Totally dead or possible to revive it
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Fitzgerald presents to his readers is Jay Gatsby. Fitzgerald uses Gatsby as a vehicle to explore the idea of The American Dream, which was a key element in shaping American society and it's citizens. Fitzgerald does not sugar-coat his definition of the American Dream, but lets his protagonist voice these elements and its decline. I don't think it is retrievable because it never really existed to begin with. The "dream" remains an illusion to the middle class while the people with old money, like Tom, remain superficial and miserable.