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According to Tolkien's letters and other sources, he believed in hierarchy. He would have preferred monarchy to any other form of government. Along with monarchy comes inevitable aristocracy and peasantry. I think "classist" is a slightly different thing since it has more to do with modern political philosophy. Tolkien did not much like many developments that occured after the 1500s, nor English literature that was written after perhaps 1600, and deplored modernism.
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