female experiences into the aesthetic arena.

Like Colette's "feminine" writing, Chawaf and many of her

contemporaries celebrated the pleasures and pains of

motherhood. However, writers of "ecriture feminine"2 more

explicitly envisioned their work as a means to protest the

moral, ideological, and aesthetic doxa of the epoch.

Retable recounts a woman's quest for identity--her own

and that of her mother, who was killed on her way to the

hospital to give birth. After learning of her mother's fate

from her adoptive father, she attempts to recreate her birth








mother through the act of writing. More a performance than

an account of events, La Reverie celebrates lovemaking, in

all its intricacy, between a man and a woman. The reader in

search of an elaborate plot might be disappointed by

Chawaf's first novel, for the pleasure offered by the text

comes in the form of rich images, elaborate metaphors, and

play at the level of lexis and syntax.

Despite Chawaf's unusual treatment of language, her

insistence on the biological, the maternal as privileged

experience, and "writing life" has been viewed as

problematic, from both avant-garde and feminist

perspectives. Considering Chawaf's association with Psych et

Po and Des Femmes, one would expect a transgressive feminist

approach to body and text. Yet the representations of women

in her novels reiterate, and hence have been said to

perpetuate, old myths and archetypes. Within a feminist

context, the "formes de femme" and their relation to the

womb evoke a maternal plenitude that raises a red flag. Are

they exclusionary when it comes to those who cannot, have

not, or will not give birth? Can these forms and her focus

on identity through a mother figure be labeled essentialist,

in conflict with a nonexclusionary, ethical life-embracing

perspective, and grounds to label her simply an "uncritical

maternalist?"' Or, from another angle, do they repeat a

mystification of the feminine, positing it as unknowable, as

some feminist critics claim of contemporary philosophical








practices?4 How might Chawaf's writing practice be

understood in a feminist context?

Such gender trouble is coupled with questions of

literary approach. Throughout the article "Contre la

fiction," Chawaf criticizes realist methods of writing, and

cites Balzac and Flaubert in particular, for aiming to box

in the novelistic universe, to limit language (47, 55).5 In

contrast, she claims to write "contre la fiction," to

produce an "1criture de la vie" that joins fiction with

life. To emphasize the extent to which Chawaf's writing

style is inseparable from her feminism of sexual difference,

Bosshard categorizes her project as a "realisme 'po-

6thique'" ("De l'eutopie champ8tre" 75). As Bosshard's

description suggests, Chawaf's poetics cannot be understood

outside the context of her ethics of love. Nonetheless, a

reading of her practice as realist implies that Chawaf

employs both language and imagery of female body with the

intent to approximate a faithful representation of nature.

Indeed, in order to flesh out the narrative she relies on

techniques and stereotypical portrayals of "woman" that seem

to support realist convention. What can be made of the

author's claims to be writing the matter, the body, the

feminine and the language of life? How can this be explained

in the context of the assertion that she writes centree la

fiction?"

In order to explore the dynamic of representation and

life writing in Retable-la reverie, this chapter examines








instances of the novel's paratext. As formulated by Gerard

Genette in Seuils, the paratext comprises those constitutive

supplements that designate the text as text and make

possible its presentation to the public, its circulation,

and its performance. Retable-la reverie's paratextual

elements provide a context for understanding what has been

called "the archetypal text of 6criture feminine" (Haxell

"Woman as Lacemaker" 546). My discussion aims to shed light

on Chawaf's aesthetic and ethical engagement with language,

and more broadly, to problematize the reading of her work as

naively realist.

Paratext

In Seuils, Genette's entertaining, thought-provoking

study on the topic, he defines paratext as

ce par quoi un texte se fait livre et se propose
comme tel a ses lecteurs, et plus gen6ralement au
public. [ ] il s'agit ici d'un seuil
ou--mot de Borges a propos d'une preface--d'un
'vestibule' qui offre A tout un chacun la
possibility d'entrer, ou de rebrousser chemin.
'Zone ind6cise' entire le dedans et le dehors,
elle-meme sans limited rigoureuse, ni vers
l'int&rieur (le texte) ni vers l'ext6rieur (le
discours du monde sur le texte), lisiere, ou,
comme disait Philippe Lejeune, 'frange du texte
imprimi qui, en r6alit&, command toute la
lecture' zone de transition de
transaction. (7-8)

The paratext comprises the background objects that

constitute a literary work, that present it to the public

and render it materially present. They enable the marketing

and distribution of a text, and condition the public's

expectations. Guiding the exchange between the world and the








word, between real life and fiction, they form the mise-en-

scene that conditions the narrative. A novel without

paratext is no novel at all. As Genette points out, a text's

material existence depends upon these threshold figures, yet

historically critics give weight to individual features such

as titles and biographical information, while the larger

context of their relation to reception remains peripheral.

Attention to these elements challenges the conception

of the book as a static entity, for how and whether it

exists depends on a variety of factors including historical

context, reader reception, authorial and editorial

influence, the market, and evolving technology in the

distribution of information, such as the internet. As open

frontier or membrane, the paratext remains in flux. Nowadays

more or less sanctioned by an author, the fringe elements of

the paratext actually command the whole reading. Situated in

a zone between the inside and outside of a text, they aid

the reader's transition from one realm to another, from the

"real" world to the textual world, forming a liminal space

where the binaries of real/fiction and public/private

converge. This zone of transition, Genette demonstrates,

operates above all as a zone of transaction.

An exploration of the space of transaction is key, in

Irigaray's view, as a means of access to sexual difference.

A reexamination of what counts as "real" can take place by

interrogating the liminal elements of the scenography of the








scene of representation--its constitutive aspects, notably

matter and the mirror:

l'architectonique de son theatre, son cadrage de
l'espace-temps, son &conomie g6ometrique, son
ameublement, ses acteurs, leurs positions
respective, leurs dialogues, voire leurs rapports
tragiques. (CS 72-3; TS 75)

She suggests a shift in focus from the action of center

stage to the economy within which it takes place: the

framing of the transaction and the exchange between text and

reader. In post-structuralist critiques using the theatrical

trope, the focus is displaced, as Timothy Murray succinctly

puts it, from "what is represented" to "how it is shown or

re-presented and how it is seen, read, or received"

(Mimesis, Masochism, and Mime 7). The critique of feminist

post-structuralist theory as ludic play with, and nihilistic

destruction of, the grounds of feminist practice must be

reconsidered. Murray rightly argues that such questioning of

a realist approach serves not to deny the real, but rather,

seeks a less myopic perspective on "reality." The shift in

focus from representation to construction involves

negotiation of meaning between interlocutor and audience,

authors and readers.

The relationship of literature with the public is of

primary concern to Chawaf. She views reading writerlyy"

texts as a way for men and women to work through sexual

repression, the repression of the feminine. In Le corps et

le verbe she offers examples of the dynamic functioning of

language--its performative power. With the proliferation of








the written word, language has divided human beings, she

argues, and therefore it also holds the power to remake the

world. Refiguring the conceptual limits of the novel and the

feminine is part of her work towards reconnection, a kind of

ever-evolving unity that does not suppress difference.

The first-time reader, or those who simply glance

through Retable-la reverie, will notice how the

supplementary, auxiliary, and supporting elements of the

paratext play an important role in the novel. An aspect of

her innovative technique unmentioned in the criticism,

Chawaf's use of paratextual elements shows the latter to

operate as more than stable contextual parameters for the

novel; they serve an active role in the world-building

activities of readers. Focusing on the 'becoming' of the

speaking subject and the text through an emphasis on the

paratextual, Chawaf interrogates the effects of encounters

between texts and audiences.

In choosing "para," Genette baptized these elements

appropriately, for etymologically the prefix signifies

"against" in both senses of the word: "counter" and

"beside." By its prefix, the term parody also belongs to

this same zone of the undecidable and is rooted in a similar

paradox. In her extensive analysis of twentieth-century

parodic forms, Hutcheon stresses that it is the nature of

parody to signify in contradictory ways.6 When Chawaf states

that her writing goes centree la fiction," she describes her

6criture feminine as a literature of proximity and








opposition. Like other avant-garde literary practices,

Chawaf's mimetic strategy simultaneously draws from and

positions itself against tradition, capitalizing on

intertextual references that enable the construction of

author and audience roles. Echoes of works throughout the

centuries from medieval romance to surrealism, from texts by

Plato, Montaigne, Rousseau, Proust, Breton, and Beckett,

resonate throughout Retable-la reverie.7

It is fitting, then, that the liminal, paratextual

spaces of Retable-la reverie be explored, especially as

sites open to negotiation, unstable, possible spaces of

cognitive shift and transformation. An examination of some

of Retable-la reverie's paratexts demonstrates how Chawaf

goes withagainst normative conceptions of genre and gender.

In particular, it offers insights into how the book's

construction interrogates ways of thinking about texts,

bodies, and the connections between the them.

Grossesse

In "De Retable A Rougeatre," Chawaf describes the bond

between her "1criture du f6minin" and her experience of

maternity:

J'ai commence Retable en grossesse. Les
premieres lignes de mon ecriture sont venues du
venture, de ma matrice pleine, de ma matrice o~
vivait, ou respirait un enfant et j'ai entendu et
vu une coloration linguistique rosee qui se
deposait en mots mat&riels, en petites phrases
grosses et rondes sur les pages blanches. C'6tait
la profonde joie de communiquer avec la vie, avec
la langue de la vie. C'etait l'espace d'une
liberation des perceptions de mon corps de femme
ou la vie dans un foetus m&el a l'ecriture prenait
forme, formes de femme Et puis les








retrouvailles s'dlargissaient, se sont d&veloppees
et n'ont plus cess6 de cheminer, de s'ouvrir et
Retable m'a conduite aupres des Editions des
Femmes, aupres d'une femme, Antoinette .
aupres d'un travail ou s'organisait politiquement
notre liberation et notre difference, oI le
language que je me sentais moi-meme en train de
liberer s'inscrivait grace & ce group dans
l'efficacit6 d'une lutte. (87)

Key to understanding her subversion of gender and genre

norms, this paratextual document from a 1978 interview

describes the genesis of Retable-la reverie. Genette

classifies such accounts as public epitexts of the

"auctorial" type.

Chawaf describes her pregnancy and coming to writing as

indistinguishable events blending together body, text, and

psyche. In abundant prose, she recounts the wonder of her

pivotal maternal/literary experience, the floodgate of

communication it opened for her, both personally and

politically. Subtly but unmistakably, her account also stirs

with revolt. Underneath its playful tone rumbles a

contention not only with the social status quo of the era

but with the history of aesthetics and ethics.

After a seven-year stay in Syria, Chawaf returned to

her native France quaking in the aftermath of May '68, and

to the rupture of the second wave of feminism. Female

intellectuals engaged in the events of the revolt were full

of expectations for the future. Yet they emerged from this

period disheartened by a larger awareness of oppression.

What promised to be an era of social expansion after the

upheaval, proved to be, from a feminine perspective,








continued familiar exploitation. The sexual division of

labor--the delegation of women to grunge work--mirrored the

traditional role of women as providers of support services,

shutting them out of positions of power. From their point of

view, the expansion of democratic ideals carried with it an

unspoken imperative: 'for men only.'

Moved by what they saw as hypocrisy inherent in the

system in place, groups of French women took the initiative,

forming organizations on several fronts over the next few

years as a strategy of attack: the M.L.F., Psych et Po, Des

Femmes and the Centre d'Etudes F6minines. These coalitions

initiated gendered critiques, arguing that systematic

oppression was symptomatic of both capitalism and

patriarchy. Faced with barriers that did not allow them

access, they built a network of their own. Chawaf makes it

clear that thanks to the presence of "Des Femmes," a press

willing to support texts written in the service of

liberation and sexual difference, there was a means by which

she could publish her work and join with others in a like

cause.

Especially in criticism dating from the late 1970s and

early 1980s, Chawaf's lyrical novels singing the praises of

femininity were interpreted as an affirmation of the

positive aspects of womanhood. As a producer of such texts,

Chawaf figured among the ranks of those attempting to create

a feminine genealogy, a space of writing in which

specifically female experiences--relations between women and








their children, mothers, or partners--could be explored from

a woman's perspective. For those whose lived experience of

motherhood contradicted Simone de Beauvoir's condemnation of

it as alienating, Chawaf's celebration of motherhood came as

a welcome response.

Paradoxically, with the rise of the essentialist

critique in the early 1980s, 6criture feminine received

increased critical attention. Unlike its early reception,

this avant-garde practice was viewed for the most part in a

negative light. Chawaf's references to the biological and

the maternal were interpreted as essentialist. Charges of

essentialism arose from the assumption that Chawaf

envisioned the body as privileged instrument of one's grasp

on the world. Linking her coming to writing with pregnancy,

the passage in "De Retable a Roucretre" made her an easy

target. To a greater extent than her contemporaries, she was

blamed for having so explicitly "tied the practice of

feminine writing to the biological fact of motherhood"

(Suleiman, The (M)other Tongue 370)."

On the basis that the institution of motherhood often

operates in the service of patriarchy, Beauvoir viewed the

functions of menstruation, pregnancy, and lactation, in

general, as alienating forces. Exposing ways in which

material differences perpetuate sexual inequality, she

developed a framework for splitting gender from sex as a

means to differentiate the cultural from the biological. Her

distinction between these two poles has been a major








contribution to feminist thinking. However, Chawaf,

Irigaray, and other writers of Acriture feminine take issue

with the possibility of the existence of a sexually neutral

subject. Since material differences between the sexes have

been used in the service of women's oppression, the

discourse reiterating these differences should be

interrogated on its own terms.

Chawaf, like Irigaray, travels the territory that

Beauvoir left unexplored. It is necessary to put into

question "ce vide de la mere," Chawaf argues, to

"l'explorer, le parcourir, l'habiter" in order to expose the

exclusion of the feminine ("De Retable a Roucgetre" 88). Her

"ecriture de la vie" can be read against the conception of

literary creation as a masculine metaphor, a biological act

in which the pen ejects ink onto the page and culminates

with "la petite mort," as a mimetic strategy of

displacement. In creation as a masculine act, the text is

complete when finished by the author who is central and

active, in control of meaning. Conversely, it implies that

the receiver (be it page or reader) accepts passively. Yet

such a conception effaces what is "other": the feminine as a

participant in the process, the material elements supporting

its foundation, and the reader as 'writer' or interpreter.

Miming the metaphor of writing as a masculine

engendering, Chawaf generates a specifically feminine

counter-trope as opposed to the phallic pen: the pregnant

womb. A figure for creating a space receptive to feminine








desire and sexual difference, her seemingly traditional

metaphor can be viewed as a seditious "vol" from

conventional origins.

To explore the womb as a space of writing is not to

make a clean break with the metaphor of writing as an act of

biological reproduction, but it is part of Chawaf's mimetic

strategy for critically engaging the logic of an economy of

domination on its own terms. Pregnant with possibilities and

performativity, this trope exemplifies the spirit of &criture

feminine which, as Cixous says, "est la possibility meme du

changement" (Rire 42). Both Cixous and Irigaray insist that

at this time there is no fertile ground outside the dominant

discourse from which a feminine language could spring, "mais

un sol millionaire et aride a fendre" ("Rire" 39). Like

Irigaray's mimicry, the function of Chawaf's mimetic

strategy is not to replace the masculine-centered metaphor

with a female-centered one, but to reproduce a copy of the

self-same with a critical difference as a means of

displacing the singular model as the model par excellence.

As Irigaray says, the aim is to jam the theoretical

machinery of normative metaphors, "de suspendre sa

pretension A la production d'une v4rit6 et d'un sens par

trop univoques" (CS 75; TS 78).

Lest one be mislead that the maternal is a metaphor by

taking Chawaf's words as descriptive rather than performative

and then dismiss the author for such an obviously essentialist

position, her choice of terms puts us on the right track.9 In








the passage where she describes the genesis of her writing in

maternal terms, "se d6posait" paradoxically signifies both

placement and displacement, simultaneous positing and

withdrawing, the operation of the mime. This double inscribing

gesture reveals the dual function of Chawaf's mimetic strategy

inherent in her womb metaphor: "ce que je dis a au moins deux

faces et deux vis6es: detruire, casser; prdvoir l'imprevu,

projeter" ("Rire" 39).

Chawaf's recourse to feminine exclusion is to

poser le d&sir de femme Poser, tracer la
femme existante, l'aider a exister, se donner
existante, pas morte, &crire la femme vivante.
Ecrire a partir du corps vivant. Mais on a voulu,
on veut si souvent la femme morte, la femme
souffrante, la femme fantasme. La femme tradition,
celle qui n'existe pas. ("Ecrire a partir du corps
vivant" 119)

Chawaf, like Irigaray, views the first step toward

sexual difference as beginning right where one is. To

"Tracer la femme existante" is to trace the ways in which

Woman exists in the cultural imaginary, to mime the logic

and expose it. Chawaf tactically deploys the metaphor of the

uterus to counter the logic of the phallus:

puisqu'on definit l'homme a partir de son corps,
de sa physiologie face a cet order qui a ete
fait, il est peut-8tre temps de voir l'autre c6t6
aussi. ("Discussion avec Chantal Chawaf" 135)

In "Ecrire a partir du corps," Chawaf decries the

symbolic devaluation of the womb:

L'uterus ne jouit pas du m8me statut, on renvoie la
femme a la nature, a la chair, au corps, & la
jouissance, au sans-parole, a l'indefinissable de
la sensation, a une maternity utilitaire, faire des
enfants, non pas faire des ames d'enfants, non pas
faire des esprits d'enfants. On la renvoie a ce








biologique tronqu6. .. ("Ecrire a partir du
corps vivant" 120)

In Irigaray's interview with H6lene Rouch in Je. Tu, Nous,

Rouch demystifies the psychoanalytic notion that the

separation of the psychic fusion of mother and child occurs

at the time of the child's entry into the symbolic, through

an intermediary, the "Nom-du-Pere" (47). The biological

reality is that there is no fusion in utero. Unlike the idea

that the fetus occupies the mother's body in the military

sense, her flesh is not the host for a parasitic intruder.

Allowing for peaceful cohabitation, the placenta mediates

between the bodies of mother and child and regulates the

exchange of nutrients and waste products. In order to

trigger the hormones that create the placenta, mother's

body--the self--must initially recognize the fetus as

foreign to her body. Most importantly, as Rouch indicates,

after this recognition of the other as "other," "la

difference entire le 'soi' et l'autre est pour ainsi dire

ind6finiment n&gocide" (Je, Tu. Nous 45). Clearly, the

description of the placental relation is an idealized

construct, as is Irigaray's figure of the lips; there are

cases when the placental fails in its functioning and causes

harm to the mother, the fetus, or both. This idealized

relation should be read in the context of Irigaray's

mimicry.

From an ethical standpoint, Chawaf's figure of the womb

offers a counterpart to ways of thinking that supports a

logic of domination and subordination. It is a figure of








union in difference, centered on generosity, a prototype of

proximity that would not require the effacement of the

other. Chawaf writes, "J'ai soif d'un flux et d'un desordre

qu'il ne serait pas urgent d'endiguer, j'ai soif de

generosit6" (Rougeatre 124). In maternal unity, each

individual retains difference. The mother-fetus relation

magnifies the error of dichotomous thinking, the folly in

the belief of complete independence of concepts, and

stresses inherent human interdependence.

Chawaf, ever critical of pinning down signification as

rational logic is wont to do, prefers a poetic mode and a

less restricted code. Suggestive of surrealist "ecriture

automatique," her writing figures a stream of prose flowing

from what is other to the conscious mind. Instead of centering

her metaphor on the quest to unlock the unconscious mind, for

Chawaf, the unconscious is rooted, above all, in body memory.

As she describes it, her creative power emanates from life

stirring in her womb; the form of her writing mimics the

pregnant body. Replacing the aesthetic concept of the pregnant

moment privileging the specular, Chawaf's ecriture feminine

engages all the senses. Through rich onomatopoeia and imagery,

her lexical combinations evoke sound, sight, taste, smell, and

above all, touch. She describes her notion of maternity not

necessarily as biological event, but as an ethical stance,

an "attention A la vie, d'1coute de la vie a partir d'une

vie qui s'organise dans le corps de la femme" ("Discussion








avec Chantal Chawaf" 135). Womb writing, in terms of the

placental economy,

c'est une attitude, enracinee dans le corps, dans
une histoire du corps, dans une m6moire et des
perceptions du corps qui d6bouchent sur le mental,
sur le symbolique face a ce symbolique pere qui
regne depuis longtemps. ("Discussion avec Chantal
Chawaf" 137)

Her seemingly essentialist references to the feminine

maternal body have less to do with biological sex than "une

attitude psychologique":

f6minin et masculin ne sont plus determines par le
sexe mais determines par une attitude
psychologique, affective devant la vie,
inddpendamment du sexe qu'on a. ("Discussion avec
Chantal Chawaf" 136)

In her view a more apt term, one that applies to all humans,

would be "corps."

Round and circular, camouflaged with "une coloration

linguistique rosee" the material words mimic the form of

the full womb, narrowing the distance between form and

content. This narrowing of the distinction between form and

content characterizes both ecriture feminine and the nouveau

roman, although the ideology and "raison d'etre" behind

these two types of writing differs significantly. Unbound by

time and space, the metaphor of uterine connections evokes

the past of tradition, the present bond between mother and

child, and the future of the child's growth and evolution.

In Ethiaue de la difference sexuelle, Irigaray develops

an ethics of closeness similar to the paradigm of womb

relations, a phenomenologyy of touching" (Schutte's term).1"

Chawaf too envisages an ethics of proximity as a point of









departure for refiguring the relations between self and

other and for healing injury. Instead of a relation of self

to other, Chawaf's maternal metaphor describes the

experience of self with other, the becoming of both fetus

and mother in a mutual interchange of give and take. Chawaf

describes the ethical intentions shaping her literary

practice:

D6sir de sauvegarder, de preserver, de donner la
vie. Amour non pas seulement de la vie charnelle
mais de la vie spirituelle. [ ] Pour que la
chair cesse d'etre primitive. L'ecriture doit se
r&&crire. Non plus loin mais tout pres du contact.
Au plus pres du toucher, du palper, du sentir. Au
plus pres de cette envelope humide de chair
animal qui spare de nous-mmmes le mot. (Le corps
et le verbe 13)

Just as the mother's body supports the life of the child, so

the fetus "m&le A l'ecriture" enables the creative act,

hence the liberation of her perceptions of her female body.

Toute expression, toute liberation de la parole
vivante du corps actif, du corps en r&ceptivit6,
du corps en travail sont politiques. [ .
elles peuvent modifier la parole politique,
l'aider A 6voluer, & perdre sa rigidity et A se
rapprocher des hommes, des femmes, des enfants.
("Ecrire A paratis du corps vivant" 120)

In a sense, the mother and child represent two aspects of

the self, of what Chawaf calls a human's bisexuality. In Le

corps et le verbe the author argues that because humans

continue to repress their feminine aspect, one side of

ourselves ("I'interdite") wages battle against the other

("la permise"), perpetuating self-loathing and destruction

within us (Le corps et le verbe 10). As long as the battle

continues internally, this state of turmoil will be








reflected externally, preserving a vicious, injurious world.

The author believes that healing must begin with the

individual, and provides the maternal image, a non-violent

separation, as a symbolization of difference without

aggression. Although indicting the novel as the means by

which we perpetuate this crime against ourselves, she argues

that it is also from there that "tout peut toujours

repartir" (Le Corps et le verbe 10).

Peritext and Autofiction

As with many works by Chawaf's female counterparts

writing during the 1970s", her first publication is woven

with details from her own life. Marianne Bosshard notes that

the author's parents died at the hands of German soldiers in

1943. Chawaf was taken from her dying mother's womb (216).

Not until adulthood did the author learn the story of her

parents' death--also that of her birth. Revolving around

questions of identity and writing, Retable's quest takes

place under similar circumstances. Ghyslaine's birth

experience mirrors the details of the author's trauma. By

interrogating her adoptive parents, the protagonist attempts

to learn the obscured "facts" about her birth parents. In

"Document (I)," an addendum to the first section of Retable,

the reader learns along with the adult Ghyslaine that during

World War II her mother was fatally wounded on her way to

give birth at the hospital. Before the mother's death,

Ghyslaine was born by caesarian. Also in the ambulance, her

birth father was killed immediately; her aunt perished some








days later. Presented in a traditional, chronological

narrative, "Document (I)" contains linear prose in contrast

to the nonlinear style of Retable-la reverie as a whole. In

this section, the protagonist's father reports the facts of

her violent birth, her parents' death, and the circumstances

of her adoption.

An indexed note accompanies the intertitle "Document

(I)," placed directly underneath it: "(I) Ces &venements

ont, sur le bitume et sous les bombes de notre monde MALADE

eu lieu r6ellement" (Retable-la reverie 39). While the usage

of notes in the twentieth-century indicates the marginal

status of the information conveyed, this note appears in a

prime position on the page. Clearly the author seeks a

special effect, but to what ends? Genette points out that

intertitles and notes, "peritextual" paratextual elements,

are often construed by reader to be more or less beyond the

narration, put in place as guideposts to aid the reader's

understanding of the text. A reader often assumes that the

instruction comes directly from the author--instead of the

implied author. On the threshold between the inside and

outside, intertitles and notes belong to a realm of

confusion where the fictional and factual intermingle.

"Document (I)" seems to represent a real-life intrusion into

the work of art, embedding a subtext of autobiographical

avowal within the text. The note forces an encounter with

the dichotomies of real-life and fiction that keeps the

reader wondering. In this case, tension is created by the









urgency to reveal "what really happened" and Chawaf's

avoidance of engaging in a discussion of Retable-la reverie

as autobiography.

Perhaps the note reference is a way for Chawaf the

author to make a cameo appearance in her own work,

reminiscent of Hitchcock's minor roles in his own films: a

self-conscious device, akin to a spatial or temporal break

in the narration, to prevent the reader from entering this

document forgetfully, or from being lulled into a

comfortable, fictive place. Or, perhaps it is a parody,

masked by its serious tone, of a Rabelaisian sound bite, the

authorial "precis" of a chapter's contents as found in

Pantagruel or Gargantua and in many novels of the eighteenth

century.

Interestingly, as easily as Chawaf refers to her

personal experience of maternity in the interview "De

Retable A Rouge&tre," she is less willing in later

commentary to connect events in the text to the

circumstances of her own birth. In this she differs from

contemporaries like Cixous and Cardinal who are known to

emphasize the autobiographical origins of their work, but

resembles more closely Duras, ever cautious to confirm

connections between her biography and her fiction. Virtually

every critical work discussing Retable-la reverie mentions

the uncanny circumstances of the author's birth, yet only

Bosshard documents discussion of this topic with Chawaf. In

view of her insistence on being read as a woman and her








claim to be writing life, what might explain the evidence of

ambivalence toward an autobiographical reading of this

novel?

What can be made of the contrast between her emphasis

on sexual difference, her desire to be read as a woman,

evident in her books and articles, and an avoidance of the

personal in interviews? Since Proust, the concept of

autobiography has become synonymous with autofiction. With

the French literary tradition in mind, it is clear that

Chawaf desires to be read as a woman where "woman" remains a

constructed concept. As she explicitly states, "Sexualit6

feminine cache par la sexuality masculine. Rendre la parole

a la femme. La femme? Ou plut6t ma realite de femme .. "

("Ecrire a partir du corps vivant" 119).

Even without its autobiographical echoes, Chawaf's

novel and readings of it would unavoidably involve the

question of autobiography and the "real-life" influences on

her work. As Genette points out, there are certain details

of an author's life that are always viewed as significant.

If the writer is not male, one of those notable aspects is

sex. Only works written by heterosexual men will be read as

sex neutral. In many cases, a novel written by a woman will

be interpreted through the grid of a "woman's novel." Of

course Chawaf has calculated that her sex bears on our

reading, that it conditions her texts' receptions. She does

not take issue with being read as a woman writer, on the

contrary, but repeatedly emphasizes the limits of the








concept of "woman," insisting on both its social and

biological aspects.

Titles and Construction

Retable-la reverie's architecture features an unusual

presentation. Two books bound together, each "separate" work

consists of a front cover, editorial pages, and back cover.

At the outset of this chapter, as soon as I put the title

into writing, I committed a faux pas--an unavoidable misstep

and a transgression of law (faut pas)." Written as

Retable-la reverie, grammar dictates that the text comprises

one whole, broken into separate but related parts with the

"second" logically following, and subordinate to, the

"first." Retable does end in ellipsis, indicating

continuation, but then, so does La reverie. Considered

within the context of Chawaf's oeuvre, such endings do not

mark the text as unique. All but two of her works,

Redemption and Vers la lumiere, conclude in suspension." An

examination of the pagination offers no definitive answer.

Retable runs to page 93, but La reverie begins prematurely

on page 101. If the pages in between are to be counted, the

second part should begin on 103. Chawaf explains this

penchant for unending borders:

Quand j'ecris, ce qui compete, c'est de pouvoir
conduire l'ecriture A circuler d'un texte a
l'autre, d'un texte dans l'autre et de toujours
pousser, pousser l'ecriture, de l'obliger a perdre
toujours un peu plus de terrain sous
l'envahissement de la presence du corps. ("De
Retable a Rouqeatre" 88









Perhaps it would be more fitting to inscribe the work as

Retable-La reverie, as two separate, but connected novels.

What, then, can be made of their binding?

Although deviating with novelistic ritual, such play

with a work's structure and title seems only slightly more

inventive than traditional usage. But Chawaf's game is more

complicated than might be inferred in her suggestion of an

"open" novelistic structure. Chawaf's text habitually leads

the reader to impasses, forcing her to interrogate and

challenge reading habits. For example, I can only address

the text if I give it a proper name. But if I name it

according to the grammatical rules of citation, I cannot

properly address it. To refer to the text(s) with proper

grammatical form is, paradoxically, to speak

catachrestically, to wander into what Plato called a

"strange and unwonted" feminine territory (Timaeus 48d), a

space where language confronts its own limits. Putting the

title into writing forces the choice of direction, a step

("pas"") that simultaneously limits and opens up, errs and

wanders. Thus on the surface the title and frame constructed

by book sections seem to aid reader interpretation by

dividing her novelistic world into separate entities. In the

final analysis, though, the either/or logic of

classification they allude to ("should this work be read as

one text or as two?") actually leads to a dilemma, for

Chawaf's construction is neither one book, nor two. It

confounds the search for one ending, and gestures toward the








insufficiency of language to accurately, definitively

describe experience. In order to speak about the text in a

coherent way, I am forced to betray it, and am reminded of

this false posture each time I reinscribe the title.

Displacing the question of whether the work consists of one

novel or two, the focus shifts from what is represented to

questions about how it is shown and how it is received: an

interrogation of the architechtonics of the theater of

representation. Leading the reader to the impasse is

Chawaf's way of awakening her to constructs taken for

granted, as givens, in both reading and living.

Thus, the title Retable can be viewed as a parody of

nominative conventions. Titling is conventional naming; it

serves the purpose of identification. Yet as a literary work

circulates among the public, acquires object status, and

becomes a commodity, its title becomes disconnected from its

identificatory purpose. Its reiteration subordinates the

descriptive function and materializes the verbal as object.

Once in the hands of editors, publishers, and the public, a

work of art takes on a new life. On the subject of the

incontrollability of her texts in the hold of others, Chawaf

confirms, "Les romans a vous 6chappe" ("Discussion

avec Chantal Chawaf" 131). Routinely viewed as descriptive,

titles have a performative function. According to Genette,

titling is an act of naming that mimics a creative power.

This creative power is often masked by conventional usage,

but not in the case of the blatantly discordant title








"Retable"--which implies, "this book is a painting." Chawaf

puts into question the novel's ontological identity by

implying, "This book is a painting," thereby setting up a

substitutive relation between the verbal and visual object.

What does her 6criture feminine have to gain from an

approach centered on painting as a model? Instead of aiming

to prove the superiority of the verbal over the visual for

depicting "reality," the author engages in the ut pictura

poesis dialogue differently.

In S/Z, Barthes describes the circumstances of

novelistic engendering, employing theatrical terms to

describe how framing founds the novelistic universe:

Toute description litteraire est une vue. On
dirait que l'nonciateur, avant de d&crire, se
poste A la fen&tre, non tellement pour bien voir,
mais pour fonder ce qu'il voit par son cadre mime:
l'embrasure fait le spectacle. (61)

In Barthes' scenario, the speaker positions himself at a

windowsill. In the case of Retable, the narrator takes her

place before an altar, offering herself up to a tradition.

The term retable designates a Renaissance altarpiece, a

triptych, composed of panels often featuring monumental

events surrounding the birth of the Baby Jesus. A retable is

the setting or support for the church's altar--a feminine

structure constructing the background of the religious

'stage'. The posterior part of an altar, it often evokes

saintly images of the Virgin Mary as an adoring mother

cradling her child. Retable's three-part structure also

mirrors a triptych. At the structural center of the novel,








the panel "Portrait" lies between the two related outer

ones, "Naissance" and "Mausol6e." Thematically, the portrait

plays a significant role in Retable, as Ghyslaine's quest

revolves around the search for her mother's identity, which

is ultimately the search for her own.

Through the image of the retable, Chawaf's literary

process, like realism, exploits painting as a model.

Barthes, restating Aristotle, points out that realism

"consiste non a copier le r&el, mais A copier une copie

(peinte) du r&el" (S/Z 61). Of interest in this formulation

is the operation of copying a painted copy, for it unmasks

the exploitation of the pictorial as a device for sustaining

the realist illusion.

In her work of art entitled "Altarpiece: Resurrection,"

contemporary artist Margo Klass draws similarities between

texts' bindings and altarpieces. This latter's moveable

panels operate like giant pages opened or closed depending

on the liturgical calendar. The altarpiece, a feminine form,

is a figure of art constructed to fold back in on itself,

like the pages of a text, like two sets of labia folding in

on themselves. Recalling Irigaray's nonconventional metaphor

of two lips constructed to put into question Freud's

conceptualization of woman's sex as a little penis,

Retable's parts have multiple points of contact. They are

neither completely distinguishable each from the other, nor

separable. Moving in sync with the rhythm of religious

seasons, the figure of the altarpiece repeatedly turns back








in on itself, recalling an endless cycle of birth, death,

and rebirth.

Instead of obscuring the edges of the frame's embrace,

Chawaf's reference to the opening and closing retable draws

attention to its "bord," enclosure, wood, matter, "hyle," or

dynamic nature. To focus on the material is to draw

attention to the constitutive, but suppressed, maternal-

feminine. The retable resists a "masculin divinise"

disguised as transcendental, its appropriation of the life-

generating function, and the resulting wounds to the

collective social body. Although a retable features painted

scenes that reflect the Word, it also constitutes the

embrasure of the altar and is located in a feminine space,

the enceintee" of the church.

The triptych's construction blurs the boundaries of

inside and outside, offering new perspectives. Through "ce

movement perp6tuel," Chawaf's 6criture feminine draws its

transgressive power for the purpose of putting into question

established convention:

Il faut faire un travail sur soi-meme et les
lecteurs aussi, d'od la transgression cette
necessity toujours de se refaire, de chercher plus
loin, d'avancer, de continue, d'etre en movement
perpetuel et done d'obliger le lecteur--et soi-
meme parce qu'on est toujours lecteur .. a
transgresser ses habitudes de lecteur, de lecture,
ses habitudes de pensee, sa vision, done toujours
aller au-del&. Toujours tout remettre en question,
tout subvertir, et dans ce movement perp6tuel, de
ce desordre, de ce chaos auquel il faut toujours
revenir, A mon avis pour recommencer, recreer.
("Discussion avec Chantal Chawaf" 128)




Full Text

PAGE 1

&216758&7,216 2) *(1'(5 $1' *(15( ,1 &+$17$/ &+$:$)n 6 5(7$%/(/$ 5(9(5,( %\ (/,=$%(7+ '5233/(0$1 $ ',66(57$7,21 35(6(17(' 72 7+( *5$'8$7( 6&+22/ 2) 7+( 81,9(56,7< 2) )/25,'$ ,1 3$57,$/ )8/),//0(17 2) 7+( 5(48,5(0(176 )25 7+( '(*5(( 2) '2&725 2) 3+,/2623+< 81,9(56,7< 2) )/25,'$

PAGE 2

&RS\ULJKW E\ (OL]DEHWK 'URSSOHPDQ

PAGE 3

$&.12:/('*0(176 7KLV GLVVHUWDWLRQ FRXOG QRW KDYH EHHQ UHDOL]HG ZLWKRXW WKH JHQHURVLW\ RI PDQ\ LQGLYLGXDOV DP HVSHFLDOO\ JUDWHIXO WR WKH FRPPLWWHH &KDLU 'U :LOOLDP &DOLQ DQG WKH PHPEHUV RI WKH VXSHUYLVRU\ FRPPLWWHH 'U -RKQ /HDYH\ 'U &DURO 0XUSK\ 'U 2IHOLD 6FKXWWH DQG 'U *D\OH =DFKPDQQ IRU WKH H[SHUW DGYLFH DQG GLUHFWLRQ WKDW PDGH SRVVLEOH WKH FRPSOHWLRQ RI WKLV SURMHFW 6SHFLDO WKDQNV LV LQ RUGHU IRU 'U *D\OH =DFKPDQQnV WLUHOHVV ZRUN ZLWK PH RQ WKH JHQHVLV RI WKLV VWXG\ KHU H[WUDRUGLQDU\ FRPPLWPHQW WR PHQWRULQJ VWXGHQWV KDV SURYLGHG PH ZLWK D PRGHO WKDW ZLOO VWULYH WR HPXODWH 7KH &ROOHJH RI /LEHUDO $UWV DQG 6FLHQFHV DZDUG RI D 7KUHDGJLO 'LVVHUWDWLRQ )HOORZVKLS DQG WKH 'HSDUWPHQW RI 5RPDQFH /DQJXDJHV DQG /LWHUDWXUHVn DZDUG RI D 1DQF\ .DXIPDQQ 6FKRODUVKLS IRU VWXG\ DEURDG SURYLGHG JHQHURXV VXSSRUW RI ZKLFK DP DSSUHFLDWLYH )LQDOO\ FDQQRW SRVVLEO\ KRZ IXOO\ P\ IDPLO\ 0RP 'DG 6XVDQ -DFNLH -RKQ 5LFKDUG 7LPRWK\ 7D\ORU (OOHQf IULHQGV -RH -XG\ .ULVW\ ;DQGULD -HDQQLQH 9DO %LOO +XWFKf DQG :D\QH KDYH VXSSRUWHG PH WKURXJK WKLV HQGHDYRU FRQWLQXH WR EH PRYHG E\ WKHLU JLIWV RI XQIDLOLQJ HQFRXUDJHPHQW DQG ORYH 7KLV GLVVHUWDWLRQ LV GHGLFDWHG WR 0DU\ /XW] DQG ,UHQH 0XUSK\ LQ UHPHPEUDQFH RI WKH SDVW DQG WR WKH IXWXUH RI (OOHQ $OH[D DQG RXU JLUOV WR FRPH LLL

PAGE 4

7$%/( 2) &217(176 SDJH $&.12:/(*0(176 LLL $%675$&7 9 ,1752'8&7,21 1RWHV &+$37(5 21( 0,0,&5< $1' 3(5)250$7,9,7< 6H[XDO ,Qf'LIIHUHQFH 5HSUHVHQWDWLRQ DQG 0DWWHU 7KH 0LUURU DQG 0LPWLVPH 5HUHDGLQJ 3ODWR 5HUHDGLQJ )UHXG *HQGHU 3HUIRUUDDWLYLW\ &RQFOXVLRQ 1RWHV &+$37(5 7:2 *2,1* $*$,167 ),&7,21 3$5$7(;7 $1' 3$52'< ,1 5(7$%/(/$ 5(9(5,( 3DUDWH[W *URVVHVVH 3HULWH[W DQG $XWRILFWLRQ 7LWOHV DQG &RQVWUXFWLRQ &RYHU $UW 1RWHV &+$37(5 7+5(( 0,0,&5< 48(67 $1' '5($0 ,1 5(7$%/(/$ 5(9(5,( 5VXP ,OO 5HWDEOH 1DLVVDQFH 'RFXPHQW ,f 3RUWUDLW 0DXVROH /D 5HYHULH 1RWHV &21&/86,21 1RWHV 5()(5(1&(6 %,2*5$3+,&$/ 6.(7&+ LY

PAGE 5

$EVWUDFW RI 'LVVHUWDWLRQ 3UHVHQWHG WR WKH *UDGXDWH 6FKRRO RI WKH 8QLYHUVLW\ RI )ORULGD LQ 3DUWLDO )XOILOOPHQW RI WKH 5HTXLUHPHQWV IRU WKH 'HJUHH RI 'RFWRU RI 3KLORVRSK\ &216758&7,216 2) *(1'(5 $1' *(15( ,1 &+$17$/ &+$:$)6 5(7$%/(/$ 5(9(5,( %\ (OL]DEHWK 'URSSOHPDQ 0D\ &KDLUPDQ :LOOLDP & &DOLQ 0DMRU 'HSDUWPHQW 5RPDQFH /DQJXDJHV DQG /LWHUDWXUHV &KDQWDO &KDZDInV GD]]OLQJ FRPELQDWLRQV RI ZRUGV LPDJHV DQG PHWDSKRUV IRUJH QHZ SRVVLELOLWLHV IRU FRQFHSWXDOL]LQJ WKH ERG\ SDUWLFXODUO\ WKH IHPDOH ERG\ 1RQHWKHOHVV VKH UHPDLQV D FRQWURYHUVLDO ILJXUH DPRQJ IHPLQLVW DQG OLWHUDU\ FULWLFV ZKR LQVLVW WKDW WUDGLWLRQDO DUFKHW\SHV RI ZRPDQ DQG HVWDEOLVKHG OLWHUDU\ FRQYHQWLRQ FRQWDPLQDWH KHU DYDQWJDUGH SUDFWLFH RI FULWXUH IPLQLQH IHPLQLQH ZULWLQJf ,Q &RQVWUXFWLRQV RI *HQGHU DQG *HQUH DUJXH WKDW &KDZDInV H[FHVVLYH GLVSOD\V RI JHQGHU DQG OLWHUDU\ FRQYHQWLRQ LQ WKH QRYHO 5HWDEOHOD UHYHULH IRUP DQ LQWHJUDO SDUW RI KHU PLPHWLF VWUDWHJ\ 7KLV VWUDWHJ\ HQWDLOV D K\SHUEROLF SHUIRUPDQFH RI JHQGHU DQG JHQUH QRUPV WKDW DFWXDOO\ SDURGLHV WKHP 8QGHUPLQLQJ WKH QRUPV RI OLWHUDU\ DQG JHQGHU FRQYHQWLRQ KHU SDURG\ DOVR VXEYHUWV WKH YDOXHV WKDW VXSSRUW DQG VXVWDLQ WKHP 5HUHDGLQJ 5HWDEOHOD UHYHULH WKURXJK WKH RSWLF RI D IHPLQLVW PLPHWLF VWUDWHJ\ VKHGV OLJKW RQ &KDZDInV SRHWLF DQG QDUUDWLYH WDFWLFV DV ZHOO DV KHU PDUJLQDO SODFH DPRQJ Y

PAGE 6

SUDFWLWLRQHUV RI FULWXUH IPLQLQH ,Q HIIHFW KHU QRYHO LV D TXLQWHVVHQWLDO H[DPSOH RI WKLV UDGLFDO SUDFWLFH ,W QRW RQO\ VXEYHUWV WUDGLWLRQDO OLWHUDU\ DQG JHQHULF QRUPV LW RSHUDWHV ZLWKLQ \HW DJDLQVW WKH HVWDEOLVKPHQW RI FULWXUH IPLQLQH LWVHOI WR H[SRVH DQG H[SDQG WKH ERXQGDULHV RI WKLV DYDQWJDUGH ZULWLQJ SUDFWLFH 'UDZLQJ IURP /XFH ,ULJDUD\nV SUDFWLFH RI WH[WXDO PLPLFU\ DQG -XGLWK %XWOHUnV WKHRU\ RI JHQGHU SHUIRUPDWLYLW\ &KDSWHU 2QH OD\V WKH WKHRUHWLFDO JURXQGZRUN IRU WKH VWXG\ RI &KDZDInV PLPHWLF VWUDWHJ\ &KDSWHU 7ZR H[DPLQHV WKH FRQVWUXFWLRQ RI WKH QRYHO WKURXJK SDUDWH[WXDO HOHPHQWV UDQJLQJ IURP LWV PDWHULDO ERUGHUVFRYHU DUW WLWOHV KHDGLQJVWR WKH V\PEROLF ILJXUH RI WKH ZRPE WKDW V\PEROL]HV WKH HWKLFDO GLPHQVLRQ RI &KDZDInV FULWXUH IPLQLQH +HU PDWHUQDO PHWDSKRU SURYLGHV D UHSUHVHQWDWLRQ RI UDGLFDOO\ GLIIHUHQW VHOIRWKHU UHODWLRQV D VKLIW LQ WKH VWUXJJOH IRU LGHQWLW\ IURP D SDUDGLJP RI GRPLQDQFHVXERUGLQDWLRQ WR PXWXDO UHFRJQLWLRQ $ FORVH UHDGLQJ RI WKH QDUUDWLYH &KDSWHU 7KUHH WUDFHV KRZ WKH VWHUHRW\SHV RI 0RWKHU DQG :RPDQ DUH VXEYHUVLYHO\ UHLWHUDWHG DV WKH\ DUH UHSHDWHG LQ WKH QDUUDWLYH 5HWDEOHOD UHYHULH FUHDWHV DQ LPDJLQDWLYH SHUIRUPDQFH RI VH[XDO UHERUGHUL]DWLRQ WKDW LV FRQVWDQWO\ QHJRWLDWHG WKURXJK &KDZDInV ZULWLQJ RI WKH ERG\ :KHWKHU VWUDWHJLFDOO\ XVLQJ P\WKV RI :RPDQ RU ERXQGDU\ PDUNHUV RI JHQUH &KDZDInV SUDFWLFH RI FULWXUH IPLQLQH UHPDLQV IDLWKIXO WR WKH VXEYHUVLRQ RI HVWDEOLVKHG FRQYHQWLRQ DQG SUHVHQWV DQG H[DPSOH SDU H[FHOOHQFH RI LQQRYDWLYH DYDQWJDUGH ZULWLQJ YL

PAGE 7

,1752'8&7,21 &RPELQLQJ VWDUWOLQJ VHQVXRXV LPDJHV ZLWK IORZLQJ O\ULFDO SURVH FRQWHPSRUDU\ )UHQFK QRYHOLVW SOD\ZULJKW SRHW DQG SKLORVRSKHU &KDQWDO &KDZDI VWDQGV DV D GLVWLQFWLYH OLWHUDU\ ILJXUH DW WKLV ILQGHVLHFOH :KLOH DFNQRZOHGJHG E\ VRPH DV RQH RI WKH PRUH LQYHQWLYH H[SHULPHQWDO ZULWHUV RI WKLV FHQWXU\ VKH FRQWLQXHV WKH UHEHOOLRXV )UHQFK OLWHUDU\ WUDGLWLRQ RI ZULWHUV ZKR YLHZ ILFWLRQ DV D SRZHUIXO IRUP RI VRFLDO DQG SROLWLFDO UHVLVWDQFH 3UDLVLQJ &KDZDIn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

PAGE 8

HVFDSH 7R JLYH IRUP WR KHU IHPDOH FKDUDFWHUV VKH GUDZV IURP D VWHUHRW\SLFDOO\ IHPDOH ELRORJLFDO DQG PDWHULDO UHJLVWHU RI PRXQGV RI IOHVK PXFXV DQG PRWKHUnV PLON 7KLV LQWHQVH HPERGLPHQW LV LQWHUSUHWHG DV D VLJQ RI WKHLU LQKHUHQW SRZHUOHVVQHVV &RQWURYHUVLDO IRU VKRFNLQJ VHQVLELOLWLHV DQG WUDQVJUHVVLQJ OLWHUDU\ SURSULHW\ KHU FRUSRUHDO SRHWLFV SURYRNHV VWURQJ HA-IHQ YLVFHUDO UHDFWLRQV 7R D JUHDWHU H[WHQW WKDQ KHU FRQWHPSRUDULHV VKH LV EODPHG IRU KDYLQJ VR H[SOLFLWO\ WLHG WKH SUDFWLFH RI IHPLQLQH ZULWLQJ WR WKH ELRORJLFDO IDFW RI PRWKHUKRRG 6XOHLPDQ :ULWLQJ DQG 0RWKHUKRRG f 9LHZHG DV IXQGDPHQWDOO\ FRQWUDGLFWRU\ LQ IRUP DQG FRQWHQW &KDZDInV LQQRYDWLYH OLQJXLVWLF PDQLSXODWLRQ LV VDLG WR EUHDN ZLWK QRUPDWLYH FRQYHQWLRQ
PAGE 9

9LUJLQ 0DU\ DQG 'DQWHnV %HDWULFH KHU IHPDOH ILJXUHV DUH RIWHQ OLNHQHG WR WKH ERXQWLIXO 0RWKHU (DUWK FORVHU WR QDWXUH WKDQ PDOHV DQG D PHGLXP RI DFFHVV WKURXJK ZKLFK PDQ FDQ FRPPXQLFDWH ZLWK KLJKHU VSLULWXDO IRUFHV ,Q WKLV SDUDGLJP LW VHHPV WKDW ZRPDQ IXQFWLRQV RQO\ LQ UHODWLRQ WR PDQ SDVVLYH VKH VHUYHV RQO\ LQ KLV TXHVW IRU VHOI NQRZOHGJH 5HIOHFWRU VXSSRUWHU DQG QXUWXUHU RI WKH PDOH HJR DSSHDUV WR EH WKH RQO\ UROH SOD\HG E\ &KDZDInV ZRPHQ 9DOHULH +DQQDJDQ REVHUYHV f $LPLQJ DW D IHPLQLVW YLVLRQ RI KDUPRQLRXV UHODWLRQV EHWZHHQ PHQ DQG ZRPHQ WKHVH UHODWLRQV LQ &KDZDInV ZRUOG LW KDV EHHQ DUJXHG DUH SDUDGR[LFDOO\ RIWHQ PDUNHG E\ D GHSUHVVLYH WRQH DQG PDUNHG E\ WKH IDLOXUH RI KHU IHPDOH SURWDJRQLVWV WR HVFDSH WKHLU DOLHQDWLRQ DV LQ 5HWDEOHOD UHYHULH DQG /n,QWULHXU GHV KHXUHV +RZ FRXOG WKH UHSHWLWLRQ RI VXFK VWHUHRW\SHV XQGHUPLQH ELQDU\ ORJLF DQG SXW LQWR TXHVWLRQ WKH V\PEROLF H[FOXVLRQ RI WKH IHPLQLQH" ,W FDQQRW %RVVKDUG GHFLGHV OD ELSRODULVDWLRQ GHV WUHV HQ VH[H PDVFXOLQ HW VH[H IPLQLQ SHUVLVWH f ,Q WKH HQG WKH SURPLVH KHU ZULWLQJ KROGV IRU HQYLVDJLQJ QHZ PDOHIHPDOH UHODWLRQV UHPDLQV XQIXOILOOHG +DQQDJDQ DUJXHV 6KH FRQYH\V WKH JHQHUDO RSLQLRQ VXFFLQFWO\ &KDZDInV WH[WXDO ERG\ LV ULFK LQ V\PSWRPV EXW XOWLPDWHO\ WKH UHGHPSWLRQ LW VHHNV WR DFKLHYH LV ILUPO\ JURXQGHG LQ WKH VWDWXV TXR f 7KH FRQWUDGLFWRU\ UHFHSWLRQ RI &KDZDInV ZRUN ODUJHO\ DPRQJ $PHULFDQ IHPLQLVW FULWLFV FDQ EH H[SODLQHG LQ SDUW E\ WKH ULVH RI WKH SKLORVRSKLFDO HVVHQWLDOLVW FULWLTXH GXULQJ WKH

PAGE 10

V DQG V 1RZ KRZHYHU WKH HVVHQWLDOLVW FRQVWUXFWLYLVW GLFKRWRP\ LV EHLQJ UHWKRXJKW $Q DOOLDQFH ZLWK VH[XDO GLIIHUHQFH KDV EHHQ VHHQ DV D IRXQGDWLRQDO PRYH LQVWHDG RI WDNLQJ LQWR DFFRXQW WKH VRFLDO FRQVWUXFWLRQLVW DVSHFW RI )UHQFK IHPLQLVW WKRXJKW ,Q %RGLHV 7KDW 0DWWHU %XWOHU SURSRVHV WKDW WKH WUDGLWLRQ WR ZKLFK ,ULJDUD\ EHORQJV XOWLPDWHO\ FKDOOHQJHV WKH HVVHQWLDOLVWFRQVWUXFWLYLVW GLFKRWRP\ DW WKH EDVLV RI PXFK IHPLQLVW SUDFWLFH &KDZDIn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nFULW FnHVW HQ VRXOHYDQW

PAGE 11

YROFDQLTXH OD YLHLOOH FURWH LPPRELOLUH SRUWHXVH GHV LQYHVWLVVHPHQWV PDVFXOLQV HW SDV DXWUHPHQW LO Qn\ D SDV GH SODFH SRXU HOOH VL HOOH QnHVW SDV XQ LO" 6L HOOH HVW HOOHHOOH FH QnHVW TXn£ WRXW FDVVHU £ PHWWUH HQ SLHFHV OHV EDWLV GHV LQVWLWXWLRQV £ IDLUH VDXWHU OD ORL HQ OnDLU £ WRUGUH OD nYULWn GH ULUH f 7KLV ZULWLQJ SUDFWLFH DLPV WR UHIXWH WUDGLWLRQ E\ DWWDFNLQJ LW DW LWV FRUH E\ PDJQLI\LQJ WKH RSHUDWLRQV RI WKH OLWHUDU\ LQVWLWXWLRQ IURP ZLWKLQ WKH WHUPV RI LWV RZQ GLVFRXUVH LQ RUGHU WR VKDNH XS ZKDW DSSHDUV WR EH WKH VROLG JURXQG RI LWV DVVXPSWLRQV 7KLV H[SORVLYH SURFHVV DLPV WR GLVPDQWOH WKH PLVRJ\QRXV HWKLFV EHKLQG PRGHOFRS\ UHSUHVHQWDWLRQ $V &KDZDI VD\V VKH ZULWHV LQ RUGHU WR DUULYHU GRQH £ OnLQWULHXU TXLWWHU OHV VXUIDFHV SDUFH TXnLO UHPHWWUDLW WRXW HQ TXHVWLRQ SDUFH TXH OHV SULYLOHJHV WRPEHUDLHQW (FULUH £ SDUWLU GX FRUSV YLYDQW f 2Q ZKDW JURXQGV WKHQ FDQ FULWLFV UHSXGLDWH &KDZDInV YHUVLRQ RI D SUDFWLFH WKDW HSLWRPL]HV WKH VHGLWLRXV YDOXHV RI FULWXUH IPLQLQH" ,Q WKLV OLJKW ZH FDQ XQGHUVWDQG &KDZDInV UGOHV IPLQLQV K\SHUWURSKLV DQG RWKHU H[FHVVLYH GLVSOD\V RI FRQYHQWLRQ DV DQ\WKLQJ EXW JUDWXLWRXV ,Q HIIHFW WKH\ IRUP DQ LQWHJUDO SDUW RI ZKDW FDOO KHU SHUIRUPDWLYH PLPHWLF VWUDWHJ\ :KLOH PLPHVLV WUDGLWLRQDOO\ GHQRWHV WKH IDLWKIXO UHSUHVHQWDWLRQ RI QDWXUH &KDZDInV PLPHWLF VWUDWHJ\ HQWDLOV D K\SHUEROLF SHUIRUPDQFH RI JHQGHU QRUPV WKDW DFWXDOO\ SDURGLHV WKHP 7KH DLP RI KHU SURMHFW LV QRW VLPSO\ WR PLUURU UHDOLW\ EXW WKURXJK D PRUH FRPSOH[ QRWLRQ RI UHIHUHQWLDOLW\ WR LQWHUURJDWH WKH OLPLWV RI WKLQNLQJ DERXW VH[HG ERGLHV 7KLV SDURGLH LPLWDWLYH WDFWLF ZKDW &L[RXV

PAGE 12

UHIHUV WR DV WKH HOOHHOOHf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f )URP KLV FRQFHSWLRQ RI SDURG\ 6XOHLPDQ QRWHV WKDW ZH DUULYH DW WKH FRQWHPSRUDU\ IHPLQLVW LQVLJKW WKDW WKH VWRULHV ZH WHOO DERXW UHDOLW\ FRQVWUXH WKH UHDO UDWKHU WKDQ PHUHO\ UHIOHFW LW :KHQFH WKH SRVVLELOLW\ RU WKH KRSH WKDW WKURXJK WKH UHZULWLQJ RI ROG VWRULHV DQG WKH LQYHQWLRQ RI QHZ IRUPV RI ODQJXDJH IRU GRLQJ VR LW LV WKH ZRUOG DV ZHOO DV WKH ZRUGV WKDW ZLOO EH WUDQVIRUPHG f ,W LV IURP ZLWKLQ D WUDGLWLRQ RI DQDO\WLF H[SRVXUH WKDW &KDZDI XVHV WH[WXDO SDURG\ DV D PHDQV WRZDUG UHFDVWLQJ WKH ODQJXDJH DQG JUDPPDU RI WKH V\PEROLF RUGHU H[SORULQJ WKLV WDFWLFnV SRWHQWLDO IRU V\PEROL]LQJ WKH IHPLQLQH LQ KRSHV RI DOWHULQJ RSSUHVVLYH VHOIRWKHU UHODWLRQV 'HVSLWH KHU HPSKDVLV RQ SOXUDOLW\ DQG GLIIUDQFH LQ VLJQLILFDWLRQ &KDZDIV ZRUN FRQWLQXHV WR EH GHQRXQFHG ZKHQ KHU FULWXUH IPLQLQH IDLOV WR PHHW WKH VWDQGDUGV WKDW FULWLFV KDYH LPSRVHG )RU H[DPSOH KHU ZRUN KDV EHHQ PHDVXUHG DJDLQVW D FULWHULRQ RI ODXJKWHU FHOHEUDWHG LQ

