Tulip Mania | European history | phoenix.freebeeb.net Tulip Mania | European history | phoenix.freebeeb.net

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Doctor Tulp was the author of the book commonly known as the book of monsters in which he recounted stories of medical wonders and introduced the European public to exotic animals such as the Orang Utan. The popularity of Mackay's tale has continued to this day, with new editions of Extraordinary Popular Delusions appearing regularly, with introductions by writers such as financier Bernard Baruchfinancial writer Andrew Tobias[58] psychologist David J.

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Events Leading Up to the Tulip Bulb Bubble The Golden Century is the name of the period in Dutch history between and when the port city of Amsterdam was one of the richest of all cities in Western Europe due to its strong role in international trade. As a result, is considered the official date of the tulip's first flowering in the Netherlands, despite reports of the flowers being cultivated in private gardens in Antwerp and Amsterdam two or three decades earlier.

After the Peace of Prague 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 South Sea Bubble - Another huge speculative bubble.

The Dutch parliament was considering a decree originally sponsored by Dutch tulip investors who had lost money because of a German setback in the Thirty Years' War [42] that changed the way tulip contracts functioned: Normal tulips were in fact quite affordable despite these difficulties.

Well, beside the fact that it is a tragically hilarious story of irrational behavior by a whole nation of people, it was one of the first and most devastating bubbles of all time. He rotted in jail.

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Data on sales largely disappeared after the February 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. Byrather than bother with guilders, the Dutch even began using the bulbs as a currency themselves.

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You cannot move them whenever you want. For tulip mania to have qualified as an economic bubble, the price of tulip bulbs would need to have become unhinged from the intrinsic value of the bulbs.

Tulip Mania: The First Economic Bubble

The very active tulip contract market eventually became an integral part of the overall booming Dutch tulip industry. The decree changed the nature of these contracts, so that if the current market price fell, the purchaser could opt to pay a penalty and forgo receipt of the bulb, rather than pay the full contracted price.

The tulips do produce offspring in the form of seeds but those again will take ten years of care until they grow into flowers. Tulip plants originate in the form of tulip bulbs which do not flower until seven to twelve years later.

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According to Mackay, the merchant and his family chased the sailor to find him "eating a breakfast whose cost might have regaled a whole ship's crew for a twelvemonth"; the sailor was jailed for eating the bulb.