According to the economist Amartya Sen, there are at least two ‘moral’ defences of the market. The first, and most common, is instrumental: we should protect the market because of the ‘goodness of the results achieved’. The market produces goods, contributes to collective utility and increases our freedom of choice. The second, less common, defence is based on fundamental rights: the right to property and the freedom to transact prevail and are valid notwithstanding the outcome they produce. Accordingly, the market derives its procedural value from rights, which exposes this second defence to significant criticism if, in reality, these rights are exercised only by the few.