C. G. Jung never offered a formalized system of ethics, but his analytical psychology is teeming with ethical pronouncements. Jung's ethical theories are introduced and explored in relation to a book written by Dan Merkur centering on the question of morality in human nature, the individuation process, and in psychotherapeutic treatment. Jung struggled to provide a dialectical account of human valuation, yet this is implied in the very process of overcoming oppositions through the negotiation and integration of differences, and in holding balances between internal and external conflicts. The psychologicalization of ethics, particularly the compensatory function of the unconscious, ensures that moral psychology is fraught with ambivalence, uncertainty, and competing dilemmas that are unique to each person, hence no formal or rational system of deontological ethics is possible. C. G. Jung never offered a formalized system of ethics, but his analytical psychology is teeming with ethical pronouncements. Jung's ethical theories are introduced and explored in relation to a book written by Dan Merkur centering on the question of morality in human nature, the individuation process, and in psychotherapeutic treatment. Jung struggled to provide a dialectical account of human valuation, yet this is implied in the very process of overcoming oppositions through the negotiation and integration of differences, and in holding balances between internal and external conflicts. The psychologicalization of ethics, particularly the compensatory function of the unconscious, ensures that moral psychology is fraught with ambivalence, uncertainty, and competing dilemmas that are unique to each person, hence no formal or rational system of deontological ethics is possible.