PAGE 13

&L[RXV 5LUH GH OD PGXVH DQG KDV EHHQ MXGJHG LQVXIILFLHQWO\ WUDQVJUHVVLYH 'LVPLVVLQJ &KDZDInV WH[WV IRU WKHLU O\ULFDO WHQGHQFLHV 6XOHLPDQ LPSOLHV WKDW D VXEYHUVLYH DXWKHQWLF FULWXUH IPLQLQH ZRXOG DERYH DOO EH ODXJKWHU SURYRNLQJ OLWWOH RI WKH ZULWLQJ WKXV SURGXFHG ZDV SOD\IXO LQ WKH RUGLQDU\ VHQVH RI OLJKWKHDUWHG RU MXVW SODLQ IXQQ\ $QQLH /HFOHUF &KDQWDO &KDZDI DQG -XOLD .ULVWHYD RSWHG IRU WKH H[SDQVLYH O\ULF PRGH ZKHQ ZULWLQJ DV PRWKHUV $OWKRXJK O\ULF FDQ EH IXOO RI LQYHQWLRQ LW GRHV QRW RIIHU PXFK SRVVLELOLW\ IRU KXPRU RU SDURG\ f ,I SDURG\ DQG LURQ\ DUH ORDGHG VLJQLILHUV ZLWK PXOWLSOH PHDQLQJV VKRXOG WKLV HOHPHQW LQ &KDZDInV ZULWLQJ EH GLVFRXQWHG VLPSO\ EHFDXVH LW GRHV QRW SURYRNH ODXJKWHU LQ WKH QDUURZ VHQVH" $FFRUGLQJ WR &KDZDI FULWLFVn EULHI KRQH\PRRQ ZLWK FULWXUH IPLQLQH LQ WKH V HQGHG ZKHQ LWV XQVHWWOLQJ LPSOLFDWLRQV EHJDQ WR FRPH RI OLJKW 2Q D W XQ WHPSV DPRXUHX[ VRFLDOHPHQW GH nFULWXUH IPLQLQH HQ VH JDUGDQW ELHQ GnDOOHU YRLU OD PWDSK\VLTXH TXL VH FDFKDLW GHUULUH 4XRLTXnRQ FULYH GH QHXI RQ ULVTXH GnHWUH OX SDU GHV KDELWXGHV PLOOQDLUHV TXL FKHUFKHURQW £ QRXV USULPHU f 6KH DWWULEXWHV FULWLFVn LQLWLDO HQWKXVLDVP IRU FULWXUH IPLQLQH DQG WKHLU IDLUO\ UDSLG GHFOLQH LQ LQWHUHVW WR D UHIXVDO WR H[DPLQH WKH GLVWXUELQJ SKLORVRSK\ LW EURXJKW WR OLJKW D PHWDSK\VLFV RI WKH UHSUHVVHG IHPLQLQH $V P\ DQDO\VLV RI &KDZDInV WH[WV WKURXJK WKH FULWLFDO IUDPHZRUN SURYLGHG E\ ,ULJDUD\ DQG %XWOHU ZLOO GHPRQVWUDWH WR XQGHUVWDQG &KDZDInV ZRUN IURP DQRWKHU RSWLF ZRXOG PHDQ WR FKDOOHQJH WKLQNLQJ EDVHG RQ ELQDU\ RSSRVLWLRQVHYHQ WR WKH

PAGE 14

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nV RSSUHVVLRQ DQG DV VXFK LV D FRQFHSW WKDW HQDEOHV IHPLQLVW SUDFWLFH +RZHYHU D V\VWHPDWLF TXHVWLRQLQJ RI WKH IRXQGDWLRQ LV QRW WKH VDPH DV GLVFDUGLQJ LW DOWRJHWKHU ,QVWHDG VXFK LQWHUURJDWLRQ PLJKW UHYHDO WKH SRVVLEOH IXQFWLRQ RI VH[ DV D FRQVWUDLQLQJ OLPLW DQG OHDG WR QHZ ZD\V RI WKLQNLQJ DERXWDQG D QHZ HWKLFV RIVH[XDO GLIIHUHQFH 7KLV VWXG\ LQWHUURJDWHV WKH OLPLWV FULWLFV KDYH LPSRVHG RQ &KDZDInV FULWXUH IPLQLQH LQ RUGHU WR GHPRQVWUDWH KRZ KHU SURMHFW LV D TXLQWHVVHQWLDO H[DPSOH RI WKLV UDGLFDO SUDFWLFH LQ HIIHFW KHU ZULWLQJ QRW RQO\ XQGHUPLQHV WUDGLWLRQDO JHQGHU QRUPV LW ZRUNV ZLWKLQ \HW DJDLQVW WKH HVWDEOLVKHG VWDQGDUGV IRU FULWXUH IPLQLQH LWVHOI LQ RUGHU WR H[SRVH DQG H[SDQG WKH ERXQGDULHV RI WKLV DYDQWJDUGH ZULWLQJ SUDFWLFH &KDSWHU 2QH H[DPLQHV WKH SKLORVRSKLFDO WKRXJKW RI IHPLQLVW SKLORVRSKHUV /XFH ,ULJDUD\ DQG -XGLWK %XWOHU WKDW EHOLHYH XVHIXO IRU WKH DQDO\VLV RI &KDZDIV RHXYUH

PAGE 15

5HUHDGLQJ KHU ZRUN LQ WKH FRQWH[W RI ,ULJDUD\nV PLPWLVPH DQG %XWOHUn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n WKRXJKW DWWHPSWV WR GHYDORULVH :KHQ VHHQ DV D SURGXFW RI DV ZHOO DV SURGXFWLYH RI VRFLDO W\SHV RI SRZHU PDWWHU FDQ EHFRPH D VLWH RI UHVLVWDQFH WR RSSUHVVLRQ 7KH ILUVW SDUW RI &KDSWHU 2QH GLVFXVVHV DVSHFWV RI ,ULJDUD\nV ZRUN WKDW SURYLGH WKH JURXQGZRUN IRU &KDZDInV PLPHWLF VWUDWHJ\ DQG %XWOHUnV SHUIRUPDWLYH WKHRU\ ,W H[SORUHV KRZ ,ULJDUD\ WKURXJK WH[WXDO PLPLFU\ V\VWHPDWLFDOO\ TXHVWLRQV WKH FRQGLWLRQV DQG H[FOXVLRQV RI WKH SURGXFWLRQ RI PDWWHU ZLWKLQ )UHXGLDQ SV\FKRDQDO\VLV DQG $ULVWRWHOLDQ SKLORVRSK\ 7KH IHPLQLQH KDV EHHQ H[FOXGHG IURP WKHVH GLVFRXUVHV VKH FODLPV DQG WKH UHVXOW LV E\ QR PHDQV

PAGE 16

QHXWUDO LW LV D PRUH RU OHVV XQFRQVFLRXV VWUDWHJ\ IRU GHQ\LQJ VH[XDO GLIIHUHQFH WKHUHE\ SHUSHWXDWLQJ PDOH SULYLOHJH +HU FORVH WH[WXDO UHDGLQJV SURYLGH LQVLJKWV IRU XQGHUVWDQGLQJ KRZ PDWHULDO ERGLHV DQG WKH V\PEROLF UHDOP LQ ZKLFK WKH\ VLJQLI\ DUH PDUNHG E\ VRFLDO FXOWXUDO KLVWRULFDO DQG OLWHUDU\ FRQWH[WV f ([SDQGLQJ ,ULJDUD\n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nV WKHRU\ RI WKH VRFLDO FRQVWUXFWLRQ RI VH[ DV D SHUIRUPDWLYH SURFHVV LQYROYHV WKH UHSHWLWLYH FLWLQJ RI QRUPV DQG FRQYHQWLRQV IRUPLQJ DQG FRQVWUDLQLQJ RYHU WLPH WKH KXPDQ DJHQW WKURXJK WKH WKUHDW RI SURKLELWLRQ &RQWLQXDOO\ LQ SURFHVV WKH ERXQGDULHV RI ERG\ W\SHV DUH PDUNHG WKURXJK WKH UHSHDWHG LQYRFDWLRQ RI JHQGHU QRUPV
PAGE 17

RXU XQGHUVWDQGLQJ RI WKLV DYDQWJDUGH SUDFWLFH DQG LWV SRWHQWLDO DV D VWUDWHJ\ IRU WUDQVIRUPLQJ WKH VRFLDO VWUXFWXUH RI RSSUHVVLRQ &KDSWHUV 7ZR DQG 7KUHH DGGUHVV &KDZDInV PLPHWLF VWUDWHJ\ DQG LWV VXEYHUVLYH XVH RI JHQGHU QRUPV DQG JHQHULF FRQYHQWLRQ LQ KHU ILUVW DQG PRVW LPSRUWDQW ZRUN 5HWDEOHOD UHYHULH &KDSWHU 7ZR H[DPLQHV VRPH DVSHFWV RI WKH QRYHOnV SDUDWH[W $V IRUPXODWHG E\ *HUDUG *HQHWWH SDUDWH[WXDO HOHPHQWV EHORQJ WR D UHDOP PHGLDWLQJ EHWZHHQ WH[W DQG ZRUOG ZULWHU DQG UHDGHU ZKHUH PHDQLQJ UHPDLQV RSHQ WR QHJRWLDWLRQ $Q H[SORUDWLRQ RI WKH SDUDWH[W SURYLGHV LQVLJKWV LQWR KRZ 5HWDEOHOD UHYHULHnV FRQVWUXFWLRQ LQWHUURJDWHV ZD\V RI WKLQNLQJ DERXW ERGLHV DQG WH[WV DQG WKH OLQNV EHWZHHQ WKH WZR &KDZDInV XVH RI WKH PDWHUQDO PHWDSKRU LV GLVFXVVHG LQ OLJKW RI KHU PLPHWLF VWUDWHJ\ $Q H[SDQGHG XVH RI PHWDSKRU WKH ILJXUH RI WKH SUHJQDQW ZRPE LV XQGHUVWRRG LQ WKH FRQWH[W RI ,ULJDUD\nV SKHQRPHQRORJ\ RI SUR[LPLW\DQ DOWHUQDWLYH WR VSHFXODU WKHRULHV RI VXEMHFW IRUPDWLRQ DOVR DUJXH WKDW &KDZDI H[SORLWV SDUDWH[WXDO HOHPHQWV DV SRVVLEOH VLWHV RI V\PEROLF WUDQVIRUPDWLRQ 7KH WLWOHV WKH FRYHU DUW DQG WKH ZRUNnV GLYLVLRQV VLJQDO D VKLIW IURP UHSUHVHQWDWLRQ WR WKH VFHQRJUDSK\ RI UHSUHVHQWDWLRQ IURP DWWHQWLRQ WR ZKDW LV UHSUHVHQWHG WR KRZ LW LV VKRZQ DQG UHFHLYHG ,Q RUGHU WR SUHSDUH WKH UHDGHU WR DFFRPPRGDWH KHU QRQFRQYHQWLRQDO XVH RI JHQHULF DQG JHQGHU FRQYHQWLRQ LQ WKH QDUUDWLYH VKH HPSKDVL]HV WKH IXQFWLRQ RI WKH SDUDWH[WXDO

PAGE 18

HOHPHQWV WR HQFRXUDJH UHIOHFWLRQ RQ PRGHV RI UHDGLQJ VLJQV 6XFK DQ HPSKDVLV DLPV WR HIIHFW WKH FRJQLWLYH VKLIWV QHFHVVDU\ IRU QHZ ZD\V RI WKLQNLQJ DERXW WKH ERG\ DQG WKH WH[WDFFHQWLQJ WKH G\QDPLF IXQFWLRQLQJ RI ODQJXDJH DQG LWV SHUIRUPDWLYH SRZHU WR UHFRQFHSWXDOL]H WKH V\PEROLF &KDSWHU 7KUHH RIIHUV D FORVH UHDGLQJ RI WKH GRXEOH QRYHO 5HWDEOH/D UHYHULH H[SORULQJ IHPLQLQH ZULWLQJ RI WKH ERG\ DV D VXEYHUVLYH PLPHWLF VWUDWHJ\ DQG D ORFXV RI PHWDPRUSKRVLV ,W H[DPLQHV WKH SURWDJRQLVWnV TXHVW WR XQFRYHU WKH WUXWK DERXW KHU ELUWK PRWKHU DQG KHU DWWHPSWV WR UHILJXUH WKH PDWHUQDOIHPLQLQH WKURXJK WKH DFW RI ZULWLQJ ,W GHPRQVWUDWHV KRZ &KDZDIn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£WUH /HV &DKLHUV GX *5,) f )UDQFLQH GH 0DUWLQRLU 7HUULWRLUHV VXU IRQG WQEUHX[ /D 2XLQ]DLQH OLWWUDLUH f -DFTXHV 9DQGHQVFKULFN &RULQQD %LOOH HW &KDQWDO &KDZDI VDLQWHV FULWXUHV GX GVLU /D 5HYXH QRXYHOOH f 0RQLTXH

PAGE 19

1DJHP DIWHUZRUG 0RWKHU /RYH 0RWKHU (DUWK E\ &KDQWDO &KDZDI WUDQV 0RQLTXH ) 1DJHP +DPGHQ *DUODQG f &KULVWLDQH 3 0DNZDUG DQG -XGLWK 0LOOHU HGV IRUHZRUG :DUPWK $ %ORRGVRQJ WUDQV &KULVWLDQH 3 0DNZDUG -XGLWK 0LOOHU DQG &\QWKLD 5XQQLQJ-RKQVRQ LQ 3ODYV EY )UHQFK DQG )UDQFRSKRQH :RPHQ $QQ $UERU 8QLY 0LFKLJDQ 3UHVV f ,Q 'H 5HWDEOH £ 5RXJH6WUH &KDZDI UHFRXQWV QRW ZLWKRXW D QRWH RI SOHDVXUH DQ DQHFGRWH WHVWLI\LQJ WR UHDGHUVn LQWHQVH ERGLO\ UHDFWLRQV 'HX[ RX WURLV KRPPHV DSUV OD OHFWXUH GH %O GH VHPHQFHV VH VRQW SUFLSLWV DX ODYDER SRXU \ YRPLU f 6XFK UHVSRQVHV DSSURDFK &L[RXVn FULWHULRQ IRU FULWXUH IPLQLQH /HV YUDLV WH[WHV GH IHPPHV GHV WH[WHV DYHF GHV VH[HV GH IHPPHV SD QH OHXU IDLW SDV SODLVLU SD OHV FRHXUH 5LUH GH OD 0GXVH f 6HH %XWOHU %RGLHV 7KDW 0DWWHU 2Q WKH 'LVFXUVLYH /LPLWV RI 6H[ 1HZ
PAGE 20

$OWKRXJK %XWOHU GUDZV KHDYLO\ IURP ,ULJDUD\ LQ KHU GLVFXVVLRQ RI WKH IRUPPDWWHU GLFKRWRP\ VKH DOVR FRQGHPQV ,ULJDUD\ IRU HVVHQWLDOLVP 7KLV SDUDGR[ LQKHUHQW LQ %XWOHUnV FULWLFLVP RI ,ULJDUD\ LV GLVFXVVHG DW OHQJWK LQ &KDSWHU 2QH ,Q *HUDUG *HQHWWH 6HXLOV 3DULV (GLWLRQV GX 6HXLO f

PAGE 21

&+$37(5 21( 0,0,&5< $1' 3(5)250$7,9,7< 1R ERG\ IRU ,ULJDUD\ H[LVWV XQPHGLDWHG E\ WH[WXDOLW\ 1HYHU FRPSOHWHO\ ELRORJLFDOO\ SUHGHWHUPLQHG ERGLHV DUH VRFLDOO\ FRQVWUXFWHG LQ D FRPSOH[ DQG VKLIWLQJ ZD\ SHQHWUDWHG DQG GLVFLSOLQHG E\ GLVFRXUVH JHQGHU FRGHV E\ FXOWXUH 'LDPRQG f 3KLORVRSKLFDO FRQFHSWXDOL]DWLRQV VXFK DV NQRZOHGJH WKH LGHD WKH VXEMHFW DQG VXEVWDQFHf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nV H[SDQGHG XVH RI WKLV WHUP ,W LV QRW VLPSO\ D V\QRQ\P IRU XQFRQVFLRXV IDQWDV\ DV LQ /DFDQLDQ

PAGE 22

SV\FKRDQDO\WLF WKHRU\f LW DOVR FRQQRWHV LQ WKH 6DUWULDQ VHQVH DQ LQWHQWLRQDO REMHFW RI WKH LPDJLQLQJ FRQVFLRXVQHVV HQFRPSDVVLQJ LQWHUQDO IDQWDVLHV LH GD\GUHDPVf DV ZHOO DV H[WHUQDO SURGXFWV VXFK DV OLWHUDWXUH DQG DUW f ,Q DGGLWLRQ D %DFKHODUGLDQ LQIOXHQFH FDQ EH WUDFHG LQ KHU LGHD WKDW WKH IRXU HOHPHQWV XQGHUOLH WKH LPDJLQDWLRQ DQG FRQGLWLRQ LQGLYLGXDOVn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f 7R ,ULJDUD\ LW LV RQO\ WKURXJK WKH XQGHUVWDQGLQJ RI WKLV FRQFHSW DW WKH OHYHO RI GLVFRXUVHD UHFRJQLWLRQ RI IHPDOH VH[XDO GLIIHUHQFHWKDW WUDQVIRUPDWLRQ LQ WKH FRQGLWLRQ RI ZRPHQ FDQ EH HIIHFWHG ,ULJDUD\ DWWDFNV WKH SUREOHP RI VH[XDO LQfGLIIHUHQFH WKURXJK D FORVH ORRN DW WKH VFHQH RI UHSUHVHQWDWLRQ DQG WKH UROH SOD\HG E\ WKH PLUURU DQG PDWWHU ,Q WH[WXDO UH UHDGLQJV VKH GHSOR\V D WDFWLF RI PLPLFU\ PLPWLVPHf )URP VXFK D SHUVSHFWLYH VKH DLPV WR XQYHLO WKH H[FOXVLRQDU\

PAGE 23

ORJLF RI VH[XDO LQGLIIHUHQFH DV D ILUVW VWHS WRZDUG WKLQNLQJ D SRVWSDWULDUFKDO VSDFH ZKHUH ZRPDQnV GLIIHUHQFH FDQ EH V\PEROL]HG 7KH ILUVW KDOI RI WKLV FKDSWHU H[SORUHV ,ULJDUD\nV XQGHUVWDQGLQJ RI PLPHVLV WKH PLUURU DQG WKH FRQFHSW RI PDWWHU DV ZHOO DV WKH WDFWLF RI PLPLFU\ GHSOR\HG LQ KHU FULWLTXH RI )UHXGnV WKHRULHV RI VH[XDOLW\ DQG LQ KHU UHn UHDGLQJ RI 3ODWRnV DOOHJRU\ IRU WKH SURGXFWLRQ RI IRUPV 7KH VHFRQG KDOI RI WKLV GLVFXVVLRQ HODERUDWHV %XWOHUnV WKHRU\ RI JHQGHU SHUIRUPDWLYLW\ 7KH IUDPHZRUN GHYHORSHG E\ ,ULJDUD\ DQG %XWOHU RIIHUV LQVLJKWV IRU LQWHUSUHWLQJ &KDZDInV FULWXUH IPLQLQH 6H[XDO ,Qf'LIIHUHQFH 5HSUHVHQWDWLRQ DQG 0DWWHU 'HUULGDnV QRZ IDPLOLDU FULWLTXH RI WKH VFHQH RI UHSUHVHQWDWLRQ GHPRQVWUDWHV KRZ WKH SDWULDUFKDO RUGHU LV RUJDQL]HG E\ D GLDOHFWLFDO DQG KLHUDUFKLDO V\VWHP RI ELQDULHV LH PDOHIHPDOH IRUPPDWWHU PLQGERG\ FXOWXUHQDWXUH DFWLYLW\SDVVLYLW\f WKH ILUVW WHUP SULYLOHJHG RYHU WKH VHFRQG :KLOH VRPH IHPLQLVW WKHRU\ VHHNV WR UHYDORUL]H WKH QHJDWLYHIHPLQLQH SROHV RI WKLV ELQDU\ VWUXFWXUH IRU ,ULJDUD\ WKLV VWUDWHJ\ SURYHV IODZHG ,, QH VnDJLW SDV GH UHQYHUVHU ,W LV QRW D TXHVWLRQ RI UHSODFLQJ PDOH SULYLOHJH ZLWK IHPDOH SULYLOHJH HYHQ LI WKDW ZHUH SRVVLEOH VLQFH FHOD UHYLHQGUDLW ILQDOHPHQW DX PPH &6 76 f &ULWLTXHV RI ZRPDQ DV RWKHU LQ UHODWLRQ WR WKH PDOH VXEMHFW DQG WKH GHPDQG IRU VH[XDO HTXDOLW\ PLJKW VHUYH D FRQVFLRXVQHVVUDLVLQJ IXQFWLRQ EXW XOWLPDWHO\ VKH

PAGE 24

DUJXHV WKH\ GR QRW TXHVWLRQ WKH EDVHV RI SKDOORJRFHQWULF ORJLF ,QVWHDG RI UHLWHUDWLQJ WKDW WKH IHPLQLQH RFFXSLHV WKH QHJDWLYH GHYDORUL]HG UHDOP LQ WKHVH ELQDU\ RSSRVLWLRQV ,ULJDUD\ FODLPV WKDW WKH GLFKRWRPLHV WKHPVHOYHV GR QRW UHSUHVHQW D V\VWHP RI GLIIHUHQFHV 5DWKHU WKH VHFRQG WHUP PLUURUV WKH ILUVW DQG DV VXFK VHHNV WR H[FOXGH RWKHUQHVV DOWRJHWKHU 7KH WUDGLWLRQDO SKLORVRSKLFDO FRQFHSWLRQ RI ZRPDQ WKH RWKHU RI WKH VDPHf LV DFWXDOO\ MXVW D QHJDWLYH PLUURU LPDJH RI WKH PDVFXOLQH SURGXFHG DQG FRQGLWLRQHG WKURXJK WKH KLGGHQ SKDOOLF VSHFXODU UHODWLRQVKLS WR WKH PDVFXOLQH WKH VHOIVDPHf :LWKLQ WKLV KRPPfRVH[XDO HFRQRP\ EDVHG RQ D VWDQGDUG RI RQHQHVV VKH PDLQWDLQV WKDW VH[XDO GLIIHUHQFH GRHV QRW \HW H[LVW %RWK SROHV RI WKH ELQDU\ DUH DFWXDOO\ PDVFXOLQLVW FRQVWUXFWLRQV SDUWLFLSDWLQJ LQ D WKHDWULFDO PLUURU JDPH UHSUHVVLQJ WKH 2WKHU WKH IHPLQLQH DQG WKH PDWHULDO LQ RUGHU WR IRUWLI\ PDOH VXSUHPDF\ 2IHOLD 6FKXWWH GHVFULEHV WKH GLVWLQFWLRQ EHWZHHQ WKH RWKHU RI WKH VDPH DQG ,ULJDUD\nV 2WKHU ,Q WKLV WUDGLWLRQ WKH 2WKHU LV WKDW ZKLFK H[FHHGV DQG VXEYHUWV WKH VHOI QRW WKH +HJHOLDQ RWKHU ZKR GHVLUHV D UHFLSURFLW\ RI UHFRJQLWLRQ DQG ZKR LV XOWLPDWHO\ FRQVLGHUHG D FRXQWHUSDUW WR WKH VHOI ,ULJDUD\ XVHV WKH WHUP 2WKHU LQ WKH VHQVH RI ZKDW LV UDGLFDOO\ 2WKHU DQG LUUHGXFLEOH WR WKH PDVWHU FRQVFLRXVQHVVWKH H[FOXGHG WKH YHU\ PDUJLQDO WKH XQFRQVFLRXV WKH H[FHVVLYH WKH P\VWHULRXV WKH VXSHUIOXRXV f 7R VXSSRUW KHU DUJXPHQW ,ULJDUD\ XQFRYHUV KRZ WKH RSHUDWLRQ RI SKLORVRSKLFDO GLVFRXUVH LV FRQWLQJHQW XSRQ

PAGE 25

PDVNHG YDULDEOHV WKDW VXVWDLQ WUXWK FODLPV 7KHVH ILJXUHV RI SKLORVRSKLFDO GLVFRXUVH LQFOXGH OD PDWLUH GRQW VH QRXUULW OH VXMHW SDUODQW SRXU VH SURGXLUH VH UHSURGXLUH OD VFQRDUDRKLH TXL UHQG SUDWLFDEOH OD UHSUVHQWDWLRQ WHOOH TXnHOOH VH GILQLW HQ SKLORVRSKLH FnHVW£ GLUH nDUFKLWHFWRQLTXH GH VRQ WK£WUH VRQ FDGUDJH GH nHVSDFHWHPSV VRQ FRQRPLH JRPWULTXH VRQ DPHXEOHPHQW VHV DFWHXUV OHXUV SRVLWLRQV UHVSHFWLYHV OHXUV GLDORJXHV YRLUH OHXUV UDSSRUWV WUDJLTXHV VDQV RXEOLHU OH PLURLU OH SOXV VRXYHQW PDVTX TXL SHUPHW DX ORJRV DX VXMHW GH VH UHGRXEOHU GH VH UIOFKLU OXLPPH &6 76 f 7KH XVH RI D WKHDWULFDO WURSH IRU H[SORULQJ UHSUHVHQWDWLRQV GHPRQVWUDWHV KRZ SKLORVRSKLFDO GLVFRXUVH LWVHOI LV FRQGLWLRQHG $V 7LPRWK\ 0XUUD\ QRWHV :KDW LV WKHRUL]HG RU XQGHUVWRRG DV UHDO RU PDWHULDO RU HYHQ KLVWRULFDO UHPDLQV FRQWLQJHQW RQ LWV PLVHHQVFHQH WKDW LV RQ WKH PHDQV ZLWK ZKLFK LW LV UHSUHVHQWHG DV ZHOO DV RQ WKH FRQWH[W RI LWV UHFHSWLRQ 0LPHVLV 0DVRFKLVP DQG 0LPH f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f VXEMHFWLYLW\ DQG VH[XDO LQfGLIIHUHQFH

PAGE 26

,ULJDUD\ DUJXHV WKDW WKH ODQJXDJH RI WKH V\PEROLF LV VXVWDLQHG E\ PDWHULDO HOHPHQWV DQG WKDW WKH IHPLQLQH KDV KLVWRULFDOO\ VHUYHG DV WKLV PDWHULDO VXSSRUW (W\PRORJLFDOO\ ERXQG WR PDWHU DQG PDWUL[ WKH PRWKHU WKH ZRPEf IHPLQLQH PDWWHU IXQFWLRQV DV WKH VXSSRUW RU JURXQGLQJ RI WKH V\VWHP WKDW XSKROGV PDOH SULYLOHJH 7KH QRXULVKLQJ PDWWHU RXWVLGH WKH VFHQH RI UHSUHVHQWDWLRQ LV WKH PDWHUQDOIHPLQLQH LW SURYLGHV WKH IRXQGDWLRQ RI WKH V\VWHP DQG HQDEOHV OD SXLVVDQFH GH VD V\VWPDWLFLW OD IRUFH GH VD FRKVLRQ OD JQUDOLW GH VD ORL &6 76 f :HVWHUQ SKLORVRSK\ LQFOXGLQJ IHPLQLVW GLVFRXUVH SURFHHGV DV LI PDWWHU OD\ RXWVLGH WKLV VFHQRJUDSK\ LQVWHDG RI WDNLQJ SDUW LQ LWV IRUPDWLRQ 6LJQLILFDQWO\ KHU DUJXPHQW LPSOLHV WKDW WKURXJK WKH UHSUHVVLRQ RI WKH PDWHUQDOIHPLQLQH PDVNHG DV DQ DSSHDO WR D KLJKHU WUXWK SKDOORJRFHQWULF ORJLF DQG WKH VXSUHPDF\ RI WKH PDOH VXEMHFW DUH PDLQWDLQHG ,Q ,ULJDUD\nV YLHZ SKLORVRSK\nV PRVW XUJHQW LPSHUDWLYH DW WKLV WLPH LV WR UHYHDO WKLV DSRULD WKURXJK LQWHUSUHWDWLRQ 7KH 0LUURU DQG 0LPWLVPH ,ULJDUD\V WKHRU\ RI VSHFXODU LGHQWLW\ IRUPDWLRQ DQG WKH FRQVWLWXWLRQ RI VH[XDO GLIIHUHQFH WKURXJK ODQJXDJH LV LQGHEWHG WR VWUXFWXUDOLVW SV\FKRDQDO\WLF DQG SRVWn VWUXFWXUDOLVW WKLQNLQJ ,Q 6DXVVXUHnV FRQFHSW RI OLQJXLVWLF PHDQLQJ WKHUH LV QR LQKHUHQW OLQN EHWZHHQ VLJQLILHU DQG VLJQLILHG ZRUGV DQG UHDOLW\ +H H[SODLQV KRZ ZRUGV FRPH WR PHDQ ZLWKLQ D V\PEROLF V\VWHP RI ODQJXDJH DQG VKRZV WKDW VLJQLI\ UHODWLRQDOO\ )RXFDXOW DSSOLHV WKLV OLQJXLVWLF

PAGE 27

VWUXFWXUDOLVW WKLQNLQJ WR KLV FRQFHSWXDOL]DWLRQ RI VRFLDO LGHQWLW\ IRUPDWLRQ 2Q DQ LQGLYLGXDO RU JURXS OHYHO KH VD\V ZH IRUP RXU LGHQWLW\ RQO\ LQ UHODWLRQ WR RWKHUV WKURXJK GLVLGHQWLILFDWLRQ IURP WKHP 7KLV LV QRW WR VD\ WKDW LI ZH GLVLGHQWLI\ ZLWK WKH RWKHU ZH SRVLW WKH 2WKHUnV GLIIHUHQFH EXW UDWKHU WKDW WKH RWKHU LQ WKLV +HJHOLDQ VFKHPD DV 6FKXWWH VD\V H[LVWV RQO\ DV D FRXQWHUSDUW WR WKH VHOI ,Q RWKHU ZRUGV WKH VSHFXODU UHODWLRQ HIIHFWLYHO\ QHJDWHV RWKHUVn GLIIHUHQFH 7KLV SURFHVV LV OLQNHG WR WKH SHUFHSWLRQ RI RQHnV RZQ VHOILPDJH DQG SV\FKLF ERXQGDULHV ,I LGHQWLW\ LV IRUPHG WKURXJK VXFK D KLHUDUFK\ RI GRPLQDQFH )RXFDXOW DUJXHV WKHUH PXVW VRPH UHODWLRQVKLS EHWZHHQ WKH WZR +RZHYHU LQ RUGHU WR DVVXUH WKH VXEMHFWnV SULPDF\ RYHU WKH RWKHU WKLV UDSSRUW RU UHVHPEODQFH DQG LWV DFFRPSDQ\LQJ HOHPHQWV RI GLIIHUHQFH PXVW EH UHSUHVVHG )XUWKHUPRUH LQ RUGHU WR VXVWDLQ D SUHYDLOLQJ LGHRORJ\ WKH PHDQV E\ ZKLFK VRFLDO VXSUHPDF\ LV DWWDLQHG DQG PDLQWDLQHG PXVW EH FRQFHDOHG $V ,ULJDUD\ VD\V LQ KHU GHVFULSWLRQ RI WKH VFHQRJUDSK\ 7RXWHV LQWHUYHQWLRQV GDQV OD VFQH TXL UHVWHV LQLQWHUSUWHV DVVXUHQW VD FRKUHQFH &6 76 f $ VHW RI QRUPV GLFWDWHG E\ D VRFLDOO\ SRZHUIXO JURXS VHUYHV WR VFUHHQ KRZ WKDW SRZHU LV DWWDLQHG :LWK UHFRXUVH WR QRUPV VRFLDO nODZVn DUH FUHDWHG WR GLFWDWH WKH WUXH WKH JRRG DQG WKH QRUPDO RYHU WKH IDOVH WKH EDG DQG WKH DEQRUPDO 7KURXJK WKH LQMXQFWLRQ RI WKHVH FXOWXUDO nODZVn SURGXFHG ZLWKLQ SDWULDUFK\ WKRVH ZKR GR QRW IDOO ZLWKLQ D VWDQGDUG RI PDOH KHWHURVH[XDOLW\ DUH VXEMHFW WR IRUPV RI

PAGE 28

VRFLDO SXQLVKPHQW UHMHFWLRQ UHSXGLDWLRQ DQG GLVDYRZDO 7KH FRQVHTXHQFHV ,ULJDUD\ DUJXHV OHDG WR VRFLDO DQG HFRQRPLF LQMXVWLFH DV ZHOO DV SV\FKRORJLFDO DQG SK\VLFDO LQMXU\ +RZ FDQ WKLV PDVFXOLQHf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nHVW ELHQ OH GLVFRXUV SKLORVRSKLTXH TXnLO IDXW TXHVWLRQQHU HW GUDQJHU HQ WDQW TXnLO IDLW OD ORL £ WRXW DXWUH TXnLO FRQVWLWXH OH GLVFRXUV GHV GLVFRXUV &6 76 f $ IHPLQLVW FULWLTXH LQWHUHVWHG LQ WUDQVIRUPLQJ WKH SDWULDUFKDO V\VWHP PXVW VXEYHUW LW IURP ZLWKLQ ,W PXVW WDNH D FORVHU ORRN DW WKH YDULDEOHV LQ SOD\ PDWWHU DQG WKH PLUURUf DQG OHV IDLUH UHMRXHU GDQV FKDTX ILJXUH GX GLVFRXUV SRXU OH GFRQFHUWHU £ HQWUHSUHQGUH GH nGWUXLUHn OH IRQFWLRQQHPHQW GLVFXUVLI &6 76 f 7KURXJK KHU RZQ SURFHVV RI PLUURULQJ ZKLFK PLPHV WKH SKDOORVSHFXODU UHODWLRQ ,ULJDUD\ XQFRYHUV WKH QHJDWLRQ DQG

PAGE 29

VXSSUHVVLRQ RI ERWK PDWWHU DQG WKH IHPLQLQH ZLWKLQ WKH :HVWHUQ SKLORVRSKLFDO WUDGLWLRQ ,ULJDUD\n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nVf ODQJXDJH VKH KDV QR DFFHVV WR KHU RZQ ,ULJDUD\nV VXEYHUVLYH WH[WXDO SUDFWLFH GRHV QRW VHHN WR GHWHUPLQH ZKDW ZRPDQ LV QRU WR GHILQLWLYHO\ GHILQH KHU EXW UDWKHU WR XQGHUVWDQG WKH V\VWHP LQ ZKLFK D FRQFHSWLRQ RI ZRPDQ ZLWKRXW VRFLDO VXEMHFWLYLW\ LV UHLWHUDWHG DV WKH QRUP ,, IDOODLW HQ HIIHW XQ GLVFRXUV TXL SUHQQH FRPPH HQMHX OD VH[XDOLW PPH SRXU TXH FH TXL IRQFWLRQQDLW FRPPH FRQGLWLRQ GH SRVVLELOLW GX GLVFRXUV SKLORVRSKLTXH GH OD UDWLRQDOLW HQ JQUDO VH GRQQH £ HQWHQGUH &6 76 f ,W ZRXOG LQLWLDWH WKH SRVVLELOLW\ RI WKLQNLQJ ZRPDQ RXWVLGH WKH UHDOP RI WKH RWKHU RI WKH VDPH ,ULJDUD\nV WH[WV SRVH WKH TXHVWLRQ RI WKH 2WKHU RI WKH 2WKHU ZKLFK /DFDQ SURFODLPV GRHV QRW H[LVW )RU WKH QRQFH VKH DJUHHV /DXQH IHPPH IDLW VLJQH YHUV nLQGILQLVVDEOH nLQQXPUDWLRQ QRP FRPPXQ LQGWHUPLQDEOH TXDQW £ XQH LGHQWLW 63

PAGE 30

63( f )RU QRZ /D IHPPH WD\HUD FH UHGRXEOHPHQW VSFXODLUH UHQYR\DQW £ OnKRPPH nVRQn LPDJH OH USWDQW FRPPH nPPHn 63 63( f %XW NHHS LQ PLQG WKDW ,ULJDUD\nV YLVLRQ RI V\VWHPDWLFLW\ LV G\QDPLF 7KH H[FOXVLRQ RI ZRPDQ PDNHV SRVVLEOH WKH FORVXUH RI SKLORVRSKLFDO GLVFRXUVH LW SURYLGHV WKH LOOXVLRQ WKDW WKH V\VWHP LV VHOI VXVWDLQLQJ :KDW ,ULJDUD\ ZRQGHUV ZRXOG KDSSHQ WR WKH VSHFXODU UHODWLRQ LI DQ RWKHU PLUURU XQ LPDJH nDXWUHn XQ PLURLU nDXWUHn ZHUH WR LQWHUYHQH LQ WKH V\VWHP 63 63( f" $ VFHQDULR H[SRVLQJ SRVVLEOH GLIIHUHQFH ZLWKLQ WKH RUGHU RI WKH VHOIVDPH ZRXOG VLJQLILH WRXMRXUV OH ULVTXH GnXQH FULVH PRUWHOOH IRU WKH H[LVWHQFH RI WKH VH[XDOO\ LQGLIIHUHQW IHPLQLQHUHSXGLDWLQJ ORJLF 63 63( f +RZ WKHQ FDQ RQH EHJLQ WR XQOHDVK WKLV FULVLV WR VXEYHUW WKH V\VWHPDWLFLW\ DW SOD\ LQ WKH VSHFXODU WKHDWHU" 7KURXJK D SRHWLFV RI WKH ERG\ D VWUDWHJ\ RI PLPWLVPH PLPLFU\ FDPRXIODJHf ZKLFK ZRXOG UHYHDO ,ULJDUD\ LQVLVWV D SUHPLVH WKDW WKH PDVWHU SKLORVRSKHUV GLG QRW H[SORUH TXnLO SRXUUDLW YHQWXHOOHPHQW VnDJLU GnXQ PPH PDLV DXWUH PLURLU 0LURLU FRQFDYH SHXWWUH" 3RXU UIOFKLU XQ DXWUH HW PPH PLURLU 63 63( f $ WDFWLFDO VWDQFH WUXH WR WKH EDVLF WHQHW RI FULWXUH IPLQLQH ,ULJDUD\nV PLPLFU\ DSSURSULDWHV WKH PRGXV RSHUDQGL RI UHIOHFWLRQ DQG UHSOLFDWLRQ EXW PDQLSXODWHV WKH WRROV RI WKH VSHFXODU WR KHU RZQ HQGV +HU VWUDWHJ\ RI UHYHUVDO DQG GLVSODFHPHQW DLPV WR WUDQVILJXUH HQ DIILUPDWLRQ XQH VXERUGLQDWLRQ HW GH FH IDLW FRPPHQSHU £ OD GMRXHU &6 76 f 6KH HQWHUV

PAGE 31

WKH SKDOORJRFHQWULF UHDOP WKURXJK WKH OLQJXLVWLF GRRUV LW LQHYLWDEO\ OHDYHV RSHQ SHQHWUDWLQJ SKLORVRSKLFDO GLVFRXUVH E\ DGGUHVVLQJ LW RQ LWV RZQ WHUPV -RXHU GH OD PLPVLV FnHVW GRQH SRXU XQH IHPPH WHQWHU GH UHWURXYHU OH OLHX GH VRQ H[SORLWDWLRQ SDU OH GLVFRXUV VDQV Vn\ ODLVVHU VLPSOHPHQW UGXLUH &nHVW VH UHVRXPHWWUH HQ WDQW TXH GX FW GX nVHQVLEOHn GH OD nPDWLHUHn £ GHV nLGHVn QRWDPPHQW GnHOOH ODERUHV GDQVSDU XQH ORJLTXH PDVFXOLQH PDLV SRXU IDLUH nDSSDUDLWUHn SDU XQ HIIHW GH USWLWLRQ OXGLTXH FH TXL GHYDLW UHVWHU RFFXOW OH UHFRXYUHPHQW GnXQH SRVVLEOH RSUDWLRQ GX IPLQLQ GDQV OH ODQJDJH &nHVW DXVVL nGYRLOHUn OH IDLW TXH VL OHV IHPPHV PLPHQW VL ELHQ FnHVW TXnHOOHV QH VH UVRUEHQW SDV VLPSOHPHQW GDQV FHWWH IRQFWLRQ (OLHV UHVWHQW DXVVL DLOOHXUV DXWUH LQVLVWHQFH GH nPDWLUHn PDLV DXVVL GH nMRXLVVDQFHn &6 76 f 7KURXJK D FORVH ORRN DW HDFK DVSHFW RI WKLV PLVHHQ VFHQH VKH UHH[DPLQHV OH IRQFWLRQQHPHQW GH OD nJUDPPDLUHn GH FKDTX ILJXUH GX GLVFRXUV VHV ORLV RX QFHVVLWV V\QWD[LTXHV VHV FRQILJXUDWLRQV LPDJLQDLUHV VHV UVHDX[ PWDSKRULTXHV HW DXVVL VHV VLOHQFHV &6 76 f LQ RUGHU WR GHPRQVWUDWH WKDW WKH VSHFXODU V\VWHP RI UHSURGXFWLRQ RI PLPHVLV DOZD\V DOUHDG\ FRQWDLQV WKH VHHGV RI LWV RZQ XQGRLQJ ,ULJDUD\nV FDOO WR WH[WXDO SOD\ LV QRW WR EH WDNHQ OLJKWO\ IRU WKH SDVVDJH IURP MRXHU WR MRXLVVDQFH LV VLPXOWDQHRXVO\ SROLWLFDO DQG HWKLFDO DQ LQWHUURJDWLRQ DQG DQ DIILUPDWLRQ &KDUDFWHUL]HG E\ D VHULHV RI GRXEOH OH[LFDO PRYHPHQWV WKLV TXRWDWLRQ LOOXVWUDWHV WKH SURFHGXUH LW GHVFULEHV UHO\LQJ RQ HTXLYRFDO ILJXUHV RI VSHHFK LQ RUGHU WR UHQGHU RQH GHILQLWLYH UHDGLQJ GXELRXV -RXHU GHf GHOLYHUV WKH PHDQLQJV ERWK SOD\IXO DQG VHULRXV RI WKH DFW

PAGE 32

RI PLPLFU\ LQWHUSUHWLQJ FDPRXIODJLQJ WDNLQJ DGYDQWDJH RI WR RQHnV SURILW PDNLQJ IXQ RI DQG ULVNLQJ ,QILQLWLYHV DQG SURQRPLQDO YHUEV OHDG XV WKURXJK WKH SDVVDJH MRXHU WHQWHU GH UHWURXYHU IDLUH DSSDUDLWUH GYRLOHU Vn\ ODLVVHU VH UHVRXPHWWUH VH UHVRUEHQWf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nV MRXLVVDQFH 7KH LOOQHVV LV QRW IDWDO WKH GHEW DQG KHU ULJKWV FDQ EH UHFRXSHG ,ULJDUD\ GHVFULEHV VRPHWKLQJ UHVLVWDQW LQ WKH FRQFHSW RI IHPLQLQHf PDWWHU WKDW HQDEOHV D PLPLQJ VXEYHUVLRQ XQDEOH WR EH ULYHWHG GHILQLWLYHO\ LQ SODFH HOOHV QH VH UVRUEHQW SDV VLPSOHPHQW GDQV FHWWH IXQFWLRQ 7KH\ GR QRW GLVDSSHDU DOWRJHWKHU LQ WKLV GLVVLPXODWLRQ 5DWKHU WKLV UVRUSWLRQ FDQ EH OLNHQHG WR SDVVDJH WKURXJK D PXFXV PHPEUDQH WKDW ,ULJDUD\ WKHRUL]HV DV WKH PLGGOHSDVVLYH D SODFH RI WKUHVKROG DOORZLQJ IUHHIORZLQJ HQWUDQFH RU H[LW 7KH

PAGE 33

PLGGOHSDVVLYH FDQ EH XQGHUVWRRG LQ UHODWLRQ WR KHU FRQFHSW RI WKH LQWHUYDO RU HQYHORSH DQ HODVWLFLW\ WKURXJK ZKLFK WZR EHLQJV HQFRXQWHU HDFK RWKHU DV VXEMHFWV 7KH FRQWLJXRXV PHDQLQJV OLNH WZR LQGLYLGXDOV LQ D UHODWLRQ RI JHQHURXV QRQVHOILVK GHVLUH OHDG WR MRXLVVDQFH LQ DOO VHQVHV RI WKH WHUP DV VH[XDO SOHDVXUH DV DFWLYH SDUWLFLSDWLRQ VH VHUYLU GH TXHOTXH FKRVHf DQG DV DWWDLQPHQW RI OHJDO ULJKWV EHFRPLQJ WLWXODLUHf 7R UHH[SORUH WKH VLWH RI ZRPDQnV H[SORLWDWLRQ WR SUREH WKH GDUN FRQWLQHQW RI WKH UHSUHVVHG IHPLQLQH ,ULJDUD\ SHQHWUDWHV WKH WKUHVKROG RI WKH VFHQH RI UHSUHVHQWDWLRQ ZLWK DQRWKHU PLPHWLF WRRO D VSHFXOXP 7KH WHUP VSHFXOXP OLQNHG HW\PRORJLFDOO\ WR VLJKW VSHFHUHf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fRWKHU YRLFH LQWR WH[WV VKH

PAGE 34

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nV DXWKRULW\ HFKRHV PRGHUQLVW JHVWXUHV WRZDUG WKH QRQ UHIHUHQWLDOLW\ RI ODQJXDJH KHUV LV RQH ZLWK D IHPLQLQH GLIIHUHQFH 'LDPRQG f ,QVWHDG RI UHSODFLQJ WKH PDVFXOLQHPDOH ZLWK IHPLQLQHIHPDOH ELDV VKH UHYHDOV WKHVH ELQDU\ FRQFHSWV WR EH SRVWXUHV 5HUHDGLQJ 3ODWR )RU H[SRVLQJ VH[XDO LQGLIIHUHQFH DQG LQLWLDWLQJ D SURFHVV RI FXOWXUDO DQG OLQJXLVWLF WUDQVIRUPDWLRQ ,ULJDUD\ FLWHV 3ODWRnV P\WK RI WKH FDYH DV D JRRG SRLQW RI GHSDUWXUH /nK\VWHUD GH 3ODWRQ WKH ODVW HVVD\ LQ 6SHFXOXP UHWXUQV WR WKH PRVW IXQGDPHQWDO RI ZHVWHUQ SKLORVRSK\nV EHJLQQLQJV LQ RUGHU WR H[SORUH WKH TXHVWLRQ RI VH[XDO LQfGLIIHUHQFH ,Q %RRN RI 7KH 5HSXEOLF 3ODWRnV SDUDEOH DSSURDFKHV HSLVWHPRORJLFDO TXHVWLRQV RI SULPDU\ FRQFHUQ WR ,ULJDUD\ :KDW WKLQJV DUH UHDO" :KDW FRQVWLWXWHV WKHLU UHDOLW\" +RZ FDQ ZH NQRZ" +RZ GR ZH NQRZ ZH NQRZ" +HU UHUHDGLQJ GHPRQVWUDWHV KRZ 3ODWRnV P\WK GRHV QRW VLPSO\ VHHN NQRZOHGJH

PAGE 35

DERXW ZKDW LV UHDO EXW KLV WH[W DFWXDOO\ RSHUDWHV SHUIRUPDWLYHO\ SURGXFLQJ DQG FRQGLWLRQLQJ D UHDOLW\ WKDW H[FOXGHV PDWWHU DQG WKH PDWHUQDOIHPLQLQH LQ RUGHU WR VHUYH KLV RZQ HQGV 7KURXJK UHSHWLWLRQ WKDW PDJQLILHV WKH HOHPHQWV FRQVWLWXWLQJ WKH FDYHZRPE VFHQH ,ULJDUD\ KLJKOLJKWV WKH VWDNHV LQYROYHG LQ 3ODWRnV PHWDSKRULFDO UHSUHVHQWDWLRQ 'LOHPPH RVFLOODWLRQ LQGFLVLRQ GRQW RQ QH VRUWLUD SDV VDQV LQWHUSUWHU nLQWUW OHV LQWUWV HQ MHX $ TXL £ TXRL SURILWHQW OHV FUGLWV LQYHVWLV GDQV OnHIILFDFH GnXQH WHOOH PWDSKRULFLW GDQV GH WHOV TXDGULOODJHV HW GILQLWLRQV GHV SLRQV GX MHX GDQV DWWULEXWLRQ GH FHV FULWUHV GLIIUHQWLHOV DX[ SLHFHV GH OnFKLTXLHU GDQV FHWWH KLUDUFKLH GH YDOHXUV FRPPH HQMHX UJOHV HW VROG GH OD SDUWLH 63 63( f 3ODWR FRQVWUXFWV DQ HODERUDWH VFHQH ZKLFK KH OLNHQV WR D WKHDWHU LQ RUGHU WR LOOXVWUDWH WKH GLIIHUHQFH EHWZHHQ WUXH DQG IDOVH UHSUHVHQWDWLRQV 7KXV KH VHWV WKH VWDJH IRU GLFKRWRPRXV LOOXVLRQ ,Q GHVFULELQJ WKH SURGXFWLRQ RI )RUPV KH FUHDWHV D PHWDSKRULFDO V\VWHP IRU GLIIHUHQWLDWLQJ EHWZHHQ WKH JRRGWUXHUHDO DQG WKH EDGIDOVHLOOXVRU\ 7KH )RUP LQ UHIHUULQJ ERWK WR VSHFLHV DQG VKDSH LV FHQWUDO WR ,ULJDUD\nV EURDGHU FRQFHUQV RI OHJLWLPDF\ DQG H[FOXVLRQ ZKDW LV YDOXHG DV KXPDQ DQG KRZ LW DFFUXHV YDOXHWKURXJK PRUSKRORJ\ERWK RI WKH ERG\ DQG RI ODQJXDJH $QQRXQFLQJ KHU DUJXPHQW LQ WKH WLWOH 3ODWRnV +\VWHUD ,ULJDUD\ HVWDEOLVKHV IURP WKH RXWVHW WKDW WKH FDYHZRUOG DW WKH EDVLV RI 3ODWRnV PHWDSKRU LV DFWXDOO\ WKH ZRPE UREEHG RI LWV UHSURGXFWLYH IXQFWLRQ +LV VFHQDULR RIIHUV XS D WHQWDWLYH GH PWDSKRULVDWLRQ SURFV GH GWRXUQHPHQW TXL SUHVFULW

PAGE 36

VLOHQFLHXVHPHQW OD PWDSK\VLTXH RFFLGHQWDOH WKDW UHTXLUHV WKDW WKH ZRPEPRWKHUHDUWK EH IRUJRWWHQ HUDVHG DQG OHIW EHKLQG LQ D TXHVW IRU 7UXWK DQG .QRZOHGJH 63 63( f :KLOH SXUSRUWHG WR UHSUHVHQW WKH IHPLQLQH WKH PDWWHU WKDW ILJXUHV ZLWKLQ KLV VFHQH LV FRQGLWLRQHG E\ SKDOOLF ORJLF ,ULJDUD\ SRLQWV RXW WKDW WKHUH LV D VHFRQG LQDUWLFXODWH PDWWHU FRYHUHG RYHU E\ 3ODWRnV VSHFXODU IHPLQLQH WKH 2WKHU RI WKH 2WKHU $V %XWOHU VD\V WKLV PDWWHU GHVLJQDWHV WKH FRQVWLWXWLYH RXWVLGH RI WKH 3ODWRQLF HFRQRP\ LW LV ZKDW PXVW EH H[FOXGHG IRU WKDW HFRQRP\ WR SRVWXUH DV LQWHUQDOO\ FRKHUHQW %70 f7KH SDWULDUFKDO ZRUOGVFHQH RI UHSUHVHQWDWLRQ IRXQGV WKH VH[XDO LQGLIIHUHQFH UHIOHFWHG LQ PRGHOFRS\ PLPHVLV DQG VXVWDLQHG E\ WKH RSHUDWLRQ RI WKH PLUURU WKDW ,ULJDUD\ WUDFHV WR WKH SV\FKRDQDO\WLF GLVFRXUVH RQ VH[XDOLW\ :LWKLQ WKLV UHSUHVHQWDWLRQ WKH LQKDELWDQWV OLYH LQ D FDYHZRPE RI WKH HDUWK FKDLQHG WR WKHLU SODFHV IDFLQJ IRUZDUG WDQW LPPRELOLVV SDU nLPSRVVLELOLW GH VH UHWRXUQHU RX UHWRXUQHU YHUV OnRULJLQH YHUV OnK\VWHUD 63 63( f 7KH\ YLHZ D VWDJH ZKHUH VWDWXHV LOOXPLQDWHG E\ D ILUH IURP EHKLQG FDVW VKDGRZV XSRQ WKH EDFNGURS WKH VFUHHQ RI WKH WKHDWHU &KDLQHG DV WKH\ DUH WKH\ GR QRW VHH WKDW WKHLU SHUVSHFWLYH LV RQO\ SDUWLDO $OWKRXJK WKH SULVRQHUV RQO\ VHH RQH GLP OLJKW RQH VHW RI LPDJHV DQG VKDGRZV RQO\ KHDU RQH VHW RI DFFRPSDQ\LQJ YRLFHV HDFK DVSHFW RI 3ODWRnV FDYH LV GRXEOHG LQ D ODUJHU UHDOP WKH ZRUOG DQG IXUWKHU LQ WKH ZRUOG RI ,GHDV $V ,ULJDUD\ SRLQWV

PAGE 37

RXW LQ WKLV F£YHPH RX nPRQGHn WRXW QH VHUDLW TXnLPDJHV GnLPDJHV 63 63( f 3ODWR GUDZV DQDORJLHV ILUVW EHWZHHQ WKHVH ILUVW DQG VHFRQG UHDOPV WKHQ EHWZHHQ WKH VHFRQG DQG WKLUG (DFK VHW RI FRSLHV GRXEOLQJV DQG VXEVWLWXWLRQV YLVXDOO\ SHUFHLYDEOH LV KLHUDUFKLFDOO\ RUGHUHG DQG PRUH KLJKO\ YDOXHG DV LW PRYHV IURP WKH HDUWKPRWKHU FDYH WR WKH UHDOP RI ,GHDV )RU 3ODWR HDFK IRUP SURGXFHG LV D FRS\ RI DQ XQNQRZDEOH ,GHDO )RUPDQ D SULRUL RULJLQ RXWVLGH NQRZOHGJH 7KH ,GHDO LV RQH RI D NLQG VHOI LGHQWLFDO WKH SXUH PRGHO IRU LWV FRSLHV WKDW DUH LQGLYLGXDO WKLQJV ERGLHV DFWLRQV VKDSHV DQG REMHFWVf ,W VHWV WKH QRUPDWLYH VWDQGDUG DJDLQVW ZKLFK DOO FRSLHV FDQ EH PHDVXUHG EXW LV LWVHOI H[HPSW IURP LQWHUURJDWLRQ 7KLV V\VWHP RI DQDORJ\ DQG RI VXEVWLWXWLRQ LV DOVR RQH RI HVWLPDWHG ZRUWK &RSLHV KDYH PRUH RU OHVV YDOXH EDVHG RQ WKHLU SRVLWLRQ LQ WKH DQDORJ\ FKDLQ WKDW OHDGV WR 7UXWK 5HDOLW\ DQG .QRZOHGJH 7KH FORVHU WKDW FRSLHV UHVHPEOH WKH ,GHDO )RUP WKH EHWWHU WKH WUXHU WKH PRUH UHDO WKH\ DUH 3ODWRnV V\VWHP RI OLNHQHVV VXVWDLQV LWV LOOXVLRQ SDU XQH DOWHUQDQFH UJOH GH USOLTXHV R OHV LQWHUIUHQFHV HW EUXLWV GX IRQG GH OnHQWUHWLHQ VRQW GnHQWUH GH MHX UGXLW 63 f 7KURXJK KHU DPSOLI\LQJ PLPH ,ULJDUD\ DWWHPSWV WR GLVSODFH WKH DXWKRULW\ RI 3ODWRnV ZRUG E\ WXUQLQJ XS WKH YROXPHPDJQLI\LQJ WKH LGHDO RI WUXWK XQGHUO\LQJ DQG OHJLWLPDWLQJ KLV PHWDSKRUV ILJXUHV TXL UHSUVHQWHURQW nLQWHUYHQWLRQ GHV IHPPHV VDQV YRL[ VDQV SUVHQFH )PLQLQ PDWHUQHO GnHPEOH JODFV SDU OH nFRPPHn OH nFRPPH VLn GH FHWWH UHSUVHQWDWLRQ PDVFXOLQH

PAGE 38

GRPLQH SDU OD UHVVHPEODQFH OnLGHQWLW 63 63( f +HU PLPLFU\ JLYHV YRLFH WR VLOHQFHG PDWHULDO DQG VHQVLEOH EDFNJURXQG HOHPHQWV OHQGV DQ HDU WR EDUHO\ SHUFHSWLEOH VRXQGV DQG IOHVKHV RXW WKH WDFWLOH 3ODWRnV DQDORJLHV FRQFHDO WKH IDFW WKDW DOO WKH FRSLHV DQG LPDJHV UHO\ RQ D PDWHULDO VXSSRUW WKH SURMHFWLRQ VFUHHQ RI WKH FDYH WKH ZDWHU UHIOHFWLQJ PHQ DQG REMHFWV WKH YHLO EDUULQJ SDVVDJH WR WKH ZRUOG RI ,GHDVf 7KURXJK PHWDSKRU 3ODWRnV DUJXPHQW SURJUHVVHV DZD\ IURP WKH DUFKHW\SDOO\ IHPLQLQH VXSSRUWV RI PLUURU ZDWHU DQG YHLO DQG EDUV SDVVDJH WR WKHP SDVVDJH REOLWU HQWUH OH GHKRUV HW OH GHGDQV OH KDXW HW OH EDV nLQWHOOLJLEOH HW OH VHQVLEOH /H nSUHn HW OD nPHUHn 63 63( f $V ,ULJDUD\ GHPRQVWUDWHV 3ODWR WKH PRWKHUnV FKLOG HVW HQ WUDLQ GH GSRXLOOHU OHV PHPEUDQHV SDU WURS PDWULHOOHV OHV KULWDJHV SDU WURS SK\VLTXHV 63 63 f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nV DVFHQW WRZDUGV LQWHOOLJLELOW\ UHTXLUHV OHDYLQJ EHKLQG WKH PDWHULDO SODFH RI

