Crises in the Global Economy from Tulips to Today

Larry Neal and Marc Weidenmier

in Globalization in Historical Perspective

Published by University of Chicago Press

Published in print August 2003 | ISBN: 9780226065984
Published online February 2013 | e-ISBN: 9780226065991 | DOI:
Crises in the Global Economy from Tulips to Today

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This chapter examines historical examples of international crises and contagion in chronological sequence, asking in each case (a) what is the evidence for contagion, judged by the standards set by analysts of the crises of the 1990s; and (b) what were the consequences of the crisis for the evolution of financial and monetary systems? The crises considered are the tulip mania of 1637, the Mississippi and South Sea bubbles of 1719–20, the Latin American debt crisis of 1825, the international crisis of 1873, the Barings crisis of 1890, the stock market crises of 1893, the panic of 1907, the Wall Street crashes of 1929 and 1987, and the Asian crises of 1997. A commentary is also included at the end of the chapter.

Keywords: international crises; financial systems; monetary systems; tulip mania; debt crisis; Barings crisis; Wall Street crash; Asian financial crises

Chapter.  15545 words.  Illustrated.

Subjects: Economic History

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