There’s no reason a priori to think capitalism more efficient or better for common utility functions (growth, human wellbeing, planetary sustainability).
A “planned economy” is very vague. Usually people imply a central committee deciding what to do. Our economy relies on plutocrats to decide what to do. At what point of plutocratic concentration would you call the US economy planned? My point is all these terms are fuzzy.
My point is that capitalism as is practiced in America is a failed ideology. From the vantage of the present day, it appears painfully antiquated. A pathetic vestige of a less civilized world.
It’s interesting because America had the opportunity to lead the journey to the next organizing principle for socio-economic, but instead decided to get stuck in the past. Pathetic, but standard course. I think it’s because our leadership is in their 80s.