When a private enterprise operates with the same efficiency as the government, the private enterprise runs out of money and declares bankruptcy. When a government runs the government as governments do, and runs out of money, the government does not declare bankruptcy; it raises taxes.
Nothing is more inefficient than a central planning government. Ask Adam Smith. Many people believe President Reagan ended the Cold War. That may be, but he had help from central planning, not ours, but theirs. The economic system in the U.S.S.R. was Socialism about as pure as it gets. The government planned everything. Eighty years of central planning left the Soviet empire financially destitute. Reagan held all the cards. All he had to do was play them.
That’s history, now to the present. China is the dominant Communist country today. China’s Socialism is less pure, but still heavily imbued with central planning. The Australian video China’s Ghost Cities and Malls is an eye popping revelation of what can happen when central planning goes wild.