markets: how they work ::

8/2/2019 Markets: How They work :: www.O-ALevel.com

1/45

GKX EL]ACY^ XK]A

L^+L @CTC@

CNKFKEJN^

Nkerj`ci mz? xxx&K%L`ctc`&nke

Elyc}jl`, Nkfycfy lfi N}cijy~? xxx&Wy}cecRlrc}~&nke

L^ +L @ctc `

Cnkfkejn~


2/45

Gkx El}acy~ Xk}a L^+L @ctc` Cnkfkejn~

XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc & Ygc r}kisnyjkf d}kfyjc} k} r}kisnyjkf rk~~jmj`jyz ns}tc Rlhc. 3

9& ^rcnjl`j~lyjkf lfi dk}cjhf y}lic Rlhc. :

3& Icelfi lfi ~srr`z? Lf jfy}kisnyjkf Rlhc. 2

7& Icelfi lfi ~srr`z? Lrr`jnlyjkf~ yk lfz el}acy l}c rk~~jm`c Rlhc. >>

:& Ygc el}acy ecnglfj~e xk}ajfh Rlhc. >4


3/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc =

Rk~jyjtc lfi fk}elyjtc ygjfajfh

Rk~jyjtc cnkfkejn~ icl`~ xjyg xgly j~1 fk}elyjtc ygjfajfh icl`~ xjyg xgly kshgy yk mc lfi j~

tl`sc%`licf& L`` ~njcfnc~ lfi djcì~ kd `cl}fjfh y}z yk mc rk~jyjtc lfi icl` xjyg dlny~ lfi ekic`~

ml~ci kf dlny~& Zks ~gksì y}z yk mc rk~jyjtc j&c& ~njcfyjdjn jf zks} ~ylycecfy~ c~rcnjl``z xgcf

x}jyjfh c~~lz~ lfi jf ygc cwle }kke&

Xk}i~ `jac -kshgy- k} -~gksì- k} l~ l flyjkf xc es~y l}c l`` fk}elyjtc ~ylycecfy~ lfi zks

~gksì ik zks} mc~y yk ltkji ygce& Y}z fky yk ~lz ygjfh~ `jac Jy xksì mc mcyyc} jdk} ygc

hktc}fecfy ~gksì& jy xksì mc l hkki ygjfh dk} W yk ik Z& Elfz rk`jnz r}c~n}jryjkf~ zks

ejhgy xj~g yk elac l}c fk}elyjtc c&h& Ygc cnkfkez xksì mc mcyyc} kdd jd xc& lfi jy nlf

}lj~c lf cwlejfc}~ glna`c~& Zks ejhgy hcy lxlz xjyg l hcfc}l` ~ylycecfy ~sng l~ ^kec

litknlyc Jy gl~ mccf ~shhc~yci ygly k} Elfz mc`jctc ygly& l~ ygc~c l}c rk~jyjtc

~ylycecfy~ lfi ~ksfi `c~~ fk}elyjtc& Fkyc ygly ygc xk}i~ s~ci jf lf kygc}xj~c ~njcfyjdjn ~ysiz

nlf ygce~c`tc~ nl}}z l fk}elyjtc dcc`jfh c&h& -d}ccike- -icekn}lnz- -cddjnjcfnz- k} -xc`dl}c-

elz l`` ~cce yk mc hkki xk}i~ yk elfz rckr`c1xgc}cl~ xk}i~ ~sng l~ jfc|sjylm`ccwr`kjylyjkf -sf~ksfi- -jfyc}dc}cfnc- -dl~nj~y- k} -rk`jnc ~ylyc- ~cce -mli- yk elfz rckr`c&


4/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc >

Krrk}ysfjyz nk~y

Xc `jtc jf l xk}`i kd ~nl}njyz jf ygc ~cf~c ygly xc nlf fctc} gltc ctc}zygjfh ygly xc ejhgy `jac&L~ l }c~s`y xc es~y elac ngkjnc~ dk} jf~ylfnc xgcygc} yk msz ygj~ k} ygly xgcygc} yk cly ygj~ k}ygly xgcygc} yk xl`a jf ygc rl}a k} hk yk l ektjc k} xgcygc} yk r}kisnc ygj~ k} ygly& Ctc}z yjec

xc elac l ngkjnc yk ik ~kec% ygjfh xc lsykelyjnl``z cwn`sic ~kecygjfh c`~c ygly xc iji fkyik xc gltc hjtcf jy sr& Xc nl`` ygj~ ygc krrk}ysfjyz nk~y&

Icdjfjyjkf Krrk}ysfjyz nk~y j~ ygc mc~y dk}hkfc l`yc}flyjtcj&c& jy j~ xgly xc hltc sr yk hcy xgly xc iji& Ygc krrk}ysfjyz nk~y kd mszjfh fcx rlj} kd ~gkc~ejhgy mc l `sfng dk}hkfc& Ygc krrk}ysfjyz nk~y kd mszjfh l fcx ~gj}y ejhgy mc fky hkjfh yk ygc njfcel& Ygc krrk}ysfjyz nk~y kd ylajfh l rl}y%yjec okm ejhgy mc fky mcjfh lm`c yk glfh ksy jf ygc el``xjyg zks} d}jcfi~&

Dk} l r}kisnc}Ygc krrk}ysfjyz nk~y kd mszjfh r`l~yjn rlnalhjfh elyc}jl` ejhgy mc ygc nl}imkl}i gc iji fky

msz&

FM ygc}c nlf mc elfz l`yc}flyjtc~ dk}chkfc msy kf`z kfc xj`` mc ygc krrk}ysfjyz nk~y zksnlffky lii ygce sr lfi ~lz ygcz l}c l`` ygc krrk}ysfjyz nk~y mcnls~c jy es~y mc l ngkjncmcyxccf ygce&

Krrk}ysfjyz nk~y nlf mc ygkshgy kd l~?


