Not really up for discussion or debate as a proposal. It's just a big clunking fist of obvious fact.
Back after the fall of Russian communism, there was this big new orthodoxy, sometimes called the end of history hypothesis. The idea was that Washington consensus capitalism was proven to be the sole viable economic model. All alternative models were considered doomed to failure.
The only viable way to do things, the viewpoint went, is for the state to withdraw from being an active economic participant, and to leave decisions as to the disposition of resources to the private sector. The state's only valid role in the economy was considered to be the writing of regulations to apply fairly to all, the enforcement of those regulations, the provision of infrastructure, and the provision of a modest social safety net for the very poor.
Oddly, that consensus remains the dominant viewpoint, despite the fact that it is now shown to be totally untrue.
A great portion of economic growth on planet Earth is concentrated in just three states: China, India and Brazil. None of them operate the version of market-based, laissez-faire economics that dominates the EU and the USA.
They are interventionist, statist economies. And they are trouncing, really walloping the declining western nations which allow the large financial and industrial economies to do as they please.
That is the core of the issue. In the EU and the USA, the politicians wring their hands impotently, hoping and wishing that the banks would choose to start lending again, and that the big corporations start investing their cash stockpiles. In China, the Party instructs the banks exactly how much and to whom to lend at monthly meetings, and any banker who demurs in the slightest has to clear his desk.
In India, prices of a vast array of goods are set by the government, not by private entities. In Brazil, thousands of restrictions that are unheard of in the EU or the USA tie the hands of big business.
The result of this statism? Big, crushing economic victory over the west. Without these three nations, the world would have been in constant recession (or extremely close to it) for most of the last decade.