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By Richard Bowker, Criterium Cycles director
In the early part of the 17th Century, the famous Tulip Mania gripped Holland. Steadily rising prices of tulip bulbs had tempted ordinary people to borrow money and speculate in tulip futures, so much so that bulbs were being sold and resold, many times over, without even leaving the ground. The crash came almost overnight in 1637 when rumours surfaced over the sustainability of the market. The price structure collapsed almost immediately, resulting in financial ruin for many ordinary Dutch families.
It remains an important lesson in what can happen when economic fundamentals and common sense are ignored as people become swept up ‘in the moment’.