One reason for buying local has not generally been discussed (here's a list of the more persuasive arguments). Instead of waiting for bankrupt state governments, or the often ineffectual federal government, to fix the global economic tailspin, economically vigorous communities can contribute to a global solution through their philanthropy, sustainable socioeconomic models and their tax contributions (Big Box stores often receive tax breaks that border on the criminal).
So, when you make the effort to bypass one-stop shopping, or the convenience of the drive-thru chain restaurant, and buy local, you are not only strengthening your community's economy in ways that will ultimately reward you--you are also making a contribution to the institutions of state and federal governance that, like it or not, are key for stabilizing the overall economy.
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