▁created ▁an ▁economy ▁with ▁too ▁little ▁capacity — to o ▁few ▁roads , ▁schools — which ▁means ▁that ▁when ▁the ▁economy ▁starts ▁to ▁grow ▁fast , ▁demand ▁for ▁these ▁facilities ▁quickly ▁out st ri ps ▁supply , ▁trigger ing ▁infl ation ▁at ▁a ▁relatively ▁slow ▁rate ▁of ▁growth ▁of ▁only ▁ 4 ▁percent . ▁ ▁Sh arma ’ s ▁May / J une ▁ 2 0 1 2 ▁article ▁in ▁" Foreign ▁Affairs ," ▁" B ear ish ▁on ▁Brazil ," ▁prov oked ▁a ▁number ▁of ▁critical ▁responses ▁ ▁arg uing ▁that ▁he ▁had ▁ ▁either ▁failed ▁to ▁appreciate ▁how ▁much ▁Brazil ▁had ▁done ▁to ▁encou rage ▁the ▁rise ▁of ▁the ▁middle ▁class ▁within ▁a ▁dem ocr atic ▁system , ▁or ▁had ▁failed ▁to ▁critic ize ▁the ▁short falls ▁in ▁Brazil ’ s ▁economic ▁reform ▁efforts ▁har sh ly ▁enough . ▁▁ ▁Sh arma ▁respond ed ▁that ▁the ▁bottom ▁line ▁is ▁weak ▁growth ▁compared ▁to ▁the ▁competition : ▁Brazil ’ s ▁long - term ▁growth ▁rate ▁has ▁aver aged ▁just ▁ 2 . 5 ▁percent , ▁well ▁below ▁emer ging ▁nations ▁in ▁its ▁per ▁cap ita ▁income ▁class , ▁including ▁Turkey ▁and ▁Russia . ▁ ▁China ▁ ▁As ▁early ▁as ▁ 2 0 1 0 , ▁ ▁Sh arma ▁was ▁arg uing ▁that ▁China ▁is ▁" running ▁out ▁of ▁growth ▁drivers ." ▁ ▁He ▁cont ends ▁that ▁China ▁has ▁little ▁scope ▁left ▁to ▁expand ▁the ▁heavy ▁invest ment ▁that ▁has ▁driven ▁the ▁double ▁digit ▁growth ▁of ▁recent ▁years , ▁a ▁decl ining ▁pool