You vastly underestimate 'modern libertarians' probably because your exposure to them is based on angry twitter or whatever. In reality during the last 200 yea

You vastly underestimate 'modern libertarians' probably because your exposure to them is based on angry twitter or whatever. In reality during the last 200 years classical liberal tradition has thought more about markets and how they work then anybody else. Constitutional economics, institutional economics, law&economics, market process theory are partly built on Smith work and are explorations of the context of markets. So I don't really know what you are referencing with 'Sure, but "proper functioning markets" in this case means competitive markets, not laissez-faire as such' as I don't know what definitions you for these words. People like FA Hayek, Armen Alchian, Ronald Coase and many others have done a lot of work and all look back and build on Adam Smith. The idea of some people in this thread that modern libertarians only read the understand Adam Smith as 'invisible hand' is nonsense. 'Invisible hand' was adopted because it is a good shorthand for the idea of processes that are not centrally guided are very important. There was also a lot of historical work done on English Common law and its evolution and how modern market relations evolved and actually functioned.