It makes sense since, although Tolkien wasn't much interested in discussing politics openly, his political opinions were more related to the Whigs and would agree with Burke's "absolute power corrupts absolutely". Although he wouldn't like to associate the Ring with a real life allegory, the Ring's true purpose is to give command to its creator, Sauron, ultimately command all over Middle-Earth. In a sense, the Ring is a technology developed by Sauron to achieve that objective. From this point, maybe a critique of technology (the negative consequences of technology as a means to command nature) can be made using LotR as a frame, but that'd require a more elaborate argument.