some critics see old major's speech as a parody that makes fun of revolutionary, overblown rhetoric.
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Yes, but at the same time, seeing the humour in the absurdity brings light to more serious issues.
Animal Farm is not only an allegory but has satirical elements as well, like Old Major's speech. Without digressing, you might consider the popular show the Simpsons as a satirical look at American society. The show is funny because it sheds light on certain aspects of American society that viewers know there is some truth to.