This article examines the relation between peer production and capitalism on a systemic and theoretical level. One problem with understanding peer production as an alternative and potentially competing mode of production in relation to capitalism is that the main bulk of economic theory deals only with capitalism. Alternative economic theories from an emerging theoretical P2P movement have done important pioneer work on commons-based peer production, and in discussing its sustainability as a mode of production both on a systemic and individual level (for the peer producers) within capitalism. This article argues that the disadvantages of the P2P movement’s theoretical framework, compared to a Marxist one, have their roots in an evolutionist motif, and the article aims to situate peer production more clearly in relation to the workings of capital, and in relation to a Marxist understanding of the potential for political agencies and counter-powers to emerge from capital’s outside.