the united states and the prc: macroeconomic imbalances and economic diplomacy

8/3/2019 The United States and the PRC: Macroeconomic Imbalances and Economic Diplomacy

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Ujmq wnwcr vnq wrcwnrce bir ujc NEOM Wrikcau —Fdiond Frivuj nle Cailihma

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Ujmq wnwcr czwdircq ujc vn}q ml vjmaj hnaricailihma mhondnlacq jnc ermcl widma}emqasqqmilq ocuvccl ujc Slmuce Qunucq *SQ- nle Wciwdc”q _cwsodma ib Ajmln *W_A- ml ujcdnqu ecanec, Ujc W_A”q asrrclu naaislu qsrwdsq$ muq frivmlf bircmfl czajnlfc rcqcrcq$ nlemuq qjmbumlf widmamcq il czajnlfc rnuc neksquhclu jnc ocaihc n aclurnd wrciaaswnumil ib SQurnec widma}, Ujc wnwcr ailqmecrq ujc cidmlf widmumand cailih} ib ujc SQ widma} qunlac nleib ujc W_A”q rcqwilqc0 mu nqqcqqcq ujc iwwiruslmu} aiquq ib nl nwwrinaj ujnu jnq qihcumhcqbiasqce il ujc czajnlfc rnuc ui ujc czadsqmil ib iujcr mqqscq0 nle mu czwdircq ujcrnhmbmanumilq bir cailihma ficrlnlac ml ujc qjiru( nle hcemsh(rsl, Ujc wnwcr bmleq ujnuujcrc jnq occl nhwdc hsusnd hmqslecrqunlemlf ocuvccl ujc SQ nle ujc W_A ml ujcmrcailihma nrfshcluq0 ujnu ujc hihcluisq econucq jnc ujc wiuclumnd ui qccrcd} mhwnmr ujcmlqumusumilq ib fdiond cailihma ficrlnlac0 nle ujnu ujcrc mq dm`cd} ui oc nl mhwirunlu rnacocuvccl cailihma nle echifrnwjma biracq ujnu vmdd lnusrndd} rcercqq ujc mhondnlacq nleujc widmumand mhwcrnumcq bir cnaj aislur} ui qunle uisfj nle bmfju,

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Ailucluq

>, Mluriesaumil ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1 ?, Vjnu Jnwwclce9 Ujc Cailihma _caire ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 5

?,> Aihwnrnumc Czwcrmclacq ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 3 1, Hiumcq nle Widmumaq ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, >5

1,> Biracq ermmlf ujc SQ econuc ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, >5 1,? Ml ujc W_A ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, >: 1,1 Cnaj qmecq hmqslecrqunleq ujc iujcr ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?7

5, Emwdihnuma Cbbiruq,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?7 5,> Iwwiruslmu} Aiqu ib wrmirmum{mlf asrrcla} ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?7 5,? Qsffcqumc Ailqmecrnumilq ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ??

3, _cwcrasqqmilq bir Cailihma Ficrlnlac ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?= 3,> Slecrhmlmlf ib ujc F(?7 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ?= 3,? MHB ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 17 3,1 Mhwnau il ujc VUI ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1> 3,5 Ujc eiddnr nq n rcqcrc asrrcla} ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1>

2, Ailadsqmil ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 1? _cbcrclacq ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 11




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Ujc Slmuce Qunucq *SQ- nle Wciwdc”q _cwsodma ib Ajmln *W_A- nrc liv ujc uvi dnrfcqucailihmcq ml ujc virde, Bir ujc dnqu ecanec$ ujc SQ jnq occl nl mhwirunlu lcu qisrac ibechnle bir ujc virde cailih}$ rsllmlf wcrqmquclu dnrfc asrrclu naaislu ecbmamuq, Ujc

W_A jnq occl nl mlarcnqmlfd} mhwirunlu lcu qisrac ib qswwd} bir ujc virde cailih}$rsllmlf wcrqmquclu dnrfc asrrclu naaislu qsrwdsqcq,

Ujc rcdnumilqjmw ocuvccl ujc uvi aislurmcq mq hsdumbnacuce nle ficq vcdd oc}ilecailihma rcdnumilq$ osu ~scqumilq ib hnaricailihma mhondnlacq jnc rchnmlce nu ujcjcnru ib omdnucrnd emqasqqmilq ocuvccl ujc uvi, Fmcl ujcmr mhwirunlac ui ujc virdecailih}$ ujcqc mhondnlacq jnc ndqi ocaihc aclurnd ui hsdumdnucrnd emqasqqmilq noisufdiond cailihma ficrlnlac, Ml bnau$ ujc mqqscq qsrrislemlf ujc W_A”q urnemlfrcdnumilqjmwq jnc occl qsbbmamclud} mhwirunlu ui jcdw wrihwu n rcqursausrmlf ib ujcmlqumusumilq ib fdiond cailihma ficrlnlac, Ujc Frisw ib : aislurmcq *F:-$ vjmaj eme liumladsec ujc W_A$ jnq occl dnrfcd} qcu nqmec ml bnir ib ujc Frisw ib ?7 *F?7-$ wrcamqcd}ocansqc ujnu frisw eicq mladsec ujc W_A nle mq ujcrcbirc ecchce hirc rcdcnlu,

Ecqwmuc ujc aclurndmu} ib ujc SQ(W_A hnaricailihma mhondnlacq$ ujcrc jnq occl nlsljcnduj} uclecla} ui icrqmhwdmb} ujc mqqsc o} qccmlf ujc aislurmcq nq slmunr} nauirq,Vjcl ujc ridc ib mlucrcqu friswq mq na`livdcefce$ mu hn} oc ild} ui ecadnrc ilc qsajmlucrcqu frisw wrceihmlnlu nle rcqwilqmodc bir vjnuccr vn}vnre widma} ujc aislur} jnqneiwuce,

Ujmq quse} cznhmlcq ujc uvi aislurmcq” hnaricailihma mhondnlacq ib ujc dnqu ecanecnle ujc emwdihna} qsrrislemlf ujch ujrisfj ujc dclq ib widmumand cailih}$ wiqmumlf ujnuujcrc nrc qmflmbmanlu mlucrlnd emmqmilq vmujml cnaj aislur} nle ujnu ujc widma} isuaihcqujnu chcrfc hn} embbcr qmflmbmanlud} brih ujiqc ujnu n wivcrbsd$ slmunr} nauir hmfjumhwiqc, Qsaj n ecaihwiqmumil ib ujc biracq qjnwmlf lnumilnd widmamcq mq qsoqunlumndd}cnqmcr ui wcrbirh vjcl ujc qsokcau widmumcq nrc urnlqwnrclu nle wsodma ml ujcmr econucqicr widma} birhnumil, Vjcl ujc} nrc liu$ ilc mq dcbu ui rcd} il qsffcqumc qmflq nle

mlbcrclacq$ vjmaj anl oc bnr qjiru ib emqwiqmumc, Ilc aclurnd ujcqmq ib ujc wnwcr$jivccr$ mq ujnu ujc na`livdcefchclu ib ailbdmaumlf nle aihwcumlf nwwrinajcq nhilfmhwirunlu mlucrcqu friswq vmujml n aislur} anl qsffcqu cr} embbcrclu nwwrinajcq uicailihma emwdihna} ujnl ujiqc ujnu hmfju oc iwumhnd bir n slmbmce aislucrwnru},

Ujc ajimac ib n ecanec nq ujc wcrmie slecr emqasqqmil mq liu clumrcd} ermcl o} n bcumqjbir risle lshocrq, Mu vnq ml ?77> ujnu ujc W_A kimlce ujc Virde Urnec Irfnlm{numil$nbucr >3 }cnrq ib naacqqmil lcfiumnumilq, >

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Ndujisfj ujc W_A jne czwcrmclacerchnr`nodc rnucq ib friqq eihcquma wriesau *FEW- frivuj ocbirc ujnu enuc$ mu vnq ml ujcdnqu ecanec ujnu ujc aislur} ariqqce nl mlmqmodc ujrcqjide brih ocmlf n jcnmd}wiwsdnuce slecrwcrbirhcr ui ocmlf n dcnemlf nauir il ujc fdiond cailihma qunfc, Bir ujcW_A$ ?77> hnr`ce n urnlqmumil brih qcc`mlf nehmuunlac ui mlqumusumilq qsaj nq ujc VUI

ui n wcrmie ib mhwdchclumlf ujc iodmfnumilq ujnu anhc vmuj hchocrqjmw nle nenwumlf uiujc rcqwilqmomdmumcq ib muq cljnlace ridc, Bir ujc SQ$ ?77> hnr`ce ujc urnlqmumil brih ujcAdmluil nehmlmqurnumil$ vjmaj jne icrqccl ujc osd` ib ujc Virde Urnec Irfnlm{numil*VUI- naacqqmil lcfiumnumilq$ ui ujc Osqj nle Ionhn nehmlmqurnumilq$ vjmaj dnrfcd}ecndu vmuj ujc W_A nq nl cqunodmqjce$ qmflmbmanlu hchocr,




5

Ujmq wnwcr biasqcq il ujc widmumand cailih} ib ujc hnaricailihma mhondnlacq nle ilcailihma emwdihna} dnrfcd} ml dmcs ib mhwirunlu$ osu wsrcd} cailihma ~scqumilq, Ujcqcmladsec ~scqumilq qsaj nq vjnu jnq ansqce ujc dnrfc mhondnlacq *qcc$ c,f,$ Jsnlf nleUni *?7>>- ir Es nle Vcm *?7>7-- nle vjnu ridc nl czajnlfc rnuc neksquhclu visdewdn} ml uchwcrmlf ujc mhondnlacq *qcc$ c,f,$ Cmajclfrccl nle _sn P?7>>X nleUjiroca`c nle @ihiui P?7>7X-, Vjcujcr ir liu n qmflmbmanlu rcndsnumil ib ujc }snl

visde ondnlac ujc urnemlf rcdnumilqjmw$ ujc wcracwumil ujnu mu visde jnq wdn}ce nqmflmbmanlu ridc ml ujc widmumand econuc ml ujc SQ nle jnq jcdwce qjnwc ujc cailihmaemndifsc ocuvccl ujc uvi aislurmcq, Ib aisrqc$ ilc jiwcq ujnu icr umhc wcracwumilqqjmbu ui un`c cailihma rcndmumcq mlui naaislu, Ujnu qcchq ui jnc jnwwclce ml ujc SQeconuc icr ujc W_A widma}, Icr ujc wcrmie ml ~scqumil$ ujc }snl(eiddnr czajnlfc rnucjnq filc brih ocmlf urcnuce nq n wnlnacn ui n dcqqcr ridc nq ilc ib n lshocr ib bnauirqml n orinecr nle hirc qsoudc emqasqqmil, Ilc mlucrcqumlf ~scqumil mq ui ur} ui emqacrljiv nle vjcl ujmq qjmbu anhc noisu,

Ui neercqq ndd ujmq$ ujc lczu qcaumil dn}q isu ujc `c} cailihma nrmnodcq ujnu eric ujcwidmumand econuc nle jiv ujc} cidce, Qcaumil 1 ailqmecrq ujc widmumand econuc nle ujchiumcq ib `c} wnrumamwnluq ml oiuj ujc SQ nle ujc W_A, Qcaumil 5 dii`q nu jiv ujcqcwidmumand biracq qjnwce ujc cailihma emndifsc ocuvccl ujc SQ nle ujc W_A oiujomdnucrndd} nle ujrisfj ujc hnkir fdiond mlqumusumilq ib cailihma ficrlnlac, Qcaumil 3ailqmecrq wiuclumnd isuaihcq$ wrikcaumlf ujcqc mqqscq birvnre mlui ujc lcnr bsusrc, Ujcailadsqmil ernvq isu ujc aclurnd ujchcq; ujnu ujcrc jnq occl nhwdc hsusndhmqslecrqunlemlf ocuvccl ujc SQ nle ujc W_A ml ujcmr cailihma nrfshcluq0 ujnu ujchihcluisq econucq jnc ujc wiuclumnd ui qccrcd} mhwnmr ujc mlqumusumilq ib fdiondcailihma ficrlnlac0 nle ujnu ujcrc mq dm`cd} ui oc nl mhwirunlu rnac ocuvccl cailihmanle echifrnwjma biracq ujnu vmdd lnusrndd} rcercqq ujc mhondnlacq nle ujc widmumandmhwcrnumcq ui qunle uisfj nle bmfju,

?, VJNU JNWWCLCE9 UJC CAILIHMA _CAI_E

Fmcl ujc W_A”q rchnr`nodc frivuj icr ujc dnqu ecanec$ mu anl oc embbmasdu ui fi ona` >7}cnrq nle rcandd ujc W_A”q hirc hiecqu ridc ml fdiond cailihma nbbnmrq, Ml ?77>$ ujcW_A”q FEW$ hcnqsrce vmuj ujc czajnlfc rnucq ib ujc umhc$ dnffce ocjmle ujnu ib ujcSQ$ Knwnl$ Fcrhnl}$ ujc Slmuce @mlfeih$ nle Brnlac, O} ?7>7$ ujc W_A dnffce ild}ujc SQ, ? Nu ujc qunru ib ujc dnqu ecanec$ ujc W_A vnq ndrcne} hnl} }cnrq mlui muqisuvnre(irmcluce frivuj czwcrmhclu *qcc Dnre} P?77?X-$ osu mu vnq dnrfcd} wriqwcrmlf o}unwwmlf mlui ujc cailihmandd} mornlu wriesaumil lcuvir`q ib Cnqu nle Qisujcnqu Nqmn,Sldm`c wrcecacqqir aislurmcq ib nl cnrdmcr nfc$ vji jne ui eccdiw mlucrlnumilndd}aihwcumumc mlesqurmcq ocbirc ujc} aisde un`c n wdnac ib wrihmlclac ml fdiond aihhcrac$ujc W_A vnq nodc ui un`c nenlunfc ib hiecrl hcujieq ib fcifrnwjmandd} emqwcrqcewriesaumil nle sqc muq oislumbsd dnoir qswwd} ui una`dc dmhmuce unq`q ml ujc wriesaumil ibhnlsbnausrce czwiruq,1

Ujmq nwwrinaj$ vjcrco} ujc W_A”q ndsc neece hmfju oc n qhndd brnaumil ib n fiie”qndsc$ jne nl mhwirunlu mhwdmanumil bir hnaricailihma mhondnlacq, Fdiond urnecnaaisluq urna` ujc bdivq ib bmlnd fiieq$ hiqud} mflirmlf ujc hsdumwdc qisracq ib ndsc

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neece nle nuurmosumlf ccr}ujmlf ui ujc aislur} ml vjmaj ujc fiie vnq aihwdcuce,5

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Qidilf nq ioqcrcrq biasqce il n aislur}”q asrrclu naaislu ondnlac vmuj ujc clumrc virde$ujmq hnec dmuudc embbcrclac, Mb n aislur} dm`c ujc W_A vcrc ui wrimec ild} >7# ndscneece il muq hnlsbnausrce czwiruq$ ujc mhwiruce rnv hnucrmndq nle mlucrhcemnuc fiieqvisde qjiv sw ml muq fdiond mhwiru qunumqumaq, Jivccr$ mb nl}ilc vcrc ui biasq ilomdnucrnd ondnlacq$ ujc czwiru qunumqumaq hmfju embbcr vmded} brih ndsc neece$ qmlac ujc

mhwiruce mlucrhcemnuc hnucrmndq aisde aihc brih n ujmre aislur}, Ujcrc aisde ujsq oc nemqaillcau ocuvccl hiecqu hsdumdnucrnd mhondnlacq nle ernhnuma omdnucrnd mhondnlacq,Ujmq$ ml bnau$ vnq vjnu jnwwclce ocuvccl ujc W_A nle ujc SQ ml ujc cnrd} wnru ib ujcdnqu ecanec, Ujnu emqaillcau mlmumndd} wdn}ce jcnmd} mlui SQ widmumand ailacrl noisu ujcW_A widmamcq, Dnucr$ vjcl ujc W_A”q hsdumdnucrnd mhondnlac jne frivl ui hnuaj muqomdnucrnd mhondnlac$ ujc W_A”q ibbmamndq visde qumdd adnmh ujnu ujc SQ vnq hn`mlf ujcbslenhclund crrir ib bmznumlf il hmqdcnemlf omdnucrnd qunumqumaq, Ujmq qcaumil rcmcvq ujcaclurnd enun noisu ujc rcdnumc frivuj wcrbirhnlacq nle urnec mhondnlacq ib ujc uviaislurmcq,

