As long as there have been vaccines, there have been people who doubted their science and safety.
Back in 19th-century England, people rioted against a mandatory smallpox vaccine, claiming that it violated civil rights and was an affront to human bodily integrity. In the United States, organizations dedicated to resisting vaccines have existed since the Anti-Compulsory Vaccination League of Brooklyn was established in 1894.
k7:8FC6mk2 2C:2\=236=lQ+@@>23=6 :>286Q 9C67lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fchece^@C:8:?2=^7:=6\a_ae_faa\eh\@@af66]A?8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AQmk:>8 2=ElQp 3=24<\2?5\H9:E6 5C2H:?8 @7 2 H@>2? D:EE:?8 H:E9 2 D:4< 49:=5 @? 96C =2A[ H:E9 2 A@=:46 @77:46C @? 96C C:89E >2?52E:?8 96C E@ G244:?2E6 E96 49:=5 2?5 2 D<6=6E@? @? 96C =67E =@@<:?8 5625[ =:<6 D<6=6E@?D 5@Q DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fchece^@C:8:?2=^7:=6\a_ae_faa\eh\@@af66]A?8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AQ ^mk^2mk7:842AE:@?mp 5C2H:?8 AF3=:D965 3J E96 {@?5@? $@4:6EJ 7@C E96 p3@=:E:@? @7 r@>AF=D@CJ '244:?2E:@? :? E96 =2E6 `g__D] k2 9C67lQ9EEADi^^6?]H:<:A65:2]@C8^H:<:^}2E:@?2=0p?E:\'244:?2E:@?0{628F6R^>65:2^u:=6i{@?5@?0$@4:6EJ07@C0E960p3@=:E:@?0@70r@>AF=D@CJ0`gg_D]A?8Qmw:DE@C:42= |65:42= {:3C2CJ @7 %96 r@==686 @7 !9JD:4:2?D @7 !9:=256=A9:2k^2mk^7:842AE:@?mk^7:8FC6m
kAm#6D62C496CD 86?6C2==J C676C E@ A6@A=6 H9@ 5@ ?@E 7@==@H E96 DE2?52C5 25G:46 @7 962=E9 AC@76DD:@?2=D 23@FE G244:?6D[ 3J 6:E96C k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^F?56CDE2?5:?8\9@H\?6HD\H@C<D\42?\D9@CE\4:C4F:E\E96\4@??64E:@?\36EH66?\D@4:2=\>65:2\FD6\2?5\G244:?6\96D:E2?4J\`ggfgcQmC67FD:?8 @C 56=2J:?8 D@>6 @C 2== G244:?6Dk^2m[ 2D k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]G244:?6]a_`d]_c]_beQmG244:?6 96D:E2?Ek^2m] %@52J[ G244:?6 96D:E2?4J :D >@DE 72>@FD=J 2DD@4:2E65 H:E9 E96 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^$_`c_\efbeWadX_`egb\eQm|2<6 p>6C:42 w62=E9J p82:? >@G6>6?Ek^2m 2?5 :ED DE2?52C5\362C6C[ w62=E9 2?5 wF>2? $6CG:46D $64C6E2CJ k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^G244:?6\>:D:?7@C>2E:@?\5:DE@CED\D4:6?46\2\3:@496>:DE\6IA=2:?D\9@H\C7<\;C\2?5\9:D\=2HJ6CD\4=2:>D\E9C62E6?\AF3=:4\962=E9\ace___Qm#@36CE u] z6??65J yC]k^2mk^Am
