If by the third party system you refer to the party system now in place in the United States of America, the Democratic Party would qualify as the 'liberal party' that intends to use the power and influence of the federal government to carry out its political agenda while the GOP or Republican Party would qualify as the 'conservative party' whose aim is to curtail 'big government' while also catering more to big businesses and generally conservative causes such as religion, gun rights etcetera.
Usually the third party in the USA, either the Green Party or the Libertarian Party, would both qualify as 'liberal' parties compared to the GOP or Republican party
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