Tulip Mania


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Related to Tulip Mania: Tulipomania

Tulip Mania

History's first major asset bubble. Tulips were introduced to Europe from the Ottoman Empire in the mid-1500s and became very popular in the Netherlands. As they grew in popularity, prices for tulips rose steadily, then unsustainably, in the 1630s. Prices suddenly collapsed in February 1637. Interestingly, tulip mania resulted in the creation of a formal futures market and marked one of the first times when contracts were traded without exchanging the underlying asset.
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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.
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.