banana republic

A small country, often led by a corrupt government, whose economy depends upon either one internally produced commodity or the revenue generated by foreign companies or investors. The dictator's insistence that the tiny island nation double down on its dominate export has made it even more of a banana republic. If the military junta seizes power, the country is at risk of becoming a banana republic. We'll always be a banana republic if our economy is based solely on fruit exports.

people's republic

A republic that is governed by a national Communist party. With the way the Communist party has been gaining power, I think we'll be living in a people's republic soon enough.

banana republic

a small tropical state, especially one in central America, whose economy is regarded as wholly dependent on its fruit-exporting trade. derogatory