"According to Smith, the most pressing dangers came not from the state acting alone, but the state when captured by merchant elites. [B]eing granted militarily-backed private monopolies was far easier than having to compete on the open market by lowering prices and improving quality. The merchants in this manner constantly conspired to capture the state, defrauding the public by using political power to promote their own sectional advantage. [..] Under absolutely no circumstances, Smith thought, should merchants be put in charge of politics. Their monopolistic conspiracies would be ‘destructive’ to all countries ‘which have the misfortune to fall under their government’. [..] The true ‘science of a statesman or legislator’ consisted in deciding how best to govern the merchants’ nefarious activities. Effective politicians had to strike a balance between granting economic elites the liberty to pursue legitimate commercial activities, while also applying control when such activities became vehicles for exploitation."

https://aeon.co/essays/we-should-look-closely-at-what-adam-smith-actually-believed