Confucian Capitalism

Description

With the life story of Shibusawa Eiichi (1840–1931), one of the most important financiers and industrialists in modern Japanese history, as its narrative focal point, this book explores the challenges of importing modern business enterprises to Japan, where the pursuit of profit was considered beneath the dignity of the samurai elite. Seeking to overturn the Tokugawa samurai-dominated political economy after the Meiji Restoration, Shibusawa was a pioneer in introducing joint-stock corporations to Japan as institutions of economic development. As the entrepreneurial head of Tokyo’s Dai-Ichi Bank, he helped launch modern enterprises in such diverse industries as banking, shipping, textiles, paper, beer, and railroads. Believing businesses should be both successful and serve the national interest, Shibusawa regularly cautioned against the pursuit of profit alone. He insisted instead on the ‘unity of morality and economy’ following business ethics derived from the Confucian Analects. A top leader in Japan’s business community for decades, Shibusawa contributed to founding the Tokyo Stock Exchange, the Tokyo Chamber of Commerce, and numerous educational and philanthropic organizations to promote his vision of Confucian capitalism. This volume marks an important contribution to the international debate on the extent to which capitalist enterprises have a responsibility to serve and benefit the societies in which they do business. Shibusawa's story demonstrates that business, government, trade associations, and educational institutions all have valuable roles to play in establishing a political economy that is both productive and humane. Front Matter ....Pages i-xvi Introduction: Shibusawa Eiichi and the Idea of Confucian Capitalism (John H. Sagers)....Pages 1-18 Economic Change and Intellectual Innovation in Tokugawa Japan (John H. Sagers)....Pages 19-50 Government Bureaucrats and Capitalist Institutions in 1870s Japan (John H. Sagers)....Pages 51-83 The Ethical Entrepreneur as a Servant of Japan’s National Interest (John H. Sagers)....Pages 85-117 Competing Priorities of Infrastructure Investment and Military Expansion in Late Meiji Japan (John H. Sagers)....Pages 119-150 Business Leaders as Civilian Diplomats in Early Twentieth-Century Japan (John H. Sagers)....Pages 151-179 Confucian Capitalism and the Search for Economic Prosperity and Social Harmony in Early Twentieth-Century Japan (John H. Sagers)....Pages 181-216 Purposeful Preservation of Shibusawa Eiichi’s Legacy (John H. Sagers)....Pages 217-234 Back Matter ....Pages 235-245