Tulip mania - Knowledge

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doubt." The bubble in 1634 shows how people can get caught up in a financial craze even when something doesn't have real value. This is an example of the phenomenon called collective illusions. Here, the Dutch elite thought that having their own special tulip bulbs was a must, and this made the prices go up, even though tulips themselves weren't worth much. In the 17th century, it was unimaginable to most people that something as common as a flower could be worth so much more money than most people earned in a year. The idea that the prices of flowers that grow only in the summer could fluctuate so wildly in the winter, threw into chaos the very understanding of "value".

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economic fallout from the bubble was very limited. Goldgar, who identified many prominent buyers and sellers in the market, found fewer than half a dozen who experienced financial troubles in the time period, and even of these cases it is not clear that tulips were to blame. This is not altogether surprising. Although prices had risen, money had not changed hands between buyers and sellers. Thus profits were never realised for sellers; unless sellers had made other purchases on credit in expectation of the profits, the collapse in prices did not cause anyone to lose money.

478:, which declined to rule one way or the other and referred the question back to the city councils. The legislature of Holland decided to cancel all contracts to allow fresh deals to be struck during the summer. In Haarlem the issue dragged on, since the government left it to the parties to solve their issues by arbitration or other means. In May the city ruled that buyers could cancel any extant contracts at a fee of 3.5% of the price. The Dutch court system remained busy with a number of tulip disputes throughout 1639. In the end most contracts were simply never honored. 826: 986: 918: 269: 978: 410: 1164:(1987) notes, the 17th-century Dutch Republic "had few natural resources—no mines, no forests—and what little land there was needed constant protection from the sea. But this "low" country surprisingly quickly established itself as a major power. In a short time it became the most advanced shipbuilding nation in the world and developed large naval, fishing, and merchant fleets. 308:('Bizarres'), (yellow or white streaks on a red, brown, or purple background). The multicolour effects of intricate lines and flame-like streaks on the petals were vivid and spectacular, making the bulbs that produced these even more exotic-looking plants highly sought-after. It is now known that this effect is due to the bulbs being infected with a type of tulip-specific 773:

whose cost might have regaled a whole ship's crew for a twelvemonth"; the sailor was supposedly jailed for eating the bulb. However, tulips are poisonous if prepared incorrectly, taste bad, and are considered to be only marginally edible even during famines. This directly contradicts Mackay's claim that the tulip bulb had been "quite delicious".

465:, where an auctioneer failed to find willing buyers, despite lowering the asking price several times. The actual circumstances of the crash are unknown. The collapse seems to have occurred by the end of the first week of February 1637, which caused a number of disputes over the extant contracts. At the 7 February tulip growers scrambled in 760:

would send to Holland, and pay whatever prices were asked for them. The riches of Europe would be concentrated on the shores of the Zuyder Zee, and poverty banished from the favoured clime of Holland. Nobles, citizens, farmers, mechanics, seamen, footmen, maidservants, even chimney sweeps and old clotheswomen, dabbled in tulips.

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situation to the satisfaction of all parties, but these were unsuccessful. The mania finally ended, Mackay says, with individuals stuck with the bulbs they held at the end of the crash—no court would enforce payment of a contract, since judges regarded the debts as contracted through gambling, and thus not enforceable by law.

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burst. Some were left holding contracts to purchase tulips at prices now ten times greater than those on the open market, while others found themselves in possession of bulbs now worth a fraction of the price they had paid. Mackay says the Dutch devolved into distressed accusations and recriminations

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People were purchasing bulbs at higher and higher prices, intending to re-sell them for a profit. Such a scheme could not last unless someone was ultimately willing to pay such high prices and take possession of the bulbs. In February 1637, tulip traders could no longer find new buyers willing to pay

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It is well established that prices for tulip bulb contracts rose and then fell between 1636 and 1637; however, such dramatic curves do not necessarily imply that an economic or speculative bubble developed and then burst. For the then tulip market to qualify as an economic bubble, the price of bulbs

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The increasing mania generated several amusing, if unlikely, anecdotes that Mackay recounted, such as a sailor who mistook the valuable tulip bulb of a merchant for an onion and grabbed it to eat. According to Mackay, the merchant and his family hunted down the sailor to find him "eating a breakfast

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As the flowers grew in popularity, professional growers paid higher and higher prices for bulbs with the virus, and prices rose steadily. By 1634, in part as a result of demand from the French, speculators began to enter the market. The contract price of rare bulbs continued to rise throughout 1636.

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Earl Thompson argued in a 2007 paper that Garber's explanation cannot account for the extremely swift drop in tulip bulb contract prices. The annualised rate of price decline was 99.999%, instead of the average 40% for other flowers. He provided another explanation for Dutch tulip mania. Since late

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Other economists believe that these elements cannot completely explain the dramatic rise and fall in tulip prices. Garber's theory has also been challenged for failing to explain a similar dramatic rise and fall in prices for regular tulip bulb contracts. Some economists also point to other factors

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By the end of February the representatives gathered in Amsterdam for deliberations. They decided on a compromise where all contracts entered before December 1636 would be binding, but later contracts could be cancelled by paying a fee amounting to 10% of the price. The matter was brought before the

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Goldgar argues that although tulip mania may not have constituted an economic or speculative bubble, it was nonetheless traumatic to the Dutch for other reasons: "Even though the financial crisis affected very few, the shock of tulipmania was considerable. A whole network of values was thrown into

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On February 24, 1637, the self-regulating guild of Dutch florists, in a decision that was later ratified by the Dutch Parliament, announced that all futures contracts written after November 30, 1636, and before the re-opening of the cash market in the early Spring, were to be interpreted as option

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bulbs recently was sold for 1 million guilders ($ US480,000 at 1987 exchange rates)", demonstrating that even in the modern world, flowers can command extremely high prices. Because the rise in prices occurred after bulbs were planted for the year, growers would not have had an opportunity to

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While Mackay's account held that a wide array of society was involved in the tulip trade, Goldgar's study of archived contracts found that even at its peak the trade in tulips was conducted almost exclusively by merchants and skilled craftsmen who were wealthy, but not members of the nobility. Any

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Many individuals suddenly became rich. A golden bait hung temptingly out before the people, and, one after the other, they rushed to the tulip marts, like flies around a honey-pot. Every one imagined that the passion for tulips would last for ever, and that the wealthy from every part of the world

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appeared in the Dutch Republic during the 17th century. Among the most notable was one centred on the tulip market. At the peak of tulip mania, in February 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled artisan. Research is difficult because of the limited

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Many of the sources telling of the woes of tulip mania, such as the anti-speculative pamphlets that were later reported by Beckmann and Mackay, have been cited as evidence of the extent of the economic damage. These pamphlets were not written by victims of a bubble, but were primarily religiously

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the French and the Dutch decided to support the Swedish and German Protestants with money and arms against the Habsburg empire, and to occupy the Spanish Netherlands in 1636. Hence market prices, at least initially, were responding rationally to a rise in demand. The fall in prices was faster and

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98 sales were recorded for the last date of the bubble, February 5, 1637, at wildly varying prices. The sales were made using several market mechanisms: forward trading at the colleges, spot sales by growers, notarized forward sales by growers, and estate sales. "To a great extent, the available

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Tulip mania reached its peak during the winter of 1636–37, when some contracts were changing hands five times. No deliveries were ever made to fulfill these contracts, because in February 1637, tulip bulb contract prices collapsed abruptly and the trade of tulips ground to a halt. A contemporary

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prices at the beginning of the 19th century when the hyacinth replaced the tulip as the fashionable flower and found a similar pattern. When hyacinths were introduced florists strove with one another to grow beautiful hyacinth flowers, as demand was strong. As people became more accustomed to

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In Mackay's account, the panicked tulip speculators sought help from the government of the Netherlands, which responded by declaring that anyone who had bought contracts to purchase bulbs in the future could void their contract by payment of a 10 percent fee. Attempts were made to resolve the

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to November 30, 1636, on the incorrect assumption that their contracts would benefit from the February 1637 decree. In other words, many investors were making an "additional gamble with respect to the prices the buyers would eventually have to pay for their options"—a factor unrelated to the

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Using data about the specific payoffs present in the forward and options contracts, Thompson argued that tulip bulb contract prices hewed closely to what a rational economic model would dictate: "Tulip contract prices before, during, and after the 'tulipmania' appear to provide a remarkable

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According to Mackay, lesser tulip manias also occurred in other parts of Europe, although matters never reached the state they had in the Netherlands. He also thought that the aftermath of the tulip price deflation led to a widespread economic chill throughout the Netherlands for many years

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bulb. Mackay claimed that many investors were ruined by the fall in prices, and Dutch commerce suffered a severe shock. Although Mackay's book is a classic, his account is contested. Many modern scholars believe that the mania was not as destructive as he described.

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Thompson argues that the "bubble" in the price of tulip bulb forward prior to the February 1637 decree was due primarily to buyers' awareness of what was coming. Although the final 3.5% strike price was not actually settled until February 24, Thompson writes, "as

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was banned by an edict of 1610, which was reiterated or strengthened in 1621 and 1630, and again in 1636. Short sellers were not prosecuted under these edicts, but forward contracts were deemed unenforceable, so traders could repudiate deals if faced with a loss.

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According to Mackay, the growing popularity of tulips in the early 17th century caught the attention of the entire nation; "the population, even to its lowest dregs, embarked in the tulip trade". By 1635, a sale of 40 bulbs for 100,000 florins (also known as

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in about 1720, tulip mania appeared in satires of these manias. When Beckmann first described tulip mania in the 1780s, he compared it to the failing lotteries of the time. In Goldgar's view, even many modern popular works about financial markets, such as

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economic data from the 1630s, much of which come from biased and speculative sources. Some modern economists have proposed rational explanations, rather than a speculative mania, for the rise and fall in prices. For example, other flowers, such as the

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of numerous Dutch towns and cities. This encouraged trade by all members of society. Mackay recounted people selling possessions in order to speculate on the tulip market, such as an offer of 5 hectares (12 acres) of land for one of two existing

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of the bulbs. Modern economists have advanced several possible reasons for why the rise and fall in prices may not have constituted a bubble, even though a Viceroy Tulip was worth upwards of five times the cost of an average house at the time.

176:) depicts speculators as brainless monkeys in contemporary upper-class dress. In a commentary on the economic folly, one monkey urinates on the previously valuable plants, others appear in debtor's court and one is carried to the grave. 871:

more dramatic than the rise. Data on sales largely disappeared after the February 1637 collapse in prices, but a few other data points on bulb prices after tulip mania show that bulbs continued to lose value for decades thereafter.

