Davos, January 25:

A backlash against economic insecurity caused by globalisation is looming in the west unless governments tackle growing inequality by raising taxes on the rich, economists said in Davos.

After years in which workers have received an ever-smaller share of national incomes, business leaders arriving for World Economic Forum were told to expect a reversal of pro-rich tax policies.

Robert Shiller, a Yale economics professor, said, “There are people left behind [by globalisation]. We need to take steps to design a plan so that if inequality gets worse, governments raise taxes on the wealthy. ”