Question
Mention any three features that distinguish the Soviet economy from that of a capitalist country like the US.
Solution
(i) Soviet state ensured a minimum standard of living for all citizens and the government subsidised basic necessities including health, education, childcare and other welfare schemes.
(ii) There was no place for the institution of private property under the Soviet economy.
(iii) State ownership was the dominant form of ownership; land and productive assets were owned and controlled by the Soviet State.