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1636, the Dutch parliament had been considering a decree (originally sponsored by Dutch tulip investors who had lost money because of a German setback in the Thirty Years' War) that changed the way tulip contracts functioned:

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fell, the purchaser could opt to pay a penalty and forgo receipt of the bulb, rather than pay the full contracted price. This change in law meant that, in modern terminology, the forward contracts had been transformed into

1139:: "The bursting of the tulip bubble in 1637 did not end Dutch economic hegemony. Far from it. Tulipmania was followed by a century of Dutch leadership in almost every branch of global commerce, finance, and manufacturing." 469:

to elect representatives for a national assembly in Amsterdam. Their situation had become uncertain as the buyers no longer had any interest in honoring the contracts, and there was no legal basis for enforcing them.

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for tulip bulb contracts, created by Earl Thompson. Thompson had no price data between February 9 and May 1, thus the shape of the decline is unknown. The tulip market is known to have collapsed abruptly in

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Verzameling van een meenigte tulipaanen, naar het leven geteekend met hunne naamen, en swaarte der bollen, zoo als die publicq verkogt zijn, te Haarlem in den jaare A. 1637, door P. Cos, bloemist te Haarlem

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contracts. They did this by simply relieving the futures buyers of the obligation to buy the future tulips, forcing them merely to compensate the sellers with a small fixed percentage of the contract price.

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By November, the price of common, "unbroken" bulbs also began to increase, so that soon any tulip bulb could fetch hundreds of guilders. Forward contracts were used to buy bulbs at the end of the season.

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entered the market in late November, contract prices soared to reflect the expectation that the contract price was now a call-option exercise, or strike, price rather than a price committed to be paid."

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that were written to mock the speculators. Mackay's vivid book was popular among generations of economists and stock market participants. His popular but flawed description of tulip mania as a

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As a result, tulips rapidly became a coveted luxury item, and a profusion of varieties followed. They were classified in groups: the single-hued tulips of red, yellow, or white were known as

818:". Peter Garber argues that the trade in common bulbs "was no more than a meaningless winter drinking game, played by a plague-ridden population that made use of the vibrant tulip market." 205:. Tulip bulbs, along with other new plant life like potatoes, peppers, tomatoes, and other vegetables, came to Europe in the 16th century. These bulbs were soon distributed from Vienna to 1362: 81:

reached extraordinarily high levels. The major acceleration started in 1634 and then dramatically collapsed in February 1637. It is generally considered to have been the first recorded

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The tulips bloomed in April and May for about one week. During the plant's dormant phase from June to September, bulbs can be uprooted and moved about, so actual purchases (in the

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The lack of consistently recorded price data from the 1630s makes the extent of the tulip mania difficult to discern. The bulk of available data comes from an anonymous satire,

440:(literally 'wind trade'), because no bulbs were actually changing hands. The entire business was accomplished on the margins of Dutch economic life, not in the Exchange itself. 1024:

motivated. The upheaval was viewed as a perversion of the moral order—proof that "concentration on the earthly, rather than the heavenly flower could have dire consequences".

5430: 345:, or even "Admiral of Admirals" and "General of Generals". Naming could be haphazard and varieties highly variable in quality. Most of these varieties have now died out. 316:", so called because it "breaks" the one petal colour into two or more. Less conspicuously, the virus also progressively impairs the tulip's production of daughter bulbs. 426:

Traders met in "college" at taverns and buyers were required to pay a 2.5% "wine money" fee, up to a maximum of three guilders per trade. Neither party paid an initial

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Mackay's account of inexplicable mania was unchallenged, and mostly unexamined, until the 1980s. Research into tulip mania since then, especially by proponents of the

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The tulip was different from other flowers known to Europe at that time, because of its intense saturated petal colour. The appearance of the nonpareil tulip as a

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to buy tulips at the end of the season. Thus the Dutch, who developed many of the techniques of modern finance, created a market for tulip bulbs, which were

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states that the phenomenon was limited to "a fairly small group", and that most accounts from the period "are based on one or two contemporary pieces of

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margin, and all contracts were with the individual counter-parties rather than with the Exchange. The Dutch described tulip contract trading as

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as "worse than the tulip mania", adding, "At least then you got a tulip, now you get nothing." Despite the mania's enduring popularity,

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increasingly inflated prices for their bulbs. As this realization set in, the demand for tulips collapsed, and prices plummeted—the

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Before this parliamentary decree, the purchaser of a tulip contract—known in modern finance as a forward contract—was legally

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hyacinths the prices began to fall. The most expensive bulbs fell to 1 to 2 percent of their peak value within 30 years.

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Thompson concludes that "the real victims of the contractual conversion" were the investors who had bought forward contracts

863: 2740: 2578: 5627: 2663: 2407: 1550: 5195: 4464: 2156: 764: 2326: 1440: 5224: 3782: 2378: 1557:", in Brunt, A. A., Crabtree, K., Dallwitz, M. J., Gibbs, A. J., Watson, L. and Zurcher, E. J. (eds.) (1996 onwards). 5617: 5353: 5159: 4811: 4678: 4428: 2983: 443: 1191:

The Best, Worst, & Most Unusual: Noteworthy Achievements, Events, Feats & Blunders of Every Conceivable Kind

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collected data on the sales of 161 bulbs of 39 varieties between 1633 and 1637, with 53 being recorded in the

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Ricklefs, M. C. (1991). A History of Modern Indonesia Since c. 1300, 2nd Edition. London: MacMillan. p. 27

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A modern-day field of tulips in the Netherlands; the flower remains a popular symbol of the Netherlands.

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that, he said, was purchased in exchange for a basket of goods (shown in table) worth 2,500 florins.

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remains prominent, even though since the 1980s economists have debunked many aspects of his account.

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Tulipomania: The Story of the World's Most Coveted Flower and the Extraordinary Passions It Aroused

1066: 723:. Beckmann in turn used several available sources, but all of them drew heavily from the satirical 707:. He proposed that crowds of people often behave irrationally, and tulip mania was, along with the 262: 194: 166: 1278: 921:

Admirael van der Eijck from the 1637 catalog of P.Cos., sold for 1045 guilders on February 5, 1637

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then business writers will have to delete Tulipmania from their handy-pack of bubble analogies."

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has said of economists offering efficient-market explanations for the mania, "If they're correct

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Bubble and Bust; As the subprime mortgage market tanks, policymakers must keep their nerve

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scheme, one of his primary examples. His account was largely sourced from a 1797 work by

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Growers named their new varieties with exalted titles. Many early forms were prefixed

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coincides with the rise of newly independent Holland's trade fortunes. No longer the

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or asset bubble in history. In many ways, the tulip mania was more of a then-unknown

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to buy the bulbs. The decree changed the nature of these contracts, so that if the

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The Embarrassment of Riches: An Interpretation of Dutch Culture in the Golden Age

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This basket of goods was actually exchanged for a bulb according to Chapter 3 of

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in the sea with the vices Fraud, Gluttony and Avarice, Mrs. Mania, and Idle Hope/

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The 1637 event gained popular attention in 1841 with the publication of the book

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The popularity of Mackay's tale has continued to this day, with new editions of

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The introduction of the tulip to Europe is often questionably attributed to

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Wageningen Digital Library, July 14, 2006. Retrieved on August 13, 2008.

280:, famous for being the most expensive tulip sold during the tulip mania. 2686: 2677: 2633: 2595: 940: 815: 811: 2408:

Bulb Bubble Trouble; That Dutch tulip bubble wasn't so crazy after all

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Brunt, Alan; Walsh, John, "'Broken' tulips and Tulip breaking virus",

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Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis

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appearing regularly, with introductions by writers such as financier

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to refer to any large economic bubble when asset prices deviate from

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Memoirs of Extraordinary Popular Delusions and the Madness of Crowds

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Memoirs of Extraordinary Popular Delusions and the Madness of Crowds

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Plant Viruses Online: Descriptions and Lists from the VIDE Database.

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satire suggests that the crisis started to unravel at 3 February in

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Bitcoin hype worse than 'tulip mania', says Dutch central banker

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Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age

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Frankel, Mark (April 4, 2004). "When the Tulip Bubble Burst",

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was perhaps the most highly regarded of about fifty so named.

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Basket of goods allegedly exchanged for a single bulb of the

352:) occurred during these months. During the rest of the year, 78: 44:. Its bulb was offered for sale for between 3,000 and 4,200 1758: 858:

The increases of the 1630s corresponded with a lull in the

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Manias, Panics, and Crashes: A History of Financial Crises

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would need to have been mutually agreed and surpassed the

261:. Amsterdam merchants were at the centre of the lucrative 5572: 2270: 2268: 2150:

Extraordinary Popular Delusions and the Madness of Crowds

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Extraordinary Popular Delusions and the Madness of Crowds

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The modern discussion of tulip mania began with the book

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Extraordinary Popular Delusions and the Madness of Crowds

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was clearly given only to demonstrate the value of the

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Version: August 20, 1996. Retrieved on August 15, 2008.

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The Tulip: The Story of a Flower That Has Made Men Mad

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Famous First Bubbles: The Fundamentals of Early Manias

2265: 2253: 1999: 1975: 1893: 1797: 1770: 1734: 1692: 1653: 879:

Garber compared the available price data on tulips to

874: 4269:

Post-Napoleonic Irish grain price and land use shocks

2166: 1507: 1495: 1483: 1388: 325:('admiral'), often combined with the growers' names: 109:

in the world from about 1600 to about 1720. The term

2472:

The Economy of Europe in an Age of Crisis, 1600–1750

1809: 1782: 1746: 1704: 1668: 1605: 1433:"Are we wrong about what happened with Tulip Mania?" 1421:

Panic, Prosperity, and Progress- Timothy Knight, p.1

1241:

Commodity Derivatives Trading: Theory and Regulation

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Pamphlet from the Dutch tulipomania, printed in 1637

