Death of a Salesman is Arthur Miller's most famous work, and the winner of the Pulitzer Prize for many good reasons.
As far as the value of the work itself, content wise, the play represents a life stamp of an American family dealing with conflicts that are direct symptoms of a fast-changing society.
The play's purpose is to unveil the psyche of American society through seven completely different characters (Willy, Linda, Biff, Happy, Charley, Ben, and Bernard) each filtering reality the best way that they know how.
Ultimately, every one of the characters in the play is, directly or indirectly, in search of the dream that everybody wants: The American Dream. That fickle, malleable, and perhaps mythical ideal that hard work and persistence are rewarded with a good, comfortable life.
In the American Dream, everyone has an equal chance at prosperity. Yet, each individual approaches their chance differently. Some...
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win, and some lose. Yet,the dream lives on. This entire construct is what Miller expiated in the plot of the play, which is still as relevant today as it was when it was first staged.
Death of A Salesman is relevant throughout the ages because of its central argument: Miller is convinced that the idea of the American Dream was adulterated with false promises of prosperity brought in by the changes in the postwar economy. As such, capitalism and materialism became intermingled terms, making people confuse their goals of prosperity with greed and unwarranted ambition. This directly contradicts the original postulates that the founding fathers put together to build what would become our nation.
Therefore, Willy Loman, a character whose internal struggles mirrored those seen in Oedipus Rex, is a symbol of the many American struggles that are associated to the desperate rat race to reach that mythical dream of prosperity: idealism versus reality; the want versus the need; the internal versus the external; the appearance of strength in the wake of despair; the mask versus the individual hiding behind it.
As far as the format used to present these poignant themes, what would be better than allowing the characters who are in search of the dream speak for themselves and directly interact with one another?
Notice that, in theater, discourse unveils discoveries that not even the author knows about. It is in the spontaneous that true art is really found. When Miller assigned words to his characters, it was not done as a matter of format, but as part of the emotional dynamics that occur naturally in the average American family. This family, however, had secrets and issues that they were not willing to acknowledge openly. Yet, they had to do so in order to break free from the reigning atmosphere of oppression that Willy Loman would unwillingly put upon everyone.
The climactic moment in act II, when Biff finally tells Willy:
I am not a leader of men, Willy, and neither are you. You were never anything but a hard-working drummer who landed in the ash can like the rest of them!
and, furthermore, when he adds,
[...] I’m not bringing home any prizes anymore and you’re going to stop waiting for me to bring them home!
demonstrates the moment when Biff effectively opened a door that desperately needed to be open: the final encounter between the Lomans and reality.
Once the reality was openly accepted, Willy was able to "let go". This is when Willy realizes it all: He had failed. His son fails as a result of Willy. Biff still loves Willy, but Willy is worth nothing. Now, it will be Willy's turn to seek redemption. How does he find it? Like any other typical tragic hero, he will sacrifice his own life, and put himself "out of the way" to enable his family, for once, to truly prosper.
Therefore, the value of the play lays in the treatment of a topic that hits directly at the heart of the American audience, and continues to do so throughout the years. The importance of the format is the way in which it helps to illustrate how a typical American family shares and interacts their daily hopes, dreams, and the frustrations that come with the eternal pursuit of a dream of mythical proportions.