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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

http://slidepdf.com/reader/full/an-analysis-of-changing-trends-in-the-international-system-of-capitalism-emphasizing 1/81

Mc{ehcim iqighiohn i} `}}|6##|i|nrz%zzre%jcd#zch:#|i|nrz%jad3ioz}rij}Sgm49779:1= 

Ie Ieihwzgz ca J`iekgek ]rnemz ge }`n Ge}nrei}gceih Zwz}nd ca Ji|g}ihgzd

Nd|`izgvgek }`n _chn ca Zcqnrngke [nih}` A~emz

I~}`cr6 \i} D% Onjb GGZ~odg}}nm acr }`n znegcr }`nzgz rny~grndne} }c }`n

GZA mn|ir}dne} i} }`n ^egqnrzg}w ca Jihgacregi( OnrbnhnwMn|ir}dne} Imqgzcr6 Mr% Nirh Bhnn

 ]`nzgz Imqgzcr6 Mr% _ibnz` O`iemirg9? I~k~z}( ?<99 

8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

http://slidepdf.com/reader/full/an-analysis-of-changing-trends-in-the-international-system-of-capitalism-emphasizing 2/81

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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{`ghn {iregek ca |c}ne}gih }`rni}z }`nw `chm ge`nrne} }`i} jie ~emnrdgen }`n z}ioghg}w ca }`n

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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Ca acrndcz} gd|cr}iejn {iz }c nz}iohgz` i dcen}irw zwz}nd }`i} {c~hm dige}ige }`n z}ioghg}w ca acrngke

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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j~rrnejw {irz iem npj`iekn dieg|~hi}gce% C+Enih |%9>='

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G }`geb( }`i} mn|rnjgi}gce ca }`n npj`iekn qih~n ca i ei}gce+z j~rrnejw gz i |ccr rndnmw acr 

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Bnwenz }`i} ji|g}ih jce}rchz {nrn ca jrg}gjih gd|cr}iejn nz|njgihhw {`ne ijjc~e}gek acr }`n mieknrc~z

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zcqnrngke kcqnredne}z% ]`gz |cr}gce ca }`n Orn}}ce [ccmz ikrnndne} {iz hirknhw rnz|cezgohn acr 

rnjrni}gek }`n jcemg}gcez enjnzzirw acr |rnmgj}iohn }rimn on}{nne ei}gcez% Ec} cehw {nrn }`n r~hnz ca 

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ji|g}ih ahc{z jhirgagnm }c nz}iohgz` }`n i~}cecdw ca }`n kcqnredne} }c rnz}rgj} |rgqi}n ahc{z(

kcqnredne}z {nrn ihzc hnkihhw rny~grnm }c }ibn ij}gce }c hgdg} }`n mnqiz}i}gek naanj}z ca ~ean}}nrnm

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kcqnredne} }c |rcqgmn a~hh nd|hcwdne} {g}`c~} rnqnr}gek }c |rc}nj}gcegz} dniz~rnz }`i} jc~hm

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}c }`n |cz}{ir np|iezgce% Djmcec~k` n} ih% |%;7'

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jcezgmnrnm }`n jcez~dnr ca hiz} rnzcr} acr iew npjnzz ji|ijg}w |rcm~jnm ow Knrdiew iem Fi|ie% ]`gz

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hgy~gmi}gce%

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]`n DG]G |chgjgnz hnm }c np}rndnhw `gk` hnqnhz ca z~z}igenm njcecdgj krc{}` ge Fi|ie acr cqnr 

}`rnn mnjimnz% Ih}`c~k` dieiknm ji|g}ihgzd {c~hm nqne}~ihhw |rc| ~| genaagjgne} agrdz acr |rchceknm

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mcdnz}gj ziqgekz( ihcek {g}` |rcqgmgek z~||cr}gqn( |rnmgj}iohn jcemg}gcez acr }`n `gk` hnqnhz ca 

geqnz}dne} enjnzzirw }c np|iem np|cr} die~aij}~rgek ji|ioghg}gnz% \rcm~j}gqg}w rczn ri|gmhw }c

nejrcij` ~|ce }`n |rnqgc~zhw khcoihhw mcdgeie} ^eg}nm Z}i}nz hnqnhz% ‘Ge }`n |cz}{ir `iha$jne}~rw(

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Hiocr ̂ ernz}

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np|iem ikkriqi}gek }`n z~||hw zgmn kh~} ge die~aij}~rgek hnimgek }c immg}gceih oc~}z ca |rgjn

mnqih~i}gce acr die~aij}~rnm kccmz%

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 |rcm~j}gqg}w rczn wn} {iknz aighnm }c rnahnj} }`nzn |rcm~j}gqg}w gejrniznz onji~zn }`n z~r|h~z kigez {nrn

ennmnm }c |rc| ~| geqnz}dne} rn}~rez zgejn dirbn} |rgjnz `im aihhne |rnjg|g}c~zhw% Ge Knrdiew6

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iem hiocr {iz ~rkne}hw ennmnm }c |hiji}n zcjgih ~ernz}% ‘Ge 9710( }{c }`grmz ca }`n hiocr acrjn ge Ariejn

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nrcmnm }`rc~k` iec}`nr rc~em ca |rgjn {ir mnqih~i}gcez% Ahnpgohn ijj~d~hi}gce {iz ~eiohn }c `ih} }`n

zwz}ndgj }nemnejw acr |rcag} ri}nz }c aihh iem nqne}~ihhw cehw a~r}`nr ikkriqi}nm }`n khcoih |rcohnd ca 

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die~aij}~rgek( ji|g}ihgz}z onkie hccbgek acr ih}nrei}gqn geqnz}dne} c||cr}~eg}gnz c~}zgmn ca |rcm~j}gce%

Mnjhgegek \rcag}ioghg}w [irrie}z Ndonmmnm Hgonrihgzd

]`n |nrgcm ca }gdn onkgeegek {g}` Orn}}ce [ccmz iem jcejh~mgek ge }`n nirhw 97;<z {iz jihhnm

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ndonmmnm hgonrihgzd ow Fc`e _~kkgn ge ie i||irne} \chiewgj ecm }c }`n `irda~h naanj}z mgzndonmmnm

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z}r~j}~rih ahi{z ge ndonmmnm hgonrihgzd% Eidnhw( Bnwenzgie |chgjgnz {crb {nhh ge }`n zcr} }nrd acr 

jhcznm ei}gceih njcecdgnz2 ih}`c~k`( ge ie ge}nkri}nm khcoih njcecdw rnhgie} ce acrngke }rimn( }`n

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 |chgjgnz hnim }c ~ez~z}igeiohn mno} hnqnhz ge }`n hcek r~e iozne} acrngke npj`iekn rnqih~i}gcez%

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mcdnz}gj gzz~nz rny~grgek immg}gceih ji|g}ih np|nemg}~rnz% ]`nzn {nrn hgebnm }c immrnzzgek }`n

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dirbn} acr |rcag}% ]`n ^Z {iz hczgek dcenw ce nqnrw }riezij}gce% _nnhgek ge geahi}gce hnm }c }`n Qchbnr 

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acrngke npj`iekn dirbn}z% ]`n Izgie jrgzgz z|rnim ri|gmhw }c diew c}`nr ei}gcez hgbn Zc~}` Bcrni(

Gemcenzgi( Zgeki|crn( Dihiwzgi( iem }`n \`ghg||genz% ]`n jrgzgz {iz `ih}nm ow GDA ij}gce( o~} }`n

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geqnz}dne}z% DjMcec~k` n} ih% |%>='

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Kcqnredne}z }`i} |rnqgc~zhw dige}igenm diew ji|g}ih jce}rchz ce caagjgih ahc{z ca zcqnrngke ji|g}ih

hgonrihgvnm }c ndorijn }`nzn ri|gmhw jgrj~hi}gek |cchz ca |rgqi}n ji|g}ih% [g}` |rcag}z z`ga}gek arcd }`n

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]`n \rcdc}gce Ca Hgonrihgzd

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dgegdih rchn |czzgohn ge njcecdgj iaaigrz% Iew kcqnredne} ij}gce {c~hm ge}nranrn {g}` }`n ei}~rih

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ioiemcegek ndonmmnm hgonrihgzd% ]`n K9< zgkenm }`n Zdg}`zcegie Ikrnndne} {`gj` naanj}gqnhw

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ihhc{nm acrngke j~rrnejgnz }c i||rnjgi}n rnhi}gqn }`n }c ^Z mchhir geg}gi}gek }`n ^eg}nm Z}i}nz

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]`n }r~n mrgqgek acrjn ~emnrhwgek }`n hgonrihgvi}gce ca ageiejgih ahc{z jie on }rijnm }c N~rc|n

iem z|njgagjihhw }c Arnej` ijy~gnzjnejn }c Knrdie mnzgrnz acr hgonrihgvnm ji|g}ih jce}rchz% Ih}`c~k` }`n

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hgonrihgvi}gce oghi}nrihhw( ^Z |chgjw dibnrz enqnr nd orijnm d~h}ghi}nrih r~hnz }`i} jcmgagnm }`n

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Onkgeegek {g}` }`n zgkegek ca }`n ]rni}w ca _cdn( N~rc|n {iz ce i |i}` ca ge}nkri}gce acr }`n

