or, how the dutch departed from reason during the 1630’s. michael coates (michel) elementary...
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Or, how the Dutch departed from reason during the 1630’s.
Michael Coates (Michel)Elementary French – Level 2
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Originally Bred in the Ottoman Empire
Generally Bulbous
Over 100 species2
Grows in almost every country in the world.
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Usually grown from bulbs
Susceptible to a Virus
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Charles de l’Écluse
Worked at the Hortus Botanicus
Planted TulipsBulbs were
continually stolen from his garden.
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4.8 tons of Wheat 9.6 tons of Rye 4 “Fat” Oxen 8 “Fat” Swine 12 “Fat” Sheep 126 gallons of Wine 464 gallons of Beer 2 tons of butter 1000 pounds of
cheese “A complete bed” A suit of clothes A silver drinking cup
2500ƒ
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True Market Forces
The Mosaic Virus
Speculation
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Supply and Demand
Cultivation of Tulips
French Demand for bulbs encouraged investment
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Caused streaking on the flowers petals
Weakened the cultivation cycle of the flower
The Virus was unpredictable
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The whole system relied upon the Mythical final customer
Demand began to taper off when the price began to reach extremes
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In February 1637, the market completely collapsed.
The investors who bought bulbs were unable to unload them onto customers
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When contracts started to be annulled the government step in.
Contracts were enforced up to 3.5% of the contract’s value
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1 Nusteling, H. (1985) Welvaart en Werkgelegenheid in Amsterdam 1540–1860, pp. 114, 252, 254, 258.
2 "WCSP". World Checklist of Selected Plant Families. Mackay, Charles (1841), Memoirs of Extraordinary Popular Delusions and the Madness of
Crowds, London