No it's not. Russian and Chinese state capitalism turned two preindustrial countries into global superpowers in a matter of decades, and lifted unprecedented numbers of people out of poverty. And they weren't even communist! Communism has been tried in places like Catalonia and economically, it succeeded. Militarily, not so much, but only because all the capitalists turned against them. Capitalism is the bottom of the barrel when it comes to lifting people out of poverty.

That's a completely ahistorical take. Capitalism is best at creating poverty when you look at it globally. Yes it is good at concentrating riches in a few places, and from a rich western perspective it may look like it "reduced" poverty, but even that is starting to become questionable these days.