From an author's stand point: It would simply make the story too short and not interesting enough. I mean, Frodo could just jump on his B-2 stealth bomber, fly over to Mt. Doom and drop in the ring...he's certainly rich enough.
But from my stand point: The citizens of ME enjoy their lives as they are (you know, if it weren't for the destruction of their living space and the possibility of them becoming slaves to evil). They are also functioning well off enough without technology, though they could probably use a few refrigerators. They've also had too much meddling in by higher powers to create such advanced technology.
On a totally unrelated topic: If it took us 60 years from the first flight to space travel, when are we going to accomplish light-travel?
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