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Tulip Mania and the First Speculative Bubble
In 17th-century Holland, tulips became more valuable than houses—not because of their utility, but because traders believed prices would rise forever. This episode reconstructs the mechanics of history's first documented speculative bubble, examining how a virus-infected flower became a financial instrument, how futures contracts emerged in taverns, and why the crash was less catastrophic than popular myth suggests. We analyze the role of scarcity, aesthetics, and emerging middle-class wealth in creating conditions for irrational exuberance, while challenging the conventional narrative that…
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