US participants in the opening economic session couldn't stop wringing their hands over jobs lost because of globalisation and trade.
Laura Tyson, the Berkeley economics professor, said the rise in inequality caused by globalisation explained a backlash against trade and raised the serious possibility of politicians accepting lower growth in return for protecting jobs from the Indians and Chinese.
She said the arguments were bad, but went down well on Main Street. Increased protectionism might be the inevitable result.
While most of the panel nodded and wrung their hands in agreement, Montek Ahluwalia, the deputy chairman of the Indian planning commission, could not hide his incredulity.
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