  We construct the effective field theory of the Calogero-Sutherland model in
the thermodynamic limit of large number of particles $N$. It is given by a
$\winf$ conformal field theory (with central charge $c=1$) that describes {\it
exactly} the spatial density fluctuations arising from the low-energy
excitations about the Fermi surface. Our approach does not rely on the
integrable character of the model, and indicates how to extend previous results
to any order in powers of $1/N$. Moreover, the same effective theory can also
be used to describe an entire universality class of $(1+1)$-dimensional
fermionic systems beyond the Calogero-Sutherland model, that we identify with
the class of {\it chiral Luttinger systems}. We also explain how a systematic
bosonization procedure can be performed using the $\winf$ generators, and
propose this algebraic approach to {\it classify} low-dimensional
non-relativistic fermionic systems, given that all representations of $\winf$
are known. This approach has the appeal of being mathematically complete and
physically intuitive, encoding the picture suggested by Luttinger's theorem.
