Living A Moral Life

I just finished reading The Elements of Moral Philosophy by James Rachels.  After a brief examination of moral thought through the ages, Rachels takes a stab at crafting his own a short, but sweet recommendation on how to live a good life:   

"We ought to act so as to promote impartially the interests of everyone alike, except when individuals deserve particular responses as a result of their own past behavior." 

These words resonate with me.  What are the implications of such a philosophy, taken from the written page and implemented in the real world?  With our friends and family?  Our political, business and religious leaders?

Your comments would be appreciated.  I'll have more to say on the subject soon.