5 Financial Crises That Shook The World Brief Introduction For those of us in the Western world, the global financial crisis of 2007-2008 and ensuing recession came as a shock. Most of us had never seen anything like it before—at least not in our lifetimes. But throughout history there have been many financial crises just as big or even bigger than the one we experienced in the late 2000s. Here are five financial crises that shook the world and how they’re similar to our own recent experience. 1) Tulipmania In 1637, the Dutch Republic was in a financial crisis. At this time, tulip bulbs were exotic and became an affordable luxury for the Dutch people. The price of these bulbs began to rise and people started trading them like stocks, which led to mass speculation on the prices. This lead to a financial collapse as people started defaulting on their contracts because they did not have any money left to pay back what they had borrowed. 2) South Sea Bubble The South...