The socioeconomic contributions of adult learning to community were examined from a social capital perspective. The concepts of human capital and social capital were differentiated, and the relationship between learning, human capital, and social capital was explored. The relevance of social capital in describing the wider benefits of adult learning was illustrated through the examples of a study of the impact of the adult and community education (ACE) sector on communities and society in Victoria, Australia, and a study of a group of African women refugees located in a suburb of a large Australian capital city. The studies documented wider benefits of ACE in the following areas: health; education and learning; employment and quality of working life; time and leisure; command over goods and services; physical environment; social environment; and personal safety. Social capital building was shown to be implicated in effective adult learning in the following ways: (1) social capital is involved in program design, management, and delivery whether it is explicitly recognized as such or not; (2) the processes of drawing on and building social capital are part and parcel of the learning process; and (3) social capital can be a direct or indirect benefit of learning. (Contains 27 references.) (MN)