5/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc 9

Ldyc} zks msz ygc jyce jy xj`` mc }ck}ic}ci mz ygc ~gkraccrc} lfi }cr`lnci kf ygc ~gc`d& ^+gck}ic}~ d}ke l xgk`c~l`c} xgk jf ys}f k}ic}~ ek}c d}ke ygc r}kisnc}& Ygc r}kisnc} ygcf msz~ygc }lx elyc}jl`~ cyn& yk elac lfkygc} kd xglyctc} zks mkshgy, Jf ygj~ xlz }c~ks}nc~ accr kfhkjfh jfyk elajfh xglyctc} rckr`c icelfi&

9& Ygj~ j~ gkx ygc r}jnc ecnglfj~e }cl``z xk}a~ ygly j~ gkx jy l``knlyc~ }c~ks}nc~ yk xgc}ctc}ygc ic% elfi j~ ygc h}clyc~y&


6/45



Ygc r}kisnyjkf d}kfyjc} k} r}kisnyjkf rk~~jmj`jyz ns}tc

Xgly j~ jy;

Jy ~gkx~ s~ ygc elwjese ygly l nksfy}z nlf r}kisnc& Ygc}c j~ n`cl}`z l `jejy yk ygj~ ly lfz kfc

yjec os~y `jac ygc}c j~ l `jejy yk ygc xcjhgy ygly zks nlf `jdy ktc} zks} gcli k} cly ly lfz yjec& Xcl~~sec yxk hkki~ 'J xj`` s~c lrr`c~ lfi mlflfl~ l~ ygc~c cl~j`z nlf mc }cr}c~cfyci mz L lfiM* dk} cl~c kd cwr`lflyjkf msy jy j~ y}sc kd lfz fsemc} kd hkki~&

I}lxjfh ygc ijlh}le xc ~yl}y xjyg ygc elwjese leksfy kd hkki L xc nlf r}kisnc jd l`` ks}}c~ks}nc~ l}c ictkyci yk r}kisnjfh L xgjng hjtc~ s~ l rkjfy kf ygc tc}yjnl` lwj~1 ygcf xc ik ygc~lec dk} ygc nl~c jd xc kf`z r}kisnc M yk hjtc s~ l rkjfy kf ygc gk}jkfyl` lwj~& Ygcf xc okjfygc yxk rk~jyjkf~ xjyg l ~y}ljhgy `jfc& Kfnc xc gltc i}lxf ygc `jfc xc ik fky gltc yk gltc l``lrr`c~ k} l`` mlflfl~ msy xc nlf ngk~c ~kec% xgc}c l`kfh jy& Lfz rkjfy kf jy }cr}c~cfy~ l ejwkd ygc yxk hkki~ ygly rckr`c xj~g yk msz& Ly ygc rkjfy ~c% `cnyci lmktc rckr`c nkf~sec 2L ek}c k} = ek}c l~ xcaccr ~`jijfh ikxf&

Ygc `jfc ns}tc~ jf ly clng cfi yk ~gkx ygj~ l~ jf ygc ijlh}le mc`kx&

QIjh}c~~jkf& Jy j~ sf`jac`z jf ez tjcx ygly zks xj`` mc l~aci xgz ygc r}kisnyjkf d}kfyjc} j~ ns}tcil~ kr% rk~ci yk l ~y}ljhgy `jfc msy jd zks ik ygc }cl~kfjfh lmktc lfi ygc ijlh}le cwr`ljf~ jy& Jfygc ijlh}le zks nlf cl~j`z ~cc ygly jd xc gli l ~y}ljhgy `jfc r}kisnyjkf rk~~jmj`jyz ns}tc '`jacLM* xc nks`i r}kisnc ygc elw% jese leksfy kd lrr`c~ ly ygc cfi kd jy ygly j~ ly L lfi gltcfk mlflfl~ ly l``& Msy l~ ijejfj~gjfh }cys}f~ ik cwj~y xc l}c lnysl``z kf ygc ns}tci L=M=& Ygc


8/45



elwjese lrr`c~ rk~~jm`c l}c ly L= 'fky L xgjng xc nksì }clng jd xc xc}c kf ygc ~y}ljhgy `jfcrrn *& L~ ijejfj~gjfh }cys}f~ rsy s~ kf ygc ns}tc fky ygc ~y}ljhgy ygc ijddc}cfnc mcyxccf L= lfiL j~ ygc |slfyjyz kd lrr`c~ `k~y mcnls~c kd ijejfj~gjfh }cys}f~ Cfi kd ijh}c~% ~jkfU

Jy j~ nkeekf yk s~c ~y}ljhgy `jfc r}kisnyjkf d}kfyjc}~ jf ycwy mkka~ mcnls~c ygcz l}c cl~jc} yki}lx lfi el% fjrs`lyc ~k ygcz kdycf `kka `jac ygc ijlh}le mc`kx&

Xgly glrrcf~ jd xc ~xjtc` ygc ns}tc; Jd ~knjcyz `cl}f~ yk hcy mcyyc} ly r}kisnjfh Lrr`c~ l`kfc jyxksì ~xjtc` ygc ns}tc ksy l`kfh ygc tc}yjnl` lwj~ kd lrr`c~& Ygj~ }cd`cny~ ygc dlny ygly xc nlf hcyek}c ksyrsy d}ke ygc }c~ks}nc~ lfi dlnyk}~ kd r}kisnyjkf ygly xc gltc& Ygc ~xjtc` ygly hjtc~ s~ek}c lrr`c~ }cd`cny~ l r}kisnyjtjyz jfn}cl~c jf lrr`c~ msy fky jf mlflfl~&

Ldyc} ygc r}kisnyjtjyz jfn}cl~c jf ygc lrr`c h}kxjfh jfis~y}z xjygc ~lec |slfyjyz lfi |sl`jyz kddlnyk}~ kd r}kisnyjkf ~knjcyz nlf jfn}cl~c ygc ksyrsy kd lrr`c~ d}ke 2L< yk 2L= ygly j~ mz ygcij~ylfnc L< yk L=&

Jd xc ~xjtc` jy ygc kygc} xlz lfi rs~g ksy M xc xksì hcy l r}kisnyjtjyz jfn}cl~c jf mlflfl~

msy fky jf lrr`c~&

Xgly jd xc ektc ygc xgk`c ns}tc ksy; Jd l nksfy}z gl~ `cl}fci yk hcy mcyyc} ly r}kisnjfh ctc}z%ygjfh ygj~ xksì rgz~jnl``z ektc ygc r}kisnyjkf d}kfyjc} srxl}i~ lfi ksyxl}i xgjng j~cnkfkejn h}kxyg&


9/45



Xc }cys}f yk ygc ~smocny kd cnkfkejn h}kxyg jf ygc sfjy Elflhjfh ygc cnkfkez&


10/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc :

