How were the economic ideologies of the United States and the Soviet Union different during the Cold War? The United States’ economy was based on the idea of collectivism, while the Soviet Union’s economy was based on laissez-faire philosophy.

The United States’ economic ideology was a command economy, while the Soviet Union’s economic ideology was capitalism.

The United States’ economy was based on private ownership of property, while the Soviet Union’s economy was based on government ownership of property.

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