ELI5 Tulip Mania - the first speculative bubble and its lessons

Explain the "Tulip Mania" craze in the 1600s in Netherlands and why it was important? Why did people get into trouble with futures and options contracts? How much did a tulip cost at the height of the bubble (in multiples of a person's annual salary)?   ... We explain like i'm five!   Thank you to the r/explainlikeimfive community as always and in particular the following users whose questions and comments formed the basis of this discussion: packersfan8512, diablevert13, ledradiofloyd, omegastar19 & blueskies12 https://en.wikipedia.org/wiki/Tulip_mania To the ELI5 community that has supported us so far, thanks for all your feedback and comments. Join us on Twitter: https://www.twitter.com/eli5ThePodcast/ or send us an e-mail: [email protected]