Nike, though, does not consider footwear to be an incidental part of its business and may be inclined to teach the upstart a lesson by pushing its performance athletic wear a little harder.

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But, in analysing its subsequently disappointing economic performance, you fail to draw an important lesson.

ECONOMIST: New Zealand's reforms

Mr Stewart said he had "no regrets" over his commitment and performance and that he "did not need a lesson in leadership" from the minister.

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