Stuart Hall offers yet another of his well-known bravura diagnoses in this recent critique of New Labour. He argues that its essential character can be understood in Gramscian terms as a dynamic transformist expression of neoliberalism with a social democratic face. Like his earlier analyses of Thatcherism and New Labour, however, his analysis is stronger on critical discourse analysis and his own political rhetoric than it is on its grasp of political economy and its implications for political practice. Indeed it would be interesting to subject this text itself to a critical discourse analysis to demonstrate the theoretical lacunae and the conceptual slippages in its powerful, persuasive, but ultimately flawed, exploration of this latest transformist project. I will focus on six issues raised by Hallâ��s text and then offer an alternative analysis rooted in a regulation- and state-theoretical political economy.