Tulip mania

Short description: 17th-century economic bubble in the Netherlands

"Tulip fever" redirects here. For the film, see Tulip Fever.

A tulip, known as "the Viceroy" (viseroij), displayed in the 1637 Dutch catalogue Verzameling van een Meenigte Tulipaanen ("Collection of a Crowd of Tulips"). Its bulb was offered for sale for between 3,000 and 4,200 guilders (florins) depending on weight (gewooge). A skilled artisan at the time earned about 300 guilders a year.[1]

Tulip mania (Dutch: tulpenmanie) 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. The major acceleration started in 1634 and then dramatically collapsed in February 1637. It is generally considered to have been the first recorded speculative bubble or asset bubble in history.[2] In many ways, the tulip mania was more of a then-unknown socio-economic phenomenon than a significant economic crisis. It had no critical influence on the prosperity of the Dutch Republic, which was one of the world's leading economic and financial powers in the 17th century, with the highest per capita income in the world from about 1600 to about 1720.[3][4] The term tulip mania is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.[5][6]

Forward markets appeared in the Dutch Republic during the 17th century. Among the most notable was one centred on the tulip market.[7][8] At the peak of tulip mania, in February 1637, certain 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 comes from biased and speculative sources.[9][10] 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 hyacinth, 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.

The 1637 event gained attention in 1841 with the publication of the book Extraordinary Popular Delusions and the Madness of Crowds, written by Scottish journalist Charles Mackay, who wrote that at one point 5 hectares (12 acres) of land were offered for a Semper Augustus bulb.[11] Mackay claimed that many investors were ruined by the fall in prices, and Dutch commerce suffered a severe shock. Although Mackay's book is often referenced, his account is contested.[12] Many modern scholars believe that the mania was not as destructive as he described.[13][14][15][16]

## Contents

* 1 Background and history
* 2 Examples
* 3 See also
* 4 References
* 5 External links
* 5.1 The Dutch tulip business
* 5.2 Speculative period
* 6 Available price data
* 7 Mackay's Madness of Crowds
* 8 Modern views
* 8.1 Rational explanations
* 8.2 Natural volatility in flower prices
* 8.2.1 Critiques
* 8.3 Legal changes
* 9 Social mania and legacy
* 10 References
* 11 Sources
* 12 Further reading
* 13 External links

## Background and history

Circa (disambiguation)}}Template:TWCleanup2Circa (from la 'around, about, roughly, approximately') - frequently abbreviated ca. or c. and less frequently circ., cca. or cc. - signifies "approximately" in several European languages and is used as a loanword in English, usually in reference to a date.[17] Circa is widely used in historical writing when the dates of events are not accurately known. When used in date ranges, circa is applied before each approximate date, while dates without circa immediately preceding them are generally assumed to be known with certainty.

## Examples

*1732–1799: Both years are known precisely. *c. 1732 – 1799: The beginning year is approximate; the end year is known precisely. *1732 – c. 1799: The beginning year is known precisely; the end year is approximate. *c. 1732 – c. 1799: Both years are approximate.

## See also

*Floruit

## References

1. ↑ Nusteling 1985, pp. 114, 252, 254, 258
2. ↑ Shiller 2005, p. 85 More extensive discussion of status as the earliest bubble on pp. 247–48.
3. ↑ Kaletsky, Anatole: Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis. (PublicAffairs, 2010), pp. 109–10. Anatole Kaletsky: "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."
4. ↑ Gieseking, Jen Jack; Mangold, William; et al.: The People, Place, and Space Reader. (Routledge, 2014, ISBN 978-0-415-66497-4), p. 151. As Witold Rybczynski (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.
5. ↑ French 2006, p. 3
6. ↑ Fowler, Mark; Felton, Bruce (1 August 2004). The Best, Worst, & Most Unusual: Noteworthy Achievements, Events, Feats & Blunders of Every Conceivable Kind. Galahad. ISBN 978-0-88365-861-1.
7. ↑ Chew, Donald H. (2008). Corporate Risk Management. Columbia University Press. ISBN 978-0-231-14362-2.
8. ↑ Pavaskar, Madhoo (2016). Commodity Derivatives Trading: Theory and Regulation. Notion Press. ISBN 978-1-945926-22-8.
9. ↑ Cite error: Invalid `<ref>` tag; no text was provided for refs named `Kuper`
10. ↑ A pamphlet about the Dutch tulipomania Wageningen Digital Library, July 14, 2006. Retrieved on August 13, 2008.
11. ↑ "Mackay, Charles (1856). "3. The Tulipomania". Memoirs of Extraordinary Popular Delusions and the Madness of Crowds. G. Routledge & Co.. pp. 85–. https://books.google.com/books?id=RmUPAAAAYAAJ&pg=PA85.
12. ↑ Logan, P.M. (Spring 2003). "The Popularity of Popular Delusions: Charles Mackay and Victorian Popular Culture". Cultural Critique 54 (54): 213–241. doi:10.1353/cul.2003.0035.
13. ↑ Goldgar, Anne (February 12, 2018), "Tulip mania: the classic story of a Dutch financial bubble is mostly wrong", The Conversation (Boston, MA), https://theconversation.com/tulip-mania-the-classic-story-of-a-dutch-financial-bubble-is-mostly-wrong-91413, retrieved February 13, 2018
14. ↑ Thompson 2007, p. 99
15. ↑ Kindleberger & Aliber 2005, p. 115
16. ↑ Quinn, William; Turner, John D. (2020). "1. The Bubble Triangle". Boom and bust: a global history of financial bubbles. Cambridge University Press. ISBN 978-1-108-37313-5. https://www.cambridge.org/core/books/boom-and-bust/bubble-triangle/69A0FE87E88998B0C2EF57167B4CF235. "Probably the most famous absentee from our study is the Dutch Tulipmania of 1636–7, which witnessed the rapid price appreciation of rare tulip bulbs in late 1636, followed by a 90 per cent depreciation in bulb prices in February 1637. This is excluded for the simple reason that the price reversal was exclusively confined to a thinly traded commodity, with no associated promotion boom and negligible economic impact. In other words, the Tulipmania was too unremarkable to merit inclusion. Although the wild fluctuations in price are striking, they are not unusual for markets in rare and unusual goods, particularly those that signaled status. In the case of the Tulipmania these fluctuations were compounded by legal ambiguity over the status of futures contracts, suggesting that the price movements may have had a somewhat mundane explanation."
17. ↑ "circa". Dictionary.com. http://dictionary.reference.com/browse/circa.