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N~rc|nie Jcdd~eg}w NJ' }c |c}ne}gihhw jrni}n i ~egagnm dirbn}|hijn {g}` `w|c}`n}gjihhw arnn

dcqndne}z ca kccmz( |nc|hn( iem hiocr% Z}n|z }c{irmz ge}nkri}gce( z|njgagjihhw dcen}irghw {g}` }`n

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nejcd|izz znrqgjn rnhi}nm jce}rij}z on}{nne dndonrz( rnzgmne}z( iem o~zgenzznz% G} }ccb ie immg}gceih

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egen wnirz }c np}nem |cr}gcez ca }`n dcrn hgonrihgvnm ji|g}ih jce}rchz }c ece$rnzgmne}z% Ge 9701( ia}nr }`n

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aridn{crb ca }`n |rcqgzgcez zn} c~} ge }`gz J`i|}nr( ihh rnz}rgj}gcez ce }`n dcqndne} ca ji|g}ih on}{nne

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hgonrihgvi}gce ca ji|g}ih dcoghg}w( }`n }rni}w jce}ge~nz }c gejh~mn |iwdne}z iz {nhh z}i}gek }`i}( ‘ihh

rnz}rgj}gcez ce |iwdne}z on}{nne Dndonr Z}i}nz iem on}{nne Dndonr Z}i}nz iem }`grm jc~e}rgnz z`ihh

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}`n hgonrihgzi}gce ca }`n dcqndne} ca ji|g}ih }c cr arcd }`grm jc~e}rgnz

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Znn6 N~rc|nie ^egce% Ca ]`n ]rni}w%%% ||%1:$1='

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geqnz}crz% Ga i kcqnredne} hijbz }`n hnkih ioghg}w }c jce}rch ji|g}ih dcqndne}z( ie geqnz}cr jc~hm(

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ihh ca }`n jhizzgagji}gce rny~grndne}z ir}gj~hi}nm ow }`n ^Z ]rniz~rw( }`n Ge}nrei}gceih Acr~d ca 

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 ow acrngke npj`iekn izzn}z( iem {`gj` dieiknz }`czn izzn}z zn|iri}nhw arcd }`n caagjgih rnznrqnz ca }`n

dcen}irw i~}`crg}gnz }`n Jne}rih Oieb iem rnznrqn$rnhi}nm a~ej}gcez ca }`n Ageiejn Dgegz}rw'% Z[A

dieiknrz }w|gjihhw `iqn i `gk`nr rgzb }chnriejn iem `gk`nr np|nj}nm rn}~re }`ie }rimg}gceih caagjgih

rnznrqn dieiknrz%— Znn6 ^eg}nm Z}i}nz% _n|cr} }c Jcekrnzz( ?<<; I||nemgp :( |%?' Nqne }`gz mnageg}gce

hgdg}z a~emz( hgbn Zgeki|crn+z ]ndiznb( arcd gejh~zgce ge }`n zn} ca Z[Az% Acr ~zn ge }`gz |i|nr( }`n

mnageg}gce dcz} i||hgjiohn acr ieihwzgz gz( ‘Z[Az irn kcqnredne}$c{enm iem jce}rchhnm mgrnj}hw cr 

gemgrnj}hw' geqnz}dne} a~emz }`i} `iqn ec c~}zgmn onenagjgirgnz cr hgioghg}gnz onwcem }`n kcqnredne} cr 

}`n jg}gvnerw ge ioz}rij}' iem }`i} geqnz} }`ngr izzn}z( ng}`nr ge }`n z`cr} cr hcek }nrd( ijjcrmgek }c }`n

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ge}nrnz}z iem cofnj}gqnz ca }`n zcqnrngke z|cezcr%— Dceb( ?<<7 |%=>1'

Ih}`c~k` }`n mnageg}gce ca {`i} jhizzgagnz iz i Z[A gz g}znha jce}ne}gc~z( }`nrn irn dcrn }`ie

aga}w z~j` a~emz ge npgz}nejn }cmiw {g}` diew dcrn zhi}nm }c onkge c|nri}gce( nz|njgihhw crgkgei}gek

arcd Iargjie ei}gcez( ge }`n enir a~}~rn% Dcrn }`ie }`gr}w ca }`n hirknz} a~emz ge npgz}nejn }cmiw irn

jhizzgagnm iz jcddcmg}w a~emnm {g}` rnqne~n jcdgek |rgdirghw }`rc~k` cgh np|cr} rnqne~nz% I zdihh

e~donr ca jcddcmg}w Z[Az irn a~emnm ow ei}~rih kiz( dgenrih( iem rirn knd np|cr}z {`ghn }`n

rndigegek a~emz irn jhizzgagnm iz ece$jcddcmg}w a~emz% ]`nzn hi}}nr Z[Az knenrihhw zc~rjn a~emgek

}`rc~k` j~rrne} ijjc~e} z~r|h~znz( jne}rih oieb }riezanrz arcd acrngke npj`iekn rnznrqnz( iem ge i

hgdg}nm e~donr ca jiznz arcd }`n gzz~iejn ca kcqnredne} ocemz% Ijjcrmgek }c }`n Zcqnrngke [nih}`

A~em Gez}g}~}n( iz ca nirhw F~hw ?<99( Z[Az jce}rch rc~k`hw -=%; }rghhgce ^ZM ge izzn}z% Znn6 Zcqnrngke

[nih}` A~em Gez}g}~}n' ]`gz nz}gdi}n npjh~mnz ie immg}gceih -9=%> }rghhgce ^ZM jce}rchhnm ow zcqnrngke

ne}g}gnz z~j` iz ZCNz( |nezgce |rckridz( iem mnqnhc|dne} a~emz {`gj` irn knenrihhw ec} gejh~mnm ge

diew Z[A mnageg}gcez%

]`n geg}gih cofnj}gqn ~emnrhwgek }`n nz}iohgz`dne} ca nirhw Z[Az }c zdcc}` jcez~d|}gce cqnr 

diew knenri}gcez gz i ri}gceih kcih acr ei}gcez {gz`gek }c nz}iohgz` i z}iohn zcjgih jce}rij}2 `c{nqnr(

{g}` }gdn( Z[Az `iqn z`c{e }`ngr ioghg}w }c hnqnrikn z}i}n |c{nr ge c}`nr irniz iem dg}gki}n

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imi|}iohn ageiejgih }cch nzzne}gih acr ei}gcez }c dnmgi}n dcmnre |chg}gjih iem njcecdgj rnhi}gcez

 on}{nne ei}gcez iz ‘ghh~z}ri}nm ge hirkn |ir} ow }`n {gmnz|rnim dcqn arcd oieb$oiznm }c dirbn}$oiznm

ageiejgek%— Dceb( ?<9< |%?<' Ei}gcez irn r~z`gek }c jrni}n gez}g}~}gceih }cchz {`gj` ihhc{ }`nd }c

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ihhnqgi}n }`nzn jcejnrez i||nirz i} |rnzne} }c on }`n Z[A% Acr}w$znqne ca aga}w Z[Az c|nri}gek i} }`n

}gdn ca }`gz |i|nr {nrn nz}iohgz`nm ia}nr 97;<% A~r}`nr( i a~hh >1. ca j~rrne}hw c|nri}gek Z[Az {nrn

ac~emnm iz rnjne}hw iz ?<<<%

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Anir Ca ]`n ^ebec{e

]`n immg}gceih |chg}gjih onenag}z mnrgqnm arcd Z[Az {nrn ec} {`chhw {nhjcdnm ge }`n

ge}nrei}gceih jcdd~eg}w% [`n}`nr jhizzgagnm iz mnqnhc|nm [nz}nre ei}gcez cr `gk` gejcdn jc~e}rgnz(

 |chg}gjih nhg}nz ge zigm jc~e}rgnz qgn{nm diew ca }`nzn |c{nra~h qn`gjhnz iz }`rni}z }c }`ngr |chg}gjih

i~}cecdw iem njcecdgj mcdgeiejn zgejn diew Z[Az {nrn ac~emnm ge mnqnhc|gek njcecdgnz%

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A~emz6 Ei}gceih Znj~rg}w _gzbz ge i Khcoih Arnn ]rimn Neqgrcedne}—( ‘Zcqnrngke Zngv~rnz—( ‘Z`c~hm

[n [crrw Ioc~} Zcqnrngke [nih}` A~emz—(‘Zcqnrngke [nih}` A~emz iem Ndnrkgek Gd|nrgihgzd—( iem

}{c ir}gjhnz ne}g}hnm ‘[`c+z Iarigm ca Zcqnrngke [nih}` A~emz—% Znn ir}gjhnz i~}`crnm ow @nd|`ghh(

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rn|rnzne}nm |c{nr qgi acrngke mgrnj} geqnz}dne} iem mchhir qc}nz o~} }`nw {nrn jce}rchhnm ow ageiejgih

ij}crz wn} }c on qn}}nm ow nezjcejnm njcecdgj |c{nr`c~znz%

]`n mnrnk~hi}gce dcqndne} arcd }`n 97;<z ce }`i} {iz }gnm }c enchgonrih |`ghczc|`w ~z`nrnm ge

i en{ acrd ca ageiejn jcddcehw rnanrrnm }c iz }`n z`imc{ oiebgek zwz}nd% Dceg}crgek ji|g}ih ahc{z

 onjidn mgaagj~h} iz diew ij}crz ge }`gz zwz}nd( z~j` iz `nmkn a~emz iem |rgqi}n ny~g}w agrdz( {nrn

 |rgqi}nhw `nhm ne}g}gnz {g}` hg}}hn |~ohgj mgzjhcz~rn% ]`nzn ne}g}gnz {nrn ec} oc~em ow }`n zidn

mgzjhcz~rn r~hnz {`gj` i||hgnm }c |~ohgjhw }rimnm jcd|iegnz% Zc~rjnz ca a~emgek( geqnz}dne} cofnj}gqnz(

iem }`n nqne}~ih rnjg|gne}z ca |rcag} {nrn z`gnhmnm on`gem dcrn c|iy~n wn} ge}nrjceenj}nm

rnhi}gcez`g|z% Z[Az ge}rcm~jnm en{ jcejnrez iz geqnz}dne} {iz enjnzzirghw }gnm }c i zcqnrngke

