The problem of institutional change is one of the focal points of post-socialist transformation and the major axes of it's sustainability. In Serbia this problem was expressed through the question of how to use the social energy that was concentrated in civic movement throughout the 90's for (re)building of stable social institutions. In this paper, my intention is to test whether the social capital that was apparently accumulated in Serbia in the civic protests can persist in the form of positive value orientation towards building of democratic and market oriented society. Out of many ways to understand social capital I am referring to the most wide one, the one that assumes collective trait of the social capital (Štulhofer 2000). Data from couple of surveys conducted in Serbia, during civic protests and after political change of 2000, are used to test the relation from the title empirically.