In short, a society that privileges private profit over social needs may fail to meet these social needs. For example, in an effort to keep taxes low in order to maximize business profits, a government might cut back on basic social programs. All government welfare programs, in addition to other services like education, depend on tax revenue to function. Additionally, many occupational safety requirements could be dropped in the interest of profitability. Some business leaders argue that environmental regulations hurt businesses and should therefore be eliminated, despite the obvious potential cost to society.
On the other hand, if government enacts programs or raises taxes in the name of the social good, it can result in reduced profits for businesses, which can result in workers losing their jobs. So governments must strike a delicate balance between stimulating business and pursuing the social good.