^rcnjl`j~lyjkf lfi dk}cjhf y}lic

Jd rckr`c ~rcnjl`j~c ygcz l}c ek}c r}kisnyjtc jd zks l}c `jac ec zks r}kmlm`z nksì fky elacl hkki rlj} kd ~gkc~ ik m}ljf ~s}hc}z k} litj~c kf jftc~yjfh dk} rcf~jkf~, Xc ycfi yk ik xglyxc l}c mc~y ly& Jelhjfc ygc }c~s`y jd xc iji xgly xc l}c xk}~y ly,

Nksfy}jc~ l}c ygc ~lec jd ygcz nkfncfy}lyc kf xgly ygcz l}c mc~y ly ygcz r}kisnc ek}c lfimcyyc} hkki~ k} ~c}tjnc~& L~ l }s`c kd ygsem nksfy}jc~ ygly dk``kx l r}kycnyjkfj~y rk`jnz'r}kycnyjfh ygcj} jfis~y}jc~ d}ke dk}cjhf nkercyjyjkf* l}c y}zjfh yk ik xgly ygcz l}c xk}~y ly k} ly`cl~y fky y}zjfh yk ik xgly ygcz nksì mc mc~y ly& Ek~y cnkfkej~y~ xksì r}kmlm`z ygjfa yglyr}kycnyjkfj~e j~ fky cwlny`z l hkki jicl&

Yxk nkfncry~ kd litlfylhc

Lm~k`syclitlfylhc ygj~ eclf~ l nksfy}z nlf r}kisnc ek}c kd lèk~y ctc}zygjfh yglflfkygc} j&c& jy j~ l xcl`ygz nksfy}z& Ygc S^L nlf r}kisnc ek}c yglf Chzry dk} jf~ylfncn`cl}`z ygc S^L gl~ lf lm~k`syc litlfylhc ktc} Chzry& Jy j~ kd fk rl}yjns`l} jfyc}c~y l~ lf jicl?

ygc }jng l}c os~y }jng,

Nkerl}lyjtclitlfylhc ygj~ eclf~ ygly l nksfy}z j~ mcyyc} ly r}kisnjfh ~kecygjfh msy fkyfcnc~~l}j`z ctc}zygjfh yglf lfkygc}& Dk} jf~ylfnc ^xcicf j~ mcyyc} ly elajfh el}jfc cfhjfc~yglf ygc SA msy xc l}c mcyyc} ly k}hlfj~jfh djflfnjl` el}acy~ lfi jf~s}lfnc& L`` nksfy}jc~ l}cmcyyc} ly ikjfh l dcx ygjfh~ ek}c yglf kygc}~&

Nkerl}lyjtc litlfylhc j~ ygc kfc ygly elyyc}~ jf cnkfkejn~ lfi jy j~ ygc eljf }cl~kf xgznksfy}jc~ y}lic xjyg clng kygc}& Xc ik fky ~jer`z msz rjfclrr`c~ d}ke y}krjnl` nksfy}jc~mcnls~c jy j~ ykk nkì yk h}kx ygce gc}c& Xc nksì jf dlny h}kx ygce sfic} h`l~~ lfi xjyggclyjfh msy xc n`cl}`z `lna l nkerl}lyjtc li% tlfylhc jf ygc rjfclrr`c r}kisnjfh ms~jfc~~&Glxljj kf ygc kygc} glfi gl~ l ~y}kfh nkerl}lyjtc litlfylhc jf ygly l}cl&

Ygc hljf~ d}ke y}lic

Jd l nksfy}z y}jc~ yk r}kisnc ctc}zygjfh dk} jy~c`d jy xj`` ~ylz rkk}& Cwler`c~? Ngjfl sfic} Elk_cikfh lfi ]s~~jl sfic} ^yl`jf mkyg dk``kxci ~sng l rk`jnz lfi ygc rckr`c ~sddc}ci l tc}z `kx~ylfil}i kd `jtjfh l~ l }c~s`y& Ygc ec~~lhc j~ ygly y}lic gc`r~ ygc rckr`c jf l nksfy}z yk hljfxcl`yg,

Ygc hljf~ d}ke y}lic nkf~j~y kd?

Nkerl}lyjtc litlfylhc xc ik xgly xc l}c mc~y ly lfi ygs~ r}kisnc ek}c& Xc ygcf

cwnglfhc ks} ~s}r`s~ xjyg kygc} nksfy}jc~ dk} ~kecygjfh xc l}c `c~~ hkki ly& Mkyg ygc kygc}nksfy}jc~ lfi ks} nksfy}z ik mcyyc} lfi cfokz gjhgc} `jtjfh ~ylfil}i~ l~ l }c~s`y&

Cnkfkejc~ kd ~nl`c jd xc ~rcnjl`j~c xc nlf dk``kx l ~z~yce kd el~~ r}kisnyjkf lfi `kxc}ks} nk~y~& Xc nlf ygcf cwnglfhc ygc ~s}r`s~ xjyg kygc} nksfy}jc~& Cnkfkejc~ kd ~nl`c l}ccwlejfci jf Sfjy =&

Xc nlf hljf xjic} nkf~sec} ngkjnc c&h& xc nlf i}jtc Tk`tk~ ]cfls`y~ k} MEX~ l~ xc`` l~`k% nl``z%elic Dk}i~,


11/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc


12/45




13/45




14/45



Jd icelfi jfn}cl~c~ ktc}l`` ek}c kd ygc hkki+~c}tjnc j~ mkshgy ly lfz sfnglfhci 'ygc ~lec*r}jnc& Zks nlf ~cc ygj~ jf ygc ijlh}le mc`kx xgc}c ly R< lf leksfy K\< j~ icelfici msyldyc} icelfi jfn}cl~c~ yk I=ly ygc ~lec r}jnc lf `l}hc leksfy j~ icelfici j&c& K\=& Jy j~ cl~z yk }cecemc} xgly lfjfn}cl~c jf ic% elfi eclf~1 ygc}c es~y mc l fcx ns}tc lfi jy xj`` ektc srxl}i~ lfi yk ygc}jhgy&

Ygc cddcny~ kd lf jfn}cl~c jf icelfi l}c s~sl``z lfl`z~ci s~jfh ygc c|sj`jm}jse rk~jyjkf~icyc}ejfci mz ygc jfyc}~cnyjkf kd icelfi lfi ~srr`z&

Zks nlf ~cc ygly ygc jfn}cl~c jf icelfi eclf~ xc ektc d}ke ygc c|sj`jm}jse rk~jyjkf R


15/45




16/45




17/45




18/45




19/45




20/45




21/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc =2

]cejfic}? Jf cnkfkejn~ ly ygj~ `ctc` xc l`xlz~ ~yl}y jf c|sj`jm}jse ygcf xc l`yc} ~kecygjfhlfi ektc yk ygc fcx c|sj`jm}jse rk~jyjkf& Xc ygcf nkerl}c ygc yxk c|sj`jm}jse rk~jyjkf~ dk} ygclfl`z~j~&

Lfi xc nlf ~cc lf jfn}cl~c jf ~srr`z hkc~ xjyg lf cwycf~jkf kd icelfi l~ xc ~`jic ikxf lfsfnglfhci icelfi ns}tc?

