Keio University

Yukichi Fukuzawa and the Discourse of Economy: Between Old and New Ideals

Publish: February 10, 2021

Participant Profile

  • Yukihiro Ikeda

    Faculty of Economics DeanFaculty of Economics Professor

    Yukihiro Ikeda

    Faculty of Economics DeanFaculty of Economics Professor

2021/02/10

Yukichi Fukuzawa's View of Economy

The Wayland Memorial Lecture is a traditional event usually held in May, but as you know, due to the COVID-19 pandemic, it is being held at this unusual time in December. Thank you very much for coming in such cold weather. Today, I would like to present my thoughts focusing on how Yukichi Fukuzawa dealt with and discussed the economy.

Needless to say, Yukichi Fukuzawa was an Enlightenment thinker whose life spanned the end of the Edo period and the Meiji period. Like the 18th-century European Enlightenment thinkers, Fukuzawa had extremely diverse interests. His interests spanned many fields, including natural sciences such as physics—which Fukuzawa called "Kyurigaku"—medical sciences, and social sciences such as legal systems, political systems, economic phenomena, and accounting. Because he was a person with a very broad perspective, his intention was to show the "great path of learning" without being confined to individual fields.

However, as you are aware, academic fields have since become extremely subdivided, and today, many tall Towers of Babel stand between scholars. I must say that this has become a significant obstacle when we read Fukuzawa. Modern researchers are forced to approach the problems raised by Fukuzawa based on these Towers of Babel. This is a fate we can no longer avoid, and today's talk will also be based on this premise. However, I hope to take as large an analytical scope as possible, grasp the concept of economy broadly, and handle the discourse of economy including bookkeeping, accounting, and management.

There are already many research results on this topic. I will only mention a few here, but among them, the research by the late Professor Norio Tamaki, Masanori Komuro, and Takashi Hirano can be called truly excellent achievements.

The subtitle of Professor Tamaki's book, "The Life of Entrepreneur Yukichi Fukuzawa" (Yuhikaku, 2002), "Gaku de tomi, tomi te manabu" (Prospering through learning, and learning through wealth), is known as a phrase Fukuzawa used in a letter to his nephew, Hikojiro Nakamigawa. Using this slogan—which proposed the new idea at the time that learning and the path to wealth are not contradictory—as a guiding thread, Professor Tamaki's research vividly portrayed Fukuzawa as an "entrepreneur."

In his edited volume "Modern Japan and Yukichi Fukuzawa" (Keio University Press, 2013), Mr. Komuro points out that maintaining employment for "independence of the individual" is one core of Fukuzawa's economic concerns. Additionally, Mr. Hirano, in an essay included in the same book, focuses on the positioning of the status of the "shizoku (former samurai) scholar." This point also relates to my talk today.

However, I should state at the outset that, unlike these three gentlemen, I am not prepared to discuss in detail Fukuzawa's statements on economic issues or his editorials in the Jiji Shinpo. Today, I would like to proceed by narrowing the focus to Fukuzawa's view of the economy as seen in two works that many of you know: "Gakumon no susume (An Encouragement of Learning)" and "The Autobiography of Yukichi Fukuzawa."

Fixed Rules of Economy and the Laws of Business

First, as an introduction, I will quote a well-known passage from the first volume of "Gakumon no susume."

"For example, learning the forty-seven characters of the alphabet, understanding the wording of letters, the methods of bookkeeping (choai), the practice of the abacus, the handling of scales, and so on; there are still many more items to be studied further."

The term "choai" appearing here refers to "bookkeeping." Also, regarding the parts of "Gakumon no susume" that mention the economy, Adam Smith's name appears in the fifth volume. It is the passage: "It is the merit of 'Adam Smith' that he first discussed the fixed rules of economy and completely changed the laws of business." While I don't believe there is evidence that Fukuzawa actually read Adam Smith, there are certainly passages in Wayland's writings that mention Adam Smith, so it is quite conceivable that Fukuzawa learned Adam Smith's name through Wayland's books.

When I analyze this short quote in my own way, a certain question arises. While I believe the "fixed rules of economy" refers to economic laws, I wonder what the "laws of business" refers to. Since economic laws have already been mentioned, we cannot interpret the "laws of business" as implying economic laws. In other words, he is saying that the rules of economy and the laws of business are different things.

