After that in 1637 there was a hike in price of tulips in Holland, throughout which each tulip costed more than 6 times the average wage of an individual. It was actually traded for a piece of housing with at least 6 bedrooms in it and located in the prime area of Amsterdam. In 1720, the South Sea Bubble in Britain may have qualified us all to learn some lessons about overstated assertions of returns in the future and earning quick money. But, this was not the case, after having a loss of £20,000 on the venture (Davis 1997).
In 1837 alone, there was a collapse of eleven banks and acute financial crashes and subsequent to that in the 19th century there were total 18 closures. In the 20th century the world witnessed the closure of Wall Street among a total of 33 crashes (Davis 1997). Japan also came across a financial crisis in 1990s. All these calamities in the financial sector however were a major cause of despair and aggression among shareholders and small to medium enterprises.
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