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Central planning and authoritarianism can be very effective at changing the course of an organization, government, or country; once the choice is made.

What they don't always do well is make the choice to change when conditions change. There's also usually a limited bandwidth for deciding and forcing change, so you tend to end up without economic diversity and without great results in areas outside of policy.

A democratic/distributed decision making process tends towards slower changes and less alignment, but more diversity.

If you decide to be the world's production line, economic diversity may be less important. But having diversity is usually a good thing when economic tides change.