PAGE 39

KLV RULJLQDWLRQ $W KLV ILQDO GHVWLQDWLRQ 3ODWR PDQDJHV WR FRQFHDO WKH FRQQHFWLRQV EHWZHHQ KLV ZRUOG RI WKH PLQG DQG WKH UHDOP RI WKH VHQVHV 3ODWR KLPVHOI HPSOR\V D IDPLOLDO PHWDSKRU WR GHVFULEH WKH VFHQDULR ,Q NHHSLQJ ZLWK KLV ORJLF WKH PRWKHU VKRXOG SDUWLFLSDWH LQ UHSURGXFWLRQ LQ 3ODWRnV WH[W@ WKLV QDWXUH FDQQRW EH VDLG WR EH OLNH HLWKHU WKH HWHUQDO )RUPV RU WKHLU PDWHULDO VHQVLEOH RU LPDJLQDU\ FRSLHV %70 f ,W LV 3ODWRnV SDUDGR[LFDO XVH RI PHWDSKRU SURKLELWLQJ UHVHPEODQFH WKDW SURGXFHV WKH QRQVSHFXODU IHPLQLQH DV WKH RXWODZHG HOHPHQW DQG PDNHV SRVVLEOH D VFHQH RI UHSUHVHQWDWLRQ EDVHG RQ OLNHQHVV $ ZKROH V\VWHP RI NLQVKLSWKDW LV LQ WKLV FDVH RI DQDORJ\PDNHV FRQWDFW EHWZHHQ WKHP LPSUDFWLFDO 7KH HFRQRP\ RI PHWDSKRU WKDW LV LQ FRQWURO NHHSV WKHP DSDUW 63 f $QG \HW ,ULJDUD\ VKRZV FOHDUO\ WKDW 3ODWRnV PHWDSKRU LV FDWDFKUHVWLF LW VWULSV WKH PRWKHU RI WKH UHSURGXFWLYH SRZHU WR FUHDWH D IRUPFRS\ WKDW ZRXOG UHVHPEOH KHU 1HLWKHU IRUP QRU FRS\ VKH KDV QR VWDWXV LQ RQWRORJ\ KHUV LV D QRQWKHPDWL]DEOH PDWHULDOLW\ ZKLFK FDQQRW EH VDLG WR H[LVW DW DOO 'HVSLWH 3ODWRnV DWWHPSWV WR VWULS WKH IHPLQLQH RI LWV SRZHU ,ULJDUD\ PDLQWDLQV WKDW ZKDW LV UHSUHVVHG LQ D V\PEROLF V\VWHPV UJLWLO VDQV UfDSSHO OH WH[WH PPH TXL PDLQWLHQW VD SURKLELWLRQ 63 63( f 3KLORVRSK\ DV

PAGE 40

ZH NQRZ LW FDQQRW SURFHHG ZLWKRXW H[FOXGLQJ WKH IHPLQLQH IURP WKH IRUPPDWWHU ELQDU\ 7R XQGHUVWDQG WKLV ,, VXIILW GnHQ TXHVWLRQQHU OD VXUGWHUPLQDWLRQ 'H GPDVTXHU OHV ILJXUHV IRUPHV VLJQHV TXL DVVXUHQW VD FRKUHQFH SUVHQWH 63 63( f %\ H[SRVLQJ WKH FRQFHDOHG HOHPHQWV RI 3ODWRnV VFHQH ,ULJDUD\nV OLJKW UHYHDOV D SDVVDJH IRUJRWWHQ E\ 3ODWR WKH IRUJRWWHQ YDJLQD 3OD\LQJ RQ WKH KRPRSKRQ\ RI HQWUH DQG DQWUH VKH DUJXHV WKDW WKLV SDVVDJH LV ZKDW HQDEOHV PRYHPHQW EHWZHHQ ZRUOGV FHW HQWUH GHX[ nPRQGHVn PRGHVWKH VSHFXODU DQG H[FHVVLYH IHPLQLQHV 63 63( f :LWK D IXOOHU YLHZ RI WKH FDYHZRUOG WKH FDSWLYH SKLORVRSKHU ZRXOG EH RYHUWDNHQ E\ YHUWLJR 6SLQQLQJ VHQVHV UHHOLQJ ORVLQJ SHUVSHFWLYH GH FH UHWRXUQHPHQW KH ZLOO QR ORQJHU EH DEOH WR UHFRQFLOH KLV WZR SRLQWV RI YLHZ 63 63( f %XW WKH SKLORVRSKHU DEOH WR XQFKDLQ KLPVHOI DQG PRYH WRZDUGV WKH OLJKWNQRZOHGJH LV QRW VXEMHFW LQ 3ODWRnV ZRUOG WR VXFK D GHVWDELOL]LQJ GRXEO\ YLVXDO HIIHFW RI WKH FDYHZRPEPRWKHU ,QVWHDG KH PDVWHUV GLVRUGHU WKURXJK UHODWLRQV RI OLNHQHVV ,ULJDUD\nV PLPLFU\ UHYHDOV WKDW 7RXWH XQH FRQFHSWLRQ VnDUUWH OD> @VXU nLOOXVLRQ GnXQH PWDSKRULTXH SURSUH GnXQH PWDPWDSKRULTXH SRVWXOH SDU OD SUVDQFH GH OD YULW TXL GFLGH SDU DYDQFH GX GURXOHPHQW GH OnHQWUHWLHQ GHV LQWHUYHQWLRQV 63 63( f ,ULJDUD\nV UHUHDGLQJ WULJJHUV D VRUW RI *HVWDOW VKLIW LQ SHUFHSWLRQ WKDW ZRXOG UHYHDO KRZ 3ODWRnV PHWDSKRU GHSHQGV RQ WKH VXSSUHVVLRQ RI WKH PDWHUQDOIHPLQLQH )RU H[DPSOH MXVW DV VRPH HOHPHQWV RI WKH FDYH DUH YLVLEOH ZKLOH RWKHUV DUH LQYLVLEOH VRPH LQKDELWDQWV RI 3ODWRnV FDYH VSHDN ZKLOH

PAGE 41

RWKHUV DUH SURKLELWHG IURP GRLQJ VR $EVHQW DQG VLOHQW HOHPHQWV IXQFWLRQ DV WKH UHIOHFWLQJ VFUHHQ QHFHVVDU\ IRU WKH UHSURGXFWLRQ RI WKH VDPH 7KH FRKHUHQFH RI KLV DUJXPHQW QHFHVVLWDWHV VLOHQFH FDU VL WRXV SDUODLHQW SDUODLHQW HQ PPH WHPSV OH EUXLW GH IRQG UHQGUDLW GLIILFLOH VLQRQ LPSRVVLEOH FH SURFV GH UHGRXEOHPHQW TXH FRQVWLWXH OnFKR 63 63( f 7R FUHDWH D TXLHW EDFNGURS IRU WKH ZRUGV RI WKH VHOHFWHG IHZ WKH PXOWLSOLFLW\ RI YRLFHV PXVW EH UHGXFHG 0RUHRYHU LQ RUGHU WR PDVN KLV RPLVVLRQV DQG WR VXVWDLQ KLV QDUUDWLYH DV EHLQJ ORJLFDO 3ODWR SRVLWV WKH VLOHQFH RI WKH EDFNJURXQG HOHPHQWV RI WKH VFHQRJUDSK\ DV QHXWUDO 4XL VRXWLHQQHQW OD ILFWLRQ GH WHUPHV SURSUHV £ FKDTX XQ HW £ FKDTX FKRVH VXVFHSWLEOHV GnHWUH UHSURGXLWV FRPPH WHOV 63 63( f 'LVFRXUVH DV ,ULJDUD\ VKRZV WKURXJK KHU FULWLTXH RI )UHXG DQG 3ODWR GRHV QRW PHUHO\ UHIOHFW UHDOLW\ RU GHVFULEH KRZ WKLQJV DUH EXW LQVWHDG SHUIRUPV WKH LOOXVLRQ WKDW WKH\ DUH RQO\ RQH ZD\ 0LPLQJ 3ODWRnV WH[W UHQGHULQJ YLVLEOH WKH LQYLVLEOH ,ULJDUD\ RIIHUV PRPHQWDU\ JOLPSVHV EH\RQG WKH ERUGHUV ZKLFK HQFORVH KLV WKRXJKW DQG ZKLFK SURKLELW D IHPLQLQH RSHUDWLRQ ZLWKLQ ODQJXDJH 'HVSLWH KLV DWWHPSWV WR FRQWURO PHWDSKRU WKH PDWHUQDOIHPLQLQH FDQQRW EH IXOO\ IRUHFORVHG 5HUHDGLQJ )UHXG :KLOH )UHXG VHW RXW WR XQFRYHU WKH QDWXUH RI VH[XDOLW\ E\ ZD\ RI ODQJXDJH ,ULJDUD\ FULWLFL]HV KLV DSSURDFK LQ WKH ILUVW HVVD\ LQ 6SHFXOXP /D 7DFKH DYHXJOH GnXQ YLHX[ UHYH GH V\PWULH 6KH GUDZV DWWHQWLRQ WR ZKDW VKH FRQVLGHUV WKH

PAGE 42

EOLQG VSRW LQ KLV WKHRUHWLFDO GUHDP RI V\PPHWU\ WKH SKDOOLF VSHFXODU UHODWLRQ RSHUDWLQJ ZLWKLQ KLV WKHRU\ ,ULJDUD\ GHPRQVWUDWHV )UHXGnV DGPLVVLRQ WKDW KLV XQGHUVWDQGLQJ RI VH[XDOLW\ GHULYHV IURP XQH SUHVFULSWLRQ GX SV\FKLTXH SDU DQDWRPLTXH VHORQ nRUGUH GH OD PLPHVLV D PHWDSKRULFDO RQHWRRQH UHODWLRQ EHWZHHQ VH[XDO RUJDQLVPV VSHUPRYXPf DQG VH[XDO EHLQJV PDOHIHPDOHf 63 63( f %DVHG RQ XQLWDU\ ORJLF )UHXGnV YHUVLRQ RI PLPHVLV UHIHUV WR WKH PRGHOFRS\ YDULHW\ WKDW SRVLWV D WUXWKIXO UHODWLRQ EHWZHHQ ZRUOG DQG ZRUG PRGHO DQG FRS\ QDWXUH DQG LPDJH RU LQ VHPLRWLF WHUPV UHIHUHQW DQG VLJQ 'LDPRQG f :LWKLQ VXFK D SDUDGLJP VDPHQHVV PDVNV SRWHQWLDO GLIIHUHQFH ,QVWHDG RI XQFRYHULQJ WKH QDWXUH RI VH[XDOLW\ WKH UHLWHUDWHG UHVXOWV RI KLV FDVH VWXGLHV ZRPHQ PRVW RIWHQ EHLQJ KLV REMHFWV RI LQTXLU\ ,ULJDUD\ LURQLFDOO\ QRWHVf DFWXDOO\ GRQQH £ YRLU FH TXL MXVTXnDORUV SRXYDLW IXQFWLRQQHU WRXW HQ UHVWDQW LPSOLFLWH RFFXOW PFRQQX nLQGLIIUHQFH VH[XHOOH GRQW VH VRXWLHQW OD YULW GH WRXWH VFLHQFH OD ORJLTXH GH WRXW GLVFRXUV &6 76 f +LV LQWHUSUHWDWLRQV UHSHDW WKH DJHROG PHWDSK\VLFDO VFHQDULR EHJXQ ZLWK 3ODWR DQG RIIHU D YHUVLRQ RI VH[XDOLW\ EDVHG RQ SKDOOLF SDUDPHWHUV )RU LQVWDQFH ZKHQ LW FDPH WR WKHRUL]LQJ ZRPDQ KH FRXOG RQO\ FRQFHLYH RI KHU DV D PDQ PLQXV WKH SHQLV FDVWUDWHG D GHIRUPHG FRS\ RI KLPVHOI WKHUHE\ GHPRQVWUDWLQJ WKH WUXWK RI KLV RZQ FHQWUDOLW\ 'LDPRQG f /DFNLQJ D SHQLV VKH LV GHSULYHG RI KHU VXEMHFWLYLW\ DV

PAGE 43

ZHOO DV WKH SRVVLELOLW\ RI VHOIUHSUHVHQWDWLRQ ,I WKDW ZHUH QRW HQRXJK )UHXGnV FRQFHSW RI SHQLV HQY\ SXVKHG KHU VWDWH RI ODFN HYHQ IXUWKHU WR ORFN KHU LQWR D SRVLWLRQ RI IXWLOH GHVLUH 6KH VHUYHV DV D WRRO D PLUURU SURSSLQJ XS KLV GHVLUH IDFLOLWDWLQJ KLV VXEMHFWLYLW\ ,QVWUXPHQWDO LQ WKLV VSHFXODU UHODWLRQ EXW ZLWKRXW VXEMHFWLYLW\ VKH RU UDWKHU KHU HQY\ IOHVKHV RXW KLV PLUURU UHIOHFWLRQ PDNLQJ KHU ORRN OLNH D PDOH ORRNLQJ DW KLPVHOI 'LDPRQG f 6RQ ORW VHUDLW FHOXL GX nPDQTXHn GH nOnDWURSKLHn GX VH[Hf HW GH nHQYLH GX SQLVn FRPPH VHXO VH[H UHFRQQX YDOHXUHX[ &6 76 f )UHXG VSHDNV RI WKH FKLOGnV SKDOOLF VWDJH EXW QR YXOYDU YDJLQDO RU XWHULQH VWDJH ILJXUHV LQ KLV VFKHPD (DFK RI WKHVH PRYHV LOOXVWUDWHV WKH IRUHFORVXUH LQ :HVWHUQ WKRXJKW RI WKH SRVVLELOLW\ RI UHSUHVHQWLQJ IHPLQLQH GLIIHUHQFH DQG IHPDOH GHVLUH &RYHULQJ RYHU ZRPDQnV VH[XDO VSHFLILFLW\ HQDEOHV )UHXG WR SRVLW WKH SV\FKRVH[XDO VWDQGDUG DV PDOH $V ,ULJDUD\ VHHV LW )UHXGLDQ WKHRULHV RI VXEMHFW IRUPDWLRQ UHTXLUH WKH QHJDWLRQ UHSUHVVLRQ DQG UHSXGLDWLRQ RI WKH YDJLQDO WKH XWHULQH DQG WKH YXOYDU $OWKRXJK VKH GRHV FUHGLW KLP ZLWK XQFRYHULQJ D FHUWDLQ ORJLF RI SUHVHQFH KH ZDV XQDEOH WR DQDO\]H WKH FRQGLWLRQV RI WKH SURGXFWLRQ RI KLV RZQ GLVFRXUVH RQ VH[XDO GLIIHUHQFH $XWUHPHQW GLW OHV TXHVWLRQV TXH OD SUDWLTXH HW OD WKRULH GH )UHXG SRVHQW £ OD VFHQH GH OD UHSUVHQWDWLRQ QH YRQW SDV MXVTXn£ FHOOH GH OD GWHUPLQDWLRQ VH[XH GH FHWWH VFHQH &6 76 f +LV EOLQG VSRW YLV£YLV WKHVH FRQGLWLRQV HQDEOHG KLP WR GHPRQVWUDWH WKH WUXWK RI KLV RZQ PRGHO RI SV\FKRORJLFDO

PAGE 44

EHKDYLRU )UHXG LV QRW DORQH LQ KLV ODFN RI IRUHVLJKW ,ULJDUD\ HPSKDVL]HV )DLOXUH WR TXHVWLRQ WKH VH[XDO GHWHUPLQDWLRQ RI WKH VFHQH RI UHSUHVHQWDWLRQ LV D SKHQRPHQRQ HQGHPLF WR D EURDGHU PHWDSK\VLFDO WUHQG LQ :HVWHUQ WKRXJKW ,ULJDUD\ PLPLFNLQJ )UHXG TXRWLQJ 1DSROHRQ DVVHUWV WKDW OnDQDWRPLH FnHVW OH GHVWLQ &6 76 f +HU EULOOLDQW UHFLWDWLRQ HQDEOHV KHU ERWK WR HQJDJH )UHXGnV WH[W DQG WR SXW LQWR TXHVWLRQ WKH YHUDFLW\ RI KLV DIILUPDWLRQ LQ VXSSRUW KLV RZQ WKHRU\ DXWUH nV\PSWRPHn GH nDSSDUWHQDQFH GX GLVFRXUV GH )UHXG £ XQH WUDGLWLRQ QRQ DQDO\VH OH PRGH GH UHFRXUV £ nDQDWRPLTXH FRPPH FULWUH LUUIXWDEOH GH YULW &6 76 f 7KURXJK ,ULJDUD\V SV\FKRDQDO\VLV RI )UHXG VKH GHPRQVWUDWHV KRZ KLV WKHRU\ RI VH[XDO GLIIHUHQFH GHSHQGV RQ D PRGHO RI DQDWRPLFDO D SULRUL VDPHQHVV FOHDUO\ UHIOHFWHG LQ KLV PRGH GnHPSORL RI V\PPHWU\ DQDORJ\ FRPSDULVRQ DQG ELQDU\ RSSRVLWLRQVILJXUHV RI VSHHFK ZKLFK HIIDFH GLIIHUHQFH DQG UHODWLRQV RI FRQWLJXLW\ 3V\FKRDQDO\WLFDOO\ VSHDNLQJ WKHVH UHODWLRQV RI FORVHQHVV UHSUHVHQW WKH XQVWDEOH GLYLGH EHWZHHQ WKH ERGLHV RI PRWKHU DQG LQIDQW WKDW DV %XWOHU VD\V UHHPHUJH LQ ODQJXDJH DV WKH PHWRQ\PLF SUR[LPLW\ RI VLJQV DQG ULVN WR GHFHQWHU SKDOORJRFHQWULF PHWDSKRULFDO XQLW\ %70 f :KHQ YLHZHG LQ OLJKW RI WKH FDVWUDWLRQ FRPSOH[ )UHXGnV VFHQDULR LQLWLDWHV IHDU DQG UHSXOVLRQ RI WKH IHPLQLQH LQ ERWK PHQ DQG ZRPHQ /D ILOLH VH GWRXUQH GH VD PUH OD aKDLWn SDUFH TXnHOOH VnDSHUSRLW TXH FHOOHFL QnD SDV OH VH[H YDOHXUHX[ TXnHOOH OXL VXSSRVDLW FH UHMHW GH OD

PAGE 45

PHUH VnDFFRPSDJQH GH FHOXL GH WRXWH IHPPH HOOH PHPH FRPSULVH &6 76 f &LWLQJ )UHXGnV RZQ ZRUGV ,ULJDUD\ UHLWHUDWHV WKH ODZ WKDW GLFWDWHV WKDW ZRPDQnV ODFN RI D SHQLV GHWHUPLQHV PDQnV nGSUFLDWLRQ GH OD IHPPH KRUUHXU GH FHV FUDWXUHV PXWLOHV RX PSULV WULRPSKDQW £ OHXU JDUGn RU DW WKH YHU\ OHDVW D GLVSDUDJLQJ DWWLWXGH WRZDUG ZRPHQ &6 76 f 7KH OLWWOH JLUO DV )UHXG VD\V nVH GWRXUQH GH VD PHUHn nTXnHOOH GYDORULVH WRXWHV OHV IHPPHVn £ OnJDO GnHOOHPPH SDUFH TXH GSRXUYXHV GH SQLV &6 76 f %XW ,ULJDUD\ LURQLFDOO\ LPSOLHV KHUH WKDW WKH SUREOHP OLHV QRW LQ WKH IDFW WKDW ZRPHQ DUH SHQLVOHVV EXW LQ WKH FXOWXUDO WDERR RI LGHQWLW\ ZLWK WKH PRWKHU DSSDUHQW LQ ZRPHQnV SV\FKRORJLFDO UHMHFWLRQ RI KHU PRWKHU KHUVHOI DQG RWKHU ZRPHQ 0DUNLQJ WKH IHPLQLQH ERG\ DV DQ LOOHJLWLPDWH YHUVLRQ RI WKH PDVFXOLQH ERG\ D IODZHG FRS\ FUHDWHV D ORRPLQJ SURKLELWHG IHPLQLQH D WKUHDW WR PDQKRRG WKDW UHLQIRUFHV WKH LPSHUDWLYH RI VXEMHFWLQJ RQHVHOI WR FXOWXUDO ODZ $V D UHVXOW KLVWRULFDOO\ :HVWHUQ WKRXJKW SURYLGHV DQ DFFRXQW RI WKH VRFLDO RUGHU WKDW IRUELGV HQFRXQWHU ZLWK WKH PDWHUQDOIHPLQLQH DQG IRUHFORVHV ZRPDQ DV D YLDEOH VXEMHFW ,ULJDUD\nV UHUHDGLQJ RI )UHXG DUJXHV WKDW ZRPDQ LV RQO\ WKH IHWLVK RI UHSUHVHQWDWLRQ GHSULYHG RI UHSUHVHQWDWLRQ DV 6XEMHFW OD IHPPH GDQV FHW LPDJLQDLUH VH[XHO QnHVW TXH VXSSRUW £ OD PLVH HQ DFWH GHV IDQWDVPHV GH OnKRPPH &6 76 f 2QWRORJLFDOO\ VKH VLPSO\ KDV QR VWDWXV ZLWKLQ WKLV LQGLIIHUHQW HFRQRP\

PAGE 46

*RLQJ EDFN WKURXJK VH[XDO GLIIHUHQFH WKH VWDJLQJ RI PDWWHU LV WKH ILUVW VWHS LQ XQGHUPLQLQJ WKH VWDELOLW\ RI ZKDW ZH NQRZ DV VH[XDO GLIIHUHQFH %70 f &HW DLOOHXUV GH OD MRXLVVDQFH GH OD IHPPH QH VH UHWURXYH TXnDX SUL[ GnXQH UHWUDYHUVH GX PLURLU TXL VRXVWHQG WRXWH VSFXODWLRQ 1H VH VLWXDQW VLPSOHPHQW QL GDQV XQ SURFV GH UIOH[LRQ RX GH PLPWLVPH PDLV UHQYR\DQW WRXWHV FHV FDWJRULHV HW FRXSXUHV DX[ QFHVVLWV GH OnDXWR UHSUVHQWDWLRQ GX GVLU SKDOOLTXH GDQV OH GLVFRXUV &6 76 f 5HVXEMHFWLQJ KHUVHOI WR PLPHVLV DQG PDWWHU LQ RUGHU WR GLVUXSW WKH VSHFXODU IRUHFORVXUH RI WKH IHPLQLQH LQ KHU IDPRXV HVVD\ &H VH[H TXL QnHQ HVW SDV XQ ,ULJDUD\ PLPHV )UHXGnV XVH RI PHWDSKRU E\ MX[WDSRVLQJ D FDWDFKUHVWLF SOXUDO PRUSKRORJLFDO ILJXUH WR WKDW RI SKDOOLF RQHQHVV 'HILQHG LQ WKH 3HWLW 5REHUW D FDWDFKUHVLV LV D ILJXUH RI UKHWRULF WKDW FRQVLVWH £ GWRXUQHU XQ PRW GH VRQ VHQV SURSUH ,W LV D PHWDSKRU WKDW GHQRWHV WKH LQDSSURSULDWH XVH RI D SURSHU WHUP WR GHVFULEH ZKDW FDQQRW EH SURSHUO\ QDPHG ZLWKLQ D V\PEROLF V\VWHP 'WRXUQHU DOVR VXJJHVWV VRXVWUDLUH £ VRQ SURILW YROHU DQG OLQNV XS ZLWK &L[RXVnV GHVFULSWLRQ RI FULWXUH IPLQLQH 9ROHU FnHVW OH JHVWH GH OD IHPPH YROHU GDQV OD ODQJXH OD IDLUH YROHU 'X YRO QRXV DYRQV WRXWHV DSSULV nDUW DX[ PDLQWHV WHFKQLTXHV GHSXLV GHV VLFOHV TXH QRXV QDYRQV DFFV £ nDYRLU TXnHQ YRODQW TXH QRXV DYRQV YFX GDQV XQ YRO GH YROHU WURXYDQW DX GVLU GHV SDVVDJHV WURLWV GUREV WUDYHUVDQWV &H QnHVW SDV XQ KDVDUG VL nYROHUn VH MRXH HQWUH GHX[ YROV MRXLVVDQW GH OnXQ HW GH nDXWUH HW GURXWDQW OHV DJHQWV GX VHQV &H QnHVW SDV XQ KDVDUG OD IHPPH WLHQW GH OnRLVHDX HW GX YROHXU FRPPH OH YROHXU WLHQW GH OD IHPPH HW GH OnRLVHDX LOOHV SDVVHQW LOOHV ILOHQW LOOHV MRXLVVHQW GH EURXLOOHU nRUGUH GH OnHVSDFH GH OH GVRULHQWHU GH FKDQJHU GH SODFH OHV PHXEOHV OHV FKRVHV OHV YDOHXUV GH IDLUH GHV FDVVHV GH YLGHU

PAGE 47

OHV VWUXFWXUHV GH FKDPERXOHU OH SURSUH 5LUH f ,ULJDUD\ IOHVKHV RXW D VSHFLILFDOO\ VH[HG IHPLQLQH PHWDSKRU RI WZR OLSV WXUQLQJ WKH VLWH RI KHU H[FOXVLRQVH[HG PRUSKRORJ\LQWR DQ DIILUPDWLRQ 6KH SURSRVHV WKLV YXOYDU FRXQWHUSDUW E\ GHOLEHUDWHO\ VWHSSLQJ LQWR WKH PDWHULDOO\ ODGHQ UROH KLVWRULFDOO\ DVVRFLDWHG ZLWK ZRPHQ 6KH GRHV VR QRW ZLWK SUHWHQVLRQV RI GHFODULQJ WKH WUXWK EXW WR VKRZ LQVWDEOLW\ LQ WKH V\VWHP WKDW FODVVLILHV VH[ ,ULJDUD\nV YXOYRPRUSKLF ORJLF UHYHDOV WKH SHUIRUPDWLYH IXQFWLRQ RI ODQJXDJH WR SURGXFH IURP D OLQJXLVWLF FRQFHSWXDOL]DWLRQ WKH UHDOLW\ WKDW LW QDPHV $V -DQH *DOORS SRLQWV RXW SKDOORPRUSKLF ORJLF LV QRW EDVHG LQ DQDWRP\ EXW RQ WKH FRQWUDU\ UHFRQVWUXFWV DQDWRP\ LQ LWV RZQ LPDJH f ,W LV LQ WKLV OLJKW WKDW ZH FDQ XQGHUVWDQG ,ULJDUD\nV PHWDSKRU QRW DV D IDLWKIXO UHSUHVHQWDWLRQ RI QDWXUH EXW DV D SRHVLV DV *DOORS VD\V D SURFHVV RI FUHDWLQJ ZRPDQnV VH[ WUDQVJUHVVLYH RI WKH SKDOORPRUSKLF ODZ RSHUDWLQJ RQ DQ XQFRQVFLRXV OHYHO DQG WKHUHIRUH GLYRUFHG IURP LWV KLVWRULFDO EHJLQQLQJV ([FHVVLYH DQG QRQQRUPDWLYH KHU OLSV WURSH LV QRW SUHGHVWLQHG E\ DQDWRP\ EXW LV DOUHDG\ D V\PEROLF LQWHUSUHWDWLRQ RI WKDW DQDWRP\ *DOORS f 7KURXJK LPLWDWLRQ LW RIIHUV D UHIOHFWLRQ RQ WKH PLPHWLF VWUXFWXUH WKDW REMHFWLILHV WKH RWKHU WKURXJK WKH YLVXDO +XPDQ ERGLHV GRZQ WR WKHLU DQDWRPLFDO DVSHFWV YDU\ EXW WKH\ DUH RIWHQ FRQFHSWXDOL]HG DV EHLQJ RI RQH W\SH XVXDOO\ PDOH 0RLUD *DWHQV SRLQWV RXW LQ ,PDJLQDU\ %RGLHV WKDW SRUWUD\DOV RI ZKROH IHPDOH ERGLHV DUH RIWHQ DEVHQW LQ DQDWRP\ WH[WERRNV

PAGE 48

7KH\ LQFOXGH RQO\ VNHWFKHV RI ZKDW LV ODFNLQJ WKH IHPDOH UHSURGXFWLYH V\VWHP IRU H[DPSOH LQ WKH SURWRW\SH 2XWVLGH WKH PRGH RI H[SUHVVLRQ RI SKLORVRSK\ SURSHU ,ULJDUD\nV OLSV IXQFWLRQ FDWDFKUHVWLFDOO\ 1HLWKHU YDJLQDO QRU FOLWRUDO WKH\ IRUP DQ XQVDQFWLRQHG LPSURSHU V\PEROLF ILJXUH ZLWKRXW D QRP nSURSUHn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nDUWLFXOH SDV GDQV OnQRQF VHV VLOHQFHV &6 76 f 7KH JRDO RI PLPLFU\ LV WR HQDFW D VHOIVDPH UHSHWLWLRQ EXW WKURXJK D SRHVLV WKDW UHSHDWV LW GLIIHUHQWO\ 7UXH WR WKH DUW RI WKH PLPH ,ULJDUD\ PDNHV YLVLEOH ZKDW LV LQYLVLEOH WKURXJK WKH PHGLXP

PAGE 49

RI WKH ERG\ ([FHVVLYHO\ FKDUJHG ZLWK PDWHULDOLW\ KHU LPDJH H[SRVHV D YDFDQW FRQVWUXFWHG FKDUDFWHU LQKHUHQW LQ GLVFRXUVHV RQ VH[XDOLW\ WKDW UHYHDOV KRZ ERGLHV QHYHU TXLWH FRQIRUP WR WKH QRUPV LQWR ZKLFK WKH\ DUH LQWHUSHOODWHG +HU FRQVWUXFWLRQ RI D IHPLQLQH PHWDSKRU LV QRW HVVHQWLDOLVW IRU DV (OL]DEHWK %HUJ VD\V VKH LV REOLJHG WR DGYDQFH VRPH LPDJH RI ZRPDQ LI RQO\ WR KROG RSHQ WKLV EODQN VSDFH 7KH LPDJHV VKH SURSRVHV RI IOXLGV FDYHV HWFDUH HPSW\ RQHV VXEMHFW WR LQILQLWH GHIHUUDO f 3OD\LQJ ZLWK PLPHVLV LQ VXFK D ZD\ PHDQV WR WHQWHU GH UHWURXYHU OH OLHX GH VRQ H[SORLWDWLRQ SDU OH GLVFRXUV ZLWKRXW DOORZLQJ RQHVHOI WR EH UHGXFHG WR H[SORLWDWLRQ DQG VLOHQFH &6 76 f ,ULJDUD\nV OLSV PHWDSKRU VOLSV RXW DQG IOLHV IUHH LI RQO\ IRU DQ LQVWDQW IURP V\PEROLF FRQVWUDLQWV ,QGHHG KHU ILJXUH LV QRW PHDQW WR GHWHUPLQH D IL[HG FRQFHSW RI IHPDOH VH[XDOLW\ 5DWKHU LW LV D V\PEROLF UHSUHVHQWDWLRQ WKDW H[FHHGV GXDOLWLHV &RQVWDQWO\ PRYLQJ EDFN DQG IRUWK EHWZHHQ WKH OLSV DQG PXOWLSOH SRLQWV RI FRQWDFW WKLV IHPLQLQH SOHDVXUH GnDX PRLQV GHX[ OYUHV H[FHHGV WKH ODZ RI VDPHQHVV &6 76 f ,WV PXOWLSOLFLW\ WURXEOHV WKH SKDOORJRFHQWULF ORJLF RI RQHWRRQH HTXLYDOHQFH ,I KHU MRXLVVDQFH LV VR SOXUDO LW FDQQRW EH HDVLO\ FRQWUROOHG UHGXFHG DQG DVVLPLODWHG LQWR RQHQHVV %XWOHU XQGHUVWDQGV ,ULJDUD\nV PXOWLSOH OLSV DV D UHSHWLWLRQ RI WKH YLRODWLRQ RI WKDW UHGXFHV ZRPDQ WR PDWHULDOLW\ EXW VKH FODLPV WKDW WKHVH UHSHWLWLRQV RI KHJHPRQLF IRUPV RI SRZHU IDLO WR UHSHDW OR\DOO\ DQG LQ WKDW IDLOXUH RSHQ

PAGE 50

SRVVLELOLWLHV IRU UHVLJQLI\LQJ WKH WHUPV RI YLRODWLRQ DJDLQVW WKHLU YLRODWLQJ DLPV %70 f ,ULJDUD\nV H[FHVVLYHO\ PDWHULDO FRQILJXUDWLRQ RI WKH DQDWRP\ GLVUXSWV WKH LPDJH RI ZRPDQ DV PDQn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f ,ULJDUD\ GHVFULEHV KHU SURFHVV RI PLPWLVPH DV K\VWHULFDO PLPLQJ DV WKH ZRPDQn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

PAGE 51

H[FHHGV LWV ILJXUDWLRQ RI KHU 7KH LOOXVLRQ WKDW WKH ERXQGDULHV RI VXEMHFWV DUH IL[HG FRXOG QRW EH VXVWDLQHG ZLWKRXW WKH VRFLDO SURKLELWLRQ RI IHPLQLQH VSHFLILFLW\ )RU ERWK ,ULJDUD\ DQG &KDZDI WKLV WDERR SURGXFHV D FXOWXUDO DYHUVLRQ WRZDUG WKH IHPLQLQH %\ DSSURSULDWLQJ K\VWHULD ZKLFK )UHXG FODLPV LV SURSHU WR ZRPDQ VXFK H[FHVVLYH SHUIRUPDQFHV RI IHPLQLQH VH[XDOLW\ V\PEROLFDOO\ HPEUDFH WKH ULVN WKDW WKUHDWHQV D VXEMHFWnV ERXQGDULHV 6RPH RI ,ULJDUD\nV FULWLFV DUJXH WKDW KHU PLPLFU\ UHOHJDWHV ZRPDQ WR D SODFH ZKHUH VKH LV SHUPDQHQWO\ GHSULYHG RI D YRLFH +RZHYHU WUXH WR WKH IORZLQJ HSKHPHUDO DUW RI PLPH WKH EODQN VSDFH H[SRVHG WKURXJK ,ULJDUD\nV PLPLFU\ LV FOHDUO\ QR SODFH EHWZHHQ nKLVn ODQJXDJH DQG nKHUVn EXW RQO\ D GLVUXSWLYH PRYHPHQW ZKLFK XQVHWWOHV WKH WRSRJUDSKLFDO FODLP D WDNLQJ RI KLV SODFH QRW WR DVVXPH LW EXW WR VKRZ WKDW LW LV RFFXSLDEOH WR UDLVH WKH TXHVWLRQ RI WKH FRVW DQG PRYHPHQW RI WKDW DVVXPSWLRQ %70 f 3KLORVRSKLFDO GLVFRXUVH ZLOO FRQWLQXH WR GHSULYH ZRPHQ RI WKH YDOXH RI WKHLU VH[ ,ULJDUD\ FODLPV DV ORQJ DV RQ QH VDFKH SDV SRXUTXRL SDU TXL HW TXH FHOD VRLW SRUW DX FRPSWH GH OD n1DWXUHn &6 76 f ([SRVLQJ WKH WKUHDW RI WKH ORVV RI WKH VHOInV LQWHJULW\ WKURXJK K\VWHULFDO PLPLFU\ VKH H[SORUHV ZKDW %XWOHU FDOOV WKH ]RQHV RI LQKDELWDELOLW\ ZKLFK D VXEMHFW IDQWDVL]HV WR EH WKUHDWHQLQJ LWV RZQ LQWHJULW\ %70 f 9DORULVLQJ WKH PDVFXOLQH RYHU WKH IHPLQLQH VHUYHV WR VKRUH XS WKH GRPLQDQFH RI WKH SKDOORJRFHQWULF RUGHU WR HPSRZHU RQH JURXS DW WKH H[SHQVH RI WKH RWKHU

PAGE 52

,ULJDUD\n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fV VH[XDO VSHFLILFLW\ LQVWHDG RI DVVLPLODWLQJ KHU LQWR PDVFXOLQH VDPHQHVV ZRXOG EH WKH PHDQV IRU SXWWLQJ LQWR TXHVWLRQ WKH GRPLQDWLRQ RI PDVFXOLQH RYHU IHPLQLQH DV ZHOO DV VHOIGHVWUXFWLYH ULYDOU\ DPRQJ ZRPHQ &RQFHSWXDOL]LQJ VH[XDO GLIIHUHQFH LQ D GLIIHUHQW HFRQRP\ RI ODQJXDJH ZRXOG EH D ILUVW VWHS WRZDUGV FKDQJH LQ WKH KXPDQ FRQGLWLRQ ERWK IHPDOH DQG PDOH

PAGE 53

)RU ,ULJDUD\ VXFK D UHWXUQ RI WKH PDWHUQDOIHPLQLQH ILJXUHV RQO\ LQ WKH FRQGLWLRQDO PRGH IRU LW KDV \HW WR FRPH LQWR EHLQJ 3URYLVLRQDO WDFWLFV VXFK DV ,ULJDUD\nV PLPLFU\ DUH IRU KHU WKH ILUVW VWHS WRZDUGV QRW RQO\ IHPDOH VXEMHFWLYLW\ EXW VXEMHFWLYLW\ IRU DOO ERGLHV WKDW GR QRW FRPSO\ ZLWK WKH KHWHURVH[XDO PDVFXOLQH QRUP 8VLQJ ,ULJDUD\nV UHUHDGLQJ RI 3ODWR DV D SRLQW RI GHSDUWXUH %XWOHU H[DPLQHV WKH FRQGLWLRQV RI WKH SURGXFWLRQ RI WKH FRQFHSW RI PDWWHU 6KH WUDFHV DQG SUREOHPDWL]HV WKH ZD\V LQ ZKLFK VH[XDO GLIIHUHQFH IXQFWLRQV LQ SKLORVRSKLFDO GLVFRXUVH *HQGHU 3HUIRUPDWLYLWY 6LQFH WKH LQFHSWLRQ RI FULWXUH IPLQLQH LQ WKH V FULWLFV KDYH GLVPLVVHG WKH V\PEROLFDOWHULQJ SRWHQWLDO RI WKLV SUDFWLFH DV XWRSLDQ +RZHYHU LQ OLJKW RI -XGLWK %XWOHUnV WKHRU\ RI WKH SHUIRUPDWLYLW\ RI JHQGHU DQG LWV OLQN WR ERGLO\ PDWHULDOLW\ ZH FDQ QRZ HQYLVLRQ WKH SRVVLELOLW\ RI D UDGLFDO UHDUWLFXODWLRQ RI WKH V\PEROLF KRUL]RQ SRVVLEOH WKURXJK WKH UHSHWLWLRQ RI VXEYHUVLYH PLPHWLF DFWV VXFK DV PLPLFU\ f O 6KH HQJDJHV ZLWK WKH ZHVWHUQ SKLORVRSKLFDO WUDGLWLRQ LQ DQ ,ULJDUD\LDQ PDQQHU 7KDW LV WR VD\ WKDW VKH H[SORUHV WKH FRQGLWLRQV RI WKH SURGXFWLRQ RI GLVFRXUVH LQ RUGHU WR XQGHUVWDQG KRZ VH[HG ERGLHV PDWHULDOL]H )RU %XWOHU DV IRU ,ULJDUD\ WKH PDWWHU RI ERGLHV HQFRPSDVVHV WKH PDWHULDO WKH GLVFXUVLYH DQG WKH HWKLFDO KRZ ERGLHV WDNH IRUP RU DSSHDU DQG KRZ WKH\

PAGE 54

VLJQLI\ DV ZHOO DV ZKLFK ERGLHV FRPH WR PDWWHU DQG ZK\ %70 [LLf 6LQFH 6LPRQH GH %HDXYRLUnV FODVVLF IRUPXODWLRQ LQ /H 'HX[LHPH 6H[H RQ QH QDLW SDV IHPPH RQ OH GHYLHQW IHPLQLVW WKHRU\ KDV UHOLHG RQ GLFKRWRPRXV WKLQNLQJ ZLWK WKH VH[JHQGHU ELQDU\ DW LWV EDVH f 7R DFFRXQW IRU GLIIHUHQFHV DPRQJ ZRPHQ \HW UHWDLQLQJ WKHLU FRPPRQ ERQG VH[ ZDV SRVLWHG DV WKH QDWXUDO ELRORJLFDO JLYHQ DQG JHQGHU DV D VRFLDO VXSSOHPHQW WR VH[ DUWLILFLDOO\ DGGHG WKURXJK LQWHUDFWLRQ ZLWK WKH ZRUOG 'HEDWHV KDYH VLQFH UHYROYHG DURXQG WZR FDPSV RI WKRXJKW RQH WKDW DUJXHV WKH SULPDF\ RI VH[ RYHU JHQGHU DQG WKH RWKHU JHQGHU RYHU VH[ 7KH WKHRU\ RI VRFLDO FRQVWUXFWLRQLVP WHQGV WR SULYLOHJH JHQGHU RYHU VH[ RQ WKH JURXQGV WKDW VH[ LV DQ DSSHDO WR WKH QDWXUDO
PAGE 55

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f 7KLV ZD\ RI WKLQNLQJ LPSOLHV WKDW VRFLDO DJHQF\ UHPDLQV RXWVLGH KXPDQ DFWLRQ 3UREOHPDWLFDOO\ FDVWLQJ DVLGH ERGLO\ H[SHULHQFH WKH ERG\ DSSHDUV RQO\ DV DQ HIIHFW RI ODQJXDJH DQG WKH FRQFHSW RI VH[ DV D SKDQWDV\ 6HHNLQJ WR RYHUFRPH WKH LPSDVVH YLVDYLV WKH VRFLDO SUREOHPV RI PDUJLQDOL]DWLRQ DQG DEMHFWLRQ %XWOHU VKLIWV WKH IRFXV RI IHPLQLVW SKLORVRSK\ IURP HVVHQWLDOLVP YHUVXV FRQVWUXFWLYLVP WR WKH PRUH FRPSOH[ TXHVWLRQV RI KRZ GHHSVHDWHG RU FRQVWLWXWLYH FRQVWUDLQWV FDQ EH SRVHG LQ WHUPV RI V\PEROLF OLPLWV LQ WKHLU LQWUDFWDELOLW\ DQG FRQWHVWDELOLW\ f 7KH PDWWHU RI VH[ WKH VLWH RI ERGLO\ RSSUHVVLRQ LV QRW VWDWLF %XWOHU SRLQWV RXW WKDW LQ *UHHN RQWRORJ\ PDWWHU ZDV D FUHDWLYH SULQFLSOH DQG KDG WKH SRZHU WR RULJLQDWH
PAGE 56

UHVSHFW WR GLVFXUVLYH SUDFWLFHV %XWOHUnV WKHRU\ RI JHQGHU SHUIRUPDWLYLW\ DLPV WR GLVSODFH WKH VWDELOLW\ RI WKH VH[JHQGHU GLFKRWRP\ 7R UHWKLQN WKH IRUPPDWWHU VSOLW LQ D PRGHUQ SROLWLFDO FRQWH[W E\ LQWHUURJDWLQJ WKH GHJUHH WR ZKLFK WKH FRQFHSW RI IRUP LV KLVWRULFDOO\ SURGXFHG %XWOHU GUDZV IURP ,ULJDUD\nV UHDGLQJ RI 3ODWR DQG )RXFDXOWnV KLVWRULFDO DQDO\VLV RI WKH LQWHUFRQQHFWLRQV RI IRUP DQG PDWWHU 7KH IROORZLQJ GLVFXVVLRQ WUDFHV %XWOHUnV H[DPLQDWLRQ RI WKH FDWHJRULHV RI VH[ DQG JHQGHU WKURXJK DQ RSWLF RI OLQJXLVWLF VSHHFK DFWV VWUXFWXUDOLVW DQG SRVWn VWUXFWXUDOLVW SKLORVRSK\ DQG SV\FKRDQDO\WLF WKLQNLQJ 2QH RI WKH ZD\V ERGLHV PDWHULDOL]H LV WKURXJK GLVFRXUVH %XWOHU DVVHUWV QDPHO\ WKURXJK SHUIRUPDWLYH FLWDWLRQDO SUDFWLFHV +HU WKHRU\ RI JHQGHU SHUIRUPDWLYLW\ UHFRQILJXUHV -/ $XVWLQn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nV DQG WKH UHFHLYHUnV FRPSOLDQFH ZLWK FRQYHQWLRQ $ SHUIRUPDWLYH HYHQ PDVTXHUDGHV DV D VWDWHPHQW RI IDFW $XVWLQ GHFODUHV ZKHQ LW DVVXPHV LWV PRVW H[SOLFLW

PAGE 57

IRUP ZKLFK LV WR VD\ DV D W\SH RI DXWKRULWDWLYH VSHHFK f $OO SKLORVRSKLFDO FRQVWDWLYHV DFFRUGLQJ WR %XWOHU RSHUDWH DV SHUIRUPDWLYHV $OWKRXJK WKH\ DUH QHLWKHU WUXH QRU IDOVH WKH\ PDVTXHUDGH DV GHVFULSWLRQV RI UHDOLW\ WKURXJK WKH UHLWHUDWHG LQYRFDWLRQ RI DXWKRULW\ 7KLV PDVTXHUDGH LQYROYHV WKH LOOXVLRQ WKDW D VWDWHPHQWnV PHDQLQJ UHPDLQV VLQJXODU DQG FRQVWDQW WKURXJK VSDFH DQG RYHU WLPH $V ,ULJDUD\ ZRXOG VD\ LW JLYHV ULVH WR WKH GHFHSWLRQ WKDW WKHUH LV QR PHWDPHWDSKRU $XVWLQnV VHPLQDO ZRUN RQ SHUIRUPDWLYHV KDV OHG WR LPSRUWDQW FULWLFDO LQVLJKWV LQWR KRZ FRQWLQJHQW DQG UDGLFDOO\ KHWHURJHQHRXVKRZ FRQWHVWDEOH WKH UHODWLRQVKLS LV EHWZHHQ D VXEMHFW DQG DQ XWWHUDQFH 3DUNHU t 6HGJZLFN f 7KLV FRQWLQJHQF\ DSSOLHV WR WKH LQWHUORFXWRU WKH DXGLHQFH DQG WKH ORFXWLRQ RI WKH SHUIRUPDWLYH DFW $XVWLQnV FODLP WKDW DFWLRQV FDQ RQO\ EH SHUIRUPHG E\ SHUVRQV DQG REYLRXVO\ LQ RXU FDVHV WKH XWWHUHU PXVW EH WKH SHUIRUPHU VKRZV KRZ KH SULYLOHJHG WKH VXEMHFWnV DJHQF\ RYHU RWKHU IDFWRUV WKDW FRQVWUDLQ LQGLYLGXDOV VXFK DV UHODWLRQV RI SRZHU f %XWOHUnV JHQGHU SHUIRUPDWLYLW\ RQ WKH RWKHU KDQG TXHVWLRQV DQ LQGLYLGXDOnV DELOLW\ WR EULQJ DERXW WKH LQWHQGHG DFWLRQ 8QGHUVWDQGLQJ WKH SHUIRUPDQFH RI JHQGHU DV D VLPSOH DFWLRQ HIIHFWHG WKURXJK D VXEMHFWnV FKRLFH RYHUVLPSOLILHV WKLV SURFHVV $V %XWOHU H[SODLQV D VXEMHFW FDQQRW FKRRVH WR GRQ D JHQGHU DV VKH FKRRVHV WR SXW RQ HLWKHU D GUHVV RU SDQWV DW WKH VWDUW RI WKH GD\ ,QVWHDG RI VXEVFULELQJ WR WKH SHUIRUPDWLYLW\ RI JHQGHU FHQWHUHG DURXQG

PAGE 58

WKH VXEMHFW DV WKH DFW E\ ZKLFK D VXEMHFW EULQJV LQWR EHLQJ ZKDW VKHKH QDPHV VKH HPSKDVL]HV WKH UROH RI GLVFRXUVH LQ SURGXFLQJ WKH SKHQRPHQD WKDW LW UHJXODWHV DQG FRQVWUDLQV %70 f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f ,Q DQ DEVWUDFW ZD\ PDWHULDOL]DWLRQ HPHUJHV WKURXJK FHDVHOHVV VWUXJJOHV DQG FRQIURQWDWLRQV DW WKH QH[XV RI YDULRXV FXOWXUDO DQG GLVFXUVLYH SUDFWLFHV f :KHQ FRQFHLYHG DV RXWVLGH GLVFRXUVH DQG SRZHU IRUP FDQ EH XVHG DV D WRRO RI RSSUHVVLYHf SRZHU 'LVFXUVLYH DFWV

PAGE 59

%XWOHU VKRZV DUH SDUW RI WKH SURFHVV RI GLIIXVH SRZHU WKDW SURGXFHV ERXQGDULHV RI WH[WV DQG ERGLHV 7KURXJK WKH RSHUDWLRQ RI FLWDWLRQ ZKLFK UHLQVWDOOV QRUPDWLYH ERXQGDULHV WKH ERG\nV ERXQGDULHV DSSHDU FRPSOHWHO\ VWDEOH LQVWHDG RI EHLQJ UHSHDWHGO\ SXW LQWR TXHVWLRQ 6KH XVHV FLWDWLRQ LQ 'HUULGDnV VHQVH RI FLWDWLRQDOLW\ LQ ZKLFK WKH QDPLQJ LQ GLVFRXUVH RI DQ nREMHFWn E\ D SDUWLFXODU VXEMHFW LV D nFLWDWLRQn RI DQ DOUHDG\ H[LVWLQJ GLVFXUVLYH QRUP &RWWHU f 7KH LQYRFDWLRQ RI QRUPDWLYH JHQGHU FRQVWUDLQWV LV D ULWXDOL]HG SURFHGXUH WKDW QRW RQO\ VHWV D OLPLW WR SHUIRUPDWLYLW\ EXW DOVR LPSHOV DQG VXVWDLQV SHUIRUPDWLYLW\ %70 f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

PAGE 60

'LVFUHWH DFWV RI JHQGHU SHUIRUPDQFH RSHUDWH VLPLODUO\ WKURXJK WKLV HFKR FKDLQ :KDW FRPSHOV JHQGHU SHUIRUPDWLYLW\" ,QVWHDG RI YLHZLQJ WKH IRUPDWLRQ RI WKH VH[HG VXEMHFW DV ODUJHO\ GHYHORSPHQWDO LQ )UHXGLDQ RU /DFDQLDQ VFKHPDV %XWOHU VXJJHVWV WKDW VXEMHFW IRUPDWLRQ FDQ EH XQGHUVWRRG DV DQ HIIHFW RI SRZHU WKDW ERWK JHQHUDWHV DQG FRQVWUDLQV VH[ DQG D VH[HG SRVLWLRQ ZLWKLQ ODQJXDJH f 7KHUH LV QR VXEMHFW SULRU WR WKH UHLWHUDWHG SHUIRUPDQFH RI JHQGHU QRUPV VKH FRQWHQGV 5DWKHU DQ HFKRFKDLQ RI WKHLU RZQ UHLQYRFDWLRQ DV VXEMHFW HQDEOHV VXEMHFWV WR FRPH LQWR EHLQJ f )ROORZLQJ $OWKXVVHU VKH DUJXHV WKDW RQH FDQ DFFHGH WR WKH VWDWXV RI VXEMHFW RQO\ WKURXJK D SULRU LQWHUSHOODWLRQ LQWR WKLV SRVLWLRQ FDQ RQO\ VD\ n,n WR WKH H[WHQW WKDW KDYH ILUVW EHHQ DGGUHVVHG DQG WKDW DGGUHVV KDV PRELOL]HG P\ SODFH LQ VSHHFK f 7KLV LQWHUSHOODWLRQ EHJLQV DW ELUWK ZKHQ WKH GRFWRU LQYHVWHG ZLWK WKH DXWKRULW\ WR GR VR SURQRXQFHV DQ LQIDQWnV VH[ WKURXJK WKH SHUIRUPDWLYH ,WnV D JLUO 5HLWHUDWHG DQG UHLQIRUFHG WKURXJK RQHnV OLIH WKH SURFHVV RI VH[LQJ LV DW RQFH WKH VHWWLQJ RI D ERXQGDU\ DQG DOVR WKH UHSHDWHG LQFXOFDWLRQ RI D QRUP f 6XEMHFWV GR QRW HPHUJH SULRU WR WKHLU UHFRJQLWLRQ LQVWHDG LW LV WKH UHFRJQLWLRQ DV D YLDEOH VXEMHFW WKDW PDWHULDOL]HV WKH VXEMHFW )URP WKLV SHUVSHFWLYH ,ULJDUD\nV LQVLVWHQFH RQ PLPLFU\ DV D VWUDWHJ\ IRU DJHQF\ EHFRPHV PRUH FOHDU ([SRVLQJ KRZ ZRPDQnV VH[XDO VSHFLILFLW\ KDV EHHQ UHSUHVVHG LQ ZHVWHUQ

PAGE 61

SKLORVRSK\ DQG SV\FKRDQDO\VLV WKURXJK PLPLFU\ UHYHDOV WKH SULRU H[LVWHQFH RI WKH IHPLQLQH DOEHLW DQ REVFXUHG RQH $W SUHVHQW VKH FODLPV ZRPDQnV VH[XDO GLIIHUHQFH FDQ RQO\ EH JOLPSVHG ZLWK UHFRXUVH WR WKH ODQJXDJH VWUDWHJ\ RI PLPLFU\ ,Q OLJKW RI %XWOHUnV WKHRU\ RI G\QDPLF LGHQWLW\ IRUPDWLRQ VH[ FDQ EH VHHQ DV DQ LGHDO FRQVWUXFW DV ,ULJDUD\nV OLSVILJXUH LOOXVWUDWHV D UHJXODWRU\ LGHDO GLFWDWHG E\ V\PEROLF ODZ ZKLFK RYHU WLPH DQG WKURXJK D QHWZRUN RI UHJXODWHG GLVFXUVLYH SUDFWLFHV KDV WKH SRZHU WR SURGXFHGHPDUFDWH FLUFXODWH GLIIHUHQWLDWHWKH ERGLHV LW FRQWUROV f $OWKRXJK WKH IRUFH RI WKLV LGHDO DSSHDUV WR H[LVW SULRU WR SKLORVRSKLFDO DQG SV\FKRDQDO\WLF GLVFRXUVHV RQ VH[XDOLW\ VKH PDLQWDLQV WKDW WKHVH GLVFRXUVHV DFWXDOO\ RSHUDWH SHUIRUPDWLYHO\ VHWWLQJ OLPLWV LQ DGYDQFH RQ VH[XDO LGHQWLILFDWLRQ DQG VLPXOWDQHRXVO\ UHSURGXFLQJ WKHVH OLPLWV DV QRUPDWLYH LQ RUGHU WR VKRUH XS WKH DXWKRULW\ RI WKHLU RZQ FODLPV 3HUIRUPDWLYH WKHRU\ GHPRQVWUDWHV DFFRUGLQJ WR )UDQJRLV /\RWDUG WKDW WKH OLPLWV WKH LQVWLWXWLRQ LPSRVHV RQ SRWHQWLDO ODQJXDJH nPRYHVn DUH QHYHU HVWDEOLVKHG RQFH DQG IRU DOO HYHQ LI WKH\ KDYH EHHQ IRUPDOO\ GHILQHGf 5DWKHU WKH OLPLWV DUH WKHPVHOYHV WKH VWDNHV DQG SURYLVLRQDO UHVXOWV RI ODQJXDJH VWUDWHJLHV ZLWKLQ WKH LQVWLWXWLRQ DQG ZLWKRXW f )URP %XWOHUnV SHUVSHFWLYH UHODWLRQV RI GLVFRXUVH DQG SRZHU DUH PRUH IOXLG WKDQ SULRU WKHRULHV KDYH DFNQRZOHGJHG 7KURXJK KHU UHUHDGLQJ RI )UHXGnV DQG /DFDQnV ODQJXDJH nPRYHVn %XWOHU UHFDVWV WKH V\PEROLF DV D VHULHV RI QRUPDWLYL]LQJ LQMXQFWLRQV WKDW VHFXUH WKH ERUGHUV RI VH[ WKURXJK WKH WKUHDW RI SV\FKRVLV DEMHFWLRQ SV\FKLF

PAGE 62

XQOLYDELOLW\ f ,Q )UHXGnV SDUDGLJP VXEMHFW IRUPDWLRQ WDNHV SODFH WKURXJK LGHQWLILFDWLRQ DQG UHSXGLDWLRQ $ ER\ PXVW LGHQWLI\ ZLWK KLV IDWKHU KLV VDPHf DQG UHQRXQFH RU UHMHFW WKH PRWKHU KLV RWKHUf XQGHU DQG WKURXJK WKH IRUFH RI SURKLELWLRQ DQG WDERR f 'HPDQGV WDERRV VDQFWLRQV LQMXQFWLRQV SURKLELWLRQV SRVVLEOH LGHDOL]DWLRQV DQG WKUHDWV VHUYH WR NHHS XQUXO\ ERGLHV LQ OLQH f $V ,ULJDUD\ SRLQWV RXW LQ 6SHFXOXP GH nDXWUH IHPPH )UHXGnV GLVFRXUVH RQ VH[XDOLW\ RSHUDWHV SHUIRUPDWLYHO\ ,W GRHV QRW GHVFULEH DQ DFWXDO FRQGLWLRQ EXW SURGXFHV D FHUWDLQ YHUVLRQ RI UHDOLW\ D QRUPDWLYH SKDQWDVP RI VH[ EDVHG RQ PDVFXOLQH SDUDPHWHUV WKDW UHTXLUH WKH UHMHFWLRQ RI WKH PDWHUQDOIHPLQLQH $V ,ULJDUD\ DUJXHV VXFK GLVFRXUVHV RQ VH[XDOLW\ SURGXFH WKH PDWHUQDOIHPLQLQH DV DQ DEMHFW ]RQH RXWVLGH WKH UHDOP RI WKH VXEMHFW D UHDOP RI LQKDELWDELOLW\ WKDW DFFRUGLQJ WR %XWOHU ZLOO FRQVWLWXWH WKH GHILQLQJ OLPLW RI WKH VXEMHFWnV GRPDLQ LW ZLOO FRQVWLWXWH WKDW VLWH RI GUHDGHG LGHQWLILFDWLRQ DJDLQVW ZKLFKDQG E\ YLUWXH RI ZKLFKWKH GRPDLQ RI WKH VXEMHFW ZLOO FLUFXPVFULEH LWV RZQ FODLP WR DXWRQRP\ DQG WR OLIH %70 f 2QH VKRUHV XS RQHnV SRVLWLRQ DV VXEMHFW WKURXJK VSHHFK DFWV WKDW SURGXFH DQ DEMHFW RXWVLGH 6WDWLQJ ZRXOG UDWKHU GLH WKDQ EH RU GR WKDW LV DQ H[DPSOH RI WKH GLVDYRZDO LQKHUHQW LQ WKLV SURFHVV f $PRQJ WKH HIIHFWV WKH DFFXPXODWLRQ RI VXFK UHQXQFLDWLRQ SURGXFHV LV H[FOXVLRQ GLVHQIUDQFKLVHPHQW DQG SK\VLFDO KDUP 7KH PDWHULDOL]DWLRQ RI VH[ RYHU WLPH WKURXJK WKH UHLWHUDWLRQ RI UHJXODWRU\ QRUPV DQG VKDPLQJ LQWHUSHOODWLRQ

