We analyze the gamma gamma --> pi pi, KK, eta eta, pi eta reactions through
root s = 2 GeV, using the master formula approach to QCD with three flavor
s. In this approach, the constraints of broken chiral symmetry, unitarity a
nd crossing symmetry are manifest in all channels. The pertinent vacuum cor
relators are analyzed at tree level using straightforward resonance saturat
ion methods. A one-loop chiral power counting analysis at threshold is also
carried out and compared to standard chiral perturbation theory. Our resul
ts are in overall agreement with the existing data in all channels. We pred
ict the strange meson polarizabilities and a very small cross section for g
amma gamma --> eta eta. (C) 1999 Elsevier Science B.V. All rights reserved.