In his study of moderation in French political thought, A Virtue for Courageous Minds, Aurelian Craiutu sketches the long legacy of the politics of moderation, ranging from 'the juste milieu between revolution and reaction; Ordoliberalism (in post-war Germany); social democracy in Sweden as a middle ground between pure free market capitalism and state socialism; and the New Deal in the United States'. Among the more recent manifestations of movements following the principles of moderation, Craiutu finally also lists 'the doctrine of the "Third Way" (in the United Kingdom under Tony Blair)'. 1 This list is intriguing for a variety of reasons. First of all, it broadens the geographical scope of the tradition of political moderation beyond French post-Revolutionary political thought. Secondly, it suggests a shift from the field of opposing revolutionary and reactionary political movements, to a confrontation between opposing principles of economic organization-capitalism and socialism. Yet it also invites further discussion of the question to what