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subsection</span> </button> <ul id="toc-Background_and_history-sublist" class="vector-toc-list"> <li id="toc-The_Dutch_tulip_business" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_Dutch_tulip_business"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>The Dutch tulip business</span> </div> </a> <ul id="toc-The_Dutch_tulip_business-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Speculative_period" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Speculative_period"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Speculative period</span> </div> </a> <ul id="toc-Speculative_period-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Available_price_data" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Available_price_data"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Available price data</span> </div> </a> <ul id="toc-Available_price_data-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mackay's_Madness_of_Crowds" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Mackay's_Madness_of_Crowds"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Mackay's <i>Madness of Crowds</i></span> </div> </a> <ul id="toc-Mackay's_Madness_of_Crowds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Modern_views" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Modern_views"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Modern views</span> </div> </a> <button aria-controls="toc-Modern_views-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Modern views subsection</span> </button> <ul id="toc-Modern_views-sublist" class="vector-toc-list"> <li id="toc-Rational_explanations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Rational_explanations"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Rational explanations</span> </div> </a> <ul id="toc-Rational_explanations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Natural_volatility_in_flower_prices" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Natural_volatility_in_flower_prices"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Natural volatility in flower prices</span> </div> </a> <ul id="toc-Natural_volatility_in_flower_prices-sublist" class="vector-toc-list"> <li id="toc-Critiques" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Critiques"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2.1</span> <span>Critiques</span> </div> </a> <ul id="toc-Critiques-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Legal_changes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Legal_changes"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Legal changes</span> </div> </a> <ul id="toc-Legal_changes-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Social_mania_and_legacy" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Social_mania_and_legacy"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Social mania and legacy</span> </div> </a> <ul id="toc-Social_mania_and_legacy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sources" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Sources"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Sources</span> </div> </a> <ul id="toc-Sources-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Tulip mania</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 43 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-43" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">43 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AC%D9%86%D9%88%D9%86_%D8%A7%D9%84%D8%AA%D9%88%D9%84%D9%8A%D8%A8" title="جنون التوليب – Arabic" lang="ar" hreflang="ar" data-title="جنون التوليب" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://az.wikipedia.org/wiki/Da%C4%9Flal%C9%99si_h%C9%99y%C9%99can%C4%B1" title="Dağlaləsi həyəcanı – Azerbaijani" lang="az" hreflang="az" data-title="Dağlaləsi həyəcanı" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9C%D0%B0%D0%BD%D0%B8%D1%8F_%D0%BF%D0%BE_%D0%BB%D0%B0%D0%BB%D0%B5%D1%82%D0%B0" title="Мания по лалета – Bulgarian" lang="bg" hreflang="bg" data-title="Мания по лалета" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Tulipomania" title="Tulipomania – Catalan" lang="ca" hreflang="ca" data-title="Tulipomania" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Tulip%C3%A1nov%C3%A1_hore%C4%8Dka" title="Tulipánová horečka – Czech" lang="cs" hreflang="cs" data-title="Tulipánová horečka" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Tulipanboblen" title="Tulipanboblen – Danish" lang="da" hreflang="da" data-title="Tulipanboblen" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://de.wikipedia.org/wiki/Tulpenmanie" title="Tulpenmanie – German" lang="de" hreflang="de" data-title="Tulpenmanie" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://et.wikipedia.org/wiki/Tulbimaania" title="Tulbimaania – Estonian" lang="et" hreflang="et" data-title="Tulbimaania" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-es badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://es.wikipedia.org/wiki/Tulipoman%C3%ADa" title="Tulipomanía – Spanish" lang="es" hreflang="es" data-title="Tulipomanía" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Tulipomanio" title="Tulipomanio – Esperanto" lang="eo" hreflang="eo" data-title="Tulipomanio" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Tulipomania" title="Tulipomania – Basque" lang="eu" hreflang="eu" data-title="Tulipomania" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AD%D8%A8%D8%A7%D8%A8_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%DB%8C_%DA%AF%D9%84_%D9%84%D8%A7%D9%84%D9%87" title="حباب اقتصادی گل لاله – Persian" lang="fa" hreflang="fa" data-title="حباب اقتصادی گل لاله" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://fr.wikipedia.org/wiki/Tulipomanie" title="Tulipomanie – French" lang="fr" hreflang="fr" data-title="Tulipomanie" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Tulipoman%C3%ADa" title="Tulipomanía – Galician" lang="gl" hreflang="gl" data-title="Tulipomanía" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%ED%8A%A4%EB%A6%BD%ED%8C%8C%EB%8F%99" title="튤립파동 – Korean" lang="ko" hreflang="ko" data-title="튤립파동" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8E%D5%A1%D6%80%D5%A4%D5%A1%D5%AF%D5%A1%D5%AF%D5%A1%D5%B9%D5%AB_%D5%B4%D5%B8%D5%AC%D5%B8%D6%82%D6%81%D6%84" title="Վարդակակաչի մոլուցք – Armenian" lang="hy" hreflang="hy" data-title="Վարդակակաչի մոլուցք" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Tulipomanija" title="Tulipomanija – Croatian" lang="hr" hreflang="hr" data-title="Tulipomanija" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Tulipo-manio" title="Tulipo-manio – Ido" lang="io" hreflang="io" data-title="Tulipo-manio" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Mania_tulip" title="Mania tulip – Indonesian" lang="id" hreflang="id" data-title="Mania tulip" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/T%C3%BAl%C3%ADpana%C3%A6%C3%B0i%C3%B0" title="Túlípanaæðið – Icelandic" lang="is" hreflang="is" data-title="Túlípanaæðið" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Bolla_dei_tulipani" title="Bolla dei tulipani – Italian" lang="it" hreflang="it" data-title="Bolla dei tulipani" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A9%D7%99%D7%92%D7%A2%D7%95%D7%9F_%D7%94%D7%A6%D7%91%D7%A2%D7%95%D7%A0%D7%99%D7%9D" title="שיגעון הצבעונים – Hebrew" lang="he" hreflang="he" data-title="שיגעון הצבעונים" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Tulipomania" title="Tulipomania – Latin" lang="la" hreflang="la" data-title="Tulipomania" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Tulpi%C5%B3_manija" title="Tulpių manija – Lithuanian" lang="lt" hreflang="lt" data-title="Tulpių manija" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Holland_tulip%C3%A1nl%C3%A1z" title="Holland tulipánláz – Hungarian" lang="hu" hreflang="hu" data-title="Holland tulipánláz" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%A4%E0%B5%81%E0%B4%B2%E0%B4%BF%E0%B4%AA%E0%B5%8D_%E0%B4%AE%E0%B4%A3%E0%B4%BF%E0%B4%AF" title="തുലിപ് മണിയ – Malayalam" lang="ml" hreflang="ml" data-title="തുലിപ് മണിയ" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Tulpenmanie" title="Tulpenmanie – Dutch" lang="nl" hreflang="nl" data-title="Tulpenmanie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://ja.wikipedia.org/wiki/%E3%83%81%E3%83%A5%E3%83%BC%E3%83%AA%E3%83%83%E3%83%97%E3%83%BB%E3%83%90%E3%83%96%E3%83%AB" title="チューリップ・バブル – Japanese" lang="ja" hreflang="ja" data-title="チューリップ・バブル" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://no.wikipedia.org/wiki/Tulipankrakket" title="Tulipankrakket – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Tulipankrakket" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Tulipomania" title="Tulipomania – Polish" lang="pl" hreflang="pl" data-title="Tulipomania" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Mania_das_tulipas" title="Mania das tulipas – Portuguese" lang="pt" hreflang="pt" data-title="Mania das tulipas" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Tulipomania" title="Tulipomania – Romanian" lang="ro" hreflang="ro" data-title="Tulipomania" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://ru.wikipedia.org/wiki/%D0%A2%D1%8E%D0%BB%D1%8C%D0%BF%D0%B0%D0%BD%D0%BE%D0%BC%D0%B0%D0%BD%D0%B8%D1%8F" title="Тюльпаномания – Russian" lang="ru" hreflang="ru" data-title="Тюльпаномания" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Tulppaanimania" title="Tulppaanimania – Finnish" lang="fi" hreflang="fi" data-title="Tulppaanimania" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://sv.wikipedia.org/wiki/Tulpanmanin" title="Tulpanmanin – Swedish" lang="sv" hreflang="sv" data-title="Tulpanmanin" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%A4%E0%AF%82%E0%AE%B2%E0%AE%BF%E0%AE%AA%E0%AF%8D_%E0%AE%B5%E0%AF%86%E0%AE%B1%E0%AE%BF" title="தூலிப் வெறி – Tamil" lang="ta" hreflang="ta" data-title="தூலிப் வெறி" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://th.wikipedia.org/wiki/%E0%B8%84%E0%B8%A7%E0%B8%B2%E0%B8%A1%E0%B8%84%E0%B8%A5%E0%B8%B1%E0%B9%88%E0%B8%87%E0%B8%97%E0%B8%B4%E0%B8%A7%E0%B8%A5%E0%B8%B4%E0%B8%9B" title="ความคลั่งทิวลิป – Thai" lang="th" hreflang="th" data-title="ความคลั่งทิวลิป" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://tr.wikipedia.org/wiki/Lale_%C3%A7%C4%B1lg%C4%B1nl%C4%B1%C4%9F%C4%B1" title="Lale çılgınlığı – Turkish" lang="tr" hreflang="tr" data-title="Lale çılgınlığı" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A2%D1%8E%D0%BB%D1%8C%D0%BF%D0%B0%D0%BD%D0%BE%D0%BC%D0%B0%D0%BD%D1%96%D1%8F" title="Тюльпаноманія 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div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"Tulip fever" redirects here. For the film, see <a href="/wiki/Tulip_Fever" title="Tulip Fever">Tulip Fever</a>.</div> <p class="mw-empty-elt"> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Verzameling_van_een_meenigte_tulipaanen_p15.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Verzameling_van_een_meenigte_tulipaanen_p15.png/220px-Verzameling_van_een_meenigte_tulipaanen_p15.png" decoding="async" width="220" height="367" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/48/Verzameling_van_een_meenigte_tulipaanen_p15.png/330px-Verzameling_van_een_meenigte_tulipaanen_p15.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/48/Verzameling_van_een_meenigte_tulipaanen_p15.png/440px-Verzameling_van_een_meenigte_tulipaanen_p15.png 2x" data-file-width="613" data-file-height="1022" /></a><figcaption>A tulip, known as "the Viceroy" (<span title="Dutch-language text"><i lang="nl">viseroij</i></span>), displayed in the 1637 Dutch catalogue <span title="Dutch-language text"><i lang="nl">Verzameling van een Meenigte Tulipaanen</i></span>. Its bulb was offered for sale for between 3,000 and 4,200 <a href="/wiki/Dutch_guilder" title="Dutch guilder">guilders (florins)</a> depending on weight (<span title="Dutch-language text"><i lang="nl">gewooge</i></span>). A skilled artisan at the time earned about 300 guilders a year.<sup id="cite_ref-Nus_1-0" class="reference"><a href="#cite_note-Nus-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p><b>Tulip mania</b> (<a href="/wiki/Dutch_language" title="Dutch language">Dutch</a>: <i lang="nl">tulpenmanie</i>) was a period during the <a href="/wiki/Dutch_Golden_Age" title="Dutch Golden Age">Dutch Golden Age</a> when contract prices for some <a href="/wiki/Bulb" title="Bulb">bulbs</a> of the recently introduced and fashionable <a href="/wiki/Tulip" title="Tulip">tulip</a> 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 <a href="/wiki/Speculative_bubble" class="mw-redirect" title="Speculative bubble">speculative bubble</a> or asset bubble in history.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> In many ways, the tulip mania was more of a then-unknown <a href="/wiki/Socio-economic" class="mw-redirect" title="Socio-economic">socio-economic</a> phenomenon than a significant <a href="/wiki/Economic_crisis" class="mw-redirect" title="Economic crisis">economic crisis</a>. It had no critical influence on the prosperity of the <a href="/wiki/Dutch_Republic" title="Dutch Republic">Dutch Republic</a>, which was one of the world's <a href="/wiki/Economic_history_of_the_Dutch_Republic" class="mw-redirect" title="Economic history of the Dutch Republic">leading economic</a> and <a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">financial powers</a> in the 17th century, with the highest <a href="/wiki/Per_capita_income" title="Per capita income">per capita income</a> in the world from about 1600 to about 1720.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The term <i>tulip mania</i> is now often used <a href="/wiki/Metaphor" title="Metaphor">metaphorically</a> to refer to any large economic bubble when asset prices deviate from <a href="/wiki/Intrinsic_value_(finance)" title="Intrinsic value (finance)">intrinsic values</a>.<sup id="cite_ref-French_2006_3_5-0" class="reference"><a href="#cite_note-French_2006_3-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Forward_market" title="Forward market">Forward markets</a> appeared in the Dutch Republic during the 17th century. Among the most notable was one centred on the tulip market.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> 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 economic data from the 1630s, much of which come from biased and speculative sources.<sup id="cite_ref-Kuper_9-0" class="reference"><a href="#cite_note-Kuper-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> 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 <a href="/wiki/Hyacinth_(plant)" class="mw-redirect" title="Hyacinth (plant)">hyacinth</a>, also had high initial prices at the time of their introduction, which then fell as the plants were propagated. The high prices may also have been driven by expectations of a parliamentary decree that contracts could be voided for a small cost, thus lowering the risk to buyers. </p><p>The 1637 event gained popular attention in 1841 with the publication of the book <i><a href="/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds" title="Extraordinary Popular Delusions and the Madness of Crowds">Extraordinary Popular Delusions and the Madness of Crowds</a></i>, written by Scottish journalist <a href="/wiki/Charles_Mackay_(author)" title="Charles Mackay (author)">Charles Mackay</a>, who wrote that at one point 5 hectares (12 acres) of land were offered for a <i>Semper Augustus</i> bulb.<sup id="cite_ref-Chap3_11-0" class="reference"><a href="#cite_note-Chap3-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> 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<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (August 2024)">citation needed</span></a></i>]</sup>, his account is contested. Many modern scholars believe that the mania was not as destructive as he described.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Thompson200799_13-0" class="reference"><a href="#cite_note-Thompson200799-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Kindleberger_2005_115_14-0" class="reference"><a href="#cite_note-Kindleberger_2005_115-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Background_and_history">Background and history</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=1" title="Edit section: Background and history"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Jan_Brueghel_the_Younger,_Satire_on_Tulip_Mania,_c._1640.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Jan_Brueghel_the_Younger%2C_Satire_on_Tulip_Mania%2C_c._1640.jpg/220px-Jan_Brueghel_the_Younger%2C_Satire_on_Tulip_Mania%2C_c._1640.jpg" decoding="async" width="220" height="141" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Jan_Brueghel_the_Younger%2C_Satire_on_Tulip_Mania%2C_c._1640.jpg/330px-Jan_Brueghel_the_Younger%2C_Satire_on_Tulip_Mania%2C_c._1640.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6a/Jan_Brueghel_the_Younger%2C_Satire_on_Tulip_Mania%2C_c._1640.jpg/440px-Jan_Brueghel_the_Younger%2C_Satire_on_Tulip_Mania%2C_c._1640.jpg 2x" data-file-width="1200" data-file-height="767" /></a><figcaption><i>A Satire of Tulip Mania</i> by <a href="/wiki/Jan_Brueghel_the_Younger" title="Jan Brueghel the Younger">Jan Brueghel the Younger</a> (<abbr title="circa">c.</abbr><span style="white-space:nowrap;"> 1640</span>) 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.