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The theory of infinite loop spaces has been the center of much recent activity in algebraic topology. Frank Adams surveys this extensive work for researchers and students. Among the major topics covered are generalized cohomology theories and spectra; infinite-loop space machines in the sense of Boadman-Vogt, May, and Segal; localization and group completion; the transfer; the Adams conjecture and several proofs of it; and the recent theories of Adams and Priddy and of Madsen, Snaith, and Tornehave.