ERROR LOADING HTML FROM SOURCE (http://ncf.sobek.ufl.edu//design/skins/UFDC/html/header_item.html)

This Impossible Object

Permanent Link: http://ncf.sobek.ufl.edu/NCFE004640/00001

Material Information

Title: This Impossible Object On the Class Struggle, Althusser, and Why Every Anti-Communist is a Dog
Physical Description: Book
Language: English
Creator: Niedenthal, Alec
Publisher: New College of Florida
Place of Publication: Sarasota, Fla.
Creation Date: 2012
Publication Date: 2012

Subjects

Subjects / Keywords: Marxism
Louis Althusser
Dialectics
Genre: bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: This thesis addresses the limits of Louis Althusser's thought. Althusser was indispensable in raising Marxist politics to the level of philosophical rigor and clarity. But while he returned materialism to its rational core, he thought structural change only as a mode or affect of necessity. What remains to be thought is the disruption of this reproduction of a structure, the contingent act which emerges, unprecedented, to determine the life of the masses anew. This thesis attempts to supplement Althusser's registration of structural causality and ideology with a concept of emancipation. The first chapter grapples with Althusser's theory of ideology and the possibility of a subject that is produced as a byproduct of state-based ideology but is irreducible to it. The second chapter analyzes Althusser's concept of structural causality, on the basis of which the result of contingent struggles is retroactively posited as an a priori. This temporal loop provides the basic frame for a "determinate negation," or a negation which substitutes a new term for an old one, of surplus-value/capital. While, I claim, capital produces a collective subject predicated on the subsistence of its biological life�and hence determined in its desire by the relation of labor-power to its wage�this predication is established through a transfiguration of the contingency of struggle into the appearance of necessity. This conversion of contingency into necessity allows the dominating form of necessity, which I also call the law or form of recognition, to be itself based in contingency and therefore subject to negation through struggle. Communist activity would demand the positing of a different presupposition for the subject, a new form of necessity for the collective body of subjects, namely: the non-appearance or effacement of its being, of what it is "in-itself" as an active substance. So "subject is its biological life," as a presupposition for desire, would be deprived of its content to look like: "subject is in excess of what can be said or mediated by thought." The third chapter stages an encounter between Alain Badiou and Kant in order to produce a working theory of the revolutionary subject, as a group formed in reference to the unnamable "X" retroactively posited by the operation of ideology as having preceded it.
Statement of Responsibility: by Alec Niedenthal
Thesis: Thesis (B.A.) -- New College of Florida, 2012
Electronic Access: RESTRICTED TO NCF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE
Bibliography: Includes bibliographical references.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The New College of Florida, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Local: Faculty Sponsor: Edidin, Aron; Flakne, April

Record Information

Source Institution: New College of Florida
Holding Location: New College of Florida
Rights Management: Applicable rights reserved.
Classification: local - S.T. 2012 N6
System ID: NCFE004640:00001

Permanent Link: http://ncf.sobek.ufl.edu/NCFE004640/00001

Material Information

Title: This Impossible Object On the Class Struggle, Althusser, and Why Every Anti-Communist is a Dog
Physical Description: Book
Language: English
Creator: Niedenthal, Alec
Publisher: New College of Florida
Place of Publication: Sarasota, Fla.
Creation Date: 2012
Publication Date: 2012

Subjects

Subjects / Keywords: Marxism
Louis Althusser
Dialectics
Genre: bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: This thesis addresses the limits of Louis Althusser's thought. Althusser was indispensable in raising Marxist politics to the level of philosophical rigor and clarity. But while he returned materialism to its rational core, he thought structural change only as a mode or affect of necessity. What remains to be thought is the disruption of this reproduction of a structure, the contingent act which emerges, unprecedented, to determine the life of the masses anew. This thesis attempts to supplement Althusser's registration of structural causality and ideology with a concept of emancipation. The first chapter grapples with Althusser's theory of ideology and the possibility of a subject that is produced as a byproduct of state-based ideology but is irreducible to it. The second chapter analyzes Althusser's concept of structural causality, on the basis of which the result of contingent struggles is retroactively posited as an a priori. This temporal loop provides the basic frame for a "determinate negation," or a negation which substitutes a new term for an old one, of surplus-value/capital. While, I claim, capital produces a collective subject predicated on the subsistence of its biological life�and hence determined in its desire by the relation of labor-power to its wage�this predication is established through a transfiguration of the contingency of struggle into the appearance of necessity. This conversion of contingency into necessity allows the dominating form of necessity, which I also call the law or form of recognition, to be itself based in contingency and therefore subject to negation through struggle. Communist activity would demand the positing of a different presupposition for the subject, a new form of necessity for the collective body of subjects, namely: the non-appearance or effacement of its being, of what it is "in-itself" as an active substance. So "subject is its biological life," as a presupposition for desire, would be deprived of its content to look like: "subject is in excess of what can be said or mediated by thought." The third chapter stages an encounter between Alain Badiou and Kant in order to produce a working theory of the revolutionary subject, as a group formed in reference to the unnamable "X" retroactively posited by the operation of ideology as having preceded it.
Statement of Responsibility: by Alec Niedenthal
Thesis: Thesis (B.A.) -- New College of Florida, 2012
Electronic Access: RESTRICTED TO NCF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE
Bibliography: Includes bibliographical references.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The New College of Florida, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Local: Faculty Sponsor: Edidin, Aron; Flakne, April

Record Information

Source Institution: New College of Florida
Holding Location: New College of Florida
Rights Management: Applicable rights reserved.
Classification: local - S.T. 2012 N6
System ID: NCFE004640:00001


This item is only available as the following downloads:


Full Text

PAGE 1

! #$!%"&'()%%!*+,"-*.,/01"-2"0$,"3+4%%"506788+,9":+0$7%%,69"42;"<$=">?,6=":20! @ 3)''72!%0"!%"4"A)8 " B= :+,/"C!,;,20$4+ " :"#$,%!% " 57*'!00,;"0)"0$,"A!?!%!)2")D"E7'42!0!,% C,F"3)++,8,")D"G+)6!;4 !2"(460!4+"D7+D!++',20")D"0$,"6,H7!6,',20%"D)6"0$,";,86,, """""B4/$,+)6")D":60% I2;,6"0$,"/) @ %()2%)6%$!(")D"A6J":6)2">;!;!2"42;"A6J":(6!+" G+4K2, " """""""""""""""""""""""""""""""""""""""""""""""""""""5464%)049"G+)6!;4 """""""" """""""""""""""""L4="MNOM

PAGE 2

!! :/K2)F+,;8,',20%" &"/)7+;"2)0"$4?,"/)'(+,0,;"0$!%"0$,%! %"F!0$)70":6)2">;!;!2P%"(40!,2/,J"&"4'"!2;,*0,;" 0)"$!'"D)6"/)2%0420+="(7%$!28"',"0)F46;"86,40,6"/+46!0="42;"(6,/!%!)2J":;4'" B6,%24$42P%";!+!8,20"6,4;!28")D"42;"6,'46K!28")2";64D0"4D0,6";64D0"F4%"!2?4+74*+,J" :2;"+4%0+=9"&"0$42K":(6!+"G+4K2,"D)6"0)+,640!28"0 $,")*%/76!0=")D"'="($!+)%)($!/4+" F6!0!28 Q &"$)(,"0$40"0$!%"0$,%!%"/)66,/0%"%)',")D"'="(6)%,P%"F)6%0"4006!*70,% Q 42;" D)6"0,4/$!28"',"$)F"42;"F$="0)"0$!2KJ"

PAGE 3

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

PAGE 4

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

PAGE 5

? " #4*+,")D"3)20,20% :/K2)F+,;8,',20%`````````` `````````J"!! :*%064/0````````````````````````!!! &206);7/0!)21"#$,"C,840! ?!0=")D"0$,"C,F```````````````Ja 3$4(0,6"-2,1":+0$7%%,6"V),%"5+ 7''!281"-2"&;,)+)8=``````JJ`JJOb 3$4(0,6"#F)1"#$,"&'()%%!*+," )D"4"5067/076,``````````JJ``JJbN 3$4(0,6"#$6,,1"B4;!)7"F!0 $"^4201"-2,"A!?!;,%" !20)"-2,`JJJJJJJJJJJJJJJJJJJJJca 3)2/+7%!)21"L46Y!%'"42;"0$,"S)8!/")D":((,4642/,`````````ONd B!*+!)864($=``````` `JJ``J````````JJ``J`````````JOOe " "

PAGE 6

! #$%&'()*%+'$,, -./!0/12%+3+%4!'5!%./!0/6 #$!.+7!7%)(4!'5!8&+9+%+3/!2**)9):2%+'$; !<2&:!=2&>!92?/7!%./!5'::'6+$1!8&'*:292%+'$@! -./!*28+%2:+7%!9'(/!'5!288&'8&+2%+'$;!6.+*.!78&+$17!5&'9!%./!*28+%2:+7%!9'(/! '5!8&'()*%+'$;!8&'()*/7!*28+%2:+7%!8&+32%/!8&'8/&%4A!-.+7!+7!%./!5+&7%!$/12%+'$! '5!+$(+3+()2:!8&+32%/!8&'8/&%4;!27!5')$(/(!'$!%./!:2B ')&!'5!+%7!8&'8&+/%'&A!C)%! *28+%2:+7%!8&'()*%+'$!B/1/%7;!6+%.!%./!+$/>'&2B+:+%4!'5!2!$2%)&2:!8&'*/77;!+%7! '6$!$/12%+'$A!-.+7!+7!%./!$/12%+'$!'5!%./!$/12%+'$A!#%!('/7!$'%!&/ D /7%2B:+7.! 8&+32%/!8&'8/&%4;!B)%!+%!('/7!+$(//(!/7%2B:+7.!+$(+3+()2:!8&'8/&%4!'$!%./ B27+7!'5!%./!2*.+/3/9/$%7!'5!%./!*28+%2:+7%!/&2@!$29/:4!*' D '8/&2%+'$!2$(!%./! 8'77/77+'$!+$!*'99'$!'5!%./!:2$(!2$(!%./!9/2$7!'5!8&'()*%+'$!8&'()*/(!B4! :2B')&!+%7/:5A!E=2&>!FGGH!GIGJ -.+7!+$(+78/$72B:/!*'$%&+B)%+'$!%'!/92$*+82%'&4!8':+%+*7 K %.+7!2*%!'&!1/7%) &/!'5! /92$*+82%+'$ K .27! !"#$#%&"' !27!+%7!*'$%/$%;!2!%/$7+'$!%.&/2(/(!%.&')1.')%!%./7/! %.&//!*.28%/&7A!L*'$'9+*7!2$(!8':+%+*7!2&/!$'%!'88'7/(!+$!8&+$*+8:/;!B)%!&2%./&! ()#* +!,!+'*#-*(.!*'/%!*0.!$#%!$#$*(./(*/1!*&11!23"&4+!*(#*#$!*/$#(.!15 !M7!6/!6+::!7//;! /*'$ '9+*7!2$(!8':+%+*7!*)&3/!+$%'!2!=NB+)7!7%&+8@!%./!(+55/&/$*/!B/%6//$!%./9!+7!%./! (+55/&/$*/!B/%6//$! '#"&!(6*/$2*&('!+;!B/%6//$!+%7!(/%/&9+$+$1!5'&9!E%./!/*'$'9+*!27! 7%&)*%)&+$1!8&+$*+8:/J!2$(!+%7!(/%/&9+$2%/!*'$%/$%!E8':+%+*7!27!%./! /00!/1/$"! !2$(! /$2*%9/ $%!'5!%.+7!5'&9;!6.+*.!*2$!%)&$!B2*?!2$(!&/ D *'$7%+%)%/!+%JA!=2&>O7!8&':/87+7! .27!B//$!%./!7)BP/*%!'5!9)*.!*&+%+*+79;!27!*'$*/+3+$1!.+7%'&4!6+%.+$!%./!3/&4!6'&7%! 7'&%!'5!%/:/':'14A!C)%!6/!9+1.%!5&29/!.+7!*:2+9!(+55/&/$%:4!B4!/98.27+Q+$1!+%7! 8':+%+*2:!5'&*/; !+%7!5'&9!27!8.&27/!&2%./&!%.2$!*'$%/$%@!%./!$/12%+'$!'5!%./!$/12%+'$!+7! ./&/!$'%!%./!7+98:/!255+&92%+'$!'5!*'::/*%+3/!8&'8/&%4;!B)%!2!$/12%+'$!'5!$/12%+3+%4! 73/ !9/&/:4!/*'$'9+*A!-./!9'3/9/$%!'5!*28+%2:!*2$!B/!*'$7+(/&/(!%./!'3/&*'9+$1!'5! 82&%+*):2&!9'9/$% 7!'5!/>*.2$1/!+$!'&(/&!%'!255+&9!%./!R+(/$%+%4S!6.+*.!9/(+2%/7! 2$(!&/2:+Q/7!+%7/:5!+$!%./9 K %.2%!+7!%'!724;!*28+%2:!+%7/:5A!-.+7!9/2$7!%.2%!*28+%2:!+7!2!

PAGE 7

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

PAGE 8

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

PAGE 9

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

PAGE 10

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`)2&/!6.+*.!+$(+*2%/7!%./!*'$(+%+'$7! 5'&!1'+$1!B/4'$(!%.+7!&/:2%+'$!'5!%./!7)BP/*%!%'!%./!32:)/!%.2%;!`)+%/!:+%/&2::4;!1+3/7!+%! :+5/A!-./!$29/!'5!%.+7!R1'+$1!B/4'$(; S!5'&!9/;!+7!*'99)$+79;!%./!%&)%.!'5!/12:+%2&+2$;! *'::/*%+3/ K 2$(!/%/&$2: K :+5/A!Y'&!+5!%./!7%2%/;!+$!%./!5'&9!'5!%./!#[M7;!*'$7%+%)%/7!%./! 7)BP/*%;!+%!+7!/*'$'9+*7!%.2%!277+1$7!%'!+%!%./!*'$%/$%!%.2%!+%!%2?/7!)8!27!+%7!'6$A!U.2%! %.+7!*'$7+(/&2%+'$!'5!32:)/! &/`)+&/7!+7!$'%.+$1!:/77!%.2$!2!&/*'$*/8%)2:+Q2%+'$!'5!%./! /'$'9+*!27!7)*.A!! -./!%.+&(!*.28%/&!2B2$('$7!M:%.)77/&!B4!%)&$+$1!%'!.+7!7%)(/$%!2$(!%./! +$./&+%'&!'5!.+7!:/12*4;!M:2+$!C2(+');!+$!*'$P)$*%+'$!6+%.!2!%.+$?/&!&')$(:4!&/P/*%/(! B4!B'%.!Y&/$*.9/$@!# 992$)/:!<2$%A!#!2%%/98%!%'!8&'3+(/!2!7*./92!5'&!%./! (+9/$7+'$!'5!+(/':'14!6.+*.!%&2$7*/$(7!+%!5&'9!6+%.+$A!#(/':'14!8&'()*/7!%.+7!

PAGE 11

! FF R%&2$7*/$(/$%S!%/&9!27!+%7!/>*/77+3/!9'9/$%;!2$(!#!1+3/!+%!%./!729/!*.2&2*%/&!27!%./! <2$%+2$!R%.+$1!6.+*.!%.+$?7;S!%./!R#S!6.+ *.!*2$!'$:4!288/2&!%'!%./!%&2$7*/$(/$%2:! 7)BP/*%!27!%./!:2*?!'5!2!7)B7%2$*/!'&!%./!/98%4!5'&9!'5!288/&*/8%+'$A!a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`)2::4!8'77+B:/!7)BP/*%7!5'&!%./! &/3':)%+'$2&4!7)BP/*%!'5!%./!:2*? D '5 D B/+$1;!'&!%./!:2*?!'5!%.2%!6.+*.!8&/*/(/7! +$%/&8/::2%+'$A!U.+:/!+%!+7!%./!*27/;!#!/7%2B:+7.;!%.2%!%./&/!5)$(29/$%2::4! &' !$'!7)BP/*%! %.2%!8&/*/(/7!+$% /&8/::2%+'$ K 6.2%!8&/*/(/7!7)BP/*%+5+*2%+'$!+7!7+98:4!7'*+2:! R7)B7%2$*/S!'&!%./!*'$%/$%!6.+*.!6+::!.23/!288/2&/(!%'!%./!7)BP/*%!27!*2)7/(!B4!+%!

PAGE 12

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b!B)%!6/!9/&/:4!2((! %.2%!2!&/3':)%+'$2&4!7)BP/*%!*2$!/9/&1/!%./&/!6./&/!%.+7!:2*?!'5! 2$!'&+1+$!'&!%/:'7! 2!(!1%&$/(!+6*1!+/(!'*(#*&('!+-* `)2! 01#"!''*)&(.#3(*/*2&1!"(&#$5* #!('!$'%!2((&/77!%./7/!

PAGE 13

! Fc 8'7+%+'$7!(+&/*%:4!+$!94!%./7+7;!B)%!8/&.287!%./!&/2(/&!9+1.%!*2::!%./!5'::'6+$1!%.&//! *.28%/&7!2!*'$%&+B)%+'$!%'!%./!*&+%+`)/!'5!7)55+*+/$%!&/27'$A!

PAGE 14

! Fd V.28%/&!F,, M:%.)77/&!]'/7![:)99+$1@!\$!#(/':'14 RM$4!'$/!6.'!B4!.+7!$2%)&/!2$(!$'%!7+98:4!B4!+:: D :)*?!.27!$'!7%2%/!+7!/+%./&!%''!B2(! '&!%''!1''(;!/+%./&!7)B.)92$!'&!7)8/&.)92$ K ./!+7!:+?/!%./!62& D 92(!92$! *'$(/9$/(!+$!^'9/&O7!6'&(7!27!e.23+$1!$'!529+:4; !$'!:26;!$'!.'9/Ob!5'&!./!6.'!+7! 7)*.!B4!$2%)&/!+7!92(!'$!62&@!./!+7!2!$'$ D *''8/&2%'&!:+?/!2$!+7':2%/(!8+/*/!+$!2! 129/!'5!(&2)1.%7AS! f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
PAGE 15

! Fh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i!=4!2$76/&!6+::!B/!5:/7./(!')%!+$! %./!*')&7/!'5!%./7/!%.&//!*.28%/&7;!B)%!8&/:+9+$2&+:4;!#!6+::!724 @!6/!&/8:2*/!%./! 7)BP/*%!6.+*.!/$P'+$7!9/!5&'9!2B'3/!6+%.! (.!*!%0(6*'34+3+%4;!'&!%./!':(!8&'B:/9!'5!%./! %&2$7*/$(/$%2:!7)BP/*%;!+$!%./!5'&9!'5!2!*'::/*%+3+%4 K +$!%.+7!*27/;!%./!7) BP/*%!'5!%./! 7:)97;!8&'()*/(!B4!+(/':'14!27!+%7!)$62$%/(!/>*/77A U/!B/1+$!6+%.!%./!:27%!6'&(!'5!%./!92+$!B'(4!'5!M:%.)77/&O7!/7724@!R-./! &/2:+%4!+$!`)/7%+'$!+$!%.+7!9/*.2$+79!j'5!+(/':'1+*2:!&/*'1$+%+'$k;!%./!&/2:+%4!6.+*.! +7!$/*/772&+:4! &;$#1!2 !j %A"#$$3! k !+$!%./!3/&4!5'&97!'5!&/*'1$+%+'$!E+(/':'14!l! 9+7&/*'1$+%+'$,+1$'&2$*/J!+7!+$(//(;!+$!%./!:27%!&/7'&%;!%./!&/8&'()*%+'$!'5!%./! &/:2%+'$7!'5!8&'()*%+'$!2$(!'5!%./!&/:2%+'$7!(/&+3+$1!5&'9!%./9S!EM:%.)77/&!FGGd! Fc"JA! BA"#$$3! ;!+1$'&2$*/;!./&/!.27!%./!(')B:/!7 /$7/!'5!%./!52+:)&/!%'!&/*'1$+Q/ K +$! %./!7/$7/!'5!2$!'BP/*%!%.2%!('/7!$'%!/$%/&!%./!5+/:(!'5!3+7+B+:+%4!'&!8'77+B+:+%4!5'&!2! 7)BP/*% K 2$(!'5!2$!+1$'&2$*/!%.2%!9+77/7!%./! !--!"( !'5!%.+7!+1$'&2$*/!'$!%.+7!+%7!'6$! 5+/:(!'&!6+%.!&/78/*%!%'!+%7!+$%/&$2:!7%&)*%)&/ A!['!+(/':'14!9)7%!R+1$'&/S!%./! R&/8&'()*%+'$!'5!%./!&/:2%+'$7!'5!8&'()*%+'$!2$(!'5!%./!&/:2%+'$7!(/&+3+$1!5&'9! %./9S!+$!'&(/&!%'!B/!+(/':'14!+$!%./!5+&7%!8:2*/;!'&!+$!'&(/&!%'!.23/!2$4!*'$7+7%/$*4!

PAGE 16

! F" 73/* +(/':'14A!-.+7!+7!/>2*%:4!%./!7/$7/!+$!6.+*.!+(/':'14; !+$!%./!6'&(7!'5!M:%.)77/&O7! 529')7!%./7+7;!&/8&/7/$%7!R%./!+921+$2&4!&/:2%+'$7!'5!jmk!+$(+3+()2:7!%'!%./!&/2:! &/:2%+'$7!+$!6.+*.!%./4!:+3/S!EM:%.)77/&!FGGd!FIh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i! M:%.)77/&! 92?/7!*:/2&!%.2%!B4!8&'()*%+'$!./!('/7!$'%!+$%/$(!%./!9/2$7!'5! 8&'()*%+'$@!92%/&+2:7;!+$7%&)9/$%7;!/%*A;!$/*/772&4!5'&!8&'()*%+'$!EM:%.)77/&!FGGd! FHdJA!0'&!('/7!./!9/2$!%./!&/:2%+'$7!%.2%!7)7%2+$!:2B'& D 8'6/&!2$(!/98:'4!+%7!7?+::7! '$!%./!B27+7!'5!%./!*28+% 2:!&/:2%+'$!E+B+(JA!n2%./&;!%./!&/:2%+'$7!'5!8&'()*%+'$! '34
PAGE 17

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`)+%/!%./!('9+$2$*/! '5!%./!('9+$2$%!*:277!B)%!%./!8&'()*%+'$!'5!7)&8:)7 D 32:)/!'5!6.+*.!%.+7!('9+$2$*/!+7! 2$!/55/*%A!-./!7%2%/!+$!%.+7!7/$7/!5)$*%+'$7!27!2! R&/8&/7/$%2%+'$S!'5!&/:2%+'$7!'5! 8&'()*%+'$;!+$7'52&!27!+%!+7!$'%!+(/$%+*2:!6+%.!%./!8&'()*%+'$!'5!7)&8:)7 D 32:)/;!4/%!

PAGE 18

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j9)7+*2:k!7*'&/!'5!%./! #(/':'14!'5!%./!*)&&/$%!&):+$1!*:277;S!2$(!%./!+$7%+%)%+'$7!%.2%!2%!'$*/!(/%/&9+$/!2$(! &/2:+Q/!+%!+$*:)(/!%./!8&/77;!(/9'*&2%+*!8':+%+*7;!&/:+1+')7!+$7%+%)%+'$7;!529+:4!:+5/;! /%*A! E M:%.)77/&!FGGd! FFXJA!M!7+$1:/!#[M!('9+$2%/7;!'&!('9+$2$%:4!(/%/&9+$/7!%./!*:277! (+3+7+'$7;!'5!2!1+3/$!.+7%'&+*2:!8/&+'(@!6+%.!5/)(2:+79;!%./!V.)&*.!('9+$2%/(;!2$(! 6+%.!%./!R7%2B+:+Q2%+'$S!'5!*28+%2:+79;!%./![*.'':A!M:%.)77/&!*.2&2*%/&+Q/7!%./! ('9+$2$ %!#[M!B4!+%7!+$%&+*2%/!:+$?!6+%.!%./!529+:4!2882&2%)7 K %./!*.+:(!+7!(/8'7+%/(! B4!./&!529+:4!+$%'!%./!/()*2%+'$!747%/9!+$!%./!729/!624!%.2%;!6+%.+$!5/)(2:+79;!7./!

