1. ST JOHN’S SCHOOL AND COMMUNITY COLLEGE
To What Extent Has
Tulipmania Been
Misrepresented
Throughout History?
Candidate Number: 003075-0001
Joseph Ballard
Words: 3,965

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Abstract
It was from the many fantastical stories that I first became interested in the tulip speculative
bubble. What was going through the mind of this, otherwise, sensible nation? Upon further
research, I discovered that much of what we know about Tulipmania today has been taken
from relatively few contemporary sources1, some of which were of questionable purpose
and origin. After initial frustration when focusing on the causes and consequences of this
financial speculation, I started to consider how there could be so much source material on a
subject with limited contemporary data. Upon reading Goldgar’s Tulipmania I resolved to
change my research focus to how the crisis has been portrayed throughout history.
In this essay I have attempted to explore to what extent Tulipmania has been
misrepresented. I have referenced what I believe to be the most influential source material
responsible for telling this story from a range of time periods. Although there are those
sources surrounding this story that are lost to me, I would like to think, that the few I have
selected paint a picture of the ways in which Tulipmania has been represented through the
ages.
When considering the sparse sources which exist surrounding the tulip speculation today, it
would be understandable to form an opinion of the event that would be exaggerated. The
fantastic stories which surround Tulipmania of a country ruined by greed or of the fortunes
exchanged for a single bulb are mostly exaggerated by propaganda. It is from these
warnings and this satirical propaganda that much of our “knowledge” of Tulipmania has
come.
In my opinion there is no question that Tulipmania has been vastly misrepresented based on
these biased contemporary sources and there are numerous examples of how the story has
moulded to fit irrelevant moral arguments2.
Abstract: 298 words

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Contents
Abstract.......................................................................................................................................2
Introduction.................................................................................................................................4
Representation at the Time 1637-1700 .......................................................................................... 5
Later Representations 1800-1900..................................................................................................8
Modern Representations 1990-Present Day................................................................................. 10
Conclusion ................................................................................................................................. 11
Appendix.................................................................................................................................... 13
End Notes .................................................................................................................................. 17

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Introduction
During the height of the Dutch Golden Age in the 1630s a strange phenomenon took hold of
the Netherlands (then known as The United Provinces of the Netherlands3). A rare new
flower was becoming a widely coveted symbol of status and wealth4 and before long this
fashion became an obsession. The subject of this obsession was the, now common-place,
tulip flower. A frantic demand for the “rare” tulip plant pushed prices of some varieties to
unbelievable heights5. This example of excessive trading of tulips has since been referred to
as ‘Tulipmania’, and of the countless popular obsessions recorded through history, there are
surely none more bizarre than this one.
Allegedly, during the height of trading, tulips were being sold for small fortunes6. Popular
anecdotes claimthat merchants could pay the same price for a rare tulip bulb as they could
for a furnished luxury house7. As with most financial bubbles, this did not last. Sometime in
the first months of 1637, traders began to realise that things had changed8. Suddenly,
everyone wanted to sell, and before long the extremely valuable bulbs that were held by
the bloemisten, to which the tulip traders were referred, became worthless9. Stories of
financial ruin, public embarrassment and even suicide became common place and
throughout the ages, Tulipmania has been used as a warning of the follies of greed and the
danger of unregulated markets10. The crisis is still rousing excitement, and even today,
economists and market traders are told to read up on Tulipmania before they begin
trading11.
This unique financial speculation and the traditions and lifestyle that were synonymous with
it have been romanticised by literary and artistic portrayal of the crisis12, yet the way in
which Tulipmania is regarded is changing. In reality, relatively little is known about the
speculation13. At the time, the practise of trading tulips was illegal; newspapers didn’t exist;
there was no national achieve recording the sale of tulips; and, most importantly, there was
no central agency regulating the sale of the flowers14. Windhandel, or wind trading, as the
practise became commonly known as, mainly took place in the back rooms of pubs or
specially established colleges15. Tulip speculators would drunkenly gamble on bulbs, self-
assured that the prices would keep rising. There were those who were financially ruined,
but scholars are starting to accept that the extent to which society indulged in the tulip
trade, and the myths that Tulipmania crippled the Dutch economy, have been widely

