(&)*%+",έ. /",0102ί%. 4$ί25,5.,5" 0!"%61ή. 45*52%+"82ό. *'. :5+5;);ή.

!"ά$%&' 8 (&)*%+",έ. /",0102ί%. 4$ί25,5.,5" 0!"%61ή. 45*52%+"82ό. *'. :5+5;);ή.!"# $%ά'()# *+"ή $%(-(+./ύ1( "/ 234 /% ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 12/-/ύ..* 5*8/-ί9/+. "/ $%(8.ή 5*"*1(-%91ό "#4 2*-*;3;ή4 5*% "/+ (12/-ί/+. <%5/./1ί(4 5'ί1*5*4 +2ά-=/+. ό"*. # 2*-*;3;ή ;ί.("*% 2%/ *2/"('(91*"%5ή 5*8ώ4 1(;*'ώ.(% # 5'ί1*5* "#4 2*-*;3;ή4. @( /%5/./1ί(4 5'ί1*5*4, / $%2'*9%*91ό4 "3. 2/9/"ή"3. "3. 9+."('(9"ώ. 2*-*;3;ή4 8* /$#;(ί 9( +2(-$%2'*9%*91ό "/+ 2*-*;ό1(./+ 2-/Aό."/4. B.*''*5"%5ά, "/ 5*"ά 1/.ά$* 5ό9"/4 2*-*;3;ή4 1(%ώ.("*% 5*8ώ4 *+)ά.("*% # 5'ί1*5* "#4 2*-*;3;ή4.!"#$%&'(έ* +'(+,+-ί%* (/ί-0(0* +2ά-=/+. ό"*. "/ 5*"ά 1/.ά$* 5ό9"/4 2*-*;3;ή4 ()*-"ά"*% *-.#"%5ά *2ό "#. 5'ί1*5* "/+ 5'ά$/+, 5*% ό=% "#. 5'ί1*5* "#4 (2%=(ί-#9#4.!1#$%&'(έ* +'(+,+-ί%* (/ί-0(0* +2ά-=/+. ό"*. "/ 5*"ά 1/.ά$* 5ό9"/4 2*-*;3;ή4 ()*-"ά"*% *-.#"%5ά *2ό "#. 5'ί1*5* "#4 (2%=(ί-#9#4 5*% ό=% "/+ 5'ά$/+. <% (93"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 /$#;/ύ. 9( *"('ή *."*;3.%91ό (1/./2ώ'%* ή /'%;/2ώ'%*), 5ά"% 2/+ 8* $%(-(+.ή9/+1( 9"#. (2ό1(.# $%ά'()#, (.ώ /% ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 (ί.*% 9+1C*"έ4 1( *."*;3.%9"%5/ύ4 5'ά$/+4. D%*"ί ό134 +2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4; E% 2-/5*'(ί "#. 2"ώ9# "/+ 1έ9/+ 5ό9"/+4 2*-*;3;ή4 (.ό4 5'ά$/+, ό"*. / 5'ά$/4 (ί.*% 1(;ά'/4 5*% ;(3;-*F%5ά 9+;5(."-31έ./4; E* (-3"ή1*"* *+"ά "* έ8(9( 2-ώ"/4 5*% "* *2ά."#9( / Alfred Marshall. G2ά-=/+. "/+'ά=%9"/. "-(%4 'ό;/% 2/+ 2-/5*'/ύ. ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4. 1. B)(%$%5(+1έ./% 2-/1#8(+"έ4 2/+ ()+2#-("/ύ. ό'(4 "%4 (2%=(%-ή9(%4 "/+ 9+;5(."-31έ./+ 5'ά$/+ 1( =*1#'ό 5ό9"/4. 2. B)(%$%5(+1έ./ "/2%5ό (-;*"%5ό $+.*1%5ό 1( 9+993-(+1έ.# (12(%-ί* 9"/. 5'ά$/, 5ά"% 2/+ 1(%ώ.(% "/ 5ό9"/4 2*-*;3;ή4 9"/. 5'ά$/. 3. @("*F/-ά 5*% $%ά=+9# "(=./;.39ί*4 'ό;3 "#4 (;;ύ"#"*4, "3. $%*2-/932%5ώ. 9=έ9(3. 5*% "#4 ά"+2ή4 *."*''*;ή4 2'#-/F/-%ώ.. <% ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4, 9( *."ί8(9# 1( "%4 (93"(-%5έ4, (ί.* 9+1C*"έ4 1( "/. "έ'(%/ *."*;3.%91ό, *''ά 9+.(2ά;/."*% έ.* %$%*ί"(-/ -ό'/ ;%* "#. %9"/-%5ή

