On most problems, no, a reasonably free market is very efficient and quite practical.

The market often fails to sort out public-goods problems. In areas where the market is not free due to widespread deception and/or coercion, going full Somalia is not the answer. The freedom of the free market has to be bootstrapped somehow.

Also notice that it is quite ordinary INSIDE companies to have central planning and resource allocation. (And not-entirely-favorable comparisons to the Soviet Union are certainly possible for many of the largest companies - I do not refer to liberal politics).

If it were a universal law that planning were always wrong, then every family and every individual would be a fractal of pure capitalism. Instead, my dog and my daughter do not pay for the health care I provide and are coerced to go for walks and go to school, respectively. And each part of my body carries out its function in a more or less compulsory way, without bidding for glucose.

Of course a planned economy has the possibility to be much more productive than one left to be self-directed. In the self-directed economy, people will only work at jobs they dislike often enough to fulfill their needs, build up security for the future, and support the elective activities that they do with the rest of their time - the demand for work is elastic. In a semi-planned economy like the US, taxes and inflation will eat up the long term technologically-growing surplus (to build the empire), the purchasers of labor will keep the demand for hours worked per employee high in the short term, bureaucracy will ensure plenty of ultimately non-producing make-work jobs to keep up the status quo, and the people stuck working more than they need to in highly skilled jobs (being ahead of the aforementioned taxflation) will spend their surplus of money on the newest version of gadgets for status and entertainment.

Not trolling, just setting up the spike for a pro-market supporter.