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encilhamento
The Encilhamento was an economic bubble that boomed in the late 1880s and early 1890s in Brazil, bursting during the provisional government of Deodoro da Fonseca (1889–1891) leading to financial crisis. Two Finance Ministers, first, the Viscount of Ouro Preto and then Rui Barbosa, adopted a policy of unrestricted credit for industrial investments, backed by an abundant issuance of money 〔Ney O. Carvalho ;"Encilhamento: Anatomia de uma bolha brasileira" ("Encilhamento: Anatomy of a Brazilian Bubble") Bovespa 2004〕〔Amy Chazkel; "Laws of Chance: Brazil’s Clandestine Lottery and the Making of Urban Public Life" Duke University Press 2008 Chapter 4〕 in order to encourage Brazil's industrialization. This policy of economic incentives created unbridled speculation, increased inflation, and encouraged fraudulent initial public offerings (IPOs) and takeovers.〔Jeffrey D. Needell; "A Tropical Belle Epoque: Elite Culture and Society in Turn-of-the-Century" Cambridge University Press 1987 Page 12〕〔Jose Murilo de Carvalho, "Os Bestializados, o Rio de Janeiro e a República que não foi" ("Brutalized ones, Rio and the Republic that didn't came") Cia das Letras 1987 ISBN 978-85-85095-13-0 P.20〕
== The name ==
The word "encilhamento", literally "''saddling-up''", the act of girthing or mounting a horse,〔Robert M. Levine; ”Vale of Tears: Revisiting the Canudos' Massacre in Northeastern Brazil, 1893–1897” University of California Press 1995 ISBN 0-520-20343-7 Page 330〕 was a term borrowed from horse racing used to refer to the speculative movement due its analogy related to the belief of trying to take advantage of get-rich-quickly opportunities whenever they unfold,〔Ignacy Sachs, Jorge Wilheim & Paulo S. Pinheiro; "Brazil: a century of change" University of North Carolina Press 2009 page 58〕 in an analogy based on the popular Brazilian saying "An unmounted saddled horse doesn't appear twice."〔( An Web Post contemplation about this analogy ) 〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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