Abstract: The paper discusses the pre-capitalist social formation of the Banyankole of Ankole in southern Uganda. The author argues that contrary to popular belief among some circles which hold or held the view that pre-colonial societies were classless, stateless, stagnating and, at worst, had no history until the European invaders appeared on the scene, Ankole was a microcosm of many pre-colonial third world formations in that it was developing and not static. The author concludes by stating that the natural development of the Ankole social formation was then arrested when the British colonialism set on the scene at the beginning of the twentieth century. Since then capitalism has dominated though not prevailed.