038 039 Overall, although there were some successes when it came to the practice of Medieval medicine, such as their successes in surgical procedures, it was clear that their healthcare system and approach were fundamentally flawed. This is because they consistently ignored the importance of hygiene, failed to investigate the causes of diseases, but rather their treatments, and had a unicentric approach when it came to the anatomy and physiology of the human body. However, Al-Razi, Ibn Sina and Ibn AlNafis were the main campaigners against this system. They brought forward reforms that have radically changed the practice of medicine in Europe and throughout the entire world. Thus, it is fairly accurate to state that medicine was revolutionised during the Islamic Golden Age. Sources: The University of Aberdeen: https://www.abdn.ac.uk/sll/disciplines/english/lion/medicine. shtml#:~:text=Their%20cures%20were%20a%20mixture,in%20the%20sick%20and%20dying. How Islam changed Medicine: Majeed A. How Islam changed medicine. BMJ. 2005 Dec 24 Ibn Sina (Avicenna): The Prince Of Physicians: Amr SS, Tbakhi A. Ibn Sina (Avicenna): the prince of physicians. Ann Saudi Med. 2007 Mar-Apr Ibn Al-Nafis: Discoverer of the Pulmonary Circulation: Amr SS, Tbakhi A. Ibn al-Nafis: discoverer of the pulmonary circulation. Ann Saudi Med. 2007 Sep-Oct Figure 1: “Herbal Medicine in the Middle Ages” by Medieval History Figure 2: “IBN NAFIS A Great Medical Scientist and Cardiologist of 13th Century” by Radiance Weekly The theory and evaluation behind the Tulip Mania Hugo Dighe Origins of the Tulip Mania The Tulip Mania from 1634 to 1637 was a period during the Dutch Golden Age where the prices of tulips reached unwarranted heights. The meteoric acceleration of prices is an unusual economic phenomenon that has long inspired curiosity. It is considered the first speculative bubble in history, where the prices of the tulip exceeded their intrinsic valuation, initiated by overly optimistic projections about the scale of the investment. Today, it is widely recognised as the prime example of the irrational economic man. Several factors contributed to the conditions caused by the Tulip Mania. Firstly, prior to the 1630s, tulip bulbs were only traded amongst growers in the summer. During the early 1630s, the market for tulips began to expand as florists began buying and selling tulips still in the ground using promissory notes: a financial instrument containing a signed promise to repay a sum of money in exchange for a loan. This provided liquidity to help financial planning however, there was limited opportunity for buyers to inspect the bulbs or flower which provided no guarantee of quality or proof that the bulbs belonged to the seller. Futures markets: The first formal futures markets developed in 1636 with the primary focus of trading before its collapse in February 1637. A futures contract is a ‘legal agreement to buy a particular commodity asset at a predetermined price at a specified time in the future’. The introduction of these future contracts meant buyers were enabled to pay for bulbs at the end of the season. This allows an investor to speculate on the direction of the tulip’s financial direction by using leverage. Furthermore, these bubbles are inflated by investors entering the market in aim to receive capital gains. Neither party intended on delivering on settlement date; only a payment of the difference between the contract and settlement price was expected. At the end of 1634, the first nonprofessional buyers were introduced to the market and towards the middle of 1635, prices rose rapidly whilst people could buy on credit. Towards the boom in 1636, buyers of bulbs often knew the sellers possessed none so they did not pay until they were certain the tulip would come into their possession. Initially, tulips were seen as a status item purchased by the affluent and merchant middle class of Dutch society. As the Tulip mania swept through Holland in 1634, the obsession to buy these Tulips was so impressive that the ordinary industry of the country was neglected to embark on the tulip trade. As prices started to decline in February 1637, holders were forced to sell their bulbs at any price and were forced to declare bankruptcy in the process. By 1638, the prices were back to normal. the lung, and to mix with the air.”. This was a precursor to Wiliam Harvey’s more famous publication on pulmonary circulation more than 400 years later. Overall, although there were some successes when it came to the practice of Medieval medicine, such as their successes in surgical procedures, it was clear that their healthcare system and approach were fundamentally flawed. This is because they consistently ignored the importance of hygiene, failed to investigate the causes of diseases, but rather their treatments, and had a unicentric approach when it came to the anatomy and physiology of the human body. However, Al-Razi, Ibn Sina and Ibn AlNafis were the main campaigners against this system. They brought forward reforms that have radically changed the practic of medicine in Europe and throughout the entire world. Thus, it is fairly accurate to state that medicine was revolutionised during the Islamic Golden Age. Figure 2
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