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The idea of finding a 'third way' in politics has been widely discussed over recent months - not only in the UK, but in the US, Continental Europe and Latin America. But what is the third way? Supporters of the notion haven't been able to agree, and critics deny the possibility altogether. Anthony Giddens shows that developing a third way is not only a possibility but a necessity in modern politics. The third way represents the renewal of social democracy in a world where the views of the old left have become obsolete, while those of the new right are inadequate and contradictory. A new social democratic agenda is emerging that is integrated, robust and wide-ranging. It is an agenda that can rekindle political idealism.