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Question
Mention any three features that distinguish the Soviet economy from that of a capitalist country like the US.
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Solution
The three features that distinguish the Soviet economy from that of a capitalist country like the US, can be summed up as follows:
- Soviet economy experienced a complex communication network, vast energy resources and an efficient transport sector to connect its remotest areas.
- Soviet Union industries produced every domestic product from pin to cars, whose quality might not match with that of the west technology.
- Soviet Union ensured a minimum standard of living for all its citizens. Consequently Government subsidised basic necessities including health, education, children and other welfare schemes.
- There was an absence of unemployment in Soviet Union.
- Land and productive assets were owned by the state only.
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