DEFINITION OF THE DAY

banana republic

any of the small countries in the tropics, esp. in the Western Hemisphere, whose economies are largely dependent on fruit exports, tourism, and foreign investors.

n.   A small country that is economically dependent on a single export commodity, such as bananas, and is typically governed by a dictator or the armed forces. 

a small country (especially in Central America) that is politically unstable and whose economy is dominated by foreign companies and depends on one export (such as bananas)

Origin: 
1930–35