Tulips were introduced into Europe in the mid-sixteenth century from Turkey, and soon became a craze in Holland. This reached its height in 1633–37, when there was intense speculation in the tulip market. Some single tulip bulbs sold for more than ten times the annual income of a skilled crafts worker. The market collapsed dramatically in February 1637.
The South Sea Company was set up to manage government debt and promote overseas trade. Debt-for-equity swaps and noise traders caused share prices to soar until the bubble burst in 1720. See Helen Paul’s article on pp. 2–5 for the full story.
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