The present work is our first attempt to understand the role of reconnection in the pulsar magnetosphere. Our discussion is based on the observational inference that, as the pulsar spins down, the region of closed corotating dipolar field lines grows with time. This implies that reconnection must take place in the magnetosphere. We argue that non-dissipative reconnection along the equatorial current sheet allows for continuous channeling of pulsar spindown energy into particle energy, all the way from the light cylinder to the pulsar wind termination shock, and we propose that this effect may account for the low $\sigma_{\rm shock}$ values inferred from the observations. We present a simple model that allows us to relate the magnetic diff...