Icn}cl~c~ lfi nkfy}lnyjkf~ kd ~srr`z lfi icelfi

L icn}cl~ceclf~ l fcx ns}tc xgjng ~gjdy~ mlnaxl}i~1 l nkfy}lnyjkfeclf~ ~`jijfh mlnal`kfh lf sf% nglfhci ns}tc&

L nkfy}lnyjkf kd icelfi dk``kxjfh l icn}cl~c jf ~srr`z ?

L nkfy}lnyjkf kd ~srr`z dk``kxjfh l icn}cl~c jf icelfi?


22/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc =*


24/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc =>

Jf ygc cwler`c lmktc ygc rc}ncfylhc nglfhc jf \ xl~


25/45



Xgly ik ygc ijddc}cfy c`l~yjnjyz icelfi ns}tc~ `kka `jac;

Ygc jerk}ylfnc kd ygc c`l~yjnjyz nkfncry

Jy l``kx~ s~ yk hcy r}cnj~c lf~xc}~ fky mc tlhsc&

Xc fcci jy dk} nc}yljf |sc~yjkf~ c&h& jd l glj}i}c~~c} j~ nkf~jic}jfh jfn}cl~jfh gc} r}jnc dk} lml~jn nsy d}ke=2 yk =3 xj`` r}kdjy~ }j~c k} dl``;

Xgly icyc}ejfc~ r}jnc c`l~yjnjyz;

Ygc fsemc} kd ~sm~yjysyc~ % ygc h}clyc} ygc ~sm~yjysyc~ ygc ek}c c`l~yjn ygc hkki % l ~el``r}jnc }j~c eclf~ nkf~sec}~ ~xjyng yk lfkygc} m}lfi& YGJ^ J^ YGC ELJF ICYC]EJFLFY,

Ygc r}krk}yjkf kd jfnkec % ygc h}clyc} ygc r}krk}yjkf kd jfnkec hkjfh kf hkki ygc ek}cc`l~yjn jy ycfi~ yk mc& ^l`y j~ }c`lyjtc`z jfc`l~yjn lfi tc}z ngclr % xksì zks nkf~sec l =~

xk}yg l zcl};

@sws}jc~ lfi fcnc~~jyjc~ % `sws}jc~ ycfi yk mc ek}c c`l~yjn 'lj}dl}c~ dk}cjhf y}ltc`*1 fcnc~~jyjc~ek}c jfc`l~yjn 'c`cny}jnjyz*& ^kec cnkfkej~y~ ik fky `jac ygj~ `sws}jc~ rkjfy mcnls~c xglynkf~yjysyc~ l `sws}z l`yc}~ ykk esng lfi jf liijyjkf ygcz nlf mc rc}~kfl` yk ijddc}cfy jfijtjisl`~&

Yjec % ygc `kfhc} ygc yjec ygc ek}c c`l~yjn icelfi ycfi~ yk mc r}kmlm`z mcnls~c

Ek}c ~sm~yjysyc~ mcnkec ltlj`lm`c ygc hkki k} ~c}tjnc j~ nkrjci mz kygc}~ fcx elfsdln%ys}c}~ nlf cfyc} jerk}y~ mc elic cyn& Glmjy~ nglfhc kf`z ~`kx`z ~k xc lios~y yk fcx r}jnc~ ~`kx`z& Nlrjyl` elz fcci yk xcl} ksy yk elac nglfhc c&h& jd ygc r}jnc kd rcy}k` }j~c~ i}jtc}~ gltc ykxljy sfyj` jy j~ yjec yk msz l fcx lfi ~el``c} nl} jf k}ic} yk }cisnc rcy}k` nkf~seryjkf&

\& Dk} ygc glj}i}c~~c} cl}`jc} xgk j~ nkf~jic}jfh l r}jnc }j~c J l~aci cl}`jc} xgly xksì glrrcfyk gc} r}kdjy jd ~gc ngl}hci ek}c& L~~sec ~gc j~ tc}z hkki lfi gc} n`jcfy~ dcc` ygly ygc}c j~ fk}cl` ~sm~yjysyc;

L& Ygc icelfi ns}tc dk} gc} ~c}tjnc~ j~ jfc`l~yjn ~k r}kdjy xksì }j~c,


26/45



\& Msy nkf~jic} xgly xks`i glrrcf jd ~gc xc}c os~y lfkygc} gjhg ~y}ccy glj} i}c~~c}; I}lx ygcijlh}le dk} ec fkx,

Lfkygc} cwler`c kd ygc jerk}ylfnc kd c`l~yjnjyz? jd ygc hktc}fecfy }lj~c~ ygc ylw kfnjhl}cyyc~, xj`` hktc}fecfy }ctcfsc }j~c k} dl``; Lfi mz gkx esng;

Ygc hktc}fecfy fk}el``z xj~gc~ yk }lj~c ek}c }ctcfsc % l`ygkshg ygc}c l}c gcl`yg mcfcdjy~ jdrckr`c }cisnc njhl}cyyc nkf~seryjkf xgjng ~ltc~ kf Flyjkfl` Gcl`yg ^c}tjnc cwrcfijys}c ykk&Jd ygc hktc}fecfy }lj~c~ ylw mz 3# lfi icelfi j~ jfc`l~yjn ygc |slfyjyz xj`` dl`` l~ r}jnc }j~c~msy jy xj`` dl`` mz `c~~ yglf 3# ~k }ctcfsc xj`` jfn}cl~c&

Jd ygc hktc}fecfy jerk~c~ lf jfij}cny ylw jy rs~gc~ sr ygc ~srr`zns}tc mz ygc cwlny leksfy kdylw&