</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="The_Dutch_tulip_business">The Dutch tulip business</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=2" title="Edit section: The Dutch tulip business"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The introduction of the tulip to Europe is often questionably attributed to <a href="/wiki/Ogier_Ghiselin_de_Busbecq" title="Ogier Ghiselin de Busbecq">Ogier de Busbecq</a>, the ambassador of <a href="/wiki/Charles_V,_Holy_Roman_Emperor" title="Charles V, Holy Roman Emperor">Charles V, Holy Roman Emperor</a>, to Sultan <a href="/wiki/Suleiman_the_Magnificent" title="Suleiman the Magnificent">Suleiman the Magnificent</a>, who sent the first tulip bulbs and seeds to <a href="/wiki/Vienna" title="Vienna">Vienna</a> in 1554 from the <a href="/wiki/Ottoman_Empire" title="Ottoman Empire">Ottoman Empire</a>.<sup id="cite_ref-FOOTNOTEPavord20144Introduction_15-0" class="reference"><a href="#cite_note-FOOTNOTEPavord20144Introduction-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Tulip bulbs, along with other new plant life like potatoes, peppers, tomatoes, and other vegetables, came to Europe in the 16th century.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> These bulbs were soon distributed from Vienna to <a href="/wiki/Augsburg" title="Augsburg">Augsburg</a>, <a href="/wiki/Antwerp" title="Antwerp">Antwerp</a>, and <a href="/wiki/Amsterdam" title="Amsterdam">Amsterdam</a>.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>Their popularity and cultivation in the <a href="/wiki/Dutch_Republic" title="Dutch Republic">United Provinces</a> (now the Netherlands)<sup id="cite_ref-Garber1989537_19-0" class="reference"><a href="#cite_note-Garber1989537-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> started in earnest around 1593 after the <a href="/wiki/Southern_Netherlands" title="Southern Netherlands">Southern Netherlandish</a> botanist <a href="/wiki/Charles_de_l%27%C3%89cluse" class="mw-redirect" title="Charles de l'Écluse">Carolus Clusius</a> had taken up a post at the <a href="/wiki/Leiden_University" title="Leiden University">University of Leiden</a> and established the <i><a href="/wiki/Hortus_Botanicus_Leiden" title="Hortus Botanicus Leiden">hortus academicus</a></i>.<sup id="cite_ref-FOOTNOTEDash201159–60_20-0" class="reference"><a href="#cite_note-FOOTNOTEDash201159–60-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> He planted his collection of tulip bulbs and found that they were able to tolerate the harsher conditions of the <a href="/wiki/Low_Countries" title="Low Countries">Low Countries</a>.<sup id="cite_ref-FOOTNOTEGoldgar200732_21-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar200732-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> Shortly thereafter, the tulip grew in popularity.<sup id="cite_ref-FOOTNOTEGoldgar200733_22-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar200733-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>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 <a href="/wiki/Status_symbol" title="Status symbol">status symbol</a> coincides with the rise of newly independent Holland's trade fortunes. No longer the <a href="/wiki/Spanish_Netherlands" title="Spanish Netherlands">Spanish Netherlands</a>, its economic resources could now be channelled into commerce and Holland embarked on <a href="/wiki/Dutch_Golden_Age" title="Dutch Golden Age">its Golden Age</a>. Amsterdam merchants were at the centre of the lucrative <a href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">East Indies trade</a>, where one voyage could yield profits of 400%.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Semper_Augustus_Tulip_17th_century.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/Semper_Augustus_Tulip_17th_century.jpg/170px-Semper_Augustus_Tulip_17th_century.jpg" decoding="async" width="170" height="263" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/Semper_Augustus_Tulip_17th_century.jpg/255px-Semper_Augustus_Tulip_17th_century.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cc/Semper_Augustus_Tulip_17th_century.jpg/340px-Semper_Augustus_Tulip_17th_century.jpg 2x" data-file-width="1182" data-file-height="1829" /></a><figcaption>Anonymous 17th-century <a href="/wiki/Watercolour" class="mw-redirect" title="Watercolour">watercolour</a> of the <i>Semper Augustus</i>, famous for being the most expensive tulip sold during the tulip mania.</figcaption></figure> <p>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 <span title="Dutch-language text"><i lang="nl">Couleren</i></span>; the multicolored <span title="Dutch-language text"><i lang="nl">Rosen</i></span> (white streaks on a red or pink background); <span title="Dutch-language text"><i lang="nl">Violetten</i></span> (white streaks on a purple or lilac background); and the rarest of all, the <span title="Dutch-language text"><i lang="nl">Bizarden</i></span> ('Bizarres'), (yellow or white streaks on a red, brown, or purple background).<sup id="cite_ref-FOOTNOTEDash201166_24-0" class="reference"><a href="#cite_note-FOOTNOTEDash201166-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> 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 <a href="/wiki/Mosaic_virus" title="Mosaic virus">mosaic virus</a>, known as the "<a href="/wiki/Tulip_breaking_virus" title="Tulip breaking virus">tulip breaking virus</a>", so called because it "breaks" the one petal colour into two or more.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> Less conspicuously, the virus also progressively impairs the tulip's production of daughter bulbs.<sup id="cite_ref-Garber1989541-2_27-0" class="reference"><a href="#cite_note-Garber1989541-2-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p><p>Growers named their new varieties with exalted titles. Many early forms were prefixed <span title="Dutch-language text"><i lang="nl">Admirael</i></span> ('admiral'), often combined with the growers' names: <span title="Dutch-language text"><i lang="nl">Admirael van der Eijck</i></span> was perhaps the most highly regarded of about fifty so named. <span title="Dutch-language text"><i lang="nl">Generael</i></span> ('general') was another prefix used for around thirty varieties. Later varieties were given even more extravagant names, derived from <a href="/wiki/Alexander_the_Great" title="Alexander the Great">Alexander the Great</a> or <a href="/wiki/Scipio_Africanus" title="Scipio Africanus">Scipio</a>, or even "Admiral of Admirals" and "General of Generals". Naming could be haphazard and varieties highly variable in quality.<sup id="cite_ref-FOOTNOTEDash2011106–107_28-0" class="reference"><a href="#cite_note-FOOTNOTEDash2011106–107-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Most of these varieties have now died out.<sup id="cite_ref-FOOTNOTEGarber200041_29-0" class="reference"><a href="#cite_note-FOOTNOTEGarber200041-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>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 <a href="/wiki/Spot_market" title="Spot market">spot market</a>) occurred during these months.<sup id="cite_ref-Garber1989541-2_27-1" class="reference"><a href="#cite_note-Garber1989541-2-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> During the rest of the year, <i>florists</i>, or tulip traders, signed <a href="/wiki/Forward_contract" title="Forward contract">forward contracts</a> before a <a href="/wiki/Civil_law_notary" title="Civil law notary">notary</a> to buy tulips at the end of the season.<sup id="cite_ref-Garber1989541-2_27-2" class="reference"><a href="#cite_note-Garber1989541-2-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Thus the Dutch, who developed many of the techniques of modern finance, created a market for tulip bulbs, which were <a href="/wiki/Durable_good" title="Durable good">durable goods</a>.<sup id="cite_ref-Garber1989537_19-1" class="reference"><a href="#cite_note-Garber1989537-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a> 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.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Speculative_period">Speculative period</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=3" title="Edit section: Speculative period"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Flora%27s_Wagon_of_Fools_(Flora%27s_Mallewagen)_tulipomania,_Hendrik_Gerritsz_Pot_c1637.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flora%27s_Wagon_of_Fools_%28Flora%27s_Mallewagen%29_tulipomania%2C_Hendrik_Gerritsz_Pot_c1637.jpg/220px-Flora%27s_Wagon_of_Fools_%28Flora%27s_Mallewagen%29_tulipomania%2C_Hendrik_Gerritsz_Pot_c1637.jpg" decoding="async" width="220" height="160" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flora%27s_Wagon_of_Fools_%28Flora%27s_Mallewagen%29_tulipomania%2C_Hendrik_Gerritsz_Pot_c1637.jpg/330px-Flora%27s_Wagon_of_Fools_%28Flora%27s_Mallewagen%29_tulipomania%2C_Hendrik_Gerritsz_Pot_c1637.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/aa/Flora%27s_Wagon_of_Fools_%28Flora%27s_Mallewagen%29_tulipomania%2C_Hendrik_Gerritsz_Pot_c1637.jpg/440px-Flora%27s_Wagon_of_Fools_%28Flora%27s_Mallewagen%29_tulipomania%2C_Hendrik_Gerritsz_Pot_c1637.jpg 2x" data-file-width="3296" data-file-height="2404" /></a><figcaption><i>Wagon of Fools</i> by <a href="/wiki/Hendrik_Gerritsz_Pot" title="Hendrik Gerritsz Pot">Hendrik Gerritsz Pot</a>, 1637. Followed by Haarlem weavers who have abandoned their looms, blown by the wind and flying a flag emblazoned with tulips, <a href="/wiki/Flora_(goddess)" class="mw-redirect" title="Flora (goddess)">Flora</a>, goddess of flowers, her arms laden with tulips, <a href="/wiki/Ship_of_fools" title="Ship of fools">rides to destruction</a> in the sea with the vices Fraud, Gluttony and Avarice, Mrs. Mania, and Idle Hope/<wbr /><a href="/wiki/Fortuna" title="Fortuna">Fortuna</a>.</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Tulip_price_index1.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ac/Tulip_price_index1.svg/220px-Tulip_price_index1.svg.png" decoding="async" width="220" height="156" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ac/Tulip_price_index1.svg/330px-Tulip_price_index1.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ac/Tulip_price_index1.svg/440px-Tulip_price_index1.svg.png 2x" data-file-width="1052" data-file-height="744" /></a><figcaption>A standardized <a href="/wiki/Price_index" title="Price index">price index</a> 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 February.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>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.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The contract price of rare bulbs continued to rise throughout 1636. 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.<sup id="cite_ref-FOOTNOTEGoldgar2007322_33-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007322-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>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 <a href="/wiki/Margin_(finance)" title="Margin (finance)">margin</a>, nor a <a href="/wiki/Mark-to-market" class="mw-redirect" title="Mark-to-market">mark-to-market</a> margin, and all contracts were with the individual counter-parties rather than with the Exchange. The Dutch described tulip contract trading as <span title="Dutch-language text"><i lang="nl">windhandel</i></span> (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.<sup id="cite_ref-FOOTNOTEGoldgar2007322_33-1" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007322-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Jean-L%C3%A9on_G%C3%A9r%C3%B4me_-_The_Tulip_Folly_-_Walters_372612.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Jean-L%C3%A9on_G%C3%A9r%C3%B4me_-_The_Tulip_Folly_-_Walters_372612.jpg/220px-Jean-L%C3%A9on_G%C3%A9r%C3%B4me_-_The_Tulip_Folly_-_Walters_372612.jpg" decoding="async" width="220" height="143" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Jean-L%C3%A9on_G%C3%A9r%C3%B4me_-_The_Tulip_Folly_-_Walters_372612.jpg/330px-Jean-L%C3%A9on_G%C3%A9r%C3%B4me_-_The_Tulip_Folly_-_Walters_372612.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Jean-L%C3%A9on_G%C3%A9r%C3%B4me_-_The_Tulip_Folly_-_Walters_372612.jpg/440px-Jean-L%C3%A9on_G%C3%A9r%C3%B4me_-_The_Tulip_Folly_-_Walters_372612.jpg 2x" data-file-width="8738" data-file-height="5690" /></a><figcaption><i><a href="/wiki/The_Tulip_Folly" title="The Tulip Folly">The Tulip Folly</a></i>, by <a href="/wiki/Jean-L%C3%A9on_G%C3%A9r%C3%B4me" title="Jean-Léon Gérôme">Jean-Léon Gérôme</a>, 1882</figcaption></figure> <p>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.<sup id="cite_ref-FOOTNOTEGarber200045_34-0" class="reference"><a href="#cite_note-FOOTNOTEGarber200045-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> A contemporary satire suggests that the crisis started to unravel at 3 February in <a href="/wiki/Haarlem" title="Haarlem">Haarlem</a>, where an auctioneer failed to find willing buyers, despite lowering the asking price several times.<sup id="cite_ref-FOOTNOTEDash2011_35-0" class="reference"><a href="#cite_note-FOOTNOTEDash2011-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEGoldgar2007230_36-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007230-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> The actual circumstances of the crash are unknown.<sup id="cite_ref-FOOTNOTEGarber200061_37-0" class="reference"><a href="#cite_note-FOOTNOTEGarber200061-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEGoldgar2007229–230_38-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007229–230-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-FOOTNOTEGoldgar2007187_39-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007187-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> At the 7 February tulip growers scrambled in <a href="/wiki/Utrecht" title="Utrecht">Utrecht</a> to elect representatives for a national assembly in Amsterdam.<sup id="cite_ref-FOOTNOTEGoldgar2007229–230_38-1" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007229–230-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-FOOTNOTEFrench200610_40-0" class="reference"><a href="#cite_note-FOOTNOTEFrench200610-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-FOOTNOTEGarber200061_37-1" class="reference"><a href="#cite_note-FOOTNOTEGarber200061-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEGoldgar2007187,_236_41-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007187,_236-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> The matter was brought before the <a href="/wiki/Hof_van_Holland" title="Hof van Holland">Court of Holland</a>, which declined to rule one way or the other and referred the question back to the city councils.<sup id="cite_ref-FOOTNOTEGoldgar2007296_42-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007296-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> The legislature of Holland decided to cancel all contracts to allow fresh deals to be struck during the summer.<sup id="cite_ref-FOOTNOTEGarber200062_43-0" class="reference"><a href="#cite_note-FOOTNOTEGarber200062-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-FOOTNOTEGarber200062_43-1" class="reference"><a href="#cite_note-FOOTNOTEGarber200062-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> The Dutch court system remained busy with a number of tulip disputes throughout 1639.<sup id="cite_ref-FOOTNOTEGoldgar2007315_44-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007315-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> In the end most contracts were simply never honored.<sup id="cite_ref-FOOTNOTEGarber200077_45-0" class="reference"><a href="#cite_note-FOOTNOTEGarber200077-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEGoldgar2007216–217_46-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007216–217-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Available_price_data">Available price data</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=4" title="Edit section: Available price data"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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, <i>Dialogues between Waermondt and Gaergoedt</i>, written just after the bubble. Economist <a href="/w/index.php?title=Peter_M._Garber&action=edit&redlink=1" class="new" title="Peter M. Garber (page does not exist)">Peter M. Garber</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://de.wikipedia.org/wiki/Peter_M._Garber" class="extiw" title="de:Peter M. Garber">de</a>]</span> collected data on the sales of 161 bulbs of 39 varieties between 1633 and 1637, with 53 being recorded in the <i>Dialogues</i>.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> </p><p>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 price data are a blend of <a href="/wiki/Apples_and_oranges" title="Apples and oranges">apples and oranges</a>", according to Garber.