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) 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.

### The Dutch tulip business

The introduction of the tulip to Europe is often attributed to Ogier de Busbecq, the ambassador of Charles V, Holy Roman Emperor, to Sultan Suleiman the Magnificent, who sent the first tulip bulbs and seeds to Vienna in 1554 from the Ottoman Empire.[1][2] Tulip bulbs, along with other new plant life like potatoes, peppers, tomatoes, and other vegetables, came to Europe in the 16th century.[3] These bulbs were soon distributed from Vienna to Augsburg, Antwerp, and Amsterdam.[4]

Their popularity and cultivation in the United Provinces (now the Netherlands)[5] started in earnest around 1593 after the Southern Netherlandish botanist Carolus Clusius had taken up a post at the University of Leiden and established the hortus academicus.[6] He planted his collection of tulip bulbs and found that they were able to tolerate the harsher conditions of the Low Countries.[7] Shortly thereafter, the tulip grew in popularity.[8]

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 status symbol coincides with the rise of newly independent Holland's trade fortunes. No longer the Spanish Netherlands, its economic resources could now be channelled into commerce and Holland embarked on its Golden Age. Amsterdam merchants were at the centre of the lucrative East Indies trade, where one voyage could yield profits of 400%.[9]

Anonymous 17th-century watercolour of the Semper Augustus, famous for being the most expensive tulip sold during the tulip mania

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 Couleren; the multicolored Rosen (white streaks on a red or pink background); Violetten (white streaks on a purple or lilac background); and the rarest of all, the Bizarden ('Bizarres') (yellow or white streaks on a red, brown, or purple background).[10] 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 mosaic virus, known as the "tulip breaking virus", so called because it "breaks" the one petal colour into two or more.[11][12] Less conspicuously, the virus also progressively impairs the tulip's production of daughter bulbs.[13] The historian Philipp Blom theorised in his book, Nature's mutiny, that the mania might also have been driven by the effects of the Little Ice Age, which left most other flowers dry and shrivelled by the temperature, while the tulip was the one which sustained itself.[14]

Growers named their new varieties with exalted titles. Many early forms were prefixed Admirael ('admiral'), often combined with the growers' names: Admirael van der Eijck was perhaps the most highly regarded of about fifty so named. Generael ('general') was another prefix used for around thirty varieties. Later varieties were given even more extravagant names, derived from Alexander the Great or Scipio, or even "Admiral of Admirals" and "General of Generals". Naming could be haphazard and varieties highly variable in quality.[15] Most of these varieties have now died out.[16]

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 spot market) occurred during these months.[13] During the rest of the year, florists, or tulip traders, signed forward contracts before a notary to buy tulips at the end of the season.[13] Thus the Dutch, who developed many of the techniques of modern finance, created a market for tulip bulbs, which were durable goods.[5] Short selling 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.[17]

### Speculative period

Wagon of Fools by Hendrik Gerritsz Pot, 1637. Haarlem weavers chase a wind-borne wagon flying a fool's cap flag. Flora, goddess of flowers, rides aboard to destruction in the sea with the vices Fraud, Gluttony and Avarice, Mrs. Mania, and Idle Hope/Fortuna. A standardized price index 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.[18]

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.[19] 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.[20]

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 margin, nor a mark-to-market margin, and all contracts were with the individual counter-parties rather than with the Exchange. The Dutch described tulip contract trading as windhandel (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.[20]

The Tulip Folly, by Jean-Léon Gérôme, 1882

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.[21] A contemporary satire suggests that the crisis started to unravel at 3 February in Haarlem, where an auctioneer failed to find willing buyers, despite lowering the asking price several times.[22][23] The actual circumstances of the crash are unknown.[24][25] 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.[26] On February 7, tulip growers scrambled in Utrecht to elect representatives for a national assembly in Amsterdam.[25] 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.[27]

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.[24][28] The matter was brought before the Court of Holland, which declined to rule one way or the other and referred the question back to the city councils.[29] The legislature of Holland decided to cancel all contracts to allow fresh deals to be struck during the summer.[30] In Haarlem the issue dragged on, since the government left it to the parties to solve their issues by arbitration or other means. In Maym the city ruled that buyers could cancel any extant contracts at a fee of 3.5% of the price.[30] The Dutch court system remained busy with a number of tulip disputes throughout 1639.[31] In the end, most contracts were simply never honored.[32][33]

