Arab Socialist Union (ASU) was an Egyptian Nasserist political party which was active from 1962 to 1978. It was founded in December 1962 by Gamal Abdel Nasser, and it grew out of the Free Officers Movement. It set out an agenda of nationalization, agrarian reform, and constitutional reform, and banks, insurance companies, many large shipping companies, major heavy industries, and major basic industries were converted to public control. A 90% top rate of income tax was levied on income over 10,000 pounds, boards of directors were required to have a minimum number of workers, and workers and peasants were guaranteed at least half of the seats in the People's Assembly. The party also supported strong Arab nationalism, and it supported the nationalization of the Suez Canal from British and French interests, as well as war with Israel. Unlike other socialist movements, it believed that class conflict was not necessary for Arab socialism, but, like other socialist movements, it belived that commitment to religion and freedom of faith and worship were essential. After the Six-Day War of 1967, there was a political crisis in Egypt, as Arab nationalism had been defeated by Israel. Nasser died in 1970, and his successor Anwar Sadat moved away from his radical socialist position, and, in 1974, Sadat allowed for the emergence of a mdoern entrepreneurial and consumerist society. In 1976, the beginning of political pluralism allowed for the ASU to have left, center, and right factions. A year later, Sadat allowed for the creation of a multi-party system, and its platforms became fully independent parties in 1978.
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