As globalization advances, the territoriality of social processes is also manifested in changing geographic scope of social power, which in turns results in increasing glocalization. This process of increasingly strong local identities, of utilizing specifically local resources and tapping endogenous potentials in development, assumes particular forms in the case of medium-sized towns, such as Kragujevac, Novi Pazar, Užice and Šabac which are at the center of this book. Beside a detailed examination of obstacles and encouragements to local development, in this study the author elaborates a distinct theoretical approach identifying the peculiarities of territorial capital and objective conditions for development, never losing sight of the actors’ perspective.