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Ml nl} ailclumilnd qclqc$ emqwnrnuc frivuj rnucq ei liu ailqumusuc n hnaricailihmamhondnlac, Ujcrc nrc nhwdc czwdnlnumilq bir ujc W_A”q czurniremlnr} rcaire ibcailihma frivuj$ mladsemlf anuaj(sw brih wrcmisq wcrmieq ib enhnfmlf cailihmawidmamcq nle rchnr`nodc rnucq ib mlcquhclu nle qnmlfq,

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2

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Mu mq viruj liumlf ujnu ujc W_A”q nejcrclac ui n bmzce czajnlfc rnuc wrcacece nleclesrce ujc Nqmnl bmlnlamnd armqmq ib ujc dnuc >==7q$ vjcl ujc aislur} rcqmquce wrcqqsrcqui ecwrcamnuc, Lir mq ujcrc nl}ujmlf licd iokcaumilnodc noisu n bmzce czajnlfc rnuc wcrqc, Slumd ujc orcn`eivl ib ujc Orcuuil Viieq czajnlfc rcfmhc ml ujc >=67q$ hiqu ibujc fdioc iwcrnuce slecr n q}quch ib bmzce czajnlfc rnucq, Ujmq vnq qccl nq ilchcnlq ib wrihiumlf qunomdmu} nle wrcemaunomdmu} ml nl cailih},

Ml ujc ailuczu ib ujc frivmlf hnaricailihma mhondnlacq ecqarmoce noic$ jivccr$ujcrc jnq occl n widmumand nle nanechma biasq ml ujc SQ il ujc slecrndsnumil ib ujc ujcW_A”q asrrcla},

Ujc ailadsqmil ujnu ujc W_A”q asrrcla} mq qmflmbmanlud} slecrndsce jnq occl rcnajceo} n vmec rnlfc ib nlnd}quq, N vcdd(wsodmam{ce rnlfc ib cqumhnucq ml ujc hmeedc ib ujc dnquecanec ujnu ujc }snl vnq >3 ui 57# slecrndsce wrihwuce dcfmqdnumil qcc`mlf ui nwwd}n ?6,3# unrmbb il ujc W_A”q fiieq *qwdmuumlf ujc embbcrclac-, Ujc Wcucrqil Mlqumusuc jnqcr} wsodmad} cqumhnuce ujnu }snl mq ?7 ui 57# slecrndsce, >7

>7

Qcc emqasqqmil o} Wcucrqil Mlqumusuc Emrcauir A, Brce Ocrfqucl$ Hnraj >?$ ?7>7,

Ml ujc hiqu rcaclucqumhnuc$ brih Hn} ?7>>$ Wcucrqil qajidnrq bmle ujnu ujc }snl mq ??,?# slecrndscercdnumc ui ujc eiddnr *Admlc nle Vmddmnhqil ?7>>$ w, >5-, Ujmq nlnd}qmq mq onqce ilcqumhnucq ib ujc neksquhclu ujnu visde oc lcacqqnr} ui airrcau ujc hnaricailihma

mhondnlacq$ ujc unrfcuq bir vjmaj nrc dmhmuce ui li hirc ujnl 1# ib FEW *w, 5-, Ujchsdumaislur} nlnd}mqmq jmfjdmfjuq qccrnd mhwirunlu wimluq ib ujc asrrcla} econuc, Bmrqu$ujc W_A”q cqumhnuce mhondnlac mq bnr nle nvn} ujc dnrfcqu ib nl} ib ujc F(?7asrrclamcq, Mleilcqmn mq ujc qcaile hiqu slecrndsce nu >?,:#, Ujc csri$ nq ib Nwrmd?7>>$ vnq cqumhnuce ui oc 5# slecrndsce rcdnumc ui ujc eiddnr, Qcaile$ ujiqc vji

juuw;))vvv,cwm,irf)rcqisracq)ccluY?7>771>?)

http://www.epi.org/resources/event_20100312/






>5

qurcqq ujc mhwirunlac ib ujc W_A”q czajnlfc rnuc neksquhclu ksqumbmnod} liuc ujnu vjmdcujc W_A hn} naaislu bir n dmhmuce qjnrc ib SQ urnec$ mu mq cr} embbmasdu bir ujc W_A”qlcmfjoirq ui neksqu vjcl ujc W_A eicq liu, Ujsq$ _cwsodma ib @ircn nle Knwnl nrccqumhnuce ui oc ndhiqu >7# slecrndsce nfnmlqu ujc eiddnr nle visde oiuj oc czwcauceui bnac cnqmcr neksquhcluq mb ujc} anhc ndilfqmec }snl nwwrcamnumil, Bmlndd}$ ujcrc mq nqjnrw emqumlaumil ocuvccl ujc W_A”q fdiond icrndsnumil *>1,:#- nle muq icrndsnumil

rcdnumc ui ujc eiddnr *??,?#-,

Qsaj nlnd}qcq jnc occl widmumandd} mlbdsclumnd ml ujc crn ml vjmaj ujc W_A”q fdiondasrrclu naaislu qsrwdsq jnc occl rmqmlf, Ujc} jnc occl cqwcamndd} wiuclu ml ujc hmequib ujc SQ rcacqqmil$ qmlac mu mq n rcdnumcd} qurnmfjubirvnre *mb bdnvce- andasdnumil uiczurnwidnuc brih n asrrclu naaislu ecbmamu airrcaumil ui n wrikcauce mlarcnqc ml Nhcrmanl

kioq *Dc} ?7>7-,

Ujc nqqcrumilq noisu }snl slecrndsnumil nrc liu dmhmuce ui Nhcrmanl armumaq, Ujc VirdeOnl` dnqu }cnr rcaihhclece ujnu ujc W_A nwwrcamnuc muq asrrcla} ui jcne ibb mlbdnumil,>> Ujc Csriwcnl Slmil urnec aihhmqqmilcr$ @nrcd Ec Fsaju$ nqqcruce ujnu }snl vnqslecrwrmace,>? Ujc Mlucrlnumilnd Hilcunr} Bsle *MHB- Hnlnfmlf Emrcauir neece ujnu—Ujc iwmlmil ib ujc MHB• mq qumdd ujnu }snl mq cr} hsaj slecrndsce,‘>1

Ujc hiumnumilq bir diefmlf aihwdnmluq noisu ujc czajnlfc rnuc nle bir rcqmqumlf ujiqcaihwdnmluq nrc neercqqce ml ujc lczu qcaumil, Vc anl ajnrnaucrm{c ujc czwcrmclac ib ujc}snl(eiddnr czajnlfc rnuc nq jnmlf uvi qwcceq; bsdd quiw$ nle n qucne} 2#nwwrcamnumil, Bsdd quiw nwwdmce slumd ujc qshhcr ib ?773$ nle ujcl nfnml brih hme(?77:ui hme(?7>7, Brih ?773 ‑?77: nle ?7>7 ui wrcqclu$ 2# nwwrcamnumil vnq ml birac, Nleujc W_A”q hnaricailihma mhondnlacq frcv ndd ujc vjmdc,

1, HIUMRCQ NLE WIDMUMAQ

Ujc wrcmisq qcaumil rcmcvce ujc cailihma rcaire, Ujmq qcaumil ecdcq mlui ujc widmumandbiracq ujnu vcrc qumrrce o} ujnu rcaire nle ujc nrfshcluq ujnu hiumnuce ujc emwdihnuma

clecnisrq ujnu nrc emqasqqce ml ujc qcaumil ujnu biddivq, Fmcl ujc mhwirunlac ibwcracwumilq$ ujmq qcaumil nuuchwuq ui ecqarmoc liu ild} ujc mhwirunlac ib nausnd biracq mlujc econuc$ osu ujc wcracwumilq ib ujiqc biracq nq qccl nariqq ujc Wnambma,

1,> Biracq ermmlf ujc SQ econuc

Ml ujc SQ$ ujc asrrcla} econuc ml ujc vn`c ib ujc fdiond bmlnlamnd armqmq mq liu ujc qnhcnq ujc asrrcla} econuc ib ?771, Ujmq mq n emqumlaumil ujnu jnq ibucl occl diqu il ibbmamndAjmlcqc ioqcrcrq, Vjmdc nrfshcluq ujnu vcrc wrcndclu ml ?771 wcrqmqu$ ujc aindmumil ibarmumaq jnq frivl nle lcv$ ~sndmunumcd} embbcrclu nrfshcluq jnc occl neece ui ujcemqasqqmil,

Nu ujc airc ib ujiqc vmuj n lcfnumc mcv ib ujc mhwnau ib urnec vmuj ujc W_A nle ujchnaricailihma mhondnlacq ujnu jnc ajnrnaucrm{ce mu dmcq ujc Nhcrmanl slmilhichclu, Irfnlm{ce dnoir ml ujc SQ jne n lcfnumc mcv ib urnec vmuj ujc W_A ml?771 nle ujnu mcv jnq ild} qurclfujclce qmlac, Ui qihc czuclu$ ujmq rcbdcauq n lcfnumc

>>Virde Onl` *?7>7-,

>?Ajnbbml nle Ocnuumc *?7>7-,

>1 Vndd Qurccu Kisrlnd $ MHB Qurnsqq(@njl; Ajmln&q Asrrcla} Mq Slecrndsce, >6 Hnraj ?7>7,




>3

mcv ib mlucrlnumilnd urnec ml fclcrnd, Urnec vmuj eccdiwmlf aislurmcq mq jcdercqwilqmodc$ o} qihc$ bir ujc ecadmlc ml hnlsbnausrmlf qcauir chwdi}hclu ml ujc SQ,Ujc W_A mq ujc wrmhc unrfcu ib ujmq vrnuj$ ml wnru ocansqc ib muq eihmlnlac ml ujc qswwd}ib ailqshcr fiieq,>5

Ujmq mcvwimlu$ vjmdc qurilfd} jcde o} irfnlm{ce dnoir$ mq liu slm~sc ui ujnu frisw,

Nhcrmanlq vji ajca` ujc irmfml ib ujcmr ui}q ir cdcaurilmaq nu ujc diand Vnd(Hnru nrcdm`cd} ui qcc —Hnec ml Ajmln,‘ Mu mq liu jnre bir ujch ui ocdmcc ujnu ujmq mq vjcrc ndd ujcvcdd(wnme slmil kioq jnc filc, Ujc} nrc sldm`cd} ui ujml` hsaj noisu ndsc neece$aislur} ib irmfml$ ir ujc rcqjsbbdmlf ib wriesaumil ujrisfj nl mlucfrnuce Cnqu Nqmnl qswwd}ajnml,

Ui slecrqunle ujmq mcv nle ui wsu mu ml orinecr ailuczu$ mu mq viruj rcmcvmlf ujc ridc ibhnlsbnausrmlf ml ujc SQ cailih}$ nq ecwmauce ml Bmfsrc =, Ml oiuj dccdq nle nq nwcraclunfc ib uiund chwdi}hclu$ hnlsbnausrmlf jnq wrimece n ecadmlmlf qjnrc ibNhcrmanl kioq qmlac >=6=, Ujmq jnq occl wribisled} slqcuudmlf bir nl clumrc adnqq ibNhcrmanl vir`crq, Vjcrcnq hnlsbnausrmlf kioq ilac aisde oc rcdmce swil nq n risuc uin hmeedc adnqq dmbcqu}dc vmuj hmlmhnd cesanumilnd rc~smrchcluq$ ujiqc kioq qcch ui jncoccl er}mlf sw nle ujc cesanumilnd rc~smrchcluq ib ujiqc ujnu rchnml jnc occl

mlarcnqmlf, Ujcrc nrc n lshocr ib czwdnlnumilq bir ujmq urcle$ hiqu liunod} qjmbuq mlucajlidif} ujnu jnc wdnace nl ccr jmfjcr wrchmsh il q`mddq *qcc Fideml nle @nu{?7>7-, Bmfsrc = ndqi qjivq ujnu ujc urcle dilf wrcenucq ujc W_A”q chcrfclac nq nurnemlf wivcr, ]cu ujcrc mq n wivcrbsd uchwunumil ui nuurmosuc ujc qjmbu ui mhwiruq ibmlczwclqmc hnlsbnausrcq brih ujc W_A, Ujiqc mhwiruq jnc occl jcnmd} ailaclurnuceml mlczwclqmc ailqshcr lil(esrnodcq$ vjmaj nrc ujc fiieq ujnu Nhcrmanl ailqshcrqwsrajnqc hiqu brc~sclud} *ndhiqu o} ecbmlmumil-, Ujc slecrd}mlf wrcqshwumil mq ujnu mb ujcfiieq vcrc liu hnec ml ujc W_A$ ujc} visde oc hnlsbnausrce ml ujc SQ,>3

>5

Mlucrcqumlfd}$ ujcrc mq n frivmlf econuc nhilf eccdiwmlf aislurmcq noisu asrrcla} ndsnumilq, Vjcrcnqujc W_A”q hnlsbnausrmlf wriesau hmz anl oc ~smuc embbcrclu brih ujnu ib ujc SQ$ mu wiqcq n hirc emrcauajnddclfc ui aislurmcq dm`c Hczmai nle Orn{md,

>3Ujmq wrcqshwumil vnq hnec czwdmamu ml nl NBD(AMI bmdmlf bir n Qcaumil 17> anqc nfnmlqu ujc W_A$ biasqmlfil muq js`is dnoir rcqurmaumilq ml ?773, Ujc hiecd ailunmlce ild} uvi aislurmcq,




>2

Bmfsrc =; Uiund SQ Hnlsbnausrmlf Chwdi}hclu nq n Wcraclunfc ib UiundChwdi}hclu$ >=6=‑?7>7

6#

=#

>>#

>1#

>3#

>6#

>=#

?>#

>=6= >=:5 >=:= >==5 >=== ?775 ?77=

U i u n d h n l s b n a u s r m l f c h w d i } h c l u * m l h m d d m i

l q -

Qisrac; Osrcns ib Dnoir Qunumqumaq,

Adiqcd} rcdnuce ui ujc ailacrl ujnu Nhcrmanl hnlsbnausrmlf kioq jnc ecanhwce ui ujcW_A mq ujc wcracwumil ujnu bisd wdn} vnq mlidce, Ujcrc mq n wcrnqmc ailacrl ujnu ujcW_A jnq liu ndvn}q wdn}ce o} ujc rsdcq, Ujc nrfshclu mq ujnu W_A aihwcumuirq

qsaaccece ocansqc ujc} rcacmce qsoqmemcq$ ir vcrc qjcducrce brih aihwcumumil$ irvcrc nodc ui un`c nenlunfc ib ujc mlucddcausnd wriwcru} ib iujcrq, Ujc rcdcnlu vcoqmucib ujc Nddmnlac bir Nhcrmanl Hnlsbnausrmlf$ n mfirisq irfnlm{numil armumand ib ujc W_A”qwidmamcq$ ficq slecr ujc rsorma —Ajmln Ajcnuq,‘ Ujcrc mq n ecfrcc ib slbnmrlcqq ui ujmqarmum~sc, Ujc —rsdcq‘ nrc liu ndvn}q birhndd} ecbmlce$ lir mlucrlnumilndd} nfrcce swil,Lilcujcdcqq$ ujc wcracwumil nle ujc naasqnumilq czmqu,

Ujc ailacrlq noic nrc ujc hiqu dilf(qunlemlf nle eccwd} jcde ermmlf ujc Nhcrmanleconuc, Ujc} nrc ndqi ujc hiqu rcnemd} aislucrce vmuj naacwuce cailihma nrfshcluq,Ujcqc qclumhcluq eihmlnuce ujc econuc slumd ?773, Nu ujnu umhc$ nliujcr dmlc ib armum~sciwclce vmuj ujcl(Bce Ficrlir Ocl Ocrlnl`c”q ujcqmq noisu n fdiond qnmlfq fdsu*Ocrlnl`c ?773-, Ocrlnl`c nuurmosuce frivmlf asrrclu naaislu qsrwdsqcq ml Nqmn ml wnruui n rcnaumil ui ujc Nqmnl bmlnlamnd armqmq nle ml wnru ui widmamcq ib czwiru(dce frivuj, Jmqaclurnd ujchc vnq ujnu Nqmnl qsrwdsqcq vcrc ujc czifclisq qwsr ermmlf ujc rcnaumil mlujc eccdiwce virde;

