In 1917, in the same month of the Russian Revolution that swept Lenin’s Bolsheviks to power in Petrograd, the New Statesman ’s founders, Sidney and Beatrice Webb,drafted Clause IV of the Labour Party’s constitution. According to the clause, the aim of the Party would be “to secure for the workers by hand or by brain the full fruits of their industry and the most equitable distribution thereof that may be possible upon the basis of the common ownership of the means of production, distribution and exchange and the best obtainable system of popular administration and control of each industry […]
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