Understanding of social environment has become important in business as much as understanding of economic principles. It is well-known that social reality is determined by cultural factors, which direct the activities of the participants in business from subconsciousness thus influencing their moral code. This book analyzes the impacts of business, culture and ethics in the example of a country that is undergoing a transformation of its society and economy. In this context, the cultural characteristics of Serbia have been analyzed in relation to the cultures of other European countries, the impact of culture on leadership, success in business, and some important ethical issues, such as ethical leadership, corruption and the privatization process. Finally, the question has been raised to what extent the society and its culture need to change in order to quickly and effectively adapt to global economic processes and how to ensure greater economic efficiency, while maintaining the cultural identity of the society. This book is intended for all who are looking for answers to the questions of cultural differences and their impact on ethical behavior of the participants in business.