You can make the Ring an allegory of our own time, if you like: an allegory of the inevitable fate that awaits all attempts to defeat evil power by power. But that is only because all power magical or mechanical does always so work.
J. R. R. Tolkien, speaking on the central figure of the One Ring in his books The Lord of the Rings, in a letter to his publisher (July 31, 1947); published in The Letters of J.R.R. Tolkien(1981), Letter 109.
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J. R. R. Tolkien
