Fairy tale does not deny the existence of sorrow and failure: the possibility of these is necessary to the joy of deliverance. It denies (in the face of much evidence, if you will) universal final defeat...giving a fleeting glimpse of Joy; Joy beyond the walls of the world, poignant as grief.
I am a Christian…so that I do not expect ‘history’ to be anything but a ‘long defeat’ — though it contains (and in a legend may contain more clearly and movingly) some samples or glimpses of final victory.
You can make the Ring into an allegory of our own time, if you like: and allegory of the inevitable fate that waits for all attempts to defeat evil power by power.
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