As a case study, Cambodia is of great interest in many respects. Following the elections organized by the United Nations in 1993, it became a liberal democracy, but there has also been a coup d’état, which took place in July 1997, at the very same time as the economic crisis erupted in Thailand. The Asian economic crisis was not a destructive force majeure to Cambodian political development. Although the crisis did contribute to the economic impoverishment of the country, it was not the main cause of the coup d’état, nor did it significantly destabilize the Cambodian political system. The relatively peaceful national elections held in July 1998 and the subsequent establishment of a new government coalition confirm that the economic crisis has not slowed the emergence of democracy. External factors, such as the political and diplomatic pressure particularly from ASEAN and humanitarian organizations prevent it from falling into chaos and anarchy. Still traumatized by socio-economic problems, Cambodian democracy nevertheless remains fragile.