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exaggerated16. The truth is we don’t know how severe the social consequences of the
speculation were.
Tulipmania is the most well-known event in Dutch History17 and is often mused over when
apparently similar financial bubbles occur. Yet, although many seem to know about the
speculation, few truly understand its significance. “To what extent has Tulipmania been
misrepresented throughout history?” is an important question to look at when considering
the 1637 tulip crash. The event is so famous, yet relatively little data actually exists
surrounding the trading. Has this famous historical event been exaggerated and if so, how
much, why and by whom?
There are two points of focus that must first be clarified before looking at this question.
Firstly, misrepresentation includes both purposeful and accidental misrepresentation of
events at the time, as both have influenced our understanding of the bubble. Secondly, the
question is being approached with the presumption that some misrepresentation has
occurred throughout history as it is rare to find a historical event around which there are no
points of mystery. Our understanding of this particular event has also been prejudiced by
the limited primary source data that there is to draw from18.
Representation at the Time 1637-1700
Satirical and artistic portrayals of Tulipmania, of which there are many, play a major role in
how it was perceived at the time and how it is perceived today19. Although satire quite
openly takes a cynical standpoint on a matter, and artistic portrayal has a certain poetic
license in which it explores a historical event, it would be untrue to say that neither
prejudices public opinion. Whether or not a book or play was aiming to be historically
accurate, it still has the ability to misrepresent an event.
In 1640, the popular artist Jan Brueghel II finished his painting ‘A Satire on Tulipmania’20. In
it, we see a particularly cynical view of the 1637 crisis. The Dutch are depicted as monkeys,
on the one hand dividing their ill gained spoils whilst dressed as nobility and on the other
hand being led into court to settle their debt with an angry looking seller. In the background
it’s clear a burial is taking place, a dark omen openly associated with the speculative bubble
and a trader is depicted with an owl upon his shoulder, symbolic of foolishness and

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ignobility21. It is clear, even from its title, that this source has some notable limitations. It
gives us a good insight into how Brueghel wants us to view the mania but little fact on the
extent of the speculation. Brueghel is more concerned about mocking this phenomenon
than presenting an accurate historic portrayal. Humour and exaggeration cloud the real
significance of the bubble and as Mike Dash points out “... in truth the tulip traders had
every reason to suppose that the prices they had paid were justified22”. This highlights the
biased way in which Brueghel portrays Tulipmania and how he’s clearly warning against the
danger of greed and gambling.
Even so, we can learn some general points of interest about the trade from this artwork. On
the left hand side of the portrait, there are a group of traders dining in style. This is
synonymous of the large meals that traders would enjoy in the colleges in which trading
became popular in. In these colleges there was even a small percentage of each sale, called
‘wine money’, that would go towards the purchase of food and alcohol23. On the right we
see a dramatised trial in which the witness sheds a tear and the accused is led into the dock
by an angry looking seller. We might not know the extent to which Tulipmania influenced
the Dutch economy at the time but there is evidence to show it brought the court system
under great stress24.
Although far from being historically accurate, ‘A Satire on Tulipmania’ does highlight one or
two aspects of the trade such as the weighing of bulbs, fine dinners and subsequent
reparations court cases but, perhaps most importantly, it tells us about the way in which
many Dutch people at the time viewed the crisis. Brueghel’s work perfectly portrays the
disgust upon which many Dutch people viewed this new form of ‘cheap money’25. This
cynical view of the trade which existed then, gives us an insight into why Tulipmania has
become so misunderstood and fundamentally misrepresented.
As art was an integral part of everyday life in the Dutch Golden Age, satire in leaflets and
sketches also became a popular means of topical debate26. As there were no newspapers,
information was circulated through topical pamphlets and Mike Dash paints a scenic picture
of what it would have been like to approach the city of Haarlem by tow-boat, gossiping
about tulips and reading satire27.

