Tulipmania

Goods allegedly exchanged for a single bulb of the Viceroy
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 tons of butter	192ƒ
1,000 lb. of cheese	120ƒ
A complete bed	100ƒ
A suit of clothes	80ƒ
A silver drinking cup	60ƒ
Total	2500ƒ

Tulip mania, tulipmania, or tulipomania (Dutch names include: tulpenmanie, tulpomanie, tulpenwoede, tulpengekte and bollengekte) was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then dramatically collapsed in February 1637. It is generally considered the first recorded speculative bubble (or economic bubble), although some researchers have noted that the Kipper-und Wipperzeit (literally Tipper and See-saw) episode in 1619–22, a Europe-wide chain of debasement of the metal content of coins to fund warfare, featured mania-like similarities to a bubble. In many ways, the tulip mania was more of a hitherto unknown socio-economic phenomenon than a significant economic crisis (or financial crisis). And historically, it had no critical influence on the prosperity of the Dutch Republic, the world's leading economic and financial power in the 17th century. The term "tulip mania" is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.

In Europe, formal futures markets appeared in the Dutch Republic during the 17th century. Among the most notable centered on the tulip market, at the height of Tulipmania. At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsworker. Research is difficult because of the limited economic data from the 1630s—much of which come from biased and very speculative sources. 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 immediately fell. The high asset 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.

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