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Some economists, including erstwhile free-traders, now worry that the offshoring trend reflects a fundamentally new situation. Instant and cheap communication, coupled with the rise of millions of newly educated workers in low-wage nations, creates the risk of a rapid shift of jobs. "It has never before happened," says former Reagan administration economist Paul Craig Roberts.

Gets a little tiring playing Cassandra here. But here it goes again...

Beware of betting the future on things "that have never happened before."

Sheesh, not even 6 years ago we were reading about how this new World Wide Web thingy had made brick-and-morter retail obsolete. The writing was on the wall. The new technology had fundamentally changed old assumptions. Everything was going to be different now.

Anyone still betting on that one?

More importantly, is there any reason to believe we've truly figured out where all this offshore stuff is going with a whole.. maybe 2-3 years of experience with it? With as many horror stories as success stories? With the effects on long-term expectations still unknown?

This one isn't decided yet folks. I'm still not convinced that India's IT industry is our equal, let alone our superior. Not by a long-shot.