Yes, Rumil, applicability is much superior to allegory; the latter could apply only to the cultural group to which it refers, while applicability lets people all over the world find aspects of the story that are close to their hearts.
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'Mercy!' cried Gandalf. 'If the giving of information is to be the cure of your inquisitiveness, I shall spend all the rest of my days in answering you. What more do you want to know?' 'The whole history of Middle-earth.. .'
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