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Popular Delusions: Difference between revisions
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It's important to note that what may be considered a "''delusion''" can be subjective and may vary across different cultures and societies. What one group considers a delusion, another group may consider a deeply held belief or tradition. Therefore, the term should be used with caution and understanding of its potential cultural implications. | It's important to note that what may be considered a "''delusion''" can be subjective and may vary across different cultures and societies. What one group considers a delusion, another group may consider a deeply held belief or tradition. Therefore, the term should be used with caution and understanding of its potential cultural implications. | ||
== History == | |||
=== 1637 - Tulip Mania === | |||
* In the Netherlands, tulip bulbs became a luxury item and status symbol, leading to wildly speculative and ultimately unsustainable market prices. | |||
=== 1719-1720 - The Mississippi Bubble === | |||
* In France, John Law's Mississippi Company tied to colonial trade became the center of a speculative bubble, which burst and ruined many investors. | |||
=== 1720 - The South Sea Bubble === | |||
* In England, the South Sea Company's promise of trade with South America led to a frenzy of investment and speculation, ending in financial disaster. | |||
=== 1840s - The Railway Mania === | |||
* In Britain, excessive speculation in rail transport led to a bubble that saw massive investments in railways, many of which were neither needed nor completed. | |||
=== 1920s - Florida Real Estate Bubble === | |||
* Intense speculation in Florida land during the 1920s, partly due to the burgeoning automobile's influence on tourism and mobility, led to a bubble that burst devastatingly in 1926. | |||
=== 1929 - Stock Market Crash === | |||
* Over-speculation and leverage in the stock market led to a dramatic crash in 1929, contributing to the Great Depression. | |||
=== 1980s - Japanese Asset Price Bubble === | |||
* Excessive speculation in real estate and stock prices in Japan during the late 1980s led to a bubble that burst in the early 1990s, leading to a long period of economic stagnation. | |||
=== 1990s - Dot-com Bubble === | |||
* Exuberance over internet-related businesses led to inflated stock prices and a bubble that burst around 2000, causing significant financial losses. | |||
=== 2007-2008 - Global Financial Crisis === | |||
* Subprime mortgage lending and complex financial products created a housing bubble that burst, leading to a severe international banking crisis and recession. | |||
'''References'''<references /> | '''References'''<references /> | ||