kAm!F3=:4 962=E9 25G@42E6D 2?5 D4:6?46 4@>>F?:42E@CD 92G6 =2C86=J EC:65 E@ 4@F?E6C E96D6 :562D 3J @776C:?8 244FC2E6[ 724EF2= :?7@C>2E:@?] qFE 2D 2 k2 9C67lQ9EEADi^^AC@7:=6D]C:46]65F^724F=EJ^<2E96C:?6\D9H6EKQm>65:42= 9F>2?:E:6D C6D62C496Ck^2m DEF5J:?8 9@H 8C@FAD E92E 6>3C246 G244:?6 96D:E2?4J k2 9C67lQ9EEADi^^5@:]@C8^`_]cbac^hfg`bd`ac`ffhQm4C27E E96:C >6DD286k^2m[ x’G6 =62C?65 E92E A2CE @7 H9J G244:?6 96D:E2?4J :D D@ 92C5 E@ 4@>32E :D 9@H E96D6 8C@FAD FD6 DE@CJE6==:?8 E@ DAC625 E96:C G:6HD]k^Am
kAm'244:?6\96D:E2?E 8C@FAD 92G6 76H6C =:>:E2E:@?D E92? AC@\G244:?6 8C@FAD @? E96 <:?5D @7 DE@C:6D E96J 42? E6== 23@FE E96 56G6=@A>6?E 2?5 :>A24E @7 G244:?6D] (9:=6 D4:6?46\5C:G6? >6DD28:?8 E92E 6?4@FC286D G244:?2E:@? 92D E@ 36 72:E97F= E@ E96 4@>A=6I 2?5 @7E6? F?6G6?E7F= C62=:EJ @7 D4:6?46[ G244:?6\D<6AE:4 DE@C:6D E6?5 E@ >2<6 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_g_^`_d`_hfc]a_`f]`c`c_egQm>@C6 5J?2>:4 4=2:>Dk^2m]k^Am
k9am(9J 724ED 2C6?’E 6?@F89k^9am
kAmxE’D 62DJ E@ 2DDF>6 E92E A6@A=6 H9@ >:DECFDE G244:?6D 2C6 F?56C65F42E65[ 2?5 E96C67@C6[ E92E AC@G:5:?8 36EE6C :?7@C>2E:@? 23@FE D4:6?46 2?5 G244:?6D H@F=5 :?4C62D6 4@?7:56?46 :? G244:?6D] %9:D :D D@>6E:>6D 42==65 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_g_^`behgdf_b`___`e_ehfgQmE96 :?7@C>2E:@? 567:4:E 2AAC@249k^2m]k^Am
kAmx? C6DA@?D6 E@ E9:D A6C46:G65 :?7@C>2E:@? 567:4:E[ AF3=:4 962=E9 6IA6CED 2?5 D4:6?46 4@>>F?:42E@CD 92G6 H@C<65 92C5 E@ 4C62E6 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]G244:?6]a_aa]_h]_hbQm2446DD:3=J HC:EE6?[ H6=4@>:?8 65F42E:@?2= >2E6C:2=Dk^2m 23@FE G244:?6D :? @C56C E@ k2 9C67lQ9EEADi^^HHH]H9@]:?E^?6HD\C@@>^762EFC6\DE@C:6D^56E2:=^9@H\E@\E2=<\23@FE\G244:?6DQm96=A :>AC@G6 D4:6?E:7:4 =:E6C24Jk^2m]k^Am
kAmqFE E9:D 2AAC@249 92D 925 @?=J k2 9C67lQ9EEADi^^5@:]@C8^`_]``ea^!~$r020__aabQm=:>:E65 DF446DDk^2m] ~?6 :?5:42E:@?i %96 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_g_^a`ecdd`d]a_ad]adcb`efQm?F>36C @7 A6@A=6k^2m H9@ 6IAC6DD G244:?6\96D:E2?E G:6HD k2 9C67lQ9EEADi^^HHH]F?:467]@C8^E:>@C=6DE6^AC6DD\C6=62D6D^?6H\52E2\:?5:42E6D\564=:?:?8\4@?7:56?46\49:=59@@5\G244:?6D\cc\A6C46?E286\A@:?ED\D@>6Qm4@?E:?F6D E@ 8C@Hk^2m]k^Am
