USA HISTORY

Detailed explanation-1: -Under Soviet communism, the state controlled all property and economic activity, while in the capitalistic American system, private citizens controlled almost all economic activity.

Detailed explanation-2: -Capitalism is often thought of as an economic system in which private actors own and control property in accord with their interests, and demand and supply freely set prices in markets in a way that can serve the best interests of society.

Detailed explanation-3: -Socialism is the social and economic doctrine that espouses public over private ownership and control of property and natural resources.

Detailed explanation-4: -Notes:-In the Soviet system of communism the state controls all property and economic activity. In the Soviet Union there are no political parties under the totalitarian government.

Detailed explanation-5: -Capitalism is an economic system in which the trade and industry of the economy is owned and controlled by private individuals, to make profit. Communism refers to social system in which country’s trade and industry are controlled by the community and the share of each individual relies on his ability and needs.