[Rina]

As far as a Middle-Earth myth goes, I would have to refer to the last entry of the definition provided above:

"A popular belief or tradition that has grown up around something or someone; especially: one embodying the ideals and institutions of a society."

I have read somewhere that Tolkien intended LOTR to be a British legend, something like the Arthurian Legends. But in my opinion, he has gone in the reverse. Tolkien has used elements from British history to create a world that is anachronistic and decidedly British. The Hobbits and the Shire are 19th century country Britains right down to the tea and pipes. Aragorn, Boromir, and the other men are the Angles, Saxons, and Jutes, the Germanic tribes that invaded and thrived in Britain in the time before the Romans. The elves are the off-shoots of Celtic legends. The language is that of Beowulf with talk of were-guild and such. Tolkien has taken the mythic and fantastic elements of his country and combined them to, not necessarily create, but to solidify the traditions and mind-set of the British people.