3 ms·
A small inaccuracy: the South Sea Bubble was not the first speculation bubble. Tulip Mania took place almost a century earlier. https://en.m.wikipedia.org/wiki
by sejtnjir 3y ago
A small inaccuracy: the South Sea Bubble was not the first speculation bubble. Tulip Mania took place almost a century earlier.
https://en.m.wikipedia.org/wiki/Tulip_mania https://en.m.wikipedia.org/wiki/Tulip_mania
- Cilvic 3y ago>the world’s first stock market crash
- _maelstrom 3y agoIt's buried in the wikipedia article, but these stories of tulips being a giant society collapsing bubble "come from propaganda pamphlets published by Dutch Calvinists worried that the tulip-propelled consumerism boom would lead to societal decay."[1] “There weren’t that many people involved and the economic repercussions were pretty minor,” Goldgar [author of "Tulipmania" and a professor of early modern history at King’s College London] says. “I couldn’t find anybody that went bankrupt. If there had been really a wholesale destruction of the economy as the myth suggests, that would’ve been a much harder thing to face.”[1] [1] https://www.smithsonianmag.com/history/there-never-was-real-tulip-fever-180964915/ https://www.smithsonianmag.com/history/there-never-was-real-...