246:. Shortly thereafter, the tulip grew in popularity. 3081: 2825:Welvaart en Werkgelegenheid in Amsterdam 1540–1860 2764: 2497:"The Dutch Monetary Environment during Tulipmania" 2469: 2132: 2130: 2117: 2115: 2113: 2080: 2016: 2014: 1583: 1581: 1579: 1528: 1397: 1061:Tulip mania became a popular reference during the 887:Garber notes that, "a small quantity of prototype 396:, goddess of flowers, her arms laden with tulips, 5440:Economic and financial history of the Netherlands 2661:Garber, Peter M. (1990), "Famous First Bubbles", 2086: 1058:), used the tulip mania as a lesson in morality. 905:, demonstrated by an increase in deposits at the 721:A History of Inventions, Discoveries, and Origins 5594: 2361:, January 27, 2008. Retrieved on July 17, 2008. 1680: 1473: 1471: 1027:Nearly a century later, during the crash of the 989:19th century painting depicting Tulip Mania, by 265:, where one voyage could yield profits of 400%. 19:"Tulip fever" redirects here. For the film, see 5454:Economic history of the Netherlands (1500–1815) 2423:, July 16, 2004. Retrieved on November 4, 2011. 2127: 2110: 2026: 2011: 1910: 1908: 1576: 1172: 1170: 1148:Gieseking, Jen Jack; Mangold, William; et al.: 965:intrinsic value of the tulip bulbs themselves. 901:associated with speculative bubbles, such as a 703:, published in 1841 by the Scottish journalist 16:17th-century economic bubble in the Netherlands 2342:, August 11, 2007. Retrieved on July 17, 2008. 1376: 1189:Fowler, Mark; Felton, Bruce (August 1, 2004). 197:, who sent the first tulip bulbs and seeds to 5424: 5397:List of stock market crashes and bear markets 3936: 3155: 2972:Boissoneault, Lorraine (September 18, 2017). 2152:(New York: Harmony Press, 1980) available at 1468: 516: 296:(white streaks on a red or pink background); 3005:(in Dutch), Haarlem: , 75 pl, archived from 1905: 1167: 2502:The Quarterly Journal of Austrian Economics 2188:Summary of Todd Rose's Collective Illusions 490:, written just after the bubble. Economist 435: 332: 326: 320: 303: 297: 291: 285: 180: 77:of the recently introduced and fashionable 49: 39: 33: 5431: 5417: 3943: 3929: 3162: 3148: 972: 969:illustration of efficient market prices." 892:increase production in response to price. 5218:2015–2016 Chinese stock market turbulence 2822: 2676: 2553: 2286: 1104: 488:Dialogues between Waermondt and Gaergoedt 153: 38:), displayed in the 1637 Dutch catalogue 2910: 2809:(9th ed.), New York: W. W. Norton, 2760:, Amsterdam: P. N. van Kampen & Zoon 2464: 2136: 2121: 2104: 2032: 2020: 1635: 1382: 1336: 1334: 1332: 1330: 1328: 1326: 1324: 1322: 1320: 1238: 984: 976: 916: 844: 824: 763: 442: 408: 380: 267: 220:Their popularity and cultivation in the 157: 27: 2889: 2801: 2755: 2718: 2298: 2274: 2259: 2247: 2235: 2223: 2172: 2154:Andrew Tobias: Money and Other Subjects 2005: 1993: 1981: 1899: 1875: 1862: 1860: 1827: 1803: 1776: 1764: 1740: 1728: 1698: 1662: 1513: 1501: 1430: 1352: 1292: 1262: 1260: 1116: 481: 41:Verzameling van een Meenigte Tulipaanen 5638:Economic history of the Dutch Republic 5595: 5123:Venezuelan banking crisis of 2009–2010 4893:South American economic crisis of 2002 4790:Black Wednesday (1992 Sterling crisis) 2866: 2841: 2789: 2700: 2660: 2648:from the original on December 19, 2022 2593: 2541:from the original on December 19, 2022 2494: 2205:from the original on November 12, 2023 2092: 2068: 2056: 2044: 1969: 1957: 1914: 1879: 1871: 1867: 1851: 1839: 1815: 1791: 1752: 1713: 1674: 1647: 1623: 1611: 1587: 1570: 1477: 1409: 1341: 1305:A pamphlet about the Dutch tulipomania 1176: 105:in the 17th century, with the highest 5412: 5174:2013 Chinese banking liquidity crisis 5130:2010–2014 Portuguese financial crisis 4606:Secondary banking crisis of 1973–1975 3924: 3169: 3143: 2560:A Short History of Financial Euphoria 2184: 1365:from the original on February 7, 2021 1317: 1266: 1135:. (PublicAffairs, 2010), pp. 109–10. 1052:A Short History of Financial Euphoria 864:Cardinal-Infante Ferdinand of Austria 376: 5643:Social history of the Dutch Republic 5204:Russian financial crisis (2014–2016) 5057:2008–2011 Icelandic financial crisis 5050:2008–2009 Ukrainian financial crisis 5015:2000s U.S. housing market correction 4855:1998–2002 Argentine great depression 3950: 2974:"There Never Was a Real Tulip Fever" 2951:from the original on January 4, 2023 2664:The Journal of Economic Perspectives 2436: 1857: 1686: 1599: 1534: 1489: 1257: 1213: 5361:2023–2024 Egyptian financial crisis 5196:Puerto Rican government-debt crisis 5189:2014–2016 Brazilian economic crisis 4562:1963–1965 Indonesian hyperinflation 4465:Shanghai rubber stock market crisis 4154:Dutch Republic stock market crashes 2913:"The Tulipmania: Fact or Artifact?" 2743:from the original on March 15, 2024 2581:from the original on March 28, 2023 1353:Goldgar, Anne (February 12, 2018), 1150:The People, Place, and Space Reader 875:Natural volatility in flower prices 742:By 1636, tulips were traded on the 13: 5167:2012–2013 Cypriot financial crisis 5071:2008–2014 Spanish financial crisis 5043:2008–2009 Russian financial crisis 5036:2008–2009 Belgian financial crisis 4731:1988–1992 Norwegian banking crisis 4226:British credit crisis of 1772–1773 2965: 2827:. Amsterdam: De Bataafsche Leeuw. 1443:from the original on March 4, 2020 1098: 836:(1623–1672), showcases the prized 14: 5659: 5354:2023 United States banking crisis 5160:2011 Bangladesh share market scam 4848:1998–1999 Ecuador economic crisis 4812:Venezuelan banking crisis of 1994 4738:Japanese asset price bubble crash 4679:Souk Al-Manakh stock market crash 4429:Australian banking crisis of 1893 4233:Dutch Republic financial collapse 3107: 3051:. Vol. 1. London; New York: 3021:Hooper, William R. (April 1876). 2982:. Washington, D.C. Archived from 2148:Introduction by Andrew Tobias to 1926: 1340:"The Tulipomania", Chapter 3, in 141:, written by Scottish journalist 32:A tulip, known as "the Viceroy" ( 5613:17th century in economic history 4211:Amsterdam banking crisis of 1763 3289:1830s Chicago real estate bubble 3278:1810s Alabama real estate bubble 2776:(5th ed.), Hoboken: Wiley, 912: 4936:2007 Chinese stock bubble crash 4262:Danish state bankruptcy of 1813 2610:The University of Chicago Press 2397: 2371: 2345: 2319: 2304: 2292: 2185:Media, Everest (May 19, 2022). 2178: 2142: 2098: 2074: 2062: 2050: 2038: 1963: 1951: 1920: 1845: 1833: 1641: 1629: 1617: 1564: 1540: 1519: 1455: 1424: 1415: 1346: 1298: 998:Extraordinary Popular Delusions 793: 751:bulbs, or a single bulb of the 97:, which was one of the world's 5317:Chinese property sector crisis 5225:2015–2016 stock market selloff 5153:August 2011 stock markets fall 5064:2008–2011 Irish banking crisis 4761:1990s Swedish financial crisis 4510:Weimar Republic hyperinflation 3481:Western Australian gold rushes 2807:A Random Walk Down Wall Street 2758:Bloemenspeculatie in Nederland 2163:. Retrieved on August 12, 2008 2081:Kindleberger & Aliber 2005 1431:Harford, Tim (March 4, 2020). 1398:Kindleberger & Aliber 2005 1232: 1207: 1182: 1142: 1122: 1110: 1054:(1990; written soon after the 1043:A Random Walk Down Wall Street 991:Johannes Hinderikus Egenberger 89:phenomenon than a significant 73:when contract prices for some 1: 5390:List of sovereign debt crises 5332:2022 Russian financial crisis 5029:2008 Latvian financial crisis 5022:U.S. bear market of 2007–2009 4900:Stock market downturn of 2002 4841:1998 Russian financial crisis 4694:1983 Israel bank stock crisis 3028:Harper's New Monthly Magazine 1267:Kuper, Simon (May 12, 2007). 1218:. Columbia University Press. 1107:, pp. 114, 252, 254, 258 1092: 903:growth in the supply of money 782:against others in the trade. 