If so, I think Fukuzawa's "laws of business" was a term used with bookkeeping and accounting in mind, similar to "choai." My interpretation is that a certain kind of management accounting mindset appears there. Alternatively, if there is another interpretation of the "laws of business," one might take "law" to mean "legislation" or a "legal system," and view it as something like modern "commercial law" or "corporate law."

However, in either case, the interpretation that "Adam Smith completely changed the laws of business" does not seem to hold up.

Glimpses of Old Ideals

Setting aside the "laws of business" for a moment, let us move to the tenth volume of "Gakumon no susume." To put it simply, the tenth volume is about human capital investment. For example, it discusses how much money is needed when striving in studies and how to view earnings within that context. The following quote is a passage where he admonishes Western studies students for taking jobs too easily after finishing their studies.

"Though the tip of my pen may become slightly vulgar and these are not things that should be said to scholars, I shall explain this by calculating money. To attend a school, the cost for one year does not exceed one hundred yen; if one invests three hundred yen over three years and then gains a profit of fifty or seventy yen a month, that is the business of a Western studies student."

The "motoire" mentioned here refers to capital investment, and the 50 or 70 yen corresponds to earnings. In other words, he is concerned with how much profit is brought in relative to the capital investment.

However, what I want to focus on is not the talk of capital investment, but the proviso at the beginning of Fukuzawa's text: "Though the tip of my pen may become slightly vulgar and these are not things that should be said to scholars." Here, Fukuzawa goes as far as to say that talk of money calculations is not something to be discussed with scholars. I have given today's lecture the subtitle "Between Old and New Ideals," and I believe this single sentence serves as evidence that Fukuzawa, as an Enlightenment thinker, was not necessarily free from "old ideals."

Next is another quote from "Gakumon no susume." It is the essay titled "Inventory of the Mind" in the 14th volume.

"In times of busy buying and selling, things one thought would surely be profitable may, upon looking at the table of average profit and loss produced during inventory, turn out to be a loss contrary to expectations. Or, things one thought were in short supply at the time of purchase may, upon seeing the remaining stock during inventory, turn out to have been purchased in excess because selling them took an unexpected amount of time. Therefore, the one thing of great importance in business is to keep daily bookkeeping precise and not to miss the period for inventory."

Fukuzawa explicitly mentions the name of the American thinker Benjamin Franklin in other parts of "Inventory of the Mind." The point of this 14th volume is that because our daily lives pass by so easily, we must take inventory on a daily, weekly, or monthly basis. In terms of financial statements, this can be translated to mean that we must never neglect the comparison of the left and right sides of the balance sheet. The rhetoric Fukuzawa uses here is about bookkeeping, not about economics.

The Ethos of His Father, Hyakusuke

Next, I would like to look at "The Autobiography of Yukichi Fukuzawa." First, I want to mention Fukuzawa's father, Hyakusuke, who passed away relatively early. Fukuzawa describes his father as an "ordinary Chinese classicist," and from such descriptions, the ethos of Fukuzawa's father emerges. I believe it is important to understand how the ethos of the Fukuzawa father and son changed, how the son evaluated the father, and how Yukichi Fukuzawa's own ethos overlapped with that of his father. For example, the following quote is a passage where Fukuzawa speaks specifically about his father's work.

"His duty while stationed at the domain warehouse in Osaka was to associate with wealthy Osaka merchants like Kashimaya and Konoike to manage the domain's debts, but originally my father found such things unbearable. His idea was to be a scholar devoted solely to reading rather than handling money, but he unexpectedly had to take up the abacus and count money, or negotiate the extension of domain loans. Unlike modern Western scholars, he was a pure scholar of the old type who said that even looking at money was defiling; since he was dealing with pure worldly affairs, his discontent was only natural."

"Domain debts" refers to the loans of the domain, and Fukuzawa's father was in a position where he had to figure out how to manage the repayments. "Negotiating the extension of domain loans" could, in some cases, involve a rollover (a financial term for extending a payment deadline), and he had to negotiate in such situations as part of his job. The organizations the Nakatsu Domain borrowed money from were entities like Kashimaya and Konoike, which later became zaibatsu. Hyakusuke Fukuzawa held a role that required very troublesome negotiations with such parties. According to his son Yukichi's evaluation, his father did not enjoy that work at all; as a "Chinese classicist," he would likely have been happy if he could have spent his life reading, but it seems that was not possible.

The next quote also speaks to the ethos of his father, Hyakusuke.

