In this paper, I sketch out a new interpretation of the Second Essay of On the Genealogy of Morality by showing that its seemingly meandering character conceals a highly cogent structure. In contrast to the prevalent scholarly trend, I argue that the ideal of sovereignty Nietzsche introduces in the essay’s opening sections plays an integral and crucial role in his account of the emergence of the feeling of moral guilt. In contrast to another common trend in the scholarship, I also (...) argue that Nietzsche’s account is very different from the account Freud proposes in Civilization and Its Discontents, with which it is often compared. Specifically, I show that guilt is not, for Nietzsche, a form of fear, nor simply the product of raw aggression turned inward when it can no longer be vented outward. (shrink)