He traces developments in economic theory and practice through the Middle Ages and then the modern period; in the latter, he covers some of the same ground as Bilginsoy--for example, the tulip mania
and the Great Depression.
Indeed, a former President of De Nederlandsche Bank (Dutch Central Bank, part of the European System of central Banks), Nout Wellink was quoted by UK newspaper The Guardian in December last year as saying, "This is worse than the tulip mania
[of the 17th Century].
They implicitly referenced the tulip mania
that swept Holland in the seventeenth century--and thus vaguely acknowledged recent speculative bubbles--but each was also explicitly linked to the agricultural narrative through Siekmann's inclusion of insects in silhouette.
And there was what he delicately calls "dissonance'' in the political class's thinking, which he compares to the Tulip Mania
that gripped Holland in 1637.
It should really be in economic text books alongside the tulip mania
of Holland in the 17th century.
Much later it was appropriated by Western Europe and the Netherlands in the 17th century where it ostensibly turned into a symbol of capitalism as Tulip Mania
spread all over Europe.
Perhaps, in the end, they are only curiosities, like the tulip mania
that seized the Dutch people in the seventeenth century.
Vogel begins with an overview of historical episodes of asset price bubbles, including the Dutch tulip mania
of the 1600s, the South Sea and Mississippi bubbles of the 1700s, the U.
Armitage writes, AoPassion for dahlias in the 1840s matched the tulip mania
of the seventeenth century.
The articles go far beyond the evaluation of a collection to give a picture of European intellectual culture caught between science and magic, brave new worlds and tulip mania
As Lehrer notes, from the tulip mania
of 17th-century Holland, in which 12 acres of valuable land were offered for a single bulb, to the South Sea Bubble of 18th-century England, in which a cheerleading press spurred a dramatic spike in the value of a debt-ridden slave-trading company, Mackay demonstrates that "every age has its peculiar folly.
But although the famous Dutch Tulip mania
is a thing of the distant past - when Turkish merchants were flush with cash the way oil-drenched Russians are now - the bulbs show no sign of losing their popularity.