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sell them.” The collapse of Enron in 2001 marked a notable scalp for shorts including Jim Chanos. Sell high. particularly during times of stock market turmoil. including during the tulip bubble.” They have some backing from researchers: One paper found that short selling discourages the manipulation of earnings reports. a charge that has some regulators taking note.-listed Chinese firms than stock analysts. shorts are portrayed as the good guys in the film “The Big Short. targeted short selling during the Great Depression and joined the likes of the U. Carson Block of Muddy Waters raised the profile of the new breed of activist shorts by taking aim at under-the-radar Chinese companies listed in North America. a technique known as “short and distort. placing limits on the practice as well as arresting traders and imposing fines. Redistribution only allowed with firm license. get threatened with everything from temporary restrictions to serious jail time.S. auditors and investors overlook. who had been among the first 2 to question its accounting. governments and regulators sometimes impose restrictions in an effort to help stem the slide. THE ARGUMENT Critics say short sellers can transform downturns into full-blown panics. Most shorting is done by hedge funds and institutional investors to cushion their investments against falling stock prices (that’s called hedging) or to bet that shares have risen too high.K.” Activists Get Busier Short-selling campaigns.” Defenders say the potential for abuse shouldn’t discredit all Photo: Scott Eells/Bloomberg Buy low. while another showed shorts making more accurate predictions of the share performance of U. Critics say their practices can blur into market manipulation. Dutch traders were shorting as long ago as the 1600s. Call +12126179030 for info. Although activist shorts have been crying foul for decades. The head of the U. spread the word (sometimes anonymously) via Twitter and – if all goes as planned – watch the stock slump. When markets go bad. Even so. The name of Chanos’s firm is Kynikos – the Greek term from which the English word “cynic” was derived. buy them back at a lower price and profit from the difference — unless the stock rises. buy low and you may be rich but odds are that quite a few people are anything but pleased. Shares of Valeant Pharmaceuticals fell 40 percent on the day of a damning report by Citron Research in October 2015.” China’s regulator blamed “malicious” short selling in part for a stock market crash in 2015. sell high and you’re rich and everybody’s happy. identifying mispricing or deception that analysts. their numbers are swelling thanks to the rise of social media as a platform for disseminating theories and analysis. That’s the short seller’s predicament. bearish wagers reached the highest level since the 2008 financial crisis. while in the U. Shorts say they’re keeping markets and companies honest.S. as they’re known. shorts any more than “pump and dump” schemes by investors who whip up interest in a stock to push it higher and then sell it. The U. the practice is flourishing. Stock markets in Hong Kong and Japan had unprecedented shortselling volumes in 2015. and why shorts.S. and Japan in limiting short selling or banning it during the financial crisis. shorts began campaigns against 174 companies globally versus 119 in 2013. Often vilified as market outlaws. tracked by published bearish reports 180 160 140 120 100 80 60 40 20 0 2013 Source: Activist Shorts Research 2014 2015 . even though they account for only a small slice of short selling. THE BACKGROUND Short sellers borrow shares. Napoleon labeled short sellers of government securities “treasonous. A third concluded that activist shorts were usually “factually right. Short sellers say they are skeptics who alert investors to bouts of market euphoria.S. They point to the ability of shorts to hoodwink investors by spreading false rumors before exiting a trade. In 2015. Activists research companies and find targets that they allege have dodgy business or accounting practices.For use by HILLARY CONLEY only. including the now bankrupt Sino-Forest. SHORT SELLING BY TRISTA KELLEY THE SITUATION The biggest headlines these days are made by so-called activist shorts. Securities and Exchange Commission said in November that short selling was getting the agency’s “intense attention.