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Mackay's_Madness_of_Crowds"><span id="Mackay.27s_Madness_of_Crowds"></span>Mackay's <i>Madness of Crowds</i></h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=5" title="Edit section: Mackay's Madness of Crowds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable"> <caption>Basket of goods allegedly exchanged for a single bulb of the <i>Viceroy</i><sup id="cite_ref-Mac3_49-0" class="reference"><a href="#cite_note-Mac3-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th>Item</th> <th>Value </th></tr> <tr> <td>Two <a href="/wiki/Last_(measure)" class="mw-redirect" title="Last (measure)">lasts</a> of wheat</td> <td>448<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>Four lasts of rye</td> <td>558<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>Four fat oxen</td> <td>480<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>Eight fat swine</td> <td>240<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>Twelve fat sheep</td> <td>120<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>Two <a href="/wiki/Hogshead" title="Hogshead">hogsheads</a> of wine</td> <td>70<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>Four <a href="/wiki/Tun_(volume)" class="mw-redirect" title="Tun (volume)">tuns</a> of beer</td> <td>32<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>Two tuns of butter</td> <td>192<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>1,000 lbs. of cheese</td> <td>120<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>A complete bed</td> <td>100<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>A suit of clothes</td> <td>80<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>A silver drinking cup</td> <td>60<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr> <tr> <td>Total</td> <td>2500<a href="/wiki/Dutch_guilder" title="Dutch guilder">ƒ</a> </td></tr></tbody></table> <p>The modern discussion of tulip mania began with the book <i><a href="/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds" title="Extraordinary Popular Delusions and the Madness of Crowds">Extraordinary Popular Delusions and the Madness of Crowds</a></i>, published in 1841 by the Scottish journalist <a href="/wiki/Charles_Mackay_(author)" title="Charles Mackay (author)">Charles Mackay</a>. He proposed that crowds of people often behave irrationally, and tulip mania was, along with the <a href="/wiki/South_Sea_Bubble" class="mw-redirect" title="South Sea Bubble">South Sea Bubble</a> and the <a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi Company</a> scheme, one of his primary examples. His account was largely sourced from a 1797 work by <a href="/wiki/Johann_Beckmann" title="Johann Beckmann">Johann Beckmann</a> titled <i>A History of Inventions, Discoveries, and Origins</i>.<sup id="cite_ref-FOOTNOTEGoldgar20075–6_50-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar20075–6-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> Beckmann in turn used several available sources, but all of them drew heavily from the satirical <i>Dialogues</i> that were written to mock the speculators.<sup id="cite_ref-Garber199037_51-0" class="reference"><a href="#cite_note-Garber199037-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> Mackay's vivid book was popular among generations of economists and stock market participants. His popular but flawed description of tulip mania as a <a href="/wiki/Speculative_bubble" class="mw-redirect" title="Speculative bubble">speculative bubble</a> remains prominent, even though since the 1980s economists have debunked many aspects of his account.<sup id="cite_ref-Garber199037_51-1" class="reference"><a href="#cite_note-Garber199037-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>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".<sup id="cite_ref-Chap3_11-1" class="reference"><a href="#cite_note-Chap3-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> By 1635, a sale of 40 bulbs for 100,000 florins (also known as <a href="/wiki/Dutch_guilder" title="Dutch guilder">Dutch guilders</a>) was recorded. By way of comparison, a "tun" (930 kg or 2,050 lb) of butter cost around 100 florins, a skilled laborer might earn 150–350 florins a year, and "eight fat swine" cost 240 florins.<sup id="cite_ref-Chap3_11-2" class="reference"><a href="#cite_note-Chap3-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>By 1636, tulips were traded on the <a href="/wiki/Stock_exchange" title="Stock exchange">exchanges</a> 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 <i>Semper Augustus</i> bulbs, or a single bulb of the <i>Viceroy</i> that, he said, was purchased in exchange for a basket of goods (shown in table) worth 2,500 florins.<sup id="cite_ref-Mac3_49-1" class="reference"><a href="#cite_note-Mac3-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p> 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 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.<sup id="cite_ref-Chap3_11-3" class="reference"><a href="#cite_note-Chap3-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></p></blockquote> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Tooneel_van_Flora_Handel_der_Floristen_in_Amsterdam_1637_(Tulip_mania).png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/Tooneel_van_Flora_Handel_der_Floristen_in_Amsterdam_1637_%28Tulip_mania%29.png/170px-Tooneel_van_Flora_Handel_der_Floristen_in_Amsterdam_1637_%28Tulip_mania%29.png" decoding="async" width="170" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/85/Tooneel_van_Flora_Handel_der_Floristen_in_Amsterdam_1637_%28Tulip_mania%29.png/255px-Tooneel_van_Flora_Handel_der_Floristen_in_Amsterdam_1637_%28Tulip_mania%29.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/85/Tooneel_van_Flora_Handel_der_Floristen_in_Amsterdam_1637_%28Tulip_mania%29.png/340px-Tooneel_van_Flora_Handel_der_Floristen_in_Amsterdam_1637_%28Tulip_mania%29.png 2x" data-file-width="1348" data-file-height="1747" /></a><figcaption>Pamphlet from the Dutch tulipomania, printed in 1637</figcaption></figure> <p>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 whose cost might have regaled a whole ship's crew for a twelvemonth"; the sailor was supposedly jailed for eating the bulb.<sup id="cite_ref-Chap3_11-4" class="reference"><a href="#cite_note-Chap3-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> However, tulips are poisonous if prepared incorrectly, taste bad, and are considered to be only marginally edible even during famines.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> This directly contradicts Mackay's claim that the tulip bulb had been "quite delicious".<sup id="cite_ref-Chap3_11-5" class="reference"><a href="#cite_note-Chap3-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>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 increasingly inflated prices for their bulbs. As this realization set in, the demand for tulips collapsed, and prices plummeted—the <a href="/wiki/Stock_market_bubble" title="Stock market bubble">speculative bubble</a> 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 against others in the trade.<sup id="cite_ref-Chap3_11-6" class="reference"><a href="#cite_note-Chap3-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>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 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.<sup id="cite_ref-Chap3_11-7" class="reference"><a href="#cite_note-Chap3-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>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 afterwards.<sup id="cite_ref-Chap3_11-8" class="reference"><a href="#cite_note-Chap3-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Modern_views">Modern views</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=6" title="Edit section: Modern views"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Mackay's account of inexplicable mania was unchallenged, and mostly unexamined, until the 1980s.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> Research into tulip mania since then, especially by proponents of the <a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">efficient-market hypothesis</a>,<sup id="cite_ref-Kindleberger_2005_115_14-1" class="reference"><a href="#cite_note-Kindleberger_2005_115-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> suggests that his story was incomplete and inaccurate. In her 2007 scholarly analysis <i>Tulipmania</i>, <a href="/wiki/Anne_Goldgar" title="Anne Goldgar">Anne Goldgar</a> 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 <a href="/wiki/Propaganda" title="Propaganda">propaganda</a> and a prodigious amount of <a href="/wiki/Plagiarism" title="Plagiarism">plagiarism</a>".<sup id="cite_ref-Kuper_9-1" class="reference"><a href="#cite_note-Kuper-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> 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."<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>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.<sup id="cite_ref-FOOTNOTEGoldgar2007141_55-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007141-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> Any 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.<sup id="cite_ref-FOOTNOTEGoldgar2007247–48_56-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007247–48-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-FOOTNOTEGoldgar2007233_57-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007233-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Hans_Bollongier_-_Stilleven_met_bloemen.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7f/Hans_Bollongier_-_Stilleven_met_bloemen.jpg/220px-Hans_Bollongier_-_Stilleven_met_bloemen.jpg" decoding="async" width="220" height="281" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7f/Hans_Bollongier_-_Stilleven_met_bloemen.jpg/330px-Hans_Bollongier_-_Stilleven_met_bloemen.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7f/Hans_Bollongier_-_Stilleven_met_bloemen.jpg/440px-Hans_Bollongier_-_Stilleven_met_bloemen.jpg 2x" data-file-width="1252" data-file-height="1600" /></a><figcaption><i>Still Life with Flowers</i> (1639), by <a href="/wiki/Hans_Bollongier" class="mw-redirect" title="Hans Bollongier">Hans Bollongier</a> (1623–1672), showcases the prized <i>Semper Augustus</i> tulip.</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Rational_explanations">Rational explanations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=7" title="Edit section: Rational explanations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>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 would need to have been mutually agreed and surpassed the <a href="/wiki/Intrinsic_value_(finance)" title="Intrinsic value (finance)">intrinsic value</a> 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.<sup id="cite_ref-Thompson2007100_58-0" class="reference"><a href="#cite_note-Thompson2007100-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p><p>The increases of the 1630s corresponded with a lull in the <a href="/wiki/Thirty_Years%27_War" title="Thirty Years' War">Thirty Years' War</a>.<sup id="cite_ref-Thompson2007103_59-0" class="reference"><a href="#cite_note-Thompson2007103-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> In 1634–1635 the German and Swedish armies lost ground in the South of Germany; then <a href="/wiki/Cardinal-Infante_Ferdinand_of_Austria" title="Cardinal-Infante Ferdinand of Austria">Cardinal-Infante Ferdinand of Austria</a> moved north. After the <a href="/wiki/Peace_of_Prague_(1635)" title="Peace of Prague (1635)">Peace of Prague</a> 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 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.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2020)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Natural_volatility_in_flower_prices">Natural volatility in flower prices</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=8" title="Edit section: Natural volatility in flower prices"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Garber compared the available price data on tulips to <a href="/wiki/Hyacinth_(plant)" class="mw-redirect" title="Hyacinth (plant)">hyacinth</a> 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 hyacinths the prices began to fall. The most expensive bulbs fell to 1 to 2 percent of their peak value within 30 years.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p><p>Garber notes that, "a small quantity of prototype <a href="/wiki/Lilium" title="Lilium">lily</a> 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.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup> Because the rise in prices occurred after bulbs were planted for the year, growers would not have had an opportunity to increase production in response to price.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Critiques">Critiques</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=9" title="Edit section: Critiques"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Other economists believe that these elements cannot completely explain the dramatic rise and fall in tulip prices.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> Garber's theory has also been challenged for failing to explain a similar dramatic rise and fall in prices for regular tulip bulb contracts.<sup id="cite_ref-French_2006_3_5-1" class="reference"><a href="#cite_note-French_2006_3-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Some economists also point to other factors associated with speculative bubbles, such as a <a href="/wiki/Expansionary_monetary_policy" class="mw-redirect" title="Expansionary monetary policy">growth in the supply of money</a>, demonstrated by an increase in deposits at the <a href="/wiki/Bank_of_Amsterdam" title="Bank of Amsterdam">Bank of Amsterdam</a> during that period.<sup id="cite_ref-French_2006_11–12_64-0" class="reference"><a href="#cite_note-French_2006_11–12-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Legal_changes">Legal changes</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=10" title="Edit section: Legal changes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Admiral_Verijck_(van_der_Eijck).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Admiral_Verijck_%28van_der_Eijck%29.jpg/170px-Admiral_Verijck_%28van_der_Eijck%29.jpg" decoding="async" width="170" height="284" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/73/Admiral_Verijck_%28van_der_Eijck%29.jpg/255px-Admiral_Verijck_%28van_der_Eijck%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/73/Admiral_Verijck_%28van_der_Eijck%29.jpg/340px-Admiral_Verijck_%28van_der_Eijck%29.jpg 2x" data-file-width="1795" data-file-height="3000" /></a><figcaption>Admirael van der Eijck from the 1637 catalog of P.Cos., sold for 1045 guilders on February 5, 1637</figcaption></figure> <p>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.<sup id="cite_ref-Thompson2007100_58-1" class="reference"><a href="#cite_note-Thompson2007100-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> He provided another explanation for Dutch tulip mania. Since late 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)<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> that changed the way tulip contracts functioned: </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p> 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 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.<sup id="cite_ref-Thompson2007101_66-0" class="reference"><a href="#cite_note-Thompson2007101-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Before this parliamentary decree, the purchaser of a tulip contract—known in modern finance as a forward contract—was legally <em>obliged</em> to buy the bulbs. The decree changed the nature of these contracts, so that if the <a href="/wiki/Spot_price" class="mw-redirect" title="Spot price">current market price</a> 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 <a href="/wiki/Option_(finance)" title="Option (finance)">options contracts</a>—contracts which were extremely favourable to the buyers.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2022)">citation needed</span></a></i>]</sup> </p><p>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 information<span class="nowrap"> </span>[...] 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."<sup id="cite_ref-Thompson2007101_66-1" class="reference"><a href="#cite_note-Thompson2007101-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> </p><p>Thompson concludes that "the real victims of the contractual conversion" were the investors who had bought forward contracts <em>prior</em> to November 30, 1636, on the incorrect assumption that their contracts would benefit from the February 1637 decree.<sup id="cite_ref-Thompson2007101_66-2" class="reference"><a href="#cite_note-Thompson2007101-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> 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"<sup id="cite_ref-Thompson2007109_67-0" class="reference"><a href="#cite_note-Thompson2007109-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup>—a factor unrelated to the intrinsic value of the tulip bulbs themselves. </p><p>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 illustration of efficient market prices."<sup id="cite_ref-Thompson2007109_67-1" class="reference"><a href="#cite_note-Thompson2007109-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Social_mania_and_legacy">Social mania and legacy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=11" title="Edit section: Social mania and legacy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Dutch_Tulips_(209942087).jpeg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/87/Dutch_Tulips_%28209942087%29.jpeg/220px-Dutch_Tulips_%28209942087%29.jpeg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/87/Dutch_Tulips_%28209942087%29.jpeg/330px-Dutch_Tulips_%28209942087%29.jpeg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/87/Dutch_Tulips_%28209942087%29.jpeg/440px-Dutch_Tulips_%28209942087%29.jpeg 2x" data-file-width="2048" data-file-height="1365" /></a><figcaption>A modern-day field of tulips in the Netherlands; the flower remains a popular symbol of the Netherlands.</figcaption></figure> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:SA_4920-Anno_1637._De_tulpenwindhandel.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8b/SA_4920-Anno_1637._De_tulpenwindhandel.jpg/220px-SA_4920-Anno_1637._De_tulpenwindhandel.jpg" decoding="async" width="220" height="310" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8b/SA_4920-Anno_1637._De_tulpenwindhandel.jpg/330px-SA_4920-Anno_1637._De_tulpenwindhandel.