Something I've noticed is that companies don't really promote intelligent people up the chain of command. Socialism failed because it was a less effective economic system than capitalism, and lots of its issues are neatly replicated within capitalist companies:

- having friends is more important than making output, which means that people above certain level just play politics instead of actually managing the company

- managers who miss targets get more people assigned which makes them climb the hierarchy, which means all levels below top level have the incentive to be inefficient

- saying "no" to the ruling party, no matter how stupid the idea is, is the second-easiest way to get replaced. The easiest is to offend the wrong person

- planning periods misaligned with the economic reality

An intelligent person will either be optimized out of the system, or will learn how to game it to their own advantage.