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Obama's America - The End of the Dream is recorded in the United States against the backdrop of the greatest economic crisis since the Great Depression. Simon Schama will explore the debate about the morality of money, which has run throughout American history.

Outside the United States we have become so accustomed to characterising America as the most mercenary nation on earth, in thrall to the Almighty Dollar, that we sometimes neglect its complicated relationship with pecuniary wealth.

In the wake of the financial crash of 2007/8, all the pillars which have supported America's famous prosperity: the financial market, the automobile industry, the property market, seem to have crumbled and collapsed into rubble, while helpless – and often unemployed - citizens look on in fear and disbelief.

Obama's challenge is to restore the American Dream for the next generation and to do so, he must walk a tightrope between seemingly irreconcilable interests; he must use the power of the state to help those who are suffering, without suppressing the values of hard work, drive and personal responsibility that define America and have made it the most prosperous nation on earth.

In facing this daunting challenge the president will have one eye on history, his aim is to construct government policy from the 'best of our traditions'.

Capitalism's future

The programme will explore the rich and fascinating history of the American economy, the battle between conscience and cash, the clashing voices of those who believe the government should intervene as the steward of the common-wealth, and those addicted to the rush and hefty rewards of unregulated capitalism.

It will focus on the Panic of 1907, a financial crisis that shares profound parallels with the turmoil of today. Then, as now, greed took over from conscience, and the nation began to ask serious questions about the future of capitalism.

Through the character of William Jennings Bryan, the often overlooked founding father of the modern Democratic party, Simon will explore the birth of the idea of state intervention on behalf of the common man – a spirit that has inspired FDR's New Deal, Johnson's Great Society and the rush of legislation now being introduced by President Obama.