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Bridging the Foundational Gap between Theory and Practice: The Paradigm on the Evolution of Business Ethics to Business Law

This chapter addresses the relationship between ethics and law and the evolution from ethics to law so that practitioners can implement ethical business practices. Practitioners must first understand the differences in the foundational gap in theory between ethics and law as it applies to business in practice. This chapter provides a review of the foundation of the differences between ethics and law as addressed from a practical standpoint. Furthermore, a practical strategy in addressing business law is offered. Thus, the operational definition of ethics, in this chapter, is the study of business situations, activities, and decisions where issues of right and wrong are addressed based on the principles, norms, and standards of conduct governing an individual or group. Law, on the other hand, is essentially an institutionalization or codification of ethics into specific social rules, regulations, and proscriptions and represents the minimum acceptable standards of behavior in a society.