meretas
Undang-Undang Republik Indonesia Nomor 19 Tahun 2002 tentang Hak Cipta
Lingkup Hak Cipta Pasal 2
1. Hak cipta merupakan hak eksklusif bagi Pencipta atau Pemegang Hak Cipta untuk mengumumkan atau memperbanyak Ciptaannya, yang timbul secara otomatis setelah suatu ciptaan dilahirkan tanpa mengurangi pembatasan menurut peraturan perundang-undangan yang berlaku.
Ketentuan Pidana Pasal 72:
1. Barangsiapa dengan sengaja atau tanpa hak melakukan perbuatan sebagaimana dimaksud dalam Pasal 2 ayat (1) atau Pasal 49 ayat (1) dan ayat (2) dipidana dengan pidana penjara masing-masing paling singkat 1 (satu) bulan dan/atau denda paling sedikit Rp 1.000.000,00 (satu juta rupiah), atau pidana penjara paling lama 7 (tujuh) tahun dan/atau denda paling banyak Rp 5.000.000.000,00 (lima milyar rupiah).
Meretas
Sejarah Visual
0(5(7$6 6(-$5$+ 9,68$/
5HL]D''LHQDSXWUD
&HWDNDQNH0DUHW
© +DN&LSWDSDGD5HL]D''LHQDSXWUD
(GLWRU 55RV\DWL
+DELELH $O$\\XEL5HL]DSXWUD
3HUDQFDQJ .XOLW 0XND GDQ $UWLVWLN 'DQL5+
,PDQ5DKPDQ
'LWHUELWNDQSHUWDPDNDOLROHK3HQHUELW%DODWLQ $QJJRWD ,.$3, %DQGXQJ
3HQHUELW %DODWLQ
-O 6XNDJDOLK 1R 6XNDMDGL %DQGXQJ 7HOHSRQ
(PDLO SRSXSVBEDODWLQ#\DKRRFRLG
+DN &LSWD GLOLQGXQJL ROHK 8QGDQJXQGDQJ 'LODUDQJ PHQJXWLS DWDX
PHPSHUEDQ\DNVHEDJLDQDWDXVHOXUXKLVLEXNXLQLWDQSDL]LQWHUWXOLVGDUL3HQHUELW
HUNHPEDQJDQ WHNQRORJL LQIRUPDVL \DQJ VDQJDW GLQDPLVWDPSDN VHPDNLQ PHPLQJJLUNDQ NHEHUDGDDQ NHUWDV VHEDJDL PHGLD WXOLV PHQXOLV$NLEDWQ\DELVD GLSDVWLNDQNH GHSDQDNDQVHPDNLQVXOLW PHQHPXNDQGRNXPHQGRNXPHQWHUWXOLV\DQJGLWXOLVGLDWDVPHGLD
KATA PENGANTAR
P
NHUWDV %LOD LWX WHUMDGL PDND HUD \DQJ GLVHEXW VHEDJDL SDSHUOHVV FXOWXUH DWDXHUDNHEXGD\DDQQLUNHUWDVVHPDNLQPHQGHNDWLNHQ\DWDDQ'LVLVLODLQ SHUNHPEDQJDQ WHNQRORJL LQIRUPDVL MXJD PHODKLUNDQ EHJLWX EDQ\DN GRNXPHQ \DQJ GLVDMLNDQ GDODP PHGLD GLJLWDO 5HDOLWDV SHUNHPEDQJDQ WHUVHEXWWHQWXDNDQPHQMDGLDQFDPDQVHULXVEDJLNHEHUDGDDQLOPXVHMDUDK \DQJVHODPDLQLVDQJDWWHUJDQWXQJSDGDVXPEHUVXPEHU\DQJGLWXOLVGLDWDV PHGLD NHUWDV
6HULQJGLNDWDNDQEDKZDPLQLPQ\DSHUKDWLDQWHUKDGDSVHMDUDKYLVXDOELVD MDGLGLDNLEDWNDQROHKPDVLKWHUEDWDVQ\DEXNXEXNXUHIHUHQVLWHQWDQJVHMDUDK YLVXDO EDLN WHUELWDQ OXDU QHJHUL WHUOHELK WHUELWDQ GDODP QHJHUL 'DODP NDLWDQ LWXODK EXNX 0HUHWDV 6HMDUDK 9LVXDO LQL GLKDUDSNDQ GDSDW PHPEHULNDQNRQWULEXVLVHEDJDLEXNXUHIHUHQVLWHQWDQJVHMDUDKYLVXDO 7LDGDJDGLQJ\DQJWLGDNUHWDNEHJLWXNDWDSHSDWDK'HQJDQVHJDODNHOHELKDQ GDQNHNXUDQJDQQ\DVHPRJDEXNXLQLGDSDWWHWDSPHPEHULPDQIDDWEDJL VLDSDVDMD\DQJWHUWDULNGHQJDQVHMDUDKYLVXDO
%DQGXQJ0DUHW 3HQXOLV
daftar isi
.
.$7$3(1*$17$5²Y
'$)7$5 ,6,² YLL
%$% ',1$0,.$ 3(5.(0%$1*$1 ,/08 6(-$5$+²
%$% 0(0$+$0, 6(-$5$+ 9,68$/²
.RQVHS6HMDUDK9LVXDO²
6HMDUDK9LVXDOGDQ6HMDUDK.RQYHQVLRQDO²
6HMDUDK 9LVXDOGDQ.DWHJRULVDVL6HMDUDK²
%$% 0(1**$/, 680%(5 9,68$/²
0HQJHQDOL6XPEHU9LVXDO²
0HPEXDW6XPEHU9LVXDO²
6WUDWHJL3HQJJDOLDQ6XPEHU9LVXDO²
%$% 0(1*.5,7,6, 680%(5 9,68$/²
%$% 0(5(.216758.6, 6(-$5$+ 9,68$/²
5HNRQVWUXNVL6HMDUDK9LVXDO²
0RGHO5HNRQVWUXNVL6HMDUDK9LVXDO²
(3,/2*²
ħNjɴÞŘÞ_ÞƼsNjǣsŎEÌĨŘȖŘǼȖĨÞǣǼNjÞǼsNjOÞŘǼNJʳNJŸǣɴǼÞʰ ŘĨ˚ŘĨ ɴض ŎsŎEض¶ĨŘʲ ËÞ_ÞNj ȖĶÞ NJsÞʊƼȖǼNjʰǢʳrʳʰËEÞEÞsĶɴɴȖEÞNJsÞʊƼȖǼNjʰ˯ÞʊÌ Ķ µʊÌĶÞ NJsÞʊƼȖǼNjʰ ǣsNjǼ ¶ȖNjȖ˚¶ȖNjȖ ɴض ŎsŘOsNjÌĨŘ_ŘŎsضÞŘǣƼÞNjǣÞE¶ÞǼsNjEÞǼŘɴĨNjɴ ÞŘÞʲƻNjŸ¯ʳ^NjʳǢsǼÞɠŘǢEŘʰō®ʰ^NjʳƻNjÞɴŘǼŸǢȖŘNjǼŸʰ _Ř^NjʳɳǣNj¯ŎÞNjƻÞĶÞضʰōʳ
HMDUDKVHEDJDLVHEXDKNHPDKLUDQGDODPPHUHNRQVWUXNVLSHULVWLZD VHMDUDK GDSDW GLNDWDNDQ OHELK GXOX GLNHQDO GLEDQGLQJ VHMDUDK VHEDJDL VHEXDK LOPX 6HEDJDL VHEXDK NHPDKLUDQ GDODP PHUHNRQVWUXNVL SHULVWLZD GL QHJDUDQHJDUD \DQJ PHPLOLNL
DINAMIKA PERKEMBANGAN ILMU SEJARAH
Bab Satu
S
.HPDKLUDQGDODPPHUHNRQVWUXNVLVHMDUDKVHEDJDLSHULVWLZDPHQMDGLVHMDUDK VHEDJDLNLVDKWHUXVEHUNHPEDQJVHGHPLNLDQUXSDGDQGDSDWPHQMDGLPLOLN VLDSDVDMD\DQJPHPLOLNLSHUKDWLDQWHUKDGDSVHMDUDKDWDXNHFLQWDDQWHUKDGDS VHMDUDK .HPDKLUDQ GDODP PHUHNRQVWUXNVL VHMDUDK VHEDJDL SHULVWLZD PHQMDGLVHMDUDKVHEDJDLNLVDKMXJDPDVLKGLNHQDOKLQJJDVHNDUDQJ%HUEHGD GHQJDQNHPDKLUDQGDODPPHUHNRQVWUXNVLSHULVWLZDVHMDUDKVHMDUDKVHEDJDL VHEXDK LOPX GDSDW GLNDWDNDQ EHUNHPEDQJ NHPXGLDQ VHLULQJ GHQJDQ SHUNHPEDQJDQLOPXVHMDUDKLWXVHQGLUL,DEHUNHPEDQJPDQDNDODNHVDGDUDQ XQWXN PHUHNRQVWUXNVL VHMDUDKVHEDJDLSHULVWLZD PHQMDGL VHMDUDKVHEDJDL NLVDKVHFDUDLOPLDKWXPEXKGDQPXQFXONHSHUPXNDDQ
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
WŚŽŶŽŐƌĂƉŚ ŵĞƌƵƉĂŬĂŶ ƚĞŵƵĂŶ ƚĞŬŶŽůŽŐŝ ƉĞƌƚĂŵĂ ŬĂůŝ LJĂŶŐ ďŝƐĂ ŵĞŵĂŝŶŬĂŶ͕ ŵĞŶLJŝŵƉĂŶ͕ ĚĂŶ ŵĞƌĞŬĂŵ ƐƵĂƌĂ͘ ůĂƚ ŝŶŝ ĚŝƚĞŵƵŬĂŶ dŚŽŵĂƐ ůǀĂ ĚŝƐŽŶ ƉĂĚĂ ƚĂŚƵŶ ϭϴϳϳ͘ ;^ƵŵďĞƌ͗ ŚƚƚƉ͗ͬͬŵĞŵŽƌLJ͘
ůŽĐ͘ŐŽǀͬĂŵŵĞŵͬĞĚŚƚŵůͬĞĚĐLJůĚƌ͘Śƚŵů͕ ƚĂŶŐŐĂů Ϯϲ :ƵŶŝ ϮϬϭϯͿ͘
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
