"The Third Way" (theory)

"The Third Way" is a political approach that seeks a middle ground between traditional capitalism and socialism. It aims to combine free-market principles with social justice, emphasizing individual responsibility while ensuring support for the less fortunate. Originating in the 1990s, it promotes policies like economic flexibility, innovation, and social investments without strictly adhering to either left-wing or right-wing ideologies. The goal is to create a balanced system that encourages economic growth while maintaining fairness and social cohesion.