It can be questioned whether the state and business were ever separate.
Government has to set the rules ie: where the law is silent, everything is permitted; so law as a check on behavior and as enabler:
http://definitions.uslegal.com/c/carriers-case%20/
The subject matter may have changed. The exchange of goods seems pretty straight forward (at least given acceptance of the assumptions made under law), but what about the exchange of paper, the terms of which are rarely understood by the parties, let alone the legislators. So the "...making state power an intrinsic element of the extraction of profit"... may not be the issue, rather the relationship between the state and profit extraction; does the gov't represent the business or the electors? and if both, to what degree each?
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