[영문]This article redefines the political concept of the ‘third way’ from a ‘third (or voluntary) sector’ perspective. It is argued that this differs from both the state-led ‘first way’ social democratic ideologies and the market-led ‘second way’ of neo-liberalism and conservatism. The focus is on the distinctive approach taken by the third sector in South Korea, and compares this with recent developments in the UK. Although President Kim's ideology of ‘productive welfare’ resembles neo-liberal trends, the third sector in South Korea (rather than, as in Western democracies, the state or private enterprise) has played a pivotal role in the application of the ‘third way’. Moreover, since the economic crisis of 1997, many third sector organisations in Korea have initiated social job-creation projects. These form a key part of the Korean welfare-to-work system. In examining the future direction of Korea's ‘third way’, this article suggests the need for the revitalisation of voluntary action in civil society generally and, more specifically, the further development of those organisations led by the ‘unemployed poor’ themselves.