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The Economics of the “Third Way”

Author

Listed:
  • Philip Arestis
  • Malcolm Sawyer

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.

Suggested Citation

  • Philip Arestis & Malcolm Sawyer, 2001. "The Economics of the “Third Way”," Brazilian Journal of Political Economy, Center of Political Economy, vol. 21(4), pages 673-689.
  • Handle: RePEc:ekm:repojs:v:21:y:2001:i:4:p:673-689:id:995
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    More about this item

    Keywords

    Political economy; third way; political process;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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