Well, he obviously makes some social commentary about the policy of letting 'evil' go unwatched or unbordered for too long a period of time. This is probably the result of his experiences from WWII.
If you want to add racial interpretations into the mix, he does tend to make the enemies (orcs, goblins, Gollum, Uruk-Hai, even Sauron) black and dark. The armies from the South going in to support of Sauron are all specifically described as dark skinned humans in his books.
Politically, I wouldn't be surprised if he did support, not-so-deep-down, Monarchy. He was known to be relatively conservative in some views and certainly was a man of a different age than now. I can see how this could be drawn from his fictional writings. Note how he describes the Royal lineages as tall and strong and long-lived. As if there truly is some sort of inherent quality to these people, these bloodlines, that make them somehow superior.
Some of this is flushed out of the movies. Some isn't.