Ziggurats were massive temple structures built by the Sumerians, Babylonians, and Assyrians. The Tower of Babel mentioned in the Old Testament may have been one of the first ziggurats. Click here to read an article about In Tempo, a massive unfinished ziggurat-like residential property in Benidorm (see picture below). This property stands as a testament to the extent and sheer madness of Spain's bank-fueled property boom.
My colleague and former PhD student Gareth Campbell has created a website about the British Railway Mania - click here . This episode has been described by the Economist as probably the greatest bubble in human history. Gareth's website provides background on the Mania and posits some explanations for the 'bubble'. In his explanation of why the bubble happened, Gareth places a lot of emphasis on investor myopia regarding future dividends and uncalled capital. His study of investors during the episode does not support the view that this episode was fuelled by naive and irrational investors.