What was the name of the two different economic system that the soviet union and the united state had?

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2026-04-16 18:10

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The US economy is based on a 'free enterprise' or 'free market' system although the US Government has a lot of economic rules and regulations that it enforces. But basically the US has a so-called 'market economy'.

The Communist USSR had a 'planned economy' which meant that all economic activities, often down to specific output levels for products, were centrally planned ahead by the USSR Government, usually for five-year periods.

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