The economy is much more regulated now than in the 20s or the 80s. The New Deal increased regs, and since then mission creep has seen more and more regulations foisted on us.

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Never moon a werewolf.

The two need each other. A completely privately run society would collapse from lack of central authority and rebellion by the underprivelaged. A completely public country would not provide enough variability to compete and survive in the world. Does anyone believe in balance anymore?
Private sphere is better for innovation. Public sphere is better for maintenance, protection, infrastructure, and the public good. Try taking one away. It would be the death of this country.

Of those regulations were to encourage rather than prevent competition, and to prevent monopoly situation. The fact the vast majority of those regulations have been gone since the late 80's. And without the tax and legal penalities to back them up the remaining ones are toothless.
Hence the Enron and Worldcom disasters.

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"Better to die on you feet than live on your knees" - Emilio Zapata