Senior Tories are beguiled by May 1st 1997, the day of Mr Blair's beatific entry into power.

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But to tell the truth, those limits are not apparent to us, either because the power to require the entry into commerce is symmetrical with the power to prohibit or condition commercial behavior, or because we have not yet perceived a qualitative limitation.

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But there is also a longer-term explanation, based on the weakened power of labour after the entry of countries like China into the global employment market.

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