This article is an attempt to look at the third democratic experiment from 1988 to 1999 in Pakistan’s political system. In this period Pakistan had gone through four general elections. Both Benazir Bhutto and Nawaz Sharif had two terms each. But no political consolidation took place during this democratic rule of 11 years. Both the leaders had to compromises with military-bureaucratic alliance. During this period a crisis of governability had emerged in Pakistan. The findings would be based on the vivid arguments of prominent scholars. The paper also presents the Troika power politics system in Pakistan.