Question

During Cold War period the US economy was more developed than the rest of the world. Still the Soviet system had some special features which distinguish it from the US. Evaluate any two such features.

Answer 1

The Soviet System was different from the US in these ways when it came to their socialist economic model:

1. The USSR had a lot of oil, iron, steel, and other minerals, as well as advanced technologies and manufacturing businesses.
2. The Soviet system made sure that everyone had a minimum level of living by giving them subsidies, healthcare, education, and other welfare programs.
3. The Soviet government owned all of the land and factories, and there was no unemployment in their economy.