I strongly believe that a local person/company knows better how to allocate resources efficiently than a central government 100s km away.

Do you consider this an efficient allocation of resources (skilled labour)? Thousands of engineers working in competing companies to come up with a product that is practically identical? And then thousands of other support staff and marketers and more working on shilling that product against one another?

You're looking at the question of the distribution of resources in an incredibly simple way, and not considering what taking tens of thousands of skilled workers away from these wasted projects and putting them towards progress can achieve. You're not looking at capitalism critically and asking yourself what parts of it are inefficient and wasteful.

The USSR went from feudal backwater to #2 world power in 30 years, and then first into space. It did so because it is vastly more efficient and this kind of allocation of resources.