Eleftherios Venizelos assumed power immediately after the military coup of Goudi, that is, after vociferous public claims were made for the reorganization and restructuring of Greek society at all levels.

Naturally, the events of that crucial period demonstrated, priority was given to national integration and, as a consequence, to defense and military equipment.

It was made clear that for such a national effort to become tangible an overall policy of modernization of the economic and political institutions of the country was essential. In the first period of the Venizelist government significant measures were adopted in the economic sector. First, with the constitutional revision of 1911 the chance was given for expropriation of farming lands through compensations, in cases dictated by the common good. This regulation allowed and legalized the agricultural reforms of 1917. Also in this period, the last vestiges of feudal landowning were abolished in the Ionian islands, while for the first time agricultural co-operatives were established, supported financially by the National Bank. In the field of employment, Sunday holidays and the eight-hour working day were ratified, while progress was made in the recognition of workers' insurance rights.

The policy of Trikoupis and his successors was pursued as concerns the imposition of tarrifs. High tariffs on imports constituted a remarkable income for the public treasury, while local production was protected and Greece's still embryonic industry was given the chance to grow. In addition, in 1911 a progressive tax on overall income was introduced and thus, for the first time, direct taxes were adopted, a fact which meant a fairer distribution of taxation between various social groups.

Generally speaking Venizelos followed a policy of harmonizing the economic and social relations according to the models of western European countries. He pursued innovative measures both in public finance and the function of private economy. In this context the annexation of the New Territories (Epirus and Macedonia) created a state with sufficient territory and resources to be able to join the international economic system.

The second phase of the government of the country by the Venizelists was the result of the National Schism. The revolutionary government of Thessaloniki was compelled to take measures to support itself. Thus, one of its first measures was agricultural reform, that would provide for the native landless populations and the refugees that were thronging the country. The entrance of Greece in to the First World War on the side of the Entente allowed her to hope for the aid of allied credit at the end of the war. This is what Venizelos hoped for in the post-war period and at the peace conferences. Indeed, by 1920 part of the allied credit has been absorbed; but, with the political change of November, this process came to an abrupt end.