The present article addresses the relationship between market and morals as developed by the social philosophy of Axel Honneth. By looking at Honneth's assessment of the normative foundations of the modern division of labour, I explore his interpretation of the moral nature of economic or distributive injustices. I also examine Honneth's description of the market as a sphere of “social freedom” that involves a promise of reciprocity which is fundamental to the legitimacy of economic exchange. I discuss these two interpretative models of the relationship between market and morals in terms of their normative contribution to debates on the democratisation of the economy.