We present a new next-to-leading order QCD analysis of the world data on in
clusive polarized deep inelastic lepton-nucleon scattering adding to the ol
d set of data the final SMC results, the HERMES proton and very recent SLAC
/E155 deuteron data. We find an excellent fit to the data and present resul
ts for the polarized parton densities in different factorization schemes. T
hese results are in a good agreement with what follows from the theory. We
have also found that the main effect of the newly incorporated data is a be
tter determination of the polarized gluon density. (C) 1999 Published by El
sevier Science B.V. All rights reserved.