. ▁In ▁a ▁cover ▁story ▁for ▁the ▁November / Dec ember ▁ 2 0 1 2 ▁issue ▁of ▁Foreign ▁Affairs , ▁" Bro ken ▁BR IC s , ▁Why ▁the ▁Rest ▁Sto pped ▁R ising ’ , ▁Sh arma ▁ ▁argued ▁that ▁if ▁you ▁look ▁at ▁the ▁individual ▁story lines ▁in ▁these ▁nations , ▁each ▁faces ▁serious ▁challeng es ▁to ▁sust aining ▁rapid ▁growth . ▁For ▁example , ▁China ▁has ▁reached ▁a ▁stage ▁in ▁development , ▁with ▁a ▁per ▁cap ita ▁income ▁of ▁around ▁$ 6 , 0 0 0 , ▁at ▁which ▁the ▁growth ▁of ▁even ▁the ▁most ▁successful ▁econom ies ▁in ▁history ▁( including ▁Japan , ▁Korea ▁and ▁Taiwan ) ▁began ▁to ▁slow ▁marked ly . ▁And ▁as ▁China ▁slow s , ▁nations ▁like ▁Brazil ▁and ▁Russia ▁that ▁th riv ed ▁mainly ▁by ▁s elling ▁raw ▁materials ▁to ▁China ▁will ▁slow ▁as ▁well . ▁ ▁Many ▁comment ators ▁have ▁ju xt ap osed ▁Sh arma ’ s ▁view ▁against ▁that ▁of ▁Gold man ▁Sach s ' ▁econom ist ▁Jim ▁O ’ Ne ill , ▁who ▁co ined ▁the ▁term ▁" BR IC " ▁to ▁capture ▁the ▁hot ▁econom ies ▁of ▁the ▁future . ▁ ▁Brazil ▁ ▁Sh arma , ▁who ▁has ▁argued ▁that ▁other ▁nations ▁like ▁South ▁Korea ▁are ▁sp ending ▁too ▁little ▁on ▁w elf are ▁given ▁their ▁income ▁level , ▁says ▁that ▁Brazil ▁is ▁sp ending ▁too ▁much . ▁He ▁arg ues ▁that ▁in ▁foc using ▁invest ment ▁on ▁w elf are ▁rather ▁than ▁infrastr ucture , ▁Brazil ▁has