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This paper was first presented at the Argentine Psychoanalytic Association on the 10th of November 1953, accompanied by extensive clinical material. It was published in this form in the 1994 Revista Latinoamericana de Psicoanálisis, 1: 87–108. It was translated into English for the first time in the 1996 International Journal of Psycho-Analysis, 77: 291–317. The author gives an account of the phenomena that occur when the meaning of ‘associating’, ‘interpreting’ and ‘words’ is investigated. Her presentation is modelled on the manner of appearance and understanding of these phenomena. Because interpretation of a new aspect has always preceded its intellectual understanding, frequent repetitions will be observed, and one theme is sometimes adumbrated within another and developed more fully later. For all its drawbacks, such an exposition has the advantage of coming closest to reality. A schematization would be premature and tend to conceal any errors, thus impeding subsequent understanding of the phenomena concerned. The author discusses the phenomena in their order of appearance. Although the order was the same in every case, she does not rule out the possibility that this might be because of her personal approach. The bibliography lists works that stimulated her interest and were particularly useful in the understanding and formulation of her work.