What exactly is a "New Democrat"?

[AJH032]

And where do they fit in? Are they centrists? Are they progressive? How different are they from the "old democrats"? I was reading their philosophy on ndol.org, trying to figure out what makes them different from "old democrats" and Republicans. This is what I kind of figured out. Let me know what you think.

New Democrats are still pro-choice, pro gay rights, so they still lack morals as our Republican friends would say. They believe in strong environmental laws, universal health coverage, public education. They believe that shifting the tax burden more to the wealthy and corporate world would have no negative effect on the economy and would help keep the budget in balance. They believe in gun control. That's how they're the same.

New Democrats say they're in favor of "free and fair trade." This seems to be a deviation from traditional Democratic values. They're in favor of welfare reform, but it doesn't seem like they're in favor of the same kind of welfare reform that Republicans/libertarians would promote (which is probably just to eliminate welfare completely). Just going by what Clinton did, they believe that welfare can be a "second chance, not a way of life." How exactly is this different from the "old" democratic values? Or is it at all? The New Democrats say they are pro-business in a democratic way. What exactly does this mean? Does this imply that old democrats are anti-business, or socialist? Does this mean that they believe in capitalism but imposing limits on it so that it doesn't rob the middle/lower classes? Isn't that the same as other, "old" democrats? They believe that the private sector is the engine of the economy, but is that really only a new democrat concept? The one way I know they are different is the death penalty, which they promote, at least somewhat.

I'm just trying to understand how different New Democrats really are, if they even are all that different to begin with. Any responses would be appreciated. Thanks.