Halliday & Matthiessen (1999: 416-7):
The modern split within the "transcendent" view is between what Barwise (1988: 23) calls the world-oriented tradition and the mind-oriented tradition, which he interprets as public vs. private accounts of meaning:The world oriented tradition in semantics, from Tarski on, has focussed on the public aspect of meaning by trying to identify the meaning of a sentence or text with its truth conditions, the conditions on the actual world that are needed to insure its truth (Davidson 1967 and Montague 1974).
The psychological tradition, by contrast, has focussed on the private aspect by trying to identify meaning with an intrinsically meaningful mental representation (Fodor 1975 or Jackendoff 1983 e.g.).The world-oriented tradition interprets meaning by reference to (models of) the world; for example, the meaning of a proper noun would be an individual in the world, whereas the meaning of an intransitive verb such as run would be a set of individuals (e.g. the set of individuals engaged in the act of running).The mind-oriented tradition interprets meaning by reference to the mind; typically semantics is interpreted as that part of the cognitive system that can be "verbalised".