Laos' first, French-written and monarchical constitution was promulgated on May 11, 1947 and declared it to be an independent state within the French Union. The revised constitution of May 11, 1957, omitted reference to the French Union, though close educational, health and technical ties with the former colonial power persisted. The 1957 document was abrogated on December 3, 1975, when a communist People's Republic was proclaimed.
A new constitution was adopted in 1991 and enshrined a "leading role" for the LPRP. The following year, elections were held for a new 85-seat National Assembly with members elected by secret ballot to five-year terms. This National Assembly, which essentially acts as a rubber stamp for the LPRP, approves all new laws, although the executive branch retains authority to issue binding decrees. The most recent elections took place in April 2006. The assembly was expanded to 99 members in 1997 and in 2006 elections had 115.
The government has implemented gradual economic and business reforms since 2005 to somewhat liberalize its domestic markets. In 2011, it opened a stock market in Vientiane as part of a tentative move towards capitalism. Economic growth since the 1990s has reduced poverty levels significantly, but Laos still relies heavily on foreign aid and investment, especially from it