PAGE 19

! FG 627!%.&'6$!+$%'!8&2*%+*/7!'5!B/:+/5A!^'6/3/&;!#!2&1)/!%.2%!+%!+7!$'%!'$:4!%./!529+:4! B)%!%./!+( /$%+%4!'5!%./!7%2%/!6.+*.!(/%/&9+$/7!%./!('9+$2$%!#[MA!-./!#[M!6.+*.!B/7%! />8&/77/7!%./!*'$7%+%)%+'$!'5!%./!7%2%/!6+::!('9+$2$%:4!+$!&/2:+Q+$1!%./!('9+$2$%! +(/':'14A!-./!8&'()*%+'$!'5!B/:+/5!/>8&/77/7!%./!%&2$7*/$(/$*/!'5!%./!7'3/&/+1$!3+7 D o D 3+7!%./!8/'8:/ b!%./!8&'()*%+'$!'5!?$'6:/(1/!/>8&/77/7!%./!:/12:!/`)2:+%4!'5! 7)BP/*%7!B4!2$!R/`)2:!'88'&%)$+%4S!/()*2%+'$A!C)%!+5!2!7%)(/$%!52::7!)$(/&!%./! 7%2$(2&(!288:+/(!%'!/3/&4!7%)(/$%!/`)2::4;!+%!+7!./&!'6$!52):%A p'9+$2%+'$!+$!%./!/()*2%+'$2:!#[M!+7!$/*/772&4!%'!2 $!/55/*%+3/:4!5)$*%+'$+$1! 8&'()*%+'$!'5!7)&8:)7 D 32:)/ K %.2%!+7;!6./&/27!%./!V.)&*.!8&'()*/7!2!('*+:/!7)BP/*%! '5!B/:+/5;!%./![*.'':!8&'()*/7!2!(+3+7+'$!'5!:2B'&!R')%7+(/S!'5!78/*+5+*2::4!/*'$'9+*! 8&'()*%+'$A!M:%.)77/&!6&+%/7@! #%!j%./![*.'':k!%2?/7!*.+:(&/$! 5&'9!/3/&4!*:277!2%!+$52$% D 7*.'':!21/;!2$(!%./$! 5'&!4/2&7;!%./!4/2&7!+$!6.+*.!%./!*.+:(!+7!9'7%!e3):$/&2B:/;O!7`)//Q/(!B/%6//$! %./!529+:4![%2%/!2882&2%)7!2$(!%./!/()*2%+'$2:!7%2%/!2882&2%)7;!+%!(&)97!+$%'! %./9!jmk!2!*/&%2+$!29')$%!'5!e?$'6 D .'6O!6&288/(!+$! %./!&):+$1!+(/':'14! EY&/$*.;!2&+%./9/%+*;!$2%)&2:!.+7%'&4;!%./!7*+/$*/7;!:+%/&2%)&/J!'&!7+98:4!%./! &):+$1!+(/':'14!+$!+%7!8)&/!7%2%/!E/%.+*7;!*+3+*!+$7%&)*%+'$;!8.+:'7'8.4JA! ['9/6./&/!2&')$(!%./!21/!'5!7+>%//$;!2!.)1/!9277!'5!*.+:(&/$!2&/!/P/*%/(! e+$%'!8&' ()*%+'$O@!%./7/!2&/!%./!6'&?/&7!'&!792::!8/272$%7A!M$'%./&!8'&%+'$!'5! 7*.':27%+*2::4!2(28%/(!4')%.!*2&&+/7!'$!jmk!E M:%.)77/&!FGGd! FFXJA U.2%!6/!.23/!./&/!%&23/&7/7!M:%.)77/&O7!2**')$%!'5!%./!('9+$2%+'$!'5!%./!('9+$2$%! +(/':'14@!%.2%!?$'6 D .'6!6.+*.!/$7)&/7! %./!&/:2%+'$7!'5!8&'()*%+'$!B/*'9/7!%./! 9/27)&/!'5!6.'!'**)8+/7!6.2%!R:/3/:S!+$!%./!(+3+7+'$!'5!:2B'&A!M:%.)77/&!1'/7!'$!%'!

PAGE 20

! IH &/*.&+7%/$!%.+7!'**)82%+'$!'5!2!:/3/:!R8&2*%+*/;S!'5!6.+*.!%./&/!+7!$'$/!/>*/8%!RB4!2$(! +$!2$!+(/':'14S!E+B+(!FIXJA! G*01/"(&"!*&'*(. !*0#''&4&+&(&!'*-#1*/"(&,&(6*#-*/$*&$2&,&23/+@*/'* (.!6*/1!*1!01!'!$(!2*(#*(./(*&$2&,&23/+*46*/$*&2!#+#;6 A!-.+7!+7!%./!9'7%!*&)*+2:!%./7+7! '5!%./!+(/':'1+*2:!7%2%/!2882&2%)7@!+(/':'14!('/7!$'%!&/8&/7/$%!/>8:'+%2%+'$!27!7)*.;! %./!R&/2:!&/:2%+'$7!'5!8&'()*%+' $;S!B)%!&2%./&!%./!8'77+B+:+%+/7!5'&!2*%+3+%4!1+3/$!B4! %.'7/!&/:2%+'$7!'5!8&'()*%+'$!E+B+(!FId D FIhJA!#$7'52&!27!%./7/!8'77+B+:+%+/7!&/5:/*%!%./! &/:2%+'$7!'5!8&'()*%+'$;!%./4!2&/!&/8&/7/$%/(!%'!%./!+$(+3+()2: K B)%!6.2%!+7!%.+7! &/8&/7/$%2%+'$i!#7!M:%.)77/&!./ &/!7+98:4!&/7%21+$1!q:2%'O7!*23/;!2$(!2&/!%./7/! &/8&/7/$%2%+'$7!9/&/!7.2('67!8&'P/*%/(!'$%'!%./!62::;!(+7%2$*+$1!+$(+3+()2:7!5&'9! %./+&!/>8:'+%2%+'$!+$!621/ D :2B'&i!\&!2&/!%./7/!&/8&/7/$%2%+'$7!&2%./&! 0!1-#1%!2*46* (.&'*&$2&,&23/+*.!1'!+;!7'!%.2%!7./!*2$$'% !R7)8/&7/(/S!%./9!E/A1A;!B4!B&/2?+$1!')%!'5! %./9!2$(!92?+$1!*'$%2*%!6+%.!%./!&/2:!'5!/>8:'+%2%+'$Ji! -./!:2%%/&!+7!+$(//(!M:%.)77/&O7!621/&;!6.+*.!./!92?/7!6+%.!.+7!529')7! R-./7+7!##@!#(/':'14!.27!2!92%/&+2:!/>+7%/$*/S!E M:%.)77/&!FGGd! FIhJA!#$!7.'&%;!%./! +(/27 K 6.+*.!&2$1/!5&'9!B/:+/5!+$!]'(!%'!?$'6 D .'6 K '5!2!7)BP/*%!2&/!%./!8&'()*%!'5! %./+&!8&'*/77!'5!8&'()*%+'$!+$!2!92%/&+2:!*'$P)$*%+'$!'5!2*%+'$7;!8&2*%+*/7;!2$(! &+%)2:7;!6.+*.!%'1/%./&!(/&+3/!5&'9!%./!1+3/$!#[M!E+B+(!FI"JA!C)%!'$*/!%./!+$(+3+()2:! 8/&5'&97 !%./!+(/2;!%./!+(/2O7!*2)7/7!ER8&'()*+$1!52*%'&7SJ!2&/!/552*/(A!#$!'%./&! 6'&(7;!6.+:/!+$(+3+()2:7!+921+$2&+:4!&/5:/*%!%./+&!&/:2%+'$!%'!%./!&/:2%+'$7!'5! 8&'()*%+'$!+$!%./+&!2*%+'$7;! /++ !%.2%!+(/':'14!('/7!+7!&/8&/7/$%!%.+7!&/5:/*%+'$!27!2! &/5:/*%+'$!'5!%./ !R+(/27S!'5!%./!+$(+3+()2:A! -.+7!+7!2!B27+*!=2&>+7%!%./7+7!'5!2!92%/&+2:!8&'*/77!(+7288/2&+$1!+$!+%7! 8&'()*%;!7)*.!%.2%!%./!8&'()*%!E%./!+(/2J!288/2&7!%'!.23/!8&'()*/(!%./!8&'()*+$1!

PAGE 21

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

PAGE 22

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`)+%/! 'BP/*%7!2$(!$'%!`)+%/!7)BP/*%7;!'&!+$(//(!B'%. K 6.'!2&/!$'%A!=+*./:!q/*./)>!*2::7! %./!5'&9/&!*'$(+%+'$!%./!R=)$*.2)7/$!/55/*%;S!R%./!$/*/772&4!'B:+%/&2%+'$!6+%.+$!%./! 7)BP/*%!27!e*2)7/!'5!.+97/:5O!'5!%./!52*%!%.2%!./!+7!%./!&/7 ):%!'5!2!8&'*/77;S!6.+*.!+7! :+$?/(!%'!%./!:'1+*!'5!2*%+'$7!(+7288/2&+$1!2$(!&/%&'2*%+3/:4!B/+$1!*2)7/(!B4!%./! +(/27!%./4!R8/&5'&9S!2$(!(/7+1$2%/!E M:%.)77/&!FGGd! FhHJA!-./!:2%%/&!*'$(+%+'$!.27! $'!$29/!'%./&!%.2$!%./!*:277!7%&)11:/!+$!7)BP/*%+3+%4;!+$!%./!+9 21+$2&4! &/8&/7/$%2%+'$!'5!2$!+$(+3+()2:!6.+*.!M:%.)77/&!*2::7!2!7)BP/*%A!M:%.)77/&!+$(//(!(+(! $'%!%.+$?!+%A -'!/>8:2+$!+$%/&8/::2%+'$!E6+%.')%!M:%.)77/&O7!B4!$'6!*'99'$8:2*/! 2**')$%J;!:/%!)7!1+3/!2!(/9'$7%&2%+'$A!M!6'92$!6.'!924!'&!924!$'%!.23/! *'99+%%/(!2 !*&+9/!+7!2B7'&B/(!+$!2!*&'6(!*'$1&/12%/(!6+%.+$!2!%'6$!7`)2&/A!M! 8':+*/92$!&/*'1$+Q/7!./&!5&'9!2!(/7*&+8%+'$!'5!./&!B'(4!%48/A!U./%./&!'&!$'%!7./! .27!*'99+%%/(!%./!*&+9/ K '&!2*%)2::4!+7!%./!7)BP/*%!+$!`)/7%+'$ K +7!+992%/&+2:A!-./!

PAGE 23

! Ic 8':+*/92$!4/::7!+$!./&!(+&/ *%+'$;!R^/4;!4')ZS!M:%.)77/&!$29/7!%.+7!*2::;!6.+*.! +(/$%+5+/7!%./!7)BP/*%!'&!6.+*.!&/7):%7!+$!%./!&/*'1$+%+'$!'5!%./!7)BP/*%;!2!R.2+:AS! [/3/&2:!+$(+3+()2:7!%)&$!2&')$(!+$!&/78'$7/;!B)%!./!(/*+(/7;!B/*2)7/!7./!92%*./7! %./!1+3/$!(/7*&+8%+'$;!%.2%!7./!9)7%!B /!.+7!`)2&&4!E277+1$/(!B4!6.'9!2$(!5'&!6.2%! &/27'$i!#992%/&+2:!27!6/::@!*'992$(/(!B4!.+7!R()%4S!27!'55+*/&;!./!9)7%!&/*'1$+Q/! 2$(!288&/./$(!./&JA!#99/(+2%/:4;!7./!+7!5&//@!5&//!+$!('+$1!6.2%!./!7)88'7/7!7./! .27!('$/;!5&//!6+%.+$!2!92%&+>!'5!&+1.%7!E%'!&/92 +$!7+:/$%;!/%*AJ;!5&//!+$!2!9'&/! R9/%28.47+*2:S!7/$7/!%'!&/7+7%!+(/$%+5+*2%+'$!2$(!52*/!%./!*'$7/`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i #%!+7!*&)*+2:!%'!$'%/!%.2%!+$%/&8/::2%+'$!+7!$'%!9/&/:4!2!7/&+/7!'5!.2+:7;!'&!2*%7!'5! 2((&/77+$1!2$!+$(+3+()2:A!M$!+$(+3+()2:!+7!R2:6247 D 2:&/2(4S!.2+:/(!%'!B/!2!7)BP/* %A!M7! %./!'B3/&7/!'5!.+7!*:2+9!%.2%;!+$!%/&97!'5!2$!'BP/*%+3/!8&'*/77;!R+(/':'14!+7!/%/&$2:;S! %.2%!+%!+7!7+98:4!%./! #$+6 !8'77+B:/!*'$7%+%)%+'$!'5!7'*+2:!&/2:+%4;!M:%.)77/&!2&1)/7!%.2%! +$(+3+()2:7!2&/!R2:6247 D 2:&/2(4S!+$%/&8/::2%/(!27!7)BP/*%7!E M:%.)77/&!FG Gd! FII;! FcIJA!C)%!.'6!*2$!6/!92?/!7/$7/!'5!%.+7!R2:6247 D 2:&/2(4Si!-./!7)BP/*%!+7!$'%! ;&,!$

PAGE 24

! Id 27!2:6247 D 2:&/2(4!6.2%!+%!+7@!+%!+7!$'%!%.2%!%./!7)BP/*%!R2:6247 D 2:&/2(4S!.27!2! 9+$+9)9!'5!529+:+2&+%4!6+%.!+%7/:5!6.+*.!2::'67!+%!%'!/+%./&!&/P/*%!'&!/$('&7/!+%7! +( /$%+5+*2%+'$7!6+%.!B/.23+'&7;!2%%+%)(/7;!32:)/7;!/%*A!-./!+$(+3+()2: K %.+7!B'(4! 6.+*.!+7!2*%/(!)8'$!B4!%./!#[M7;!%.+7!5)$*%+'$!'5!%./!&/:2%+'$7!'5!8&'()*%+'$ K +7! 8&'()*/(!27!2!7)BP/*%!+$7'52&!27!+%7!&/5:/*%+'$!'5!%./!&/:2%+'$7!'5!8&'()*%+'$!+7! +$3/&%/(!+$%'! %./!8'77+B+:+%+/7!'5!2$!'%./&!6.+*.!8&/*/(/7!./&!2$(!6.+*.!(/%/&9+$/7! ./&!8'77+B+:+%+/7A!-.+7!'%./&!*2$!B/!*2::/(!%./!R7%2%/S F !27!7)*.b!M:%.)77/&!*2::7!+%!%./! #[M;!6.'7/!8&'.+B+%+'$!(/%/&9+$/7!5'&!9/!6.2%!+7!8'77+B:/!2$(!$'%!8'77+B:/;!2$(! 6.'9!#!(/7+&/!%'! ()8:+*2%/!E6.'7/!(/7+&/;!+$(//(!&/*'1$+%+'$;!#!(/7+&/JA!\)&! `)/7%+'$!+7!.'6!%.+7!8&'.+B+%+'$!*'9/7!%'!B/!277)9/(!B4!%./!7)BP/*%!27!%./!/$%+%4! 6.+*.!%./!+$(+3+()2:!2:6247 D 2:&/2(4!+7A!=+*./:!q/*./)>!2&1)/7!5'&!R (.!*'34%!*.28%/&JA!#!`)'%/ C2(+')@! #!*2::!2!e[%2%/O!'&!e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i!U/::;!%./!*28+%2:+7%!/*'$'94;!%./!*'$7%+%)%+'$2:! 5'&9!'5!1'3/&$9/$%;!%./!:267!E+$!%./!P)&+(+*2:!7/$7/J!*'$*/&$+$1!8&'8/&%4! 2$(!+$./&+%2$*/;!%./!2&94;!%./!8':+*/m!Ep')Q+$27!2$(!g+Q/?!!IHFH!TJ

PAGE 25

! Ih 7%2%/!'&!%./![)BP/*%!8&/*/(/7!9/!2$(!(/%/&9+$/7!6.2%!#!6+::!.23/!B//$!E6.2%! +(/$%+5+*2%+'$7;!82&%+*):2&!32:)/7;!/%*A;!#!6+::!.23/!B//$!&/78'$7+B:/!5'&J;!%.+7!8&'*/77! '5!&/8&/7/$%+$1!94!+(/$%+%4!2*%)2::4!8&'()*/7!+$ !9/!2!(/7+&/!%'!277)9/!%./7/!729/! (/%/&9+$2%+'$7!ER$/%6'&?!'5!7+1$+5+/&7SJA!#$!'%./&!6'&(7;!%./!/55/*%!'5!%./! 277+1$2%+'$!'5!94!+(/$%+%4!B4!2$'%./&!2*%)2::4!8&'()*/7!+$!9/!2!(/7+&/!5'&!'&! /$('&7/9/$%!'5!%.2%!+(/$%+%4;!2!(/7+&/!5'&!&/*'1$+%+'$A!C)%!212+$;!6 .4i =4!'6$!+(/$%+%4!27!2!1''(;!B/:+/3+$1;!5&//!7)BP/*%;!M:%.)77/&!92?/7!*:/2&;!+7! R8&'P/*%/(S!+$!2!%&2$7*/$(/$%!5'&9;!27!%.2%!6.+*.!#!277)9/ K 8&'P/*%/(!+$!%./!5'&9!'5! %./![)BP/*%;!94!R9+&&'&!+921/S!6.+*.!#!()8:+*2%/;!/A1A;!V.&+7%;!%./!5'&92:!:/12:! 7)BP/*%;! '&!%./!1''(!*+%+Q/$!E M:%.)77/&!FGGd! Fch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`)/;S!7+$1):2&A!#!`)'%/!M:%.)77/&!2%!:/$1%.@ jmk!j#k5!6/!*'$7+(/&!%.2%!&/:+1+')7!+(/':'14!+7!+$(//(!2((&/77/(!%'! +$(+3+()2:7;!+$!'&(/&!%'!e%&2$75'&9!%./9!+$%'!7)BP/*%7;O!B4!+$%/&8/::2%+$1!%./! +$(+3+ ()2:!jmk!+$!'&(/&!%'!92?/!.+9!2!7)BP/*%;!5&//!%'!'B/4!'&!(+7'B/4!%./! 288/2:;!+A/A!]'(O7!j%./![)BP/*%O7k!*'992$(9/$%7b!+5!+%!*2::7!%./7/!+$(+3+()2:7! B4!%./+&!$29/7;!%.)7!&/*'1$+Q+$1!%.2%!%./4!2&/!2:6247 D 2:&/2(4!+$%/&8/::2%/(! 27!7)BP/*%7!6+%.!2!8/&7'$2:!+(/$ %+%4!E%'!%./!/>%/$%!%.2%!q27*2:O7!V.&+7%!7247@!e#%!

PAGE 26

! I" +7!5'&!4')!%.2%!#!.23/!7./(!%.+7!(&'8!'5!94!B:''(ZOJb!+5!+%!+$%/&8/::2%/7!%./9!+$! 7)*.!2!624!%.2%!%./!7)BP/*%!&/78'$(7@!e R!'@*&(*1!/++6*&'*%! ZOb!+5!+%!'B%2+$7!5&'9! %./9!%./! 1!"#;$&(&#$* %.2%!%./4!&/2::4!('! '**)84!%./!8:2*/!+%!(/7+1$2%/7!5'&! %./9!27!%./+&7!+$!%./!6'&:(;!2!5+>/(!&/7+(/$*/@!e#%!&/2::4!+7!9/;!#!29!./&/;!2! 6'&?/&;!2!B'77!'&!2!7':(+/&ZO!jmk!+5!/3/&4%.+$1!('/7!.288/$!+$!%.+7!624!jmk;!6/! 7.'):(!$'%/!%.2%!2::!%.+7!e8&'*/()&/O!%'!7/%!)8!V.&+7%+2$!&/:+ 1+')7!7)BP/*%7!+7! ('9+$2%/(!B4!2!7%&2$1/!8./$'9/$'$@!%./!52*%!%.2%!%./&/!*2$!B/!7)*.!2! 9):%+%)(/!'5!8'77+B:/!&/:+1+')7!7)BP/*%7!'$:4!'$!%./!2B7':)%/!*'$(+%+'$!%.2%! %./&/!+7!2!a$+`)/;!MB7':)%/! =(.!1*I34+7%/$*/!27!2!:/12:!7)BP/*% K +$!%./!7/$7/!'5!B/+$1!('11/(!B4!94!8'%/$%+2:! 1)+:%;!94!8'%/$%+2:!3+':2%+'$!'5!%./! :26!6.+*.!R%&2$7*/$(7S!9/!2$(!6.+*.!*'9/7!%'! 9/!5&'9!#!?$'6!$'%!6./&/!E+%!+7!7+98:4! (.!1! ;!+%7!'82`)/!*'(/!/9B'(+/(!+$! 2)%.'&+%2%+3/!7)BP/*%7J K /$2 !94!5&//('9!27!7)*.;!94!R)$+`)/$/77S!27!2!7)BP/*%! 6.+*.!+7!%./!+::)7'&4!*2)7/!'5!+%7/:5A!=4!&/78'$7+B+:+%4!%'! 6.2%!+7!+$5+$+%/:4!$'% D 9/! E]'(O7!*'992$(9/$%7;!%./!+$P)$*%+'$!'5!%./!:26J;!94!&/78'$7/!%'!+%7!2((&/77!5&'9! B/4'$(!9/;! "/3'!'*%!*(#*"#$'!$(*(#*)./(*H*/% !E6'&?/&;!B'77;!/%*AJ;!2$(!*2)7/7!9/!%'! 62$%!%'!&/8/2%/(:4!B/!&/*'1$+Q/(!27!6.2%!#!29!+$7'52&!27!#!&/*'1$ +Q/!6.2%!#!29!27! R)$+`)/:4!9/AS!U.4i!-./![)BP/*%!+7!9/&/:4!6.2%!#!29!+$3/&%/(;!94!&/8&/7/$%2%+'$!+$!

PAGE 27

! IT %./!7%2%/!'5!%.+$17;!+$%'!%./!5'&9!'5!2$!2((&/77!ER#%!+7!5'&!4')m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`)/;!7)B'&(+$2%/7!%./! *'$%/$%!'5!+(/':'14!%'!+%7!5'&9!2$(!2&%+*):2%+'$ I A! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! I !#$!%.+7!624;!%./!/2&:4!%/>%7!'5!=2&>!*2$!B/!)$(/&7 %''(!27!8&+92&+:4!2!*&+%+`)/!'5! +(/':'14@!.'6!7'*+2:!&/2:+%4!&/8&/7/$%7!+%7!R3'+(;S!%./!8&':/%2&+2%A!-.+7!3'+(!6'):(;! .'6/3/&;!&/92+$!2!7/*&/%!%'!%.+7!/2&:4!6'&?;!27!=2&>!*'$*/$%&2%/(!'$!.'6!+%!+7!B'%.! (/8:'4/(!2$(!*'$*/2:/(A!-./!:2%/&;!7*+/$%+5+*!6'&?7!%. /$!2%%/98%!%'!R/$%/&S!%.+7!3'+(! 2$(!&/%)&$!%'!%./!8&':/%2&+2%! )./(*&(*/+)/6' C /+1!/26*./2 @!%./!8&'()*%+'$!'5!7)&8:)7 D 32:)/A!q&':/%2&+2%;!%.2%!6.+*.!.27!'$:4!+%7!:2B'& D 8'6/&!E+%7!*.2+$7J;!+7!%./!$29/!5'&!

PAGE 28

! IX C)%!.'6!+7!%./![)BP/*%!6.+*.!*2::7!'$!9/!%'!2**')$%!5'&!947/:5!*'$7%+%)%/( D 8&'P/*%/( K 6.'!'&!6.2%!8&'P/*%7!+%i!#!*:2+9!%.2%!%./![)BP/*%;!%./!MB 7':)%/!\%./&!%'! 6.'9!#!&/78'$(;!+7!%./!(+&/*%!*'&&/:2%/!2$(! #(.!1*'&2! !'5!%.2%!R5'&9!'5!:+5/S!6.+*.!+7! 2B7':)%/:4!/>*:)(/(!5&'9!&/8&/7/$%2%+'$!+$!%./!7%2%/;!5&'9!7)BP/*%+3+%4!2$(!2((&/77! )7!7)*. K &/78'$7+B:/!%'!$'!'$/;!)$./2&(!+$!%)&$A [:23'P!g+Q/?!+(/$%+5 +/7!R-.+&(!U'&:(!7:)9 D (6/::/&7S!27!P)7%!7)*.!2! 7'*+'8':+%+*2:!*:277@ U.+:/!6/!7.'):(!'5!*')&7/!&/7+7%!%./!/274!%/98%2%+'$!%'!/:/32%/!2$(!+(/2:+Q/! %./!7:)9 D (6/::/&7!+$%'!2!$/6!&/3':)%+'$2&4!*:277;!6/!7.'):(!$'$/%./:/77;!+$! C2(+')O7!%/&97;!8/&*/+3/!7:)97!27 !'$/!'5!%./!5/6!2)%./$%+*!R/3/$%2:!7+%/7S!+$!%'(24O7! 7'*+/%4 K %./!7:)9 D (6/::/&7!2&/!:+%/&2::4!2!*'::/*%+'$!'5!%.'7/!6.'!2&/!%./!R82&%!'5!$' D 82&%;S!jmk!/>*:)(/(!5&'9!%./!B/$/5+%7!'5!*+%+Q/$7.+8b!%./!)8&''%/(!jmk;!%.'7/!6.';!+$! /55/*%!R.23/!$'%.+$1!%'!:'7/!B) %!%./+&!*.2+$7AS!#%!+7!+$!52*%!7)&8&+7+$1!.'6!92$4! 5/2%)&/7!'5!%./!7:)9 D (6/::/&7!5+%!%./!1''(!':(!=2&>+7%!(/7*&+8%+'$!'5!%./!8&':/%2&+2$! &/3':)%+'$2&4!7)BP/*%@!%./4!2&/!R5&//S!+$!%./!(')B:/!9/2$+$1!'5!%./!6'&:(!/3/$!9'&/! %.2$!%./!*:277+*!8&':/%2&+2%!ER5&// (S!5&'9!2::!7)B7%2$%+2:!%+/7b!(6/::+$1!+$!2!5&//!782*/;! ')%7+(/!7%2%/!8':+*/!&/1):2%+'$b!%./4!2&/!2!:2&1/!*'::/*%+3/;!5'&*+B:4!%.&'6$!%'1/%./&;! R%.&'6$S!+$!2!7+%)2%+'$!6./&/!%./4!.23/!%'!+$3/$%!7'9/!9'(/!'5!B/+$1 D %'1/%./&;!2$(! 7+9):%2$/')7:4!(/8&+3/(!'5!2$ 4!7)88'&%!+$!%&2(+%+'$2:!6247!'5!:+5/;!+$!+$./&+%/(! &/:+1+')7!'&!/%.$+*!:+5/ D 5'&97A!Eg+Q/?!!IHH"!I"GJ U.+:/!#!6+::!$'%!:24!*:2+9!./&/!%'!2$4!78/*+5+*!7'*+'8':+%+*2:!*:277!27!2!$'3/:!7+%/!'5! &/3':)%+'$2&4!7)BP/*%+3+%4 c ;!%./!7%&)*%)&/!'5!g+Q/?O7!*:2+9!+7!?/ 4 K #!6+::!*:2+9!%.2%!6/! *2$!*'$*/+3/!'5!%./!7:)9 D (6/::/&!27!%./!3'+(!6.+*.!'8/&2%/7!27!B'%.!%./!B27+7!'5! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! 7)&8:)7 D 32:)/O7!288/2&2$*/ D %' D +%7/:5A!U/!6+::!7//!%.+7 !*:2+9!212+$!+$!%./!%.+&(! *.28%/&A c !RU/!2&/!%.)7!6+%$/77+$1!%./!&28+(!1&'6%.!'5!2!8'8):2%+'$!')%7+(/!7%2%/!*'$%&':;! :+3+$1!+$!*'$(+%+'$7!.2:5!')%7+(/!%./!:26;!+$!(+&/!$//(!'5!9+$+92:!5'&97!'5! '&12$+Q2%+'$A!M:%.')1.!%.+7!8'8):2%+'$!+7!*'98'7/(!'5!92&1+$2:+ Q/(!:2B'&/&7;! &/()$(2$%!*+3+:!7/&32$%7;!2$(!/> D 8/272$%7;!%./4!2&/!$'%!7+98:4!2!&/()$(2$%!7)&8:)7@! %./4!2&/!+$*'&8'&2%/(!+$%'!%./!1:'B2:!/*'$'94!+$!$)9/&')7!6247;!92$4!'5!%./9!27! +$5'&92:!621/ D 6'&?/&7!'&!7/:5 D /98:'4/(!/$%&/8&/$/)&7;!6+%.!$'!2(/`)2%/!./2:%.! '&! 7'*+2:!7/*)&+%4!*'3/&j21/kS!E ?P !I"XJA!

