"There would be fewer blunders involving society as a whole if big decisions were left entirely to the few political leaders who are naturally equipped with the insight, ability and charisma to deal with them".
I do not agree with this statement of elitism. There is very little evidence from history that leaving policy making to elites is a good idea.
The passage that you give says that the mass of people is not capable of making good decisions and that only a small elite should have the power to make important decisions. But what evidence is there from history to show that this is true?
On the contrary, the evidence of dictators across time seems to show that this statement is incorrect. Take just two examples. Adolf Hitler was believed to have the characteristics mentioned above and he took complete control over Nazi Germany. This led to the Holocaust and to a war that devastated his country. Mao Zedong had similar powers. He came up with the Great Leap Forward and the Cultural Revolution, both of which did terrible harm to Chinese people and their society.
This passage may sound good, but it implies that there are elites who are going to make better decisions than the rest of us. History does not really bear this out.