()έ'%)# "3. 5'ά$3. 5*% ;%* "+=*ί* ;(;/.ό"* "* /2/ί* 2/''έ4 F/-έ4 2-/9$%/-ίH/+. "/ $%(8.ή 5*"*1(-%91ό "#4 2*-*;3;ή4 5*% "# $%ά-8-39# "/+ $%(8./ύ4 (12/-ί/+. I* $%(-(+.ή9/+1( *+"έ4 "%4 %$%ό"#"(4 "3. ()3"(-%5ώ. /%5/./1%ώ. 5'ί1*5*4 9"# 9+.έ=(%*. 8.1! "#$%ί' ($) *+$(#%,-ώ) /,-0)01,ώ) 23ί1'-'4 D%* 1%* 9(%-ά *2ό 'ό;/+4, # ;(3;-*F%5ή 9+;5έ."-39# (.ό4 5'ά$/+ /$#;(ί 9( =*1#'ό"(-/ 5*"ά 1/.ά$* 5ό9"/4 2*-*;3;ή4, *5ό1* 5*% *. /% (2%=(%-ή9(%4 2/+ $-*9"#-%/2/%/ύ."*% 9"/. 5'ά$/ (ί.*% 9=("%5ά 1%5-έ4. Ό"*. "/ 5*"ά 1/.ά$* 5ό9"/4 2*-*;3;ή4 (ί.*% *-.#"%5ή 9+.ά-"#9# "/+ 1(;έ8/+4 "/+ 5'ά$/+, 5*% ό=% "#4 (2%=(ί-#9#4, *.*F(-ό1*9"( 9( %"#$%&'(έ* +'(+,+-ί%* (/ί-0(0*. K *.ά'+9# "3. ()3"(-%5ώ. /%5/./1%ώ. 5'ί1*5*4 /F(ί'(% 2/''ά 9"/. Alfred Marsall, έ.*. *2ό "/+ 9#1*."%5ό"(-/+4.(/5'*99%5/ύ4 /%5/./1/'ό;/+4 9"* "έ'# "/+ 19/+ 5*% 9"%4 *-=έ4 "/+ 20/+ *%ώ.*. O Marshall (2%=(ί-#9(.* ()#;ή9(% 1( *+"ή "# 8(3-ί* "# ;(3;-*F%5ή 9+;5έ."-39# 5'ά$3. 2*-*;3;ή4 2/+ $(. 12/-/ύ9(.* ()#;#8(ί 1( Cά9# "/+4 F+9%5/ύ4 2ό-/+4.!"#. (2/=ή "/+ "έ"/%(4 9+;5(."-ώ9(%4 +2ή-=*. ;%* 2*-ά$(%;1* 9"/ Sheffield, "/ /2/ί/ ή"*. F#1%91έ./ ;%* "#. 2*-*;3;ή 1*=*%-/2ή-/+.3., ή 9"/ Northampton 2/+ 2*-ή;( 2'(5"ά. G2ά-=/+. 2/''ά 9ύ;=-/.* 2*-*$(ί;1*"* ;(3;-*F%5ή4 9+;5έ."-39#4 5'ά$3.. K Silicon Valley 9"#. L*'%Fό-.%* (ί.*% F#1%91έ.# ;%* "#. 2*-*;3;ή #1%*;3;ώ., #'(5"-/.%5ώ. +2/'/;%9"ώ. 5*% '/;%91%5/ύ. K C%/1#=*.ί* "/+ 5%.#1*"/;-άF/+ 9"%4 KMN (ί.*% 9+;5(."-31έ.# 9"/ Hollywood "#4 L*'%Fό-.%*4. < =-#1*"/2%9"3"%5ό4 5'ά$/4 (ί.*% 9+;5(."-31έ./4 9( 2*;5ό91%* =-#1*"/2%9"3"%5ά 5έ."-* ό234 # Wall Street 9"# Oέ* Gό-5#, "/ City "/+ P/.$ί./+, #!%;5*2/ύ-# 5*% "/ Hong Kong. E/ 1(;*'ύ"(-/ ί934 1έ-/4 "#4 2*;5ό91%*4 2*-*;3;ή4 /+ί95% ;ί.("*% 9"* Highlands "#4!53"ί*4. E* 2'έ/. 2(-%Hή"#"* 2/ύ-* 5*"*95(+άH/."*% 9"#. L/ύC*. E/ 2'έ/. H#"/ύ1(./ *F-ώ$(4 5-*9ί 2*-ά;("*% 9"#. L*12*.ί* (Champagne). E/ 2'έ/. H#"/ύ1(./ 5ό55%./ 5-*9ί 2*-ά;("*% 9"/ Bordeaux. @(;ά'/ 1έ-/4 "#4 2*-*;3;ή4 5-*9%/ύ +Q#'ή4 2/%ό"#"*4 9"%4 KMN 2*-ά;("*% 9"# Nappa Valley "#4 L*'%Fό-.%*4. E* 2*-ά'%* "#4 Lί.*4, *2ό "/. 5ό'2/ "/+ Bohai, έ34 "/ $έ'"* "/+ 2/"*1/ύ Yangzi 1( (2ί5(."-/ "#!*.;5ά# 5*% 5ά"3 34 "/ $έ'"* "/+ 2/"*1/ύ Pearl 1( (2ί5(."-* "#. 2*'*%ά L*."ώ.* (Guangdong), "# Shenzhen 5*% "/ Hong Kong έ=/+. 1("*"-*2(ί 9"/ (-;*9"ή-%/ "/+ 5ό91/+, έ=/."*4 9+;5(."-ώ9(% "/ 1(;*'ύ"(-/ 1έ-/4 "#4 C%/1#=*.%5ή4 2*-*;3;ή4 9( 1%* 9(%-ά *2ό 5'ά$/+4 ό234 "#'(/-ά9(%4, #'(5"-/.%5/ί +2/'/;%9"έ4 5*% έ)+2.* 5%.#"ά "#'έf3.*, έ34 =*'ύc$%./+4 93'ή.(4 5*% ά''* 2-/Aό."* C*-%ά4 C%/1#=*.ί*4. < Marshall (2%=(%-#1*"/'ό;#9( ό"% +2ά-=/+. "/+'ά=%9"/. "-(%4 'ό;/% ;%* "/+4 /2/ί/+4 1ί* (2%=(ί-#9# # /2/ί* 2*-ά;(% 9( 1ί* 2(-%/=ή 9"#. /2/ί* (ί.*% 9+;5(."-31έ.(4 /1/(%$(ί4 (2%=(%-ή9(%4 8* έ=(% 1%5-ό"(-/ 5*"ά 1/.ά$* 5ό9"/4 2*-*;3;ή4. 2

M-ώ"/., 8* +2ά-=/+. ()(%$%5(+1έ./% 2-/1#8(+"έ4 2-ώ"3. +'ώ., (.$%*1έ93. 2-/Aό."3. 5*% ()*-"#1ά"3. /% /2/ί/% 5*8ώ4 8* 2-/1#8(ύ/+. 2/''έ4 (2%=(%-ή9(%4 8* 2*-ά;/+. 9( 1(;*'ύ"(-# 5'ί1*5*, 5*'ύ"(-# 2/%ό"#"* 5*% 1%5-ό"(-/ 5*"ά 1/.ά$* 5ό9"/4 2*-*;3;ή4. R(ύ"(-/., 8* +2ά-=(% 1ί* $()*1(.ή (-;*H/1έ.3. 1( (12(%-ί* 9"%4 9+;5(5-%1έ.(4 1(8ό$/+4 2*-*;3;ή4 2/+ *2*%"(ί / 5'ά$/4, ά-* 5*% 1( +Q#'ή 2*-*;3;%5ό"#"*. E-ί"/., 8* +2ά-=(% $%ά=+9# "#4 "(=./;.39ί*4 5*% *."*''*;ή %$(ώ. 5*% ;.ώ9(3. 1έ93 "3. 5/%.3.%5ώ. 5*% *"ύ23. (2*Fώ. "3. 9"('(=ώ. 5*% "3. (-;*H/1έ.3. 9"%4 $%άf/-(4 (2%=(%-ή9(%4 "/+ 5'ά$/+, 5ά"% 2/+ (+./(ί "#. "(=./'/;%5ή 2-ό/$/ 5*% "# 1(ί39# "/+ 5ό9"/+4 2*-*;3;ή4. L*% /% "-(%4 *+"/ί 'ό;/% έ=/+. %$%*ί"(-# 9#1*9ί* 5*% 9ή1(-*, ό234 5*% 9"#. (2/=ή "/+ Marshall. 8.1.1 *+#,5,-#61έ)0, 8%019:#6(έ4!( 2/''/ύ4 2*-*;3;%5/ύ4 5'ά$/+4 # 2*-*;3;ή *;*8ώ. 5*% +2#-(9%ώ. - 5*% 9( *5ό1# 1(;*'ύ"(-/ C*81ό # *.ά2"+)#.έ3. 2-/Aό."3. - *2*%"(ί "# =-ή9# ()(%$%5(+1έ.3. 2-/1#8(+"ώ. (.$%*1έ93. 2-/Aό."3., ή ()(%$%5(+1έ.3. 1#=*.#1ά"3. 5*% C/#8#"%5ώ. +2#-(9%ώ.. @ί* (2%=(ί-#9# 1%5-ή4 5'ί1*5*4 $(. 2-/9Fέ-(% 1%* *-5("ά 1(;ά'# *;/-ά 2/+.* $%5*%/'/;(ί "#. ύ2*-)# ()(%$%5(+1έ.3. 2-/1#8(+"ώ.. S9"ό9/, *. +2ά-=/+. 2/''έ4 /1/(%$(ί4 (2%=(%-ή9(%4, *+"έ4 *2ό 5/%./ύ $#1%/+-;/ύ. 1ί* *;/-ά ;%* "* 2-/Aό."* 5*% "%4 +2#-(9ί(4 ()(%$%5(+1έ.3. 2-/1#8(+"ώ., 2/+ 1( "# 9(%-ά "/+4 '(%"/+-;/ύ. 2%/ *2/"('(91*"%5ά 5*% 9+1Cά''/+. 9"# 1(ί39# "/+ 5ό9"/+4 2*-*;3;ή4 ;%* ό'(4 "%4 (2%=(%-ή9(%4 "/+ 5'ά$/+. 8.1.2 ;#+'1#)ή *+#,5,-#61έ)$) *%='>01έ)$) @ί* $(ύ"(-# 2#;ή ()3"(-%5ώ. /%5/./1%ώ. 5'ί1*5*4 (ί.*% # ύ2*-)# 1%*4 $()*1(.ή4 ()(%$%5(+1έ.3. (-;*H/1έ.3. 2/+ έ=/+. *2/5"ή9(% +Q#'ή 2*-*;3;%5ό"#"* 9"/. 5'ά$/. @ί* "έ"/%* $()*1(.ή 12/-(ί.* $#1%/+-;#8(ί 1ό./ *. +2ά-=(% 1ί* 5-ί9%1# 1άH* (2%=(%-ή9(3. 9"/. 5'ά$/, 5*% (+./(ί "ό9/ "/+4 2*-*;3;/ύ4 ό9/ 5*% "/+4 (-;*H/1έ./+4. B+./(ί "/+4 2*-*;3;/ύ4 $%ό"% 1(%ώ.(% "/. 5ί.$+./.* +2ά-)(% έ''(%q# ()(%$%5(+1έ.#4 (-;*9ί*4, 5*% (+./(ί "/+4 (-;*H/1έ./+4 $%ό"% 1( "#. ύ2*-)# 2/''ώ. (2%=(%-ή9(3. 1(%ώ.("*% / 5ί.$+./4 "#4 *.(-;ί*4. 8.1.3 ;,ά@6a9 B#@)0=)$Aί'4 Eέ'/4, # ;(3;-*F%5ή 9+;5έ."-39# /1/(%$ώ. (2%=(%-ή9(3. (+./(ί "# $%ά=+9# "#4 "(=./;.39ί*4.!"%4 9ύ;=-/.(4 /%5/./1ί(4, # "(=./;.39ί* (ί.*% "/ ί$%/ 9#1*."%5ή 1( "/+4 +2ό'/%2/+4 9+."('(9"έ4 2*-*;3;ή4, ό234 "/ 5(Fά'*%/, # (-;*9ί*, /% 2-ώ"(4 3

