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I was having trouble putting this into words, but now after having a think, I liked when Goldgar got into the historical context of the crisis. To heavily parap
by dmos62 7y ago
I was having trouble putting this into words, but now after having a think, I liked when Goldgar got into the historical context of the crisis. To heavily paraphrase, in that stratified society, speculation appeared to be a way to climb the social ladder. The article's author, the one quoting Goldgar, obviously didn't interpret it this way.
I'm not saying Goldgar sees the tulip bubble that way, or that it's a historically accurate narrative, but it's miles better than saying it was caused by "fools and greed", which is similar to saying that something was caused by evil. I guess my principal point is that stupidity, greed and evil are fundamentally socioeconomic symptoms, in that they are not explanations of themselves.