Reformulating String Theory with the $1/N$ Expansion
  We argue that string theory should have a formulation for which stability and causality are evident. Rather than regard strings as fundamental objects, we suggest they should be regarded as composite systems of more fundamental point-like objects. A tentative scheme for such a reinterpretation is described along the lines of 't Hooft's $1/N$ expansion and the light-cone parametrization of the string. 
Charles B. Thorn