## Available price data

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, Dialogues between Waermondt and Gaergoedt, written just after the bubble. Economist Peter M. Garber (de) collected data on the sales of 161 bulbs of 39 varieties between 1633 and 1637, with 53 being recorded in the Dialogues.[34]

Ninety eight 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 apples and oranges", according to Garber.[34]

## Mackay's Madness of Crowds

Basket of goods allegedly exchanged for a single bulb of the Viceroy[35] Item | Value

|

Two lasts of wheat | 448ƒ
Four lasts of rye | 558ƒ
Four fat oxen | 480ƒ
Eight fat swine | 240ƒ
Twelve fat sheep | 120ƒ
Two hogsheads of wine | 70ƒ
Four tuns of beer | 32ƒ
Two tuns of butter | 192ƒ
1,000 lbs. of cheese | 120ƒ
A complete bed | 100ƒ
A suit of clothes | 80ƒ
A silver drinking cup | 60ƒ
Total | 2500ƒ

The modern discussion of tulip mania began with the book Extraordinary Popular Delusions and the Madness of Crowds, published in 1841 by the Scottish journalist Charles Mackay. He 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. His account was largely sourced from a 1797 work by Johann Beckmann titled A History of Inventions, Discoveries, and Origins.[36] Beckmann in turn used several available sources, but all of them drew heavily from the satirical Dialogues that were written to mock the speculators.[37] Mackay's vivid book was popular among generations of economists and stock market participants. His popular but flawed description of tulip mania as a speculative bubble remains prominent, even though since the 1980s economists have debunked many aspects of his account.[37]

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".[38] By 1635, a sale of 40 bulbs for 100,000 florins (also known as Dutch guilders) 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.[38]

By 1636, tulips were traded on the exchanges 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 Semper Augustus bulbs, or a single bulb of the Viceroy that, he said, was purchased in exchange for a basket of goods (shown in table) worth 2,500 florins.[35]

> 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.[38]

Pamphlet from the Dutch tulipomania, printed in 1637

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.[38] However, tulips are poisonous if prepared incorrectly, taste bad, and are considered to be only marginally edible even during famines.[39] This directly contradicts Mackay's claim that the tulip bulb had been "quite delicious".[38]

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 speculative bubble 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.[38]

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.[38]

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.[38]

## Modern views

Mackay's account of inexplicable mania was unchallenged, and mostly unexamined, until the 1980s.[40] Research into tulip mania since then, especially by proponents of the efficient-market hypothesis,[41] suggests that his story was incomplete and inaccurate. In her 2007 scholarly analysis Tulipmania, Anne Goldgar 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 propaganda and a prodigious amount of plagiarism".[42] 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."[43]

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.[44] 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.[45] 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.[46]

Still Life with Flowers (1639), by Hans Bollongier (1623–1672), showcases the prized Semper Augustus tulip.

### Rational explanations

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 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 five times the cost of an average house at the time.[47]

The increases of the 1630s corresponded with a lull in the Thirty Years' War.[48] In 1634–1635 the German and Swedish armies lost ground in the South of Germany; then Cardinal-Infante Ferdinand of Austria moved north. After the Peace of Prague the French and the Dutch decided to support the Swedish and German Protestants with money and arms against the Habsburg empire, and to occupy the Spanish Netherlands in 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.

### Natural volatility in flower prices

Garber compared the available price data on tulips to hyacinth 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.[49]

Garber notes that, "a small quantity of prototype lily 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.[50] 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.[51]

#### Critiques

Other economists believe that these elements cannot completely explain the dramatic rise and fall in tulip prices.[52] Garber's theory has also been challenged for failing to explain a similar dramatic rise and fall in prices for regular tulip bulb contracts.[53] Some economists also point to other factors associated with speculative bubbles, such as a growth in the supply of money, demonstrated by an increase in deposits at the Bank of Amsterdam during that period.[54]

### Legal changes

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

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.[47] 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)[55] that changed the way tulip contracts functioned:

> 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.[56]

Before this parliamentary decree, the purchaser of a tulip contract—known in modern finance as a forward contract—was legally obliged to buy the bulbs. The decree changed the nature of these contracts, so that if the current market price fell, the purchaser could opt to pay a penalty and forgo receipt of the bulb, rather than pay the full contracted price. This change in law meant that, in modern terminology, the forward contracts had been transformed into options contracts—contracts which were extremely favourable to the buyers. 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 [...] 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."[56]

Thompson concludes that "the real victims of the contractual conversion" were the investors who had bought forward contracts prior to November 30, 1636, on the incorrect assumption that their contracts would benefit from the February 1637 decree.[56] 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"[57]—a factor unrelated to the intrinsic value of the tulip bulbs themselves.