191:Charles V, Holy Roman Emperor 170: 5648:17th-century fads and trends 5092:Greek government-debt crisis 4929:2004 Argentine energy crisis 4886:2001 Turkish economic crisis 4775:1990s Armenian energy crisis 4768:1990s Finnish banking crisis 4629:1976 British currency crisis 4599:1973–1974 stock market crash 3910:U.S. higher education bubble 3821:Chinese stock bubble of 2007 3783:United States housing bubble 3777:2000s Danish property bubble 3759:Baltic states housing bubble 3535:Second Nova Scotia Gold Rush 2601:Journal of Political Economy 895: 7: 5628:1630s in the Dutch Republic 5248:2017 Sri Lankan fuel crisis 4914:2003 Myanmar banking crisis 4907:2002 Uruguay banking crisis 4827:1997 Asian financial crisis 4754:1991 Indian economic crisis 4746:Rhode Island banking crisis 4716:Cameroonian economic crisis 4502:Early Soviet hyperinflation 4115:Crisis of the Third Century 3747:Japanese asset price bubble 3735:New Zealand property bubble 3704:New Zealand property bubble 3633:Third Nova Scotia Gold Rush 3401:First Nova Scotia Gold Rush 2727:University of Chicago Press 2159:September 18, 2008, at the 814:and a prodigious amount of 800:efficient-market hypothesis 356:, or tulip traders, signed 232:had taken up a post at the 10: 5664: 5479:Whaling in the Netherlands 5279:Sri Lankan economic crisis 5137:Energy crisis in Venezuela 5116:2009 Dubai debt standstill 4966:2007–2008 financial crisis 4621:Latin American debt crisis 4384:Paris Bourse crash of 1882 3864:Australian property bubble 3499:Tierra del Fuego gold rush 3383:Colorado River mining boom 3323:Queen Charlottes Gold Rush 3127:Debunking the Tulip Bubble 2911:Thompson, Earl A. (2007). 2876:, New York: Alfred Knopf, 2823:Nusteling, Hubert (1985). 2563:(2nd ed.). New York: 2511:Ludwig von Mises Institute 2478:Cambridge University Press 2429: 1553:February 20, 2009, at the 1412:, p. 4, Introduction. 1073:, former president of the 509:price data are a blend of 69:) was a period during the 18: 5550: 5499: 5492: 5446: 5370: 5347:2022 stock market decline 5339:Pakistani economic crisis 5325:2021–2023 inflation surge 5271:Lebanese liquidity crisis 5240:Venezuelan hyperinflation 5232:Brexit stock market crash 5181:Venezuela economic crisis 5103: 4953: 4943:Zimbabwean hyperinflation 4653: 4571: 4542: 4526:Wall Street Crash of 1929 4489: 4366:2nd Industrial Revolution 4364: 4300: 4200:1st Industrial Revolution 4198: 4125: 4103: 3958: 3900:Social media stock bubble 3885: 3834: 3713: 3675: 3642: 3586: 3442:2nd Industrial Revolution 3440: 3335:New South Wales gold rush 3303: 3256:1st Industrial Revolution 3254: 3215: 3177: 2934:10.1007/s11127-006-9074-4 2797:, London: Richard Bentley 2701:Garber, Peter M. (2000), 2594:Garber, Peter M. (1989). 2519:10.1007/s12113-006-1000-6 1239:Pavaskar, Madhoo (2016). 1216:Corporate Risk Management 1004:(1932), financial writer 641:1,000 lbs. of cheese 5618:1637 in economic history 5532:Dutch West India Company 5527:Dutch East India Company 5507:Amsterdam Stock Exchange 5008:Subprime mortgage crisis 4671:Brazilian hyperinflation 4643:Brazilian hyperinflation 4480:Financial crisis of 1914 4188:Mississippi bubble crash 3801:Canadian property bubble 3789:Romanian property bubble 3628:1930s Kakamega gold rush 3419:Vermilion Lake gold rush 2766:Kindleberger, Charles P. 2705:, Cambridge: MIT Press, 1854:, pp. 49–59, 138–44 1842:, pp. 49–59, 138–44 1548:Tulip breaking potyvirus 1214:Chew, Donald H. (2008). 1067:subprime mortgage crisis 513:", according to Garber. 195:Suleiman the Magnificent 181:The Dutch tulip business 167:Jan Brueghel the Younger 5383:List of economic crises 5301:2020 stock market crash 5294:Financial market impact 5263:Turkish economic crisis 4878:9/11 stock market crash 4834:October 1997 mini-crash 4805:1994 bond market crisis 4797:Yugoslav hyperinflation 4708:Savings and loan crisis 4309:European potato failure 3852:Lebanese housing bubble 3813:Lebanese housing bubble 3807:Chinese property bubble 3741:Spanish property bubble 3598:1920s Florida land boom 3523:Cripple Creek Gold Rush 3511:Witwatersrand Gold Rush 3452:1870s Lapland gold rush 3347:Fraser Canyon Gold Rush 3129:, Joseph Solis-Mullen, 3119:April 30, 2011, at the 3114:Wageningen Tulip Portal 2756:Krelage, E. H. (1942), 2555:Galbraith, John Kenneth 2384:March 20, 2017, at the 1188: 1069:of 2007–2010. In 2013, 1012:(1993), and journalist 973:Social mania and legacy 866:moved north. After the 830:Still Life with Flowers 272:Anonymous 17th-century 163:A Satire of Tulip Mania 5578:Stichting Max Havelaar 5537:New Netherland Company 5376:List of banking crises 5145:Syrian economic crisis 5078:Blue Monday Crash 2009 4687:Chilean crisis of 1982 4518:Shōwa financial crisis 4324:Highland Potato Famine 4180:South Sea bubble crash 3971:Commodity price shocks 3846:2000s commodities boom 3826:Uranium bubble of 2007 3795:Polish property bubble 3771:2000s commodities boom 3687:1970s commodities boom 3457:Coromandel Gold Rushes 3341:Australian gold rushes 2719:Goldgar, Anne (2007). 2509:(1). Auburn, Alabama: 2365:June 16, 2008, at the 1638:, pp. 101, 109–11 1065:of 1995–2001, and the 1048:John Kenneth Galbraith 993: 982: 933: 922: 841: 769: 762: 457: 436: 419: 406: 333: 328:Admirael van der Eijck 327: 321: 304: 298: 292: 286: 281: 226:Southern Netherlandish 177: 154:Background and history 66: 55: 50: 40: 34: 5558:De Nederlandsche Bank 5517:Brabantsche Compagnie 4701:Black Saturday (1983) 4555:Kennedy Slide of 1962 4127:Commercial revolution 3870:Cryptocurrency bubble 3858:Corporate debt bubble 3765:Irish property bubble 3547:Mount Baker gold rush 3469:Black Hills gold rush 3371:Similkameen Gold Rush 3365:Pennsylvania oil rush 3353:Pike's Peak gold rush 3245:Bengal Bubble of 1769 3217:Commercial revolution 3192:Irrational exuberance 2895:Irrational Exuberance 2851:Bloomsbury Publishing 2495:French, Doug (2006). 2413:July 5, 2013, at the 2332:May 14, 2011, at the 2191:. Everest Media LLC. 1008:(1980), psychologist 988: 980: 928: 920: 845:Rational explanations 828: 767: 757: 674:A silver drinking cup 446: 412: 384: 271: 161: 48:depending on weight ( 31: 5633:Stock market crashes 5255:Ghana banking crisis 5085:European debt crisis 4870:Dot-com bubble crash 4782:Cuban Special Period 4241:Copper Panic of 1789 4146:The Great Debasement 4138:Great Bullion Famine 3541:Kobuk River Stampede 3475:Colorado Silver Boom 3407:West Coast gold rush 3359:Rock Creek Gold Rush 3317:California gold rush 3084:The Botany of Desire 2999:Cos, Pieter (1637), 2986:on December 19, 2022 1939:on December 25, 2013 1152:. (Routledge, 2014, 941:current market price 909:during that period. 482:Available price data 398:rides to destruction 390:Hendrik Gerritsz Pot 314:tulip breaking virus 236:and established the 234:University of Leiden 189:, the ambassador of 5542:Noordsche Compagnie 5522:Compagnie van Verre 5211:2015 Nepal blockade 4921:2000s energy crisis 4819:Mexican peso crisis 4724:Black Monday (1987) 4584:1970s energy crisis 4544:Post–WWII expansion 4218:Bengal bubble crash 4013:Financial contagion 3677:The Great Inflation 3660:Porcupine Gold Rush 3644:Post–WWII expansion 3622:Porcupine Gold Rush 3604:Fairbanks Gold Rush 3577:Porcupine Gold Rush 3559:Fairbanks Gold Rush 3329:Victorian gold rush 3294:Chilean silver rush 3207:Stock market bubble 2394:, December 4, 2013. 2339:The Washington Post 2250:, pp. 307–309. 2238:, pp. 260–261. 2226:, pp. 276–277. 1767:, p. 187, 236. 1602:, pp. 106–107. 1029:Mississippi Company 713:Mississippi Company 529: 339:Alexander the Great 290:; the multicolored 255:Spanish Netherlands 5464:Amsterdam Entrepôt 4473:Panic of 1910–1911 4317:Great Irish Famine 4255:Panic of 1796–1797 4094:Stock market crash 3616:Cobalt silver rush 3571:Cobalt silver rush 3529:Klondike Gold Rush 3425:Kildonan Gold Rush 3413:Big Bend Gold Rush 3272:Carolina gold rush 3233:Mississippi bubble 3202:Real-estate bubble 2891:Shiller, Robert J. 2803:Malkiel, Burton G. 2678:10.1257/jep.4.2.35 2656:– via JSTOR. 