Chapter 10 The Hobbit- What does the fact that the town's leader is called "Master" rather than "King" or "Mayor" or "Govenor" suggest about the way he rules?
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I think he is respected for his leadership attributes rather than simply inheriting the title.
Aslan is right but also the Masters are old and most of the time wise. Most of the time they can make the best decision for Lake town possible.
Also they are specially chosen like a president or mayor in america, just maybe not the exact same way...