leaving the market oversupplied. some observers argue. In Australia. So when the country’s furious urbanization took off more than a decade ago. During those tense prewar years. Meanwhile China continues to consume more than two-thirds of the world’s iron ore exports and produce about half the world’s steel. fueled by soaring prices. In Australia. His proposal has been dismissed by rivals as illegal and unworkable. is that expanding supply and depressing prices cheats the public in producer nations. Iron ore prices have collapsed. China began to import huge quantities of iron ore to produce the steel it needed to build factories. one of the world’s poorest countries. followed by Brazil with 17 percent. THE ARGUMENT Iron ore prices are simply returning to their historical range. articulated by smaller miners and labor unions. And why shouldn’t the most efficient miners be the ones to survive the battle for market share? One reason. Thus began an epic race to meet China’s needs. Redistribution only allowed with firm license. then tumbling $200/ton 160 120 80 40 0 1980 1984 1989 1993 Source: International Monetary Fund 1998 2002 2007 2011 2015 . Australia’s main market was Japan. with metal from the furthest corners of the globe. Australians worried that the country’s reserves were limited. a charge they deny. Only a handful of producers — the largest and lowest-cost operations — are expected to survive. That’s spurred complaints that the country’s state-owned and state-supported steel mills are illegally dumping their output on world markets below cost. for exacerbating a global supply glut. highways and skyscrapers. bringing an era of commercial mining to fuel industrial growth. Australian billionaire Andrew Forrest. many analysts say. down from 5 percent in 2013. and the drop benefits users of steel including 3 carmakers and construction companies. the premier of ore-rich Western Australia. Major deposits were uncovered in the U. Smaller rivals blamed Brazil’s Vale and the two Australian giants. THE SITUATION The price of iron ore tumbled about 40 percent in 2015. Discoveries from the 1950s revealed that Australia holds about a quarter of the world’s iron ore. Yet demand for steel inside China has peaked. though exports were curbed in 1938 amid concern shipments were bound for munitions factories during the Second Sino-Japanese War. Guinea.For use by HILLARY CONLEY only. the slump has sparked a debate about whether the nation is now squandering its iron ore riches. envisioning a cartel-style agreement similar to the one OPEC used for decades to support oil prices. making up about 5 percent of the Earth’s crust. Iron Ore’s Boom and Bust Demand from China sent prices soaring. hoped a $20 billion investment in mines. giving the Iron Age its name. So China’s steel producers expanded exports by a quarter in 2015. The $225 billion annual market for iron ore is bigger than that of any other commodity except oil and gas. says the miners are pursuing a “flawed strategy” of increasing output in an oversupplied market and should better tailor production to match demand. has called on the largest miners to cap their shipments. Colin Barnett. Some projects conceived during the go-go years are being halted or delayed.. and the big producers — miners in Brazil and Australia — are squeezing out highercost rivals from Sweden to Iran. the boom is looking like a bust. and Australia in the mid-19th century. railroads and ports would transform its fortunes. But one place that doesn’t have nearly enough is China. IRON ORE WARS Photo: Cathy Finch/Getty Images BY DAVID STRINGER AND JASMINE NG Iron is one of the world’s most common elements. THE BACKGROUND Iron replaced bronze as the metal of choice for tools and weapons in Europe and the Middle East in about 1200 B. Now that China’s economic growth is slowing.C. the founder of Fortescue Metals. now there’s doubt they will ever be built. Rio Tinto and BHP Billiton. Iron ore producers and analysts say any cuts to output would likely be offset by competitors rushing to fill the gap. as the biggest producers pressed ahead with expansions planned when the market was soaring. Call +12126179030 for info. lower tax and royalty payments mean iron ore exports now account for about 3 percent of gross domestic product.S.

Brazil looks like a powerhouse. Inflation is running in the double digits. Authorities are investigating Lula. Call +12126179030 for info. ’10 Sept. Upon taking office with a record budget deficit. for influence peddling. as well as advances in life expectancy. The new middle class went shopping. she endorsed austerity and promised that it wouldn’t impair social gains that included less poverty and inequality. To shore up accounts. educational attainment and income. dollar since a 2011 peak early in Rousseff’s first term. Good times did provide cash to beef up the Bolsa Familia social welfare program that became an international model for poverty eradication. its wealth distribution remains among the most unequal. Rousseff blamed Brazil’s modest economic performance on slow international growth after the financial crisis. is the second-largest producer of soybeans and third-largest of corn. who denies any wrongdoing. presented with multiple requests to open impeachment proceedings against Rousseff. ’15 Photo: Yasuyoshi Chiba/AFP via Getty Images BY DAVID BILLER . The president of Brazil’s lower house. pledging to fight the price increases. and more flexible labor laws would improve productivity.S. ’13 Sept. Now. Petrobras has lost more than four-fifths of its market value since 2007. In October. On paper. which along with government spending still accounts for more than 80 percent of GDP. Investment that would make the economy more efficient has remained well below half that of China as a percentage of GDP. The Slide of Brazil’s GDP Percentage change from same quarter in prior year 7% 6 5 4 3 2 1 0 -1 -2 -3 -4 -5 Sept. with commodity prices dropping and industry sputtering. and Brazilians see both as belated recognition of their rising international standing. Fast-forward to today and the economy has sunk into a recession so deep Goldman Sachs calls it an “outright economic depression. they say. His replacement. It has the second-largest iron ore 4 reserves. Its offshore oil reserves include the Western Hemisphere’s biggest discovery since 1976. What went wrong? Can Brazil get back its magic? THE SITUATION Brazil’s economic growth slowed from 2011 through 2014. Business and consumer confidence levels are at their lowest levels on record. the nation’s audit court said