We perform a new, detailed calculation of the hadronic contributions to the
running electromagnetic coupling, αˉ, defined on the Z particle (91
GeV). We find for the hadronic contribution, including radiative corrections,
10^5\times \deltav_{\rm had.}\alpha(M_Z^2)= 2740\pm12, or, excluding the
top quark contribution, 10^5\times \deltav_{\rm had.}\alpha^{(5)}(M_Z^2)=
2747\pm12.
Adding the pure QED corrections we get a value for the running
electromagnetic coupling of αˉQ.E.D.(MZ2)=128.965±0.0171.Comment: Version to appear in Phys. Rev. D. Plain TeX fil