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In Figure 2 we see a contemporary illustration by Crispijn van de Pas, Jr. This was later
recreated without annotations by Hendrick Gerritsz Pot in 1640 (Figure 3). This journalism
was popular in the Netherlands during the 17th Century and its satirical messages were not
lost on its audience28. In Pas’ work we see Flora, Goddess of the tulip flower leading a cohort
of speculators out of Haarlem in a Mallewagen (Fool’s Car). Next to her we see a man
drinking to the gullible, behind the wagon there are those who have thrown down their
work tools and are vying for a place on the stricken vessel. The vessel itself is a wind-sail
referring to ‘Windhandel’ as the trading of futures became known. The monkey, climbing
the mast and defecating on the speculators is a graphic symbol highlighting the folly of
striving for personal gain. The women sitting in the Mallewagen, labelled “Forget All” and
“Idle Hope” are weighing bulbs and releasing birds: a symbol of lost hope for the trade (or,
more profoundly, humanity). The discarded bulbs on the floor and arrival of the sheriff in
the background all point to the wasteful folly of the trade and the impending government
intervention that was needed to bring prices back down29.
These are only some examples of the extensive imagery used in de Pas’ cartoon and one
could cite many more symbolic gestures at the perceived insanity of this trade. Just looking
at this drawing it’s not hard to imagine the bemused tone that the public would have
adopted when talking about this phenomenon. The humour used shows just how
unsympathetic many were to this new form of making money which they simply saw as
gambling30. The heavy use of symbolism adds an almost spiritual gravitas to Tulipmania and
it’s no wonder that people at the time might have looked at this social crisis as if it were
some “child with two heads”31.
The strict Calvinist religion adopted at the time almost certainly had a part to play in the
backlash of villainous criticismTulipmania received, and the subsequent exaggeration of
events32. Looking at Satire such as “Flora’s Mallewagen” and “Satire on Tulipmania”, there is
no question that the trade was given some mystical fictitious qualities which no doubt
misrepresented events to the public.
Perhaps one of the most well-known pieces of contemporary propaganda from the time is
also possibly one of the most confused33. The Dialogues between Waermond and Gaergoedt
is a satirical account telling what it would have been like for a weaver Waermond

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(Truemouth) to enter the tulip trading markets. Gaergoedt (Greedygoods) is already part of
the trade and trying to convince Waermond to start buying tulip bulbs. Waermond,
although sceptical at first, agrees and throughout the dialogue we are given a generalised
picture of what it would have been like to join a college, enter into a bid and loose out from
the crash as Gaergoedt does towards the end of the dialogues34.
Again, this source can be used when trying to gain an understanding of Tulipmania as long
as it is used with caution. This dialogue series tells us about some of the traditions and
culture surrounding Tulipmania and also details how the financial incentives would draw
Merchants towards the trade35. Samenspraecken documents the plight of Gaergoedt when
the market crashes in 1637. At first Gaergoedt buys more tulips, confident the fall in prices
is just temporary. It soon becomes clear to him that it is final and he goes back to his friend
Waermond for advice. Waermond says tulip traders should return to their jobs and
“discharge their debts36”. This stark message has an air of philosophising especially coming
out of the mouth of a character named Truemouth. Greedygoods symbolises the simpleton,
led astray by and understandable yet unattainable want of wealth. The author is telling his
audience that the only way to make money is to work hard. This mirrors that hard working
Calvinist philosophy, and it’s no wonder that the Samenspraecken were quickly reprinted
when another bubble threatened ninety seven years later37.
Later Representations 1800-1900
Written sources later became influential in misrepresenting the craze. In 1841 Charles
Mackay published one of his many books38; it was for one of the chapters in this particular
book that Mackay would become renowned39. Extraordinary Popular Delusions and the
Madness of Crowds was a publication in which the Scottish journalist expressed his views on
“haunted houses” as well as an interesting chapter on the “Influence of Politics and Religion
on the Hair and Beard”40. Another subject Mackay couldn’t resist commenting on was the
Dutch Tulipmania and it became many peoples’ sole point of reference to this historical
event41. The book is still in print today and it is Mackay’s chapter on Tulipmania, that city
traders have been allegedly ordered to read before starting on the floor42. Yet his account
was in no way unbiased. As you can tell by the title, he had already dismissed the Dutch
flower traders as “deluded” or “mad”. It has also since been alleged that the sources he

