Andrew Yang's new 3rd party will be called 'The Forward Party,' according to his forthcoming book

• Andrew Yang unveiled the name of his new 3rd party in his forthcoming book.
• It will be called "The Forward Party," according to a copy obtained by Insider.
• Yang argues America's two party system is unsustainable.

After coming up short in his presidential and New York City mayoral bids, Andrew Yang has settled on a name for his new third party.

"The Forward Party" is named in the final chapter of Yang's forthcoming book, "Forward: Notes on the Future of Our Democracy," a copy of which was obtained by Insider.

A source close to Yang and familiar with the plans confirmed the party's existence to Insider on Sept. 10, but the Yang confidante was unable to disclose the name.

Yang outlines six "key principles" behind his party, which will need to be registered state-by-state.

• "Ranked-choice voting and open primaries."
• "Fact-based governance."
• "Human-centered capitalism."
• "Effective and modern-day government."
• "Universal Basic Income."
• "Grace and Tolerance."

"The dysfunction is going to kill us," Yang writes. "Worse, there's no reason to think that it will change. The two sides will be trapped in a war that both sides win-they will still be hovering in one of the most affluent areas in the country trading power-but the people will lose."

Yang argues that the "duopoly" of America's two party political system is unsustainable, and that politic ans are ill equipped to deal with the shifting technological landscape amid the rise of artificial intelligence and other dynamics accelerated by the COVID-19 pandemic.

"We are witnessing a cascade of crises, from a pandemic to a punitive economy to police brutality to the selling of our attention and digital data to the highest bidders. Our democratic institutions are faltering right and left, and our systems are not designed for speed or significant change," Yang explains in the book's introduction. "Trust is fading ... Our political system is a fixed duopoly that will want to move slowly, if at all."

Beyond making his pitch for a viable third party - something that has eluded scores of activists throughout the course of American history - Yang seeks to diagnose what he sees as the biggest long term structural problems facing the nation.

"Our leaders are rewarded based not on solving problems but on accruing resources and retaining office," he writes. "Media companies have their own set of incentives that lead them to operate on a different wavelength from most of the American people. Local news is dying. And social media is driving our everyday discourse and our mental health to volatile extremes. These are all crises, and they are all linked in ways we will unpack in the pages ahead."

Yang also describes his post-campaign search for a new gig, where he recalls considering joining the Biden administration as either labor or commerce secretary, in addition to pitching his own position for "secretary of technology and innovation."

In his failed mayoral primary bid, Yang got a taste of the potential behind ranked choice voting by entering a quasi-alliance with former NYC Sanitation Commissioner Kathryn Garcia, vaulting him into fourth place and Garcia into a close second behind the eventual winner, Brooklyn Borough President Eric Adams.

Yang rose to national prominence during his dark horse presidential bid, outlasting several more seasoned politicians in a campaign led by a rookie campaign manager.

He wrote the initial draft of the book in months after his presidential campaign into the fall of 2020, completing it in early 2021. The book is set for an Oct. 5 release.