We propose a hypothesis that all gauge theories are equivalent to a ce
rtain non-standard string theory. Different gauge groups are accounted
for by weights ascribed to the world-sheets of different topologies.
The hypothesis is checked in the case of the compact abelian theories,
where we show how condensing monopole-instanton fields are reproduced
by the summation over surfaces. In the non-abelian case we prove that
the loop equations are satisfied module contact terms. The structure
of these terms unfortunately remains undetermined.