I am not sure how helpful it is to speak of a "third way" between capitalism and socialism. Certainly there is a broad ground between the extremes of individualistic capitalism (where persons are all in competition with each other) and collectivistic socialism (where personal initiative is suppressed in favour of the social unit). That middle ground is something to do with cooperation and subsidiarity, but this is not enough to define a clear alternative between the two great ideologies, since the milder forms of capitalism and socialism could both lay claim to that territory (especially in England, where the Anglicans have a longstanding tradition known as "Christian socialism" that is hardly recognized in America).
The Distributism of Chesterton and Belloc has been called a form of
