The reason for alarm is that high oil prices inflict pain on consuming economies in so many nasty ways, ranging from higher inflation to deteriorating terms of trade and a decline in international competitiveness.

ECONOMIST: Wanted: two million barrels

They also repudiated liberal international trade, because the terms of global commerce were deemed exploitative and unfair.

ECONOMIST: Poverty and inequality

Beijing has joined the World Trade Organisation, and Delhi sees it as a powerful potential counterweight to the power of America and the other rich nations in setting the terms for international commerce trade in a new global trade round.

BBC: China and India build business links