Paper short abstract:

Shibusawa Eiichi was the most instrumental individual in the introduction and establishment of the joint-stock company system at the modern capitalism in Japan . His approach will be a great hint for the future of capitalism.

Paper long abstract:

Shibusawa Eiichi was the most instrumental individual in the introduction and establishment of the joint-stock company system at the beginning of modern capitalism in Japan . He understood very well that the joint-stock system was a mechanism that could raise large amounts of capital for large-scale modern industry, and there were about 350 companies in which he held director and other positions or invested large sums of money. On the other hand, conglomerates such as Mitsui and Mitsubishi succeeded at a rapid pace by recruiting many modernly educated elites. However, Shibusawa's role in giving people the opportunity for everyone to be involved in business was extremely important. In the present day, businesses in emerging countries are driven by family businesses and state-owned enterprises, but Shibusawa's approach, which is a market type that anyone can enter and at the same time incorporates a mechanism for risk avoidance, will be a great hint for the future of capitalism.