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:

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The Third Way was the latest attempt to regulate capitalism in line with some version of morality. It was a response to the subversion of welfare states by globalisation in the 1980s. The Third Way argued that these economic forces could be turned to the advantage of populations, and channelled to ethically justifiable ends, through new types of contractual regulation. However, this book has argued that the economic crash has exposed the weaknesses in the Third Way approach to the regulation of capitalism. The phenomena the Third Way sought to address – the inability of welfare state systems to provide either adequate protection against poverty or the basis for economic dynamism – were already those associated with a previous stage of capitalist evolution. Moral issues and a collective conscience are unavoidable, and the Third Way's version of a moral order has turned out to be flawed in crucial respects.

Keywords: Third Way; capitalism; globalisation; contractual regulation; economic crash; welfare state systems

Chapter.  5242 words. 

Subjects: Economic Sociology

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