Yes, that's definitely part of it, certain powerful families have been in bed with the State for centuries.
What I intended to say was the merchant-state was the type of system in place from the colonial era to this day. The history of the US is based on economic activity, largely land speculation, being alined with the State; it blurs the line between private enterprise and government. There's also important influence from the Protestant movement/Puritans who came to settle in America.
Early 20th century book The History United States by Charles Beard and more recently from a couple years ago Sheldon Richman's America's Counter-Revolution: The Constitution Revisited go more in depth.