After the Social War, Eubulus took the leadership in Athenian Politics from the late 350s to the mid-340s. He was a member of the Theoric Commission, which distributed the theorica, and succeeded in reconstructing Athenian public finance. The purpose of this paper is to explain the relation between Eubulus' activities and Athenian democracy from the point of view of the political process. The Theoric Fund created by Eubulus consisted of the annual ration and the surplus money in the state treasury. Eubulus, in order to establish this Fund, got two decrees passed, one which prohibited the transfer of this money to the military fund under the fear of the death penalty, and the other which ordered that all of the surplus money should be the theorica. Then he supplied various public projects with surplus money, which increased as the Athenian treasury recovered ; and at the same time supervised the main financial officials. As a result, as Aeschines and Dinarchus say, the Theoric Commission in effect presided over almost the whole administration of the state. This brought to the Athenian financial system a unity and concentration which went beyond the framework of the polis. What influence did these policies have upon the Athenian democracy? M.H.Hansen presents an interesting model, in which he divides the political process of Athens into the three stages of Initiative, Decision and Implementation. Applying this model here, we can understand that the politicians before Eubulus were concerned only with the first two stages, whereas the Theoric Commission was involved in all stages in succession. It was such a political process that gave to Eubulus his decisive superiority over other politicians. In conclusion, we can situate Eubulus and Lycurgus, his successor, within an epoch characterized by the transformation from the polis to the hellenistic state. Furthermore, considering that this process was based on the theorica, which embodied the principle of community among the Athenian citizenry, we may here present the following hypothesis. To wit, the polis, in one aspect, proceeded to the hellenistic state through the principle of community.