The paper is a presentation of basic programme declaration by Tony Blair and Gerhard Schroeder as well as of the work by A. Giddens: Third Way. The Renewal of Socialdemocracy (1998, Polish edition 1999). The author confronts programme assumptions with social and economic policy of socialdemocratic governments. Free market rethorics, initially very strong, was to a large extent made blunter by social contest (strikes, protests) and a weak consensus inside the governing parties. The most visible manifestation of change of the British Labour Party policy is the increase of taxes, which was in contradiction to their pre-election declarations, also the efforts to diminish income inequalities. The common declaration by Blair and Schroeder from June 1999 was actually forgotten, in any case did not gain broader support either in Germany or in European socialdemocratic parties. In Germany the government carries on rigid fiscal-monetary policy combined with a safe labour market policy (attempts and retreats); it undertakes more and more offensive steps to open German economy to international corporations. The socialist French government was from the very beginning reluctant to the idea of the New Third Way, conducting a Keynes like policy of stimulating economy. Also more and more popular becomes the experience (and the success) of a non-corporative policy of the Dutch government, based on a tripartie principle. Denmark follows this route. Generally speaking the New Third Way did not become a universally accepted programme of Western socialdemocracies.