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The view is advanced that depersonalization is a regressive defense against the threat of masochistic surrender, derived from a negativistic response to punishment and humiliation in childhood; in addition to the defensive function, the regression provides gratification of a sadomasochistic Oedipal wish. While recognizing that depersonalization can be precipitated by a variety of danger situations, it is suggested that in many cases these situations regressively reactivate sadomasochistic primal scene fantasies.