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Third Waythe conception, as formulated by Anthony GIDDENS (The Third Way- the Renewal of Social Democracy, 1998, and the Third Way and Its Critics, 2000), advocating a ‘renewal of social democracy’ that moves beyond the parameters of the old Left-Right division of politics and meets the new demands of a global age (see also GLOBALIZATION). The proposals include: reform of the WELFARE STATE and the creation of a SOCIAL INVESTMENT STATE, some regulation of global financial markets, and the potential for a new global CITIZENSHIP. Third Way ideas have influenced both Clinton's Democratic Party in the US and Blair's NEW LABOUR in the UK. They are also being debated in the EU.
Collins Dictionary of Sociology, 3rd ed. © HarperCollins Publishers 2000