The article compares analytical psychology with the ideological and social transformations that have given rise to the so-called the “crisis of late modernity” and, subsequently, to “post-modernity”. Starting from Nietzsche’s words on the meaning of nihilism, it recalls some significant evidence of the crisis of values and some characteristic reactions to this crisis (the “Gnostic” and “narcissistic” solutions). The position taken by Jungian thought is then illustrated, using the theme of the Shadow and that of the “death of the hero”. Finally, after outlining some post-modern features, the Author describes their tendency to make every dialogical articulation of the opposites obsolete and unusable, so central to Jung’s thought.