Nihilism is a fairly new word or concept in 19th century philosophy. It came from Russia where it essentially referred to the rebellion of the younger generation against their elders. Nihilism in Nietzsche is a very important concept, he sees it as...as he puts it "a specter that's haunting Europe" a phrase we hear elsewhere as well. He defines Nihilism in his notes as the highest values devaluing themselves.
Oddly enough where he identifies the nihilist tendencies is in society. It's precisely in those realms where many thinkers, including today, would say that we find the bull work against nihilism. Namely in religion and morality. It's not, Nietzsche says, as if religion and morality give us values but quite the contrary. Religion and morality take our values away. Or, to put it in a different way, the traditional values, the values of the Judeo-Christian tradition are themselves nihilistic.
What works as theme throughout all of Nietzsche's works and what explains his rather rabid attacks on Christianity and religion in general is the attack on what he calls the otherworldly. The idea that there is some other existence which is better than this one.
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