Good morning ☀️

In short, what you are alluding to is correct, these were socialist decisions intervening in the economy. Note today the fabulous roads and bridges built in China, at the expense of advancement in many other areas.

Government elected politicians are not experts in reading, teaching, medicine, or good at deciding what areas of an economy need the most investment.

Compared to working professionals and investors that use market price signals to allocate their energy.

Politicians may be good at ironing out inefficiencies highlighted in law by the courts, legislating and legal landscape appropriately in line with the principle of defending individual property rights within society. Say fishing quota licenses or minimum age of consent.

In the past leaders could not be blamed, never encountering something such as the capitalist concept, hence the poor productivity of nations for thousands of years prior to this breakthrough.