The Netherlands, 1637. Horticultural experiments were creating many new varieties of tulips that were being well received, particularly by the affluent. As large numbers of people bought the new tulip varieties, dealers seized the opportunity. They sold the bulbs by weight for high prices while they were still underground, and tulipomania was born, with incomes of sixty thousand guilders per month being the norm. The striving for wealth knew no boundaries: small businesses and family heirlooms were sold to participate in the tulip trade. The government recognised the dangers and tried to intervene, but nothing could halt the speculation.
Things went wrong when a group of traders could not achieve the price they had relied on. Rumours started to fly and the market collapsed like a pack of cards. Two month later Tulipomania was over, leaving behind thousands of exporters with only their debts.