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."[57]

## Social mania and legacy

A modern-day field of tulips in the Netherlands; the flower remains a popular symbol of the Netherlands. 19th century painting depicting Tulip Mania, by Johannes Hinderikus Egenberger

The popularity of Mackay's tale has continued to this day, with new editions of Extraordinary Popular Delusions appearing regularly, with introductions by writers such as financier Bernard Baruch (1932), financial writer Andrew Tobias (1980),[58] psychologist David J. Schneider (1993), and journalist Michael Lewis (2008). 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."[59] 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.[60] 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".[61]

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".[62]

Nearly a century later, during the crash of the Mississippi Company and the South Sea Company in about 1720, tulip mania appeared in satires of these manias.[63] When Beckmann first described tulip mania in the 1780s, he compared it to the failing lotteries of the time.[64] In Goldgar's view, even many modern popular works about financial markets, such as Burton Malkiel's A Random Walk Down Wall Street (1973) and John Kenneth Galbraith's A Short History of Financial Euphoria (1990; written soon after the crash of 1987), used the tulip mania as a lesson in morality.[65][66][67]

Tulip mania became a popular reference during the dot-com bubble of 1995–2001,[65][68] and the subprime mortgage crisis of 2007–2010.[69][70] In 2013, Nout Wellink, former president of the Dutch Central Bank, described Bitcoin as "worse than the tulip mania", adding, "At least then you got a tulip, now you get nothing."[71] Despite the mania's enduring popularity, Daniel Gross has said of economists offering efficient-market explanations for the mania, "If they're correct [...] then business writers will have to delete Tulipmania from their handy-pack of bubble analogies."[72]

## References

1. ↑ Pavord 2014, p. 4, Introduction.
2. ↑ Knight, Timothy (2014). "1. Tulip Madness". Panic, Prosperity, and Progress: Five Centuries of History and the Markets. Wiley. p. 1. doi:10.1002/9781118746127.ch1. ISBN 978-1-118-74612-7. OCLC 872646309.
3. ↑ Harford, Tim (2020-03-04). "Are we wrong about what happened with Tulip Mania?" (in en-GB). BBC News. https://www.bbc.com/news/business-51311368.
4. ↑ Brunt, Alan; Walsh, John (May 2005). "'Broken' tulips and Tulip breaking virus". Microbiology Today: 68. https://microbiologysociety.org/asset/5F3178FD-5CA2-4390-87AF707FC33619A0/.
5. ↑ 5.0 5.1 Garber 1989, p. 537
6. ↑ Dash 2011, pp. 59–60.
7. ↑ Goldgar 2007, p. 32.
8. ↑ Goldgar 2007, p. 33.
9. ↑ Ricklefs, M.C. (1991). A History of Modern Indonesia Since c. 1300 (2nd ed.). MacMillan. p. 27. ISBN 0-8047-2194-7. OCLC 28522080.
10. ↑ Dash 2011, p. 66.
11. ↑ Phillips, S. "Tulip breaking potyvirus ", in Brunt, A. A., Crabtree, K., Dallwitz, M. J., Gibbs, A. J., Watson, L. and Zurcher, E. J. (eds.) (1996 onwards). Plant Viruses Online: Descriptions and Lists from the VIDE Database. Version: August 20, 1996. Retrieved on August 15, 2008.
12. ↑ Garber 1989, p. 542
13. ↑ 13.0 13.1 13.2 Garber 1989, pp. 541–42
14. ↑ Blom, Philipp (2019). Nature's mutiny: how the Little Ice Age transformed the West and shaped the present. London: Picador. ISBN 978-1-5098-9041-5.
15. ↑ Dash 2011, pp. 106–107.
16. ↑ Garber 2000, p. 41.
17. ↑ Garber 2000, pp. 33–36
18. ↑ Thompson 2007, pp. 101, 109–11
19. ↑ Garber 1989, p. 543
20. ↑ 20.0 20.1 Goldgar 2007, p. 322.
21. ↑ Garber 2000, p. 45.
22. ↑ Dash 2011.
23. ↑ Goldgar 2007, p. 230.
24. ↑ 24.0 24.1 Garber 2000, p. 61.
25. ↑ 25.0 25.1 Goldgar 2007, p. 229–230.
26. ↑ Goldgar 2007, p. 187.
27. ↑ French 2006, p. 10.
28. ↑ Goldgar 2007, p. 187, 236.
29. ↑ Goldgar 2007, p. 296.
30. ↑ 30.0 30.1 Garber 2000, p. 62.
31. ↑ Goldgar 2007, p. 315.
32. ↑ Garber 2000, p. 77.
33. ↑ Goldgar 2007, p. 216–217.
34. ↑ 34.0 34.1 Garber 2000, pp. 49–59, 138–44.
35. ↑ 35.0 35.1 This basket of goods was actually exchanged for a bulb according to Chapter 3 of Mackay (1841) and also Schama (1997), but Krelage (1942) and Garber (2000), pp. 81–83 dispute this interpretation of the original source, an anonymous pamphlet, saying that the commodity bundle was clearly given only to demonstrate the value of the florin at the time.
36. ↑ Goldgar 2007, pp. 5–6.
37. ↑ 37.0 37.1 Garber 1990, p. 37
38. ↑ 38.0 38.1 38.2 38.3 38.4 38.5 38.6 38.7 Cite error: Invalid `<ref>` tag; no text was provided for refs named `Chap3`
39. ↑ Deane, Green. "Tulips". Eat the Weeds. http://www.eattheweeds.com/tulips-famine-food-appetizer-assistant-2/.
40. ↑ Garber 1989, p. 535
41. ↑ Cite error: Invalid `<ref>` tag; no text was provided for refs named `Kindleberger 2005 115`
42. ↑ Kuper, Simon (May 12, 2007). "Petal Power". Financial Times. https://www.ft.com/content/8ad786dc-fe95-11db-bdc7-000b5df10621. (Review of Goldgar 2007)
43. ↑ Garber 2000, p. 81
44. ↑ Goldgar 2007, p. 141.
45. ↑ Goldgar 2007, pp. 247–48.
46. ↑ Goldgar 2007, p. 233.
47. ↑ 47.0 47.1 Thompson 2007, p. 100
48. ↑ Thompson 2007, p. 103
49. ↑ Garber 1989, pp. 553–54
50. ↑ Garber 1989, p. 555
51. ↑ Garber 1989, pp. 555–56
52. ↑ Kindleberger & Aliber 2005, pp. 115–16
53. ↑ Cite error: Invalid `<ref>` tag; no text was provided for refs named `French 2006 3`
54. ↑ French 2006, pp. 11–12
55. ↑ Thompson 2007, pp. 103–04
56. ↑ 56.0 56.1 56.2 Thompson 2007, p. 101
57. ↑ 57.0 57.1 Thompson 2007, p. 109
58. ↑ Introduction by Andrew Tobias to Extraordinary Popular Delusions and the Madness of Crowds (New York: Harmony Press, 1980) available at Andrew Tobias: Money and Other Subjects . Retrieved on August 12, 2008
59. ↑ Goldgar 2007, p. 18.
60. ↑ Media, Everest (19 May 2022) (in en). Summary of Todd Rose's Collective Illusions. Everest Media LLC. ISBN 979-8-8225-1713-4. https://books.google.com/books?id=SZt6EAAAQBAJ&q=collective+illusions. Retrieved November 12, 2023.
61. ↑ Goldgar 2007, pp. 276–277.
62. ↑ Goldgar 2007, pp. 260–261.
63. ↑ Goldgar 2007, pp. 307–309.
64. ↑ Goldgar 2007, p. 313.
65. ↑ 65.0 65.1 Goldgar 2007, p. 314.
66. ↑ Galbraith 1994, p. 34.
67. ↑ Malkiel 2007, pp. 35–38
68. ↑ Frankel, Mark (April 4, 2004). "When the Tulip Bubble Burst", Business Week.
69. ↑ "Bubble and Bust; As the subprime mortgage market tanks, policymakers must keep their nerve ", The Washington Post, August 11, 2007. Retrieved on July 17, 2008.
70. ↑ Horton, Scott. "The Bubble Bursts", Harper's, January 27, 2008. Retrieved on July 17, 2008.
71. ↑ "Bitcoin hype worse than 'tulip mania', says Dutch central banker ", The Guardian, December 4, 2013.
72. ↑ Gross, Daniel. "Bulb Bubble Trouble; That Dutch tulip bubble wasn't so crazy after all ", Slate, July 16, 2004. Retrieved on November 4, 2011.

