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Originally Posted by Puddleglum
Sauron could not be finally reduced to irrecoverable impotence (at least to a point from which HE could not recover himself) until his Ring was destroyed. So Melkor could not be finally so reduced until *HIS* Ring (all of Middle Earth) was destroyed.
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That's how I've always interpreted the idea of 'Morgoth's Ring' as well.
The analogy with Sauron's Ring is also interesting if you consider the effect that the Ring had on its bearers. If the One Ring tended to corrupt one who wore it, or even possessed it, then Arda itself must, through its 'Melkorian Element' have a tendency to corrupt those who dwell in it.
It is perhaps taking the analogy too far to wonder whether, since the One Ring could only be unmade in the fires of Mt. Doom, where it was forged, can Arda only be unmade through the power of the Flame Imperishable with which Iluvatar brought it into being?