"'Teaching such outrageous things. It is out of the question to let young children know about calculations. I cannot leave children in such a place. Who knows what they might be taught? Take him back immediately,' he said, and I heard later from my mother that he did take me back."

What is recalled here are Hyakusuke's words regarding the education of children, particularly in Osaka where the Fukuzawa family lived at the time, such as teaching the multiplication table as a basic skill for trade. I do not know much about the differences in merchant education between Edo and Osaka, but Fukuzawa's father said of Osaka's education, "Teaching such outrageous things." "Calculations" refers to money calculations in general, but it seems to have also implied the economy in a broad sense. Through Fukuzawa's description, we can see that his father cast a critical eye on the fact that in Osaka, where there were many merchants, children grew up savvy about money from an early age.

"Leaving All Complicated Money Matters to Others"

So, what did Fukuzawa himself think about choai (bookkeeping and accounting)? We can see parts that suggest this in "The Autobiography of Yukichi Fukuzawa." First, regarding the practice of bookkeeping and finance, there is the following passage.

"Early after the Restoration, I translated a book on bookkeeping called 'Bookkeeping (Choai no ho),' and all the bookkeeping books in the world today are written following my translation examples. Therefore, I ought to be a professional in bookkeeping. However, it seems the thinking of a reader and the thinking of a businessman are different things; not only can I not put this bookkeeping method into practical use, but I am also very poor at receiving information even when looking at ledgers written by others. If I think hard, of course I can understand it, I certainly will, but it is just troublesome and I have no desire to do such things, so I leave all complicated money matters, like the Juku's accounting or the newspaper's accounts, to others, and I only look at the total figures of the settlement."

"Bookkeeping (Choai no ho)" appears first. As he states that he translated a "book on bookkeeping," Fukuzawa was also the person who introduced bookkeeping and accounting to Japan. He says that all bookkeeping books in the world today are written following his translation examples, and that he is at the starting point. Of course, he is saying this at the time of writing his "Autobiography," but it is clear he took great pride in this. In fact, in Fukuzawa's later years, during the latter half of the Meiji period, thinking about bookkeeping, accounting, finance, and the economy in general had advanced significantly.

While Fukuzawa valued bookkeeping in this way, I also want to focus on the juxtaposition of the reader's way of thinking and the businessman's way of thinking. From the fourth line of the quote onwards, I believe parts of Fukuzawa trapped in the "old order," or in my own expression, "old ideals," are revealed. This is because if "prospering through learning" and "learning through wealth" in the letter to his nephew Nakamigawa introduced at the beginning expresses Fukuzawa's new ideals, then in this quote, he is taking a quite different view. It might be said that the old ideals within Fukuzawa inadvertently surfaced.

Here, while saying he must be a professional in bookkeeping, Fukuzawa also says of himself, "I am very poor at receiving information even when looking at ledgers written by others." In modern terms, I think this means he was not the type of person who could look at financial statements or balance sheets and have the management status of a company or organization immediately come to mind. He clearly felt a lack of understanding, and there might be a bit of sour grapes involved, as he says, "If I think hard, of course I can understand it." Since he says, "the total figures of the settlement," it seems he received reports of general reviews for his own businesses and Yukichi Fukuzawa himself considered that sufficient.

By the way, two organizations are mentioned in the passage just quoted. One is, needless to say, the accounting of Keio University where we are now. The other is the newspaper company, which I believe refers to the accounts of the Jiji Shinpo. It was likely true that he "left all complicated money matters to others." It is inferred that Fukuzawa's basic stance was that while he identified as the introducer of bookkeeping, he did not understand the details of accounting, or rather, had no interest in them.

Coexistence of Old and New Ideals

Next, I would like to look at what Fukuzawa thought about investment or the management of money.

"For example, there are students of the Juku who bring their tuition money and want to leave it with me because they want to receive only their monthly expenses. Yoshiro Takiguchi, who is now a member of the House of Peers, was one of them when he was a student years ago, and had several hundred yen deposited with me. I would keep that money properly in a dresser drawer, and if he came every month, I would give him ten or fifteen yen as needed, and wrap the rest in paper and put it away again. It's not that I didn't know how convenient it would be to deposit that money in a bank; I knew it perfectly well in my heart, but I could not do it with my hands."

Fukuzawa calls it "tuition money," but it seems that in the old Juku, there was a system where students would leave a certain amount of tuition plus extra with the Juku—that is, with Fukuzawa—and receive only the necessary amount from it each month.