## Sources

* Dash, Mike (2011). Tulipomania: The Story of the World's Most Coveted Flower and the Extraordinary Passions It Aroused. New York: Three Rivers Press. ISBN 978-0-307-56082-7. https://books.google.com/books?id=AAX3nngAfjQC.
* De Vries, Jan (1976). The Economy of Europe in an Age of Crisis, 1600–1750. Cambridge University Press. ISBN 978-0-521-29050-0. https://archive.org/details/economyofeuropei00devr/page/n5/mode/2up.
* French, Doug (2006). "The Dutch Monetary Environment during Tulipmania". The Quarterly Journal of Austrian Economics (Auburn, Alabama: Ludwig von Mises Institute) 9 (1): 3–14. doi:10.1007/s12113-006-1000-6. ISSN 1098-3708. https://mises.org/library/dutch-monetary-environment-during-tulipmania#:~:text=Total balances more than doubled,Amsterdam's deposits increased 42 percent. Retrieved December 19, 2022.
* Galbraith, John Kenneth (1994). A Short History of Financial Euphoria (2nd ed.). Penguin Books. ISBN 978-0-670-85028-0. https://books.google.com/books?id=MSV2qipgf9IC. Retrieved March 21, 2023.
* Garber, Peter M. (1989). "Tulipmania". Journal of Political Economy (The University of Chicago Press) 97 (3): 535–560. doi:10.1086/261615. ISSN 0022-3808. https://www.jstor.org/stable/1830454. Retrieved December 19, 2022.
* Garber, Peter M. (1990), "Famous First Bubbles", The Journal of Economic Perspectives 4 (2): 35–54, doi:10.1257/jep.4.2.35
* Garber, Peter M. (2000), Famous First Bubbles: The Fundamentals of Early Manias, MIT Press, ISBN 978-0-262-07204-5
* Goldgar, Anne (2007). Tulipmania: Money, Honor, and Knowledge in the Dutch Golden Age. University of Chicago Press. ISBN 978-0-226-30125-9. https://books.google.com/books?id=gViwLbCJ7X0C. Retrieved September 17, 2017.
* Krelage, E. H. (1942), Bloemenspeculatie in Nederland, Amsterdam: P. N. van Kampen & Zoon
* Kindleberger, Charles P.; Aliber, Robert (2005), Manias, Panics, and Crashes: A History of Financial Crises (5th ed.), Wiley, ISBN 978-0-471-46714-4
* Mackay, Charles (1841), Memoirs of Extraordinary Popular Delusions and the Madness of Crowds, London: Richard Bentley
* Malkiel, Burton G. (2007), A Random Walk Down Wall Street (9th ed.), W.W. Norton, ISBN 978-0-393-06245-8
* Nusteling, Hubert (1985). Welvaart en Werkgelegenheid in Amsterdam 1540–1860. Amsterdam: De Bataafsche Leeuw. ISBN 978-90670-7-082-9.
* Pavord, Anna (2014), The Tulip: The Story of a Flower That Has Made Men Mad, Bloomsbury Publishing, ISBN 978-1-4088-5903-2
* Schama, Simon (1997), The Embarrassment of Riches: An Interpretation of Dutch Culture in the Golden Age, Alfred Knopf, ISBN 978-0-394-51075-0
* Shiller, Robert J. (2005), Irrational Exuberance (2nd ed.), Princeton University Press, ISBN 978-0-691-12335-6
* Thompson, Earl A. (2007). "The Tulipmania: Fact or Artifact?". Public Choice 130 (1–2): 99–114. doi:10.1007/s11127-006-9074-4. http://www.dklevine.com/archive/thompson-tulips.pdf. Retrieved November 19, 2022.

