Definition of third way noun from the Oxford Advanced Learner's Dictionary

 

third way

 noun
noun
BrE
 
; NAmE
 
[singular]
 
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a course of action or political policy that is between two extreme positions Culture The third way is seen to offer an alternative to the traditional split between left and right that is neither old-style socialism nor based on a completely free market. The term was used by Bill Clinton in the early 1990s when he campaigned as a 'New Democrat' and by Tony Blair about New Labour.
See the Oxford Advanced American Dictionary entry: third way