PAGE 63

VHUYHV WR DVVXUH WKH UXOLQJ DXWKRULW\nV ERXQGDULHV :KDW ZRXOG KDSSHQ %XWOHU LQTXLUHV LI D WHUP PHDQW WR PDUJLQDOL]H ZHUH UHLWHUDWHG GLIIHUHQWO\GHWDFKHG IURP LWV QHJDWLQJ LQWHQW" $V $XVWLQ UHPLQGV XV SHUIRUPDWLYH UHLWHUDWLRQ LQYRNHV FRQYHQWLRQ DQG WKLV SURFHVV PXVW DOZD\V EH D UHSHWLWLRQ RI WKH VDPH LQ RUGHU WR DVVXUH WKH VXFFHVV RI WKH SHUIRUPDWLYH 7KLV ODZ FDQ RQO\ UHPDLQ D ODZ WR WKH H[WHQW WKDW LW FRPSHOV WKH GLIIHUHQWLDWHG FLWDWLRQV DQG DSSUR[LPDWLRQV FDOOHG nIHPLQLQHn DQG nPDVFXOLQHn %XWOHU GHPRQVWUDWHV f ,I VWDEOH LGHQWLW\ UHTXLUHV UHLWHUDWLRQ RYHU WLPH WKLV UHYHDOV WKDW WKH ERXQGDULHV RI VLJQLILFDWLRQ PXVW FRQVWDQWO\ EH UHLQVWDWHG DQG WKXV VLJQDOV D SRVVLEOH LQVWDELOLW\ EXLOW LQWR WKH V\VWHP WKH ODZ SHUSHWXDOO\ UHLQVWLWXWHV WKH SRVVLELOLW\ RI LWV RZQ IDLOXUH f $V D UHVXOW %XWOHU DUJXHV PDWHULDOL]DWLRQ LV QHYHU TXLWH FRPSOHWH DQG ERGLHV QHYHU TXLWH FRPSO\ ZLWK WKH QRUPV E\ ZKLFK WKHLU PDWHULDOL]DWLRQ LV LPSHOOHG f :KDW DSSHDUV RXWVLGH WKH QRUPDWLYH UHDOP LQ WKLV ]RQH RI LQKDELWDELOLW\ QHYHUWKHOHVV ILJXUHV LQVLGH LW VKH FRQWHQGV ,W RFFXSLHV WKH SODFH DJDLQVW ZKLFK ZKDW LV LQVLGH GHILQHV LWVHOI %HFDXVH WKLV RXWVLGH LV LQWHJUDO WR WKH V\VWHP LW KRYHUV DV D WKUHDW WR WKH LQVLGHnV DXWRQRP\ ,Q RUGHU WR PDLQWDLQ LWV VHOISHUSHWXDWLRQ DV WKH GRPDLQ WKDW PDWWHUV WKH V\VWHP PXVW UHSUHVV ZKDW LW KDV SXVKHG WR WKH PDUJLQV (DFK SHUIRUPDWLYH XWWHUDQFH LV VXEMHFW WR VXFK LQIHOLFLW\ DFFRUGLQJ WR $XVWLQ D ULVN RI IDLOXUH WKDW FDQQRW EH FRQWUROOHG E\ D VXEMHFWnV LQWHQW $ VWUDWHJ\ RI

PAGE 64

QRQFRPSOLDQFH ZLWK WKH DXWKRULW\ RI WKH VSHDNHU FDQ SHUKDSV GHVWDELOL]LQJ QRUPV $V 3DUNHU DQG 6HGJZLFN QRWH D WKUHDWHQLQJ SHUIRUPDWLYH VWDWHPHQW RI GDUH \RX IROORZHG E\ D VXEYHUVLYH ZLWQHVVHV FKRUXV RI 'RQnW GR LW RQ RXU DFFRXQW ZRXOG UDGLFDOO\ DOWHU WKH VRFLDO WKH SROLWLFDO WKH LQWHUORFXWRU\ ,\RXWKH\f VSDFH RI HQFRXQWHU 3HUIRUPDWLYLWY DQG 3HUIRUPDQFH f )URP DQ HWKLFDO VWDQGSRLQW SHUIRUPDWLYLW\ PDNHV WKH SOD\HUV DVVXPH UHVSRQVLELOLW\ QRW RQO\ IRU WKH VWDWHPHQWV WKH\ SURSRVH EXW DOVR IRU WKH UXOHV WR ZKLFK WKH\ VXEPLW WKRVH VWDWHPHQWV LQ RUGHU WR UHQGHU WKHP DFFHSWDEOH /\RWDUG f 7KH XQFHUWDLQW\ ZLWKLQ WKLV V\VWHP SURYLGHV SRVVLELOLWLHV IRU WKH UHPDWHULDOL]DWLRQ RI DEMHFW ERGLHV ERGLHV WKDW GR QRW PDWWHU LQ SDUWLFXODU WKRVH ZKR GHYLDWH IURP WKH VWDQGDUG EHFDXVH RI VH[ VH[XDO RULHQWDWLRQ UDFH DQGRU QDWLRQDOLW\ :KDW HIIHFWV WKHQ ZRXOG FHUWDLQ VXEYHUVLYH DFWV OLNH &KDZDIn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

PAGE 65

SUDFWLFHV VXFK DV PLPLFU\ 7KURXJK K\SHUEROLF RYHUn SHUIRUPDQFHV VXFK FDWDFKUHVWLF VSHHFK DFWV SURGXFH XQKDSS\ GHYLDWLRQV DV $XVWLQ FDOOHG WKHPf LQ WKH FLWDWLRQDO FKDLQVOLSSDJH EHWZHHQ GLVFXUVLYH FRPPDQG DQG LWV DSSURSULDWHG HIIHFW ZLWK WKH DLP RI IRUFLQJ WKH VLJQLILHU ZRPDQ WR H[FHHG LWV LQWHQGHG PHDQLQJ %70 f $Q H[FHVVLYH FRQIRUPLW\ WR V\PEROLF FRPPDQGV DFWXDOO\ H[SRVHV WKH K\SHUEROLF VWDWXV RI FRQYHQWLRQ ,W VKRZV WKDW LGHQWLW\ WHUPV WKHPVHOYHV DUH DOZD\V FDWDFKUHVWLF XQFRQWUROODEOH PHWDSKRULFDO SRVLWLRQLQJV ZLWKRXW DEVROXWH UHIHUHQWV 3DUDGR[LFDOO\ H[DJJHUDWHG FRPSOLFLW\ ZLWK SKDOORJRFHQWULF QRUPV UHYHDOV WKH UHf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f %XWOHU SRLQWV RXW WKDW LQ 3ODWRnV GLVFRXUVH 7KHUH LV QR VLQJXODU RXWVLGH IRU WKH )RUPV UHTXLUH D QXPEHU RI H[FOXVLRQV WKH\ DUH DQG UHSOLFDWH WKHPVHOYHV WKURXJK ZKDW WKH\ H[FOXGH WKURXJK QRW EHLQJ WKH DQLPDO QRW EHLQJ WKH ZRPDQ

PAGE 66

QRW EHLQJ WKH VODYH ZKRVH SURSULHW\ LV SXUFKDVHG WKURXJK SURSHUW\ QDWLRQDO DQG UDFLDO ERXQGDU\ PDVFXOLQLVWQ DQG FRPSXOVRU\ KHWHURVH[XDOLW\ %70 f 7KLV FULWLFLVP FDQ EH UHDG DV MXVWLILDEOH WR D GHJUHH LQ WKDW ,ULJDUD\ IDLOV WR PHQWLRQ WKH PHWRQ\PLF OLQN EHWZHHQ ZRPHQ DQG WKHVH RWKHU 2WKHUV %70 f +RZHYHU %XWOHUnV FRQFOXVLRQ WKDW ,ULJDUD\ DSSURSULDWHV DQG WKHUHIRUH LGHDOL]HV WKH nHOVHZKHUHn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nV QRW WKH ZD\ ZRPDQ LV ,Q WKLV VHQVH D VWURQJ QHJDWLYH UHDFWLRQ WHVWLILHV WR WKH VXFFHVV RI WKH GLVSODFHPHQW ,I PDWWHU LV DV %XWOHU FODLPV DQ XQJURXQGHG ILJXUH DQG LI WKH IHPLQLQH VWULFWO\ VSHDNLQJ KDV QR PRUSKH QR PRUSKRORJ\ QR FRQWRXU IRU LW LV WKDW ZKLFK FRQWULEXWHV WR WKH FRQWRXULQJ RI WKLQJV EXW LV LWVHOI XQGLIIHUHQWLDWHG ZLWKRXW ERXQGDU\ %70 f

PAGE 67

WKHQ KRZ LV LW WKDW ,ULJDUD\ SRVLWV WKH QRWLRQ WKDW WKH IHPLQLQH PRQRSROL]HV WKH VSKHUH RI WKH H[FOXGHG %70 f" %XW DV DSSDUHQW LQ ,ULJDUD\nV OLSV ILJXUH KHU PLPH UHYHDOV D SDUDGLJP RI GRPLQDQFHVXERUGLQDWLRQ DW ZRUN DQG LW VHUYHV WR H[SRVH D FHUWDLQ ORJLF RI H[FOXVLRQ RSHUDWLQJ LQ SKLORVRSKLFDO GLVFRXUVH ZLWKRXW IRUHFORVLQJ WKH SOD\ RI GLIIHUHQFH $V *D\DWUL 6SLYDN DUJXHV LGHQWLW\ FDWHJRULHV DOORZ LGHQWLW\EDVHG SROLWLFDO SUDFWLFHV WR SURFHHG
PAGE 68

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nV FULWXUH IHPLQLQH LV D WH[WXDO DQG DOVR D SROLWLFDO SUDFWLFH URRWHG LQ WKLV SKLORVRSKLFDO WUDGLWLRQ KHU SURFHGXUH KDV \HW WR EH VWXGLHG ZLWKLQ WKH FRQWH[W RI WKH WUDGLWLRQnV LPSRUWDQW FRQWULEXWLRQV WR FRQWHPSRUDU\ IHPLQLVW SUDFWLFH EURXJKW WR OLJKW E\ ,ULJDUD\ DQG %XWOHU &KDZDInV YHUVLRQ RI FULWXUH IPLQLQH WKDW LV KHU PLPHWLF VWUDWHJ\ HPSOR\V JHQGHU FDWHJRULHV PHWDSKRULFDOO\ )HZ FULWLFV KDYH DFNQRZOHGJHG WKLV DQG WKH LPSOLFDWLRQV RI KHU XVH RI PHWDSKRU KDYH QRW \HW EHHQ VXIILFLHQWO\ HODERUDWHG ,ULJDUD\nV DQG %XWOHUnV UHWKLQNLQJ RI PDWWHU DQG JHQGHU SHUIRUPDQFH LV XVHIXO IRU UHIXWLQJ FODLPV WKDW &KDZDInV FULWXUH IPLQLQH LV DQ RXWPRGHG HVVHQWLDOLVW DQG SDVVLYH DWWHPSW DW GHILQLQJ ZRPDQ ,Q IDFW DQ DUJXPHQW FRXOG EH PDGH WKDW FULWXUH IPLQLQH KDV EHHQ UHMHFWHG DV D YLDEOH IHPLQLVW SUDFWLFH EHFDXVH LW SXWV WKH LGHDOL]HG FDWHJRU\

PAGE 69

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f WRZDUG WKH SHUIRUPDWLYH WRZDUG WKH LPDJLQDWLYH HQDFWPHQW RI VH[XDO UHGHILQLWLRQV UHERUGHUL]DWLRQV DQG UHDUWLFXODWLRQV )XVV f ,Q P\ RSLQLRQ VXFK LPDJLQLQJ RWKHUZLVH LV WKH JRDO RI &KDZDInV SUDFWLFH 7KH ERG\ %XWOHU DUJXHV LV D PDWHULDOLW\ WKDW EHDUV PHDQLQJ LI QRWKLQJ HOVH DQG WKH PDQQHU RI WKLV EHDULQJ LV IXQGDPHQWDOO\ GUDPDWLF WKH ERG\ LV QRW RQO\ PHUHO\ PDWWHU EXW D FRQWLQXDO DQG LQFHVVDQW PDWHULDOL]LQJ RI SRVVLEOLWLHV 2QH LV QRW VLPSO\ D ERG\ EXW LQ VRPH YHU\ NH\ VHQVH RQH GRHV RQHnV ERG\ %70 f 7R VWDWH WKDW RQH GRHV RQHnV ERG\ LV QRW WR GHQ\ ELRORJ\ 5DWKHU %XWOHUnV WKHRU\ RI SHUIRUPDWLYLW\ UHYHDOV KRZ GLVFRXUVH VKDSHV FRQVFLRXVQHVV RI PDWHULDO ERGLHV PDVNV GLIIHUHQFH DQG HYHQ LPSHOV ERGLHV WR FRPSO\ WR QRUPV WKDW QHYHU TXLWH ILW 5HFDVWLQJ WKH IHPDOH ERG\ DV ,ULJDUD\ GRHV ZLWK KHU OLSV ILJXUH GHPRQVWUDWHV KRZ GRLQJ RQHnV ERG\ LV D FRPSOH[ G\QDPLF WKHDWULFDO SURFHVV D SHUIRUPDQFH WKDW

PAGE 70

LV QHYHU FRPSOHWHO\ ILQLVKHG ,W EURDGHQV WKH KRUL]RQ RI SRVVLELOLWLHV IRU UHILJXULQJ WKH FRQFHSW RI ZRPDQ )URP WKLV SHUVSHFWLYH &KDZDInV FULWXUH IPLQLQH FDQ EH VHHQ DV DQ DFWLYH SURFHGXUH D FRPSOH[ SURFHVV RI UHZRUNLQJ FRQFHSWXDOL]DWLRQV RI ERGLHV ([DPLQLQJ &KDZDInV ZULWLQJ WKURXJK WKH WKHRUHWLFDO RSWLF SURYLGHG E\ ,ULJDUD\ DQG %XWOHU RIIHUV D QHZ ZD\ RI XQGHUVWDQGLQJ KHU FRQWURYHUVLDO LQVLVWHQFH RQ UHODWLRQV EHWZHHQ ERGLO\ PDWHULDOLW\ DQG WH[WXDOLW\ DQG LQ SDUWLFXODU KRZ DQG WR ZKDW HQGV VKH H[SORLWV FRQYHQWLRQDO SRUWUD\DOV RI ZRPDQ 1RWHV 7KH WHUP LQfGLIIHUHQFH VLJQLILHV WKH YHLOHG QRQn GLIIHUHQWLDWLRQ EHWZHHQ WKH VH[HV KHQFH ,ULJDUD\nV LQVFULSWLRQ RI GLIIHUHQFH FDUULHV WKH WUDFHV RI LWV LQGLIIHUHQFH )RU ,ULJDUD\ VH[XDO GLIIHUHQFH LV DW WKH KHDUW RI DOO SUREOHPV RI PDUJLQDOL]DWLRQ EH WKH\ JHQGHU FODVV UDFH RU KRPRVH[XDOLW\ ,Q WDNLQJ VXFK D VWDQFH ,ULJDUD\ GRHV QHYHUWKHOHVV UHFRJQL]H GLIIHUHQFHV ZLWKLQ DQG DPRQJ WKHVH JURXSV 6SHDNLQJ RI ZRPHQ VKH VD\V OHV IHPPHV QH IRPHQW SDV £ VWULFWHPHQW SDUOHU XQH FODVVH HW OHXU GLVSHUVLRQ GDQV SOXVLHXUV UHQG OHXU FRPEDW SROLWLTXH HW FRPSOH[H &6 76 f ,ULJDUD\ XQGHUVWDQGV VH[XDO VSHFLILFLW\ DV ERWK GLIIHUHQFH EHWZHHQ WKH DQDWRP\ RI ZRPHQ DQG PHQ DQG WKH GLIIHUHQFH DV LW LV LQVFULEHG LQ WKH FXOWXUDO LPDJLQDU\ DQG LWV V\PEROLF UHSUHVHQWDWLRQV 6HH -DFTXHV 'HUULGD /D VWUXFWXUH OH VLJQH HW OH MHX GDQV OH GLVFRXUV GHV VFLHQFHV KXPDLQHV LQ /(FULWXUH HW OD GLIIUHQFH DV ZHOO DV 'H OD DUDPPDWRORDLH 0DUDHV GH OD SKLORVRRKLH DQG 3RVLWLRQV ,ULJDUD\nV ZRUNV DUH ZLGHO\ UHDG LQ (QJOLVK 7KHUHIRUH SDJH UHIHUHQFHV LQFOXGH ERWK )UHQFK DQG (QJOLVK YHUVLRQV 7KH DEEUHYLDWLRQV &6 76 63 DQG 63( VWDQG UHVSHFWLYHO\ IRU WKH IROORZLQJ &H VH[H JXL QnHQ HVW SDV XQ 3DULV

PAGE 71

(GLWLRQV GH 0LQXLW f 7KLV 6H[ :KLFK LV 1RW 2QH WUDQV &DWKHULQH 3RUWHU ,WKDFD &RUQHOO f 6SHFXOXP GH nDXWUH IHPPH 3DULV (GLWLRQV GH 0LQXLW f 6SHFXOXP RI WKH 2WKHU :RPDQ WUDQV *LOOLDQ & *LOO ,WKDFD &RUQHOO f 0DWWHU LQ ,ULJDUD\ VKRXOG EH XQGHUVWRRG DV ERWK D QRXQ DQG D YHUE ,W FRQVWLWXWHV ZKDW LV FRQFHSWXDOL]HG DV SK\VLFDO UHDOLW\ DV ZHOO DV KRZ WKLV UHDOLW\ PHDQV RU LV VLJQLILFDQW 6HH )HUGLQDQG GH 6DXVVXUH DQG 7XOOLR 'H 0DXUR &RXUV GH OLQRXLVWLFUXH DQUDOH 3DULV 3D\RW f 6HH 0LFKHO )RXFDXOW /HV PRWV HW OHV FKRVHV XQH DUFKHRORRLH GHV VFLHQFHV KXPDLQHV 3DULV *DOOLPDUG f 7KLV YHUE LV V\QRQ\PRXV ZLWK UHSUVHQWHU PRQWHU LQWHUSUWHU VLPXOHU LPLWHU LQFDUQHU VSFXOHU VH VHUYLU GH VH PRTXHU GH DQG ULVTXHU GH $V (OLQ 'LDPRQG SRLQWV RXW D QRQPLPHWLF ODQJXDJH PHDQV WKDW D VSHDNHU FDQ QR ORQJHU OD\ FODLP WR D VWDEOH V\VWHP RI UHIHUHQFH FDQ QR ORQJHU UHO\ RQ ODQJXDJH WR PLUURU H[SUHVV UHSUHVHQWf KHU HQWLUH WKRXJKW f %RGLHV 7KDW 0DWWHU 2Q WKH 'LVFXUVLYH /LPLWV RI 6H[ 1HZ
PAGE 72

0RXIIH ,W LV DOZD\V QHFHVVDU\ WKDW WKH FLUFXPVWDQFHV LQ ZKLFK WKH ZRUGV DUH XWWHUHG VKRXOG EH LQ VRPH ZD\ RU ZD\V DSSURSULDWH f 7KH ZRUGV PXVW EH VSRNHQ nVHULRXVO\n VR DV WR EH WDNHQ nVHULRXVO\n f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f %XWOHU FLWHV WKH H[DPSOH RI WKH GLYLQH FUHDWLRQ RI WKH ZRUOG *RG FUHDWHV OLJKW WKURXJK VD\LQJ /HW WKHUH EH OLJKW 'UDZLQJ IURP WKH ZRUN RI 'HUULGD DQG /DFDQ %XWOHU VHSDUDWHV DFWV IURP WKHLU LPSOLFDWLRQV RI SUHVHQFH WKURXJK WKH QRWLRQ RI WKH VLJQ FKDLQ 6KH XQGHUVWDQGV DFWV LQ D EURDG VHQVH DV OLQNHG WR D SULRU FKDLQ RI DFWV 7KH IDFW WKDW WKH\ PXVW EH UHSHDWHG VLJQDOV D SURYLVLRQDO IDLOXUH RI PHPRU\ DQG VKRZV D SUHVHQW DFW WR EH LQ IDFW D YXOQHUDEOH FRQWLQXXP RI WKH SDVW %70 f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f

PAGE 73

&+$37(5 7:2 &2175( /$ ),&7,21 3$5$7(;7 $1' 3$52'< ,1 5(7$%/(/$ 5(9(5,( &H QnHVW SDV WUDQJH VL MnDL nLPSUHVVLRQ GnDOOHU FRQWUH OD ILFWLRQ &KDZDI &RQWUH OD ILFWLRQ 3RXU DERUGHU XQ WH[WH LO IDXGUDLW TXH FHOXLFL HW XQ ERUG 'HUULGD 6XUYLYUH &KDQWDO &KDZDInV ILUVW DQG DUJXDEO\ PRVW LPSRUWDQW QRYHO 5HWDEOHOD UHYHULH ZDV SXEOLVKHG LQ WKH VDPH \HDU DV ,ULJDUD\nV 6SHFXOXP GH nDXWUH IHPPH DQG &L[RXVn IDPRXV HVVD\ /H 5LUH GH OD PGXVH ,WV GHEXW PDUNHG WKH EHJLQQLQJ RI DQ HUD RI IHPDOH ZULWHUV LQ )UDQFH ZKR IORRGHG WKH OLWHUDU\ VFHQH ZLWK ZRUNV DWWHPSWLQJ WR EULQJ VSHFLILFDOO\ IHPDOH H[SHULHQFHV LQWR WKH DHVWKHWLF DUHQD /LNH &ROHWWHnV IHPLQLQH ZULWLQJ &KDZDI DQG PDQ\ RI KHU FRQWHPSRUDULHV FHOHEUDWHG WKH SOHDVXUHV DQG SDLQV RI PRWKHUKRRG +RZHYHU ZULWHUV RI FULWXUH IPLQLQH PRUH H[SOLFLWO\ HQYLVLRQHG WKHLU ZRUN DV D PHDQV WR SURWHVW WKH PRUDO LGHRORJLFDO DQG DHVWKHWLF GR[D RI WKH HSRFK 5HWDEOH UHFRXQWV D ZRPDQnV TXHVW IRU LGHQWLW\KHU RZQ DQG WKDW RI KHU PRWKHU ZKR ZDV NLOOHG RQ KHU ZD\ WR WKH KRVSLWDO WR JLYH ELUWK $IWHU OHDUQLQJ RI KHU PRWKHUnV IDWH IURP KHU DGRSWLYH IDWKHU VKH DWWHPSWV WR UHFUHDWH KHU ELUWK

PAGE 74

PRWKHU WKURXJK WKH DFW RI ZULWLQJ 0RUH D SHUIRUPDQFH WKDQ DQ DFFRXQW RI HYHQWV /D 5HYHULH FHOHEUDWHV ORYHPDNLQJ LQ DOO LWV LQWULFDF\ EHWZHHQ D PDQ DQG D ZRPDQ 7KH UHDGHU LQ VHDUFK RI DQ HODERUDWH SORW PLJKW EH GLVDSSRLQWHG E\ &KDZDInV ILUVW QRYHO IRU WKH SOHDVXUH RIIHUHG E\ WKH WH[W FRPHV LQ WKH IRUP RI ULFK LPDJHV HODERUDWH PHWDSKRUV DQG SOD\ DW WKH OHYHO RI OH[LV DQG V\QWD[ 'HVSLWH &KDZDInV XQXVXDO WUHDWPHQW RI ODQJXDJH KHU LQVLVWHQFH RQ WKH ELRORJLFDO WKH PDWHUQDO DV SULYLOHJHG H[SHULHQFH DQG ZULWLQJ OLIH KDV EHHQ YLHZHG DV SUREOHPDWLF IURP ERWK DYDQWJDUGH DQG IHPLQLVW SHUVSHFWLYHV &RQVLGHULQJ &KDZDIV DVVRFLDWLRQ ZLWK 3V\FK HW 3R DQG 'HV )HPPHV RQH ZRXOG H[SHFW D WUDQVJUHVVLYH IHPLQLVW DSSURDFK WR ERG\ DQG WH[W
PAGE 75

SUDFWLFHV" +RZ PLJKW &KDZDInV ZULWLQJ SUDFWLFH EH XQGHUVWRRG LQ D IHPLQLVW FRQWH[W" 6XFK JHQGHU WURXEOH LV FRXSOHG ZLWK TXHVWLRQV RI OLWHUDU\ DSSURDFK 7KURXJKRXW WKH DUWLFOH &RQWUH OD ILFWLRQ &KDZDI FULWLFL]HV UHDOLVW PHWKRGV RI ZULWLQJ DQG FLWHV %DO]DF DQG )ODXEHUW LQ SDUWLFXODU IRU DLPLQJ WR ER[ LQ WKH QRYHOLVWLF XQLYHUVH WR OLPLW ODQJXDJH f ,Q FRQWUDVW VKH FODLPV WR ZULWH FRQWUH OD ILFWLRQ WR SURGXFH DQ FULWXUH GH OD YLH WKDW MRLQV ILFWLRQ ZLWK OLIH 7R HPSKDVL]H WKH H[WHQW WR ZKLFK &KDZDInV ZULWLQJ VW\OH LV LQVHSDUDEOH IURP KHU IHPLQLVP RI VH[XDO GLIIHUHQFH %RVVKDUG FDWHJRUL]HV KHU SURMHFW DV D UDOLVPH nSR WKLTXHn 'H HXWRSLH FKDPSWUH f $V %RVVKDUGnV GHVFULSWLRQ VXJJHVWV &KDZDInV SRHWLFV FDQQRW EH XQGHUVWRRG RXWVLGH WKH FRQWH[W RI KHU HWKLFV RI ORYH 1RQHWKHOHVV D UHDGLQJ RI KHU SUDFWLFH DV UHDOLVW LPSOLHV WKDW &KDZDI HPSOR\V ERWK ODQJXDJH DQG LPDJHU\ RI IHPDOH ERG\ ZLWK WKH LQWHQW WR DSSUR[LPDWH D IDLWKIXO UHSUHVHQWDWLRQ RI QDWXUH ,QGHHG LQ RUGHU WR IOHVK RXW WKH QDUUDWLYH VKH UHOLHV RQ WHFKQLTXHV DQG VWHUHRW\SLFDO SRUWUD\DOV RI ZRPDQ WKDW VHHP WR VXSSRUW UHDOLVW FRQYHQWLRQ :KDW FDQ EH PDGH RI WKH DXWKRUnV FODLPV WR EH ZULWLQJ WKH PDWWHU WKH ERG\ WKH IHPLQLQH DQG WKH ODQJXDJH RI OLIH" +RZ FDQ WKLV EH H[SODLQHG LQ WKH FRQWH[W RI WKH DVVHUWLRQ WKDW VKH ZULWHV FRQWUH OD ILFWLRQ" ,Q RUGHU WR H[SORUH WKH G\QDPLF RI UHSUHVHQWDWLRQ DQG OLIH ZULWLQJ LQ 5HWDEOHOD UYHULH WKLV FKDSWHU H[DPLQHV

PAGE 76

LQVWDQFHV RI WKH QRYHOV SDUDWH[W $V IRUPXODWHG E\ *HUDUG *HQHWWH LQ 6HXLOV WKH SDUDWH[W FRPSULVHV WKRVH FRQVWLWXWLYH VXSSOHPHQWV WKDW GHVLJQDWH WKH WH[W DV WH[W DQG PDNH SRVVLEOH LWV SUHVHQWDWLRQ WR WKH SXEOLF LWV FLUFXODWLRQ DQG LWV SHUIRUPDQFH 5HWDEOHOD UHYHULHnV SDUDWH[WXDO HOHPHQWV SURYLGH D FRQWH[W IRU XQGHUVWDQGLQJ ZKDW KDV EHHQ FDOOHG WKH DUFKHW\SDO WH[W RI FULWXUH IPLQLQH +D[HOO :RPDQ DV /DFHPDNHU f 0\ GLVFXVVLRQ DLPV WR VKHG OLJKW RQ &KDZDIV DHVWKHWLF DQG HWKLFDO HQJDJHPHQW ZLWK ODQJXDJH DQG PRUH EURDGO\ WR SUREOHPDWL]H WKH UHDGLQJ RI KHU ZRUN DV QDLYHO\ UHDOLVW 3DUDWH[W ,Q 6HXLOV *HQHWWHnV HQWHUWDLQLQJ WKRXJKWSURYRNLQJ VWXG\ RQ WKH WRSLF KH GHILQHV SDUDWH[W DV FH SDU TXRL XQ WH[WH VH IDLW OLYUH HW VH SURSRVH FRPPH WHO £ VHV OHFWHXUV HW SOXV JQUDOHPHQW DX SXEOLF > @ LO VnDJLW LFL GnXQ VHXLO RXPRW GH %RUJHV £ SURSRV GnXQH SUIDFHGnXQ nYHVWLEXOHn TXL RIIUH £ WRXW XQ FKDFXQ OD SRVVLELOLW GnHQWUHU RX GH UHEURXVVHU FKHPLQ n=RQH LQGFLVHn HQWUH OH GHGDQV HW OH GHKRUV HOOHPPH VDQV OLPLWH ULJRXUHXVH QL YHUV OnLQWULHXU OH WH[WHf QL YHUV nH[WULHXU OH GLVFRXUV GX PRQGH VXU OH WH[WHf OLVLUH RX FRPPH GLVDLW 3KLOLSSH /HMHXQH nIUDQJH GX WH[WH LPSULP TXL HQ UDOLW FRPPDQGH WRXWH OD OHFWXUHn ]RQH GH WUDQVLWLRQ GH WUDQVDFWLRQ f 7KH SDUDWH[W FRPSULVHV WKH EDFNJURXQG REMHFWV WKDW FRQVWLWXWH D OLWHUDU\ ZRUN WKDW SUHVHQW LW WR WKH SXEOLF DQG UHQGHU LW PDWHULDOO\ SUHVHQW 7KH\ HQDEOH WKH PDUNHWLQJ DQG GLVWULEXWLRQ RI D WH[W DQG FRQGLWLRQ WKH SXEOLFnV H[SHFWDWLRQV *XLGLQJ WKH H[FKDQJH EHWZHHQ WKH ZRUOG DQG WKH

PAGE 77

ZRUG EHWZHHQ UHDO OLIH DQG ILFWLRQ WKH\ IRUP WKH PLVHHQ VFQH WKDW FRQGLWLRQV WKH QDUUDWLYH $ QRYHO ZLWKRXW SDUDWH[W LV QR QRYHO DW DOO $V *HQHWWH SRLQWV RXW D WH[Wn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nV WUDQVLWLRQ IURP RQH UHDOP WR DQRWKHU IURP WKH UHDO ZRUOG WR WKH WH[WXDO ZRUOG IRUPLQJ D OLPLQDO VSDFH ZKHUH WKH ELQDULHV RI UHDOILFWLRQ DQG SXEOLFSULYDWH FRQYHUJH 7KLV ]RQH RI WUDQVLWLRQ *HQHWWH GHPRQVWUDWHV RSHUDWHV DERYH DOO DV D ]RQH RI WUDQVDFWLRQ $Q H[SORUDWLRQ RI WKH VSDFH RI WUDQVDFWLRQ LV NH\ LQ ,ULJDUD\nV YLHZ DV D PHDQV RI DFFHVV WR VH[XDO GLIIHUHQFH $ UHH[DPLQDWLRQ RI ZKDW FRXQWV DV UHDO FDQ WDNH SODFH E\ LQWHUURJDWLQJ WKH OLPLQDO HOHPHQWV RI WKH VFHQRJUDSK\ RI WKH

PAGE 78

VFHQH RI UHSUHVHQWDWLRQLWV FRQVWLWXWLYH DVSHFWV QRWDEO\ PDWWHU DQG WKH PLUURU n DUFKLWHFWRQLTXH GH VRQ WK£WUH VRQ FDGUDJH GH HVSDFHWHPSV VRQ FRQRPLH JRPWULTXH VRQ DPHXEOHPHQW VHV DFWHXUV OHXUV SRVLWLRQV UHVSHFWLYHV OHXUV GLDORJXHV YRLUH OHXUV UDSSRUWV WUDJLTXHV &6 76 f 6KH VXJJHVWV D VKLIW LQ IRFXV IURP WKH DFWLRQ RI FHQWHU VWDJH WR WKH HFRQRP\ ZLWKLQ ZKLFK LW WDNHV SODFH WKH IUDPLQJ RI WKH WUDQVDFWLRQ DQG WKH H[FKDQJH EHWZHHQ WH[W DQG UHDGHU ,Q SRVWVWUXFWXUDOLVW FULWLTXHV XVLQJ WKH WKHDWULFDO WURSH WKH IRFXV LV GLVSODFHG DV 7LPRWK\ 0XUUD\ VXFFLQFWO\ SXWV LW IURP ZKDW LV UHSUHVHQWHG WR KRZ LW LV VKRZQ RU UHSUHVHQWHG DQG KRZ LW LV VHHQ UHDG RU UHFHLYHG 0LPHVLV 0DVRFKLVP DQG 0LPH f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

PAGE 79

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nV XVH RI SDUDWH[WXDO HOHPHQWV VKRZV WKH ODWWHU WR RSHUDWH DV PRUH WKDQ VWDEOH FRQWH[WXDO SDUDPHWHUV IRU WKH QRYHO WKH\ VHUYH DQ DFWLYH UROH LQ WKH ZRUOGEXLOGLQJ DFWLYLWLHV RI UHDGHUV )RFXVLQJ RQ WKH nEHFRPLQJn RI WKH VSHDNLQJ VXEMHFW DQG WKH WH[W WKURXJK DQ HPSKDVLV RQ WKH SDUDWH[WXDO &KDZDI LQWHUURJDWHV WKH HIIHFWV RI HQFRXQWHUV EHWZHHQ WH[WV DQG DXGLHQFHV ,Q FKRRVLQJ SDUD *HQHWWH EDSWL]HG WKHVH HOHPHQWV DSSURSULDWHO\ IRU HW\PRORJLFDOO\ WKH SUHIL[ VLJQLILHV DJDLQVW LQ ERWK VHQVHV RI WKH ZRUG FRXQWHU DQG EHVLGH %\ LWV SUHIL[ WKH WHUP SDURG\ DOVR EHORQJV WR WKLV VDPH ]RQH RI WKH XQGHFLGDEOH DQG LV URRWHG LQ D VLPLODU SDUDGR[ ,Q KHU H[WHQVLYH DQDO\VLV RI WZHQWLHWKFHQWXU\ SDURGLH IRUPV +XWFKHRQ VWUHVVHV WKDW LW LV WKH QDWXUH RI SDURG\ WR VLJQLI\ LQ FRQWUDGLFWRU\ ZD\V :KHQ &KDZDI VWDWHV WKDW KHU ZULWLQJ JRHV FRQWUH OD ILFWLRQ VKH GHVFULEHV KHU FULWXUH IPLQLQH DV D OLWHUDWXUH RI SUR[LPLW\ DQG

PAGE 80

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nV SDUDWH[WV GHPRQVWUDWHV KRZ &KDZDI JRHV ZLWKDJDLQVW QRUPDWLYH FRQFHSWLRQV RI JHQUH DQG JHQGHU ,Q SDUWLFXODU LW RIIHUV LQVLJKWV LQWR KRZ WKH ERRNnV FRQVWUXFWLRQ LQWHUURJDWHV ZD\V RI WKLQNLQJ DERXW WH[WV ERGLHV DQG WKH FRQQHFWLRQV EHWZHHQ WKH WKHP *URVVHVVH ,Q 'H 5HWDEOH £ 5RXFUH£WUH &KDZDI GHVFULEHV WKH ERQG EHWZHHQ KHU FULWXUH GX IPLQLQ DQG KHU H[SHULHQFH RI PDWHUQLW\ -nDL FRPPHQF 5HWDEOH HQ JURVVHVVH /HV SUHPLHUHV OLJQHV GH PRQ FULWXUH VRQW YHQXHV GX YHQWUH GH PD PDWULFH SOHLQH GH PD PDWULFH R YLYDLW R UHVSLUDLW XQ HQIDQW HW MnDL HQWHQGX HW YX XQH FRORUDWLRQ OLQJXLVWLTXH URVH TXL VH GSRVDLW HQ PRWV PDWULHOV HQ SHWLWHV SKUDVHV JURVVHV HW URQGHV VXU OHV SDJHV EODQFKHV &nWDLW OD SURIRQGH MRLH GH FRPPXQLTXHU DYHF OD YLH DYHF OD ODQJXH GH OD YLH &nWDLW nHVSDFH GnXQH OLEUDWLRQ GHV SHUFHSWLRQV GH PRQ FRUSV GH IHPPH RX OD YLH GDQV XQ IRHWXV PHO £ nFULWXUH SUHQDLW IRUPH IRUPHV GH IHPPH (W SXLV OHV

PAGE 81

UHWURXYDLOOHV VODUJLVVDLHQW VH VRQW GYHORSSHV HW QnRQW SOXV FHVV GH FKHPLQHU GH VnRXYULU HW 5HWDEOH PnD FRQGXLWH DXSUV GHV (GLWLRQV GHV )HPPHV DXSUV GnXQH IHPPH $QWRLQHWWH DXSUV GnXQ WUDYDLO RX VnRUJDQLVDLW SROLWLTXHPHQW QRWUH OLEUDWLRQ HW QRWUH GLIIUHQFH R OH ODQJDJH TXH MH PH VHQW£LV PRLPPH HQ WUDLQ GH OLEUHU VLQVFULYDLW JUDFH D FH JURXSH GDQV OnHIILFDFLW GnXQH OXWWH f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n DQG WR WKH UXSWXUH RI WKH VHFRQG ZDYH RI IHPLQLVP )HPDOH LQWHOOHFWXDOV HQJDJHG LQ WKH HYHQWV RI WKH UHYROW ZHUH IXOO RI H[SHFWDWLRQV IRU WKH IXWXUH
PAGE 82

FRQWLQXHG IDPLOLDU H[SORLWDWLRQ 7KH VH[XDO GLYLVLRQ RI ODERUWKH GHOHJDWLRQ RI ZRPHQ WR JUXQJH ZRUNPLUURUHG WKH WUDGLWLRQDO UROH RI ZRPHQ DV SURYLGHUV RI VXSSRUW VHUYLFHV VKXWWLQJ WKHP RXW RI SRVLWLRQV RI SRZHU )URP WKHLU SRLQW RI YLHZ WKH H[SDQVLRQ RI GHPRFUDWLF LGHDOV FDUULHG ZLWK LW DQ XQVSRNHQ LPSHUDWLYH nIRU PHQ RQO\n 0RYHG E\ ZKDW WKH\ VDZ DV K\SRFULV\ LQKHUHQW LQ WKH V\VWHP LQ SODFH JURXSV RI )UHQFK ZRPHQ WRRN WKH LQLWLDWLYH IRUPLQJ RUJDQL]DWLRQV RQ VHYHUDO IURQWV RYHU WKH QH[W IHZ \HDUV DV D VWUDWHJ\ RI DWWDFN WKH 0/) 3V\FK HW 3R 'HV )HPPHV DQG WKH &HQWUH Gn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nV O\ULFDO QRYHOV VLQJLQJ WKH SUDLVHV RI IHPLQLQLW\ ZHUH LQWHUSUHWHG DV DQ DIILUPDWLRQ RI WKH SRVLWLYH DVSHFWV RI ZRPDQKRRG $V D SURGXFHU RI VXFK WH[WV &KDZDI ILJXUHG DPRQJ WKH UDQNV RI WKRVH DWWHPSWLQJ WR FUHDWH D IHPLQLQH JHQHDORJ\ D VSDFH RI ZULWLQJ LQ ZKLFK VSHFLILFDOO\ IHPDOH H[SHULHQFHVUHODWLRQV EHWZHHQ ZRPHQ DQG

PAGE 83

WKHLU FKLOGUHQ PRWKHUV RU SDUWQHUVFRXOG EH H[SORUHG IURP D ZRPDQnV SHUVSHFWLYH )RU WKRVH ZKRVH OLYHG H[SHULHQFH RI PRWKHUKRRG FRQWUDGLFWHG 6LPRQH GH %HDXYRLUnV FRQGHPQDWLRQ RI LW DV DOLHQDWLQJ &KDZDInV FHOHEUDWLRQ RI PRWKHUKRRG FDPH DV D ZHOFRPH UHVSRQVH 3DUDGR[LFDOO\ ZLWK WKH ULVH RI WKH HVVHQWLDOLVW FULWLTXH LQ WKH HDUO\ V FULWXUH IPLQLQH UHFHLYHG LQFUHDVHG FULWLFDO DWWHQWLRQ 8QOLNH LWV HDUO\ UHFHSWLRQ WKLV DYDQWJDUGH SUDFWLFH ZDV YLHZHG IRU WKH PRVW SDUW LQ D QHJDWLYH OLJKW &KDZDInV UHIHUHQFHV WR WKH ELRORJLFDO DQG WKH PDWHUQDO ZHUH LQWHUSUHWHG DV HVVHQWLDOLVW &KDUJHV RI HVVHQWLDOLVP DURVH IURP WKH DVVXPSWLRQ WKDW &KDZDI HQYLVLRQHG WKH ERG\ DV SULYLOHJHG LQVWUXPHQW RI RQHnV JUDVS RQ WKH ZRUOG /LQNLQJ KHU FRPLQJ WR ZULWLQJ ZLWK SUHJQDQF\ WKH SDVVDJH LQ 'H 5HWDEOH £ 5RXJHDWUH PDGH KHU DQ HDV\ WDUJHW 7R D JUHDWHU H[WHQW WKDQ KHU FRQWHPSRUDULHV VKH ZDV EODPHG IRU KDYLQJ VR H[SOLFLWO\ WLHG WKH SUDFWLFH RI IHPLQLQH ZULWLQJ WR WKH ELRORJLFDO IDFW RI PRWKHUKRRG 6XOHLPDQ 7KH 0fRWKHU 7RQJXH ff 2Q WKH EDVLV WKDW WKH LQVWLWXWLRQ RI PRWKHUKRRG RIWHQ RSHUDWHV LQ WKH VHUYLFH RI SDWULDUFK\ %HDXYRLU YLHZHG WKH IXQFWLRQV RI PHQVWUXDWLRQ SUHJQDQF\ DQG ODFWDWLRQ LQ JHQHUDO DV DOLHQDWLQJ IRUFHV ([SRVLQJ ZD\V LQ ZKLFK PDWHULDO GLIIHUHQFHV SHUSHWXDWH VH[XDO LQHTXDOLW\ VKH GHYHORSHG D IUDPHZRUN IRU VSOLWWLQJ JHQGHU IURP VH[ DV D PHDQV WR GLIIHUHQWLDWH WKH FXOWXUDO IURP WKH ELRORJLFDO +HU GLVWLQFWLRQ EHWZHHQ WKHVH WZR SROHV KDV EHHQ D PDMRU

PAGE 84

FRQWULEXWLRQ WR IHPLQLVW WKLQNLQJ +RZHYHU &KDZDI ,ULJDUD\ DQG RWKHU ZULWHUV RI FULWXUH IPLQLQH WDNH LVVXH ZLWK WKH SRVVLELOLW\ RI WKH H[LVWHQFH RI D VH[XDOO\ QHXWUDO VXEMHFW 6LQFH PDWHULDO GLIIHUHQFHV EHWZHHQ WKH VH[HV KDYH EHHQ XVHG LQ WKH VHUYLFH RI ZRPHQnV RSSUHVVLRQ WKH GLVFRXUVH UHLWHUDWLQJ WKHVH GLIIHUHQFHV VKRXOG EH LQWHUURJDWHG RQ LWV RZQ WHUPV &KDZDI OLNH ,ULJDUD\ WUDYHOV WKH WHUULWRU\ WKDW %HDXYRLU OHIW XQH[SORUHG ,W LV QHFHVVDU\ WR SXW LQWR TXHVWLRQ FH YLGH GH OD PHUH &KDZDI DUJXHV WR OH[SORUHU OH SDUFRXULU OnKDELWHU LQ RUGHU WR H[SRVH WKH H[FOXVLRQ RI WKH IHPLQLQH 'H 5HWDEOH £ 5RXFUH£WUH f +HU FULWXUH GH OD YLH FDQ EH UHDG DJDLQVW WKH FRQFHSWLRQ RI OLWHUDU\ FUHDWLRQ DV D PDVFXOLQH PHWDSKRU D ELRORJLFDO DFW LQ ZKLFK WKH SHQ HMHFWV LQN RQWR WKH SDJH DQG FXOPLQDWHV ZLWK OD SHWLWH PRUW DV D PLPHWLF VWUDWHJ\ RI GLVSODFHPHQW ,Q FUHDWLRQ DV D PDVFXOLQH DFW WKH WH[W LV FRPSOHWH ZKHQ ILQLVKHG E\ WKH DXWKRU ZKR LV FHQWUDO DQG DFWLYH LQ FRQWURO RI PHDQLQJ &RQYHUVHO\ LW LPSOLHV WKDW WKH UHFHLYHU EH LW SDJH RU UHDGHUf DFFHSWV SDVVLYHO\
PAGE 85

GHVLUH DQG VH[XDO GLIIHUHQFH KHU VHHPLQJO\ WUDGLWLRQDO PHWDSKRU FDQ EH YLHZHG DV D VHGLWLRXV YRO IURP FRQYHQWLRQDO RULJLQV 7R H[SORUH WKH ZRPE DV D VSDFH RI ZULWLQJ LV QRW WR PDNH D FOHDQ EUHDN ZLWK WKH PHWDSKRU RI ZULWLQJ DV DQ DFW RI ELRORJLFDO UHSURGXFWLRQ EXW LW LV SDUW RI &KDZDInV PLPHWLF VWUDWHJ\ IRU FULWLFDOO\ HQJDJLQJ WKH ORJLF RI DQ HFRQRP\ RI GRPLQDWLRQ RQ LWV RZQ WHUPV 3UHJQDQW ZLWK SRVVLELOLWLHV DQG SHUIRUPDWLYLW\ WKLV WURSH H[HPSOLILHV WKH VSLULW RI FULWXUH IPLQLQH ZKLFK DV &L[RXV VD\V HVW OD SRVVLELOLW P£PH GX FKDQJHPHQW 5LUH f %RWK &L[RXV DQG ,ULJDUD\ LQVLVW WKDW DW WKLV WLPH WKHUH LV QR IHUWLOH JURXQG RXWVLGH WKH GRPLQDQW GLVFRXUVH IURP ZKLFK D IHPLQLQH ODQJXDJH FRXOG VSULQJ PDLV XQ VRO PLOOQDLUH HW DULGH £ IHQGUH 5LUH f /LNH ,ULJDUD\nV PLPLFU\ WKH IXQFWLRQ RI &KDZDInV PLPHWLF VWUDWHJ\ LV QRW WR UHSODFH WKH PDVFXOLQHFHQWHUHG PHWDSKRU ZLWK D IHPDOHFHQWHUHG RQH EXW WR UHSURGXFH D FRS\ RI WKH VHOIVDPH ZLWK D FULWLFDO GLIIHUHQFH DV D PHDQV RI GLVSODFLQJ WKH VLQJXODU PRGHO DV WKH PRGHO SDU H[FHOOHQFH $V ,ULJDUD\ VD\V WKH DLP LV WR MDP WKH WKHRUHWLFDO PDFKLQHU\ RI QRUPDWLYH PHWDSKRUV GH VXVSHQGUH VD SUWHQVLRQ £ OD SURGXFWLRQ GnXQH YULW HW GnXQ VHQV SDU WURS XQLYRTXHV &6 76 f /HVW RQH EH PLVOHDG WKDW WKH PDWHUQDO LV D PHWDSKRU E\ WDNLQJ &KDZDInV ZRUGV DV GHVFULSWLYH UDWKHU WKDQ SHUIRUPDWLYH DQG WKHQ GLVPLVV WKH DXWKRU IRU VXFK DQ REYLRXVO\ HVVHQWLDOLVW SRVLWLRQ KHU FKRLFH RI WHUPV SXWV XV RQ WKH ULJKW WUDFN ,Q

PAGE 86

WKH SDVVDJH ZKHUH VKH GHVFULEHV WKH JHQHVLV RI KHU ZULWLQJ LQ PDWHUQDO WHUPV VH GSRVDLW SDUDGR[LFDOO\ VLJQLILHV ERWK SODFHPHQW DQG GLVSODFHPHQW VLPXOWDQHRXV SRVLWLQJ DQG ZLWKGUDZLQJ WKH RSHUDWLRQ RI WKH PLPH 7KLV GRXEOH LQVFULELQJ JHVWXUH UHYHDOV WKH GXDO IXQFWLRQ RI &KDZDInV PLPHWLF VWUDWHJ\ LQKHUHQW LQ KHU ZRPE PHWDSKRU FH TXH MH GLV D DX PRLQV GHX[ IDFHV HW GHX[ YLVHV GWUXLUH FDVVHU SUYRLU OnLPSUYX SURMHWHU 5LUH f &KDZDInV UHFRXUVH WR IHPLQLQH H[FOXVLRQ LV WR SRVHU OH GVLU GH IHPPH 3RVHU WUDFHU OD IHPPH H[LVWDQWH nDLGHU £ H[LVWHU VH GRQQHU H[LVWDQWH SDV PRUWH FULUH OD IHPPH YLYDQWH (FULUH £ SDUWLU GX FRUSV YLYDQW 0DLV RQ D YRXOX RQ YHXW VL VRXYHQW OD IHPPH PRUWH OD IHPPH VRXIIUDQWH OD IHPPH IDQWDVPH /D IHPPH WUDGLWLRQ FHOOH TXL QnH[LVWH SDV (FULUH £ SDUWLU GX FRUSV YLYDQW f &KDZDI OLNH ,ULJDUD\ YLHZV WKH ILUVW VWHS WRZDUG VH[XDO GLIIHUHQFH DV EHJLQQLQJ ULJKW ZKHUH RQH LV 7R 7UDFHU OD IHPPH H[LVWDQWH LV WR WUDFH WKH ZD\V LQ ZKLFK :RPDQ H[LVWV LQ WKH FXOWXUDO LPDJLQDU\ WR PLPH WKH ORJLF DQG H[SRVH LW &KDZDI WDFWLFDOO\ GHSOR\V WKH PHWDSKRU RI WKH XWHUXV WR FRXQWHU WKH ORJLF RI WKH SKDOOXV SXLVTXnRQ GILQLW OnKRPPH £ SDUWLU GH VRQ FRUSV GH VD SK\VLRORJLH IDFH £ FHW RUGHU TXL D W IDLW LO HVW SHXWWUH WHPSV GH YRLU nDXWUH FW DXVVL 'LVFXVVLRQ DYHF &KDQWDO &KDZDI f ,Q (FULUH £ SDUWLU GX FRUSV &KDZDI GHFULHV WKH V\PEROLF GHYDOXDWLRQ RI WKH ZRPE /nXWUXV QH MRXLW SDV GX PHUQH VWDWXW RQ UHQYRLH OD IHPPH £ OD QDWXUH £ OD FKDLU DX FRUSV £ OD MRXLVVDQFH DX VDQVSDUROH £ nLQGILQLVVDEOH GH OD VHQVDWLRQ £ XQH PDWHUQLW XWLOLWDLUH IDLUH GHV HQIDQWV QRQ SDV IDLUH GHV £PHV GnHQIDQWV QRQ SDV IDLUH GHV HVSULWV GnHQIDQWV 2Q OD UHQYRLH £ FH

PAGE 87

ELRORJLTXH WURQTX (FULUH £ SDUWLU GX FRUSV YLYDQW f ,Q ,ULJDUD\nV LQWHUYLHZ ZLWK +OQH 5RXFK LQ -H 7X 1RXV 5RXFK GHP\VWLILHV WKH SV\FKRDQDO\WLF QRWLRQ WKDW WKH VHSDUDWLRQ RI WKH SV\FKLF IXVLRQ RI PRWKHU DQG FKLOG RFFXUV DW WKH WLPH RI WKH FKLOGnV HQWU\ LQWR WKH V\PEROLF WKURXJK DQ LQWHUPHGLDU\ WKH 1RPGX3UH f 7KH ELRORJLFDO UHDOLW\ LV WKDW WKHUH LV QR IXVLRQ LQ WHUR 8QOLNH WKH LGHD WKDW WKH IHWXV RFFXSLHV WKH PRWKHUnV ERG\ LQ WKH PLOLWDU\ VHQVH KHU IOHVK LV QRW WKH KRVW IRU D SDUDVLWLF LQWUXGHU $OORZLQJ IRU SHDFHIXO FRKDELWDWLRQ WKH SODFHQWD PHGLDWHV EHWZHHQ WKH ERGLHV RI PRWKHU DQG FKLOG DQG UHJXODWHV WKH H[FKDQJH RI QXWULHQWV DQG ZDVWH SURGXFWV ,Q RUGHU WR WULJJHU WKH KRUPRQHV WKDW FUHDWH WKH SODFHQWD PRWKHUnV ERG\WKH VHOIPXVW LQLWLDOO\ UHFRJQL]H WKH IHWXV DV IRUHLJQ WR KHU ERG\ 0RVW LPSRUWDQWO\ DV 5RXFK LQGLFDWHV DIWHU WKLV UHFRJQLWLRQ RI WKH RWKHU DV RWKHU OD GLIIUHQFH HQWUH OH nVRLn HW nDXWUH HVW SRXU DLQVL GLUH LQGILQLPHQW QJRFLH -H 7X 1RXV f &OHDUO\ WKH GHVFULSWLRQ RI WKH SODFHQWDO UHODWLRQ LV DQ LGHDOL]HG FRQVWUXFW DV LV ,ULJDUD\nV ILJXUH RI WKH OLSV WKHUH DUH FDVHV ZKHQ WKH SODFHQWDO IDLOV LQ LWV IXQFWLRQLQJ DQG FDXVHV KDUP WR WKH PRWKHU WKH IHWXV RU ERWK 7KLV LGHDOL]HG UHODWLRQ VKRXOG EH UHDG LQ WKH FRQWH[W RI ,ULJDUD\nV PLPLFU\ )URP DQ HWKLFDO VWDQGSRLQW &KDZDInV ILJXUH RI WKH ZRPE RIIHUV D FRXQWHUSDUW WR ZD\V RI WKLQNLQJ WKDW VXSSRUWV D ORJLF RI GRPLQDWLRQ DQG VXERUGLQDWLRQ ,W LV D ILJXUH RI

PAGE 88

XQLRQ LQ GLIIHUHQFH FHQWHUHG RQ JHQHURVLW\ D SURWRW\SH RI SUR[LPLW\ WKDW ZRXOG QRW UHTXLUH WKH HIIDFHPHQW RI WKH RWKHU &KDZDI ZULWHV -nDL VRLI GnXQ IOX[ HW GnXQ GVRUGUH TXnLO QH VHUDLW SDV XUJHQW GnHQGLJXHU MnDL VRLI GH JQURVLW 5RXRH£WUH f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nV FULWXUH IPLQLQH HQJDJHV DOO WKH VHQVHV 7KURXJK ULFK RQRPDWRSRHLD DQG LPDJHU\ KHU OH[LFDO FRPELQDWLRQV HYRNH VRXQG VLJKW WDVWH VPHOO DQG DERYH DOO WRXFK 6KH GHVFULEHV KHU QRWLRQ RI PDWHUQLW\ QRW QHFHVVDULO\ DV ELRORJLFDO HYHQW EXW DV DQ HWKLFDO VWDQFH DQ DWWHQWLRQ £ OD YLH GnFRXWH GH OD YLH £ SDUWLU GnXQH YLH TXL VnRUJDQLVH GDQV OH FRUSV GH OD IHPPH 'LVFXVVLRQ

PAGE 89

DYHF &KDQWDO &KDZDI f :RPE ZULWLQJ LQ WHUPV RI WKH SODFHQWDO HFRQRP\ FnHVW XQH DWWLWXGH HQUDFLQH GDQV OH FRUSV GDQV XQH KLVWRLUH GX FRUSV GDQV XQH PPRLUH HW GHV SHUFHSWLRQV GX FRUSV TXL GERXFKHQW VXU OH PHQWDO VXU OH V\PEROLTXH IDFH £ FH V\PEROLTXH SUH TXL UJQH GHSXLV ORQJWHPSV 'LVFXVVLRQ DYHF &KDQWDO &KDZDI f +HU VHHPLQJO\ HVVHQWLDOLVW UHIHUHQFHV WR WKH IHPLQLQH PDWHUQDO ERG\ KDYH OHVV WR GR ZLWK ELRORJLFDO VH[ WKDQ XQH DWWLWXGH SV\FKRORJLTXH IPLQLQ HW PDVFXOLQ QH VRQW SOXV GWHUPLQV SDU OH VH[H PDLV GWHUPLQV SDU XQH DWWLWXGH SV\FKRORJLTXH DIIHFWLYH GHYDQW OD YLH LQGSHQGDPPHQW GX VH[H TXnRQ D 'LVFXVVLRQ DYHF &KDQWDO &KDZDI f ,Q KHU YLHZ D PRUH DSW WHUP RQH WKDW DSSOLHV WR DOO KXPDQV ZRXOG EH FRUSV 5RXQG DQG FLUFXODU FDPRXIODJHG ZLWK XQH FRORUDWLRQ OLQJXLVWLTXH URVH WKH PDWHULDO ZRUGV PLPLF WKH IRUP RI WKH IXOO ZRPE QDUURZLQJ WKH GLVWDQFH EHWZHHQ IRUP DQG FRQWHQW 7KLV QDUURZLQJ RI WKH GLVWLQFWLRQ EHWZHHQ IRUP DQG FRQWHQW FKDUDFWHUL]HV ERWK FULWXUH IHPLQLQH DQG WKH QRXYHDX URPDQ DOWKRXJK WKH LGHRORJ\ DQG UDLVRQ GnHWUH EHKLQG WKHVH WZR W\SHV RI ZULWLQJ GLIIHUV VLJQLILFDQWO\ 8QERXQG E\ WLPH DQG VSDFH WKH PHWDSKRU RI XWHULQH FRQQHFWLRQV HYRNHV WKH SDVW RI WUDGLWLRQ WKH SUHVHQW ERQG EHWZHHQ PRWKHU DQG FKLOG DQG WKH IXWXUH RI WKH FKLOGnV JURZWK DQG HYROXWLRQ ,Q (WKLRXH GH OD GLIIUHQFH VH[XHOOH ,ULJDUD\ GHYHORSV DQ HWKLFV RI FORVHQHVV VLPLODU WR WKH SDUDGLJP RI ZRPE UHODWLRQV D SKHQRPHQRORJ\ RI WRXFKLQJ 6FKXWWHnV WHUPf &KDZDI WRR HQYLVDJHV DQ HWKLFV RI SUR[LPLW\ DV D SRLQW RI