There were likely many such students besides Yoshiro Takiguchi. There was money that students deposited with the Juku or Fukuzawa at the time, and as Fukuzawa mentions, setting aside whether it was appropriate, it was possible to manage assets based on that. He understood well that some interest could be expected if deposited in a bank.

What I want to focus on is the final part, where Fukuzawa states that while he knew in his heart it would be convenient to deposit it in a bank, he could not do it. I think these are very suggestive words. This is because I believe the coexistence of Fukuzawa's old and new ideals is expressed very vividly here. From the expression "knew it in my heart," we can interpret that he understood the merits of asset management logically. However, he "could not do it with his hands." In other words, he could not put such investment behavior into practice.

This means that, not limited to economic acts, human behavior is clearly different between understanding something with the head and having it soak into the body and appear as an expression. Regarding the latter, it has recently come to be called "embodied knowledge." It is a way of thinking that emphasizes "knowledge held by the body," and Fukuzawa is stating here that understanding with the head and having it appear as actual behavior are indeed different.

The next quote is also about investment. It is a part that could be called a variation on the same theme as the part just cited.

"A great financier came to my place, and the conversation turned to money, and he said all sorts of complicated things that were truly dazzling. I thought, 'My, how annoying.' It was a talk about directing this money over there and returning that money over here, but if one has money to lend to others, it seems one shouldn't have to borrow. I know well that businessmen do business by borrowing other people's money, but if one is to lend money to others at all, it is because one has surplus money. Even for a businessman, if there is money to lend, shouldn't the original intention be to operate that for oneself as much as possible and not borrow other people's money as much as possible? Yet, while having one's own capital, one has gone to the unnecessary trouble of borrowing from others."

I think this part can also be read as very interesting. A "financier" is a financial expert well-versed in investment activities, simply put, a banker. That person came to Fukuzawa and likely recommended investments or explained their significance. "Complicated things" means troublesome or annoying things, but that financier had a discussion about how doing this would increase earnings, or doing that would not go well, so perhaps Professor Fukuzawa should do it this way too. However, Fukuzawa says it is a very troublesome and annoying talk.

Following that, he speaks about managing money borrowed from others. Procuring money from others in the form of deposits and lending it out with a bit of interest added is one of the essences of the banking business, but Fukuzawa says very clearly that the act of lending money to others is, in the first place, done because there is surplus money. In other words, he thought the act of lending surplus funds to others was rational, but I think the idea of operating even by using money borrowed from others did not sit right within his values.

This story can be interpreted in various ways, but Fukuzawa had a disposition that exceptionally disliked debt, and he repeatedly states in "The Autobiography of Yukichi Fukuzawa" that he had never done such a thing in his life.

委託取引あるいはコミッションと福澤

"In the group this time, there was a person in charge of the so-called 'National Interest (Gokokueki-gakari),' and in that person's plan, Western studies would gradually open up in Japan from now on and the price of original books would surely become higher. Therefore, if we buy these original books now, bring them back, and sell them, it would be to some extent for the national interest, so he gave me a private order to buy them, but I did not easily agree."

This is a part I found particularly interesting. The "Gokokueki-gakari" refers to a role in the old Shogunate era that conducted various businesses for the sake of the country's finances. If the business grew large, it would develop into a state-run industry, but what Fukuzawa is describing is a small-scale story. This is a story from his third trip abroad, to America. The person in charge of national interest said that since the era of Western studies was coming, the price of original books would keep rising. In that case, he said it would be for the national interest and help the country's financial state if Fukuzawa and his friends were made to buy original books and sell them at a high price.

Fukuzawa's way of responding to this person in charge of national interest is very interesting and brilliant. From this, we can see that he had a deep understanding of consignment transactions, that is, commissions.

"'In that case, the government is doing business. I did not come to act as a manager of business, but if the government has already come out to do business, I shall also become a merchant. In exchange, how about I take as much commission as I please? Either way is fine; if you say you will sell at the same price the government bought them for, I will work as hard as possible, examine the books, haggle and haggle to buy them cheaply so they can be sold. But if you say the government will make a profit, I won't let only the government profit; I will profit together with you. Now, here is the dividing line between official and merchant. What do you say?'"

The meaning is mostly clear, but to supplement just in case, the final "dividing line between official and merchant," "official" refers to the official world, the world of the government. "Merchant" refers to the world of business, and Fukuzawa is telling the person in charge of national interest that he wants them clearly separated.

