The Soviet Union followed the socialist model. An economic and political philosophy in which the government centralizes all power and decision making. This includes affairs related to health, education and the strategy of what country should follow regarding industrial development. Communications were state-controlled and what was communicated was dictated exclusively by the regime. This deferred to the press in the United States, which is protected under the 1st Amendment of the Constitution which grants freedom of speech.
The Federal Reserve System is in charge of monetary policy, such as setting interest rates. Fiscal and tax policies are determined by the legislative branch of government.
