Easy credit in the United States, Europe and Japan encouraged money flows into other developing countries, where interest rates and returns seemed higher.
In 2007, the boom's peak year, about 60 percent of the world's 183 countries grew at 5 percent or better, notes Sharma. Only three countries (Fiji, Zimbabwe and the Republic of Congo) didn't grow at all.
When the boom collapsed, countries rediscovered that achieving rapid economic growth is neither easy nor automatic. It encounters political, cultural, financial and geopolitical (wars, terrorism) obstacles. Some countries overcome the obstacles; some don't.
As opportunities for economic catch-up shrink, growth also subsides. Sharma thinks China's average annual growth will fall to a 6 percent to 7 percent range.
He's also skeptical of Brazil. Without the commodity boom, Brazilian growth may be mired at 2 percent to 3 percent. He thinks government spending (about 40 percent of the economy) is too high, and investment in roads and other infrastructure is too low.
"No wonder it takes two to three days for trucks to get into the port of Sao Paulo," he writes.
India faces comparable problems. Some reflect the hangover from the recent boom.
"India has among the (world's) highest inflation rates - at or close to double-digits," says economist Arvind Subramanian of the Peterson Institute. "The budget deficit is around 10 percent (of the economy). Investor confidence has slumped."
To spur growth, the government is trimming subsidies and has liberalized foreign investment in retailing, airlines, broadcasting and power generation.
Everywhere, the global economy is weak or weakening.
After the election, the United States faces the "fiscal cliff" - tax increases and spending cuts that together would administer about a 4 percent blow to the economy.
Europe's struggle to preserve the euro founders. Skeptical financial markets impose high interest rates on precisely the countries (Spain, Italy) most needing lower rates to ease their debt burden and revive their depressed economies.
Against this dismal backdrop, it was tempting to think that resilient BRICs would act as a shock absorber. They would buy more European and American exports; they would send more tourists to Disney World and the Eiffel Tower.
This would provide the old world more time to make adjustments. Just the opposite occurred. The weakness of advanced economies transmitted itself, through export markets, to the BRICs.
The world economy is truly interconnected. What was hoped would happen was wishful thinking.