ύ'(4 5*% "* (.$%ά1(9* 2-/Aό."*. K "(=./;.39ί* 12/-(ί.* *2/5"#8(ί 1( $*2ά.(4 ;%* έ-(+.* 5*% "(=./'/;ί*, 1( *."ί9"-/f# 1#=*.%5ή (reverse engineering) (2ί "3. 2-/Aό."3., *''ά 5*% 1( "# $%ά=+9ή "#4 *2ό (2%=(ί-#9# 9( (2%=(ί-#9# 1έ93 "#4 ά"+2#4 *."*''*;ή4 %$(ώ. 5*% 2'#-/F/-%ώ. "3. 9"('(=ώ. "3. (2%=(%-ή9(3.. K ;(%".ί*9# "3. (2%=(%-ή9(3. 9+."('(ί 9"#. *."*''*;ή %$(ώ. 5*% ;.ώ9(3. 1έ93 "3. 5/%.3.%5ώ. 5*% *"ύ23. (2*Fώ. "3. 9"('(=ώ. 5*% "3. (-;*H/1έ.3. 9"%4 $%άf/-(4 (2%=(%-ή9(%4 "/+ 5'ά$/+, 5ά"% 2/+ (+./(ί "#. "(=./'/;%5ή 2-ό/$/ 5*% "# 1(ί39# "/+ 1έ9/+ 5ό9"/+4 2*-*;3;ή4. 8.2 *+$(#%,-έ4 /,-0)01ί#4 23ί1'-'4 -', CA0%%0Dί' (94 E=0%ά4 Ό"*. +2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4, "/ 1έ9/ 5ό9"/4 2*-*;3;ή4 (.ό4 *;*8/ύ 1(%ώ.("*% 5*8ώ4 # 5'ί1*5* 2*-*;3;ή4 "/+ 5'ά$/+ *+)ά.("*%. @( $($/1έ./ "/. *."*;3.%91ό 1("*)ύ /1/(%$ώ. (2%=(%-ή9(3., # F8ί./+9* 5*12ύ'# 1έ9/+ 5ό9"/+4 12/-(ί.* (-1#.(+"(ί 34 1ί* F8ί./+9* 5*12ύ'# 9+./'%5ή4 2-/9F/-ά4 "/+ 5'ά$/+. K %9/--/2ί* "#4 *;/-ά4 2*-ί9"*"*% 9"/ R%ά;-*11* 8.1.!"/ 9#1(ί/ 2/+ # F8ί./+9* 5*12ύ'# 9+./'%5ή4 2-/9F/-ά4 AC "έ1.("*% 1( "#. 5*12ύ'# Hή"#9#4 ;%* "/ 2-/Aό. "/+ 5'ά$/+, 2-/9$%/-ίH("*% # 2*-*;3;ή "/+ 5'ά$/+.!"/ 9#1(ί/ %9/--/2ί*4 B 2-/9$%/-ίH("*% # "%1ή 5*% # 2*-*;ό1(.# 2/9ό"#"*. K %9/--/2ί* *+"ή (ί.*% 9+1C*"ή 1( "#. ύ2*-)# *."*;3.%9"%5ώ. (2%=(%-ή9(3., 5ά8( 1ί* *2ό "%4 /2/ί(4 2*-ά;(% έ34 ό"/+ "/ /-%*5ό 5ό9"/4 2*-*;3;ή4 ()%938(ί 1( "#. "%1ή "#4 *;/-ά4. B5 2-ώ"#4 όq(34, # %9/--/2ί* 1( ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 $(. F*ί.("*%.* έ=(% 5*11ί* $%*F/-ά *2ό "#. %9/--/2ί* (.ό4 5'ά$/+ =3-ί4 "έ"/%(4 ()3"(-%5έ4 /%5/./1ί(4. K 1ό.# $%*F/-ά (ί.*% ό"% # 9+.ά-"#9# 2-/9F/-ά4 9( έ.* 5'ά$/ =3-ί4 ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 8* έ=(% 8("%5ή 5'ί9#, 'ό;3 "/+ ό"% "/ /-%*5ό 5ό9"/4 2*-*;3;ή4 *+)ά.("*% 5*8ώ4 *+)ά.("*% # 2*-*;3;ή. S9"ό9/, /% /1/%ό"#"(4 (ί.*% 1ό./ F*%./1(.%5έ4. Ό"*. +2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4, 1ί* *ύ)#9# "#4 9+./'%5ή4 Hή"#9#4 ;%* "/ 2-/Aό. "/+ 5'ά$/+ /$#;(ί 9( 1(ί39# *."ί ;%* *ύ)#9# "/+ 1έ9/+ 5ό9"/+4 2*-*;3;ή4, ά-* 5*% "#4 "%1ή4 %9/--/2ί*4. K 1(ί39# "3. "%1ώ. 2/+ 2-/5*'(ί"*% ό"*. *+)ά.("*% # 9+./'%5ή Hή"#9# έ=(% "(-ά9"%* 9#1*9ί* ;%* "%4 (2%2"ώ9(%4 "/+ $%(8./ύ4 (12/-ί/+. N+"ή (ί.*% 2/+ /$#;(ί 9"# 9+;5έ."-39# "3. 5'ά$3. 9( 5ά2/%(4 =ώ-(4 5*% ό=% 9( ά''(4. 8.3 *+$(#%,-έ4 /,-0)01ί#4 23ί1'-'4 -', ;,#:)έ4 *1Dό%,0 Ό234 έ=/+1( $(% 34 "ώ-*, "/ $%(8.έ4 (12ό-%/ /$#;(ί 9( $+.#"%5ή *ύ)#9# "#4 Hή"#9#4 ;%* "* 2-/Aό."* (.ό4 5'ά$/+. Έ5(ί 2/+ # Hή"#9# 2-/(-=ό"*. 1ό./ *2ό "/ ()3"(-%5ό "#4 =ώ-*4, 1( "/ (12ό-%/ 12/-(ί.* 2-/έ-=("*% *2ό /'ό5'#-/ "/. 5ό91/. Ό"*. +2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4, *. # *ύ)#9# "#4 Hή"#9#4 /$#;ή9(% 9( (2έ5"*9# "/+ 4