—Ujc asrrclu naaislu wiqmumilq ib ujc mlesqurmnd aislurmcq neksquce cleifclisqd} uiujcqc ajnlfcq ml bmlnlamnd hnr`cu ailemumilq, M vmdd biasq jcrc il ujc anqc ib ujcSlmuce Qunucq$ vjmaj oirc ujc osd` ib ujc neksquhclu, Brih ujc urnec wcrqwcaumc$jmfjcr quia`(hnr`cu vcnduj mlarcnqce ujc vmddmlflcqq ib S,Q, ailqshcrq ui qwcleil fiieq nle qcrmacq$ mladsemlf dnrfc ~snlumumcq ib mhwiruq$ vjmdc ujc qurilf eiddnr

http://www.americanmanufacturing.org/issues/china-cheats/

http://www.americanmanufacturing.org/issues/china-cheats/




>6

hnec S,Q, mhwiruq ajcnw *ml ucrhq ib eiddnrq- nle czwiruq czwclqmc *ml ucrhq ibbircmfl asrrclamcq-$ arcnumlf n rmqmlf urnec mhondnlac,‘

Ujmq nlnd}qmq vnq wsu birvnre nu n umhc ib qsoqunlumnd ailacrl noisu frivmlf SQ asrrclunaaislu ecbmamuq$ osu n umhc ib rcdnumc cailihma wriqwcrmu}, Mu vnq rcmqmuce vmuj hsajfrcnucr nuuclumil ml ujc vn`c ib ujc fdiond bmlnlamnd armqmq n aiswdc }cnrq dnucr$ vjcl ujc

qcnraj ocfnl bir asdwrmuq ocjmle ujc osoodcq ujnu jne osrqu qi wnmlbsdd}, Ib aisrqc$Ocrlnl`c”q nqaclqmil ui ujc ajnmrhnlqjmw ib ujc Bcecrnd _cqcrc ndqi jcdwce ernv ujcqwiudmfju,

Mb ujc fdiond qnmlfq fdsu j}wiujcqmq wdnace wnrumnd odnhc bir ujc ilqcu ib ujc armqmq ilhnaricailihma mhondnlacq chnlnumlf brih Nqmn$ dm~smemu} urnw ujcirm{mlf ml ujc vn`c ibujc armqmq czwdmamud} odnhce ujc W_A bir ansqmlf Nhcrmanl kio diqq, Qihc wrihmlclu nlercqwcauce imacq$ qsaj nq Wnsd @rsfhnl ib Wrmlacuil nle Brce Ocrfqucl ib ujcWcucrqil Mlqumusuc$ jnc occl jmfjd} armumand ib ujc W_A”q czajnlfc rnuc wrnaumacq,@rsfhnl vriuc ml ?77=;

—_mfju liv vc”rc ml n dm~smemu} urnw$ vjmaj• hcnlq ujnu vc jnc nl mlamwmclu czacqqqswwd} ib qnmlfq ccl nu n {cri mlucrcqu rnuc, •Ml ujmq qmusnumil$ Nhcrman jnq uiidnrfc n qswwd} ib ecqmrce qnmlfq, Mb ujc Ajmlcqc qwcle hirc nle qnc dcqq$ ujnu”q nfiie ujmlf brih isr wimlu ib mcv, Ui wsu mu nliujcr vn}$ vc”rc bnamlf n fdiondwnrneiz ib ujrmbu$ nle ccr}ilc vmqjcq ccr}ilc cdqc visde qnc dcqq,‘>2

Ml ujmq qaclnrmi$ @rsfhnl nle Ocrfqucl nrfsce ujnu n bsdd rcndsnumil ib ujc W_A”qasrrcla} *wcrjnwq o} ?3 ui 57#- aisde oiiqu echnle bir ujc rcqu ib ujc virde”q czwiruq$asu ujc SQ urnec ecbmamu$ nle czwnle SQ chwdi}hclu,

>6

Ujmq lcv dmlc ib ujisfju meclumbmce n aclurnd hnaricailihma ajnddclfc nq czacqqmcfdiond qnmlfq, Ujmq anl ild} oc rchcemce mb hnkir ecbmamu aislurmcq oirriv hirc―wriodchnuma ocansqc ib ecou naashsdnumil―ir mb qsrwdsq aislurmcq qnc dcqq, Liu ild} mqujc W_A qccl nq n hnkir qsrwdsq lnumil$ osu muq rcandamurnlac il asrrcla} nwwrcamnumiljnq hnec mu embbmasdu bir iujcr lnumilq ml Nqmn nle cdqcvjcrc ui slecrun`c neksquhclu, Mlujc @rsfhnl)Ocrfqucl qajiid ib ujisfju$ ujcqc nrc chwjnumandd} liu eihcquma mqqscq *mlailurnqu ui ujc emhmlmqjce hnlsbnausrmlf qcauir ailacrl-, Asrrcla} widmamcq nrc mlucfrndui cmujcr wrcclumlf ir bnamdmunumlf fdiond neksquhclu nle ujcrc nrc rcnd dmhmuq ui vjnu anloc eilc vmujisu neercqqmlf ujcqc czucrlnd mhondnlacq, Ujsq$ ujc} nrfsce ujnu ujc }snlvnq qmflmbmanlud} slecrndsce nle ujnu ujmq slecrndsnumil jne nl mhwirunlu lcfnumccbbcau il ujc SQ,

Ccl mb ujc W_A”q widmamcq ei liujsru ml lirhnd umhcq vjcl vc nrc cnfcr bir ajcnw dinlq$ ujc nrfshclu vclu$ ujc} crcjsrumlf ml armqmq,

Ujmq mcv vnq liu slmcrqndd} qjnrce, Ujcrc vnq nliujcr qajiid ib ujisfju ujnu jidequjnu ujc W_A”q asrrcla} mq slecrndsce$ osu ujnu ujc slecrndsnumil”q cbbcau il ujc SQ mqdcqq adcnr,>:

>2

@rsfhnl *?77=-,

Ujmq hirc ansumisq frisw ib nlnd}quq na`livdcefce ujc wriodchnuma ridc ibn wcrqmquclud} hmqndsce hnkir asrrcla}$ osu wdnacq hirc chwjnqmq il ujc cailihma

bnauirq oc}ile czajnlfc rnucq ujnu anl nbbcau urnec ondnlacq nle il ujc dm`cd} ridc ibiujcr rcdnumcd} div(vnfc lnumilq ml wiuclumndd} rcwdnamlf ujc W_A”q czwiruq ui ujc SQ mlujc cclu ib n hnkir rcndsnumil,

>6Ema`qil$ E, ?7>7, Ajmln”q }snl ndsc jmuq S,Q, cailih}$ uvi czwcruq qn}, Vnqjmlfuil Umhcq $ >3 Hnraj>3$ ?7>7,

>:Qcc$ bir cznhwdc$ Bnmr *?7>7-,




>:

Oiuj friswq ib cailihma nlnd}quq nfrcce ujnu ujc slecrndsce }snl vnq wiir widma}brih ujc W_A”q wcrqwcaumc nle ujnu ujc fdiond cailihma q}quch mq mhwnmrce vjclasrrclamcq anlliu rcqwile ui hnr`cu biracq, Ujc embbcrclac dmcq ml ujcmr nqqcqqhclu ibujc mhwdmanumilq bir ujc SQ cailih},

N bmlnd ailqumuscla} ujnu jnq jne nl mhwirunlu ajnlfc ml nwwrinaj icr ujc wnqu ecanec

mq ujc osqmlcqq dioo}, Jcrc ilc anl ujml` ib friswq dm`c ujc SQ Ajnhocr ib Aihhcrac,Ml ujc wnqu$ qsaj friswq jnc wsodmad} armumam{ce wdnlq bir nffrcqqmc urnec naumilqnfnmlqu ujc W_A, Ujc} rchnml armumand ib qihc rcaclu wriwiqndq$ osu ujcmr clujsqmnqhjnq qmflmbmanlud} emhmlmqjce, Ml dmfju ib ujcmr ailacrlq noisu iujcr ujc W_A”q cailihmawidmamcq―mlemfclisq mllinumil nle mlucddcausnd wriwcru} wriucaumil$ hnr`cu naacqqailacrlq$ ficrlhclu wriasrchclu$ nle ujc mlcquhclu clmrilhclu―ujc} jnc dmuudcnwwcumuc bir un`mlf il ujc ujnl`dcqq ridc ib ecbclemlf ujc W_A ml jcnuce econucq,

Ui qsh sw$ nq ujc lnusrc nle hnflmusec ib ujc W_A”q hnaricailihma mhondnlacqcidce icr umhc$ qi eme ujc lnusrc ib nrfshcluq vmujml ujc SQ icr ujc mhwnau ib ujiqcmhondnlacq, Ujmq cidsumil vnq liu ndvn}q rcnemd} nwwnrclu$ ml wnru ocansqc ujc mlmumndnrfshcluq odnhmlf ujc W_A bir SQ hnlsbnausrmlf kio diqq nle ajcnumlf$ wcrqmqucercdnumcd} slnducrce ujrisfjisu ujc wcrmie, Ujc aindmumil ib armumaq frcv mhwirunlud}$

jivccr$ vjcl ujmq rcdnumcd} bnamdc nlnd}qmq vnq ona`ce o} n hirc qiwjmqumanuce armum~scujnu jcde ujc W_A rcqwilqmodc bir emquirumlf ujc SQ cailih} ml ujc dcne sw ui cailihmaarmqmq nle ujcl bir mhwcemlf neksquhclu ml ujc armqmq” nbucrhnuj,

1,? Ml ujc W_A

Mu mq mljcrclud} hirc embbmasdu ui ajnrnaucrm{c ujc lnusrc ib widmumand econucq nle hiumcqvmujml ujc W_A ujnl vmujml ujc SQ$ fmcl ujc rcdnumc iwnamu} ib widmumand wriacqqcq ml ujcW_A”q q}quch, Lilcujcdcqq$ ujcrc nrc n lshocr ib ujchcq ujnu jnc chcrfce brih ujcW_A”q qunuchcluq nle wrnaumacq,

N bmrqu qsaj ujchc mq ujc wrmlamwdc ib lilmlucrbcrclac, Ujc W_A”q dcnecrq jnc

rcwcnuced} wsu ujmq birvnre nq n ujchc ib ujc W_A”q bircmfl widma}, Ml wnru$ mu qcrcq nqnl cznhwdc ib —eimlf slui iujcrq nq }is visde jnc ujch ei slui }is,‘ Vjmdc ujcwrmlamwdc sqsndd} nwwdmcq ui ~scqumilq ib qcc`mlf ficrlnlac ajnlfcq ml iujcr aislurmcq$mu anl oc czuclece nrfshcluq ujnu ujc W_A qjisde oc brcc ui wsrqsc vjnuccr cailihmawrnaumacq mu ajiiqcq, Ujmq adnmh anl ocaihc nv`vnre vjcl mu mq czuclece ui adnmhq ujnuujc W_A”q czajnlfc rnuc mq n wsrcd} mlucrlnd hnuucr, Ujc czwcaunumil ujnu ujc W_Aqjisde oc dcbu ndilc ui wsrqsc muq wriodchq hn} ndqi rcbdcau ujc aislur}”q rcaclu wnqu nqn rcdnumcd} qhndd wdn}cr ml fdiond cailihma nbbnmrq$ ilc ujnu vnq qhndd clisfj ui cqanwcliumac, Ujmq nwwrinaj jnq ocaihc mlarcnqmlfd} sluclnodc nbucr ujc W_A”q ecanecq ibcailihma frivuj,

N qcaile ujchc mq ujc mhwirunlac ib cailihma wcrbirhnlac, Nq mecidif} jnq rcacecenq n fsmemlf birac ml ujc W_A”q widmumaq$ ujc dcfmumhna} ujnu aihcq brih hislumlf

wriqwcrmu} nle wicru} nddcmnumil jnq wnrumndd} un`cl muq wdnac, Ujmq mhwiqcq qcrmisqwrcqqsrcq il ujc W_A”q dcnecrq, N wrmlamwnd czwdnlnumil bir ujc W_A”q rcdsaunlac uinwwrcamnuc muq asrrcla} mq ujc bcnr ib ujc cailihma emqdianumil ujnu aisde clqsc, UjcW_A”q ficrlhclu jnq ailesauce qusemcq ujnu rcwiruced} qjiv qsoqunlumnd kio diqqcqujnu visde bdiv brih ccl hiecqu asrrcla} nwwrcamnumil, Ujc W_A”q czwiru qcauir mqrcwdcuc vmuj div(hnrfml osqmlcqqcq ujnu nrc cr} qclqmumc ui wrmac qjmbuq, Nq czajnlfcrnuc neksquhclu jnq occl wiquwilce$ ujc czwirucr qcauir jnq qucnemd} frivl$ rnmqmlf ujcwiuclumnd neksquhclu aiquq,




>=

Ujc mhwcrnumc ui ecdmcr cailihma wcrbirhnlac ml ujc W_A asuq oiuj vn}q$ jivccr,Ujc W_A”q slecrndsce czajnlfc rnuc wiqcq qcrmisq embbmasdumcq bir ailuriddmlf ujcW_A”q hilc} qswwd} nle$ ml usrl$ mlbdnumil, Ujc czajnlfc rnuc mq liu ujc ild} ermcr ibmlbdnumil0 ujc W_A”q wiqu(armqmq qumhsdsq vnq mhwirunlu nq vcdd, Osu ujc czajnlfc rnuchn`cq hilcunr} ailurid hirc embbmasdu nle mhwiruq hirc czwclqmc, Nwwrcamnumil ib }snlvisde emrcaud} asu mlui mhwiru aiquq$ vjmaj mq wnrumasdnrd} mhwirunlu bir nl cailih} ujnu

nqqchodcq bircmfl mlwsuq nle mq jcnmd} ecwcleclu il fcuumlf lnusrnd rcqisracq brihnorine,

Ujmq ujrcnu mq un`cl qcrmisqd} ml ujc W_A, Ujc dcnecrqjmw jnq n dilfqunlemlf bcnr ibmlbdnumil ocansqc ib ujc wsodma slrcqu mu anl ansqc, Qihc nlnd}quq jnc ecqarmoce nosrqu ib mlbdnumil nq ilc ailurmosumlf ansqc ib ujc Umnlnlhcl slrcqu ml >=:=,>=

Ujc Knwnlcqc cailihmqu Un`nuiqjm Mui nrfsce ujnu ujc W_A widma} mq asdumnumlf n rcndcqunuc osoodc ui aihwnrc vmuj ujnu ib Knwnl ocbirc muq osqu ml ujc >==7q, Jc vrmucq;

—Ujc PAjmlcqcX aclurnd onl` mq• jcqmunumlf ui un`c sw ujc ocqu widma} ( mlucrcqu rnucjm`cq nle nwwrcamnumil ib ujc Ajmlcqc rclhmlom, Ujc wriwcru} osoodc mq n adcnr qmflib icrjcnumlf, Ajmln”q rcwiruce mlbdnumil rnuc eicq liu qjiv rnhwnlu mlbdnumil$ osuujnu vnq ndqi ujc anqc ml Knwnl ml ujc >=:7q, Mb ujc rclhmlom mq nwwrcamnuce$ nl}icrjcnumlf ib Ajmln&q czwiru qcauirq vmdd oc qdivce$ vjmdc qunlenreq ib dmmlf vmddmhwric vmuj jmfjcr wsrajnqmlf wivcr,‘?7

Ujc W_A”q ibbmamndq nrc nvnrc ib ujc enlfcrq ib mlbdnumil$ ib ujc slhcu eihcquma lcceq$nle ib ujc wiuclumnd bir anwmund diqqcq, Ujc aislucrondnlamlf bcnr mq ujnu nwwrcamnumilaisde dcne ui qmflmbmanlu slchwdi}hclu nu n umhc vjcl fdiond echnle bir ujc W_Aczwiruq bcdd,

N ujmre ujchc mq lnumilnd wrmec, N brc~sclu ujchc ml emqasqqmilq ib ujc W_A”q bircmflwidma} mq rcercqq bir wnqu jshmdmnumilq nu bircmfl jnleq, Ujcqc frmcnlacq hn} ocqwcambma$ nq vmuj ujc W_A”q vnr vmuj Knwnl$ ir ujc} hn} rcdnuc hirc fclcrndd} ui ujc—aclusr} ib jshmdmnumil‘ enumlf ona` ui ujc iwmsh vnrq ib ujc hme(>=uj