PAGE 29

! IG &/*'1$+%+'$!2$(!(/9'$7%&2%/7!%./!*'$7%+%)%+3/!52+:)&/!'5!&/*'1$+%+'$!27!7)*.;!+$7'52&! 27!%.+7!*:277!+7!)$&/8&/7/$%2B:/ d A!g+Q/?!*'$%&27%7!%.+7!*:277!6+%. !=2&>O7!3+7+'$!'5!%./! &/3':)%+'$2&4!6'&?+$1!*:277@!6./&/27!%./!:2%%/&!6/&/!/*'$'9+*2::4!/>8:'+%/(;!6/&/! 5'&*/(!%'!7/::!%./+&!2B+:+%4!%'!:2B'&!5'&!B'%.!%./+&!7)&3+32:!2$(!%./!8&'()*%+'$!'5! 7)&8:)7 D 32:)/;!%./!7:)9 D (6/::/&!+7!R2!&/5)1//!5&'9!.+7!'6$!*'99)$+%4 ;S!%'%2::4! ')%7+(/!'5!+$*:)7+'$!+$!2!7)B7%2$%+2:!*'99)$+%4;!:+3+$1!6+%.')%!*+%+Q/$7.+8!2$(! 6+%.')%!/3/$!&/*'1$+%+'$!B4!%./!92&?/%!2$(!(+3+7+'$!'5!:2B'&!Eg+Q/?!IHH"!I"GJA!-.+7! 7:)9 D (6/::/&!+7;!.'6/3/&;!7%+::!R+$S!1:'B2:!*28+%2:@!7./!:+3/7!+$!+%7!*+%+/7;!2$( 82&%+*+82%/7!+$!+%!/*'$'9+*2::4;!B)%!:2*?7!7'*+'8':+%+*2:!'&!7%2%/!&/8&/7/$%2%+'$b!7./!+7! $/+%./&!*2::/(!$'&!+$%/&8/::2%/(!B4!+(/':'14!Eg+Q/?!IHH"!I"GJA!-./!7:)9 D (6/::/&!R+7! %./!'$/!6+%.!&/12&(!%'!6.'9!q'6/&!&/$')$*/7!+%7!&+1.%!%'!/>/&%!5)::!*'$%&':!2$(! ( +7*+8:+$/;!5+$(+$1!+%!9'&/!288&'8&+2%/!%'!:/%!.+9!(6/::!+$!jmk!7:)97S@!+$!'%./&!6'&(7;! %./!7:)9 D (6/::/&!+7!$/3/&!*2::/(!%'!2**')$%!5'&!./&7/:5!B/*2)7/!7./!+7!/>*:)(/(!B4! *'99)$2:!:+5/ h ;!+A/A;!&/8&/7/$%2%+'$!+$!%./!7%2%/!+$7%+%)%+'$!E#[M7!2$(!n[M7J!27!2! 747 %/9!'5!&):/7!6.+*.!%./!+$(+3+()2:!288/2&7!%'!5&//:4!277)9/!ER82&%+*+82%/!+$SJ!27!2! 7)BP/*%A! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! d !#!29!./&/!+$(/B%/(!%'!*.2$1/J!29'$1!%.'7/!6.'!7.2&/!%./!729/!7/%!'5!&):/7S@!%./!8'+$%!+7! %.2%!%./!7:)9 D (6/::/&7!.23/!$'!E'&!9+$+92:J!*'$7+7%/$%;!7%2%/ D &/1):2%/(!7/%!'5!32:)/7! '&!+$7%+%)%+'$7!6.+*.!6'):(!&/8&/7/$%!'&!+$*:)(/!%.+7!5'&9!'5!: +5/!+$!%./!7%2%/! E<2&2%2$+!IHHc!FH"JA!-./!7%2%/!('/7!$'%!(+3+(/!%./7/!+$(+3+()2:7!+$%'!%48/7!'5!:2B'&! '&!?$'6 D .'6;!+A/A;!R*'$%&':S!%./9!B4!8&'()*+$1!%./9!27!%./!%48/7!'5!7)BP/*%7!6.+*.! %./4!2:6247 D 2:&/2(4!2&/b!/3/$!%.')1.!%./4!82&%+*+82%/!+$!%./!7%2%/!2$(! 1:'B2:! /*'$'94;!%./4!:+3/!')%7+(/!'5!&/8&/7/$%2%+'$!+$!7%2%/!+$7%+%)%+'$7!'&!#[M7! ER*'99)$+%4S!27!7)*.JA!

PAGE 30

! cH #%!+7!$'%!`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b!'$/!*'):( K B)%!27!#!6+::!2&1)/;!7.'):(! $'% K :24!*:2+9!%'!%.+7!8'%/$%+2:!B)%;!+$!%./!/$(;!+98'77+B:/ D %' D *'98:/%/!+$*:)7+'$!'5! 2::!27! )$+`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

PAGE 31

! cF 6.'!(/7+1$2%/7!%./!8'+$%!2%!6.+*.!+(/':'14!B&/2?7!('6$;!52+:7A!C)%!+7!%.+7!5+1)&/! 7+98:4!%./!$/12%+3/!'5!2::!+(/':'14;!+%7! B&/2?+$1!8'+$%;!'&!('/7!+%!8&/7/$%!%.')1.%! 6+%.!%./!8'%/$%+2:!5'&!2! $!) !+(/':'14;!8'7+%/(!'$!%./!B27+7!'5!*:277!7%&)11:/i!M7!6/! .23/!7//$;!%./!)$+`)/$/77!'5!%./!MB7':)%/![)BP/*%!E'&!\%./&J!R9+&&'&7S!94!'6$! +$7'52&!27!#!'B/4!^+7!*'992$(7A!#$7'52&!27!#!'B/4; !%./!7%2%/!&/8&/7/$%2%+'$7!27!94! 7/%!'5!8'77+B+:+%+/7!2$(!+(/$%+5+*2%+'$7!E94!R8/&7'$2:!+(/$%+%4SJ!B/*'9/!+$!/55/*%! )$+`)/:4!94!'6$;!B)%!2&/!'$:4!9+$/!+$!&/5/&/$*/!%'!%.+7!\%./&!6.'!+7!2B7%&2*%!6+%.! &/12&(!%'!9/;!6.'!+7!2$!2B7%&2*%!/>*/8%+'$!%'!2$4!+(/$%+% 4!'&!8&/(+*2%/A!#!29!%/98%/(! %'!724!%.2%!%.+7!\%./&!R7*./92%+Q/7S!94!+(/$%+5+*2%+'$7!B4!&/8&/7/$%+$1!%./9 K R8&/7/$%/(S!+$!%./!5'&9!'5!*:277!*'$5:+*%!2$(!/>8:'+%2%+'$!+$!%./!#[M7 K 27!)$+`)/:4! 94!'6$@! (.!*01#23"(*(.!$*&'*T'(/(!*1!01!'!$(/(&#$ AS!U/!*2$!./&/!%.+ $?!'5!%./!5'&92:! :/12:!7)BP/*%;!'&!%./!W26!27!7)*.;!6.+*.!&/7+7%7!'&!%&2$7*/$(!2$4!)$+`)/!7)BP/*%! +$7'52&!+%!288/2&7!%'!%&2$7*/$(!%./7/!7)BP/*%7 K 4!"/3'! !+%!+7!%./!\%./&;!%&2$7*/$(/$%! 3+7 D o D 3+7!2::!'5!%./!R7)BP/*%7S!27!7)*.!6.'!('!$'%!8&'()*/!%./!:26!B)%!5' ::'6!+%A!-.+7! +7!7'!8&/*+7/:4!B/*2)7/;!6.+:/!%./!7)BP/*%7!2&/! /+)/6' !7)BP/*%7!R27!7)*.;S!7)BP/*%7! 6.'7/!)$+`)/$/77!*'+$*+(/7!6+%.!%./+&!277)98%+'$!'5!%./!:26;!%./!:26!+7!$/3/&! 8&'()*/(!R27!7)*.;S!B)%!'$:4!9/(+2%/(!B4!*/&%2+$!7)BP/*%7!/$('6/(!6+%.!7)*.!2! &/ 78'$7+B+:+%4!E%./!8':+*/92$;!&/:+1+')7!5+1)&/7!7)*.!27!='7/7;!/%*AJA!-.+7!\%./&! (/%/&9+$/!+$!2(32$*/!6.2%!&):/7!E*'992$(9/$%7J!%./!7)BP/*%7!2&/!%'!5'::'6! 6+%.')%!%2?+$1!%./+&!R)$+`)/$/77/7S!+$%'!2**')$%;!B)%!%./+&!)$+`)/$/77/7!2$(! +$(+3+()2:+%+/7! /1!*#$+6* )./(*(.!6*/1!* E)$+`)/:4!9+$/J *&$*1!'0#$'!*(#*(.!*-#++#)&$;*#-* (.!*13+!'*(./(*(1/$'"!$2*(.!% A!-./!'8/&2%+'$!'5!+(/':'14!B2&7!%.+7!\%./&!5&'9! 7)BP/*%7;!*2)7/7!+%!%'!288/2&!72*&/(A!#!62$%!%'!27?!'$!6.2%!%.+7!\%./&!+7!5')$(/(;!2$(!

PAGE 32

! cI #!6+::!2$76/& K %.2%!6+%.!6.+*. !7)BP/*%7!*2$$'%!+(/$%+54;!'&!+$!'%./&!6'&(7;!%./! />+7%/$*/!'5!%./!/98%4!7)BP/*%A -./!8'+$%!%'!B/!7%&/77/(!./&/!+7!%.2%!%./!7:)9 D (6/::/&!+7!R2B2$('$/(S!B4!%./! 7%2%/@!%./!7:)9 D (6/::/&O7!1+3/$!+(/$%+%4!+7!$'%!&/8&/7/$%/(!%'!+%!27!)$+`)/:4!+%7!'6$A! C/4'$(!M: %.)77/&O7!6'&(8:24!3+7 D o D 3+7!%./!*'$*/8%!'5!&/*'1$+%+'$;!6/!.23/!./&/!2! B/+$1!6.+*.!+7!$'%!9/(+2%/(!'&!R9+&&'&/(S!B4!2$!\%./&;!+$!%.+7!*27/!:/12:!*+%+Q/$7.+8A! #5!+(/':'14!'8/&2%/7!7)*.!%.2%!%./!7)BP/*%!+7!2:6247 D 2:&/2(4!&/*'1$+Q+$1!+%7!2*%+'$7! 27!&/:2%/(!B 2*?!%'!%./!\%./&O7!*'992$(9/$%7;!%./$!%.+7!7)BP/*%O7!)$+`)/$/77!+7!2! 8&'()*%!'5!%.+7!\%./&O7!P)(19/$%@!+(/':'14!&/:2%/7!94!2*%+'$7!%'!%./!*'992$(9/$%7! '5!%./!\%./&;!2$(!%./4!%./$!B/*'9/!277+1$/(!%'!9/!27!94!'6$A!-./!(/7+&/!%'!B/! &/*'1$+Q/(!('/7!$'%!8&/ D />+ 7%!%.+7!9+&&'&+$1@!B/*2)7/!94!2*%+'$7!2&/!2:6247 D 2:&/2(4! P)(1/(!27!/+%./&!277)98%+'$7!'5!'&!(/3+2%+'$7!5&'9!6.2%!%./!\%./&!*'992$(7!'5!9/;! H*/%*1!"#;$&Q!2*/'*/*%&11#1*#-*(.!*=(.!1*4!-#1!*H*2!'&1!*(.&'*1!"#;$&(&#$ b!%.+7!(/7+&/!+7! %./&/5'&/!2$!/55/*%!'5!%./! +$%/&8/::2%+'$!6.+*.!&/:2%/7!94!2*%+'$7! %'!%./!(/7+&/!'5!7'9/!\%./&;!2$(!6.+*.!&/8&/7/$%7!9/!27!.23+$1!B//$!%./!*2)7/!'5! 947/:5 T A!=4!(/7+&/!27!7)*.!+7!2$!/55/*%!'5!94!+$%/&8/::2%+'$b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

PAGE 33

! cc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i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
PAGE 34

! cd $'%!&/:2%/(!%'!2$!\%./&!B)%!7+98:4!%'!+%7/:5!27;!+$!<2&2%2$+O7!6'&(7;!2!R7)BP/*%!'5! (')B%;S!2!7)BP/*%!'5!%./!+$%/&7%+*/!6.+*.!*2$!%)&$!%./!*'99)$+%4! &$(#*/$*#4*/77!2$(! />*:)7+'$i! U.+:/!%./&/!+7!$'%!&''9!./&/!%' !&/6&+%/!%./ .+7%'&+*2::4! />82$7+3/ (+2:/*%+*!B/%6//$!rB')&1/'+7r!+(/':'14!2$(!%./!)$&/8&/7/$%/(!*:277;!#! 2&1)/!%.2%!%./&/!2&/!%.&//!9'3/7!+$!%./!8&'()*%+'$!'5!2!*:277!6.+*.!/>*//(7!2::! &/8&/7/$%2%+'$A!-./7/!9'3/7;!'5!*')&7/;!%2?/!%./!5'&9!'5!2!%./7+7;!2$% +%./7+7;!2$(! 74$%./7+7A FA! N#''*#-*'34'(/$"!* ER2:+/$2%+'$SJ U* -./!8&':/%2&+2%!*'9/7!+$%'!/>+7%/$*/!27!%./! 9/9B/&!'5!%.2%!7+$1):2&!9/9B/&!'5!%./!*:277!(+3+7+'$!6.'!2:7'!*'$7%+%)%+3/:4! (+77':3/7!+%A!-./!6'&?+$1!*:277!+$!%.+7!8/&+'(!r.27!&+1.%7;r!+7!2!5&//!*+% +Q/$;!B)%!%./7/! &+1.%7!('!$'%!288:4!%'!%./!7%&)*%)&/!'5!621/ D :2B'&!2**'&(+$1!%'!6.+*.!%./!:2B'&/&! 7/::7!./&!*282*+%4!%'!:2B'&!%'!%./!*28+%2:+7%A!E-./!9/2$7!'5!8&'()*%+'$!2$(! 7)B7+7%/$*/!2&/!%./!r8&+32%/!8&'8/&%4r!'5!%./!*28+%2:+7%;!2$(!%./!621/ D :2B'&/&!9)7 %! 7/::!./&!:2B'& D 8'6/&!+$!'&(/&!%'!/+%./&!8&'()*/!'&!7)B7+7%AJ!#%!%./&/5'&/!288/2&7!%.2%! 2::!7)BP/*%7!2&/!/`)2:!+$!%./+&!*+%+Q/$7.+87;!6.+:/!7'9/!7)BP/*%7!E621/ D :2B'&/&7J!:+3/! +$!7/82&2%+'$!5&'9!%./!9/2$7!'5!7)B7+7%/$*/!2$(!8&'()*%+'$A!Y&//('9;!/`)2:+%4;! 8 &'8/&%4;!2$(!B/$%.29,)%+:+%4 E2::!'5!6.+*.;!%'1/%./&;!*'$7%+%)%/!rB')&1/'+7! +(/':'14rJ!('!$'%!288:4!%'!%./!:2%%/&!78./&/;!/3/$!27!%./4!288/2&!%'!/`)2:+Q/! &/:2%+'$7!'5!/>*.2$1/!7)*.!%.2%!+%!288/2&7!'$/!*'99'(+%4!E:2B'& D 8'6/&J!+7!/`)2:!%'! 2$'%./&!6+%.!9'$/4! 27!2!./1/9'$+*!7)B7%2$*/!E%./!*'99'(+%4!6.+*.!./1/9'$+Q/7!

PAGE 35

! ch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b!%./!\%./&!+7!%./$!%./!:26 K $'%!27!2!7/%!'5!7%2%)%/7!'&! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! X !RU+%.!%./!e7/ %%+$1!5&//O!'5!2!82&%!'5!%./!21&+*):%)&2:!8'8):2%+'$;!%./&/5'&/;!%./+&! 5'&9/&!9/2$7!'5!$')&+7.9/$%!6/&/!2:7'!7/%!5&//A!-./4!6/&/!$'6!%&2$75'&9/(!+$%'! 92%/&+2:!/:/9/$%7!'5!32&+2B:/!*28+%2:A!-./!8/272$%;!/>8&'8&+2%/(!2$(!*27%!2(&+5%;!.2(! %'!'B%2+$!%./!32:)/! '5!%./!9/2$7!'5!7)B7+7%/$*/!5&'9!.+7!$/6!:'&(;!%./!+$()7%&+2:! *28+%2:+7%;!+$!%./!5'&9!'5!621/7S!E=2&>!FGGH!GHX D GJA!

PAGE 36

! c" *'(/7;!B)%!27!2$!/552*/9/$%!'&! 01#.&4&(&#$ !'5!%./!92%/&+2:!8&'*/77!'5!8&'()*%+'$A! -.+7!+7!%./!5)$* %+'$!'5!%./!5+1)&/7!+$!&/5/&/$*/!%'!6.+*.!*'99)$+%+/7!2&/!/7%2B:+7./(;! 7)*.!27!V.&+7%;!*+%+Q/$7.+8;!2$(!7'!'$A!-./!:26!R*)%7S!7'*+2:!&/2:+%4!7)*.!%.2%! /*'$'9+*7!E&/:2%+'$7!'5!8&'()*%+'$J!(+7288/2&A!-.+7!*)%!5'&1/7!2!*'99)$+%4!'5! 7)BP/*%7!6.'!&/*'1$+Q/!/2*. !'%./&!$'%!9/&/:4!27!5'::'6+$1!%./!&):/7;!B)%!9'&/! +98'&%2$%:4!27!7)BP/*%7! #-* %./!&):/7b!6./%./&!'&!$'%!%./7/!&):/7!2&/!3+':/$%;!*'/&*+3/;! /%*A;!+7!7/*'$(2&4!%'!%./!5'&92:!1/7%)&/!'5!8&'.+B+%+'$A! >.&'*+/)*1!01!'!$('*(.!* &2!$(&-&"/(&#$'*#1*0#''&4&+&(&!'*#-* (.!*'34+3/:4!92&?7!%./!*'$%+$1/$*4!'5!%./!3/& 4!8&'*/77!'5!+$%/&8/::2%+'$;!%.2%! +%!'**)&7!27!'$/!9'9/$%!+$!%./!7/:5 D &/8&'()*%+'$!'5!2!7%&)*%)&/;! 43(*(.!$*01#23"!'*/* '34*:)(/!92%/&+2:! 8&'()*%+'$!5&'9!+%7!5+/:(!'5!&/8&/7/$%2%+'$!+$!'&(/&!%'!8'7+%!%./!+(/':'1+*2:!7)BP/*%! 27!*2)7+$1!./&7/:5;!+(/':'14!+$%/&8':2%/7!2!128!B/%6//$!%./!:26!E%./!R\%./&SJ!2$(!:+5/!

PAGE 37

! cT 27!%./!92%/&+2:!8&'()*%+'$!'5!8'77+B+: +%+/7;!8&+92&+:4!92$+5/7%/(!+$!%./!#[M7A!-.+7!128! +7!9/&/:4!%./!(+55/&/$*/!B/%6//$!92%/&+2:!8&'()*%+'$!2$(!:26A!#(/':'14!+7!%./!B2&;! %./!R,S!B/%6//$!8&'()*%+'$!'5!8'77+B+:+%+/7,:26A!#5!%.+7!+7!%&)/;!%./$!%./!+(/':'1+*2:! 7)BP/*%!+7! /+'# !%.+7!B2&;!B/%6//$!+% 7!8'77+B+:+%+/7!2$(!+%7!'%./&b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b!%./$!EIJ!%./!$/12%+'$!'5!621/ D :2B'&! %.&')1.!%./!7%&)*%)&+$1!'5!:26;!')%!'5!6.+*.! /9/&1/7!2!7)BP/*%!%'!6.+*.!%./!:26!('/7! $'%!288:4b!2$(!5+$2::4!EcJ!%./!$/12%+'$!'5!%.+7!$/12%+'$!6./$!%./!/98%4!7)BP/*%!:'7/7! +%7!3/&4!/98%+$/77!3+7 D o D 3+7!%./!:26;!2$(!B/*'9/7!&2%./&!2!7/%!'5!8'77+B+:+%+/7! 6+%.')%!&/8&/7/$%2%+'$A!-.2%!+7!%'!724;!%./!/98%4! 7)BP/*%!$/12%/7!%./!:26;!2$(! &/3/2:7!+%7/:5!27!2!7+98:/!7/%!'5!8'77+B+:+%+/7;!6+%.')%!&/8&/7/$%2%+'$!27! "/3'/*'3& A!-./! \%./&!'5!:26!+7!%./$!&/8:2*/(!B4!%./!\%./&! /' !%./!/98%4!7)BP/*%;!6.+*.;!&2%./&!%.2$! %./!7)BP/*%!RB/4'$(S!2$4!1+3/$!7)BP/*%7!E]'(;!:26J;!6 '):(!B/!%./!7)BP/*%!/98%+/(!'5! 2$4!8'7+%+'$!+%!9+1.%!.':(!+$!7'*+/%4;!%./!5'&92:!*'$%2+$/&!'5!2::!8'77+B+:+%+/7A!['!

PAGE 38

! cX +$7%/2(!'5!R8'77+B+:+%+/7,:26;S!6/!6'):(!.23/!R8'77+B+:+%+/7,%./!2*%+3+%4!%.2%!&/92+$7! 25%/&!2::!8'77+B+:+%+/7!.23/!B//$!7)B%&2*%/(AS!#$!%./ !7/*'$(!*.28%/&;!6/!6+::!*2::!%./! :2%%/&!%/&9!R:2B'& D 8'6/&;S!2$(!1&')8!+%!)$(/&!%./!./2(+$1!'5!R*'99)$+7%!8':+%+*7AS! ^'6!7.'):(!6/!*'$7%&)/!%./!/>+7%/$*/!'5!%.+7!/98%4!7)BP/*%i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i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`)2:+%4!'5!%./!8&'()*%+'$!2$(! 288&'8&+2%+'$!'5!7)&8:)7 D 32:)/!27!(/%/&9+$2$%!'5!8'77+B+:+%+/7A!W2B'& D 8'6/&!R27!

PAGE 39

! c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`)2:+%4!'5!*:277/7 DD 6.+:/!%./!:2%%/&!('/7!7'!7)*.!%.2%!%.+7!7'*+2:! *'$%&2(+*%+'$!*2$!288/2&!'$!%./!:/3/:!'5!(+7*' )&7/!'&!8':+%+*7A!V:/2&:4!%.+7!7'*+2:! *'$%&2(+*%+'$!*2$!$/3/&!288/2&!R27!7)*.;S!B/*2)7/!+%!+7!%./!$2%)&/!'5!&/8&/7/$%2%+'$;! 27!6/!.23/!7//$;!%'!(+7*:'7/!+%7!*'$%/$%!E'&!+%7!9'(/!'5!&/8&/7/$%+$1!%.2%!*'$%/$%J!27! 2:&/2(4!&/7':3/(;!'&!%'!8'7+%!2!8)&/:4!+921+$ 2&4!&/7':)%+'$A!-.+7!+7!7'!B/*2)7/! +(/':'14!9)7%!2:6247!8'7+%!+%7/:5!+$!%./!5'&9!'5!R "/3'/*'3& ;S!'5!*.2&1+$1!%./!7)BP/*%! 6+%.!%.'7/!8'77+B+:+%+/7!+$%'!6.+*.!+%!.27!B//$!+$7/&%/(!27!+%7!'6$@!2::!+$%/&8/::2%+'$! ('/7!+7!(/92$(!%.2%!%./!7)BP/*%!277)9/!6.2%!+%! 627!E'3/&J(/%/&9+$/(!%'!B/!27!+%7! '6$!5&//!*.'+*/A!C)%!+%!+7!94!621/&!%.2%!2$!'&(/&!'5!&/8&/7/$%2%+'$;!2!R9'(/!'5! +$%/&8/::2%+'$;S!6.+*.!255+&97!:2B'& D 8'6/&!+$!%./!5'&9!'5!+%7!\%./&;!2*%)2::4!2:%/&7!'&! &/'&12$+Q/7!%./!:+$/7!'5!(/92&*2%+'$!B/%6//$!6.2%!*2$! B/!&/8&/7/$%/(!2$(!6.2%! *2$$'%A!U/!6+::!7//!.'6!%.+7!+7!&/5:/*%/(!+$!%./!'BP/*%+3/!:+9+%7!'5!&/8&/7/$%2%+'$!'5!2! 1+3/$!7'*+2:!6.':/!E+$!M:%.)77/&O7!%/&97;!R7%&)*%)&/SJ!+$!%./!$/>%!*.28%/&A!

