Think of the Netherlands and what comes to mind? A windmill, a pair of clogs and a field of tulips. The tulip is the country’s symbol, but not many know that it was a botanist from Arras who helped bring that about. His name was Charles de l’Écluse, and he brought the tulip bulb to the attention of the Dutch in the 16th century. It was love at first sight. As a scientist, not an economist, he could hardly have guessed that this flower would cause the biggest stock market bubble and crash in history. But it did. In 1637, massive demand caused the price of tulips to soar to record-breaking levels. Speculators were going crazy – at one point, a single bulb was valued at the same price as a house! Incredible but true.
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