The following points are intended as a contribution to the debate on the subordination of the peasantry to capital. First Njonjo's (1977) conjunctural study of the development of agrarian capitalism in Kenya does not provide any substantial distinction between property ownership and capital. Hence, his basis for supposing an alliance between the indigenous class of capital and peasant proprietors is very tenuous and limited. This is because of the general use which Njonjo makes of conjunctures in the transition to capitalism. Second, the classic form of separation of producers from land through the marginalization of household production has occurred, not where it might be expected, in Central Province, but in areas such as Western Province. Thirdly, we shall attempt to confront some inadequate conceptions of the indigenous class of capital, with regard to the position of the class both in Kenya and as part of the internationalization of capital.