The Problem With Unrestrained Corporatism

The problem with unrestrained corporatism was understood all the way back to adam smith, one of the pioneers of writing about capitalism. There are al sorts of problems with capitalism that require somebody to figure out what the rules are. Is it ok for a company to put its smoke into the air, causing a change in the environment? Bcause the air is owned by everyone. If it's not ok to do that, are we going to count on them to understand the long term benefits? And what about the acts of each person in that system?