Reagan The Prophet?

On October 27th 1964 Ronald Reagan, at the beginning of his political career gave a speech entitled "A Time Of Choosing". He had, by then, left his Democrat roots and become a Republican and during the 1964 Presidential election said this:

"Whether we believe in our capacity for self-government or whether we abandon the American revolution and confess that a little intellectual elite in a far-distant capitol can plan our lives for us better than we can plan them ourselves."

Change the spelling of 'capitol' and 'the American revolution', substituting 'capital' and 'the United Kingdom' and of whom - and what - was Reagan speaking? 

EU know as well as I do!