Prof. Bavee (2010) discussed how social responsibility and professional ethics matter. This discussion is backed by the empirical evidence of the research conducted for studying the relation between managerial ethics and economic environment. In this study, it was concluded that professional ethics is dependent on economic outlook i.e. countries that have developed markets tend to make business more efficient by following professional ethics. On the other hand, in less developed countries the ethical behavior may not be followed as the focus is on making profits, not only from individual perspective but unethical perspectives are also encouraged for growth of the economy on the whole. In such countries ethical behavior in management fulfill academic perspective only. In the discussion, it also highlighted that higher ethical behavior is seen in northern and western European countries while it is on the lower end in Southern European countries. Further, it is also highlighted that corruption in these southern European countries creates obstacles for economic growth.