The Wonderful Wizard of Oz, both book and the film to a lesser extent are a satire on western society of turn of the century USA and the assumption of government on how to control them.
The Munchins, literaly the little people living in fear hoping for a saviour to drop out of the sky and save them
The Lion the tamed natural enviroment held in fear
The Tinman Heartless industry (in the books Jack Chopper, literally replaces himself bit by bit with metal until nothing human remains)
The Scarecrow brainless farmers and agriculturalism
The Emerald city the promise of an after life (in the book it can only be seen by wearing green tinted glasses when Dorthy sneeks a look without them it is just a series of white washed buildings.
And as you say a little man hiding behind a big mask controling all and promising paradise but delivering only tokens and promises.