kAm%9:D A2CE=J C6=2E6D E@ 2 >:DF?56CDE2?5:?8 23@FE G244:?6 96D:E2?4Ji k2 9C67lQ9EEADi^^5@:]@C8^`_]`dge^`cfe_dgc]a_`d]heca`aQmxE’D ?@E E92E A6@A=6 5@?’E F?56CDE2?5 D4:6?46k^2m @C 5@?’E 92G6 2446DD E@ 9:89\BF2=:EJ >65:42= :?7@C>2E:@?] '244:?6 96D:E2?4J :D H92E A@=:4J>2<6CD 42== 2 “k2 9C67lQ9EEADi^^A>4]?43:]?=>]?:9]8@G^2CE:4=6D^!|rdbce_ad^QmH:4<65 AC@3=6>k^2m” – @?6 E92E’D A2CE:4F=2C=J 92C5 E@ D@=G6 3642FD6 :E’D 7F6=65 3J 2 C2?86 @7 :DDF6D[ :?4=F5:?8 >:D:?7@C>2E:@?[ E96 56D:C6 7@C D@4:2= 36=@?8:?8 2?5 566A=J 96=5 C6=:8:@FD 36=:67D]k^Am
k7:8FC6mk:7C2>6 H:5E9lQcc_Q 96:89ElQae_Q DC4lQ9EEADi^^HHH]J@FEF36]4@>^6>365^|hd|qe?>?2"nH>@56lEC2?DA2C6?EU2>AjDE2CEl_Q 7C2>63@C56ClQ_Q 2==@H7F==D4C66?lQQmk^:7C2>6mk7:842AE:@?m!6@A=6’D :562D 23@FE G244:?6D 2C6 D92A65 3J >2?J 724E@CD[ 2?5 G244:?6 96D:E2?4J C2C6=J DE6>D 7C@> 2 D:>A=6 =24< @7 244FC2E6 :?7@C>2E:@?]k^7:842AE:@?mk^7:8FC6m
kAm(9:=6 E96C6 2C6 >2?J DE6C6@EJA6D 23@FE H92E <:?5 @7 A6CD@? :D G244:?6 96D:E2?E[ E96 ECFE9 :D E92E E96C6 :D k2 9C67lQ9EEADi^^5@:]@C8^`_]``ge^D`agfd\_ac\_aeed\`Qm?@ D:?8=6 42E68@CJ @7 A6CD@?k^2m H9@ 6IAC6DD6D D<6AE:4:D>] '244:?6 96D:E2?4J :?4=F56D A6@A=6 H:E9 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]64@?=6E]a_ac]```fegQm9:896C 65F42E:@? 568C66Dk^2m 2?5 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_g_^_hdg`dhe]a_`e]`abdadhQm36EE6C\E92?\2G6C286 =6G6=D @7 962=E9 =:E6C24Jk^2m]k^Am
kAm!6@A=6 >:89E 6>3C246 E96D6 G:6HD 7@C >2?J C62D@?D – 7@C 6I2>A=6[ 3642FD6 E96J k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]D@4D4:>65]a_`c]_c]_`gQm5@ ?@E ECFDEk^2m E96 k2 9C67lQ9EEADi^^FA:EEAC6DD]@C8^3@@<D^hfg_gaaheeh_e^Qm>65:42= DJDE6>k^2m[ 2C6 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^;]A2:5]a_a`]``_ghaQm4C:E:42= @7 E96 8@G6C?>6?Ek^2m[ 2C6 ECJ:?8 E@ k2 9C67lQ9EEADi^^7:EK42CC2=5@65:E:@?D]4@>^3@@<D^@?\:>>F?:EJ^QmAC@E64E E96:C 49:=5k^2m @C 2C6 k2 9C67lQ9EEADi^^5@:]@C8^`_]``ff^_hebeeada_ha`dbfQm4@??64E:?8 H:E9 4@>A6==:?8 ?2CC2E:G6Dk^2m – 7@C 6I2>A=6[ 23@FE A6CD@?2= 7C665@>]k^Am
k9am'244:?6 DJ>3@=Dk^9am
kAm%@ D@>6 568C66[ 2== 962=E9 :?7@C>2E:@? k2 9C67lQ9EEADi^^5@:]@C8^`_]`_`e^$_`c_\efbeW__X_bc`a\fQm>:I6D D4:6?46 2?5 DE@CJE6==:?8k^2m] p A2E:6?E’D >65:42= 9:DE@CJ[ 7@C 6I2>A=6[ D:>A=J DEC:?8D E@86E96C 2 A6CD@?’D 962=E9 :?7@C>2E:@? :?E@ 2 4@96C6?E E2=6]k^Am