## Further reading

* Boissoneault, Lorraine (18 September 2017). "There Never Was a Real Tulip Fever". Smithsonian (Washington, D.C.). https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/.
* Cos, Pieter (1637) (in nl), 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, Haarlem: [s.n.], 75 pl, http://library.wur.nl/tulips/blauw_content.html, retrieved August 11, 2008
* Hooper, William R. (April 1876). "The Tulip Mania". Harper's New Monthly Magazine (New York) 52 (340): 743–6. ISSN 0017-789X. https://archive.org/details/harpers-1876-vol-52/page/743/mode/2up?q=.
* Mackay, Charles (1869). Memoirs of Extraordinary Popular Delusions and the Madness of Crowds. 1. London; New York: G. Routledge. OCLC 1157140147. (volume 1; volume 2)
* Pollan, Michael (2002). The Botany of Desire. Random House. ISBN 978-0-375-76039-6. https://archive.org/details/botanyofdesire00poll.

## External links

* Wageningen Tulip Portal , an extensive collection of historical resources, including scanned images of 17th-century Dutch tulip books and pamphlets, from Wageningen UR Library
* Debunking the Tulip Bubble, Joseph Solis-Mullen, Mises Institute, October 2021
* Examples of Tulip Books in the Fagel Collection at the Library of Trinity College Dublin, digitised here

* v
* t
* e

Financial bubbles

* Commodity booms
* Credit cycle
* Diamond rush
* Gold rush
* Irrational exuberance
* Oil boom
* Real estate bubble
* Stock market bubble

1000–1760|

* Tulip mania (1634–1637)
* Mississippi bubble (1684–1720)
* Brazilian Gold Rush (c. 1690–1760)
* South Sea bubble (1711–1720)

1760–1840|

* Brazilian Gold Rush (1760–1840)
* Canal Mania (c. 1790–c. 1810)
* Carolina Gold Rush (1802–1825)
* 1810s Alabama real estate bubble
* Georgia Gold Rush (1828–c. 1840)
* 1830s Chicago real estate bubble
* Chilean silver rush (1830–1840)

1840–1870|

* Chilean silver rush (1840–1850)
* Railway Mania (c. 1840–c. 1850)
* Brazilian Gold Rush (1840–1870)
* California Gold Rush (1848–1855)
* Queen Charlottes Gold Rush (1851)
* Victorian gold rush (1851–c. 1870)
* New South Wales gold rush (1851–1880)
* Australian gold rushes (1851–1914)
* Fraser Canyon Gold Rush (1858)
* Pike's Peak Gold Rush (1858–1861)
* Rock Creek Gold Rush (1859)
* Pennsylvania oil rush (1859–1891)
* Similkameen Gold Rush (1860)
* Stikine Gold Rush (1861)
* Colorado River mining boom (1861–1864)
* Otago Gold Rush (1861–1864)
* Cariboo Gold Rush (1861–1867)
* First Nova Scotia Gold Rush (1861–1874)
* Wild Horse Creek Gold Rush (1864–1865)
* Leechtown Gold Rush (1864–1865)
* West Coast Gold Rush (1864–1867)
* Big Bend Gold Rush (c. 1865)
* Vermilion Lake Gold Rush (1865–1867)
* Kildonan Gold Rush (1869)
* Omineca Gold Rush (1869)

1870–1914|

* 1870s Lapland gold rush
* Coromandel Gold Rushes (c. 1870–c. 1890)
* Cassiar Gold Rush (c. 1870–c. 1890)
* Brazilian Gold Rush (1870–c. 1900)
* Black Hills Gold Rush (1874–1880)
* Colorado Silver Boom (1879–1893)
* Western Australian gold rushes (c. 1880–c. 1900)
* Indiana gas boom (c. 1880–1903)
* Ohio oil rush (c. 1880–c. 1930)
* Tierra del Fuego gold rush (1883–1906)
* Cayoosh Gold Rush (1884)
* Witwatersrand Gold Rush (1886)
* Encilhamento (1886–1890)
* Cripple Creek Gold Rush (c. 1890–c. 1910)
* Klondike Gold Rush (1896–1899)
* Second Nova Scotia Gold Rush (1896–1903)
* Kobuk River Stampede (1897–1899)
* Mount Baker Gold Rush (1897–c. 1925)
* Nome Gold Rush (1899–1909)
* Fairbanks Gold Rush (c. 1900–1918)
* Texas oil boom (1901–1918)
* Cobalt silver rush (1903–1918)
* Porcupine Gold Rush (1909–1918)

