Libya's Well-Oiled Revolution

The newly free country has the resources to rebuild

Former Libyan leader Muammar Gaddafi, who was captured and killed by rebels on Oct. 20, left behind a dysfunctional, one-note, state-dominated economy. But it's a high note--oil. That one industry could finance Libya's economic turnaround relatively quickly. On the negative side, the country has no private companies, and nearly a third of people under 25 are unemployed. But Libya is one of the richest nations in the region, with a well-educated workforce. That combination could underwrite a growing middle class and a consumer economy that will diversify Libya away from energy. Harvard professor Michael Porter, who did a study of the...

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