5'ά$/+, "ό"( 8* /$#;ή9(% 5*% 9( 1(ί39# "/+ 1έ9/+ 5ό9"/+4 2*-*;3;ή4, ά-* 5*% "3. "%1ώ.. 8.3.1 *+$(#%,-έ4 /,-0)01ί#4, 8'%'=$=ή -', B,1έ4 N4 ()("ά9/+1( έ.* 5'ά$/ 2*-*;3;ή4, ;%* 2*-ά$(%;1* "* C*1C*5(-ά 12'/+Hά5%*. U3-ί4 "#. ύ2*-)# (12/-ί/+ 1("*)ύ "3. =3-ώ. +2/8έ"/+1( ό"% "* C*1C*5(-ά 12'/+Hά5%* 2*-ά;/."*% "ό9/ 9"#. B+-ώ2# (K1($*2ή) ό9/ 5*% 9"#. Lί.* (N''/$*2ή). < 2-/9$%/-%91ό4 "3. "%1ώ. 5*% "3. 2/9/"ή"3. %9/--/2ί*4 2-%. "/ (12ό-%/ 2*-ί9"*"*% 9"/ R%ά;-*11* 8.2. G2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 "ό9/ 9"#. B+-ώ2# ό9/ 5*% 9"#. Lί.*. S9"ό9/, 'ό;3 =*1#'ό"(-/+ (-;*"%5/ύ 5ό9"/+4, "/ 1έ9/ 5ό9"/4 "#4 Lί.*4 (ί.*% =*1#'ό"(-/ *2ό "/ 1έ9/ 5ό9"/4 "#4 B+-ώ2#4 ;%* $($/1έ.# 5'ί1*5* 2*-*;3;ή4. K 9+.ά-"#9# 1έ9/+ 5ό9"/+4 "#4 Lί.*4 C-ί95("*% *-%9"(-ά (=*1#'ό"(-*) *2ό "# 9+.ά-"#9# 1έ9/+ 5ό9"/+4 "#4 B+-ώ2#4. <% "%1έ4 5*% /% 2/9ό"#"(4 %9/--/2ί*4 9"%4 $ύ/ =ώ-(4 2-/9$%/-ίH/."*% 9"/ 9#1(ί/ 9"/ /2/ί/ 9( 5ά8( =ώ-* # 9+.ά-"#9# 2-/9F/-ά4 (5*12ύ'# 1έ9/+ 5ό9"/+4) %9/ύ"*% 1( "#. "/2%5ή 5*12ύ'# Hή"#9#4. K %9/--/2ί* 9"#. *;/-ά "#4 B+-ώ2#4 (ί.*% 9"/ 9#1(ί/ B, 5*% # %9/--/2ί* 9"#. *;/-ά "#4 Lί.*4 (ί.*% 9"/ 9#1(ί/ L. G2/8έ"/+1( *-=%5ά ό"% 9"* 9#1(ί* %9/--/2ί*4 =3-ί4 (12ό-%/, # "%1ή "3. C*1C*5(-ώ. 9"#. Lί.* (ί.*% =*1#'ό"(-# *2ό "#. "%1ή 9"#. B+-ώ2#. N4 +2/8έ9/+1( "ώ-* ό"% *2('(+8(-ώ.("*% "/ (12ό-%/ C*1C*5(-ώ. -/ύ=3. 1("*)ύ B+-ώ2#4 5*% Lί.*4. K.έ* %9/--/2ί* 2*-/+9%άH("*% 9"/ R%ά;-*11* 8.3. <% 2*-*;3;/ί "3. $ύ/ =3-ώ. *."%1("32ίH/+. "ώ-* 1ί* (.%*ί* 2*;5ό91%* 5*12ύ'# Hή"#9#4, 2/+ (ί.*% "/ ά8-/%91* "3. 5*12+'ώ. Hή"#9#4 "#4 B+-ώ2#4 5*% "#4 Lί.*4. K Lί.* ό134 8* 5*"*'ή)(%.* (ί.*% # 1ό.# =ώ-* 2/+ 8* 2*-ά;(% C*1C*5(-ά 12'/+Hά5%*, 5*8ώ4 "/ 5ό9"/4 2*-*;3;ή4 "#4 5*% "/ (2ί2($/ "#4 "%1ή4 ή"*. =*1#'ό"(-/ *2ό "#4 B+-ώ2#4 "# 9"%;1ή 2/+ *2('(+8(-ώ8#5( "/ (12ό-%/. @ό'%4 *2('(+8(-38(ί "/ (12ό-%/, /% 2*-*;3;/ί "#4 Lί.*4 8* *-=ί9/+..* 5ά./+. ()*;3;έ4 9"#. B+-ώ2# 9( =*1#'ό"(-(4 "%1έ4 *2ό "%4 (+-32*A5έ4. K 5'ί1*5* "#4 2*-*;3;ή4 9"#. Lί.* 8* *-=ί9(%.* *+)ά.("*%, /% "%1έ4 8* 2έF"/+. *5ό1# 2(-%99ό"(-/, 5*% 9"/ "έ'/4 # 2*-*;3;ή "#4 Lί.*4 8* 5*'ύQ(% ό'# "#. 2*;5ό91%* Hή"#9#. <% B+-32*ί/% 2*-*;3;/ί $(. 8* 12/-έ9/+..* 5ά./+. ()*;3;έ4 'ό;3 "/+ +Q#'ό"(-/+ 5ό9"/+4 2*-*;3;ή4 5*% "3. +Q#'ό"(-3. "%1ώ. "/+4, 5*% # (;=ώ-%* Hή"#9# ;%* "* 2-/Aό."* "/+4 8* 9+--%5.38(ί 'ό;3 "3. F8#.ό"(-3. (%9*;3;ώ. *2ό "#. Lί.*. <% 2*;5ό91%(4 "%1έ4 C*1C*5(-ώ. 8* 2έ9/+. 5*% 9"%4 $ύ/ =ώ-(4 2-/4 όf('/4 "3. 5*"*.*'3"ώ., 5*8ώ4 9"#. 2*;5ό91%* %9/--/2ί* W /% "%1έ4 (ί.*% /% =*1#'ό"(-(4 $+.*"έ4.!"#. 2*;5ό91%* %9/--/2ί* W $(. 8* *2/1(ί.(% 5*.έ.*4 2*-*;3;ό4 9"#. 5

