Answer:
L. Frank Baum's book is a political allegory for the political context of the 1900´s debate over bimetallism between Eastern bankers and Midwestern farmers.
Step-by-step explanation:
At the time, there was a national dispute over whether gold or silver should be the base of currency. The cyclone at the beginning of the story represents what would happen if William Jennings Bryan, the presidential candidate for the Democratic Party who wanted currency to be based on silver instead of gold.
Dorothy represents the nobility of the Midwestern. The Tin Man represents the industry workers that had been weakened by the great depression. The Scarecrow represents the farmers, who were unable to comprehend why they lost their farms to the banks. The cowardly lion represents the politicians with the power to confront the banks but lacking the courage to do it.
The president is represented by the Wizard of Oz, a seemingly more powerful person than he really is.