Third Way
A political ideology and approach, particularly associated with centrist politics of the 1990s (such as the Clinton and Blair administrations), that seeks a synthesis or middle ground between traditional left-wing economic policies (state intervention, Keynesianism) and right-wing free-market capitalism. In economics, it refers to positions that navigate between socialism and laissez-faire markets, which is why figures like Hayek (who rejected it) and Keynes and Stiglitz (who engaged with it) are contrasted over it. In social terms, it aligns with a blend of progressive social values and market-friendly or corporatist economic policies.