The "Wizard of Oz" as a Monetary Allegory

Hugh T. Rockoff

70 citations0/0 files storedJournal of Political Economy

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Monetary Policy and Economic Impact Historical Economic and Social Studies Political and Economic history of UK and US

Abstract

The Wonderful Wizard of Oz, perhaps America's favorite children's story, is also an informed comment on the battle over free silver in the 1890s. The characters in the story represent real figures such as William Jennings Bryan. This paper interprets the allegory for economists and economic historians, illuminating a number of elements left unexplained by critics concerned with the politics of the allegory. It also reexamines Bryan and the case for free silver. Far from being monetary cranks, the advocates of free silver had a strong argument on both theoretical and empirical grounds.

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