My intention in this paper is to contribute the debate on \u201crealism\u201d in order to raise a different sort of question: not whether \u2018reality\u2019 exists or does not exist, but rather what effects does the belief in this or that reality produce (as Peirce put it 150 years ago). I will turn to Eco\u2019s later thought, and to his support for a form of \u2018negative\u2019 realism, and try to demonstrate how his appeal to Peirce\u2019s distinction between Immediate and Dynamical Object is affected by a common-sense interpretation of what \u2018real\u2019 amounts to. Peirce in fact distinguished between the \u201cexistence\u201d of facts and their \u201creality.\u201d The former implies a dynamic of blind force, a dynamical reaction...