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The political instability consequent to the coup d'état stalled the Honduran economy, and the unpayable external debt (c. US$4 billion) of Honduras was excluded from access to international investment capital. That financial deficit perpetuated Honduran economic stagnation and perpetuated the image of Honduras as a banana republic. [16]
Honduras: Where the United Fruit Company and Standard Fruit Company dominated the country's key banana export sector and associated land holdings and railways, saw insertion of American troops in 1903, 1907, 1911, 1912, 1919, 1924, and 1925. [8] The writer O. Henry coined the term "banana republic" in 1904 to describe Honduras. [14]
In 1912, during the Banana Wars period, the U.S. occupied Nicaragua as a means of protecting American business interests and protecting the rights that Nicaragua granted to the United States to construct a canal there. [57] At the same time, the United States and Mexican governments competed for political influence in Central America.
In American literature, the term banana republic originally denoted the fictional Republic of Anchuria, a servile dictatorship that abetted, or supported for kickbacks, the exploitation of large-scale plantation agriculture, especially banana cultivation. [33] In U.S. politics, the term banana republic is a pejorative political descriptor ...
The U.S. did not need to use its military might in Guatemala, where a series of dictators were willing to accommodate the economic interests of the U.S. in return for its support for their regimes. [8] Guatemala was among the Central American countries of the period known as a banana republic.
Samuel Zemurray (born Schmuel Zmurri; January 18, 1877 – November 30, 1961), nicknamed "Sam the Banana Man", was an American businessman who made his fortune in the banana trade. He founded the Cuyamel Fruit Company and later became president of the United Fruit Company , the world's most influential fruit company at the time.
Sanford Ballard Dole (April 23, 1844 – June 9, 1926) was a Hawaii-born lawyer and jurist.He lived through the periods when Hawaii was a kingdom, provisional government, republic, and territory.
Paul Marlor Sweezy (April 10, 1910 – February 27, 2004) was a Marxist economist, political activist, publisher, and founding editor of the long-running magazine Monthly Review. He is best remembered for his contributions to economic theory as one of the leading Marxian economists of the second half of the 20th century.