An abundance of scholarship has been devoted in the last decade to the third wave of democratization around the globe. While the number of dictatorships and authoritarian regimes has declined and new democracies have emerged, in some states what has materialized have not been consolidated democracies but hybrid regimes or illiberal democracies. So prevalent has this phenomena been, that one prominent commentator has labeled it a ”growth industry.” Then there are cases such as Singapore and Malaysia. These two states have long exhibited the characteristics of hybrid regimes, combining some democratic traits with some authoritarian features. These regimes have shown themselves to be resilient in the face of global trends. This essay discusses the controversies over the concepts of ”Asian values” and ”illiberal democracy,” attempts to explain the persistence of the hybrid regimes in Singapore and Malaysia, and evaluates the prospects for full democratization in the future.