The antagonism of neoliberalism to local intervention raises questions over the future of planning theory and practice. Recent reviews suggest planning's response to regulatory reform has been to become more flexible, although this may simply reflect nothing more than instrumental pragmatism. Drawing on regulation theory in this paper I review the reforms which have taken place in New Zealand since 1984, when New Zealand moved sharply from a form of regulation described as ‘peripheral Fordism’. Planning after Fordism risks being confined to mediating environmental relations, despite the likelihood of far-reaching social conflict and economic contradictions in the emergent form of capitalism. Two choices face planning in New Zealand; adapt to the mandate of environmental management or extend planning to confront other (social and economic) challenges in the emergent form of capitalism. The second alternative requires planners to adopt a more active and critical role than has been evident to date.