Well the USSR did also have a huge industrial machinery. But one thing that seems to emerge as a lesson from its downfall is that it is really hard to steer an economy with quotas and plans from the top.

A good market usually gives better incentives for people at every level. The problem is getting a good market which is definitely not the same as the libertarian dream of a super free market. Without good regulations it's really easy for markets to get captured or become exploitative.

Some thinks should never be privatised(like infrastructure). And I think lots of industries would benefit from a state run (mostly nonprofit) competitor.