PAGE 40

! dH V.28%/&!I,, -./!#98'77+B:/!'5!2![%&)*%)&/@![)&8:)7 D s2:)/!2$(!#%7 !p+7*'$%/$%7 R\$/!7247!%.2%!%4&2$$4!+7!'3/&%)&$/(!B4!%./!8/'8:/!B/*2)7/!+%!+7!)$(+1$+5+/(;! 7.29/5):;!/%*A!#$!&/2:+%4;!+%!(+7288/2&7!7+98:4!B/*2)7/!+%!+7!7)8/&5:)')7AS! DD !^/1/:;! Y!$/!1*E!/+0.&+#'#0.&! #$!%./!:27%!*.28%/&;!6/!726!.'6!%./!7)BP/*%+3/!7%&)*%) &/!'5!&/*'1$+%+'$;!2**'&(+$1!%'! 6.+*.!'$/!288/2&7!%'!*2)7/!'$/7/:5;!*'$7%+%)%/7!'&!2::'67!5'&!%./!'BP/*%+3/! 5)$*%+'$+$1!'5!7'*+/%4A!M7!Y&/(/&+*!t29/7'$!&/8/2%/(:4!%/::7!)7;!=2&>+79!+7!%./!'$:4! 5'&9!'5!*&+%+*+79!6.+*.!*2$!(+2:/*%+*2::4!'**)84!B'%.!'5!%./7/! :/3/:7!2%!'$*/@!%./! 5'&*/(!&/78'$7+B+:+%4!'5!%./!7)BP/*%!5'&!+%7!92%/&+2:!(/%/&9+$2%+'$7;!2$(!%./! />8:'+%2%+3/!&/:2%+'$7.+8!B/%6//$!%./!'6$/&!*:277!2$(!%./!:2B'&+$1!*:277!6.+*.! +$%/&8/::2%+'$!+::)7'&+:4!&/7':3/7A!C)%!=2&>+79!*2$!1'!'$!%'!8'7/!%.+7!+::)7'&4 &/7':)%+'$!27;!+$!+%7!%)&$;!2:&/2(4!2$(!2%!+%7!'&+1+$!+$7*&+B/(!+$%'!%./!*'$%&2(+*%+'$! B/%6//$!*:277!8'7+%+'$7 DD 8'7+%+'$7!6.+*.!+$!%./!:27%!*.28%/&!6/!(/5+$/(!27! R*'$*/$%&2%+'$S!'5!%./!9/2$7!'5!8&'()*%+'$!2$(!R7/82&2%+'$S!5&'9!%./9;!'6$/&!2$(! :2B'&/&!&/78 /*%+3/:4A!#$!%.+7!*.28%/&;!6/!*'$5&'$%!2$(!(/8:'4!6.2%!+7!8/&.287! M:%.)77/&O7!9'7%!7+1$+5+*2$%!*'$%&+B)%+'$!%'!%./!8.+:'7'8.4!'5!('9+$2%+'$!2$(!7'*+2:! :+9+%2%+'$@!7%&)*%)&2:!*2)72:+%4;!%.2%!R2B7/$%!*2)7/S!6.+*.;!M:%.)77/&!6&+%/7;!R "#$'&'('* #-*&('*!--!"(' S! 2$(!R+7!9/&/:4!2!78/*+5+*!*'9B+$2%+'$!'5!+%7!8/*):+2&!/:/9/$%7S! EM:%.)77/&!2$(!C2:+B2&!IHHG!IHGJA!-./!8/*):+2&!/:/9/$%7!'5!%./!7%&)*%)&/;!'5!*')&7/;! &/5/&!%'!+%7!7/9+ D 2)%'$'9')7!:/3/:7@!8':+%+*7;!*):%)&/;!+(/':'14;!:/12:!*2%/1'&+/7;!2$(!

PAGE 41

! d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p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

PAGE 42

! d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c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

PAGE 43

! dc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t's worth nothing that this is what makes this account materialist: the contingency of substance comes first, and then subject as that wh ich has posited presuppositions emerges as its contingent effect, which however appears as a form of necessity.

PAGE 44

! dd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t29/7'$!8'+$%7!')%;!%./!&/2:!%2&1/%!'5!%.+7!8':/9+*!+7!%./![%2:+$+7%! 7%2%/@!R jAAAk!+5!2::!%./!:/3/:7!2&/!e/>8&/77+3/:4O!%./!729/;!%./$!%./!+$5&27%&)*%)&2:! *.2$1/7!+$!5'&*/7!'5!8&'()*%+'$!jAAAk!6+::!B/!/$')1.!e9'&/!'&!:/77!%'!&28+(:4!%&2$75'&9! %./!/$%+&/!7)8/&7%&)*%)&/;O!2$(!*):%)&2:!&/3':)%+'$!+7!)$$/*/772&4;!27!+7!%./!*'::/*%+3/! 2 %%/98%!%'!+$3/$%!$/6!5'&97!'5!%./!:2B'&!8&'*/77S!E ?[ !IXJA!#$(//(;!5'&!%./! R8/&3/&7/S![%2:+$+7%!7%2%/;!27!7''$!27!'$/!82&/7!2624!%./!$'$ D /*'$'9+*!'&!$'$ D 8&'()*%+3/!7'*+2:!&/:2%+'$7;!2!)%'8+2!'5!5&//!:2B'&!6+::!.23/!B//$!2*.+/3/(A!-.+7!+7;! M:%.)77/&!+$7+7%7; !2!`)+%/!3):12&!*'$*/8%+'$!'5!(+2:/*%+*7A!-.&')1.')%! E!/2&$;* F/0&(/+ ;!M:%.)77/&!*2::7!%.+7!+(/$%+%4!B/%6//$!:/3/:7!R/>8&/77+3/!*2)72:+%4AS!#$!52*%;! M:%.)77/&!8'7+%+'$7!7%&)*%)&2:!*2)72:+%4;!%./!2$%21'$+7%+*!&/:2%+'$7.+8!B/%6//$! (+55/&/$%!:/3/:7;!/>8:+*+%:4 !212+$7%!9/*.2$+*2:!2$(!/>8&/77+3/!*2)72:+%4A!=/*.2$+*2:! *2)72:+%4!&/5/&7!%'!2!R%&2$7+%+3/S!*2)72:+%4@!M!*2)7/7!%./!/55/*%!%.2%!C;!B'%.!'5!6.+*.! 2&/!(+55/&/$%!%/&97!E EF !IH"JA!L>8&/77+3/!*2)72:+%4!+7;!27!6/!726!2B'3/;!.+7!&/2:! %2&1/%@

PAGE 45

! dh jAAAk!j#k%!8&/7)88'7/7 !+$!8&+$*+8:/!%.2%!%./!6.':/!+$!`)/7%+'$!B/!&/()*+B:/!%'!2$! &$$!1*!''!$"! ;!'5!6.+*.!%./!/:/9/$%7!'5!%./!6.':/!2&/!%./$!$'!9'&/!%.2$!%./! 8./$'9/$2:!5'&97!'5!/>8&/77+'$;!%./!+$$/&!8&+$*+8:/!'5!%./!/77/$*/!B/+$1!8&/7/$%!2%! /2*.!8'+$%!+$!%./!6.':/;!7)*.!%.2%!2 %!/2*.!9'9/$%!+%!+7!8'77+B:/!%'!6&+%/!%./! +99/(+2%/:4!2(/`)2%/!/`)2%+'$@! '3".*/$2*'3".*/$*!+!%!$( !E/*'$'9+*;!8':+%+*2:;!:/12:;! :+%/&2&4;!&/:+1+')7;!/%*A;!+$!^/1/:J!l! (.!*&$$!1*!''!$"!*#-*(.!*).#+! A!^/&/!627!2!9'(/:! 6.+*.!92(/!+%!8'77+B:/!%'!%.+$?!%./!/55/* %+3+%4!'5!%./!6.':/!'$!/2*.!'5!+%7!/:/9/$%7;! B)%!+5!%.+7!*2%/1'&4 DD +$$/&!/77/$*/,')%/&!8./$'9/$'$ DD 627!%'!B/!288:+*2B:/! /3/&46./&/!2$(!2%!/3/&4!9'9/$%!%'!/2*.!'5!%./!8./$'9/$2!2&+7+$1!+$!%./!%'%2:+%4!+$! `)/7%+'$;! &(*01!'300#'!2*(./(*(.!*).#+!*./2*/*"!1(/&$ *$/(31!@*01!"&'!+6*(.!*$/(31!*#-*/* O'0&1&(3/+K*).#+!*&$*).&".*!/".*!+!%!$(*)/'*!W01!''&,!*#-*(.!*!$(&1!*(#(/+&(6*/'*/* e82&7! %'%2:+7AO!EM:%.)77/&!2$(!C2:+B2&!IHHG!!IH"J M7!t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

PAGE 46

! d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i!!#$!.+7!Rn/8:4!%'! t'.$!W/6+7;S!M:%.)77/&!92?/7!%./!5'::'6+$1!?/4!*:2+9!6+%.!&/12&(!%'!%./!+(/$%+%4!'5! %./!(/%/&9+$2%/!*:277/7!+$!.+7%'&4!E6'&?+$1!*:277;!7/&5;!/%*AJ!2$(!%./!*:277!7%&)11:/! 6.+*.!(+3+(/7!7'*+/%4!+$%'!'6$/&!2$(!:2B '&/&@ E!,#+3(&#$/1&!' !jAAAk!*'$7+(/&!%.2%!+%!+7!+98'77+B:/!%'!7/82&2%/!%./!*:277/7!5&'9! *:277!7%&)11:/A!-./ *:277!7%&)11:/!2$(!%./!/>+7%/$*/!'5!*:277/7!2&/!'$/!2$(!%./! 729/!%.+$1A!#$!'&(/&!5'&!%./&/!%'!B/!*:277/7!+$!2!R7'*+/%4;S!%./!7'*+/%4!.27!%'!B/! 2&,&2 !2 !+$%'!*:277/7@!%.+7!(+3+7+'$!('/7!$'%!*'9/! +/(!1*&$*(.!*'(#16 b!+%!+7!%./! />8:'+%2%+'$!'5!'$/!*:277!B4!2$'%./&;!+%!+7!%./&/5'&/!%./!*:277!7%&)11:/;!6.+*.! *'$7%+%)%/7!%./!(+3+7+'$!+$%'!*:277/7A!Y'&!/>8:'+%2%+'$!+7!2:&/2(4!*:277!7%&)11:/A! E M:%.)77/&!FGT" !hH J Y)&%./&;!M:%.)77/&!*:2+97!%.2%!%./!*:277!7%&)11:/! &' !" R+$!%./!:27%!+$7%2$*/;!jAAAk!%./!)$+%4! '5!%./!&/:2%+'$7!'5!8&'()*%+'$!2$(!%./!8&'()*%+3/!5'&*/7! 3$2!1 !%./!&/:2%+'$7!'5! 8&'()*%+'$!'5!2!1+3/$!9'(/!'5!8&'()*%+'$S!E VIF !hHJA!['!%./!(+3+7+'$!+$%'!%6'!*:2 77/7! +7!$'%!%'!B/!(+7277'*+2%/(!5&'9!%./!&/:2%+'$7!'5!/>8:'+%2%+'$A!U.2%;!./&/;!2&/!%./! &/:2%+'$7!'5!/>8:'+%2%+'$i!#$!2!*/&%2+$!7/$7/!M:%.)77/&O7!%./7+7!'5!%./!R2B7/$%!*2)7/;S! R+$%/&+'&!%'!+%7!/55/*%7;S!9/2$7!8&/*+7/:4!%.2%!%./!&/:2%+'$7!'5!/>8:'+%2%+'$!2& /! &$(!1* %'!/3/&4!:/3/:!'5!7'*+/%4 DD %.2%!*:277!2$%21'$+79;!%./!5)$(29/$%2:!R78:+%S!+$!%./! &/:2%+'$7!'5!8&'()*%+'$;!+7!$'%!'$:4!&/8&'()*/(!B)%!8&'()*/(!+$!%./!5+&7%!8:2*/!B4!%./!

PAGE 47

! dT +$%/&2*%+'$!B/%6//$!%./!7'*+2:!:/3/:7!27!%./+&!/55/*%!EM:%.)77/&!2$(!C2:+B2&! IHHG!! IHXJA! L2*.!+$7%2$*/!'5!7'*+2:!2$%21'$+79!*2$!B/!72+(!%'!B/!+&&/()*+B:4! '0+&( !B/%6//$! +%7!*'$%/$%!E%./!78/*+5+*!7%&)11:/!%.2%!+%!+7J!2$(!+%7!5'&9!27!%./!(/%/&9+$2%+'$!'5!%./! *:277!*'$%&2(+*%+'$! 73/* 7%&)*%)&/!'5!7'*+/%4A!['!2%!2$4!1+3/$!%+9/;!6/!*2$!: ''?!2%!%./! 7%&)*%)&/!'5!%./!7%2%/;!'&!2$4!'%./&!7'*+2:!:/3/:;!2$(!7//!+%!27!%./!7%2B+:+Q2%+'$!'5!2! (+3+7+'$!'5!*:277/7A!['!5'&!+$7%2$*/;!6/!*2$!+$%/&8&/%!2B7':)%+7%!9'$2&*.4!27! B/$/5+%+$1!%./!5/)(2:!'6$/&!*:277!B4! $#( !7%&)*%)&+$1!%./!/*'$'94;!'&!('+$1!7'! 9 /&/:4!%.&')1.!7%2%/!&/8&/77+'$A!U/!*2$!:''?!2%!%./!:/12:!&/:2%+'$7!'5!%./!8'7% D 5/)(2:! B')&1/'+7!7%2%/!2$(!&/:2%/!%./9!%'!%./!8&'()*%+'$!'5!7)&8:)7 D 32:)/!E+$!%.+7!*27/;!%./4! *2$!B/!72+(!%'!8&'()*/!%./+&!'6$!*2)7/!B4!(/3/:'8+$1!+$!2!5)%)&/!2B7/$%!*2)7/;! 6.+* .!2%!%.2%!8'+$%!627!7%+::!*'9+$1!+$%'!B/+$1! 73/* 7%&)*%)&/J@!%./4!%&/2%!:2B'& D 8'6/&!27!2$!2:+/$2B:/!*'99'(+%4!2$(!%./&/B4!823/!%./!624!5'&!%./!8&'()*%+'$!'5! 7)&8:)7 D 32:)/!3+2!621/ D :2B'&A!U/!('!$'%!1/%!%./!*2)7/;!.'6/3/&;!B/5'&/!%./!/55/*%7b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i! q+/&&/!=2*./&/4!6&+%/7!%.2%!R+%!+7! #$!*/$2*(.!*'/%!*#12!1@*#$!*/$2*(.!*'/%!*

PAGE 48

! dX "#$$!"(&#$ !*2&&+/(!')%!+$!2::!%./!2%%&+B)%/7S DD %.')1.!6/!*2$!%.+$?!./&/!'5!%./!7'*+2:! :/3/:7 DD S2$(!%.2% !+(/$%+*2::4!*'$7%+%)%/7!%./9!+$!%./+&!B/+$1@!7)B7%2$*/S DD '&!*:277! 2$%21'$+79 DD S+7!8&/*+7/:4!$'%.+$1!B)%!%.+7!)$+`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t29/7'$! 8'+$%7!')%;!$'$ D /*'$'9+*!7'*+2:!/:/9/$%7!27!8'+$%7!'8/$!%'!*:277!2$(!9277!2*%+'$;!+$! %./!7/$7/!%.2%!%./4 !*2$$'%!9/&/:4!B/!2:%/&/(!B4!%./!5'&62&(!(/3/:'89/$%!'5!%./! 8&'()*%+3/!5'&*/7!E27!+$![%2:+$+79J;!5'&!+$7%2$*/;!'&!*2)7/(!%'!32$+7.!27!7)*.;!B)%! &2%./&!2:&/2(4!*'$7%+%)%/!(/%/&9+$2%+'$7!ER/55/*%7SJ!'5!%./!*:277!(+3+7+'$!6.+*.! &/%&'2*%+3/:4!288/2&7!%'!.23/!( /%/&9+$/(!7)*.!/55/*%7!E t29/7'$!FGXF !IXJA!M%!%./! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! FH This is not to say, of course, that remnants of feudalism and traces of communism are not visible in any given social whole. We could even argu e, as Jameson convincingly does, that there is an antagonism between the different modes of production in a social whole -elements of each. But the dominant mode of production will be reflected in the "normal" operation of the whole (and feudalism will be reflected in aberrations, e.g., modern slavery, while we can be said to have a "communism of the wealthy").

PAGE 49

! d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`)2:+%4;!7)*.!27!92% /&+2:!8&'()*%+'$A!-./!*:277!*'$%&2(+*%+'$!.27!$'! />+7%/$*/!6+%.')%!%./!7'*+2:!:/3/:7;!2$(!$/3/&!/>+7%7!R27!7)*.;S!'&!27!M:%.)77/&!6'):(! 724;!R+$!%./!8)&/!5'&9AS!V:277!*'$%&2(+*%+'$!+7! 4#(.* %./! '(13"(31/+*01&$"&0+!*#-*&('* !--!"('*).&".*%/9!'*#-*(.!%*/++*2!( !1%&$/(&#$'*#1*+&%&(/(&#$'*#-*(.!*"+/''* "#$(1/2&"(&#$@*/$2*(.!'!*2!(!1%&$/(&#$'*&$*(.!&1*'34'(/$"!* j J!./+( k;!%.2%!+7;!%./! (/%/&9+$2%+'$!'5!%./!/>8:'+%2%+'$!'5!'$/!*:277!B4!2$'%./&A -.+7!7%&)*%)&2:!*2)7/!+7! /55/*%+3/:4!%./! +&%&( !B/4'$(!6.+*.!2::!78/*+5+*!2$ %21'$+797!*2$$'%!1';!%./!'B7%2*:/! 6.+*.!92&?7!%./9!+$7'52&!27!%./4! /1! !+%7!7/:5 D &/:2%+$1;!+%7!'$:4!7)B7%2$*/A!V:277! *'$%&2(+*%+'$!+7!%./! +&%&(* '5!78/*+5+*!2$%21'$+797!6.+*.!92?/!%./9!9+$+92::4!R$'%! %./97/:3/7;S!6.+*.!92?/7!%./9!2::!2!9'(/!'5!&/2:+Q2%+'$!'& -#1%*#-*/00!/1/$"!* j V1'".!&$3$;'-#1% k!'5!*:277!*'$5:+*%A!L`)2::4;!78/*+5+*!7%&)11:/7!2&/!%./!/55/*%7!'5!%.+7! *2)7/;!'&!9'&/!8&'8/&:4!+%7!255/*%7;!+%7!9'(/7!'5!&/:2%+$1!%'!+%7/:5A!-.+7!+7!%&)/!+$7'52&! 27!*:277!*'$5:+*%!+7!B'%.!%./! /*01& !'&!7%&)*%)&2:!*2 )7/!'5!+%7!82&%+*):2&!7+%/7! /$2 !+%7! '6$!7+$1):2&!/55/*%7;!%.2%!+7;!%./!+$7%2$*/7!'5!*:277!(/%/&9+$2%+'$!%.2%!*)%!2*&'77!%./! 7'*+2:!B'(4A

PAGE 50

! hH #$!%.+7!7/$7/!6/!*2$!&/3+7/!t29/7'$O7!277/&%+'$!%.2%!%./!R/$%+&/!747%/9!'5! &/:2%+'$7.+87S!6+%.+$,B/%6//$!:/3/:7!+7!%./ !%'%2:+%4!'5!*:277!7%&)11:/!'&!%./!9'(/!'5! 8&'()*%+'$@!%./!&/:2%+'$7.+87!*'$7%+%)%+3/!'5!7'*+/%4!*2$$'%!B/!R2((/(!)8S!2%!2$4! 1+3/$!%+9/!%'!/`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`)/$/77!'5!%./!*2)7/!9/2$7!%.2%!7)*.!2!*2)7/!+7!R'8/$;S!6+%.')%!2!$2&&2%+3/! '&;!27!M:%.)77/&!8)%7!+%;!6+%.')%!2!7)BP/*%!'&!%/:'7;!/3/$!27!+%!/55/*%+3/:4! &' !%./! '3/&(/%/&9+$/(!/>+7%/$*/!'5!%./!7%&)*%)&/A! -.+7!'8/$$/77!+7!7%&+*%:4!)$2B:/!%'!B/! 8&/7/$%/(!+$!2!$2&&2%+3/b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izek, http://lacan.com/symptom12/?p=186, "Why the Idea and Why Communism?"

PAGE 51

! hF :2%%/&!+7!$'%.+$1!B)%! (.!*%#2!*#-*(.!*(.&$;K'*!W01!''&#$* E'&!27!6/!6+::!7//;!+%7! (+7%&+B)%+'$J;!%./!R&/:2%+'$AS!#!&/+%/&2%/!M:%.)77/&O7!255+&92%+'$!'5!%./!R21/$%7S!'5! 7'*+/%4 !27;!2%!B'%%'9;! 4!/1!1' !E >1\;!1 J!'5!2!5)$*%+'$! 73/ !%./!21/$%7!6.'!R8/&5'&9S! %.2%!5)$*%+'$@ ^/&/!'$*/!212+$!6/!5+$(!%./!&/7):%7!'5!%./!'%./&!828/&7!+$!%.+7!B''?@!+A/A;! %./!52*%!%.2%!%./!7%&)*%)&/!'5!%./!&/:2%+'$7!'5!8&'()*%+'$!(/%/&9+$/7!%./! 0+/"!' !2$(! -3$" (&#$' !'**)8+/(!2$(!2('8%/(!B4!%./!21/$%7!'5!8&'()*%+'$;! 6.'!2&/!$/3/&!2$4%.+$1!9'&/!%.2$!%./!'**)82$%7!'5!%./7/!8:2*/7;!+$7'52&! 27!%./4!2&/!%./!e7)88'&%7O!E >1\;!1 J!'5!%./7/!5)$*%+'$7A!-./!%&)/!e7)BP/*%7O! E+$!%./!7/$7/!'5!*'$7%+%)%+3/!7)BP/*%7!'5!%./!8&'*/7 7J!2&/!%./&/5'&/!$'%! %./7/!'**)82$%7!'&!5)$*%+'$2&+/7;!2&/!$'%;!(/78+%/!2::!288/2&2$*/7;!%./!jAAAk! e*'$*&/%/!+$(+3+()2:7;O!e&/2:!9/$O DD B)%!%./! 2!-&$&(&#$*/$2*2&'(1&43(&#$*#-* (.!'!*0+/"!'*/$2*-3$"(&#$'5*>.!*(13!*O'34+7%+$1!7'*+2:!7%&)*%)&/!'5! 8&'()*%+'$;S!27!6/!.23/!7//$;! &' !%./!(+7%&+B)%+'$!'5! 8:2*/7!B'&$/!B4!%./!21/$%7!'5! 8&'()*%+'$;!'&!*:277!7)BP/*%7@!+%! &' !%.+7!*2)72:+%4;!%.+7!M:%.)77/&+2$!]/+7%;!6.+*.!+7! 9/&/:4!2!5)$*%+'$!'5!5)$*%+'$7!2$(!21/$%7;!2!&/:2%+'$!'5!&/:2%+'$7!2$(!21/$%7;!2!7'&%!'5! R%&2$7&/:2%+'$S!'&!&/:2%+'$!B/%6//$!&/:2%+'$7!2$(! 21/$%7!E+B+(JA!C)%!6.2%!+7!%./! "#$"!0( !'5!%.+7!&/:2%+'$i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t29/7'$!&/2(7!+% DD %.2%!=2&>!529')7:4!6&+%/7;!+$! >.!*V&;.(!!$(.*S13%/&1! ;!