%HOXP VHSHQXKQ\D VDGDU DNDQDNLEDW \DQJ VDQJDW VHULXV GDUL NHEHUDGDDQ KDQGSKRQHWHUKDGDSWUDGLVLWXOLVSHUNHPEDQJDQWHNQRORJLLQIRUPDVLVHJHUD GLZDUQDL ROHK VHPDNLQ FDQJJLKQ\D WHNQRORJL WHOHYLVL VHUWD WHUOHELK ODJL KDGLUQ\DWHNQRORJL LQWHUQHW%LODKDQGSKRQHVHNHGDU PHQJXEDK NHELDVDDQ PHQXOLVPDV\DUDNDWGDULPHGLDNHUWDVNHPHGLDHOHNWURQLNWHNQRORJLWHOHYLVL GDQLQWHUQHWPHPEHULNDQLPSOLNDVL\DQJMDXKOHELKGDKV\DWODJL.HPDMXDQ WHNQRORJL WHOHYLVL WLGDN VDMD PHQMDGLNDQ WHOHYLVL VHEDJDL PHGLD LQIRUPDVL GDQKLEXUDQ\DQJVDQJDWSRSXOHUWHWDSLMXJDPHQMDGLNDQWHOHYLVLVHEDJDLVDODK VDWX JXGDQJ SHQ\LPSDQDQLQIRUPDVL YLVXDO WHUEHVDU EDLNEHUXSD JDPEDU EHUJHUDNPRYLQJLPDJHVPDXSXQJDPEDUWLGDNEHUJHUDNVWLOOYLVXDOV
ůůĂŶ EĞǀŝŶƐ ;ϭϴϵϬͲϭϵϳϭͿ͕ ƐĂůĂŚ ƐĞŽƌĂŶŐ ƚŽŬŽŚ LJĂŶŐ ďĞƌƉĞƌĂŶ ƉĞŶƚŝŶŐ ĚĂůĂŵ ŵĞŶŐĞŵďĂŶŐŬĂŶ ƐĞũĂƌĂŚ ůŝƐĂŶ͘ hƉĂLJĂŶLJĂ ĚĂůĂŵ ŵĞŶŐĞŵďĂŶŐͲ
ŬĂŶ ƐĞũĂƌĂŚ ůŝƐĂŶ͕ ĂŶƚĂƌĂůĂŝŶĚŝůĂŬƵŬĂŶ ĚĞŶŐĂŶ ŵĞŶĚŝƌŝŬĂŶ KƌĂů ,ŝƐƚŽƌLJ
ZĞƐĞĂƌĐŚKĨĨŝĐĞƉĂĚĂƚĂŚƵŶϭϵϰϴĚŝhŶŝǀĞƌƐŝƚĂƐŽůƵŵďŝĂ͕ŵĞƌŝŬĂ^ĞƌŝŬĂƚ͘
;^ƵŵďĞƌ͗ ŚƚƚƉ͗ͬͬĐϮϱϬ͘ĐŽůƵŵďŝĂ͘ĞĚƵͬĐϮϱϬͺĐĞůĞďƌĂƚĞƐͬƌĞŵĂƌŬĂďůĞͺ
ĐŽůƵŵďŝĂŶƐͬĂůůĂŶͺŶĞǀŝŶƐ͘Śƚŵů͕ Ϯϲ :ƵŶŝ ϮϬϭϯͿ
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
.RQVHS 6HMDUDK 9LVXDO
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
'DODPPDVDPDVDDZDOSHUNHPEDQJDQQ\DEDLNGL,QGRQHVLDPDXSXQGL%DUDW EDQ\DNNDWDNDWDODLQ\DQJNHPXGLDQVHULQJGLLGHQWLNDQDWDXGLDQJJDS PHPLOLNL
Bab Dua
NHVDPDDQDUWLGHQJDQVHMDUDKDWDXGHQJDQKLVWRU\8QWXNPHQ\HEXWEHEHUDSD GLDQWDUDQ\DDGDODKVLOVLODKULZD\DWKLND\DWWDULNKGDQEDEDG.DWDNDWDWHUVHEXW PHUXSDNDQNDWDNDWD\DQJVHULQJNDOLGLDQJJDSPHPLOLNLSHQJHUWLDQ\DQJVDPD GHQJDQNDWDVHMDUDKGDODPWUDGLVLPDV\DUDNDW,QGRQHVLD6HPHQWDUDGL%DUDW NDWDNDWD\DQJ VHULQJNDOLGLDQJJDS PHPLOLNLNHVDPDDQ DUWLGHQJDQKLVWRU\ DQWDUDODLQDGDODKFKURQLFOHNURQLNJHQHDORJ\NHWXUXQDQDQQDOVWDULNK GDQHSLFV\DLUNHSDKODZDQDQ)UHGHULFNGDQ6RHURWR
%HUDJDPQ\DNRVDNDWD\DQJGLDQJJDSPHPLOLNLNHVDPDDQSHQJHUWLDQGHQJDQ VHMDUDK PDXSXQ KLVWRU\ VHFDUD LPSOLVLW PHPSHUOLKDWNDQ GLQDPLND SHPDKDPDQPDV\DUDNDW WHQWDQJVHMDUDKLWX VHQGLUL6HJDOD VHVXDWX\DQJ GLDQJJDSPHPLOLNLNDQGXQJDQWHQWDQJPDVDODPSDXGDSDWGLELQJNDLGHQJDQ NRVDNDWD \DQJ EHUEHGDEHGD GDQ WLGDN KDUXV GLSDKDPL VHEDJDL VHMDUDK 2OHKNDUHQD LWXSXODSHPDKDPDQWHQWDQJVHMDUDKGLWHQJDKPDV\DUDNDW PHQMDGLVDQJDWEHUDJDP.RQGLVLWHUVHEXWGLDNXLDWDXWLGDNVHEHQDUQ\D PDVLKWHWDSEHUODQJVXQJGL,QGRQHVLDKLQJJDVDDWLQL
\DQJ GLPDNVXGDGDODK VHMDUDK GDODP DUWLVXEMHNWLI 'HPLNLDQ SXOD KDOQ\D PDQDNDOD3UHVLGHQ6RHNDUQRGDODPSLGDWRNHQHJDUDDQQ\D\DQJWHUDNKLUWDQJJDO $JXVWXVPHQJDWDNDQ³1HYHU/HDYH+LVWRU\´'MDQJDQVHNDOLNDOL PHQLQJJDONDQ6HGMDUDK'MDQJDQPHQLQJJDONDQVHGMDUDKPXMDQJVXGDKKDL %DQJVDNX´'HSDUWHPHQ3HQHUDQJDQ5,PDNDVHMDUDK\DQJGLPDNVXG DGDODKVHMDUDKVHEDJDLNLVDKDWDXVHMDUDKGDODPDUWLVXEMHNWLI
6HWLGDNQ\DDGDWLJDIDNWRU\DQJDNDQPHQ\HEDENDQWHUMDGLQ\DVXEMHNWLYLWDVGDODP SURVHVSHQXOLVDQVHMDUDKEDLNVDDWKHXULVWLNNULWLNPDXSXQLQWHUSUHWDVL3HUWDPD VLNDSEHUDWVHEHODKSULEDGLSHUVRQDOELDV.HGXDSUDVDQJNDNHORPSRNJURXS SUHMXGLFH.HWLJDWHRULLQWHUSUHWDVL\DQJEHUEHGD.RVLP
>ƵŬŝƐĂŶ ŽƌŽďƵĚƵƌ͘ <ĂƌƚŽĚŝƌĚũŽ ;ϭϵϵϮͿ ŵĞŶŐŝďĂƌĂƚŬĂŶ ƐĞũĂƌĂŚ ƐĞďĂŐĂŝ ůƵŬŝƐĂŶ ĚĂŶ ďƵŬĂŶ ĨŽƚŽ͘ ŝůĂ ĚŝƉĞƌŚĂƚŝŬĂŶ ĚĞŶŐĂŶ ƐĞŬƐĂŵĂ͕ ƐĞďĂŐĂŝŵĂŶĂ ŚĂůŶLJĂ ƐĞũĂƌĂŚ͕ ůƵŬŝƐĂŶ ŵĞŵĂŶŐ ƚŝĚĂŬ ĂŬĂŶ ŵĂŵƉƵ ŵĞŶŐƵŶŐŬĂƉ ĂƚĂƵ ŵĞƌĞŬŽŶƐƚƌƵŬƐŝ ŽďũĞŬ LJĂŶŐ ĚŝůƵŬŝƐ ƐĞĐĂƌĂ ĚĞƚĂŝů͘ ^ƵŵďĞƌ ;>ƵŬŝƐĂŶͿ͗
ŚƚƚƉ͗ͬͬĐŽůůĞĐƚŝĞ͘ƚƌŽƉĞŶŵƵƐĞƵŵ͘Ŷů͕ĚŝƵŶĚƵŚ ƚĂŶŐŐĂů Ϯϲ :ĂŶƵĂƌŝ ϮϬϭϱ͘
'DZϮ͘ϭ
&ŽƚŽ DĞŶĂƌĂ ŝĨĨĞů Ěŝ WĂƌŝƐ͘ ŝůĂ ĚŝƉĞƌŚĂƚŝŬĂŶ ĚĞŶŐĂŶ ƐĞŬƐĂŵĂ͕
ƐĞďĂŐĂŝŵĂŶĂ ĚŝŬĂƚĂŬĂŶ <ĂƌƚŽĚŝƌĚũŽ ;ϭϵϵϮͿ͕ ƐĞũĂƌĂŚ ŵĞŵĂŶŐ ƚŝĚĂŬ ďŝƐĂ ĚŝŝĚĞŶƚŝŬĂŶ ĚĞŶŐĂŶ ĨŽƚŽ ŬĂƌĞŶĂ ĨŽƚŽ͕ ƚŝĚĂŬ ƐĞƉĞƌƚŝ ŚĂůŶLJĂ ŬŝƐĂŚ͕ ĚĂƉĂƚ ŵĞŶŐƵŶŐŬĂƉ ŽďũĞŬ ƐĞĐĂƌĂ ƵƚƵŚ ĚĂŶ ĚĞƚĂŝů͘
^ƵŵďĞƌ ;&ŽƚŽͿ͗ <ŽůĞŬƐŝ WƌŝďĂĚŝ͕ ĚŝĂŵďŝů ϭϳ DĂƌĞƚ ϮϬϬϳ͘
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
6HMDUDK 9LVXDO GDQ 6HMDUDK .RQYHQVLRQDO
WUDGLVLSHQXOLVDQVHMDUDK\DQJEHUVLIDWGHVNULSWLIQDUDWLIGHQJDQGRPLQDVL XWDPDEHUXSDVHMDUDKSROLWLNGDQVHMDUDKSHUDQJ7UDGLVLWHUVHEXWPHQJLNXWL WLJDMDOXUXWDPDSHUNHPEDQJDQVHMDUDKSROLWLN\DQJGRPLQDQSHUNHPEDQJDQ VHMDUDK VHEDJDL ELRJUDIL GDQ WHRUL RUDQJ EHVDU
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
ŽŶƚŽŚ ƐƵŵďĞƌͲƐƵŵďĞƌ ƚĞƌƚƵůŝƐ LJĂŶŐ ƐĞůĂŵĂ ŝŶŝ ŵĞŶĚŽŵŝŶĂƐŝ ŵĞĚŝĂ ƌĞŬŽŶƐƚƌƵŬƐŝ ƐĞũĂƌĂŚ͕ ƐĞŬĂůŝŐƵƐŵĞŶũĂĚŝĐŝƌŝƵƚĂŵĂƐĞũĂƌĂŚ ŬŽŶǀĞŶƐŝŽŶĂů͘ ^ƵŵďĞƌ͗
ŚƚƚƉ͗ͬͬŐŽĞĚĂŶŐĚũĂĚŽĞů͘ĐŽŵ͕ ϭϰ :Ƶůŝ ϮϬϭϯ
ŚƚƚƉ͗ͬͬďƵĐŚLJĂƌ͘ƉĞůĂŵŝŶĂŶŵŝŶĂŶŐ͘ĐŽŵ͕ ϭϰ :Ƶůŝ ϮϬϭϯ ŚƚƚƉ͗ͬͬǁǁǁ͘ŵĂũĂůĂŚǀĞƌƐŝ͘ĐŽŵ͕ ϭϰ :Ƶůŝ ϮϬϭϯ
ŚƚƚƉ͗ͬͬƚĂŶũƵŶŐƉŝŶĂŶŐƉŽƐ͘ĐŽ͘ŝĚ͕ ϭϰ :Ƶůŝ ϮϬϭϯ ŚƚƚƉ͗ͬͬŐĞŽůŽŐŝ͘ŝĂŐŝ͘Žƌ͘ŝĚ͕ ϭϰ :Ƶůŝ ϮϬϭϯ
NHEHUDGDDQ VXPEHU WHUWXOLV WHUWXWXS NHPXQJNLQDQ XQWXN GDSDW PHUHNRQVWUXNVL VHMDUDK VHEDJDL SHULVWLZD PHQMDGL VHMDUDK VHEDJDL NLVDK $QJJDSDQEDKZDVHMDUDKKDQ\DELVDGLUHNRQVWUXNVLPHODOXLVXPEHUVXPEHU WHUWXOLVWDPSDNWLGDNEDQ\DNPHODKLUNDQPDVDODKDWDXSHQHQWDQJDQNDUHQD PHPDQJXQWXNPDVD\DQJFXNXSODPDNHEHUDGDDQVXPEHUWHUWXOLVVDQJDW GRPLQDQDWDXKDQ\DVXPEHUWHUWXOLVODKVHEDJDLVDWXVDWXQ\DVXPEHU\DQJ WHUVHGLDXQWXNPHUHNRQVWUXNVLVHMDUDKVHEDJDLSHULVWLZDPHQMDGLVHMDUDK VHEDJDL NLVDK 1DPXQ VHLULQJ SHUNHPEDQJDQ WHNQRORJL NKXVXVQ\D WHNQRORJL NRPXQLNDVL GDQ LQIRUPDVL DQJJDSDQ WHUVHEXW SHUOX GLNULWLVL VHFDUDFHUPDW'LDNXLDWDXWLGDNGDULKDULNHKDULVHPDNLQVHGLNLWVXPEHU WHUWXOLV\DQJGLWXOLVGLDWDVPHGLDNHUWDV\DQJVHODPDLQLPHQMDGLDQGDODQ SDUDVHMDUDZDQ
