The political philosophy associated with Blair, Clinton, and Giddens that sought a synthesis between traditional social democracy and free-market liberalism — accepting markets while retaining social investment.
Against the Old Left/New Right dichotomy: the Third Way rejected both traditional social democracy (high taxes, nationalization, union power) and Thatcherite/Reaganite neoliberalism (pure market deregulation). Core elements: acceptance of market mechanisms with active investment in human capital (education, training); conditional welfare (responsibility in exchange for rights); partnership between state and private sector. Giddens's theoretical framework: reflexive modernization, risk society, cosmopolitanism. Blair's New Labour and Clinton's DLC were its political instantiation.
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