RTFA: http://en.wikipedia.org/wiki/Political_interpretat…

From 1880 to 1896, the price level in the U.S. economy fell by 23% (deflation). Farmers suffered because the prices they received for their produce declined while their debts grew. This fueled vigorous political debate between those who supported a move to a gold standard and supporters of the existing system of bimetalism - where the value of the dollar was tied to both gold and silver in a fixed ratio. Democratic presidential nominee William Jennings Bryan supported bimetalism, summarized in his Cross of Gold speech. However, Republican William McKinley won the presidency and the gold standard was introduced.

Historian Hugh Rockoff interprets the story of the The Wonderful Wizard of Oz, in the Journal of Political Economy:

Dorothy: America, with its traditional values
Toto: Prohibitionist party (also called Teetotalers)
Scarecrow: western farmers
Tin Woodsman: industrial workers ( iron mines in Western Australia
Cowardly Lion: William Jennings Bryan ( British Lion in Australia
Munchkins: Citizens of the East ( Sydney and Melbourne)
The Lollipop Guild: National Labor Union [Note: The Lollipop Guild does not appear in the book (see Chapter 2: The Council with Munchkins), only the 1939 movie by MGM.] Horse racing communty, jockeys
Wicked Witch of the East: Grover Cleveland
Wicked Witch of the West: William McKinley(Broome town Western Australia)
Wizard: Marcus Alonzo Hanna
Oz: abbreviation for ounce of silver or gold (Australia)
Yellow Brick Road: Gold Standard, established by William McKinley Road from Perth Western Australia to Kalgoorlie
Cyclone: economic panic following the Dust Bowl
Winged Monkeys: Plains indians ( Australian Aboriginals)
Emerald City: Washington, D.C. (Sydney)
Emerald Palace: The White House( Canberra)
Silver Slippers: The silver coin system: Free Silver
Monkeys: child labor
Poppy Field: Rise of the Opium trade ring (Tasmania poppy fields)
At the end of the story, Dorothy finds her way home, but it is not by just following the Yellow Brick Road. After her journey, Dorothy finds that the Wizard is incapable of helping her or her friends. In the end, she finds that the magical powers of her silver slippers help her. Since the silver slippers are the vote, she realizes that she had the power to fix the problems all along.[2]

This is a cool interpretation of the characters in Oz. It appears the movie took some different turns, of course.