As typically decentralised and competitive systems based on individual self-interest, free markets work well for somethings but not others. Long period of peace such as Europe between 1815 to 1914 gives the market system the space to transform the economy and society with the industrial revolution. Similarly from 1945 up to about 2008, we have enjoyed a very long period of near continuous growth (minus the 1970's) and sustained peace time for Europe and North America. If you are Henry Ford and you want to take a motor car, mass produce it, make a huge profit by expanding the consumer base and lowering costs of production, this long-term situation is ideal because you can build one improvement upon another.
However, if you want something done quickly, a "command economy" is usually better. The degree of centralisation means that the economy can be mobilised towards a single over-riding objective, such as fighting a war. Market economies are fairly anarchic and so can't respond to major historical events that occur out of the blue. The evidence suggests that markets have largely failed to address climate change. The command economy may be great for wartime, but it isn't that good during peace time, when there isn't a single over-riding objective to organise every activity towards. Hence, the Planned economies in the USSR did
really well crashing through industrialisation in the 1930's and getting the country through world war II, but struggled to cope with the diversity of functions arising out of peace time. The consensus is, this degree of centralisation is "bad" for individual freedom, but if you are in a life and death struggle with a single clear collective objectives (survival), it may be a better choice.
That being said, these aren't "pure" systems, as free markets have a
degree of planning within corporations and planned economies have still relied on markets and money as a medium for exchange. I'd say it's highly probable we are in for a period with much greater government intervention in the economy and a degree of economic planning not seen in western countries since the second world war. Free markets may then
reassert themselves at a later date (unless "something" happens which gives planned/command economies a decisive advantage, such as the use of computers and artificial intelligence in the planning process).