the government used illegal techniques to obscure its deteriorating accounts. THE BACKGROUND Brazil has suffered boom-and-bust cycles and political instability since independence from Portugal in 1822. The measures have yet to reverse a ballooning budget deficit. The currency has tumbled about 60 percent against the U. faces impeachment proceedings in Congress. ’14 Sept. THE ARGUMENT In her first term. Half its 2014 exports were raw products. Critics say that Brazil should ignite the next stage of growth by reducing the tax burden and the bureaucracy. she chose banker Joaquim Levy as finance minister to raise taxes and cut government spending. boosting growth.” Rio de Janeiro is awarded the 2016 Olympics on top of the 2014 World Cup.For use by HILLARY CONLEY only. the state-run oil colossus. and economists expect output to contract for 2015 and 2016.” A new finance minister is facing the fattest budget deficit in at least two decades and a national credit rating downgraded to junk. These measures would boost investment. BRAZIL’S HIGH AND LOWS It’s 2009 and Brazil’s beloved President Luiz Inacio Lula da Silva proclaims the nation’s biggest oil discovery its “passport to the future. which seeks to establish transparency in government accounting. ’11 Sept. moved on a complaint accusing her of breaching the nation’s fiscal responsibility law. is embroiled in a scandal that has ensnared a billionaire banker and the ruling party’s leader in the Senate. Petrobras. It’s the fifth-largest country in the world by land mass and population. ’12 Source: Brazilian Institute of Geography and Statistics Sept. And his protege and successor. Dilma Rousseff. is seen by investors as less austere. the government announced tax increases and crimped some pension and unemployment benefits. Rousseff barely won re-election in 2014. so its prosperity is sensitive to the vagaries of the commodities markets. They want Brazil to shift reliance away from consumption. that model appears to have run its course. chastened by presidential approval ratings near their lowest point in more than two decades. On the other hand. Redistribution only allowed with firm license. Nelson Barbosa. The global financial crisis is a hiccup for effervescent Brazil as a commodity boom surges. At the start of her second.

the Dutch East India Company established a supply post in Cape Town. THE ARGUMENT The ANC-controlled government can point to successes. Prime Minister Hendrik Verwoerd declared a republic and severed ties with the U. The government’s failure to add power plants as it connected millions of black households to the electrical grid led to rolling blackouts that have hit manufacturing hard. enforced segregation has ended. Census data shows white households still earn six times as much as black ones. Prices of gold and platinum — vital exports — have plunged. its campaign slogan assured “a better life for all. Redistribution only allowed with firm license. The ANC has won every election since. South Africa endured decades of economic sanctions and an armed struggle by the ANC and other groups before the government agreed to free Mandela from prison in 1990 and hold multiracial elections. Discovery of inland gold and diamond deposits spurred the Anglo-Boer Wars. But a quarter of the workforce remains unemployed and 22 percent of the population still doesn’t get enough to eat. Zuma replaced his popular finance minister with a little-known lawmaker in December. THE BACKGROUND In 1652. anger over rising tuition costs and persistent poverty levels led to the largest protests by South African university students in the post-apartheid era. White colonists adopted a constitution in 1910 that disenfranchised blacks. or apartness.” Yes. New laws that discourage the hiring of temporary workers have added to unemployment. which the British won in 1902. While the ANC still commands support thanks to its role in ending apartheid and the state’s extension of welfare to almost a third of the population. Many doubt that the ANC will ever be able to deliver that “better life. a hangover from decades of under-investment in new generation capacity. Many have lost patience. The economy is hamstrung by a shortage of electricity.K. is setting up its own political party. whom they viewed primarily as cheap labor. the party is nervous. stripped black South Africans of their land and denied them decent education and health care under a policy known as apartheid. the country’s largest labor union.” Saharan Africa. Yet the economy was expected to have grown just 1. A market rout ensued and four days later Zuma backtracked and reappointed Pravin Gordhan. while Dutch colonists — known as Boers or farmers — migrated to the interior. Call +12126179030 for info. saying the ANC hasn’t done enough to help workers. by quarter 27% 26 25 24 23 22 21 20 March ’08 March ’09 Source: Statistics South Africa March ’10 March ’11 March ’12 March ’13 March ’14 March ’15 . The economy has almost trebled in size in the past two decades and the poverty rate has been reduced from 45 percent in 1993 to 38 percent in 2013. The National Union of Metalworkers. Mounting discontent is manifest in violent street protests and strikes. In October. The National Party took power in 1948. SOUTH AFRICA’S FRUSTRATIONS BY MIKE COHEN THE SITUATION The government of President Jacob Zuma is lurching from one crisis to the next.4 percent in 2015 — less than half the rate for all sub- Photo: Per-Anders Pettersson/Getty Images When the African National Congress swept to power under Nelson Mandela in South Africa’s first multiracial elections in 1994. including allegations that he used taxpayer money to build a swimming pool and enclosures for cattle and chickens at his private home. British immigrants settled mainly in coastal areas. Life expectancy is rising and infant mortality rates are dropping. While the ANC shows no signs of losing power nationally — it won 62 percent of the vote in 2014’s elections — party support is slipping in the cities amid charges of corruption and incompetence.For use by HILLARY CONLEY only. to the post. An internal report it commissioned after the 2014 election warned that voters are fed up with government corruption and incompetence. Police violence has been a recurring issue. making South Africa a British colony. which the British occupied in 1795 to secure the sea route around the southern tip of Africa. Zuma has batted away a series of corruption scandals. 5 In 1961. who served as finance minister between 2009 and 2014. Unemployment’s Steady Grip South Africa’s jobless rate.