If the government does its job as a government, the books purchased will be sold at cost. However, if the Shogunate or government officials are thinking of selling something worth 100 yen for 150 yen, then he has his own ideas. In other words, he is talking about becoming an agent in that case. Since he is going to buy as a representative, he is saying he will naturally take an agent's fee. If it's the government's work, he will buy the original books as cheaply as possible. In that case, he wants them sold at the same price. However, if the government intends to do business, he will also do business. The last part is where he is speaking in the Fukuzawa style of "cutting a sharp tongue." He is pressing them, saying this is the fork in the road, which will it be?

It is unknown where Fukuzawa acquired such thinking, but reading this part gives the impression that the ideas regarding consignment transactions, consignment sales, and commissions had permeated quite deeply within him. It wasn't just that he knew the idea of fees as a theory; he well understood the economic logic that it is rational for an agent to take a commission and that it is the correct way to do things. I believe that is precisely why he was able to speak so sharply.

福澤がこうした考え方をどこで仕入れたのかはわかりませんが、この部分を読むと福澤の身の内には委託取引や委託販売、コミッションに関する考え方がかなり浸透している感じを受けます。手数料の考え方を理屈として知っているというだけではなく、エージェントはコミッションを取るのが合理的であり、それが正しいやり方だという経済的なロジックをよくわかっていた。だからこそこういう啖呵が切れたのではないかと思うわけです。

福澤の出版事業

For Fukuzawa, in whom such old and new ideals were mixed, there is something he cites as an example of a business that succeeded in his life, or that he worked hard on in his own way. That is the publishing business.

There is already much research on Fukuzawa's publishing business, and I think it is understood to some extent what kind of money calculations led to his making a profit, but let me explain just the outline very briefly. As also stated in "The Autobiography of Yukichi Fukuzawa," when Fukuzawa first started his publishing business, it was an era when the rights of the publisher (hanmoto) were very strong, and the rights owned by the author were extremely limited. Specifically, when making a book, unlike today's system, it required craftsmen to write the master copy, carve the woodblocks, and handle the printing, as well as a vast amount of paper to give it shape.

Fukuzawa writes in his "Autobiography" that he snatched these various rights from the publishers in a sense and brought them into his own hands as the author. Paper is something one can just buy with money, but what was important here were the craftsmen in charge of woodblocks and printing. They were the limited individuals who had the know-how to make books at the time. Therefore, Fukuzawa began his involvement in publishing by employing craftsmen himself. He realized that no matter what form of book he made, he first had to have such craftsmen under him.

Such activities would be close to starting a publishing company in modern terms. At the time, buying paper and employing craftsmen were all controlled by the "bookstores (shorin)," to use the expression from "The Autobiography of Yukichi Fukuzawa." Later research has revealed that the reason Fukuzawa went as far as to employ craftsmen quite forcefully and purchase paper in bulk to start publishing himself was that he strongly believed the rights of writers like themselves were not being properly protected as economic value at the time.

What was characteristic of Fukuzawa's attempt was that he turned the traditional bookstores into sales agents. I think it can be said that by making the publisher the author's agent, he strengthened the author's rights. This is a part where Fukuzawa showed a very proactive response toward the new ideals among the old and new ideals he held together. Fukuzawa himself writes in "The Autobiography of Yukichi Fukuzawa" that publishing was a part that showed his talent as a businessman.

福澤の試みが特徴的だったのは、従来の書林を販売のエージェントに変えてしまったところにありました。出版社を著者のエージェントにすることで、著者の権利を強めたと言えるのではないかと思います。これは、福澤が併せ持っていた新旧両理念の中でも、新しい理念に対して非常に積極的な対応を示した部分です。福澤自身も『福翁自伝』の中で、出版は自分の事業家としての才能を示した部分であるといったことを記しています。

経済人・福澤の二面性

Professor Norio Tamaki, whose name I have mentioned repeatedly, states that Fukuzawa was a businessman based on the reflection that we have not looked at Fukuzawa with such eyes until now. Professor Tamaki put forward the view that Keio University, where we are studying, is also his business. And, of course, in addition to Keio University, he has mentioned Fukuzawa's involvement with Maruzen, Yokohama Specie Bank, and even Mitsubishi in his books.

While Professor Tamaki emphasizes Fukuzawa as a businessman, Takashi Hirano, according to an interesting essay in "Modern Japan and Yukichi Fukuzawa," emphasizes that the economic person Fukuzawa spoke of was, in fact, a shizoku scholar. Since this is a point very deeply related to my lecture today, I will offer some commentary while relying on Mr. Hirano's research.