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8b/SA_4920-Anno_1637._De_tulpenwindhandel.jpg/440px-SA_4920-Anno_1637._De_tulpenwindhandel.jpg 2x" data-file-width="994" data-file-height="1400" /></a><figcaption>19th century painting depicting Tulip Mania, by <a href="/wiki/Johannes_Hinderikus_Egenberger" title="Johannes Hinderikus Egenberger">Johannes Hinderikus Egenberger</a></figcaption></figure> <p>The popularity of Mackay's tale has continued to this day, with new editions of <i>Extraordinary Popular Delusions</i> appearing regularly, with introductions by writers such as financier <a href="/wiki/Bernard_Baruch" title="Bernard Baruch">Bernard Baruch</a> (1932), financial writer <a href="/wiki/Andrew_Tobias" title="Andrew Tobias">Andrew Tobias</a> (1980),<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> psychologist <a href="/wiki/David_J._Schneider" title="David J. Schneider">David J. Schneider</a> (1993), and journalist <a href="/wiki/Michael_Lewis_(author)" class="mw-redirect" title="Michael Lewis (author)">Michael Lewis</a> (2008).<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2022)">citation needed</span></a></i>]</sup> </p><p>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 doubt."<sup id="cite_ref-FOOTNOTEGoldgar200718_69-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar200718-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> 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.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> 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".<sup id="cite_ref-FOOTNOTEGoldgar2007276–277_71-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007276–277-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> </p><p>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 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".<sup id="cite_ref-FOOTNOTEGoldgar2007260–261_72-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007260–261-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> </p><p>Nearly a century later, during the crash of the <a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi Company</a> and the <a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea Company</a> in about 1720, tulip mania appeared in satires of these manias.<sup id="cite_ref-FOOTNOTEGoldgar2007307–309_73-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007307–309-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> When Beckmann first described tulip mania in the 1780s, he compared it to the failing lotteries of the time.<sup id="cite_ref-FOOTNOTEGoldgar2007313_74-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007313-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> In Goldgar's view, even many modern popular works about financial markets, such as <a href="/wiki/Burton_Malkiel" title="Burton Malkiel">Burton Malkiel</a>'s <i><a href="/wiki/A_Random_Walk_Down_Wall_Street" title="A Random Walk Down Wall Street">A Random Walk Down Wall Street</a></i> (1973) and <a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">John Kenneth Galbraith</a>'s <i>A Short History of Financial Euphoria</i> (1990; written soon after the <a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">crash of 1987</a>), used the tulip mania as a lesson in morality.<sup id="cite_ref-FOOTNOTEGoldgar2007314_75-0" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007314-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FOOTNOTEGalbraith199434_76-0" class="reference"><a href="#cite_note-FOOTNOTEGalbraith199434-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> </p><p>Tulip mania became a popular reference during the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a> of 1995–2001,<sup id="cite_ref-FOOTNOTEGoldgar2007314_75-1" class="reference"><a href="#cite_note-FOOTNOTEGoldgar2007314-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> and the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a> of 2007–2010.<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> In 2013, <a href="/wiki/Nout_Wellink" title="Nout Wellink">Nout Wellink</a>, former president of the <a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">Dutch Central Bank</a>, described <a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a> as "worse than the tulip mania", adding, "At least then you got a tulip, now you get nothing."<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> Despite the mania's enduring popularity, <a href="/wiki/Daniel_Gross_(journalist)" title="Daniel Gross (journalist)">Daniel Gross</a> has said of economists offering efficient-market explanations for the mania, "If they're correct<span class="nowrap"> </span>[...] then business writers will have to delete Tulipmania from their handy-pack of bubble analogies."<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=12" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-Nus-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-Nus_1-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFNusteling1985">Nusteling 1985</a>, pp. 114, 252, 254, 258</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><a href="#CITEREFShiller2005">Shiller 2005</a>, p. 85 More extensive discussion of status as the earliest bubble on pp. 247–48.</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><a href="/wiki/Anatole_Kaletsky" title="Anatole Kaletsky">Kaletsky, Anatole</a>: <i>Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis</i>. (PublicAffairs, 2010), pp. 109–10. <a href="/wiki/Anatole_Kaletsky" title="Anatole Kaletsky">Anatole Kaletsky</a>: "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."</span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Gieseking, Jen Jack; Mangold, William; et al.: <i>The People, Place, and Space Reader</i>. (Routledge, 2014, <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-66497-4" title="Special:BookSources/978-0-415-66497-4">978-0-415-66497-4</a>), p. 151. As <a href="/wiki/Witold_Rybczynski" title="Witold Rybczynski">Witold Rybczynski</a> (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.</span> </li> <li id="cite_note-French_2006_3-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-French_2006_3_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-French_2006_3_5-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFFrench2006">French 2006</a>, p. 3</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="72" class="citation book cs1">Fowler, Mark; Felton, Bruce (August 1, 2004). <i>The Best, Worst, & Most Unusual: Noteworthy Achievements, Events, Feats & Blunders of Every Conceivable Kind</i>. Galahad. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-88365-861-1" title="Special:BookSources/978-0-88365-861-1"><bdi>978-0-88365-861-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Best%2C+Worst%2C+%26+Most+Unusual%3A+Noteworthy+Achievements%2C+Events%2C+Feats+%26+Blunders+of+Every+Conceivable+Kind&rft.pub=Galahad&rft.date=2004-08-01&rft.isbn=978-0-88365-861-1&rft.aulast=Fowler&rft.aufirst=Mark&rft.au=Felton%2C+Bruce&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChew2008" class="citation book cs1">Chew, Donald H. (2008). <i>Corporate Risk Management</i>. Columbia University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-231-14362-2" title="Special:BookSources/978-0-231-14362-2"><bdi>978-0-231-14362-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Corporate+Risk+Management&rft.pub=Columbia+University+Press&rft.date=2008&rft.isbn=978-0-231-14362-2&rft.aulast=Chew&rft.aufirst=Donald+H.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPavaskar2016" class="citation book cs1">Pavaskar, Madhoo (2016). <i>Commodity Derivatives Trading: Theory and Regulation</i>. Notion Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-945926-22-8" title="Special:BookSources/978-1-945926-22-8"><bdi>978-1-945926-22-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Commodity+Derivatives+Trading%3A+Theory+and+Regulation&rft.pub=Notion+Press&rft.date=2016&rft.isbn=978-1-945926-22-8&rft.aulast=Pavaskar&rft.aufirst=Madhoo&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></span> </li> <li id="cite_note-Kuper-9"><span class="mw-cite-backlink">^ <a href="#cite_ref-Kuper_9-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Kuper_9-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKuper2007" class="citation web cs1">Kuper, Simon (May 12, 2007). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220427051559/https://www.ft.com/content/8ad786dc-fe95-11db-bdc7-000b5df10621">"Petal Power"</a>. <i><a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a></i>. Archived from <a rel="nofollow" class="external text" href="https://www.ft.com/content/8ad786dc-fe95-11db-bdc7-000b5df10621">the original</a> on April 27, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">March 12,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Petal+Power&rft.date=2007-05-12&rft.aulast=Kuper&rft.aufirst=Simon&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F8ad786dc-fe95-11db-bdc7-000b5df10621&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span> (Review of <a href="#CITEREFGoldgar2007">Goldgar 2007</a>)</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://library.wur.nl/speccol/pamphlet.html">A pamphlet about the Dutch tulipomania</a> <a rel="nofollow" class="external text" href="https://archive.today/20120527002720/http://library.wur.nl/speccol/pamphlet.html">Archived</a> May 27, 2012, at <a href="/wiki/Archive.today" title="Archive.today">archive.today</a> Wageningen Digital Library, July 14, 2006. Retrieved on August 13, 2008.</span> </li> <li id="cite_note-Chap3-11"><span class="mw-cite-backlink">^ <a href="#cite_ref-Chap3_11-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Chap3_11-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Chap3_11-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Chap3_11-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Chap3_11-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Chap3_11-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-Chap3_11-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-Chap3_11-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-Chap3_11-8"><sup><i><b>i</b></i></sup></a></span> <span class="reference-text">"The Tulipomania", Chapter 3, in <a href="#CITEREFMackay1841">Mackay 1841</a></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoldgar2018" class="citation cs2">Goldgar, Anne (February 12, 2018), <a rel="nofollow" class="external text" href="https://theconversation.com/tulip-mania-the-classic-story-of-a-dutch-financial-bubble-is-mostly-wrong-91413">"Tulip mania: the classic story of a Dutch financial bubble is mostly wrong"</a>, <i>The Conversation</i>, Boston, MA, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210207132756/https://theconversation.com/tulip-mania-the-classic-story-of-a-dutch-financial-bubble-is-mostly-wrong-91413">archived</a> from the original on February 7, 2021<span class="reference-accessdate">, retrieved <span class="nowrap">February 13,</span> 2018</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Conversation&rft.atitle=Tulip+mania%3A+the+classic+story+of+a+Dutch+financial+bubble+is+mostly+wrong&rft.date=2018-02-12&rft.aulast=Goldgar&rft.aufirst=Anne&rft_id=https%3A%2F%2Ftheconversation.com%2Ftulip-mania-the-classic-story-of-a-dutch-financial-bubble-is-mostly-wrong-91413&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></span> </li> <li id="cite_note-Thompson200799-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-Thompson200799_13-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFThompson2007">Thompson 2007</a>, p. 99</span> </li> <li id="cite_note-Kindleberger_2005_115-14"><span class="mw-cite-backlink">^ <a href="#cite_ref-Kindleberger_2005_115_14-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Kindleberger_2005_115_14-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFKindlebergerAliber2005">Kindleberger & Aliber 2005</a>, p. 115</span> </li> <li id="cite_note-FOOTNOTEPavord20144Introduction-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEPavord20144Introduction_15-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFPavord2014">Pavord 2014</a>, p. 4, Introduction.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Panic, Prosperity, and Progress- Timothy Knight, p.1</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarford2020" class="citation news cs1">Harford, Tim (March 4, 2020). <a rel="nofollow" class="external text" href="https://www.bbc.com/news/business-51311368">"Are we wrong about what happened with Tulip Mania?"</a>. <i>BBC News</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200304223541/https://www.bbc.com/news/business-51311368">Archived</a> from the original on March 4, 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">March 4,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Are+we+wrong+about+what+happened+with+Tulip+Mania%3F&rft.date=2020-03-04&rft.aulast=Harford&rft.aufirst=Tim&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-51311368&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">Brunt, Alan; Walsh, John, "'Broken' tulips and Tulip breaking virus", <i>Microbiology Today</i>, May 2005, p. 68.</span> </li> <li id="cite_note-Garber1989537-19"><span class="mw-cite-backlink">^ <a href="#cite_ref-Garber1989537_19-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Garber1989537_19-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFGarber1989">Garber 1989</a>, p. 537</span> </li> <li id="cite_note-FOOTNOTEDash201159–60-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEDash201159–60_20-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFDash2011">Dash 2011</a>, pp. 59–60.</span> </li> <li id="cite_note-FOOTNOTEGoldgar200732-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar200732_21-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 32.</span> </li> <li id="cite_note-FOOTNOTEGoldgar200733-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar200733_22-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 33.</span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">Ricklefs, M. C. (1991). A History of Modern Indonesia Since c. 1300, 2nd Edition. London: MacMillan. p. 27</span> </li> <li id="cite_note-FOOTNOTEDash201166-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEDash201166_24-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFDash2011">Dash 2011</a>, p. 66.</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">Phillips, S. "<a rel="nofollow" class="external text" href="http://image.fs.uidaho.edu/vide/descr849.htm">Tulip breaking potyvirus</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090220060956/http://image.fs.uidaho.edu/vide/descr849.htm">Archived</a> February 20, 2009, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>", in Brunt, A. A., Crabtree, K., Dallwitz, M. J., Gibbs, A. J., Watson, L. and Zurcher, E. J. (eds.) (1996 onwards). <i>Plant Viruses Online: Descriptions and Lists from the VIDE Database.</i> Version: August 20, 1996. Retrieved on August 15, 2008.</span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber1989">Garber 1989</a>, p. 542</span> </li> <li id="cite_note-Garber1989541-2-27"><span class="mw-cite-backlink">^ <a href="#cite_ref-Garber1989541-2_27-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Garber1989541-2_27-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Garber1989541-2_27-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFGarber1989">Garber 1989</a>, pp. 541–42</span> </li> <li id="cite_note-FOOTNOTEDash2011106–107-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEDash2011106–107_28-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFDash2011">Dash 2011</a>, pp. 106–107.</span> </li> <li id="cite_note-FOOTNOTEGarber200041-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGarber200041_29-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber2000">Garber 2000</a>, p. 41.</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber2000">Garber 2000</a>, pp. 33–36</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><a href="#CITEREFThompson2007">Thompson 2007</a>, pp. 101, 109–11</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber1989">Garber 1989</a>, p. 543</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007322-33"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEGoldgar2007322_33-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGoldgar2007322_33-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 322.</span> </li> <li id="cite_note-FOOTNOTEGarber200045-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGarber200045_34-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber2000">Garber 2000</a>, p. 45.</span> </li> <li id="cite_note-FOOTNOTEDash2011-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEDash2011_35-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFDash2011">Dash 2011</a>.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007230-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007230_36-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 230.</span> </li> <li id="cite_note-FOOTNOTEGarber200061-37"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEGarber200061_37-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGarber200061_37-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFGarber2000">Garber 2000</a>, p. 61.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007229–230-38"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEGoldgar2007229–230_38-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGoldgar2007229–230_38-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 229–230.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007187-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007187_39-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 187.</span> </li> <li id="cite_note-FOOTNOTEFrench200610-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEFrench200610_40-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFFrench2006">French 2006</a>, p. 10.