B+-ώ2# 5*% / 5'ά$/4 "#4 2*-*;3;ή4 C*1C*5(-ώ. 9"#. B+-ώ2# 8* ()*F*.%98(ί 2-/4 όf('/4 "/+ 5%.(H%5/ύ 5'ά$/+ 2*-*;3;ή4 C*1C*5(-ώ. 2/+ 8* (2(5"*8(ί. 8.3.2! G91'Aί' ($) E%@,-ώ) G6):9-ώ) N)ίH(%.* 9#1(%38(ί ό"% # '1+&&+7ί0 9"/ 9#1(ί/ W %"0&$ά$0' 07ό $'* 0&:'(έ* 1;,3ή(%* 2/+ (2%5-*"/ύ9*. "# 9"%;1ή "#4 *2('(+8έ-39#4 "/+ (12/-ί/+, "/ ;(;/.ό4 $#'*$ή ό"% /% "%1έ4 5*% "/ 5ό9"/4 2*-*;3;ή4 ή"*. =*1#'ό"(-* 9"#. Lί.* 2*-ά "#. B+-ώ2#. N. 9+.έC*%.( "/ *."ί8("/, *. $#'*$ή # 5'ί1*5* "#4 2*-*;3;ή4 9"#. Lί.* ή"*. *-=%5ά "ό9/ =*1#'ή ώ9"( /% "%1έ4 5*% "/ 1έ9/ 5ό9"/4.* ή"*. +Q#'ό"(-* *2ό ό"% 9"#. B+-ώ2#, "ό"( 8* 9+.έC*%.( "/ *."ί8("/, 2*-ά "/ ;(;/.ό4 ό"% "/ 1έ9/ 5ό9"/4 2*-*;3;ή4 9"#. Lί.* (ί.*% =*1#'ό"(-/ ;%* $($/1έ.# 5'ί1*5* 2*-*;3;ή4.!"/ R%ά;-*11* 8.4 2*-ί9"*"*% *+"ή # 2(-ί2"39#. K $%*F/-ά *2ό "/ R%ά;-*11* 8.3 (ί.*% ό"% *-=%5ά # (;=ώ-%* Hή"#9# 9"#. Lί.* (ί.*% "ό9/ =*1#'ή, ώ9"( # "%1ή 5*% "/ 1έ9/ 5ό9"/4 2*-*;3;ή4 9"#. Lί.* (9#1(ί/ L).* (ί.*% +Q#'ό"(-* *2ό ό"% 9"#. B+-ώ2# (B). @( *+"έ4 "%4 9+.8ή5(4, # *2('(+8έ-39# "/+ (12/-ί/+ (+./(ί "/+4 B+-32*ί/+4 2*-*;3;/ύ4. K B+-ώ2# 8* 5*"*'ή)(%.* (ί.*% # 1ό.# =ώ-* 2/+ 8* 2*-ά;(% C*1C*5(-ά 12'/+Hά5%*, 5*8ώ4 "/ 5ό9"/4 2*-*;3;ή4 "#4 5*% "/ (2ί2($/ "#4 "%1ή4 (ί.*% =*1#'ό"(-/ *2ό "#4 Lί.*4 "# 9"%;1ή 2/+ *2('(+8(-ώ.("*% "/ (12ό-%/. <% 2*-*;3;/ί "#4 B+-ώ2#4 8* *-=ί9/+..* 5ά./+. ()*;3;έ4 9"#. Lί.* 9( =*1#'ό"(-(4 "%1έ4 *2ό "%4 5%.έH%5(4, # 5'ί1*5* "#4 2*-*;3;ή4 9"#. B+-ώ2# 8* *-=ί9(%.* *+)ά.("*%, /% "%1έ4 "3. B+-32*ί3. 2*-*;3;ώ. 8* 2έF"/+. *5ό1# 2(-%99ό"(-/, 5*% 9"/ "έ'/4 # 2*-*;3;ή "#4 B+-ώ2#4 8* 5*'ύQ(% ό'# "#. 2*;5ό91%* Hή"#9#. <% L%.έH/% 2*-*;3;/ί $(. 8* 12/-έ9/+..* 5ά./+. ()*;3;έ4 'ό;3 "/+ +Q#'ό"(-/+ 5ό9"/+4 2*-*;3;ή4 5*% "3. +Q#'ό"(-3. "%1ώ. "/+4, 5*% # (;=ώ-%* Hή"#9# ;%* "* 2-/Aό."* "/+4 8* 9+--%5.38(ί 'ό;3 "3. F8#.ό"(-3. (%9*;3;ώ. *2ό "#. B+-ώ2#. <% 2*;5ό91%(4 "%1έ4 C*1C*5(-ώ. 8* 2έ9/+. 5*% 9"%4 $ύ/ =ώ-(4 2-/4 όf('/4 "3. 5*"*.*'3"ώ., 5*8ώ4 9"#. 2*;5ό91%* %9/--/2ί* W /% "%1έ4 (ί.*% =*1#'ό"(-(4 *2ό ό"% 2-%. "#. *2('(+8έ-39# "/+ (12/-ί/+.!"#. 2*;5ό91%* %9/--/2ί* W $(. 8* *2/1(ί.(% 5*.έ.*4 2*-*;3;ό4 9"#. Lί.* 5*% / 5'ά$/4 "#4 2*-*;3;ή4 C*1C*5(-ώ. 9"#. Lί.* 8* ()*F*.%98(ί 2-/4 όf('/4 "/+ (+-32*A5/ύ 5'ά$/+ 2*-*;3;ή4 C*1C*5(-ώ. 2/+ 8* (2(5"*8(ί.!+;5-ί./."*4 "%4 %9/--/2ί(4 9"* R%*;-ά11*"* 8.3 5*% 8.4 C'έ2/+1( ό"% "/ 2/%* %9/--/2ί* 8* (2%5-*"ή9(% ()*-"ά"*% *2ό "%4 *-=%5έ4 9+.8ή5(4 "# 9"%;1ή "#4 *2('(+8έ-39#4 "/+ (12/-ί/+. N. /% (;=ώ-%(4 "%1έ4 (5*% "/ 1έ9/ 5ό9"/4) 9"#. Lί.* (ί.*% =*1#'ό"(-(4 *2ό ό"% 9"#. B+-ώ2# "# 9"%;1ή (5(ί.#, /% ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 8* (+./ή9/+. "/+4 2*-*;3;/ύ4 "#4 Lί.*4. N. 9+1C*ί.(% "/ *."ί8("/, /% ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 8* (+./ή9/+. "/+4 B+-32*ί/+4 2*-*;3;/ύ4, /% /2/ί/% 8* (2%5-*"ή9/+. 9"#. 2*;5ό91%* *;/-ά, 2*-ά "/ ό"% ;%* $($/1έ.# 5'ί1*5* 2*-*;3;ή4 "/ 5ό9"/4 "/+4 (ί.*% +Q#'ό"(-/.!+12(-*91*"%5ά, ό"*. +2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4, "/ 2/%* %9/--/2ί* 8* (2%5-*"ή9(% ό"*. *2('(+8(-38(ί "/ $%(8.έ4 (12ό-%/ 8* ()*-"#8(ί *2ό "/ 2/%* 6

