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To understand Schelling’s criticism of Hegel in his Munich lectures, this paper studies the reading of the Science of Logic that served as its matrix. This analysis shows that Schelling refuses to take the dialectical character of Hegel’s thinking seriously. Admittedly, this amounts to bracketing the immanence of such thinking in order to question it. I suggest that Schelling’s procedure can be compared to more recent interpretations in this regard. However, this approach founders on a problem that Hegel had already pointed out. Can the critique of Hegel dispense with dialectics? I try to demonstrate the enduring relevance of this issue.