What is the Difference Between Business Ethics and Social Responsibility?

The main difference between business ethics and social responsibility lies in their focus and scope. Here are the key distinctions between the two concepts:

• Business Ethics:

1. Refers to the moral principles that serve as the foundation for how a business conducts itself and the behavior of individuals and organizations in the business world.
2. Focuses on what is right and wrong within an organization and requires ethical decision-making.
3. Affects the people within an organization and requires accountability to the organization, stakeholders, and the public.
4. is concerned with not just the social obligations of a business, but also the obligations to its employees, customers, suppliers, and competitors.

• Social Responsibility:

1. Focuses on the impact of business behaviors on society and the environment.
2. Is concerned with the obligation to society and is more about conscience.
3. Affects society as a whole and is narrowly focused on a company's social obligations.
4. Requires businesses to act in the interest and for the benefit of the community whenever possible, sometimes even at the detriment of profits.

In summary, business ethics is a broader concept that governs the moral principles and decision-making within a company, while social responsibility is a specific aspect of business ethics that focuses on the company's impact on society and the environment. Business ethics serves as a necessary foundation for social responsibility, but social responsibility goes beyond simply following ethical principles to actively contributing to the well-being of society and the environment.

Comparative Table: Business Ethics vs Social Responsibility

Here is a table comparing the differences between business ethics and social responsibility:

In summary, business ethics focuses on the moral principles and decision-making processes within a company, while social responsibility is concerned with a company's obligations to society, the environment, and its stakeholders. Business ethics primarily affects the employees, stakeholders, shareholders, and consumers or clients of a company, whereas social responsibility has a broader impact on the whole of society.