=ώ-* (ί=( 2'(/.έ5"#1* 5ό9"/+4 "%1ή4 "# 9"%;1ή "#4 *2('(+8έ-39#4 "/+ (12/-ί/+, 5*% ό=% *2ό "/ 2/%* =ώ-* έ=(% "/ =*1#'ό"(-/ 5ό9"/4 2*-*;3;ή4 ;%* $($/1έ.# 5'ί1*5* 2*-*;3;ή4. <% *-=%5έ4 9+.8ή5(4 5*% "+=*ί/% 2*-ά;/."(4, ό234 # =-/.%5ή 9"%;1ή "#4 *2('(+8έ-39#4 "/+ (12/-ί/+, έ=/+. 5*8/-%9"%5ή 9#1*9ί* ;%* "/ $%(8.ή 5*"*1(-%91ό "#4 2*-*;3;ή4. B2%2'έ/., $(. +2ά-=(% 5*11ί* (;;ύ#9# ό"% / "έ'(%/4 *."*;3.%91ό4 1("*)ύ "3. 2*-*;3;ώ. 8* /$#;ή9(% "#. 2*;5ό91%* /%5/./1ί* 9"/. Cέ'"%9"/ $%(8.ή 5*"*1(-%91ό "#4 2*-*;3;ή4. Bί.*% 9*Fέ4 ό"% # 2*;5ό91%* %9/--/2ί* W (ί.*% 2-/"%1ό"(-# *2ό "#. 2*;5ό91%* %9/--/2ί* W, $%ό"% 9+.(2ά;("*% 5*% +Q#'ό"(-# 2*-*;3;ή 5*% =*1#'ό"(-(4 "%1έ4. S9"ό9/, *. /% *-=%5έ4 9+.8ή5(4 (ί.*% ό234 +2/8έ9*1( 9"/ R%ά;-*11* 8.4, # 2*;5ό91%* /%5/./1ί* 5*"*'ή;(% 9"# 1# Cέ'"%9# %9/--/2ί* W. 8.3.3! G91'Aί' (06 2':,#%$1έ)06 83#0)#-(ή1'(04 K 9#1*9ί* "3. *-=%5ώ. 9+.8#5ώ. ό"*. +2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 (ί.*% "ό9/ 9#1*."%5ή ώ9"(, ό"*. 1ί* =ώ-* έ=(% 5*8%(-ώ9(% "/ 2'(/.έ5"#1* 5ό9"/+4 "#4 9( έ.* 5'ά$/ 9"# $%(8.ή *;/-ά,.* (ί.*% 2/'ύ $ύ95/'/.* (5"/2%9"(ί *2ό 5ά2/%*. ά''#, *5ό1# 5*% *. (5(ί.# έ=(% "# $+.*"ό"#"*.* 2*-ά;(% 1( =*1#'ό"(-/ 5ό9"/4 9"# $($/1έ.# 5'ί1*5* 2*-*;3;ή4.!"/ R%ά;-*11* 8.5 *.*$(%5.ύ/+1( *+"ή "# 9#1*9ί* "/+ 5*8%(-31έ./+ 2'(/.(5"ή1*"/4. G2/8έ"/+1( ό"% 9( έ.* 5'ά$/, *4 2/ύ1( 5/+12%ά ;%* -/ύ=*, # Lί.* έ=(% 5*8%(-38(ί 34 / 1/.*$%5ό4 2-/1#8(+"ή4 ;%* "#. 2*;5ό91%* *;/-ά. K 2*;5ό91%* "%1ή 5*% # 2*;5ό91%* 2*-*;3;ή 5*8/-ίH("*% 9"/ 9#1(ί/ 2/+ # 5*12ύ'# 1έ9/+ 5ό9"/+4 "#4 L%.(H%5ή4 C%/1#=*.ί*4 5/+12%ώ. %9/ύ"*% 1( "#. 2*;5ό91%* Hή"#9#.!"/ R%ά;-*11* 8.5 2*-ί9"*"*% (2ί9#4 # 5*12ύ'# 1έ9/+ 5ό9"/+4 "/+ V%(".ά1, "/ /2/ί/, 'ό;3 =*1#'ό"(-/+ 1%98/'/;%5/ύ 5ό9"/+4, 8* 12/-/ύ9(.* 2-/1#8(ύ(% "#. 2*;5ό91%* *;/-ά 9( =*1#'ό"(-(4 "%1έ4. S9"ό9/, 1ί* (2%=(ί-#9# 9"/ V%(".ά1, ;%*.* 12(% 9"/. 5'ά$/, 8* 2*-ά;(% 1( 1έ9/ 5ό9"/4 1(;*'ύ"(-/ *2ό "#. 2*;5ό91%* "%1ή PK, 'ό;3 "/+ ό"% / 5'ά$/4 "3. 5/+12%ώ. 9"/ V%(".ά1 (ί.*%.#2%*5ό4, 1( *2/"έ'(91*.* 1#. +2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4. D%*.* 12/-έ9(% 1ί* (2%=(ί-#9# 9"/ V%(".ά1.* έ=(% 1έ9/ 5ό9"/4 1%5-ό"(-/ *2ό "#. 5*8%(-31έ.# "%1ή "#4 Lί.*4, 8* 2-έ2(% / 5'ά$/4.* F8ά9(% 9( 5ά2/%/ 1έ;(8/4 2/+.* 9+.(2ά;("*% (2*-5(ί4 ()3"(-%5έ4 /%5/./1ί(4. N2ό "#. ώ-* ό134 2/+ 5*11ί*.έ* (2%=(ί-#9# $(. "/ C-ί95(% (23F('έ4.* (%9έ'8(% 9"/. 5'ά$/, / 5'ά$/4 "3. 5/+12%ώ. 9"/. V%(".ά1 $(. *.*2"ύ99("*% 5*% # =ώ-* $(. 12/-(ί.* (51("*''(+"(ί "/ $+.#"%5ό 2'(/.έ5"#1* 5ό9"/+4 2/+ έ=(%. K 2*-*;3;ή "#4 Lί.*4 $(. *2(%'(ί"*% *2ό "/ V%(".ά1, 2*-ά "/ ό"% "/ V%(".ά1 έ=(% "# $+.*"ό"#"*.* 2*-ά;(% 1( =*1#'ό"(-/ 5ό9"/4 9"# $($/1έ.# 5'ί1*5*4 2*-*;3;ή4. E/ 9+;5-%"%5ό 2'(/.έ5"#1* "/+ V%(".ά1 2*-*1έ.(% *.(51("ά''(+"/, 'ό;3 "/+ 5*8%(-31έ./+ 2'(/.(5"ή1*"/4 "#4 Lί.*4. E/ 2*-ά$(%;1* *+"ό (2%C(C*%ώ.(% "#. "(-ά9"%* 9#1*9ί* "3. *-=%5ώ. 9+.8#5ώ. ;%* "/ 2/%/4 2*-ά;(% "% ό"*. +2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4. K 5*8%(-31έ.# 7

