What are the advantages and disadvantages of governmental involvement?

Of course, it's difficult to evaluate governmental involvement as it all depends on the structure of government, those actually in charge, and what the government is trying to influence.  Progressives such as Theodore Roosevelt would be in favor of governmental involvement to regulate business monopolies and to safeguard consumer interests.  Socialists would want to nationalize everything and try to eradicate poverty.  Varying forms of free-market thinkers would want as little government as possible and let the invisible hand of the market control things such as toll roads and business regulation.  

Government usually has more resources than the private sector, but it can sometimes be corrupt as well.  Governmental cronyism leads to one group voting another group special interests at taxpayer expense--this is what happened with many defense contracts in the Soviet Union during the Cold War and America's Teapot Dome Scandal.  Government safeguards of consumers often create a false sense of security in terms of food safety, as the public is outraged at the government when E. Coli is found in its food source.  Government can be quite inefficient--one only has to look at the highway repairs that are sometimes too expensive and late.  The point I'm trying to make is that it all depends on what role you think government should take in people's lives.  I've created both arguments--I'll let you decide which one you want to pursue.