The problem with the Fourth Age, which Tolkien may have found dispiriting when he began to think about another story, is that it's downhill all the way. Aragorn's reign is a sort of pinnacle when much of the old world still survives - but not for long. The High Elves are all soon gone, and how long before men start felling in Fangorn, buying up the Shire a la Saruman, and taxing travelling dwarves?
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