Whereas Eric Voegelin's main works from the 1950s to the 1980s are well known and have been widely discussed, his early work has gained academic attention only recently. Voegelin scholars have now entered into a wide-ranging discussion of the specific nature of those early writings. The following reflections seek to contribute to this general discussion by focusing on one of the most interesting—and, at the same time, the most puzzling—of Voegelin's early unpublished texts. Concentrating on the fragment entitled the Theory of Governance, this article will also present certain sources that have not yet appeared in English. Its aim will be to clarify some of the crucial questions and principles of Voegelin's early conception of political science in general. After presenting that conception, the article will indicate that Voegelin's later critique of the modern ideologies of political collectivism has not yet come into focus in this early text.