PAGE 90

GHSDUWXUH IRU UHILJXULQJ WKH UHODWLRQV EHWZHHQ VHOI DQG RWKHU DQG IRU KHDOLQJ LQMXU\ ,QVWHDG RI D UHODWLRQ RI VHOI WR RWKHU &KDZDIV PDWHUQDO PHWDSKRU GHVFULEHV WKH H[SHULHQFH RI VHOI ZLWK RWKHU WKH EHFRPLQJ RI ERWK IHWXV DQG PRWKHU LQ D PXWXDO LQWHUFKDQJH RI JLYH DQG WDNH &KDZDI GHVFULEHV WKH HWKLFDO LQWHQWLRQV VKDSLQJ KHU OLWHUDU\ SUDFWLFH 'VLU GH VDXYHJDUGHU GH SUVHUYHU GH GRQQHU OD YLH $PRXU QRQ SDV VHXOHPHQW GH OD YLH FKDUQHOOH PDLV GH OD YLH VSLULWXHOOH > @ 3RXU TXH OD FKDLU FHVVH GnHWUH SULPLWLYH /nFULWXUH GRLW VH UFULUH 1RQ SOXV ORLQ PDLV WRXW SUV GX FRQWDFW $X SOXV SUV GX WRXFKHU GX SDOSHU GX VHQWLU $X SOXV SUV GH FHWWH HQYHORSSH KXPLGH GH FKDLU DQLPDOH TXL VSDUH GH QRXVPPHV OH PRW /H FRUQV HW OH YHUEH f -XVW DV WKH PRWKHUnV ERG\ VXSSRUWV WKH OLIH RI WKH FKLOG VR WKH IHWXV PHO £ OnFULWXUH HQDEOHV WKH FUHDWLYH DFW KHQFH WKH OLEHUDWLRQ RI KHU SHUFHSWLRQV RI KHU IHPDOH ERG\ 7RXWH H[SUHVVLRQ WRXWH OLEUDWLRQ GH OD SDUROH YLYDQWH GX FRUSV DFWLI GX FRUSV HQ UFHSWLYLW GX FRUSV HQ WUDYDLO VRQW SROLWLTXHV > @ HOOHV SHXYHQW PRGLILHU OD SDUROH SROLWLTXH nDLGHU £ YROXHU £ SHUGUH VD ULJLGLW HW £ VH UDSSURFKHU GHV KRPPHV GHV IHPPHV GHV HQIDQWV (FULUH £ SDUDWLV GX FRUSV YLYDQW f ,Q D VHQVH WKH PRWKHU DQG FKLOG UHSUHVHQW WZR DVSHFWV RI WKH VHOI RI ZKDW &KDZDI FDOOV D KXPDQnV ELVH[XDOLW\ ,Q /H FRUSV HW OH YHUEH WKH DXWKRU DUJXHV WKDW EHFDXVH KXPDQV FRQWLQXH WR UHSUHVV WKHLU IHPLQLQH DVSHFW RQH VLGH RI RXUVHOYHV LQWHUGLWHf ZDJHV EDWWOH DJDLQVW WKH RWKHU OD SHUPLVHf SHUSHWXDWLQJ VHOIORDWKLQJ DQG GHVWUXFWLRQ ZLWKLQ XV /H FRUSV HW OH YHUEH f $V ORQJ DV WKH EDWWOH FRQWLQXHV LQWHUQDOO\ WKLV VWDWH RI WXUPRLO ZLOO EH

PAGE 91

UHIOHFWHG H[WHUQDOO\ SUHVHUYLQJ D YLFLRXV LQMXULRXV ZRUOG 7KH DXWKRU EHOLHYHV WKDW KHDOLQJ PXVW EHJLQ ZLWK WKH LQGLYLGXDO DQG SURYLGHV WKH PDWHUQDO LPDJH D QRQYLROHQW VHSDUDWLRQ DV D V\PEROL]DWLRQ RI GLIIHUHQFH ZLWKRXW DJJUHVVLRQ $OWKRXJK LQGLFWLQJ WKH QRYHO DV WKH PHDQV E\ ZKLFK ZH SHUSHWXDWH WKLV FULPH DJDLQVW RXUVHOYHV VKH DUJXHV WKDW LW LV DOVR IURP WKHUH WKDW WRXW SHXW WRXMRXUV UHSDUWLU /H &RUSV HW OH YHUEH f 3HULWH[W DQG $XWRILFWLRQ $V ZLWK PDQ\ ZRUNV E\ &KDZDInV IHPDOH FRXQWHUSDUWV ZULWLQJ GXULQJ WKH V KHU ILUVW SXEOLFDWLRQ LV ZRYHQ ZLWK GHWDLOV IURP KHU RZQ OLIH 0DULDQQH %RVVKDUG QRWHV WKDW WKH DXWKRUnV SDUHQWV GLHG DW WKH KDQGV RI *HUPDQ VROGLHUV LQ &KDZDI ZDV WDNHQ IURP KHU G\LQJ PRWKHUnV ZRPE f 1RW XQWLO DGXOWKRRG GLG WKH DXWKRU OHDUQ WKH VWRU\ RI KHU SDUHQWVn GHDWKDOVR WKDW RI KHU ELUWK 5HYROYLQJ DURXQG TXHVWLRQV RI LGHQWLW\ DQG ZULWLQJ 5HWDEOHnV TXHVW WDNHV SODFH XQGHU VLPLODU FLUFXPVWDQFHV *K\VODLQHnV ELUWK H[SHULHQFH PLUURUV WKH GHWDLOV RI WKH DXWKRUnV WUDXPD %\ LQWHUURJDWLQJ KHU DGRSWLYH SDUHQWV WKH SURWDJRQLVW DWWHPSWV WR OHDUQ WKH REVFXUHG IDFWV DERXW KHU ELUWK SDUHQWV ,Q 'RFXPHQW ,f DQ DGGHQGXP WR WKH ILUVW VHFWLRQ RI 5HWDEOH WKH UHDGHU OHDUQV DORQJ ZLWK WKH DGXOW *K\VODLQH WKDW GXULQJ :RUOG :DU ,, KHU PRWKHU ZDV IDWDOO\ ZRXQGHG RQ KHU ZD\ WR JLYH ELUWK DW WKH KRVSLWDO %HIRUH WKH PRWKHUnV GHDWK *K\VODLQH ZDV ERUQ E\ FDHVDULDQ $OVR LQ WKH DPEXODQFH KHU ELUWK IDWKHU ZDV NLOOHG LPPHGLDWHO\ KHU DXQW SHULVKHG VRPH

PAGE 92

GD\V ODWHU 3UHVHQWHG LQ D WUDGLWLRQDO FKURQRORJLFDO QDUUDWLYH 'RFXPHQW ,f FRQWDLQV OLQHDU SURVH LQ FRQWUDVW WR WKH QRQOLQHDU VW\OH RI 5HWDEOHOD UYHULH DV D ZKROH ,Q WKLV VHFWLRQ WKH SURWDJRQLVWnV IDWKHU UHSRUWV WKH IDFWV RI KHU YLROHQW ELUWK KHU SDUHQWVn GHDWK DQG WKH FLUFXPVWDQFHV RI KHU DGRSWLRQ $Q LQGH[HG QRWH DFFRPSDQLHV WKH LQWHUWLWOH 'RFXPHQW ,f SODFHG GLUHFWO\ XQGHUQHDWK LW ,f &HV YQHPHQWV RQW VXU OH ELWXPH HW VRXV OHV ERPEHV GH QRWUH PRQGH 0$/$'( HX OLHX UHOOHPHQW 5HWDEOHOD UHYHULH f :KLOH WKH XVDJH RI QRWHV LQ WKH WZHQWLHWKFHQWXU\ LQGLFDWHV WKH PDUJLQDO VWDWXV RI WKH LQIRUPDWLRQ FRQYH\HG WKLV QRWH DSSHDUV LQ D SULPH SRVLWLRQ RQ WKH SDJH &OHDUO\ WKH DXWKRU VHHNV D VSHFLDO HIIHFW EXW WR ZKDW HQGV" *HQHWWH SRLQWV RXW WKDW LQWHUWLWOHV DQG QRWHV SHULWH[WXDO SDUDWH[WXDO HOHPHQWV DUH RIWHQ FRQVWUXHG E\ UHDGHU WR EH PRUH RU OHVV EH\RQG WKH QDUUDWLRQ SXW LQ SODFH DV JXLGHSRVWV WR DLG WKH UHDGHUnV XQGHUVWDQGLQJ RI WKH WH[W $ UHDGHU RIWHQ DVVXPHV WKDW WKH LQVWUXFWLRQ FRPHV GLUHFWO\ IURP WKH DXWKRULQVWHDG RI WKH LPSOLHG DXWKRU 2Q WKH WKUHVKROG EHWZHHQ WKH LQVLGH DQG RXWVLGH LQWHUWLWOHV DQG QRWHV EHORQJ WR D UHDOP RI FRQIXVLRQ ZKHUH WKH ILFWLRQDO DQG IDFWXDO LQWHUPLQJOH 'RFXPHQW ,f VHHPV WR UHSUHVHQW D UHDOOLIH LQWUXVLRQ LQWR WKH ZRUN RI DUW HPEHGGLQJ D VXEWH[W RI DXWRELRJUDSKLFDO DYRZDO ZLWKLQ WKH WH[W 7KH QRWH IRUFHV DQ HQFRXQWHU ZLWK WKH GLFKRWRPLHV RI UHDOOLIH DQG ILFWLRQ WKDW NHHSV WKH UHDGHU ZRQGHULQJ ,Q WKLV FDVH WHQVLRQ LV FUHDWHG E\ WKH

PAGE 93

XUJHQF\ WR UHYHDO ZKDW UHDOO\ KDSSHQHG DQG &KDZDInV DYRLGDQFH RI HQJDJLQJ LQ D GLVFXVVLRQ RI 5HWDEOHOD UHYHULH DV DXWRELRJUDSK\ 3HUKDSV WKH QRWH UHIHUHQFH LV D ZD\ IRU &KDZDI WKH DXWKRU WR PDNH D FDPHR DSSHDUDQFH LQ KHU RZQ ZRUN UHPLQLVFHQW RI +LWFKFRFNnV PLQRU UROHV LQ KLV RZQ ILOPV D VHOIFRQVFLRXV GHYLFH DNLQ WR D VSDWLDO RU WHPSRUDO EUHDN LQ WKH QDUUDWLRQ WR SUHYHQW WKH UHDGHU IURP HQWHULQJ WKLV GRFXPHQW IRUJHWIXOO\ RU IURP EHLQJ OXOOHG LQWR D FRPIRUWDEOH ILFWLYH SODFH 2U SHUKDSV LW LV D SDURG\ PDVNHG E\ LWV VHULRXV WRQH RI D 5DEHODLVLDQ VRXQG ELWH WKH DXWKRULDO SUFLV RI D FKDSWHUnV FRQWHQWV DV IRXQG LQ 3DQWDDUXHO RU *DUDDQWXD DQG LQ PDQ\ QRYHOV RI WKH HLJKWHHQWK FHQWXU\ ,QWHUHVWLQJO\ DV HDVLO\ DV &KDZDI UHIHUV WR KHU SHUVRQDO H[SHULHQFH RI PDWHUQLW\ LQ WKH LQWHUYLHZ 'H 5HWDEOH £ 5RXDH£WUH VKH LV OHVV ZLOOLQJ LQ ODWHU FRPPHQWDU\ WR FRQQHFW HYHQWV LQ WKH WH[W WR WKH FLUFXPVWDQFHV RI KHU RZQ ELUWK ,Q WKLV VKH GLIIHUV IURP FRQWHPSRUDULHV OLNH &L[RXV DQG &DUGLQDO ZKR DUH NQRZQ WR HPSKDVL]H WKH DXWRELRJUDSKLFDO RULJLQV RI WKHLU ZRUN EXW UHVHPEOHV PRUH FORVHO\ 'XUDV HYHU FDXWLRXV WR FRQILUP FRQQHFWLRQV EHWZHHQ KHU ELRJUDSK\ DQG KHU ILFWLRQ 9LUWXDOO\ HYHU\ FULWLFDO ZRUN GLVFXVVLQJ 5HWDEOHOD UHYHULH PHQWLRQV WKH XQFDQQ\ FLUFXPVWDQFHV RI WKH DXWKRUnV ELUWK \HW RQO\ %RVVKDUG GRFXPHQWV GLVFXVVLRQ RI WKLV WRSLF ZLWK &KDZDI ,Q YLHZ RI KHU LQVLVWHQFH RQ EHLQJ UHDG DV D ZRPDQ DQG KHU

PAGE 94

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£ OD IHPPH /D IHPPH" 2X SOXWRW PD UDOLW GH IHPPH (FULUH £ SDUWLU GX FRUSV YLYDQW f (YHQ ZLWKRXW LWV DXWRELRJUDSKLFDO HFKRHV &KDZDInV QRYHO DQG UHDGLQJV RI LW ZRXOG XQDYRLGDEO\ LQYROYH WKH TXHVWLRQ RI DXWRELRJUDSK\ DQG WKH UHDOOLIH LQIOXHQFHV RQ KHU ZRUN $V *HQHWWH SRLQWV RXW WKHUH DUH FHUWDLQ GHWDLOV RI DQ DXWKRUnV OLIH WKDW DUH DOZD\V YLHZHG DV VLJQLILFDQW ,I WKH ZULWHU LV QRW PDOH RQH RI WKRVH QRWDEOH DVSHFWV LV VH[ 2QO\ ZRUNV ZULWWHQ E\ KHWHURVH[XDO PHQ ZLOO EH UHDG DV VH[ QHXWUDO ,Q PDQ\ FDVHV D QRYHO ZULWWHQ E\ D ZRPDQ ZLOO EH LQWHUSUHWHG WKURXJK WKH JULG RI D ZRPDQnV QRYHO 2I FRXUVH &KDZDI KDV FDOFXODWHG WKDW KHU VH[ EHDUV RQ RXU UHDGLQJ WKDW LW FRQGLWLRQV KHU WH[WVn UHFHSWLRQV 6KH GRHV QRW WDNH LVVXH ZLWK EHLQJ UHDG DV D ZRPDQ ZULWHU RQ WKH FRQWUDU\ EXW UHSHDWHGO\ HPSKDVL]HV WKH OLPLWV RI WKH

PAGE 95

FRQFHSW RI ZRPDQ LQVLVWLQJ RQ ERWK LWV VRFLDO DQG ELRORJLFDO DVSHFWV 7LWOHV DQG &RQVWUXFWLRQ 5HWDEOHOD UYHULHnV DUFKLWHFWXUH IHDWXUHV DQ XQXVXDO SUHVHQWDWLRQ 7ZR ERRNV ERXQG WRJHWKHU HDFK VHSDUDWH ZRUN FRQVLVWV RI D IURQW FRYHU HGLWRULDO SDJHV DQG EDFN FRYHU $W WKH RXWVHW RI WKLV FKDSWHU DV VRRQ DV SXW WKH WLWOH LQWR ZULWLQJ FRPPLWWHG D IDX[ SDVDQ XQDYRLGDEOH PLVVWHS DQG D WUDQVJUHVVLRQ RI ODZ IDXW SDVf :ULWWHQ DV 5HWDEOHOD UYHULH JUDPPDU GLFWDWHV WKDW WKH WH[W FRPSULVHV RQH ZKROH EURNHQ LQWR VHSDUDWH EXW UHODWHG SDUWV ZLWK WKH VHFRQG ORJLFDOO\ IROORZLQJ DQG VXERUGLQDWH WR WKH ILUVW 5HWDEOH GRHV HQG LQ HOOLSVLV LQGLFDWLQJ FRQWLQXDWLRQ EXW WKHQ VR GRHV /D UHYHULH &RQVLGHUHG ZLWKLQ WKH FRQWH[W RI &KDZDInV RHXYUH VXFK HQGLQJV GR QRW PDUN WKH WH[W DV XQLTXH $OO EXW WZR RI KHU ZRUNV 5HGHPSWLRQ DQG 9HUV OD OXPLUH FRQFOXGH LQ VXVSHQVLRQ $Q H[DPLQDWLRQ RI WKH SDJLQDWLRQ RIIHUV QR GHILQLWLYH DQVZHU 5HWDEOH UXQV WR SDJH EXW /D UHYHULH EHJLQV SUHPDWXUHO\ RQ SDJH ,I WKH SDJHV LQ EHWZHHQ DUH WR EH FRXQWHG WKH VHFRQG SDUW VKRXOG EHJLQ RQ &KDZDI H[SODLQV WKLV SHQFKDQW IRU XQHQGLQJ ERUGHUV 4XDQG MnFULV FH TXL FRPSWH FnHVW GH SRXYRLU FRQGXLUH OnFULWXUH £ FLUFXOHU GnXQ WH[WH £ nDXWUH GnXQ WH[WH GDQV nDXWUH HW GH WRXMRXUV SRXVVHU SRXVVHU OnFULWXUH GH OnREOLJHU £ SHUGUH WRXMRXUV XQ SHX SOXV GH WHUUDLQ VRXV nHQYDKLVVHPHQW GH OD SUHVHQFH GX FRUSV 'H 5HWDEOH £ 5RXJH£WUH

PAGE 96

3HUKDSV LW ZRXOG EH PRUH ILWWLQJ WR LQVFULEH WKH ZRUN DV 5HWDEOH/D UHYHULH DV WZR VHSDUDWH EXW FRQQHFWHG QRYHOV :KDW WKHQ FDQ EH PDGH RI WKHLU ELQGLQJ" $OWKRXJK GHYLDWLQJ ZLWK QRYHOLVWLF ULWXDO VXFK SOD\ ZLWK D ZRUNnV VWUXFWXUH DQG WLWOH VHHPV RQO\ VOLJKWO\ PRUH LQYHQWLYH WKDQ WUDGLWLRQDO XVDJH %XW &KDZDInV JDPH LV PRUH FRPSOLFDWHG WKDQ PLJKW EH LQIHUUHG LQ KHU VXJJHVWLRQ RI DQ RSHQ QRYHOLVWLF VWUXFWXUH &KDZDIV WH[W KDELWXDOO\ OHDGV WKH UHDGHU WR LPSDVVHV IRUFLQJ KHU WR LQWHUURJDWH DQG FKDOOHQJH UHDGLQJ KDELWV )RU H[DPSOH FDQ RQO\ DGGUHVV WKH WH[W LI JLYH LW D SURSHU QDPH %XW LI QDPH LW DFFRUGLQJ WR WKH JUDPPDWLFDO UXOHV RI FLWDWLRQ FDQQRW SURSHUO\ DGGUHVV LW 7R UHIHU WR WKH WH[WVf ZLWK SURSHU JUDPPDWLFDO IRUP LV SDUDGR[LFDOO\ WR VSHDN FDWDFKUHVWLFDOO\ WR ZDQGHU LQWR ZKDW 3ODWR FDOOHG D VWUDQJH DQG XQZRQWHG IHPLQLQH WHUULWRU\ 7LPDHXV Gf D VSDFH ZKHUH ODQJXDJH FRQIURQWV LWV RZQ OLPLWV 3XWWLQJ WKH WLWOH LQWR ZULWLQJ IRUFHV WKH FKRLFH RI GLUHFWLRQ D VWHS SDVf WKDW VLPXOWDQHRXVO\ OLPLWV DQG RSHQV XS HUUV DQG ZDQGHUV 7KXV RQ WKH VXUIDFH WKH WLWOH DQG IUDPH FRQVWUXFWHG E\ ERRN VHFWLRQV VHHP WR DLG UHDGHU LQWHUSUHWDWLRQ E\ GLYLGLQJ KHU QRYHOLVWLF ZRUOG LQWR VHSDUDWH HQWLWLHV ,Q WKH ILQDO DQDO\VLV WKRXJK WKH HLWKHURU ORJLF RI FODVVLILFDWLRQ WKH\ DOOXGH WR VKRXOG WKLV ZRUN EH UHDG DV RQH WH[W RU DV WZR"f DFWXDOO\ OHDGV WR D GLOHPPD IRU &KDZDInV FRQVWUXFWLRQ LV QHLWKHU RQH ERRN QRU WZR ,W FRQIRXQGV WKH VHDUFK IRU RQH HQGLQJ DQG JHVWXUHV WRZDUG WKH

PAGE 97

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
PAGE 98

5HWDEOHZKLFK LPSOLHV WKLV ERRN LV D SDLQWLQJ &KDZDI SXWV LQWR TXHVWLRQ WKH QRYHOn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nQRQFLDWHXU DYDQW GH GFULUH VH SRVWH £ OD IHQWUH QRQ WHQHPHQW SRXU ELHQ YRLU PDLV SRXU IRQGHU FH TXnLO YRLW SDU VRQ FDGUH PPH nHPEUDVXUH IDLW OH VSHFWDFOH f ,Q %DUWKHVn VFHQDULR WKH VSHDNHU SRVLWLRQV KLPVHOI DW D ZLQGRZVLOO ,Q WKH FDVH RI 5HWDEOH WKH QDUUDWRU WDNHV KHU SODFH EHIRUH DQ DOWDU RIIHULQJ KHUVHOI XS WR D WUDGLWLRQ 7KH WHUP UHWDEOH GHVLJQDWHV D 5HQDLVVDQFH DOWDUSLHFH D WULSW\FK FRPSRVHG RI SDQHOV RIWHQ IHDWXULQJ PRQXPHQWDO HYHQWV VXUURXQGLQJ WKH ELUWK RI WKH %DE\ -HVXV $ UHWDEOH LV WKH VHWWLQJ RU VXSSRUW IRU WKH FKXUFKnV DOWDUD IHPLQLQH VWUXFWXUH FRQVWUXFWLQJ WKH EDFNJURXQG RI WKH UHOLJLRXV nVWDJHn 7KH SRVWHULRU SDUW RI DQ DOWDU LW RIWHQ HYRNHV VDLQWO\ LPDJHV RI WKH 9LUJLQ 0DU\ DV DQ DGRULQJ PRWKHU FUDGOLQJ KHU FKLOG 5HWDEOHnV WKUHHSDUW VWUXFWXUH DOVR PLUURUV D WULSW\FK $W WKH VWUXFWXUDO FHQWHU RI WKH QRYHO

PAGE 99

WKH SDQHO 3RUWUDLW OLHV EHWZHHQ WKH WZR UHODWHG RXWHU RQHV 1DLVVDQFH DQG 0DXVROH 7KHPDWLFDOO\ WKH SRUWUDLW SOD\V D VLJQLILFDQW UROH LQ 5HWDEOH DV *K\VODLQHnV TXHVW UHYROYHV DURXQG WKH VHDUFK IRU KHU PRWKHUnV LGHQWLW\ ZKLFK LV XOWLPDWHO\ WKH VHDUFK IRU KHU RZQ 7KURXJK WKH LPDJH RI WKH UHWDEOH &KDZDInV OLWHUDU\ SURFHVV OLNH UHDOLVP H[SORLWV SDLQWLQJ DV D PRGHO %DUWKHV UHVWDWLQJ $ULVWRWOH SRLQWV RXW WKDW UHDOLVP FRQVLVWH QRQ £ FRSLHU OH UHO PDLV £ FRSLHU XQH FRSLH SHLQWHf GX UHO 6= f 2I LQWHUHVW LQ WKLV IRUPXODWLRQ LV WKH RSHUDWLRQ RI FRS\LQJ D SDLQWHG FRS\ IRU LW XQPDVNV WKH H[SORLWDWLRQ RI WKH SLFWRULDO DV D GHYLFH IRU VXVWDLQLQJ WKH UHDOLVW LOOXVLRQ ,Q KHU ZRUN RI DUW HQWLWOHG $OWDUSLHFH 5HVXUUHFWLRQ FRQWHPSRUDU\ DUWLVW 0DUJR .ODVV GUDZV VLPLODULWLHV EHWZHHQ WH[WVn ELQGLQJV DQG DOWDUSLHFHV 7KLV ODWWHUnV PRYHDEOH SDQHOV RSHUDWH OLNH JLDQW SDJHV RSHQHG RU FORVHG GHSHQGLQJ RQ WKH OLWXUJLFDO FDOHQGDU 7KH DOWDUSLHFH D IHPLQLQH IRUP LV D ILJXUH RI DUW FRQVWUXFWHG WR IROG EDFN LQ RQ LWVHOI OLNH WKH SDJHV RI D WH[W OLNH WZR VHWV RI ODELD IROGLQJ LQ RQ WKHPVHOYHV 5HFDOOLQJ ,ULJDUD\nV QRQFRQYHQWLRQDO PHWDSKRU RI WZR OLSV FRQVWUXFWHG WR SXW LQWR TXHVWLRQ )UHXGnV FRQFHSWXDOL]DWLRQ RI ZRPDQnV VH[ DV D OLWWOH SHQLV 5HWDEOHnV SDUWV KDYH PXOWLSOH SRLQWV RI FRQWDFW 7KH\ DUH QHLWKHU FRPSOHWHO\ GLVWLQJXLVKDEOH HDFK IURP WKH RWKHU QRU VHSDUDEOH 0RYLQJ LQ V\QF ZLWK WKH UK\WKP RI UHOLJLRXV VHDVRQV WKH ILJXUH RI WKH DOWDUSLHFH UHSHDWHGO\ WXUQV EDFN

PAGE 100

LQ RQ LWVHOI UHFDOOLQJ DQ HQGOHVV F\FOH RI ELUWK GHDWK DQG UHELUWK ,QVWHDG RI REVFXULQJ WKH HGJHV RI WKH IUDPHnV HPEUDFH &KDZDInV UHIHUHQFH WR WKH RSHQLQJ DQG FORVLQJ UHWDEOH GUDZV DWWHQWLRQ WR LWV ERUG HQFORVXUH ZRRG PDWWHU K\OH RU G\QDPLF QDWXUH 7R IRFXV RQ WKH PDWHULDO LV WR GUDZ DWWHQWLRQ WR WKH FRQVWLWXWLYH EXW VXSSUHVVHG PDWHUQDO IHPLQLQH 7KH UHWDEOH UHVLVWV D PDVFXOLQ GLYLQLV GLVJXLVHG DV WUDQVFHQGHQWDO LWV DSSURSULDWLRQ RI WKH OLIHn JHQHUDWLQJ IXQFWLRQ DQG WKH UHVXOWLQJ ZRXQGV WR WKH FROOHFWLYH VRFLDO ERG\ $OWKRXJK D UHWDEOH IHDWXUHV SDLQWHG VFHQHV WKDW UHIOHFW WKH :RUG LW DOVR FRQVWLWXWHV WKH HPEUDVXUH RI WKH DOWDU DQG LV ORFDWHG LQ D IHPLQLQH VSDFH WKH HQFHLQWH RI WKH FKXUFK 7KH WULSW\FKnV FRQVWUXFWLRQ EOXUV WKH ERXQGDULHV RI LQVLGH DQG RXWVLGH RIIHULQJ QHZ SHUVSHFWLYHV 7KURXJK FH PRXYHPHQW SHUSWXHO &KDZDInV FULWXUH IPLQLQH GUDZV LWV WUDQVJUHVVLYH SRZHU IRU WKH SXUSRVH RI SXWWLQJ LQWR TXHVWLRQ HVWDEOLVKHG FRQYHQWLRQ ,, IDXW IDLUH XQ WUDYDLO VXU VRLPPH HW OHV OHFWHXUV DXVVL GnR OD WUDQVJUHVVLRQ FHWWH QFHVVLW WRXMRXUV GH VH UHIDLUH GH FKHUFKHU SOXV ORLQ GnDYDQFHU GH FRQWLQXHU GnHWUH HQ PRXYHPHQW SHUSWXHO HW GRQH GnREOLJHU OH OHFWHXUHW VRL PPH SDUFH TXnRQ HVW WRXMRXUV OHFWHXU £ WUDQVJUHVVHU VHV KDELWXGHV GH OHFWHXU GH OHFWXUH VHV KDELWXGHV GH SHQVH VD YLVLRQ GRQH WRXMRXUV DOOHU DXGHOD 7RXMRXUV WRXW UHPHWWUH HQ TXHVWLRQ WRXW VXEYHUWLU HW GDQV FH PRXYHPHQW SHUSWXHO GH FH GVRUGUH GH FH FKDRV DXTXHO LO IDXW WRXMRXUV UHYHQLU £ PRQ DYLV SRXU UHFRPPHQFHU UHFUHU 'LVFXVVLRQ DYHF &KDQWDO &KDZDI f

PAGE 101

,Q FRQWUDVW WR D WZRGLPHQVLRQDO YLVLRQ RI HLWKHURU YLVXDOYHUEDO UHDOFRS\ PDVFXOLQHIHPLQLQH VH[JHQGHUf WKH PXOWLGLPHQVLRQDO WH[WXDO VSDFH RI 5HWDEOHOD UHYHULH ZLWK LWV PDQLSXODWDEOH SDUWV PLPLFV WKH IRUP RI WKH IHPDOHf ERG\ 5HDFWLQJ DJDLQVW WKH 5RPDQWLF WHQGHQF\ WR FRYHU XS VRXUFHV PRGHUQ DQG SRVWPRGHUQ SDURGLH WH[WV RIWHQ LQFRUSRUDWH UHIHUHQFHV WR RWKHU DUWLVWLF PHGLD D SKHQRPHQRQ +XWFKHRQ FDOOV WUDQVFRQWH[WXDOL]DWLRQ f 5HWDEOHnV SDUDWH[WXDO HOHPHQWV DQG QDUUDWLYH LQFRUSRUDWH UHIHUHQFHV WR WKH YLVXDO DUWV SDLQWLQJ VFXOSWXUH DQG ILOPf DV ZHOO DV WR WKH O\ULF PXVLF DQG SUD\HUf FXW DFURVV WKH ERXQGDULHV EHWZHHQ KLJK DQG ORZ FXOWXUH DQG PLQG DQG VHQVHV )RU H[DPSOH LQ WKH WH[W RQH UHIHUHQFH WR D QLJKWFOXE VLQJHU QRW RQO\ EOXUV WKH VHSDUDWLRQ EHWZHHQ DUWLVWLF VSKHUHV EXW DOVR OLQJXLVWLF ERUGHUV LQ LWV ELOLQJXDOLVP *K\VODLQH RYHUKHDUV KHU IDWKHU VD\LQJ %LHQ VXU RQ SUIUH WRXMRXUV DYRLU XQ HQIDQW £ VRL f ,PPHGLDWHO\ D 6DUWUHDQ PRPHQW RI MD]] DSSHDUV RXW RI QRZKHUH WR TXHOO KHU DVVXPHG IHHOLQJV RI FRQWLQJHQF\ DQG QDXVH /D FKDQWHXVH WDSH VXU OH SLDQR HW FKDQWH WHOO PH ZKR PDNHV WUHHV ZKR PDNHV ULYHUV GLWHV PRL TXL D IDLW OHV DUEUHV TXL D IDLW OHV ULYLHUHV HOOH WUHPEOH GX YHQWUH GHV VHLQV 'LWHVPRL TXL D IDLW OHV ULYLHUHV TXL D IDLW OHV DUEUHV TXL f :H KDYH DOUHDG\ VHHQ KRZ 5HWDEOHOD UHYHULHnV LQVFULSWLRQ DV WLWOH LV SUREOHPDWLF 7KH ZD\ WKH WLWOH LV ZULWWHQ FRQWDLQV LQGLFDWLRQV RQ KRZ WR UHDG WKH ERRN %XW FRQVLGHULQJ WKDW WKH WLWOH LV FLUFXODWHG ERWK YLVXDOO\ DQG

PAGE 102

YHUEDOO\ KRZ GRHV LW VRXQG ZKHQ UHDG RXW ORXG" 7KHVH WZR WHUPV DUH QRW QHFHVVDULO\ VHSDUDWH ,I WKH\ DUH KHDUG DV 5HWDEOH OD UHYHULH WKH GRPDLQ RI DUW DQG WKH UHDOP RI WKH GUHDP EHFRPH RYHUODSSLQJ SDUDOOHO ZRUOGV PDSSHG RQWR HDFK RWKHU EXW PHGLDWHG E\ WKHLU VHSDUDWLRQ DV ZLWK OLIH DQG ILFWLRQ 7KHPDWLFDOO\ WKLV FDQ EH VXSSRUWHG $ ILJXUH RI MRLQLQJ DQG VHSDUDWLRQ WKH UHWDEOH PLPLFV WKH FRXSOHnV LQILQLWHO\ QHJRWLDWHG UHODWLRQ RI HURWLF ORYH LQ /D 5HYHULH $OWKRXJK JURXQGHG LQ *K\VODLQHnV HYHU\GD\ OLIH 5HWDEOHnV QDUUDWLYH PLUURUV GUHDPVWDWH GLVFRQWLQXLW\ ,Q DQ\ FDVH WKH VHSDUDWLRQ EHWZHHQ WKHVH WZR ERRNV JLYHV WKH UHDGHU SDXVH DW WKH WKUHVKROG RI WKH FURVVLQJ IURP RQH WR DQRWKHU EHIRUH KDYLQJ FRPSOHWHO\ OHIW DQG EHIRUH HQWHULQJ DQHZ ,W VSHDNV RI WKH WZHQWLHWKFHQWXU\ DXWKRUnV JUDSSOLQJ ZLWK WKH WUDQVLWLRQ IURP FRS\LQJ WKH ZRUOG WR FUHDWLQJ D QHZ RQH IURP SHUPLVH WR LQWHUGLWH 7KLV PRPHQW SULYLOHJHV WKH DFW RI SDVVDJH WKH WUDQVLWRU\ VWDWH RI EHFRPLQJ WKDW IRU &KDZDI KROGV ERXQGOHVV SRVVLELOLWLHV &RYHU $UW $W WKH EHJLQQLQJ RI 5HWDEOH WKH SURWDJRQLVW *K\VODLQH DVNV KHU SDUHQWV WR GHVFULEH KHU ELUWK PRWKHU 7ZR FRQWUDGLFWRU\ SRUWUDLWV HPHUJH IURP WKHLU UHVSRQVHV DQ LGHDOL]HG PRWKHU DQG D GHILOHG RQH 5HWDEOHOD UHYHULHnV ERRN FRYHUV UHIOHFW WKLV VDPH GLFKRWRP\ 7UXH WR WKH VXEMHFW PDWWHU RI DQ DOWDUSLHFH 5HWDEOHnV DUWZRUN GUDZV IURP &KULVWLDQ LPDJHU\ DQ LGHDOL]HG YHUVLRQ RI ZRPDQ $ UHSURGXFWLRQ RI D SDLQWLQJ RU IUHVFR WKH FRYHU LPDJH

PAGE 103

IHDWXUHV WKH 9LUJLQ 0DU\ UHFRJQL]DEOH E\ KHU KHDG VKURXG OLJKW KDLU DQG VHUHQH DLU 7KH FRS\ LV FRORUOHVV H[FHSW IRU LWV \HOORZ FDVW WKDW HYRNHV SDUFKPHQW SDSHU D UHPQDQW RI DUFKDLF WLPHV 7KH SRUWUDLW RQ /D 5HYHULHV FRYHU VKRZV D VWDWXH RI D IHPDOH WRUVR ZLWK \DZQLQJ WKLJKV DQ XQODG\n OLNH SRVLWLRQ 'HFDSLWDWHG DQG SDUDSOHJLF WKH IOHVK\ SOXPS %RWWLFHOOLW\SH ERG\ DQG WKH EUHDVW LQ WKH XSSHU ULJKW FRUQHU DOOXGH WR WKH IHPDOH VH[ DOWKRXJK D GUDSH UHYHDOV QRWKLQJ EXW D EODFN KROH EHWZHHQ KHU OHJV $W ILUVW JODQFH WKHVH LPDJHV UHIOHFW WKH 0DGRQQDZKRUH GLFKRWRP\ FULWLFL]HG E\ IHPLQLVW VFKRODUV 5HSUHVHQWLQJ DQJHOLF JRRGQHVV 0DU\ LV WKH SRUWUDLW RI WKH LGHDO PRWKHU 7KH VWDWXH OLNH D SURVWLWXWH SXEOLFO\ H[SRVHV LWV SULYDWH SDUWV
PAGE 104

:RPDQ DV DQ LGHDOL]DWLRQ VHWV D QRUP WKDW QR IHPDOH ERG\ FDQ SHUIHFW :KDW GRHV IDLOXUH WR PDWFK WKLV VWDQGDUG VLJQLI\" 7KDW ZRPDQ ORFNHG LQWR D VWDWH RI LPSHUIHFWLRQ LV QR ERG\ DW DOO )RU &KDZDI LQWHOOHFWXDO DEVWUDFWLRQ DQG LGHDOL]DWLRQ FRYHU XS DQ DPELYDOHQW VWDWH RI EHLQJ QRXV QRXV LGDOLVRQV QRXV QRXV VW\OLVRQV MXVTXn£ QRXV DEVWUDLUH HQ LGHV IDXVVHV 1RXV QH QRXV V\PEROLVRQV SDV GDQV QRWUH YULW DPELYDOHQWH &RQWUH OD ILFWLRQ f ,GHQWLW\ OLNH ODQJXDJH LV ELVH[XDO 'HSULYHG RI WKH V\PEROLVDWLRQ RI VH[XDO GLIIHUHQFH LQ D FXOWXUH FRQGLWLRQHG E\ WKH VHOIVDPH ZRPDQ DV ZH NQRZ LW LV VW\OL]HG LGHDOL]HG DQG VWULSSHG RI KHU MRXLVVDQFH $V D UHVSRQVH WR D VH[XDOO\ LQfGLIIHUHQW SKLORVRSKLFDO DQG SV\FKRDQDO\WLFDO WUDGLWLRQ ZULWHUV RI FULWXUH IPLQLQH DLP WR FUHDWH D IHPLQLQH LPDJLQDU\ D VSDFH LQ ZKLFK IHPDOH GHVLUH KRZHYHU VKLIWLQJ PLJKW EH DUWLFXODWHG ,Q (FULUH £ SDUWLU GX FRUSV YLYDQW &KDZDI SRLQWV WR ZRPDQnV ODFN RI VH[XDO VSHFLILFLW\ DV VKH LV FXUUHQWO\ PLVfUHSUHVHQWHG 6H[XDOLW IPLQLQH FDFKH SDU OD VH[XDOLW PDVFXOLQH 5HQGUH OD SDUROH £ OD IHPPH /D IHPPH" 2X SOXWW PD UDOLW GH IHPPH UHQGUH OD SDUROH DX FRUSV £ DIIHFWLYLW £ WRXW FH GLIIXV £ WRXW FH IORWWDQW TXnRQ D SX DSSHOHU IPLQLQ PDWHUQHO PDLV TXL SRXUUDLW DXVVL DYRLU GnDXWUHV QRPV WRXV OHV QRPV SXLVTXnLO VnDJLW GH nLQGLVVRFL GH nLQGLVVRFLDEOH 2 OD FKDLU QRWUH FKDLU QnHVW SDV HQFRUH GLYLVH R OD YLH QnHVW SDV HQFRUH PRUFHOH UHSUVHQWH HQFRUH HQ IUDJPHQWV (FULUH £ SDUWLU GX FRUSV YLYDQW f &KDZDI FDOOV IRU ZRPDQnV ZULWLQJ HYHQ DV VKH SXWV LQWR TXHVWLRQ WKH FRQFHSW RI ZRPDQ )DU IURP DQ HVVHQWLDOLVW GLVFRXUVH WKLV SDVVDJH UHODWHnV &KDZDInV YLHZ OLNH

PAGE 105

,ULJDUD\n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nHVSULW /H &RUSV HW OH YHUEH f 7KH H\H LV GUDZQ WR WKH ELVHFWLRQ HPSKDVL]LQJ D GRXEO\ FKRSSHG ERG\ 7KH WUDFLQJ RI WKLV OLQH SRLQWV WKH JD]H RXWVLGH WKH IUDPH WRZDUG WKH DEVHQFH RI D ERG\ WKDW KDV EHHQ FXW RII IURP UHSUHVHQWDWLRQ &KDZDInV FHQWUDO IRFXV RI FULWLTXH LQ KHU SKLORVRSKLFDO ZRUN /H &RUSV HW OH YHUEH LV WKH VH[XDOO\ LQGLIIHUHQW PWDSKRUH FKUWLHQQH GX VDLQW ODQJDJH >TXL@ QH SDUOH TXH GH 3UH HW GH )LOV WKDW DSSURSULDWHV ZRPDQnV UHSURGXFWLYH SRZHUV SURKLELWV KHU GHVLUH DQG UHQGHUV KHU SURSHUW\OHVV f 7KH 0DU\ RQ WKH FRYHU UHVHPEOHV PRUH DQ HQLJPDWLF 0RQD /LVD WKDQ D ORYLQJ VDLQW 6KH ORRNV RII WR WKH OHIW LQ D VKLIW\ DOPRVW GHILDQW ZD\ QRW PDWFKLQJ KHU VRQnV JD]H 1HLWKHU VPLOLQJ QRU IURZQLQJ KHU OLSV LQGLFDWH LQGLIIHUHQFH WR WKLV UROH LURQLFDOO\ PLUURULQJ KHU ODFN RI VH[XDO GLIIHUHQFH &KDZDI DUJXHV WKDW WKH :RUG KDV RQO\ RQH JHQUH D GLYLQH PDVFXOLQH 6L OH IPLQLQ VXEVLVWH FH VHUD VRXV OD

PAGE 106

IRUPH GnXQH DQGURJ\QLH FDFKH WURXEOH SUREOPH SKDOOLTXH GH OD 6DLQWH 9LHUJH /H &RUSV HW OH \HUEH f 6WULSSHG RI KHU MRXLVVDQFH DQG REYLRXVO\ GLVSOHDVHG DERXW LW WKLV LV QRW WKH JRRG PRWKHU IXOILOOLQJ KHU GXW\ RI VHOIOHVV GHYRWLRQ WR KHU VRQ EXW D FDVWUDWLQJ RQH DV LV HYLGHQW E\ KHU JD]H IRU ZLWKGUDZLQJ WKH VSHFXODU JXDUDQWHH ZLHOGV WKH SRZHU WR FDVWUDWH %70 f $OWKRXJK LW FDQ EH DUJXHG WKDW ZLWKLQ WKH &KULVWLDQ WUDGLWLRQ 0DU\ LV DQ DPELYDOHQW ILJXUH D QXUWXUHU EXW DOVR D ZLHOGHU RI WKH SRZHU RI LQWHUFHVVLRQ VKH LV LQYHVWHG ZLWK SRZHU RQO\ WR WKH H[WHQW WKDW +H GHVLUHV KHU WR KDYH LW WKDW KH JUDQWV LW WR KHU ,Q &KDZDInV YLHZ 'H OD PHUH LO QH UHVWHUD SOXV TXH 0DULH TXL QnD SDV SHFK OD IHPPH £ LQWULHXU QLJPDWLTXH QRQ SQWU OnHVWKWLTXH GnXQH PDGRQH YLGH GH VHV GVLUV GH IHPPH YLYDQWH /H &RURV HW OH \HUEH f 6XFK DQ DPELYDOHQW JD]H FDQ EH VDLG WR EH ERWK DQ XQIDLWKIXO UHLWHUDWLRQ RI LGHDOL]DWLRQ 0DU\nV QXUWXULQJ IXQFWLRQf DQG D UHIXVDO RI WKH GHILOHG WKH SURKLELWLRQ RQ KHU VH[XDOLW\f 8VLQJ %XWOHUnV WHUPV ZH FDQ WDNH 0DU\nV GLVHPERGLPHQW IXUWKHU ,Q :HVWHUQ P\WKRORJ\ VKH LV WKH TXLQWHVVHQWLDO ILJXUH RI VH[XDO HUDVXUH 2Q RQH OHYHO VKH IXQFWLRQV DV WKH UHFHSWDFOH ZKRVH SDUWLFLSDWLRQ LQ FRQFHSWLRQ KDV EHHQ IRUHFORVHG $V VXFK KHU QDWXUH PLJKW EH FRPSDUHG WR WKH SURWRW\SH RI WKH PRWKHU LQ WKH 7LPDHXV ZKR LV GHSLFWHG GLVSRVVHVVHG LQ KHU UHSUHVHQWDWLRQ DV D ILJXUH RI QRQ WKHPDWL]DEOH PDWHULDOLW\ %70 f 7KH PRWKHU DV IRUP FRS\ RU DQ\ ERG\ DW DOO LQ 3ODWRnV PHWDSKRU HPHUJHV IURP KLV VFHQDULR DV LPSRVVLELOLW\ 0DU\ DV 9LUJLQ 0RWKHU FDQ EH

PAGE 107

FRPSDUHG WR KLV FDWDFKUHVWLF IHPDOH ILJXUH ZKLFK DFFRUGLQJ WR %XWOHU LV D GLVILJXUDWLRQ WKDW HPHUJHV DW WKH ERXQGDULHV RI WKH KXPDQ ERWK DV LWV YHU\ FRQGLWLRQ DQG DV WKH LQVLVWHQW WKUHDW RI LWV GHIRUPDWLRQ %70 f 2Q WKH FRYHU SRUWUDLW WKH PRWKHUnV ERG\ LV QRW WKH RQO\ EHDUHU RI YLROHQFH $W WKH IDU OHIW FRUQHU EDUHO\ SHUFHSWLEOH LV WKH SDUWLDO KHDG RI EDE\ -HVXV JD]LQJ XS DW KHU $V D UHVXOW RI WKH FXWWLQJ RII RI WKH SDJH DQG WKH 9LUJLQ PRWKHUnV ERG\ WKH FKLOG LV KDUGO\ QRWLFHDEOH SUDFWLFDOO\ SXVKHG RXW RI WKH SLFWXUH 0RUH VLJQLILFDQWO\ KH LV XQDFNQRZOHGJHG E\ WKDW PRVW LPSRUWDQW YHKLFOH RI UHFRJQLWLRQ LQ D VSHFXODU HFRQRP\ WKH VXEMHFWnV JD]H 3URKLELWLRQ RI WKH IHPLQLQH KDV VHYHUH FRQVHTXHQFHV IRU ERWK ZRPHQ DQG PHQ DFFRUGLQJ WR &KDZDI 'DQV FHWWH ODFXQH TXH UHSUVHQWH QRWUH ODQJDJH YHUEDO OHV KRPPHV HW OHV IHPPHV VRQW DXWDQW YLFWLPHV OHV XQV OHV DXWUHV HW LOV VRQW OHV XQV DXWDQW TXH OHV DXWUHV YLFWLPHV GH OHXU SULYDWLRQ GH ODQJXH YLYDQWH /H &RURV HW OH \HUEH f 7KH VWDWXH RQ /D 5HYHULHnV FRYHU UHIHUV H[SOLFLWO\ WR WKH GHILFLHQF\ LQ DUWLVWLF DQG SKLORVRSKLFDO UHSUHVHQWDWLRQV RI ZRPDQ WKH OLPLWDWLRQV RI WKH FRQVWUXFWLRQ RI ZRPDQnV VH[XDOLW\ $ QHDUO\ DPRUSKRXV ERG\ WKHUH LV OLWWOH WR VHH (LWKHU KLGGHQ RU DOWRJHWKHU DEVHQW WKH JHQLWDOV DUH QR PRUH WKDQ D EODFN KROH 7KLV SRUWUDLW FDQ EH UHDG DV D UHIHUHQFH WR )UHXGnV YLHZ RI ZRPDQ DV D GDUN FRQWLQHQW DQG WR WKH /DFDQLDQ YHUVLRQ RI KHU DV QRQH[LVWHQW DV VLPSO\ WKH VXSSRUW IRU WKH SKDOOLF IDQWDV\ RI RQHQHVV /DFDQ UHFRJQL]HV D VXSSOHPHQWDU\ MRXLVVDQFH EXW SODFHV D SURKLELWLRQ RQ LW

PAGE 108

QDPLQJ LW DV DQ H[SHULHQFH IRU ZKLFK WKHUH DUH QR VSHFWDWRUV DQG DERXW ZKLFK QHLWKHU KH QRU VKH NQRZV DQ\WKLQJ ,ULJDUD\ XVHV WKLV EDUUHG MRXLVVDQFH DJDLQVW KLP UHFXSHUDWLQJ WKH QHLWKHUQRU IRU KHU PLPWLVPH ,URQLFDOO\ RQ /D 5HYHULHnV FRYHU WKLV SURKLELWLRQ UHWXUQV WR KDXQW (GLWLRQV GHV IHPPHV LV LQVFULEHG QH[W WR WKH JDSLQJ KROH SRLVHG WR SHQHWUDWH LW UHPDUNLQJ WKH WHUULWRU\ RI WKH JHQLWDO YRLG DQG RWKHUZRUOGO\ MRXLVVDQFH DV D SODFH RI IHPLQLQH LQVFULSWLRQ 7KH FRYHU DQQRXQFHV WKH SRVVLELOLW\ RI WKH OnHQ SOXV D VXSSOHPHQWDU\ MRXLVVDQFH LQ WKH ERG\ RI &KDZDInV WH[W RYHU DQG DERYH WKH SKDOOLF WHUP ZKLFK LV WKH PDUN RI VH[XDO LGHQWLW\ 0LWFKHOO DQG 5RVH f 7KLV SOD\IXO SRVLWLRQLQJ RI 'HV )HPPHV FRXOG DOVR EH LQWHUSUHWHG DV D WRQJXHLQFKHHN UHIHUHQFH PLUURULQJ WKH WH[WnV DQG *K\VODLQHnV ELUWKV IURP D YRLG )RU &KDZDI DV IRU ,ULJDUD\ LW LV QHFHVVDU\ WR UHLWHUDWH LQMXULRXV VWHUHRW\SHV RI ZRPDQ \HW WR UHSHDW WKH SHUIRUPDQFHV GLIIHUHQWO\ LQ RUGHU WR UHYHDO WKH LQVWDELOLW\ RI WKH VSHFXODU IXQFWLRQ $V ,ULJDUD\ UHPLQGV XV D IHPLQLVW SUDFWLFH IRU VXEYHUWLQJ WKH HFRQRP\ RI /RJRV PRGHOFRS\ PLPHVLV ZRXOG QRW DVN n/D IHPPH TXnHVWFH TXH FnHVW"n EXW UDWKHU ZRXOG UHSHDW DQG LQWHUSUHW OD IDJRQ GRQW £ n,QWULHXU GX GLVFRXUV OH IPLQLQ VH WURXYH GWUPLQ FRPPH PDQTXH GIDXW RX FRPPH PLPH HW UHSURGXFWLRQ LQYHUVH GX VXMHW HOOHV VLJQLILHQW TXn£ FHWWH ORJLTXH XQ H[FV GUDQJHDQW HVW SRVVLEOH GX FW GX IPLQLQ &6 76 f 5HWUDFLQJ LPDJHV RI ZRPDQ DV LGHDOL]HGGHILOHG UHSHDWLQJ WKHP VR WKHLU VLOHQFHV PLJKW EH KHDUG KROGV WKH SRVVLELOLW\

PAGE 109

RI FRQFHSWXDOL]LQJ D IHPLQLQH LUUHGXFLEOH WR WKH HFRQRP\ RI WKH VHOIVDPH ,I WKH FRYHU RI WKH ILUVW QRYHO UHIHUV VXEWO\ WR &KDZDInV PLPLFU\ WKH RSSRVLQJ SDJH RI /D 5HYHULHn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n GLIIHUHQFHV UHVXOW IURP WKHLU GFRXSDJH DQG FROODJH WKH ODWWHU OD\LQJ EDUH WKH SURFHVV RI FURSSLQJ DQG SDVWLQJ $OO WKHVH FRSLHV RI FRSLHV PLUURU WKH FRQVWUXFWLRQ RI 5HWDEOHnV QDUUDWLYH ZKLFK UHVHPEOHV D FROODJH RI D VHULHV RI ILOPLF VFHQDULRV KDVWLO\ VXWXUHG WRJHWKHU 7KH\ PLPLF WKH SURFHVV RI FRPSRVLWLRQ GHFRPSRVLWLRQ DQG UHFRPSRVLWLRQ RI &KDZDInV PLPHWLF VWUDWHJ\ PDNLQJ YLVLEOH WKH FXWV DQG VXWXUHV HQDFWHG WR IRUP D QDUUDWLYH 2QFH DJDLQ WKHVH SRUWUD\DOV UHPLQG WKH UHDGHU WKDW DQ\ LPDJH RI ZRPDQ VKRXOG EH WKH REMHFW RI IHPLQLVW WKHRU\ QRW D IRXQGDWLRQ RU JURXQG 7KH EDFN FRYHU DQQRXQFHV WKH QHFHVVLW\ WR SHQHWUDWH WR UHWUDYHUVHU WKH

PAGE 110

PLURLU TXL VRXVWHQG WRXWH VSFXODWLRQ WR UHRFFXS\ DQG UHGHSOR\ LQMXULRXV VWHUHRW\SHV RI ZRPDQ &6 76 f &KDZDI GHVFULEHV KRZ LQ WKH SURFHVV RI ZULWLQJ 5HWDEOH VKH KDG WR UHWUDYHUVHU OnLVROHPHQW OH ULVTXH OnDQJRLVVH OD VSDUDWLRQ WRXW FH YLGH GH OD PHUH 'H 5HWDEOH £ 5RXDH£WUH f 'LIILFXOW DQG GDQJHURXV FURVVLQJ EDFN WKURXJK UHTXLUHV JLYLQJ XS WKH IDPLOLDU LQ RUGHU WR SXUVXH WKH XQNQRZQ ,, PH IDOODLW VDQV GRXWH HQFRUH SHUGUH WRXW £ IDLW WRXWH LOOXVLRQ WRXWH QDLYHW WRXWH FRQILDQFH HQYHUV OH YLHX[ ODQJDJH SDWULDUFKDO HQYHUV OHV YLHX[ P\WKHV GH On$UW GH OD /LWWUDWXUH GH (FULYDLQ HW GX /LYUH LO PH IDOODLW SUHQGUH FRQVFLHQFH TXH PD EOHVVXUH WDLW FROOHFWLYH TXnHOOH EDLJQDLW DLOOHXUV OH ODQJDJH VRFLDO ,, PH IDOODLW PnHQJDJHU GDQV FH YLGH SRXU GH PD SDUW UDJLU FRQWUH OXL DYHF XQH DXWKHQWLFLW PDLQWHQXH ,, PH IDOODLW GRQH TXHOTXH SDUW HQ ILQLU DYHF PHV SURSUHV WUDFHV SDWULDUFDOHV LQWHOOHFWXHOOHV OHV HIIDFHU OHV GSDVVHU VXLYUH FH TXL PH UHVWDLW GnHWUDQJHU! 'H 5HWDEOH £ 5RXDH£WUH f )RU &KDZDI HQJDJLQJ ZRPDQnV ODFN RI V\PEROLF UHSUHVHQWDWLRQ PXVW WDNH SODFH RQ ERWK DHVWKHWLF DQG VRFLDO JURXQGV $ VWXG\ RI WKH SDUDWH[W RI 5HWDEOHOD UHYHULH H[SORUHV KRZ &KDZDI LQWHUURJDWHV WKH FRQFHSWXDO OLPLWV RI GLVFRXUVH LQ WHUPV RI WKH QRYHO DQG WKH FRQFHSW RI WKH IHPLQLQH :KLOH SOD\LQJ D UROH LQ FRQVWLWXWLQJ WKH PDWHULDO H[LVWHQFH RI WKH WH[W &KDZDInV XVH RI WKH SDUDWH[WXDO SUHSDUHV UHDGHUV WR PDNH FRJQLWLYH VKLIWV QHFHVVDU\ WR DFFRPPRGDWH WKH DXWKRUnV SOD\ ZLWK JHQHULF DQG JHQGHU FRQYHQWLRQ 3HUKDSV LW LV WKH SHUPHDELOLW\ RI SDUDWH[WXDO VSDFHV WKHLU WKUHVKROG TXDOLW\ RI DOORZLQJ SDVVDJH WKDW OHQG WKHP VR ZHOO WR WUDQVJUHVVLYH SDURG\ IRU WKH\ GHPRQVWUDWH WKH RSHQQHVV RI GLVFRXUVH DQG LWV

PAGE 111

LQVWDELOLW\ 7R SOD\ ZLWK WKH IRUP RI WKH QRYHO DV &L[RXV VD\V LV WR SXW LQWR TXHVWLRQ WKH HFRQRP\ ZLWKLQ ZKLFK LW ZDV SURGXFHG ,QGHHG &KDZDInV XWLOL]DWLRQ RI WKH SDUDWH[WXDO WKH YDU\LQJ HOHPHQWV RI WH[WXDOLW\ LQFOXGLQJ WKH PDWHULDO IHDWXUHV RI ERRN SURGXFWLRQ GHPRQVWUDWHV WKH RSHQQHVV DQG LQVWDELOLW\ RI GLVFRXUVH LQ ZKLFK &KDZDI SODFHV KHU KRSHV IRU DHVWKHWLF DQG VRFLDO FKDQJH 1RWHV 7KLV MXGJPHQW LV EDVHG RQ DVVXPHG VDOHV ILJXUHV VLQFH 5HWDEOHOD UHYHULH LV &KDZDInV RQO\ ERRN WKXV IDU WR EH SXEOLVKHG LQ D SRFNHWERRN VHULHV 2I FRXUVH VDOHV ILJXUHV DQG UHSULQW GHFLVLRQV LQYROYH DOO VRUWV RI YDULDEOHV VXFK DV PDUNHWLQJ WLPLQJ DQG SXEOLF RSLQLRQ )URP WKLV SRLQW RQ WKLV WHUP DV ZHOO DV FULWXUH IPLQLQH ZLOO EH ZULWWHQ ZLWKRXW TXRWDWLRQ PDUNV ,Q %RGLHV 7KDW 0DWWHU %XWOHUnV HPSOR\V WKLV WHUP WR GHVFULEH ZKDW VKH VHHV DV -XOLD .ULVWHYDnV PLVfXVH RI WKH PDWHUQDO )RU GLVFXVVLRQ RI WKH FRQIODWLRQ RI IHPDOH VH[XDOLW\ ZLWK D P\VWLILFDWLRQ RI ZRPDQ DV WKH VLWH RI WUXWK VHH -XOLHW 0LWFKHOO DQG -DFTXHOLQH 5RVH )HPLQLQH 6H[XDOLW\ -DFTXHV /DFDQ DQG WKH FROH IUHXGLHQQH 1HZ
PAGE 112

