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Depends how it happened. Manufacturing is about 11.8% of U.S. GDP, and aircraft is one of the biggest chunks of that piece. So if it just suddenly stopped for no reason, that would be a blow. But that doesn't mean that the U.S. is relying on a single crop (also, given your job, I'm sure you know that aircraft are made by humans and do not grow on trees).
Mexico is not a banana republic by the normal definition (FFS, it has the 15th largest economy in the world). If you want to change the definition to call Mexico one, my main question would be why? You can still discuss corruption in gov't without changing the meanings and usages of words.
There you go Jack. I like this version of Jack much better.
If Mexico is not a banana Republic in your book, then the academic use of the word, has departed from the common use of the word.
I think the vast majority of Mexicans and Americans would call Mexico a Banana Republic. I think this makes the academic use of the phrase at best outmoded, and at worst obsolete.