China’s pollution blows into Japan and has contributed to smog as far away as California. the tiny particles posing the greatest health risk. By late 2015. State-backed media provided surprisingly critical coverage of a crisis that foreign outlets dubbed an “airpocalypse. so is China’s top-down response.S. is the main cause of social unrest. modern nation. and China’s is no worse than London’s 19th-century pea soup or Japan’s smog of the 1960s. Public concern about pollution exploded in 2013 as Beijing’s levels of PM2. Beijing’s Bad Air Days Beijing pollution levels: days in 2014 at Air Quality Index ratings Good (6% of 2014) Hazardous (6%) 22 21 Moderate (17%) 37 Very unhealthy (10%) 63 days THE BACKGROUND Air pollution has been killing people since the dawn of industrialization.S. exceed United Nations targets for the rise in the Earth’s temperature. it will take years to reverse the nation’s dependence on polluting fossil fuels. the smog returned to hazardous levels. limiting the number of cars and unveiling more investments in solar and wind power. it signed a historic agreement with the U. tightening environmental laws. as it had before the APEC summit in 2014 and the Beijing Olympics in 2008. corruption or social harmony. Earlier that year. 6 to limit greenhouse gases and promised for the first time that its carbon emissions will peak around 2030.S. by some accounts. THE ARGUMENT While the scale of the problem is massive.000 people a day and another linked pollution and lung cancer. and global warming raises the stakes: China overtook the U. schools in Beijing were closed and the city issued its highest pollution alert for the first time. and when its thick blanket of smog blows into urban areas. along with food and drug safety. Can China clear the air? Unhealthy for sensitive groups (16%) 60 Unhealthy (44%) 162 Source: Greenpeace using Chinese government data and U. forcing the Communist Party to balance the rush for economic growth against the threats to life and health. as the biggest source of greenhouse gases in 2006 and has helped put the globe on a path to Photo: Kevin Frayer/Getty Images For many people in China. Pollution is shortening lives in the world’s most populous nation and. China is the world’s biggest spender on clean energy. China’s leaders have pledged to be less secretive and not to repeat mistakes that cost them public trust during the SARS outbreak in 2003 and a tainted milk scandal in 2008. Yet with coal still providing about two-thirds of China’s energy. Yet more is known about its risks now. the most visible problem isn’t the country’s slowing economy. It’s dirty air. Call +12126179030 for info. One report said people in northern China may be dying five years sooner because of air pollution.S. Is China at a point where the smoggy air might temper its ambitions? At least seven provinces lowered their goals for economic growth for 2014 amid pressure for air pollution controls. Trapped in a cloud worse than most airport smoking lounges. peaked at 35 times the World Health Organization’s recommended limit. a documentary on China’s filthy skies drew more than 100 million viewers online before it was scrubbed from websites. the capital’s 21 million residents donned face masks. Redistribution only allowed with firm license. In 2014. frantic citizens pick up their mobile phones to check air-quality levels. China is home to some of the world’s most polluted cities. shutting some coalburning power plants. President Xi Jinping has pledged to unleash an “iron hand” to protect the environment. Chinese authorities responded. China’s contaminated water and soil have also prompted public worry. EPA standards 76 percent of 2014 days were unhealthy or worse .” Recent studies have raised alarm bells. Another said it kills 4. kept their kids indoors and complained on social networks.5. it had 64 percent more solar capacity than the U.For use by HILLARY CONLEY only. by the end of 2014 and plans to start a national market to trade emission permits in 2017. It’s a reminder of the trade-offs at the heart of China’s transition from developing country to prosperous. China’s Ministry of Environmental Protection is challenged by other powerful bureaucracies and must battle local officials and other vested interests to ensure government directives are followed. raising fuel taxes. CHINA’S DIRTY AIR BY NATASHA KHAN THE SITUATION China closed factories and limited traffic to clear the skies for a military parade in Beijing in September 2015.

