Abstract
A simple theory is developed for the hole-doped antiferromagnet on a square lattice using bosonic spinons and fermionic holons. Spinons form a paired state below a temperature ${T}^{*}$, which evolves out of the Mott phase preserving its symmetry. Metallic conduction and $d$-wave superconductivity result from separate, sublattice-preserving, holon hopping processes. In the metal holons form a spinless Fermi liquid, becoming incoherent (confined) above ${T}^{*}$. In the superconductor holons hop as pairs, reducing kinetic energy. At low doping the theory can account for many features of the cuprate superconductors.
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