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The Traditional Image of Tulipmania
Descriptions of the tulip speculation always are framed in a context of doubt about how the Dutch, usually so astute in their speculations, could have been caught in such an obvious blunder. Modern references to the episode depend on the brief description in Mackay ([1841] 1852). The tulip originated in Turkey but diffused into Western Europe only in the middle of the sixteenth century, carried first to Austria by a fancier of the flower. The tulip was immediately accepted by the wealthy as a beautiful and rare flower, appropriate for the most stylish gardens. The market was for durable bulbs, not flowers. As in so many other markets, the Dutch dominated that for tulips, initiating the development of methods to create new flower varieties. The bulbs that commanded high prices produced unique, beautifully patterned flowers; common tulips were sold at much lower prices. Beginning in 1634, nonprofessionals entered the tulip trade in large numbers. According to Mackay, individual
