Question

In economics, the Soviet Union practiced

Answer 1

The Soviet Union practiced socialism while the united states practices capitalism.

Answer 2

In economics, the Soviet Union practiced socialism while the United States practiced capitalism.

The main difference between these two systems is the extend of government intervention in the economy.

In socialism, assets are owned by government and state co-operations. There is an equal distribution of income and the government controls the prices. The public spending is high as healthcare is provided by the government.  The Soviet Union was a socialist state in Eurasia that existed from 30 December 1922 to 26 December 1991.

In capitalism, assets are owned by private firms and income is determined by market forces. Supply and demand control the prices, and healthcare is left to free market. The government's involvement in economic polities in a capitalistic country can be limited.