Jd ygc ylw j~ lm~k`syc c&h& < clng jyce jy rs~gc~ ygc ns}tc sr rl}l``c`& Ygc k}jhjfl` r}kisnc}dlnc~ fk nglfhc jf ~srr`z nkfijyjkf~ msy < j~ liici yk clng |slfyjyz&

Xgcf xc i}lx ygc ijlh}le dk} ygc jerk~jyjkf kd jfij}cny ylw? xc ~yl}y ly ygc k}jhjfl` c|sj`jm}jselfi lii ygc ylw&

Xgcf xc `kka ly ygc el}acy c|sj`jm}jse xc ~yl}y xjyg l ~srr`z lfi icelfi ns}tc lfi ~cc ygck}jhjfl` c|sj`jm}jse& Xc ygcf lii ygc ylw xgjng rs~gc~ sr ygc ~srr`z ns}tc lfi `kka ly ygc fcxc|sj`jm}jse rk~jyjkf yk ~cc xgly nglfhc~ ygc ylw gl~ elic&


27/45



Xc nlf ~cc ygly ygc k}jhjfl` c|sj`jm}jse rk~jyjkf R


28/45



L ~sm~jiz j~ os~y l fchlyjtc ylw c&h&, hktc}fecfy hjtc~ r}kisnc} ~kec ekfcz '~sm~jiz*}lygc} yglf l r}kisnc} k} nkf~sec} hjtjfh ekfcz yk ygc hktc}fecfy 'ylw*&

^sm~jiz |sc~yjkf~ l}c fky s~sl``z l~ jfyc}c~yjfh l~ ylw kfc~,

@cy~ i}lx ygc ijlh}le dk} rsyyjfh kf l ~sm~jiz&

Xc ~yl}y l~ ctc} jf ygc jfjyjl` c|sj`jm}jse rk~jyjkf R


29/45



Ygc ~sm~jiz j~ LM dk} clng sfjy jf ygc ijlh}le lmktc& Ygc |slfyjyz ~k`i ldyc} ygc ~sm~jiz j~jerk~ci j~ K\=&

^k gkx esng ikc~ ygc ~sm~jiz nk~y ygc hktc}fecfy lfi s`yjelyc`z ygc ylw rlzc};

Ygc ~sm~jiz ygc hktc}fecfy rlz~ j~ ygc fcx |slfyjyz ~k`i '2\=* yjec~ygc ~sm~jiz leksfy rc}sfjy kd

ML&Xc afkx ygly ML j~ ygc ~lec l~ NI mcnls~c ygc ns}tc ~gjdy~ rl}l``c`&Xc afkx ygly ygc ~srr`jc}~ nkfyjfsc xjyg ns}tc ^ dk} |slfyjyz 2\='Fkyc ygly ygc ~srr`jc} xk}a~ kdd ygc k}jhjfl` ~srr`z ns}tc % ygc}c gl~ mccf fk nglfhc jf ygcicyc}ejflfy~ kd gj~ k} gc} ~srr`z&*Xc ~cc ygly nkf~sec}~ rlz ygc }cnylfh`c 2\=NR=&Xc ~cc ygly ygc hktc}fecfy rlz~ ygc }cnylfh`c R=NIR> % ygj~ j~ ygc ~sm~jiz nk~y yk ygc ylwrlzc}& Lfi ykhcygc} ygc~c lii sr yk ygc ykyl` cwrcfijys}c kd 2\=IR>&


30/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc =:

Fkyjnc l`~k ygly nkf~seryjkf }j~c~ d}ke 2\< yk 2\= % xgjng j~ ygc rkjfy kd ygc ~sm~jiz? ek}c j~r}k% isnci lfi nkf~seci&

Ygc `jejy~ kd r}jnc c`l~yjnjyz kd icelfi

Rc}dcny`z c`l~yjn 5 l gk}jkfyl` `jfc1 ygj~ eclf~ ygly nkf~sec}~ xj`` icelfi lf jfdjfjyc leksfy lyygly r}jnc, Jy j~ ec}c`z l `jejy lfi kmtjks~`z jy nlffky mc }clngci&

Rc}dcny`z jfc`l~yjn 5 tc}yjnl` `jfc1 ygj~ eclf~ ygly nkf~sec}~ xj`` rlz lfz leksfy ly l`` ~sng l~


31/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc >2

N}k~~ c`l~yjnjyz ikc~ fky ~cce yk mc s~ci esng jf cnkfkejn~ cwncry jf cwle~&

>& Jfnkec C`l~yjnjyz kd Icelfi

Fkx ygj~ j~ ek~y jerk}ylfy, Jfnkec~ accr jfn}cl~jfh ktc} yjec ~k ygc icelfi rlyyc}f dk}tl}jks~ hkki~ lfi ~c}tjnc~ accr~ nglfhjfh& Ygj~ elyyc}~ dk} fcx dj}e~ `kkajfh yk ektc jfyk ygcel}acy lfi r}kisnc ~kecygjfh? ygc el}acy dk} xgly hkki~ k} ~c}tjnc~ j~ `jac`z yk h}kx ygcdl~yc~y; Ygly~ ygc l}cl yk mc jf, Jy elyyc}~ dk} cwj~yjfh dj}e~ `kkajfh yk ijtc}~jdz k} mcnkfnc}fci lmksy ygc r}k~rcny~ dk} ygc dsys}c jf ygc l}cl ygcz r}kisnc lfi ~c`` jf&

Icdjfjyjkf? -Jfnkec c`l~yjnjyz kd icelfi j~ l ecl~s}c kd ygc }c~rkf~jtcfc~~ kd ygc |slfyjyzicelfici kd l hkki k} ~c}tjnc yk l ~el`` nglfhc jf jfnkec-& @cl}f,

Jfnkec c`l~yjn? l hjtcf nglfhc jf jfnkec `cli~ yk l h}clyc} yglf r}krk}yjkflyc jfn}cl~c jficelfi dk} ygc hkki k} ~c}tjnc& Cwler`c~ kd jfnkec c`l~yjn hkki~? dk}cjhf y}ltc` hkki xjfc~~el}y ekyk} nl}~ clyjfh jf }c~yls}lfy~ lfi ns}}cfy`z xc``%}chl}ici m}lfi~ c&h& Lijil~~rk}y~xcl} k} ]k`cw xlyngc~&

