The Wests economies were a mix of central planning and free markets from the 1930s to the 1970s. Since then neoliberalism led to the bankers controlling our governments.Its been truly downhill ever since. Throw in some blame on the woke left if you must, they probably deserve it.

China demonstrates to anyone with an eye to history and economics and empires, that a careful mix of state strategy and free markets is a potent force for growth and power. The wests governments are now directed by bankers/corporates/capital....ie crony capitalism. In China the government directs capital. In China where 80% of the politburo are engineers.

China is now challenging the west militarily through its proxies Iran and Russia. The west seems asleep to the imminent demise of its hegemony...China has perhaps beaten it at its own game...capitalism.