The first definition is all wrong. May Day (or Mayday) is actually an anarchist and labor holiday, the true labor day, and has nothing to do with state communism.
The story of May Day:
In early May of 1886, anarchist and labor activists rioted in Haymarket Square in Chicago in the name of winning an eight-hour workday. During that time, most capitalist bosses required their workers to work for 14 hours a day with little breaks or days off. During the riot, someone threw a bomb. Five anarchists were accused of bomb-throwing or a conspiracy to do such and were tried, later convicted, and hanged. May Day became a day to remember their sacrifice as well as the sacrifices of all laborers who must work under the conditions of wage slavery.
During May Day, the anarchists, labor unionists, and immigrant groups held a large rally in the middle of the city to show solidarity.
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