I think its also important to remember the impact that outside influences have on economic success or failure.
Sometimes it depends less on economic policy and more on the times. For example, world war two bolstered the US economy and pulled us out of the great depression. This would have happened with or without FDR’s new deal programs.
Disasters and warfare as well as supply &demand, technology development, and countless other factors all influence the international economy. There are circumstances when either philosophy will fail, and ones when either will succeed. There are also circumstances when one may be more successful than the other.
Basically, I think that its all conditional. This is why people should focus on ISSUES over IDEOLOGY! (go volkalize!!)