The phrase banana republic
was coined (ca. 1904) by the American writer
(William Sydney Porter, 1862–1910).
A banana republic is a politically unstable country whose economy depends on the export of one product in limited supply, such as
bananas or minerals. A banana republic has
social classes that are divided by wealth. These include a large, poor
working class and a small ruling class made up of the businessmen, politicians, and the military.
 The ruling class controls and exploits the the country's economy.