6HH 6XVDQ 6XOHLPDQ 7KH 0fRWKHU 7RQJXH 'LVFXVVLRQ RI WKH HVVHQWLDOLVW TXHVWLRQ LV FRQWLQXHG LQ &KDSWHU 7KUHH DUJXH WKDW WKH HVVHQWLDOLVW FULWLTXH LV RQH UHDVRQ &KDZDI KDV QRW EHHQ JLYHQ WKH FULWLFDO DWWHQWLRQ VKH GHVHUYHV 6HH 2IHOLD 6FKXWWH $ &ULWLTXH RI 1RUPDWLYH +HWHURVH[XDOLW\ ,GHQWLW\ (PERGLPHQW DQG 6H[XDO 'LIIHUHQFH LQ %HDXYRLU DQG ,ULJDUD\ +\SDWLD &KDZDInV SUDFWLFH LQ UHODWLRQ WR ,ULJDUD\nV SKHQRPHQRORJ\ RI WRXFKLQJ LV HODERUDWHG LQ P\ &KDSWHU 7KUHH 6HH IRU H[DPSOH 0DUJXHULWH 'XUDV DQG ;DYLUH *DXWKLHU /HV SDUOHXVHV 3DULV (GLWLRQV GH 0LQXLW f +OQH &L[RXV DQG &DWKHULQH &OPHQW /D -HXQH 1H 3DULV 8QLRQ *QUDOH Gn(GLWLRQV f DQG 0DULH &DUGLQDO /HV PRWV SRXU OH GLUH 3DULV *UDVVHW f 6HH 'HUULGDnV HVVD\ 3DV LQ 3DUDJHV 3DULV (GLWLRQV *DOLOH f 6HH &KDQWDO &KDZDI 5GHPSWLRQ 3DULV )ODPPDULRQ f DQG 9HUV OD OXPLHUH 3DULV 'HV IHPPHV f ,Q 3DV 'HUULGD HODERUDWHV WKH GRXEOH ELQG RI VXFK D VWHS /H SDV TXL UDSSURFKH ORLJQH UGXLW HW RXYUH HQ PPH WHPSV GnXQ PPH SDV TXL VH QLH HW VnHPSRUWH OXLPPH VD SURSUH GLVWDQFH 3DUDJHV /H ODQJDJH HVW ELVH[XHO ELFSKDOH ,, HVW £ OD IRLV OnXQ HW nDXWUH ,, HVW DQGURJ\QH 0DOH HW IHPHOOH 3DUFH TXnLO HVW KXPDLQ /H +URV /n+URLQH f SURSRVH WKDW LQ &KDZDIn V ZULWLQJ WKH WHUP MRXLVVDQFH VKRXOG EH UHDG LQ D IHPLQLVW UHYLVLRQLVW VHQVH WRXFKLQJ RQ ERWK ,ULJDUD\nV DQG &L[RXVnV LGHDV ,ULJDUD\ DUJXHV WKDW K\VWHULFDOf MRXLVVDQFH LV VWLOO SDWHUQDO ZLWKLQ WKH UHDOP RI SKLORVRSK\ DQG WKH ,GHD ,Q RUGHU WR ZULWH D VXEYHUVLYH MRXLVVDQFH ZRPDQ KDV RQO\ UHFRXUVH WR PLPLFU\ &L[RXV JRHV IXUWKHU DWWHPSWLQJ WR FUHDWH LPDJHV RI MRXLVVDQFH WKDW FDQ EH UHDG IURP D GLIIHUHQW DQJOH 6HH ,ULJDUD\ 6SHFXOXP GH nDXWUH IHPPH DQG &L[RXV 7KH WZR FRXQWULHV RI ZULWLQJ LQ 7KH 2WKHU 3HUVSHFWLYHV LQ *HQGHU DQG &XOWXUH 5HZULWLQJ :RPHQ DQG WKH 6\PEROLF HG -XOLHW )ORZHU 0DF&DQQHOO 1HZ
PAGE 113

/DFDQnV VXSSOHPHQWDU\ MRXLVVDQFH FDPH IURP KLV GHVLUH WR WKURZ D ERQH WR WKH 0/) 6HH -DFTXHV /DFDQ (QFRUH /H VPLQDLUH ;; 3DULV (GLWLRQV GX 6HXLO f 0LWFKHOO DQG 5RVH )HPLQLQH 6H[XDOLW\ DQG WKH DUWLFOH &RVL )DQ 7XWWL LQ ,ULJDUD\ &H 6H[H DXL QnHQ HVW SDV XQ

PAGE 114

&+$37(5 7+5(( 0,0,&5< 48(67 $1' '5($0 ,1 5(7$%/(/$ 5(9(5,( /nDUW GX URPDQFLHU QnHVWLO SDV GH PHWWUH DX PRQGH" 0DLV GH TXHO PRQGH VnDJLWLO" &KDZDI /H +URV /n+URLQH ,Q &UHDWLYH 0\WKRORJ\ -RVHSK &DPSEHOO DUWLFXODWHV D G\QDPLF FRQFHSW RI P\WKRORJ\ GLIIHULQJ IURP WKH WUDGLWLRQDO W\SH 7UDGLWLRQDO P\WKRORJLHV XWLOL]H SUHVFULEHG V\PEROV WKURXJK ZKLFK DQ LQGLYLGXDO PLJKW FRPH WR H[SHULHQFH FHUWDLQ LQVLJKWV VHQWLPHQWV DQG FRPPLWPHQWV f ,Q WKLV FRQWH[W P\WKRORJLFDO V\PEROV SURYLGH D FDWDO\VW IRU D SRZHUIXO H[SHULHQFH RI DFFRUG ZLWK WKH VRFLDO RUGHU WKDW OHDGV WR SDUWLFLSDQWVn IHHOLQJV RI KDUPRQ\ ZLWK WKH XQLYHUVH 7KH ZRUOG FKDQJHV DQG ZLWK LW WKH YDOXHV RI LWV VRFLHWLHV EXW &DPSEHOO QRWHV WKDW LWV LQVWLWXWLRQV DGDSW PRUH VORZO\ :KHQ WKH ODWWHU QR ORQJHU PHHW WKH QHHGV RI LQGLYLGXDOV DXWKRUL]HG P\WKRORJLHV EHFRPH LQHIIHFWLYH WKH EHOLHIV WKH\ V\PEROL]H FODVK ZLWK HPHUJLQJ YDOXHV /DFNLQJ P\WKRORJLHV WKDW ILW KXPDQV EHFRPH GLVDVVRFLDWHG IURP WKH VRFLDO QH[XV &RHUFHG WR WKH VRFLDO SDWWHUQ WKH LQGLYLGXDO FDQ RQO\ KDUGHQ WR VRPH ILJXUH RI OLYLQJ GHDWK &UHDWLYH 0\WKRORJ\ f
PAGE 115

VDPH HUD WDNH XS WKH TXHVW PDMRU VKLIWV LQ VRFLDO FRQVFLRXVQHVV DQG WKH VRFLDO RUGHU DUH DW KDQG +RZ WKHQ GR P\WKRORJLHV DGDSW FRQWLQXLQJ WR SURYLGH PHDQLQJ" 3DUW RI WKH SRZHU RI P\WKRORJLFDO V\PEROV OLHV LQ WKHLU WUDQVIRUPDWLYH FDSDFLW\ 7KH\ DUH LQVWUXPHQWV RI VRFLDO V\VWHPV VHUYLQJ WR DOWHU OLYHV EXW FRQYHUVHO\ WKH\ DUH WRROV LQ WKH KDQGV RI LQGLYLGXDOV RSHQ WR DOWHUDWLRQ 1HZ YDULDWLRQV&DPSEHOO FDOOV WKHP FUHDWLYH P\WKRORJLHV DUH SURGXFHG E\ WKRVH ZKR UHOD\ VLJQLILFDQW SHUVRQDO H[SHULHQFHV WKURXJK VLJQV 3ULQFLSOH P\WKRORJLFDO WKHPHV HQGXUH EXW RQO\ LQ YDULDWLRQ &UHDWLYH P\WKRORJLHV KDYH WKH YDOXH DQG IRUFH RI OLYLQJ P\WKIRU WKRVH ZKR UHVSRQG WR LW RI WKHPVHOYHV ZLWK UHFRJQLWLRQ XQFRHUFHG f &DPSEHOO FLWHV WZR VXFK SHULRGV RI FROOHFWLYH GLVVRFLDWLRQ LQ UHFHQW :HVWHUQ KLVWRU\ PDUNHG E\ 5RXVVHDXnV 'LVFRXUV VXU OHV DUWV HW VFLHQFHV DQG (OLRWnV 7KH :DVWH /DQG 7R WKLV OLVW RI ZKDW &DPSEHOO GHVFULEHV DV YLVLRQDU\ WH[WV ZRXOG DGG WKH DUFKHW\SDO WH[W RI FULWXUH IPLQLQH &KDQWDO &KDZDInV 5HWDEOHOD UHYHULH +DQDJDQ :RPDQ DV /DFHPDNHU f 7KLV DGGLWLRQ LV SHUKDSV LPSURSHU IRU 5HWDEOHOD UHYHULH WDNHV DV LWV VXEMHFW WKH XQLYHUVDO H[SHULHQFH RI PRWKHUKRRG IURP D ZRPDQnV SHUVSHFWLYH DQG KLJKOLJKWV WKH OLPLWV RI LWV SXUSRUWHG XQLYHUVDOLW\ +HU FULWXUH IPLQLQH UHYHDOV D FRQFHSWLRQ RI PRWKHUKRRG DV LW LV SURGXFHG ZLWKLQ D GLVFRXUVH PDUNHG E\ D VH[XDO FXOWXUDO DQG HFRQRPLF KLVWRU\ ,Q &DPSEHOOnV XVH RI WKH WHUP YLVLRQDU\ LPSOLHV D

PAGE 116

VLQJXODU YLHZ RI KXPDQ 1DWXUH WKDW XQLWHV DOO H[LVWHQFH DQG WR ZKLFK LQGLYLGXDO GLIIHUHQFHV DUH VXERUGLQDWH $V %DUWKHV UHPDUNV WKLV YLVLRQ LV FRQGLWLRQHG E\ DQ DKLVWRULFDO SHUVSHFWLYH RQ ODQJXDJH TXnLO \ D DX IRQGXQH nQDWXUHn LGHQWLTXH DQG WKDW LQGLYLGXDO GLYHUVLW\ QnHVW TXH IRUPHOOH HW QH GPHQW SDV nH[LVWHQFH GnXQH PDWULFH FRPPXQH 0\WKRORJLHV f 'RXEO\ LPSURSHU &KDZDInV FULWXUH IPLQLQH ZUHVWOHV ZLWK WKH OLQJXLVWLF OLPLWV ZLWKLQ ZKLFK WKH H[SHULHQFH RI PRWKHUKRRG LV WKRXJKW &KDSWHU 7ZR H[DPLQHG &KDZDInV XVH RI SDURG\ DQG 5HWDEOHOD UHYHULHnV SDUDWH[WXDO HOHPHQWV DQG WKHUHE\ DGGUHVVHG TXHVWLRQV DERXW IHPLQLVW UHSUHVHQWDWLRQ KRZ WR GHILQH D QRYHO WKH HFRQRP\ RI WKH UHDGHUZULWHU UHODWLRQVKLS DQG WKH FRQQHFWLRQ EHWZHHQ ZULWLQJ DQG OLIH &KDSWHU 7KUHH H[SORUHV &KDZDInV IHPLQLQH ZULWLQJ RI WKH ERG\ DV D VXEYHUVLYH PLPHWLF VWUDWHJ\ DQG D ORFXV RI PHWDPRUSKRVLV ,W GHPRQVWUDWHV KRZ KHU K\SHUEROLF XVH RI FRQYHQWLRQ HQDFWV D SHUIRUPDQFH RI JHQGHU QRUPV LW FRRSWV VWHUHRW\SLFDO FRQFHSWLRQV RI IHPDOH PDWHULDOLW\ DQG GHVLUH LQ D VXEWOH \HW SDUDGR[LFDO ZD\ LQ RUGHU WR XQGHUPLQH WKHP &KDZDInV H[SDQGHG XVH RI WKH PDWHUQDO PHWDSKRU LV XQGHUVWRRG LQ WKH FRQWH[W RI D FUHDWLYH P\WKRORJ\ DV D UHILJXULQJ RI WKH P\WK RI :RPDQ 7UDFLQJ WKH TXHVW DQG WKH GUHDP LW H[DPLQHV *K\VODLQHnV VHDUFK IRU KHU ELUWK PRWKHU DQG WKH MRXUQH\ WR UHVXUUHFW KHU WKURXJK WKH DFW RI ZULWLQJ 2Q D V\PEROLF OHYHO KHU TXHVW H[SORUHV WKH GHVLUH WR DQG GLIILFXOWLHV RI ZULWLQJ RWKHUZLVH LQ DQ HFRQRP\

PAGE 117

,OO FRQGLWLRQHG E\ WKH VHOIVDPH 7KURXJKRXW 5HWDEOHOD UHYHULH WKH IROORZLQJ TXHVWLRQ UHPDLQV FHQWUDO ZKDW VRFLDOVH[XDO SRVLWLRQV UHVXOW LQ DQ H[FOXVLRQ RI WKH IHPLQLQH DQG KRZ IL[HG DUH WKHVH H[FOXVLRQV" 5VXP 6WDJLQJ D VHULHV RI SV\FKRORJLFDO DQG PRUDO SDVVDJHV WKLV IHPLQLVW %LOGXQJVURPDQ PDUNV WKH LPSOLHG DXWKRUnV LQLWLDWLRQ LQWR ZULWLQJ DQG WKH SURWDJRQLVWnV LQLWLDWLRQ LQWR DGXOWKRRG ,W H[SORUHV WKH SUREOHPDWLFV RI D IHPDOH VHOInV GHYHORSPHQW ZLWKLQ D VRFLHW\ WKDW RIIHUV QR UHSUHVHQWDWLRQ RI KHU ELUWK PRWKHU )RUPDOO\ VWUXFWXUHG 5HWDEOHnV FKDSWHUV EUHDN XS LQWR D ERGLO\ WUDQVIRUPDWLRQ IURP ELUWK WR GHDWK 1DLVVDQFH DQG LWV VXEVHFWLRQ 'RFXPHQW f 3RUWUDLW DQG 0DXVROH
PAGE 118

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nV FKLOGKRRG DUH PL[HG ZLWK WKRXJKWV DQG DFWLRQV LQ WKH SUHVHQW *K\VODLQH TXHVWLRQV KHU SDUHQWV DERXW KHU PRWKHU 2Q D IDPLO\ WULS

PAGE 119

9HQLFH LV SUHVHQWHG WKURXJK WKH H\HV RI D FKLOG HQGOHVV VWUROOV WKURXJK WLQ\ VWUHHWV PHDOV RI SDVWD DQG LFH FUHDP 2YHU DQG RYHU VKH LPDJLQHV WKH WUDXPDWLF VFHQH RI KHU SDUWXULWLRQ GXULQJ :RUOG :DU ,, DEDQGRQPHQW E\ KHU ELUWK PRWKHU DQG LPDJLQHV KHU ZRXOGEH OLIH ZLWK D ORYLQJ VXSSRUWLYH PRWKHU ,Q WKH ILUVW SDUW RI WKH VXEVHFWLRQ 'RFXPHQW f WKH 1DUUDWRUnV DGRSWLYH IDWKHU UHYHDOV LQIRUPDWLRQ DERXW KHU PRWKHU SURFXUHG \HDUV HDUOLHU IURP WKH DGRSWLRQ DJHQW $W WKH DJH RI WZHQW\ILYH GXULQJ RQH RI KHU DGRSWLYH PRWKHUnV QHUYRXV EUHDNGRZQV *K\VODLQH OHDUQV WKDW WKH IDFWV HODERUDWHG E\ KHU SDUHQWV ZHUH OLHV LQWHQGHG WR VKHOWHU KHU IURP WKH GHWDLOV RI KHU PRWKHUnV YLROHQW GHDWK 7KH ILUVW IRXU SDJHV RI 'RFXPHQW FRQWDLQ D GLDORJXH EHWZHHQ WKH DGRSWLRQ DJHQW DQG WKH SURWDJRQLVWnV DGRSWLYH IDWKHU D IHZ ZHHNV IROORZLQJ KHU ELUWK DQG WKLV GLDORJXH LV HPEHGGHG LQ D GLVFXVVLRQ EHWZHHQ WKH ODWWHU DQG WKH DGXOW *K\VODLQH 7KURXJK WKLV FRQYHUVDWLRQ WKH FHQWUDO IRFXV RI WKH QRYHO EHFRPHV H[SOLFLW WKH ZRUN UHYROYHV DURXQG WKH DEVHQFH RI WKH PRWKHU $ VKLIW RFFXUV DV *K\VODLQHnV TXHVW IRU WKH PRWKHUnV LGHQWLW\ WUDQVIRUPV LQWR D TXHVW WR UHZULWH KHU WKH RQO\ SRVVLEOH VWRU\ WR EH ZULWWHQ LV WKDW RI WKH 0RWKHU ZKR GRHV QRW H[LVW 3RUWUDLW DQQRXQFHV WKH LQWHQWLRQ WR WDFNOH WKH TXHVW GLIIHUHQWO\ ,W UHWUDFHV GHWDLOV RI WKH ILUVW ERRN UHSOD\V RYHU DQG RYHU HYHQWV IURP %LUWK UHFDVWLQJ WKHP DQG PL[LQJ

PAGE 120

WKHP ZLWK WKH 1DUUDWRUnV FRPPHQWDU\ 7KH GLVWDQFH EHWZHHQ WKH 1DUUDWRU DQG *K\VODLQH LV QR ORQJHU FOHDU ,Q 0DXVROH WKH 1DUUDWRU VWUROOV DPRQJ WKH UXLQV RI IOHVK DWWHPSWLQJ WR JLYH ERG\ WR KHU PRWKHU WR FDSWXUH KHU WKURXJK WKH DFW RI ZULWLQJ +HU HQGHDYRUV DUH FKDUDFWHUL]HG E\ YLROHQFH DQG IUXVWUDWLRQ DW QRV FRUSV £ nDEDQGRQ DW WKH YLFLRXV F\FOH RI RXU UHMHFWHG DQG UHMHFWLQJ ERGLHV f 7KH ILQDO SDUDJUDSK DVNV KRZ LW PLJKW EH SRVVLEOH WR SURJUHVV EH\RQG D SODFH RI GHYDVWDWLRQ GHVRODWLRQ DQG DQQLKLODWLRQ 7KH WDVN RI GHFLGLQJ ZKLFK DVSHFWV WR GLVFXVV LQ 5HWDEOH LV SUREOHPDWLF $ IHZ H[FHSWLRQV DVLGH PRVW QRWDEO\ WKH PRWKHUnV DEVHQFH DQG *K\VODLQHnV TXHVW WR NQRZ KHUf HOHPHQWV DUH QRW ZHLJKWHG 7KLV KROGV WUXH DW WKH OHYHOV RI WKHPH DQG VHQWHQFH 7R FLWH DQ DUELWUDU\ H[DPSOH %ULOOH FODSRWH PnHQYHORSSH PDLV OHV VHLQV VXFUV GH GURJXH FXLVVHV OYUHV VSDVPHV IHUPH VRQ UHJDUG VRQ PRQGH VRXV GHV DQXV ODFWDWLRQ FUDVH UVLVWDQFH GHV WHQWXUHV GHX[ \HX[ QRLUFLV VXLQWHQW GX PXU OHV PDVVHV PLOLWDLUHV UHFRXYHUWHV GnXQ EOLQGDJH DYDQFHQW GWHUPLQHV £ FRQWLQXHU GnDYDQFHU P HW IOHXU GH O\V GRUV VXU GX EOHX D]XU SRUWH RXYHUWH VXU OD FDPSDJQH HQVROHLOOH 1RWUH 'DPH GX %RQ 6HFRXUV H[DXFH QRWUH YRHX DQJH HQ DUPXUH SLHUUH XQH WHWH HQ SLHUUH VDQV FRX QH] PHQWQ GWUXLWV £ GHX[ FHQWV NLORPWUHV GnLFL ‘ f &RQWLQXLQJ LQ D VLPLODU PDQQHU IRU WZR DQG D KDOI SDJHV WKLV VHQWHQFHSDUDJUDSK (OVHZKHUH LQ FRQWUDVW WR VHQWHQFHV RI 3URXVWLDQ OHQJWK DQRQ\PRXV GLDORJXHV RFFXU VHULHV RI XWWHUDQFHV ZLWKRXW FDWDO\VWV RU UHVSRQVHV 1RQ 0HUGH 'RQH

PAGE 121

%RQ 7nDV PLV 2XHQK -WHLQV -H QnDL SDV IDLP f 7KH QRYHO OHDYHV RQH ZRQGHULQJ ZKDW FKRLFHV LI DQ\ FDQ EH PDGH WKDW DUH QRW DUELWUDU\ )UHTXHQWO\ DV LQ WKH DERYH H[DPSOHV &KDZDInV XVH RI ODQJXDJH DSSURDFKHV SRHWU\ LW SULYLOHJHV VRXQG RYHU PHDQLQJ SXVKHV UDWLRQDO OLQHDU GLVFRXUVH WR LWV PDWHULDO OLPLWV :KHWKHU RYHUORDGLQJ D VHQWHQFH RU VWULSSLQJ LW GRZQ &KDZDIn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f )OXFWXDWLQJ EHWZHHQ WKH EDQDO DQG WKH PHVPHUL]LQJ WKH QDUUDWLYH GHVFULEHV D ZRPDQnV GHVLUH IRU D PDQ DQG KLV ORYH IRU KHU $V WKH DERYH RXWOLQH VXJJHVWV ZLWK WKH QRYHOnV SURJUHVVLRQ DQ DWWHPSW DW VXPPDU\ EHFRPHV LQFUHDVLQJO\ GLIILFXOW 3DFNHG ZLWK LPDJHV V\PEROLVP GLDORJXHV DQG HYHQWV WKH GHWDLOV RI WKLV RYHUVWXIIHG UFLW UHVLVW VLPSOH HODERUDWLRQ 5HWDEOH DQG /D UHYHULH SURGXFH WZR GUDPDWLFDOO\ GLIIHUHQW UHDGLQJ HIIHFWV DV ZHOO ,Q WDQGHP

PAGE 122

ZLWK WKH SURWDJRQLVW WKH UHDGHU VHDUFKHV DQ[LRXVO\ IRU PHDQLQJ LQ 5HWDEOHnV QDUUDWLYH ZRUOG FRQVWDQWO\ LQ SXUVXLW RI VROLG JURXQG IRU LQWHUSUHWDWLRQ 'DUN DQG GHSUHVVLQJ WKH WH[W SURYRNHV DQ[LHW\ ,W HQFRXUDJHV DQ LQWHUURJDWLYH VWDQFH EXW SURYLGHV IHZ DQVZHUV 5HDFKLQJ WKH VXEVHFWLRQ 'RFXPHQW f WKDW H[SODLQV LQ VWUDLJKWIRUZDUG SURVH WKH LPSOLHG UHDGHU PLJKW ZHOO EUHDWKH D VLJQ RI UHOLHI GHOLYHUHG IURP WKH RQVODXJKW RI YLROHQW VRPEHU ZRUGV DQG LPDJHV WKDW ZRXOG QRW UHGXFH QHDWO\ WR D PHDQLQJIXO ZKROH 7KH UHOHDVH ZRXOG SURYH VKRUWOLYHG DV VKH LV WKHQ SOXQJHG RQFH DJDLQ LQWR WKH RSSUHVVLYH WH[WXDO ZRUOG
PAGE 123

5HWDEOH 1DLVVDQFH ,PPHGLDWHO\ GLVRULHQWLQJ WKH UHDGHU 5HWDEOH RSHQV ZLWK D VFHQH RI D FKLOG LQ WHUR 7KH ZRPE LV EDUHO\ UHFRJQL]DEOH FRPSRVHG DV LW LV RI HOHPHQWV XQQDWXUDO WR WKH KXPDQ ERG\ JUDVV EDWWHU ZRRO DQG WUHHV ,Q WKLV LQLWLDO LPDJH &KDZDI WDNHV WR H[WUHPHV WKH LGHD WKDW :RPDQ LV FORVHU WR QDWXUH WKDQ PDOHV ,QVWHDG RI D FRPIRUWLQJ HQFORVXUH VKH SDLQWV D EODFN DQG ZKLWH ODQGVFDSH RI YLROHQFH DJDLQVW ERGLO\ RUJDQV DXGLEOH LQ WKH RQRPDWRSRHLD RI KHU ZRUG FKRLFHV /HV QDWLRQV VnFUDVHQW HQWUH OHXUV P£FKRLUHV JHVWHV EURLHQW FDVVHQW FKRTXHQW GLVORTXHQW f 7KH HPSKDVLV RQ WKH YHUEDO RQRPDWRSRHLD FRQWUDVWV ZLWK WKH VFHQRJUDSK\ SDLQWHG LQ QHXWUDO FRORUV
PAGE 124

WKH SURWDJRQLVW DQG WKH UHDGHU LQ HUUDQWU\ DQG HUUDQF\ 6KH VHDUFKHV IRU KHU GHDG PRWKHU KRSLQJ WR ILQG KHU DOLYH MXVW DV WKH UHDGHU LQ VHDUFK RI PHDQLQJ VHHNV WR GLVFRYHU WKH OLIH IRUFH RI WKH QDUUDWLYH WR RUGHU WKH SLHFHV RI LWV SX]]OH WR RUJDQL]H WKHP LQWR D FRKHUHQW ZKROH ZLWK EHJLQQLQJ PLGGOH DQG HQG
PAGE 125

,W LV DV LI WKURXJK PDUNLQJ KHU PRWKHUnV DEVHQFH VKH LV DEOH WR HPEUDFH WKH PRWKHU E\ LPDJLQLQJ WR GULQN KHU PLON DQG WDNH UHIXJH LQ KHU DUPV LQ WKH PLGVW RI WKH ODFN +RZHYHU *K\VODLQHnV HUUDQWU\ JLYHV ULVH WR HUURU $V SURPLVHG E\ WKH FRYHU DUW HFKRHV RI WZR FRQYHQWLRQDO GHSLFWLRQVWKH LGHDOL]HG 0DGRQQD DQG WKH GHILOHG ZKRUH UHVRQDWH WKURXJKRXW 1DLVVDQFH $W WKLV SRLQW &KDZDI GZHOOV LQ ZKDW %DUWKHV GHVFULEHV DV XQ QRUPH OLHX FRPPXQ GH OD OLWWUDWXUH LQ ZKLFK /D )HPPH FRSLH /H /LYUH/n$UW 6= f *K\VODLQHnV TXHVW EHJLQV ZLWK D GLUHFW LQWHUURJDWLRQ RI KHU DGRSWLYH SDUHQWV DERXW KHU ELUWK PRWKHU ,Q WKH ILUVW SDJHV RI WKH QDUUDWLYH WKH SURWDJRQLVW RQO\ NQRZV KRZ WR DVN WKH ZRPDQ TXHVWLRQ LQ WKH VDPH ZD\ &RPPHQW WDLW HOOH" 7KLV TXHVWLRQ HOLFLWV YDJXH UHVSRQVHV IURP KHU IDWKHU &RPPHQW WDLWHOOH" -H nDL YXH 7X nDV YXH" 3OXV JUDQGH TXH WD PHUH &RPPHQW WDLWHOOH" 3OXV JUDQGH TXH WD PHUH &RPPHQW WDLW HOOH" %ORQGH %LOH DYDLW GH OD FODVVH /nDLU DXWRULWDLUH HOOH VDYDLW FH TXnHOOH YRXODLW f +HU ELUWK PRWKHU ZDV RI VWHUHRW\SLFDOO\ VXSHULRU VWRFN WDOO EORQG DULVWRFUDWLF DFFRUGLQJ WR WKH IDWKHU ZKRVH UHVSRQVHV DUH OLPLWHG WR FRPSDULVRQ ZLWK WKH DGRSWLYH PRWKHU 7KH VWDWHPHQW 3OXV JUDQGH TXH WD PHUH DXWKHQWLFDWHV KLV ZRUGV \HW LQ LWV UHSHWLWLRQ DOVR XQGHUVFRUHV WKH OLPLWDWLRQV RI WKLV YLHZ :LWK WKH TXHVWLRQ &RPPHQW WDLWHOOH" *K\VODLQH HUUV $NLQ WR /D IHPPH

PAGE 126

TXnHVWFH TXH FnHVW" KHU PRGH RI LQTXLU\ EHORQJV WR WKH VSHFXODU HFRQRP\ IRU LW LV JURXQGHG LQ D VHDUFK IRU :RPDQnV HVVHQFH %DVHG RQ WHOHRORJLFDO ORJLF WKH LQWHUURJDWLRQ WDNHV WKH VDPH IRUP HOLFLWLQJ RSSRVLWH LPDJHV WKDW QHYHUWKHOHVV EHORQJ WR WKH VDPH W\SH 7KH DXWRELRJUDSKLFDO UHIHUHQFHV LQ 5HWDEOH VLPXOWDQHRXVO\ SD\ WULEXWH WR DQG VXEYHUW D OHJDF\ RI UHEHOOLRQ YLV£YLV WKH VHOI FRQVFLRXVQHVV DQG ERGLO\ PDWHULDOLW\ LQ )UHQFK OLWHUDWXUH IURP 0RQWDLJQHnV DLP WR SDLQW DQ REMHFWLYH SRUWUDLW RI KLPVHOI LQ (VVDLV MH VXLV PRLPPH OD PDWLUH GH PRQ OLYUH WR %UHWRQnV 4XL VXLVMH" LQ 1DGL D $OWKRXJK %UHWRQ GHVWDELOL]HV WKH FHQWHUHG VXEMHFW IURP D IHPLQLVW SHUVSHFWLYH KH GRHV QRW JR IDU HQRXJK +LV TXHVW IRU LGHQWLW\ LV VWLOO WUDFHG WKURXJK WKH ERG\ RI D IHPDOH RWKHU WKH HQLJPDWLF XQNQRZDEOH 1DGMD :RPDQ UHPDLQV WKH FU\SWLF PHGLXP WKURXJK ZKLFK VHOINQRZOHGJH PD\ EH DWWDLQHG $OWKRXJK &KDZDI UHSODFHV %UHWRQnV PDVFXOLQH ZLWK D IHPLQLQH VKH WKH TXHVWLRQ VWLOO EHORQJV WR WKH PDVFXOLQH PRGH EDVHG RQ SRVLWLYLVW ORJLF ,W VHWV WKH VWDJH IRU D GHWHFWLYHOLNH DSSURDFK WR VXEMHFWLYLW\ WKDW WKH UHDGHUnV TXHVW IRU WKH VWRU\ IROORZLQJ DORQJ ZLWK *K\VODLQHnV ZLOO OHDG WR WKH XQYHLOLQJ RI RQH GHWDLO RI WKH P\VWHU\ WKDW ZLOO DQVZHU GHILQLWLYHO\ DOO TXHVWLRQV WKH GLVFRYHU\ RI :RPDQnV HVVHQFH 7KXV DW ILUVW WKH QRYHO VHWV WKH VWDJH IRU D GHWHFWLYHOLNH DSSURDFK WR VXEMHFWLYLW\ RI D GHVFULSWLYH UDWKHU WKDQ D SHUIRUPDWLYH QDWXUH

PAGE 127

7KLV VHOIVDPH SRUWUDLW KDV FRQVHTXHQFHV IRU WKH SHUFHSWLRQ RI ERWK *K\VODLQH DQG KHU ELUWK PRWKHU (YHQ ZKHQ KHU IDWKHU HYRNHV WKH ODWWHU DV D VWURQJ LQGHSHQGDQW ZRPDQ HOOH VDYDLW FH TXnHOOH YRXODLW WKH LPDJH VHQGV D PL[HG PHVVDJH 7KH 1DUUDWRU KHDUV QHJDWLQJ LQWHQW EHKLQG KLV ZHOOFKRVHQ ZRUGV )DWKHUf%ORQGH (OOH DYDLW GH OD FODVVH /nDLU DXWRULWDLUH HOOH VDYDLW FH TXnHOOH YRXODLW *K\VODLQHf 0H ODLVVHU(OOH PDUFKH GDQV GHV FRXORLUV GH FOLQLTXH/D OXPLUH HVW JULVH0H ODLVVHU f *K\VODLQH DOVR WXUQV WR KHU DGRSWLYH PRWKHU IRU DQVZHUV $JDLQ UHVSRQVHV DUH PL[HG EXW PRUH GLUHFWO\ QHJDWLYH (OOH QnWDLW SDV PDULH (OOH DYDLW OnDLU WUV GRX[ (OOH DYDLW VDQV GRXWH REL £ VD IDPLOOH!! (OOH SDUDLVVDLW VUH GnHOOH IRUWH &nWDLW XQH IHPPH TXL GHYDLW DYRLU GHV DYHQWXUHV f ,Q WKH EHVW SRVVLEOH OLJKW WKH PRWKHU LV SUHVHQWHG DV D QDLYH \RXQJ ZRPDQ LQ ORYH ZLWK DQ ROGHU PDUULHG PDQ f ,Q DQ\ FDVH VKH ZDV D OLDU HOOH D GLW TXH FnWDLW XQ SURIHVVHXU GH PDWK (OOH D GLW FH TXnHOOH YRXODLW &nWDLW SHXWWUH XQ ERXVHX[ f 7KH SDUHQWV SUHVHQW WKHPVHOYHV WR WKH JLUO DV KHU UHGHHPHUV DQ LGHQWLILFDWRU\ SRVLWLRQ WKDW UHTXLUHV DQ DEMHFW RWKHUWKH PRWKHU DV DQ HYLO DEDQGRQLQJ LQGLYLGXDO 7KH\ GR VR SHUKDSV RXW RI IHDU RI UHMHFWLRQ RU DV DQ DWWHPSW WR PDVN ZKDW WKH\ VHH DV WKHLU RZQ GHIHFWLYHQHVV WKH LQDELOLW\ WR FRQFHLYH D FKLOG 1RWH WKH LQVLVWHQFH RQ SDV DQG SRXYRLU 4XDQG RQ SHXW SDV RQ SHXW SDV ,, IDXW SDV VnREVWLQHU 2Q SRXYDLW SDV RQ SRXYDLW SDV %LHQ

PAGE 128

VU RQ SUIUH WRXMRXUV DYRLU XQ HQIDQW £ VRL f 7KH SDUHQWVn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nV LQTXLULHV SLOH XS WKH FRYHUXS EHFRPHV PRUH DSSDUHQW KHU PRWKHU EHFRPHV LQFUHDVLQJO\ WKUHDWHQHG DQG FRQVHTXHQWO\ PRUH VKDPLQJ 3DV GH QRXV SDV GH QRXV PDLV GH FHV LQFRQQXV GRXWHX[ FRPPH OD SURSUHW GHV YHUUHV GH FDQWLQH f *K\VODLQHnV ELUWK EHFRPHV D EHDVWO\ DFW LQ ZKLFK KHU PRWKHU DQG KHUVHOIf DUH WKH GXPEHVW RI GRPHVWLF DQLPDOV 0D SHWLWH ILOLH SD SD QH VnDSSHOOH SDV PHWWUH DX PRQGH FnHVW PHWWUH EDV FRPPH OHV YDFKHV (OOH QnD PPH SDV HX OH FRXUDJH GH VH IDLUH DYRUWHU *K\VODLQHnV UHSO\ 6L HOOH DYDLW HX FH FRXUDJH WX QH PnDXUDLV SDV SURYRNHV DQ DEUXSW QRQ HQGLQJ WKH

PAGE 129

FRQYHUVDWLRQ f 7KH PRWKHU LQ DQ HIIRUW WR SURYH KHU VXSHULRULW\ WR WKH ELUWK PRWKHU PDUNV *K\VODLQH ZLWK VKDPH DQG XQZRUWKLQHVV 7KH ELUWK PRWKHUnV SUHVXPHG DEDQGRQPHQW RI WKH JLUO VKDSHV WKH ODWWHUnV SHUFHSWLRQ RI KHUVHOI KHDULQJ DQ DQRQ\PRXV YRLFH GHILOLQJ KHU 3IIWW 7RL" XQH FURWWH GH OD JXHUUH TXnLOV RQW UDPDVVH £ FDXVH GHV PDXYDLVHV IHPPHV WRXW HQ VH[H HW HQ SHXU!! f 7KH VLOHQFH VSHDNV YROXPHV 7KH 1DUUDWRUnV UHSHWLWLRQ RI WKH SDUHQWnV QHJDWLYH LQWHUSHOODWLRQV GRHV QRW UHLWHUDWH WKHP IDLWKIXOO\ 3UHVHQWHG E\ KHU DV GLVORFDWHG LQ VSDFH DQG WLPH JURXSHG WRJHWKHU WKH\ FHDVH WR UHLWHUDWH IDLWKIXOO\ DQG WKXV UHYHDO IDFWV WR EH OLHV @ 4XnHVWFH TXL" EORQG PDLV YLGH PDLV MH QH f )RU )UHXG ZRPDQnV QDWXUH ZDV D GDUN FRQWLQHQW WR EH H[SORUHG EXW DOVR D ULGGOH &KDZDI GHPRQVWUDWHV KRZ VXFK LPDJHV OHDG WR D EUHDNGRZQ LQ ODQJXDJH *K\VODLQHnV LQDELOLW\ WR VSHDN FRKHUHQWO\ WR FRQFHSWXDOL]H KHU VHOI WKURXJK WKH GLVWRUWHG SRUWUDLW RI KHU PRWKHU 7KRXJKWV RI

PAGE 130

DEDQGRQPHQW DQG WKH DFFRPSDQ\LQJ SK\VLFDO LOOQHVV DUH PDGH PDQLIHVW DV OLQJXLVWLF IUDJPHQWDWLRQ -H QnDL SOXV OD IRUFH GnDWWHQGUH GHERXW MH PnDVVRLV /D WDFKH QRLUH HVW HQ WUDLQ GH VnODUJLU -DWWHQGV EORWWLH 3HUVRQQH QH YLHQW f
PAGE 131

QnH[LVWHQW SOXV &H VRQW OHV SRLQWV FXOPLQDQWV GH OnFULWXUH GXUDVVLHQQH VHV WUDGXFWLRQV OLWWUDLUHV GnXQ WDW GH JUDFH GnXQH VRUWH GH FRPD GH OD VRXIIUDQFH GnXQH UVXUUHFWLRQ SDU OH VW\OH 3XLVVDQFH GH OD ODQJXH f $OWKRXJK PRFNHU\ VHUYHV SDURG\ LQ D SRZHUIXOO\ WUDQVJUHVVLYH ZD\ LW LV QRW WKH RQO\ WDFWLF RI SDURG\ IRU WKH SXUSRVH RI GHOLYHUDQFH IURP D GHVWUXFWLYH ZRUOG +XWFKHRQ SRLQWV WKDW SDURG\ LV UHSHWLWLRQ ZLWK FULWLFDO GLVWDQFH ZKLFK PDUNV GLIIHUHQFH UDWKHU WKDQ VLPLODULW\ $ 7KHRU\ RI 3DURG\ f 6XFK FULWLFDO GLVWDQFH FDQ EH DFKLHYHG WKURXJK ODXJKWHU DOWKRXJK IRU &KDZDI LW LV PDQLIHVW LQ XQ ODQ YHUEDO SDUR[\VWLTXH RU OLQJXLVWLF LPSDVVH ,Q WKH DWWHPSW WR UHFUHDWH RQHVHOI WKURXJK ODQJXDJH QHZ IRUPV PXVW QRQHWKHOHVV EH LQWHOOLJLEOH ,Q WKH QDUUDWLYH WKHUH LV D FRQVWDQW WHQVLRQ EHWZHHQ VHFWLRQV RI H[WUHPH OLQJXLVWLF LQQRYDWLRQ DQG RI GLUHFW DGGUHVV WR WKH DXGLHQFH RIWHQ LQ WKH IRUP RI TXHVWLRQV )RU H[DPSOH LQ 3RUWUDLW WKH QDUUDWRU DVNV 5XVVLUDWHOOH £ YRXV PRXYRLU" $XFXQH OLPLWH DXFXQ FDUDFWUH QH OD GILQLVVHQW SDV PPH OD UHVWULFWLRQ GnDSSDUWHQLU H[FOXVLYHPHQW £ XQH HVSFH f :KDW WKHQ RI &KDZDInV RZQ UHGHPSWLRQ HIIHFWHG E\ VW\OH" 2Q WKH RQH KDQG WKH UHSHWLWLRQ RI WKH IDOVH LPDJHV LQ 1DLVVDQFH UHYHDOV WKHLU GHYDVWDWLQJ HIIHFW RQ WKH SURWDJRQLVW DQG SURYRNHV DQ RQWRORJLFDO FULVLV WKH GLVLQWHJUDWLRQ RI *K\VODLQHnV 2Q WKH RWKHU KDQG WKH DXWKRUnV LPDJHU\ RI WKH 0DGRQQD DQG WKH ZKRUH XQYHLOV WKH K\SHUEROLF FKDUDFWHU RI WKHVH UHSUHVHQWDWLRQV DQG VXEYHUWV WKH QRWLRQ RI QDWXUDO ERGLHV E\ GHPRQVWUDWLQJ WKDW LGHQWLW\ FDWHJRULHV DUH DOZD\V FDWDFKUHVWLF %RWK ,ULJDUD\

PAGE 132

DQG %XWOHU H[SRVH WKH UROH RI PHWDSKRU LQ WKH FRQVWUXFWLRQ RI LGHQWLW\ DQG VR WKHUHE\ GHFRQVWUXFWV WKH GLYLGH EHWZHHQ WKH OLWHUDO DQG WKH PHWDSKRULFDO DQG WKH SULPDF\ RI WKH ILUVW WHUP RYHU WKH VHFRQG -XVW KRZ FDQ VWHUHRW\SHV RI WKH IHPLQLQH EH GHQDWXUDOL]HG" 7KURXJK QDWXUH %DUWKHV DUJXHV /H FRUSV UHO GRQQ FRPPH WHO SDU OD ILFWLRQf HVW OD USOLTXH GnXQ PRGOH DUWLFXO SDU OHV FRGHV GHV DUWV HQ VRUWH TXH OH SOXV nQDWXUHO GHV FRUSV QnHVW MDPDLV TXH OD SURPHVVH GX FRGH DUWLVWLTXH GRQW LO HVW SDU DYDQFH LVVX OD USOLTXH FRUSRUHOOH QH SHXW VnLQWHUURPSUH TXnHQ VRUWDQW GH OD QDWXUH VRLW YHUV OD )HPPH VXSHUODWLYH VRLW YHUV OD FUDWXUH VRXVKXPDLQH f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£ OD IROLH £ OD VRXIIUDQFH PXHWWH £ GHV IRUPHV GOLUDQWHV /H +URV /n+URLQH f 'LVUXSWLQJ WKH WHPSRUDO IUDPH EHORQJLQJ QHLWKHU WR SDVW QRU SUHVHQW D K\VWHULFDO ODXJK EXUVWV RXW RI QRZKHUH XQ ULUH GH IHPPH FRPPH XQ FURDVVHPHQW WUDYHUVH OHV FRXUV YLGHV f ,ULJDUD\ DQG &L[RXV KDYH DWWHPSWHG WR DSSURSULDWH DQG

PAGE 133

UHWKHRUL]H K\VWHULFDO ODXJKWHU DV D VSHFLILFDOO\ IHPLQLQH WUDQVJUHVVLYH DFW DNLQ WR SDURG\ LQ LWV H[FHVV DV DQ RXWOHW IRU RQJRLQJ FXOWXUDO UHSUHVVLRQ ,Q 5HWDEOH WKLV ILW RI H[FHVVLYH ODXJKWHU VLJQDOV GLVJXVW ZLWK D IHPDOH VH[XDO ERG\ ZKRVH MRXLVVDQFH ZKRVH GHVLUHV DQG ULJKWV KDYH \HW WR EH V\PEROL]HG 7KH ODXJKWHU LQ &L[RXVnV DQG ,ULJDUD\nV WH[WV ZKLFK PLPLFNV K\VWHULD FRQIRXQGV D RQHWRRQH UHODWLRQ DV ZHOO DV D VPRRWK WUDQVLWLRQ IURP LQWHQGHG PHDQLQJ DQG HIIHFW 7R ZKDW GHJUHH PLJKW WKLV KROORZ ODXJKWHU ORDGLQJ DEVHQFH XQGHUPLQH D YDORUL]DWLRQ RI SUHVHQFH RYHU DEVHQFH DV ZHOO DV QRWLRQV RI OLQJXLVWLF ILGHOLW\" (FKRLQJ LQ DQ HPSW\ PDQQHU WKH LPDJH RI ODXJKWHU LQ D FRXUW\DUG H[DJJHUDWHV WKH VLOHQFHG UHYHUEHUDWLRQV RI XWWHUDQFHV ,WV XVH DOVR FDSLWDOL]HV RQ /DFDQnV UHDGLQJ RI K\VWHULD DV D V\PSWRP RI D VH[XDO UHYHUEHUDWLRQ EHWZHHQ PDOH DQG IHPDOH D VH[XDO DPELJXLW\ SURSHU WR DQ\ VSHDNLQJ DQG GHVLULQJ VXEMHFW &RXOG LW EH WKDW WKH DFFXPXODWLRQ RI GLVORFDWHG IUDJPHQWHG ODQJXDJH LQ 5HWDEOH DLPV WR K\VWHULFL]H WKH UHDGHU E\ SODFLQJ WKH ODWWHU DW WKH ZLQGRZVLOO RI LQWHUSUHWLYH PDGQHVV DQG WKUHDWHQLQJ WR SURSHO KLP RXW RI D ZRUOG ZKHUH PXOWLSOH VLJQLILFDWLRQ FDQ QR ORQJHU EH VXSSUHVVHG" ZKHUH PDVFXOLQH DQG IHPLQLQH DUH QRW FRPSOHWHO\ VHSDUDWHG FRQFHSWV" &KDZDInV VXPPRQV WR ZULWH OLIH DQG UHDOLW\ KDYH EHHQ FRQIODWHG ZLWK UHDOLVP +RZHYHU GLVWLQJXLVKLQJ KHU XVH RI WKHVH WHUPV SURYLGHV D EURDGHU SHUVSHFWLYH )RU WKH

PAGE 134

DXWKRU WR SRUWUD\ UHDOLW\ LV WR HYRNH ZKDW KDV EHHQ UHSUHVVHG QDPHO\ WKH PDWHULDO ERGLO\ ZRUOG OD ODQJXH FULWH D £ SDVVHU HQWUH OHV LQWHUVWLFHV OHV RULILFHV OHV IDLOOHV HW GRLW WRXMRXUV HQ WLUHU OHV PRWV OD UDOLW OHV PLURLWHPHQWV YHUV£WLOHV FRQWUDULV LQVWDEOHV GH OD YULW HW YHUEDOLVHU FHV UXPHXUV FHV VHQWHXUV FH IUDFDV FH VLOHQFH GH OD SHDX GH OD FKDLU GH OD UWLQH GH OnRHLO GHV OYUHV HQ DSSULYRLVDQW OD VDXYDJHULH KXPDLQH GLVVLPXOH GDQV WRXWHV QRV QJDWLRQV KRVWLOHV &RQWUH OD ILFWLRQ f &KDZDInV FULWXUH GH OD YLH UHIHUV QRW WR UHDOLVW UHSUHVHQWDWLRQ ZKHUH WKH H[LVWHQFH RI D FHQWHU LV DVVXPHG DQG GLIIHUHQW ZD\V RI VHHLQJ DORQJ ZLWK RWKHU YDOXHV DUH VXSSUHVVHG (QJDJLQJ ZLWK 6WHQGKDOnV UHDOLVW PLUURU KHU IRUPXODWLRQ GHFHQWHUV WKH IODW SODQH RI WKH UHIOHFWLYH VXUIDFH DQG HPSKDVL]HV WKH PXOWLSOLFLW\ RI SHUVSHFWLYH OHV PLURLWHPHQWV YHUV£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nV DGXOWKRRG 7KH VFHQH WXUQV WR *K\VODLQHnV H[LW IURP VLJQLILFDQWO\ D PRYLH WKHDWHU )HHOLQJ WKH IDEULF RI KHU FORWKHV PROGLQJ KHU ERG\ VKH ZDWFKHV RWKHUV ZDWFKLQJ KHU -H FURLVH FRPPH GH EUHYHV OXPLUHV OHV UHJDUGV GnLQFRQQXV f $FFRUGLQJ WR

PAGE 135

/H 3HWLW 5REHUW EUHYHV VLJQLILHV EUHI DV ZHOO DV ODFRQLTXH DQG WKH SKDOOLF WUDQFKDQW 'R WKHVH EUYHV OXPLUHV HQOLJKWHQ *K\VODLQH LQ KHU EHFRPLQJ RU FXW LW VKRUW" ,Q D ORQJWHUP VWXG\ FRQGXFWHG ZLWK JLUOV /\Q 0LNHO %URZQ DQG &DURO *LOOLJDQ IRXQG WKDW RQFH JLUOV UHDFK DGROHVFHQFH WKH\ EHJLQ WR ORRN DW WKHPVHOYHV WKURXJK WKH OHQV RI RWKHUV 7KH UHVHDUFKHUV GHVFULEH VXFK D SKHQRPHQRQ DV DQ DWWHPSW E\ DGROHVFHQW IHPDOHV WR HPERG\ DQ XQUHDOLVWLF LGHDO RI SHUIHFWLRQ :LWK FORWKLQJ DQG PDNHXS WKH\ OHDUQ WR DOWHU WKHLU DSSHDUDQFH DFFRUGLQJ WR VRFLHWDO QRUPV 6WXG\ SDUWLFLSDQWV UHSRUWHG OLVWHQLQJ WR WKHLU YRLFHV WKURXJK WKH HDUV RI RWKHUV DV D PHDQV WR PRGXODWH WKHLU WRQH DQG ODQJXDJH XVDJH 7KH JLUOV LGHQWLILHG WKLV W\SH RI VHOI PRQLWRULQJ DV D VWUDWHJ\ WR KHOS WKHP DYRLG QHJDWLYH LQWHUSHOODWLRQV DVVRFLDWHG ZLWK LPSURSHU ZRPHQ ZKR VSHDN WRR ORXGO\ ZKR KDYH WRR PDQ\ RSLQLRQV RU LQ ZKDWHYHU ZD\ GR QRW DSSHDU ZRPDQO\ 1DLVVDQFH LV SHSSHUHG ZLWK LPDJHV RI *K\VODLQH REMHFWLILHG E\ WKH JD]H RI WKH RWKHU DV LQ WKH IROORZLQJ H[DPSOH ,, VLIIORWH ,, PH UHJDUGH f ,Q NHHSLQJ ZLWK WKH FXWWLQJ VSHFXODU *K\VODLQH SHUFHLYHV KHU ERG\ DV D FRUSV PRUFHO ,Q RQH LQVWDQFH VKH YLVXDOO\ SLFNV KHU OHJ DSDUW HYDOXDWHV LW DQG SUHVHQWV LW DV WKH RQO\ ERG\ PRUVHO IRXQG VDWLVIDFWRU\ OH PROOHW HVW URQG EDV OD SHDX EODQFKH £ JUDLQ ILQ OD FKHYLOOH WURLWHf f %XW VXGGHQO\ KHU OHJV QR ORQJHU EHORQJ WR KHU LQ YLHZ RI WKHLU SHUIHFWLRQ WKH\ DUH KHU PRWKHUnV 0HV

PAGE 136

VHV KDQFKHV GDQV OD JODFH GH OnDUPRLUH f ,Q WKH QH[W VHQWHQFH OLNH *K\VODLQHVnV ERG\ ODQJXDJH EUHDNV DSDUW 5HSV WRL VFHQGUH GLQHU IUDLFKH 3LPSDQWH /HQW *ULV )LVVXUHV 'H SHWLWV FHUFOHV QRLUV TXL UDPSHQW VXU PRL VXU PHV EDV VXU OD GHVFHQWH GH OLW f +HU ERG\ EHFRPHV WH[W WKURXJK D SURFHVV RI OLQJXLVWLF GLVORFDWLRQ 0DUNHG ZLWK EODFN FLUFOHV WKDW HUDVH DOO WUDFHV RI KHU ERG\ LW FDQ QR ORQJHU EH GLVWLQJXLVKHG IURP LWV VHWWLQJ WKH EHG ,PDJHV RI ZRPDQO\ SHUIHFWLRQ LQ PDJD]LQHV ILOWHUHG WKURXJK WKH FDPHUDnV OHQV VHW DQ XQDWWDLQDEOH VWDQGDUG DJDLQVW ZKLFK *K\VODLQH GHILQHV KHUVHOI QHJDWLYHO\ 3HDX VFKH /HV SLGHUPHV GOLFDWV GHV SXEOLFLWV GH PDJD]LQH 'HV PLOOLRQV HW GHV PLOOLRQV GH IHPPHV 0RQ QH] GRQW OD IRUPH QnHVW SDV DVVH] UJXOLUH SRXU PH YHQLU GnHOOH f 7KH VDPH SDJH IHDWXUHV D VFHQH LQ ZKLFK *K\VODLQH LQVSHFWV KHU IDFH ZLWK WKH DLG RI D PLUURU ,Q NHHSLQJ ZLWK WUDGLWLRQ WKLV DFW PLJKW UHSUHVHQW D VXEMHFWnV SXUVXLW RI VHOINQRZOHGJH RU RI JUDWLI\LQJ QDUFLVVLVP ,Q FRQWUDVW WR WKH SRUWUDLW RI D ZRPDQ ZKR DGPLUHV KHUVHOI WR WDNH SOHDVXUH LQ KHU EHDXW\ RU WR FRQILUP ZLWKRXW D GRXEW WKDW VKH LV EHDXWLIXO WKH SURWDJRQLVWnV UHODWLRQVKLS ZLWK WKH PLUURU UHIOHFWV WKH DQ[LRXV QDUFLVVLVP RI RQH ZKR JD]HV LQ KRSHV RI ILQGLQJ VRPH EHDXW\ LQ KHUVHOI ,Q WKLV LQVWDQFH WKH SURWDJRQLVW HQJDJHV LQ D JDPH IUHTXHQWO\ SOD\HG E\ DGROHVFHQW JLUOV 6KH VWDUHV LQ WKH PLUURU DQG IDQWDVL]HV KHU IHDWXUHV EHFRPLQJ PRUH SHUIHFW 0PH VL OD IRUPH GH OnRHLO GURLW SHWLW YHUG£WUH HVW PRGLILH VL OnRHLO JDXFKH ,, VnRXYUH

PAGE 137

LO VnDJUDQGLW VH GSODFH LO VH GSODFH FnHVW VRQ RHLO VnDSSURFKH GX QH] WQPH VL OHV FKHYHX[ FKDWDLQ IRQF EORQG FHQGU XQ FKLJQRQ PRXVVHX[ EHDXFRXS SOXV EHOOH f
PAGE 138

7KURXJKRXW 1DLVVDQFH *K\VODLQHn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f )UHXGnV IRUPXODWLRQ RI KHU DV WZR PRXWKV WKH WUDGLWLRQ ,ULJDUD\ GUDZV IURP IRU KHU ODELDO PRUSKRORJ\" ,Q DQ\ FDVH VXFK DQ LQVLVWHQFH RQ WKH IRUPXODLF VKLIWV WKH UHDGHUnV IRFXV DZD\ IURP HVVHQFH WR D FORVHU ORRN DW WKH SURFHVVHV RI FRQVWUXFWLRQ GHFRGLQJ DQG UHFRQVWUXFWLRQ LQYROYHG LQ WKH DFWV RI ZULWLQJ DQG UHDGLQJ WKH ERG\WH[W ,GHDOL]DWLRQV OLNH WKH SRUWUD\DO RI WKH ELUWK PRWKHU DUH ZKDW 2n1HLOO FDOOV LQ )LFWLRQV RI 'LVFRXUVH DEVHQW ZKROH FKDUDFWHUL]DWLRQV f $V ZLWK VWRFN FKDUDFWHUV LPDJHV GHVFULELQJ WKH DGRSWLYH PRWKHU DQG RWKHU IHPDOH FKDUDFWHUV ULQJ KROORZ LQ D SDURG\ HYRFDWLYH RI WKH JURWHVTXH DQG %HUJVRQnV IRUPXODWLRQ RI WKH PFDQLTXH SODTX