%HQWXNDNKLUVHMDUDKNRQYHQVLRQDODWDXKLVWRULRJUDIL\DQJGLUHNRQVWUXNVL VHFDUDNRQYHQVLRQDOMXJDGDODPEHQWXNWHNVWXDODWDXGDODPEHQWXNWHUWXOLV 6HMDODQ GHQJDQ EHQWXNQ\D \DQJ GLGRPLQDVL WXOLVDQ GL GDODP VHMDUDK NRQYHQVLRQDOVDQJDWMDUDQJGLVDMLNDQIDNWDIDNWDYLVXDOEDLNEHUXSDJDPEDU
6HMDUDK 9LVXDO GDQ .DWHJRULVDVL 6HMDUDK
LQL.DUWRGLUGMRPHQ\HEXWVHWLGDNQ\DHQDPNDWHJRULVHMDUDK\DLWX VHMDUDKVRVLDOVHMDUDKSROLWLNVHMDUDKPHQWDOLWDVVHMDUDKLQWHOHNWXDOVHMDUDK DJUDULDGDQVHMDUDKNHEXGD\DDQ
6HPHQWDUD.XQWRZLMR\RPHQ\HEXWHPSDWNDWHJRULVHMDUDK\DNQL VHMDUDKVRVLDOVHMDUDKNRWDVHMDUDKSHGHVDDQVHMDUDKZDQLWDGDQVHMDUDK NHEXGD\DDQ 'DUL NHGXD NDWHJRULVDVL VHMDUDK WHUVHEXW DGD GXD NDWHJRUL \DQJVDPD\DNQLVHMDUDKVRVLDOGDQVHMDUDKNHEXGD\DDQ6HPHQWDUDNDWHJRUL ODLQ\D\DQJGLEXDW.XQWRZLMR\R\DNQLVHMDUDKNRWDVHMDUDKSHGHVDDQGDQ VHMDUDK ZDQLWD EHUEHGD GHQJDQ NDWHJRULVDVL VHMDUDK \DQJ GLEXDW .DUWRGLUGMR 5HDOLWDV NHEHUEHGDDQ NDWHJRULVDVL WHUVHEXW VHFDUD LPSOLVLW PHPSHUOLKDWNDQ EDKZD NDWHJRULVDVL VHMDUDK GDODP LOPX VHMDUDK DNDQ EHUJHUDN VHFDUD GLQDPLV VHLULQJ GHQJDQ SHUNHPEDQJDQLOPX VHMDUDK
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
3DGD DNKLUQ\D DSDSXQ GDQ EHUDSDSXQ NDWHJRULVDVL VHMDUDK \DQJ DNDQ EHUNHPEDQJ DWDX WHUNHPEDQJNDQ KDO LWX DNDQ EHUNRUHODVL MXJD GHQJDQ GLQDPLNDNRQVWUXNVHMDUDKYLVXDO\DQJGDSDWGLEDQJXQ'HQJDQNDWDODLQ GDODPSHUVSHNWLIVHMDUDKYLVXDOPDNDVHMDUDKYLVXDOGDSDWGLEDQJXQGDODP EHUEDJDLNRQVWUXNVHVXDLGHQJDQNDWHJRULVDVLVHMDUDK\DQJDGDDWDXEDKNDQ VHMDUDK YLVXDO GDSDW PHPEDQJXQ NDWHJRULVDVL VHMDUDK EDUX \DQJ EHOXP GLNHQDO VHEHOXPQ\D 6HMDUDK YLVXDO GDSDW KDGLU GDODP NRQVWUXN VHMDUDK VRVLDOVHMDUDKSROLWLNVHMDUDKVHQLVHMDUDKHNRQRPLVHMDUDKNULPLQDOLWDV GDQ EHUEDJDL NDWHJRULVDVL VHMDUDK ODLQQ\D 6HMDUDK YLVXDO MXJD GDSDW PHPEDQJXQNDWHJRULVDVLEDUXVHMDUDKVHSHUWLVHMDUDKNXOLQHUVHMDUDKIDVK LRQVHMDUDKMDPWDQJDQGDQVHMDUDKNRPXQLNDVL
GLXUDLNDQGLEDZDKLQL\DNQLVHMDUDKVHQLVHMDUDKVRVLDOVHMDUDKSROLWLN GDQVHMDUDKHNRQRPL
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
+REVEDZQVHEDJDLVDODKVHRUDQJSHPLNLUVHMDUDKVRVLDOPHQJDUWLNDQVHMDUDK VRVLDOVHEDJDLVHMDUDKGDULRUDQJRUDQJPLVNLQDWDXNHODVEDZDK6HMDUDK VRVLDO MXJD ELVD GLDUWLNDQ VHEDJDL VHMDUDK JHUDNDQJHUDNDQ VRVLDO VHUWD VHMDUDKEHUEDJDLNHJLDWDQPDQXVLDVHSHUWLWLQJNDKODNXDGDWLVWLDGDWGDQ NHKLGXSDQVHKDULKDUL6MDPVXGGLQ
GDODP NRQVWUXNVHMDUDK VRVLDOGDSDW KDGLUGDODP EHUEDJDLEHQWXN NLVDK VHMDUDK EHUODWDU VRVLDO VHSHUWL JHUDNDQ VRVLDO SHUNHPEDQJDQ NHODVNHODV VRVLDOGLNRWDVHUWDSHUNHPEDQJDQGHPRJUDILV.HVHPXDSHULVWLZDVHMDUDK EHUODWDUVRVLDOWHUVHEXWGLUHNRQVWUXNVLGHQJDQEHUEDVLVNDQSDGDVXPEHU VXPEHUYLVXDO 'HQJDQFDUD LWXVHWLDS ³QDIDV´\DQJ PHQMDGLFLUL VHMDUDK VRVLDOGDSDWWHUSHWDNDQOHELKMHODVGDQOHELKHNVSUHVLINDUHQDGLGDODPQ\D GDSDWPHPEHULLQIRUPDVLXWXKWHQWDQJGHQ\XWGHQ\XWVRVLDOGDODPVHWLDS SHULVWLZD VHMDUDK \DQJ GLUHNRQVWUXNVL
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
NHNXDVDDQWLSHHOLWHNDWHJRULRWRULWDVNHEXGD\DDQSROLWLNNHSHPLPSLQDQ GDQ SURVHV PRELOLVDVL .DUWRGLUGMR
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
6HMDUDK HNRQRPL DGDODK NDWHJRUL VHMDUDK \DQJ PHPEXND UXDQJ EDJL GLJXQDNDQQ\D WHNQLNWHNQLN NXDQWLWDWLI VHKLQJJD GLDQJJDS VHEDJDL VDLQV DWDX LOPX VRVLDO 6HMDUDK HNRQRPL PHQJDODPL SHUNHPEDQJDQ VLJQLILNDQ PHPDVXNLDZDODEDGNHWHUOHELKVHMDNSURVHVPRGHUQLVDVLGLEHUEDJDL ZLOD\DKPHPEHULIRNXVSDGDSHPEDQJXQDQHNRQRPL.KXVXVQ\DEHUNDLWDQ GHQJDQ SHUNHPEDQJDQ HNRQRPL GDUL VLVWHP SURGXNVL DJUDULV NH VLVWHP SURGXNVLLQGXVWULDO.DUWRGLUGMR6MDPVXGGLQ
SHUXEDKDQ VRVLDO NHQDLNDQ KDUJD HNVSDQVL SHUGDJDQJDQ GDQ SURGXNVL EDUDQJGDQMDVD.DUWRGLUGMR
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¶KLVWRLUH HYHQHPHQWLHOOH VHMDUDK SHULVWLZDSHULVWLZDROHK3DXO/DFRPEHGDQ)UDQFRLV6LPLDQG6MDPVXGGLQ
6HMDUDK (NRQRPL %DUX PHQHOLWL DVSHNDVSHN HNRQRPL GHQJDQ EDQWXDQ WHRULWHRULHNRQRPL\DQJVXGDK MDXKEHUNHPEDQJVHODPDLQL6HMDUDZDQ DOLUDQLQLXPXPQ\DEHUWRODNVHEDJDLDKOLDKOLHNRQRPLVHEHOXPPHPDVXNL VHMDUDK HNRQRPL$OLUDQ LQL GLVHEXW MXJD FOLRPHWULN DWDX TXDQWRKLVWRU\ NDUHQD SHQJJXQDDQ WHRULWHRUL HNRQRPL VHUWD NXDQWLILNDVL \DQJ NHWDW SHQJJXQDDQGDWDGDWDVWDWLVWLNSHQJXNXUDQPDWHPDWLVNRPSXWHUGHQJDQGDWD SURFHVVLQJVHUWDEHUEDJDLWHNQLNODLQQ\D6MDPVXGGLQ
0HQJHQDOL 6XPEHU 9LVXDO
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
Bab Tiga
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
*DPEDUWLGDNEHUJHUDNVHEDJDLVDODKVDWXEHQWXNVXPEHUYLVXDOGDSDWEHUXSD IRWROXNLVDQDWDXSHWD)RWRVHEDJDLNHND\DDQVXPEHUYLVXDOVHMDUDK,QGRQHVLD WHODKEDQ\DNPHZDUQDLVHMDUDK,QGRQHVLDVHMDNDZDODEDGNH%DQ\DNIRWR IRWR\DQJGLEXDWRUDQJ%HODQGDWHQWDQJ,QGRQHVLD2EMHN\DQJWHUGDSDWGDODP IRWRSXQWDPSDNEHUDQHNDUDJDPPXODLSHPDQGDQJDQSUDVDUDQDGDQVDUDQDMDODQ PRGDWUDQVSRUWDVLKLQJJDNHKLGXSDQVHKDULKDULPDV\DUDNDW,QGRQHVLD
dĞŵƉĂƚ ƚŝŶŐŐĂů ƵƉĂƚŝ ŝĂŶũƵƌ ŬĂƌLJĂ >͘͘ ǀĂŶ ĞƌŐĞŶ͘ &ŽƚŽ ĚŝĂŵďŝů ĂŶƚĂƌĂ ƚĂŚƵŶ ϭϵϬϬͲϭϵϭϬ͘
^ƵŵďĞƌ͗ ŚƚƚƉ͗ͬͬĐŽůůĞĐƚŝĞ͘ƚƌŽƉĞŶŵƵƐĞƵŵ͘Ŷů͕ ϯϬ :ĂŶƵĂƌŝ ϮϬϭϱ͘
'DZϯ͘ϭ
DĞŶũĞůĂŶŐ ǁĂŬƚƵ ŵĂŬĂŶ ĚĂůĂŵ ĂĐĂƌĂ ƐĞůĂŵĂƚĂŶ Ěŝ ŝďŽĚĂƐ͕ ŝĂŶũƵƌ͘ &ŽƚŽ ĚŝĂŵďŝů ƚĂŚƵŶ ϭϵϬϳ͘