S. Though it’s been decades since the outcome of a convention has been in doubt. These small. By the time a dozen states hold primaries on so-called Super Tuesday (March 1). Candidates spend months meeting the states’ voters in school gyms. Not much else about becoming president is simple. the field is winnowed down. as campaign cash. . most expensive and arguably most complex system of choosing a head of state in the world. The first 2016 caucus comes on Feb.S. Constitution lays out just three requirements to be eligible to become president: You must be at least 35 years old. THE SITUATION Every four years. rural states jealously guard their “first in the nation” status and the outsized influence it gives them. It’s a system that baffles non-Americans — and many Americans. have lived in the U.For use by HILLARY CONLEY only.S. 1 in Iowa. where their job is to translate the popular vote into a formal nod for a party nominee. Americans select a president on a Tuesday in November. too. The two candidates representing the Republican and Democratic parties on Election Day will have survived a long series of state-level primaries (votes by ballot) and caucuses (votes by a show of hands or by clustering all the candidate’s supporters in one place in the room). Redistribution only allowed with firm license. That’s why some contenders formally step into the race almost a year before the first votes take place. primaries and conventions. the person who gets the most votes can still lose. Call +12126179030 for info. so it makes sense to build campaign teams and raise money Source: Bloomberg 7 early. ELECTS ITS PRESIDENTS BY ANGELA GREILING KEANE The U. news coverage and debate invitations dry up for those who have fared poorly. diners and living rooms. And after two years of debates. caucuses. HOW THE U. the events serve as made-for-TV spectacles to tout the achievements of the party’s nominee and that person’s pick to be the vice-presidential running mate. After the primaries and caucuses end in June. for at least 14 years and be a natural-born citizen. Americans have the longest. 9. the first primary is in New Hampshire on Feb. each state sends delegates to the Democratic and Republican conventions.

4 Connecticut . Critics of the system argue that just a handful of states actually decide the election.S. they award one electoral vote to the winner of each Congressional district and two electoral votes to the winner statewide. The quirkiest part of the contest is the Electoral College.14 Delaware . was awarded three electoral votes in 1961. In the early 19th century. THE BACKGROUND The U. Candidates need 270 votes to win the presidency. The Electoral College There are 538 Electoral College votes. which are apportioned based on how many senators and House representatives each state has. especially small ones. citing the loss of sway. Every state is assigned as many Electoral College votes as it has members of Congress. but states. since the electoral votes of reliably Democratic California or Republican Texas can be taken for granted. The Electoral College also forces candidates to focus on a few “swing states” where polls show a close contest. the House of Representatives elects the president from the three candidates who received the most electoral votes. Call +12126179030 for info. most of it on advertising.3 Maryland .7 New Jersey .3 North Dakota Minnesota 3 10 New York Wisconsin Michigan 29 10 16 Iowa Pennsylvania Nebraska Ohio 6 20 5 Illinois 18 20 Indiana West Virginia 11 5 Virginia Kansas Missouri Kentucky 6 13 10 8 North Carolina Tennessee 15 Oklahoma Arkansas 11 7 South Carolina 6 Georgia 9 16 Alabama 9 Texas 38 Louisiana South Dakota 3 8 Mississippi . Defenders say that small states and rural areas would otherwise be overlooked. Bush beat Democrat Al Gore after a weeks-long recount. a formula that amplifies the importance of small states. Democrat (332) Oregon 7 Votes for Mitt Romney. After each such election.4 Massachusetts . Third-party candidates have a hard time getting on state ballots for the November general election and have never done better than the 27. Since Abraham Lincoln took the job in 1860. are unwilling to switch. There’s broad agreement that money plays too big a role in campaigns. which is not part of any state. It’s estimated that each party’s 2016 nominee will spend $1 billion by Election Day.Photo: Marc Serota/Getty Images For use by HILLARY CONLEY only. all presidents have been members of the Republican or Democratic parties. states seeking to maximize their impact adopted a winner-take-all approach that awards all Electoral College votes to whichever candidate wins the most votes in that state on Election Day.6 Florida 29 Maine 4 New Hampshire . created by the nation’s founders as a compromise between those who favored a direct popular vote and those who wanted lawmakers to pick the president. 1888 and 2000. The District of Columbia.11 Rhode Island . then running on the Bull Moose Party ticket. So the winners in this long process include local television stations that reap these ad dollars and the political junkies who love to watch the saga unfold. The 2012 tally: Washington 12 Votes for Barack Obama. Federal Election Commission 8 Wyoming 3 Colorado 9 New Mexico 5 Vermont . there’s a renewed push to make the total tally of ballots decisive. If no candidate receives a majority. and that urban issues get short shrift. Republican (206) Nevada 6 California 55 Montana 3 Idaho 4 Utah 6 Arizona 11 Alaska 3 Hawaii 4 Sources: The Green Papers.10 District of Columbia 3 . Redistribution only allowed with firm license. Maine and Nebraska are the only exceptions. when Republican George W.4 percent won in 1912 by former Republican President Theodore Roosevelt. has had an elected president since the Constitution took effect in 1789. THE ARGUMENT The winner-take-all system caused the Electoral College to choose presidents who did not win the overall vote in 1876.