PAGE 139

VXU GX YLYDQW ,Q WKH IHZ SK\VLFDO GHVFULSWLRQV SUHVHQWHG WKH DGRSWLYH PRWKHU DSSHDUV DV DFFHVVRU\ D EODFN FRDW DQG ZLJ D VHFRQGDU\ LQHVVHQWLDO SOD\HU DVVLJQHG WR WKH PDVTXHUDGH $ FW GH PRL OH PDQWHDX QRLU GH PD PHUH VRXULDQWH SOHLQH GH ERQQH YRORQW HW DPHUWXPH GLVVLPXOH f $OWKRXJK WKH DGMHFWLYH DJUHHPHQW H[SRVHV WKH HPRWLRQV DV FOHDUO\ EHORQJLQJ WR WKH PRWKHU WKH V\QWD[ DWWULEXWHV WKHP WR WKH FRDW 7KHVH GLVSODFHG IHHOLQJV DUH HYLGHQW LQ DQRWKHU GHVFULSWLRQ RI KHU PRWKHUnV KDSSLQHVV 7KH JLUO UHSRUWV -nDL VHQWL OH QRLU GH VRQ PDQWHDX PRLQV SDLV f *K\VODLQH UHSUHVHQWV KHU DGRSWLYH PRWKHU DV XVHG DQG GHYDOXHG 0D PHUH FRPPH XQH YLHLOOH JDPLQH VDFULILH OHV SUL[ GHV PHQXV VRQ PDQWHDX QRLU VRQ YHQWUH RSDTXH VHV ERXFOHV GFRORUHV f 7KH JLUO SHUFHLYHV KHUVHOI LQ FORDNHG WHUPV DV ZHOO /LNH KHU PRWKHU ZKR LV SURQH WR QHUYRXV EUHDNGRZQV VKH DFFHSWV PRUH RU OHVV VXFFHVVIXOO\ WKH PDVTXHUDGH WKH LQHVVHQWLDO PDWHULDOLW\ RI KHU VH[XDOO\ LQGLIIHUHQW ERG\ DQG IHHOV WKH XUJH WR WRXW H[KLEHU %UDV GH PD PUH VRXV PRQ EUDV 6RQ PDQWHDX QRLU FRQWUH PRQ PDQWHDX OLV PnRQW DFKHWH ,OV QH VRQW SDV PHV SDUHQWV -H SHX[ WRXW GLUH WRXW H[KLEHU!! 7X HV IROOH!! GLW PD PUH f 2Q D OLWHUDO OHYHO *K\VODLQH WKUHDWHQV WR H[SRVH WKH XQODZIXO SXUFKDVH RI KHUVHOI DV D EDE\ GXULQJ WKH ZDU 1RQHWKHOHVV H[KLEHU VWURQJO\ FRQQRWHV D SXEOLF XQYHLOLQJ RI WKH JHQLWDOV ZLWK WKH FRPSXOVLRQ WR VKRFN (DUQLQJ WKH JLUO WKH DSSHOODWLRQ IROLH WKH SURVSHFWV RI UHYHDOLQJ KHU VH[XDO LQfGLIIHUHQFH DUH WKUHDWHQLQJ D VLJQ RI PDGQHVV HVSHFLDOO\ ZKHQ KDXQWHG E\ WKH SV\FKRDQDO\WLF VSHFWHU RI WKH

PAGE 140

IHPDOH JHQLWDOV DV WKH DEVHQFH RI D SHQLV WKHUHIRUH D YRLG QRWKLQJ WR VHH 7KH VWULSSLQJ RI WKH ZRPHQnV KXPDQLW\ IXHOV *K\VODLQHnV GHVLUH WR UHEHO 7KH ODVW UHLWHUDWLRQ RI WKH DGRSWLYH PRWKHUnV HPSW\ SRUWUDLW-H QnDL SOXV EHDXFRXS GH WHPSV PH GLVHQW OH PDQWHDX QRLU OD SHUUXTXH GH PD PHUHWULJJHUV D JOLPSVH RI D ZRUOG EHLQJ HPSWLHG RI LWV VWUXFWXUHV LWV RSSRVLWLRQV DQG LWV UXVH $ QRWUH DSSURFKH TXHOTXH FKRVH VHPEOH TXLWWHU OHV FDQDX[ TXLWWHU OHV IDJDGHV GHV SDODLV TXLWWHU OH VLOHQFH TXLWWHU OD OXQH TXLWWHU OH VROHLO TXLWWHU OHV WUHV KXPDLQV TXLWWHU n$GULDWLTXH TXLWWHU OH OLHUUH TXLWWHU TXLWWHU TXLWWHU 1RXV UHSUHQRQV OH EDWHDX SRXU OD WUDYHUVH HQ VHQV LQYHUVH 6XU OH SRQW OHV \HX[ GH PD PHUH JXHWWHQW OnHDX OD EUXPH OnDQHFGRFWH OHV VLOKRXHWWHV GnJOLVHV WRXW FH TXnHOOH SRXUUDLW SDUWDJHU DYHF PRL f 7KLV SDVVDJH DOOXGHV WR DQ DPELJXRXV IXWXUH RI DEDQGRQPHQW DV ZHOO DV H[SHFWDQF\ ,W ZDUQV RI WKH LPPLQHQW GHDWK RI WKH RQO\ PRWKHU VKH KDV NQRZQ DQG WKH H[SHULHQFHV VKDUHG ZLWK KHU KRZHYHU YDFXRXV
PAGE 141

4XLWWHU TXLWWHU TXLWWHU LV D SOHD IRU D YR\DJH GHSDUWLQJ IURP WKH VXSHUILFLDO DQHFGRWH RI ZRPDQ IURP WKH VLOKRXHWWH RIIURP WKH &KXUFK DQG IURP WKH YHLO RI WKH PDVTXHUDGH ,Q VKRUW LW DQQRXQFHV D MRXUQH\ IURP WKH FXOWXUDOO\ VKDUHG LPDJHV DWWULEXWHG WR WKH IHPLQLQH WR DQRWKHU ZRUOG ZKHUH WKH QHJDWLYH DQG QHJDWLQJ SRUWUDLWV PLJKW VLJQLI\ GLIIHUHQWO\ UHSUHQRQV OH EDWHDX SRXU OD WUDYHUVH HQ VHQV LQYHUVH EDFN WKURXJK WKH LQVWUXPHQW RI KHU RSSUHVVLRQ EDFN RYHU XWHULQH ZDWHUV
PAGE 142

+HLQ" 2K %HQ 7LHQV 2K %HQ %HQ ELHQ %RQ EHQ -H YDLV SnW WUH WUH -nIRXV OH FDPS SDUFH TXH ]RXS 4XDQG PPH FHQW NLORPWUHV GH PRLQV KHLQ" 7X YHX[ XQH SLQFH SRXU WnSLOHU" %RQ EHQ MnPDQJH $K ERQ +HX ,, QnHVW SDV ERQ PDLV QnHVW SDV LPPDQJHDEOH ORLQ GH OD +HLQ 3DV SDV ERQ PDLV SDV ILQ &H TXnLO \ D GH PRFKH +HLQ" &HV SRPSRQV f 'RXEO\ RULHQWHG DV %DKNWLQ FRQFHLYHV RI LW GLDORJXH UHIHUV WR VRPHWKLQJ LQ WKH ZRUOG DV ZHOO DV WR D VSHHFK DFW RI DQRWKHUWKH LWHUDWLYH DVSHFW RI ODQJXDJH %XWOHU GUDZV RQ IRU KHU WKHRU\ RI SHUIRUPDWLYLW\ &KDZDInV LQWHUWH[WXDO UHIHUHQFH KLJKOLJKWV GLVFRXUVHnV IXQFWLRQLQJ DV DQ HFKR FKDLQ RI GLVFXUVLYH FLWDWLRQV $V %XWOHU QRWHV VSHHFK DFWV DUH FLWDWLRQV RI H[LVWLQJ QRUPV WKDW VHUYH WR UHLQVWDOO WKHLU QRUPDWLYH ERXQGDULHV :KDW KDSSHQV WR WKH HFKRFKDLQ RI VLJQLILFDWLRQ LQ WKH FDVH RI GLDORJXH ZLWKRXW D UHIHUHQW" ,Q WKLV SDUWLFXODUO\ EULOOLDQW PRYH &KDZDI UHLWHUDWHV %HFNHWWnV RZQ SDURG\ RI WKH ZRUNLQJV RI ODQJXDJH DQG PLPHV D GLIIHUHQFH DOUHDG\ LQ SOD\ 6KH PLPHV WKH DOUHDG\ HPSW\ VSHHFK RI 9ODGLPLU DQG (VWUDJQ LQ D WH[W WKDW GRXEO\ LOOXVWUDWHV WKH GLVWDQFH EHWZHHQ LWVHOI DQG LWV REMHFW HYHQ ZKLOH FURVVLQJ RYHU WKDW GLVWDQFH ,Q KHU YHUVLRQ LW LV FOHDU WKDW WKH VSHDNHUV DUH RYHUO\ FRQWHQWHG ZLWK WKH PHGLRFUH LO QnHVW SDV ERQ PDLV QnHVW SDV LPPDQJHDEOH ORLQ

PAGE 143

GH OD )URP D IHPLQLVW VWDQGSRLQW %HFNHWWnV (Q $WWHQGDQW *RGRW GRHV QRW JR IDU HQRXJK ,I KLV YLVLRQ FRQWULEXWHV WR VKDWWHULQJ D IL[HG FRQFHSWLRQ RI WKH VLJQ DQG UHIHUHQW LW QRQHWKHOHVV ODFNV D UHLQWHJUDWLYH HOHPHQWKRZHYHU SURYLVLRQDOLPSRUWDQW WR &KDZDIn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£ TXHOTXHV FHQWLPWUHV GH PRL 4XHOTXH FKRVH GLQWHUQH TXL SDOSLWH HQFRUH f 6HHLQJ WKURXJK WKH SDUHQWVn IDEULFDWLRQV LQFLWHV *K\VODLQH WR UHLQYHQW KHU ELUWK SDUHQWV ,Q O\ULFDO SURVH HYRFDWLYH RI LQFDQWDWLRQ RU SUD\HU VKH FDOOV XSRQ WKH QDPH RI WKH IDWKHU WR HYRNH D PRUH VDWLVIDFWRU\ SRUWUDLW RI KHU PRWKHU KHU SDUHQWVn ORYLQJ UHODWLRQVKLS DQG WKLV FRQFHSWXDOL]DWLRQ IXUWKHUV KHU GHVFHQW KHU UHJUHVVLRQ EDFN LQWR WKH ZRPE 3UH SUH 0£OH 0DOH GH OD IHPHOOH 0HUH DX[ ODUJHV KDQFKHV GnR FRXOHQW OH EHXUUH ILQ HW OH

PAGE 144

ODLW JUDV OD ELUH EORQGH -H GHVFHQGV 3UH 0D PHUH VL EHOOH 7X OD GVLUDLV 7X WH FRXFKDLV VXU HOOH SDUFH TXnHOOH WDLW EORQGH JUDQGH R MH P HQJDJH R MH FRPPHQFH £ GHVFHQGUH GRXFH PD PHUH HQ HOOH MH GRUV TXH OnKRPPH DYDLW FKRLVLH GRXFH PRQ SUH TXnDYDLW FKRLVL OD IHPPH GnR FRXOHQW OD ELUH EORQGH OH YLQ OH ODLW JUDV OH EHXUUH VXU OD WHUUH UHFRQQDLVVDQWH HW MnWDLV PRL EORWWLH SUV GX EUXLW GH VRQ FRHXU f 7KLV SDVVDJH LOOXVWUDWHV ZHOO &KDZDInV YHUVLRQ RI WH[WXDO PLPLFU\ ,WV UHYHUVDO RI WKH PDVFXOLQH DQG IHPLQLQH GLVSODFHV WKH ODWWHUnV VXERUGLQDWLRQ DQG UHQG WRXWH ILJXUH LQFOXGLQJ *K\VODLQH £ VD QDLVVDQFH &6 76 f ,Q RUGHU IRU WKH IHPLQLQH WR HPHUJH PDOH EHFRPHV VXERUGLQDWH 0DOH GH OD IHPHOOH 0DVFXOLQH DQG IHPLQLQH QRXQV DQG FRQQRWDWLRQV DUH PL[HG 7KH PDVFXOLQH QRXQV EHXUUH DQG ODLW ZLWK IHPLQLQH FRQQRWDWLRQV DUH UHSODFHG E\ WKH IHPLQLQH QRXQ ELUH $W ILUVW WKLV UHYHUVDO DSSHDUV ZLWK VXEWOHW\WKH V\QWD[ VXJJHVWV WKH VXEVWLWXWLRQ RI WKH WZR IRUPHU WHUPV E\ WKH ODWWHU GnRX FRXOHQW OH EHXUUH ILQ HW OH ODLW JUDV OD ELUH EORQGH %XW EHHU UHVHPEOHV D EOHQG RI EXWWHU DQG PLON VKDULQJ IOXLGLW\ DQG SRVVHVVLQJ WKH FRORU RI WKH IRUPHU DV ZHOO DV WKH IURWK\ FRQVLVWHQF\ RI WKH ODWWHU $V WKH SDVVDJH SURJUHVVHV WKH HYHUIORZLQJ IHPLQLQH ELUH LV DJDLQ PRGLILHG E\ RWKHU HOHPHQWV GnRX FRXOHQW OD ELUH EORQGH OH YLQ OH ODLW JUDV OH EHXUUH $FFRUGLQJ WR ,ULJDUD\ D IHPLQLQH VW\OH ZRXOG ZRUN RQ WKH XWWHUDQFH WKH ZRUG HYHQ WKH SKRQHPH DQG &KDZDInV WH[W GR VR 7KH DOOLWHUDWLRQ RI WKURXJKRXW WKH SDVVDJH VLJQDOV D VWDWH RI KDUPRQ\ D UK\WKP LQ ZKLFK ERWK WKH VLPLODULW\ DQG GLIIHUHQFH RI WKH WHUPV SUH PUH DQG ELUH FDQ EH

PAGE 145

KHDUG (DFK LQYRFDWLRQ UHFDOOV DXUDOO\ WKH RWKHUV DQG OLJKW ILOWHUV WKURXJK WKH SDVVDJH LQ WKH UHSHWLWLRQ RI ELUH EORQGH EHXUUH DQG ODLW SDLQWLQJ D SRUWUDLW LQ VKDUS FRQWUDVW WR WKH EODFN DQG ZKLWH YLVLRQ LQ WKH RSHQLQJ SDVVDJH RI WKH QRYHO %UHDNLQJ ZLWK WKH UXOHV RI QRUPDWLYH V\QWD[ WKH SDVVDJH HPSKDVL]HV D IORZ D UHFLSURFLW\ VLPLODU WR WKDW EHWZHHQ PRWKHU DQG FKLOG LQ WHUR PD PUH HQ HOOH MH GRUV TXH OnKRPPH DYDLW FKRLVLH GRXFH PRQ SUH TXnDYDLW FKRLVL OD IHPPH 7KH REMHFW RI HDFK VHQWHQFH RFFXSLHV ERWK VXEMHFW DQG REMHFW SRVLWLRQV ZKLOH WKH VXEMHFW LV HPEHGGHG LQ WKH VHQWHQFH (DFK WHUP PRYHV LQWR WKH SURSHU SODFH RI WKH RWKHU ZLWKRXW HIIDFLQJ LW (YHQ DW WKH PRVW EDVLF OHYHO &KDZDInV VW\OH FRQIRXQGV OLQHDU UHDGLQJ SRXU GVDPRUFHU OD SXLVVDQFH GH VRQ HIIHW WORORJLTXH &6 76 f 6KH H[FKDQJHV OLQHDU RQH GLUHFWLRQDO GLVFRXUVH IRU D UHODWLRQVKLS RI SUR[LPLW\ ,Q WKH QH[W SDUDJUDSK WKH OLQJXLVWLF XWRSLD RI WKH UHFLSURFDO UHODWLRQ WKH EHJLQQLQJV RI D QHZ ILJXUH RI WKH PRWKHU FDQQRW EH VXVWDLQHG ,Q KHU FHUWLWXGH VKH IDOOV EDFN WR LGHDOL]DWLRQ &HUWLWXGH TXnHOOH WDLW EHOOH GRXFH OD SOXV GRXFH OD SOXV ILQH VL ILQH WURS ILQH URVH GH EO GH VHQVLELOLW GH IUDJLOLW VRQ ODUJH IURQW PGLYDO HQ ERLV VFXOSW HW SHLQW EOHX HW RU IPLQLW GLVWLQJXH 1RWUH 'DPH GX %RQ 6HFRXUV 5HFRQQDLVVDQFH SXWDLQ YLHLOOLVVDQWH DX[ FKHYHX[ MDXQHV FULDUGV TXL ULJROH TXL ULJROH f /DFNLQJ UHQHZHG LPDJHV RI WKH ZRPDQ *K\VODLQH GHSDUWV IURP WKH GRXFH DQG WKH LPDJHU\ RI WKH )OHPLVK ELJ EORQG RI

PAGE 146

WKH SUHYLRXV SDVVDJH WKHQ VOLSV LQWR WKH PRUH WUDGLWLRQDOO\ )UHQFK ILQH DQG IUDJLOH D JORULILHG LGHDO 7KH DSSHDO WR 1RWUH 'DPH OHDGV LQHYLWDEO\ WR LWV DQWLWKHVLV SXWDLQ ,Q \HW DQRWKHU DWWHPSW VKH EHFRPHV KHU PRWKHU JLYLQJ ELUWK WR KHUVHOI -H VXLV PD PHUH HQ VXHXU TXL SRXVVH OHV GHQWV VHUUV VnDUUWH LQVSLUH UHFRPPHQFH GH SRXVVHU PnH[SXOVH -H FULH (OOH QH YHXW SDV GH PRL (OOH PnDEDQGRQQH -H OnDSSHOOH -H VDQJORWH (OOH HVW XQ YLVDJH IL[H SODW ORLJQ LQFUXVW GDQV OH EWRQ GX PXU (OOH QH FRQWLHQW SHUVRQQH f *K\VODLQHnV DWWHPSWV XQHDUWK UHSHDWHGO\ D IRVVLOL]HG SRUWUDLW RI KHU PRWKHU DQ DUFKDLF LPSULQW WKDW QH FRQWLHQW SHUVRQQH DWWHVWLQJ WR WKH GLIILFXOW\ RI FUHDWLQJ D QHZ P\WKRORJ\ RI KHU ELUWK PRWKHU $ ILQDO DWWHPSW WR UHJUHVV WR WKH ZRPE LQ 1DLVVDQFH OHDGV KHU WR DQ XQGHUJURXQG ZRUOG RI FDYHV FDQDOV DQG XQGHUJURXQG SDVVDJHV -H PHQJDJH OD WHWH OD SUHPLHUH PDLV DX OLHX GnDWWHLQGUH OH EOHX FRQFDYH OD OXPLQRVLW GH nHDX RX MnDVSLUH £ WUH FRQWHQXH WRXW HQWLUH WRXWH QXH MH GHVFHQGV OH ORQJ GHV GFRPEUHV PRQ RSSUHVVLRQ DXJPHQWH PH FRXYUH GH SRXVVLUH GH WRLOHV GnDUDLJQH HQ EDV WRXMRXUV SOXV EDV f ,QVWHDG RI UHDFKLQJ WKH WUDQTXLO OLJKW RI WKH XWHULQH ZDWHUV RU LQ P\WKLFDO WHUPV WKH ULYHU ZKRVH SDVVDJH OHDGV WR WKH RWKHU ZRUOG *K\VODLQH GHVFHQGV ZLWK GLIILFXOW\ LQWR WKH GDUN QLJKW RI WKH XQFRQVFLRXV LQ KRSHV RI UHVXUUHFWLQJ KHU ORVW PRWKHU 'RFXPHQW ,f )UHHGRP IURP LOOXVLRQ FRPHV IRU *K\VODLQH DW WKH DJH RI WZHQW\ILYH LQ 'RFXPHQW ,f DV KHU IDWKHU UHYHDOV WKH HYHQWV RI KHU ELUWK DQG GHWDLOV DERXW KHU ELUWK SDUHQWV ,Q

PAGE 147

D QRWH WKH UHDGHU LV DGGUHVVHG GLUHFWO\ ,f &HV YQHPHQWV RQW VXU OH ELWXPH HW VRXV OHV ERPEHV GH QRWUH PRQGH 0$/$'( HX OLHX UHOOHPHQW f $QG \HW WKH TXHVW GRHV QRW HQG DW WKLV SRLQW ,W LV VLJQLILFDQW WKDW WKH WUXWK FRPHV IURP WKH IDWKHU :KLOH KH DSSHDUV WR LPSDUW WKH LQIRUPDWLRQ LQ HDUQHVW KH UHSUHVHQWDWLYH RI WKH SDWULDUFKDO RUGHU DOVR DW DQ HDUOLHU VWDJH SHUSHWXDWHG WKH OLHV +HU PRWKHU NQHZ QRWKLQJ RI *K\VODLQHnV ELUWK 7KH IDWKHUnV XQYHLOLQJ RI WKH VHFUHW SURYRNHV DQ DSRFU\SKDO VFHQH DNLQ WR WKRVH LQ VFULSWXUH 6XFK D UHYHODWLRQ LV ILWWLQJ LQ YLHZ RI *K\VODLQHnV SHUFHLYHG RSSUHVVLRQ DQG KRSHOHVVQHVV WKH ODWWHU OLNH ELUWK SDLQV KHUDOGLQJ WKH HQG RI D YLROHQW GHVWUXFWLYH HSRFK GHSULYHG RI WKH PDWHUQDO IHPLQLQH 6KH DSSHDOV QRW WR D PDVFXOLQH GLYLQLW\ EXW WR WKH IRUFHV RI D SKDOOLF SHQHWUDWLQJ 0RWKHU (DUWK 7RXW FH TXH WX SQWUHV WX OH IFRQGHV PHUH 7RXW FH TXH WX SQWUHV ILQLW SDU FRQWUDFWHU VD PDWLUH GJQHUH SRXU PRXULU FRPPH OHV WRLOHV PUH SRXU TXH UHFRPPHQFHQW OHV ERXUJHRQV UHFRPPHQFH OnHQIDQFH HW TXH WRL EULOODQW GH SOXV HQ SOXV IRUW SDU GHVVXV OnDJRQLH OH PHXUWUH nLQMXVWLFH OD GRXOHXU WX WnLQWHQVLILHV DOWHUQDWLYHPHQW FUDQW HW GWUXLVDQW FKULVVDQW HW DEDQGRQQDQW DYHF XQH IRUFH JDOH MXVTXnD OD SXUW WRWDOH f 7KURXJK DQ DSSHDO WR UHGHPSWLRQ WKH 1DUUDWRU JLYHV YRLFH WR KHU GUHDP IRU D UHQHZHG ZRUOG ZLWKRXW GHVWUXFWLRQ DEDQGRQPHQW RU LVRODWHG IOHVK DQG D QHZ ODQJXDJH ZLWKRXW IRUP FRORU RU GLVFULPLQDWLQJ OLQHV +RZHYHU WKLV UHYHODWLRQ DSSHDUV WR EH RQO\ UHYHULH 5HIHUULQJ WR WKH PRWKHU *K\VODLQH UHLWHUDWHV WZLFH 0DLV WX QnHV SDV FHOD f 6KH WKHQ FRQWLQXHV KHU GHVFHQW

PAGE 148

LQWR WKH XQGHUZRUOG HQ EDV OH VDQJ VnFRXOH GX WHUUHX ILVVXUH JRUJHPHQW DX OLHX GHV MDUGLQV TXH MH QnRVH SDV UHJDUGHU FDU £ OnH[LVWHQFH LO IDXW VnDGDSWHU f 5HWDEOH FKRUHRJUDSKV DQ DPELJXRXV GDQFH EHWZHHQ KRSH DQG IUXVWUDWLRQ PRWLRQ DQG VWDJQDQF\ 5HSHDWHGO\ WKH GLIILFXOW SDVVDJH WKURXJK WKH GDUN ZRUOG RI SDLQ DQG GHDWK JLYHV ULVH WR *K\VODLQHnV GHVLUH WR GHOLYHU KHUVHOI IURP VXIIHULQJ DQG HQGV RQ D FDOO WR PRYH IRUZDUG 3DU GHOD YRWUH SURSUH PHUH HW YRWUH SURSUH YLH 6RXIIOH (W VnODQFH f ,Q KHU (QJOLVK YHUVLRQ RI WKH ZRUN 0RWKHU /RYH 0RWKHU (DUWK 0RQLTXH 1DJHP WUDQVODWHV WKHVH YHUEV ZLWKRXW VXEMHFWV DV %ORZV DQG $QG /HDSV f ,Q P\ RSLQLRQ 1DJHPnV LQWHUSUHWDWLRQ VRIWHQV WKH LPSDFW RI WKH ILQDO WZR OLQHV RI WKLV VHFWLRQ 6HSDUDWHG E\ ZKLWH VSDFHV WKH SODFHPHQW RQ WKH SDJH LQGLFDWHV WKH ZHLJKW RI WKHVH ZRUGV DV GRHV WKHLU ILQDO SRVLWLRQ ,Q WKH FRQWH[W RI WKH TXHVW 6RXIIOH VKRXOG EH UHDG DV DQ LPSHUDWLYH DPELJXRXVO\ VXPPRQLQJ *K\VODLQH RU WKH UHDGHU WR ([KDOH EHIRUH SOXQJLQJ IRUZDUG LQWR WKH XQNQRZQ 3RUWUDLW 7KH SRUWUDLW PRUFHO LQ 3RUWUDLW GLIIHUV IURP WKH LGHDOL]HGGHILOHG YHUVLRQ RI ZRPDQ LQ 1DLVVDQFH $V ZLWK 1DLVVDQFH 3RUWUDLWnV QDUUDWLYH SURGXFHV D FRPSOH[ WDSHVWU\ RI LQWHUVHFWLQJ WKUHDGV 1RW VLPSO\ D UHSUHVHQWDWLRQ RI HYHQWV WKLV VHFWLRQ VLPXOWDQHRXVO\

PAGE 149

UHFRQVWUXFWV WKH SDVW DQG UHVKDSHV WKH SUHVHQW LQ RUGHU WR SXW LQWR TXHVWLRQ D IXWXUH GHVWLQHG WR UHWUDFH WKH VWHSV RI WKH SDVW WR WKHUHE\ FRQWLQXH D OHJDF\ RI GHVWUXFWLRQ %\ WKH WLPH WKH UHDGHU UHDFKHV WKLV SDUW VKH KDV EHHQ ERPEDUGHG IRU IRUW\VRPH SDJHV RI GLVFRQWLQXRXV QDUUDWLYH SDFNHG ZLWK V\PEROLVP DQG UHSHDWHG VFHQHV RI GHYDVWDWLRQ RI ZDUWRUQ ERGLHV DQG YLOODJHV $V WKH 1DUUDWRU UHLWHUDWHV WKH QRYHO FRQWDLQV D SRUWUDLW PRUFHO GH FH GRQW OnKRPPH QnD MDPDLV DUUW GH SULYHU OnKRPPH DQG DQQRXQFHV H[SOLFLWO\ LO IDXW PDLQWHQDQW TXH QRXV UHQDLVVRQV f *K\VODLQHnV GHVFHQW EDFN WKURXJK WKH LPDJHV RI ZDU DQG RSSUHVVLRQ FRQWLQXHV 'HVSLWH WKH FDOO IRU D UHELUWK WKH DWWDFN RQ OLIH SURFHHGV XQDEDWHG 4XHOOHV WUDFHV SRXUUDLHQW UHQYR\HU £ VD YLH UHVWDXUHU VHV IRUPHV DFWLRQQHV SDU OH YHQW" UVRXGUH VRQ DEVHQFH" WKH 1DUUDWRU DVNV DV ORQJ DV OD IHPPH HVW PRUWH RX TXH MnDLOOH f 1LFKROD $QQH +D[HOO GLVFXVVLQJ 5HWDEOHOD UHYHULH DUJXHV WKDW WKH LPDJHU\ LW JHQHUDWHV GRHV QRW UHIHU EDFN LQ DQ\ H[SOLFLW RU LPSOLHG ZD\ WR LWV RZQ VWDWXV DV WH[W WKHUH LV QR GLVFRXUVH RQ ZRUG RU ODQJXDJH :RPDQ DV /DFHPDNHU f 8QGHUO\LQJ +D[HOOnV FRPPHQW LV WKH DVVXPSWLRQ WKDW &KDZDIV ZRUN GRHV QRW SDUWLFLSDWH LQ VRSKLVWLFDWHG PRGHUQLVW WHFKQLTXHV 2Q WKH FRQWUDU\ DUJXH WKDW WKH PRVW WHFKQLFDOO\ LQWULFDWH OLWHUDWXUH RI WKH WZHQWLHWK FHQWXU\ LQFOXGLQJ &KDZDInV QRYHOV UHIOHFWV WKH FRQVFLRXV VKLIW IURP DUWLILFH WR DWWHQWLRQ WR DUWLILFH 0LPLQJ FULWLFLVPV RI KHU WH[W DV WRR PDWHULDO DV WRR H[FHVVLYHO\ IHPLQLQH &KDZDI

PAGE 150

GHSLFWV D SHUIRUPDQFH LQ ZKLFK WKH 1DUUDWRU UHVWDJHV WKH ERGLO\ YLROHQFH RI KHU ELUWK DQG KHU PRWKHUnV GHDWK /LNH DFWRUV RQ D VWDJH EHKROGLQJ D YLVLRQ WKDW WKH UHDGHU FDQQRW VHH E\VWDQGHUV GLVFXVV ZLWK DQ XQQHUYLQJ FDOP WKH G\LQJ PRWKHU DV WKH\ ZDWFK DQG KHDU KHU EOHHG SURIXVHO\ ,OV FRXWHQW VRQ VDQJ MDLOOLVVDQW ERXLOOLU f :LWKRXW FRQFHUQ IRU KHOSLQJ WKH ZRPDQ WKH VSHFWDWRUVn WKRXJKWV GR QRW H[WHQG EH\RQG WKHPVHOYHV 'nR LO YLHQW FH VDQJ" 3DV GH QRXV QRXV QH VDLJQRQV SDV 4XnHVWFH TXH FnHVW TXH FH VDQJ" &KH] QRXV OD JXHUUH HVW ILQLH eD QH QRXV IDLW SDV PDO 1RXV QH VHQWRQV ULHQ ,, QRXV HVW HWUDQJHU LQFRPSUKHQVLEOH f 'HVSLWH WKH KRUURU RI WKH RQORRNHUVn VHOILQYROYHPHQW &KDZDInV SDURG\ LV QRW GHYRLG RI KXPRU &RPPHQW WDQW GH VDQJ SHXWLO VRUWLU GnXQH VHXOH YLFWLPH" (W TXL D W WXH LO \ D GMD SOXV GnXQH JQUDWLRQ f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nHVW DJDJDQW

PAGE 151

/D VHQVLELOLW VH ODVVH 1HWWR\H] OHV WURWWRLUV > @ &H VSHFWDFOH GH IHPHOOH PRUWH QRXV GJRXWH /D FKDLU QnHVW SDV LQWHOOLJHQFH &H QnHVW SDV OD FKDLU TXnLO IDXW DLPHU 7DQW GH VDQJ FnHVW GX GVTXLOLEUH &H VDQJ IRUFH XQ SHX ,, GHYUDLW VH UHWHLU VH PDLWULVHU VH GLOXHU VLQWHOOHFWXDOLVHU VnDEVWUDLUH DX OLHX GH VDOLU QRV WURWWRLUV > @ OAD QH QRXV FRQFHUQH SDV 'nXQ RUJDQLVPH £ nDXWUH LO \ D GLVFRQWLQXLW HW GLVWDQFH &nHVW QRWUH V\VWPH GH SURWHFWLRQ JUDFH £ 'LHX 6LQRQ FRPPHQW SRXYRLU FRQWLQXHU DYHF WRXV OHV DXWUHV HQ GHXLO FHV JXHUUHV FHV FDWDVWURSKHV TXL QnDUUWHQW SDV" 2X DORUV LO IDXGUDLW FKDQJHU $VVH] SDUO /DYH] YLWH QRV WURWWRLUV &KDZDI LPSOLFLWO\ FRQQHFWV D V\VWHP RI LQWHOOHFWXDO DEVWUDFWLRQ WR D ORYHOHVV ZRUOG WKDW GHVWUR\V WKH IOHVK LQ WKH PLVJXLGHG KRSH RI VDIHJXDUGLQJ LQGLYLGXDOV 7KH YLHZHUnV GLVWRUWHG SHUFHSWLRQV RI WKH SURIXVHO\ EOHHGLQJ PRWKHU DV QRWKLQJ EXW D QXLVDQFH WR EH WLGLHG XS VLJQDOV D ZLOOIXO UHIXVDO WR VHH UHDOLW\ GLIIHUHQWO\ LQ DOO LWV FRPSOH[LW\ ,Q 'H 5HWDEOH £ 5RXJH£WUH VKH GHP\VWLILHV KHU HPSKDVLV RQ LPDJHV WKDW ZRXQG -H PH PILH GnXQH FULWXUH TXL IHUDLW MRXLU FRQWLQXHOOHPHQW MH SUIUH nFULWXUH TXL SHUPHW GH SHUFHYRLU OH FRUSV WHO TXnLO HVW RSSULP WHO TXnLO HVW DFFXO £ OD VRXIIUDQFH £ OD VROLWXGH DX VLOHQFH £ nLPSXLVVDQFH GH VRQ DPRXU ,, QH IDXW SDV UVRXGUH DUWLILFLHOOHPHQW GDQV nFULWXUH FH TXL GDQV OH FRUSV GDQV OD YLH QnHVW SDV HQFRUH OLEUH f ,Q D OLWHUDU\ SUDFWLFH RI QRQH[FOXVLYLW\ LPDJHV RI WKH GDUN VLGH RI WKH KXPDQ SV\FKH VHUYH DQ LPSRUWDQW IXQFWLRQ RI UDLVLQJ DZDUHQHVV RI ZKDW LW PHDQV WR EH KXPDQ (DFK LQGLYLGXDO PXVW HQFRXQWHU WKH JRRG DQG WKH

PAGE 152

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f ,QGHHG ZKHQ IRUFHG WR H[DPLQH WKH GHYDVWDWLRQ RI ZDU GHDWK DQG VXIIHULQJ DV D SDUWLFLSDQW LQ LWV WKHDWHU KRZ FDQ WKH UHDGHU SHUVLVW LQ UHGXFLQJ OLIH WR LQWHOOHFWXDO DEVWUDFWLRQV" 3DUDGR[LFDOO\ IROORZLQJ WKLV VFHQDULR FRQGHPQLQJ DEVWUDFWLRQ WKH TXHVW WR UHZULWH WKH PRWKHU FRQWLQXHV ZLWK UHFRXUVH WR DQFLHQW PHWDSKRUV RI ZRPDQ DV QDWXUH 3HUVSHFWLYH VKLIWV DV WKH VXEMHFW RI WKH TXHVW EHFRPHV OD SHWLWH UHJUHVVLQJ WR FKLOGKRRG f ,Q RQH VKRUW SDUDJUDSK DIWHU DQRWKHU OD SHWLWH WUDFNV WKURXJK D IRUHVW WKHQ D UXUDO VSDFH WUDYHOLQJ WKURXJK D ODQGVFDSH RI LPDJHV ZKRVH IRUPV LPLWDWH ERGLO\ VWUXFWXUHV $W ILUVW WKH OLWWOH JLUO PRYHV WRZDUG D GDUN IRUHVW D VRUW RI FROOHFWLYH XQFRQVFLRXV /D SHWLWH PDUFKH £ OnLQWULHXU GH OD IRUW FRPPXQDOH YHUV OD PHQXLVHULH £ WUDYHUV OHV WDLOOLV VRXV IXWDLH OHV FKQHV YHUWV VRXV OHV VDSLQV UVLQHX[ GRQW VHUUHV OHV FLPHV RPEUHQW HW HPSFKHQW HQFRUH GH FRPPXQLTXHU DYHF OH ODLWDJH HW LO \ D GHV UDUHV FODLUFLHV XQH FURXSH PXVFOH PRXFKHWH GH IRXUUV HW GnHDX GH SOXLH R

PAGE 153

REVHUYHU OHV YHLQHV VLQXHXVHV OHV PDUEUXUHV GX PXIOH GX YHQWUH SUV GH WHUUH JHUFHQW HW OHV IODTXHV OHV UHIOHWV GHV EUDQFKHV PRXVVHQW DX[ UHLQV HW OHV SRLOV GRX[ IROOHWV OHV QHUYXUHV VDLOODQW VXU OHV SLV LUULJXV VXU OHV FRPHV RX VXU OHV IHXLOOHV IUOHQW f $SSURDFKLQJ WKH JURYH WKH JLUOnV YLVLRQ LV DLGHG E\ 1DWXUHn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fGLIIHUHQFH" 0\WKRORJLFDO V\PEROV WUDQVFHQG WKH RUGLQDU\ DV &DPSEHOO SRLQWV RXW WKH\ WRXFK DQG H[KLODUDWH FHQWHUV RI OLIH EH\RQG WKH UHDFK RI YRFDEXODULHV RI UHDVRQ DQG FRHUFLRQ f &KDZDInV VHHNV WR H[SORLW WKH SRZHU RI WKLV ILJXUH UHFDVWLQJ LW WR VHUYH KHU RZQ HQGV ,Q 3RUWUDLW &KDZDI EHJLQV WR GHQDWXUDOL]H QDWXUH WKURXJK WKH PHWDSKRU RI 0RWKHU (DUWK $QWKURSRPRUSKL]LQJ WKH WUHH DV D IHPDOH ERG\ WKH DXWKRU K\SHUEROL]HV WKH FRPSDULVRQ XVLQJ XQFRQYHQWLRQDOO\ H[SOLFLW LPDJHV WR SRUWUD\ DQ DQFLHQW PHWDSKRU SXVKLQJ WKH VLJQLILHUV XVHG WR UHSUHVHQW QDWXUH WR WKHLU V\PEROLF OLPLWV 6XUUHDO LPDJHV

PAGE 154

VWULNH DJDLQVW FRPPRQSODFH RQHVWKRVH RI WKH ZRPDQ XQGHUWDNLQJ WDVNV WUDGLWLRQDOO\ SHUIRUPHG E\ IHPDOHV ODFHPDNLQJ DQG KRXVHNHHSLQJ ,Q VXFK UROHV VKH RFFXSLHV WKH PDUJLQDO VSDFHV RI D FXSERDUG DQ HPSW\ FDYH ER[HV RI VDOW DQG IORXU D VLGHERDUG DQG DQ HDUWKHQZDUH SRW /HV IRXUUXUHV £ FRUQHV GIHQGHQW FRQWUH OH IURLG (W OD SHWLWH VnSXLVH YHUV GH VDSLQV HQQHLJV YHUV GHV VDERWV TXRWLGLHQQH XQH PQDJUH DVWLTXH EHVRJQH HOOH HVW GHQWHOLUH EDKXW URXHW )ODQGUH SWULQ FDYH YRWH ERLWH £ VHO ERLWH £ IDULQH SDQHWLUH WHUULQHf OHV YLHX[ FDUUHDX[ GX VRO WUDQVSRUWHQW OD SHWLWH YHUV OHV VLJQHV RXEOLV f
PAGE 155

DPSLHV PDQFKHV SULVW\OHVf \ ORJHU Pn\ VRXGHU f &KDZDI HPSKDVL]HV WKH PRWKHUnV FDSDFLW\ WR ZHDYH KHUVHOI EHWZHHQ WKH OLQHV DV D FRQGLWLRQ IRU WKH SRVVLELOLW\ RI KHU MRXLVVDQFH 7KH VHHNV VKHOWHU ZLWKLQ D VSDFH RI RUQDPHQW DQG DFFHVVRU\D VSDFH IUDPHG DQG ZRYHQ E\ WKH PRWKHU KHUVHOILQ RUGHU WR UHFRQQHFW ZLWK WKH PDWHUQDOIHPLQLQH SULQFLSOH IURP ZKLFK VKH KDV EHHQ VHYHUHG 0DXVROH ,Q WKH ODVW VHFWLRQ RI 5HWDEOH WKH 1DUUDWRU GHVFHQGV WR WKH PDXVROHXP LQ KRSHV RI H[FDYDWLQJ KHU PRWKHUnV UHPDLQV 7KH VWUROO DPRQJVW WKH UXLQV RI WKH IOHVK LV D PHWDSKRU IRU WKH TXHVW IRU IHPLQLQH VSHFLILFLW\ WKURXJK WKH DFW RI ZULWLQJ DQG LW UHOD\V WKH GLIILFXOWLHV RI VXFK D SURMHFW 7KH 1DUUDWRU SURFHHGV EOLQGO\ -H WRXUQH OHV SDJHV £ W£WRQV KHVLWDQWO\ DQG SDLQIXOO\ 3DSLHU OHV FKLIIRQV OD UREH WLPEUH YOLQ PDFKH SDUFKHPLQ SHOXUH UGXLWH HQ S£WH KRUV GH OD PDUJH VnOYHQW HQ SRXVVLUH MH SDSHUDVVH MH PH GFRXUDJH > @ -H FRPSXOVH -H PH KHXUWH FRQWUH OD URFKH f 6HHNLQJ WR DOWHU WKH VWXOWLILHG LPDJHU\ RI WKH PDWHUQDO IHPLQLQH VR GHHSO\ HQJUDLQHG LQ WKH FROOHFWLYH SV\FKH VKH IDFHV D WDVN RI PRQXPHQWDO SURSRUWLRQV VHV OLQHDPHQWV DX[ SRVWXPHV SURSRUWLRQV GH PRQXPHQWV OHXU UVLVWDQFH OHXUV FDWKGUDOHV OHXU SSLWHV OHXU VROLGLW OHXU SHUPDQHQFH TXL WUDQVLJXUHQW U\WKPHQW HQ SXOVDWLRQV PLQUDOHV OD GFRPSRVLWLRQ OD SUFDULW f 5HVLVWDQW VRFLHWDO FRQVWUXFWLRQV VORZ WKH 1DUUDWRUnV MRXUQH\ 7KH ZRUOG DURXQG KHU EHJLQV WR IUHH]H SOXQJLQJ KHU

PAGE 156

LQWR D VWDWH RI KLEHUQDWLRQ /D YLH VH UDUILH Vn HI IHXLOOH JOH r& r& r& r& r& MnDYDQFH GVRODWLRQ IULJLGLW f
PAGE 157

GnLGHQWLILDEOH f $V DEUXSWO\ DV LW EHJDQ WKH HQFRXQWHU ZLWK XQLGHQWLILDEOH UHPDLQV FRQFOXGHV DQ DQRQ\PRXV VSHDNHU EHJLQV WR UHFRXQW D WDOH VHW LQ WKH P\WKLFDO SDVW $X WHPSV TXH %HUWKH ILODLW !! f /LNH DQ DUFKHRORJLVW WKH QDUUDWRU XQHDUWKV WKH VKDUGV RI KHU PRWKHUnV FRUSVH GHVWUR\HG E\ ZDU $OWKRXJK DVVHPEOLQJ WKH ERQHV GDVSHFW IPLQLQ FDQQRW UHFRQVWUXFW WKH PRWKHUnV ERG\ LQ LWV RULJLQDO IRUP LQ IOHVK DQG EORRG QRQHWKHOHVV WKH UHPDLQV DUH FRPSRVHG RI PDWWHU DQG WKHUHIRUH FKDUJHG ZLWK HQHUJ\ 7KLV HQHUJ\ DQG WKDW RI WKH UHPQDQWV RI WKH P\WK RI WKH 0RWKHU (DUWK *RGGHVV OLQH WKH LQWHULRU ZDOOV RI WKH QDUUDWRUn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nV H[SORUDWLRQ RI VH[XDO ORYH EHWZHHQ D ZRPDQ DQG D PDQ WKDW LV /D UHYHULH %HDULQJ VWULNLQJ UHVHPEODQFH WR WKH RSHUDWLRQ RI &KDZDInV PLPHWLF VWUDWHJ\ &DPSEHOO GHVFULEHV WKH ZRUNLQJV RI FUHDWLYH P\WKRORJ\ DV

PAGE 158

VKDWWHULQJ DQG UHLQWHJUDWLQJ WKH IL[HG DOUHDG\ NQRZQ LQ WKH VDFULILFLDO FUHDWLYH ILUH RI WKH EHFRPLQJ WKLQJ WKDW LV QR WKLQJ DW DOO EXW OLIH QRW DV LW ZLOO EH RU DV LW VKRXOG EH DV LW ZDV RU DV LW QHYHU ZLOO EH EXW DV LW LV LQ GHSWK LQ SURFHVV KHUH DQG QRZ f &RQIODWLQJ OLIH DV LW LV ZLWK VRPH VRUW RI HVVHQWLDO 7UXWK LV WR PLVUHDG FUHDWLYH P\WKRORJLHV DV GHVFULSWLRQV RI UHDOLW\ UDWKHU WKDQ SHUIRUPDWLYH DV UHDO UDWKHU WKDQ DV FRQVWUXFWLYH RI D VWDEOH YLVLRQ WKDW SURGXFHV WKH UHDO $OWKRXJK URRWHG LQ WKH KHUH DQG QRZ WKH WH[W OLNH OLIH LV DOVR G\QDPLF LQ SURFHVV &KDZDInV SDURGLH VWUDWHJ\ UHLWHUDWHV WKH P\WK RI 0RWKHU (DUWK GUDZLQJ IURP LWV P\WKLFDO HQHUJ\ EXW GRLQJ VR ZLWK D FULWLFDO GLVWDQFH :KHUHDV WKH TXLQWHVVHQWLDO DXWRELRJUDSKLFDO TXHVWLRQ IRU %UHWRQ ZDV 4XL VXLVMH" LQ /D UHYHULH &KDZDInV EHFRPHV 4XL VRQWMH" &L[RXVnV SKUDVHf 7KLV FDWDFKUHVWLF TXHVWLRQ PLPHV DQG GHVWDELOL]HV %UHWRQnV LQTXLU\ LQ D OLWHUDO DOEHLW LPSURSHU XVH RI ODQJXDJH E\ HPSKDVL]LQJ GLIIHUHQFH ZLWKLQ DQ\ VSHDNLQJ VXEMHFW :KR DUH ,"
PAGE 159

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f )RU &KDZDI DQG RWKHU DXWKRUV RI FULWXUH IHPLQLQH DQFLHQW P\WKRORJLHV VHUYH DV D WRRO IRU LPDJLQLQJ D IXWXUH RI VH[XDO

PAGE 160

GLIIHUHQFH WKDW ZRXOG QRW VLPSO\ EH DQ HYROXWLRQ RI WKH SUHVHQW VH[XDO LQfGLIIHUHQFH ,Q SHULRGV RI FULVLV ZKHQ IHHOLQJV RI GLVDVVRFLDWLRQ DQG KRSHOHVVQHVV DERXQG WKH TXHVW IRU QHZ YHUVLRQV RI P\WKRORJLHV UHVWRUHV WR H[LVWHQFH WKH TXDOLW\ RI DGYHQWXUH &DPSEHOO f ,Q D ZRUG WKH\ RIIHU KRSH IRU UHJHQHUDWLRQ &KDZDI GRHV QRW DWWHPSW WR IL[ :RPDQ DV WKH HVVHQFH RI DOO WKLQJV EXW UDWKHU WR UHFDVW WKH P\WK RI +HU 7KH EHVW DUP DJDLQVW P\WK DV %DUWKHV DUJXHV LV WR OH P\WKLILHU £ VRQ WRXU GH SURGXLUH XQ P\WKH DUWLILFLHO HW FH P\WKH UHFRQVWLWX VHUD XQH YULWDEOH P\WKRORJLH 0\WKRORJLHV f &KDZDInV DLP LV WR GHQDWXUDOL]H WKH FRQVWUXFWLRQ RI ZRPDQ WKURXJK QDWXUH DV WKRXJK DVNLQJ ZKDW PLJKW KDSSHQ LI WKH PRGHO RI :RPDQ ZHUH UHLWHUDWHG XQIDLWKIXOO\" 8SRQ ILUVW UHDGLQJ /D UHYHULH &KDZDInV IHPPH K\SHUJQLWDOH VHHPV WR JHW ORVW DPLGVW WKH PHWDSKRU DQG K\SHUEROH f 2QO\ DIWHU D IHZ UHDGLQJV GRHV KHU HQRUPRXV VLOKRXHWWH WDNH VKDSH DV WKH VXEWOH LQFRUSRUDWLRQ RI KHU PLPH LQWR WKH IORZ RI WKH QDUUDWLYH EHFRPHV DSSDUHQW &KDZDI SXVKHV PHWDSKRUV RI ZRPDQ WR WKH RXWHU OLPLWV LQ RUGHU WR GHPRQVWUDWH KRZ HDVLO\ RQH FDQ UHSODFH WKH RWKHU (FULUH FnHVW ELHQ VXU UHFULUH (FULUH SOXV FRPSOWHPHQW FH TXL QnWDLW FULW TXH SDUWLHOOHPHQW GH OD UDOLW /n+URV /n+URLQH f 7R UHDG &KDZDIV P\WKRORJ\ DV WKRXJK VKH ZHUH SRVLWLQJ WKH HVVHQFH RI :RPDQ LV WR PLVFDOFXODWH LWV RSHUDWLRQ $V %DUWKHV UHPLQGV XV FH PRXYHPHQW PPH TXH RQ IDLW SRXU V HQ GJDJHU OH YRLO£ TXL GHYLHQW £ VRQ WRXU SURLH GX

PAGE 161

P\WKH 0\WKRORJLHV f $Q\ DWWHPSW WR EULQJ LQWR ZULWLQJ D IXOOHU SLFWXUH RI UHDOLW\ ZLOO DOZD\V LWVHOI EH VXEMHFW WR UHFRQILJXUDWLRQ :RUGV EHFRPH WKH VXEVWDQFH IURP ZKLFK &KDZDI FRQVWUXFWV D XQLYHUVH EXW KHU IHPLQLQH PDWWHU RYHUIORZV DQG GULSV /D VXEVWDQFHPUH OH PDWULDX LQIRUPH £ WDW IRQGX FHWWH ERXLOOLH HQ FXLVDQW FROODLW VH JUXPHODLW VH ERXUVRXIODLW VH GLODWDLW RFFXSDLW HVSDFH YLGH FRQGXLVDLW £ OD VWUXFWXUH GnXQ XQLYHUV SD GJRXOLQH!! f )LJXUHG DV WKH FRQVWLWXWLYH HOHPHQW RI DOO WKLQJV 0RWKHU (DUWK IRUPV GLVLQWHJUDWHV DQG UHIRUPV LQ D F\FOH RI ELUWK GHDWK DQG UHELUWK 2Q WKH ILUVW SDJH RI /D UHYHULH WKH 1DUUDWRU EHJLQV WR WHOO D EHGWLPH VWRU\ DV LI WR OXOO WKH UHDGHU LQWR VZHHW GUHDPV ,, IDLVDLW EHDX HW nHQIDQW GSOLVVHUDLW VHV SRXPRQV KRUV GH PD PDWULFH SRXU IOHXULU SRXU JHUPHU /HV FRXFKHV HQ WUDLQ GH ERXLOOLU GERUGDLHQW GH OD OHVVLYHXVH f 6XGGHQO\ ZLWKRXW WUDQVLWLRQ WKH QDUUDWLYH JOLGHV LQWR WKH FRQGLWLRQDO PRGH KHU GHVFHQW LQWR D GUHDPZRUOG VLJQDOHG E\ WKH XVH RI GSOLVVHUDLW 7KH UDSLG GLVSODFHPHQW LQ WLPH DQG VSDFH VLJQDOV WKDW WKH GUHDP KDV EHJXQ LQVWHDG RI JXLGLQJ WKH YLVLRQ FRQVFLRXVO\ WKH UHDGHU LV FDUULHG DORQJ LQ WKH QDUUDWLYHnV ZDNH WUDQVSRUWHG E\ RYHUIORZLQJ LPDJHV OLNH WKH EXEEOLQJ ZDWHUV RI WKH ZDVKWXE OLNH WKH DERXQGLQJ IOHVK RI PRWKHU DQG FKLOG -nDLPDLV FH F£OLQ TXnHQULFKLVVDLW OH ERQ \RJKRXUW GH OD FKDLU GnR FDLOOH FKDWRXLOOH OD FHOOXOLWH FODWDLW GH ULUH OD RX OHV FDSLWRQV GHV IRVVHWWHV HQWUH OHV IDQIUHOXFKHV HW OHV VRFTXHWWHV SLTXDLHQW OD MRLQWXUH GHV JHQRX[ FRPPH GHV

PAGE 162

FRXVVLQHWV /HV FKHYHX[ ERXFODLHQW VXU FHWWH GOLFDWHVVH JD VRUWDLW GH PRL IUODLW VH GLVSHUVDLW GRXFH GRXFH GRXFH GDQV OD FODUW GX MRXU SDU VRQ JD]RXLOOLV SDU VHV JUDLQV GH EHDXW HW SDU VHV WDFKHV GH URXVVHXU ILOLH GnLQIORUHVFHQFH R YROWLJHDLHQW GHV IUHOXFKHV FRPPH VL PD PDWHUQLW SHQGDQW OD JURVVHVVH nDYDLHQW JUHIIH VXU KDLH GnDXESLQH f $PELJXRXVO\ LQVLGH DQG RXWVLGH WKH PRWKHU WKH FKLOG GHVFULEHG KHUH H[LVWV LQ WZR ZRUOGV VLPXOWDQHRXVO\ ZLWKRXW H[SODQDWLRQ DV GRHV WKH GUHDPHU 6HQVDWLRQV RI WRXFKRI FXGGOLQJ WLFNOLQJ DQG EUXVKLQJUHSODFH YLVXDO DFWLRQV 7KH PRWKHU QRW RQO\ UHYHOV LQ KHU FKLOGnV WRXFK EXW GHOLJKWV LQ WKH SOHDVXUHV RI WKH JRRG \RJXUW RI WKH IOHVK KHU FKLOGn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£LV £ nDEUL GH OD IDPLQH MnWDLV UHYLJRUH HW FRPPH nHDX GDQV OD WHUUH MH FLUFXO£LV /nHQJRUJHPHQW RLJQDLW GnDUJLOH URXJH PRQ REVLW HW VRXIIODLW QRXV WUDQVSRUWDLW GnXQ

PAGE 163

FRQWLQHQW £ nDXWUH GnXQ KPLVSKHUH £ nDXWUH GnXQ VROVWLFH £ OnDXWUH f $V RQH PHWDSKRU UDSLGO\ UHSODFHV WKH RWKHU SUHYHQWLQJ ORJLFDO WKRXJKW IURP PDNLQJ VHQVH RI LW DOO WKH UHDGHU ORVHV KHU EHDULQJV VZHSW DZD\ OLNH WKH ZRPDQ E\ KHU ORYHUnV WRXFK 7HV PDLQV WRQ H[FLWDWLRQ PH IXVHODLHQW HQ SHUOHV HQ JDOD[LHV PH JURVVLVVDLHQW GH UFLIV MXVTXnDX YHQWUH DX FHQWUH GH OD WHUUH FXPHXVH GH PHUV HW GnRFDQV RX OD OLQJHULH PH EURGDLW OHV FRXUDQWV OH YHQW OnDLU OD SRXVVLUH f :KLOH DW ILUVW WKH H[XEHUDQW ODQJXDJH SOD\ LQYLWHV WKH UHDGHU WR LQWHUSUHW WKH QRYHO DV DQ LGHDOL]HG H[SORUDWLRQ RI VH[XDO ORYH EHWZHHQ D PDQ DQG D ZRPDQ WKH QDUUDWLYH IUDPH RI OLIHn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

PAGE 164

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nV ILFWLRQDO FKDUDFWHUV DUH VHFRQGDU\ WR WKH KHURKHURLQH RI WKH QDUUDWLYH ODQJXDJH LWVHOI ZKDW LV \HW XQVDLG XQWKLQNDEOH /H KURV TXL WULRPSKH GX GVRUGUH HW GH OD SHXU GH YLYUH HW PRXULU FnHVW OD ODQJXH VD ULFKHVVH H[SORLWDEOH D nLQILQL 'HX[ RX WURLV LGHV SRXU OD VXUYLH GH QRWUH KURV f 7R SOD\ ZLWK ODQJXDJH LV WR LOOXVWUDWH LWV UHVWULFWLYH FRQGLWLRQLQJ QDWXUH 8QH[SHFWHG DUUDQJHPHQWV RI ZRUGV DQG VRXQGV SODFH GHPDQGV RQ D UHDGHUnV LPDJLQDWLRQ DQG H[SDQGV KHU RU KLV KRUL]RQV DV WR ZKDW LV WKLQNDEOH &KDZDInV TXHVW IRU LGHQWLW\ WKURXJK DXWRILFWLRQ UHFRXQWV DQG UHILJXUHV WKH ILFWLRQ RI :RPDQ $SDUW IURP &KDZDIV H[WUDRUGLQDU\ RUFKHVWUDWLRQ RI ODQJXDJH IURP D IHPLQLVW SHUVSHFWLYH ZKDW HVFDSH GRHV WKH

PAGE 165

WH[W RIIHU" $V 6FKXWWH REVHUYHV LQ QRUPDWLYH KHWHURVH[XDO UHODWLRQV D ZRPDQnV UROH FRQIRUPV WR WKH JHQGHU FRQVWUXFWV RI IHPLQLQLW\ KHU ERG\ VHUYLQJ DERYH DOO DV D YHVVHO IRU UHSURGXFWLRQ ,QGHHG WKH PRWKHU RI WKH ILUVW IHZ SDJHV HQJDJHV LQ FOLFKG IHPLQLQHPDUNHG WDVNV RI ERLOLQJ GLDSHUV DQG NQLWWLQJ SLQN ERRWLHV 'HVSLWH WKH LQLWLDO VFHQDULR FRUUHVSRQGLQJ WR WKH VHSDUDWLRQ RI PDVFXOLQH DQG IHPLQLQH VSKHUHV LQ WKLV FDVH UHSURGXFWLRQ VHUYHV QRW WR SHUSHWXDWH QRUPDWLYH UHODWLRQV EHWZHHQ WKH VH[HV EXW WR VXEYHUW WKHP 6LJQLILFDQWO\ WKH FKLOGnV DSSHDUDQFH DW WKH EHJLQQLQJ UHPDLQV DQFLOODU\ WR WKH WHOOLQJ KHU SUHVHQFH IHDWXUHG RQO\ WR HYRNH UHODWLRQV RI WRXFKLQJ EDVHG RQ SUR[LPLW\ QRQGRPLQDWLRQ DQG UHFLSURFDO H[FKDQJH 6\PEROLFDOO\ WKH FKLOG UHSUHVHQWV WKH ELUWK RI D FXOWXUH WKURXJK FULWXUH IPLQLQH D FXOWXUH RI D IPLQLQ VSLULWXDOLV QRQ HQJOX GDQV OH ELRORJLTXH HW GDQV OD VSDUDWLRQ HQ VH[HV HQ UROHV PDVFXOLQ HW IPLQLQ &RQWUH OD ILFWLRQ f ,Q NHHSLQJ ZLWK &KDZDInV YLVLRQ RI WKLQJV WKH FRXSOHnV XQLRQ LQ /D UHYHULH LV XQVDQFWLRQHG E\ VRFLHWDO VWDQGDUGV QR UHIHUHQFHV LQIRUP WKH UHDGHU RI WKH FLYLO VWDWXV RI WKH VH[XDO SDUWQHUV RU ZKHWKHU WKH\ DUH WKH SDUHQWV RI WKH FKLOG
PAGE 166

