Judged by the United Nations Universal Declaration of Human Rights, which expresses the widest consensus available on ethics, the Bible does fail miserably. The Bible is part of a world whose ethics and values are best left in the past. If the modern world values human freedom, then it should completely unshackle itself from using the Bible as any sort of ethical or social authority.
More On Biblical Ethics
Hector Avalos has written a lengthy and thorough analysis of biblical support for slavery, and unethical behavior in general (H/T John Loftus). This blogger agrees with Avalos' final paragraph:
Posted by Tom Rafferty