State capitalism vs the free market: Which performs better?

For much of the past 30 years, the long-running, 20th-century contest between state and market had appeared settled. The strong, post-Reagan economic performance of the U.S. based on deregulation, free trade and capital flows and globalization appeared to confirm the virtues of liberal economic policies, while the collapse of the Soviet Union and the capitalist revolution in China proclaimed the death of state-dominated systems. Free capitalism had emerged a clear winner.

So even though it is true that free capitalism has fallen on hard times, a better system has not yet emerged. State capitalism is not the solution.
Time