Markets and morality don't go hand in or do they??

A market is an all-encompassing socioeconomic system, covering economic institutions, social relations and culture. In this context let us take a more streamlined definition of the market as the rules that coordinate economic activities.
This idea emanates from a Socialistic viewpoint that markets are inherently corrupt and that morals can’t coexist within such a system. As we all know recently, free market capitalism has faced a lot of slack on the premise that greed fostered the subprime crisis and that all capitalists are immoral by nature. Capitalism naysayers have pounced on the bandwagon of Global recession to trounce the fundamental idea behind a Capitalistic society and have started to falsely believe that this downturn shall lead to the eventual death of the prancing horses. These proponents of Socialism should remember that this glitch will only be a learning experience and that the Bull Run shall continue with a more resilient system behind it.
There’s a popular saying that those who live in glass houses should not throw stones at others. Ideologically driven socialistic societies have suffered from stagnated economic performance, a withering civil society and hence a corroded moral character.
On the other hand, the idea behind free market capitalism is that it tends to increase the overall pie hence allowing a much larger number of people to be better off. We need to understand that Moral judgments about particular socio economic activities are different from moral judgments about the rules of the market. The markets flaws stem from the actions and motivations of its participants rather than from its design. Free markets foster free societies which afford people the opportunity to make their own political and social systems more just. Thus in contrast these activities support rather than corrode morality.
For example, In Europe, the integration of former Soviet bloc countries into the continent’s free-market trading system did not have any negative moral consequences. But in China, one can easily find evidence of a decline in both the moral order and business ethics.

Who says markets and morality can’t go hand in hand. We have Infosys which has been the epitome of fairness in all business dealings. The value system envisioned by its founders has been able to keep the company highly competitive in its business while maintaining the virtues of trust and honesty.

There’s nothing inherently evil about profit. The Bill and Melinda Gates Foundation is based on the idea of doing good while making profits. Google’s charitable wing, Google.org, is also designed as a for profit enterprise. We all know of Grameen Bank which was established with the sole motive of providing credit facilities to poor. Currently it has 7 million borrowers + with US $ 175 million in revenue. A perfect example of an enterprise set up with a social cause and one that is able to sustain itself in a highly competitive business environment.

My opponents will argue that markets are an evil place where the rule breakers are the kings. I would like to tell them that the market place is a great leveler; all your misdeeds will come to haunt you sooner or later. Be it Satyam or Enron, everyone will suffer from consequences of their deeds. Any and every immoral act shall be punished by the system.

In the end I’d like to conclude saying that the greatest empires have been built on the foundations of morality and have collapsed due to the lack of it.
With that I rest my case.