Arab Socialist Union

The Arab Socialist Union was an Egyptian political party based on the principles of Nasserism and Arab socialism. History Foundation The Arab Socialist Union (ASU) was founded in 1962 by Gamal Abdel Nasser as the country's sole political party. The ASU grew out of the Free Officers Movement of the Egyptian Revolution of 1952. The party's formation was just one part in Nasser's National Charter. The Charter set out an agenda of nationalization, agrarian reform, and constitutional reform, which formed the basis of ASU policy. The programme of nationalisation under Nasser saw worth of private assets transferred into the public sector. Private insurance companies, banks, many large shipping companies, major heavy and basic industries were converted to public control. Land reforms saw the maximum area of private land ownership successively reduced from 200 to 100 feddans. A 90% top rate of income tax was levied on income over . 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 Charter also saw a strong assertion of Arab nationalism, within the context of historical Egyptian nationalism.