A Revolutionary, Anti-elitist Concept

Free-market economics, a legacy of the classical school, is thought of as an old conservative doctrine. But [Thomas Sowell] explains that it was in fact one of the most revolutionary concepts to emerge in the history of ideas. Moreover, "the thinking of the classical economist was not only a radical break from landmark intellectual figures like Plato and Machiavelli but also from mainstream thinking to this day." The notion of a self-equilibrating system--the market economy--meant a reduced role for intellectuals and politicians, he says. "And even today many still haven't accepted that their superior wisdom might be superfluous, if not damaging."