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referred to were mostly propaganda or based on propaganda themselves43. Dash sums up
the extent to which Mackay misrepresented history when he says “Few accounts of the
mania have not been coloured by his mistakes44”.
Mackay reprints a list of goods used to pay for a rare viceroy variety of tulip bulb which he
claims to have found in Abraham Munting’s work (“an industrious author of that day”). It
includes “Two lasts of wheat, four lasts of rye, four fat oxen, eight fat swine, twelve fat
sheep, two hogsheads of wine, four tuns of beer...” and so on45. Lists like this one became
popular anecdotes for the stupidity of the traders, who would allegedly hand real; valuable
gifts over for a single flower46. It is unlikely that these lists were the actual price paid for any
flowers and they have been used throughout history to exaggerate and mock the “stupidity”
of those involved47. Mackay’s source, Abraham Munting, was also guilty of believing
propaganda. His own father had lost money in the tulip trade and it’s not hard to see how
Munting may have brought into the propaganda himself48. In itself, Extraordinary Popular
Delusions is a form of propaganda. Based on propaganda, written from a cynical standpoint
and yet used as historical evidence, it is still promoting an exaggerated perception of
Tulipmania in reputable journals this decade49.
It becomes obvious that Mackay’s statements were biased and not properly based on
research on page 141 when he outrageously states, “In 1634, the rage among the Dutch to
possess [tulips] was so great that the ordinary industry of the country was neglected,” this,
being an over exaggeration, is still the view of many today. He goes on to say, “...the
population, even to its lowest dregs, embarked in the tulip trade.” This statement reflects
the hostility that existed at the time towards the working classes who, we’re told, were not
responsible enough to be gambling the little they had in such a way50. With a sort of
snobbish scorn, the story has been told, that this speculation was instigated by a group of
lazy paupers desperate for wealth in a society where the social class systemwas being
heavily reformed. Again, I would suggest that this is not accurate. Due to a plague in the
early seventeenth century, there was a shortage of labour in this industrious nation51. With
a shortage of labour, comes a rising of living standards as wages go up in response to this
fall in supply52. We can see in the art at the time that, ordinary people were starting to enjoy
a new sense of luxury that had before been reserved only for the aristocracy53. In short, a
new lease of life was being brought to the middle classes and it is probable that it was from