$%ά-8-39# "#4 2*-*;3;ή4 9+.(=ίH("*% *5ό1# 5*% ό"*. $(. (ί.*% 9+1C*"ή 1( "/ 9+;5-%"%5ό 2'(/.έ5"#1* 1%*4 =ώ-*4. 8.3.4 ;,#:)έ4 *1Dό%,0 -', *691#%ί' 1# *+$(#%,-έ4 /,-0)01ί#4 E* 2*-*2ά.3 9#1*ί./+. ό"% ό"*. +2ά-=/+. ()3"(-%5έ4 /%5/./1ί(4, "/ $%(8.έ4 (12ό-%/ 8* 12/-/ύ9(.* 1(%ώ9(% "#. (+#1(-ί* 1%*4 =ώ-*4. N. 5'ά$/% 2/+ 8* 12/-/ύ9*..* 2*-ά;/+. 5*%.* ()ά;/+. 1( Cά9# "/ 9+;5-%"%5ό 2'(/.έ5"#1* 1%*4 =ώ-*4, 5*"*'ή;/+..* 1#. 2*-ά;/+. 5*% # =ώ-*.* 2-/9F(ύ;(% 9( (%9*;3;έ4, "ό"( (.$(=/1έ.34 # 2-/9"*9ί* "/+ 5'ά$/+ ;%* έ.* $%ά9"#1*.* (ί.*% 5*'ύ"(-# *2ό "/ ('(ύ8(-/ (12ό-%/.!"/ R%ά;-*11* 8.6 2*-/+9%άH/+1( έ.* 2*-ά$(%;1* *2ό "# $%(8.ή *;/-ά -/'/;%ώ.. G2/8έ"/+1( ό"% (.ώ # E*A'ά.$# έ=(% 2'(/.έ5"#1* 5ό9"/+4 9( 9=έ9# 1( "#. B'C("ί* 9"#. 2*-*;3;ή -/'/;%ώ., # 2*-*;3;ή ;ί.("*% 9"#. B'C("ί* 'ό;3 5*8%(-31έ./+ 2'(/.(5"ή1*"/4. N. # (;=ώ-%* Hή"#9# 9"#. E*A'ά.$# ή"*. (2*-5ώ4 +Q#'ή, ό234 +2/"ί8("*% 9"/ R%ά;-*11* 8.6, *2*;/-(ύ/."*4 "%4 (%9*;3;έ4 -/'/;%ώ., # E*%'ά.$# 8* 12/-/ύ9(.* $#1%/+-;ή9(% έ.* 5'ά$/ 2*-*;3;ή4, / /2/ί/4 'ό;3 ()3"(-%5ώ. /%5/./1%ώ. 8* (ί=( "%1ή %9/--/2ί*4 (PA), 1%5-ό"(-# *2ό "#. 2*;5ό91%* "%1ή "3. -/'/;%ώ. "#4 B'C("ί*4 (P(). N2ό "#. ώ-* 2/+ # E*%'ά.$# (2%"ύ=(%.* *.*2"ύ)(% "/. 5'ά$/ "#4 3-/'/;/2/%ί*4, 8* 12/-/ύ9(.* 2-/=3-ή9(% 9"#. *2('(+8έ-39# "#4 *;/-ά4, 5*%.* 5+-%*-=ή9(% 9"#. 2*;5ό91%* *;/-ά -/'/;%ώ..!"#. 2-ά)# C(C*ί34 (ί.*% 2/'ύ $ύ95/'/.* )έ-(% 5*.(ί4 9( 2/%/+4 5'ά$/+4 +2ά-=/+. "έ"/%/+ (ί$/+4 9+;5-%"%5ά 2'(/.(5"ή1*"* 5*%.* =-#9%1/2/%ή9(% *+"/ύ "/+ (ί$/+4 "#. 2/'%"%5ή. B2%2'έ/., 9"/ 2*-ά$(%;1* 2/+ =-#9%1/2/%ή9*1(, # B'C("ί* $(. 8* έ1(.( 1( 9"*+-31έ.* "* =έ-%*, 5*% (.$(=/1έ.34 8* ('ά1c*.( *."ί1("-* 9"/. 2-/9"*"(+"%91ό "#4 E*A'ά.$#4. 8.3.5 ;6)'1,-έ4 /,-0)01ί#4 23ί1'-'4 Lά2/%(4 *2ό "%4 92/+$*%ό"(-(4 ()3"(-%5έ4 /%5/./1ί(4 (ί.*% *2/"έ'(91* "#4 9+99ώ-(+9#4 ;.ώ9#4 5*% "(=./;.39ί*4. <"*. 1ί* (2%=(ί-#9# C('"%ώ.(% "* 2-/Aό."* "#4 ή "%4 2*-*;3;%5έ4 "#4 1(8ό$/+4, (ί.*% 2/'ύ 9ύ.#8(4.* "#. *."%;-άf/+. ά''(4 (2%=(%-ή9(%4 5*%.* (23F('/ύ."*% *2ό "#. (12(%-ί* "#4. N+"ή # $%ά=+9# "#4 "(=./;.39ί*4 /$#;(ί 9( 2"ώ9# "/+ 5ό9"/+4 2*-*;3;ή4 "3. (2%=(%-ή9(3. 5*8ώ4 / 5'ά$/4 9+993-(ύ(% ;.ώ9#. B)3"(-%5έ4 /%5/./1ί(4 *+"/ύ "/+ "ύ2/+ $%*Fέ-/+. *2ό "%4 9+.ή8(%4 ()3"(-%5έ4 /%5/./1ί(4, /% /2/ί(4 ()*-"ώ."*% *2ό "/ 1έ;(8/4 "/+ 5'ά$/+. B$ώ /% ()3"(-%5έ4 /%5/./1ί(4 (ί.*% $+.*1%5έ4 5*% ()*-"ώ."*% *2ό "# 9+993-(+1έ.# 2*-*;3;ή "/+ 5'ά$/+, $#'*$ή *2ό "#. (12(%-ί*. N+"/ύ "/+ (ί$/+4 # *-.#"%5ή 9=έ9# 1("*)ύ 5ό9"/+4 2*-*;3;ή4 5*% 9+993-(+1έ.#4 2*-*;3;ή4 5*'(ί"*% (0-7ύ/= %(-ά3=1=*. 8

