Place management as a framework for public governance is not a new concept. The place management debate reflects many of the more durable themes in the evolution of public management and public policy. One of the new dimensions of the debate is the extent to which place management can deliver a social capital effect. If it can, its value as a major shift in public governance will increase dramatically. The study situates place management in a spectrum of possibilities. To the extent that place management transcends an instrumental definition to challenge the underlying system of governance, it is more likely to deliver a social capital dividend. The study concludes that place management, if it reflects and reinforces the attributes of social capital, it can made a major contribution to public management. A key question is the extent to which place management can be institutionalized as a core and consistent component of public management. The thesis looks at the prospects for the institutionalization process within the context of a holistic governance framework.