What it is more going the way of a major power resenting a weakened position in the world falling into authoritarian and/or kleptocratic nationalist dictatorship leaning on the propaganda of restoring national greatness, somewhere between Hitler’s Germany and Putin’s Russia, which is a very different situation than a banana republic.
> dependent on exporting a single product or commodity, often controlled by foreign-owned entities [0]
Such countries/regions long existed before the US, although the term was coined by a US writer (William Sydney Porter), and the Banana industry (specifically) has a lot to answer for (in the US specifically). A region making money from.. foreign-owned chips, oil, IT-consultants or Sardines has the same status. The term has a terrible history (surprising the Gap hasn't rebranded).
Banana republic isn’t specific to US control and it’s actually not that unreasonable to call Russia a banana republic
But I think it's also unfair and mean spirited to say that a country like Nauru (barely a country, IMHO, population of 12500 people) is "prostituting" itself by allowing 3rd party registrars to sell domains for a profit, since they have basically no other resource with the bird guano originated phosphate mines now being stripped clean. Would I use a Nauru domain? No. Do I go out of my way to insult them on the internet? Also no.
Better examples: Tuvalu (.TV), Anguilla (.AI)
Both of these countries (anguilla is not independent though) only get a cut of the money from the domains; all the technical management is done by GoDaddy for .TV and Identity Digital for .AI. In my opinion, very sad.
.AI was run by a local guy in Anguilla (Vince Cate) utilizing the https://cocca.org.nz/ domain SaaS, but Identity Digital took over in late 2024.