Morality of the market

I am not at home in the mindset of economists, nor in their language, but I know a thing or two about philosophical thinking and terms (if coming up in German, in Latin, and, to a minor degree, in English).
In the abstract: a behaviour, whenever it is appropriate to see it from the angle of morality, can be jugded as morally justified (in common speech: as moral, better: integer, virtuous, righteous, just, fair, ...), or as morally ambiguous, or as morally not justified (in common speech: as immoral or amoral). Considered that way, morality is a category of judging, not a (positive) judgment.
On this understanding, it is senseful (and, furthermore, important) to talk about (and question) the morality of "the market", for example the morality of the arms trade, organ trade, slave trade, girl trafficking, cheap imports (e.g. child-labor-made carpets from India, starvation-wage-harvested tea, coffee, bananas), the market of subcontracted labor, the equity (ha ha ha! commercial English is fun) market et cetera.

Morality of the market? A matter of highest importance! Take, for example, the case of the arms trade. Order new infantry fighting vehicles and sell the older models to XYZ. That will do your labor market and trade bilance good, and it will enable the XYZ forces to steamroll the villages of a mutinous minority. Money has no smell? Depends on the hands you receive it from.

When economists talk about "morality" you can almost always be sure that they don't talk about morality (or ethics) but about cleverness, for example:

The morality of the market stems from its ability to make use of good contingencies and to reduce the influence and transform the bad contingencies of risk. The market is the societal form of coordination that maximizes the use of the good contingencies and tames the danger of the bad contingencies or risks of the economic process.
(Koslowski, Peter: Morality and Responsibility - Contingencies, the Limits of Systems, and the Morality of the Market. 1999)

Theodor Adorno said:

There is no right life in the wrong one.
(Minima Moralia - Reflections from the damaged life, Part One, 18 "Asylum for the homeless")

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↗Jerry Z. Muller: Is the Market Moral?

Summary:
Muller discusses the moral effects of capitalism. He enumerates five positive moral effects of the market.

• The link between individual autonomy and self-support through legally free labor.
  
• The moral quality of self-support arises in good part from the fact that it so often extends beyond the individual, to his or her family and descendants.
  
• The market leads to a self-interested concern for others, to what one might call non-altruistic reciprocity.
  
• Capitalism creates ever wider forms of association.
  
• Capitalism creates new and more complex forms of individuality.

↗Jerry Z. Muller: Ist der Markt moralisch?
↗Which is worse: regulation or deregulation?