2448:Three Rivers Press 1996:, pp. 247–48. 1830:, p. 216–217. 1731:, p. 229–230. 1465:, May 2005, p. 68. 1463:Microbiology Today 1075:Dutch Central Bank 1010:David J. Schneider 994: 983: 923: 842: 779:speculative bubble 770: 729:speculative bubble 630:Two tuns of butter 524: 511:apples and oranges 458: 420: 407: 377:Speculative period 282: 178: 113:is now often used 83:speculative bubble 56: 46:guilders (florins) 5590: 5589: 5586: 5585: 5512:Bank of Amsterdam 5493:Main institutions 5406: 5405: 5287:COVID-19 pandemic 4172:Tulip mania crash 4163:Kipper und Wipper 4140:(c. 1400–c. 1500) 3918: 3917: 3876:Everything bubble 3525:(c. 1890–c. 1910) 3505:Cayoosh Gold Rush 3495:(c. 1880–c. 1930) 3483:(c. 1880–c. 1900) 3465:(c. 1870–c. 1890) 3463:Cassiar Gold Rush 3459:(c. 1870–c. 1890) 3431:Omineca Gold Rush 3395:Cariboo Gold Rush 3377:Stikine Gold Rush 3313:(c. 1840–c. 1850) 3283:Georgia Gold Rush 3268:(c. 1790–c. 1810) 3171:Financial bubbles 3099:978-0-375-76039-6 3023:"The Tulip Mania" 2904:978-0-691-12335-6 2883:978-0-394-51075-0 2860:978-1-4088-5903-2 2834:978-90670-7-082-9 2816:978-0-393-06245-8 2783:978-0-471-46714-4 2736:978-0-226-30125-9 2712:978-0-262-07204-5 2574:978-0-670-85028-0 2487:978-0-521-29050-0 2457:978-0-307-56082-7 2353:The Bubble Bursts 2198:979-8-8225-1713-4 2107:, pp. 103–04 2083:, pp. 115–16 2071:, pp. 555–56 2047:, pp. 553–54 1590:, pp. 541–42 1492:, pp. 59–60. 1310:May 27, 2012, at 1281:on April 27, 2022 1250:978-1-945926-22-8 1225:978-0-231-14362-2 1200:978-0-88365-861-1 1162:Witold Rybczynski 1158:978-0-415-66497-4 1129:Kaletsky, Anatole 1033:South Sea Company 946:options contracts 907:Bank of Amsterdam 860:Thirty Years' War 695: 694: 663:A suit of clothes 556:Four lasts of rye 519:Madness of Crowds 358:forward contracts 263:East Indies trade 239:hortus academicus 201:in 1554 from the 107:per capita income 5655: 5603:Economic bubbles 5497: 5496: 5433: 5426: 5419: 5410: 5409: 5399: 5392: 5385: 5378: 5363: 5356: 5349: 5342: 5334: 5327: 5320: 5310: 5303: 5296: 5289: 5282: 5274: 5266: 5258: 5250: 5243: 5235: 5227: 5220: 5213: 5206: 5199: 5191: 5184: 5176: 5169: 5162: 5155: 5148: 5140: 5132: 5125: 5118: 5094: 5087: 5080: 5073: 5066: 5059: 5052: 5045: 5038: 5031: 5024: 5017: 5010: 5003: 4996: 4989: 4982: 4975: 4968: 4946: 4938: 4931: 4924: 4916: 4909: 4902: 4895: 4888: 4881: 4873: 4865: 4857: 4850: 4843: 4836: 4829: 4822: 4814: 4807: 4800: 4792: 4785: 4777: 4770: 4763: 4756: 4749: 4741: 4733: 4726: 4719: 4711: 4703: 4696: 4689: 4682: 4674: 4660:Great Regression 4655:Great Moderation 4646: 4638: 4631: 4624: 4616: 4608: 4601: 4594: 4587: 4564: 4557: 4535: 4528: 4521: 4513: 4505: 4482: 4475: 4468: 4460: 4453: 4446: 4439: 4431: 4424: 4417: 4409: 4401: 4393: 4386: 4379: 4357: 4349: 4342: 4335: 4326: 4319: 4312: 4293: 4286: 4279: 4272: 4264: 4257: 4250: 4243: 4236: 4228: 4221: 4213: 4191: 4183: 4175: 4167: 4157: 4149: 4141: 4118: 4096: 4089: 4082: 4073: 4066: 4059: 4052: 4045: 4043:Liquidity crisis 4038: 4031: 4022: 4020:Social contagion 4015: 4008: 4001: 3994: 3987: 3980: 3973: 3966: 3952:Financial crises 3945: 3938: 3931: 3922: 3921: 3720:Great Regression 3715:Great Moderation 3692:Mexican oil boom 3487:Indiana gas boom 3239:South Sea bubble 3197:Social contagion 3164: 3157: 3150: 3141: 3140: 3103: 3087: 3064: 3040: 3017: 3016: 3014: 3009:on April 4, 2005 2995: 2993: 2991: 2960: 2958: 2956: 2950: 2917: 2907: 2886: 2863: 2838: 2819: 2798: 2786: 2761: 2752: 2750: 2748: 2715: 2697: 2680: 2657: 2655: 2653: 2590: 2588: 2586: 2550: 2548: 2546: 2491: 2475: 2461: 2424: 2401: 2395: 2375: 2369: 2351:Horton, Scott. " 2349: 2343: 2323: 2317: 2308: 2302: 2301:, pp. 35–38 2296: 2290: 2284: 2278: 2272: 2263: 2257: 2251: 2245: 2239: 2233: 2227: 2221: 2215: 2214: 2212: 2210: 2182: 2176: 2170: 2164: 2146: 2140: 2134: 2125: 2119: 2108: 2102: 2096: 2095:, pp. 11–12 2090: 2084: 2078: 2072: 2066: 2060: 2054: 2048: 2042: 2036: 2030: 2024: 2018: 2009: 2003: 1997: 1991: 1985: 1979: 1973: 1967: 1961: 1955: 1949: 1948: 1946: 1944: 1935:. Archived from 1924: 1918: 1912: 1903: 1897: 1891: 1884:commodity bundle 1864: 1855: 1849: 1843: 1837: 1831: 1825: 1819: 1813: 1807: 1801: 1795: 1789: 1780: 1774: 1768: 1762: 1756: 1750: 1744: 1738: 1732: 1726: 1717: 1711: 1702: 1696: 1690: 1684: 1678: 1672: 1666: 1660: 1651: 1645: 1639: 1633: 1627: 1626:, pp. 33–36 1621: 1615: 1609: 1603: 1597: 1591: 1585: 1574: 1568: 1562: 1544: 1538: 1532: 1526: 1523: 1517: 1511: 1505: 1499: 1493: 1487: 1481: 1475: 1466: 1459: 1453: 1452: 1450: 1448: 1428: 1422: 1419: 1413: 1407: 1401: 1395: 1386: 1380: 1374: 1373: 1372: 1370: 1359:The Conversation 1350: 1344: 1338: 1315: 1302: 1296: 1290: 1288: 1286: 1277:. Archived from 1264: 1255: 1254: 1243:. Notion Press. 1236: 1230: 1229: 1211: 1205: 1204: 1186: 1180: 1174: 1165: 1146: 1140: 1137:Anatole Kaletsky 1126: 1120: 1114: 1108: 1102: 1088: 955: 709:South Sea Bubble 589:Twelve fat sheep 530: 523: 500: 476:Court of Holland 454:Jean-Léon Gérôme 439: 401: 336: 330: 324: 312:, known as the " 307: 301: 295: 289: 222:United Provinces 187:Ogier de Busbecq 175: 172: 119:intrinsic values 103:financial powers 99:leading economic 71:Dutch Golden Age 53: 43: 37: 5663: 5662: 5658: 5657: 5656: 5654: 5653: 5652: 5623:1630s in Europe 5593: 5592: 5591: 5582: 5546: 5488: 5442: 5437: 5407: 5402: 5395: 5388: 5381: 5374: 5366: 5359: 5352: 5345: 5337: 5330: 5323: 5315: 5306: 5299: 5292: 5285: 5277: 5269: 5261: 5253: 5246: 5238: 5230: 5223: 5216: 5209: 5202: 5194: 5187: 5179: 5172: 5165: 5158: 5151: 5143: 5135: 5128: 5121: 5114: 5107: 5105:Information Age 5099: 5090: 5083: 5076: 5069: 5062: 5055: 5048: 5041: 5034: 5027: 5020: 5013: 5006: 4999: 4992: 4985: 4978: 4971: 4964: 4957: 4955:Great Recession 4949: 4941: 4934: 4927: 4919: 4912: 4905: 4898: 4891: 4884: 4876: 4868: 4860: 4853: 4846: 4839: 4832: 4825: 4817: 4810: 4803: 4795: 4788: 4780: 4773: 4766: 4759: 4752: 4744: 4736: 4729: 4722: 4714: 4706: 4699: 4692: 4685: 4677: 4669: 4662: 4658: 4649: 4641: 4636:1979 oil crisis 4634: 4627: 4619: 4611: 4604: 4597: 4592:1973 oil crisis 4590: 4582: 4575: 4573:Great Inflation 4567: 4560: 4553: 4546: 4538: 4531: 4524: 4516: 4508: 4500: 4493: 4491:Interwar period 4485: 4478: 4471: 4463: 4456: 4449: 4442: 4434: 4427: 4420: 4412: 4404: 4396: 4389: 4382: 4375: 4368: 4360: 4352: 4345: 4338: 4331: 4322: 4315: 4307: 4296: 4289: 4282: 4275: 4267: 4260: 4253: 4246: 4239: 4231: 4224: 4216: 4209: 4202: 4194: 4186: 4178: 4170: 4160: 4152: 4144: 4136: 4129: 4121: 4113: 4099: 4092: 4085: 4078: 4069: 4062: 4055: 4048: 4041: 4034: 4027: 4018: 4011: 4004: 3997: 3992:Currency crisis 3990: 3983: 3976: 3969: 3962: 3954: 3949: 3919: 3914: 3881: 3838: 3836:Information Age 3830: 3722: 3718: 3709: 3698:Silver Thursday 3679: 3671: 3666:Poseidon bubble 3646: 3638: 3590: 3588:Interwar period 3582: 3444: 3436: 3389:Otago gold rush 3299: 3258: 3250: 3219: 3211: 3173: 3168: 3137: 3131:Mises Institute 3121:Wayback Machine 3110: 3100: 3078:Pollan, Michael 3076: 3045:Mackay, Charles 3043: 3020: 3012: 3010: 2998: 2989: 2987: 2971: 2968: 2966:Further reading 2963: 2954: 2952: 2948: 2928:(1–2): 99–114. 2915: 2905: 2884: 2861: 2835: 2817: 2791:Mackay, Charles 2784: 2746: 2744: 2737: 2713: 2651: 2649: 2584: 2582: 2575: 2544: 2542: 2488: 2458: 2432: 2427: 2415:Wayback Machine 2402: 2398: 2386:Wayback Machine 2376: 2372: 2367:Wayback Machine 2350: 2346: 2334:Wayback Machine 2324: 2320: 2309: 2305: 2297: 2293: 2285: 2281: 2273: 2266: 2258: 2254: 2246: 2242: 2234: 2230: 2222: 2218: 2208: 2206: 2199: 2183: 2179: 2171: 2167: 2161:Wayback Machine 2147: 2143: 2135: 2128: 2120: 2111: 2103: 2099: 2091: 2087: 2079: 2075: 2067: 2063: 2055: 2051: 2043: 2039: 2031: 2027: 2019: 2012: 2004: 2000: 1992: 1988: 1980: 1976: 1968: 1964: 1956: 1952: 1942: 1940: 1925: 1921: 1913: 1906: 1902:, pp. 5–6. 