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Question
In a well-known article published in 1954, Arthur Lewis wrote “The central problem in the
theory of economic development is to understand the process by which a community which
was previously saving, and investing, 4 or 5 per cent of its national income or less converts
itself into an economy where voluntary saving is running at about 12 to 15 per cent of
national income or more.” Critically discuss the rationale behind this sentence, and the role
that financial development can play in this process.

Instructions
• This is not a standard essay!
• Rather, you should think of it as a briefing note (prepared for a busy academic) in which you
concisely present what you think are the most important points of your argument.
• Student answers are expected to demonstrate awareness of contrasting viewpoints.
• The briefing note expects you to address the question from start to finish. Therefore, you do not
need to elaborate a long introduction or summarise conclusions.
• The length of the briefing note must not exceed two pages. If you use figures, tables or other
material, you should place them in an appendix starting on page 3.
• The font size and page margins are expected to be normal. You decide what is normal. In other
words, you have some leeway to decide how much material should be contained in the briefing
note. You are expected to exercise some common sense!
• You can use section titles. This is completely left to your choice.
• You can use bullet points. Again, this is a matter of your choice. If you decide to use bullets,
please order them in a logical sequence.
• Use your own words. If you use somebody else’s words, put them in quotation marks and give
the source.
• Full bibliographic details should be given in a bibliography placed on a new page at the end of
the briefing note. This bibliography should only include the details of in-text references (the
latter report only the author’s surname and the year of publication). Using lecture notes as a
reference is not a good idea: use the original authors instead.

Assessment criteria
1) Has the student answered the question?
2) Does the answer have a good logical structure?
3) Are the arguments supported by clear reasoning and/or appropriate evidence?
4) Is the student familiar with relevant literature?
5) Has the student demonstrated awareness of different perspectives for the analysis of the
topic of the question?

Feedback method
Feedback will be provided in two forms. The generic feedback will describe some of the expected
key points that students should highlight in their essays. The individual feedback will assess how the
individual essay compares with the expected key points and, if required, it may contain further
comments on specific points of the essay. Students having academic queries involving clarification of
certain aspects of the feedback can contact the course coordinator.