was the first major financial bubble that saw contract prices for some bulbs of the new and fashionable tulip reach extreme heights and then dramatically collapse.
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.
The asset bubble was destined to follow the course of tulip mania
and all the bubbles of economic history.'
These wonderful "broken" tulips - responsible for tulip mania
in 17th-century Netherlands and, ultimately, for the collapse of the tulip trade - were the result of a virus.
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.
Murat" (Murat IV), which recounts part of the life of the 17th Ottoman sultan, Murat IV; and "Lale Ecylgynlyy-y" (Tulip Mania
), which follows the adventures of a Dutchman who falls in love with an Ottoman girl, are among the highlights of the program.
It should really be in economic text books alongside the tulip mania
of Holland in the 17th century.
In 1636, for example, there occurred a phenomenon which became known as 'Tulip Mania
' as European financial investors began to pay ever-increasing prices for Dutch tulips.
At their peak, tulip bulbs were sold for the price of a canal house in Amsterdam, leading to the first economic bubble, the so-called "tulip mania
." Fortunately, as the cultivation of tulips and other bulbs increased and improved, their prices went down gradually, making them affordable for the middle-class.
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.