The Economics of the “Third Way”

Vol. 21 No. 4 (2001)

Oct-Dec / 2001
Published October 1, 2001
PDF-English
PDF-English

How to Cite

Arestis, Philip, and Malcolm Sawyer. 2001. “The Economics of the ‘Third Way’”. Brazilian Journal of Political Economy 21 (4):673-89. https://doi.org/10.1590/0101-31572001-1259.

The Economics of the “Third Way”

Philip Arestis
Business School, South Bank University, London, England.
Malcolm Sawyer
School of Business and Economic Studies, University of Leeds, Leeds, England.
Brazilian Journal of Political Economy, Vol. 21 No. 4 (2001), Oct-Dec / 2001, Pages 673-689

Abstract

This paper seeks to outline the type of economic analysis which we perceive to be involved in the ideas on the ‘third way’. In the UK, the emergence and then election of “new Labour” has been closely associated with the development of the notion of the “third way”. We sketch out what we see as the analysis of a market economy which underpins the ideas of the “third way”, which is followed by some remarks on the role of the State which is also involved. We seek to illustrate our analysis by reference to the policy statements of the new Labour government in the UK. 

JEL Classification: D72; P16.


Keywords: Political economy third way political process