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There's something very amusing about the nominally communist China beating the capitalist powerhouse USA at its own game.
Large professional centrally planned economies do a better job of managing scarce resources than a pack of ill-informed and uncoordinated Wall Street Lemmings.
Sometimes. And when they dont, there is no one to stop them. It's the age old problem of a wise despot. Just dressed in different clothes.
When you're governing wisely, there is no need to be despotic. Conflicts and contradictions necessitate a large militant police state to keep the lower class in line. But when you've got generous surpluses and a rising quality of life, people are generally happy and easy to govern.
Despot means you have absolute power. It doesn't mean you use it badly. It just means you have the potential to.
Traditionally in a cruel or oppressive manner.
The wise leader doesn't need to inflict cruelty, because they have the public's trust.
And when they are no longer wise?
Then people grow unhappy and begin to rebel. And they either pave a new, wiser path or double down by resorting to cruelty.
Exactly. Which is why a despot is not wanted. Much better with a small revolution every now and again; i.e., an election.