▁Bank ▁has ▁long ▁been ▁critic ized ▁by ▁a ▁range ▁of ▁non - g overn ment al ▁organizations ▁and ▁academ ics , ▁not ably ▁including ▁its ▁former ▁Chief ▁Econom ist ▁Joseph ▁St ig l itz , ▁who ▁is ▁equally ▁critical ▁of ▁the ▁International ▁Mon et ary ▁Fund , ▁the ▁US ▁Tre as ury ▁Department , ▁and ▁US ▁and ▁other ▁developed ▁country ▁trade ▁negoti ators . ▁Crit ics ▁argue ▁that ▁the ▁so - called ▁free ▁market ▁reform ▁policies ▁– ▁which ▁the ▁Bank ▁advoc ates ▁in ▁many ▁cases ▁– ▁in ▁practice ▁are ▁often ▁harm ful ▁to ▁economic ▁development ▁if ▁implemented ▁badly , ▁too ▁quickly ▁(" sh ock ▁ther apy "), ▁in ▁the ▁wrong ▁sequence , ▁or ▁in ▁very ▁weak , ▁un comp et itive ▁econom ies . ▁World ▁Bank ▁loan ▁agre ements ▁can ▁also ▁force ▁proc ure ments ▁of ▁goods ▁and ▁services ▁at ▁un comp et itive , ▁non ▁free - market , ▁prices . ▁Other ▁critical ▁writers ▁such ▁as ▁John ▁Per kins , ▁label ▁the ▁international ▁financial ▁institutions ▁as ▁' il legal ▁and ▁il leg it imate ' ▁and ▁a ▁c og ▁of ▁co er ci ve ▁American ▁diplom acy ▁in ▁carrying ▁out ▁financial ▁terror ism . ▁▁ ▁In ▁Masters ▁of ▁Ill usion : ▁The ▁World ▁Bank ▁and ▁the ▁P over ty ▁of ▁Nations ▁( 1 9 9 6 ), ▁Catherine ▁C au field ▁arg ues ▁that ▁the ▁assumptions ▁and ▁structure ▁of ▁the ▁World ▁Bank ▁operation ▁ultimately ▁har ms ▁developing ▁nations ▁rather ▁than ▁prom oting ▁them . ▁In ▁terms ▁of ▁assumption , ▁C au field