diff --git a/CHANGELOG.md b/CHANGELOG.md
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,12 @@
+4.3.2
+
+* BUG FIX: Fix `MMonad` instance for `ListT`
+    * The old instance was an infinite loop
+
+4.3.1
+
+* Support building against `ghc-7.4`
+
 4.3.0
 
 * BREAKING CHANGE: Remove `Alternative`/`MonadPlus` instances for `Proxy`
diff --git a/pipes.cabal b/pipes.cabal
--- a/pipes.cabal
+++ b/pipes.cabal
@@ -1,5 +1,5 @@
 Name: pipes
-Version: 4.3.1
+Version: 4.3.2
 Cabal-Version: >= 1.10
 Build-Type: Simple
 Tested-With: GHC == 7.4.2, GHC == 7.6.3, GHC == 7.8.4, GHC == 7.10.2, GHC == 8.0.1
diff --git a/src/Pipes.hs b/src/Pipes.hs
--- a/src/Pipes.hs
+++ b/src/Pipes.hs
@@ -476,7 +476,12 @@
     {-# INLINE hoist #-}
 
 instance MMonad ListT where
-    embed f m = Select (enumerate (embed f m))
+    embed f (Select p0) = Select (loop p0)
+      where
+        loop (Request a' fa ) = Request a' (\a  -> loop (fa  a ))
+        loop (Respond b  fb') = Respond b  (\b' -> loop (fb' b'))
+        loop (M          m  ) = for (enumerate (fmap loop (f m))) id
+        loop (Pure    r     ) = Pure r
     {-# INLINE embed #-}
 
 instance (Monad m) => Monoid (ListT m a) where