Jfnkec jfc`l~yjn? l hjtcf nglfhc jf jfnkec `cli~ yk l `c~~ yglf r}krk}yjkflyc jfn}cl~c jficelfi dk} ygc hkki k} ~c}tjnc& Cwler`c~? m}cli ~ylr`c dkki~ hcfc}l``z ngclr ~yk}c~ lfi l```kx`z%}chl}ici m}lfi~& Jd ks} jfnkec glrrcf~ yk iksm`c '`snaz s~,* xc ik fky ~rcfi yxjnc l~esng kf ~sng jyce~&

Jfnkec fcsy}l` c`l~yjn? ~gks`i jy os~y glrrcf ygly ~lz l 3# jfn}cl~c jf jfnkec `cli~ yk l 3#jfn}cl~c jf icelfi dk} l hkki k} ~c}tjnc ygcf jy j~ jfnkec fcsy}l` c`l~yjn& Ygj~ j~ fky }cl``z lfjfyc}c~yjfh nl~c ec}c`z l mjy ~y}lfhc& Kii`z cfkshg Rjl Gsy jf Ls~y}l`jl n`ljeci jf ygc


32/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc >=

Tc}z ~gk}y }sf 5 ykyl``z jfc`l~yjn ~srr`z 5 djwci ~srr`z 'c&h& ygc leksfy jf l xgk`c~l`ctchcylm`c el}acy ic`jtc}ci clng ek}fjfh1 l`` ygc xk}a~ kd icli rljfyc}~ k} ~ns`ryk}~*&

^gk}y }sf 5 rc}glr~ ekic}lyc`z jfc`l~yjn&

@kfh }sf 5 ek}c c`l~yjn1 k} ctcf fchlyjtc c`l~yjnjyz 'jy ~`krc~ ikxfxl}i*&

Xgz j~ ~srr`z ek}c c`l~yjn jf ygc `kfh }sf;

Mcnls~c ygc nkerlfz nlf l`yc} mkyg ygc djwci lfi tl}jlm`c dlnyk}~ 'j&c& l`` ygc dlnyk}~ kdr}kisnyjkf*& Jy nlf l`~k djfi fcx k} ngclrc} ~ks}nc~ kd }lx elyc}jl`~1 jer}ktc ygc y}ljfjfh kd`lmks}1 lfi jfy}kisnc fcx ycngfk`khz k} mcyyc} elngjfc~& Ygj~ l``kx~ ygc nkerlfz yk kmyljfek}c ksyrsy xjygksy fccijfh esng jfn}cl~c jf r}jnc&

Ygc ikxfxl}i ~`krjfh ~srr`z ns}tc jf ygc `kfh }sf j~ l`}cliz dlej`jl} yk zks? nkersyc}~~nlffc}~ YT ~cy~ ijhjyl` nlec}l~ ITI r`lzc}~ lfi ij~n~ NI r`lzc}~ lfi ij~n~&& Ek~y jd fkyl`` kd ygc r}ki% sny~ kd ekic}f gj%ycng jfis~y}z dl`` jfyk ygj~ nlychk}z& L~ ygc zcl}~ hk mz ygczhcy mcyyc} lfi l `ky ngclrc}&

C`l~yjnjyz kd ~srr`z j~ r}kmlm`z l mjy `c~~ jfyc}c~yjfh yk cnkfkej~y~ yglf ygc c`l~yjnjyjc~ kdicelfi % lfi jy j~ cl~jc} yk `cl}f l~ ygc}c j~ `c~~ kd jy,


34/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc >>

Icelfi lfi ~srr`z? Lrr`jnlyjkf~ yk lfz el}acy l}c rk~~jm`c

Rkrs`l} kfc~ ygly cwlejfc}~ kdycf `jac yk ~cy l |sc~yjkf lmksy jfn`sic? Gks~jfh Dk}cjhf cwnglfhc

Lh}jns`ys}l` r}kisny~ k} }lx elyc}jl` r}kisnyjkf `jac yjf k} nkl` 'kdycf jfc`l~yjn ^ lfi I ~k d`sn%yslyjkf~ l}c nkeekf*

Msy ygc lfl`z~j~ j~ tj}ysl``z jicfyjnl` jf clng nl~c, Zks fcci yk ecfyjkf ~srr`z lfi icelfi tc}zcl}`z jf zks} lf~xc} lfi ygcf s~c ~srr`z lfi icelfi lfl`z~j~ i}lxjfh ygc ns}tc~ zks fcci&

Mc r}crl}ci yk glfi`c?

Ygc nkfncry kd c|sj`jm}jse Ygc icyc}ejflfy~ kd ~srr`z lfi kd icelfi Lf jfn}cl~c jf icelfi lfi l icn}cl~c jf icelfi Lf jfn}cl~c jf ~srr`z lfi l icn}cl~c jf ~srr`z

Lf cwycf~jkf kd mkyg icelfi lfi ~srr`z Ygc c`l~yjnjyz kd icelfi lfi ~srr`z Ejfjese r}jnc djwjfh 'cwlejfci jf Sfjy =* Elwjese r}jnc djwjfh 'cwlejfci jf Sfjy =* Lrr`zjfh lf jfij}cny ylw 'xgjng ~gjdy~ ^ ns}tc sr lfi yk }jhgy*&

Lf cwler`c kd dk}cjhf cwnglfhc

Zks es~y s~c l ijlh}le k} yxk,

Ygc tl`sc kd l ns}}cfnz j~ icyc}ejfci mz ygc ~srr`z lfi icelfi dk} jy % os~y `jac lfz kygc} hkkik} ~c}tjnc jy j~ ygc fk}el` c|sj`jm}jse ijlh}le zks fcci&

Ygc ~srr`z kd ~ nkec~ d}ke ygc SA jerk}yjfh hkki~ lfi ~c}tjnc~ d}ke lm}kli& Xc rlz jfrksfi~ yk l mlfa xgjng s~c~ ygce yk msz ygc S^ ) cyn& ygly xc fcci yk rlz ygc dk}cjhf~srr`jc}& Jd xc jerk}y ek}c xc jfn}cl~c ygc ~srr`z kd rksfi~ kf ygc el}acy ygs~ rsyyjfhr}c~~s}c kf ygc rksfi yk dl`` jf tl`sc& ^jej`l}`z jd xc cwrk}y xc msz ygc rksfi~ mlna ygc}cmzjfn}cl~jfh ygc icelfi dk} rksfi~&

