This is part two of a pair of postsabout the Tulip Bubble, aka tulipomania, when in the 1630s in Holland the price of a tulip bulb inflated incredibly, and then suddenly dropped. My last post described Holland at that time. The merchant class had lots of money but because of sumptuary laws and Calvinist beliefs, spent it on houses and gardens not jewels and furs.Tulips had been introduced from Turkey after 1550. They were still uncommon and some highly desirable varieties were very rare indeed (link to previous post). The result was a bubble...
Yet economists make a Bad Example of tulips. Tulips created the earliest well-recorded bubble, defined by dictionary.com as "A period of wild speculation in which the price of a commodity or stock or an entire market is inflated far beyond its real value."Bubbles “burst” when a general awareness of the folly emerges and the price drops. The story gets a lot of attention because it seems so bizarre. How could someone spend thousands of dollars on a single tulip bulb? People did. At the peak of the tulip bubble, a bulb was traded for a house on the canal in Amsterdam, one of the most expensive locations in the world at the time. That's millions of dollars at today's prices.
Periwinkle is an early spring flower that doesn't get much notice. But it has long colorful history.
The name periwinkle is an old English name for a group of plants native to Europe and the Middle East in the genus Vinca. The name periwinkle has been applied to a number of other plants, particularly related plants from the tropics with similarly-shaped flowers (Catharanthus). Periwinkle is also the name of a common seashell (Littorina littorea) and its relatives photos. I'll talk about the two species of perennial, creeping blue-flowered plants, Vinca major and Vinca minor, commonly planted all across the United States and much of Canada. You can find ornamental forms of periwinkle with variegated leaves and with flowers shading from deep blue-purple to white. Vinca minor, the common periwinkle is a little smaller but more winter-hardy than the greater periwinkle, V. major. They are members of the dogbane family Apocynaceae.