WKH EDFNJURXQG WKH IHPDOH ZKR PDNHV ORYH IRU SOHDVXUH %RWK SROHV RI WKH 0DGRQQDZKRUH GLFKRWRP\ DUH QRUPDWLYH HDFK UHSUHVHQWLQJ WKH OLPLWV RI WKH RWKHU 7KH ZKRUH LV WKH RWKHU DJDLQVW ZKLFK WKH ILJXUDWLRQ RI WKH 0DGRQQD GHILQHV LWVHOI WKH ERXQGDULHV RI HDFK PXVW UHPDLQ VHSDUDWH LQ WKH RSHUDWLRQ RI D VSHFXODU HFRQRP\ :KDW PLJKW KDSSHQ WKHQ LI WKH QXUWXULQJ PRWKHU ZHUH WR GHVLUH" ,Q /D UHYHULH WKH SDWWHUQ RI WKH REMHFWLILFDWLRQ RI WKH IHPLQLQH WR WKH PDVFXOLQH JD]H LV UHYHUVHG $V WKH LQLWLDWRU RI WKHLU HQFRXQWHU WKH ZRPDQ H\HV WKH PDQ ZLWK GHVLUH MnDSSUFDLV GMD £ OnRHLO WD VWDWXUH DWKOWLTXH OD GXUHW GH WRQ PHPEUH YLULO VD FLUFRQIUHQFH f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f 5HSHDWHGO\ &KDZDInV ZULWLQJ DSSURDFKHV IHWLVK ZRUGV DQG SURSHU WHUPV PDJQLI\LQJ WKHLU RSHUDWLRQ 7KH FORVHU VKH GUDZV ZLWK KHU ORRNLQJ JODVV WKH PRUH OLNHO\ WKH\ DUH WR JR XS LQ IODPHV WR XQGHUJR D VHQVXDO DQG PDWHULDO

PAGE 167

WUDQVIRUPDWLRQ ZKLFK XQGHUPLQHV WKHLU QHJDWLYH KLVWRULFDO FRQQRWDWLRQV $V ,ULJDUD\ UHPLQGV XV FH nVW\OHn QH SULYLOJLH SDV OH UHJDUG ZKLFK LV WKH GRPLQDQW VHQVRU\ SHUFHSWXDO HOHPHQW LQ WKH VSHFXODU HFRQRP\ &6 76 f 5DWKHU LW UHQG WRXWH ILJXUH £ VD QDLVVDQFH DXVVL WDFWLOH &6 76 f ,QGHHG WKH P\WKRORJ\ SURGXFHG LQ /D UHYHULH UHVSRQGV WR WKH 1DUUDWRUnV FDOO LQ 5HWDEOH WR FUHDWH D VSLULWXDOL]HG ]RQH RI ORYH LQ ZKLFK WKH (DUWK 0RWKHU FDQ EH VDYRUHGSHUFHLYHG E\ DOO WKH VHQVHVDSSURDFKHG VPHOOHG DQG WDVWHG &KDZDInV ODQJXDJH SURGXFHV LPDJHV WKDW UROO RYHU WKH WRQJXH RU FUXQFK EHWZHHQ WKH WHHWK WKDW VOLS WKURXJK WKH UHDGHUnV JUDVS DQG SHQHWUDWH WKH ERG\ WKURXJK WKH QRVH HDUV DQG H\HV +HU ODQJXDJH GLVSODFHV WKH SULPDF\ RI WKH YLVXDO LW RIIHUV D GLIIHUHQW RSWLF DQRWKHU W\SH RI PLUURU OLNH ,ULJDUD\nV VSHFXOXPf FDSDEOH RI UHIOHFWLQJ WKH LQWHULRU $V &KDZDI VD\V VKH ZULWHV WR YLVXDOLVHU OnLQWHULHXU FH TXL HFKDSSH DX[ \HX[ WKURXJK DQ DXWUH UHJDUG SOXV GnLQWXLWLRQ &RQWUH OD ILFWLRQ f ,QVWHDG RI HQYLVLRQLQJ LQWXLWLRQ DV VXERUGLQDWH WR WKH LGHDO RI VFLHQWLILF REVHUYDWLRQ KHU SUDFWLFH VKRXOG EH UHDG WKURXJK LWV HW\PRORJ\ 7KH /DWLQ LQWXHUL VLJQLILHV UHJDUGHU DWWHQWLYHPHQW &KDZDInV DWWHQWLYH JD]H SURGXFHV DQ FULWXUH IPLQLQH WKDW RSHQV XS VXU XQH WKLTXH GH OD YLH XQH WKLTXH QRQ DXWRULWDLUH QRQ LPSRVH GH OnH[WULHXU PDLV LVVXH GH nLQWULHXU &RQWUH OD ILFWLRQ f 5HSOHWH ZLWK D OH[LFRQ RI DOLPHQWDU\ PHWDSKRUV PDLQO\ RI PHDW PLON DQG EUHDG SURGXFWV /D UHYHULH QRXULVKHV D

PAGE 168

ODQJXDJH WKDW &KDZDI EHOLHYHV KDV EHHQ GLPLQLVKHG FRQGLWLRQHG E\ FDUWHVLDQ WKLQNLQJ (W OD UWLH WDLW IRQGDQWH JUDVVH VDYRXUHXVH FRUVH ODQJXH IRXUUH IOHXUV FRQILWHV WDUWHV WULOOHV SRXUOFKHULHV PHXUHWWH WHUULQH PDWHIDLP RXLOODGH DLOODGH FXMDVVRX FKDXGUH ODSHUHDX IULFDQGHDX GH PRXVVHURQV JDORXLOOH FDLOOHERWWHV FRUJQLRWWHV FDQFRLOORWWH YLTXRWWH ULJRWWH S£WLVVRXV EDOORWLQHV PVXOLQH PRJHWWHV URXJHV EHUOLQJROHWWHV JDOHWRQV SRXSHWRQV HPEHXUUH GH FKRX[ SRPPV SUXQH QRXLOOHWWHV EURFKHWWHV GnDUJRXDQH GLDQHV ERXUULGH ERXWDUJXH EDWLOOHV ELJDUDGH ERXLOOLQDGH YDFKHULQ ZDUQ IDUSRQ ULOORQV WRXULQ JUDWRQV EXJQH VDXFLDX[ FLWURXLOOHW SRLUHV SLVVHUHWWHV GnXQ JDUGHPDQJHU f 7KH DERYH SDVVDJH W\SLILHV &KDZDIn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nHQWHQGUH GH KXPHU GH WRXFKHU GH JRWHU ,, QnD SDV VHXOHPHQW XQ VHQV LO D OHV FLQT VHQV &RQWUH OD ILFWLRQ f 7KH DXWKRU LV OHVV LQWHUHVWHG LQ UHFRXQWLQJ D VWRU\ WKDQ LQ PDNLQJ WKH UHDGHU IHHO WDVWH DQG WRXFK OLIH &KDZDIV K\SHUEROLF SRHWLF ODQJXDJH LV FKDUDFWHUL]HG E\ GLVWRUWHG RYHUVL]HG REMHFWSURMHFWLRQV VLPLODU WR WKRVH WKURZQ XS RQ WKH ZDOOV RI 3ODWRnV ZRPEFDYH WKH\ DUH

PAGE 169

GLVILJXULQJ IOXLG GLVRULHQWLQJ )RU H[DPSOH WKH ZRPDQnV ODFN HUXSWV EHFRPHV LQILQLWH XQUHFRJQL]DEO\ GLVWRUWHG DQG D SODFH IRU WKH FHOHEUDWLRQ RI GLIIHUHQFH 6HV EUFKHV VHV ILVVXUHV VHV IUDFWXUHV WDLHQW FROPDWHV OH SOHPOH FRXSOHV HQ WUDQVIRUPDWLRQ HQ GERUGHPHQW OHV SRQFHV OHV IXPHUROOHV OH FDOFDLUH FDUDSDFH WULSDLOOHV SLHUUDLOOHV GH VLPD SDQVSHUPLH UXSWLYH WnHQYHORSSDLW FRPPH XQ WXL VLOLFHXVH GH GXULOORQV GH FDRQV GH YROFDQV GH FLUTXHV GnHQJHOXUHV GH FDOORVLWV GH UDYLQHPHQWV f 7KH IURQWLHU EHWZHHQ WKH LQWHULRU DQG H[WHULRU WKH ERG\ DQG WKH ZRUOG EHFRPHV LQGLVWLQJXLVKDEOH &KDZDIV IHPDOH ORYHU LQFDUQDWHV WKH IOXLGLW\ RI ,ULJDUD\nV OLSV ILJXUH WKDW Vn\ UHWRXFKH VDQV MDPDLV \ FRQVWLWXHU Vn\ FRQVWLWXHU HQ TXHOTXH XQLW &6 76 f /LQJXLVWLF DFFXPXODWLRQ GLVUXSWV WKH QDUUDWLYH IUDPH 6ROLG ERXQGDULHV PHOW DQG IORZ FOHDYLQJ VLJQLILHU IURP VLJQLILHG 6XFK H[SORVLRQV RI OLQJXLVWLF SOD\ SURGXFH VXEVWLWXWLRQV WKDW SU\ WKH ZRUG IURP WKH WKLQJ GHFRQVWUXFWLQJ D WH[WXDO XQLYHUVH ZKHUH ODQJXDJH DQG WKH FRQFHSW RI WKH IHPLQLQH QR ORQJHU IXQFWLRQ DV PHGLXP EXW VWDQG IRU WKHPVHOYHV &KDZDInV DLP LV WR FRQIRXQG WKH GLVFRXUVH SURGXFHG ZLWKLQ DQ DXWRUHIOHFWLQJ HFRQRP\ WKDW SRVLWV RQH 7UXWK IURP RQH PDVFXOLQHf SHUVSHFWLYH )RU D WH[W RI FULWXUH IPLQLQH VLPXOWDQHLW\ ZRXOG EH VRQ nSURSUHn WRXFKLQJ XSRQ LGHQWLW\ EXW QHYHU IL[HG GDQV OD SRVVLELOLW GnLGHQWLW £ VRL GnDXFXQH IRUPH &6 76 f 2SHQ WR WKH GLIIHUHQFH RI WKH RWKHU /H URPDQFLHU GH OD IXVLRQ QnFULW SDV VHXO FDU PGLXP LO HVW FULW SDU nDXWUH SDU OHV DXWUHV /nFULWXUH QnHVW SDV XQ DFWH VROLWDLUH FnHVW XQ DFWH DPRXUHX[ /n+URV /n+URLQH f

PAGE 170

7KLV DFW RI ORYH LV D SURFHVV RI GHP\VWLILFDWLRQ LQ WHUPV RI WKH ODQJXDJH XVHG WR UHSUHVHQW IHPDOH ELRORJLFDO GLIIHUHQFH 7KH GHVFULSWLRQ RI WKH FRXSOHnV ORYHPDNLQJ LQFRUSRUDWHV D FULWLTXH RI WKH PHGLFDO GLVFRXUVH XVHG WR UHIHU WR ZRPDQnV UHSURGXFWLYH RUJDQV (W XQ J\QFRORTXH DFFRXFKHXU REVHUYHUDLW GHV FRUQHV XWULQHV ULFKHV HQ HPEU\RQV QRUPDX[ HW GHV FRUSV MDQHV VXU FKDTX RYDLUH HW HOOH WDLW DSWH £ GSRVHU GX JUDV JUDVVH GDQV VHV ]RQHV URJQHV SRXU OD SURGXFWLRQ GH NLORV GH SRLGV YLI GH SDUW HW GnDXWUH GH OD FRORQQH YHUWEUDOH GHUULUH OnSDXOH DX SDVVDJH GHV EDLVHUV DX QLYHDX GH OD GHUQLUH FW HW £ JDOH GLVWDQFH GX JUDVVHW HW GH nDUULUH GX MDPEQ HW OnKRPPH OD IODWWDLW GH OD PDLQ HW OD FRXFKDLW £ PPH OD WHUUH GX PDVVLI f 7KH J\QHFRORJLVWnV ZRXOGEH REVHUYDWLRQV RI WKH IHPDOH UHSURGXFWLYH V\VWHP UHYHDO DQ DEVXUG UHSUHVHQWDWLRQ RI QRUPDO ,Q D GHVFULSWLRQ RI WKH ODWHUDO DSSHQGDJHV RI WKH XWHUXV GHVFULEHG DV KRUQV WKH XWHUXV DQG RYDULHV DUH GHSLFWHG DV D EXOOnV KHDG &KDZDInV ZRPDQ LV PRUH WKDQ WKH VXP RI KHU ELRORJLFDO SDUWV WKH YLVXDOL]DWLRQ LV UHFRJQL]DEO\ GLVWRUWHG E\ PXOWLSOH QRUPDO HPEU\RV DQG E\ \HOORZ ERGLHV RQ WKH RYDULHV 8QGHU WKH ZHLJKW RI WKH PDQnV DWWHQWLRQ KLV YLHZ DQG KLV GLVFRXUVH KHU UHSURGXFWLYH V\VWHP UHVVHPEOHV D EHVWLDO WHUUDLQ WKH ZRPDQ DV D IDWWHQHG FRZ :KDW EHJDQ DV D SOHDVXUHILOOHG HQFRXQWHU VOLGHV LQWR UHLILFDWLRQ 6KH LV UHGXFHG WR FXWV RI PHDW IRU WKH GHOHFWDWLRQ RI OH FRQVRPPDWHXU f $ PVXUH TXH VRQ SUL[ VnOHYDLW TXH VD YDOHXU ERXFKHULH VH FRQILUPDLW TXH WX PH P£FKDLV TXH MH PH UHFRQVWLWXDLV MDPEH FKLQH IDX[ILOHW SODWHFWH FXO HQWUHFRWH QRL[ GH JLJRW

PAGE 171

FGWHOHWWH GH QRL[ JLWH £ OD QRL[ JWH GH GHUULUH f 7KH VZLWFK PLGVHQWHQFH IURP WKH 1DUUDWRUnV SHUVSHFWLYH WR WKH ZRPDQnV RZQ YLHZ RQH RI D QXPEHU RI H[DPSOHV RI VW\OH LQGLUHFW OLEUH VLJQDOV KHU FRQVFLRXVQHVV RI WKH UHLILFDWLRQ $QG \HW WKH ZRPDQ DFFHSWV SDVVLYHO\ HYHQ FRQWHQWHGO\ WKLV SRVLWLRQ HOOH VRXULDLW HQ VH SUWDQW HQ EDV £ OD GLVWHQVLRQ f 7KH P\WKLFDO SDVW DOOXGHG WR DW WKH EHJLQQLQJ RI WKH WH[W WXUQV RXW WR EH OHVV WKDQ LGHDO :KDW EHJLQV DV D FHOHEUDWLRQ RI KHU VH[XDO ERG\ WXUQV YLROHQW DQG FKDRWLF 7KH FRXSOHnV PHUJHU EHJLQV WR GHVWUR\ ERWK WKH ZRPDQ DQG WKH PDQ $V LI XQOHDVKLQJ D FDWDO\VW IRU KHU WUDQVIRUPDWLRQ WKH PDQ SUDLVHV KHU GHOLFDWH IHDWXUHV 8Q YLVDJH SOXV ILQ GLVDLWLO HQ PH UHVSLUDQW TXH OHV YDLVVHDX[ FDSLOODLUHV (W PnD\DQW GSRLWUDLOOH LO VRXSHVDLW PD SRLWULQH FKHYHODLW VXU OD GJUDLVVH GH PRQ FLQTXLPH TXDUWLHU VXU PD FURXSH HQWUH PHV GHX[ KDQFKHV HW VXU PHV MDPERQV QRUPHV HW OD S£WH SXOWDFH QH GJRQIODLW SOXV URVELI FXLVVHDX FXLVVH WUDQFKHV QRXUULFH UXPVWHDN JLJRW GH PD FKDLU TXnLO SUHQDLW £ SOHLQHV PDLQV EHHIVWHDN WDLOO GDQV OH ILOHW R LO HQIRQJDLW OHV GRLJWV FFIHPPH IHPPH !! GLVDLWLO f +HU ERG\ EHFRPHV WKDW RI DQ DQLPDO KH LV WKH EXWFKHU VKH LV WKH ZKHDW WKH GRXJK WKDW KH NQHHGV SLQFKHV VWDEV ZLWK KLV ILQJHUQDLOV PRXOGV DQG VKDSHV $IWHU VHYHUDO GHVFULSWLRQV RI WKH YLROHQFH RI WKH FRXSOHnV XQLRQ LQ ZKLFK VKH OLNHQV KHU ERG\ WR WKDW RI D EXWFKHUHG DQLPDO WKH ZRPDQ EHJLQV WR SHUFHLYH WKH YDOXH ZKLFK OLHV LQ WKH SURFHVV RI EHFRPLQJ FRQVFLRXV RI KHU RZQ SRVLWLRQ UHODWLYH WR KHU ORYHUnV 7KH QDUUDWRU LQVLQXDWHV WKDW WKLV SURFHVV RI

PAGE 172

FRQWHPSODWLRQ LV UHTXLUHG LQ RUGHU WR UHOHDVH WKH UHSUHVVLRQ RI WKH IOHVK WKDW LV WKH IHPLQLQH WX PH SHORWDLV WX PH UHQLIODLV LO IDOODLW DOOHU SOXV EDV SOXV EDV DYDQW On+LVWRLUH FUHXVHU QRXV SURVSHFWHU QRXV IRXLOOHU SURJUHVVHU GDQV OD FKDLU FRPPH OD UDFLQH GDQV OH VRO WLUHU OD YULW GHV FRXFKHV OHV SOXV VRPEUHV OHV SOXV YXOJDLUHV OHV SOXV DQLPDOHV GH QRXVPPHV f %\ JLYLQJ YRLFH WR WKRVH WKLQJV WKDW EHORQJ WR WKH FDWHJRULHV RI ZLOGQHVV UHJUHVVLRQ VLFNQHVV V\PSWRPV &KDZDI EHOLHYHV ZH FDQ QDUURZ WKH JDS RI LQHTXDOLW\ EHWZHHQ DIIHFWV DQG VHQVLWLYLW\ RQ WKH RQH KDQG DQG FXOWXUH DQG WKH VRFLDO RQ WKH RWKHU WKDW FDXVH GLYLVLRQ RI WKH OLYLQJ f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f ,QGLYLGXDWLRQ EHFRPHV ORVW WKH VHOI PHOWV LQWR WKDW RI WKH RWKHU DQG LGHQWLW\ LV DQQLKLODWHG &DUQDO IXVLRQ UHVXOWV IURP WKH LQGLYLGXDOnV GHVLUH WR UHOLYH WKH V\PELRWLF XQLRQ ZLWK WKH PRWKHU WR UHFDSWXUH WKH ORVW SDUDGLVH GnXQ DXWUH TXL QRXV UIOWH EHIRUH WKH PLUURU VWDJH 6\PEROLF IXVLRQ YLW OH GVLU PDLV DXWUHPHQW GDQV OH VHQV GnXQH WKLTXH GH OD YLH /D SHXU GX IPLQLQ f ,W ZRXOG PDUN

PAGE 173

WKH HQG RI WKH IDQWDV\ RI XQ DFFRXSOHPHQW DYHF OD PHUH SULPLWLYH DQG ZRXOG EH WKH EHJLQQLQJ RI WKH SDVVLRQ WKDW ZRXOG EULQJ LQWR EHLQJ DQ 2WKHU ODQJXDJH 7KURXJK WKH SURFHVV RI FULWXUH IPLQLQH &KDZDI VHHNV WR GHP\VWLI\ WKH IULJKWHQLQJ SK\VLFDOFKHPLFDO UHDOP RI WKH ELRORJLFDO E\ VSLULWXDOL]LQJ LW LQVWHDG RI VHSDUDWLQJ LW IURP WKRXJKW f ,Q /D UHYHULH ZKDW VKH GHVFULEHV DV WKH VSLULWXDOL]DWLRQ RI WKH IHPDOH ERG\ IUHTXHQWO\ DSSURDFKHV GLYLQL]DWLRQ @ HW WHV RQJOHV GnDFFURFKDLHQW DX EURG GHV FRQWRXUV DX[ PRWLIV GH SWDOHV HQ UHOLHI DX[ DUFHDX[ DX[ ORVDQJHV DX[ QRHXGV DX[ GRXEOH QRHXGV DX[ URVHV DX[ SDYV DX[ PDLOOH FKDLQHWWH DX[ DMRXUV VH SHUGDLHQW GDQV OnHQWUH FURLVHPHQW GHV ILOV GDQV OD JULOOH GH OD GHQWHOOH GDQV OD GHQWHOOH GH 9HQLVH GDQV OHV

PAGE 174

GHQWHOOHV 5HQDLVVDQFH GDQV OD GHQWHOOH Gn,UODQGH ILQH f &KDZDIV HQXPHUDWLRQ UHDFKHV FRPLF SURSRUWLRQV GHPRQVWUDWLQJ WKDW KH ZKR LGROL]HV ZRPDQ DV 0DGRQQD SULQFHVV RU DQJHO ZLOO EHFRPH PLUHG LQ WKH WUDSSLQJV RI KHU SRUWUDLW 6KH ZULWHV SRXU TXH QRWUH ODQJDJH QnKVLWH SOXV HQWUH XQ SROH R LO QnHVW TXH OH FRUSV GRPLQ SDU OD PUH HW nDXWUH SROH RX LO QnHVW TXH nHVSULW GRPLQ SDU OH SUH PDLV TXH UHIXVDQW £ OD IRLV OD IXVLRQ HW OD VSDUDWLRQ LO VnRVH HW VnKXPDQLVH HQ SDUROH YLYDQWH 3HXU GX IPLQLQ f 7KH VPDOO TXDQWLW\ RI GLDORJXH LQ WKH QDUUDWLYH DSSHDUV DW ILUVW WR EH WKH EHQLJQ LI QRW EDQDO VSHHFK WKDW RFFXUV EHWZHHQ FRXSOHV LQ WKH DFW RI ORYHPDNLQJ IHPPH IHPPH!! GLVDLWLO f HOOH PXUPXUDLW MH VXLV ELHQ MH VXLV ELHQ!! f mPRQ FKUL PRQ FKUL!! WRXFKH SUHQGV WRXW!! f 2Q WKH VXUIDFH D GLVFRXUVH RI ORYH LW LV UHYHDOHG WR EH RQH RI GHVWUXFWLRQ $V WKH ZRPDQ EHJLQV WR UHVLVW KHU ORYHUnV DGYDQFHV WKH PDQnV VSHHFK WDNHV D GHVSHUDWH WKHQ YLROHQW WXUQ +H WKUHDWHQV WKDW KH FDQQRW OLYH ZLWKRXW KHU WKDW KH ZLOO QRW OLYH ZLWKRXW KHU QH PH TXLWWH SOXV QH PH TXLWWH SOXV!! f 7X OD ERXVFXODLV 7X OD EDWWDLV SURPHWVPRL SURPHWVPRL MXUHPRL !! GRQQHQRXV OH WHPSV GH !! f &KDZDInV FRXSOH VXIIHUV IURP ZKDW SRSXODU SV\FKRORJ\ ODEHOV FRGHSHQGHQFH DQ XQKHDOWK\ GHSHQGDQFH RQ WKH RWKHU ZKR LV

PAGE 175

SHUFHLYHG DV RQHnV VDYLRU RU UHGHHPHU 7KH P\WK LV UHJUHVVLRQ WR D ORVW SDUDGLVH OH GHVWLQ GH OnKRPPH HW GH OD IHPPH QnHVW SDV GH UJUHVVHU PDLV GnYROXHU 3HXU GX IPLQLQ f 6KH VSHDNV RI D F\FOLFDO HYROXWLRQ V\PEROL]HG E\ WKH PHWDPRUSKRVLV RI WKH IHPDOH ORYHU TXnHOOH QDLVVDLW TXnHOOH GLVSDUDLVVDLW TXnHOOH UHQDLVVDLW nLQFLWDQW £ OD VXLYUH £ Vn\ GSDVVHU £ UHYLYUH f :KHQ WKH ZRPDQnV H\HV RSHQ WR WKH GHVWUXFWLYH QDWXUH RI WKHLU UHODWLRQVKLS VKH DWWHPSWV WR UHVLVW KLV LGHDOL]DWLRQ RI KHU 7KH PRUH VKH RSSRVHV LW WKH PRUH DUGHQW WKH PDQ EHFRPHV LQ KLV DGRUDWLRQ ,Q D ILQDO SUD\HU WR KHU KH EHJV WR KHU DV KLV 0DGRQQD IRU UHGHPSWLRQ 7X HV VL GYRXH VL VDLQ 3UHQGV SLWL 3UHQGV SLWL 3UHQGV SLWL (FRXWH ([DXFH 3UHQGV SLWL 3UHQGV SLWL *XLGH 1RXUULV *XULV 3URWJH PRL 5FRQFLOLHPRL DYHF OD YULW 5DPQHPRL £ OD YULW!! f ,Q WKH HQG VKH UHDOL]HV WKDW KH HQYLVDJHV KHU RQO\ DV D PHDQV WR DFKLHYH VRPH KLJKHU NQRZOHGJH TXH FH QnWDLW SOXV £ HOOH TXH WX WnDGUHVVDLV TXnHOOH WnRXYUDLW XQ FKHPLQ f ,Q /D UHYHULH &KDZDI DVNV WKH UHDGHU WR TXHVWLRQ ZKDW ORYH LV DQG KRZ LW PLJKW EH DWWDLQDEOH RQ WKH LQGLYLGXDO DQG FROOHFWLYH OHYHO -H WUDYDLOOH VXU OH VHQV FRQFUHW VRFLDO SV\FKRORJLTXH LQGLYLGXHO HW FROOHFWLI TXnRQ SHXW

PAGE 176

GRQQHU £ FH PRW DPRXU 6L RQ YHXW UXVVLU £ OXL GRQQHU YLH HW £ OH VRUWLU GH VHV LPSDVVHV LO IDXW PRQWUHU TXH FH TXnRQ DSSHOOH nDPRXU QnHVW SDV nDPRXU &H QnHVW SDV GLUH TXH nDPRXU HVW LPSRVVLEOH ORLQ GH OD $ PRQ DYLV FnHVW H[DFWHPHQW OH FRQWUDLUH FnHVW TXnLO IDXW WUDYDLOOHU £ OH UHQGUH SRVVLEOH LO IDXW OH PHWWUH DX PRQGH $FWLRQ GX ODQJDJH f 6KH DLPV WR OD\ WKH JURXQGZRUN IRU D P\WKRORJ\ RI WKH ERG\ DQG WH[W WKDW FKDUWV D WHUULWRU\ RSHQ WR ZKDW LV RWKHU D VSDFH WKDW HQFRXUDJHV SDVVDJH WRZDUG QRW SRVVHVVLRQ RI WKH RWKHU ,GHQWLILHU OH IPLQLQ &nHVW VRUWLU SK\VLTXHPHQW GH VRL SRXU DOOHU V\PEROLTXHPHQW £ nDXWUH &RQWUH OD ILFWLRQ f &ULWLFV GHVFULEH /D UHYHULH DV QRWDEO\ EHUHIW RI KRSH IRU WKH\ UHDG WKH ILQDO SDVVDJH RI WKH ERRN DV D VLJQ RI WKH LQFDSDFLW\ WR V\PEROL]H IHPLQLQH VSHFLILFLW\ 'RQQLQJ D FRUVHW DQG D ORQJ IORZLQJ GUHVV WKDW VXEVXPHV KHU WKH ZRPDQnV ERG\ WDNHV RQ WKH VKLPPHULQJ XQGXODWLRQV DQG LULGHVFHQFH RI WDIIHWD DV VKH PRYHV GRZQ D SDWK /HDQLQJ DJDLQVW D ZDOO VKH EHFRPHV D VLOKRXHWWH &RPPH VL WRXMRXUV SRXUWDQW HOOH WnFKDSSHUDLW f 7KH QDUUDWLYH UHFRXQWV D VWRU\ RI WKH SRVVHVVLRQ RI D ZRPDQ EXW LQ WKH HQG QHLWKHU WKH PDOH ORYHU QRU WKH UHDGHU FDQ FRQWURO KHU FDQ SLQ GRZQ KHU HVVHQFH FULUH FnHVW£GLUH VXLYUH OHV SDVVDJHV GHVFHQGUH VnHQIRQFHU DYDQFHU YHQLU £ WRL £ YRXV DX[ FKRVHV DXVVL QRXV UHMRLQGUH QRXV XQLU QRXV DLPHU TXDQG RQ QRXV D HQOHY QRV PDLQV HW QRV ERXFKHV GH FDUHVVHV QRV EUDV GH EDLVHUV TXDQG RQ QRXV D LQWHUGLW QRWUH SHDX TXDQG OH GLVFRXUV PDVFXOLQ HW DUP QRXV UHIRXOH QRXV FHQVXUH VnDFKDUQH £ QRXV PDLWULVHU PDLV SD GERUGH GH WRXWHV SDUWV HW OH GVLU QH ILQLW SDV HW SD QH GRLW SDV ILQLU HW OD ODQJXH QH ILQLW SDV HW FnHVW VDQV OLPLWHV 'H 5HWDEOH £ 5RXJH£WUH f

PAGE 177

&RUQHOO SRLQWV RXW WKDW WKH GLVUXSWLYH SRZHU RI WKH DOOHJRU\ RI :RPDQ LURQLFDOO\ VHHPV WR GHSHQG RQ GHIHUULQJ DQ\ DWWHPSW WR VSHFLI\ WKH IHPLQLQH f &KDZDI UHIXVHV WR WHUPLQDWH WKH SOD\ RI GHIHUUDO 'HVFULELQJ KHU ZULWLQJ SUDFWLFH VKH HPSKDVL]HV KHU DLP WR JHW DV FORVH WR WKH ERG\ DV SRVVLEOH ZLWKRXW TXLWH WRXFKLQJ LW MH PH GHPDQGH VL FULUH OH FRUSV FH QnHVW SDV OnDFWH GH GLIIUHU OH FRUSV &RQWUH OD ILFWLRQ f )URP DQ HWKLFDO SHUVSHFWLYH WR SRVLW D IL[HG LPDJH RI WKH IHPLQLQH ZRXOG EH DQ HUURU D UHSHWLWLRQ RI WKH VHOIVDPH 7KH PRPHQW GLIIHUHQFH LV DQQLKLODWHG &KDZDI QRWHV DOO EHFRPHV FHQWHUHG DURXQG WKH VHOI DURXQG RQHVHOI 7KHUH LV QR ORQJHU DQ RWKHU 6KLIWLQJ 6FHQHV f 2SWLQJ IRU WKH ULVN RI QRW VSHDNLQJ GHILQLWLYHO\ RI QRW FHQWHULQJ PHDQLQJ WKH DXWKRU FKRRVHV GLIIHUHQFH DQG LQGHILQLWH GHIHUUDO GH OD PDWLUH FKDUQHOOH GH OD PHUH RX QRXV DYRQV £ SDVVHU £ OD PDWLUH VSLULWXHOOH GH QRWUH ODQJXH (W GH FH SDVVDJH QRXV QnHQ DYRQV MDPDLV ILQL 3HXU GX IPLQLQ f 7UXH WR KHU PLPHWLF VWUDWHJ\ WKH DXWKRU GRHV QRW SRVLW D QHZ YHUVLRQ RI 7UXWK EXW UDWKHU H[SRVHV WKLV LGHDO DQG GLVSODFHV LW DV ,GHDO 7KHUHIRUH LW FDQ EH VDLG WKDW VKH GHFRQVWUXFWV WKHVH ZRXOGEH WUXWKV DQG LGHDOV DQG WKXVO\ SDUWDNHV RI GHFRQVWUXFWLYH SRVWPRGHUQLVP DV D ZULWHU DQG D WKLQNHU $V ZH KDYH VHHQ WKH 1DUUDWRUnV TXHVW SURYHV WR EH D GRXEOH RQH KHU VHDUFK IRU WKH PRWKHU LV PRUH LPSRUWDQWO\ D TXHVW WR UHZULWH KHU WR UHFRQILJXUH KHU WKURXJK WKH

PAGE 178

UHSHWLWLRQ RI D SDVW LQKHULWHG IURP D PDVFXOLQH YLHZSRLQW 5HWDEOHOD UHYHULH GRHV QRW FHOHEUDWH WKH DFKLHYHPHQW RI D ILQDO RXWFRPH EXW WKH SURFHVV RI FRQWLQXLQJ GHYHORSPHQW $V &L[RXV QRWHV LQ 7KUHH 6WHSV RQ WKH /DGGHU RI :ULWLQJ :ULWLQJ LV QRW DUULYLQJ PRVW RI WKH WLPH LWnV QRW DUULYLQJ 2QH PXVW JR RQ IRRW ZLWK WKH ERG\ f $ WH[WXDO ERG\ LV QHYHU FRPSOHWHO\ DFFRPSOLVKHG IRU LI LW ZHUH LW ZRXOG EH WKH HQG RI WKH H[FKDQJH EHWZHHQ ZULWHU DQG UHDGHU DQG EHWZHHQ VHOI DQG RWKHU 1RWHV 6HH WKH GLVFXVVLRQ LQ WKH ,QWURGXFWLRQ RI WKLV GLVVHUWDWLRQ 6HH /DFDQ %LVH[XDOLW HW GLIIUHQFH GHV VH[HV 6FLOLFHW 6HH /\Q 0LNHO %URZQ DQG &DURO *LOOLJDQ 0HHWLQJ DW WKH &URVVURDGV 1HZ
PAGE 179

6FKXWWH FRQYLQFHO\ PDNHV WKLV SRLQW LQ KHU GLVFXVVLRQ RI QRQQRUPDWLYH KHWHURVH[XDOLW\ 7KLV FULWLTXH LV DOVR QRWHG E\ +DQQDJDQ LQ 5HDGLQJ DV D 'DXJKWHU V &KDZDInV LQWHUYLHZ LQ WKLV DQWKRORJ\ LV SXEOLVKHG LQ (QJOLVK 6HH %RVVKDUG /D 0LVH HQ TXHVWLRQ GH OD ELSRODULVDWLRQ +DQDJDQ 5HDGLQJ DV D 'DXJKWHU DQG +DVNHOO :RPDQ DV /DFHPDNHU

PAGE 180

&21&/86,21 7KH PDUNHGO\ SRODUL]HG ZRUOG RI PLQGERG\ PDVFXOLQHIHPLQLQH DQG DFWLYLW\SDVVLYLW\ VWHUHRW\SHV RI :RPDQ DQG WKH FHOHEUDWLRQ RI PRWKHUKRRG FRPELQHG ZLWK &KDZDInV DLP WR ZULWH OLIH VHHP WR UHLWHUDWH XQSUREOHPDWLFDOO\ FRQYHQWLRQDO ZD\V RI WKLQNLQJ DERXW JHQGHU DQG JHQUH 1RQHWKHOHVV LQ WKH VWXG\ RI 5HWDEOHOD UHYHULH ZH KDYH VHHQ WKDW &KDZDI HPSOR\V D PDWHULDOO\FKDUJHG SRHWLFV RI WKH ERG\ WKDW H[SORLWV WKHVH FRQVWUXFWV E\ GHVLJQ +HU QRYHO GRHV QRW LQ WKH ILQDO DQDO\VLV PLUURU JHQGHU DQG JHQUH QRUPV XQFULWLFDOO\ 5DWKHU FRQVLVWHQW ZLWK WKH EDVLF WHQHW RI FULWXUH IPLQLQHnV TXHVWLRQLQJ RI DOO HVWDEOLVKHG FRQYHQWLRQ VKH LQWHUURJDWHV WKH ZD\ LQ ZKLFK WKH FRQFHSW RI VH[ LV FRQGLWLRQHG E\ DQ HFRQRP\ RI WKH VHOIn VDPH $V VKH GRHV VR VKH FDOOV LQWR TXHVWLRQ WKH PLVRJ\QLVWLF HWKLF WKDW RSHUDWHV LQ WKH GRPLQDQW GLVFRXUVH &KDSWHU 2QH GLVFXVVHV WKH FDWHJRULHV RI VH[ DQG JHQGHU LQ WKH FRQWH[W RI ,ULJDUD\nV VWUDWHJ\ RI PLPWLVPH DQG %XWOHUnV WKHRU\ RI JHQGHU SHUIRUPDWLYLW\ 6XFK DQ RSWLF LV XVHIXO IRU DQDO\]LQJ &KDZDInV FULWXUH IPLQLQH IRU WZR UHDVRQV )LUVW LW VLWXDWHV KHU SKLORVRSK\ RI VH[XDO GLIIHUHQFH DQG HWKLFV LQ WKH KLVWRULFDOO\ UHOHYDQW WKHRUHWLFDO FRQWH[W ,Q DGGLWLRQ &KDZDInV SUDFWLFH RI FULWXUH IPLQLQH KDV EHHQ PLVLQWHUSUHWHG LQ PXFK WKH VDPH

PAGE 181

ZD\ WKDW %XWOHU PLVUHDGV ,ULJDUD\n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nV FULWXUH IPLQLQH DUJXH WKDW 5HWDEOHOD UHYHULH EUHDNV ZLWK WKH QRUPV RI JHQHULF DQG JHQGHU FRQYHQWLRQ LQ WKDW LW XVHV ODQJXDJH VHOIn FRQVFLRXVO\ 7KH FRQVWUXFWLRQ RI WKH WH[W GUDZV DWWHQWLRQ WR WKH DHVWKHWLF DQG PDWHULDO FRQVWUDLQWV RI WKH SURGXFWLRQ RI WKH QRYHO ,Q D VLPLODU PDQQHU &KDZDInV LQVLVWHQFH RQ WKH PDWHULDOLW\ RI WKH IHPDOH ERG\ SDUDGR[LFDOO\ H[SRVHV WKH OLPLWV RI WKH SKLORVRSKLFDO FRQFHSW RI VH[ ,Q RUGHU WR FUHDWH D IHPLQLVW SRHWLFV RI VH[XDO GLIIHUHQFH VKH SOD\V ZLWK WKH P\WK RI 0RWKHU LQ FRPSOH[ LQWHUHVWLQJ ZD\V RQH RI WKHVH LV WKURXJK WKH ILJXUH RI WKH SUHJQDQW ZRPE +HU PDWHUQDO PHWDSKRU SURYLGHV WKH V\PEROLF UHSUHVHQWDWLRQ RI DQ

PAGE 182

HFRQRP\ UDGLFDOO\ GLIIHUHQW IURP D SDWULDUFK\ RU LWV RSSRVLWH D PDWULDUFK\ 7KH DOWHUQDWLYH WR YLHZLQJ KXPDQ UHODWLRQV DV D EDWWOH RI GRPLQDWLRQ DQG VXERUGLQDWLRQ LW V\PEROL]HV WKH SHDFHIXO FRH[LVWHQFH RI WZR VHSDUDWH EXW PXWXDOO\ GHSHQGHQW VXEMHFWV 7KH FORVH UHDGLQJ RI 5HWDEOHOD UHYHULHn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f§D XVH RI ODQJXDJH WKDW &KDZDI ZRXOG GHVFULEH DV ZLWKRXW EUHDWK DQG ZLWKRXW OLIH )DFLQJ ZKDW VHHP WR EH LQVXUPRXQWDEOH REVWDFOHV *K\VODLQH LV SODJXHG E\ IHDU V\PEROLF EOLQGQHVV DQG GLVFRXUDJHPHQW ZKHQ VKH DWWHPSWV LQ KHU VWDQFH DV DQ DGXOW DXWKRU WR ZULWH

PAGE 183

RWKHUZLVH )RU &KDZDI FULWXUH IPLQLQH VHUYHV D GRXEOH VLPXOWDQHRXV IXQFWLRQ WR XQORFN WKH SDVW DQG HQYLVLRQ D GLIIHUHQW IXWXUH D IXWXUH RI VH[XDO GLIIHUHQFH QRW SURJUDPPHG LQ DGYDQFH /D 5HYHULHnV H[SRVLWLRQ RI HURWLF ORYH EHJLQV E\ GHVFULELQJ D SUHJQDQW PRWKHUnV SOHDVXUH DW WKH IXOOQHVV RI WKH ZRPE VKH GRHV QRW H[SHULHQFH KHU IOHVK DV DOLHQDWLQJ 7KLV VHWV WKH VWDJH IRU VFHQHV RI ORYHPDNLQJ EHWZHHQ D ZRPDQ DQG D PDQ LQ ZKLFK WKH IHPDOH ORYHU QHLWKHU GHILQHV KHUVHOI LQ WHUPV RI WKH FRXSOH QRU LQ WHUPV RI KHU RIIVSULQJ EXW DV D QHFHVVDU\ SDUWLFLSDQW LQ D UHODWLRQ RI UHFLSURFLW\ ,Q D VHQVH /D 5iYHULH FDQ EH VHHQ DV DQ LPDJLQDWLYH SHUIRUPDQFH RI VH[XDO UHERUGHUL]DWLRQ WKDW LV OLQJXLVWLFDOO\ FRQVWDQWO\ UHQHJRWLDWHG
PAGE 184

&KDZDI OLNH ,ULJDUD\ HPEUDFHV DQ HWKLFV RI VH[XDO GLIIHUHQFH WKDW LV FRQWURYHUVLDO ,Q P\ RSLQLRQ WKH PRVW SRZHUIXO DQG LQQRYDWLYH DVSHFW RI &KDZDIn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nV RSSUHVVLRQ WKH GLVFRXUVH UHLWHUDWLQJ WKHVH GLIIHUHQFHV VKRXOG EH LQWHUURJDWHG RQ LWV RZQ WHUPV ,Q -H 7X 1RXV ,ULJDUD\ SRLQWV WR WKH LPSRUWDQFH RI HQJDJLQJ WKH TXHVWLRQ RI ELRORJLFDO GLIIHUHQFHV UHIXVHU DXMRXUGnKXL WRXWH H[SOLFDWLRQ GH W\SH ELRORJLTXHSDUFH TXH OD ELRORJLH D SDUDGR[DOHPHQW VHUYL £ H[SORLWDWLRQ GHV IHPPHV FnHVW VH UHIXVHU OD FL GH nLQWHUSUWDWLRQ GH FHWWH H[SORLWDWLRQ f &KDZDI OLNH ,ULJDUD\ WDNHV XS WKH TXHVWLRQ RI VH[XDO GLIIHUHQFH EXW DV P\ DUJXPHQW VXJJHVWV KHU PLPHWLF

PAGE 185

VWUDWHJ\ ZRUNV ZLWKLQ \HW DJDLQVW DQ HVVHQWLDOLVW GHILQLWLRQ RI :RPDQ 7KH UHSUHVHQWDWLRQV RI ZRPHQ LQ 5HWDEOH FULWLFDOO\ UHIOHFW WKH H[FOXVLRQ RI WKH PDWHUQDOIHPLQLQH ZLWKLQ WKH GRPLQDQW GLVFRXUVH ,Q ,ULJDUD\n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nV LQWHJULW\LV UHTXLUHG VR WKDW WKH VHOI DQG WKH RWKHU FDQ OLYH DQG WKULYH ZLWKLQ FORVH SUR[LPLW\ WR HDFK RWKHU ,W GRHV QRW SRVLW D IL[HG FRQFHSW RI HLWKHU WKH VHOI RU RWKHU EXW HPSKDVL]HV WKH QHFHVVLW\ RI DQ LQGHILQLWH

PAGE 186

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nV QDWXUDO SRVVHVVLRQ RI JHQHURVLW\ IRU H[DPSOH PD\ VHUYH WR H[FOXGH PHQ DQG XOWLPDWHO\ VXEMHFW ZRPHQ WR DQ HFRQRP\ RI H[FKDQJH ZLWKRXW WKH SRVVLELOLW\ RI VSRQWDQHRXV UHFLSURFLW\ VLQFH DFFRUGLQJ WR WKLV SDUDGLJP PHQ ZRXOG EH LQFDSDEOH RI WUXH JHQHURVLW\ ,Q RUGHU WR EUHDN WKH F\FOH RI GRPLQDWLRQ DQG VXERUGLQDWLRQ LQKHUHQW LQ HLWKHURU ORJLF D GLIIHUHQW HFRQRP\ PXVW EH YLVXDOL]HG WKURXJK PHWDSKRUV VXFK DV &KDZDInV ZRPE ILJXUH +HU ZRPE ZULWLQJ SURYLGHV DQ LPDJH WKDW HQYLVLRQV DQ HFRQRP\ RI GLIIHUHQFH EDVHG RQ PXWXDO UHFRJQLWLRQ DQG UHFLSURFLW\LQVWHDG RI H[FOXVLRQ 2QH OLPLWDWLRQ RI WKLV VWXG\ LV WKDW GUDZV VXSSRUW IRU ZKDW FDOO &KDZDInV PLPHWLF VWUDWHJ\ IURP RQO\ RQH RI KHU QRYHOV EHOLHYH WKDW WKH FRPSOH[LW\ RI KHU ILUVW DQG PRVW ZHOONQRZQ WH[W ZDUUDQWV D FORVH UHDGLQJ 1RQHWKHOHVV WKH WKHRUHWLFDO RSWLF HPSOR\HG WR UHUHDG 5HWDEOHOD UHYHULH RIIHUV SRVVLELOLWLHV IRU UHLQWHUSUHWLQJ D QXPEHU RI KHU

PAGE 187

RWKHU ZRUNV 6HYHUDO QRYHOV IHDWXUH SRODUL]HG ZRUOGV RI WKH PDVFXOLQH DQG IHPLQLQH DQG KDYH EHHQ LQWHUSUHWHG DV HVVHQWLDOLVW VHSDUDWLVW DQG QDLYHO\ XWRSLDQ %O GH 6HPHQFHV /n,QWULHXU GHV KHXUHV 5RXDH£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f UHPDLQV D FRQFHUQ UHOHYDQW IRU &KDZDI WZHQW\ILYH \HDUV ODWHU ,Q D UHFHQW LQWHUYLHZ UHJDUGLQJ KHU ODWHVW QRYHO /H 0DQWHDX QRLU VKH FRQWLQXHV WR ZRQGHU KRZ LW PLJKW EH SRVVLEOH WR ILJKW DJDLQVW D ZRUOG RI YLROHQFH &RPPHQW OXWWHU FRQWUH FH TXL QnD SDV FHVV GH OXWWHU FRQWUH OD YLH HW TXL VLPSOLILH GH SOXV HQ

PAGE 188

SOXV GDQV FHWWH OXWWH GVWUXFWULFH FRQWUH OD YLH" &RPPHQW OXWWHU" 6DQV DYRLU UHFRXUV DX[ PPHV DUPHV DX PPH ODQJDJH FRPPHQW" &KDZDIn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

PAGE 189

5()(5(1&(6 $FFDG (YHO\QH %O GH VHPHQFHV E\ &KDQWDO &KDZDI :RUOG /LWHUDWXUH 7RGD\ f $XEHUW -HDQ 3RXU OH SODLVLU GH OLUH *D]HWWH GX 9DO Gn2LVH )HE f $XVWLQ / +RZ 7R 'R 7KLQJV :LWK :RUGV &DPEULGJH +DUYDUG 83 %DNKWLQ 0LNKDLO 7KH 'LDORJLF ,PDJLQDWLRQ )RXU (VVD\V (G 0LFKDHO +ROTXLVW 7UDQV &DU\O (PHUVRQ DQG 0LFKDHO +ROTXLVW $XVWLQ 8QLY 7H[DV 3UHVV %DUWKHV 5RODQG /H 'HJU ]UR GH OnFULWXUH VXLYL GH ‹OPHQWV GH VPLRORJLH 3DULV *RQWKLHU 0\WKRORJLHV 3DULV ‹GLWLRQV GX 6HXLO /H SODLVLU GX WH[WH 3DULV ‹GLWLRQV GX 6HXLO %DUWKHV 5RODQG DQG +RQRU GH %DO]DF 6= 3DULV ‹GLWLRQV GX 6HXLO %DXHU 0DUWLQH /H VROHLO HW OD WHUUH E\ &KDQWDO &KDZDI /H 0DWLQ GH 3DULV -XQH %HDXYRLU 6LPRQH GH /H GHX[LPH VH[H 3DULV *DOOLPDUG %HFNHWW 6DPXHO (Q DWWHQGDQW *RGRW SLFH HQ GHX[ DFWHV 3DULV ‹GLWLRQV GH 0LQXLW %HUJ (OL]DEHWK / 7KH 7KLUG :RPDQ 'LDFULWLFV f

PAGE 190

%HUJVRQ +HQUL /H 5LUH (VVDL VXU OD VLJQLILFDWLRQ GX FRPLTXH HG 3DULV 3UHVVHV 8QLYHUVLWDLUHV GH )UDQFH %HUWUDQG &ODXGLQH DQG -RVH %RQQHYLOOH &KDQWDO &KDZDI UHSRUWHU GH nLQWULHXU $UFDGH f %LVKRS 0LFKDHO 7KLUW\ 9RLFHV LQ WKH )HPLQLQH %HDXYRLU (UQDX[
PAGE 191

%URZQ /\Q 0LNHO DQG &DURO *LOOLJDQ 0HHWLQJ DW WKH &URVVURDGV :RPHQnV 3V\FKRORJ\ DQG *LUOVn 'HYHORSPHQW &DPEULGJH +DUYDUG 83 %XUNH &DURO\Q 1DRPL 6FKRU DQG 0DUJDUHW :KLWIRUG HGV (QJDJLQJ ZLWK ,ULJDUD\ )HPLQLVW 3KLORVRSK\ DQG 0RGHUQ (XURSHDQ 7KRXJKW 1HZ
PAGE 192

%O GH VHQWHQFHV 3DULV 0HUFXUH GH )UDQFH &HUFRHXU 3DULV 0HUFXUH GH )UDQFH &KDLU FKDXGH VXLYL GH /n‹FULWXUH 3DULV 0HUFXUH GH )UDQFH &KDQWDO &KDZDI /H 6ROHLO HW OD WHUUH ,QWHUYLHZ ZLWK )UDQJRLVH &OGDW 6RUFLUHV f &RQWUH OD ILFWLRQ 5RPDQ f /H FRUSV HW OH YHUEH OD ODQTXH HQ VHQV LQYHUVH 3DULV 3UHVVHV GH OD 5HQDLVVDQFH &USXVFXODLUHV 3DULV 5DPVD\ 'HX[ RU WURLV LGHV SRXU OD VXUYLH GH QRWUH KURV 5RPDQ f 'LVFXVVLRQ DYHF &KDQWDO &KDZDI ,QWHUYLHZ ZLWK %HUQDUG 'LHWHUOH /HQGHPDLQV f /n(FODLUFLH 3DULV )ODPPDULRQ ‹FULUH £ SDUWLU GX FRUSV YLYDQW /HQGHPDLQV f (OZLQD OH URPDQ IH 3DULV )ODPPDULRQ )HV GH WRXMRXUV 3DULV 3ORQ /D )HPPH FRQWLQHQW URXJH ,QWHUYLHZ ZLWK ,VDEHOOH &OHUF /D 4XLQ]DLQH OLWWUDLUH f /n,QWULHXU GHV KHXUHV 3DULV ‹GLWLRQV 'HV )HPPHV ,QWHUYLHZ DYHF &KDQWDO &KDZDI ,QWHUYLHZ ZLWK (YHO\QH $FFDG 3UVHQFH )UDQFRSKRQH f /DQGHV‘ 3DULV 6WRFN /H 0DQWHDX QRLU 3DULV )ODPPDULRQ 0DWHUQLW 3DULV 6WRFN

PAGE 193

0RWKHU ORYH 0RWKHU HDUWK 7UDQV 0RQLTXH ) 1DJHP 1HZ
PAGE 194

&L[RXV +OQH DQG &DWKHULQH &OPHQW /D -HXQH 1H 3DULV 8QLRQ *QUDOH Gn‹GLWLRQV &L[RXV +OQH DQG 'HERUDK -HQVRQ &RPLQJ WR ZULWLQJ DQG RWKHU HVVD\V &DPEULGJH +DUYDUG 83 &OGDW )UDQJRLVH /nFULWXUH GX FRUSV 0DJD]LQH /LWWUDLUH f &RUQHOO 'UXFLOOD %H\RQG $FFRPPRGDWLRQ (WKLFDO )HPLQLVP 'HFRQVWUXFWLRQ DQG WKH /DZ 1HZ
PAGE 195

/HV PRWV HW OHV FKRVHV XQH DUFKHRORJLH GHV VFLHQFHV KXPDLQHV 3DULV *DOOLPDUG )XVV 'LDQD (VVHQWLDOO\ 6SHDNLQJ )HPLQLVP 1DWXUH DQG 'LIIHUHQFH 1HZ
PAGE 196

,ULJDUD\ /XFH &H VH[H TXL QnHQ HVW SDV XQ 3DULV ‹GLWLRQV GH 0LQXLW $Q (WKLFV RI 6H[XDO 'LIIHUHQFH 7UDQV &DURO\Q %XUNH DQG *LOOLDQ & *LOO ,WKDFD &RUQHOO 83 (WKLTXH GH OD GLIIUHQFH VH[XHOOH &ROOHFWLRQ &ULWLTXH 3DULV ‹GLWLRQV GH 0LQXLW 6SHFXOXP GH nDXWUH IHPPH &ROOHFWLRQ FULWLTXH 3DULV ‹GLWLRQV GH 0LQXLW 6SHFXOXP RI WKH 2WKHU :RPDQ 7UDQV *LOOLDQ & *LOO ,WKDFD &RUQHOO 83 7KLV 6H[ :KLFK LV 1RW 2QH 7UDQV &DWKHULQH 3RUWHU ,WKDFD &RUQHOO 83 -DUGLQH $OLFH *\QHVLV &RQILJXUDWLRQV RI :RPDQ DQG 0RGHUQLW\ ,WKDFD &RUQHOO 83 -DUGLQH $OLFH DQG $QQH 0 0HQNH ([SORGLQJ WKH ,VVXH )UHQFK :RPHQ :ULWHUV DQG WKH &DQRQ 'LVSODFHPHQWV ZRPHQ WUDGLWLRQ OLWHUDWXUH LQ )UHQFK %DOWLPRUH -RKQV +RSNLQV 83 6KLIWLQJ 6FHQHV ,QWHUYLHZV RQ :RPHQ :ULWLQJ DQG 3ROLWLFV LQ 3RVW )UDQFH 1HZ
PAGE 197

/DPDU &HOLWD 2XU 9RLFHV 2XUVHOYHV :RPHQ :ULWLQJ IRU WKH )UHQFK 7KHDWUH 1HZ
PAGE 198

1\V0D]XUH &ROHWWH &KDQWDO &KDZDI n5RXJH£WUH n /HV &DKLHUV GX *5,) f 2n1HLOO 3DWULFN )LFWLRQV RI 'LVFRXUVH 5HDGLQJ 1DUUDWLYH 7KHRU\ 7RURQWR 8QLY 7RURQWR 3UHVV 3DUNHU $QGUHZ DQG (YH .RVRIVN\ 6HGJZLFN 3HUIRUPDWLYLW\ DQG 3HUIRUPDQFH‘ 1HZ
PAGE 199

6DLJDO 0RQLTXH 9HUV OD OXPLUH GH &KDQWDO &KDZDI 7KH )UHQFK 5HYLHZ 2FWREHU f &RPPHQW SHXWRQ FUHU XQ QRXYHDX ODQJDJH IPLQLQ DXMRXUGnKXL" 7KLUW\ 9RLFHV LQ WKH )HPLQLQH (G 0LFKDHO %LVKRS $PVWHUGDP 5RGRSL 6DXVVXUH )HUGLQDQG GH DQG 7XOOLR 'H 0DXUR &RXUV GH OLQJXLVWLTXH JQUDOH 3DULV 3D\RW 6FKRU 1DRPL 7KLV (VVHQWLDOLVP :KLFK ,V 1RW 2QH &RPLQJ WR *ULSV ZLWK ,ULJDUD\ 'LIIHUHQFHV $ -RXUQDO RI )HPLQLVW &ULWLFDO 6WXGLHV f 6HOOHUV 6XVDQ /DQJXDJH DQG 6H[XDO 'LIIHUHQFH )HPLQLVW :ULWLQJ LQ )UDQFH 1HZ
PAGE 200

9LODLQH $QQH0DULH GH /H FRUSV YLYDQW /H 6DXYDTH 0DUFK f :KLWIRUG 0DUJDUHW /XFH ,ULJDUD\ 3KLORVRSK\ LQ WKH )HPLQLQH /RQGRQ 5RXWOHGJH :LOFR[ +HOHQ 7KH %RG\ DQG WKH 7H[W +OQH &L[RXVf§5HDGLQJ DQG 7HDFKLQJ 1HZ
PAGE 201

%,2*5$3+,&$/ 6.(7&+ (OL]DEHWK 'URSSOHPDQ ZDV ERUQ LQ +DYUH GH *UDFH 0DU\ODQG 6KH UHFHLYHG D %6 LQ &RPPXQLFDWLRQV IURP WKH 8QLYHUVLW\ RI 7HQQHVVHH DQG D %$ LQ )UHQFK /LWHUDWXUH IURP *HRUJLD 6WDWH 8QLYHUVLW\ $IWHU D WZR\HDU VWD\ LQ 3DULV GXULQJ ZKLFK VKH FRPSOHWHG FRXUVHZRUN IRU DQ 0$ DW 1HZ
PAGE 202

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f 2IHOLD 06FKXWWH 3URIHVVRU RI 3KLORVRSK\ FHUWLI\ WKDW KDYH UHDG WKLV VWXG\ DQG WKDW LQ P\ RSLQLRQ LW FRQIRUPV WR DFFHSWDEOH VWDQGDUGV RI VFKRODUO\ SUHVHQWDWLRQ DQG LV IXOO\ DGHTXDWH LQ VFRSH DQG TXDOLW\ DV D GLVVHUWDWLRQ IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ -RKUL 3 /HDY\ -U 3URIHVVRU RI (QJOLVK

PAGE 203

7KLV GLVVHUWDWLRQ ZDV VXEPLWWHG WR WKH *UDGXDWH )DFXOW\ RI WKH 'HSDUWPHQW RI 5RPDQFH /DQJXDJHV DQG /LWHUDWXUHV LQ WKH &ROOHJH RI /LEHUDO $UWV DQG 6FLHQFHV DQG WR WKH *UDGXDWH 6FKRRODQG ZDV DFFHSWHG DV SDUWLDO IXOILOOPHQW RI WKH UHTXLUHPHQWV IRU WKH GHJUHH RI 'RFWRU RI 3KLORVRSK\ 0D\ 'HDQ *UDGXDWH 6FKRRO

PAGE 204

/ 81,9(56,7< 2) )/25,'$


xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID E5MNPNV7N_6QY9YZ INGEST_TIME 2013-09-27T23:17:44Z PACKAGE AA00014292_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES