![]() In the 19th century, the American writer O. Etymology Ĭover of Cabbages and Kings (1904 edition). Such an imbalanced economy remains limited by the uneven economic development of town and country and usually reduces the national currency into devalued banknotes (paper money), rendering the country ineligible for international development credit. ![]() Such exploitation is enabled by collusion between the state and favored economic monopolies, in which the profit, derived from the private exploitation of public lands, is private property, while the debts incurred thereby are the financial responsibility of the public treasury. Ī banana republic is a country with an economy of state capitalism, whereby the country is operated as a private commercial enterprise for the exclusive profit of the ruling class. The ruling class controls the primary sector of the economy by way of the exploitation of labor thus, the term banana republic is a pejorative descriptor for a servile oligarchy that abets and supports, for kickbacks, the exploitation of large-scale plantation agriculture, especially banana cultivation. Typically, a banana republic has a society of extremely stratified social classes, usually a large impoverished working class and a ruling class plutocracy, composed of the business, political, and military elites. corporations, such as the United Fruit Company (now Chiquita). Henry coined the term to describe Honduras and neighbouring countries under economic exploitation by U.S. In political science, the term banana republic describes a politically and economically unstable country with an economy dependent upon the export of natural resources. The phrase banana republic was coined in 1904 by the American writer O. ![]()
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