Yet in 2012 Obama beat Republican Mitt Romney with the largest gender gap in American presidential election history.S. The first documented gender gap was in the 1980 U. In the U. political observers are raising alarms about a significant decline in the number of women voting in elections. voting preferences also began to shift in industrial nations. In Israel. and a gender gap began to emerge in the 1990s in Canada. It’s not just in the U. though Hillary Clinton won more female votes. and were focused on protecting families and promoting a moral society.S. election 60% WOMEN 50 MEN 40 30 20 10 0 ’56 ’64 Source: Gallup polls ’72 ’80 ’88 ’96 ’04 ’12 . In the 2008 primary. and Britain generally voted the same way men did in the early decades of the last century. She achieved that even while playing down her gender during the race. Research shows women in the U. Clinton advisers have concluded that was a mistake and a lost opportunity to maximize female support. THE ARGUMENT Some women’s rights advocates in the U. In the U. — women around the world have become more likely to vote for candidates on the left. Call +12126179030 for info. when Republican Ronald Reagan opposed the Supreme Court’s ruling upholding abortion rights and made it a campaign issue. While men backed Reagan by a wide margin. the female vote was evenly divided between him and Democratic President Jimmy Carter. In practice. and the two genders don’t vote alike. which increased its female MPs to 20 from one in 2010. Britain and Germany.S. which would take the punch out of any gender gap. the difference between the percentage of females and males voting for a candidate. These gaps often affect election outcomes.S.For use by HILLARY CONLEY only. Redistribution only allowed with firm license. Democrat Hillary Clinton. but women did win a record number of seats thanks to the Scottish National Party. focusing on child care. presidential election. creating a gender gap of 8 percentage points. Others say that it’s wrong to assume all women share one agenda.S. domestic violence and social care. Fast-forward to this century and women’s votes are among the most coveted by politicians. Labour Party leaders in Britain made direct appeals to female voters in Parliament’s 2015 general election. THE BACKGROUND The gender gap is relatively new. which is why campaign strategists work hard to shrink or expand them to gain an advantage. In Britain. THE GENDER GAP BY ELIZABETH TITUS THE SITUATION Hoping to win over more women and widen the gender gap. the gender gap has proved an imperfect formula for winning elections. Going Different Ways Percentage voting for the Democratic presidential candidate in each U.S. Labour lost to the Conservatives. more women than men have turned out to vote in national elections since 1980. she still lost to Obama. begins with a presumptive edge among female voters after she scored an average gender gap of 8 percentage points among voters in her 2008 primary races against Barack Obama. As more women joined the workforce and put off marriage in the 1960s and 1970s. More women choose Democratic candidates and more men choose Republican ones. In the 1980s. who is running for president again.S.. say the gender gap forces politicians to focus on issues important to female 9 Photo: Andrew Harrer/Bloomberg New Zealand became the first nation to grant voting rights to all women. the first signs of a gender split in voting were detected in the 2009 elections. women also began to lean toward left-wing candidates in the Netherlands. in 1893. voters.. That’s created what political observers call the gender gap.

offering tax credits to businesses that provide four paid weeks off or more. None None Source: OECD . the law requires that businesses cover the cost directly or share it with the government. women’s rights activists helped draft The Family and Medical Leave Act to require companies to offer an unpaid program for men and women covering a range of family issues. As a result. Senator Marco Rubio was the first Republican to propose a family leave plan. In 1984. arguing that this wouldn’t impose new costs on companies. Only three states. Globally. just 12 percent of workers have access to paid leave. funded by a tax on businesses. while in Silicon Valley companies scrambling to hire or hold onto scarce tech workers offer up to a year to new parents. Paid Maternity Leave Around the World Country Avg.C. Polls show support for the idea from a majority of voters in both parties.250 hours in the previous year to be eligible. 8 percent of small business employees and 4 percent of part-time workers had that option.K. And 23 percent of women who did take leave were back at work within two weeks of giving birth. The Washington D. which has fallen to 63 percent. President Barack Obama granted federal workers six weeks of paid leave after the birth or adoption of a child or to care for a sick family member. Supporters of paid leave say it could help the economy by reversing a slump in the American women’s labor force participation rate. payment rate Weeks of paid leave (2014) Bulgaria 90% 59 U. few countries have cut back on paid leave. On average. THE BACKGROUND Paid maternity leave became the norm in Europe and other industrialized nations in the 1970s as more women entered the workforce. 10 THE ARGUMENT As states and cities have discussed action.S.S. New Jersey and Rhode Island. especially of paternity leave. just below Japan’s.For use by HILLARY CONLEY only. Instead there’s a hodgepodge of state and company policies that mean a family’s circumstances depend on where they live and who they work for. It was resisted by businesses before passing in 1993. the trend instead is toward expansion. Studies in California and New Jersey found that most businesses reported no negative impact from their paid leave programs and researchers said they cut worker turnover. only 15 percent of workers in medium and large companies. some business groups in those places have argued that a paid-leave mandate would give an edge to competitors elsewhere. FAMILY LEAVE Photo: Getty Images BY JENNIFER OLDHAM In 183 countries around the world. Senator Bernie Sanders. 43 percent of private-sector workers fail to qualify. Candidate Hillary Clinton said she will fight for a federal requirement. Paid leave is far scarcer: In 2012. Eleven other states have expanded eligibility for unpaid leave. where there’s no national requirement for paid family leave. in almost as many nations. Fathers can count on that too. presidential race. Overall. even during the recent economic downturn. 31% 39 Slovakia 65% 34 Croatia 100% 30 Czech Republic 70% 28 Poland 100% 26 Ireland 35% 26 Hungary 70% 24 Italy 80% 22 Estonia 100% 20 OECD average 78% 17 U. In January 2015. City Council is considering a plan to offer most privately employed workers up to 16 paid weeks of family leave. The law contains many exemptions — it doesn’t apply to firms with fewer than 50 employees and mandates that employees must work for a company for at least 1. Redistribution only allowed with firm license. require paid time off. California. In most countries. U.S. it’s funded by taxes and considered an extension of social security programs. Managers and professionals in large companies are most likely to be eligible. as did her rival for the Democratic Party’s nomination. while a Democratic-sponsored national paid parental-leave bill languished in the House of Representatives. THE SITUATION Paid family leave is becoming an issue in the 2016 U. In others. Their programs are funded by payroll taxes paid by workers but not by their employers. There’s one big exception — the United States. a working mom can take time off to be with a newborn or young child — and have an income while she does so. Call +12126179030 for info. a couple’s combined paid leave for childbirth and child care amounts to 63 weeks. Many Republicans back allowing private workers to exchange overtime for paid leave.