Eέ"/%(4 5*12ύ'(4 (51ά8#9#4 2*-/+9%άH/."*% 9"/ R%ά;-*11* 8.7. Έ=/+. *-.#"%5ή 5'ί9# $%ό"% ό9/ 1(;*'ύ"(-# (ί.*% # 9+993-(+1έ.# 2*-*;3;ή (.ό4 5'ά$/+, "ό9/ 1%5-ό"(-/ (ί.*% "/ 1έ9/ 5ό9"/4 2*-*;3;ή4, 'ό;3 "#4 (12(%-ί*4 5*% "#4 ;.ώ9#4 2/+ έ=(% 9+993-(+8(ί. <% *ύ)/+9(4 *2/$ό9(%4 *+"/ύ "/+ "ύ2/+ 5*'/ύ."*% >;,0-'(έ* 0ύ"+;1%* 07+>ό1%'*. Ό234 5*% /% *2'έ4 ()3"(-%5έ4 /%5/./1ί(4 έ"9% 5*% /% $+.*1%5έ4 12/-/ύ..* $#1%/+-;ή9/+. 5*8%(-31έ.* 2'(/.(5"ή1*"* ;%* "/+4 +F%9"ά1(./+4 5'ά$/+4. <% $ύ/ 5*12ύ'(4 (51ά8#9#4 9"/ R%ά;-*11* 8.7 *F/-/ύ. # 1(. 2-ώ"# 1ί* =ώ-* 2/+ +2ή-)( 2-3"/2ό-/4 (.ό4 5'ά$/+, 5*% # $(ύ"(-# 1ί* =ώ-* 1( '%;ό"(-# 9+993-(+1έ.# (12(%-ί* 9"#. 2*-*;3;ή. M*-ό"% # $(ύ"(-# =ώ-* έ=(% =*1#'ό"(-/ 5ό9"/4 2*-*;3;ή4 ;%* $($/1έ.# (12(%-ί* *2ό "#. 2-ώ"#, *. # $(ύ"(-# =ώ-* )(5%.ή9(% 1( 1#$(.%5ή (12(%-ί*, $(. 8* 12/-(ί.* (%9έ'8(% 9"/. 5'ά$/, $%ό"% "/ 5ό9"/4 2*-*;3;ή4 "#4 ό"*. )(5%.ά(% 8* (ί.*% 1(;*'ύ"(-/ *2ό "/ 5ό9"/4 2*-*;3;ή4 "/+ 2*'*%/ύ 2*-*;3;/ύ (B). Έ"9%, # $(ύ"(-# =ώ-* $(. 8* 12/-έ9(% 2/"έ.* *2/5"ή9(% 2*-*;3;%5ή (12(%-ί* 5*%.* 5*8%(-38(ί 9"/. 5'ά$/. <% $+.*1%5έ4 *ύ)/+9(4 *2/$ό9(%4 $%5*%/'/;/ύ. "/. 2-/9"*"(+"%91ό έ34 ό"/+ έ.*4 5'ά$/4 12/-(ί.* 9+993-(ύ9(% (12(%-ί* 5*% "(=./;.39ί* 5*%.* 1(%ώ9(% "/ 1έ9/ 5ό9"/4 2*-*;3;ή4 "/+ 5*"ά 1ή5/4 "#4 5*12ύ'#4 (51ά8#9#4. N+"ό (ί.*% 1ί* (5$/=ή "/+ (2%=(%-ή1*"/4 "#4 2-/9"*9ί*4 1%*4,=7'0(ή*?'+-=:0,ί0*, (.ό4 *2ό "* 'ί;* 9+.(2ή (2%=(%-ή1*"* +2έ- "/+ 2-/9"*"(+"%91/ύ. K $+95/'ί* 5*% ($ώ (ί.*% 9"/ 234 12/-(ί 5*.(ί4.* (2%9#1ά.(% "/+4 5'ά$/+4 2/+ 12/-/ύ..* (23F('#8/ύ. *2ό $+.*1%5έ4 /%5/./1ί(4 5'ί1*5*4. 8.4 ;,'D#%,H#%#,'-ό *1Dό%,0 -', /,-0)01,-ή I#$=%'Hί' < "-ό2/4 1( "/. /2/ί/ /% ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4 (2#-(άH/+. "# $%(8.ή 5*"*./1ή "#4 2*-*;3;ή4 (ί.*% / ί$%/4 1( "/. /2/ί/ (2#-(άH/+. 5*% "# $%*2(-%F(-(%*5ή 5*"*./1ή "#4 2*-*;3;ή4 (."ό4 "3. $%*Fό-3. =3-ώ.. Bί.*% / ί$%/4 1( "/. /2/ί/ $#1%/+-;/ύ."*% 1(;*'/+2ό'(%4 5*% *9"%5ά 5*% 2(-%F(-(%*5ά 5έ."-*. E* "('(+"*ί* =-ό.%* έ=(% $#1%/+-;#8(ί 1ί* 9#1*."%5ή "ά9# *.ά1(9* 9"/+4 /%5/./1/'ό;/+4.* *.*'ύ/+. "/ $%(8.έ4 5*% "/ $%*2(-%F(-(%*5ό (12ό-%/ 5*8ώ4 5*% "#. *.ά2"+)# "3. 2ό'(3. 1( Cά9# "%4 ()3"(-%5έ4 /%5/./1ί(4 5'ί1*5*4. @ί* "έ"/%* 2-/9έ;;%9# 9+=.ά *.*Fέ-("*% 34 +'(+,+-'(ή @%#@&0Aί0 (C'. Krugman 1991). 9

10

J,K3,0=%'H,-έ4 E)'H0%έ4 Marshall A. (1890), Principles of Economics, (8th Edition 1920), London, Macmillan. Krugman P. (1991), Geography and Trade, Cambridge Mass., MIT Press. 11

!"ά;+5225 8.1 (&)*%+",έ. /",0102ί%.,5" B80++0Cί5 *'. >;0+ά. Τιμή και Κόστος Ζήτηση D P E E Μέσο Κόστος, AC Q E Παραγόμενη και Ζητούμενη Ποσότητα 12

!"ά;+5225 8.2 (&)*%+",έ. /",0102ί%.,5" B80++0Cί5 C+"1 *0 (2Cό+"0 Τιμή και Κόστος Ζήτηση Κίνας Ζήτηση Ευρώπης P Ε Ε Μέσο Κόστος Ευρώπης P Κ Κ Μέσο Κόστος Κίνας Q Κ Q Ε Παραγόμενη και Ζητούμενη Ποσότητα 13

!"ά;+5225 8.3 (&)*%+",έ. /",0102ί%.,5" B80++0Cί5 2%*ά *0 (2Cό+"0 Τιμή και Κόστος Ζήτηση Κίνας Ζήτηση Ευρώπης Παγκόσμια Ζήτηση P Ε Ε P Κ Κ P W Μέσο Κόστος Ευρώπης Μέσο Κόστος Κίνας W Q W Q Κ Q Ε Παραγόμενη και Ζητούμενη Ποσότητα 14

!"ά;+5225 8.4 D E'258ί5 *)1 >+F",ώ1 EG16',ώ1 ;"5 *'1 :5;,ό82"5 B80++0Cί5 Τιμή και Κόστος Ζήτηση Κίνας Ζήτηση Ευρώπης Παγκόσμια Ζήτηση P Κ Κ P Ε P W' Ε Μέσο Κόστος Ευρώπης W' Μέσο Κόστος Κίνας W Q W' Q Κ Q Ε Παραγόμενη και Ζητούμενη Ποσότητα 15

!"ά;+5225 8.5 D E'258ί5 *0G 456"%+)2έ10G :$%01%,*ή25*0. Τιμή και Κόστος Παγκόσμια Ζήτηση P K K B Μέσο Κόστος Κίνας Μέσο Κόστος Βιετνάμ Q K Παραγόμενη και Ζητούμενη Ποσότητα 16

!"ά;+5225 8.6 (&)*%+",έ. /",0102ί%.,5" >Cώ$%"%. 5Cό *0!"%61έ. (2Cό+"0 Τιμή και Κόστος Εγχώρια Ζήτηση Ταϊλάνδης Παγκόσμια Ζήτηση P Ε Τ Ε Μέσο Κόστος Ελβετίας Μέσο Κόστος Ταϊλάνδης Q Ε Παραγόμενη και Ζητούμενη Ποσότητα 17

!"ά;+5225 8.7!G152",έ. >ύ&0g8%. >C0Hό8%".,5" ' 452Cύ$' (,2ά6'8'. Τιμή και Κόστος P E E Μέσο Κόστος Παλαιού Παραγωγού Μέσο Κόστος Νέου Παραγωγού Q E Συσσωρευμένη Παραγωγή 18