I do not think good business necessarily means good ethics, or vice versa. A business needs to make money, therefore it needs to make a profit. Good ethics can make for good business, but I also do not think that a good business needs good ethics. For example, a company can have good ethics and please its customers and have a great business, but this is not the case in many circumstances. In order to make a profit, if there is a dangerous product that is malfunctioning, the company weighs whether it is more costly to fix the problem and inform people or deal with the consequences if the product hurting someone. Is this good ethics? I personally do not think so. But, on the other hand, is it good business? Yes.
During modern day business what Edison did is seen everywhere. Bashing your rival company is seen with huge companies such as Apple and PCs. Talking bad about anyone is not good ethics but it is done in many businesses because it is considered good marketing, or good business. So, I do not think that Edison was ethical in any sense of the word, but is any business? Good business does not equal good ethics.