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This article critically explores the political function of communitarian 'new economics', most prominently promulgated by the American aca demic Amitai Etzioni, in the formation of New Labour politics. It ident ifies the ways in which this supposedly mould-breaking, profoundly moralistic social economics has been hammered into Stakeholder Economy shape by Blair's team, determined to recover Labour's electoral fortunes by charting a course 'twixt the harsh monetarism of the New Right and the soft statism of Old Labour'. The piece addresses key political questions. Will New Labour motivate responsible moral effort, endeavour and self-reliance? Will moral economic behaviour prove a driving force adequate both to power British participation in the 20th century race for efficiency and productivity and redistribute outcomes and opportunities? Will it in fact radically modify the market in the interests of social cohesion and equity or will it not?

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