kAmqFE G244:?6\96D:E2?E 8C@FAD 2C6 A2CE:4F=2C=J 256AE 2E FD:?8 ?2CC2E:G6 E@ 4C27E 4@>A6==:?8[ ?6CG6\HC24<:?8 @C k2 9C67lQ9EEADi^^5@:]@C8^`_]c`e`^9G]acgagQm9:89=J 6>@E:@?\5C:G6? DE@C:6Dk^2m @7 5@4E@CD :8?@C:?8 A2E:6?E 4@?46C?D 2?5 49:=5C6? 56G6=@A:?8 56G2DE2E:?8 962=E9 4@?5:E:@?D 27E6C 86EE:?8 G244:?2E65]k^Am
kAm(92E >2<6D E96D6 DE@C:6D E96 D64C6E H62A@?D @7 G244:?6 96D:E2?4J :D E92E E96J @7E6? 2C6 ?@E 24EF2==J 23@FE G244:?6D 2E 2==] (96? G244:?6D 364@>6 56E24965 7C@> >65:4:?6[ E96J 42? 7F?4E:@? =:<6 2 DJ>3@= @C 2 >6E2A9@C :? 2 DE@CJ[ C67=64E:?8 2 H@C=5G:6H E92E k2 9C67lQ9EEADi^^@9:@DE2E6AC6DD]@C8^3@@<D^E:E=6D^hfg_g`ca`cbbe]9E>=Qm6?4@>A2DD6D >F49 >@C6 E92? >65:4:?6k^2m 2?5 :D k2 9C67lQ9EEADi^^7:EK42CC2=5@65:E:@?D]4@>^3@@<D^@?\:>>F?:EJ^Qm7F6=65 3J ?@?>65:42= 2?I:6E:6Dk^2m] %96D6 DE@C:6D FD6 k2 9C67lQ9EEADi^^4@C?6==AC6DD]4@C?6==]65F^3@@<^hfg`d_`fgd_b_^2?E:G2IQm?2CC2E:G6 DEC2E68:6D[ :?4=F5:?8 D@>6 5C2H? 7C@> 7:=> 2?5 =:E6C2EFC6k^2m[ E@ F?56C>:?6 G244:?6 4@?7:56?46]k^Am
kAmu@C 6I2>A=6[ @?=:?6 7@CF>D FD6 G244:?6 C67FD2= 2D 2? 6I2>A=6 @7 k2 9C67lQ9EEADi^^5@:]@C8^`_]a`_d^py!w]a_a`]b_ed_cQm4:G:= C6D:DE2?46 E@ 2 E@E2=:E2C:2? 8@G6C?>6?Ek^2m[ DJ>3@=:K:?8 2 =@DD @7 86?6C2= :?5:G:5F2= 7C665@> – 6G6? H96? G244:?6D A@D6 ?@ AC24E:42= E9C62E E@ E96:C A@=:E:42= @C D@4:2= =:36CEJ] x? D@>6 4@?E6IED[ C67FD:?8 E96 r~'xs\`h G244:?6 :? A2CE:4F=2C 92D 366? 7C2>65 2D k2 9C67lQ9EEADi^^5@:]@C8^`_]`_g_^__aacdcd]a_ad]adc`a_eQm2 D:8? @7 @G6C2== ADJ49@=@8:42= @C >6?E2= DEC6?8E9k^2m]k^Am
k9amp ?6H ?@C>2=k^9am
kAm&?56C z6??65J[ E96 r6?E6CD 7@C s:D62D6 r@?EC@= 2?5 !C6G6?E:@? 92D DE2CE65 E@ C6=62D6 >2E6C:2= E92E >2E496D E96 >6DD28:?8[ :562D 2?5 ?2CC2E:G6 DEC2E68:6D @7 G244:?6\96D:E2?E 8C@FAD]k^Am
kAm(96? E96 rsr 2??@F?465 k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^C7<\;C\8FED\E96\FD\49:=59@@5\G244:?6\D4965F=6\56DA:E6\:ED\564256D\=@?8\D276EJ\C64@C5\afafggQm2 C@==324< @7 E96 49:=59@@5 G244:?6 D4965F=6k^2m[ 7@C 6I2>A=6[ k2 9C67lQ9EEADi^^HHH]454]8@G^>65:2^C6=62D6D^a_ad^454\:>>F?:K2E:@?\D4965F=6\25@AED\:?5:G:5F2=\32D65\564:D:@?]9E>=QmE96 AC6DD C6=62D6 492C24E6C:K65k^2m E96 AC@A@D65 492?86D 2D 2 C6EFC? E@ H92E E96 286?4J :D 42==:?8 “:?5:G:5F2=\32D65 564:D:@?\>2<:?8]” k2 9C67lQ9EEADi^^HHH]A@=:E:4@]4@>^?6HD^a_ad^`a^_d^AFAA6ED\@?\2\DEC:?8\24:A\492:C\2:CD\:?56A6?56?46\4@?46C?D\__efggfeQmz:C< |:=9@2?