^ƵŵďĞƌ͗ ŚƚƚƉ͗ͬͬĐŽůůĞĐƚŝĞ͘ƚƌŽƉĞŶŵƵƐĞƵŵ͘Ŷů͕ ϯϬ :ĂŶƵĂƌŝ ϮϬϭϱ͘
:ĂůĂŶ WŽƐ ;WŽƐƚǁĞŐͿ ĂŶƚĂƌĂ ^ŝŶĚĂŶŐ >ĂLJĂ ĚĂŶ WƵŶĐĂŬ WĂƐ͘ &ŽƚŽ ĚŝĂŵďŝů ƚĂŚƵŶ ϭϵϭϴ͘
^ƵŵďĞƌ͗ŚƚƚƉ͗ͬͬ
ĐŽůůĞĐƚŝĞ͘ƚƌŽƉĞŶŵƵƐĞƵŵ͘Ŷů͕
ϯϬ :ĂŶƵĂƌŝ ϮϬϭϱ͘
'DZϯ͘ϯ
WĞŵďĂĐĂĂŶ ǀŽŶŝƐ
ŵĂƚŝ ;ĚŽŽĚǀŽŶŶŝƐͿ Ěŝ
ŝĂŶũƵƌ͘ &ŽƚŽ ĚŝĂŵďŝů ƚĂŶŐŐĂů Ϯϯ DĂƌĞƚ ϭϵϬϯ͘
^ƵŵďĞƌ͗ŚƚƚƉ͗ͬͬ
ĐŽůůĞĐƚŝĞ͘ƚƌŽƉĞŶŵƵƐĞƵŵ͘Ŷů͕
ϯϬ :ĂŶƵĂƌŝ ϮϬϭϱ
'DZϯ͘ϰ
dĂŶĚƵ ;ƌĂĂŐƐƚŽĞůͿ Ěŝ
ŝĂŶũƵƌ͘ &ŽƚŽ ĚŝĂŵďŝů ĂŶƚĂƌĂ ƚĂŚƵŶ ϭϵϬϬ ŚŝŶŐŐĂ ϭϵϰϬ͘
^ƵŵďĞƌ͗ ŚƚƚƉ͗ͬͬ
ĐŽůůĞĐƚŝĞ͘ƚƌŽƉĞŶŵƵƐĞƵŵ͘Ŷů͕
ϯϬ :ĂŶƵĂƌŝ ϮϬϭϱ
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
ŶĂŬͲĂŶĂŬ Ěŝ WƵůĂƵ >ĂŶŐŬĂŝ͕ <ĞĐĂŵĂƚĂŶ hũƵŶŐ dĂŶĂŚ͕ DĂŬĂƐƐĂƌ͕ ^ƵůĂǁĞƐŝ ^ĞůĂƚĂŶ͕ LJĂŶŐ ƚĞŶŐĂŚ ďĞůĂũĂ ƌ͘
^ƵŵďĞƌ͗ <ŽůĞŬƐŝ WƌŝďĂĚŝ͕ ĚŝĂŵďŝů ƚĂŶŐŐĂů Ϯϴ ^ĞƉƚĞŵďĞƌ
ϮϬϭϮ͘
'DZϯ͘ϲ
WĂƌĂ WĞŶŐƵũŝ ĚĂůĂŵ <ĞŐŝĂƚĂŶ ^ĞŵŝŶĂƌ hƐƵůĂŶ WĞŶĞůŝƚŝĂŶ ĂƚĂƐ ŶĂŵĂ ĞĐĞƉ hĐƵ ZĂŬŚŵĂŶ ƉĂĚĂ WƌŽŐƌĂŵ ŽŬƚŽƌ <ĂũŝĂŶ ƵĚĂLJĂ ;WĂƌŝǁŝƐĂƚĂͿ WƌŽŐƌĂŵ WĂƐĐĂƐĂƌũĂŶĂ &ĂŬƵůƚĂƐ /ůŵƵ ƵĚĂLJĂ hŶŝǀĞƌƐŝƚĂƐ WĂĚũĂĚũĂƌĂŶ͘
^ƵŵďĞƌ͗ <ŽůĞŬƐŝ WƌŝďĂĚŝ͕ ĚŝĂŵďŝů ƚĂŶŐŐĂů ϭϬ :Ƶůŝ ϮϬϭϯ͘
>ƵŬŝƐĂŶ ͘,͘t͘ ďĂƌŽŶ ĚĞ ŽĐŬ ;ϭϴϬϴͲ ϭϴϵϭͿ ŬĂƌLJĂ ZĂĚĞŶ ^ĂůĞŚ͕ LJĂŶŐ ĚŝďƵĂƚ ƚĂŚƵŶ ϭϴϱϲ͘
^ƵŵďĞƌ͗ŚƚƚƉ͗ͬͬĐŽůůĞĐƚŝĞ͘ƚƌŽƉĞŶŵƵƐĞƵŵ͘Ŷů͕
ϯϬ:ĂŶƵĂƌŝϮϬϭϱ
'ĂŵďĂƌϯ͘ϴ
>ƵŬŝƐĂŶ ůŝƐĂďĞƚŚ ŶƚŽŝŶĞƚƚĞ ;ϭϴϬϵͲ ϭϴϱϱͿ ŬĂƌLJĂ ZĂĚĞŶ ^ĂůĞŚ͕ LJĂŶŐ ĚŝďƵĂƚ ƚĂŚƵŶ ϭϴϱϲ͘
^ƵŵďĞƌ͗ŚƚƚƉ͗ͬͬĐŽůůĞĐƚŝĞ͘ƚƌŽƉĞŶŵƵƐĞƵŵ͘Ŷů͕
ϯϬ:ĂŶƵĂƌŝϮϬϭϱ
'ĂŵďĂƌϯ͘ϵ
>ƵŬŝƐĂŶ ŵĂŬĂŵ Ěŝ ƐĞďƵĂŚ ƚĂŵĂŶ Ěŝ ŽŐŽƌ͕ ŬĂƌLJĂ ZĂĚĞŶ ^ĂůĞŚ͕ LJĂŶŐ ĚŝďƵĂƚ ƚĂŚƵŶ ϭϴϳϭ͘ ^ƵŵďĞƌ͗
0HQGDKXOXLIRWRVXPEHUYLVXDOGL,QGRQHVLDVHEHOXPQ\DWHODKGLSHUND\D SXODROHKNHEHUDGDDQOXNLVDQOXNLVDQEDLN\DQJGLEXDWROHKSHOXNLV%DUDW WHUPDVXNGLGDODPQ\DSHOXNLV%HODQGDPDXSXQ\DQJGLEXDWROHKSHOXNLV ,QGRQHVLD6XPEHUYLVXDOEHUXSDOXNLVDQWHODKPHZDUQDLVHMDUDK,QGRQH VLD VHMDNDEDGNH$GDSXQNDU\DOXNLVWHUWXD\DQJGLEXDWROHKRUDQJ ,QGRQHVLDDGDODKOXNLVDQOXNLVDQNDU\D5DGHQ6DOHK
*DPEDUEHUJHUDNVHEDJDLNDWHJRULVDVLVHODQMXWQ\DVXPEHUYLVXDOGDSDWEHUEHQWXN ILOPGRNXPHQWHUDWDXSURGXNSURGXNMXUQDOLVWLNEDLN\DQJGLKDVLONDQPHGLD WHOHYLVLPDXSXQPHGLDRQOLQH)LOPGRNXPHQWHUVHEDJDLVDODKVDWXZXMXGVXPEHU YLVXDOEHUXSD JDPEDUEHUJHUDN GDSDWGLNDWDNDQ PHUXSDNDQVXPEHU YLVXDO EHUEHQWXNJDPEDUEHUJHUDN\DQJSDOLQJSHUWDPDGLNHQDOGDODPVHMDUDK,QGRQHVLD 3DUDSHPEXDWILOPGRNXPHQWHUJHQHUDVLSHUWDPDGL,QGRQHVLDXPXPQ\DDGDODK RUDQJRUDQJ%DUDWNKXVXVQ\DRUDQJRUDQJ%HODQGD
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
JXGDQJSHQ\LPSDQDQVXPEHUYLVXDOEDLNORNDOPDXSXQQDVLRQDOEDLN\DQJ GLPLOLNL SHPHULQWDK PDXSXQ \DQJ GLPLOLNL VZDVWD 8QWXN PHQ\HEXW EHEHUDSDGLDQWDUDQ\DDGDODK5&7,6&79$1797921(0(75279 75$1679GDQ1(76HNHFLODSDSXQHNVLVWHQVLVWDVLRQWHOHYLVLVWDVLRQ WHUVHEXW WHWDSODK PHQMDGL JXGDQJ \DQJ VDQJDW EHUPDQIDDW EDJL WHPSDW SHQ\LPSDQDQVXPEHUVXPEHUYLVXDO
RQOLQHWHQWXWLGDNGDSDWGLSLVDKNDQGDULNHKDGLUDQPHGLDRQOLQHVHEDJDL PHGLD EDUX JHQHUDVL NHWLJD -XUQDOLVWLN RQOLQH VHQGLUL GDSDW GLSDKDPL VHEDJDLSURVHVSHQ\DPSDLDQLQIRUPDVLPHODOXLPHGLDLQWHUQHWWHUXWDPD ZHEVLWH 'HQJDQ GHPLNLDQ SHODSRUDQ IDNWD \DQJ GLSURGXNVL PDXSXQ SHQ\HEDUDQQ\DGLODNXNDQPHODOXLLQWHUQHW5RPOL
6XPEHUYLVXDOEDLNGDODPEHQWXNJDPEDUEHUJHUDNPDXSXQJDPEDUWLGDN EHUJHUDN SDGD GDVDUQ\D GDSDW GLWHPXNDQ GDODP EHUEDJDL PHGLD SHQ\LPSDQDQ$GDSXQEHEHUDSD PHGLD SHQ\LPSDQDQ VXPEHUYLVXDO GL DQWDUDQ\D DGDODK &'520V'9'VYLGHR WDSHVSKRWRJUDSKLF GDWD EDVHVLQWHUQHW VHDUFK HQJLQHV VHUWD GLJLWDO DUFKLYHV 0RVV
0HPEXDW 6XPEHU 9LVXDO
6HMDUDKYLVXDOVHEDJDL NHJLDWDQ SHPEXDWDQ VXPEHUYLVXDOGDSDWGLPDNQDLVHEDJDL VHEXDKNHJLDWDQPHPEXDWVXPEHUYLVXDOEDJLSHQ\HGLDDQEDKDQUHNRQVWUXNVL VHMDUDK'XDNHJLDWDQSHPEXDWDQVXPEHUYLVXDO\DQJGDSDWGLODNXNDQDGDODK SHPEXDWDQILOPGRNXPHQWHUVHUWDSHPEXDWDQVXPEHUYLVXDOEHUXSDZDZDQFDUD GHQJDQSHODNXVHMDUDK\DQJGLUHNDPGHQJDQPHQJJXQDNDQPHGLDDXGLRYL VXDO%DLNNHJLDWDQSHPEXDWDQILOPGRNXPHQWHUGDQWHUOHELKZDZDQFDUDVHMDUDK \DQJGLUHNDPPHQJJXQDNDQPHGLDDXGLRYLVXDO\DQJVHFDUDNKXVXVGLWXMXNDQ XQWXNPHPEXDWVXPEHUYLVXDOEDJLNHSHQWLQJDQUHNRQVWUXNVLVHMDUDKUHODWLI EHOXPEDQ\DNGLODNXNDQGL,QGRQHVLD
IRU9LVXDO+LVWRU\DQG(GXFDWLRQRIWKH8QLYHUVLW\RI6RXWKHUQ&DOLIRUQLD 86&6KRDK)RXQGDWLRQ,QVWLWXWHIRU9LVXDO+LVWRU\DQG(GXFDWLRQ ,QVWLWXVL\DQJGLGLULNDQROHK6WHYHQ6SLHOEHUJVDWXWDKXQVHWHODKLDPHPSHUROHK SHQJKDUJDDQ $FDGHP\$ZDUG XQWXN ILOPQ\D \DQJ EHUMXGXO 6FKLQGOHU¶V /LVWGDODPSHUNHPEDQJDQQ\DNHPXGLDQEHUKDVLOPHQJXPSXONDQVHWLGDNQ\D YLGHRWHVWLPRQLGDULSDUDNRUEDQEHQFDQDNHPDQXVLDDQJHQRFLGHVKRORFDXVW \DQJEHUKDVLOGLNXPSXONDQGDULQHJDUDGHQJDQPHQJJXQDNDQEDKDVD1HJDUD QHJDUDWHUVHEXWWHUVHEDUGLOLPDEHQXDDQWDUDODLQ$UJHQWLQD(NXDGRU.RORPELD 3HUX$XVWUDOLD$XVWULD3RODQGLD %HODUXV%RVQLD GDQ+HU]HJRYLQD .URDVLD (NXDGRU3HUDQFLV*HRUJLD,VUDHO$IULND6HODWDQGDQ-HSDQJ
>ŽŐŽ^ŚŽĂŚ&ŽƵŶĚĂƚŝŽŶ
/ŶƐƚŝƚƵƚĞĨŽƌsŝƐƵĂů ,ŝƐƚŽƌLJ ĂŶĚĚƵĐĂƚŝŽŶŽĨƚŚĞ hŶŝǀĞƌƐŝƚLJŽĨ^ŽƵƚŚĞƌŶ ĂůŝĨŽƌŶŝĂ;h^^ŚŽĂŚ &ŽƵŶĚĂƚŝŽŶ/ŶƐƚŝƚƵƚĞĨŽƌ sŝƐƵĂů ,ŝƐƚŽƌLJ ĂŶĚĚƵĐĂƚŝŽŶͿ ^ƵŵďĞƌ͗
ŚƚƚƉ͗ͬͬǁǁǁ͘ƵƐŚŵŵ͘ŽƌŐ͕ϭϮ
:Ƶůŝ ϮϬϭϯ͘
'DZϯ͘ϭϱ
ƵĂŽƌĂŶŐƐĂŬƐŝƐĞũĂƌĂŚĚĂƌŝƉƵůƵŚĂŶƌŝďƵƐĂŬƐŝƐĞũĂƌĂŚLJĂŶŐďĞƌŚĂƐŝůĚŝǁĂǁĂŶĐĂƌĂŝ^ŚŽĂŚ &ŽƵŶĚĂƚŝŽŶ/ŶƐƚŝƚƵƚĞĨŽƌsŝƐƵĂů,ŝƐƚŽƌLJĂŶĚĚƵĐĂƚŝŽŶ͕ĚĂůĂŵďĞŶƚƵŬƐĞũĂƌĂŚǀŝƐƵĂů͘&ŽƚŽŬŝƌŝ͗^Ăŵ ^njŽƌ͕ƐĂŬƐŝƐĞũĂƌĂŚŝŶǀĂƐŝ:ĞƌŵĂŶĂƚĂƐƵďŝĞŶŬĂ;WŽůĂŶĚŝĂͿƚĂŶŐŐĂůϮϮ:ƵŶŝϭϵϰϭ͕LJĂŶŐ ďĞƌƚĞƉĂƚĂŶĚĞŶŐĂŶŚĂƌŝŬĞůĂŚŝƌĂŶŶLJĂ͘&ŽƚŽŬĂŶĂŶ͗^ĂƌĂŚŝƚŵĂŶ͕ƐĂŬƐŝƐĞũĂƌĂŚŬĞũĂƚƵŚĂŶŬŽƚĂWĂƌŝƐ ŽůĞŚŝŶǀĂƐŝ:ĞƌŵĂŶƉĂĚĂƚĂŶŐŐĂůϭϰ:ƵŶŝϭϵϰϬ͘