PAGE 52

! hI RU.2%!92?/7!j%./!8/%%4 D B')&1/'+7!+$%/::/*%)2:7k!%./!&/8&/7 /$%2%+3/7!'5!%./!8/%%4! B')&1/'+7+/!+7!%./!52*%!%.2%!+$!%./+&!9+$(!%./4!('!$'%!1/%!B/4'$(!%./!:+9+%7!6.+*.!%./! :2%%/&!('!$'%!1/%!B/4'$(!+$!:+5/;!%.2%!%./4!2&/!*'$7/`)/$%:4!(&+3/$;!%./'&/%+*2::4;!%'! %./!729/!8&'B:/97!2$(!7':)%+'$7!%'!6.+*.!92%/&+2:!+$%/&/7%! 2$(!7'*+2:!8'7+%+'$! (&+3/!%./!:2%%/&!8':+%+*2::4S!E=2&>!FG"c hH D hF;! t29/7'$!FGXF !dIJA!-./!8'+$%!./&/!+7! $'%!9/&/:4!%.2%!+$*:)7+'$!'5!%.')1.%!+$!2*%+'$;!7)*.!%.2%!%./!:+9+%7!'5!6.2%!*2$!B/! 2*%/(!2&/!&/5:/*%/(!+$!%./!:+9+%7!'5!6.2%!*2$!B/!%.')1.%A!-./!8'+$%! +7!&2%./&!%.2%!%./+&! 7.2&/(!:+9+%!+7!*28+%2:!27!7)*.;!'&!9'&/!8&/*+7/:4;!2!7.2&/(!8'7+%+'$!+$!&/:2%+'$!%'!%.+7! :+9+%A!-./!5)$*%+'$!'5!&/3':)%+'$2&4!8&2>+7!+7!%./$!5)$(29/$%2::4!%'! 130(31!*)&(.*(.!* 26'-3$"(&#$/+*+&%&('*#-*(.!*#+2*/$2*0#'&(*(.!*+&%&('*#-*(.! *$!) ;!%'!8'7+%!2!$/6!5'&9!'5! $/*/77+%4!6.+*.!+7!8&':/%2&+2$!+$!$2%)&/;!%./!8'%/$%+2:!5'&!6.+*.!%./!9'(/!'5! 8&'()*%+'$!9)7%!2:&/2(4!*'$%2+$!+$!%./!5'&9!'5!+%7!R$'% D 2::AS!M:%.)77/&!+$!%)&$!*2::7! %.+7!2*%!2!R&/3':)%+'$2&4!&)8%)&/;S!+$!6.+*.!%./!5)$*%+'$7!'5!2 !1+3/$!9'(/!'5! 8&'()*%+'$!2&/! 1!"#%4&$!2 !+$!%./!7%&'$1!7/$7/;!%.2%!+7!%'!724;!+$!%./!7/$7/!'5! 1!(1#/"(&,&(6* E M:%.)77/&!FG"G IF"JA!-./!R$/6S!5)$*%+'$7!6/&/!2:&/2(4!%./&/;!R2B7/$%! 27!8&/7/$%S!+$!%./!':(!7%&)*%)&/;!B)%!%./!&/3':)%+'$2&4!&)8%)&/!'&! "3( !*'9B+$/ 7! ER&/:2%/7SJ!%./9;! %/9!'*(.!%*,&'&4+! !+$!2!$/6!624!7)*.!%.2%!%./4! 4!"#%!*!--!"(&,!+6* 2&--!1!$(*-3$"(&#$' ;!2&/!/55/*%7!'5!2!(+55/&/$%!*:277!*'$%&2(+*%+'$!E'&!2B7/$%!*2)7/J;! 6.+*.!8'77+B:4!2$(!8/&.287!+7!$'!:'$1/&!*:277 D B27/(!+$!$2%)&/A!-.+7!+7;!'5!*')&7/;! %./! /%/&$2:!+921+$2%+'$!'5!8&':/%2&+2$!8':+%+*7A!-./!2B7/$%!*2)7/!B/*'9/7!+&&/()*+B:/!%'! +%7!8&+'&!5'&9!'&!:'1+*;!5'&!+$7%2$*/;!%./!:'1+*!'5!7)&8:)7 D 32:)/A!#%!+7!%./!*2)7/!%.2%! *.2$1/7!2B7':)%/:4;!8'7+%/(!'$!2$!/$%+&/:4!$/6!1&')$(;!2$(!7'!+%!6+::!%)&$!')%! %.2%! %./! "/3'! !+7!$'% D 2::!2$(!'8/$!%'!%./!*:277!7%&)11:/;!%.2%!$/*/77+%4!+%7/:5!+7!*'$%+$1/$%!

PAGE 53

! hc 2$(!'8/$!%'!%./!&/3':)%+'$2&4!8&'*/77!'5!%&2$75'&9+$1!%./!7%&)*%)&/ D *2)7/ DD +$(//(;! '5!8&/7)88'7+$1!2!$/6!'$/A ##A W'*2:!n/3':)%+'$2&4!q&'*/77 #$!%.+7!7/*%+'$!'5!%./ !*.28%/&;!#!6+::!(/8:'4!M:%.)77/&O7!%./'&/%+*2:!/(+5+*/!%'! (/%/&9+$/!%./!*'$(+%+'$7!'5!8'77+B+:+%4!5'&!2!&/3':)%+'$2&4!2*%!%.2%!8'7+%7!2!$/6! 7%&)*%)&/ DD %.2%!&/%&'2*%+3/:4!+7!+$*:)(/(!+$!%./!$/6!7%&)*%)&/!%./!8&/7)88'7+%+'$7!'5! 6.+*.!+%!8'7+%7A!-.+7!7%&)*%) &/!%./$!*2$!B/!5+1)&/(!27!8'7+%/(!B4!%./!/55/*%7!%.2%!+%! &/%&'2*%+3/:4!288/2&7!%'!.23/!*2)7/(;!2!9'3/9/$%!'&!:'1+*!6.+*.!#!8'7/!27! +&&/()*+B:/A!C)%!6.2%! "/$ !B/!2:%/&/(!+7!%./!`)2:+%4!'5!%.+7!7%&)*%)&2:!*2)7/;!%./! *'$%/$%!'5!%.+7!5'&9!'5!$/*/77+%4A![)&8:)7 D 32:)/!27!2!*2)7/!(/%/&9+$/7!%./!9277/7b! 6.2%!#!6+::!*2::!*'99)$+79;!27!2$!+(/2;!(/92$(7!%.2%!%./!9277/7!(/%/&9+$/!%./! *2)7/A!#!6+::!)7/!5')&!*'$*/8%7!+$!(/:+9+%+$1!%./!8'%/$%+2:!5'&!%.+7!2*%@!%./!8&'()*%+'$! '5!:+5/;!%./!2B7/$%!*2)7/!'5!7)&8:)7 D 32:)/;!%./!8 ':+%+*7!'5!*'99)$+79;!2$(!'5!*')&7/! %./!&/3':)%+'$2&4!2*%A!#%!6+::!B/!94!*:2+9!%.2%!2!&/3':)%+'$2&4!2*%!$//(!$'%!'**)&! '$:4!27!%./!2B':+%+'$!'5!%./!8'7+%+3/!'&(/&;!27!2$!2*%!'5!&2(+*2:!$/12%+3+%4!%.2%!8'7+%7! $'%.+$1b!+$7%/2(;!#!6+::!2%%/98%!%'!%.+$?!2!&/3' :)%+'$2&4!2*%!27! "#$'(&(3(&,!*#-*/*$!)* '(13"(31!*-1#%*(.!*'(/$20#&$(*#-*$!)*!--!"(' ;!'5!/55/*%7!%.2%!*2$$'%!B/!277+9+:2%/(!%'! %.'7/!+$!6.+*.!%./!':(!2B7/$%!*2)7/!627!+992$/$%A!#!8'7/!%.+7!+(/2!+$!&/78'$7/!%'!2! `)+%/!/98.2%+*!*:2+9!B4![:23'P!g+Q/?!%.2%!%&4+ $1!%'!R5&//S!%./!8'77+B+:+%+/7!8&'()*/(! B4!7)&8:)7 D 32:)/!E6.2%!#!6+::!*2::!%./!8&'()*%+'$!'5!:+5/;!'5!2!8&'()*%+3/!:+5/J!:/23/7! +$%2*%!7)&8:)7 D 32:)/! 73/ !2B7/$%!*2)7/;!2$(!%./&/5'&/!+7!$'%!2$!/55/*%+3/!624!'5!

PAGE 54

! hd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`)2:!%'!%./!*'7%!'5! ./&!9/2$7!'5!7)B7+7%/$*/!E =2&>!FGGH !dcHJA![)&8:)7!:2B'& D %+9/!92&?7!%.2%!:2B'& D %+9/ DD &/:2%+3/!%'!%./!:/$1%.!'5!%./!6'&?(24 DD ()&+$1!6.+*.!%./!:2B'&/&!8&'()*/7! 9'&/!32:) /!%.2$!627!8)%!5'&%.!5'&!./&!9/2$7!'5!7)B7+7%/$*/A!M$!+$*&/27/!+$!7)&8:)7 D 32:)/!+7!1/$/&2::4!2!&/7):%!'5!%./!%&2$75'&92%+'$!'&!&/()*%+'$!'5!%./!8/&+'(!$/*/772&4! 5'&!%./!5):5+::9/$%!'5!$/*/772&4!:2B'& D %+9/!ER&/:2%+3/!7)&8:)7 D 32:)/SJA!!M7!=2&>!8)%7! +%;!Rj*k2 8+%2:!%./&/5'&/!.27!2$!+992$/$%!(&+3/;!2$(!2!*'$7%2$%!%/$(/$*4;!%'62&(7! +$*&/27+$1!%./!8&'()*%+3+%4!'5!:2B')&;!+$!'&(/&!%'!*./28/$!*'99'(+%+/7!2$(;!B4! *./28/$+$1!*'99'(+%+/7;!%'!*./28/$!%./!6'&?/&!.+97/:5S!E +B+( !dc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cJ!

PAGE 55

! hh :2B'& D 8'6/&!+7!2!*./28/&!*'99'(+%4;!2$(!+$7'52&!27!%./!6'&?(24!&/92+$7!%./!729/;! %./!R/>%/$7+3/!921$+%)(/S!'5!7)&8:)7 D :2B'&!+$*&/27/7A! 0'6;!#!./&/!/$121/!+$!2!8':/9+*!2B')%!%.+7!`)+%/!/77/$%+2:!&2+7+$1!'5! 8&'()*%+3+%4!R%'!2!. +1./&!:/3/:AS!g+Q/?!&+1.%:4!&/2(7!%.+7!/>82$7+'$!'5!8&'()*%+3+%4!27! 2!52*/%!'5!*28+%2:!%.2%!(/%/&9+$2%/:4!&/5:/*%7!+%;!+A/A;!&/5:/*%7!*28+%2:!B4!8&'()*+$1!2$(! &/8&'()*+$1!+%! 73/ !*2)7/!+$!(/%/&9+$2%/!7%&)11:/7@ j=2&>k!8/&*/+3/(!.'6!*28+%2:+79!)$:/27./(!%./! B&/2%.%2?+$1!(4$29+*!'5!7/:5 D /$.2$*+$1!8&'()*%+3+%4 K 7//!.+7!527*+$2%/(!(/7*&+8%+'$7!'5!.'6;!+$!*28+%2:+79;! R/3/&4%.+$1!7':+(!9/:%7!+$%'!2+&;S!'5!.'6!*28+%2:+79!+7!%./!1&/2%/7%!&/3':)%+'$+Q/&!+$! %./!/$%+&/!.+7%'&4!'5!.)92$+%4jAk!j\k$!%./!'%./&!.2$(;!./!2:7' !*:/2&:4!8/&*/+3/(!.'6! %.+7!*28+%2:+7%!(4$29+*!+7!8&'8/::/(!B4!+%7!'6$!+$$/&!'B7%2*:/!'&!2$%21'$+79 K %./! ):%+92%/!:+9+%!'5!*28+%2:+79!jmk!+7!V28+%2:!+%7/:5;!%.2%!+7!%'!724;!%./!+$*/772$%!*28+%2:+7%! (/3/:'89/$%!2$(!&/3':)%+'$+Q+$1!'5!+%7!'6$!92%/&+2:!*'$(+%+ '$7!jmk!+7!):%+92%/:4! $'%.+$1!B)%!2!(/78/&2%/!5:+1.%!5'&62&(!%'!/7*28/!+%7!'6$!(/B+:+%2%+$1!+$./&/$%! *'$%&2(+*%+'$m!=2&>O7!5)$(29/$%2:!9+7%2?/!627!%'!*'$*:)(/;!5&'9!%./7/!+$7+1.%7;! %.2%!2!$/6;!.+1./&!7'*+2:!'&(/&!EV'99)$+79J!+7!8'77+B:/;!2$!'&(/&!%.2%!6'): (!$'%! '$:4!92+$%2+$!B)%!/3/$!&2+7/!%'!2!.+1./&!:/3/:;!2$(!/55/*%+3/:4!5)::4!&/:/27/!%./! 8'%/$%+2:!'5;!%./!7/:5 D +$*&/27+$1!78+&2:!'5!8&'()*%+3+%4!6.+*.;!+$!*28+%2:+79;!'$! 2**')$%!'5!+%7!+$./&/$%!'B7%2*:/!ER*'$%&2(+*%+'$SJ;!+7;!212+$!2$(!212+$!%.62&%/(!B4! 7' *+2::4!(/7%&)*%+3/!/*'$'9+*!'B7%2*:/7A!#$!7.'&%;!6.2%!=2&>!'3/&:''?/(!+7!%.2%!jmk! %.+7!+$./&/$%!'B7%2*:/,2$%21'$+79;!27!%./!R*'$(+%+'$!'5!+98'77+B+:+%4S!'5!%./!5)::! (/8:'49/$%!'5!%./!8&'()*%+3/!5'&*/7;!+7!7+9):%2$/')7:4!+%7!R*'$(+%+'$!'5!8'77+B+:+%4S@! +5!6 /!2B':+7.!%./!'B7%2*:/!jmk!6/!('!$'%!1/%!%./!5)::4!)$:/27./(!(&+3/!%'!8&'()*%+3+%4! 5+$2::4!(/:+3/&/(!'5!+%7!+98/(+9/$%;!6/!:'7/!8&/*+7/:4!%.+7!8&'()*%+3+%4!%.2%!7//9/(! %'!B/!1/$/&2%/(!2$(!7+9):%2$/')7:4!%.62&%/(!B4!*28+%2:+79!jmk!E g+Q/?!IHH" !I""JA -./!`)/ 7%+'$!./&/!+7;!'5!*')&7/ # !6.2%!+7!7)&8:)7 D 32:)/!R+$ D +%7/:5;S!')%7+(/!'5!%./! 8&'*/77!'5!/$.2$*+$1!+%7!8&'()*%+'$i!#7!7)&8:)7 D 32:)/!2$!'B7%2*:/!6.+*.!8&'()*/7!27! +%7!+::)7'&4!&/7':)%+'$!%./!/$.2$*/9/$%!'5!%./!8&'()*%+3/!5'&*/7i![.'):(!6/!%.+$?! 7)&8:)7 D 32:)/! 27!2!7)B7%2$%+2:!R/77/$*/S!'5!7'*+/%4;!$/*/772&4!+$!%./!(/*'(+$1!'5!+%7! /55/*%7i!p'/7!7)&8:)7 D 32:)/!/>+7%!6+%.')%!+%7!/55/*%7!'&!+$!2!%&2$7*/$(/$%!8'7+%+'$! 6+%.!&/12&(!%'!%./9i!M7!6/!.23/!7//$;!%./!2$76/&!%'!%.+7!`)/7%+'$!+7! $# A!#7!%./!624! %'!'3/&*'9/!+%!% ./&/5'&/!B4! #,!1"#%&$;*&('*!--!"(' ;!B4!'3/&*'9+$1!6.2%!#!6+::!*2::!%./!

PAGE 56

! h" 8&'()*%+'$!'5!:+5/i!#%!6+::!B/!94!*:2+9!%.2%!6/!*2$!$/3/&!%&/2%!%./!(+7'&(/&!R+$ D +%7/:5;S! B)%!'$:4!3+2!+%7!7498%'97;!+%7!$'(2:!8'+$%7!'&!82&%+*):2&!R7+%/7AS!U./$!6/!2%%/98%!%'! 5&//!%./! 8&'()*%+3/!5'&*/7!5&'9!7)&8:)7 D 32:)/;!6.2%!.288/$7!+7!%.2%! (.!*"/3'!*&('!+-*&'* (1/$'-#1%!2 A!C4!%&/2%+$1!%./!/55/*%7!)$(/&!%./!&/5:/*%+3/!(/%/&9+$2%+'$!'5!%./!*2)7/;! 6/!*2$!+$!52*%!2:%/&!%./!:2%%/&A V'98/::+$1!27!g+Q/?O7!*:2+9!+7!./&/;!#!9)7%!&/P'+$!%.2%!W2 *2$!*2$$'%!B/!)7/(! %'!(/*'(/!%.+7!/:/9/$%!'5!=2&>A!En2%./&;!+%!+7!'$:4!2!*/&%2+$!%&2(+%+'$!'5!(+2:/*%+*2:! 92%/&+2:+79!%.2%!*2$!B/!)7/(!%'!(/*'(/!%.+7!/:/9/$%!'5!W2*2$AJ!g+Q/?!+$(//(! &/1+7%/&7!2$!+98'&%2$%!278/*%!'5!7%&)*%)&2:!*2)72:+%4 DD $29/:4;!%.2%!%./!5& 2$%+*! &/3':)%+'$+Q+$1!'5!*'$7%2$%!*28+%2:!E'&!%./!9277!'5!9/2$7,+$7%&)9/$%7!'5! 8&'()*%+'$J;!%./!92%/&+2:!B27/!'5!8&'()*%+'$;!+7!8)&/:4!2$!/55/*%;!2$(!2$!+(/':'1+*2:! '$/!2%!%.2%;!'5!2!*/&%2+$!*'$%&2(+*%+'$!+$!7)&8:)7 D 32:)/!E7//!B/:'6Jb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g+Q/?!(/7*&+B/7!2B'3/!E&/3':)%+'$+Q+$1!'5!%./!5'&*/7!'5!8&'()*%+'$J!+$%'!%./!78./&/! '5!7'*+2:!:+5/A!#$!2!(+55/&/$%!7/$7/;!%.+7!/>%&2 D /*'$'9+*!8&'()*%+'$!*2$!B/!(/5+$/(!27! %./!2&%+*):2% +'$!2$(!&/2:+Q2%+'$;!%./!5'&9!'5!7'*+2:!288/2&2$*/!E%./!

PAGE 57

! h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`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

PAGE 58

! h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`)2:+%2%+3/:4! 7+%/7!'5!&/7+7%2$*/!%'!7)&8:)7 D 32:)/;! 27!.27!B//$!8'+$%/(!')%!%+9/!2$(!%+9/!212+$;! (.!&1*,/+3!*&'*&$"+32!2*&$*(.!*01#23"(&#$*#-*'310+3' C ,/+3! A!!-.+7!+7!$'%!%./!%/*.$':'1+*2:! &/3':)%+'$!'5!*'$7%2$%!*28+%2:;!'5!2::!%./!$'$ D :2B'&+$1!*'99'(+%+/7!&/`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b!%./4!2&/!%'!B/!/>8)$1/(;!'&;!6.2%!29')$%7!%'!%./!729/!%.+$1;!%./4!

PAGE 59

! hG 2&/!%'!B/!5&//(!'5!%./!*'$*/8%!%.2%!%./4!&/8&/7 /$%A!#!6+::!B/!%&4!%'!B/!9'&/!%.'&')1.! +$!/>8:2+$+$1!%.+7!*'$*/8%!:2%/&!'$A! W/%O7!%&4!%'!928!%./!R:+9+%7;S!'&!+$!t29/7'$O7!%/&97!%./!R*:'7)&/S!'5!%./! 7%&)*%)&/!'5!*28+%2:+7%!8&'()*%+'$;!+$!'&(/&!%'!B/!27!8&/*+7/!27!8'77+B:/A!\)&!2$2:47+7! 6+::!%)&$!'$!%./! 8'7+%+$1!2$(!&/ D 8'7+%+$1!'5!%./7/!:+9+%7!+$!%./!5'&9!'5!R2$'%./&S! 7)BP/*% D 8'7+%+'$;!%./!7)BP/*% D 8'7+%+'$!+$!6.+*.!*:277 D 7%&)11:/!%2?/7!%./!8:2*/!'5!%./! 8&'()*%+'$!'5!7)&8:)7 D 32:)/!2$(!3+*/!3/&72A!-.+7!+7!%./$!%./!(+55/&/$*/!B/%6//$!%./! R&/2*%+'$2&4S!7)BP/* % D 8'7+%+'$;!6.+*.!+7!9288/(!+99/(+2%/:4!B/:'6;!2$(!%./! &/3':)%+'$2&4!7)BP/*% D 8'7+%+'$;!6.+*.!+7!9288/(!5)&%./&!'$;!2$(!6.+*.!2**/77/7!+%7! )$+3/&72:+%4!+$!%./!3/&4!*'$%+$1/$*4!'5!+%7!8'7+%+'$A!M12+$!5'::'6+$1!t29/7'$;!#!6+::! %&4!%'!(+21&29!%./7/!:+9+%7!+$!% ./!5'&9!'5!2!]&/+927+2$!7`)2&/A! E#$*:)(/(!+$!V28+%2:J VF@!-./!q&'()*%+'$!'5![)&8:)7 D s2:)/ ER8&/7*&+B/(SJ E$/*/772&4J D VI@!-./!q&'()*%+'$!'5!W+5/ ER$'% D 8&'.+B+%/(SJ E8'77+B:/J EL>*:)(/(!B4!V28+%2:J

PAGE 60

! "H VI@!V'99)$+7%!q':+%+*7 ER8&'.+B+%/(SJ E+98'77+B:/J D V F@!n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b!6/!7//!./&/!')&!'&+1+$2:!7/%)8!'5!2!5'&92:!*2)7/!6.+*.!.27!$'! 7)B7%2$%+2:!*'$%/$%!+$ D +%7/:5;!2$(!'$:4!6./$!+%!+7!/9B'(+/(!+$!+%7!/55/*%7;!+$!%.+7!*27/! 1&')8/(!)$(/&!%./!./2(+$1!'5! D V F;!*2$!+%!B/!72+(!%'!/>+7%!27!7)*.!E27!2!7'*+2::4! /55/*%+3/!9'(/!'5!8&'()*%+'$JA!\$:4!6./$!%./!*2)7/! ./'*!--!"('*&$*(.!* T'30!1'(13"(31!X !E D VIJ;!'$:4!6./$!+%!7%&)*%)&/7!7'*+2:!&/2:+%4;!*2$!+%!B/!*2::/(!%./! ('9+$2$%!9'(/!'5!8&'()*%+'$! 73/ !7)&8:)7 D 32:)/ DD 27!' 88'7/(!%';!/A1A;!%./!5/)(2:!

PAGE 61

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h! uFXGJA!U/!9+1.%!724!%.2%!%./!*'::/*%+3/!B'(4;!+%7!9/2$7!'5!7)B7+7%/$*/!'&!32:)/;! +7!%./!7/:5 D *'$7*+')7$/77!'5!7)&8:)7 D 32:)/;!+%7!/>%/&$2:+Q2%+'$!+$!%./!%'%2:+%4!'5!6.2%! +7!8'77+B:/!5'& !%./!9277/7!6+%.+$!%./!:+9+%7!%.2%!%./!1+3/$!*'$7%+%)%+'$!'5!7)&8:)7 D 32:)/!.27!&/2*./(@!%./!82&29/%/&7!'5!$/*/772&4!:2B'& D %+9/!2&/!`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

PAGE 62

! "I (/%/&9+$2%+'$!'5!7)&8:)7 D 32:)/!+$!2!1+3/$!*4*:/!'5!8&'()*%+'$b!%./4!R&/5:/*%S!+%7! 7%&)*%)&2:!(/%/&9+$2%+'$!+$!6.2%/3/&!%./+&!*'$%/$%!924!B/A #$(//(;!%./!7%&)*%)&/!+7!7%+::!+992$/$%!%'!+%7!/55/*%7;!6.+*.!9/2$7!%.2%!%./! &/8/%+%+'$ !'5!7)&8:)7 D 32:)/v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`)2$%+%4!'5!:2B'& D 8'6/&;!6.+*.!*2$!%./$!B/! /98:'4/(!+$!%./!B&2$*./7!'5!8&'()*%+'$!%.2%!*2$ !$'6!72%+754!%./!*./28/&!$/*/772&4! :2B'& D %+9/A!-.+7!2::!.27!B//$!*2)7/(!B4!%./!7%&)11:/!'3/&!8)B:+*!%&2$7+%!'&;!9'&/! 2B7%&2*%:4;!'3/&!%./!)&B2$!B'(4!2$(!%./!*'99'(+%+/7!*'$7%+%)%+3/!'5!+%7!32:)/A!#%!+7! *:/2&!%.2%!7)&8:)7 D 32:)/!+7!2$!/55/*%!'5!(/%/&9+$2%/!7 '*+2:!2$%21'$+797;!2$(! $/*/772&4!:2B'& D %+9/!+7!(/%/&9+$/(!'$:4!%.&')1.!+%7!&/5:/*%+'$7!+$!%./7/!7%&)11:/7A!

PAGE 63

! "c ['!/77/$%+2::4;!*28+%2:!B/1+$7!6+%.!2$!'&+1+$2:!+$3/7%9/$%;!2$(!'$:4! 1!'3+('*&$* &('!+!E+$!+%7!8&/7)88'7+%+'$@!%.2%!%./&/!R6+::!.23/!B//$S!7)&8:)7 D 3 2:)/!+$!%./!5)%)&/J! 6./$!%./!8&'*/77!'5!*+&*):2%+'$!&/%)&$7!%'!%./!*28+%2:+7%!9'&/!9'$/4!%.2$!627! +$3/7%/(A!['!+5!2!*28+%2:+7%!+$3/7%7!wFHHH;!%./!R*4*:/!'5!&/8&'()*%+'$S!+7!'$:4!*'98:/%/! 6./$!./!.27!&/*/+3/(!wFFHH!5&'9!*+&*):2%+'$b!2$(!'$:4!+$!%.+7!624!('/ 7!%./!wFHHH! +$3/7%/(!&/%&'2*%+3/:4!B/*'9/!*28+%2:!E =2&>!FGGH !Ih"JA!#%!5'::'67!%.2%;!+$7'52&!27! %.+7!32:)/!+7!/$%/&/(!B2*?!+$%'!%./!8&'*/77!'5!*+&*):2%+'$,8&'()*%+'$!2$(!$'%! )$8&'()*%+3/:4!*'$7)9/(;!/2*.!*4*:/!6+::!&/`)+&/!7)&8:)7 D 32:)/!%'!/>82$(;!%'!B/! &2+ 7/(!%'!2!.+1./&!:/3/:@!%./!*28+%2:+7%!9)7%!/98:'4!9'&/!*'$7%2$%!*28+%2:!2$(! 32&+2B:/!*28+%2:!2%!.+1./&!32:)/7;!27!%./!9277!'5!*'$7%2$%!*28+%2:!E9/2$7!'5! 8&'()*%+'$;!$'$ D 32&+2B:/!*28+%2:;!/%*AJ!1&'67!:2&1/&A!-./!.+1./&!32:)/!'5!32&+2B:/! *28+%2:!+7!%./$!&/5: /*%/(!+$!%./! "#++!"(&,!*4#26 ;!%./!8&'()*%+3/!B'(4;!'5!%./!:2B'&/&@! 6.2%!+7!2::'6/(!R6+%.+$!%./!:+9+%7S!'5!%./!(/3/:'89/$%!'5!7)&8:)7 D 32:)/A!#%!6'):(;!#! .'8/;!$'%!B/!8.+:'7'8.+*2::4!)$7')$(!%'!724!%.2%!27!%./!:2B'&!8&'*/77!B/*'9/7!9'&/! *'98:/> DD 27!9'&/!32:) /!+7!+$3/7%/(!+$!+% DD %./!32:)/!'5!:2B'& D 8'6/&!*2$!1&'6;! 7%2$(2&(7!'5!:+3+$1!*2$!+98&'3/;!/%*Ab!B)%!6.2%!('/7! $#( !*.2$1/!+7!%./!/*'$'9+*! &/:2%+'$!92$+5/7%!+$!%.+7!32:)/;!'&!+$!'%./&!6'&(7;! (./(*&(*&'*/$*!--!"(*#-*)./(*&'* 0!1%&((!2^01!'"1&4!2*46*'310+3' C ,/+3 A!U.2%!6/!.23/!./&/!B/1+$7!%'!:''?!:+?/!2$! M:%.)77/&+2$! J!&'( ;!27!#!&/92&?/(!2B'3/;!B)%!2! J!&'(* %.2%!('/7!$'%!8&/*/(/!+%7!'6$! /55/*%7 DD +%!+7!&2%./&!%./!)$+`)/!/55/*%!'5!%./+&!'6$!:+9+%2%+'$!B4!6.2%!%./4!8&'()*/!+$! %./!(/%/&9+$2%+'$!'5!32:)/A!\5!*')&7/;!+$ !&/2:+%4!%.+7! J!&'( !+7!B27/(!'$!*:277! />8:'+%2%+'$;!B)%!./&/!+%!+7!7/:5 D &/8&'()*%+'$!6+%.')%!1'2:;!6+%.')%!%/:/':'14!'&!2$4! %&2$7*/$(/$%2:!'BP/*%!'&!_ D '5 D (/7+&/!'$!%./!.'&+Q'$;!2$(!6.+*.!+7!9/&/:4!%./!

