For half a century half the world was run by true socialists , including very rich natural resources and agricultural lands.
The poor showing they made is one of the reasons that "true" Socialism has become less popular.
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The Peoples' Republic of China is run by Communists who use their power to control all forms of labor unrest. No one can deny that the PRC has shown a higher sustained rate of growth than any other country on the planet, ever.
While capitalist enterprises are allowed and encouraged, the degree of control of the population is by no means any sort of laissez-faire system. Factories are built where the government permits them, the development of resources is very firmly in the hands of the government and is planned as such.
The PRC has suffered very few of the ghastly economic crises that the US did on a regular basis, precisely because the development is planned, and the planners are far more competent than the greedheads and robber barons that allowed depressions, panics, and crises to occur nearly every decade.