S. But a majority of states weakened restrictions. after the massacre the year before at an elementary school in Newtown.8 Russia 12.0 China 40.For use by HILLARY CONLEY only. the orders expand the definition of gun sellers who require licenses and must conduct background checks on potential purchasers. Shootings in other countries also lead to debates over regulation. which combines a high gun ownership rate with a low homicide rate.) Firearms are involved in the deaths of more than 30. Redistribution only allowed with firm license. the U. including schools. was established in the 18th century to allow states to form militias to protect themselves against oppression by the federal government. 270.S. and many now permit guns in more places.0 Mexico 15. the dominant pro-gun group. violent crime in America has fallen significantly. THE BACKGROUND The U. Connecticut. and many states have expanded rights to use guns in self-defense. the gun is a cultural icon in the U. Supreme Court ruled that the amendment protected the gun rights of individuals. amounts to a public health crisis. Harvard and Northeastern University researchers say mass shootings have been increasing in frequency since 2011. about two-thirds of which are suicides. even as recent surveys show that a record low of 32 percent of Americans own at least one of those firearms or live with someone who does. there’ve been zero mass shootings. 2007 survey U. (Mexico and Guatemala are the others. They note that since Congress let a ban on assault weapons expire in 2004. Meanwhile gun-control advocates (some backed by Michael Bloomberg. The U.S. Call +12126179030 for info. even adjusted for population.000 people in the U. 11 Photo: Jordan Alexander Ciampini/Getty Images Each new mass shooting in the U.0 India 46. Guns are also integral to the story of the nation’s founding.S. New York and Maryland.0 Others Source: Small Arms Survey 2007 186. and in 2008. expanded bans on assault weapons. In a 2015 survey by Harvard researchers. Interpretation has evolved.4 . GUNS IN AMERICA BY ESMÉ E. Australia enacted strict gun ownership laws after a historic massacre that left 35 people dead in 1996.S. 40 percent of gun owners said they’d acquired their most recent weapon without such a check.) The right “of the people to keep and bear arms. has a higher percapita rate of firearm homicides than any other industrialized nation.S. frontiersmen conquering the Great Plains.” enshrined in the Second Amendment.8 Yemen 11.S. restaurants. THE ARGUMENT The well-funded NRA and its allies argue that gun regulations only hurt law-abiding gun owners because criminals simply ignore them. Civilian Firearms by Country Estimated figures in millions. while California created a new type of restraining order meant to keep guns out of the hands of the mentally unstable and Oregon closed a background-check loophole. cowboys roaming the Wild West. founder and majority owner of Bloomberg News parent Bloomberg LP) say limiting weapons will drive down gun-related crimes.S. reignites debate over the country’s treatment of gun rights as virtually sacrosanct. States led by Democrats. annually. U. since. Hidden guns are now allowed in all 50 states. A Congressional bill to expand background checks was defeated in a momentous vote in 2013.0 Germany 25.5 Thailand 10. down from more than 50 percent in the late 1970s to early 1980s. began considering weapons-control measures in 2013 after mass shootings in consecutive months. Americans own more guns than anybody else on earth. not just militias. is one of three countries to include gun-ownership rights in its constitution. and the firearms homicide and suicide rates have plummeted. Beyond the legalities. President Barack Obama issued a series of executive orders in January aimed at reducing gun violence.0 Pakistan 18. — a necessary instrument of soldiers in the Revolutionary War. has been on a decades-long winning streak convincing courts and lawmakers to loosen gun restrictions and to prevent the passage of new ones. including Connecticut. churches and public buildings. The number of guns in private hands is thought to have grown to as high as 310 million. the left-leaning magazine Mother Jones calculated direct and indirect costs of $229 billion a year.S. while fatal and non-fatal shootings are also down slightly. DEPREZ THE SITUATION Frustrated by Congressional gridlock over gun laws. (Yemenis are second. An editorial in the Annals of Internal Medicine said the level of gun violence in the U. Notably.5 Brazil 14. Switzerland. Gun-rights advocates threatened to challenge Obama’s orders. The National Rifle Association.

