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Abraham Lincoln is elected president of the United States who brought hope to the people, he can be represented by one of the good witches as they brought hope and saved dorothy who represented the union multiple times.
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15th amendment ratified, allowed black peopleto vote. Also Baum may have used the winkies to represent african american slaves and the wicked witch of the west as the south during the civil war who enslaved until the union which is represented by dorothy came along and saved them from slavery
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The tinman can be seen to represent the industrial workers that were often dehumanized, especially during the depression when many lost their jobs they felt hopeless
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Farmers wanted a ficed ratio of silver of and gold in the late 1800s. Frank baum may have chosen to represent this with the sliver slippers and the yellow brick road as the road lead to power.
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The wicked witches could have been could have represented corrupt politicians or businessman and the winkies could be immigrants who were paid and treated poorly
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flying monkeys were used to make fun of politicians in political cartoons, Frank Baum could have been doing the same by including flying monkeys in his story
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child labor was an issue on the 1800s, 9n 1899 laws were passed regulating child labor,This maybe what the munchinks represent as they are look young and small