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
'DODPSHUNHPEDQJDQSDOLQJPXWDNKLU6KRDK)RXQGDWLRQMXJDPHOHQJNDSL NROHNVLQ\DGHQJDQYLGHRYLGHRWHVWLPRQLGDULNRUEDQJHQRVLGDGL.DPERMD GDQ$UPHQLD9LGHRYLGHRWHVWLPRQLNRUEDQJHQRVLGDGL.DPERMDVHPDVD UH]LP.KPHU0HUDKGLEXDWROHK'RFXPHQWDWLRQ&HQWHURI &DPERGLD'&&DPVHWHODKWHUOHELKGDKXOXGLDGDNDQSHODWLKDQLQWHUQ VKLSSURJUDPWHUKDGDSEHEHUDSDVWDI'&&DPVHODPDNXUDQJOHELKWLJD EXODQ'L$UPHQLDSHPEXDWDQYLGHRWHVWLPRQLNRUEDQJHQRVLGDWDKXQ \DQJ PHUXSDNDQ SHULVWLZD JHQRVLGD SHUWDPD GL DEDG NH GLODNXNDQ PHODOXLNHUMDVDPDGHQJDQ7KH$UPHQLDQ)LOP)RXQGDWLRQ\DQJGLEXDW $SULOKWWSVILXVFHGXFROOHFWLRQV)HEUXDUL
6HLULQJ GHQJDQ VHPDNLQ PHOXDVQ\D SHQJJXQD YLGHRYLGHR WHVWLPRQL WHUVHEXW WHODKEDQ\DNGLJXQDNDQVHEDJDLEDKDQULVHW VHMDUDKYLVXDO\DQJ PHODKLUNDQ EHUEDJDL NDU\D SXEOLNDVL$GDSXQ EHEHUDSD NDU\D SXEOLNDVL \DQJGLEDQJXQGHQJDQPHQJJXQDNDQYLGHRYLGHRWHVWLPRQLWHUVHEXWDQWDUD ODLQ7RWWHQ6DPXHODQG6WHSKHQ)HLQEHUJĂ7HDFKLQJDQG6WXG\LQJ WKH+RORFDXVWĂ%RVWRQ$OO\QDQG%DFRQ)LVFKHU6WHIDQLHĂ7KH)L DVFRRIWKH666W/RXLV+LVWRU\DQG0\WKĂ0$WKHVLV&ODUN8QLYHUVLW\ )ULHGPDQ-RQDWKDQ&Ă6SHDNLQJWKH8QVSHDNDEOH(VVD\VRQ6H[XDO LW\*HQGHUDQG+RORFDXVW6XUYLYRU0HPRU\Ă/DQKDP0'8QLYHUVLW\ 3UHVV RI $PHULFD.DSODQ 6 Ă&KLOGUHQ LQ WKH +RORFDXVWĂ'LVV 6WRFNKROPV8QLYHUVLWHW&RKHQ%HWK%Ă&DVHFORVHG+RORFDXVWVXU YLYRUV LQ $PHULFD Ă'LVV &ODUN 8QLYHUVLW\:LHGHPDQQ 6XVDQQHĂ7UDQVQDWLRQDO(QFRXQWHUVZLWKĂ$PHULND*HUPDQ-HZLVK 5HIXJHHV¶ ,GHQWLW\ )RUPDWLRQ LQ %HUOLQ DQG 6KDQJKDL ²Ă'LVV %URZQ8QLYHUVLW\6LQQUHLFK+HOHQ-Ă7KH5DSHRI-HZLVK:RPHQ GXULQJ WKH +RORFDXVWĂ6H[XDO 9LROHQFH$JDLQVW -HZLVK :RPHQ 'XULQJ WKH+RORFDXVWĂ(GV6RQMD0+HGJHSHWKDQG5RFKHOOH*6DLGHO:DOWKDP 0$ %UDQGHLV 8QLYHUVLW\ 3UHVV 7KRPDV &KULVWRSKHU &DPSEHOOĂ&RPSDVV6TXDUHDQG6ZDVWLND)UHHPDVRQU\LQWKH7KLUG 5HLFKĂ'LVV 7H[DV $ 0 8QLYHUVLW\ $QGHUVRQ +XJKHV -HVVLFD 5 )RUFHG3URVWLWXWLRQ7KH&RPSHWLQJDQG&RQWHVWHG8VHVRIWKH&RQ FHQWUDWLRQ&DPS%URWKHO5XWJHUV7KH6WDWH8QLYHUVLW\RI1HZ-HUVH\ 1HZ%UXQVZLFNGDQ0HJDUJHH *HRIIUH\3DQG0DUWLQ 'HDQĂ7KH 8QLWHG6WDWHV+RORFDXVW0HPRULDO0XVHXP(QF\FORSHGLDRI&DPSVDQG *KHWWRV9ROXPH,,Ă%ORRPLQJWRQ,QG,QGLDQD8QLYHUVLW\3UHVV KWWSVILXVFHGXUHVHDUFKSXEOLFDWLRQV-XOL
^ƚĞǀĞŶ ^ƉŝĞůďĞƌŐ͕ LJĂŶŐ ĚŝůĂŚŝƌŬĂŶ Ěŝ ŝŶĐŝŶŶĂƚŝ͕ KŚŝŽ͕ ƚĂŶŐŐĂů ϭϴ ĞƐĞŵďĞƌ ϭϵϰϲ͕ ŵĞŵŝůŝŬŝ ŬŽŶƚƌŝďƵƐŝ ďĞƐĂƌ ĚĂůĂŵ ŵĞŶŐĞŵďĂŶŐŬĂŶ ƐĞũĂƌĂŚ ǀŝƐƵĂů͕ ŵĞůĂůƵŝ ŝŶƐƚŝƚƵƐŝ LJĂŶŐ ĚŝďĂŶŐƵŶŶLJĂ ƉĂĚĂ ƚĂŚƵŶ ϭϵϵϰ͕
LJĂŬŶŝ͕^ŚŽĂŚ &ŽƵŶĚĂƚŝŽŶ/ŶƐƚŝƚƵƚĞĨŽƌsŝƐƵĂů,ŝƐƚŽƌLJĂŶĚ ĚƵĐĂƚŝŽŶ ŽĨƚŚĞ
hŶŝǀĞƌƐŝƚLJŽĨ^ŽƵƚŚĞƌŶ ĂůŝĨŽƌŶŝĂ ;h^ ^ŚŽĂŚ &ŽƵŶĚĂƚŝŽŶ/ŶƐƚŝƚƵƚĞ ĨŽƌsŝͲ ƐƵĂů,ŝƐƚŽƌLJĂŶĚĚƵĐĂƚŝŽŶͿ͘
^ƵŵďĞƌ͗ ;ŚƚƚƉ͗ͬͬǁǁǁ͘ďŝŽŐƌĂƉŚLJ͘ĐŽŵͬƉĞŽƉůĞͬƐƚĞǀĞŶͲƐƉŝĞůďĞƌŐͲϵϰϵϬϲϮϭ͕
Ϯϲ :ƵŶŝ ϮϬϭϯͿ
'DZϯ͘ϭϳ
^ĐŚŝŶĚůĞƌ ͛Ɛ >ŝƐƚ͕ Ĩŝůŵ LJĂŶŐ ŵĞŶŐŝŶƐƉŝƌĂƐŝ ^ƚĞǀĞŶ ^ƉŝĞůďĞƌŐ ŵĞŶŐĞŵďĂŶŐŬĂŶ ƐĞũĂƌĂŚ ǀŝƐƵĂů͘
^ƵŵďĞƌ͗ŚƚƚƉ͗ͬͬǁǁǁ͘ďĂŶŐŝƚŽƵƚ͘ĐŽŵͬĂƌƚŝĐůĞƐͬ
%HUSLMDNSDGDSHQJDODPDQ6KRDK)RXQGDWLRQPHQJHORODVHMDUDKYLVXDOVHEDJDL NHJLDWDQSHPEXDWDQVXPEHUYLVXDOMHODVSHUOXDGDXSD\DVXQJJXKVXQJJXKXQWXN PXODLPHODNXNDQVDODKVDWXEHQWXNNHJLDWDQSHPEXDWDQVXPEHUYLVXDO\DNQL ZDZDQFDUDVHMDUDK\DQJGLUHNDPVHFDUDDXGLRYLVXDODWDXSXQZDZDQFDUDVHMDUDK GHQJDQPHPDQIDDWNDQPHGLDIRWRJUDILXQWXNSHPEXDWDQVXPEHUYLVXDOGDODP EHQWXNJDPEDUWLGDNEHUJHUDN$SDSXQEHQWXNSHPEXDWDQVXPEHUYLVXDO\DQJ DNDQGLKDVLONDQJDPEDUEHUJHUDNDWDXJDPEDUWLGDNEHUJHUDNNHGXDQ\DELVD GLSDVWLNDQPHPHUOXNDQDGDQ\DPHWRGHDWDXWDKDSDQWDKDSDQNHJLDWDQ
7DKDSDQWDKDSDQNHJLDWDQSHPEXDWDQVXPEHUYLVXDOLQLVHEDJDLPDQDKDOQ\D VHMDUDKOLVDQSDGDGDVDUQ\D PHQJHQDOGXD WDKDSDQEHVDU\DNQLWDKDSDQ SHUVLDSDQ GDQ WDKDSDQ SHODNVDQDDQ 'LHQDSXWUD 'DODP WDKDSDQ SHUVLDSDQDGDOLPDODQJNDKNHJLDWDQ\DQJSHUOXGLODNXNDQ\DNQLSHUXPXVDQ WRSLNZDZDQFDUDSHPEXDWDQNHQGDOLZDZDQFDUDLQYHQWDULVDVLGDQVHOHNVL SHQJNLVDKSHQJHQDODQODSDQJDQGDQSHUVLDSDQDODWUHNDP
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
SHPEXNDDQ ZDZDQFDUD DNDQ PHQMDGL SLQWX PDVXN EDJL NHEHUKDVLODQ SHODNVDQDDQZDZDQFDUDVHFDUDNHVHOXUXKDQ7HJDVQ\DEHWDSDSHQWLQJVDDW SHPEXNDDQZDZDQFDUDLQLGLFLSWDNDQVXDVDQD\DQJQ\DPDQEDJLSHQJNLVDK VHKLQJJDSHQJNLVDKWLGDNPHUDVDWHQJDKGLLQWHURJDVLWHWDSLOHELKVHEDJDL NHJLDWDQELQFDQJELQFDQJGDULKDWLNHKDWL
6HWHODKSHPEXNDDQZDZDQFDUDEHUKDVLOGLODNXNDQGHQJDQEDLNPDNDNHJLDWDQ VHODQMXWQ\D\DQJ SHUOX GLSHUKDWLNDQ DGDODK PHQMDJD UDSSRUW DWDX VXDVDQD SVLNRORJLVDQWDUDSHZDZDQFDUDGHQJDQSHQJNLVDKVHODPDZDZDQFDUDEHUODQJVXQJ %HWDSDSHQWLQJQ\DNDSDVLWDVGDQNHPDPSXDQSHZDZDQFDUDXQWXNPHQMDJDVXDVDQD ZDZDQFDUDVHODOXFDLUWLGDNNDNXGDQPHQ\HQDQJNDQEDJLSHQJNLVDK+LQGDUL VHNHFLODSDSXQVLNDSSHULODNXGDQXFDSDQSHZDZDQFDUD\DQJGDSDWPHQLPEXONDQ NHWLGDNQ\DPDQDQDSDODJLNHWHUVLQJJXQJDQSDGDGLULSHQJNLVDK
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
6WUDWHJL 3HQJJDOLDQ 6XPEHU 9LVXDO
