Otsuka developed a theory of history in the term of productive power and religious ethos of industrial middle class, between the first and second World War. In the paper I aim to re-examine his theory from the point of our experience of high economic growth in Japan and the economic development of the third world after the War. Before that we shall re-estimate his method. He studied, not known well until now, the history of modern capitalism in West Europe to understand the rise of contemporary Japanese fascism. In addition to that, he employed the comparative history approach between West Europe and Japan. The results were, for example, that he got new ideas of economic structure and management, historical materialism put side by side. I will hall reconstitute his theory of natural course of economic development. He saw the history of mankind largely from communites to a commercial or civil society. In doing so, he watched that class societies were based on their respective communities or civil society. At the end we can make a table of Otsukau27s theory of history.
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