Rather than speak of conspiracy theory we might instead try to construct a poetics of conspiracy. A conspiracy would be treated like an aesthetic construct, or a language-construct, and could be analyzed like a text. Robert Anton Wilson has done this with his vast and playful "Illuminati" fantasy. --http://hermetic.com/bey/conspire.html
As Carl Oglesby points out, sophisticated conspiracy theory posits no single, all-powerful, over-riding cabal in charge of "History". That would indeed be a form of stupid paranoia, whether of the Left or the Right. Conspiracies rise and fall, spring up and decay, migrate from one group to another, compete, collude, collide, implode, explode, fail, succeed, erase, forge, forget, vanish. Conspiracies are symptoms of the great "blind forces" (and hence useful as metaphors if nothing else), but they also feed back into those forces and sometimes even affect or effect or infect them. Conspiracies, in effect, are not THE way history is made, but are rather parts of the vast complex of myriads of ways in which our multiple stories are constructed. Conspiracy Theory cannot explain everything but it can explain something. If it has no ontological status, nevertheless it does have its epistemological uses. -- Hakim Bey, The Ontological status of conspiracy theory.