A crise financeira da abolição, 1875-1901

"The end of slavery opened modernization opportunities for Brazil, opportunities squandered in the short run by the irresponsible activities and policies of the government. The Encilhamento was not the result of inexperience but of reckless efforts to compensate the fazendeiro class for the impact of abolition, an exception to the generally prudent and successful Brazilian monetary policy of the preceding century"--Handbook of Latin American Studies, v. 58.