The ring refers to the desire to win completely. Men (referring to Aryans) are a weak race and they will have certain pattern behaviors. They need to be ruled by the law.

Liberal democracy is the best system but you cannot allow people to have gay sex because it will destroy the system (gays tend to be the kindest people, but if you allow gays to organize, they will push immigration, and then with the immigrants conservatives can't win the vote). And Aryan gays will be predatory just like other Aryans are in hunting their enemies.

Also, you cannot allow women to have the right to vote.

Once you theow away the ring, the desire to totallt vanquish your enemies, you win.

Ultimately, there is no failsafe mechanism to have a good society, you have to believe in God. And that is what Tolkien was leading to.