IS THE TULIP ABOUT TO BECOME THE US' NATIONAL FLOWER? | WHAT REALLY HAPPENED

IS THE TULIP ABOUT TO BECOME THE US' NATIONAL FLOWER?

In the early 1600s, as the global economy moved from "production for consumption" into "production for profit", Dutch trading and business had become so efficient that merchants were finding themselves contracting for products that did not yet exist. The Dutch called it "Trading on the wind", a reference to the Dutch trading ships that sailed the Atlantic.

In 1636, increasing demand for newly created varieties of tulips set off a speculative cycle of ever higher prices. Tulip bulbs were bought and sold unseen. Huge fortunes (on paper) were created seemingly overnight.

Then, in 1637, the market crashed. People were ruined. The entire Dutch credit system was almost destroyed and the effects of the crash were felt across Europe.

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