Question

How were the economic ideologies of the United States and the Soviet Union different?

The economic system in the United States was based on collectivism, while the Soviet system was based on the individual.

The government in the United States controlled industry and business through taxation, while in the Soviet system private ownership was the key.

The economic system of the United States was based on free enterprise, while the Soviet system was based on a command economy.

The United States system was based on the economic philosophy of Karl Marx, while the Soviet system was based on John Maynard Keynes’s ideas.

Answer 1

The main difference between the Soviet and American economic systems was that the former had a state-run economy, while the latter allowed free enterprise (option C).

What is an economic system?

An economic system is a term to categorize the way a country's economy develops. In general, this term refers to the management given to the extraction and transformation of raw materials, trade, industry, among others.

During the 20th century, there were two great economic systems that dominated the world. One was the Soviet socialist system and the other was the American capitalist system that differed by:

• The Soviet system proposed that control of the economy and production should be held by the State, while American Capitalism proposed the freedom of citizens to control the economy according to their individual interests.

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