67It is by now widely accepted that the analysis of perversion is not fundamentally a process of decoding and interpreting the unconscious fantasies, anxieties, and defenses that are enacted in the perverse patient's sexual activity. Instead, it has become increasingly recognized that the analysis of perversion centrally involves the understanding and interpretation of transference phenomena that are structured by the patient's perverse internal object world (Malcolm 1970, Meltzer 1973). I believe it is important that this evolving understanding be developed a step further: in my view, the analysis of perversion necessarily involves the analysis of the perverse transference-countertransference as it unfolds in the analytic relationship.