How would you compare The Beautiful and the Damned with The Great Gatsby in regards to the American Dream?
On the one hand, The Great Gatsby represents the American Dream in the 1920s (a phrase not coined until much later) as the potential to succeed in striving, to better one's financial prospects and abilities, and to climb to the level of wealth held by "old money" of long-established wealthy families. Gatsby embodies this as he strives to attain a level that will be acceptable to Daisy.
On the other hand, The Beautiful and the Damned represents the American Dream as the desire for choking indulgence in all things physical that incline toward physical, mental and spiritual dissipation in the partaker. Gloria and Anthony seem to display their digust with this "dream" through their rebellion.