John Kavenaugh wrote this intriguing article for that left-wing Catholic magazine America. In it, he states that the real problem with moral relativism is that you end up demanding that Other people follow rules that you won't follow yourself- and that the Philosopher Kant argues against this, while arguing for freedom.
I find this fascinating, because I myself have a basic philosophical problem with freedom: Political and Religious Freedom contains the Freedom to Do Good, but it also contains the Freedom to Do Evil.
Immanuel Kant counters this with the idea that if you're going to hold to a principle, you should hold it yourself as a religious duty to the greater good. After all, what good is having a rule if you won't follow it yourself?
This, to me, is the core of morality- to do what is right in the service of the greater good. It's also the core of just about every major religion on the planet, save Protestantism, which has the concept of being saved by Faith Alone (despite the Biblical pronouncement against this in the book of James- which claims we are saved NOT by faith alone, but by good works).
September 2008 taught us that free markets, in the absence of strict ethics and moral code, will fail- that freedom contains the freedom to do evil. Only by adhering to a duty to do good, can we overcome this.