One of the most famous writers, the author of more than two hundred different publications and many unfinished works. He is best known as the author of classic works of «high fantasy»

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John Ronald Reuel Tolkien

Bachelor's degree from Exeter College. He received an honors degree in English, although he stopped studying to join the British Army during World War I.

Because of illness, he was transferred to England, where he recovered. It was during this time that Tolkien began writing The Book of Lost Tales (The Silmarillion).

He became famous for The Hobbit or There and Back Again and The Lord of the Rings, although he published many other works as well

First it was taken over by King Isildur, who plays a key role in the saga because his actions help to set up the rest of the story

Then there is the strange and feral hobbit Smeagorl, who later became Golum

Then the proper, «socially useful» hobbit Bilbo

who (the only owner of the Ring who gave it away of his own free will) entrusted possession to his nephew Frodo

Gandalf possesses the Ring of Fire Narya, one of the Three Elf Rings, and most of his magical abilities are related to fire and light.

Tolkien explicitly said that the other Maeir (immortal spirits, like Sauron) could subdue the One Ring and use it to defeat Sauron. This is why Saruman wanted to find the ring so badly to take the place of the Dark Lord.

I guess so, but with a small caveat...

Most likely Gandalf could defeat the weakened Sauron with this power and finally banish him from Middle-earth

He would expel the orcs, restore the human kingdom of Arnor, overthrow Saruman, and exile him after Sauron

BUT THEN...

THERE WOULD HAVE BEEN AN ERA OF PROSPERITY FOR A WHILE

Even if Gandalf subdues the One Ring, there is nothing he can do about the dark essence of this artifact, which is a concentration of evil. In time (perhaps decades will pass) Gandalf will change.

He will keep his good thoughts about the common good, only he will stop searching for the truth and will become sure that he is the truth

The boundary between good and evil in his view will be blurred, he will gradually turn into a dictator with the idea that only he knows how to be right.

In the end he will be no better than Sauron, with one difference. Sauron was the personification of evil, and Gandalf, influenced by the Ring, will mix good with evil, and an era of hypocrisy and chaos will ensue.