Mention any three features that distinguish the Soviet economy from that of a capitalist country like the US.
The Soviet economy was fundamentally different from a capitalist economy like the US in the following ways:
First, state ownership was the dominant form of ownership in the Soviet Union. Land and productive assets were owned and controlled by the Soviet state, unlike capitalist countries where private ownership is the norm.
Second, the Soviet economy was planned and controlled by the state. This was a conscious attempt to abolish the institution of private property and design a society based on principles of equality, unlike the market-driven capitalist system.
Third, the Soviet state ensured a minimum standard of living for all citizens. The government subsidised basic necessities including health, education, childcare, and other welfare schemes, which distinguished it from capitalist economies.
Explanation
The answer draws directly from the textbook context which highlights three key distinguishing features: (1) State ownership of land and productive assets, (2) A planned economy controlled by the state based on socialist principles, and (3) State-guaranteed minimum standard of living through welfare schemes. These features contrast sharply with capitalist economies like the US where private ownership, market forces, and individual responsibility are emphasized.