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this middle-class that this new demand for tulips came54. Yet Mackay seems to blame this
“folly” on the uneducated “lower dregs” of society.
It is no wonder that so many people fall into the trap of believing anecdotes such as: a sailor
eating a rare bulb he assumed to be an onion and an Englishmen being thrown in jail for
dissecting an expensive flower. Mackay’s tone throughout his recollection of events is
incredibly authoritative. However, with minimal referencing and an apparent personal
disliking of “delusions” and manias, it’s hard for one to trust anything that he says. This
account and that of Abraham Munting, are just some past examples of how heinously
misrepresented Tulipmania became.
Modern Representations 1990-Present Day
Tulipmania is still being misrepresented today. The Waermond and Gaergoedt dialogues
explored above are still misleading scholars. Most surprisingly, the fabricated figures which
are recorded in the Dialogues are graphed and used as “standard” and “verified” economic
data in a Springer Public Choice journal article, written by Earl Thompson in 200655. Even
Simon Schama, the brilliant historian who brought a new insight into the crisis, fails to point
out that the Dialogues were satirical pamphlets56. Mike Dash, in describing the traditions
involved in the bidding process, bases the end of his chapter “A Sign of the Golden Grape”
purely on the Dialogues; despite before pointing out that his source is taking “a predictably
moralistic view of the tulip trade57”.
However, it would be untrue to say there aren’t sources that are taking a more objective
look at this crisis. We can start to see more authoritative and reliable accounts of the mania
in the last few decades and Dash, Pavord and Schama, although all taken in to some extent
by the fantastic stories, are clearly starting to take a more realistic look at the crisis. Anne
Goldgar’s book on the Tulipmania explores the crisis objectively and without falling into the
trap of some of her peers. Rather than be taken in by accounts such as the Dialogues, she
analyses their source and purpose and is cautious not to make sweeping generalisations.
Having spent several years trawling through archives and collecting new source data, she is
ruthless in her pursuit of knowledge58. Goldgar suggests that much rather than being a
financial crisis, this was a social one. If correct, this might shed light on why such an
exaggerated portrayal of Tulipmania is accepted today.

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Representation of Tulipmania is becoming more reliable. More objective portrayals of
Tulipmania are being published today and there is evidence to show more accurate
presentation of the facts. Nonetheless, the majority of the public is still being tripped up by
past misrepresentation. Without reading into the subject, many just here the stories of
boom, bust and financial ruin and it’s not just word of mouth. Deborah Moggach’s Tulip
Fever tells the story of how a young artist and his adulterous lover put everything they own
on one September Augustus tulip bulb. After the artist’s dumb servant eats the bulb
thinking it’s an onion, he and his lover are relentlessly perused by debtors to the point that
his guilt-ridden girlfriend throws herself into a canal. Apart from buying into Mackay’s
humorous anecdotes, Moggach romanticises and exaggerates Tulipmania. Although
understandable as Moggach is writing fictitiously, Tulip Fever distorts and misrepresents the
event to yet another audience. It is portrayals such as this one that many accept as factual
historical representation.
Conclusion
Throughout history, accounts of Tulipmania have changed. From early artistic and satirical
portrayal of the crash where Tulipmania was a thing to be feared in a modest society. Then
again, ninety seven years later, when propaganda was re-issued to warn against a similar
speculation. Also, during the late nineteenth and early twentith century we see authors,
such as Mackay, trying to undersdand this “curious folly”. Even today there are those
fasinated by the craze and historians such as Goldgar, Dash and Scharma all try to analyse
the crisis historically.
At the time of Tulipmania and throughout the following decades the crisis was exaggerated,
misused and fundamentally misrepresented. This was certainly due to the nature of the
Netherlands expanding modern empire and the new social challenges that came with it.
Being at the forefront of European rebellion against tradditional religious theology, the
Netherlands was a testing ground for a new “class-free” society. The excessive backlash of
scornful litreature in response to Tulipmania was no doubt a conservative voice, expressing
a concern for the way in which society was heading. As there was no objective media body
aiming to present current afairs factually, it is no wonder that source material from the time
tends to be exaggerated and misrepresented.

