Earlier this decade, Robert Putnam's Bowling Alone indicted the television as one of the primary culprits for declining social capital. Then in 2006 the study, "Social Isolation in America" indicated that the number of Americans who are socially isolated, with zero or just one close confidante, roughly doubled over a 20 year period to 43%. This study's authors also implicated technology as one of the causes for the diminishing number of close friends Americans have today. Both works raised interesting questions about how Internet based technologies would impact social capital and friendships.
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Sunday's Boston Globe had an interesting piece about how many Conservatives there are rallying around efforts to save local community institutions such as the corner shop, market, and yes, the neighborhood pub.  (The creator of Cheers knew the value of social capital--isn't nice to go to a place where everyone knows your name?).  They are focusing on the important roles these local businesses plays in creating a sense of community.  They also see the moral value of community is not as polarizing as some other issues that might focus on.

Bowling Alone author Robert Putnam has spent a good bit of time in Britain consulting with government leaders there who are quite receptive to the importance of social capital.  The importance of these local businesses and their ties to social capital certainly resonate here in the U.S. as well