Earlier quoted context omitted.
This isn’t the traditional thought process on this topic. Traditionally, it was thought that the ills of resource allocation under democracy were far outweighed by the automatic optimization of the free market. The Soviets did a lot to suggest that the free market was actually better than central planning. China is showing that with 21st century needs, technologies, and planning that may no longer be the case.
> China is showing that with 21st century needs, technologies, and planning that may no longer be the case. maybe. a considerable number of chinese projects are very flashy and the planning doesn't take into account upkeep. a good example is country gardens forest city: https://en.wikipedia.org/wiki/Forest_City,_Johor
That's not really a sign of central planning failure, any more than, say, California City — failure, sure, but not due to what distinguishes economic central planning from capitalist diversity's self-balancing.