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007187,_236-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007187,_236_41-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 187, 236.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007296-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007296_42-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 296.</span> </li> <li id="cite_note-FOOTNOTEGarber200062-43"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEGarber200062_43-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGarber200062_43-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFGarber2000">Garber 2000</a>, p. 62.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007315-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007315_44-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 315.</span> </li> <li id="cite_note-FOOTNOTEGarber200077-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGarber200077_45-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber2000">Garber 2000</a>, p. 77.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007216–217-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007216–217_46-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 216–217.</span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber2000">Garber 2000</a>, pp. 49–59, 138–44</span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber2000">Garber 2000</a>, pp. 49–59, 138–44</span> </li> <li id="cite_note-Mac3-49"><span class="mw-cite-backlink">^ <a href="#cite_ref-Mac3_49-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Mac3_49-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">This basket of goods was actually exchanged for a bulb according to Chapter 3 of <a href="#CITEREFMackay1841">Mackay (1841)</a> and also <a href="#CITEREFSchama1997">Schama (1997)</a>, but <a href="#CITEREFKrelage1942">Krelage (1942)</a> and <a href="#CITEREFGarber2000">Garber (2000)</a>, pp. 81–83 dispute this interpretation of the original source, an anonymous pamphlet, saying that the <a href="/wiki/Commodity_bundle" class="mw-redirect" title="Commodity bundle">commodity bundle</a> was clearly given only to demonstrate the value of the <a href="/wiki/Dutch_guilder" title="Dutch guilder">florin</a> at the time.</span> </li> <li id="cite_note-FOOTNOTEGoldgar20075–6-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar20075–6_50-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, pp. 5–6.</span> </li> <li id="cite_note-Garber199037-51"><span class="mw-cite-backlink">^ <a href="#cite_ref-Garber199037_51-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Garber199037_51-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFGarber1990">Garber 1990</a>, p. 37</span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDeane" class="citation web cs1">Deane, Green. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131225130802/http://www.eattheweeds.com/tulips-famine-food-appetizer-assistant-2/">"Tulips"</a>. <i>Eat the Weeds</i>. Archived from <a rel="nofollow" class="external text" href="http://www.eattheweeds.com/tulips-famine-food-appetizer-assistant-2/">the original</a> on December 25, 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">December 4,</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Eat+the+Weeds&rft.atitle=Tulips&rft.aulast=Deane&rft.aufirst=Green&rft_id=http%3A%2F%2Fwww.eattheweeds.com%2Ftulips-famine-food-appetizer-assistant-2%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber1989">Garber 1989</a>, p. 535</span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber2000">Garber 2000</a>, p. 81</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007141-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007141_55-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 141.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007247–48-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007247–48_56-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, pp. 247–48.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007233-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007233_57-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 233.</span> </li> <li id="cite_note-Thompson2007100-58"><span class="mw-cite-backlink">^ <a href="#cite_ref-Thompson2007100_58-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Thompson2007100_58-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFThompson2007">Thompson 2007</a>, p. 100</span> </li> <li id="cite_note-Thompson2007103-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-Thompson2007103_59-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFThompson2007">Thompson 2007</a>, p. 103</span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber1989">Garber 1989</a>, pp. 553–54</span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber1989">Garber 1989</a>, p. 555</span> </li> <li id="cite_note-62"><span class="mw-cite-backlink"><b><a href="#cite_ref-62">^</a></b></span> <span class="reference-text"><a href="#CITEREFGarber1989">Garber 1989</a>, pp. 555–56</span> </li> <li id="cite_note-63"><span class="mw-cite-backlink"><b><a href="#cite_ref-63">^</a></b></span> <span class="reference-text"><a href="#CITEREFKindlebergerAliber2005">Kindleberger & Aliber 2005</a>, pp. 115–16</span> </li> <li id="cite_note-French_2006_11–12-64"><span class="mw-cite-backlink"><b><a href="#cite_ref-French_2006_11–12_64-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFFrench2006">French 2006</a>, pp. 11–12</span> </li> <li id="cite_note-65"><span class="mw-cite-backlink"><b><a href="#cite_ref-65">^</a></b></span> <span class="reference-text"><a href="#CITEREFThompson2007">Thompson 2007</a>, pp. 103–04</span> </li> <li id="cite_note-Thompson2007101-66"><span class="mw-cite-backlink">^ <a href="#cite_ref-Thompson2007101_66-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Thompson2007101_66-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Thompson2007101_66-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFThompson2007">Thompson 2007</a>, p. 101</span> </li> <li id="cite_note-Thompson2007109-67"><span class="mw-cite-backlink">^ <a href="#cite_ref-Thompson2007109_67-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Thompson2007109_67-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFThompson2007">Thompson 2007</a>, p. 109</span> </li> <li id="cite_note-68"><span class="mw-cite-backlink"><b><a href="#cite_ref-68">^</a></b></span> <span class="reference-text">Introduction by Andrew Tobias to <i>Extraordinary Popular Delusions and the Madness of Crowds</i> (New York: Harmony Press, 1980) available at <a rel="nofollow" class="external text" href="http://www.andrewtobias.com/ExPopDel-1.html">Andrew Tobias: Money and Other Subjects</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080918063805/http://www.andrewtobias.com/ExPopDel-1.html">Archived</a> September 18, 2008, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Retrieved on August 12, 2008</span> </li> <li id="cite_note-FOOTNOTEGoldgar200718-69"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar200718_69-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 18.</span> </li> <li id="cite_note-70"><span class="mw-cite-backlink"><b><a href="#cite_ref-70">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMedia2022" class="citation book cs1">Media, Everest (May 19, 2022). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=SZt6EAAAQBAJ&q=collective+illusions"><i>Summary of Todd Rose's Collective Illusions</i></a>. Everest Media LLC. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/979-8-8225-1713-4" title="Special:BookSources/979-8-8225-1713-4"><bdi>979-8-8225-1713-4</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20231112225252/https://books.google.com/books?id=SZt6EAAAQBAJ&q=collective+illusions">Archived</a> from the original on November 12, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">November 12,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Summary+of+Todd+Rose%27s+Collective+Illusions&rft.pub=Everest+Media+LLC&rft.date=2022-05-19&rft.isbn=979-8-8225-1713-4&rft.aulast=Media&rft.aufirst=Everest&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DSZt6EAAAQBAJ%26q%3Dcollective%2Billusions&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></span> </li> <li id="cite_note-FOOTNOTEGoldgar2007276–277-71"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007276–277_71-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, pp. 276–277.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007260–261-72"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007260–261_72-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, pp. 260–261.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007307–309-73"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007307–309_73-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, pp. 307–309.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007313-74"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGoldgar2007313_74-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 313.</span> </li> <li id="cite_note-FOOTNOTEGoldgar2007314-75"><span class="mw-cite-backlink">^ <a href="#cite_ref-FOOTNOTEGoldgar2007314_75-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-FOOTNOTEGoldgar2007314_75-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a href="#CITEREFGoldgar2007">Goldgar 2007</a>, p. 314.</span> </li> <li id="cite_note-FOOTNOTEGalbraith199434-76"><span class="mw-cite-backlink"><b><a href="#cite_ref-FOOTNOTEGalbraith199434_76-0">^</a></b></span> <span class="reference-text"><a href="#CITEREFGalbraith1994">Galbraith 1994</a>, p. 34.</span> </li> <li id="cite_note-77"><span class="mw-cite-backlink"><b><a href="#cite_ref-77">^</a></b></span> <span class="reference-text"><a href="#CITEREFMalkiel2007">Malkiel 2007</a>, pp. 35–38</span> </li> <li id="cite_note-78"><span class="mw-cite-backlink"><b><a href="#cite_ref-78">^</a></b></span> <span class="reference-text">Frankel, Mark (April 4, 2004). "When the Tulip Bubble Burst", <i><a href="/wiki/Business_Week" class="mw-redirect" title="Business Week">Business Week</a></i>.</span> </li> <li id="cite_note-79"><span class="mw-cite-backlink"><b><a href="#cite_ref-79">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.washingtonpost.com/wp-dyn/content/article/2007/08/10/AR2007081001912.html">Bubble and Bust; As the subprime mortgage market tanks, policymakers must keep their nerve</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110514095043/http://www.washingtonpost.com/wp-dyn/content/article/2007/08/10/AR2007081001912.html">Archived</a> May 14, 2011, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>", <i><a href="/wiki/The_Washington_Post" title="The Washington Post">The Washington Post</a></i>, August 11, 2007. Retrieved on July 17, 2008.</span> </li> <li id="cite_note-80"><span class="mw-cite-backlink"><b><a href="#cite_ref-80">^</a></b></span> <span class="reference-text">Horton, Scott. "<a rel="nofollow" class="external text" href="http://www.harpers.org/archive/2008/01/hbc-90002258">The Bubble Bursts</a>", <i><a href="/wiki/Harper%27s_Magazine" title="Harper's Magazine">Harper's</a></i>, January 27, 2008. Retrieved on July 17, 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080616111044/http://www.harpers.org/archive/2008/01/hbc-90002258">Archived</a> June 16, 2008, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-81"><span class="mw-cite-backlink"><b><a href="#cite_ref-81">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker">Bitcoin hype worse than 'tulip mania', says Dutch central banker</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170320051840/https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker">Archived</a> March 20, 2017, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>", <i><a href="/wiki/The_Guardian" title="The Guardian">The Guardian</a></i>, December 4, 2013.</span> </li> <li id="cite_note-82"><span class="mw-cite-backlink"><b><a href="#cite_ref-82">^</a></b></span> <span class="reference-text"><a href="/wiki/Daniel_Gross_(journalist)" title="Daniel Gross (journalist)">Gross, Daniel</a>. "<a rel="nofollow" class="external text" href="http://www.slate.com/articles/business/moneybox/2004/07/bulb_bubble_trouble.single.html">Bulb Bubble Trouble; That Dutch tulip bubble wasn't so crazy after all</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130705003244/http://www.slate.com/articles/business/moneybox/2004/07/bulb_bubble_trouble.single.html">Archived</a> July 5, 2013, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>", <i><a href="/wiki/Slate_(magazine)" title="Slate (magazine)">Slate</a></i>, July 16, 2004. Retrieved on November 4, 2011.</span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="Sources">Sources</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=13" title="Edit section: Sources"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin refbegin-columns references-column-width" style="column-width: 30em"> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDash2011" class="citation book cs1"><a href="/wiki/Mike_Dash" title="Mike Dash">Dash, Mike</a> (2011). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=AAX3nngAfjQC"><i>Tulipomania: The Story of the World's Most Coveted Flower and the Extraordinary Passions It Aroused</i></a>. New York: <a href="/wiki/Three_Rivers_Press" title="Three Rivers Press">Three Rivers Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-307-56082-7" title="Special:BookSources/978-0-307-56082-7"><bdi>978-0-307-56082-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Tulipomania%3A+The+Story+of+the+World%27s+Most+Coveted+Flower+and+the+Extraordinary+Passions+It+Aroused&rft.place=New+York&rft.pub=Three+Rivers+Press&rft.date=2011&rft.isbn=978-0-307-56082-7&rft.aulast=Dash&rft.aufirst=Mike&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DAAX3nngAfjQC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDe_Vries1976" class="citation book cs1"><a href="/wiki/Jan_de_Vries_(historian)" title="Jan de Vries (historian)">De Vries, Jan</a> (1976). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/economyofeuropei00devr/page/n5/mode/2up"><i>The Economy of Europe in an Age of Crisis, 1600–1750</i></a></span>. Cambridge: <a href="/wiki/Cambridge_University_Press" title="Cambridge University Press">Cambridge University Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-521-29050-0" title="Special:BookSources/978-0-521-29050-0"><bdi>978-0-521-29050-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Economy+of+Europe+in+an+Age+of+Crisis%2C+1600%E2%80%931750&rft.place=Cambridge&rft.pub=Cambridge+University+Press&rft.date=1976&rft.isbn=978-0-521-29050-0&rft.aulast=De+Vries&rft.aufirst=Jan&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Feconomyofeuropei00devr%2Fpage%2Fn5%2Fmode%2F2up&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFrench2006" class="citation journal cs1">French, Doug (2006). <a rel="nofollow" class="external text" href="https://mises.org/library/dutch-monetary-environment-during-tulipmania#:~:text=Total%20balances%20more%20than%20doubled,Amsterdam's%20deposits%20increased%2042%20percent">"The Dutch Monetary Environment during Tulipmania"</a>. <i><a href="/wiki/The_Quarterly_Journal_of_Austrian_Economics" class="mw-redirect" title="The Quarterly Journal of Austrian Economics">The Quarterly Journal of Austrian Economics</a></i>. <b>9</b> (1). Auburn, Alabama: <a href="/wiki/Ludwig_von_Mises_Institute" class="mw-redirect" title="Ludwig von Mises Institute">Ludwig von Mises Institute</a>: 3–14. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs12113-006-1000-6">10.1007/s12113-006-1000-6</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1098-3708">1098-3708</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153904651">153904651</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221219195801/https://mises.org/library/dutch-monetary-environment-during-tulipmania#:~:text=Total%20balances%20more%20than%20doubled,Amsterdam's%20deposits%20increased%2042%20percent">Archived</a> from the original on December 19, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">December 19,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Quarterly+Journal+of+Austrian+Economics&rft.atitle=The+Dutch+Monetary+Environment+during+Tulipmania&rft.volume=9&rft.issue=1&rft.pages=3-14&rft.date=2006&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153904651%23id-name%3DS2CID&rft.issn=1098-3708&rft_id=info%3Adoi%2F10.1007%2Fs12113-006-1000-6&rft.aulast=French&rft.aufirst=Doug&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Fdutch-monetary-environment-during-tulipmania%23%3A~%3Atext%3DTotal%2520balances%2520more%2520than%2520doubled%2CAmsterdam%27s%2520deposits%2520increased%252042%2520percent&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGalbraith1994" class="citation book cs1"><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith, John Kenneth</a> (1994) [1990]. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=MSV2qipgf9IC"><i>A Short History of Financial Euphoria</i></a> (2nd ed.). New York: <a href="/wiki/Penguin_Books" title="Penguin Books">Penguin Books</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-670-85028-0" title="Special:BookSources/978-0-670-85028-0"><bdi>978-0-670-85028-0</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230328181722/https://books.google.com/books?id=MSV2qipgf9IC">Archived</a> from the original on March 28, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">March 21,</span> 2023</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Short+History+of+Financial+Euphoria&rft.place=New+York&rft.edition=2nd&rft.pub=Penguin+Books&rft.date=1994&rft.isbn=978-0-670-85028-0&rft.aulast=Galbraith&rft.aufirst=John+Kenneth&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DMSV2qipgf9IC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGarber1989" class="citation journal cs1">Garber, Peter M. (1989). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1830454">"Tulipmania"</a>. <i><a href="/wiki/Journal_of_Political_Economy" title="Journal of Political Economy">Journal of Political Economy</a></i>. <b>97</b> (3). Chicago: <a href="/wiki/The_University_of_Chicago_Press" class="mw-redirect" title="The University of Chicago Press">The University of Chicago Press</a>: 535–560. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1086%2F261615">10.1086/261615</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0022-3808">0022-3808</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1830454">1830454</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:222435339">222435339</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221219201434/https://www.jstor.org/stable/1830454">Archived</a> from the original on December 19, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">December 19,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Political+Economy&rft.atitle=Tulipmania&rft.volume=97&rft.issue=3&rft.pages=535-560&rft.date=1989&rft.issn=0022-3808&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A222435339%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1830454%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1086%2F261615&rft.aulast=Garber&rft.aufirst=Peter+M.&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1830454&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGarber1990" class="citation cs2">Garber, Peter M. (1990), "Famous First Bubbles", <i><a href="/wiki/The_Journal_of_Economic_Perspectives" class="mw-redirect" title="The Journal of Economic Perspectives">The Journal of Economic Perspectives</a></i>, <b>4</b> (2): 35–54, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fjep.4.2.35">10.1257/jep.4.2.35</a></span>, <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1942889">1942889</a>, <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154443701">154443701</a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+Perspectives&rft.atitle=Famous+First+Bubbles&rft.volume=4&rft.issue=2&rft.pages=35-54&rft.date=1990&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154443701%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1942889%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1257%2Fjep.4.2.35&rft.aulast=Garber&rft.aufirst=Peter+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGarber2000" class="citation cs2">Garber, Peter M. (2000), <i>Famous First Bubbles: The Fundamentals of Early Manias</i>, Cambridge: MIT Press, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-262-07204-5" title="Special:BookSources/978-0-262-07204-5"><bdi>978-0-262-07204-5</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Famous+First+Bubbles%3A+The+Fundamentals+of+Early+Manias&rft.place=Cambridge&rft.pub=MIT+Press&rft.date=2000&rft.isbn=978-0-262-07204-5&rft.aulast=Garber&rft.aufirst=Peter+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGoldgar2007" class="citation book cs1">Goldgar, Anne (2007). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=gViwLbCJ7X0C"><i>Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age</i></a>. Chicago: <a href="/wiki/University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-226-30125-9" title="Special:BookSources/978-0-226-30125-9"><bdi>978-0-226-30125-9</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240315170644/https://books.google.com/books?id=gViwLbCJ7X0C">Archived</a> from the original on March 15, 2024<span class="reference-accessdate">. Retrieved <span class="nowrap">September 17,</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Tulipmania%3A+Money%2C+Honor%2C+and+Knowledge+in+the+Dutch+Golden+Age&rft.place=Chicago&rft.pub=University+of+Chicago+Press&rft.date=2007&rft.isbn=978-0-226-30125-9&rft.aulast=Goldgar&rft.aufirst=Anne&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DgViwLbCJ7X0C&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKrelage1942" class="citation cs2">Krelage, E. H. (1942), <i>Bloemenspeculatie in Nederland</i>, Amsterdam: P. N. van Kampen & Zoon</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Bloemenspeculatie+in+Nederland&rft.place=Amsterdam&rft.pub=P.+N.+van+Kampen+%26+Zoon&rft.date=1942&rft.aulast=Krelage&rft.aufirst=E.+H.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKindlebergerAliber2005" class="citation cs2"><a href="/wiki/Charles_P._Kindleberger" title="Charles P. Kindleberger">Kindleberger, Charles P.</a>; <a href="/wiki/Robert_Z._Aliber" title="Robert Z. Aliber">Aliber, Robert</a> (2005), <i>Manias, Panics, and Crashes: A History of Financial Crises</i> (5th ed.), Hoboken: Wiley, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-471-46714-4" title="Special:BookSources/978-0-471-46714-4"><bdi>978-0-471-46714-4</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Manias%2C+Panics%2C+and+Crashes%3A+A+History+of+Financial+Crises&rft.place=Hoboken&rft.edition=5th&rft.pub=Wiley&rft.date=2005&rft.isbn=978-0-471-46714-4&rft.aulast=Kindleberger&rft.aufirst=Charles+P.&rft.au=Aliber%2C+Robert&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMackay1841" class="citation cs2"><a href="/wiki/Charles_Mackay_(author)" title="Charles Mackay (author)">Mackay, Charles</a> (1841), <i>Memoirs of Extraordinary Popular Delusions and the Madness of Crowds</i>, London: Richard Bentley</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Memoirs+of+Extraordinary+Popular+Delusions+and+the+Madness+of+Crowds&rft.place=London&rft.pub=Richard+Bentley&rft.date=1841&rft.aulast=Mackay&rft.aufirst=Charles&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMalkiel2007" class="citation cs2"><a href="/wiki/Burton_Malkiel" title="Burton Malkiel">Malkiel, Burton G.</a> (2007), <i>A Random Walk Down Wall Street</i> (9th ed.), New York: W.W. Norton, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-393-06245-8" title="Special:BookSources/978-0-393-06245-8"><bdi>978-0-393-06245-8</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Random+Walk+Down+Wall+Street&rft.place=New+York&rft.edition=9th&rft.pub=W.W.+Norton&rft.date=2007&rft.isbn=978-0-393-06245-8&rft.aulast=Malkiel&rft.aufirst=Burton+G.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNusteling1985" class="citation book cs1">Nusteling, Hubert (1985). <i>Welvaart en Werkgelegenheid in Amsterdam 1540–1860</i>. Amsterdam: De Bataafsche Leeuw. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-90670-7-082-9" title="Special:BookSources/978-90670-7-082-9"><bdi>978-90670-7-082-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Welvaart+en+Werkgelegenheid+in+Amsterdam+1540%E2%80%931860&rft.place=Amsterdam&rft.pub=De+Bataafsche+Leeuw&rft.date=1985&rft.isbn=978-90670-7-082-9&rft.aulast=Nusteling&rft.aufirst=Hubert&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPavord2014" class="citation cs2"><a href="/wiki/Anna_Pavord" title="Anna Pavord">Pavord, Anna</a> (2014), <i>The Tulip: The Story of a Flower That Has Made Men Mad</i>, London: <a href="/wiki/Bloomsbury_Publishing" title="Bloomsbury Publishing">Bloomsbury Publishing</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4088-5903-2" title="Special:BookSources/978-1-4088-5903-2"><bdi>978-1-4088-5903-2</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Tulip%3A+The+Story+of+a+Flower+That+Has+Made+Men+Mad&rft.place=London&rft.pub=Bloomsbury+Publishing&rft.date=2014&rft.isbn=978-1-4088-5903-2&rft.aulast=Pavord&rft.aufirst=Anna&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchama1997" class="citation cs2"><a href="/wiki/Simon_Schama" title="Simon Schama">Schama, Simon</a> (1997) [1987], <i><a href="/wiki/The_Embarrassment_of_Riches:_An_Interpretation_of_Dutch_Culture_in_the_Golden_Age" class="mw-redirect" title="The Embarrassment of Riches: An Interpretation of Dutch Culture in the Golden Age">The Embarrassment of Riches: An Interpretation of Dutch Culture in the Golden Age</a></i>, New York: Alfred Knopf, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-394-51075-0" title="Special:BookSources/978-0-394-51075-0"><bdi>978-0-394-51075-0</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Embarrassment+of+Riches%3A+An+Interpretation+of+Dutch+Culture+in+the+Golden+Age&rft.place=New+York&rft.pub=Alfred+Knopf&rft.date=1997&rft.isbn=978-0-394-51075-0&rft.aulast=Schama&rft.aufirst=Simon&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShiller2005" class="citation cs2"><a href="/wiki/Robert_Shiller" class="mw-redirect" title="Robert Shiller">Shiller, Robert J.</a> (2005), <i>Irrational Exuberance</i> (2nd ed.), Princeton: Princeton University Press, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-12335-6" title="Special:BookSources/978-0-691-12335-6"><bdi>978-0-691-12335-6</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Irrational+Exuberance&rft.place=Princeton&rft.edition=2nd&rft.pub=Princeton+University+Press&rft.date=2005&rft.isbn=978-0-691-12335-6&rft.aulast=Shiller&rft.aufirst=Robert+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFThompson2007" class="citation journal cs1">Thompson, Earl A. (2007). <a rel="nofollow" class="external text" href="http://www.dklevine.com/archive/thompson-tulips.pdf">"The Tulipmania: Fact or Artifact?"</a> <span class="cs1-format">(PDF)</span>. <i><a href="/wiki/Public_Choice_(journal)" title="Public Choice (journal)">Public Choice</a></i>. <b>130</b> (1–2): 99–114. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2Fs11127-006-9074-4">10.1007/s11127-006-9074-4</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154546566">154546566</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230104164750/http://www.dklevine.com/archive/thompson-tulips.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on January 4, 2023<span class="reference-accessdate">. Retrieved <span class="nowrap">November 19,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Public+Choice&rft.atitle=The+Tulipmania%3A+Fact+or+Artifact%3F&rft.volume=130&rft.issue=1%E2%80%932&rft.pages=99-114&rft.date=2007&rft_id=info%3Adoi%2F10.1007%2Fs11127-006-9074-4&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154546566%23id-name%3DS2CID&rft.aulast=Thompson&rft.aufirst=Earl+A.&rft_id=http%3A%2F%2Fwww.dklevine.com%2Farchive%2Fthompson-tulips.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=14" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1">Boissoneault, Lorraine (September 18, 2017). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20221219203106/https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/">"There Never Was a Real Tulip Fever"</a>. <i><a href="/wiki/Smithsonian_(magazine)" title="Smithsonian (magazine)">Smithsonian</a></i>. Washington, D.C. Archived from <a rel="nofollow" class="external text" href="https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/">the original</a> on December 19, 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">December 19,</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Smithsonian&rft.atitle=There+Never+Was+a+Real+Tulip+Fever&rft.date=2017-09-18&rft.aulast=Boissoneault&rft.aufirst=Lorraine&rft_id=https%3A%2F%2Fwww.smithsonianmag.com%2Fhistory%2Fthere-never-was-real-tulip-fever-180964915%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation cs2 cs1-prop-foreign-lang-source">Cos, Pieter (1637), <a rel="nofollow" class="external text" href="https://web.archive.org/web/20050404064629/http://library.wur.nl/tulips/blauw_content.html"><i>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</i></a> (in Dutch), Haarlem: [s.n.], 75 pl, archived from <a rel="nofollow" class="external text" href="http://library.wur.nl/tulips/blauw_content.html">the original</a> on April 4, 2005<span class="reference-accessdate">, retrieved <span class="nowrap">August 11,</span> 2008</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Verzameling+van+een+meenigte+tulipaanen%2C+naar+het+leven+geteekend+met+hunne+naamen%2C+en+swaarte+der+bollen%2C+zoo+als+die+publicq+verkogt+zijn%2C+te+Haarlem+in+den+jaare+A.+1637%2C+door+P.+Cos%2C+bloemist+te+Haarlem&rft.place=Haarlem&rft.pages=75+pl&rft.pub=%5Bs.n.%5D&rft.date=1637&rft.aulast=Cos&rft.aufirst=Pieter&rft_id=http%3A%2F%2Flibrary.wur.nl%2Ftulips%2Fblauw_content.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation magazine cs1">Hooper, William R. (April 1876). <a rel="nofollow" class="external text" href="https://archive.org/details/harpers-1876-vol-52/page/743/mode/2up?q=">"The Tulip Mania"</a>. <i><a href="/wiki/Harper%27s_Magazine" title="Harper's Magazine">Harper's New Monthly Magazine</a></i>. Vol. 52, no. 340. New York. pp. 743–746. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0017-789X">0017-789X</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Harper%27s+New+Monthly+Magazine&rft.atitle=The+Tulip+Mania&rft.volume=52&rft.issue=340&rft.pages=743-746&rft.date=1876-04&rft.issn=0017-789X&rft.aulast=Hooper&rft.aufirst=William+R.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fharpers-1876-vol-52%2Fpage%2F743%2Fmode%2F2up%3Fq%3D&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a href="/wiki/Charles_Mackay_(author)" title="Charles Mackay (author)">Mackay, Charles</a> (1869). <i>Memoirs of Extraordinary Popular Delusions and the Madness of Crowds</i>. Vol. 1. London; New York: <a href="/wiki/Routledge" title="Routledge">G. Routledge</a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/1157140147">1157140147</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Memoirs+of+Extraordinary+Popular+Delusions+and+the+Madness+of+Crowds&rft.place=London%3B+New+York&rft.pub=G.+Routledge&rft.date=1869&rft_id=info%3Aoclcnum%2F1157140147&rft.aulast=Mackay&rft.aufirst=Charles&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span> (<a rel="nofollow" class="external text" href="https://archive.org/details/memoirsofextraor01mack/page/n5/mode/2up">volume 1</a>; <a rel="nofollow" class="external text" href="https://archive.org/details/memoirsofextraor02mack">volume 2</a>)</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation book cs1"><a href="/wiki/Michael_Pollan" title="Michael Pollan">Pollan, Michael</a> (2002). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/botanyofdesire00poll"><i>The Botany of Desire</i></a></span>. New York: <a href="/wiki/Random_House" title="Random House">Random House</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-375-76039-6" title="Special:BookSources/978-0-375-76039-6"><bdi>978-0-375-76039-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Botany+of+Desire&rft.place=New+York&rft.pub=Random+House&rft.date=2002&rft.isbn=978-0-375-76039-6&rft.aulast=Pollan&rft.aufirst=Michael&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fbotanyofdesire00poll&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATulip+mania" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Tulip_mania&action=edit&section=15" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a rel="nofollow" class="external text" href="http://library.wur.nl/tulip/">Wageningen Tulip Portal</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110430072019/http://library.wur.nl/tulip/">Archived</a> April 30, 2011, at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, an extensive collection of historical resources, including scanned images of 17th-century Dutch tulip books and pamphlets, from Wageningen UR Library</li> <li><a rel="nofollow" class="external text" href="https://mises.org/power-market/debunking-tulip-bubble">Debunking the Tulip Bubble</a>, Joseph Solis-Mullen, <a href="/wiki/Mises_Institute" title="Mises Institute">Mises Institute</a>, October 2021</li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist 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.navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_bubbles" title="Template:Financial bubbles"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_bubbles" title="Template talk:Financial bubbles"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_bubbles" title="Special:EditPage/Template:Financial bubbles"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_bubbles" style="font-size:114%;margin:0 4em"><a href="/wiki/Economic_bubble" title="Economic bubble">Financial bubbles</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Market_trend" title="Market trend">Market trend</a></li> <li><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></li> <li><a href="/wiki/Irrational_exuberance" title="Irrational exuberance">Irrational exuberance</a></li> <li><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></li> <li><a href="/wiki/Real-estate_bubble" title="Real-estate bubble">Real-estate bubble</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Tulip mania</a> (1634–1637)</li> <li><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble</a> (1684–1720)</li> <li><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble</a> (1711–1720)</li> <li><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal Bubble of 1769</a> (1757–1769)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Canal_Mania" title="Canal Mania">Canal Mania</a> (c. 1790–c. 1810)</li> <li><a href="/wiki/Carolina_gold_rush" title="Carolina gold rush">Carolina gold rush</a> (1802–1825)</li> <li><a href="/wiki/Alabama_real_estate_bubble_of_the_1810s" title="Alabama real estate bubble of the 1810s">1810s Alabama real estate bubble</a></li> <li><a href="/wiki/Georgia_Gold_Rush" title="Georgia Gold Rush">Georgia Gold Rush</a> (1828–c. 1840)</li> <li><a