Or even monopolies. Even Smith acknowledged that regulation was necessary to curtail anticompetitive behaviors which are inevitable. 250 years later we've somehow forgotten these lessons and perverted our markets so that there's plenty of regulation, but most of it's designed to keep the winners on top.

What is Facebook buying Instagram?

What is Google buying Doubleclick?

What is Microsoft buying Activision?

These may be products of a market system but they are not conducive to a free market.