Blair's Third Way (may 2, 1997 – jun 27, 2007)

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Labour Party leader Tony Blair became the prime minister in 1997 on the platform of a “Third Way.” It was neither the preceding Conservative approach implemented by prime ministers Margaret Thatcher and John Major, nor the socialistic approach of the “old Labour Party,” rather it was a movement towards centrism. The “Third Way” gave rise to a mixed economy in the United Kingdom that combined some Thatcherite and capitalistic policies with some socialist policies and the provision of some social programs. It was seen as a reconciliation between the Keynesian economics of the postwar period and Milton Friedman’s monetarism that balances the collectivist beliefs of social justice and individualist beliefs of monetarism. Overall, there was a moderate shift back towards modern liberalism through the increase of Blair’s government spending on health care and education, while establishing a post-secondary tuition fee for those of a certain level of income or higher.

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