Tulip Mania

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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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While JPMorgan CEO Jamie Dimon recently called bitcoin "a fraud" and likened it to the Dutch tulip craze, the report told a different story.
Again, the Dutch tulip craze of the 1630s must have influenced other countries, but travelers, since the returning Crusaders, would also have brought plants home and fostered them indoors prior to the advent of glass.
But author George Szpiro has a gift for turning the potentially mind-numbing into a historical journey-from Holland's tulip craze of the 1630s to Paris Bourse of the late 1800s and beyond.
In the free-market form of capitalism, the job of the state is to "enable" capitalism's success by enforcing contracts, as well as by limiting the influence of moral "bads" (such as greed) that can lead to market failures--something that has been occurring at least since the Dutch tulip craze of 1637.
The next piece, Tulipomania refers to what Allen Greenspan dubbed "irrational exuberance" during the housing boom leading to the burst of the bubble and the calamity of the Great Recession of 2008, not unlike the tulip craze that took place in 17th century Holland.
He cites for example the Tulip Craze of the 1600s during which wealthy people in Europe and particularly Holland paid great sums for tulip bulbs developed in Turkey.
The veil of mystery around the tulip craze thus can not be completely lifted.
Most historical, art historical, and popular works speak of the tulip craze in tones of wonder and disapproval: first, that it was insane to place so much value on a mere tulip bulb, and second, that it was improper, indeed unvirtuous, to make money without labour.
Drawing prismatic connections between Kazakstan and Johnny Apple-seed, the Dutch tulip craze and stock market speculation, cannabinoid receptors and a very stoned Carl Sagan, Pollan says things like "the existential heft of a tomato," and you know what he means.
She has an excellent poem, "Tulpenwoede," about the 17th-century tulip craze that ended in economic disaster, yet she's willing to indulge such madness since beauty can unfold, indeed is sometimes caused by, the "diseased ground" from which it is nurtured.
He travels to central Ohio on a search for traces of John Chapman, known to schoolchildren as Johnny Appleseed; to Amsterdam, the center of the 17th-century Dutch tulip craze and, more recently, the city where pothead botanists have developed highly fortified marijuana; and to the St.
The Dutch," according to Dash, "called this phase of the tulip craze the windhandel.