Maybe it's not, at the bottom line, "individual vs collectivist" as much as it is the "collective wisdom of the marketplace" (which is made up of free individuals) vs "the top-down management of a totalitarian government" (who speaks for the collective public).
As Milton Friedman used to say (paraphrased), economies are much too complicated to be managed by government or dictators. Only the collective wisdom of free markets can "manage" an economy.