At One Oz News, we will bring the children's story "The Wonderful Wizard of Oz" by L. Frank Baum, to LIFE!! First published in 1900, this book is often seen as more than just a charming children’s fantasy. Beneath the surface lies a powerful economic allegory rooted in the Populist Movement and the monetary policy debates of the 1890s — particularly the push for the silver standard vs. the gold standard.
Baum's story reflects the economic struggles of farmers, laborers, and common people during the Panic of 1893 and the monetary conflict over whether to use gold only (which benefited bankers) or to add silver (bimetallism) to increase the money supply and ease debt burdens.
The road Dorothy follows represents the gold-only monetary standard, which many believed led to rigid economic policy and deflation, hurting everyday people.
Simple, honest, and grounded, Dorothy symbolizes the common person, especially farmers and workers affected by economic instability.
In Baum’s original book (not the film), Dorothy wears silver slippers — not ruby. These represent the “Free Silver” movement, advocating the unlimited coinage of silver to inflate currency and relieve debt. The idea: walk the silver path on the gold road to economic freedom.
Often portrayed as "brainless," the Scarecrow is actually clever, reflecting how farmers were seen as ignorant but had practical wisdom. He represents their struggle and need for a voice.
Hollow and rusted, the Tin Man represents the dehumanized factory laborer — beaten down by industrialism and unemployment. He seeks a heart, symbolizing the loss of humanity in industrial work.
Bryan was a powerful speaker and a leader of the Free Silver movement, but many saw him as ineffective or politically weak (hence, “cowardly”) despite his roar.
The Wizard is a fraud, hiding behind smoke and mirrors — just as politicians of the time were seen as powerless or deceptive. They made promises but had no real solutions for economic problems.
The witches, especially the Wicked Witch of the East, represent the oppressive financial and industrial powers keeping the people (Munchkins) in bondage.
The tornado that sweeps Dorothy to Oz symbolizes a sudden political shift — the rise of Populism and the possibility of reform.
Everything appears green (money) through green-tinted glasses, a trick. This represents how the government (or economy) might seem powerful or wealthy, but it's often an illusion created by those in power.
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