Question

Mention any three features that distinguished the Soviet economy from that of a capitalist countries like the USA.

Answer 1

Answer:

Explanation:The Soviet economy is different from that of the capitalist countries in various aspects like-

I) The Soviet union was a socialist state where the major means of production and property were owned by the state while in capitalist countries like U.S. property can be private and businesses can be individual.

II) The soviet economy focused upon equity of wealth and its balanced distribution among the people. However, the capitalist economy like that of the U.S. doesn't concern about equitable distribution of resources and considers inequality as a major driving force for people to do better.

III) Economies like that of the Soviet created and ensured employment for the people. On the other hand, Capitalist economies like the economy of the U.S. Were not responsible for unemployment of people and did not guarantee employment.