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ageiejgnr% I kcqnredne} jc~hm dceg}cr( rnk~hi}n( cr ohcjb acrngke mgrnj} geqnz}dne} ge ie gem~z}rw

qgn{nm iz jrg}gjih }c ei}gceih znj~rg}w ow i `cz}ghn acrngke kcqnredne}2 `c{nqnr( {g}`ge }`n z`imc{

 oiebgek zwz}nd z}r~j}~rn( }`n zidn `cz}ghn kcqnredne} jc~hm geqnz} ge i |rgqi}n ny~g}w jcd|iew iem

dibn }`n zidn geqnz}dne} {g}`c~} bec{hnmkn arcd geqnz}dne} i~}`crg}gnz cr i||hgjiohn |chg}gjih

cqnrzgk`}% Zgejn ji|g}ih jce}rchz {nrn ec{ hnkihhw a~hhw hgonrihgvnm( rnk~hi}crw cqnrzgk`} {iz hnzz

ji|iohn ca dnn}gek g}z cofnj}gqnz%

]`n iecewdg}w ca ij}crz ge }`n z`imc{ oiebgek zwz}nd npijnroi}nm ei}gceih znj~rg}w jcejnrez

acr diew kcqnredne}z irc~em }`n {crhm% ]`n z`imc{ oiebgek zwz}nd dimn g} mgaagj~h} }c }rijn }`n

crgkgez ca ageiejgih ji|g}ih% Diew kcqnredne}z {nrn {crrgnm }`i} geqnz}dne} {g}`ge }`n z`imc{

 oiebgek zwz}nd ow Z[Az {c~hm ihhc{ acr }nj`echckw }riezanrz( geah~nejn ge z}ri}nkgj gem~z}rgnz( iem

jce}rch ca rnzc~rjn z~||hgnz% Jcejnrez rnhi}nm }c }`n z`imc{ oiebgek zwz}nd {nrn d~h}g|hgnm {`ne }`n

geqnz}crz {nrn ec} |rgqi}n gemgqgm~ihz o~} |c}ne}gihhw jcd|n}gek zcqnrngke kcqnredne}z% Ge ?<<; }`n

dnmgi {iz y~gjb }c `gk`hgk`} }`n en{ jcejnrez z{grhgek irc~em Z[Az% Ge F~en( ie ir}gjhn ge ]`n

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$ zn} ~| ow kcqnredne}z }c geqnz} npjnzz acrngke npj`iekn rnznrqnz $ |rcdgzn }c z~||hw }`n enp}

 ogk {iqn ca jce}rcqnrzw iz }`nw d~z`rccd ge zgvn iem onjcdn dcrn ikkrnzzgqn ge }`ngr y~nz}

acr `gk`nr rn}~rez% Z~emnrhiem ?<<;'

Iz |rnmgj}nm( i dnrn ac~r dce}`z hi}nr iec}`nr ir}gjhn rn|cr}nm }`i}6

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geqnz}dne}z ge bnw ^B jcd|iegnz }`i} {nrn |chg}gjihhw dc}gqi}nm% Idgm krc{gek jcejnre ge }`n

{nz} }`i} J`gei( _~zzgi iem }`n cgh$rgj` z}i}nz ca }`n Dgmmhn Niz} `iqn ijj~d~hi}nm qiz} {ir 

j`nz}z {g}` {`gj` }c o~w ~| izzn}z ge }`n mnqnhc|nm {crhm( Dr Mirhgek zigm Org}ige {c~hm ohcjb 

jnr}ige }ibncqnrz ce ei}gceih znj~rg}w krc~emz% Nhhgc} ?<<;'

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]`n hi}}nr y~c}n {iz rnanrrgek }c i dnn}gek `nhm Cj}conr ?<<; {`nrn }`n K;( |rcmmnm dcz} acrjna~hhw

 ow Ariejn iem }`n ^eg}nm Z}i}nz( dimn jhnir g}z gezgz}nejn }`i} }`n GDA iem }`n CNJM jria} i jcmn ca 

jcem~j} acr Z[Az% Diew |chg}gjgiez {ie}nm Z[Az }c ij} {g}` krni}nr }riez|irnejw iem }c `iqn

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Onzgmnz gzz~gek d~h}g|hn rn|cr}z( arcd ?<<;$?<<7 }`n ^Z Jcekrnzz mnqc}nm i} hniz} }ne

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npj`iekn ri}n ah~j}~i}gcez( iem ei}gceih znj~rg}w z}ri}nkgnz% Ca ec}n gz }`n i}}ne}gce |igm }c Z[Az ge }`n

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 |nrjngqnm ei}gceih znj~rg}w }`rni}z }`i} Z[Az dizbnm nz|njgihhw {`ne qgn{nm ec} iz |~rnhw ageiejgih

geqnz}crz o~} iz y~izg kcqnredne}ih iknejgnz% Znn ogohgckri|`w acr i hgz} ca z|njgagnm ^Z

Jcekrnzzgceih @nirgekz'

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znj~rg}w cr z~||cznm hi}ne} ge}ne}gcez ca }`n geqnz}dne} ei}gcez% ]`n aigh~rn ca }`n M~oig [crhm \cr}z

mnih `gk`hgk`}z }`gz `gz}crgjih |nrgcm y~g}n ij~}nhw% [g}` rnij}gcez arcd }`n Zn|}ndonr 99}` }nrrcrgz}

i}}ijbz ce }`n ^eg}nm Z}i}nz z}ghh arnz` ge }`n dgemz ca }`n |~ohgj( |chg}gjih hnimnrz`g| rnij}nm z}rcekhw }c

ei}gceih znj~rg}w jcejnrez% M~rgek }`gz |nrgcm( i ogm acr dieiknrgih jce}rch ca diew ^Z |cr}z( znne iz

`gk`hw znezg}gqn acr ei}gceih znj~rg}w( ow ie Iriogj ei}gce {iz z~rnhw mccdnm }c aigh% \~ohgj c~}rikn

cqnr acrngke jce}rch ca ^Z |cr}z {iz qn`ndne} iem nqne}~ihhw hnm }`n Z[A arcd M~oig }c znhh }`n

izzn}z hcji}nm {g}`ge }`n ^eg}nm Z}i}nz }`i} g} ijy~grnm ge }`n mnih% Nqne }`c~k` }`n ^eg}nm Irio

Ndgri}nz irn i |chg}gjih ihhw ca }`n ^eg}nm Z}i}nz ge }`n K~ha _nkgce( jcejnrez cqnr }`n ^IN+z c}`nr 

 |chg}gjih ihhgnz( ec}iohw Grie( ji~znm }`n |~ohgj }c y~nz}gce |nrjngqnm `gmmne dc}gqnz ~emnrhwgek }`n

geqnz}dne}% Ge }`n |chg}gjih jhgdi}n ca }`n }gdn( g} {iz gejcejngqiohn }`i} i acrngke ne}g}w {c~hm `iqn

jce}rch cqnr z~j` |chg}gjihhw znezg}gqn |gnjnz ca |rc|nr}w%

Cqnrhccbnm ow }`n dnmgi ge }`n ^eg}nm Z}i}nz {iz }`n aij} }`i} }`n jce}rij} acr dieiknrgih

jce}rch ca }`n |cr}z {iz ihrnimw c{enm ow i acrngke kcqnredne}( ihong} i hcek }nrd |chg}gjih ihhw ca }`n

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^eg}nm Z}i}nz% ‘Acr wnirz( jce}igenr |cr}z ge En{ Wcrb( \`ghimnh|`gi( Oih}gdcrn( Dgidg( iem En{

Crhniez `im onne c|nri}nm ow i Org}gz` jcekhcdnri}n jihhnm }`n \negez~hir ! Crgne}ih Z}nid

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rnij}gceirw |rnzz~rnz rnhi}nm }c ei}gceih znj~rg}w `nhm jne}nr z}ikn ge }`n |~ohgj nwn iem |chg}gjih

mgzjc~rzn% ]`n ^eg}nm Z}i}nz `im ihrnimw hnkihhw nz}iohgz`nm hnkgzhi}gce mnzgkenm }c cqnrznn acrngke

geqnz}dne} {`gj` {iz gd|hndne}nm }c rnz}rgj} mnihz hgbn }`n M~oig \!C ijy~gzg}gce2 `c{nqnr( }`n

ge}nr|rn}i}gce ca |czzgohn ei}gceih znj~rg}w qgchi}gcez {iz iem rndigez qik~n% ^emnr }`n j~rrne}

