Sauron already is in some sense a summary of Tolkien's thoughts on industrialization and capitalism, but canonically Tolkien's preferred counterpoint is somewhat agrarian and backwards-looking: he prefers the provincial life of the Shire, or the grand, personally-earned royalty of a good king. But in a theoretical Marxist deconstruction of Tolkien, the real potential for the future... is in the Orcs and slaves of Mordor! Sauron's industrialization has created a proletariat, in a more literal sense than historically because of the magical alteration of the Orcs into their scarier, more base-looking forms, which means dialectically the contradictions within this form of oppression will lead to the workers gaining class-consciousness and rising to establish Communism. This also means there's a clearer path to goodness for the Orcs, rather than the uncomfortable position Tolkien was in of having to write an "evil" race which either makes evil too strong and close to the creator, or forces him to condemn an entire sentient race to being called soulless.
So, in a sense, what I'm saying is...
"Let Sauron tremble at a Communistic revolution. The proletarians have nothing to lose but their chains. They have Middle-Earth to win. Working Orcs and Men of All Countries, Unite!"