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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The Dutch paying more for tulip bulbs than for houses during Tulipmania in the 17th century, or Americans chasing brand-new internet stocks with no earnings and few assets in the Dot Com boom of the late 20th century both seemed reasonable at the time.
"Explaining the Timing of the Tulipmania Boon and Bust: Historical Context, Sequestered Capital, and Market Signals." Financial History Review.
Tulipmania was the result of financial market irrationality.
A visitor looks out at the flowers at Tulipmania floral display in the flower dome at Garden by the Bay in Singapore.
Haarlem is a fine old town and an ideal base for the "Tulipmania Tour", which includes the stimulating Frans Hals Museum.
Haarlem is a fine old town and an ideal base for the 'Tulipmania Tour,' which includes the stimulating Frans Hals Museum.
Here, I learn, among other things, that in Hals' day all cooking fires must be extinguished nightly at 10, that the famous blue Delft porcelain began here, that the nation's first tulip bulbs were planted outside Haarlem and the town was the center of "Tulipmania" from 1634-1637 when fortunes were spent for particularly unusual bulbs.
Best known for her paintings of hounds, foxes and cockerels, Mary Ann has recently branched out with a new range entitled 'Tulipmania',' which saw her focus on brightly coloured floral paintings for the first time.
See Tulipmania: How a Country Went Totally Nuts for Flower Bulbs, BUS.
From Tulipmania in Rembrandt's Amsterdam to subprime lunacy in Bernanke's New York, the lessons of markets are always learnt the hard way.
Traditional examples include the Dutch Tulipmania, and the 1929 Great Crash in the United States.
(104) ANDREI SHLEIFER, INEFFICIENT MARKETS: AN INTRODUCTION TO BEHAVIORAL FINANCE 172 (2000) (citing several examples, including futures contracts on tulips during the Tulipmania of the 1630s).