The humanity was once captivated by Leon Walrus’ theoretical idea of Benevolent Dictator (central planner) who could collect data on preferences and constraints of all individuals to make economic choices for the latter in order to attain first-best efficient level of production. Central planning was vigorously experimented in several countries after the crash of Laissez Faire Capitalism-unbridled robbery of private and public wealth-in USA and Europe led to World War II. Central planning could not attain efficiency because even inherently efficient individuals misrepresented their preferences to fetch more resources to produce less.
After World War II, the US and Europe experimented with Regulatory Capitalism by (i) giving freedom to individuals to create wealth, which attracted talents from all over the world and (ii) facilitating a few Robber Barons to usurp private wealth through surreptitious financial shenanigans. Regulatory Capitalism crashed in 2008. The US Congress-appointed Financial Crisis Inquiry Commission blamed the Regulators, Robber Barons and established academic experts for their failure to avert the manmade (avoidable) crisis.