'tulip mania' at wikipedia

https://en.wikipedia.org/wiki/Tulip_mania

Tulip mania (Dutch: tulpenmanie) was a period during the Dutch Golden
Age when contract prices for some bulbs of the recently introduced and
fashionable tulip reached extraordinarily high levels. The major
acceleration started in 1634 and then dramatically collapsed in
February 1637. It is generally considered to have been the first
recorded speculative bubble or asset bubble in history.[2] In many
ways, the tulip mania was more of a then-unknown socio-economic
phenomenon than a significant economic crisis. It had no critical
influence on the prosperity of the Dutch Republic, which was one of
the world's leading economic and financial powers in the 17th century,
with the highest per capita income in the world from about 1600 to
about 1720.[3][4] The term tulip mania is now often used
metaphorically to refer to any large economic bubble when asset prices
deviate from intrinsic values.[5][6]

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