The paper examines the value system of the English Third Way. It argues that, contrary to its critics, the Third Way is not an empty ideology but has content, though this content is not brand new. The Third Way, I claim, is more like a rhetorically defined area, which is delimited by existing values that however leave room for interpretation. The Third Way is a framework that is delineated by two clusters of value: opportunity-equality-justice and responsibility-community-authority. On the basis of the detailed analysis of these values, I draw up possible ideologies of the Third Way. I then argue that what best fits present-day Hungarian social-democracy is an interpretation that is social-liberal in character.