href="/wiki/Chicago_real_estate_bubble_of_the_1830s" title="Chicago real estate bubble of the 1830s">1830s Chicago real estate bubble</a></li> <li><a href="/wiki/Chilean_silver_rush" title="Chilean silver rush">Chilean silver rush</a> (1830–1850)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Railway_Mania" title="Railway Mania">Railway Mania</a> (c. 1840–c. 1850)</li> <li><a href="/wiki/California_gold_rush" title="California gold rush">California gold rush</a> (1848–1855)</li> <li><a href="/wiki/Queen_Charlottes_Gold_Rush" title="Queen Charlottes Gold Rush">Queen Charlottes Gold Rush</a> (1851)</li> <li><a href="/wiki/Victorian_gold_rush" title="Victorian gold rush">Victorian gold rush</a> (1851–c. 1870)</li> <li><a href="/wiki/New_South_Wales_gold_rush" title="New South Wales gold rush">New South Wales gold rush</a> (1851–1880)</li> <li><a href="/wiki/Australian_gold_rushes" title="Australian gold rushes">Australian gold rushes</a> (1851–1914)</li> <li><a href="/wiki/Fraser_Canyon_Gold_Rush" title="Fraser Canyon Gold Rush">Fraser Canyon Gold Rush</a> (1858)</li> <li><a href="/wiki/Pike%27s_Peak_gold_rush" title="Pike's Peak gold rush">Pike's Peak gold rush</a> (1858–1861)</li> <li><a href="/wiki/Rock_Creek_Gold_Rush" title="Rock Creek Gold Rush">Rock Creek Gold Rush</a> (1859)</li> <li><a href="/wiki/Pennsylvania_oil_rush" title="Pennsylvania oil rush">Pennsylvania oil rush</a> (1859–1891)</li> <li><a href="/wiki/Similkameen_Gold_Rush" title="Similkameen Gold Rush">Similkameen Gold Rush</a> (1860)</li> <li><a href="/wiki/Stikine_Gold_Rush" title="Stikine Gold Rush">Stikine Gold Rush</a> (1861)</li> <li><a href="/wiki/Steamboats_of_the_Colorado_River" title="Steamboats of the Colorado River">Colorado River mining boom</a> (1861–1864)</li> <li><a href="/wiki/Otago_gold_rush" title="Otago gold rush">Otago gold rush</a> (1861–1864)</li> <li><a href="/wiki/Cariboo_Gold_Rush" title="Cariboo Gold Rush">Cariboo Gold Rush</a> (1861–1867)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">First Nova Scotia Gold Rush</a> (1861–1874)</li> <li><a href="/wiki/West_Coast_gold_rush" title="West Coast gold rush">West Coast gold rush</a> (1864–1867)</li> <li><a href="/wiki/Big_Bend_Gold_Rush" title="Big Bend Gold Rush">Big Bend Gold Rush</a> (c. 1865)</li> <li><a href="/wiki/Vermilion_Lake_gold_rush" title="Vermilion Lake gold rush">Vermilion Lake gold rush</a> (1865–1867)</li> <li><a href="/wiki/Kildonan_Gold_Rush" title="Kildonan Gold Rush">Kildonan Gold Rush</a> (1869)</li> <li><a href="/wiki/Omineca_Gold_Rush" title="Omineca Gold Rush">Omineca Gold Rush</a> (1869)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Lapland_gold_rush" title="Lapland gold rush">1870s Lapland gold rush</a></li> <li><a href="/wiki/Coromandel_Gold_Rushes" title="Coromandel Gold Rushes">Coromandel Gold Rushes</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Cassiar_Country" title="Cassiar Country">Cassiar Gold Rush</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Black_Hills_gold_rush" title="Black Hills gold rush">Black Hills gold rush</a> (1874–1880)</li> <li><a href="/wiki/Colorado_Silver_Boom" title="Colorado Silver Boom">Colorado Silver Boom</a> (1879–1893)</li> <li><a href="/wiki/Western_Australian_gold_rushes" title="Western Australian gold rushes">Western Australian gold rushes</a> (c. 1880–c. 1900)</li> <li><a href="/wiki/Indiana_gas_boom" title="Indiana gas boom">Indiana gas boom</a> (c. 1880–1903)</li> <li><a href="/wiki/Petroleum_industry_in_Ohio" title="Petroleum industry in Ohio">Ohio oil rush</a> (c. 1880–c. 1930)</li> <li><a href="/wiki/Tierra_del_Fuego_gold_rush" title="Tierra del Fuego gold rush">Tierra del Fuego gold rush</a> (1883–1906)</li> <li><a href="/wiki/Cayoosh_Gold_Rush" title="Cayoosh Gold Rush">Cayoosh Gold Rush</a> (1884)</li> <li><a href="/wiki/Witwatersrand_Gold_Rush" title="Witwatersrand Gold Rush">Witwatersrand Gold Rush</a> (1886)</li> <li><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1886–1890)</li> <li><a href="/wiki/Cripple_Creek_Gold_Rush" title="Cripple Creek Gold Rush">Cripple Creek Gold Rush</a> (c. 1890–c. 1910)</li> <li><a href="/wiki/Klondike_Gold_Rush" title="Klondike Gold Rush">Klondike Gold Rush</a> (1896–1899)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Second Nova Scotia Gold Rush</a> (1896–1903)</li> <li><a href="/wiki/Kobuk_River_Stampede" title="Kobuk River Stampede">Kobuk River Stampede</a> (1897–1899)</li> <li><a href="/wiki/Mount_Baker_gold_rush" title="Mount Baker gold rush">Mount Baker gold rush</a> (1897–c. 1925)</li> <li><a href="/wiki/Nome_Gold_Rush" title="Nome Gold Rush">Nome Gold Rush</a> (1899–1909)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (c. 1900–1918)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1901–1918)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1903–1918)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1909–1918)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Florida_land_boom_of_the_1920s" title="Florida land boom of the 1920s">1920s Florida land boom</a> (c. 1920–1925)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1918–1945)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1918–1945)</li> <li><a href="/wiki/Kakamega_gold_rush" title="Kakamega gold rush">1930s Kakamega gold rush</a></li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Third Nova Scotia Gold Rush</a> (1932–1942)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1945–c. 1950)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1945–c. 1960)</li> <li><a href="/wiki/Poseidon_bubble" title="Poseidon bubble">Poseidon bubble</a> (1969–1970)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">The Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1970s_commodities_boom" title="1970s commodities boom">1970s commodities boom</a></li> <li><a href="/wiki/Mexican_oil_boom" title="Mexican oil boom">Mexican oil boom</a> (1977–1981)</li> <li><a href="/wiki/Silver_Thursday" title="Silver Thursday">Silver Thursday</a> (1980)</li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (c. 1980–1982)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1980s_oil_glut" title="1980s oil glut">1980s oil glut</a></li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (1982–)</li> <li><a href="/wiki/Spanish_property_bubble" title="Spanish property bubble">Spanish property bubble</a> (1985–2008)</li> <li><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble</a> (1986–1990)</li> <li><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble</a> (1995–2000)</li> <li><a href="/wiki/Baltic_states_housing_bubble" title="Baltic states housing bubble">Baltic states housing bubble</a> (2000–2006)</li> <li><a href="/wiki/Irish_property_bubble" title="Irish property bubble">Irish property bubble</a> (c. 2000–2007)</li> <li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2000–2008)</li> <li><a href="/wiki/Danish_property_bubble_of_2000s" title="Danish property bubble of 2000s">2000s Danish property bubble</a> (2001–2006)</li> <li><a href="/wiki/2000s_United_States_housing_bubble" title="2000s United States housing bubble">United States housing bubble</a> (2002–2006)</li> <li><a href="/wiki/Romanian_property_bubble" title="Romanian property bubble">Romanian property bubble</a> (2002–2007)</li> <li><a href="/wiki/Polish_property_bubble" title="Polish property bubble">Polish property bubble</a> (2002–2008)</li> <li><a href="/wiki/Canadian_property_bubble" title="Canadian property bubble">Canadian property bubble</a> (2002–)</li> <li><a href="/wiki/Chinese_property_bubble_(2005%E2%80%932011)" title="Chinese property bubble (2005–2011)">Chinese property bubble</a> (2005–2011)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2005–2008)</li></ul> <ul><li><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">Chinese stock bubble of 2007</a></li> <li><a href="/wiki/Uranium_bubble_of_2007" title="Uranium bubble of 2007">Uranium bubble of 2007</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2008–2014)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2008–)</li> <li><a href="/wiki/Corporate_debt_bubble" title="Corporate debt bubble">Corporate debt bubble</a> (2008–)</li> <li><a href="/wiki/Australian_property_bubble" title="Australian property bubble">Australian property bubble</a> (2010–)</li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a> (2011–)</li> <li><a href="/wiki/Everything_bubble" title="Everything bubble">Everything bubble</a> (2020–21)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Carbon_bubble" title="Carbon bubble">Carbon bubble</a></li> <li><a href="/wiki/Green_bubble" title="Green bubble">Green bubble</a></li> <li><a href="/wiki/Social_media_stock_bubble" title="Social media stock bubble">Social media stock bubble</a></li> <li><a href="/wiki/Unicorn_bubble" title="Unicorn bubble">Unicorn bubble</a></li> <li><a href="/wiki/Higher_education_bubble_in_the_United_States" title="Higher education bubble in the United States">U.S. higher education bubble</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_crises" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_crises" title="Template:Financial crises"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_crises" title="Template talk:Financial crises"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_crises" title="Special:EditPage/Template:Financial crises"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_crises" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crises</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/Bank_run" title="Bank run">Bank run</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Commodity price shocks</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></span></li> <li><span class="nowrap"><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></span></li> <li><span class="nowrap"><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Debt_crisis" title="Debt crisis">Debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis" title="Energy crisis">Energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_contagion" title="Financial contagion">Financial contagion</a></span> <ul><li><span class="nowrap"><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Flash_crash" title="Flash crash">Flash crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation" title="Hyperinflation">Hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Accounting_liquidity" title="Accounting liquidity">Accounting</a></span></li> <li><span class="nowrap"><a href="/wiki/Liquid_capital" title="Liquid capital">Capital</a></span></li> <li><span class="nowrap"><a href="/wiki/Funding_liquidity" title="Funding liquidity">Funding</a></span></li> <li><span class="nowrap"><a href="/wiki/Market_liquidity" title="Market liquidity">Market</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Minsky_moment" title="Minsky moment">Minsky moment</a></span></li> <li><span class="nowrap"><a href="/wiki/Social_crisis" title="Social crisis">Social crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_crash" title="Stock market crash">Stock market crash</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-<a href="/wiki/Commercial_revolution" title="Commercial revolution">1000</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Financial_crisis_of_33" title="Financial crisis of 33">Financial crisis of 33 CE</a></span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_the_Third_Century" title="Crisis of the Third Century">Crisis of the Third Century</a> (235–284 CE)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Great_Bullion_Famine" title="Great Bullion Famine">Great Bullion Famine</a> (c. 1400–c. 1500)</span></li> <li><span class="nowrap"><a href="/wiki/The_Great_Debasement" title="The Great Debasement">The Great Debasement</a> (1544–1551)</span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic stock market crashes</a> (c. 1600–1760)</span></li> <li><span class="nowrap"><i><a href="/wiki/Kipper_und_Wipper" title="Kipper und Wipper">Kipper und Wipper</a></i> (1621–1623)</span></li> <li><span class="nowrap"><a class="mw-selflink selflink">Tulip mania crash</a> (1637)</span></li> <li><span class="nowrap"><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble crash</a> (1720)</span></li> <li><span class="nowrap"><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble crash</a> (1720)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Amsterdam_banking_crisis_of_1763" title="Amsterdam banking crisis of 1763">Amsterdam banking crisis of 1763</a></span></li> <li><span class="nowrap"><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal bubble crash</a> (1769–1784)</span></li> <li><span class="nowrap"><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_history_of_the_Dutch_Republic" title="Financial history of the Dutch Republic">Dutch Republic financial collapse</a> (c. 1780–1795)</span></li> <li><span class="nowrap"><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a></span></li> <li><span class="nowrap"><a href="/wiki/Danish_state_bankruptcy_of_1813" title="Danish state bankruptcy of 1813">Danish state bankruptcy of 1813</a></span></li> <li><span class="nowrap"><a href="/wiki/Commodity_price_shocks" title="Commodity price shocks">Post-Napoleonic Irish grain price and land use shocks</a> (1815–1816)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/European_potato_failure" title="European potato failure">European potato failure</a> (1845–1856)</span> <ul><li><span class="nowrap"><a href="/wiki/Great_Famine_(Ireland)" title="Great Famine (Ireland)">Great Irish Famine</a></span></li> <li><span class="nowrap"><a href="/wiki/Highland_Potato_Famine" title="Highland Potato Famine">Highland Potato Famine</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a></span></li> <li><span class="nowrap"><a href="/wiki/Paris_Bourse_crash_of_1882" title="Paris Bourse crash of 1882">Paris Bourse crash of 1882</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1884" title="Panic of 1884">Panic of 1884</a></span></li> <li><span class="nowrap"><a href="/wiki/Arendal_crash" title="Arendal crash">Arendal crash</a> (1886)</span></li> <li><span class="nowrap"><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890)</span></li> <li><span class="nowrap"><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1890–1893)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Australian_banking_crisis_of_1893" title="Australian banking crisis of 1893">Australian banking crisis of 1893</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1894)" title="Black Monday (1894)">Black Monday</a> (1894)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1896" title="Panic of 1896">Panic of 1896</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a></span></li> <li><span class="nowrap"><a href="/wiki/Shanghai_rubber_stock_market_crisis" title="Shanghai rubber stock market crisis">Shanghai rubber stock market crisis</a> (1910)</span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a></span></li> <li><span class="nowrap"><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_early_Soviet_Russia" title="Hyperinflation in early Soviet Russia">Early Soviet hyperinflation</a> (1917–1924)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic hyperinflation</a> (1921–1923)</span></li> <li><span class="nowrap"><a href="/wiki/Sh%C5%8Dwa_financial_crisis" title="Shōwa financial crisis">Shōwa financial crisis</a> (1927)</span></li> <li><span class="nowrap"><a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a></span></li> <li><span class="nowrap"><a href="/wiki/Panic_of_1930" title="Panic of 1930">Panic of 1930</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/World_War_II" title="World War II">Wartime period</a><br />(1939–1945)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Greece" title="Hyperinflation in Greece">Greek hyperinflation</a> (1941–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hungarian_peng%C5%91#Hyperinflation" title="Hungarian pengő">Hungarian pengő hyperinflation</a> (1945–1946)</span></li> <li><span class="nowrap"><a href="/wiki/Kennedy_Slide_of_1962" title="Kennedy Slide of 1962">Kennedy Slide of 1962</a></span></li> <li><span class="nowrap"><a href="/w/index.php?title=1963%E2%80%931965_Indonesian_hyperinflation&action=edit&redlink=1" class="new" title="1963–1965 Indonesian hyperinflation (page does not exist)">1963–1965 Indonesian hyperinflation</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_hyperinflation" title="Chinese hyperinflation">Chinese hyperinflation</a> (1937-1950)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> (1973–1980)</span></li> <li><span class="nowrap"><a href="/wiki/1973_oil_crisis" title="1973 oil crisis">1973 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1973%E2%80%931974_stock_market_crash" title="1973–1974 stock market crash">1973–1974 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Secondary_banking_crisis_of_1973%E2%80%931975" title="Secondary banking crisis of 1973–1975">Secondary banking crisis of 1973–1975</a></span></li> <li><span class="nowrap"><a href="/wiki/Steel_crisis" title="Steel crisis">Steel crisis</a> (1973–1982)</span></li> <li><span class="nowrap"><a href="/wiki/Latin_American_debt_crisis" title="Latin American debt crisis">Latin American debt crisis</a> (1975–1982)</span></li> <li><span class="nowrap"><a href="/wiki/1976_sterling_crisis" title="1976 sterling crisis">1976 British currency crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1979_oil_crisis" title="1979 oil crisis">1979 oil crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1980–1982)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Brazil" title="Hyperinflation in Brazil">Brazilian hyperinflation</a> (1982–1994)</span></li> <li><span