Law and Morality in Modern Business

Abstract

Even though business ethics seems to be almost universally accepted as a legitimate and necessary guide of business activities, still there are voices claiming that morality in business can and should be reduced to legal regulations. This paper is trying to reject this legalist approach, presenting several arguments for the notion that, no matter how important, the law cannot and should not solve all the difficult issues which currently confront business people. The very efficiency of the legal system depends on the moral attitude towards the notion of legality, since conformity with the law is not, in itself, a legal matter, but a moral obligation. Every law can be, and should be, evaluated from a moral viewpoint. The law cannot and must not regulate every aspect and each moment of our lives. Most often the law tells us how to proceed, but not what we should do. One final reason why, beyond the strict conformity with the law, ethics could be sometimes requested, is the national character of legislation, whereas ethical principles are generally meaningful. Ethical standards play a specific and irreplaceable part in the decision making process involved in a fair market economy.