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Centuries later, and Tulipmania again resurfaces. Unfortunetly people telling the story are
not interested in historical conduct and are instead looking for a good “true story”. Again it’s
not hard to see why Tulipmania was misrepresented, as any historian wishing to write an
authoratitive book on the event at this time would have found it difficult to find a wide
variety of source material. People’s understanding of Tulipmania during the late ninteenth
and early twentieth century was limited. Source material that did exist was flawed and
misrepresended and there are few examples of sensible historical anlysis.
Only today are we starting to see some more accurate representations of Tulipmania. With
the field of historical study becoming a social science in it’s own right. Historical work is
coming under increased scrutiny and is subject to higher standards of practice. We are
seeing less of the “few” giving emotional and opinionated response to the crash and more
of the “many” striving to portray a historical event as truthfully as possible. However, that is
not to say that misrepresentation of Tulipmania is not still widespread. Literary accounts
such as Moggarch’s, and tendencies to romanticise events by authors such as Dash, mean
that the public understanding of Tulipmania is still warped.
All in all, Tulipmania has been very misrepresented throughout history. It is from early
propaganda and later accounts such as Mackay’s that we can see the worst
misrepresentation occur and this is probably down to the nature of the Netherlands social
structure during the 17th Century. Events were blown out of proportion early on, and it is
only reccently that we see a few more examples of balanced and trusted accounts of the
curious tale.

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Appendix
Figure 1- Satire onTulipmania,JanBreughel,1640,Frans HalsMuseum, Haarlem
Figure 2- Flora'sMallewagen,Crispijnvande PasII,1637, KressLibrary,Harvard University(Passe,
1637)

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Figure 3- HendrickGerritszPot,FloraesMallewagen,1640, Frans HalsMusuem, Haarlem (Pot,1640)

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[AccessedAugust2013].
Beckmann,J.,1797. Tulips. s.l.:s.n.
Blunt,W.,1977. Tulipomania. 1st ed.London:BasiliskPress.
Brueghel,J.,1640. A Satire On Tulipmania. [Art] (FransHalsMuseum).
Dash,M., 1999. Tulipomania. 1st ed.London:VictorGollancz.
Goldgar,A.,2007. Tulipmania. 1st ed.London:The Universityof ChicagoPressLdt..
Grout, J.,2011. Tulipmania. [Online]
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120-121.
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Mackay, C., 1841. Tulipomania.In: ExtraordinaryPopularDelusionsand theMadness of Crowds.
London:RobsonLeveyandFranklyn,pp.139-153.
Moggach, D., 1999. Tulip Fever. London:RandomHouse.
Passe,C.V. D.,1637. FloraesMallewagen. [Art] (KressLibrary,HarvardUniversity).

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Pavord,A.,1999. The Dutch and Tulipmania.In: TheTulip. London:BloomsburyPublishingPlc,pp.
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Pot,H. G., 1640. FloraesMallewagen. [Art] (FransHalsMuseumHaarlem).
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Embarrassmentof Riches. NewYork:AlfredA.Knopf,pp.343-371.
Thompson,E.A., 2006. The Tulipmania:Factor Artifact. PublicChoice, 3 August,Volume 130,pp.
217-246.

