Abstract: This article argues that while neoliberalism has supposedly been about ‘more markets’ in practice it has fostered the monopolisation of former state-owned assets by transnational owners. Neoliberalism is then a herald for neocolonialism, in which forms of political autonomy are undermined by transnational ownership. This process is mediated by a comprador bourgeoisie that owes very little to autonomy or development in New Zealand. The article revisits a Trotskyist polemic about the need for a transitional programme as the core of a progressive alternative.