Both political parties have fallen victim to “partnership” with large and well-connected companies, especially in energy, housing, finance and healthcare. Republicans have been guilty of confusing our pro-market principles with pro-entrenched business policies.

The protection of big business remains a common thread in Mr Obama’s policies, which have come at the expense of the consumer, the taxpayer and the entrepreneur. A growing coalition of reformers – rooted in citizen movements across the political spectrum – reject this pernicious crony capitalism. Our solutions promote an opportunity society, one that is rooted in the US commitment to free enterprise.

Government should promote expanded opportunities, not force equal outcomes. Free enterprise is about more than material riches. It incorporates moral truths about personal dignity, equal opportunity, job security, ending poverty and dependency, increasing upward mobility, and taking responsibility for self and family. The Republican party has recommitted itself to these principles and promoted ideas that meet the magnitude of continued economic hardships and real anxiety about the future. Advanced with clarity and conviction, our reforms are reassuring precisely because they are so bold.