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Following John L. Austin’s How to Do Things With Words (1962), it has become a widely accepted view, particularly in literary and textual studies, that the articulation of linguistic signs (vulgo: words) can change reality or even produce ‘new’ realities. This article problematizes the tenability of Austin’s basic assumptions; it submits for consideration that speech acts are only effective if they are instantiations of a previous consensus establishing their validity. The reversal of the Aristotelian hierarchy of intention and act, which is implied in Austin’s views, seems to be based rather on rhetoric than on logic. In its second section, the paper discusses some aspects of the ‘performative turn’ in the Humanities, as initiated by Austin’s theses. With respect to gender theory as developed by Judith Butler, and to Erika Fischer-Lichte’s concept of the ‘transformative power of performance,’ it posits that both here and in the case of speech acts, the previous conceptual frame of performances or performing acts is crucial for the effectiveness of the respective acts. In particular with regard to theatrical performances, it holds that the aesthetic productivity of art performances does not primarily reside in their performative character as such, but rather in their potential to become (albeit in rare cases) the site of phenomena of emergence.