ABSTRACTThis paper attempts to shed light on Hegel’s recurring comment that Spinoza’s philosophy lacks the ‘principle of individuality’. It shows that this criticism can have three distinct meanings: that Spinozism cannot account for the multiplicity of finite individuals; that Spinozism leads to a moral devaluation of the finite individual; the form of substance is indifferent and lacks a differentiating principle. It is shown that Hegel argued, somewhat incoherently, for all three.