This research aims to critically analyze the content of the book Historical Obstacles to the Growth of Capitalism in Iran by Ahmad Ashraf, and to examine the structural causes of the historical underdevelopment of industrial capitalism in Iran. The research method is a qualitative content analysis that uses concepts derived from the theories of historical institutionalism, dependent development, and the developmental state to code and extract key themes from the text of the book. The research findings show that the obstacles to the growth of capitalism in Iran can be classified into two levels: "internal obstacles" (including tribal structure, economic and political insecurity, and inhibiting social structures) and "external obstacles" (such as colonialism, global economic influence, and inefficient economic investment). These two groups of factors have operated in a cycle of structural dependency reproduction that has prevented the formation of productive classes and efficient institutions. A comparative comparison with the experiences of Turkey and India shows that the weakness in the will to institutional reform and the lack of a development-oriented government are factors that distinguish Iran from these countries. In the final analysis, the present study, while confirming the historical richness of Ashraf's work, also emphasizes theoretical shortcomings and neglect of the possibility of structural reform. This study, looking at the historical continuity of development obstacles in Iran, highlights the need to rethink current political and economic institutions.