On the Nonperturbative Consistency of $d=2$ String Theory
Joseph Polchinski

TL;DR
This paper argues that despite many matrix models matching perturbative $d=2$ string theory, none provide a consistent nonperturbative formulation due to causality constraints.
Contribution
It critically examines existing $d=1$ matrix models and demonstrates their failure to define a nonperturbative $d=2$ string theory.
Findings
Many matrix models reproduce perturbative results
Existing models lack nonperturbative consistency
Causality constraints prevent a complete nonperturbative definition
Abstract
An infinite number of distinct matrix models reproduce the perturbation theory of string theory. Due to constraints of causality, however, we argue that none of the existing constructions gives a consistent nonperturbative definition of the string.
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