The present volume contains the texts of the invited talks delivered at the Fifth International Conference on Recent Progress in Many-Body Theories held in Oulu, Finland during the period 3-8 August 1987. The general format and style of the meeting followed closely those which had evolved from the earlier conferences in the series: Trieste 1978, Oaxtepec 1981, Altenberg 1983 and San Francisco 1985. Thus, the conferences in this series are in tended, as far as is practicable, to cover in a broad and balanced fashion both the entire spectrum of theoretical tools developed to tackle the quan tum...