The free-market doctrine does not rest on an assumption that consumers make wise choices. Like the mythical “economic man,” the Perfectly Wise Individual is a straw man created by the critics of the theory.
If Keynes was such a model champion of the free society, how can we account for his peculiar comments, in 1933, endorsing, though with reservations, the social "experiments" that were going on at the time in Italy, Germany, and Russia?
One of the great and most persistent errors of classical liberals is to believe in "good government," a government that does "what it is supposed to do." But no state empowered to do what is supposedly necessary will restrain itself to those things. It will expand as much as public opinion will...
Things might have been much worse were it not for the efforts of a relative handful of intellectuals who have fought against socialist theory for more than a century. Without them, it might have been 99% in support of socialist tyranny.