PAGE 64

! "d R32:'&+Q2%+'$S!'5!32:)/ DD %./!74$%./7+7!'5!32:)/!2$(!7)& 8:)7 D 32:)/;!8'%/$%+2:!2$(! &/2:+Q2%+'$;!&/%&'2*%+3/:4!+$%'! "/0&(/+ !E =2&>!FGGH !IhTJA! ['!./&/!6/!5+$(!%./!'&12$+Q2%+'$!'5!*28+%2:O7!R5)$*%+'$7;S!%./!(+7%&+B)%+'$!'5!+%7! R&/:2%+'$7S!B4!7)&8:)7 D 32:)/;!+$7'52&!27;!6+%.+$!*28+%2:;!R2::!%.2%!+7!7':+(!9/:%7!+$%'! 2 +&AS!M::!*'::/*%+3/!32:)/7;!(/7+&/7;!$/*/77+%+/7;!/%*A;!2&/!7)BP/*%!%'!(+77':)%+'$;!%'! &/*'$7%+%)%+'$!3+7 D 2 D 3+7!%./+&!7)B7%2$%+2:!*'$%/$%!E6.2%!921$+%)(/!'5!32:)/;! />8&/77/(!+$!%./!5'&9!'5!(/%/&9+$2%/!*'99'(+%+/7;!l!$/*/772&4!:2B'& D %+9/JA!U/!*2$! %./&/5'&/! *27%!')&!]&/+927+2$!7`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`)2:+%2%+3/:4!%&2$75'&9/(!+$%'!%./!(/%/&9+$2%+'$;!B4!%./!9277/7;!'5! %./+&!'6$!8':+%+*2:!/55/*%7A!-./!9277/7!R27!7)*.S!'&!+$!1/$/&2:;!27!2!8'7+%/(! /*01&* '5!%./!(/%/ &9+$2%+'$!'5!%./!*'::/*%+3/!B'(4;!*'9/!%'!(/%/&9+$/!%./+&!&/+5+*2%+'$!+$! %.+7!B'(4A!C)%!27!6/!.23/!7//$;!%.+7!1/$/&2:+%4!'5!%./!9277/7!*2$!B/!*2::/(!2! -&"(&#$* 6.+*.!+7!8&/7)88'7/(!+$!%./!$2&&2%+3+Q2%+'$!'5!8':+%+*2:!/55/*%7!B4!2!7%&)*%)&2:!*2)7/A! -.+7!$/6! 7%&)*%)&2:!*2)72:+%4;!.'6/3/&;!&/`)+&/7!%./!74$%./7+7!'5!%./!9277/7!6+%.!

PAGE 65

! "h %./+&!(/%/&9+$2%+'$! 73/* *:277@!5'&!+%!+7!'$:4!'$!%./!B27+7!'5!%./!&/5)7/(!(/%/&9+$2%+'$! '5!%./!9277/7!B4!32:)/!%.2%!%./+&!8&/7)88'7+%+'$!R27!7)*.S!*2$!B/!8'7+%/(!%.&')1.! 8':+%+*2:!7%& )11:/A!EM7!L%+/$$/!C2:+B2&!.27!8'+$%/(!')%;!9277!9'3/9/$%!6+%.')%!%./! 3+7+B+:+%4!'5!*:277!'5%/$!/$*')$%/&7!+%7!'%./&!52*/!+$!8'8):+7%!8&'%' D Y27*+79AJ!C)%!.'6! />2*%:4!('/7!%.+7!5'&9!2!8':+%+*2:!7+%/ DD .'6!('!9277!2$(!*:277!B/1+$!%'!*'+$*+(/i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

PAGE 66

! "" /"(&,&(6*73/*01#0!1(6 A!L%+/$$/!C2:+B2&!*2::7!% ./!:2%%/&!%./!R8&'8/&%4!&/:2%+'$;S!'5! 6.+*.!:2B'& D 8'6/&!27!7)*.!+7!%./!$/12%+3/@!R M! 01#0!1(6*1!+/(&#$* (/7+1$2%/7!%./!9'(/! '5!288&'8&+2%+'$!'5!%./!7'*+2:!8&'()*%A!-.+7!&/:2%+'$;!%./!e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i -.+7!8&'.+B+%/(!%/&9!288/2&7 DD +$!+%7!3/&4!+$3+7+B+:+%4 DD +$!%.2%!5'&9!'5!:+5/!E%.2%! R7+%/S!'5!2!8':+%+*2:!*'$P)$*%)&/;!/A1A;!R6'&?+$1!*:277SJ!6.+*.;!6+%.+$!2!5+/:(!'5!%./! 8'77+B:/;!+7!$'%!&/8&/7/$%/(!+$!%./!*'::/*%+3/!B'(4!'5!:2B'&;!B)% !6.+*.!+7!6.'::4! +992$/$%!%'!%.+7!B'(4;!2$(!+7!+$(//(!$/*/77+%2%/(!B4!+%7!&/8&'()*%+'$!E/A1A;!

PAGE 67

! "T +99+1&2$%!:2B'&Jb!%.+7!:'1+*!+7!.'9':'1')7!%'!%.2%!'5!*'99)$+7%!8':+%+*7!+%7/:5;! 6.+*.;!%.')1.!$'%!&/5:/*%/(!+$!%./!8'77+B:/!'5!%./!*'::/*%+3/!B'(4!'5!%./!9277/7; !+7! 4/%!+992$/$%!%'!%.+7!B'(4A!-./!R/9B'(4+$1S!&/3':)%+'$2&4!*:277!6+::!B/!%./!7)BP/*%! '5!%./!$/>%!*.28%/&A!U/!*2::!%.+7!8':+%+*7!*'99)$+7%!27!'88'7/(!%'! 2!%#"1/(&" ;!%./! &):/!'5!%./!8/'8:/!'&!%./!9277/7;!6.+*.!8)%7!*:277 D 73/ D 7%&)*%)&/!R)$(/&!/&27)&/Sb!+$! '99)$+79;!6/!.23/!%./!74$%./7+7;!%./! 0#'&(&$;* +$!'$/!2$(!%./!729/!*'$*/8%;!'5! 9277!2*%+'$!5&'9!6+%.+$!2$!+(/':'14!2$(!*:277!(+3+7+'$! 73/ !7%&)*%)&/A!q':+%+*2:! 7%&)11:/!%.2%!8)%7!:2B'& D 8'6/&!27!7)*.!+$!%./!8:2*/!'5!VF!9/(+2%/7!B/%6//$!%./! %&2$75'&92%+'$!'5!% ./!8/'8:/!27!2!8&'()*%+3/!5'&*/!5'& D +%7/:5!2$(;!6+%.!g+Q/?;!%./! 8'7+%+$1!'5!2!$/6!*2)7/!6.+*.!1/%7!')%7+(/!'5!%./!:'1+*!'5!8&'()*%+3/!5'&*/A!-.+7!+7! `)+%/!7+9+:2&!%'!%./!25'&/9/$%+'$/(!5'&9):2!'5!%./!&/3':)%+'$2&4!8&'*/77! 8&/7*&+B+$1!5'&!+%7/:5!2$!+(/':'1+ *2:!5'&9!'5!$/*/77+%4!E+$!%.+7!*27/!%./!$2&&2%+3/!'5! :2B'& D 8'6/&!27!7)*.J!27!2$!2$+92%+$1!8&+$*+8:/A!-./!:2%%/&!B/1+$7!%'!5)$*%+'$!27!2! 9'(/!'5!8&'()*%+'$!+5!%./!8&'*/77!92$21/7!%'!%2?/!8'6/& DD +%!+7!%./$!&/3/2:/(!+$!+%7! R%&)%.AS! U.2%!+7! D VF;!%./!&/3':)%+' $2&4!2*%;!+$!%.+7!*'$5+1)&2%+'$i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

PAGE 68

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t should be noted that the "impossible" of labor power as such does n ot refer to objective exploitation, to the fact that C1 is always able to be dissolved into "real people," etc. -this is the domain of C2. Instead, C2 is that remainder of exploitation which is not real people as such but rather a self relation that is "i n the masses more than themselves."

PAGE 69

! "G B4!2$!+$3+7+B:/!.2$(!+$(+55/&/$%!'&!%&2$7*/$(/$%!%'!+%;!B)%!B4!2!R82&%+2:S!2$(!/$121/(! *:277!8'7+%+'$!E%./!'6$/&!*:277JA!-./!R*'::/*%+3/!B'(4S!'5!%./!'6$/&!*:277;!%./!(/7+&/! '5!%./!B')&1/'+7 +/!E+%7!R'B7*)&/!'BP/*%;S!+$!%./!6'&(7!'5!W)+7!C)$)/:J;!+7!7+98:4!%./! />8&/77+'$!'5!%.+7!*:277 D 8'7+%+'$! 73/ !7%&)*%)&/ DD /3/$!27!7)&8:)7 D 32:)/!27!2$!2B7/$%! *2)7/!'&+1+$2%/(!+$!*'$%+$1/$%!9277!2*%+'$!E/A1A;!%./!q&'%/7%2$%!6'&?!/%.+*J;!%./! 9'3/9/$%!'5!%./!9277 /7!9)7%!8277!+$%'!2$!2B7/$%!*2)7/;!6.+*.!%./$!2*`)+&/7!2$! 2)%'$'94!'5!+%7!'6$!2$(!('9+$2%/7!%./9A!-.+7!+7!'$/!7/$7/!+$!6.+*.;!+$!=2&>O7! 6'&(7;!R%./!%&2(+%+'$!'5!2::!(/2(!1/$/&2%+'$7!6/+1.7!:+?/!2!$+1.%92&/!'$!%./!B&2+$!'5! %./!:+3+$1S!E BVE !hGhJA!-./!B')&1/' +7+/;!+$!2::!'5!+%7!.+7%'&+*2:!5'&97;!*'):(!%./$!B/! *2::/(!%./!R21/$%7!'5!7)&8:)7 D 32:)/;S!%./!&/8&/7/$%2%+3/7!'5!%.2%!8:2*/!5&'9!6.+*.!%./! *'::/*%+3/!B'(4!+7!/>*:)(/(;! 4!"/3'! !+%!+7!2$!/55/*%!'5!%.+7!8:2*/ DD 2$(!%.+7!/3/$!%.')1.! :'$1!21';!B4!7'9/!2*%!'5!5&/ /('9;!'5!R)$*'$7*+')7:4S!8&/7)88'7+$1!2!$/6!5'&9!'5! $/*/77+%4;!%./!*'::/*%+3/!B'(4!+$!%./!5'&9!'5! D VF!8'7+%/(!%.+7!8:2*/!E#!6+::!/>8:2+$!%.+7! +98'&%2$%!*:2+9!+$!2!9'9/$%JA!-./7/!&/8&/7/$%2%+3/7;!&2%./&!%.2$!/>8&/77+$1! $/*/772&4!:2B'& D %+9/;!/>8&/77!2$(!1+3/ !B'(4!%'!%./! !W0/$'&#$ !'5!7)&8:)7 D 32:)/@!%'! 7)&8:)7!:2B'& D %+9/;!:2B'& D %+9/!/>%&2*%/(!27!7)&8:)7 D 32:)/;!*./*?/(!27!+%!+7!B4!*&+7+7! 2$(!7%&)11:/7!'3/&!$/*/772&4!:2B'& D %+9/!B4!%./!6'&?+$1 D *:277A!\$/!9+1.%!*'982&/! %./7/!&/8&/7/$%2%+3/7!%'!%./!1)2&(!'5!%./!p''& !'5!%./!W26!+$!<25?2O7!RC/5'&/!%./! W26AS! !-.+7!+7!2::!%'!724;!7)&8:)7 D 32:)/!27!2!7%&)*%)&2:!8:2*/!+7!$'%!7+98:4! (/%/&9+$2$%!'5!*:277 D 8'7+%+'$7;!B)%!+7!+%7/:5!2!*:277 D 8'7+%+'$A!M7!6/!.23/!7//$;!+%!+7! 9/(+2%/(!B4!%./!7+9):%2$/')7!/>*:)7+'$! /$2 !+$*:)7+'$;!%. /!R+$*:)7+'$!3+2!/>*:)7+'$;S! '5!+%7!'%./&!EVIJ@!+5!7)&8:)7 D 32:)/!+7!%./!*'$*&/%/!ER&/2:!/>8:'+%2%+'$SJ!2%!%./!./2&%!'5!

PAGE 70

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c !#$(//(;!&2%./&!%.2$!B/+$1!9/2$+$15):!+%7/:5;!%.+7! /"(&,&(6 8&'()*/7!9/2$+$1 Fd ;!+$!%./!5'&9!'5!*'::/*%+3/!(/7+&/A!p/7%&'4+$1!%./!&/8&/7/$%2%+3/7! '5!%./!*:277!6+::!('!$'%.+$1;!5'&!%./!8'+$%!'5!:'*2:!&/3':)%+ '$2&4!8&'*/77!+7!%'!B/1+$!%'! 8&/7)88'7/!2!$/6!'$/;!'&!&2%./&!'$/!%.2%!288/2&7!+$!%./!9'9/$%!'5!2!&/3':)%+'$2&4! 2*%!2$(!%./!8'7+%+$1;!+$(//(!%./!&/5:/*%+3/!(/%/&9+$2%+'$;!'5!+%7!*'$7/`)/$*/7A! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! Fc I am indebted to Slavoj Zizek's Parallax View for the argument that surplus value corresponds to "drive" in this sense ( Zizek 2006 61). Fd We can even link the commodity form to Lacan's "phallic signifier": the commodi ty form is that mediator between surplus value, an activity without an object, and specific use values, or determinate "objects of desire" that are always produced anew with each cycle of surplus value, and are therefore never posited for the last time. Th is last is true because the use values consumed for the production of labor power are always use values for surplus value value productively consumed so that surplus value results ("my desire is the Other's desire"): a revolutionary act occurs when this a lienation of the masses' collective body (in the Other) passes into "separation," that is, when C1 and C2 coincide as "two sides of the same coin" (when desire becomes drive). One is the drive of the owner class, and the other of the laboring class.

PAGE 71

! TF W/%!)7!%./$!724!+%@!'$:4!+$!%./!$'% D 8&/7*&+B/(!2*%;!+$!%./!*'$%+ $1/$%!R&+7?S!%.2%! R4')!%2?/!)8'$!4')&7/:5;S!*2$!4')!&/3/2:!6.2%!+7!5'&B+((/$!EVIJ!27!%.2%!6.+*.!%./! 7%&)*%)&/!$//(7!2$(!&/8&/77/7!E `ab* FGTJ Fh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b!%./$;!%./!$/12%+'$!'5! %.+7!+99/(+2%/!)$+%4!'$*/!6/!7/ /!%.2%!7)&8:)7 D 32:)/!8&'()*/7!+%7!'88'7+%/;!%.2%! 6.+*.!+7! 3$%!/'31/4+! !B4!32:)/!B/*2)7/!+%!+7!/98%4!'5!*'$%/$%;!+$!'&(/&!%'!B/!+%7/:5b! 5+$2::4;!%./!$/12%+'$!'5!%.+7!$/12%+'$!%.&')1.!%./!7%&)*%)&+$1!'5!%./!*'::/*%+3/!(/7+&/! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! Fh As Pe ter Hallward writes, "in order to reveal the proletariat as the foundation of the capitalist situation, politics first requires a revolutionary intervention that is itself strictly outlawed from [the consistency of] that situation" ( Hallward 2006 107). Of course, we must replace "outlawed from" with "radically contingent with regard to."

PAGE 72

! TI '5!%./!9277/7A!-.2%!+7!%'!724;!6/ !1'!5&'9!%./!7%&)*%)&/!+(/$%+*2:!6+%.!E&2%./&!%.2$! &/5:/*%/(!+$!2$(!'5J!+%7!/55/*%7!%'!%./!7%&)*%)&/!27!2!&/8&/77+'$!'5!%./!*'$%&2&4!'$! 6.+*.!+%!&/:+/7A!U/!5+$2::4!&/2*.!%./!R'3/&*'9+$1S!E '34+/(&#$ J!'5!%.+7!&/8&/77+'$! %.&')1.!%./!7%&)*%)&/O7!/>+7%/$*/!27!% ./!*'::/*%+3/!(/7+&/7!'5!%./!9277/7;!6.+*.! 8'7+%7!2!(/7+&/(!_!El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p/7+&/!*2$!* '+$*+(/;!'5!*')&7/;!6+%.!%./!9'7%!/>*&)*+2%+$1!:2B'&;!6+%.!%./! 9'7%!/1&/1+')7!/>8:'+%2%+'$!'5!:2B'& D 8'6/&A!C)%!%./!8'+$%!+7!8&/*+7/:4!%.2%!%./! 8'7+%+$1!'5!:2B'& D 8'6/&!27!7)*.;!%&2$75'&92%+3/!27!+%!+7!'5!%./!8&'()*%+3/!5'&*/7;!+7! 2:6247!2! 1&'9 !2$(!$/3/&!$/* /772&4 #" %./!7%&)*%)&2::4!&/8&/77/(!%/&9!&/92+$7!7'!+$!%./!

PAGE 73

! Tc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t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b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

PAGE 74

! Td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j V1'".!&$3$;'-#1% k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`)/7%+'$7@!+7!+%!8'77+B:4!

PAGE 75

! Th %'!&/+54!2!%&):4!&/3':)%+'$2&4!2*%!+$!2!8'7+%+3/ !'&(/&i!\&!('/7!+%!$'%!$/*/772&+:4!&/3/&%! +$%'!+%7!'88'7+%/!6./$!8'7+%/(!R+$!%./!8:2*/!'5!q'6/&;S!+A/A;!+7!%./!8:2*/!'5!$/*/77+%4! $'%!$/*/772&+:4!%./!'6$/&!*:277!27!7)*.;!6.+*.!:+9+%7!2$(!(/92&*2%/7!6.2%!+7! 8'77+B:/i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b!'$/!*2$$'%! .23/!=2&>+79!6+%.')%!2!&/3':)%+'$2&4!2*%!%.2%!8 '7+%7!+%7!'6$!8&/7)88'7+%+'$!+$!%./! 5'&9!'5!2!$/6!9'(/!'5!8&'()*%+'$;!6.+*.!&/%&'2*%+3/:4!R+$*:)(/7S!%.+7!2*%!27!2! 9'9/$%!+$!+%7!1/$/&2%+'$A ! ! ! !

PAGE 76

! T" V.28%/&!c,, C2(+')!6+%.!<2$%@!\$/!p+3+(/7!+$%'!\$/ RU.2%!+7!%./!8&':/%2&+2%i!M::!%.2%!+7!.+7%'&+*2: :4!+$!%./!8&'*/77!'5!*)&+$1!+%7/:5!'5!2! 9'&%2:!8':+%+*2:!(+7/27/A!#%!+7!2!7)&3+3+$1!B'(4;!B'&$/!5&'9!&'%A!0/3/&!*)&/(;!6/! 7.'):(!$'%/;!2:6247!+$!%./!8&'*/77!'5!B/+$1!*)&/(AS! DD !M:2+$!C2(+');! >.!#16*#-*(.!* I34*//(7!%.+7!7%&)*%)&/!6+%.!%./!7)88:/9/$%2%+'$!'5!6.2%!M:2+$!C2(+')!.27!*2::/(!2! R%'&7+'$;S!'&!9'&/!8&/*+7/:4;!2!%'&7+'$!'5!%./!1/$/&+*A!#!6+::!B/1+$!B4!&/%)&$+$1!%'!%./! %./'&4!'5!+(/':'14!6+%.!<2$%O7!%.+&(!V&+%+`)/!27!2$!2::4A!^+7!9/(+%2%+'$! '$!&/5:/*%+3/! P)(19/$%;!$'%!$/*/772&+:4!+$!'88'7+%+'$!%'!B)%!27!2!78:+%%+$1!'5!(/%/&9+$2%/! P)(19/$%;!6+::!8&'3+(/!%./!1&')$(7!5'&!2!%./'&4!'5!%./!&/:2%+'$!'5!%./!&/3':)%+'$2&4! 7/19/$%!'5!%./!*'::/*%+3/!B'(4!%'!+%7!'6$!$/12%+3+%4A!#!6+::!%&4!%'!&/2(!<2$%!6+ %.')%! +$%&'()*+$1!%''!92$4!$/6!%/&97!B/7+(/7! 2!(!1%&$/(&,&(6* 2$(! 1!-+!"(&,&(6 A!a:%+92%/:4;! %.+7!2$2:47+7!'5!<2$%!6+::!%)&$!'$!2$!/>*/77!1/$/&2%/(!B4!%./!8&'*/77!'5! +$%/&8/::2%+'$;!$29/:4!R%.2% D 6.+*. D 627 D %' D .23/ D B//$ D +$%/&8/::2%/(;S!%.2%!R%.+$1S!'&! _!6.+*.! +(/':'14!&/8&/7/$%7!27!.23+$1!*2)7/(!+%7/:5A!#!*2::!%.+7!_!R%.2% D 6.+*.S!+7! &/8&/7/$%/(A!

PAGE 77

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`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

PAGE 78

! TX n/5:/*%+3/!P)(19/$%!2$(!%./!:2*?!'5!+$%/&8/::2%+'$ -'!B/1+$;!#!6+::!&/2 (!<2$%O7!P)(19/$%!'5!&/5:/*%+'$!27!2!9'(/:!5'&!%./!7/:5 D &/5:/*%+'$! '5!2!*'::/*%+3/!B'(4;!6.+*.!*'$7%+%)%/7!%./!&/2:!'5!2!&/3':)%+'$2&4!8&'*/77;!27!6/::!27! %./!&/2:!%.2%!8)$*%)&/7!2!7%&)*%)&/(!5'&9!'5!8&/7*&+8%+'$!EVFJA!n/5:/*%+3/!P)(19/$%! 6+::!./&/!5)$*%+' $!27!%./!:'1+*!'5!2!*'99)$+7%!2*%A!#%!8&'$')$*/7!$'%.+$1!6+%.!&/12&(! %'!2$!'BP/*%O7!*'$*/8%A!-.2%!+7!%'!724;!%./!7)BP/*%!/$*')$%/&7!2$!+$%)+%+'$!%.2%!8'7/7!2! *.2::/$1/!%'!%./!'BP/*%+3/!32:+(+%4!'5!%./!(/%/&9+$+$1!'&!+(/$%+54+$1!*'$*/8%7!'5!%./! )$(/&7%2$(+$ 1A![)*.!'BP/*%7!+$*:)(/!%./!'BP/*%!'5!2&%!'&!%./!%.+$1!6.+*.!#!5+$(! B/2)%+5):A! x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`)'%/!5&'9!uG@ U./$!%.+7!.288/$7;!%./!*'1$+%+3/!8'6/&7!B&')1.%!+$%'!8:24!B4!%.+7! 8&/7/$%2%+'$!2&/!+$!5&//!8:24;!B/*2)7/!$'!(/%/&9+$2%/!*'$*/8%!&/7%&+*%7!%./9! %'!2!82&%+*):2&!&):/!'5!*'1$+%+'$A!^/$*/!%./!9/$%2:!7%2%/!+$!%.+7!8&/7/$%2%+'$ 9)7%!B/!2!5//:+$1;!2**'982$4+$1!%./!1+3/$!8&/7/$%2%+'$;!'5!2!5&//!8:24!'5!%./! 8&/7/$%2%+'$2:!8'6/&7!(+&/*%/(!%'!*'1$+%+'$!+$!1/$/&2:A!jAAAk!-.+7!7%2%/!'5! -1!!* 0+/6 !'5!%./!*'1$+%+3/!8'6/&7;!2**'982$4+$1!2!8&/7/$%2%+'$!B4!6.+*.!2$!