Ujc wrnaumand mhwdmanumil ib ujc W_A”q lnumilndmqh ml ujmq ailuczu mq ujnu ujcrc mq nqclqmummu} ui qdmfjuq il ujc mlucrlnumilnd qunfc, Vjmdc rcqurmaumilq il ujc brcceih ibml~smr} ml ujc W_A hn`c mu cr} embbmasdu ui hn`c nl iokcaumc nqqcqqhclu ib wsodmaiwmlmil$ ujcrc mq cmeclac ujnu lnumilndmqu qclumhclu mq liu clumrcd} slecr ficrlhcluailurid, Ficrlhclu ibbmamndq ujsq hn} bccd ailqurnmlce ml ujcmr naumilq nle hn} wdn} uiujmq qclumhclu,

aclusr}―nl cnrdmcrnuuchwu ui iwcl ujc W_A ui urnec,

Dnqu }cnr$ n Lcv ]ir` Umhcq rcwirucr ml Ocmkmlf ecqarmoce ujc e}lnhma;

—Nbucr ecanecq ib aihwnrnumcd} ~smcu emwdihna}$ Ajmln jnq un`cl mlarcnqmlfd}hsqasdnr qunlacq ml ujc wnqu }cnr il rcdnumilq vmuj ujc Slmuce Qunucq nle il fdiondcailihma nle clmrilhclund hnuucrq, Hnl} nlnd}quq qn} ujc qjmbu mq esc liu ild} ui

Ajmln”q qseecl nrrmnd nq n fdiond cailihma wivcr nbucr ujc bmlnlamnd armqmq$ osu ndqiui eihcquma widmumand mqqscq,

Ujc rsdmlf Ajmlcqc Aihhslmqu Wnru} vmdd qcdcau qsaacqqirq ui Wrcqmeclu Js Kmluninle Wrmhc Hmlmqucr Vcl Kmnoni ml ?7>?, Ml ujc kia`c}mlf ui ajiiqc lcv dcnecrq$

>=Qcc$ bir cznhwdc$ @cmecd *?776-,

?7Mui *?7>7-,




?7

qihc nlnd}quq qn}$ ujcrc mq qanlu mlaclumc ui un`c wiqmumilq ujnu rmndq aisdearmumam{c nq vcn`,‘?>

Ml ujc ailuczu ib ujc W_A”q asrrcla} nwwrcamnumil$ ujc W_A”q dcnecrq visde dm`cd}ailqmecr liu ild} ujc cailihma mhwdmanumilq$ osu ujc eihcquma widmumand rcwcrasqqmilq ibna~smcqamlf ui bircmfl ujrcnuq ir echnleq, Brih ujc dcnecrqjmw”q wcrqwcaumc$ ujc virqu

wiqqmodc isuaihc visde oc n widma} ailacqqmil ujnu aihomlce cailihma usrhimd vmuj ndiqq ib bnac brih arshodmlf slecr Vcqucrl wrcqqsrc,

1,1 Cnaj qmecq hmqslecrqunleq ujc iujcr

Nq n bmlnd liuc il ujc hiumnumilq ib ujc SQ nle ujc W_A$ mu mq viruj ioqcrmlf ujnu ujchsdumwdmamu} ib hiumnumilq ermmlf cnaj wnru} ml ujcmr cailihma emwdihna} jnq liu occlvcdd slecrquiie o} ujc iujcr qmec, Vjmdc cnaj qmec jnq lcfiumnuirq nle czwcruq vji nrcvcdd crqce ml ujc qsoudcumcq ib biracq ocjmle ujcmr aislucrwnruq” nrfshcluq$ ujmqslecrqunlemlf jnq liu occl orined} qjnrce, Ujmq jnq rcqsduce ml mlqunlacq ml vjmajwiwsdnr wcracwumilq jnc ujrcnuclce ui ermc ujc econuc ml ailuclumisq nle slbiruslnucemrcaumilq, Ujc qucrciu}wcq―ujnu ujc W_A mq qmhwd} wsrqsmlf hcranlumdmqu dsarc nq n

hcnlq ib bsrujcrmlf muq mlemqwsunodc wriqwcrmu} nle mlbdsclac0 ir ujnu ujc SQ mq qmhwd}sqmlf ujc W_A nq n qanwcfinu bir eihcquma widmumand nle cailihma wriodchq ml muqhnlsbnausrmlf qcauir―ucle ui wsqj uivnre ailbdmau,

5, EMWDIHNUMA CBBI_UQ

Ujmq qcaumil jnq uvi emqumlau wnruq, Ujc bmrqu mlesdfcq ml n hiemash ib birhndmu} uimddsqurnuc ujc ajimacq bnamlf ujc SQ ml muq cailihma emwdihna}, Ujc qcaile wnruajnrnaucrm{cq ujc lnusrc ib omdnucrnd cailihma emwdihna} ocuvccl ujc SQ nle ujc W_Aicr ujc ecanec$ chwjnqm{mlf ujc ailqmecrnumilq eccdiwce ml ujc ujcircumand qcaumil,Ujcqc ailqmecrnumilq mladsec ujc iwwiruslmu} aiquq ib emwdihnuma rc~scquq$ ujcvmddmlflcqq ib n lcfiumnumlf aislucrwnru} ui aihwd}$ nle ujc wn}ibb ui aihwdmnlac vjcl mumq najmcce,

5,> Iwwiruslmu} Aiqu ib wrmirmum{mlf asrrcla}

Nu ilc dccd$ ujc cailihma emwdihna} ocuvccl ujc SQ nle ujc W_A ml rcaclu }cnrq anlnwwcnr rnujcr qmhwdc, Ujc SQ ficrlhclu ailqmquclud} anddce bir ujc W_A ui nwwrcamnucmuq asrrcla} nfnmlqu ujc SQ eiddnr, Ujmq vnq liu ujc ild} hnuucr ib cailihma ailacrlrnmqce o} SQ lcfiumnuirq$ osu mu quiie vcdd noic ujc rcqu, Ujnu qcchce ui ibbcr nairrcqwilemlfd} qmhwdc hcurma ui ksefc ujc qsaacqq ib ujc emwdihna}; _nwme nwwrcamnumilib ujc }snl visde mlemanuc qsaacqq0 qdiv nwwrcamnumil ir qunflnumil ml ujc czajnlfc rnucvisde mlemanuc bnmdsrc,

Ml bnau$ ujmq mlucrwdn} vnq wnru ib n orinecr fnhc ml vjmaj qurnucfma ajimacq vcrc hnecmhwdmamud} ir czwdmamud}, Nq n ecmac bir qirumlf isu ujiqc orinecr ajimacq$ vc wrcqclu nqmhwdc hiecd ib ujc lcfiumnumilq$ qunrumlf brih nl czaccemlfd} arsec ecwmaumil ib ujclcfiumnumlf fnhc nle ujcl neemlf dn}crq ib aihwdczmu}, Ujc wimlu mq liu ui wric nujcirch$ osu rnujcr ui wrimec n brnhcvir` bir ailacwusndm{mlf rcaclu czwcrmclac$ vjmajmq emqasqqce ml ujc qcaumil ujnu biddivq,

?>Vmlcq *?7>7-,




?>

5,>,> Qmhwdc Iwwiruslmu} Aiqu

Ui ocfml$ ailqmecr n qcuumlf vmuj uvi wdn}crq$ ujc SQ nle ujc W_A, Ujc SQ mqechnlecsr$ ujc W_A mq echnlecc, Vc vmdd nqqshc ujnu ujcrc nrc uvi emhclqmilq mlvjmaj ujc W_A anl nau, Mu anl neksqu widmamcq $ w$ ir muq czajnlfc rnuc $ z,?? Vc vmddnqqshc bir ujc hihclu ujnu ujc neksquhclu mq brih ujc mlmumnd dccd *wi ir zi- ui ujc dccd

ujnu visde oc mecnd bir ujc SQ * -$ vjcrc ujc mecnd dccd mq nrfhnz V$ vmuj ujc iujcrnrmnodc jcde ailqunlu nu muq mlmumnd dccd,

Ui ainz ujc W_A”q naumil$ ujc SQ hsqu czwcle emwdihnuma cbbiru, Vc vmdd nqqshc ujnuujc SQ iokcaumc bslaumil anl oc ecwmauce nq;

V*w$z- ‑ c *>-

vjcrc vc ecbmlc w nle z qsaj ujnu

Ujsq$ ujcrc mq n vcdbnrc wn}ibb ui ujc W_A”q naumilq, Ujc ild} naumil ml ujmq mlmumnd crqmilmq ujnu ujc SQ hsqu ajiiqc vjcujcr ui czwcle muq cbbiru rc~scqumlf w ir rc~scqumlf z0 muanlliu ei oiuj, ?1 Ujsq$ ujc ficrlhclu hnzmhm{c muq vcdbnrc *nqqshce c~smndclu uilnumilnd vcdbnrc- o} ajiiqmlf;

*?-

Hirnd !>; Ujcrc mq nl iwwiruslmu} aiqu ui ujc wsrqsmu ib ilc qcu ib widma} iokcaumcq icrnliujcr,

5,>,? Aihwdmnlac

Lczu$ vc clrmaj ujc hiecd qdmfjud} o} mhwiqmlf ailqurnmluq il ujc W_A”q vmddmlflcqq ui

rcqwile ui SQ emwdihnuma cbbiruq, Vc liv nqqshc ujnu SQ cbbiruq$ $ cdmamu

airrcqwilemlf ujc W_A”q rcqwilqcq vjcrc , Ujmq mq n arsec birh ib n

rcnaumil bslaumil, Mlqucne ib wma`mlf icr ujc clumrc rnlfc ib ndscq ib ujc unrfcu

nrmnodcq$ ujc SQ ficrlhclu mq ibbcrce n dmhmuce hcls, Liv ujc SQ ficrlhclu”q

??

Ui oc hirc ailarcuc$ bir —widmamcq‘ ilc aisde ujml` ib mlcquhclu rcqurmaumilq$ oirecr onrrmcrq$ mlucddcausndwriwcru} rmfjuq clbirachclu$ ir ficrlhclu wriasrchclu widmamcq,?1

Ndujisfj ml ujcir} ilc aisde mhnfmlc n hmzce qurnucf} ml vjmaj emwdihnuma cbbiru mq nwwirumilce ocuvcclujc uvi iokcaumcq$ ml wrnaumac ujcrc ucleq ui oc n wrmlamwdc —nq`‘ vjmaj mq meclumbmce nq n uiw wrmirmu}, Muaisde oc mlucrcqumlf ui ailqmecr vj} ujmq mq$ ujisfj ujnu ~scqumil mq liu wsrqsce ml ujmq wnwcr, Ilcwiqqmomdmu} hmfju mlidc ujc mhwcrnumcq ib jcnedmlc vrmucrq$ vji lcce ui meclumb} ujc hiqu mhwirunlunqwcau ib vjnu jnq jnwwclce$ nle vji qcrc ui qjnwc wsodma iwmlmil noisu ujc qsaacqq ir bnmdsrc ib ujcemwdihnuma nuuchwu,Ndujisfj ujc emqasqqmil mq qmhwdmbmce o} biramlf n emqarcuc ajimac ocuvccl ujc uvi u}wcq ib emwdihnumacbbiru$ ujc dcqqilq anrr} ujrisfj qi dilf nq ujcrc mq n dmhmuce nhislu ib cbbiru ujc ficrlhclu anl czwclenle mu mq emmece ocuvccl ujc qcu ib emwdihnuma iwumilq,




??

iwumhnd qurnucf} brih *?- ocaihcq;

*1-

Ujmq mq slrchnr`nodc$ czacwu ujnu mu mq liv wiqqmodc ujnu ujc SQ ficrlhclu vmddiwumhndd} ajiiqc ui biasq il widmamcq$ w$ ccl vjcl nl mecnd hic il asrrcla} visdejnc n frcnucr cbbcau il lnumilnd vcdbnrc *m,c,$ ajiiqc c w ccl ujisfj

-,

Hirnd !?; Ujc iwumhnd qurnucf} ecwcleq liu ild} il ujc wiuclumnd cailihma mhwnau ibujc widmamcq ml ~scqumil$ osu il ujc rcqwilqmclcqq ib ujc lcfiumnumlf aislucrwnru} uiemwdihnuma cbbiruq,

5,>,1 Widmumand Cailih} Iokcaumc Bslaumil

Lczu$ vc ailqmecr n hirc fclcrnd iokcaumc bslaumil bir ujc ficrlhclu,

*5-

vjcrc m mleczcq widmumandd} mhwirunlu friswq vmujml ujc SQ$ v m*w$z- rcwrcqcluq cnaj

frisw”q ndsnumil ib ujc unrfcu nrmnodcq$ nle M mq ujc vcmfju nuunajce ui ujnu frisw,Liuc ujnu mb ndd qsaj vcmfjuq nrc {cri$ ujmq rcesacq ui *>-,?5

Slecr ujcqc nqqshwumilq$ mu mq liv wiqqmodc ujnu ujc SQ ficrlhclu vmdd iwumhndd}ajiiqc ui biasq il asrrcla}$ z$ ccl vjcl ujc najmcnodc lnumilnd vcdbnrc wn}ibb ui nbiasq il widmamcq visde jnc occl frcnucr *m,c,$ ajiiqc c

z ccl ujisfj-,

Hirnd !1n; Widmumand ailqmecrnumilq anl emcru n ficrlhclu nvn} brih cailihmandd}iwumhnd emwdihnuma qurnucfmcq,

Hirnd !1o; Qjmbuq ml widmumand ailqurnmluq anl mlesac qjmbuq ml emwdihnuma qurnucfmcq$ cclvmujisu ajnlfcq ml ujc slecrd}mlf cailihmaq,

5,? Qsffcqumc Ailqmecrnumilq

Ui hmlmhm{c ujc birhndmu} nle ui ormefc qihc ib ujc fnwq ocuvccl ujmq czcramqc nle ujcnausnd lnrrnumc ib SQ(W_A cailihma emwdihna}$ ujmq qcaumil ailadsecq vmuj qihcqsffcqumilq ib bsrujcr bcnusrcq ujnu aisde oc mlairwirnuce ui hn`c ujmq hiecd hircrcndmquma,

Bmrqu$ mu mq hmqdcnemlf ui rcwrcqclu SQ vcdbnrc nq n bmzce bslaumil ib ujc W_A”q widmamcq, Muvisde oc bnr hirc rcndmquma ui ecwmau ujc uvi qunfcq ib ujmq rcdnumilqjmw; ujc ficrlhclu”qvcdbnrc ecwcleq il cailihma frivuj$ il bnauirq qsaj nq ujc urnec ondnlac$ nle noicndd il chwdi}hclu, Ujcqc ndd anl oc nbbcauce o} ujc W_A”q widmamcq$ osu ujnu rcdnumilqjmw

?5Vc ihmu ujc emwdihnuma cbbiru aiqu$ qmlac mu mq nqqshce ui oc n ailqunlu,




?1

acrunmld} visde liu jnc occl qunodc icr umhc$ nq ujc W_A frcv nle uii` il n dnrfcrqjnrc ib SQ mhwiruq,?3

Qcaile$ ujcrc mq n sqcbsd emqumlaumil ui oc hnec ocuvccl ujc nausnd rcdnumilqjmw nle ujcwcracmce rcdnumilqjmw ocuvccl ujc W_A”q naumilq nle SQ cailihma wcrbirhnlac, Ujcqjmbuq ml wcracwumilq aisde qvmlf ccl hirc ernhnumandd} ujnl ujc qjmbuq ml ujc nausnd

rcdnumilqjmw, Ujc hiqu wrihmlclu cznhwdc ib ujmq vnq ujc rcnaumil ui ujc czwcrmclac ib?773‑?77:$ vjcl ujc }snl nwwrcamnuce o} icr ?7# nfnmlqu ujc SQ eiddnr, Nu ujc qnhcumhc$ ujc W_A”q urnec qsrwdsq vmuj ujc SQ ailumlsce ui friv, Ib aisrqc$ vc visde liulcacqqnrmd} czwcau czajnlfc rnuc ajnlfcq ui jnc nl mlqunlunlcisq mhwnau il nl}urnec ondnlac$ hsaj dcqq n omdnucrnd ilc, Qihc$ qsaj nq Admlc *?7>7- jnc nrfsce ujnuujc czajnlfc rnuc ajnlfc jne ujc ecqmrce cbbcau$ vjcl dnfq nrc andasdnucenwwriwrmnucd}, Osu ujmq wimlu mq n qsoudc ilc nle eicq liu dcle muqcdb ui ujc risfj nleushodc ib widma} econucq, Ujc hirc aihhil dcqqil vnq ujnu ujc W_A”q czajnlfc rnucnwwrcamnumil vnq liu ujc wnlnacn mu jne ilac qcchce, Bir ujc wsrwiqcq ib hiecdmlf$ujmq nhisluq ui n rccndsnumil ib ujc wcracmce rcdnumilqjmw ocuvccl ujc unrfcu ujcW_A”q widma} nrmnodcq nle ujc `c} eihcquma ecucrhmlnluq ib vcdbnrc,

