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The modern IRSP can trace its roots back to the revival of interest in Connolly's ideas with the fiftieth anniversary of the Easter Rising in 1966. Many young people coming across Connolly's ideas were to join Sinn Fein in the following years as the situation in Northern Ireland becmae unstable. Among these individuals was Seamus Costello the eventual founder of the IRSP.
Costello left the IRA along with other Irish Republicans disatisfied with the groups tactics and policies. He was later murdered by the Official IRA in a bitter feud between the two organisations. At the time of his death Costello was a leading activist in the Irish National Liberation Army (INLA) which is associated with the IRSP. In the following years the INLA and IRSP saw many activists killed in feuding both with other Republicans and within the movement itself.
The IRSP opposes both the Good Friday Agreement and the Irish Peace Process , viewing both as simply cementing British rule in Ireland.