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What could be responsible for erosion of social morals and cultures across the world?
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People are very well aware of the fact that "the erosion of moral standard" in society and market is really significant. But unfortunately people are ignorant or they somehow feel that their own moral standard does not have a impact to bring about a change for a better cause.

People ignore their individual moral standards
Many people express objections against child labor, exploitation of the workforce or meat production involving cruelty against animals. At the same time, however, people ignore their own moral standards when acting as market participants, searching for the cheapest electronics, fashion or food. Thus, markets reduce moral concerns.

People are willing to harm a third party in exchange to receiving money. Harming others in an intentional and unjustified way is typically considered unethical.

People believe that their own "good moral behavior" has negligible impact on the outcome
Many people generally justify their behavior by stressing that their impact on outcomes is negligible. This logic is a general characteristic of our society. Excuses or justifications appeal to the saying, "If I don't do this, someone else will." For morally neutral things, however, such effects are of minor importance. For things without moral relevance, differences in decisions between the individual and the market conditions are small. The reason is simply that in such cases the need to share guilt or excuse behavior is absent.

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