And government oversight isn't the same thing as authoritarianism. As with most things the devil is usually in the details. I recommend looking into the anarcho-syndicalist strategy for structuring economic activity for a snapshot of one possible approach to the problem of establishing planned economic activity without devolving into a gulag-riddled dystopia.
This isn't oversight, this is the government controlling all capital, the market, and every other part of the economy.
Anarcho-syndicalism isn't an economic model, it's a revolutionary model which is the most common problem with the vast majority of so called alternative models to planned economy or the free market.
The models are more about how to get control over the power and influence but are very light on what to do next.
"an economy in which production, investment, prices, and incomes are determined centrally by the government."
https://en.oxforddictionaries.com/definition/planned_economy