The unbridled sensationalism of political life and the constant accusations of errors and mistakes exchanged between the two poles of authority (Venizelists and anti-Venizelists), poisoned social cohesion and sowed the seeds of a 'new schism'. However, the international economic crisis overshadowed every other internal development. The social consequences of economic measures did not only hit the labour and rural classes, but also the vast mass of the petit bourgeois from which the two big political blocs drew their electoral clientele. The economic problems were exacerbated by the loss of many traditional professional classes and occupations, like tobacco production, due to the introduction of modernizing techniques, the mechanization of industry etc.
Despite the big public works implemented in this period, such as the modernization of public spaces (National Theatre, Zappeio, Unknown Soldier monument), the dramatic increase in unemployment as well as press attacks on the government created fresh social chaos. The political anomalies that accompanied it led to the downfall of Venizelos in May 1932.
Undoubtedly, Venizelism represented the most ambitious and dynamic attempt at a catholic urban modernization in modern Greek history. Nevertheless, in the final period of Venizelos' government, his acts lacked the inspiration and audacity that had been his trademark in the first two decades of the century.