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Question -

Mention the features that distinguish the Soviet economy from that of a capitalist country like the US.



Answer -

The features that can be distinguished the Soviet economy from that of a capitalist country like the US can be summed up as follows:

  1. Soviet economy experienced a complex communication network, vast energy resources including oil, iron and steel, machinery production, and a transport sector that connected its remotest areas with efficiency.
  2. Soviet Union had a domestic consumer industry that produced everything from pin to cars, though their quality did not match with that of the Western capitalist countries.
  3. Soviet Union ensured a minimum standard of living for all its citizens, and government subsidized basic necessities including health, education, children and other welfare schemes.
  4. There was an absence of unemployment in Soviet Union.
  5. State ownership was the dominant form of ownership: land and productive assets were owned by the Soviet state.

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