Abstract : In response to Mandy Simons' defense of a classical Gricean approach to pragmatic enrichment in terms of conversational implicature, I emphasize the following contrast. Conversational implicatures are *generated* by a global inference which uses as a premise the fact that the speaker has said that p, but only the *triggering* inference is global in cases of pragmatic enrichment. What generates the correct interpretation is a process of reconstrual, which locally maps the literal meaning of a constituent to a modulated meaning and composes that meaning with that of the other constituents. That process is constrained by Gricean considerations (in the broad sense) but that is true of all pragmatic aspects of interpretation, whether pre-propositional or post-propositional. Just as indexical resolution, though pragmatic and constrained by Gricean considerations, does not fit the two-stage model through which Grice accounts for conversational implicatures, so pragmatic modulation can’t be accounted for in terms of that model despite the fact that, like conversational implicatures and in contrast to indexical resolution, modulation is a pragmatic process which is pragmatically rather than semantically triggered.