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If the majority of companies strive to conduct their business ethically, why is there a need to create laws? How are ethics different from the law? How are ethics and the law the same? Please support your answer with real-world examples.
Expert Answer
Although majority of companies strive to conduct their business ethically, not all follow the ethics and indulge in illegal activities and hence, there is a need to create laws.
Difference-
Ethics are social guidelines based on moral principles and human values. While laws are rules and regulations which have specific penalties and punishments. Ethics do not have punishments or penalties when people fail to abide ethics while laws do.
e.g. The President can refuse to speak at a public gathering unless he is paid a large sum as a speakers’ fee. It is unethical, but it is legal.
Similarity-
Ethics and law are closely related as they both have a focus on the right and wrong, preventing immoral acts and creating rules for the society.
e.g. Mine companies making workers work for long hours and not paying them enough is both unethical and illegal.
