Fantastic question! The answer is no, not necessarily. The PRC is Socialist, and never had a true "Capitalist" phase. It currently has a Socialist Market Economy, but never really had a stage dominated entirely by Capitalism.

There are also reversions. Russia reverted to Capitalism, and Germany almost became Communist, but was stopped by the Nazi Party coming to power.

However, all of that being said, history does generally progress alongside technological development, and the Mode of Production follows suit.