The Valley of Ashes is a metaphor for the unattainable American Dream, mortality, squalor, and moral decay.
The dismal industrial section of Queens between West Egg & Manhattan is known as the "valley of ashes." Although it isn't formed of ashes, its gray color and smoke-choked appearance give the impression that it is.
The unrestrained chase of riches by the wealthy, who indulge themselves with little concern for anything other than their pleasure, is symbolic of the moral and societal decadence that follows.
An area where the moral degradation of income disparity is seen is Fitzgerald's Valley of Ashes.
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