We study relative Gromov-Witten theory via universal relations provided by the interaction of degeneration and localization. We find relative Gromov-Witten theory is completely determined by absolute Gromov-Witten theory. The relationship between the relative and absolute theories is guided by a strong analogy to classical topology. As an outcome, we present a mathematical determination of the Gromov-Witten invariants (in all genera) of the Calabi-Yau quintic 3-fold in terms of known theories.
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