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At the peak of tulip mania in Holland, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble. The term "tulip mania" is now often used metaphorically to refer to any large economic bubble (when asset prices deviate from intrinsic values).
The event was popularized in 1841 by British journalist Charles Mackay. According to Mackay, at one point 12 acres of land were offered for a Semper Augustus bulb. Mackay claims that many such investors were ruined by the fall in prices, and Dutch commerce suffered a severe shock. Some modern scholars, however, feel that the mania was not quite as extraordinary as Mackay described. Some even argue that not enough price data remain, historically, to represent an all out tulip bulb bubble.
In her 2007 scholarly analysis Tulipmania, Anne Goldgar states that the phenomenon was limited to "a fairly small group" , and that most accounts from the period are based on a few contemporary pieces of propaganda. While Mackay's account held that a wide array of society was involved in the tulip trade, Goldgar's study of archived contracts found that even at its peak the trade in tulips was conducted almost exclusively by merchants and skilled craftsmen who were wealthy, but not members of the nobility. Thus, any economic fallout from the bubble was very limited. Goldgar, who identified many prominent buyers and sellers in the market, found fewer than half a dozen who experienced financial troubles in the time period, and even of these cases it is not clear that tulips were to blame. This is not altogether surprising. Although prices had risen, money had not exchanged hands between buyers and sellers. Thus profits were never realized for sellers; unless sellers had made other purchases on credit in expectation of the profits, the collapse in prices did not cause anyone to lose money.
There is no dispute that prices for tulip bulb contracts rose and then fell in 1636–37, but even a dramatic rise and fall in prices does not necessarily mean that an economic or speculative bubble developed and then burst. For tulip mania to have qualified as an economic bubble, the price of tulip bulbs would need to have become unhinged from the intrinsic value of the bulbs. Modern economists have advanced several possible reasons for why the rise and fall in prices may not have constituted a bubble. For one, the increases of the 1630s corresponded with a lull in the Thirty Years' War, which occurred between 1618 and 1648. Hence market prices were responding rationally to a rise in demand. However, the fall in prices was faster and more dramatic than the rise, and did not result from a sudden resurgence in the war.
[阅读&逻辑 ]新版冲分救命题 -11894
Select the sentence that presents a conventional requirement that is rejected by the author of the passage.
[阅读&逻辑 ]精选题 -11861
Which of the following, if true of the cave, most weakens the argument?
[阅读&逻辑 ]精选题 -11860
It can be inferred that the “sediments
[阅读&逻辑 ]精选题 -11859
Which of the following best describes the issue raised by the question in the highlighted portion of the passage?
[阅读&逻辑 ]精选题 -11858
It can be inferred that which of the following is true of the “geologic evidence”?
[阅读&逻辑 ]精选题 -11857
Which of the following elements in the debate over the origin of Varanus is NOT provided in the passage?
[阅读&逻辑 ]精选题 -11856
It can be inferred from the passage that the geographical distribution of the Komodo dragon is
[阅读&逻辑 ]精选题 -11855
Which of the following, if discovered to be true, would most tend to suggest that the “correlation” mentioned in the passage held true for the people of the West Branch site?
[阅读&逻辑 ]精选题 -11854
The final sentence of the passage primarily serves to do which of the following?
[阅读&逻辑 ]精选题 -11853
The passage implies which of the following about beavers?
[阅读&逻辑 ]精选题 -11852
The passage provides support for which of the following statements about beaver dams?
[阅读&逻辑 ]精选题 -11851
According to the passage, which of the following best accounts for the apparent bias in antelope-migration direction?
[阅读&逻辑 ]精选题 -11850
The author of the passage implies that during the
[阅读&逻辑 ]精选题 -11849
According to the passage, which of the following is true of an Eurasia-Africa land bridge during ice ages?
[填空 ]精选题 -11843
The political upheaval caught most people by surprise: despite the ______ warning of some commentators, it had never seemed that imminent.
[填空 ]精选题 -11842
Even if the story now seems a surprisingly innocuous overture to the author’s later, more fully developed narrations, it ____ some of the key traits of those bleaker tales.
[填空 ]精选题 -11841
William Perkins, his ______ speaking style notwithstanding, has long been seen as the moderate face of his political party.
[填空 ]精选题 -11840
Just because, as a photographer, Friedlander (i)____ places that most people consider ugly does not mean that he is out to prove they are beautiful. Instead, his work suggests that the photographer simply cannot ignore so much of the built American landscape but is obligated to (ii)_____ what we pass through day in and day out, regardless of (iii)_____.
[填空 ]精选题 -11839
In the search for truth, the knowledge gained by scientists consists of approximations with varying degrees of certainty. Such (i)_____ truth can be highly (ii)_____, as the rapid and relatively steady progress of medical knowledge well exemplifies.
[填空 ]精选题 -11838
History teaches us that science is not _________ enterprise, indeed, it is quite the opposite, a motley assortment of tools designed to safeguard researchers against their own biases.
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