Ujmre$ n hirc naasrnuc ecwmaumil visde nddiv bir ujc SQ ficrlhclu ui nr} muq

emwdihnuma cbbiru, Ujmq qjisde liu oc ujisfju ib nq ujc lshocr ib qdccwdcqq lmfjuq ujnudcne lcfiumnuirq wsu ml wrcwnrmlf bir und`q$ lir ujc qurmecla} vmuj vjmaj ujc} hn`c ujcmrwimluq, _nujcr$ mu ailacrlq ujc widma} ajnlfcq ujnu ujc SQ ficrlhclu vnq vmddmlf uiibbcr ui ujc W_A ml rcusrl, Ujc W_A jnq jne n lshocr ib wcrqmquclu rc~scquq ujnu mu jnqhnec ib ujc SQ, Mu jnq qisfju hnr`cu cailih} qunusq nq n vn} ib hmlmhm{mlf ujc mhwnauib SQ nlumeshwmlf wrnaumacq, Mu jnq ndqi qisfju frcnucr naacqq ui SQ jmfj ucajlidif}czwiruq$ qihc ib vjmaj nrc asrrclud} qsokcau ui rcqurmaumilq ocansqc ib lnumilnd qcasrmu}ailacrlq, Wsuumlf ujcqc mqqscq il ujc unodc aisde oc ujisfju ib nq mlarcnqmlf SQemwdihnuma cbbiruq ui cbbcau ajnlfc ml ujc W_A”q widmamcq,

Bisruj$ ujc wrmac ujnu ujc W_A hmfju echnle bir n widma} ajnlfc qjmbuce icr umhc,Cbbcaumcd}$ bir mqqscq il vjmaj ujc W_A vnq ecucrhmlce ui biddiv muq ivl aisrqc vmujisuoivmlf ui SQ mlbdsclac$ ujc wrmac vclu brih mlbmlmu} ui {cri, Ujmq iaasrrce ocansqc ujcW_A$ uii$ qcc`q ui hnzmhm{c muq ficrlhclu”q vcdbnrc nle muq wcracwumil ib ujc iwumhndczajnlfc rnuc widma} qjmbuce icr umhc$ brih wcrmieq vjcl mu bcnrce n qdshw nle lccecen jcnduj} czwiru qcauir$ ui wcrmieq ml vjmaj mu bcnrce icrjcnumlf nle mlbdnumil nleailuchwdnuce ujc sqc ib ujc czajnlfc rnuc nq n uiid ui aiid ujc cailih} eivl,

Bmlndd}$ n hirc anrcbsd ecwmaumil visde neercqq ujc qwcambmaq ib ujc mlucrnaumilq ocuvcclujc Czcasumc nle Dcfmqdnumc ornlajcq ib ujc SQ ficrlhclu$ rnujcr ujnl jnledmlf ujmqmhwdmamud} o} nddivmlf bir ujc icrvcmfjumlf ib acrunml friswq ml n widmumand iokcaumcbslaumil, Ailfrcqq jne n dmhmuce lshocr ib arsec osu wiuclumndd} wiuclu uiidq nu muqemqwiqnd ui ur} ui wsqj ujc Czcasumc Ornlaj ml n bnirce emrcaumil, Mu aisde mhwiqcrcwirumlf rc~smrchcluq$ qsaj nq ujc qchm(nllsnd rcwiru brih ujc SQ Urcnqsr} il vjmajaislurmcq hnlmwsdnuc ujcmr asrrclamcq$ ir mu aisde wnqq omddq, Ujiqc hmfju rnlfc brih n

orine ?6,3# unrmbb il ujc W_A”q fiieq ui rcmqmilq ib nlumeshwmlf widma} ui hnlenuceemqasqqmilq ui neercqq asrrcla} slecrndsnumil, Ujc wrcqmeclu$ ib aisrqc$ rcunmlce ujcwivcr ui cui qsaj dcfmqdnumil$ osu ujcrc vnq ailacrl noisu ujc qmflnd ujnu ccl

?3Bir ilc cqumhnuc ib ujc rcdnumilqjmw ocuvccl ujc W_A”q czajnlfc rnuc wrnaumacq nle SQ kioq$ qcc Bnmr*?7>7-$ vji ailadsecq ujnu ujc W_A”q slecrndsnumil wrimece lcu oclcbmuq ui ujc SQ,




?5

wnrumndd}(aihwdcuce dcfmqdnumil aisde qcle nq mu nenlace$ ml neemumil ui ailacrl noisuqcrmisq widmumand aiquq qjisde n wrcqmeclumnd cui oc rc~smrce,?2

5,?,> Vjnu mq ujc find ib emwdihna}9

Ocbirc vir`mlf ujrisfj ujc nclscq ib cailihma emwdihna} ujnu vcrc nausndd}

chwdi}ce$ ujc lczu qcaumil wnsqcq ui ailqmecr ujc iokcaumc ib ujiqc lcfiumnumilq, Ujmqmq adiqcd} rcdnuce ui ujc orine hiumnumilq ecqarmoce noic ml Qcaumil MM$ ib aisrqc$ osuujc aillcaumil ocuvccl icrnrajmlf findq nle qwcambma widma} ecqmrcq jnq liu ndvn}qoccl adcnr ml emqasqqmilq noisu SQ(W_A hnaricailihma mhondnlacq,

5,?,? Vjnu eme ujc SQ vnlu9

Uvi aclurnd ~scqumilq noisu ujc iokcau ib SQ cailihma emwdihna} vcrc;

Vjnu vnq ujc sdumhnuc iokcaumc ib lcfiumnumil9 Vnq mu ujc czajnlfc rnuc$ ujc dccdib urnec bdivq$ ujc omdnucrnd urnec dcefcr ir ujc W_A”q asrrclu naaislu ondnlac9 Ujmqmq cqqclumndd} nq`mlf vjmaj ujc W_A”q widmamcq qjisde oc qccl nq ujc nwwriwrmnucnrfshcluq ml iokcaumc bslaumil hiecdce noic,

Mb SQ lcfiumnuirq jne occl frnluce n brcc jnle ui qcu ujc W_A”q widmamcq$ vjnuvisde ujc} jnc eilc9 Ujmq mq cqqclumndd} nq`mlf vjnu ujc ndscq ib nle nrc ml

ujc hiecdmlf brnhcvir`,

Slumd rcdnumcd} rcaclud}$ ujc czajnlfc rnuc arivece isu ndhiqu ndd iujcr mqqscq, _cw,_ma` Dnrqcl *E(VN-$ ai(ajnmr ib ujc omwnrumqnl ailfrcqqmilnd SQ(W_A Vir`mlf Frisw$ecqarmomlf ujc wcrmie brih ?775‑?773 slumd cr} rcaclud}$ qnme$ —ujc asrrcla} mqqsc uii`sw ndd ujc nmr, Ujcrc vnq li nmr dcbu bir iujcr mqqscq,‘ ?6 Ujrisfj ujc cle ib ?7>7 asrrcla}vnq adcnrd} ujc eihmlnlu mqqsc il ujc SQ cailihma nfclen vmuj ujc W_A,?:

Ccl vmuj asrrcla} cqunodmqjce nq ujc wrcchmlclu iokcau ib SQ cbbiruq$ ujcrc rchnmlq ujcembbmasdu ~scqumil ib ksqu vjnu widma} ujc SQ vnq qcc`mlf, Qihcvjnu qsrwrmqmlfd}$ ujmq vnqrnrcd} neercqqce ml frcnu ecunmd,

Ailqmecr bmrqu ujc mhwdmamu mecn ujnu ujc W_A hmfju slecrun`c n ernhnuma nwwrcamnumil ml nqjiru wcrmie ib umhcq, Nreclu rcaclu armumamq$ qsaj nq Wnsd @rsfhnl nle Brce Ocrfqucl$jnc nrfsce ujnu n bsdd rcndsnumil ib ujc W_A”q asrrcla} *wcrjnwq o} ?3 ui 57#- aisdeoiiqu echnle bir ujc rcqu ib ujc virde”q czwiruq$ asu ujc SQ urnec ecbmamu$ nle czwnle SQchwdi}hclu,?=

@rsfhnl wdn}ce isu ujc unaumand qaclnrmi;

—Bmrqu$ ujc Slmuce Qunucq ecadnrcq ujnu Ajmln mq n asrrcla} hnlmwsdnuir$ nleechnleq ujnu Ajmln quiw muq hnqqmc mlucrclumil, Mb Ajmln rcbsqcq$ ujc Slmuce

?2Ml Iauiocr ?7>7 emqasqqmilq vmuj ujc nsujir$ ujc W_A”q ibbmamndq nu ujc Hmlmqur} ib Aihhcrac nle ujc

Wciwdc”q Onl` ib Ajmln czwrcqqce qcrmisq mlucrcqu nle ailacrl noisu nenlamlf asrrcla} dcfmqdnumil mlujc SQ Jisqc ib _cwrcqclunumcq, Ujmq ailacrl vnq dcqq biasqce il ujc wnrumasdnr cailihma mhwnau ujcomdd visde jnc jne$ vjmaj nwwcnrce hmlmhnd$ ujnl il ujc q}hoidma nbbrilu ib nlum(W_A dcfmqdnumil,

?6_cqwilqc ui nsujir”q ~scqumil$ wsodma wrcqclunumil nu ujc Aclucr bir Qurnucfma nle Mlucrlnumilnd Qusemcq$Kslc ?$ ?7>>,

?:Nq emqasqqce ocdiv$ ml ujc bndd ib ?7>7$ ujc SQ Urcnqsr} wsqjce n wriacqq ujrisfj ujc F(?7 ujnu urmce uircirmclu ujc emqasqqmil ui asrrclu naaislu ondnlacq, Ujnu claislucrce iwwiqmumil norine$ vjmdceihcqumandd} mu vnq mlucrwrcuce nq n qmhwdc wriz} bir asrrcla} mqqscq,

?=Ema`qil$ Enme H,$ —Ajmln”q }snl ndsc jmuq S,Q, cailih}$ uvi czwcruq qn}$‘ Vnqjmlfuil Umhcq $ Hnraj>3$ ?7>7,




?3

Qunucq mhwiqcq n aislucrnmdmlf esu} il Ajmlcqc czwiruq$ qn} ?3 wcraclu, Ujc CS~sma`d} biddivq qsmu$ nrfsmlf ujnu mb mu eicql”u$ Ajmln”q qsrwdsq vmdd oc emcruce uiCsriwc, M eil”u `liv vjnu Knwnl eicq •

PBXir ujiqc vji aislqcd wnumclac$ nrfsmlf ujnu Ajmln anl cclusndd} oc orisfjunrisle; ujc nasuc enhnfc brih Ajmln”q asrrcla} widma} mq jnwwclmlf liv$ vjmdc ujc

virde mq qumdd ml n dm~smemu} urnw, Fcuumlf Ajmln ui rcujml` ujnu widma} }cnrq brih liv$vjcl *ilc anl jiwc- nenlace cailihmcq jnc rcusrlce ui hirc ir dcqq bsddchwdi}hclu$ mq viruj cr} dmuudc,‘17

Ujcrc nrc qccrnd qcwnrnuc$ rcdcnlu wnruq ui ujmq nrfshclu, Bmrqu$ ujcrc mq ujc wrcmisqd}emqasqqce nrfshclu ujnu vc nrc ml n dm~smemu} urnw *qusa` nu {cri mlucrcqu rnucq vmujmlcbbcaumc hilcunr} widma}-, Qcaile$ ujcrc mq ujc ailuclumil ujnu ujc W_A”q nwwrcamnumilvisde rcqsdu ml n rnwme mlarcnqc ml echnle bir SQ wriesauq, Bmlndd}$ ujcrc mq ujc mqqsc ibjiv dilf ujc dm~smemu} urnw vmleiv vmdd dnqu$ nbucr vjmaj$ nq @rsfhnl liucq$ ujc ajnlfcvisde oc viruj cr} dmuudc,

Qswwiqc$ bir ujc qn`c ib nrfshclu$ ujnu ujc bmrqu uvi wrchmqcq *dm~smemu} urnw nle kiodml`nfc- nrc frnluce, Ujcl ujcrc visde oc n qjiru vmleiv ml vjmaj ujc SQ visde anrcnoisu neemumilnd ujc W_A”q echnle$ biddivce o} n hsaj dilfcr wcrmie ml vjmaj ujc SQvisde rcusrl ui vcdaihmlf iujcr aislurmcq vmddmlf ui dcle sq hilc} nle jide eivl isrmlucrcqu rnucq,

Osu vjnu visde jnwwcl mb ujc W_A vcrc ui neiwu n ?3# ui 57# qseecl asrrcla}rcndsnumil9 Ml ndd dm`cdmjiie$ dnrfc qvnujcq ib ujc W_A”q div(hnrfml wriesacrq visde bnmdnle ujc vcn` ujc W_A”q bmlnlamnd q}quch visde oc mdd(c~smwwce ui rcnddianuc ujccailih}”q rcqisracq ~sma`d}, Ocmkmlf Slmcrqmu} Wribcqqir Hmajncd Wcuumq ecqarmoce ujcdm`cd} ailqc~sclacq ib n rnwme nwwrcamnumil;

—• Ajmln anlliu neksqu uii ~sma`d}, Mb Ocmkmlf rchicq ujc mhwdmamu qsoqmemcq$mladsemlf ujiqc ansqce o} ujc slecrndsce czajnlfc rnuc$ uii rnwmed}$ ujnu aisdebirac dnrfc(qandc onl`rswuamcq nq Ajmlcqc hnlsbnausrcrq bisle ujchqcdcq slnodcui aihwcuc fdiondd} ir nu jihc, Mb ujcqc onl`rswuamcq birace sw slchwdi}hclu$ ujcl• jisqcjide mlaihc visde • ecadmlc nq slchwdi}hclu qinrce, Ml ujnu anqcAjmlcqc hnlsbnausrcrq visde bmle ujchqcdcq ocaihmlf slaihwcumumc mlmlucrlnumilnd hnr`cuq ksqu nq eihcquma hnr`cuq nrc aiddnwqmlf,

Ujc ailadsqmil9 N rcondnlamlf mq lcacqqnr} bir Ajmln$ nq lcnrd} ccr}ilc ml ujcdcnecrqjmw `livq, Ujmq vmdd mlidc$ nhilf iujcr ujmlfq$ n qmflmbmanlu rcndsmlf ibujc asrrcla}, Osu rcondnlamlf anlliu jnwwcl uii ~sma`d} vmujisu rmq`mlf ujrivmlf ujccailih} mlui n unmdqwml, Ujnu anlliu nle qjisde liu oc n wnru ib ujc SQ ir Ajmlcqcwidma} iokcaumc, O} ujc vn} mb Ajmln mq birace ui rcndsc ujc asrrcla} uii ~sma`d}$ muvmdd jnc ui clnau aislucrnmdmlf widmamcq ― divcr mlucrcqu rnucq$ qswwrcqq vnfcq$mlarcnqc arcemu nle qsoqmemcq ― ui wriucau ujc cailih} brih bnddmlf nwnru$ nleujcqc vmdd cznacronuc iujcr mhondnlacq ujnu hn} oc ccl virqc ujnl ujc asrrcla}

hmqndmflhclu,‘1>

17

@rsfhnl$ Wnsd$ —Anwmund Czwiru$ Cdnqumamu} Wcqqmhmqh$ nle ujc _clhmlom *Vil`mqj-$‘ Ujc Ailqamclac ib nDmocrnd$ Lcv ]ir` Umhcq $ >2 Hnraj ?7>7, juuw;))`rsfhnl,odifq,l}umhcq,aih)?7>7)71)>2)anwmund(czwiru(cdnqumamu}(wcqqmhmqh(nle(ujc(rclhmlom(vil`mqj)

1>Wcuumq *?7>7-,

http://krugman.blogs.nytimes.com/2010/03/16/capital-export-elasticity-pessimism-and-the-renminbi-wonkish/









?2

Ujsq$ mb ujc W_A vcrc ui ur} ui rcndsc uii ~sma`d}$ ujc clqsmlf usrhimd aisde wrcclu ujcW_A brih qmflmbmanlud} oiiqumlf virde echnle,1?

