Markets are oblivious to morals. They were never designed to be moral instruments. A market can and has existed in anything. To take an example from our own history, a slave market thrived on this continent for over 300 years. And this market did not collapse on its own.
Markets are no substitute for the democratic process.
In a democracy the most humble and the distinguished citizens are formally equal. The elevation of markets as the sole arbitrator of value deprives people of a sense of belonging to a community, to society. Instead, people feel isolated, which in turn leads to demoralization. If each of us is on our own, none of us can change very much, so we should just accept things as they are. No single individual can answer the big questions in our society.