Both extremes are wrong.
The most powerful economic model is a combination of collective organisation and strategic development and free enterprise.
There are sectors and areas of development that private enterprise will not develop but which can and do benefit the overall economic strength and power projection of a nation.
Rare earths is just one example.
Chinas mixed model with the CCP directing capital into infrastructure education and strategic priorities while leaving free market competition to operate underneath that umbrella of infrastructure provision has proven its ability to outcompete the wests industrialised economies.
With AI and the post industrial economy emerging such combined use of free market and strategic planning and capital direction is even more important- the size and scale of the structures required are even larger and more complex than ever before and neither an entirely free market or a fully command economy model will not provide a full systemic complexity required.
This is why Trump is oncreasingly adopting State Capitalism...but it may be too little too late.