[ E96 z6??65J\2AA@:?E65 9625k^2m @7 E96 k2 9C67lQ9EEADi^^AF3=:4962=E9];9F]65F^a_ad^E96\4@>>:EE66\369:?5\2>6C:42?\G244:?6\C64@>>6?52E:@?DQmp5G:D@CJ r@>>:EE66 @? x>>F?:K2E:@? !C24E:46Dk^2m[ 2 A2?6= @7 6IA6CED E92E k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^C7<\;CD\D92<6FA\@7\G244:?6\25G:D@CJ\4@>>:EE66\C2:D6D\H@CC:6D\23@FE\D4:6?E:7:4\:?E68C:EJ\@7\962=E9\C64@>>6?52E:@?D\adgefcQm25G:D6D E96 rsr @? G244:?6Dk^2m[ 56D4C:365 G244:?6 5632E6D 2D 2 BF6DE:@? @7 “k2 9C67lQ9EEADi^^HHH]E968F2C5:2?]4@>^FD\?6HD^a_ae^763^_`^G244:?6\C64@>>6?52E:@?D\24:AQm2FE@?@>J G6CDFD AF3=:4 962=E9k^2m]”k^Am
kAm%C62E:?8 G244:?6D 2D C6AC6D6?E:?8 2 492==6?86 E@ :?5:G:5F2=:EJ @C 2FE@?@>J 9:89=:89ED 2 A@DD:3=6 A9:=@D@A9:42= 2?5 6I:DE6?E:2= E9C62E[ 3FE :? E96 AC@46DD[ :E >:?:>:K6D C62= A9JD:42= C:D<] w6C6[ E96 DE@CJ :>A=:6D E92E G244:?6D 2C6 2 E9C62E E@ :?5:G:5F2=:EJ] |65:42==J[ E92E’D ?@E ECF6] qFE E96>2E:42==J[ E96 C676C6?46D E@ E9C62E6?65 :?5:G:5F2=:EJ DF886DE E92E A6@A=6 2C6 766=:?8 GF=?6C23=6 2?5 27C2:5] x? E9:D DE@CJ[ G244:?6D DJ>3@=:K6 A6C46:G65 52?86CD E@ 2 A6CD@?’D D6?D6 @7 D6=7[ ?@E C62= >65:42= @?6D]k^Am
k7:8FC6mk2 2C:2\=236=lQ+@@>23=6 :>286Q 9C67lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fchecf^@C:8:?2=^7:=6\a_ae_faa\gd\f67a=2];A8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AQmk:>8 2=ElQ!C@E6DE6CD 9@=5 D:8?D E92E D2J UR_bhjx H@?UR_bhjE 8:G6 FA >J 7C665@> 7@C J@FC 762CUR_bhj 2?5 UR_bhjr~'xs hhT DFCG:G2= C2E6^G244:?6 `__T A6C>2?6?EUR_bhjQ DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fchecf^@C:8:?2=^7:=6\a_ae_faa\gd\f67a=2];A8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AQ ^mk^2mk7:842AE:@?m#6D:DE2?46 E@ G244:?6D :D @7E6? 7C2>65 :? E6C>D @7 :?5:G:5F2= =:36CEJ[ 2D 2E E9:D a_a` AC@E6DE :? {@D p?86=6D 282:?DE r~'xs\`h G244:?6 >2?52E6D] s2>:2? s@G2C82?6D^p! !9@E@k^7:842AE:@?mk^7:8FC6m
k9amq64@>:?8 36EE6C C6256CDk^9am
kAmpD G244:?6 96D:E2?4J 4@?E:?F6D E@ k2 9C67lQ9EEADi^^5@:]@C8^`_]bbh_^G244:?6D`b`_`__bQmA@D6 2 492==6?86 E@ AF3=:4 962=E9k^2m[ :E D66>D :?4C62D:?8=J 4=62C E92E AC@>@E:?8 962=E9 2?5 D4:6?E:7:4 =:E6C24J[ @? E96:C @H?[ H@?’E 36 6?@F89 E@ 2==2J E96 4@?46C?D @7 A6@A=6 H9@ 92G6 2=:8?65 E96:C :562D 23@FE G244:?6D H:E9 3C@256C ?2CC2E:G6D 23@FE F?ECFDEH@CE9J :?DE:EFE:@?D 2?5 A9JD:42= C:D<]k^Am