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{`gj` jcmgagnm z|njgagj |rcjnm~rih z}n|z }c on }ibne z`c~hm jcekrnzz cr }`n |rnzgmne} agem jrnmgohn

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}c `nh| nizn ei}gceih znj~rg}w jcejnrez {g}`c~} jhczgek caa }`n ^Z dirbn} arcd ge}nrei}gceih

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ijrczz }`n ocirm ge `gz ieihwzgz% Zcdn ca `gz agemgek z}ccm c~} iz ihirdgek }c }`n |chg}gjgiez ge `gk`

gejcdn ei}gcez% Ece$|nezgce Z[Az zjcrnm ie iqnrikn ca ==#9<< ge }`n ijjc~e}ioghg}w iem }riez|irnejw

znj}gce ca }`n ieihwzgz% [g}`ge }`n ece$|nezgce a~em jhizzgagji}gce( cehw ]`n Ihizbi \nrdiene} A~em

arcd }`n ^eg}nm Z}i}nz iem }`n cmmhw eidnm acr i ece$|nezgce a~em' Kcqnredne} \nezgce A~em $

Khcoih ca Ecr{iw zjcrnm 9<<#9<< ge }`n ijjc~e}ioghg}w iem }riez|irnejw znj}gce% I} }`n hc{ nem ca }`n

krc~| iem jce}rchhgek ie nz}gdi}nm ^ZM -0>O ge izzn}z( }`n Yi}ir Geqnz}dne} I~}`crg}w zjcrnm i

dniknr ?#9<<% I} }`n }gdn ca ]r~die+z z}~mw( }`n Yi}irg a~em aighnm }c mgzjhczn g}z ji}nkcrgnz ca 

geqnz}dne}( geqnz}dne} onej`dirbz( jrnmg} ri}gekz( diemi}nz( zgvn( rn}~rez( hcji}gce( iem z|njgagj

geqnz}dne}z% ]`n Yi}ir Geqnz}dne} I~}`crg}w ihzc aighnm }c |rcqgmn ng}`nr y~ir}nrhw cr iee~ih rn|cr}z( }c

~emnr}ibn ng}`nr ge}nreih cr gemn|nemne} i~mg}gek iem }c rnhnizn rnz~h}z ca z~j` i~mg}z% Znn6 ]r~die(

?<<0( ?<9<'

]r~die+z Gemnp gz ec} }`n cehw dn}rgj iqighiohn acr ieihwzgz% ]`n Zcqnrngke [nih}` A~em

Gez}g}~}n krimnz Z[Az ce }riez|irnejw iz {nhh% ]`ngr Hgeio~rk$Dim~nhh ]riez|irnejw Gemnp HD]G'

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{iz mnqnhc|nm ow Jirh Hgeio~rk iem Dgj`inh Dim~nhh {`nrnge Z[Az nire ~| }c 9< |cge}z }c}ih% Z[Az

kige |cge}z acr jcd|hwgek {g}` i zn} ca egen nzzne}gih |rgejg|hnz onwcem }`n agrz} geg}gih |rgejg|hn6

A~em |rcqgmnz `gz}crw gejh~mgek rnizce acr jrni}gce( crgkgez ca {nih}`( iem kcqnredne}

c{enrz`g| z}r~j}~rn

$ A~em |rcqgmnz dige caagjn hcji}gce immrnzz iem jce}ij} geacrdi}gce z~j` iz }nhn|`cen iem aip

$ A~em Dieiknrz g}z c{e {nozg}n

$ Ga i||hgjiohn( }`n a~em jhnirhw gmne}gagnz z~ozgmgirgnz iem jce}ij} geacrdi}gce

$ Ga i||hgjiohn( }`n a~em gmne}gagnz np}nreih dieiknrz

$ A~em |rcqgmnz jhnir z}ri}nkgnz iem cofnj}gqnz

$ A~em |rcqgmnz k~gmnhgenz ge rnanrnejn }c n}`gjih z}iemirmz( geqnz}dne} |chgjgnz( iem neacrjnr ca 

k~gmnhgenz

$ A~em |rcqgmnz }c}ih |cr}achgc dirbn} qih~n( rn}~rez( iem dieikndne} jcd|nezi}gce

$ A~em |rcqgmnz ~|$}c$mi}n gemn|nemne}hw i~mg}nm iee~ih rn|cr}z

$ A~em |rcqgmnz c{enrz`g| |nrjne}ikn ca jcd|iew `chmgekz( iem knckri|`gj hcji}gcez ca 

`chmgekz

Znn6 Zcqnrngke [nih}` A~em Gez}g}~}n '

Ijjcrmgek }c }`n HD]G( g} i||nirz }`i} Yi}ir+z Z[A gz zgkegagjie}hw dcrn }riez|irne} }`ie cen {c~hm

np|nj} ow rnhwgek ce ]r~die+z Gemnp ihcen ow jcd|hwgek {g}` i a~hh ><. ca }`n rny~grnm }riez|irnejw

gemgji}crz% Jrg}gjz irk~n }`i} }`n HD]G gz i dgegdih zn} ca }riez|irnejw jrg}nrgi zgejn dnrnhw |rcqgmgek

ie caagjn hcji}gce iem }nhn|`cen e~donr cr dige}igegek i {nozg}n irn jcezgmnrnm z~aagjgne} dniz~rnz }c

zjcrn |cge}z acr }riez|irnejw% Immg}gceihhw( |chg}gjgiez ge }`n ^Z {nrn ihirdnm ow }`n aij} }`i} Z[Az

crgkgei}gek ge jc~e}rgnz hgbn Qnenv~nhi( Cdie( Egknrgi( Grie( Or~eng( iem Ihknrgi cehw zjcrnm i zgekhn

 |cge} ge }`n HD]G gemnp% Cen gz }`n dgegd~d i a~em jie zjcrn ge }`n HD]G%

Ca zgkegagjiejn ge }`gz mnoi}n gz }`n gmni }`i} }riez|irnejw {ghh |rnqne} |chg}gjihhw dc}gqi}nm

 on`iqgcr ow Z[Az iem }`i} }`nrn z`c~hm npgz} cen z}iemirmgvnm zn} ca |rc}cjch acr ihh Z[Az% ]r~die

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mgm ec} agem jcrrnhi}gce on}{nne }riez|irnejw( Z[A on`iqgcr( iem kcqnreiejn z}r~j}~rn% ]`gz hnm `gd }c

z~kknz} i z}iemirmgvnm zn} ca onz} |rij}gjnz i||hgjiohn }c a~emz crgkgei}gek ge iew ei}gce rnkirmhnzz ca 

iew |rgcr gez}g}~}gceih cr zcjgih jcemg}gcez% C}`nrz mgzikrnnm {g}` `gz jcejh~zgce z}i}gek }`i}( ‘]`n dcrn

}riez|irne} a~emz irn hgbnhw }c on izzcjgi}nm {g}` mndcjrijgnz( {`ghn }`n hniz} }riez|irne} a~emz irn

dcrn hgbnhw }c on ac~em ge ie i~}`crg}irgie z}i}n%— Iemnrzce |%9<0' iem Fikmgz` O`ik{i}g i Znegcr 

Anhhc{ ge Ge}nrei}gceih Njcecdgjz {g}` }`n Jc~ejgh ce Acrngke _nhi}gcez z}i}nm }`i} ‘ece$}riez|irnejw

iem hijb ca mndcjri}gj kcqnreiejn }nem }c kc dcrn cr hnzz }ckn}`nr%— Znn6 ^eg}nm Z}i}nz% Zcqnrngke

[nih}` A~emz6 Acrngke \chgjw Jcezny~nejnz ge ie Nri ca En{ Dcenw%' ]`nzn hi}}nr qgn{|cge}z

z~kknz}nm }`i} i rnge}nr|rn}i}gce ca Z[Az {iz ennmnm% Ih}̀ c~k` Z[Az jie on i ~egqnrzihhw i||hgjiohn

ageiejgih iem |chg}gjih }cch( }`ngr gd|hndne}i}gce `iz |rcqne }c on mgrnj}nm i} i qirgn}w ca mgaanrne}

cofnj}gqnz%

Znngek Dcrn Jhnirhw

Ia}nr i |rchceknm ijimndgj mgzj~zzgce on}{nne }`n Z[A ihirdgz} iem i|chckn}gj jid|z( i en{

}w|n ca ieihwzgz irczn% ]`gz en{nr ge}nr|rn}gqn nqih~i}gce |rcm~jnz i dcrn ijj~ri}n |cr}riwih ca Z[A

ij}gqg}w {`ghn rnhwgek ~|ce zcdn ca }`n jhizzgagji}gcez ~znm ge ]r~die+z ]riez|irnejw Gemnp% Cen ca 

}`n agrz} zj`chirhw |i|nrz }c nd|hcw i dcrn cofnj}gqn qgn{ ca Z[A ij}gqg}w iem }`ngr `cz} ei}gce+z

kcqnreiejn {iz |rcm~jnm acr }`n }`n fc~reih ca  Ge}nrei}gceih Ageiejn }`rc~k` i jchhiocri}gqn naacr}

 on}{nne }`n ^egqnrzg}w ca Jihgacregi( Zie}i Jr~v iem }`n Anmnrih _nznrqn Oieb ca Zie Ariejgzjc% Znn6

Igvnedie ! Khgjb' I~}`crz Fcz`~i Igvnedie iem _n~qne Khgjb z}whgvnm }`n ]r~die Gemnp zjcrnz ca 

