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The scarecrow represents the hardships of the farmers during the time of the Gilded Age. His characteristic traits of constant worrying and persistent struggles relate to the farmers in the fact that they began to feel those ways about their form of living and providing for themselves through farming. Farming was a slowing industry due to all the industrialization and machines that in turn lowered the need for workers when machines could do it.

http://www.themoneymasters.com/the-wonderful-wizard-of-oz-a-monetary-reformers-brief-symbol-glossary/

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The Wizard compares to the Political Machines of the time. They have similar practices such as the use of publicity devices to trick and fool people into believing in him. He is also extremely selfish and intimidating. The Wizard has also accumulated a lot of wealth from his manipulation; similar to the machines.

http://www.slideshare.net/kansaskitchen/wizard-of-oz-populism

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The Tin Man represents Rockefeller. In the movie he says "What would happen to me if I ran out of oil?" This is an obvious allusion to that monopoly man during that time because he was the leader of the oil industry and if he had happened to have ran out of oil resources his wealth would diminish and his success would fail.

http://www.themoneymasters.com/the-wonderful-wizard-of-oz-a-monetary-reformers-brief-symbol-glossary/