Has the British Labour Party lost its way? In this critical analysis of New Labour's economic and welfare policies, John Grieve Smith suggests that, far from pursuing any new Third Way, Tony Blair's Government is actively consolidating the Thatcherite Revolution. He argues that if Labour is to break the Thatcherite mould and achieve its long-standing objective of a fairer society, it must adopt radically different policies. John Grieve Smith analyzes the policies needed to achieve genuine full employment, and examines the continued whittling away of social security benefits and the need for higher and more progressive taxation if the quality of health and education services is to be improved. The greatest challenge of coming decades for Britain is to develop more effective international institutions in the economic and other fields. Here, John Grieve Smith puts forward a program of major reforms of the global financial system, to make both developing and industrialized countries less vulnerable to unstable financial markets. This lively and controversial book is a timely contribution to the debate over the future of New Labour.