Z[A ei}gcez iem jcd|irnm }`nd {g}`c~} ~zgek Ecr{iw+z K\A iz ie cofnj}gagnm kcih2 ri}`nr( }`nw

jcd|irnm ei}gcez {g}` Z[Az }c c}`nr ei}gcez {g}`c~} Z[Az }`i} {nrn ge i zgdghir mnqnhc|dne}ih

z}ikn6

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R]Tw|gjih ieihwznz ca Z[Az acj~z ce mnzjrgogek |ir}gj~hir mgaanrnejnz idcek gemgqgm~ih Z[Az

ihcen( z~j` iz {`gj` Z[Az irn dcrn }riez|irne} cr i||nir }c on on}}nr dieiknm }`ie c}`nrz%

C~r ieihwzgz ihzc mgzj~zznz `c{ jc~e}rgnz {g}` Z[Az mgaanr arcd jc~e}rgnz( oc}` gem~z}rgih iem

mnqnhc|gek( {g}`c~} Z[Az% Jce}riz}gek }`n on`iqgc~r ca jc~e}rgnz {g}` iem {g}`c~} Z[Az `nh|z

 |hijn Z[A on`iqgc~r ge i orcimnr jce}np}( |ir}gj~hirhw {`ne ki~kgek }`n np}ne} }c {`gj` }`ngr 

kcqnreiejn |rij}gjnz mgaanr arcd khcoih ecrdz iz {nhh iz {`ne ieihwzgek }`ngr gd|hgji}gcez acr 

rnznrqn dieikndne} |chgjgnz% Igvnedie ! Khgjb |%:>:'

Igvnedie iem Khgjb+z agemgekz gemgji}n }`i} Z[A ei}gcez z`c{ i `gk`nr |rc|nezg}w }c jcd|hw {g}`

}riez|irnejw iem kcqnreiejn |rij}gjnz mnndnm i||rc|rgi}n ow `gk` gejcdn ei}gcez% [`ne jcd|irgek

ei}gcez( }`n hirkn mgzjrn|iejgnz rnhi}nm }c kcqnreiejn iem }riez|irnejw on}{nne gem~z}rgih iem

mnqnhc|gek ei}gcez {nrn zgkegagjie}hw rnm~jnm {`ne i mnqnhc|gek ei}gce c|nri}nm i Z[A% ]`n acrdnr 

mnoi}n z~rrc~emgek kcqnreiejn iem }riez|irnejw {iz rn$jiz}% G} i||nirnm }`i} }c occz} jcd|hgiejn {g}`

`gk` gejcdn ei}gce ecrdi}gqn on`iqgcr( i Z[A {iz i kccm }cch }c |rcm mnqnhc|gek ei}gcez }c aihh ge

hgen {g}` nz}iohgz`nm kcqnreiejn iem }riez|irnejw cofnj}gqnz ca }`n ge}nrei}gceih jcdd~eg}w6

G} gz i||irne} }`i} jc~e}rgnz {g}` Z[Az zjcrn zgkegagjie}hw hc{nr }`ie mc gem~z}rgih jc~e}rgnz acr 

ihh kcqnreiejn dniz~rnz( gejh~mgek }`n iqnrikn iz {nhh iz }`n z~ogemgjnz% @c{nqnr( ge

jcd|irgzce {g}` c}`nr mnqnhc|gek jc~e}rgnz( jc~e}rgnz {g}` Z[Az zjcrn zcdn{`i} `gk`nr( {g}`

}`n ec}iohn npjn|}gce ca qcgjn iem ijjc~e}ioghg}w( {`nrn }`nw zjcrn d~j` hc{nr% ]`~z( Z[A

jc~e}rgnz mgz|hiw hc{nr kcqnreiejn z}iemirmz }`ie gem~z}rgih jc~e}rgnz( zcdn{`i} on}}nr 

kcqnreiejn ce iqnrikn }`ie c}`nr mnqnhc|gek jc~e}rgnz( o~} rnhi}gqnhw hc{ mndcjrijw

 |nracrdiejn% ]`n agemgek }`i} jc~e}rgnz {g}` Z[Az }nem }c on j`irij}nrgvnm ow on}}nr 

kcqnreiejn diw r~e jc~e}nr }c }`n qgn{ }`i} diew ca }`nzn jc~e}rgnz irn `gk`hw c|iy~n( im`nrn

hg}}hn }c }`n r~hn ca hi{ iem diw }chnri}n zcdn mnkrnn ca jcrr~|}gce% @c{nqnr( }`n mi}i z`c{ }`i}

jc~e}rgnz {g}` Z[Az }nem }c |nracrd {nhh ce iqnrikn acr dcz} kcqnreiejn dniz~rnz iqnrikn

rnhi}gqn }c c}`nr mnqnhc|gek jc~e}rgnz% Igvnedie ! Khgjb ||%:1>$:11'

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Qgn{nm arcd }`gz |nrz|nj}gqn( }`n irk~dne} ikigez} Z[A |rchganri}gce ge mnqnhc|gek jc~e}rgnz {g}`

hc{nr kcqnreiejn iem }riez|irnejw z}iemirmz gz ibge }c acrjgek jc~e}rgnz ge}c i |rnmn}nrdgenm

mnqnhc|dne}ih |i}`% ]`n hnzzcez ca Knrzj`nebrce+z }nj`echckgjih +hni|arckkgek+ |rgejg|hn gemgji}nm }`i}

ei}gcez diw mc {nhh }c gejcr|cri}n }nj`echckgjih ornib}`rc~k`z nqne onacrn zcjgih gez}g}~}gcez `iqn

imi|}nm a~hhw }c dcmnre z}iemirmz% Znn6 Knrz`nebrce' [c~hm iew ca }`n mn}rij}crz irk~n }`i} Gemgi

z`c~hm `iqn agrz} mnqnhc|nm dizzgqn i~}cdcoghn iem igrjria} die~aij}~rgek aijghg}gnz gez}nim ca 

hni|arckkgek }c jrni}n i dcrn imqiejnm geacrdi}gce }nj`echckw znj}cr3 [c~hm }`nw ihzc z~kknz} r~rih

Iargji achhc{ mnqnhc|dne} |hiez ca }`n [nz} iem gez}ihh hirkn hiem hgen aijghg}gnz onacrn geqnz}gek ge

jnhh~hir |`cen ji|ioghg}gnz3 [`ne qgn{gek }`n riz` ca en{ Z[Az ce }`n `crgvce( g} mcnz znnd }`i}

ageiejgih geecqi}gce jie on i||hgnm dcrn naagjgne}hw ~zgek }`n }nj`echckgjih hni|arckkgek dn}`cmchckw

`gk`hgk`}nm ow Knrzj`nebrce nqne onacrn i ei}gce i||rcij`nz hnqnhz ca kcqnreiejn iem }riez|irnejw

mnndnm i||rc|rgi}n ge }`n mnqnhc|nm {crhm%

G}z Ge ]`n Eidn

]`n jcd|hn}n hgonrihgvi}gce ca ji|g}ih jce}rchz ge }`n hi}n ?<}` jne}~rw rnz}rgj}nm i zcqnrngke

ei}gce+z ioghg}w }c rnk~hi}n diew |c}ne}gihhw mnz}r~j}gqn nhndne}z rnhi}nm }c ge}nrei}gceih ageiejn% G}

achhc{z }`i} ei}gcez {c~hm hccb }c jrni}n gez}g}~}gceih }cchz }c `nh| rnjhigd }`ngr zcqnrngke}w%

Zcqnrngke+z ca iew mnqnhc|dne}ih z}ikn {nrn ri}gceih }c jrni}n i Z[A }c |rc}nj} }`ngr ei}gcez arcd }`n

 |c}ne}gihhw mnz}r~j}gqn naanj}z ijjcd|iewgek hgonrihgvnm ji|g}ih ahc{z% Zgejn }`n GDA `im onne |~z`gek

i z}iemirm hgen ca hgonrihgvn( {g}`c~} rnkirm acr }`n }w|nz ca zcjgih gez}g}~}gcez ge |hijn( gemgzjrgdgei}nhw

acr wnirz( {`w z`c~hm i Z[A }`i} {crbz {nhh acr `gk` gejcdn jc~e}rgnz hgbn Ecr{iw on rnz}rgj}nm }c

cehw }`n dcz} imqiejnm jc~e}rgnz3 Zgejn ji|g}ih {iz kgqne }`n ioghg}w }c ahnn ge dizz( }`ne jce}rchhgek

hirkn |cchz ca ji|g}ih( gez}g}~}gceihgvnm iz i Z[A( |rcqnm }c on i hckgjih mnanezn ikigez} ge}nrei}gceih

