One of the earliest and most influential turns to neoliberal reform occurred in Chile after an economic crisis in the early 1970s. After less than 3 years of socialist economic policies under president Salvador Allende, a 1973 "coup d'état" that established a military junta under dictator Augusto Pinochet led to the implementation of a number of sweeping neoliberal economic reforms that had been proposed by the Chicago Boys, a group of Chilean economists educated under Milton Friedman. This "neoliberal project" served as "the first experiment with neoliberal state formation" and provided an example for neoliberal reforms elsewhere. Beginning in the early 1980s, the Reagan administration and Thatcher government implemented a series of neoliberal economic reforms to counter the chronic stagflation the United States and United Kingdom had each experienced throughout the 1970s. Neoliberal policies would continue to dominate American and British politics until the 2008 financial crisis. Following British and American reform, neoliberal policies were exported abroad, with countries in Latin America, the Asia-Pacific, the Middle East, and even communist China implementing significant neoliberal reform. Additionally, the International Monetary Fund and World Bank encouraged neoliberal reforms in many developing countries by placing reform requirements on loans, in a process known as structural adjustment.