Experimental research on word processing has generally focused on properties that are associated to a concept in long-term memory (e.g., basketball—round). The present study addresses a related issue: the accessibility of “emergent properties” or conceptual properties that have to be inferred in a given context (e.g., basketball—floats). This investigation sheds light on a current debate in cognitive pragmatics about the number of pragmatic systems that are there (Carston, 2002a, 2007; Recanati, 2004, 2007). Two experiments using a self-paced reading task suggest that inferential processes are fully integrated in the processing system. Emergent properties are accessed early on in processing, without delaying later discourse integration processes. I conclude that the theoretical distinction between explicit and implicit meaning is not paralleled by that between associative and inferential processes.