Markets are a function of the political regimes within which they operate. They depend on the existence of money, freedom of movement, reasonable taxation, and private property—and a certain level of protection from theft and violence—all of which are features a well-functioning state.
Often markets also depend on standardization and regulation that can only be enforced by governments.
If the markets that exist today fail to take into consideration the true societal costs of their operation—if there is no accounting for future costs—that is not a failure of markets in general, but of the current political regime.
You make an interesting point but the same problem is now on the hands of the political regime(hopefully a wide segment of society) to decide the value of things.
Often markets also depend on standardization and regulation that can only be enforced by governments.
If the markets that exist today fail to take into consideration the true societal costs of their operation—if there is no accounting for future costs—that is not a failure of markets in general, but of the current political regime.