Nationalisation vs Privatization

[Daniel Balan]

I watched this unbiased and very informative video. But the problem is that there is no definitive answer. 

What is better? The nationalised state planned economy of the former Ussr, today's China or the economy of the west?

I'm asking this question because after the collapse of the Soviet empire and its satellite states, the economy was totally ruined when the state privatised everything. 90's Russia and Eastern Europe was much much worse than in the 80's. The economy totally collapsed when those countries moved to a market economy. Every industry such as steel and coal and all the factories have collapsed totally once they were privatized.

 

[Daniel Balan]

Give me your thoughts 

[Bjorn K Holmstrom]

The question itself is a bit of a trap. Why do we have to choose between two flawed systems of the last century? Could we create something better?

[Atb210201]

There must be a balance between the government control and the freedom from the government control in every aspect within society which kind of summarises politics as a whole.

This applies in economy as well.

We can't look at it with an absolutist lens rather it's better to look at it with a holistic lens.

[Daniel Balan]

2 hours ago, Atb210201 said:

There must be a balance between the government control and the freedom from the government control in every aspect within society which kind of summarises politics as a whole.

This applies in economy as well.

We can't look at it with an absolutist lens rather it's better to look at it with a holistic lens.

So then whe should use both systems according to our goals and needs. But my question was mainly about the big sectors like steal and coal, electricity, energy etc, should the state nationalize those or shout the private sector deal with these facets of the economy?