1918–1939|

* 1920s Florida land boom (c. 1920–1925)
* Fairbanks Gold Rush (1918–c. 1930)
* Texas oil boom (1918–1945)
* Cobalt silver rush (1918–c. 1930)
* Porcupine Gold Rush (1918–1945)
* 1930s Kakamega gold rush
* Third Nova Scotia Gold Rush (1932–1942)

1945–1973|

* Texas oil boom (1945–c. 1950)
* Porcupine Gold Rush (1945–c. 1960)
* Poseidon bubble (1969–1970)

1973–1982|

* Mexican oil boom (1977–1981)
* Silver Thursday (1980)
* New Zealand property bubble (c. 1980–1982)

1982–2007|

* 1980s oil glut
* New Zealand property bubble (1982–)
* Spanish property bubble (1985–2008)
* Japanese asset price bubble (1986–1990)
* Dot-com bubble (1995–2000)
* Baltic states housing bubble (2000–2006)
* Irish property bubble (c. 2000–2007)
* 2000s commodities boom (2000–2008)
* 2000s Danish property bubble (2001–2006)
* Indian property bubble (2001–2007)
* United States housing bubble (2002–2006)
* Romanian property bubble (2002–2007)
* Polish property bubble (2002–2008)
* Canadian property bubble (2003–2008)
* Chinese property bubble (2005–11)
* Lebanese housing bubble (2005–2008)
* Bulgarian property bubble (2006–2008)
* North Dakota oil boom (2006–2008)
* Chinese stock bubble of 2007
* Uranium bubble of 2007

Post–2008|

* North Dakota oil boom (2008–2012)
* 2000s commodities boom (2008–2014)
* Canadian property bubble (2008–2019)
* Lebanese housing bubble (2008–)
* Australian property bubble (2010–)
* Cryptocurrency bubble (2011–)

* AI winter
* Carbon bubble
* Chaotic bubble
* The Green Bubble
* Social media bubble
* Unicorn bubble
* U.S. higher education bubble

* v
* t
* e

Financial crises

* Banking panic
* Bear market
* Credit crunch
* Credit cycle
* Currency crisis
* Debt crisis
* Energy crisis
* Flash crash
* Hyperinflation
* Liquidity crisis
* Minsky moment
* Stock market crash

Pre–1000|

* Crisis of the Third Century (CE 235–284)

1000–1760|

* Great Bullion Famine (c. 1400–c. 1500)
* The Great Debasement (1544–1551)
* Kipper und Wipper (1621–1623)
* Tulip mania crash (1637)
* South Sea bubble crash (1720)
* Mississippi bubble crash (1720–1721)

1760–1840|

* Amsterdam banking crisis of 1763
* Bengal bubble crash (1769–1784)
* Crisis of 1772
* Dutch Republic financial collapse (c. 1780–1795)
* Panic of 1785
* Copper Panic of 1789
* Panic of 1792
* Panic of 1796–97
* Danish state bankruptcy of 1813
* Panic of 1819
* Panic of 1825
* Panic of 1837

1840–1870|

* Panic of 1847
* Panic of 1857
* Panic of 1866
* Black Friday (1869)

1870–1914|

* Panic of 1873
* Paris Bourse crash of 1882
* Panic of 1884
* Arendal crash (1886)
* Baring crisis (1890)
* Encilhamento (1890–1893)
* Panic of 1893
* Australian banking crisis of 1893
* Black Monday (1894)
* Panic of 1896
* Panic of 1901
* Panic of 1907
* Shanghai rubber stock market crisis (1910)
* Panic of 1910–11

1918–1939|

* Early Soviet hyperinflation (1917–1924)
* Weimar Republic hyperinflation (1921–1923)
* Shōwa financial crisis (1927)
* Wall Street Crash of 1929
* Panic of 1930

1945–1973|

* Kennedy Slide of 1962

1973–1982|

* 1970s energy crisis (1973–1980)
* 1973 oil crisis
* 1973–74 stock market crash
* Secondary banking crisis of 1973–1975
* Latin American debt crisis (1975–1982)
* 1976 IMF crisis
* 1979 oil crisis
* Brazilian hyperinflation (1980–1982)

