Spengler is chiefly known for his political columns, but back in 2003, he wrote an unusually perceptive article in the Asia Times about the close relationship between Tolkien and The Lord of the Rings and Wagner and the Ring Cycle.
Tolkien well may have written his epic as an “anti-Ring” to repair the damage that Wagner had inflicted upon Western culture…. Tolkien himself despised Wagner (whom he knew thoroughly) and rejected comparisons between his Ring and Wagner’s cycle (“Both rings are round,” is the extent of his published comment). But the parallels between the two works are so extensive as to raise the question as to Tolkien’s intent. The Ring of Power itself is Wagner’s invention (probably derived from the German Romantic de la Motte Fouque). Also to be found in both works are an immortal woman who renounces immortality for the love of a human, a broken sword reforged, a life-and-death game of riddles, and other elements which one doesn’t encounter every day. Here is a compilation derived from sundry websites, along with a few of my own observations.
The details are far less important than the common starting point: the crisis of the immortals. Wagner’s immortal gods must fall as a result of the corrupt bargain they have made with the giants who built Valhalla. Tolkien’s immortal Elves must leave Middle-earth because of the fatal assistance they took from Sauron. The Elves’ power to create a paradise on Middle-earth depends upon the power of the three Elven Rings which they forged with Sauron’s help. Thus the virtue of the Elven Rings is inseparably bound up with the one Ring of Sauron. When it is destroyed, the power of the Elves must fade. More than anything else, The Lord of the Rings is the tragedy of the Elves and the story of their renunciation.
What Tolkien has in mind is nothing more than the familiar observation that the high culture of the West arose and fell with the aristocracy, which had the time and inclination to cultivate it. With the high culture came the abuse of power associated with the aristocracy; when this disappears, the great beauties of Western civilization and much of its best thought disappear with it. That is far too simple, and in some ways misleading, but it makes a grand premise for a roman-a-clef about Western civilization.