Final answer:
The U.S. supported capitalism, where private ownership prevails, while the Soviet Union promoted communism, with state-controlled means of production. These divergent economic ideologies were at the heart of the Cold War rivalry.
Step-by-step explanation:
The United States and the Soviet Union were proponents of two very different economic systems during the period following World War II. The United States believed in capitalism, an economic system in which private individuals and businesses own the means of production and operate for profit. In contrast, the Soviet Union championed communism, a system where the state controls the means of production with the aim of creating a classless society and reducing economic inequality.
The clash between these two economic ideologies played a central role in the Cold War, characterized by intense rivalry and the pursuit of global influence. This period of hostility, which involved various methods such as espionage, propaganda, and forming alliances, also saw the United States and the Soviet Union competing for technological and military supremacy without direct military confrontation between the two superpowers.