1898: 1894: 1865: 1858: 1850: 1846: 1838: 1834: 1826: 1822: 1814: 1810: 1802: 1798: 1790: 1783: 1775: 1771: 1763: 1759: 1751: 1747: 1739: 1735: 1727: 1720: 1712: 1705: 1697: 1693: 1685: 1681: 1673: 1669: 1661: 1654: 1646: 1642: 1634: 1630: 1622: 1618: 1610: 1606: 1598: 1594: 1586: 1577: 1569: 1565: 1555:Wayback Machine 1545: 1541: 1533: 1529: 1524: 1520: 1512: 1508: 1500: 1496: 1488: 1484: 1476: 1469: 1460: 1456: 1446: 1444: 1429: 1425: 1420: 1416: 1408: 1404: 1396: 1389: 1381: 1377: 1368: 1366: 1351: 1347: 1339: 1318: 1303: 1299: 1284: 1282: 1274:Financial Times 1265: 1258: 1251: 1237: 1233: 1226: 1212: 1208: 1201: 1187: 1183: 1175: 1168: 1147: 1143: 1127: 1123: 1115: 1111: 1103: 1099: 1095: 1086: 975: 953: 915: 898: 877: 868:Peace of Prague 852:intrinsic value 847: 838:Semper Augustus 834:Hans Bollongier 796: 749:Semper Augustus 717:Johann Beckmann 578:Eight fat swine 522: 494: 492:Peter M. Garber 484: 449:The Tulip Folly 413:A standardized 379: 278:Semper Augustus 230:Carolus Clusius 183: 173: 156: 147:Semper Augustus 125:Forward markets 91:economic crisis 24: 17: 12: 11: 5: 5661: 5651: 5650: 5645: 5640: 5635: 5630: 5625: 5620: 5615: 5610: 5605: 5588: 5587: 5584: 5583: 5581: 5580: 5575: 5570: 5565: 5560: 5554: 5552: 5548: 5547: 5545: 5544: 5539: 5534: 5529: 5524: 5519: 5514: 5509: 5503: 5501: 5494: 5490: 5489: 5487: 5486: 5481: 5476: 5471: 5466: 5461: 5456: 5450: 5448: 5444: 5443: 5436: 5435: 5428: 5421: 5413: 5404: 5403: 5401: 5400: 5393: 5386: 5379: 5371: 5368: 5367: 5365: 5364: 5357: 5350: 5343: 5341:(2022–present) 5335: 5328: 5321: 5319:(2020–present) 5313: 5312: 5311: 5304: 5297: 5283: 5281:(2019–present) 5275: 5273:(2019–present) 5267: 5265:(2018–present) 5259: 5251: 5244: 5236: 5228: 5221: 5214: 5207: 5200: 5192: 5185: 5183:(2013–present) 5177: 5170: 5163: 5156: 5149: 5147:(2011–present) 5141: 5139:(2010–present) 5133: 5126: 5119: 5111: 5109: 5108:(2009–present) 5101: 5100: 5098: 5097: 5096: 5095: 5088: 5081: 5074: 5067: 5060: 5053: 5046: 5039: 5032: 5025: 5018: 5011: 5004: 4997: 4990: 4983: 4976: 4973:September 2008 4961: 4959: 4951: 4950: 4948: 4947: 4945:(2007–present) 4939: 4932: 4925: 4917: 4910: 4903: 4896: 4889: 4882: 4874: 4866: 4858: 4851: 4844: 4837: 4830: 4823: 4815: 4808: 4801: 4793: 4786: 4778: 4771: 4764: 4757: 4750: 4742: 4734: 4727: 4720: 4712: 4704: 4697: 4690: 4683: 4675: 4666: 4664: 4651: 4650: 4648: 4647: 4639: 4632: 4625: 4617: 4609: 4602: 4595: 4588: 4579: 4577: 4569: 4568: 4566: 4565: 4558: 4550: 4548: 4540: 4539: 4537: 4536: 4529: 4522: 4514: 4506: 4497: 4495: 4487: 4486: 4484: 4483: 4476: 4469: 4461: 4454: 4447: 4440: 4432: 4425: 4418: 4410: 4402: 4394: 4387: 4380: 4372: 4370: 4362: 4361: 4359: 4358: 4350: 4343: 4336: 4329: 4328: 4327: 4320: 4304: 4302: 4298: 4297: 4295: 4294: 4287: 4280: 4273: 4265: 4258: 4251: 4244: 4237: 4235:(c. 1780–1795) 4229: 4222: 4214: 4206: 4204: 4196: 4195: 4193: 4192: 4184: 4176: 4168: 4158: 4156:(c. 1600–1760) 4150: 4142: 4133: 4131: 4123: 4122: 4120: 4119: 4110: 4108: 4101: 4100: 4098: 4097: 4090: 4083: 4076: 4075: 4074: 4067: 4060: 4053: 4039: 4036:Hyperinflation 4032: 4025: 4024: 4023: 4009: 4002: 3995: 3988: 3981: 3974: 3967: 3959: 3956: 3955: 3948: 3947: 3940: 3933: 3925: 3916: 3915: 3913: 3912: 3907: 3905:Unicorn bubble 3902: 3897: 3892: 3886: 3883: 3882: 3880: 3879: 3873: 3867: 3861: 3855: 3849: 3842: 3840: 3839:(2007–present) 3832: 3831: 3829: 3828: 3823: 3817: 3816: 3810: 3804: 3798: 3792: 3786: 3780: 3774: 3768: 3767:(c. 2000–2007) 3762: 3756: 3753:Dot-com bubble 3750: 3744: 3738: 3732: 3730:1980s oil glut 3726: 3724: 3711: 3710: 3708: 3707: 3706:(c. 1980–1982) 3701: 3695: 3689: 3683: 3681: 3673: 3672: 3670: 3669: 3663: 3662:(1945–c. 1960) 3657: 3656:(1945–c. 1950) 3654:Texas oil boom 3650: 3648: 3640: 3639: 3637: 3636: 3630: 3625: 3619: 3618:(1918–c. 1930) 3613: 3610:Texas oil boom 3607: 3606:(1918–c. 1930) 3601: 3600:(c. 1920–1925) 3594: 3592: 3584: 3583: 3581: 3580: 3574: 3568: 3565:Texas oil boom 3562: 3561:(c. 1900–1918) 3556: 3553:Nome Gold Rush 3550: 3549:(1897–c. 1925) 3544: 3538: 3532: 3526: 3520: 3514: 3508: 3502: 3496: 3490: 3489:(c. 1880–1903) 3484: 3478: 3472: 3466: 3460: 3454: 3448: 3446: 3438: 3437: 3435: 3434: 3428: 3422: 3416: 3410: 3404: 3398: 3392: 3386: 3380: 3374: 3368: 3362: 3356: 3350: 3344: 3338: 3332: 3331:(1851–c. 1870) 3326: 3320: 3314: 3307: 3305: 3301: 3300: 3298: 3297: 3291: 3286: 3285:(1828–c. 1840) 3280: 3275: 3269: 3262: 3260: 3252: 3251: 3249: 3248: 3242: 3236: 3230: 3223: 3221: 3213: 3212: 3210: 3209: 3204: 3199: 3194: 3189: 3184: 3178: 3175: 3174: 3167: 3166: 3159: 3152: 3144: 3135: 3134: 3133:, October 2021 3124: 3109: 3108:External links 3106: 3105: 3104: 3098: 3074: 3041: 3018: 2996: 2967: 2964: 2962: 2961: 2908: 2903: 2887: 2882: 2864: 2859: 2839: 2833: 2820: 2815: 2799: 2787: 2782: 2770:Aliber, Robert 2762: 2753: 2735: 2716: 2711: 2698: 2658: 2618:10.1086/261615 2608:(3). Chicago: 2591: 2573: 2551: 2492: 2486: 2462: 2456: 2433: 2431: 2428: 2426: 2425: 2396: 2370: 2344: 2318: 2303: 2291: 2287:Galbraith 1994 2279: 2277:, p. 314. 2264: 2262:, p. 313. 2252: 2240: 2228: 2216: 2197: 2177: 2165: 2141: 2126: 2109: 2097: 2085: 2073: 2061: 2049: 2037: 2025: 2010: 2008:, p. 233. 1998: 1986: 1984:, p. 141. 1974: 1962: 1950: 1927:Deane, Green. 1919: 1904: 1892: 1876:Krelage (1942) 1856: 1844: 1832: 1820: 1808: 1806:, p. 315. 1796: 1781: 1779:, p. 296. 1769: 1757: 1745: 1743:, p. 187. 1733: 1718: 1703: 1701:, p. 230. 1691: 1679: 1667: 1665:, p. 322. 1652: 1640: 1628: 1616: 1604: 1592: 1575: 1563: 1546:Phillips, S. " 1539: 1527: 1518: 1506: 1494: 1482: 1467: 1454: 1423: 1414: 1402: 1387: 1375: 1361:, Boston, MA, 1345: 1316: 1297: 1256: 1249: 1231: 1224: 1206: 1199: 1181: 1166: 1160:), p. 151. As 1141: 1121: 1109: 1105:Nusteling 1985 1096: 1094: 1091: 1063:dot-com bubble 1038:Burton Malkiel 1002:Bernard Baruch 974: 971: 963: 938: 914: 911: 897: 894: 876: 873: 846: 843: 795: 792: 737:Dutch guilders 705:Charles Mackay 693: 692: 686: 682: 681: 675: 671: 670: 664: 660: 659: 653: 652:A complete bed 649: 648: 642: 638: 637: 631: 627: 626: 620: 612: 611: 605: 597: 596: 590: 586: 585: 579: 575: 574: 568: 564: 563: 557: 553: 552: 546: 538: 537: 534: 521: 515: 483: 480: 432:mark-to-market 386:Wagon of Fools 378: 375: 259:its Golden Age 203:Ottoman Empire 182: 179: 155: 152: 143:Charles Mackay 115:metaphorically 95:Dutch Republic 87:socio-economic 15: 9: 6: 4: 3: 2: 5660: 5649: 5646: 5644: 5641: 5639: 5636: 5634: 5631: 5629: 5626: 5624: 5621: 5619: 5616: 5614: 5611: 5609: 5606: 5604: 5601: 5600: 5598: 5579: 5576: 5574: 5571: 5569: 5566: 5564: 5561: 5559: 5556: 5555: 5553: 5549: 5543: 5540: 5538: 5535: 5533: 5530: 5528: 5525: 5523: 5520: 5518: 5515: 5513: 5510: 5508: 5505: 5504: 5502: 5498: 5495: 5491: 5485: 5482: 5480: 5477: 5475: 5474:Dutch disease 5472: 5470: 5467: 5465: 5462: 5460: 5459:Dutch guilder 5457: 5455: 5452: 5451: 5449: 5445: 5441: 5434: 5429: 5427: 5422: 5420: 5415: 5414: 5411: 5398: 5394: 5391: 5387: 5384: 5380: 5377: 5373: 5372: 5369: 5362: 5358: 5355: 5351: 5348: 5344: 5340: 5336: 5333: 5329: 5326: 5322: 5318: 5314: 5309: 5305: 5302: 5298: 5295: 5291: 5290: 5288: 5284: 5280: 5276: 5272: 5268: 5264: 5260: 5256: 5252: 5249: 5245: 5241: 5237: 5233: 5229: 5226: 5222: 5219: 5215: 5212: 5208: 5205: 5201: 5197: 5193: 5190: 5186: 5182: 5178: 5175: 5171: 5168: 5164: 5161: 5157: 5154: 5150: 5146: 5142: 5138: 5134: 5131: 5127: 5124: 5120: 5117: 5113: 5112: 5110: 5106: 5102: 5093: 5089: 5086: 5082: 5079: 5075: 5072: 5068: 5065: 5061: 5058: 5054: 5051: 5047: 5044: 5040: 5037: 5033: 5030: 5026: 5023: 5019: 5016: 5012: 5009: 5005: 5002: 4998: 4995: 4994:December 2008 4991: 4988: 4987:November 2008 4984: 4981: 4977: 4974: 4970: 4969: 4967: 4963: 4962: 4960: 4956: 4952: 4944: 4940: 4937: 4933: 4930: 4926: 4922: 4918: 4915: 4911: 4908: 4904: 4901: 4897: 4894: 4890: 4887: 4883: 4879: 4875: 4871: 4867: 4863: 