Socialists view the liberal and capitalist approach to the economy as ineffective and exploitative. Is it True or False?

This statement is True. Socialists critique the liberal and capitalist approaches to the economy primarily on the grounds that they create inequalities and exploit workers for profit. From a socialist perspective, these systems prioritize capital and profit over the welfare of individuals and communities. Socialists argue that capitalist economies often lead to wealth concentration among a small elite, while many others may struggle with poverty and lack of access to essential services. They advocate for collective ownership or regulation of the means of production to ensure equitable distribution of wealth and resources, thus aiming to create a fairer and more just society. This fundamental opposition to exploitation and inequality is a core tenet of socialist ideology.