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sychology Today" 70 8N;L/023CAB 1993 3>40, 3>2>@8BAO: 3@09B5 8;8 2>A?@>872>48B5 <0;KH0<, =0G8=0NI8< E>48BL, =5:>B>@K5 10;5B=K5 <5;>488  8 MB> <>65B =0?@O<CN 2>7459AB2>20BL =0 8E <>73. A;8 8AA;54>20B5;8 87 0;8D>@=89A:>3> C=825@A8B5B0 ?@02K, B> >1CG5=85 <0;KH59 >A=>20< <C7K:8 @0A?0E8205B 8E C<K ?5@54 =0C:>9 8 <0B5<0B8:>9. >340 =59@>18>;>3 4-@ $@0=A8A 0CH5@ B5AB8@>20;0 A?>A>1=>ABL B@5E;5B=8E 45B59 : @0AAC645=8O<, >=0 =0H;0 55 25AL<0 =54>AB0B>G=>9. > ?>A;5 B@5E <5AOF52 C@>:>2 <C7K:8 <0;KH8 >G5=L C<5;> A:;04K20;8 A>AB02=K5 3>;>2>;><:8 8 :C18:8 A @8AC=:0<8. -@ 0CH5@ ?>;0305B, GB> <C7K:0 "B@5=8@C5B" C <0;5=L:8E 45B59 B5 87 2@>645==KE 107>2KE =5@2=KE A2O759, :>B>@K5 8<5NB >B=>H5=85 : 01AB@0:B=K< @0AAC645=8O<.  55 8AA;54>20=8OE 2A5 45B8, >1CG02H85AO 2 B@5E @07;8G=KE H:>;0E A @07=K< :>=B8=35=B>< CG0I8EAO, ?>A;5 <C7K:0;L=KE 70=OB89 ;CGH5 ?@>O2;O;8 A51O ?@8 B5AB8@>20=88 =57028A8<> >B 8E A>F80;L=>-M:>=><8G5A:>3> AB0BCA0. =8 ?>4=O;8 A2>8 C<AB25==K5 A?>A>1=>AB8 2KH5 A@54=53> C@>2=O A ?><>ILN @8B<8G=KE <5;>489, @07CG8205<KE =0 :;0280BC@5,  <C7K:0 @0728;0 8E C<K. "!;54C5B @0AA<0B@820BL <C7K:C :0: A2>53> @>40 ?@0O7K:, :>B>@K9 2 @0==5< 2>7@0AB5 2>71C6405B 2@>645==K5 AB@C:BC@K <>730 8 A?>A>1AB2C5B 8E 1>;55 H8@>:><C 8A?>;L7>20=8N 2 4@C38E 2KAH8E :>3=8B82=KE (?>7=020B5;L=KE) DC=:F8OE". 0CH5@ =5402=> 83@0;0 =5:>B>@K5 ?@>872545=8O >F0@B0 CG0I8<AO :>;;5460 @28=0, ?@8G5<, :0: 8 ?@54A:07K20;>AL, ?>A;5 MB>3> AB0@H5:;0AA=8:8 <0AB5@A:8, GB> =07K205BAO, "A> A28AB><", A?@028;8AL A 4><0H=8<8 7040=8O<8 ?> <0B5<0B8:5. <5==> A>G5B0=85 ;8=59=>3> 8 AB@C:BC@8@>20==>3> D>@<0B0 2 B0:8E ?L5A0E 25;8:>3> 02AB@89F0, :0: "Eine Kleine Nachtmusik" ("0;5=L:0O =>G=0O A5@5=040"), =0AB@08205B C<K ;N459 =0 <0B5<0B8G5A:89 ;04. # >F0@B0 <C7K:0;L=K5 ?0AA068 ?>2B>@ONBAO 25AL<0 ;>38G=K< 8 @8B<8G=K< >1@07><. !>3;0A=> <=5=8N 8725AB=>3> 25=35@A:>3> A?5F80;8AB0 2 2>?@>A0E <C7K:8 .4-@0 ;0@K >:0H, D>@<0;L=>5 >1CG5=85 <C7K:5 C;CGH05B CA?5205<>ABL ?> 2A5< 4@C38< H:>;L=K< ?@54<5B0<. =0 CAB0=>28;0, GB> 45B8, :>B>@K5 ?