1982–2007|

* Brazilian hyperinflation (1982–1994)
* Souk Al-Manakh stock market crash (1982)
* Chilean crisis of 1982
* 1983 Israel bank stock crisis
* Black Saturday (1983)
* Savings and loan crisis (1986–1995)
* Black Monday (1987)
* 1988–1992 Norwegian banking crisis
* Friday the 13th mini-crash (1989)
* Japanese asset price bubble crash (1990–1992)
* 1990 oil price shock
* Rhode Island banking crisis (1990–1992)
* 1991 Indian economic crisis
* 1990s Swedish banking crisis (1991–1992)
* 1990s Finnish banking crisis (1991–1993)
* 1990s Armenian energy crisis (1991–1995)
* Cuban Special Period (1991–2000)
* Black Wednesday (1992)
* 1992 Colombian energy crisis
* 1994 bond market crisis
* Venezuelan banking crisis of 1994
* Mexican peso crisis (1994)
* 1997 Asian financial crisis
* October 27, 1997 mini-crash
* 1998 Russian financial crisis
* 1998–99 Ecuador financial crisis
* Samba effect (1999)
* California electricity crisis (2000–01)
* Dot-com bubble crash (2000–2004)
* 2001 Turkish economic crisis
* 9/11 stock market crash (2001)
* Stock market downturn of 2002
* South American economic crisis of 2002
* 2002 Uruguay banking crisis
* 2003 Myanmar banking crisis
* 2000s energy crisis (2003–2008)
* 2004 Argentine energy crisis
* Nigerian energy supply crisis (2005–)
* 2007 Chinese stock bubble crash
* Zimbabwean hyperinflation (2007–)

2007–08|

* U.S. housing market correction (2006–07)
* 2008 Bulgarian energy crisis
* 2008 Central Asia energy crisis
* 2008 Latvian financial crisis
* 2008–09 Belgian financial crisis
* 2008–09 Russian financial crisis
* 2008–09 Ukrainian financial crisis
* 2008–2011 Icelandic financial crisis
* 2008–2011 Irish banking crisis
* 2008–2014 Spanish financial crisis
* European debt crisis
* Greek government-debt crisis
* Subprime mortgage crisis
* U.S. bear market of 2007–2009

Post–2008|

* 2009 Ecuador electricity crisis
* 2009 Dubai debt standstill
* Venezuelan banking crisis of 2009–10
* 2010 Flash Crash
* 2010–2014 Portuguese financial crisis
* Energy crisis in Venezuela (2010–)
* 2011 Tōhoku earthquake and tsunami stock market crash
* August 2011 stock markets fall
* 2011 Bangladesh share market scam
* 2012–13 Cypriot financial crisis
* 2013 Chinese banking liquidity crisis
* Venezuela economic crisis (2013–)
* Gaza electricity crisis (2013–)
* 2014–2016 Brazilian economic crisis
* Puerto Rican government-debt crisis (2014–)
* 2014–2017 Russian financial crisis
* 2015–16 Chinese stock market turbulence
* 2015–16 stock market selloff
* Zulia energy collapse (2015–)
* Brexit stock market crash (2016)
* 2016 Southeastern U.S. gas shortage
* Venezuelan hyperinflation (2016–)
* 2017 Sri Lankan fuel crisis
* Ghana banking crisis (2017–18)
* 2018 cryptocurrency crash
* 2018 Turkish currency and debt crisis

* List of banking crises
* List of economic crises
* List of sovereign debt crises
* List of stock market crashes and bear markets

* v
* t
* e

Economic, financial and business history of the Netherlands

General|

* Economy of the Netherlands from 1500–1700
* Economic history of the Netherlands (1500–1815)
* Economic history of the Dutch Republic
* Financial history of the Dutch Republic
* Dutch Financial Revolution (1580s–1700s)
* Dutch economic miracle (1580s–ca.1700)
* Early modern industrialization in the Dutch Republic (1580s–1700s)
* Dutch guilder
* Amsterdam Entrepôt
* Tulip mania
* Whaling in the Netherlands
* Diamond industry in the Dutch Republic
* Sugar industry in the Dutch Republic
* Shipbuilding industry in the Dutch Republic
* Pulp and paper industry in the Dutch Republic
* Hollander beater
* History of the chocolate industry
* Dutch process chocolate
* Polder model

Key institutions|

| Pre-1815|

* Amsterdam Stock Exchange (Beurs van Hendrick de Keyser)
* Bank of Amsterdam (Amsterdamsche Wisselbank)
* Brabantsche Compagnie
* Compagnie van Verre
* Dutch East India Company (VOC)
* Dutch West India Company (WIC/GWIC)
* New Netherland Company
* Noordsche Compagnie

|

Post-1815|

* De Nederlandsche Bank
* Philips
* Fokker
* KLM
* Stichting Max Havelaar

Notable business and
financial innovators|

* Louis De Geer
* Gerard Adriaan Heineken
* Isaac Le Maire
* Johan Palmstruch
* Anton Philips
* Gerard Philips
* Nico Roozen
* Coenraad Johannes van Houten
* Anthony Fokker
* Frans van der Hoff

Pioneering innovations|

* Multinational corporation
* Transnational corporation
* Public company (publicly traded company, publicly listed company)
* Megacorporation
* Corporate finance
* Central bank
* Initial public offering (IPO)
* Stock market
* Stock exchange
* Securitization
* Common stock
* Corporate bond
* Perpetual bond
* Collective investment schemes (investment funds)
* Dividend (dividend policy)
* Dutch auction
* Fairtrade certification
* Government debt
* Financial regulation
* Investment banking
* Mutual fund
* Bear raid
* Short selling (naked short selling)
* Shareholder activism (activist shareholder)
* Shareholder revolt (shareholder rebellion)
* Technical analysis
* Tontine

Others|

* Dutch disease
* Economic bubble (speculative bubble)
* Stock market crash
* History of capitalism
* Economic miracle
* Economic boom
* Economic growth
* Global economy
* International trade
* International business
* International financial centre
* Economic globalization (corporate globalization)
* Finance capitalism
* Financial system
* Financial revolution

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