Final answer:
False. Control systems based on bureaucratic and market mechanisms alone are not sufficient for managing a modern economy, which typically operates as a mixed system incorporating both command and market elements along with democratic governance considerations.
Step-by-step explanation:
Control systems based solely on bureaucratic and market mechanisms are not considered adequate for managing a modern economy. Modern economies are intricately complex and generally operate as mixed systems that display certain traits from both command (bureaucratic) and market systems.
Bureaucracy, while efficient for managing large organizations, can become rigid and slow to adapt to change. In the context of government and economics, this inflexibility can hinder quick responses to financial crises and exacerbate issues such as budget deficits. Market systems, although responsive to consumer demand, do not always address non-market needs like equity and public welfare sufficiently.
Furthermore, the modernization theory has not conclusively proven that economic growth leads to democratic institutions. This underscores that a mix of command and market elements, along with considerations for democratic governance, is necessary.