3HQJJDOLDQVXPEHUYLVXDOGHQJDQFDUDNRQYHQVLRQDOGLODNXNDQGHQJDQSROD SRODSHQFDULDQVHEDJDLPDQD\DQJVHODPDLQLGLNHQDOGDODPSRVHVSHQJJDOLDQ VXPEHUVHMDUDKSDGDXPXPQ\D3HQJJDOLDQVXPEHUYLVXDOVHFDUDNRQYHQVLRQDO GLODNXNDQGHQJDQFDUDPHQGDWDQJLODQJVXQJSXVDWSXVDWSHQ\HGLDLQIRUPDVL \DQJ VHODPD LQL GLNHQDO VHSHUWL OHPEDJD NHDUVLSDQSHUSXVWDNDDQ SXVDW SXVDWLQIRUPDVLNDQWRUNDQWRUPHGLDFHWDNVHSHUWLNDQWRUSHQHUELWDQNRUDQ GDQPDMDODKVHUWDNDQWRUPHGLDHOHNWURQLNVHSHUWLWHOHYLVLGDQUDGLR
3HQJJDOLDQ VXPEHU YLVXDO GHQJDQ FDUD NRQYHQVLRQDO GHQJDQ GHPLNLDQ GLODNXNDQGHQJDQOHELKPHQGDKXOXNDQPHQGDWDQJLSXVDWSXVDWSHQ\HGLD LQIRUPDVL&DUDNRQYHQVLRQDOLQLPHQMDGLNDQXSD\DDZDOPHQJJDOLVXPEHU YLVXDOPHQMDGLNXUDQJHIHNWLIGDQWLGDNFHSDWVHUWDWLGDNSUDNWLV
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
'DODPNDLWDQQ\DGHQJDQNROHNVLNDUWRJUDILNWHUGDSDWGXDNROHNVLXWDPD \DQJGLPLOLNL$15,3HUWDPDSHWD\DQJGLKLPSXQROHK)'H+DDQ\DQJ EHUDVDOGDULDEDGNHKLQJJDDEDGNH.HGXDSHWD\DQJGLEXDWROHK 7RSRJUDILVFKH 'LHQVW VHUWD NHPXGLDQ 'LQDV 7RSRJUDIL 71,$' \DQJ EHUDVDOGDULDEDGNH/RKDQGD
'DODPSHUVSHNWLIVWXGLPHGLDDWDXNRPXQLNDVLPDVVDPHGLDRQOLQHPHUXSDNDQ REMHNNDMLDQWHRULPHGLDEDUXQHZPHGLD\DLWXLVWLODK\DQJPHQJDFXSDGD SHUPLQWDDQDNVHVNHNRQWHQLVLLQIRUPDVLNDSDQVDMDGLPDQDVDMDSDGD VHWLDS SHUDQJNDW GLJLWDOVHUWD XPSDQEDOLN SHQJJXQD LQWHUDNWLI SDUWLVLSDVL NUHDWLIGDQSHPEHQWXNDQNRPXQLWDVVHNLWDUNRQWHQPHGLDMXJDDVSHNJHQHUDVL UHDOWLPH1HZPHGLDVHQGLULPHUXSDNDQVLPSOLILNDVLWHUKDGDSEHQWXNPHGLD GLOXDUOLPD PHGLDPDVVDNRQYHQVLRQDO WHOHYLVLUDGLRPDMDODKNRUDQGDQ ILOP1HZ PHGLDPHPLOLNL VLIDWFDLU IOXLGV NRQHNWLYLWDVLQGLYLGXDO GDQ PHQMDGLVDUDQDXQWXNPHPEDJLSHUDQNRQWUROGDQNHEHEDVDQ
%HJLWXEDQ\DNQ\DVLWXV\DQJWHUGDSDWGDODPPHGLDRQOLQHSDGDDNKLUQ\D GLSHUOXNDQNHKDWLKDWLDQXQWXNPHPLOLKGDQPHPLODKQ\D2OHKNDUHQDLWX EDVLVXWDPDSHQ\HGLDVXPEHUYLVXDOGDODPPHGLDRQOLQHDGDODKVLWXVVLWXV EHULWD6HWLGDNQ\DDGDOLPDNDWHJRULVLWXVEHULWD\DQJWHUGDSDWGDODPPH GLDRQOLQH.HOLPDNDWHJRULVLWXVWHUVHEXWDGDODK
6LWXVEHULWDEHUXSDHGLVLRQOLQHGDULPHGLDFHWDNSLNLUDQUDN\DWFRP WULEXQMDEDUFRLGGDQVHEDJDLQ\D
6LWXV EHULWD EHUXSD HGLVL RQOLQH PHGLD SHQ\LDUDQ UDGLR UDGLRDXVWUDOLDQHWDXGDQVHEDJDLQ\D
6LWXVEHULWDEHUXSDHGLVLRQOLQHPHGLDSHQ\LDUDQWHOHYLVL&11FRP PHWURWYQHZVFRPOLSXWDQFRP
6LWXVEHULWDRQOLQHPXUQL\DQJWLGDNWHULNDWPHGLD FHWDNDWDXPHGLD HOHNWURQLNGHWLNFRPDQWDUDQHZVFRPYLYDFRLGGDQVHEDJDLQ\D 6LWXVLQGHNVEHULWD\DQJKDQ\DPHPXDWOLQNOLQNEHULWDGDULVLWXVEHULWD
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
3HPLOLKDQ PHGLD RQOLQH VHEDJDL WHPSDW SHQFDULDQ VXPEHU YLVXDO WHQWX MXJDGLGDVDUNDQDWDVSHUWLPEDQJDQUHNDPMHMDNPHGLDRQOLQHVHUWDSHPLOLN DWDXSURGXVHQPHGLDRQOLQH'HQJDQPHQJHGHSDQNDQVLWXVEHULWDVHEDJDL WHPSDWSHQFDULDQVXPEHUYLVXDOVHFDUDLPSOLVLWPHQJDQGXQJSHPDKDPDQ EDKZDWLGDNVHPXDPHGLDRQOLQHELVDGLMDGLNDQWHPSDW\DQJEDLNXQWXN PHQFDULGDQPHQJXPSXONDQVXPEHUYLVXDO6HFDUDVHGHUKDQDSDUDSHPLOLN PHGLDRQOLQHGDSDWGLNDWHJRULNDQGDODPHQDPNDWHJRULEHVDU\DNQL 1HZV 2UJDQL]DWLRQ :HEVLWH
&RPPHUFLDO 2UJDQL]DWLRQ :HEVLWH *RXYHUQPHQW:HEVLWH
,QWHUHVW*URXS :HEVLWH
1RQ3URILW 2UJDQL]DWLRQ :HEVLWH 3HUVRQDO :HEVLWH %ORJ
'DUL NHHQDP SHPLOLN DWDX SURGXVHQ PHGLD RQOLQH WHUVHEXW \DQJ SHUOX NHKDWLKDWLDQHNVWUDPDQDNDODDNDQGLMDGLNDQWHPSDWSHQFDULDQVXPEHUYL VXDODGDODKEORJDWDXSHUVRQDOZHEVLWH.HPXGDKDQEDJLVLDSDSXQXQWXN PHPEXDW EORJ PHQMDGLNDQ EORJ VHEDJDL PLOLN VLDSD VDMD \DQJ GDSDW PHQJXQGXKDSDVDMDWHUOHSDVEHQDUDWDXWLGDNQ\DPDWHUL\DQJGLXQGXK 'HQJDQ UHDOLWDV WHUVHEXWWHQWX EXNDQ EHUDUWL EORJ WLGDN ELVD GLMDGLNDQ VHEDJDLWHPSDWSHQFDULDQVXPEHUYLVXDO%DQ\DNEORJ\DQJOD\DNGLMDGLNDQ WHPSDWSHQFDULDQGDQSHQJXPSXODQVXPEHUYLVXDO1DPXQVHNDOLODJLSHUOX NHKDWLKDWLDQHNVWUDXQWXNPHPEDFDGDQPHQJRODKQ\D
%DQ\DN NHXQJJXODQ \DQJ GLPLOLNL PHGLD RQOLQH PDQDNDOD PHGLD RQOLQH GLMDGLNDQVHEDJDLWHPSDWSHQFDULDQGDQSHQJXPSXODQVXPEHUYLVXDO.HXQJXODQ PHGLDRQOLQHWHUVHEXWSHUOXGLSDKDPLGHQJDQEDLNDJDUGDSDWGLMDGLNDQEDKDQ GDODPPHPEDFDGDQPHQJRODKVXPEHUYLVXDO\DQJEHUDVDOGDULPHGLDRQOLQH 6HWLGDNQ\DDGDVHSXOXKNHXQJJXODQ\DQJGLPLOLNLPHGLDRQOLQH\DQJSHUOX GLFHUPDWL WHUOHELK PDQDNDOD PHGLD RQOLQH KHQGDN GLMDGLNDQ WHPSDW SHQFDULDQ GDQSHQJRODKDQ VXPEHU YLVXDO .HVHSXOXKNHXQJJXODQ PHGLD RQOLQHWHUVHEXWDGDODK
0XOWLPHGLD
0HGLDRQOLQHPHPXDWDWDXPHQ\DMLNDQEHULWDLQIRUPDVLGDODPEHQWXN WHNVDXGLRYLGHRJUDILVGDQJDPEDUVHFDUDEHUVDPDDQ7DPSLODQPXOWL PHGLD\DQJGLPLOLNLPHGLDRQOLQHWHQWXDNDQPHQMDGLNDQVXPEHUYL VXDOOHELKPHQDULNGDQOHELKEHUZDUQDXQWXNGLEDFDGLOLKDWGDQGLRODK $NWXDOLWDV
0HGLDRQOLQHEHULVLLQIRDNWXDONDUHQDNHPXGDKDQGDQNHFHSDWDQSHQ\DMLDQ &HSDW
0HGLDRQOLQHPHPLOLNLNHFHSDWDQ\DQJWLGDNGLPLOLNLPHGLDODLQGDUL JHQHUDVL VHEHOXPQ\D NDUHQD EHJLWXGLSRVWLQJ DWDX GLXSORDG ODQJVXQJ ELVD GLDNVHVVHPXD RUDQJ
8SGDWH
0HGLDRQOLQHPHPLOLNLNHPDPSXDQXQWXNPHQJXSGDWHPDWHULVHFDUD UHDOWLPHNDSDQVDMDGDQGLPDQDVDMD2OHKNDUHQDQ\DLQIRUPDVL\DQJ GLXQGXK GDODP PHGLDRQOLQHGDSDW GLODNXNDQGHQJDQFHSDW EDLNGDUL VLVLVXEVWDQVLPDXSXQUHGDNVLRQDO
.DSDVLWDVOXDV
0HGLDRQOLQHPHPLOLNLKDODPDQZHE\DQJELVDPHQDPSXQJQDVNDKVDQJDW SDQMDQJEDLNEHUXSDWXOLVDQPDXSXQJDPEDU
)OHNVLELOLWDV
