Symbolism, Imagery, Allegory
Let's tackle the elephant…er, rocking horse…in the room. The "shiny modern rocking horse" makes its entrance at Christmas, yet another expensive toy the family buys but can't afford. Lawrence's use of the words "shiny" and "modern" to describe the rocking horse hints that there is something unnatural and sinister about it. As the story goes on, we realize that other objects that are described as shiny and modern (like the luxurious furnishings Hester is so fond of) are actually quite harmful and lead people to an unnatural attachment to material goods. In "The Rocking-Horse Winner," the rocking horse is the agent of Paul's own death.
We could also see the rocking horse as a symbol of Paul's anxieties over his budding sexuality and approaching manhood. His mother believes that he's too old for the rocking horse, and we have to agree. Even for a kid, Paul seems excessively fond of his horse. As he grows older, he squirrels it away in his room; it is his "secret of secrets," "that which had no name" (203). Now what, for a boy entering adolescence, could possibly be a nameless secret that he has to hide in his bedroom, something that he would be too ashamed to talk to his mom about? Hmmm…