Whatever one might think of this alternative, it was never seriously considered by those "political" Zionists convinced by persistent anti-Semitism that the survival of the Jews could only come through having their own nation-state. This path combined an evolving Jewish nationalism with a racist exclusiveness (the "chosen people" claim) that also ran through Jewish history. Zionists ignored that part of their historical reality, and today's Apartheid Israel, along with its insistence that Judaism and Zionism are synonymous, is the result. As you sow, so shall you reap.
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