Libya’s Cursed Wealth

At the heart of the socio-economic grievances that led to Libya’s revolution was the rentier economy of the Qadhafi regime. Though oil resources had permitted Libya to accumulate wealth, the country suffered from a number of macroeconomic concerns. By 1973, Libya had a dualistic undiversified economy dominated by the state, afflicted by pervasive rent seeking and regulatory deficiencies. The effects of the rentier characteristics of Libya’s economy permeated both the economic and political s...

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