The majority of Libya's economy is state owned isn't it? Obviously that makes it state capitalist at least. However would someone with more knowledge of Libya be able to tell me if it's like post-Stalin USSR-style progressive state capitalism ie. the economy is based around profit part of which goes into the pockets of state bureaucrats but the rest of which goes into an incredibly generous welfare fund for the people - or actual socialism ie. state capitalism where the economy is based not around profit but around benefitting the people, anybody able to enlighten me?
USSR post-Stalin wasn't state capitalist so your entire question is a misnomer. If you take a real state-capitalist country like the United States (State Monopoly Capitalism to be exact), Libya is not like that.
It was state capitalist under Lenin and Stalin as well. That was how Lenin defined socialism - state capitalism made to benefit the people to the point that it isn't capitalism anymore. After Stalin the economy was reformed to be based around profit part of which went into the pockets of party bureaucrats who had become a new bourgeoisie basically. I'm wondering which one the Libyan economy resembles more
