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Economy, Government Role in the Economy

Muammar, Libyans, oil revenues, egalitarian, Green Book

Since 1969 the domestic economy of Libya has reflected the economic philosophy of the country’s leader, Muammar al-Qaddafi. In 1978 the second volume of Qaddafi’s guiding treatise, The Green Book, was published. In it he declared opposition to private retail trade, wages, and rent—all of which he deemed forms of exploitation. Workers were required to participate in self-management committees, and companies were forced to distribute a set percentage of profits to their workers. Several years later, all individual bank accounts were seized in an effort to ensure equal assets for all Libyans. The government nationalized most economic activities and discouraged foreign investment in all fields except the hydrocarbon (petroleum and natural gas) sector. These economic upheavals disrupted the development of domestic trade and industry. The government has been generous and egalitarian in the distribution of its oil revenues, however, resulting in dramatic improvements in the education, health, and housing of virtually all Libyans.



Article key phrases:

Muammar, Libyans, oil revenues, egalitarian, Green Book, natural gas, economic activities, foreign investment, opposition, hydrocarbon, wages, petroleum, rent, Workers, housing, government, fields, sector, companies, education, distribution, effort, years, health

 
 

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