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Fort Worth Star-Telegram, Texas, business book review column.
Byline: Cecil Johnson
Jun. 28--DEFLATION: WHAT HAPPENS WHEN PRICES FALL
By Chris Farrell HarperBusiness, 240 pages $22.95
Few Americans know that The Wizard of Oz can be enjoyed on one level as a delightful children's story and on another as a cleverly rendered allegory of the inflation/deflation debate that figured in U.S. politics in the late 19th century.
In his new book, Deflation: What Happens When Prices Fall, Chris Farrell, a contributing economics editor at BusinessWeek, explains the allegory.
As Farrell sees it, Dorothy is the common person; the scarecrow is the average farmer; the tin man is the industrial worker; the cowardly lion is politician William Jennings Bryan; the cyclone that uproots Dorothy's home and transports it out of Kansas to Oz stands for Depression-induced foreclosures; the Wizard is President McKinley. "Oz" stands for ounce, the measure of gold and silver.
In the book, Farrell points out, Dorothy wears silver slippers instead of the ruby red ones she wears in the movie.
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