kAm*6E 5:D>:DD:?8 E96 A6CDA64E:G6D @7 A6@A=6 H9@ C2:D6 4@?46C?D 23@FE G244:?6D C:D<D =@D:?8 @AA@CEF?:E:6D E@ 36EE6C F?56CDE2?5 E96 k2 9C67lQ9EEADi^^5@:]@C8^`_]``ce^2??FC6G\AF3=962=E9\_h_c`h\`_aac_Qm4@>A=6I C62D@?D E92E 5C2H D@>6@?6 E@ G244:?6 96D:E2?4Jk^2m] %9@D6 C62D@?D 2C6 @7E6? D92A65 3J A6@A=6’D 6IA6C:6?46D H:E9 >65:4:?6 2?5 @E96C :?DE:EFE:@?D] u@C 6I2>A=6[ E96C6 2C6 >2?J H6==\7@F?565 C62D@?D 7@C k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^FD\3=24<\2?5\=2E:?@\4@>>F?:E:6D\@7E6?\92G6\=@H\G244:?2E:@?\C2E6D\3FE\3=2>:?8\G244:?6\96D:E2?4J\>:DD6D\E96\>2C<\`eb`ehQmGF=?6C23=6 @C >2C8:?2=:K65 8C@FADk^2m E@ 36 k2 9C67lQ9EEADi^^5@:]@C8^`_]`__f^Dc_e`d\_a`\_``d_\_QmH2CJ @7 E96 >65:42= 6DE23=:D9>6?Ek^2m] u@C D@>6 q=24< p>6C:42?D[ 7@C 6I2>A=6[ k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^>65:42=\6IA=@:E2E:@?\@7\3=24<\A6@A=6\:?\2>6C:42\8@6D\72C\36J@?5\E96\46==D\DE@=6?\7C@>\96?C:6EE2\=24<D\E92E\AC@5F465\>@56C?\52J\>:C24=6D\a__aa_QmE96 =6824J @7 7@C465 >65:42= 6IA6C:>6?E2E:@? 2?5 DJDE6>:4 5:D4C:>:?2E:@?k^2m 7@C>D k2 9C67lQ9EEADi^^5@:]@C8^`_]bbh_^G244:?6D`a_b_affQm2 D@F?5 32D:D 7@C 36:?8 D<6AE:42= @7 962=E9 C64@>>6?52E:@?D 7C@> E96 8@G6C?>6?Ek^2m]k^Am
kAm$@>6 C6D62C496CD DEF5J:?8 AF3=:4 962=E9 2?5 4@>>F?:42E:@? 92G6 DE2CE65 E@ 6>3C246 DEC2E68:6D E92E k2 9C67lQ9EEADi^^5@:]@C8^`_]`_g_^a`ecdd`d]a_ac]abfh_hbQm6?8286 H:E9 =:E6C2CJ 762EFC6D[ DF49 2D DJ>3@=:D>k^2m[ E@ 255C6DD G244:?6 96D:E2?4J] %9:D :?4=F56D 3@E9 :56?E:7J:?8 E96 k2 9C67lQ9EEADi^^5@:]@C8^`_]``ce^2??FC6G\AF3=962=E9\_h_c`h\`_aac_QmDA64:7:4 DE@CJE6==:?8 E649?:BF6D 2E A=2Jk^2m E@ >2<6 E96> =6DD A6CDF2D:G6 2?5 k2 9C67lQ9EEADi^^5@:]@C8^`_]`cfcd^445C]Gce:_c2_eQm24<?@H=658:?8 E96 A6CDA64E:G6[ 4C:E:BF6D 2?5 6IA6C:6?46Dk^2m @7 G244:?6\96D:E2?E A6@A=6 E@ 4C62E6 2 >@C6 C6DA64E7F= 6?G:C@?>6?E]k^Am
kAm&?56CDE2?5:?8 E96 ?2CC2E:G6D 2?5 =62C?:?8 7C@> E96 G2=:5 4C:E:BF6D E92E 5C2H A6@A=6 :?E@ 766=:?8 96D:E2?E 23@FE G244:?6D @776CD 2 >@C6 ?F2?465 H2J E@ F?56CDE2?5 E96D6 G:6HD – 2?5 >2J @A6? E96 H2J 7@C 2 k2 9C67lQ9EEADi^^@9:@DE2E6AC6DD]@C8^3@@<D^E:E=6D^hfg_g`ca`dggb]9E>=Qm>@C6 :?4=FD:G6 2?5 C6DA64E7F= 2AAC@249 E@ 962=E942C6k^2m]k^Am
