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The Burst of the Tulip Bubble

The Burst of the Tulip Bubble

Harald Sack
On February 3, 1637, in Haarlem, Netherlands, the tulip bulb contract prices collapsed abruptly and the trade of tulips ground to a halt. This should put an end to the ‘Tulip Mania‘, one of the first economic bubbles to burst. You see, financial crisis is not an invention of modern times. Already in the 17th century, in the early age of baroque, people went crazy for a good that was short of…
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economics
Thomas Gresham and the London Royal Exchange

Thomas Gresham and the London Royal Exchange

Harald Sack
On January 23, 1571, the Royal Exchange in London was founded by the merchant Thomas Gresham to act as a centre of commerce for the City of London. The Protagonists On the afternoon of January 23rd, 1571, Queen Elizabeth [8] went from her Palace of Somerset House to dine with Sir Thomas Gresham at his fine mansion in Austin Friars. She went in state with her Trumpeters and Halberdiers, with Sir Thomas Gresham…
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computer science
Bill Gates – From Entrepreneur to Philantrop

Bill Gates – From Entrepreneur to Philantrop

Tabea Tietz
On October 28, 1955 entrepreneur William Henry “Bill” Gates III, or simply Bill Gates, was born in Seattle, Washington. He has left his footstep in history with creating the incredibly successful operating system Microsoft Windows or his office application programs MS Word, MS Powerpoint, or MS Excel. “Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without the talking about the other.” – Bill Gates…
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economics
Black Thursday – The Wall Street Crash of 1929

Black Thursday – The Wall Street Crash of 1929

Harald Sack
The Wall Street Crash of 1929, also known as the Great Crash and the Stock Market Crash of 1929, began in late October 1929 and was the most devastating stock market crash in the history of the United States. The crash signaled the beginning of the 10-year Great Depression that affected all Western industrialized countries, in Germany also referred to as the “Weltwirtschaftskrise“. Black Thursday The optimism and financial gains of the…
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economics
The Invention of Financial Politics by Jean-Baptiste Colbert

The Invention of Financial Politics by Jean-Baptiste Colbert

Harald Sack
On August 29, 1619, Jean-Baptiste Colbert, who served as Minister of Finances under the rule of Louis XIV., was born. Colbert‘s innovative financial politics was one of the basic pillars of French absolutism and was about to change the world into a modern economy. “The art of taxation consists of plucking the goose so as to obtain the most feathers with the least hissing” – Jean-Baptiste Colbert Jean Baptiste Colbert – Early…
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economics
Eureka! – California and the 1848 Gold Rush

Eureka! – California and the 1848 Gold Rush

Harald Sack
On August 19, 1848, the the New York Herald, a major newspaper of the American East Coast printed the exciting news that gold has been found on the West Coast, which caused thousands of immigrants from all over the world to travel to California hoping to to find wealth and glory. The 1848 Gold Rush and How it all began The story began some months earlier, in January 1848. James Marshall constructed…
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economics
Charles Dow and his Famous Stock Index

Charles Dow and his Famous Stock Index

Harald Sack
On July 3 1884 Charles Henry Dow together with his colleague Edward Jones composed and published an stock average – called the Dow Jones Railroad Average -, which contained nine railroads and two industrial companies. He developed the stock index as part of his market research and it was meant to serve as a reference value to determine fluctuations of the stock market. It first appeared in the Customer’s Afternoon Letter, a daily…
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economics
Henry Charles Carey and his Influence on U.S. Economy

Henry Charles Carey and his Influence on U.S. Economy

Tabea Tietz
On December 15, 1793, 19th-century economist of the American School of capitalism Henry Charles Carey was born. Carey was chief economic adviser to U.S. President Abraham Lincoln. Family Background and Life Born in Philadelphia, Pennsylvania, Henry James Carey succeeded his father Mathew Careyin his publishing company, who was an Irish influential economist, political reformer, editor, and publisher, and who had gone into exile for political reasons. In 1821 Carey took over the management…
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economics
Reinhard Selten – Game Theory and Experimental Economics

Reinhard Selten – Game Theory and Experimental Economics

Tabea Tietz
On October 5, 1930, German economist and Nobel Laureate Reinhard Selten was born. Selten is well known for his work in bounded rationality and can be considered as one of the founding fathers of experimental economics. For his work in game theory, Selten won the 1994 Nobel Memorial Prize in Economic Sciences (shared with John Harsanyi and John Nash). “I was always skeptical about authority, about things which were told by authorities, because I…
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economics
Jacques Necker and the Finances of France

Jacques Necker and the Finances of France

Tabea Tietz
On September 30, 1732, Swiss banker, French statesman and finance minister for Louis XVI Jacques Necker was born. Necker helped make decisions that were critical in creating political and social conditions that contributed to the outbreak of the French Revolution in 1789. In 1780, Necker published the Compte rendu au roi, in which he summarized governmental income and expenditures to provide the first record of royal finances ever made public. “Only fools, pure…
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