What is a Banana Republic?

From Wikipedia.

“Banana republic is a pejorative term for a small country that is politically unstable, dependent on limited agriculture (e.g., bananas), and ruled by a small, self-elected, wealthy and corrupt clique.^[1]It is most commonly used for countries in Central America such as El Salvador, Belize,Nicaragua, Honduras, and Guatemala.

In some cases, these nations have kept the government structures that were modeled after the colonial Spanish ruling clique, with a small, largely leisure class on the top and a large, poorly educated and poorly paid working class of peons, though it might have the (fake) trappings of modernity (such as styling itself a republic with a president etc.)

Frequently the subject of mockery and humour, and usually presided over by a dictatorial military junta that exaggerates its own power and importance—”the epaulettes of a banana republic generalissimo” are proverbially of considerable size, usually portrayed in satire with a pair of mops—a banana republic also typically has large wealth inequities, poor infrastructure, poor schools, a “backward” economy, low capital spending, a reliance on foreign capital and money printing, budget deficits, and a weakening currency. Banana republics are typically also highly prone to revolutions and coups.”