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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 intrinsic value 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 ...
The first volume begins with a discussion of three economic bubbles, or financial manias: the South Sea Company bubble of 1711–1720, the Mississippi Company bubble of 1719–1720, and the Dutch tulip mania of the early seventeenth century.
Dutch Republic: A bubble (1633–37) in the Dutch Republic during which contracts for bulbs of tulips reached extraordinarily high prices, and suddenly collapsed. [1] The Mississippi Bubble: 1720 Kingdom of France: Banque Royale by John Law stopped payments of its note in exchange for specie and as result caused economic collapse in France ...
Dutch tulip farmers prepare for 'topping,' when they run cutting machines through fields, lopping off the colorful flower heads.
A tulip, known as "the Viceroy", displayed in a 1637 Dutch catalog. Its bulb cost between 3,000 and 4,200 guilders (florins) depending on size. A skilled craftsman at the time earned about 300 guilders a year. During this period the flourishing of Dutch painters became emblematic of the Golden Age in Dutch culture.
Here I stop to enjoy another Dutch treat: apple pie. The flaky pastry, surrounding layers of crunchy apple, is immensely satisfying and gives me a feeling of contentment. Thijs nods wisely.
On a windy spring morning, the robot trundled Tuesday along rows of yellow and red “goudstuk” tulips, checking each plant and, when necessary, killing diseased bulbs to prevent the spread of the tulip-breaking virus. The dead bulbs are removed from healthy ones in a sorting warehouse after they have been harvested.
Other classic examples of bubbles include the 17th century Dutch tulip mania, Japan’s real estate and stock bubble in the 1980s, the 18th century South Sea bubble and the U.S. stock market of ...