Yeah I think there was a missed opportunity in getting something like glasnost and perestroika right.

E.g. if the East block could have gradually democratized without necessarily abandoning all their planned economics.

China serves as an interesting counterpoint. They could perhaps have gradually reformed towards more market economy like China and then later introduced democratic reform, or at the same time.

Instead one seems to have abandoned everything in favor of the western system, without considering that parts of the old system worked reasonably well.