Tropico 3 is like the Sim City 4 of this generation : It's a highly addictive city-building banana republic-themed game.
As a banana republic nation, you can choose how to rule your nation (two prominent sides in the game known as Communism and Democracy). You have a list of factions you have to satisfy but you can never really satisfy one group without pissing off another.
The game-play is focused on the political and economical state of your nation. Earning money isn't as easy as it usually seems, so you have to keep an eye out for the best export material that you can sell in order to gain wealth.
Make your paradise island a tourist hotspot or maybe a totalitarian government that keeps vigil on it's population. Or perhaps you can try to ally with either two superpowers (USA or USSR) in order to secure peace and security for your nation.
Become a corrupt dictator or a loyal democratic president!