Why are professional and ethical standards so important for universities?

One of the remarkable aspects of recent history has been the growth of participation in education around the world, including participation in higher education. For many years higher education has been seen as an elite activity, although it seems difficult to defend that position now. The growth in higher education participation has tended, however, to obscure fundamental questions about the purpose of higher education, and related questions about the importance of professional and ethical standards for institutions of higher education.