The electronic structure of the high-T-c cuprates is studied on the basis o
f both "large-U" and "small-U" orbitals. A striped structure is obtained. a
nd three types of carriers: polaron-like "stripons" carrying charge, "quasi
electrons" carrying charge and spin, and "svivons" carrying spin and lattic
e distortion. Anomalous properties of the cuprates and specifically their t
ransport properties are derived. Pairing is found to result from transition
s between pair states of quasielectrons and stripons. through the exchange
of svivons. The pairing results in superconductivity when the stripons cond
uction is coherent, and in a pseudogap phase when it is not.