Tulip mania was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels.
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10 Facts About Tulip mania
2.
In many ways, the tulip mania was more of a then-unknown socio-economic phenomenon than a significant economic crisis.
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3.
Many modern scholars believe that the Tulip mania was not as destructive as he described, but was limited to cliques of urban artisans.
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4.
Tulip mania planted his collection of tulip bulbs and found that they were able to tolerate the harsher conditions of the Low Countries.
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5.
Tulip mania was different from other flowers known to Europe at that time, because of its intense saturated petal colour.
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6.
Tulip mania proposed that crowds of people often behave irrationally, and tulip mania was, along with the South Sea Bubble and the Mississippi Company scheme, one of his primary examples.
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7.
Tulip mania's account was largely sourced from a 1797 work by Johann Beckmann titled A Tulip mania'story of Inventions, Discoveries, and Origins.
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8.
The Tulip mania finally ended, Mackay says, with individuals stuck with the bulbs they held at the end of the crash—no court would enforce payment of a contract, since judges regarded the debts as contracted through gambling, and thus not enforceable by law.
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9.
Tulip mania thought that the aftermath of the tulip price deflation led to a widespread economic chill throughout the Netherlands for many years afterwards.
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10.
Mackay's account of inexplicable Tulip mania was unchallenged, and mostly unexamined, until the 1980s.
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