The Third Way Flashcards
What is TW socialism
Middle way between laissez faire capitalism and social democracy.
No longer believed in nationalisation or workers control.
TW was focused on which kind of equality
Focused on equality of opportunity through education rather than equality of outcome.
TW collectivism
Rejects collectivism
Focus on individual opportunity and equality of opportunity
Emphasise empowering individuals within market economy
Giddens - focus needed to be on equipping individuals to succeed in a competitive, modernised globalised economy
TW - common humanity
Positive view of HN
Combined with emphasis on individualism and allowing individuals to reach their potential in a market economy.
unlike RS and SD they don’t view capitalism as a fundamental problem but advocate for a balance.
TW - equality
Support equality of opportunity and reject equality of outcome.
Heavily focused on education as a key vehicle to this.
The Third Way did not view capitalism as a fundamentally flawed economic system that required radical overhaul. Instead, it saw the market economy as an effective means for generating wealth and promoting efficiency.
TW - class
Sought to transcend class division, focusing on individual empowerment and creating equality of opportunity irrespective of class background.
TW - workers control
Completely rejects workers control, shifted from collective action to promote the interests of the working class through trade unions and instead promoted individual responsibility and entrepreneurship within free market capitalism. Trade unions weren’t supported.
TW - capitalism
Accept some version of capitalism
Support free market capitalism believing privatisation rather than nationalisation as they believed that industries would be run more effectively when privatised.
Didn’t support high taxation for high earners in order to redistribute and pursue equality of outcome.
