CHICAGO METRO HISTORY FAIR

2016 SUMMARY STATEMENT

Attach an annotated bibliography (AB) that is divided between primary and secondary sources.
Submit two copies of the SS and AB at the competition. Please type.

Student name(s) _____________________________________________________________

Samarth Madduru
___________________________________________________________________________
Title ___Big Mind, Small Government_____________________________________________
Check if applicable (and respond to Question 3):
This project uses the 2016 National History Day theme, Exploration, Encounter, and Exchange in
[Chicago/Illinois] History

Project Category:

Exhibit

Website

Student Composed
Word-Count:

Student Composed
Word-Count:

Paper
Total Word-Count
(excluding citations):

Documentary Performance
Time:

Time:

1. THESIS STATEMENT
Present the projects argument or interpretation in two sentences. If you are using the NHD theme, you might want to
make it evident in your thesis statement.

Milton Friedman revolutionized the way we work with world economics, making him an explorer and
pioneer of new economic ideas. His comprehensive theories on government intervention shaped
modern macroeconomics and the exchange of goods and assets. Encountering many detractors,
Milton Friedman demonstrated his skill of debate and persuasion on the international stage by
aiding world leaders and winning many accolades.

2. SUMMARY OF PROJECT
Briefly explain your project and its conclusion. Include: How and why did change happen and what was the impact?
Why is it historically significant? What historical meaning or importance can we learn from your findings?

Dominating the 20th century with his radical economic ideas, Milton Friedman changed the way we
all look at economics. When Friedman earned a B.A from Rutgers University for Mathematics, he
changed his major to economics because of his passion to make a difference in the world after
seeing the atrocious economic state of America. Getting his Masters from the University of Chicago
in economics he settled as professor and research scholar striving to change the way make and
spend and invest our money. He explored new capitalistic ideas that changed the way we
exchange money. His ideas on inflation and government spending defined the Chicago School of
Economics and brought the school to the forefront of economic thought. His legacy resonated
throughout America and England for the later part of the 20th century when he aided two of the
world's most popular leaders, Margaret Thatcher and Ronald Reagan. Milton Friedman's thorough
knowledge on economics made him a hard opponent when he encountered critics and his ideas
convinced millions of people around the world. Friedman's impact socially and fiscally earned him
the title of the 'Greatest Economist America has Ever Produced' by many economists.

3. Required for projects using the National History Day theme only.
Explain how this project integrates the NHD theme Exploration, Encounter, and Exchange in [Chicago/Illinois] History
into its argument.

Milton Friedman was perhaps one the most influential economic leaders America has ever seen
and his ideas are the foundation of modern capitalistic research. His theories on inflation and free
markets were radical and his experiments in Hong Kong and Chile changed the way we
exchange goods and impose tariffs. His theories on the taxation of exchanged goods lead him to
write books that would earn him the Nobel Prize. His ideas were controversial and he
encountered harsh criticism from the Keynesians and other fiscally liberal groups. His ideas on
the minimum wage- for example-brought him face to face with examples of how no Federal
minimum wage ruined families, but these encounters didn't stop Freidman from explaining his
ideas and convincing such people to adopt his principles. His exploration of the economy has
lead to the growth of futures markets, the freedom of the stock market and the capitalistic views
of many nations. The exploration of ideas on inflation and GDP were the first of its kind and are
still being used. All his work and research was thanks to the opportunities the University of
Chicago presented to him. His television series, 'Free to Choose' was made in Chicago and most
of his most important works - like Theories on Consumption Analysis and Capitalism and
Freedom- were written and published in/by the University.
4. PROCESS
A.

What historical question did you start off withand how did it change once you began doing your research?

Initially my question was, "Why does the University of Chicago have such a strong
economics program?". Eventually this question evolved into "Who has shaped economics
the most? " after considering many other economic scholars I decided Milton Friedman
had the most profound impact on not just Chicago or America, but the world. The question
the website targets however changed to, "How did economics change with Milton
Friedman and what ideas made him revolutionize the exchange, encounter, and
exploration of money?"
B.

What kinds of sources did you use as evidence to develop your argument (for example, letters, photographs,
government documents, interviews, etc.)?

Government documents, interviews, photographs, websites, economic journals, TV

Shows, newspapers.
C.

Select one piece of evidence that you used and explain how it influenced your argument.

The TV Show, 'Free to Choose' most effectively explained my argument because it

showed what exactly were Freidman's ideas in economics and how they affected the way
we trade. Freidman also displayed his ability to debate democratic socialists and those
who were against his very 'laissez-faire' principles. The TV show was split into 12
parts where PBS aired one episode a week. The show was formatted by an example of
an economic failure or success followed by an explanation and commentary by Freidman.
The debate that followed was unscripted and usually intensive and was also interesting to
watch as Friedman had to talk on his toes, showing his impressive economic and debating
prowess. It influenced my argument because I used many quotes from this source as
well as a video. It also discussed the social impact of his works which even lead to a page
about his ideas on various social issues.

A.

List libraries (other than school), museums, and other institutions that you visited to do your research.

1. Vernon Area Public Library

2. Harold Washington Library
3. Library of Congress (To view otherwise hard to access economic journals)
4. Federal Reserve
5. University of Chicago