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I just read an article that explained where this phrase came from. Apparently the term was coined by the American author O. Henry in his 1904 novel "Cabbages and Kings". The novel is set in a fictional central American country (likely Honduras) led by a ruling class that exerts absolute power over an impoverished country engulfed in chaos.
Some key elements of a Banana Republic are:
Some key elements of a Banana Republic are:
- Protected Ruling Class
- Dual System of Justice
- Rise of Political Elites
- Civil Unrest and Revolt