>;CG8;8 D>@<0;L=>5 <C7K:0;L=>5 >1@07>20=85, ;CGH5 CA?520NB ?> 2A5< 4@C38< H:>;L=K< ?@54<5B0<, ?@8G5< @>AB ?>:070B5;59 4>AB8305B 30 ?@>F5=B>2. >;CG5==K5 5N @57C;LB0BK ?>:070;8, GB> CA8;8O, B@51C5<K5 4;O 87CG5=8O <C7K:8 :0: B5>@5B8G5A:>9 48AF8?;8=K, ?>72>;ONB 45BO< ;53G5 >2;045BL B0:8<8 ?@54<5B0<8, :0: <0B5<0B8:0 8 O7K:8. >6=> A:070BL, GB> E>@>H0O <C7K:0 24>E=>2;O5B =0A 4>1820BLAO 1>;LH53> CA?5E0 8 ?@>428305B =0A =0 1>;55 2KA>:89 C@>25=L <KH;5=8O 8 DC=:F8>=8@>20=8O. 4=0:>  8 MB> 25@=> 157 2AO:8E 8A:;NG5=89  <C7K:0, :>B>@0O MDD5:B82=> 2>7459AB2C5B AB>;L ?>;57=K< >1@07><, 8<55B B>B 65 @8B<, GB> 8 =0H8 B5;0; MB> :0A05BAO ?@8OB=KE <5;>489, <0@H59, ?0B@8>B8G5A:>9 8 @5;838>7=>9 <C7K:8, @02=> :0: 8 :;0AA8G5A:8E ?@>872545=89 (>?5=0, (C15@B0, 5BE>25=0, 0 B0:65 <=>38E 4@C38E <0AB5@>2. 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"" : 5A;8 CG0I89AO =5 ?@>@01>B0; 8 =5 CA2>8; H:>;L=K9 <0B5@80;, 2AQ ?>78B82=>5 <KH;5=85, ACI5AB2CNI55 2 <8@5, =5 ?><>65B 5<C. >@078B5;L=0O 25IL  B>B D0:B, GB> <5B>4>;>38O <KH;5=8O 8 @01>BK, 2>?;>I5==0O 2 :C@A5 "/ #", C;CGH8B ;N1K5 20H8 ?>:070B5;8 =57028A8<> >B B>3>, 8I5B5 ;8 2K @01>BC, 4>18205B5AL ?@>42865=8O ?> A;C615 8;8 65 >ACI5AB2;O5B5 ?@>406C.   : <=>385 87 157@01>B=KE, :B> 1K; 1K AG0AB;82 ?>9B8 B@C48BLAO, 5A;8 1K B>;L:> 8< ?@54;>68;8 <5AB>, G0AB> >AB0NBAO 157 @01>BK ?> >4=>9 ?@>AB>9 ?@8G8=5: >=8 AB@040NB 1>;57=LN /!. -B8 ;N48 2>>1I5 =5 =045NBAO ?>;CG8BL 4>;6=>ABL (2A5 A:070;8 8< MB>) 8;8 65 =5 AG8B0NB A51O =0AB>;L:> 257CG8<8, GB>1K =09B8 <5AB>. @8 B0:>< E0@0:B5@5 <KH;5=8O ?@>8AE>48B =587156=>5. E CA8;8O ?> ?>8A:C @01>BK, 5A;8 B0:>2K5 2>>1I5 ?@54?@8=8<0NBAO, ;8HL ?>4B25@640NB 4;O =8E D0:B, :>B>@K9 8< 8 157 B>3> 8725AB5= ("/ 65 3>2>@8; 20<, GB> =8:0:>9 @01>BK =5B 8 2 ?><8=5!"). A;8 40==0O CAB0=>2:0 87<5=8BAO, B> A>8A:0B5;8 @01>BK AB0=CB 3>@074> M=5@38G=55 8 =0<=>3> C?>@=55 2 AB@5<;5=88 ?>;CG8BL <5AB> 8 1C4CB 459AB2>20BL 2 MB>< =0?@02;5=88 A =04564>9 8 >6840=85< 459AB28B5;L=> =09B8 @01>BC.  B5?5@L @0AA<>B@8< :>=:@5B=K9 ?@8<5@, :>B>@K9 ?@>25@O5B 8 ?>4B25@6405B ?@028;L=>ABL ?>4>1=>3> E>40 <KA;59. =>385 87 157@01>B=KE G0AB> >AB0NBAO B0:>2K<8 ?