Economic history is a tale of bubbles and booms in which assets such as commodities, land, or stocks, quickly inflate in price above their intrinsic value. Such sudden movements, driven by greedy investors and speculative hype, are invariably followed by a bust. Loss of confidence causes a collapse in prices, resulting in a crash of “panic selling.”
There are many such examples, most of them well-documented. Tulip-mania in the Dutch Republic during the 1630s was the first real financial bubble. Then there were the Mississippi and South Sea Bubbles (1720), both followed by a spectacular crash. More recently, we have seen the Dotcom Bubble, driven by mad speculation in internet-based stock.
While the assets may change over time, from tulips to technology, the factors of greed and fear are the ever-present psychological drivers of economic upheavals. Of all the bubbles known to historians, the “Plume Boom” is one of the more obscure tales. [Read more…] about The Plume Boom: Feathers, Fans, Funerals, Fashion & Filth






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