I came across an interesting article from the Acton Institute on Wikipedia

"Ten years ago this month, Internet entrepreneur Jimmy Wales hired Larry Sanger to develop an online encyclopedia. You may have never heard of that project, titled “Nupedia,” but you’ve probably heard of the site that emerged from its ashes. Wikipedia is not only one of the most successful initiatives in the history of the Web but also a shining example of the potential of human cooperation.

Wikipedia sprouted in the fertile soil of freedom and possibility that characterized the early days of the Internet. Andrew Lih tells the story in The Wikipedia Revolution (2009). Wales, a principal of the technology company Bomis, perceived the potential demand for an online encyclopedia and launched his new venture to fill that need. Nupedia was soon abandoned because it was the result of conventional thinking—a traditional encyclopedia model applied to the Internet. When this dawned on Wales and Sanger, the resulting creative spark ignited the Wikipedia revolution. Putting an encyclopedia on the Web should mean not merely a change in the location of encyclopedia content, they realized: the new technology could instead transform the entire process of content production and publication. This was the insight that set Wikipedia apart and soon attracted millions of people across the world to its community.

The Wikipedia experiment was an exercise in entrepreneurship, and demonstrates that the impetus for life-enhancing innovation is not merely monetary success. Wales and Sanger were motivated by a desire to promote learning and empower people. In their view, the accumulation and dissemination of knowledge should be democratic: let anyone with access to a computer participate in the process.

Traditionally, the collection and presentation of the world’s accumulated knowledge in the encyclopedia format was a jealously guarded prerogative of the gatekeepers of established publishing and academic institutions. This method had its advantages: consistency, careful review processes, and adherence to accepted standards of scholarship.

It also had its drawbacks. The updating and release of new material necessarily occurred at a glacial pace. Originality and dissent were frowned upon and non-mainstream perspectives could only find their way to print slowly, if at all. There were intrinsic limitations of scale and scope, put in place by the economics of the editorial and print process: only major topics deemed to be of interest to large numbers of people could justify the resources put into covering any given entry.

The philosophy of its founders shaped Wikipedia and supplied its unique sensibility, overturning the conventional constraints of established encyclopedias. Most critically, Wales and Sanger possessed a fundamental faith in humanity. Wikipedia is not about technology, Wales wrote in the foreword to Lih’s book, “it’s about people… it’s about trusting people, it’s about encouraging people to do good.” Detractors believed that permitting open editing of web content, or “crowdsourcing,” would result in chaos. Bias, error, and distortion would be rife. How could the anonymous interaction of the Web, they wondered, result in reliably accurate information on a wide range of topics?

But Wikipedia’s bet on the potential of free human interaction in an online community paid off. By 2008, it boasted more than 2 million articles in English, and millions more in some 250 other languages. By almost any measure it was a spectacular success.

The model pioneered by Wikipedia is not flawless. One might..." For more...

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