Abstract
The main postulates of the quantum electrodynamics of bilocal fields are formulated, the theory containing three universal constants c, h, and k. The fermion-photon form factor is determined, and the new theory is used to calculate radiative corrections in first-order perturbation theory for the fine-structure constant, fermion mass and magnetic moment, Coulomb potential, and fermion and photon Green's functions. The value α = 1/137.0345 is obtained for the fine-structure constant.
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