In a country like Japan where Christian ethics did not exist, how Japanese capitalism adjusted public and private profit during the rise of modern industry was a serious issue. What kind of role did Fukuzawa play during this period? Before the Meiji Period, merchants were at the very bottom of the "Shi Noh Ko Sho" system; however, by the end of the Meiji Period, industrialists had attained the highest social status as business elites. What happened in this transition? In conclusion, entrusting the modern industry to the samurai, who had the mentality of humble service, was successful. The business elites are not descendants of merchants, but descendants of the samurai class. In this case, Fukuzawa did not state that public profit should have priority over private profit, as Eichi Shibusawa did, but that the two would be automatically adjusted by the business elites whose spirit is noble. This was the role the "student", whose mentality was that of the samurai, was expected to paly.