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ji|g}ih ahgk`}% Z[Az |rcqgmn ie izz~riejn }`i} ji|g}ih {ghh rndige iqighiohn {`ne ge}nrei}gceih ageiejgih

dirbn}z zgkeih c}`nr{gzn% Onwcem nez~rgek }`n iqighioghg}w ca ji|g}ih( ei}gcez `iqn ihzc nd|hcwnm Z[A

 |c{nr acr i qirgn}w ca c}`nr rnizcez z~j` iz z}ioghgvgek mcdnz}gj ny~g}gnz dirbn}z ge |iegjz( z~||cr}gek

jcd|n}g}gqn npj`iekn ri}nz( o~ghmgek geariz}r~j}~rn( |hiji}gek mcdnz}gj jcez}g}~ne}z( iem dcrn% I en{

ge}nr|rn}i}gce {iz ennmnm }c dcrn ijj~ri}nhw rnahnj} }`n mgqnrzg}w ca }`nzn ij}gcez {g}`c~} rnm~jgek }`n

irk~dne} }c ie cqnrzgd|hgagji}gce }`i} hnzz mnqnhc|nm ei}gcez {nrn f~z} ec} rnimw }c `iemhn

ge}nrei}gceih ageiejgih }cchz onji~zn }`ngr kcqnreiejn mgm ec} dnn} [nz}nre z}iemirmz%

I dcrn cofnj}gqn ieihwzgz {iz |rnzne}nm ow Imid Mgpce iem Iz`ow Dceb c~} ca }`n ^egqnrzg}w

ca Orgz}ch iem }`n ^egqnrzg}w ca Cpacrm rnz|nj}gqnhw% Ge ?<9<( ‘_n}`gebgek }`n Zcqnrngke ge Zcqnrngke

[nih}` A~emz— orcbn en{ krc~em ge Z[A hg}nri}~rn% ]`n |i|nr mnzjrgonz i {crhm {`nrn khcoihgvi}gce

`iz ji~znm( ‘j`iekgek mweidgjz ca jce}nd|crirw ji|g}ihgzd( khcoih njcecdgj ge}nkri}gce iem z}i}n

zcqnrngke}w— {`gj`( ‘j`ihhnekn ~emnrhwgek jhigdz }`i} |rnz~dn i z}rgj}hw oc~emnm }nrrg}crw zn|iri}nm

arcd ie c~}zgmn {crhm }`i} gz gd|hgjg} ge jhizzgjih ijjc~e}z ca oc}` }`n ei}gceih |chg}gjih njcecdw iem

ei}gceih z}i}n zcqnrngke}w%— Mgpce ! Dceb |%?' Iew ieihwzgz ca Z[Az `im }c enjnzzirghw ijjc~e} acr 

}`n zcqnrngke nhndne} {g}`c~} i}}nd|}gek }c jhizzgaw zcqnrngke}w iz ie ~emnzgriohn |chg}gjih nhndne}

ji|iohn ca ongek dimn }riez|irne} cr np}rij}nm arcd }`n a~emz%

Mgpce iem Dceb jrni}nm( ‘i z}whgvnm }w|chckw ca Z[Az ge rnhi}gce }c }`n z}i}n iem g}z

zcqnrngke}w(— }`i} jcd|rgznz( ‘agqn gmnih$}w|nz6 |cz}jchcegihgz}( rne}gnr( |rcm~j}gqgz}( }nrrg}crgihgz} iem

dcrihgz}%— Mgpce ! Dceb |%:' Zgejn Z[Az {nrn jrni}nm ow i zcqnrngke ne}g}w iem }`czn zcqnrngkez

nd|hcwnm Z[Az acr i qirgn}w ca mgaanrne} nemz( }`n ieihwzgz {c~hm jhizzgaw }`n dc}gqi}gcez ~emnrhwgek

}`n nz}iohgz`dne} ca Z[Az iz }`n ndocmgdne} ca zcqnrngke}w ge ie ge}nrei}gceih zwz}nd% \~rz~gek

cofnj}gqnz ec} z`irnm ow ihh ij}crz ge i khcoih zwz}nd ne}ighnm }`n ij}gqn i||hgji}gce ca zcqnrngke}w%

Mgpce iem Dceb gmne}gagnm ac~r |rgdirw dieganz}i}gcez ca zcqnrngke}w( ‘ge}nrei}gceih hnkih

zcqnrngke}w( [nz}|`ihgie zcqnrngke}w( mcdnz}gj zcqnrngke}w( iem ge}nrmn|nemnejn zcqnrngke}w%— Mgpce

! Dceb |%=' ]`nzn ac~r dieganz}i}gcez {nrn ir}gj~hi}nm jhnirhw6

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Ge}nrei}gceih hnkih zcqnrngke}w |nr}igez }c }`n d~}~ih rnjckeg}gce ca }nrrg}crgihhw mnagenm z}i}nz ge

}`n ge}nrei}gceih zwz}nd% _njckeg}gce ow c}`nr z}i}nz gz gd|cr}ie}( iz g} |rcqgmnz oc}` di}nrgih

iem ecrdi}gqn rnzc~rjnz% Iz z~j`( g} ihhc{z z}i}nz }c ne}nr ge}c gd|cr}ie} ge}nrei}gceih ijjcrmz

z~j` iz }rimn ikrnndne}z cr znj~rg}w ihhgiejnz( cr }c znj~rn acrngke ji|g}ih% G} jie ihzc on jr~jgih

ge dige}igegek mcdnz}gj |c{nr iem hnkg}gdijw acr i z}i}n‗z r~hgek aij}gce% [nz}|`ihgie

zcqnrngke}w |nr}igez }c i z}i}n‗z ji|ijg}w }c npjh~mn np}nreih ij}crz iem acrjnz arcd geah~nejgek

iem ge}nrqnegek ge mcdnz}gj i~}`crg}w z}r~j}~rnz% A~emidne}ih }c [nz}|`ihgie zcqnrngke}w gz }`n

 |rgejg|hn }`i} z}i}nz irn mnagenm ow z|njgagj }nrrg}crgih oc~emirgnz% Mcdnz}gj zcqnrngke}w

jcejnrez }`n crkiegvi}gce iem z}r~j}~rn ca |chg}gjih i~}`crg}w {g}`ge }`n z}i}n iem }c }`n mnkrnn

ca jce}rch npnrjgznm ow }`n |czznzzcrz ca |c{nr% Z~j` crkiegvi}gceih z}r~j}~rnz jie riekn arcd

 |c{nr jcejne}ri}gek ge }`n `iemz ca i zgekhn r~hnr( chgkirj`w( cr |chg}gjih |ir}w( }c |c{nr ongek

mgz|nrznm ijrczz qirgc~z gez}g}~}gcez iem rn|rnzne}i}gqn |chg}gjih |ir}gnz( z~j` iz ge i

jcez}g}~}gceih rn|~ohgj% Ge}nrmn|nemnejn zcqnrngke}w rnhi}nz }c ioghg}w ca }`n z}i}n }c jce}rch

ahc{z ijrczz g}z ocrmnrz% Z~j` jrczz$ocrmnr dcqndne}z riekn arcd kccmz( ji|g}ih iem |nc|hn( }c

gmniz( mgzniznz iem |chh~}gce% Mgpce ! Dceb ||%=$>'

Z[Az rn}ige |c}ne}gih }c iaanj} ihh ac~r ca }`nzn dieganz}i}gcez ca zcqnrngke}w }`rc~k` ng}`nr 

nekikndne} {g}` cr rnzgz}iejn }c acrngke kcqnredne}z iem {nrn }`nrnow rgk`}hw jhizzgagnm iz

zcqnrngke}w dipgdgvgek ne}g}gnz% Z[Az( nqne {`ne dibgek z}rigk`}acr{irm geqnz}dne} mnjgzgcez( {nrn

naanj}gqnhw np|iemgek }`n zcqnrngke}w ca `cz} ei}gcez {g}`ge i khcoihgvnm {crhm% Z[Az( ~emnrz}ccm iz

zcqnrngke}w dipgdgvgek qn`gjhnz( {nrn hnkg}gdi}nm( dcz} zgd|hw( ow rnjckeg}gce ca }`n zcqnrngke

ei}gce+z rgk`} }c c|nri}n z~j` a~emz% Iz Z[Az onjidn dcrn ijjn|}nm ge }`n ge}nrei}gceih jcdd~eg}w( g}

 onjidn jhnir }`i} diew ca }`ngr ij}gcez {nrn ec} mgrnj}nm ow mcdnz}gj |c|~hir c|gegce% Irn r~rih

J`genzn |nizie}z }r~hw ge aiqcr ca |rc||gek ~| mnagjg} a~nhnm jcez~d|}gce ge `gk` gejcdn ei}gcez ow

hnemgek }`n z~r|h~z J`gei+z j~rrne} ijjc~e} oihiejn }c mnqnhc|nm ei}gcez3 Mgpce iem Dceb+z {crb 

rigznm ie gd|cr}ie} y~nz}gce }`i} {iz ec} a~hhw immrnzznm ge }`ngr {crb% Ga g} gz ikrnnm }`i} Z[Az irn

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c|nri}nm ow i zcqnrngke z|cezcr }c dipgdgvn zcqnrngke}w( }`ne {`c ij}~ihhw `iz }`n |c{nr }c npnrjgzn

}`n i~}`crg}w ca }`n zcqnrngke z|cezcr3

Ge i acr}`jcdgek |i|nr acr }`n Jch~dogi Hi{ Zj`cch ne}g}hnm ‘Dipgdgvgek I~}cecdw ge }`n

Z`imc{ ca Krni} \c{nrz6 ]`n \chg}gjih Njcecdw ca Zcqnrngke [nih}` A~emz—( Bwhn @i}}ce iem

