The conservative ascendancy in American politics is coming to an end. For three decades, the right has dominated, with the Republicans winning five of the seven presidential elections since 1980. Conservatives did more than just win elections: even when liberals gained power, they governed on conservative terms.

What were the most important accomplishments of the Clinton presidency? Balancing the budget, welfare reform and the expansion of Nato – not exactly left-of-centre projects. And of Jimmy Carter’s? The deregulation of the airline and natural gas industries.