0HGLDRQOLQHPHPLOLNLIOHNVLEOLWDV\DQJWLQJJLGLNDUHQDNDQSHPXDWDQ GDQHGLWLQJQDVNDKELVDNDSDQVDMDGDQGLPDQDVDMD7HQWXQ\DVHODPD GDSDWWHUKXEXQJGHQJDQIDVLOLWDVLQWHUQHW
/XDV
,QWHUDNWLI
0HGLDRQOLQHGLPXQJNLQNDQXQWXNPHPLOLNLNRORPNRPHQWDUGDQFKDW URRP\DQJEHUVLIDWUHDOWLPHVHKLQJJDGDSDWPHPSHUFHSDWNRPXQLNDVL GXDDUDKPDQDNDODGLSHUOXNDQ
7HUGRNXPHQWDVL
0HGLDRQOLQHPHPLOLNLEDQNGDWD\DQJKDPSLUWDNWHUKLQJJDNDSDVLWDVQ\D ,QIRUPDVL\DQJWHUGDSDWGDODP PHGLDRQOLQHWHUVLPSDQGLEDQNGDWD GDQGDSDWGLWHPXNDQPHODOXLIDVLOLWDVFDULVHDUFK
+\SHUOLQNHG
0HGLDRQOLQHPHPLOLNLNHPXGDKDQNRQHNVLWDVNDUHQDWHUKXEXQJGHQJDQ VXPEHUODLQOLQNV\DQJEHUNDLWDQGHQJDQLQIRUPDVL\DQJWHUVDML 5RPOL
'LOXDU NHXQJJXODQ VHEDJDLPDQD GLNHPXNDNDQ GL DWDVPHGLD RQOLQHMXJD PHPLOLNL NHOHPDKDQNHOHPDKDQ .HOHPDKDQ PHGLD RQOLQH VHEDJDLPDQD NHXQJJXODQQ\D WHQWXMXJD SHUOXGLFHUPDWL GHQJDQEDLN DJDUSHQFDULDQ GDQ SHQJXPSXODQVXPEHUYLVXDOPHODOXLPHGLDRQOLQHGDSDWWHUXNXUGHQJDQEDLN 6HWLGDNQ\DDGDHPSDWNHOHPDKDQ\DQJGLPLOLNLPHGLDRQOLQH.HHPSDW NHOHPDKDQWHUVHEXWDGDODK
0HGLDRQOLQHPHPLOLNLNHWHUJDQWXQJDQWHUKDGDSSHUDQJNDWNRPSXWHU GDQNRQHNVLLQWHUQHW
0HGLD RQOLQH ELVD GLPLOLNL GDQ GLRSHUDVLNDQ ROHK VHPEDUDQJ RUDQJ 0HGLDRQOLQHPHPEXDWPDWDFHSDWOHODKVDDWPHPEDFDQ\DNKXVXVQ\D
QDVNDK\DQJSDQMDQJ $NXUDVL VHULQJ WHUDEDLNDQ
HWLDS VXPEHU VHMDUDK \DQJ EHUKDVLO GLSHUROHK DWDX GLNXPSXONDQ WLGDNODQWDVGDSDWODQJVXQJGLJXQDNDQVHEDJDLPHGLDUHNRQVWUXNVL VHMDUDK 'HQJDQ GHPLNLDQ VXPEHU \DQJ EHUKDVLO GLNXPSXONDQ EDUXODKPHUXSDNDQEDKDQPHQWDK\DQJSHUOXGLRODKWHUOHELKGDKXOX
Bab Empat
MENGKRITISI SUMBER VISUAL
S
XQWXNGDSDWGLMDGLNDQPHGLDUHNRQVWUXNVLVHMDUDK7DKDSDQVHODQMXWQ\D\DQJ SHUOX GLWHPSXK VHWHODK VXPEHU VHMDUDK EHUKDVLO GLNXPSXONDQ DGDODK WDKDSDQYHULILNDVLVXPEHUDWDXNULWLNVXPEHU'DODPNDLWDQLQLGLNHQDO DGDQ\DGXDPRGHONULWLNVXPEHUVHMDUDK\DNQLNULWLNHNVWHUQDOGDQNULWLN LQWHUQDO
.ULWLNHNVWHUQDOGDSDWGLSDKDPLVHEDJDLPHWRGHYHULILNDVLDWDXSHQJXMLDQ WHUKDGDSDVSHNDVSHN³OXDU´GDULVXPEHUVHMDUDKDWDXGDSDWSXODGLSDKDPL VHEDJDL VXDWX YHULILNDVL DWDV DVDO XVXO VXPEHU 'HQJDQ GHPLNLDQ NULWLN HNVWHUQDOPHQFDNXSGXD KDOSHQWLQJ\DNQLPDVDODKRWHQWLVLWDVVXPEHU GDQLQWHJULWDVVXPEHUVHMDUDK
6XPEHUVHMDUDK\DQJWHODKORORVWDKDSDQNULWLNPHQLQJNDWVWDWXVQ\DPHQMDGL IDNWDVHMDUDK.DUWRGLUGMR PHQ\HEXWIDNWDVHMDUDKVHEDJDLXQVXU XQVXUEDJLSHQ\XVXQDQDWDXUHNRQVWUXNVLFHULWHUDVHMDUDK
6HEDJDL VXPEHU VHMDUDK VHEDJDLPDQD VXPEHUVXPEHU VHMDUDK ODLQQ\D VXPEHUYLVXDOSXQSHUOXGLRODK'HQJDQNDWD ODLQVHWLDSVXPEHUYLVXDO \DQJ EHUKDVLO GLSHUROHK DWDX GLNXPSXONDQ WLGDN ODQWDV ELVD GLJXQDNDQ VHEDJDLPHGLDUHNRQVWUXNVLVHMDUDK6XPEHUYLVXDOSHUOXGLYHULILNDVLDWDX GLNULWLVLEDLNVHFDUDHNVWHUQDOPDXSXQVHFDUDLQWHUQDO
.ULWLN HNVWHUQDO WHKDGDS VXPEHU YLVXDO GDSDW GLODNXNDQ VHWLGDNQ\D EHUNDLWDQGHQJDQHPSDWKDO.HHPSDWKDOWHUVHEXWDGDODK
,QVWLWXVL 3HQ\HGLD 6XPEHU 9LVXDO
,QVWLWXVLSHQ\HGLDVXPEHUYLVXDOEDLNYLUWXDOPDXSXQQRQYLUWXDOSHUOX NULWLN HNVWHUQDO WLGDN ODLQ XQWXN PHPSHUROHK NUHGLELOLWDV EHUNDLWDQ GHQJDQVXPEHU\DQJDNDQGLJDOL
3URGXVHQ 6XPEHU 9LVXDO
.ULWLN HNVWHUQDO WHUKDGDS SURGXVHQ VXPEHU YLVXDO MXJD SHQWLQJ GLODNXNDQ XQWXN PHQJHWDKXL NUHGLELOLWDV LQVWLWXVL DWDX NUHGLELOLWDV PHGLDRQOLQH\DQJPHQJKDVLONDQVXPEHUYLVXDO
%HQWXN6XPEHU9LVXDO
2WHQWLVLWDV6XPEHU
.ULWLN HNVWHUQDO WHUKDGDS VXPEHUYLVXDO MXJD GDSDW GLODNXNDQXQWXN PHQJHWDKXLDVOLWLGDNQ\DVXPEHUYLVXDO
1DPXQGHPLNLDQSXODWHQWXWDNELVDGLSXQJNLULEDKZDELODGLEDQGLQJNDQ PHGLDFHWDNPHGLDRQOLQHWLQJNDWNUHGLELOLWDVQ\DWLGDNVHNXDWPHGLDFHWDN 'HQJDQ NDWD ODLQ PHGLD FHWDN PHPLOLNL WLQJNDW NUHGLELOLWDV \DQJ OHELK WLQJJLEHUNDWUDQJNDLDQNHWDW\DQJSHUOXGLWHPSXKVHSHUWLQHZVSURFHVVLQJ QHZVSODQQLQJQHZVKXQWLQJQHZVZULWLQJQHZVHGLWLQJOD\RXWLQJVHW WLQJKLQJJDSUDFHWDNFHWDNGDQGLVWULEXVL5RPOL
ŽŶƚŽŚ ŵĞĚŝĂ LJĂŶŐ ƚŝĚĂŬ ŚĂŶLJĂ ŵĞŶĞƌďŝƚŬĂŶ ĞĚŝƐŝ ĐĞƚĂŬ ƚĞƚĂƉŝ
ũƵŐĂ ĞĚŝƐŝ ŽŶůŝŶĞ͘
^ƵŵďĞƌ͗
ǁǁǁ͘ƚŝŵĞ͘ĐŽŵ͕ Ϯ &ĞďƌƵĂƌŝ ϮϬϭϱ
6HVXGDK NULWLN HNVWHUQDO VXPEHUYLVXDOSXQSHUOX GLNULWLVLVHFDUD LQWHU QDO.ULWLNLQWHUQDOVXPEHUYLVXDOGDSDWPHQFDNXSGXDKDO\DNQLLGHQWLWDV VXPEHUGDQNHDNXUDWDQVXPEHU.ULWLNWHUKDGDSLGHQWLWDVVXPEHUGLODNXNDQ XQWXNPHQJHWDKXLQDPDSHPEXDWVXPEHUWDKXQGDQWHPSDWSHPEXDWDQ KLQJJDMXGXOVXPEHU.ULWLNWHUKDGDSLGHQWLWDVVXPEHULQLELVDGLNDWDNDQ PHQMDGLNULWLNWHUSHQWLQJSDGDWDKDSDQDZDONDUHQDPHQMDGLSLQWXPDVXN XQWXNPHQHWDSNDQGDSDW DWDXWLGDNQ\DVHEXDKVXPEHUYLVXDOGLMDGLNDQ VXPEHUVHMDUDK'HQJDQNDWDODLQWDQSDDGDQ\DLGHQWLWDVVXPEHUYLVXDO ELVDGLSDVWLNDQWLGDNELVDGLJXQDNDQVHEDJDLVXPEHUVHMDUDK
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
EHUXSDFUHDWHGGDWH6HPHQWDUDELOD EHUXSDPRGLILHGGDWHPDND XQWXN PHOLKDWNHDVOLDQVHEXDKIRWRSHUOXGLEDQGLQJNDQGHQJDQVXPEHUDVOL .ULWLN ODLQ WHUKDGDS VXPEHU YLVXDO EHUXSD IRWR VHODQMXWQ\D GDSDW MXJD GLODNXNDQGHQJDQPHQJDQDOLVLVWLPHVWDPSVNKXVXVQ\DZDNWXSHQJDPELODQ JDPEDUGHQJDQNRQGLVLJDPEDU%LODZDNWXSHQJDPELODQJDPEDUPHQXQMXNDQ ZDNWXSDGDVLDQJKDULVHPHQWDUDNRQGLVLJDPEDUPHPSHUOLKDWNDQVXDVDQD PDODPKDULPDNDNUHGLELOLWDVJDPEDUWHUVHEXWSHUOXGLUDJXNDQ
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
5HNRQVWUXNVL 6HMDUDK 9LVXDO
