This chapter presents a synergy between Historical Materialist Policy Analysis (HMPA) and Critical Discourse Analysis (CDA) of practical argumentation as an instrument to investigate hegemony struggles. How to merge HMPA and CDA and why? Does only CDA contribute to enhancing HMPA or does it also work the other way round? These questions are discussed by applying the suggested HMPA–CDA research framework to an empirical analysis of the hegemony struggles going on in Italy’s political economy under the government of Mario Monti (2011–2012) with a particular focus on the conflict over the 2012 labour market reform. Through detailed references to the study of the Italian case the chapter aims to advance a research agenda interested in the study of hegemony as an object of inherently transdisciplinary empirical investigation and to contribute to the debate over the necessity to strike a balance between the attention to semiotic and extra-semiotic elements at play in hegemony struggles.