Abstract
This essay has explored the possibility that initiatives for town development or new business creation in a city transform the city in terms of culture and institutions and for that purpose it has introduced the concept of culture capital to examine its relationship with and/or influence on the city's culture and institutions. As a result, it is shown that culture capital could induce the emergence of social activities, which form their social network and thereby produce a new localized culture within the network and that in the case that such activities become large enough and the social network become large and/or interrelated with other networks the new culture could lead to the transformation of the city's local culture and institutions as a whole.