5HNRQVWUXNVL SHULVWLZD VHMDUDK PHQMDGL NLVDK VHMDUDK KDQ\D PXQJNLQ GLODNXNDQPDQDNDODSHULVWLZDVHMDUDKWHUVHEXWPHQ\LVDNDQVXPEHUVXPEHU VHMDUDK 7DQSD VXPEHU VHMDUDK WLGDN PXQJNLQ GLODNXNDQ UHNRQVWUXNVL VHMDUDK'DODPNDLWDQQ\DGHQJDQVHMDUDKYLVXDOPDNDUHNRQVWUXNVLVHMDUDK YLVXDOKDQ\DPXQJNLQGLODNXNDQPDQDNDODSHULVWLZDVHMDUDK\DQJKHQGDN GLUHNRQVWUXNVLPHQ\LVDNDQVXPEHUVXPEHUYLVXDO'DULVXPEHUYLVXDO\DQJ WHODKORORVNULWLNDWDXGLVHEXW MXJD IDNWDYLVXDOUHNRQVWUXNVLVHMDUDKYL VXDOGDSDWGLODNXNDQ'HQJDQGHPLNLDQEDVLVUHNRQVWUXNVLVHMDUDKYLVXDO DGDODKIDNWDYLVXDOEDLNGDODPEHQWXNJDPEDUEHUJHUDNPDXSXQJDPEDU WLGDN EHUJHUDN 6HPHQWDUD UHNRQVWUXNVL VHMDUDK YLVXDO VHQGLUL GDSDW GLSDKDPLVHEDJDLSURVHVPHQJXPSXONDQVXPEHUYLVXDOPHQJNULWLVLVXPEHU YLVXDO PHQJDQDOLVLVGDQ PHQJLQWHUSUHWDVLIDNWD YLVXDOVHUWD PHQ\DMLNDQ IDNWDYLVXDOPHQMDGLNLVDKVHMDUDKGDODPEHUEDJDLNRQVWUXNVHMDUDKYLVXDO
Bab Lima
6HEDJDLPDQDKDOQ\DUHNRQVWUXNVLVHMDUDKSDGDXPXPQ\DUHNRQVWUXNVLVHMDUDK YLVXDOSXQPHPLOLNLPHWRGHSHQHOLWLDQ\DQJWHUGLULGDULEHEHUDSDWDKDSDQ NHJLDWDQ7DKDSDQWDKDSDQNHJLDWDQWHUVHEXWDGDODKSHUWDPDKHXULVWLNDWDX WDKDSDQSHQJXPSXODQVXPEHUNKXVXVQ\DVXPEHUYLVXDO.HGXDNULWLNDWDX WDKDSDQVHOHNVLVXPEHUDWDXVHULQJGLVHEXWSXODVHEDJDLWDKDSDQYHULILNDVL VXPEHU.HWLJDDQDOLVLVYLVXDODWDXWDKDSDQDQDOLVLVYLVXDOGDULVXPEHUYL VXDO\DQJWHODKORORVNULWLNIDNWDYLVXDO.HHPSDWLQWHUSUHWDVLDWDXWDKDSDQ SHQDIVLUDQHOHPHQYLVXDODWDXGDSDWSXODGLVHEXWVHEDJDLWDKDSDQHNVSODQDVL YLVXDO.HOLPDKLVWRULRJUDILDWDXWDKDSDQSHQXOLVDQDWDXSHQ\DMLDQVHMDUDK
*DULVVHEDJDLVDODKVDWXHOHPHQYLVXDOGDSDWGLPDNQDLVHEDJDLVHEXDKNHVDWXDQ \DQJGLQDPLV\DQJPHQ\LUDWNDQVHEXDKWLQGDNDQ6HFDUDXPXPJDULVGDSDWEHUDUWL DUDKRULHQWDVLJHUDNDQGDQGD\D.RPELQDVLJDULVPHPLOLNLNHEHUDJDPDQPDNQD EDLNLWXJDULVYHUWLNDOJDULVKRULVRQWDOJDULVGLDJRQDOPDXSXQJDULVPHOLQJNDU RYDO GDQJDULV PHOHQJNXQJ'DODP NDLWDQQ\D GHQJDQ JDULV0XQUR PHQJHPXNDNDQDGDQ\DWLJDMHQLVJDULV\DNQLJDULVJHRPHWULVJDULVELRPRUILN GDQJDULV NODVLNDO *DULV JHRPHWULVPHPSHUOLKDWNDQ NHWHUDWXUDQSDVWL GDQ VHGHUKDQD -HQLVJDULVLQLWHUZXMXGNDQ PHODOXLXQVXU JHRPHWULVVHSHUWL JDULV OXUXVVXGXWVHJLWLJDOLQJNDUDQVHJLHPSDWEXVXUGDQELQWDQJ%HUEHGDGHQJDQ JDULV JHRPHWULV JDULV ELRPRUILN OHELK EHEDV GDODP SHUJHUDNDQQ\D WLGDN EHUDWXUDQ GDODP DOXUOHQJNXQJDQ GDQJHULJLQ\D 6HPHQWDUD JDULV NODVLNDO PHUXSDNDQKDVLONHVHLPEDQJDQDQWDUDSHQJHQGDOLDQGHQJDQNHEHEDVDQVHKLQJJD JRUHVDQJDULVQ\DNXUDQJPHPSHUWHQWDQJNDQNHWDMDPDQGDQNHKDOXVDQ
/LJKWDQGGDUNDWDXWHUDQJGDQJHODSXPXPQ\DGLJXQDNDQXQWXNPHQJJDPEDUNDQ EHQWXN*DULV\DQJGLEHQWXNGDSDWGLOLKDWNDUHQDDGDQ\DNRQWUDVEDLNJDULV JHODSSDGDGDVDU\DQJWHUDQJDWDXJDULVWHUDQJSDGDGDVDU\DQJJHODS+DOLQL GDSDWWHUMDGLGLNDUHQDNDQZDUQDZDUQDWHUPDVXNZDUQDSULPHUVHNDOLSXQ PHPSXQ\DLWLQJNDWJHODSGDQWHUDQJ\DQJEHUEHGDVHKLQJJDGDSDWGLJXQDNDQ XQWXNPHQFLSWDNDQJHODSWHUDQJGDQEHQWXN\DQJWHUOLKDW
'DODPNDLWDQQ\DGHQJDQZDUQDLQL%HUJHUPHQJDWDNDQEDKZDSHUEHGDDQ ZDUQDVHWLGDNQ\DGLGXQLD%DUDWFHQGHUXQJPHPSHUOLKDWNDQSHUEHGDDQHPRVL :DUQDPHUDK PHPEHULNHVDQQDIVXEDKD\DSDQDVGDQHPRVLHPRVL\DQJ WHUNDLW:DUQDELUXPHQXQMXNNDQVXDVDQDGLQJLQWHQDQJGDQKDOXV
:DUQD MXJD PHPLOLNL QLODL YDOXH 1LODL YDOXH GDODP ZDUQD PHUXMXN SDGDWLQJNDWJHODSDWDXWHUDQJVXDWXZDUQD7HJDVQ\DPHUXMXNSDGDWLQJNDWDQ DWDX XUXWDQNHFHUDKDQVXDWXZDUQD .HWLNDZDUQDSXWLKGLWDPEDKNDQVXDWX ZDUQD DNDQ PHQMDGL ³OHELK WLQJJL´ QLODLQ\D KLQJJD DNKLUQ\D PHQFDSDL SXWLKPXUQLVHEDOLNQ\DMLNDZDUQDKLWDPDWDXZDUQDODLQ\DQJPHPLOLNL HIHNPHQJJHODSNDQGLWDPEDKNDQPDNDQLODLQ\DPHQMDGL³OHELKUHQGDK´ KLQJJDPHQMDGLKLWDPPXUQL'HQJDQGHPLNLDQSXWLKPHPSXQ\DLQLODL WHUWLQJJLVHPHQWDUDKLWDPPHPLOLNLQLODLWHUHQGDK'DUPDSUDZLUD
%LODDQDOLVLVWHUKDGDSZXMXGYLVXDOOHELKGLIRNXVNDQSDGDDSD\DQJWDPSDN MHODVSDGDVHEXDKZXMXGYLVXDOPDNDDQDOLVLVKLVWRULVWHUKDGDSIDNWDYL VXDOVHULQJNDOLOHELKPHUXSDNDQDQDOLVLVWHUKDGDSDSD\DQJWLGDNWDPSDN VHFDUDHNVSOLVLWSDGDZXMXGYLVXDO$QDOLVLVKLVWRULVWHUKDGDSZXMXGYLVXDO PHPLOLNLPDNQDSHQWLQJNDUHQDPHODOXLDQDOLVLVKLVWRULVODKIDNWDYLVXDO GDSDWGLKLGXSNDQVHVXDLGHQJDQMLZD]DPDQQ\D]HLWJHLVW
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
0RGHO 5HNRQVWUXNVL 6HMDUDK 9LVXDO
%HUEHGD GHQJDQ VHMDUDK NRQYHQVLRQDO KDVLO UHNRQVWUXNVL VHMDUDK YLVXDO GDSDWGLVDMLNDQGDODPEHUEDJDLEHQWXN'LOXDUEHQWXNWHNVWXDOSURGXN UHNRQVWUXNVLVHMDUDKYLVXDOGDSDWKDGLUGDODPEHQWXNODLQVHSHUWLWLPHOLQH ILOPGRNXPHQWHUGDQILOPVHMDUDK
NDU\D &KULV 0F1DE *HQHUDO (GLWRU .HWLJD +LVWRU\ 7KH 'HILQLWLYH 9LVXDO*XLGHNDU\D$GDP+DUW'DYLV(GLWRU.RQVXOWDQ
ŽŶƚŽŚ ŬĂƌLJĂ ^ĞũĂƌĂŚ sŝƐƵĂů ĚĂůĂŵ ŵŽĚĞů ƚĞŬƐƚƵĂů͘
^ƵŵďĞƌ͗ǁǁǁ͘ƉĚĨŬ͘ĐŽ͘ŬĞ͕Ϯϱ KŬƚŽďĞƌ ϮϬϭϰ͘
0RGHONHGXDSURGXNUHNRQVWUXNVLVHMDUDKYLVXDODGDODKWLPHOLQHDWDXVHULQJ GLVHEXWMXJDVWRU\OLQH6HFDUDVHGHUKDQDWLPHOLQHGDSDWGLSDKDPLVHEDJDL JDULVZDNWXDWDXJDULVNLVDK\DQJGLGDODPQ\D PHQ\DMLNDQNLVDK VHMDUDK DWDX IDNWD VHMDUDK VHFDUD GLDNURQLN 'DODP PHPEXDW WLPHOLQH VDQJDW GLSHUOXNDQNDSDVLWDVDWDXNHFHUPDWDQXQWXNPHPEXDWIUDPLQJNDUHQDLQWL GDUL WLPHOLQH DGDODK SHULVWLZDSHULVWLZD VHMDUDK \DQJ GLUHNRQVWUXNVL PHQMDGLNLVDKVHMDUDKGDODPEHQWXNELQJNDLELQJNDL
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
