Chapter

Introduction

Bill Jordan

in Why the Third Way failed

Published by Policy Press

Published in print October 2010 | ISBN: 9781847426567
Published online March 2012 | e-ISBN: 9781447304296 | DOI: http://dx.doi.org/10.1332/policypress/9781847426567.003.0001
Introduction

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The economic crash of 2008–9 put the UK and US, along with several smaller states, back where they had been before the boom years of 2001–7. More seriously, it exploded the claims of Third Way governments, especially New Labour in the UK, to have reconciled global markets with new, ethically informed public policies. This chapter notes that that the ultimate failure of the Third Way has been a moral one, and that this has stemmed from an inadequate and incoherent analysis of how ethical principles can be applied to the workings of a market economy exposed to global forces.

Keywords: Third Way; UK; New Labour; global markets; market economy

Chapter.  8035 words. 

Subjects: Economic Sociology

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