For what it's worth, in my campaigns, evil is evil and good is good. But what's "socially acceptable" varies.
Typically, my Greyhawk campaigns are based in Bissel, which in my version is a sort of idealized medieval Lawful Good realm with a good ruler, chivalrous knights, generally good nobles, and a free peasantry of doughty yeoman. It has some bad people -- bandits, an evil druid, cultists, smugglers -- but in general, it's a Shire-like place. The only thing "bad" about the society is that it's involved in a war with Ket (which keeps invading it), so some people are racist against the folks from that side of the continent. And nearly everyone is racist against humanoids -- many folks against half-orcs and a few against the local aboriginal tribal humans too (who are an oddball combination of Welsh, Swiss, and American Indian as I run them!).
I recent started running the Shackled City Adventure Path. My Cauldron is called the Shackled City not because of the adventure plot, but because it's wealth is based on slave plantations. A lot of the ruling class actually are evil to varying degrees, from a culture built on slavery and piracy . . . and those who are genuinely Good have freed their slaves or don't participate in it (slaves are banned from the city itself for security reasons). Neutral folks -- always the vast majority -- don't question the norms of their society.
So my morality is all the same (evil is always evil), it's just different societies tolerate different things.