Abstract . In 1955 Pancharatnam,showed,that,a cyclic,change,in the,state,of polarization,of light,is accompanied,by a phase,shift,determined,by the,geometry of the,cycle,as represented,on the,Poincare,sphere . The phase,owes,its,existence,to the,non-transitivityof,Pancharatnam's,connection,between,different,states,of polarization . Using the algebra of spinors and 2 x 2 Hermitian matrices, the precise,relation,is established,between,Pancharatnam's,phase,and,the,recently discovered,phase,change,for,slowly,cycled,quantum,systems . The polarization phase,is an,optical,analogue,of the,Aharonov-Bohm,effect . For slow,changes,of polarization, the connection leading to the phase is derived from Maxwell's equations,for,a twisted,dielectric . Pancharatnam'sphase,is contrasted,with,the phase,change,of circularly,polarized,light,whose,direction,is cycled,(e .g. when guided,in a,coiled,optical,fibre) .