In the paper we analyzed several aspects that are relevant for the development of the local rural communities. According to that, we emphasized the importance of social capital, its role and links with other forms of the capital which in synergy could produce 'competitiveness' of rural communities in complex rural development processes. Territorial rural development, as a relatively new rural development concept, represents some kind of reaction on the top down rural development politics and assumes analysis of different forms of capital and achievement of the rural communities competitiveness. These processes could lead to rural economy development, diversification of the activities in rural regions and achievement of sustainable development. In the paper we presented some EU CAP initiatives that aim to improve rural development policy.