way they want to, it still just an excuse for
triangulation.
It's a failed attempt to reject liberalism.
Past invocations of a political 'third way', in this sense, or a 'middle way', have included the Fabian Socialism, Distributism, Technocracy (bureaucratic), Keynesian economics, Franklin Roosevelt's New Deal, Italian Fascism under Benito Mussolini,<5>Harold Macmillan's 1950s One Nation Conservatism<6> and Phillip Blond's Red Toryism.
Third Way policies were enacted in the 1980s in Australia by the Hawke/Keating Labor governments.<7> The most recent prominent examples are the Clinton administrations in the United States as well as 2008 presidential candidate Hillary Clinton,<8> the Labour Party (New Labour) governments of the United Kingdom under Tony Blair and Gordon Brown, the Liberal Party government of Canada under Jean Chrétien and Paul Martin, the Australian Labor Party under Kevin Rudd, the Polder Model in the Netherlands, the Democratic Party - demokraci.pl in Poland and the previous Labour government in New Zealand, led by current UNDP Administrator Helen Clark.
All Third Way every produced was confusing policies that tried to straddle the fence between right and left, triangulation.
It's no wonder Clinton is now going around making excuses for his Third-Way policies. Anything good out of his administration was solidly liberal, but most were lame attempts to create policy that to split the difference between right and left. That's not an ideology no matter how it's framed.
Case in point:
<...>
What happened to that proposal is symptomatic of what happened to Clinton's approach to economic policy. During his campaign and first month in office, Clinton promised to deny tax deductions to firms that awarded their executives salaries over $1 million. "The tax code should no longer subsidize excessive pay of chief executives and other high executives," Clinton told business leaders at the White House. He defined "excessive" in true populist terms as "unrelated to the productivity of the enterprise." He also cited "the enormously increased rate of executive compensation in the last 12 years as compared with the compensation of workers."
But under pressure from the financial community, Clinton quietly backed off. In April, the administration announced a plan that was riddled with loopholes. For instance, CEO stock options would not be included in the $1 million limit, and firms could take a deduction on straight salaries over $1 million if stockholders approved.
linkA law he championed to curb compensation has backfired -- and pay packages have exploded
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Clinton's brainstorm: Use the tax code to curb excessive pay. Companies at the time were allowed to deduct all compensation to top executives. Clinton wanted to permit companies to write off amounts over $1 million only if executives hit specified performance goals. He called Crystal for his thoughts. "Utterly stupid," the consultant says he told the future President.
THE SHAME GAME
Now, 13 years after Clinton's plan became law, the results are clear: It didn't work. Over the law's first decade, average compensation for chief executives at companies in Standard & Poor's 500-stock index soared from $3.7 million to $9.1 million, according to a 2005 Harvard Law School study. The law contains so many obvious loopholes, says Crystal, that "in 10 minutes even Forrest Gump could think up five ways around it."
From the Internal Revenue Service to corporate boardrooms, Clinton's remedy has become the biggest inside joke in the long history of efforts to rein in executive pay. It has allowed companies to take deductions for executive pay tied to goals as vague as "individual achievement of personal commitments" (BellSouth Corp.(BLS ) or improving "customer satisfaction" (Dell Inc. (DELL )). Energy giant AES Corp. (AES ) for a time demanded that its top people maintain a workplace that was "fun."
"We were trying to shame companies into changing their behavior," says former Clinton senior adviser Bruce Reed. "And companies have been shameless in ignoring what we did." Or perhaps just astute in exploiting the flimsiness of Section 162(m) of the IRS code, as the measure is formally known. Reed acknowledges that the Clinton team deliberately watered down the proposal to make it more palatable by, for example, not applying the performance requirement to the award of stock options. Clinton did not return calls for comment.
Want to talk about the repeal of Glass Steagall?
It's interesting to watch people try to frame Hillary Clinton as a liberal, and then read the information you posted. The DLC is a perfect example of flawed thinking.