A constitutional convention, which had been called for in 1970 to replace the colonial 1935 Constitution, continued the work of framing a new constitution after the declaration of martial law. The new constitution went into effect in early 1973, changing the form of government from presidential to parliamentary and allowing Marcos to stay in power beyond 1973. Marcos claimed that martial law was the prelude to creating a "New Society", which he would rule for more than two decades. The economy during the 1970s was robust, due to previous engagements by various administrations. However, the economy suffered after incurring massive debt and downgrading prospects of the Philippines under martial rule, while the wife of the president, Imelda Marcos, lived in high society.