class="nowrap"><a href="/wiki/Souk_Al-Manakh_stock_market_crash" title="Souk Al-Manakh stock market crash">Souk Al-Manakh stock market crash</a> (1982)</span></li> <li><span class="nowrap"><a href="/wiki/Crisis_of_1982" title="Crisis of 1982">Chilean crisis of 1982</a></span></li> <li><span class="nowrap"><a href="/wiki/1983_Israel_bank_stock_crisis" title="1983 Israel bank stock crisis">1983 Israel bank stock crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Black_Saturday_(1983)" title="Black Saturday (1983)">Black Saturday (1983)</a></span></li> <li><span class="nowrap"><a href="/wiki/Savings_and_loan_crisis" title="Savings and loan crisis">Savings and loan crisis</a> (1986–1995)</span></li> <li><span class="nowrap"><a href="/wiki/Cameroonian_economic_crisis" title="Cameroonian economic crisis">Cameroonian economic crisis</a> (1987–2000s)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday (1987)</a></span></li> <li><span class="nowrap"><a href="/wiki/1988%E2%80%931992_Norwegian_banking_crisis" title="1988–1992 Norwegian banking crisis">1988–1992 Norwegian banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble crash</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/Rhode_Island_banking_crisis" title="Rhode Island banking crisis">Rhode Island banking crisis</a> (1990–1992)</span></li> <li><span class="nowrap"><a href="/wiki/1991_Indian_economic_crisis" title="1991 Indian economic crisis">1991 Indian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Sweden_financial_crisis_1990%E2%80%931994" class="mw-redirect" title="Sweden financial crisis 1990–1994">1990s Swedish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1990s_Finnish_banking_crisis" title="1990s Finnish banking crisis">1990s Finnish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Armenian_energy_crisis_of_1990s" class="mw-redirect" title="Armenian energy crisis of 1990s">1990s Armenian energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Special_Period" title="Special Period">Cuban Special Period</a> (1991–2000)</span></li> <li><span class="nowrap"><a href="/wiki/Black_Wednesday" title="Black Wednesday">Black Wednesday (1992 Sterling crisis)</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_the_Federal_Republic_of_Yugoslavia" title="Hyperinflation in the Federal Republic of Yugoslavia">Yugoslav hyperinflation</a> (1992–1994)</span></li> <li><span class="nowrap"><a href="/wiki/1994_bond_market_crisis" title="1994 bond market crisis">1994 bond market crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_1994" title="Venezuelan banking crisis of 1994">Venezuelan banking crisis of 1994</a></span></li> <li><span class="nowrap"><a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> (1994–1996)</span></li> <li><span class="nowrap"><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/October_27,_1997,_mini-crash" title="October 27, 1997, mini-crash">October 1997 mini-crash</a></span></li> <li><span class="nowrap"><a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%931999_Ecuador_economic_crisis" title="1998–1999 Ecuador economic crisis">1998–1999 Ecuador economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></span></li> <li><span class="nowrap"><a href="/wiki/Samba_effect" title="Samba effect">Samba effect</a> (1999)</span></li> <li><span class="nowrap"><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble crash</a> (2000–2004)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_the_September_11_attacks" title="Economic effects of the September 11 attacks">9/11 stock market crash</a> (2001)</span></li> <li><span class="nowrap"><a href="/wiki/2001_Turkish_economic_crisis" title="2001 Turkish economic crisis">2001 Turkish economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/South_American_economic_crisis_of_2002" title="South American economic crisis of 2002">South American economic crisis of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a></span></li> <li><span class="nowrap"><a href="/wiki/2002_Uruguay_banking_crisis" title="2002 Uruguay banking crisis">2002 Uruguay banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2003_Myanmar_banking_crisis" title="2003 Myanmar banking crisis">2003 Myanmar banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_energy_crisis" title="2000s energy crisis">2000s energy crisis</a> (2003–2008)</span></li> <li><span class="nowrap"><a href="/wiki/2004_Argentine_energy_crisis" title="2004 Argentine energy crisis">2004 Argentine energy crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">2007 Chinese stock bubble crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Zimbabwe" title="Hyperinflation in Zimbabwe">Zimbabwean hyperinflation</a> (2007–present)</span></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a><br />(2007–2009)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/2007%E2%80%932008_financial_crisis" title="2007–2008 financial crisis">2007–2008 financial crisis</a></span> <ul><li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_September_2008" title="Global financial crisis in September 2008">September 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_October_2008" title="Global financial crisis in October 2008">October 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_November_2008" title="Global financial crisis in November 2008">November 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_December_2008" title="Global financial crisis in December 2008">December 2008</a></span></li> <li><span class="nowrap"><a href="/wiki/Global_financial_crisis_in_2009" title="Global financial crisis in 2009">2009</a></span></li> <li><span class="nowrap"><a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">Subprime mortgage crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2000s_United_States_housing_market_correction" title="2000s United States housing market correction">2000s U.S. housing market correction</a></span></li> <li><span class="nowrap"><a href="/wiki/United_States_bear_market_of_2007%E2%80%932009" title="United States bear market of 2007–2009">U.S. bear market of 2007–2009</a></span></li> <li><span class="nowrap"><a href="/wiki/2008_Latvian_financial_crisis" title="2008 Latvian financial crisis">2008 Latvian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Belgian_financial_crisis" title="2008–2009 Belgian financial crisis">2008–2009 Belgian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Great_Recession_in_Russia" title="Great Recession in Russia">2008–2009 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932009_Ukrainian_financial_crisis" title="2008–2009 Ukrainian financial crisis">2008–2009 Ukrainian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932011_Icelandic_financial_crisis" title="2008–2011 Icelandic financial crisis">2008–2011 Icelandic financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Post-2008_Irish_banking_crisis" title="Post-2008 Irish banking crisis">2008–2011 Irish banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2008%E2%80%932014_Spanish_financial_crisis" title="2008–2014 Spanish financial crisis">2008–2014 Spanish financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Blue_Monday_Crash_2009" title="Blue Monday Crash 2009">Blue Monday Crash 2009</a></span></li> <li><span class="nowrap"><a href="/wiki/European_debt_crisis" title="European debt crisis">European debt crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Greek_government-debt_crisis" title="Greek government-debt crisis">Greek government-debt crisis</a></span></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2009–present)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><span class="nowrap"><a href="/wiki/Dubai_World" title="Dubai World">2009 Dubai debt standstill</a></span></li> <li><span class="nowrap"><a href="/wiki/Venezuelan_banking_crisis_of_2009%E2%80%932010" title="Venezuelan banking crisis of 2009–2010">Venezuelan banking crisis of 2009–2010</a></span></li> <li><span class="nowrap"><a href="/wiki/2010%E2%80%932014_Portuguese_financial_crisis" title="2010–2014 Portuguese financial crisis">2010–2014 Portuguese financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Energy_crisis_in_Venezuela" title="Energy crisis in Venezuela">Energy crisis in Venezuela</a> (2010–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economy_of_Syria" title="Economy of Syria">Syrian economic crisis</a> (2011–present)</span></li> <li><span class="nowrap"><a href="/wiki/August_2011_stock_markets_fall" title="August 2011 stock markets fall">August 2011 stock markets fall</a></span></li> <li><span class="nowrap"><a href="/wiki/2011_Bangladesh_share_market_scam" title="2011 Bangladesh share market scam">2011 Bangladesh share market scam</a></span></li> <li><span class="nowrap"><a href="/wiki/2012%E2%80%932013_Cypriot_financial_crisis" title="2012–2013 Cypriot financial crisis">2012–2013 Cypriot financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Chinese_Banking_Liquidity_Crisis_of_2013" title="Chinese Banking Liquidity Crisis of 2013">2013 Chinese banking liquidity crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2013%E2%80%93present_economic_crisis_in_Venezuela" title="2013–present economic crisis in Venezuela">Venezuela economic crisis</a> (2013–present)</span></li> <li><span class="nowrap"><a href="/wiki/2014_Brazilian_economic_crisis" title="2014 Brazilian economic crisis">2014–2016 Brazilian economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Puerto_Rican_government-debt_crisis" title="Puerto Rican government-debt crisis">Puerto Rican government-debt crisis</a> (2014–2022)</span></li> <li><span class="nowrap"><a href="/wiki/Russian_financial_crisis_(2014%E2%80%932016)" title="Russian financial crisis (2014–2016)">Russian financial crisis (2014–2016)</a></span></li> <li><span class="nowrap"><a href="/wiki/2015_Nepal_blockade" title="2015 Nepal blockade">2015 Nepal blockade</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_Chinese_stock_market_turbulence" title="2015–2016 Chinese stock market turbulence">2015–2016 Chinese stock market turbulence</a></span></li> <li><span class="nowrap"><a href="/wiki/2015%E2%80%932016_stock_market_selloff" title="2015–2016 stock market selloff">2015–2016 stock market selloff</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_effects_of_Brexit" title="Economic effects of Brexit">Brexit stock market crash</a> (2016)</span></li> <li><span class="nowrap"><a href="/wiki/Hyperinflation_in_Venezuela" title="Hyperinflation in Venezuela">Venezuelan hyperinflation</a> (2016–2022)</span></li> <li><span class="nowrap"><a href="/wiki/2017_Sri_Lankan_fuel_crisis" title="2017 Sri Lankan fuel crisis">2017 Sri Lankan fuel crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Ghana_banking_crisis" title="Ghana banking crisis">Ghana banking crisis</a> (2017–2018)</span></li> <li><span class="nowrap"><a href="/wiki/Turkish_economic_crisis_(2018%E2%80%93current)" title="Turkish economic crisis (2018–current)">Turkish economic crisis</a> (2018–present)</span></li> <li><span class="nowrap"><a href="/wiki/Lebanese_liquidity_crisis" title="Lebanese liquidity crisis">Lebanese liquidity crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Sri_Lankan_economic_crisis_(2019%E2%80%93present)" title="Sri Lankan economic crisis (2019–present)">Sri Lankan economic crisis</a> (2019–present)</span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic" title="Economic impact of the COVID-19 pandemic">COVID-19 pandemic</a></span> <ul><li><span class="nowrap"><a href="/wiki/Financial_market_impact_of_the_COVID-19_pandemic" title="Financial market impact of the COVID-19 pandemic">Financial market impact</a></span></li> <li><span class="nowrap"><a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">2020 stock market crash</a></span></li> <li><span class="nowrap"><a href="/wiki/Early_2020s_recession" class="mw-redirect" title="Early 2020s recession">Recession</a></span></li></ul></li> <li><span class="nowrap"><a href="/wiki/Chinese_property_sector_crisis_(2020%E2%80%93present)" title="Chinese property sector crisis (2020–present)">Chinese property sector crisis</a> (2020–present)</span></li> <li><span class="nowrap"><a href="/wiki/2021%E2%80%932023_inflation_surge" title="2021–2023 inflation surge">2021–2023 inflation surge</a></span></li> <li><span class="nowrap"><a href="/wiki/Economic_impact_of_the_Russian_invasion_of_Ukraine" title="Economic impact of the Russian invasion of Ukraine">2022 Russian financial crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/Pakistani_economic_crisis_(2022%E2%80%93present)" title="Pakistani economic crisis (2022–present)">Pakistani economic crisis</a> (2022–present)</span></li> <li><span class="nowrap"><a href="/wiki/2022_stock_market_decline" title="2022 stock market decline">2022 stock market decline</a></span></li> <li><span class="nowrap"><a href="/wiki/German_economic_crisis_(2022%E2%80%93present)" title="German economic crisis (2022–present)">2022–2024 German economic crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023_United_States_banking_crisis" title="2023 United States banking crisis">2023 United States banking crisis</a></span></li> <li><span class="nowrap"><a href="/wiki/2023%E2%80%932024_Egyptian_financial_crisis" title="2023–2024 Egyptian financial crisis">2023–2024 Egyptian financial crisis</a></span></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="nowrap"><a href="/wiki/List_of_banking_crises" title="List of banking crises">List of banking crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_sovereign_debt_crises" title="List of sovereign debt crises">List of sovereign debt crises</a></span></li> <li><span class="nowrap"><a href="/wiki/List_of_stock_market_crashes_and_bear_markets" title="List of stock market crashes and bear markets">List of stock market crashes and bear markets</a></span></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economic_and_financial_history_of_the_Netherlands" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economic_history_of_the_Netherlands" title="Template:Economic history of the Netherlands"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economic_history_of_the_Netherlands" title="Template talk:Economic history of the Netherlands"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economic_history_of_the_Netherlands" title="Special:EditPage/Template:Economic history of the Netherlands"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economic_and_financial_history_of_the_Netherlands" style="font-size:114%;margin:0 4em"><a href="/wiki/Category:Economic_history_of_the_Netherlands" title="Category:Economic history of the Netherlands">Economic and financial history of the Netherlands</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economic_history_of_the_Netherlands_(1500%E2%80%931815)" title="Economic history of the Netherlands (1500–1815)">Economic history of the Netherlands (1500–1815)</a></li> <li><a href="/wiki/Dutch_guilder" title="Dutch guilder">Dutch guilder</a></li> <li><a href="/wiki/Amsterdam_Entrep%C3%B4t" title="Amsterdam Entrepôt">Amsterdam Entrepôt</a></li> <li><a class="mw-selflink selflink">Tulip mania</a></li> <li><a href="/wiki/Dutch_disease" title="Dutch disease">Dutch disease</a></li> <li><a href="/wiki/Whaling_in_the_Netherlands" title="Whaling in the Netherlands">Whaling in the Netherlands</a></li> <li><a href="/wiki/Polder_model" title="Polder model">Polder model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Main institutions</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Pre-1815</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Euronext_Amsterdam" title="Euronext Amsterdam">Amsterdam Stock Exchange</a></li> <li><a href="/wiki/Bank_of_Amsterdam" title="Bank of Amsterdam">Bank of Amsterdam</a></li> <li><a href="/wiki/Brabantsche_Compagnie" title="Brabantsche Compagnie">Brabantsche Compagnie</a></li> <li><a href="/wiki/Compagnie_van_Verre" title="Compagnie van Verre">Compagnie van Verre</a></li> <li><a href="/wiki/Dutch_East_India_Company" title="Dutch East India Company">Dutch East India Company</a></li> <li><a href="/wiki/Dutch_West_India_Company" title="Dutch West India Company">Dutch West India Company</a></li> <li><a href="/wiki/New_Netherland_Company" title="New Netherland Company">New Netherland Company</a></li> <li><a href="/wiki/Noordsche_Compagnie" title="Noordsche Compagnie">Noordsche Compagnie</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Post-1815</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/De_Nederlandsche_Bank" title="De Nederlandsche Bank">De Nederlandsche Bank</a></li> <li><a href="/wiki/Philips" title="Philips">Philips</a></li> <li><a href="/wiki/Fokker" title="Fokker">Fokker</a></li> <li><a href="/wiki/KLM" title="KLM">KLM</a></li> <li><a href="/wiki/Stichting_Max_Havelaar" title="Stichting Max Havelaar">Stichting Max Havelaar</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox authority-control" aria-labelledby="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q219217#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div id="Authority_control_databases_frameless&#124;text-top&#124;10px&#124;alt=Edit_this_at_Wikidata&#124;link=https&#58;//www.wikidata.org/wiki/Q219217#identifiers&#124;class=noprint&#124;Edit_this_at_Wikidata" style="font-size:114%;margin:0 4em"><a href="/wiki/Help:Authority_control" title="Help:Authority control">Authority control databases</a> <span class="mw-valign-text-top noprint" typeof="mw:File/Frameless"><a href="https://www.wikidata.org/wiki/Q219217#identifiers" title="Edit this at Wikidata"><img alt="Edit this at Wikidata" src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, 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