Explain the difference between Consequentialist and Deontological ethics.
Consequentialism judges what is moral for an action based on the consequence. One of the well-known consequentialist moral theory is Utilitarianism. To put simply, Utilitarianism is "the greatest good for the greatest numbers." There are two types of utilitarianism: Act Utilitarianism and Rule Utilitarianism. For example, killing a man to harvest his organs to save five other people in needs of organ transplantation would maximize utility, however, Rule Utilitarianism would reject such action because allowing it would create a society where people would be constantly fearing and thus, decreasing utility/happiness in the long-run. Deontological ethics are theories based only on rules, not consequences. Some of deontological theories are Divine Command Theory and Kantian Theory. Divine Command Theory say an action is moral because God says so. If God says "Thou shall not steal," you must never steal, never. Kantian Theory is developed by Immanuel Kant. His theory is just like Divine Command but without God. He argues that rules derive from Reason.
How is international politics different from domestic politics, and what are different theories and tools that help us determine and study international politics?
International politics are what political scientist called anarchy, basically meaning there is no strong central authority to always enforce rules or punish bad guys. For example, if someone break into your house or threaten to hurt you physically, you can call 911 and the police will try to catch the thief or the person who make criminal threat, but if North Korea test its missile and threaten to invade South Korea, there is no actual "World Police" to guarantee safety of South Korea. Sometimes United Nations, United States and powerful countries try to help safeguard peace in their interests, but events such as genocides committed in Nazi Germany or in the Balkans were allowed to happen because of anarchy in the international politics. Two main theories exist in international politics: Realism and Liberalism. Realist believe that the only way to be safe is to be powerful in international politics which is anarchy. Liberals believe that spread of democracy and free society will make more cooperation available between countries and we will be safer that way. There are other theories such as marxist Radicalism that are no longer embraced widely. There are different tools to determine and help us study international relations. One important one is called "Level of Analysis" There are six levels: 1) Individual : what is a leader or someone like? Psychology? Preferences? 2) Role: what is his/her role in the existing power structure? 3) Government : is the government democracy or autocracy? 4) Society : what is the society's characteristic? Western? Islamic? Industrialized? 5) Dyadic Relation : what is the relation between two states? Who is stronger? 6) World System : what is the world political environment as a whole? Bipolar? Multipolar?
Describe functions, types, measure and creation of money.
Money is a form of asset that is used as medium of exchange, unit of account and store of value. There are two types of money: commodity money and fiat money. Commodity money is any object that is traded for another. For example, you trade your apple for your friend's orange. Fiat money is a paper money that has value by government's decree. For example, a one dollar bill. In the United States, the amount of money supply in the economy is measured and categorized as M1 and M2. M1 includes cash, debit cards, checks (balances in check-able accounts) and traveler's checks. M2 includes everything from M1 plus balances in saving deposits, small time deposits and money market mutual funds. Money is created by three major players: depositors, banks, and central bank. Banks create money by making loans. It is key to remember this equation: Total money supply = Deposits x (1 / Required Ratio). When you deposit $50 dollars into a bank, and the given bank's required ratio is 20%, put them into the equation: Total money supply = $50 x ( 1 / 0.2) = $250, then subtract your original $50, therefore additional $200 is created in the economy. Central bank is known as "Federal Reserve System," or "Fed" in the United States. They set Required Ratios and set monetary policies. Fed can decrease money supply in the economy by raising required ratios, raising interest rates, and conducting 'open market sale' of its bonds to the banks. Fed can increase money supply by lowering required ratios, lowering interest rates, and conducting 'open market purchase' of its bonds to the banks.