The Claremont Institute has a more detailed analysis than I offered. Here's a relevant chunk of the text:
But the commonality, the philosophical link, is swiftly identified once the Democrats leave the stage. In study after study, authors say that "racial and economic conservatism" married white Southerners to the GOP after 1964. So whereas historically accidental events must have led racists to vote for good men like FDR, after 1964 racists voted their conscience. How convenient. And how easy it would be for, say, a libertarian conservative like Walter Williams to generate a counter-narrative that exposes statism as the philosophical link between segregation and liberalism's economic populism.
Yet liberal commentators commit a further, even more obvious, analytic error. They assume that if many former Wallace voters ended up voting Republican in the 1970s and beyond, it had to be because Republicans went to the segregationist mountain, rather than the mountain coming to them. There are two reasons to question this assumption. The first is the logic of electoral competition. Extremist voters usually have little choice but to vote for a major party which they consider at best the lesser of two evils, one that offers them little of what they truly desire. Segregationists were in this position after 1968, when Wallace won less than 9% of the electoral college and Nixon became president anyway, without their votes. Segregationists simply had very limited national bargaining power. In the end, not the Deep South but the GOP was the mountain.
Second, this was borne out in how little the GOP had to "offer," so to speak, segregationists for their support after 1968, even according to the myth's own terms. Segregationists wanted policies that privileged whites. In the GOP, they had to settle for relatively race-neutral policies: opposition to forced busing and reluctant coexistence with affirmative action. The reason these policies aren't plausible codes for real racism is that they aren't the equivalents of discrimination, much less of segregation.
Why did segregationists settle for these policies rather than continue to vote Democratic? The GOP's appeal was mightily aided by none other than the Democratic Party itself, which was lurching leftward in the 1970s, becoming, as the contemporary phrase had it, the party of "acid, amnesty, and abortion." Among other things, the Democrats absorbed a civil rights movement that was itself expanding, and thus diluting, its agenda to include economic redistributionism, opposition to the Vietnam War, and Black Power. The many enthusiasms of the new Democratic Party drove away suburban middle-class voters almost everywhere in the country, not least the South.
Given that trend, the GOP did not need to become the party of white solidarity in order to attract more voters. The fact that many former Wallace supporters ended up voting Republican says a lot less about the GOP than it does about segregationists' collapsing political alternatives. Kevin Phillips was hardly coy about this in his Emerging Republican Majority. He wrote in 1969 that Nixon did not "have to bid much ideologically" to get Wallace's electorate, given its limited power, and that moderation was far more promising for the GOP than anything even approaching a racialist strategy. While "the Republican Party cannot go to the Deep South"—meaning the GOP simply would not offer the policies that whites there seemed to desire most—"the Deep South must soon go to the national GOP," regardless.
Good stuff. Reasonable, non-craptacular stuff.