Complex sentence: In his view, capitalism had manifested itself mainly as a reactionary force inside Romanian economy during the time of Phanariote rules--thus, despite characteristic underdevelopment (which he also noted), the local economy had not contrasted with the stages postulated by Marxian economics.
Split into simpler sentences: In his view, capitalism had manifested itself mainly as a reactionary force inside Romanian economy during the time of Phanariote rules. Thus, despite characteristic underdevelopment (which he also noted), the local economy had not contrasted with the stages postulated by Marxian economics.