Wikipedia:Today's featured article/September 30, 2008

Tulip mania was a period in the Dutch Golden Age during which contract prices for bulbs of the newly-introduced tulip reached extraordinarily high levels and then suddenly collapsed. At the peak of tulip mania in February 1637 tulip contracts sold for more than 20 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble. The event was popularized in 1841 by the book Extraordinary Popular Delusions and the Madness of Crowds, written by British journalist Charles Mackay. According to Mackay, at one point 12 acres of land was offered for a Semper Augustus bulb. Mackay claims that many such investors were ruined by the fall in prices, and Dutch commerce suffered a severe shock. Although Mackay's book is a classic that is widely reprinted today, his account is controversial. Modern scholars believe that the mania was not as extraordinary as Mackay described, with some suggesting that no economically meaningful bubble occurred. (more...)

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