Answer: False
Mixed economies have been quite successful in many parts of the world. By combining elements of both capitalism and socialism, mixed economies aim to harness the benefits of a free market while also ensuring that the government plays a role in regulating the economy and providing social welfare. This balance can lead to sustainable development, economic growth, and a higher overall standard of living.
For instance, countries with mixed economies often experience lower levels of poverty and inequality compared to those that strictly adhere to either capitalism or socialism. Additionally, mixed economies provide a framework for addressing market failures through government intervention. This includes regulations to protect the environment, labor rights, and consumer protection. Overall, the effectiveness of mixed economies is supported by evidence from various nations that successfully implement this model.