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High Quality Content by WIKIPEDIA articles! The Third Way is a term that has been used to describe a political position which attempts to transcend right-wing and left-wing politics by advocating a synthesis of some right-wing and left-wing economic policies. Third Way approaches are commonly viewed from within the first- and second-way perspectives as representing a centrist compromise between free market capitalism and democratic socialism. However, proponents of third way philosophies see it has something beyond free market capitalism and democratic socialism.