The Treasure of the Sierra Madre transcends a simple adventure narrative, evolving into a profound psychological examination of greed and its corrosive impact on individuals and society. The novel masterfully juxtaposes private descent into madness with broader indictments of historical and contemporary societal greed. As Dobbs descends into paranoia and eventual insanity, he mirrors the destructive avarice of the Spanish conquistadores and the complicit monks who aided them, signaling a broader critique of exploitation and corruption.

In its depiction of Mexican and American societies, the novel portrays workers as pawns in a larger flawed system, reinforcing its critique of pervasive greed. At the core of the narrative, the three main characters—Dobbs, Curtin, and Howard—illustrate the varying degrees of vulnerability to this vice. Dobbs, entranced by Howard’s tale of riches, experiences an awakening of a darker self that ultimately overtakes him. His fate highlights the novel’s theme of personal ruin instigated by unchecked greed. In contrast, Curtin and Howard stand as testaments to resilience, navigating the treacherous allure of gold with a mix of fortune and fortitude rather than inherent moral superiority.

Howard, in particular, embodies a philosophical perspective, asserting the inherent frailty within all men. His refusal to harshly judge Dobbs, even after betrayal and attempted murder, underscores the novel’s assertion that given the right circumstances, anyone might succumb to greed’s seductive power. Through these characters, the novel paints a vivid tableau of human weakness, all while weaving a larger narrative about the societal structures that perpetuate greed and exploitation.

In much of B. Traven’s fiction, the search for identity and the struggle against rigid class structures are recurrent themes. This is vividly illustrated in "The Treasure of the Sierra Madre," where personal identity is largely dictated by wealth and social class. At the story's outset, Dobbs, an impoverished American in Mexico, articulates the starkly limited roles available to him. Despite the initial allure of gold as a ticket to power and opportunity, the narrative reveals the perilous nature of such illusions.

Traven paints a picture of a closed society, where the impoverished are consigned to narrowly defined roles, often trapped by circumstances out of their control. The novel's bandits serve as a modern reflection of historical figures like monks and conquistadors, who, in their conquest, decimated the Aztec civilization. These bandits epitomize a more merciless iteration of capitalists exploiting the working class. Their acts of murder and theft, committed under the guise of divine will, underscore their desperate attempt to access the dual sources of ultimate power: gold and God. This portrayal underscores the cyclical nature of exploitation and the enduring struggle for power and identity within a rigid societal framework.

In the narrative of Western civilization's unyielding pursuit of progress and wealth, indigenous lifestyles stand out as a stark contrast, offering a glimpse into a way of life that prioritizes harmony over conquest. Despite being depicted with a certain simplicity that might seem dismissive through a contemporary lens, Traven extols the virtues of these indigenous communities. Their existence, marked by a profound connection to their environment and an inherent understanding of communal interdependence, emerges as a preferable alternative to the individualistic and often ruthless nature of Western society. Through this juxtaposition, the indigenous way is seen not as primitive but as a more sustainable and fulfilling path in a world increasingly dominated by materialism and competition.