>B><C, GB> >=8 2>>1I5 =5 =045NBAO ?>;CG8BL @01>BC (2A5 A:070;8 8< MB>) 8;8 65 =5 AG8B0NB A51O =0AB>;L:> 257CG8<8, GB>1K =09B8 <5AB>. @8 B0:>< E0@0:B5@5 <KH;5=8O ?@>8AE>48B =587156=>5.   ##'( !/   ", % 0H0 :><?0=8O ?>65@B2>20;0 A2>N A5@8N >1CG0NI8E 2845>:0AA5B "!B@0B5388 CA?5E0" 56:>=D5AA8>=0;L=><C A>25BC ?> ?>8A:C @01>BK, F5;L :>B>@>3> A>AB>8B 2 B><, GB>1K ?><>GL 157@01>B=K< ?@8>1@5AB8 :20;8D8:0F8N 8 ?>;CG8BL @01>G85 <5AB0. ;5BEC 8= 87 @0A?>;>65==>3> 2 $>@B-#M@B5 >D8A0 :><8AA88 70=OB>AB8 HB0B0 "5E0A B>;L:> GB> ?>2KA8;8 2 4>;6=>AB8, 8 >=0 A@07C CB@0B8;0 =5?>A@54AB25==K9 :>=B0:B A 157@01>B=K<8. 5=I8=0, >4=0:>, ?>=8<0;0, GB> =C6405BAO 2 1>;55 ?@O<>< 8 B5A=>< >1I5=88 A ;N4L<8, :>B>@K< >=0 2 :>=5G=>< AG5B5 ?><>305B, 0 B0:65 2 1>;55 2KA>:>9 <>B820F88, @02=> :0: 2 =>2KE <KA;OE 8 845OE, B0: GB> >=0 >B?@028;0AL 2 C65 C?><O=CBK9 56:>=D5AA8>=0;L=K9 A>25B ?> ?>8A:C @01>BK 8 ?@>H;0 >1CG5=85 A F5;LN ?>;CG8BL :20;8D8:0F8N ?><>I=8:0 ?> @0A?@>AB@0=5=8N "!B@0B5389 CA?5E0". 48= @07 2 =545;N >=0 4>1@>2>;L=> 8 15A?;0B=> 2545B 70=OB8O A 157@01>B=K<8 8 @01>B05B A @07;8G=K<8 3@C??0<8 =5CAB@>5==KE ;8F.  1989 3>4C, :>340 >=0 ?@8=O;0 =0 2>>@C65=85 =0HC $8;>A>D8N, @02=> :0: ?@>F54C@K 8 <5B>4K, > :>B>@KE 2K C7=0QB5 87 40==>9 :=838, >D8A ><8AA88 70=OB>AB8 HB0B0, @0A?>;>65==K9 2 $>@B-#M@B5, 4>18;AO 2K?>;=5=8O 81 ?@>F5=B0 459AB2>202H53> =>@<0B820 G8A;0 B@C4>CAB@>5==KE =0 :0:CN-=81C4L @01>BC.  :>=FC 3>40 MB>B ?>:070B5;L A>AB028; 102 ?@>F5=B0.  1990 3>4C 55 >D8A 2K?>;=8; 136 ?@>F5=B>2 =>@<0B820, 0 2 1991 3>4C, >:0702H5<AO =081>;55 E0@0:B5@=K<, MB>B ?>:070B5;L A>AB028; 114 ?@>F5=B>2. / 3>2>@N "=081>;55 E0@0:B5@=K<", ?>A:>;L:C 2 MB>< 3>4C >3@><=0O >1>@>==0O :>@?>@0F8O "General Dynamics" 87-70 >BACBAB28O @01>BK 2@5<5==> C2>;8;0 A2KH5 45AOB8 BKAOG A;C60I8E. I5 G5BK@5 :@C?=K5 :><?0=88 2@5<5==> C2>;8;8 1>;55 G5< ?> ?OBLA>B A>B@C4=8:>2, 0 <=>65AB2> D8@< ?><5;LG5 C2>;L=O;8 >B 42CE 4> ?OB845AOB8 G5;>25: :0640O. / =5 4>;65= =0?><8=0BL 20<, GB> 1991 8 1992 3>4K 1K;8 4>2>;L=> B@C4=K<8 4;O M:>=><8:8 !(.  1992 3>4C >D8A 2 $>@B-#M@B5 4>AB83 109 ?