This article locates self psychology within the context of the evolving paradigm for psychoanalysis that the author calls intersubjectivity theory. It is argued that Kohut contributed significantly to the new paradigm but stopped short of fully embracing it. Self psychology and intersubjectivity theory are compared and contrasted, and an intersubjective view is offered of the patient's transference, the analyst's transference, and the system created by their reciprocal interaction.