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Third Way the 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.