The phrase banana republic
was coined (ca. 1904) by the American writer O. Henry
(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 country's economy.