That's fascism and communism, both are types of socialism. Price controls never work. They always cause shortages.
Wage controls cause shortages of available jobs. Price controls implemented by Carter on gasoline resulted in shortages of gasoline.
Capitalism always works. Anyone can play. You don't even need a government. It is the only economic system that creates wealth out of nothing.
Socialism never works. It can only exist by stealing wealth from capitalism. Once it runs out of places to steal from, it collapses. Because it's based on theft, it can only be implemented using an oligarchy or dictatorship.