It’s good to see that there are some non-conservatives (am i right about this, Ben?) who are familiar with this traditionalist strand of American conservative thought. Too often, at the national level at least, all we hear about conservatism is mantras like “smaller government” and “free market,” and complaints about “liberal elitism.” It behooves us to remember that American conservatism also has a very strong authoritarian, elitist, and even anti-rational strand, and that they’re not all just a bunch of thinly-disguised libertarians.
The problem is that people like Buckley and Strauss seem to want all the pre-Reformation authoritarianism, with none of the social obligations to the poor that often go along with such a hierarchical view of society. They are happy to have the wealthy benefit from rational free market economics, yet when it comes to social and cultural decision-making they deny reason and call for enlightened (by their own standards) despotism. The current obsession with Strauss among so many in power in Washington is a rather scary phenomenon. If you want a good background for all this, try reading George Nash, The Conservative Intellectual Movement in America since 1945. This book was written in the early 1970s, but is still a good introduction to both the traditionalist and libertarian strands of American conservatism.
I agree with Ben that Freidman’s work is worth reading for an understanding of free market economics, although i would also highly recommend F.A. Hayek’s Road to Serfdom. I think it’s a much more thoughtful work than Freidman’s, and is more broadly a true work of political economy.