4859: 4856: 4852: 4849: 4845: 4842: 4838: 4835: 4831: 4828: 4824: 4820: 4816: 4813: 4809: 4806: 4802: 4798: 4794: 4791: 4787: 4783: 4779: 4776: 4772: 4769: 4765: 4762: 4758: 4755: 4751: 4747: 4743: 4739: 4735: 4732: 4728: 4725: 4721: 4717: 4713: 4709: 4705: 4702: 4698: 4695: 4691: 4688: 4684: 4680: 4676: 4672: 4668: 4667: 4665: 4661: 4656: 4652: 4644: 4640: 4637: 4633: 4630: 4626: 4622: 4618: 4614: 4610: 4607: 4603: 4600: 4596: 4593: 4589: 4585: 4581: 4580: 4578: 4574: 4570: 4563: 4559: 4556: 4552: 4551: 4549: 4545: 4541: 4534: 4533:Panic of 1930 4530: 4527: 4523: 4519: 4515: 4511: 4507: 4503: 4499: 4498: 4496: 4492: 4488: 4481: 4477: 4474: 4470: 4466: 4462: 4459: 4458:Panic of 1907 4455: 4452: 4451:Panic of 1901 4448: 4445: 4444:Panic of 1896 4441: 4437: 4433: 4430: 4426: 4423: 4422:Panic of 1893 4419: 4415: 4411: 4407: 4406:Baring crisis 4403: 4399: 4398:Arendal crash 4395: 4392: 4391:Panic of 1884 4388: 4385: 4381: 4378: 4377:Panic of 1873 4374: 4373: 4371: 4367: 4363: 4355: 4351: 4348: 4347:Panic of 1866 4344: 4341: 4340:Panic of 1857 4337: 4334: 4333:Panic of 1847 4330: 4325: 4321: 4318: 4314: 4313: 4310: 4306: 4305: 4303: 4299: 4292: 4291:Panic of 1837 4288: 4285: 4284:Panic of 1825 4281: 4278: 4277:Panic of 1819 4274: 4270: 4266: 4263: 4259: 4256: 4252: 4249: 4248:Panic of 1792 4245: 4242: 4238: 4234: 4230: 4227: 4223: 4219: 4215: 4212: 4208: 4207: 4205: 4201: 4197: 4189: 4185: 4181: 4177: 4173: 4169: 4165: 4164: 4159: 4155: 4151: 4147: 4143: 4139: 4135: 4134: 4132: 4128: 4124: 4116: 4112: 4111: 4109: 4107: 4102: 4095: 4091: 4088: 4087:Social crisis 4084: 4081: 4080:Minsky moment 4077: 4072: 4068: 4065: 4061: 4058: 4054: 4051: 4047: 4046: 4044: 4040: 4037: 4033: 4030: 4026: 4021: 4017: 4016: 4014: 4010: 4007: 4006:Energy crisis 4003: 4000: 3996: 3993: 3989: 3986: 3982: 3979: 3978:Credit crunch 3975: 3972: 3968: 3965: 3961: 3960: 3957: 3953: 3946: 3941: 3939: 3934: 3932: 3927: 3926: 3923: 3911: 3908: 3906: 3903: 3901: 3898: 3896: 3893: 3891: 3890:Carbon bubble 3888: 3887: 3884: 3877: 3874: 3871: 3868: 3865: 3862: 3859: 3856: 3853: 3850: 3847: 3844: 3843: 3841: 3837: 3833: 3827: 3824: 3822: 3819: 3818: 3814: 3811: 3808: 3805: 3802: 3799: 3796: 3793: 3790: 3787: 3784: 3781: 3778: 3775: 3772: 3769: 3766: 3763: 3760: 3757: 3754: 3751: 3748: 3745: 3742: 3739: 3736: 3733: 3731: 3728: 3727: 3725: 3721: 3716: 3712: 3705: 3702: 3699: 3696: 3693: 3690: 3688: 3685: 3684: 3682: 3678: 3674: 3667: 3664: 3661: 3658: 3655: 3652: 3651: 3649: 3645: 3641: 3634: 3631: 3629: 3626: 3623: 3620: 3617: 3614: 3611: 3608: 3605: 3602: 3599: 3596: 3595: 3593: 3589: 3585: 3578: 3575: 3572: 3569: 3566: 3563: 3560: 3557: 3554: 3551: 3548: 3545: 3542: 3539: 3536: 3533: 3530: 3527: 3524: 3521: 3518: 3515: 3512: 3509: 3506: 3503: 3500: 3497: 3494: 3493:Ohio oil rush 3491: 3488: 3485: 3482: 3479: 3476: 3473: 3470: 3467: 3464: 3461: 3458: 3455: 3453: 3450: 3449: 3447: 3443: 3439: 3432: 3429: 3426: 3423: 3420: 3417: 3414: 3411: 3408: 3405: 3402: 3399: 3396: 3393: 3390: 3387: 3384: 3381: 3378: 3375: 3372: 3369: 3366: 3363: 3360: 3357: 3354: 3351: 3348: 3345: 3342: 3339: 3336: 3333: 3330: 3327: 3324: 3321: 3318: 3315: 3312: 3311:Railway Mania 3309: 3308: 3306: 3302: 3295: 3292: 3290: 3287: 3284: 3281: 3279: 3276: 3273: 3270: 3267: 3264: 3263: 3261: 3257: 3253: 3246: 3243: 3240: 3237: 3234: 3231: 3228: 3225: 3224: 3222: 3218: 3214: 3208: 3205: 3203: 3200: 3198: 3195: 3193: 3190: 3188: 3185: 3183: 3180: 3179: 3176: 3172: 3165: 3160: 3158: 3153: 3151: 3146: 3145: 3142: 3138: 3132: 3128: 3125: 3122: 3118: 3115: 3112: 3111: 3101: 3095: 3091: 3086: 3085: 3079: 3075: 3072: 3068: 3062: 3058: 3054: 3050: 3046: 3042: 3038: 3034: 3030: 3029: 3024: 3019: 3008: 3004: 3003: 2997: 2985: 2981: 2980: 2975: 2970: 2969: 2947: 2943: 2939: 2935: 2931: 2927: 2923: 2922: 2921:Public Choice 2914: 2909: 2906: 2900: 2896: 2892: 2888: 2885: 2879: 2875: 2874: 2869: 2868:Schama, Simon 2865: 2862: 2856: 2852: 2848: 2844: 2840: 2836: 2830: 2826: 2821: 2818: 2812: 2808: 2804: 2800: 2796: 2792: 2788: 2785: 2779: 2775: 2771: 2767: 2763: 2759: 2754: 2747:September 17, 2742: 2738: 2732: 2728: 2724: 2723: 2717: 2714: 2708: 2704: 2699: 2696: 2692: 2688: 2684: 2679: 2674: 2670: 2666: 2665: 2659: 2647: 2643: 2639: 2635: 2631: 2627: 2623: 2619: 2615: 2611: 2607: 2603: 2602: 2597: 2592: 2580: 2576: 2570: 2566: 2565:Penguin Books 2562: 2561: 2556: 2552: 2540: 2536: 2532: 2528: 2524: 2520: 2516: 2512: 2508: 2504: 2503: 2498: 2493: 2489: 2483: 2479: 2476:. Cambridge: 2474: 2473: 2467: 2466:De Vries, Jan 2463: 2459: 2453: 2449: 2445: 2444: 2439: 2435: 2434: 2422: 2421: 2416: 2412: 2409: 2405: 2404:Gross, Daniel 2400: 2393: 2392: 2387: 2383: 2380: 2374: 2368: 2364: 2360: 2359: 2354: 2348: 2341: 2340: 2335: 2331: 2328: 2322: 2315: 2314: 2313:Business Week 2307: 2300: 2295: 2289:, p. 34. 2288: 2283: 2276: 2271: 2269: 2261: 2256: 2249: 2244: 2237: 2232: 2225: 2220: 2204: 2200: 2194: 2190: 2189: 2181: 2175:, p. 18. 2174: 2169: 2162: 2158: 2155: 2151: 2145: 2139:, p. 109 2138: 2137:Thompson 2007 2133: 2131: 2124:, p. 101 2123: 2122:Thompson 2007 2118: 2116: 2114: 2106: 2105:Thompson 2007 2101: 2094: 2089: 2082: 2077: 2070: 2065: 2059:, p. 555 2058: 2053: 2046: 2041: 2035:, p. 103 2034: 2033:Thompson 2007 2029: 2023:, p. 100 2022: 2021:Thompson 2007 2017: 2015: 2007: 2002: 1995: 1990: 1983: 1978: 1971: 1966: 1960:, p. 535 1959: 1954: 1938: 1934: 1933:Eat the Weeds 1930: 1923: 1916: 1911: 1909: 1901: 1896: 1889: 1885: 1881: 1880:Garber (2000) 1877: 1873: 1872:Schama (1997) 1869: 1868:Mackay (1841) 1863: 1861: 1853: 1848: 1841: 1836: 1829: 1824: 1818:, p. 77. 1817: 1812: 1805: 1800: 1794:, p. 62. 1793: 1788: 1786: 1778: 1773: 1766: 1761: 1755:, p. 10. 1754: 1749: 1742: 1737: 1730: 1725: 1723: 1716:, p. 61. 1715: 1710: 1708: 1700: 1695: 1688: 1683: 1677:, p. 45. 1676: 1671: 1664: 1659: 1657: 1650:, p. 543 1649: 1644: 1637: 1636:Thompson 2007 1632: 1625: 1620: 1614:, p. 41. 1613: 1608: 1601: 1596: 1589: 1584: 1582: 1580: 1573:, p. 542 1572: 1567: 1560: 1556: 1552: 1549: 1543: 1537:, p. 66. 1536: 1531: 1522: 1516:, p. 33. 1515: 1510: 1504:, p. 32. 1503: 1498: 1491: 1486: 1480:, p. 537 1479: 1474: 1472: 1464: 1458: 1442: 1438: 1434: 1427: 1418: 1411: 1406: 1400:, p. 115 1399: 1394: 1392: 1384: 1383:Thompson 2007 1379: 1364: 1360: 1356: 1349: 1343: 1337: 1335: 1333: 1331: 1329: 1327: 1325: 1323: 1321: 1313: 1312:archive.today 1309: 1306: 1301: 1294: 1280: 1276: 1275: 1270: 1269:"Petal Power" 1263: 1261: 1252: 1246: 1242: 1235: 1227: 1221: 1217: 1210: 1202: 1196: 1192: 1185: 1178: 1173: 1171: 1163: 1159: 1155: 1151: 1145: 1138: 1134: 1130: 1125: 1118: 1113: 1106: 1101: 1097: 1090: 1084: 1080: 1076: 1072: 1068: 1064: 1059: 1057: 1056:crash of 1987 1053: 1049: 1045: 1044: 1039: 1034: 1030: 1025: 1021: 1017: 1015: 1014:Michael Lewis 1011: 1007: 1006:Andrew Tobias 1003: 999: 992: 987: 979: 970: 966: 961: 958: 949: 947: 942: 936: 932: 927: 919: 913:Legal changes 910: 908: 904: 893: 890: 885: 882: 872: 869: 865: 861: 856: 853: 839: 835: 831: 827: 823: 819: 817: 813: 809: 805: 801: 791: 787: 783: 780: 774: 766: 761: 756: 754: 750: 745: 740: 738: 732: 730: 726: 722: 718: 714: 710: 706: 702: 701: 691: 687: 684: 683: 680: 676: 673: 672: 669: 665: 662: 661: 658: 654: 651: 650: 647: 643: 640: 639: 636: 632: 629: 628: 625: 621: 618: 614: 613: 610: 606: 603: 599: 598: 595: 591: 588: 587: 584: 580: 577: 576: 573: 569: 567:Four fat oxen 566: 565: 562: 558: 555: 554: 551: 547: 544: 540: 539: 535: 532: 531: 528: 520: 514: 512: 506: 504: 498: 493: 489: 479: 477: 471: 468: 464: 455: 451: 450: 445: 441: 438: 433: 429: 424: 416: 411: 404: 399: 395: 391: 387: 383: 374: 371: 370:Short selling 367: 366:durable goods 363: 359: 355: 351: 346: 344: 340: 335: 329: 323: 317: 315: 311: 306: 300: 294: 288: 279: 275: 270: 266: 264: 260: 256: 252: 251:status symbol 247: 245: 244:Low