As somebody from Eastern Block, it is not much worse. Government will forcibly create monopoly businesses, they have no reason to improve their products and to top it off, you can't create competing business, because government does not allow that.

Just look what was the result after 1989 - companies who could compete with western ones, because government did not required innovation last 40 years and 5 year plans were solved by throwing more people at the problem or outright lying. Result was that products were often obsolete long before manufacturing even started, what was made were poor quality (i.e. we called it finish it at home) and much more expensive than in the rotten West.

As opposed to the other big economic system, the one that always seem to involve a lot of camps and mass graves.