What is ”true” in internal realism?

This paper is a critical examination of Putnam's theory of truth as it evolves from metaphysical to internal realism. First, I analyze the model-theoretic argument that led Putnam to abandon the metaphysical concept of truth as correspondence and to adopt and epistemic view of truth. Though a powerful critique of the metaphysical realist conception of truth, this argument does not establish conclusively that the concept of truth has any epistemic content. Secondly, I discuss Putnam's idealization theory of truth, arguing that the identification of truth with “acceptability under ideal conditions” is at odds with the claim that truth is context-transcendent, since the notion of justification is intrinsically context-dependent and no amount of idealization can reedeem its contextual character. Finally, I suggest that the realist intuitions that Putnam's internal realism tries to capture call for no more than a deflationary view of truth. Acceptance of this view requires abandoning not only the idea that truth is an epistemic property, but also the idea that truth is a substantive property that all true statements share and, therefore, a proper object of philosophical theorizing