A fervently free-market economic philosophy long associated with the University of Chicago. At times, especially when Keynesian economics was the orthodoxy in much of the world, the Chicago School was regarded as a bastion of unworldly extremism. However, from the late 1970s it came to be regarded as mainstream by many and Chicago trained economists often played a crucial part in the implementation of policies of low inflation and market liberalization that swept the world during the 1980s and 1990s. By 2003, boasted the University of Chicago, some 22 of the 49 then winners of the Nobel Prize for economics had been faculty members, students or researchers there.