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Did societies actually rejuvenate themselves through revolution or did they only flip the roles of the oppressed and the oppressor due to the oppressed being resentful towards their power holders and desiring what they do not have? All it really is is the will to power of the oppressed to seek what they do not possess--power.
Nietzsche's observation that ressentiment caused the slave revolt in morality when it became creative and gave birth to new values is a rather interesting and important observation. For this is very clear when looking at morality through an historical lens. Nietzsche obviously uses the Jews as an example, but through history there are many other examples, which includes both the American and French revolutions and can be seen in recent history as well when tyrannical powers are over thrown. A noble morality grows out of these moments through "a triumphant affirmation if itself" and says "no to what is 'outside,' what is 'different,' what is 'not itself,' and this No is its creative deed (472).
This creative act that forms a noble morality creates a spirit of you are either with us or against us towards the former masters or power holders in which these people and groups are resented for what they represent. For what the former slaves wish to do is invert the power and value structure over so that the take the power and status that their former oppressors possessed. By viewing their oppressors as hostile, they are able to create a new set of values that oppose their oppressors, but put them in their new status as oppressors by turning what is outside themselves to a lesser status regarding the new values. As Nietzsche says, the ultimate goal is to transform what is against the new values into a caricature or monster. Of course Nietzsche says this does not become realized because there is too much carelessness and impatience in contempt so the ultimate goal is never fully realized.
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I think I have to disagree with the notion that the slave morality is a 'noble morality.' If I recall my Geneology of Morals, Nietsche says quite the opposite. The noble morality which predes the slave revolt knows only good and bad, meaning high and well-born, strong, happy, propertied, etc. versus low, weak, impoverished, unhappy, etc. The slave morality invents evil, with good - meaning not-evil - as the counterpart which the slaves can then ascribe to themselves. Hence the notion that they value themselves good only in relation to the others they consider evil, while the former masters value themselves good as such, and the others only bad, without a derogatory meaning, in comparison to their goodness.
Something else interesting is that Nietzsche considered modern science to be in part an outgrowth of the judeo-christian slave morality and the habits it breeds, with GOD replaced by TRUTH, and the notion of objectivity as a sort of self-immolation, an expression of the 'will to death.' Considering the actual history of early modern science, conducted mostly by religious men, this seems true as well.