What is the point of joining a professional institution and being subjected to a professional code of conduct?

What you mean by "professional institution" is not quite
clear.  I am going to assume you mean an organization that you might join voluntarily,
for example, a professional organization such as the American Management Association or
the Chamber of Commerce.  A professional institution might very well mean an
organization that you "join" by virtue of employment, or an institution that you
"belong" to by means of certification or licensure, for example, by becoming a Certified
Public Accountant.  Given any of these interpretations of this term, there are good
reasons to be subject to a professional code of conduct. In fact, why would we not want
everyone to be subject to a professional code of
conduct?

In any business enterprise, we want people to
behave with professional and ethical conduct. This allows for fair competition, a
somewhat level playing field.  A capitalistic society that does not adhere to these
standards turns into a Darwinian "survival of the fittest" society, antithetical to the
Western democracy, which has the stated goal of equal opportunity for
all.

As consumers, we want to deal with people who act
professionally and ethically.  Do you want to patronize a business that cheats its
customers?  Would you want to use an accountant who did not get continuing education in
accounting?  Do you want to do business with a company that rapes the
environment?

A business might succeed for a while without
such conduct, but sooner or later, it will pay the price. Examples include Enron, Martha
Stewart, and the current Murdoch scandal.  Unethical and unprofessional business persons
suffer unpleasant consequences, for example, the loss of business, the close of a
business, fines, or imprisonment.

Most organizations today,
whether they be for-profit or non-profit, have a code of conduct to which you are
expected to adhere as an employee.  I have provided a link to one such code below. A
failure to adhere to such codes results in discipline, demotion, suspension, or loss of
employment.  Not joining a professional organization does not insulate anyone from these
consequences.

As professionals of any sort, whether or not
we join an organization with a code of conduct, we should all subject ourselves to such
a code, for our own good and for the good of the world in which we
live.