Researchers have found some evidence suggesting a biological basis for transgender identity.S. Department of Justice — of people to use bathrooms matching their gender identity. especially in the U. nominated for an Emmy award. Opponents argue that allowing a physiologically male transgender person to enter a girls’ room invades women’s privacy and invites perverts to abuse the privilege. Call +12126179030 for info.700 were killed in apparent hate crimes from 2008 through 2014. at other times as male. THE BACKGROUND Transgender references reach back into antiquity. Its advocates say how a person feels determines whether that individual is male. the U. extended coverage to sexreassignment surgery. Some transgender people undergo hormone treatment to achieve physical characteristics of the opposite sex. some state lawmakers have proposed bills barring such policies. The U. the name psychiatrists give to discomfort with one’s inborn sex. military promised to abolish its ban on transgender members in 2016. People who identify as transgender suffer from discrimination and persecution. appointed and elected judges. Some people who are transgender say they are a third gender or have no 12 gender or identify at times as female. Still. In the Indian subcontinent. Texas invalidated a city ordinance prohibiting discrimination against transgender and gay people. a long tradition persists to this day of hijras. poverty and attempted suicide. Activists say compelling transgender people to use facilities that don’t match their gender presentation exposes them to harassment. Those who are transgender report high rates of unemployment. transgender people can be straight. In November 2015. featured on the covers of Time and Vanity Fair magazines and admitted to a Division 1 college basketball team. male-to-female transgender people. and who was which was determined by the sex organs a person was born with. at the same time.S.” Gender identity is separate from sexual preference. Redistribution only allowed with firm license. They often ask to be referred to as “they” or use created pronouns such as “zie” and “ey. The Right To Change Gender A survey of statutes in some countries by the advocacy group Transgender Europe.For use by HILLARY CONLEY only. Equal Employment Opportunity Commission held that discrimination against transgender people is illegal. schools and companies have affirmed the right — endorsed by the U. personality traits or ways of looking belong to one sex and not the other. A smaller number have sex-reassignment surgery.S. health-care program for the elderly.S. The transgender rights movement challenges that. Other skeptics worry about excessive use of hormones and surgery. especially among children. their efforts to gain acceptance and equal rights have made headway in recent years in Westernized countries. female. most children who’d been gender dysphoric at ages 5 through 12 did not remain so after puberty. Medicare. Bathroom and locker-room issues are especially divisive. In some places. Worldwide. who are recognized by law as a third sex. both or neither. Bloomberg . Skeptics say their movement reinforces such stock roles by suggesting that certain feelings. Supporters cast their campaign as the next chapter in the civil rights movement and as a way of liberating all people from gender stereotypes. openly transgender individuals have been named to federal office and the White House staff. They say people shouldn’t be confined by stereotypical expectations of how males and females are supposed to be.S. states. voters in Houston. The first such operation is thought to have been performed in 1930 in Germany on the Danish painter who became Lili Elbe. THE ARGUMENT Transgender people say they want acceptance and recognition for who they really are. Some translations of the Kama Sutra include references to the behavior of such a sex. which they say is impossible for someone raised with male privilege. In a 2008 study. Increasingly. to treat gender dysphoria. TRANSGENDER RIGHTS BY FLAVIA KRAUSE-JACKSON Most of us grew up thinking there were boys and girls. Plato’s text Symposium mentions a myth of a third sex.. Feminist critics argue that being authentically female requires experiencing women’s particular hardships. THE SITUATION In the last six years in the U. actual practice differs from the law. gay or bisexual.S. by one count. Policy by country: Gender cannot be legally changed Legal gender change requires surgery and/or sterilization Gender can be legally changed Varies by locality Sources: Transgender Europe. more than 1. The U.

com/quicktake Or by searching “bloomberg quicktakes” on your Web browser Art Director Lesia Kuziw Produced by Bloomberg Briefs: On the Bloomberg Terminal at BRIEF <GO> . Redistribution only allowed with firm license. Call +12126179030 for Graphics Editors David Ingold Dave Merrill Alex Tribou Chloe Whiteaker Find Bloomberg QuickTakes: On the Bloomberg Terminal at QUICK <GO> On the Web at bloombergview.For use by HILLARY CONLEY only. QuickTakes Team Leader Leah Harrison Singer Editors Lisa Beyer Alex Bruns Anne Cronin John O’Neil Photo Editors Sam Hall Tom Hall To contact the editor responsible for QuickTakes: Leah Harrison Singer lharrison@bloomberg.