It is shown that the usual formulations of current-current theories are not dynamically consistent, because of the occurrence of Schwinger terms. On the basis of the Poincar\'e-group algebra, an alternative and consistent formulation is constructed and generalized to allow for parity and isospin violation. It is found that, with the appropriate normalization of currents and the corresponding definitions of coupling constants, the chiral algebra of currents for time components is always satisfied in four-dimensional theories of the current-current type. In the two-dimensional case, this statement needs modification, but it is essentially valid there as well. The algebra involving spatial components is highly sensitive to the dynamics, and consequently is not identical to the free-quark-field case. In certain cases of parity violation, the usual currents which couple in the field equations do not transform as four-vectors even though the theory itself is covariant. This is somewhat analogous to radiation-gauge electrodynamics. It is found, however, that it is possible to construct new covariant currents as linear combinations of the components of the old currents which have the property that they couple covariantly into the field equation. Because of these complications, the spatial components of the covariant currents do not have a definite parity and do not transform as vectors in isospin.
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