Abstract
The nonrelativistic quantum theory of a particle having both electric and magnetic charges moving in an arbitrary external electromagnetic field is presented. The theory is based on the hydrodynamic formulation of quantum mechanics. Dirac's quantization condition for the electric and magnetic charges is rederived as a consistency condition for the motion of the probability fluid. Neither the wave function nor the electromagnetic potential, which were the source of ambiguities in all other formulations, appears in our approach. Nevertheless, this theory has all the essential features of the standard quantum mechanics, including the superposition principle.
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