It’s difficult to really use this “market state” meme in any meaningful way. Other than the 20th century totalitarian states, I can’t think of any developed polities that haven’t had some “market state” characteristics. I suspect that any social order must eventually evolve channels to opportunity beyond simply assuring welfare because of the restlessness of human nature. (See dominance, heirarchies, pecking orders. See generational It is perhaps significant thatsuccession. See technological advance.)
Soviet Russia never followed through with NEP and failed to last even a century, despite its policies of full employment, while China has given an outlet to its people’s entrepreneurial energies and seems poised to continue for the near term.

None of this in any way gets us any closer to answering the question of which model of globalization is preferable, more moral, more efficient or more stable.
Being an American, I can’t help but believe that the Pax Americana is the best model because it is more improvisational and organic. Let people trade and the rules will evolve as needed.