What happened in the Netherlands in 1637 is a blueprint for the speculative frenzies of modern times. In an 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. Fake profits led to a full-blown crash. How did such an enormous bubble arise?

What happened in the Netherlands in 1637 is a blueprint for the speculative frenzies of modern times. In an 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. Fake profits led to a full-blown crash. How did such an enormous bubble arise?