In the mid- to late 20th century, politics tended to run on a either/or basis:
Well, you get the idea. Towards the end of the century, some bright spark (probably Tony Blair) decided that enough was enough, and that there had to be a Third Way. Indeed there was: straight down the middle. You might call it "Caring capitalism", or maybe prefer "Socialism with a grasp of economic reality". Whatever. Some say the Third Way is bunk. Some say it really works. Whats certain is that following a period of right wing dominance (the Thatcher/Reagan years), the Third Way enabled left-leaning parties to sweep to power across the West. Advocates included:
Time will tell if the Third Way medicine provides a cure or just temporary relief. Clinton has fallen by the wayside. Barak never really did Third Way properly as he was hampered by coalition politicking and security problems. We shall see.