PAGE 79

! TG 'BP/*%!+7!1+3/$;!9)7%!B/!) $+3/&72::4!*'99)$+*2B:/b!5'&!*'1$+%+'$;!%./! (/%/&9+$2%+'$!'5!%./!'BP/*%!6+%.!6.+*.!1+3/$!8&/7/$%2%+'$7!2&/!%'!.2&9'$+Q/! jAAAk!+7!%./!'$:4!624!'5!8&/7/$%+$1!%.2%!.':(7!5'&!2$4'$/A!E<2$%!FGX"!u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`)2:+%4!'5!2*%+3+%4@! &2%./&!%.2$!%+/!%./!7)BP/*%!%'!2!7)B7%2$%+2:!2$(!*'$%+$1/$%:4!2&+7/$!&/8&/7/$%2%+'$;! %.+7!P)(19/$%!+$3':3/7!%./!/98%+$/77!'5!%./!7 )BP/*%!'5!2$!'BP/*%;!6.+*.!+7!2B:/!%'!B/! *'99)$+*2%/(!)$+3/&72::4!B/*2)7/! (.!1!*&'*/*;/0*4!()!!$*/++*'34
PAGE 80

! XH %.+$?7;!'$:4!27!2$!/98%4!5'&9!'5!/>8/&+/$*/;!6+%.')%!2!*:)/!27!%'!%./!(/%/&9+$2* 4!'5! %./!R$')9/$2:S!7)BP/*%!%.2%!%.+$?7A! Y'&!<2$%;!6./$!#!%.+$?!%./!5'&9!'5!288/&*/8%+'$!6+%.')%!2$4!+$%)+%+3/! *'$%/$%;!2::!#!?$'6!+7! (./(*H*/% ;!6.+:/!#!29!*'$7%+%)%+3/:4!B2&&/(!5&'9! )./(* #!29;!+A/A;! 5&'9!%./!*'$%/$%!'5!94!B/+$1!E <2$%!FG"X !FhT!CJA!C)%! &-* H*2&2*./,!*/""!''*(#*%6'!+-*/'* /*T(.&$;X*(.!$*H*)#3+2*$#*+#$;!1*./,!*0.!$#%!$/+*!W0!1&!$"! ;!+$7'52&!27! %&2$7*/$(/$%2:!288/&*/8%+'$;!/>8/&+/$*/!+$!1/$/&2:;!R+7S!%./!:2*?!'5!+%7!'6$!B/+$1! 2$(!'5!2!7)B7%2$%+2:!7)88'&%! L g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

PAGE 81

! XF %./!6'&:(! /' !288/2&2$*/7 A!\88'7+%/7!*'+$*+(/@!2%!%./!9'9/$%!%.2%!#!B/*'9/!8)&/! 7)BP/*%!#!29!&/()*/(!%'!8)&/!'BP/*%;!)$2::'4/(!7)B7%2$*/!%'!6.+*.!$'%.+$1!288/2&7A! U/!9+1.%!724!%.2%;!+$!&/5:/*%+3/!2/7%./%+*!P)(19/$%;!#!&/5:/*%!'$!%.+7!R:2*? D '5 D B/+$1S! 6.+*.!(/5+$/7!9/! /$2*-&$2*!$<#6 %!$(*&$*&( A!=4!/$P'49/$%!B/*'9/7!+(/$%+*2:!%'!%./! 3/&4!*'$(+%+'$!'5!94!7)BP/*%+3+%4A ^'6!*2$!6/!&/:2%/!%./7/!?/4!8'+$%7!'5!%&2$7*/$(/$%2:!+(/2:+79!%'!%./! &/3':)%+'$2&4!7)BP/*%i!-./!+$%/&8/::2%+'$!'5!2!7)BP/*%;!6/!9+1.%!724;!&/%&'2*%+3/:4! 8&'()*/7!2!&/92+$( /&!%'!%.+7!8&'*/77@!R%.2% D 6.+*. D 627 D %' D .23/ D B//$ D +$%/&8/::2%/(;S! '&!%./!R%.+$1S!6.+*.!%./$!1/%7!+$%/&8/::2%/(A! \5!*')&7/;!6.2%!/98+&+*2::4!8&/*/(/7!7)BP/*%+5+*2%+'$!+7!2$! &$2&,&23/+ ;!2!B'(4! 6.+*.!+7!$'%!4/%!&/78'$7+B:/!5'&!+%7!2*%+'$7A!C)%!./&/!6/!.23/!2$ !R_S!8'7+%/(!27! 8&/7)88'7/(!B4!%./!'8/&2%+'$!'5!+(/':'14;!2!R%.+$1S!6.+*.!%./$!+7!/552*/(! 4!"/3'!*&(* 01!"!2!'*&2!#+#;6*/$2*'#*"/$$#(*4!*1!-!11!2*(#*&$*&('*(!1%' A!Y'&!/>298:/;!6./$!#!724!R#! 29!&/78'$7+B:/!5'&!%.+7;S!.'6!('!#!:'*2%/;!+$!%.+7!*.2+$!'5!/$)$*+2 %+'$;!%./!R#S!6.'! 2#!'*(.!*'/6&$; i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

PAGE 82

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i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y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

PAGE 83

! Xc *'$(+%+'$!'5!:2%/!*28+%2:+79!8'7+%7!%.+7!'%./&!27!%./!92%/&+2:!B/+$1!'5!%./!7)BP/*%! +%7/:5A!#(/':'14;!27!2!8&'*/77;!+$(//(!8&'()*/7!%./!/>*/77!'5!6.2%!+%!*2$!&/8&/7/$%!+$! %./ !5'&9!'5!%./!R#;S!B)%!8&'()*/7!+%! /'* 8&/*/(+$1!+$%/&8/::2%+'$A!#$!%.+7!3/+$;!B)%! &/12&(+$1!%./!W2*2$+2$!7)BP/*%;!t2*`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q&/*+7/:4!6.2%!+(/':'14!('/7!+7 DD /2*.!%+9/!%.2%!2!7)BP/*%!+7!&/8&/7/$%/(!27!.23+$1! *2)7/(! +%7/:5!ERy')!2&/!&/78'$7+B:/!5'&!%.+7AAASJ DD 01#23"!*/'*&('*!W"+3'&#$*(.!*THX*(./(* 01!"!2!'*&( ;!%./!R7/:5 D %' D .23/ D B//$ D +$%/&8/::2%/(S!6.+*.!+7!)$7242B:/!6+%.+$!%./!5'&9! '5!&/8&/7/$%+$1!%./!7)BP/*%!27! "/3'/*'3& A! -.+7!R%.+$1S!%' D .23/ D B//$ D +$%/&8/::2%/(!+7!2$ !+98'77+B:/!'BP/*%;!2$!'BP/*%! 6+%.')%!&/8&/7/$%2%+'$;!5'&!2!1+3/$!+(/':'1+*2:!5+/:(A!#(/':'14!%./$!%)&$7!+$!2!3+*+')7! *+&*:/A!W+%/&2::4!2::!'5!+%7!*'$%/$%!*'$*/&$7!+%7/:5!6+%.! !--/"&$;*(.&'*&%0#''&4+!*#4
PAGE 84

! Xd 7)B7+7%/$*/A!-./!*'::/*%+3/!B'(4!)$(/&!VF!B/*'9/7!2!R +&!3 C (!$/$( S!'&!2!8:2*/ D .':(/&! 5'&!%.2%!6.+*.!.27!$'!8:2*/!+$!%./!7%&)*%)&/A!-./!*'::/*%+3/!B'(4!+7!8'7+%/(!27! &/()*+B:/!%'!+%7!7)&3+32:;!%'!%.2%!6.+*.!+%!+7!+$%/&8/::2%/(!% '!*'$7)9/!2**'&(+$1!%'!%./! :+9+%7!'5!32:)/A!VF!R`)+:%7S!'&!B+$(7!%./!*'::/*%+3/!B'(4!%'!+%7!*'$7%+%)%+3/!/>*:)7+'$;! %./!8&/ D +(/':'1+*2:!R#;S!B4!*+&*):2%+$1!2$!'BP/*%!6.+*.!+7!8'7+%/(!27!'8/$+$1!'$%'!2! 827721/!5&'9!+(/':'14!%'!%./!R#S!6.+*.!78/2?7 DD %./!*'99 '(+%4 D %' D B/ D *'$7)9/(!_A! -./!2*`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p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

PAGE 85

! Xh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y')!2&/! &/78'$7+B:/!5'&!4')&!7)&3+32:;!B)%!/$P'4!+%ZS;!2$!+$3/&7+'$!'5!7)*.!2!5' &*/(! (/%/&9+$2%+'$!'5!%./!*'::/*%+3/!B'(4!+$%'!2$!2*%+3+%4!%.2%!+%;!27!+%!6/&/!8/&3/&7/:4;! /$P'47A!n/3':)%+'$2&4! '!+C "#$'"'$!''*/,#)'*(.&'*+/"9 C #C 4!&$;@*!%0(&!'*(.!*THX*#3(* #-*/++*(./(*"#$(!$(*-#1*).&".*(.!*&$(!10!++/(!2*'34* /77!'5!2!&/2:!R#S!%.2%!7%2$(7!5'&!%./!*'$7%+%)%+3/!')%7+(/!'5!+(/':'14;!%.+7!R#S!+7! 1/$/&+*!5'&!2$4!7)BP/*%!6.2%7'/3/&A!-./!+$%/&8/::2%/(!7)BP/*%;!+$!%./!5'&9!'5!%./! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! FT !U/!9+1.%!./&/!%.+$?!'5!<2$%O7!(+7%+$*%+'$;!+$!%./!5+&7%!V&+%+`)/;!B/%6//$!% ./!$/*/772&4!+$5+$+%/!2$(! %./!R+$(/5+$+%/S@!6/!('!$'%!?$'6!6./&/!%./!+$(/5+$+%/!7%'87;!6./&/27!%./!+$5+$+%/!+7!B4!$2%)&/!2$(! $/*/772&+:4!%./!(/%/&9+$2%/!$/12%+'$!'5!5+$+%)(/A!U/!('!$'%!?$'6!6./&/!7)&3+32:!7%'87;!B/*2)7/! B+':'1+*2:!(/2%.!+$%/&3/$/7!2$(!(+77 ':3/7!78/*+5+*!5'&97!'5!:+5/A!

PAGE 86

! X" *'::/*%+3/!B'(4;!8277/7!5&'9!%./!7)BP/*%!'5!&/8&/7/$%2%+'$!27! "/3'/*'3& !+$%'!%./!&/2:! 7)BP /*%!6./$!+%!+(/$%+5+/7!6+%.!%./!+98'77+B+:+%4!'5!.23+$1 D B//$ D &/8&/7/$%/(;!+A/A;! 6+%.!%./!R#S!6.+*.!+7!1/$/&2%/(!27!8&/*/(+$1!%./!8&'*/77!'5!+$%/&8/::2%+'$A!#$!'%./&! 6'&(7;!%./!B'(4!27!7)BP/*%/(!%'!7%&)*%)&2:!/>8:'+%2%+'$!E+992$/$%!5'&*/7,&/:2%+'$7! '5!8&'() *%+'$!*'$%&2(+*%+'$J!8277/7!+$%'!%./!B'(4 D 27 D +98'77+B+:+%4 D '5 D +(/':'14!6./$! %./!R#S!'5!+(/':'14;!+%7!`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i -./!1/$/&+*!B/+$1!'&!:2*? D '5 D B/+$1!'5!%./!*'::/*%+3/!B'(4!288/2&7!B4!9/2$7!'5!2! *'99)$+7%!2*%A!#$!.+7!&/2(+$1!'5!^/1/:;!C2(+')!2&1)/7!5'&!%./!9+$+92:!(+55/&/$*/! B/%6//$!2!8:2*/!'5!7)BP/*%+5 +*2%+'$!2$(!R%.2% D 6.+*.S!E94!%/&9J!+7!7)BP/*%/(A!\5!

PAGE 87

! XT *')&7/;!C2(+')!('/7!$'%!)7/!%./!%/&9!7)BP/*%+5+*2%+'$;!B/*2)7/!5'&!.+9!%./!8&'*/77!'5! 7)BP/*%+5+*2%+'$!+7!'$:4!2$(!2:6247!2!&/3':)%+'$2&4!8&'*/77A!C2(+')!92&?7!%.+7! 7*+77+'$!B/%6//$!8:2*/!2$(!%.2% D 6.+*. D + 7 D ')% D '5 D 8:2*/!27!%./!(+55/&/$*/!B/%6//$!q! 2$(!M!EC2(+')!IHHG!" D TJA!M!+7!2!%/&9!R27!7)*.S!2$(!q!+7!%./!R78:2*/!'5!8:2*/7;S!%./! '&(/&!'5!(/%/&9+$2%+'$;!*'&&/:2%+3/!+$!94!2**')$%!%'!+(/':'1+*2:!&/8&/7/$%2%+'$7!27! %./!1:)/!'&!7)BP/*%+54+$1!9/*.2$+797!'5!2!7%& )*%)&/!6.+*.!.':(!%./!%/&97!'5!%./! 7%&)*%)&/!+$!8:2*/A!-./!/77/$*/!'5!.+7!2**')$%!+$3'?/7;!27!2!5+&7%!9'9/$%;!M DD 2$4! %/&9!6.2%7'/3/& DD 27!2%!'$*/!+%7/:5!2$(!M8;!+%7!+$(/>+$1!B4!2!8:2*/!E+B+(!FdJA!-./&/!+7! B'%.!%./!%/&9!R27!7)*.S!2$(!+%7!+$%/&8/::2%+'$!'&!(/ %/&9+$2%+'$!B4!%./!78:2*/!'5! 8:2*/7@!R-./!+$*:)(+$1!%/&9;!6.+*.!+7!%'!724!%./!8:2*/;!%./!78:2*/!'5!8:2*/9/$%;!+7! $29/(!jAAAk!%./!('9+$2$%!%/&9;!'&!%./!8&+$*+82:!278/*%!'5!%./!*'$%&2(+*%+'$A!-./!'$/! %.2%!+7!+$*:)(/(;!5'&!+%7!82&%;!+7!%./!7)BP/*%!'5!%./!*'$% &2(+*%+'$A!#%!+7!7)BP/*%/(!%'!%./! '%./&;!2$(!+%!+7!%./!'$/!%.2%!&/*/+3/7!%./!92&?!jAAAkA!E+B+(!FcJA! -2?/!%./!6'&?+$1!*:277!+$!+%7!()2:!&':/!27!7)BP/*%!%'!+%7!8:2*/!27!2!8&'()*%+3/! 5'&*/!+$!6.2%/3/&!+7!%./!*)&&/$%!5'&9!'5!+%7!(/8:'49/$%!27!2$!/>8:'+%/(!92 77 DD 7'!%./! *'$%/98'&2&4!%/*.$':'14!'5!%./!8&'()*%+'$!'5!%./!8&'()*%+3/!5'&*/!6'):(!B/!%./! *'::/*%+3/!B'(4!'5!(/7+&/A!Ml6'&?+$1!*:277!27!7)*.;!ql&/:2%+'$!'5!8&'()*%+'$!+$! B')&1/'+7!7'*+/%4;!M8l*'::/*%+3/!B'(4!'5!(/7+&/A!#%!.27!%./!7%2%)7;!2**'&(+$1!%'! C2(+' );!'5!M8EMM8J;!9/2$+$1!%.2%!%./!8:2*/!('9+$2%/7!%./!78:+%!+(/$%+%4!'5!%./!%/&9;! +%7!(')B:/(!+(/$%+%4A!M!+7!'$:4!%.+$?2B:/!+$!2**'&(2$*/!6+%.!%./!+$(/>!'5!+%7! 8:2*/9/$%!EMlMM8;!+$(/>/(!+$!+%7!8:2*/JA!C)%!%./!+7':2%+'$!Ml6'&?+$1!*:277!2$(! ql&/:2%+'$!'5!8&'() *%+'$! /+)/6' !8&/7)88'7/7!M8;!%./!*'$*&/%/!)$+'$!'5!'88'7+%/7!'&! *'$%&2&+/7!+$!%./!8:2*/9/$%!'5!R%.2% D 6.+*. D +7 D 8:2*/(;S!6.+*.!W2*2$!*2::7!%./! +&!3 C

PAGE 88

! XX (!$/$( !'&!8:2*/ D .':(/&A!M!+7!'$:4!%.+$?2B:/!5&'9!%./!8'7+%+'$!'5!+%7!8:2*/9/$%!+$!%./! 7%&)*%)&/(!6.':/!'5!8:2* /7@!8F;!8I;!m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

PAGE 89

! XG C2(+')!&/2(7!=2&>O7!277/779/$%!'5!%./!q2&+7!V'99)$/!27!&/92+$+$1!6+%.+$!%./! 8&+92*4!'5!8:2*/9/$%!qEMM8J;!B/*2)7/!=2&>!8&'3+(/7!$'! $!)*-#1"! !%.2%!+7!*282B:/!'5! 8&/7)88'7+$1!2!$/6!+$(/>!'5!8:2*/9/$%!5'&!+%7/:5!E+B+(!dh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jq2&+7k! V'99)$/S!E+B+(!d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dcJA!C2(+')!6&+%/7@ #%!+7!*:/2&!%.2%!%./!8'+$%!'5!288:+*2%+'$!'5!%./!B')&1/'+7!7)BP/*%+3/!5'&*/! 6+%.+$!%./!78: 2*/!+7!+$%/$(/(!%'!8&/3/$%!%./!*'$7%+%)%+'$!')%!'5!8:2*/!'5!%./!

PAGE 90

! GH 8&':/%2&+2$!7)BP/*%+3/!5'&*/A!-./!5)$(29/$%2:!%2&1/%!'5!7)BP/*%+3/!2*%+3+%4!+7! %./&/B4!%'!B:'*?!%./!8&'*/77!'5!*'$*/$%&2%+'$!E'5!8)&+5+*2%+'$J!'5!%./! 2$%21'$+7%+*!5'&*/A!#%!+7!2!92%%/&!'5!92+$ %2+$+$1!%./!:2%%/&!92>+92::4!(+:)%/(! 2%!2::!*'7%;!/3/$!+5!%.+7!(+:)%+'$!+7!92(/!)8!'5!+$$)9/&2B:/!&/3':%7A!E C2(+')! IHHG !dcJ -./!:27%!7/$%/$*/!+$(+*2%/7!%.2%!%./!B')&1/'+7!7)BP/*%;!6.+*.!/>+7%7!%'!8&/3/$%!%./! 8&':/%2&+2%!5&'9!*'$*/$%&2%+$1!+%7/:5!+$%'!2!5'& */!6.+*.!(/%/&9+$/7!+%7!8:2*/9/$%;! :/23/7!2!8:2*/!'8/$!5'&! 1!,#+( K M8EMM8J;!%./!277+1$9/$%!'5!8:2*/7!B4!%./!8:2*/;!*2$! &/8&/7/$%!9277!&/3':%!27!2! 4!'(&%%!$ !'&!(/%/&9+$2%+'$!'5!5'&*/!27!%.2% D 6.+*. D +7 D %' D .23/ D B//$ D 8:2*/(;!2!5'&*/!6.+*.!+7!8&/(+*2%/(!+$!2(32$* /!'$!+%7!'6$!5)%)&/! /552*/9/$% @*73/* 5'&*/;!+$!&/5'&97!E+B+(!ddJA![)BP/*%+3/!8&':/%2&+2%!5'&*/!*.2$1/7!%./! "./1/"(!1 !'&!`)2:+%4!'5!%./!277+1$9/$%!8:2*/7;!2$(!+%!*'$*/&$7!+%7/:5!6+%.!%./! -#1% !'5! %./!(/%/&9+$2%+'$!'5!5'&*/!EM!&2%./&!%.2$!qJ!&2%./&!%.2$!%./!82 &%+*):2&+%4!'5! (.&' 8:2*/;!%./!2:%/&2%+'$!'5!6.+*.!8&/7/&3/7!%./!`)2:+%2%+3/!*'9B+$2%+'$!'5!8:2*/7!+$! (.!* '/%!* %'%2:+%4A!U.2%!%./!7)BP/*%+3/!B')&1/'+7!5'&*/!%&+/7!%'!('!+7!%'!7.&+$?!%./! *'$*/$%&2%+'$!'5!%./!8&':/%2&+2%!5'&*/!%'!2:9'7%!$'%.+$1 DD 27!6/!6+::!7 //;!%./! B')&1/'+7!(+7%&+B)%+'$!'5!8:2*/7!1+3/7!%./!8&':/%2&+2%O7!$/12%+3+%4!%'!+%!+$!%./!7.28/!'5! 2$!+98'77+B:/!'BP/*%!E5'&!+%J;! &('*#)$*'34'(/$(&/+*4#26 A!M$(!%./!8&':/%2&+2%!5'&*/!+7! /77/$%+2::4!%./!R:2B'&!'5!%./!8'7+%+3/;S!%./!`)2:+%2%+3/!8'7+%+$1!'5!2!$ /6!8&/7)8 D 8'7+%+'$!'5!8:2*/7A! ! -./!MB7/$%!V2)7/!'5!p/7+&/!+7!s2:)/

PAGE 91

! GF #!6'):(!$'6!:+?/!%'!/98.27+Q/!%./!`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`)/$%!&/8/%+%+'$!'5!%./! 5+1)&/!'5!8'7+%/(!8&/7)88'7+%+'$7;! I!(Q3$;*P#1/3' C '!(Q3$; A! Y+&7%!#!9)7%!%&/2%!%./!2B7/$*/!'5!2!*2)7/;!+%7!(+7288/2&2$*/;!%. &')1.!2! &/%&'2*%+3/!/&27)&/;!+$%'!%.2%!6.+*.!+%!*2)7/7A!W/%O7!7%2&%!6+%.!6.2%!#!*2::! (/%/&9+$2%+'$ D F!pF@!R8'77+B:/!(/7+&/AS!pF!+7!2!7/%!'5!8'77+B:/!(/%/&9+$2%+'$7!'5!%./! 7)BP/*%;!1+3/$!%'!+%!+$!%./!27)BP/*%+3/!8&'*/77/7!'5!7'*+2:!7)B7%2$*/A!W/%!)7!*2::!%.+ 7! (+7%&+B)%+'$!'5!8'77+B+:+%+/7!(/7+&/7A!-./!`)/7%+'$!+7!%./$!.'6!pF!B/*'9/7!:/12:+Q/(! B4!%./!:26!'5!VF;!%./!8&/7*&+8%+'$!'5!8'77+B+:+%+/7!B4!7)&8:)7 D 32:)/ DD .'6!%./!7)BP/*%! B/*'9/7!+$%/&8/::2%/(!%'!&/*'1$+Q/!+%7/:5!+$!%./9A!-./!(/%/&9+$2%+'$7!'5!%./!7)BP/* %! 2&/!8&/7/$%/(!%'!VF!5'&!:/1+%+92%+'$;!6.+*.!9/2$7!%.2%!+$!2!*/&%2+$!7/$7/!6.2%!627! 0#''&4+6*0#''&4+! !B/*'9/7! /"(3/++6*0#''&4+! ;!2!8'77+B+:+%4!6+%.!6.+*.!%./!7)BP/*%!

PAGE 92

! GI +(/$%+5+/7!2$(!2B')%!6.+*.!7./!*2$!724;!R-.2%O7!9/ZS!W/%O7!*2::!%.+7!:/1+%+92%+$1! 5)$*%+' $!'5!VF!RpI;S!%./!8&+$*+8:/!'5!7)BP/*%+5+*2%+'$!6.+*.!7%2%/7!%.2%!2::!(/92$(7! 2&/!B&')1.%!B/5'&/!%./!:26!'5!7)&8:)7 D 32:)/!+$!%./!5'&9!'5! (.!*,/+3!*#-*(.!*'34+3/:4! !--/"!' !+%7!'6$!`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

PAGE 93

! Gc R(/%/&9+$2%+'$7Sb!*'$7)98%+'$!+7!:/1+7:2%/(!B4!%./!8:2*/!'5!%./!7)BP/*%!+$!8&'()*%+'$! E+$!7'*+2:! 7)B7%2$*/JA!M::!'5!%.+7!%2:?!'5!32:)/!9/&/:4!9/2$7!%.2%!%./!7)BP/*%!+7! +$%/&8/::2%/(!%'!7)&3+3/;!2$(!%.+7!+$%/&8/::2%+'$!+%7/:5;!pI!27!7)*.;!(+7288/2&7!7'!%.2%! %./!7)BP/*%!288/2&7!%'!7'3/&/+1$:4!5+>2%/!'$!+%7!B+':'1+*2:!B'(4!27!2!*2)7/!2$(! (!+#' A! ['!%./! :/1+%+92%+'$!'5!(/%/&9+$2%+'$7!B4!pI!&/%&'2*%+3/:4!%&2$7*'(/7!%./! 8&/7/$%/(!(/7+&/7!+$%'!/+%./&!E|J!'&!E D J;!8'77+B:/!'&!+98'77+B:/A!\5!*')&7/;! (/%/&9+$2%+'$7!.23/!27!%./+&!8&/7)88'7+%+'$!7)&3+32: DD *'&8'&/2:!&/2:+%4!27!7)*. DD 2$(!%./+&!&/8&/7/$%2%+'$!27!8'77 +B:/!2::'67!%./9!%'!B/!5):5+::/(!+$!%./!782*/!'5!%./! *'::/*%+3/!B'(4A!C)%!6.2%!'5!%./! %/(!1&/+*"/3'!' !'5!(/7+&/;!%.'7/!(&+3/7!6.+*.! 9'%+32%/!%./!8&/7/$%2%+'$!'5!2!(/7+&/!%'!pIi![.'):(!6/!5'::'6!M(&+2$!t'.$7%'$!+$! 8&/7)88'7+$1!2$!27)BP/*%+3/!R_S!'5!$//(!27! 7)*.;!'5!%./!+$2&%+*):2%/!*&4!'5!B'(+:4! $//(!6.+*.!%./$!1/%7!%2?/$!)8!+$!2!R7+1$+54+$1!$/%6'&?S!+$!'&(/&!%'!B/!9/%! E t'.$7%'$!IHHh Ih" D IhTJi!U/!7.'):(!&2%./&!*2::!%./!27)BP/*%+3/;!R8&+9'&(+2:S!B27+7! '5!pF! (.!*01#"!''*#-*'(13;;+! ;!%./!6.':/!'5!+$%/&2*%+'$7!6 +%.+$!2$(!B/%6//$!%./!5'&97! '5!8&2*%+*/!'5!6.+*.!M:%.)77/&!'$*/!72+(!+%!+7!2!8&'*/77!6+%.')%!2!7)BP/*%A!-.+7! 8&'*/77!+$3':3/7!%./! 2#%&$/(&#$ ;!2%!2$4!1+3/$!%+9/!+$!2!7'*+2:!6.':/;!'5!'$/!5'&9!'5! 8&2*%+*/!27!%./!8&+92&4!'&!9'7%!(/*+7+3/!5'&9!'5!*:277!7%&)11: / DD '&!+$!'%./&!6'&(7;! %./!9'7%!(/*+7+3/!+$!%/&97!'5!/+%./&!&/8&'()*+$1!'5!`)2:+%2%+3/:4!%&2$75'&9+$1!%./! 9'(/!'5!8&'()*%+'$!27!7)*.A!M:%.)77/&!*2::7!%./!:2%%/&!R%./!/*'$'94;S!6.+*.!+7! (/%/&9+$2$%!+$!%./!:27%!+$7%2$*/A!Y'&!)7;!+%!+7!%./! 2!(!1%&$/(&#$'*#-*(. !*+&%&('*#-*(.!* '34
PAGE 94

! Gd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b!+%!+7!%./!&/:2%+'$!'5!/`)2:+%4!B/5'&/! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! FG !U/!9+1.%!724!%.2%!%.+7!*)%!+$7%+%)%/7!%6'!%48/7!'5!52$%27+/7@!R5)$(29/$%2:!52$%27+/7S!'5! "/3'/*'3& 2$(!%./!52$%274!'5!%./! +98'77+B:/;!6.+*.!+7!%./!&/2:!'5!52$%274A!

