Words are not concepts and concepts are not words: between the two are the layers of theory accumulated throughout the ages. But theories are built on words and with words. Thus it is not surprising that the ambiguity offered by the vernacular use of the word history has caught the attention of many thinkers since at least antiquity. What is surprising is the reluctance with which theories of history have dealt with this fundamental ambiguity. Indeed, as history became a distinguishable profession, theorists have followed two incompatible tendencies. Some, influenced by positivism, have emphasized the distinction between the historical world and what we say or write about it. Others, who adopt a “constructivist” viewpoint, have stressed the overlap between the historical process and narratives about that process. Most have treated the combination itself, the core of the ambiguity, as if it were a mere accident of vernacular parlance to be corrected by theory. What I hope to do is to show how much room there is to look at the production of history outside of the dichotomies that these positions suggest and reproduce.