Zks nks`i s~cds``z r}lnyjnc i}lxjfh ijlh}le~ yk djy ygc~c ~ncfl}jk~& Ygcz l}c ygc ~ylfil}ijfn}cl~c jf ~srr`z lfi icn}cl~c jf ~srr`z ijlh}le~ msy xjyg \slfyjyz kd kf ygc gk}jkfyl`lwj~ lfi R}jnc kd jf ) kf ygc tc}yjnl` kfc& Xc gltc yk tl`sc ygc rksfi jf ~kec kygc}ns}}cfnz ~sng l~ S^)&


35/45



Jd ygc SA jfn}cl~c~ jy~ jerk}y~ ygj~ rsy~ ek}c rksfi~ kf ygc jfyc}flyjkfl` el}acy~ l~ xc rlz dk}ygc cwy}l jerk}y~& Ygj~ eclf~ lf jfn}cl~c jf ygc ml`lfnc kd y}lic icdjnjy& Ygj~ jfn}cl~c jf ~srr`zygcf rsy~ r}c~~s}c kf ygc tl`sc kd ygc rksfi xgjng dl``~&

Jd dk}cjhf gk`ic}~ kd rksfi~ `l}hc`z mlfa~ msy l`~k kygc}~ ~sng l~ `l}hc jfyc}flyjkfl` nkerlfjc~l~ xc`` l~ jfyc}flyjkfl` ~rcns`lyk}~ icnjic ygc rksfi j~ ktc}tl`sci lfi lmksy yk dl`` ygcz ejhgy~c``& Ygc }c~s`y~ l}c ygc ~lec? ygc jfn}cl~c jf ~srr`z }cisnc~ ygc tl`sc kd ygc rksfi& Ygj~ elzmc yc}eci ~c`d os~yjdzjfh cwrcnylyjkf~&

Lf cwler`c kd ygc `lmks} el}acy&

Jd ygc SA l``kx~ ek}c ejh}lfy~ jf ygj~ jfn}cl~c~ ygc ~srr`z kd `lmks}& Mcnls~c elfz ejh}lfy~l}c }c`lyjtc`z zksfh el`c~ ygcz lii yk ygc ~srr`z kd `lmks} fk}el``z r}kisnjfh ek}c yglf ygcz

ylac ksy jf ~knjl` ~cns}jyz mcfcdjy~&

Ygc jfn}cl~c jf ygc ~srr`z kd `lmks} rsy~ r}c~~s}c kf yk `kxc} xlhc~ c~rcnjl``z dk} ygcsf~aj``ci k} ~cej%~aj``ci& Jy j~ ijddjns`y dk} elfz ejh}lfy~ yk djfi ek}c r}kdc~~jkfl` xk}a sf`c~~ygcj} Cfh`j~g j~ hkki1 ygcz ycfi yk cfi sr jf ygc sf~aj``ci ~cnyk} ctcf jd ygcz gltc ~aj``~ lfilmj`jyjc~ sfyj` ygcj} `lf% hslhc ~aj`` jer}ktc~ ~sddjnjcfy`z lfi ygj~ nlf ylac elfz ekfyg~ k} zcl}~&

Ygc }c~s`y j~ ygc fk}el` ijlh}le dk} lf jfn}cl~c jf ~srr`z jf ygj~ nl~c kd `lmks}& Zks fcci ygc|slfyjyz kd `lmks} kf ygc gk}jkfyl` lwj~ lfi xlhc~ kf ygc tc}yjnl`& Hk kf i}lx jy fkx,


36/45



]cecemc}, Zks es~y s~c ijlh}le~ yk lf~xc} |sc~yjkf~ lmksy r}jnc k} xlhc~& Elfz el}ac}~h`lfnc ly ygc ijlh}le~ dj}~y lfi jd ygcz l}c nk}}cny gc k} ~gc j~ jeecijlyc`z ij~rk~ci yk hjtczks l hkki el}a lfi l icncfy rl~~, Jd zks} ijlh}le~ l}c n`cl} lfi nk}}cny ygcz ejhgy l`~k hjtczks ygc mcfcdjy kd ygc iksmy jd ygcz gltc y}ksm`c xjyg zks} glfix}jyjfh k} ~ylfil}i kdh}leelyjnl` Cfh`j~g& Jf ygc cwle }kke jf cnkfkejn~ jy j~ tj}ysl``z jerk~~jm`c yk hcy l hkki el}axjygksy ijlh}le~&


37/45



Ygc el}acy ecnglfj~e xk}ajfh

Jf l rc}dcny xk}ì l el}acy ~z~yce xj`` hjtc l rc}dcny }c~s`y % }c~ks}nc~ xj`` mc l``knlyci cwlny`zyk xgc}c rckr`c fcci ygce yk r}kisnc xgly ygc rckr`c icelfi&

Ygjfa ~srr`z lfi icelfi ns}tc~ dk} yxk hkki~ mkyg jf c|sj`jm}jse1 l~~sec rckr`c ~rcfi l``ygcj} ekfcz 'l~ ygj~ j~ cl~jc} yk jelhjfc gkx jy xk}a~*& Ygcf jfn}cl~c ygc icelfi dk} kfc hkki'xgjng eclf~ zks es~y }cisnc icelfi dk} ygc kygc} mcnls~c ygcz l}c ~rcfijfh l`` ygcj}ekfcz mz l~~seryjkf*&

Dj}~y xc `kka ly ygc hkki~ el}acy % `cy~ l~~sec ygcz l}c m}cli lfi ejà1 xc ~yl}y jf c|sj`jm}jseygcf xc xj`` jfn}cl~c ygc icelfi dk} kfc hkki lfi ~cc xgly glrrcf~&

^cnkfi`z xc cwlejfc ygc dlnyk} el}acy xgjng `jc~ mc`kx ygc hkki~ el}acy& Ygly nkf~j~y~ kdygk~c }c~ks}nc~ ygly l}c s~ci yk r}kisnc ygc m}cli lfi ejà& Xc s~c ygc `lmks} el}acy l~ ygcdlnyk} kd r}kisnyjkf&

Xc gltc ~jer`jdjci ygc ekic` mz s~jfh yxk hkki~ lfi kfc dlnyk} yk ~gkx ygc rc}dcny xk}ajfh~kd ygc el}acy& Xjyg lfz fsemc} kd hkki~ lfi ~c}tjnc~ lfi ek}c dlnyk}~ xc nlf ~yj`` hcy ygj~rc}dcny }c~ks}nc l``knlyjkf&