Countries 241: 240: 235: 231: 227: 223: 218: 216: 212: 208: 204: 200: 196: 192: 188: 168: 164: 160: 151: 148: 144: 140: 139: 133: 131: 126: 122: 120: 116: 112: 108: 104: 100: 96: 92: 88: 84: 80: 76: 72: 68: 64: 60: 52: 47: 42: 36: 30: 26: 22: 5484:Polder model 5468: 4980:October 2008 4862:Samba effect 4718:(1987–2000s) 4613:Steel crisis 4436:Black Monday 4414:Encilhamento 4354:Black Friday 4171: 4161: 4117:(235–284 CE) 3985:Credit cycle 3895:Green bubble 3517:Encilhamento 3226: 3187:Credit cycle 3182:Market trend 3136: 3090:Random House 3088:. New York: 3083: 3053:G. Routledge 3048: 3026: 3011:, retrieved 3007:the original 3001: 2990:December 19, 2988:. Retrieved 2984:the original 2977: 2955:November 19, 2953:. Retrieved 2925: 2919: 2894: 2871: 2846: 2843:Pavord, Anna 2824: 2806: 2794: 2773: 2757: 2745:. Retrieved 2721: 2702: 2671:(2): 35–54, 2668: 2662: 2652:December 19, 2650:. Retrieved 2605: 2599: 2596:"Tulipmania" 2583:. Retrieved 2559: 2545:December 19, 2543:. Retrieved 2506: 2500: 2471: 2446:. New York: 2442: 2418: 2399: 2391:The Guardian 2389: 2373: 2356: 2347: 2337: 2321: 2311: 2306: 2299:Malkiel 2007 2294: 2282: 2275:Goldgar 2007 2260:Goldgar 2007 2255: 2248:Goldgar 2007 2243: 2236:Goldgar 2007 2231: 2224:Goldgar 2007 2219: 2209:November 12, 2207:. Retrieved 2187: 2180: 2173:Goldgar 2007 2168: 2149: 2144: 2100: 2088: 2076: 2064: 2052: 2040: 2028: 2006:Goldgar 2007 2001: 1994:Goldgar 2007 1989: 1982:Goldgar 2007 1977: 1972:, p. 81 1965: 1953: 1941:. Retrieved 1937:the original 1932: 1922: 1917:, p. 37 1900:Goldgar 2007 1895: 1890:at the time. 1847: 1835: 1828:Goldgar 2007 1823: 1811: 1804:Goldgar 2007 1799: 1777:Goldgar 2007 1772: 1765:Goldgar 2007 1760: 1748: 1741:Goldgar 2007 1736: 1729:Goldgar 2007 1699:Goldgar 2007 1694: 1682: 1670: 1663:Goldgar 2007 1643: 1631: 1619: 1607: 1595: 1566: 1558: 1542: 1530: 1521: 1514:Goldgar 2007 1509: 1502:Goldgar 2007 1497: 1485: 1462: 1457: 1445:. Retrieved 1436: 1426: 1417: 1405: 1385:, p. 99 1378: 1369:February 13, 1367:, retrieved 1358: 1348: 1300: 1293:Goldgar 2007 1283:. Retrieved 1279:the original 1272: 1240: 1234: 1215: 1209: 1190: 1184: 1149: 1144: 1132: 1124: 1117:Shiller 2005 1112: 1100: 1083:Daniel Gross 1077:, described 1071:Nout Wellink 1060: 1051: 1041: 1026: 1022: 1018: 997: 995: 967: 959: 950: 934: 929: 924: 899: 886: 878: 857: 848: 837: 829: 820: 808:Anne Goldgar 803: 797: 794:Modern views 790:afterwards. 788: 784: 775: 771: 758: 752: 748: 741: 733: 724: 720: 698: 696: 526: 518: 507: 502: 487: 485: 472: 459: 447: 425: 421: 385: 353: 347: 318: 310:mosaic virus 283: 277: 248: 237: 219: 193:, to Sultan 184: 162: 146: 136: 134: 123: 110: 58: 57: 25: 5469:Tulip mania 5257:(2017–2018) 5242:(2016–2022) 5198:(2014–2022) 4958:(2007–2009) 4923:(2003–2008) 4872:(2000–2004) 4821:(1994–1996) 4799:(1992–1994) 4784:(1991–2000) 4748:(1990–1992) 4740:(1990–1992) 4710:(1986–1995) 4673:(1982–1994) 4663:(1982–2007) 4645:(1980–1982) 4623:(1975–1982) 4615:(1973–1982) 4586:(1973–1980) 4576:(1973–1982) 4547:(1945–1973) 4512:(1921–1923) 4504:(1917–1924) 4494:(1918–1939) 4416:(1890–1893) 4369:(1870–1914) 4311:(1845–1856) 4271:(1815–1816) 4220:(1769–1784) 4203:(1760–1840) 4166:(1621–1623) 4148:(1544–1551) 4130:(1000–1760) 4029:Flash crash 3999:Debt crisis 3848:(2008–2014) 3815:(2005–2008) 3809:(2005–2011) 3797:(2002–2008) 3791:(2002–2007) 3785:(2002–2006) 3779:(2001–2006) 3773:(2000–2008) 3761:(2000–2006) 3755:(1995–2000) 3749:(1986–1990) 3743:(1985–2008) 3723:(1982–2007) 3694:(1977–1981) 3680:(1973–1982) 3668:(1969–1970) 3647:(1945–1973) 3635:(1932–1942) 3624:(1918–1945) 3612:(1918–1945) 3591:(1918–1939) 3579:(1909–1918) 3573:(1903–1918) 3567:(1901–1918) 3555:(1899–1909) 3543:(1897–1899) 3537:(1896–1903) 3531:(1896–1899) 3519:(1886–1890) 3501:(1883–1906) 3477:(1879–1893) 3471:(1874–1880) 3445:(1870–1914) 3421:(1865–1867) 3409:(1864–1867) 3403:(1861–1874) 3397:(1861–1867) 3391:(1861–1864) 3385:(1861–1864) 3367:(1859–1891) 3355:(1858–1861) 3343:(1851–1914) 3337:(1851–1880) 3319:(1848–1855) 3296:(1830–1850) 3274:(1802–1825) 3266:Canal Mania 3259:(1760–1840) 3247:(1757–1769) 3241:(1711–1720) 3235:(1684–1720) 3229:(1634–1637) 3227:Tulip mania 3220:(1000–1760) 2979:Smithsonian 2725:. Chicago: 2612:: 535–560. 2093:French 2006 2069:Garber 1989 2057:Garber 1989 2045:Garber 1989 1970:Garber 2000 1958:Garber 1989 1943:December 4, 1915:Garber 1990 1852:Garber 2000 1840:Garber 2000 1816:Garber 2000 1792:Garber 2000 1753:French 2006 1714:Garber 2000 1675:Garber 2000 1648:Garber 1989 1624:Garber 2000 1612:Garber 2000 1588:Garber 1989 1571:Garber 1989 1478:Garber 1989 1410:Pavord 2014 1342:Mackay 1841 1291:(Review of 1193:. Galahad. 1179:, p. 3 1177:French 2006 1046:(1973) and 952:information 832:(1639), by 495: [ 415:price index 350:spot market 274:watercolour 174: 1640 111:tulip mania 67:tulpenmanie 59:Tulip mania 21:Tulip Fever 5597:Categories 4050:Accounting 3061:1157140147 3013:August 11, 2849:, London: 2438:Dash, Mike 1093:References 816:plagiarism 812:propaganda 804:Tulipmania 437:windhandel 5551:Post-1815 5308:Recession 4301:1840–1870 3878:(2020–21) 3415:(c. 1865) 3304:1840–1870 3037:0017-789X 2942:154546566 2870:(1997) , 2695:154443701 2642:222435339 2626:0022-3808 2585:March 21, 2557:(1994) . 2535:153904651 2527:1098-3708 1870:and also 1687:Dash 2011 1600:Dash 2011 1535:Dash 2011 1490:Dash 2011 1285:March 12, 896:Critiques 744:exchanges 725:Dialogues 602:hogsheads 517:Mackay's 503:Dialogues 418:February. 360:before a 299:Violetten 228:botanist 215:Amsterdam 5500:Pre-1815 3964:Bank run 3117:Archived 3080:(2002). 3071:volume 2 3067:volume 1 3047:(1869). 2946:Archived 2893:(2005), 2845:(2014), 2805:(2007), 2793:(1841), 2772:(2005), 2741:Archived 2646:Archived 2579:Archived 2539:Archived 2513:: 3–14. 2468:(1976). 2440:(2011). 2411:Archived 2382:Archived 2363:Archived 2358:Harper's 2330:Archived 2203:Archived 2157:Archived 1929:"Tulips" 1551:Archived 1447:March 4, 1441:Archived 1437:BBC News 1363:archived 1308:Archived 1031:and the 1016:(2008). 881:hyacinth 711:and the 545:of wheat 430:, nor a 354:florists 334:Generael 322:Admirael 305:Bizarden 287:Couleren 207:Augsburg 130:hyacinth 35:viseroij 5563:Philips 5447:General 4064:Funding 4057:Capital 3872:(2011–) 3866:(2010–) 3860:(2008–) 3854:(2008–) 3803:(2002–) 3737:(1982–) 2687:1942889 2634:1830454 2430:Sources 1079:Bitcoin 937:obliged 753:Viceroy 719:titled 619:of beer 604:of wine 527:Viceroy 467:Utrecht 463:Haarlem 403:Fortuna 276:of the 211:Antwerp 51:gewooge 5608:Tulipa 5568:Fokker 5234:(2016) 4880:(2001) 4864:(1999) 4681:(1982) 4520:(1927) 4467:(1910) 4438:(1894) 4408:(1890) 4400:(1886) 4356:(1869) 4190:(1720) 4182:(1720) 4174:(1637) 4071:Market 3700:(1980) 3513:(1886) 3507:(1884) 3433:(1869) 3427:(1869) 3379:(1861) 3373:(1860) 3361:(1859) 3349:(1858) 3325:(1851) 3096: 3059: 3035: 2940: 2901: 2880: 2857: 2831: 2813: 2780: 2733: 2709: 2693: 2685: 2640: 2632: 2624: 2571: 2533: 2525: 2484: 2454: 2195: 1888:florin 1874:, but 1247: 1222: 1197: 1156: 1087: 954: 840:tulip. 536:Value 456:, 1882 428:margin 362:notary 343:Scipio 213:, and 199:Vienna 2949:(PDF) 2938:S2CID 2916:(PDF) 2691:S2CID 2683:JSTOR 2638:S2CID 2630:JSTOR 2531:S2CID 2420:Slate 962:prior 685:Total 615:Four 543:lasts 499:] 452:, by 394:Flora 293:Rosen 79:tulip 75:bulbs 63:Dutch 5001:2009 4106:1000 4104:Pre- 3094:ISBN 3057:OCLC 3033:ISSN 3015:2008 2992:2022 2957:2022 2899:ISBN 2878:ISBN 2855:ISBN 2829:ISBN 2811:ISBN 2778:ISBN 2749:2017 2731:ISBN 2707:ISBN 2654:2022 2622:ISSN 2587:2023 2569:ISBN 2547:2022 2523:ISSN 2482:ISBN 2452:ISBN 2211:2023 2193:ISBN 1945:2013 1878:and 1449:2020 1371:2018 1287:2023 1245:ISBN 1220:ISBN 1195:ISBN 1154:ISBN 889:lily 688:2500 617:tuns 600:Two 541:Two 533:Item 101:and 5573:KLM 2930:doi 2926:130 2673:doi 2614:doi 2515:doi 2417:", 2406:. 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