The Real Adam Smith
I like to view this another way - too much concentration of power is a bad thing and we should strive for decentralizing it. So if merchants, in collusion with the state hold too much power, then the state needs to be cut down. Conversely if private players accumulate too much power, that too needs to be cut down, increasing the role of state if necessary.<p>There is no universal approach that will always be true. Depending on the circumstances, either a hands off approach to markets or more intervention from the state is required.