Why did the United States and Soviet Union engage in the Space Race? In your view, were the benefits of the Space Race worth the risks and costs?

During the Cold War the United States and the Soviet Union engaged a competition to see who had the best technology in space. This included such events as who could put the first manned spacecraft into orbit and who would be the first to walk on the Moon. The Space Race was considered important because it showed the world which country had the best science, technology, and economic system.