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The Wonderful Wizard of Oz A Monetary Allegory

The Wonderful Wizard of Oz A Monetary Allegory. Historical Background: In late 1800’s, United States was on gold standard. Money supply could not be increased without increasing gold supply.

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The Wonderful Wizard of Oz A Monetary Allegory

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  1. The Wonderful Wizard of OzA Monetary Allegory

  2. Historical Background: • In late 1800’s, United States was on gold standard. Money supply could not be increased without increasing gold supply. • Output was increasing. According to equation of exchange, prices must fall if money supply and velocity are constant: • MV = P Q • U.S. was suffering from double-digit unemployment and severe deflation. • Most hurt – farmers and industrial workers. The Wonderful Wizard of Oz

  3. Historical Background: • Many people believed the answer to our economic problems was to increase the money supply (increase aggregate demand). • Free Silverist Movement supported adding silver to the gold standard so money supply could be expanded. • Democrats favored “bimetallism” (silver plus gold standard), Republicans opposed. • Bimetallism became most hotly debated issue in the 1896 presidential election. The Wonderful Wizard of Oz

  4. Presidential Election of 1896: • Republicans nominated William McKinley. • Democrats abandoned the incumbent, Grover Cleveland, because he had a history of NOT supporting Free Silverists. • Democrats nominated William Jennings Bryan – very little political experience, but highly skilled orator: • “You shall not press down upon the brow of labor this crown of thorns; you shall not crucify mankind upon a cross of gold.” The Wonderful Wizard of Oz

  5. Presidential Election of 1896: The Wonderful Wizard of Oz Country vs. City Main St vs. Wall St Small Business vs. Big Business

  6. Presidential Election of 1896: • McKinley won, Bryan lost. • Economic problems were solved anyway: • New gold discoveries, technology for mining and processing improved. • Droughts in Europe, increased demand for U.S. agricultural products. • Bryan ran again in 1900, but turned his back on Free Silverists because he was afraid he wouldn’t be elected (he wasn’t). The Wonderful Wizard of Oz

  7. L. Frank Baum, a newspaper reporter and editorialist, known to be a supporter of Bryan and the Free Silverists. • Wrote The Wonderful Wizard of Oz in 1900 as an allegory (The representation of abstract ideas or principles by characters, figures, or events in narrative, dramatic, or pictorial form).

  8. Dorothy • Middle America • Honest, hard-working, open-hearted. …and her little dog, too! Toto • Teetotaler • Prohibitionist Party

  9. Scarecrow • American farmer • Thought to be dumb, “brainless”, by Republicans • Understood issues, organized to back Bryan. Tin Woodsman • Industrial worker • Changed from human to machine by curse from Wicked Witch.

  10. Cowardly Lion • William Jennings Bryan • Lots of noise, no substance Emerald City • Washington DC • Green is an illusion OZ abbreviation for ounce

  11. Ruby SilverSlippers • The shoes were only red in the movie. In Baum’s book, Dorothy’s shoes are silver. Gold standard Yellow Brick Road Shoes + Road = Bimetallism

  12. Republican Democrat

  13. Wicked Witches • Wicked Witch of the East • Dorothy’s house fell on her. • Grover Cleveland – Killed by the Democratic National Convention because he did not support bimetallism. • Wicked Witch of the West • Possibly William McKinley. • Possibly other Republican supporters in Western states.

  14. Good Witches • Good Witch of the North • Free Silver supporters in New England • Good Witch of the South • Entire South supported Free SIlverists.

  15. The Wizard • McKinley’s campaign manager, Mark Hanna. • Considered to be puppet-master of the campaign, “the man behind the curtain”. • Promised to take Dorothy home in his “hot air” balloon. Munchkins Worked for rich industrialists and bankers. Believed what they were told. Didn’t make trouble as long as they were taken care of. Flying Monkeys Chinese immigrants, American Indians being used for cheap, almost slave, labor.

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