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Early Financial Panics

Early Financial Panics - E arly Financial Panics Early...

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Early Financial Panics Early Modern Era (1500-1700’s), new commodities, colonies, global commerce, joint-stock companies, stock markets, financial panics Speculation: those who believe the prices will keep climbing, those who think they’re smart enough to get out before prices collapse Tulip Mania Dutch Tulip Mania, 1630’s Netherlands 1600’s Dutch had highest standard of living & controlled ½ of Europe’s shipping trade First Modern Stock Market, Amsterdam 1600’s Tulips domesticated by Turks, reached west Europe mid 1500’s Dutch became extremely fascinated by flowers and paid high prices for bulbs 1590’s Dutch cultivated flowers themselves, 1634 start of mania some bulbs produced flowers so rare they were more 100x their weight in gold, flower beds guarded by armed men Most valuable tulip: Semper Augustus, one bulb 25-500000$ US today Viceroy Bulb also very valuable sometimes sold for full estates Tulip bulbs and tulip futures (speculators promising to pay a
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