Question

How were the economic ideologies of the United States and the Soviet Union different during the Cold War?

Answer 1

Answer:

1.)During the Cold War, the United States was based upon capitalism and democracy while the Soviet Union was based upon communism and dictatorship.

2.)For much of the 20th Century, the Soviet Union rivaled the United States in political, military and economic strength. While the central command economy of the Soviet Union was diametrically opposed to the market liberalism of Western nations.

3.)The United States’ economic system was based on socialism, while the Soviet Union’s economy was based on the commune system.

4.)Socialism describes any political or economic theory that says the community, rather than individuals, should own and manage property and natural resources

5.)Whereas the term “capital” traces to ancient times and “capitalist” came with the financial revolution of the seventeenth and eighteenth centuries, the word “capitalism” is a product of the political conflicts and economic transformations of the nineteenth and twentieth centuries.

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