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End Notes
1 Goldgar,A., 2007. Tulipmania. 1sted. London: The University of Chicago Press Ldt. p.5 “[The stories] are
based on one or two contemporary pieces of propaganda”, Dash, M., 1999.Tulipomania. 1sted. London:
Victor Gollancz.pp. Xvii “...copied their information from earlier works”
2(Thompson, 2006)
3
Dash,M., 1999.Tulipomania. 1sted. London: Victor Gollancz. p xvii
4 Goldgar,A., 2007. Tulipmania. 1sted. London: The University of Chicago Press Ldt. p. 2
5
Dash,M., 1999.Tulipomania. 1sted. London: Victor Gollancz. P 145
6 Dash,M., 1999. Tulipomania. 1st ed. London: Victor Gollancz.pp.xv
7 (Thompson, 2006) Abstract, (High Art of the Low Countries,2013) at01:55 a comparison of feeding and
clothinga whole family for a lifetimeis used.
8
Dash,M., 1999.Tulipomania. 1sted. London: Victor Gollancz. p.187
9 Goldgar,A., 2007.Tulipmania.1sted. London: The University of Chi cago Press Ldt. p 133
10 (Kuper, 2007)
11
Dash,M., 1999. Tulipomania. 1sted. London: Victor Gollancz. p.xviii
12 (Moggach, 1999) and L’Amiral by Jacques Normand
13 Goldgar,A., 2007. Tulipmania. 1sted. London: The University of Chicago Press Ldt. p.6
14
Dash,M., 1999. Tulipomania. 1sted. London: Victor Gollancz. p.136.Note that although there was a
Wisselbank in the Netherlands (one of the firstof its kind),it did not oversee or regulate the trading of tulips.
15 (Schama, 1987) p.359
16
Dash,M., 1999. Tulipomania. 1sted. London: Victor Gollancz. p.xxi (Kuper, 2007) “It’s a myth that
tulipmania devastated the Dutch economy”, Goldgar,A., 2007. Tulipmania. 1sted. London: The University of
Chicago Press Ldt.pp.7 “Tulipmania did notdestroy the economy, or even the livelihoodsof most participants.”
17 (Goldgar,2007) p.4
18 See above.
19 (Schama, 1987) p 363
20 (Brueghel, 1640)
21 A Satireon the Folly of Tulipmania was analysed in the 2013 BBC documentary series ‘High Art of the Low
Countries’ and is still availableto watch on youtube.com. The symbol of the owl is explained in a Wikipedia
summary of the paintingand is consistent with several artblogs critiquingthepiece.
22 Dash,M (1999).Tulipomania.London: Gollanncz.PageXV
23 (Schama, 1987) pp.360
24 (Blunt, 1977) pp. 16
25 (Schama, 1987) pp.362
26 (High Art of the Low Countries, 2013),(Schama, 1987) pp.362,363.
27 Dash,M., 1999. Tulipomania. 1st ed. London: Victor Gollancz. P.155
28 (Schama, 1987) p363
29 (Schama, 1987) P363-365,most of my observations on the illustration arebased on Sharma’s analysis.
30 (Schama, 1987)
31 Goldgar,A., 2007. Tulipmania. 1sted. London: The University of Chicago Press Ldt. p.7 “child with two
heads” comparison.
32 (Schama, 1987) p.359
33 (Goldgar,2007) p.6,173,209, 230, 266
34 (Roman, 1637),(Schama, 1987) MORE EXAMPLES
35 (Roman, 1637),
36 (Goldgar,2007) pg277
37 (Pavord,1999), pp.157
38 (Kent, 1893)
39 Dash,M., 1999. Tulipomania. 1st ed. London: Victor Gollancz. p.xviii
40 (Mackay,1841)
41 Goldgar,A., 2007. Tulipmania. 1sted. London: The University of Chicago Press Ldt. p.5 (Kent, 1893)
42 Dash,M., 1999. Tulipomania. 1st ed. London: Victor Gollancz. p.xviii
43 Goldgar,A., 2007. Tulipmania. 1sted. London: The University of Chicago Press Ldt. p.5,6
44 Dash,M., 1999. Tulipomania. 1st ed. London: Victor Gollancz. p.xviii

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45 (Mackay,1841) pp.143
46 Goldgar,A., 2007.Tulipmania. 1sted. London: The University of Chicago Press Ldt. p.328
47 (Pavord,1999) pp.152
48 Goldgar,A., 2007. Tulipmania. 1sted. London: The University of Chicago Press Ldt. p.6
49 (Thompson, 2006) justone of the examples of Mackay being considered reliableand used to explorethe
crisis(seepart3: Fact or Artifact).
50 (Schama, 1987) p.362
51 (Schama, 1987) p.356
52 Dash,M., 1999. Tulipomania. 1st ed. London: Victor Gollancz. p.128
53 (High Art of the Low Countries, 2013)
54 Goldgar,A., 2007. Tulipmania. 1sted. London: The University of Chicago Press Ldt. p.17
55 (Thompson, 2006)
56 (Schama, 1987)
57 (Dash,1999) pg 143
58 (Kuper, 2007)