Evaluation of Third Way Economics in Practice

Abstract

Interest in Third Way economics has stemmed, at least in part, from its apparently successful record, both in terms of electoral success and economic performance (Latham, 1998; Harcourt, 2001; Pierson, 2002: 180). This chapter provides a brief evaluation of the economic record generated by the adoption of elements of Third Way economics. Clearly, a comprehensive analysis is worthy of a book in its own right. Moreover, space limits the degree of detail that can be achieved in relation to each initiative pursued by every nation professing a degree of influence from Third Way thinking during the past two decades. Nevertheless, this book would be incomplete in the absence of an attempt being made to determine how effectively Third Way economics has worked in practice.