A political cartoon showing the centrist concept of a national minimum wage attempting to help the demand side while not over burdening the supply side.(3)
A political cartoon showing the centrist concept of a national minimum wage attempting to help the demand side while not over burdening the supply side.(3)

Key Points:


  1. Centrism was best for the economy, not a Conservative or the ‘old Labour Party’ of Britain’s leftist approach.[1]
  2. It was a shift towards a more moderate economic model and can be seen as a welfare capitalist state.[1]
  3. Adopted some free market Thatcherite economic models.[1]
  4. Increased health care and education spending and introduced a national minimum wage while also introducing tuition fees for post-secondary education, which was formerly free for all students.[1]

Relationship to Liberal Economics


Blair’s Third Way (centrism) shares a relationship to liberal economics in that it is less ‘classical’ in the way it approaches a country’s economy. The economic policies of Tony Blair attempt to create a welfare capitalist state which provides a safety net for its workers while imposing slightly more regulation on the supply side. In essence the Third Way tries to combine the positive aspects of classical liberal economics with the protection of a welfare state.[2]

References:


[1] Christison, Fielding, Harding, Meston, Smith, Zook, (2009). Perspectives of Ideology (pp. 220) Canada, Ontario: Oxford University Press.
[2]Jane Lewis, Rebecca Surender. Welfare State Change: Towards a Third Way?. Oxford University Press, 2004. Pp. 3-4, 16.
[3] Retreived from:http://www.google.com/imgres?um=1&hl=en&sa=N&biw=1280&bih=855&tbm=isch&tbnid=0eSg3MTc_lhKvM:&imgrefurl=http://www.usnews.com/news/blogs/washington-whispers/2007/01/19/fridays-cartoon&docid=V9lUv1VTUSYGEM&imgurl=http://www.usnews.com/usnews/politics/whispers/cartoons/070119.jpg&w=450&h=411&ei=SqpmT5fXIoL50gH-mamfCA&zoom=1&iact=rc&dur=112&sig=105277738050061707934&page=1&tbnh=152&tbnw=166&start=0&ndsp=22&ved=1t:429,r:5,s:0&tx=95&ty=112
on March 18th, 2012.