In this paper, I follow the development of the classification scheme discussions closely through its formative decade, from the last years of the 1890s through about 1913, by which time three revealing publications close the prewar developments: the United States Immigration Commission's massive...

What determines risk-bearing capacity and the amount of leverage in financial markets? Using unique archival data on collateralized lending, we show that personal experience can affect individual risk-taking and aggregate leverage. When an investor syndicate speculating in Amsterdam in 1772 went...