RL writes in _La Follette's Autobiography_ (pp. 334-341) that he "would not unjustly decry Wall Street or ignore the necessity of a great central market to provide capital for the large business undertakings of this country." On one hand, he acknowledges "the rights of capital and the service which capital can render to a great producing nation." On the other hand, RL states that the government is supposed to guarantee "equality of opportunity for all capital" in the same way that it guarantees equality of opportunity for all men. He goes on to say that "fair competition...has been suppressed" by inter-state corporations and big banks who receive "special favors in legislation." RL apparently did not get bashed in the press until he asserted that the "money power" that has "gained control of our industry and government" had also taken over the press.
Above seems to be theory that government could be used to make capitalism work more equitably (no political state as instrument of ruling class here!). Rather than capitalist social structure, RL's target was abuses of economic system through monopolies and graft. His politics attempted to combine populist-tinged wish to return to pre-corporat economy of small businesses/producers and "free markets" with "good government" leadership acting in "public interest" which he thought meant rational, well-planned, honestly executed policy. Michael Hoover