The World's First Futures Market Was in Osaka's Rice Warehouses
Osaka, 1730. The practice of agreeing a price for rice in advance is said to have begun beside a Japanese river.
2026.07.15 6 min
Reading
Don’t rush to the answer — linger a little longer. ABC’s reading, connecting the dots.
Markets
The Most Famous Bubble in History Probably Never Happened
One bulb worth a house. Widespread bankruptcy and a country brought to its knees. Much of the story may be a later embellishment.
2026.07.15 6 min
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3Why Do People Return to Gold?
Whenever major financial institutions predict higher gold prices, the market stirs. Why has gold repeatedly been chosen as a last refuge? We follow the history and psychology behind forecasts, rather than making one.
2026.07.14 5 min
How Semiconductor Stocks Became the World's Thermometer
Each surge in a chip company's share price makes markets feel reassured that the AI age has arrived. But is the thermometer measuring the economy, or the heat of our expectations?
2026.07.09 5 min