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“Code monkey” is a derogatory term for a programmer or developer. It infers that the person’s skill set is very simple or basic, or that they could be easily replaced.
The rise of globalization and its effect on the industry has led to some of the use of “code monkey” as a term for an easily replaceable or expendable programmer or developer. Also, IT pros often talk about the difference between a "code monkey" as someone who only writes basic code, or a more skilled IT careerist who also has a greater view of a software infrastructure.