NB: This paper has been largely displaced by my: “Externalism, Metasemantic Contextualism and Self-Knowledge”, in Goldberg, (ed.) Externalism, Self-Knowledge and Skepticism. New York: Oxford University Press, 2015, pp. 228-247. // -/- While straightforwardly ambiguous words like “bank” and obviously indexical words like “I” are unproblematically treated as referring to different things in different contexts, such variations are displayed by terms that seem neither ambiguous nor indexical. This paper will argue that traditional accounts of word meaning (in which a single fixed (...) meaning is attached to each entry in one’s ‘mental lexicon’) have problems accounting for how the referent of a non-ambiguous/non-indexical term can shift from context to context, while a moderate version of semantic holism can do so by understanding the comparative weight of the meaning-constitutive beliefs as itself something which can vary from context to context. (shrink)