This is a story about difference. The lives of the two main characters are very different, mostly in terms of environment.
Sixteenth century, London, in the same day was born a boy unwanted by his own family, while the other baby was wanted not only by his family, but by the entire England. Opulence and poorness, silk and rags, and two boys that were very much alike. A prince in a royal house, and a prince in the outskirts of London met one day and interchanged their clothes.
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A few minutes later the little Prince of Wales was garlanded with Tom's fluttering odds and ends, and the little Prince of Pauperdom was tricked out in the gaudy plumage of royalty. The two went and stood side by side before a great mirror, and lo, a miracle: there did not seem to have been any change made! They stared at each other, then at the glass, then at each other again
It seems that the social status lays in the clothes, because nobody noticed the interchange, and nobody had the neither patience to listen the children who wanted to explain the role play, nor the spirit to see the great resemblance between the two little boys.
So the questions are: what's in a name? and what's in... a piece of clothing? how much is our identity shown in our clothing, what the clothes say about us to the society and... do we tend to consider ourselves better if we wear expensive clothes?
Clothes show our identity, creativity, but what if the clothes that fit our taste are not affordable for us, how can we prove that we have good taste and personality?
Another story that proves that clothes are sometimes just a convention is 'The Emperor's New clothes', but in real life things are not so funny.
I would apply 'The Prince and the Pauper' in real life. Let's imagine the real prince as an stereotypical overprotected spoiled child with very rich parents that has no idea of the struggles of poor people, and the pauper a poor boy with potential that has it all to be a 'prince'... except clothes. Let's imagine they attend the same school. Do they have the same chances? Many children are bullied every day for their clothes, and it's not that the bullies are dressed in brand-name clothes (that is not the problem), it's because they are not educated to be modest, not flashy.
To continue the stereotypical view, sometimes wealthy people forget the simple important things, Tom had a moment when he pretended to not know his mother while in the royal carriage, although he felt a great guilt after that:
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"I do not know you, woman!" were falling from Tom Canty's lips when this piteous thing occurred; but it smote him to the heart to see her treated so; and as she turned for a last glimpse of him, whilst the crowd was swallowing her from his sight, she seemed so wounded, so broken-hearted, that a shame fell upon him which consumed his pride to ashes, and withered his stolen royalty. His grandeurs were stricken valueless: they seemed to fall away from him like rotten rags.
Clothes are important, but not vital, we could successfully use this book as a pleading for school uniforms.