Fredric Jameson`s project is to establish an anti-transcendental hermeneutic model in the face of poststructuralist critiques of interpretation. In this paper, I tried to explain and evaluate his theory of interpretation and to point out both its merits and faults, the latter based on his reactions to recent critical trends. His apparent tactic is to sublate them into a larger system--an attempt to salvage the notion of "totality" from prevalent intellectual suspicions against "grand narratives." Central to Jameson`s view of interpretation, narrative, and reality is the allegorical process, which he uses in his discussions of interpretation and textualization in terms of conceptual or narrative schemes. For Jameson, the real (which he calls "subtext") is not immediately present, but already constructed through textualization. In this approach, one finds the influences of Lacan`s "the Real" and Aithusser`s view of history as an "absent cause." Jameson attempts to question and transcend conventional thoughts about interpretation that are based on dichotomies between subject and object and between fact and value, but is only partly successful because he is never completely immune from the dangers of idealism. His view of the real oscillates between "anti-transcendental" materialism and Kantian idealism.