'Ygc xgk`c kd Sfjy Kfc jf ygj~ nks}~c j~ ictkyci yk ygj~ el}acy ~k`syjkf& Sfjy Yxk xj`` cwr`ljfxgz xc elz fky jf dlny lyyljf ygj~ ygck}cyjnl` rc}dcnyjkf&*

Lmm}ctjlyjkf~ s~ci? EN 5 el}hjfl` nk~yLN 5 ltc}lhc nk~yR 5 r}jnc\ 5 |slfyjyzE] 5 el}hjfl` }ctcfsc@lm 5 `lmks}L] 5 ltc}lhc }ctcfscRRN 5 r}kisnyjkf rk~~jmj`jyz ns}tc 'r}kisnyjkf d}kfyjc}*

Xc ~yl}y xjyg ygc el}acy dk} hkki~ k} ~c}tjnc~ 'm}cli lfi ejà* jf c|sj`jm}jse


38/45



Lfi xc nlf l`~k cwlejfc ygc dlnyk} el}acy dk} ygc~c hkki~1 jf ygj~ nl~c xc xj`` s~c ygc rckr`cxgk elac ygc m}cli lfi r}kisnc ygc ejà 'Sfjy 9 nktc}~ `lmks} el}acy~ jf icylj`*& Lhljf xc~yl}y jf c|sj`jm}jse& 'Ygc yxk ijlh}le~ mc`kx ik fky gltc yk `kka cwlny`z ygc ~lec l~ ygc yxklmktc1 ygcz os~y gltc yk mc fk}el` ~srr`z lfi icelfi ns}tc~&*

YGCF, XC NGLFHC ^KECYGJFH LFI L@YC] YGC C\SJ@JM]JSE RK^JYJKF^

`cy~ jfn}cl~c ygc icelfi dk} m}cli lfi }cisnc ygc icelfi dk} ejà& 'Kf ygc l~~seryjkf ygly l``jf% nkec j~ ~rcfy jd rckr`c ~rcfi ek}c kf m}cli ygcz es~y ~rcfi `c~~ kf ejà&* Xc ~yl}y l~s~sl` jf c|sj% `jm}jse kf ygc icelfi ns}tc dk} m}cli I


39/45



Mcnls~c kd ygj~ nglfhc jf ygc icelfi rlyyc}f xc hcy lf jfn}cl~c jf ygc icelfi dk} xk}ac}~ ykr}kisnc ek}c m}cli lfi l dl`` jf ygc icelfi dk} ej`a xk}ac}~ % lfi xc xj`` }clng l fcxc|sj`jm}jse jf ygc dlnyk} el}acy&

Lhljf icelfi jfn}cl~c~ d}ke I yk I


40/45


XXX&K%L@CTC@&NKE p XXX&WY]CECRLRC]^&NKE Rlhc >:

Xc ~cc l~ ygc icelfi dk} l hkki k} ~c}tjnc jfn}cl~c~ 'ykr `cdy glfi ~jic* ygj~ ~sna~ dlnyk}~jfyk ygly jfis~y}z % msy xgc}c ik ygcz nkec d}ke;

Ygcz nkec d}ke ygc nkfy}lnyjfh jfis~y}z xgc}c ygc icelfi dk} l hkki k} ~c}tjnc gl~icn}cl~ci 'ykr }jhgy glfi ~jic* % ygc dlnyk}~ kd r}kisnyjkf '`lfi nlrjyl` lfi xk}ac}~* gltc yk`cltc ygly jfis~y}z 'jf ygc }cl` xk}`i jd sfcer`kzecfy l`}cliz cwj~yci ~kec kd ygc sfcer`kzciejhgy mc i}lxf jfyk xk}a*&

Xgc}c icelfi dk} l hkki k} ~c}tjnc dl``~ ygc xk}ac}~ ejhgy ~jer`z mc ij~ej~~ci % xgjng }cl``z

lffkz~rckr`c sr~cy~ ygc y}lic sfjkf~ lfi ejhgy gltc l rk`jyjnl` dl``ksy xjyg `k~~ kd ~srrk}y dk} ygchktc}fecfy&

K} ygc dj}e~ elz ylac litlfylhc kd flys}l` xl~ylhc1 ygly j~ yk ~lz ygly j~ yk ~lz l~ rckr`ctk`sfyl}j`z `cltc ygcz l}c fky }cr`lnci&


41/45



Xgk `cltc~; ^ctc}l` h}ksr~ elz mc jftk`tci?

kì xk}ac}~ xgk l}c }cyj}jfh mcnls~c kd lhc ygk~c xgk hcy j`` lfi }cyj}c ygk~c }c~jhfjfh lfi ektjfh yk l mcyyc} okm l~ rl}y kd l nl}cc} ektc ygk~c xgk ektc yk l fcx l}cl kd ygc nksfy}z dk``kxjfh ygcj} ~rks~c yk hcy yk l mcyyc} n`jelyck} ~ngkk` l}cl dk} jf~ylfnc ygk~c xgk ejh}lyc yk l ijddc}cfy nksfy}z ygk~c xgk ijc

Sfcer`kzci rckr`c l}c flys}l``z tc}z sr~cy lfi ~knjl` r}km`ce~ nlf cec}hc xgjng ygchktc}fecfy elz gltc yk icl` xjyg& Msy xjyg nlrjyl` c&h& y}sna~ k} xl}cgks~jfh dlnj`jyjc~~gjdyjfh ygc s~c kd ygc~c nls~c~ `jyy`c sr~cy % ygjfh~ gltc fk dcc`jfh~, Ygcz elz mc ~kì k}`cl~ci yk kygc} nkerlfjc~ yk s~c&

@lfi j~ ~jej`l} yk nlrjyl` jy nlf kdycf mc y}lf~dc}}ci yk ~ctc}l` kygc} s~c~ dlj}`z cl~j`z&

Ygc lmktc ijlh}le~ kd }c~ks}nc~ ektjfh d}ke icn`jfjfh ~cnyk}~ yk cwrlfijfh kfc~ lfi~ykrrjfh jf c|sj`jm}jse icekf~y}lyc ygc xlz ygc el}acy ecnglfj~e 'r}jnc ecnglfj~e*krc}lyc~&

Ygj~ xl~ dj}~y ~rkyyci mz Lile êjyg jf ygc Xcl`yg kd Flyjkf~ l~ cl}`z l~


42/45



markets: how they work ::

Documents