My friend Craig has a post up about the lack of an aristocratic political theory. Now, I would like to emphasize emphatically that I am not at all an expert on such matters as he is, but merely a lay person who happened to see his post shortly after I saw something else intriguing that I think is related to my lay understanding of his words. I do think, using at least an informal definition of "political theory" that there is an aristocratic political theory, at least in modern times: it is expressed in a good chuck of the ideas of mainstream economics.
The aim of governance, I think, is to achieve a rough consensus among the reality-based technocrats and then to frame the issues in a way that attracts the ideologues on one (or, ideally, both) wings in order to create an effective governing coalition.
Now I realize that "aristocrat" and "technocrat" may not, in the current senses of the word, mean the same thing---or they might, I leave that to my betters to decide.. But Brad DeLong's conviction that government is best performed when `oi aristoi are given the opportunity to discuss their issues when sealed hermetically from the politics of `oi polloi, well, it's very much common to both ideas and can be seen as far back as the Old Oligarch/Pseudo-Xenophon in Athens.
For among the best people there is minimal wantonness and injustice but a maximum of scrupulous care for what is good, whereas among the people there is a maximum of ignorance, disorder, and wickedness; for poverty draws them rather to disgraceful actions, and because of a lack of money some men are uneducated and ignorant.
(This post be DeLong---a Berkeley economist and Clintonista---has, to their credit, excited some debate about the anti-democratic posture of his post, which is by no means an isolated example of his attitude, something I can go on about at length. Here's one by my favorite heterodox economist blogger Max Sawicky.)
I have more thoughts on this, including some related to the movie and graphic novel versions of V for Vendetta, but maybe later.