Shibusawa Eiichi

Shibusawa Eiichi

(born March 16, 1840, Musashi province, Japan—died Nov. 11, 1931, Tokyo) Japanese industrialist and government official. The son of wealthy peasants, he received samurai status from the shogun Tokugawa Yoshinobu (1837–1913). Following the Meiji Restoration in 1868, he worked in the finance ministry of the new government. In 1873 he left to become the first president of Dai-ichi Bank (now Dai-ichi Kangyo Bank). In 1880 he organized the Osaka Spinning Mill, a major industrial success. He also created a cotton-spinners' zaibatsu, or cartel, to help the industry and make mutually advantageous arrangements with shippers and merchandisers, a practice common in industrializing Japan. He helped create and manage many other companies, founded the Tokyo Chamber of Commerce and Bankers Assn., and, after retiring, was active in social welfare causes.