"Asian Democracy" -- which stresses conformity and communal loyalties over pluralism and individualism -- has been upheld by most of the leaders of Asian countries. They argued that "Asian Democracy" is a foundation of a strong-and-stable state and that a strong-and-stable state is a prerequisite for rapid economic development (which is highly desired by people in devloping countries). This paper, however, argues that "Asian Democracy" is inherently unstable due to its "non-democratic' traits (e.g.,personal rule, electoralism, etc.). Asian democratic systems, therefore, largely depend on economic performance legitimacy. In such a system, once economic performance stalls, a legitimacy crisis follows. This paper examines the dynamics between the spirit of "Asian Democracy" and the fall of Suharto to exemplify the inherent instability of the "Asian democracy" theory.