News Summary

• Elon Musk has become the world’s first trillionaire, at least on paper, thanks to the SpaceX I.P.O.
• The third quarter of the nineteenth century was a period in which global capitalism made great strides, eliciting a wave of optimism and risk-taking.
• “Though often forgotten today, it is a tale that offers unsettling parallels to our current economic woes,” economist Liaquat Ahamed writes.
• When the trade in exotically colored tulips collapsed in seventeenth-century Amsterdam, nothing had been created.