I stumbled across this small gem written by Herbert Hoover in 1922- motivated by his observation of the decayed political values of Europe. America was different in his judgment because of a Progressive Individualism- stimulation of individual initiative, moderated by an equality of opportunity.
Hoover had a stunning career outside of his dismal presidency and his substantial writings on political philosophy are neglected because we are unfortunately remembered for our last worst act.
To curb the forces in business which would destroy equality of opportunity and yet to maintain the initiative and creative faculties of our people are the twin objects we must attain. To preserve the former we must regulate that type of activity that would dominate. To preserve the latter, the Government must keep out of production and distribution of commodities and services. This is the deadline between our system and socialism. Regulation to prevent domination and unfair practices, yet preserving rightful initiative, are in keeping with our social foundations. Nationalization of industry or business is their negation.
Hoover, Herbert. American Individualism (pp. 54-55). Hoover Institution Press. Kindle Edition.