I don't normally read Vin Suprynowicz, but he has an interesting take on Tolkien's Lord of the Rings. He thinks that it's actually a metaphor for the virtues of limited government. I can't get into Tolkien's mind, but could be...

[Update, a few minutes later]

I see that on Samizdata, Perry de Havilland has made the same point today--the ring represents the State.