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Even if the Theological-Political Treatise is at the origin of the revival of the “theological-political problem” in the twentieth century (from Leo Strauss to Carl Schmitt), Spinoza neither invents nor introduces this problem to modern political philosophy. Spinoza inherits this problem from the reformed theologians of the beginning of the seventeenth century, but also from its Hobbesian interpretation in the Leviathan. The aim of this article is to reconstruct this dual heritage and to highlight that the originality of the Theological-Political Treatise is to achieve the philosophical constitution of the “theological-political problem” and to burden the concept of the common good with this problem. It is this burden that originally characterizes the liberal conception of the common good and explains its paradoxes.