The way I see it, it isn't so much about which system is more efficient -- it's about which implementation of either system has less corruption.
The Soviet system failed because of rampant corruption, just like the American system seems to be failing. China seems to be succeeding because they have managed to clamp down on corruption at least as much as has been necessary to keep their economy productive and focused on ascendancy.
If the American people can't get a handle on the open corruption that infects all levels of the system from small town cops to district attorneys to state legislatures to the White House then the debate over the efficiencies of free market capitalism vs. a command driven economy are moot.
The Soviet system failed because of rampant corruption, just like the American system seems to be failing. China seems to be succeeding because they have managed to clamp down on corruption at least as much as has been necessary to keep their economy productive and focused on ascendancy.
If the American people can't get a handle on the open corruption that infects all levels of the system from small town cops to district attorneys to state legislatures to the White House then the debate over the efficiencies of free market capitalism vs. a command driven economy are moot.