N qcaile wiqqmomdmu}$ ilc ujnu sdumhnucd} wrcnmdce ml ?7>7$ vnq ujnu ujc W_A aisde

rcqshc ujc wnac ib nwwrcamnumil ujnu mu chwdi}ce brih ?773 ui ?77:, Nu ujnu umhc$ ujcW_A vnq nwwrcamnumlf nu nl ncrnfc rnuc ib risfjd} 2# wcr }cnr, Nsfhcluce o} ujcW_A”q mlbdnumil$ ujc cbbcaumc rnuc ib nwwrcamnumil jnq occl qihcvjnu bnqucr,

Mb ujc W_A vcrc ui ur} ui rcndsc qdivd}$ujcl ujc widma} visde liu jnc ujc lcnr ucrh mhwnau ujnu @rsfhnl nle Ocrfquclecqarmoce, N qseecl nwwrcamnumil visde qcch ui ibbcr dmuudc ui ujc SQ,

11 Vjmdcwrnaumand$ ujmq widma} mq sldm`cd} ui jnc n ernhnuma mhwnau il ujc SQ ml ujc qjiru ucrh, Nqliuce noic$ mu ndqi lcce liu rcercqq ailacrlq noisu hnaricailihma mhondnlacq$ qmlacujc W_A”q cnrdmcr nwwrcamnumil vnq naaihwnlmce o} ailumlsce asrrclu naaislu qsrwdsqcqnle bircmfl czajnlfc rcqcrc naashsdnumil,15

N ujmre wiqqmomdmu} mq ujnu ujc W_A aisde nime ujc ~scqumil ib jiv ~sma`d} ui nwwrcamnuco} dcnmlf mu sw ui hnr`cu biracq, Mu aisde iwcl muq anwmund naaislu nle dcu }snl urnecbrccd} nfnmlqu iujcr hnkir asrrclamcq, Vjmdc qsaj nl nwwrinaj jnq n acrunml nwwcnd ui nlneianuc ib hnr`cu biracq$ mu mq viruj liumlf nu dcnqu uvi wiuclumnd eivlqmecq, Bmrqu$ ujmqaisde ksqu nee slacrunmlu} ui ujc wriodchq ib cailihma qjia` ecqarmoce noic, Qcaile$

mu mq liu iomisq ujnu ujc W_A”q asrrcla} visde nwwrcamnuc, Ujc W_A mq bsdd ib nme qncrqvji jnc occl aihwcddce ui ajiiqc ocuvccl dmhmuce mlcquhclu ajimacq ibbcrmlf divmlucrcqu rnucq, Mb ujc} vcrc brcc ui wsu ujcmr hilc} nl}vjcrc ml ujc virde$ ujcrc aisde ocn dnrfc isubdiv ib }snl mlui iujcr asrrclamcq ujnu visde ansqc mu ui ecwrcamnuc,

Bir ujmq rcnqil$ ujc Osqj nle Ionhn nehmlmqurnumilq jnc ailqmquclud} neianuce bir n—hnr`cu(ecucrhmlce czajnlfc rnuc$‘ rnujcr ujnl bir n brcc bdinu, Ujnu widma} jnq qsbbmamclunhomfsmu} ujnu mu anl adnmh ccl n cr} frnesnd nwwrcamnumil nq n qsaacqq, Ujisfj ujmqwiqmumil hn} oc n rcnqilnodc ilc$ mu mq embbmasdu ui nqqcru ujnu mu rcwrcqcluq n ailqclqsqvmujml ujc SQ,

Brih n emwdihnuma wcrqwcaumc$ ujc dna` ib ailqclqsq noisu SQ lcfiumnumlf iokcaumcqjne nl mhwirunlu mhwdmanumil bir ujc W_A, Ujcrc vnq n qmflmbmanlu emqailumlsmu} ml SQ

rcnaumil nrisle ujc {cri rnuc ib asrrcla} nwwrcamnumil, Ml ujiqc wcrmieq vjcl ujc W_Ajcde ujc }snl(eiddnr rnuc cqqclumndd} bmzce$ mu hnlnfce ui slmuc ujc embbcrclu SQ friswq mlemqqnumqbnaumil, Vjcujcr ujc} bnirce n brcc bdinu$ qseecl nwwrcamnumil$ frnesndnwwrcamnumil$ ir n —hnr`cu(ecucrhmlce‘ czajnlfc rnuc$ ujc} ndd `lcv ujc} iwwiqcequnqmq, Ilc ws{{dc ib ujc ?77:‑?7>7 wcrmie vnq vj} ujc W_A vnq qi qdiv ui rcaiflm{cujmq, Ml ucrhq ib ujc mhwnau il ujc W_A”q mlbdnumil ir slchwdi}hclu$ ujcrc vnq dmuudcembbcrclac ocuvccl n hmlmhnd nwwrcamnumil nle n bmzce rnuc$ vjcrcnq ujc hmlmhnd rnuc ib

1?Ecqwmuc ujc cailihma rmq`q$ nu dcnqu ilc wrihmlclu Ajmlcqc cailihmqu jnq anddce bir bdiunumil ib ujc _HO,Vrmumlf ml ujc Bmlnlamnd Umhcq $ ]s ]ilfemlf iwmlce; —Ujc Wciwdc”q Onl` ib Ajmln hsqu quiw os}mlf SQeiddnrq nle nddiv ujc rclhmlom czajnlfc rnuc ui oc ecamece o} hnr`cu biracq nq qiil nq wiqqmodc, UjcW_A qjisde jnc eilc qi n dilf umhc nfi, Ujcrc qjisde oc li hirc jcqmunumlf nle emujcrmlf, Ui bdinu ujcrclhmlom mq liu aiqudcqq, Jivccr$ muq oclcbmuq bir ujc Ajmlcqc cailih} vmdd nqud} ibbqcu ujiqc aiquq$vjmdc ocmlf bnisrnodc ui ujc fdiond cailih} nq vcdd,‘ ]s *?7>>-,

11Urcnqsr} Qcarcunr} Umh Fcmujlcr hnec ujmq wimlu noisu ujc rcnd czajnlfc rnuc$ qwnr`mlf n econuc noisuvjcujcr hcnqsrce ujc W_A”q mlbdnumil$ vmuj n jcn} vcmfju il rnwmed} rmqmlf eihcquma biie wrmacq$ vnqwnrumasdnrd} rcdcnlu ml emqasqqmilq noisu urnenodcq,

15Nq n hnuucr ib cailihma widma}$ ujcrc mq n qmflmbmanlu eivlqmec bir n aislur} ujnu nuuchwuq qucne}$wrcemaunodc asrrcla} nwwrcamnumil; Mu wrimecq mlcquirq vmuj n ilc(vn} ocu, Vmuj n wrcemaunodc 2# nllsndnwwrcamnumil$ nl} mlcquir vji aisde ailcru eiddnrq mlui }snl visde najmcc nl neemumilnd 2# rcusrloc}ile nl} mlucrcqu rnuc embbcrclumnd, Ujmq arcnucq frcnu wrcqqsrcq bir ‚jiu hilc}” bdivq mlui W_A nleaihwdmanucq ujc unq` ib unhwmlf eivl ujc W_A”q mlbdnumil, _caclu ujc W_A”q czwcrmclac$ vmuj emhmlmqjmlfurnec qsrwdsqcq osu rnwme bircmfl rcqcrc naashsdnumil$ qcchq ui rcmlbirac ujcqc ailacrlq,




?6

nwwrcamnumil visde jnc rc~smrce SQ armumaq ui ecdmlcnuc ujc embbcrclac ocuvccl nlnaacwunodc nle nl slnaacwunodc rnuc ib nwwrcamnumil, Ujnu vnq *nle rchnmlq- n embbmasdudmlc ui ernv,

5,?,1 Vjnu eme W_A vnlu9

Ujcrc mq nl nq}hhcur} ml ecqarmomlf ujc W_A”q iokcaumcq$ qmlac ujc} vcrc dnrfcd}ecbclqmc, Ujc W_A jne findq qsaj nq naacqq ui SQ jmfj ucajlidif} fiieq nle hnr`cucailih} qunusq$ osu ujcqc vcrc ild} unlfclumndd} aillcauce ui mqqscq ib hnaricailihmamhondnlacq, Nq liuce noic$ ujc W_A vnq ailacrlce noisu SQ hnaricailihmawidmamcq ujnu aisde nbbcau ujc ndsc ib muq qsoqunlumnd jidemlfq ib SQ ficrlhclu oileq$osu ujmq eme liu nhislu ui hsaj hirc ujnl fclcrnd nehilmumilq ui ujc SQ ui ocjnc ml nwrseclu bnqjmil, Bir ujc hiqu wnru$ ujc W_A vnq cnfcr ui quma` ui muq wrmlamwdc iblilmlucrbcrclac nle nrfsc ujnu hnaricailihma widmamcq vcrc liu nl nwwriwrmnuc qsokcaubir lcfiumnumil,

Ml ujc wcrmie ocbirc ujc W_A”q mlmumnd asrrcla} nwwrcamnumil ml ?773$ ujcrc vnq nlczacwumil ui ujmq, Nu ujnu umhc$ ujc W_A jne qwcambma ailacrlq noisu jiv ui hmumfnuc ujcwiuclumndd} necrqc mhwnauq ib czajnlfc rnuc idnumdmu} il muq urnenodcq qcauirq nle vnq

vmddmlf ui qcc`$ ir nu dcnqu naacwu$ nemac brih ujc SQ, Ujmq vmddmlflcqq ui qcc` bmlnlamndnemac emqqmwnuce ml ujc vn`c ib ujc bmlnlamnd armqmq,

5,?,5 Jiv ui wcrqsnec9

Vjnuccr ujc sdumhnuc findq ib SQ widma} uivnre hnaricailihma mhondnlacq vmuj ujcW_A$ ujcrc vcrc ujrcc orine clscq slecr vjmaj ujc} aisde oc wsrqsce; slmdnucrnd$omdnucrnd$ nle hsdumdnucrnd,

Ujc slmdnucrnd nwwrinajcq vcrc dnrfcd} ailfrcqqmilndd} hnlenuce nle ailqmquce ibecnedmlcq$ ecucrhmlnumilq$ nle rcundmnuir} ujrcnuq, Ujc hiqu wrihmlclu ib ujcqc$ ilc ujnuvnq nausndd} ml cbbcau$ vnq ujc rc~smrchclu ujnu ujc SQ Urcnqsr} mqqsc n uvmac(}cnrd}rcwiru ecadnrmlf vjmaj aislurmcq nhilf SQ urnec wnrulcrq jne hnlmwsdnuce ujcmr

asrrclamcq, Ujmq rcfsdnr rcwirumlf rc~smrchclu vnq wnru ib ujc >=:: Urnec Nau nle mq nrcfsdnr qisrac ib ailuclumil, Li nehmlmqurnumil jnq lnhce n asrrcla} hnlmwsdnuir qmlacujc W_A vnq amuce ml >==5 *FNI ?773-, Ujc Osqj nehmlmqurnumil vnq rcfsdnrd}czairmnuce bir muq bnmdsrc ui lnhc ujc W_A, Nq n anlemenuc bir ujc wrcqmecla}$ ujcl(Qcl,Onrna` Ionhn wdcefce ujnu jc visde bmle ujc W_A ui oc n asrrcla} hnlmwsdnuir$ nwdcefc ujnu vnq rcwcnuce o} Umh Fcmujlcr nu jmq Qclnuc ailbmrhnumil jcnrmlfq uiocaihc Urcnqsr} Qcarcunr} *Andhcq ?77=-, Ujmq vnq ilc rcbdcaumil ib ujc qclqmummu}nle widmumand wrcqqsrc qsrrislemlf urnec mhondnlacq nle czajnlfc rnuc mqqscq vmuj ujcW_A, Ilac ml ibbmac$ jivccr$ ujc Ionhn nehmlmqurnumil ecadmlce ui lnhc ujc W_A nhnlmwsdnuir$ brc~sclud} ecdn}mlf ujc rcwiru oc}ile muq hnlenuce rcdcnqc enuc,

Mu mq qihcvjnu iee ujnu ujc dnocdmlf *ir bnmdsrc ui dnocd- ujc W_A nq n asrrcla}hnlmwsdnuir jnq ocaihc qi aclurnd ui SQ econucq, Ujc >=:: Urnec Nau rc~smrcq ild}

ujnu vjcl n asrrcla} hnlmwsdnuir mq meclumbmce$ ujc Urcnqsr} hsqu —mlmumnuc lcfiumnumilqvmuj ujnu aislur} ui clqsrc n bircmfl asrrcla} czajnlfc rnuc neksquhclu ujnu cdmhmlnucqujc slbnmr urnec nenlunfc‘ *FNI ?773$ w, 2-, Qmlac ujc SQ jnq qucnemd} occl clfnfceml qsaj lcfiumnumilq vmuj ujc W_A bir hiqu ib ujc wcrmie slecr emqasqqmil$ ilc hmfju nq`vjnu embbcrclac mu visde hn`c, Oiuj ujc SQ nle ujc W_A”q ficrlhcluq urcnuce ujcecamqmil nq qmflmbmanlu$ jivccr, SQ wrmlamwndq clesrce mluclqc armumamqh brih dcfmqdnuirqnle aihhclunuirq bir ujc bnmdsrc ui lnhc ujc W_A$ vjmdc ujc W_A”q ibbmamndq hnec adcnr




?:

ujnu ujc dnocd ib asrrcla} hnlmwsdnuir visde oc emqumlaud} slvcdaihc nle mlumhnuce ujnu$mb nl}ujmlf$ mu visde qdiv wrifrcqq uivnre asrrcla} rcndsnumil,

Ailfrcqqmilnd brsqurnumil vmuj ujc rcdnumcd} hiecrnuc qunlac ib qsaacqqmc wrcqmeclumndnehmlmqurnumilq rcqsduce ml wcrqmquclu ujrcnuq ui birac n oidecr qunlac ujrisfj dcfmqdnumil,Nhilf ujc dcfmqdnumc dcnecrq ml ujcqc wsqjcq vcrc Qcl, Ajnrdcq Qajshcr *E(L]-$ _cw,

Umh _}nl *E(IJ-$ nle _cw, Eslanl Jslucr *_(AN-, Ujc ujrcnuq choiemce ml ujcdcfmqdnumil cidce icr umhc$ brih n ?6,3# unrmbb ui hcnqsrcq ujnu rcbmlce AihhcracEcwnruhclu wrnaumacq ml nlumeshwmlf nle aislucrnmdmlf esu} mlcqumfnumilq, Wnru ib ujnucidsumil vnq mluclece ui clqsrc ujnu ujc rcundmnuir} hcnqsrcq visde liu midnuc SQiodmfnumilq nu ujc Virde Urnec Irfnlm{numil, Hiqu qsaj dcfmqdnumil lccr anhc ui n iuc$osu ml dnuc Qcwuchocr ?7>7 ujc Jisqc ib _cwrcqclunumcq wnqqce J,_, ?16:$ ujc—Asrrcla} _cbirh bir Bnmr Urnec Nau,‘ *Hnlucdd ?7>7-, Ecqwmuc ujrcnuq ujnu mu hmfju$ ujcQclnuc lccr uii` sw ujc dcfmqdnumil nle Wrcqmeclu Ionhn vnq lccr birace ui ecamecvjcujcr jc visde qmfl mu,

Ndujisfj ujrcnuclmlf ujc W_A dcfmqdnumil lccr hnec muq vn} ujrisfj Ailfrcqq$ mu qumddjne n qmflmbmanlu mhwnau il cailihma emwdihna}, Mu qcrce nq n wcrqmquclu qisrac ibwrcqqsrc il lcfiumnuirq$ vji jne ui virr} ujnu mb ujc} czwrcqqce mlqsbbmamclu ailacrl

noisu czajnlfc rnuc slecrndsnumil$ ujcmr jne aisde oc birace o} embbmasdu nle wiuclumndd}enhnfmlf dcfmqdnumil,

Ujmq qmusnumil ajnlfce vmuj ujc SQ ailfrcqqmilnd cdcaumil ib Lichocr ?7>7 nle_cwsodmanl ailurid ib ujc Jisqc ib _cwrcqclunumcq$ cbbcaumc ml Knlsnr} ?7>>, Ujc lcvdcnecrq ib ujc armumand Jisqc Vn}q nle Hcnlq Aihhmuucc$ Ajnmrhnl Enc Anhw *_(HM-nle Urnec Qsoaihhmuucc Ajnmrhnl @cml Orne} *_(UZ- qnme ujc} visde liu wsrqsc ujcW_A asrrcla} dcfmqdnumil *Ocnuumc nle Widmum$ ?7>>-,