@>F5=B>2 >B =>@<0B820 B@C4>CAB@>9AB20  8 MB> =5A<>B@O =0 D0:B, GB> "General Dynamics" ?> B>9 65 ?@8G8=5 C2>;8;0 5I5 G5BK@5 BKAOG8 A>B@C4=8:>2, 0 2> <=>38E 4@C38E >B@0A;OE ?@><KH;5==>AB8 B>65 ?@>H;8 A>:@0I5=8O 8;8 70:@KB8O.  1993 3>4C >D8A, 345 @01>B0;0 ;5BE0, 2K?>;=8; =>@<0B82 =0 122 ?@>F5=B0 ?> A@02=5=8N A F5;52K< 7=0G5=85<. # , '+  !#'/ ! 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B5?5@L  !: :0: 2K 4C<05B5, :0:>9 87 MB8E ?>4E>4>2 ?@82545B : 1>;55 ?>78B82=K< @57C;LB0B0<? @><5 B>3>, 6C@=0; "Psychology Today" A>>1I05B, GB> @073>2>@ A A>1>9 1>;55 MDD5:B825=, G5< 287C0;870F8O. 14 O=20@O 1992 3>40 <=5 4>25;>AL 2KABC?0BL 2 0A-530A5, HB0B 52040. >A;5 B>3> :0: O 70:>=G8; ;5:F8N, :> <=5 ?>4>H;0 >G5=L 2>AB>@65==0O 8 ?>;=0O M=BC7807<0 65=I8=0 8 A:070;0: "8AB5@ 83;0@, ?>72>;LB5 A>>1I8BL 20<, :0: O 272>;=>20=0 2A5<, > GQ< 2K @0AA:07K20;8. # <5=O B@8 4>G5@8; 425 87 =8E  :@C3;K5 >B;8G=8FK. =8 2A5340 >?5@560;8 4@C38E ?> CA?5205<>AB8. 0H0 B@5BLO 4>GL 1K;0 >G5=L A@54=59 CG5=8F59, ?>;CG0O 3;02=K< >1@07>< "B@>9:8" 8 8=>340 "G5B25@:8". =0 =8:>340 =5 <>3;0 :>=:C@8@>20BL A A5AB@0<8 8 =8:>340 =5 GC2AB2>20;0 A51O AB>;L 65 A>>1@078B5;L=>9, :0: >=8. 4=0:> 2A5 <K ?>25@8;8 2 20HC D8;>A>D8N 8 =0G0;8 70O2;OBL > =0;8G88 C =0A MB8E :0G5AB2. 57C;LB0BK >:070;8AL 2K40NI8<8AO.  ?@>H;>< A5<5AB@5 55 >F5=:8 1K;8 4065 ;CGH5, G5< C A5AB5@.  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"> B>, GB> AB>O;> C <5=O B5?5@L ?5@54 3;070<8,  3>2>@8; -=48 40;55, =5 701K2 C?><O=CBL A2>N ?>78B82=CN ?A8E>;>38G5A:CN CAB0=>2:C,  1K;> 287C0;870F859 <>53> ?@54AB>OI53> CA?5E0". = C:@5?8; MBC <KA;5==CN :0@B8=C, <=>3> @07 ?>2B>@82 C:070==K9 ?@>F5AA (@073>2>@ A A0<8< A>1>9), ?@8G5< A=0G0;0 45;0; MB> 565=545;L=>, 0 70B5< 8 5654=52=>. = 8<5; :>=:@5B=> CAB0=>2;5==CN F5;L A :@09=8< A@>:><: 21 45:01@O 1984 3>40,  :>B>@CN @071820; =0 565<5AOG=K5, 565=545;L=K5 8 5654=52=K5 F5;8. 0 ?@>BO65=88 =>O1@O >= 4>18;AO ACI5AB25==>3> ?@>42865=8O 2?5@54 8 1>;55 G5< C42>8; A2>N A@54=NN 5654=52=CN ?@>872>48B5;L=>ABL, =8:0: =5 AB02O ?>4 C3@>7C 7>;>B>5 ?@028;> CG@548B5;O D8@<K '0@;L70 -. 