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Long Term Economic Growth – 1860–1965: A Statistical Compendium. Business Booms and Depressions since 1775, a chart of the past trend of price inflation, federal debt, business, national income, stocks and bond yields for the United States from 1775 to 1943. Budget of the United States Government.
By the late 17th century, Virginia's export economy was largely based on tobacco, and new, richer settlers came in to take up large portions of land, build large plantations and import indentured servants and slaves. In 1676, Bacon's Rebellion occurred, but was suppressed by royal officials.
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The economic history of the United States began with British settlements along the Eastern seaboard in the 17th and 18th centuries. After 1700, the United States gained population rapidly, and imports as well as exports grew along with it.
- October 1, 2022 – September 30, 2023
- 340,332,281 (August 30, 2023)
- Background and History
- Available Price Data
- Mackay's Madness of Crowds
- Modern Views
- Social Mania and Legacy
- Further Reading
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The Dutch tulip business
The introduction of the tulip to Europe is often questionably attributed to Ogier de Busbecq, the ambassador of Charles V, Holy Roman Emperor, to Sultan Suleiman the Magnificent, who sent the first tulip bulbs and seeds to Vienna in 1554 from the Ottoman Empire. Tulip bulbs, along with other new plant life like potatoes, peppers, tomatoes, and other vegetables, came to Europe in the 16th century. These bulbs were soon distributed from Vienna to Augsburg, Antwerp, and Amsterdam. Their populari...
Speculative period
As the flowers grew in popularity, professional growers paid higher and higher prices for bulbs with the virus, and prices rose steadily. By 1634, in part as a result of demand from the French, speculators began to enter the market.The contract price of rare bulbs continued to rise throughout 1636. By November, the price of common, "unbroken" bulbs also began to increase, so that soon any tulip bulb could fetch hundreds of guilders. Forward contracts were used to buy bulbs at the end of the s...
The lack of consistently recorded price data from the 1630s makes the extent of the tulip mania difficult to discern. The bulk of available data comes from an anonymous satire, Dialogues between Waermondt and Gaergoedt, written just after the bubble. Economist Peter M. Garber[de] collected data on the sales of 161 bulbs of 39 varieties between 1633...
The modern discussion of tulip mania began with the book Extraordinary Popular Delusions and the Madness of Crowds, published in 1841 by the Scottish journalist Charles Mackay. He proposed that crowds of people often behave irrationally, and tulip mania was, along with the South Sea Bubble and the Mississippi Company scheme, one of his primary exam...
Mackay's account of inexplicable mania was unchallenged, and mostly unexamined, until the 1980s. Research into tulip mania since then, especially by proponents of the efficient-market hypothesis, suggests that his story was incomplete and inaccurate. In her 2007 scholarly analysis Tulipmania, Anne Goldgar states that the phenomenon was limited to "...
The popularity of Mackay's tale has continued to this day, with new editions of Extraordinary Popular Delusions appearing regularly, with introductions by writers such as financier Bernard Baruch (1932), financial writer Andrew Tobias (1980), psychologist David J. Schneider (1993), and journalist Michael Lewis (2008).[citation needed] Goldgar argue...
Boissoneault, Lorraine (September 18, 2017). "There Never Was a Real Tulip Fever". Smithsonian. Washington, D.C. Archived from the original on December 19, 2022. Retrieved December 19, 2022.Cos, Pieter (1637), Verzameling van een meenigte tulipaanen, naar het leven geteekend met hunne naamen, en swaarte der bollen, zoo als die publicq verkogt zijn, te Haarlem in den jaare A. 1637, doo...Hooper, William R. (April 1876). "The Tulip Mania". Harper's New Monthly Magazine. Vol. 52, no. 340. New York. pp. 743–746. ISSN 0017-789X.Mackay, Charles (1869). Memoirs of Extraordinary Popular Delusions and the Madness of Crowds. Vol. 1. London; New York: G. Routledge. OCLC 1157140147. (volume 1; volume 2)Wageningen Tulip Portal Archived April 30, 2011, at the Wayback Machine, an extensive collection of historical resources, including scanned images of 17th-century Dutch tulip books and pamphlets, f...Debunking the Tulip Bubble, Joseph Solis-Mullen, Mises Institute, October 2021"Economic History of the United States: Precolonial and Colonial Periods" published on by Oxford University Press. The economy of territory that became the United States evolved dramatically from ca. 1000 ce to 1776.
Mercantilism. Seaport at sunset, a painting by Claude Lorrain, completed in 1639 at the height of mercantilism. Mercantilism is a nationalist economic policy that is designed to maximize the exports and minimize the imports for an economy. In other words, it seeks to maximize the accumulation of resources within the country and use those ...
The technological and industrial history of the United States describes the emergence of the United States as one of the most technologically advanced nations in the world in the 19th and 20th centuries. The availability of land and literate labor, the absence of a landed aristocracy, the prestige of entrepreneurship, the diversity of climate ...