Fukuzawa said various things about what type of person is desirable as a merchant or a business person, but what he particularly emphasized was being of the shizoku class. In the Meiji period, the "shizoku's way of business" was a target of ridicule, but Fukuzawa said in a sense that the shizoku's way of business was fine. He emphasizes that it is desirable for educated students—and I think this point of being "educated" is important—to enter the business world and be involved in management.

However, without limiting it to the shizoku, if we summarize Fukuzawa's discourse on the economy in general, as we have seen, his own ethos likely had a very wide range and swung toward both the old and new ideals.

He states himself that he was relatively indifferent to investment and the management of funds, and as we have seen, regarding the practice of bookkeeping and finance, he only understood the big picture and did not understand the details himself. I think these things show vividly that he maintained a certain distance from the thing called economy.

Then, if we ask whether it was a mistake for Professor Tamaki to emphasize the entrepreneurship that Fukuzawa highlighted, I do not necessarily think so. Earlier, I specifically quoted the part where Fukuzawa speaks about consignment transactions and commissions, and as can be seen from his saying things like "it's the dividing line between official and merchant," he also emphasized that if one is to do business, one must be devoted to business. I think such arguments are also very brilliant.

Furthermore, I think Fukuzawa was indeed successful in starting the publishing business, and I believe he proposed a new business model in his relationship with the publishers.

In this way, it can be considered that Fukuzawa brilliantly demonstrated his entrepreneurship regarding new ideals as well. When we examine what Fukuzawa said and wrote, it can be clearly seen that the old and new ideals regarding the discipline of economy coexisted within him.

このように、福澤は新しい理念についても自らのアントルプルヌールシップを見事に示したと考えることができるでしょう。福澤が述べたことや書いたものを紐解くと、経済という学問に対する新旧両理念が彼の中に同居していたことがはっきりと見て取れます。

福澤にとっての経済とは

However, as shown in the quotes so far, I think the proportion of discourse related to the economy in a broad sense, such as bookkeeping, accounting, and finance, rather than just economic discourse in a narrow sense, was not low in Fukuzawa's thought.

For example, Fukuzawa's rhetoric in the "Inventory of the Mind" part of the 14th volume of "Gakumon no susume" was that we must take an "inventory of the mind" by overlapping it with the left and right sides of a balance sheet, and based on this way of thinking, we must re-examine and reflect on our lives every week, every month, and every year. I think the bookkeeping rhetoric Fukuzawa showed here is very vivid.

Then, this time, which aspect of bookkeeping and accounting he focused on becomes important. Since accounting is so-called accounting that expresses the results of a company's activities through the balance of money, the most important function is to "clearly state the company's performance to outsiders." However, as far as I can see, Fukuzawa's recognition of that point was relatively thin, and I feel he did not emphasize it that much.

Then, as for what was essential for Fukuzawa, my thought is that he was most attracted to the management accounting aspect appearing in bookkeeping and accounting. There are financial accounting and management accounting, but management accounting is basically a story inside the business. In other words, it attempts to clarify how to utilize management merits and increase earnings with the help of accounting. In modern terms, it would be business accounting. For Fukuzawa, bookkeeping and accounting likely had a very strong aspect of business accounting.

Therefore, my tentative conclusion regarding the second agenda of Fukuzawa's economic discourse is that Fukuzawa was strongly influenced not only by so-called economics but also by bookkeeping and accounting ideas, or management accounting ideas in a broad sense based on them.

I would like to conclude my humble reading of Fukuzawa with the above. Thank you for your attention.

(This manuscript is based on a lecture given at the Wayland Memorial Lecture on December 2, 2020, with some additions and corrections. Quotes from Fukuzawa's works are from the "Collected Works of Yukichi Fukuzawa" (Keio University Press). The talk on the day had a tendency to overemphasize the distance between Fukuzawa and economics, and that point was corrected in preparing the final manuscript.)

(本稿は、2020年12月2日に行われた福澤先生ウェーランド経済書講述記念講演会での講演をもとに一部を加筆修正したものである。福澤の著作引用は『福澤諭吉著作集』(慶應義塾大学出版会)による。当日の話は、福澤と経済学との距離を強調し過ぎたきらいがあり、その点は成稿にあたり改めた。)

※所属・職名等は本誌発刊当時のものです。