Precisely, "communism" even in the "state capitalist" form of China creates massive amounts of asset misallocation and that would immediately draw the ire of Ha

Precisely, "communism" even in the "state capitalist" form of China creates massive amounts of asset misallocation and that would immediately draw the ire of Hayek. China has tons of gluts in their economy, every economy has gluts (which are generally fixed during recession), but communist and centrally planned economies have continuous glut problems that erode at the economic foundation over extended periods. There are tons of great examples of that, one of the most recent being Venezuela, which was considered a socialist economical pariah just several years ago.