This is one of those history of philosophy texts that really feel 'alive'. Schelling reaches out to the past and extracts a lesson here and an insight there from each of the giants of philosophical modernity (esp. Spinoza) with a strategic view towards affirming the supremacy of his own system of identity philosophy. The bane of all systems, as Jacobi later realized, is the challenge of deriving finitude from the Absolute and doing so--one might add--without robbing finite rational beings of their freedom. Not even Kant's critical philosophy can escape this problematic. Doomed from the start is any system that cannot provide an account of how and why which conditioned conditions and finite beings result from the unconditioned, granted that the Absolute is posited in the first place (whether the Absolute is posited hypothetically, constitutively, regulatively, etc. matters little). Schelling hopes to get around this challenge by breathing life or 'real opposition' into the infinite being and converting the Spinozist substance into Absolute subject that goes through a series of potentiations up till the emergence of rational organisms. The resulting Naturphilosophie then can boast of the immediate transition from infinite to the finite driven by a primordial tension between self attraction of Being towards itself and self-repulsion of Being away from itself. But this identity- system is not without its detractors. Indeed, once Schelling gets to Hegel, his writing visibly loses its liveliness from earlier lectures and becomes very tense over the next thirty something pages. Schelling not only attempts to defend his system from the Hegelian charge (the identity-system presupposes the Absolute through Fichtean "intellectual intuition" instead of deriving it as an end result) but also accuses Hegel of taking over the method the nature-philosopher has invented for "real potentials" in nature and applying (fruitlessly, in Schelling's opinion) to the Concept to give the latter an appearance of much celebrated "self-movement".