Fun piece of history regarding business ethics, the mass-unionization of West Virginia coal mines occurred after the mass-unionization of coal mines in other regions. Part of the reason the unionization effort in West Virginia was so fanatical was that part of the deal the unions struck with the mine owners in other regions was that they would unionize West Virginia as fast as possible, otherwise the newly unionized coal mines in other regions couldn't compete with cheaper, non-unionized West Virginia coal miners.
Point being, the playing field must be level for ethical business to exist. If you try to act ethically on your own you will lose to a less ethical (but still legal) competitor. Sure if you're dominant enough or niche enough you can get away with being ethical, but if you have hard competition, good luck. You'll maintain your virtue, and they'll maintain their profits, and we'll see who's still around in 5 years.
Granted it is possible to overstep and cause a customer revolt, but hoping your competition is that stupid is not an effective strategy.
Point being, the playing field must be level for ethical business to exist. If you try to act ethically on your own you will lose to a less ethical (but still legal) competitor. Sure if you're dominant enough or niche enough you can get away with being ethical, but if you have hard competition, good luck. You'll maintain your virtue, and they'll maintain their profits, and we'll see who's still around in 5 years.
Granted it is possible to overstep and cause a customer revolt, but hoping your competition is that stupid is not an effective strategy.