PAGE 95

! Gh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`)2:+5+*2%+'$7!'5!2!7)BP/*%;!%./! :265):!R+921/S!6+%.!6.+*.!+%!9)7%!+(/$%+54!&2%./&!%.2$!%./!8&'*/77!'5!7%&)11:/!'3/&! 6.2%!6+::!.23/!B//$!:265):;!7)B7%2$*/!32$+7./7!+$%'!+%7!R+992%/&+2:S!&/7):%!6+%.! 6.+*.!%./!7)BP/*%!+(/$%+5+/7 DD +%7!R9/S!'&!/1'!27!&/5 :/*%+'$!'5!2!9+77+$1!*2)7/A!-.+7! 9+77+$1!*2)7/!+7!%./$!&/%&'2*%+3/:4!*'$3/&%/(!+$%'! (.!*'34*//(7!%./!&/7):%!'5!%. /!:2%%/&A!#5!%./!7)BP/*%! &/7):%7!27!%./!*2)7/!'5!+%7/:5;!27!&/78'$7+B:/!5'&!%./!+(/$%+5+*2%+'$7!6.+*.!/9/&1/! 5&'9!8&2*%+*2:!8':+%+*7;!%./$!+(/':'14!*'$3/&%7!%.+7!R*2)7/S!+$%'!7)&3+32: DD %./! 92+$%/$2$*/!'5!%./!B+':'1+*2:!B'(4 DD 27!%./!R.'&+Q'$!'5!9/2$+$1S!'5! %./!7)BP/*%;!%./! />*/77!%'!2$4!82&%+*):2&!(/7+&/!6.+*.!92&?7!%./9! /++ A!n2%./&!%.2$!&/7):%+$1!27! 9/&/:4!5&//:4!*2)7+$1!+%7/:5;!%./&/!+7!2$!+&&/()*+B:/!&/92+$(/&!'5!+$%/&8/::2%+'$ DD %./! 7)BP/*%!2*%+$1!'$!+%7/:5!27!R'%./&!%.2$!6.2%!+%!+7S!8'7% D +$%/&8/::2%+'$ DD 6.+*.!+(/':'14! &/%&'2*%+3/:4!*'(/7!27!%./!92+$%/$2$*/!'5!%./!B'(4A!-./!5:')&+7.+$1!'5!7)BP/*%7!

PAGE 96

! G" 288/2&7!27!%./!B27+7!5'&!2::!7)BP/*%+3+%4A!-./!78/*+5+*!(/%/&9+$2%+'$7!'5!%./!7)BP/*%! 2&/!8'7+%/(!'$!%./!B27+7!'5!%.+7!R%&2$7*/$(/$%2:S!(/7+&/ D %' D 7)&3+3/;!B)%!%. /!:2%%/&!+7! 7+98:4!2$!2%%/98%!%'!&/8&/7/$%!2!5'&92:!/>*/77!ER%.2% D 6.+*.SJA!-.+7!%&2$7*/$(/$%2:! .'&+Q'$!+7!9/&/:4!2!&/5:/*%+'$!'5!%./!7)BP/*%O7!2B7/$%!+992$/$%!*2)7/A!n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

PAGE 97

! GT B//$!(+7%&+B)%/(;! %.2%!R%./!624!%.+$17!2&/S!6+::!.23/!%'!B/!&/5'&9/(!+$!'&(/&!%'!?//8! +%7!(/3+2%+'$7!+$!*./*?A!-./!'B3+')7!/>298:/!+7!%./!*'$3/&7+'$!'5!%./!\*%'B/&! n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

PAGE 98

! GX 8:2*/9/$%;!'&!9'&/!8&/*+7/:4! '3001!''&$;*/$2*01!'!1,&$; ;!&2+7+$1!%'!2!.+1./&!:/3/:;! %.+7!2:%/&$2%+'$i!-./!*'99)$+7%!2*%! 1!,!1'!'* qEM8J;!6.+*.!+7!*'&&/:2%+3/!%'!%./! 2:%/&$2%+'$!'5!%./!*2 )7/!'5!2!$/6!8:2*/!2$(!%./!32$+7.+$1!'5!%./!*2)7/!+$%'!%./! 8&'()*/(!8:2*/;!+$%'!MEM8J;!2$(!8&/7)88'7/7!%.+7!(/%/&9+$2%+'$!'5!(/%/&9+$2%+'$!27! %./!B27+7!5'&!+%7!2*%A! -./!*'99)$+7%!2*%;!&2%./&!%.2$!9/&/:4!(+7288/2&!+$%'!%./!%'%2:+%4!'5!+%7! /55/*%7!27!2$!2B7 /$%!*2)7/;! 0#'&('*(.!*/4'!$"!*#-*/*"/3'!*/'*'3". !27!+%7!8&/7)88'7+%+'$A! -./!*'99)$+7%!2*%!8'7+%7!%./!5'&/*:'7)&/!'5!2!*2)7/!%.2%!627!%'!.23/!&/%&'2*%+3/:4! (+7288/2&/(!+$!+%7!/55/*%7;!+A/A;! &(*!--!"('*/*+&$9/;!*(.!*"/3'!*#-*).&".*T&'X*(.!* &%0#''&4&+&(6*#-*2 !'&;$/(&$;*&('*#)$*"/3'! ;!2$(!6.+*.!+7!7)%)&/(!%'!+%7!3/&4!'6$!:2*?! '5!2!*2)7/@!+5!R%./&/!2&/S!%./7/!/55/*%7;!%./$!%./+&!*2)7/!*'$7%+%)%+3/:4! &'*$#( &/8&/7/$%2B:/A!-./!&/3':)%+'$2&4!7)BP/*%!+7!%./!%'%2:+%4!'5!/55/*%7;!+$!%./!'&(/&!'5! $/*/77+%4!'&!VF;!'5!%. +7!:2*? D '5 D B/+$1;!6.+*.!5'&*/7!)8'$!%./!'&(/&!'5!8:2*/7!%./! /55/*%7!'5!%./! +/"9 !'5!%./!B/+$1!6.+*.!8&/*/(/7!+$%/&8/::2%+'$A!s2$+7.+$1!*2)72:+%4!$'! :'$1/&!32$+7./7!B)%! /00!/1'*/'*'3". A! -'!&/*28+%):2%/;!%./!7)BP/*%!/9/&1/7!27!2! ;/0 !B/%6//$!&/8&/7/$%2%+'$!2$ (! R%.2% D 6.+*.S!+7!%'!.23/!B//$!&/8&/7/$%/(A!-./!R%.2% D 6.+*.;S!8'7+%/(!27!8&/*/(+$1! +(/':'14;!+7! &$ *1!/+&(6 !8&2*%+*2:!8':+%+*7!E6.+*.!+$*:)(/(!B)%!+7!$'%!:+9+%/(!%'!92%/&+2:! 8&'()*%+'$J;!B)%! &$*(13(. ;!%.2%!+7!+$!%/&97!'5!+%7!/55/*%7;!%./!7)BP/*%!+%7/:5;!6.+ *.! B/*'9/7!%./!B27+7!5'&!&/3':)%+'$2&4!8':+%+*7A!n/3':)%+'$2&4!8':+%+*7!%&2$75'&9! 8&2*%+*2:!8':+%+*7;!M8EMM8J!6.+*.!8&'()*/7!2!7)BP/*%!27!+%7!/55/*%;!+$%'!MEMM8J DD %./! /55/*%!'5!%./!7)BP/*%A!M::!%.2%!%.+7!7)BP/*%!*2$!724!'5!+%7!&/8&/7/$%2%+'$!+7@!R-.2%O7!$' %! +%ZS DD 7)BP/*%!+7!%./!/98%4!782*/!B/%6//$!+%7!&/8&/7/$%2%+'$7!2$(!+%7!+$2**/77+B:/!

PAGE 99

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`)2:+%2%+3/!(+55/&/$*/! B/%6//$!%./7/!R:2*?7S@!%./ !:2*?!'5!%./!7)BP/*%O7!B/+$1!+7!%./!B27+7!5'&!&/3':)%+'$2&4! 2*%+'$!27!%./!7+%/!'5!1/$/&+*+%4A!C)%!%.+7!:2*?!'$:4!/9/&1/7!27!2$!/55/*%!'5!%./!

PAGE 100

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b!%./4!*2$!%./$!8'7+%! $/6!&/8&/7/$%2%+'$7!B27/(!'$!%./!:2*?!'5!2!R%&2$7*/$(/$%2:!&/8&/7/$%2%+'$S!6.+*.! 8&'3'?/7!%./!7)BP/*%!%'62&(!%./!'&(/&!'5!7)B7%2$*/; !+%7!+98'77+B:/!/>%/&+'&A! RU/!9)7%!*'$*/+3/!'5!%./!7)BP/*%!$'%!'$:4!27!7)B7%2$*/;!B)%!2:7'!27!/98%4S

PAGE 101

! FHF U/!&/%)&$!%./&/5'&/!%'!%./!B/1+$$+$1@!6.2%!'5!%./!7)BP/*%!6.'!+7! $#( !+$%/&8/::2%/(;! %./!R/98%4!7)BP/*%S!*'$5+$/(!%'!%./!7:)97i!#5!+%O7!%&)/!%.2%!%./&/!+ 7!2$!+$(/%/&9+$2*4! '&!2$!2B7/$*/!'5!*2)72:!(/%/&9+$2%+'$!*'99'$!%'! /++ !+$%/&8/::2%/(!7)BP/*%7;!%./$!+7! +%!$'%!%&)/!%.2%!%.+7!7)BP/*%;!6.'!+7!/98%4;!+7!/55/*%+3/:4!/>*:)(/(!5&'9!+%i!x)+%/!%./! *'$%&2&4;!#!*:2+9!%.2%!%./!/98%4!7)BP/*%!+7!%./! 4!/1!1* E >1\;+&". J !'5!%./!1/$/&+*+%4! 6.+*.!+(/':'14!8&'.+B+%7!5&'9!288/2&2$*/!B4!%./!:26!'5!8:2*/9/$%!3+2!+%7! 8&'()*%+'$!'5!(/7+&/!5'&!%./!*'::/*%+3/!B'(4A!-.+7!+7! !W/"(+6 !%./!&':/!7/&3/(!B4!%./! 6'&?+$1!*:277!+$!%./!\*%'B/&!n/3':)%+'$@!%.+7!(/%/&9+$2%/!*:277! 4!/1' !'&!8&/7/$ %7! %./!*'$(+%+'$!'5!1/$/&+*+%4;!'5!%./!8&':/%2&+2%;!+$!+%7!3/&4!B/+$1A!^'6i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`)2:SJ!2$(!%./!

PAGE 102

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
PAGE 103

! FHc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

PAGE 104

! FHd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

PAGE 105

! FHh 9277!9'3/9/$%A!]/$/&+*+%4!+7!%./!7+1$!'5!&/2:!/`)2:+%4;!'5!/`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uFHJA!#$7%/2(;!2/7%./%+*!P)(19/$%!:+9+%7!+%7/:5!%'! %./! -#1%*#-*0310#'&,!$!''* '5!+%7!'BP/*%;!RB/*2)7/!6/!*2$!/>8:2+$!2$(!1&278!%./9!'$:4! +5!6/!277)9/ !%.2%!%./4!2&/!B27/(!'$!2!*2)72:+%4!j%.2%!'8/&2%/7k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b!27!M:%.)77/&!6'):(!8)%!+%;!6/!9)7%!%&2 +$!%./!+(/2:+7%7O!'6$!2&97!'$!%./9A II !Y'&!<2$%;!+5!%./!P)(19/$%!6/&/!B27/(!'$!2!7)BP/*%+3/!8)&8'7/!%./$!6/!6'):(!.23/!9/&/! R21&//2B:/$/77;S!6.+*.!+7!B27/(!'$!%./!7/$72%+'$!'5!+$%/&/7%!+$!+%7!'BP/*%A!#5;!.'6/3/&;!+5!+%!6/&/!B27/(! '$!2$!'BP/*%+3/!8)&8'7/;!6. +*.!6'):(!B/!%./!*27/!5'&!9'&2:!5//:+$1A![//! uFFA!

PAGE 106

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y/%!j8:/27)&/k!('/7!.23/!2!*2)72:+%4!+$!+%;!$29/:4;!%'! 9!!0* j)7!+$k!%./!7%2%/!'5!j.23+$1k!%./!8&/ 7/$%2%+'$!+%7/:5;!2$(!j%'!?//8k!%./!*'1$+%+3/! 8'6/&7!/$121/(!+$!%./+&!'**)82%+'$!6+%.')%!2$4!5)&%./&!2+9S!E<2$%!FGX"!uFIJA!M7! 7)*.!%.+7!8&'*/77!+7!%./!+$5+$+%/!7/:5 D &/5:/*%+'$!'5!2!:2*?!B4!2!7/19/$%!'5!%./!*'::/*%+3/! B'(4!'5!%./!8/'8:/;!2$(!+%7!%/:'7!B/*'9 /7;!&2%./&!%.2$!+%7!8&/7/&32%+'$! 73/ !B+':'1' D /98+&+*2:!B'(4;! &('*01!'!1,/(&#$*73/*+/"9*#-*/$*#4+7%/$*/A!Y'&!27!6/!.23/!72+(;!%.+7!

PAGE 107

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b!+%! %./&/5'&/!*2$$'%!B/!5':(/(!B2*?!'&!(/*'(/(!+$%'!%./!:2%%/&!2$(!&/92+$!2!7)BP/*%;!B)%! 6'):(!&2%./&!B/!2$!+$(+3+()2:!B'(4!+$!%./!'$%+*!'&!/3/&4(24!7/$7/A!V'99)$+79!+7;! 8'77+B:4!2$(!8/&.287;!%./!$29/!'5!%. /!(/7%&)*%+'$!'5!*2)72:+%4!+$!7)BP/*%+5+*2%+'$;!2! 62&!621/(!212+$7%!'$/O7!'6$!82&%+*):2&+%4A!#%!+7!%./!.+7%'&+*2:!B/*'9+$1!'5!%./! 9+$+92:!(+55/&/$*/!B/%6//$!%./!1/$/&+*!8/'8:/!2$(!%./+&!&/8&/7/$%2%+'$7;!%./!:2%%/&! 9'B+:+Q/(!27!%./4!2&/!+$!2!78)&+')7!+$5+$+ %4!B4!*28+%2:b!%./!&/3':)%+'$2&4!7)BP/*%;! 9'&/'3/&;! &' !%.+7!9+$+92:!(+55/&/$*/A ! !

PAGE 108

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b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r%.2%!6.+*.!627!%'!.23/!B//$! +$%/&8/::2%/(Ar!#!.23/!*:2+9/(!%.2%!+(/':'14!+7!5')$(/(!'$!2$!+$*'$7+7%/$*4@!%./! 7)BP/*%!+7!8&'()*/(!27!.23+$1!*2)7/(!+%7/:5;!+$!7)*.!2!624!%.2%!2!7)BP/*%!+7!8'7+%/(! 6.'! 01!"!2!' !%./!8&'*/77!+$ %/&8/::2%+'$;!B)%!P)7%!6.2%!%.+7!'&+1+$2&4!7)BP/*%!+7!

PAGE 109

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r7:)9 D (6/::/&;r!2!7)BP/*%!%.2%!:2*?7!B'%.!%./!+(/$%+5+*2%+'$!6+%.!2! *2)7/!2$(! 2!%&2$7*/$(/$%!\%./&!%'!6.+*.!+%!6'):(!B/!&/78'$7+B:/A!#$!%./!7/*'$(! *.28%/&;!#!/>8:+*2%/(!2$(!%./$!288:+/(!M:%.)77/&v7!6'&?!'$!7%&)*%)&2:!*2)72:+%4!+$! '&(/&!%'!%.+$?!%./!8&'()*%+'$!'5!%./!*'::/*%+3/!B'(4!'5!%./!9277/7!27!2!B'(4! +$%/&8/::2%/(!%'!(/7+&/!+%7 !'6$!7)&3+32:A!#!*:2+9/(!%.2%!%.+7!&/:2%+'$!'5!%./!9277/7!%'! %./+&!(/7+&/!+7!8&'()*/(!B4!%./!r5'&9!'5!$/*/77+%4r!(/92$(/(!B4!%./!*&/2%+'$!'5! 7)&8:)7 D 32:)/!%.&')1.!7)&8:)7 D :2B'&A!#$!%./!%.+&(!*.28%/&;!#!%&+/(!%'!%&2*/!%./! *'$(+%+'$7!'5!8'77+B+:+%4!5'&!%./!7 /:5 D (/%/&9+$2%+'$!'5!%./!*'::/*%+3/!B'(4A!-.+7! &)8%)&/!6+%.!%./!(/%/&9+$2%+'$!'5!%./!9277/7!B4!7)&8:)7 D 32:)/!'**)&7!'$!%./!B27+7! '5!2!*2)7/!8&/7)88'7/(!B4!%.+7!B'(4! /' !2B7/$%;!&2%./&!%.2$!27!2!8&/7/$%!B)%! %&2$7*/$(/$%!'BP/*%!'5!(/7+&/;!*'$7%+%)%+3/!27!+%!+ 7!'5!%./!B')&1/'+7!7)BP/*%A!#$!'&(/&! %'!%.+$?!%.+7!&)8%)&/;!#!92(/!)7/!'5!2!&/%&'2*%+3/!8'7+%+$1!'5!8&/7)88'7+%+'$7!%.&')1.! 6.+*.!%./!9277/7!*2$!(/%/&9+$/!%./+&!'6$!*'::/*%+3/!(/%/&9+$2%+'$!5'& D %./97/:3/7A! -.+7!7//97!+$!:+$/!6+%.!M:%.)77/&v7!7%&)*%)&2:!*2) 72:+%4;!5'&!6.+*.!2!*2)7/ DD /A1A;! 7)&8:)7 D 32:)/ DD +7!&/%&'2*%+3/:4!8'7+%/(!'$!%./!B27+7!'5!+%7!9):%+8:/!2$(!(+55/&/$%+2:!

PAGE 110

! FFH /55/*%7A!-.+7!&/:2%+'$!'5!2!*2)7/!%'!+%7!/55/*%7!+7!*2::/(!r'3/&(/%/&9+$2%+'$;r!2!%/&9! 6.+*.;!.'6/3/&!+98'&%2$%!+%!924!B/!%'!M:%.)77/&;!# !(+(!$'%!92?/!1&/2%!)7/!'5!+$!%.+7! %./7+7A! #$!%./!/$(;!%./!*/$%&2:!%.&/2(!'5!%.+7!%./7+7!+7!%./! '!+C 2!(!1%&$/(&#$*#-*(.!* %/''!' ;!6.+*.!9/2$7!%./!(/%/&9+$2%+'$!'5!%./+&!(/%/&9+$2%+'$!+$!%./!*:277!7%&)11:/A! -./!9277/7;!%.&')1.!%./!2*%!'5!r8&/7)88'7+%+$1r! %./+&!'&+1+$!27!2B7/$%;!8&'()*/!2! $/6!&/:2%+'$!%'!%./+&!7)B7%2$*/!'&!9/2$7!'5!7)B7+7%/$*/@! (.!6 ;!2$(!$'%!%./!7%&)*%)&/! '5!%./!621/; *2!(!1%&$!*(.&'*1!+/(&#$ ;!6.+*.;!%'!82&28.&27/!M:%.)77/&;!*.2$1/7!%./! %/&97!'5!%./!&/:2%+'$!%./97/:3/7 DD *.2$1/7!%./+&!*'$%/$% !2%!%./!729/!%+9/!27!+%!2:%/&7! %./+&!5'&9A![)B7%2$*/!+7!$'!:'$1/&!7+98:4!7)B7%2$*/b!9/2$7!'5!7)B7+7%/$*/!2&/!$'! :'$1/&!7+98:4!9/2$7!'5!7)B7+7%/$*/;!B)%!5'&97!'5!%./!9277/7v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

PAGE 111

! FFF B'(4A!-./!9/(+2%+'$!'5!%.+7!&/:2%+'$!%.&')1.!288/2&2$*/7 DD .'6!2$(!B4!6.2%!9/2$7! +%!288/2&7!27!2!$/*/772&4!*'$(+%+'$!5' &!%.'7/!6.'!:+3/!+% DD 7//97!%'!9/!%./!/77/$%+2:! $/>%!7%/8!+$!%./!=2&>+7%!8&'B:/92%+*A!

PAGE 112

! FFI ! ! C+B:+'1&28.4 M:%.)77/&;!W')+7A V''/6'*&$*I!+C "1&(&"&'% A!W'$('$@!0WC;!FGT"A!q&+$%A M:%.)77/&;!W')+7A `#1*B/1WU A!0/6!y'&?@!q2$%./'$;!FG"GA!q&+$%A M:%.)77/&;!W') +7A!r#(/':'14!2$(!#(/':'1+*2:![%2%/!M882&2%)7/7Ar!L(A![:23'P!g+Q/?A B/00&$;* H2!#+#;6 A!W'$('$@!s/&7';!FGGdA!q&+$%A M:%.)77/&;!W')+7;!2$(!}%+/$$/!C2:+B2&A E!/2&$;*F/0&(/+ A!W'$('$!j)A2A@!s/&7';!IHHGA!q&+$%A C2(+');!M:2+$A >.!#16*#-*(.!*I34.!*H2!/*#-*F#%%3$&'% A!W'$('$@!s/&7';!IHFHA!q&+$%A t29/7'$;!Y&/(&+*A >.!*?#+&(&"/+*[$"#$'"'U*b/11/(&,!*/'*/*I#"&/++6*I6%4#+&"*G"( A!#%.2*2;!0y@! V'&$/::!aq;!FGXFA!q&+$%A t'.$7%'$;!M(&+2$A c&d!9e'*=$(#+#;6U*G*>1/$'"!$2!$(/+*B/ (!1&/+&'(*>.!#16*#-*I341/$'"1&(&73!*#$*a/$(*/$2*B/1W A!V29B&+(1/;!=277A!j)A2A@!=#-;!IHHcA!q&+$%A <$'>;!-.'927!=2:*':9A f!;!+e'*?.&+#'#0.6*#-*E&;.( A!W'$('$@!\>5'&(!aq;!FGThA!q&+$%A =2&>;!<2&:;!Y&+/(&+*.!L$1/:7;!L&$/7%!=2$(/:;!C/$!Y'6?/7;!2$(!p23+(!Y/&$B2*.A F/0&( /+U*G* F1&(&73!*#-*?#+&(&"/+*V"#$#%6 A!W'$('$@!q/$1)+$!+$!M77'*+2%+'$!6+%.!0/6!W/5%!n/3+/6;! FGGHA!q&+$%A

PAGE 113

! FFc =2&>;!<2&:A >.!*V&;.(!!$(.*S13%/&1!*#-*N#3&'*S#$/0/1(!@ A!0/6!y'&?@!#$%/&$2%+'$2:;!FG"cA! q&+$%A =2&>;!<2&:;!Y&+/(&+*.!L$1/:7;!2$(!n'B/&%!VA!-)*?/&A >.!*B/ 1W C V$;!+'*E!/2!1 A!0/6!y'&?@! 0'&%'$;!FGTXA!q&+$%A ='$%21;!U2&&/$;!2$(!-/(![%':Q/A >.!*b!)*I0&$#Q/ A!=+$$/28':+7@!a$+3/&7+%4!'5!=+$$/7'%2;! FGGTA!q&+$%A ~+/?;![:23'PA >/116&$;*)&(.*(.!*b!;/(&,!U*a/$(@*f!;!+@*/$2*(.!*F1&(&73!*#-*H2!#+#;6 A!p)&.29@! p)?/!aq;!FGGcA!q&+$%A ~+/?;![:23'PA >.!*?/1/++/W*P&!) A!V29B&+(1/;!=M@!=#-;!IHH"A!q&+$%A


ERROR LOADING HTML FROM SOURCE (http://ncf.sobek.ufl.edu//design/skins/UFDC/html/footer_item.html)