The gulf between Barack Obama’s administration and the business community has grown to the point where it is a cause for national concern. Despite his move on Wednesday to invite a host of chief executives to talks at the White House, an overwhelming majority of those in business believe the administration is hostile, with little or no understanding of how this saps the “animal spirits” required for taking risks on expansions and start-ups.

History here is relevant. American business entered the 21st century brimful of confidence in its achievements and its potential. In the 1980s and 1990s the US created 73m new private sector jobs while shedding just 44m as it adjusted to global competition. Even more stunning was that, at the end of these two decades, 55 per cent of the workforce was at a new job. By contrast, continental Europe, which has a larger economy and workforce, created under 5m jobs.

The American success was not some statistical fluke. It derived from a get-up-and-go culture, bred from the freedom to serve a huge internal market spread over vast distances. Entrepreneurialism and innovation came to be nourished by a unique management culture and access to capital.