Abstract: Classicists and connectionists alike claim to be able to explain systematicity. The proposed classicist explanation, I argue, is little more than a promissory note, one that classicists have no idea how to redeem. Smolensky's (1995) proposed connectionist explanation fares little better: it is not vulnerable to recent classicist objections, but it nonetheless fails, particularly if one requires, as some classicists do, that explanations of systematicity take the form of a‘functional analysis’. Nonetheless, there are, I argue, reasons for cautious optimism about the prospects of a connectionist explanation.