kAmk6>m%9:D 2CE:4=6 :D C6AF3=:D965 7C@> k2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^FDnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<\_U2>AjFE>04@?E6?El2CE:4=6\aed`hcQm%96 r@?G6CD2E:@?k^2m[ 2 ?@?AC@7:E[ :?56A6?56?E ?6HD @C82?:K2E:@? 3C:?8:?8 J@F 724ED 2?5 ECFDEH@CE9J 2?2=JD:D E@ 96=A J@F >2<6 D6?D6 @7 @FC 4@>A=6I H@C=5] xE H2D HC:EE6? 3Ji k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^AC@7:=6D^<2E96C:?6\D9H6EK\hhdbffnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\aed`hcQmz2E96C:?6 $9H6EKk^2m[ k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^C:46\F?:G6CD:EJ\hb`nFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\aed`hcQm#:46 &?:G6CD:EJk^2mk^6>mj k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^F?:G6CD:EJ\@7\E@C@?E@\`ag`nFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\aed`hcQm&?:G6CD:EJ @7 %@C@?E@k^2mk^6>mk^6>mk^Am
kAmkDEC@?8m#625 >@C6ik^DEC@?8mk^Am
kF=mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^G244:?6\562E9\2?5\D:56\67764ED\52E232D6\C6=:6D\@?\F?G6C:7:65\C6A@CED\2?5\ECF>A\@77:4:2=D\2?5\C:89E\H:?8\>65:2\2C6\2AA=J:?8\:E\@FE\@7\4@?E6IE\aedbeanFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<_U2>AjFE>04@?E6?El2CE:4=6\aed`hcQm'244:?6 562E9 2?5 D:56 67764ED 52E232D6 C6=:6D @? F?G6C:7:65 C6A@CED – 2?5 %CF>A @77:4:2=D 2?5 C:89E‑H:?8 >65:2 2C6 2AA=J:?8 :E @FE @7 4@?E6IEk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^82>6\E96@CJ\6IA=2:?D\H9J\C62D@?23=6\A2C6?ED\>2<6\G244:?6\49@:46D\E92E\7F6=\@FE3C62<D\adehfdnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<`U2>AjFE>04@?E6?El2CE:4=6\aed`hcQmv2>6 E96@CJ 6IA=2:?D H9J C62D@?23=6 A2C6?ED >2<6 G244:?6 49@:46D E92E 7F6= @FE3C62<Dk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^G244:?6D\2?5\G2=F6D\H96?\J@FC6\92G:?8\2\E@F89\4@?G6CD2E:@?\23@FE\>65:4:?6\5@?E\;FDE\A:=6\@?\6G:56?46\=:DE6?\E@\D@>6@?6D\>@C2=\7@F?52E:@?D\acbaaenFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<aU2>AjFE>04@?E6?El2CE:4=6\aed`hcQm'244:?6D 2?5 G2=F6Di (96? J@F’C6 92G:?8 2 E@F89 4@?G6CD2E:@? 23@FE >65:4:?6[ 5@?’E ;FDE A:=6 @? 6G:56?46 − =:DE6? E@ D@>6@?6’D ‘>@C2= 7@F?52E:@?D’k^2mk^=:mk^F=m
kA 4=2DDlQ7:?6\AC:?EQmk6>mkDA2?mz2E96C:?6 $9H6EKVD 5:DD6CE2E:@? C6D62C49 C646:G65 7F?5:?8 7C@> E96 $@4:2= $4:6?46D 2?5 wF>2?:E:6D #6D62C49 r@F?4:= 2?5 E96 ~?E2C:@ 8@G6C?>6?E]k^DA2?mk^6>mk^Am
kAmk:>8 DC4lQ9EEADi^^4@F?E6C]E964@?G6CD2E:@?]4@>^4@?E6?E^aed`hc^4@F?E]8:7n5:DEC:3FE@Cl=66Q DEJ=6lQ96:89Ei`AIjH:5E9i`AIjQ 2=ElQQ ^mk^Am
