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I guess we all agree that Adam Smith is the enlightening figure of a free market economy, yet in book V of his famous "Inquiry into the Nature and Causes of the Wealth of Nations", he states the role of the sovereign  as follows: The third and last duty of the sovereign or commonwealth is that of erecting and maintaining those public institutions and those public works, which, though they may be in the highest degree advantageous to a great society, are, however, of such a nature, that the profit could never repay the expence to any individual or small number of individuals, and which it therefore cannot be expected that any individual or small number of individuals should erect or maintain. In Europe, we understand our train networks as a part of these "public institutions" being highly advantageous to the development of our society. I think I am not too far off in saying that history has proven this attitude to be correct.
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