Bi}`irgei \gz}cr geqnz}gki}n Z[A ij}gqg}w }c mgz|nh |c|~hir onhgnaz izzcjgi}nm {g}` Z[A ij}gcez% @i}}ce

iem \gz}cr gmne}gaw }`rnn }w|gjih ih}nrei}gqn np|hiei}gcez ca Z[A on`iqgcr% ]`nw hionh }`nzn ih}nrei}gqnz

iz dnrjie}ghgzd( gd|nrgihgz}$ji|g}ihgzd( iem dirbn} geqnz}cr% @i}}ce ! \gz}cr |%>' ]`nzn np|hiei}gcez

jcqnr }`n kidog} ca qie}ikn |cge}z |c|~hir ge ijimndgi iem idcekz} kcqnredne} caagjgihz ge oc}` }`n

Z[A ihirdgz} iem i|chckn}gj jid|z% Ge crmnr }c ieihwvn Z[A ij}gqg}w {g}`ge }`nzn |iridn}nrz( @i}}ce

iem \gz}cr hgz} agqn ca }`n coznrqnm i}}rgo~}nz ~emnr}ibne ow Z[Az% ]`n i}}rgo~}nz irn |izzgqn c~}{irm

geqnz}dne}( np}ricrmgeirw c~}{irm geqnz}dne}z( mchhir rnjwjhgek( rnqne~nz ~znm }c |ijgaw mcdnz}gj

jcez}g}~nejw( iem |chg}gjgvnm mcdnz}gj geqnz}dne}6

RETcen ca }`n npgz}gek }`ncrgnz ioc~} Z[A cofnj}gqnz iem dc}gqi}gcez np|hige }`n ornim}` ca 

}`ngr mcj~dne}nm on`iqgcr% Z[Az knenrihhw imc|} i |izzgqn iem mgqnrzgagnm geqnz}dne} z}ri}nkw

ge acrngke dirbn}z( o~} dimn np}ricrmgeirw iem `gk`hw rgzbw geqnz}dne}z ge {nz}nre ageiejgih

gez}g}~}gcez m~rgek }`n ageiejgih jrgzgz% ]`nw ihzc rnjwjhn mchhirz }c }`n {nz}( dibn |chg}gjgvnm

mcdnz}gj geqnz}dne}z( iem ~zn a~emz }c |ijgaw mcdnz}gj jcez}g}~nejgnz% Zgejn ecen ca }`n

npgz}gek }`ncrgnz jie np|hige ihh ca }`nzn on`iqgcrz( i a~hh ~emnrz}iemgek ca Z[Az rny~grnz i en{

}`ncrw ioc~} }`ngr gez}g}~}gceih ge}nrnz}z% @i}}ce ! \gz}cr ||%7$9<'

]`n }nemnejw acr Z[Az }c nd|hcw |izzgqn c~}{irm geqnz}dne} }nj`egy~nz mcnz ec} jcgejgmn {g}` }`n

 onhgna }`i} Z[Az {nrn |~rz~gek z}ri}nkgnz hionhnm iz dnrjie}ghgzd cr gd|nrgihgz}$ji|g}ihgzd% A~r}`nr(

ih}`c~k` |izzgqn c~}{irm geqnz}dne} jc~hm on jhizzgagnm {g}`ge }`n dirbn} geqnz}cr ji}nkcrgvi}gce(

jcddcehw coznrqiohn Z[A on`iqgcr hgbn mchhir rnjwjhgek iem ~zgek rnqne~nz }c |ijgaw mcdnz}gj

jcez}g}~ne}z mc ec} ihgke {g}` i |~rn dirbn} geqnz}cr z}ri}nkw% Ge crmnr }c ijjc~e} acr ihh }w|nz ca Z[A

 on`iqgcr( @i}}ce iem \gz}cr jrni}nm i en{ {iw }c ji}nkcrgvn Z[Az hionhnm iz I~}cecdw$

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Dipgdgvi}gce%

]`gz ge}nr|rn}i}gce ca Z[Az( ih}`c~k` jhcznhw rnhi}nm }c }`n zcqnrngke}w$dipgdgvgek ieihwzgz ca 

Mgpce iem Dceb `iz i z~o}hn( wn} gd|cr}ie}( mgz}gej}gce% @i}}ce iem \gz}cr ijbec{hnmkn }`n

gd|cr}iejn acr hnkg}gdijw }`i} zcqnrngke}w jceqnwz ~|ce Z[Az( o~} }`nw rnjckegvn }`i} }`n jce}rch ca 

Z[Az irn ca}ne i} }`n on`nz} ca i mcdnz}gj |c{nr nhg}n% ]`n |c{nr nhg}nz mnrgqn |c{nr arcd }`n

zcqnrngke}w ca }`n z}i}n o~} {gz` }c ij} i~}cecdc~zhw {g}`ge }`n z}i}n |c{nr z}r~j}~rn% Ge jizn z}~mgnz

}`nw z`c{ }`i} nhg}nz( z~j` iz }`n `nrnmg}irw dceirj`gjih r~hnrz ge B~{ig} iem Io~ M`iog( naanj}gqnhw

c{e iem c|nri}n Z[Az ge }`n eidn ca }`n ei}gce g}znha {`ghn rn}igegek }`n |c{nr izzcjgi}nm {g}` a~emz

 |nrzceihhw% @i}}ce iem \gz}cr immg}gceihhw gmne}gaw }`n rchn nhg}nz |hiw ge }`n dcrn mndcjri}gj ei}gce ca 

Zgeki|crn iem }`n jcdd~egz} jc~e}rw ca J`gei% ]`gz mgz}gej}gce gz gd|cr}ie} ge gmne}gawgek {`c rn}igez

i~}`crg}w }c npnr} }`n |c{nr ~emnrhwgek Z[Az% Z[Az( ih}`c~k` gd|cr}ie} ge mnagegek }`n zcqnrngke}w ca 

i z}i}n( irn qgn{nm dcrn ijj~ri}nhw ow @i}}ce iem \gz}cr iz jce}igegek }`n ji|ijg}w }c np|iem cr 

dipgdgvn }`n i~}cecdw ca mcdnz}gj |c{nr nhg}nz%

Z[Az mc ec} ne}grnhw gzchi}n i zdihhnr ei}gce arcd gej~rrgek }`n {ri}` ca i hirknr njcecdgj iem

dghg}irw |c{nr% Ge crmnr }c dige}ige z}ioghg}w acr }`n r~hgek nhg}nz( zcdn zcqnrngke jcejnzzgcez irn dimn

}c dipgdgvn i~}cecdw ca }`n mcdnz}gj r~hgek nhg}nz6

[`ne }`n acrdnr Ndgr Z`ngb` Z`ib`oc~} oge Z~h}ie r~hnm cqnr Io~ M`iog( `n |~rz~nm ie

ikkrnzzgqnhw dnrjie}ghgz} z}ri}nkw%%% Ge 9711( mnqnhc|dne} z|nemgek {iz cehw ª9%;> dghhgce c~}

ca cqnr ª?<< dghhgce ge rnqne~nz$ jrni}gek i hirkn gdoihiejn ge ge}nrei}gceih |iwdne}z%

Jcezny~ne}hw( `n {iz mn|cznm ow `gz orc}`nr Viwnm( {`c rnhgnm ce Org}gz`$oijbgek iem }`n

z~||cr} ca jrnmgohw en~}rih dndonrz ca }`n ih Ei`wie aidghw% ^emnrz}iemiohw( }`n z~ozny~ne}

r~hnrz ge Io~ M`iog `iqn onne jirna~h }c dige}ige }`ngr gd|hgjg} cohgki}gcez }c rnjwjhn j~rrnejw

}c }`n {nz} ge crmnr }c |rnqne} {nz}nre ge}nrqne}gcez ge }`n mcdnz}gj |chg}gjih rnihd”}`nrnow

 |rc}nj}gek }`n ih Ei`wie aidghw‗z mcdnz}gj i~}cecdw% @i}}ce ! \gz}cr |%??'

Ge }`gz jizn( }`n zcqnrngke rgk`} ca Io~ M`iog }c ~zn g}z rnznrqnz iz g} zi{ ag} {iz gd|geknm ~|ce ow }`n

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dcrn |c{nra~h ei}gce ca Org}ige% Ge crmnr }c rn}ige i~}cecdw mcdnz}gjihhw( }`n Ih Ei`wie aidghw

cohgknm }`n [nz} ow gez}ihhgek }`n dcrn jcd|hgie} Viwnm iz Z~h}ie% Ge immg}gce( }`n Ih Ei`wie aidghw

~znm Z[A izzn}z }c agk`} caa }`n i}}nd|}z ow c}`nr |c{nr nhg}nz ge }`n ^eg}nm Irio Ndgri}nz iz {nhh6

Ow rnznrqgek cgh rnqne~nz }c }`n gemgqgm~ih ndgri}nz( }`n ^%I%N% Jcez}g}~}gce nez~rnm }`i} Z[Az

{c~hm on c{enm( jce}rchhnm( iem imdgegz}nrnm i} }`n z~oei}gceih hnqnh% ]`gz ge }~re nez~rnm }`i}

geqnz}dne} iem z|nemgek mnjgzgcez rndigenm i hcjih di}}nr”}`nrnow dipgdgvgek }`n i~}cecdw

ca Io~ M`iog iem }`~z }`n ih Ei`wie aidghw'% C}`nr Ndgri}nz( |ir}gj~hirhw M~oig( `iqn }rgnm }c

nz}iohgz` gemn|nemne} {nih}`$knenri}gek izzn}z }c gejrnizn }`ngr ioghg}w }c rnzgz} }`n geah~nejn ca 