Ujc omdnucrnd clscq mladsece n vjidc qcrmcq ib emndifscq ocuvccl ujc SQ nle ujc W_A$mladsemlf ujc Kimlu Aihhmqqmil il Aihhcrac nle Urnec$ ujc Qurnucfma CailihmaEmndifsc *slecr ujc Osqj nehmlmqurnumil- ujc Qurnucfma " Cailihma Emndifsc *slecr ujcIonhn nehmlmqurnumil-$ nle wrcqmeclumnd qshhmur}, Ujcqc aihwdchcluce risumlc

emwdihnuma emqasqqmilq o} ailclmlf uiw(dccd widma}hn`crq ui emqasqq hnuucrq ibwrcqqmlf ailacrl, N wcrqmquclu ajnddclfc ib ujc emndifscq vnq ujnu ujc} ibucl nmhce uiclfnfc ml ailacwusnd emqasqqmilq osu vcrc lilcujcdcqq czwcauce ui rcqsdu ml—ecdmcrnodcq‘―hihcluisq hichcluq uivnre widma} findq, Fmcl ujc dcfmqdnumcwrcqqsrc ecqarmoce noic$ SQ lcfiumnuirq bcdu aihwcddce ui hn`c asrrcla} hichclu nuiw echnle, Ujmq fclcrndd} rcqsduce ml slqnumqb}mlf ailadsqmilq ui ujc hccumlfq$ qmlacujc W_A”q dcnecrq vcrc liu noisu ui rcvir` ujcmr hnaricailihma widma} ksqu ui qsmumqmumlf SQ anomlcu qcarcunrmcq,

Ujc iwwiruslmu} aiqu ib ujmq nwwrinaj vnq echilqurnuce ml n Vnqjmlfuil qshhmuocuvccl Wrcqmeclu Ionhn nle Wrcqmeclu Js Kmluni ml Knlsnr} ?7>>, Vmuj Ailfrcqqslecr lcv Jisqc dcnecrqjmw li dilfcr arcemod} ujrcnuclmlf asrrcla} dcfmqdnumil$ ujcIonhn Nehmlmqurnumil vnq brcce ui chwjnqm{c mqqscq qsaj nq ujc W_A”q mlemfclisq

mllinumil widmamcq, Asrrcla} mqqscq vcrc hclumilce$ osu ecchwjnqm{ce, _nujcr ujnlclaislucrmlf ujc urnemumilnd mhwnqqc$ ujc und`q cdmamuce qmflmbmanlu aihhmuhcluq brih ujcujc W_A”q qmec *Dc} ?7>>-,

Ujc bmlnd clsc bir neercqqmlf hnaricailihma mhondnlac mqqscq vnq hsdumdnucrnd, Mu mqun`cl sw ml ujc lczu qcqqmil,




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3, _CWC_ASQQMILQ BI_ CAILIHMA FIRC_LNLAC

Vmuj ujc W_A nle ujc SQ iaasw}mlf ujc uiw uvi qwiuq ml virde FEW unodcq o} ujc cle ibujc ecanec$ ujcrc vnq dmuudc sqcbsd emqumlaumil ocuvccl omdnucrnd hnaricailihmamhondnlacq nle fdiond mhondnlacq, Bmfsrc >7 qjivq asrrclu naaislu ondnlacq bir hnkir

wdn}crq ml ujc fdiond cailih} ml ?7>7, Ujc SQ nle ujc W_A qunle isu nq bcnusrmlf ujcuvi dnrfcqu mhondnlacq ml noqidsuc ndsc,

Ujmq qcaumil vmdd neercqq bisr wmddnrq ib fdiond cailihma ficrlnlac ujnu jnc occlclfnfce ml ~scqumilq ib hnaricailihma mhondnlacq ocuvccl ujc SQ nle ujc W_A; ujcF(?7$ ujc qunusq ib ujc eiddnr nq n fdiond rcqcrc asrrcla}$ ujc Mlucrlnumilnd Hilcunr}Bsle$ nle ujc VUI,

Bmfsrc >7; Fdiond Asrrclu Naaislu Ondnlacq$ ?7>7

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3,> Slecrhmlmlf ib ujc F(?7

Ujc bmrqu wmddnr mq ujc F(?7$ vjmaj bmrqu hcu ml armqmq hiec nu ujc cle ib ujc OsqjNehmlmqurnumil ml ?77: nle ujcl vnq cdcnuce ui ujc qunusq ib wrchmcr fdiond cailihmalcfiumnumlf birsh slecr ujc Ionhn nehmlmqurnumil, Ujc aclurnd ksqumbmanumil bir ujccdcnumil ib ujc F(?7 icr wrcecacqqirq qsaj nq ujc F(6 ir ujc F(: vnq ujnu mu orisfjuujc rmfju wdn}crq ui ujc unodc, Ib ujcqc wrcmisqd} czadsece wdn}crq$ ujc W_A vnq cnqmd}ujc hiqu wrihmlclu,13

Ujc Dileil qshhmu ib Nwrmd ?77= mladsece n andd ml ujc dcnecrq qunuchclu bir —n lcvfdiond ailqclqsq il ujc `c} ndscq nle wrmlamwdcq ujnu vmdd wrihiuc qsqunmlnodccailihma naummu},‘

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N frcnu ecnd ib mlbirhnumil il ujc F(?7 mq nnmdnodc nu

Ml ujc clqsmlf Wmuuqosrfj qshhmu dnucr ujnu }cnr$ ujc dcnecrq

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17

wdcefce —ui neiwu ujc widmamcq lccece ui dn} ujc bislenumil bir qurilf$ qsqunmlce nleondnlace frivuj ml ujc ?>qu aclusr},‘16

Ujcrc vnq n fdmhhcr ib jiwc bir ujc F(?7 wriacqq ml Kslc ?7>7 vjcl ujc W_A”qecamqmil ui rcqshc nddivmlf asrrcla} nwwrcamnumil vnq nllislace vmujml n vcc` ib ujcUirilui F(?7 qshhmu$ ujisfj ujc Ajmlcqc emqnivce nl} dml`nfc ocuvccl ujc uviccluq,

Ujc qsqunmlnomdmu} anddce bir ml Dileil aisde ocmlucrwrcuce ui mladsec hiecrnumil ml asrrclu naaislu ondnlacq, Mb ujc hcnlmlf vcrcsladcnr$ ujc Wmuuqosrfj ecadnrnumil mladsece —ondnlace‘ ml ujc wdcefc, Qsaj nhomfsisqdnlfsnfc mq cr} sqcbsd$ ml ujnu mu anl nddiv aislurmcq vmuj emqwnrnuc mlucrcquq ui rcnajnfrcchclu il n ecadnrnumil, Ujcrcml dmcq muq vcn`lcqq$ jivccr$ nq mu lcce liu aihwcd

nl} aislur} ui nausndd} ajnlfc,

Ujnu jiwc bnece vmuj n bmlnlac hmlmqucrq hccumlf ml Qcisd ml ujc bndd ib ?7>7 vjcl n SQcbbiru ui hn`c ujcqc wdcefcq hirc ailarcuc jmu qurilf iwwiqmumil, *Dc} ?7>7o- Ujc SQwriwiqce jnmlf nl naacwuce ujrcqjide oc}ile vjmaj wcrqmquclu asrrclu naaislumhondnlacq *qsrwdsq ir ecbmamu- visde oc ailqmecrce wriodchnuma, Ujmq hmlmhnd qucw vnqiwwiqce$ hiqu wrihmlclud} o} ujc W_A nle Fcrhnl}, Ujisfj Bmfsrc >7 qjivqFcrhnl} nq n wrihmlclu qsrwdsq aislur}$ Fcrhnl dcnecrq visde iokcau cjchclud} ui

ujc ecwmaumil, Ujc} visde nrfsc ujnu Csriwc qjisde oc urcnuce nq n vjidc$ ml vjmaj anqcujc Fcrhnl qsrwdsq mq aislucrondnlace o} ujc ecbmamu wrcnmdmlf ml ujc rcqu ib ujc nrcn,

Ilc liunodc bcnusrc ib ujc Qcisd und`q vnq ujc SQ hic nvn} brih czajnlfc rnuchichclu nq n unrfcu uivnre ujc orinecr find ib asrrclu naaislu ondnlac, Ujmq vnq$ mlwnru$ n rcaiflmumil ib ujc dmhmuce cbbmana} ib czajnlfc rnuc hicq ml ujc W_A ml ujcnoqclac ib aihwdchclunr} hcnqsrcq ui oidqucr eihcquma ailqshwumil,

Ml dmfju ib ujc iwwiqmumil$ ujc F(?7 vnq dcbu hseedmlf ujrisfj nl nresisq ecbmlmumilndwriacqq$ vjcrco} mu hmfju oc wiqqmodc ui meclumb} aislurmcq vji ecqcrc jcmfjuclceqarsuml} ui ecucrhmlc vjcujcr nl} sluivnre nle slqsqunmlnodc naummu} jne un`cl wdnac,Ujc wriacqq qcchce sldm`cd} ui wriesac nl} bmrh naumil ml ujc birqccnodc bsusrc, Lir ememu qcch ui ibbcr hsaj jiwc bir ujc mlqumusumil nq n hcnlq ui neercqq wrcqqmlf

mhondnlacq,

3,? MHB

Ujc czwcrmclac nu ujc MHB wnrnddcdce ujnu nu ujc F(?7, Ujc MHB vnq ibbmamndd} unq`ce vmujwidmamlf hmqocjnmir ml mlucrlnumilnd bmlnlamnd hnuucrq nle rclecrmlf ksefhcluq ilmhwriwcr asrrcla} wrnaumacq, Nu risfjd} ujc qnhc umhc ujnu ujc F(?7 vnq rcwdnamlf ujcF(: ui ocuucr rcbdcau lcv cailihma wivcr rcdnumilqjmwq$ ujc MHB vnq rclcfiumnumlf muqiumlf qjnrcq bir ujc qnhc rcnqil, Ml cnaj anqc$ ujc W_A vnq wrihmlclud} fmcl nfrcnucr qn},

Ml ucrhq ib neercqqmlf hnaricailihma mhondnlacq$ vjmdc ujc hnlnfmlf emrcauir emewrilislac ujc }snl slecrndsce *~siuce noic-$ ujcrc vcrc li widmamcq ui wrie ujcW_A ml ujnu emrcaumil, Lir$ bir ujnu hnuucr$ vcrc ujcrc widmamcq ui aihwcd ujc SQ uineercqq muq ajrilma asrrclu naaislu ecbmamuq, Ujmq dnme onrc n vcn`lcqq ib ujc mlqumusumil,Mu jnq qsoqunlumnd mlbdsclac vjcl aislurmcq aihc qcc`mlf bsleq ui neercqq ondnlac ibwn}hcluq embbmasdumcq, Mu jnq cr} dmuudc mlbdsclac vjcl ecndmlf vmuj eilir aislurmcq qsajnq ujc SQ nle ujc W_A, Liu ild} eicq ujc MHB dna` dccrq icr ujcmr ocjnmir$ osu mu mqfclcrndd} dinuj ui un`c naumilq ui ibbcle muq wrmlamwdc bslecrq,

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1>

3,1 Mhwnau il ujc VUI

Ujc dnqu ecanec hnr`q liu ild} n qmflmbmanlu crn ml hnaricailihma mhondnlacq osu ndqiujc cwiaj ib ujc urisodce Eijn Eccdiwhclu Nfclen und`q nu ujc VUI, Ujc W_A vnqnehmuuce ui ujc irfnlm{numil ksqu nq ujc und`q dnslajce ml ?77>, Vjmdc Eijn”q urisodcqdnrfcd} rcidc nrisle emqnfrcchcluq icr hnr`cu naacqq iodmfnumilq nle widmamcq qsajnq nfrmasdusrnd hnr`cu qswwiruq$ hnaricailihma mhondnlacq jnc wdn}ce n lil(urmmndridc$ ndocmu ilc ujnu jnq rcacmce dmuudc nuuclumil,

N airc wrmlamwdc ib ujc VUI mq ujnu ib —hiqu bnirce lnumil$‘ vjcrco} hnr`cu naacqqailacqqmilq ujnu nrc frnluce ui ilc VUI hchocr nrc nsuihnumandd} czuclece ui nddiujcrq, Vmuj ujc W_A”q naacqqmil$ ujmq hcnlu ujnu nl} aislur} ibbcrmlf lcv hnr`cunaacqq jne ui ibbcr mu ui ujc W_A nq vcdd, Nq ujc W_A frcv mlui nl czwirumlfwivcrjisqc$ ujmq ocanhc n qucnemd} hirc bcnrqihc wriqwcau, Ujmq hnuucrce dcqq uinenlace eccdiwce aislurmcq qsaj nq ujc SQ nle Csriwc$ vji jne ndrcne} dnrfcd}cdmhmlnuce mlesqurmnd unrmbbq ml wrcmisq urnec lcfiumnumlf risleq nle vji ibucl wriesaceembbcrclu$ hirc anwmund(mluclqmc fiieq ujnl ujiqc wriesace o} ujc W_A, Mu wiuclumndd}hnuucrce hsaj hirc ui nenlace eccdiwmlf lnumilq ujnu jne rcunmlce qsoqunlumnd unrmbbq

nle vcrc hirc dm`cd} ui oc aihwcumlf jcne(ui(jcne vmuj ujc W_A ml n rnlfc ib hnr`cuq,Ujc VUI mq ndqi ujrcnuclce o} hicq ui aihwcd mu ui rclecr ksefhclu il ujc W_A”qasrrcla} wrnaumacq, Ujmq jnq occl ilc wiwsdnr aisrqc ib naumil ml ujc SQ Ailfrcqq, Ilmuq bnac$ mu qcchq mhwnrumnd nle hsdumdnucrnd, Ujc embbmasdu} dmcq ml ujc mlnomdmu} ib ujc VUIui aiwc vmuj qsaj anqc, *Osqaj nle Dc} ?7>7-, Ujc rcdcnlu nrumadc ml ujc urnecnfrcchclu$ Nrumadc ZR;5$ mq czaccemlfd} nfsc, Mu qn}q hchocrq —qjndd liu o} czajnlfcnaumil brsqurnuc ujc mluclu ib ujc wrimqmilq ib ujc FNUU,‘ Mu wriacceq ui rcbcr nl}ilcqcc`mlf frcnucr ecunmd ui ujc MHB, Ujc wiuclumnd bir n anqc il asrrcla} nu ujc VUI visdewsu ujc irfnlm{numil ml nl czaccemlfd} embbmasdu wiqmumil, Mb mu rckcauce ujc anqc il ujcfrisleq ujnu mu eme liu jnc qsbbmamclu fsmenlac ui rsdc il qsaj hnuucrq$ mu visde dii`mhwiuclu, Mb mu naacwuce ujc anqc$ mu aisde ild} wnqq n ksefhclu o} arcnumlf lcv rsdcq uificrl hnaricailihma ailesau, Qsaj rsdcq visde jnc ild} ujc hiqu uclsisq

frislemlf ml nfrcchcluq nhilf ujc irfnlm{numil”q hchocrqjmw nle visde ujsq ndhiquacrunmld} jnc ujcmr dcfmumhna} ajnddclfce,

3,5 Ujc eiddnr nq n rcqcrc asrrcla}

Ujc bmlnd mlqumusumil ib fdiond cailihma ficrlnlac ui oc ajnddclfce o} SQ(W_Ahnaricailihma mhondnlacq jnq occl ujc qunusq ib ujc SQ eiddnr nq n rcqcrc asrrcla}$nl mlqumusumil ml ujc bmfsrnumc qclqc, Vmuj ujc SQ cailih} ml n wcrqmquclu qunuc ibrcacqqmil ir qdiv rcaicr}$ vmuj li rcnd iwumil bir wsrqsmlf nl czwnlqmc bmqand widma}$nle vmuj `c} qjiru(ucrh mlucrcqu rnucq jicrmlf nu ir lcnr {cri$ SQ hnaricailihmawidma}hn`crq vcrc dcbu bcv ajimacq ui qwsr ujc cailih}, Ilc iwumil visde oc ui oiiquujc cailih} ujrisfj mlarcnqce czucrlnd echnle, Ujnu vnq acrunmld} wnru ib ujc

hiumnumil bir qcc`mlf rcondnlamlf slecr ujc F(?7 wriacqq, Vmuj li wriqwcau bir qsajwrifrcqq$ ujc Bcecrnd _cqcrc wsrqsce n widma} ib ~snlumunumc cnqmlf *`livl nq —^C?$‘qmlac mu vnq ujc qcaile qsaj nuuchwu-,

Ujmq ercv n qjnrw rcnaumil brih ujc W_A nle iujcr arcemuir lnumilq$ vji virrmce ujnuujc SQ vnq bnmdmlf ui bsdbmdd muq esumcq nq wrimecr ib ujc virde”q rcqcrc asrrcla}, Fmclujc urisodcq ib ujc csri{ilc nle Knwnl$ armumaq ib SQ naumilq jne bcv wrnaumandnducrlnumcq ui ujc eiddnr nq n rcqcrc asrrcla}$ osu ujc cwmqiec qcrce ui slecrhmlcailbmeclac ml ujc mlqumusumil nle ui wrihwu und` ib asrrcla} vnrq nle n qcnraj bir iwumilq,




1?

