What happened in the Netherlands in 1637 is the blueprint for many examples of speculative frenzies in the world’s history: in an incomparable attack of collective madness and boundless greed, the country’s citizens put their money into market speculation – involving derivatives, futures, options and investment certificates – all for tulip bulbs. People sold all they had for a few plants or financial products involving the plants’ bulbs. The prices and market values of these colorful blossoms soared. Some bulbs were sold for the same price as a grand villa.