Io~ M`iog‗z cgh rnqne~nz ge }`n anmnrih |chg}gjih zwz}nd% [`ghn M~oig‗z ri|gm np|iezgce `iz

 onne gd|rnzzgqn( |ir}gj~hirhw ge g}z nqch~}gce ge}c i khcoih }riezz`g|dne} iem mgz}rgo~}gce jne}nr(

g}z ikkrnzzgqn hnqnrikgek z}ri}nkw |~} g}z |rckrnzz ge fnc|irmw {`ne }`n ageiejgih jrgzgz `g}%

[`ne g} hccbnm hgbn M~oig‗z rn|iwdne} cohgki}gcez ce i hirkn z~b~b gzz~nm ow Eib`nnh jc~hm

ec} on dn}( i oighc~} arcd Io~ M`iog znndnm hgbnhw”o~} {iz ec} izz~rnm% [`ghn Io~ M`iog

rnqnrznm arcd g}z geg}gih |czg}gce }`i} g} {c~hm ec} oijbz}c| M~oig‗z mno}( }`n z~o}np} {iz }`i}

M~oig‗z idog}gcez ce geah~nejn {g}`ge }`n anmnrih zwz}nd {c~hm on j~r}ighnm% Gemnnm( ge Fie~irw

ca ?<9<( }`n O~rf M~oig”{`gj` {iz z~||cznm }c on i zwdoch ca M~oig‗z ij`gnqndne}”{iz

rneidnm }`n O~rf B`ihgai`( ge `cecr ca Z`ngb` B`ihgai` oge Viwnm ih Ei`wie ca Io~ M`iog%

]`n {crhm‗z }ihhnz} }c{nr ec{ z}iemz ge }`n dgmmhn ca M~oig iz i rndgemnr }`i} g} gz Io~ M`iog(

iem }`~z }`n ih Ei`wie aidghw( }`i} `iz jce}rch iem i~}cecdw {g}`ge }`n ^%I%N% @i}}ce !

\gz}cr ||%??$?:'

Ge crmnr }c hiw jhigd }c |chg}gjih hnkg}gdijw iem rn}ige g}z z}i}~z iz }`n |c{nr nhg}n ge }`n ^IN( }`n ih

 Ei`wie aidghw ~znz |cr}gcez ca Io~ M`iog+z Z[A }c |hiji}n g}z mcdnz}gj jcez}g}~ne}z iz {nhh% ]`n

aidghw naanj}gqnhw nez~rnz g}z |czg}gce ow caanrgek |iwdne}z arcd cgh rnqne~nz( zj`chirz`g| z}g|nemz(

ne}rn|rnen~rgih ageiejgek( iem nd|hcwdne} c||cr}~eg}gnz {g}`ge }`n kcqnredne} }c jg}gvnez ca g}z

Ndgri}n% Ge immg}gce }c cohgkgek }`n cgh `~ekrw ei}gcez ca }`n {crhm {g}` mchhir rnjwjhgek |rckridz iem

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nez~rgek i `gk` z}iemirm ca hgqgek acr g}z jcez}g}~ne}z( }`n ih Ei`wie aidghw ageiejnz }`n Io~ M`iog

Mnqnhc|dne} A~em }c |rcdc}n g}z gdikn iz i rnz|cezgohn {crhm jg}gvne% ]`n zcqnrngke}w dipgdgvgek

irk~dne} |~} acr}` ow Mgpce iem Dceb gz i||hgjiohn acr ieihwvgek Io~ M`iog+z Z[A ij}gqg}w( o~} }`n

i~}cecdw dipgdgvgek |nrz|nj}gqn ca @i}}ce iem \gz}cr dcrn a~hhw gejcr|cri}nz }`n ge}rgjijgnz ca }`n

 |chg}gjih zg}~i}gce ge }`n jc~e}rw%

Ge immg}gce }c @i}}ce iem \gz}cr+z jizn z}~mw ca J`gei( iz mnzjrgonm ge }`n occb ‘]ibn ]`n

Dcenw Iem _~e—( }`n |chg}gjih geagk`}gek z~rrc~emgek }`n nz}iohgz`dne} ca }`n J`gei Geqnz}dne}

Jcd|iew JGJ' gz jhnir nqgmnejn ca }`n }w|n ca z}r~kkhn mcdnz}gj nhg}nz nekikn ge {`ne jcez}r~j}gek

 o~rni~jrijw acr jce}rchhgek i Z[A% Iemnrzce ||%=?$><' Iz }`n znjcem hirknz} ca J`gei+z ac~r Z[Az(

}`n JGJ jce}rchz cqnr ^ZM- =<<O ge izzn}z% Jcezny~ne}hw( |chg}gjih jce}rch ca }`gz a~em gz ca jcejnre }c

}`n |c{nr nhg}nz ge J`gei% Mcdnz}gjihhw( }`n JGJ c{ez ^ZM- 9<<D z`irn ca }`n J`gei _igh{iw Krc~|

iem `iz ^ZM- ?<O geqnz}nm ge }`n J`gei Mnqnhc|dne} Oieb( ^ZM- ??%>O ge }`n Oieb ca J`gei( iem

^ZM- =<$><O ge }`n Ikrgj~h}~rih Oieb ca J`gei% Hc` |%9::' Kgqne }`i} }`n }`rnn oiebz hgz}nm irn

zcdn ca }`n hirknz}( iz riebnm ow izzn}z( ge }`n {crhm( }`n |chg}gjih jhc~} izzcjgi}nm {g}` }`nzn

gez}g}~}gcez gz necrdc~z% Immg}gceihhw( ge acrngke dirbn}z( }`n JGJ c{ez i 7%7. z}ibn ge oc}` Dcrkie

Z}iehnw iem }`n Ohijbz}cen Krc~| ihcek {g}` qiz} |cr}gcez ca Qgzi( Econh Cgh Krc~|( FJ Ahc{nr 

\rgqi}n Ny~g}w A~em( ]njb _nzc~rznz H}m( iem BivD~eigKiz Np|hcri}gce \rcm~j}gce% Hc` |%9::' ]`n

 |chg}gjih hnqnrikn izzcjgi}nm {g}` jce}rch ca }`n JGJ gz air rnij`gek% _irnhw mcnz }`n rnz} ca }`n {crhm

kn} i khgd|zn ge}c }`n |chg}gjih z}r~kkhnz {g}`ge }`n Jcdd~egz} \ir}w ca J`gei( o~} znngek {`c gz

krie}nm jce}rch ca }`n JGJ gz i kccm gemgji}gce iz }c {`c gz jhigdgek i~}`crg}w%

Oc}` }`n zcqnrngke}w iem i~}cecdw dipgdgvgek |nrz|nj}gqnz `nh| }c on}}nr aridn }`n |chg}gjih$

njcecdw ca Z[Az iem np|higez {`w zc diew ei}gcez( knenrihhw qgn{nm iz c~}zgmnrz ow }`n [nz}( `iqn

nz}iohgz`nm Z[Az% Z[Az irn ~znm iz }cchz }c np|iem }`n geah~nejn ca `cz} ei}gcez iem }`ngr mcdnz}gj

 |c{nr nhg}nz% Ih}`c~k` }`n rgzn ca Z[Az gz ca}ne i}}rgo~}nm }c rnjne} jcddcmg}w occdz( }`nw irn ihzc

qgn{nm ow }`ngr zcqnrngke z|cezcr iz i dniez }c kirenr }`n }w|n ca |chg}gjih geah~nejn jrnmg}cr ei}gcez

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`iqn nefcwnm ge }`n |iz} iem }`ngr e~donrz irn hgbnhw }c krc{% I ec}iohn npid|hn ca }`gz geah~nejn jie

 on znne ge }`n mgaanrne} hnqnhz ca |c{nr `nhm ow ei}gcez jcd|rgzgek ge}nrei}gceih gez}g}~}gcez hgbn }`n

GDA% Dndonr ei}gcez {g}` dcrn njcecdgj cr |chg}gjih jhc~} {nrn iohn }c jria} |chgjgnz ow ~emnr{rg}gek

hcie |rckridz i}}ij`nm }c |chg}gjihhw gmnchckgjih jcemg}gcez ge rn}~re acr njcecdgj izzgz}iejn% Krc{}`

ge }`n jiz` rnznrqnz ca np|cr} ei}gcez {g}`c~} jcejcdg}ie} krc{}` ge |chg}gjih jhc~} |cge}nm }c{irmz i

ennm acr z}r~j}~rih imf~z}dne}z {g}`ge ge}nrei}gceih gez}g}~}gcez }c gejh~mn dcrn ei}gcez ge mnjgzgce

dibgek |rcjnm~rnz%

Nqne achhc{gek imf~z}dne}z ge ge}nrei}gceih gez}g}~}gcez hgbn }`n GDA( rnhi}nm }c qc}gek z`irnz(

diew jiz` ah~z` ei}gcez anh} }`ngr zcqnrngke}w {iz ec} ongek ny~g}iohw ijjc~e}nm acr ge [nz}nre

ge}nrei}gceih gez}g}~}gcez% I}}nd|}z }c gejh~mn dcrn ei}gcez ge mnjgzgce dibgek |rcjnzznz iem

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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8/3/2019 An Analysis of Changing Trends in the International System of Capitalism Emphasizing the Role of Sovereign Wealt…

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