Ujmq qcaumil jnq nrfsce ujnu ujc hnaricailihma mhondnlacq ocuvccl ujc SQ nle ujcW_A jnc bcnusrce wrihmlclud} il ujc nfclenq ib ujc hnkir mlqumusumilq ib fdiondcailihma ficrlnlac, Ml li anqc jnc ujiqc mlqumusumilq echilqurnuce nl} qmflmbmanluqsaacqq ml himlf uivnre ondnlac nle cnaj qcchq ui jnc occl nu dcnqu qihcvjnuvcn`clce ml ujc wriacqq,

2, AILADSQMIL

Icr ujc dnqu ecanec$ hnaricailihma mhondnlacq ocuvccl ujc SQ nle ujc W_A jncfrivl qmflmbmanlud}, Ujc widma} mlqurshcluq ujnu aisde wiuclumndd} ormlf noisu neksquhclujnc occl ujc qsokcau ib mluclqc widmumand econuc ml oiuj ujc SQ nle ujc W_A,Ujrisfjisu ujc ecanec$ ailacrlq noisu ujc W_A”q asrrcla} slecrndsnumil jnceihmlnuce cailihma emwdihna} ocuvccl ujc uvi aislurmcq$ ibucl ui ujc czadsqmil ibiujcr mqqscq ujnu hn} jnc occl hirc nhclnodc ui lcfiumnumil, Ujc omdnucrndlcfiumnumilq vcrc ibucl nq hsaj nl nuuchwu ui `ccw eihcquma biracq brih wsrqsmlf hircenhnfmlf hcnqsrcq nq ujc} vcrc rcndmquma nuuchwuq ui ajnlfc widmamcq norine, Ujc wsqjbir fdiond hnaricailihma rcondnlamlf czuclece mlui hsdumdnucrnd lcfiumnumlf oiemcq nq

vcdd$ ujisfj ujc mlqumusumilq nwwcnrce dnrfcd} mhwiuclu ml ujc bnac ib ujc wriodch,Fimlf birvnre$ mu vmdd oc mund ui ecucrhmlc vjcujcr ujc SQ anl echilqurnuc ujc wnumclacui nddiv ujc mqqscq ui oc rcqidce vmujisu biramlf ujc ~scqumil, Ndujisfj slmdnucrnd$omdnucrnd$ nle hsdumdnucrnd wrcqqsrcq jnc ndd bnmdce ml emqdiefmlf ujc W_A brih muqaihhmuhclu ui nl slecrndsce asrrcla} nle rnwme rcqcrc naashsdnumil$ ujc W_A”q ivlechifrnwjma nle cailihma biracq aisde qsaacce ml cbbcaumlf ajnlfc, Ujc neclu ibmlbdnumilnr} wrcqqsrcq vmujml ujc W_A jnc wrihwuce anddq bir asrrcla} nwwrcamnumil nqnl nlum(mlbdnumilnr} hcnqsrc, Ujc wiuclumnd aiquq ib czacqqmc czajnlfc rcqcrcq jncwrihwuce anddq bir dmhmumlf jidemlfq, Nl nfmlf wiwsdnumil jnq wrihwuce anddq bir n qjmbubrih nl cailih} biasqce il mlcquhclu ui ilc hirc irmcluce uivnre ailqshwumil,

Uvi bnauirq diih nq armumand ml ecucrhmlmlf vjcujcr ujc mqqsc vmdd bdnrc mlui ailbdmau ir

rchnml hnlnfcnodc, Bmrqu$ ujc swaihmlf ficrlhclu urnlqmumilq ml oiuj ujc SQ nle ujcW_A nrc dm`cd} ui cznacronuc uclqmilq, Ml ujc SQ$ ujcrc mq dmuudc widmumand rcusrl ui ocmlfuidcrnlu ib ujc W_A0 ml ujc W_A$ ujcrc mq dmuudc widmumand rcusrl ui nwwcnrmlf qsoqcrmclu uiujc SQ, Qcaile$ ujc orinecr hnaricailihma wcrbirhnlac ib ujc uvi aislurmcq vmddhnuucr qmflmbmanlud}, Mu vnq bcnr ib n qjnrw eivlusrl ml ?77: ujnu ansqce ujc W_A ui quiwmuq widma} ib asrrcla} nwwrcamnumil, Mu vnq ujc qjnrw swusrl ml SQ slchwdi}hclu ujnu dcewrihmlclu cailihmquq ui ocfml emqasqqmlf vmllnodc urnec vnrq nfnmlqu ujc W_A,

Bir }cnrq ui aihc$ ~scqumilq ib jiv ui neercqq ujc hnaricailihma mhondnlac ocuvcclujc SQ nle ujc W_A qcch sldm`cd} ui diqc ujcmr wrihmlclac ml cailihma emwdihna} nlefdiond ficrlnlac,




11

_CBC_CLACQ

Ocnuumc$ N,$ nle K, Widmum, ?7>>, Andd bir S,Q, ui orcnujc dmbc mlui urnec widma}, Bmlnlamnd Umhcq , >7 Knlsnr} ?7>>,

Ocrlnl`c$ O, ?773, Ujc Fdiond Qnmlf Fdsu nle ujc S,Q, Asrrclu Naaislu Ecbmamu,Qwccaj, >7Hnraj, juuw;))vvv,bcecrndrcqcrc,fi)oinreeiaq)qwccajcq)?773)?77371>7?)

Ojnuunqndm$ E,$ Q, Dm$ nle V, Hnruml$ ceq, ?775, Ajmln nle ujc VUI; Naacqqmil$ Widma} _cbirh$ nle Wicru} _cesaumil Qurnucfmcq , Vnqjmlfuil$ EA; Virde Onl`,

Ornleu$ D,$ nle U, _nvq`m$ ceq, ?77:, Ajmln”q Frcnu Cailihma Urnlqbirhnumil , Lcv]ir`$ L]; Anhormefc Slmcrqmu} Wrcqq,

Osqaj$ H,, nle W, Dc}, ?7>7, Ujc Anqc Nfnmlqu n Ajmln Asrrcla} Anqc, Ujc Nhcrmanl , 6 Iauiocr,

Andhcq$ K, ?77=, Fcmujclr Jmluq nu Jnrecr Dmlc il Ajmln Urnec, Lcv ]ir` Umhcq , ??Knlsnr}$ w, N>,

Ajnbbml$ K,$ nle N, Ocnuumc, ?7>7, CS”q Ec Fsaju nmrq ailacrl il S,Q, urnec qunlac,Bmlnlamnd Umhcq , >: Hnraj,

Ajcddnlc}$ O, ?7>7, Knwnl(Ajmln; Lnumilndmqh il ujc _mqc, Mlucrlnumilnd Jcrnde Urmoslc, >3 Nsfsqu,

Admlc$ V, ?7>7, _clhmlom Slecrndsnumil$ Ajmln”q Qsrwdsq$ nle ujc S,Q, Urnec Ecbmamu$Widma} Ormcb WO>7(?7, Wcucrqil Mlqumusuc bir Mlucrlnumilnd Cailihmaq, Nsfsqu,

Admlc$ V,$ nle K, Vmddmnhqil, ?7>>, Cqumhnucq ib Bslenhclund C~smdmormsh Czajnlfc_nucq, Hn}, Widma} Ormcb WO>>(3, Wcucrqil Mlqumusuc bir Mlucrlnumilnd Cailihmaq$

Hn},

Ecerma`$ K,$ @, @rnchcr$ nle F, Dmlecl, ?77:, Vji Wribmuq brih Mllinumil ml FdiondRndsc Ajnmlq9 N Quse} ib ujc mWie nle liucoii` WAq, Ndbrce W, QdinlBislenumil Mlesqur} Qusemcq,

Es$ ^,$ nle Q(K, Vcm, ?7>7, N Qczsndd} Slondnlace Hiecd ib Asrrclu NaaisluMhondnlacq, LOC_ Vir`mlf Wnwcr Li, >2777, Hn},

Cmajclfrccl$ O,$ nle F, _sn, ?7>>, Czajnlfc _nucq nle Fdiond _condnlamlf, NEOMVir`mlf Wnwcr Li, ?6:,

Bnmr$ _, ?7>7, Cqumhnuce Hnaricailihma Cbbcauq ib n Ajmlcqc ]snl Nwwrcamnumil,Aivdcq Bislenumil Emqasqqmil Wnwcr Li, >633, ]ndc Slmcrqmu},

Fclcrnd Naaislumlf Ibbmac, ?773, Urcnqsr} Nqqcqqhcluq Jnc Liu Bisle Asrrcla}Hnlmwsdnumil$ osu Ailacrlq Noisu Czajnlfc _nucq Ailumlsc, FNI(73(13>,Nwrmd,

Fideml$ A,$ nle B, @nu{, ?77:, Ujc _nac Ocuvccl Cesanumil nle Ucajlidif} ,Anhormefc$ HN; Jnrnre Slmcrqmu} Wrcqq,

Fidequcml$ H,$ nle L, Dnre}, ?776, Ajmln”q Czajnlfc _nuc Widma}; Nl Icrmcv ibQihc @c} Mqqscq, Wcucrqil Mlqumusuc bir Mlucrlnumilnd Cailihmaq, Ailbcrclacwnwcr, >= Iauiocr,

Jcrrcrmnq$ H,$ nle R, Iruq, ?7>7, Mq ujc Czwiru(Dce Frivuj J}wiujcqmq Clisfj uiNaaislu bir Ajmln”q Frivuj9 Ajmln nle ujc Virde Cailih} >: *5-; 15‑3>,

http://www.ft.com/cms/s/0/188e4246-1cf5-11e0-8c86-00144feab49a.html#axzz1OEjbMvFf




http://www.federalreserve.gov/boarddocs/speeches/2005/200503102/



http://www.american.com/archive/2010/october/the-case-against-a-china-currency-case




http://www.nytimes.com/2009/01/23/business/worldbusiness/23treasury.html?pagewanted=all












Jsnlf$ ],$ nle @, Uni, ?7>>, Ansqcq ib nle _chcemcq bir ujc Wciwdc”q _cwsodma ibAjmln”q Czucrlnd Mhondnlacq; Ujc _idc ib Bnauir Hnr`cu Emquirumil, NEOMVir`mlf Wnwcr Li, ?6=,

Mui$ U, ?7>7, Ajmln”q wriwcru} osoodc mq virqc ujnl mu dii`q, Bmlnlamnd Umhcq , >6 Hnraj,

@cmecd$ N, ?776, Ajmln”q Diihmlf Armqmq―Mlbdnumil _cusrlq, Anrlcfmc Cleivhclu birMlucrlnumilnd Wcnac, Widma} Ormcb Li, 35, Qcwuchocr,

@rsfhnl$ W, ?77=, Ajmln nle ujc dm~smemu} urnw, Ujc Ailqamclac ib n Dmocrnd, Lcv ]ir` Umhcq , >3 Hn}, juuw;))`rsfhnl,odifq,l}umhcq,aih)?77=)73)>3)ajmln(nle(ujc(dm~smemu}(urnw)

@rsfhnl$ W, ?7>7, Anwmund Czwiru$ Cdnqumamu} Wcqqmhmqh$ nle ujc _clhmlom *Vil`mqj-,Ujc Ailqamclac ib n Dmocrnd, Lcv ]ir` Umhcq , >2Hnraj,

Dnre}$ L, ?77?,

juuw;))`rsfhnl,odifq,l}umhcq,aih)?7>7)71)>2)anwmund(czwiru(cdnqumamu}(wcqqmhmqh(nle(ujc(rclhmlom(vil`mqj)

Mlucfrnumlf Ajmln ml ujc Fdiond Cailih}

Dc}$ W, ?7>7, Bnmr$ Urnec$ nle Ajmln Kioq,

, Vnqjmlfuil$ EA; Orii`mlfqMlqumusumil Wrcqq,

Ujc Clucrwrmqc Odif , ? Nwrmd,

Dc}$ W, ?7>7o, F(?7; N mcvcr”q fsmec, Bircmfl Widma}―Qjneiv Ficrlhclu , ?Lichocr,

Dc}$ W, ?7>>, Ajmln”q Mlemfclisq Mllinumil Widma} nle S,Q, Mlucrcquq, Ucqumhil}ocbirc ujc Jisqc Aihhmuucc il Bircmfl Nbbnmrq Qsoaihhmuucc il Ucrrirmqh$Lilwridmbcrnumil$ nle Urnec, = Hnraj,

Dm$ R, ?7>>, Ajmln Qjisde Anw Bircz _cqcrcq nu SQ>,1 Urmddmil; Ajmln Onl`cr, Vnlu Ajmln Umhcq , ?5 Nwrmd,

Hnlucdd$ _, ?7>7, Ajmln asrrcla} omdd nwwrice ml Jisqc, Hnr`cuvnuaj , ?= Qcwuchocr,

Lnsfjuil$ O, ?772, Ujc Ajmlcqc Cailih}; Urnlqmumilq nle Frivuj, Anhormefc$ HN;HMU Wrcqq,

Wcuumq$ H, ?7>7, Jiv vmdd nl _HO rcndsnumil nbbcau Ajmln$ ujc SQ$ nle ujc virde9Ajmln Bmlnlamnd Hnr`cuq , >6 Hnraj, juuw;))hwcuumq,aih)?7>7)71)jiv(vmdd(nl(rho(rcndsnumil(nbbcau(ajmln(ujc(sq(nle(ujc(virde)

_necdcu$ Q,$ nle K, Qnajq, >==:, Ujc Cnqu Nqmnl Bmlnlamnd Armqmq; Emnfliqmq$_chcemcq$ Wriqwcauq, Orii`mlfq Wnwcrq il Cailihma Naummu} , Li, >$ ww, >‑65,

Qjmr`$ Q, ?776, Brnfmdc Qswcrwivcr; Jiv Ajmln&q Mlucrlnd Widmumaq Aisde Ecrnmd Muq Wcnacbsd _mqc , Izbire$ S@; Izbire Slmcrqmu} Wrcqq,

Ujiroca`c$ V,$ nle F, @ihiui, ?7>7, Mlcqumfnumlf ujc Cbbcau ib Czajnlfc _nucAjnlfcq il Urnlqwnambma _condnlamlf, NEOM Vir`mlf Wnwcr Li, ?56,

Vmlcq$ H, ?77=, Ajmln”q Dcnecr Qn}q Jc mq ‚Virrmce” icr S,Q, Urcnqsrmcq, Lcv ]ir` Umhcq , >1 Hnraj,

Vmlcq$ H, ?7>7, Ajmln Odnhcq S,Q, bir Qurnmlce _cdnumilq, Lcv ]ir` Umhcq , 6 Hnraj,

Virde Onl`, ?7>7, Ajmln ^snrucrd} Swenuc , Hnraj,

]s ], ?7>>, Ajmln anl orcn` brcc brih eiddnr urnw, Bmlnlamnd Umhcq, 3 Nsfsqu,

http://krugman.blogs.nytimes.com/2009/05/15/china-and-the-liquidity-trap/







http://blog.american.com/2010/04/fair-trade-and-china-jobs/



http://shadow.foreignpolicy.com/posts/2010/11/02/g_20_a_viewers_guide



http://www.aei.org/docLib/20110309-Levy.pdf

http://www.wantchinatimes.com/news-subclass-cnt.aspx?cid=1102&MainCatID=&id=20110424000093




http://www.marketwatch.com/story/currency-bill-approved-in-house-2010-09-29



http://mpettis.com/2010/03/how-will-an-rmb-revaluation-affect-china-the-us-and-the-world/




http://www.nytimes.com/2009/03/14/business/worldbusiness/14china.html




http://www.ft.com/cms/s/0/2189faa2-bec6-11e0-a36b-00144feabdc0.html#axzz1UA9s84fE

http://www.ft.com/cms/s/0/2189faa2-bec6-11e0-a36b-00144feabdc0.html#axzz1UA9s84fE








http://www.aei.org/docLib/20110309-Levy.pdf







the united states and the prc: macroeconomic imbalances and economic diplomacy

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