5@-@8;;0: "5@2K<8 4>;6=K CG8BK20BLAO 8=B5@5AK =0H8E :;85=B>2". 4=0:> >= 2A5 5I5 1K; A;8H:>< 40;5:> >B A>740=8O ";C10 @C:>2>48B5;59" 8 7=0;, GB> 4;O 4>AB865=8O ?>AB02;5==>9 ?5@54 A>1>9 F5;8 53> ?@>872>48B5;L=>ABL 2 45:01@5 4>;6=0 ?>2KA8BLAO =0 300 ?@>F5=B>2 ?> A@02=5=8N A =>O1@LA:>9.  MB>B <><5=B =5:>B>@K5 7=0:><K5 ?@54;030;8 5<C 2>>1I5 =5 A?5H8BL B0: A A>740=85< :;C10, A?>:>9=> ?>@01>B0BL 2 45:01@5 8 ?;0=8@>20BL 25;8:>5 A>1KB85 =0 1985 3>4. -=48 CB25@640;, GB> 2@5<O >B 2@5<5=8 8A?KBK20; A8;L=K9 A>1;07= A40BLAO, >A>15==> :>340 B@8 206=KE 0A?5:B0 87 G8A;0 "65;57=KE" 24@C3 ?@>20;8;8AL.  ! : A40BLAO 2A5340 :065BAO ;>38G=K< 4;O B5E, :B> ?>;>= A><=5=89 2 A515 8 =5 40; B25@4>3> >1O70B5;LAB20.  AG0ABLN, :0: 8 ?>;>65=> B><C, :B> =0F5;5= =0 A0<CN 25@H8=C, C -=48 B0:>9 ?@>1;5<K =5 1K;>. 0;> B>3>, GB> >= >1;040; <5GB>9  <5GB0 2;045;0 8<. >B :0: >= A0< 2K@078; MB>: ">, 83, C <5=O ?@>AB> =5 1K;> =8:0:>3> 2K1>@0. >=8<05B5 ;8, ?> <5@5 B>3>, :0: O ?@>4>;60; E>48BL ?> 04@5AC L5<>=B, 3500, GB>1K ?>A<>B@5BL =0 A2>9 :018=5B, AB@>8B5;LAB2> =0G0;> 4>3>=OBL <>N 287C0;870F8N. "0: GB> >B>9B8 >B 45; AB0=>28;>AL 2A5 1>;55 =52>7<>6=>. @>4>;60O =0AB>9G82> 8A:0BL 4>AB0B>G=>5 G8A;> ;N459, :>B>@K< O <>3 1K ?><>GL 2 >ACI5AB2;5=88 8E 65;0=89, 0 B0:65 AB02O ?5@54 A>1>9 5654=52=K5 F5;8 8 287C0;878@CO <5GBC, 21 45:01@O 1984 3>40 O B0:8 >B:@K; ;C1 @C:>2>48B5;59". ! B5E ?>@ -=48 ?@>3@5AA8@>20; 4065 5I5 1>;55 70<5B=> (CA?5E ?>@>6405B CA?5E). = A=>20 >@30=87>20; ?>4>1=K5 :;C1K 2 1985 8 1986 3>40E, 0 70B5< A>3;0A8;AO @C:>2>48BL 4>G5@=8< >D8A>< 2 %LNAB>=5, G5< 8 70=8<0;AO 2 B5G5=85 42CE A ?>;>28=>9 ;5B. >A;5 MB>3> >= ?5@5H5; 2 >D8A, @0A?>;>65==K9 2 30;5@59=>< :><?;5:A5 %LNAB>=0, 345 B5?5@L A;C68B ?><>I=8:>< 28F5-?@57845=B0 2 1J548=5=88 G0AB=KE :;85=B>2 D8@<K "Merrill Lynch". = A>740; =>2K9 ";C1 @C:>2>48B5;59" 2 1990 3>4C, 0 70B5< 53> A0<>3> 2 1991 3>4C ?@83;0A8;8 2 "@57845=BA:89 :;C1".  =0AB>OI55 2@5<O -=48 C?@02;O5B 1>;55 G5< H5ABLN45AOBLN <8;;8>=0<8 4>;;0@>2, 8=25AB8@>20==KE 2 @07;8G=K5 ?>@BD5;8 F5==KE 1C<03. 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