GLOBAL CONNECTIONS: the Near/Middle East
1970s: Libya nationalizes its manufacturing and private-sector industries.

Food-processing, textiles and traditional handicrafts, and the banking industries in Libya are among those put under government control. The economy depends primarily on revenues from the oil sector, and although Libya enjoys immense oil revenues coupled with a small population, most of the money stays within the centralized government, and little flows to the general population.

WWW Growth and Structure of the Libyan Economy
http://lcweb2.loc.gov/cgi-bin/query /r?frd/cstdy:@field(DOCID+ly0074 )

A history of the growth and structure of the economy in Libya