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You know how sometimes in the media or perhaps in a social setting, a self-declared expert will make reference to some historical event that they know full well most of us know little about, but they say it in such a way as to imply you’d be an imbecile if you weren’t aware of this world altering event.

This is the first in a series of episodes in which we’re going to explore some of these often quoted financial events – the Great Depression, Hyperinflation in Germany, and this week’s episode – Tulip Mania. I’ll be keeping things short and sharp, as usual, but armed with the knowledge you’ve absorbed through these episodes, next time someone attempts to assert intellectual superiority, you can get right back in their face – “yes, I did know that”, you can say, “but actually the real tragedy was the way…”. Put them right back in their place.

From the early 1600’s to the 1720’s, the Netherlands was the wealthiest country in the world. This was largely the result of a fair judicial system which meant that merchants from other parts of Europe, who were regularly imposed upon by their Kings to fund egotistical wars, (with imprisonment the outcome of non-compliance), where attracted to Amsterdam as a place where they could focus on what they did best - making money - relatively unimpeded.