About this, at Naked Capitalism, the following:
If you think about it, going by Yves Smith’s logic (though I doubt he’d state it this way), government is itself just another private party.
BTW: If simultaneously pointing out coercion and concentrated power on the part of wealth while proposing government, an institution built on coercion and concentration of of power, as a “check” on it is the best argument available in favor of the state, then it’s arguable you don’t even need an argument against. Simply parsing the supportive assertion would be enough.
Feel free to unpack this, if needed.