Britain's Labour Party might make lefty rebel Jeremy Corbyn its new leader—and tear itself apart

Would-be Labour Party leader Jeremy Corbyn with the late Venezuelan leader Hugo Chavez Following a surprising election defeat in May, Britain's Labour Party will elect a new leader this fall. On Aug. 14, ballot papers will be sent out to party members (who number 221,000 as of May), who will be able to vote for a new chief after one of the wildest leadership contests in recent memory. While Labour's previous leadership election was notable for pitting Ed Milliband against his brother David, this year's contest has come down to the very essence of what the Labour Party represents and how it should govern.

Back in June, we covered the original trio of contenders, who ranged from the party's center (Andy Burnham and Yvette Cooper) to its right (Liz Kendall). But in early June, longtime Labour Member of Parliament (MP) Jeremy Corbyn jumped in, citing his dissatisfaction with the lack of any left-wing alternatives. At the time, most observers regarded Corbyn's entry an afterthought or at most an inconvenience. But instead, Corbyn has has completely upended the contest and now has real shot at victory when the results are announced on Sept. 12.

A Corbyn win would have massive ramifications for British politics as Labour works to retake power in 2020—and they wouldn't be positive for the party he's seeking to lead.

Head below the fold to learn more about these stunning developments.